Channel Master CM-3090 Manual De Propietario

Descargar
Página de 2
‹&KDQQHO0DVWHU//&&KDQQHO0DVWHULVDUHJLVWHUHGWUDGHPDUN6SHFL¿FDWLRQVVXEMHFWWRFKDQJH$OOULJKWVUHVHUYHG‹&KDQQHO0DVWHU&KDQQHO0DVWHUHVXQDPDUFDUHJLVWUDGD(VSHFL¿FDFLRQHVVXMHWDVDFDPELR7RGRVORVGHUHFKRVUHVHUYDGRV‹&KDQQHO
0DVWHU&KDQQHO0DVWHUHVWXQHPDUTXHGpSRVpH/HVFDUDFWpULVWLTXHVSHXYHQWrWUHPRGL¿pHVVDQVSUpDYLV7RXVGURLWVUpVHUYpV3XE&08*
&KDQQHO0DVWHUFRP
_
:$7&+)25:,5(6
:$51,1*,167$//$7,21
2)7+,6352'8&71($5
32:(5/,1(6,6'$1*(5286
)25<2856$)(7<)2//2:7+(
,167$//$7,21',5(&7,216
)ROORZ7KHVH3URFHGXUHVIRU
WKH6DIHVW,QVWDOODWLRQ
 3HUIRUPDVPXFKDQWHQQDDVVHPEO\RQWKHJURXQG
DVSRVVLEOH
 :DWFKRXWIRURYHUKHDGSRZHUOLQHV&KHFN
WKHGLVWDQFHWRWKHSRZHUOLQHVEHIRUH\RXVWDUW
LQVWDOOLQJ:(5(&200(1'<2867$<$0,1,080
2)7:,&(7+(0$;,080/(1*7+2)7+($17(11$
$66(0%/<$:$<)520$//32:(5/,1(6
 'RQRWXVHDPHWDOODGGHU
 5HPHPEHUHYHQWKHVOLJKWHVWWRXFKRIDQDQWHQQD
WRDSRZHUOLQHFDQFDXVHDIDWDOVKRFN
 'R127WU\WRGRWKHMRERQDZLQG\GD\
 +DYHDIULHQGDVDVSRWWHUZKHQ\RX·UHRQWKHURRI
7KH\FDQVHHWKLQJV\RXFDQ·W
 ,I\RXVWDUWWRGURSDQDQWHQQDPRYHDZD\IURPLW
DQGOHWLWIDOO
 ,IDQ\SDUWRIWKHDQWHQQDVKRXOGFRPHLQWRFRQWDFW
ZLWKDSRZHUOLQH&$//<285/2&$/32:(5
&203$1<'212775<725(029(,7<2856(/)
7KH\ZLOOUHPRYHLWVDIHO\
 0DVWOHDGLQDQGPHWDOJX\ZLUHVDUHH[FHOOHQW
FRQGXFWRUVRIHOHFWULFDOFXUUHQWNHHSWKHPDZD\
IURPSRZHUOLQHVWRR
%HVXUH\RXUIDPLO\DQGIULHQGVXQGHUVWDQGWKH
GDQJHURIWRXFKLQJDQRYHUKHDGSRZHUOLQH
7HOOWKHPQHYHUWRWU\WRUHPRYHDQ\REMHFWLQ
FRQWDFWZLWKDSRZHUOLQH79DQWHQQDPDVWRU
DQ\WKLQJHOVH
0DNHVXUHWKDWWKHDQWHQQDPDVWDVVHPEO\LV
SURSHUO\JURXQGHG
)RUPRUHLQIRUPDWLRQYLVLW
ZZZFKDQQHOPDVWHUFRPVXSSRUW
£&8,'$'2&21/26&$%/(6
$'9(57(1&,$/$,167$/$&,Ï1'((67(352'8&72&(5&$'(
/Ë1($6(/e&75,&$6(63(/,*52623$5$686(*85,'$'6,*$
/$6,16758&&,21(6'(,167$/$&,Ï1
3DUDOD,QVWDODFLRQPDV6HJXUD6LJD(VWRV3URFHGLPLHQWRV
5HDOLFHODPD\RUSDUWHGHODVWDUHDVGHPRQWDMH
GHODDQWHQDHQHOSLVR
 &XtGHVHGHORVFDEOHVDpUHRVGHDOWDWHQVLyQ9HULÀTXHOD
GLVWDQFLDTXHORVHSDUDGHORVFDEOHVGHDOWDWHQVLyQDQWHVGH
LQLFLDUODLQVWDODFLyQ/(5(&20(1'$02648(6(0$17(1*$$
81$',67$1&,$0,1,0$'(/26&$%/(6'($/7$7(16,Ð1,*8$/
$/'2%/('(//$5*2'(/&21-8172'(/$$17(1$
 1RXWLOLFHXQDHVFDOHUDPHWiOLFD
 5HFXHUGHTXHKDVWDHOFRQWDFWRPiVOHYHHQWUHODDQWHQD\ORV
FDEOHVGHDOWDWHQVLyQSXHGHQSURYRFDUXQGHVFDUJRPRUWDO
 1RLQWHQWHUHDOL]DUHVWDWDUHDHQXQGtDYHQWRVR
 &XHQWHFRQODSUHVHQFLDGHRWUDSHUVRQDSDUDTXHORREVHUYH
PLHQWUDVVHHQFXHQWUDHQHOWHFKR(VWDSHUVRQDSXHGHYHUFRVDV
TXHXVWHGQRYH
 6LODDQWHQDFRPLHQ]DDFDHUVHDOpMHVH\GpMHODFDHU
 £6LFXDOTXLHUSDUWHGHODDQWHQDHQWUDHQFRQWDFWRFRQXQFDEOH
GHDOWDWHQVLyQ&RPXQtTXHVH&2168&RPSDxtD/2&$/'(
(/(&75,&,'$'£12,17(17(5(7,5$5/$867('0,602(OORVOD
UHWLUDUiQGHPDQHUDVHJXUD
 (OPiVWLOORVFDEOHVGHDFRPHWLGD\ORVFDEOHVPHWiOLFRVGH
UHWHQLGRVRQH[FHOHQWHVFRQGXFWRUHVGHODFRUULHQWHHOpFWULFD
PDQWpQJDORVDOHMDGRVGHORVFDEOHVGHDOWDWHQVLyQ
 $VHJ~UHVHGHTXHVXVIDPLOLDUHV\DPLJRVFRPSUHQGDQHOSHOLJUR
TXHLPSOLFDWRFDUXQFDEOHDpUHRGHDOWDWHQVLyQ'tJDOHV
TXHQXQFDLQWHQWHQUHWLUDUQLQJ~QREMHWRTXHVHHQFXHQWUHHQ
FRQWDFWRFRP~QFDEOHGHDOWDWHQVLyQXQDDQWHQDGH&%GH
79RFXDOTXLHURWURHOHPHQWR
 $VHJ~UHVHGHTXHHOFRQMXQWRGHOPiVWLOGHODDQWHQDFXHQWHFRQ
XQDFRQH[LyQDWLHUUDDGHFXDGD3DUDREWHQHUPiVLQIRUPDFLyQ
YLVLWHZZZFKDQQHOPDVWHUFRPVXSSRUW
$77(17,21$8;&Ç%/(6
$9(57,66(0(17,167$//$7,21'(&(352'8,735(63RZHU/LQHV(67
'$1*(5(8;32859275(6e&85,7e68,95(/(6,16758&7,216
'·,167$//$7,21
6XLYH]&HV'LUHFWLYHV3RXU2EWHQLU/·,QVWDOODWLRQOD3OXV6€UH
(IIHFWXH]OHSOXVSRVVLEOHODSOXVJUDQGHSDUWLHGH
O·DVVHPEODJHDXVRO
5HSpUH]OHVFkEOHVpOHFWULTXHVDpULHQV$YDQW
GHFRPPHQFHUO·LQVWDOODWLRQYpULÀH]ODGLVWDQFHHQWUH
O·DQWHQQHHWOHVFkEOHV12865(&200$1'216'(/$,66(581(
',67$1&('·$802,16/('28%/('(/$/21*8(850$;,0$/('(
/·$17(11((175(/·$17(11((7/(6&Ç%/(6e/(&75,48(6
 1·XWLOLVH]SDVG·pFKHOOHHQPpWDO
 1·RXEOLH]SDVPrPHOHSOXVOpJHUFRQWDFWHQWUHO·DQWHQQHHWXQ
FkEOHpOHFWULTXHSHXWHQWUDvQHUXQHGpFKDUJHPRUWHOOH
 1·HVVD\H]3$6G·LQVWDOOHUO·DQWHQQHSDUWHPSVGHJUDQGYHQW
 $\H]WRXMRXUVXQHDXWUHSHUVRQQHjSUR[LPLWpORUVTXHYRXVrWHVVXU
OHWRLWHOOHSHXWYRLUGHVFKRVHVTXHYRXVQHYR\H]SDV
 6LYRXVOkFKH]XQHDQWHQQHSDUPpJDUGHpORLJQH]YRXVHWODLVVH]
ODWRPEHU
 6LXQHSLqFHGHO·DQWHQQHDWRXFKpXQFkEOHpOHFWULTXH
1·(66$<(=3$6'(5(7,5(5/·$17(11(92860È0($33(/(=/$
&203$*1,('·e/(&75,&,7e6HVDJHQWVOHIHURQWHQWRXWHVpFXULWp
 /HPkWOHFkEOHGHGHVFHQWHHWOHVÀOVGHKDXEDQVRQW
G·H[FHOOHQWVFRQGXFWHXUVGHFRXUDQWpOHFWULTXHJDUGH]OHV
pJDOHPHQWpORLJQpVGHVFkEOHVpOHFWULTXHV
 $VVXUH]YRXVTXHYRWUHIDPLOOHHWYRVDPLVFRPSUHQQHQWELHQOH
GDQJHUTX·LO\DjWRXFKHUXQFkEOHpOHFWULTXHDpULHQ'LWHVOHXU
GHQHMDPDLVWRXFKHUXQREMHWHQFRQWDFWDYHFXQFkEOHTXHFH
VRLWXQHDQWHQQHGH&%GHWpOpRXDXWUH
 $VVXUH]YRXVTXHOHPkWGHO·DQWHQQHHVWFRUUHFWHPHQWUHOLpjOD
WHUUH3RXUSOXVG·LQIRUPDWLRQVYLVLWH]OHVLWHZZZFKDQQHOPDVWHU
FRPVXSSRUW
3URGXFW5HWXUQ3ROLF\DQG:DUUDQW\
:DUUDQW\3HULRGGD\ZDUUDQW\DSSOLHVWRDOO&KDQQHO0DVWHU3URGXFWV6RPHSURGXFWVKDYHH[WHQGHGWHUP
ZDUUDQW\SHULRGV'HDOHUV &RQVXPHUV'HDOHUVDQGFRQVXPHUVFDQUHWXUQDQ\,Q:DUUDQW\&KDQQHO0DVWHU
SURGXFWWRWKH:DUUDQW\GHSDUWPHQWIRUUHSDLURUUHSODFHPHQW)RU,Q:DUUDQW\VHUYLFHWKHFRQVXPHURUGHDOHU
PXVWFDOO7HFKQLFDO6HUYLFHDQGUHTXHVWDQ50$QXPEHULQRUGHUWRUHWXUQWKHSURGXFW7KHUHWXUQHGSURGXFW
PXVW KDYH WKH 50$ QXPEHU YLVLEOH RQ WKH ER[ DQG PXVW LQFOXGH WKH ELOO RI VDOH VKRZLQJ WKH XQLW LV ZLWKLQ WKH
ZDUUDQW\SHULRG,IWKHXQLWLVIRXQGWREHGHIHFWLYHXQGHURXU:DUUDQW\3ROLF\&KDQQHO0DVWHUZLOOUHSDLURUUHSODFH
WKHLWHPDWQRFKDUJH3URGXFWVRXWVLGHRIWKHZDUUDQW\SHULRGVKRXOGQRWEHUHWXUQHGWR&KDQQHO0DVWHUZLWK
WKH H[FHSWLRQ RI DQ\ SURGXFW UHTXHVWHG E\7HFKQLFDO 6XSSRUW WR EH DVVHVVHG IRU TXDOLW\ DVVXUDQFH SXUSRVHV
7HFKQLFDO6HUYLFHZZZFKDQQHOPDVWHUFRPVXSSRUW
:$55$17<*(1(5$/7(5066XEMHFWWRWKHSURYLVLRQVRIWKLV:DUUDQW\&+$11(/0$67(5ZDUUDQWV
WKDW WKH HTXLSPHQW DQG VRIWZDUH GHVFULEHG LQ 3DUDJUDSK  ZLOO FRQIRUP WR RXU VSHFL¿FDWLRQV LQ DOO PDWHULDO
UHVSHFWDQGWKDWWKHHTXLSPHQWZLOOEHIUHHIURPPDWHULDOGHIHFWVLQPDWHULDOVDQGZRUNPDQVKLSGXULQJWKH/LPLWHG
:DUUDQW\ SHULRG    7KLV :DUUDQW\ DSSOLHV WR DOO RULJLQDO SXUFKDVHV E\ &XVWRPHUV RI &+$11(/ 0$67(5
³(TXLSPHQW´7KH ZDUUDQWLHV VHW IRUWK KHUHLQ DUH QRW WUDQVIHUDEOH    7KH (IIHFWLYH SHULRG RI WKLV :DUUDQW\
ZLOOVWDUWRQWKHGDWHRISXUFKDVHRIWKH(TXLSPHQWRUWKHGDWHRILQVWDOODWLRQE\D&+$11(/0$67(5DSSURYHG
WHFKQLFLDQDQGZLOOHQGIRUWKH(TXLSPHQWQLQHW\GD\VODWHUIRUDOOFRPSRQHQWSDUWVDQGV\VWHPXSJUDGHV
XQOHVVRWKHUZLVHH[SUHVVHGRUSURYLGHGKHUHLQLQHDFKFDVHWKH³:DUUDQW\3HULRG´
5(78512)(48,30(1781'(5:$55$17<,IDQLWHPRI(TXLSPHQWPDOIXQFWLRQVRUIDLOVLQQRUPDO
XVHZLWKLQWKHDSSOLFDEOH:DUUDQW\3HULRGDWKH&XVWRPHUVKDOOQRWLI\&+$11(/0$67(5ZLWKLQWKLUW\
GD\VRIWKHSUREOHPE&+$11(/0$67(5ZLOODWLWVRSWLRQHLWKHUUHVROYHWKHSUREOHPRYHUWKHWHOHSKRQHRU
SURYLGHWKHFXVWRPHUZLWKD5HWXUQ$XWKRUL]DWLRQ³50$´1XPEHUDQGWKHDGGUHVVWRZKLFKWKHFXVWRPHUPD\
VKLSWKHGHIHFWLYHLWHPF,IWKHSUREOHPFDQQRWEHUHVROYHGRYHUWKHWHOHSKRQHWKH&XVWRPHUVKDOODWWDFKD
ODEHOVKRZLQJWKH50$QXPEHUWRHDFKUHWXUQHGLWHPDQGLQFOXGHDGHVFULSWLRQRIWKHSUREOHP7KH&XVWRPHU
VKDOODWKLVRUKHURZQFRVWSURSHUO\SDFNWKHLWHPWREHUHWXUQHGPDUNWKH50$RQWKHRXWVLGHRIWKHER[
SUHSD\ WKH LQVXUDQFH DQG VKLSSLQJ FKDUJHV DQG VKLS WKH LWHP WR WKH VSHFL¿HG &+$11(/ 0$67(5 ORFDWLRQ
G8QDXWKRUL]HGUHWXUQRIDQ\HTXLSPHQWZKHWKHULQRURXWRIZDUUDQW\ZLOOEHVXEMHFWWRDKDQGOLQJFKDUJH
LQDGGLWLRQWRDOOUHSDLUDQGDOOWUDQVSRUWDWLRQFKDUJHVH&+$11(/0$67(5ZLOODWLWVVROHRSWLRQUHSDLURU
UHSODFHWKHUHWXUQHGLWHP,IUHSODFHGWKHUHSODFHPHQWLWHPPD\EHQHZRUUHIXUELVKHGLIUHIXUELVKHGLWZLOOEH
HTXLYDOHQWLQRSHUDWLRQWRQHZ(TXLSPHQW,IDUHWXUQHGLWHPLVUHSODFHGE\&+$11(/0$67(5WKH&XVWRPHU
DJUHHVWKDWWKHUHWXUQHGLWHPZLOOEHFRPHWKHSURSHUW\RI&+$11(/0$67(5I&+$11(/0$67(5ZLOO
FRPSOHWH WKH H[FKDQJH RI &+$11(/ 0$67(5 PDQXIDFWXUHG HTXLSPHQW UHWXUQHG XQGHU WKLV :DUUDQW\ ZLWKLQ
DUHDVRQDEOHWLPHVXEMHFWWROHDGWLPHVIURPIDFWRU\DQGZLOOPDNHDJRRGIDLWKHIIRUWWRPLQLPL]HDQ\DQGDOO
GHOD\VZKHUHSRVVLEOHDQGJ&+$11(/0$67(5ZLOODWLWVFRVWVKLSWKHUHSDLUHGLWHPRUUHSODFHPHQWWRWKH
&XVWRPHU,IWKH&XVWRPHUUHTXHVWVH[SUHVVVKLSSLQJWKH&XVWRPHUZLOOSD\&+$11(/0$67(5DQH[SHGLWLQJ
IHH(TXLSPHQWZKLFKLVUHSDLUHGRUUHSODFHGE\&+$11(/0$67(5XQGHUWKLV:DUUDQW\ZLOOEHFRYHUHG
XQGHUDOORIWKHSURYLVLRQVRIWKLV:DUUDQW\IRUWKHUHPDLQGHURIWKHDSSOLFDEOH:DUUDQW\SHULRGIRUWKDWSDUWLFXODU
HTXLSPHQW IURP WKH GDWH RI UHSDLU RU UHSODFHPHQW ZKLFKHYHU LV ORQJHU    ,I HTXLSPHQW LV UHSDLUHG EH\RQG
HIIHFWLYHZDUUDQW\GDWHVRULIDEQRUPDOXVDJHKDGRFFXUUHG&XVWRPHUVKDOOEHFKDUJHGDSSOLFDEOHUDWHVDQGWKH
&XVWRPHUZLOOEHDGYLVHGRIWKHHVWLPDWHGFKDUJHVSULRUWRUHSDLUE\&+$11(/0$67(5µVDXWKRUL]HGVHUYLFH
FHQWHU7KHSULFHRIRXWRIZDUUDQW\UHSDLUVSD\DEOHE\WKH&XVWRPHUZLOOEHEDVHGRQVWDQGDUGODERUDQG
SDUWVSULFHVLQHIIHFWDWWKHWLPHRIWKHUHSDLU&+$11(/0$67(5ZLOOXVHLWVEHVWHIIRUWVWRHQVXUHWKDWWKHFRVWRI
VXFKUHSDLUH[FKDQJHUHIXUELVKLQJRUVXEVWLWXWLRQZLOOQRWH[FHHGWKHRULJLQDOSULFHRI3URGXFW,IWKHSUREOHP
UHRFFXUVZLWKLQWKHZDUUDQW\SHULRG&+$11(/0$67(5ZLOODWLWVRSWLRQUHSHUIRUPWKHVHUYLFHUHSODFH
WKHSURGXFWSXUVXDQWWRWKHWHUPVRIWKLVZDUUDQW\SHUPLW&XVWRPHUWRUHWXUQWKHSURGXFWDQGLVVXHDUHIXQG
SXUVXDQWWRWKLVZDUUDQW\RUUHIXQGWKHDPRXQWWKH&XVWRPHUSDLGIRUWKHVHUYLFHV
352'8&702',),&$7,21&+$11(/0$67(5UHVHUYHVWKHULJKWWRPDNHFKDQJHVRULPSURYHPHQWVWRLWV
SURGXFWVGXULQJVXEVHTXHQWSURGXFWLRQZLWKRXWLQFXUULQJWKHREOLJDWLRQWRLQVWDOOVXFKFKDQJHVRULPSURYHPHQWV
RQSUHYLRXVO\PDQXIDFWXUHGRUVROGSURGXFWV
)25&(0$-(85(&+$11(/0$67(5ZLOOQRWEHOLDEOHLILWVSHUIRUPDQFHXQGHUWKLVZDUUDQW\EHFRPHV
FRPPHUFLDOO\LPSUDFWLFDEOHGXHWRDQ\FRQWLQJHQF\EH\RQG&+$11(/0$67(5¶VUHDVRQDEOHFRQWUROLQFOXGLQJ
DFWVRI*RG¿UHVÀRRGZDUVVDERWDJHFLYLOXQUHVWDFFLGHQWVODERUGLVSXWHVRUVKRUWDJHVJRYHUQPHQWODZV
UXOHVDQGUHJXODWLRQVZKHWKHUYDOLGRULQYDOLGLQDELOLW\WRREWDLQPDWHULDOHTXLSPHQWRUWUDQVSRUWDWLRQLQFRUUHFW
GHOD\HGRULQFRPSOHWHVSHFL¿FDWLRQVGUDZLQJVRUGDWDVXSSOLHGE\&XVWRPHUFROOHFWLYHO\³)RUFH0DMHXUH´
/,0,7$7,216 $1' 48$/,),&$7,216 2) :$55$17<    7KLV /LPLWHG :DUUDQW\ H[WHQGV RQO\ WR WKH
RULJLQDO SXUFKDVHU RI WKH (TXLSPHQW DQG LV LQ OLHX RI DOO RWKHU H[SUHVV RU LPSOLHG ZDUUDQWLHV LQFOXGLQJ WKRVH
RIPHUFKDQWDELOLW\DQG¿WQHVVIRUDSDUWLFXODUSXUSRVH7KLV:DUUDQW\GRHVQRWDSSO\WRDQ\GDPDJHGHIHFW
RI IDLOXUH FDXVHG E\  D  DQ\ SDUW RI WKH HTXLSPHQW KDYLQJ EHHQ PRGL¿HG DGDSWHG UHSDLUHG PDLQWDLQHG
WUDQVSRUWHGRUUHORFDWHGE\DQ\SHUVRQE6WRUDJHRUHQYLURQPHQWDOFKDUDFWHULVWLFVZKLFKGRQRWFRQIRUPWR
WKHDSSOLFDEOHVHFWLRQVRIWKHDSSURSULDWH(TXLSPHQW0DQXDORU,QVWUXFWLRQ6KHHWF)DLOXUHWRFRQIRUPZLWKWKH
(TXLSPHQW2SHUDWLQJ,QVWUXFWLRQVLQWKHDSSOLFDEOH(TXLSPHQW0DQXDORU,QVWUXFWLRQ6KHHWG([WHUQDOFDXVHV
LQFOXGLQJH[WHUQDOHOHFWULFDOVWUHVVRUOLJKWQLQJRUXVHLQFRQMXQFWLRQZLWKLQFRPSDWLEOHHTXLSPHQWXQOHVVVXFKXVH
ZDVZLWK&+$11(/0$67(5¶VSULRUZULWWHQUHTXHVWH&RVPHWLFGDPDJHI$FFLGHQWDOGDPDJHQHJOLJHQFH
PRGL¿FDWLRQPLVKDQGOLQJDEXVHRUPLVXVHRUJ)RUFH0DMHXUH
/,0,7$7,21 21 '$0$*(6    7+,6 :$55$17< ,6 7+( &86720(5¶6 (;&/86,9( :$55$17< )25
7+((48,30(17&+$11(/0$67(563(&,),&$//<',6&/$,06$//27+(5:$55$17,(62)$1<.,1'
(;35(6625,03/,(',1&/8',1*$1<:$55$17,(62)),71(66)25$3$57,&8/$5385326($1'
2)0(5&+$17$%,/,7<&+$11(/0$67(5:,//127%(/,$%/(,17257,1&/8',1*/,$%,/,7<,1
1(*/,*(1&( 25 675,&7 /,$%,/,7<$1' :,// +$9( 12 /,$%,/,7<$7$// )25 ,1-85< 72 3(56216
25 3523(57< &+$11(/ 0$67(5¶6 /,$%,/,7< )25 )$,/85( 72 )8/),// ,76 2%/,*$7,216 81'(5
7+,6:$55$17<25$1<27+(5/,$%,/,7<81'(525,1&211(&7,21:,7+7+((48,30(17:,//
%(/,0,7('727+($028172)7+(385&+$6(35,&(2)7+((48,30(17$77+(7,0(2)25,*,1$/
385&+$6(7+(5(0(',(667$7(',17+,6:$55$17<$5(7+(&86720(5¶6(;&/86,9(5(0(',(6
$*$,167&+$11(/0$67(55(*$5',1*7+((48,30(17(9(1,)&+$11(/0$67(5+$6%((1
127,),('2)7+(3266,%,/,7<2)7+(0&+$11(/0$67(5:,//127%(/,$%/()25$1<,1',5(&7
,1&,'(17$/ 63(&,$/ 25 &216(48(17,$/ '$0$*(6 ,1&/8',1* /267 352),76$1' 5(9(18(6
)$,/85( 72 5($/,=( (;3(&7(' 6$9,1*6 $1< &/$,0 $*$,167 $ &86720(5 %< $ 7+,5' 3$57<
25 $1< 27+(5 &200(5&,$/ 25 (&2120,& /266(6 2) $1< .,1'   7+(6( /,0,7$7,216 $1'
',6&/$,0(56$5(1270$'(%<&+$11(/0$67(5:+(5(352+,%,7('%</$:
*DUDQWtD\3yOL]D3DUDOD'HYROXFLyQGHO3URGXFWR
3HUtRGRGHJDUDQWtDJDUDQWtDGHGtDVVHDSOLFDDWRGRVORVSURGXFWRVGH&KDQQHO0DVWHU$OJXQRVSURGXFWRV
WLHQHQSHULRGRVGHJDUDQWtDH[WHQGLGRV
&RPHUFLDQWHV \ FRQVXPLGRUHV /RV GLVWULEXLGRUHV \ ORV FRQVXPLGRUHV SXHGHQ GHYROYHU FXDOTXLHU ,Q*DUDQWtD
&DQDOSURGXFWR0DVWHUSDUDHOGHSDUWDPHQWRGHJDUDQWtDVSDUDVXUHSDUDFLyQRUHHPSOD]R3DUDHQHOVHUYLFLRGH
JDUDQWtDDOFRQVXPLGRURGLVWULEXLGRUGHEHOODPDUDO6HUYLFLR7pFQLFR\VROLFLWDUXQQ~PHURGH50$SDUDGHYROYHU
HOSURGXFWR(OSURGXFWRGHYXHOWRGHEHWHQHUHOQ~PHURGH50$YLVLEOHHQHOFXDGUR\GHEHLQFOXLUODIDFWXUD
GH FRPSUD LQGLFDQGR TXH OD XQLGDG VH HQFXHQWUD GHQWUR GHO SHUtRGR GH JDUDQWtD  6L OD XQLGDG VH HQFXHQWUH
GHIHFWXRVDEDMRQXHVWUDSROtWLFDGHJDUDQWtDSDUD&KDQQHO0DVWHUVHFRPSURPHWHDUHSDUDURVXVWLWXLUHOSURGXFWR
VLQFRVWRDOJXQR/RVSURGXFWRVTXHQRHVWpQGHQWURGHOSHULRGRGHJDUDQWtDQRGHEHQGHYROYHUVHD&KDQQHO
0DVWHUDH[FHSFLyQGHDOJ~QSURGXFWRTXHKD\DVLGRVROLFLWDGRSRUHO'HSDUWDPHQWRGH$VLVWHQFLD7pFQLFDSDUD
VHUHYDOXDGRFRPRSDUWHGHODVHJXUDPLHQWRGHODFDOLGDG
6HUYLFLR7pFQLFRZZZFKDQQHOPDVWHUFRPVXSSRUW
*$5$17Ë$ &21',&,21(6 *(1(5$/(6  6LQ SHUMXLFLR GH ODV GLVSRVLFLRQHV GH HVWD *DUDQWtD
&+$11(/ 0$67(5 JDUDQWL]D TXH HO HTXLSR \ VRIWZDUH TXH VH GHVFULEH HQ HO DUWtFXOR  TXH FXPSOHQ FRQ
ODV HVSHFL¿FDFLRQHV HQ WRGRV ORV DVSHFWRV PDWHULDOHV \ TXH HO HTXLSR HVWDUi OLEUH GH GHIHFWRV PDWHULDOHV HQ
PDWHULDOHV \ PDQR GH REUD GXUDQWH HO SHUtRGR GH JDUDQWtD  (VWD JDUDQWtD VH DSOLFD D WRGDV ODV FRPSUDV
RULJLQDOHVGHORVFOLHQWHVGH&+$11(/0$67(5³(TXLSR´/DVJDUDQWtDVHVWDEOHFLGDVHQHOSUHVHQWHQRVRQ
WUDQVIHULEOHV(OSHUtRGRGHYLJHQFLDGHHVWDJDUDQWtDVHLQLFLDUiHQODIHFKDGHFRPSUDGHOHTXLSRRGHODIHFKD
GHLQVWDODFLyQSRUXQWpFQLFRDXWRUL]DGR&+$11(/0$67(5\WHUPLQDUiSDUDHO(TXLSRQRYHQWDGtDVPiV
WDUGHSDUDWRGRVORVFRPSRQHQWHV\ODVDFWXDOL]DFLRQHVGHOVLVWHPDDPHQRVTXHVHH[SUHVHORFRQWUDULRRHO
SUHVHQWHGRFXPHQWRHQFDGDFDVRHO³3HUtRGRGH*DUDQWtD´
5(72512'(/26(48,326&21*$5$17Ë$6LXQHOHPHQWRGHOPDOIXQFLRQDPLHQWRGHOHTXLSRRQRHQ
XVRQRUPDOGHQWURGHOSHUtRGRGHJDUDQWtDDSOLFDEOHDHO&OLHQWHGHEHUiQRWL¿FDUD&+$11(/0$67(5GHQWUR
GHORVWUHLQWDGtDVGHOSUREOHPDE&+$11(/0$67(5DVXHOHFFLyQUHVROYHUHOSUREOHPDSRUWHOpIRQR
XRIUHFHUDORVFOLHQWHVFRQXQDDXWRUL]DFLyQGHGHYROXFLyQ³50$´(OQ~PHUR\ODGLUHFFLyQDODFXDOHOFOLHQWH
SXHGHHQYLDUHODUWtFXORGHIHFWXRVRF6LHOSUREOHPDQRSXHGHUHVROYHUVHDWUDYpVGHOWHOpIRQRHOFOLHQWHGHEHUi
DGMXQWDU XQD HWLTXHWD TXH PXHVWUH HO Q~PHUR GH 50$ D FDGD DUWtFXOR GHYXHOWR H LQFOXLU XQD GHVFULSFLyQ GHO
SUREOHPD(OFOLHQWHGHEHUiDVXSURSLRFRVWRHPSDTXHGHODUWtFXORTXHVHGHYROYHUiPDUTXHHOQ~PHUR50$
HQHOH[WHULRUGHODFDMDSDJDUSRUDGHODQWDGRHOVHJXUR\ORVJDVWRVGHHQYtR\HQYLDUHODUWtFXORDODXELFDFLyQ
HVSHFL¿FDGD&+$11(/0$67(5GODGHYROXFLyQQRDXWRUL]DGDGHFXDOTXLHUHTXLSR\DVHDGHQWURRIXHUDGH
JDUDQWtDVHUiREMHWRGHXQDDFXVDFLyQGHPDQLSXODFLyQDGHPiVGHWRGDVODVUHSDUDFLRQHV\WRGRVORVJDVWRV
GH WUDQVSRUWH H &+$11(/ 0$67(5 D VX HQWHUD GLVFUHFLyQ UHSDUDU R UHHPSOD]DU HO DUWtFXOR GHYXHOWR 6L
VXVWLWX\H HO DUWtFXOR GH UHHPSOD]R SXHGHQ VHU QXHYRV R UHDFRQGLFLRQDGRV VL UHIRUPDGR VHUi HTXLYDOHQWH HQ
IXQFLRQDPLHQWRDORVQXHYRVHTXLSRV6LXQDUWtFXORGHYXHOWRVHVXVWLWX\HSRU&+$11(/0$67(5HO&OLHQWH
DFHSWDTXHHODUWtFXORGHYXHOWRSDVDUiDVHUSURSLHGDGGHOFDQDO0DVWHUI&+$11(/0$67(5FRPSOHWDUiHO
LQWHUFDPELR GH &+$11(/ 0$67(5 IDEULFDQ HTXLSRV GHYXHOWRV SRU HVWD JDUDQWtD HQ XQ SOD]R UD]RQDEOH FRQ
VXMHFLyQ D ORV SOD]RV GH OD IiEULFD \ KDUi XQ HVIXHU]R GH EXHQD IH SDUD UHGXFLU DO PtQLPR FXDOTXLHU \ WRGRV
ORVUHWUDVRVTXHVHDSRVLEOH\J&+$11(/0$67(5DVXFRVWRHQYLDUHODUWtFXORUHSDUDGRRVXVWLWXLGRDO
&OLHQWH6LHOFOLHQWHVROLFLWDHOHQYtRH[SUHVRHOFOLHQWHSDJDUiXQDFXRWDGH&+$11(/0$67(5DFHOHUDU
(OHTXLSRTXHHVWpUHSDUDGRRVXVWLWXLGRSRU&+$11(/0$67(5EDMRHVWDJDUDQWtDVHUiQFXELHUWRVSRUWRGDV
ODVGLVSRVLFLRQHVGHHVWD*DUDQWtDSDUDHOUHVWRGHOSHUtRGRGHJDUDQWtDDSOLFDEOHSDUDHVHHTXLSRHQSDUWLFXODU
D SDUWLU GH OD IHFKD GH UHSDUDFLyQ R VXVWLWXFLyQ VL IXHUD PD\RU  6L HO HTXLSR HV UHSDUDGR PiV DOOi GH ODV
IHFKDVHIHFWLYDVGHJDUDQWtDRVLHOXVRDQRUPDOKDEtDRFXUULGRHO&OLHQWHVHFREUDUiODVWDULIDVDSOLFDEOHV\HO
FOLHQWHVHUiLQIRUPDGRGHORVFDUJRVHVWLPDGRVDQWHVGHODUHSDUDFLyQSRUHOFHQWURGH&+$11(/0$67(5µVGH
VHUYLFLRDXWRUL]DGR(OSUHFLRGHODVUHSDUDFLRQHVIXHUDGHJDUDQWtDDFDUJRGHOFOLHQWHVHEDVDUiHQHOWUDEDMR
QRUPDO\ORVSUHFLRVGHODVSLH]DVHQYLJRUHQHOPRPHQWRGHODUHSDUDFLyQ&+$11(/0$67(5UHDOL]DUiVXV
PHMRUHVHVIXHU]RVSDUDJDUDQWL]DUTXHHOFRVWRGHGLFKDUHSDUDFLyQFDPELRUHQRYDFLyQRGHVXVWLWXFLyQQRVHUi
PD\RUDOSUHFLRRULJLQDOGHOSURGXFWR6LHOSUREOHPDYXHOYHDDSDUHFHUHQHOSHUtRGRGHJDUDQWtD&+$11(/
0$67(5DVXHOHFFLyQYROYHUDUHDOL]DUHOVHUYLFLRUHHPSOD]DUiHOSURGXFWRFRQIRUPHDORVWpUPLQRVGH
HVWDJDUDQWtDSHUPLWLUDOFOLHQWHSDUDGHYROYHUHOSURGXFWR\HPLWLUXQDUHVWLWXFLyQGHFRQIRUPLGDGFRQHVWD
RUGHQRGHYROYHUiHOLPSRUWHTXHHOFOLHQWHSDJySRUORVVHUYLFLRV
02',),&$&,Ï1'(352'8&726UHVHUYDV&+$11(/0$67(5HOGHUHFKRGHKDFHUFDPELRVRPHMRUDV
DVXVSURGXFWRVGXUDQWHODSURGXFFLyQSRVWHULRUVLQLQFXUULUHQODREOLJDFLyQGHLQVWDODUWDOHVPRGL¿FDFLRQHVR
PHMRUDVHQORVSURGXFWRVSUHYLDPHQWHIDEULFDGRVRYHQGLGRV
)8(5=$ 0$<25  &+$11(/ 0$67(5 QR VHUi UHVSRQVDEOH VL VX HMHFXFLyQ EDMR HVWD JDUDQWtD VHD
FRPHUFLDOPHQWH IDFWLEOH SRU FXDOTXLHU FRQWLQJHQFLD IXHUD GHO FRQWURO UD]RQDEOH &+$11(/ 0$67(5 LQFOXLGRV
ORVDFWRVGH'LRVLQFHQGLRVLQXQGDFLRQHVJXHUUDVVDERWDMHVGLVWXUELRVDFFLGHQWHVFRQÀLFWRVODERUDOHVROD
HVFDVH] HO JRELHUQR OH\HV QRUPDV \ UHJODPHQWRV VL ODV HVSHFL¿FDFLRQHV LQFDSDFLGDG YiOLGR R LQYiOLGR SDUD
REWHQHUPDWHULDOHVHTXLSRVRWUDQVSRUWHHVLQFRUUHFWDWDUGtDRLQFRPSOHWDGLEXMRVRGDWRVVXPLQLVWUDGRVSRUHO
&OLHQWHFROHFWLYDPHQWH³)XHU]D0D\RU´
/,0,7$&,21(6< 5(48,6,726 '( /$ *$5$17Ë$  /D SUHVHQWH JDUDQWtD OLPLWDGD VH H[WLHQGH VRODPHQWH
DO FRPSUDGRU RULJLQDO GHO HTXLSR \ HVWi HQ OXJDU GH FXDOTXLHU RWUD JDUDQWtD H[SUHVD R LPSOtFLWD LQFOXLGDV ODV
GHFRPHUFLDELOLGDGRLGRQHLGDGSDUDXQSURSyVLWRHQSDUWLFXODU(VWDJDUDQWtDQRVHDSOLFDDFXDOTXLHUGHIHFWR
GH OD IDOOD FDXVDGD SRU D FXDOTXLHU SDUWH GH VX HTXLSR GH KDEHU VLGR PRGL¿FDGR DGDSWDGR UHSDUDFLyQ
PDQWHQLPLHQWR WUDQVSRUWH R UHXELFDGDV SRU FXDOTXLHU SHUVRQD E GH DOPDFHQDPLHQWR R ODV FDUDFWHUtVWLFDV
DPELHQWDOHVTXHQRVHDMXVWHQDODVVHFFLRQHVFRUUHVSRQGLHQWHVGHODFRUUHVSRQGLHQWH0DQXDOVREUHHOHTXLSR
RODKRMDGHLQVWUXFFLRQHVF(OLQFXPSOLPLHQWRSDUDFXPSOLUFRQODV,QVWUXFFLRQHVGH2SHUDFLyQGHOHTXLSRHQ
HO³0DQXDOGH(TXLSR\+RMDVGH,QVWUXFFLyQG/DVFDXVDVH[WHUQDVLQFOX\HQGRHOHVWUpVHOpFWULFRH[WHUQRR
HOpFWULFDRVXXVRHQFRQMXQFLyQFRQHTXLSRVLQFRPSDWLEOHVDPHQRVTXHGLFKRXVRHUDFRQODSHWLFLyQSUHYLD
SRUHVFULWR&+$11(/0$67(5HORVGDxRVVXSHU¿FLDOHVIORVGDxRVDFFLGHQWDOHVQHJOLJHQFLDPRGL¿FDFLyQ
PDQHMRLQFRUUHFWRDEXVRRPDOXVRRJ)XHU]D0D\RU
/,0,7$&,Ï1 '( '$f26   (67$ *$5$17Ë$ (6 *$5$17Ë$ H[FOXVLYR GHO FOLHQWH HQ FXDQWR DO PDWHULDO
0$67(5'(&$1$/(;35(6$0(17(5(181&,$$72'$*$5$17Ë$27526'(1,1*Ò17,32(;35(6$
2,03/Ë&,7$,1&/8<(1'2&8$/48,(5*$5$17Ë$'(,'21(,'$'3$5$813523Ï6,723$57,&8/$5
< '( &20(5&,$/,=$&,Ï1  &+$11(/ 0$67(5 12 6( +$5È 5(63216$%/( (1$*5$9,2 LQFOXLGD
ODUHVSRQVDELOLGDGSRUQHJOLJHQFLDRUHVSRQVDELOLGDGHVWULFWD\QRWHQGUiUHVSRQVDELOLGDGDOJXQDSRUGDxRVD
SHUVRQDVRELHQHV5(63216$%,/,'$'&+$11(/0$67(53$5$LQFXPSOLPLHQWRGHVXVREOLJDFLRQHVEDMR
HVWDJDUDQWtDRFXDOTXLHURWUDUHVSRQVDELOLGDGEDMRRHQFRQH[LyQFRQHO(TXLSR6(5È/,0,7$'$$/$&$17,'$'
'((/35(&,2'(&2035$'(/26(48,326(1(/020(172'(&2035$25,*,1$//265(0(',26
PHQFLRQDGDV HQ HVWD JDUDQWtD VRQ ORV UHPHGLRV H[FOXVLYRV GHO FOLHQWH FRQWUD &+$11(/ 0$67(5 62%5(
(/ (48,32 $8148( 0$67(5 '( &$1$/ +$ 6,'2 127,),&$'26 '( /$ 326,%,/,'$' '( (//26
0$67(5 FDQDO QR VHUi UHVSRQVDEOH SRU GDxRV LQGLUHFWRV LQFLGHQWDOHV HVSHFLDOHV R FRQVHFXHQWHV LQFOXLGR
HO OXFUR FHVDQWH \ ORV LQJUHVRV QR UHDOL]DFLyQ GH DKRUURV SUHYLVWRV FXDOTXLHU UHFODPDFLyQ FRQWUD XQ FOLHQWH
SRUHOWHUFHURRFXDOTXLHURWUDSpUGLGDFRPHUFLDORHFRQyPLFD'(1,1*81$&/$6((VWDVOLPLWDFLRQHV\
UHVSRQVDELOLGDGQRVHUHDOL]DGRSRUHOPDHVWURFDQDOGRQGHSURKLELGRSRUOH\
3ROLWLTXHGH5HSULVHGH0DUFKDQGLVHHW*DUDQWLH
3pULRGHGHJDUDQWLH/DJDUDQWLHGHMRXUVV¶DSSOLTXHjWRXVOHVSURGXLWV&KDQQHO0DVWHU&HUWDLQVSURGXLWV
RQWGHVSpULRGHVGHJDUDQWLHSURORQJpHV
'pWDLOODQWVHWFRQVRPPDWHXUV/HVGpWDLOODQWVHWFRQVRPPDWHXUVSHXYHQWHQYR\HUWRXWSURGXLW&KDQQHO0DVWHU
VRXVJDUDQWLHDX6HUYLFHGHJDUDQWLHHQYXHGHVDUpSDUDWLRQRXGHVRQUHPSODFHPHQW3RXUOHVHUYLFHVRXV
JDUDQWLHOHFRQVRPPDWHXURXOHGpWDLOODQWGRLWDSSHOHUOHVHUYLFHWHFKQLTXHHWGHPDQGHUXQQXPpURG¶DXWRULVDWLRQ
GHUHSULVHGpVLJQp©50$ªSRXUSRXYRLUHQYR\HUOHSURGXLW/HQXPpUR50$GRLWDSSDUDvWUHGHIDoRQELHQOLVLEOH
VXUO¶HPEDOODJHGXSURGXLWHQYR\pHWO¶HPEDOODJHGRLWFRQWHQLUOHERQGHYHQWHPRQWUDQWTXHOHSURGXLWHVWHQYR\p
DXFRXUVGHODSpULRGHGHJDUDQWLH6¶LOHVWGpFRXYHUWTXHOHSURGXLWHVWGpIHFWXHX[FRQIRUPpPHQWjQRWUHSROLWLTXH
GH JDUDQWLH &KDQQHO 0DVWHU UpSDUHUD RX UHPSODFHUD JUDWXLWHPHQW OH SURGXLW  /HV SURGXLWV GRQW OD SpULRGH GH
JDUDQWLHHVWGpSDVVpHQHGRLYHQWSDVrWUHUHWRXUQpVj&KDQQHO0DVWHUjO¶H[FHSWLRQGHVSURGXLWVTXLDXURQWpWp
GHPDQGpVSDUOH6HUYLFHG¶DVVLVWDQFHWHFKQLTXHD¿QG¶rWUHpYDOXpVGDQVOHFDGUHGHO¶DVVXUDQFHGHODTXDOLWp
6HUYLFHWHFKQLTXHZZZFKDQQHOPDVWHUFRPVXSSRUW
&21',7,216 *e1e5$/(6   &RPSWH WHQX GHV FRQGLWLRQV GH OD SUpVHQWH JDUDQWLH &+$11(/ 0$67(5
JDUDQWLWTXHO¶pTXLSHPHQWHWOHORJLFLHOGpFULWVjO¶DUWLFOHVRQWFRQIRUPHVjQRVVSpFL¿FDWLRQVGDQVWRXVOHXUV
DVSHFWVPDWpULHOVHWTX¶LOVUHVWHURQWH[HPSWVGHWRXWGpIDXWGHPDWpULDX[HWGHIDEULFDWLRQSHQGDQWODSpULRGHGH
JDUDQWLHOLPLWpH/DSUpVHQWHJDUDQWLHV¶DSSOLTXHjWRXVOHVSURGXLWVDFKHWpVSDUOHVFOLHQWVGH&+$11(/
0$67(5 O¶©pTXLSHPHQWª  /HV JDUDQWLHV QH SHXYHQW SDV rWUH WUDQVIpUpHV   /D SpULRGH GH YDOLGLWp GH OD
SUpVHQWHJDUDQWLHGpEXWHOHMRXUGHO¶DFKDWGHO¶pTXLSHPHQWRXjODGDWHGHO¶LQVWDOODWLRQGHO¶pTXLSHPHQWSDUXQ
WHFKQLFLHQDSSURXYpSDU&+$11(/0$67(5HWVHWHUPLQHSRXUO¶pTXLSHPHQWTXDWUHYLQJWGL[MRXUVSOXVWDUG
SRXU WRXV OHV FRPSRVDQWV HW OHV PLVHV j MRXU GX V\VWqPH j PRLQV G¶LQGLFDWLRQ FRQWUDLUH RX IRXUQLH GDQV OD
SUpVHQWHJDUDQWLHGDQVFKDTXHFDVOD©SpULRGHGHJDUDQWLHª
5(35,6('(/¶e48,3(0(176286*$5$17,(/RUVTX¶XQFRPSRVDQWGHO¶pTXLSHPHQWIRQFWLRQQHPDORX
QHIRQFWLRQQHSDVHQFDVG¶XWLOLVDWLRQQRUPDOHSHQGDQWODSpULRGHGHJDUDQWLHDSSOLFDEOHDOHFOLHQWGRLWQRWL¿HU
&+$11(/ 0$67(5 GDQV OHV WUHQWH  MRXUV GH OD GpFRXYHUWH GX SUREOqPH  E &+$11(/ 0$67(5 j VD
VHXOHGLVFUpWLRQVRLWUpVRXGUDOHSUREOqPHSDUWpOpSKRQHVRLWIRXUQLUDXQQXPpUR50$HWO¶DGUHVVHjODTXHOOH
ODSLqFHRXO¶pTXLSHPHQWGpIHFWXHX[GRLWrWUHHQYR\pF6LOHSUREOqPHQHSHXWSDVrWUHUpVROXSDUWpOpSKRQH
OH FOLHQW GRLW ¿[HU XQH pWLTXHWWH SRUWDQW OH QXPpUR 50$ j O¶H[WpULHXU GX SDTXHW GH FKDTXH SLqFH HQYR\pH HW
LQFOXUHXQHGHVFULSWLRQGXSUREOqPH/HFOLHQWGRLWjVHVSURSUHVIUDLVHPEDOOHUFRUUHFWHPHQWO¶pTXLSHPHQWj
HQYR\HULQGLTXHUOHQXPpUR50$jO¶H[WpULHXUGXSDTXHWSD\HUOHVIUDLVG¶H[SpGLWLRQHWG¶DVVXUDQFHHWH[SpGLHU
OHSDTXHWjO¶DGUHVVHVSpFL¿pHSDU&+$11(/0$67(5G7RXWHQYRLQRQDXWRULVpG¶pTXLSHPHQWVRXVJDUDQWLH
RXQRQIHUDO¶REMHWGHIUDLVGHPDQXWHQWLRQHQSOXVGHWRXVOHVIUDLVGHUpSDUDWLRQHWGHWUDQVSRUWH&+$11(/
0$67(5UpSDUHUDRXUHPSODFHUDjVDVHXOHGLVFUpWLRQODSLqFHHQYR\pH(QFDVGHUHPSODFHPHQWODSLqFHGH
UHPSODFHPHQWVHUDRXQHXYHRXUpQRYpHVLHOOHHVWUpQRYpHVRQIRQFWLRQQHPHQWVHUDpTXLYDOHQWjFHOXLG¶XQH
SLqFHQHXYH(QFDVGHUHPSODFHPHQWG¶XQHSLqFHSDU&+$11(/0$67(5OHFOLHQWDFFHSWHTXHODSLqFHTX¶LO
DHQYR\pHGHYLHQWODSURSULpWpGH&+$11(/0$67(5I&+$11(/0$67(5HIIHFWXHUDO¶pFKDQJHGHODSLqFH
IDEULTXpHSDU&+$11(/0$67(5HWHQYR\pHHQYHUWXGHODSUpVHQWHJDUDQWLHGDQVGHVGpODLVUDLVRQQDEOHVHQ
IRQFWLRQGHVGpODLVGHSURGXFWLRQGHO¶XVLQHHWV¶HIIRUFHUDHQWRXWHERQQHIRLGHPLQLPLVHUDXSRVVLEOHFHVGpODLV
HWJ&+$11(/0$67(5H[SpGLHUDjVHVIUDLVDXFOLHQWODSLqFHUpSDUpHRXUHPSODFpH6LOHFOLHQWGHPDQGH
XQHH[SpGLWLRQH[SUHVVOHFOLHQWSDLHUDj&+$11(/0$67(5OHVIUDLVG¶XQHWHOOHH[SpGLWLRQ/¶pTXLSHPHQW
UpSDUp RX UHPSODFp SDU &+$11(/ 0$67(5 HQ YHUWX GH OD SUpVHQWH JDUDQWLH VHUD FRXYHUW FRQIRUPpPHQW j
WRXWHVOHVFRQGLWLRQVGHODSUpVHQWHJDUDQWLHSRXUOHUHVWHGHODSpULRGHGHJDUDQWLHDSSOLFDEOHSRXUO¶pTXLSHPHQW
HQ TXHVWLRQ j SDUWLU GH OD GDWH GH UpSDUDWLRQ RX GH UHPSODFHPHQW VHORQ OD SpULRGH OD SOXV ORQJXH   6L
O¶pTXLSHPHQWHVWUpSDUpHQGHKRUVGHODSpULRGHGHJDUDQWLHRXHQFDVGHPDXYDLVHXWLOLVDWLRQGHO¶pTXLSHPHQW
OHFOLHQWVHUDIDFWXUpVHORQOHVWDULIVDSSOLFDEOHVHWLOVHUDSUpYHQXGHVIUDLVpYHQWXHOVHVWLPpVDYDQWODUpSDUDWLRQ
SDUOHFHQWUHGHUpSDUDWLRQDJUppSDU&+$11(/0$67(5/HSUL[GHODUpSDUDWLRQKRUVJDUDQWLHSD\DEOHSDU
OHFOLHQWVHUDFDOFXOpVXUODEDVHGHVWDULIVKDELWXHOVGHVSLqFHVHWGHODPDLQG¶°XYUHHQYLJXHXUjODGDWHGHOD
UpSDUDWLRQ&+$11(/0$67(5IHUDWRXVVHVHIIRUWVSRXUV¶DVVXUHUTXHOHFR€WGHODGLWHUpSDUDWLRQGHO¶pFKDQJH
GHODUpQRYDWLRQRXGHODVXEVWLWXWLRQQHGpSDVVHSDVOHSUL[GHO¶pTXLSHPHQWG¶RULJLQH6LOHSUREOqPHVH
UHSURGXLWSHQGDQWODSpULRGHGHJDUDQWLH&+$11(/0$67(5jVDVHXOHGLVFUpWLRQHIIHFWXHUDXQHGHX[LqPH
UpSDUDWLRQUHPSODFHUDO¶pTXLSHPHQWFRQIRUPpPHQWDX[FRQGLWLRQVGHODSUpVHQWHJDUDQWLHSHUPHWWUDDX
FOLHQWGHUHQYR\HUO¶pTXLSHPHQWHWOHUHPERXUVHUDFRQIRUPpPHQWDX[FRQGLWLRQVGHODSUpVHQWHJDUDQWLHRX
UHPERXUVHUDOHPRQWDQWSD\pSDUOHFOLHQWSRXUOHVHUYLFH
02',),&$7,21'(/¶e48,3(0(17&+$11(/0$67(5VHUpVHUYHOHGURLWG¶DSSRUWHUXQHPRGL¿FDWLRQ
RX XQH DPpOLRUDWLRQ j O¶pTXLSHPHQW ORUV GH OD SURGXFWLRQ VXLYDQWH VDQV HQFRXULU O¶REOLJDWLRQ G¶HIIHFWXHU ODGLWH
PRGL¿FDWLRQRXDPpOLRUDWLRQVXUO¶pTXLSHPHQWGpMjIDEULTXpRXYHQGX
&$6'()25&(0$-(85(&+$11(/0$67(5QHVHUDSDVUHVSRQVDEOHVLVRQH[pFXWLRQHQYHUWXGHOD
SUpVHQWHJDUDQWLHGHYLHQWLPSUDWLFDEOHVXUOHSODQFRPPHUFLDOHQUDLVRQG¶pYpQHPHQWVLPSUpYXVLQGpSHQGDQWV
GHODYRORQWpGH&+$11(/0$67(5\FRPSULVOHVFDVGHIRUFHPDMHXUHLQFHQGLHVLQRQGDWLRQVJXHUUHVDFWHV
GH VDERWDJH WURXEOHV FLYLOV DFFLGHQWV FRQÀLWV GH WUDYDLO SpQXULHV GH PDLQG¶°XYUH ORLV HW UqJOHPHQWV GHV
DXWRULWpVYDOLGHVRXQRQRXHQUDLVRQGHO¶LPSRVVLELOLWpGHVHSURFXUHUGHVPDWpULDX[GHO¶pTXLSHPHQWRXGX
WUDQVSRUWRXGHVSpFL¿FDWLRQVGHVFKpPDVRXGHGRQQpHVLQFRUUHFWHVUHWDUGpHVRXLQFRPSOqWHVGHODSDUWGX
FOLHQWFROOHFWLYHPHQWOD©IRUFHPDMHXUHª
/,0,7$7,216 (7 48$/,),&$7,216 '( /$ *$5$17,(   /D SUpVHQWH JDUDQWLH OLPLWpH QH FRXYUH TXH
OH SUHPLHU DFKHWHXU GH O¶pTXLSHPHQW QHXI HW WLHQW OLHX GH WRXWH DXWUH JDUDQWLH H[SOLFLWH RX LPSOLFLWH \ FRPSULV
FHOOHV GH TXDOLWp PDUFKDQGH HW G¶DGDSWDWLRQ j XQ XVDJH SDUWLFXOLHU  /D SUpVHQWH JDUDQWLH QH FRXYUH DXFXQ
GpJkWGpIDXWRXSDQQHFDXVpSDUDWRXWHSDUWLHGHO¶pTXLSHPHQWTXLDSXrWUHPRGL¿pHDGDSWpHUpSDUpH
HQWUHWHQXH WUDQVSRUWpH RX GpSODFpH SDU XQH SHUVRQQH TXHOFRQTXH E XQ UHPLVDJH RX GHV FDUDFWpULVWLTXHV
HQYLURQQHPHQWDOHV QRQ FRQIRUPHV DX[ DUWLFOHV DSSOLFDEOHV GX PDQXHO RX GX PRGH G¶HPSORL GH O¶pTXLSHPHQW
F OH QRQUHVSHFW GHV LQVWUXFWLRQV GH IRQFWLRQQHPHQW GH O¶pTXLSHPHQW LQGLTXpHV GDQV OH PDQXHO RX OH PRGH
G¶HPSORL GH O¶pTXLSHPHQW G GHV FDXVHV H[WpULHXUHV \ FRPSULV GHV VXUWHQVLRQV pOHFWULTXHV H[WpULHXUHV RX OD
IRXGUH RX O¶XWLOLVDWLRQ DYHF GH O¶pTXLSHPHQW LQFRPSDWLEOH j PRLQV TXH ODGLWH XWLOLVDWLRQ DLW pWp GHPDQGpH SDU
pFULWDXSUpDODEOHSDU&+$11(/0$67(5HXQGpJkWVXSHU¿FLHOIXQGpJkWDFFLGHQWHOXQHQpJOLJHQFHXQH
PRGL¿FDWLRQXQGpIDXWGHPDQXWHQWLRQXQDEXVRXXQGpIDXWG¶XWLOLVDWLRQJXQFDVGHIRUFHPDMHXUH
/,0,7$7,216 '(6 '200$*(6   /$ 35e6(17( *$5$17,( (67 /$ 6(8/( *$5$17,( (;&/86,9(
3285 /( &/,(17 48$17 ¬ /¶e48,3(0(17  '( )$d21 63e&,),48( &+$11(/ 0$67(5 'e&/,1(
7287( 5(63216$%,/,7e 48$17 ¬ 7287(6$875(6 *$5$17,(6 '( 7287(6 6257(6 (;3/,&,7(6
28 ,03/,&,7(6 < &2035,6 &(//(6 '( 48$/,7e 0$5&+$1'( (7 '¶$'$37$7,21 ¬ 81 86$*(
3$57,&8/,(5   &+$11(/ 0$67(5 1( 6(5$ 3$6 &,9,/(0(17 5(63216$%/( 7$17 (1 &$6 '(
1e*/,*(1&(28'(5(63216$%,/,7e$%62/8((71(6(5$$8&81(0(175(63216$%/((1&$6'(
%/(6685(6&25325(//(628'('e*Æ760$7e5,(/6/$5(63216$%,/,7e'(&+$11(/0$67(5
(1&$6'('e)$87'(6¶$&48,77(5'(6(62%/,*$7,216(19(578'(/$35e6(17(*$5$17,(
28 '( 7287( $875( 5(63216$%,/,7e &21&(51$17 28 (1 5$33257 $9(& /¶e48,3(0(17 6(
/,0,7(5$ $8 0217$17 '8 35,; '¶$&+$7 '( /¶e48,3(0(17 1(8) ¬ /$ '$7( '( /¶$&+$7  /(6
5(&2856 ,1',48e6 '$16 /$ 35e6(17( *$5$17,( 6217 /(6 6(8/6 5(&2856 '8 &/,(17
&2175(&+$11(/0$67(5&21&(51$17/¶e48,3(0(170Ç0($8&$62Ô/$3266,%,/,7e'(
7(/6 5(&2856$ e7e 127,),e( ¬ &+$11(/ 0$67(5 &+$11(/ 0$67(5 1( 6(5$ 5(63216$%/(
'¶$8&816 '200$*(6 ',5(&76 28 ,1',5(&76 28 63e&,$8; < &2035,6 /$ 3(57( '( 352),76
(7'(5(9(186/¶,03266,%,/,7e'(5e$/,6(5'(6e&2120,(6(63e5e(67287(5e&/$0$7,21
'¶817,(56&2175(81&/,(17287287(6$875(63(57(6&200(5&,$/(628e&2120,48(6'(
7287(66257(6/(635e6(17(6/,0,7$7,216(767,38/$7,216'¶(;21e5$7,21'(&+$11(/
0$67(51(62173$69$/,'(6/¬2Ô(//(66217,17(5',7(63$5/$/2,
(QKDQFH\RXU79H[SHULHQFHZLWK'95
0HMRUDWXH[SHULHQFLDGH79FRQ'95
$PpOLRUH]YRWUHH[SpULHQFHGHWpOpYLVLRQDYHF'95
2UGHU1RZ
DW
RU
&KDQQHO0DVWHUFRP
5HFRUG\RXUIDYRULWHEURDGFDVWVKRZVDQGSDXVHOLYH79ZLWK'95
*UDEDWXVSURJUDPDVGHUDGLRIDYRULWDV\SDXVDU79HQGLUHFWRFRQ'95
(QUHJLVWUH]YRVpPLVVLRQVGHUDGLRSUpIpUpHVHWPHWWUHHQSDXVHODWpOpYLVLRQHQGLUHFW
DYHF'95
'9579$QWHQQD'95
'95$QWHQD79'95
'95$QWHQQH79'95