Piezon® Systems                                                  23(5$7,21 ,16758&7,216                                   ...
ODZ UHVWULFWV WKLV
(6,                           ,62      ,62                        ,62      ,62      ,62
20321(176                                                    20326$176                                                    ...
,QVWUXPHQWV LOOXVWUDWLRQ JpQpULTXH
,QVWUXPHQWH DOOJHPHLQH DUVWHOOXQJ
.WSH DQG (6, ¿OHV                                          /LPHV WSH . HW (6,                                          . X...
6WUXPHQWL LOOXVWUD]LRQH JHQHULFD
6SHWVDU H[HPSHO Sn YDQOLJD
/LPDV WLSR .  (6,                                           /LPH GL WLSR . H (6,                                         ....
$                57          %                57                           576FDOLQJ                              (QGR    ...
6         60                  3/               3/                                            3/                         3H...
($5 86720(56                                           +(56 /,(176                                        6(+5 *((+57( .81...
(67,0$26 /,(17(6                                  *(17,/( /,(17(                                       %b67$ .81/H DJUDGHF...
3,(=21 9/$66 $1 /$66,                             3,(=21 9/$66 (7 /$66,                             3,(=21 9/$66 81 /$66, ...
VL DXWUHPHQW VSpFL¿p
/$66,       7KH PDUNLQJV RQ WKH LQVWUXPHQWV LQGLFDWH               /H JUDYDJH VXU OHV LQVWUXPHQWV LQGLTXH OHXU           L...
3,(=21 9/$66  /$66,                               3,(=21 9/$66 ( /$66,                                 3,(=21 9/$66 2+ /$6...
3LH]RQ /$66, VDOYR TXH VH HVSHFLILTXH OR            VSHFL¿FDWR
0lUNQLQJDUQD Sn LQVWUXPHQWHQ DQJHU GHUDVFRQWUDULR
, FRQWUDVVHJQL VXJOL VWUXPHQWL QH LQGLFDQR LO   WS VRP WDV XSS L GHQQD KDQGERN (WW SUHIL[ 9       /DV PDUFDV GH ORV LQVWUX...
(06 3LH]RQ 9/$66 WHFKQRORJ                         7HFKQRORJLH (06 3LH]RQ 9/$66                      7HFKQRORJLH GHU (06 3...
7HFQRORJtD 3LH]RQ 9/$66 GH (06                        7HFQRORJLD (06 3LH]RQ 9/$66                         (06 3LH]RQ 9/$66...
$%287 7+,6 0$18$/                                     $ 352326 ( ( 0$18(/                                 =8 ,(6(0 +$1%8+7...
35(6(17$,Ï1 (/ 0$18$/                             ,1)250$=,21, 68 48(672                                    20 (11$ +$1%2....
1RWH WKDW WKH (QJOLVK YHUVLRQ RI WKLV PDQXDO LV WKH   /HV WUDGXFWLRQV GDQV FH PDQXHO VRQW EDVpHV VXU        (V ZLUG GDUDXI...
1yWHVH TXH OD YHUVLyQ HQ LQJOpV GH HVWH PDQXDO      /D YHUVLRQH LQJOHVH GL TXHVWR PDQXDOH q OD YHUVLRQH        2EVHUYHUD D...
217(176                                                                  6200$,5(                                         ...
7UDLWHPHQWV UpWURJUDGHV                  5HWURJUDGH :XU]HONDQDOEHKDQGOXQJ                                                 ...
.)HLOHQ IU GLH :XU]HONDQDOUHLQLJXQJ  (QGR VRIW LQVWUXPHQW (6, ,62
,62
5HWUHDWPHQW LQVWUXPHQW 57                        ,QVWUXPHQW HQGR GRX[ (6, ,62
(QGR6RIW,QVWUXPHQW (6, ,62
5HWUHDWPHQW LQVWUXPHQW 57                        ,QVWUXPHQW GH UHWUDLWHPHQW 57                       5HYLVLRQVLQVWUXPHQW 5...
,1,(                                                                ,1,(                                                  ...
.ILODU I|U UHQJ|ULQJ ,62
/LPDV GH OLPSLH]D WLSR . ,62
6WUXPHQWL (QGR VRIW (6, ,62
0MXN HQGRVSHWV (6, ,62
,QVWUXPHQWR HQGR VRIW (6, ,62
6WUXPHQWR GL ULWUDWWDPHQWR 57                          cWHUEHKDQGOLQJVVSHWV 57   ,QVWUXPHQWR GH UHWUDWDPLHQWR 57          ...
5HVWRUDWLYH     5HVWDXUDWLRQ      6DQLHUXQJ   DYLW SUHSDUDWLRQ             3UpSDUDWLRQ GH FDYLWpV                .DYLWlWHQ...
5HVWDXUDFLyQ       5HVWDXUL    5HVWRUDWLY EHKDQGOLQJ     3UHSDUDFLyQ GH FDYLGDGHV                    3UHSDUD]LRQH GHOOD FD...
*(1(5$/ +,176                                         5(200$1$7,216                                       $//*(0(,1( +,1:(...
7KH WLS RI WKH                  1H MDPDLV WUDYDLOOHU j VHF DYHF OHV LQVWUX   ,QVWUXPHQWHQ (V VHL GHQQ GLHVH 0|JOLFKNHLW ZL...
/HV       DXVGUFNOLFK HLQJHUlXPW
LH $UEHLWVVSLW]H GHU$OZDV PDNH VXUH WKHUH LV HQRXJK LUULJDWLRQ          SRLQWHV DFWLYHV V¶pFKDXIIHQW LPPpGLDWHPHQW HQ     ...
UHVWDXUDWLRQV PpWDO RX FpUDPLTXH DLQVL TXH           3URWKHVHQ GD GLHVH EHVFKlGLJW ZHUGHQ N|QQWHQ                         ...
DQJHJHEHQ
216(-26 *(1(5$/(6                                  ,1,$=,21, *(1(5$/,                                    $//0b11$ 7,36    ...
,O SXQWDOH GHOOR VWUXPHQWR VL ULVFDOGD       LQJHW DQQDW DQJHV
6SHWVHQ YlUPV RPHGHOEDUWFRQWUDULR
/D SXQWD GHO LQVWUXPHQWR VH FDOLHQWD    LPPHGLDWDPHQWH VH XVDWR D VHFFR 9HUL¿FDUH FKH          XSS QlU GHQ DQYlQGV L WRUUW...
SRGUtDQ VXIULU GDxRV VDOYR TXH VH HVSHFL¿TXH OR    LQGLFDWR
FRQWUDULR
%DFWHULD UHGXFWLRQ LQ WKH VSUD                             5pGXFWLRQ GHV EDFWpULHV GDQV                          9HUULQJHU...
LQ WKH           GH JHUPHV FRQWHQXV GDQV OD SURMHFWLRQ HQ XWLOLVDQW    KHUYRUJHUXIHQ LH .HLP]DKO LQ GLHVHP 6SUKQHEHO     ...
LP (06 3LH]RQ HUKHEOLFK                                                            FKORUKH[LGLQH
GDQV O¶DSSDUHLO 3LH]RQ (06            UHGX]LHUW ZHUGHQ      5LQVLQJ WKH SDWLHQWV PRXWK SULRU WR WUHDWPHQWZLWK %DFWHU;Š SUR...
5HGXFFLyQ GH ODV EDFWHULDV HQ                         5LGX]LRQH GHL EDWWHUL QHJOL VSUX]]L                    %DNWHULHUHGXN...
HQ HO DSDUDWR   SUR  FORUH[LGULQD
QHOOXQLWj (06 3LH]RQ         NORUKH[LGLQ
L (06 3LH]RQHQKHWHQ3LH]RQ GH (06                                                            Ê DOWDPHQWH FRQVLJOLDWR VFLDFT...
$77$+,1* 7+( ,167580(176                               ),;$7,21 (6 ,167580(176                                %()(67,*(1 (...
$23/$0,(172 ( /26                                  ),66$**,2 (*/, 67580(17,                                )b67$ 63(76$51$...
)LOH KROGHUV                                             3RUWHOLPHV                                             )HLOHQKDOW...
RULHQWDWLRQV WR DGDSW WR SDUWLFXODU FRQ¿JX   ƒ HW ƒ GURLW
D¿Q GH V¶DGDSWHU DX[ FRQ¿JX       XQG ƒ JHUDGH
HUKlOWOLFK XP HLQH $QSDVVXQJUDWLRQV                                                 UDWLRQV SDUWLFXOLqUHV                 ...
3RUWDOLPDV                                            3RUWDOLPH                                               )LOKnOODUH/R...
SDUD DGDSWDUVH D GLVWLQWDV   ƒ R ƒ UHWWR
LQ PRGR GD SRWHUVL DGDWWDUH D       UDND
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Reprocessing Instruction
Nächste SlideShare
Wird geladen in …5
×

Reprocessing Instruction

487 Aufrufe

Veröffentlicht am

Technical Writing Example: Instruction For Use, Reprocessing Instruction

Veröffentlicht in: Business, Technologie
0 Kommentare
0 Gefällt mir
Statistik
Notizen
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Keine Downloads
Aufrufe
Aufrufe insgesamt
487
Auf SlideShare
0
Aus Einbettungen
0
Anzahl an Einbettungen
6
Aktionen
Geteilt
0
Downloads
0
Kommentare
0
Gefällt mir
0
Einbettungen 0
Keine Einbettungen

Keine Notizen für die Folie

Reprocessing Instruction

  1. 1. Piezon® Systems 23(5$7,21 ,16758&7,216 02( (03/2, %(,(181*6$1/(,781* ,16758&&,21(6 ( (03/(2 3,(=21 9/$66 ,167580(176 ,6758=,21, 3(5 /862 %58.6$19,61,1* 3,(=21 /$66, ,167580(176GHYLFH WR VDOH E RU RQ WKH RUGHU RI D GHQWLVWDXWLRQ )HGHUDO 86$
  2. 2. ODZ UHVWULFWV WKLV
  3. 3. (6, ,62 ,62 ,62 ,62 ,62
  4. 4. 20321(176 20326$176 %(67$17(,/( 6VWHP%R[ ó ,1 6VWHP%R[ ó ,1 6VWHP%R[ ó ,1 6VWHP%R[ ò ,1 6VWHP%R[ ò ,1 6VWHP%R[ ò ,1 RPEL7RUTXHŠ RPEL7RUTXHŠ RPEL7RUTXHŠ )ODW ZUHQFK IRU ¿OH KROGHUV Op SODWH SRXU SRUWHOLPHV 6FKUDXEHQVFKOVVHO IU )HLOHQKDOWHU )LOH KROGHU ƒ 3RUWHOLPH ƒ )HLOHQKDOWHU ƒ )LOH KROGHU ƒ 3RUWHOLPH ƒ )HLOHQKDOWHU ƒ )LOH KROGHU ƒ 3RUWHOLPH ƒ )HLOHQKDOWHU ƒ ,QVWUXPHQWV WSLFDO VKRZQ
  5. 5. ,QVWUXPHQWV LOOXVWUDWLRQ JpQpULTXH
  6. 6. ,QVWUXPHQWH DOOJHPHLQH DUVWHOOXQJ
  7. 7. .WSH DQG (6, ¿OHV /LPHV WSH . HW (6, . XQG (6,)HLOHQ )LOH FRQWDLQHU %RLWH GH OLPHV )HLOHQEHKlOWHU7KH SDFNLQJ OLVW VKRZV ZKDW LQVWUXPHQWV DQG DFFHVVR /D 3DFNLQJ OLVW GpWDLOOH OHV LQVWUXPHQWV HW DFFHVVRLUHV )U GLH JHQDXH $XVVWDWWXQJ ,KUHV *HUlWV EHDFKWHQ 6LHULHV DUH LQFOXGHG LQ WKLV VVWHP 7R FRPSOHWH WKLV VHW LQ LQFOXV DYHF FH VVWqPH $¿Q GH FRPSOpWHU FH VHW ELWWH GLH EHLOLHJHQGH 3DFNOLVWH =XU 9HUYROOVWlQGLJXQJVWUXPHQWV DQG DFFHVVRULHV PD EH RUGHUHG LQGLYLGXDOO G¶DXWUHV LQVWUXPHQWV HW DFFHVVRLUHV SHXYHQW rWUH FRP N|QQHQ ZHLWHUH ,QVWUXPHQWH XQG =XEHK|U HLQ]HOQ RGHURU E VHW WKURXJK RXU (06 GHDOHU PDQGpV LQGLYLGXHOOHPHQW RX HQ VHW DXSUqV GH YRWUH UH DOV 6HW EHL ,KUHP (06+lQGOHU EHVWHOOW ZHUGHQ YHQGHXU (0620321(17(6 20321(17, %(67c16(/$5 6VWHP%R[ ó ,1 6VWHP%R[ ó ,1 6VWHP%R[ ó ,1 6VWHP%R[ ò ,1 6VWHP%R[ ò ,1 6VWHP%R[ ò ,1 RPEL7RUTXHŠ RPEL7RUTXHŠ RPEL7RUTXHŠ /ODYH SODQD SDUD SRUWDOLPDV KLDYH SLDWWD SHU SRUWDOLPH 3ODWW QFNHO I|U ¿OKnOODUH 3RUWDOLPDV ƒ 3RUWD OLPH GD ƒ )LOKnOODUH ƒ 3RUWDOLPDV ƒ 3RUWD OLPH GD ƒ )LOKnOODUH ƒ 3RUWDOLPDV ƒ 3RUWD OLPH GD ƒ )LOKnOODUH ƒ ,QVWUXPHQWRV JHQpULFRV
  8. 8. 6WUXPHQWL LOOXVWUD]LRQH JHQHULFD
  9. 9. 6SHWVDU H[HPSHO Sn YDQOLJD
  10. 10. /LPDV WLSR . (6, /LPH GL WLSR . H (6, . RFK (6,¿ODU (QYDVH GH OLPDV RQWHQLWRUH SHU OLPH )LOEHKnOODUH/D OLVWD GH FRQWHQLGR LQGLFD ORV LQVWUXPHQWRV DFFHVRULRV /D GLVWLQWD HOHQFD JOL VWUXPHQWL H JOL DFFHVVRUL LQFOXVL LQ 3DFNOLVWDQ YLVDU YLOND VSHWVDU RFK WLOOEHK|U VRP LQJnU LTXH LQFOXH HVWH VLVWHPD 3DUD FRPSOHWDU HVWH HTXLSR TXHVWR VLVWHPD 3HU FRPSOHWDUH TXHVWR VHW q SRVVLELOH VVWHPHW X NDQ lYHQ EHVWlOOD VSHWVDU RFK WLOOEHK|USXHGHQ VROLFLWDUVH LQVWUXPHQWRV DFFHVRULRV LQGLYLGXDO RUGLQDUH VLQJRODUPHQWH VWUXPHQWL H DFFHVVRUL RSSXUH DF I|U NRPSOHWWHULQJ VHSDUDW HOOHU L VDWVHU IUnQ GLQ (06PHQWH R XQ MXHJR FRPSOHWR D VX GLVWULEXLGRU GH (06 TXLVWDUOL LQ VHW SUHVVR LO ULYHQGLWRUH (06 nWHUI|UVlOMDUH
  11. 11. $ 57 % 57 576FDOLQJ (QGR 3 + 36 3, UHWUR %HUXWWL 5(
  12. 12. 6 60 3/ 3/ 3/ 3HULR 6% 6%G 6%P 3/ 3/ +3/ 3/5HVWR 3) 9( .WSH ILOHV (QGR ¿OHV ) ( (6, ILOH * 63
  13. 13. ($5 86720(56 +(56 /,(176 6(+5 *((+57( .81(17KDQN RX IRU EXLQJ D QHZ (06 3LH]RQ VVWHP 1RXV YRXV IpOLFLWRQV SRXU O¶DFTXLVLWLRQ GH FH :LU JUDWXOLHUHQ ,KQHQ ]XP .DXI ,KUHV QHXHQ (06,W PHHWV WKH KLJKHVW TXDOLW DQG VDIHW VWDQGDUGV QRXYHDX VVWqPH 3LH]RQ (06 ,O UpSRQG DX[ 3LH]RQ6VWHPV (V HUIOOW K|FKVWH $QVSUFKH DQ SOXV KDXWHV H[LJHQFHV HQ PDWLqUH GH TXDOLWp HW 4XDOLWlW XQG 6LFKHUKHLW,QGLFDWLRQV GH VpFXULWp (LQVDW]JHELHWH(06 RIIHUV D ZLGH UDQJH RI 3LH]RQ XOWUDVRXQG $SSOLFDWLRQVLQVWUXPHQWV IRU XVH LQ GHQWLVWU ZLWK DQ (06 3LH]RQ (06 ELHWHW HLQH JUR‰H %DQGEUHLWH YRQ 3LH]RQ (06 SURSRVH XQH YDVWH JDPPH G¶LQVWUXPHQWV 8OWUDVFKDOOLQVWUXPHQWHQ IU GHQ ]DKQPHGLXOWUDVRXQG XQLW /RQJ WKLQ LQVWUXPHQWV DOORZ IRU 3LH]RQ SRXU rWUH XWLOLVp HQ GHQWLVWHULH DYHF XQ ]LQLVFKHQ (LQVDW] LQ 9HUELQGXQJ PLW HLQHPHDV DFFHVV WR SHULRGRQWDO SRFNHWV DQG LQWHU DSSDUHLO j XOWUDVRQV (06 3LH]RQ /HV LQVWUXPHQW (063LH]RQ8OWUDVFKDOOJHUlW DQ /DQJH XQG IHLQHSUR[LPDO DUHDV 3LH]RQ LQVWUXPHQWV DUH DYDLODEOH ORQJV HW ¿QV SHUPHWWHQW XQ DFFqV IDFLOH DX[ SRFKHV ,QVWUXPHQWH JHZlKUOHLVWHQ HLQHQ JXWHQ =XJDQJ ]XIRU WKH IROORZLQJ LQGLFDWLRQV SDURGRQWDOHV HW DX[ HVSDFHV LQWHUSUR[LPDX[ /HV SDURGRQWDOHQ =DKQÀHLVFKWDVFKHQ XQG LQWHUSUR[L LQVWUXPHQWV 3LH]RQ VRQW GLVSRQLEOHV SRXU OHV DSSOL PDOHQ %HUHLFKHQ 3LH]RQ,QVWUXPHQWH VLQG IU GLH6FDOLQJ FDWLRQV VXLYDQWHV IROJHQGHQ (LQVDW]JHELHWH YHUIJEDU ‡ 5HPRYDO RI VXSUDJLQJLYDO FDOFXOXV pWDUWUDJH 6FDOLQJ ‡ 5HPRYDO RI VWDLQV ‡ (OLPLQDWLRQ GX WDUWUH VXSUDJLQJLYDO ‡ (QWIHUQHQ YRQ VXSUDJLQJLYDOHQ .RQNUHPHQWHQ(QGR ‡ (OLPLQDWLRQ GHV WDFKHV ‡ (QWIHUQHQ YRQ )OHFNHQ ‡ 3UHSDUDWLRQ FOHDQLQJ DQG LUULJDWLRQ RI URRW FDQDOV (QGRGRQWLH (QGRGRQWLH ‡ 5HWURJUDGH SUHSDUDWLRQ RI URRW FDQDOV ‡ 3UpSDUDWLRQ QHWWRDJH HW LUULJDWLRQ GHV ‡ 3UlSDUDWLRQ UHLQLJHQ XQG VSOHQ YRQ :XU]HO ‡ RQGHQVLQJ JXWWDSHUFKD FDQDX[ UDGLFXODLUHV NDQlOHQ ‡ 5HPRYDO RI FURZQV EULGJHV DQG UHVWRUDWLRQV ‡ 3UpSDUDWLRQ UpWURJUDGH GHV FDQDX[ UDGLFXODLUHV ‡ 5HWURJUDGH 3UlSDUDWLRQ YRQ :XU]HONDQlOHQ5HVWRUDWLYH ‡ RQGHQVDWLRQ GH OD JXWWDSHUFKD ‡ *XWWDSHUFKD.RQGHQVDWLRQ ‡ 3UHSDUDWLRQ RI FDYLWLHV ‡ HVFHOOHPHQW GH FRXURQQHV EULGJHV HW ‡ /|VHQ YRQ .URQHQ %UFNHQ XQG 6WLIWDXI ‡ HPHQWDWLRQ RI UHVWRUDWLRQV UHVWDXUDWLRQV EDXWHQ ‡ RQGHQVLQJ RI DPDOJDPV 5HVWDXUDWLRQ 6DQLHUXQJ3HULRGRQWLFV ‡ )DoRQQDJH GH FDYLWpV ‡ .DYLWlWHQSUlSDUDWLRQ ‡ 6FDOLQJ DQG URRW SODQLQJ ‡ 6FHOOHPHQW GH UHVWDXUDWLRQV ‡ =HPHQWLHUHQ YRQ 5HVWDXUDWLRQHQ ‡ 3HULRGRQWDO WKHUDS ‡ RQGHQVDWLRQ G¶DPDOJDPH ‡ .RQGHQVDWLRQ YRQ $PDOJDPHQRQWUDLQGLFDWLRQV 3DURGRQWLH 3HULRGRQWLH ‡ pWDUWUDJH HW VXUIDoDJH UDGLFXODLUH ‡ 6FDOLQJ XQG :XU]HOJOlWWXQJ (06 UHFRPPHQGV QRW WR WUHDW SDWLHQWV ZLWKD FDUGLDF SDFHPDNHU RU D GH¿EULOODWRU ZLWK WKLV ‡ 7KpUDSLH SDURGRQWDOH ‡ 3DURGRQWDOWKHUDSLHSURGXFW 7KH IXQFWLRQDOLW RI WKHVH GHYLFHV PD EH RQWUHLQGLFDWLRQV .RQWUDLQGLNDWLRQHQDIIHFWHG E WKH KLJK IUHTXHQFLHV RI WKH XOWUDVRQLFRVFLOODWLRQV (06 UHFRPPDQGH GH QH SDV WUDLWHU OHV 9RQ GHU %HKDQGOXQJ YRQ 3DWLHQWHQ PLW SDWLHQWV SRUWHXUV GH VWLPXODWHXUV FDUGLDTXHV RX GH +HU]VFKULWWPDFKHUQ RGHU HILEULOODWRUHQ ZLUG Gp¿EULOODWHXUV DYHF FH SURGXLW /HXU IRQFWLRQQHPHQW DEJHUDWHQ GD GLHVH GXUFK GLH 8OWUDVFKDOOVFKZLQ SRXUUDLW rWUH SHUWXUEp SDU OHV KDXWHV IUpTXHQFHV JXQJHQ GHU (063URGXNWH LQ LKUHU )XQNWLRQ JHVW|UW GHV RVFLOODWLRQV XOWUDVRQLTXHV ZHUGHQ N|QQHQ
  14. 14. (67,0$26 /,(17(6 *(17,/( /,(17( %b67$ .81/H DJUDGHFHPRV TXH KDD DGTXLULGR XQ QXHYR *UD]LH GL DYHU DFTXLVWDWR XQ QXRYR SURGRWWR (06 7DFN I|U DWW GX KDU N|SW HWW (06 3LH]RQVVWHPVLVWHPD 3LH]RQ GH (06 eVWH VDWLVIDFH ODV 3LH]RQ FRQIRUPH DJOL VWDQGDUG GL TXDOLWj H GL HW XSSIOOHU K|JW VWlOOGD NYDOLWHWV RFK VlNHUH[LJHQFLDV PiV DOWDV GH FDOLGDG VHJXULGDG VLFXUH]]D SL HOHYDWL KHWVNUDY,QGLFDFLRQHV ,QGLFD]LRQL ,QGLNDWLRQHU(06 RIUHFH XQD DPSOLD JDPD GH LQVWUXPHQWRV3LH]RQ SDUD XWLOL]DU HQ RGRQWRORJtD FRQ XQ DSDUDWR (06 RIIUH XQDPSLD YDULHWj GL VWUXPHQWL DJOL (06 HUEMXGHU HWW VWRUW XUYDO 3LH]RQXOWUDOMXGVVSHWVDUGH XOWUDVRQLGRV 3LH]RQ GH (06 /RV LQVWUXPHQWRV XOWUDVXRQL 3LH]RQ SUHYLVWL SHU OXVR LQ RGRQWRLDWULD I|U DQYlQGQLQJ LQRP WDQGOlNDUYnUG PHG HQ (06ODUJRV ILQRV SHUPLWHQ DFFHGHU IiFLOPHQWH D DVVLHPH DG XQXQLWj DJOL XOWUDVXRQL (06 3LH]RQ 3LH]RQXOWUDOMXGVHQKHW H OnQJD WXQQD VSHWVDUQDEROVDV SHULRGRQWDOHV ]RQDV LQWHUSUR[LPDOHV *OL VWUXPHQWL VRWWLOL H OXQJKL FRQVHQWRQR XQ IDFLOH J|U GHW HQNHOW DWW NRPPD nW SDURGRQWDOD ¿FNRU RFK/RV LQVWUXPHQWRV 3LH]RQ HVWiQ GLVSRQLEOHV SDUD DFFHVVR DOOH WDVFKH SHULRGRQWDOL H DOOH DUHH LQWHU LQWHUSUR[LPDOD RPUnGHQ HW ¿QQV 3LH]RQVSHWVDUODV VLJXLHQWHV LQGLFDFLRQHV SURVVLPDOL *OL VWUXPHQWL 3LH]RQ VRQR GLVSRQLELOL I|U I|OMDQGH LQGLNDWLRQHU/LPSLH]D GH VDUUR SHU OH VHJXHQWL LQGLFD]LRQL 6FDOLQJ ‡ (OLPLQDFLyQ GHO FiOFXOR VXSUDJLQJLYDO HWDUWUDJJLR ‡ %RUWWDJQLQJ DY VXSUDJLQJLYDO WDQGVWHQ ‡ (OLPLQDFLyQ GH PDQFKDV ‡ 5LPR]LRQH GL FDOFROL VRSUDJHQJLYDOL ‡ %RUWWDJQLQJ DY ÀlFNDU(QGRGRQFLD ‡ 5LPR]LRQH GL PDFFKLH (QGRGRQWL ‡ 3UHSDUDFLyQ OLPSLH]D H LUULJDFLyQ GH (QGR ‡ 3UHSDUDWLRQ UHQJ|ULQJ RFK VSROQLQJ DY FRQGXFWRV UDGLFXODUHV ‡ 3UHSDUD]LRQH SXOL]LD H LUULJD]LRQH GL FDQDOL URWNDQDOHU ‡ 3UHSDUDFLyQ UHWUyJUDGD GH FRQGXFWRV UDGLFRODUL ‡ 5HWURJUDG SUHSDUDWLRQ DY URWNDQDOHU UDGLFXODUHV ‡ 3UHSDUD]LRQH UHWURJUDGD GL FDQDOL UDGLFRODUL ‡ .RQGHQVHULQJ DY JXWWDSHUND ‡ RQGHQVDFLyQ GH JXWDSHUFKD ‡ RQGHQVD]LRQH GHOOD JXWWDSHUFD ‡ %RUWWDJQLQJ DY NURQRU EURDU RFK ‡ ([WUDFFLyQ GH FRURQDV SXHQWHV UHVWDXUD ‡ 5LPR]LRQH GL FRURQH SRQWL H UHVWDXUL UHNRQVWUXNWLRQHU FLRQHV 5HVWDXUL 5HVWRUDWLY EHKDQGOLQJ5HVWDXUDFLyQ ‡ 3UHSDUD]LRQH GL FDYLWj ‡ 3UHSDUDWLRQ DY NDYLWHWHU ‡ 3UHSDUDFLyQ GH FDYLGDGHV ‡ HPHQWD]LRQH GL UHVWDXUL ‡ HPHQWHULQJ DY UHNRQVWUXNWLRQHU ‡ HPHQWDFLyQ GH UHVWDXUDFLRQHV ‡ RQGHQVD GL DPDOJDPH ‡ .RQGHQVHULQJ DY DPDOJDP ‡ RQGHQVDFLyQ GH DPDOJDPDV ,QWHUYHQWL SHULRGRQWDOL 3DURGRQWL3HULRGRQFLD ‡ $EOD]LRQH H SLDQL¿FD]LRQH GL UDGLFL ‡ 6FDOLQJ RFK URWSODQLQJ ‡ 5DVSDGR SXOLGR UDGLFXODU ‡ 7HUDSLD SHULRGRQWDOH ‡ 3DURGRQWLEHKDQGOLQJ ‡ 7UDWDPLHQWR SHULRGRQWDO RQWURLQGLFD]LRQL .RQWUDLQGLNDWLRQHURQWUDLQGLFDFLRQHV (06 FRQVLJOLD GL QRQ LQWHUYHQLUH FRQ TXHVWR (06 UHNRPPHQGHUDU DWW PDQ LQWH EHKDQGODU (06 UHFRPLHQGD QR WUDWDU FRQ HVWH SURGRWWR VX SD]LHQWL SRUWDWRUL GL HOHWWURVWLPRODWRUH SDWLHQWHU PHG SDFHPDNHU HOOHU GH¿EULOODWRU PHGSURGXFWR D SDFLHQWHV SRUWDGRUHV GH XQ PDUFDSDVRV R GHV¿EULODGRU FDUGLDFR 6X IXQFLRQDPLHQWR FDUGLDFR R GH¿EULOODWRUH LQ TXDQWR LO ORUR IXQ]LRQD GHQQD SURGXNW 6nGDQD DSSDUDWHU NDQ SnYHUNDVSXHGH YHUVH DIHFWDGR SRU ODV DOWDV IUHFXHQFLDV GH PHQWR SRWUHEEH HVVHUH FRPSURPHVVR GDOOH DOWH DY XOWUDOMXGVVYlQJQLQJDUQDV K|JD IUHNYHQVHUODV YLEUDFLRQHV XOWUDVyQLFDV IUHTXHQ]H GHOOH YLEUD]LRQL DJOL XOWUDVXRQL
  15. 15. 3,(=21 9/$66 $1 /$66, 3,(=21 9/$66 (7 /$66, 3,(=21 9/$66 81 /$66, 7KH LOOXVWUDWLRQV LQ WKHVH LQVWUXFWLRQV /HV LOOXVWUDWLRQV GH FH PRGH GHPSORL UHSUp LH $EELOGXQJHQ LQ GLHVHU $QOHLWXQJ ]HLJHQUHSUHVHQW JHQHULF FRPSRQHQWV KRZHYHU WKHVH VHQWHQW GHV FRPSRVDQWV JpQpULTXHV FHSHQGDQW JHQHULVFKH .RPSRQHQWHQ :HQQ QLFKW DQGHUVLQVWUXFWLRQV DSSO WR WKH 3LH]RQ 9/$66 DQG WKH FHV LQVWUXFWLRQV VDSSOLTXHQW DX[ JDPPHV GLQVWUX DQJHJHEHQ JHOWHQ GLH $QOHLWXQJHQ IU ,QVWUXPHQWH3LH]RQ /$66, UDQJH RI LQVWUXPHQWV XQOHVV PHQWV 3LH]RQ 9/$66 HW 3LH]RQ /$66, VDXI GHU 3URGXNWIDPLOLHQ 3LH]RQ 9/$66 XQG 3LH]RQRWKHUZLVH VSHFL¿HG
  16. 16. VL DXWUHPHQW VSpFL¿p
  17. 17. /$66, 7KH PDUNLQJV RQ WKH LQVWUXPHQWV LQGLFDWH /H JUDYDJH VXU OHV LQVWUXPHQWV LQGLTXH OHXU LH 0DUNLHUXQJHQ DXI GHQ ,QVWUXPHQWHQ JHEHQWKHLU WSH DV OLVWHG LQ WKLV PDQXDO $ SUHIL[ 9 WSH WHOV TXH OLVWpV GDQV FH PDQXHO 8Q SUp¿[H 9 LKUHQ 7S DQ ZLH HU LQ GLHVHU $QOHLWXQJ DXIJHIKUW LVWLQGLFDWHV D 9/$66 LQVWUXPHQW KRZHYHU WKH LQGLTXH XQ LQVWUXPHQW 9/$66 FHSHQGDQW OHV HU %XFKVWDEH 9 DP $QIDQJ EHGHXWHW GDVV HV VLFKVDPH VHWWLQJV DQG UHFRPPHQGDWLRQV DUH DSSOL PrPHV UpJODJHV HW UHFRPPDQGDWLRQV OHXUV VRQW XP HLQ ,QVWUXPHQW GHU 9/$66)DPLOLH KDQGHOWFDEOH WR WKHP DSSOLFDEOHV DEHU GLH (LQVWHOOXQJHQ XQG (PSIHKOXQJHQ JHOWHQ IU HV JDPPHV G¶LQVWUXPHQWV 3LH]RQ QH EHLGH 3URGXNWIDPLOLHQ 7KHVH UDQJHV RI 3LH]RQ LQVWUXPHQWV PXVWQRW EH XVHG ZLWK DQ (06 3LH]RQ 0DVWHU 6XUJHUŠ GRLYHQW SDV rWUH XWLOLVpHV DYHF XQ DSSDUHLO (06 LH KLHU EHVFKULHEHQHQ 3LH]RQ,QVWUXPHQWHXQLW 3LH]RQ 0DVWHU 6XUJHUŠ GUIHQ QLFKW PLW GHP (06 3LH]RQ 0DVWHU 6XUJHUŠ /D JDPPH GH SURGXLW (06 3LH]RQ 9/$66 YHUZHQGHW ZHUGHQ 7KH (06 3LH]RQ 9/$66 SURGXFW OLQHLQFOXGHV VSHFLILF LQVWUXPHQWV KDQGSLHFHV DQG LQFOXW OHV LQVWUXPHQWV OHV SLqFHV j PDLQV HW OHV LH 3URGXNWIDPLOLH (06 3LH]RQ 9/$66RPEL7RUTXHV WKDW DUH PDUNHG 9/$66 3OHDVH RPEL7RUTXHV VSpFLILTXHV PDUTXpV 9/$66 XPIDVVW 6SH]LDOLQVWUXPHQWH +DQGVWFNH XQGQRWH WKDW WKH FRPSRQHQWV LQ WKH 9/$66 SURGXFW 9HXLOOH] QRWHU TXH OHV FRPSRVDQWV GH OD JDPPH RPEL7RUTXHV GLH PLW Ä9/$66³ PDUNLHUW VLQGOLQH DUH QRW LQWHUFKDQJHDEOH ZLWK WKH FRUUHVSRQGLQJ 9/$66 QH VRQW SDV LQWHUFKDQJHDEOHV DYHF %LWWH EHDFKWHQ 6LH GDVV GLH .RPSRQHQWHQ GHUFRPSRQHQWV LQ WKH /$66, SURGXFW OLQH OHV FRPSRVDQWV FRUUHVSRQGDQWV GH OD JDPPH 9/$663URGXNWIDPLOLH QLFKW PLW GHQ HQWVSUHFK /$66, HQGHQ .RPSRQHQWHQ GHU /$66,3URGXNWIDPLOLH 7KH (06 3LH]RQ IDPLO LQFOXGHV VHYHUDO /D IDPLOOH (06 3LH]RQ LQFOXW SOXVLHXUV WSHV DXVWDXVFKEDU VLQGVSHFL¿F RPEL7RUTXH ,W LV PDQGDWRU WR DOZDV XVHWKH FRUUHFW RPEL7RUTXH ZLWK WKH FRUUHVSRQGLQJ GH RPEL7RUTXH VSpFL¿TXHV ,O HVW SULPRUGLDO GH =XU (06 3LH]RQ3URGXNWIDPLOLH JHK|UHQLQVWUXPHQWV DQG KDQGSLHFH 7KH RPEL7RUTXH DUH WRXMRXUV XWLOLVHU OD RPEL7RUTXH FRUUHFWH DYHF OHV PHKUHUH VSH]LHOOH RPEL7RUTXHV (V PXVV LPPHUHDVLO LGHQWL¿HG E WKHLU ERG FRORU DV IROORZV LQVWUXPHQWV HW OHV SLqFHV j PDLQ FRUUHVSRQGDQWHV GHU ULFKWLJH RPEL7RUTXH PLW GHP HQWVSUHFKHQGHQ /HV RPEL7RUTXHV VRQW IDFLOHPHQW LGHQWL¿DEOHV SDU ,QVWUXPHQW XQG +DQGVWFN YHUZHQGHW ZHUGHQ LH ‡ HOORZ RPEL7RUTXH 3LH]RQ /$66, OHXU FRXOHXU H[WpULHXUH FRPPH VXLW RPEL7RUTXHV ODVVHQ VLFK OHLFKW DQ GHU )DUEH LKUHV ‡ 2UDQJH RPEL7RUTXH3LH]RQ 9/$66 5XPSIHV HUNHQQHQ ‡ RPEL7RUTXH MDXQH 3LH]RQ /$66, ‡ %OXH RPEL7RUTXH3LH]RQ 685*(5 ‡ *HOEHU RPEL7RUTXH3LH]RQ /$66, ‡ RPEL7RUTXH RUDQJH3LH]RQ 9/$66 ‡ RPEL7RUTXH EOHXH 3LH]RQ 685*(5 ‡ 2UDQJHIDUEHQHU RPEL7 3LH]RQ 9/$66 0DNH VXUH WKDW RQO FRPSDWLEOH FRPSRQHQWV ‡ %ODXHU RPEL7RUTXH 3LH]RQ 685*(5DUH XVHG IRU LQVWDOODWLRQ DQG UHPRYDO RI WKH LQVWUXPHQWV WR DYRLG GDPDJLQJ WKLV HTXLSPHQW 9HXLOOH] YRXV DVVXUHU TXH VHXOV GHV FRPSR VDQWV FRPSDWLEOHV VRQW XWLOLVpV SRXU OLQVWDOODWLRQ $FKWHQ 6LH GDUDXI QXU NRPSDWLEOH .RPSR HW OH GpPRQWDJH GHV LQVWUXPHQWV D¿Q GH QH SDV QHQWHQ EHLP %HIHVWLJHQ XQG $EQHKPHQ GHU ,QVWUX HQGRPPDJHU FH PDWpULHO PHQWH HLQ]XVHW]HQ XP HLQH %HVFKlGLJXQJ GHU ,QVWUXPHQWH ]X YHUPHLGHQ
  18. 18. 3,(=21 9/$66 /$66, 3,(=21 9/$66 ( /$66, 3,(=21 9/$66 2+ /$66, /DV LOXVWUDFLRQHV GH HVWH PDQXDO UHSUH /H LOOXVWUD]LRQL LQ TXHVWH LVWUX]LRQL UDSSUH )LJXUHUQD L GHVVD LQVWUXNWLRQHU nWHUJHUVHQWDQ FRPSRQHQWHV JHQpULFRV DXQTXH ODV VHQWDQR GHL FRPSRQHQWL JHQHULFL WXWWDYLD VRQR JHQHULVND NRPSRQHQWHU HPHOOHUWLG JlOOHU GHVVDLQVWUXFFLRQHV VRQ YiOLGDV WDQWR SDUD OD JDPD ULIHULWH DOOD OLQHD GL VWUXPHQWL 3LH]RQ 9/$66 LQVWUXNWLRQHU 3LH]RQ 9/$66 RFK 3LH]RQGH LQVWUXPHQWRV 3LH]RQ 9/$66 FRPR SDUD OD H 3LH]RQ /$66, HFFHWWR VH GLYHUVDPHQWH /$66, LQVWUXPHQWXUYDO VnYLGD HM DQQDW DQJHV
  19. 19. 3LH]RQ /$66, VDOYR TXH VH HVSHFLILTXH OR VSHFL¿FDWR
  20. 20. 0lUNQLQJDUQD Sn LQVWUXPHQWHQ DQJHU GHUDVFRQWUDULR
  21. 21. , FRQWUDVVHJQL VXJOL VWUXPHQWL QH LQGLFDQR LO WS VRP WDV XSS L GHQQD KDQGERN (WW SUHIL[ 9 /DV PDUFDV GH ORV LQVWUXPHQWRV LQGLFDQ GH WLSR LQ EDVH DOO¶HOHQFR SXEEOLFDWR LQ TXHVWR PDQXDOH DQJHU HWW 9/$66LQVWUXPHQW GRFN lU VDPPDTXp WLSR GH LQVWUXPHQWR VH WUDWD VHJ~Q OD OLVWD TXH ,O SUH¿VVR 9 LQGLFD XQR VWUXPHQWR 9/$66 PD SHU LQVWlOOQLQJDU RFK UHNRPPHQGDWLRQHU WLOOlPSOLJD I|UVH RIUHFH HQ HVWH PDQXDO (O SUH¿MR 9 LQGLFD TXH WXWWL JOL VWUXPHQWL YDOJRQR OH VWHVVH LPSRVWD]LRQL H EnGD LQVWUXPHQWHQVH WUDWD GH XQ LQVWUXPHQWR 9/$66 DXQTXH ODV UDFFRPDQGD]LRQL HVVD LQVWUXPHQW IUnQ 3LH]RQ InU HMSURSLHGDGHV ODV UHFRPHQGDFLRQHV VH DSOLFDQ D 4XHVWH OLQHH GL VWUXPHQWL 3LH]RQ QRQ DQYlQGDV PHG HQ (06 3LH]RQ 0DVWHU 6XUJHUŠDPEDV JDPDV SRVVRQR HVVHUH XWLOL]]DWH FRQ XQXQLWj (06 3LH]RQ HQKHW (VWDV JDPDV GH LQVWUXPHQWRV 3LH]RQ QR 0DVWHU 6XUJHUŠ (06 3LH]RQ 9/$66 SURGXNWVRUWLPHQWGHEHQ XWLOL]DUVH FRQ HO DSDUDWR 3LH]RQ 0DVWHU /D OLQHD GL SURGRWWL (06 3LH]RQ 9/$66 LQNOXGHUDU VSHFL¿ND LQVWUXPHQW KDQGVWFNHQ RFK6XUJHUŠ GH (06 FRPSUHQGH VWUXPHQWL VSHFL¿FL PDQLSROL H RPEL RPEL7RUTXHV VRP lU PlUNWD PHG 9/$66 /D OtQHD GH SURGXFWRV 3LH]RQ 9/$66 7RUTXH FRQWUDVVHJQDWL FRQ OD VFULWWD 9/$66 2EVHUYHUD DWW NRPSRQHQWHU IUnQ 9/$66 SURGXNWGH (06 LQFOXH LQVWUXPHQWRV PDQJRV RPEL 9D QRWDWR FKH L FRPSRQHQWL GHOOD OLQHD GL SURGRWWL VRUWLPHQW LQWH lU XWEWEDUD PHG PRWVYDUDQGH7RUTXH HVSHFt¿FRV FRQ OD PDUFD 9/$66 7HQJD 9/$66 QRQ q LQWHUFDPELDELOH FRQ L FRUULVSRQ NRPSRQHQWHU IUnQ /$66, SURGXNWVRUWLPHQWHQ FXHQWD TXH ORV FRPSRQHQWHV GH OD OtQHD GH GHQWL FRPSRQHQWL GHOOD OLQHD GL SURGRWWL /$66, (06 3LH]RQIDPLOMHQ LQNOXGHUDU PnQJDSURGXFWRV 9/$66 QR SXHGHQ LQWHUFDPELDUVH FRQ /D IDPLJOLD (06 3LH]RQ LQFOXGH GLYHUVL VSHFLHOOD RPEL7RUTXH .RUUHNW RPEL7RUTXHORV FRUUHVSRQGLHQWHV FRPSRQHQWHV GH OD OtQHD GH RSPEL7RUTXH VSHFLILFL Ê REEOLJDWRULR XVDUH PnVWH DOOWLG DQYlQGDV PHG PRWVYDUDQGH LQVWUXPHQWSURGXFWRV /$66, VHPSUH LO FRUUHWWR RPEL7RUTXH FRQ JOL VWUXPHQWL RFK KDQGVWFNH 9DUMH RPEL7RUTXH NDQ HQNHOW /D IDPLOLD 3LH]RQ GH (06 LQFOXH YDULDV H PDQLSROL FRUULVSRQGHQWL , RPEL7RSUTXH VRQR LGHQWLILHUDV PHG IlUJHQ Sn LQVWUXPHQWNURSSHQRPEL7RUTXH HVSHFt¿FDV 6H GHEH XWLOL]DU VLHPSUH IDFLOPHQWH LGHQWL¿FDELOL LQ EDVH DO ORUR FRORUH HQOLJW I|OMDQGHOD RPEL7RUTXH FRUUHFWD FRQ ORV LQVWUXPHQWRV ‡ RPEL7RUTXH JLDOOR 3LH]RQ /$66, ‡ *XO RPEL7RUTXH 3LH]RQ /$66,HO PDQJR FRUUHVSRQGLHQWHV /DV RPEL7RUTXH VHSXHGHQ GLVWLQJXLU IiFLOPHQWH SRU VX FRORU H[WHUQR ‡ RPEL7RUTXH DUDQFLR3LH]RQ 9/$66 ‡ 2UDQJH RPEL7RUTXH3LH]RQ 9/$66GH OD PDQHUD VLJXLHQWH ‡ RPEL7RUTXH EOX 3LH]RQ 685*(5 ‡ %On RPEL7RUTXH3LH]RQ 685*(5 ‡ RPEL7RUTXH DPDULOOD 3LH]RQ /$66, ‡ RPEL7RUTXH QDUDQMD3LH]RQ 9/$66 9HUL¿FDUH FKH YHQJDQR XWLOL]]DWL HVFOXVLYD 9HUL¿FDUH 6lNHUVWlOO DWW HQGDVW NRPSDWLEOD NRPSR ‡ RPEL7RUTXH D]XO 3LH]RQ 685*(5 PHQWH FRPSRQHQWL FRPSDWLELOL SHU O¶LQVWDOOD]LRQH QHQWHU DQYlQGV YLG LQVWDOODWLRQ RFK DYOlJVQDQGH H OD ULPR]LRQH GHJOL VWUXPHQWL LQ PRGR GD HYLWDUH DY LQVWUXPHQWHQ I|U DWW XQGYLND DWW GHQQD XWUXVWQLQJ GDQQL D TXHVWH DSSDUHFFKLDWXUH VNDGDV $VHJ~UHVH GH TXH VROR VH XWLOL]DQ FRPSRQHQWHV FRPSDWLEOHV HQ HO PRQWDMH GHVPRQWDMH GHORV LQVWUXPHQWRV SDUD HYLWDU GDxRV HQ HO HTXLSR
  22. 22. (06 3LH]RQ 9/$66 WHFKQRORJ 7HFKQRORJLH (06 3LH]RQ 9/$66 7HFKQRORJLH GHU (06 3LH]RQ 9/$667KH (06 3LH]RQ 9/$66 WHFKQRORJ LV D VWHS /D WHFKQRORJLH (06 3LH]RQ 9/$66 UHSUpVHQWH LH 7HFKQRORJLH GHU 3URGXNWIDPLOLH (06EHRQG WKH KLJK VWDQGDUG RI WKH 3LH]RQ /$66, XQ SDV HQ DYDQW VXU OH VWDQGDUG pOHYp GH OD 3LH]RQ 9/$66 JHKW HLQHQ 6FKULWW EHU GHQSURGXFW OLQH 7KH VHOIFHQWHULQJ XVHU IULHQGO JDPPH 3LH]RQ /$66, /H PRQWDJH SUDWLTXH EHNDQQWHQ KRKHQ 6WDQGDUG GHU 3URGXNWIDPLOLHFRQQHFWLRQ RI LQVWUXPHQWV E KDOI D URWDWLRQ RI WKH HW DXWR FHQWUp GHV LQVWUXPHQWV SDU XQ GHPLWRXU 3LH]RQ /$66, KLQDXV LH VHOEVW]HQWULHUHQGHRPEL7RUTXH IUHHV YDOXDEOH ZRUN WLPH ZKHQ WKH GH RPEL7RUTXH OLEqUH GX WHPSV GH WUDYDLO ORUVTXH 9HUELQGXQJ GHU ,QVWUXPHQWH GXUFK HLQH EHGLHQHULQWHUYHQWLRQ UHTXLUHV UHSHWLWLYH LQVWDOODWLRQ DQG OHV LQWHUYHQWLRQV UHTXLqUHQW GHV PRQWDJHV HW GHV IUHXQGOLFKH KDOEH 8PGUHKXQJ GHV RPEL7RUTXHUHPRYDO RI WKH LQVWUXPHQWV RQ WKH KDQGSLHFH GpPRQWDJHV UpSpWpV GHV LQVWUXPHQWV VXU OD SLqFH VSDUW ZHUWYROOH $UEHLWV]HLW EHL (LQJULIIHQ GLH HLQ j PDLQ ZLHGHUKROWHV %HIHVWLJHQ XQG $EQHKPHQ GHU ,QVWUX)RU HIILFLHQF LQ WUHDWPHQW WKH (06 3LH]RQ PHQWH DP +DQGVWFN HUIRUGHUQ9/$66 WHFKQRORJ EULQJV RSWLPDO WUDQVIHU RI WKH 3RXU XQH HI¿FDFLWp HQ WUDLWHPHQW OD WHFKQRORJLHSLH]RFHUDPLF SRZHU WR WKH WLS RI WKH LQVWUXPHQW (06 3LH]RQ 9/$66 RIIUH XQ WUDQVIHUW RSWLPDO LH 7HFKQRORJLH GHU 3URGXNWIDPLOLH (06 3LH]RQ7KH SDWHQWHG GHVLJQ RI WKH FRQLFDO FRQQHFWLRQ GH OD SXLVVDQFH SLH]RFpUDPLTXH j OD SRLQWH GH 9/$66 VRUJW IU HLQH RSWLPDOH hEHUWUDJXQJ GHURIIHUV D VQXJ ¿W JXDUDQWHHV D ZDWHUWLJKW VHDO DQG OLQVWUXPHQW /H FRQFHSW SDWHQWp GH FRQQH[LRQ SDU 3LH]RNHUDPLN/HLVWXQJ DXI GLH ,QVWUXPHQWHQVSLW]HD UHGXFWLRQ RI WKUHDG ZHDU IRU WKH KDQGSLHFH DQG F{QH SHUPHW XQ DMXVWHPHQW VHUUp XQH pWDQFKpLWp XQG GDPLW IU HLQH P|JOLFKVW HI¿]LHQWH %HKDQGOXQJLQVWUXPHQW JDUDQWLH DLQVL TXXQH UpGXFWLRQ GH OXVXUH DX DV SDWHQWLHUWH HVLJQ GHU NRQLVFKHQ 9HUELQGXQJ ¿OHWDJH GH OD SLqFH j PDLQ HW GH OLQVWUXPHQW HUP|JOLFKW HLQH SUl]LVH 3DVVXQJ JDUDQWLHUW HLQH ZDVVHUGLFKWH $EGLFKWXQJ XQG UHGX]LHUW GHQ *HZLQGHYHUVFKOHL‰ DQ +DQGVWFN XQG ,QVWUXPHQW
  23. 23. 7HFQRORJtD 3LH]RQ 9/$66 GH (06 7HFQRORJLD (06 3LH]RQ 9/$66 (06 3LH]RQ 9/$66WHNQRORJL/D WHFQRORJtD 3LH]RQ 9/$66 GH (06 YD PiV /D WHFQRORJLD (06 3LH]RQ 9/$66 q XQ XOWHULRUH (06 3LH]RQ 9/$66WHNQRORJLQ OLJJHU HWW VWHJDOOi GHO HOHYDGR HVWiQGDU D H[LVWHQWH HQ OD OtQHD GH SDVVR DYDQWL ULVSHWWR DO JLj HOHYDWR VWDQGDUG GHOOD HIWHU GHQ DNWXHOOD K|JD VWDQGDUGHQ Sn 3LH]RQSURGXFWRV 3LH]RQ /$66, /D FRQH[LyQ DXWRFHQ OLQHD GL SURGRWWL 3LH]RQ /$66, /D PRGDOLWj GL /$66, SURGXNWVRUWLPHQW HQ VMlOYFHQWUHUDQGHWUDGRUD GH ORV LQVWUXPHQWRV MXQWR FRQ OD LQWXLWLYD FRQQHVVLRQH DXWRFHQWUDQWH GHJOL VWUXPHQWL FRQ DQVOXWQLQJHQ DY LQVWUXPHQWHQ PHG HQ DQYlQPHGLD YXHOWD GH OD RPEL7RUTXH SHUPLWH DKRUUDU XQD DJHYROH PH]]D URWD]LRQH GHO RPEL7RUTXH GDUYlQOLJ KDOYURWDWLRQ IULJ|U YlUGHIXOO DUEHWVWLGXQ WLHPSR GH WUDEDMR YDOLRVR FXDQGR OD LQWHUYHQFLyQ ID ULVSDUPLDUH WHPSR SUH]LRVR TXDQGR OLQWHUYHQWR QlU SURFHGXUHQ NUlYHU XSSUHSDG LQVWDOODWLRQ RFKUHTXLHUH XQ FRQVWDQWH PRQWDMH GHVPRQWDMH GH ORV ULFKLHGH XQD ULSHWXWD LQVWDOOD]LRQH H ULPR]LRQH GL ERUWWDJQLQJ DY LQVWUXPHQWHQ IUnQ KDQGVWFNHWLQVWUXPHQWRV HQ HO PDQJR VWUXPHQWL VXO PDQLSROR )|U HIIHNWLY EHKDQGOLQJ PHGI|U (06 3LH]RQ3DUD JDUDQWL]DU OD HILFDFLD GHO WUDWDPLHQWR OD 3HU XQD PDJJLRU HIILFLHQ]D QHO WUDWWDPHQWR OD 9/$66WHNQRORJLQ RSWLPDO |YHUI|ULQJ DYWHFQRORJtD 3LH]RQ 9/$66 GH (06 RIUHFH XQD WHFQRORJLD (06 3LH]RQ 9/$66 JDUDQWLVFH SLH]RNHUDPLVN HIIHNW WLOO LQVWUXPHQWVSHWVHQ HQWUDQVIHUHQFLD ySWLPD GH OD SRWHQFLD SLH]RFHUiPLFD XQ WUDVIHULPHQWR RWWLPDOH GHOOD SRWHQ]D SLH]R SDWHQWHUDGH PRGHOOHQ PHG GHQ NRQLVND DQVOXWKDFLD OD SXQWD GHO LQVWUXPHQWR (O SDWHQWDGR GLVHxR FHUDPLFD VXOOD SXQWD GHOOR VWUXPHQWR ,O GHVLJQ QLQJHQ HUEMXGHU HQ VlNHU SDVVIRUP JDUDQWHUDUGH OD FRQH[LyQ FyQLFD SURSRUFLRQD XQ DMXVWH EUHYHWWDWR GHOOD FRQQHVVLRQH FRQLFD RIIUH XQ HQ YDWWHQWlW I|UVHJOLQJ RFK UHGXFHUDU VOLWDJH SnSHUIHFWR JDUDQWL]D XQ DFRSODPLHQWR KHUPpWLFR DWWDFFR LGHDOH JDUDQWLVFH XQD WHQXWD LPSHUPHDELOH JlQJRU PHOODQ KDQGVWFNHW RFK LQVWUXPHQWHW XQD UHGXFFLyQ GHO GHVJDVWH GH OD URVFD HQ HO HG XQD ULGX]LRQH GHOO¶XVXUD GD DYYLWDPHQWR GHOPDQJR HO LQVWUXPHQWR PDQLSROR H GHOOR VWUXPHQWR
  24. 24. $%287 7+,6 0$18$/ $ 352326 ( ( 0$18(/ =8 ,(6(0 +$1%8+7KHVH RSHUDWLQJ LQVWUXFWLRQV DUH WR HQVXUH WKH H PRGH G¶HPSORL HVW GHVWLQp j O¶LQVWDOODWLRQ HW j LH %HGLHQGXQJVDQOHLWXQJ VROO ,KQHQ EHL GHUFRUUHFW LQVWDOODWLRQ DQG XVH RI WKLV SURGXFW O¶XWLOLVDWLRQ FRUUHFWH GH FH SURGXLW NRUUHNWHQ ,QVWDOODWLRQ XQG %HGLHQXQJ GHV 3URGXNWV KHOIHQ3OHDVH UHDG WKHVH RSHUDWLQJ LQVWUXFWLRQV FDUHIXOO 9HXLOOH] OLUH DWWHQWLYHPHQW FH PRGH G¶HPSORL FDUDV WKH H[SODLQ DOO WKH PRVW LPSRUWDQW GHWDLOV DQG WRXV OHV GpWDLOV HW WRXV OHV JHVWHV LPSRUWDQWV /HVHQ 6LH VLH VRPLW DXIPHUNVDP GXUFK GDSURFHGXUHV 3OHDVH SD VSHFLDO DWWHQWLRQ WR WKH VRQW FODLUHPHQW GpFULWV 5HVSHFWH] HQ SDUWLFXOLHU GLH ZHVHQWOLFKHQ (LQ]HOKHLWHQ XQG +DQGJULIIHVDIHW SUHFDXWLRQV OHV UHPDUTXHV FRQFHUQDQW OD VpFXULWp DQVFKDXOLFK HUNOlUW ZHUGHQ %HDFKWHQ 6LH GDEHL EHVRQGHUV GLH 6LFKHUKHLWVKLQZHLVH$OZDV NHHS WKLV GRFXPHQW FORVH DW KDQG 9HXLOOH] FRQVHUYHU FH GRFXPHQW WRXMRXUV j SRUWpH GH PDLQ %HZDKUHQ 6LH GLHVH 8QWHUODJHQ LPPHU JULIIEHUHLW7R SUHYHQW LQMXU WR SHRSOH DQG GDPDJH WR SURSHUW DXISOHDVH KHHG WKH FRUUHVSRQGLQJ GLUHFWLYHV 7KH DUH 3RXU SUpYHQLU OHV DFFLGHQWV FRUSRUHOV HW PDWpULHOVPDUNHG DV IROORZV WHQH] FRPSWH GHV GLUHFWLYHV FRUUHVSRQGDQWHV =XU 9HUPHLGXQJ YRQ 3HUVRQHQ XQG 6DFKVFKlGHQ (OOHV VRQW LGHQWL¿pHV SDU EHDFKWHQ 6LH ELWWH GLH HQWVSUHFKHQGHQ +LQZHLVH DQJHU 6LH VLQG JHNHQQ]HLFKQHW PLW 5LVN RI SDWLHQW RU XVHU LQMXU DQJHU 5LVTXH GH EOHVVXUH SRXU OH SDWLHQW RX *HIDKU DXWLRQ O¶XWLOLVDWHXU %HL *HIDKU YRQ 3HUVRQHQVFKlGHQ 5LVN RI GDPDJH WR WKH GHYLFH RU HQYLURQPHQWDO KDUP $WWHQWLRQ $FKWXQJ 5LVTXH GH GRPPDJHV j O¶DSSDUHLO RX j %HL GURKHQGHQ 6DFK XQG 3OHDVH QRWH O¶HQYLURQQHPHQW 8PZHOWVFKlGHQ 8VHIXO DGGLWLRQDO LQIRUPDWLRQ DQG KLQWV 5HPDUTXHV +LQZHLV 3URKLELWHG ,QIRUPDWLRQV FRPSOpPHQWDLUHV XWLOHV HW %HL QW]OLFKHQ =XVDW]LQIRUPDWLRQHQ XQG WRXUV GH PDLQ $QZHQGXQJVWLSSV $XWKRUL]HG ,QWHUGLW 9HUERWHQ $XWRULVp (UODXEW ,QVWUXFWLRQV FRQFHUQLQJ WKH FRPSRQHQWV RI /HV LQVWUXFWLRQV UHODWLYHV DX[ FRPSRVDQWV $QZHLVXQJHQ ]XU %HGLHQXQJ GHU HLQ]HOQHQWKH VVWHP DUH SURYLGHG VHSDUDWHO LQ WKH UHODWLYH GX VVWqPH VRQW IRXUQLHV VpSDUpPHQW GDQV OHV 6VWHPEHVWDQGWHLOH VLQG LQ GHQ MHZHLOLJHQ %HGLHLQVWUXFWLRQV IRU XVH 5HDG WKH LQVWUXFWLRQ PDQXDOV PDQXHOV UHVSHFWLIV /LVH] OHV PDQXHOV G¶XWLOLVDWLRQ QXQJVDQOHLWXQJHQ ]X ¿QGHQ 9RU GHU 9HUZHQGXQJGHOLYHUHG ZLWK HDFK RI WKH FRPSRQHQWV EHIRUH XVLQJ OLYUpV DYHF FKDFXQ GHV FRPSRVDQWV DYDQW G¶XWLOLVHU GHV *HUlWV VLQG GLH %HGLHQXQJVDQOHLWXQJHQ GLHWKLV SURGXFW R QRW KHVLWDWH WR FRQWDFW RXU ORFDO FH SURGXLW 1¶KpVLWH] SDV j FRQWDFWHU YRWUH GLVWUL LP /LHIHUXPIDQJ GHU HLQ]HOQHQ 6VWHPEHVWDQGWHLOH(06 GHDOHU IRU IXUWKHU LQIRUPDWLRQ EXWHXU (06 SRXU SOXV G¶LQIRUPDWLRQV HQWKDOWHQ ZDUHQ ]X OHVHQ :HLWHUH ,QIRUPDWLRQHQ HUKDOWHQ 6LH EHL ,KUHP (06+lQGOHU
  25. 25. 35(6(17$,Ï1 (/ 0$18$/ ,1)250$=,21, 68 48(672 20 (11$ +$1%2. 0$18$/((VWDV LQVWUXFFLRQHV GH HPSOHR VLUYHQ SDUD /H SUHVHQWL LVWUX]LRQL SHU OXVR FRQVHQWRQR OD 6IWHW PHG GHQQD EUXNVDQYLVQLQJ lU DWW VlNHUVWlOODJDUDQWL]DU XQD LQVWDODFLyQ XVR FRUUHFWRV GH FRUUHWWD LQVWDOOD]LRQH H XWLOL]]R GL TXHVWR SURGRWWR DWW SURGXNWHQ LQVWDOOHUDV RFK DQYlQGV Sn UlWW VlWWHVWH SURGXFWR /HJJHUH DWWHQWDPHQWH OH SUHVHQWL LVWUX]LRQL SHU /lV EUXNVDQYLVQLQJHQ QRJD ± KlU EHVNULYV DOOD/HD HVWDV LQVWUXFFLRQHV GH HPSOHR DWHQWDPHQWH D OXVR LQ TXDQWR LOOXVWUDQR WXWWL L GHWWDJOL H SURFHGXUH YLNWLJD GHWDOMHU RFK SURFHGXUHU 9DU VlUVNLOWTXH H[SOLFDQ WRGRV ORV GHWDOOHV SURFHGLPLHQWRV SL LPSRUWDQWL 3RUUH XQDWWHQ]LRQH VSHFLDOH DOOH XSSPlUNVDP Sn VlNHUKHWVI|UHVNULIWHUQDPiV LPSRUWDQWHV 3UHVWH HVSHFLDO DWHQFLyQ D ODV SUHFDX]LRQL GL VLFXUH]]D +D DOOWLG GHWWD GRNXPHQW QlUD WLOO KDQGVSUHFDXFLRQHV GH VHJXULGDG 7HQHUH VHPSUH TXHVWR GRFXPHQWR D SRUWDWD GL 2EVHUYHUD YDUQLQJVVPEROHUQD I|U DWW XQGYLND7HQJD VLHPSUH D PDQR HVWH GRFXPHQWR PDQR SHUVRQ RFK XWUXVWQLQJVVNDGRU H VHU XW Vn KlU3DUD HYLWDU GDxRV SHUVRQDOHV PDWHULDOHV WHQJD 3HU SUHYHQLUH OHVLRQL D SHUVRQH H GDQQL PDWHULDOLHQ FXHQWD ODV GLUHFWULFHV FRUUHVSRQGLHQWHV (VWiQ DWWHQHUVL VFUXSRORVDPHQWH DOOH UHODWLYH GLUHWWLYH )DUD 5LVN I|U VNDGD Sn SDWLHQW HOOHU DQYlQGDUHPDUFDGDV FRPR VH LQGLFD D FRQWLQXDFLyQ LGHQWL¿FDWH QHO VHJXHQWH PRGR 3HOLJUR 3HULFROR 9DUQLQJ 5LHVJR GH OHVLRQHV HQ HO SDFLHQWH R 5LVFKLR GL OHVLRQH SHU LO SD]LHQWH R SHU 5LVN I|U VNDGD Sn HQKHWHQ HOOHU PLOM|Q XVXDULR OXWLOL]]DWRUH 2EVHUYHUD WWHUOLJDUH SUDNWLVN LQIRUPDWLRQ RFK WLSV 3UHFDXFLyQ $WWHQ]LRQH 5LHVJR GH GDxRV HQ HO GLVSRVLWLYR R 5LVFKLR GL GDQQL DO GLVSRVLWLYR R )|UEMXGHW PHGLRDPELHQWDOHV DOODPELHQWH 2EVHUYDFLyQ 1RWD 7LOOnWHW ,QIRUPDFLyQ FRQVHMRV ~WLOHV ,QIRUPD]LRQL H FRQVLJOL XWLOL DGLFLRQDOHV 9LHWDWR 3URKLELGR $XWRUL]]DWR $XWRUL]DGR /DV LQVWUXFFLRQHV UHIHUHQWHV D ORV FRPSR ,VWUX]LRQL UHODWLYH DL FRPSRQHQWL GHO VLVWHPD $QYLVQLQJDU VRP U|U VVWHPHWV EHVWnQGVQHQWHV GHO VLVWHPD VH IDFLOLWDQ SRU VHSDUDGR HQ YHQJRQR IRUQLWH VHSDUDWDPHQWH QHOOH UHODWLYH LVWUX GHODU JHV VHSDUDW L UHVSHNWLYH EHVWnQGVGHOV EUXNVODV LQVWUXFFLRQHV GH XVR FRUUHVSRQGLHQWHV $QWHV ]LRQL SHU OXVR 3ULPD GL XVDUH TXHVWR SURGRWWR DQYLVQLQJ /lV GH EUXNVDQYLVQLQJDU VRP OHYHUHGH XWLOL]DU HVWH SURGXFWR OHD ORV PDQXDOHV GH OHJJHUH L PDQXDOL GL LVWUX]LRQH VSHGLWL DOORULJLQH UDGHV WLOOVDPPDQV PHG YDUMH EHVWnQGVGHO LQQDQLQVWUXFFLRQHV VXPLQLVWUDGRV FRQ FDGD XQR GH ORV FRQ FLDVFXQ FRPSRQHQWH 3HU XOWHULRUL LQIRUPD]LRQL GX DQYlQGHU SURGXNWHQ 7YHND LQWH DWW NRQWDNWDFRPSRQHQWHV 1R GXGH HQ SRQHUVH HQ FRQWDFWR ULYROJHUVL DO ULYHQGLWRUH ORFDOH (06 GLQ ORNDOD (06nWHUI|UVlOMDUH RP GX YLOO KD PHUFRQ VX GLVWULEXLGRU ORFDO GH (06 VL GHVHD LQIRU LQIRUPDWLRQPDFLyQ DGLFLRQDO
  26. 26. 1RWH WKDW WKH (QJOLVK YHUVLRQ RI WKLV PDQXDO LV WKH /HV WUDGXFWLRQV GDQV FH PDQXHO VRQW EDVpHV VXU (V ZLUG GDUDXI KLQJHZLHVHQ GDVV GDV HQJOLVFKHPDVWHU IURP ZKLFK WUDQVODWLRQV GHULYH ,Q FDVH RI VD YHUVLRQ DQJODLVH $LQVL OH WH[WH HQ DQJODLV IHUD 2ULJLQDO GHU %HGLHQXQJVDQOHLWXQJ DOV 9RUODJH IUDQ GLVFUHSDQF WKH ELQGLQJ YHUVLRQ LV WKH (QJOLVK UpIpUHQFH HQ FDV GH GLYHUJHQFH DOOH hEHUVHW]XQJHQ JLOW %HL HYHQWXHOOHQ $EZHLWH[W FKXQJHQ LVW GHU HQJOLVFKH 7H[W ELQGHQG 1RXV VRPPHV j YRWUH HQWLqUH GLVSRVLWLRQ SRXU:H ZRXOG EH SOHDVHG WR DQVZHU RXU TXHVWLRQV UpSRQGUH j YRV TXHVWLRQV HW QRXV VRPPHV j :LU VWHKHQ ,KQHQ JHUQH IU )UDJHQ ]XU 9HUIJXQJRU OLVWHQ WR RXU VXJJHVWLRQV :H GR RI FRXUVH O¶pFRXWH GH YRV pYHQWXHOOHV VXJJHVWLRQV 1DWXUHO %HL 3UREOHPHQ ELHWHQ ZLU ,KQHQ VHOEVWYHUVWlQGOLFKSURYLGH VXSSRUW LQ FDVH RI WHFKQLFDO SUREOHPV OHPHQW QRXV YRXV SURSRVRQV XQ VRXWLHQ WHFKQLTXH WHFKQLVFKH 8QWHUVWW]XQJ DQ 5XIHQ 6LH ELWWH GLUHNW3OHDVH FDOO RXU DSSURYHG (06 UHSDLU FHQWHU RU HQ FDV GH SUREOqPHV 9HXLOOH] WpOpSKRQHU GLUHF XQVHU (06JHQHKPLJWHV 5HSDUDWXU]HQWUXP RGHUGHDOHU GLUHFWO WHPHQW j YRWUH FHQWUH GH UpSDUDWLRQ DJUpp (06 ,KUHQ +lQGOHU DQ RX j YRWUH GLVWULEXWHXU:H ZLVK RX ORWV RI VXFFHVV :LU ZQVFKHQ ,KQHQ YLHO (UIROJ $YHF QRV PHLOOHXUV Y°X[ GH VXFFqV(06 ,KUH (06 (067HFKQLFDO PRGL¿FDWLRQV 0RGL¿FDWLRQV WHFKQLTXHV 7HFKQLVFKH bQGHUXQJHQ(06 UHVHUYHV WKH ULJKW WR PRGLI WKH WHFKQLTXH (06 VH UpVHUYH OH GURLW G¶DSSRUWHU j OD WHFKQLTXH (06 EHKlOW VLFK YRU LP =XVDPPHQKDQJ PLWDFFHVVRULHV RSHUDWLQJ LQVWUXFWLRQV RU FRQWHQWV RI DX[ DFFHVVRLUHV DX PRGH G¶HPSORL HW DX FRQWHQX WHFKQLVFKHQ RGHU ZLVVHQVFKDIWOLFKHQ :HLWHUHQWWKH VHW GXH WR WHFKQLFDO RU VFLHQWL¿F LPSURYHPHQWV GH O¶HPEDOODJH G¶RULJLQH OHV PRGLILFDWLRQV TXH ZLFNOXQJHQ bQGHUXQJHQ DQ GHU 7HFKQLN GHP OD SRXUVXLWH GHV GpYHORSSHPHQWV WHFKQLTXHV HW =XEHK|U GHU %HGLHQXQJVDQOHLWXQJ VRZLH DP ,QKDOW VFLHQWL¿TXHV SHXW LQGXLUH GHU 2ULJLQDOYHUSDFNXQJ YRU]XQHKPHQ
  27. 27. 1yWHVH TXH OD YHUVLyQ HQ LQJOpV GH HVWH PDQXDO /D YHUVLRQH LQJOHVH GL TXHVWR PDQXDOH q OD YHUVLRQH 2EVHUYHUD DWW GHQ HQJHOVND YHUVLRQHQ DYHV OD RULJLQDO GH OD TXH SDUWHQ ODV WUDGXFFLRQHV PDVWHU GD FXL GHULYDQR OH WUDGX]LRQL ,Q FDVR GL KDQGERNHQ lU RULJLQDOHW VRP |YULJD VSUnN KDU(Q FDVR GH GLVFUHSDQFLDV OD YHUVLyQ YLQFXODQWH GLVFUHSDQ]H ID IHGH LO WHVWR LQ LQJOHVH |YHUVDWWV IUnQ 9LG HYHQWXHOOD DYYLNHOVHU JlOOHUHV OD LQJOHVD GHQ HQJHOVND WH[WHQ 5LPDQLDPR D YRVWUD GLVSRVL]LRQH SHU HYHQWXDOL(VWDUHPRV HQFDQWDGRV GH FRQWHVWDU D VXV GRPDQGH H L VXJJHULPHQWL VRQR EHQ DFFHWWL 2YYLD 9L VYDUDU JlUQD Sn IUnJRU RFK WDU HPRW I|UVODJ 9LSUHJXQWDV R HVFXFKDU VXV VXJHUHQFLDV 3RU PHQWH IRUQLDPR DVVLVWHQ]D LQ FDVR GL SUREOHPL JHU VMlOYNODUW VXSSRUW YLG WHNQLVND SUREOHP 5LQJVXSXHVWR SURSRUFLRQDPRV DVLVWHQFLD HQ FDVR WHFQLFL 7HOHIRQDUH GLUHWWDPHQWH DO FHQWUR GL DQWLQJHQ GLUHNW WLOO GLWW JRGNlQGD (06UHSDUDWLRQVGH SUREOHPDV WpFQLFRV LUtMDVH GLUHFWDPHQWH DO DVVLVWHQ]D (06 DXWRUL]]DWR R DO SURSULR ULYHQGLWRUH FHQWHU HOOHU WLOO GLQ nWHUI|UVlOMDUHFHQWUR GH UHSDUDFLRQHV DXWRUL]DGR R D VX GLVWUL %XRQ ODYRUR /FND WLOOEXLGRU GH (06 (06 (06£/H GHVHDPRV PXFKR p[LWR(060RGL¿FDFLRQHV WpFQLFDV 0RGL¿FKH WHFQLFKH 7HNQLVND lQGULQJDU(06 VH UHVHUYD HO GHUHFKR GH PRGL¿FDU OD WpFQLFD (06 VL ULVHUYD LO GLULWWR QHOODPELWR GHOOH LQQRYD]LRQL (06 I|UEHKnOOHU VLJ UlWWHQ DWW lQGUD WHNQLN WLOOEHK|UORV DFFHVRULRV ODV LQVWUXFFLRQHV GH HPSOHR R HO WHFQLFKH R VFLHQWL¿FKH GL DSSRUWDUH PRGL¿FKH DOOD EUXNVDQYLVQLQJ HOOHU LQQHKnOO L VDWVHQ Sn JUXQG DYFRQWHQLGR GHO HTXLSR GHELGR D PHMRUDV WpFQLFDV WHFQLFD DJOL DFFHVVRUL DOOH LVWUX]LRQL SHU OXVR R DO WHNQLVND HOOHU YHWHQVNDSOLJD I|UElWWULQJDUR FLHQWt¿FDV FRQWHQXWR GHO VHW
  28. 28. 217(176 6200$,5( ,1+$/7*HQHUDO KLQWV 5HFRPPDQGDWLRQV $OOJHPHLQH +LQZHLVH %DFWHULD UHGXFWLRQ LQ WKH VSUD 5pGXFWLRQ GHV EDFWpULHV GDQV 9HUULQJHUXQJ GHU .HLP]DKO LQ $HURVROHQ $WWDFKLQJ WKH LQVWUXPHQWV OHV SURMHFWLRQV %HIHVWLJHQ GHU ,QVWUXPHQWH )L[DWLRQ GHV LQVWUXPHQWV )HLOHQKDOWHU )LOH KROGHUV 3RVLWLRQLHUXQJ GHU )HLOHQ XQG ,QVWUXPHQWH 3RVLWLRQLQJ ILOHV RU LQVWUXPHQWV 3RUWHOLPHV $UEHLWVWHFKQLN :RUNLQJ WHFKQLTXH 3RVLWLRQ GHV OLPHV RX GHV LQVWUXPHQWV LDPDQWLHUWH ,QVWUXPHQWH LDPRQGFRDWHG LQVWUXPHQWV 7HFKQLTXH GH WUDYDLO 6FDOLQJ 6FDOLQJ ,QVWUXPHQWV GLDPDQWpV ,QVWUXPHQW $ IU GDV 6FDOLQJ DOOHU ,QVWUXPHQW $ IRU XQLYHUVDO VFDOLQJ pWDUWUDJH 2EHUIOlFKHQ ,QVWUXPHQW % IRU OLQJXDO VFDOLQJ ,QVWUXPHQW $ SRXU GpWDUWUDJH FRXUDQW ,QVWUXPHQW % IU GDV 6FDOLQJ OLQJXDOHU 2EHUIOlFKHQ ,QVWUXPHQW IRU KHDY VFDOLQJ ,QVWUXPHQW % SRXU GpWDUWUDJH OLQJXDO ,QVWUXPHQW IU GDV 6FDOLQJ EHL VWDUNHP ,QVWUXPHQW SHULR 3 ,QVWUXPHQW SRXU GpWDUWUDJH LPSRUWDQW =DKQVWHLQ ,QVWUXPHQW SHULR VOLP 36 ,QVWUXPHQW SDUR 3 3HULR,QVWUXPHQW 3 6SHFLILF LQVWUXPHQW 3, IRU LPSODQWV ,QVWUXPHQW SDUR PLQFH 36 6FKODQNHV 3HULR,QVWUXPHQW 36 FOHDQLQJ ,QVWUXPHQW VSpFLILTXH 3, SRXU 6SH]LDOLQVWUXPHQW 3, IU GLH ,PSODQWDWUHLQLJXQJ (QGR OH QHWWRDJH G¶LPSODQWV (QGRGRQWLH )LOHV IRU WKH RUWKRJUDGH WKHUDS (QGRGRQWLH )HLOHQ IU GLH RUWKRJUDGH (QGRGRQWLF UHWUHDWPHQW /LPHV SRXU OH WUDLWHPHQW RUWKRJUDGH :XU]HONDQDOEHKDQGOXQJ 5HWURJUDGH HQGRGRQWLFV 5HWUDLWHPHQW FDQDODLUH 5HYLVLRQVEHKDQGOXQJ .WSH FOHDQLQJ ILOHV ,62
  29. 29. 7UDLWHPHQWV UpWURJUDGHV 5HWURJUDGH :XU]HONDQDOEHKDQGOXQJ /LPHV GH QHWWRDJH WSH . ,62
  30. 30. .)HLOHQ IU GLH :XU]HONDQDOUHLQLJXQJ (QGR VRIW LQVWUXPHQW (6, ,62
  31. 31. ,62
  32. 32. 5HWUHDWPHQW LQVWUXPHQW 57 ,QVWUXPHQW HQGR GRX[ (6, ,62
  33. 33. (QGR6RIW,QVWUXPHQW (6, ,62
  34. 34. 5HWUHDWPHQW LQVWUXPHQW 57 ,QVWUXPHQW GH UHWUDLWHPHQW 57 5HYLVLRQVLQVWUXPHQW 57 5HWUHDWPHQW LQVWUXPHQW 57 ,QVWUXPHQW GH UHWUDLWHPHQW 57 5HYLVLRQVLQVWUXPHQW 57 RQGHQVDWLRQ LQVWUXPHQW + ,QVWUXPHQW GH UHWUDLWHPHQW 57 5HYLVLRQVLQVWUXPHQW 57 ,QVWUXPHQW SRXU FRQGHQVDWLRQ + .RQGHQVDWLRQVLQVWUXPHQW + 5HPRYDO LQVWUXPHQW ,QVWUXPHQW ]XP /|VHQ YRQ .URQHQ XQG 5HWURJUDGH LQVWUXPHQW %HUXWWL ,QVWUXPHQW GH GpSRVH %UFNHQ 5HWURJUDGH LQVWUXPHQW IRU LVWKPXV 5( ,QVWUXPHQW D UHWUR %HUXWWL 5HWUR,QVWUXPHQW %HUXWWL ,QVWUXPHQW D UHWUR SRXU LVWKPH 5( 5HWUR,QVWUXPHQW 5( ]XU ,VWKPXV SUlSDUDWLRQ
  35. 35. ,1,( ,1,( ,11(+c//RQVHMRV JHQHUDOHV ,QGLFD]LRQL JHQHUDOL $OOPlQQD WLSV 5HGXFFLyQ GH ODV EDFWHULDV HQ 5LGX]LRQH GHL EDWWHUL QHJOL VSUX]]L %DNWHULHUHGXNWLRQ L VWUnOHQ OD SXOYHUL]DFLyQ )LVVDJJLR GHJOL VWUXPHQWL )lVWD VSHWVDUQD $FRSODPLHQWR GH ORV LQVWUXPHQWRV 3RUWDOLPH )LOKnOODUH 3RUWDOLPDV 3RVL]LRQDPHQWR GL OLPH R VWUXPHQWL 0RQWHUD ILODU HOOHU VSHWVDU RORFDFLyQ GH OLPDV R LQVWUXPHQWRV 7HFQLFD RSHUDWLYD $UEHWVWHNQLN 0pWRGR GH WUDEDMR 6WUXPHQWL GLDPDQWDWL LDPDQWEHODJGD VSHWVDU ,QVWUXPHQWRV GLDPDQWDGRV HWDUWUDJJLR 6FDOLQJ /LPSLH]D GH VDUUR 6WUXPHQWR $ SHU LO GHWDUWUDJJLR XQLYHUVDOH 6SHWV $ I|U XQLYHUVHOO VFDOLQJ ,QVWUXPHQWR $ SDUD OLPSLH]D XQLYHUVDO 6WUXPHQWR % SHU LO GHWDUWUDJJLR OLQJXDOH 6SHWV % I|U OLQJXDO VFDOLQJ ,QVWUXPHQWR % SDUD OLPSLH]D OLQJXDO 6WUXPHQWR SHU GHWDUWUDJJLR LQWHQVR 6SHWV I|U NUDIWLJ VFDOLQJ ,QVWUXPHQWR SDUD OLPSLH]D LQWHQVD 6WUXPHQWR SHULR 3 6SHWV 3 ,QVWUXPHQWR SHULR 3 6WUXPHQWR SHULR VRWWLOH 36 6SHWV 36 ,QVWUXPHQWR SHULR VOLP 36 6WUXPHQWR VSHFLILFR 3, SHU OD SXOL]LD 6SHFLDOVSHWV 3, I|U UHQJ|ULQJ ,QVWUXPHQWR 3, HVSHFtILFR SDUD GL LPSLDQWL DY LPSODQWDW OD OLPSLH]D GH LPSODQWHV (QGR (QGRGRQWL (QGRGRQFLD /LPH SHU WHUDSLD RUWRJUDGD )LODU I|U RUWRJUDG EHKDQGOLQJ /LPDV SDUD HO WUDWDPLHQWR RUWyJUDGR 5LWUDWWDPHQWR HQGRGRQWLFR (QGRGRQWLVN nWHUEHKDQGOLQJ 5HWUDWDPLHQWR HQGRGyQFLFR (QGRGRQ]LD UHWURJUDGD 5HWURJUDG HQGRGRQWL (QGRGRQFLD UHWUyJUDGD /LPH GL SXOL]LD GL WLSR . ,62
  36. 36. .ILODU I|U UHQJ|ULQJ ,62
  37. 37. /LPDV GH OLPSLH]D WLSR . ,62
  38. 38. 6WUXPHQWL (QGR VRIW (6, ,62
  39. 39. 0MXN HQGRVSHWV (6, ,62
  40. 40. ,QVWUXPHQWR HQGR VRIW (6, ,62
  41. 41. 6WUXPHQWR GL ULWUDWWDPHQWR 57 cWHUEHKDQGOLQJVVSHWV 57 ,QVWUXPHQWR GH UHWUDWDPLHQWR 57 6WUXPHQWR GL ULWUDWWDPHQWR 57 cWHUEHKDQGOLQJVVSHWV 57 ,QVWUXPHQWR GH UHWUDWDPLHQWR 57 6WUXPHQWR GL ULWUDWWDPHQWR 57 cWHUEHKDQGOLQJVVSHWV 57 ,QVWUXPHQWR GH UHWUDWDPLHQWR 57 6WUXPHQWR GL FRQGHQVD]LRQH + .RQGHQVHULQJVVSHWV + ,QVWUXPHQWR GH FRQGHQVDFLyQ + 6WUXPHQWR GL ULPR]LRQH %RUWWDJQLQJVVSHWV ,QVWUXPHQWR GH H[WUDFFLyQ 6WUXPHQWR UHWURJUDGR %HUXWWL 5HWURJUDGVSHWV %HUXWWL ,QVWUXPHQWR UHWUyJUDGR %HUXWWL 6WUXPHQWR UHWURJUDGR SHU LVWPR 5( 5HWURJUDGVSHWV I|U LVWKPXV 5( ,QVWUXPHQWR UHWUyJUDGR SDUD LVWPRV 5(
  42. 42. 5HVWRUDWLYH 5HVWDXUDWLRQ 6DQLHUXQJ DYLW SUHSDUDWLRQ 3UpSDUDWLRQ GH FDYLWpV .DYLWlWHQSUlSDUDWLRQ $PDOJDPV DQG FHPHQWDWLRQ $PDOJDPHV HW VFHOOHPHQWV $PDOJDPIOOXQJHQ XQG =HPHQWLHUXQJHQ .DYLWlWHQLQVWUXPHQWH 6 XQG 60 DYLW LQVWUXPHQWV 6 DQG 60 ,QVWUXPHQWV 6 HW 60 SRXU FDYLWpV ,QVWUXPHQW 6% PLW NXJHOI|UPLJHU 6SLW]H 6PDOO EDOO LQVWUXPHQW 6% ,QVWUXPHQW j SHWLWH ERXOH 6% ,QVWUXPHQWH 6%G XQG 6%P 6PDOO EDOO LQVWUXPHQWV 6%G DQG 6%P ,QVWUXPHQWV j SHWLWH ERXOH 6%G HW 6%P PLW NXJHOI|UPLJHU 6SLW]H ,QVWUXPHQW IRU SLWV DQG ILVVXUHV 3) ,QVWUXPHQW SRXU SXLWV HW VLOORQV 3) ,QVWUXPHQW 3) IU HIHNWH XQG )LVVXUHQ ,QVWUXPHQW IRU YHQHHUV 9( ,QVWUXPHQW SRXU IDFHWWHV 9( 9HQHHULQVWUXPHQW 9( .RQGHQVDWLRQVLQVWUXPHQWH ) XQG ( ,QVWUXPHQWV IRU FRQGHQVDWLRQ ) DQG ( ,QVWUXPHQWV SRXU FRQGHQVDWLRQ ) HW ( *OlWWXQJVLQVWUXPHQW * ,QVWUXPHQW IRU DPDOJDP VPRRWKLQJ * ,QVWUXPHQW SRXU ILQLWLRQ G¶DPDOJDPH * =HPHQWLHUXQJVLQVWUXPHQW 63 HPHQWDWLRQ LQVWUXPHQW 63 ,QVWUXPHQW SRXU VFHOOHPHQW 63 3HULRGRQWLH 3HULRGRQWLFV 3DURGRQWLH LH $UEHLW PLW JHERJHQHQ ,QVWUXPHQWHQ :RUNLQJ ZLWK FXUYHG LQVWUXPHQWV 7UDLWHPHQW DYHF LQVWUXPHQWV FRXUEpV 3HULRGRQWLH,QVWUXPHQWH 3/ XQG 3/ 3HULR OLQH LQVWUXPHQWV 3/ DQG 3/ ,QVWUXPHQWV OLJQH SDUR 3/ HW 3/ 3HULRGRQWLH,QVWUXPHQW 3/ 3HULR OLQH LQVWUXPHQW 3/ ,QVWUXPHQW OLJQH SDUR 3/ 3HULRGRQWLH,QVWUXPHQWH 3/ XQG 3/ 3HULRGRQWLH,QVWUXPHQWH +3/ XQG 3/ 3HULR OLQH LQVWUXPHQWV 3/ DQG 3/ ,QVWUXPHQWV OLJQH SDUR 3/ HW 3/ 5HLQLJHQ GHVLQ¿]LHUHQ XQG VWHULOLVLHUHQ ,QVWUXPHQWV SHULR +3/ DQG 3/ ,QVWUXPHQWV SDUR +3/ HW 3/ $XVHLQDQGHUQHKPHQ XQG UHLQLJHQOHDQLQJ GLVLQIHFWLQJ DQG VWHULOL]LQJ 1HWWRDJH GpVLQIHFWLRQ HW VWpULOLVDWLRQ GHU ,QVWUXPHQWH ,QVWUXPHQW GLVDVVHPEO DQG FOHDQLQJ pPRQWDJH HW QHWWRDJH GHV LQVWUXPHQWV $XVHLQDQGHUQHKPHQ XQG UHLQLJHQ GHV +DQGVWFNV +DQGSLHFH GLVDVVHPEO DQG FOHDQLQJ pPRQWDJH HW QHWWRDJH GHV SLqFHV $XVHLQDQGHUQHKPHQ XQG UHLQLJHQ )LOH KROGHU GLVDVVHPEO DQG FOHDQLQJ j PDLQ GHU )HLOHQKDOWHU :HDU DQG PDLQWHQDQFH pPRQWDJH HW QHWWRDJH GHV SRUWHOLPHV $EQXW]XQJ XQG :DUWXQJ 6DIHW SUHFDXWLRQV 8VXUH HW HQWUHWLHQ 6LFKHUKHLWVKLQZHLVH 6WRULQJ WKH SURGXFW 5HPDUTXHV FRQFHUQDQW OD VpFXULWp $XIEHZDKUHQ GHV 3URGXNWV 3URGXFW GLVSRVDO 5DQJHPHQW GX SURGXLW (QWVRUJHQ GHV 3URGXNWV :DUUDQW 5HFFODJH *DUDQWLH $FFHVVRULHV *DUDQWLH =XEHK|U (06 FXVWRPHU VHUYLFH $FFHVVRLUHV (06.XQGHQGLHQVW 6PEROV 6HUYLFH FOLHQW (06 6PEROH 7HFKQLFDO GDWD 6PEROHV 7HFKQLVFKH DWHQ 7URXEOHVKRRWLQJ DUDFWpULVWLTXHV WHFKQLTXHV )HKOHUEHKHEXQJ pSDQQDJH
  43. 43. 5HVWDXUDFLyQ 5HVWDXUL 5HVWRUDWLY EHKDQGOLQJ 3UHSDUDFLyQ GH FDYLGDGHV 3UHSDUD]LRQH GHOOD FDYLWj 3UHSDUDWLRQ DY NDYLWHWHU $PDOJDPDV FHPHQWDFLyQ $PDOJDPH H FHPHQWD]LRQH $PDOJDP RFK FHPHQWHULQJ ,QVWUXPHQWRV 6 60 SDUD FDYLGDGHV 6WUXPHQWL SHU FDYLWj 6 H 60 .DYLWHWVVSHWV 6 RFK 60 ,QVWUXPHQWR 6% GH EROD SHTXHxD 6WUXPHQWR FRQ SLFFROD SXQWD D VIHUD 6% .XOVSHWV 6% ,QVWUXPHQWRV 6%G 6%P GH EROD SHTXHxD 6WUXPHQWL FRQ SXQWH D SLFFROH VIHUH .XOVSHWV 6%G RFK 6%P ,QVWUXPHQWR 3) SDUD IRVDV ILVXUDV 6%G H 6%P 6SHWV I|U KnO RFK ILVVXUHU 3) ,QVWUXPHQWR 9( SDUD FDULOODV 6WUXPHQWL 3) SHU LQFULQDWXUH H IHVVXUH 6SHWV I|U IDVDGHU 9( ,QVWUXPHQWRV ) ( SDUD FRQGHQVDFLyQ 6WUXPHQWR SHU ULYHVWLPHQWL 9( 6SHWV I|U NRQGHQVHULQJ ) RFK ( ,QVWUXPHQWR * SDUD HO DOLVDGR GH 6WUXPHQWL SHU FRQGHQVD]LRQH ) H ( 6SHWV I|U DPDOJDPWLOOMlPQLQJ * DPDOJDPD 6WUXPHQWR * SHU OD OHYLJDWXUD HPHQWHULQJVVSHWV 63 ,QVWUXPHQWR 63 GH FHPHQWDFLyQ GHOODPDOJDPD 3DURGRQWL 3HULRGRQFLD 6WUXPHQWR 63 GL FHPHQWD]LRQH $UEHWD PHG E|MGD VSHWVDU 7UDEDMDU FRQ LQVWUXPHQWRV FXUYDGRV ,QWHUYHQWL SHULRGRQWDOL 3DURVSHWV 3/ RFK 3/ ,QVWUXPHQWRV SHULR OLQH 3/ 3/ 8WLOL]]R GHJOL VWUXPHQWL ULFXUYL 3DURVSHWV 3/ ,QVWUXPHQWR SHULR OLQH 3/ 6WUXPHQWL 3/ H 3/ GHOOD OLQHD SHULR 3DURVSHWV 3/ RFK 3/ ,QVWUXPHQWRV SHULR OLQH 3/ 3/ 6WUXPHQWR 3/ GHOOD OLQHD SHULR 3DURVSHWV +3/ RFK 3/ ,QVWUXPHQWRV SHULR +3/ 3/ 6WUXPHQWL 3/ H 3/ GHOOD OLQHD SHULR 5HQJ|ULQJ GHVLQIHNWLRQ RFK VWHULOLVHULQJ /LPSLH]D GHVLQIHFFLyQ HVWHULOL]DFLyQ 6WUXPHQWL SHULR +3/ H 3/ HPRQWHUD RFK UHQJ|UD VSHWVDU HVPRQWDMH OLPSLH]D GH ORV LQVWUXPHQWRV 3XOL]LD GLVLQIH]LRQH H VWHULOL]]D]LRQH HPRQWHUD RFK UHQJ|UD KDQGVWFNHQ HVPRQWDMH OLPSLH]D GHO PDQJR 6PRQWDJJLR H SXOL]LD GHOOR VWUXPHQWR HPRQWHUD RFK UHQJ|UD ILOKnOODUH HVPRQWDMH OLPSLH]D GHO SRUWDOLPDV 6PRQWDJJLR H SXOL]LD GHO PDQLSROR 6OLWDJH RFK XQGHUKnOO HVJDVWH PDQWHQLPLHQWR 6PRQWDJJLR H SXOL]LD GHO SRUWDOLPH 6lNHUKHWVI|UHVNULIWHU 3UHFDXFLRQHV VREUH VHJXULGDG 8VXUD H PDQXWHQ]LRQH )|UYDUD SURGXNWHQ $OPDFHQDPLHQWR GHO SURGXFWR 3UHFDX]LRQL GL VLFXUH]]D .DVVHULQJ DY SURGXNWHQ (OLPLQDFLyQ GHO SURGXFWR 6WRFFDJJLR GHO SURGRWWR *DUDQWL *DUDQWtD 6PDOWLPHQWR GHO SURGRWWR 7LOOEHK|U $FFHVRULRV *DUDQ]LD (06 NXQGWMlQVW 6HUYLFLR WpFQLFR GH (06 $FFHVVRUL 6PEROHU 6tPERORV $VVLVWHQ]D FOLHQWL (06 7HNQLVND GDWD (VSHFL¿FDFLRQHV WpFQLFDV 6LPEROL )HOV|NQLQJ 6ROXFLyQ GH SUREOHPDV DWL WHFQLFL 5LVROX]LRQH GHL SUREOHPL
  44. 44. *(1(5$/ +,176 5(200$1$7,216 $//*(0(,1( +,1:(,6( ƒ 0DNH VXUH WR DOZDV VWHULOL]H KDQGSLHFHV DQG 6WpULOLVHU OHV SLqFHV j PDLQ HW LQVWUXPHQWV $OOH +DQGVWFNH XQG ,QVWUXPHQWH VLQG YRULQVWUXPHQWV EHIRUH XVH 1RQVWHULOH KDQGSLHFHV DYDQW FKDTXH XWLOLVDWLRQ HV SLqFHV j PDLQ RX MHGHU $QZHQGXQJ ]X VWHULOLVLHUHQ 1LFKW VWHULOHDQG LQVWUXPHQWV PD FDXVH EDFWHULDO RU YLUDO LQIHF GHV LQVWUXPHQWV QRQ VWpULOHV SHXYHQW FDXVHU GHV +DQGVWFNH XQG ,QVWUXPHQWH N|QQHQ EDNWHULHOOHWLRQV 3OHDVH FRQIRUP WR WKH UHFRPPHQGDWLRQV RI LQIHFWLRQV EDFWpULHQQHV RX YLUDOHV 9HXLOOH] YRXV RGHU YLUDOH ,QIHNWLRQHQ DXVO|VHQ %HDFKWHQ 6LH GLH (PSIHKOXQJHQ GHV +DQGEXFKV 5HSURFHVVLQJWKH 5HSURFHVVLQJ ,QVWUXFWLRQV PDQXDO GHOLYHUHG FRQIRUPHU DX[ UHFRPPDQGDWLRQV FRQWHQXHV GDQV ,QVWUXFWLRQV GDV LP /LHIHUXPIDQJ ,KUHV 3URGXNWVZLWK RXU SURGXFW UHJDUGLQJ SURFHGXUH RI FOHDQLQJ OH PDQXHO 5HSURFHVVLQJ ,QVWUXFWLRQV OLYUp DYHF HQWKDOWHQ LVW ]XU 5HLQLJXQJ HVLQIHNWLRQ XQGGLVLQIHFWLQJ DQG VWHULOL]LQJ RI WKH FRPSRQHQWV YRWUH SURGXLW SRXU OHV SURFpGXUHV GH QHWWRDJH 6WHULOLVDWLRQ GHU %HVWDQGWHLOH GpVLQIHFWLRQ HW VWpULOLVDWLRQ GHV FRPSRVDQWV 1HYHU ZRUN GU ZLWK 3LH]RQ LQVWUXPHQWV $UEHLWHQ 6LH QLHPDOV WURFNHQ PLW GHQ 3LH]RQXQOHVV RWKHUZLVH VSHFLILHG
  45. 45. 7KH WLS RI WKH 1H MDPDLV WUDYDLOOHU j VHF DYHF OHV LQVWUX ,QVWUXPHQWHQ (V VHL GHQQ GLHVH 0|JOLFKNHLW ZLUGLQVWUXPHQW LPPHGLDWHO KHDWV XS ZKHQ XVHG GU PHQWV 3LH]RQ VDXI H[FHSWLRQV PHQWLRQQpHV
  46. 46. /HV DXVGUFNOLFK HLQJHUlXPW
  47. 47. LH $UEHLWVVSLW]H GHU$OZDV PDNH VXUH WKHUH LV HQRXJK LUULJDWLRQ SRLQWHV DFWLYHV V¶pFKDXIIHQW LPPpGLDWHPHQW HQ ,QVWUXPHQWH HUZlUPW VLFK EHL WURFNHQHP $UEHLWHQ WUDYDLOODQW j VHF 7RXMRXUV V¶DVVXUHU TXH OH GpELW VHKU VFKQHOO 9HUJHZLVVHUQ 6LH VLFK VWHWV GDVV R QRW XVH WKH LQVWUXPHQWV RQ PHWDO RU JHQJHQG 6SOÀVVLJNHLW YRUKDQGHQ LVW GH OLTXLGH G¶LUULJDWLRQ HVW VXI¿VDQWFHUDPLF UHVWRUDWLRQV QHLWKHU RQ SURVWKHVLV XQLWV 9HUZHQGHQ 6LH GLH ,QVWUXPHQWH ZHGHU EHLDV WKH PLJKW EH GDPDJHG XQOHVV RWKHUZLVH 1H SDV XWLOLVHU OHV LQVWUXPHQWV VXU GHV 0HWDOO RGHU .HUDPLNUHVWDXUDWLRQHQ QRFK EHLVSHFL¿HG
  48. 48. UHVWDXUDWLRQV PpWDO RX FpUDPLTXH DLQVL TXH 3URWKHVHQ GD GLHVH EHVFKlGLJW ZHUGHQ N|QQWHQ VXU GHV XQLWpV SURWKpWLTXHV FDU FHOD SRXUUDLW OHV (V VHL GHQQ GLHVH 0|JOLFKNHLW ZLUG DXVGUFNOLFK HQGRPPDJHU VDXI H[FHSWLRQV PHQWLRQQpHV
  49. 49. DQJHJHEHQ
  50. 50. 216(-26 *(1(5$/(6 ,1,$=,21, *(1(5$/, $//0b11$ 7,36 ƒ $VHJ~UHVH GH HVWHULOL]DU VLHPSUH ORV 3ULPD GHOOXVR VL FRQVLJOLD GL VWHULOL]]DUH .RP LKnJ DWW DOOWLG VWHULOLVHUD KDQGVWFNHQPDQJRV ORV LQVWUXPHQWRV DQWHV GH XVDUORV VHPSUH PDQLSROL H VWUXPHQWL 0DQLSROL H VWUXPHQWL RFK VSHWVDU I|UH DQYlQGQLQJ ,FNHVWHULOD/RV PDQJRV H LQVWUXPHQWRV QR HVWpULOHV SXHGHQ QRQ VWHULOL SRVVRQR FDXVDUH LQIH]LRQL EDWWHULFKH R KDQGVWFNHQ RFK VSHWVDU NDQ RUVDND EDNWHULHSURYRFDU LQIHFFLRQHV EDFWHULDQDV R YtULFDV 6LJD YLUDOL $WWHQHUVL DOOH UDFFRPDQGD]LRQL GHO PDQXDOH HOOHU YLUXVLQIHNWLRQHU )|OM UHNRPPHQGDWLRQHUQDODV UHFRPHQGDFLRQHV GHO PDQXDO 5HSURFHVVLQJ 5HSURFHVVLQJ ,QVWUXFWLRQV IRUQLWR FRQ LO SURGRWWR L KDQGERNHQ 5HSURFHVVLQJ ,QVWUXFWLRQV VRP,QVWUXFWLRQV VXPLQLVWUDGR FRQ VX SURGXFWR FRQ LQ PHULWR DOOD SURFHGXUD GL SXOL]LD GLVLQIH]LRQH H PHGI|OMHU SURGXNWHQ YDG JlOOHU SURFHGXUHU I|UUHVSHFWR D ORV SURFHGLPLHQWRV GH OLPSLH]D GHVLQ VWHULOL]]D]LRQH GHL FRPSRQHQWL UHQJ|ULQJ GHVLQIHNWLRQ RFK VWHULOLVHULQJ DY NRPSRIHFFLyQ HVWHULOL]DFLyQ GH ORV FRPSRQHQWHV QHQWHU 1RQ RSHUDUH PDL D VHFFR FRQ VWUXPHQWL 1R WUDEDMH QXQFD HQ VHFR FRQ ORV LQVWUX 3LH]RQ D PHQR FKH QRQ VLD VSHFLILFDWDPHQWH $UEHWD DOGULJ WRUUW PHG 3LH]RQVSHWVDU RPPHQWRV 3LH]RQ VDOYR TXH VH HVSHFLILTXH OR LQGLFDWR
  51. 51. ,O SXQWDOH GHOOR VWUXPHQWR VL ULVFDOGD LQJHW DQQDW DQJHV
  52. 52. 6SHWVHQ YlUPV RPHGHOEDUWFRQWUDULR
  53. 53. /D SXQWD GHO LQVWUXPHQWR VH FDOLHQWD LPPHGLDWDPHQWH VH XVDWR D VHFFR 9HUL¿FDUH FKH XSS QlU GHQ DQYlQGV L WRUUW OlJH 6H DOOWLG WLOO DWWHQVHJXLGD FXDQGR VH XVD HQ VHFR HUFLyUHVH YL VLD VHPSUH VXI¿FLHQWH LUULJD]LRQH VSROQLQJHQ lU WLOOUlFNOLJVLHPSUH GH TXH KDD VX¿FLHQWH LUULJDFLyQ 1RQ XVDUH JOL VWUXPHQWL VX UHVWDXUL LQ PHWDOOR $QYlQG LQWH VSHWVDUQD Sn UHNRQVWUXNWLRQHU 1R XVH ORV LQVWUXPHQWRV HQ UHVWDXUDFLRQHV R FHUDPLFD Qp VX SURWHVL LQ TXDQWR VL SRWUHEEHUR DY PHWDOO HOOHU NHUDPLN HOOHU Sn SURWHVHU HIWHUVRPPHWiOLFDV R FHUiPLFDV QL HQ SUyWHVLV D TXH GDQQHJJLDUH D PHQR FKH QRQ VLD VSHFL¿FDWDPHQWH GH NDQ YDUD VNDGDGH RP LQJHW DQQDW DQJHV
  54. 54. SRGUtDQ VXIULU GDxRV VDOYR TXH VH HVSHFL¿TXH OR LQGLFDWR
  55. 55. FRQWUDULR
  56. 56. %DFWHULD UHGXFWLRQ LQ WKH VSUD 5pGXFWLRQ GHV EDFWpULHV GDQV 9HUULQJHUXQJ GHU .HLP]DKO OHV SURMHFWLRQV LQ $HURVROHQ2VFLOODWLQJ RU URWDWLQJ GHQWDO LQVWUXPHQWV SURGXFH D /HV LQVWUXPHQWV GHQWDLUHV RVFLOODQWV RX URWDWLIV %HL GHU 9HUZHQGXQJ RV]LOOLHUHQGHU RGHU URWLHVSUD RI LUULJDWLRQ 7KH EDFWHULDO FRXQW LQ WKH VSUD JpQqUHQW XQH QpEXOLVDWLRQ GH OLTXLGH G¶LUULJDWLRQ UHQGHU ]DKQlU]WOLFKHU ,QVWUXPHQWH ZLUG GXUFK GLHFDQ EH WUXO UHGXFHG E XVLQJ WKH UHDGIRUXVH ,O HVW SRVVLEOH GH UpGXLUH YpULWDEOHPHQW OH QRPEUH QRWZHQGLJH 6SOÀVVLJNHLW HLQ $HURVRO6SUKQHEHO%DFWHU;Š SUR VROXWLRQ FKORUKH[LGLQH
  57. 57. LQ WKH GH JHUPHV FRQWHQXV GDQV OD SURMHFWLRQ HQ XWLOLVDQW KHUYRUJHUXIHQ LH .HLP]DKO LQ GLHVHP 6SUKQHEHO NDQQ GXUFK GLH 9HUZHQGXQJ GHU /|VXQJ %DFWHU;Š(06 3LH]RQ XQLW OD VROXWLRQ SUrWH j O¶HPSORL %DFWHU;Š SUR GH SUR KORUKH[LGLQ
  58. 58. LP (06 3LH]RQ HUKHEOLFK FKORUKH[LGLQH
  59. 59. GDQV O¶DSSDUHLO 3LH]RQ (06 UHGX]LHUW ZHUGHQ 5LQVLQJ WKH SDWLHQWV PRXWK SULRU WR WUHDWPHQWZLWK %DFWHU;Š SUR LV VWURQJO UHFRPPHQGHG ,O HVW YLYHPHQW UHFRPPDQGp GH ULQFHU OD $X‰HUGHP ZLUG HPSIRKOHQ GHQ 3DWLHQWHQ ERXFKH GX SDWLHQW DYDQW OH WUDLWHPHQW DYHF GX YRU GHU %HKDQGOXQJ GHQ 0XQG PLW %DFWHU;Š SUR8VHG GDLO LQ RXU (06 3LH]RQ XQLW %DFWHU;Š SUR %DFWHU;Š SUR DXVVSOHQ ]X ODVVHQUHGXFHV WKH EDFWHULDO FRXQW LQ WKH LUULJDWLRQ OLQHVRI WKH XQLW (Q XWLOLVDWLRQ TXRWLGLHQQH GDQV O¶DSSDUHLO 3LH]RQ %HL WlJOLFKHP (LQVDW] YRQ %DFWHU;Š SUR LQ ,KUHP (06 OH %DFWHU;Š SUR UpGXLW OD FRQFHQWUDWLRQ GH (06 3LH]RQ YHUULQJHUW VLFK GLH %DNWHULHQEH EDFWpULHV GDQV OH FLUFXLW GH OLTXLGH GH O¶DSSDUHLO ODVWXQJ LQ GHQ )OVVLJNHLW IKUHQGHQ /HLWXQJHQ %DFWHU;Š SUR LV DYDLODEOH LQ VSHFL¿F FRXQWULHV RQO GHV 6VWHPV
  60. 60. 5HGXFFLyQ GH ODV EDFWHULDV HQ 5LGX]LRQH GHL EDWWHUL QHJOL VSUX]]L %DNWHULHUHGXNWLRQ L VWUnOHQOD SXOYHUL]DFLyQ/RV LQVWUXPHQWRV GHQWDOHV RVFLODQWHV R URWDWRULRV , GLVSRVLWLYL GHQWDOL YLEUDQWL R URWDQWL JHQHUDQR 2VFLOOHUDQGH RFK URWHUDQGH GHQWDOLQVWUXPHQWSURGXFHQ XQD LUULJDFLyQ SXOYHUL]DGD (O Q~PHUR VSUX]]L GL LUULJD]LRQH /D FRQWD EDWWHULFD QHJOL VSRODU XW YlWVNDQ L HQ VWUnOH %DNWHULHPlQJGHQ LGH EDFWHULDV HQ OD SXOYHUL]DFLyQ VH SXHGH UHGXFLU VSUX]]L SXz HVVHUH VLJQLILFDWLYDPHQWH ULGRWWD VWUnOHQ NDQ PLQVNDV DYVHYlUW PHG KMlOS DY GHQQRWDEOHPHQWH XWLOL]DQGR OD VROXFLyQ %DFWHU;Š SUR XWLOL]]DQGR OD VROX]LRQH SURQWD DOOXVR %DFWHU;Š IlUGLJEODQGDGH O|VQLQJHQ %DFWHU;Š SUR OLVWD SDUD XVDU GH FORUKH[LGLQD
  61. 61. HQ HO DSDUDWR SUR FORUH[LGULQD
  62. 62. QHOOXQLWj (06 3LH]RQ NORUKH[LGLQ
  63. 63. L (06 3LH]RQHQKHWHQ3LH]RQ GH (06 Ê DOWDPHQWH FRQVLJOLDWR VFLDFTXDUH OD ERFFD 9L UHNRPPHQGHUDU VWDUNW DWW SDWLHQWHQ VN|OMHU 6H UHFRPLHQGD TXH HO SDFLHQWH VH HQMXDJXH GHO SD]LHQWH SULPD GHO WUDWWDPHQWR FRQ %DFWHU;Š PXQQHQ I|UH EHKDQGOLQJ PHG %DFWHU;Š SUROD ERFD FRQ %DFWHU;Š SUR DQWHV GHO WUDWDPLHQWR SUR 2P %DFWHU;Š SUR DQYlQGV GDJOLJHQ L (06 3LH]RQ$O XWLOL]DU %DFWHU;Š SUR GLDULDPHQWH HQ HO DSDUDWR 8WLOL]]DWD TXRWLGLDQDPHQWH QHOOXQLWj (06 3LH]RQ HQKHWHQ PLQVNDV EDNWHULHPlQJGHQ L HQKHWHQV3LH]RQ GH (06 VH UHGXFH HO Q~PHUR GH EDFWHULDV OD VROX]LRQH EDWWHULFD %DFWHU;Š SUR ULGXFH OD FRQWD VODQJDUHQ VXV OtQHDV GH LUULJDFLyQ EDWWHULFD QHOOH OLQHH GL LUULJD]LRQH GHOOXQLWj
  64. 64. $77$+,1* 7+( ,167580(176 ),;$7,21 (6 ,167580(176 %()(67,*(1 (5 ,167580(17( %ORZ GU WKH FRQQHFWLRQV WR UHPRYH HYHQWXDO 6RXIÀHU OHV FRQQHFWHXUV SRXU HQOHYHU XQH 7URFNQHQ 6LH GLH HLQ]HOQHQ .RPSRQHQWHQSUHVHQFH RI OLTXLG WR HQVXUH D SURSHU HOHFWULFDO SUpVHQFH pYHQWXHOOH GH OLTXLGH D¿Q G¶DVVXUHU XQ PLW HLQHP )|Q XP HLQH HLQZDQGIUHLH HOHNWURQLVFKHFRQWDFW 1HYHU EORZ FRPSUHVVHG DLU LQ WKH LUULJDWLRQ ERQ FRQWDFW pOHFWULTXH 1H MDPDLV HQYRHU G¶DLU 9HUELQGXQJ ]X JHZlKUOHLVWHQ LH 9HUELQGXQJVVWFNHFRQQHFWLRQV DV WKLV ZLOO LUUHPHGLDEO GDPDJH FRPSULPp GDQV OHV SDVVDJHV G¶LUULJDWLRQ FDU FHOD GUIHQ NHLQHVIDOOV PLW UXFNOXIW JHUHLQLJW ZHUGHQ GD HV KLHUGXUFK ]X LUUHSDUDEOHQ 6FKlGHQ DQ LQQHQOLHJHQGHQLQWHUQDO SDUWV HQGRPPDJHUDLW LUUpPpGLDEOHPHQW OHV SLqFHV 7HLOHQ NRPPHQ NDQQ LQWHUQHV 2QO XVH WKH RPEL7RUTXH WR WLJKWHQ WKH )U GLH %HIHVWLJXQJ GHV (06,QVWUXPHQWV DP(06 LQVWUXPHQW RQ WKH KDQGSLHFH WR WKH FRUUHFW 8WLOLVHU XQLTXHPHQW OD RPEL7RUTXH SRXU +DQGVWFN PLW GHP NRUUHNWHQ UHKPRPHQW GDUI QXU GHUWRUTXH 2QFH WKH LQVWUXPHQW LV VFUHZHG DOO WKH IL[HU O¶LQVWUXPHQW (06 VXU OD SLqFH j PDLQ DX RPEL7RUTXH YHUZHQGHW ZHUGHQ 6REDOG GDV ,QVWUXPHQWZD LQ JLYH DQ H[WUD TXDUWHU RI D WXUQ WR REWDLQ WKH FRXSOH DSSURSULp 8QH IRLV O¶LQVWUXPHQW YLVVp VHUUHU YROOVWlQGLJ DXIJHVFKUDXEW LVW LVW HLQH ZHLWHUH 9LHUWHOUHTXLUHG WRUTXH HQFRUH G¶XQ TXDUW GH WRXU D¿Q G¶REWHQLU OH FRXSOH GUHKXQJ HUIRUGHUOLFK XP GDV HUIRUGHUOLFKH UHKPRPHQW GH VHUUDJH RSWLPDO ]X JHZlKUOHLVWHQ 7KH (06 RPEL7RUTXH FRPELQHV D WRUTXHZUHQFK DQG DQ LQGLYLGXDO ¿OH KROGHU ,W HQVXUHV /D RPEL7RUTXH (06 HVW OD FRPELQDLVRQ HU (06 RPEL7RUTXH VWHOOW HLQH .RPELQDWLRQ DXV HLQHP UHKPRPHQWVFKOVVHO XQG HLQHP LQGLYLGXHOOHQDQ LQVWDOODWLRQ DFFRUGLQJ WR VSHFLILFDWLRQV DQ G¶XQH FOp GQDPRPpWULTXH HW G¶XQ SRUWHOLPH )HLOHQKDOWHU GDU (U JHZlKUOHLVWHW HLQH ,QVWDOODWLRQ JHPl‰RUJDQL]HG VWRUDJH DQG D VDIHJXDUG DJDLQVW LQMXULHV LQGLYLGXHO (OOH SHUPHW XQ DVVHPEODJH UHVSHFWDQW GHU HQWVSUHFKHQGHQ 6SH]LILNDWLRQHQ HLQH JHRUGQHWHRU FRQWDPLQDWLRQ OHV VSpFL¿FDWLRQV XQ UDQJHPHQW VVWpPDWLVp HW XQH $XIEHZDKUXQJ GHU ,QVWUXPHQWH XQG HLQHQ 6FKXW] JHJHQ VpFXULWp FRQWUH OHV EOHVVXUHV HW OD FRQWDPLQDWLRQ 9HUOHW]XQJHQ RGHU .RQWDPLQDWLRQHQ
  65. 65. $23/$0,(172 ( /26 ),66$**,2 (*/, 67580(17, )b67$ 63(76$51$,167580(1726 6HTXH FRQ DLUH ODV FRQH[LRQHV SDUD $VFLXJDUH DOODULD OH FRQQHVVLRQL SHU 7RUND DQVOXWQLQJDUQD PHG HQ EOnVWRUN I|UHOLPLQDU OD SRVLEOH H[LVWHQFLD GH OtTXLGR JDUDQ HOLPLQDUH OHYHQWXDOH SUHVHQ]D GL OLTXLGL H JDUDQWLUH DWW DYOlJVQD HYHQWXHOO YlWVND RFK VlNHUVWlOODWL]DU XQ FRQWDFWR HOpFWULFR DGHFXDGR 1R DSOLTXH XQ FRUUHWWR FRQWDWWR HOHWWULFR 1RQ VRI¿DUH PDL DULD NRUUHNW HOHNWULVN NRQWDNW %OnV DOGULJ PHG WUFNOXIW LDLUH FRPSULPLGR HQ ODV FRQH[LRQHV GH LUULJDFLyQ FRPSUHVVD QHOOH FRQQHVVLRQL GL LUULJD]LRQH SRLFKp VSROQLQJVDQVOXWQLQJDUQD HIWHUVRP GHWWD NDQ VNDGDD TXH HVWR GDxDUi LUUHPHGLDEOHPHQWH ODV SDUWHV OH SDUWL LQWHUQH QH ULPDUUHEEHUR LUULPHGLDELOPHQWH LQUH GHODU SHUPDQHQWLQWHUQDV GDQQHJJLDWH $QYlQG HQGDVW GHQ RPEL7RUTXH I|U DWW 8VH VROR OD RPEL7RUTXH SDUD DMXVWDU HO 3HU ¿VVDUH JOL VWUXPHQWL (06 VXO PDQLSROR GUD IDVW (06VSHWVHQ Sn KDQGVWFNHW PHG UlWWLQVWUXPHQWR GH (06 GHO PDQJR DO SDU GH WRUVLyQ FRQ LO YDORUH FRUUHWWR GL FRSSLD XWLOL]]DUH HVFOXVLYD YULGPRPHQW 1lU VSHWVHQ KDU VNUXYDWV LQ KHOWFRUUHFWR 8QD YH] TXH HO LQVWUXPHQWR HVWp PHQWH LO RPEL7RUTXH 8QD YROWD FKH OR VWUXPHQWR GUDU GX nW WWHUOLJDUH HWW NYDUWV YDUY I|U DWW In UlWWHQURVFDGR GHOH XQ FXDUWR GH YXHOWD PiV SDUD q VWDWR DYYLWDWR FRPSOHWDPHQWH GDUH XQ XOWHULRUH YULGPRPHQWREWHQHU HO SDU GH WRUVLyQ QHFHVDULR TXDUWR GL JLUR SHU RWWHQHUH LO YDORUH GL FRSSLD (06 RPEL7RUTXH EHVWnU DY HQ PRPHQW ULFKLHVWR /D RPEL7RUTXH GH (06 FRPELQD XQD QFNHO RFK HQ VHSDUDW ¿OKnOODUH 9HUNWJHW VlNHUOODYH GLQDPRPpWULFD XQ SRUWDOLPDV LQGLYLGXDO /(06 RPEL7RUTXH LQWHJUD DVVLHPH XQD VWlOOHU DWW LQVWDOODWLRQHQ J|UV L HQOLJKHW PHG VSHFL*DUDQWL]D XQD LQVWDODFLyQ FRQIRUPH D ODV FKLDYH WHQVLRPHWULFD H XQ SRUWDOLPH LQGLYLGXDOH ¿NDWLRQHUQD VDPW lU HWW EUD I|UYDULQJVVWlOOH VRPHVSHFL¿FDFLRQHV XQ DOPDFHQDPLHQWR HQ RUGHQ *DUDQWLVFH XQD LQVWDOOD]LRQH FRUUHWWD FRQIRUPH VNGGDU ¿ODUQD PRW VNDGRU RFK NRQWDPLQHULQJ VHJXULGDG IUHQWH D OHVLRQHV R FRQWDPLQDFLyQ DOOH VSHFL¿FKH XQR VWRFFDJJLR RUJDQL]]DWR H XQD SURWH]LRQH GD OHVLRQL H FRQWDPLQD]LRQL
  66. 66. )LOH KROGHUV 3RUWHOLPHV )HLOHQKDOWHU7KH ¿OH KROGHUV DUH DYDLODEOH LQ ƒ ƒ RU ƒ /HV SRUWHOLPHV VRQW GLVSRQLEOHV HQ YHUVLRQ ƒ LH )HLOHQKDOWHU VLQG LQ HLQHP :LQNHO YRQ ƒ ƒVWUDLJKW
  67. 67. RULHQWDWLRQV WR DGDSW WR SDUWLFXODU FRQ¿JX ƒ HW ƒ GURLW
  68. 68. D¿Q GH V¶DGDSWHU DX[ FRQ¿JX XQG ƒ JHUDGH
  69. 69. HUKlOWOLFK XP HLQH $QSDVVXQJUDWLRQV UDWLRQV SDUWLFXOLqUHV DQ YHUVFKLHGHQH .RQ¿JXUDWLRQHQ ]X JHZlKUOHLVWHQ 8VH RQO WKH SURYLGHG ÀDW ZUHQFK WR WLJKWHQ 8WLOLVHU XQLTXHPHQW OD FOp SODWH IRXUQLH SRXU )U GLH %HIHVWLJXQJ GHU )HLOHQKDOWHU DPWKH ¿OH KROGHUV RQ WKH KDQGSLHFH DV ZHOO DV IRU VHUUHU OHV SRUWHOLPHV VXU OD SLqFH j PDLQ DLQVL TXH +DQGVWFN XQG IU GLH VFKRQHQGH %HIHVWLJXQJ YRQJHQWO WLJKWHQLQJ WKH LQVWUXPHQWV RU ¿OHV LQ WKH SRXU VHUUHU GpOLFDWHPHQW OHV LQVWUXPHQWV RX OLPHV ,QVWUXPHQWHQ RGHU )HLOHQ LP 6SDQQIXWWHU GDUI QXUFKXFN R QRW RYHUWLJKWHQ GDQV OH PDQGULQ 1H SDV VHUUHU WURS IRUW GHU PLWJHOLHIHUWH 6FKUDXEHQVFKOVVHO YHUZHQGHW ZHUGHQ 1LFKW ]X IHVW DQ]LHKHQ R QRW WLJKWHQ WKH FKXFN QXW ZKHQ QR ¿OH RU 1H SDV VHUUHU O¶pFURX GX PDQGULQ TXDQGLQVWUXPHQW LV LQVWDOOHG DV WKLV PD GDPDJH LW DXFXQH OLPH RX LQVWUXPHQW Q¶HVW LQVWDOOp FDU FHOD 6FKUDXEHQ 6LH GLH hEHUZXUIPXWWHU GHV SRXUUDLW O¶HQGRPPDJHU 6SDQQIXWWHUV QLH RKQH )HLOH RGHU ,QVWUXPHQW IHVW GD GLHV ]X 6FKlGHQ DP *HUlW IKUHQ NDQQ
  70. 70. 3RUWDOLPDV 3RUWDOLPH )LOKnOODUH/RV SRUWDOLPDV HVWiV GLVSRQLEOHV HQ iQJXORV GH , SRUWDOLPH VRQR GLVSRQLELOL FRQ RULHQWDPHQWL GL ƒ )LOKnOODUQD ¿QQV PHG E|MDU Sn ƒ ƒ RFK ƒƒ ƒ y ƒ UHFWR
  71. 71. SDUD DGDSWDUVH D GLVWLQWDV ƒ R ƒ UHWWR
  72. 72. LQ PRGR GD SRWHUVL DGDWWDUH D UDND

×