Tus neeg siv phau ntawv

$OOXPH]OҴDSSOLFDWLRQHWOH%OXHWRRWK5HFKHUFKH] HWV«OHFWLRQQH] 
OҴDSSDUHLOGDQVOҴDSSOLFDWLRQ
(QŀQOLH] OҴDSSDUHLOGDQVOҴDSSOLFDWLRQ
FR
0DUFKH$UU¬W
7RXFKHSK\VLTXH
'«FRXYULUOҲDSSDUHLO
'VV[_ KX Y[X R GZ U[INKVN_YOW[K
'«VDFWLYHUOHVUDSSHOVGDQVOҴLQWHUIDFHmb5 DSSHOb}
$OOXPHUOҴ«FUDQORUVTXҴLOHVW«WHLQW
5HYHQLUDXFDGUDQGHPRQWUHORUVTXHYRXV¬WHVGDQVGҴDXWUHV
LQWHUIDFHV'DQVOHFDGUDQOHVDSSOLFDWLRQV
&KURQRPªWUH&DOFXODWULFH([HUFLFHVҴH[«FXWHQWHQDUULªUHSODQ
WDQGLVTXHOHVDXWUHVFHVVHQWGHVҴH[«FXWHU
$FF«GHU¢ODOLVWHGHVIRQFWLRQV
3OYKKTSGX INK
/RUVTXHYRXVFRPPHQFH] ¢FKDUJHUOҴDSSDUHLOLOVҴDFWLYHUD
DXWRPDWLTXHPHQW
(GR G_KXRɊ®IXGT\KXYRKNG[ZU[RKHGY
3RXUEDVFXOHUHQWUHOHVSDJHVGXP¬PHQLYHDXRX
3RXUDŃFKHUXQWH[WHORQJRXGHVG«WDLOV
(GR G_KXRɊ®IXGT\KXYRGMG[INKU[RGJXUOZK
3RXUEDVFXOHUHQWUHOHVSDJHVGXP¬PHQLYHDX
' VV[ _ KX KZ SGOTZ KTOX G VV[ _®KRGZU[INKVN_YOW[K
3RXUDOOXPHUODSSDUHLO
(QPRGHGHFKDUJHPHQWDSSX\H] VXUODWRXFKHSK\VLTXH
SHQGDQWVHFRQGHVSRXUU«LQLWLDOLVHUOHSURJUDPPHVDQVHłDFHU
OHVGRQQ«HV
5HPDUTXHOҴDSSDUHLOGRLW¬WUHFKDUJ«HWDFWLY«DYDQWODSUHPLªUHXWLOLVDWLRQ9HXLOOH]
WRXMRXUVXWLOLVHUOHFKDUJHXUGҴRULJLQHSRXUFKDUJHUOҴDSSDUHLO
'X X¯Z
&KHPLQGҴDUU¬W
>&RQŀJXUDWLRQ@Ӯ>$UU¬W@
$SSX\H] HWPDLQWHQLUDSSX\«HODWRXFKH
SK\VLTXHSRXUDOOXPHUOҴDSSDUHLO
7«O«FKDUJHUOҲDSSOLFDWLRQ
6FDQQH] OHFRGH45 VXLYDQWSRXUW«O«FKDUJHU
m9HU\)LW}RXUHFKHUFKHUHWW«O«FKDUJHU
m9HU\)LW}GDQVm$336WRUH}VXUYRWUHW«O«SKRQH
$VVRFLDWLRQ
SUHQGHQFKDUJHGHVIRQFWLRQQDOLW«VWHOOHVTXHbPRGHVGҴH[HUFLFH
PXOWLSOHVVDQW«GHVIHPPHVP«W«RERXWLTXHGHFDGUDQV
HQWUD°QHPHQWUHVSLUDWRLUHVXUYHLOODQFHGHODIU«TXHQFHFDUGLDTXH
VXUYHLOODQFHGXVRPPHLOVXUYHLOODQFHGXQLYHDXGHVWUHVV
G«WHFWLRQGXQLYHDXGҴR[\JªQHGDQVOHVDQJQRWLŀFDWLRQVHWF
3RXUREWHQLUGHVLQVWUXFWLRQVHWXQH)$4VXUFHVIRQFWLRQVRXYUH]
OҴDSSOLFDWLRQSRXUDFF«GHUDXJXLGHGHOҴXWLOLVDWHXUSRXUREWHQLU
GHVU«SRQVHV
9RLFLWURLVUHFRPPDQGDWLRQVVXUOHSRUWHWOҴHQWUHWLHQ
)R OW[K`Y[X R Ɋ®IXGT
3RXUDOOHU¢ODVRXVSDJH
3RXUWHUPLQHUODFWLRQFRUUHVSRQGDQWH
HQIRQFWLRQGHODWRXFKHVXUO«FUDQVXU
ODTXHOOHYRXVDYH]FOLTX«
)ROW[KXKZSGOTZKTOXGVV[_®Y[XRɊ®IXGT
3RXUFKDQJHUOHIRQGG«FUDQGXFDGUDQGH
ODPRQWUH
FUDQ
7RXFKH
'«PDUUDJHUDSLGH
7«O«FKDUJHPHQWHWDVVRFLDWLRQ
8WLOLVDWLRQGHOҴ«FUDQ
)RQFWLRQV
0DLQWHQLUOҴDSSDUHLOSURSUH
0DLQWHQLUOҴDSSDUHLOVHF
1HSDUSRUWHUOҴDSSDUHLOWURSVHUU«

1HSDVXWLOLVHUGHSURGXLWVQHWWR\DQWVP«QDJHUVSRXUQHWWR\HU
OҴDSSDUHLO8WLOLVHUSOXW¶WGHVQHWWR\DQWVVDQVVDYRQ

3RXUOHVWDFKHVGLŃFLOHV¢HQOHYHULOHVWUHFRPPDQG«GHIURWWHUDYHF
GHOҴDOFRRO
,PSHUP«DELOLW«ODSSDUHLOQHVWSDVDGDSW«¢ODSORQJ«H¢ODQDWDWLRQ
GDQVODPHUQLSRXUXQHXWLOLVDWLRQGDQVXQVDXQD,OSHXW¬WUHSRUW«
GDQVXQHSLVFLQHVRXVODGRXFKHHDXIURLGHHWSRXUOHVEDLJQDGHVHQ
HDX[SHXSURIRQGHV
3RXUSU«YHQLUODG«IDLOODQFHGH OҴDSSDUHLOOҴLQFHQGLHHW OҴH[SORVLRQ
QHMDPDLVSODFHUOҴDSSDUHLORXVHVDFFHVVRLUHVGDQVXQH]RQH¢WUªV
KDXWHWHPS«UDWXUHRX¢WUªVEDVVHWHPS«UDWXUH
3RXU «YLWHU GHQGRPPDJHU ODSSDUHLO HW VHV DFFHVVRLUHV HW SRXU
«YLWHUTXLOWRPEHHQSDQQHSURW«JH]WRXMRXUVODSSDUHLOFRQWUHOHV
FKRFVRXOHVLPSDFWVYLROHQWV
1HG«PRQWH]SDVRXQHPRGLŀH]SDVOҴDSSDUHLORXVHVDFFHVVRLUHV
VDQV DXWRULVDWLRQ 7RXWHSDQQH GH ODSSDUHLO GRLW ¬WUHVLJQDO«H ¢
QRWUHVHUYLFHDSUªVYHQWH
6«FXULW«
0DQWHQHUHOGLVSRVLWLYROLPSLR
0DQWHQHUHOGLVSRVLWLYRVHFR
1RXVDUHOGLVSRVLWLYRGHPDVLDGRDMXVWDGR

1RXWLOL]DUOLPSLDGRUHVGRP«VWLFRVSDUDOLPSLDUHOGLVSRVLWLYR(Q
FDPELRVHGHEHQXWLOL]DUOLPSLDGRUHVOLEUHVGHMDEµQ

3DUDODVPDQFKDVTXHVRQGLI¯FLOHVGHUHPRYHUVHUHFRPLHQGD
OLPSLDUFRQDOFRKRO
5HQGLPLHQWRLPSHUPHDEOHHOGLVSRVLWLYRQRHVDGHFXDGRSDUDEXFHDU
QDGDUHQHOPDURHQHOVDXQDHVDGHFXDGRSDUDSLOHWDVGHQDWDFLµQ
SDUDODGXFKDDJXDIU¯D\SDUDODQDWDFLµQHQDJXDVSRFRSURIXQGDV
$ŀQGHHYLWDUIDOODVHQHOGLVSRVLWLYRLQFHQGLR\H[SORVLµQQXQFD
VHGHEHFRORFDUHOGLVSRVLWLYRRVXVDFFHVRULRVHQ£UHDVGH
WHPSHUDWXUDVH[WUHPDGDPHQWHDOWDVRH[WUHPDGDPHQWHEDMDV
3DUDHYLWDUHOGD³RDOGLVSRVLWLYRHOGD³RDVXVDFFHVRULRV\IDOODV
HQHOGLVSRVLWLYRVLHPSUHVHGHEHSURWHJHUHOGLVSRVLWLYRFRQWUD
LPSDFWRVIXHUWHVRFKRTXHV
1RVHGHEHGHVPRQWDURPRGLŀFDUHOGLVSRVLWLYRRVXVDFFHVRULRV
VLQSUHYLDDXWRUL]DFLµQ&XDOTXLHUIDOODGHOGLVSRVLWLYRGHEHVHU
UHPLWLGDDQXHVWURSHUVRQDOGHVHUYLFLRGHSRVYHQWD
6HJXULGDG
(QWUHWLHQ
(QFLHQGDODDSOLFDFLµQ\%OXHWRRWK%XVTXH\VHOHFFLRQHHO
GLVSRVLWLYRHQOD$3/,&$&,1
)LQDOPHQWHYLQFXOHHOGLVSRVLWLYRHQOD$3/,&$&,1
ES
(QFHQGLGRDSDJDGR
%RWµQI¯VLFR
&RQRFLHQGRHOGLVSRVLWLYR
6[R YGX KR HUZ¸TL²YOIU
'HVDFWLYDUORVUHFRUGDWRULRVHQODLQWHUID]5HFRUGDWRULR
(QFHQGHUODSDQWDOODFXDQGRHVW£DSDJDGD
9ROYHUDODSDQWDOODGHUHORMHVWDQGRHQRWUDVLQWHUIDFHV(QOD
SDQWDOODGHOUHORMODVDSOLFDFLRQHV
&URQµPHWUR&DOFXODGRUD(MHUFLFLRVHHMHFXWDQHQVHJXQGR
SODQRPLHQWUDVTXHODVGHP£VGHMDQGHI XQFLRQDU
$FFHGHUDODOLVWDGHI XQFLRQHV
+TIKTJOJU
&XDQGRLQLFLHODFDUJDGHOGLVSRVLWLYR«VWHVHHQFHQGHU£
DXWRP£WLFDPHQWH
*KYR O`GX RGVGTZ GRRGNGIOGGXXOHGGHGP U
&DPELDUHQWUHODVS£JLQDVHQHOPLVPRQLYHOR
9LVXDOL] DUHOWH[ WRODUJRRORVGHWDOOHV
*KYR O`GX RGVGTZ GRRGNGIOGRGO`W[OKXJGJKXKING
&DPELDUHQWUHODVS£JLQDVHQHOPLVPRQLYHO
6[R YGX _YUYZ KTKX KR HUZ¸TL²YOIU
(QFHQGHUHOGLVSRVLWLYRHQHVWDGRDSDJDGR
(QHOHVWDGRGHFDUJDSXOVDU\VRVWHQHUHOERWµQI¯VLFRGXUDQWH
VHJSDUDUHVWDEOHFHUHOSURJUDPDVLQERUUDUORVGDWRV
1RWDHOGLVSRVLWLYRGHEHVHUFDUJDGR\DFWLYDGRDQWHVGHVXSULPHUXVRVLHPSUHVH
GHEHXVDUHOFDUJDGRURULJLQDOSDUDFDUJDUHOGLVSRVLWLYR
'VGMGJU
5XWDGHODSDJDGR
>&RQŀJXUDFLµQ@Ӯ>$SDJDGR@
3XOVDU\VRVWHQHUHOERWµQI¯VLFRSDUD
HQFHQGHUHOGLVSRVLWLYR
'HVFDUJDGHODDSOLFDFLµQ
'LJLWDOL] DUHOVLJXLHQWHFµGLJR45 SDUDGHVFDUJDU
m9HU\)LW}REXVFDU\GHVFDUJDUm9HU\)LW}HQOD
m7LHQGDGHDSOLFDFLRQHV}HQVXWHO«IRQR
(PSDUHMDPLHQWR
.GIKX IR OIKTRGVGTZ GRRG
,UDODVXES£JLQD
&RPSOHWDUODDFFLµQFRUUHVSRQGLHQWH
VHJ¼QHOERWµQHQSDQWDOODVREUHHO
FXDOKDJDFOLF
.GIKX IR OI_YUYZ KTKX RGVGTZ GRRG
&DPELDUHOIRQGRGHSDQWDOODIURQWDO
GHOUHORM
3DQWDOOD
%RWµQ
,QLFLRU£SLGR
'HVFDUJD\HPSDUHMDPLHQWR
2SHUDFLRQHVGHODSDQWDOOD
$FRQWLQXDFLµQVHGHWDOODQWUHVUHFRPHQGDFLRQHVDFHUFDGHOXVR\GHO
PDQWHQLPLHQWR
0DQWHQLPLHQWR
HVFRPSDWLEOHFRQI XQFLRQHVFRPRP¼OWLSOHVPRGRVGHHMHUFLFLR
VDOXGIHPHQLQDWLHPSRWLHQGDGHSDQWDOODGHOUHORM
HQWUHQDPLHQWRGHUHVSLUDFLµQPRQLWRUL] DFLµQGHOULWPRFDUG¯DFR
PRQLWRUL] DFLµQGHOVXH³RPRQLWRUL]DFLµQGHOQLYHOGHHVWU«V
GHWHFFLµQGHOQLYHOGHR[¯JHQRHQVDQJUHQRWLŀFDFLRQHVHWF3DUD
YHULQVWUXFFLRQHV\SUHJXQWDVIUHFXHQWHVVREUHHVWDVIXQFLRQHV
DEUDODDSOLFDFLµQ\DFFHGDDODJX¯DGHOXVXDULRSDUDFRQRFHUODV
UHVSXHVWDV
)XQFLRQHV
$WWLYDUHOҴ$33HLO%OXHWRRWK&HUFDUHHVHOH] LRQDUHLOGLVSRVLWLYR
QHOOҴ$33
,QŀQHDSSDLDUHLOGLVSRVLWLYRDOOҴ$33
IT
$FFHQVLRQH6SHJQLPHQWR
7DVWRŀVLFR
&RQRVFHUHLOGLVSRVLWLYR
7DVWRŀVLFR
3RUWDGL
FDULFDPHQWR
/('+5
6XKSKXKORZGYZU灣YOIU
'LVDWWLYDUHLSURPHPRULDQHOOLQWHUIDFFLD3URPHPRULD
$WWLYDUHORVFKHUPRTXDQGRªVSHQWR
7RUQDUHDOODVFKHUPDWDGHOORURORJLRGDDOWUHLQWHUIDFFH1HO
TXDGUDQWHOHDSS&URQRPHWUR&DOFRODWULFH$OOHQDPHQWR
YHQJRQRHVHJXLWHLQEDFNJURXQGPHQWUHDOWUHDSSVL
LQWHUURPSRQR
$FFHGHUHDOOHOHQFRGHOOHI XQ] LRQL
'IIKTYOUTK
4XDQGRVLLQL] LDDFDULFDUHLOGLVSRVLWLYRVLDFFHQGHU¢DXWRPDWLFD
PHQWH
,GXYIUXXKXKRUYINKXSUY[KMO¾
3HUSDVVDUHWUDSDJLQHGHOORVWHVVROLYHOORR
3HUYHGHUHXQWHVWROXQJRRGHWWDJOL
,GXYIUXXKXKRUYINKXSUGJKYZXGKYOTOYZXG
3HUSDVVDUHWUDSDJLQHGHOORVWHVVROLYHOOR
:KTKXKVXKS[ZUORZGYZU灣YOIU
3HUDFFHQGHUHLOGLVSRVLWLYRVHªVSHQWR
,QVWDWRGLFDULFDPHQWRWHQHUHSUHPXWRLOWDVWRŀVLFR
SHUVSHUUHVHWWDUHLOSURJUDPPDVHQ] DHOLPLQDUHLGDWL
1RWDLOGLVSRVLWLYRGHYHHVVHUHFDULFDWRHGDWWLYDWRSULPDGHOSULPRXWLOL]]RXWLOL]]DUH
VHPSUHLOFDULFDWRUHRULJLQDOHSHUFDULFDUHLOGLVSRVLWLYR
9VKMTOSKTZ U
3HUFRUVRGLVSHJQLPHQWR
>&RQŀJXUD] LRQH@Ӯ>6SHJQLPHQWR@
7HQHWHSUHPXWRLOWDVWRŀVLFRSHU
DFFHQGHUHOXQLW¢
6FDULFDUHOD$33
(łHWWXDUHXQDVFDQVLRQHGHOVHJXHQWH45FRGHSHU
VFDULFDUHұ9HU\)LWҲRFHUFDUHHVFDULFDUH
ұ9HU\)LWҲQHOOҴҲ$33VWRUHҲVXOSURSULRWHOHIRQR
$SSDLDPHQWR
,OGLVSRVLWLYRVXSSRUWDIXQ]LRQLFRPHPRGDOLW¢GLDOOHQDPHQWRPXOWLSOH
VDOXWHGHOODGRQQDPHWHRVWRUHTXDGUDQWLDOOHQDPHQWRGHOUHVSLUR
PRQLWRUDJJLRGHOODIUHTXHQ]DFDUGLDFDPRQLWRUDJJLRGHOVRQQR
PRQLWRUDJJLRGHOOLYHOORGLVWUHVVULOHYDPHQWRGHOOLYHOORGLRVVLJHQRQHO
VDQJXHQRWLŀFKHHFF3HULVWUX]LRQLHGRPDQGHIUHTXHQWLUHODWLYHD
TXHVWHIXQ]LRQLDSULUHODSSSHUDFFHGHUHDOODJXLGDGHOOXWHQWHSHUOH
ULVSRVWH
6RWWRVRQRULSRUWDWHWUHUDFFRPDQGD] LRQLSHULQGRVVDUHOR
VPDUWZDWFKHGHłHWWXDUHODPDQXWHQ]LRQH
0DQWHQHUHLOGLVSRVLWLYRSXOLWR
0DQWHQHUHLOGLVSRVLWLYRDVFLXWWR
1RQLQGRVVDUHLOGLVSRVLWLYRWURSSRVWUHWWR

1RQXWLOL]]DWHSURGRWWLGLSXOL]LDFDVDOLQJDSHUSXOLUHLOGLVSRVLWLYR
8WLOL]]DUHSXOLWRULSULYLGLVDSRQHLQYHFH

3HUPDFFKLHRVWLQDWHVLUDFFRPDQGDGLSXOLUHFRQDOFRO
,PSHUPHDELOLW¢LOGLVSRVLWLYRQRQªDGDWWRDWXŃQXRWDWHLQPDUHR
VDXQDªDGDWWRDSLVFLQHGRFFHDFTXDIUHGGDHQXRWDWHLQDFTXD
EDVVD
)R OIIGXKY[RRUYINKX SU
3HUDFFHGHUHDOODVRWWRSDJLQD
3HUFRPSOHWDUHOD] LRQH
FRUULVSRQGHQWHDVHFRQGDGL
TXDOHWDVWRDVFKHUPRVLªFOLFFDWR
:KTKXKVXKS[ZURUYINKXSU
3HUFDPELDUHORVFKHUPRGHO
TXDGUDQWHGHOOҴRURORJLR
)DFFLDWD
GHOOҴRURORJLR
7DVWRŀVLFR
3HUSUHYHQLUHJXDVWLDOGLVSRVLWLYRLQFHQGLHGHVSORVLRQLQRQSRUUHPDL
LOGLVSRVLWLYRRLVXRLDFFHVVRULLQDUHHFRQWHPSHUDWXUHHVWUHPDPHQWH
DOWHRHVWUHPDPHQWHEDVVH
3HUSUHYHQLUHGDQQLDOGLVSRVLWLYRDJOLDFFHVVRULRJXDVWLDOGLVSRVLWLYR
SURWHJJHUORVHPSUHGDIRUWLLPSDWWLRVKRFN
1RQ VPRQWDUH R PRGLŀFDUH LO GLVSRVLWLYR R L VXRL DFFHVVRUL VHQ]D
DXWRUL]]D]LRQH4XDOVLDVLJXDVWRGHOGLVSRVLWLYRGHYHHVVHUHULIHULWRDO
QRVWURSHUVRQDOHGLVHUYL]LRSRVWYHQGLWD
$YYLRUDSLGR
6FDULFDPHQWRHDSSDLDPHQWR
2SHUD]LRQLDVFKHUPR
)XQ]LRQL
6LFKHUKHLW
0DQXWHQ]LRQH
&$87,21
5 ,6.2)(;3/26,21,)%$77(5<,65 (3/$&('
%<$1,1&255(&77<3(
',6326(2)86('%$77(5,(6$&&25',1*
727+(,16758&7,216
2OGHOHFWULFDODSSOLDQFHVPXVWQRWEHGLVSRVHGRI 
WRJHWKHUZLWKWKHUHVLGXDOZDVWHEXWKDYHWREH
GLVSRVHGRI VHSDUDWHO\7KHGLVSRVDODWWKHFRPPXQDO
FROOHFWLQJSRLQWYLDSULYDWHSHUVRQVLVIRUIUHH7KHRZQHU
RI ROGDSSOLDQFHVLVUHVSRQVLEOHWREULQJWKHDSSOLDQFHV
WRWKHVHFROOHFWLQJSRLQWVRUWRVLPLODUFROOHFWLRQSRLQWV
:LWKWKLVOLWWOHSHUVRQDOHłRUW\RXFRQWULEXWHWRUHF\FOH
YDOXDEOHUDZPDWHULDOVDQGWKHWUHDWPHQWRIWR[LF
VXEVWDQFHV
,I \RXH[ SHULHQFHGLVFRPIRUWRUVNLQLUULWDWLRQZKHQZHDULQJ\RXU
VPDUWZDWFKWKHQZHUHFRPPHQG\RXWU\FOHDQLQJ\RXUGHYLFH
6RPHWLPHVUHVLGXHRUIRUHLJQPDWHULDOVEXLOGXSDURXQG\RXU
GHYLFHDQGPD\DJJUDYDWH\RXUVNLQ,WVDOVRSRVVLEOHWKDW\RXDUH
QRWZHDULQJWKHZDWFKFRUUHFWO\:HUHFRPPHQGPDNLQJVXUHWR
FOHDQDQGDGMXVW\RXUZDWFKUHJXODUO\IRUDPRUHFRPIRUWDEOHŀW
&DXWLRQ
Ȭ,I \RXH[ SHULHQFHVN LQLUULWDWLRQZKHQZHDULQJ\RXUZDWFKSOHDVH
UHIUDLQIURPZHDULQJDQGZDLWWZRWRWKUHHGD\VWRVHHLI\RXU
V\PSWRPVHDVH,IV\PSWRPVSHUVLVWRUZRUVHQSOHDVHFRQVXOWD
SK\VLFLDQ
Ȭ,I \RXKDYHHF]HPDDOOHUJLHVRUDVWKPD\RXPD\EHPRUHOLNHO\
WRH[ SHULHQFHDVN LQLUULWDWLRQRUDOOHUJ\I URPDZHDUDEOHGHYLFH
&$87,21
Ȭ5 LVN RI H[ SORVLRQLI WKHEDWWHU\LVUHSODFHGE\DQLQFRUUHFWW\SH
ȬGLVSRVDORI DEDWWHU\LQWRŀUHRUDKRWRYHQRUPHFKDQLFDOO\
FUXVKLQJRUFXWWLQJRI DEDWWHU\WKDWFDQUHVXOWLQDQH[SORVLRQ
ȬOHDYLQJDEDWWHU\LQDQH[ WUHPHO\KLJKWHPSHUDWXUHVXUURXQGLQJ
HQYLURQPHQWWKDWFDQUHVXOWLQDQH[SORVLRQRUWKHOHDNDJHRI
ŁDPPDEOHOLTXLGRUJDV
ȬDEDWWHU\VXEMHFWHGWRH[WUHPHO\ORZDLUSUHVVXUHWKDWPD\UHVXOW
LQDQH[ SORVLRQRUWKHOHDNDJHRI ŁDPPDEOHOLTXLGRUJDV
,IWKLVHTXLSPHQWGRHVFDXVHKDUPIXOLQWHUIHUHQFHWRUDGLRRUWHOHYLVLRQ
UHFHSWLRQZKLFKFDQEHGHWHUPLQHGE\WXUQLQJWKHHTXLSPHQWRłDQG
RQWKHXVHULVHQFRXUDJHGWRWU\WRFRUUHFWWKHLQWHUIHUHQFHE\RQHRU
PRUHRIWKHIROORZLQJPHDVXUHV
5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQD
,QFUHDVHWKHVHSDUDWLRQEHWZHHQWKHHTXLSPHQWDQGUHFHLYHU
&RQQHFWWKHHTXLSPHQWLQWRDQRXWOHWRQDFLUFXLWGLłHUHQWIURP
WKDWWRZKLFKWKHUHFHLYHULVFRQQHFWHG
&RQVXOWWKHGHDOHURUDQH[SHULHQFHGUDGLR79WHFKQLFLDQIRUKHOS
7KLVHTXLSPHQWKDVEHHQWHVWHGDQGIRXQGWRFRPSO\ZLWKWKH
OLPLWVIRUD&ODVV%GLJLWDOGHYLFHSXUVXDQWWR3DUWRIWKH)&&
5XOHV7KHVHOLPLWVDUHGHVLJQHGWRSURYLGHUHDVRQDEOHSURWHFWLRQ
DJDLQVWKDUPI XOLQWHUIHUHQFHLQDUHVLGHQWLDOLQVWDOODWLRQ
7KLVHTXLSPHQWJHQHUDWHVXVHVDQGFDQUDGLDWHUDGLR
IUHTXHQF\HQHUJ\DQGLIQRWLQVWDOOHGDQGXVHGLQDFFRUGDQFHZLWK
WKHLQVWUXFWLRQVPD\FDXVHKDUPI XOLQWHUIHUHQFHWRUDGLR
FRPPXQLFDWLRQV+RZHYHUWKHUHLVQRJXDUDQWHHWKDWLQWHUIHUHQFH
ZLOOQRWRFFXULQDSDUWLFXODULQVWDOODWLRQ
&KDQJHVRUPRGLŀFDWLRQVQRWH[ SUHVVO\DSSURYHGE\WKHSDUW\
UHVSRQVLEOHIRUFRPSOLDQFHFRXOGDYRLGWKHXVHUҴVDXWKRULW\WR
RSHUDWHWKHHTXLSPHQW
7KLVGHYLFHFRPSOLHVZLWK3DUWRIWKH)&&5XOHV2SHUDWLRQLV
VXEMHFWWRWKHIROORZLQJWZRFRQGLWLRQV
WKLVGHYLFHPD\QRWFDXVHKDUPIXOLQWHUIHUHQFHDQG
WKLVGHYLFHPXVWDFFHSWDQ\LQWHUIHUHQFHUHFHLYHGLQFOXGLQJ
LQWHUIHUHQFHWKDWPD\FDXVHXQGHVLUHGRSHUDWLRQ
7KHGHYLFHPHHWVWKH(852+6FULWHULRQ
3OHDVHUHIHUWR,(&(852+6
'LUHFWLYH(8DQGUHYLVHGGLUHFWLYH
%RWµQI¯VLFR
3XHUWRGH
FDUJD
+5/('
7RXFKH
SK\VLTXH
3RUWGHFKDUJH
PDJQ«WLTXH
/('+5