+4 *+ +9 ,8 /: :)2 5RERW 9DFXXP 8VHU 0DQXDO 3OHDVH UHDG WKLV PDQXDO FDUHIXOO\ EHIRUH XVLQJ WKLV SURGXFW DQG NHHS LW IRU ODWHU XVH
(QJOLVK 5RERW 9DFXXP 8VHU 0DQXDO 'HXWVFK 6DXJURERWHU %HQXW]HUKDQGEXFK (VSDxRO 0DQXDO GHO XVXDULR GHO URERW DVSLUDGRU )UDQoDLV 0DQXHO G XWLOLVDWLRQ GH O DVSLUDWHXU URERW ,WDOLDQR 0DQXDOH G XVR GHOO DVSLUDSROYHUH URERW
+4 6ZHHYD 5RERW YDFXXP &DWDORJXH 3URGXFWLRQ GHVFULSWL R Q 3DFNDJLQJ OLVW 6 DIHW\ LQVWUXFWLRQV 3 URGXFW XVH
+4 3URGXFW GHVFULSWLRQ 5RERW 9DFXXP 6WDUW EXWWRQ LQGLFDWRU )RUZDUG FROOLVLRQ EXPSHU :L )L VWDWXV OLJKW $QWL FROOLVLRQ VHQVRU :DOO VHQVRU $LU RXWOHW 'XVWELQ ER[ %RWWRP RI 5RERW 9DFXXP $QWL GURS VHQVRU 2PQL GLUHFWLRQ ZKHHO &KDUJLQJ FRQWDFWV 6LGH EUXVK %DWWHU\ GRRU :KHHO GRRU 5LJKW ZKHHO /HIW ZKHHO 5ROOHU EUXVK 21 3RZHU EXWWRQ 2)) 5ROOHU EUXVK )UDPH &KDUJLQJ EDVH 3RZHU LQGLFDWRU 6LJQDO HPLVVLRQ ZLQGRZ '& SRZHU MDFN &KDUJLQJ FRQWDFWV
+4 3DFNDJLQJ OLVW 5RERW YDFXXP ; &KDUJLQJ EDVH ; 3RZHU DGDSWHU ; $GGLWLRQDO ¿OWHU ; &OHDQLQJ NQLIH ; 6LGH EUXVKHV ; 5HPRWH FRQWURO ; $$$ %DWWHU\ ; 8VHU PDQXDO DQG RWKHU GRFXPHQW ; 0DJQHWLF VWULSH ; 'RXEOH VWULSH ;
+4 6DIHW\ LQVWUXFWLRQV 7KH IROORZLQJ SUHFDXWLRQV JXLGH XVHUV RQ KRZ WR XVH WKH SURGXFW VDIHO\ DQG FRUUHFWO\ WR DYRLG WKH ULVN RI LQMXU\ RU GDPDJH %DVLF SUHFDXWLRQV $IWHU UHDGLQJ WKLV PDQXDO SOHDVH NHHS LW LQ DQ HDVLO\ DFFHVVLEOH SODFH 7KLV V\PERO LV D ZDUQLQJ V\PER 7KLV V\PERO ZDUQV \RX RI SRWHQWLDO KD]DUGV WKDW PD\ FDXVH ƹ SURSHUW\ GDPDJH RU VHULRXV LQMXU\ RU GHDWK ƹ :DUQLQJ UHIHUV WR D VLWXDWLRQ WKDW LI QRW DYRLGHG PD\ UHVXOW LQ GHDWK RU VHULRXV LQMXU\ ƹ %H FDUHIXO RI IO
+4 ƹ &KLOGUHQ VKDOO QRW SOD\ ZLWK WKH DSSOLDQFH &OHDQLQJ DQG XVHU PDLQWHQDQFH VKDOO QRW EH PDGH E\ FKLOGUHQ ZLWKRXW VXSHUYLVLRQ ƹ 7KH EDWWHU\ PXVW EH UHPRYHG IURP WKH DSSOLDQFH EHIRUH LW LV VFUDSSHG ƹ 7KH DSSOLDQFH PXVW EH GLVFRQQHFWHG IURP WKH VXSSO\ PDLQV ZKHQ UHPRYLQJ WKH EDWWHU\ ƹ 7KH EDWWHU\ LV WR EH GLVSRVHG RI VDIHO\ %H FDUHIXO ƹ &DUHIXOO\ SURWHFW WKH SRZHU FRUG DYRLG SXOOLQJ WZLVWLQJ EHLQJ FDXJKW E\ WKH GRRU RU GDPDJH DQG FUXVKLQJ FDXVHG E\ RWKHU KHDY\ REMHFWV 'R QRW XVH WKH DSSOLDQFH LI
+4 127( 7KLV HTXLSPHQW KDV EHHQ WHVWHG DQG IRXQG WR FRPSO\ ZLWK WKH OLPLWV IRU D &ODVV % GLJLWDO GHYLFH SXUVXDQW WR SDUW RI WKH )&& 5XOHV 7KHVH OLPLWV DUH GHVLJQHG WR SURYLGH UHDVRQDEOH SURWHFWLRQ DJDLQVW KDUPIXO 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 KDUPIXO LQWHUIHUHQFH WR UDGLR FRPPXQLFDWLRQV +RZHYHU WKHUH L
+4 3UHSDUH 3OHDVH LQVWDOO VLGH EUXVKHV EHIRUH XVH 5HPRYH WKH OLPLW VWULSHV LQ WKH 6ZHHYD¶V IRUZDUG FROOLVLRQ EXPSHU RQ ERWK VLGHV ķ ĸ 21 2)) %HIRUH XVH WKH XVHU VKRXOG UHPRYH WKH IRDP SODFHG RQ ERWK VLGHV RI WKH IURQW EXPSHU 3ODFH WKH &KDUJLQJ EDVH RQ D KDUG OHYHO VXUIDFH DQG DJDLQVW D ZDOO 5HPRYH REMHFWV ZLWKLQ IW P RI WKH OHIW DQG ULJKW VLGH DQG ZLWKLQ IW P RI WKH IURQW RI WKH FKDUJLQJ EDVH 'R QRW IDFH WKH FKDUJLQJ EDVH WRZDUGV VWURQJ OLJKW RU KLJK PDJQHWLF ILHOGV H J W
+4 &RQQHFW WKH URXQG FRQQHFWRU RI WKH DGDSWHU LQWR WKH SRZHU VRFNHW RQ WKH FKDUJLQJ EDVH DQG WKH FKDUJLQJ EDVH DQG WKH RWKHU HQG LQWR D ZDOO RXWOHW :KHQ WKH FKDUJLQJ EDVH FRQQHFWV WR $& SRZHU WKH /(' LQGLFDWRU RQ WKH FKDUJLQJ EDVH ZLOO WXUQ VROLG EOXH ,QVWDOO WKH &KDUJLQJ %DVH LQ D ORFDWLRQ WKDW 5RERW 9DFXXP FDQ HDVLO\ DFFHVV ,W LV UHFRPPHQGHG WR SODFH WKH &KDUJLQJ %DVH DJDLQVW D ZDOO DQG RQ D KDUG OHYHO VXUIDFH UDWKHU WKDQ RQ UXJV RU FDUSHWV $OZD\V NHHS WKH &KDUJLQJ %DVH SOXJJHG LQ
+4 ƹ0HWKRG 3UHVV DQG KROG WKH VWDUW EXWWRQ RQ WKH PDFKLQH IRU VHFRQGV WR UHWXUQ LW WR WKH FKDUJLQJ EDVH 7XUQ Rႇ WKH PDLQ SRZHUV ZLWFK LI 6ZHHYD ZLOO QRW EH XVHG IRU DORQJ SHULRG RI WLPH 7R SUHVHUYH WKH EDWWHU\¶V OLIHVSDQ UHFKDUJH DW OHDVW RQFH HYHU\ PRQWKV +RZ WR VWDUW RSHUDWLQJ 7XUQ RQ 7XUQ RQ WKH URFNHU VZLWFK EXWWRQ DW WKH ERWWRP RI WKH URERW VKLIW WKH JHDU WR WKH ³ 21 ´ VWDWH 6WDUW 6KRUW SUHVV WKH ³ 6WDUW EXWWRQ ´ RQ WKH WRS RI WKH URERW WR VWDUW WKH DXWRPDWLF FOHDQLQJ PR
+4 3DLU WKH DSS ZLWK WKH URERW 3UHVV WKH URFNHU VZLWFK RQ WKH EDFN RI WKH 5RERW WR HQVXUH LW LV SRZHU RQ WKH VWDU VWRS EXWWRQ ZLOO KDYH VROLG EOXH OLJKW 3UHVV DQG KROG WKH VWDUW VWRS EXWWRQ IRU VHFRQGV WKH 5RERW ZLOO PDNH WZR EHHSV 2QFH WKH :L )L VWDWXV OLJKW VWDUWV ÀDVKLQJ EOXH VORZO\ FOLFN ³ QH[W ´ RQ WKH $SS 1RWHV 7KH GHWDLOHG GLVWULEXWLRQ QHWZRUN VWHSV FDQ EH RSHUDWHG DFFRUGLQJ WR WKH VWHSV RQ WKH DSS 5HVHW :L )L :KHQ WKH URERW IDLOV WR EH FRQQHFWHG ZLWK WKH ,QWHU
+4 .H\ LQGLFDWRU VWDWXV GHVFULSWLRQ %OXH 1RUPDO SRZHU FDQ HQWHU ZRUNLQJ PRGH VWDQGE\ PRGH DV UHTXLUHG 5HG (UURU ZDUQLQJ 5HG ÀDVKHV (UURU ZDUQLQJ ,Q ORZ EDWWHU\ VWDW DW ZRUNLQJ PRGH VWDQGE\ PRGH UHWXUQ WR FKDUJLQJ EDVH 2UDQJH 2UDQJH ÀDVKHV 7KH DSSOLDQFH LV FKDUJLQJ (UURU 7RQHV DQG ,QGLFDWRUV 6WDWXV %X]]HU DODUP $FWLRQ 7XUQ Rႇ 6ZHHYD V DQG UHPRYH DQ\ KDLU RU GHEULV IURP WKH UROOHU EUXVK 5ROOHU EUXVK VWXFN 2QH EHHS ÀDVK UHG OLJKW $QWL GURS VHQVRUV DUH GLUW\ 7ZR EHHSV VROLG EO
+4 +RZ WR XVH WKH UHPRWH FRQWURO 8VH WZR $$$ EDWWHU\ IRU WKH UHPRWH FRQWURO 7KH EDWWHU\ LV LQFOXGHG LQ WKH SDFNDJH %HIRUH XVLQJ WKH UHPRWH SOHDVH VHW WKH FORFN WLPH WR EH \RXU ORFDO WLPH ]RQH 6KRUW SUHVV WKH 6WDUW %XWWRQ WR VWDUW FOHDQLQJ 6FUHHQ 7KH VFUHHQ ZLOO VKRZ LFRQV FRUUHVSRQGV WR EXWWRQ SUHVVLQJ &ORFN VHWWLQJ /RQJ SUHVV WR HQWHU WLPLQJ VHWWLQJ PRGH 6FKHGXOH FOHDQLQJ /RQJ SUHVV WR VWDUW RU FDQFHO VFKHGXOH FOHDQLQJ 0DQXDO FRQWURO DQG WLPH VHWWLQJ &RQWURO WKH GLU
+4 0DLQWHQDQFH UHSODFLQJ FRQVXPDEOHV ƹ &OHDQLQJ RI GXVWELQ DQG ¿OWHU QHW ¿OWHU QHW LV UHSODFHDEOH 3OHDVH SRZHU Rႇ WKH SRZHU EHIRUH PDLQWHQDQFH 1RWH 3OHDVH WXUQ Rႇ WKH SRZHU ERWWRP URFNHU VZLWFK RI WKH URERW EHIRUH SURGXFW PDLQWHQDQFH UHSODFLQJ FRQVXPDEOHV 7KH VXFWLRQ SRZHU PD\ EHFRPH ZHDN LI WKH GXVWELQ LV IXOO 7KH GXVWELQ QHHGV WR EH FOHDQHG EHIRUH DQG DIWHU HDFK FOHDQLQJ ķ 3UHVV WKH EXFNOH RI WKH GXVWELQ ZLWK \RXU WKXPE DQG GUDJ WKH GXVWELQ RXW :KHQ WDNLQJ RXW WKH GXVWELQ GR QRW WXUQ
+4 $IWHU FORVLQJ WKH XSSHU FRYHU SXVK WKH GXVWELQ LQWR WKH PDLQ PDFKLQH PDNH VXUH WKH GXVWELQ LV IXOO\ Ľ LQVHUWHG XQWLO LW EXFNOHV LQWR WKH ULJKW SODFH ƹ &OHDQLQJ RI UROOHU EUXVK UROOHU EUXVK DUH UHSODFHDEOH )RUHLJQ VXEVWDQFHV VXFK DV KDLU LV HDV\ WR DGKHUH WR UROOHU EUXVKHV 5ROOHU EUXVK PD\ EH GDPDJHG LI WKHUH LV WRR PXFK IRUHLJQ VXEVWDQFHV RQ WKHP ,W LV UHFRPPHQGHG WR FOHDQ WKHP RQFH D ZHHN 7XUQ WKH PDLQ PDFKLQH RYHU ZLWK WKH ERWWRP VKHOO IDFLQJ XSZDUGV KROG WKH
+4 2)) 21 :DOO VHQVRUV RQ ERWK ķ VLGHV RI WKH URERW )URQW LQIUDUHG DQWL FROOLVLRQ VHQVRU DQWL IDOO VHQVRUV DW WKH ERWWRP ĸ Ĺ ƹ &OHDQLQJ RI FKDUJLQJ FRQWDFWV )RUHLJQ VXEVWDQFHV PD\ DGKHUH WR WKH ERWWRP RI WKH PDFKLQH DQG WKH FKDUJLQJ FRQWDFWV RI FKDUJLQJ EDVH ,I WRR PXFK IRUHLJQ VXEVWDQFHV DGKHUHV WR WKH FRQWDFW SLQV DW WKH ERWWRP RI WKH PDFKLQH WKH PDFKLQH PD\ QRW EH DEOH WR FKDUJH QRUPDOO\ ,W LV UHFRPPHQGHG WR FOHDQ WKHP RQFH D ZHHN 7KH SRVLWLRQ LQ WKH
+4 7URXEOHVKRRWLQJ 6ROXWLRQV )DLOXUH GHVFULSWLRQ &KDUJH WKH URERW PDQXDOO\ /RZ EDWWHU\ YROWDJH 5ROOHU EUXVK LV QRW VSLQQLQJ 5HPRYH KDLU DQG IRUHLJQ VXEVWDQFHV RQ WKH UROOHU EUXVK 6LGH EUXVK LV QRW VSLQQLQJ 5HPRYH KDLU DQG IRUHLJQ VXEVWDQFHV RQ WKH VLGH EUXVK &RQ¿UP ZKHWKHU WKH URERW LV IXOO\ FKDUJHG &RQ¿UP ZKHWKHU WKH SRZHU EXWWRQ RQ WKH ERWWRP RI WKH URERW LV LQ WKH ³21´ SRVLWLRQ 8QDEOH WR VWDUW WKH URERW &KHFN ZKHWKHU WKH IDQ VXFWLRQ SRUW LV EORFNHG E\ IRUHLJQ VX
*+ 6ZHHYD 6DXJURERWHU .
*+ 3URGXNWEHVFKUHLEXQJ 6DXJURERWHU 6WDUW 7DVWH $Q]HLJHU )URQW 6WRIlQJHU :L )L VWDWXV OLJKW $QWL .ROOLVLRQVVHQVRU :DQGVHQVRU /XIWDXVODVV 6WDXEEHKlOWHU .DVWHQ 8QWHUVHLWH GHV 6DXJURERWHUV $QWL 6WXU] 6HQVRU 2PQLGLUHNWLRQDOHV /DXIUDG 2PQLGLUHNWLRQDOHV /DXIUDG 6HLWHQEUVWH $NNX .
*+ 9HUSDFNXQJVOLVWH /DGHVWDWLRQ ; 1HW]WHLO ; =XVlW]OLFKHU )LOWHU ; =XVlW]OLFKHU )LOWHU ; 6HLWHQEUVWHQ ; )HUQEHGLHQXQJ ; $$$ %DWWHULH ; %HQXW]HUKDQGEXFK XQG DQGHUH 'RNXPHQWH ; 6DXJURERWHU ;
*+ 6LFKHUKHLWVDQZHLVXQJHQ 'LH IROJHQGHQ 6LFKHUKHLWVDQZHLVXQJHQ GLHQHQ GD]X GHQ %HQXW]HU DQ]XOHLWHQ GDV 3URGXNW VLFKHU XQG NRUUHNW ]X YHUZHQGHQ XP GDV 5LVLNR YRQ 9HUOHW]XQJHQ RGHU 6FKlGHQ ]X YHUPHLGHQ *UXQGOHJHQGH 9RUVLFKWVPDQDKPHQ 1DFKGHP 6LH GLHVHV +DQGEXFK JHOHVHQ KDEHQ EHZDKUHQ 6LH HV ELWWH DQ HLQHP OHLFKW ]XJlQJOLFKHQ 2UW DXI ƹ 'LHVHV 6\PERO LVW HLQ :DUQV\PERO 'LHVHV 6\PERO ZDUQW 6LH YRU P|JOLFKHQ *HIDKUHQ GLH ]X 6DFKVFKlGHQ RGHU VFKZHUHQ 9HUOHW]XQJHQ RGHU ]XP 7RG IKUHQ N|QQHQ ƹ
*+ ƹ (V GDUI QXU PLW 6(/9 YHUVRUJW ZHUGHQ ƹ 'LHVHV *HUlW HQWKlOW %DWWHULHQ GLH QXU YRQ )DFKNUlIWHQ DXVJHZHFKVHOW ZHUGHQ GUIHQ ƹ 9HUZHQGHQ 6LH ]XP $XIODGHQ GHV $NNXV QXU GLH PLWJHOLHIHUWH DEQHKPEDUH 9HUVRUJXQJVHLQKHLW ƹ 'LHVHV *HUlW LVW QXU IU GHQ *HEUDXFK LQ ,QQHQUlXPHQ EHVWLPPW (V VROOWH UHJHOPlLJ JHUHLQLJW XQG JHZDUWHW ZHUGHQ 'DV *HUlW GDUI QXU PLW GHU PLWJHOLHIHUWHQ (LQKHLW YHUZHQGHW ZHUGHQ 6HLHQ 6LH YRUVLFKWLJ ƹ 6FKW]HQ 6LH GDV 6WURPNDEHO VRUJIlOWLJ YHUPHLGHQ 6LH =LHKHQ 9HUGUHKHQ +lQJHQ
*+ 127( 7KLV HTXLSPHQW KDV EHHQ WHVWHG DQG IRXQG WR FRPSO\ ZLWK WKH OLPLWV IRU D &ODVV % GLJLWDO GHYLFH SXUVXDQW WR SDUW RI WKH )&& 5XOHV 7KHVH OLPLWV DUH GHVLJQHG WR SURYLGH UHDVRQDEOH SURWHFWLRQ DJDLQVW KDUPIXO 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 KDUPIXO LQWHUIHUHQFH WR UDGLR FRPPXQLFDWLRQV +RZHYHU WKHUH L
*+ 9RUEHUHLWHQ ,QVWDOOLHUHQ 6LH GLH 6HLWHQEUVWHQ YRU GHU 9HUZHQGXQJ (QWIHUQHQ 6LH DXI EHLGHQ 6HLWHQ GLH %HJUHQ]XQJVVWUHLIHQ LP YRUGHUHQ .
*+ 6WHOOHQ 6LH GLH /DGHVWDWLRQ DQ HLQHP 2UW DXI GHU IU GHQ 6DXJURERWHU OHLFKW ]XJlQJOLFK LVW (V ZLUG HPSIRKOHQ GLH /DGHVWDWLRQ DQ HLQHU :DQG XQG DXI HLQHU KDUWHQ HEHQHQ )OlFKH XQG QLFKW DXI 7HSSLFKHQ DXI]XVWHOOHQ /DVVHQ 6LH GLH /DGHVWDWLRQ LPPHU HLQJHVWHFNW GD GHU 6DXJURERWHU VRQVW QLFKW DXWRPDWLVFK ]X LKU ]XUFNNHKUW /DGHQ 6LH ,KUHQ 6DXJURERWHU DXI 6ZHHYD KDW HLQHQ YRULQVWDOOLHUWHQ $NNX GHU YRU GHU 9HUZHQGXQJ YROOVWlQGLJ DXIJHODGHQ ZHUGHQ PXVV 6ZHHYD NHKUW DP (QGH HLQHV 5HLQLJXQJV]
*+ 6FKDOWHQ 6LH GHQ 1HW]VFKDOWHU DXV ZHQQ GHU 6DXJURERWHU OlQJHUH =HLW QLFKW YHUZHQGHW ZLUG 8P GLH 1XW]XQJVGDXHU GHV $NNXV ]X HUKDOWHQ ODGHQ 6LH LKQ PLQGHVWHQV HLQPDO DOOH 0RQDWH DXI :LH 6LH GHQ %HWULHE VWDUWHQ (LQVFKDOWHQ 6FKDOWHQ 6LH GLH 7DVWH GHV :LSSVFKDOWHUV DQ GHU 8QWHUVHLWH GHV 5RERWHUV HLQ VFKDOWHQ 6LH GHQ *DQJ LQ GHQ =XVWDQG Ä(,1³ 6WDUWHQ 'UFNHQ 6LH NXU] GLH Ä6WDUW 7DVWH³ DQ GHU 9RUGHUVHLWH GHV 5RERWHUV XP GHQ DXWRPDWLVFKHQ 5HLQLJXQJVPRGXV ]X VWDUWHQ 3DX
*+ .
*+ %HVFKUHLEXQJ GHV 6WDWXV GHU .HQQ]DKO %ODX 1RUPDOH /HLVWXQJ NDQQ MH QDFK %HGDUI LQ GHQ $UEHLWVPRGXV 6WDQGE\ 0RGXV ZHFKVHOQ 5RW )HKOHUZDUQXQJ 5RW EOLQNW )HKOHUZDUQXQJ %HL QLHGULJHP $NNXVWDQG LP $UEHLWVPRGXV 6WDQGE\ 0RGXV 5FNNHKU ]XU /DGHVWDWLRQ 2UDQJH 2UDQJH EOLQNW 'DV *HUlW ZLUG JHODGHQ )HKOHUW|QH XQG $Q]HLJHQ 6WDWXV 6XPPHUVLJQDO 'LH 5ROOHQEUVWH VWHFNW IHVW (LQ 6LJQDOWRQ URWHV %OLQNOLFKW 'LH $QWL )DOO 6HQVRUHQ VLQG YHUVFKPXW]W =ZHL 6LJQDOW|QH EODXHV 'DXHUO
*+ 6R YHUZHQGHQ 6LH GLH )HUQEHGLHQXQJ 9HUZHQGHQ 6LH ]ZHL $$$ %DWWHULHQ IU GLH )HUQEHGLHQXQJ 'LH %DWWHULH LVW LQ GHU 9HUSDFNXQJ HQWKDOWHQ %HYRU 6LH GLH )HUQEHGLHQXQJ YHUZHQGHQ VWHOOHQ 6LH ELWWH GLH 8KU]HLW DXI ,KUH =HLW]RQH HLQ 'UFNHQ 6LH GLH Ä6WDUW 7DVWH³ XP GLH 5HLQLJXQJ ]X VWDUWHQ %LOGVFKLUP 'HU %LOGVFKLUP ]HLJW GLH 6\PEROH HQWVSUHFKHQG GHU 7DVWHQ DQ =HLWHLQVWHOOXQJ /DQJHV 'UFNHQ XP GHQ =HLWHLQVWHOOXQJV PRGXV DXI]XUXIHQ 5HLQLJXQJ =HLWSODQXQJ *HGUFNW KDOWHQ ]XP
*+ :DUWXQJ $XVWDXVFK YRQ 9HUEUDXFKVPDWHULDOLHQ ƹ 5HLQLJXQJ YRQ 6WDXEEHKlOWHU XQG )LOWHUQHW] GDV )LOWHUQHW] LVW DXVWDXVFKEDU %LWWH VFKDOWHQ 6LH GDV *HUlW YRU GHU :DUWXQJ DXV +LQZHLV %LWWH VFKDOWHQ 6LH GLH 6WURPYHUVRUJXQJ XQWHUHU :LSSVFKDOWHU GHV 5RERWHUV DXV EHYRU 6LH GDV 3URGXNW ZDUWHQ RGHU 9HUEUDXFKVPDWHULDOLHQ DXVWDXVFKHQ 'LH 6DXJOHLVWXQJ NDQQ DEVFKZlFKHQ ZHQQ GHU 6WDXEEHKlOWHU YROO LVW 'HU 6WDXEEHKlOWHU PXVV YRU XQG QDFK MHGHU 5HLQLJXQJ JHUHLQLJW ZHUGHQ ķ 'UFNHQ 6LH PLW GHP 'DXPHQ
*+ 1DFKGHP 6LH GLH REHUH $EGHFNXQJ JHVFKORVVHQ KDEHQ VFKLHEHQ 6LH GHQ 6WDXEEHKlOWHU LQ GLH +DXSWPDVFKLQH Ľ DFKWHQ 6LH GDUDXI GDVV GHU 6WDXEEHKlOWHU YROOVWlQGLJ HLQJHVHW]W LVW ELV HU DQ GHU ULFKWLJHQ 6WHOOH HLQUDVWHW ƹ 5HLQLJXQJ GHU 5ROOHQEUVWH GLH 5ROOHQEUVWHQ VLQG DXVWDXVFKEDU )UHPGN|USHU ZLH ] % +DDUH KDIWHQ OHLFKW DQ 5ROOHQEUVWHQ 'LH 5ROOHQEUVWH NDQQ EHVFKlGLJW ZHUGHQ ZHQQ VLH ]X YLHOH )UHPGVWRIIH HQWKlOW (V ZLUG HPSIRKOHQ VLH HLQPDO SUR :RFKH ]X UHLQLJHQ
*+ 2)) 21 ķ :DQGVHQVRUHQ DQ EHLGHQ ĸ 9RUGHUHU ,QIUDURW $QWLNROOLVLRQVVHQVRU 6HLWHQ GHV 5RERWHUV 8QWHUVHLWH Ĺ $QWL )DOO 6HQVRUHQ DQ GHU ƹ 5HLQLJXQJ GHU /DGHNRQWDNWH $Q GHU 8QWHUVHLWH GHV *HUlWV XQG GHQ /DGHNRQWDNWHQ GHU /DGHVWDWLRQ N|QQHQ )UHPGN|USHU KDIWHQ :HQQ ]X YLHOH )UHPGVWRIIH DQ GHQ .
*+ )HKOHUVXFKH /|VXQJHQ )HKOHUEHVFKUHLEXQJ 1LHGULJH %DWWHULHVSDQQXQJ /DGHQ 6LH GHQ 5RERWHU PDQXHOO DXI 'LH 5ROOHQEUVWH GUHKW VLFK QLFKW +DDUH XQG )UHPGN|USHU DXI GHU 5ROOHQEUVWH HQWIHUQHQ 'LH 6HLWHQEUVWH GUHKW VLFK QLFKW +DDUH XQG )UHPGN|USHU DQ GHU 6HLWHQEUVWH HQWIHUQHQ %HVWlWLJHQ 6LH RE GHU 5RERWHU YROOVWlQGLJ JHODGHQ LVW hEHUSUIHQ 6LH RE GHU 1HW]VFKDOWHU DQ GHU 8QWHUVHLWH GHV 5RERWHUV DXI GLH 3RVLWLRQ Ä(,1³ VWHKW 'HU 5RERWHU NDQQ QLFKW JHVWDUWHW ZHUGHQ 3UIHQ 6LH
+9 6ZHHYD 5RERW DVSLUDGRU &DWiORJR 'HVFULSFLyQ GHO SURGXFWR /LVWD GHO SDTXHWH ,QVWUXFFLRQHV GH VHJXULGDG 8VR GHO SURGXFWR
+9 'HVFULSFLyQ GHO SURGXFWR 5RERW DVSLUDGRU %RWyQ ,QGLFDGRU GH LQLFLR 3DUDFKRTXHV IURQWDO GH FROLVLyQ :L )L VWDWXV OLJKW VHQVRU GH SUHYHQFLyQ FRQWUD FDtGDV 6HQVRU GH SDUHG 6DOLGD GH DLUH &RQWHQGRU GH EDVXUD 3DUWH GH DEDMR GHO URERW DVSLUDGRU 6HQVRU GH SUHYHQFLyQ FRQWUD FDtGDV &RQWDFWRV GH FDUJD 5XHGD RPQLGLUHFFLRQDO 7DSD GH OD SLOD 7DSD GH UXHGD 5XHGD GHUHFKD 5XHGD L]TXLHUGD 5ROOHU EUXVK 21 %RWyQ GH DOLPHQWDFLyQ 2)) 0DUFR GH
+9 /LVWD GHO SDTXHWH %DVH GH FDUJD ; 5RERW DVSLUDGRU ; $GDSWDGRU GH FRUULHQWH ; &HSLOORV ODWHUDOHV ; &XFKLOOD GH OLPSLH]D ; )LOWUR DGLFLRQDO ; &RQWURO UHPRWR ; 0DQXDO GH XVXDULR \ GRFXPHQWRV ; 3LOD $$$ ;
+9 ,QVWUXFFLRQHV GH VHJXULGDG /DV SUHFDXFLRQHV VLJXLHQWHV WLHQHQ OD ILQDOLGDG GH RULHQWDU D ORV XVXDULRV HQ HO XVR VHJXUR \ FRUUHFWR GHO SURGXFWR SDUD HYLWDU HO ULHVJR GH OHVLRQHV R GDxRV 3UHFDXFLRQHV EiVLFDV 8QD YH] OHtGR HVWH PDQXDO JXiUGHOR HQ XQ OXJDU GH IiFLO DFFHVR ƹ (VWH VtPEROR HV GH DGYHUWHQFLD /H DGYLHUWH GH SHOLJURV SRWHQFLDOHV TXH SXHGHQ GDxDU OD SURSLHGDG R FDXVDU OHVLRQHV JUDYHV R OD PXHUWH ƹ 3RU DGYHUWHQFLD VH HQWLHQGH XQD VLWXDFLyQ TXH VL QR VH HYLWD SXHGH FDXVDU OD PXHUWH
+9 $WHQFLRQHV ƹ 3URWHMD FXLGDGRVDPHQWH HO FDEOH GH DOLPHQWDFLyQ HYLWH WLUDU GH pO WRUFHUOR DWUDSDUOR FRQ OD SXHUWD R GDxDUOR \ DSODVWDUOR FRQ REMHWRV SHVDGRV 1R XVH HO DSDUDWR VL HO FDEOH HVWi GDxDGR ƹ 6L OD EDVH GH FDUJD QR VH YD D XVDU HQ PXFKR WLHPSR GHEH GHVFRQHFWDUVH GH OD FRUULHQWH ƹ &RORTXH HO FHSLOOR GH OLPSLH]D OHMRV GHO DOFDQFH GH ORV QLxRV ƹ 9DFtH HO FRQWHQHGRU GH EDVXUD D PHQXGR \ PDQWpQJDOR OLPSLR 1R XWLOLFH HO DSDUDWR FXDQGR HVWp OOHQR ƹ 0DQWHQJD OD HVWUXFWXUD SULQFLSDO \ HO WHU
+9 127( 7KLV HTXLSPHQW KDV EHHQ WHVWHG DQG IRXQG WR FRPSO\ ZLWK WKH OLPLWV IRU D &ODVV % GLJLWDO GHYLFH SXUVXDQW WR SDUW RI WKH )&& 5XOHV 7KHVH OLPLWV DUH GHVLJQHG WR SURYLGH UHDVRQDEOH SURWHFWLRQ DJDLQVW KDUPIXO 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 KDUPIXO LQWHUIHUHQFH WR UDGLR FRPPXQLFDWLRQV +RZHYHU WKHUH L
+9 3UHSDUDFLyQ $QWHV GH XVDU HO HTXLSR LQVWDOH ORV FHSLOORV ODWHUDOHV 5HWLUH DPEDV EDQGDV ODWHUDOHV GH OtPLWH HQ HO SDUDFKRTXHV IURQWDO GH FROLVLyQ GHO 6ZHHYD ķ ĸ 21 2)) $QWHV GH XWLOL]DUOR HO XVXDULR GHEH UHWLUDU OD HQWUHWHOD FRORFDGD HQ DPERV ODGRV GHO SDUDFKRTXHV GHODQWHUR $SiJXHOR DQWHV GH UHDOL]DU HO PDQWHQLPLHQWR 5HWLUH ORV REMHWRV DOUHGHGRU GH OD EDVH GH FDUJD TXH VH HQFXHQWUHQ D PHQRV GH IW P GHO ODGR L]TXLHUGR \ GHUHFKR \ D IW P GH OD SDUWH GHODQWHUD 1R SRVLFL
+9 &RQHFWH HO FRQHFWRU UHGRQGR GHO DGDSWDGRU DO SXHUWR GH DOLPHQWDFLyQ GH OD EDVH GH FDUJD \ HO RWUR H[WUHPR D XQ WRPDFRUULHQWH &RORTXH OD EDVH GH FDUJD HQ XQ OXJDU IiFLOPHQWH DFFHVLEOH SRU HO URERW DVSLUDGRU 6H UHFRPLHQGD FRORFDU OD EDVH GH FDUJD FRQWUD XQD SDUHG \ VREUH XQD VXSHUILFLH SODQD \ QR VREUH DOIRPEUDV $OZD\V NHHS WKH &KDUJLQJ %DVH SOXJJHG LQ RWKHUZLVH 5RERW 9DFXXP ZLOO QRW DXWRPDWLFDOO\ UHWXUQ WR LW 6LHPSUH PDQWHQJD OD EDVH GH FDUJD FRQHFWDGD D OD
+9 ƹ 0pWRGR 'XUDQWH VHJXQGRV SUHVLRQH HO ERWyQ GH LQLFLR GHO URERW SDUD TXH UHJUHVH D OD EDVH GH FDUJD $SDJXH HO LQWHUUXSWRU GH DOLPHQWDFLyQ VL QR VH YD D XVDU HO URERW GXUDQWH PXFKR WLHPSR 3DUD SUHVHUYDU OD YLGD ~WLO GH OD SLOD FiUJXHOD DO PHQRV XQD YH] FDGD PHVHV &yPR HPSH]DU D RSHUDU HO HTXLSR (QFHQGHU (QFLHQGD HO LQWHUUXSWRU EDVFXODQWH HQ OD SDUWH GH DEDMR GHO URERW HOLMD OD RSFLyQ 21 ,QLFLDU 3UHVLRQH EUHYHPHQWH HO ERWyQ GH LQLFLR HQ OD SDUWH GHODQWHUD GHO URERW
+9 & UHH XQD FXHQWD 7&/ FRQVXOWH ODV LQVWUXFFLRQHV GH XVXDULR HQ OD DSOLFDFLyQ SDUD REWHQHU PiV GHWDOOHV 9LQFXODU OD DSOLFDFLyQ FRQ HO URERW $FFLRQH HO LQWHUUXSWRU EDVFXODQWH HQ OD SDUWH WUDVHUD GHO URERW SDUD HQFHQGHUOR HO ERWyQ GH LQLFLR SDUDGD VH LOXPLQDUi FRQ XQD OX] D]XO FRQWLQXD 0DQWHQJD SUHVLRQDGR VHJXQGRV HO ERWyQ GH LQLFLR SDUDGD VH HPLWLUiQ GRV SLWLGRV &XDQGR OD OX] LQGLFDGRUD GH UHG :L )L FRPLHQFH D SDUSDGHDU OHQWDPHQWH HQ D]XO KDJD FOLF HQ VLJXLHQW
+9 'HVFULSFLyQ GHO HVWDGR GHO LQGLFDGRU SULQFLSDO $]XO (QHUJtD QRUPDO SXHGH SDVDU DO PRGR GH WUDEDMR HVSHUD VHJ~Q VH UHTXLHUD 5RMR $GYHUWHQFLD GH HUURU /X] URMD LQWHUPLWHQWH $QDUDQMDGR /X] DQDUDQMDGD LQWHUPLWHQWH $GYHUWHQFLD GH HUURU &XDQGR HO HTXLSR WLHQH OD SLOD EDMD HQ PRGR GH WUDEDMR PRGR GH HVSHUD UHJUHVD D OD EDVH GH FDUJD (O DSDUDWR VH HVWi FDUJDQGR 7RQRV H LQGLFDGRUHV GH HUURU $ODUPD GH ]XPEDGRU (VWDGR 8Q SLWLGR OX] URMD LQWHUPLWHQWH &HSLOOR GH URGLOOR DWDVFDGR /RV VHQV
+9
+9 0DQWHQLPLHQWR 5HHPSOD]R GH FRQVXPLEOHV ƹ /LPSLH]D GHO FRQWHQHGRU GH EDVXUD \ PDOOD GHO ILOWUR OD PDOOD GHO ILOWUR HV UHHPSOD]DEOH 'HVFRQHFWH OD DOLPHQWDFLyQ DQWHV GHO PDQWHQLPLHQWR 1RWD 'HVFRQHFWH GH OD FRUULHQWH LQWHUUXSWRU EDVFXODQWH GH OD SDUWH GH DEDMR HO URERW DQWHV GH UHDOL]DU HO PDQWHQLPLHQWR R UHHPSOD]DU ORV FRQVXPLEOHV 3XHGH GHWHULRUDUVH OD SRWHQFLD GH VXFFLyQ VL HO FRQWHQHGRU GH EDVXUD HVWi OOHQR (VWH GHEH OLPSLDUVH DQWHV \ GHVSXpV GH FDGD OLPSLH]D ķ 3UHVLRQH HO EURFKH GH
+9 Ľ 8QD YH] FHUUDGD OD WDSD VXSHULRU HPSXMH HO FRQWHQHGRU GH EDVXUD GHQWUR GHO URERW DVHJ~UHVH GH LQVHUWDUOR FRPSOHWDPHQWH KDVWD TXH VH ILMH FRQ HO EURFKH HQ HO OXJDU FRUUHFWR ƹ /LPSLH]D GHO FHSLOOR GH URGLOOR HO FHSLOOR GH URGLOOR SXHGH UHHPSOD]DUVH /DV PDWHULDV H[WUDxDV FRPR HO FDEHOOR VH DGKLHUHQ IiFLOPHQWH D ORV FHSLOORV GH URGLOOR (O FHSLOOR SXHGH GDxDUVH VL HVWH WLSR GH PDWHULD H[WUDxD TXHGD DWUDSDGD HQ JUDQGHV FDQWLGDGHV 6H UHFRPLHQGD OLPSLDUORV XQD YH] D OD VHPDQD ķ 'H YXHOWD DO UR