2SHUDWLQJ,QVWUXFWLRQV
$SSOLDQFHVFRP
RQVXPHU6XSSRUW
2ZQHU·V0DQXDO
5$$//,16758&7,216%2586,1*³ 6$97+6,16758&7,216 $51,1*
03257$176$7,1250$7,21
$51,1* $75+$756$7
$51,1*35235,167$//$7,21$10$,171$1
6$97+6,16758&7,216
5$$//,16758&7,216%2586,1*³
$51,1*5,6.2&+,/175$3017
35235,6326$/27+,6+$6+5
HWWLQJVWDUWHG
/RDGLVKZDVKHU
$GGHWHUJHQW
6WDUWLVKZDVKHU
6HOHFW2SWLRQV&RQWLQXHG
\FOH&RPSOHWLRQ
DVK
KHFNWKHDWHU7HPSHUDWXUH
8VLQJWKHGLVKZDVKHU
QHUJ\6PDUW
8VHD5LQVH$JHQWVXFKDV&DVFDGH5LQVH$LG
LOOLQJWKHHWHUJHQWLVSHQVHU
HWHUJHQWLVSHQVHU
ZDVKFXS
F\FOH
8SSHU5DFN
RDGLQJWKHGLVKZDVKHUUDFNV
RZHU5DFN
GLVKZDVKHU
6LOYHUZDUH 6LOYHUZDUH%DVNHW
RDGLQJSODFHVHWWLQJV«
EDVNHW
FORVHG
OHDQLQJWKHWHULRURRU3DQHO
DUHDQGFOHDQLQJ
OHDQLQJWKH&RQWURO3DQHO
6WDLQOHVV6WHHO,QQHURRU
7URXEOHVKRRWLQJ7LSV
HIRUH\RXFDOOIRUVHUYLFH«
3UREOHP
3RVVLEOH&DXVHV
WXERULQQHUGRRU
$87,21
3UREOHP
3RVVLEOH&DXVHV
3UREOHP
HIRUH\RXFDOOIRUVHUYLFH«
3RVVLEOH&DXVHV
KDW7RR
RU7KH3HULRG2I *LOO5HSODFH
LVKZDVKHUDUUDQW\
KDW*LOO1RW&RYHUIRUFXVWRPHUVLQWKH8QLWHG6WDWHV
KDW,V1RW&RYHUHGIRUFXVWRPHUVLQ&DQDGD
1RWHV
1RWHV
659,&/$&/,17Ê/
216,*166e&85,7e 5&7,9621&7,211017
KDUJHPHQWGHODYDLVVHOOH
KDUJHPHQWGHVSDQLHUV
$957,66017
216,*166e&85,7e,03257$176
$957,66017 6e&85,7e8&+$8$8
$957,66017 ,167$//$7,2171757,1 $335235,e6
98,//=/,572876/6&216,*16$9$17·87,/,65
216,*166e&85,7e,03257$176
·$33$5,/³&21659=&6,5&7,96 ZZZHOHFWURPHQDJHUVJHFD
e/,0,1$7,21$335235,e8/$99$,66
&KDUJHUOHODYHYDLVVHOOH
3RXUGpPDUUHU
$MRXWHUOHGpWHUJHQW
$MRXWHUOHSURGXLWGHULQoDJH
pPDUUHUOHODYHYDLVVHOOH
6pOHFWLRQQHUOHVRSWLRQVVXLWH
6WDUW
RU3DXVH
8WLOLVDWLRQG·XQSURGXLWGHULQoDJHFRPPH&DVFDGH &U\VWDO&OHDU
8WLOLVDWLRQGXODYHYDLVVHOOH
5HPSOLVVDJHGXGLVWULEXWHXU
RVDJHGXSURGXLWGHULQoDJH
8WLOLVDWLRQGXODYHYDLVVHOOH
LVWULEXWHXUGHGqWHUJHQW
RSWLPDO
SURJUDPPH
3DQLHUVXSpULHXU
KDUJHPHQWGHVSDQLHUVGXODYHYDLVVHOOH
3DQLHULQIpULHXU
SDQLHUGXODYHYDLVVHOOH
3DQLHUjFRXYHUWV
KDUJHPHQWGHODYDLVVHOOH«
VXSpULHXURXLQIpULHXU
XQLIRUPpPHQWGDQVOHSDQLHU
1HWWR\DJHGXWDEOHDXGHFRPPDQGH
QWUHWLHQHWQHWWR\DJH
1HWWR\DJHGHVILOWUHV
3URWHFWLRQFRQWUHOHJHO
RQVHLOVGHGpSDQQDJH
$YDQWG·DSSHOHUXQUpSDUDWHXU«
$7717,21
$YDQWG·DSSHOHUOHVHUYLFHGHUpSDUDWLRQV«
3UREOqPH
RUUHFWLIV
RUUHFWLIV
3UREOqPH
DXVHVSRVVLEOHV
3RXUXQHSpULRGHGH *UHPSODFHUD
DUDQWLH*VXUOHVODYHYDLVVHOOH
HTXLQ·HVWSDVFRXYHUW
DUDQW0&&RPPHUFLDO%XUOLQJWRQ21/5%
ZZZHOHFWURPHQDJHUVJHFD
1RWHV
6WXGLRGH&RQFHSWLRQ5pDOLVWH
6RXWLHQDXFRQVRPPDWHXU
3LqFHVHW$FFHVVRLUHV
RQWDFWHQRXV
RQVHMRVSDUDOD6ROXFLyQ
QVWUXFFLRQHVGH6HJXULGDG QVWUXFFLRQHVGHXQFLRQDPLHQWR
6RSRUWHDO&OLHQWH
02/26&21752/5217$/ 02/26&21752/6835,25
$72$6/$6,16758&&,216$17686$5³ *8$567$6,16758&&,216
1250$&,Ï1,03257$176*85,$
£$9571&,$
£$9571&,$ 6*85,$/&$/17$25 $*8$
8$567$6,16758&&,216*$SSOLDQFHVFRP
1250$&,Ï1,03257$176*85,$ $72$6/$6,16758&&,216$17686$5³
35&$8&,Ï1548,6,726/e&75,&26
8$567$6,16758&&,216
&DUJXHHO/DYDYDMLOODV
£3XHVWDHQ0DUFKD
$JUHJXHHWHUJHQWH
$JUHJXHHO$JHQWHGHQMXDJXH
QLFLRGHO/DYDYDMLOODV
6HOHFFLRQH2SFLRQHV&RQWLQ~D
LQDOLDFLyQGHO&LFOR
DYDGR
RQWUROHOD7HPSHUDWXUDGHO$JXD
8VRGHOODYDYDMLOODV
8VHXQ$JHQWHGHQMXDJXHWDOFRPR&DVFDGH5LQVH$LG
DJXDFRQXQWHUPyPHWURSDUDFDUDPHORVRSDUDFDUQH GHMHGHVXELU
UHQGLPLHQWRGHILFLHQWHGHOODYDGR
LVSHQVDGRUGHHWHUJHQWH
JXDUGD
1~PHURGH
£$9571&,$/RV
DUJDGHORVHVWDQWHVGHOODYDYDMLOODV
VWDQWH,QIHULRU
VWDQWH6XSHULRU
DQDVWDGH&XELHUWRV
RQILJXUDFLRQHVGHOOXJDUGHFDUJD«
ILJXUDVTXHDSDUHFHQPiVDUULED
0RGHORV*
LPSLHDGHORVLOWURV
XLGDGR\OLPSLHD
LPSLHDGHO3DQHOGH&RQWURO
PRGHORFRQWHUPLQDFLyQHQ66
RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV
$QWHVGH6ROLFLWDUHO6HUYLFLR7pFQLFR«
3UREOHPD
DXVDV3RVLEOHV
6HOHFFLRQH+HDWHGU\6HFDGRHQ&DOLHQWH
£35&$8&,Ï1
PDUFKD
3UREOHPD
3UREOHPD
$QWHVGH6ROLFLWDUHO6HUYLFLR7pFQLFR«
DXVDV3RVLEOHV
4Xp+DFHU
3RUHO3HUtRGRGH *UHHPSODDUi
DUDQWtDGHO/DYDYDMLOODVGH*
4Xp1R&XEULUi*
PRGHORGLVSRQLEOHV
3iJLQDHEGH*$SSOLDQFHV*$SSOLDQFHVFRP
6HUYLFLRDOFRQVXPLGRU
6ROLFLWHXQDUHSDUDFLyQ*$SSOLDQFHVFRP
DUDQWtDVDPSOLDGDV*$SSOLDQFHVFRP
5HDO/LIHHVLJQ6WXGLR,QWKH86*$SSOLDQFHVFRP
RQVXPHU6XSSRUW
3DUWVDQG$FFHVVRULHV,QWKH86*$SSOLDQFHVFRP
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH