Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Curso de Ingles - Fichas 1 A 169 (Originales)
Curso de Ingles - Fichas 1 A 169 (Originales)
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
+HDG&DEH]D
%DFN(VSDOGD
$UP%UD]R
)HHW3LHV
/HJ3LHUQD
9RFDEXODULR%RG\&XHUSR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 3URQRPEUHVGHPRVWUDWLYRV
&RXQWULHVDQGQDWLRQDOLWLHV
(VWLPDGR6U6PLWK 'HDU0U6PLWK
*UDFLDV SRU VX FDUWD GHO GH DJRVWR UHIHUHQWH D FXUVRV GH 7KDQN\RXIRU\RXUOHWWHURI$XJXVWZLWKUHJDUGWRWUDLQLQJ
IRUPDFLÍQ SDUD QXHVWURV YHQGHGRUHV /OHYDPRV WUHV DËRV FRXUVHVIRURXUVDOHVSHRSOH)RUWKHSDVWWKUHH\HDUVZHKDYH
FRQWUDWDQGRORVVHUYLFLRVGHXQDHPSUHVDGHFRQVXOWRUÇDSDUD EHHQ FRQWUDFWLQJ WKH VHUYLFHV RI D FRQVXOWLQJ ÀUP IRU WKLV
HVWHîQ\HVWDPRVEDVWDQWHFRQWHQWRVFRQORVUHVXOWDGRVRE SXUSRVH DQG DUH TXLWH VDWLVÀHG ZLWK WKH UHVXOWV REWDLQHG WR
WHQLGRVKDVWDODIHFKD GDWH
1RREVWDQWHDJUDGHFHPRVVXRIHUWD\ODPDQWHQGUHPRVHQ 1HYHUWKHOHVVZHDSSUHFLDWH\RXURIIHUDQGZLOONHHSLWLQRXU
QXHVWURVDUFKLYRVSDUDIXWXUDUHIHUHQFLD ÀOHVIRUIXWXUHUHIHUHQFH
$WHQWDPHQWH 6LQFHUHO\\RXUV
(VWLPDGRDPLJR\DOXPQR<RD\HUSOD\DFKLFDUHVWDXUDQWHGLVFRWHFDKRWHOQRFKHËDPËDP$FDERGHH[SUHVDUFRQFLHUWRLPSDFWR\KDVWD
FRQFLHUWDHORFXHQFLDXQDVHULHGHDFWLYLGDGHVTXHUHDOLFÃD\HUWDUGHHVWRGRPHQWLUD6LWHîMDVQRKHXWLOL]DGRQLQJÔQYHUER\DSHVDUGH
HOORKHORJUDGRWUDQVPLWLUFRQHîFDFLDXQDVVLWXDFLRQHV0XFKRVHVSDËROHVWHPÃLVWDQWRFRPHWHUHUURUHVJUDPDWLFDOHVTXHRVHQUHG»LVX
RVFDOO»LVDQWHVGHOOHJDUDODSDUWHGHOUHVWDXUDQWH6L\RFRPRSURIHVRUWXYLHUDTXHHOHJLUHQWUHXQRTXHKDFHXQDFDUQLFHUÇDFRQPLLGLRPD
SHURGLFHORTXHSLHQVD\XQRTXHDOîQDOVHFDOODSRUORTXHHQLQJOÃVOODPDPRVpSDU»OLVLVSRUDQ»OLVLVqSUHîHURHOSULPHUR5HFXHUGDQRYDV
DKDEODUXQLQJOÃVSHUIHFWRQXQFD3HURHVLPSRUWDQWHTXHDGTXLHUDVODFRQîDQ]DVXîFLHQWHFRPRSDUDVXSHUDUHOVHQWLGRGHOULGÇFXOR\VDOWDU
DODSLVFLQD/RV&'oV\'9'oVGHOPÃWRGR9DXJKDQGLVSRQLEOHVFDGDGRPLQJRFRQ(/081'2WHD\XGDU»QDFRQVHJXLUOR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
6KRXOGHU+RPEUR
.QHH5RGLOOD
$QNOH7RELOOR
9RFDEXODULR-RLQWV$UWLFXODFLRQHV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV p3HRSOHqUHTXLHUHHOSOXUDOGHOYHUER
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
p,QIURQWRIqVLJQLîFDpGHODQWHGHqQRpHQIUHQWHGHq
+DFHDËRVVXIUÇODVFRQVHFXHQFLDVGHXQPDOHQWHQGLGRHQLQJOÃV $ODPDËDQDVLJXLHQWH\RHVWDEDWDQIHOL]HVSHU»QGROHGHODQ
GHELGRDHVWDH[SUHVLÍQ'DEDFODVHDXQGLUHFWLYR\SRUXQRV WHGH1XHYRV0LQLVWHULRV\ÃOLJXDOPHQWHIHOL]HVSHU»QGRPH
GÇDVPLFRFKHHVWDEDHQHOWDOOHU/DFODVHHUDDODVRFKRGHOD HQIUHQWHGH1XHYRV0LQLVWHULRVHVGHFLUHQHOODWHUDOGHOD
PDËDQD\TXHGÃFRQHOGLUHFWLYRHQTXHPHUHFRJLHUDDODV &DVWHOODQDHQHOODGRWRWDOPHQWHRSXHVWR
SDUDLUFRQÃODVXRîFLQDSDUDGDUODFODVH
8QDKRUDP»VWDUGH\DSRUWHOÃIRQRÃOPHDFXVÍGHKDEHUOH
3XHVWRTXHQRPHJXVWDEDKDEODUFDVWHOODQRHQFODVHOHGLMHTXH GDGRSODQWÍQ<ROHDFXVÃGHQRKDEHUSUHVWDGRODDWHQFLÍQ
OHHVSHUDUÇDpLQIURQWRI1XHYRV0LQLVWHULRVq(OSDUHFÇÍHQWHQ GHELGDDPLVH[SOLFDFLRQHVJUDPDWLFDOHV
GHUPHSHUIHFWDPHQWH 'HOLR4XLxRQHVSURIHVRU9DXJKDQ
(VWLPDGD6UWD-RKQVRQ 'HDU0LVV-RKQVRQ
(Q SULPHU OXJDU TXLHUR H[SUHVDU PL DJUDGHFLPLHQWR SRU HO )LUVWRIDOO,ZDQWWRH[SUHVVP\DSSUHFLDWLRQIRUWKHH[FHOOHQW
H[FHOHQWHVHUYLFLRTXHVXHPSUHVDQRVSUHVWÍGXUDQWHODUH VHUYLFH \RXU FRPSDQ\ JDYH XV GXULQJ WKH UHFHQW VDOHV FDP
FLHQWHFDPSDËDGHYHQWDV7LHQH9GXQH[FHOHQWHHTXLSRGH SDLJQ <RX KDYH DQ H[FHOOHQW WHDP RI SURIHVVLRQDOV DQG WKH
SURIHVLRQDOHV \ OD LQIRUPDFLÍQ TXH QRV SURSRUFLRQDURQ IXH LQIRUPDWLRQWKH\SURYLGHGXVZLWKZDVYHU\YDOXDEOH
PX\YDOLRVD
&RPRVDEHORVSUHSDUDWLYRVSDUDODFDPSDËDGHLQYLHUQRFR $V \RX NQRZ WKH SUHSDUDWLRQV IRU WKH ZLQWHU FDPSDLJQ ZLOO
PHQ]DU»QDPHGLDGRVGHVHSWLHPEUH\SRUVXSXHVWRTXHUH EHJLQLQWKHPLGGOHRI6HSWHPEHUDQGRIFRXUVHZHZDQW\RXU
PRV TXH VX HTXLSR YXHOYD D D\XGDUQRV D îQ GH DVHJXUDU HO WHDPWRKHOSXVDJDLQLQRUGHUWRHQVXUHWKHVDPHOHYHORIVXF
PLVPRQLYHOGHÃ[LWRTXHKHPRVGLVIUXWDGRHVWHYHUDQR FHVVZHHQMR\HGWKLVVXPPHU
$WHQWDPHQWH 9HU\WUXO\\RXUV
(VWLPDGRDPLJR\DOXPQR/RP»VLPSRUWDQWHDODKRUDGHGRPLQDUXQVHJXQGRLGLRPDHQVLWXDFLRQHVSU»FWLFDVHVSRVHHUXQRÇGRîQÇVLPR
SDUDFDSWDUVLQHVIXHU]RORVVLJQLîFDGRV\PDWLFHVGHWXVLQWHUORFXWRUHV(VWRQRVHSXHGHREWHQHUDWUDYÃVGHODXODQLFRQHOPHMRUPÃWRGR
QLFRQHOPHMRUSURIHVRUGHOPXQGR/DÔQLFDIRUPDGHFRQVHJXLUORVGHVSXÃVGHDSUHQGHUODVIRUPDV\HVWUXFWXUDVHQVXVHQWLGRWHÍULFRHV
H[SRQLHQGRHORÇGRDFLHQWRVGHKRUDVGHLQJOÃVSURQXQFLDGRSRUFHQWHQDUHVGHSHUVRQDVFRQVXVGLVWLQWRVDFHQWRVYHORFLGDGHV\WHPSHUD
PHQWRV/DFRPXQLFDFLÍQVLHPSUHHPSLH]DSRUHORÇGR6LHVWHDVSHFWRQRIXQFLRQDWRGRVORVGHP»VFRQRFLPLHQWRV\KDELOLGDGHVVLUYHQGH
PX\SRFR3RGU»VLPSUHVLRQDUDWXSURIHVRUFRQWXH[FHOHQWHGRPLQLRGHORVYHUERVLUUHJXODUHVSHURQRSRGU»VGHVHQYROYHUWHHQDEVROXWR
HQQLQJÔQIRURGHFRPXQLFDFLÍQ(ORÇGRORHVWRGR3RUHOORWHLQVLVWRHQTXHDGHP»VGHOHHUQXHVWUROLEURFDGDGRPLQJRDWUDYÃVGH(/
081'2GHGLTXHVWXWLHPSRFRPRSULRULGDGDHVFXFKDUHO&'GHDXGLRTXHORDFRPSDËD\DYHUHQHO'9'ODVWUHVFODVHVLPSDUWLGDVSRU
XQVHUYLGRU
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
(\HV2MRV
(DUV2UHMDV
0RXWK%RFD
1RVH1DUL]
&KLQ%DUELOOD
9RFDEXODULR)DFH&DUD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV (QIRTXHYHUEDOGHODVHPDQD
*RLQJ&RPLQJ*RLQJEDFN&RPLQJEDFN
,oPFRPLQJEDFNWR0DGULGWKHQH[WGD\ pFRPLQJEDFNq
9XHOYRD0DGULGDOGÇDVLJXLHQWH YLQLHQGRGHUHJUHVR DWHQFLÍQDODSURQXQFLDFLÍQ
(VWLPDGRDPLJR\DOXPQR
9HUGDGQ 8QRSXHGHGRPLQDUODJUDP»WLFDDEDUFDUXQYRFDEXODULRH[WHQVR\VHUSRUQDWXUDOH]DGHFLGLGR\UHVXHOWRSHURVLDODKRUDGHOD
YHUGDGQRHQWLHQGHWRGRDODSULPHUDVXGRPLQLRVXGHFLVLÍQ\VXYRFDEXODULRVHGHUUXPEDQ\DFDEDQYDOLHQGRSDUDPX\SRFR
9HUGDGQ 6LXQRTXHGRPLQDGHYHUGDGHOLGLRPDHVLJXDOPHQWHFDSD]GHHQWHQGHUWRGRDODSULPHUDVHFRQYLHUWHHQXQFRPXQLFDGRUFDVL
WDQHîFD]HQLQJOÃVFRPRHQVXSURSLDOHQJXD6LHQWHTXHFRQWURODODVLWXDFLÍQ\HVW»FÍPRGRHQFXDOTXLHUIRUR\DPELHQWH
9HUGDGQ 6LXQRFRQPHQRVFRQRFLPLHQWRVGHOLQJOÃVGHUHSHQWHHPSLH]DDHQWHQGHUWRGRRFDVLWRGRDODSULPHUDVXVFRQRFLPLHQWRVOLPL
WDGRVïRUHFHQKDVWDOÇPLWHVLQVRVSHFKDGRV\VXPRWLYDFLÍQSDUDKDFHUVHFRQORVGHP»VDVSHFWRVGHOLGLRPDVXEHPLOHQWHURV
9HUGDGQ 1RKD\QDGDSHRUTXHODDQJXVWLDGHQRVHJXLUELHQODGLQ»PLFDYHUEDOHQXQDUHXQLÍQGHDOWRQLYHO/HFRQGHQDDXQRDFDOODU
VH\DVHQWLUVHYLROHQWRHLQÔWLO
/DFRPSUHQVLÍQDXGLWLYDHVFRQPXFKDGLIHUHQFLDHODVSHFWRP»VLPSRUWDQWHTXHXQRGHEHGRPLQDUDODKRUDGHKDEODUHîFD]PHQWHXQ
LGLRPD&ÍPRGHEHXQRPHMRUDUVXQLYHODXGLWLYR"2\HQGR\HVFXFKDQGRHOLGLRPDGXUDQWHPXFKDVKRUDV1RH[LVWHQRWUDVIÍUPXODVP»V
U»SLGDVRHIHFWLYDV<ORPHMRUHVHPSH]DUFRQORV&'oV\'9'oVGHOPÃWRGR9DXJKDQTXH(/081'2WHRIUHFHFDGDGRPLQJRHQWXTXLRVFR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
3DJHV3»JLQDV
6SLQH/RPR
-DFNHW6REUHFXELHUWD
9RFDEXODULR%RRN/LEUR
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 3KUDVDO9HUEGHODVHPDQD
+LVs+HUs7KHLU6XGHÃOs6XGHHOODs6XGHHOORV
(QFDVWHOODQRpVXqSXHGHGDUOXJDUDFRQIXVLÍQSXHVWRTXH (OSHULRGLVWDTXLVRDFODUDU
SXHGHVLJQLîFDUpGHÃOqpGHHOODqpGHHOORVqpGHHOODVqpGH9Gq 4XLHUHGHFLUTXHHVW»HQ&XEDHQVXSDÇVQDWDO$UJHQWLQDRHQ
RpGH9GVq PLSDÇV(VSDËD"
(QHODËR)LGHO&DVWURUHFLELÍDXQJUXSRGHSHULRGLVWDV &DVWURVRQULÍ\GLMR
HVSDËROHV'XUDQWHHOWUDQVFXUVRGHODFRQIHUHQFLDGHSUHQVDXQ 9GWHQGU»TXHHQFRQWUDUODUHVSXHVWDDHVDSUHJXQWD
SHULRGLVWDHVSDËROOHSUHJXQWÍ
'ÍQGHVHHQFXHQWUDDKRUD&KH*XHYDUD" (QLQJOÃVDIRUWXQDGDPHQWHQRVROHPRVVXIULUFRQIXVLRQHVGH
HVWHWLSR1XHVWURVDGMHWLYRVSRVHVLYRVVRQP»VSUHFLVRV
&DVWUROHUHVSRQGLÍ
(VW»HQVXSDÇV
(VWLPDGR3HWHU 'HDU3HWHU
5HFLEÇWXFDUWD\HVWR\FRPSOHWDPHQWHGHDFXHUGRFRQWXIRU , UHFHLYHG \RXU OHWWHU DQG FRPSOHWHO\ DJUHH ZLWK \RXU ZD\ RI
PDGHYHUODVFRVDV1RVR\QHFHVDULDPHQWHXQJUDQGHIHQVRU VHHLQJWKLQJV,·PQRWQHFHVVDULO\DJUHDWGHIHQGHURIWKLVNLQG
GHHVWHWLSRGHDQ»OLVLVSHURHQHVWHFDVRFUHRTXHHVLPSRU RIDQDO\VLVEXWLQWKLVFDVH,WKLQNLW·VLPSRUWDQWWREHDEVROX
WDQWH HVWDU DEVROXWDPHQWH VHJXUR DQWHV GH ODQ]DU HO QXHYR WHO\VXUHEHIRUHODXQFKLQJWKHQHZSURGXFW
SURGXFWR
5HFXHUGRXQFDVRSDUHFLGRKDFHXQRVDËRV(QDTXHOHQ ,UHPHPEHUDVLPLODUFDVHVRPH\HDUVDJR$WWKDWWLPHZH
WRQFHV RPLWLPRV DOJXQRV HQVD\RV RSFLRQDOHV SRU IDOWD GH VNLSSHG VRPH RSWLRQDO WHVWV IRU ODFN RI WLPH 0DUNHWLQJ ZDV
WLHPSR0DUNHWLQJWHQÇDSULVD\P»VWDUGHVXIULPRVODVFRQ LQDKXUU\DQGZHODWHUVXIIHUHGWKHFRQVHTXHQFHV7KHUHIRUH
VHFXHQFLDV3RUORWDQWRSXHGHVFRQWDUFRQPLDSR\RHVWDYH] \RXFDQFRXQWRQP\VXSSRUWWKLVWLPHLI\RXGHFLGHWRXVH\RXU
VLGHFLGHVXVDUWXDXWRULGDGSDUDGHWHQHUODSURGXFFLÍQ DXWKRULW\WRVWRSSURGXFWLRQ
8QVDOXGR 5HJDUGV
(VWLPDGRDPLJR\DOXPQR1RKDFHPXFKRXQFRQRFLGRKRPEUHGHQHJRFLRVHVSDËROFHUUÍHQXQSDÇVGHOVXGHVWHDVL»WLFRXQFRQWUDWR
SDUDODYHQWDGH»FLGRIRVIÍULFR'HUHJUHVRFRPHQWÍDVXVGRVFRODERUDGRUHVTXHVXVLQWHUORFXWRUHVHQODQHJRFLDFLÍQWUHVPLHPEURVGHO
0LQLVWHULRGH,QGXVWULDGHOSDÇVHQFXHVWLÍQKDEÇDQVLPSDWL]DGRFRQÃOQDGDP»VLQLFLDUODVSULPHUDVURQGDVGHODODUJDVHULHGHHQFXHQWURV
p3DUHFÇDTXHVHPDUDYLOODEDQGHODIRUPDHQTXHPHH[SUHVDEDq$XQTXH\RWHSLGRXQHVIXHU]RSRUGHUULEDUXQDGHWU»VGHRWUDODVPÔOWLSOHV
EDUUHUDVSDUDOOHJDUDODPHWDFRQWXLQJOÃVVÃSHUIHFWDPHQWHTXHHVXQDWDUHDODUJD\GLIÇFLO1RWRGRHOPXQGROOHJDSHURWHQJRXQUHVSHWR
WUHPHQGRSRUORVTXHDXQTXHQROOHJDQSRQHQWRGDODFDUQHHQHODVDGRUHQLQWHUWDUOR7HGLJRXQVHFUHWRVLDOJÔQGÇDOOHJDVDODPHWD
HQWHQGHU»VODVDWLVIDFFLÍQGHHVHKRPEUHGHQHJRFLRVHVSDËRO3RGHUH[SUHVDUVHELHQHQRWUDOHQJXD\GHVHQYROYHUVHVLQGLîFXOWDGHVFRQ
SHUVRQDVGHRWUDFXOWXUDSURGXFHXQDVDWLVIDFFLÍQWUHPHQGD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
(\HEURZV&HMDV
(\HOLGV3»USDGRV
(\HODVKHV3HVWDËDV
3XSLO3XSLOD
,ULV,ULV
9RFDEXODULR(\HV2MRV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 3XQWRJUDP»WLFDOGHODVHPDQD
4XHUHPRVDKRUDFRQIXQGLURVDWRGRVYHDPRVORVFRQWDEOHV\ORVLQFRQWDEOHV
$TXÇYDPRVDHQWUDUHQDOJRTXHSDUDORVHVSDËROHVSDUHFHFODUR XQDERWHOODGHDJXD
FXDQGRORDSUHQGÃLVSHURTXHVHKDFHFRQIXVRGHVSXÃV4XL]» GRVOLWURVGHDJXD
VHDSRUTXHORVOLEURVGHWH[WRVLHPSUHKDEODQGHpFRQWDEOHVH
LQFRQWDEOHVqORFXDOREOLJDDODOXPQRDKDFHUXQDHVSHFLHGH PRQH\GLQHUR (VWHVXVWDQWLYRWDPELÃQHVDEVWUDFWR
HVWXGLRHQDEVWUDFWR LQFRQWDEOH$KRUDPHGLU»Vp&ÍPRTXH
HVLQFRQWDEOHHOGLQHUR"$PXFKDJHQWH
DERRNXQOLEUR (VWHVXVWDQWLYRERRNHVXQDSDODEUD OHHQFDQWDFRQWDUVXGLQHURq(VWR\GH
FRQFUHWD3XHGHVVHËDODUORSRUHMHPSOR\ DFXHUGRSHURVLJRHQPLVWUHFH(OGLQHUR
GHFLUXQOLEUR7DPELÃQSXHGHVFRQWDU QRHVFRQWDEOH8QRQRSXHGHGHFLU
OLEURVVLWLHQHVEDVWDQWHVRQHWZR p7HQJRWUHVGLQHURVq7LHQHVTXHUHIHULUWHD
WKUHHHWF XQDXQLGDGFRQWDEOH
7HQJRWUHVHXURV
ZDWHUDJXD (VWHVXVWDQWLYRZDWHUHVXQDSDODEUD 7HQJRGRVVDFRVGHGLQHUR
DEVWUDFWD6LODVHËDODVQRSXHGHVGHFLU /DVSDODEUDVpHXURqRpVDFRqVRQSDODEUDV
XQDJXD1RSXHGHVFRQWDUHOpDJXDqVLQRTXH FRQFUHWDVFRQWDEOHV8QRSXHGHFRQWDU
WLHQHVTXHUHIHULUWHDSDODEUDVFRQFUHWDVR pVDFRVqRpHXURVq$KRUDELHQXQRQRSXHGH
XQLWDULDV FRQWDUpGLQHURVqRpDJXDVq
(VWLPDGR-XDQ 'HDU-RKQ
6LJXLHQGRQXHVWUDFRQYHUVDFLÍQWHOHIÍQLFDGHHVWDPDËDQD ,QOLQHZLWKRXUWHOHSKRQHFRQYHUVDWLRQWKLVPRUQLQJ,KHUHE\
WH FRQîUPR SRU OD SUHVHQWH QXHVWUD DVLVWHQFLD DO FXUVR GH FRQÀUPRXUDWWHQGDQFHDWWKHWHDFKHUWUDLQLQJFRXUVH0\LGHD
IRUPDFLÍQGHSURIHVRUHV0LLGHDGHPRPHQWRHVPDQGDUDO DW WKLV WLPH LV WR VHQG WKH FRUHVWDII RQO\ ZKHUHE\ \RX ZLOO
HTXLSRQÔFOHRVRODPHQWHSRUORTXHQHFHVLWDU»VKDFHUUHVHU QHHGWRPDNHKRWHODQGFRXUVHUHVHUYDWLRQVIRUQLQHSHRSOH
YDVGHKRWHO\FXUVRSDUDQXHYHSHUVRQDV
0HJXVWDHOIRUPDWRGHOFXUVRTXHPHPDQGDVWHSRUID[\HV , OLNH WKH FRXUVH IRUPDW WKDW \RX ID[HG WR PH DQG ,·P VXUH
WR\VHJXURGHTXHPLVSURIHVRUHVVHEHQHîFLDU»QGHOPLVPR P\ WHDFKHUV ZLOO EHQHÀW IURP LW , SODQ WR DWWHQG RQH RI WKH
7HQJR LQWHQFLÍQ GH DVLVWLU D XQD GH ODV VHVLRQHV GHO ÔOWLPR VHVVLRQVRQWKHODVWGD\EXW,ZLOOFRQWDFW\RXDJDLQWRFRQÀUP
GÇDSHURYROYHUÃDSRQHUPHHQFRQWDFWRFRQWLJRSDUDFRQîU WKHGHWDLOV
PDUORVGHWDOOHV
6DOXGRV %HVWUHJDUGV
(VWLPDGRDPLJR\DOXPQR0HFRVWÍWUDEDMR\VXGRUHVKDFHUPHFRQWXLGLRPDHOFXDODERUGÃHQVHULRDORVDËRV'HGLTXÃPLOKRUDVDHVH
REMHWLYR3DUDHOLQJOÃVWDPSRFRH[LVWHQDWDMRVY»OLGRVVDOYRHOHVIXHU]RSHUVRQDOGHFDGDXQR(OSUÍ[LPRGRPLQJRWHDQLPRDVHJXLUFRQ
QXHVWURPÃWRGRVREUHWRGRHQVXYHUWLHQWHDXGLWLYD\WHOHYLVLYD/RVOLEURV9DXJKDQSRQGU»QPXFKRVSXQWRVVREUHPXFKDVÇHVHQORUHIH
UHQWHDHVWUXFWXUD\JUDP»WLFDDVSHFWRVHVW»WLFRVSHURVLWHHQWUHJDVFRQEXHQ»QLPR\FRQODPHQWHDELHUWDDO&'\'9'GHFDGDVHPDQD
WHHPSDSDU»VGHXQLQJOÃVWUHPHQGDPHQWHGLQ»PLFR\FRQQXHVWURHVWLORGLYHUWLGR<FRQFDGDVHPDQDTXHSDVDWXRÇGRLU»DFRVWXPEU»Q
GRVHP»V\P»VDORVVRQLGRVGHOLGLRPD\WXFRQîDQ]DDXPHQWDU»DOPLVPRWLHPSR7HORDVHJXUR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
%DWKURRP&XDUWRGHEDËR
.LWFKHQ&RFLQD
/LYLQJ5RRP6DODGHHVWDU
%HGURRP'RUPLWRULR
'LQLQJ5RRP&RPHGRU
9RFDEXODULR+RXVH&DVD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 3XQWRJUDP»WLFDOGHODVHPDQD
4XHUHPRVDKRUDFRQIXQGLUOHVGHQXHYRFRQWDEOHVHLQFRQWDEOHVspVRPHq\pDQ\q
0X\VHËRUHVPÇRV 'HDU6LUV
&RPRKR\HVHOGHRFWXEUH\QRKHPRVUHFLELGRORVPHFKH $VWRGD\LV2FWREHUDQGZHKDYHQRWUHFHLYHGWKHOLJKWHUVZH
URVTXLVLÃUDPRVVDEHUODVLWXDFLÍQGHOSHGLGR\VLSRGHPRV ZRXOGOLNHWRNQRZWKHVWDWXVRIWKHRUGHUDQGZKHWKHURUQRW
HVSHUDU R QR OD HQWUHJD HQ ORV SUÍ[LPRV GÇDV 6L QR QRV YH ZHFDQH[SHFWGHOLYHU\LQWKHQH[WIHZGD\V2WKHUZLVHZHZLOO
UHPRVREOLJDGRVDFDQFHODUHOSHGLGR\DTXHQROOHJDU»QORV EHIRUFHGWRFDQFHOWKHRUGHUDVWKHOLJKWHUVZLOOQRWDUULYHLQ
PHFKHURVDWLHPSRSDUDLQFOXLUVHHQHOPDLOLQJSUHYLVWRSDUD WLPHWREHLQFOXGHGLQWKHPDLOLQJVHWIRU2FWREHU
HOGHRFWXEUH
$WHQWDPHQWH 6LQFHUHO\\RXUV
(VWLPDGRDPLJR\DOXPQR$GLIHUHQFLDGHORTXHDOJXQRVSUHJRQDQSRUDKÇHVPX\GLIÇFLODSUHQGHUDXWLOL]DUHîFD]PHQWHXQVHJXQGRLGLR
PD3DVDUGHXQQLYHOLQVXîFLHQWHDXQEXHQQLYHOH[LJHFRPRPÇQLPRKRUDVGHFODVHKRUDVGHHVWXGLRRDWHQFLÍQSHUVRQDO\
KRUDVP»VGHDSXURVGHFRPXQLFDFLÍQHQODYLGDUHDO6LDOJXLHQWHGLFHRWUDFRVDPLHQWH1LQJXQDSHUVRQDHQHVWHSODQHWDKDOOHJDGRGH
DGROHVFHQWHRGHDGXOWRDXQDOWRQLYHOGHHîFDFLDFRPXQLFDWLYDHQLQJOÃVVLQKDEHUOHGHGLFDGRXQPÇQLPRGHGRVPLOKRUDV<UHFXHUGDGH
HVDVGRVPLOKRUDVOHH[LJHQFHUUDUORVRMRVWDSDUODQDUL]\VDOWDUDODJXDHQODSDUWHP»VSURIXQGDGHODSLVFLQD(QRWUDVSDODEUDVQR
WHKDU»VFRQXQEXHQGRPLQLRGHPLLGLRPDVLQRWUDJDVPXFKDDJXD/RVLHQWRSHURHVDVÇ6LSXGLHUDGHFLUWHRWUDFRVDWHORGLUÇD6LSXGLHUD
DKRUUDUWHDOJRGHGRORUORKDUÇD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
6LQN)UHJDGHUR
)UHH]HU&RQJHODGRU
+RE3ODFD
)ULGJH1HYHUD
2YHQ+RUQR
9RFDEXODULR.LWFKHQ&RFLQD
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV &RQMXQFLÍQGHODVHPDQD
1HYHUWKHOHVVf1RREVWDQWHf
%HJJDUVFDQoWEHFKRRVHUV $UH\RXXSIRULW"
$PXFKDKDPEUHQRKD\SDQGXUR 7HDSXQWDV" 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
$QDSSOHDGD\NHHSVWKHGRFWRUDZD\ /DXJKWHULVWKHEHVWPHGLFLQH 1RPHJXVWD1RREVWDQWHHVWDUÃHQOD
$GLDULRXQDPDQ]DQDHVFRVDVDQD /DULVDHVHOPHMRUUHPHGLR UHXQLÍQ
1RHVWR\GHDFXHUGR1RREVWDQWHRVDSR\R
7KHUHoVQRVPRNHZLWKRXWîUH /HWE\JRQHVEHE\JRQHV 1RHVEXHQRSDUDODVDOXG1RREVWDQWH
&XDQGRHOUÇRVXHQDDJXDOOHYD /RSDVDGRSDVDGRHVW» WRPDUÃRWUR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
/DSURQXQFLDFLÍQGHpPRQH\qHVpP»QLq
$ORPHMRUVDEHVGHFLUpJUDFLRVRqHQLQJOÃV'HFLPRVIXQQ\ WRGDYÇDQRFRQR]FRDQDGLHTXHSURQXQFLHELHQHVWDSDODEUDWDQ
SURQXQFLDGRI»QL LPSRUWDQWHpPRQH\q
3XHVVL\DFRQRFHVODSDODEUDpIXQQ\qHQLQJOÃVHQWRQFHVKD] <VLHVW»VPX\HQDPRUDGRGHWXFÍQ\XJHSXHGHVSUDFWLFDU
FDGDGÇDHOHMHUFLFLRTXHFRQVLVWHHQGHFLUPLOYHFHVGLQHUR GLFLHQGR,KDYHDORWRIIXQQ\PRQH\KRQH\/DVWUHVÔOWLPDVSD
JUDFLRVR ODEUDVULPDQSHUIHFWDPHQWH\OHJXVWDU»TXHOHOODPHVpPLHOq
WÃUPLQRTXHVHWUDGXFHDTXÇFRPRpHQFDQWRPÇRq
IXQQ\PRQH\
/DVGRVSDODEUDVVXHQDQH[DFWDPHQWHLJXDOULPDQ3UDFWÇFDODV
SRUTXHHQORVDËRVTXHOOHYRHQVHËDQGRLQJOÃVDHVSDËROHV DWHQFLÍQDODSURQXQFLDFLÍQ
(VWLPDGR6U-RKQVRQ 'HDU0U-RKQVRQ
*UDFLDVSRUVXFDUWDGHOGHRFWXEUH\SRUHODSR\RTXHQRV 7KDQN\RXIRU\RXUOHWWHURI2FWREHUDQGIRUWKHVXSSRUW\RX
KDSUHVWDGRDORODUJRGHHVWRVPHVHV/DFRQîDQ]DTXH9G KDYH JLYHQ XV RYHU WKH SDVW IHZ PRQWKV7KH FRQÀGHQFH \RX
KDPRVWUDGRHQQXHVWURVPÃWRGRV\SURFHGLPLHQWRVQRVKD KDYHVKRZQLQRXUPHWKRGVDQGSURFHGXUHVKDVHQDEOHGXVWR
SHUPLWLGRVHJXLUDGHODQWH\FRQVHJXLUORVEXHQRVUHVXOWDGRV PRYHIRUZDUGDQGDFKLHYHWKHÀQHUHVXOWVZHDOOH[SHFWHG
TXHWRGRVHVSHU»EDPRV
+D\PRPHQWRVHQORVTXHXQRGHEHFRQîDUHQODIH\DSHVDU 7KHUHDUHWLPHVLQZKLFKRQHPXVWUHO\RQIDLWKDQGLQVSLWH
GHRSLQLRQHVFRQWUDULDVKDFHUHOHVIXHU]RTXHHOÃ[LWRH[LJH RI FRQWUDU\ RSLQLRQV PDNH WKH HIIRUW WKDW VXFFHVV GHPDQGV
6LQ VX IH \ VX FRQVWDQWH DSR\R QRV KDEUÇD VLGR PXFKR P»V :LWKRXW\RXUIDLWKDQG\RXUFRQVWDQWVXSSRUWLWZRXOGKDYH
GLIÇFLODOFDQ]DUHOÃ[LWR EHHQPXFKPRUHGLIÀFXOWIRUXVWRDFKLHYHVXFFHVV
$WHQWDPHQWH 9HU\WUXO\\RXUV
(VWLPDGRDPLJR\DOXPQR+DFHWUHVVHPDQDVXQDOWRHMHFXWLYRGHXQDHPSUHVDHVSDËRODGHKHUUDPLHQWDVYROYLÍGH=XULFKIUXVWUDGR\
HQIDGDGR&RPRP»[LPRUHVSRQVDEOHGHVXHPSUHVD\SUHVLGHQWHGHODDVRFLDFLÍQHVSDËRODTXHHQJOREDEDDORVIDEULFDQWHVGHVXVHFWRU
SRUSULPHUDYH]KDEÇDDVLVWLGRFRPRÔQLFRUHSUHVHQWDQWHHVSDËRODODUHXQLÍQGHODDVRFLDFLÍQHXURSHDTXHYHODSRUORVLQWHUHVHVGHVXV
îOLDOHVQDFLRQDOHV$OOÇGXUDQWHGRVGÇDVQXHVWURHMHFXWLYR\VXVKRPÍORJRVGHRQFHSDÇVHVP»VKDEÇDQDLUHDGRXQDODUJDVHULHGHSUREOH
PDVGHOVHFWRU(UDLPSRUWDQWHOOHJDUDXQDFXHUGRHVWDEOHFHUXQIUHQWHFRPÔQ\HOHYDUORVWHPDVDFRUGDGRVDODFRPLVLÍQGH%UXVHODVTXH
KDELWXDOPHQWHSXEOLFDODVGLUHFWLYDVTXHDIHFWDQDODVHPSUHVDVPLHPEUR'HUHJUHVRDVXRîFLQDH[KDXVWRGHOHVIXHU]ROHFRPHQWÍVX
H[SHULHQFLDDVXVHFUHWDULD\ÔQLFRFRQîGHQWHp1XQFDPHKHVHQWLGRWDQLQÔWLO+DVLGRGHYHUGDGYLROHQWR+DEODEDQGHFRVDVTXHFRQR]FR
PHMRUTXHHOORV\QRKHSRGLGRGHFLUQDGD(QFXDQWRSHUGÇDHOKLORGHODVFRQYHUVDFLRQHVQRPHDWUHYÇDQLDDEULUODERFD$YHFHVQRHVWDED
VHJXURVLWRGDYÇDHVWDEDQHQHOSXQWRGHORUGHQGHOGÇDRVL\DKDEÇDQSDVDGRDOSXQWR<GHODFRQYHUVDFLÍQHQODVFRPLGDV\FHQDVQRWH
GLJRQDGDq$PLJR\DOXPQRHVWDFDQFLÍQHVDOJREDVWDQWHFRPÔQHQWUHORVDOWRVGLUHFWLYRVGH(VSDËD\GHPXFKRVRWURVSDÇVHV(VWXGLDFRQ
QRVRWURV\KD]WRGRHOHVIXHU]RSRVLEOHSDUDVXSHUDUODVGLîFXOWDGHV7HD\XGDUHPRVHQWRGRORSRVLEOHDHYLWDUHOPDOWUDJRTXHKDSDVDGR
QXHVWURDPLJRTXHVHIXHD=XULFKGHSHQGHP»VGHWLTXHGHPÇ
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
&ROODU&XHOOR
6OHHYH0DQJD
3RFNHW%ROVLOOR
%XWWRQ%RWÍQ
&XII3XËR
9RFDEXODULR6KLUW&DPLVD
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 9HUERLUUHJXODUGHODVHPDQD
7KHIDPLO\
(VWLPDGR'DYLG 'HDU'DYLG
&RPRFRQWLQXDFLÍQDQXHVWUDFRQYHUVDFLÍQWHOHIÍQLFDTXLVLH $VDIROORZXSWRRXUWHOHSKRQHFRQYHUVDWLRQ,ZRXOGOLNH
UD DËDGLU DOJR TXH SRU OR YLVWR SDVDPRV SRU DOWR 6L UHFXHU WRDGGVRPHWKLQJWKDWZHDSSDUHQWO\RYHUORRNHG,I\RX
GDV XQR GH ORV SUREOHPDV HUD SUHFLVDPHQWH OD FDQWLGDG GH UHPHPEHURQHRIWKHSUREOHPVZDVSUHFLVHO\WKHDPRXQW
HQHUJÇDTXHWHQÇDPRVTXHSURGXFLUSDUDHOHYDUODVXVWDQFLD RIHQHUJ\ZHKDGWRSURGXFHWRUDLVHWKHVXEVWDQFHWRWKH
DOSXQWRGHHEXOOLFLÍQ6LEDMDPRVODSUHVLÍQSRGUHPRVEDMDU ERLOLQJSRLQW,IZHORZHUWKHSUHVVXUHZHFDQORZHULQWXUQ
DODYH]HOSXQWRGHHEXOOLFLÍQKDFLHQGRPHQRVFDUDODRSHUD WKHERLOLQJSRLQWDQGPDNHWKHRSHUDWLRQOHVVFRVWO\DQGWKH
FLÍQ\P»VUHQWDEOHHOSURFHVRHQVXWRWDOLGDG RYHUDOOSURFHVVPRUHSURÀWDEOH
1R VR\ PX\ H[SHUWR HQ FÍPR UHDOL]DU OD PRGLîFDFLÍQ SHUR ,DPQRWYHU\H[SHUWLQKRZWRSHUIRUPWKLVPRGLÀFDWLRQEXW
HVWR\VHJXURGHTXHFRVWDU»PHQRVEDMDUODSUHVLÍQTXHHOH ,·PVXUHLWZLOOFRVWOHVVWRORZHUWKHSUHVVXUHWKDQWRUDLVHWKH
YDUODWHPSHUDWXUDEDMRFRQGLFLRQHVDWPRVIÃULFDVQRUPDOHV WHPSHUDWXUHXQGHUQRUPDODWPRVSKHULFFRQGLWLRQV
3RQWH FRQ HVWR HQ VHJXLGD \ DYÇVDPH FXDQGR WHQJDV DOJR *HWRQWRWKLVULJKWDZD\DQGOHWPHNQRZZKHQ\RXKDYH
&RPRELHQVDEHVQRQRVTXHGDPXFKRWLHPSR VRPHWKLQJ$V\RXZHOONQRZZHGRQ·WKDYHPXFKWLPHOHIW
8QVDOXGR 5HJDUGV
(VWLPDGRDPLJR\DOXPQR+R\WHQJRSRFRHVSDFLRSDUDHVFULELUDVÇTXHVHUÃEUHYH/DJUDP»WLFDHQVÇQRYDOHSDUDQDGDVLWÔQRWHHVIXHU]DV
SDUDDUWLFXODUODFRQDJLOLGDGHQFRQYHUVDFLRQHV6LQRWLHQHVFRQTXLÃQKDEODUSDUDHVWLPXODUHQODSU»FWLFDWXGRPLQLRWHÍULFRGHODVHVWUXF
WXUDVKD]ORFRQODSDUHG/HHHQYR]DOWDWRGDVODVIUDVHVTXHîJXUDQHQHVWDVO»PLQDV\HQHOOLEURTXHUHFLELU»VFDGDGRPLQJR3DJDU»VDOWRV
GLYLGHQGRVLWZLOOSD\KDQGVRPHGLYLGHQGV$VÇORKLFH\RFRQVXLGLRPD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
,QVROH3ODQWLOOD
7RQJXH/HQJÖHWD
/DFHV&RUGRQHV
9RFDEXODULR6KRH=DSDWR
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 9RFDEXODULR
/HWE\JRQHVEHE\JRQHVpE»LJRQVq ,WoVDVPDOOZRUOG 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
/RSDVDGRSDVDGRHVW» (OPXQGRHVXQSDËXHOR IUDVHVHQLQJOÃV"
(QFDVWHOODQRVLKDEODVGHGRVOLEURVXQRD]XO\RWURYHUGH 7KHRQHRQWKHWDEOHLVEOXH
GLFHV(OD]XOHVW»HQODPHVD\HOYHUGHHVW»HQODVLOOD 7KHRQHRQWKHFKDLULVJUHHQ
(QLQJOÃVGHFLPRVOLWHUDOPHQWH(OD]XOXQRHVW»HQODPHVD\HO (QFDVWHOODQRHVWDVHULHGHSUHJXQWDV\DîUPDFLRQHVVHUÇDFRPR
YHUGHXQRHVW»HQODVLOOD VLJXH
7KHEOXHRQHLVRQWKHWDEOHDQGWKHJUHHQRQHLVRQWKHFKDLU
4XÃOLEURHVD]XOHOJUDQGHRHOSHTXHËR" (OSHTXHËRORHV
(OXVRGHpRQHqFRPRSURQRPEUHVHH[WLHQGHDODVVLJXLHQWHV &X»OHVYHUGH" (OJUDQGHORHV
H[SUHVLRQHV)ÇMDWHELHQHQORVHMHPSORV
&X»OHVW»HQODPHVD" (OD]XOORHVW»
:KLFKERRNLVEOXHWKHELJRQHRUWKHVPDOORQH" 7KHVPDOORQHLV &X»OHVW»HQODVLOOD" (OYHUGHORHVW»
:KLFKRQHLVJUHHQ" 7KHELJRQHLV
(OTXHHVW»HQODPHVDHVD]XO
:KLFKRQHLVRQWKHWDEOH" 7KHEOXHRQHLV (OTXHHVW»HQODVLOODHVYHUGH
:KLFKRQHLVRQWKHFKDLU" 7KHJUHHQRQHLV
(VWLPDGR6U%URRNO\Q 'HDU0U%URRNO\Q
*UDFLDVSRUVXFDUWDGHGHQRYLHPEUH\SRUODLQIRUPDFLÍQ 7KDQN\RXIRU\RXUOHWWHURI1RYHPEHUDQGIRUWKHHQFORVHG
DGMXQWDTXHOHVROLFLWÃ LQIRUPDWLRQWKDW,UHTXHVWHG
$OKRMHDUODYHRTXHVXVVHUYLFLRVVHDMXVWDQSHUIHFWDPHQWHD 8SRQ ORRNLQJ WKURXJK LW , VHH WKDW \RXU VHUYLFH ÀWV RXU
QXHVWUDVQHFHVLGDGHV6LQHPEDUJRVXVSUHFLRVSDUHFHQPX\ QHHGV SHUIHFWO\ +RZHYHU \RXU SULFHV DUH VXUSULVLQJO\ KLJK LQ
DOWRVHQFRPSDUDFLÍQFRQORVGHVXVFRPSHWLGRUHVDOJXQRV FRPSDULVRQZLWK\RXUFRPSHWLWRUV·VRPHRIZKRPKDYHJLYHQ
GHORVFXDOHVQRVKDQSURSRUFLRQDGRXQH[FHOHQWHVHUYLFLRHQ XVH[FHOOHQWVHUYLFHLQWKHSDVW
HOSDVDGR ,DPDZDUHRIWKHIDFWWKDW\RXUFRPSDQ\SRVVHVVHVDQHZDQG
6R\FRQVFLHQWHGHOKHFKRGHTXHVXFRPSDËÇDSRVHHXQSUR UHYROXWLRQDU\SURFHVVFDSDEOHRIFXWWLQJZDLWLQJWLPHLQKDOI
FHVR QXHYR \ UHYROXFLRQDULR FDSD] GH UHGXFLU D OD PLWDG HO EXW \RXU SULFH LV SHUFHQW KLJKHU WKDQ \RXU KLJKHVW SULFHG
WLHPSRGHHVSHUDSHURVXSUHFLRHVXQSRUFLHQWRPD\RU FRPSHWLWRU·V
TXHHOGHVXFRPSHWLGRUGHSUHFLRP»VDOWR 8QOHVV \RX FDQ FRQYLQFH XV RWKHUZLVH , ZLOO EH IRUFHG WR
$QRVHUTXH9GVQRVSXHGDQFRQYHQFHUGHORFRQWUDULRPH SRVWSRQH D GHFLVLRQ RQ \RXU RIIHU DQG WR FRQWLQXH ZLWK RXU
YHUÃREOLJDGRDSRVSRQHUXQDGHFLVLÍQVREUHVXRIHUWD\VH UHJXODUVXSSOLHU
JXLUFRQQXHVWURSURYHHGRUKDELWXDO
$WHQWDPHQWH 6LQFHUHO\
(VWLPDGRDPLJR\DOXPQR+DFHXQRVGÇDVUHFLEÇXQFRUUHRHOHFWUÍQLFRGHXQGLUHFWLYRGHHPSUHVDTXHGHFÇDORVLJXLHQWHp0LSUREOHPDQR
HVHOGLQHURSXHGRSDJDUHOFXUVRTXHTXLHUD0LSUREOHPDHVHOWLHPSRqîUPDGR)HOLSH/HUHVSRQGÇp(VWLPDGR)HOLSHVLQWLHPSRDPLJR
PÇRQRKD\QDGDTXHKDFHU6LHQWRGHFLUORSHURWHQGU»VTXHEXVFDUKDVWDGHEDMRGHODVSLHGUDVSDUDDUDËDUWLHPSRHQHOGÇDHQODVHPDQD
\HQORVPHVHVSDUDHVWHWHPD+DFHUVHGHDGXOWRFRQXQDDOWDFDSDFLGDGGHFRPXQLFDFLÍQHQLQJOÃVHVKDUWDPHQWHGLIÇFLO4XLÃQGLJDOR
FRQWUDULRRSUHJRQHVROXFLRQHVU»SLGDV\I»FLOHVPLHQWH/RVTXHGLJDQHVWDVFRVDVVRQVLPSOH\OODQDPHQWHRSRUWXQLVWDVTXHVHDSURYHFKDQ
GHODGHVHVSHUDFLÍQGHODJHQWH\VXEÔVTXHGDGHVROXFLRQHVLQGRORUDV3DVDORPLVPRHQHOVHFWRUGHORVDGHOJD]DQWHV3RUORWDQWR\SDUD
îQDOL]DUGLUÃTXHODFXHVWLÍQP»VLPSRUWDQWHDODKRUDGHKDFHUVHFRQXQVHJXQGRLGLRPDQRHVHOGLQHUR(VHOWLHPSR\HOHVIXHU]Rq
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
%UDQFK5DPD
9RFDEXODULR7UHHUERO
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV $GMHWLYRV
/RVDGMHWLYRVVXHOHQSUHFHGHUDOVXVWDQWLYRTXH
$IRRODQGKLVPRQH\DUHVRRQSDUWHG )RROVUXVKLQZKHUHDQJHOVIHDU GHVFULEHQHQLQJOÃV
$ORVWRQWRVQROHVGXUDHOGLQHUR WRWUHDG
(OQHFLRHVDWUHYLGR\HOVDELR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
:KDWWKHERVVVD\VJRHV FRPHGLGR IUDVHVHQLQJOÃV"
'RQGHKD\SDWUÍQQRPDQGDPDULQHUR %DUFHORQDHVXQDFLXGDGJUDQGHRXQD
7KHHDUO\ELUGFDWFKHVWKHZRUP FLXGDGSHTXHËD"
$FWLRQVVSHDNORXGHUWKDQZRUGV $OTXHPDGUXJD'LRVOHD\XGD (O1LORHVXQUÇRODUJRRXQUÇRFRUWR"
(OPRYLPLHQWRVHGHPXHVWUDDQGDQGR 0LO»QHVJUDQGHRSHTXHËR"
*RRGULGGDQFH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
|$GLÍV\KDVWDQXQFD
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
&ÍPRHVW»V" +RZDUH\RX"s&ÍPRHUHV" :KDWDUH\RXOLNH"
)ÇMDWHHQODVGRVIUDVHV(QHVSDËROVÍORVHFDPELDHOYHUERGHHVWDU 3DUDGHFLUpFÍPRHUHVqRpFÍPRVRQqRpFÍPRHVHOODqHWFUHFXUUL
DVHU6LQHPEDUJRHQLQJOÃVDOQRH[LVWLUGRVYHUERVGLVWLQWRVSDUD PRVDOPLVPRK»ELWRTXHFRQORVYHUERVGHVHQWLGR
HOFRQFHSWRpWREHqGHEHPRVEXVFDURWUDIRUPDGHH[SUHVDUODLGHD
GHpFÍPRHVq3DUDHOORKDFHPRVXVRGHODSDODEUDpOLNHqGHVSXÃV (OODHVFRPRVXKHUPDQD 6KHoVOLNHKHUVLVWHU
GHOYHUERpWREHq(VI»FLOHQWHQGHUHOFRQFHSWRSXHVWRTXH\DVD &ÍPRHVWXQXHYRMHIH" :KDWoV\RXUQHZERVVOLNH"
EÃLVPXFKRVHOXVRGHpOLNHqFRQORVYHUERVGHVHQWLGR &ÍPRHVHQVHËDULQJOÃV :KDWoVLWOLNHWHDFKLQJ
SRUODUDGLR" (QJOLVKRQWKHUDGLR"
+HORRNVOLNH(OYLV3UHVOH\ 6HSDUHFHD(OYLV3UHVOH\ RpWRWHDFKq
,WVPHOOVOLNHJDUOLF +XHOHDDMR &ÍPRHVYLYLUHQ6XHFLD" :KDWoVLWOLNHOLYLQJLQ
,WWDVWHVOLNHIURJOHJV 6DEHDDQFDVGHUDQD 6ZHGHQ"RpWROLYHq
,WIHHOVOLNHPLQN 3DUHFHYLVÍQDOWDFWR &ÍPRKDVLGRODUHXQLÍQ" :KDWZDVWKHPHHWLQJOLNH"
,WVRXQGVOLNHDVRQJE\WKH%HDWOHV 6XHQDDXQDFDQFLÍQGHORV &ÍPRIXHWUDEDMDUFRPRWD[LVWD" :KDWZDVLWOLNHZRUNLQJ
%HDWOHV DVDWD[LGULYHU"RpWRZRUNq
(VWLPDGD6UWD7D\ORU 'HDU0LVV7D\ORU
/HHVFULERFRQUHIHUHQFLDDVXFDUWDGHOGHMXQLRSDVDGRHQ , DP ZULWLQJ WR \RX LQ UHIHUHQFH WR \RXU OHWWHU RI ODVW -XQH
ODFXDOVROLFLWDXQDOÇQHDGHFUÃGLWRGHPHVHVSRULPSRUWH LQ ZKLFK \RX UHTXHVW D PRQWK FUHGLW OLQH LQ WKH DPRXQW RI
GHüFRQHOîQGHîQDQFLDUODFRPSUDGHXQDIXUJRQH ü LQ RUGHU WR ÀQDQFH WKH SXUFKDVH RI D YDQ IRU \RXU
WDSDUDVXQHJRFLR EXVLQHVV
/DV OÇQHDV GH FUÃGLWR D FRUWR SOD]R VXHOHQ FRQFHGHUVH SDUD 6KRUWWHUPFUHGLWOLQHVDUHXVXDOO\JUDQWHGWRKHOSFRPSDQLHVWR
D\XGDU D ODV HPSUHVDV D VXSHUDU SUREOHPDV WHPSRUDOHV GH RYHUFRPHWHPSRUDU\FDVKSUREOHPVQRWWRLQYHVWLQÀ[HGDVVHWV,
WHVRUHUÇDQRSDUDLQYHUWLUHQDFWLYRVîMRV&UHRTXHHQVXFDVR EHOLHYHWKDWLQ\RXUFDVHLWZRXOGEHDGYLVDEOHWKDW\RXYLVLWXVVR
VHUÇDDFRQVHMDEOHTXHQRVYLVLWDUDSDUDTXHMXQWRVSRGDPRV WKDWWRJHWKHUZHFDQORRNIRUWKHPRVWVXLWDEOHIRUPXODWRVROYH
EXVFDUODIÍUPXODP»VDSURSLDGDSDUDUHVROYHUHVWDFXHVWLÍQ WKLVPDWWHU
$WHQWDPHQWH 6LQFHUHO\\RXUV
4XLHUHVHUELOLQJÖH"2OYÇGHOR<DHVGHPDVLDGRWDUGH0LVKLMRVVRQELOLQJÖHV6HKDQFULDGRR\HQGRLQJOÃV\HVSDËROGHVGHHOGÇDHQTXHQD
FLHURQ+DQYLVWRGLH]PLOKRUDVGHWHOHYLVLÍQ\FLQHHQHVSDËRO\WUHVPLOKRUDVHQLQJOÃV'HVGHSUHHVFRODUKDVWDODXQLYHUVLGDGKDQDVLVWLGRDSODQHV
GHHVWXGLRLQJOHVHVRDPHULFDQRVDEVRUELHQGRP»VGHKRUDVGHYRFHVQDWLYDVVREUHWHPDV\DVLJQDWXUDVGHJUDQYDULHGDG6Ç6RQELOLQJÖHV
6LTXLHUHVHUELOLQJÖHFRPRPLVKLMRVROYÇGHOR1ROHYDVHUSRVLEOHHQHVWDYLGD(VDEVROXWDPHQWHLPSRVLEOHTXHXQDSHUVRQDGHVSXÃVGHORVRFKR
DËRVGHHGDGOOHJXHDGRPLQDUXQVHJXQGRLGLRPDFRQODPLVPDDJLOLGDGDFHQWR\HVSRQWDQHLGDGTXHVXOHQJXDPDWHUQD
4XLHUHVHUELOÇQJÖH"p1RSUREOHPq'HPHPHVHVGHVXWLHPSR6R\ELOLQJÖH&XDQGRFDPELRGHPLLQJOÃVQDWLYRDOFDVWHOODQRVHPH
QRWDHQVHJXLGDXQDFHQWRDPHULFDQR6LXVWHGVHîMDPXFKRDSUHFLDU»DOJÔQWURSLH]RIRQÃWLFRHQPLGLFFLÍQ\RFDVLRQDOHVLPSUHFLVLRQHVJUDPDWL
FDOHV8VRHOFDVWHOODQRDGLDULRSDUDUHVROYHUXQVLQQÔPHURGHDVXQWRVPXFKRVGHJUDQLPSRUWDQFLD6LHVWR\KDEODQGRHQLQJOÃVFRQXQHVSDËRO
\SHUFLERTXHQRPHHQWLHQGHFLHUWRVPDWLFHVFDPELRDOLQVWDQWHDOFDVWHOODQRSDUDDVHJXUDUODHîFDFLDGHPLDUJXPHQWDFLÍQRHOLPSDFWRGHPL
GHVFULSFLÍQ6Ç6R\ELOLQJÖH6LTXLHUHXVWHGVHUELOLQJÖHFRPR\RWLHQHPXFKRWUDEDMRSRUGHODQWHSHURVLVLJXHODVLQVWUXFFLRQHVTXHSRQJRDVX
GLVSRVLFLÍQHQHVWHPÃWRGRTXHOHRIUHFH(O0XQGRORSRGU»FRQVHJXLUHQPHVHVFRPRPÇQLPRGHSHQGLHQGRGHOWLHPSR\HVIXHU]RTXHLQYHUWD
HQODWDUHD
&RPRYHH[LVWHQGRVGHîQLFLRQHVSDUDHOWÃUPLQRpELOLQJÖHq\DPEDVVRQY»OLGDVSHURODÔQLFDDODTXHXVWHGGHEHDVSLUDU\ODÔQLFDDODTXHSXHGH
DVSLUDUVLHQGRUHDOLVWDHVODVHJXQGDGHîQLFLÍQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/REVWHU/DQJRVWD
2\VWHU2VWUD
0XVVHO0HMLOOÍQ
9RFDEXODULR6HDIRRG0DULVFR
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 0XFKPDQ\
(VWLPDGR+DQV 'HDU+DQV
(QSULPHUOXJDUTXLHURDJUDGHFHUWXD\XGD\DVHVRUDPLHQWRHQ )LUVWRIDOO,ZDQWWRWKDQN\RXIRU\RXUKHOSDQGDGYLFHLQWKH
ODRUJDQL]DFLÍQGHQXHVWUDQXHYDVXFXUVDO<DHVWDPRVIXQFLR RUJDQL]DWLRQ RI RXU QHZ EUDQFK:H DUH DOUHDG\ RSHUDWLQJ LQ
QDQGRDSHVDUGHTXHWHQHPRVXQDVRODOÇQHDGHWHOÃIRQR VSLWHRIWKHIDFWWKDWZHKDYHRQO\RQHWHOHSKRQHOLQH
/DUD]ÍQSULQFLSDOSRUODTXHWHHVFULERHVSDUDSHGLUWHXQSH 7KHPDLQUHDVRQIRUP\ZULWLQJWR\RXLV WRDVN\RXDVPDOO
TXHËRIDYRU6LQGXGDUHFRUGDU»VD-XDQ3ÃUH]HOVHËRUPD\RU IDYRU1RGRXEW\RXUHPHPEHU-XDQ3HUH] WKHROGHUPDQ\RX
TXHHQWUHYLVWDVWHSDUDHOSXHVWRGHFRQWDEOHSDUDODVXFXUVDO LQWHUYLHZHGIRUWKHMRERIEUDQFKDFFRXQWDQW+HKDVD\HDU
7LHQHXQKLMRGHDËRVTXHDFDEDGHWHUPLQDUVXVHVWXGLRV\ ROG VRQ ZKR KDV MXVW ÀQLVKHG KLV VWXGLHV DQG ZKR ZDQWV WR
TXHTXLHUHSDVDUXQDËRWUDEDMDQGR\HVWXGLDQGRHQ$OHPDQLD VSHQGD\HDUZRUNLQJDQGVWXG\LQJLQ*HUPDQ\SUHIHUDEO\OLYLQJ
SUHIHULEOHPHQWHYLYLHQGRFRQXQDIDPLOLD ZLWKDIDPLO\
6LPHSXHGHVD\XGDUHQHVWHDVXQWRWHORDJUDGHFHUÇDGHYHUDV ,I\RXFDQKHOSPHRXWLQWKLVPDWWHU,ZRXOGUHDOO\DSSUHFLDWH
3ÃUH]KDUHVXOWDGRVHUXQDXWÃQWLFRYHWHUDQRHQFÍPRPRQWDU LW 3HUH] KDV WXUQHG RXW WR EH D WUXH YHWHUDQ LQ KRZ WR VHW XS
XQDRîFLQD\VXD\XGDHVW»\HQGRPXFKRP»VDOO»GHODPHUD DQ RIÀFH DQG KLV KHOS LV JRLQJ IDU EH\RQG PHUH DFFRXQWLQJ
FRQWDELOLGDG(VSRUHVWRSRUORTXHTXLVLHUDD\XGDUOH\SRUOR 7KDW·VZK\,ZRXOGOLNHWRKHOSKLPDQGZK\,·PDVNLQJIRU\RXU
TXHSLGRWXFRODERUDFLÍQ FROODERUDWLRQ
8QVDOXGR %HVWUHJDUGV
(VWLPDGRDOXPQR\DPLJR6L\ROHRIUHFLHUDXQWUDEDMRHQOD218VHJXUDPHQWHGHFOLQDUÇDPLRIHUWDDOHJDQGRXQGRPLQLRSREUHGHO
LQJOÃV6LQHPEDUJRHVPX\SRVLEOHTXHODPLWDGGHODJHQWHTXHVÇWUDEDMDHQODRUJDQL]DFLÍQHQFXHVWLÍQSRVHDFRQRFLPLHQWRVFRPRORV
VX\RVRPX\SRFRVP»V6LXVWHGVXELHUDFRQPLJRXQDSRUXQDODVSODQWDVGHODVHGHQHR\RUTXLQDGHOD218REVHUYDUÇDDOJRLQFOXVR
P»VVRUSUHQGHQWHWRGDYÇDHQWHQGHUÇDSHUIHFWDPHQWHDWRGRVFXDQGRKDEODQHQLQJOÃVSRUWHOÃIRQRRFDUDDFDUD
(VWDVSHUVRQDVHMHUFHQIXQFLRQHVLPSRUWDQWHVTXHH[LJHQXQGRPLQLRGHOLGLRPDLQJOÃV\GHKHFKRVXGRPLQLRHVVXîFLHQWHSDUDUHDOL]DU
FRQÃ[LWRODVFLWDGDVIXQFLRQHV6LXVWHGORVHQWLHQGHSHUIHFWDPHQWHSRUTXÃPHGLFHTXHVXQLYHOGHLQJOÃVHVLQVXîFLHQWHVLYXHOYRD
RIUHFHUOHHOWUDEDMRGHDQWHV"
4XÃWLHQHQHVW»VSHUVRQDVTXHXVWHGQRWLHQH"3RUTXÃDSHVDUGHHQWHQGHUODVSHUIHFWDPHQWHQRVHDWUHYHDDFHSWDUPLRIHUWD"7LHQH
DOSDUHFHUORVPLVPRVFRQRFLPLHQWRVTXHWLHQHQHOORV&X»OHVHOSUREOHPD"
(OSUREOHPDHVTXHOHIDOWDQDXVWHGSUHFLVDPHQWHODVWUHVFRVDVTXHHOORVVÇSRVHHQRÇGRFRQîDQ]DDOKDEODU\DJLOLGDGRUDOFRQODJUDP»
WLFDP»VE»VLFD\VHQFLOODGHOLGLRPD2,'2s&21),$1=$s$*,/,'$'*5$0$7,&$/
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
7RZHU7RUUH
6FUHHQ3DQWDOOD
.H\V7HFODV
.H\ERDUG7HFODGR
0RXVH5DWÍQ
9RFDEXODULR-RLQWV$UWLFXODFLRQHV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 9HUERVLUUHJXODUHV
5HFXHUGDTXHHOSDVDGRGHOYHUERpWRWKLQNqVH
/DXJKWHULVWKHEHVWPHGLFLQH +RQHVW\LVWKHEHVWSROLF\ SURQXQFLDp]RUWq\QRFRPRVHHVFULEH
/DULVDHVHOPHMRUUHPHGLR /RPHMRUHVVHUIUDQFR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
6SULQJLVLQWKHDLU 7KHSHQLVPLJKWLHUWKDQWKHVZRUG IUDVHVHQLQJOÃV"
/DSULPDYHUDODVDQJUHDOWHUD 0»VSXHGHODSOXPDTXHODHVSDGD 4XLHURTXHODHPSUHVDFUH]FD
4XLHUHVTXH(VSDËDJDQH"
+HDOWKLVEHWWHUWKDQZHDOWK 7KHUHoVQRVXEVWLWXWHIRUH[SHULHQFH <RQRTXHUÇDTXHKLFLHUDVHVR
/DVDOXGHVODPHMRUULTXH]D 0»VVDEHHOGLDEORSRUYLHMRTXH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
SRUGLDEOR WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6RQPXFKDVODVYH]TXHPLVDPLJRPHSLGHQTXHOHVFXHQWHFÍPRPH 0HHQFDQWDQWXVRMRD]XO6LWHGLMHUDODVYH]TXHKHVRËDGRFRQWXV
HQIDGRFXDQGRPLVHVWXGLDQWHQRXVDQODpVqDOîQDOGHODVRUDFLÍQHQ ODELR\FRQHOSHUIXPHGHWXVFDEHOOR\FÍPRDQKHORVHQWLUWXRMRVFOD
LQJOÃ2VDVHJXURTXHVLUHFLELHUDGRVGÍODUSRUODVYH]TXHPLVDOXPQR YDGRHQORVPÇR1XQFDPHFDQVRGHïMDUPHHQWXVDQGDUHQODIRUPD
QRXVDQODGLFKRVDpVqVHUÇDPLOORQDULRFRPRORVPDJQDWHXRWURFDVRV HQTXHPXHYHVODVFDGHUD0HHQFDQWDFXDQGRVHWHVXEHQORVFRORU
VLPLODU VREUHWRGRFXDQGRKDEODVGHODVH[WUDËDVYLVLÍQTXHWLHQHVDOJXQDV
YH]$PÇVHPHSRQHQORVSHORGHSXQWD
/DV SDODEUD SXHGHQ VHU SDODEUDV VLQJXODU R SDODEUDV SOXUDO /RV
VXVWDQWLYRV VLQJXODU QR OOHYDQ XQD pVq DO îQDO \ ORV VXVWDQWLYRV 6LWÔIXHUDVSURIHVRUGHHVSDËROFX»OVHUÇDWXUHDFFLÍQHQFODVHVLWRGR
SOXUDOVÇODOOHYDQ&XDQGRORVHVWXGLDQWHVHVSDËROQRSURQXQFLDQ WXVDOXPQRKDEODUDQDVÇFRQVWDQWHPHQWHGÇDWUDVGÇDPHVWUDPHV
ODpVqDOîQDOGHORVSOXUDOVXHQDIDWDO0LWHQVLÍQVDQJXÇQHDVXEH DËRWUDDËR6HJXUDPHQWHFRJHUÇDVPDQÇDDODHQVHËDQ]D\VREUHWRGR
YDULRSXQWRV\FDVLSLHUGRORVHVWULER&XDQGRPLVDOXPQRPHQR DOGLFKRVRYLFLRGHQRUHPDWDUORVSOXUDO7HQGUÇDVJDQDGHWLUDUODWRDOOD
WDQDVÇPHGLFHQ3HURKRPEUHTXÃP»VGD"6LQRSURQXQFLDPRV 3XHORVHVSDËROWHQÃLVODPDOGLWDPDQÇDGHFRPHURVODVpVqFDGDGRV
OD pVq FXDQGR KDEODPRV HQ FDVWHOODQR VLPSOHPHQWH FUHHQ TXH SRUWUH2VDVHJXURGHTXHVLSXGLÃUDLVFRUUHJLUVRODPHQWHHVWHHUURU\
VRPRVDQGDOX]3XHELHQWDOYHQRVXHQHPDOHQYXHVWUDOHQJXD QLQJXQRP»YXHVWURQLYHOGHLQJOÃPHMRUMDUÇDHQXQDOLQVWDQWH2
SHURHQLQJOÃVXHQDKRUULEOHPHQWHPDO4XÃWDOVXHQDHQHVSD VHDHOGHODIDOWDGHFDOLGDGGHYXHVWURLQJOÃVHGHEHDTXHRJXVWD
ËROHOS»UUDIRDFRQWLQXDFLÍQ" PXFKRFRPHURODGLFKRVDpVqDOSURQXQFLDUORVSOXUDO
0X\VHËRUPÇR 'HDU6LU
(OGHDEULOGHHVWHDËRKDFHPHV\PHGLRFRPSUÃXQDODYD 2Q $SULO RI WKLV \HDU D PRQWK DQG D KDOI DJR , ERXJKW D
GRUD:+,7(/,1(HQXQDSHTXHËDWLHQGDGHEDUULRFHUFDGHPL :+,7(/,1( ZDVKLQJ PDFKLQH LQ D VPDOO QHLJKERUKRRG VKRS
FDVD/DSDJXÃHQHIHFWLYR\XQMRYHQGHODWLHQGDPHODLQVWDOÍDO QHDU P\ KRXVH , SDLG IRU LW LQ FDVK DQG D \RXQJ PDQ IURP
GÇDVLJXLHQWHGHDEULO'RVGÇDVGHVSXÃVSRUFDXVDVTXHWDQWR WKH VKRS LQVWDOOHG LW IRU PH WKH IROORZLQJ GD\ $SULO 7ZR
PLHVSRVDFRPR\RGHVFRQRFHPRVODODYDGRUDGHMÍGHIXQFLR GD\VODWHUIRUFDXVHVQHLWKHUP\ZLIHQRU,NQRZWKHZDVKLQJ
QDUHLQXQGÍQXHVWUDFRFLQDFDGDYH]TXHLQWHQWDPRVSRQHUOD PDFKLQHVWRSSHGZRUNLQJDQGÁRRGHGRXUNLWFKHQHYHU\WLPH
HQPDUFKD ZHWULHGWRVWDUWLW
$OSRQHUQRVHQFRQWDFWRFRQODWLHQGDQRVGLMHURQTXHQRKD 8SRQ FRQWDFWLQJ WKH VKRS WKH\ WROG XV WKH\ GLG QRW GR
FÇDQPDQWHQLPLHQWR\TXHOODP»UDPRVDOIDEULFDQWHHVGHFLUD PDLQWHQDQFHDQGWKDWZHVKRXOGFDOOWKHPDQXIDFWXUHUWKDW
9GV&XDQGRQRVSXVLPRVHQFRQWDFWRFRQ9GVVXGHSDUWDPHQ LV \RX :KHQ ZH FRQWDFWHG \RX \RXU VHUYLFH GHSDUWPHQW
WRGHVHUYLFLRQRVLQIRUPÍTXHQRSRGÇDSUHVWDUQRVVHUYLFLRFRQ LQIRUPHG XV WKDW LW FRXOG QRW JLYH XV VHUYLFH XQGHU WKH
DUUHJORDODVFRQGLFLRQHVGHODJDUDQWÇD\DTXHODWLHQGDGRQGH FRQGLWLRQVLQWKHZDUUDQW\VLQFHWKHVKRSZKHUHZHERXJKWWKH
FRPSUDPRVODODYDGRUDQRHUDXQFRQFHVLRQDULRDXWRUL]DGR ZDVKLQJPDFKLQHZDVQRWDQDXWKRUL]HGGHDOHU
3DUDGHFLUOHODYHUGDGQRHQWLHQGRQDGD6LHPSUHKHWHQLGRXQ 7RWHOO\RXWKHWUXWK,GRQ·WXQGHUVWDQGDWKLQJ,KDYHDOZD\V
DOWRFRQFHSWRGH:+,7(/,1(\PHSDUHFHH[WUDËRTXHXQDFRP KDGDKLJKUHJDUGIRU:+,7(/,1(DQGLWVHHPVVWUDQJHWRPH
SDËÇDWDQSUHVWLJLRVDSXHGDGHMDUDXQFOLHQWHWDQGHVDPSDUDGR WKDW VXFK D SUHVWLJLRXV FRPSDQ\ FRXOG OHDYH D FXVWRPHU VR
FRPRKDVLGRPLFDVR KHOSOHVVDVKDVEHHQP\FDVH
$WHQWDPHQWH 9HU\WUXO\\RXUV
(VWLPDGRDPLJR\DOXPQR/DVHËRUDGHODL]TXLHUGDPDQHMDFRQWLQR\DFLHUWRWUHVRFXDWURWLHPSRVGH
ORVYHUERV\XQDVSDODEUDVGHYRFDEXODULR/RVPDQHMDFRQVHQFLOOH]SHURFRQDJLOLGDG6LXVWHGHV
FRPRODPD\RUÇDGHPLVDOXPQRVHVSDËROHVHQWRQFHVVHSDUHFHP»VDOVHËRUGHODGHUHFKDTXLHQFUHH
TXHDSUHQGHUVLJQLîFDVHJXLUDFXPXODQGRFRQRFLPLHQWRVQXHYRV\VHJXLUDGHQWU»QGRVHHQWHUUHQRV
P»VOHMDQRV\DYDQ]DGRVGHOLGLRPD3RUFLHUWRFRQR]FRDODVHËRUD(VSUHVLGHQWDGHODîOLDOHVSDËROD
GHXQDJUDQPXOWLQDFLRQDOLQJOHVD7DPELÃQFRQR]FRDOVHËRUGHODGHUHFKD$SHVDUGHOOHYDUDËRVLQ
WHQWDQGRHQWHQGHU\DVLPLODUODHVWUXFWXUDGHOLQJOÃVPHGLDQWHFODVHV\P»VFODVHVXQDËRVÇ\RWURQR
QRVHDWUHYHVDOLUDOH[WUDQMHURSDUDVXFRPSDËÇDQLGXHUPHELHQFXDQGROHGLFHQTXHGHEHUHFLELUXQD
YLVLWDGHIXHUD\DWHQGHUOD 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
+DQGOHEDUV0DQLOODU
6DGGOH6LOOÇQ
:KHHOV5XHGDV
&KDLQ&DGHQD
3HGDOV3HGDOHV
9RFDEXODULR%LF\FOH%LFLFOHWD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV )XWXURFRQpJRLQJWRq
3ULPHURYR\DODSOD\D\GHVSXÃVDOTXLRVFR\GHVSXÃVDOEDU\GHVSXÃVYROYHUÃDFDVD
(QHVWDIUDVHODSDODEUDpGHVSXÃVqDSDUHFHFXDWURYHFHV )ÇMHVHHQHVWDQDUUDWLYD
|1RVHOHRFXUUDMDP»VXVDUODSDODEUDpDIWHUqHQHVWRVFDVRVHQLQJOÃV
$IWHU GHVSXÃVGH 3DXOD(LVHQEDFKLVJRLQJRQYDFDWLRQWRPRUURZPRUQLQJ6KHoOO
7KHQ GHVSXÃV UHQW D FDU DQG GULYH WR 3DULV 6KHoOO VSHQG WKUHH GD\V LQ 3DULV
6LXVDUDODSDODEUDpDIWHUqHQODFLWDGDIUDVHWUDGXFLGDDOLQJOÃVHV DQGWKHQGULYHWR0RQWH&DUORZKHUHVKHoOOVWD\IRUWZRQLJKWV
WDUÇDGLFLHQGRORVLJXLHQWH3ULPHURYR\DLUDODSOD\D\GHVSXÃV 7KHQVKHoOOGULYHWR,WDO\WRYLVLW3LVD)ORUHQFHDQG9HQLFH6KHoOO
GHDOTXLRVFR\GHVSXÃVGHDOEDU\GHVSXÃVGHYROYHUÃDFDVD VWD\VL[GD\VLQ,WDO\7KHQVKHoOOGULYHEDFNWR*HUPDQ\WKURXJK
3RUORWDQWRQRXVHQXQFDpDIWHUqFXDQGRTXLHUHH[SUHVDUHQIRU $XVWULD6KHoOOVWD\RQHQLJKWLQ,QQVEUXFNDQGWKHQGULYHEDFN
PDQDUUDWLYDpGHVSXÃVqRpOXHJRq8VHpWKHQqRpDQGWKHQq WR+HLGHOEHUJ
(VWLPDGRVVHËRUHV *HQWOHPHQ
(OSUHVHQWHGRFXPHQWRHVXQLPSUHVRGHSHGLGRTXH9GGHEH 7KLVGRFXPHQWLVDQRUGHUIRUPWKDW\RXVKRXOGUHDGDQGVLJQ
OHHU\îUPDUVLHVW»FRQIRUPHFRQODVFRQGLFLRQHVH[SXHVWDV LI \RX DJUHH ZLWK WKH WHUPV VHW GRZQ KHUHLQ ,I \RX GR QRW
HQHOPLVPR6LQRHVW»FRQIRUPHSÍQJDVHHQFRQWDFWRFRQOD DJUHHFRQWDFWWKHSHUVRQLQGLFDWHGLQWKHER[WKDWDSSHDUVLQ
SHUVRQDLQGLFDGDHQODFDVLOODTXHDSDUHFHHQODSDUWHLQIHULRU WKHERWWRPULJKWKDQGFRUQHURIWKLVGRFXPHQW
GHUHFKDGHHVWHGRFXPHQWR
3OHDVHUHDGWKHIROORZLQJFRQGLWLRQVLQRUGHUWRDYRLGSRVVLEOH
5RJDPRV OHD ODV VLJXLHQWHV FRQGLFLRQHV FRQ HO îQ GH HYLWDU PLVXQGHUVWDQGLQJV
SRVLEOHVPDOHQWHQGLGRV
7KHLQYRLFHVKDOOLQGLFDWHWKHRUGHUQXPEHUWKDWDSSHDUVLQ
/DIDFWXUDLQGLFDU»HOQÔPHURGHSHGLGRTXHDSDUHFHHQOD WKHWRSULJKWKDQGFRUQHURIWKLVGRFXPHQW
FDVLOODGHODSDUWHVXSHULRUGHUHFKDGHHVWHGRFXPHQWR 7KHLQYRLFHVKDOOLQFOXGHWKHEDQNDQGDFFRXQWQXPEHUWR
/DIDFWXUDLQFOXLU»HOEDQFR\QÔPHURGHFXHQWDDORVTXH ZKLFKWKHSD\PHQWVKRXOGEHPDGH
KDGHHIHFWXDUVHHOSDJR &RSLHVRIWKHLQYRLFHDQGGHOLYHU\QRWHVKDOOEHYLVLEOHRQ
&RSLDVGHODIDFWXUD\GHODOEDU»QGHEHU»QHVWDUYLVLEOHVHQ WKHRXWVLGHRIWKHSDFNDJH
HOH[WHULRUGHOHPEDODMH
,I\RXKDYHDQ\TXHVWLRQVRQWKHFRQWHQWVRIWKLVGRFXPHQWGR
6LWLHQHFXDOTXLHUSUHJXQWDDFHUFDGHOFRQWHQLGRGHHVWHGR QRWKHVLWDWHWRFRQWDFWXV
FXPHQWRQRGXGHHQSRQHUVHHQFRQWDFWRFRQQRVRWURV
$WHQWDPHQWH 6LQFHUHO\
(VWLPDGRDPLJR\DOXPQR9DDQHFHVLWDUXQDOXSDSDUDOHHUORTXHGLFHQXHVWURDPLJRDODL]TXLHUGD6HWUDWD
GHOPHMRUSURIHVRUGHLQJOÃVTXHFRQR]FR\OOHYRDËRVREVHUYDQGRHOWUDEDMRGHFHQWHQDUHVGHSURIHVRUHV6XV
DOXPQRVOHDGRUDQDSHVDUGHTXHÃOOHVH[LJHDGLDULRDKDFHUXQHVIXHU]RJUDQGH/HVSUHVLRQDOHVDQLPDOHV
LPSORUDOHVSURYRFDOHVVXSOLFDOHVDPHQD]DOHVLQVLVWHOHVSHUVLJXHOHVSUHGLFDOHVVHUPRQHDOHVLUULWDOHVSLQ
FKDOHVUHWDOHVGHVDIÇDOHVDJUDGDOHVHQWUHWLHQH\HQGHîQLWLYDOHVHQVHËDFRQDEVROXWDFLHQFLD\DUWH+DFLDÃO
VXVDOXPQRVVLHQWHQUHVSHWRDSUHFLR\KDVWDDGPLUDFLÍQ\VLHQWHQODREOLJDFLÍQ\HOGHVHRGHWUDEDMDUDOP»[LPR
SDUDSURJUHVDU\îQDOPHQWHUHPDWDUODIDHQD/RKDFHQSRUÃO\HQÔOWLPRWÃUPLQRSDUDHOORVPLVPRV(VHODOXP
QRTXLHQUHVXHOYHHOWHPDGHOLQJOÃVSHURHVHOSURIHVRUTXLHQGHVHPSHËDHOSDSHOP»VFUÇWLFRHLPSUHVFLQGLEOH
HOSDSHOGHPRWLYDUDOP»[LPRDODOXPQR6LVXSURIHVRUQROHWUDWDFRPRPLDPLJRGHDOODGRWUDWD\PRWLYDDVXV
DOXPQRVEXVTXHRWURSURIHVRU\VLJDEXVFDQGRKDVWDHQFRQWUDUOR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
&RDW3HOR
7DLO&ROD
/HJ3DWD
6QRXW0RUUR
9RFDEXODULR'RJ3HUUR
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV (OXVRGHOLPSHUVRQDO
+DVWDTXHQRVHSDPRVODLGHQWLGDGGHODSHUVRQD
,WoVOLNHWDONLQJWRDEULFNZDOO /HWVOHHSLQJGRJVOLH FRQTXLHQHVWDPRVKDEODQGRVROHPRVHPSOHDU
(VFRPRKDEODUDODSDUHG 0HMRUQRUHPRYHUHODVXQWR ODIRUPDLPSHUVRQDO
,ZRXOGOLNHWRVSHDNWR\RX 'LUHFWR\IRUPDO6HJÔQHOWRQRHPSOHDGRSRGUÇDLQWLPLGDUXQSRFR
,ZRXOGOLNHWRWDONWR\RX 'LUHFWR\PHQRVIRUPDO+DFHIDOWDIRU]DUHOWRQREDVWDQWHSDUDTXHLQWLPLGH
,ZRXOGOLNHWRVSHDNZLWK\RX 'DODLGHDGHFRQVXOWDUIRUPDOPHQWHFRQODRWUDSHUVRQD
,ZRXOGOLNHWRWDONZLWK\RX 'DODLGHDGHFKDUODULQIRUPDOPHQWH
(OYHUERpWRVSHDNqVLJQLîFDpKDEODUqHQHOVHQWLGRGHHPLWLUVRQLGRVLQWHOLJLEOHVGHQWURGHXQOHQJXDMHFRPSUHQVLEOH(OYHUERpWRWDONq
VLJQLîFDpKDEODUqHQHOVHQWLGRGHPDQWHQHUXQDFRQYHUVDFLÍQ)ÇMDWHHQODVIUDVHVVLJXLHQWHV\FÍPRDOJXQDVVXHQDQDEVXUGDV
<RXQHHGWRVSHDNORXGHU 1HFHVLWDVKDEODUP»VDOWR
<RXQHHGWRWDONORXGHU 1HFHVLWDFRQYHUVDUP»VDOWRHVWDIUDVHQRHVDEVXUGDHQLQJOÃV6HSXHGHGHFLU
7KHPXPP\RSHQHGKLVH\HVDQGVSRNHWRPH /DPRPLDDEULÍVXVRMRV\PHKDEOÍ
7KHPXPP\RSHQHGKLVH\HVDQGWDONHGWRPH /DPRPLDDEULÍVXVRMRV\PHFRQWÍXQDVFXDQWDVFRVDV
<RXUFKLOGVSHDNVDORWLQFODVV 6XKLMRSDUWLFLSDRUDOPHQWHPXFKRHQFODVH
<RXUFKLOGWDONVDORWLQFODVV 6XKLMRKDEODPXFKRHQFODVH+D\TXHOODPDUOHODDWHQFLÍQ
:HUH\RXVSHDNLQJWRPH" 6HHVWDEDGLULJLHQGRXVWHGDPÇ"
:HUH\RXWDONLQJWRPH" 0HKDEODEDVDPÇ"
(VWLPDGR-XDQ 'HDU-RKQ
3ULPHURTXLHURUHFRUGDUWHTXHWHQHPRVXQDUHXQLÍQSUHYLV )LUVW RI DOO , ZDQW WR UHPLQG \RX WKDW ZH KDYH D PHHWLQJ
WDSDUDHOSUÍ[LPRPLÃUFROHVGÇDHQODVDODD]XOGHOKRWHO VFKHGXOHGIRUQH[W:HGQHVGD\WKHWKLQWKHEOXHURRPRIWKH
=XUEDU»Q7HGLJRHVWRSRUTXHUHFXHUGRTXHODÔOWLPDYH]TXH =XUEDUDQ+RWHO,·PWHOOLQJ\RXWKLVEHFDXVH,UHPHPEHUWKDWWKH
îMDPRVXQDUHXQLÍQSDUHFLGDFRQWDQWDDQWHODFLÍQVHWHRO ODVW WLPH ZH VHW D VLPLODU PHHWLQJ VR IDU LQ DGYDQFH \RX IRUJRW
YLGÍ(VSHURTXHWXPHPRULDQRWHIDOOHHVWDYH] DERXWLW,KRSH\RXUPHPRU\GRHVQ·WIDLO\RXWKLVWLPH
(VSHURTXHQRWHLPSRUWH3XHGHTXH&KDUOH\QRVHDODSHUVR , KRSH \RX GRQ·W PLQG &KDUOH\ PD\ QRW EH WKH PRVW SOHDVDQW
QDP»VDJUDGDEOHGHOPXQGRSHURWLHQHVTXHUHFRQRFHUTXH SHUVRQLQWKHZRUOGEXW\RXKDYHWRDGPLWKHNQRZVWKHUXOHVRI
FRQRFHODVUHJODVGHOMXHJRPHMRUTXHODPD\RUÇD WKHJDPHEHWWHUWKDQPRVW
0DQWHQPHDOFRUULHQWH .HHSPHLQIRUPHG
6DOXGRV 5HJDUGV
(VWLPDGRDPLJR\DOXPQR0HTXHGDSRFRHVSDFLRDTXÇDEDMRSDUDGHFLUWHDOJRFRQVWUXFWLYRSHURYR\DLQWHQWDUOR6LWHGLMHUDORTXHFREUR
SRUXQDFODVHPHGLUÇDVp|TXÃFDURq<DQWHWXUHDFFLÍQ\RWHGLUÇDFRQPXFKDFDOPD4XÃGHVHDVFODVHVGHLQJOÃVRDSUHQGHULQJOÃV"6LOR
TXHGHVHDVVRQFODVHVGHLQJOÃVHQWRQFHVVÇVR\FDURSHURVLORTXHTXLHUHVHVDSUHQGHUGHXQDYH]SRUWRGDVPLLGLRPDHQWRQFHVVR\HO
P»VEDUDWRGHOPHUFDGR6ÇVR\HOP»VEDUDWRHQWÃUPLQRVGHXQLGDGGHDSUHQGL]DMHSRUHXURJDVWDGR5HFXHUGDODIRUPDFLÍQH[LVWHSDUD
FDPELDUDODJHQWH\VLHOFDPELRQROOHJDHOMXLFLRHVFRQFOX\HQWHSRUPXFKRDKRUURQHJRFLDGRHQHOSUHFLRHOGLQHURJDVWDGRHVGLQHURGH
XQQHFLR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
(QJLQH0RWRU
9RFDEXODULR3ODQH$YLÍQ
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
&RPPRQVD\LQJV *LPQDVLDYHUEDO6DEHUKDFHUDOJR
7RHDFKKLVRZQ +HPHWKLVPDWFK 1RROYLGHVTXHpVDEHUKDFHUDOJRqVHGLFHpWR
&DGDRYHMDFRQVXSDUHMD 6HHQFRQWUÍFRQODKRUPDGHVX NQRZKRZWRGRVRPHWKLQJq
]DSDWR
0RQH\WDONV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
&RQGLQHUREDLODHOSHUUR 0RQH\GRHVQoWJURZRQWUHHV IUDVHVHQLQJOÃV"
(OGLQHURQRFUHFHHQORV»UEROHV (OODVDEHWRFDUHOSLDQR
(DVLHUVDLGWKDQGRQH £OVDEHYHQGHUKLHORDORVHVTXLPDOHV
'HOGLFKRDOKHFKRKD\XQWUHFKR /LIHLVQoWDEHGRIURVHV 1RVDEHVQDGDU"
/DYLGDQRHVXQOHFKRGHURVDV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
0X\LPSRUWDQWHODSURQXQFLDFLÍQGHpPRQH\qHVpP»QLq
(VWLPDGR6U%RQLOOD 'HDU0U%RQLOOD
7DO\FRPRDFRUGDPRVHQQXHVWUDUHXQLÍQGHOPDUWHVOHDGMXQWR $V DJUHHG XSRQ LQ RXU 7XHVGD\ PHHWLQJ , KDYH HQFORVHG
FRQODSUHVHQWHXQDUHODFLÍQFRPSOHWDGHODVSHUVRQDVTXHSRVHHQ KHUHZLWKDFRPSOHWHOLVWRIWKHSHRSOHZKRRZQVKDUHVLQ\RXU
DFFLRQHVHQVXFRPSDËÇD/DOLVWDLQFOX\HSHUVRQDVQRVÍORGH(V FRPSDQ\ 7KH OLVW LQFOXGHV SHRSOH QRW RQO\ IURP 6SDLQ EXW
SDËDVLQRGHO5HLQR8QLGR(VWDGRV8QLGRV\/HMDQR2ULHQWH3DUH IURPWKH8QLWHG.LQJGRPWKH8QLWHG6WDWHVDQGWKH)DU(DVW
FHTXHVXHPSUHVDHVEDVWDQWHSRSXODUHQWUHDOJXQRVJHVWRUHVGH ,WVHHPV\RXUFRPSDQ\LVTXLWHSRSXODUDPRQJVRPHSHQVLRQ
IRQGRVGHSHQVLRQHVTXHSRUORYLVWRWLHQHQP»VIHHQHOIXWXUR IXQGPDQDJHUVZKRDSSDUHQWO\KDYHPRUHIDLWKLQWKHIXWXUH
GHOQHJRFLRTXH9GPLVPR RIWKHEXVLQHVVWKDQ\RX\RXUVHOIGR
5HIHUHQWHDODQXHYDHPLVLÍQGHFDSLWDOFDSLWDOVWRFNLVVXHQR &RQFHUQLQJ D QHZ FDSLWDO VWRFN LVVXH , FDQQRW WHOO \RX \HW
SXHGRGHFLUOHWRGDYÇDVLKD\VXîFLHQWHLQWHUÃVSRUSDUWHGHORVLQ LI WKHUH LV HQRXJK LQWHUHVW RQ WKH SDUW RI LQYHVWRUV WR FRYHU
YHUVRUHVHQFXEULUOD1HFHVLWRFRQWLQXDUPLVFRQWDFWRVFRQFLHUWRV LW,QHHG WRFRQWLQXHP\FRQWDFWVZLWKFHUWDLQVWRFNPDUNHW
DQDOLVWDVEXUV»WLOHVSDUDWHQHUXQDJDPDFRPSOHWDGHRSLQLRQHV DQDO\VWVLQRUGHUWRJHWDFRPSOHWHUDQJHRIRSLQLRQV
(VSHURYROYHUDSRQHUPHHQFRQWDFWRFRQ9GFRPRP»VWDUGHHO ,KRSHWREHEDFNLQWRXFKZLWK\RXE\:HGQHVGD\RIQH[WZHHN
PLÃUFROHVGHODVHPDQDSUÍ[LPD(QWUHWDQWROHHQYÇRPLVP»VFRU DWWKHODWHVW,QWKHPHDQWLPHP\ZDUPHVWUHJDUGV
GLDOHVVDOXGRV
$WHQWDPHQWH 6LQFHUHO\
(VWLPDGRDPLJR\DOXPQRWHEULQGRXQSRHPDTXHQDUUDXQKHFKRTXHWXYROXJDUKDFHXQRVDËRV
)HOLSHTXHUtDSHGLUXQDVFHQVR
4XHUtDUHVSHWREXVFDEDFRQVHQVR 3RUDTXHOHQWRQFHV)HOLSHWHQGUÇDXQRVDËRV(UDXQMRYHQLQTXLHWR\FRQPXFKRDI»QGH
4XHUtDGLQHURVHFUHtDH[SHUWR VXSHUDFLÍQ 'LULJÇD XQD VHFFLÍQ GHQWUR GH OD îOLDO GH XQD HPSUHVD QRUWHDPHULFDQD GH SUR
<HQHVRVHIXHDKDEODUFRQ$OEHUWR GXFWRVGHSHUIXPHUÇD6HFUHÇDXQIHQÍPHQR\HQFLHUWDPHGLGDORHUD6LQHPEDUJR$OEHUWR
YHWHUDQRGLUHFWRUGH5HFXUVRV+XPDQRVOHSXVRHQVXVLWLR\)HOLSHSDVÍRWURVFXDWURDËRVHQ
0HPDQHMRHQWRGR
5HVXHOYR\DUUDVR ODFDVDDQWHVGHVHUSURPRFLRQDGR
6R\OLVWRQRERER
6ROYHQWRFDGDFDVR +DUWRGHQRHQFRQWUDUVXFDPLQRSURIHVLRQDOSRUFXOSDGHOLQJOÃVGHMÍODHPSUHVD\GHGLFÍXQ
DËRDUHVROYHUHOWHPDGHOLGLRPD6HJDVWÍPLOHXURVKRUDVGHFODVHVSDUWLFXODUHVHQ
0HPHUH]FRPiVSDVWD
<XQGHVSDFKRFRQYLVWDV (VSDËDVHJXLGDVGHWUHVPHVHVHQXQFDPSXVXQLYHUVLWDULRHQ&DQDG»HVWXGLDQGRDSOLFDFLR
6R\XQWtRFRQFDVWD QHVLQIRUP»WLFDVPDUNHWLQJ\GLUHFFLÍQLQWHUQDFLRQDO6HFRGHDEDDGLDULRFRQXQRVFRP
<GHODVPHQWHVPiVOLVWDV SDËHURVHQFODVHWRGRVFDQDGLHQVHVRQRUWHDPHULFDQRV+L]RPXFKDVDPLVWDGHV\FRQYLUWLÍ
ODVKRUDVWHÍULFDVGHFODVHHQXQDFRQVWDQWHSU»FWLFDHQ&DQDG»
&RQHVWR$OEHUWRFRQXQJHVWRVLQFHUR
6HHFKySDUDDWUiVHQVXVLOODGHFXHUR
$PLJR)HOLSHHUHVWRGRXQWtR $KRUDQXHYHDËRVP»VWDUGH)HOLSHHVHOGLUHFWRUJHQHUDOGHXQDîOLDOHVSDËRODGHXQDDVH
3HURWHIDOWDXQDFRVDTXHQRVFDXVDXQOtR JXUDGRUDLQJOHVD*DQDYHFHVP»VGHORTXHJDQDEDFXDQGRWUDEDMDEDHQODHPSUHVDGH
7XLQJOpVHVGHSHQDHVXQKHFKRVDELGR
SHUIXPHUÇD
<ORVWtRVFRQFDVWDVRQELOLQJHVFRQEUtR 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
3ODWH3ODWR
)RUN7HQHGRU
NQLIH&XFKLOOR
9RFDEXODULR&XWOHU\&XEHUWHUÇD
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 3KUDVDO9HUE
5HFXHUGD TXH QR VH SXHGH GHFLU pWR SLFN XS
,WWDNHVWZRWRWDQJR ,WZDVDEOHVVLQJLQGLVJXLVH \RXqVLQRKD\TXHGHFLUpWRSLFN\RXXSqFRQHO
(VDVFRVDVQRVHKDFHQVLQFRRSHUDFLÍQ 1RKD\PDOTXHSRUELHQQRYHQJD SURQRPEUHp\RXqHQPHGLR
(VWLPDGD6UWD/ODPDV 'HDU0LVV/ODPDV
6L9GLQYHVWLJDXQSRFRYHU»TXHHOSDJRGHPLSÍOL]DHV\ ,I \RX LQYHVWLJDWH D ELW \RX ZLOO VHH WKDW WKH SD\PHQW RI P\
VLHPSUHKDVLGRDWUDYÃVGHPLEDQFR/HDGMXQWRXQDFRSLD SROLF\ LV DQG KDV DOZD\V EHHQ WKURXJK P\ EDQN , KDYH
GHOLPSUHVRLQLFLDOGHVROLFLWXGGHODSÍOL]DGRQGHHQFRQWUD HQFORVHG D FRS\ RI WKH LQLWLDO SROLF\ UHTXHVW IRUP ZKHUH \RX
U» WRGRV ORV GHWDOOHV GHO SURFHVR 3RU OR YLVWR DOJXLHQ HQ VX ZLOOÀQGDOOWKHGHWDLOVRIWKHSURFHVV$SSDUHQWO\VRPHRQHLQ
GHSDUWDPHQWR GH LQIRUP»WLFD FRPHWLÍ XQ HUURU \ FDGD DËR \RXU GDWD SURFHVVLQJ GHSDUWPHQW PDGH D PLVWDNH DQG HYHU\
VX FRPSDËÇD LQWHQWD FREUDU OD SULPD D WUDYÃV GH XQ EDQFR \HDU\RXUFRPSDQ\ WULHV WRFROOHFW WKHSUHPLXP WKURXJK WKH
HTXLYRFDGR ZURQJEDQN
(VWH HV HO WHUFHU DËR FRQVHFXWLYR TXH HVFULER XQD FDUWD GH 7KLVLVWKHWKLUG\HDULQDURZWKDW,KDYHZULWWHQDOHWWHURIWKLV
HVWHWLSRSDUDUHVROYHUHVWHSUREOHPD\HVSHURTXHVHDODÔOWL NLQGWRVROYHWKLVSUREOHPDQG,KRSHLWLVWKHODVWWLPH,GRQRW
PDYH]1RPHJXVWDODVHQVDFLÍQGHFRQGXFLUVLQFREHUWXUD OLNHWKHIHHOLQJRIGULYLQJZLWKRXWLQVXUDQFHFRYHUDJHDQGLI,
GHVHJXUR\VLQRYHRXQDVROXFLÍQU»SLGD\HîFD]DHVWHSUR GRQRWVHHDTXLFNDQGHIIHFWLYHVROXWLRQWRWKLVSUREOHP,ZLOO
EOHPDPHYHUÃREOLJDGRDFDPELDUGHDVHJXUDGRUD EHIRUFHGWRFKDQJHLQVXUDQFHFRPSDQLHV
$WHQWDPHQWH 6LQFHUHO\
(VWLPDGRDOXPQR\DPLJR+DFHSRFRXQVHËRUGHDËRVFRQRFLGRGHXQDPLJRPÇRVHFLWÍFRQPLJRHQPLGHVSDFKRSDUDTXHOHUHFR
PHQGDUDFÍPRUHPHGLDUGHXQDYH]SRUWRGDVVXSÃVLPRLQJOÃV(VWDEDGHVHVSHUDGR\DSUHQGHUHOLGLRPDHUDVHJÔQVXVSURSLDVSDODEUDV
XQDFXHVWLÍQGHYLGDRPXHUWH/HKLFHXQDSUXHED\WHQÇDXQQLYHOSUHLQWHUPHGLRHVGHFLUSULQFLSLDQWHDOWR)LQDOL]DGDODSUXHEDGLVHËÃ
GHODQWHGHÃOFRQSDSHO\O»SL]XQERUUDGRUSDUDXQSODQGHDWDTXHTXHLQFOXÇDKRUDVGHFODVHVLQGLYLGXDOHVVLHWHSURJUDPDVLQWHQVLYRV
UHVLGHQFLDOHVGHîQGHVHPDQDDORODUJRGHXQDËRFDGDPHV\PHGLR\XQSODQSHUVRQDOGHWUDEDMRTXHFRQVLVWÇDHQSLH]DVGHPDWHULDO
GLG»FWLFR\KRUDVGHWUDEDMRSHUVRQDO/HGLMHp6U3ÃUH]DOFDERGHORVPHVHVGHSURJUDPDXVWHGSRVHHU»XQQLYHODYDQ]DGREDMR\
SRGU»VROYHQWDUVLQGLîFXOWDGHVODPD\RUÇDGHODVVLWXDFLRQHVDODVTXHVHHQIUHQWHHQVXYLGDSURIHVLRQDO/HFRVWDU»WRGRPDWHULDOHVLQFOXL
GRVHXURVq(OVHËRUPHPLUÍVRUSUHQGLGRpHXURV"(VW»XVWHGORFR"'ÍQGHYR\DHQFRQWUDUHXURVSDUDDSUHQGHU
LQJOÃV"q/HUHVSRQGÇp8VWHGWLHQHXQQLYHOFDVLGHSULQFLSLDQWH\VHJÔQPHKDGLFKRHVXQDFXHVWLÍQGHYLGDRPXHUWH$SUHQGHUDPDQHMDU
ELHQXQVHJXQGRLGLRPDDORVDËRVH[LJHXQWUHPHQGRHVIXHU]Rq$OîQDOHO6U3ÃUH]VHIXHDRWURFHQWURGHIRUPDFLÍQHQEXVFDGHDO
JXLHQTXHIXHUDPHQRVUHDOLVWDTXH\R$OSRFRWLHPSRPHHQWHUÃSRUPLDPLJRTXHVHFRPSUÍXQPHVGHVSXÃVXQ%0:SRUHXURV
(VW»FODURGÍQGHHVWDEDQVXVSULRULGDGHV\HOSRUTXÃQRKDOOHJDGRQXQFDDGRPLQDUHOLGLRPDGHOLQJOÃV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
3HQ%ROÇJUDIR
5XOHU5HJOD
0DUNHU5RWXODGRU
3HQFLO/»SL]
5XEEHU*RPD
9RFDEXODULR6WDWLRQHU\$UWÇFXORVGHSDSHOHUÇD
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
0D[LPL]DWXVJDQDQFLDV 0D[LPLVH\RXUSURïWV 1RSLHUGDVORVHVWULERV'RQoWORVH\RXUWHPSHU
0HSRQGUÃFRQHOORHQVHJXLGD ,oOOJHWULJKWRQWRLW 0DQWÃQODFDOPD.HHS\RXUFRRO
*UDFLDVD'LRVTXHHVW»VDTXÇ 7KDQN*RG\RXoUHKHUH +DEODQGRGHOUH\GH5RPD6SHDNLQJRIWKHGHYLO
1RSRGUÃLUDXQDLQYLWDFLÍQ ,ZRQoWEHDEOHWRPDNHLW 7HQJRXQDOHYHFRMHUD,KDYHDVOLJKWOLPS
1REDMHVODJXDUGLD'RQoWOHW\RXUJXDUGGRZQ 1RGHVHOEUD]RDWRUFHU'RQoWJLYHLQ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV *LPQDVLDYHUEDO7KHUHWREH
,FRXOGHDWDKRUVH 6LHPSUHSLHQVDTXHODSDODEUDpWKHUHqIXQFLRQD
7KHOXOOEHIRUHWKHVWRUP 0HFRPHUÇDXQDYDFDHQWHUD FRPR VXMHWR FRQ OR TXH KD\ TXH LQYHUWLUOD FRQ
/DFDOPDTXHSUHFHGHDODWRUPHQWD HO YHUER pWR EHq FXDQGR TXLHUHV KDFHU XQD
7KHWUXWKZLOORXW SUHJXQWD
7KHVN\oVWKHOLPLW 6HSLOODDXQPHQWLURVRDQWHV
3RQWH D SUXHED 6DEHV GHFLU ODV VLJXLHQWHV
7RGRHVSRVLEOH TXHDXQFRMR
IUDVHVHQLQJOÃV"
1RGHEHUÇDKDEHUSUREOHPDV
+HoVDIUDLGRIKLVRZQVKDGRZ
7KHVDPHROGVWRU\ 7LHQHPLHGRKDVWDGHVXSURSLD 3XHGHTXHKD\DXQDUD]ÍQSDUDHOOR
/DPLVPDKLVWRULDGHVLHPSUH VRPEUD +DEÇDXQSUREOHPDFRQWXPÍYLO"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7HQJRWUHVPLOHVGHHXURVHQHOEDQFR
6XHQDH[WUDËDODIUDVHGHOWÇWXORYHUGDG"(QLQJOÃVWDPELÃQVRQDUÇD 7ZRWKRXVDQGELUGV
H[WUDËRGHFLUpWKUHHWKRXVDQGVRIHXURVq3HURHQLQJOÃVVXHQDLJXDOGH 7ZRPLOOLRQELUGV
H[WUDËRGHFLUpWHQJRWUHVPLOORQHVGHHXURVHQHOEDQFRq)LMDRV 7ZRELOOLRQELUGV
(VWLPDGR6U$ORQVR 'HDU0U$ORQVR
0HGLULMRD9GSDUDLQIRUPDUOHGHODSUÍ[LPDIHULDGHHOHFWURGR ,DPZULWLQJWRLQIRUP\RXRIWKHXSFRPLQJHOHFWULFDODSSOLDQFH
PÃVWLFRVSUHYLVWDSDUDODVHJXQGDVHPDQDGHQRYLHPEUH&RPR IDLUVFKHGXOHGIRUWKHVHFRQGZHHNRI1RYHPEHU$VLQSUHYLRXV
HQDËRVDQWHULRUHVKHPRVUHVHUYDGRSURYLVLRQDOPHQWHSDUDVX \HDUVZHKDYHWHQWDWLYHO\UHVHUYHGDVTXDUHPHWHUFRUQHU
HPSUHVDXQVWDQGGHHVTXLQDGHPHWURVFXDGUDGRV/HDJUD ERRWKIRU\RXUFRPSDQ\:HZRXOGDSSUHFLDWH\RXUFRQÀUPLQJ
GHFHUÇDPRVQRVFRQîUPDUDHVWRRQRVLQGLFDUDODVPRGLîFDFLR WKLVRULQGLFDWLQJWKHFKDQJHV\RXZLVKWRPDNH
QHVTXHGHVHHUHDOL]DU
(VWHDËRODIHULDYDDVHUXQPD\RUFRQODSDUWLFLSDFLÍQGH 7KLV \HDU WKH IDLU LV JRLQJ WR EH SHUFHQW ODUJHU ZLWK WKH
QXPHURVDVHPSUHVDVPXOWLQDFLRQDOHV(VWDPRVVHJXURVGHTXH SDUWLFLSDWLRQ RI QXPHURXV PXOWLQDWLRQDO ÀUPV :H DUH VXUH
VXFRPSDËÇDHQFRQWUDU»HODPELHQWHLGHDOSDUDODSURPRFLÍQGH WKDW \RXU FRPSDQ\ ZLOO ÀQG WKH DWPRVSKHUH LGHDO IRU WKH
VXQXHYDOÇQHDGHSURGXFWRVTXH\DHVW»WHQLHQGRWDQWRÃ[LWRHQ SURPRWLRQRI\RXUQHZOLQHRISURGXFWVZKLFKDUHDOUHDG\VR
HOPHUFDGRQDFLRQDO VXFFHVVIXOLQWKHGRPHVWLFPDUNHW
/HDGMXQWRODOLVWDGHSUHFLRVSDUDHVWHDËR(OSOD]RSDUDHOSDJR ,KDYHHQFORVHGWKHSULFHOLVWIRUWKLV\HDU7KHGHDGOLQHIRUWKH
LQLFLDOGHOWHUPLQDHOGHRFWXEUH LQLWLDOSD\PHQWRISHUFHQWLV2FWREHU
$ODHVSHUDGHVXVQRWLFLDV /RRNLQJIRUZDUGWR\RXUUHSO\,DP
UHFLEDXQFRUGLDOVDOXGRGH 6LQFHUHO\\RXUV
(VWLPDGRDPLJR\DOXPQR1XHVWURDPLJR&RQUDGRWLHQHXQVHULRSUREOH
&RQUDGRLQVLVWtDRWUDYH]HQORPLVPR
&RQVXDFWLWXGGHVLHPSUHGHDEVROXWRHVWRLFLVPR PD1RYDDOOHJDUQXQFDDPDQHMDUELHQHOLQJOÃV$ERUGDHOLGLRPDFRPR
´+DEODUpLQJOpVFXDQGRORKD\DDSUHQGLGR XQPDWHP»WLFRDERUGDXQDHFXDFLÍQGLIHUHQFLDO&UHHTXHDSUHQGHULQJOÃV
<PLHQWUDVHVSHUDUp¢TXHGDHQWHQGLGR" VLJQLîFDFXEULUFDGDWHUUHQRHVWDQFRGHOLGLRPDKDVWDHQWHQGHUORSHUIHF
WDPHQWH,QJOÃVDSUXHEDGHDJXDDSUXHEDGHJROSHV\DSUXHEDGHEDODV
´1HFHVLWRPiVFODVHV\DPSOLDUYRFDEXODULR (VWDQTXLGDGSHUIHFWD/RTXH&RQUDGRVHQLHJDDDFHSWDUHVTXHQXQFDYDD
1HFHVLWRPiVJUDPiWLFDXQFRPSOHWRLQYHQWDULR KDEODUXQLQJOÃVFRUUHFWR6XDI»QGHWUDWDUHVWHFDPSRGHOVDEHUFRPRXQD
1RVR\FRPXQLFDGRUFRPRDOJXQRVWHPHUDULR FLHQFLDH[DFWDOHFRQGHQDDSDVDUHOUHVWRGHVXYLGDHQXQDFODVHFRQSUR
6R\FDXWR\KX\RGHFXDOTXLHUHVFHQDULR IHVRU\PÃWRGR\DSRVSRQHULQGHîQLGDPHQWHORVLQFÍPRGRVHVFHQDULRV
'RQGHPHIDOWHPLEORF\PLÀHOGLFFLRQDULR GHXVRSU»FWLFRHQVLWXDFLRQHVUHDOHV/RTXH&RQUDGRVHQLHJDDDFHSWDU
3RUTXHPLLQJOpVWRGDYtDHVEDVWDQWHSUHFDULR SRUPLHGRRSRUWR]XGH]HVTXHHOLQJOÃVHVDUWH\FLHQFLDJUDFLD\WÃFQLFD
0HQLHJRDKDEODUXQLQJOpVOLEHUWDULR DOHJUÇD\UHVSRQVDELOLGDG0LHQWUDV&RQUDGRLQVLVWDHQSHUIHFFLRQDUVXPD
1LUD\DUSRUXQPRPHQWRXQOHQJXDMHHVWUDIDODULR QHMRGHOVLPXODGRUGHYXHORSRVSRQHORP»VHVHQFLDOGHWRGRYRODU(OGÇD
+DEODUpFXDOPHYLVWRFRQHOFRUUHFWRYHVWXDULR
TXHYXHOHSRUSULPHUDYH]HVDSULPHUDKRUDGHYXHORYDOGU»SRUKRUDV
3RUORWDQWRVLJDPRVFRQHOFOiVLFRLWLQHUDULRµ
GHVLPXODGRU6DOWHDODJXD'RQ&RQUDGR0ÍMHVH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
%DWKWXE%DËHUD
6KRZHU'XFKD
7DSV*ULIRV
:DVKEDVLQ/DYDER
7RLOHW9»WHU
9RFDEXODULR%DWKURRP&XDUWRGHEDËR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 9RFDEXODULR
,WVSUHDGOLNHZLOGîUH 7RWDNHWKHEXOOE\WKHKRUQV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
6HH[WHQGLÍFRPRXQUHJXHURGHSÍOYRUD $JDUUDUDOWRURSRUORVFXHUQRV IUDVHVHQLQJOÃV"
1RUPDOPHQWHKD\XQSHULRGRGHSUXHEDGH
:KHQWKHGXVWKDVVHWWOHG 7RVZLPDJDLQVWWKHWLGH VHLVPHVHV
&XDQGRKD\DSDVDGRODWRUPHQWD ,UFRQWUDFRUULHQWH (VYDJDEXQGRGHVGHKDFHTXLQFHDËRV
/RVHQFKXIHVHVSDËROHVQRIXQFLRQDQHQ
:DWFK\RXUVWHS 7RVOHHSOLNHDORJ ,QJODWHUUD
&XLGDGRFRQHOHVFDOÍQ 'RUPLUFRPRXQWURQFR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHPRQWKVRIWKH\HDUDQGWKHLUSURQXQFLDWLRQ
(VWLPDGR3HGUR 'HDU3HWHU
$QWHVTXHQDGDHQKRUDEXHQDSRUWXHOHFFLÍQFRPRSUHVLGHQ )LUVWRIDOOFRQJUDWXODWLRQVRQ\RXUHOHFWLRQDVSUHVLGHQWRIWKH
WHGHO&OXEGHORV/HRQHV<DHUDKRUDGHTXHDOJXLHQFRQLGHDV /LRQV&OXE,W·VDERXWWLPHVRPHRQHZLWKQHZLGHDVRFFXSLHG
QXHYDVRFXSDUDHVHSXHVWR6L3ÃUH]KXELHUDVLGRUHHOHJLGRHVWR\ WKDW SRVLWLRQ ,I 3HUH] KDG EHHQ UHHOHFWHG ,·P VXUH D ORW RI
VHJXURGHTXHPXFKDJHQWHVHKDEUÇDPDUFKDGRGHOFOXE SHRSOHZRXOGKDYHOHIWWKHFOXE
7HHVFULERSRUTXHDOSDUHFHUYDPRVDYHUQRVHQ1XHYD<RUNHQ ,·PZULWLQJWR\RXEHFDXVHDSSDUHQWO\ZH·UHJRLQJWRVHHHDFK
HO&RQJUHVRGHO$WÔQGHO$WO»QWLFR1RUWH0HHQWHUÃD\HUGHTXH RWKHU LQ 1HZ <RUN DW WKH 1RUWK $WODQWLF 7XQD &RQYHQWLRQ ,
LEDVDDVLVWLUDOFRQJUHVRHQQRPEUHGH3HVFDEXHQD\TXLHURTXH IRXQGRXW\HVWHUGD\WKDW\RXZHUHJRLQJWRDWWHQGRQEHKDOI
VHSDVTXHYR\DLUWDPELÃQHQQRPEUHGHO0LQLVWHULRGH$JUL RI 3HVFDEXHQD DQG , ZDQW \RX WR NQRZ WKDW ,·OO EH JRLQJ RQ
FXOWXUD EHKDOIRIWKH0LQLVWU\RI$JULFXOWXUH
3RUFLHUWRYD3DTXLWDFRQWLJR"0DQROLVLHPSUHVHDEXUUHHQHV %\WKHZD\LV3DTXLWDJRLQJZLWK\RX"0DQROLDOZD\VJHWVER
WRVHYHQWRVSHURVLYDVDOOHYDUD3DTXLWDHVRFDPELDODVFRVDV UHG DW WKHVH HYHQWV EXW LI \RX·UH JRLQJ WR WDNH 3DTXLWD WKDW
FKDQJHVWKLQJV
$YÇVDPH UHVSHFWR D WXV SODQHV7HQJR XQDV JDQDV WHUULEOHV GH
DOHMDUPH GHO QXHYR PLQLVWUR SRU XQRV GÇDV 1R KD\ TXLHQ OH /HWPHNQRZ\RXUSODQV,FDQ·WZDLWWRJHWDZD\IURPWKHQHZ
DJXDQWH PLQLVWHUIRUDIHZGD\V1RERG\FDQVWDQGWKHJX\
+DVWDSURQWR 6HH\RXVRRQ
(VWLPDGRDPLJR\DOXPQR'HVGHTXHYLYRHQ(VSDËDGHYH]HQFXDQGRKHYLVWRSXEOLFDGRVORVUHVXOWDGRVGHGLYHUVDVHQFXHVWDVDFHUFD
GHOQLYHOGHLQJOÃVGHORVHVSDËROHV6HJÔQODHQFXHVWDODFLIUDGHSHUVRQDVTXHVHGHVHQYXHOYHQHQLQJOÃVSXHGHRVFLODUHQWUHXQ\XQ
<RWUDVDËRVGHH[SHULHQFLD\REVHUYDFLÍQVLWÔRODFLIUDSRUGHEDMRGHO'HVHQYROYHUVHVLQSUREOHPDVHQLQJOÃVVLJQLîFD
3RGHUDVLVWLUDXQDUHXQLÍQGHDOWRQLYHOFRQFLQFRQDWLYRVGHKDEODLQJOHVD\HQWHQGHUWRGRDODSULPHUDGHIRUPDTXHXQRSXHGDLQWHU
YHQLUHQORVPRPHQWRVSURSLFLRV\PHWHUED]DVLHVSUHFLVR
&RPSDUWLUFRQHVWRVPLVPRVQDWLYRVORVPRPHQWRVVRFLDOHVGHODUHODFLÍQSURIHVLRQDOFRPRODVFRPLGDVSDXVDVSDUDFDIÃFÍFWHOHV
HWF\VDEHUPDQWHQHUHOWLSRKDVWDHOSXQWRGHSRGHUSDUWLFLSDUWDPELÃQGHOEXHQDPELHQWHUHLQDQWH
6DEHUHVFULELUXQLQIRUPHGHIHQGLHQGRXQSXQWRGHYLVWDDQWHODVHGHH[WUDQMHUDGHVSOHJDQGRDORODUJRGHOPLVPRGHIRUPDHîFD]\
HORFXHQWHORVDUJXPHQWRVGHQWURGHXQDFRUUHFWDJUDP»WLFDVLQWD[LV\RUWRJUDIÇD
'HORVFDVLPLOORQHVGHSHUVRQDVTXHYLYHQHQ(VSDËDQLSRVHHQHVWHQLYHO
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
+HDGERDUG&DEHFHUR
%HGVLGHODPS/»PSDUDGHODPHVLOOD
3LOORZ$OPRKDGD
%HGVLGHWDEOH0HVLOODGHQRFKH
%HG&DPD
9RFDEXODULR%HGURRP'RUPLWRULR
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 9RFDEXODULR
(VWLPDGRDPLJR\DOXPQR3RUQXHVWURJUDQGHVHRGHSUHVHQWDUWHWRGDFODVHGHVDOXGRVGHVSHGLGDVHWFKHPRVSUHVFLQGLGRKR\GHODFDUWD
FRPHUFLDO(VLPSRUWDQWHTXHDSUHQGDVELHQODVIRUPDVVHQFLOODVH[SXHVWDVHQHVWDîFKD\DTXHSRUPX\ELHQTXHDOJXLHQGRPLQHHOLQJOÃV
PXFKDVYHFHVVLHQWHFLHUWDLQVHJXULGDGDODKRUDGHH[SUHVDUODVIRUPDVP»VVHQFLOODVGHHWLTXHWDVRFLDO(ODOXPQRHVSDËROWLHQGHDSHQVDU
TXHSURJUHVDUVLJQLîFDDFXPXODUFRQRFLPLHQWRVWHÍULFRVFDGDYH]P»VFRPSOHMRV\GLIÇFLOHV(VWRQRHVFLHUWR3URJUHVDUVLJQLîFDFRQVROLGDU
XQ»JLOXVRRUDOGHODEDVHJUDPDWLFDO\GHIRUPDV\HVWUXFWXUDVVHQFLOODVFRPRODVH[SXHVWDVHQHVWDS»JLQD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
3DLQWLQJ&XDGUR
9RFDEXODULR$UW$UWH
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 3UHJXQWDVFRQODSUHSRVLFLÍQIURPq
5HFXHUGDTXHFXDQGRSUHJXQWDPRVGHGÍQGHHV
7KDWPDNHVWZRRIXV 7REHSDUWRIWKHIXUQLWXUHD DOJXLHQODSUHSRVLFLÍQpIURPqVHFRORFDDOîQDO
<DVRPRVGRV SHUVRQ HMHPSORV\
)RUPDUSDUWHGHOGHFRUDGR
7KHRWKHUVLGHRIWKHFRLQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
/DRWUDFDUDGHODPRQHGD 7LPHLVDJUHDWKHDOHU IUDVHVHQLQJOÃV"
(OWLHPSRORFXUDWRGR £OHVGH)UDQFLD"
7KHWLSRIWKHLFHEHUJ 'HGÍQGHHVHOOD"
/DSXQWDGHOLFHEHUJ :HoUHUXQQLQJRXWRIWLPH 'HGÍQGHHUHV"
6HQRVDFDEDHOWLHPSR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KH6SDQLVKVXEMXQFWLYHLQ(QJOLVK
(VWLPDGR6U*DUFÇD 'HDU0U*DUFtD
(VWDU»GHDFXHUGRFRQQRVRWURVHQTXHHOÃ[LWRGHXQDHPSUHVD <RXZLOODJUHHZLWKXVWKDWDFRPSDQ\·VVXFFHVVKDVDORWWRGR
WLHQHPXFKRTXHYHUFRQODLPDJHQTXHSUR\HFWD/DJHQWHVXHOH ZLWKWKHLPDJHLWSURMHFWV3HRSOHXVXDOO\EX\DFHUWDLQSURGXFW
FRPSUDUXQGHWHUPLQDGRSURGXFWRSRUTXHWLHQHFRQîDQ]DHQOD EHFDXVHWKH\KDYHFRQÀGHQFHLQWKHEUDQGRULQWKHFRPSDQ\
PDUFDRHQODFRPSDËÇDTXHORIDEULFD(VWDFRQîDQ]DVHGHEHLQ WKDW PDQXIDFWXUHV LW 7KLV FRQÀGHQFH LV GXH SUHFLVHO\ WR WKH
GXGDEOHPHQWHDODLPDJHQGHODHPSUHVDRGHVXVPDUFDV LPDJHRIWKHFRPSDQ\RULWVEUDQGV
'HVGHKDFHDËRV,0$*(%8,/',1*,1&HVOÇGHUPXQGLDOHQ )RU WKH SDVW \HDUV ,0$*(%8,/',1* ,1& KDV EHHQ WKH
FUHDULP»JHQHVTXHVHWUDGXFHQHQYHQWDV\EHQHîFLRV1XHVWUR ZRUOGOHDGHULQFUHDWLQJLPDJHV WKDW WUDQVODWHLQWRVDOHVDQG
HTXLSRGHSURIHVLRQDOHVWLHQHDËRVGHH[SHULHQFLDWUDWDQGRFRQ SURÀWV 2XU WHDP RI SURIHVVLRQDOV KDV \HDUV RI H[SHULHQFH
ORVPHGLRVGHFRPXQLFDFLÍQ\SXHGHQHQPHQRVWLHPSRGHOR GHDOLQJ ZLWK WKH PHGLD DQG WKH\ FDQ LQ OHVV WLPH WKDQ \RX
TXH9GSLHQVDFUHDURFDPELDUXQDLPDJHQFRUSRUDWLYD\OOHYDU WKLQNFUHDWHRUFKDQJHDFRUSRUDWHLPDJHDQGFDUU\DFRPSDQ\
XQDHPSUHVDKDFLDXQDSRVLFLÍQGHOLGHUD]JRHQHOPHUFDGR WRZDUGDSRVLWLRQRIPDUNHWOHDGHUVKLS
'ÃQRVXQDRSRUWXQLGDGSDUDGHPRVWUDUOHORTXHSRGHPRVKDFHU *LYHXVDQRSSRUWXQLW\WRVKRZ\RXZKDWZHFDQGR,WZLOOEH
6HU»ODPHMRULQYHUVLÍQTXHVXHPSUHVDSXHGDUHDOL]DU WKHEHVWLQYHVWPHQW\RXUFRPSDQ\FDQPDNH
$WHQWDPHQWH 6LQFHUHO\\RXUV
3DUDHOSLORWRQRYDWRHOVLPXODGRU\SUiFWLFDV (VWLPDGRDPLJR\DOXPQR/DFODVHHOSURIHVRU\HOPÃWRGRVRQQHFHVDULRV
DGTXLHUHKDELOLGDGHVHQXQSULQFLSLRHVWiWLFDV SDUDDGTXLULUXQDEDVHWHÍULFDJUDPDWLFDO\SDUDUHDOL]DUSU»FWLFDVGHUHSUR
6LKX\HGHYRODULQVLVWLHQGRHQVLPXODU GXFFLÍQRUDOFRQHOîQGHFRQVROLGDUK»ELWRVDXWRPDWL]DGRVGHODQWHGHO
SRGUiVLTXLHUHGLH]PLOKRUDVDFXPXODU SURIHVRUHQHOFÍPRGRDPELHQWHGHODXOD3HURHOWUÇRFODVHSURIHVRUPÃWR
SHURVLQKRUDVGHYXHORHVD~QSULQFLSLDQWH
GRQRGHMDGHVHUXQSHUIHFWRHTXLYDOHQWHDOVLPXODGRUGHYXHORGRQGHVL
\¢TXLpQVHRIUHFHUtDFRPRSULPHUDFRPSDxDQWH"
XQRVHHVWUHOODQRPXHUH7HDWUHYHUÇDVDPRQWDUFRQXQSLORWRQRYDWROD
3HURFRQVyORFLHQKRUDVGHVLPXODGRU SULPHUDYH]TXHSLORWDVHXQDYLÍQ"/RKDUÇDVVLHOQRYDWR\DWXYLHUDPLOKR
PiVRWUDVFLQFXHQWDGHDYLDGRU UDVGHDGLHVWUDPLHQWRHQXQVLPXODGRU"3UREDEOHPHQWHWDPSRFR/DFODVH
ODFXHVWLyQ\DHVRWUD\KDEUtDEDVWDQWHV GHLQJOÃVHOSURIHVRU\HOPÃWRGRFRQVWLWX\HQHQHOPHMRUGHORVFDVRVXQ
GLVSXHVWRVDVXELUVLQPLHGRQLFDOPDQWHV VLPXODGRUGHYXHORGRQGHVLWHHVWUHOODVQRPXHUHV6LTXLHUHVKDFHUWH
SRUTXHVDEHQTXHGLH]KRUDVGHDYLDGRU GHYHUGDGFRQHOLQJOÃVYDVDWHQHUTXHYRODUPXFKRSDUDVXSHUDUHOPLHGR
HTXLYDOHQDPLOGHVLPXODGRU HVFÃQLFR\HOVHQWLGRGHOULGÇFXOR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
6DLO9HOD
'HFN&XELHUWD
%RZ3URD
3RUWKROH2MRGHEXH\
+XOO&DVFR
9RFDEXODULR%RDW%DUFR
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 3KUDVDOYHUE
7RPDNHLWXSZLWKVRPHRQH
+HoVDWRXJKQXWWRFUDFN )LUVWWKLQJLQWKHPRUQLQJ +DFHUODVSDFHVFRQDOJXLHQ
£OHVXQKXHVRGXURGHURHU $SULPHUDKRUDGHODPDËDQD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
$OORIDVXGGHQ ,QWKHPHDQWLPH 6HU»I»FLOKDFHUODVSDFHVFRQÃO
'HUHSHQWH 0LHQWUDVWDQWR 7RGDYÇDQRKDKHFKRODVSDFHVFRQVXPHMRU
DPLJD
$VIDUDV,oPFRQFHUQHG ,QDOLWWOHZKLOH +DVKHFKRODVSDFHVFRQWXFRPSDËHURGH
3RUPÇHQORTXHDPÇVHUHîHUH 'HQWURGHSRFR WUDEDMR\D"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
:KDWWLPHGR\RXKDYHEUHDNIDVW"
(VWLPDGR6U,YDQRYLFK 'HDU0U,YDQRYLFK
+HPRVUHFLELGRHOHQYÇRGHFDPLVDV\DOLQVSHFFLRQDU :H KDYH UHFHLYHG WKH VKLSPHQW RI VKLUWV DQG XSRQ
ODV KHPRV HQFRQWUDGR DOJR PX\ H[WUDËR7RGDV \ FDGD XQD LQVSHFWLQJWKHPZHKDYHIRXQGVRPHWKLQJYHU\VWUDQJH(DFK
GH ODV FDPLVDV WLHQHQ OR TXH SDUHFH VHU XQD TXHPDGXUD GH DQGHYHU\RQHRI WKHVKLUWVKDVZKDWVHHPV WREHDFLJDUHWWH
FLJDUULOORFLJDUHWWHEXUQHQVXPDQJDGHUHFKD EXUQRQWKHULJKWVOHHYH
+XHOJDGHFLUTXHQRSRGHPRVDFHSWDUHOHQYÇR\TXHGDPRVDOD ,WJRHVZLWKRXWVD\LQJWKDWZHFDQQRWDFFHSWWKHVKLSPHQWDQG
HVSHUDGHVXVLQVWUXFFLRQHVHQFXDQWRDTXÃKDFHUFRQHOOR6LQ ZHDZDLW\RXULQVWUXFWLRQVDVWRZKDWWRGRZLWKLW+RZHYHU
HPEDUJRORTXHQRVSUHRFXSDDKRUDVRQORVSOD]RVTXHWHQHPRV ZKDWZRUULHVXVQRZDUHWKHGHDGOLQHVZHKDYHWRPHHWZLWK
TXHFXPSOLUFRQORVPD\RULVWDV\DTXHHOORVHVSHUDQWHQHUODV WKH ZKROHVDOHUV VLQFH WKH\ H[SHFW WR KDYH WKH VKLUWV LQ WKHLU
FDPLVDVHQVXVDOPDFHQHVQRP»VWDUGHGHOGHGLFLHPEUH ZDUHKRXVHVQRODWHUWKDQ'HFHPEHU
$YÇVHQRV FXDQWR DQWHV VREUH FÍPR SLHQVDQ UHVROYHU HVWH /HW XV NQRZ DV VRRQ DV SRVVLEOH KRZ \RX SODQ WR VROYH WKLV
WHPD+D\PXFKRGLQHURHQMXHJR\VHUÇDXQDO»VWLPDTXHQR PDWWHU 7KHUH LV D ORW RI PRQH\ LQYROYHG DQG LW ZRXOG EH D
SXGLÃUDPRVVXPLQLVWUDUODPHUFDQFÇDSDUDODWHPSRUDGDGH SLW\LIZHFRXOGQRWVXSSO\WKHPHUFKDQGLVHIRUWKH&KULVWPDV
1DYLGDG VHDVRQ
$WHQWDPHQWH 6LQFHUHO\
/DSDVWLOODGHORVFLHQPLOHXURV
(VWLPDGRDOXPQR\DPLJR(QXQDUHFLHQWHHQFXHVWDUHDOL]DGDSRU9DXJKDQ6\VWHPVHOGHORVHQFXHVWDGRVJHQWHHQVXPD\RUÇDGHO»UHD
GHUHFXUVRVKXPDQRVGHGLIHUHQWHVHPSUHVDVDîUPDURQTXHGHH[LVWLUXQDSDVWLOODSRUYDORUGHFLHQPLOHXURVFDSD]GHGRWDULQPHGLDWDPHQWH
GHLQJOÃVDTXLHQODWRPDVHVXGLUHFWRUJHQHUDOVÇFRPSUDUÇDSDVWLOODVSDUDYDULDVSHUVRQDVGHODRUJDQL]DFLÍQ'HKHFKRXQRDËDGLÍTXHVX
GLUHFWRUFRPSUDUÇDVLHWHFXDWURSDUDVXVLQPHGLDWRVVXERUGLQDGRVXQDSDUDÃO\GRVSDUDVXVGRVKLMRV(VGHFLUHOVHËRUJDVWDUÇDHXURV
GHJROSHSDUDTXLWDUGHHQPHGLRHOSUREOHPDGHOLQJOÃV3HURJDVWDUÇDORPLVPRVLHQYH]GHLQJOÃVODSDVWLOODFRQîULHUDORVFRQRFLPLHQWRVGH
XQSUHVWLJLRVR0%$"3UREDEOHPHQWHQRORFXDOPHFRQGXFHDXQDUHïH[LÍQFXULRVD(OVHFWRUGHODHQVHËDQ]DGHLGLRPDVHVW»DWRPL]DGR\
JR]DGHSRFRSUHVWLJLRDOFRPSDUDUVHFRQRWURVVHFWRUHVGHODIRUPDFLÍQGLUHFWLYD6LIXÃUDPRVDODSXHUWDGHVDOLGDGHFXDOTXLHUHVFXHODGH
QHJRFLRVSUHVWLJLRVD\SUHJXQW»VHPRVDFDGDUHFLÃQJUDGXDGRFRQVXWRJD\ELUUHWHVLOHJXVWDUÇDLQLFLDUVXFDUUHUDHQXQFHQWURGHIRUPDFLÍQ
HQLGLRPDVQRVGLUÇDTXHQLKDEODUTXHOHHVSHUDXQSXHVWRHQXQEDQFRGHLQYHUVLRQHVRHQXQDSUHVWLJLRVDîUPDGHFRQVXOWRUÇD6LQHPEDU
JRDOFDERGHXQRVDËRVTXHUUÇDWDQWRFRPRDTXHOGLUHFWRUJHQHUDOODSDVWLOODP»JLFDGHORVFLHQPLOHXURV\SRVLEOHPHQWHSDJDUÇDHOSUHFLR
0RUDOHMDFXDQGRODPDJLDHQWUDHQODHFXDFLÍQHODSUHQGL]DMHGHOLQJOÃVDVXPHVXSRVLFLÍQFRUUHFWDHQODMHUDUTXÇDGHORVYDORUHVIRUPDWLYRV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/ROOLSRS3LUXOHWD
6ZHHWV&DUDPHORV
&KHZLQJXP&KLFOH
&KRFRODWH%RPEÍQ
)UXLWJXP*RPLQROD
9RFDEXODULR&RQIHFWLRQDU\*RORVLQDV
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
1RLUÃDPHQRVTXHGHMHGHOORYHU,ZRQoWJRXQOHVVLWVWRSVUDLQLQJ 3RUTXÃQRIXLVWHLQYLWDGR":K\ZHUHQoW\RXLQYLWHG"
+DVUHVHUYDGRXQDFLWDFRQHO +DYH\RXPDGHDQDSSRLQWPHQW 4XLÃQWHKDFHJUDFLD":KRPDNHV\RXODXJK"
PÃGLFR\D" ZLWKWKHGRFWRU\HW" 'HEHVKDEHUWHHTXLYRFDGR<RXPXVWKDYHPDGHDPLVWDNH
0HJXVWDUÇDTXHOROH\HUDVHQ ,oGOLNH\RXWRUHDGLWDORXG (VSHURFRQLOXVLÍQYHUWH,ORRNIRUZDUGWRVHHLQJ\RX
YR]DOWD 3LÃUGHWH*HWORVW
&X»QWRWLHPSROOHYDVFDVDGR" +RZORQJKDYH\RXEHHQPDUULHG"
3RUTXÃQRSHGLVWHHOOLEUR :K\GLGQoW\RXDVNIRUWKH
GHUHFODPDFLRQHV" FRPSODLQWVERRN"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV (VWLORLQGLUHFWR
5HFXHUGDTXHHQXQDSUHJXQWDLQGLUHFWDHO
2QWKHRWKHUKDQG <RXoUHSXOOLQJP\OHJ VXMHWRVLHPSUHSUHFHGHHOYHUER
(QFDPELR 0HHVW»VWRPDQGRHOSHOR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
,oPDOOHDUV <RXoOOKDYHWRWZLVWKLVDUP IUDVHVHQLQJOÃV"
7LHQHVWRGDPLDWHQFLÍQ 7HQGU»VTXHSUHVLRQDUOH
6DEHVVLWHQHPRVVXîFLHQWHGLQHUR"
$WWKHHQGRIWKHGD\ 6DEHVGÍQGHHVW»QPLVOODYHV"
$UPHGWRWKHWHHWK 6DEHVGHTXÃFRORUVRQ"
(QHODQ»OLVLVîQDO
$UPDGRKDVWDORVGLHQWHV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7RODVW
(VWLPDGD6UWD3D\QH 'HDU0LVV3D\QH
$WHQWDPHQWH 6LQFHUHO\
(VWLPDGRDPLJR\DOXPQR(OYHUDQRSDVDGRXQDMRYHQHMHFXWLYDGHODîOLDOHVSDËRODGHXQDLPSRUWDQWHHPSUHVDPXOWLQDFLRQDOSDVÍ
XQPHVHQ3KLODGHOSKLD$QWHVGHLUGHVGH(VSDËD\DWUDYÃVGH,QWHUQHWVHDSXQWÍDXQDVHULHGHFXUVRVPXFKRVGHHOORVFXULRVRV
TXHVHRIUHFHQJUDWXLWDPHQWHDSHUVRQDVMXELODGDV\DSUHFLRVPÍGLFRVDGHVHPSOHDGRV1XHVWUDHMHFXWLYDVHDSXQWÍDXQDVFODVHV
GHFRFLQDEDLOHGHVDOÍQFRPXQLFDFLÍQLQWHUSHUVRQDODHUÍELFFÍPRKDEODUHQSÔEOLFRFLHQFLDGLHWDULDHOPDQHMRGH$FFHVV\([FHO\
HODUWHGHKDFHUFHVWDVGHPLPEUH
(VWXYRXQDPHGLDGHVLHWHKRUDVFDGDGÇDLQYROXFUDGDHQORVFXUVRV\VHFRGHDEDDGLDULRFRQXQDVSHUVRQDVGLVWLQWDVWRGDVQRU
WHDPHULFDQDV$OFDERGHWUHVGÇDV\DWHQÇDXQJUDQQÔPHURGHDPLJRV\HQODVGRVÔOWLPDVVHPDQDVGHVXHVWDQFLDMDP»VFHQDEDHQ
QLQJÔQVLWLRTXHQRIXHUDODFDVDGHXQFRPSDËHURGHFXUVR6HORSDVÍHQJUDQGH\YROYLÍD(VSDËDFRQXQLQJOÃVUHDOPHQWHEXHQR
VREUHWRGRHQHODVSHFWRDXGLWLYR
3RU OR WDQWR OR UHFRPHQGDEOH HV VDOLU IXHUD SDUD PHMRUDU HO LQJOÃV QR SDUD HVWXGLDUOR 'HGLFDU WLHPSR HVWXGLDQGR ORV YHU
ERVLUUHJXODUHV\ORVSURQRPEUHVUHODWLYRVHQ/RQGUHVRHQ'DOODVHVSHUGHUORP»VULFR\SURGXFWLYRGHODH[SHULHQFLD(VUHQXQ
FLDU D UHODFLRQDUVH GH IRUPD GLQ»PLFD FRQ SHUVRQDV QDWLYDV D FDPELR GHO HVWXGLR DVÃSWLFR GH OD PHF»QLFD HVW»WLFD GHO LGLRPD
0RUDOHMD1RVDOJDVIXHUDSDUDUHFLELUFODVHVGHLQJOÃV6DOIXHUDSDUDUHFLELUFODVHV(1LQJOÃV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
'ÍQGHHVW»WXFDVD":KHUHLV\RXUKRXVH" 4XÃKDFHVPDËDQD":KDWDUH\RXGRLQJWRPRUURZ"
0»ODJDHVW»HQHOVXUGH(VSDËD 0DODJDLVLQWKHVRXWKRI6SDLQ 3RUTXÃHVWXGLDVDOHP»Q":K\GR\RXVWXG\*HUPDQ"
(VFRFLDHVW»DOQRUWHGH,QJODWHUUD 6FRWODQGLVWRWKHQRUWKRI(QJODQG (VWRVVRQORV]DSDWRVGH/LQGD7KHVHDUH/LQGDoVVKRHV
0DQFKHVWHUHVW»HQHOQRUWH 0DQFKHVWHULVLQWKHQRUWK &ÔDOHVWXFRPLGDSUHIHULGD":KDWoV\RXUIDYRXULWHIRRG"
GH,QJODWHUUDRI(QJODQG 1RPHVLHQWRPX\ELHQ,GRQoWIHHOYHU\ZHOO
(VXQDFLXGDGRXQSXHEOR" ,VLWDFLW\RUDWRZQ"
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
)LOOLQJ(PSDVWH
*XPV(QFÇDV
7HHWK'LHQWHV
7RQJXH/HQJXD
/LSV/DELRV
9RFDEXODULR0RXWK%RFD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 3ULPHUFRQGLFLRQDO
1RROYLGHVTXHQXQFDVHXVDpZLOOqHQOD
,WOHIWDEDGWDVWHLQP\PRXWK %DSWLVPRIîUH PLVPDRUDFLÍQTXHODSDODEUDpLIqHQXQ
0HGHMÍFRQPDOVDERUGHERFD %DXWLVPRGHIXHJR FRQGLFLRQDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
,oPRXWRIVKDSH 'RQoWEHDWDURXQGWKHEXVKfDERXW IUDVHVHQLQJOÃV"
1RHVWR\HQIRUPDIÇVLFD WKHEXVK 6LWLHQHVTXHSDJDUP»VWHTXHMDU»V"
1RFRQVHJXLUHPRVQDGDVLQRKDFHPRVXQ
1RDQGHVSRUODVUDPDV
JUDQHVIXHU]R
*LYHPHEDOOSDUNîJXUH (OODVHGRUPLU»VLOHFDQWDPRV
'DPHXQDFLIUDDSUR[LPDGD 7KDWoVEHVLGHWKHSRLQW
(VRQRYLHQHDOFDVR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\
FRPSUXHEDWXVUHVSXHVWDVHVWHGRPLQJRDOFRPSUDU
(/&8562'(,1*/£6'(),1,7,92GH9DXJKDQ1RVÍOR
VDEU»VVLKDVDFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPR
VHSURQXQFLDQHVWDVIUDVHV
<RDSUHFLRODVïRUHV
(VWLPDGR6U'XUNKHLP 'HDU0U'XUNKHLP
$OUHYLVDUHOERUUDGRUîQDOGHVXOLEURGHWH[WRKHPRVHQFRQWUD 8SRQUHYLHZLQJWKHÀQDOGUDIWRI\RXUWH[WERRNZHKDYHIRXQG
GRXQSDVDMHTXHQRHVW»GHQWURGHOHVSÇULWXGHQXHVWURJUXSR DSDVVDJHWKDWLVQRWZLWKLQWKHVSLULWRIRXUHGXFDWLRQDOJURXS
HGXFDWLYR 1RV UHIHULPRV HVSHFÇîFDPHQWH D ORV WUHV SULPHURV :HUHIHUVSHFLÀFDOO\WRWKHÀUVWWKUHHSDUDJUDSKVRQSDJH
S»UUDIRVGHODS»JLQDHQORVFXDOHV9GLQWHQWDMXVWLîFDUHO LQZKLFK\RXWU\WRMXVWLI\WKHXVHRIIRUFHWRGLVSHUVHSROLWLFDO
XVRGHODIXHU]DSDUDGLVSHUVDUODVPDQLIHVWDFLRQHVSROÇWLFDV GHPRQVWUDWLRQV
1RVRPRVSDUWLGDULRVQHFHVDULDPHQWHGHFRQYRFDUPDQLIHVWD :H DUH QRW QHFHVVDULO\ LQ IDYRU RI FDOOLQJ GHPRQVWUDWLRQV
FLRQHV6LQHPEDUJRQRSRGHPRVGHQLQJXQDPDQHUDDSR\DUHO +RZHYHU ZH FDQQRW LQ DQ\ ZD\ VXSSRUW WKH XVH RI IRUFH QR
XVRGHODIXHU]DFXDOTXLHUDTXHVHDHOREMHWLYR6RPRVXQDRUJD PDWWHUZKDWWKHREMHFWLYH:HDUHDSHDFHORYLQJRUJDQL]DWLRQ
QL]DFLÍQSDFÇîFDGHGLFDGDH[FOXVLYDPHQWHDXQDQREOHFDXVDOD GHYRWHG H[FOXVLYHO\ WR D QREOH FDXVH WKH HGXFDWLRQ RI WKH
HGXFDFLÍQGHODPHQWH&XDOTXLHUUHIHUHQFLDDOXVRGHODIXHU]D PLQG$Q\UHIHUHQFHWRWKHXVHRIIRUFHLVWKHUHIRUHIRUHLJQWR
HVSRUORWDQWRDMHQDDQXHVWUDîORVRIÇD RXUSKLORVRSK\
3RU HVWD UD]ÍQ OH SHGLUÇDPRV TXH PRGLîFDUD ORV S»UUDIRV HQ )RUWKLVUHDVRQZHZRXOGDVN\RXWRPRGLI\WKHSDUDJUDSKVLQ
FXHVWLÍQ'HRWURPRGRQRSRGUHPRVDSUREDUHOERUUDGRUîQDO TXHVWLRQ2WKHUZLVHZHFDQQRWDSSURYHWKHÀQDOGUDIW
$WHQWDPHQWH <RXUVVLQFHUHO\
(VWLPDGRDPLJR\DOXPQR3RUTXÃVRQPXGRVORVVRUGRPXGRV"8QPÃGLFROHGLU»TXHWLHQHQSHUIHFWDPHQWHODVFXHUGDVYRFDOHVDOLJXDO
TXHQRVRWURV(QWRQFHVSRUTXÃWLHQHQTXHXVDUODVPDQRVSDUDFRPXQLFDUVH"/DUHVSXHVWDODVDEHPRVWRGRVXQVRUGRPXGRHVPXGR
SRUTXHHVVRUGR$OQRRÇUQRDSUHQGHDGHVDUUROODUODVGHP»VKDELOLGDGHVQHFHVDULDVSDUDODFRPXQLFDFLÍQ'HEHIRU]RVDPHQWHUHFXUULUD
ODVPDQRV2FXUUHH[DFWDPHQWHORPLVPRDODKRUDGHLQWHQWDUGRPLQDUXQVHJXQGRLGLRPD7ÔSXHGHVWHQHUXQDJUDP»WLFDSXOLGÇVLPD
XQYRFDEXODULRH[WHQVR\XQDSURQXQFLDFLÍQGLJQDGHHORJLRSHURVLDODKRUDGHODYHUGDGQRHQWLHQGHVELHQORVVLJQLîFDGRV\ORVPDWLFHV
HVW»VWDQFRQGHQDGRDODLQFRPXQLFDFLÍQFRPRHOVRUGRPXGR(VLPSRUWDQWHTXHHQWLHQGDVHVWRSRUTXHHOHVSDËROPHGLRLQYLHUWHVXV
SULRULGDGHV\SRQHFDVLWRGRVXHPSHËRHQDSUHQGHUWHRUÇDJUDPDWLFDO\HQDPSOLDUVXYRFDEXODULR'HGLFDVXGLQHUR\VXWLHPSRDDWHQGHU
ODVSULRULGDGHVPHQRVFUÇWLFDV3LHQVDTXHFRQDSUHQGHUVHORVYHUERVLUUHJXODUHVSRGU»HQWHQGHUDQDWLYRVFXDQGRKDEODQ3RVHHUXQDPSOLR
YRFDEXODULR\SURIXQGRVFRQRFLPLHQWRVJUDPDWLFDOHVSHURFRQXQRÇGRSRFRîQRHTXLYDOHDVHUHOFLHUYRP»VYHOR]GHOPXQGRSHURVLQRÇGR
QLROIDWR6XWUHPHQGDYHORFLGDGQROHYDOHSDUDQDGDVLQRVDEHRÇUQLROHUODDSUR[LPDFLÍQGHODPDQDGDGHORERV6HFRQYLHUWHHQPDQMDU
GHORVGHSUHGDGRUHV 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
)LQJHUV'HGRV
.QXFNOHVQXGLOORV
3DOP3DOPD
1DLO8ËD
7KXPE3XOJDU
9RFDEXODULR+DQGV0DQRV
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
&RPPRQVD\LQJV 9RFDEXODULR
7KHHOHSKDQWVLQP\OLYLQJURRPDUHJUHHQ
/DUHJODHQLQJOÃVGLFHTXHFXDQGRQRVUHIHULPRVDFRVDVHQJHQHUDOQR GHYLVWDUHVSHFWRDOFDVWHOODQR\ODUHJODHQLQJOÃV
XVHPRVQLQJÔQDUWÇFXOR
(OHSKDQWVDUHJUH\LQJOÃV /RVHOHIDQWHVVRQJULVHVXQD
/RVHOHIDQWHVVRQJULVHV (OHSKDQWVDUHJUD\LQJOÃVDPHULFDQR EULW»QLFR JHQHUDOL]DFLÍQ
7KHHOHSKDQWVWKDWDUHLQP\ /RVHOHIDQWHVTXHHVW»QHQPL
6R\SDUWLGDULRGHODIRUPDLQJOHVDRVHDQRFRPSDUWRFRQHOFDVWHOODQR OLYLQJURRPDUHJUHHQ VDOÍQVRQYHUGHV
ODSU»FWLFDGHSRQHUXQDUWÇFXORGHWHUPLQDGRGHODQWHGHVXVWDQWLYRV
pJHQHUDOL]DGRVq&UHRTXHHVLQFRUUHFWRHQVXHVHQFLD&XDQGRPHUH (QHOVHJXQGRHMHPSORVÇTXHHVWR\KDFLHQGRXQDUHIHUHQFLDpGHWHUPL
îHURDpHOHIDQWHVqHQJHQHUDOQRGHERXVDUXQDUWÇFXORpGHWHUPLQDGRq QDGDqDXQJUXSRHVSHFÇîFRGHHOHIDQWHVHVGHFLUORVTXHVHHQFXHQWUDQ
SRUTXHHVWR\KDEODQGRGHHOHIDQWHVpLQGHWHUPLQDGDPHQWHqHVGHFLU HQHVWRVPRPHQWRVHQPLVDOÍQ
HQJHQHUDO(VSHURTXHORVGRVHMHPSORVVLJXLHQWHVWHDFODUHQPLSXQWR
(VWLPDGR-XDQ 'HDU-RKQ
*UDFLDVSRUWXFDUWDGHOGHRFWXEUH(VWR\FRPSOHWDPHQWHGH 7KDQN\RXIRU\RXUOHWWHURI2FWREHU,FRPSOHWHO\DJUHHZLWK
DFXHUGRFRQWXGHFLVLÍQGHVHJXLUDGHODQWHFRQHOSODQ,,'HKHFKR \RXU GHFLVLRQ WR JR DKHDG ZLWK SODQ ,, ,Q IDFW , ZRXOG KDYH
\RKXELHUDHOHJLGRHVHSODQGHVGHHOSULQFLSLR\DTXHHUDHOÔQLFR FKRVHQWKDWSODQIURPWKHEHJLQQLQJVLQFHLWZDVWKHRQO\RQH
TXHFRQWHPSODEDODFRQVWUXFFLÍQGHXQDOPDFÃQHQ=DUDJR]D WKDWLQFOXGHGWKHFRQVWUXFWLRQRIDZDUHKRXVHLQ=DUDJR]D
0DËDQDYR\DSUHVHQWDUHOSODQDO&RQVHMRGH$GPLQLVWUDFLÍQ6H 7RPRUURZ,DPJRLQJWRSUHVHQWWKHSODQWRWKH%RDUG7KH\ZLOO
YDQDTXHMDUGHOFRVWHHVRWHORSXHGRDVHJXUDU3HURHVWR\VHJXUR FRPSODLQDERXWWKHFRVW,FDQDVVXUH\RXRIWKDW%XW,DPFHUWDLQ
GHTXHWHUPLQDU»QSRUDSUREDUOR/DFRPSDËÇDYDELHQHQHVWRV WKDWWKH\ZLOOHQGXSDSSURYLQJLW7KHFRPSDQ\LVJRLQJZHOODWWKLV
PRPHQWRV\DSHVDUGHTXH0RUJDQVHDWDQFRQVHUYDGRUFRQHO WLPHDQGLQVSLWHRIWKHIDFWWKDW0RUJDQLVVRFRQVHUYDWLYHZLWK
GLQHURFUHRTXHLQFOXVRÃOHVWDU»GLVSXHVWRDGDUODOX]YHUGH FDVK,WKLQNHYHQKHZLOOEHZLOOLQJWRJLYHWKHJUHHQOLJKW
7HOODPDUÃHQFXDQWRVHSDDOJR ,·OOFDOO\RXDVVRRQDV,NQRZDQ\WKLQJ
8QVDOXGR 5HJDUGV
(OFDPLQRVHFUHWRDOLQJOÃV (VWLPDGRDPLJR\DOXPQR(OSRHPDGHODL]TXLHUGDHVXQSRFRODUJR2FXSDU»
WUHVRFXDWURîFKDVSRUORTXHQRROYLGHVFRPSUDUWH(/081'2ORVSUÍ[LPRVWUHV
/RKDJRORKLFHORKDUpORKHKHFKR
HVWDVFRVDVSURQXQFLpVLQUHQFRUQLGHVSHFKR RFXDWURGÇDV(OSRHPDGHVFULEHFRQSUHFLVLÍQPLH[SHULHQFLDSDUDKDFHUPHFRQ
PLOYHFHVDOGtDHQORVDxRVVHWHQWD WXLGLRPD/OHJXÃD(VSDËDFXDQGRWHQÇDDËRVGHVSXÃVGHKDEHUFXUVDGROD
ODERUTXHGHVXGRUHVQRHVWDEDH[HQWD DVLJQDWXUDGHHVSDËROFRPROHQJXDH[WUDQMHUDDORODUJRGHVHLVDËRVHQODHVFXHOD
VHFXQGDULD'RPLQDEDEDVWDQWHELHQODWHRUÇDJUDPDWLFDOGHOLGLRPD\VDEÇDpVR
4XHUtDGRPLQDUSRUFRPSOHWRODHVWUXFWXUD
TXHUtDPHWHUYXHVWUDOHQJXDHQFLQWXUD EUHYLYLUqHQFRQYHUVDFLRQHVFDUDDFDUDVREUHWHPDVFRWLGLDQRV6LQHPEDUJRQDGD
TXHUtDTXHODJHQWHDSUHFLDUDPLWDODQWH P»VDWHUUL]DUDTXÇPHGLFXHQWDGHTXHHVWDEDDDËRVOX]GHSRGHUWUDQVPLWLUPL
LQFOXVRHQXQDOHQJXDSDUDPtGLVRQDQWH SHUVRQDOLGDG\PLVKDELOLGDGHVDWUDYÃVGHPLPRGHVWRGRPLQLRSU»FWLFRGHOLGLR
PD$ORODUJRGHWUHVDËRVGHGLTXÃHQWRUQRDWUHVKRUDVGLDULDVDFRQVROLGDUPL
(OWHPDHOHVTXHPDHOHPEOHPDHOSUREOHPD
¢3RUTXpPDVFXOLQR"£'LRVPtRTXpGLOHPD GRPLQLR0HFRVWÍKRUDVDSUHQGHUELHQWXOHQJXD\VLWHGLMHUDTXHOOHJDU»V
/DPDQRODPRWRODOODYHODPDU DGRPLQDUODPÇDHQPHQRVWHHVWDUÇDKDFLHQGRXQïDFRIDYRU0HJXVWDUÇDGHFLUWH
¢3RUTXpIHPHQLQR"0HYR\DGHVLQÁDU TXHFRQPLOSDODEUDVRFRQHOPÃWRGRUHYROXFLRQDULRp;qSRGUÇDVKDFHUWHFRQPL
7REHFRQWLQXHGLQWKHQH[WLQVHUWf LGLRPDVLQGRORUQLLQFLVLÍQSHURWHHVWDUÇDPLQWLHQGR 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
6WDPS6HOOR
3RVWPDUN0DWDVHOORV
$GGUHVV'LUHFFLÍQ
9RFDEXODULR0DLO&RUUHR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV :DVJRLQJWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,ZDQW\RXWRLPSURYH\RXU(QJOLVK
(VWLPDGD6UWD/HVWHU 'HDU0LVV/HVWHU
'HVHRH[SUHVDUOHQXHVWUDVGLVFXOSDVSRUHOWUDWRTXHSRUORYLVWR ,ZLVKWRH[SUHVVRXUDSRORJLHVIRUWKHWUHDWPHQWWKDW0U3HUH]
UHFLELÍHO6U3ÃUH]HQVXYLVLWDDQXHVWUDI»EULFD&RPR9GVDEH DSSDUHQWO\UHFHLYHGLQKLVYLVLWWRRXUIDFWRU\$V\RXNQRZRXU
QXHVWURSURFHVRGHIDEULFDFLÍQHPSOHDXQDWÃFQLFDUHYROXFLRQDULD PDQXIDFWXULQJ SURFHVV HPSOR\V D UHYROXWLRQDU\ WHFKQLTXH
TXHWRGDYÇDUHTXLHUHXQDOWRJUDGRGHSURWHFFLÍQFRQWUDHOHVSLR WKDWVWLOOUHTXLUHVDKLJKGHJUHHRISURWHFWLRQIURPLQGXVWULDO
QDMHLQGXVWULDO HVSLRQDJH
(O6U3ÃUH]DOSDUHFHUQRVHLGHQWLîFÍDOHQWUDUHQHOUHFLQWRSUHPL 0U 3HUH] DSSDUHQWO\ GLG QRW LGHQWLI\ KLPVHOI XSRQ HQWHULQJ
VHV\HOJXDUGDGHVHJXULGDGQROHUHFRQRFLÍSRUTXHHUDQXHYR(V WKH SUHPLVHV DQG WKH VHFXULW\ JXDUG GLG QRW UHFRJQL]H KLP
QXHVWUDSROÇWLFDFDPELDUGHJXDUGDFDGDGRVPHVHV(VWR\VHJXUR EHFDXVH KH ZDV QHZ ,W LV RXU SROLF\ WR FKDQJH JXDUGV HYHU\
GHTXH9GHQWHQGHU»TXHGHEHPRVHQWRGRPRPHQWRPDQWHQHU WZR PRQWKV , DP VXUH \RX ZLOO XQGHUVWDQG WKDW ZH PXVW DW
ODP»VHVWULFWDVHJXULGDG\VLHQWRFXDOTXLHUSUREOHPDTXHHVWD DOO WLPHV PDLQWDLQ WKH VWULFWHVW VHFXULW\ DQG , DP VRUU\ IRU
SROÇWLFDSXHGDRFDVLRQDU ZKDWHYHULQFRQYHQLHQFHWKLVSROLF\PD\FDXVH
$WHQWDPHQWH 6LQFHUHO\\RXUV
(OFDPLQRVHFUHWRDOLQJOÃVFRQW (VWLPDGRDPLJR\DOXPQR(OSRHPDGHODL]TXLHUGDHVFRQWLQXDFLÍQGHOÔOWLPR
GÇD&RPRGLJRHQODSULPHUDHVWURIDWHQJRDFHQWRDPHULFDQRFXDQGRKDEORHQ
3HURFRQWLHPSR\XQDFDxD\XQHVIXHU]RWUHPHQGR
HVSDËRO'HKHFKRVLPHDSXUDVWHGLUÃTXHFRPHWRFLHUWRVHUURUHVGHJUDP»WLFD\
DSUHQGtYXHVWUDOHQJXDVLQÀVXUDQLUHPLHQGR
0LDFHQWRHVJXLULSHURPLGRPLQLRFDXWLYD GHIRQÃWLFDFXDQGRKDEOR\P»VWRGDYÇDFRQIRUPHDYDQ]RFRQODHGDG\EDMRP»V
\HPEDXFRDPXFKRVFRQPLYR]VXJHVWLYD ODJXDUGLD6LQHPEDUJRODJHQWHPHORSHUGRQDWRGRSRUTXHREVHUYDTXHWHQJR
XQDFDSDFLGDGFRPXQLFDWLYDPX\DOWDHQWXLGLRPD(VLPSRUWDQWHUHFRUGDUHVWR
¢3HURVDEHVDPLJRHOPRQWRGHPLLQYHUVLyQ"
HLQFLGHHQORTXH\DWHKHGLFKRHQQXPHURVDVRFDVLRQHVWÔQXQFDYDVDKDEODU
¢6DEHVGHYHUDVHODOFDQFHGHPLLQPHUVLyQ"
'HGLTXpWUHVPLOKRUDVDDOFDQ]DUHOREMHWLYR XQLQJOÃVJUDPDWLFDOPHQWHSHUIHFWRQLYDVDSURQXQFLDUPLOHQJXDFRPRXQQDWL
GHGRPLQDUYXHVWUDOHQJXDGHXQPRGRGHÀQLWLYR YRQLGHOHMRV6LQHPEDUJRHVW»VSHUIHFWDPHQWHFDSDFLWDGRSDUDOOHJDUDH[KLELU
GHODQWHGHSURSLRV\H[WUDËRVXQSURIXQGRGRPLQLRGHOLQJOÃVFRPRYHKÇFXORGH
7REHFRQWLQXHGLQWKHQH[WLQVHUWf FRPXQLFDFLÍQ
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
6WDPHQ(VWDPEUH
%XG&DSXOOR
3HWDO3ÃWDOR
6WHP7DOOR
/HDI+RMD
9RFDEXODULR)ORZHU)ORU
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 9RFDEXODULR
*LYH3HWHUWKHERRN*LYHLWWRKLPQRZ
(VWLPDGR-DNH 'HDU-DNH
&XDQGRUHFLEÇWXID[D\HUOODPÃD&DUORV\OHSHGÇTXHQRVKL :KHQ,JRW\RXUID[\HVWHUGD\,FDOOHG&DUORVDQGDVNHGKLP
FLHUDXQSUHVXSXHVWRSDUDWUHVPLOIROOHWRV1ROHGLMHQDGDGH IRUDQHVWLPDWHIRUEURFKXUHV,GLGQ·WWHOOKLPDQ\WKLQJ
ODRIHUWDGH%UXQR6LVXSUHFLRQRVXSHUDDOGH%UXQRHQXQ DERXW%UXQR·VRIIHU,IKLVSULFHGRHVQRWH[FHHG%UXQR·VE\
FUHRTXHGHEHUÇDPRVVHJXLUFRQÃO<DFRQRFHPRVFÍPR ,WKLQNZHVKRXOGFRQWLQXHZLWKKLP:HDOUHDG\NQRZKRZKH
WUDEDMD\VDEHPRVTXÃHVSHUDU3XHGHTXH%UXQRVHDP»VED ZRUNVDQGZHNQRZZKDWWRH[SHFW%UXQRPD\EHFKHDSHUEXW
UDWRSHURQRPHJXVWDFRUUHUULHVJRVHQHVWHWHPD ,GRQ·WOLNHWRUXQULVNVRQWKLVPDWWHU
$SURSÍVLWRPHOODPÍ.DWK\D\HUSDUDGHFLUPHTXH\DHVWD %\WKHZD\.DWK\FDOOHGPH\HVWHUGD\WRWHOOPHVKHZDVEDFN
EDGHYXHOWD4XLHUHTXHODOODPHVSDUDKDEODUGHOGLQHURTXH 6KHZDQWV\RX WRFDOOKHU WR WDONDERXW WKHPRQH\VKHRZHV
WHGHEH'HEHHVWDUVLQEODQFDSRUTXHPHSUHJXQWÍVLSRGÇD \RX6KHPXVWEHEURNHEHFDXVHVKHDVNHGPHLI,FRXOGRIIHU
RIUHFHUOHXQWUDEDMR%XHQDVXHUWH KHUDMRE*RRGOXFN
8QVDOXGR 5HJDUGV
(OFDPLQRVHFUHWRDOLQJOÃVFRQW (VWLPDGRDPLJR\DOXPQR(OSRHPDGHODL]TXLHUGDHVFRQWLQXDFLÍQGHOGHORV
6LPHFRVWyWUHVPLOKRUDV\\RVR\OLQJLVWD GRVÔOWLPRVGÇDV$TXÇUHLWHURTXHPHFRVWÍWUHVPLOKRUDVGHWUDEDMRKDFHUPHFRQ
¢GHYHUGDGW~SUHWHQGHVODPLVPDFRQTXLVWD XQEXHQGRPLQLRGHOFDVWHOODQR(QODVGRVHVWURIDVGHODL]TXLHUGDLQVLQÔRTXH
GHOLGLRPDLQJOpVFRQFODVHVFRQYHQFLRQDOHV HODGXOWRHVSDËROWLHQGHDSHQVDUTXHSXHGHDSUHQGHULQJOÃVVLQKDFHUHOPLVPR
HVTXLYDQGRDOSDVRORVHVIXHU]RVH[FHSFLRQDOHV" HVIXHU]RTXH\RKHKHFKRSDUDDSUHQGHUVXOHQJXD&UHHHTXLYRFDGDPHQWHTXHVH
1RVHDVLOXVRTXH\DKD\EDVWDQWHV DSUHQGHLQJOÃVDVLVWLHQGRDFODVHV1DGLHHQODKLVWRULDGHOPXQGRVHKDKHFKRFRQ
ODVSDODEUDVTXHVLJXHQQRVRQSHWXODQWHV XQVHJXQGRLGLRPDGHDGXOWROLPLW»QGRVHDDVLVWLUDFODVHV£VWDVQRFRQVWLWX\HQ
6RQHOIUXWRGHDxRVREVHUYDQGRHOSURFHVR QXQFDP»VGHOGHODVDFFLRQHVQHFHVDULDVSDUDVROXFLRQDUHOSUREOHPD(ORWUR
GHDSUHQGHUHOLQJOpVFRQXQDOWRSURJUHVR VHGLYLGHHQWUHHOHVWXGLRRWUDEDMRSHUVRQDO\HOSDVDUPXFKRVDSXURVGHFR
7REHFRQWLQXHGLQWKHQH[WLQVHUWf PXQLFDFLÍQHQVLWXDFLRQHVUHDOHV 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
:LQGRZSDQH&ULVWDO
:LQGRZIUDPH0DUFR
%OLQGV3HUVLDQDV
&XUWDLQV&RUWLQDV
:LQGRZVLOO$OIÃL]DU
9RFDEXODULR:LQGRZ9HQWDQD
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 6HJXQGRFRQGLFLRQDO
5HFXHUGDTXHHQXQFRQGLFLRQDOQXQFDVH
:KRFDOOVWKHVKRWVKHUH" 3HWHUoVDWWKHKHOP XWLOL]DpZRXOGqHQODPLVPDRUDFLÍQTXHOD
4XLÃQWLHQHODÔOWLPDSDODEUDDTXÇ" 3HGURHVW»DOWLPÍQ SDODEUDpLIq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
:KRoVLQFKDUJHKHUH" :KRFDOOVWKHWXQHKHUH" IUDVHVHQLQJOÃV"
4XLÃQHVW»DOPDQGRDTXÇ" 4XLÃQOOHYDODYR]FDQWDQWHDTXÇ" 6L\ROH\HUDP»VWHQGUÇDXQYRFDEXODULRP»V
DPSOLR
:KRoVWKHERVVKHUH" ,FDQWDNHRYHUIRUKLP £OQRVHUÇDFDPSHÍQVLQRIXHUDHOPHMRU
4XLÃQPDQGDDTXÇ" /HSXHGRVXVWLWXLU\R 6LJDQDUDVODORWHUÇDWHFRPSUDUÇDVXQ\DWH"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
5HïH[LYHSURQRXQV
(VWLPDGR6U%UXQR 'HDU0U%UXQR
&RQUHIHUHQFLDDVXRIHUWDGHGLVHËDUHLPSULPLUIROOHWRV 5HJDUGLQJ \RXU RIIHU WR GHVLJQ DQG SULQW WZRFRORU
DGRVFRORUHVODPHQWRLQIRUPDUOHTXHQXHVWUDGHFLVLÍQHVFRQ EURFKXUHV , DP VRUU\ WR LQIRUP \RX WKDW RXU GHFLVLRQ LV WR
WLQXDUFRQQXHVWURDFWXDOSURYHHGRU(OPRWLYRGHHVWDGHFLVLÍQ FRQWLQXHZLWKRXUFXUUHQWVXSSOLHU7KHUHDVRQIRUWKLVGHFLVLRQ
HVHOGHVHRSRUSDUWHGHOD'LUHFFLÍQGHXWLOL]DUORVVHUYLFLRVGHO LVWKHGHVLUHRQWKHSDUWRIWKH0DQDJHPHQWWRXVHWKHVHUYLFHV
PLVPRSURYHHGRUTXHSURSRUFLRQDVHUYLFLRDQXHVWUDFDVDPD RIWKHVDPHVXSSOLHUWKDWSURYLGHVVHUYLFHWRRXUKHDGTXDUWHUV
WUL]HQ$OHPDQLD1RKHPRVGHVFDUWDGRVXRIHUWDSRUUD]RQHV LQ *HUPDQ\:H KDYH QRW UXOHG RXW \RXU RIIHU IRU UHDVRQV RI
GHFDOLGDGRSUHFLR TXDOLW\RUSULFH
1RREVWDQWHDJUDGHFHPRVVXRIHUWD\HVSHUDPRVWHQHUODRSRU 1HYHUWKHOHVV ZH DSSUHFLDWH \RXU RIIHU DQG KRSH WR KDYH WKH
WXQLGDGGHXVDUVXVVHUYLFLRVHQHOIXWXUR RSSRUWXQLW\WRXVH\RXUVHUYLFHVLQWKHIXWXUH
$WHQWDPHQWH 6LQFHUHO\\RXUV
(OFDPLQRVHFUHWRDOLQJOÃVFRQW (VWLPDGRDPLJR\DOXPQR&RQHVWDHQWUHJDWHUPLQDPRVHOSRHPDVREUHHOHV
IXHU]RTXHXQRWLHQHTXHKDFHUVLGHVHDGHYHUGDGFRQVHJXLUXQJUDQGRPLQLRHQ
(VEODQFRRQHJURHOJULVQRH[LVWH
XQVHJXQGRLGLRPD/DSULPHUDOÇQHDGLFHTXHDSUHQGHULQJOÃVHVEODQFRRQHJUR
FRQXQHVIXHU]RDPHGLDVHOUHVXOWDGRHVWULVWH
WUHVPLOKRUDVVRQPXFKDVORVpORFRPSUHQGR 8QRGHEHRLUDSRUWRGDVRUHQXQFLDUDWRGRHOOR5HVSHWRODVGRVGHFLVLRQHV6LQ
SHURFRQGHGLFDUPXFKDVPHQRVQRKD\GLYLGHQGR HPEDUJRODLQPHQVDPD\RUÇDGHODVSHUVRQDVPHGLFHQTXHTXLHUHQLUDSRUWR
GDVSHURSRFRGHVSXÃVSRQHQSHURV\SHUHWHVDOFRVWHDOSURJUDPDDOHVIXHU]R
6LQRSXHGHVHQWUDUHQWDQIXHUWHDSXHVWD
QHFHVDULRf0XFKRVVHSLHQVDQTXHDSUHQGHULQJOÃVHVORPLVPRTXHDSXQWDUVHD
SRUIDOWDGHJDQDVRSRUORPXFKRTXHFXHVWD
HQWLHQGRpQRSUREOHPqTXHDSXQWHVPiVEDMR XQFXUVRGH3RZHU3RLQWRVLPLODU&UHHQTXHFRQXQDVKRULWDVGHFODVHOOHJDU»QD
SHURQRSLGDVHOFLHORQLTXHWHEXVTXHXQDWDMR VHUELOLQJÖHV8QRSXHGHOOHJDUDDOFDQ]DUXQQLYHOLQWHUPHGLRGHLQJOÃVFRQXQDV
$SUHQGHXQLQJOpVSDUDDQGDUSRUFDVD KRUDVGHGHGLFDFLÍQSHURVLTXLHUHGHVHQYROYHUVHFRQHîFDFLDFRQPHQRVGH
\GHMDGHUHPRYHUXQDWLHUUDWDQHVFDVD
KRUDVHVLPSRVLEOH 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
&X»QGRLEDVDHFKDUORDO :KHQZHUH\RXJRLQJWR
(VW»VGLVSXHVWRDSDUWLFLSDU" $UH\RXZLOOLQJWRSDUWLFLSDWH"
FRUUHR" SRVWLW" 'HEHUÇDKDEHUP»VTXHHVWR 7KHUHVKRXOGEHPRUHWKDQ
3HQVDEDTXHORKDEÇDVKHFKR ,WKRXJKW\RXKDGGRQHLW WKLV
<RTXHWÔQRORKDUÇD ,ZRXOGQoWGRLWLI,ZHUH\RX 'LOHTXHTXLHURTXHYHQJD 7HOOKLP,ZDQWKLPWRFRPH
4XÃOHGLUÇDVDÃO" :KDWZRXOG\RXVD\WRKLP" &XDQGRVHWHUPLQHGÇPHOR :KHQLWoVïQLVKHGWHOOPH
1ROHGLUÇDQDGD ,ZRXOGQoWWHOOKLPDQ\WKLQJ 1ROHVGHMHVVDOLUKDVWDTXH 'RQoWOHWWKHPOHDYHXQWLOLWoV
VHWHUPLQH ïQLVKHG
&DS*RUUR
*RJJOHV*DIDVGHQDWDFLÍQ
$UPEDQGV0DQJXLWRV
7RZHO7RDOOD
7UXQNV%DËDGRU
9RFDEXODULR6ZLPPLQJ1DWDFLÍQ
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 9RFDEXODULR
:KRVSHDNVSHUIHFW&KLQHVHf\RXRU\RXUERVV"1HLWKHURIXVGR
(VWLPDGR6U0RUHQR 'HDU0U0RUHQR
7HQJR DËRV \ VR\ OLFHQFLDGR HQ &LHQFLDV (PSUHVDULDOHV SRU ,DP\HDUVROGDQGKROGDGHJUHHLQ%XVLQHVV$GPLQLVWUDWLRQ
OD8QLYHUVLGDGGH1XHYR0Ã[LFRFRQXQ0DVWHUHQ0DUNHWLQJ IURP WKH 8QLYHUVLW\ RI 1HZ 0H[LFR ZLWK D 0DVWHUV LQ
\3XEOLFLGDGSRUHO,QVWLWXWR*LOEXQNLHQ'HVGHKDFHDËRVPH 0DUNHWLQJDQG$GYHUWLVLQJIURP WKH*LOEXQNLHQ,QVWLWXWH)RU
HQFDUJRGHWRGRHODVSHFWRFRPHUFLDOGH0$&52/,1(6,%(5,&$ WKHSDVWVHYHQ\HDUV,KDYHEHHQLQFKDUJHRIDOOWKHPDUNHWLQJ
IDFWXUDFLÍQ PLOORQHV GH HXURV OD FXDUWD FRPSDËÇD P»V DQGVDOHVDVSHFWVLQ0$&52/,1(6,%(5,&$VDOHVPLOOLRQ
JUDQGHGH(VSDËDHQHOVHFWRUGHOWUDQVSRUWHGHSLHOHVIXU0L HXURVWKHIRXUWKODUJHVWFRPSDQ\LQ6SDLQLQWKHIXUWUDQVSRUW
ODERU FRQVLVWH HQ IRUPXODU OD HVWUDWHJLD FRPHUFLDO FRQWUDWDU \ LQGXVWU\0\MREFRQVLVWVRIIRUPXODWLQJWKHVDOHVDQGPDUNHWLQJ
IRUPDU DO HTXLSR GH YHQGHGRUHV VXEFRQWUDWDU ODV DJHQFLDV GH VWUDWHJ\UHFUXLWLQJDQGWUDLQLQJWKHVDOHVIRUFHVXEFRQWUDFWLQJ
SXEOLFLGDG\VXSHUYLVDUHOWUDEDMRUHDOL]DGR DGYHUWLVLQJDJHQFLHVDQGVXSHUYLVLQJWKHZRUNSHUIRUPHG
0HLQWHUHVDODSRVLELOLGDGGHWUDEDMDUFRQVXFRPSDËÇDSRUTXH ,DPLQWHUHVWHGLQWKHSRVVLELOLW\RIZRUNLQJIRU\RXUFRPSDQ\
PHJXVWDUÇDWHQHUODRSRUWXQLGDGGHDSOLFDUPLVFRQRFLPLHQWRV EHFDXVH , ZRXOG OLNH WR KDYH WKH RSSRUWXQLW\ WR DSSO\ P\
DPHUFDGRVP»VJUDQGHV\GLQ»PLFRV NQRZOHGJHWRODUJHUDQGPRUHG\QDPLFPDUNHWV
/HDGMXQWRPLFXUULFXOXPYLWDH ,KDYHHQFORVHGP\&9IRU\RXUUHIHUHQFH
$ODHVSHUDGHVXVQRWLFLDV $ZDLWLQJ\RXUUHSO\,DP
/HVDOXGDDWHQWDPHQWH 9HU\WUXO\\RXUV
(VWLPDGRDPLJR\DOXPQR(OPHMRUDOXPQRTXHKHWHQLGRHQPLYLGDIXHXQWHQLHQWHFRURQHOGH$UWLOOHUÇDGLUHFWRUGHOD(VFXHODGH$UWL
OOHUÇDGH6HJRYLD(PSH]ÍGHSULQFLSLDQWHDORVDËRV\GRVDËRVP»VWDUGHFRQDVLVWÇDDUHXQLRQHV\DFWRVFRQPLOLWDUHVGHOD27$1
6HGHVHQYROYÇDFRQEDVWDQWHVROWXUD&XDQGROHFRQRFÇHQVXSULPHUDFODVHPHVDQWLJÖÃp'HDU/RUGZK\RQHDUWKLVWKLVVWXGHQWIRUPH,
ZRXOGUDWKHUEHIRUFHGWRJLYHFODVVWRDWUHHq6LQHPEDUJRHVWHPLOLWDUSURQWRPHVRUSUHQGLÍ\PHKL]RYHUTXHQDGLHHUDXQQHJDGRSDUD
ORVLGLRPDV$SOLFÍXQDGLVFLSOLQDPLOLWDUDODWDUHD\HQPHQRVGHXQDËROOHJÍDXQQLYHOLQWHUPHGLRDOWR&DGDQRFKHHQFDVDHVFXFKDED
XQFXHQWRGHXQDVS»JLQDVHQFDVHWH\FRQDXULFXODUHV0HFRVWÍWUDEDMRVXPLQLVWUDUOHWDQWRPDWHULDOSHURDOîQDOPLDPLJRHOPLOLWDU
VXPÍHQOHFWXUD\DXGLFLÍQP»VGHS»JLQDVGHLQJOÃV6LHPSUHGHFÇDp$PLJR5LFKDUGTXHUHUHVSRGHU&DGDGÇDUH]RD'LRVSDUDTXH
PHD\XGHFRQHOLQJOÃV\FDGDYH]ÃOPHGLFHTXHORKDU»DFRQGLFLÍQGHTXHORHVWXGLHDWRSH(VXQSDFWRTXHWHQHPRVq0HHQVHËÍOD
H[SUHVLÍQp$'LRVURJDQGR\FRQHOPD]RGDQGRqH[SUHVLÍQTXHSXHGHVDSOLFDUWHWÔWDPELÃQ
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
+RRN$Q]XHOR
5HHO&DUUHWH
%DLW&HER
9RFDEXODULR)LVKLQJ3HVFD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
1DGLHFRQRFHDQDGLHTXH 1RERG\NQRZVDQ\ERG\ZKR
7LHQHVXQDSHVWDËDMXVWR <RXKDYHDQH\HODVKMXVW
SXHGDKDFHUFXDOTXLHUFRVD FDQGRDQ\WKLQJ HQFLPDGHOODELRVXSHULRU DERYH\RXUXSSHUOLS
1DGLHTXHFRQR]FRVDEH 1RERG\,NQRZNQRZV
0HHQWUÍXQDDVWLOOD ,JRWDVSOLQWHUZKLOVWVDQGLQJ
QDGDGHOWHPD DQ\WKLQJDERXWWKHPDWWHU PLHQWUDVOLMDEDODPHVD GRZQWKHWDEOH
&XDOTXLHUDSRGUÇDKDFHU $Q\ERG\FRXOGGRWKDWZLWK
0HGLXQJROSHHQHOGHGR ,EDQJHGP\ELJWRHRQWKH
HVRFRQORVRMRVFHUUDGRV WKHLUH\HVVKXW JUDQGHGHOSLHFRQHOURGDSLÃ VNLUWLQJERDUG
3HVWDËHDUHVFRPRJXLËDU %OLQNLQJLVOLNHZLQNLQJZLWK
0HVDOHQSHFDVHQYHUDQR ,FRPHRXWLQIUHFNOHVLQWKH
ORVGRVRMRVDODYH] ERWKH\HVDWWKHVDPHWLPH VXPPHU
|7HYDVDTXHGDUEL]FR <RXoUHJRLQJWRJRFURVVH\HG 5RJHUVDOLÍGHODUPDULR 5RJHUFDPHRXWRIWKHFORVHW
KDFHXQSDUGHPHVHV DFRXSOHRIPRQWKVDJR
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV (OSURQRPEUHGHPRVWUDWLYR
5HFXHUGDTXHXQDYH]TXHXWLOL]DPRVXQ
,WoVGD\OLJKWUREEHU\ ,WoVGRJHDWGRJ SURQRPEUHGHPRVWUDWLYRQRYROYHPRVD
(VXQWLPRPDQLîHVWR &RPSHWHQFLDIHUR]VLQUHJODV XWLOL]DUOR|1RKDFHIDOWDVHËDODUDOJRGRV
YHFHV
,WoVDULSRII 'RQoWKROG\RXUEUHDWK 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
(VXQDXWÃQWLFRURER 1RVHU»QDGDGHORWURPXQGR IUDVHVHQLQJOÃV"
(VWRVVRQOLEURV
7KHGHYLOoVDGYRFDWH 7KDWoVDGRXEOHHGJHGVZRUG $TXHOORVQRVRQOLEURVVRQUHYLVWDV
(ODERJDGRGHOGLDEOR (VXQDUPDGHGREOHîOR 6RQHVWRVEROÇJUDIRV"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,oPJRLQJWRWHDFK\RXVRPHWKLQJ
&XDQGR YLQH D (VSDËD D ORV DËRV QR KDEODED HVSDËRO PX\ 3XHV HQ LQJOÃV WH UHFRPLHQGR OR PLVPR DSUÃQGHWH ELHQ p,oP
ELHQ6LQHPEDUJRHQGRVGÇDV\DHUDFDSD]GHKDEODUVREUHDFFLR JRLQJWRq\OXHJRDËDGHWRGRVORVYHUERVTXHSXHGDV
QHVGHIXWXURVLQJUDQGHVSUREOHPDV&ÍPRORFRQVHJXÇ"
,oPJRLQJWRJR,oPJRLQJWRHDW,oPJRLQJWRFRPH,oPJRLQJWRFDOO
$SUHQGÇODH[SUHVLÍQpYR\Dq\OXHJRPHKLFHFRQWRGRVORVLQîQL
WLYRVTXHSRGÇDLUFRPHUYHQLUOODPDUHWF/XHJRORVMXQWDED\ 'HVSXÃVFDPELDp,oPqDp\RXoUHqpKHoVqpVKHoVqpLWoVqpZHoUHq
\DHVW»KDEODEDïXLGDPHQWHXWLOL]DQGRHOWLHPSRGHOIXWXUR pWKH\oUHq\\DHVW»+DEU»VDSUHQGLGRSHUIHFWDPHQWHDKDEODU
VREUHDFFLRQHVGHIXWXUR
9R\DLU9R\DFRPHU9R\DYHQLU9R\DOODPDU(WF
(VWLPDGR6U3DVWRU 'HDU0U3DVWRU
*UDFLDVSRUVXFDUWDGHOGHQRYLHPEUH\SRUHOLQWHUHVDQWHLQIRU 7KDQN\RXIRU\RXUOHWWHURI1RYHPEHUDQGIRUWKHLQWHUHVWLQJ
PHVREUHHOVHFWRUGHODFHURHQ&RUHDGHO6XU\-DSÍQ&RQUHVSHFWR UHSRUWRQWKHVWHHOLQGXVWU\LQ6RXWK.RUHDDQG-DSDQ&RQFHUQLQJ
DODSUHJXQWDTXHQRVKDFHHQVXFDUWDQXHVWUDLQWHQFLÍQHQHVWRV WKHTXHVWLRQWKDW\RXDVNXVLQ\RXUOHWWHURXULQWHQWLRQDWWKLV
PRPHQWRVHVFRQWLQXDUFRQODLGHDGHFHUUDUQXHVWUDVI»EULFDVGH SRLQW LV WR FRQWLQXH ZLWK WKH LGHD RI FORVLQJ RXU IDFWRULHV LQ
3LWWVEXUJK\$NURQ\FRPHQ]DUODFRQVWUXFFLÍQGHGRVQXHYDVI» 3LWWVEXUJKDQG$NURQDQGVWDUWLQJWKHFRQVWUXFWLRQRIWZRQHZ
EULFDVHQ0LFKLJDQEDVDGDVHQODQXHYDWHFQRORJÇD%ODQFKDUG IDFWRULHVLQ0LFKLJDQEDVHGRQWKHQHZ%ODQFKDUGWHFKQRORJ\
<DKHPRVOOHJDGRDXQDFXHUGRFRQHO6LQGLFDWRGHORV7UDEDMD :HKDYHDOUHDG\UHDFKHGDQDJUHHPHQWZLWKWKH6WHHOZRUNHUV·
GRUHV GHO $FHUR VREUH HO SODQ GH LQGHPQL]DFLÍQ SDUD ORV 8QLRQRQDVHYHUDQFHSD\SODQIRU WKHZRUNHUV WKDWZH
WUDEDMDGRUHVTXHQRVYHUHPRVREOLJDGRVDGHVSHGLU(QFXDQWRD ZLOO EH IRUFHG WR OD\ RII $V IRU WKH QHZ IDFWRULHV LQ 0LFKLJDQ
ODVQXHYDVI»EULFDVGH0LFKLJDQVÍORYDPRVDUHTXHULUXQDV ZHDUHRQO\JRLQJWRQHHGVRPHSHRSOHEHWZHHQGLUHFWDQG
SHUVRQDVHQWUHWUDEDMDGRUHVGLUHFWRVHLQGLUHFWRV LQGLUHFWZRUNHUV
$WHQWDPHQWH 6LQFHUHO\
$UH\RXP\QHZWHDFKHUPLSURIHQXHYD" (VWLPDGRDPLJR\DOXPQR5DÔOHVXQFDVREDVWDQWHWÇSLFRHQWUHGLUHFWLYRVWÃFQL
0\QDPHLV5D~O\PLLQJOpVHVGHFXHYD
,WDONOLNHDFDYHPDQGHVWUR]DQGRJUDPiWLFD FRV\HPSOHDGRVHVSDËROHV'LJDPRVTXHUHSUHVHQWDXQGHORVFDVRV6XIDOWD
,WU\YHU\KDUGDXQTXHGHIRUPDHUUiWLFD GHLQJOÃVOHPROHVWD\HVFRQGHVXHQIDGRGHWU»VGHXQDDFWLWXGJUDFLRVD\SRFR
,KRSH\RXDUHSDWLHQWTXHQRVR\PX\FOpYHU VHULD/RWULVWHGHHVWRVFDVRVHVTXHVHWUDWDFDVLVLHPSUHGHXQDSHUVRQDSRWHQ
<VLFRQWLJRDSUHQGR,ZLOOORYH\RXIRUHYHU FLDOPHQWHEULOODQWH/DJUDFLDTXHH[KLEHUHYHODXQDPHQWH»JLOWDQ»JLOTXHSLHQVD
<RXVHHPLUODQGHVDDQG\RXUVPLOHPHHQFDQWD TXHSXHGHUHVROYHUODVFRVDVFRQPXFKRLQJHQLR\SRFRWUDEDMR(VWRHVSRVLEOH
$UH\RXDJRRGWHDFKHU"7LHQHVFDUDGHVDQWD SDUDDOJXQRVUHWRVSHURSDUDHOLQJOÃVQRIXQFLRQD1XHVWURDPLJR5DÔOWHQGU»TXH
0\(QJOLVKLVEDG\PHWDFKDQGHYDJR FDPELDUVLTXLHUHDSUHQGHULQJOÃVGHYHUGDG7HQGU»TXHGDUXQJLURGHJUDGRV
7KH\FDOOPHPX\EHVWLD¢VHUiXQKDODJR" SXHVWRTXHHOLQJHQLR\ODDJXGH]DVÍORD\XGDQHQXQ/DLQWHOLJHQFLDD\XGDHQ
6HUpPHVXSRQJRXQSRFRFRPRHOEXKR
DORPHMRUQRDSUHQGRSHURPHÀMRPXFKR RWUR(OUHVWDQWHVHUHGXFHDXQDVRODFXHVWLÍQHVIXHU]RSHUVRQDO
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
6LPDËDQDYLHQHVWHOR ,I\RXFRPHWRPRUURZ,oOOVKRZ
/OHYRWUHVDËRVLQWHQWDQGR ,oYHEHHQWU\LQJWRORFDWHKLP
HQVHËDUÃ LWWR\RX ORFDOL]DUOH IRUWKUHH\HDUV
1RWHORHQVHËDUÃVLQRYLHQHV ,ZRQoWVKRZLWWR\RXLI\RX /OHYRGRFHDËRVHVWXGLDQGR ,oYHEHHQVWXG\LQJ(QJOLVKIRU
GRQoWFRPH LQJOÃV WZHOYH\HDUV
1RORKDUÃDQRVHUTXHYHQJDV,ZRQoWGRLWXQOHVV\RXFRPH /OHYRWUHVPHVHVWUDEDMDQGR ,oYHEHHQZRUNLQJRQWKLV
1RORKDUÃKDVWDTXHQRYHQJDV,ZRQoWGRLWXQWLO\RXFRPH HQHVWHSUR\HFWR SURMHFWIRUWKUHHPRQWKV
/RKDUÃHQFXDQWRYHQJDV ,oOOGRLWDVVRRQDV\RXFRPH /OHYRWUHLQWDPLQXWRV ,oYHEHHQFRQFHQWUDWLQJRQWKLV
FHQWU»QGRPHHQHVWHDUWÇFXOR DUWLFOHIRUWKLUW\PLQXWHV
/OHYRWUHVKRUDVHVFULELHQGR ,oYHEHHQZULWLQJRXWFKHTXHV
FKHTXHV IRUWKUHHKRXUV
6NLVXLW7UDMHGHHVTXÇ
*ORYH*XDQWH
6NLSROH%DVWÍQ
6NLERRW%RWDGHHVTXÇ
6NL(VTXÇ
9RFDEXODULR6NLLQJ(VTXÇ
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
&RPPRQVD\LQJV $VfDV
$XQTXHHPSOH»LVGRVSDODEUDVGLVWLQWDVHQ
+HoVDGRZQWRHDUWKSHUVRQ +HGULQNVOLNHDîVK HVSDËROQRVRWURVXWLOL]DPRVODPLVPDGRV
(VXQDSHUVRQDVHQFLOOD\SU»FWLFD %HEHFRPRXQFRVDFR YHFHV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,oPPRYLQJEDFNWR7H[DVQH[W\HDU
)ÇMDWHHQHVWDVIUDVHVHQFDVWHOODQR :KHQDUH\RXJRLQJWRWKHFOLQLF"
,oPJRLQJWR%DUFHORQDWRPRUURZ
4XÃKDFHVPDËDQDSRUODPDËDQD" 7KH\oUHEULQJLQJWKHUHVXOWVWRPRUURZ
&X»QGRYDVDODFOÇQLFD" ,oPWDNLQJP\ZLIHWRWKHGRFWRUWRPRUURZ
9R\PDËDQDD%DUFHORQD
0DËDQDQRVWUDHQORVUHVXOWDGRV (VWDIRUPDWDQFRUULHQWHGHH[SUHVDUDFFLRQHVIXWXUDVVRODPHQWH
/OHYRDPLPXMHUDOPÃGLFRPDËDQD SXHGHXVDUVHSDUDXQQÔPHUROLPLWDGRGHYHUERV
&RPRYHVDGHP»VGHOIXWXURFRQpZLOOq\HOIXWXURFRQpJRLQJWRq
(QWRGDVHVWDVIUDVHVHQFDVWHOODQRKHPRVXWLOL]DGRHOSUHVHQWHSDUD KD\YHFHVHQODVTXHHPSOHDPRVHOSUHVHQWHFRQWLQXRSDUDDFFLRQHV
H[SUHVDUDFFLRQHVTXHYDQDWHQHUOXJDUHQHOIXWXUR GHIXWXUR\DîUPHPHQWHSURJUDPDGDV3HURHQHODQ»OLVLVîQDOQRGH
(QLQJOÃVPXFKDVYHFHVKDFHPRVORPLVPRSHURVROHPRVXVDUHO EHVSUHRFXSDUWHSRUORVSHTXHËRVPDWLFHVTXHGLIHUHQFLDQDODVWUHV
SUHVHQWHFRQWLQXR7HSRQJRORVPLVPRVHMHPSORV IRUPDVGHIRUPXODUHOWLHPSRIXWXUR4XL]»ORPHMRUVHDXVDUVLHPSUH
pJRLQJWRLQîQLWLYRqVDOYRFXDQGRTXLHUDVH[SUHVDUXQDFRQGLFLÍQ
:KDWDUH\RXGRLQJWRPRUURZPRUQLQJ" HQFX\RFDVRFRQYLHQHXVDUpZLOOq,ZLOOJRLI\RXSD\PH
(VWLPDGD6XVDQ 'HDU6XVDQ
4XLHURDFXVDUUHFLERGHODPDTXHWDGHODSRUWDGDSDUDQXHVWUD ,MXVWZDQWWRDFNQRZOHGJHUHFHLSWRIWKHPRFNXSFRYHUIRURXU
QXHYDVHULHGHOLEURV'HKHFKRVÇLQWHQWÃOODPDUWHD\HUSRUOD QHZ VHULHV RI ERRNV $FWXDOO\ , GLG WU\ WR SKRQH \RX \HVWHUGD\
WDUGHSDUDGDUWHPLVFRPHQWDULRV(VWR\UHDOPHQWHLPSUHVLRQDGR DIWHUQRRQLQRUGHUWRJLYH\RXP\IHHGEDFN,UHDOO\DPLPSUHVVHG
FRQHOPDWHULDOJU»îFR\PHSDUHFHTXHWÔ\WXHTXLSRKDEÃLVFRQ ZLWKWKHDUWZRUNDQGIHHOWKDW\RXDQG\RXUWHDPKDYHPDQDJHG
VHJXLGRWUDQVPLWLUHOHVSÇULWXGHHVWDQXHYDLQLFLDWLYDHGLWRULDO WRFRQYH\WKHVSLULWEHKLQGWKLVQHZSXEOLVKLQJYHQWXUH
6LQ HPEDUJR VÇ FUHR TXH QHFHVLWDPRV UHXQLUQRV XQD YH] P»V +RZHYHU,GRIHHOWKDWZHQHHGWRJHWWRJHWKHURQFHPRUHLQ
FRQHOîQGHGHEDWLUHOGLVHËRGHORVORPRVGHORVOLEURV9R\D RUGHUWRGLVFXVVWKHGHVLJQRIWKHERRNVSLQHV,DPJRLQJWREH
HVWDUGLVSRQLEOHWRGDODVHPDQDTXHYLHQHDVÇTXHVLQRWHLP IUHHDOOQH[WZHHNVRLI\RXGRQ·WPLQGJLYLQJPHDULQJZH
SRUWDGDUPHXQWRTXHSRGUHPRVîMDUXQDKRUDSDUDYHUQRV FDQDUUDQJHDWLPHWRPHHWXS
8QFRUGLDOVDOXGR %HVWUHJDUGV
/DGXUDOHFFLÍQGHODPLJR9LFHQWH (VWLPDGRDPLJR\DOXPQR/HSUHVHQWRWUHVHVWURIDVGHODVTXHFRPSRQHQHO
9LFHQWHHVWiWULVWHDVXVWDGR\WHQVR SRHPDVREUHPLDPLJR9LFHQWH+HFDPELDGRVXQRPEUHSHURVHWUDWDGHXQDSHU
6XDSORPRGHVLHPSUHYDHQFODURGHVFHQVR VRQDUHDO/RTXHOHSDVÍORTXHXVWHGYDDYHUQDUUDGRKR\\HQVXFHVLYRVGÇDVHV
6XFRVWXPEUHGHPDQGDUHQVXVIXHURVLQWHUQRV XQDKLVWRULDYHUÇGLFD9LFHQWHHVXQDSHUVRQDGHJUDQÃ[LWRHQODYLGDHFRQÍPLFD
VHKDKHFKRDxLFRVHQHVWRVODUHVH[WHUQRV GH(VSDËDSHURHQXQPRPHQWRGHWHUPLQDGRGHVXWUD\HFWRULDSURIHVLRQDOVHYLR
(OPRWLYRGHVXPDOGHVXDQJXVWLDYLWDO WUHPHQGDPHQWHDIHFWDGRSRUODIDOWDGHOLQJOÃV6XFDVRGHEHVHUOHÇGRSRUWRGRV
HVDOJRGHLPSRUWDQFLDSDUDpOFDSLWDO ORVHVWXGLDQWHVGH,QJHQLHUÇD(FRQÍPLFDV'HUHFKR(PSUHVDULDOHV\RWUDVFDUUHUDV
5HSUHVHQWDUD(VSDxDHQXQHQFXHQWURWDQFODYH
\QRFD]DURQGDHVGHYHUGDGPX\JUDYH SXHVWRTXHODPD\RUÇDGHHVWRVMÍYHQHVTXHYDQDGLULJLUORVGHVLJQLRVGHHVWHSDÇV
HQHOIXWXURWLHQHXQQLYHOGHLQJOÃVSDUHFLGRDOGHQXHVWURDPLJR9LFHQWH6LQRVH
9LFHQWHGLULJHODDVRFLDFLyQQDFLRQDO FRQFLHQFLDQDKRUDPLVPRGHODLPSRUWDQFLDGHTXLWDUGHHQPHGLRHOSHVDGRODVWUH
TXHYHODSRUTXHWRGRVHDFODUR\UDFLRQDO
(QODVP~OWLSOHVÀUPDVTXHFRPSRQHQHOVHFWRU GHOLQJOÃVORYDQDDUUDVWUDUHOUHVWRGHVXYLGD6LWLHQHDËRVRPHQRVRWLHQH
UDFLRQDOL]DQGRDODYH]HODSDUDWRSURGXFWRU KLMRVRQLHWRVHQHVWDHGDGDVHJÔUHVHGHDWDMDUHVWHSUREOHPDDKRUDPLVPR\QR
FHMHHQVXHPSHËRKDVWDHOLPLQDUORGHOWRGR
7REHFRQWLQXHGLQWKHQH[WLQVHUWf 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
6WDOOV3DWLRGHEXWDFDV
&LUFOH3ODWHD
$LVOH3DVLOOR
6HDW%XWDFD
5RZ)LOD
9RFDEXODULR7KHDWUH7HDWUR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV ([SUHVLÍQGHODVHPDQD
1RYDOHFRQWUDGXFLUHVWDVIUDVHVGHIRUPD
7RJR'XWFK 7RGRORTXHVXEHEDMD OLWHUDO\DTXHH[SUHVDGDVHQSUHVHQWHVLPSOH
3DJDUDODDPHULFDQD :KDWJRHVXSPXVWFRPHGRZQ VLQXVRGHXQDX[LOLDUVXHQDQUDUDV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
LFDQJR,F»QWJR HVWDVIUDVHV
6LQRHQWLHQGHVHOWÇWXORGHHVWDVHFFLÍQIÇMDWHSRUTXHHVWR\GL VLEOHVPDOHQWHQGLGRV6LRSWDVSRUXVDUODFRQWUDFFLÍQHQWRQFHV
FLHQGRORVLJXLHQWH SRQDWHQFLÍQDHVWDVGRVH[SOLFDFLRQHV
,FDQJR,FDQoWJR &XDQGRDîUPDPRVGLFLHQGRSRUHMHPSORp,FDQJRqVROHPRV
VLQGDUQRVFXHQWDDVHQWLUFRQODFDEH]D,QYHUVDPHQWHFXDQGR
5HDOPHQWHHOXVRGHpFDQqHVEDVWDQWHI»FLO(OSUREOHPDYLHQHVL QHJDPRVGLFLHQGRSRUHMHPSORp,FDQoWJRqVROHPRVVLQGDU
TXLHUHVGLIHUHQFLDUHQWUHHODîUPDWLYR\HOQHJDWLYR\DTXHpFDQq\ QRVFXHQWDQHJDUFRQODFDEH]D7XSURIHVRUVHJXUDPHQWHQRVH
ODFRQWUDFFLÍQpFDQoWqVXHQDQPX\SDUHFLGRV'HKHFKRVXHQDQWDQ KDEU»GDGRFXHQWDGHHVWHKHFKRSHURFDVLVLHPSUHVHUHSLWH(V
SDUHFLGRVTXHLQFOXVRORVQDWLYRVDYHFHVWHQHPRVTXHFRQîUPDUVL FXULRVR
HOLQWHUORFXWRUWDPELÃQQDWLYRHVW»DîUPDQGRRQHJDQGR
0»V LPSRUWDQWH FXDQGR DîUPDPRV DFHQWXDPRV PXFKR HO
3RUHOOR\RPXFKDVYHFHVUHFRPLHQGRDPLVDOXPQRVTXHQRXVHQ VXMHWRp,FDQJRq&XDQGRQHJDPRVDFHQWXDPRVPXFKRHO
ODFRQWUDFFLÍQpFDQoWqTXHGLJDQpFDQQRWqFRQHOîQGHHYLWDUSR YHUERpFDQoWqp,FDQoWJRq
(VWLPDGD0DUÇD 'HDU0DULD
$QWHVTXHQDGDTXLHURGDUWHODVJUDFLDVSRUODD\XGDTXHQRV )LUVWRIDOO,ZDQWWRWKDQN\RXIRUWKHKHOS\RXJDYHXVLQ-XO\,I
SUHVWDVWHHQMXOLR6LQRKXELHUDVLGRSRUWXFRQYHUVDFLÍQFRQ9L LWKDGQ·WEHHQIRU\RXUFRQYHUVDWLRQZLWK9LFHQWH%DOGRPLQRV
FHQWH%DOGRPLQRVHVWR\VHJXURGHTXHQRKDEUÇDPRVFRQVHJXL ,·PVXUHZHZRXOGQ·WKDYHJRWWHQWKHFRQWUDFW1RZZHDUH
GRHOFRQWUDWR$KRUDHVWDPRVWUDEDMDQGRFRQ%DOGRPLQRVFDVL ZRUNLQJZLWK%DOGRPLQRVDOPRVWHYHU\GD\DQGLWLVFOHDUWKDW
WRGRVORVGÇDV\HVW»FODURTXHWLHQHXQFRQFHSWRPX\DOWRGHWL KHKDVDYHU\KLJKUHJDUGIRU\RX
(QFXDQWRDORVIROOHWRVWHQGU»VTXHHVSHUDUXQRVGÇDVP»V6L $VIRUWKHEURFKXUHV\RXZLOOKDYHWRZDLWDIHZPRUHGD\V,I
QRUHFXHUGRPDOORVQHFHVLWDEDVSDUDHOGÇDGHHVWHPHVOR ,UHPHPEHUULJKW\RXQHHGWKHPIRUWKHWKRIWKLVPRQWK
FXDOQRVGDWLHPSRGHVREUDSDUDWHQHUORWRGROLVWR ZKLFKJLYHVXVSOHQW\RIWLPHWRKDYHHYHU\WKLQJUHDG\
'DOHUHFXHUGRVPÇRVD$OIUHGR+DFHP»VGHXQDËRTXHQROH *LYHP\UHJDUGVWR$OIUHG,W·VEHHQPRUHWKDQD\HDUVLQFH,ODVW
YHR9DDSHQVDUTXHPHKHROYLGDGRGHÃO VDZKLP+H·VJRLQJWRWKLQN,·YHIRUJRWWHQDERXWKLP
8QVDOXGR %HVWUHJDUGV
/DGXUDOHFFLÍQGHODPLJR9LFHQWH (VWLPDGRDPLJR\DOXPQR$TXÇWHQHPRVDQXHVWURDPLJR9LFHQWHHQVXYHUWLHQ
(VH[SHUWRHQORVX\R\FRQFHGHHQWUHYLVWDV WHGHKRPEUHLPSRUWDQWHHQ(VSDËD\HQVXQXHYDVLWXDFLÍQGHYXOQHUDELOLGDG
DSROtWLFRV\SHULRGLVWDVSRSXODUHV\SURJUHVLVWDV IXHUDGHOSDÇV(VXQKRPEUHDFRVWXPEUDGRDOÃ[LWRDPDQGDU\DVHUHVFXFKDGR
6XVHFWRUHVWDQFODYH\VXYR]WDQEXVFDGD $XQTXHHVXQDSHUVRQDGHîUPHîEUDPRUDODGPLWHTXHQROHGLVJXVWDVHQWLUVH
TXHQXQFDKDVWDDKRUDVHKDSDUDGRDQWHQDGD LPSRUWDQWHHLQïX\HQWH3HURDKRUDWRGRHVWRKDFDPELDGRSRUTXHSRUSULPHUD
YH]GHEHVDOLUDOH[WUDQMHURFRPRÔQLFRUHSUHVHQWDQWHHVSDËROMXQWRDUHSUHVHQ
3HURDKRUDVXDVSHFWRGHHVWDPSDLPSRUWDQWH
VHHQFXHQWUDDFKLFDGRQHUYLRVRYDFLODQWH WDQWHVP»VGHRWURVSDÇVHVGHOD8QLÍQ(XURSHD6HGDFXHQWDGHTXHVDEHWDQWR
0DxDQDOHWRFDRWURGtDUHSOHWR RP»VTXHVXVKRPÍORJRVVREUHORVSXQWRVDWUDWDUHQODUHXQLÍQGHGRVMRUQDGDV
GHUHXQLRQHVHQLQJOpVFRQHOIRURFRPSOHWR DODTXHGHEHDVLVWLUSHURVHVLHQWHWRWDOPHQWHLQÔWLOSRUTXHDSHQDVHQWLHQGHODV
FRUULHQWHVGHGLVFXVLÍQTXHVHFUX]DQGHIRUPDGLQ»PLFDGHXQODGRDRWURGHOD
6RQVyORKRPEUHVKRPEUHVH[SHUWRV
JUDQPHVDGHFDREDGRQGHWLHQHOXJDUODUHXQLÍQ1RVDEHTXÃKDFHU\HVFRQV
TXHDOLJXDOTXH9LFHQWHQHFHVLWDQFRQFLHUWRV
&RQODFRPLVLyQGH%UXVHODVTXHSXEOLFDGLUHFWLYDV FLHQWHGHTXHQXQFDVHKDVHQWLGRWDQDSXUDGR\YLROHQWRFRPRKDVWDDKRUD6L
TXHDIHFWDQDOVHFWRU\DVXVEXHQDVSHUVSHFWLYDV OHSUHJXQWDQDOJRVREUH(VSDËDQRVDEU»SUREDEOHPHQWHGHTXÃDVXQWROHHVW»Q
KDEODQGR7LHQHXQJUDYHSUREOHPD
7REHFRQWLQXHGLQWKHQH[WLQVHUWf 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
%DFNGURS7HOÍQGHIRQGR
:LQJV%DVWLGRUHV
2UFKHVWUD3LW)RVR
9RFDEXODULR6WDJH(VFHQDULR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
(VSHURTXHQRHVWÃV ,KRSH\RXoUHQRWH[SHFWLQJ
7HQJRPXFKRHQODFDEH]D ,KDYHDORWRQP\PLQG
HVSHUDQGRYLVLWDV YLVLWRUV 9DPRVDGHMDUORSDUDRWURGÇD /HWoVFDOOLWDGD\
0HGLVJXVWDPXFKRTXH ,ZLVK\RXZRXOGQoWGRWKDW
6DOJRXQPRPHQWRSDUD ,oPSRSSLQJRXWWRJHWVRPH
KDJDVHVR FRPSUDUOHFKH PLON
(OSUREOHPDHVTXHÃOHVW» 7KHWURXEOHLVWKDWKHoVEURNH
1RROYLGHVDEURFKDUWHHO 'RQoWIRUJHWWRIDVWHQ\RXU
VLQXQGXUR FLQWXUÍQ VHDWEHOW
|4XÃSHVDGLOOD :KDWDQLJKWPDUH 6HPHHVW»QWDSRQDQGR 0\HDUVDUHSRSSLQJ
(VRORHVWURSHDUÇDWRGR 7KDWZRXOGUXLQHYHU\WKLQJ ORVRÇGRV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 7HUFHUFRQGLFLRQDO
5HFXHUGDTXHQXQFDQXQFDQXQFDGHFLPRV
7RîJKWDQXSKLOOEDWWOH )LUVWFRPHîUVWVHUYHG pZRXOGKDYHqHQODPLVPDRUDFLÍQTXHOD
/XFKDUHQFLUFXQVWDQFLDVDGYHUVDV 'LVSRQLELOLGDGVHJÔQRUGHQGHOOHJDGD SDODEUDpLIqHQXQFRQGLFLRQDO6LHPSUHYDHQ
ODRWUDRUDFLÍQ
(YHU\WKLQJLVîQHDQGGDQG\ ,WVHUYHVKLPULJKW
7RGRHVW»UHTXHWHELHQ |/HHVW»ELHQHPSOHDGR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
)LUHDZD\ 7KHUHoVVRPHWKLQJîVK\KHUH 6LPHKXELHVHDFRUGDGRWHKDEUÇDOODPDGR
$GHODQWH3UHJÔQWHPHORTXHTXLHUD $TXÇKD\JDWRHQFHUUDGR (OODKDEUÇDHVWDGRGHDFXHUGRVLKXELHUDV
LQVLVWLGR
6LKXELHUDVLGRLPSRUWDQWHPHORKDEUÇDV
GLFKR"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,QHYHUPDNHPLVWDNHV'R\RXHYHUPDNHPLVWDNHV"
/DGXUDOHFFLÍQGHODPLJR9LFHQWH
(VWLPDGR DPLJR \ DOXPQR 1XHVWUR DPLJR 9LFHQWH OR HVW» SDVDQGR PX\ PDO
3HURWRGRVORVLQFOXLGRHOLWDOLDQR &RPR UHFLÃQ QRPEUDGR SUHVLGHQWH GH XQD LPSRUWDQWH DVRFLDFLÍQ QDFLRQDO TXH
VHH[SUHVDQHQLQJOpVFRPRVLIXHUDFULVWLDQR
YHODSRUODEXHQDPDUFKDGHXQVHFWRUHQWHURGHODHFRQRPÇDHVSDËRODÃVWDHV
<9LFHQWHVHYHREOLJDGRDDJXDQWDU
GRFHKRUDVDOGtDDSXQWRGHUHYHQWDU ODSULPHUDYH]TXHDVLVWHDODUHXQLÍQDQXDOGHWRGRVORVGHP»VSUHVLGHQWHVGH
ODVDVRFLDFLRQHVDîQHVGHORVSULQFLSDOHVSDÇVHVGHOD8QLÍQ(XURSHD&RPRFDGD
*RWLWDVGHVXGRUVHOHIRUPDQHQODIUHQWH DËRORV9LFHQWHLQFOXLGRFRPHQWDQODVLWXDFLÍQGHOVHFWRUHQVXVUHVSHFWLYRV
HVFXFKDQGRDVXFROHJDVFRQFDOPDDSDUHQWH
SDÇVHV\GHEDWHQODUHGDFFLÍQGHXQGRFXPHQWRSDUDHOHYDUDODFRPLVLÍQFRUUHV
6XSRFRLQJOpVOHDQXODSRUFRPSOHWR
FRPRVLIXHUDXQIHQyPHQRGHORPiVREVROHWR SRQGLHQWHHQ%UXVHODVTXHSXEOLFDGLUHFWLYDVTXHDIHFWDQDOVHFWRU/RVGRVGÇDVGH
UHXQLÍQVLUYHQSDUDHVWDEOHFHUHQWUHWRGRVXQIUHQWHFRPÔQDQWHODFRPLVLÍQHQ
´1XQFDPiVµSLHQVDpO´PHQLHJRDDFHSWDU FXHVWLÍQ2EYLDPHQWHHVLPSUHVFLQGLEOHHQWHQGHUSHUIHFWDPHQWHHOLQJOÃV\VDEHU
HVWDYHUJHQ]DWDQIXHUWHHVWHGHVWLQRWDQYXOJDU
H[SUHVDUVHHQHVWHLGLRPDVLQGLîFXOWDGHV9LFHQWHHVXQDHPLQHQFLDHQVXFDPSR
0HQLHJRDVHQWLUPHWDQYLROHQWR\WRQWR
KDUpDOJRDOUHVSHFWR\ORKDUpPX\SURQWRµ +DFRQVDJUDGRVXYLGDDODDFWLYLGDGHFRQÍPLFDGHVXVHFWRU\QDGLHVDEHP»VTXH
ÃO3HURDKRUDWRGRHVWRQROHYDOHSDUDQDGD
7REHFRQWLQXHGLQWKHQH[WLQVHUWf 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
6WULQJV&XHUGDV
)UHW7UDVWH
9RFDEXODULR*XLWDU*XLWDUUD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
7LHQHTXHKDEHUXQDOLQWHUQD 7KHUHKDVWREHDWRUFKKHUH
+XELHVHMXUDGRTXHOHFRQRFÇD,FRXOGKDYHVZRUQ,NQHZKLP
SRUDTXÇHQDOJÔQVLWLR VRPHZKHUH 3RUTXÃWLHQHVORVRMRVWDQ :K\DUH\RXUH\HVVRVZROOHQ"
1RPHGLJDVTXHROYLGDVWH 'RQoWWHOOPH\RXIRUJRWWREX\ KLQFKDGRV"
FRPSUDUSLODV EDWWHULHV 0ÃWHWHODFDPLVDSDUHFHV 7XFNLQ\RXVKLUW\RXORRNOLNH
/DVTXHPHYHQGLHURQVRQ 7KHRQHVWKH\VROGPHDUHWKH
XQYDJDEXQGR DWUDPS
GHXQWDPDËRHTXLYRFDGR ZURQJVL]H 'LOHTXHWDPELÃQVHFHSLOOH 7HOOKLPWREUXVKKLVKDLUWRR
9XHOYHDODWLHQGD\SLGHTXH *REDFNWRWKHVKRSDQGDVN
HOSHOR
WHGHYXHOYDQHOGLQHUR IRU\RXUPRQH\EDFN &ÍPRFRQVLJXHVTXHWXSHOR +RZGR\RXDOZD\VJHW\RXU
<DKHWLUDGRHOWLFNHW ,oYHDOUHDG\WKURZQDZD\WKH HVWÃVLHPSUHWDQHQUHGDGR" KDLUVRWDQJOHG"
UHFHLSW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 9RFDEXODULR
7REHZRUWK 9DOHU
6HWUDWDGHXQDH[SUHVLÍQHQSULQFLSLRH[WUDËDSXHVWRTXHUHTXLH GRFRQODUHVSXHVWDDODVHJXQGDSUHJXQWDSHURVLODVHFUHWDULD
UHHOXVRGHOYHUERpWREHqORFXDOKDFHTXHVXWUDGXFFLÍQOLWHUDO SHVDSRUHMHPSORNLORVHQWRQFHVHOHTXLYDOHQWHHQRURYDOGUÇD
VXHQHDEVXUGDVHUYDOHGHUR"6LQHPEDUJRORXVDPRVDGLDULR ZRXOGEHZRUWKHXURV(OSUHFLRGHONLORGHRURDGÇDGH
&RQWHVWDDODVVLJXLHQWHVSUHJXQWDV KR\HVGHHXURV,Q\RXURSLQLRQZKLFKLVZRUWKPRUHD
JRRGVHFUHWDU\RUNLORVRIJROG"
2QHKXQGUHGSRXQGVLVZRUWK 7UXH
PRUHWKDQRQHKXQGUHGGROODUV )DOVH 1RGHEHPRVFRQIXQGLUODH[SUHVLÍQpWREHZRUWKqFRQHOFRVWH
$JRRGVHFUHWDU\LVZRUWKKHUZHLJKWLQJROG 7UXH GHDOJR
)DOVH ,GRQoWNQRZKRZPXFKP\ZHGGLQJULQJFRVW0\ZLIHERXJKW
3RVVHVVLQJDWRWDOPDVWHU\RI(QJOLVKLVZRUWK 7UXH LWIRUPHEHIRUHWKHFHUHPRQ\,WoVDQLFHULQJ0D\EHLWFRVW
WKHHTXLYDOHQWRIWZRDQQXDOVDODULHV )DOVH HXURV,I,PHOWHGLWGRZQDQGVROGWKHJROGLWZRXOGSUREDEO\EH
ZRUWKQRPRUHWKDQHXURVRUPD\EHHYHQOHVV6HQWLPHQWDOO\
/DVUHVSXHVWDVVRQ7UXH)DOVH7UXH3XHGHTXHQRHVWÃVGHDFXHU KRZHYHULWoVZRUWKPLOOLRQV
(VWLPDGR6U7UDLQRU 'HDU0U7UDLQRU
/HDGMXQWRXQOLEURFRQFDUWDVFRPHUFLDOHVHQHVSDËRO+DQVLGR ,KDYHHQFORVHGDERRNZLWKEXVLQHVVOHWWHUVLQ6SDQLVK7KH\KDYH
FUHDGDVSDUDTXHVXVDOXPQRVODVWUDGX]FDQ\DSUHQGDQODVIRUPDV EHHQFUHDWHGIRU\RXUVWXGHQWVWRWUDQVODWHLQWR(QJOLVKDQGWROHDUQ
P»VFRPXQHVTXHDSDUHFHQHQODVFDUWDVFRPHUFLDOHVHQLQJOÃV WKHPRVWFRPPRQIRUPVDSSHDULQJLQEXVLQHVVOHWWHUVLQ(QJOLVK
&XDQGRODVUHSDVHQRWDU»TXHHOHVWLORGHDOJXQDVGHODVFDUWDVHQ :KHQ\RXJRRYHUWKHP\RXZLOOQRWLFHWKDWWKHVW\OHRIVRPHRIWKH
HVSDËROQRHVGHOWRGRQDWLYR(OPRWLYRHVSRUTXHTXHUHPRVHVFUL OHWWHUVLQ6SDQLVKLVQRWHQWLUHO\QDWLYH7KHUHDVRQLVWKDWZHZDQWWR
ELUGHQWURGHXQHVWLORTXHD\XGHDODOXPQRDIDPLOLDUL]DUVHFRQHO ZULWHZLWKLQDVW\OHWKDWZLOOKHOSVWXGHQWVWREHFRPHIDPLOLDUZLWK
HVWLORTXHGHEHXVDUDOUHGDFWDUHQLQJOÃV(QRWUDVSDODEUDVSRGU»Q WKHVW\OHWKDWWKH\PXVWXVHZKHQZULWLQJLQ(QJOLVK,QRWKHUZRUGV
YHUHOLQJOÃVDWUDYÃVGHOHVSDËRO WKH\ZLOOEHDEOHWRVHHWKH(QJOLVKWKURXJKWKH6SDQLVK
/OHYDPRVFLQFRDËRVXVDQGRHVWHPÃWRGRGHUHGDFFLÍQFRQJUDQ )RUWKHSDVWÀYH\HDUVZHKDYHEHHQXVLQJWKLVZULWLQJPHWKRGZLWK
Ã[LWR(VHOÔQLFRPÃWRGRTXHKHPRVHQFRQWUDGRFDSD]GHPHMRUDU JUHDWVXFFHVV,WLVWKHRQO\PHWKRGWKDWZHKDYHIRXQGFDSDEOHRI
ODHVFULWXUDGHQXHVWURVDOXPQRVHQXQSOD]RUD]RQDEOHGHWLHPSR LPSURYLQJRXUVWXGHQWV·ZULWLQJVNLOOVLQDUHDVRQDEOHSHULRGRIWLPH
$WHQWDPHQWH 6LQFHUHO\
/DGXUDOHFFLÍQGHODPLJR9LFHQWH (VWLPDGRDPLJR\DOXPQR1XHVWURDPLJR9LFHQWHKDWRPDGRXQDGHFLVLÍQ$SDUWLU
´0HQLHJRDYROYHUDDJXDQWDUKRUDV
GHSDVDGRPDËDQDGHUHJUHVRD(VSDËDYDDLQYHUWLUORQHFHVDULRHQGLQHURWLHPSR\
GHGLVFXVLyQHQLQJOpVSRUTXHDSDUWLUGHDKRUD HVIXHU]RSDUDTXLWDUVHGHHQPHGLRHOSHVDGRODVWUHGHOLQJOÃV'LFHWH[WXDOPHQWHp'H
DSUHQGHUpHOLGLRPDRPRULUpHQHOHPSHxR PLSURSLRGHVWLQRQRUHQXQFLRDVHUGXHËRq(VXVWHGGXHËRGHVXSURSLRGHVWLQR"1R
'HPLSURSLRGHVWLQRQRUHQXQFLRDVHUGXHxRµ HVI»FLOVHUOR\VHJXUDPHQWHHVLPSRVLEOHOOHJDUDVHUORDO1RREVWDQWHODJHQWH
´-DPiVHQPLYLGDORKHSDVDGRWDQPDO TXHWULXQIDHQODYLGDWLHQHODFDSDFLGDGVXîFLHQWHFRPRSDUDGRPLQDUORVKHFKRV\
HVSRUWDQWRPLGHFLVLyQ\HVXQLODWHUDO ORVDFRQWHFLPLHQWRVDVXDQWRMR6DEHFRQYHUWLUODVRSRUWXQLGDGHVHQORJURVSHUVRQD
4XHDSUHQGHUpHOLQJOpVDXQTXHPHFXHVWHXQGLQHUDO OHV(VWHWLSRGHSHUVRQDVKDHQWHQGLGRGHVGHMRYHQODLPSRUWDQFLDGHOLQJOÃV\DFWÔD
\VLQRORFRQVLJRVLJQLÀFDUiPLIXQHUDOµ DYHFHVLPSODFDEOHPHQWHSDUDUHVROYHUHOSUREOHPD3RUHVRQRPHFDQVRGHUHSHWLU
´(VLQDGPLVLEOHTXHXQDSHUVRQDGHPLWDODQWH TXHODJHQWHTXHP»VPHKDLPSUHVLRQDGRFRQVXLQJOÃVHQ(VSDËDORKDFRQVHJXLGR
QRVHSDLQJOpVKDVWDHVKXPLOODQWH SRUVXFXHQWDVLQPLD\XGD9LFHQWHHVXQDSHUVRQDEULOODQWHSHURHVXQDH[FHSFLÍQ
0DxDQDPHWRFDXQGtDWHUULEOH &XDQGRHUDMRYHQQRDSOLFÍVXIXHU]DGHYROXQWDGHQHVWHDVSHFWRDVXIRUPDFLÍQ\
SHURSDVDGRPDxDQDVHUpLQGHVWUXFWLEOHµ SUHSDUDFLÍQ3HURDSHVDUGHVXHGDGYDDSRQHUUHPHGLR\FRPRVXHOHQGHFLUDTXÇ
7REHFRQWLQXHGLQWKHQH[WLQVHUW QXQFDHVWDUGHVLODGLFKDHVEXHQD 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
(QHVWDFDVDWUHVQLËRVHVW»Q ,QWKLVKRXVHWKUHHFKLOGUHQDUH
6RQODVGRV\FXDUWR ,WoVTXDUWHUSDVWWZR
FRQWHQWRV KDSS\ 6RQODVWUHV\YHLQWH ,WoVWZHQW\SDVWWKUHH
(QDTXHOODFDVDGRVQLËRV ,QWKDWKRXVHWZRFKLOGUHQDUH
6RQODVRFKRPHQRVFXDUWR ,WoVTXDUWHUWRHLJKW
HVW»QFRQWHQWRVWDPELÃQ KDSS\WRR 6RQODVFXDWUR\FLQFR ,WoVïYHSDVWIRXU
3HURHQHVWDFDVDXQQLËR %XWLQWKLVKRXVHRQHFKLOGLV
6RQODVQXHYHHQSXQWR ,WoVQLQHRoFORFNRQWKHGRW
HVW»WULVWH VDG
(QHVWDHPSUHVDGRV ,QWKLVFRPSDQ\WZRSHRSOH
SHUVRQDVVRQDOHPDQDV DUH*HUPDQ
(QDTXHOODHPSUHVDXQD ,QWKDWFRPSDQ\RQHSHUVRQ
SHUVRQDHVLUODQGHVD LV,ULVK
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
(VW»VHVFXFKDQGR9DXJKDQ $UH\RXOLVWHQLQJWR9DXJKDQ
$TXÃKRUDOOHJDWXWUHQ" :KDWWLPHGRHV\RXUWUDLQ
5DGLRZZZYDXJKDQUDGLRFRP" 5DGLRZZZYDXJKDQUDGLRFRP" DUULYH"
(VWR\HVFXFKDQGRPL ,oPOLVWHQLQJWRP\IDYRXULWH
9DVDOOHJDUWDUGH" $UH\RXJRLQJWREHODWH"
SURJUDPDIDYRULWR SURJUDPPH /OHJDUÃDWLHPSR ,oOODUULYHRQWLPH
/RHVWR\HVFXFKDQGRHQHOFRFKH,oPOLVWHQLQJWRLWLQWKHFDU 6XHOROOHJDUDWLHPSR ,XVXDOO\DUULYHRQWLPH
/RHVFXFKRWRGRVORVGÇDV ,OLVWHQWRLWHYHU\GD\ /OHJDUÃDODVGRV\PHGLDVL ,oOODUULYHDWKDOISDVWWZRLI,oP
6ÍORORHVFXFKRHQHOFRFKH ,RQO\OLVWHQWRLWLQWKHFDU KD\VXHUWH OXFN\
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
)ORZHUV)ORUHV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
|7HQJRXQDVJDQDVGHYHUOH ,FDQoWZDLWWRVHHKLVIDFH
'HMDGHMXJDUFRQORVSDOLOORV 6WRSSOD\LQJZLWKWKHWRRWK
ODFDUD GHGLHQWHVTXLHUHV" SLFNVZLOO\RX"
6LKXELHUDVLGRFRQVWUXLGR ,ILWKDGEHHQEXLOWE\WKH
$UUDVÍDWRGRVHQHOGHEDWH +HZLSHGWKHðRRUZLWK
SRUORVURPDQRVHVWDUÇD 5RPDQVLWZRXOGEHLQDEHWWHU HYHU\RQHLQWKHGHEDWH
HQPHMRUHVWDGRKR\GÇD VWDWHWRGD\ (OSDUDEULVDVVHHVW» 7KHZLQGVFUHHQLVVWHDPLQJXS
|0HQRVPDOTXHWUDMLVWHXQ ,WoVMXVWDVZHOO\RXEURXJKWDQ
FXEULHQGRGHYDKR
SDUDJXDV XPEUHOOD 6HPHFD\ÍXQERWÍQ\SDUHFH 2QHRIP\EXWWRQVFDPHRII
|4XÃFXDGURP»VLQWHUHVDQWH :KDWDQLQWHUHVWLQJSLFWXUH
TXHWDPELÃQKHSHUGLGR DQG,VHHPWRKDYHORVWWKH
0HHQFDQWDHOPDUFR ,ORYHWKHIUDPH HOGHUHSXHVWR VSDUHRQH
0HORGHMÍHQKHUHQFLDPLWÇR 0\JUHDWXQFOHOHIWLWWRPHLQ /DFDPSDËDSUHQDYLGHËDHVOD 7KHUXQXSWR&KULVWPDVLVWKH
DEXHOR KLVZLOO ÃSRFDFRQP»VPRYLGDGHODËR EXVLHVWWLPHRI\HDU
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 3UHVHQWHFRQWLQXR
+HPRVUHGDFWDGRHVWDVIUDVHVSDUDTXHHO
)URPWKHZRUGJR 7KHUXOHVRIWKHJDPH HVSDËROVHFLËDORP»VSRVLEOHDOLQJOÃV
'HVGHHOPLVPRLQLFLR /DVUHJODVGHMXHJR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
)URPWKHERWWRPRIP\KHDUW *DPHSODQ IUDVHVHQLQJOÃV"
'HVGHHOIRQGRGHPLFRUD]ÍQ (VWUDWHJLD
(VW»VG»QGRPHXQOLEUR
+HoVIXOORIKRWDLU +HJHWVRQP\QHUYHV 1RHVW»QG»QGRQRVXQOLEUR
6ÍORGLFHWRQWHUÇDV 0HSRQHGHORVQHUYLRV £OHVW»G»QGROHXQOLEURDHOOD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
0DQ\s0XFKs$ORWRI
0XFKRV DOXPQRV LQFOXVR GH QLYHOHV DYDQ]DGRV PH SLGHQ TXH ,KDYHDORWRIWLPH7HQJRPXFKRWLHPSR
YXHOYDDH[SOLFDUOHVFXDQGRGHEHQXVDUXQDXRWUDH[SUHVLÍQ3DUD ,KDYHDORWRISUREOHPV7HQJRPXFKRVSUREOHPDV
PÇHVEDVWDQWHVHQFLOOR
,GRQoWKDYHDORWRIWLPH1RWHQJRPXFKRWLHPSR
08&+VLJQLîFDpPXFKRqSHURVÍORVHXVDHQHOQHJDWLYRRHO ,GRQoWKDYHDORWRISUREOHPV1RWHQJRPXFKRVSUREOHPDV
LQWHUURJDWLYRFXDQGRHOREMHWRGHODIUDVHHVVLQJXODURLQFRQ
WDEOH 'R\RXKDYHDORWRIWLPH"7LHQHVPXFKRWLHPSR"
'R\RXKDYHDORWRISUREOHPV"7LHQHVPXFKRVSUREOHPDV"
,GRQoWKDYHPXFKWLPH1RWHQJRPXFKRWLHPSR
'R\RXKDYHPXFKWLPH"7LHQHVPXFKRWLHPSR" $ODQDOL]DUORVWUHVSXQWRVDQWHULRUHVODFRQFOXVLÍQHVODVLJXLHQ
WHXVDVLHPSUHpDORWRIq
0$1<VLJQLîFDpPXFKRVq\QRUPDOPHQWHVHXVDHQHOQHJDWL
YRRHOLQWHUURJDWLYRFXDQGRHOREMHWRGHODIUDVHHVSOXUDO 7HUHFRPLHQGRTXHXVHVpDORWRIqVLHPSUH\DVÇHYLWDU»VFDHUHQ
7DPELÃQVHSXHGHXVDUpPDQ\qHQDîUPDWLYRSHURHVPHQRV XQHUURUp$ORWRIqVHSURQXQFLDP»VRPHQRVpDO»WDIq$KRUD
FRPÔQTXHORVLJXLHQWH ELHQWHDGYLHUWRTXHFXDQGRQRPHQFLRQDPRVHOREMHWRTXLWD
PRVODÔOWLPDSDODEUDpRIq
,GRQoWKDYHPDQ\SUREOHPV1RWHQJRPXFKRVSUREOHPDV
'R\RXKDYHPDQ\SUREOHPV"7LHQHVPXFKRVSUREOHPDV" &RQPHQFLÍQGHOREMHWR
'R\RXKDYHDORWRIPRQH\" <HV,KDYHDORWRIPRQH\
$/272)VLJQLîFDpPXFKRqRpPXFKRVq\SXHGHXVDUVHHQHO
DïUPDWLYRQHJDWLYRHLQWHUURJDWLYR(VGLJDPRVXQDH[SUHVLÍQ 6LQPHQFLRQDUHOREMHWR
pXQLYHUVDOq9DOHSDUDWRGRVREUHWRGRSDUDHODîUPDWLYR 'R\RXKDYHDORWRIPRQH\" <HV,KDYHDORW
(VWLPDGRDPLJR\DOXPQR'HVSXÃVGHVXSHQRVDSULPHUDH[SHULHQFLDHQ=XULFK
OXJDUGHODIDPRVDUHXQLÍQGHGRVGÇDVQXHVWURDPLJR9LFHQWHORWHQÇDPX\FODUR
&XDQGRYROYLÍD(VSDËDSXVRHQPDUFKDVXSURSÍVLWR'XUDQWHORVPHVHVTXH
/DGXUDOHFFLÍQGHODPLJR9LFHQWH VLJXLHURQDVXDPDUJDH[SHULHQFLDDVLVWLÍDKRUDVGHFODVHLQGLYLGXDO\WUDV
ODVSULPHUDVKRUDVDFXGLÍDHQFXHQWURVUHVLGHQFLDOHVFRQSURIHVRUHVXQîQ
´¢<PLVKLMRV"(VWiFODURPHYDQDREHGHFHU GHVHPDQDDOPHV)LQDOPHQWHHQHOÔOWLPRPHVGHVXSURJUDPDDVLVWLÍGXUDQWH
9HQFHUiQHOLQJOpVVLQGHVIDOOHFHU GRVVHPDQDVDORTXHGHQRPLQDPRV9DXJKDQWRZQGRQGHGXUDQWHGÇDVWXYR
/DOLEHUWDGORHVWRGRSHURDKRUDHVHYLGHQWH TXHRÇU\UHFLWDUP»VGHFLHQPLOIUDVHVDFRPSDËDGRGHJHQWHQDWLYDGHKDEODLQ
TXHODOLEHUWDGQRVHREWLHQHSRUDUWHQLDFFLGHQWHµ
JOHVDGHWRGRHOPXQGR(QWRWDO9LFHQWHUHFLELÍP»VGHPLOKRUDVGHIRUPDFLÍQ
HVHDËRWRGDVHQUÃJLPHQLQGLYLGXDO,QYLUWLÍRWUDVKRUDVGHWUDEDMRSHUVRQDO
´/DOLEHUWDGFRPRODVXHUWHHVDOJRTXHVHODEUD
1RYLHQHGH'LRVQLGHDEUDFDGDEUD
HVWXGLDQGRORVPDWHULDOHVQDYHJDQGRSRUODZHEHQLQJOÃV\YLHQGRGRFXPHQWDOHV
6HJDQDGRWiQGRVHGHFRQRFLPLHQWRV \SURJUDPDVGHQRWLFLDVGHO5HLQR8QLGR\GH(VWDGRV8QLGRV+DQSDVDGRRFKR
GHKDELOLGDGHV\GHVWUH]DVGHDGLHVWUDPLHQWRµ DËRV\GHVGH9LFHQWHHVYLFHSUHVLGHQWHGHOD$VRFLDFLÍQ(XURSHDGHVXVHFWRU
8VDHOLQJOÃVGXUDQWHHOGHVXWLHPSRGHWUDEDMR6XVGRVKLMRVWLHQHQ\
)LQ DËRVUHVSHFWLYDPHQWH\VHPDQHMDQFRQVROWXUDHQHOLGLRPD9LFHQWHQRGHMDGH
UHSHWLUp/DOLEHUWDGFRPRODVXHUWHHVDOJRTXHVHODEUD1RYLHQHGH'LRVQLGH
DEUDFDGDEUDq7DQWRÃOFRPRVXVKLMRVWLHQHQODVXHUWHGHWHQHUXQDPSOLRDEDQLFR
GHRSRUWXQLGDGHVSURIHVLRQDOHVSDUDHOHJLU6XHUWH"%XHQRUHFWLîFR6XSDGUHKD
WHQLGRHODFLHUWRGHHQWHQGHUTXHODOLEHUWDGHVDOJRTXHVHODEUD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
)RXQGDWLRQ%DVH
/LSVWLFN3LQWDODELRV
(\HOLQHU/»SL]GHRMRV
9RFDEXODULR0DNHXS0DTXLOODMH
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
&RPPRQVD\LQJV 7KHUHZDVWKHUHZHUH
5HFXHUGDTXHHQLQJOÃVKD\TXHGLIHUHQFLDU
/HWoVJHWWKHEDOOUROOLQJ +HKDVDJLIWRIWKHJDE HQWUHHOSOXUDO\HOVLQJXODUFXDQGRGHFLPRVHO
(PSHFHPRVFRQHVWR\D 7LHQHPXFKDODELD HTXLYDOHQWHGHpKXERq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
+HKDVDORWRIJHWXSDQGJR &DQ\RXJLYHPHDKDQG" IUDVHVHQLQJOÃV"
7LHQHPXFKDHQHUJÇD\HPSXMH 0HSXHGHVHFKDUXQDPDQR" +XERPXFKRVIDPRVRVHQHOHVWUHQR
1RKXERFKLFDVHQODîHVWD
,JRWP\ZLUHVFURVVHG +HoVDJOXWWRQIRUSXQLVKPHQW +XERXQDVHQVDFLÍQGHGHFHSFLÍQFRQVX
6HPHKDQFUX]DGRORVFDEOHV (VXQPDVRFD QXHYRGLVFR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
'R\RXNQRZZKR,DP"
'R\RXNQRZZKDWWLPHLWLV" PDWLYRSRUTXHODSUHJXQWDQRHVVREUHGÍQGHYLYHVLQRVLpVDEHVq
<HV,NQRZZKDWWLPHLWLV GÍQGHYLYH/DVHJXQGDIUDVHHVDîUPDWLYDHQWRGRVORVVHQWLGRV
:KDWWLPHLVLW" 6RODPHQWHODWHUFHUDIUDVHHVXQDSUHJXQWDGLUHFWDFRQpOLYHqSRU
,WoVRoFORFN ORTXHVHXVDHODX[LOLDUpGRHVq
(Q HVWH HMHPSOR QRWDU»V TXH pLW LVq HQ ODV GRV SULPHUDV IUDVHV 0»VHMHPSORV
HVW» HQ DîUPDWLYR VXMHWR YHUER /D WHUFHUD IUDVH HV GLIHUHQ
WH\DTXHHVXQDSUHJXQWDGLUHFWDSRUORTXHpLWLVqVHLQYLHUWHD 'R\RXNQRZZKR,DP" 'R\RXNQRZKRZWDOOKHLV"
pLVLW"q <HV,NQRZZKR\RXDUH <HV,NQRZKRZWDOOKHLV
5HJOD 6ÍOR GHEHV SRQHU HO YHUER GHODQWH GHO VXMHWR FXDQGR VH :KRDP," +RZWDOOLVKH"
WUDWDGHXQDSUHJXQWDGLUHFWD/DSULPHUDSUHJXQWDHVWDPELÃQ <RXoUHWKHWHDFKHU +HoVWZRPHWHUVWDOO
GLUHFWDSHURODSUHJXQWDHVpGR\RXNQRZ"q
'R\RXNQRZZKHUH5RPHLV" 'R\RXNQRZZKHUH,OLYH"
'R\RXNQRZZKHUH5REHUW5HGIRUGOLYHV" <HV,NQRZZKHUH5RPHLV <HV,NQRZZKHUH\RXOLYH
<HV,NQRZZKHUHKHOLYHV :KHUHoV5RPH" :KHUHGR,OLYH"
:KHUHGRHVKHOLYH" ,WoVLQ,WDO\ <RXOLYHLQ0DGULG
+HOLYHVLQ&DOLIRUQLD
'R\RXNQRZZKDWWKLVLV" 'R\RXNQRZZKR3ULQFHLV"
5HJOD6ÍORVHXVDXQYHUERDX[LOLDUpGRqHQHVWHFDVRFXDQGRVH <HV,NQRZZKDWLWLV <HV,NQRZZKR3ULQFHLV
WUDWDGHXQDSUHJXQWDGLUHFWD)ÇMDWHHQODVGRVSULPHUDVIUDVHV(O :KDWLVLW" :KRLV3ULQFH"
YHUERpOLYHVqHVW»HQDîUPDWLYR(QODSULPHUDIUDVHHVW»HQDîU ,WoVDERRN +HoVDURFNVWDUIURP0LQQHVRWD
(VWLPDGRDPLJR\DOXPQR7DQFUHGRHVUHDO\HVFDVLELOLQJÖHDKRUD$ORVDËRV
(OPDHVWURDUSRQHUR FXDQGRHQWUÍFRPRGLUHFWRUFRPHUFLDOHQXQDHPSUHVDHQDSXURVQRVDEÇDGH
4XHUHPRVGHQXHYRTXHWXEXHQDHPSUHVD FLUQLp\HVq3HURDSHVDUGHHOORIXHîFKDGRFRPRVDOYDGRUSRUODîOLDOHVSDËROD
QRVD\XGHDUHVROYHU\GHIRUPDH[SUHVD GHXQDPXOWLQDFLRQDOQRUWHDPHULFDQD7DQFUHGR\DWHQÇDIDPDHQHOVHFWRUGHVHU
XQSUREOHPDLPSRUWDQWHSDUDHOiUHDFRPHUFLDO XQDSHUVRQDFDSD]GHKDFHUPLODJURV6LQHPEDUJRQXQFDKDEÇDWUDEDMDGRHQXQD
FHQWUDGRHVRVtHQXQKRPEUHHVSHFLDO
PXOWLQDFLRQDOSRUORTXHMDP»VKDEÇDQHFHVLWDGRVDEHULQJOÃV(UDXQKRPEUHTXH
6XQRPEUHHV7DQFUHGR\DÀQDOGHHQHUR VHKDEÇDKHFKRDVÇPLVPRDEDQGRQDQGRORVHVWXGLRVDORVDËRVSDUDWUDEDMDU
VHUiQXHVWURQXHYRPDHVWURDUSRQHUR
6XVDUSRQHVDÀODGRVDSXQWDGRVDOPHUFDGR GHDSUHQGL]HQODPLVPDDFWLYLGDGTXHDKRUDLEDDGLULJLUDQLYHOQDFLRQDO1RWHQÇD
DXPHQWDUiQQXHVWUDVYHQWDVGHXQPRGRGHVWD HVWXGLRVVXSHULRUHVQLVHFXQGDULRV(UDXQKRPEUHWDQUXGRTXHLQFOXVRGHVWUR]D
FDGR EDHOFDVWHOODQRFRQIUDVHVFRPRp&RQWUDP»VODGLJRTXHQRPHVLUYDFRFUHWDVq
(VHOKRPEUHSHUIHFWRFRQSHULFLD\WLQR $KRUDFRPRKHGLFKRDOSULQFLSLRHVFDVLELOLQJÖH
XQIHQyPHQRDQGDQWHFRQXQFODURGHVWLQR (VHOUHVSRQVDEOHGHYHQWDVGHWRGDOD5HJLÍQ,,]RQDTXHLQFOX\HWRGD(XURSD\HO
FRQpOODHPSUHVDUHSXQWDUiPX\SURQWR
SRUTXH7DQFUHGRQRWLHQHQLXQSHORGHWRQWR QRUWHGHIULFD5HFXHUGRRÇUOHGHFLUFRQVXVRQULVDGHSLOORp,KDYHVHYHQW\FLQFR
SHRSOHLQP\GHSDUWPHQWq
3HURWHQHPRVXQSUREOHPDORSRGUiVDGLYLQDU /DSUHJXQWDGHOPLOOÍQHVFÍPRGHPRQLRVXQKRPEUHFRPR7DQFUHGROOHJÍDVHU
QXHVWUDVHGHGH2KLRYDDDOXFLQDU
&XDQGRVHSDTXH7DQFUHGRQXHVWUDDUPDVHFUHWD FDVLELOLQJÖH")»FLOODHPSUHVDJDVWÍHXURVVRODPHQWHHQÃOSDUDTXHGRPL
VDEHWDQWRLQJOpVFRPR%XVKGHSDQGHUHWDV QDUDHOLQJOÃV6LSXVLÃUDPRVSUHFLRDOWLHPSRTXH7DQFUHGRHVWXYRDXVHQWHGHVX
WUDEDMRSRUDSUHQGHULQJOÃVODFLIUDîQDOURQGDUÇDORVHXURV
7LHQHXVWHGHXURVSDUDDSUHQGHULQJOÃV"0HLPDJLQRTXHQR7DPSRFRVHPHRFXUULUÇDSURSRQHUOHXQDFLIUDWDQDOWD6LQHP
EDUJRKHFRQRFLGRDPXFKDVSHUVRQDVTXHKDQLQYHUWLGRHVWHGLQHURHQHVIXHU]R7DPELÃQKHFRQRFLGRDSDGUHVTXHVHKDQSUHRFXSD
GRSDUDTXHVXVKLMRVDSUHQGLHUDQDKDEODULQJOÃVLJXDORPHMRUTXH7DQFUHGRJDVWDQGRHOHTXLYDOHQWHDHXURVHQSODQLîFDFLÍQ
HLQWHUÃVSHUVRQDO(VWDVSHUVRQDVKDQKHFKRHVWDVLQYHUVLRQHVVDEHGRUDVGHTXHXQDOWRQLYHOGHLQJOÃVDXPHQWDDOUHGHGRUGH
HXURVVXVXHOGRDORODUJRGHVXYLGDSURIHVLRQDODGHP»VGHD\XGDUOHVDFRQVHJXLUXQDPD\RUOLEHUWDGGHHOHFFLÍQ
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
0LMHIHVHFRJHXQUHVIULDGR 0\ERVVFDWFKHVDFROGHYHU\
(OODGHEHGHHVWDUIRUUDGD 6KHPXVWEHORDGHG
FDGDDËR \HDU 7HQJRTXHWUDEDMDUHQ3DOHQFLD ,KDYHWRZRUNLQ3DOHQFLD
0LYHFLQRYHODWHOHYLVLÍQ 0\QHLJKERXUZDWFKHV
XQDVHPDQDVÇRWUDQR HYHU\RWKHUZHHN
WRGDVODVQRFKHV WHOHYLVLRQHYHU\QLJKW ,UÃGÍQGHTXLHUDV ,oOOJRZKHUHYHU\RXZDQW
0LFRPSDËHURGHWUDEDMRWHUPLQD0\FROOHDJXHïQLVKHVZRUNDW +DUÃORTXHTXLHUDV ,oOOGRZKDWHYHU\RXZDQW
ODMRUQDGDDODVGHODWDUGH SP 3RGHPRVHPSH]DUFXDQGR :HFDQVWDUWZKHQHYHU\RX
0LKHUPDQRHQVHËDIUDQFÃV 0\EURWKHUWHDFKHV)UHQFKRQ
TXLHUDV OLNH
ORVYLHUQHV )ULGD\V
0LKHUPDQDODYDVXJDWR 0\VLVWHUZDVKHVKHUFDWRQFH
XQDYH]DOPHV DPRQWK
7RLOHWSDSHU3DSHOKLJLÃQLFR
9RFDEXODULR7RLOHW5HWUHWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV /DPD\RULDGH
1LVHWHRFXUUDGHFLUp7KHPRVWfq
7RJRIRUEURNH 7RJRRIIRQDWDQJHQW (VWULFWDPHQWHSURKLELGRHOXVRGHODUWÇFXOR
-XJDUVHHOWRGRSRUHOWRGR 6DOLUVHSRUODWDQJHQWH DQWHVGHODSDODEUDpPRVWqHQHVWRVFDVRV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7RJREURNH ,QVORZPRWLRQ IUDVHVHQLQJOÃV"
$UUXLQDUVH $F»PDUDOHQWD /DPD\RUÇDGHODVDUDËDVVRQLQRIHQVLYDV
/DPD\RUÇDGHORVDOFRKÍOLFRVHVW»QHEULRVD
7REHEURNH 7RJRZLWKWKHïRZ GLDULR
(VWDUVLQEODQFD 'HMDUVHOOHYDUSRUODFRUULHQWH /DPD\RUÇDGHODJHQWHHQPLFDOOHHVHVSDËROD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6RGR,s0HWRR
/DSDODEUDpQHLWKHUqDGPLWHGRVDOWHUQDWLYDVGHSURQXQFLDFLÍQQÇ]HURQ»L]HU
¢([DJHUDHOEDQTXHUR"6LQRH[DJHUD
(VWLPDGR DPLJR \ DOXPQR (O SDVDGR V»EDGR FRQRFÇ D XQ FRQVXOWRU QRUWHDPHULFDQR FRQ JUDQ ¢FXiQWDVRSRUWXQLGDGHVGHQHJRFLR
H[SHULHQFLDHQHOWUDWRFRQODEDQFD\FRQGLYHUVRVJRELHUQRVHQWHPDVUHODFLRQDGRVFRQIXVLRQHV\ VHHVWiQGHVDSURYHFKDQGRSRUHO
DGTXLVLFLRQHV/HSUHJXQWÃTXÃKDFÇDHQ(VSDËD\PHFRQWÍXQDFRQYHUVDFLÍQTXHKDEÇDWHQLGRHVD GHVFRQRFLPLHQWRJHQHUDOGHLQJOpV
PLVPDPDËDQDFRQXQYLFHSUHVLGHQWHGHXQRGHORVJUDQGHVEDQFRVHVSDËROHV HQWUHHPSUHVDULRV\FXDGURVGLUHFWL
6SDQLVKEDQNHU:HoYHWKRXJKWDERXWEX\LQJRXWDQ$PHULFDQEDQNEXWZHSUHIHUWRVWD\LQ6RXWK YRV"<QRKDEOHPRVGHORVSROtWLFRV
$PHULFD PiVLPSRUWDQWHVGHOSDtV(OHVSDxRO
$PHULFDQFRQVXOWDQW:KDWGR\RXKDYHDJDLQVW86EDQNV" HVXQH[FHOHQWHJHVWRUHPSUHVDULR\
6SDQLVKEDQNHU1RWKLQJEXWZHGRQoWOLNHRXWVRXUFLQJRXUGXHGLOLJHQFHWRWKLUGSDUWLHV)RU QHJRFLDGRUFXDQGRVHVLHQWHVHJXUR
WKLQJVOLNHWKLVZHGRQoWWUXVWDQ\RQHRXWVLGHRXURZQRUJDQL]DWLRQ GHVtPLVPR3HURKDVWDTXHQRVH
$PHULFDQFRQVXOWDQW:K\GRQoW\RXSHUIRUPWKHGXHGLOLJHQFH\RXUVHOYHV" FRQFLHQFLHGHDERUGDUFRQDEVROXWD
6SDQLVKEDQNHU:HGRQoWKDYHHQRXJKSHRSOHZKRVHFRPPDQGRI(QJOLVKLVJRRGHQRXJK VHULHGDGHOLQJOpVRWURVVHKDUiQFRQ
$PHULFDQFRQVXOWDQW$PRQJPDQDJHUVDQGHPSOR\HHV" ODVWDMDGDVPiVJUDQGHVGHOFUHFLHQWH
SDVWHOGHODHFRQRPtDPXQGLDO
6SDQLVK EDQNHU ,WoV LQFUHGLEOH LVQWo LW" %XW WKHUHoV QRERG\ LQ WKLV FRXQWU\ ZLWK WKH ULJKW
FRPPDQGRIWKHODQJXDJH 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
%HOOER\%RWRQHV
5HFHSWLRQ5HFHSFLÍQ
/REE\UHDGHUHFHSFLÍQ
9RFDEXODULR+RWHO+RWHO
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV /DH[SUHVLÍQGHODVHPDQD
(QLQJOÃVQRpKDFHPRVSUHJXQWDVqVLQR
'RQoWJRRYHUERDUG 7REHDJXLQHDSLJ pSUHJXQWDPRVSUHJXQWDVq
1RWHSDVHV 6HUFRQHMLOORGH,QGLDV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
<RXKDYHWKHJUHHQOLJKW +HoVDELJPRXWK IUDVHVHQLQJOÃV"
7LHQHVOX]YHUGHDXWRUL]DFLÍQ (VXQERFD]DV
4XLHURKDFHUWHXQDSUHJXQWD
*ULQDQGEHDULW <RXoUHLQJRRGKDQGV 7HSXHGRKDFHUXQDVSUHJXQWDV"
$MR\DJXD (VW»VHQEXHQDVPDQRV 1XQFDKDJRHVDSUHJXQWDDODVPXMHUHV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
+HZDVERUQRQDPRXQWDLQWRSLQ7HQQHVVHH'DY\&URFNHWW
$SUHFLDGR%UXFH 'HDU%UXFH
'XUDQWHORVÔOWLPRVPHVHVHVWDPRVWHQLHQGREDVWDQWHVSHWLFLR 'XULQJWKHODVWIHZPRQWKVZHKDYHKDGTXLWHDIHZUHTXHVWVLQRXU
QHVHQQXHVWUDSDSHOHUÇDGHSURGXFWRVKHFKRVFRQSDSHOUHFLFODGR VWDWLRQHU\ VKRS IRU SURGXFWV PDGH RI UHF\FOHG SDSHU:H·YH QHYHU
1RVRWURVQXQFDKHPRVWUDEDMDGRHVWHWLSRGHPDWHULDOSHURGDGR FDUULHGWKLVW\SHRIPDWHULDOEXWJLYHQWKHHPSKDVLVWKHPHGLDKDV
HOÃQIDVLVTXHORVPHGLRVGHFRPXQLFDFLÍQKDQSXHVWRHQWHPDV SXWRQHQYLURQPHQWDOLVVXHVLWVHHPVWKDWWKHUHLVDJURZLQJGHPDQG
PHGLRDPELHQWDOHV SDUHFH TXH KD\ XQD FUHFLHQWH GHPDQGD GH IRUUHF\FOHGSURGXFWVHVSHFLDOO\DPRQJ\RXQJHUSHRSOH
SURGXFWRVUHFLFODGRVHVSHFLDOPHQWHHQWUHODJHQWHP»VMRYHQ
&RPRVXPLQLVWUDGRUKDELWXDOGHODPD\RUSDUWHGHQXHVWURVSUR $VWKHUHJXODUVXSSOLHURIPRVWRIRXUSURGXFWV,WKRXJKW\RXPLJKW
GXFWRVSLHQVRTXH9GSRGUÇDPDQGDUPHLQIRUPDFLÍQVREUHHVWH EHDEOHWRVHQGPHVRPHLQIRUPDWLRQRQWKLVPDUNHW,ZRXOGOLNH
PHUFDGR0HJXVWDUÇDVDEHUTXÃSURGXFWRVWLHQHGLVSRQLEOHVWD WRNQRZZKDWSURGXFWV\RXKDYHDYDLODEOHVXFKDVIROGHUVELQGHUV
OHVFRPRFDUSHWDVFDUSHWDVFRQDQLOODVFDOHQGDULRVGHPHVDSD GHVNFDOHQGDUVOLQHGDQGXQOLQHGSDSHUHWF,KDYHKHDUGWKDWWKHVH
SHOUD\DGR\HQEODQFRHWF+HRÇGRTXHHVWRVSURGXFWRVVRQDOJR SURGXFWVDUHVRPHZKDWPRUHH[SHQVLYHWKDQWKHWUDGLWLRQDORQHVVR
P»VFDURVTXHORVWUDGLFLRQDOHVDVÇTXHSRUIDYRULQFOX\DXQDOLVWD SOHDVHLQFOXGHDSULFHOLVWDQGJLYHPHDQLGHDRIZKDWSURÀWPDUJLQV
GHSUHFLRV\GÃPHXQDLGHDGHTXÃP»UJHQHVGHEHQHîFLRSXHGR ,FDQH[SHFW
HVSHUDU
8QFRUGLDOVDOXGR %HVWUHJDUGV
(VWLPDGRDPLJR\DOXPQR&DGDGRPLQJRYR\DYLODRD3DOHQFLDSDUDDEULURWURFXUVROODPDGR9DXJKDQWRZQGRQGHHVSDËROHV
\DQJORSDUODQWHVSDVDQKRUDVMXQWRVKDEODQGRHQLQJOÃV(QFDGDDSHUWXUDKDEORGHODQWHGHOJUXSR\SUHJXQWRDFDGDXQR
GHGÍQGHHV6LHPSUHRFXUUHORVLJXLHQWH+HOOR0DQXHOZKHUHDUH\RXIURP"<0DQXHOQRVGLFHp0DGUÇq$QWHHVWRSUHJXQWR
DORVDQJORSDUODQWHVpGHGÍQGHKDGLFKRTXHHVq\VHHQFRJHQGHKRPEURVp0DQXHOGÇPHORRWUDYH]:KHUHDUH\RXIURP"q£O
UHSLWHp0DGUÇq'HQXHYRORVDQJORSDUODQWHVPHPLUDQFRQFDUDGHQRHQWHQGHUp0DQXHOUHSHDW
0$s'5,'
p0DGUÇq1R0DQXHO0$'5,'p0DGUÇq
0DQXHO VH GHPXHVWUD LQFDSD] GH GHFLU HO QRPEUH GH VX FLXGDG GH QLQJXQD IRUPD TXH QR VHD OD SURQXQFLDFLÍQ FDVWL]D<R OH
SUHJXQWRDXVWHG(VW»0DQXHOFDSDFLWDGRSDUDDSUHQGHULQJOÃV"(VW»GHYHUGDGKDFLHQGRXQHVIXHU]RSDUDDSUHQGHU"
6LXVWHGQRSXHGHSURQXQFLDUHOQRPEUHGHVXSURSLDFLXGDGSDUDTXHXQH[WUDQMHUROHHQWLHQGDHQWRQFHVDOJRIDOOD2KDUÇD
ELHQHQROYLGDUVHLQJOÃVSRUQRVHUFDSD]GHDSUHQGHUORRQRHVW»KDFLHQGRXQHVIXHU]R&XDQGRKDEORHQHVSDËROVREUH5REHUW
5HGIRUGVLHPSUHGLJRpUUUUUÍEHUUUUUÃGIRUqSRUTXHVLQRQDGLHDTXÇHQWHQGHU»DTXLHQPHUHîHUR6LXVWHGQRSXHGHKDFHUOR
PLVPRHQVHQWLGRFRQWUDULRHQWRQFHVPLRSLQLÍQHVTXHQRHVW»WRPDQGRHQVHULRHODSUHQGL]DMHGHOLQJOÃV1RHVI»FLODSUHQGHU
DSURQXQFLDUELHQRWURLGLRPDSHURWRGDYÇDQRKHFRQRFLGRDQLQJÔQDOXPQRHVSDËROTXHQRORKD\DFRQVHJXLGRVLQJUDQGHV
SUREOHPDVFXDQGRKDFHXQSHTXHËRHVIXHU]R
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
&X»QWDJHQWHKDEÇDHQOD +RZPDQ\SHRSOHZHUHWKHUH
£VWDKDVLGRODSHRUFRPLGD 7KLVKDVEHHQWKHZRUVWPHDO
UHXQLÍQ" LQWKHPHHWLQJ" TXHMDP»VKHFRPLGR ,oYHHYHUHDWHQ
7RGRHOPXQGRHVWXYRDOOÇ (YHU\ERG\ZDVWKHUH +DVSUREDGRDOJXQDYH]OD +DYH\RXHYHUWULHG(QJOLVK
+DEODURQGHORVSUREOHPDV 'LGWKH\WDONDERXWWKH
FRPLGDLQJOHVD" IRRG"
TXHHVWDPRVWHQLHQGR" SUREOHPVZHoUHKDYLQJ" 1RSRUTXÃ"&ÍPRHV" 1RZK\":KDWoVLWOLNH"
1RKXERWLHPSRVXîFLHQWH 7KHUHZDVQoWHQRXJKWLPHIRU
1RHVWDQEXHQDFRPRÃVWD ,WLVQoWDVJRRGDVWKLV
SDUDHVR WKDW 'LRVPÇRGHEHGHVHUDVTXHURVD *RRG/RUGLWPXVWEHGLVJXVWLQJ
(QWRQFHVGHTXÃKDEODVWHLV 7KHQZKDWGLG\RXWDONDERXW
GXUDQWHGRVKRUDV" IRUKRXUV"
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
3LJ&HUGR
&RZ9DFD
+HQ*DOOLQD
9RFDEXODULR)DUP*UDQMD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV /HWoV
7RGRHOPXQGRVDEHTXHpOHWoVJRqVLJQLîFD
+HoVKDUGRIKHDULQJ 1RVZHDW pYDPRVq3XHVpOHWoVqWDPELÃQVHHPSOHDFRQ
(VGXURGHRÇGR 1LQJÔQSUREOHPD'HVFXLGD FXDOTXLHURWURYHUERE»VLFR
,NQRZPRUHSHRSOHWKDQ\RX <RXNQRZIHZHUSHRSOHWKDQPH
+HHDUQVPRUHPRQH\WKDQKHU 6KHHDUQVOHVVPRQH\WKDQKLP
:HJRWRPRUHIRRWEDOOJDPHVWKDQWKHP 7KH\JRWRIHZHUIRRWEDOOJDPHVWKDQXV
,GULQNPRUHZLQHWKDQP\ZLIH 6KHRPHMRU0\ZLIHGULQNVOHVVZLQHWKDQPH
(QODVHJXQGDFROXPQDQRWDU»VTXHFXDQGRHOVXVWDQWLYRHVFRQ ORVDQJORSDUODQWHVGHMDPRVIXHUDHOYHUERDX[LOLDU\FDPELDPRV
WDEOHSHRSOHJDPHVXVDPRVpIHZHUqHQOXJDUGHpOHVVq HO SURQRPEUH SHUVRQDO SRU XQ SURQRPEUH FRPSOHPHQWR 'HFL
PRVIUDVHVFRPR7ÔMXHJDVDOWHQLVPHMRUTXHPÇ
pIHZHUqVHSURQXQFLDïÔHU
8QLQFLVR(VJUDPDWLFDOPHQWHP»VFRUUHFWRHQODVIUDVHVFLWDGDV (VWRQRHVFRUUHFWRJUDPDWLFDOPHQWHHQLQJOÃVSHURHVFDVLXQL
XVDUHOSURQRPEUHSHUVRQDODOîQDOGHFDGDIUDVHHOYHUERDX[L YHUVDOHQVXXVRSRUORTXHSUHîHURHQVHËDUOR\DTXHHVORTXH
OLDU7HSRQJRHOSULPHUHMHPSOR P»V VH R\H $KRUD ELHQ VL SUHîHUHV LQWHQWDU XVDU OD IRUPD JUD
PDWLFDOPHQWHFRUUHFWDWLHQHVWRGRPLDSR\RSDUDHOOR3HURSDUD
,NQRZPRUHSHRSOHWKDQ\RXGR <RXNQRZIHZHUSHRSOHWKDQ,GR XVDUORFRUUHFWDPHQWHWHQGU»VTXHWHQHUXQH[FHOHQWHGRPLQLRGH
6LQHPEDUJRHQHOOHQJXDMHQRUPDOGHOGÇDDGÇDXQDPD\RUÇDGH WRGRVORVYHUERVDX[LOLDUHVDPLVGRGRHVGLGKDVZDVHWF
(VWLPDGR6U-HQNLQV 'HDU0U-HQNLQV
+DFHXQRVGÇDVPLHQWUDVKRMHDEDHO%XVLQHVV1HZVOHÇTXH9G $IHZGD\VDJRDV,ZDVORRNLQJWKURXJK%XVLQHVV1HZV,UHDGWKDW
KDEÇDVLGRQRPEUDGR&RQVHMHUR'HOHJDGRGH$JUL,QWHUQDWLRQDO \RXKDGEHHQQDPHG&(2RI$JUL,QWHUQDWLRQDO,ZDQWWRH[SUHVV
4XLHURH[SUHVDUOHPLVIHOLFLWDFLRQHVP»VVLQFHUDVSRUVXQRPEUD P\ZDUPHVWFRQJUDWXODWLRQVRQ\RXUDSSRLQWPHQW
PLHQWR 1RQHWKHOHVV WKH QHZV FDPH DV QR VXUSULVH WR WKRVH RI XV ZKR
1RREVWDQWHODQRWLFLDQRKDVLGRQLQJXQDVRUSUHVDSDUDORVTXH ZRUNHGZLWK\RXLQWKHSDVWDQGZKRNQRZKRZHIÀFLHQWO\\RX
WUDEDMDPRVFRQ9GHQHOSDVDGR\VDEHPRVFRQTXHHîFDFLDRE REWDLQUHVXOWV2QHRQO\KDVWRORRNDWKRZ\RXUFRPSDQ\UDQNHG
WLHQHUHVXOWDGRV6ÍORKD\TXHYHUFRPRHVWDEDVXHPSUHVDHQHO ZKHQ \RX WRRN RYHU DV 3URGXFWLRQ 0DQDJHU WZR \HDUV DJR
UDQNLQJFXDQGR9GRFXSÍHOFDUJRGH*HUHQWHGH3URGXFFLÍQKDFH DQGZKHUHLWVWDQGVQRZ:HDUHDOODZDUHRIZKRGHVHUYHVWKH
GRVDËRV\HOOXJDUTXHRFXSDDKRUD7RGRVVRPRVFRQVFLHQWHVGH UHFRJQLWLRQIRUWKHLPSURYHPHQW
TXLÃQPHUHFHHOUHFRQRFLPLHQWRSRUODPHMRUD , KRSH WKDW \RXU DSSRLQWPHQW QRW RQO\ VWUHQJWKHQV WKH ÀQH
(VSHURTXHVXQRPEUDPLHQWRQRVÍORUHIXHUFHODVEXHQDVUH UHODWLRQVWKDWKDYHEHHQDWUDGLWLRQEHWZHHQRXUWZRFRPSDQLHV
ODFLRQHV TXH \D VRQ WUDGLFLÍQ HQWUH QXHVWUDV GRV HPSUHVDV EXWDOVRRSHQVWKHGRRUWRIXUWKHUFRRSHUDWLRQLQQHZÀHOGV
VLQRTXHWDPELÃQDEUDODSXHUWDDXQDPD\RUFRRSHUDFLÍQHQ $JDLQFRQJUDWXODWLRQV
QXHYRVFDPSRV
'HQXHYRHQKRUDEXHQD %HVWUHJDUGV
8QFRUGLDOVDOXGR
(VWLPDGRDPLJR\DOXPQR+DEÇDTXHKDFHUSUXHEDVGHQLYHOSDUDORVHPSOHDGRVGHXQDHPSUHVD&LQFRPLQXWRVFRQFDGDXQREDVWDED
SDUDVDEHUVXQLYHODSUR[LPDGRSDUDHOLQLFLRGHOSURJUDPDIRUPDWLYR6RQLDIXHGHODVÔOWLPDV\HQWUÍHQODVDODFRQFDUDGHPLHGR7HQGUÇD
ÍDËRV&RPRHQRWURVFDVRVFRPRHOVX\RTXLVHWUDQTXLOL]DUODFRQSUHJXQWDVVHQFLOODVpGHGÍQGHHUHV"qpFX»QGRWHUPLQDVWHWXV
HVWXGLRV"qHWF6RQLDQRIXHFDSD]GHIRUPXODUUHVSXHVWD(VWDEDDSXUDGD&DPELÃDOHVSDËRO\FRQXQDVRQULVDFRPSDVLYDOHGLMHp4XL]»
FRQYHQJDSDUWLUGHFHURQRFUHHV"q(OODDVLQWLÍ\OXHJROHSUHJXQWÃp+DVHVWXGLDGRDOJXQDYH]LQJOÃV"qp6ÇRFKRDËRVHQHOFROHJLRq
0HTXHGÃGHSLHGUD&ÍPRHVSRVLEOHTXHHVWRRFXUUD"&ÍPRHVSRVLEOHTXHKD\DSURIHVRUHVGHSULPDULDHQVHËDQGRLQJOÃVVLQVDEHUOR
KDEODU"(QVHËDQHOLGLRPDFRPRHO»OJHEUDXQDVHULHGHHFXDFLRQHVJUDPDWLFDOHV\SDUDGHFRQWDU/XHJRORVSURIHVRUHVGHLQVWLWXWRHQ
VXPD\RUÇDHVSDËROHVDPDQWHVGHOLQJOÃVLQWHQWDQUHSDUDUHOGDËR\DFRPHWHUXQDUHFRQVWUXFFLÍQSHURVHHQIUHQWDQFRQHOLPSHUDWLYR
GHDWHQHUVHDODVSDXWDVRîFLDOHVGRQGHODGHPRVWUDFLÍQWHÍULFDSULPDVREUHODFDSDFLWDFLÍQSU»FWLFD$OîQDOORVMÍYHQHVOOHJDQDOD
XQLYHUVLGDGVLQVDEHUORKDEODUHQDEVROXWR3HURQRKD\TXHSUHRFXSDUVH/DVXQLYHUVLGDGHVDVLJQDQFHURLPSRUWDQFLDDOWHPD(VpXQD
PDUÇDq7RGRVDSUXHEDQ<DVÇDËRWUDVDËR(OVLVWHPDSÔEOLFRWLHQHDORVDOXPQRVGHVGHORVKDVWDORVDËRV/RVWLHQHGXUDQWHODUJRV
DËRV\DÔQDVÇORVHQWUHJDQDOPHUFDGRODERUDOFRQXQQLYHOpPHQRVXQRqSXHVWRTXHGHVSXÃVFRPSHWHDSHUVRQDVFRPR\RGHVKDFHUHO
HQWXHUWR\HQGHUH]DUODPDODSURQXQFLDFLÍQODGHIHFWXRVDJUDP»WLFD\HQJHQHUDOHORGLRTXHODJHQWHWLHQHKDFLDPLLGLRPD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
(DUV2UHMDV
7XVN&ROPLOOR
,YRU\0DUîO
&DOI&UÇD
7UXQN7URPSD
9RFDEXODULR(OHSKDQW(OHIDQWH
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 9RFDEXODULR
<RXKLWWKHQDLORQWKHKHDG ,oPLQDî[ 3RQWHDSUXHED6DEHVGHFLUORVVLJXLHQWHV
+DVGDGRHQHOFODYR (VWR\HQXQDSULHWR YHUERVHQLQJOÃV"
DVDGMHWLYRDV
DVPXFKVXVWDQWLYRLQFRQWDEOHDV
DVPDQ\VXVWDQWLYRFRQWDEOHSOXUDODV
)UDVHVFRQDGMHWLYR 5RQQ\LVDVWDOODVKLVIDWKHU
1DSROHRQZDVQoWDVWDOODV:HOOLQJWRQ
)UDVHVFRQVXVWDQWLYRLQFRQWDEOH 7KHUHLVDVPXFKVXQOLJKWLQ,WDO\DVLQ6SDLQ
7KHUHLVQoWDVPXFKROLYHRLOLQ*HUPDQ\DVLQ6SDLQ
)UDVHVFRQVXVWDQWLYRFRQWDEOHSOXUDO 0\VRQKDVDVPDQ\WR\VDVP\QHLJKERUoVVRQ
7KHUHDUHQoWDVPDQ\HOHSKDQWVLQ6SDLQDVLQ$IULFD
7DPELÃQKDFHPRVDOLJXDOTXHHQFDVWHOODQRIUDVHVHQODVTXHHOVXVWDQWLYRHVLPSOÇFLWR\QRDSDUHFH
,KDYHDVPXFKDV\RX 7HQJRWDQWRFRPRWÔ
,KDYHDVPDQ\DV\RX 7HQJRWDQWRVFRPRWÔ
(VWLPDGD6UD0XUUD\ 'HDU0V0XUUD\
*UDFLDVSRUVXFDUWDGHOGHPD\R7HQJRORFDOL]DGDODLQIRUPD 7KDQN\RXIRU\RXUOHWWHURI0D\,KDYHORFDWHGWKHLQIRUPDWLRQ
FLÍQTXH9GQRVVROLFLWÍ\DGHP»VDGMXQWRODVKRMDVGHHVSHFL WKDW\RXUHTXHVWHGDQGLQDGGLWLRQ,KDYHHQFORVHGWKHVSHFLÀFDWLRQ
îFDFLRQHVSDUDHO6LVWHPDGH$ODUPDV$QWLUURERHOFXDOLQFOX\H VKHHWV IRU WKH %XUJODU $ODUP 6\VWHP ZKLFK LQFOXGHV WKH FHQWUDO
SDQHOGHFRQWUROVHQVRUHV\XQLGDGH[WHULRUGHDODUPDFRQVLUHQD FRQWUROSDQHOWKHVHQVRUVDQGWKHRXWGRRUDODUPXQLWZLWKVLUHQDQG
\OXFHVGHGHVWHOOR ÁDVKLQJOLJKWV
/RV SURGXFWRV DUULED LQGLFDGRV SXHGHQ VHU DGTXLULGRV HQ FXDO 7KHDERYHSURGXFWVFDQEHSXUFKDVHGIURPDQ\RIRXUDXWKRUL]HG
TXLHUDGHQXHVWURVGLVWULEXLGRUHVDXWRUL]DGRV$GMXQWDPRVXQD GLVWULEXWRUV:HKDYHHQFORVHGDOLVWRIRQHVLQ\RXUDUHD+RZHYHUZH
UHODFLÍQGHORVPLVPRVHQVX»UHD6LQHPEDUJRQRVRWURVQRWUD GRQRWFDUU\WKHFRSSHUZLULQJWKDW\RXZLOOQHHGIRU\RXULQVWDOODWLRQ
EDMDPRVHOKLORGHFREUHTXH9GQHFHVLWDU»SDUDKDFHUODLQVWD EXW\RXFDQEX\LWDQ\HOHFWULFDOVXSSOLHVVWRUH
ODFLÍQSHURSXHGHFRPSUDUORHQFXDOTXLHUDOPDFÃQGHUHSXHVWRV 6KRXOG \RX QHHG DGGLWLRQDO LQIRUPDWLRQ DERXW WKHVH RU RWKHU
HOÃFWULFRV SURGXFWVSOHDVHFRQWDFWRXU&XVWRPHU6HUYLFH'HSDUWPHQW
6LQHFHVLWDLQIRUPDFLÍQDGLFLRQDODFHUFDGHHVWHXRWURSURGXFWR 7KDQN \RX IRU \RXU LQWHUHVW LQ 6HFXULW\ 6\VWHPV SURGXFWV:H ORRN
FRQWDFWHFRQQXHVWUR'HSDUWDPHQWRGH$WHQFLÍQDO&OLHQWH IRUZDUGWREHLQJRIVHUYLFHWR\RXDJDLQLQWKHIXWXUH
*UDFLDVSRUVXLQWHUÃVHQORVSURGXFWRVGH6HFXULW\6\VWHPV(VSH
UDPRVSRGHUVHUYLUOHRWUDYH]HQHOIXWXUR 6LQFHUHO\
$WHQWDPHQWH
(VWLPDGRDPLJR\DOXPQR0XFKRVHQYLGLDQDORVIXWEROLVWDVH[WUDQMHURVTXHDOSRFRWLHP
SRGHYLYLUHQ(VSDËDFRQWHVWDQHQHVSDËRODODVSUHJXQWDVGHORVSHULRGLVWDV6DEHQPHQRV
HVSDËROTXHXVWHGLQJOÃVSHURKDEODQVLQLQPXWDUVH\GHODQWHGHF»PDUDVGHWHOHYLVLÍQ$
GLIHUHQFLDGHXVWHGTXLHQSUHîHUHQRUPDOPHQWHXVDUHOLQJOÃVVRODPHQWHHQFODVHFRQVX
SURIHVRUHOIXWEROLVWDYLYHDVHGLDGRSRUHOLGLRPD/RV´LQSXWVµOLQJÖÇVWLFRVJLUDQDVXDOUHGH
GRUHQORVHQWUHQDPLHQWRVHQODWHOHYLVLÍQHQWRGDVSDUWHV(VOÍJLFRTXHSURQWRVLQWRQLFH\
GLJDVXVFXDWURSDODEUDV(OGHORVHVWXGLDQWHVGHLQJOÃVHQ(VSDËDSUHîHUHQHYLWDUWHQHU
TXHXVDUHOLGLRPD(VTXLYDQRKX\HQGHRSRUWXQLGDGHVGHXVR6DEHQFLQFRYHFHVP»VLQJOÃV
HQWHRUÇDTXHDTXHOORVUXVRVREÔOJDURVTXHDORVWUHVPHVHVKDEODQHVSDËROGHODQWHGHWRGR
HOPXQGR6LXVWHGVHVLHQWHDOXGLGRDTXÇHQWRQFHVLQWHQWHVXSHUDUHOVHQWLGRGHOULGÇFXOR
SRUTXHVLQRORFRQVLJXHMDP»VOOHJDU»DXQQLYHOPÇQLPRVXîFLHQWH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
<RON<HPD
6KHOO&»VFDUD
:KLWH&ODUD
9RFDEXODULR%RLOHGHJJ+XHYRSDVDGRSRUDJXD
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
4XÃIXHORSULPHURTXH :KDWZDVWKHïUVWWKLQJ\RX
0HJXVWDUÇDTXHWHHVIRU]DUDV ,oGOLNH\RXWRPDNHDELJJHU
KLFLVWHDOOHYDQWDUWHKR\" GLGZKHQ\RXJRWXSWRGD\" P»V HIIRUW
+LFHODVFRVDVGHFDVD ,GLGWKHKRXVHZRUN 4XÃWHJXVWDUÇDTXHKLFLHUD :KDWZRXOG\RXOLNHPHWRGR
1RGHVD\XQDVWHQDGD" 'LGQoW\RXKDYHDQ\WKLQJIRU H[DFWDPHQWH" H[DFWO\"
EUHDNIDVW" 7HQGUÇDVTXHOOHJDUDWLHPSR <RXoUHVXSSRVHGWRDUULYHRQ
&RPÇEDFRQVDOFKLFKDV ,DWHEDFRQVDXVDJHV DOWUDEDMR WLPHIRUZRUN
FKDPSLËRQHVKXHYRV\DOXELDV PXVKURRPVHJJVDQGEHDQV (UHVGHPDVLDGRH[LJHQWH <RXoUHWRRGHPDQGLQJ
7HYDVDSRQHUPX\JRUGR <RXoUHJRLQJWRJHWUHDOO\IDW |7LHQHVGHPDVLDGDFDUD <RXoYHJRWWRRPXFKFKHHN
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 0»VTXH0HQRVTXH
5HFXHUGDTXHKD\GRVIRUPDVGHWUDGXFLU
,QEURDGGD\OLJKW +HoVLQWKHFOLQN pPHQRVqpOHVVqVHHPSOHDSDUDVXVWDQWLYRV
$SOHQDOX]GHOGÇD (VW»HQFKLURQD QRFRQWDEOHV\pIHZHUqSDUDVXVWDQWLYRV
FRQWDEOHVHQSOXUDO
,QFROGEORRG ,QWKHORQJUXQf 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
$VDQJUHIUÇD $ODODUJD IUDVHVHQLQJOÃV"
3RUTXÃWLHQHVP»VFRPLGDTXH\R"
,ZRXOGQoWOLNHWREHLQKLVVKRHV .HHSPHLQWKHORRS 'HEHUÇDFRPHUP»VIUXWDGHODTXHFRPR
1RPHJXVWDUÇDHVWDUHQVXSHOOHMR 0»QWHQPHHQHOFÇUFXORGHORV 0»VWLHQHPHQRVOHWUDVTXHPHQRV
LQIRUPDGRV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6U$OFDOGH 'HDU0D\RU%HUNVRQ
/DSURSXHVWDDGMXQWDHVER]DQXHVWURSODQSDUDPHMRUDUODSUR 7KH HQFORVHG SURSRVDO RXWOLQHV RXU SODQ WR LPSURYH HPSOR\HH
GXFWLYLGDGGHOSHUVRQDOGHVX'HSDUWDPHQWRGH3DUTXHV\0HGLR SURGXFWLYLW\ LQ \RXU 3DUNV DQG (QYLURQPHQW 'HSDUWPHQW 2XU
$PELHQWH1XHVWURSURJUDPDOHSHUPLWHDSURYHFKDUORVUHFXUVRV SURJUDP HQDEOHV \RX WR PDNH WKH PRVW RI ERWK HFRQRPLF DQG
WDQWRHFRQÍPLFRVFRPRKXPDQRVVLQGHVSHGLUHPSOHDGRVRUH KXPDQ UHVRXUFHV ZLWKRXW OD\LQJ RII DQ\ HPSOR\HHV RU UHGXFLQJ
GXFLUODDWHQFLÍQDOSÔEOLFR UHVSRQVLYHQHVVWRWKHSXEOLF
(O6U+XJK%DFKHQFDEH]DU»QXHVWURVWDIIGHHVSHFLDOLVWDVsXQHTXL 0U+XJK%DFKZLOOKHDGRXUVWDIIRIVSHFLDOLVWV²DWHDPZKLFKEULQJV
SRTXHDSRUWDDHVWDWDUHDXQWRWDOFRPELQDGRGHDËRVGHH[ WR WKLV DVVLJQPHQW D FRPELQHG WRWDO RI \HDUV RI H[SHULHQFH LQ
SHULHQFLDHQFDPSRVSDUHFLGRV(O6U%DFKOHLQIRUPDU»FDGDPHVGH UHODWHGÀHOGV0U%DFKZLOOUHSRUWWKHWHDP·VÀQGLQJVWR\RXHDFK
ORVUHVXOWDGRVGHOHTXLSRGXUDQWHHODËRTXHGXUDHOHVWXGLR PRQWKGXULQJWKHRQH\HDUVWXG\
(QVLWXDFLRQHVVLPLODUHV6DZ\HUDQG)ULVN6$DXPHQWÍODSUR ,QVLPLODUVLWXDWLRQV6DZ\HUDQG)ULVN,QFLQFUHDVHGSURGXFWLYLW\WR
GXFWLYLGDGHQWUHXQ\XQSRUFLHQWR/RFRQVHJXLPRVGHVD SHUFHQW:HDFKLHYHGWKLVE\GHYHORSLQJEHWWHUFRPPXQLFDWLRQV
UUROODQGRXQDPHMRUFRPXQLFDFLÍQHQWUHHO6WDII\OD'LUHFFLÍQ\ EHWZHHQ VWDII DQG 0DQDJHPHQW DQG EHWZHHQ GHSDUWPHQW
HQWUHHOSHUVRQDOGHOGHSDUWDPHQWR\HOSÔEOLFR/RVPHFDQLVPRV SHUVRQQHO DQG WKH SXEOLF7KH PHFKDQLVPV ZH LQVWDOOHG IRU DLULQJ
TXHLPSODQWDPRVSDUDGDUDFRQRFHUODVTXHMDVPHMRUDURQQRWD JULHYDQFHVPDUNHGO\LPSURYHGHPSOR\HHPRUDOH
EOHPHQWHODPRUDOGHORVHPSOHDGRV 2XUSURJUDPKDVSURYHGWREHDSRZHUIXODOO\LQWDFNOLQJWKHSUREOHPV
1XHVWURSURJUDPDKDGHPRVWUDGRVHUXQSRGHURVRDOLDGRSDUD RILQÁDWLRQDQGEXGJHWFXWEDFNV
DERUGDUSUREOHPDVGHLQïDFLÍQ\UHGXFFLRQHVSUHVXSXHVWDULDV
$WHQWDPHQWH 9HU\WUXO\\RXUV
(VWLPDGRDPLJR\DOXPQR8QGLUHFWLYRGHXQDPXOWLQDFLRQDOIDUPDFÃXWLFDSRQHOD&11QDGDP»VOOHJDUDFDVD/XHJROHHFHQD\FKDUOD
FRQVXIDPLOLDFRQXQLQJOÃVGHIRQGRTXHOHYDDFDULFLDQGRHORÇGR(OîQGHVHPDQDOHHHOSHULÍGLFRHQHVSDËROFRQFDVFRVSXHVWRV\XQ
&'VXPLQLVWUDQGRLQJOÃVDVXVRÇGRV1ROHSUHVWDDWHQFLÍQDOJXQDSHURHQXQDËRDEVRUEHKRUDVGHpPÔVLFDqLQJOHVD(OGLUHFWRU
GHXQDHPSUHVDTXÇPLFDWXYRRWUDLGHD2EOLJDGRSRUVXPÃGLFRDXQDKRUDGLDULDGHELFLFOHWDHVW»WLFDGHFLGLÍSRQHUVHDXULFXODUHV\
HVFXFKDULQJOÃV(QSRFRVPHVHVODDQJXVWLDGHODVUHXQLRQHVVHKDEÇDUHGXFLGRDOPÇQLPR2WURGHXQEDQFRLQJOÃVHPSH]ÍDOHYDQWDUVH
DQWHV\FDIÃHQPDQRHPSDSDUVHGHO6N\1HZVLQJOÃV(QWUHVRUERVRÇDPHGLDKRUDGLDULDGHQRWLFLDV$YHFHVVXPHQWHYDJDEDSHURVXV
RÇGRVUHJLVWUDEDQWRGR\SURQWRHPSH]DEDDHQWHQGHUPHMRUDVXVLQWHUORFXWRUHV(OVHFUHWRHVW»HQORTXHHQLQJOÃVOODPDPRVpH[SRVX
UHq(VP»VHîFD]pRÇUqLQJOÃVTXHHVFXFKDUOR1RVHHQWLHQGHDRWURîM»QGRVHHQVXVSDODEUDVVLQRDEVRUELHQGRHOVHQWLGRGHVXVRUDFLR
QHV(VHVWDDFWLWXGGHUHODMDGDDEVRUFLÍQORTXHXQRGHEHIRPHQWDU3RQHUXQYÇGHRGLFLHQGRpYR\DHQWHQGHUHVWDSHOÇFXODDXQTXHPH
PXHUDHQHOHPSHËRqHVFRQWUDSURGXFHQWH8QRGHEHSRQHUODSHOÇFXODSHURQRHVIRU]DUVHSDUDHQWHQGHUOD6LDOîQDOQRKDHQWHQGLGR
QDGDSXHVTXHSRQJDRWUDPDËDQD\GHVSXÃVRWUD$ORVVHLVPHVHVVÇYDDHQWHQGHUFRVDVPXFKDVFRVDV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
/LWWOHîQJHU0HËLTXH
7KXPE3XOJDU
9RFDEXODULR7KH+DQG/D0DQR
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
7HGHMDQWXVSDGUHVSDVDU 'R\RXUSDUHQWVOHW\RXVWD\
6HKDFHQERFDGLOORVDTXÇ 6DQGZLFKHVDUHPDGHKHUH
WRGDODQRFKHIXHUD" RXWDOOQLJKW" 6HHVW»FRQVWUX\HQGRDKRUD ,WoVEHLQJEXLOWQRZ
1RPHKDFHQYROYHUSURQWR 1RWKH\PDNHPHFRPHKRPH 6HJUDEÍHODËRSDVDGR ,WZDVUHFRUGHGODVW\HDU
HDUO\ &X»QGRVHîUPÍ" :KHQZDVLWVLJQHG"
$TXÃKRUDWLHQHVTXHYROYHU :KDWWLPHGR\RXKDYHWRJR
6HFUH\HURQPXFKDVPHQWLUDV 0DQ\RI\RXUOLHVZHUH
DFDVD" KRPH" WX\DV EHOLHYHG
&XDQGRHOVROVHSRQJD :KHQWKHVXQVHWV
3RGU»VKDFHUORTXHTXLHUDV :LOO\RXEHDEOHWRGR
FXDQGRVHDVPD\RU" ZKDWHYHU\RXZDQWZKHQ
\RXoUHROGHU"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV ([SUHVLÍQGHODVHPDQD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7LHQHTXHKDEHUXQDIRUPDP»VVHQFLOODGHKDFHUHVWR+HOHÇGR 7KHUHoVJRWWREHDQHDVLHUZD\WRGRWKLV,oYHUHDGWKHLQVWUXFWLRQV
ODVLQVWUXFFLRQHVXQD\RWUDYH]\DÔQQRPHSXHGRFUHHUTXHÃVWD RYHUDQGRYHUDJDLQDQG,VWLOOFDQoWEHOLHYHWKDWWKLVLVWKHRQO\
VHDODÔQLFDPDQHUDGHKDFHUOR'DPHXQGÇDRGRV\DYHULJXRXQ ZD\WRGRLW*LYHPHDGD\RUWZRDQG,oOOïJXUHRXWDVKRUWFXW
DWDMRTXHQRVDKRUUDU»PXFKRWLHPSR,QFOXVRSXHGHTXHLQWHQWH WKDWoOOVDYHXVDORWRIWLPH,PD\HYHQWU\WRGHVLJQDQLQKRXVH
GLVHËDUXQSURJUDPDLQWHUQRGHVGHFHUR&XDOTXLHUFRVDHVPHMRU SURJUDPIURPVFUDWFK$Q\WKLQJoVEHWWHUWKDQGRLQJLWWKHZD\
TXHKDFHUORFRPRLQGLFDQODVLQVWUXFFLRQHV WKHLQVWUXFWLRQVVD\
(OODPHQWRGHODEHOOD(OYLUD
(VFRQPXFKRSHVDUTXHRVFXHQWRHOFXHQWR (VWLPDGRDPLJR\DOXPQR&RQRFÇD(OYLUDHQFXDQGRYLQRDPLHPSUHVDSDUDUHDOL]DU
'HFyPR(OYLUDPXMHUFRQWDOHQWR SU»FWLFDV7HQGUÇDXQRVDËRVHQHVHPRPHQWR\HVWDEDHQHOÔOWLPRDËRGH,FDGH(UDXQD
6HYLRLPSRWHQWH\WUXQFDGRVXVXHxR MRYHQHVSDELODGD\OLVWD\PHH[WUDËÍTXHQRVXSLHUDQDGDGHLQJOÃV6HORDGYHUWÇ\HOODHVWDED
<FyPRVXPXQGRWHUPLQyWDQSHTXHxR GHDFXHUGRHQTXHWHQÇDTXHDERUGDUHVWHWHPDSHURVXSULPHUDSULRULGDGHUDWHUPLQDUOD
(OYLUDIXHOLVWDPiVOLVWDTXHQLQJXQR FDUUHUD\DFWRVHJXLGRUHDOL]DUXQRGHORVPDVWHUVP»VIDPRVRVGH(VSDËDORFXDOUHTXHUÇD
'HVXFODVHIXHVLHPSUHODQ~PHURXQR TXH VH WUDVODGDUD GRV DËRV D %DUFHORQD 'HVSXÃV GH VXV FXDWUR PHVHV GH SU»FWLFDV HQ PL
&XUVyXQJUDQ0DVWHUHOPHMRUGHOSDtV HPSUHVDVHJXLPRVHQFRQWDFWR\FRPRVHKDEÇDSURSXHVWRIXHD%DUFHORQD\GRVDËRVP»V
<IXHPX\GXOFHPiVGXOFHTXHHODQtV WDUGHWHUPLQÍFRQÃ[LWRHOPDVWHUHQFXHVWLÍQ&RQRFLÍDXQMRYHQGH$OLFDQWHFRPSDËHURGH
(QFDQWDEDDWRGRVFRQPDJLD\KHFKL]R FXUVR\VHKLFLHURQQRYLRV'HFLGLHURQDîQFDUVHHQ&DWDOXËD\(OYLUD\DSUHSDUDGDHQWRGRV
(UDJXDSDFRQJDQDVFRQXQDLUHFDVWL]R ORVDVSHFWRVVHSURSXVRIRUMDUXQDYLGDSURIHVLRQDOHQ%DUFHORQD(VWDEDFRQYHQFLGDGHTXH
6XLQWHQFLyQHUDFODUDTXHUtDFRQTXLVWDU VDEUÇDWUDVODGDUORVÃ[LWRVDFDGÃPLFRVDOPXQGRSURIHVLRQDO6HJXLUHPRVVXKLVWRULDHQODV
(OPXQGRHQWHUR\DWRGRVGHVOXPEUDU SUÍ[LPDVîFKDVGH(/081'2
7REHFRQWLQXHG 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
)DVWIRUZDUG$YDQ]DU
5HZLQG5HERELQDU
3OD\5HSURGXFLU
5HFRUG*UDEDU
3DXVH3DXVD
9RFDEXODULR5HPRWHFRQWURO0DQGRDGLVWDQFLD
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 8VHGWR
&XDQGRKDEODPRVGHFRVDVTXHDQWHV
-XVWDURXQGWKHFRUQHU .HHS\RXUîQJHUVFURVVHG KDFÇDPRVFRQIUHFXHQFLDHPSOHDPRVOD
-XVWRDODYXHOWDGHODHVTXLQD 4XHWHQJDVVXHUWH H[SUHVLÍQpXVHGWRqP»VHOYHUERE»VLFR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
-XVWLQWKHQLFNRIWLPH +HUNQLJKWLQVKLQLQJDUPRU IUDVHVHQLQJOÃV"
-XVWRDWLHPSRSRUORVSHORV 6XSUÇQFLSHD]XO |$QWHV\RSHQVDEDTXHDSUHQGHULQJOÃVVHUÇD
I»FLO
7RNHHSDEUHDVWZLWKf 7RXFKZRRG.QRFNRQZRRG |$QWHV\RSHQVDEDTXHODYLGDHUDI»FLO
0DQWHQHUVHDOGÇDVREUH 7RFDUPDGHUD $QWHVQREHEÇDWDQWRFDIÃFRPREHERDKRUD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,WVRXQGVOLNHKHORRNVOLNH\RX6HJÔQPHFXHQWDVSDUHFHTXHÃOVHSDUHFHDWL
/RVYHUERVGHVHQWLGR\ODVUHJODVTXHORVDFRPSDËDQ
7KHïYHVHQVHV 7KHïYHYHUEVRIVHQVH pIHHOZHOOqSHURVLJQLîFDpVHQWLUVHUHFXSHUDGRq(OXVRGHpZHOOq
7KHVHQVHRIVLJKW 7RORRN HQHVWRVGRVÔOWLPRVFDVRVLPSOLFDUÇDTXHODSHUVRQDHQFXHVWLÍQ
7KHVHQVHRIWRXFK 7RIHHO HVWDEDHQIHUPD
7KHVHQVHRIVRXQG 7RVRXQG
7KHVHQVHRIVPHOO 7RVPHOO 5HJOD&XDQGRHOYHUERGHVHQWLGRYDVHJXLGRGHXQVXVWDQWLYR
7KHVHQVHRIWDVWH 7RWDVWH VHOHDËDGHpOLNHq
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
+HPRVHVWDGRUHSDVDQGRODVFXHQWDVGHOQXHYRSUR\HFWRGHFRQV :HoYHEHHQJRLQJRYHUWKHîJXUHVRQWKHQHZFRQVWUXFWLRQSURMHFW
WUXFFLÍQ\FUHHPRVTXHDÔQQRHVHOPRPHQWRGHEXVFDUXQVRFLR DQGZHIHHOWKDWLWoVQRWWKHULJKWWLPH\HWWRVHHNDSDUWQHU7KH
/DÔOWLPDDYHQWXUDFRQMXQWDHQODTXHQRVLQYROXFUDPRVDFDEÍ ODVWMRLQWYHQWXUHZHJRWLQYROYHGLQZDVDîDVFRLQWKHHQGDQG
VLHQGRXQîDVFR\WRGDYÇDORHVWDPRVSDJDQGR1RVJXVWDUÇDWH ZHoUHVWLOOSD\LQJIRULW:HoGOLNHDFRXSOHPRUHPRQWKVWRVHHKRZ
QHUXQSDUGHPHVHVP»VSDUDYHUFÍPRSURJUHVDQHQJHQHUDOODV RSHUDWLRQVDUHSURJUHVVLQJLQJHQHUDOEHIRUHFRPPLWWLQJWRDQHZ
RSHUDFLRQHVDQWHVGHFRPSURPHWHUQRVFRQXQDQXHYDDOLDQ]D DOOLDQFH
(OODPHQWRGHODEHOOD(OYLUD
(VWLPDGR DPLJR \ DOXPQR (VWR\ H[DJHUDQGR VHJXUDPHQWH OD UHDFFLÍQ GH (OYLUD WUDV VX
6XSULPHUDHQWUHYLVWDIXHXQIUDFDVRURWXQGR SULPHUDHQWUHYLVWDGHWUDEDMR6HWUDWDEDGHXQDHPSUHVDIDPRVÇVLPDHQWRGRHOPXQGR
(OWUDEDMRTXHTXHUtDPiVTXHQDGDHQHOPXQGR
FX\DîOLDOHVSDËRODWLHQHVXVHGHHQ%DUFHORQD(OFRQVHMHURGHOHJDGRGHODîOLDOKDEÇDGDGR
([LJtDHOLQJOpVDOJROyJLFR\QRUPDO
XQDFKDUODKDFLDHOîQDOGHOVHJXQGRDËRHQHOPDVWHUTXH(OYLUDFXUVDEDHQ%DUFHORQD7UDV
¢<HOLQJOpVGH(OYLUD"QLHVFULWRQLRUDO
ODFKDUODHOODOHKDEÇDFRQRFLGR\ÃVWHOHDQLPÍDWRPDUFRQWDFWRFRQODHPSUHVD/RTXHHOOD
(OMHIHGHVHOHFFLyQDSHVDUGHOKHFKL]R QROHGLMRQLVHOHRFFXULÍGHFÇUVHORHUDTXHQRVDEÇDLQJOÃV+DEÇDQKDEODGRGHO»UHDGH
&RQWyTXHODHPSUHVDGHXQJUXSRVXL]R
PDUNHWLQJDOJRTXHOHLQWHUHVDEDHQHVSHFLDOD(OYLUDTXLHQSHQVDEDTXHVHUÇDXQVXHËR
%XVFDEDDJHQWHFRQPXFKDVFXDOLGDGHV
KHFKR UHDOLGDG HQWUDU HQ HO GHSDUWDPHQWR GH PDUNHWLQJ GH OD HPSUHVD QÔPHUR XQR GHO
,QFOXLGRHOLQJOpVSDUDWRGDVODVDFWLYLGDGHV
PXQGRHQVXVHFWRU7RGDVXYLGDKDEÇDVLGRXQDVXFHVLÍQGHÃ[LWRVDFDGÃPLFRV\DKRUDLEDD
(OYLUDQRFUHtDORTXHHVWDEDSDVDQGR FRPHQ]DUODFDGHQDGHÃ[LWRVHQODYLGDSURIHVLRQDO6LQHPEDUJRIXHUHFKD]DGDGHSODQRHQ
¢$TXpHVWDEDHVWHWtRHVWHMHIHMXJDQGR"
ODSULPHUDHQWUHYLVWDSRUVXIDOWDGHLQJOÃV7HQÇDDËRV\KDEÇDH[SHULPHQWDGRVXSULPHU
5HFKD]DUODDHOODODQ~PHURXQR
FRQWUDWLHPSR9HDPRVGHTXÃHVW»KHFKD9HDPRVVLVDEHUHPRQWDU
/DPiVJXDSDODPiVOLVWDPHMRUTXHQLQJXQR
5LFKDUG9DXJKDQ
7REHFRQWLQXHG
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
)LUHPDQ%RPEHUR
/DGGHU(VFDOHUD
)LUHHQJLQH&RFKHGHERPEHURV
9RFDEXODULR7KH)LUH%ULJDGH&XHUSRGH%RPEHURV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
&RPPRQVD\LQJV $ËRV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
0LUD-RKQWHQHPRVTXHHQFRQWUDUXQDIRUPDGHDPRUWLJXDUHO /LVWHQ -RKQ ZHoYH JRW WR îQG D ZD\ WR DEVRUE WKH QRLVH LQ WKH
UXLGRHQOD]RQDFRPÔQGHODRîFLQD/DDFÔVWLFDHVPDOÇVLPD\ JHQHUDORIîFHDUHD7KHDFRXVWLFVDUHWHUULEOHDQGZKHQHYHU\RQHoV
FXDQGRWRGRHOPXQGRHVW»DOWHOÃIRQRORVUXLGRVUHERWDQHQHO RQ WKH SKRQH WKH QRLVH ERXQFHV RII WKH ïRRU ZDOOV DQG FHLOLQJ
VXHORSDUHGHV\WHFKRFRPRERODVGHSLQJSRQJ1RSRGU»QUH OLNH FUD]\ SLQJSRQJ EDOOV &RXOGQoW D IHZ UXJV RQ WKH ïRRU DQG
GXFLUXQSRFRHOUXLGRXQDVFXDQWDVDOIRPEUDV\TXL]»XQDRGRV PD\EHDQDGGLWLRQDOSODQWRUWZRUHGXFHVRPHRIWKHQRLVH"
SODQWDVDGLFLRQDOHV"
(OODPHQWRGHODEHOOD(OYLUD
(VWLPDGRDPLJR\DOXPQR(OYLUDWLHQHPX\EXHQDDFWLWXG$OSULQFLSLRVHHQIDGÍFRQ
6HIXHIXULRVDSHURQDGDKHULGD HOUHVSRQVDEOHGHUHFXUVRVKXPDQRVGHODHPSUHVDGRQGHVHHQWUHYLVWÍSRUSULPHUD
1RLEDDVHQWLUVHQLWULVWHQLDEDWLGD
YH]3HURDSHVDUGHHVWDUDFRVWXPEUDGDDWHQHUÃ[LWRHQWRGRORTXHHPSUHQGHWLHQH
(UDPX\DSOLFDGDGHYHUGDGORVDEtD
VXîFLHQWHKXPLOGDGSDUDGDUVHFXHQWDGHTXHXQRQRSXHGHJDQDUVLHPSUH3HURHQPL
<VXFDUD\VXFXHUSRHUDQSXUDSRHVtD
RSLQLÍQHVW»FRPHWLHQGRVXVHJXQGRHUURUHOFXDOFRQVLVWHHQVHJXLUEXVFDQGRWUDEDMR
4XHUtDOXFLUHQHUJtD\EULOODQWH] VDELHQGRTXHQRVHPDQHMDHQDEVROXWRHQLQJOÃV'HEHUÇDSDUDUWRGR\YROFDUVHHQ
<VHHQWUHJyFRQJDQDV\VLQGHMDGH]
HOHVWXGLRGHOLQJOÃVFRPRVHKDYROFDGRKDVWDDKRUDHQVXYLGDDFDGÃPLFD$KRUD
$EXVFDUXQWUDEDMRHQXQDHPSUHVDGHSULPHUD(Q
GHEHGHGLFDUHOPLVPRWLHPSR\HVIXHU]RDOLQJOÃVTXHKDGHGLFDGRGXUDQWHGRVDËRV
XQDHPSUHVDER\DQWHHQXQDHPSUHVDSXQWHUD
DOPDVWHUHQGLUHFFLÍQGHHPSUHVDV6XSULPHUHUURUSRUFLHUWRIXHQRSRVSRQHUHO
7HQtDXQDPLVLyQHQODYLGDORVDEtD PDVWHUKDVWDGHVSXÃVGHUHVROYHUHOWHPDGHOLQJOÃV'HKHFKRHVPHMRUSRVSRQHUOR
'HMDUtDVXKXHOODFRQEUtR\RVDGtD
KDVWDORVÍDËRVFXDQGRXQRWLHQHP»VH[SHULHQFLD\P»VPDGXUH](QFDPELR
1RSRUQDGDKDEtDWDQWRVDxRVHVWXGLDGR
HOLQJOÃVFXDQWRP»VORSRVSRQHVP»VGLIÇFLOVHWHKDFH
3DUDYHUDOÀQDOHOFDPLQRDJULDGR
7REHFRQWLQXHG
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
6WDSOHU*UDSDGRUD
'UDZLQJSLQ&KLQFKHWD
%XOOGRJFOLS6XMHWDSDSHOHVFRQSLQ]D
9RFDEXODULR2IîFH6XSSOLHV0DWHULDOGH2ïFLQD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
7HQHPRVTXHFRQYRFDUXQD :HKDYHWRFDOODPHHWLQJ
'HMÃPRVORSRUKR\ /HWoVFDOOLWDGD\
UHXQLÍQ (VWR\KHFKRSROYR ,oPEHDW
&X»QGRVHYDDFHOHEUDU" :KHQLVLWJRLQJWREHKHOG" (VWR\SHODGRSHURQR ,oPEURNHEXWQRWEURNHQ
6HFHOHEUDU»HQODVDODGH ,WoOOEHKHOGLQWKHFRQIHUHQFH
TXHEUDQWDGR
FRQIHUHQFLDV URRP 9R\DWXPEDUPH ,oPJRLQJWRKLWWKHVDFN
3RGHPRVDSOD]DUORKDVWD &DQZHSXWLWRIIXQWLO
0HYR\DHFKDUXQDFDEH]DGLWD,oPJRLQJWRKDYHZLQNV
HOOXQHV" 0RQGD\"
$QXOÃPRVOD /HWoVFDOOLWRII
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV (OJHQLWLYRVDMÍQ
3DUDGHFLUHOOLEURGH-XDQQRGHFLPRVpWKH
7KHOLJKWDWWKHHQGRIWKHWXQQHO /RQJWLPHQRVHH ERRNRI-XDQqVLQRp-XDQoVERRNq
/DOX]DOîQDOGHOWÔQHO +DFHPXFKRTXHQRWHYHR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
/LNHFORFNZRUN +HoVORVWKLVPDUEOHV IUDVHVHQLQJOÃV"
&RPRXQUHORM 6HKDYXHOWRORFR
$TXÃOHVHODYLÍQGHO5H\
,NQRZLWOLNHWKHEDFNRIP\KDQG 7KH\oYHORVWWKHLUVKLUW (OFRFKHGH&DUORVQRHVQHJUR
/RFRQR]FRFRPRODSDOPDGHPLPDQR +DQSHUGLGRKDVWDODFDPLVD 'ÍQGHHVW»HOFRFKHGH/XLJL"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
'HVFXLGDDKRUDOHVOODPR
8QD SUHJXQWD (V JUDPDWLFDOPHQWH FRUUHFWR HO WÇWXOR GH HVWD VHF WUDVLQWHQFLRQHV)ÇMDWHHQODVVLJXLHQWHVIUDVHVRH[SUHVLRQHVWDQRP
FLÍQ" QLSUHVHQWHVHQHVSDËRO\VXVHTXLYDOHQWHVLJXDOPHQWHRPQLSUHVHQ
2LJRDGLDULRIUDVHVFRPRÃVWDHQHVSDËRO\SDUDPÇQRVRQFRUUHFWDV WHVHQLQJOÃV
3RUTXÃXWLOL]»LVHOSUHVHQWHSDUDDFFLRQHVGHIXWXUR" 9R\SDUDDOO» ,oOOEHULJKWWKHUH
$KRUDEDMR ,oOOEHULJKWGRZQ
(QVHJXLGDYR\0DËDQDORKDJR6LPHGHMDVWHPDWR (QVHJXLGDYXHOYR ,oOOEHULJKWEDFN
$KRUDVXER ,oOOEHULJKWXS
0HUHVXOWDFXULRVDHVWDIRUPDSHUR\DODKHDVLPLODGR\ODXVRWDPELÃQ $KRUDWHYHR ,oOOVHH\RXLQMXVWDPLQXWH
FXDQGRKDEORHQHVSDËRO3HURHQLQJOÃVVXHQDPX\PDO6XHQDSULPL $KRUDOOHJDPRVDHVHSXQWR :HoOOJHWWRWKDWSRLQWVKRUWO\
WLYRXVDUHOSUHVHQWHKDELWXDO,JR,GRLWf,NLOO\RXSDUDLQWHQFLRQHV 0DËDQDOOXHYHVHJXUR 7RPRUURZLWoVJRLQJWRUDLQIRU
GHIXWXUR(QLQJOÃVGHEHPRVSRUREOLJDFLÍQHPSOHDUHOIXWXUR6LGL VXUH
FHVIUDVHVHQLQJOÃVFRPRÃVWDV 6LSXHGRORKDJR ,I,FDQ,oOOGRLW
/HUHFLERVLQRKD\P»V ,oOOUHFHLYHKLPLIWKHUHoVQR
1RZ,FDOOKLP 7RPRUURZ,GRLW ,JRQRZ ,I\RXOHWPH,NLOO\RX UHPHGLR RWKHUFKRLFH
fWHWDFKDU»QGH7DU]»QRGH7HUPLQDWRU6XHQDDFXDQGRVHHPSOHD 8QHVSDËROGHEXHQDIRUPDFLÍQDFDGÃPLFDPHLQVLVWLU»HQTXHWDP
HOLQîQLWLYRHQHVSDËROSDUDHOGREODMHGHORVLQGLRVDPHULFDQRVKRP ELÃQHQFDVWHOODQRORP»VFRUUHFWRHVHPSOHDUHOWLHPSRIXWXURHQHV
EUHEODQFRKDEODUFRQOHQJXDEtÀGD WRVFDVRV6LQHPEDUJRVHR\HP»VHOSUHVHQWHKDELWXDO\HOGH
(QLQJOÃVVLHPSUHGHEHPRVXVDUHOWLHPSRIXWXURSDUDH[SUHVDUQXHV PLVDOXPQRVWUDVODGDQHVWHK»ELWRDOLQJOÃV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6LDWLQRWHLPSRUWDPHYR\DPDUFKDU7HQJRTXHLUDXQFRQFLHU ,I\RXGRQoWPLQG,oPJRLQJWRWDNHRII,KDYHWRDWWHQGDFRQFHUW
WRRUJDQL]DGRSRUODDVRFLDFLÍQGRQGHWUDEDMDPLPXMHU(VSHUR RUJDQL]HGE\WKHDVVRFLDWLRQZKHUHP\ZLIHZRUNV,KRSH,GRQoW
QRTXHGDUPHGRUPLGRDODPLWDG|$K&DVLPHROYLGR+HGHMDGR IDOODVOHHSLQWKHPLGGOHRILW2K,DOPRVWIRUJRW,OHIWWKHîQDO
HOÔOWLPRERUUDGRUGHOFRQWUDWRSDUDHOVWDQGHQWXPHVD5HYÇVDOR GUDIW RI WKH FRQWUDFW IRU WKH VWDQG RQ \RXU GHVN /RRN LW RYHU
\VLHVW»ELHQIÇUPDOR\P»QGDVHORD6LPSVRQGHO'HSDUWDPHQWR DQG LI LWoV RND\ VLJQ LW DQG IRUZDUG LW WR 6LPSVRQ LQ WKH /HJDO
/HJDO 'HSDUWPHQW
(OODPHQWRGHODEHOOD(OYLUDFRQW
(VWLPDGR DPLJR \ DOXPQR 'H QXHYR H[DJHUR SHUR VÍOR XQ SRFR /DV HPSUHVDV XVDQ
6HLVHQWUHYLVWDVEDVWDURQSDUDTXHDOÀQDOVXSLHUD HOLQJOÃVFRPRSULPHUDFULEDSRUTXHHVWROHVSHUPLWHTXLWDUGHHQPHGLRDOGHORV
4XHVLQHOLQJOpVVyORTXHGDEDEDUUHQGHUD
FDQGLGDWRVVLQWHQHUTXHFLWDUOHVSDUDSUXHEDVSVLFRWÃFQLFDVQLSULPHUDVHQWUHYLVWDV6L
7UDVDxRVGHHVWXGLRFRQQRWDEULOODQWH
DOJXLHQGLFHHQVXFXUULFXOXPpQLYHOPHGLRqRPHQRVHVW»GHVFDUWDGRLQFOXVRVLWLHQH
6HHQIUHQWDEDDDOJRELHQDODUPDQWH
QRWDVVREUHVDOLHQWHVHQODFDUUHUD2WUDFRVDTXHKHREVHUYDGRDOJRTXHQRPHJXVWD
(OLQJOpVHOLQJOpVTXpFUX]TXpSUREOHPD HVTXHPXFKDVHPSUHVDVVLQGDUVHFXHQWDDYHFHVFRQFHGHQGHPDVLDGDLPSRUWDQFLDDO
$KRUDHOLQJOpVVXSRQtDXQGLOHPD
LQJOÃV6LHQWUDXQMRYHQFRQXQLQJOÃVLPSHFDEOHHQXQSURFHVRGHVHOHFFLÍQSDUHFHTXH
6XVFROHJLRV\SURIHVQRKDEtDQDFHUWDGR
DODHPSUHVDVHOHFLHJDHOUDFLRFLQLRDOPHQRVDORVUHVSRQVDEOHVGH»UHD/RVGH5HFXUVRV
<OHKDEtDQOHJDGRXQIXWXURFRPSOLFDGR
+XPDQRVVRQP»VDYH]DGRV\VDEHQUHFRQRFHUODH[LVWHQFLDRQRGHRWUDVFXDOLGDGHV6LQ
$ODVEXHQDVHPSUHVDVDODVPiVFRWL]DGDV HPEDUJRÃVWRVVHOHFFLRQDQSDUDRWURVMHIHV\HVWRVMHIHVFXDQGRVHHQWHUDQGHTXHKD\
/HVLQWHUHVDEDQELHQSRFRODVQRWDVODXUHDGDV
DOJÔQFDQGLGDWRFRQXQLQJOÃVH[FHOHQWHLQVLVWHQDYHFHVHQTXHVHDHOHOHJLGR8QEXHQ
1LPLUDEDQORV0DVWHUQLODVPDWUtFXODVGHKRQRU
GRPLQLRGHOLQJOÃVDEUHPXFKDVSXHUWDVHQHOPHUFDGRODERUDO\SURIHVLRQDOHVSDËRO
3RUTXHVLQHOLQJOpVVyORTXHGDEDVROGDGRU
5LFKDUG9DXJKDQ
7REHFRQWLQXHG
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
/DEHO(WLTXHWD
%RWWOH%RWHOOD
%RWWOHRSHQHU6DFDFRUFKRV
9RFDEXODULR%RWWOHRI:LQH%RWHOODGH9LQR
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
1RKDEUÇDLGRDQRVHUTXH,ZRXOGQoWKDYHJRQHXQOHVV |2\HWÇRPHKDVWLUDGRPLFRSD2\PDWH\RXVSLOOHGP\GULQN
KXELHUDVYHQLGRWÔ \RXKDGFRPH |7HODHVW»VEXVFDQGR<RXoUHDVNLQJIRULW
6LHPSUHTXHQRVSDJXHQOR$VORQJDVWKH\SD\XVIRULW &XLGDGRFRQHVDERFD.HHS\RXPRXWKVKXW
KDUHPRVORPHMRUTXHSRGDPRV ZHoOOGRRXUEHVW 6HKDDUPDGRXQDJRUGD,WoVDOONLFNHGRII
6XSRQLHQGRTXHQROR6XSSRVLQJZHGRQoWïQLVKLW +DFHPRVXQVLQSD/HWoVGRDUXQQHU
WHUPLQDPRVTXÃSDVDU»" ZKDWZLOOKDSSHQ"
/OHYDWXEXIDQGDSRUVLDFDVR7DNH\RXUVFDUIMXVWLQFDVH
6LKXELHUDQDFLGRHQ&KLQDVHUÇD,I,oGEHHQERUQLQ&KLQD,oGEH
FKLQR &KLQHVH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV (OVXSHUODWLYR
3URQRPEUHVSRVHVLYRVsHMHUFLFLRVRUDOHV
/RVUHFXDGURVFRQWLHQHQHMHPSORVGHSXUDPHF»QLFDJUDPDWLFDO$TXÇ <RXoUHDIULHQGRIKHUV
SRGU»VFRQVROLGDUWX\DSUREDEDDJLOLGDGFRQORVDGMHWLYRVSRVHVLYRV +HoVDIULHQGRI\RXUV p)ULHQGqVHSURQXQFLDpIUHQGq
P\\RXURXUHWFFRQORVSURQRPEUHVSRVHVLYRVPLQH\RXUVRXUV <RXoUHDIULHQGRIKLV p7KHLUVqVHSURQXQFLDp]HUVq
HWF\FRQORVSURQRPEUHVFRPSOHPHQWRPH\RXXVHWF/HHFDGD :HoUH DOO JRRG IULHQGV FDQoW p,oPDqVHSURQXQFLDp»LPDq
IUDVHHQYR]DOWDFLQFRYHFHVDOGÇDGXUDQWHVHLVPHVHV$VÇOHHU»VFDGD \RXWHOO" p<RXUVqVHSURQXQFLDpLÃUVq
IUDVHXQDVYHFHV/DUHSHWLFLÍQDGLQÀQLWXPHVODÔQLFDIRUPDGH &DQoW\RXWHOO" 1RORYHV"
FRQVHJXLUXQGRPLQLRVHJXURGHODHVWUXFWXUDJUDPDWLFDOGHRWURLGLR
PD3RUVXSXHVWRQRYR\DHVWDUSUHVHQWHFRQWLJRSDUDVDEHUVLORKD
FHVRQRSHURVHU»WXLQJOÃVQRHOPÇRHOTXHVXIULU»ODVFRQVHFXHQFLDV 0LQHLVWKHRQHQH[WWR\RXUV 0LQHEHORQJVWRPH
/XHJRQRWHTXHMHV <RXUVLVWKHRQHQH[WWRPLQH <RXUVEHORQJVWR\RX
(QOD]DELHQODpPqFRQODpDq +LVLVWKHRQHQH[WWRKHUV +LVEHORQJVWRKLP
(QOD]DELHQODpGqFRQODpRq +HUVLVWKHRQHQH[WWRKLV +HUVEHORQJVWRKHU
7KHLUVLVWKHRQHQH[WWRRXUV 2XUVEHORQJVWRXV
/DSULPHUDIUDVH»LPDIUÃQGDIKLV 2XUVLVWKHRQHQH[WWRWKHLUV 7KHLUVEHORQJVWRWKHP
,oPDIULHQGRIKLV :HoUHIULHQGVRI\RXUV
+HoVDIULHQGRIPLQH +HoVDIULHQGRIRXUV
,oPDIULHQGRI\RXUV :HoUHIULHQGVRIKLV 0\ERRNLVPLQH *LYHPHPLQH
<RXoUHDIULHQGRIPLQH 6KHoVDIULHQGRIRXUV <RXUERRNLV\RXUV ,oOOJLYH\RX\RXUV
,oPDIULHQGRIKHUV 6KHoVDIULHQGRIRXUV +LVERRNLVKLV *LYHKLPKLV
6KHoVDIULHQGRIPLQH :HoUHIULHQGVRIKHUV +HUERRNLVKHUV *LYHKHUKHUV
,oPDIULHQGRIWKHLUV :HoUHIULHQGVRIWKHLUV 2XUERRNLVRXUV *LYHXVRXUV
7KH\oUHIULHQGVRIPLQH 7KH\oUHIULHQGVRIRXUV 7KHLUERRNLVWKHLUV *LYHWKHPWKHLUV
<RXoUHDIULHQGRIRXUV 6KHoVDIULHQGRI\RXUV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
|'HEHVHVWDUGHEURPD3RUTXÃHVWDUÇD\RLQWHUHVDGRHQXQLUPH <RXPXVWEHNLGGLQJ:K\ZRXOG,EHLQWHUHVWHGLQMRLQLQJ7D\ORU
D7D\ORU $VRFLDGRV"1RKD\IRUPDGHTXHHOORVPHSDJXHQOR $VVRFLDWHV"7KHUHoVQRZD\WKH\oGEHDEOHWRSD\PHZKDW,JHW
TXHJDQRDTXÇ$GHP»VOOHYRDTXÇODPLWDGGHPLYLGDODERUDO\ KHUH%HVLGHV,oYHEHHQKHUHIRUKDOIP\ZRUNLQJOLIHDQGWKHODVW
ORÔOWLPRTXHTXLHURKDFHUHVLUPH6LQFHUDPHQWHFUHHVTXHQH WKLQJ , ZDQW WR GR LV OHDYH 'R \RX KRQHVWO\ WKLQN ,oG GHDO ZLWK
JRFLDUÇDFRQ7D\ORUDWXVHVSDOGDV"|9HQJD\D|0HFRQRFHVPHMRU 7D\ORUEHKLQG\RXUEDFN"&RPHRQQRZ<RXNQRZPHEHWWHUWKDQ
TXHHVR|9DPRV WKDW&RPHRQ
(OODPHQWRGHODEHOOD(OYLUDFRQW
(VWLPDGRDPLJR\DOXPQR1XHVWUDSREUH(OYLUDVHKDGDGRFXHQWDGHTXHVLQLQJOÃV
$VXVWDGD(OYLUDDFRPHWLyHOLQJOpV WRGRVXEDJDMHHGXFDWLYRYDOHPXFKRPHQRVGHORTXHSHQVDED$KRUDOHWRFDXQWUDJR
&RQYRFDEORVWDQUDURVTXHSDUHFtDMDSRQpV
DPDUJRFRPHQ]DUHQVHULRDORVDËRVDDSUHQGHULQJOÃVXQLGLRPDGHUDÇ]JHUP»QLFD
&RQFRGRV\WHVyQVHSURSXVRYHQFHU
OOHQDGHVRQLGRV\IRUPDVJUDPDWLFDOHVPX\DOHMDGDVGHODOÍJLFDODWLQD/RTXHHVSHRU
8QLGLRPDTXHSURQWRFRPHQ]yDDERUUHFHU
DOLJXDOTXHWDQWRVHVSDËROHVDQWHODLPSHULRVDQHFHVLGDGGHDSUHQGHULQJOÃV(OYLUDQR
$OFDERGHXQPHVOHFDPELDURQGHSURIHVRU HVW»PX\LQVWUXLGDHQFÍPRDERUGDUHOWHPD&ODVHV"&XUVRVLQWHQVLYRV"8QDHVWDQFLD
<HOQXHYRXQSDVRWDFRQDLUHVGHVHGXFWRU
HQ ,QJODWHUUD" 8Q SURIHVRU SDUWLFXODU" (VW» GHVRULHQWDGD SHUR HOLJH \ SRQH WRGR GH
1RWHQtDQLPpWRGRQLVLVWHPDDOJXQR
VXSDUWHFRPRVLHPSUH3HURHOLQJOÃVQRHVFRPRHO»OJHEUDRODKLVWRULDRHODQ»OLVLV
1LFHUHEURPiVJUDQGHTXHXQSLQFKRPRUXQR
PDFURHFRQÍPLFR(VDOJRGLQ»PLFRTXHQRWLHQHYDOLGH]VLXQRQRVDEHPDQHMDUODV
6HLVPHVHVPiVWDUGHWUDVXQFXDUWRLQWHQWR PLOORQHVGHFRPELQDFLRQHV\SHUPXWDFLRQHVTXHYRFDEORVDGPLWHQDGHP»VGH
(OYLUDHPSH]DEDDHQWRQDUXQODPHQWR
HQWHQGHUDFHQWRVGHWRGRVORVFRORUHV$OîQDO(OYLUDVHGDFXHQWDGHORGLIÇFLOTXHHVOD
/DVFODVHVODVQRWDVHOVLVWHPDHGXFDWLYR
WDUHD\HPSLH]DDEXVFDUFXOSDEOHV
/HKDEtDQGHSDUDGRPX\SRFRSRVLWLYR
5LFKDUG9DXJKDQ
7REHFRQWLQXHG
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
6SDFHVKLS1DYH(VSDFLDO
9RFDEXODULR2XWHU6SDFH(VSDFLR6LGHUDO
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
7HOOHYDVELHQFRQHOORV"'R\RXJHWRQZHOOZLWKWKHP" 3LHQVROXHJRH[LVWR,WKLQNWKHUHIRUH,DP
0HHVW»FRVWDQGRVXSHUDUHVWH,oPKDYLQJWURXEOHJHWWLQJRYHU /RVVDELRVVLHPSUHSHQVDPRV*UHDWPLQGVWKLQNDOLNH
UHVIULDGR WKLVFROG LJXDO
7HGHIHQGLVWHFRQWXLQJOÃV'LG\RXJHWE\ZLWK\RXU (VXQKDFKD+HoVDUHDOVWDU
HQ1XHYD=HODQGD" (QJOLVKLQ1HZ=HDODQG" 0HEORTXHRFXDQGRPHKDEOD0\PLQGJRHVEODQNZKHQKH
|'HVKD]WHGHHVHFKLFOH*HWULGRIWKDWFKHZLQJJXP VSHDNVWRPH
QRZ (VFRUWLWR+HoVDELWWKLFN
1RSXHGRFRPXQLFDUPH,FDQoWJHWWKURXJKWRWKHERVV
WHOHIÍQLFDPHQWHFRQHOMHIH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV *LPQDVLDYHUEDO
7KHUHZLOOEH +DEU»
,WoVDPDWWHURIOLIHDQGGHDWK +HKDVWKH0LGDVWRXFK
(VXQDVXQWRGHYLGDRPXHUWH 7RGRORTXHWRFDVHFRQYLHUWHHQRUR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
,WGLGQoWPHHWP\H[SHFWDWLRQV 0LQG\RXUVWHS
1RFXPSOLÍPLVH[SHFWDWLYDV &XLGDGRFRQHOHVFDOÍQXRWURREVW»FXOR &UHRTXHKDEU»XQDîHVWDHOYLHUQHV
1RKDEU»VXîFLHQWHFRPLGDSDUDWRGRHO
7KHUHoVPHWKRGLQKLVPDGQHVV 0RQH\ODXQGHULQJ PXQGR
1RHVW»WDQORFRFRPRSDUHFH /DYDGRGHGLQHURQHJUR +DEU»YLQRHQODîHVWD"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHPDQ\IDFHVRIpIDLUq
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6LHOWHOHYLVRUQRWLHQHPDQGRDGLVWDQFLDFRQXQERWÍQSDUDTXHVHDSD ,IWKH79GRHVQoWKDYHDUHPRWHFRQWUROZLWKDEXWWRQWRDXWRPD
JXHGHIRUPDDXWRP»WLFDHQWRQFHVQRORFRPSUHV/DÔQLFDFRQGLFLÍQ WLFDOO\WXUQLWRIIWKHQGRQoWEX\LW7KHRQO\FRQGLWLRQ,UHTXLUH
TXH\ROHH[LMRDXQWHOHYLVRUHVTXHVHDSDJXHSRUVÇVRORGHVSXÃVGHTXH RQD79LVIRULWWREHDEOHWRWXUQRIIE\LWVHOIDIWHU,IDOODVOHHS
PHGXHUPD3DUDPÇODWHOHYLVLÍQHVFRPRXQVRPQÇIHUR1RPHSXH )RUPHD79LVOLNHDVOHHSLQJSLOO,FDQoWIDOODVOHHSZLWKRXWLWRQ
GRGRUPLUVLQTXHHVWÃHQFHQGLGDSHURQRPHJXVWDGHMDUODHQFHQGLGD EXW,GRQoWOLNHOHDYLQJLWRQDOOQLJKWRUZDNLQJXSDWDP
WRGDODQRFKHRGHVSHUWDUPHDODVGHODPDËDQDSDUDDSDJDUOD WRWXUQLWRII
(OODPHQWRGHODEHOOD(OYLUDFRQW
(VWLPDGR DPLJR \ DOXPQR (Q HO SRHPD H[DJHUR RWUD YH] SHUR QR GHPDVLDGR 8Q
'LIHUHQFLDUVHHQORVHVWXGLRVQRDEUtDODVSXHUWDV
H[FHOHQWH GRPLQLR GHO LQJOÃV DEUH SXHUWDV D PDQVDOYD 6LQ FRQWDU D JHQWH QDWLYD
&RQGLIHUHQFLDUVHHQHOLQJOpVOORYtDQODVRIHUWDV
UHVLGHQWHHQ(VSDËDRDSHUVRQDVFX\RSDGUHRPDGUHHVQDWLYRGHKDEODLQJOHVDQR
1LVXVFROHJLRVQLVXIDFXOWDGOHKDEtDQDYLVDGR
KDEU»HQWRGD(VSDËDP»VGHSHUVRQDVFRQXQQLYHOGHLQJOÃVVLPLODUDOTXHVH
4XHVLQHOLQJOpVHVWDEDWRGRGHVRODGR
HQFXHQWUDDWRGRVORVQLYHOHVVRFLDOHV\SURIHVLRQDOHVHQ'LQDPDUFD+RODQGD6XHFLD
'XUDQWHGLH]DxRV(OYLUDDVLVWtD R 1RUXHJD /RV HVSDËROHV FRQ EXHQ KLVWRULDO DFDGÃPLFR R SURIHVLRQDO TXH DO PLVPR
$FODVHVGHLQJOpVFRQFUHFLHQWHDSDWtD
WLHPSRGHPXHVWUDQXQQLYHOUHDOPHQWHDOWRGHLQJOÃVVHULIDQHQWUHODVHPSUHVDV6L
1RHUDFDSD]GHUHPDWDUODIDHQD
XVWHGKLFLHUDXQDHQFXHVWDGHVXHOGRVHQWUHODVSHUVRQDVGHDDËRVTXHWUDEDMDQ
<VHQWtDFRPRVLIXHUDXQDIXHUWHFDGHQD
HQHPSUHVDVHQ(VSDËDHQFRQWUDUÇDTXHHQWUHORVTXHIRUPDQHOSULPHUWLHQHQFDVL
&RQVLJXLyXQWUDEDMRFRPRUHVSRQVDEOHGHFXHQWD WRGRVXQQLYHOGHLQJOÃVSDUHFLGRDOGHORVHVFDQGLQDYRV(OYLUDDOSDUHFHU\DVHKDGDGR
(QXQDHPSUHVDQDFLRQDOGHGLFDGDDODYHQWD
FXHQWDGHHVWR\DKRUDHVXQSRFRWDUGHSDUDTXHORUHPHGLH$KRUDGHEHJDQDUVHODYLGD
'HSURGXFWRVGHOKRJDUFRQVHGHHQ$OLFDQWH
\FRPRYHU»P»VDGHODQWHHGXFDUDVXVKLMRV
<XQIXWXURSDUDHOODPX\SRFRH[FLWDQWH
5LFKDUG9DXJKDQ
7REHFRQWLQXHG
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
6LQRKXELHUDOODPDGRPH,I,KDGQoWSKRQHG\RXoGKDYH 1RHQWLHQGRQDGDGHORTXHGLFH,FDQoWPDNHKHDGQRUWDLORI
KDEUÇDVPDWDGR NLOOHGPH ZKDWKHoVVD\LQJ
1XQFDKDUÇDXQDFRVDDVÇ,oGQHYHUGRDQ\WKLQJOLNHWKDW 'HTXÃHVWDKDEODQGR":KDWoVKHRQDERXW"
7DUGDVWHPXFKRHQSHUGRQDUPH,WWRRN\RXDORQJWLPHWR 0HYXHOYHORFRDYHFHV+HGULYHVPHFUD]\VRPHWLPHV
IRUJLYHPH &UHRTXHOHIDOWDXQWRUQLOOR,WKLQNKHKDVDVFUHZORRVH
4XÃKDEUÇDVKHFKRVLIXHUDV\R":KDWZRXOG\RXKDYHGRQHLI 6ÇHVXQSRFRUDURYHUGDG"<HDKKHoVDELWZHLUGLVQoWKH"
\RXZHUHPH"
1RKDJDVHOWRQWR'RQoWDFWWKHIRRO
/LS7DSD
0XVLF6WDQG$WULO
.H\V7HFOD
.H\ERDUG7HFODGR
3HGDOV3HGDOHV
9RFDEXODULR*UDQG3LDQR3LDQRGH&ROD
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
+ROD (GGLH &ÍPR WH YD" 'ÍQGH FRQVLJXHV WRGRV HVRV FKLVWHV +L (GGLH +RZoV LW JRLQJ":KHUH GR \RX JHW DOO WKRVH MRNHV \RX
TXHPHPDQGDVSRUHPDLO"'HEHVSDVDUWHKRUDVEXVFDQGRWRGDV VHQGPHE\HPDLO"<RXPXVWVSHQGKRXUVVHDUFKLQJWKH,QWHUQHW
HVDVFRVDVHQ,QWHUQHW6DEHVSDUDVHUVLQFHURFDVLSUHIHULUÇDTXH IRUWKDWVWXII<RXNQRZWRWHOO\RXWKHWUXWK,oGDOPRVWSUHIHU\RX
QRPHPDQGDUDVWDQWRV7HQJRPXFKRWUDEDMR\QRWHQJRWLHPSR GLGQoWVHQGPHVRPDQ\,oYHJRWDORWRIZRUNWRGRDQG,MXVWGRQoW
SDUDOHHUORVWRGRVDSHVDUGHODWHQWDFLÍQ KDYHWLPHWRUHDGWKHPDOOfGHVSLWHWKHWHPSWDWLRQ
(OODPHQWRGHODEHOOD(OYLUDFRQW (VWLPDGR DPLJR \ DOXPQR (OYLUD TXLHUH HQ HVWRV PRPHQWRV HQFRQWUDU D ORV
(VWDEDDVTXHDGD\TXHUtDFXOSDU FXOSDEOHVGHVXGHVWLQR+D\WUHVHOVLVWHPDHGXFDWLYRHVSDËROORVSDGUHVGH(OYLUD
$WHUFHURVSRUVXGHVWLQRXQGHVWLQRWDQYXOJDU \(OYLUDPLVPD(OVLVWHPDHGXFDWLYRWLHQHFRPRKHGLFKRHQRWUDRFDVLÍQDËRV
&RQSRFDVDVSLUDFLRQHV\VXEHOOH]DDMDGD SDUDUHVROYHUHVWDFDUHQFLDIRUPDWLYD\QLVLTXLHUDVHDFHUFDDXQDVROXFLÍQ0»VELHQ
'HFLGLyHPSUHQGHUXQDVDQWDFUX]DGD HPSHRUDODFRVDGHMDQGRDORVHVWXGLDQWHVFRPRFDUQHGHFDËÍQGHODVDFDGHPLDV
'HFLGLyDWDFDUHOVLVWHPDHGXFDWLYR SULYDGDV/RVSDGUHVGH(OYLUDKDEUÇDQKHFKRELHQHQVDEHUORTXHVXKLMDLEDDQHFHVLWDU
8QVLVWHPDSDUDHOODWDQSRFRHIHFWLYR HQODYLGDSDUDSRGHUGHVDUUROODUVHSURIHVLRQDOPHQWHFRQOLEHUWDG+R\HQGÇDVRQ
/DHPSUHQGLyFRQVXVSDGUHVORVSREUHVVHxRUHV FDGDYH]P»VORVSDGUHVTXHVHSUHRFXSDQSRUHVWHWHPDSHUROHVFXHVWDPXFKR
&RQVXVPDHVWURV\SURIHVFRQVXVDQWLJXRVWXWRUHV GLQHURVXSOLUODLQFDSDFLGDGGHOVLVWHPDHGXFDWLYR3HURODSULQFLSDOFXOSDEOHHQWRGR
7RGRVSDUDHOODOHKDEtDQIDOODGR HVWRHV(OYLUD$SDUWLUGHORVDËRVODFKLFDVHJXUDPHQWHVDEÇDTXHHOLQJOÃVHUD
(UDQWRGRVPLRSHVKDEtDQHVWURSHDGR LPSRUWDQWH0XFKRVMÍYHQHVWLHQHQSRFRLQWHUÃVDFLHUWDVHGDGHVSRUGRWDUVHGHODV
(OIXWXURGHHOODSRUVHULJQRUDQWHV KDELOLGDGHVHVHQFLDOHVSDUDHOÃ[LWR2WURVFRPR(OYLUDVLPSOHPHQWHVRQPLRSHV
'HORTXHHOPXQGRGHPDQGDDORVPHMRUHVDVSLUDQWHV
5LFKDUG9DXJKDQ
7REHFRQWLQXHG
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
$HULDO$QWHQD
7UDQVLVWRUUDGLR7UDQVLVWRU
9ROXPH9ROXPHQ
9RFDEXODULR5DGLR5DGLR
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
7HGHMDQOOHYDUURSDQRUPDO 'RWKH\OHW\RXZHDUQRUPDO
3UHIHULUÇDVTXHYLQLHUDP»V :RXOG\RXUDWKHU,FDPHODWHU"
DOWUDEDMR" FORWKHVWRZRUN" WDUGH"
1RQRVKDFHQOOHYDUWUDMHV\ 1RWKH\PDNHXVZHDUVXLWV 3UHIHULUÇDTXHQRYLQLHUDV\ ,oGUDWKHU\RXGLGQoWFRPHIXOO
FRUEDWDV DQGWLHV SXQWR VWRS
4XÃ",QFOXVRDODVPXMHUHV" :KDW"(YHQWKHZRPHQ" 'HMÃPRVORSDUDRWURPRPHQWR /HWoVOHDYHLWIRUDQRWKHUWLPH
/HVGHMDQYHVWLUVHFRPRHOODV 7KH\OHWWKHPGUHVVKRZHYHU
&DPELDPRVGHWHPD" 6KDOOZHFKDQJHWKHVXEMHFW"
TXLHUDQ WKH\ZDQW 4XÃWHDSHWHFHKDFHU" :KDWGR\RXIHHOOLNHGRLQJ"
(VRHVLQMXVWRGHEHUÇDV 7KDWoVXQIDLU\RXVKRXOG
TXHMDUWHSRUHOOR FRPSODLQDERXWLW
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
(VWDPRVHPSH]DQGRFRQPDO :HoUHJHWWLQJRIIWRDEDGVWDUW
0HKHHQDPRUDGR,oPKHDGRYHUKHHOVLQORYHZLWK
SLHFRPRVLHPSUH DVXVXDO SHUGLGDPHQWHGHHOOD KHU
4XH\RVHSDQRVHKDKHFKR $VIDUDV,NQRZQRWKLQJKDV
(VW»EXHQÇVLPD6KHoVDVWXQQHU
QDGD EHHQGRQH $XQTXHHVXQSRFRFUHÇGD$OWKRXJKVKHoVDELWIXOORI
(VWR\GHDFXHUGRFRQWLJR ,DJUHHZLWK\RXWRDFHUWDLQ
KHUVHOI
KDVWDFLHUWRSXQWR H[WHQW /DVDSDULHQFLDVHQJDËDQ$SSHDUDQFHVFDQEHGHFHSWLYH
(VWR\GLVSXHVWRDKDFHU ,oPZLOOLQJWRGRDQ\WKLQJ
(QHOIRQGRHVXQSRFRWÇPLGD'HHSGRZQVKHoDELWVK\
FXDOTXLHUFRVD
+D\TXHFRUUHUULHVJRVGH <RXKDYHWRWDNHULVNVIURPWLPH
YH]HQFXDQGR WRWLPH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
0RVW
0RVWZRPHQLQ6SDLQGRQoWZHDUïRZHUVLQWKHLUKDLU 0RVWEDGJX\VHQGXSLQMDLO
0RVWZRPHQLQ6SDLQGRQoWXVHIDQVUHJXODUO\ /DPD\RUÇDGHORVPDORVDFDEDQHQODF»UFHO
0RVWZRPHQLQ6SDLQDUHDWWUDFWLYH 0RVW6ZHGHVVSHDNPRUHWKDQRQHODQJXDJH
0RVWZRPHQLQ6SDLQVSHDNJRRG(QJOLVK /DPD\RUÇDGHORVVXHFRVKDEODQP»VGHXQLGLRPD
0RVWZRPHQLQ6SDLQDUHPDUULHG (QWRGRVORVHMHPSORVTXHDFDERGHRIUHFHUWHHVWR\KDEODQGRGHOD
0RVWZRPHQLQ6SDLQGRPRVWRIWKHKRXVHZRUN PD\RUÇD GH OD JHQWH HQ JHQHUDO GH OD PD\RUÇD GH ODV UHXQLRQHV HQ
0RVWZRPHQLQ6SDLQKDYHFKLOGUHQ JHQHUDOGHODPD\RUÇDGHODVEDQGHUDVHQJHQHUDOHWF$KRUDIÇMDWHHQ
0RVWZRPHQLQ6SDLQGRQoWKDYHDQRXWVLGHMRE ODVVLJXLHQWHVIUDVHV
0RVWZRPHQLQ6SDLQDUHRYHUZHLJKW 0RVWRIWKHSHRSOH,VDZODVWZHHNZHUH6SDQLVK
0RVWZRPHQLQ6SDLQUHDGJRVVLSPDJD]LQHV /DPD\RUÇDGHODJHQWHTXHYLODVHPDQDSDVDGDHUDHVSDËROD
0RVWZRPHQLQ6SDLQKDYHWKHLURZQEDQNDFFRXQW 0RVWRIWKHPHHWLQJV,DWWHQGHGODVW\HDUZHUHERULQJ
, DJUHH ZLWK VHYHQ RI WKH VHQWHQFHV DERYH /DPD\RUÇDGHODVUHXQLRQHVDODVTXHDVLVWÇHODËRSDVDGRIXHURQDEXUULGDV
+RZPDQ\GR\RXDJUHHZLWK" 0RVWRIWKHïDJVLQ$VLDKDYHWKUHHFRORUV
&DGDIUDVHHQHOUHFXDGURFRPLHQ]DFRQODH[SUHVLÍQpPRVWq /DPD\RUÇDGHODVEDQGHUDVHQ$VLDWLHQHQWUHVFRORUHV
VLQ QLQJXQD SUHSRVLFLÍQ GHVSXÃV &XDQGR TXHUHPRV H[ 0RVWRIWKHEDGJX\V,NQRZKDYHQHYHUVSHQWDGD\LQMDLO
SUHVDUHQLQJOÃVODLGHDGHXQDPD\RUÇDGHJHQWHREMHWRV /DPD\RUÇDGHORVPDORVTXHFRQR]FRMDP»VKDQSDVDGRXQGÇDHQODF»UFHO
FDVRVDVXQWRVHWFVROHPRVHPSOHDUODH[SUHVLÍQpPRVWq 0RVWRIWKH6ZHGHVDWWKHSDUW\VSRNHSHUIHFW(QJOLVK
VHJXLGDLQPHGLDWDPHQWHGHOVXMHWRHQFXHVWLÍQ /DPD\RUÇDGHORVVXHFRVHQODîHVWDKDEODEDQXQLQJOÃVSHUIHFWR
0RVWSHRSOHOLYHLQWHPSHUDWHFOLPDWHV (QORVÔOWLPRVFLQFRHMHPSORVQRVHVWDPRVUHîULHQGRDODPD\RUÇDGH
/DPD\RUÇDGHODJHQWHYLYHHQFOLPDVWHPSODGRV XQJUXSRHVSHFÇîFRRGHWHUPLQDGRGHJHQWHUHXQLRQHVEDQGHUDVHWF
0RVWPHHWLQJVDUHDZDVWHRIWLPH 3RUHVWRFDPELDPRVGHpPRVWVXMHWRqDpPRVWRIWKHVXMHWRq3DUD
/DPD\RUÇDGHODVUHXQLRQHVVRQXQDSÃUGLGDGHWLHPSR WHUPLQDUHVLPSRUWDQWHVDEHUTXHODH[SUHVLÍQHQLQJOÃVSDUDpODPD
0RVWïDJVFRQWDLQPRUHWKDQRQHFRORU \RUÇDGHODVYHFHVqHV
/DPD\RUÇDGHODVEDQGHUDVFRQWLHQHQP»VGHXQFRORU 0RVWRIWKHWLPHpWLPHqVLHPSUHYDHQVLQJXODU
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RWHORYDVDFUHHUSHUR+DUROGVHGHMÍODVOODYHVGHQWURGHOFRFKH <RXoUHQRWJRLQJWREHOLHYHLWEXW+DUROGOHIWWKHNH\VLQWKHFDU
7RGDYÇD HVWDPRV DTXÇ HQ HO EDU GH FDUUHWHUD GHVGH GRQGH WH OODPÃ :HoUHVWLOOKHUHDWWKHURDGVLGHUHVWDXUDQWZKHUH,FDOOHG\RXIURP
KDFHXQDKRUDWUDWDQGRGHHQFRQWUDUXQDIRUPDGHHQWUDUHQHOFRFKH DQKRXUDJRWU\LQJWRîQGDZD\WREUHDNLQWRWKHFDU:HFDOOHGD
+HPRVOODPDGRDXQFHUUDMHURORFDOSHURDÔQQRKDOOHJDGR(QÔOWLPR ORFDOORFNVPLWKEXWKHKDVQoWDUULYHG\HW,IZRUVWFRPHVWRZRUVW
FDVRVLODVFRVDVYDQDSHRUURPSHUÃXQDGHODVYHQWDQDV ,oOOEUHDNRQHRIWKHZLQGRZV
(OODPHQWRGHODEHOOD(OYLUDFRQW
(OYLUD(OYLUDODFXOSDHVGHPXFKRV (VWLPDGRDPLJR\DOXPQR3RGHPRVVDFDUGRVFRVDVLPSRUWDQWHVGHHVWDVHVWURIDVGHO
3HURHOHJLVWHW~PDOWDPELpQORVFDUWXFKRV SRHPD 3ULPHUR DXQTXH H[DJHUR XQ SRFR VREUH OD LPSRUWDQFLD GHO LQJOÃV FRPSDUDGR
([LVWHVRODPHQWHXQDEDODGHLQWHUpV FRQRWUDVFXDOLGDGHV\FRQRFLPLHQWRVVÇHVFLHUWRTXHHVHOFRQRFLPLHQWRRKDELOLGDGTXH
(VDEDODTXHULGDPtDHVDEDODHVHOLQJOpV P»VU»SLGDPHQWH\P»VI»FLOPHQWHDEUHODVSXHUWDVDODHPSUHVDSDUDUHFLÃQOLFHQFLDGRV
3HUGLVWHHOWUHQ\DHVWDUGHPXMHU 3RUHOORHVLPSRUWDQWÇVLPRTXHWDQWRHOMRYHQPLVPRFRPRVXVSDGUHVVHFRQFLHQFLHQGH
<GHFODVHV\PiVFODVHVWHGHEHVDEVWHQHU ODQHFHVLGDGGHTXHDTXÃOVHKDJDFRQXQQLYHOGHLQJOÃVUHDOPHQWHOODPDWLYR6HJXQGR
3HURWLHQHVGRVKLMRVFULDWXUDVLPSROXWDV FRPRVXJHULPRVD(OYLUDHQHOSRHPDHOPHMRUPRPHQWRSDUDFRPHQ]DUHVFXDQGRHOMRYHQ
4XHDEVRUEHQDOYXHORFRVDVJUDQGHV\GLPLQXWDV HVWRGDYÇDQLËR'HVGHTXHOOHJDFRQFXDWURGÇDVGHODFOÇQLFDXKRVSLWDOKD\IRUPDVSDUD
'HVFRQItDGHOFROHJLR\GHORVGLFWDGRVGHO0LQLVWHULR DVHJXUDU OD SUHVHQFLD GHO LQJOÃV D VX DOUHGHGRU /RV QLËRV DEVRUEHQ \ DVLPLODQ ODV FRVDV
1RVRPHWDVDWXVKLMRVDWXPLVPRFDXWLYHULR FRQXQDUDSLGH]\XQDIDFLOLGDGHQYLGLDEOHVSHURWDPELÃQROYLGDQFRQODPLVPDUDSLGH]\
(PSLH]DDKRUDDGRWDUOHVGHOLGLRPD IDFLOLGDG3RUORWDQWRFXDOTXLHUHVWUDWHJLDTXHXVWHGGHFLGDFRQUHVSHFWRDVXVKLMRVGHEHVHU
4XHOHVDEULUiODVSXHUWDVDXQTXHOHVIDOWHGLSORPD DOJRFRQWLQXDGRHQHOWLHPSR'HEHDSOLFDUHOGLFKRHQHVSDËROpVLQSULVDVSHURVLQSDXVDq
7REHFRQWLQXHG 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
1RKD\PXFKRGLQHURHQHO 7KHUHLVQoWPXFKPRQH\LQWKH
(VGHPDVLDGRGLIÇFLO ,WoVWRRGLIïFXOW
EROVR EDJ 7HQHPRVGHPDVLDGRVFRFKHV :HKDYHWRRPDQ\FDUVRQWKH
+D\SRFDGLIHUHQFLDHQWUH 7KHUHoVOLWWOHGLIIHUHQFH
HQODFDOOH URDG
ORVGRV EHWZHHQWKHWZR +D\GHPDVLDGRUXLGR 7KHUHoVWRRPXFKQRLVH
+D\SRFDVSHUVRQDVDTXÇKR\ 7KHUHDUHIHZSHRSOHKHUHWRGD\ 1RHVORVXîFLHQWHPHQWHEDUDWR ,WoVQRWFKHDSHQRXJK
1RKD\PXFKRVKRPEUHV 7KHUHDUHQoWPDQ\PHQZKR
1RKD\VXîFLHQWHV»UEROHV 7KHUHDUHQoWHQRXJKWUHHV
TXHVDEHQHVR NQRZWKDW
'HTXÃHVW»VKDEODQGR" :KDWDUH\RXWDONLQJDERXW"
7LPHV0XOWLSOLFDGRSRU
9RFDEXODULR&DOFXODWRU&DOFXODGRUD
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV *LPQDVLDYHUEDOp7KHUHLVq
%HWKHUHDWRoFORFNRQWKHGRW :HoUHRQWKHVDPHZDYHOHQJWK 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
(VW»WHDOOÇDODVHQSXQWR (VWDPRVHQODPLVPDORQJLWXGGHRQGD IUDVHVHQLQJOÃV"
$OPRVWfEXWQRWTXLWH
4XHVWLRQ +DYH \RX UHDFKHG \RXU JRDO RI EHFRPLQJ ULFK DQG ,oPDOPRVWUHDG\ ,oPQRWTXLWHUHDG\
IDPRXV"$QVZHU1RWTXLWH ,WoVDOPRVWWLPH ,WoVQRWTXLWHWLPH\HW
(QWLHQGHVODUHVSXHVWD"(VW»HOVHËRUFHUFDROHMRVGHVXPHWD" +DYHZHDUULYHG\HW"$OPRVW +DYHZHDUULYHG\HW"1RWTXLWH
9HDPRVP»VHMHPSORV 7KLVLVDOPRVWZKDW,ZDQW 7KLVLVQRWTXLWHZKDW,ZDQW
*LYHPHWZRPLQXWHV,oPQRWTXLWHUHDG\\HW
'DPHGRVPLQXWRV(VWR\FDVLFDVLOLVWR $GLIHUHQFLDGHpDOPRVWqFXDQGRHPSOHDPRVpQRWTXLWHqIRU]D
,oPQRWTXLWHVXUHZKHWKHUWRFDOOKLPRUQRW PRVODHQWRQDFLÍQFRQXQOHYHJHVWRGHUHVLJQDFLÍQ
1RHVWR\GHOWRGRVHJXURVLOODPDUOHRQR 'LG\RXUHDFKWKHîQDOV" 1RWTXLWH
,oPQRWTXLWHRYHUP\FROG\HW /OHJDVWHDODîQDO" 1RfSHURFDVL
&DVLHVWR\UHFXSHUDGRGHPLUHVIULDGRSHURPHTXHGDDOJR +DYH\RXPDGHXSZLWK\RXUJLUOIULHQG\HW" 1RWTXLWH
+LVp0U&OHDQqLPDJHLVQRWTXLWHGHVHUYHG 7HKDVUHFRQFLOLDGRFRQWXQRYLD" 1RGHOWRGR
6XLPDJHQGHp0ÇVWHU3URSHUqQRHVGHOWRGRPHUHFLGD
,WoVQRWTXLWHULJKW /DH[SUHVLÍQpQRWTXLWHqWDPELÃQSXHGHDSDUHFHUGHQWURGHXQD
1RHVW»ELHQGHOWRGR FRQMXJDFLÍQ3XHGHVGHFLUSRUHMHPSORp,GRQoWTXLWHXQGHUVWDQG
\RXq1RWHDFDERGHHQWHQGHUGHOWRGR(QHVWHFDVRpQRWqHVW»
8WLOL]DPRVDGLDULRODH[SUHVLÍQpQRWTXLWHqVHSURQXQFLDpTX»LWq FRQWUDÇGRGHQWURGHODH[SUHVLÍQpGRQRWq2SRUHMHPSORpWKH\
\VLQHPEDUJRQRFRQR]FRDQLQJÔQHVSDËROFDSD]GHHQWHQGHU KDYHQoW TXLWH PDGH XS WKHLU PLQGq 1R DFDEDQ GH GHFLGLUVH GHO
VLTXLHUDVXVLJQLîFDGR1LQJÔQOLEURGHJUDP»WLFDORH[SOLFD\VH WRGR /R LPSRUWDQWH HV UHFRUGDU TXH OD PLWDG GH ODV YHFHV TXH
QRVROYLGDDORVSURIHVRUHVGHLQJOÃVPHQFLRQDUOR6LQHPEDUJR R\HVODSDODEUDpTXLWHqHQXQDIUDVHVHJXUDPHQWHVHWUDWDGHOD
QDGDP»VGHMDUHODXODORXWLOL]DPRVFRQQXHVWURVDPLJRVDQJOR LGHDGHpFDVLFDVLqRpQRGHOWRGRq
SDUODQWHV(OVLJQLîFDGRP»VH[DFWRHVpFDVLFDVLqHQPXFKRVFD
VRV\pQRGHOWRGRqHQRWURV(QHOFDVRGHpFDVLFDVLqFDSWDPRV ,oYHEHHQWHDFKLQJ(QJOLVKIRU\HDUVDQG,oPVWLOOQRWTXLWHVXUH
ODLGHDSRUODSXHUWDWUDVHUDHPSOHDQGRXQDH[SUHVLÍQEDVDGD KRZ WR H[SODLQ FHUWDLQ H[SUHVVLRQV LQ WKH ODQJXDJH LQFOXGLQJ
HQXQDQHJDFLÍQ pQRWTXLWHq
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
+DKDELGRXQDYLRODFLÍQHQODVHJXULGDG$QRFKHDOJXLHQHQWUÍHQ 7KHUHoVEHHQDEUHDFKLQVHFXULW\/DVWQLJKWVRPHERG\JRWLQWRWKH
HOVHUYLGRU\HVWURSHÍYDULRVDUFKLYRVGHODEDVHGHGDWRV1HFHVL VHUYHUDQGPHVVHGXSVHYHUDOGDWDEDVHîOHV:HoOOQHHGDFRXSOHRI
WDUHPRVXQSDUGHGÇDVSDUDGHMDUODVFRVDVFRPRHVWDEDQSHUR GD\VWRJHWWKLQJVEDFNWKHZD\WKH\ZHUHEXW,oPZRUULHGDERXW
HVWR\SUHRFXSDGRSRUFÍPRRFXUULÍHVWR4XLHQTXLHUDTXHIXHVH KRZWKLVKDSSHQHG:KRHYHULWZDVFRXOGoYHGHVWUR\HGPRUHWKDQ
SRGÇDKDEHUGHVWUXLGRP»VGHXQDËRGHWUDEDMR D\HDUoVZRUN
(OODPHQWRGHODEHOOD(OYLUDFRQW (VWLPDGR DPLJR \ DOXPQR $TXÇ DWDFR D WRGRV ORV VLVWHPDV HGXFDWLYRV GHO
PXQGRSRUTXHHQPLRSLQLÍQQRVDEHQSUHSDUDUDODJHQWHDGHFXDGDPHQWH
1RFRQItHVHQORVGHPiVSDUDUHVROYHUWXSUREOHPD
1LHQHOHVWDGRQLHQHOVLVWHPDSDUDVROYHQWDUFDGDWHPD
(OPHMRUVLVWHPDXQLYHUVLWDULRSDUDPÇHVHOQRUWHDPHULFDQR3HURSHFDGHPX\
<DYHVORTXHSDVDFXDQGRVLJXHVODVSDXWDV FDUR\QRSXHGHVDOYDUDWDQWRVTXHOOHJDQGHXQVLVWHPDSULPDULR\VHFXQGDULR
'HORVVLVWHPDVHGXFDWLYRVTXHQRVDEHQQLÁDXWDV TXHYDGHPDOHQSHRU0HMRUDUODHGXFDFLÍQH[LJHPXFKRWLHPSRHVIXHU]R\
6REUHFyPRHQWUHJDUDODYLGDUHDO SDFLHQFLD(Q(VSDËDVHFDPELDGHîORVRIÇD\HQIRTXHHGXFDWLYRVFDGDÍ
([SHUWRVSUHSDUDGRVFRQEDJDMHSURIHVLRQDO DËRVORFXDOGLîFXOWDDÔQP»VODFRQVROLGDFLÍQGHPHMRUDV3HURVR\RSWLPLVWD\
)LQ HQORTXHVHUHîHUHDOLQJOÃV\DHVWDPRVHPSH]DQGRDYHUFRVDVSRVLWLYDV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
&X»QGRVHDQXQFLDU»":KHQZLOOLWEHDQQRXQFHG" 0HHQFDQWDUÇDXQSLQFKRGH,oGORYHDSLHFHRI6SDQLVK
&X»QWRWLHPSRVHSXHGH+RZORQJFDQLWEHNHSWLQWKH WRUWLOODGHSDWDWD RPHOHW
JXDUGDUHQODQHYHUD" IULGJH" &RPÃLVFDOORVGHYHUGDG"'R\RXUHDOO\HDWWULSH"
&X»OHVHOÔQLFRHGLîFLRTXH:KDWoVWKHRQO\EXLOGLQJWKDW 1XQFDWHQJRKDPEUHGHVSXÃV,oPQHYHUKXQJU\DIWHUHDWLQJ
VHSXHGHYHUGHVGHODOXQD" FDQEHVHHQIURPWKHPRRQ" GHFRPHUFRFLGR VWHZ
&ÍPRVHKDU»"+RZZLOOLWEHGRQH" 1RKD\QDGDPHMRUTXHHO<RXFDQoWEHDW6SDQLVKKDP
3XHGHTXHVHFDQFHOH,WPLJKWEHFDQFHOOHG MDPÍQHVSDËRO
4XLÃQFRUWDHOEDFDODRDTXÇ":KRUXQVWKHVKRZKHUH"
3OLHUV3LQ]DV
6FUHZGULYHU'HVWRUQLOODGRU
+DPPHU0DUWLOOR
6DZ6LHUUD
6SDQQHU/ODYHGHWXHUFDV
9RFDEXODULR7RROER[&DMDGHKHUUDPLHQWDV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
(QJOLVKLVWZLFHDVHDV\DV6SDQLVK
7KHUHDUHHLJKWPLOOLRQSHRSOHLQ/RV$QJHOHV7KHUHDUHPLOOLRQ HVpGRVYHFHVWDQJUDQGHqFRPR/RVQJHOHV6LQHPEDUJRHVOD
SHRSOHLQ&DLUR:KDWFDQZHVD\DERXWWKHWZRFLWLHV" IRUPDTXHKDELWXDOPHQWHXWLOL]DPRVFXDQGRFRPSDUDPRVFRVDV
HPSOHDQGRPDJQLWXGHVQXPÃULFDV$KRUDELHQQRHVQHFHVDULR
&DLURLVWZRWLPHVELJJHUWKDQ/RV$QJHOHV TXHDVLPLOHVHVWDIRUPDSXHVWRTXHODIRUPDP»VVHQFLOODWDP
&DLURLVWZLFHDVELJDV/RV$QJHOHV ELÃQHVFRUUHFWDDGHP»VGHLGÃQWLFDDODIRUPDHVSDËROD3HURFRQ
YLHQHTXHHVWÃVDOPHQRVIDPLOLDUL]DGRFRQHOODSRUTXHODYDVDRÇU
:KLFKVHQWHQFHLVPRUHFRUUHFW"%RWKDUHSHUIHFWO\FRUUHFW:KLFK FRQVWDQWHPHQWHVLOOHJDVDWHQHUPXFKRFRQWDFWRFRQHOLQJOÃV
VHQWHQFHLVPRUHFRPPRQ"7KHVHFRQGRQHLVWZLFHDVFRPPRQ
DVWKHîUVWWZRWLPHVPRUHFRPPRQ 9DXJKDQ6\VWHPVLVWZLFHDVJRRGDVLWVFRPSHWLWRUV
0RXQW(YHUHVWLVWKUHHWLPHDVKLJKDVWKH0RQFD\RLQ$UDJÍQ
'RVYHFHVP»VI»FLO 7ZLFHDVHDV\ 7KHEULJKWVLGHRIWKLVVDWHOOLWHUHïHFWVDERXWWLPHVDVPXFK
7UHVYHFHVP»VDOWR 7KUHHWLPHVDVWDOO VXQOLJKWDVWKHGDUNVLGH
8QPLOOÍQGHYHFHVP»V $PLOOLRQWLPHVDVFRPSOLFDWHG 6\PPHWULFDOJRULWKPVDUHDWKRXVDQGWLPHVDVIDVWDV
FRPSOLFDGR DV\PPHWULFRQHV
7KLVQHZFRPSXWHUV\VWHPLVîYHWLPHVDVIDVWDVWKHROGRQH
6HWUDWDGHXQDIRUPDDOJRH[WUDËD\FRPSOLFDGDGHH[SUHVDUHVWH
WLSRGHFRPSDUDWLYR/LWHUDOPHQWHGHFLPRVHQLQJOÃVTXH(O&DLUR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RPHDSHWHFHWUDEDMDUHVWDPDËDQD0HKHWRPDGRWUHVWD]DV ,GRQoWIHHOOLNHZRUNLQJWKLVPRUQLQJ,oYHKDGWKUHHFXSVRIFRIIHH
GHFDIÃ\WRGDYÇDQRSXHGRPDQWHQHUORVRMRVDELHUWRV$QRFKH DQG,VWLOOFDQoWNHHSP\H\HVRSHQ,KDUGO\VOHSWODVWQLJKWDIWHU
FDVLQRGRUPÇGHVSXÃVGHTXHPHGHVSHUWDUDODWRUPHQWDGHJUD WKHKDLOVWRUPZRNHPHXS,WPXVWKDYHEHHQDURXQGEHIRUH,
QL]R'HEÇDGHVHUDOUHGHGRUGHODVFXDQGRPHSXGHYROYHUD ZDVDEOHWRJREDFNWRVOHHS,WVHHPVWKDWWKHROGHU,JHWWKHPRUH
GRUPLU3DUHFHTXHFXDQWRP»VPD\RUPHKDJRP»VPHFXHVWD WURXEOH,KDYHJHWWLQJDJRRGQLJKWoVVOHHS
WHQHUXQDEXHQDQRFKHGHGHVFDQVR
0LDPLJR-RVÃ
(VWLPDGR DPLJR \ DOXPQR(VWH SRHPD HV GH XQ DOXPQR TXH WXYH HQWUH \
5HFXHUGRODSULPHUDFODVHFRPRVLIXHUDD\HU(QWUÍHQHODXOD\PHGLMRp7HQJR
0\PRVWPHPRUDEOHVWXGHQWWKHEHVWRQHRIDOO DËRV\PHGLFHQTXHDKRUDWHQJRTXHDSUHQGHULQJOÃV/HGLJRGHHQWUDGDTXHQR
:DVDVKRUWOLWWOHPDQZLWKDPRXVWDFKHTXLWHVPDOO
PHKDFHJUDFLDWHQHUTXHDSUHQGHUDOJRQXHYRDHVWDVDOWXUDVSHURVRQODVÍUGHQHVq
+HEHJDQKLVÀUVWFODVVDEHJLQQHUDWEHVW
'HVSXÃVHPSHFÃXQDFODVHWÇSLFDGHSULQFLSLDQWH\PHTXHGÃDVXVWDGRGHVXQLYHO
$WDJHEXWZLWKYLJRXUDQG]HVW
(UDXQQLYHOFHURDEVROXWRDEVROXWR1RVDEÇDVLTXLHUDTXHSDUDQHJDUHQLQJOÃV
$SURIHVVLRQDOVROGLHUDUWLOOHU\ZDVKLVJDPH VHGHFÇDpQRq7DPELÃQPHTXHGÃGHVLQïDGRDORÇUVXSURQXQFLDFLÍQ(UDOÍJLFR(O
$QGWRDQQLKLODWH(QJOLVKKLVLPPHGLDWHDLP
EXHQPLOLWDUQRKDEÇDWHQLGRTXHSURQXQFLDUSDODEUDDOJXQDHQRWURLGLRPDHQ
+HZDVRQHPHWHUÀIW\EXWVWURQJDQGUREXVW
DËRV/DSULPHUDFODVHGXUÍGRVKRUDV\FXDQGRWHUPLQÍÃOPHGLMRp(VXVWHGEXHQ
$QGGHWHUPLQHGWRÀJKWDVVXFFHVVZDVDPXVW
SURIHVRU0HKDJXVWDGRODFODVH&UHRTXHYR\DDSUHQGHUHVWHLGLRPDFRQXVWHG
7KHÀUVWWKLQJKHOHDUQHGZDV´P\QDPHLV-RVpµ 4XÃWHQJRTXHKDFHUSDUDPDËDQD"q$SDUWLUGHHVHPRPHQWRpPLDPLJR-RVÃqHO
$QGRQKHDULQJKLVDFFHQW,VWDUWHGWRSUD\
PLOLWDUSURJUHVÍP»VU»SLGDPHQWHTXHHOGHWRGRVORVDOXPQRVTXHKHWHQLGR
´'HDU*RGZK\RQHDUWKLVWKLVVWXGHQWIRUPH
HQPLYLGDHLQFOX\RDJHQWHGHWRGDVODVHGDGHV&X»OIXHVXVHFUHWR"<DORLUHPRV
,ZRXOGUDWKHUEHIRUFHGWRJLYHFODVVWRDWUHHµ
YLHQGRHQODVSUÍ[LPDVîFKDV
7REHFRQWLQXHG 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
1DLOV&ODYRV
9RFDEXODULR7RROER[&DMDGHKHUUDPLHQWDV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
7HHVW»VTXHGDQGRDWU»VHQWXV<RXoUHIDOOLQJEHKLQGLQ\RXU |4XÃWUDEDMRP»VFKDSXFHUR:KDWDORXV\MRE\RXoYHGRQH
HVWXGLRV VWXGLHV KDVKHFKRDOOÇ WKHUH
+D]XQHVIXHU]RSDUDSRQHUWH0DNHDQHIIRUWWRFDWFKXS 1XQFDGLMHTXHIXHVHXQ ,QHYHUVDLG,ZDVDKDQG\PDQ
DOGÇD PDQLWDV
9R\WDQU»SLGRFRPRSXHGR,oPJRLQJDVIDVWDV,FDQ (VDVEDOGDVHVW»QWRWDOPHQWH7KRVHVKHOYHVDUHWRWDOO\
/RVLHQWRHVRQREDVWD,oPVRUU\WKDWoVQRWJRRG WRUFLGDV ZRQN\
HQRXJK 1RWHQÇDXQQLYHOGHEXUEXMD,GLGQoWKDYHDVSLULWOHYHO
|(QWRQFHVORGHMR,TXLWWKHQ 7HFRJLVWHXQSHGRDQWHVGH'LG\RXJHWSLVVHGEHIRUH
KDFHUOR" GRLQJLW"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV *LPQDVLDYHUEDO'HTXLÃQf"VH
WUDGXFHFRPRp:KRVHf"q
7KHSODFHZDVSDFNHGOLNHVDUGLQHV +HDOZD\VSDVVHVWKHEXFN
(OVLWLRHVWDEDGHERWHHQERWH 6LHPSUHSDVDODSHORWD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
+HoVDSDLQLQWKHQHFN +HoVDSHQQ\SLQFKHU
(VXQSHVDGR (VXQDJDUUDGR 'HTXLÃQVRQHVRVEROÇJUDIRV"
1RVÃGHTXLÃQVRQORVEROÇJUDIRV
7KDWoVSDUIRUWKHFRXUVH :KRoVJRLQJWRSLFNXSWKHWDE" 1RVÃGHTXLÃQHVODFDVD
(VRHVW»GHQWURGHORKDELWXDO 4XLÃQYDDSDJDUODVFRQVXPLFLRQHV"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
,JUHZXSZKHUH,ZDVEURXJKWXSDQGHGXFDWHG
,PSRUWDQWHHOYHUERFRPSXHVWRpWRJURZXSqVLJQLîFDKDFHUVH r p7REULQJXSqHVFULDURHGXFDUDRWUDSHUVRQDp,EURXJKWXS
PD\RU FULDUVH R HGXFDUVH 1R VLJQLîFD pFUHFHUq 2LJR FRQ FLHUWD P\FKLOGUHQq(GXTXÃDPLVKLMRV
IUHFXHQFLD D PXFKRV GLUHFWLYRV HVSDËROHV GHFLU pRXU FRPSDQ\ LV
JURZLQJXSq0HFXHVWDQRUHÇUPHFXDQGRORRLJRSRUTXHHVW»QGL r (O YHUER pWR HGXFDWHq VLJQLîFD pIRUPDUq P»V TXH pHGXFDUq
FLHQGROLWHUDOPHQWHpQXHVWUDHPSUHVD\DVHHVW»KDFLHQGRPD\RU (VW»ÇQWLPDPHQWHOLJDGRDODHVFRODUL]DFLÍQ
FLWDq6LTXLHUHVKDEODUGHOEXHQFUHFLPLHQWRGHWXHPSUHVDGL
2XUFRPSDQ\LVJURZLQJ r 7DPELÃQXWLOL]DPRVORVYHUERVpWRUHDUq\pWRUDLVHqSDUDGHFLU
$KRUDIÇMDWHELHQHQODVFXDWURIUDVHVVLJXLHQWHV pFULDUqRpHGXFDUqSHURRVRQPHQRVXVXDOHVFDVRGHpUHDUqR
PHQRVUHFRPHQGDEOHVFDVRGHpUDLVHq(OYHUERpWRUDLVHqHQ
,JUHZXSLQ7H[DV 0HFULÃHQ7H[DV HVWHFRQWH[WRGHEHXVDUVHSDUDODFUÇDGHDQLPDOHVQRSDUDOD
,ZDVEURXJKWXSLQ7H[DV )XLHGXFDGRHQ7H[DV FUÇDGHKLMRVSHURDSHVDUGHHVWRVHXVDPXFKRp,ZDVUDLVHG
,ZDVHGXFDWHGLQ7H[DV &XUVÃPLIRUPDFLÍQ LQ7H[DVq)XLFULDGR\HGXFDGRHQ7H[DV
DFDGÃPLFDHQ7H[DV
0\SDUHQWVEURXJKWPHXS 0LVSDGUHVPHHGXFDURQFRQ r (O VXVWDQWLYR pXSEULQJLQJq HV OD SDODEUD P»V DSURSLDGD
OHQLHQWO\ FLHUWDSHUPLVLYLGDG SDUDODFULDQ]DRHGXFDFLÍQGHODVSHUVRQDVp+HKDGDVWULFW
XSEULQJLQJq 7XYR XQD HGXFDFLÍQ HVWULFWD (O VXVWDQWLYR
r p7R JURZ XSq HV OR TXH XQD SHUVRQD H[SHULPHQWD HQ VX LQ SURYLHQHGHOYHUERFRPSXHVWRpWREULQJXSq
IDQFLDQLËH]\DGROHVFHQFLD7DPELÃQORSXHGHH[SHULPHQWDU
PHQWDORSVLFROÍJLFDPHQWH\DGHDGXOWR'HFLPRVpJURZXSq 3RUWDQWRXQDEXHQDWUDGXFFLÍQSDUDHOWÇWXORGHHVWDO»PLQDVHUÇD
FXDQGRTXHUHPRVGHFLUDDOJXLHQ|1RVHDVLQIDQWLO 0HFULÃGRQGHIXLHGXFDGR\IRUPDGR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6LQRWHGHFLGHVSURQWRDOJXLHQORKDU»SRUWL7HQHPRVTXHWH ,I\RXGRQoWPDNHXS\RXUPLQGSUHWW\VRRQVRPHERG\ZLOOPDNHLW
QHU\DXQDGHFLVLÍQVREUHHOSUR\HFWRGH3HWHUVRQSDUDîQDOHVGH XSIRU\RX:HoYHJRWWRKDYHDGHFLVLRQRQWKH3HWHUVRQSURMHFWE\
PHVRQRVDUULHVJDPRVDSHUGHUWRGRHOFRQWUDWR(UHVHO'LUHFWRU WKHHQGRIWKLVPRQWKRUZHoOOULVNORVLQJWKHHQWLUHFRQWUDFW<RXoUH
*HQHUDO\HOORVFUHHQTXHWÔHUHVTXLÃQOOHYDODYR]FDQWDQWHHQ WKHJHQHUDOPDQDJHUDQGWKH\WKLQN\RXoUHFDOOLQJDOOWKHVKRWVRQ
WRGRHVWR1RVHUÇDEXHQRGDUOHVXQDLPSUHVLÍQGLVWLQWDDHVWDV WKLV ,W ZRXOGQoW EH JRRG WR JLYH WKHP D GLIIHUHQW LPSUHVVLRQ DW
DOWXUDV WKLVSRLQWLQWLPH
0LDPLJR-RVÃFRQW
(VWLPDGR DPLJR \ DOXPQR 0L DPLJR -RVÃ PLOLWDU GH SURIHVLÍQ QR GHMÍ GH
LPSUHVLRQDUPHGXUDQWHORVGRVSULPHURVDËRVGHVXDSUHQGL]DMH0LVWHPRUHV
%XWP\SDWLHQFHLVJROGHQDQGP\VPLOHQHYHUHQGLQJ GHO SULPHU GÇD SURQWR GHVDSDUHFLHURQ DQWH XQD DGPLUDFLÍQ SRU HO HVIXHU]R
$QG,QHYHUJHWDQJU\RUVRXQGFRQGHVFHQGLQJ
TXHKDFÇDHODUWLOOHUR$FULELOODEDDEDOD]RVHOLQJOÃV&RQXQDFHQWRWXUROHQVH
$VDSHUIHFWSURIHVVRU,FDQZHOOPDVTXHUDGH
\ODYR]URQFD\»VSHUDWÇSLFDGHVXHGDG\GHVXUDQJRPLOLWDUIXHUHSLWLHQGR
$QGP\SDWLHQFHLVYDVWZKHQ,NQRZ,·OOEHSDLG
KDVWDODVDFLHGDGIUDVHWUDVIUDVHHQLQJOÃVGHVGHODP»VVHQFLOODKDVWDODP»V
(YHU\GD\IRUWZR\HDUVIURPHLJKWWKLUW\WRWHQ FXULRVD /H HQFDQWDED GHFLU´WKH WUDIÀF LV EXPSHU WR EXPSHUµ HO WU»îFR HVW»
+HUHSHDWHGHDFKVWUXFWXUHDJDLQDQGDJDLQ
DWDVFDGRHVGHFLUGHSDUDFKRTXHDSDUDFKRTXH2WUDIUDVHVX\DHUD´WKHVN\LV
+LVPLOLWDU\GLVFLSOLQHDQGWRWDOGHYRWLRQ
RYHUFDVWµHOFLHORHVW»WDSDGRGHQXEHV(OFDVRHVTXHOHHQFDQWDEDHOUHWRGH
3XVKHGKLVSURJUHVVEH\RQG1HZWRQ·VWKLUGODZRIPRWLRQ
DSUHQGHULQJOÃVVÇSHUROHHQFDQWDEDSRUTXHWHQÇDGHODQWHDXQSURIHVRUDOTXH
,QD\HDUKHFRXOGKDQGOHZLWKUHODWLYHHDVH UHVSHWDED\DGPLUDEDSURIHVLRQDOPHQWH0RUDOHMDHOSURIHVRUORHVWRGR6LHV
5RXWLQHVLWXDWLRQVRIGLIIHUHQWGHJUHHV
XQSHWDUGRQDGLHDSUHQGHDSHVDUGHODWUDFWLYRGHOWHPD6LHVXQIHQÍPHQR
$QGLQWZR\HDUVKLVOHYHOZDVPRUHWKDQHQRXJK
KDVWDORVWHPDVP»VFRPSOLFDGRVVHKDFHQDWUDFWLYRV\HODSUHQGL]DMHDGTXLHUH
7RQHJRWLDWHFRQWUDFWVZLWKPRUHWKDQRQHEOXII
WUD\HFWRULDVVRUSUHQGHQWHV
7REHFRQWLQXHG
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
&RDW$EULJR
-XPSHU-HUVH\
6FDUI%XIDQGD
+DW*RUUR
*ORYHV*XDQWHV
9RFDEXODULR:LQWHUFORWKHV5RSDGHLQYLHUQR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV *LPQDVLDYHUEDO
7RGDVHVWDVIUDVHVFRQWLHQHQODSDODEUD
7RSOD\LWE\HDU 6KHoVZRUWKKHUZHLJKWLQJROG pUDWKHUqHQYH]GHpSUHIHUq
,PSURYLVDUWRFDUGHRÇGDV (OODYDOHVXSHVRHQRUR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
,oPSUHVVHGIRUWLPH &DQ\RXSXOOVRPHVWULQJVIRUPH" 4XLHUHVLUDODSOD\DRSUHîHUHVLUDOD
9R\FRQHOWLHPSRMXVWR 0HSXHGHVD\XGDUDWUDYÃVGHWXVFRQWDFWRV" PRQWDËD"
4XLHUHVMXJDUDOWHQLVRSUHîHUHVMXJDUDO
+HoVQRWSXOOLQJKLVZHLJKW ,KDYHWRSRZGHUP\QRVH EDORQFHVWR"
1RHVW»SRQLHQGRGHVXSDUWH 7HQJRTXHLUDOVHUYLFLRHPSROYDUODQDUL] 4XLHUHVXQYDVRGHYLQRRSUHîHUHVWRPDU
XQDFHUYH]D"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
<RXVWDUW\RXUFDUHHURQFH\RXoYHîQLVKHG\RXUVWXGLHV
6LHQPLVDËRVGHHQVHËDQ]DKXELHUDUHFLELGRXQHXURSRUFDGDYH] ,PHWKHUWZR\HDUVLQWRP\FDUHHUDVDODZ\HU
TXHKHRÇGRGHFLUDXQHVSDËROpFDUHHUqDOUHIHULUVHDVXFDUUHUDXQLYHU /DFRQRFÇDORVGRVDËRVGHLQLFLDUPLDQGDGXUDFRPRDERJDGR
VLWDULDVHUÇDPLOORQDULR(QLQJOÃVODSDODEUDpFDUHHUqVÍORVHUHîHUHD 0RVWSHRSOHHQGXSLQDFDUHHUSODQWKDWWKH\GLGQoWVWXG\IRU
WXYLGDRFDUUHUDSURIHVLRQDO7XpFDUHHUqQRHPSLH]DKDVWDTXHQRKD /DPD\RUÇDGHODJHQWHDFDEDWUDEDMDQGRHQDOJRSDUDORTXHQR
\DVWHUPLQDGRORVHVWXGLRV\HPSUHQGLGRWXWUD\HFWRULDSURIHVLRQDO KDHVWXGLDGR
0\GHJUHHLVLQHQJLQHHULQJEXWP\FDUHHUKDVEHHQLQDFFFRXQWLQJ 6KHoVGRLQJDODZGHJUHH
DQGîQDQFH (OODHVW»KDFLHQGRODFDUUHUDGH'HUHFKR
0HOLFHQFLÃHQLQJHQLHUÇDSHURPLYLGDSURIHVLRQDOODKHGHGLFDGR ,SDLGIRUDOOP\FKLOGUHQoVFROOHJHHGXFDWLRQ((88
DODFRQWDELOLGDG\îQDQ]DV ,SDLGIRUDOOP\FKLOGUHQoVXQLYHUVLW\HGXFDWLRQ58
%HIRUHFKRRVLQJDGHJUHHSODQFRQVLGHUWKHSURVDQGFRQVRIWKH 3DJXÃODFDUUHUDGHWRGRVPLVKLMRV
FDUHHULWZLOOOHDG\RXWR 5HFXHUGDODSDODEUDpFDUHHUqQRWLHQHQDGDTXHYHUFRQODFDUUHUD
$QWHV GH HOHJLU XQD FDUUHUD XQLYHUVLWDULD VRSHVD ORV SURV \ ORV XQLYHUVLWDULD(VXQDSDODEUDTXHQRHQWUDHQHVFHQDKDVWDTXH
FRQWUDVGHODDFWLYLGDGDODFXDOGLFKDFDUUHUDWHFRQGXFLU» XQRQRLQLFLHGHYHUGDGXQDDFWLYLGDGGHQWURGHXQDRULHQWDFLÍQ
:KDW GHJUHH \RX RULJLQDOO\ REWDLQHG KDV OLWWOH LQïXHQFH RQ WKH SURIHVLRQDOFRQFUHWD+D\JHQWHTXHYDGDQGRWXPERVSRUVXYLGD
FDUHHUSDWKZHSORWIRU\RXLQWKLVRUJDQL]DWLRQ ODERUDO VLQ QXQFD GHGLFDUVH D XQD DFWLYLGDG TXH SXGLHUD GHQR
/DFDUUHUDXQLYHUVLWDULDTXHRULJLQDOPHQWHKLFLVWHLQïX\HSRFRHQ PLQDUVHpP\FDUHHUq0LSDGUHVHOLFHQFLÍHQHPSUHVDULDOHVKH
HOFDPLQRSURIHVLRQDOTXHWHWUD]DPRVHQHVWDRUJDQL]DFLÍQ REWDLQHG D GHJUHH LQ %XVLQHVV $GPLQLVWUDWLRQ 6LQ HPEDUJR VX
,PHWKHUZKHQ,ZDVDWWKHXQLYHUVLW\ WUD\HFWRULDSURIHVLRQDOVHRULHQWÍSRUFRPSOHWRDOPXQGRGHOVH
/DFRQRFÇFXDQGRKDFÇDODFDUUHUD JXURGHYLGDKLVFDUHHUZDVLQOLIHLQVXUDQFH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
$OIUHG$GOHUXQIDPRVRSVLFÍORJRDXVWUÇDFRGLMRXQDYH]TXHHO $OIUHG $GOHU D IDPRXV $XVWULDQ SV\FKRORJLVW RQFH VDLG WKDW WKH
SULQFLSDOSHOLJURGHODYLGDHVTXHWRPDPRVGHPDVLDGDVSUHFDX FKLHI GDQJHU LQ OLIH LV WKDW ZH PD\ WDNH WRR PDQ\ SUHFDXWLRQV
FLRQHV(VRHVI»FLOGHGHFLUVREUHWRGRVLFRPR$OIUHG$GOHUWLH 7KDWoV HDV\ WR VD\ HVSHFLDOO\ LI OLNH $OIUHG $GOHU \RX KDYH IHZ
QHVSRFDVSUHRFXSDFLRQHVHFRQÍPLFDV3DUDJHQWHQRUPDOFRPR îQDQFLDOZRUULHV)RUQRUPDOSHRSOHOLNHPH,KDYHEHH[WUHPHO\
\R WHQHPRV TXH VHU H[WUHPDGDPHQWH FXLGDGRVRV FRQ QXHVWUR FDUHIXOZLWKP\PRQH\DQGKRZ,LQYHVWLW
GLQHUR\FRQFÍPRORLQYHUWLPRV
0LDPLJR-RVÃFRQW (VWLPDGR DPLJR \ DOXPQR 'XUDQWH HO WHUFHU DËR GH FODVH PL DPLJR -RVÃ
,Q\HDUQXPEHUWKUHH,IRXQGVRPHWKLQJTXLWHVWUDQJH FRQWUDMRXQDHQIHUPHGDGTXHDFDEÍFRQVXYLGD1RPHGLMRQDGDSHURVÇSHUFLEÇ
$QG,VWDUWHGWRQRWLFHDWURXEOLQJFKDQJH XQFDPELRHQVXSURJUHVR$OSULQFLSLRORDFKDFDEDDVXHGDG,EDDFXPSOLU
+LVLQFUHGLEOHSURJUHVVEHJDQWRVXEVLGH ORVDËRV\\RSHQVDEDTXHHUDOÍJLFRTXHODPHPRULDHPSH]DUDDIDOODUOH
$QG,VDZWKHUHZDVVRPHWKLQJKHZDQWHGWRKLGH \TXHHOJUDQHVIXHU]RTXHKDEÇDKHFKRFRPHQ]DVHDSDVDUOHIDFWXUD3HURDO
1HDUWKHHQGRIWKH\HDULWZDVWRWDOO\FOHDU FDERGHXQRVPHVHVHVWDEDFODURTXHKDEÇDDOJRP»V6XGRPLQLRGHOLQJOÃVVH
7KDWWKHHIIRUWDQGZLOORIWKLVDUP\HQJLQHHU UHVTXHEUDMDED<RQRGHFÇDQDGD0HOLPLWDEDDVHJXLUHQVHË»QGROHORPHMRU
:DVXQDEOHWRVWRSWKHVWHDG\GHFOLQH TXHVDEÇD(OQRGHMÍHQQLQJÔQPRPHQWRDDVLVWLUDFODVH\DHVWXGLDU0»V
,QKLVPDVWHU\RI(QJOLVKRQH\HDUSULRUGLYLQH WDUGHVXSHTXH\DVDEÇDTXHOHTXHGDEDSRFRWLHPSRSHUROHHQFDQWDEDODFODVH
%XWKLVDWWHQGDQFHZDVSHUIHFWDQGKLVHIIRUWVXSUHPH \OHJXVWDEDWHQHUXQUHWRWRGDYÇDHQODYLGDHQHVWHFDVRHOLQJOÃV5HFXHUGR
$QGKLVVSLULWSHUVLVWHQWDQGKLVSDVVLRQIXOOVWHDP SHUIHFWDPHQWHFÍPRDYHFHVOHUHJDËDEDSRUKDEHUROYLGDGRXQDHVWUXFWXUD
%XWKLVJUDPPDUZDVEUHDNLQJDQGKLVPHPRU\VSHQW RSRUFDHUHQHOPLVPRHUURUSRUHQÃVLPDYH]0LDPLJR-RVÃVLPSOHPHQWHVH
$QGKLVSURJUHVVZDVQRZLQDVSLUDOOLQJGHVFHQW GLVFXOSDED\VHJXÇDWUDEDMDQGRDWRSH
7REHFRQWLQXHG 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
&X»QWRVDËRVWHQÇDVFXDQGR +RZROGZHUH\RXZKHQ,ZDV
'ÍQGHFRQVHJXLVWHHVH :KHUHGLG\RXJHWWKDWKDW"
\RQDFÇ" ERUQ" VRPEUHUR"
7HQÇDWUHVFXDQGRQDFLVWH ,ZDVZKHQ\RXZHUHERUQ 0HORUHJDOÍPLDEXHOR 0\JUDQGIDWKHUJDYHLWWRPH
1RHUHVWDQYLHMRFRPRPL <RXoUHQRWDVROGDVP\
(VRVVRPEUHURVHVW»QGH 7KRVHKDWVDUHLQIDVKLRQQRZ
KHUPDQR EURWKHU PRGDDKRUD
&X»QWRVDËRVWLHQHÃO" +RZROGLVKH" 0HGDLJXDOQRVLJRODPRGD ,GRQoWFDUH,GRQoWIROORZ
(VPXFKRPD\RUTXHWÔ +HoVPXFKROGHUWKDQ\RX IDVKLRQ
6HQRWDSRUORVSDQWDORQHV <RXFDQWHOOIURPWKHWURXVHUV
TXHOOHYDVSXHVWRV \RXoUHZHDULQJ
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
&X»QWRKDFHTXHQRYHVD +RZORQJKDVLWEHHQVLQFH\RX
6LPHGLHUDQXQDOLEUDSRUFDGD,I,KDGDSRXQGIRUHYHU\WLPH
'DYH" VDZ'DYH" YH]TXHPHKDQGLFKRHVRf VRPHERG\VDLGWKDWWRPH
/OHYRFXDWURDËRVVLQYHUOH ,KDYHQoWVHHQKLPIRUIRXU &X»QWRKDEUÇDVDKRUUDGR" +RZPXFKZRXOG\RXKDYH
\HDUV VDYHG"
3RUTXÃQROHKDVYLVWRHQORV :K\KDYHQoW\RXVHHQKLPLQ
7HQGUÇDDKRUUDGDVXQDVWUHV ,oGKDYHVDYLQJVRIDERXWWKUHH
ÔOWLPRVDËRV" WKHODVWIHZ\HDUV" OLEUDV SRXQGV
7XYLPRVXQDIXHUWHGLVFXVLÍQ :HKDGDELJDUJXPHQW
&X»OHVHOWLSRGHFDPELR :KDWoVWKHH[FKDQJHUDWH
6LHPSUHOHJXVWÍGLVFXWLU +HDOZD\VOLNHGWRDUJXH HQWUHODOLEUD\HOHXUR" EHWZHHQWKHSRXQGDQGWKH
HXUR"
8QDOLEUDVLJXHYDOLHQGRP»V $SRXQGLVVWLOOZRUWKPRUH
TXHXQHXUR WKDQDHXUR
7VKLUW&DPLVHWD
)OLSïRSV&KDQFODV
&DS*RUUD
6KRUWV3DQWDOÍQFRUWR
6ZLPPLQJWUXQNV%DËDGRU
9RFDEXODULR6XPPHUFORWKHV5RSDGHYHUDQR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
(VDVïRUHVVHHVW»Q7KRVHðRZHUVDUHZLWKHULQJ
'HPDVLDGDVFRFLQHUDV 7RRPDQ\FRRNVVSRLOWKHEURWK
PDUFKLWDQGR HVWURSHDQHOFDOGR
6HPHROYLGÍUHJDUODV,IRUJRWWRZDWHUWKHP 0XFKDVPDQRVIDFLOLWDQHO 0DQ\KDQGVPDNHOLJKWZRUN
'HEHUÇDVFXLGDUODVSODQWDV<RXVKRXOGORRNDIWHUSODQWVDV
WUDEDMR
FRPRVLIXHUDQXQDPDVFRWD LIWKH\ZHUHDSHW /DDXVHQFLDKDFHTXHHO $EVHQFHPDNHVWKHKHDUWJURZ
4XÃGHEHUÇDGDUOHV":KDWVKRXOG,IHHGWKHP" FRUD]ÍQVHHQFRMDP»V IRQGHU
7HUQXUDFDULËR\PXFKR7HQGHUQHVVDIIHFWLRQDQGDORW
2MRVTXHQRYHQFRUD]ÍQTXH 2XWRIVLJKWRXWRIPLQG
FXLGDGR RIFDUH QRVLHQWH
/DRULJLQDOLGDGQRHVPLIXHUWH 2ULJLQDOLW\LVQRWP\VWURQJ
SRLQW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 9HUERVLUUHJXODUHV
7KHVWRU\RIKLVWRU\DQGWKHKLVWRU\RIVWRULHV
/RV HVSDËROHV VROÃLV FRQIXQGLU FRQ FLHUWD IUHFXHQFLD ODV SDODEUDV /DKLVWRULDGH5RPDHVLQWHUHVDQWH
pKLVWRU\q\pVWRU\q/DSULPHUDVHUHîHUHÔQLFDPHQWHDODGRFXPHQ 7KHKLVWRU\RI5RPHLVLQWHUHVWLQJ
WDFLÍQHLQWHUSUHWDFLÍQGHDFRQWHFLPLHQWRVGHOSDVDGR/DVHJXQGDHV /DKLVWRULDTXHPHHVW»VFRQWDQGRHVLQWHUHVDQWH
QXHVWUDSDODEUDHQLQJOÃVSDUDFXHQWRUHODWRQDUUDWLYDRXQDKLVWRULD 7KHVWRU\\RXoUHWHOOLQJPHLVLQWHUHVWLQJ
TXHVHFXHQWD /DKLVWRULDHVXQDODUJDKLVWRULDGHODYDQLGDGKXPDQD
6XHQDH[WUDËRRÇUIUDVHVFRPRODVLJXLHQWHp,KHDUGDIXQQ\KLVWRU\ +LVWRU\LVDORQJVWRU\RIKXPDQYDQLW\
\HVWHUGD\q 'H KHFKRXQDQJORSDUODQWHWDUGDUÇDXQRV VHJXQGRV HQ 1RPHYHQJDVFRQODPLVPDKLVWRULD
GDUVHFXHQWDGHORTXHHVW»GLFLHQGRVXLQWHUORFXWRU/DSULPHUDSDUWH 'RQoWWHOOPHWKHVDPHVWRU\DJDLQ
GHOWÇWXORGHHVWDVHFFLÍQSRGUÇDWUDGXFLUVHDOJRDVÇFRPRp(OUHODWRGH /DKLVWRULDWXYRXQîQDOIHOL]
ODKLVWRULDq:LOO'XUDQWXQJUDQKLVWRULDGRUQRUWHDPHULFDQRGHGLFÍ 7KHVWRU\KDGDKDSS\HQGLQJ
DËRVGHVXYLGDDHVFULELUp7KH6WRU\RI&LYLOL]DWLRQqGHS» (OOLEURUHODWDODKLVWRULDGHODH[SHGLFLÍQDO3ROR6XU
JLQDV3RUTXÃQRORWLWXOÍp7KH+LVWRU\RI&LYLOL]DWLRQq" 7KHERRNWHOOVWKHVWRU\RIWKHH[SHGLWLRQWRWKH6RXWK3ROH
6R\OLFHQFLDGRHQKLVWRULDGHODUWH
r 7KH6WRU\RI&LYLOL]DWLRQXQDQDUUDWLYDTXHUHODWDHOGLVFXUULU ,KDYHDGHJUHHLQDUWKLVWRU\
GHODFLYLOL]DFLÍQGHVGHVXDSDULFLÍQKDVWDKR\ /DKLVWRULDGHODUWHLQFOX\HODKLVWRULDGHFDGDSLQWRU
$UWKLVWRU\LQFOXGHVWKHVWRU\RIHYHU\DUWLVW
r 7KH+LVWRU\RI&LYLOL]DWLRQXQDHQXPHUDFLÍQ\GHVFULSFLÍQGH (OSURIHVRUGHKLVWRULDQRVFXHQWDKLVWRULDVDFHUFDGHVXDEXHOR
ORVDFRQWHFLPLHQWRVTXHKDQFRQIRUPDGRODFLYLOL]DFLÍQ 7KHKLVWRU\WHDFKHUWHOOVXVVWRULHVDERXWKLVJUDQGIDWKHU
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
$PHGLGDTXHHOSROLFÇDVHDFHUFDEDDOFHQWURFRPHUFLDOSDUDHFKDU $VWKHSROLFHPDQDSSURDFKHGWKHVKRSSLQJFHQWHUWRFKHFNRQD
XQYLVWD]RDXQLQFLGHQWHGHKXUWRHQXQDWLHQGDVHSHUFDWÍGHXQ VKRSOLIWLQJ LQFLGHQW KH QRWLFHG D PDQ ZLWK VHYHUDO SODVWLF EDJV
KRPEUHFRQYDULDVEROVDVGHSO»VWLFRDQGDQGRU»SLGDPHQWHKDFÇD ZDONLQJ TXLFNO\ WRZDUG D SDUNHG FDU +H RUGHUHG WKH PDQ WR
XQFRFKHDSDUFDGR2UGHQÍDOKRPEUHTXHVHSDUDUDJULW»QGROH VWRSVKRXWLQJWKHRUGHUWKUHHWLPHV)LQDOO\KHSXOOHGRXWKLVJXQ
WUHVYHFHV)LQDOPHQWHVDFÍVXDUPD\OHGLVSDUÍPDW»QGROH(O DQG VKRW KLP GHDG7KH PDQ QHYHU KHDUG WKH SROLFHPDQoV RUGHU
KRPEUHQXQFDR\ÍODRUGHQGHOSROLFÇDSRUTXHHUDHVWXGLDQWHGH EHFDXVHKHZDVDVWXGHQWDWWKHORFDOVFKRROIRUWKHGHDI
XQDHVFXHODFHUFDQDSDUDVRUGRV
0LDPLJR-RVÃFRQW (VWLPDGRDPLJR\DOXPQR7UDVODPXHUWHGH-RVÃVXHVSRVDPHHQWUHJÍXQDFDUWD
7KHQRQH6XQGD\-XOLWDWKHZLIHRI-RVp HQODTXHHOPLOLWDUKDEODEDGHPLpPÃWRGRqTXHWDQWROHKDEÇDJXVWDED3HURVH
*DYHWKHQHZVWKDWKHUKXVEDQGKDGMXVWSDVVHGDZD\ HTXLYRFDED1RHUDPLPÃWRGRORTXHOHJXVWDEDDQXHVWURDPLJR-RVÃ)XHPLHVWLOR
+HKDGOHIWPHDOHWWHUZKLFK,VWLOONHHSWRGD\ GHHQVHËDQ]DSURGXFWRGHODHQHUJÇD\GHODSDVLÍQTXHDSOLFRDFDGDFRVDTXHKDJR
7KHODVWOHWWHUZULWWHQE\P\JRRGIULHQG-RVp &XDOTXLHUPÃWRGRGHHQVHËDQ]DHQPDQRVGHXQDSDVLRQDGRSRUODHQVHËDQ]D\D
´'HDUWHDFKHU,·POHDYLQJZLWKRXWKDYLQJSDLG VHDGHLQJOÃVGH»OJHEUDRGHDQWURSRORJÇDSURGXFLU»UHVXOWDGRVVRUSUHQGHQWHVHQ
7KHGHEWWKDW,RZHIRU\RXUKRO\FUXVDGH ORVDOXPQRV$ODLQYHUVDXQRSXHGHHQWUHJDUHOPHMRUPÃWRGRMDP»VGLVHËDGRFRQ
0\ODVW\HDUVZHUHIXQZLWKWKHSURYRFDWLYH¶UHWR· HVSHFW»FXORGHOX]\VRQLGRDXQSURIHVRUGHOPRQWÍQ\ORVDOXPQRVVHJXLU»QFRQ
7RPDVWHU\RXUODQJXDJHZLWK\RXUGHOLJKWIXO¶OLEUHWR· ODDSDWÇDGHVLHPSUH6RQORVDOXPQRVTXLHQHVDSUHQGHQQRHOSURIHVRU\FRPSHWH
´,I,·PUHLQFDUQDWHGZKLOH\RXDUHVWLOOKHUH D ÃVWH VHU HO FDWDOL]DGRU GHO DSUHQGL]DMH &XDOTXLHU WHPD HV LQWHUHVDQWH \ KDVWD
,ZLOOVHQGRXWGHWHFWLYHVZLWKHOHFWURQLFJHDU IDVFLQDQWHFXDQGRHVHQVHËDGRSRUXQDSDVLRQDGRSURIHVRUFDSD]GHFRQHFWDUFRQ
7RÀQG\RXDQGEULQJ\RXWRWHDFKPHRQFHPRUH VXVDOXPQRV&XDQGRXQDOXPQRVHGDFRQXQSURIHVRUGHHVWHWLSRHODSUHQGL]DMH
:LWKWKDWPHWKRG\RXXVHWKDW,VRPXFKDGRUHµ FDPELDGHWUD\HFWRULD\DGTXLHUHYHORFLGDGHVVXSHUVÍQLFDV(ODOXPQROLWHUDOPHQWH
)LQ GHYRUDHO»UHDGHVDEHUHQFXHVWLÍQ7RGRJLUDHQWRUQRDOSURIHVRU
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
/XQJV3XOPRQHV
+HDUW&RUD]ÍQ
/LYHU+ÇJDGR
9RFDEXODULR2UJDQVUJDQRV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV +RZPXFKf"
1RROYLGHVTXHHOVXVWDQWLYRpPRQH\qHV
+HZHQWIURPUDJVWRULFKHV 7KHUHoVDORWRIUHGWDSHLQYROYHG LQFRQWDEOHHQLQJOÃV
3DVÍGHODSREUH]DDODULTXH]D ,QFOX\HPXFKRSDSHOHREXURFU»WLFR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
*LYHWKHPUHGFDUSHWWUHDWPHQW ,WoVZLWKRXWUK\PHRUUHDVRQ IUDVHVHQLQJOÃV"
7U»WDORVDFXHUSRGHUH\ 1RWLHQHQLSLHVQLFDEH]D &X»QWRGLQHURKD\HQODFXHQWDQÔPHUR
"
,VPHOODUDW 6DYHLWIRUDUDLQ\GD\ +D\HQODFXHQWDQÔPHUR
+D\DOJRVRVSHFKRVRDTXÇ *X»UGDORSDUDFXDQGRWHSXHGD 1RKD\GLQHURHQODFXHQWDQÔPHUR
KDFHUIDOWD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
:HVDLOHGVWUDLJKWWKURXJKWKHVWUDLW1DYHJDPRVWRGRUHFWRDWUDYÃVGHOHVWUHFKR
&RPR WRGRV VDEÃLV HO VLJQLîFDGR FO»VLFR GH pVWUDLJKWq HV UHFWR <DKHPRVGLFKRTXHpVWUDLJKWqVLJQLîFDUHFWRRGHUHFKR6LQHP
RGHUHFKR6HSURQXQFLDpVWUHLWqDOLJXDOTXHODSDODEUDLQJOHVD EDUJRHVXQDSDODEUDTXHVHXVDPXFKÇVLPR\TXHDGPLWHP»V
SDUDGHQRPLQDUXQHVWUHFKRJHROÍJLFRHOFXDOVHHVFULEHpVWUDLWq GHDGMHWLYRVRDGYHUELRVP»VHQFDVWHOODQR(QODVGRVSUÍ[L
7KH6WUDLWRI*LEUDOWDU PDVîFKDVYDPRVDHQWUDUGHOOHQRDHQXPHUDUWRGRVVXVXVRV
7KH6WUDLWRI0DJHOODQ 'R\RXNQRZZKHUHWKHVHVL[LPSRUWDQW PXFKRVLQWHUHVDQWHV\KDVWDFXULRVRVSHURSULPHURTXLHURKDFHU
7KH6WUDLWRI+RUPX] VWUDLWVDUHORFDWHG"1RWLFHKRZZHXVH PHQFLÍQGHOYHUERHQLQJOÃVTXHSURYLHQHGHODGMHWLYRRGHODG
7KH6WUDLWRI0DODFFD WKH/DWLQVW\OHRIVSHHFKH[FHSWZKHQ YHUELRpVWUDLJKWq6HWUDWDGHpWRVWUDLJKWHQq
7KH6WUDLWRI2UDQWR UHIHUULQJWRWKH%HULQJ6WUDLW
7KH%HULQJ6WUDLW 7RVWUDLJKWHQHQGHUH]DU
6RPXFKIRUVWUDLWV\DHVW»ELHQGHHVWUHFKRV'HDKRUDHQDGH 6WUDLJKWHQ\RXUEDFN3ÍQWHGHUHFKR
ODQWH IURP QRZ RQ YR\ D FHQWUDUPH HQ OD SDODEUD pVWUDLJKWq 7RVWUDLJKWHQRXWUHVROYHUDUUHJODU
FRPRDGMHWLYR\DGYHUELR ,WWRRNPHDQKRXUWRVWUDLJKWHQHYHU\WKLQJRXW7DUGÃ
&RPRDGMHWLYR 7KLVLVDVWUDLJKWOLQH XQDKRUDHQUHVROYHUORWRGR
(VWDHVXQDOÇQHDUHFWD 7RVWUDLJKWHQXSRUGHQDU
&RPRDGYHUELR +HZHQWVWUDLJKWKRPHDIWHUZRUN 6WUDLJKWHQXS\RXUURRPEHIRUHOHDYLQJ2UGHQDWXKD
)XHGLUHFWDPHQWHDFDVDGHVSXÃVGHOWUDEDMR ELWDFLÍQDQWHVGHVDOLU
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
5HDOPHQWHFUHHVTXHVHYDQDFUHHUHVDKLVWRULD"3RUTXÃQROHV 'R\RXUHDOO\WKLQNWKH\oUHJRLQJWREHOLHYHWKDWVWRU\":K\GRQoW
FXHQWDVODYHUGDG"6HGDU»QFXHQWDGHTXHDOîQ\DOFDERHUHV \RXMXVWWHOOWKHPWKHWUXWK"7KH\oOOUHDOL]HWKDW\RXoUHKXPDQDIWHU
KXPDQR\SUREDEOHPHQWHWHSHUGRQDU»Q$GHP»VWRGRVROYLGD DOODQGZLOOSUREDEO\IRUJLYH\RX%HVLGHVZHDOOIRUJHWPHHWLQJV
PRVUHXQLRQHVRFLWDVHQDOJÔQPRPHQWRDVÇTXHSRUTXÃLEDV RUDSSRLQWPHQWVDWVRPHSRLQWVRZK\VKRXOG\RXEHGLIIHUHQW"
DVHUWÔGLIHUHQWH"/DÔQLFDGLIHUHQFLDDTXÇHVTXHQRHUDXQDFLWD 7KHRQO\GLIIHUHQFHKHUHLVWKDWLWZDVQoWMXVWDQ\DSSRLQWPHQW,W
FXDOTXLHUD(UDWXSURSLDERGD ZDV\RXURZQZHGGLQJ
(VWLPDGRDPLJR\DOXPQR0XFKRVHVWXGLDQWHVDOîQDOL]DUODFDUUHUDSRVSRQHQVXHQ 0iVWHUHQ'LUHFFLyQGH(PSUHVDV
0iVWHUHQ'HUHFKR&RPXQLWDULR
WUDGDHQHOPHUFDGRODERUDOSDUDKDFHUDOJÔQWLSRGH0»VWHU([LVWHXQDEDQLFRLPSUHVLR
0iVWHUHQ5HODFLRQHV/DERUDOHV
QDQWHGHRSFLRQHV,QFOX\RDODGHUHFKDVÍORGHODVP»VGHFLHQSRVLELOLGDGHV$OJXQRV 0iVWHUHQ*HVWLyQGH3DWULPRQLRV
MÍYHQHVTXLHUHQDËDGLUXQHOHPHQWRSU»FWLFRDORVHVWXGLRVH[FHVLYDPHQWHWHÍULFRVGHOD 0iVWHUHQ'LUHFFLyQGH3UR\HFWRV
XQLYHUVLGDG2WURVVLPSOHPHQWHGHVHDQDODUJDUHOSHUÇRGRGHHVWXGLRDQWHVGHHQWUDUHQOD 0iVWHUHQ5HFXUVRV+XPDQRV
YLGDUHDO6HDSXQWDQDXQP»VWHU\GHGLFDQI»FLOPHQWHKRUDV\DYHFHVPXFKDVP»V 0iVWHUHQ%ROVD\0HUFDGRVÀQDQFLHURV
DODREWHQFLÍQGHOWÇWXOR'HVSXÃVHQWUDQîQDOPHQWHHQHOPHUFDGRODERUDO\DODPD\RUÇD 0iVWHUHQ7HFQRORJtD(QHUJpWLFD
VH OHV FLHUUDQ ODV PHMRUHV SXHUWDV SRU OD IDOWD GH XQ DOWR QLYHO GH LQJOÃV 'HVSXÃV VL OHV 0iVWHUHQ7ULEXWDFLyQ
SUHJXQWDVVLHVW»QGLVSXHVWRVDGHGLFDUKRUDVRP»VDOLGLRPDWHGLU»QTXHQRWLHQHQ 0iVWHUHQ&RPHUFLR,QWHUQDFLRQDO
HVHWLHPSRQLHVHGLQHUR6LQHPEDUJRKDQJDVWDGRVLQSHVWDËHDUXQGLQHUDOHQWLHPSR 0iVWHUHQ'LUHFFLyQ,QWHUQDFLRQDO
\GLQHURSDUDKDFHUXQP»VWHUTXHHQHODQ»OLVLVîQDOQROHVGLIHUHQFLDHQHOPHUFDGR6L 0iVWHUHQ3HULRGtVPR
DORVDËRVXQMRYHQKDFHXQP»VWHUHVW»FRPHWLHQGRXQHUURUSXHVWRTXHORVP»VWHU 0iVWHUHQ+RVSLWDOLW\0DQDJHPHQW
0iVWHUHQ'LUHFFLyQ\*HVWLyQÀQDQFLHUD
VRQYHFHVP»VDSURYHFKDEOHVVLHOMRYHQWLHQHÍDËRV\FLHUWDH[SHULHQFLDHQHO
0iVWHUHQ'LUHFFLyQ0HGLRDPELHQWDO
PXQGRUHDO(VDORVDËRVFXDQGRGHEHVLQIDOWDDFRPHWHUHOLQJOÃVVLQRORKDKHFKR
0iVWHUHQ$VHVRUtDLQWHJUDO
DQWHV'HVSXÃVHVLPSRVLEOHUHVROYHUOR8QR\DWLHQHQRYLRQRYLDRFÍQ\XJHMHIHKLMRV 0iVWHUHQ'LVHxRPXOWLPHGLD
KLSRWHFDFROHJLRVGRVFRFKHVTXHSDJDUHWF(OLQJOÃVHVPXFKRP»VGLIÇFLOGHGRPLQDUTXH 0iVWHUHQ*OREDOPDUNHWLQJ
FXDOTXLHUDGHODV»UHDVGHFRQRFLPLHQWRVPHQFLRQDGRVHQORVP»VWHUUHODFLRQDGRVDODGHUH 0iVWHUHQ&RPXQLFDFLyQ\0HUFDGRWHFQLD
FKD6LORVMÍYHQHVQRORUHVXHOYHQGHOWRGRDQWHVGHHQWUDUHQHOPHUFDGRODERUDOHOQROR 0iVWHUHQ3XEOLFLGDG\'LVHxRJUiÀFR
YDQDUHVROYHUQXQFD 0iVWHUHQ6XSSO\FKDLQPDQDJHPHQW
5LFKDUG9DXJKDQ 0iVWHUHQ6RIWZDUHGHJHVWLyQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/DQFH/DQ]D
+HOPHW<HOPR
6KLHOG(VFXGR
$UPRXU$UPDGXUD
6ZRUG(VSDGD
9RFDEXODULR.QLJKW&DEDOOHUR
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 9RFDEXODULR
'RHVWKDWQDPHULQJDEHOO" :KHQLQ5RPHGRDVWKH5RPDQVGR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7HVXHQDHVHQRPEUH" 'RQGHIXHUHVKD]ORTXHYLHUHV IUDVHVHQLQJOÃV"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
/RYHOHWWHUVVWUDLJKWIURP\RXUKHDUW
/RYHOHWWHUVfVWUDLJKWIURP\RXUKHDUW $YHUVLHQWLHQGRWRGRHVWR'LFHXVWHGTXHYLRDXQSHUURFRQGX
.HHSXVVRQHDUZKLOHDSDUW FLHQGRXQFRFKH(VDVÇ"
,oPQRWDORQHLQWKHQLJKW 6LQFHUR\VLQURGHRV
ZKHQ,FDQKDYHDOOWKHORYH\RXZULWH 6WRSEHDWLQJDURXQG WKHEXVK,ZDQW\RX WRJLYHPHDVWUDLJKW
(OYLV3UHVOH\ DQVZHU
&DUWDVGHDPRUfGLUHFWDPHQWHGHVGHWXFRUD]ÍQ(OYLVVDEÇDPX\ 'HMDGHGDUURGHRV4XLHURTXHPHGHVXQDUHVSXHVWDFODUD\VLQFHUD
ELHQFXDQGRXVDUODSDODEUDpVWUDLJKWq\HQHVWDîFKD\HQODVL 'LUHFWDPHQWH
JXLHQWHYR\DLQWHQWDUTXHWHIDPLOLDULFHVFRQVXVYDULDGRVXVRV *HQWOHPHQOHWPHJHWVWUDLJKWWRWKHSRLQW
/LVRSHOR 6HËRUHVSHUPÇWDQPHLUGLUHFWDPHQWHDOJUDQR
+HKDVVWUDLJKWKDLU+HGRHVQoWKDYHFXUO\KDLURUZDY\KDLUEXW &RQVHFXWLYRVHJXLGR
VWUDLJKWKDLU ,VSHQWîYHVWUDLJKWGD\VOLYLQJOLNHDFORLVWHUHGPRQNLQDPRQDVWHU\
7LHQHHOSHOROLVR1RWLHQHHOSHORQLUL]DGRQLRQGXODGRVLQRHOSHOROLVR (VWXYHFLQFRGÇDVVHJXLGRVYLYLHQGRFRPRXQPRQMHGHFODXVXUD
5HFWR HQXQPRQDVWHULR
$ULJKWDQJOHLVWKHFRQYHUJHQFHRIWZRVWUDLJKWOLQHVWKDWIRUPD $SDORVHFR
GHJUHHDQJOH 3RXUPHDZKLVN\VWUDLJKW
8Q»QJXORUHFWRHVODFRQYHUJHQFLDGHGRVOÇQHDVUHFWDVTXHIRU 'HPHXQZKLVN\fDSDORVHFR
PDQXQ»QJXORGHJUDGRV (UJXLGR
&ODURDFODUDUHQWHQGHU ,FDQDOZD\VUHFRJQL]HKLPDPRQJWKHUXQQHUV+HUXQVZLWKKLV
/HW PH JHW WKLV VWUDLJKW<RX VD\ \RX VDZ D GRJ GULYLQJ D FDU ,V EDFNVWUDLJKW
WKDWULJKW" 6LHPSUHOHUHFRQR]FRHQWUHORVFRUUHGRUHV&RUUHFRQODHVSDOGDHUJXLGD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(OODWUDWÍGHHFKDUPHODFXOSDSRUHOIUDFDVRGHOSUR\HFWR<RHVWDED 6KHWULHGWREODPHPHIRUWKHIDLOXUHRIWKHSURMHFW,ZDVLQFKDUJH
HQFDUJDGRGHORVDVSHFWRVWÃFQLFRV\HOODVXSHUYLVDEDODVYHQWDV\ RIWKHWHFKQLFDODVSHFWVDQGVKHRYHUVDZWKHVDOHVDQGDIWHUVDOHV
HODSR\RSRVWsYHQWD&DGDLQIRUPHTXHUHFLELPRVGHORVXVXDULRV VXSSRUW (YHU\ UHSRUW ZH UHFHLYHG IURP XVHUV SUDLVHG WKH GHVLJQ
DODEDEDHOGLVHËR\HOIXQFLRQDPLHQWRGHODP»TXLQD6REUHORTXH DQG RSHUDWLRQ RI WKH PDFKLQH :KDW WKH\ ELWWHUO\ FRPSODLQHG
VHTXHMDEDQDPDUJDPHQWHHUDVLQHPEDUJRGHOPDQWHQLPLHQWR\ DERXWWKRXJKZDVWKHPDLQWHQDQFHDQGVHUYLFHDQGVKHZDVLQ
HOVHUYLFLR\HOODHUDODUHVSRQVDEOHGHHVRQR\R FKDUJHRIWKDWQRWPH
(VWLPDGRDPLJR\DOXPQR$ODGHUHFKDWHSRQJRXQDOLVWDGHWHPDVTXHTXLHURTXHLQYHVWLJXHVDWUDYÃVGH &ODUN*DEOH
(O&LG
:LNLSHGLD6LWLHQHVRUGHQDGRUH,QWHUQHWDEUHODS»JLQDKWWSHQZLNLSHGLDRUJ\HQODFROXPQDL]TXLHUGD
&DEH]DGH9DFD
GHODS»JLQDYHU»VXQUHFXDGURGHEÔVTXHGDWLWXODGRpVHDUFKq(VFULEHDOOÇPLVPRHOSULPHUWHPDTXHDSDUHFH
*HQJKLV.KDQ
DODGHUHFKD\OHHHODUWÇFXORFRUUHVSRQGLHQWHGHSULQFLSLRDîQ7HUPLQDU»VPXFKRP»VH[SHUWRVREUH&ODUN 3RFDKRQWDV
*DEOH\WXLQJOÃVKDEU»PHMRUDGRXQSRFRWDPELÃQ$OGÇDVLJXLHQWHKD]ORPLVPRSDUDHOVHJXQGRWHPD\ 6XOOD
DVÇVXFHVLYDPHQWHKDVWDFXEULUORVTXHWHVXJLHUR6LORGHVHDVSXHGHVSRUVXSXHVWREXVFDURWURVWHPDV %LOO\WKH.LG
\DTXHORTXHTXLHURFRQVHJXLUHVTXHOHDVWRGRORSRVLEOHGHQWURGHXQLQJOÃVGLUHFWR\VHQFLOOR\:LNLSHGLD $OIUHG+LWFKFRFN
VH SUHVWD EDVWDQWH D HVWH îQ 5HFXHUGD TXH FDGD DUWÇFXOR FRQWLHQH FRPR SURPHGLR IUDVHV HQ LQJOÃV 2SWLPLVP
WRGDVFRUUHFWDPHQWHFRQVWUXLGDV6LHQGÇDVSXHGHVOHHUORVDUWÇFXORVFLWDGRVKDEU»VDEVRUELGR .UDNDWRD
IUDVHVHQLQJOÃV6LGHVSXÃVORJUDVOHHUXQDUWÇFXORSRUGÇDGXUDQWHXQDËRWXFHUHEURFDSWDU»FRQVFLHQWHR /LWWOH,FH$JH
LQFRQVFLHQWHPHQWHFDVLIUDVHVWRGDVHQXQLQJOÃVSHUIHFWR/DOHFWXUDHVPX\UHFRPHQGDEOHSDUD 6DOHPZLWFKWULDOV
PHMRUDUHOLQJOÃVKDEODGRVLHPSUHTXHVHDXQLQJOÃVQRWÃFQLFRRUHEXVFDGR6LQHPEDUJRSDUDTXHIXQFLRQH &RFKLVH
WLHQHVTXHGHGLFDUFLHUWRWLHPSRFDGDGÇDRFDGDVHPDQDDODOHFWXUD 0DU\6KHOOH\
5LFKDUG9DXJKDQ -RVHSK%LEOH
([LVWHQWLDOLVP
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
'HEHGHKDEHUXQDPDQHUD 7KHUHPXVWEHDZD\WRGRLW
3RGU»VDVLVWLUDOEDXWL]R" :LOO\RXEHDEOHWRDWWHQGWKH
GHKDFHUOR EDSWLVP"
'HEHUÇDGHKDEHUP»VJHQWH 7KHUHVKRXOGEHPRUHSHRSOH
3DUDTXÃ" :KDWIRU"
DTXÇ KHUH 4XÃTXLHUHVGHFLUFRQpSDUD :KDWGR\RXPHDQpZKDW
+DEUÇDP»VVLQRHVWXYLHUD 7KHUHZRXOGEHPRUHLILW
TXÃq" IRUq"
OORYLHQGR ZHUHQoWUDLQLQJ 3RUTXÃHVW»VVLHPSUH :K\DUH\RXDOZD\VPDNLQJ
9DDKDEHUXQDKXHOJD 7KHUHoVJRLQJWREHDVWULNH
SRQLHQGRH[FXVDV" H[FXVHV"
PDËDQD WRPRUURZ 1RWHQJRQLLGHD ,KDYHQRLGHD
1RODKDEU»YHUGDG" 7KHUHZRQoWEHZLOOWKHUH"
6ZRUGîVK(PSHUDGRU
6DUGLQH6DUGLQD
+DNH0HUOX]D
9RFDEXODULR)LVK3HVFDGR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV 3UHVHQWHSHUIHFWRHOLQWHUURJDWLYR
p$OJXQDYH]qHQHVWHFRQWH[WRVHWUDGXFHSRU
:KRUXQVWKHVKRZKHUH" 6D\ZKHQ ODSDODEUDpHYHUq
4XLÃQPDQGDDTXÇ" 'LFXDQWRDOVHUYLUWÃRFDIÃ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7KH\DUULYHGVDIHDQGVRXQG +HUXQVULQJVDURXQG\RXRQWKDWVXEMHFW IUDVHVHQLQJOÃV"
/OHJDURQVDQRV\VDOYRV 7HGDPLOYXHOWDVHQHVHWHPD +DVYLVWRDOJXQDYH]XQ291,"
+DVKDEODGRDOJXQDYH]FRQ-XOLR,JOHVLDV"
6DYH\RXUVNLQ $VDUXOHRIWKXPE +DVDOJXQDYH]FRPLGRRUHMDGHFHUGR"
6DOYDHOSHOOHMR &RPRUHJODJHQHUDOOLWHUDOPHQWHpGHSXOJDUq
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KUHHVWUDLJKWSDJHVDERXWpVWUDLJKWq
$GHP»V GH ORV DGMHWLYRV \ DGYHUELRV TXH DSDUHFHQ HQ HVWD î 'LUHFWDPHQWH
FKD \ HQ OD DQWHULRU WHQHPRV DGMHWLYRV FRPSXHVWRV PX\ LP ,GUDQNWKHZLQHVWUDLJKWIURPWKHERWWOH
SRUWDQWHV HQ LQJOÃV FRQ OD SDODEUD pVWUDLJKWq (O P»V FRPÔQ HV %HEÇHOYLQRGLUHFWDPHQWHGHODERWHOOD
pVWUDLJKWIRUZDUGq HO FXDO VH WUDGXFH OLWHUDOPHQWH FRPR pUHFWR ,oOOWHOOLWWR\RXVWUDLJKWWR\RXUIDFH
KDFLDGHODQWHq6LQHPEDUJRVXVLJQLîFDGRUHDOHVpVLQFHURIUDQFR 7HORGLUÃGLUHFWDPHQWHDODFDUD
\UHFWRqp-RKQLVDVWUDLJKWIRUZDUGSHUVRQq-XDQHVXQDSHUVRQD (QVHJXLGD
VLQFHUDIUDQFD\UHFWD ,oOOGRLWVWUDLJKWDZD\
/RKDUÃHQVHJXLGD
-XVWRH[DFWDPHQWH &RQFODULGDG
+HURIîFHLVVWUDLJKWDFURVVWKHKDOOIURPPLQH ,FRXOGQoWWKLQNVWUDLJKWIRUWKUHHGD\VDIWHUWKHEDGH[SHULHQFH,KDG
6XGHVSDFKRHVW»MXVWRHQIUHQWHGHOPÇRFUX]DQGRHOSDVLOOR 1RSXGHSHQVDUFRQFODULGDGGXUDQWHWUHVGÇDVGHVSXÃVGHODPDOD
$OIUHQWH H[SHULHQFLDTXHWXYH
$OZD\VORRNVWUDLJKWDKHDG'RQoWORRNVLGHZD\V 6HULR\VLQLQPXWDUVH
0LUHVLHPSUHDOIUHQWH1RPLUHDORVODGRV +HWROGRYHUMRNHVDQGNHSWDVWUDLJKWIDFHWKURXJKRXW
'HUHFKR &RQWÍP»VGHFKLVWHV\PDQWXYRODFDUDVHULDGHSULQFLSLRDîQ
7KHPXPP\NHSWZDONLQJVWUDLJKWWRZDUGVPH &ODULGDGHQGHïQLWLYD
/DPRPLDVHJXÇDDQGDQGRGHUHFKDKDFLDPÇ +HoOOQHYHUORRNVWUDLJKWLQWR\RXUH\HVDQGJLYH\RXDVWUDLJKWDQVZHU
6WDQGXSVWUDLJKWRUpVLWXSVWUDLJKWq 1XQFDWHPLUDU»GLUHFWDPHQWHDODFDUDSDUDGDUWHXQDUHVSXHVWD
3ÍQWHGHUHFKR FODUD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(VFXULRVRTXHGLJDVHVR-XVWRKDFHGRVVHPDQDVHVWDEDKDEODQ ,WoVIXQQ\\RXVD\WKDW-XVWWZRZHHNVDJR,ZDVWDONLQJZLWKD
GRFRQXQDPLJRGHHVWHWHPD\PHGLMRORPLVPRTXHPHKDV IULHQGDERXWWKHVDPHTXHVWLRQDQGKHVDLGH[DFWO\WKHVDPHWKLQJ
GLFKRWÔ-RKQVRQYDDVHUGHVSHGLGRSRUHO&RQVHMRGH$GPLQLV \RXGLG-RKQVRQLVJRLQJWREHîUHGE\WKHERDUGRIGLUHFWRUVLQ
WUDFLÍQHQVXSUÍ[LPDUHXQLÍQ6LHVW»LVHQORFLHUWRHQWRQFHVQR WKHQH[WERDUGPHHWLQJ,IWKHWZRRI\RXDUHULJKWWKHQ,ZRQoW
YHQGHUÃWRGDYÇDPLVDFFLRQHV&RQ-RKQVRQIXHUDGHOSDQRUDPD VHOOP\VKDUHV\HW:LWK-RKQVRQRXWWKHSLFWXUH,oPVXUHWKHVWRFN
HVWR\VHJXURGHTXHHOSUHFLRGHODVDFFLRQHVVXELU» SULFHZLOOJRXS
(VWLPDGRDPLJR\DOXPQR5HFRPLHQGRGRVWLSRVGHOHFWXUDODSDVLYD\ODOHFWXUDHQYR]DOWD3DUDODSULPHUDUHFRPLHQGRQRYHODVGH
WLSREHVWVHOOHUHVGHFLUHOWLSRGHOLEURTXHXQRHQFXHQWUDHQORVDHURSXHUWRV1RHVTXHPHJXVWHQQHFHVDULDPHQWHHVWRVOLEURVGHVGH
HOSXQWRGHYLVWDFXOWXUDOSHURVRQH[FHOHQWHVSDUDODDEVRUFLÍQGHPXFKRLQJOÃVHQSRFRWLHPSR(VWHWLSRGHQRYHODVXHOHEDVDUVHHQ
XQDWUDPDGHFLHUWRVXVSHQVH\PXFKDVYHFHVODIXHU]DGHODWUDPDKDFHTXHWHROYLGHVHQTXÃLGLRPDHVW»VOH\HQGR(QRWUDVSDODEUDV
ODIXHU]DGHODWUDPDHVP»VTXHODGLîFXOWDGGHOLGLRPD(VLPSRUWDQWHHQHVWRVFDVRV12(03/($581',&&,21$5,2'HEHVOHHU
S»JLQDWUDVS»JLQDVLJXLHQGRODWUDPDVRODPHQWH9HU»VPXFKDVSDODEUDVTXHGHVFRQRFHVSHURVLQRTXLWDQGHODFRPSUHQVLÍQGHOR
TXHHVW»SDVDQGRQRWHSUHRFXSHV6LJXHOH\HQGR6LSDUDVHVSDUDEXVFDUODHQHOGLFFLRQDULRYHUÇDVTXHHQHOGHORVFDVRVVHWUDWD
GHXQDSDODEUDUHEXVFDGDRSRFRQHFHVDULDSDUDHOGÇDDGÇD6ÍORHFKDPDQRDOGLFFLRQDULRVLWURSLH]DVFRQXQDSDODEUDRH[SUHVLÍQ
TXHKDFHTXHQRSXHGDVVHJXLUHQWHQGLHQGRSRUGRQGHYDODKLVWRULD+DFHFLQFRDËRVUHFRPHQGÃDOGLUHFWRUGHUHFXUVRVKXPDQRVGH
XQRVODERUDWRULRVLPSRUWDQWHVODOHFWXUDGHXQDQRYHODDOPHV$OFDERGHDËR\PHGLROHYROYÇDYHUHQXQDFRPLGD\PHGLFHp5LFKDUG
OOHYRQRYHODVOHÇGDV\QRYHDVFÍPRKDPHMRUDGRPLLQJOÃV7HQÇDVPXFKDUD]ÍQq(QîQ<DYHV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
5HVHUYDVWHXQDPHVDHQHVH 'LG\RXERRNDWDEOHDWWKDW
&X»QWRWDUGDVWHLVHQOOHJDU" +RZORQJGLGLWWDNH\RXWRJHW
QXHYRUHVWDXUDQWH" QHZUHVWDXUDQW" KHUH"
/RVLHQWRVHPHROYLGÍ ,oPVRUU\,IRUJRW 1RVKDWDUGDGRXQDHWHUQLGDG ,WKDVWDNHQXVDQHWHUQLW\
&RQTXÃIUHFXHQFLDVHWH +RZRIWHQGR\RXIRUJHWWRGR
&RQTXÃDHUROÇQHDYRODVWH" :KLFKDLUOLQHGLG\RXð\ZLWK"
ROYLGDKDFHUODVFRVDV" WKLQJV" 9LQHHQPLEXUUR ,FDPHRQP\GRQNH\
3DUDVHUVLQFHUDQRPHDFXHUGR7REHKRQHVW,FDQoWUHPHPEHU 1RPHVRUSUHQGHTXHKD\DV ,oPQRWVXUSULVHGLWWRRN\RXD
(VHHVXQFKLVWHPDOR 7KDWoVDEDGMRNH WDUGDGRWDQWRWLHPSR ORQJWLPH
3DUVOH\3HUHMLO
7K\PH7RPLOOR
%DVLO$OEDKDFD
9RFDEXODULR+HUEV+LHUEDV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
)XLVWHDOHVWUHQRGHHVH 'LG\RXJRWKHSUHPLHUHRI
|4XÃUROOR :KDWDGUDJ
QXHYRHVSHFW»FXOR" WKDWQHZVKRZ" 'HTXÃKDEODV" :KDWDUH\RXRQDERXW"
2ÇTXHUHFLELÍPX\PDODV ,KHDUGLWJRWUHDOO\EDG
7HQJRTXHDJXDQWDUDPLV ,KDYHWRSXWXSZLWKWKH
FUÇWLFDV UHYLHZV SDULHQWHVSROÇWLFRVHVWDQRFKH LQODZVWRQLJKW
6ÍORGHPRGHUQLOORV 2QO\IURPWUHQG\W\SHV 1RQRVOOHYDPRVGHPDUDYLOOD :HGRQoWJHWRQOLNHDKRXVH
'HYHUGDGWHDSHWHFHLUDYHU 'R\RXUHDOO\IHHOOLNHJRLQJWR RQïUH
XQPXVLFDOFRQFDQFLRQHVGH VHHDPXVLFDOZLWKVRQJVIURP (VXQDSHQDPLVXHJUDHV 7KDWoVDVKDPHP\
ORVDËRVVHVHQWD" WKHVL[WLHV" JHQLDO PRWKHULQODZoVJUHDW
<RPHDSXQWRDXQERPEDUGHR ,oPXSIRUDQ\WKLQJ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV ,WGHSHQGV
(VWDH[SUHVLÍQVXHOHLUHQWHUFHUDSHUVRQDOR
<RXVFDUHGWKHGD\OLJKWVRXWRIPH 6HHLQJLVEHOLHYLQJ FX»OVLJQLîFDTXHQRGHEHVROYLGDUODpVqDO
|0HKDVGDGRXQVXVWRGHPXHUWH 9HUSDUDFUHHU îQDOGHOYHUER
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
+HKDVDVFUHZORRVH 2QVHFRQGWKRXJKWf IUDVHVHQLQJOÃV"
/HIDOWDXQWRUQLOOR 3HQV»QGRORELHQ 'HSHQGHGHODFRPLGDTXHFRPDV
'HSHQGHGHVLWHQJRWLHPSRRQR
,oPKDYLQJVHFRQGWKRXJKWVDERXWLW :HGRQoWVHHH\HWRH\HRQWKDW 'HSHQGHGHORTXHTXLHUDVKDFHUFRQHOUHVWR
0HHVW»QHQWUDGRGXGDVDOUHVSHFWR 1RHVWDPRVGHDFXHUGRVREUH GHWXYLGD
HVHSXQWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
'HDWKDQG<RJKXUW
8QDDPLJDPÇDHVSDËRODSURIHVRUDGHLQJOÃVVHIXHFRQVXPDGUHGHYLVLWD PDOFLHUWDVOHWUDVRVLDFHQWÔDVPDOFLHUWDVSDODEUDV+R\YR\D
D(VWDGRV8QLGRV(OODKDEODPX\ELHQLQJOÃVSHURVXDFHQWRDOLJXDOTXH FHQWUDUPHÔQLFDPHQWHHQODp\qTXHVHSURQXQFLDFRPRXQDpLq
HOPÇRHQFDVWHOODQRQRHVQDWLYR6XPDGUHHVGLDEÃWLFD\FXDQGRKD\ ODWLQD
XQDHPHUJHQFLD\QRWLHQHVXPHGLFLQDDPDQRVLHPSUHWRPDXQ\RJXU <HDU LÃU <XJRVODYLD LÔJRVODYLD
(VWDQGRFRPLHQGRHQXQUHVWDXUDQWHHQ:DVKLQJWRQODPDGUHFRPHQ]Í <HOORZ LÃOR <XP\XPËDPËDP L»PL»P
DHQFRQWUDUVHPDO\ODKLMDPLDPLJDSLGLÍFRQFLHUWRDSXURXQpFKRNÔUWq 6FRWODQG<DUG VF»WODQL»UG <XSSLH L»SL
3URQXQFLÍODp\qLQJOHVDFRPRVLIXHUDXQDp\qHVSDËRODHVGHFLUFRPR <DKRR L»ZKR <HW LÃW
XQDpFKqFRQODVFXHUGDVYRFDOHVYLEUDQGR(OFDPDUHURQRHUDFDSD]GH <DQNHH L»QNL <RNH\XJR LÍN
HQWHQGHUOD£VWHOODPÍDXQFRPSDËHURSHURQRKXERVXHUWHWDPSRFR <HPHQ LÃPHQ <RON\HPDGHKXHYR LÍN
+DVWDFXDWURHPSOHDGRVGHOUHVWDXUDQWHFRQFDUDGHSUHRFXSDFLÍQLQWHQ <HVWHUGD\ LÃVWHUGD\ 1HZ<RUN QLÔLÍUN
WDEDQGHVFLIUDUORTXHPLDPLJDTXHUÇDGHFLU0\PRWKHULVDGLDEHWLFDQG <RJD LÍJD <RX LÔ
VKHQHHGVpFKRJÔUWq$OYHUTXHQDGLHODHQWHQGÇDFDPELÍGHW»FWLFD\SUR <RGD LÍGD <RXQJ L»QN
QXQFLÍODSDODEUDDFHQWXDQGRODSULPHUDVÇODED0\PRWKHULVDGLDEHWLF <RJKXUW LÍJXUW <RXU LÔU
DQGVKHQHHGVpFKÍJXUWq6LQHPEDUJRORVFDPDUHURVSHUSOHMRVVHJXÇDQ <RJL%HDU LÍJXLYHU <R\R LÍLÍ
VLQHQWHQGHUOD3UHVDGHOS»QLFRPLDPLJDVDFÍXQEROÇJUDIR\HVFULELÍOD <DFKW L»W <HV LÃV
SDODEUDHQXQWUR]RGHSDSHO&XDQGRORVFXDWURHPSOHDGRVPLUDURQHOSD <RXQJ<DQNHHVZKRGR\RJDLQ<HPHQDUHXVXDOO\\XSSLHV
SHOFDVLDOXQÇVRQRGLMHURQ$KpLÍJXUWq:KDW\RXZDQWLVpLÍJXUWq:K\ ,»QL»QNLVLÍJDLÃPHQLÔVXDOLL»SLV
GLGQoW\RXVD\VR"q
4XLÃQWXYRODFXOSDHQHVWHPDOHQWHQGLGR" 6LTXLHUHVKDFHUUHÇUDORVDQJORSDUODQWHVGLOHVFRQWXDFHQWRHV
7HYR\DGHFLUDOJR\WLHQHVTXHFUHHUPH3RUPXFKRTXHWHHVIXHUFHVHQ SDËROTXHHVW»VLQWHUHVDGRHQRMHDUODV3»JLQDV$PDULOODV/RVHV
SURQXQFLDUELHQ\SRUPXFKRTXHWXVLQWHUORFXWRUHVDQJORSDUODQWHVVHHV SDËROHVVLHPSUHGHFÇVp7KH<HOORZ3DJHVqTXHSDUDHOORVVXHQD
IXHUFHQHQHQWHQGHUWHQRORJUDU»VTXHWHHQWLHQGDQQXQFDVLSURQXQFLDV FRPRpWKHMHOORSDJHVqODVS»JLQDVGHJHODWLQDFRQVDERUDIUXWD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
/DREUDGHWHDWURIXHXQÃ[LWRURWXQGR7RP.HOOHUHVFULELÍXQ 7KHSOD\ZDVDUHVRXQGLQJVXFFHVV7RP.HOOHUZURWHDWZRFROXPQ
DUWÇFXORGHGRVFROXPQDVHQHO&KLFDJR7ULEXQHDOGÇDVLJXLHQWH UHYLHZLQWKH&KLFDJR7ULEXQHWKHIROORZLQJGD\SUDLVLQJWKHFDVW
DODEDQGR HO UHSDUWR \ OD GLUHFFLÍQ<R QR HVWXYH DOOÇ SHUR WHQJR DQGGLUHFWLRQ,ZDVQoWWKHUHEXW,oPSODQQLQJWRJRWKLVHYHQLQJ
SUHYLVWRLUHVWDQRFKHVLFRQVLJRXQDHQWUDGD0HDOHJUDGHTXH LI , FDQ JHW D WLFNHW ,oP UHDOO\ JODG -HQQLIHUoV îQDOO\ JRWWHQ WKH
SRUîQ-HQQLIHUKD\DDOFDQ]DGRHOUHFRQRFLPLHQWRTXHVHPHUHFH UHFRJQLWLRQVKHGHVHUYHV,SHUVRQDOO\WKLQNVKHoVWKHEHVWIHPDOH
3HUVRQDOPHQWHFUHRTXHHVODPHMRUGLUHFWRUDGHWHDWURGHOSDÇV VWDJHGLUHFWRULQWKLVFRXQWU\
(VWLPDGRDPLJR\DOXPQR$\HUWHUHFRPHQGÃGRVWLSRVGHOHFWXUDODSDVLYDFRQVLVWHQWHHQOHHUXQDQRYHODDOPHVVLQGLFFLRQDULR\OD
OHFWXUDHQYR]DOWD+R\TXLHURKDEODUGHHVWDÔOWLPD$GLIHUHQFLDGHODOHFWXUDSDVLYDODDFWLYDGHEHKDFHUVHHQYR]DOWDSDUDSUDFWLFDU
ULWPRHQWRQDFLÍQSURQXQFLDFLÍQ\ORP»VLPSRUWDQWHïXLGH]\VROWXUDHQHOKDEODU3HURHVPX\LPSRUWDQWHHQHVWHWLSRGHHMHUFLFLRTXH
VHDVKXPLOGH\FRPSUHVQRYHODVVLPSOLîFDGDVGHQLYHOHOHPHQWDOVRODPHQWHLQFOXVRVLFUHHVTXHWXQLYHOGHLQJOÃVHVDOWR&XDQGRWHQJDV
XQDRYDULDVQRYHODVGHHVWHQLYHOOÃHODVHQYR]DOWDGHSLHSUHIHULEOHPHQWH,PDJLQDTXHSHUVRQDVWHHVW»QHVFXFKDQGR\OHHSDUDTXH
WHRLJDQGHFODPDQGRHOLGLRPDVLHVSUHFLVR$OWHUPLQDUHOSULPHUOLEURODVROWXUD\HOLPSDFWRGHWXLQJOÃVKDEODGRKDEU»PHMRUDGRHQ
XQ'HVSXÃVOHHRWUDQRYHODUHSLWRGHQLYHOHOHPHQWDO/DVFDVDVTXHSUHSDUDQ\SXEOLFDQHVWDVQRYHODVGHGLîFXOWDGJUDGXDGDPLGHQ
ODGLîFXOWDGFRQIRUPHDXQEDUHPROLWHUDULRHVGHFLUHOOLEURGHQLYHOLQWHUPHGLRHVP»VGLIÇFLOTXHHOGHQLYHOHOHPHQWDOSRUTXHYDVLHQGR
P»VOLWHUDULRFRQYRFDEXODULRSRFRÔWLOSDUDSHUVRQDVFRPRWÔTXLHQVHJXUDPHQWHWLHQHVTXHXVDUHOLQJOÃVSDUDVLWXDFLRQHVQRUPDOHV
GHFRPXQLFDFLÍQ$GHP»VODVQRYHODVGHQLYHOHOHPHQWDOFRQWLHQHQHOGHWRGRORTXHQHFHVLWDU»VSDUDDQGDUSRUHOPXQGRFRQHO
LQJOÃV7DPELÃQHVYHUGDGTXHHQODVQRYHODVP»VHOHPHQWDOHVFRQRFHU»VFDVLWRGRHOYRFDEXODULR\HVWUXFWXUDV\VDEU»VSURQXQFLDUODV
FRUUHFWDPHQWHHYLWDQGRLQFUXVWDUYLFLRVGHSURQXQFLDFLÍQ<SRUÔOWLPRGXGRTXHWHQJDVXQDDJLOLGDG\HVSRQWDQHLGDGWRWDOHVFRQODV
HVWUXFWXUDVSUHVHQWHVHQODVQRYHODVVLPSOLîFDGDVGHQLYHOHOHPHQWDO2WUDYH]WHSLGRKXPLOGDGHQHOHVIXHU]R\HQHOHQIRTXH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
&X»QWDVYHFHVKDEODVWHFRQ +RZPDQ\WLPHVGLG\RXVSHDN
(OODKDEODPXFKRQR" 6KHWDONVDORWGRHVQoWVKH"
HOODD\HU" WRKHU\HVWHUGD\" 1RKDEODWDQWRFRPRVX 6KHGRHVQoWWDONDVPXFKDV
1RODYL ,GLGQoWVHHKHU KHUPDQR KHUEURWKHU
&X»QGRIXHODÔOWLPDYH] :KHQZDVWKHODVWWLPHVKH
£OQXQFDSDUDGHKDEODU +HQHYHUVWRSVWDONLQJ
TXHHVWXYRDOOÇ" ZDVKHUH" 3RUTXÃKDEODWDQWR" :K\GRHVKHWDONVRPXFK"
1RHVWXYRDTXÇSRUWXîHVWD :DVQoWVKHKHUHIRU\RXU
(VSHULRGLVWDHQODUDGLR +HoVDUDGLRMRXUQDOLVW
GHFXPSOHDËRV" ELUWKGD\SDUW\"
(VRIXHKDFHPHVHV 7KDWZDVPRQWKVDJR
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
3KHDVDQW)DLV»Q
*XLQHDIRZO*DOOLQDGH*XLQHD
*URXVH8URJDOOR
9RFDEXODULR*DPHELUGV$YHVGHFD]D
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
&RPPRQVD\LQJV 7REHZRUWK
5HFXHUGDTXHVLXQYHUERYLHQHGHVSXÃVGH
7RVHSDUDWHWKHZKHDWIURPWKHFKDII <RXoUHVNDWLQJRQWKLQLFH HVWDH[SUHVLÍQWLHQHTXHLUHQJHUXQGLR
6HSDUDUHOWULJRGHODSDMD (VW»VSLVDQGRWHUUHQRUHVEDODGL]R
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
,WoVDVKRWLQWKHGDUN +HKDVVNHOHWRQVLQKLVFORVHW IUDVHVHQLQJOÃV"
+D\XQDPX\UHPRWDSRVLELOLGDG 7LHQHVHFUHWRVYHUJRQ]RVRVTXH
RFXOWDU 0HUHFHODSHQDLUDO0XVHRGHO3UDGR
,oPVLFNDQGWLUHGRI(QJOLVK 0HUHFHODSHQDSHUVHYHUDU
(VWR\KDUWRGHOLQJOÃV 2XUFKDQFHVDUHVOLP 0HUHFHODSHQD"
1XHVWUDVSRVLELOLGDGHVVRQUHPRWDV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
)UDQNO\P\GHDU,GRQoWJLYHDGDPQ
7UDGXFFLÍQOLWHUDO)UDQFDPHQWHTXHULGDQRGR\XQDPDOGLFLÍQ (VWDIRUPDpGRHVQoWPDNHDQ\GLIIHUHQFHqHVXQVLQÍQLPR
7UDGXFFLÍQFRUUHFWD)UDQFDPHQWHFDULËRPHLPSRUWDXQFDUDMR SHUIHFWRGHpLWGRHVQoWPDWWHUq6RQH[SUHVLRQHVLGÃQWLFDV
)RUPDVHQLQJOÃVSDUDWUDQVPLWLUODLGHDGHTXHDOJRQRWHLPSRUWD 7DPELÃQVHSXHGHGHFLUpLWPDNHVQRGLIIHUHQFHWRPHq
5KHWW%XWOHUHODSXHVWRSURWDJRQLVWDGHp*RQHZLWKWKH:LQGqHP r )UDQNO\P\GHDU,GRQoWFDUH
SOHÍODVSDODEUDVGHOWÇWXORGHHVWDVHFFLÍQHQHOPRPHQWRHQTXH (QHVWHFRQWH[WRODH[SUHVLÍQp,GRQoWFDUHqHVXQSRFRIXHU
DEDQGRQDED SDUD VLHPSUH D 6FDUOHWW 2o+DUD \ ÃVWD GHVHVSHUDGD WH(VW»VGLFLHQGROLWHUDOPHQWHpPHWUDHVLQFXLGDGRq
DQWHODLGHDGHTXHGDUVHVRODOHGLMRp:KDWZLOO,GRZLWKRXW\RX"q r )UDQNO\P\GHDU,GRQoWJLYHDGDPQ
5KHWW%XWOHUSRGUÇDKDEHUVLGRP»VHGXFDGRHQVXUHVSXHVWDRDO /DH[SUHVLÍQp,GRQoWJLYHDGDPQqHVPX\FRUULHQWHHQLQJOÃV
FRQWUDULRP»VJURVHUR6HDPRVJXLRQLVWDVGHFLQH\YHDPRVODV 0HOODPÍPXFKRODDWHQFLÍQFXDQGROOHJXÃD(VSDËD\RÇD
SRVLELOLGDGHV H[SUHVLRQHVFRPRp0HLPSRUWDXQU»EDQRq1RODVHQWHQGÇD
r )UDQNO\P\GHDULWoVQRWLPSRUWDQWWRPH SRUTXHEXVFDEDHOQHJDWLYR%XVFDEDDOJRDVÇFRPRp1R
(VWDUHVSXHVWDQRHVQLVRVDQLIXHUWH(VODGHFODUDFLÍQ PHLPSRUWDQLXQU»EDQRq/DIUDVHp,GRQoWJLYHDqDGPLWH
DVÃSWLFDGHXQKHFKRHQRSLQLÍQGH5KHWW1RKLHUHQLQJXQD PXFKDVSDODEUDVVXVWLWXWLYDVGHpGDPQqGHVGHODVP»V
VHQVLELOLGDG VXDYHVKDVWDODVP»VIXHUWHV5HFRPLHQGRVLHPSUHODVP»V
r )UDQNO\P\GHDULWGRHVQoWPDWWHUWRPH VXDYHVFRPRSRUHMHPSORp,GRQoWJLYHDKRRWqPHLPSRUWD
(VWDUHVSXHVWDHVXQSRFRFUXHO&XDQGRGLFHVpLWGRHVQoW XQpJULWRGHEÔKRq
PDWWHUqHVW»VGLFLHQGRTXHQLHQWUDHQWXFRQVLGHUDFLÍQ 3RUÔOWLPRFRQYLHQHUHFRUGDUTXHODH[SUHVLÍQp,GRQoWPLQGqVLJQLîFD
,QGLIHUHQFLDWRWDO pQRPHLPSRUWDqVRODPHQWHFXDQGRHVW»VGDQGRSHUPLVRDDOJXLHQ
r )UDQNO\P\GHDULWGRHVQoWPDNHDQ\GLIIHUHQFHWRPH SDUDTXHKDJDDOJR'R\RXPLQGLI,VPRNH"1R,GRQoWPLQG
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6HVXSRQHTXHKR\QRGHEÇDOORYHU$KRUDFÍPRYR\DOOHJDUKDV ,WZDVQoWVXSSRVHGWRUDLQWRGD\1RZKRZDP,JRLQJWRJHWWR
WDPLFRFKHVLQFDODUPHKDVWDORVKXHVRV"$TXÃKRUDHVQXHVWUD P\FDUZLWKRXWJHWWLQJVRDNHGWRWKHERQH":KDWWLPHLVRXUQH[W
SUÍ[LPDUHXQLÍQ"6LWHQHPRVWLHPSRSUHIHULUÇDHVSHUDUKDVWDTXHOD PHHWLQJ" ,I ZH KDYH WLPH ,oG UDWKHU ZDLW XQWLO WKH VWRUP EORZV
WRUPHQWDDPDLQHDQWHVGHFUX]DUODFDOOHDODSDUFDPLHQWR'HKHFKR RYHUEHIRUHFURVVLQJWKHVWUHHWWRWKHSDUNLQJORW,QIDFW,oGUDWKHU
SUHIHULUÇDOOHJDUWDUGHDODUHXQLÍQDQWHVTXHHQWUDUHPSDSDGR DUULYHODWHIRUWKHPHHWLQJWKDQZDONLQVRDNLQJZHW
(VWLPDGRDPLJR\DOXPQR/RVHUURUHVTXHFRPHWHQORVHVSDËROHVDODERUGDUHOLQJOÃVVRQ3LHQVDQTXHFRQKRUDVGHFODVHSXHGHQ
SDVDUGHXQQLYHOE»VLFRDXQGRPLQLRVXîFLHQWH(QWUHFODVHVHVWXGLRSHUVRQDO\XVRHQODYLGDUHDOODFLIUDHVW»HQKRUDVHVGHFLU
YHFHVP»V3LHQVDQTXHVHDSUHQGHLQJOÃVDWUDYÃVGHFODVHV1RVHGDQFXHQWDGHTXHÃVWDVFRQVWLWX\HQVÍORHOGHODVROXFLÍQ
(ORWURHVW»HQXQGHGLFDGRDOHVWXGLRSHUVRQDO\RWURFDSHDQGRDSXURVOLQJÖÇVWLFRVHQODYLGDUHDO1RTXLHUHQUHFRQRFHU
TXHKD\XQDSDUWHRGLRVDLQHYLWDEOHHQHOSURFHVRHOHVWXGLRSHUVRQDO\HOGRPLQLRRUDO»JLOGHODJUDP»WLFD1RSUHVWDQVXîFLHQWH
DWHQFLÍQDODFRPSUHQVLÍQDXGLWLYD3LHQVDQTXHVLHQWLHQGHQDVXSURIHVRUHQWHQGHU»QHQVLWXDFLRQHVUHDOHV&UHHQTXHSURJUHVDU
VLJQLîFD VXPDU P»V JUDP»WLFD \ YRFDEXODULR (Q UHDOLGDG GHVSXÃV GH KRUDV GH FODVH SURJUHVDU VLJQLîFD SRWHQFLDFLÍQ DXGLWLYD \
IRPHQWRGHODFRQîDQ]DDOKDEODU3HURFXDQGRSUHVWDPRVDWHQFLÍQDHVWRVÔOWLPRVDVSHFWRVHOHVWXGLDQWHHVSDËROVHTXHMDGHTXHQRHVW»
pSURJUHVDQGRq&RQFHGHQPHQRVLPSRUWDQFLDDOLQJOÃVTXHDRWURVDVSHFWRVGHVXIRUPDFLÍQ/RSRVSRQHQKDVWDGHVSXÃVGHODFDUUHUD
\DORVDËRV\DQRWLHQHQODPLVPDIDFLOLGDGTXHDQWHVSDUDDSUHQGHUQLWLHQHQPXFKRWLHPSRGLVFUHFLRQDO1RVRQFRQVWDQWHVHQHO
HVIXHU]R6HGHVDQLPDQFRQIDFLOLGDGREXVFDQH[FXVDVSDUDQRVHUFRQVHFXHQWHVFRQVXUHVROXFLÍQ1RDFHSWDQTXHKDFHUVHFRQXQ
EXHQGRPLQLRGHOLQJOÃVH[LJHXQDLQYHUVLÍQIXHUWHHQGLQHUR\HQWLHPSR3DUDHOORVWLHQHTXHKDEHUSRUIXHU]DXQDVROXFLÍQLQGRORUDDOD
YXHOWDGHODHVTXLQD&RQIXQGHQSULRULGDGHVDOFUHHUTXHGHEHQDVSLUDUDXQSHUIHFWRGRPLQLRKDEODGRDOJRLPSRVLEOHGHFRQVHJXLU6X
SULRULGDGVLHPSUHGHEHVHUHODVSHFWRDXGLWLYR&UHHQTXH\HQGRDOH[WUDQMHURVHKDU»QFRQHOLQJOÃV(VWRQRVXHOHVHUYHUGDGDQRVHU
TXHSDVHQYDULRVDËRVIXHUD 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
6FDOH(VFDPD
)LQ$OHWD
7DLO&ROD
9RFDEXODULR)LVK3H]
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
&RQTXÃIUHFXHQFLDYDVDOD +RZRIWHQGR\RXJRWR
6DEHVMXJDUDODMHGUH]" 'R\RXNQRZKRZWRSOD\FKHVV"
LJOHVLD" FKXUFK" 1RKHMXJDGRHQDËRV ,KDYHQoWSOD\HGIRU\HDUV
3RUTXÃTXLHUHVVDEHUOR" :K\GR\RXZDQWWRNQRZ" (VXQHMHUFLFLRPX\EXHQR ,WoVDYHU\JRRGH[HUFLVHIRUWKH
0HGLMLVWHTXHHUDVFDWÍOLFR <RXWROGPH\RXZHUHD&DWKROLF SDUDODPHQWH PLQG
6XSRQJRTXHYR\XQDVWUHV ,VXSSRVH,JRDERXWWKUHH
/DVSRVLELOLGDGHVVRQLQîQLWDV 7KHSRVVLELOLWLHVDUHHQGOHVV
YHFHVDODËR WLPHVD\HDU +D\TXHMXJDUFRQDOJXLHQ <RXQHHGWRSOD\ZLWK
%RGDVEDXWL]RV\SULPHUDV :HGGLQJV%DSWLVPVDQG)LUVW TXHWHQJDHOPLVPRQLYHO VRPHRQHZKRKDVWKHVDPH
FRPXQLRQHV &RPPXQLRQV TXHWÔ OHYHODV\RX
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
&RPPRQVD\LQJV /DIDPLOLD
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
,WZDVDVOLSRIWKHWRQJXH 7UHDWWKHPZLWKDYHOYHWJORYH IUDVHVHQLQJOÃV"
)XHXQODSVXVOLQJXDH 7U»WDORVFRQJXDQWHVGHVHGD
$OEHUWRHVHOKLMRGH6DQGUR
0U.QRZLWDOO $QGVRRQDQGVRIRUWK 1DWDOLDHVODDEXHODGH5REHUWR
'RQVDEHORWRGR (WFÃWHUDHWFÃWHUDHWFÃWHUD 6DQGURHVHOFXËDGRGH0DULR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
+HVPRNHVOLNHDFKLPQH\ 6RPHRWKHUWLPH
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
)XPDFRPRXQFDUUHWHUR (QDOJÔQRWURPRPHQWRVLQGHîQLU ,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
(VSHURTXHQRHVSHUHVTXHWHHVSHUH,KRSH\RXGRQoWH[SHFWPHWRZDLWIRU\RX
r 7RKRSH(VSHUDUFRQLOXVLÍQTXHDOJRVXFHGDSHURVLQVDEHUVLVXFH 7KHGHIHQGDQWLVZDLWLQJIRUWKHMXU\WRUHWXUQIRUDYHUGLFW
GHU»RQR8QRUH]DXQSRFRSDUDTXHVHDYHUGDGRVHSURGX]FD +HoVKRSLQJIRUWKHEHVWEXWKHoVH[SHFWLQJWKHZRUVW
r 7RH[SHFW(VSHUDUFRQIXQGDPHQWRTXHDOJRYDDVXFHGHU/R (ODFXVDGRHVW»HVSHUDQGRDTXHHOMXUDGRYXHOYDSDUDHOYHUHGLF
WLHQHVSUHYLVWRGHQWURGHWXVH[SHFWDWLYDV7HVRUSUHQGHUÇDVVL WR6XVHVSHUDQ]DVHVW»QHQTXHSDVHORPHMRUSHURSUHYÃORSHRU
QRVXFHGLHUDSHURWDPSRFRHVDOJRVHJXURDO ,KRSHWKH\GRQoWH[SHFWWRRPXFKIURPPHWRRVRRQ
r 7RZDLWIRU(VSHUDUDYHFHVFRQFLHUWDLPSDFLHQFLDDTXHDOJR (VSHURTXHQRHVSHUHQGHPDVLDGRGHPÇGHPDVLDGRSURQWR
WRWDOPHQWHSUHYLVWRVXFHGD$YHFHVVHWUDWDGHDOJRTXHWHQÇD :HKDYHDORWRIKRSHVSODFHGLQWKHPEXWPRVWSHRSOH
TXHKDEHUVXFHGLGRSHURTXHHVW»WDUGDQGRHQVXFHGHU$QD DUHQoWH[SHFWLQJWRRPXFK
GLHOHJXVWDWHQHUTXHHVSHUDU1RERG\OLNHVWRZDLW 7HQHPRVPXFKDVHVSHUDQ]DVSXHVWDVHQHOORVSHURODPD\RUÇDGH
,KRSHVKHoVQRWH[SHFWLQJDEDE\ ODJHQWHQRHVSHUDGHPDVLDGR
(VSHURTXHHOODQRHVWÃHVSHUDQGRXQEHEÃ ,ZDVH[SHFWLQJDQLPSRUWDQWSKRQHFDOODWSPDQGQRZLWoV
,KRSH\RXGRQoWKDYHWRZDLWWRRORQJ ,oPVWDUWLQJWRJHWWLUHGRIZDLWLQJ,KRSHWKH\FDOOVRRQ
(VSHURTXHQRWHQJDVTXHHVSHUDUGHPDVLDGR (VSHUDEDXQDOODPDGDLPSRUWDQWHDODVGHODWDUGH\DKRUD
,H[SHFWHGDERXWDPLQXWHZDLW VRQODV(VWR\HPSH]DQGRDFDQVDUPHGHHVSHUDU(VSHURTXH
(VSHUDEDXQDHVSHUDGHXQRVPLQXWRV OODPHQSURQWR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RHVSHUHVTXH0DUÇDVLJDWXFRQVHMR/DFRQR]FRGHVGHKDFHDËRV 'RQoWH[SHFW0DUÇDWRIROORZ\RXUDGYLFH,oYHNQRZQKHUIRUDJHV
\QXQFDKDVHJXLGRXQRGHPLVFRQVHMRV(OODHVSDWROÍJLFDPHQWH DQGVKHoVQHYHURQFHIROORZHGDQ\DGYLFHRIPLQH6KHoVSDWKROR
LQGHSHQGLHQWH \ OH JXVWD KDFHU YDOHU HVWH KHFKR &XDQGR WLHQH JLFDOO\LQGHSHQGHQWDQGOLNHVWRDVVHUWWKLVIDFW:KHQVKHQHHGV
TXH WRPDU XQD GHFLVLÍQ LPSRUWDQWH VXHOH SUHJXQWDU D PXFKD WR PDNH DQ LPSRUWDQW GHFLVLRQ VKH RIWHQ FRQVXOWV ZLWK D ORW RI
JHQWHSHURDFDEDGLVHËDQGRVXSURSLDVROXFLÍQ SHRSOHEXWVKHXVXDOO\HQGVXSGHVLJQLQJKHURZQVROXWLRQ
(VWLPDGRDPLJR\DOXPQR5HFXHUGDTXHQXQFDKDEODU»VLQJOÃVSHUIHFWDPHQWHQLHQJUDP»WLFDQLHQIRQÃWLFDQLHQYRFDEXODULR
6LHUHVSHUIHFFLRQLVWDVÃORFRQODFRPSUHQVLÍQDXGLWLYDSXHVWRTXHHVWRVLHPSUHHVODSULRULGDGQÔPHURXQR2ÇGRFRQîDQ]D\
DJLOLGDGRUDOFRQODJUDP»WLFDE»VLFD£VWDVVRQODVWUHVSULRULGDGHV$FRQWLQXDFLÍQYHU»VFROXPQDVFRQIUDVHVHQLQJOÃVWRGDVFRQ
HOYHUERpWRGRq(QWHQGHU»VELHQFDGDIUDVH\SHQVDU»VTXHWHHVWR\VRPHWLHQGRDXQHMHUFLFLRSDUDSULQFLSLDQWHV6LQHPEDUJR
WHUHWRDGHPRVWUDUTXHSXHGHVVLQSHVWDËHDUUHSURGXFLUODVHVSRQW»QHDPHQWH3ULPHURWUDGÔFHODVDOFDVWHOODQRHQRWURSDSHO\
GHVSXÃVLQWHQWDWUDGXFLUODVRUDOPHQWHRWUDYH]DOLQJOÃV$VÇSRGU»VYHULîFDUODDJLOLGDGTXHWLHQHVFRQHOYHUERpWRGRq
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
1RVHVXSRQHTXHHVW»VHQHO $UHQoW\RXVXSSRVHGWREHDW
6HOHVKDGLFKR\D" +DYHWKH\EHHQWROG\HW"
FROHJLR" VFKRRO" 1DGLHOHVKDLQIRUPDGR 1RERG\oVLQIRUPHGWKHP\HW"
+R\HVXQGÇDGHIRUPDFLÍQ ,WoVWHDFKHUWUDLQLQJGD\WRGD\ WRGDYÇD" :KHQDUHWKH\JRLQJWREH
SDUDORVSURIHVRUHV &X»QGRVHOHVYDDGHFLU" WROG"
1RVHVXSRQHTXH\DHVW»Q $UHQoWWKH\VXSSRVHGWREH 0DËDQDVHOHVGDU»HOîQLTXLWR 7KH\oOOEHJLYHQWKHLUïQDOSD\
IRUPDGRV" WUDLQHGDOUHDG\" WRPRUURZ
1XQFDVHSXHGHGHMDUGH <RXFDQQHYHUVWRSOHDUQLQJ 3RUTXÃVHOHVGHVSLGLÍ" :K\ZHUHWKH\VDFNHG"
DSUHQGHUFRVDVHQHVWDYLGD WKLQJVLQWKLVOLIH
|&X»QWDUD]ÍQWLHQHVKLMRPÇR +RZULJKW\RXDUHP\VRQ
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
&DUWRQ7HWUDEULN
7XE7DUULQD
-DU7DUUR
7XEH7XER
&DQ/DWD
9RFDEXODULR&RQWDLQHUV5HFLSLHQWHV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3URRIRIEORRGRQWKHSRRUFRRNoVGRRU(YLGHQFLDGHVDQJUHHQODSXHUWDGHOSREUHFRFLQHUR
(OWÇWXORGHHVWDVHFFLÍQHVXQIUDJPHQWRGHIUDVHTXHFRQWLHQHFLQFRSDODEUDVFRQGREOHpRq&XULRVDPHQWHQLQJXQDGHODVFLQFRSDODEUDV
ULPDQLVXHQDLJXDO7RGDVVHSURQXQFLDQGHIRUPDGLVWLQWD&ÍPRHVSRVLEOHHVWR"&ÍPRHVSRVLEOHTXHHOLGLRPDP»VLPSRUWDQWHGHO
PXQGRWHQJDWDQSRFDOÍJLFDHQVXSURQXQFLDFLÍQ"'HVGHKDFHGRVVLJORVVHLQWHQWDUDFLRQDOL]DUODRUWRJUDIÇDLQJOHVDSHURVLQÃ[LWR3RUHO
PRPHQWRQRWLHQHVP»VUHPHGLRTXHPHPRUL]DU\SUDFWLFDULQFHVDQWHPHQWHODSURQXQFLDFLÍQLQFOXLGRVORVFDVRVHQORVTXHQRH[LVWHQLQ
JXQDHTXLYDOHQFLDIRQÃWLFDGHQWURGHODVYRFDOHVHVSDËRODV/RVUHFXDGURVH[SXHVWRVDFRQWLQXDFLÍQGLYLGHQODVSULQFLSDOHVSDODEUDVLQJOHVDV
FRQGREOHpRqVHJÔQVXVWHUPLQDFLRQHV&RQHVWRLQWHQWRRIUHFHUWHDOJÔQWLSRGHSDWUÍQGHSURQXQFLDFLÍQ
3XHGHVLGHQWLîFDUHQWUHODVSDODEUDVGHDUULEDODVTXHFRUUHVSRQGHQDODVVLJXLHQWHVSDODEUDVHQFDVWHOODQR"
IDJRWVRQLGRGHYDFDHVWDGRGH»QLPRUDÇ]FDELQDGHSHDMHSHUVRQDMHGH'LVQH\JDUïRPRURFLUFXQYDODFLÍQðRMR
PDSDFKHIDWDOGHVWLQRKDUSÍQVDQJUHODGUÍQOLVRSDURGLDRFDJORER\GLEXMRDQLPDGR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
+RODHOVHËRU$GDPV"0LQRPEUHHV3KLOOLS3HDUVRQ\PHKDQSHGL +HOOR0U$GDPV"0\QDPHLV3KLOOLS3HDUVRQDQG,oYHEHHQLQVWUXF
GRTXHFRQWDFWHFRQ9GFRQUHVSHFWRDOHQYÇRGHOLEURVD(VSDËD WHGWRFRQWDFW\RXFRQFHUQLQJWKHVKLSPHQWRIERRNVWR6SDLQ
7HQHPRV ORV OLEURV \ VRODPHQWH QHFHVLWDPRV VDEHU FÍPR SUHîHUH :HKDYHWKHERRNVRQKDQGDQGRQO\QHHGWRNQRZKRZ\RXZRXOG
TXH VH ORV HQYLHPRV SRU DYLÍQ R SRU YÇD PDUÇWLPD 8Q HQYÇR SRU SUHIHUWKHPWREHVKLSSHGE\DLURUVXUIDFHPDLO"$QDLUVKLSPHQW
DYLÍQWDUGDUÇDHQWUH\GÇDV\HOPDUÇWLPRXQDVVHLVVHPDQDV ZRXOGWDNHIURPWZRWRGD\VDQGVXUIDFHDERXWVL[ZHHNV
(VWLPDGRDPLJR\DOXPQR9LQHD(VSDËDDORVDËRV(Q2NODKRPD\DKDEÇDFXUVDGRVHLVDËRVGHOHQJXDHVSDËROD\DSHVDUGH
HVWRQRHQWHQGÇDDQDGLHGXUDQWHPLVSULPHUDVVHPDQDVDTXÇ9LYÇFRQXQDIDPLOLDHVSDËROD\DORVSRFRVGÇDV\DVDOÇDFRQQXHYRV
DPLJRV\DPLJDVWRGRVHVSDËROHV(OFRQWDFWRTXHWXYHFRQHOHVSDËROIXHGHYDULDVKRUDVFDGDGÇDPXFKDVYHFHVHQVLWXDFLRQHV
FRPSOLFDGDVGLVFXVLRQHVSHWLFLRQHVFRQYHUVDFLRQHVWHOHIÍQLFDVFRQWDFWRVFRQIXQFLRQDULRVGHOD$GPLQLVWUDFLÍQHWF$SHVDUGH
WRGRHVWHULFRFRQWDFWRFRQHOLGLRPDHVSDËROWDUGÃVLHWHPHVHVHQVHQWLUPHVHJXUR\HîFD]HQODVFRPXQLFDFLRQHV(VWDVHJXULGDG
HVWDED ÇQWLPDPHQWH OLJDGD D PL FDSDFLGDG SDUD HQWHQGHU D OD JHQWH D OD SULPHUD VLQ KDFHU XQ HVIXHU]R 5HFXHUGR PX\ ELHQ OD
DQJXVWLD\IUXVWUDFLÍQGHQRSRGHUPHH[SUHVDUELHQSRUTXHQRHVWDEDGHOWRGRVHJXURGHORTXHGHFÇDODJHQWHRGHORVPDWLFHVGHVX
FRQYHUVDFLÍQ6LHWHPHVHVWDUGÃYLYLHQGRHQ(VSDËD,PDJÇQDWHORTXHYDVDWDUGDUWÔHQFRQVHJXLUORPLVPRYLYLHQGRFRPRYLYHVHQ
XQSDÇVGHKDEODQRLQJOHVD3RUORWDQWRLQWHQWDVLHPSUHURGHDUWHGHOVRQLGRGHOLQJOÃVWRGDVODVKRUDVGHOGÇDTXHSXHGDVSRUTXHVL
QRORJUDVGHVDUUROODUXQRÇGRîQÇVLPRSDUDHOLQJOÃVVLHPSUHYDVDVHQWLULQVHJXULGDG
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
&X»QWRVLGLRPDVVDEHV +RZPDQ\ODQJXDJHVFDQ\RX
&X»OHVODFLXGDGP»V :KDWoVWKHZHWWHVWWRZQLQ
KDEODU" VSHDN" KÔPHGDGH(VSDËD" 6SDLQ"
1RVÃKDEODUQLQJXQR ,FDQoWVSHDNDQ\ 6LQRPHHTXLYRFRHVW»HQ ,I,oPQRWPLVWDNHQ,WKLQNLWoV
'HEHVKDEODUWXOHQJXD <RXPXVWVSHDN\RXUPRWKHU &»GL] LQ&»GL]
PDWHUQD WRQJXH |1LKDEODU'HEHGHHVWDUHQ 1RZD\,WPXVWEHLQ*DOLFLD
3HQVDEDTXHKDEODEDVGH ,WKRXJKW\RXZHUHWDONLQJ *DOLFLD
RWURVLGLRPDV DERXWRWKHUODQJXDJHV (VRHVORTXHSLHQVDWRGRHO 7KDWoVZKDWHYHU\ERG\WKLQNV
6DEHVFRQGXFLU" &DQ\RXGULYH" PXQGR
$FDERGHUHFRUGDUVHOODPD ,oYHMXVWUHPHPEHUHGLWoV
*UD]DOHPD FDOOHG*UD]DOHPD
2DWV$YHQD
:KHDW7ULJR
%DUOH\&HEDGD
9RFDEXODULR&HUHDOV&HUHDOHV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
4XÃKDUÇDVVLQRWXYLHUDVTXH :KDWZRXOG\RXGRLI\RX
0HHVW»FRVWDQGRFROJDUHVH ,oPKDYLQJWURXEOHKDQJLQJ
WUDEDMDUQXQFDP»V" QHYHUKDGWRZRUN" FXDGUR WKLVSLFWXUH
0HJXVWDUÇDWUDEDMDUSDUDXQD ,oGOLNHWRZRUNIRUDFKDULW\RU
'ÍQGHFRQVHJXLVWHHVH :KHUHGLG\RXJHWWKDW
VRFLHGDGEHQÃîFDRXQD21* DQ1*2 PDUWLOOR\HVRVFODYRV" KDPPHUDQGWKRVHQDLOV"
<RYLDMDUÇDSRUWRGRHOPXQGR ,oGWUDYHOWKHZKROHZRUOGDQG
0LDPLJRHVGXHËRGHXQD 0\IULHQGRZQVDKDUGZDUH
\YLYLUÇDFRPRXQSOD\ER\ OLYHOLNHDSOD\ER\ IHUUHWHUÇD VWRUH
(VRHVWÇSLFRGHWLHUHVWDQ 7KDWoVW\SLFDORI\RX\RXoUHVR
(VHHVXQPDUFRSUHFLRVR 7KDWoVDEHDXWLIXOIUDPH
VXSHUîFLDO VXSHUïFLDO (VXQDPH]FODGHPDUîO\UREOH ,WoVDPL[WXUHRILYRU\DQGRDN
6LSXGLHUDVWHQHUFLQFRFDVDV ,I\RXFRXOGKDYHKRXVHV
GÍQGHODVFRPSUDUÇDV" ZKHQZRXOG\RXEX\WKHP"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq +DYHMXVW
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
&RPHLQWRWKHKRXVH /RRNLQWRWKHPDWWHU IUDVHVHQLQJOÃV"
(QWUDHQODFDVDWÔHVW»VGHQWUR ,QYHVWLJDHODVXQWR
$FDERGHWHQHUXQDLGHD
*RLQWRWKHKRXVH ,IHOOLQWRWKHZDWHU $FDEDPRVGHDEULUXQDFXHQWDEDQFDULDGH
(QWUDHQODFDVDWÔHVW»VIXHUD 0HFDÇDODJXD ,QWHUQHW
(OODDFDEDGHHQWUDUHQHOTXLUÍIDQR
/RRNLQWRWKHER[ 7KH\LQYLWHGPHLQWRWKHLUKRXVH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
0LUDHQODFDMD 0HLQYLWDURQDHQWUDUHQVXFDVD
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
'RVIRUPDVGLIHUHQWHVGHOSDVDGR
&XDQGR WHQÇD DËRV VLHPSUH LED FRQ PL QRYLD D XQ JUDQ ODJR $QWHVYLYÇDHQ2NODKRPD
FHUFDGH6DSXOSD2NODKRPD3ULPHURLEDDVXFDVD\ORVGRVHQ $QWHVKDEODEDXQVRORLGLRPD
JDQFK»EDPRVODODQFKDIXHUDERUGDGHVXSDGUHDOSDUDFKRTXHV $QWHVWHQÇDP»VWLHPSROLEUH
GHPLFRFKH'HVSXÃVÇEDPRVDOODJREDM»EDPRVODODQFKDDODJXD $QWHVHUDWÇPLGR
DSDUF»EDPRVHOFRFKH\VXEÇDPRVDODODQFKD'HVSXÃVSDV»EDPRV $QWHVWUDEDMDEDPXFKRPHQRVTXHDKRUD
WUHVKRUDVHVTXLDQGRFRPLHQGR\GLYLUWLÃQGRQRV3RUODWDUGHGHM» $QWHVQHYDEDP»VTXHDKRUD
EDPRVODODQFKDDQFODGDFHUFDGHXQDRULOODDSDUWDGD\QRVDGHQ $QWHVKDEÇDP»VDXWRULGDGSRUDTXÇ
WU»EDPRVHQHOERVTXHGRQGHYROYÇDPRVDSDVDUORELHQ $QWHVSRGÇDSURQXQFLDUHVSDËROVLQSUREOHPD
:KHQ,ZDV\HDUVROG,ZRXOGDOZD\VJRZLWKP\JLUOIULHQGWR ,XVHGWROLYHLQ2NODKRPD
DELJODNHQHDU6DSXOSD2NODKRPD)LUVW,ZRXOGJRWRKHUKRXVH ,XVHGWRVSHDNRQO\RQHODQJXDJH
DQG WKH WZR RI XV ZRXOG KLWFK WKH RXWERDUG PRWRUERDW WR WKH ,XVHGWRKDYHPRUHIUHHWLPH
EXPSHURIP\FDU7KHQZHZRXOGJRWRWKHODNHORZHUWKHERDW ,XVHGWREHVK\
LQWRWKHZDWHUSDUNWKHFDUDQGJHWLQWRWKHERDW7KHQZHZRXOG ,XVHGWRZRUNPXFKOHVVWKDQ,GRQRZ
VSHQGWKUHHKRXUVVNLLQJHDWLQJDQGKDYLQJDJRRGWLPH,QWKH ,WXVHGWRVQRZPRUHWKDQQRZ
DIWHUQRRQ ZH ZRXOG OHDYH WKH ERDW DQFKRUHG QHDU D VHFOXGHG 7KHUHXVHGWREHDXWKRULW\DURXQGKHUH
VKRUHDQGZHZRXOGZDONLQWRWKHIRUHVWZKHUHZHZRXOGKDYHD ,XVHGWREHDEOHWRSURQRXQFH6SDQLVKZLWKRXWDQ\SUREOHPV
JRRGWLPHRQFHDJDLQ
&XDQGRGHVFULEHVDFFLRQHVUHSHWLWLYDVRKDELWXDOHVGHOSDVD &XDQGR TXLHUHV GHMDU FRQVWDQFLD GH DOJR TXH HUDV HVWDEDV
GRORP»VFRUULHQWHHVHPSOHDUHOYHUERDX[LOLDUpZRXOGq(VWD KDFÇDVWHQÇDVHWFRTXHSDVDEDRTXHKDEÇDHQHOSDVDGRVLQ
IRUPDHVPX\FRUULHQWHHQLQJOÃV\FXULRVDPHQWHORVOLEURVGH SUHFLVDUFX»QGRRGXUDQWHFX»QWRWLHPSRGHMDQGRDOPLVPR
JUDP»WLFDLQJOHVDQRVXHOHQKDFHUPHQFLÍQGHHOOD6LQHP WLHPSRODFRQVWDQFLDFODUDGHTXHWDOH[LVWHQFLDK»ELWRFRQR
EDUJRHVODIRUPDP»VFRPÔQGHFRQWDUDFWLYLGDGHVRDFFLR FLPLHQWRRUHDOLGDG\DQRHVYLJHQWHHQHOSUHVHQWHHQWRQFHV
QHVKDELWXDOHVHQHOSDVDGR\HVODIRUPDTXHP»VVHDVHPHMD VÍORSXHGHVXVDUODH[SUHVLÍQpXVHGWRqP»VHOLQîQLWLYR(V
DODH[SUHVLÍQpVROÇDqHQFDVWHOODQR WDVGRVSDODEUDVVHSURQXQFLDQLÔVWX
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
|1RPHORSXHGRFUHHU|/RKDQKHFKRRWUDYH]9HQJRDTXÇDOPHQRV , FDQoW EHOLHYH LW7KH\ GLG LW DJDLQ , FRPH KHUH DW OHDVW WZLFH D
GRVYHFHVSRUVHPDQD\SLGRXQDKDPEXUJXHVDVLQSHSLQLOORV\VLQ ZHHN DQG RUGHU D KDPEXUJHU ZLWK QR SLFNOHV DQG RQLRQV 7KH\
FHEROOD&DVLVLHPSUHVHROYLGDQ\OHVKDJRSUHSDUDUPHRWUDKDPEXU IRUJHW DOPRVW HYHU\ WLPH DQG , KDYH WR PDNH WKHP SUHSDUH
JXHVD1ROHVGHMRTXHTXLWHQHOSHSLQLOOR\ODFHEROODGHODTXHPH DQRWKHUKDPEXUJHU,GRQoWOHWWKHPWDNHWKHSLFNOHVDQGRQLRQV
KDQVHUYLGRSRUTXHVR\DOÃUJLFRDDPEDVFRVDV7HQJRTXHLQVLVWLU RIIWKHRQHWKH\JDYHPHEHFDXVH,oPDOOHUJLFWRERWK,KDYHWR
FDGDYH]TXHWLHQHQTXHSUHSDUDUPHRWUDKDPEXUJXHVDQXHYD LQVLVWHYHU\WLPHWKDWWKH\PDNHPHDQHZEXUJHU
(VWLPDGRDPLJR\DOXPQRp|||2IHUWDHVSHFLDO||8QDOLFHQFLDWXUDXQLYHUVLWDULDHQVÍORPHVHV/D8QLYHUVLGDG&OHPHQWLQDGH
6DOHPOHRIUHFHODRSRUWXQLGDGGHREWHQHUXQDWLWXODFLÍQXQLYHUVLWDULDWRWDOPHQWHDFUHGLWDGD\HQODFDUUHUDTXHXVWHGHOLMDHQ
VÍORPHVHV$WUDYÃVGHQXHVWURQXHYRVLVWHPDUHYROXFLRQDULRGHHVWXGLRXVWHGSRGU»REWHQHUXQDWLWXODFLÍQFRQXQPÇQLPR
GHHVIXHU]R\PHGLDQWHFXDWURH[»PHQHVI»FLOHVGHDSUREDU/DWLWXODFLÍQHVUHFRQRFLGDHQWRGRVORVFRQWLQHQWHV\HQWRGRVORV
»PELWRVGHODDFWLYLGDGHPSUHVDULDOHLQGXVWULDO/RVSULPHURVDOXPQRVTXHVHPDWULFXOHQHQOD8QLYHUVLGDG&OHPHQWLQDGH
6DOHPUHFLELU»QFRPSOHWDPHQWHJUDWLVHO'LFFLRQDULR2[IRUGGHOD/HQJXD,QJOHVD\XQEROÇJUDIR3DUNHUFKDSDGRHQRURq
3UHJXQWDQ&RQVLGHUDVHVWDRIHUWDOHJÇWLPD"3RUVXSXHVWRTXHQR1RHUHVWRQWR1DGLHFRQVLGHUDUÇDOHJÇWLPDXQDRIHUWDDVÇ
3UHJXQWDQ3RUTXÃFRQVLGHUDVOHJÇWLPDVRIHUWDVFRPRÃVWDFXDQGRWLHQHQTXHYHUFRQHODSUHQGL]DMHGHOLQJOÃV"
$XQTXHRVDQLPDPRVDVDFDUWRGRHOSURYHFKRSRVLEOHGHHVWHFXUVRGHLQJOÃVTXHRIUHFHPRVDWUDYÃVGH(/081'2QRGHMDPRV
GHUHFRUGDURVTXHDSUHQGHUELHQLQJOÃVH[LJHHOPLVPRHVIXHU]RTXHVDFDUXQDVHJXQGDOLFHQFLDWXUDHQHVWHFDVRXQDVHJXQGD
OLFHQFLDWXUDGHYHUGDG 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
7DOFXPSRZGHU3ROYRVGHWDOFR
%DWKWRZHO7RDOODGHEDËR
6RDS-DEÍQ
9RFDEXODULR%DWKWLPH+RUDGHEDËR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq |2MDO»
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
*HWLQWRWKHFDU :HUDQLQWRWKHVWUHHWODPS IUDVHVHQLQJOÃV"
0ÃWHWHHQHOFRFKH &KRFDPRVFRQWUDODIDUROD
|2MDO»HQWHQGLHUDODWHOHYLVLÍQ
7KH\MXPSHGLQWRWKHSRRO :HUDQLQWRDQROGIULHQG QRUWHDPHULFDQD
6DOWDURQDODSLVFLQD 7URSH]DPRVFRQXQDQWLJXRDPLJR |2MDO»QRKDEODUDIUDQFÃVWDQPDO
|2MDO»IXHUDP»VYDOLHQWH
,ZDONHGLQWRWKHEXLOGLQJ ,GURYHLQWRWKHJDUDJH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
(QWUÃDQGDQGRHQHOHGLîFLR (QWUÃFRQGXFLHQGRHQHOJDUDMH
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
+HOSIXOH[SUHVVLRQV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
9R\DWHQHUTXHSURKLELUWHFXDOTXLHUWLSRGHHMHUFLFLRLQWHQVRSRU ,oP JRLQJ WR KDYH WR SURKLELW DQ\ NLQG RI VWUHQXRXV H[HUFLVH IRU
HOPRPHQWR6ÃTXHODYLGDVLQHOWHQLVHVFRPRODYLGDVLQR[ÇJHQR WKHWLPHEHLQJ,NQRZWKDWOLIHZLWKRXWWHQQLVLVOLNHOLIHZLWKRXW
SHURVLTXLHUHVTXHWXURGLOODVHFXUHODÔQLFDUHFHWDHVWUHVPHVHV R[\JHQEXWLI\RXZDQW\RXUNQHHWRKHDOWKHRQO\SUHVFULSWLRQLV
GHGHVFDQVR\UHFXSHUDFLÍQ3DUDVHSWLHPEUHXRFWXEUHGHEHUÇDV WKUHHPRQWKVRIUHVWDQGUHFXSHUDWLRQ%\6HSWHPEHURU2FWREHU
VHUFDSD]GHKDFHUIRRWLQJXRWURHMHUFLFLRPHQRVLQWHQVRSHURQR \RX VKRXOG EH DEOH WR GR VRPH MRJJLQJ RU RWKHU OHVV VWUHQXRXV
WHUHFRPLHQGRYROYHUDODVFDQFKDVGHWHQLVSRUORPHQRVKDVWDOD H[HUFLVHEXW,ZRXOGQoWUHFRPPHQG\RXUHWXUQWRWKHWHQQLVFRXUWV
SUÍ[LPDSULPDYHUD DWOHDVWXQWLOQH[WVSULQJ
(VWLPDGRDPLJR\DOXPQR6HJXUDPHQWHWHHVW»VFDQVDQGRXQSRFRGHPLVVHUPRQHV1RTXLHURVHUDJXDîHVWDVSHURVÃTXHQDGLHVHKDFH
FRQXQEXHQQLYHOHQRWURLGLRPDVLQVXGDUHOHTXLYDOHQWHDPDUDWRQHV3HURSXHVWRTXH\DKHH[SOLFDGRHVWRGHPDQHUDVGLIHUHQWHV
YR\DGHVFDQVDUGXUDQWHXQDVîFKDVHLQWHQWDUHQWUHWHQHUWHXQSRFRFRQHOLQJOÃV$ORODUJRGHODVSUÍ[LPDVHQWUHJDVYDPRVDYHUGRV
SRHPDVJUDFLRVRV\GRVSRHPDVGHDPRU1RFRQWLHQHQPHQVDMHVGLUHFWRVQLVXEOLPLQDOHVLQVW»QGRWHDKDFHUXQHVIXHU]RDVÇTXHSXHGHV
WRPDUWHXQSHTXHËRGHVFDQVR(OSULPHUSRHPDGHVFULEHFÍPRXQSURIHVRUJDQDHOFRUD]ÍQDVXEHOODDOXPQDPHGLDQWHODHQVHËDQ]DGHO
FRQGLFLRQDO(VW»HQLQJOÃV\HQHVSDËRO 5LFKDUG9DXJKDQ
)ORUHQWLQDDQGWKH&RQGLWLRQDO
(VKHUPRVDHVRVt\XQDDOXPQDDSOLFDGD 3HURKD\XQQXHYRSURIHTXHPHGLFHQQXQFDIDOOD
'HHVWDPSDLQFUHtEOHFRQHOSHORHQFDVFDGD 8QSURIHTXHPHGLFHQODFRQYHUWLUiHQVXYDVDOOD
$WRGRVQRVWLHQHSHUGLGDPHQWHHQDPRUDGRV $KtODWLHQHVVROLWDVROLWDHQVXDXOD
<DKRUDFRQVXUHWRXQSHOtQDFDORUDGRV 2TXL]iPHMRUGLFKRODÀHUDHQVXMDXOD
1RVUHWDDHQVHxDUOHFRQDLUHDYLVSDGR *RRGHYHQLQJ)ORUHQWLQDZRXOG\RXOHWPHEH\RXUWHDFKHU
(OPDQHMRGHOFRQGLFLRQDOHQSUHVHQWH\SDVDGR ,I,SURPLVHG\RXDJDUGHQIXOORIHYHU\JRUJHRXVFUHDWXUH"
$ÀUPDTXHMDPiVHQVXYLGDKDKDELGR :RXOG\RXOLVWHQWRPHFDUHIXOO\DQGSXWIRUWK\RXUYHU\EHVW
3HUVRQDFDSDFLWDGDSDUDJDQDUOHWDOSDUWLGR ,I,ORRNHGLQWR\RXUH\HVDQGVKRZHGDVPLOHRIKHDUWIHOW]HVW"
7REHFRQWLQXHG
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
6KLUW&DPLVD
%ULHIFDVH0DOHWÇQ
7URXVHUV3DQWDORQHV
9RFDEXODULR%XVLQHVVVXLW7UDMHGHQHJRFLRV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpLQWRq
0HQRVPDO
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
,EDFNHGLQWRWKHJDUDJH :HVWUDSSHGKLPLQWRWKHVHDW IUDVHVHQLQJOÃV"
(QWUÃPDUFKDDWU»VHQHOJDUDMH /HVXMHWDPRVHQHODVLHQWRFRQFRUUHD
0HQRVPDOTXHVDEHVGHORTXHKDEODV
,IHOOLQWRWKHWUDS :HVSOLWLWLQWRWZRHTXDOSDUWV |0HQRVPDOTXHQRWHOODPÃDQWHV
&DÇHQODWUDPSD /RGLYLGLPRVHQGRVSDUWHVLJXDOHV 0HQRVPDOTXHWXPDGUHQRVHHQWHUÍ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
,WRRNKHULQWRP\DUPV +HWDONHGPHLQWRJRLQJ
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
/DHVWUHFKÃHQWUHPLVEUD]RV 0HKDEOÍKDVWDFRQYHQFHUPHSDUDTXH ,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
IXHUD DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
+HOSIXOH[SUHVVLRQV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&XDQGR$OHMDQGUR0DJQRHVWDEDHQ&RULQWRXQDFLXGDGHVWDGRGH :KHQ$OH[DQGHUWKH*UHDWZDVLQ&RULQWKDFLW\VWDWHLQDQFLHQW
OD$QWLJXD*UHFLDOHOOHYDURQDXQOXJDUGRQGHVLHPSUHVHVHQWDED *UHHFH KH ZDV WDNHQ WR WKH SODFH ZKHUH D IDPRXV SKLORVRSKHU
XQîOÍVRIRIDPRVR\GDEDFRQVHMRVVREUHODYLGD\HOXQLYHUVR&XDQ DOZD\VVDWDQGJDYHDGYLFHRQOLIHDQGRQWKHXQLYHUVH:KHQWKH
GRHOJHQHUDOOHGLMRDOîOÍVRIRTXHOHFRQFHGHUÇDFXDOTXLHUGHVHRHO JHQHUDOWROGWKHSKLORVRSKHUWKDWKHZRXOGJUDQWKLPDQ\ZLVK
îOÍVRIRVLPSOHPHQWHOHSLGLÍTXHVHDSDUWDUDXQRVPHWURVDXQODGR WKH SKLORVRSKHU VLPSO\ DVNHG KLP WR PRYH D IHZ PHWHUV WR RQH
SRUTXHOHTXLWDEDODOX]GHOVROQHFHVDULDSDUDOHHU VLGHEHFDXVHKHZDVEORFNLQJWKHVXQOLJKWQHHGHGIRUUHDGLQJ
)ORUHQWLQDDQGWKH&RQGLWLRQDOFRQW
:RXOG\RXSUDFWLFHHYHU\VHQWHQFHWKDW,DVNHG\RXWRUHSHDW (VWLPDGRDPLJR\DOXPQR$ODL]TXLHUGDWLHQHVODVFXDWURÔOWLPDVHVWURIDV
,I,VRIWO\ZKLVSHUHGSUDLVHDQGMR\DQGHQFRXUDJHPHQWUHSOHWH" GHO LQWHQWR SRU SDUWH GHO QXHYR SURIHVRU GH FRQYHQFHU D )ORUHQWLQD GH
:RXOG\RXPDNHWKHQHHGHGHIIRUWWRDEVRUEWKHEDVLFIRUPV TXHHVFDSD]GHDSUHQGHUHOPDQHMRGHOFRQGLFLRQDO(PSOHDXQHQIRTXH
,I,VSUHDGDORYHO\FDQRS\WRVKLHOG\RXIURPWKHVWRUPV" XQWDQWRFXULRVRSHURFRPREXHQSURIHVRUQRGHVFDUWDQLQJÔQDUWLîFLRVL
:RXOG\RXOLVWHQWRPHFDUHIXOO\DEVRUELQJP\DGYLFH FRQ HOOR DOFDQ]D VX REMHWLYR SHGDJÍJLFR (VWXGLD HO SRHPD SDUD KDFHUWH
,I,EDNHGDFKRFRODWHFDNHIRU\RXDQGJDYH\RXHYHU\VOLFH" FRQHOYRFDEXODULR\ODVH[SUHVLRQHV'HVSXÃVOÃHORHQYR]DOWDWUDWDQGRGH
:RXOG\RXVWXG\HYHU\QLJKWDQGGD\WRGHPRQVWUDWH\RXUZRUWK FRQVHJXLUHPXODUHOULWPR\ODPÃWULFD3RUFLHUWRYHU»VXQYHUVRTXHGLFH
,I,WRRN\RXLQP\DUPVDQGïHZ\RXKLJKDERYHWKHHDUWK" p,I,WRRN\RXLQP\DUPVq6LPLUDVDUULEDHQODVHFFLÍQGHp3KUDVDOYHUEVq
:RXOG\RXPDVWHUHYHU\VHQWHQFHDQGLPSUHVVPHHYHU\GD\ YHU»VXQDIUDVHFDVLLGÃQWLFDSHURTXHGLFHp,WRRNKHULQWRP\DUPVq3RU
,I,XVHGP\KDQGVWRPRXOG\RXOLNHDVXSSOHZLOOLQJFOD\" TXÃpLQqHQODIUDVHGHOSRHPDHpLQWRqHQODIUDVHGHDUULED"(QHVWHFDVR
:RXOG\RXQDYLJDWHFRQGLWLRQDOVOLNH9HQHWLDQJRQGROLHUV FRQFUHWRDPEDVIRUPDVVRQY»OLGDVDXQTXHXQSXULVWDGLUÇDpLQWRqVLHPSUH
,I,FXWWKHPRRQLQWZRKDOYHVWRPDNHHDUULQJVIRU\RXUHDUV" 3HURORVSXULVWDVVRQDEXUULGRV\QXQFDORJUDQKDFHUVHFRQXQEXHQGRPLQLR
:RXOG\RXîQDOO\)ORUHQWLQDEHFRPHH[SHUWZLWKWKLVWHQVH HQORVLGLRPDV6HDSUHQGHXQLGLRPDHQDPRU»QGRVHGHÃO\VLHOSURIHVRU
,I,îQDOO\PDGH\RXUHDOL]HWKDWZLWKPHWKHUHoVQRGHIHQVH" D\XGDFRPRHOGHOSRHPDDTXHWHHQDPRUHVGHVX»UHDGHOVDEHUHQWRQFHV
:RXOG\RXJLYHXSLSVRIDFWRDQGDGPLWWKDW\RXKDYHORVW VHWUDWDVLQGXGDGHXQH[FHOHQWHSURIHVRU 5LFKDUG9DXJKDQ
,I,WROG\RXWKDWP\QDPHLVîUPO\RQ\RXUKHDUWHPERVVHG"
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
6SOLQW7DEOLOOD
$QWLVHSWLF$QWLVÃSWLFR
%DQGDJH9HQGD
*DX]H*DVD
6\ULQJH-HULQJD
9RFDEXODULR)LUVWDLG3ULPHUDX[LOLR
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
4XÃKDU»VFXDQGRGHMHVOD :KDWZLOO\RXGRZKHQ\RX
&X»QWRWDUGDVWHHQDSUHQGHU +RZORQJGLGLWWDNH\RXWR
XQLYHUVLGDG" OHDYHXQLYHUVLW\" îQODQGÃV" OHDUQ)LQQLVK"
&UHRTXHYLDMDUÃGXUDQWH ,WKLQN,oOOWUDYHOIRUD\HDU +HWDUGDGRWRGDPLYLGD ,WoVWDNHQPHDOOP\OLIH
XQDËR 3RUTXÃKDVWDUGDGRWDQWR" :K\KDVLWWDNHQ\RXVRORQJ"
'ÍQGHLU»V" :KHUHZLOO\RXJR" 3RUTXHHVWDQGLIÇFLOGH %HFDXVHLWoVVRGLIïFXOWWR
(VSUREDEOHTXHYD\DD$VLD ,oOOSUREDEO\JRWR$VLDZLWKP\ WHUPLQDU ïQLVK
FRQPLVDPLJRV IULHQGV (VHHVHOIDPRVRVHQWLGRGHO 7KDWoVWKHIDPRXV(QJOLVK
9DQDYLDMDUFRQWLJR" $UHWKH\JRLQJWRWUDYHOZLWK KXPRULQJOÃVQR" VHQVHRIKXPRXULVQoWLW"
\RX"
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq 3URQRPEUHV3HUVRQDOHV
3URQXQFLDWLRQWKURXJKUK\PLQJ
7RGDVODVSDODEUDVH[SXHVWDVDFRQWLQXDFLÍQULPDQ3XHGHSDUH SURQXQFLDFLÍQGLIÇFLOHVGHHUUDGLFDUGHVSXÃV/HHWRGDVODVSDOD
FHUPHQWLUDSHURHVFLHUWR/DVSDODEUDVLQJOHVDVpFXUYHq\pQHUYHq EUDVGHODOLVWD(OVRQLGRGHYRFDOTXHSUHFHGHDODpUqHVLGÃQWLFR
ULPDQDODSHUIHFFLÍQ3RUHVRQRPHJXVWDTXHPLVDOXPQRVYHDQ HQWRGDVODVSDODEUDV7RGRVORVVRQLGRVULPDQFRQODVÇODEDpLUq
ODSDODEUDHVFULWDHQLQJOÃVDQWHVGHRÇUOD/DOHFWXUDVLQXQDDX GHpîUVWq3DUDD\XGDURVKHWLOGDGRDOJXQDVGHODVSDODEUDVSDUD
GLFLÍQ SUHYLD GHVSLVWD \ FRQGXFH DO DOXPQR D DGTXLULU YLFLRV GH DVHJXUDUXQDFRUUHFWDSURQXQFLDFLÍQGHODVPLVPDV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
/RV VHQWLPLHQWRV VLJXHQ D ODV DFFLRQHV &XDQGR SDVDPRV WLHPSR )HHOLQJVIROORZDFWLRQV:KHQZHVSHQGRXUWLPHWKLQNLQJDERXW
SHQVDQGRHQFÍPRQRVVHQWLPRVQRVYDPRVHQFRQWUDQGRGHSULPL KRZ ZH IHHO ZH JURZ LQFUHDVLQJO\ GHSUHVVHG %XW ZKHQ ZH
GRV3HURFXDQGRHPSOHDPRVQXHVWUDHQHUJÇDLQWHQWDQGRKDFHUTXH VSHQGRXUHQHUJLHVWU\LQJWRPDNHRWKHUVIHHOEHWWHUZHEHFRPH
RWURVVHVLHQWDQPHMRUQRVYDPRVVLQWLHQGRFDGDYH]P»VVDWLVIHFKRV LQFUHDVLQJO\ VDWLVîHG DQG KDSS\ ZLWK RXU OLYHV 'R \RX ZDQW D
\FRQWHQWRVFRQQXHVWUDVYLGDV4XLHUHVXQDFXUDDVHJXUDGDFRQWUDOD VXUHîUHFXUHIRUGHSUHVVLRQ"7KHQîQGSHRSOHZKRQHHGKHOSDQG
GHSUHVLÍQ"(QWRQFHVHQFXHQWUDDJHQWHTXHQHFHVLWHD\XGD\FHQWUD IRFXV\RXUPLQGRQKHOSLQJWKHP
WXDWHQFLÍQHQD\XGDUOHV
(OGXURVHUPÍQGH&ODUD3DXOHWH (VWLPDGRDPLJR\DOXPQR(VWRVYHUVRVVRQODFRQWLQXDFLÍQGHOSHTXHËRSRHPD
*RRGPRUQLQJ5DÔO,oP&ODUD3DXOHWH TXHWHLQFOXÇHQODîFKDQ3RUWDQWRUHFRPLHQGRTXHPLUHVHVDîFKDSULPHUR
0\(QJOLVKLVSHUIHFWEXW,oPIURP$OEDFHWH SDUDFRPSUHQGHUHOSRUTXÃGHODGXUDDFWLWXGGH&ODUD3DXOHWH(QHOSRHPDGHOD
0\PRWKHULV(QJOLVKDQG,JUHZXSLQ%ULVWRO L]TXLHUGD&ODUDVHSUHVHQWD\FRPHQWDDOGÇVFRORDOXPQRTXHDXQTXHWLHQHFDUDGH
$QGP\VPLOHPD\EHVDLQWO\EXW,WHDFKZLWKDSLVWRO VDQWDJXDUGDXQDSLVWRODSDUDFRQVHJXLUVXVREMHWLYRV$OîQDOHOODOHGLFHTXHQRVH
<RXZDQWWROHDUQ(QJOLVKDQG\RXoUHSD\LQJJRRGPRQH\ KDJDHOWRQWRGRQoWSOD\GXPE3RUFLHUWRODpEqDOîQDOGHpGXPEqHVPXGD/D
0\MRELVWRWHDFK\RXVRGRQoWWU\WREHIXQQ\ SDODEUDULPDSHUIHFWDPHQWHFRQpFRPHq&ODUD3DXOHWHHVPX\EXHQDSURIHVRUD/D
:HoOOVWDUWZLWKWKHSDVWWHQVHEXWWKHIXWXUHZLOOFRPH FRQR]FRELHQ\VÃTXHVXVDOXPQRVVLHPSUHDSUHQGHQLQFOXVRORVGÇVFRORVXQDYH]
$IXWXUHRIOHDUQLQJDQGZLWKPHGRQoWSOD\GXPE TXHDSUHQGDQDVHUP»VKXPLOGHVRDWRPDUVHODWDUHDP»VHQVHULR
7REHFRQWLQXHGLQWKHQH[WLQVHUWf 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
6DGGOH6LOODGHPRQWDU
5HLQV5LHQGDV
6WLUUXS(VWULER
9RFDEXODULR+RUVHULGLQJ(TXLWDFLÍQ
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq +DYH7R
p7HQHUTXHKDFHUDOJRqHVPX\SDUHFLGRHQ
+RZGLG\RXJHWLQWRWKLVPHVV" ,WoVKDUGWRSXWLWLQWRZRUGV LQJOÃVGHFLPRVpKDYHWRGRVRPHWKLQJq
&ÍPRWHKDVPHWLGRHQHVWHIROOÍQ" (VGLIÇFLOGDUOHIRUPDPHGLDQWHSDODEUDV 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7KH\OHWPHLQWRWKHKRXVH 7UDQVODWHWKLVLQWR6SDQLVKIRUPH 7HQJRTXHFRPSUDUOHFKH
0HGHMDURQHQWUDUHQODFDVD 7UDGÔFHPHHVWRDOHVSDËRO 1RWXYLPRVTXHKDFHUORDOîQDO
7LHQHVTXHOHYDQWDUWHWHPSUDQRPDËDQD"
,SD\LQWRWKHVRFLDOVHFXULW\V\VWHP +HoVJURZQLQWRDJRRGORRNLQJ\RXQJPDQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
3DJRDODVHJXULGDGVRFLDO 6HKDFRQYHUWLGRHQXQMRYHQPX\DSXHVWR
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3URQXQFLDWLRQWKURXJKUK\PLQJ
p2XqHQLQJOÃVFDVLVLHPSUHWLHQHHOPLVPRVRQLGRTXHpDRq$TXÇ GHFLUODSDODEUDDOPLVPRWLHPSRTXHVHËDODXQDIRWRGHO(YHUHVW
ORV HVSDËROHV FRPHWÃLV PXFKRV HUURUHV GH SURQXQFLDFLÍQ TXH TXHHODQJORSDUODQWHVHJXLU»VLQHQWHQGHUORTXHHVW»TXHULHQGR
LPSRVLELOLWDQ OD FRPSUHQVLÍQ 6L XQR SURQXQFLD pPRXQWDLQq WDO GHFLU6HSURQXQFLDpP»RQWHQq(PSHFHPRVFRQHVWDOLVWDGHSD
FRPRVHHVFULEH\DSXHGHUHSHWLUODSDODEUDKDVWDGHOGÇDGHO-XL ODEUDVTXHULPDQFRQODIDPRVDFHUYH]DHVSDËRODp0DKRXq(VWR
FLR )LQDO TXH XQ DQJORSDUODQWH QR OH HQWHQGHU» ,QFOXVR SXHGH QRVD\XGDU»DUHFRUGDUHOVRQLGRTXHEXVFDPRV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6LWLHQHVXQSRFRGHSDFLHQFLDWHHQVHËDUÃDXWLOL]DUODQXHYDKH ,I\RXoOOMXVWEHDOLWWOHSDWLHQW,oOOVKRZ\RXKRZWRXVHWKHQHZ
UUDPLHQWD+DVLGRGLVHËDGDSRUHO'HSDUWDPHQWRGH,QIRUP»WL WRRO ,W ZDV GHVLJQHG E\ WKH SHRSOH RYHU LQ ,7 DQG LI \RX OHDUQ
FD\VLDSUHQGHVDXWLOL]DUODFRUUHFWDPHQWHFDQDOL]DU»WRGRVORV WRXVHLWULJKWLWoOOFKDQQHODOOHPDLOFRQWDFWVLQWRDFHQWUDOîOHVR
FRQWDFWRVGHHPDLODXQDUFKLYRFHQWUDOSDUDTXHWRGRHOPXQGR WKDWHYHU\RQHZLOONQRZZKDWHYHU\RQHHOVHKDVVDLGRUGRQHZLWK
VHSDORTXHWRGRVORVGHP»VKDQGLFKRRKHFKRFRQXQFRQWDFWR DJLYHQFRQWDFW7KDWZD\ZKHQ\RXFDOODFXVWRPHURUSURVSHFW
GHWHUPLQDGR'HHVWDIRUPDFXDQGROODPDVDXQFOLHQWHRDXQ \RXoOOKDYHDQLPPHGLDWHEDFNJURXQGîOHRQHYHU\FRQWDFWPDGH
LQWHUHVDGRWHQGU»VXQDUFKLYRGHDQWHFHGHQWHVGHFDGDFRQWDFWR IURPKHUHZLWKWKDWSHUVRQRUîUP
TXHVHKD\DKHFKRGHVGHDTXÇFRQHVDSHUVRQDRHPSUHVD
(OGXURVHUPÍQGH&ODUD3DXOHWHFRQW
<RXUFRQWURORIWKHEDVLFVLVIDUIURPSRHWLF (VWLPDGRDPLJR\DOXPQR$TXÇQXHVWUDDPLJD&ODUDVHUPRQHDDOSREUH5DÔO
$QG\RXUXVHRIWKHWHQVHVLVIUDQNO\SDWKHWLF TXLHQSHQVÍHQXQSULQFLSLRTXHSRGUÇDFRQODVHËRULWD5HVXOWDTXH&ODUDFRQRFH
<RXUFKDUPLVDWWUDFWLYHEXWWKHUHoVZRUNWREHGRQH ELHQDHVDHVWLUSHHVSHFÇîFDGHDOXPQRVTXHDGRUQDODVDXODVGHLQJOÃVDËRWUDV
<HVWKHUHoVZRUNWREHGRQHDQGPRVWLVQRWIXQ DËRVLQSDVDUQXQFDGHXQQLYHOLQWHUPHGLR6RQSHUVRQDVTXHHQHOIRQGRQR
<RXoUHDW\SLFDOPDQRI6SDQLVKH[WUDFWLRQ TXLHUHQ DSUHQGHU LQJOÃV SRUTXH VDEHQ SHUIHFWDPHQWH TXH QR YDQ D KDFHU HO
:KRVHDFWLRQVDUHURRWHGLQFOHYHUUHDFWLRQ HVIXHU]RTXHVHUHTXLHUH$OJXQRVSLHQVDQTXHDOJÔQGÇDHQFRQWUDU»QXQPÃWRGR
<RXUVPLOHDQG\RXUFKDUPPDNHWKHDWPRVSKHUHSOHDVDQW UHYROXFLRQDULRFRQHOTXHDSUHQGDQHOLGLRPDVLQHVIXHU]R\HQXQWLHPSRUÃFRUG
$QGDVDUHVXOW,KDYHEURXJKW\RXDSUHVHQW &ODUD3DXOHWHHQVÇHVXQPÃWRGRUHYROXFLRQDULRSRUTXHHVGHHVRVSURIHVRUHV
$SUHVHQWFDOOHGKRPHZRUNîIWHHQKRXUVDZHHN TXHUHDOPHQWHHVSDELODQDVXVDOXPQRVOHVGRWDQGHXQDFROXPQDYHUWHEUDO
$SUHVHQWGHVLJQHGWRSURYLGHZKDW\RXVHHN JUDPDWLFDO \ OHV KDFHQ UHSHWLU \ SUDFWLFDU OR HVHQFLDO KDVWD TXH VH OHV IRUPD
0\SODQQHYHUIDLOVDQGWKDWoVZK\,DPKHUH VXGRUHQHOODELRVXSHULRU$KRUDOHWRFDHQGHUH]DUD5DÔO\OHUHFXHUGDTXHHVOD
<RXUERVVNQRZVP\IHHVDSULFHTXLWHVHYHUH HPSUHVDTXLHQHVW»SDJDQGRODIRUPDFLÍQ\TXHSRUWDQWRODFRVDYDPX\HQ
%XW,DOZD\VVXFFHHG,QHYHUKDYHIDLOHG
VHULR3DUDHPSH]DUOHKDFHXQERQLWRUHJDORKRUDVVHPDQDOHVGHGHEHUHV
$QGZLWKSHRSOHOLNH\RX,KDYHDOZD\VSUHYDLOHG
5LFKDUG9DXJKDQ
7REHFRQWLQXHGLQWKHQH[WLQVHUWf
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
6NXOO&U»QHR
-DZ0DQGÇEXOD
6KRXOGHUEODGH2PÍSODWR
&ROODUERQH&ODYÇFXOD
5LEFDJH&DMDWRU»FLFD
9RFDEXODULR%RQHV+XHVRV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
3RUTXÃQRORVKDVEXVFDGR :K\KDYHQoW\RXORRNHGIRU
3RGUÇDVEDMDUODVOXFHVXQSRFR" &RXOG\RXWXUQGRZQWKHOLJKWV
WRGDYÇD" WKHP\HW" DOLWWOH"
5HDOPHQWH\DQRORVQHFHVLWR ,GRQoWUHDOO\QHHGWKHP 7HGLMHTXHODVEDMDUDVQRTXH ,WROG\RXWRWXUQWKHPGRZQ
DQ\PRUH ODVDSDJDUDV QRWWXUQWKHPRII
<DQRVRQORVXîFLHQWHPHQWH 7KH\oUHQRWELJHQRXJK
3XHGHVHQFHQGHUODWHOHVLWH <RXFDQSXWWKH79RQLI\RX
JUDQGHV DQ\PRUH DSHWHFH OLNH
3RUTXÃQRORVGDVDXQD :K\GRQoW\RXJLYHWKHPWR
7HLPSRUWDHVFXFKDUORFRQ 'R\RXPLQGOLVWHQLQJWRLW
RUJDQL]DFLÍQEHQÃîFD" FKDULW\" ORVDXULFXODUHVSXHVWRV" ZLWK\RXUKHDGSKRQHVRQ"
&UHHVTXHPLVREULQRORV 'R\RXWKLQNP\QHSKHZ
6»FDORVGHOFDMÍQHQWRQFHV 7DNHWKHPRXWRIWKHGUDZHU
OOHYDUÇD" ZRXOGZHDUWKHP" WKHQ
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq 3KUDVDO9HUE7RUXQRYHU
6LJQLîFDpDWURSHOODUq\VHHPSOHDWDQWR
6HQGWKHPLQWRP\RIîFH :HKHOSHGKLPLQWRKLVEHG UHVSHFWRDSHUVRQDVFRPRDDQLPDOHV
0»QGDOHVDPLGHVSDFKR /HD\XGDPRVDTXHVHDFRVWDUD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
+HVKXWKLPVHOILQWRKLVURRP 6KHVHGXFHGPHLQWRKHUEHGURRP +DVDWURSHOODGRDOJXQDYH]DXQDQLPDO"
6HHQFHUUÍHQVXKDELWDFLÍQ (OODPHVHGXMRKDVWDVXGRUPLWRULR |+DVDWURSHOODGRPLSLH
|(VHFRFKHFDVLPHDWURSHOOÍ
7KH\WKUHZKLPLQWRDZHOO )LUVWSRXUWKHZDWHULQWRWKHSDQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
/HWLUDURQDXQSR]R 3ULPHURHFKDHODJXDDOFD]R
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3URQXQFLDWLRQWKURXJKUK\PLQJ
p2DqHQLQJOÃVFDVLVLHPSUHWLHQHHOPLVPRVRQLGRTXHpRXqHQHV WHPRVDFODUDUGHXQDYH]SRUWRGDVXQDUHJODGHSURQXQFLDFLÍQ
SDËRO&UHRFRQRFHUXQDVRODH[FHSFLÍQTXHYDLQFOXLGDHQODOLVWD I»FLOGHDSUHQGHU\I»FLOGHUHFRUGDU7RGDVODVSDODEUDVSUHVHQWD
GH DEDMR 2LJR D PLV DOXPQRV GHFLU PXFKDV YHFHV ODV SDODEUDV GDVDFRQWLQXDFLÍQULPDQPHQRVODÔOWLPD
pURDGqRpORDGqFRQXQDSURQXQFLDFLÍQPX\DODHVSDËROD,QWHQ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
0H HVWR\ HPSH]DGR D FDQVDU GH VXV FDPELRV GH KXPRU 3XHGH ,oPVWDUWLQJWRJHWDOLWWOHWLUHGRIKLVPRRGFKDQJHV+HPD\EH
TXHSRWHQFLDOPHQWHVHDHOPHMRU'LUHFWRUGH9HQWDVHQODKLVWRULD SRWHQWLDOO\WKHEHVWVDOHVPDQDJHULQWKHKLVWRU\RIRXUFRPSDQ\
GH QXHVWUD HPSUHVD SHUR WRGRV HVWDPRV WHQLHQGR GLîFXOWDGHV EXWDOORIXVDUHKDYLQJDKDUGWLPHGHDOLQJZLWKKLPRQDSHUVRQDO
WUDWDQGRFRQÃOHQHODVSHFWRSHUVRQDO+D\GÇDVHQORVTXHHVW» EDVLV6RPHGD\VKHoVïRDWLQJRQWKHFORXGVSUDLVLQJHYHU\RQHLQ
ïRWDQGRSRUODVQXEHVDODEDQGRDWRGRHOTXHYH\RWURVGÇDVR VLJKWDQGRWKHUGD\VKHoVHLWKHUJUXPS\DQGXQFRPPXQLFDWLYHRU
ELHQ HVW» JUXËÍQ H LQFRPXQLFDWLYR R ELHQ LUULWDEOH \ FRUWDQWH LUULWDEOHDQGVQDSS\6RPHSHRSOHIHHOLQWLPLGDWHGE\KLP
$OJXQDVSHUVRQDVVHVLHQWHQLQWLPLGDGDV
(VWLPDGRDPLJR\DOXPQRp,I\RXPDNHP\WDVNWRXJKq/DpWqLQJOHVDHVXQD
H[SORVLÍQGHDOLHQWR6LTXLHUHVGHFLUELHQHVWDIUDVHFRORFDWXPDQRGHODQWHGH
(OGXURVHUPÍQGH&ODUD3DXOHWHFRQW ODERFD\SURFXUDTXHODVGRVÔOWLPDVSDODEUDVWDVNWRXJKSURGX]FDQXQD
,I\RXPDNHP\WDVNWRXJKZLWK\RXUWÇSLFDVJUDFLDV H[SXOVLÍQGHDLUH6LKDFHVORPLVPRHQFDVWHOODQRGLFLHQGRSRUHMHPSORpWÃ
7HFDHU»QPLOWRUPHQWDV\XQPRQWÍQGHGHVJUDFLDV SDUDWLqQRVHQWLU»VQLQJXQDERFDQDGDGHDLUHFHUR3HURVLGLFHVHQLQJOÃV
7KH\VD\\RXoUHTXLWHEULJKWDPDQZLWKDYLVLRQ pWHDIRUWZRqVHQWLU»VGRVIXHUWHVH[SORVLRQHVGHDLUHHQODSDOPDGHWXPDQR
%XWIRUPH\RXoUHDPDQZKRLVODFNLQJGHFLVLRQ $KÇHVW»XQDGHODVGLIHUHQFLDVIRQÃWLFDVP»VOODPDWLYDVTXHH[LVWHQHQWUHHO
<RXUOHYHORI(QJOLVKLVVKRFNLQJO\ORZ
LQJOÃV\HOHVSDËRO
:KLFKUHïHFWVRQ\RXUFKDUDFWHUDQGSXWV\RXEHORZ
7KHPLOOLRQVRISHRSOHZKRKDYHPDVWHUHGWKHVSHHFK p7KH\VD\\RXoUHTXLWHEULJKWq/DSDODEUDpEULJKWqDGHP»VGHUHIHULUVHDXQD
6RJUDFLDVDSDUWHP\MRELVWRWHDFK OX]TXHGHVOXPEUDDODYLVWDWDPELÃQHVQXHVWUDIRUPDGHGHFLUpLQWHOLJHQWH\
$QG,oOOWHDFK\RXWKLVODQJXDJHRPRULUÃHQHOLQWHQWR HVSDELODGRq(QHOFDVRGHQXHVWURDPLJR5DÔO&ODUD3DXOHWH\DSHUFLEHTXHHV
3HURDQWHVGHPRULUîUPDUÃWXOLQFKDPLHQWR XQDSHUVRQDHVSDELODGD6LQHPEDUJRWDPELÃQSHUFLEHTXHWLHQHXQQLYHOGH
7KHUHoVDVD\LQJLQ(QJOLVKpZKHUHWKHUHoVDZLOOWKHUHoVDZD\q LQJOÃVEDMRSRUORTXHVDFDXQDFRQFOXVLÍQTXHHVODFRUUHFWDHQHOGHORV
$QGLI,IDLOLQWKLVSURMHFW\RXoUHWKHRQHZKRZLOOSD\ FDVRV6LDOJXLHQLQWHOLJHQWHQRVDEH\DFRQDËRVKDEODUELHQLQJOÃVHQWRQFHV
6REHJLQZLWK\RXUKRPHZRUN\FRUWDHOUROOR HVTXHDOJRIDOOD'HORVVHLVPLOPLOORQHVGHKDELWDQWHVGHHVWHSODQHWDFXDWUR
3RUTXHDSDUWLUGHDKRUDVXGDU»VFRPRXQSROOR PLO VRQ QDWLYRV GH KDEOD LQJOHVD \ RWURV PLO PLOORQHV OR KDEODQ ELHQ FRPR
)LQ VHJXQGDOHQJXD6LWLHQHVDËRV\QRHVW»VHQWUHHVHFDVLTXHORKDEOD
ELHQFRPRVHJXQGDOHQJXDRDOJRWHIDOODRWLHQHVPXFKRWUDEDMRSRUGHODQWH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
3ODVWHU+RUPLJÍQ
6ODWH3L]DUUD
&RQFUHWH5HYRTXH
5RRIWLOH7HMD
%ULFN/DGULOOR
9RFDEXODULR%XLOGLQJPDWHULDOV0DWHULDOHVGHFRQVWUXFFLÍQ
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpLQWRq 3KUDVDO9HUE7RKDYHVRPHRQHRQ
WRSXOOVRPHRQHoVOHJ
7KHJHQLHFKDQJHGPHLQWRDIURJ :HFRQWLQXHGLQWRWKHQH[WSKDVH
(OJHQLRPHFRQYLUWLÍHQXQDUDQD $FRQWLQXDFLÍQSDVDPRVDODIDVH 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
VLJXLHQWH IUDVHVHQLQJOÃV"
7KH\IROORZHGPHLQWRWKHURRP ,FDUULHGKHULQWRWKHVXLWH 7HHVWR\WRPDQGRHOSHOR
(QWUDURQGHWU»VGHPÇHQODVDOD &RQHOODHQWUHPLVEUD]RVHQWUÃHQOD 6ÍOROHVHVWDEDWRPDQGRHOSHOR
VXLWH 0HHVW»VWRPDQGRHOSHOR"
:HPRYHGLQWRWKLVïDWODVWPRQWK 7KH\FDOOHGPHLQWRWKHPHHWLQJ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
1RVFDPELDPRVDHVWHSLVRHOPHV 0HOODPDURQSDUDTXHHQWUDVHDOD
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
SDVDGR UHXQLÍQ ,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3URQXQFLDWLRQWKURXJKUK\PLQJ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(QVHËDU\DSUHQGHUVRQGRVDFFLRQHVGLVWLQWDVTXHQRVHVRODSDQ 7HDFKLQJDQGOHDUQLQJDUHWZRVHSDUDWHDFWLRQVWKDWGRQoWRYHUODS
H[FHSWRHQHOGHOWLHPSR8QSURIHVRUHVHQFLDOPHQWHQRHQ H[FHSW SHUKDSV RI WKH WLPH $ WHDFKHU LQ HVVHQFH GRHVQoW
VHËDVLQRTXHIDFLOLWDHOSURFHVRGHDSUHQGL]DMH/DJHQWHDSUHQ WHDFK EXW UDWKHU IDFLOLWDWHV WKH OHDUQLQJ SURFHVV 3HRSOH OHDUQ
GHSRUTXHHVW»PRWLYDGDSDUDDSUHQGHU\HOSDSHOSULQFLSDOGHXQ EHFDXVHWKH\DUHPRWLYDWHGWROHDUQDQGDWHDFKHUoVSULPDU\UROH
SURIHVRUHVHOGHGLVHËDU\SUHVHQWDUODPDWHULDGHWDOIRUPDTXH LVWRGHVLJQDQGSUHVHQWWKHVXEMHFWLQVXFKDZD\WKDWVWXGHQWVDUH
HVWLPXOHDORVDOXPQRVDDVLPLODUOR\DPSOLDUOR/O»PDPHSURIHVRU VWLPXODWHGWRDVVLPLODWHLWDQGH[SDQGRQLW&DOOPHDWHDFKHULI
VLTXLHUHVSHURHQUHDOLGDGVR\XQ´IDFLOLWDGRUGHODSUHQGL]DMHµ \RXZDQWEXW,oPUHDOO\DOHDUQLQJIDFLOLWDWRU
8QIUDFDVROLQJÖÇVWLFR
(VWLPDGRDPLJR\DOXPQR&RPRORSURPHWLGRHVGHXGDDSURPLVHLVDSURPLVHYR\DGHMDU
/DHVSÇRHQODSOD\DFRQYHVWLGRGHQRFKH
DVHUPRQHDUVREUHWXREOLJDFLÍQFRQHOLQJOÃVSDUDFRQWDUWHXQDKLVWRULDYHUÇGLFDTXHOHSDVÍ
&DPLQDQGRGHVFDO]D]DSDWRVHQODPDQR
/XPLQRVDOXQDOOHQDFDVLPHGLDQRFKH DXQRGHPLVH[DOXPQRVXQMRYHQGHDËRVDTXLHQOHJXVWDEDEXVFDURSRUWXQLGDGHVHQ
<VXEHOORDVSHFWRHVVREUHKXPDQR ODVGLVFRWHFDVHQODVSOD\DVHQFXDOTXLHUSDUWH+DFHDËRVDQGDEDSRUHOSDVHRPDUÇWLPR
|4XÃKHUPRVXUDGHPXMHU|&ULDWXUDGHOLFLRVD GH 3HËÇVFROD XQD QRFKH GH îQDOHV GH VHSWLHPEUH (UD PHGLDQRFKH \ KDFÇD PX\ EXHQ
6XYHVWLGRVXSHORVXVRQULVDVXVRPEUD WLHPSR+DEÇDOXQDOOHQD,EDGHUHJUHVRDOKRVWDOGRQGHVHKRVSHGDEDFRQXQJUXSRGH
/DVRODVPXUPXUDQGHVXHVWDPSDSURGLJLRVD DPLJRV\YLRODVLOXHWDGHVOXPEUDQWHGHXQDMRYHQFRQRMRVVRËDGRUHVFDPLQDQGRGHVSDFLR
<ODDUHQDDEUHSDVRDWHUFLRSHODGDDOIRPEUD SRUODDUHQDGHODSOD\DHOODVROD,QFOXVRODVRODV\ODDUHQDSDUHFÇDQQRWDUVXSUHVHQFLD/DV
(QPLYLGDKHFRQWHPSODGRDOJRWDQUDGLDQWH SDODEUDVGHPLH[DOXPQRUHFRJLGDVHQHOSRHPDVRQEDVWDQWHHORFXHQWHVPLGRPLQLRGHO
/DYR\DFRQTXLVWDUHQWRGRVXHVSOHQGRU HVSDËROQROOHJDDWDOH[WUHPR\HVW»FODURTXHHVWDEDXQWDQWRREQXELODGRSRUODVLWXDFLÍQ
(VW»VRODFRPR\R\QRKD\DWHQXDQWH WDQREQXELODGRTXHQRVHîMÍHQTXHODFKLFDHQFXHVWLÍQWHQÇDHOSHORFDVWDËR\ODWH]FODUD
$OO»YR\FRQPLQREOH]D\FRQWRGRPLFDQGRU
+DEÇDXQDSUREDELOLGDGGHOGHTXHVHWUDWDVHGHXQDH[WUDQMHUD3RUDTXHOHQWRQFHVPL
p4XÃWDOFÍPRHVW»V"8QDQRFKHSUHFLRVD H[DOXPQRKDEÇDUHFLELGRWDQVÍORGRVVHPDQDVGHFODVHFRQPLJR$SHQDVVDEÇDFRQMXJDU
7XYHVWLGRPHJXVWD\WXVRQULVDDJUDGD
(QODSOD\DWXîJXUDHVWDQîQDPLVWHULRVD
HOYHUERpWREHq<VLODFKLFDQRKDEODEDHVSDËRO"+DEU»SRGLGRQXHVWURDPLJRFDSHDUOD
VLWXDFLÍQ"/RYHUHPRVHQODVSUÍ[LPDVîFKDV
4XHQRSXHGRUHVLVWLUHVWDFRUD]RQDGD
5LFKDUG9DXJKDQ
7REHFRQWLQXHGLQWKHQH[WLQVHUWf
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
4XLHUHDSUHQGHUHOODDKDEODU 'RHVVKHZDQWWROHDUQ
$OJXQDYH]KDVWHQLGR +DYH\RXHYHUKDGSUREOHPV
LQJOÃV" (QJOLVK" SUREOHPDVFRQHOOD" ZLWKKHU"
6DEHÃOKDEODUIUDQFÃV" 'RHVKHNQRZKRZWRVSHDN $OJXQDYH]KDMXJDGRDOSROR" +DVKHHYHUSOD\HGSROR"
)UHQFK" $OJXQDYH]HOODKDUREDGR +DVVKHHYHUVWROHQDQ\WKLQJ"
1RKDEODQLQJÔQLGLRPD +HGRHVQoWVSHDNDQ\IRUHLJQ DOJR"
H[WUDQMHUR ODQJXDJHV $OJXQDYH]KHPRVHVWDGRDOOÇ" +DYHZHHYHUEHHQWKHUH"
9HQGLVWHWXFDVDHODËR 'LG\RXVHOO\RXUKRXVHODVW $OJXQDYH]WHKHKDEODGRGH +DYH,HYHUVSRNHQ\RXDERXW
SDVDGR" \HDU" PLWÇR" P\XQFOH"
&RPSUÍXQFRFKHQXHYR" 'LGVKHEX\DQHZFDU"
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
4XÃGLUÇDVVLWHGLMHUDTXHWH :KDWZRXOG\RXVD\LI,WROG
&ÍPRVRQVXVRWUDVQRYHODV" :KDWDUHKLVRWKHUQRYHOVOLNH"
TXLHUR" \RX,ORYHG\RX" &RPSDUDGDVFRQVXSULPHUD &RPSDUHGZLWKKLVïUVWRQH
7HQÇDVSHQVDGRGHFLUPHHVR" $UH\RXSODQQLQJRQWHOOLQJPH VRQPX\GHFHSFLRQDQWHV WKH\oYHYHU\GLVDSSRLQWLQJ
WKDW" 3DUHFHTXHVHOHDFDEDURQODV ,WVHHPVKHUDQRXWRILGHDV
'HSHQGHGHFXDOVHDWX ,WGHSHQGVRQZKDW\RXU LGHDVSURQWR TXLFNO\
UHVSXHVWD DQVZHULV +DKHFKRDOJRÔOWLPDPHQWH" +DVKHGRQHDQ\WKLQJODWHO\"
(VW»VHQDPRUDGDGHPÇ" $UH\RXLQORYHZLWKPH" /OHYDFLQFRDËRVFRQXQEORTXHR+HKDVKDGZULWHUVEORFNIRU
'HEHVVDEHUTXHHVWR\ <RXPXVWNQRZWKDW,oPPDGO\ GHHVFULWRU WKHODVWïYH\HDUV
ORFDPHQWHHQDPRUDGRGHWL LQORYHZLWK\RX
%LVKRS$OîO
.QLJKW&DEDOOR
3DZQ3HÍQ
4XHHQ5HLQD
5RRN7RUUH
.LQJ5H\
9RFDEXODULR&KHVV$MHGUH]
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpLQWRq 7RORRNOLNHVRPHRQH
&XDQGRGHFLPRVTXHXQDSHUVRQDVHSDUHFH
'LYLGHLWLQWRWKUHHHTXDOSDUWV ,UHDFKHGLQWRWKHER[DQGWRRNRXWDEDOORW IÇVLFDPHQWHDRWUDHPSOHDPRVHO
'LYÇGHORHQWUHVSDUWHVLJXDOHV 0HWÇHOEUD]RHQODFDMD\VDTXÃXQDSDSHOHWD YHUERpWRORRNOLNHq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
,FKHFNHGLQWRWKHKRWHO 7KH\DVNHGPHLQWRWKHPHHWLQJ IUDVHVHQLQJOÃV"
0HUHJLVWUÃHQHOKRWHO 0HSLGLHURQTXHHQWUDVHHQODUHXQLÍQ -RKQVHSDUHFHDVXSDGUH
1RFUHRTXHPHSDUH]FDDPLPDGUH
7KH\UXVKHGLQWRWKHURRP 7KHKHOLFRSWHUFURVVHGLQWRWKHSODQHoVSDWK (OODVHSDUHFHDVXKHUPDQD
(QWUDURQDSUHVXUDGDPHQWHHQOD (OKHOLFÍSWHURHQWUÍHQUXWDGHODYLÍQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
VDOD
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3URQXQFLDWLRQWKURXJKUK\PLQJ
&UHRTXHODSULPHUDSDODEUDGHFDGDXQDGHODVFXDWURFROXPQDV WDVLQGDUWHFXHQWD\DTXHGLUÇDVp:KDWKDVWKHQXQGRQH"q7H
H[SXHVWDVDFRQWLQXDFLÍQWHVHU»PX\I»FLOGHSURQXQFLDUFRUUHF SDVDUÇDORPLVPRVLPHSUHJXQWDUDVTXÃFKR]DFHUUÃDOGHFLUp:KDW
WDPHQWH$KRUDELHQWRGDVODVGHP»VVHSURQXQFLDQGHODPLVPD KXWGLG\RXVKXW"q7RGDVHVWDVSDODEUDVVHEDVDQHQHOVRQLGRIR
IRUPDDSHVDUGHODVJUDQGHVGLIHUHQFLDVRUWRJU»îFDVTXHH[LVWHQ QÃWLFRP»VFRPÔQTXHH[LVWHHQLQJOÃVODpDqWDO\FRPRVHSUR
HQWUHHOODV3RUHMHPSORODH[SUHVLÍQpKLMRGHOVROqVHGLFHHQLQJOÃV QXQFLDFXDQGRVHHPSOHDFRPRDUWÇFXORLQGHWHUPLQDGRDERRND
pVRQRIWKHVXQq6LXQDQJORSDUODQWHHVFXFKDUDHVWDIUDVHHQLQJOÃV SHQDVWUHHWDFDUHWF/RUHDOPHQWHFXULRVRHVTXHQLQJXQDGHODV
VLQOHHUODQRVDEUÇDVLVHWUDWDGHpKLMRGHOVROqRpVROGHOKLMRq6L SDODEUDVGHODVOLVWDVFRQWLHQHODOHWUDpDq$VÇHVHOLQJOÃV'HEHUÇDQ
SUHJXQWDVHVpTXÃKDKHFKRODPRQMD"qWHFRQYHUWLUÇDVHQXQSRH KDEHUIXVLODGRDOTXHLQYHQWÍODRUWRJUDIÇDLQJOHVD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
<RTXHWÔQROHOODPDUÇD/HJXVWDVHQWLUVHQHFHVLWDGR\FUHHTXHHV ,ZRXOGQoWFDOOKLPLI,ZHUH\RX+HOLNHVIHHOLQJQHHGHGDQGKH
LPSUHVFLQGLEOH'HKHFKRFUHHTXHHVHOÔQLFRFRQWRGDVODVUHVSXHV WKLQNVKHoVLQGLVSHQVDEOH,QIDFWKHWKLQNVKHoVWKHRQO\RQHZLWK
WDV\TXHWRGRVORVGHP»VHVWDPRVDTXÇSDUDDGRUDUOH\VHUYLUOH6LOH WKH DQVZHUV DQG WKDW DOO WKH UHVW RI XV DUH KHUH WR ZRUVKLS DQG
OODPDVVÍORUHIRU]DU»VVXFRQYLFFLÍQGHTXHHVWDFRPSDËÇDHVYLDEOH VHUYHKLP,I\RXFDOOKLP\RXoOORQO\UHLQIRUFHKLVFRQYLFWLRQWKDW
JUDFLDVDÃO\VRODPHQWHDÃO WKLVFRPSDQ\LVYLDEOHWKDQNVWRKLPDQGKLPDORQH
8QIUDFDVROLQJÖÇVWLFRFRQW
´<RX·UHFXWH<RX·UHWKHPDQWKDW,ZDQWLQP\OLIHµ (VWLPDGRDPLJR\DOXPQR0LSREUHDPLJRORHVW»SDVDQGRPDO(VW»IDVFLQDGR
p3HUGRQD"4XÃKDVGLFKR"0HORSRGUÇDVUHSHWLU"q SRU XQD FKLFD \ HVW» XVDQGR WRGDV ODV DUPDV D VX DOFDQFH 6LQ HPEDUJR KD
´<RX·UHFXWH<RX·UHWKHPDQWKDW,ZDQWLQP\OLIHµ WURSH]DGR FRQ XQ LPSHGLPHQWR LQHVSHUDGR HO LQJOÃV $O SDUHFHU OD GHOLFLRVD
,QJOÃV"DOHP»Q"|$OJRVHPHWLHQHTXHRFXUULU FULDWXUDQRVDEHHVSDËROSRUORTXHODJHVWDKDGHPDWHULDOL]DUVHHQRWURLGLRPD
´<RX·UHFXWH<RX·UHWKHPDQWKDW,ZDQWLQP\OLIHµ 3RUVXHUWHHOFKLFRORWLHQHWRGRDVXIDYRU'HKHFKRODFKLFDHVW»PX\LQWHUHVDGD
3HURQRVÃLQJOÃVTXÃPHGLFHVSULQFHVD" HQÃO/HOODPDpFXWHqNLÔWWÃUPLQRTXHVHXVDPXFKRHQ((88SDUDJXDSRR
´<RX·UHFXWH<RX·UHWKHPDQWKDW,ZDQWLQP\OLIHµ PRQR/XHJRDËDGHTXHHVSRWHQFLDOPHQWHHOKRPEUHGHVXYLGD6LQHPEDUJR
|'LRVPÇR4XÃPHGLFHHVWDEHOODLQJOHVD" PL DOXPQR QR OD HQWLHQGH 6HU» SRVLEOH" 1R VH GD FXHQWD GH TXH OD SUHFLRVD
´<RX·UHFXWH<RX·UHWKHPDQWKDW,ZDQWLQP\OLIHµ H[WUDQMHUDVHOHHVW»FDVLGHFODUDQGR|4XÃGHVSHUGLFLR|4XÃUDELD
1RKDEODVFULVWLDQR"'HLQJOÃVQRVÃQDGD (VWRSDVÍKDFHDËRV0LDOXPQRGHQRPEUH-RVÃ&DUORVPHFRQWÍHVWDKLVWRULD
´:KHQ\RXÀQDOO\OHDUQ(QJOLVKWKHQ,·OOEH\RXUZLIHµ XQDV VHPDQDV P»V WDUGH \D GH UHJUHVR D 0DGULG \ D ODV FODVHV FRQPLJR )XH
3XHGHDOJXLHQWUDGXFLUORTXHGLFHHVWDPRQDGD" DOXPQRPÇRGXUDQWHGRVDËRV\DSUHQGLÍPXFKR'HVSXÃVWUDEDMÍVHLVDËRVHQ
´,·PVRUU\P\ORYH\RX·UHFXWHEXW\RX·YHIDLOHG 7RURQWR\DKRUDVHPDQHMDHQLQJOÃVFRQDEVROXWDVROWXUD&RPLPRVMXQWRVKDFH
:LWK(QJOLVK,·PVXUHWKDW\RXZRXOGKDYHSUHYDLOHG XQRVPHVHV\PHGLMRHQLQJOÃV,oYHQHYHUVHHQDZRPDQDVIDVFLQDWLQJDVWKDW
,·PFUD]\IRU6SDQLDUGVDQG\RX·UHRQHRIWKHEHVW EHDXWLIXOJLUORQWKHEHDFKLQ3HËÇVFROD,IRQO\,FRXOGWXUQWKHFORFNEDFN
%XW\RXUXQIRUWXQDWH(QJOLVKPDNHV\RXMXVWOLNHWKHUHVWµ
5LFKDUG9DXJKDQ
)LQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
6HZLQJ0DFKLQH0»TXLQDGHFRVHU
6HZLQJ%DVNHW&RVWXUHUR
7KUHDG+LOR
1HHGOH$JXMD
)DEULF7HOD
9RFDEXODULR6HZLQJ&RVWXUD
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq 7RKDYH
3URQXQFLDWLRQWKURXJKUK\PLQJ
7RGDVODVSDODEUDVSUHFHGLGDVSRUHOQÔPHURWLHQHQHOVRQLGRpXq/DVSUHFHGLGDVSRUHOQÔPHURRIUHFHQGRVRSFLRQHVY»OLGDVpXq
HpLÔq(OWHUFHUJUXSRVHEDVDHQHOVRQLGRpLÔq
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
/DYLHMHFLWDUHFLELÍWUHVOODPDGDVWHOHIÍQLFDVGHXQKRPEUHTXH 7KH ROG ZRPDQ UHFHLYHG WKUHH WHOHSKRQH FDOOV IURP D PDQ ZKR
DSHQDVSRGÇDGHFLUXQDSDODEUDLQWHOLJLEOHSHURFX\DYR]VRQDED FRXOG KDUGO\ VD\ DQ LQWHOOLJLEOH ZRUG EXW ZKRVH YRLFH VRXQGHG
SRUUDURTXHSDUH]FDFRPRODGHVXGLIXQWRPDULGR$ODPDËDQD VWUDQJHO\ OLNH WKDW RI KHU GHDG KXVEDQG 7KH QH[W PRUQLQJ VKH
VLJXLHQWHVHIXHDOFHPHQWHULR\HQFRQWUÍTXHHOYHQGDYDOGHOD ZHQW WR WKH FHPHWDU\ DQG IRXQG WKDW WKH VWRUP\ ZLQGV WKH
QRFKHDQWHULRUKDEÇDURWRYDULRVFDEOHVGHWHOÃIRQR\XQRGHHOORV QLJKWEHIRUHKDGEURNHQVRPHWHOHSKRQHZLUHVDQGRQHRIWKHPKDG
KDEÇDFDÇGRGLUHFWDPHQWHHQODWXPEDGHVXPDULGR IDOOHQGLUHFWO\RQKHUKXVEDQGoVJUDYH
7KH&RQTXHVWRI'DQLHOD
´*RRGQLJKWKRZDUH\RX",OLNH\RXUSDPpODµ (VWLPDGRDPLJR\DOXPQR'DQLHODHVDPLJDGHPLKLMD&RPRÃVWDVHFULÍHQXQD
0\QDPHLV5D~ODQG,WKLQN\RX·UH(VWHOD
IDPLOLDELOLQJÖHGHSDGUHHVSDËRO\PDGUHLQJOHVD3HURDSHVDUGHVHUPLWDGHV
7KHVLVWHURI7ULQLDIULHQGRIP\EURWKHU
SDËROD\GHKDEHUVHFULDGRHQ(VSDËDSRUVXDVSHFWRSRGUÇDSDVDUSRUXQDUHFLÃQ
,KDYHDFXEDWDGR\RXOLNHDQRWKHU"
OOHJDGDGH/LYHUSRRO$ORVDËRVFRQRFLÍHQXQDGLVFRWHFDDOKRPEUHTXHDKRUD
|'LRVPÇR<DHVW»RWURSHVDGR HVVXPDULGR&XDQGRQRVFRQWÍFÍPRVHFRQRFLHURQ\HQTXÃDPELHQWHGHFLGÇGH
6XLQJOÃVOHKDFHDXQP»VUHWUDVDGR
GLFDUOHXQRVYHUVRVTXHFRPLHQ]DQHQHVWDîFKD
0HDFRVDQORVFKLFRV\DQRVÃTXÃKDFHU
6HFUHHQTXHHQLQJOÃVPHVDEU»QFRPSODFHU &RPRHVGHVXSRQHU'DQLHODHVDWUDFWLYD/RVFKLFRVSLHQVDQTXHSRUVHUJXLULVHU»
+HOORDUH\RXORQHO\",DP-XDQ&KDPRUUR SUHVDI»FLO\XWLOL]DQHOSRFRLQJOÃVTXHVDEHQSDUDSUREDUVXHUWH&RPRDXWRUGHO
,OLNH\RX<RXSUHWW\,FDOO\RXWRPRUURZ" SRHPDQRPHFRVWÍPXFKRWUDEDMRHPXODUODIRUPDGHKDEODUGHORVFKLFRVGHOD
,KDYHRQH%XJDWWL,WDNH\RXDGULYH GLVFRSRUTXHODHVFXFKRWRGRVORVGÇDVHQODVHPSUHVDV/DLQPHQVDPD\RUÇDGHORV
,JRWRP\FDUQRZ<RXFRPHDQGDUULYH" GLUHFWLYRV\WÃFQLFRVHQ(VSDËDJHQWHTXHGLULJHORVGHVLJQLRVGHHVWHSDÇVWRGDYÇD
(QFLPDXQIUHVFRTXHSUHVXPHGHFRFKH KDEODQFRPRFXDQGROLJDEDQHQODVGLVFRWHFDV3HURKD\XQGLFKRHVSDËROTXHGLFH
&RQSRFRLQJOÃVD\PHQXGRIDQWRFKH TXHpODH[FHSFLÍQFRQîUPDODUHJODq
4XÃVHFUHHQHVWRVFKLFRVTXHFRQFXEDWDRFRFKH +DEU»DOJXQDH[FHSFLÍQHVWDQRFKHHQODGLVFR"
&RQVHJXLU»QTXHOHVGÃORPHMRUGHODQRFKH" 5LFKDUG9DXJKDQ
7REHFRQWLQXHGLQWKHQH[WLQVHUW
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
:LFN0HFKD
)ODPH/ODPD
:D[&HUD
0DWFK&HULOOD
&DQGOH+ROGHU&DQGHOHUR
9RFDEXODULR&DQGOH9HOD
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
6LSXGLHUDVKDEODUFRQHO ,I\RXFRXOGVSHDNZLWKWKH
0HGHMDU»VWXFRFKHHVWHîQ :LOO\RXOHWPHXVH\RXUFDU
SUHVLGHQWHTXÃOHGLUÇDV" SUHVLGHQWZKDWZRXOG\RXVD\" GHVHPDQD" WKLVZHHNHQG"
6LSXGLHUDVYLDMDUHQHO ,I\RXFRXOGWUDYHOLQWLPHZKDW (VW»VLHQGRUHSDUDGRHQHVWH ,WoVEHLQJUHSDLUHGDWWKH
WLHPSRTXÃDËRYLVLWDUÇDV" \HDUZRXOG\RXYLVLW" PRPHQWR PRPHQW
6LIXHUDVXQVXSHUKÃURHTXÃ ,I\RXZHUHDVXSHUKHURZKDW
$OJXLHQKDGHMDGRVXF»PDUD 6RPHRQHoVOHIWWKHLUFDPHUD
SRGHUHVHVSHFLDOHVWHQGUÇDV" VSHFLDOSRZHUVZRXOG\RXKDYH" DTXÇ KHUH
6LSXGLHUDVVHUXQSHUVRQDMH ,I\RXFRXOGEHDFKDUDFWHULQD $OJXLHQHVW»HQHOSDVLOORRLJR 6RPHRQHLVLQWKHFRUULGRU
GHXQOLEURTXLÃQVHUÇDV" ERRNZKRZRXOGLWEH" VXVSDVRV ,FDQKHDUWKHLUIRRWVWHSV
6LWHSDJDUDXQPLOOÍQGHHXURV,I,SDLG\RXDPLOOLRQHXURV 7LHQHVPX\EXHQRÇGR <RXKDYHYHU\JRRGVHQVHRI
WHDFRVWDUÇDVFRQPLJR" ZRXOG\RXVOHHSZLWKPH" KHDULQJ
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDO9HUE7RORRNRXWRIWKH
3KUDVDOYHUEVZLWKpXSq
ZLQGRZ
7KHSROLFHPDQFDPHXSWRPH 7KHROGPDQVORZO\ZDONHGXSWRPH 1RVHVXHOHGHFLUpWRORRNWKURXJKWKH
(OSROLFÇDVHDFHUFÍDPÇ (OYLHMRVHDFHUFÍDPÇDSDVROHQWR ZLQGRZqHQLQJOÃVVLQRpWRORRNRXWRIWKH
ZLQGRZq
,ZHQWXSWRWKHSROLFHPDQ ,VZDPXSWRWKHGDP 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
0HDFHUTXÃDOSROLFÇD 0HDFHUTXÃDQDGRKDVWDODSUHVD IUDVHVHQLQJOÃV"
0HDVRPÃSRUODYHQWDQDSHURQRYLDQDGLH
7KHOLWWOHER\UDQXSWRPH ,GURYHWKHFDUXSWRWKHSXPS (OODSDVDKRUDVPLUDQGRSRUODYHQWDQD
(OQLËRVHDFHUFÍFRUULHQGRDPÇ $FHUTXÃHOFRFKHKDVWDHOVXUWLGRU 0LUDSRUODYHQWDQLOOD\DYHUVLYHVXQPROLQR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV6HOI
7RGDVODVSDODEUDVTXHDSDUHFHQDFRQWLQXDFLÍQFRPLHQ]DQSRUHOSUHîMRpVHOIq/DVSDODEUDVHQLQJOÃVGHOSULPHUJUXSRVRQPX\FRUULHQWHV\
VHHVFXFKDQFDVLDGLDULR/DVGHOVHJXQGRVRQLPSRUWDQWHVWDPELÃQSHURPHQRVÔWLOHVSDUDHOGÇDDGÇD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1HFHVLWDVHVWDUSUHSDUDGRSDUDFXDOTXLHUHYHQWXDOLGDG(QHVWHWLSR <RX QHHG WR EH SUHSDUHG IRU DQ\ HYHQWXDOLW\ ,Q WKLV NLQG RI MRE
GHWUDEDMRGRQGHWLHQHVTXHWUDEDMDUFRQXQDPSOLRHVSHFWURGHSHU ZKHUH\RXKDYHWRZRUNZLWKDEURDGVSHFWUXPRISHUVRQDOLWLHVDQG
VRQDOLGDGHV \ WHPSHUDPHQWRVQXQFDVDEHVTXÃHVSHUDU /D JHQWH WHPSHUDPHQWV\RXQHYHUNQRZZKDWWRH[SHFW3HRSOHZLOOGRWKH
KDU»ODVFRVDVP»VH[WUDËDV<HQWRQFHVSRUVXSXHVWRWHVRUSUHQ VWUDQJHVWWKLQJV$QGWKHQRIFRXUVHWKH\ZLOOVXUSULVH\RXDWWLPHV
GHU»QDYHFHVFRQGHWDOOHVPDUDYLOORVRVRFRQVROXFLRQHVLQJHQLRVDV ZLWK ZRQGHUIXO JHVWXUHV RU LQJHQLRXV VROXWLRQV WR SUREOHPV <RX
SDUDORVSUREOHPDV(VRVÇQRWHDEXUULU»VHQWXQXHYRWUDEDMRHVRWH FHUWDLQO\ZRQoWJHWERUHGLQ\RXUQHZMREWKDW,FDQDVVXUH\RX
ORSXHGRDVHJXUDU
7KH&RQTXHVWRI'DQLHODFRQW (VWLPDGRDPLJR\DOXPQR'HVSXÃVGHXQWHUFHUHSLVRGLRGHDFRVRHVWDYH]SRUSDU
:KHUHGR\RXDUHFRPHIURP"<RXUIDFHLWGRHVVRXQGPH WHGHOUHODFLRQHVSÔEOLFDVGHODGLVFRWHFDODSREUH'DQLHODVHFDQVD\VHGLULJHDOD
3DUtV0RQWHFDUORRUSHUKDSVDUHVRUWVNL" VDOLGD6LQHPEDUJRGHMDROYLGDGRVXSDUDJXDV\SRUVXHUWHDOJXLHQVHSHUFDWD\OH
,DP$QGUpV3R]RWKHSXEOLFUHODWLRQV DYLVD/DSHUVRQDHQFXHVWLÍQKDEODXQLQJOÃVHORFXHQWHHQFRPSDUDFLÍQFRQHOGHORV
,QWKLVGLVFRWHFDFDOOHG´:HHNHQG9LEUDWLRQVµ DQWHULRUHVSUHWHQGLHQWHVVREUHWRGRSRUTXHKLODODVIUDVHVFRUUHFWDPHQWH\FRQMXJD
0HYDDGDUDOJRKDVWDHOPLVPRJHUHQWH ORVYHUERVFRQDFLHUWR
0HDFRVDHQXQLQJOÃVFDVLLQH[LVWHQWH 0LUHPRVXQRVLQVWDQWHVODJUDP»WLFDGHODVIUDVHV\HOHVWLORHQJHQHUDO(QODSULPHUD
0HYR\P»VQRSXHGRDGLÍVPX\EXHQDV OÇQHDGHODWHUFHUDHVWURIDYHPRVFRPRHOFKLFRHVSDËROHPSOHDSHUIHFWDPHQWHHO
$JXDQWDUWRGRHVWRHVDJXDQWDUPLOFRQGHQDV
SDVDGRVLPSOHROYLGDVWHFXDQGRHQFDVWHOODQRVHXVDUÇDHOSUHWÃULWRSHUIHFWRKDV
([FXVHPH,WKLQN\RXIRUJRW\RXUXPEUHOOD ROYLGDGR6HSXHGHQXVDUODVGRVIRUPDVSHURHVP»VFRPÔQHOSDVDGRHQHVWRVFDVRV
<RX·UHOHDYLQJDVIDVWDVWKHIDLU&LQGHUHOOD )ÇMDWHWDPELÃQFRPRHQODVHJXQGDOÇQHDGHODPLVPDHVWURIDGLFHp\RXoUHOHDYLQJq
%XWLW·VUDLQLQJRXWVLGH\RXZRQ·WZDQWWRJHWZHW HOSUHVHQWHFRQWLQXRFXDQGRHQFDVWHOODQRGLUÇDPRVpWHYDVqRpWHPDUFKDVq(QOD
6RKHUHLVDQREMHFW\RXPXVWQHYHUIRUJHW
WHUFHUDOÇQHDGHODPLVPDHVWURIDIÇMDWHFÍPRGLFHpZRQoWZDQWqQRTXHUU»V/D
$SODTXHRQWKHKDQGOHVKRZVWKHQDPH´'DQLHODµ IRQÃWLFDHVpXRÔWX»QWq(QODÔOWLPDOÇQHDGHODFXDUWDHVWURIDODSDODEUDpîQHqVH
1RW'RULVQRW3HWUDQRW&UX]QRU(VWHOD WUDGXFHHQHVWHFDVRFRPRpïQR\HOHJDQWHq
7KHXPEUHOODEHORQJVWRDWDO'DQLHOD
$UH\RXWKHÀQHRZQHURIWKLVJUDFHIXOXPEUHOOD" 4XHGDQVLHWHHVWRIDVP»V6HGLJQDU»'DQLHODDKDEODUHQLQJOÃVDOFKLFR"6HDEODQ
GDU»XQSRFR"7HQGU»VTXHDGTXLULUDOPHQRVGRVîFKDVP»VSDUDDYHULJXDUOR
7REHFRQWLQXHGLQWKHQH[WLQVHUW
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
&X»QWRWLHPSRHVWXYLVWHLVHQ +RZORQJZHUH\RXLQ/RQGRQ"
$TXLÃQYLVWHDQRFKH" :KRGLG\RXVHHODVWQLJKW"
/RQGUHV" 4XLÃQWHYLRFRQHOORV" :KRVDZ\RXZLWKWKHP"
1RVTXHGDPRVDOOÇXQSDU :HVWD\HGWKHUHIRUDFRXSOH &RQTXLÃQIXHÃO" :KRGLGKHJRZLWK"
GHGÇDV RIGD\V 4XLÃQIXHFRQHOOD" :KRZHQWZLWKKHU"
3RUTXÃQRSDVDVWHLVP»V :K\GLGQoW\RXVSHQGPXFK 4XLÃQWHGLMRHVR" :KRWROG\RXWKDW"
WLHPSRDOOÇ" WLPHWKHUH"
(VGHPDVLDGRFDUR\VRPRV ,WoVWRRH[SHQVLYHDQGZHoUH
R GHPDVLDGRVSREUHV WRRSRRU
(VXQDGHODVFLXGDGHVP»V ,WoVRQHRIWKHPRVWH[SHQVLYH
FDUDVGHOPXQGR FLWLHVLQWKHZRUOG
+DLUSLQ+RUTXLOOD
9RFDEXODULR+DLU$FFHVVRULHV$FFHVRULRVGHSHOR
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq 6WLOO
&XDQGRpWRGDYÇDqVHHQFXHQWUDHQXQD
RUDFLÍQHQDîUPDWLYRQRHPSOHDPRVp\HWq
&DQ\RXFRPHXSWRP\RIîFH" ,KDYHWRJREDFNXSWRKLVRIîFH
VLQRpVWLOOq
3XHGHVVXELUDPLGHVSDFKR" 7HQJRTXHYROYHUDVXELUDVXGHVSDFKR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
&DQ\RXFRPHEDFNXSWRP\RIîFH" ,UDQXSWRKLVRIîFH
7RGDYÇDWHQJRWRGRVPLVGLHQWHV
3XHGHVYROYHUDVXELUDPL 6XEÇFRUULHQGRDVXGHVSDFKR
7RGDYÇDPHJXVWDODPÔVLFDGHORVDËRV
GHVSDFKR" VHWHQWD
,KDYHWRJRXSWRKLVRIîFH :HoOOGULYHXSWRWKHYLHZSRLQW (OODWRGDYÇDPHTXLHUH
7HQJRTXHVXELUDVXGHVSDFKR 6XELUHPRVHQFRFKHKDVWDHOPLUDGRU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV8Q
$SDUWLUGHHVWDîFKDYDPRVDYHUEDVWDQWHYRFDEXODULRFX\RVLJQLîFDGRGHSHQGHGHOSUHîMRFRQTXHFRPLHQ]DFDGDSDODEUD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(O IXHJR VH YD D DSDJDU VL QR OH HFKDV P»V OHËD 7HQHPRV TXH 7KH îUHoV JRLQJ WR JR RXW LI \RX GRQoW SXW VRPH PRUH ZRRG RQ
PDQWHQHUORYLYRVHDFRPRVHD1RVKHPRVTXHGDGRVLQFHULOODV LW:HKDYHWRNHHSLWEXUQLQJQRPDWWHUZKDW:HoYHUXQRXWRI
\QDGLHDTXÇWLHQHXQPHFKHURDVÇTXHVDOJDPRVWRGRVDURPSHU PDWFKHVDQGQRRQHKHUHKDVDFLJDUHWWHOLJKWHUVROHWoVDOOJRRXW
UDPDVGHORV»UEROHVSDUDTXHHOIXHJRFRQWLQÔHWRGDODQRFKH'H DQG EUHDN RII EUDQFKHV IURP WKH WUHHV WR NHHS WKH îUH JRLQJ DOO
QRVHUDVÇQRVFRQJHODUHPRVYLYRV QLJKW2WKHUZLVHZHoOOIUHH]HWRGHDWK
7KH&RQTXHVWRI'DQLHODFRQW
6ÇVÇPXFKDVJUDFLDVTXÃFDEH]DODPÇD
7DQWDSULVDWHQÇDTXHQRORVDEÇD (VWLPDGRDPLJR\DOXPQR'DQLHODWRGDYÇDQRVHKDGLULJLGRHQLQJOÃVDODSXHVWR
'HQXHYRPLOJUDFLDVHVXVWHGPX\DPDEOH MRYHQTXHDFDEDGHHQWUHJDUOHVXSDUDJXDV3DUHFHXQSRFRGHVSLVWDGD)ÇMDWHFÍPR
6XJHVWRKDVLGRXQJHVWRORDEOH HOFKLFRVHRIUHFHDDFRPSDËDUOHKDVWDODSXHUWDGHVDOLGD
7KHH[LWLVKHUHOHWPHVKRZ\RXWKHZD\
7KLVGLVFRLVFURZGHGDVLWLVHYHU\GD\
OHWPHVKRZ\RXWKHZD\
$QXPEUHOODOLNH\RXUVVKRXOGQRWVXIIHUWKHQRLVH )ÇMDWHWDPELÃQFÍPRHPSOHDPRVODSDODEUD´QRUµ
1RUWKHVPRNHQRUWKHGULQNQRUWKHVLOO\\RXQJER\V
VKRXOGQRWVXIIHUWKHQRLVHQRUWKHVPRNHQRUWKHGULQNQRU
,OLNH\RXUXPEUHOODLW·VDKDQGVRPHDPLJR WKHVLOO\\RXQJER\V
7KDWPDWFKHVWKHFRORUVRI\RXUORYHO\DEULJR
$QGWKHOLJKWLQ\RXUH\HVLVMXVWVLPSO\LQYLWLQJ 3RUÔOWLPRHPSOHDPRVHOYHUER´WRPDWFKµSDUDODLGHDGHFDVDURKDFHUMXHJR
<RXFHUWDLQO\VHHPWREHZDUPDQGH[FLWLQJ WKDWPDWFKHVWKHFRORUVRI\RXUORYHO\DEULJR
(VWHKRPEUHPHJXVWDHVFRUWÃV\DPDEOH (OFKLFRWLHQHWDOHQWRHVW»FODUR+DVWDKDFHSRHVÇDPH]FODQGRGRVLGLRPDV3HUR
6XVRQULVDHVGXOFH\VXLQJOÃVLPSHFDEOH
'DQLHODSHUPDQHFHFDXWD
6XYR]PHDWUDH\VXPLUDGDPHFDOPD
+DEUÃHQFRQWUDGRPLFRPSDËHURGHODOPD" 5LFKDUG9DXJKDQ
7REHFRQWLQXHGLQWKHQH[WLQVHUW
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
7UDYHO&DUG$ERQRGH7UDQVSRUWH
&RLQV0RQHGDV
1RWHV%LOOHWHV
9RFDEXODULR:DOOHW&DUWHUD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq 7RKRSH
6LJQLîFDpHVSHUDUqHQHOVHQWLGRGH
7KH\GLGQoWVKRZXSIRUWKHPHHWLQJ ,\RXGRQoWSLFNXSWKHSHQ,oOOSLFNLWXS HVSHUDQ]D([SUHVDORTXHQRVJXVWDUÇDKDFHU
1RVHSUHVHQWDURQSDUDODUHXQLÍQ 6LQRUHFRJHVHOEROÇJUDIRORUHFRJHUÃ\R RORTXHTXHUUÇDPRVTXHSDVDVH
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7KH\GLGQoWWXUQXSIRUWKHPHHWLQJ ,VWD\HGXSODWH IUDVHVHQLQJOÃV"
1RVHSUHVHQWDURQSDUDODUHXQLÍQ 0HTXHGÃOHYDQWDGRKDVWDODVWDQWDV (VSHURSRGHULUDODîHVWD
(VSHURTXHPHWRTXHODORWHUÇD
&DQ\RXWXUQXSWKHUDGLR" 7KH\oYHFRPHXSZLWKDJRRGLGHD (VSHURTXHPHDFXHUGHGHVXQRPEUH
3XHGHVVXELUODUDGLR"HOYROXPHQ 6HOHVKDRFXUULGRXQDEXHQDLGHD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV8Q
(QHVWDîFKDVHJXLPRVYLHQGRYRFDEXODULRFX\RVLJQLîFDGRGHSHQGHGHOSUHîMRFRQTXHFRPLHQ]DFDGDSDODEUD1LQJXQDGHODVSDODEUDVH[
SXHVWDVDFRQWLQXDFLÍQHVUHEXVFDGD6HR\HQDGLDULR(QPXFKRVFDVRVHQFDVWHOODQRVHXVDHODGMHWLYRpSRFRqXQLQVSLUHG SRFRLQVSLUDGR
8QKHOSIXO GHSRFDD\XGDHWF
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RYR\DSRGHUHVWDUHQODUHXQLÍQGHHVWDWDUGH7HQJRFLWDHQHO ,ZRQoWEHDEOHWRPDNHLWWRWKHPHHWLQJWKLVDIWHUQRRQ,oYHJRW
PÃGLFR(VHGRORUGHJDUJDQWDGHOTXHPHYHQJRTXHMDQGRQRWHU D GRFWRUoV DSSRLQWPHQW7KDW VRUH WKURDW ,oYH EHHQ FRPSODLQLQJ
PLQDGHLUVH\SDUHFHTXHHVW»HPSHRUDQGR0HGXHOHPXFKRDO DERXW MXVW ZRQoW JR DZD\ DQG LW VHHPV WR EH JHWWLQJ ZRUVH ,W
WUDJDU\KHWHQLGRXQDVGÃFLPDVGHîHEUHGXUDQWHODVÔOWLPDV KXUWVDORWWRVZDOORZDQG,WKLQN,oYHEHHQUXQQLQJDVOLJKWIHYHU
KRUDV1RWHSUHRFXSHVSRUPÇHQODUHXQLÍQ3RGU»VGHIHQGHUWH IRUWKHSDVWKRXUV'RQoWZRUU\DERXWPHDWWKHPHHWLQJ<RXoOO
DQWHFXDOTXLHUSUHJXQWDTXHQRVSXHGDQSODQWHDU EHDEOHWRKDQGOHDQ\TXHVWLRQWKH\PD\ZDQWWREULQJXS
7KH&RQTXHVWRI'DQLHODFRQW
+HUHoVWKHGRRUEXWEHFDUHIXOLWoVUDLQLQJDORW (VWLPDGRDPLJR\DOXPQR(YHU\ERG\OLNHVDKDSS\HQGLQJDQG,oPKDSS\WRWHOO
7KHEXVVWRSLVQHDUWKHRQO\GU\VSRW \RXWKDWWKLVSRHPLVKDSS\QHZVIRUHYHU\RQH'DQLHODKDVIRXQGKHUVRXOPDWH
&DQ,VKDUH\RXUXPEUHOOD\RXUVSHFLDODPLJR"
DQGVKHLVVRLPSUHVVHGE\KLVDELOLW\WRPL[WKHWZRODQJXDJHVWKDWVKHîQGVKLP
:LWKRXWLW,oOOJHWZHWWHUWKDQWKDWSREUHPHQGLJR
LUUHVLVWLEOH%\WKHZD\WKH\JRWPDUULHGPRQWKVODWHU
7KHEXVQXPEHUQLQHJRHVQHDU&DVD&RUHOOD
:KHUHWKH\oOOVHUYH\RXWKHYHU\EHVWGXFNZLWKJURVHOOD 9DULRVSXQWRVDFRQVLGHUDU
,WoVDVPDOOFRV\UHVWDXUDQWDFRJHGRU\ERQLWR 6HJXQGRYHUVRVSRW OXJDUSDUDMH
)RUDZRPDQZKRVHEHDXW\OOHJDDOLQîQLWR
1RYHQRYHUVRFRV\ ÇQWLPRF»OLGR\DFRJHGRUWDPELÃQVHHVFULEH´FR]\µ
3RUVXSXHVWREXHQKRPEUH,oOOJRZLWK\RXWKHUH
,FDQQRWEHOLHYHLWTXHQRSXHGHVHU 'ÃFLPRYHUVRZKRVHEHDXW\ FX\DEHOOH]D
3OHDVHWHOOPH\RXUQDPHPLQHoV'DQLHOD ´OWLPRYHUVRJRUJHRXV SUHFLRVD
$QG,oOOIROORZIRUHYHULQ\RXUJRUJHRXVHVWHOD
)LQ 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
6QRUNHO(VQÍUNHO
0DVN*DIDVGH%XFHR
$LU7DQN%RWHOOD
:HWVXLW1HRSUHQR
)OLSSHUV$OHWDV
9RFDEXODULR6FXED'LYLQJ6XEPDULQLVPR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
7RZDLW
3KUDVDOYHUEVZLWKpXSq 6LJQLîFDpHVSHUDUqHQHOVHQWLGROLWHUDO
&XDQGRHVSHUDPRVDOJRRDDOJXLHQVLHPSUH
,oOOFDOOKLPXSWRPRUURZ 7KHUDLQKDVQoWOHWXSDOOGD\ HPSOHDPRVODSUHSRVLFLÍQpIRUq
/HOODPDUÃPDËDQD /DOOXYLDQRKDDPDLQDGRHQWRGRHOGÇD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7KLVFKDLUWDNHVXSDORWRIVSDFH ,ZRQoWOHWXSXQWLO,JHWLW (VWR\HVSHUDQGRHODXWREÔV
(VWDVLOODRFXSDPXFKRHVSDFLR 1REDMDUÃODSUHVLÍQKDVWDTXHQRORFRQVLJD (VSHUÃHOWUHQGXUDQWHWUHVKRUDV
£OHVSHUÍWRGDODWDUGHSDUDFRQVHJXLUXQD
HQWUDGD
'RQoWOHWXSQRZ 'RQoWZDLWXSIRUPH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
|1RDïRMHVHOULWPRDKRUD 1RPHHVSHUHVOHYDQWDGROOHJDUÃWDUGH WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV8Q
(VWDHVODWHUFHUDîFKDGHGLFDGDDYRFDEXODULRFX\RVLJQLîFDGRGHSHQGHGHOSUHîMRFRQTXHFRPLHQ]DFDGDSDODEUD1LQJXQDGHODVSDODEUDV
H[SXHVWDVDFRQWLQXDFLÍQHVUHEXVFDGD6HR\HQDGLDULR(QPXFKRVFDVRVVHXVDHQFDVWHOODQRHODGMHWLYRpSRFRqXQUHDOLVWLF SRFRUHDOLVWD
XQRUWKRGR[ SRFRRUWRGR[RHWF
8QRUWKRGR[ <RXUZD\RIGRLQJLWLVTXLWHXQRUWKRGR[ 8QUHOHQWLQJ +HZDVXQUHOHQWLQJLQWKHSUHVVXUHKHDSSOLHG
8QSDFN ,oPWRRWLUHGWRXQSDFNQRZ 8QUHOLDEOH <RXFDQoWFRXQWRQKLP+HoVTXLWHXQUHOLDEOH
8QSDLG +HWRRNWZRPRQWKVoXQSDLGYDFDWLRQ 8QUHPDUNDEOH +HOHGDGXOOXQUHPDUNDEOHOLIH
8QSDLG 7KLVLQYRLFHLVVWLOOXQSDLG 8QUHVROYHG 7KHFULPHUHPDLQVXQUHVROYHG
8QSDUDOOHOHG 7KDWIHDWLVXQSDUDOOHOHGLQKXPDQKLVWRU\ 8QUHVW 7KHUHoVEHHQDORWRIODERXUXQUHVWODWHO\
8QSDYHG %HFDUHIXOEHFDXVHWKHURDGLVVWLOOXQSDYHG 8QULYDOOHG 7KHVHLQVHUWVDUHXQULYDOOHGLQXVHIXOQHVV
8QSOHDVDQW ,WZDVDQXQSOHDVDQWH[SHULHQFHIRUHYHU\RQH 8QURPDQWLF 'R\RXKDYHWREHVRXQURPDQWLF"
8QSOXJ 8QSOXJWKHWRDVWHUEHIRUHWU\LQJWRî[LW 8QVDIH /HWoVJHWRXWRIKHUH7KLVSODFHLVXQVDIH
8QSRSXODU 7KHER\ZDVYHU\XQSRSXODUDWWKHVFKRRO 8QVDWLVIDFWRU\ 7KHUHVXOWVZHUHXQVDWLVIDFWRU\LQP\RSLQLRQ
8QSUHGLFWDEOH +HUEHKDYLRULVDOZD\VXQSUHGLFWDEOH 8QVDWLVîHG ,oPXQVDWLVîHGZLWKWKHVROXWLRQ
8QSUHSDUHG ,ZDVXQSUHSDUHGIRUKHUUHDFWLRQ 8QVFUXSXORXV 7KHSROLWLFLDQZDVXQVFUXSXORXVLQKLVDFWV
8QSURGXFWLYH 7KLVKDVEHHQDYHU\XQSURGXFWLYHPHHWLQJ 8QVNLOOHG :HQHHGPRUHXQVNLOOHGZRUNHUV
8QSURIHVVLRQDO +LVEHKDYLRUDWWKHPHHWLQJZDVXQSURIHVVLRQDO 8QVRFLDEOH :K\GR\RXKDYHWREHVRXQVRFLDEOH"
8QSURîWDEOH 7KHFRPSDQ\ZDVXQSURîWDEOHDWWKHEHJLQQLQJ 8QVROG 2XUKRXVHLVVWLOOXQVROG
8QSURQRXQFHDEOH <RXUVXUQDPHLVXQSURQRXQFHDEOH 8QVSRNHQ 7KHUHDUHFHUWDLQXQVSRNHQUXOHVLQWKLVKRXVH
8QSXQLVKHG 7KHFULPHZHQWXQSXQLVKHG 8QVWDEOH 7KLVWDEOHLVDELWXQVWDEOH
8QTXDOLîHG +HoVXQTXDOLîHGIRUWKHMRE 8QVXFFHVVIXO +LVDWWHPSWWRUHDFKWKHWRSZDVXQVXFFHVVIXO
8QTXHVWLRQDEO\ +HoVXQTXHVWLRQDEO\WKHEHVWPDQIRUWKHMRE 8QVXLWDEOH 7KLVMRELVXQVXLWDEOHIRU\RX
8QTXRWH +HVDLGp,KDWH\RXqTXRWHXQTXRWH 8QVXUH 0\GDXJKWHULVXQVXUHDERXWKHUIXWXUH
8QUDYHO 6KHUORFN+ROPHVXQUDYHOOHGWKHP\VWHU\ 8QVXUSDVVHG 7KHTXDOLW\RIWKHVHLQVHUWVLVXQVXUSDVVHG
8QUHDO :RZ,WZDVOLNHXQUHDOPDQ:RZ 8QWDSSHG 7KHUHDUHXQWDSSHGUHVRXUFHVLQWKLVîUP
8QUHDOLVWLF <RXUH[SHFWDWLRQVDUHXQUHDOLVWLF 8QWKLQNDEOH ,WoVXQWKLQNDEOHWRFRQVLGHUKLPIRUWKHMRE
8QUHDVRQDEOH /LVWHQWRPHDQGGRQoWEHVRXQUHDVRQDEOH 8QWLH &DQ\RXXQWLHP\VKRHVIRUPH"
8QUHDVRQDEO\ ,WoVEHHQXQUHDVRQDEO\KRWWKLVVXPPHU 8QXVXDO ,WoVXQXVXDOWRVHHKLPGUHVVHGOLNHWKDW
8QUHFHSWLYH +HZDVXQUHFHSWLYHWRP\LGHDV 8QYHLO 7KHSUHVLGHQWXQYHLOHGDSODTXHDWWKHEDQTXHW
8QUHFRJQL]DEOH +HZDVXQUHFRJQL]DEOHLQWKDWVXLWDQGWLH 8QZLOOLQJ +HoVXQZLOOLQJWRFRRSHUDWHZLWKXV
8QUHîQHG <RXVKRXOGQoWHDWXQUHîQHGROLYHRLO 8QZLVH ,WKLQNLWoVXQZLVHWRLQLWLDWHWKHSODQQRZ
8QUHODWHG 7KLVHYHQWLVFRPSOHWHO\XQUHODWHGWRWKHRWKHU 8QZHOFRPH 7KDWNLQGRIEHKDYLRULVXQZHOFRPHKHUH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
3RUTXÃHUHVWDQFDEH]RWD"7XVQRFLRQHVURP»QWLFDVVREUHQXHV :K\ DUH \RX VR KDUGKHDGHG"<RXU URPDQWLF QRWLRQV DERXW RXU
WUD OÇQHD GH SURGXFWRV QRV YDQ D OOHYDU D OD EDQFDUURWD +HPRV SURGXFW OLQH DUH JRLQJ WR GULYH XV LQWR EDQNUXSWF\ :HoYH GRQH
UHDOL]DGR GRV LQYHVWLJDFLRQHV GH PHUFDGR \ DPEDV PXHVWUDQ WZRPDUNHWVXUYH\VDQGERWKRIWKHPFOHDUO\WHOOXVWKDWWKLVQHZ
FODUDPHQWHTXHHVWHFKDPSÔQXHYRQRYDDLUELHQHQQLQJXQR VKDPSRR LV QRW JRLQJ WR GR ZHOO LQ DQ\ RI RXU WDUJHW PDUNHWV
GH QXHVWURV PHUFDGRV REMHWLYR 3RU TXÃ HUHV WDQ LQVLVWHQWH HQ :K\DUH\RXVRLQVLVWHQWRQSXVKLQJDKHDG",WZLOOFRVWXVRYHUîYH
VHJXLU DGHODQWH" 1RV FRVWDU» P»V GH FLQFR PLOORQHV GH GÍODUHV PLOOLRQGROODUVMXVWWRSUHSDUHWKHSURGXFWLRQSURFHVV
VRODPHQWHHOSUHSDUDUHOSURFHVRGHSURGXFFLÍQ
(VWLPDGRDPLJR\DOXPQR'HPRPHQWRSUHVFLQGRGHODSRHVÇD0LVGLVFXOSDV6HPHKDDJRWDGRODLQVSLUDFLÍQSRUDKRUDDVÇTXHYROYDPRV
DORVVHUPRQHV+DFHFLQFRPHVHVHVWXYHHQ9DOHQFLDSDUDGDUXQDFKDUODHQXQDGHODVXQLYHUVLGDGHVGHHVWDFRPXQLGDG0LSÔEOLFRHUD
UHGXFLGR6HWUDWDEDGHXQRVHVWXGLDQWHVMÍYHQHVTXHFXUVDEDQ\GH0DJLVWHULRFRQHVSHFLDOLGDGHQOHQJXDLQJOHVD6HVXSRQH
TXHYDQDVHUIXWXURVSURIHVRUHVGHLQJOÃVHQODVHVFXHODVSULPDULDV$ORVPLQXWRVGHODFKDUODPHGLFXHQWDGHTXHFLHUWRVDVLVWHQWHV
QRPHHVWDEDQVLJXLHQGRDSHVDUGHTXHKDEODEDXQLQJOÃVFODURGHVSDFLR\QÇWLGR$ORVPLQXWRVHPSHFÃDGHPRVWUDUOHVGLIHUHQWHV
W»FWLFDVDHPSOHDUHQFODVHFRQHOîQGHKDFHUP»VGLQ»PLFDVODVVHVLRQHV3DUDHOORTXLVHLQYROXFUDUDORVSURSLRVDVLVWHQWHVHVGHFLUDORV
IXWXURVSURIHVRUHVGHLQJOÃV&XDOIXHPLVRUSUHVDFXDQGRYLTXHQRP»VGHFLQFRGHORVHVWXGLDQWHVHUDQFDSDFHVGHKDEODUHQLQJOÃV
\GHHVWRVFLQFRVRODPHQWHXQDMRYHQKDEODEDFRQEXHQDFHQWR\VLQHUURUHVH[FHVLYRV/DÔOWLPDKRUDGHODFKDUODHQHVSDËROODGHGLTXÃ
DKDEODUOHVGHODLPSRUWDQFLDGHDGTXLULUXQEXHQQLYHOKDEODGR\DXGLWLYRHQLQJOÃVSDUDHQVHËDUORGHIRUPDGLYHUWLGD\GLQ»PLFD0HGLR
ODLPSUHVLÍQTXHP»VGHODPLWDGGHODVDODPHPLUDEDFRPRVLIXHUDXQELFKRUDUR(QîQTXÃOHYDPRVDKDFHU"(QXQRRGRVDËRVHVWRV
MÍYHQHVSURIHVRUHVYDQDSREODUODVDXODVGHODVHVFXHODVSULPDULDVSDUDHQVHËDULQJOÃV\QLVLTXLHUDHOORVPLVPRVVDEHQKDEODUOR,PDJLQD
TXHWÔîHOOHFWRUWXYLHUDVTXHFRPHQ]DUHOSUÍ[LPRPHVDHQVHËDUPHF»QLFDGHODXWRPÍYLODDGROHVFHQWHVGH)3HQVXSULPHUWULPHVWUH
0HLPDJLQRTXHGHGLFDUÇDVXQDVKRUDVDHPSROODUWHHOWHPD\TXHGHVSXÃVWHHVIRU]DUÇDVVREUHPDQHUDSDUDQRKDFHUHOULGÇFXOR3XHV
PHGDODLPSUHVLÍQGHTXHHVWRVXFHGHWRGRVORVDËRVHQORVFROHJLRV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
+D\VHVHQWDVHJXQGRVHQXQ 7KHUHDUHVL[W\VHFRQGVLQD
1RTXLHURKDEODUFRQHOORV ,GRQoWZDQWWRVSHDNWRWKHP
PLQXWR PLQXWH (OODQRQHFHVLWDWUDEDMDUDOOÇ 6KHGRHVQoWQHHGWRZRUNWKHUH
+D\VHVHQWDPLQXWRVHQXQD 7KHUHDUHVL[W\PLQXWHVLQDQ $ÃOOHJXVWDFDQWDUHQHOFXDUWR+HOLNHVWRVLQJLQWKH
KRUD KRXU GHEDËR EDWKURRP
+D\YHLQWHFXDWURKRUDVHQ 7KHUHDUHWZHQW\IRXUKRXUVLQ 2GLDQOOHJDUWDUGH 7KH\KDWHWREHODWH
XQGÇD DGD\ 1RVHQFDQWDHVFXFKDUPÔVLFD :HORYHWROLVWHQWRPXVLF
+D\VLHWHGÇDVHQXQDVHPDQD7KHUHDUHVHYHQGD\VLQDZHHN
+D\FLQFXHQWD\GRVVHPDQDV 7KHUHDUHïIW\WZRZHHNVLQD
HQXQDËR \HDU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
5RXQGDERXW5RWRQGD
=HEUD&URVVLQJ3DVRGHFHEUD
6LGHZDON$FHUD
9RFDEXODULR6WUHHW&DOOH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq ,QWHUURJDWLYR
3UHî[HV8QGHU
(OSUHîMRpXQGHUqHVPHQRVFRUULHQWHTXHRWURVSUHîMRVTXHYDPRVDYHUHQHVWDVîFKDV6LQHPEDUJRKD\PXFKDVSDODEUDVLPSRUWDQWHVHQ
LQJOÃVTXHSDUWHQGHHVWHSUHîMR/DVP»VLPSRUWDQWHVHQPLRSLQLÍQVRQORVYHUERVpWRXQGHUHVWLPDWHqpWRXQGHUJRq\pWRXQGHUWDNHq
\ORVDGMHWLYRVpXQGHUSDLGq\pXQGHUVWDIIHGq
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(VWDPDËDQDOOHJDURQDODHVWDFLÍQGHVGH'HWURLWEULOODQWHV\QXH VKLQ\QHZFRIîQVMXVWDUULYHGLQWKHWUDLQVWDWLRQIURP'HWURLW
YRVDWDÔGHV'HVGHDOOÇVHU»QHQYLDGRVDORVGLIHUHQWHVFRQFHVLRQDULRV HDUOLHU WRGD\ )URP WKHUH WKH\ ZLOO EH VKLSSHG WR WKH GLIIHUHQW
DOUHGHGRUGHO(VWHGH0LVVLVVLSSL3RUVXSXHVWRORVDUWÇFXORVQR GHDOHUVKLSV DURXQG HDVWHUQ 0LVVLVVLSSL 2I FRXUVH WKH LWHPV
SUHWHQGHQVHUDWDÔGHVSHURHVRHVORTXHDOJXQRVWHUPLQDU»QVLHQGR DUHQRWLQWHQGHGWREHFRIîQVEXWWKDWoVZKDWDIHZRIWKHPZLOO
XQDYH]TXHHVWÃQHQPDQRVGHQHJOLJHQWHVFRQGXFWRUHV HQGXSEHLQJRQFHWKH\oUHLQWKHKDQGVRIFDUHOHVVGULYHUV
(VWLPDGRDPLJR\DOXPQR$ODGHUHFKDYHU»VSDODEUDVHQLQJOÃVFX\RVLJQLîFDGR $EGLFDWH $JURQRP\ $QWLGLOXYLDQ
$EGLFDWLRQ $JURQRPLVW $QWLTXLW\
VHJXUDPHQWHVDEHVRLQWX\HVFRQFDVLWRWDOSUHFLVLÍQ6HWUDWDGHSDODEUDVHQLQJOÃV
$EHUUDWLRQ $JJUHJDWH $QWLTXDWHG
TXH SURYLHQHQ GHO ODWÇQ TXH VH XVDQ FRQ FLHUWD IUHFXHQFLD DO KDEODU VREUH WRGR
$EROLVK $JHQF\ $QWLTXDU\
HQWUHSHUVRQDVFX\ROHQJXDMHHVGHDOWRQLYHO/DVSDODEUDVODVKHH[WUDÇGRGHODV $EROLWLRQ $OLHQ $SSUHKHQVLYH
SULPHUDVS»JLQDVGHODVTXHFRPSRQHQORVWUHVWRPRVGH:HEVWHUoV7KLUG $EVWHPLRXV $OWHUFDWLRQ $GDSW
,QWHUQDWLRQDO 'LFWLRQDU\ +DFLHQGR XQ SHTXHËR F»OFXOR PDWHP»WLFR SRGHPRV $IIDEOH $OWUXLVW $GDSWDEOH
SXHVGHGXFLUTXHKD\I»FLOPHQWHP»VGHPLOSDODEUDVGHXVRFRPÔQHQLQJOÃVTXH $IîUPDWLRQ $OWHU $GDSWDELOLW\
FRQRFHU»VDOLQVWDQWHQDGDP»VYHUODV$OJXQDVWLHQHQXQVLJQLîFDGRGLIHUHQWHTXH $IîUP $OWLPHWHU $GDSWDWLRQ
VXSULPRKHUPDQRHVSDËRODTXÃOODVTXHOODPDPRV´IDOVHIULHQGVµSHURODPD\RUÇD $IîUPDWLYH $PELJXRXV $SW
GH ODV PLVPDV VLJQLîFDQ OR PLVPR HQ DPERV LGLRPDV 3RU OR WDQWR \D SXHGHV $GMDFHQW $PELHQFH $SWLWXGH
DîUPDUTXHVDEHVPLOSDODEUDVHQLQJOÃV$SDUWLUGHHVWDîFKDYR\DLQFOXLUXQD $GXODWLRQ $PEXODQFH $TXHGXFW
RGRVFROXPQDVGHSDODEUDVLQJOHVDVGHUDÇ]ODWLQDVREUHWRGRSDUDTXHSXHGDVLU $GXODWH $PLDEOH $TXLIHU
G»QGRWHFXHQWDGHTXHWXYRFDEXODULRHQPLLGLRPDQRHVHQDEVROXWRSREUHVLQR $GXOWHUDWH $QJXLVK $UELWUDWLRQ
EDVWDQWHULFR $GYHUVH $QLPRVLW\ $UGHQW
5LFKDUG9DXJKDQ $GYHUVLW\ $QQDOV $UGXRXV
$JUDULDQ $QQXDO $ULG
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
'UDJRQï\/LEÃOXOD
6SLGHU$UDËD
%HH$EHMD
9RFDEXODULR,QVHFWV,QVHFWRV
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq 6KRXOG
,JXDOTXHpPXVWqOHVLJXHHOYHUERE»VLFR
+ROGXSWKHWURSK\IRUXVWRVHH ,ZDVKHOGXSLQWUDIîF LQîQLWLYRVLQpWRq
/HYDQWDHOWURIHRSDUDTXHORYHDPRV (VWXYHUHWHQLGRHQXQDWDVFR 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
+ROG\RXKHDGXSZKHQ\RXZDON <RXoUHKROGLQJXSSURJUHVVRQWKHSURMHFW 'HEHUÇDVLUDOGHQWLVWD
$QGDFRQODFDEH]DDOWD (VW»VHQWRUSHFLHQGRHOSURJUHVRGHO 'HEHUÇDVLUDOPÃGLFR
SUR\HFWR 'HEHUÇDVLUDORFXOLVWD
7KHSLOODUVKROGXSWKHURRI
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
/RVSLODUHVVRSRUWDQHOWHMDGR 7KHUREEHUVKHOGXSWKHEDQN
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
/RVODGURQHVDWUDFDURQHOEDQFR ,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV,Q
,QDELOLW\ +HH[KLELWVDFOHDULQDELOLW\WRFRRSHUDWH ,QFRPSUHKHQVLEOH +LVEHKDYLRUZDVLQFRPSUHKHQVLEOH
,QDFFHVVLEOH 7KHSXEOLFDWLRQLVLQDFFHVVLEOHWRQRQPHPEHUV ,QFRQFHLYDEOH ,WoVLQFRQFHLYDEOHWKDWKHUHIXVHVGWKHRIIHU
,QDFFXUDF\ 7KHUHZHUHDORWRILQDFFXUDFLHVLQWKHDUWLFOH ,QFRQFOXVLYH 7KHSUHOLPLQDU\UHVXOWVZHUHLQFRQFOXVLYH
,QDFFXUDWH <RXUYHUVLRQRIZKDWKDSSHQHGLVLQDFFXUDWH ,QFRQVLGHUDWH 7KDWZDVLQFRQVLGHUDWHRIKLPWRVD\WKDW
,QDGHTXDWH 7KHPRQH\\RXRIIHUHGZDVWRWDOO\LQDGHTXDWH ,QFRQVLVWHQW +LVFRQGXFWLVLQFRQVLVWHQWZLWKKLVEHOLHIV
,QDGYHUWHQWO\ ,LQDGYHUWHQWO\VWHSSHGRQWKH.LQJoVIRRW ,QFRQVSLFXRXV ,PDGHP\VHOILQFRQVSLFXRXVLQWKHFURZG
,QDSSURSULDWH <RXUEHKDYLRUZDVLQDSSURSULDWHIRUWKHRFFDVLRQ ,QFRQYHQLHQW ,WoVLQFRQYHQLHQWIRUPHWRJRWKHUHQRZ
,QDXJXUDWH 7KHSUHVLGHQWLQDXJXUDWHGWKHQHZPRWRUZD\ ,QFRQYHQLHQFH ,oPUHDOO\VRUU\IRUWKHLQFRQYHQLHQFH
,QDXJXUDWLRQ $OOWKHPLQLVWHUVDWWHQGHGWKHLQDXJXUDWLRQ ,QFRQYHQLHQFH 'RHVWKLVFKDQJHLQFRQYHQLHQFH\RX"
,QERXQG $OOLQERXQGïLJKWVWR2SRUWRZHUHUHURXWHGWR9LJR ,QFRUUHFW 1LQHRXWRIWHQDQVZHUVZHUHLQFRUUHFW
,QFDOFXODEOH 7KHORVVHVZHUHLQFDOFXODEOH ,QFRUULJLEOH +LVEHKDYLRULVLQFRUULJLEOH
,QFDSDEOH +HoVLQFDSDEOHRIVKRXWLQJDWDVXERUGLQDWH ,QFUHGLEOH ,FDQoWEHOLHYHLW,WoVVLPSO\LQFUHGLEOH
,QFDSDFLWDWH 7KHDFFLGHQWLQFDSDFLWDWHGKLPIRUWKUHHPRQWKV ,QFXUDEOH <RXoYHFRQWUDFWHGDQLQFXUDEOHGLVHDVH
,QFRKHUHQW +LVîQDOZRUGVZHUHLQFRKHUHQW ,QGHFHQW +HXVHGLQGHFHQWODQJXDJHLQWKHPHHWLQJ
,QFRPLQJ ,QFRPLQJFDOOVZLOOEHWUDQVIHUUHGWRDFDOOFHQWHU ,QGHFLSKHUDEOH +LVKDQGZULWLQJLVLQGHFLSKHUDEOH
,QFRPSDWLEOH 7KHMRELVLQFRPSDWLEOHZLWKP\FXUUHQWSRVLWLRQ ,QGHFLVLRQ +LVLQGHFLVLRQLVGULYLQJPHFUD]\
,QFRPSHWHQFH 7KHLULQFRPSHWHQFHZDVFOHDUWRHYHU\RQH ,QGHFLVLYH <RXFDQoWEHLQGHFLVLYHLQWKLVNLQGRIMRE
,QFRPSHWHQW +RZFDQVRPHRQHEHVRLQFRPSHWHQW" ,QGHIHQVLEOH <RXUSRVLWLRQLVLQGHIHQVLEOH
,QFRPSOHWH 7KHFRPSRVLWLRQ\RXZURWHLVVWLOOLQFRPSOHWH ,QGHîQLWH &RQVLGHU\RXUFXUUHQWVLWXDWLRQLQGHîQLWH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7XFRUEDWDQRYDDMXHJRFRQWXWUDMH'HEHUÇDVEXVFDUTXLHQWH <RXUWLHGRHVQoWPDWFK\RXUVXLW<RXVKRXOGKDYHVRPHRQHKHOS
D\XGH FXDQGR YDV D FRPSUDU URSD $\HU R DQWHD\HU OOHYDVWH XQ \RXRXWZKHQ\RXVKRSIRUFORWKHV<HVWHUGD\RU WKHGD\EHIRUH
FLQWXUÍQ PDUUÍQ \ FDOFHWLQHV PDUURQHV FRQ XQ WUDMH D]XO FODUR \HVWHUGD\ \RX ZRUH D EURZQ EHOW DQG EURZQ VRFNV ZLWK D OLJKW
0ÇUDWHHQHOHVSHMRSRUXQPRPHQWR7LHQHVTXHDGPLWLUTXHKD\ EOXHVXLW/RRNDW\RXUVHOILQWKHPLUURUIRUDVHFRQG<RXKDYHWR
DOJRPDO DGPLWWKDWVRPHWKLQJoVZURQJ
(VWLPDGRDPLJR\DOXPQR+DFHSRFRXQR\HQWHGH9DXJKDQ5DGLRPHSUHJXQWÍVLHOVLVWHPDHGXFDWLYRHVSDËRO
0»VSDODEUDVLQJOHVDV
HVWDEDSRQLHQGRORVPHGLRVDGHFXDGRVSDUDUHVROYHUODFDUHQFLDTXHH[LVWHHQHOSDÇVFRQUHVSHFWRDOLQJOÃV
GHUDÇ]ODWLQD
0LUHVSXHVWDIXHTXHQR3HURODFXHVWLÍQQRWLHQHTXHYHUFRQORVPHGLRVHFRQÍPLFRVVLQRP»VELHQFRQORV
PHGLRVKXPDQRV\ODHVWUDWHJLDSHGDJÍJLFD/DYR]QDWLYDWLHQHTXHLPSHUDUVLHPSUHGHVGHODHVFXHODLQIDQWLO $UPDGD $XJXVW
KDVWDHOÔOWLPRDËRGHFDUUHUDXQLYHUVLWDULD6HJXQGRKD\TXHYROFDUWRGDODHQHUJÇDHQODFDOLGDG\VDWLVIDFFLÍQ $UPLVWLFH $XVSLFHV
GHO SURIHVRUDGR \ HQ HOLPLQDU WUDEDV EXURFU»WLFDV (O SURIHVRU VLHPSUH GHEH VHU HO FHQWUR GHO XQLYHUVR HQ OD $UDEOH $XVWHUH
HQVHËDQ]D8QSURIHVRUH[FHOHQWHDPDQWHGHVXHVSHFLDOLGDGWUDQVPLWHDVXVDOXPQRVFRQWDQWDSDVLÍQTXH $UWLVDQ $XVWHULW\
ÃVWRVVHHQDPRUDQGHODWHP»WLFDHQFXHVWLÍQ\ODDFDEDQGHYRUDQGR&XDQGRHVWRSDVDHOSURIHVRUGHMDGHVHU $UWLFXODWH $X[LOLDU\
SURIHVRU\FRPLHQ]DDVHUORÔQLFRTXHGHEHVHUXQFDWDOL]DGRUGHODSUHQGL]DMH(OTXHDSUHQGHHVHODOXPQR $UWLFXODWLRQ $YDULFH
\ODODERUGHOSURIHVRUHVFRQYHUWLUDÃVWHHQVXFÍPSOLFH/DÔQLFDIRUPDHQTXHHOSURIHVRUSXHGHPRGLîFDU $VFHQGHQF\ %HOOLJHUHQW
UDGLFDOPHQWHODWUD\HFWRULDGHDSUHQGL]DMHHVKDFLHQGRTXHODVFODVHVVHDQWDQLQWHUHVDQWHVSDUDTXHORVDOXPQRV $VWXWH %HOOLJHUHQFH
VDOJDQGHODFODVHGLFLHQGR´£FRPRPRODHOQXHYRSURIHµ£VWHHVHOÔQLFREDUHPRGHPHGLFLÍQGHODFDOLGDGGHXQ $VWXWHQHVV (PEHOOLVK
$WURFLW\ %HQHGLFWLRQ
SURIHVRU(OWHPDP»VDEXUULGRHQDSDULHQFLDVHKDFHLQWHUHVDQWHHQPDQRVGHXQEXHQSURIHVRU\DODLQYHUVD
$WURFLRXV %HQHIDFWRU
ORP»VSRWHQFLDOPHQWHIDVFLQDQWHVHKDFHDEXUULGR\DQRGLQRHQPDQRVGHXQSURIHVRUGHOPRQWÍQ3RUWDQWR $WWHQWXDWH %HQHîFLDU\
VÍORSLGRGRVFRVDVDOVLVWHPDHGXFDWLYRODSUHVHQFLDFRQWLQXDGHODYR]QDWLYD\SURIHVRUHVFDSDFHVGH $XWKRU %HQHYROHQW
DFWLYDUSDVLRQHVSRUHOLQJOÃV/RSULPHURHVSRVLEOH/RVHJXQGRSXHGHSDUHFHUGLIÇFLOSHURXQEXHQSURIHVLRQDO $XWKRUL]H %HQHYROHQFH
GHODEÔVTXHGD\VHOHFFLÍQVDEHGÍQGHHQFRQWUDUSHUîOHVHQOÇQHDFRQORTXHUHFRPLHQGR(OR\HQWHGHUDGLR $XWKRUL]DWLRQ %HQLJQ
WDPELÃQPHSUHJXQWÍVLORVHVSDËROHVWHQÇDQPXFKDYHUJÖHQ]DDODKRUDGHKDEODULQJOÃV6Ç\QR7RGRVWHQHPRV $XWKRUL]HG %HQHîFLDO
YHUJÖHQ]DHLQVHJXULGDGFXDQGRSLVDPRVWHUUHQRUHVEDODGL]RGRQGHQRFRQWURODPRVHOHQWRUQR(VODQDWXUDOH]D $XWKRULWDULDQ %HQHîFLDU\
KXPDQD3HURWDPELÃQKHFRQVWDWDGRHQPLVDËRVHQHVWHSDÇVTXHHOHVSDËROPHGLRVXIUHXQDDYHUVLÍQDO $XGDFLRXV %HQHîW
ULHVJRVXSHULRUDSHUVRQDVGHRWUDVQDFLRQDOLGDGHVTXHFRQR]FR3RUHVWRVHSURGXFHQPHQRVHPSUHGHQGRUHV\ $XGLW %RQDQ]D
HPSUHVDULRVHQ(VSDËDTXHHQRWUDVODWLWXGHV+D\JUDQGÇVLPDVH[FHSFLRQHVDHVWRSHURODDYHUVLÍQDOULHVJRVH $XGLWRU %RQERQ
SDOSDDTXÇ(QHOIRQGRHQFXHQWURDOHVSDËROPX\FRQVHUYDGRUHQVXIRUPDGHHQIRFDUODYLGD $XGLWRULXP %RYLQH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
£OHVW»HQVHËDQGRVXFDUQÃGH +HoVVKRZLQJWKHSROLFHPDQ
&X»QGRQRVYHUHPRVGHQXHYR" :KHQZLOOZHVHHHDFKRWKHU
LGHQWLGDGDOSROLFÇD KLV,'FDUG DJDLQ"
6HORHVW»HQVHËDQGRDÃO +HoVVKRZLQJLWWRKLP 'HMDGHKDEODUFRQWLJRPLVPR 6WRSWDONLQJWR\RXUVHOI
(OODOHGLRHOLQIRUPHDVXMHID 6KHJDYHKHUERVVWKHUHSRUW 6HTXLHUHQ 7KH\ORYHHDFKRWKHU
D\HU \HVWHUGD\ (VW»HQDPRUDGRGHVÇPLVPR +HoVLQORYHZLWKKLPVHOI
6HORGLRD\HUDHOOD 6KHJDYHLWWRKHU\HVWHUGD\ 6HFRQRFHQ" 'RWKH\NQRZHDFKRWKHU"
$TXLÃQVHORGLR" :KRGLGVKHJLYHLWWR"
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
'ÍQGHHVW»ODSXHUWDGH :KHUHoVWKHERDUGLQJJDWH"
4XÃHVXQIDOVRDPLJR" :KDWoVDIDOVHIULHQG"
HPEDUTXH" (VDOJXLHQTXHîQJHVHUWX,WoVVRPHRQHZKRSUHWHQGVWR
$TXÃKRUDGHVSHJDHODYLÍQ" :KDWWLPHGRHVWKHSODQHWDNH DPLJRSHURHQUHDOLGDGQRORHV EH\RXUIULHQGEXWLQIDFWLVQoW
RII" 4XHUÇDGHFLUOLQJÖÇVWLFDPHQWH ,PHDQWOLQJXLVWLFDOO\VSHDNLQJ
|9DPRVDHFKDUXQYLVWD]RDODV/HWoVKDYHDORRNDWWKHVFUHHQV KDEODQGR
SDQWDOODV (VXQDSDODEUDTXHVHSDUHFHD ,WoVDZRUGWKDWORRNVOLNHRQH
<FX»QGRDWHUUL]D" $QGZKHQGRHVLWODQG" XQDHQWXLGLRPDSHURTXHWLHQH LQ\RXUODQJXDJHEXWKDVD
$EUÍFKHQVHORVFLQWXURQHVGH )DVWHQ\RXUVDIHW\EHOWV
XQVLJQLîFDGRGLIHUHQWH GLIIHUHQWPHDQLQJ
VHJXULGDGSRUIDYRU SOHDVH 6RQSDODEUDVHQJDËRVDV 7KH\oUHGHFHLWIXOZRUGV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
5RXQGDERXW7LRYLYR
6ZLQJV&ROXPSLRV
6OLGH7RERJ»Q
6HHVDZ6XELEDMD
0RQNH\%DUV3DUDOHODV
9RFDEXODULR3OD\JURXQG3DWLRGHUHFUHR
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq 3KUDVDO9HUE7RWXUQXS
6LJQLîFDpOOHJDUq6HXWLOL]DSDUDSHUVRQDV
&DQ\RXWXUQXSWKHYROXPH" &RXOG\RXVSHDNXSSOHDVH" TXHOOHJDQWDUGHRTXHOOHJDQGHIRUPD
3XHGHVVXELUHOYROXPHQ" 3RGUÇD9GKDEODUP»VDOWRSRUIDYRU" LQHVSHUDGD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7KHVN\KDVîQDOO\FOHDUHGXS :RXOGHYHU\ERG\SOHDVHVWDQGXS" IUDVHVHQLQJOÃV"
(OFLHORSRUîQVHKDGHVSHMDGR 3ÍQJDQVHWRGRVHQSLHSRUIDYRU $TXÃKRUDOOHJÍ"
1ROOHJÍKDVWDODVVHLV
,oOOFOHDULWXSIRU\RX <RXVKRXOGVWDQGXSIRU\RXUULJKWV /OHJÍDWLHPSR"
7HORDFODUDUÃ 'HEHUÇDVGHIHQGHUWXVGHUHFKRV ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
3UHî[HV,Q HVWDVIUDVHV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7H LPSRUWDUÇD EDMDU XQ SRFR OD FDOHIDFFLÍQ" +DFH PXFKR FDORU :RXOG \RX PLQG WXUQLQJ GRZQ WKH KHDW D ELW" ,WoV UHDOO\ KRW LQ
DTXÇGHQWURSRUORPHQRVHQHVWD]RQDGHODRîFLQD+HSHGLGRDOD KHUH DW OHDVW LQ WKLV DUHD RI WKH RIîFH ,oYH DVNHG WKH FRPSDQ\
HPSUHVDTXHPDQGHQXQWÃFQLFRSDUDUHYLVDUWRGRHOVLVWHPDSHUR WRVHQGDWHFKQLFLDQWRORRNDWWKHHQWLUHV\VWHPEXWWKH\GRQoW
QRSDUHFHQVHUPX\HîFLHQWHVHQFXPSOLPHQWDUODVVROLFLWXGHVGH VHHP WR EH YHU\ HIîFLHQW LQ îOOLQJ WKHLU VHUYLFH RUGHUV , UHDOO\
VHUYLFLR5HDOPHQWHFUHRTXHHVXQSUREOHPDGHGLVHËR\TXHQR WKLQNV LWoV D GHVLJQ SUREOHP DQG WKHUHoV QR ZD\ ZH FDQ î[ WKDW
KD\XQDIRUPDGHVROXFLRQDUORVLQJDVWDUQRVPXFKRGLQHUR/DGLV ZLWKRXWVSHQGLQJDORWRIPRQH\7KHGLVWULEXWLRQRIWKHDLUGXFWV
WULEXFLÍQGHORVFRQGXFWRVGHODLUHHVFRPSOHWDPHQWHLOÍJLFD LVFRPSOHWHO\LOORJLFDO
(VWLPDGRDPLJR\DOXPQR6LJUDEDVHVKRUDVGHFRQYHUVDFLÍQHQWUHGRVQDWLYRVGHKDEODLQJOHVD\GHVSXÃV 0»VSDODEUDVLQJOHVDV
WUDQVFULELHVHV HQ SDSHO HVDV PLVPDV KRUDV GH FRQYHUVDFLÍQ \ îQDOPHQWH VXEUD\DVHV FDGD YHUER FRQMXJDGR GHUDÇ]ODWLQD
TXHDSDUHFHHQODWUDQVFULSFLÍQYHUÇDVTXHGHODVSDODEUDVSURQXQFLDGDVXQDVVHUÇDQYHUERV
FRQMXJDGRV 'H HVRV YHUERV VHUÇDQ DOJXQD IRUPD GHO YHUER pWR EHq RWURV VHUÇDQ DOJÔQ %UHYLW\ &DQGLG
GHULYDGRGHOYHUERpWRJRqRWURVDOJXQDIRUPDGHOYHUERpWRKDYHq\RWURVGHOYHUERpWRGRq6LPH %ULHI &DQGRU
DSXUDVHOGHWRGDVODVLQFLGHQFLDVGHYHUERHQODVKRUDVGHFRQYHUVDFLÍQHQWUHORVGRVDQJORSDUODQWHVHQ %XFROLF &DQLQH
FXHVWLÍQVHUÇDQGHULYDGRVGHORVYHUERVTXHîJXUDQHQODVLJXLHQWHOLVWD &DGHQFH (PDQFLSDWH
&DVFDGH (PDQFLSDWLRQ
7REH 7RNQRZ 'HFDGHQFH ,QFDSDFLWDWH
7RJR 7RPDNH 'HFDGHQW ,QFDSDFLWDWHG
7RKDYH 7RVD\ ,QFLGHQW ,QFDSDFLW\
7RGR 7RWHOO ,QFLGHQWDO 3UHFHSW
7RZDQW 7RVHH 2FFLGHQW &DSLWDO
+DFHXQRVPHVHVXQDOXPQRPHSUHJXQWÍSRUODGLIHUHQFLDHQWUHpWRERWKHUq\pWRDQQR\q/HUHVSRQGÇTXHDPERV 2FFLGHQWDO &DSLWDOLVP
YHUERVVLJQLîFDQpPROHVWDUqSHURTXHKD\OLJHURVPDWLFHVGHGLIHUHQFLDHQDOJXQRVFDVRVFRQFUHWRV'HVSXÃVPH &RQFLVH &DSLWXODWLRQ
SXVHDSHQVDUXQSRFRSDUDVDFDUXQHMHPSOR\DFDEÃGLFLÃQGROH$GHFLUYHUGDGQRVÃFX»OHVODGLIHUHQFLDHQWUH &RQFLVLRQ &DSLWDOLVWLF
ORVGRVYHUERV/RTXHVÇVÃHVTXHXVRHOYHUERpWRERWKHUqTXL]»VXQDYH]SRUVHPDQD\XVDUÃHOYHUERpWRDQQR\q ,QFLVLYH 5HFDSLWXODWH
XQDYH]FDGDGRVPHVHV$KRUDELHQXVRDOJXQDIRUPDGHOYHUERpWREHqVHLVYHFHVSRUPLQXWR3RUWDQWRQRWH ,QFLVLRQ 5HFDSLWXODWLRQ
PROHVWHVHQDSUHQGHUODGLIHUHQFLDSHURDVHJÔUDWHGHWHQHUXQGRPLQLRE»UEDURGHOYHUERpWREHqHQSUHVHQWH &HOHVWLDO ,QFDUFHUDWH
SDVDGR\IXWXUR\HQDîUPDWLYRQHJDWLYRHLQWHUURJDWLYR&RQRFHUORVPDWLFHVHQWUHYRFDEXODULRGHXVRSXQWXDOHV &DODPLWRXV &DUQLYRURXV
&DODPLW\ &DUQLYRUH
XQDSÃUGLGDGHWLHPSRVLXQRGHDQWHPDQRQRSRVHH\DXQDDJLOLGDGDFWLYDWRWDOFRQORVGLH]YHUERVTXHDFDERGH
&DOXPQ\ &DUQLYDO
PHQFLRQDU 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
|(OGRORUGHFDEH]DPHHVW» 0\KHDGDFKHLVNLOOLQJPH
2MDO»QRORVKXELHUDVLQYLWDGR ,ZLVK\RXKDGQoWLQYLWHGWKHP
PDWDQGR |'HKDEHUORVDELGR ,IRQO\,KDGNQRZQ
'HEHUÇDVLUDOPÃGLFR <RXVKRXOGJRWRWKHGRFWRU 2MDO»QRIXHUDVWDQWHUFR ,ZLVK\RXZHUHQoWVRVWXEERUQ
0HSXHGHVFRJHUXQDFLWD" &DQ\RXJHWDQDSSRLQWPHQW 2MDO»WXYLHUDRFKREUD]RV ,IRQO\,KDGHLJKWDUPVOLNHDQ
IRUPH" FRPRXQSXOSR RFWRSXV
5HFXÃUGDPHTXHORKDJD 5HPLQGPHWRGRLWODWHU 7HQGUÇDXQDVSHFWRXQSRFR <RXoGORRNDOLWWOHVWUDQJH
GHVSXÃV UDURQR" ZRXOGQoW\RX"
6LQRWHLPSRUWDSXHGHV ,I\RXGRQoWPLQGFDQ\RXGR
KDFHUORDKRUD" LWQRZ"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
5LQJ$QLOOR
(DUULQJ3HQGLHQWH
%UDFHOHW3XOVHUD
1HFNODFH&ROODU
9RFDEXODULR-HZHOU\-R\DV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq 2XJKW
3DUHFLGRDp'R\RXWKLQN"qLQYHUWLPRVHO
,oPJRLQJWRSXWP\ïDWXSIRUVDOH ,oPVDYLQJXSIRUDQHZFDU VXMHWR\pRXJKWqVHJXLGRGHpWRq
9R\DSRQHUPLSLVRHQYHQWD (VWR\DKRUUDQGRSDUDXQFRFKHQXHYR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
:KRSXWXSWKHFXUWDLQV" 'RQoWZRUU\:HFDQSXW\RXXS 'HEHUÇDSHGLUSHUPLVR"
4XLÃQFROJÍODVFRUWLQDV" 'HVFXLGD3XHGHGRUPLUHQQXHVWUDFDVD 'HEHUÇDPRVLUQRV"
&UHHVTXHGHEHUÇDSDUDU"
:KDWoVXS" :K\GRQoW\RXWDNHXSFKHVV"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
4XÃKD\" 3RUTXÃQRDSUHQGHVDMHGUH]FRPRKREE\"
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV,Q
,QVDQH ,oPJRLQJWRJRLQVDQHLI,KDYHWROLYHZLWKKLP ,QVXIIHUDEOH $VDFODVVPDWHKHoVTXLWHLQVXIIHUDEOH
,QVDQLW\ 7KHFULPLQDOSOHDGHGWHPSRUDU\LQVDQLW\ ,QVXIîFLHQW <RXUHIIRUWLVLQVXIîFLHQWIRUSURJUHVV
,QVDWLDEOH +HKDVDQLQVDWLDEOHDSSHWLWHIRUDOPRQGV ,QWDQJLEOH :HVHOOLQWDQJLEOHV
,QVHFXUH ,IHHODELWLQVHFXUHLQPHHWLQJVOLNHWKHODVWRQH ,QWROHUDEOH +LVEHKDYLRXUZDVLQWROHUDEOH
,QVHFXULW\ 3HRSOHQRZVXIIHUJUHDWHULQVHFXULW\WKDQEHIRUH ,QWROHUDQW ,oPLQWROHUDQWRIWKDWNLQGRIEHKDYLRXU
,QVHSDUDEOH 7KHWZRIULHQGVDUHLQVHSDUDEOH ,QWUDQVLJHQW +HoVWRWDOO\LQWUDQVLJHQWRQWKDWTXHVWLRQ
,QVLJKW ,JDLQHGDORWRILQVLJKWLQWRKXPDQEHKDYLRXU ,QYDOLGDWH 7KHQHZGHFLVLRQLQYDOLGDWHVWKHROGRQH
,QVLJKWIXO 7KDWZDVDYHU\LQVLJKWIXOFRPPHQW ,QYDOXDEOH <RXUFRQWULEXWLRQKDVEHHQLQYDOXDEOH
,QVLJQLîFDQW ,WoVLQVLJQLîFDQWZKHWKHUWKH\VDZLWRUQRW ,QYLQFLEOH 7KH)UHQFKQDWLRQDOWHDPVHHPVLQYLQFLEOH
,QVLQFHUH 7KHZD\KHVPLOHVVHHPVYHU\LQVLQFHUHWRPH ,QYLVLEOH 6RPHWLPHV,ZRXOGOLNHWREHLQYLVLEOH
,QVROYHQW 6LQFHWKHFULVLVWKHFRPSDQ\LVWRWDOO\LQVROYHQW ,QYROXQWDU\ +LVDFWLRQVZHUHFRQVLGHUHGLQYROXQWDU\
,QVWDELOLW\ 7KHUHoVPRUHLQVWDELOLW\LQWKHHFRQRP\QRZ ,QYXOQHUDEOH 7KHFDVWOHZDVFRQVLGHUHGLQYXOQHUDEOH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
,QFOÇQDWHHLQWHQWDWRFDUWHORVGHGRVGHORVSLHVVLQGREODUODVUR %HQGRYHUDQGWU\WRWRXFK\RXUWRHVZLWKRXWEHQGLQJ\RXUNQHHV
GLOODV 9HV QHFHVLWDV KDFHU DOJXQRV HMHUFLFLRV GH HVWLUDPLHQWR <RXVHHf\RXQHHGWRGRVRPHVWUHWFKLQJH[HUFLVHV:KHQ,FRPH
&XDQGR YXHOYD OD VHPDQD TXH YLHQH TXLHUR YHU QR VÍOR TXH WH EDFNQH[WZHHN,ZDQWWRVHH\RXQRWRQO\WRXFKLQJ\RXUWRHVEXW
WRFDVORVGHGRVGHORVSLHVVLQRTXHWRFDVHOVXHOR'HVSXÃVDOD WRXFKLQJïRRUDVZHOO7KHQWKHIROORZLQJZHHN\RXoOOVXUSULVHPH
VHPDQD VLJXLHQWH PH VRUSUHQGHU»V SRQLHQGR ODV SDOPDV GH ODV E\SXWWLQJ\RXUKDQGVSDOPVGRZQRQWKHïRRUZLWKRXWEHQGLQJ
PDQRVHQHOVXHORVLQGREODUODVURGLOODV \RXUNQHHV
(VWLPDGRDPLJR\DOXPQR+DFHSRFRHQXQHQFXHQWURGLJLWDOXQSDUWLFLSDQWHPHSUHJXQWÍDFHUFDGH 0»VSDODEUDVLQJOHVDV
FX»QWDVSDODEUDVVHQHFHVLWDQSDUDPDQWHQHUXQDFRQYHUVDFLÍQHQLQJOÃVGHPDQHUDïXLGD7DPELÃQPH GHUDÇ]ODWLQD
SUHJXQWÍVLHUDLPSUHVFLQGLEOHFRQWDUFRQFRQRFLPLHQWRVSURIXQGRVGHJUDP»WLFDSDUDFRQVHJXLUOR+H
DTXÇPLUHVSXHVWD $FFHVVLEOH &LUFXPVWDQFHV
,QFHVVDQW &LUFXPYHQW
&XULRVDPHQWHPDQWHQHUXQDFRQYHUVDFLÍQïXLGDRFRPRGLFHVFRQWDUFRQFRQRFLPLHQWRVSURIXQGRVGH
,QWHUFHGH &LUUKRVLV
JUDP»WLFDGHSHQGHHQJUDQSDUWHGHFÍPRWHH[SUHVHVHQWXSURSLRLGLRPD6LHUHVXQDSHUVRQDSDUFD 3UHFHGHQW &LWL]HQ
HQSDODEUDVHQFDVWHOODQRRDFRVWXPEUDGDDGHFLUODVFRVDVFRQVHQFLOOH]HQWRQFHVWDPSRFRQHFHVLWDU»V 5HFHVVLRQ &LWULF
XQOÃ[LFRRSXOHQWRHQLQJOÃV$ODLQYHUVDVLHUHVXQDSHUVRQDDODTXHOHJXVWDGHVSOHJDUXQDDEDQLFRGH &HOHULW\ &LYLF
FRORULGROLQJÖÇVWLFRHQFDVWHOODQRORYDVDWHQHUPX\FUXGRDODKRUDGHWUDVODGDUWXVDVSLUDFLRQHVDOLQJOÃV &HQVRU &LYLO
(QPLWUDEDMRWHQJRTXHKDEODUHQSÔEOLFRFRQPXFKDIUHFXHQFLDDYHFHVGXUDQWHGRVKRUDVVHJXLGDV\ &HQVRUVKLS &LYLOLDQ
VLQJXLÍQ$YHFHVH[SRQJRHQFDVWHOODQR\DYHFHVHQLQJOÃV&XDQGRORKDJRHQLQJOÃVPHFRQWHQJR\ &HQVXUH &LYLOL]DWLRQ
KDEORFRQXQOÃ[LFRVHQFLOORWRWDOPHQWHDODOFDQFHGHPLSÔEOLFRFX\RQLYHOPHGLRGHLQJOÃVQRHVVLHPSUH &HQVXV &LYLOL]HG
DOWR$OîQDOGHODFKDUODVLHPSUHOHKDJRXQDVHULHGHSUHJXQWDVDOSÔEOLFR+DEÃLVSRGLGRVHJXLUPH &HQWHQQLDO &LYLOL]H
ELHQ"6LHPSUHPHUHVSRQGHQTXHVÇTXHSHUIHFWDPHQWH+DEÃLVHQFRQWUDGRHORFXHQWHHLPSDFWDQWH &HUHEUDO &ODLUYR\DQW
PLFKDUOD"7DPELÃQPHUHVSRQGHQTXHVÇTXHPX\LPSDFWDQWH\H[SUHVLYD<îQDOPHQWH2VGDLV 'LVFHUQ &ODQGHVWLQH
FXHQWDGHTXHFRQXQLQJOÃVVÔSHUVHQFLOORXQLQJOÃVTXHKDEÃLVHQWHQGLGRDODSHUIHFFLÍQKHORJUDGR 'LVFUHWLRQ &ODQ
WUDQVPLWLUXQPHQVDMHGHIRUPDHORFXHQWHHLPSDFWDQWH"0HUHVSRQGHQTXHVÇWDPELÃQ&RQFOXVLÍQ 'LVFUHHW &ODULîFDWLRQ
,QGLVFUHHW &ODULI\
SDUDVHUHORFXHQWHHLPSDFWDQWHQRWLHQHVTXHXVDUXQOÃ[LFRDPSOLRUHEXVFDGRRGHJUDQFRORULGR&RQ
'LVFUHWLRQDO &ODULW\
XQRVFXDQWRVYHUERVXQRVFXDQWRVVXVWDQWLYRVXQRVDGMHWLYRVXQRVDGYHUELRVXQDVSUHSRVLFLRQHV\
&LUFXLW &ODULQHW
WDOYH]FXDWURFRQMXQFLRQHVSXHGHVDUUDVDUVLFUHHVHQWXWHPD\VLHQWHVODXUJHQFLDGHWUDQVPLWLUWX &LUFXPIHUHQFH &ODVV
SDVLÍQDRWURV3RUORWDQWRQRKDFHIDOWDTXHSRVHDVXQYRFDEXODULRDPSOLRQLTXHWHQJDVFRQRFLPLHQWRV
&LUFOH &ODVVLFDO
SURIXQGRVGHJUDP»WLFDSDUDVHUSHUIHFWDPHQWHHîFD]HLQFOXVRHORFXHQWHDODKRUDGHKDEODULQJOÃV &LUFXV &ODVVLF
3HURVÇHVLPSRUWDQWHTXHWHQJDVHVWDFDSDFLGDGHQWXSURSLRLGLRPD/RVEXHQRVFRPXQLFDGRUHVDOD &LUFXODU &ODVVLîFDWLRQ
KRUDGHKDEODULQJOÃVFRPRVHJXQGDOHQJXDVRQVLHPSUHEXHQRVFRPXQLFDGRUHVHQVXOHQJXDPDWHUQD &LUFXODWH &ODVVLVW
\DODLQYHUVDORVTXHVHH[SUHVDQPDOHQVXSURSLRLGLRPDQRWLHQHQQLODP»VUHPRWDSRVLELOLGDGGH &LUFXPFLVH &ODXVH
H[SUHVDUVHELHQHQXQVHJXQGRLGLRPDDXQTXHUHFLEDQKRUDVGHIRUPDFLÍQ6LWXYLHUDTXHGDUWH &LUFXPFLVLRQ &ODXVWURSKRELD
XQFRQVHMRVHUÇDVHJXLUODSROÇWLFD.,66.HHS,W6LPSOH6WXSLG
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
7UHDGPLOO&LQWD
/RFNHUV7DTXLOOD
0DW(VWHULOOD
5RZLQJ0DFKLQH0DTXLQDGH5HPR
:HLJKWV3HVDV
9RFDEXODULR*\P*LPQDVLR
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq $ERXWWR
+DYH\RXDGGHGXSDOOWKHFROXPQV" +HZDQWVWRPRYHXSWKHFRUSRUDWHODGGHU 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
+DVVXPDGRWRGDVODVFROXPQDV" 4XLHUHVXELUHOHVFDODIÍQ IUDVHVHQLQJOÃV"
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7LHQHVTXHDIURQWDUHOKHFKRGHTXHWHHVW»VKDFLHQGRPD\RU1R <RX KDYH WR IDFH WKH IDFW WKDW \RXoUH JHWWLQJ ROGHU <RXoUH QRW
HUHVWDQK»ELOFRPRDQWHVSDUDPDQHMDUFLHQWRVGHFRVDVDODYH] DV VNLOOHG DV \RX XVHG WR EH DW PDQDJLQJ D KXQGUHG WKLQJV DW
$GHP»VWXPHPRULDHVW»HPSH]DQGRDIDOODU1XQFDWHKDVSUH WKHVDPHWLPH$QG\RXUPHPRU\LVVWDUWLQJWRIDLO\RXDVZHOO
JXQWDGRSRUTXÃORVDOWRVHMHFXWLYRVDORVRVLHPSUHWLHQHQ +DYHQoW\RXHYHUZRQGHUHGZK\WRSH[HFXWLYHVLQWKHLUVDQG
GRV R WUHV VHFUHWDULDV DWHQGLHQGR WRGDV VXV QHFHVLGDGHV" &RQ OD V DOZD\V KDYH WZR RU WKUHH VHFUHWDULHV WHQGLQJ WR WKHLU HYHU\
HGDG ORV HMHFXWLYRV VH FRQYLHUWHQ HQ H[FHOHQWHV HVWUDWHJDV SHUR QHHG" %\ WKDW DJH H[HFXWLYHV PD\ EH H[FHOOHQW VWUDWHJLVWV EXW
VRQLQFRPSHWHQWHVHQORTXHVHUHîHUHDORVGHWDOOHVGHOGÇDDGÇD WKH\oUHLQFRPSHWHQWZKHUHGD\WRGD\GHWDLOVDUHFRQFHUQHG
0»VSDODEUDVLQJOHVDV
(VWLPDGR DPLJR \ DOXPQR +DFH SRFR UHFLEÇ XQ FRUUHR HOHFWUÍQLFR GH XQ R\HQWH GH 9DXJKDQ 5DGLR TXH
GHUDÇ]ODWLQD
GHFÇD&DGDYH]HQWLHQGRPHMRUSHURFÍPRKDEODUPHMRU"&ÍPRVROWDUPHDKDEODU"%DVWDQFODVHVGH
FRQYHUVDFLÍQ"/HUHVSRQGÇ &ODYLFKRUG &RHUFLRQ
&OLHQW &RHUFLYH
(VWLPDGRR\HQWH6LSURPHWHVQRUHÇUWHGHPÇWHGLUÃXQRGHORVVHFUHWRVTXHHPSOHÃKDFHDËRVSDUDDGTXLULU &OLHQWHOH &RH[LVW
VROWXUDRUDOFRQWXLGLRPD+DEODEDFRQODSDUHG\PDQWHQÇDODUJDVFRQYHUVDFLRQHVLQWHUHVDQWÇVLPDVFRQHO &OLPDWH &RH[LVWHQFH
SDVDMHURLPDJLQDULRTXHPHDFRPSDËDEDHQPLVGHVSOD]DPLHQWRVHQFRFKH1LODSDUHGQLHOSDVDMHURHQ &OLPDWRORJ\ &RIIHH
FXHVWLÍQ PH FRUUHJÇDQ OD JUDP»WLFD QL OD IRQÃWLFD SHUR PH GDED LJXDO (Q HVRV PRPHQWRV PL SULRULGDG &OLPDWLF &RJQDF
HUDODDGTXLVLFLÍQGHVROWXUDQRODFRUUHFFLÍQ\SUHFLVLÍQJUDPDWLFDO(QHVRVPRPHQWRVTXHUÇDKXLUGHOD &OLPD[ &RKDELWDWLRQ
SRVLELOLGDGGHVXIULU´SDUiOLVLVSRUDQiOLVLVµ/DVFODVHVGHFRQYHUVDFLÍQFRPRVXJLHUHVYDOHQVLWLHQHVWLHPSR &OLQLF &RKHUHQFH
\QRWHFREUDQ3DUDPÇHVLQPRUDOSDJDUDDOJXLHQSDUDFRQYHUVDU6LWLHQHVGHODQWHDXQSURIHVRUSDJDGR &OLQLFDO &RKHUHQW
ÃVWHGHEH]DUDQGHDUWHSDUDTXHHVSDELOHV\PHMRUHVXQDEDUEDULGDG6LQRWÇUDOHSRUODYHQWDQD\EÔVFDWH &OLQLFDOO\ &RKHVLRQ
RWURSURIHVRU6LORTXHTXLHUHVHVFRQYHUVDUYHWHXQDYH]DODËRRFDGDPHVHVD9DXJKDQWRZQZZZ &RDJXODWH &RLQFLGHQFH
&RDVW &RLQFLGH
YDXJKDQWRZQFRP$OOÇKDEODU»VP»VHQGÇDVTXHHQWUHVDËRVGHFODVHVUHJXODUHVGHFRQYHUVDFLÍQ\OR
&RDVWDO &ROLVHXP
KDU»VFRQJHQWHGHORP»VYDULRSLQWDTXHDOPLVPRWLHPSRWHUHWDU»QHORÇGR/DVFODVHVGHFRQYHUVDFLÍQFRQ
&RDVWJXDUG &ROODERUDWH
XQSURIHVRUGHLQJOÃVVRQGHODVIRUPDVP»VSREUHVTXHH[LVWHQSDUDSRWHQFLDUODVROWXUDDOKDEODU(OSURIHVRU &REUD &ROODERUDWLRQ
WHKDEODHQYRFDEORVFODURVHVVXGHIRUPDFLÍQSURIHVLRQDO\QRUPDOPHQWHQRWHREOLJDDH[SUHVDUWHIXHUDGH &RGH &ROODERUDWRU
WX]RQDGHFRQIRUW(VFRPRHVWDUHQXQDELFLFOHWDHVW»WLFDTXHVÍORDGPLWHKDVWDNLOÍPHWURVSRUKRUD &RGLI\ &ROODSVH
5LFKDUG9DXJKDQ &RHIîFLHQW &ROOHDJXH
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
7LQVHO(VSXPLOOÍQ
)DLU\+DGD
9RFDEXODULR&KULVWPDVWUHHUEROGH1DYLGDG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
&X»OHVODPHMRUPDQHUDGH :KDWoVWKHEHVWZD\WRJHWULG
6LJXHVGHWU»VGHHVDFKLFD" $UH\RXVWLOODIWHUWKDWJLUO"
TXLWDUVHHOKLSR" RIWKHKLFFXSV" 1RWHODKDVOLJDGRDÔQ" +DYHQoW\RXSXOOHGKHU\HW"
6LDVXVWDVDDOJXLHQVXHOH ,I\RXIULJKWHQVRPHRQHWKDW
'HKHFKRQRVHQUROODPRVOD $FWXDOO\ZHJRWRIIZLWKHDFK
IXQFLRQDU XVXDOO\ZRUNV VHPDQDSDVDGD RWKHUODVWZHHN
3RGUÇDVEHEHUXQYDVRGHDJXD <RXFRXOGGULQNDJODVVRI &ÍPRFRQVHJXLVWHHVR" +RZGLG\RXSXOOWKDWRII"
FRQODFDEH]DPLUDQGRKDFLD ZDWHUZLWK\RXUKHDGXSVLGH &RQKDODJRVVHFRQVLJXHWRGR )ODWWHU\JHWV\RXHYHU\ZKHUH
DEDMR GRZQ
0DQWÃQODUHVSLUDFLÍQWDQWR +ROG\RXUEUHDWKIRUDVORQJDV
WLHPSRFRPRSXHGDV \RXFDQ
&HQWUDWRGDWXDWHQFLÍQHQHO )RFXV\RXUDOODWWHQWLRQRQWKH
RULJHQGHOSUREOHPDFRPRXQ VRXUFHRIWKHSUREOHPOLNHD
PDHVWURGH=HQ =HQPDVWHU
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq 7RKDYHEUHDNIDVWOXQFKDQGGLQQHU
/DQDYLGDGYLHQHUHSOHWDGHYRFDEXODULR\GHH[SUHVLRQHVQXHYDV5HVXOWDP»VGLIÇFLODSUHQGHUORVELHQ\DTXHVÍORDSDUHFHQ
DHVWDVDOWXUDVGHODËR/XHJRVHHPSDTXHWDQ\VHJXDUGDQMXQWRFRQWRGDVODVGHP»VGHFRUDFLRQHVQDYLGHËDVKDVWDHODËR
VLJXLHQWH$TXÇWLHQHVXQDRSRUWXQLGDGGHHVWXGLDUXQDVFXDQWDVH[SUHVLRQHVTXHLJXDOHVFXFKDU»VHQHVWDÃSRFDGHODËR
(OPXQGRGHODQDYLGDG 7KHZRUOGRI&KULVWPDV
3RQHPRVHO»UEROGH1DYLGDGHVWHîQGHVHPDQD" 6KDOOZHSXWXSWKH&KULVWPDVWUHHWKLVZHHNHQG"
/RWHQHPRVTXHTXLWDUSDUDODQRFKHGH5H\HV :HKDYHWRWDNHLWGRZQEHIRUH7ZHOIWK1LJKW
1XQFDHQYÇRWDUMHWDVGHIHOLFLWDFLÍQ ,QHYHUVHQGDQ\&KULVWPDVFDUGV
4XÃYDLVDFRPHUHQ1DYLGDG" :KDWDUH\RXJRLQJWRKDYHIRU&KULVWPDVGLQQHU"
6LHPSUHFRPHPRVUHVWRVHOGÇD :HDOZD\VHDWOHIWRYHUVRQ%R[LQJ'D\
9DVDFROJDUWXFDOFHWÇQSDUD3DS»1RHO" $UH\RXJRLQJWRKDQJXS\RXUVWRFNLQJIRU)DWKHU&KULVWPDV"
4XÃTXLHUHVSDUD1DYLGDG" :KDWZRXOG\RXOLNHIRU&KULVWPDV"
&UHHVTXHYDDVHUXQDp%ODQFD1DYLGDGq" 'R\RXWKLQNLWoVJRLQJWREHDZKLWH&KULVWPDV"
7HQGU»VTXHHVFULELUWXVFDUWDVGHDJUDGHFLPLHQWR <RXoOOKDYHWRZULWH\RXUWKDQN\RXOHWWHUV
0HSDUHFHTXHKD\JHQWHFDQWDQGRYLOODQFLFRVDODSXHUWD 7KDWVRXQGVOLNHVRPHFDUROVLQJHUVDWWKHGRRU
7LHQHVEDVWDQWHSDSHOGHUHJDOR" +DYH\RXJRWHQRXJKZUDSSLQJSDSHU"
4XÃSXHGRFRPSUDUSDUDPLVXHJUD" :KDWFDQ,JHWP\PRWKHULQODZ"
9DVDLUDODPLVDGHOJDOOR" $UH\RXJRLQJWRJRWRPLGQLJKWPDVV"
$QWHVSRQÇDPRVXQEHOÃQHQHOMDUGÇQSDUDORVQLËRV :HXVHGWRSXWDFULELQWKHJDUGHQIRUWKHFKLOGUHQ
1DYLGDGHVXQDERQLWDÃSRFDGHODËRIDPLOLDU &KULVWPDVLVDQLFHIDPLO\WLPHRIWKH\HDU
1DYLGDGHVXQSHULRGRGHODËRSDUDORVH[FHVRV &KULVWPDVLVDWLPHIRURYHULQGXOJHQFH
(VWUDGLFLÍQEHVDUVHGHEDMRGHOPXÃUGDJR ,WoVWUDGLWLRQDOWRNLVVXQGHUVRPHPLVWOHWRH
(OSHULRGRSUHYLRDODV1DYLGDGHVHVFDÍWLFRHQODVWLHQGDV 7KHUXQXSWR&KULVWPDVLVFKDRWLFLQWKHVKRSV
+DVJODVHDGRHOSDVWHOGH1DYLGDG" +DYH\RXLFHGWKH&KULVWPDVFDNH\HW"
(VWLPDGRDPLJR\DOXPQR0DËDQDHV1DYLGDGDVÇTXHHQOXJDUTXHVHJXLUFRQP»VVHUPRQHVRPLVSRHPDVTXLHURHVFULELUDOJR
HQLQJOÃVWÇSLFRDODÃSRFDQDYLGHËD$KÇYD
7KH&KULVWPDVVHDVRQLVXSRQXVDQG,DQGDOOP\IULHQGVDQGFROOHDJXHVDW9DXJKDQ6\VWHPVZDQWWRZLVKHYHU\RQHDYHU\0HUU\
&KULVWPDVDQGDSURVSHURXV1HZ<HDU7KLVPHVVDJHLVQRWRQO\IRUWKRVHSHRSOHZKRDUHIROORZLQJWKHZHHNO\DQGGDLO\(QJOLVK
SURJUDPGHVLJQHGE\9DXJKDQEXWWRHYHU\UHDGHURI(/081'2DVZHOO&KULVWPDVLVDPRPHQWIRUUHïHFWLRQDQGRIFRXUVH1HZ
<HDUoV'D\LVDPRPHQWIRUUHVROXWLRQV)RUPHWKLV&KULVWPDVFRLQFLGHVDOPRVWH[DFWO\ZLWKWKHWKDQQLYHUVDU\RIP\ZHGGLQJ
,PDUULHGDEHDXWLIXO6SDQLVKZRPDQRQ'HFHPEHUDQGZHoUHVWLOOWRJHWKHU2XUFKLOGUHQDUHJURZQQRZDQGVHHPWREH
îQGLQJWKHLUZD\LQOLIH:HKDYHDORWWREHWKDQNIXOIRU
0HSHUVRQDOO\"'R,KDYHDORWWREHWKDQNIXOIRUWRR"8QGRXEWHGO\7KLUW\IRXU\HDUVDJR,DGRSWHGDFRXQWU\WKDWKDVWUHDWHGPH
YHU\ZHOO,KDYHZDWFKHG6SDLQSDVVIURPDQDXWKRULWDULDQUHJLPHWRDYLJRURXVDQGSURVSHURXVGHPRFUDF\,KDYHZDWFKHGLW
SDVVIURPDFOHDUO\VHFRQGZRUOGFRXQWU\WRRQHRIWKHWRSWHQHFRQRPLHVJOREDOO\,KDYHKDGWKHSULYLOHJHWRREVHUYHîUVWKDQG
DEULOOLDQWSROLWLFDOWUDQVLWLRQIROORZHGE\DOPRVWWKUHHGHFDGHVRIJURZWKDQGPDWXULW\,KDYHEHHQDEOHWRSURVSHUDQGHQMR\D
VWLPXODWLQJFDUHHUWKDWKDVPDGHPHKXQGUHGVRI6SDQLVKIULHQGV6R\HVf,KDYHDORWWREHWKDQNIXOIRUSHUVRQDOO\DVZHOO
$QGZKDWoV
P\
1HZ<HDUoVUHVROXWLRQ",WoVWKHVDPHDVHYHU\\HDUWRFRQWLQXHORRNLQJIRUWKHPDJLFIRUPXODWRKHOSP\6SDQLVK
IULHQGVîQDOO\OHDUQ(QJOLVK,WoVDQLQWHUHVWLQJDQGSURYRFDWLYHFKDOOHQJHDQG,ZLOOFRQWLQXHWRVHDUFKKLJKDQGORZXQWLOWKHHQGRI
P\GD\V+RQHVWO\,FDQoWWKLQNRIDQ\WKLQJPRUHIXQ
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
'ÍQGHHVWXYLVWHFXDQGR :KHUHZHUH\RXZKHQLW
1RKHYLVWRWDQWDVSHOÇFXODVHVWH ,KDYHQoWVHHQDVPDQ\ïOPV
VXFHGLÍ" KDSSHQHG" DËRFRPRHODËRSDVDGR WKLV\HDUDVODVW\HDU
1RUHFXHUGRGÍQGHHVWXYH ,GRQoWUHPHPEHUZKHUH,ZDV 1RKDQWHQLGRWDQWDVXHUWH 7KH\KDYHQoWKDGDVPXFK
1RHVWXYLVWHHQHOWUDEDMR" :HUHQoW\RXDWZRUN" HQHVWHWRUQHRFRPRHQHO OXFNLQWKLVWRXUQDPHQWDVWKH
7LHQHVUD]ÍQHVWDED <RXoUHULJKW,ZDVZRUNLQJ
DQWHULRU SUHYLRXVRQH
WUDEDMDQGR 1RGLUÇDTXHHOODHVWDQOLVWD ,ZRXOGQoWVD\VKHoVDVFOHYHU
1XQFDHVW»VHTXLYRFDGR <RXoUHQHYHUZURQJ FRPRVXKHUPDQD DVKHUVLVWHU
1RKDOORYLGRHVWHPHVWDQWR 7KHUHKDVQoWEHHQDVPXFKUDLQ
FRPRHOSDVDGR WKLVPRQWKDVODVWPRQWK
1RSLHQVRWDQWRHQWLFRPR ,GRQoWWKLQNDERXW\RXDV
DQWHV PXFKDV,XVHGWR
&KULVWPDVSXGGLQJ3XGGLQJGH
QDYLGDGGHFRORURVFXURKHFKRD 7XUNH\3DYR
EDVHGHIUXWDFRQîWDGD\FRËDF
FRQIRUPDUHGRQGD
&UDFNHU8QDHVSHFLHGHSLËDWD
SHTXHËDTXHVHDEUHGXUDQWHOD
FHQDWLUDQGRGHORVH[WUHPRV\
6WXIîQJ5HOOHQR TXHFRQWLHQHXQUHJDORSHTXH
ËRXQFKLVWH\XQDFRURQDGH
&UDQEHUU\VDXFH6DOVDGHDU»QGDQR SDSHO
9RFDEXODULR&KULVWPDVGLQQHU&HQDGH1DYLGDG
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
3RUTXÃTXLHUHVWUDEDMDUFRQ :K\GR\RXZDQWWRZRUNIRU
3XHGHTXHÃOHVWÃGXUPLHQGR +HPLJKWEHVOHHSLQJ
QRVRWURV" XV" 3XHGHTXHOOXHYDKR\ ,WPLJKWUDLQWRGD\
3RUTXÃGHEHUÇDPRVGDUWHHO :K\VKRXOGZHJLYH\RXWKH
3XHGHTXHWHQJDPRV :HPLJKWKDYHSUREOHPVLIZH
WUDEDMR" MRE" SUREOHPDVVLKDFHPRVHVR GRWKDW
'XUDQWHFX»QWRWLHPSR +RZORQJZRXOG\RXVWD\ZLWK
3XHGHTXHHOODQRYHQJD 6KHPLJKWQRWFRPHDIWHUDOO
SHUPDQHFHUÇDVFRQQRVRWURV" XV" GHVSXÃVGHWRGR
&X»OHVVRQWXVSXQWRVIXHUWHV:KDWDUH\RXUVWUHQJWKVDQG 3XHGHTXHQRHVWÃQGHDFXHUGR7KH\PLJKWQRWDJUHHZLWKXV
\GÃELOHV" ZHDNQHVVHV" FRQQRVRWURV
3RUTXÃWHPDUFKDVGHWX :K\DUH\RXOHDYLQJ\RXU
DFWXDOSXHVWR" SUHVHQWSRVLWLRQ"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpXSq 6KRXOGKDYHSDUWLFLSLR
3UHî[HV,P
,PEDODQFH 7KHUHoVDFOHDULPEDODQFHLQWKHWDVNVDVVLJQHG ,PSDWLHQFH +LVLPSDWLHQFHLVVWDUWLQJWRJHWRQP\QHUYHV
,PPDWHULDO ,WoVLPPDWHULDOZKHWKHUWKHZLWQHVVVDZLWRUQRW ,PSHQHWUDEOH 6RPHSDUWVRIWKLVMXQJOHDUHLPSHQHWUDEOH
,PPDWXUH +LVLPPDWXUHDWWLWXGHLVFDXVLQJDORWRIWURXEOHKHUH ,PSHUFHSWLEOH +LVQHUYRXVWLFZDVDOPRVWLPSHUFHSWLEOH
,PPDWXULW\ +HVKRZVDKLJKGHJUHHRILPPDWXULW\ ,PSHUIHFWLRQ 1RRQHLVWRWDOO\IUHHRILPSHUIHFWLRQV
,PPLJUDQW ,PPLJUDQWVXVXDOO\HQWHU6SDLQIURPWKHVRXWK ,PSHUVRQDO 7KHDWPRVSKHUHZDVTXLWHLPSHUVRQDO
,PPRELOL]H 7KHVXUJHRQKDGWRLPPRELOL]HWKHSDWLHQWoVDUP ,PSHUWLQHQW ,GRQoWDSSUHFLDWH\RXULPSHUWLQHQWUHPDUNV
,PPRUDO (WKLFVVWXGLHVZKDWLVPRUDODQGLPPRUDO ,PSROLWH ,WoVQRWJRRGWREHLPSROLWHWRWKHZDLWHUV
,PSDUWLDO <RXURSLQLRQLVQRWLPSDUWLDOEXWUDWKHUVODQWHG ,PSRVVLEOH ,WoVLPSRVVLEOHWRï\OLNH3HWHU3DQ
,PSDWLHQW ,oPLPSDWLHQWWRVHHWKHUHVXOWV ,PSURSHU <RXoYHPDGHLPSURSHUXVHRI\RXUOLFHQVH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6LHQWRLQWHUUXPSLUSHURWHQJRD7HG5RELQVRQDOWHOÃIRQR\HVW» ,oPVRUU\WRLQWHUUXSWEXW,oYHJRW7HG5RELQVRQRQWKHSKRQHDQG
IXULRVRSRUHOLQFUHPHQWRHQORVSUHFLRVGHOPRGHOR.'LFHTXHQR KHoVIXULRXVDERXWWKHSULFHLQFUHDVHRQWKH.PRGHOV+HVD\VKH
VHOHKDLQIRUPDGR\TXH\DKDGDGRVXSDODEUDDP»VGHFOLHQ ZDVQoWLQIRUPHGDQGWKDWKHoVDOUHDG\JLYHQKLVZRUGWRRYHU
WHVQXHYRVHQODVÔOWLPDVWUHVVHPDQDV1RVHVW»SLGLHQGRTXHOH QHZFXVWRPHUVLQWKHODVWWKUHHZHHNV+HoVDVNLQJXVWRKRQRUWKH
PDQWHQJDPRVHOSUHFLRDQWLJXRKDVWDîQDOGH0DU]R6ÍORIDOWD ROGSULFHXQWLOWKHHQGRI0DUFK7KDWoVRQO\DPRQWKDQGDKDOI
XQPHV\PHGLRSHURVLVHHQWHUDQORVRWURVGLUHFWRUHVUHJLRQDOHV DZD\EXWLIWKHRWKHUWHUULWRU\PDQDJHUVîQGRXWZHFRXOGKDYH
SRGUÇDPRVHQFRQWUDUQRVFRQXQSUREOHPD DSUREOHPRQRXUKDQGV
(VWLPDGRDPLJR\DOXPQR(OSRHPDTXHYLHQHDFRQWLQXDFLÍQGHVFULEHXQKHFKRUHDO+HFDPELDGR 0»VSDODEUDVLQJOHVDV
ORVQRPEUHVSHURVHWUDWDGHXQDVLWXDFLÍQTXHWXYROXJDUDPHGLDGRVGHORV7HGHMRFRQHO GHUDÇ]ODWLQD
/RZ%HJLQQHU +LJK%HJLQQHU
-RVHSK-RVÃ
0DU\0DUÇD
7KH7KUHH.LQJV/RV5H\HV0DJRV
6KHSKHUG3DVWRU
0DQJHU3HVHEUH
9RFDEXODULR1DWLYLW\6FHQH%HOÃQ
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
$FRUWRSOD]RGHEHUÇDPRV ,QWKHVKRUWWHUPZHVKRXOG
0HSXHGHVSODQFKDUODFDPLVD" &DQ\RXLURQP\VKLUW"
FRQVLGHUDURWUDVRSFLRQHV FRQVLGHURWKHURSWLRQV 3RUTXÃQRKDVEDUULGRHOVXHOR" :K\KDYHQoW\RXVZHSWWKH
&X»OHVVRQWXVREMHWLYRVD :KDWDUH\RXUORQJWHUPJRDOV" ðRRU"
ODUJRSOD]R" /OHYDVVLJORVVLQOLPSLDUHOSROYR <RXKDYHQoWGXVWHGLQDJHV
1RKDVDSURYHFKDGRWXV <RXKDYHQoWWDNHQDGYDQWDJH
&X»QGRYDVDIUHJDUODFRFLQD" :KHQDUH\RXJRLQJWRPRS
RSRUWXQLGDGHV RI\RXURSSRUWXQLWLHV WKHNLWFKHQ"
$QWHVHUDVP»VWUDEDMDGRU <RXXVHGWREHPRUHKDUG |'ÃMDPHHQSD]|2GLRODVWDUHDV/HDYHPHDORQH,KDWH
ZRUNLQJ GRPÃVWLFDV KRXVHZRUN
4XÃWHSDVD" :KDWoVWKHPDWWHUZLWK\RX"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpXSq 7REHLQDKXUU\
3DUDGHFLUpWHQHUSULVDqQRGHFLPRVQXQFDpWR
7KHGUDLQLVVWRSSHGXS :RXOG\RXVKXWXSSOHDVH" KDYHKXUU\q
(OGHVDJÖHHVW»DWDVFDGR 7HTXLHUHVFDOODUSRUIDYRU" 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
&DQ\RXKHOSPHXS" ,oOOULQJKLPXSWRPRUURZPRUQLQJ 7LHQHQSULVDSRUWHUPLQDUHOLQIRUPH
0HD\XGDVDOHYDQWDUPH" /HGDUÃXQWRTXHPDËDQDSRUODPDËDQD 3RUTXÃVLHPSUHWLHQHVSULVDFXDQGRWHYHR"
-RKQWHQÇDSULVDSRUOOHJDUDOEDQFRDQWHVGH
TXHFHUUDUD
+HWKUHZXSDOORYHUWKHEDFNVHDW <RXoYHUXQXSDKHIW\ELOO
'HYROYLÍSRUWRGRHODVLHQWRGHDWU»V +DVLGRDFXPXODQGRXQDFXHQWD ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
FRQVLGHUDEOH ,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV,U
,UUDWLRQDO +LVEHKDYLRXUZDVWRWDOO\LUUDWLRQDO ,UUHSUHVVLEOH +HULUUHSUHVVLEOHODXJKWHUHQGVXSFDXVLQJSUREOHPV
,UUHJXODU <RXDUHVXIIHULQJDQLUUHJXODUKHDUWEHDW ,UUHVLVWLEOH :KHQVKHVPLOHVVKHoVVLPSO\LUUHVLVWLEOH
,UUHOHYDQW :KHWKHUWKH\JRRUQRWLVWRWDOO\LUUHOHYDQWWRPH ,UUHVSRQVLEOH ,WVHHPVDOORXUQHZSHRSOHDUHWRWDOO\LUUHVSRQVLEOH
,UUHSODFHDEOH &HUWDLQSOD\HUVRQWKHWHDPDUHLUUHSODFHDEOH ,UUHYHUVLEOH 7KHSURFHVVLVLUUHYHUVLEOH7KHUHoVQRWKLQJ,FDQGR
3UHî[HV0LV
0LVEHKDYH 7KHLUFKLOGLVDOZD\VPLVEHKDYLQJDWVFKRRO 0LVOHDGLQJ 7KLVLQIRUPDWLRQFDQEHYHU\PLVOHDGLQJ
0LVFDUULDJH +LVZLIHVXIIHUHGDVHULHVRIPLVFDUULDJHV 0LVOHDG 7KH*HUPDQVZHUHPLVOHGE\WKHLUOHDGHUV
0LVFRQFHSWLRQ 7KHLGHDWKDWVQDNHVDUHVOLP\LVDPLVFRQFHSWLRQ 0LVPDQDJHG 7KHPLQLVWHUWRWDOO\PLVPDQDJHGWKHDIIDLU
0LVFRQGXFW 7KHUHoVDORWRIPLVFRQGXFWLQFHUWDLQ1*2V 0LVSODFH ,WKLQN,oYHPLVSODFHGP\ZDOOHW
0LVIRUWXQH ,KDGWKHPLVIRUWXQHWREHDSSRLQWHGVSRNHVPDQ 0LVSULQW 7KHUHDPLVSULQWRQSDJHSDUDJUDSK
0LVJLYLQJV ,KDYHVRPHVHULRXVPLVJLYLQJVDERXWWKHSURMHFW 0LVSURQRXQFH <RXDOZD\VPLVSURQRXQFHP\ODVWQDPH
0LVJXLGHG ,EHOLHYH\RXUDFWLRQVDUHPLVJXLGHG 0LVTXRWH 7KHFKDLUPDQZDVPLVTXRWHGE\WKHSUHVV
0LVKDQGOH 7KH35GHSDUWPHQWPLVKDQGOHGWKHDIIDLU 0LVVSHOO <RXoYHPLVVSHOOHGP\QDPHDJDLQ
0LVLQIRUPHG ,EHOLHYH\RXoYHEHHQPLVLQIRUPHG 0LVVSHOOLQJV 7KHUHDUHORWVRIPLVVSHOOLQJVLQWKHUHSRUW
0LVLQIRUPDWLRQ 7KHJRYHUQPHQWLVLVVXLQJPLVLQIRUPDWLRQRQWKLV 0LVWUHDW ,KDWHSHRSOHZKRPLVWUHDWDQLPDOV
0LVLQWHUSUHW 3OHDVHGRQoWPLVLQWHUSUHWP\ZRUGV 0LVWUHDWHG 7KHSRRUKRUVHZDVPLVWUHDWHGE\LWVRZQHU
0LVMXGJH 'RQoWPLVMXGJHKLVLQWHQWLRQV+HnVDîJKWHU 0LVXQGHUVWDQG 'RQoWPLVXQGHUVWDQGPH,GRVXSSRUW\RX
0LVOHDG 7KHXQLRQERVVHVDUHPLVOHDGLQJWKHZRUNHUV 0LVXQGHUVWDQGLQJ ,WKLQNWKHUHoVEHHQDPLVXQGHUVWDQGLQJ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&XDQGROOHJXHHOPRPHQWRGHWHQHUXQDFKDUODVHULDFRQHOODWH :KHQWKHWLPHFRPHVWRKDYHDVHULRXVWDONZLWKKHU,oOOOHW\RX
ORKDUÃVDEHU3RUDKRUDORHVW»KDFLHQGRELHQ\QRFUHRTXHVHDHO NQRZ6KHoVGRLQJRND\IRUWKHWLPHEHLQJDQG,GRQoWIHHOLWoVWKH
PRPHQWRRSRUWXQRSDUDWUDWDUHOWHPDGHOPDWULPRQLR7HUPLQD ULJKW PRPHQW \HW WR DSSURDFK WKH VXEMHFW RI PDUULDJH 6KH ZLOO
U»VLHQGRHODGPLQLVWUDGRUGHOSDWULPRQLRIDPLOLDU\REYLDPHQWH HQG XS EHLQJ WKH DGPLQLVWUDWRU RI WKH HQWLUH IDPLO\ HVWDWH DQG
HOEODQFRGHORVHQFDQWRVGHPXFKRVKRPEUHV(OODQHFHVLWDU»VD REYLRXVO\WKHREMHFWRIPDQ\PHQoVFKDUPV6KHoOOQHHGWRNQRZ
EHUFÍPRMX]JDUVXVLQFHULGDGHVSHFLDOPHQWHODGHDTXHOORVTXH KRZ WR MXGJH WKHLU VLQFHULW\ HVSHFLDOO\ WKH RQHV ZKR SURSRVH
OHSURSRQJDQHOPDWULPRQLR PDUULDJH
(VWLPDGRDPLJR\DOXPQR7DQFUHGRVÇTXHHVXQIHQÍPHQR$KRUDGLULJHWRGD(XURSD\HOQRUWHGH 0»VSDODEUDVLQJOHVDV
IULFD(VXQPDJRHQORFRPHUFLDO\GHVSOLHJDVXPDJLDHQHOGHODHPSUHVDQRUWHDPHULFDQD GHUDÇ]ODWLQD
SDUDODTXHWUDEDMDGHVGH<DWHKDEOÃGHÃOHQXQDîFKDDQWHULRUSHURHVWDYH]TXLHURFRQWDU &RPSHWHQW &RPSRVLWLRQ
ODKLVWRULDGHVXVLQLFLRV\FÍPRORJUDPRVFRQYHQFHUDVXQXHYDHPSUHVDGHKDFHUORQHFHVDULRSDUD &RPSHWLWLRQ &RPSRVHU
UHVROYHUGHXQDYH]SRUWRGDVODFDUHQFLDIRUPDWL &RPSHWLWLYH &RPSRVXUH
(OIRJRQHUR\HOPDHVWURDUSRQHURFRQW YDTXHSUHVHQWDEDHVWHpVDOYDGRUq(OUHWRHVWDED &RPSHWLWRU &RPSUHKHQG
3HURWHQHPRVXQSUREOHPDORSRGU»VDGLYLQDU VHUYLGR7DQFUHGRWHQÇDDËRV\HUDSULQFLSLDQWH &RPSLODWLRQ &RPSUHKHQVLYH
1XHVWUDVHGHGH2KLRYDDDOXFLQDU HQLQJOÃV'HMÍORVHVWXGLRVDORVDËRVSDUDVHU &RPSLOH &RPSUHVVLRQ
&XDQGRVHSDTXH7DQFUHGRQXHVWUDDUPDVHFUHWD DSUHQGL] GH PHF»QLFR \ VX WHVÍQ H LQWHOLJHQFLD &RPSOHPHQW &RPSXOVLRQ
6DEHWDQWRLQJOÃVFRPR%XVKGHSDQGHUHWDV QDWXUDOOHD\XGDURQDTXHDËRVP»VWDUGHIXH &RPSOHPHQWDU\ &RPSXOVLYH
&RPSOHWH &RPSXWH
'HYHQGHUVDEHPXFKRFRPRFKXUURVGHIHULD UDîFKDGRFRPRHOQRYDP»VGHWRGRHOVHFWRU
&RPSOHWHO\ &RPSXWHU
<VDEU»FÍPRVDFDUQRVGHHVWDPLVHULD 3HURODHPSUHVDHVQRUWHDPHULFDQD\DVXVJUDQ
&RPSOH[ &RPUDGH
3HURHQFRVDVP»VîQDVHVXQSRFRSDUDGR GHVMHIHVGH2KLRQROHVJXVWDFRQîDUGHPDVLDGR &RPSOH[LW\ &RQFDYH
<HQLGLRPDVHVXQKRPEUHPX\SRFRLOXVWUDGR HQJHQWHTXHQRKDEODHOLGLRPDGHODFDVD3RU &RPSOLFDWH &RQFHGH
(QVÍORVHLVPHVHVWHQGU»TXHDVLVWLU WDQWR7DQFUHGRGHEÇDDSUHQGHULQJOÃV\QXHVWUD &RPSOLFDWHG &RQFHLYH
$ODVUHXQLRQHVWULPHVWUDOHVTXHVXHOHQFRQVLVWLU HPSUHVD9DXJKDQ6\VWHPVUHFLELÍHOHQFDUJRGH &RPSOLFDWLRQ &RQFHQWUDWH
(QH[DPLQDUORFRQVHJXLGR\HQîMDUHOREMHWLYR ERFDGHOGLUHFWRUGH5HFXUVRV+XPDQRVQXHVWUR &RPSOLFLW\ &RQFHQWUDWLRQ
'HVGHORP»VFRPHUFLDOKDVWDORP»VDGPLQLVWUDWLYR QDUUDGRUGXUDQWHHVWDSDUWHGHOSRHPD &RPSRQHQW &RQFHQWULF
7REHFRQWLQXHGf 5LFKDUG9DXJKDQ &RPSRVH &RQFHSW
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
(OYHV(OIRV
6DFN6DFRFRQUHJDORV
6OHLJKEHOO&DVFDEHO
6OHLJK7ULQHR
5HLQGHHU5HQR
9RFDEXODULR)DWKHU&KULVWPDV3DSD1RHO
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpGRZQq /DYR]SDVLYD
(OFRPSOHPHQWRGLUHFWRGHXQYHUERDFWLYRVH
:KHQ,ZDVZDONLQJGRZQWKHVWUHHWf 7KH\VKXWGRZQWKHIDFWRU\ODVWPRQWK FRQYLHUWHHQHOVXMHWRGHXQYHUERHQSDVLYD
&XDQGRLEDDQGDQGRSRUODFDOOH &HUUDURQODI»EULFDHOPHVSDVDGR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7KH\WXUQHGGRZQWKHRIIHU 7KHZROIEOHZWKHKRXVHGRZQ (O&DVWLOORVHFRQVWUX\ÍHQHOVLJOR
5HFKD]DURQODRIHUWD (OORERGHUULEÍODFDVDVRSODQGR /DVïRUHVIXHURQSODQWDGDVGHQRFKH
/DVIDURODVIXHURQGLVHËDGDVHQ1RUXHJD
&DQ\RXWXUQGRZQWKHUDGLR" 7KHZLQGEOHZWKHWUHHVGRZQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
3XHGHVEDMDUODUDGLR" (OYLHQWRGHUULEÍORV»UEROHV
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV2XW
2XWERDUG 0\ERDWKDVDQRXWERDUGPRWRUDWWDFKHGWRLW 2XWOLQH ,QHHGDEULHIRXWOLQHRIWKHRYHUDOOSURMHFW
2XWEUHDN 7KHUHZDVDQRXWEUHDNRIFKROHUDLQ6UL/DQND 2XWOLYH :RPHQXVXDOO\RXWOLYHPHQ
2XWEXUVW +LVDQJU\RXWEXUVWZDVWRWDOO\XQMXVWLîHG 2XWORRN 6KHKDVDYHU\KHDOWK\RXWORRNRQOLIH
2XWFDVW ,IHHOOLNHDQRXWFDVWLQWKLVFORVHGVRFLHW\ 2XWPDQRHXYUH 2XUULYDOVVHHPWRKDYHRXWPDQRHXYUHGXV
2XWFRPH 7KHRXWFRPHRIWKHLUHIIRUWVLVVWLOOWREHVHHQ 2XWQXPEHU 7KH5XVVLDQVRXWQXPEHUHGWKH*HUPDQVE\WR
2XWGDWHG 7KRVHLGHDVDUHFRPSOHWHO\RXWGDWHG 2XWRIGDWH 7KDWWHFKQRORJ\LVDOUHDG\RXWRIGDWH
2XWGR ,FDQRXWGR\RXRQDQ\WKLQJ\RXSURSRVH 2XWRIWKHZD\ ,îQGRXWRIWKHZD\SODFHVWRVSHQGP\KROLGD\V
2XWGRRU ,SUHIHURXWGRRUVSRUWVWRLQGRRUVSRUWV 2XWSXW )DFWRU\RXWSXWWKLV\HDULVPRYLQJDWDUHFRUGSDFH
2XWGRRUV ,OLNHWRVSHQGWLPHLQWKHRXWGRRUV 2XWUDQN 7HDFKLQJRXWUDQNVUHVHDUFKDWPRVWXQLYHUVLWLHV
2XWîW ,OLNH\RXURXWîW:KHUHGLG\RXEX\LW" 2XWUXQ $FKHHWDKFDQRXWUXQDOLRQDQ\GD\RIWKHZHHN
2XWJRLQJ 0\ERVVLVDYHU\RXWJRLQJSHUVRQ 2XWVNLUWV 0\QHZKRXVHLVORFDWHGRQWKHRXWVNLUWVRI3DULV
2XWJURZ <RXUVRQZLOOVRRQRXWJURZWKDWNLQGRIEHKDYLRXU 2XWVSRNHQ +HoVTXLWHRXWVSRNHQZKHQLWFRPHVWRVDIHW\
2XWODZ 2NODKRPDXVHGWREHDVDIHKDYHQIRURXWODZV 2XWVWDQGLQJ <RXoYHGRQHDQRXWVWDQGLQJMRE&RQJUDWXODWLRQV
3UHî[HV0XOWL
0XOWLOHYHO 7KH\OLYHLQDPXOWLOHYHOKRXVH 0XOWLQDWLRQDO 1HVWOÃLVD6ZLVVPXOWLQDWLRQDOFRUSRUDWLRQ
0XOWLOLQJXDO 0DQ\SHRSOHLQ/X[HPERXUJDUHPXOWLOLQJXDO 0XOWLSXUSRVH 7KLVDDPXOWLSXUSRVHKRXVHFOHDQLQJPDFKLQH
0XOWLPLOOLRQDLUH +LVGUHDPLVWREHFRPHDPXOWLPLOOLRQDLUH 0XOWLWDVN :RPHQVD\WKDWPHQFDQoWPXOWLWDVN
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(QYLGLR D OD JHQWH TXH SXHGH FRQVHJXLU WHQHU VX PHVD OLPSLD \ ,HQY\SHRSOHZKRFDQPDQDJHWRNHHSWKHLUGHVNFOHDQDQGWLG\,NQRZ
RUGHQDGD&RQR]FRDOGLUHFWRUJHQHUDOGHXQDHPSUHVD\VXPHVD DJHQHUDOPDQDJHURIRQHFRPSDQ\ZKRVHGHVNQHYHUKDVDVLQJOHLWHP
QXQFDWLHQHQDGDQLXQSDSHOQLVLTXLHUDXQRUGHQDGRU6LHVW»V RUSLHFHRISDSHURQLWQRWHYHQDFRPSXWHU,I\RXoUHZLWKKLPDQGKH
FRQ ÃO \ QHFHVLWD HVFULELU DOJR DEUH XQ FDMÍQ VDFD XQD KRMLWD GH QHHGVWRZULWHVRPHWKLQJGRZQKHRSHQVDGUDZHUWDNHVRXWDOLWWOH
SDSHOHVFULEHXQDVSDODEUDV\ORPHWHHQHOEROVLOORGHUHFKRGHVX SLHFHRIZKLWHSDSHUZULWHVDIHZZRUGVDQGSXWVWKHSLHFHRISDSHULQ
FKDTXHWD1RWHQJRQLLGHDGHTXÃKDFHFRQHOSDSHOGHVSXÃV KLVULJKWMDFNHWSRFNHW:KDWKHGRHVZLWKLWDIWHUWKDW,KDYHQRLGHD
(VWLPDGRDPLJR\DOXPQR(OGLUHFWRUGH5HFXUVRV+XPDQRVKDEODFRQHOSURYHHGRUGHODIRUPDFLÍQ 0»VSDODEUDVLQJOHVDV
FRQFLHUWDDOWLYH]1RORKDUÇDVLHOSURYHHGRUIXHUDXQDSUHVWLJLRVDFRQVXOWRUDGHHVWUDWHJLDRXQD GHUDÇ]ODWLQD
IDPRVD HVFXHOD GH QHJRFLRV (O VHFWRU GH OD HQVHËDQ]D GH LGLRPDV WDQWR HQ (VSDËD FRPR HQ HO &RQFHSWLRQ &RQGHPQ
UHVWR GHO PXQGR HVW» DWRPL]DGR \ GHVSUHVWLJLDGR 0XFKDV YHFHV SDVD TXH HO FOLHQWH \D VHD XQ &RQFHSWXDO &RQGHPQDWLRQ
SDUWLFXODU R XQD HPSUHVD GHVFRQIÇD GH OD &RQFHUQ &RQGHQVH
(OIRJRQHUR\HOPDHVWURDUSRQHURFRQW &RQFHUQLQJ &RQGHQVDWLRQ
FDOLGDG\FUHHTXHWLHQHWDQWRGHUHFKRFRPR
(VLPSHUDWLYRSRUWDQWRTXHWXEXHQDHPSUHVD HOSURYHHGRUGHRSLQDUVREUHFÍPRUHVROYHU &RQFHUW &RQGHVFHQG
1RVYXHOYDDFDXVDUXQDJUDWDVRUSUHVD XQDFDUHQFLDIRUPDWLYD1RVHOHRFXUULUÇDD &RQFHVVLRQ &RQGLPHQW
(VLPSHUDWLYRTXH7DQFUHGRHVWÃFÍPRGR\VXHOWR QDGLH VXJHULU D XQ FLUXMDQR FÍPR RSHUDU D &RQFLHUJH &RQGLWLRQ
<VHVLHQWDHQLQJOÃVXQKRPEUHGHVHQYXHOWR FRUD]ÍQ DELHUWR SHUR VH VLHQWH WRWDOPHQWH &RQFLOLDWH &RQGLWLRQDO
4XHPHKDJDVXQDSURSXHVWD\TXHVHDHîFD] &RQFLOLDWLRQ &RQGROHQFHV
OHJLWLPDGR SDUD RSLQDU VREUH FÍPR TXLHUH
3XHVHQHVWRHVW»FODURQRKD\TXHVHUSHUVSLFD] &RQFLVH &RQGRU
TXH VH GLVHËH XQ SURJUDPD GH IRUPDFLÍQ
3UHS»UDPHXQSURJUDPDTXHQRVUHVXHOYDODSDSHOHWD &RQFODYH &RQGXFW
HQLQJOÃV(QHOSRHPDHOGLUHFWRUGH5HFXU &RQFOXGH &RQGXFWRU
6ROXFLÍQHVRVÇGHîQLWLYD\FRPSOHWD VRV +XPDQRV HVW» VROLFLWDQGR XQ PLODJUR &RQFOXVLRQ &RQIHUHQFH
(VWLPDGR6U7HOPROHDJUDGH]FRODFRQîDQ]D 4XLHUHTXHGRWHPRVGHLQJOÃVDXQFXUWLGR &RQFRUGDQFH &RQIHUH
&RPRPLHPSUHVDQRKD\QLQJXQDPHMRUHQODHQVHËDQ]D YHQGHGRU GH DËRV TXH QR VDEH GHFLU QL &RQFRUG &RQIHVV
$7DQFUHGROHFRQR]FRHOUHWRHVW»VHUYLGR ´\HVµ&X»OHVQXHVWURSULPHUUHWR"3URQWR &RQFUHWH &RQIHVVLRQ
(OSODQ"1XHVWURMDUDEHFRQERQLDWRKHUYLGR ORYHUHPRV &RQFXELQH &RQIHVVRU
7REHFRQWLQXHGf 5LFKDUG9DXJKDQ &RQFXUUHQFH &RQîGHQFH
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
1RHVWDQEXHQRFRPRVX ,WoVQRWDVJRRGDVWKHLUïUVW
&ÍSLDOR\SÃJDOR &RS\DQGSDVWHLW
SULPHUGLVFR UHFRUG &X»QWRHVSDFLROLEUHWHTXHGD +RZPXFKIUHHVSDFHGR\RX
(VHVWRORPHMRUTXHSXHGHV ,VWKLVWKHEHVWWKDW\RXFDQ
HQHOGLVFRGXUR" KDYHOHIWRQ\RXUKDUGGULYH"
KDFHU" GR" 6HUÇDEXHQDLGHDKDFHUXQD ,WZRXOGEHDJRRGLGHD
1RHVW»QWDQFRQWHQWRVFRPR 7KH\oUHQRWDVKDSS\DVWKH\
FRSLDGHVHJXULGDGGHWRGR WRPDNHDVDIHW\FRS\RI
HVWDEDQKDFHXQDVKRUDV ZHUHDIHZKRXUVDJR HYHU\WKLQJ
6DEHQWDQWRFRPRQRVRWURV 7KH\NQRZDVPXFKDVZHGR
&X»QWRVDUFKLYRVKD\HQHVD +RZPDQ\ïOHVDUHWKHUHLQ
DFHUFDGHOWHPD DERXWWKHVXEMHFW FDUSHWD" WKDWIROGHU"
1RKD\WDQWDVSHUVRQDVDTXÇ 7KHUHDUHQoWDVPDQ\SHRSOH
0HORSXHGHVJUDEDUHQXQ&'" &DQ\RXUHFRUGLWIRUPHRQD&'"
FRPRKXERODVHPDQDSDVDGD KHUHDVWKHUHZHUHODVWZHHN
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
5RSH&XHUGD
9RFDEXODULR5RFN&OLPELQJ(VFDODGD
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpGRZQq /Dp6qGHOD7HUFHUD3HUVRQD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
%UHDNLWGRZQLQWRVPDOOHUSDUWV &DQ\RXEUHDNGRZQWKHVDOHVE\UHJLRQ"
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
5HGÔFHORDFRQFHSWRVP»VVHQFLOORV 3XHGHVGHVJORVDUODVYHQWDVSRUUHJLRQHV" ,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
3UHî[HV2YHU
2YHUDOO 2YHUDOOVDOHVLQFOXGLQJHYHU\OLQHJUHZ 2YHUORRN <RXoYHRYHUORRNHGWKHPRVWLPSRUWDQWSRLQW
2YHUERRN $LUOLQHVRIWHQRYHUERRNWKHLUïLJKWV 2YHUQLJKW 6LQDWUDZDVWKHîUVWFDVHRIDQRYHUQLJKWVXFFHVV
2YHUERRNLQJ :HVXIIHUHGWKHFRQVHTXHQFHVRIRYHUERRNLQJ 2YHUSD\ ,WKLQNWKH\RYHUSDLGPHODVWPRQWK
2YHUERDUG 7KHSLUDWHVWKUHZWKH'XWFKRIîFHURYHUERDUG 2YHUSRSXODWHG 0RVWPDMRUFDSLWDOVLQ$VLDDUHRYHUSRSXODWHG
2YHUEXUGHQ <RXRYHUEXUGHQ\RXUSHRSOHZLWKPHQLDOWDVNV 2YHUSRZHULQJ +LVEDGEUHDWKZDVRYHUSRZHULQJ
2YHUFDVW 7KHVN\KDVEHHQRYHUFDVWIRUWZRVWUDLJKWGD\V 2YHUUDWH 'RQoWRYHUUDWHKLVVNLOOV/HWKLPSURYHKLVZRUWK
2YHUFKDUJH 7KH\RYHUFKDUJHGPHIRUWKHFRIIHH 2YHUUHDFW ,WKLQN\RXRYHUUHDFWHGWRWKHEDGQHZV
2YHUFRDW ,ZHDUDQRYHUFRDWHYHQLQWKHVXPPHU 2YHUULGH ,oPWKHERVVDQGP\GHFLVLRQVRYHUULGHWKHUHVW
2YHUFRPH ,WWRRNPHDORQJWLPHWRRYHUFRPHWKHWUDJHG\ 2YHUH[WHQGHG ,WKLQNZHoYHRYHUH[WHQGHGRXUUHVRXUFHV
2YHUFRQîGHQW +LVRYHUFRQîGHQWDWWLWXGHFRXOGEULQJGLVDVWHU 2YHUVHH 7KHVXSHUYLVRUoVMRELVWRRYHUVHHSURGXFWLRQ
2YHUFRRN 7KH\RYHUFRRNHGP\VWHDN,RUGHUHGLWUDUH 2YHUVHDV 2XURYHUVHDVGLYLVLRQLVGRLQJEHWWHUWKDQXVXDO
2YHUFURZGHG 0DQ\SULVRQVLQ&DOFXWWDDUHRYHUFURZGHG 2YHUVKDGRZ +LVVLVWHUoVIDPHRYHUVKDGRZHGKLVDFKLHYHPHQWV
2YHUGR 'RQoWRYHUGRLW0RGHUDWLRQLVWKHNH\ZRUG 2YHUVLJKW ,oPDPHPEHURIWKHRYHUVLJKWFRPPLWWHH
2YHUGRQH 7KH\EURXJKWP\VWHDNRYHUGRQH,ZDQWLWUDUH 2YHUVLJKW ,oPVRUU\,GLGQoWLQFOXGH\RX,WZDVDQRYHUVLJKW
2YHUGRVH +HGLHGRIDQRYHUGRVHRISDLQUHOLHYHUV 2YHUVLPSOLI\ 'RQoWWU\WRRYHUVLPSOLI\WKHWDVNVDWKDQG
2YHUGXH 7KHSD\PHQWRI\RXUELOOLVDPRQWKRYHUGXH 2YHUVOHHS 7KHODVWWLPH,RYHUVOHSWZDVWKUHH\HDUVDJR
2YHUHVWLPDWH SHRSOH"'RQoWRYHUHVWLPDWHWKHWXUQRXW 2YHUVSHQG <RXQJFRXSOHVRYHUVSHQGRQHQWHUWDLQPHQW
2YHUïRZ 7KHEDWKWXERYHUïRZHGDQGïRRGHGWKHKRXVH 2YHUVWDIIHG 7KHîUPLVRYHUVWDIIHGIRULWVYROXPHRIEXVLQHVV
2YHUKHDG 7KHUHZHUHMHWVï\LQJRYHUKHDG 2YHUWKURZ 7KHPLOLWDU\RYHUWKUHZWKHJRYHUQPHQW
2YHUKHDU ,FRXOGQoWKHOSEXWRYHUKHDU\RXUFRQYHUVDWLRQ 2YHUWLPH 0DQ\SHRSOHPDNHH[WUDPRQH\ZRUNLQJRYHUWLPH
2YHUKHDW 7KHHQJLQHLQP\FDUNHHSVRYHUKHDWLQJ 2YHUZHLJKW 2YHUZHLJKWSHRSOHUXQJUHDWHUKHDOWKULVNV
2YHUODS 7KHVHWZRFRQFHSWVWHQGWRRYHUODS 2YHUZKHOPLQJ 7KHHYLGHQFHLQ\RXUIDYRXULVRYHUZKHOPLQJ
2YHUORDG 'RQoWRYHUORDGWKHNLGVZLWKVRPXFKKRPHZRUN 2YHUZRUNHG <RXORRNRYHUZRUNHG:K\QRWWDNHDIHZGD\VRII"
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RQRVTXHGDQH[LVWHQFLDV+DFHGRVPHVHVTXHSHGLPRVP»VGH :HoUHRXWRIVWRFN:HRUGHUHGRYHUDWKRXVDQGQHZERRNVWZR
PLOOLEURVQXHYRV\WRGDYÇDQRORVKHPRVUHFLELGR(OOLEURDSDUH PRQWKV DJR DQG ZH VWLOO KDYHQoW UHFHLYHG WKHP 7KH ERRN ZDV
FÇDDQXQFLDGRHQXQDFRQRFLGDUHYLVWDKDFHXQSDUGHVHPDQDV\ ZULWWHQXSLQDSRSXODUQHZVPDJD]LQHDFRXSOHRIZHHNVDJRDQG
KHPRVUHFLELGRPXFKRVHQFDUJRVTXHQRSRGHPRVDWHQGHU0H ZHoYHUHFHLYHGDORWRIRUGHUVZHFDQoWîOO,oGJXHVVZHoYHORVWRYHU
DYHQWXUDUÇDDGHFLUTXHKHPRVSHUGLGRP»VGHWUHVPLOHXURVHQ WKUHHWKRXVDQGHXURVLQVDOHVLQMXVWWZRZHHNV,LPDJLQHZHFDQ
YHQWDVHQWDQVÍORGRVVHPDQDV0HLPDJLQRTXHSRGUHPRVDWHQ îOOPDQ\RIWKRVHRUGHUVRQFHWKHERRNVDUHLQVWRFNEXWVRPHRI
GHUDPXFKDVGHHVDVSHWLFLRQHVXQDYH]TXHWHQJDPRVH[LVWHQ WKHPZLOOEHORVWVDOHVRSSRUWXQLWLHV
FLDVSHURDOJXQRVGHHOORVYDQDVHURSRUWXQLGDGHVSHUGLGDV
(VWLPDGRDPLJR\DOXPQR$OGLUHFWRUGH5HFXUVRV+XPDQRVOHHQWUHJXÃXQDSURSXHVWDFRQXQSUHFLR 0»VSDODEUDVLQJOHVDVGHUDÇ]ODWLQD
WRWDOTXHDVFHQGÇDDWUHLQWDPLOHXURV&UHRTXHIXHODSULPHUDYH]HQVXYLGDTXHYLRXQDFLIUDVLPL &ROOHFW &RPELQDWLRQ
ODUSDUDXQSURJUDPDGHLQJOÃV&RPRFDVLWRGRHOPXQGRSHQVDEDTXHFRQODFRQWUDWDFLÍQGHXQDV &ROOHFWLRQ &RPELQH
FODVHVFRQVHJXLUÇDPRVFRQYHUWLUD7DQFUHGRHQELOLQ &ROOHFWLYH &RPELQHG
(OIRJRQHUR\HOPDHVWURDUSRQHURFRQW &ROOLGH &RPEDW
JÖH1DGLHHQODKLVWRULDVHKDKHFKRGHDGXOWRFRQ
$VXVDËRVHVDÔQSULQFLSLDQWH XQEXHQGRPLQLRGHXQVHJXQGRLGLRPDVLQLQYHUWLU &ROOLVLRQ &RPEXVWLEOH
6XHVSDËROGHIHFWXRVRHVRWURDJUDYDQWH XQPÇQLPRGHHXURV\DVHDGLFKDLQYHUVLÍQ &ROORTXLDO &RPHGLDQ
&RPHQ]ÍDWUDEDMDUVLHQGRDÔQDGROHVFHQWH &ROORTXLDOLVP &RPHG\
HQHVIXHU]RHQGLQHURRHQXQDFRPELQDFLÍQGHODV
<HVWDQîQRWDQîQRFRPRHOSHRUDJXDUGLHQWH &RORJQH &RPHW
GRVFRVDV,OXVRVKD\HQWRGDVSDUWHVSHURSDUHFHQ
'RWDUOHGHLQJOÃVHQXQSOD]RUD]RQDEOH &RORQ &RPIRUW
DFDPSDUHQHVSHFLDOHQHOPXQGRGHORVDVSLUDQWHVD
([LJLU»XQHVIXHU]RFLHUWDPHQWHFRQVLGHUDEOH &RORQLDO &RPIRUWDEOH
DSUHQGHULQJOÃV3RUHVRWDQSRFDJHQWHDFDEDUHPD &RORQLDOLVP &RPLF
(QGLQHURWUHLQWDPLO\HQWLHPSR"ODWLUD
WDQGRODIDHQD3LFRWHDQVREUHGHOSUREOHPDGXUDQ &RORQL]DWLRQ &RPLFDO
3HURDOîQDOKDEODU»LQJOÃVDOLJXDOTXHUHVSLUD
WHDËRVUHDOL]DQGRHVSRU»GLFDVLQFXUVLRQHVGHSRFD &RORQL]H &RPPD
0HKDVGLFKRWUHLQWDPLO"%URPHDVRTXÃ" PRQWD$OFDERGHDËRVDSHQDVKDQSURJUHVDGR &RORU &RPPDQG
3RUWUHLQWDPLOOHHQVHËDVKDVWDFDOÍD3HOÃ SHURHQGLQHURDFXPXODGRKDQWHUPLQDGRJDVWDQGR &ROXPQ &RPPDQGHU
6HLVPLOHVORP»[LPRTXHSRGHPRVGHVWLQDU
XQDIRUWXQDWRGRHQEDOGH &ROXPQLVW &RPPDQGR
7UHLQWDPLOPHRIHQGHQRVTXLHUHVDUUXLQDU"
&RPD &RPPHPRUDWH
7REHFRQWLQXHGf 5LFKDUG9DXJKDQ &RPDWRVH &RPPHQFH
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
6SDUURZ*RUULÍQ
6HDJXOO*DYLRWD
6WRUN&LJÖHËD
2ZO%ÔKR
6ZDQ&LVQH
9RFDEXODULR%LUGV3»MDURV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
1RVHORGLMLVWHYHUGDG" <RXGLGQoWWHOOWKHPGLG\RX"
1RWDUGDUÇDPRVWDQWRVL ,WZRXOGQoWWDNHXVVRORQJLI
DHOORV KXELHUDP»VJHQWHDTXÇ WKHUHZHUHPRUHSHRSOHKHUH
+DKDELGRPDODVQRWLFLDVQR" 7KHUHoVEHHQVRPHEDGQHZV &X»QWRWDUGDU»QHQWHUPLQDU" +RZORQJZLOOLWWDNHWKHPWR
KDVQoWWKHUH" ïQLVK"
1RSRGU»WHUPLQDUODFDUUHUD 6KHZRQoWEHDEOHWRïQLVKWKH
1XQFDKHWDUGDGRWDQWRHQ ,WoVQHYHUWDNHQPHVRORQJWR
YHUGDG" UDFHZLOOVKH" OOHJDUDTXÇ JHWKHUH
'HEHUÇDVHVWDUHQHOFROHJLR <RXVKRXOGEHDWVFKRRO
&X»QWRKDEUÇDLVWDUGDGRVL +RZORQJZRXOGLWKDYHWDNHQ
QR" VKRXOGQoW\RX" KXELHVHLVWHQLGRXQFRFKHP»V \RXLI\RXoGKDGDIDVWHUFDU"
(VRIXHXQHUURUGHVDVWURVR 7KDWZDVDGLVDVWURXVPLVWDNH
U»SLGR"
YHUGDG" ZDVQoWLW" 1RKDEUÇDPRVWDUGDGRPHQRV:RXOGQoWLWKDYHWDNHQXVOHVV
VLKXELÃVHPRVFRJLGROD WLPHLIZHoGWDNHQWKHWROO
FDUUHWHUDGHSHDMH" URDG"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpGRZQq /RTXHpZKDWq
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7XIRUPDGHHVFULELUWLHQGHDVHUGHPDVLDGRïRULGD$\HUHVWDEDOH\HQ <RXUZULWLQJWHQGVWREHWRRïRZHU\-XVW\HVWHUGD\,ZDVUHDGLQJ
GRODHGLWRULDOTXHHVFULELVWH\QRSXGHDYHULJXDUTXÃUD]RQDPLHQWR WKHHGLWRULDO\RXZURWHDQG,FRXOGQoWîJXUHRXWZKDWDUJXPHQW\RX
KDFÇDVKDVWDHOWHUFHUS»UUDIR/DPD\RUÇDGHODJHQWHVRQOHFWRUHVLP ZHUHPDNLQJXQWLOWKHWKLUGSDUDJUDSK0RVWSHRSOHDUHLPSDWLHQW
SDFLHQWHV\VLQRDWUDHVVXDWHQFLÍQHQODSULPHUDOÇQHDRSRUORPHQRV UHDGHUVDQGLI\RXGRQoWJHWWKHLULQWHUHVWLQWKHîUVWOLQHRUDWOHDVW
HQHOSULPHUS»UUDIRHQWRQFHVOHVKDVSHUGLGR7LHQHVTXHVHUP»VHV WKH îUVW SDUDJUDSK WKHQ \RXoYH ORVW WKHP<RX KDYH WR EH PRUH
FXHWR\DQXQFLDUWXVLQWHQFLRQHVHQHOSULPHUS»UUDIR FRQFLVHDQGDQQRXQFH\RXULQWHQWLRQVLQWKHîUVWSDUDJUDSK
(VWLPDGRDPLJR\DOXPQR7ÇSLFRWÇSLFRWÇSLFR&RPRGLMHHQODÔOWLPDîFKDOOHYRDËRVHQVHËDQ 0»VSDODEUDVLQJOHVDV
GR LQJOÃV HQ HPSUHVDV \ HQ WRGR HVWH WLHPSR QR KH YLVWR QLQJÔQ SODQWHDPLHQWR pLPSXHVWRq SRU GHUDÇ]ODWLQD
ODHPSUHVDFDSD]GHSURPHWHUQLUHPRWDPHQWHXQDSRVLELOLGDGGHÃ[LWR/RVGLUHFWLYRVVLQRFRQ &RQîGHQW &RQIXVH
SRFRLQJOÃVSLHQVDQTXHFRQXQDVFODVHVSXHGHQDSUHQGHUOR\FXDQGRQRDOFDQ]DQXQDOWRQLYHO &RQîGHQWLDO &RQIXVLRQ
/RZ%HJLQQHU +LJK%HJLQQHU
3RUTXÃHVW»HVWHEROLHQPL :K\LVWKLVSHQLQP\EDJ"
&X»QWRVGÇDVKD\HQXQDËR" +RZPDQ\GD\VDUHWKHUHLQD
EROVD" \HDU"
4XLÃQHVHVHKRPEUH" :KRLVWKDWPDQ" +D\GÇDVHQXQDËR 7KHUHDUHGD\VLQD\HDU
4XÃHVHVRGHWXFDEH]D" :KDWoVWKDWRQ\RXUKHDG" &X»QWRVGÇDVKD\HQXQPHV" +RZPDQ\GD\VDUHWKHUHLQD
'HGÍQGHVRQHVDVFKLFDV" :KHUHDUHWKRVHJLUOVIURP" PRQWK"
4XÃVRQHVWRVSDSHOHVGHPL :KDWDUHWKHVHSDSHUVRQP\
$OJXQRVWLHQHQGÇDV\RWURV 6RPHKDYHGD\VDQGRWKHUV
PHVD" WDEOH" KDYH
)HEUHURHVGLIHUHQWHWLHQH )HEUXDU\LVGLIIHUHQWLWKDV
GÇDV GD\V
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
3XHGRKDEODUFRQ&DUORVSRU &DQ,VSHDNWR&DUORVSOHDVH"
+DVHVFULWRDOJRDWXVDEXHORV+DYH\RXZULWWHQVRPHWKLQJ
IDYRU" \D" WR\RXUJUDQGSDUHQWV\HW"
4XLÃQOODPD" :KRoVFDOOLQJ" 7RGDYÇDHVWR\HVFULELHQGROD ,oPVWLOOZULWLQJWKHOHWWHU
6R\+HOHQOODPRGHVGH 7KLVLV+HOHQ,oPFDOOLQJIURP
FDUWD
,QJODWHUUD (QJODQG 3RUTXÃHVW»VWDUGDQGRWDQWR" :K\LVLWWDNLQJ\RXVRORQJ"
£OQRHVW»TXLHUHVGHMDUXQ +HoVQRWKHUHGR\RXZDQWWR
1RHVWR\DFRVWXPEUDGRD ,oPQRWXVHGWRZULWLQJZLWKDQ
UHFDGR" OHDYHDPHVVDJH" HVFULELUFRQXQDSOXPD LQNSHQ
3XHGHVGHFLUOHTXHOODPÍ+HOHQ"&DQ\RXWHOOKLP+HOHQFDOOHG" $ÔQQRKDQFRPSUDGRXQ +DYHQoWWKH\ERXJKWD
RUGHQDGRU" FRPSXWHU\HW"
)OXWH)ODXWD
+DUS$USD
%DVV%DMR
9RFDEXODULR0XVLFDO,QVWUXPHQWV,QVWUXPHQWRV0XVLFDOHV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
$XQTXHVHTXLHUHQQRVHKDQ $OWKRXJKWKH\ORYHHDFKRWKHU
&UHRTXHQRVGDU»QOX]YHUGH ,WKLQNWKH\oOOJLYHXVWKHJUHHQ
FDVDGRDÔQ WKH\KDYHQoWJRWPDUULHG\HW SDUDHOSUR\HFWR OLJKWIRUWKHSURMHFW
$SHVDUGHOWU»îFROOHJDURQD ,QVSLWHRIWKHWUDIïFWKH\
&ÍPRVHJXLUHPRVDGHODQWHVL+RZZLOOZHJRRQLIWKH\GRQoW
WLHPSR DUULYHGRQWLPH QRQRVORGDQ" JLYHLWWRXV"
$XQTXHWXYLHUDHOGLQHURQROR (YHQLI,KDGWKHPRQH\,
7HQGUHPRVTXHHQFRQWUDUXQD :HoOOKDYHWRïQGDZD\
FRPSUDUÇD ZRXOGQoWEX\LW PDQHUD
3DUHFHFRPRVLKXELHVHVYLVWR <RXORRNDVLI\RXoGVHHQD
(VDSROÇWLFDSXHGHFDXVDU 7KDWSROLF\PD\FDXVHVRPH
XQIDQWDVPD JKRVW FRQWURYHUVLD FRQWURYHUV\
1RWHQGU»VÃ[LWRDPHQRVTXH <RXZRQoWVXFFHHGXQOHVV\RX
0HLPSRUWDXQEOHGR ,FRXOGQoWFDUHOHVV
WUDEDMHVPXFKR ZRUNKDUGHU
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpGRZQq 7RGRORTXHp(9(5<7+,1*q
3UHî[HV'LV
'LVREHGLHQFH 7KHUHLVFOHDUO\DSUREOHPRIGLVREHGLHQFHKHUH 'LVUHJDUG 3OHDVHGLVUHJDUGHYHU\WKLQJ,VDLGODVWQLJKW
'LVREHGLHQW 7KHVROGLHUVZHUHGLVREHGLHQWWRZDUGVWKHLUVXSHULRUV 'LVUHVSHFW ,QHYHUVKRZGLVUHVSHFWWRZDUGVROGHUSHRSOH
'LVREH\ <RXVKRXOGQHYHUGLVREH\\RXUSDUHQWV 'LVUHVSHFWIXO <RXUDWWLWXGHLQWKHPHHWLQJZDVGLVUHVSHFWIXO
'LVRUGHU +HVXIIHUVIURPDOLYHUGLVRUGHU 'LVVDWLVIDFWLRQ +HVKRZHGDFHUWDLQGHJUHHRIGLVVDWLVIDFWLRQ
'LVRUGHUO\ +HZDVîQHGIRUGLVRUGHUO\FRQGXFW 'LVVDWLVîHG +HZDVH[WUHPHO\GLVVDWLVîHGZLWKWKHUHVXOWV
'LVRUJDQL]HG 7KLVFRPSDQ\LVWRWDOO\GLVRUJDQL]HG 'LVVHUYLFH +HoVGRLQJDGLVVHUYLFHWRKLVVRQïDFRIDYRU
'LVTXDOLîFDWLRQ +LVGLVTXDOLîFDWLRQIURPJROIZDVXQIDLU 'LVWDVWHIXO )LULQJHPSOR\HHVLVDOZD\VGLVWDVWHIXO
'LVTXDOLîHG +HZDVGLVTXDOLîHGEHFDXVHRIGLVRUGHUO\FRQGXFW 'LVWUXVW ,GLVWUXVWDQ\ZRPDQZKRZHDUVKHDY\PDNHXS
'LVTXDOLI\ +HoOOGLVTXDOLI\\RXLIKHNQRZV\RXWDNHGUXJV 'LVWUXVWIXO ,oPGLVWUXVWIXORIKHUPRWLYHV
3UHî[HV)RUH
)RUHDUP 0\IRUHDUPLVEHWZHHQP\ZULVWDQGP\HOERZ )RUHKDQG 0\IRUHKDQGLVZHDNHUWKDQP\EDFNKDQG
)RUHFDVW 7KHZHDWKHUIRUHFDVWFDOOVIRUUDLQDOOQH[WZHHN )RUHKHDG ,KDYHDVFDURQWKHULJKWVLGHRIP\IRUHKHDG
)RUHFORVH 7KH\IRUHFORVHGRQP\KRXVHHMHFXWDUKLSRWHFD )RUHPDQ 7KHIRUHPDQRYHUVHHVWKHDVVHPEO\DUHD
)RUHFORVXUH 7KHUHKDYHEHHQDORWRIPRUWJDJHIRUHFORVXUHV )RUHPRVW )LUVWDQGIRUHPRVWZHPXVWVDYHWKHSHRSOH
)RUHIDWKHU 2XUIRUHIDWKHUVFDPHWRWKLVODQGVHHNLQJIUHHGRP )RUHVHH ,GRQoWIRUHVHHDQ\SUREOHPV
)RUHFRXUW 3ÃUH]LVWKHWHQQLVSOD\HULQWKHIRUHFRXUW )RUHVHHDEOH ,VHHQRSUREOHPVLQWKHIRUHVHHDEOHIXWXUH
)RUHJURXQG 3HSHLVWKHPDQLQWKHIRUHJURXQGRIWKHSKRWR )RUHWDVWH +LVSXQLVKPHQWLVDIRUHWDVWHRIZKDWoVWRFRPH
)RUHUXQQHU -DQH$XVWHQZDVDIRUHUXQQHUWRWKH%URQWHVLVWHUV )RUHZDUQ /HWPHIRUHZDUQ\RX3HSHLVDGLIîFXOWPDQ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&UHR TXH HO RUR GH WX DQLOOR GH FDVDGR WH HVW» LUULWDQGR OD SLHO , WKLQN WKH JROG LQ \RXU ZHGGLQJ ULQJ LV LUULWDWLQJ \RXU VNLQ
3XHGHTXHVHDVDOÃUJLFRDORUR7HKDSDVDGRDOJXQDYH]"&X»Q <RX PLJKW EH DOOHUJLF WR JROG +DV WKLV HYHU KDSSHQHG WR \RX
WR WLHPSR KDV OOHYDGR HO DQLOOR" <R WH UHFRPHQGDUÇD TXH QR OR EHIRUH"+RZORQJKDYH\RXEHHQZHDULQJ\RXUZHGGLQJULQJ",oG
OOHYDUDVGXUDQWHXQSDUGHVHPDQDV\DSOLFDUDVHVWDFUHPDHQOD UHFRPPHQG\RXQRWZHDULWIRUDFRXSOHRIZHHNVDQGDSSO\WKLV
]RQDDIHFWDGDGRVYHFHVDOGÇD(OSUREOHPDGHEHUÇDGHVDSDUHFHU FUHDP WR WKH DIIHFWHG DUHD WZLFH D GD\7KH SUREOHP VKRXOG JR
\HQWRQFHVWHSXHGHVYROYHUDSRQHUHODQLOOR3HURVLHOSUREOHPD DZD\DQGWKHQ\RXFDQSXWWKHULQJEDFNRQ%XWLIWKHSUREOHP
UHDSDUHFHK»]PHORVDEHU\EXVFDUHPRVRWUDVROXFLÍQ FRPHVEDFNOHWPHNQRZDQGZHoOOORRNIRUDQRWKHUVROXWLRQ
(VWLPDGRDPLJR\DOXPQR&X»QWRYDOHFRQVHJXLUXQEXHQQLYHOGHLQJOÃV"6XYDORUHVUHODWLYRRDE 0»VSDODEUDVLQJOHVDV
VROXWR"7DQFUHGRWHQGU»XQVXHOGRDQXDOQHWRGHFLHQPLOHXURVORFXDOVLJQLîFDTXHDODHPSUHVDOH GHUDÇ]ODWLQD
&RQVROLGDWLRQ &RQVXOW
FRVWDU»HQWUHWRGRVORVFRQFHSWRVHQWRUQRDHXURV6LDËDGLPRVORVLQFHQWLYRVTXHJDQDU»
&RQVRPPÃ &RQVXOWDQW
VLFRPRVHHVSHUDKDFHPLODJURV\GDODYXHOWDDODVFRVDVHQWRQFHVQRVHUÇDH[WUDËRTXHWHUPLQDUD &RQVRQDQFH &RQVXOWDWLRQ
HODËRFRQPXFKRP»VGLQHUR$KRUDELHQDËDGLUXQD &RQVRQDQW &RQVXPH
(OIRJRQHUR\HOPDHVWURDUSRQHURFRQW LPSRUWDQWHKDELOLGDGDGLFLRQDODXQDSHUVRQDWDQFUÇ &RQVRUW &RQVXPHU
(OFRVWHGH7DQFUHGRFRQVHJXULGDGVRFLDO WLFDSDUDODRUJDQL]DFLÍQHVDOJRGHPXFKRYDORU3DUD &RQVRUWLXP &RQVXPSWLRQ
6HU»XQLPSRUWHVHJXUDPHQWHVXVWDQFLDO ODHPSUHVDHOFRVWHQRGHEHVHUXQIDFWRULPSRUWDQWH &RQVSLUDF\ &RQWDFW
&LHQPLOHXURVSRUDËRHVHOFRVWHKDELWXDO HQODGHFLVLÍQVLQRÔQLFDPHQWHODSUREDELOLGDGGHÃ[L &RQVSLUH &RQWDJLRXV
'HVDOYDGRUHVFRPRÃOHQHOPHUFDGRODERUDO WRGHODDFFLÍQIRUPDWLYD$TXÇHO6U7HOPRTXLHUHXQ &RQVWDQW &RQWDLQ
8QWHUFLRGHFLHQPLOHVORÔQLFRTXHSLGR PLODJURSHURHVW»SRQLHQGRSHURV\SHUHWHVDWRGR0H &RQVWHOODWLRQ &RQWDLQHU
8QWHUFLRGHOSULPHUVXHOGRDQXDOFRQYHQLGR SLGHFRQVHJXLUXQREMHWLYR\GHVSXÃVSURFHGHDDWDU &RQVWLWXWH &RQWDPLQDWH
$FDPELROHGDUÃXQDQXHYDKDELOLGDG PHXQDPDQRGHWU»VGHODHVSDOGD(VWRHVFRUULHQWH &RQVWLWXWLRQ &RQWDPLQDWLRQ
$OJRTXHOHGRWHGHPD\RUXWLOLGDG HQ ODV HPSUHVDV \ HV XQR GH ORV PRWLYRV SRU HO FXDO &RQVWLWXWLRQDO &RQWHPSODWH
PX\ SRFRV GLUHFWLYRV LPSRUWDQWHV VH KDFHQ FRQ XQ &RQVWUXFW &RQWHPSODWLRQ
6LWDQEXHQR\ERQLWRHVVXPDHVWURDUSRQHUR
&RQVWUXFWLRQ &RQWHPSRUDU\
0LSUHFLRHQWRQFHVHVPX\SRFRGLQHUR DOWR QLYHO GH LQJOÃV XQD YH] VLWXDGRV HQ OD RUJDQL]D
&RQVWUXFWLYH &RQWHQW
3HURHOWLHPSRORVÃHVXQELHQPX\HVFDVR FLÍQ\HQHOGÇDDGÇD
&RQVXO &RQWH[W
3HURVLQWLHPSR6U7HOPRHOîQDOHVIUDFDVR
&RQVXODU &RQWLJXRXV
7REHFRQWLQXHGf 5LFKDUG9DXJKDQ &RQVXODWH &RQWLQHQW
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
3RGUÇDOOHQDUPLYDVRSRU &RXOG\RXïOOP\JODVVXS
0HUHFHQUHFLELUHORJLRVSRUVX 7KH\GHVHUYHSUDLVHIRUWKHLU
IDYRU" SOHDVH" DFWXDFLÍQ SHUIRUPDQFH
9HUWLÍHOZKLVNH\SRUHO +HSRXUHGWKHZKLVNH\GRZQ
7LHQHODVKDELOLGDGHVSDUD +HKDVWKHVNLOOVWRFDUU\RXW
IUHJDGHUR WKHVLQN UHDOL]DUODPLVLÍQ WKHPLVVLRQ
7HKDFDÇGRYLQRHQODFDPLVD <RXoYHVSLOWUHGZLQHRQ\RXU /DSODQWLOODFXHQWDFRQXQRV 7KHVWDIILVPDGHXSRIDURXQG
VKLUW HPSOHDGRV HPSOR\HHV
6HU»GLIÇFLOGHVKDFHUVHGHHVD ,WoOOEHGLIïFXOWWRJHWULGRIWKH
7RGRVVHVLHQWHQLPSOLFDGRVHQ (YHU\ERG\IHHOVLQYROYHGLQWKH
PDQFKD VWDLQ HOSUR\HFWR SURMHFW
£FKDOHXQSRFRGHYLQREODQFR 3XWVRPHZKLWHZLQHRQLWWKDW (VWHFXUVRGHIRUPDFLÍQHVW» 7KLVWUDLQLQJFRXUVHLVDLPHGDW
HVRTXLWDU»ODPDQFKD ZLOOUHPRYHWKHVWDLQ RULHQWDGRDOOLGHUD]JR OHDGHUVKLS
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
'LDPRQG'LDPDQWH
5XE\5XEÇ
9RFDEXODULR-HZHOV-R\DV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
7RDVNIRUWURXEOH
3KUDVDOYHUEVZLWKpGRZQq
(QLQJOÃVFXDQGREXVFDPRVXQOÇR
+HIHOOGRZQDQGKXUWKLVNQHH ,oPIHHOLQJGRZQ OLWHUDOPHQWHpSHGLPRVSUREOHPDVq
6HFD\Í\VHKL]RGDËRDODURGLOOD 0HVLHQWRDOJRGHSULPLGD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
:HGURYHGRZQWRWKHYLOODJH ,oPIHHOLQJGRZQLQWKHGXPSV 7HORHVW»VEXVFDQGRVLYDVDDTXHOEDUULR
%DMDPRVDOSXHEORHQFRFKH (VWR\FRQORV»QLPRVSRUORVVXHORV 7HORHVW»VEXVFDQGRVLQRWHSRQHVHO
FLQWXUÍQ
|7HORHVW»VEXVFDQGR
:HoUHJRQJWRGULYHGRZQWKHSULFHV /HWoVJRGRZQDQGVHHKLP
9DPRVDIRU]DUORVSUHFLRVDODEDMD %DMHPRVDYHUOH ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
*HVWLRQDODKLSRWHFD pP»QHFKqWKHpPÍUJXHFKq
HVWDVIUDVHV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
+DVYLVWRTXÃU»SLGRWHFOHDHVHWLSR"(VWXYHFRQÃOHVWDPDËDQD +DYH\RXVHHQKRZIDVWWKHJX\W\SHV",ZDVZLWKKLPWKLVPRUQLQJ
\ PH SLGLÍ TXH OH GLFWDUD DOJR SDUD TXH OR PHWLHUD DO RUGHQDGRU DQGKHDVNHGPHWRGLFWDWHVRPHWKLQJWRKLPVRWKDWKHFRXOGHQWHU
(PSH]ÍDWHFOHDUWDQU»SLGRTXHSHQVÃTXHVLPSOHPHQWHHVWDED LW LQWR WKH FRPSXWHU +H VWDUWHG W\SLQJ VR IDVW WKDW , WKRXJKW KH
MXJDQGR FRQ HO WHFODGR &XDQGR PLUÃ D OD SDQWDOOD YL TXH KDEÇD ZDVMXVWSOD\LQJZLWKWKHNH\ERDUG:KHQ,ORRNHGRQWKHVFUHHQ
PHFDQRJUDîDGRSHUIHFWDPHQWHWRGDODIUDVHTXHOHKDEÇDGLFKR ,VDZWKDWKHKDGMXVWW\SHGRXWSHUIHFWO\WKHVHQWHQFH,KDGVDLG,
&RQWLQXÃGLFWDQGRODFDUWDHQWHUD\ÃOQRPLUÍQLXQDVRODYH]DO ZHQWRQWRGLFWDWHWKHHQWLUHOHWWHUDQGKHQHYHURQFHORRNHGDWWKH
WHFODGRSHURHVFULELÍFDVLWRGRDODYHORFLGDGTXH\RVHOROHÇD NH\ERDUGEXWW\SHGHYHU\WKLQJDOPRVWDWWKHVSHHG,UHDGLW
0»VSDODEUDVLQJOHVDV
(VWLPDGRDPLJR\DOXPQR/DVGRVSULPHUDVOÇQHDVGHOSRHPDSDUHFHQFRQWUDGLFWRULDVHQWUHVÇ'LJRD
PLLQWHUORFXWRUTXHQRPHSLGDORLPSRVLEOH\TXHQRVR\PDJR6LQHPEDUJRDFRQWLQXDFLÍQOHGLJR GHUDÇ]ODWLQD
&RQWLQHQWDO &RQWULEXWRU
TXHKDJRPLODJURV&ÍPRHVHVWR"(VVHQFLOOR&XDQGRHOFOLHQWHRHODOXPQRVHGHMDJXLDUSRUQRVR
&RQWLQJHQF\ &RQWURO
WURV\VHVRPHWHDODWHUDSLDTXHOOHYDPRVDËRVDSUHQGLHQGR\SHUIHFFLRQDQGRQRHVLQXVXDOTXH &RQWLQJHQW &RQWUROODEOH
(OIRJRQHUR\HOPDHVWURDUSRQHURFRQW VH FRQVLJDQ UHVXOWDGRV UHDOPHQWH VRUSUHQGHQWHV 1R &RQWLQXRXV &RQWURYHUVLDO
VRQ PLODJURV HQ UHDOLGDG VLQR UHVXOWDGRV OÍJLFRV RE &RQWLQXDWLRQ &RQWURYHUV\
1RPHSLGDORLPSRVLEOHTXHPDJRQRVR\
WHQLGRVSRUPHGLRGHXQGLVHËROHFWLYR\SHGDJÍJLFR &RQWLQXH &RQWXVLRQ
3HURPLODJURVVÇKDJR\SDUDHVWRHVWR\
0LMDUDEHPLVERQLDWRVPLVDUPDVVHFUHWDV UHDOLVWDHQVXVH[SHFWDWLYDV\UDFLRQDOHQVXGHVDUUROOR &RQWRUWLRQ &RQYDOHVFH
&DQWDU»QFRPRORVYHUVRVGHODVPHMRUHVRSHUHWDV 4XÃGLUÇDXQFLUXMDQRFX\RSDFLHQWHKDPXHUWRVLHO &RQWRUWLRQLVW &RQYDOHVFHQFH
KRVSLWDOSDUDDKRUUDUFRVWHVOHREOLJDUDDTXHRSHUDVH &RQWUDEDQG &RQYHQH
7DQFUHGRQRVÍORDUUDVDU»HQODVYHQWDV
FRQELVWXUÇGHSO»VWLFR\OX]GHODWDUGHFHU6L\RSXGLHUD &RQWUDFW &RQYHQLHQFH
&DSHDU»FRQDUURMRODVSHRUHVWRUPHQWDV
DQWHODPD\RUÇDGHORVpGLVHËRVIRUPDWLYRVqLPSXHVWRV &RQWUDFWLRQ &RQYHQLHQW
1RWHQGUÃLVTXHFXEULUOHDQWHODVHGHFHQWUDO
SRUHOFOLHQWHFRUSRUDWLYROHVUHFRPHQGDUÇDTXHDEULH &RQWUDFWXDO &RQYHQWLRQ
1LEXVFDUOHLQWÃUSUHWHSDUDODUHXQLÍQWULPHVWUDO
VHQ OD YHQWDQD \ WLUDVHQ IXHUD WRGR HO GLQHUR SUHVX &RQWUDGLFW &RQYHQWLRQDO
0LHPSUHVDKDEU»YXHOWRDUHVROYHURVODSDSHOHWD &RQWUDGLFWLRQ &RQYHUJH
SXHVWDGR'HKDFHUORDVÇVÍORVHSHUGHUÇDHOGLQHUR'H
6ROXFLÍQFRPRGLFHGHîQLWLYD\FRPSOHWD &RQWUDGLFWRU\ &RQYHUJHQFH
/RÔQLFRTXHLPSRUWDHQXQUHWRGHIRUPDFLÍQ QRKDFHUORVHSHUGHUÇDWDQWRHOGLQHURFRPRHOYDOLRVR
&RQWUDU\ &RQYHUVDWLRQ
(VXQUHVXOWDGRIHOL]VLQP»VFRQWHPSODFLÍQ WLHPSRGHORVDOXPQRV
&RQWUDVW &RQYHUVH
5LFKDUG9DXJKDQ &RQWULEXWH &RQYHUVHO\
7REHFRQWLQXHGf
&RQWULEXWLRQ &RQYHUW
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
&UHHVTXHKD\PXFKDV 'R\RXWKLQNWKHUHDUHPDQ\
&DGDDËROD1DYLGDGHPSLH]D (YHU\\HDU&KULVWPDVEHJLQV
GLIHUHQFLDV" GLIIHUHQFHV" DQWHV HDUOLHU
7DPELÃQGDPRVORVUHJDORV $OVRZHJLYHWKHSUHVHQWVRQ
4XÃTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW"
HOGÇDGH1DYLGDG &KULVWPDV'D\ <VLWHFUH\HUDVORVDQXQFLRVGH$QGLI\RXEHOLHYHGWKHDGYHUWV
(QTXÃIHFKDUHFLEHODJHQWH :KDWGDWHGRSHRSOHUHFHLYH
ORVJUDQGHVDOPDFHQHVf IURPWKHELJGHSDUWPHQWVWRUHV
VXVUHJDORVHQ(VSDËD" WKHLUSUHVHQWVLQ6SDLQ" SHQVDUÇDVTXHHV1DYLGDGHQ \RXZRXOGWKLQNLWoV&KULVWPDV
(OGHHQHURHVXQGÇDPX\ 7KHWKVL[WKRI-DQXDU\LVD
FXDQWRWHUPLQDQODVYDFDFLRQHV DVVRRQDV\RXïQLVK\RXU
LPSRUWDQWHDTXÇ YHU\LPSRUWDQWGD\KHUH GHYHUDQR VXPPHUKROLGD\V
&URZQ&RURQD
6FHSWUH&HWUR
)UDQNLQFHQVH,QFLHQVR
0\UUK0LUUD
*ROG2UR
9RFDEXODULR7KH7KUHH:LVH0HQ/RV5H\HV0DJRV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
&XÃQWDPHDOJRVREUH3DS» 7HOOPHDOLWWOHDERXW)DWKHU
0XFKDVSHUVRQDVFUHHQTXH 0DQ\SHRSOHWKLQNWKDWWKLV
1RHO &KULVWPDV HVWDLPDJHQIXHLQYHQWDGD LPDJHZDVLQYHQWHGE\&RFD
(Q(VWDGRV8QLGRVVXHOHQ ,QWKH8QLWHG6WDWHVWKH\
SRU&RFD&ROD &ROD
GHFLU6DQWD&ODXV XVXDOO\VD\6DQWD&ODXV 'HKHFKRHVWRHVXQDOH\HQGD $FWXDOO\WKLVLVDQXUEDQ
'HKHFKRHVWHWÃUPLQRHVXQD,QIDFWWKLVWHUPLVD XUEDQD OHJHQG
PDODSURQXQFLDFLÍQGH6DQ PLVSURQXQFLDWLRQRI6DLQW 6LQHPEDUJRJUDFLDVDXQD +RZHYHUWKDQNVWRRQH
1LFRO»V 1LFKRODV GHVXVHQRUPHVFDPSDËDVGH RIWKHLUKXJHDGYHUWLVLQJ
3RUTXÃVHYLVWHFRQHVHWUDMH :K\GRHVKHGUHVVLQWKDWUHG SXEOLFLGDGf FDPSDLJQV
URMR" VXLW" VHSRSXODUL]RQORVFRORUHVURMRWKH\GLGSRSXODULVHWKHUHG
\EODQFRSDUDSDUHFHUVHDODODWD DQGZKLWHFRORXUVWRUHVHPEOH
WKHFDQ
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpGRZQq 7R/LNH
([SUHVDPRVpJXVWDUqDOUHYÃVTXHHQHVSDËRO
+HFDQoWKROGGRZQDMRE <RXVKRXOGNHHS\RXUH[SHQVHVGRZQ 6XMHWRYHUERFRPSOHPHQWR
1RSXHGHFRQVHUYDUXQHPSOHR 'HEHUÇDVFRQWHQHUWXVJDVWRV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
:HQHHGWRKROGGRZQSULFHV &RXOG\RXNHHSWKHQRLVHGRZQSOHDVH" 7HJXVWR
1HFHVLWDPRVFRQWHQHUORVSUHFLRV 3RGÃLVEDMDUHOWRQRSRUIDYRU" /HVJXVWDPRV
1RVJXVWDQ
+HoVOHDGLQJXVGRZQWKHZURQJSDWK :HoOOï\GRZQWR0DODJDWRVHH\RX
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
1RVOOHYDSRUHOPDOFDPLQR %DMDUHPRVD0»ODJDDYHUWHHQDYLÍQ
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
*HVWLRQDODKLSRWHFD pP»QHFKqWKHpPÍUJXHFKq
3DUWULGJH S»UWUHFK 3HUGL] 6DOYDJH V»OIDFK 6DOYDUUHVFDWDU
3DVVDJH S»VDFK 3DVDMH 6DXVDJH V»VDFK 6DOFKLFKD
3DWURQDJH SÃLWUDQHFK 3DWURFLQLR 6KRUWDJH VLÍUHFK (VFDVH]
3HUFHQWDJH SHUVÃQWHFK 3RUFHQWDMH 6LHJH VLFK 6LWLRGHVLWLDU
(QHVWDîFKDFRQWLQXDPRVFRQSDOD
3LOJULPDJH SÇOJUDPHFK 3HUHJULQDMH 6SOXUJH VSOHUFK 'HUURFKDU
EUDVHQLQJOÃVTXHWHUPLQDQHQpJHq
\FX\RVRQLGRIRQÃWLFRHVFRPRXQD
3LOODJH SÇOLFK 3LOODMH 6SRQJH VSDQFK (VSRQMD
pFKq HVSDËROD /DV SDODEUDV P»V 3OHGJH SOHFK -XUDPHQWR 6WDJH VWHLFK (VFHQDULR
LPSRUWDQWHVGHODOLVWDVRQODVTXH 3OXQJH SODQFK 6XPHUJLU 6WRUDJH VWÍUDFK $OPDFHQDMH
FLWR GHEDMR GH HVWH S»UUDIR $SDUH 3RVWDJH SÍVWHFK )UDQTXHR 6WUDQJH VWUÃLQFK ([WUDËR
FHQDODGHUHFKDFRQVXVLJQLîFDGR
3UHMXGJH SULFK»FK 3UHMX]JDU 6XEPHUJH VDEPÃUFK 6XPHUJLU
&X»QWDVFRQRFHV\D"
3UHVDJH SUÃVHFK 3UHVDJLDU 6\ULQJH VXUÃQFK -HULQJXLOOD
3HUFHQWDJH 6WUDQJH 3ULYLOHJH SUÇïOHFK 3ULYLOHJLR 7HHQDJH WLQÃLFK 'HODDGROHVFHQFLD
3ULYLOHJH 8UJH 3XUJH SHUFK 3XUJDU 8QGHUFKDUJH DQGHUFK»UFK &REUDUGHPHQRV
5DJH 8VDJH 5DJH UÃLFK &ÍOHUDIXULD 8UJH HUFK *DQDVH[KRUWDU
5DQJH 3RVWDJH 5DQJH UÃLQFK 5DQJR»PELWR 8VDJH LÔVHFK 8VR
5HDUUDQJH 3DVVDJH 5DYDJH U»IDFK +DFHUHVWUDJRV 9HUJH IHUFK %RUGHDOERUGHGH
6WDJH 6DOYDJH 5HDUUDQJH ULDUÃLQFK 5HRUGHQDU 9LOODJH IÇOLFK $OGHD
6WRUDJH 6DXVDJH 5HFKDUJH ULFK»UFK 5HFDUJDU 9LQWDJH IÃQWHFK $ËHMR
5HIXJH UÃïXFK 5HIXJLR 9ROWDJH IÍOWHFK 9ROWDMH
5LGJH ULFK 3UHFLSLFLR 9R\DJH IÍLHFK 9LDMHHQEDUFR
6DERWDJH V»ERWDFK 6DERWDMH :DJH XÃFK 6DODULRSDJD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7UDVSDVDUWUHVDËRVLQYHVWLJDQGRORVRUÇJHQHVHOGHVDUUROOR\HOÃ[L $IWHU VSHQGLQJ WKUHH \HDUV UHVHDUFKLQJ WKH RULJLQV GHYHORSPHQW
WRGHODFDGHQDp.HQWXFN\)ULHG&KLFNHQqKHOOHJDGRDODFRQFOXVLÍQ DQGVXFFHVVRIWKH.HQWXFN\)ULHG&KLFNHQFKDLQ,oYHFRPHWRWKH
GHTXHHOÃ[LWRGHOH[FÃQWULFRIXQGDGRUHOFRURQHO+DUODQG6DQGHUV FRQFOXVLRQWKDWWKHVXFFHVVRIWKHH[FHQWULFIRXQGHU&RORQHO+DUODQG
WHQÇDTXHYHUPX\SRFRFRQVXVHFUHWRGHRQFHKLHUEDV\HVSHFLDV 6DQGHUVKDGYHU\OLWWOHWRGRZLWKKLVHOHYHQVHFUHWKHUEVDQGVSLFHV
(OYHUGDGHURVHFUHWRGHOFRURQHOHUDVXDEVROXWDDXGDFLD\H[WUDRU 7KH &RORQHOoV UHDO VHFUHWV ZHUH KLV XQPLWLJDWHG DXGDFLW\ DQG KLV
GLQDULDFRQîDQ]DHQVÇPLVPR H[WUDRUGLQDU\VHOIFRQîGHQFH
(VWLPDGRDPLJR\DOXPQR&RQHVWDVGRVHVWURIDVWHUPLQRHOSRHPD6RQVÍORGRVHVWURIDVSHURFRQWLHQHQ 0»VSDODEUDVLQJOHVDV
XQPHQVDMHPX\LPSRUWDQWH([LVWHXQGLFKRHQHVSDËRO´/REDUDWRHVFDURµ+D\WUHVIDFWRUHVGHFRVWH GHUDÇ]ODWLQD
LPSRUWDQWHVFXDQGRXQRTXLHUHKDFHUVHGHYHUGDGFRQXQEXHQGRPLQLRHQXQVHJXQGRLGLRPDXQH[ &RQYHUWLELOLW\ &RUGLDOO\
FHOHQWHSURIHVRURSURIHVRUHVPXFKRHVIXHU]RSHUVRQDO\ODEÔVTXHGDGHPXFKDVVLWXDFLRQHVUHDOHVGH &RQYH[ &RURQDU\
FRPXQLFDFLÍQ7RGRVORVIDFWRUHVGHFRVWHVRQFRVWRVRV\VLWUDWDVGHDEDUDWDUFRQWUDWDQGRDXQSURIHVRU &RQYHUWLEOH &RURQDWLRQ
/RZ%HJLQQHU +LJK%HJLQQHU
&X»OHVVRQWXVSODQHVSDUD :KDWDUH\RXUSODQVIRU
/RVSDGUHVGHPLPXMHU\ORV 0\ZLIHoVSDUHQWVDQGPLQH
1DYLGDG" &KULVWPDV" PÇRVWDPELÃQHVWDU»QDTXÇ WRRZLOOEHKHUH
(VW»VGHYDFDFLRQHV" $UH\RXRQKROLGD\" (VW»VVHJXURTXHHVXQD $UH\RXVXUHLWoVDJRRGLGHD"
(VWR\GHYDFDFLRQHVGXUDQWH ,oPRQKROLGD\IRUWZRZHHNV
EXHQDLGHD"
GRVVHPDQDV 4XÃYDVDKDFHUFRQHOORV" :KDWDUH\RXJRLQJWRGRZLWK
0LIDPLOLDHVW»DTXÇHQPL 0\IDPLO\LVKHUHLQP\KRXVH
WKHP"
FDVDKDVWDîQDOGHDËR XQWLOWKHHQGRIWKH\HDU 1RWHQJRQLLGHD ,KDYHQRLGHD
(VWXIDPLOLDRODIDPLOLDGH ,VLW\RXUIDPLO\RU\RXUZLIHoV
7DOYH]WHQGUHPRVXQD1DYLGDG0D\EHZHoOOKDYHDWUDGLWLRQDO
WXPXMHU" IDPLO\" WUDGLFLRQDOLQJOHVD (QJOLVK&KULVWPDV
&KULVWPDVFDUGV&ULVPDVWDUMHWDV
0DQWHOSLHFH5HSLVDGHODFKLPDQHD
6WRFNLQJ&DOFHWÇQJUDQGHSDUD
UHOOHQDUFRQUHJDORV
3UHVHQWV5HJDORV
&RDO&DUEÍQ
9RFDEXODULR)LUHSODFH&KLPHQHD
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
'HFRUDUHPRVHO»UEROFRQ :HoOOGHFRUDWHDWUHHZLWKORWV
/XHJRLUHPRVDPLVDD 7KHQZHoOOJRWRPLGQLJKW
PXFKDVOXFHV RIOLJKWV PHGLDQRFKHHQODLJOHVLD PDVVDWWKHFKXUFK
'HMDUHPRVPXFKRVUHJDORV :HoOOOHDYHORWVRISUHVHQWVDW
&DQWDUHPRVHQYR]DOWDSRUTXH:HoOOVLQJORXGO\EHFDXVHZHoOO
DSLHGHO»UERO WKHERWWRPRIWKHWUHH HVWDUHPRVXQSRFRERUUDFKRV EHDOLWWOHGUXQN
3RQGUHPRVXQ»QJHOHQFLPD :HoOOSXWDQDQJHORQWRS 1RVOHYDQWDUHPRVHOGÇDGH :HoOOJHWXSHDUO\RQ&KULVWPDV
(OGÇDSUHSDUDUHPRVXQD 2QWKHWKZHoOOSUHSDUHDELJ
1DYLGDGFRQGRORUHVGHFDEH]D 'D\ZLWKKHDGDFKHV
JUDQFRPLGD PHDO 0LUDUHPRVSRUODYHQWDQDSDUD :HoOOORRNRXWWKHZLQGRZWR
%HEHUHPRVGHPDVLDGR :HoOOGULQNWRRPXFK YHUVLHVW»QHYDQGR VHHLILWoVVQRZLQJ
(VWDUHPRVHPRFLRQDGRV :HoOOEHH[FLWHGDVZHRSHQ
PLHQWUDVDEULPRVQXHVWURV RXUSUHVHQWV
UHJDORV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
)LQJLUHPRVHVWDUIHOLFHVFRQ :HoOOSUHWHQGWREHKDSS\ZLWK
,QWHQWHPRVQRGLVFXWLUHVWHDËR /HWoVWU\QRWWRDUJXHWKLV\HDU
QXHVWURVUHJDORV RXUSUHVHQWV 4XLHUHVTXHWHHFKHXQFDEOH 'R\RXZDQWPHWRJLYH\RXD
3RUTXÃVLHPSUHUHFLER :K\GR,DOZD\VJHWVRFNVDQG
HQODFRFLQD" KDQGLQWKHNLWFKHQ"
FDOFHWLQHV\FRUEDWDV" WLHV" 3RQODWHOHODUHLQDYDDKDFHU 3XWWKH79RQWKHTXHHQLVJRLQJ
3UXÃEDWHHOMHUVH\ 7U\WKHVZHDWHURQ VXGLVFXUVRGH1DYLGDG WRPDNHKHU&KULVWPDVVSHHFK
|1RHVWR\GHDFXHUGRHOURVDWH ,GRQoWDJUHHSLQNORRNVJUHDW
1RVHPHRFXUULUÇDXQDLGHDSHRU ,FRXOGQoWLPDJLQHDZRUVHLGHD
TXHGDJHQLDO RQ\RX |1RWHHPERUUDFKHVDQWHVGH 'RQoWJHWGUXQNEHIRUHZHHDW
3RUVXSXHVWRTXHQRPH 2IFRXUVH,ZRQoWEHRIIHQGHGLI
TXHFRPDPRV OXQFK
RIHQGHUÃVLORFDPELDV \RXFKDQJHLW
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpGRZQq 7R+XUW
6HXVDFXDQGRTXHUHPRVH[SUHVDUTXHDOJR
'RQoWSXWKLPGRZQOLNHWKDW 7KH\FDOOHGLQWKH$UP\WRSXWGRZQWKH GXHOH
|1ROHUHEDMHVDVÇ UHYROW 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
/ODPDURQDO(MÃUFLWRSDUDDSODVWDUODUHYXHOWD IUDVHVHQLQJOÃV"
<RXFDQSXW\RXUKDQGGRZQQRZ 0HGXHOHHOGHGRGHSLH
<DSXHGHVEDMDUODPDQR 3XWLWGRZQRQSDSHU /HVGXHOHQORVSLHV
$SÔQWDORHQXQSDSHO 1RVGXHOHQODVSLHUQDV
3XWWKHOHWWHUGRZQRQWKHWDEOH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
'HMDODFDUWDHQODPHVD ,SXWDKXQGUHGGROODUVGRZQDVDGHSRVLW WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
3DJXÃFLHQGÍODUHVFRPRGHSÍVLWR ,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHUDLQLQ6SDLQVWD\VPDLQO\RQWKHSODLQ
'DLV\ GÃLVL 0DUJDULWD 6DLO VÃLO 1DYHJDU
/DPD\RUÇDGHODVSDODEUDVLQJOH
)DLO IÃLO )UDFDVDU 6DLQW VÃLQW 6DQWR
VDVTXHFRQWLHQHQODVOHWUDVpDLq
GLFKDVOHWUDVVHSURQXQFLDQ
)DLQW IÃLQW 'HVPD\DUVH 7DLO WÃLO 5DER
)DLWK IÃL] )H 7DLORU WÃLOHU 6DVWUH
(L *DLQ JXÃLQ *DQDU 9DLQ IÃLQ 9DQR
+DLO MÃLO *UDQL]DU :DLVW XÃLVW &LQWXUD
/DIUDVHGHOWÇWXORGHHVWDVHFFLÍQ
VH SURQXQFLDUÇD p7KH UHLQ LQ +DLWL MÃLWL +DLWÇ :DLW XÃLW $JXDUGDU
6SHLQVWHLVPÃLQO\RQWKHSOÃLQq -DLO FKÃLO &»UFHO :DLWHU XÃLWHU &DPDUHUR
(QODSUÍ[LPDîFKDYHUHPRVTXH /DLG OÃLG 3DVDGRGHqOD\q
ODSURQXQFLDFLÍQHVFDVLVLHPSUH 0DLG PÃLG &ULDGD
ODPLVPDHQUHIHUHQFLDDODVSD 0DLO PÃLO &RUUHR $LU HU $LUH
ODEUDV TXH FRQWLHQHQ ODV OHWUDV
0DLQ PÃLQ 3ULQFLSDO 'DLU\ GÃUL /»FWHR
pD\qGD\SOD\HWF )DLU IHU -XVWR
0DL]H PÃLV 0DÇ]
/DV H[FHSFLRQHV D HVWDV UHJODV )DLU\ IÃUL +DGD
1DLO QÃLO &ODYR
ODVYHU»VHQODWHUFHUDFROXPQDD
3DLG SÃLG 3DJDGR +DLU MHU 3HOR
SDUWLUGHODSDODEUDpDLUq
3DLO SÃLO &XER 3DLU SHU 3DU
$LG ÃLG $\XGD 3DLQ SÃLQ 'RORU 1DÉYH QDÇI ,QJHQXR
$LOPHQW ÃLOPHQW 'ROHQFLD 3DLQW SÃLQW 3LQWXUD
$LVOH »LO 3DVLOOR
$LP ÃLP $SXQWDU 5DLG UÃLG ,QFXUVLÍQ
&DLUR N»LUR (O&DLUR
%DLO EÃLO )LDQ]DF»UFHO 5DLO UÃLO 3DVDPDQRV
.DLVHU N»LVHU .DLVHU
%DLW EÃLW &HER 5DLQ UÃLQ /OXYLD
7DLZDQ WDLX»Q 7DLZDQ
&DLQ NÃLQ &DÇQ%LEOLD 5DLVH UÃLV (OHYDU
'DLO\ GÃLOL 'LDULDPHQWH 5DLVLQV UÃLVHQV 3DVDV 6DLG VHG 3DVDGRGHpVD\q
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(V9GXQDSHUVRQDîDEOH\GHUHFXUVRV"7LHQHPXFKDHQHUJÇDLQ $UH\RXGHSHQGDEOHDQGUHVRXUFHIXO"'R\RXKDYHORWVRIHQHUJ\
WXLFLÍQHLQLFLDWLYD"9LVWHELHQ\WLHQHDSWLWXGHVFRQHORUGHQDGRU" LQWXLWLRQ DQG LQLWLDWLYH" 'R \RX GUHVV ZHOO DQG KDYH FRPSXWHU
(VW»GLVSXHVWRDUHFRJHUDFOLHQWHVHQHODHURSXHUWRIUHJDUSODWRV VNLOOV"$UH\RXZLOOLQJWRSLFNXSFOLHQWVDWWKHDLUSRUWZDVKGLVKHV
DVSLUDUDOIRPEUDVOOHYDUDFDERHQFXHVWDVWHOHIÍQLFDVKDFHUUHFDGRV YDFXXPFDUSHWVFRQGXFWWHOHSKRQHVXUYH\VUXQHUUDQGVDQGGRDOO
\WRGDVODVGHP»VFRVDVTXHQRWHQHPRVWLHPSRGHKDFHU"6RPRV WKHRWKHUWKLQJVZHGRQoWKDYHWLPHWRGR":HDUHDQDGYHUWLVLQJ
XQDHPSUHVDGHSXEOLFLGDGFRQFOLHQWHVQDFLRQDOHV\QHFHVLWDPRVD îUP ZLWK FOLHQWV QDWLRQZLGH DQG ZH QHHG D VXSHU KHOSHU 1R
XQVXSHUD\XGDQWH1DGDGHTXHMLFDV1DGDGHJHQWHYDJD ZKLQHUV1ROD]\SHRSOH
(VWLPDGRDPLJR\DOXPQR1HFHVLWRFUX]DUXQDGHQVDMXQJODSDUDOOHJDUDPLGHVWLQR6HWUDWDGHXQGHVWLQR 0»VSDODEUDVLQJOHVDV
TXHGHVHRFRQPXFKDIXHU]D/RVVHQGHURVDWUDYÃVGHODMXQJODHVW»QOOHQRVGHPDOH]DOLDQDV]DU]DV\UDPDV GHUDÇ]ODWLQD
EDMDV/RLQWHQWR"6LVLJRDGHODQWHVHJXUDPHQWHPHYHUÃIUHQDGRDFDGDSDVRSRUORVREVW»FXORV/DVOLDQDVVH &RUURVLRQ &RXQW
HQUHGDU»QDOUHGHGRUGHPLVWRELOORV(OHVSHVRUDPDMHPHDUDËDU»ORVEUD]RV\ODFDUD0HTXHGDUÃHQJDQFKDGR &RUURVLYH &RXQWHVV
\HQUHGDGRDFDGDSDVR0LSURJUHVRVHU»OHQWR\WRUWXRVR\KDVWDPHROYLGDUÃGHFÍPRHVDQGDUFRQSDVRîUPH &RUUXSW &RXSRQ
\OLJHUR4XÃKDJR"8QDPLJRPÇRH[SHUWRHQYLDMDUSRUODVMXQJODVPHUHFRPLHQGDTXHYXHOYDDODFDSLWDOD &RUUXSWLRQ &RXUW
GRVVHPDQDVGHFDPLQRSDUDFRPSUDUPHXQQXHYRLQYHQWROODPDGRPXOWLPDFKHWHPHF»QLFR6HWUDWDGHOR &RUWLVRQH &RXUWHRXV
ÔOWLPRSDUDGHVSHMDUVHQGHURVHQODMXQJOD0HFRVWDU»WUDEDMRYROYHUGHQXHYRDODFDSLWDO\PHFRVWDU»WDPELÃQ &RVPHWLF &RXUDJH
EDVWDQWHGLQHURVLQKDEODUGHOYLDMHGHYXHOWDDGRQGHHVWR\DKRUD0HGDSHUH]DYROYHU0HYDDUHVXOWDUSHVDGÇ &RVPHWLFV &RXUWHVDQ
VLPRSHUGHUWRGRXQPHVHOYLDMHGHLGD\YXHOWDDODFDSLWDO3HURPLDPLJRLQVLVWHHQTXHMDP»VYROYHUÃDDQGDU &RVPLF &R\RWH
GHVSDFLRFRQHOPXOWLPDFKHWHPHF»QLFR0HGLFHTXHVHUÃXQFDPLQDQWHGHFLGLGR\UHVXHOWRFXDOTXLHUDTXHVHD &RVPRQDXW &UHDP
ODMXQJODTXHPHHVSHUH6LHPSUHWHQGUÃHOFDPLQRGHVSHMDGR\SRGUÃDQGDUSRUODMXQJODFRPR3HGURSRUVXFDVD &RVPRSROLWDQ &UHDWH
<RJUDFLDVD'LRV\DWHQJRXQPXOWLPDFKHWHPHF»QLFRSHURSDUDODMXQJODJUDPDWLFDOGHOFDVWHOODQR+DFHDËRV &RVPRV &UHDWLRQ
&RVVDFN &UHDWLYH
GHGLTXÃHOWLHPSRQHFHVDULRDDGTXLULUSUHFLVLÍQ\DJLOLGDGFRQODJUDP»WLFDE»VLFDGHWXLGLRPD\GHVGHHQWRQ
&RVW &UHDWLYLW\
FHVWHQJRORVVHQGHURVGHVSHMDGRVVLQOLDQDV\VLQPDOH]DTXHPHUDOHQWLFHQ7HQJRVROWXUDJUDFLDVDOGRPLQLR
&RXQFLO &UHDWRU
GHODJUDP»WLFDE»VLFD$KRUDWHWRFDDWLFRQVHJXLUORPLVPRFRQHOLQJOÃV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
/DIDPLOLDQRHVWDQLPSRUWDQWH7KHIDPLO\LVQoWDVLPSRUWDQW &RPÃLVODVXYDVFRPRQRVRWURV'R\RXHDWJUDSHVOLNHXVDW
FRPRORHVDTXÇ DVLWLVKHUH DPHGLDQRFKH" PLGQLJKW"
/DJHQWHVXHOHVDOLUFRQVXV 3HRSOHXVXDOO\JRRXWZLWK
1XQFDKHFRPSUHQGLGRPX\ ,oYHQHYHUXQGHUVWRRGYHU\
DPLJRV WKHLUIULHQGV ELHQSRUTXÃKDFÃLVHVR ZHOOZK\\RXGRWKDW
1RKD\XQDFHQDWUDGLFLRQDO 7KHUHLVQoWDWUDGLWLRQDOGLQQHU
6LFRPHVXYDVHQ ,I\RXHDWJUDSHVLQ
DQWHVGHPHGLDQRFKH EHIRUHPLGQLJKW VHJXQGRVWHQGU»VEXHQD VHFRQGV\RXZLOOKDYHJRRG
9DQDSXEVRîHVWDVDOUHGHGRU 7KH\JRWRSXEVRUSDUWLHVDW
VXHUWHHVWHDËR" OXFNLQWKDW\HDU"
GHODVVLHWHRODVRFKR DURXQGVHYHQRUHLJKWRoFORFN 7RGRHOPXQGRFUHHTXHHVR 'RHVHYHU\ERG\EHOLHYHWKDWoV
,QWHQWDQEHEHUWDQWRFRPR 7KH\WU\WRGULQNDVPXFKDV
HVYHUGDG" WUXH"
VHDSRVLEOH WKH\FDQ
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
.QRFNHU$OGDED
+LQJHV%LVDJUD
/HWWHUER[%X]ÍQ
9RFDEXODULR(QWUDQFH(QWUDGD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
'DPRVEHVRVDWRGRHOPXQGR :HJLYHHYHU\ERG\DNLVVRQ
7HQGHPRVDVDOLUFRQQXHVWURV :HWHQGWRJRRXWZLWKRXU
HQODVPHMLOODV WKHFKHHNV DPLJRVGHVSXÃVGHTXHORV IULHQGVDIWHUWKHFORFNVKDYH
2VLHUHVXQVROWHURRXQ 2ULI\RXoUHVLQJOHRUDGUXQN
UHORMHVGHQODPHGLDQRFKH VWUXFNPLGQLJKW
ERUUDFKRLQWHQWDVHQUROODUWH \RXWU\WRJHWRIIZLWK /DPDQHUDHVSDËRODPHSDUHFH7KH6SDQLVKZD\VHHPVPXFK
FRQWRGRHOPXQGR HYHU\ERG\ PXFKRP»VFLYLOL]DGD PRUHFLYLOLVHGWRPH
(OGÇDVLJXLHQWHLQWHQWDV 7KHIROORZLQJGD\\RXWU\WR
6DEÇDVTXHHQ,WDOLDFRPHQ 'LG\RXNQRZLQ,WDO\WKH\HDW
UHFRUGDUGHVLKLFLVWHHOULGÇFXOR UHPHPEHULI\RXPDGHDIRRO OHQWHMDVHQYH]GHXYDV" OHQWLOVLQVWHDGRIJUDSHV"
RI\RXUVHOI 7DPSRFRWLHQHQXQDSDODEUD 7KH\GRQoWKDYHDZRUGIRU
7HDUUHSLHQWHVSRUORTXHGLMLVWH<RXUHJUHWZKDW\RXVDLGDQG SDUDUHVDFDHQLWDOLDQR KDQJRYHULQ,WDOLDQHLWKHU
HKLFLVWH GLG (VRVLWDOLDQRVUHERVDQ 7KRVH,WDOLDQVRR]H
VRîVWLFDFLÍQQR" VRSKLVWLFDWLRQGRQoWWKH\"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpGRZQq 0LJKW3XHGHTXH$ORPHMRU
(VXQYHUERDX[LOLDUTXHH[SUHVDSRVLELOLGDG
,IHHOUXQGRZQ <RXoOOUXQGRZQWKHEDWWHU\LI\RXGRWKDW
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
0HVLHQWRFDQVDGR\VLQHQHUJÇD $JRWDU»VODEDWHUÇDVLKDFHVHVR
IUDVHVHQLQJOÃV"
3UD\IRUWKHKD\LQ0D\WRVWD\JUD\5H]DSDUDTXHHOKHQRGHPD\RSHUPDQH]FDGHFRORUJULV
%D\ EÃL %DKÇD 3D\ SÃL 3DJDU
%D\RQHW EHLRQÃW %D\RQHWD 3D\PHQW SÃLPHQW 3DJR
6DOYR ODV GRV H[FHSFLRQHV
&OD\ NOHL $UFLOOD 3D\UROO SÃLURO 1ÍPLQD
FLWDGDV DO îQDO GH OD VH
&UD\îVK NUÃLïVK &DQJUHMRGHUÇR 3OD\ SOÃL -XJDU
JXQGD FROXPQD OD FRPEL
&UD\RQ NUÃLRQ /»SL]GHFRORU 3OD\HU SOÃLHU -XJDGRU
QDFLÍQ pD \q VLHPSUH VH
'D\ GHL 'ÇD 3UD\ SUÃL 5H]DU
SURQXQFLDHQLQJOÃV
'HOD\ GHOÃL 5HWUDVR 3UD\HU SUÃLHU 2UDFLÍQ
*UD\ JUÃL *ULV((88 5D\ UÃL 5D\R
(L
+D\ MÃL +HQR 6D\ VÃL 'HFLU
/D\ OÃL 3RQHUFRORFDU 6D\LQJ VÃLLQJ 'LFKR
<DVDEHVSURQXQFLDUpGD\q
/D\HU OÃLHU &DSD 6WD\ VWÃL 4XHGDUVH
pSD\q R pZD\q DVÇ TXH
/D\RII OÃLDI 'HVSHGLUDSHUVRQDO 7UD\ WUÃL %DQGHMD
DSOLFD OD PLVPD SURQXQ
/D\RXW OÃLDRW 'LVSRVLFLÍQHQSODQWD :D\ XÃL 0DQHUD
FLDFLÍQ VLHPSUH TXH YHDV
0D\ PÃL 0D\R
pD\q
0D\EH PÃLEL 7DOYH] .D\DN N»L\DN .D\DN
0D\RU PÃLHU $OFDOGH 0D\D P»L\D 0D\D
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&XDQGRFRPSUDPRVHOSLVRWLUDPRVWRGDVODVSDUHGHVLQWHULRUHV\ :KHQZHERXJKW WKHïDWZH WRUHGRZQDOO WKHLQWHULRUZDOOVDQG
FRQVWUXLPRVGHQXHYRHOLQWHULRU'LVHËDPRVHOVDOÍQHOFRPHGRU\ UHEXLOW WKH LQVLGH:H GHVLJQHG WKH OLYLQJ URRP GLQLQJ URRP DQG
ODFRFLQDGHWDOIRUPDTXHDSURYHFK»EDPRVFDGDPHWURFXDGUDGR NLWFKHQLQVXFKDZD\DVWRWDNHDGYDQWDJHRIHYHU\VTXDUHPHWHURI
GHHVSDFLR(OLPLQDPRVODHQWUDGD\ORJUDPRVUHGXFLUHOSDVLOORDOD VSDFH:HHOLPLQDWHGWKHHQWUDQFHKDOODOWRJHWKHUDQGPDQDJHGWR
PLWDGGHVXORQJLWXGDVÇLQFUHPHQWDQGRHOWDPDËRGHORVWUHVGRU UHGXFHWKHKDOOZD\WRKDOILWVOHQJWKWKXVLQFUHDVLQJWKHVL]HRIWKH
PLWRULRV&XDQGRXQDUTXLWHFWRDPLJRQXHVWURYLRORVUHVXOWDGRVQR WKUHHEHGURRPV:KHQDQDUFKLWHFWIULHQGRIRXUVVDZWKHîQDOUHVXOW
SRGÇDFUHHUTXHQRORKXELHUDKHFKRXQGHFRUDGRUGHLQWHULRUHV KHFRXOGQoWEHOLHYHWKDWLWKDGQoWEHHQGRQHE\DQLQWHULRUGHFRUDWRU
(VWLPDGRDPLJR\DOXPQR$SUHQGHULQJOÃVHVFRPROOHQDUXQHPEXGRGH 0»VSDODEUDVLQJOHVDV
DJXDDEDVHGHXQOHQWRJRWHR,PDJÇQDWHXQHPEXGRJUDQGHERFDDUULED GHUDÇ]ODWLQD
FRQODDSHUWXUDLQIHULRUHVWUHFKDFHUUDGDGHIRUPDTXHSRGDPRVOOHQDUOR &UHDWXUH &UXFLî[LRQ
VLTXHUHPRV7HGR\XQSHTXHËRFXHQWDJRWDVSDUDTXHOHQWDPHQWHYD &UHGHQWLDOV &UXGH
\DVOOHQDQGRHOHPEXGR$OSULQFLSLRHOSURJUHVRHVU»SLGRSXHVWRTXHHO &UHGLELOLW\ &UXHO
HVWUHFKRFXHOORLQIHULRURFXSDSRFRVFHQWÇPHWURVFÔELFRV6HOOHQDHQVHJXL &UHGLEOH &UXHOW\
GDORFXDOQRVGDFLHUWRRSWLPLVPR'HVSXÃVVLQHPEDUJRHOHPEXGRVHDEUH &UHGLW &UXVDGH
UDGLFDOPHQWH\FDGDJRWDDGLFLRQDODSHQDVKDFHVXELUHOQLYHO(VIUXVWUDQWH\D &UHGLWRU &UXVWDFHDQ
&UHGXORXV &U\SW
TXHQRSDUDPRVGHHFKDUJRWDVSHURHOQLYHOQRSDUHFHVXELU$SUHQGHUXQVHJXQ
&UHHG &U\VWDO
GRLGLRPD\DGHDGXOWRHVH[DFWDPHQWHORPLVPRTXHOOHQDUXQHPEXGRFRQFXHQ
&UHPDWH &U\VWDOOLQH
WDJRWDV&XDQGRHUHVSULQFLSLDQWHWRGRSDUHFHDOFDQ]DEOH&DGDGÇDDSUHQGHVFRVDV &UHPDWLRQ &XEH
QXHYDV\HOLQJOÃVSDUHFHDEDUFDEOH'HVSXÃV\DHQODSDUWHSOHQDPHQWHH[SDQVLYDGHO &UHVW &XELF
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
6LIXHUDVDVWUHFRVHUÇDPXFKDV ,I,ZHUHDWDLORU,ZRXOGVHZ
3UHIHUÇUÇDVHUXQJRUULÍQTXH ,oGUDWKHUEHDVSDUURZWKDQD
FRVDV PDQ\WKLQJV XQFDUDFRO VQDLO
6LIXHUDJUDQMHURFXOWLYDUÇD ,I,ZHUHDIDUPHU,ZRXOGJURZ
3UHIHULUÇDVHUXQPDUWLOORTXH ,oGUDWKHUEHDKDPPHUWKDQ
PXFKDVYHUGXUDV ORWVRIYHJHWDEOHV XQFODYR DQDLO
6LIXHUDERPEHURDSDJDUÇDORV ,I,ZHUHDïUHPDQ,oGSXWRXW
3UHIHULUÇDVHUXQERVTXHTXH ,oGUDWKHUEHDIRUHVWWKDQD
LQFHQGLRV ïUHV XQDFDOOH VWUHHW
6LIXHUDIRQWDQHURFREUDUÇD ,I,ZHUHDSOXPEHU,oGFKDUJH 3UHIHULUÇDVHQWLUODWLHUUDEDMR ,oGUDWKHUIHHOWKHHDUWK
PXFKRGLQHURSRUFRVDVSHTXHËDV ORWVRIPRQH\IRUOLWWOHWKLQJV PLVSLHV EHQHDWKP\IHHW
6LIXHUDVROGDGRWHQGUÇDTXH ,I,ZHUHDVROGLHU,oGKDYHWR
3UHIHULUÇDVHU3DXO6LPRQTXH ,oGUDWKHUEH3DXO6LPRQWKDQ
PDWDUDODJHQWH NLOOSHRSOH $UW*DUIXQNHO $UW*DUIXQNHO
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
6KULQH6DQWXDULR
3ULHVW&XUD
$OWDU$OWDU
1XQ0RQMD
3HZ%DQFR
9RFDEXODULR&KXUFK,JOHVLD
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
,QWHUURJDWLYRs0D\,"
3KUDVDOYHUEVZLWKpGRZQq
&XDQGRKDFHVXQDSUHJXQWDFRQpPD\qHVW»V
SLGLHQGRSHUPLVRGHXQDPDQHUDPX\IRUPDO
6LWGRZQDQGOLVWHQWRPH :HoOOZHDUGRZQWKHLUUHVLVWDQFH
6LÃQWDWH\HVFÔFKDPH $FDEDUHPRVFRQVXUHVLVWHQFLD 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
,oPJRLQJWRFORVHGRZQWKHEXVLQHVV 7DNHGRZQP\QDPHDQGQXPEHU 0HSHUPLWHKDFHUXQDSUHJXQWD"
9R\DFHUUDUHOQHJRFLR $SXQWDPLQRPEUH\WHOÃIRQR 0HSHUPLWHLUDOVHUYLFLR"
6Ç|SRUVXSXHVWR
7KHîUHLVVWDUWLQJWRGLHGRZQ :HKDYHWRWDNHGRZQWKH&KULVWPDV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
(OLQFHQGLRHPSLH]DDDSDJDUVH OLJKWV
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
7HQHPRVTXHTXLWDUODVOXFHVGH1DYLGDG ,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHEDVLFVRISROLWLFVDQGHFRQRPLFVDUHVWDWLVWLFVDQGpFRVPHWLFVq
7RGDVODVSDODEUDVH[SXHVWDVDFRQWLQXDFLÍQWHUPLQDQFRQODVOHWUDVpFVq$OJXQDVVRQSDODEUDVPX\LPSRUWDQWHVGHOGÇDDGÇDHQHOPXQGR
SURIHVLRQDO7RGDVSURYLHQHQGHOJULHJR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
/H JXVWD JDVWDU EURPDV D OD JHQWH 'H KHFKR KDU» FXDOTXLHU FRVD +H OLNHV WR SOD\ MRNHV RQ SHRSOH ,Q IDFW KHoOO GR DQ\WKLQJ WR JHW
SDUDOODPDUVXDWHQFLÍQ7LHQHXQFRFKHLQJOÃV\DVDEHVGHORVTXH DWWHQWLRQ+HKDVDQ(QJOLVKFDUf\RXNQRZWKHRQHVWKDWKDYHWKH
WLHQHQHOYRODQWHDODGHUHFKD&XDQGRORFRPSUÍLQVWDOÍXQYRODQWH VWHHULQJZKHHORQWKHULJKW:KHQKHERXJKWLWKHLQVWDOOHGDIDNH
IDOVRHQHOODGRGHOFRSLORWR\HQVHËÍDVXSHUURDVHQWDUVHHQHVH VWHHULQJZKHHORQWKHSDVVHQJHUVLGHDQGWDXJKWKLVGRJWRVLWLQWKH
ODGR\DSRQHUODVSDWDVVREUHHOYRODQWH(QWRQFHVHPSH]DEDDFRQ SDVVHQJHUVHDWZLWKLWVSDZVRQWKHZKHHO7KHQKHVWDUWHGGULYLQJ
GXFLUSRUODFLXGDGFRQVXSHUURDOYRODQWH$ÔQORKDFH\KDVWDORV DURXQGWKHWRZQZLWKKLVGRJDWWKHZKHHO+HVWLOOGRHVLWDQGHYHQ
SHULÍGLFRVKDEODQGHHOOR7RGRHOPXQGRVDEHTXLÃQHV\VXQHJRFLR WKHQHZVSDSHUVKDYHZULWWHQDERXWLW(YHU\ERG\NQRZVZKRKHLV
HVW»VXELHQGRFRPRODHVSXPD QRZDQGKLVEXVLQHVVLVERRPLQJ
(VWLPDGRDPLJR\DOXPQR0XFKDJHQWHHQ(VSDËDSLHQVDTXHSDUDGRPLQDUGHîQLWLYDPHQWHHOLQJOÃV 0»VSDODEUDVLQJOHVDV
KD\TXHLUDOH[WUDQMHUR(VWRHVFLHUWRVLVHGDQHVWDVWUHVFRQGLFLRQHVHODOXPQR\DSRVHHRLQVLVWHHQ GHUDÇ]ODWLQD
DGTXLULULQVLWXXQDIXHUWHEDVHJUDPDWLFDODFWLYDHODOXPQRSDVDDOPHQRVGRVDËRVYLYLHQGRHQXQ &XUDEOH &\OLQGHU
SDÇVGHKDEODLQJOHVD\HODOXPQRUHDOL]D\DHQHOH[WUDQMHURDFWLYLGDGHVDFDGÃPLFDVRODERUDOHVTXH &XUH &\OLQGULFDO
OHH[LMHQGHVHQYROYHUVHGLDULDPHQWHFRQQDWLYRV5HVSHFWRDODSULPHUDFRQGLFLÍQVLHODOXPQRSDVDXQR &XULRVLW\ &\QLF
RGRVDËRVHQXQSDÇVGHKDEODLQJOHVDVLQSRVHHUDQWHVRVLQDGTXLULULQVLWXXQDîUPHEDVHJUDPDWLFDO &XULRXV &\QLFDO
YROYHU»D(VSDËDFKDSXUUHDQGRHOLGLRPDFRQFLHUWDVROWXUDSHURVLQFDOLGDG7DPSRFRVDEU»H[SUHVDUVH &XUUHQW &\QLFLVP
GHFHQWHPHQWHSRUHVFULWR(QFXDQWRDODVHJXQGDFRQGLFLÍQKHFRQVWDWDGRXQD\RWUDYH]TXHXQVRORDËR &XUULFXOXP &\SUHVV
HQHOH[WUDQMHURQRGRWDDODSHUVRQDGHXQDOWRQLYHOVDOYRHQORDXGLWLYRORFXDOHVLPSRUWDQWHSHURQR &XUU\ &\ULOOLF
VXîFLHQWH0XFKRVYXHOYHQFRQXQQLYHOLQWHUPHGLRDOWRORFXDOHVSRFDFRVDGDGDODLQYHUVLÍQHQWLHPSR &XUVLYH &]DU
&XUVRU 'DQFH
\GLQHUR5HFXHUGRPX\ELHQPLSULPHUDËRHQ(VSDËD6LKXELHUDOOHJDGRDHVWHSDÇVFRQXQQLYHOPX\
&XUWDLQ 'DWD
PRGHVWRGHHVSDËROHVWR\VHJXURGHTXHQRKDEUÇDWHUPLQDGRHODËRFRQXQEXHQGRPLQLRGHOLGLRPD
&XUYDWXUH 'HEDFOH
$TXÇPLVPRHQ9DXJKDQ6\VWHPVGRQGH\RWUDEDMRWHQHPRVPXFKRVSURIHVRUHVGHLQJOÃVRHPSOHDGRVGHO &XUYH 'HEDWDEOH
5HLQR8QLGRGH,UODQGDGH((88HWFTXHWDUGDQWUHVDËRVRP»VHQDGTXLULUXQQLYHOGHFHQWHGHHVSDËRO &XVWRG\ 'HEDWH
3RUWDQWRSDVDUWLHPSRIXHUDQRHVVLQÍQLPRGHGRPLQLRGHOLGLRPDGHOOXJDUDQRVHUTXHODSHUVRQDVH &XVWRP 'HELOLWDWH
GHGLTXHPX\HQVHULRDFRQVHJXLUOR<SRUÔOWLPRFRQUHVSHFWRDODWHUFHUDFRQGLFLÍQVLHODOXPQRHVSDËRO &XWLFOH 'HELW
QRVHFRGHDDGLDULRFRQODJHQWHORFDOVLVXDFWLYLGDGDFDGÃPLFDRODERUDOQROHREOLJDDHQWUDUHQFRQWDFWR &\EHUQHWLFV 'HEXW
GLQ»PLFRFRQHVWDJHQWHRVLSRUVXIRUPDGHVHUKX\HGHODVSHFWRVRFLDOVXPHMRUDFRQHOLQJOÃVVHUHGXFLU» &\FOH 'HFDGH
DVXWLHPSRGHODQWHGHOWHOHYLVRU\DORVRFDVLRQDOHVPRPHQWRVREOLJDWRULRVGHFRPXQLFDFLÍQ&RQR]FR &\FOLVW 'HFDGHQFH
FDVRVHQORVFXDOHVHODOXPQRHVSDËROQRKDEODEDQLRÇDP»VGHXQDKRUDQHWDGHLQJOÃVDOGÇD3RUWDQWR &\FORQH 'HFDGHQW
DXQTXHHVVLHPSUHSRVLWLYRHOLUVHIXHUDQRHVQHFHVDULDPHQWHODSDQDFHDSDUDHOLPLQDUpHOPDOqGHOLQJOÃV &\FORSV 'HFDSLWDWH
<DVHDDTXÇRHQXQSDÇVGHKDEODLQJOHVDODVROXFLÍQGHîQLWLYDSDVDLQH[RUDEOHPHQWHSRUPXFKÇVLPDV &\FORWURQ 'HFDWKORQ
KRUDVGHDWHQFLÍQ\GHGLFDFLÍQDOLGLRPDPXFKÇVLPDV 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
7HKDEUÇDVGDGRFXHQWDVLQRWH <RXoGKDYHUHDOLVHGLI\RX
(VWR\GHFDPLQR ,oPRQP\ZD\
KXELHUDVHPERUUDFKDGR KDGQoWEHHQGUXQN 1RYHRODSDQWDOODWXFDEH]D ,FDQoWVHHWKHVFUHHQ\RXU
|,PEÃFLO3RGUÇDVKDEHUOHV <RXIRRO<RXFRXOGKDYHNLOOHG
HVW»SRUPHGLR KHDGoVLQWKHZD\
PDWDGR WKHP |4XÇWDWHGHOPHGLR *HWRXWRIP\ZD\
£OGHEHUÇDKDEHUHVSHUDGRD +HVKRXOGKDYHZDLWHGXQWLO,
7HQHPRVPXFKRFDPLQRSRU :HKDYHDORQJZD\WRJR
TXH\ROOHJDVHDOOÇ JRWWKHUH UHFRUUHU
'HEHKDEHUVLGRXQDSHUVRQD 6KHPXVWKDYHEHHQD
|1LKDEODU 1RZD\
PDUDYLOORVD ZRQGHUIXOSHUVRQ
(ODËRTXHYLHQHPHKDEUÃ ,ZLOOKDYHJUDGXDWHGE\QH[W
JUDGXDGR \HDU
&XUG&XDMDGD
&UÂPH&DUDPHO)ODQ
)UXLW6DODG0DFHGRQLD
9RFDEXODULR'HVVHUWV3RVWUHV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpGRZQq /HDYHPHDORQH
6LJQLîFDp'ÃMDPHHQSD]q\DXQTXHVHSXHGH
+HIROORZHGPHGRZQWKHSDWK 7KHSDLQWLQJVZHUHSDVVHGGRZQWRPH WUDGXFLUOLWHUDOPHQWHFDVLQXQFDVHKDFH
£OPHVLJXLÍSRUHOVHQGHUR +HKHUHGDGRODVSLQWXUDV 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
,KHOSHGKLPGRZQWKHPRXQWDLQ 6KHMXPSHGGRZQIURPWKHORZHUOLPE |'ÃMDPHHQSD]
/HD\XGÃDEDMDUGHODPRQWDËD (OODVDOWÍGHVGHODUDPDP»VEDMD 3RUTXÃQRLQWHQWDVGHMDUOHVHQSD]"
'HMDDWXKHUPDQDHQSD]WLHQHTXHHVWXGLDU
7KH\SXVKHGKLPGRZQ 7KLVH[DPZLOOSXOOGRZQP\DYHUDJH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
/HWXPEDURQFRQXQHPSXMÍQ (VWHH[DPHQKDU»EDMDUPLQRWDPHGLD WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
&DPELDODFDGHQD p&KÃLQFKqWKHpFKÃLQq
$GYDQWDJH DGI»QWDFK 9HQWDMD &KDOOHQJH FK»OHQFK 5HWR
/DV GRV FROXPQDV GH OD GHUH $JH ÃLFK (GDG &KDQJH FKÃLFK &DPELR
FKD FRQWLHQHQ SDODEUDV TXH $UUDQJH DUÃLQFK $UUHJODU &KDUJH FKDUFK &REUDU
WHUPLQDQ HQ pJHq 7RGDV WLH $YHQJH DYÃQFK 9HQJDU &ROOHJH F»OHFK 8QLYHUVLGDG
QHQODPLVPDSURQXQFLDFLÍQDO $YHUDJH »IHU»FK 3URPHGLR &RWWDJH F»WHFK &DVLWD
îQDOTXHVXHQDFDVLFRPRXQD %DFNVWDJH EDNVWÃLFK (QWUHEDVWLGRUHV &RXUDJH NÃUHFK 9DORU
VLPSOH pFKq HQ HVSDËRO +D\
%DGJH EDFK ,QVLJQLD &RYHUDJH N»IHUHFK &REHUWXUD
PXFKÇVLPDVSDODEUDVHQLQJOÃV
%DJJDJH E»JDFK (TXLSDMH 'DPDJH G»PHFK 'DËR
FRQHVWDWHUPLQDFLÍQ\ORVHV
SDËROHV VROÃLV SURQXQFLDUODV %DQGDJH E»QGDFK 9HQGD 'LVDGYDQWDJH GLVDGI»QWDFK 'HVYHQWDMD
PDOVREUHWRGRODVTXHWHUPL %DUJH EDUFK %DUFD]D 'LVFRXUDJH GLVNÃUHFK 'HVDQLPDU
QDQHQpQJHqFRPRpFKDQJHq %HLJH EHLFK %HLJH 'LYXOJH GDLI»OFK 5HYHODU
'HFÇVpFKÃLQqHQYH]GHpFKÃQ %HVLHJH EHVÇFK 6LWLDU 'RGJH GDFK (VTXLYDU
FKqGHMDQGRVLQSURQXQFLDUOD %HYHUDJH EÃIHUHFK %HELGD 'RVDJH GÍVHFK 'RVLV
ÔOWLPD VÇODED \ FRPR FRQVH %LUGFDJH EÃUWNHLFK -DXODGHS»MDURV 'UDLQDJH GUÃLQHFK 'UHQDMH
FXHQFLDKDFLHQGRTXHHOLQWHU %ORFNDJH EOÍNHLFK 2EVWUXFFLÍQ 'UHGJH GUHFK 'UDJDU
ORFXWRU HQWLHQGD pFDGHQDq HQ %ULGJH EULFK 3XHQWH 7KHHGJH HFK (OERUGH
YH]GHpFDPELRq
%URNHUDJH EUÍNHUHFK &RUUHGXUÇD (PHUJH LPÃUFK (PHUJHU
&DEEDJH N»EHFK 5HSROOR (QFRXUDJH HQNÃUHFK $QLPDU
(QODVSUÍ[LPDVîFKDVYDPRVD
YHUWRGDVODVSDODEUDVTXHWHU &DJH NÃLFK -DXOD (QJDJH HQJXÃLFK &DSWDUDWUDHU
PLQDQHQpJHq &DPRXïDJH N»PRðDFK &DPXïDMH (VSLRQDJH ÃVSLRQDFK (VSLRQDMH
&DUULDJH NÃULFK &DUUXDMH ([FKDQJH HNVFKÃLFK ,QWHUFDPELDU
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
|'HEHVHVWDUEURPHDQGR&ÍPRVHVXSRQHTXHYR\DKDFHUHVWRVLQ <RXPXVWEHNLGGLQJ"+RZDP,VXSSRVHGWRGRWKLVLI,GRQoWKDYH
DOJXLHQTXHPHD\XGH"0HOOHYDU»P»VGHGRVVHPDQDVVRODPHQWH DQ\RQHWRKHOSPH",WoOOWDNHPHRYHUWZRZHHNVMXVWWRWUDFNGRZQ
ORFDOL]DUODLQIRUPDFLÍQGHQRPEUHVGLUHFFLRQHV\QÔPHURVGHWHOÃ WKH LQIRUPDWLRQ RQ QDPHV DGGUHVVHV DQG WHOHSKRQH QXPEHUV
IRQR'HVSXÃVWHQGUÃTXHFRQWDFWDUFRQFDGDSHUVRQD\FRQYHQFHUOH 7KHQ ,oOO KDYH WR FRQWDFW HDFK SHUVRQ RQH E\ RQH DQG FRQYLQFH
GHTXHGRQHHOGHVXVLQJUHVRVDXQDIXQGDFLÍQGHODTXHMDP»V WKHPWRGRQDWHRIWKHLULQFRPHWRDIRXQGDWLRQWKH\oYHQHYHU
KDRÇGRKDEODU KHDUGRI
(VWLPDGRDPLJR\DOXPQR0LJXHOIXHWUHVPHVHVD%ULVWRODHVWXGLDULQJOÃV7XYRFODVHGHJUXSRVHLVKRUDVDOGÇDFRQGRVSURIHVRUHV
QDWLYRV6XVFRPSDËHURVHUDQGRVOLWXDQRVXQLWDOLDQR\XQWXUFR6HKL]RPX\DPLJRGHOWXUFR\SDVDEDQDOPHQRVGRVKRUDVDO
GÇDMXQWRVKDEODQGRHQLQJOÃVSRUVXSXHVWR&XDQGRUHJUHVÍD(VSDËDQRWÃTXHKDEÇDPHMRUDGRSHURHVSHUDEDP»V8QGÇDQRV
VHQWDPRVÃO\\RDKDFHUQÔPHURV
7RWDOKRUDVR\HQGRDVXVSURIHVRUHVKDEODUGHJUDP»WLFDHWF
7RWDOKRUDVKDEODQGRHQFODVHFRQVXVSURIHVRUHV
7RWDOKRUDVR\HQGR\KDEODQGRFRQHOWXUFR
7RWDOKRUDVKDFLHQGRGHEHUHVSDUDODDFDGHPLD
7RWDOKRUDVR\HQGR\KDEODQGRFRQJHQWHGH%ULVWRO
7RWDOKRUDVR\HQGRLQJOÃVGHIRQGRHQODFDOOHSXEVHWF
7RWDOKRUDVR\HQGR\KDEODQGRFRQODIDPLOLDFRQTXHYLYÇD
7RWDOKRUDVR\HQGRLQJOÃVSRUWHOHYLVLÍQ
7RWDOKRUDVGHFRQWDFWRFRQHOLQJOÃVGXUDQWHORVWUHVPHVHV
7RWDOKRUDVGHFRQWDFWRGLQ»PLFRFRQJHQWHUHDOSXQWRV\
/DVVHLVKRUDVGLDULDVHQJUXSRUHGXFLGRGXUDQWHGÇDVOHFRVWDURQííKRUDHODORMDPLHQWRHOGHVD\XQR\ODFHQDFRQOD
IDPLOLDíORVYXHORVí\VXVJDVWRVFRUULHQWHVVXPDURQí(QWRWDOORVWUHVPHVHVOHFRVWDURQí(QPLRSLQLÍQVX
FXUVRHQ%ULVWROVDOLÍSRUíKRUDFDUÇVLPRHOFRVWHWRWDOGLYLGLGRSRUORVSXQWRV\/RVSXQWRV\VHSXHGHQKDFHULJXDOGH
ELHQHQ(VSDËD\SRUPHQRVGLQHUR<VLPHDSXUDVWDPELÃQORVSXQWRV\VLOHHFKDVXQSRFRGHLPDJLQDFLÍQRYDORUDODVXQWR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
(OODKDEODELHQLWDOLDQR0L 6KHVSHDNV,WDOLDQZHOO6RGRHV
7HDSHWHFHXQDSL]]D" 'R\RXIDQF\DSL]]D"
KHUPDQRWDPELÃQ P\EURWKHU 4XÃWHDSHWHFHKDFHU" :KDWGR\RXIDQF\GRLQJ"
1RSXHGHFRPHUP»VFRPLGD +HFDQoWHDWDQ\PRUHIRRG
/HJXVWDVDHOOD" 'RHVVKHIDQF\\RX"
<RWDPSRFR 1HLWKHUFDQ, 1RWDEDTXHHOODWHJXVWDED ,FRXOGWHOO\RXIDQFLHGKHU
1RIXLLQYLWDGR\WÔWDPSRFR ,ZDVQoWLQYLWHGDQGQHLWKHU 6HODVGDGHFRFLQHUR +HIDQFLHVKLPVHOIDVDFKHI
ZHUH\RX
'HEHUÇDKDFHUP»VHMHUFLFLR\ ,VKRXOGGRPRUHH[HUFLVHDQG
HOORVWDPELÃQ VRVKRXOGWKH\
7XFRFKHHVD]XO\HOPÇR <RXUFDUoVEOXHDQGVRLVPLQH
WDPELÃQ
3XVKFKDLU6LOOLWDGHSDVHR
'XPP\&KXSHWH
1DSS\3DËDO
%LE%DEHUR
%RRWLHV3DWXFRV
9RFDEXODULR%DE\%HEÃ
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpGRZQq 7R(QMR\
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
+D\XQDIDOWDGHHQWXVLDVPR 7KHUHoVDODFNRIHQWKXVLDVPLQ
3DUHFHFRPRVLKXELHUDVYLVWR <RXORRNDVLI\RXoYHVHHQD
HQHVWDHPSUHVD WKLVFRPSDQ\ XQIDQWDVPD JKRVW
'HYXÃOYHPHORDKRUD *LYHLWEDFNWRPHQRZ 4XÃDVSHFWRWLHQHGHVSXÃVGH :KDWGRHVVKHORRNOLNHDIWHU
7HQGUHPRVTXHFRQYRFDUXQD :HoOOKDYHWRFDOODPHHWLQJWR
ODFLUXJÇD" WKHVXUJHU\"
UHXQLÍQSDUDKDEODUGHHVWH WDONDERXWWKDWVXEMHFW 7HSDUHFHVDWXSDGUH <RXORRNOLNH\RXUIDWKHU
WHPD IÇVLFDPHQWH
9DPRVDOOHJDUDOOÇDQWHVSDUD /HWoVJHWWKHUHHDUO\VRWKDWZH
£OVHSDUHFHDVXPDGUHIRUPD+HWDNHVDIWHUKLVPRWKHU
FRQVHJXLUEXHQRVDVLHQWRV FDQJHWJRRGVHDWV GHVHU
1RKDKDELGRTXHMDVKDVWDOD 7KHUHKDYHQoWEHHQDQ\
3DUHFÇDGLVIUXWDUGHOFRQFLHUWR +HVHHPHGWRHQMR\WKHFRQFHUW
IHFKD FRPSODLQWVVRIDU
&ORZQ3D\DVR
7UDSH]H7UDSHFLR
7LJKWURSH&XHUGD)ORMD
9RFDEXODULR&LUFXV&LUFR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpDZD\q 7R0LVV
6LJQLîFDpSHUGHUqHQHOVHQWLGRGHpQRFRJHU
7KLVKHDGDFKHZRQoWJRDZD\ 6WD\DZD\IURPP\JLUOIULHQG QRYHUQRRÇUQRPDUFDUQRDSURYHFKDUq
(VWHGRORUGHFDEH]DQRVHYD 1RWHDFHUTXHVDPLQRYLD
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
*HWDZD\IURPWKHïDPHV 7KHEXWWHUï\ïHZDZD\
3HUGLÍXQDRSRUWXQLGDGGHRUR
$OÃMDWHGHODOODPDV /DPDULSRVDVHIXHYRODQGR
/RVLHQWRQRRÇORTXHPHGLMLVWH
3HUGÇHODXWREÔVDVÇTXHWXYHTXHFRJHUXQ
7DNHKLPDZD\ +HURGHDZD\LQWRWKHVXQVHW WD[L
/OÃYHVHOR 6HDOHMÍDFDEDOORKDFLDODSXHVWDGHVRO
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6XIî[HVpfPHQWq
$EDQGRQPHQW DEDQGRQR $VWRQLVKPHQW DVRPEUR (QFRXUDJHPHQW »QLPR
$FFRPSOLVKPHQW ORJUR %DVHPHQW VÍWDQR (QIRUFHPHQW FXPSOLPLHQWR
$FKLHYHPHQW ORJUR &RPPDQGPHQW PDQGDPLHQWR (QJDJHPHQW QRYLD]JR
$FNQRZOHGJHPHQW UHFRQRFLPLHQWR &RPPLWPHQW FRPSURPLVR (QMR\PHQW SODFHUGLVIUXWH
$GMRXUQPHQW VXVSHQVLÍQUHXQLÍQ &RPSDUWPHQW FRPSDUWLPHQWR (QULFKPHQW HQULTXHFLPLHQWR
$GYDQFHPHQW SURJUHVR &RPSOHPHQW FRPSOHPHQWR (QODUJHPHQW DPSOLDFLÍQ
$GYHUWLVHPHQW DQXQFLRSXEOLFLWDULR &RPSOLPHQW FXPSOLGR (QUROPHQW PDWUÇFXOD
$JUHHPHQW DFXHUGR &RQGLPHQW FRQGLPHQWR (QWHUWDLQPHQW HQWUHWHQLPLHQWR
$LOPHQW GROHQFLD &RQîQHPHQW UHFOXVLÍQ (TXLSPHQW HTXLSR
$OLJQPHQW DOLQHDFLÍQ 'HSDUWPHQW GHSDUWDPHQWR (QYLURQPHQW HQWRUQR
$PD]HPHQW DVRPEUR 'HSOR\PHQW GHVSOLHJXH ([FLWHPHQW HPRFLÍQ
$PHQGPHQW HQPLHQGD 'HWULPHQW GHWULPHQWR ([SHULPHQW H[SHULPHQWR
$QQXOPHQW DQXODFLÍQ 'HYHORSPHQW GHVDUUROOR )HUPHQW IHUPHQWR
$SDUWPHQW DSDUWDPHQWR 'LVDJUHHPHQW GHVDFXHUGR )UDJPHQW IUDJPHQWR
$SSRLQWPHQW QRPEUDPLHQWRFLWD 'LVDSSRLQWPHQW GHFHSFLÍQ )XOîOPHQW FXPSOLPLHQWR
$UJXPHQW GLVFXVLÍQ 'LVDUPDPHQW GHVDUPH *RYHUQPHQW JRELHUQR
$UPDPHQW DUPDPHQWR 'LVEXUVHPHQW GHVHPEROVR ,PSHGLPHQW LPSHGLPHQWR
$UUDQJHPHQW DUUHJOR 'RFXPHQW GRFXPHQWR ,PSOHPHQW SRQHUHQSU»FWLFD
$VVHVVPHQW HYDOXDFLÍQ (PEDQNPHQW WHUUDSOÃQ ,PSURYHPHQW PHMRUD
$VVLJQPHQW HQFDUJR (OHPHQW HOHPHQWR ,QVWDOPHQW SOD]RGHSDJR
$VVRUWPHQW VXUWLGR (PERGLPHQW SHUVRQLîFDFLÍQ ,QVWUXPHQW LQVWUXPHQWR
DWWDFKPHQW DFRSODPLHQWR (PSOR\PHQW HPSOHR ,QYHVWPHQW LQYHUVLÍQ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RPHPROHVWHVP»VFRQHVWDVFRVDV6LQRWHSXHGHVHQFDUJDU 'RQoWERWKHUPHZLWKWKHVHWKLQJVDQ\PRUH,I\RXFDQoWKDQGOH
GH SHTXHËRV SUREOHPDV FRPR ÃVWRV TXÃ YDV D KDFHU FXDQGR OLWWOHSUREOHPVOLNHWKHVHZKDWDUH\RXJRLQJWRGRZKHQWKHELJ
OOHJXHQORVSUREOHPDVJUDQGHV"7HFRQWUDWÃSDUDSHUPLWLUPHKD SUREOHPVFRPHDORQJ",KLUHG\RXWRIUHHPHXSWRGRWKHPRUH
FHUFRVDVP»VLPSRUWDQWHVSDUDHOQHJRFLR(QRWUDVSDODEUDVWH LPSRUWDQWWKLQJVIRUWKHEXVLQHVV,QRWKHUZRUGV,KLUHG\RXWR
FRQWUDWÃ SDUD UHVROYHU ORV SHTXHËRV SUREOHPDV \ GHMDUPH D PÇ VROYHWKHOLWWOHSUREOHPVDQGOHDYHWKHELJRQHVWRPH,I\RXHQG
ORV JUDQGHV 6L WHUPLQDV WUD\ÃQGRPH FDGD SHTXHËR SUREOHPD XS EULQJLQJ HYHU\ RWKHU OLWWOH SUREOHP EDFN WR PH WKHQ , GRQoW
HQWRQFHVQRPHVLUYHVSDUDPXFKRYHUGDG" KDYHPXFKXVHIRU\RXGR,"
(VWLPDGR DPLJR \ DOXPQR $EDMR WLHQHV GRV FROXPQDV XQD HQ HVSDËRO \ RWUD HQ PL LGLRPD 7DSD 0»VSDODEUDVLQJOHVDV
ODFROXPQDHQLQJOÃVFRQODPDQRRFRQXQSDSHO\WUDWDGHGHFLUHQYR]DOWD\HQLQJOÃVODVIUDVHV GHUDÇ]ODWLQD
HQHVSDËRO'HVSXÃVYHEDMDQGRODPDQRRHOSDSHOSDUDFRPSUREDUORVDFLHUWRV$TXÃHVXQEXHQ 'HGXFW 'HîQLWLYH
HMHUFLFLRGHDJLOLGDGRUDOJUDPDWLFDO",PDJLQDKDFHUHVWRPLQXWRVDOGÇDGXUDQWHGÇDVDODËR 'HGXFWLRQ 'HïDWLRQ
1RFUHHVTXHJDQDUÇDVHQDJLOLGDG\SUHFLVLÍQ"$TXÇHQ9DXJKDQWHQHPRVOLEURVFRQP»VGH 'HIDPDWLRQ 'HIRUP
IUDVHVFRPRÃVWDV5HFXHUGDPLQXWRVDOGÇD$JLOLGDGJUDPDWLFDO 5LFKDUG9DXJKDQ 'HIHFW 'HIRUPDWLRQ
'HIHFWLYH 'HIRUPHG
&X»QWRVHWDUGD" +RZORQJGRHVLWWDNH" 'HIHQFH 'HIRUPLW\
$HOODQROHJXVWDKDFHUOR 6KHGRHVQ·WOLNHWRGRLW 'HIHQG 'HJHQHUDWH
3RUTXÃQRHVW»SUHSDUDGR" :K\LVQ·WLWSUHSDUHG" 'HIHUHQFH 'HJHQHUDWLRQ
1RVGLHURQXQDVHJXQGDRSRUWXQLGDG 7KH\JDYHXVDVHFRQGFKDQFH 'HIHUHQWLDO 'HJUDGLQJ
1RORSXHGROHYDQWDU ,FDQ·WOLIWLW 'HîFLHQF\ 'HJUDGH
4XÃVLJQLîFDHVWDSDODEUD" :KDWGRHVWKLVZRUGPHDQ" 'HîFLHQW 'HJUHH
&ÍPRVHHVFULEH" +RZGR\RXVSHOOLW" 'HîFLW 'HKXPDQL]H
1RWHSRQJDVQHUYLRVR 'RQ·WJHWQHUYRXV 'HîQH 'HK\GUDWH
+DKDELGRXQPDOHQWHQGLGR 7KHUH·VEHHQDPLVXQGHUVWDQGLQJ 'HîQLWH 'HK\GUDWLRQ
6HKDFHWDUGH ,W·VJHWWLQJODWH 'HîQLWHO\ 'HOHJDWH
'HîQLWLRQ 'HOHJDWLRQ
(VHOVHËRUFX\RKLMRHVSROÇWLFR +H·VWKHPDQZKRVHVRQLVDSROLWLFLDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
7RPDWR7RPDWH
2QLRQ&HEROOD
7XQD$WÔQ
9RFDEXODULR6DODG(QVDODGD
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
7LHQHVTXHVHUP»VIUDQFRFRQ <RXQHHGWREHPRUHVWUDLJKW
(VGXURFRPRXQDURFD +HoVDVKDUGDVQDLOV
ODJHQWH IRUZDUGZLWKSHRSOH (VW»P»VVRUGDTXHXQDWDSLD 6KHoVDVGHDIDVDSRVW
(VXQDWDUHDTXHUHTXLHUH ,WoVDYHU\WLPHFRQVXPLQJ
(VFRVHU\FDQWDU ,WoVDVHDV\DVSLH
PXFKRWLHPSR WDVN (VWDEDYRODGR +HZDVDVKLJKDVDNLWH
(VXQDQRWLFLDWUDQTXLOL]DGRUD 7KDWoVDUHDVVXULQJSLHFHRI 0LVHYDFXDFLRQHVVRQFRPR 0\PRYHPHQWVDUHDVUHJXODU
QHZV XQUHORM DVFORFNZRUN
(VWHFDORUHVDJRELDQWH 7KLVKHDWLVRYHUZKHOPLQJ
6ÍORXQDGHFDGDGLH]SHUVRQDV2QO\RQHLQWHQSHRSOHDUHOHIW
HV]XUGD KDQGHG
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
7R0LVV
3KUDVDOYHUEVZLWKpDZD\q 7DPELÃQVLJQLîFDpDËRUDUqRpHFKDUGH
PHQRVq&XDQGROHVLJXHXQYHUERÃVWH
7KH\VKXWKLPDZD\LQDQDV\OXP +HEURNHDZD\IURPWKHSDFNDQGWRRN VLHPSUHVHH[SUHVDHQJHUXQGLR
/HHQFHUUDURQHQXQDVLOR WKHOHDG
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
'HMÍDWU»VDOSHORWÍQ\DVXPLÍHOPDQGR
IUDVHVHQLQJOÃV"
+HJRWLQWKHFDUDQGGURYHDZD\
3HWHUHFKDPXFKRGHPHQRVDVXORUR
6HPHWLÍHQHOFRFKH\VHIXH ,GURSSHGWKHELOODQGLWEOHZDZD\
(FKDVGHPHQRVHOKXPRULQJOÃV"
6HPHFD\ÍHOELOOHWH\HOYLHQWRVHOROOHYÍ
(FKRGHPHQRVGDUSDVHRVDORODUJRGHOD
.HHSDZD\IURPSHRSOHOLNHKLP
RULOODGHOPDU
0DQWÃQWHDOHMDGRGHJHQWHFRPRÃO :HoYHGRQHDZD\ZLWKFHUWDLQSULYLOHJHV
+HPRVVXSULPLGRFLHUWRVSULYLOHJLRV ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6XIî[HVpfPHQWq
,QYROYHPHQW LPSOLFDFLÍQ 5HIUHVKPHQW UHIULJHULR
-XGJPHQW MXLFLR 5HJLPHQW UHJLPLHQWR
/DPHQW ODPHQWDU 5HLPEXUVHPHQW UHHPEROVR
/LJDPHQW OLJDPHQWR 5HLQIRUFHPHQW UHIXHU]R
0DQDJHPHQW JHVWLÍQ 5HLQVWDWHPHQW UHLQFRUSRUDFLÍQDXQSXHVWR
0HDVXUHPHQW PHGLFLÍQ 5HSODFHPHQW VXVWLWXFLÍQ
0LVPDQDJHPHQW PDODJHVWLÍQ 5HTXLUHPHQW UHTXLVLWR
0LVWUHDWPHQW PDORVWUDWRV 5HVHQWPHQW UHVHQWLPLHQWR
0RQXPHQW PRQXPHQWR 5HWLUHPHQW MXELODFLÍQ
0RYHPHQW PRYLPLHQWR 5XGLPHQW UXGLPHQWR
1RXULVKPHQW DOLPHQWR 6DFUDPHQW VDFUDPHQWR
2LQWPHQW XQJÖHQWR 6HGLPHQW VHGLPHQWR
2UQDPHQW DGRUQR 6HJPHQW VHJPHQWR
3DUFKPHQW SHUPDJLQR 6HQWLPHQW VHQWLURSLQLÍQ
3DUOLDPHQW SDUODPHQWR 6HWWOHPHQW OLTXLGDFLÍQFRORQLD
3D\PHQW SDJR 6KLSPHQW HQYÇR
3ODFHPHQW FRORFDFLÍQ 6WDWHPHQW GHFODUDFLÍQDîUPDFLÍQ
3RVWSRQHPHQW DSOD]DPLHQWR 6XSSOHPHQW VXSOHPHQWR
3UHGLFDPHQW DSXURDSULHWR 7HPSHUDPHQW WHPSHUDPHQWR
3URFXUHPHQW DGTXLVLFLÍQREWHQFLÍQ 7HVWDPHQW WHVWDPHQWR
3XQLVKPHQW FDVWLJR 7UHDWPHQW WUDWDPLHQWR
5HFUXLWPHQW UHFOXWDPLHQWR 8QHPSOR\PHQW GHVHPSOHR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1R FUHHV TXH \D HV KRUD GH DVHQWDUWH \ HPSH]DU D KDFHU DOJR 'RQoW \RX WKLQN LWoV DERXW WLPH \RX VHWWOHG GRZQ DQG VWDUWHG
FRQVWUXFWLYRFRQWXYLGD"1RPHLPSRUWDTXHWHWRPHVXQRVDËRV GRLQJ VRPHWKLQJ FRQVWUXFWLYH ZLWK \RXU OLIH" , GRQoW PLQG \RX
SDUD YHU PXQGR SHUR WLHQHV DËRV \ KDV OOHJDGR D XQ SXQWR JRLQJRIIIRUDIHZ\HDUVWRVHHWKHZRUOGEXW\RXoUH\HDUVROG
HQHOTXHODYLGDQÍPDGD\DQRHVXQDH[SHULHQFLDHGXFDWLYD/D QRZDQG\RXoYHUHDFKHGDSRLQWLQZKLFK\RXUQRPDGLFZD\RIOLIH
PD\RUÇDGHODJHQWHGHWXHGDGHVW»FDVDGD\FULDQGRDVXVKLMRV LVQRWDQHGXFDWLRQDOH[SHULHQFHDQ\PRUH0RVWSHRSOH\RXUDJH
RDYDQ]DQGRHQVXGHVDUUROORSURIHVLRQDO&X»OHVVRQWXVSODQHV DUH PDUULHG DQG UDLVLQJ NLGV RU PRYLQJ DORQJ WKHLU FDUHHU SDWK
SDUDORVSUÍ[LPRVRDËRV" :KDWDUH\RXUSODQVIRUWKHQH[WWR\HDUV"
(VWLPDGRDPLJR\DOXPQR$EDMRDODL]TXLHUGDWHQHPRVDXQDQLËDSURGLJLRDVSLUDQWHDVHUDOJÔQGÇD
0»VSDODEUDVLQJOHVDV
ODSULPHUDPXMHUMXJDGRUDGH3ULPHUD'LYLVLÍQ$ODGHUHFKDWHQHPRVDXQFXUWLGRSURIHVLRQDO$PERV
GHUDÇ]ODWLQD
WLHQHQDOJRHQFRPÔQ$PERVGHGLFDQORVSULPHURVPLQXWRVGHFDGDVHVLÍQGHHQWUHQDPLHQWRD
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
&X»QWRVDËRVWLHQHQWXV +RZROGDUH\RXUJUDQGSDUHQWV"
9XHOYHDOODPDUOHVP»VWDUGH &DOOWKHPEDFNODWHU
DEXHORV" &X»QGRYROYHUHPRVDYHUQRV" :KHQZLOOZHVHHHDFKRWKHU
&X»QWRVDËRVWHQÇDVFXDQGR +RZROGZHUHZKHQ\RXFDPH
DJDLQ"
YLQLVWHD(VSDËD" WR6SDLQ" 1RYXHOYDVDSHJDUPHMDP»V 'RQoWHYHUKLWPHDJDLQ
&X»QWRVDËRVWHQÇDQWXV +RZROGZHUH\RXUSDUHQWV
0HKHYXHOWRDHTXLYRFDU ,oYHPDGHDPLVWDNHDJDLQ
SDGUHVFXDQGRVHFDVDURQ" ZKHQWKH\JRWPDUULHG" 1RORKDUÃQXQFDP»V ,ZRQoWGRLWHYHUDJDLQ
&X»QWRVDËRVWHQGU»VFXDQGR+RZROGZLOO\RXEHZKHQ\RX
WHMXELOHV" UHWLUH"
7LHQHVP»VDËRVTXHWX $UH\RXROGHUWKDQ\RXU
KHUPDQR" EURWKHU"
$QNOH7RELOOR
+HHO7DOÍQ
7RH'HGR
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpDZD\q 0DNH\RXUPLQGXS
6LJQLîFDpGHFLGLUVHq\VHSXHGHGHFLUWDQWR
7KHJXDUGVOHGWKHSULVRQHUDZD\ 7KHOLWWOHER\UDQDZD\IURPKRPH pWRPDNHXS\RXUPLQGqFRPRpWRPDNH\RXU
/RVJXDUGLDVVHOOHYDURQDOSULVLRQHUR (OQLËRKX\ÍGHVXIDPLOLD PLQGXSq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7KH\PDGHDZD\ZLWKWKHUDQVRP 'RQoWUXQDZD\
6HHVFDSDURQFRQHOUHVFDWH 1RWHYD\DVFRUULHQGR |'HFÇGHWH\D
+DGHFLGLGRUHQXQFLDUDVXSXHVWR
3HVFDGRRFDUQH"1RPHSXHGRGHFLGLU
3XWDZD\\RXUWR\V 6HQGKLPDZD\
*XDUGDWXVMXJXHWHV |2UGHQDSDUDTXHVHYD\D ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6XIî[HVpfLVWq
$FWLYLVW DFWLYLVWD )DVFLVW IDVFLVWD 2SSRUWXQLVW RSRUWXQLVWD
$ODUPLVW DODUPLVWD )HPLQLVW IHPLQLVWD 3DFLîVW SDFLîVWD
$OWUXLVW DOWUXLVWD )LQDOLVW îQDOLVWD 3DWKRORJLVW SDWÍORJR
$QWKURSRORJLVW DQWURSÍORJR *XLWDULVW JXLWDUULVWD 3HUFXVVLRQLVW SHUFXVLRQLVWD
$UVRQLVW SLUÍPDQR *\QHFKRORJLVW JLQHFÍORJR 3K\VLFLVW IÇVLFR
$UWLVW DUWLVWD +DLUVW\OLVW SHOXTXHURHVWLOLVWD 3LDQLVW SLDQLVWD
$WKHLVW DWHR +XPDQLVW KXPDQLVWD 3K\VLRWKHUDSLVW îVLRWHUDSHXWD
%LRORJLVW ELÍORJR -RXUQDOLVW SHULRGLVWD 3URWHFWLRQLVW SURWHFFLRQLVWD
&DSLWDOLVW FDSLWDOLVWD /HIWLVW L]TXLHUGLVWD 3V\FKLDWULVW SVLTXLDWUD
&DUGLRORJLVW FDUGLÍORJR /LQJXLVW OLQJÖLVWD 3V\FKRORJLVW SVLFÍORJR
&DUWRRQLVW FDULFDWXULVWD 0DVRFKLVW PDVRTXLVWD 3XULVW SXULVWD
&ROXPQLVW FROXPQLVWD 0DWHULDOLVW PDWHULDOLVWD 5DFLVW UDFLVWD
&RQIRUPLVW FRQIRUPLVWD 0HWHRURORJLVW PHWHRUÍORJR 5DSLVW YLRODGRU
&\FOLVW FLFOLVWD 0LOLWDULVW PLOLWDULVWD 5HDOLVW UHDOLVWD
'HQWLVW GHQWLVWD 0RGHUQLVW PRGHUQLVWD 6DGLVW V»GLFR
'HUPDWRORJLVW GHUPDWÍORJR 0RQDUFKLVW PRQ»UTXLFR 6FLHQWLVW FLHQWÇîFR
(FRQRPLVW HFRQRPLVWD 1HJDWLYLVW QHJDWLYLVWD 6HSDUDWLVW VHSDUDWLVWD
(FRORJLVW HFRORJLVWD 1HXURORJLVW QHXUÍORJR 6RFLDOLVW VRFLDOLVWD
(OLWLVW HOLWLVWD 1RQFRQIRUPLVW LQFRQIRUPLVWD 6SHFLDOLVW HVSHFLDOLVWD
([LVWHQWLDOLVW H[LVWHQFLDOLVWD 1RYHOLVW QRYHOLVWD 6WUDWHJLVW HVWUDWHJD
([KLELWLRQLVW H[KLELFLRQLVWD 1XGLVW QXGLVWD 7HUURULVW WHUURULVWD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1XQFD PDQGR IHOLFLWDFLRQHV GH 1DYLGDG (Q VX OXJDU VLHPSUH ,QHYHUVHQGRXW&KULVWPDVFDUGV,QVWHDG,DOZD\VEX\RYHU
FRPSURP»VGHSRVWDOHVGXUDQWHPLVYDFDFLRQHVGHYHUDQR SRVWFDUGVGXULQJP\VXPPHUYDFDWLRQDQGVHQGWKHPWRIULHQGV
\ VH ODV HQYÇR D PLV DPLJRV FROHJDV GHO WUDEDMR FOLHQWHV \ SUR EXVLQHVVFROOHDJXHVFXVWRPHUVDQGVXSSOLHUV7KH\DOZD\VVHHP
YHHGRUHV 6LHPSUH SDUHFHQ DSUHFLDU PLV SRVWDOHV GHVGH OXJDUHV WR DSSUHFLDWH P\ SRVWFDUGV IURP H[RWLF SODFHV DQG HYHQ UHDG
H[ÍWLFRVHLQFOXVROHHQPLQRWDHVFULWDDPDQRHQODTXHGHEUR P\ KDQGZULWWHQ QRWH LQ ZKLFK , MRNLQJO\ WU\ WR PDNH WKHP
PD LQWHQWR TXH PH HQYLGLHQ (VWR\ VHJXUR GH TXH ODV SRVWDOHV IHHOHQYLRXV,oPVXUHWKDWVXPPHUWLPHSRVWFDUGVJHWDORWPRUH
YHUDQLHJDVFDSWDQPXFKDP»VDWHQFLÍQ\VHDFHSWDQPHMRUTXH DWWHQWLRQDQGDUHEHWWHUUHFHLYHGWKDQ&KULVWPDVFDUGVZKHUH,oP
ODV IHOLFLWDFLRQHV QDYLGHËDV GRQGH VR\ XQD FDUWD P»V GH HQWUH MXVWRQHPRUHFDUGRXWRIKXQGUHGVWKH\UHFHLYH
FLHQWDVTXHUHFLEHQ
0»VSDODEUDVLQJOHVDV
(VWLPDGRDPLJR\DOXPQR(VWDEDLODULQDVHOODPD(NDWHULQD0D[LPRYD GHUDÇ]ODWLQD
6H FXHQWD HQWUH ODV PHMRUHV GHO VLJOR ;; 6X UHJLVWUR DUWÇVWLFR HV WRWDO H 'HQLJUDWH 'HSRSXODWH
LQFOX\HSDSHOHVGHVHQIDGDGRVDOHJUHV\FÍPLFRV6XGRPLQLRHWÃFQLFR 'HQRPLQDWLRQ 'HSRSXODWLRQ
HV SHUIHFWR IUXWR GH PLOHV GH KRUDV HQ OD EDUUD GH EDOOHW GHODQWH GHO 'HQRPLQDWRU 'HSRUW
HVSHMR3RVHHORTXHOODPDQpXQDOÇQHDOÇPSLDqXQLQFUHÇEOHMXHJRGHSLHV 'HQRXQFH 'HSRUWDWLRQ
\ OD FDSDFLGDG SDUD LPSULPLU SDVLÍQ \ GUDPD HQ ORV PRYLPLHQWRV P»V 'HQVH 'HSRVLW
PLQÔVFXORV&XDQGROHSUHJXQWDQHOVHFUHWRGHVXÃ[LWRVLHPSUHGLFHOR 'HQVLW\ 'HSUHFLDWH
PLVPR PLOHV GH KRUDV SHUIHFFLRQDQGR VX WÃFQLFD p0XFKDV EDLODULQDV 'HQWDO 'HSUHFLDWLRQ
SRVHHQ JDUER \ HOHJDQFLD HQ ORV PRYLPLHQWRV SHUR PX\ SRFDV WLHQHQ 'HQWLVW 'HSUHVVLRQ
OD GLVFLSOLQD QHFHVDULD FRPR SDUD EULOODU HQ ORV DVSHFWRV HVWULFWDPHQWH 'HRGRUDQW 'HSUHVVLYH
WÃFQLFRV /D TXH IXVLRQD ODV GRV FRVDV HV OD TXH îQDOPHQWH WULXQIDq (O 'HSDUWPHQW 'HSUHVVXUL]H
GRPLQLRGHXQVHJXQGRLGLRPDH[LJHORPLVPR8QRQRSXHGHH[SUHVDUVH 'HSDUWPHQWDO 'HULYDWLRQ
'HSHQG 'HULYDWLYH
FRQHîFDFLD\DSORPRVLQRWLHQHXQVÍOLGRGRPLQLRGHORVDVSHFWRVWÃFQLFRV\HVWRVDVSHFWRVVRQOD
'HSHQGHQFH 'HULYH
JUDP»WLFDE»VLFDTXH\DYLVWHHQORVOLEURV\HQORVQLYHOHVSULQFLSLDQWH\SUHLQWHUPHGLR
'HSORUDEOH 'HUPDWLWLV
5LFKDUG9DXJKDQ 'HSORUH 'HUPDWRORJ\
'HSROLWLFL]H 'HUPDWRORJLVW
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
5DLQERZ$UFRLULV
/LJKWQLQJ5D\RV
+DLO*UDQL]R
9RFDEXODULR:HDWKHU7LHPSR
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDO9HUE7R*HW$W
3KUDVDOYHUEVZLWKpDZD\q
6LJQLîFDpTXHUHUGHFLUqRpLQVLQXDUq6HHPSOHD
VREUHWRGRFXDQGRKD\XQDGXGDUHVSHFWRDOR
7KH\VWROHDZD\LQWRWKHQLJKW ,ZDVFDOOHGDZD\IURPWKHPHHWLQJ
TXHDOJXLHQTXLHUHGHFLU
6HIXHURQVLJLORVDPHQWHHQODQRFKH 0HOODPDURQSDUDTXHVDOLHUDGHODUHXQLÍQ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7KURZWKDWDZD\ 'RQoWJHWFDUULHGDZD\
4XLHUHVGHFLUDOJRHQSDUWLFXODU"
7LUDHVR 1RWHSDVHVFRQORHPRWLYRGHODVXQWR (VRHVH[DFWDPHQWHORTXHTXLHURGHFLU
7RGDYÇDQRKDVFRPSUHQGLGRORTXHTXLHUR
,oPJRLQJWRZLQKHUDZD\IURPKLP 7KHOHWWHUVKDYHZRUQDZD\ GHFLU"
6HODYR\DJDQDUDÃOVXQRYLD /DVOHWUDVKDQGHVDSDUHFLGRSRUHURVLÍQ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
9HUERVTXHWHUPLQDQHQpHQq HVWDVIUDVHV
&LHUWRVDGMHWLYRV\VXVWDQWLYRVVHFRQYLHUWHQDXWRP»WLFDPHQWHHQYHUERVDODËDGLUOHVODVÇODEDpHQq7HPRVWUDPRVDTXÇ
XQDOLVWDFRQPXFKRVGHHOORVDOJXQRVPX\LPSRUWDQWHV
$ZDNH GHVSLHUWR 7RDZDNHQ GHVSHUWDU 0RLVW KÔPHGR 7RPRLVWHQ KXPHGHFHU
%ODFN QHJUR 7REODFNHQ HQQHJUHFHU 4XLFN U»SLGR 7RTXLFNHQ DFHOHUDU
%ULJKW EULOODQWH 7REULJKWHQ LOXPLQDUP»V 5LSH PDGXUR 7RULSHQ PDGXUDU
%URDG DPSOLR 7REURDGHQ DPSOLDU 6DG WULVWH 7RVDGGHQ HQWULVWHFHU
&KHDS EDUDWR 7RFKHDSHQ TXLWDUOHYDORU 6KDUS DîODGR 7RVKDUSHQ DîODU
&KULVW -HVXFULVWR 7RFKULVWHQ EDXWL]DU 6KRUW FRUWR 7RVKRUWHQ DFRUWDU
'DPS KÔPHGR 7RGDPSHQ KXPHGHFHU 6LFN HQIHUPR 7RVLFNHQ GDUUDELD
'DUN RVFXUR 7RGDUNHQ RVFXUHFHU 6RIW EODQGR 7RVRIWHQ DEODQGDU
'HDG PXHUWR 7RGHDGHQ DPRUWLJXDU 6WUDLJKW UHFWR 7RVWUDLJKWHQ HQGHUH]DU
'HDI VRUGR 7RGHDIHQ HQVRUGHFHU 6WUHQJWK IXHU]D 7RVWUHQJWKHQ UHIRU]DU
)ODW SODQROODQR 7RïDWWHQ DSODQDU 6ZHHW GXOFH 7RVZHHWHQ HQGXO]DU
)UHVK IUHVFR 7RIUHVKHQ UHIUHVFDU 7KLFN HVSHVR 7RWKLFNHQ HVSHVDU
+DUG GXUR 7RKDUGHQ HQGXUHFHU 7KUHDW DPHQD]D 7RWKUHDWHQ DPHQD]DU
+DVWH SULVD 7RKDVWHQ DSUHVXUDUVH 7LJKW DSUHWDGR 7RWLJKWHQ DSUHWDU
/HQJWK ORQJLWXG 7ROHQJWKHQ DODUJDU 7RXJK GXUR 7RWRXJKHQ HQGXUHFHU
/HVV PHQRV 7ROHVVHQ GLVPLQXLU :HDN GÃELO 7RZHDNHQ GHELOLWDU
/LNH VLPLODUD 7ROLNHQ FRPSDUDUDOJR :KLWH EODQFR 7RZKLWHQ EODQTXHDU
/RRVH ïRMR 7RORRVHQ DïRMDU :LGH DQFKR 7RZLGHQ HQVDQFKDU
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&KDUOHVHVHODQWURSÍORJRP»VIDPRVRGH(VWDGRV8QLGRV/RFX &KDUOHV LV WKH PRVW IDPRXV DQWKURSRORJLVW LQ WKH 8QLWHG 6WDWHV
ULRVRGHVXFDVRHVTXHDGPLWHTXHQLVLTXLHUDVDEÇDORTXHHUDOD :KDWoVVWUDQJHDERXWKLVFDVHLVWKDWKHDGPLWVKHGLGQoWHYHQNQRZ
$QWURSRORJÇDFXDQGRHQWUÍHQOD8QLYHUVLGDG7HQÇDTXHKDFHUXQ ZKDWDQWKURSRORJ\ZDVZKHQKHîUVWZHQWWRWKHXQLYHUVLW\+H
FXUVR HQ &LHQFLDV 6RFLDOHV \ HOLJLÍ $QWURSRORJÇD 5HVXOWÍ TXH DO KDGWRWDNHDFRXUVHLQVRFLDOVFLHQFHDQGKHFKRVHDQWKURSRORJ\
SURIHVRUOHDSDVLRQDEDVXWUDEDMR\IXHFDSD]GHWUDQVPLWLUHVWD ,W WXUQV RXW WKH SURIHVVRU ORYHG KLV SURIHVVLRQ DQG ZDV DEOH WR
SDVLÍQ D VXV DOXPQRV &KDUOHV FDPELÍ VX SODQ GH FDUUHUD HQ HO FRQYH\KLVORYHWRRWKHUV&KDUOHVFKDQJHGKLVGHJUHHSODQLQWKH
SULPHUPHV\GHVGHHQWRQFHVHVWXGLÍ$QWURSRORJÇD îUVWPRQWKDQGVWXGLHGDQWKURSRORJ\IURPWKHQRQ
(VWLPDGRDPLJR\DOXPQR2WUDYH]WHRIUH]FRXQSRHPDSHURHQÃVWHWLURSLHGUDVVREUHPLSURSLR 0»VSDODEUDVLQJOHVDV
WHMDGRSXHVWRTXHHVWR\KDFLHQGRXQDFUÇWLFDDYHFHVGLUHFWD\DYHFHVYHODGDGHORVFROHFFLRQDEOHV GHUDÇ]ODWLQD
SDUDDSUHQGHULQJOÃV(QODVSULPHUDVHVWURIDVYHU»V 'HVFHQG 'HVSRW
(QEXVFDGHOLQJOÃV TXH WUDWD VREUH DOJXLHQ TXH FUHH TXH DOJÔQ GÇD 'HVFHQGHQW 'HVSRWLF
GDU» FRQ XQ PÃWRGR PLODJURVR FDSD] GH GRWDUOH GH 'HVFULEH 'HVSRWLVP
7LHQHTXHHVWDUDODYXHOWDGHODHVTXLQD
LQJOÃVVLQKDFHUQLQJÔQHVIXHU]R3RUWDQWRQRHVWR\ 'HVFULSWLRQ 'HVWDELOL]H
7LHQHTXHHVWDUFRQVRQULVDGHVSOHJDGD
'HVFULSWLYH 'HVWLQDWLRQ
$OOÇHVWDU»HQVXIRUPDJHQXLQD FULWLFDQGR GHO WRGR HO FRQFHSWR GHO FROHFFLRQDEOH
'HVHFUDWH 'HVWLQ\
(OLQJOÃVTXHQHFHVLWRHVSHUDQGRPLOOHJDGD VLQRHQVHË»QGRWHTXÃHVORTXHQRGHEHVHVSHUDUGHO
'HVHFUDWLRQ 'HVWUR\
/RVIDVFÇFXORVTXHDQXQFLDQDERPER\SODWLOOR PLVPR&XDQGRODJHQWHPHSUHJXQWDVREUHPÃWRGRV 'HVHUW 'HVWUXFWLRQ
&DGDPHGLDKRUDHQODWHOHYLVLÍQ VLHPSUH OHV GLJR TXH WRGRV YDOHQ VL HO DOXPQR OHV 'HVHUWHU 'HVWUXFWLYH
0HUHVROYHU»QHOSUREOHPDFRPRDOGHGRHODQLOOR" GHGLFDKRUDVGHHVWXGLRUHDO(VWRHVYHUGDGHQ 'HVHUWLîFDWLRQ 'HWDLO
0HGDU»HOLQJOÃVVLQGRORUQLLQFLVLÍQ" SDUWH$OJXQRVPÃWRGRVVRQWDQDEXUULGRVRWDQSRFR 'HVHUWLRQ 'HWHFW
7LHQHTXHHVWDUDODYXHOWDGHODHVTXLQD SURIHVLRQDOHV TXH HV KDUWDPHQWH GLIÇFLO FRQVHJXLU 'HVLJQDWH 'HWHFWLYH
/DIÍUPXODP»JLFDTXHEXVFRVLQSDUDU TXHHODOXPQRVHDQLPH\HVIXHUFH(OQXHVWURQR3RU 'HVLJQDWLRQ 'HWHFWRU
6LHOLQJOÃVQRDSUHQGRVHU»PLUXLQD OR WDQWR OHH HO SRHPD VREUH HO LOXVR GH WXUQR SHUR 'HVLVW 'HWHQWLRQ
$VÇTXHYHQJDEXHQLQJOÃVWHTXLHURGHFODUDU GHVSXÃVHVWXGLDHVWHFROHFFLRQDEOHKDVWDUHYHQWDU 'HVRODWH 'HWHUJHQW
'HVRODWLRQ 'HWHULRUDWH
7REHFRQWLQXHG 5LFKDUG9DXJKDQ
'HVSHUDWLRQ 'HWHULRUDWLRQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
8QDKDELWDFLÍQSDUDHVWD $URRPIRUWKHQLJKWSOHDVH
3XHGRYHUODKDELWDFLÍQ" &DQ,VHHWKHURRP"
QRFKHSRUIDYRU &X»QWDVKDELWDFLRQHVKD\HQ +RZPDQ\URRPVDUHWKHUHLQ
&X»QWRFXHVWDSRUQRFKH" +RZPXFKLVLWSHUQLJKW" HVWHKRWHO" WKLVKRWHO"
8QDKDELWDFLÍQLQGLYLGXDOR $VLQJOHURRPRUDGRXEOH
(VW»LQFOXLGRHOGHVD\XQR" ,VEUHDNIDVWLQFOXGHG"
GREOH" URRP" 7LHQHVDOJRP»VEDUDWR" 'R\RXKDYHVRPHWKLQJFKHDSHU"
&X»OHVODGLIHUHQFLDHQHO :KDWLVWKHGLIIHUHQFHLQWKH
0HSXHGHGDUODOODYHSRU &DQ\RXJLYHPHWKHNH\
SUHFLR" SULFH" IDYRU" SOHDVH"
8QDKDELWDFLÍQGREOHFRQGXFKD$GRXEOHURRPZLWKVKRZHUIRU
SDUDWUHVQRFKHVSRUIDYRU WKUHHQLJKWVSOHDVH
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
%XPEOHEHH$EHMRUUR
4XHHQ%HH$EHMDUHLQD
+RQH\0LHO
9RFDEXODULR%HHKLYH&ROPHQD
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
3XHGRGHMDUHVWRHQODFDMD &RXOG,OHDYHWKLVLQWKHVDIH"
7HQÃLVVHUYLFLRGHODYDQGHUÇD" 'R\RXKDYHDODXQGU\VHUYLFH"
IXHUWH" 7HQJRPDQFKDVGHWLQWDHQHO ,KDYHLQNVWDLQVRQP\VKLUW
7HLPSRUWDVLWHSUHJXQWRTXÃHV"'R\RXPLQGLI,DVNZKDWLWLV" FXHOORGHPLFDPLVD FROODU
7HLPSRUWDUÇDVLWHGLMHUDTXHQR":RXOG\RXPLQGLI,VDLGpQRq" 1HFHVLWRTXHDOJXLHQSODQFKH ,QHHGVRPHERG\WRLURQP\
0HKDFHQKDFHUHVWDVSUHJXQWDV7KH\PDNHPHDVNWKHVH PLVSDQWDORQHV WURXVHUV
TXHVWLRQV 3RGUÇDGHVSHUWDUPHDODV &RXOG\RXZDNHPHXSDWHLJKW
7HORGLUÃVLPHGHMDVLQYLWDUWH ,oOOWHOO\RXLI\RXOHWPHWDNH RFKRSRUIDYRU" SOHDVH"
DFHQDU \RXRXWWRGLQQHU $TXÃKRUDKD\TXHGHMDU :KDWoVWKHFKHFNRXWWLPH"
OLEUHODKDELWDFLÍQ"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpDZD\q 3URQRPEUHV5HðH[LYRV
5HSRUWHGVSHHFK
$ODL]TXLHUGDWHQHPRVGRVGL»ORJRV\DODGHUHFKDVXVYHUVLRQHVHQXQHVWLORLQGLUHFWRQDUUDWLYR)ÇMDWHFÍPRFDPELDHOWLHPSRGHORVYHUERV
3UDFWLFDOH\HQGRHQYR]DOWDDPEDVYHUVLRQHVODGLUHFWD\ODLQGLUHFWDDîQGHDGTXLULUODPD\RUDJLOLGDGSRVLEOHFRQVXVIRUPDV\HVWUXFWXUDV
$QQD:LOO\RXEHDWWKHDLUSRUWWRSLFNPHXS" $QQD DVNHG .DUO LI KH ZRXOG SLFN KHU XS DW WKH DLUSRUW DQG .DUO
.DUO 7KHZKROHIDPLO\ZLOOEHWKHUH DQVZHUHG WKDW WKH ZKROH IDPLO\ ZRXOG EH WKHUH $QQD WROG KLP
$QQD<RXPDNHPHIHHOOLNHDIRUHLJQGLJQLWDU\ WKDWLWPDGHKHUIHHOOLNHDIRUHLJQGLJQLWDU\DQG.DUOUHSOLHGWKDWDOO
.DUO :HoUHDOOORRNLQJIRUZDUGWRVHHLQJ\RX RIWKHPZHUHORRNLQJIRUZDUGWRVHHLQJKHU$QQDDVNHGKLPLIKLV
$QQD%XWGR\RXUSDUHQWVUHPHPEHUPH" SDUHQWVUHPHPEHUHGKHUDQGKHDVVXUHGKHUWKDWWKH\GLGDQGWKDW
.DUO 2IFRXUVHWKH\GR<RXoUHWKHLUIDYRXULWHQLHFH VKHZDVLQIDFWWKHLUIDYRXULWHQLHFH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
'XUDQWHODJXHUUDGHHQWUH,QJODWHUUD\(VWDGRV8QLGRV6DP:LO 'XULQJWKH:DURIEHWZHHQ(QJODQGDQGWKH8QLWHG6WDWHV
VRQGHVGH1HZ+DPSVKLUHDEDVWHFLÍDO(MÃUFLWRDPHULFDQRGHFDUQH 6DP:LOVRQIURP1HZ+DPSVKLUHVXSSOLHGWKH$PHULFDQDUP\
GHUHV(QHVRVPRPHQWRVQRVHVROÇDFRQRFHUD$PÃULFDFRPRp(VWD ZLWKEHHI$PHULFDDWWKDWWLPHZDVQRWRIWHQUHIHUUHGWRDVWKH
GRV8QLGRVq86DVÇTXHFXDQGR6DPPDUFÍVXVEDUULOHVGHFDUQHFRQ p8QLWHG6WDWHVqVRZKHQ6DPPDUNHGKLVEDUUHOVRIDUP\PHDW
ODVLQLFLDOHV86HQJUDQGHQRWRGRHOPXQGRHVWDEDVHJXURGHORTXH ZLWKDELJp86qQRWHYHU\RQHZDVVXUHZKDWLWPHDQW:KHQD
VLJQLîFDEDQ&XDQGRXQLQVSHFWRUIHGHUDOSUHJXQWÍHOVLJQLîFDGRGH IHGHUDOLQVSHFWRUDVNHGDZDWFKPDQZK\p86qZDVPDUNHGRQ
ODVLQLFLDOHVPDUFDGDVHQORVEDUULOHVXQYLJLODQWHVXJLULÍp&UHRTXH WKHEDUUHOVWKHZDWFKPDQPDGHDJXHVVp,WKLQNLWPHDQV8QFOH
VLJQLîFD7ÇR6DPq8QFOH6DP'HHVWDPDQHUDQDFLÍXQDOH\HQGD 6DP7KXVZDVDOHJHQGPDGH
(VWLPDGRDPLJR\DOXPQR9DVDFRQYHUWLUPLPÃWRGRHQXQDGRUQRP»VGHWXELEOLRWHFD"+HHVWDGRHQPX 0»VSDODEUDVLQJOHVDV
FKDVFDVDVHQ(VSDËD\UHFXHUGRKDEHUYLVWRPXFKRVFROHFFLRQDEOHVGHLQJOÃVGHFRUDUXQDHVWDQWHUÇD\VLHPSUH GHUDÇ]ODWLQD
KHSUHJXQWDGRp3XGLVWHDSUHQGHUDOJRFRQHVWHPÃWRGR"q/DUHVSXHVWDVLHPSUHKDVLGRODPLVPDp/HGHGL 'HWHUPLQDQW 'HWULPHQW
TXÃXQRVPLQXWRVHQWRWDOq3XHVVLDOîQDOXVDVHVWHPÃWRGR 'HWHUPLQDWLRQ 'HYDOXDWLRQ
/RZ%HJLQQHU +LJK%HJLQQHU
+HDUVH&RFKHIÔQHEUH
8QGHUWDNHU'LUHFWRUGHIXQHUDULD
&RUSVH&DG»YHU
0RXUQHU'ROLHQWH
&RIîQ$WDÔG
9RFDEXODULR'HDWK/DPXHUWH
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDZD\q (DFK2WKHU
$ORODUJRGHPLFDUUHUDSURIHVLRQDOKHLPSDUWLGRIRUPDFLÍQDGL WDPELÃQVHKDFHDVÇ6HGLFHHOOXQHVGÇDfHOMXHYHVGÇDfHO
UHFWLYRV\SHUVRQDOGHHPSUHVDGHWRGRVORVQLYHOHVGHVGHSULQ PDUWHVGÇDHWF(QLQJOÃVKDFHPRVORPLVPRSHURXWLOL]DPRV
FLSLDQWHV KDVWD FDVL ELOLQJÖHV 3HUR FXULRVDPHQWH QR UHFXHUGR ORVQÔPHURVRUGLQDOHVSULPHURVHJXQGRWHUFHURHWF'HEDMRGH
DQLQJXQRTXHKD\DVDELGRPDQHMDUODVIHFKDVHQLQJOÃV(QXQ HVWDVOÇQHDVWHLQFOX\RXQPHVHQWHUR\WHUHFRPLHQGRTXHXQD
FRQWH[WRSURIHVLRQDOODIRUPDP»VFRUUHFWD\FRPÔQGHH[SUHVDU YH]DOGÇDUHSLWDVORVGÇDV\ODVIHFKDVTXHWHFLWRDîQGHFRQVROL
XQDIHFKDHVSULPHURGHFLUHOGÇD\GHVSXÃVODIHFKD(Q(VSDËD GDUXQXVRFRUUHFWR\»JLO
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
$FDERGHFRPSUDUPHXQSLVRQXHYRTXHFDVLQRUHTXLHUHJDVWRV ,oYHMXVWERXJKWDQHZðDWWKDWZRQoWUHTXLUHKDUGO\DQ\H[WUD
GHSXHVWDDSXQWR/DÔQLFDUHIRUPDTXHYR\DKDFHUHVHOEDËR H[SHQVHWRJHWXSDQGUHDG\7KHRQO\WKLQJ,oPJRLQJWRGRLV
9R\DTXLWDUODEDËHUDHLQVWDODUXQMDFX]]L7DPELÃQYR\DLQVWDODU UHPRGHOWKHEDWKURRP,oPJRLQJWRKDYHWKHEDWKWXEUHPRYHG
XQDGXFKDDVÇFRPRXQDHQFLPHUDODUJDFRQGRVODYDERV)LQDO DQGDMDFX]]LLQVWDOOHG,oPDOVRJRLQJWRKDYHDVKRZHUVWDOOSXW
PHQWHYR\DSRQHUHQHOVXHORXQDPRTXHWDHVSHFLDOVXDYHSDUD LQDVZHOODVDORQJFRXQWHUZLWKWZREDVLQV)LQDOO\,oPJRLQJ
ORVSLHV\TXHVHVHTXHU»SLGDPHQWH|$KSRUFLHUWRHOMDFX]]LHV WR KDYH WKH ðRRU FDUSHWHG ZLWK D VSHFLDO PDWHULDO VRIW WR WKH
SDUDGRV7HJXVWDUÇDXQLUWH\SUREDUORDOJXQDYH]" IHHWDQGWKDWGULHVTXLFNO\2KE\WKHZD\WKHMDFX]]LLVIRUWZR
SHRSOH:RXOG\RXOLNHWRMRLQPHDQGWU\LWRXWVRPHWLPH"
(VWLPDGRDPLJR\DOXPQR0XFKDJHQWHEXVFDFRPRQXHVWURDPLJRGHOSRHPDXQDVROXFLÍQH[WHUQDDVX 0»VSDODEUDVLQJOHVDV
SUREOHPDFRQHOLQJOÃV&UHHTXHXQPÃWRGRXQDDFDGHPLDRXQSURIHVRUOHYDQDGDUORTXHQHFHVLWD1R GHUDÇ]ODWLQD
VHOHRFXUUHSHQVDUTXHODVROXFLÍQGHîQLWLYDHVW»GHQWUR
'LDGHP 'LFKRWRP\
(QEXVFDGHOLQJOÃVFRQW GHXQRPLVPR9R\DUHSHWLUDOJRTXHKHGLFKRGHFLHQIRU 'LDJQRVH 'LFWDSKRQH
PDVGLIHUHQWHVDWUDYÃVGHHVWDVîFKDVQDGLHVHKDFHFRQ 'LDJQRVLV 'LFWDWH
3HURWLHQHTXHHVWDUDODYXHOWDGHODHVTXLQD
¢(VWiVDKtEXHQDPLJR"¢7HKHHQFRQWUDGRSRUÀQ" XQEXHQQLYHOGHRWURLGLRPDVLQGHGLFDUOHHQWUHGRV\WUHV 'LDJRQDO 'LFWDWRU
$KRUDGR\FODVHVFRQXQDSURIHVRUDQHR\RUTXLQD PLO KRUDV GH HVWXGLR \ XVR HQ VLWXDFLRQHV SU»FWLFDV +D\ 'LDJUDP 'LFWDWRULDO
3DUDDYDQ]DUWDQUiSLGRFRPRHQHODJXDHOGHOItQ PÃWRGRVPHMRUHVTXHRWURVSHURWRGRVSURGXFHQEXHQRV 'LDO 'LFWDWRUVKLS
'RVKRUDVSRUVHPDQDHQFODVHLQGLYLGXDO
UHVXOWDGRVVLHODOXPQROHVGHGLFDODVKRUDVUHFRPHQGDGDV 'LDOHFW 'LFWLRQ
6yORHOOD\\R\HOOLEURGHJUDPiWLFD 6LQHPEDUJRQRORKDFH\HVWROHFRQYLHUWHHQXQDOXPQR 'LDOHFWLFDO 'LFWLRQDU\
1HFHVLWRXQSURJUHVRPXFKRPiVTXHJUDGXDO HWHUQRTXHVHOLPLWDDKDFHULQFXUVLRQHVSXQWXDOHVGHSRFD 'LDORJXH 'LGDFWLF
8QDYDQFHGHYHUGDGQRGHIRUPDHVWiWLFD PRQWDHQEXVFDGHXQDVROXFLÍQ$OîQDOVXIDOWDGHGHGL 'LDO\VLV 'LHVHO
FDFLÍQ\WUDEDMR\ODEÔVTXHGDFRQVWDQWHGHXQDVROXFLÍQ 'LDPHWHU 'LHW
3HURHOFDPELRQRYLHQHHVWR\GHVFRQFHUWDGR 'LDPRQG 'LHWDU\
1LSURIHVQLOLEURVPHGDQORTXHTXLHUR H[WHUQDEHQHîFLDQDOVHFWRUGHODHQVHËDQ]DGHLGLRPDV
¢(VWDUpDOÀQDOPX\SRFRFDSDFLWDGR 1RVDFDEDDSRUWDQGRPXFKRGLQHURSRUTXHHODOXPQRQR 'LDSKUDP 'LIIHU
'LDUUKHD 'LIIHUHQFH
3DUDFRQWURODUHVWDQDYHFRPRXQEXHQQDYLHUR" SDUHFHHQWHUDUVHTXHODVFRVDVYDOLRVDVHQODYLGDVÍORVH
'LDU\ 'LIIHUHQW
7REHFRQWLQXHG FRQVLJXHQDWUDYÃVGHPXFKRHVIXHU]R 'LDWULEH 'LIIHUHQWLDO
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
*RG'LRV
:LQJV$ODV
+DUS$USD
$QJHOQJHO
&ORXG1XEH
9RFDEXODULR+HDYHQ3DUDÇVR
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
&X»QWRWDUGDVWHHQWHUPLQDU +RZORQJGLGLWWDNH\RXWR
'HWRGRVPRGRVTXÃRVWUDH $Q\ZD\ZKDWLVLWWKDWEULQJV
ODFDUUHUD" ïQLVK\RXUGHJUHH" SRUDTXÇKR\" \RXKHUHWRGD\"
3XHGHVGHMDUGHKDFHUOH &DQ\RXVWRSDVNLQJKLPVR
/OHY»LVVLJORVVLQYLVLWDUQRV <RXKDYHQoWYLVLWHGXVLQDJHV
WDQWDVSUHJXQWDV" PDQ\TXHVWLRQV" 7RPTXHUÇDSUHJXQWDUWHDOJR 7RPZDQWHGWRDVN\RX
6ÍORLQWHQWRURPSHUHOKLHOR ,oPMXVWWU\LQJWREUHDNWKHLFH
QRHVFLHUWR7RP" VRPHWKLQJLVQoWWKDWULJKW7RP"
XQSRFR DOLWWOH 3DUHFHTXHKXELHUDVYLVWRXQ <RXORRNDVLI\RXKDGVHHQD
+DVSHQVDGRDOJXQDYH]HQ +DYH\RXHYHUWKRXJKWDERXW
IDQWDVPD JKRVW
FRQWDUXQFKLVWH" WHOOLQJDMRNH" 3XHGHTXHVHDPHMRUKDEODUOR ,WPLJKWEHEHWWHUWRWDONDERXW
1XQFDPHDFXHUGRGHQLQJÔQ ,FDQQHYHUUHPHPEHUDQ\
GHVSXÃV LWODWHU
FKLVWH MRNHV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpRYHUq 3KUDVDO9HUE7R*HW/RVW
&DVLQXQFDWUDGXFLPRVpPHSHUGÇqSRUp,ORVW
7KHVWRUPEOHZRYHU :K\GRQoW\RXFRPHRYHUWKLVHYHQLQJ" P\VHOIq/DWUDGXFFLÍQP»VFRUUHFWDHVp,JRW
/DWRUPHQWDSDVÍVLQGHVFDUJDU 3RUTXÃQRYHQÇVDQXHVWUDFDVDHVWDQRFKH" ORVWq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
%ULQJLWRYHUWRP\KRXVH 7KH\EXLOWWKHFLW\RYHUWKHUXLQVRIWKHIRUXP IUDVHVHQLQJOÃV"
7U»HORDPLFDVD (GLîFDURQODFLXGDGVREUHODVUXLQDVGHOIRUR 0HSHUGÇHQORVEDUULRVSREUHVGH%DUFHORQD
1RVSHUGLPRVFXDQGRLQWHQWDPRVFRJHUXQ
7KH\FDPHRYHUWRRXUVLGH 7KHFDUFXWRYHULQIURQWRIPH DWDMR
6HSDVDURQDQXHVWUREDQGR (OFRFKHVHPHWLÍGHODQWHGHPÇ |'ÃMDPHHQSD]
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
7KHSDVVLYHYRLFH HVWDVIUDVHV
/DYR]SDVLYDVHXVDHQLQJOÃVPHQRVTXHODYR]DFWLYDDXQTXHGHKHFKRVHUHFRPLHQGDLQWHQWDUXVDUODYR]DFWLYDHQWRGRPRPHQWRSXHVWRTXH
HVXQPÃWRGRP»VGLUHFWR\UHVROXWLYR(VPHMRUGHFLUSRUHMHPSORp:HPDGHWKHGHFLVLRQWRFDQFHOWKHSURMHFWqTXHVXHTXLYDOHQWHHQSDVLYD
p7KHGHFLVLRQZDVPDGHWRFDQFHOWKHSURMHFWq6LQHPEDUJRODYR]SDVLYDHVODTXHVXHOHXVDUVHFXDQGRQRVHPHQFLRQDHODFWRURFXDQGRHV
LUUHOHYDQWHVDEHUTXLÃQHVHODFWRU3RUHMHPSORp6SDLQZDVFRQVLGHUHGDVHFRQGUDWHSRZHULQWKHWKFHQWXU\q$FRQWLQXDFLÍQWHRIUH]FROD
SRVLELOLGDGGHHVWXGLDUODYR]SDVLYDHQWRGRVORVWLHPSRVYHUEDOHV(QHVWRVFDVRVVDEHUTXLÃQHVHODFWRUHVORTXHPHQRVLPSRUWD
$FWLYHYRLFH 3DVVLYHYRLFH
6RPHRQHLVGRLQJLWQRZ ,WoVEHLQJGRQHQRZ
6RPHRQHGRHVLWHYHU\GD\ ,WoVGRQHHYHU\GD\
6RPHRQHZDVGRLQJLWZKHQ,DUULYHG ,WZDVEHLQJGRQHZKHQ,DUULYHG
6RPHRQHGLGLW\HVWHUGD\ ,WZDVGRQH\HVWHUGD\
6RPHRQHFDQGRLW ,WFDQEHGRQH
6RPHRQHZLOOGRLWWRPRUURZ ,WoOOEHGRQHWRPRUURZ
:KHQLVVRPHRQHJRLQJWRGRLW" :KHQLVLWJRLQJWREHGRQH"
6RPHRQHKDVGRQHLW ,WoVEHHQGRQH
6RPHRQHZRXOGGRLWLIWKHUHZHUHPRUHPRQH\ ,WZRXOGEHGRQHLIWKHUHZHUHPRUHPRQH\
6RPHRQHPD\GRLWEXW,oPQRWVXUH ,WPD\EHGRQHEXW,oPQRWVXUH
6RPHRQHPD\KDYHGRQHLW\HVWHUGD\EXW,oPQRWVXUH ,WPD\KDYHEHHQGRQHEXW,oPQRWVXUH
6RPHRQHPXVWGRLW ,WPXVWEHGRQH
6RPHRQHKDVWRGRLW ,WKDVWREHGRQH
6RPHRQHVKRXOGGRLWDVVRRQDVSRVVLEOH ,WVKRXOGEHGRQHDVVRRQDVSRVVLEOH
6RPHRQHPXVWKDYHGRQHLW ,WPXVWoYHEHHQGRQH
6RPHRQHFRXOGKDYHGRQHLW,WoVQRWLPSRVVLEOHWRGR ,WFRXOGKDYHEHHQGRQH,WoVQRWLPSRVVLEOHWRGR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
|(VWR\PXHUWRGHFDQVDQFLR0HOHYDQWÃHVWDPDËDQDDODV ,oPGHDGWLUHG,JRWXSDWDPWKLVPRUQLQJWRFDWFKWKH
SDUDFRJHUHOYXHORGHODVD%DUFHORQD7XYHGRVUHXQLRQHV\ ðLJKWWR%DUFHORQD,KDGWZRPHHWLQJVDQGWKHQDORQJEXVLQHVV
GHVSXÃVXQDODUJDFRPLGDGHQHJRFLRVFRQGRVSURYHHGRUHV/OH OXQFKZLWKWZRVXSSOLHUV,JRWWRWKH%DUFHORQDDLUSRUWDW
JXÃDODHURSXHUWRGH%DUFHORQDDODVSHURWXYHTXHHVSHUDU EXWKDGWRZDLWXQWLOWRJHWDðLJKWRXW,WoVULJKWQRZ
KDVWDODVSDUDFRJHUXQYXHOR$KRUDPLVPRVRQODV\ DQG,MXVWZDONHGLQWKHGRRU0\ZLIHLVDVOHHSLQIURQWRIWKH79
DFDERGHHQWUDUHQFDVD0LPXMHUHVW»GRUPLGDGHODQWHGHOWHOH DQGP\GLQQHULVRQWRSRIWKHPLFURZDYHJHWWLQJFROG
YLVRU\PLFHQDHVW»HQFLPDGHOPLFURRQGDVHQIUL»QGRVH
(VWLPDGRDPLJR\DOXPQR(QHOSRHPDHOVHËRUGLFHTXHHOPÃWRGRHVUHYROXFLRQDULRTXHKDVLGRHOD 0»VSDODEUDVLQJOHVDV
ERUDGRSRUXQHTXLSRGHH[SHUWRVTXHJDUDQWL]DUHVXOWDGRV\TXHUHJDODXQGLFFLRQDULR7HVXHQDHVWD GHUDÇ]ODWLQD
FDQFLyQ"(Q9DXJKDQQRWHUHJDODPRVXQGLFFLRQDULR
'LIIHUHQWLDWH 'LODSLGDWHG
(QEXVFDGHOLQJOÃVFRQW SRUTXHHVWRQRD\XGDDTXHDSUHQGDVLQJOÃV1RGH 'LIIHUHQWLDWLRQ 'LODWH
3HURWLHQHTXHHVWDUDODYXHOWDGHODHVTXLQD FLPRVTXHVHWUDWDGHXQPÃWRGRUHYROXFLRQDULRSRU 'LIîFXOW 'LODWLRQ
(QODSUy[LPDHVTXLQDDKtWLHQHTXHHVWDU TXHQRH[LVWHQWDOHVPÃWRGRV(OÔQLFRPÃWRGRUHYR 'LIîFXOW\ 'LOHPPD
(QODWHOHDQXQFLDQXQDUHFHWDJHQXLQD OXFLRQDULRHVWXSURSLDIXHU]DGHYROXQWDG7DPSRFR 'LIIXVH 'LOLJHQFH
4XHPXFKRGLQHURQRPHYDDFRVWDU WH JDUDQWL]DPRV UHVXOWDGRV SRUTXH QR FRQWURODPRV 'LIIXVLRQ 'LOLJHQW
'HVFULEHQXQPpWRGRWRWDOPHQWHUHYROXFLRQDULR QL PDQHMDPRV WX PRWLYDFLÍQ \ HVIXHU]R /R ÔQLFR 'LJHVW 'LOXWH
(ODERUDGRFRQFXLGDGRSRUXQHTXLSRGHH[SHUWRV TXHWHRIUHFHPRVVRQS»JLQDVGHPÃWRGR 'LJHVWLRQ 'LOXWLRQ
*DUDQWL]DQUHVXOWDGRV\UHJDODQXQGLFFLRQDULR KRUDV GH DXGLR \ KRUDV GH YÇGHR WRGR GHQWUR GH 'LJHVWLYH 'LPHQVLRQ
<DÀUPDQYHUGDGHVTXHVRQJUDQGHVDFLHUWRV XQDOÍJLFD\XQHVWLORLQPHMRUDEOHVIUXWRGHDËRV 'LJLWDO 'LPLQLVK
$KtYR\FRQPLVFXDUWRVDFRPSUDUHOLQYHQWR HQVHËDQGRLQJOÃVDHVSDËROHV(OHTXLSRGHH[SHUWRV 'LJLWDOL]H 'LPLQXWLYH
&RQWDSDV\ORPRVGHEHOORDVSHFWR VRPRV\R\XQRVP»V3HURHOÃ[LWRYDDGHSHQGHU 'LJQLI\ 'LQRVDXU
+D\HVWDQWHVWRGDYtDHQPLSHTXHxRDSDUWDPHQWR GHXQDVRODSHUVRQD<HVDSHUVRQDHUHVWÔ 'LJQLW\ 'LRFHVH
3DUDTXHHOPpWRGRPHFXQGD\PHPDUTXHHOWUD\HFWR 'LJQLWDU\ 'LRGH
5LFKDUG9DXJKDQ 'LJUHVVLRQ 'LR[LGH
)LQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
*URXVH8URJDOOR
7XUNH\3DYR
4XDLO&RGRUQL]
3DUWULGJH3HUGL]
&KLFNHQ3ROOR
9RFDEXODULR)RZO$YH
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpRYHUq 3KUDVDO9HUE7R7KURZ$ZD\
+D\KDEÇDKDEU»KDEUÇDSDUHFHKDEHUSXHGHTXHKD\DfHWF(Q PD\KDYHEHHQfWKHUHPXVWEHfHWF$FRQWLQXDFLÍQOHHHQYR]
LQJOÃVQXHVWUDIRUPDSDUDH[SUHVDUORPLVPRHVFRQODSDODEUD DOWDHOS»UUDIRGHDEDMRXQDYH]DOGÇDGXUDQWHXQDËR7DUGDU»V
pWKHUHq\XQDFRQMXJDFLÍQGHOYHUERpWREHq7KHUHLVWKHUHDUH GRVPLQXWRVHQKDFHUORSHURFRQVROLGDU»VXQ»JLOGRPLQLRGHOD
WKHUHZDVfWKHUHZHUHfWKHUHKDYHEHHQfWKHUHVKRXOGEHfWKHUH HVWUXFWXUD
7KHUHKDYHEHHQDORWRIFRPSODLQWVODWHO\DERXWWKHQHZVHUYLFHV\VWHP7KHUHPXVWKDYHEHHQDWOHDVWWKLUW\FRPSODLQWV\HVWHUGD\
7KHUHZHUHQoWDQ\FRPSODLQWVZLWKWKHROGV\VWHP7KHUHoVDSHUVRQRQWKHSKRQHULJKWQRZFRPSODLQLQJDERXWLWDQGWKHUHZHUHWKUHH
SHRSOHRQWKHOLQHîYHPLQXWHVDJRPDNLQJWKHVDPHFRPSODLQWV7KHUHGRHVQoWDSSHDUWREHDVROXWLRQIRUWKHPRPHQWVR,H[SHFW
WKHUHZLOOEHDORWRIFRPSODLQWVLQWKHIXWXUH7KHUHZRXOGQoWEHVRPDQ\FRPSODLQWVQRZLIWKHUHKDGEHHQDEHWWHUFRQWUROV\VWHP
GXULQJWKHGHVLJQVWDJH%XWVLQFHWKHUHZDVQoWDVWULFWFRQWUROV\VWHP,oPVXUHWKHUHDUHJRLQJWREHDORWRIFRPSODLQWVRYHUWKHQH[W
IHZPRQWKV1H[WZHHNWKHUHZLOOEHDPHHWLQJEHWZHHQWKHGHVLJQHUVDQGWKHVHUYLFHSHUVRQQHO7KHUHZLOOEHDUJXPHQWVGHIHQGLQJ
WKHROGV\VWHPDQGDUJXPHQWVGHIHQGLQJWKHQHZRQH2QHWKLQJ,oPVXUHRILVWKDWWKHUHZRQoWEHDîQDOGHFLVLRQPDGHXQWLOWKHUH
LVDQDJUHHPHQWUHDFKHGDWWKHWRSPDQDJHPHQWOHYHO7KHUHoVEHHQDORWRIPRQH\VSHQWLQFKDQJLQJWKHV\VWHPDQGWKHUHZLOOEH
DORWRIUHVLVWDQFHWRFKDQJLQJEDFNWRWKHROGRQH7KHUHoVDQROGVD\LQJWKDWJRHV:KHUHWKHUHoVDZLOOWKHUHoVDZD\DQG,oPVXUH
WKHUHZLOOEHDVWURQJHIIRUWPDGHWRFRUUHFWWKHGHIHFWVLQWKHQHZV\VWHP7KHUHoVJRWWREHDZD\WRPDNHLWZRUNEHWWHUDQGWKHUH
DUHDORWRIJRRGGHVLJQHUVKHUHFDSDEOHRIPDNLQJLWZRUNEHWWHUVRWKHUHoVVWLOOKRSHWKDWWKHUHZLOOEHDîQDOVROXWLRQVDWLVIDFWRU\WR
DOOLQYROYHG
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
3RGUÇDVHQFRQWUDUDDOJXLHQHQODRîFLQDTXHVHRFXSHGHHVWH &RXOG \RX ïQG VRPHERG\ LQ WKH RIïFH WR KDQGOH WKLV PDWWHU"
WHPD"(VVHQFLOORSHURVHWDUGDPXFKRWLHPSR\\RQHFHVLWRWHU ,WoV VLPSOH EXW WLPHFRQVXPLQJ DQG , UHDOO\ QHHG WR ïQLVK WKLV
PLQDUHVWDSURSXHVWDSDUDHOYLHUQHVRYDPRVDWHQHUSUREOHPDV SURSRVDO E\ )ULGD\ RU ZHoUH LQ WURXEOH -XVW OHW PH NQRZ WKH
+D]PHVDEHUHOUHVXOWDGR\DTXHQRUPDOPHQWHVR\\RHOTXHFRQ RXWFRPHVLQFH,oPWKHRQHZKRXVXDOO\FRQWDFWVMRXUQDOLVWVIRU
WDFWD FRQ ORV SHULRGLVWDV SDUD HVWRV HYHQWRV 3XHGH TXH 'DYH R WKHVH HYHQWV 'DYH RU -HQQLIHU PLJKW EH WKH EHVW FKRLFHV EXW
-HQQLIHUVHDQODPHMRURSFLÍQSHURDTXLHQTXLHUDTXHWHUPLQHV ZKRHYHU\RXHQGXSJLYLQJWKHWDVNWRKDYHWKHPFRS\PHRQ
GDQGRHVWDWDUHDTXHPHPDQGHFRSLDGHFDGDHPDLO\TXHPH HYHU\HPDLODQGOHWPHNQRZWKHUHVXOWRIHYHU\SKRQHFDOO
LQIRUPHGHFDGDOODPDGDWHOHIÍQLFD
(VWLPDGRDPLJR\DOXPQR/DIRWRHVGH*OHQ&XQQLQJKDPFRUUHGRUQRUWHDPHULFDQRGHPHGLRIRQGRTXHRV 0»VSDODEUDVLQJOHVDV
WHQWÍHQHOUÃFRUGPXQGLDOGHODPLOOD7DPELÃQWXYRXQSDSHOGHVWDFDGRHQORV-XHJRV2OÇPSLFRVGH GHUDÇ]ODWLQD
\/HOODPDEDQ7KH.DQVDV)O\HU$ORVRFKRDËRVHQVX.DQVDVQDWDOIXHDOFDQ]DGRSRUXQDH[SORVLÍQGH 'LSKWKHULD 'LVDVWURXV
JDVROLQD\VXIULÍTXHPDGXUDVLPSRUWDQWHVHQWRGRVXFXHUSR/RVPÃGLFRVUHFRPHQGDURQDPSXWDUVXVGRV 'LSKWKRQJ 'LVFHUQ
SLHUQDVSHURVXPDGUHQRORSHUPLWLÍ 'LSORGRFXV 'LVFLSOLQH
1RREVWDQWHORVPÃGLFRVGLMHURQTXHHOFKLFRQXQFDYROYHUÇDDDQGDU$QWHHVWHQHJUR 'LSORPD 'LVFLSOLQDU\
SDQRUDPDSULPHUR*OHQ&XQQLQJKDPDSUHQGLÍDDQGDUGHQXHYRGRVDËRVGHVSXÃV 'LSORPDF\ 'LVFLSOLQHG
GHODFFLGHQWH\îQDOPHQWHDFRUUHU6XWHVÍQ\GHWHUPLQDFLÍQOHOOHYDURQDVHUFDP 'LSORPDW 'LVFRQFHUW
SHÍQGHFDPSRDWUDYÃVHQVXFROHJLR\GHVSXÃVDOSLQ»FXORGHOGHSRUWH7DPELÃQEUL 'LSORPDWLF 'LVFRQWHQW
OOÍHQORDFDGÃPLFRGRFWRU»QGRVHHQOD8QLYHUVLGDGGH1XHYD<RUN(QPLVDËRVGH 'LUHFW 'LVFRQQHFW
SURIHVLÍQKHYLVWRHQPXFKDVRFDVLRQHVHOUHVXOWDGRGHOWHVÍQ\GHOHVIXHU]R-DP»VKH 'LUHFWLRQ 'LVFRQWLQXH
'LUHFWLYH 'LVFRUG
YLVWRIUDFDVDUDDOJXLHQTXHKDSXHVWRWRGRGHVXSDUWHHQXQDLQLFLDWLYD+HYLVWRSRU
'LUHFWO\ 'LVFRUGDQW
ORPHQRVDFLQFRSHUVRQDVGHP»VGHDËRVSDVDUGHXQQLYHOGHLQJOÃVFDVLLQH[LV
'LVDELOLW\ 'LVFRXQW
WHQWHDXQQLYHOP»VTXHVXîFLHQWHSDUDVXVFRPXQLFDFLRQHVUXWLQDULDV0LVDPLJRV 'LVDGYDQWDJH 'LVFRWKHTXH
\FROHJDV\DHVW»QFDQVDGRVGHRÇUPHXWLOL]DUODH[SUHVLÍQpTXHUHUHVSRGHUqZKHUH 'LVDSSHDU 'LVFRXUWHRXV
WKHUHoVDZLOOWKHUHoVDZD\SHURSDUDPÇHVXQDYHUGDGWDQHYLGHQWH\TXHKHYLVWR 'LVDSSHDUDQFH 'LVFRYHU
FXPSOLUVHWDQWDVYHFHVTXHFRQVLGHURXQGHEHUUHFRUG»URVOR4XHUHUHVSRGHU 'LVDUP 'LVFRYHU\
5LFKDUG9DXJKDQ 'LVDVWHU 'LVFUHGLW
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
3RGUÇDVSRQHUWXVOODYHV &RXOG\RXSXW\RXUNH\VZDOOHW
&X»OHVODSXHUWDGHHPEDUTXH:KLFKJDWHLVLWIRUðLJKWf"
FDUWHUD\PÍYLOHQODEDQGHMD" DQGPRELOHLQWKLVWUD\" GHOYXHORf"
/HLPSRUWDTXLWDUVHHO 'R\RXPLQGWDNLQJRII\RXU
'LUÇMDQVHDODSXHUWDQÔPHUR 3OHDVHJRWRJDWHQXPEHU
FLQWXUÍQ" EHOWSOHDVH" YHLQWH WZHQW\
0HYDVDKDFHUXQDSURSXHVWD$UH\RXJRLQJWRPDNHPHDQ 'ÍQGHHVW»WXWDUMHWDGH :KHUHoV\RXUERDUGLQJFDUG"
LQGHFHQWH" LQGHFHQWSURSRVDO" HPEDUTXH"
0HWHPRTXHWHQÃLVTXH ,oPDIUDLG\RXKDYHWRWDNHRII
(OHPEDUTXHVHHIHFWXDU»HQ %RDUGLQJZLOOWDNHSODFH
TXLWDURVORV]DSDWRVWDPELÃQ \RXUVKRHVDVZHOO EUHYH VKRUWO\
0HQRVPDOTXHPHSXVHXQRV ,WoVDJRRGWKLQJ,SXWFOHDQ
´OWLPDOODPDGDSDUDORV /DVWFDOOIRUSDVVHQJHUVRQ
FDOFHWLQHVOLPSLRVHVWDPDËDQD VRFNVRQWKLVPRUQLQJ SDVDMHURVGHOYXHOR ðLJKW
:RUPV/RPEULFHV
0LWHVFDURV
7LFNV*DUUDSDWDV
9RFDEXODULR3DUDVLWHV3DU»VLWRV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDO9HUE7R6HOO2XW
3KUDVDOYHUEVZLWKpRYHUq
6LJQLîFDpDJRWDUH[LVWHQFLDVq\VHHPSOHD
7KHWZRER\VIRXJKWRYHUWKHJLUO ,FDQoWJHWRYHUKRZKHVZHHWWDONHGWKHP SDUDFXDOTXLHUWLSRGHPHUFDQFÇD
/RVGRVFKLFRVSHOHDURQSRUODFKLFD |1RPHSXHGRFUHHUFÍPRÃOORVHQJDWXVÍ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
:HïHZRYHUWKH*UDQG&DQ\RQ +HOSPHJHWRYHUWKHZDOO 6HOHVDJRWDURQODVHQWUDGDVHQVHJXLGD
/RVSO»WDQRVVHQRVKDQDJRWDGR
9RODPRVVREUHHO*UDQ&DËÍQ $\ÔGDPHDSDVDUDORWURODGRGHOPXUR
/OHJXHDOOÇSURQWRVHOHVVXHOHDJRWDUWRGR
PX\SURQWR
<RXoOOJHWRYHULW /HWoVJHWLWRYHUZLWK
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
<DORVXSHUDU»V $FDEHPRVFRQHVWRGHXQDYH] WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHUHWREH
)ÇMDWHHQODVIUDVHVHQLQJOÃV)ÇMDWHFÍPRLQLFLDPRVFDGDXQDGHHOODVFRQODSDODEUDpWKHUHqVHJXLGDGHXQDFRQMXJDFLÍQFRQHOYHUER
pWREHq(QDOJXQDVGHODVIUDVHVGHODFROXPQDHQLQJOÃVVXEUD\RDVSHFWRVJUDPDWLFDOHVTXHQRVXHOHQîJXUDUHQFDVWHOODQR
+D\XQOLEURHQODPHVD 7KHUHoVDERRNRQWKHWDEOH
1RKD\QLQJÔQSHUURHQPLFDVD 7KHUHLVQoWDGRJLQP\KRXVH
+D\JHQWHHQODVDODGHHVSHUD 7KHUHDUHVRPHSHRSOHLQWKHZDLWLQJURRP
1RKD\DFWRUHVHQHOHVFHQDULR 7KHUHDUHQoWDQ\DFWRUVRQWKHVWDJH
1RKD\FDIÃHQODFDIHWHUD 7KHUHLVQoWDQ\FRIIHHLQWKHFRIIHHPDNHU
+D\WLQWDHQODPDQJDGHWXFDPLVD 7KHUHoVVRPHLQNRQWKHVOHHYHRI\RXUVKLUW
+XERXQDWRUPHQWDWHUULEOHDQRFKH 7KHUHZDVDWHUULEOHVWRUPODVWQLJKW
+DEÇDDJXDHQHOVXHORFXDQGROOHJXÃDTXÇ 7KHUHZDVVRPHZDWHURQWKHïRRUZKHQ,JRWKHUH
+DEÇDHUURUHVHQWXLQIRUPH 7KHUHZHUHVRPHPLVWDNHVLQ\RXUUHSRUW
1RKDEÇDSDSHOHQODP»TXLQDGHID[D\HU 7KHUHZDVQoWDQ\SDSHULQWKHID[PDFKLQH\HVWHUGD\
+DEU»XQDîHVWDDTXÇPDËDQDSRUODQRFKH 7KHUHZLOOEHDSDUW\KHUHWRPRUURZHYHQLQJ
1RKDEU»WLHPSRVXîFLHQWHSDUDHVRPDËDQD 7KHUHZRQoWEHHQRXJKWLPHIRUWKDWWRPRUURZ
9DDKDEHUXQDUHXQLÍQLPSRUWDQWHDTXÇODVHPDQDSUÍ[LPD 7KHUHoVJRLQJWREHDQLPSRUWDQWPHHWLQJKHUHQH[WZHHN
,EDDKDEHUXQDUHXQLÍQSHURVHFDQFHOÍ 7KHUHZDVJRLQJWREHDPHHWLQJEXWLWZDVFDQFHOOHG
+DKDELGRPXFKDVERGDVÔOWLPDPHQWHHQHVWDLJOHVLD 7KHUHKDYHEHHQDORWRIZHGGLQJVODWHO\LQWKLVFKXUFK
&UHRTXHKDKDELGRXQPDOHQWHQGLGR ,WKLQNWKHUHoVEHHQDPLVXQGHUVWDQGLQJ
'HEHUÇDKDEHUVXîFLHQWHVVLOODVSDUDWRGRHOPXQGR 7KHUHVKRXOGEHHQRXJKFKDLUVIRUHYHU\ERG\
'HEHKDEHUIRU]RVDPHQWHXQDIRUPDPHMRU 7KHUHPXVWEHDEHWWHUZD\
7LHQHTXHKDEHUXQDVROXFLÍQDHVWHSUREOHPD 7KHUHKDVWREHDVROXWLRQWRWKLVSUREOHP
3DUHFHKDEHUXQPDOHQWHQGLGRDTXÇ 7KHUHVHHPVWREHDPLVXQGHUVWDQGLQJKHUH
3XHGHTXHKD\DXQDSRVLELOLGDGVLHQVD\DPRVHVWHHQIRTXH 7KHUHPD\EHDSRVVLELOLW\LIZHWU\WKLVDSSURDFK
1RSDUHFHKDEHURWUDDOWHUQDWLYD 7KHUHGRHVQoWVHHPWREHDQ\RWKHUDOWHUQDWLYH
+DEUÇDKDELGRXQDîHVWDVLKXELÃUDPRVJDQDGRHOSDUWLGR 7KHUHZRXOGKDYHEHHQDSDUW\KHUHLIZHKDGZRQWKHPDWFK
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
/DSXUDUHDOLGDGHVTXHHOFHUHEURKXPDQRQRSXHGHFRPSUHQGHU 7KHVLPSOHWUXWKLVWKDWWKHKXPDQEUDLQFDQQRWXQGHUVWDQGWKH
ODSDODEUDHVFULWDKDVWDTXHQRVHKDWUDGXFLGRDSDODEUDKDEODGD ZULWWHQZRUGXQWLOLWKDVEHHQWUDQVODWHGLQWRWKHVSRNHQZRUG
HQODPHQWH+DVWDTXHHO»UHDGHDVRFLDFLÍQDXGLWLYDGHOFHUHEUR LQ WKH PLQG 8QWLO WKH DXGLWRU\ DVVRFLDWLRQ DUHD RI WKH EUDLQ
pR\HqODSDODEUDÃVWDQRWLHQHVLJQLîFDGR+DVHVWDGRDOJXQDYH] pKHDUVqDZRUGLWKDVQRPHDQLQJ+DYH\RXHYHUEHHQUHDGLQJ
OH\HQGRHQODFDPD\WHKDVGDGRFXHQWDGHTXHWXVRMRVOOHYDQ LQEHGWKHQUHDOL]HGWKDW\RXUH\HVKDYHEHHQVFDQQLQJWKHVDPH
YDULRVPLQXWRVOH\HQGRHOPLVPRS»UUDIRSHURQRWLHQHVQLLGHD SDUDJUDSKIRUVHYHUDOPLQXWHVEXW\RXKDYHDEVROXWHO\QRLGHD
GHORTXHGLFH"(VWRHVSRUTXHWXVRMRVHVW»QYLHQGRSDODEUDVTXH RI ZKDW LW VD\V"7KLV LV EHFDXVH \RXU H\HV DUH WDNLQJ LQ ZRUGV
WXPHQWH\DQRpHVFXFKDq WKDWDUHQRORQJHUEHLQJpKHDUGqLQ\RXUPLQG
(VWLPDGRDPLJR\DOXPQR(OS»UUDIRTXHDFDEDVGHYHUHQFLPDGHHVWDVSDODEUDVTXHHVWR\HVFULELHQGRGLFH 0»VSDODEUDVLQJOHVDV
DOJRPX\LPSRUWDQWH/RVIÍVLOHVP»VDQWLJXRVGHOKRPRVDSLHQVVHUHPRQWDQDODIULFDGHKDFH GHUDÇ]ODWLQD
DËRV'HVGHHQWRQFHVKDVWDKDFHVRODPHQWHDËRVHOKRPEUHDQDOL]DEDWRGDODLQIRUPDFLÍQPHGLDQWH 'LVFUHGLW 'LVLQKHULW
VXFDSDFLGDGDXGLWLYD(VWRVLJQLîFDTXHHVWDPRVWRGDYÇDPXFKRP»VSUHSDUDGRVSDUDDSUHQGHUDWUDYÃVGHO 'LVFUHHW 'LVNHWWH
RÇGRTXHDWUDYÃVGHODSDODEUDHVFULWDDXQTXHDYHFHVQRVDIHUUHPRVDHVWDÔOWLPDSDUDWDQWDVFRVDV6DQ 'LVFUHSDQF\ 'LVORFDWH
3DEORJDQÍDGHSWRVHQWUHORVJULHJRVKDEO»QGROHV6XVFDUWDVYDULDVGHODVFXDOHVFRQVWLWX\HQSDUWHGHO1XHYR 'LVFUHWLRQ 'LVOR\DO
7HVWDPHQWRQRWXYLHURQHOPLVPRLPSDFWRTXHVXSUHVHQFLDIÇVLFD\VXYR]&XDOTXLHUH[SHUWRHQSXEOLFLGDG 'LVFXV 'LVOR\DOW\
WHGLU»ORPLVPRTXHXQEXHQpMLQJOHqRHVORJDQDXGLWLYRHVFLHQYHFHVP»VHîFD]TXHXQDIUDVHOHÇGD3RU 'LVFXVV 'LVPDQWOH
HVRORVEXHQRVFRPXQLFDGRUHVLQïX\HQHQQRVRWURVGLFLHQGRFRVDVTXHGHOHHUODVQRVSDUHFHUÇDQVHQFLOODV\ 'LVFXVVLRQ 'LVPRXQW
OÍJLFDV5LFKDUG%URZQHQPXFKDVGHODVS»JLQDVGHORVOLEURVGHO0ÃWRGR9DXJKDQWHUHFXHUGDTXHHOVHFUHWR 'LVHPEDUN 'LVRUGHU
HVW»HQHVFXFKDUORV&'oV<WLHQHUD]ÍQ1RWHDIHUUHVDODSDODEUDHVFULWDQREXVTXHVHQORVOLEURVODUHVSXHVWD 'LVHQFKDQW 'LVRULHQW
'LVKRQHVW 'LVSDULW\
DWXLQJOÃV([SÍQHORÇGRDOLQJOÃVDWUDYÃVGHORV&'oV\'9'oVGHOPÃWRGR([SÍQHORÇGRDODVPLOHVGHKRUDV
'LVKRQRXU 'LVSHUVH
DXGLWLYDVGLVSRQLEOHVHQ,QWHUQHW6ÍORDVÇWHOLEUDU»VGHOODVWUH\ODWLUDQÇDGHODSDODEUDHVFULWD\DSUHQGHU»VD
'LVLOOXVLRQ 'LVSXWH
PDQWHQHUWHDïRWHGHYHUGDGFRQHOLQJOÃV 'LVLQIHFW 'LVUHVSHFW
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
5LYHU5ÇR
2FHDQ2FÃDQR
6WUHDP$UUR\R
9RFDEXODULR:DWHU$JXD
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
+HPRVWHQLGRTXHDQDOL]DUORV :HoYHKDGWRDQDO\VHWKH
1RQRVSRGHPRVSHUPLWLU :HFDQoWDIIRUGWRNHHS
JDVWRVGHODHPSUHVD FRPSDQ\oVH[SHQVHV VHJXLUJDVWDQGRWDQWRGLQHUR VSHQGLQJVRPXFKPRQH\
1RVKHPRVYLVWRREOLJDGRVD :HoYHEHHQIRUFHGWRWDNH
7HQHPRVTXHGHVSHGLUD :HKDYHWROD\RIIVRPH
WRPDUGHFLVLRQHVGLIÇFLOHV VRPHGLIïFXOWGHFLVLRQV DOJXQRVHPSOHDGRV HPSOR\HHV
4XÃVLJQLîFDWRGRHVWR" :KDWGRHVDOOWKLVPHDQ" /DJHQWHTXHOOHYDPHQRVWLHPSR 7KHSHRSOHZKRKDYHEHHQ
7RGRVXHQDPX\SUHRFXSDQWH ,WDOOVRXQGVYHU\ZRUU\LQJ DTXÇVHU»QORVSULPHURVHQLUVH KHUHIRUWKHOHDVWWLPHZLOOEH
(VW»LVDSXQWRGHGDUPHPDODV <RXoUHDERXWWRJLYHPHVRPH
WKHïUVWWRJR
QRWLFLDVQR" EDGQHZVDUHQoW\RX" 0X\DPLSHVDUHVW»VHQWUH 0XFKWRP\UHJUHW\RXDUH
HVRVGHVDIRUWXQDGRV DPRQJWKRVHXQIRUWXQDWHRQHV
1RWHORWRPHVWDQDSHFKR 3OHDVHGRQoWWDNHLWWRKHDUW
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
(QRWUDVSDODEUDVPHHVW»LV ,QRWKHUZRUGV\RXoUHïULQJ
2MDO»QRKXELHUDYHQLGRDO ,ZLVK,KDGQoWFRPHWRZRUN
HFKDQGRDODFDOOH PH WUDEDMRKR\ WRGD\
'HEHUÇDLVGHVSHGLUDORVSHRUHV<RXVKRXOGGLVPLVVWKHZRUVW 1RWHFRVWDU»QDGDHQFRQWUDU <RXoOOKDYHQRWURXEOHïQGLQJ
HPSOHDGRVQRDORVP»VQXHYRV HPSOR\HHVQRWWKHQHZHVWRQHV RWURWUDEDMR DQRWKHUMRE
6HHOLJLÍHVWDSROÇWLFDSRUTXH 7KLVSROLF\ZDVFKRVHQEHFDXVH
7HQJRODH[WUDËDVHQVDFLÍQGH,KDYHDIXQQ\IHHOLQJ\RXoUH
QRVSDUHFLÍTXHVHUÇDODPDQHUD LWVHHPHGWRXVWREHWKH TXHRVYDLVDDUUHSHQWLUGHHVWR JRLQJWRUHJUHWWKLV
P»VMXVWD IDLUHVWZD\ |1LVHWHRFXUUDDPHQD]DUQRV 'RQoW\RXGDUHWKUHDWHQXV
1RHVSHUDEDHVWRSDUDQDGD ,ZDVQoWH[SHFWLQJWKLVDWDOO /RTXHVHVLHPEUDVHFRVHFKD <RXUHDSZKDW\RXVRZ
&X»QWRVHU»PLLQGHPQL]DFLÍQ+RZPXFKZLOOP\UHGXQGDQF\
SRUGHVSLGR" SD\EH"
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpRYHUq +RZ/RQJ"
(PSOHDPRVHOSUHVHQWHSHUIHFWRFRQWLQXRMXQWR
+DYH\RXJRQHRYHU\RXUQRWHV" ,GRQoWZDQWWRJRRYHUWKDWDJDLQ FRQpKRZORQJ"qSDUDGHFLUpFX»QWRWLHPSR"q
+DVUHSDVDGRWXVDSXQWHV" 1RTXLHURYROYHUDVDFDUHVRVWHPDV
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
/HWoVJREDFNRYHUWKLVRQHPRUHWLPH :HFDQKDYHWKHPRYHUIRUGLQQHU IUDVHVHQLQJOÃV"
9ROYDPRVDUHSDVDUHVWRXQDYH]P»V 3RGHPRVLQYLWDUOHVDFHQDUHQFDVD &X»QWRWLHPSROOHYDVKDEODQGRLQJOÃV"
&X»QWRWLHPSROOHYDVWRFDQGRHOSLDQR"
,ZHQWRYHUWR3HSHoVRIîFH ,VWKHUHDQ\IRRGOHIWRYHUIURPODVWQLJKW" &X»QWRWLHPSROOHYDVYLYLHQGRHQ(VSDËD"
0HDFHUTXÃDOGHVSDFKRGH3HSH 4XHGDFRPLGDGHDQRFKH"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
5HSRUWHGVSHHFK
)ÇMDWHGHQXHYRHQFÍPRPRGLîFDPRVORVWLHPSRVYHUEDOHVFXDQGRKDEODPRVHQpUHSRUWHGVSHHFKqODQDUUDWLYDLQGLUHFWD
5RQQ\ ,PD\VWDUWZRUNLQJZLWKDEXVLQHVVJURXSIURP&RUVLFD 5RQQ\ WROG KLV IDWKHU 1LJHO WKDW KH PLJKW VWDUW ZRUNLQJ ZLWK D
1LJHO :KDWoVWKHQDPHRIWKHJURXS" EXVLQHVVJURXSIURP&RUVLFD1LJHODVNHGKLPZKDWWKHQDPHRIWKH
5RQQ\,WoVDGLYHUVLïHGJURXSUXQE\WKH7XUTXLIDPLO\ JURXSZDVDQG5RQQ\DQVZHUHGWKDWLWZDVDGLYHUVLîHGJURXSUXQ
1LJHO 7KDWQDPHVRXQGVIDPLOLDU'RWKH\KDYHDZLQH E\WKH7XUTXLIDPLO\1LJHOVDLGWKDWWKHQDPHVRXQGHGIDPLOLDUDQG
EXVLQHVV" DVNHGLIWKH\KDGDZLQHEXVLQHVVWRZKLFK5RQQ\UHVSRQGHGWKDW
5RQQ\7KH\KDYHDORWRIEXVLQHVVHVfWRRPDQ\WRFRXQW WKH\KDGDORWRIEXVLQHVVHVfWRRPDQ\WRFRXQW1LJHOîQDOO\DVNHG
1LJHO $UH\RXVXUH\RXNQRZZKDW\RXoUHGRLQJ" KLVVRQLIKHZDVVXUHKHNQHZZKDWKHZDVGRLQJDQG5RQQ\WROG
5RQQ\'RQoWZRUU\,NQRZPXFKPRUHDERXW\DFKWVWKDQ KLVIDWKHUQRWWRZRUU\WKDWKHNQHZPXFKPRUHDERXW\DFKWVWKDQ
WKH\GR WKH\GLG
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7HUHFRPHQGDUÇDTXHYROYLHUDVDFRQVLGHUDUWXGHFLVLÍQ/DDUTXL ,ZRXOGVWURQJO\DGYLVH\RXWRWDNHDFORVHUORRNDW\RXUGHFLVLRQ
WHFWXUDHVXQFDPSRGHHVWXGLRQREOH\GHFDOLGDG\VLFRQVLJXHV $UFKLWHFWXUHLVDîQHDQGQREOHîHOGRIVWXG\DQGLI\RXJHWWKURXJK
VXSHUDUODVDVLJQDWXUDV\WHJUDGÔDVHQWRQFHVHVWDU»VUHVWULQJLGR WKHWRXJKFRXUVHORDGDQGJUDGXDWHWKHQ\RXZLOOEHUHVWULFWHGWR
DJDQDUWHODYLGDHQHVWHFDPSR\VRODPHQWHHQHVWHFDPSR(V PDNLQJ\RXUOLYLQJLQ WKLVîHOGDQGLQ WKLVîHOGRQO\,WoVUDUH WR
UDURHQFRQWUDUVHFRQXQDUTXLWHFWRHQRWUDVSURIHVLRQHV$TXHOORV îQGDUFKLWHFWVLQRWKHUZDONVRIOLIH7KRVHDUFKLWHFWVZKRVXFFHHG
DUTXLWHFWRVTXHWLHQHQÃ[LWRYLYHQPX\ELHQ\OOHJDQPXFKDVYH OLYHYHU\ZHOOLQGHHGDQGRIWHQEHFRPHIDPRXV7KRVHZKRGRQoW
FHVDVHUIDPRVRV$TXHOORVTXHQRYLYHQXQDYLGDSUHFDULDOOHQD OLYHDSUHFDULRXVOLIHIXOORIORVWDPELWLRQVDQGGLVDSSRLQWPHQW
GHDPELFLRQHVSHUGLGDV\GHFHSFLÍQ
(VWLPDGRDPLJR\DOXPQR1DGLHHQODKLVWRULDKDDSUHQGLGRXQVHJXQGRLGLRPDOLPLW»QGRVHDDVLVWLUD 0»VSDODEUDVLQJOHVDV
XQDFODVHDXQTXHÃVWDKD\DVLGRVXSHULQWHQVLYD7RGRVORVTXHKDQOOHJDGRDEXHQSXHUWRKDQSDVDGR GHUDÇ]ODWLQD
DSXURVPXFKRVDSXURVHQVLWXDFLRQHVUHDOHV8QDKRUDHQXQDVLWXDFLÍQFRPSURPHWLGDGHFRPXQLFDFLÍQ 'LVFULPLQDWH 'LVTXDOLîFDWLRQ
FRQDQJORSDUODQWHVUHDOHVQRSURIHVRUHVYDOHSRUKRUDVGHFODVH5HSLWRODUHODFLÍQHVGHXQRD 'LVFULPLQDWLRQ 'LVUHSXWDEOH
0HGLDKRUDUHVROYLHQGRODSÃUGLGDGHOHTXLSDMHHQHODHURSXHUWRGH'DOODVYDOHSRUKRUDVGHFODVH3RU 'LVFULPLQDWRU\ 'LVVDWLVIDFWLRQ
TXÃ"3RUTXHVLORJUDVVDOLUELHQGHOHQYLWHWHQGU»VPXFKDP»VFRQîDQ]DHQWXFDSDFLGDGGHFRPXQLFDFLÍQ 'LVHTXLOLEULXP 'LVUHVSHFWIXO
DSHVDUGHORVHUURUHVFRPHWLGRV1HFHVLWDVKRUDVRP»VSDUDFRQVHJXLUHVDFRQîDQ]DFRQXQSURIHVRUHQ 'LVLQIHFWDQW 'LVVDWLVîHG
ODDUWLîFLDOLGDGGHODXOD6LKX\HVGHODRSRUWXQLGDGGHSDVDUDSXURV\GHFDSHDUVLWXDFLRQHVFRPSURPHWLGDV 'LVLQWHJUDWH 'LVVHFW
WHFRQGHQDVDDVLVWLUDFODVHVDËRWUDVDËRHQXQLQWHQWRGHDSUHQGL]DMHTXHDFDEDU»LQH[RUDEOHPHQWH 'LVORFDWLRQ 'LVVHFWLRQ
HQHOIUDFDVR/OHJDU»VDXQQLYHOLQWHUPHGLRHVRVÇSHURGHDKÇQRSDVDU»V3RUHVWR(VSDËDHVW»OOHQDGH 'LVREHGLHQFH 'LVVHPLQDWH
pDOXPQRVHWHUQRVqTXHGHVGHDVLVWHQDVXVGRVKRULWDVVHPDQDOHVGHFODVHVLQFRQVHJXLUMDP»VXQ 'LVREHGLHQW 'LVVHPLQDWLRQ
'LVRUJDQL]HG 'LVVLSDWH
SURJUHVRLPSRUWDQWH6LHPSUHYXHOYRDODPHW»IRUDGHOSLORWRQRYDWR6LPDËDQDHVVXSULPHUYXHORUHDOQR
'LVRULHQWDWH 'LVVLSDWLRQ
YR\DVXELUFRQÃODXQTXHKD\DDFXPXODGRKRUDVSUHSDU»QGRVHHQHOVLPXODGRU$ODLQYHUVDVLVÍOR
'LVRULHQWDWLRQ 'LVVROYH
WLHQHKRUDVGHVLPXODGRUP»VGHDYLDGRUHQWRQFHVHVWDUÃP»VGLVSXHVWRDVXELUFRQÃO6LQHPEDUJR 'LVSDVVLRQDWH 'LVVRQDQFH
HQHVWHÔOWLPRFDVRHOQRYDWRVÍORWLHQHKRUDVGHIRUPDFLÍQFRQWUDGHORWUR$SHVDUGHHOORVXER 'LVSHQVDEOH 'LVVRQDQW
FRQHOGHODVKRUDV<WÔQR"8QDKRUDGHYXHORYDOHSRUGHVLPXODGRU<XQDKRUDSDVDQGRDSXURVGH 'LVSRVLWLRQ 'LVVXDGH
FRPXQLFDFLÍQHQLQJOÃVYDOHSRUGHFODVH\PÃWRGR 'LVSURSRUWLRQ 'LVVXDVLRQ
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
1XUVH(QIHUPHUD
6XUJHRQ&LUXMDQR
6FDOSHO%LVWXUÇ
2SHUDWLQJ5RRP4XLUÍIDQR
9RFDEXODULR2SHUDWLRQ2SHUDFLÍQ
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
&X»QWROOHYDYHQGLGRHQOR +RZPDQ\KDYH\RXVROGVRIDU
(VW»GLVSXHVWRDQHJRFLDU" $UH\RXZLOOLQJWRQHJRWLDWH"
TXHOOHYDPRVGHGÇD" WRGD\" 0HGHMDUÇDWUHVSRUHOSUHFLR :RXOG\RXJLYHPHWKUHHIRU
'HPDVLDGRVSDUDFRQWDU 7RRPDQ\WRFRXQW GHGRV" WKHSULFHRIWZR"
3RGUÇDSDJDUFRQWDUMHWD" &RXOG,SD\E\FDUG" 6LKLFLHUDHVRHVWDUÇDWLUDQGR ,I,GLGWKDW,oGEHWKURZLQJP\
0LHQWUDVQRVHDODWDUMHWDGH $VORQJDVLWoVQRW\RXUOLEUDU\
PLGLQHUR PRQH\DZD\
ODELEOLRWHFD FDUG (VRHVXQSRFRH[FHVLYR 7KDWoVDELWVWHHS
&X»QWRTXLHUHSRUHVHPDUFR" +RZPXFKGR\RXZDQWIRU &UHHVTXHHVWR\PRQWDGRHQ 'R\RXWKLQN,oPPDGHRI
WKDWSLFWXUHIUDPH" HOGÍODU" PRQH\"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpRYHUq ,&DQ7HOO
6HSXHGHWUDGXFLUFRPRpVHQRWDTXHqRpVÃ
+HEHQWRYHUDQGSLFNHGLWXS 5HDGLWRYHUEHIRUHVLJQLQJLW TXHSRUTXHHVREYLRq
6HDJDFKÍSDUDUHFRJHUOR 'DOHXQDOHFWXUDDQWHVGHîUPDUOR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
/HWWKHPRYHUWKHEULGJH ,oYHUHDGRYHU\RXUUÃVXPÃDQG,oPLPSUHVVHG 6HQRWDTXHQRHVW»VPX\FRQYHQFLGR
'ÃMDOHVTXHFUXFHQHOSXHQWH +HOHÇGRVXFXUULFXOXP\HVWR\LPSUHVLRQDGR 6HQRWDEDTXHQRTXHUÇDVHVWDUDOOÇ
6LHPSUHVHQRWDFXDQGRHVW»VPLQWLHQGR
+HSXWRQHRYHURQPHIUDVHKHFKD &DQ\RXUXQRYHUWRWKHSKDUPDF\"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
0HHQJDËÍSHURELHQ 7HSXHGHVDFHUFDUU»SLGRDODIDUPDFLD"
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
8VHGWRLQîQLWLYRsWRJHWXVHGWRJHUXQGLRsWREHXVHGWRJHUXQGLR
7HSLGRTXHHVWXGLHVFRQGHWHQLPLHQWRHOS»UUDIRHQLQJOÃVH[SXHVWRDFRQWLQXDFLÍQ(VWUHPHQGDPHQWHLPSRUWDQWHSRUTXHORVHVSDËROHVHVW»LV
WUHPHQGDPHQWHGDGRVDXVDUPDOHVWDVHVWUXFWXUDVKDVWDHOSXQWRGHFRQIXQGLUDYXHVWURVLQWHUORFXWRUHVp8VHGWRLQïQLWLYRqHVXQDIRUPD
GHOSDVDGRIRUPDHQODFXDOQRVHKDFHUHIHUHQFLDDFX»QGRQLGXUDQWHFX»QWRWLHPSRp7RJHWXVHGWRJHUXQGLRqHVQXHVWUDIRUPDSDUDGHFLU
pDFRVWXPEUDUVHDLQïQLWLYRq3RUÔOWLPRpWREHXVHGWRJHUXQGLRqHVHOHTXLYDOHQWHDpHVWDUDFRVWXPEUDGRLQïQLWLYRq(QWRGRVORVFDVRV
MXQWDPRVODVGRVSDODEUDVpXVHGWRqHQXQVÍORVRQLGRIRQÃWLFRLÔVWX(VFDVLLGÃQWLFRDOVRQLGRHVSDËROSDUDHO0RQDVWHULRGHp<XVWHqFDPELDQ
GRODpHqîQDOSRUXQDpXq,PDJLQDTXHHOPRQDVWHULRHQFXHVWLÍQVHOODPDVHHO0RQDVWHULRGHp<XVWXq\DKÇWLHQHVODSURQXQFLDFLÍQGHpXVHGWRq
*XV0RUJDQXVHGWREHDQLPSRUWDQWSHUVRQ+HXVHGWREHULFK+H *XV0RUJDQDQWHVHUDXQDSHUVRQDLPSRUWDQWH(UDULFR7HQÇDPXFKRV
XVHGWRKDYHDORWRIFDUV+HXVHGWRDSSHDULQWKHJRVVLSPDJD]LQHV FRFKHV$SDUHFÇDHQODVUHYLVWDVGHOFRUD]ÍQFRQKHUPRVDVPXMHUHVFR
ZLWKEHDXWLIXOZRPHQDWKLVDUP+HXVHGWRWKLQNWKDWWKHIXWXUH JLGDVGHVXEUD]R$QWHVSHQVDEDTXHHOIXWXURHUDSURPHWHGRU
ZDVEULJKW 6LQHPEDUJRHVRHUDDQWHVGHTXHIXHUDDODSULVLÍQ$KRUDWLHQHXQD
+RZHYHU WKDW ZDV EHIRUH KH ZHQW WR SULVRQ 1RZ KH KDV D QHZ YLGDQXHYD\WLHQHTXHDFRVWXPEUDUVHDPXFKDVFRVDVQXHYDV1R
OLIHDQGKHKDVWRJHWXVHGWRDORWRIQHZWKLQJV+HoVQRWXVHGWR HVW»DFRVWXPEUDGRDYLYLUHQXQDFHOGDGHSULVLÍQ$QWHVYLYÇDHQXQD
OLYLQJLQDSULVRQFHOO+HXVHGWROLYHLQDOX[XULRXVPDQVLRQEXW OXMRVDPDQVLÍQSHURDKRUDWLHQHTXHDFRVWXPEUDUVHDXQDFHOGDGH
QRZKHKDVWRJHWXVHGWROLYLQJLQDSULVRQFHOOVPDOOHUWKDQKLVROG SULVLÍQP»VSHTXHËDGHVXDQWLJXRFXDUWRGHEDËR1RHVW»DFRV
EDWKURRP+HoVQRWXVHGWRVOHHSLQJRQDKDUGQDUURZEHG+HXVHG WXPEUDGRDGRUPLUHQXQDFDPDHVWUHFKD\GXUD$QWHVGRUPÇDHQ
WRVOHHSRQDNLQJVL]HEHGEXWQRZKHKDVWRJHWXVHGWRVOHHSLQJ XQDFDPDGHJUDQWDPDËRSHURDKRUDWLHQHTXHDFRVWXPEUDUVHD
RQDEHGRQO\FHQWLPHWHUVZLGH GRUPLUHQXQDFDPDGHVÍORFHQWÇPHWURVGHDQFKR
7KHELJJHVWFKDQJHKRZHYHULVWKHIRRG*XV0RUJDQXVHGWRHDW (OFDPELRP»VJUDQGHVLQHPEDUJRHVODFRPLGD*XV0RUJDQDQ
LQ WKH EHVW UHVWDXUDQWV DQG GULQN WKH EHVW ZLQHV +HoV QRW XVHG WHVFRPÇDHQORVPHMRUHVUHVWDXUDQWHV\EHEÇDORVPHMRUHVYLQRV
WRHDWLQJWKHVDPHIRRGHYHU\GD\+HoVQRWXVHGWRHDWLQJRQO\ 1RHVW»DFRVWXPEUDGRDFRPHUODPLVPDFRPLGDWRGRVORVGÇDV
EHDQVDQGERLOHGSRWDWRHV+HXVHGWRHDWFDYLDUEHHIîVKDQG 1RHVW»DFRVWXPEUDGRDFRPHUVRODPHQWHMXGÇDV\SDWDWDVFRFL
ODPE1RZKHKDVWRJHWXVHGWRHDWLQJRQO\EHDQVDQGSRWDWRHV GDV$QWHVFRPÇDFDYLDUFDUQHGHEXH\SHVFDGR\FRUGHUR$KRUD
+HoVQRWXVHGWRGULQNLQJRQO\ZDWHUHLWKHU+HXVHGWRGULQNWKH WLHQHTXHDFRVWXPEUDUVHDFRPHUVÍORMXGÇDV\SDWDWDV7DPSR
EHVWZLQHVIURPWKH%RUGHDX[UHJLRQRI)UDQFH1RZKHKDVWRJHW FRHVW»DFRVWXPEUDGRDEHEHUVRODPHQWHDJXD$QWHVEHEÇDORV
XVHGWRGULQNLQJZDWHUDQGRQO\ZDWHU PHMRUHVYLQRVGHODUHJLÍQIUDQFHVDGH%XUGHRV$KRUDWLHQHTXH
*XV0RUJDQXVHGWREHWKHpNLQJRIWKHPRXQWDLQq+HXVHGWRGR DFRVWXPEUDUVHDEHEHUDJXD\VRODPHQWHDJXD
ZKDWHYHU KH ZDQWHG DQG JR ZKHUHYHU KH ZDQWHG +HoV QRW XVHG *XV0RUJDQDQWHVHUDHOpUH\GHODPRQWDËDq$QWHVKDFÇDORTXHTXHUÇD
WRKDYLQJWRVWD\LQRQO\RQHSODFHDQGKHoVQRWXVHGWRIROORZLQJ HLEDGRQGHTXHUÇD1RHVW»DFRVWXPEUDGRDSHUPDQHFHUHQXQVROR
RUGHUV +H XVHG WR JLYH RUGHUV QRW IROORZ RUGHUV %XWQRZKHoVLQ VLWLR\QRHVW»DFRVWXPEUDGRDVHJXLUÍUGHQHV$QWHVGDEDÍUGHQHVQR
SULVRQDQGKHKDVWRJHWXVHGWRDQHZZD\RIOLIH+HoVQRWXVHGWRLW VHJXÇDÍUGHQHV3HURDKRUDHVW»HQSULVLÍQ\WLHQHTXHDFRVWXPEUDUVH
\HWEXWOLNHHYHU\RWKHUSULVRQHUKHZLOOJHWXVHGWRLWHYHQWXDOO\ DXQDQXHYDIRUPDGHYLGD1RHVW»DFRVWXPEUDGRDHOODWRGDYÇDSHUR
FRPRORVGHP»VSUHVRVDODODUJDVHDFRVWXPEUDU»DHOOD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
2\H-RKQDQWHVGHTXHWHYD\DVWLHQHVXQPLQXWRSDUDUHYLVDUHVWHS» +H\-RKQEHIRUH\RXOHDYHGR\RXKDYHDPLQXWHWRSURRIUHDG
UUDIR"£FKDOHXQYLVWD]RU»SLGR(VSDUDXQDQXQFLRTXHYDPRVDSRQHU WKLVSDUDJUDSK"7DNHDTXLFNORRNDWLW,WoVIRUDQDGZHoUHJRLQJ
HQHO6DQ)UDQFLVFR+HUDOGDYLVDQGRGHQXHVWUDSUHVHQFLDHQHO&RQJUHVR WRSODFHLQWKH6DQ)UDQFLVFR+HUDOGDQQRXQFLQJRXUSUHVHQFHDW
GHO&OXE6DIDUL,QWHUQDFLRQDO-HQQLIHUVXHOHHVFULELUHVWDVFRVDVSHUR\D WKH 6DIDUL &OXE ,QWHUQDWLRQDO FRQYHQWLRQ -HQQLIHU XVXDOO\ ZULWHV
TXHQRHVW»DTXÇORWHQJRTXHKDFHU\R(VXQDQXQFLRSHTXHËRTXH WKHVHWKLQJVEXWVLQFHVKHoVQRWKHUH,KDYHWRGRLW,WoVDVPDOODG
DYLVDGHQXHVWUDLQWHQFLÍQGHWHQHUXQSXHVWRSDUDYHQGHUSURGXFWRV DQQRXQFLQJRXUSODQVIRUDVWDQGWRVHOOH[RWLFOHDWKHUJRRGVIURP
H[ÍWLFRVGHFXHURGHIULFD\2ULHQWHPHGLR,QFOXVRDSDUHFHU»QDOJXQDV $IULFDDQGWKH0LGGOH(DVW(YHQVRPHQRQKXQWHUVZLOOVKRZXS
SHUVRQDVTXHQRVRQFD]DGRUHVSDUDYHUTXÃHVORTXHRIUHFHPRV WRVHHZKDWZHKDYHWRRIIHU
(VWLPDGRDPLJR\DOXPQR+R\WHQJRSRFRHVSDFLRDVÇTXHVHUÃEUHYH(OPXQGRHVW»OOHQRGHPXFKRVWLSRVGH 0»VSDODEUDVLQJOHVDV
SHUVRQDSHURKD\WUHVWLSRVTXHGHEHVHYLWDUFRPRODSHVWHORVVREHUELRVORVYDJRV\ORVFÇQLFRV6RQSHOLJURVRV GHUDÇ]ODWLQD
SRUTXHDEXQGDQ\OHVJXVWDDEDWLUWXQDWXUDORSWLPLVPR\PRWLYDFLÍQ\VLOHVKDFHVFDVRORORJUDQ7RGRVDTXHOORV 'LVVXDVLYH 'LVWLOODWLRQ
FX\R SURJUHVR FRQ HO LQJOÃV PH KD VRUSUHQGLGR KDQ VLGR SHUVRQDV TXH UHXQÇDQ WUHV FDUDFWHUÇVWLFDV KXPLOGDG 'LVWDQFH 'LVWLOOHU\
DXWRFRQîDQ]D\GLVSRVLFLÍQSDUDHOWUDEDMR<QRKDFÇDQFDVRDORVFÇQLFRVQLDORVVREHUELRVQLDORVYDJRV 'LVWDQW 'LVWLQFW
5LFKDUG9DXJKDQ 'LVWLOO 'LVWLQFWLRQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
&X»QWRFXHVWDDOTXLODUHVWH +RZPXFKGRHVWKLVFDUFRVW
6HSDUHFHP»VDXQWDQTXHTXH,WORRNVPRUHOLNHDWDQNWKDQ
FRFKH" WRUHQW" DXQFRFKH DFDU
&XHVWDGRVFLHQWRVHXURVDOGÇD ,WFRVWVWZRKXQGUHGHXURVD
$OJXLHQWUDMRPÔVLFDSDUDHO 'LGDQ\RQHEULQJPXVLFIRUWKH
P»VJDVROLQD GD\SOXVWKHSHWURO YLDMH" MRXUQH\"
'HTXÃSDÇVYLHQHHVWHFRFKH" :KLFKFRXQWU\GRHVWKLVFDU 'HMDGHIXPDUWDQWRHOFRFKH 6WRSVPRNLQJVRPXFKWKHFDU
FRPHIURP" HVW»OOHQRGHKXPR LVIXOORIVPRNH
(VHVWDGRXQLGHQVHORXWLOL]DQ ,WoV$PHULFDQWKH\XVHLWLQWKH
7RGRHOPXQGRQRVPLUD|VRPRV(YHU\ERG\oVORRNLQJDWXVZHoUH
HQHOHMÃUFLWR DUP\ ORVUH\HVGHODFDUUHWHUD WKHNLQJVRIWKHPRWRUZD\
(VGLIÇFLOFRQGXFLUOR" ,VLWGLIïFXOWWRGULYH" 3DUHPRVHQXQDJDVROLQHUD /HWoVVWRSDWDSHWUROVWDWLRQWR
SDUDHFKDUJDVROLQD ïOOXS
3DQW\%UDJD
%UD6XMHWDGRU
/LQJHULH/HQFHUÇD
3DQW\KRVH3DQW\V
7LJKWV0HGLDV
9RFDEXODULR:RPHQoV8QGHUZHDU5RSD,QWHULRUSDUD0XMHUHV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
$DOJXLHQOHDSHWHFHXQD 'RHVDQ\RQHIHHOOLNHDEHHU"
&RJHPRVODDXWRSLVWDGHSHDMH" 6KDOOZHWDNHWKHWROOPRWRUZD\"
FHUYH]D" 0»VYDOHTXHUHGX]FDVOD <RXoGEHWWHUVORZGRZQ
4XÃGLUÇDQWXVDPLJRVVL :KDWZRXOG\RXUIULHQGVVD\LI YHORFLGDGVLQROD3ROLFÇDQRV RWKHUZLVHWKH3ROLFHZLOOVWRSXV
VXSLHVHQTXHVHVLUYHFHUYH]D WKH\NQHZWKH\VHUYHEHHULQ SDUDU»
HQJDVROLQHUDVGHDTXÇ" SHWUROVWDWLRQVKHUH" 4XÃKDFHPRVVLWHQHPRVXQD :KDWGRZHGRLIZHEUHDN
'LUÇDQp9DPRVDFRJHUHO 7KH\oGVD\p:HoUHJRLQJWR
DYHUÇD" GRZQ"
SUÍ[LPRYXHORSDUD(VSDËDq WDNHWKHQH[WðLJKWWR6SDLQq $TXÃKRUDOHVGLMLVWHTXH :KDWWLPHGLG\RXWHOOWKHP
&ÍPRVHDSDJDQHVWDVOXFHV +RZGR\RXWXUQWKHVHLQWHULRU
OOHJDUÇDPRV" ZHoGDUULYH"
LQWHULRUHV" OLJKWVRII" &ÍPRGHPRQLRVYDPRVD +RZRQHDUWKDUHZHJRLQJWR
&X»OHVODVDOLGDGH&»FHUHV" :KLFKH[LWLVLWIRU&»FHUHV" DSDUFDUHVWHPRQVWUXR" SDUNWKLVPRQVWHU"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
'DOHVXQWRTXHSDUDYHUVLHVW»Q*LYHWKHPDEHOOWRVHHLI 1DGLHTXHHVWÃHQVXVDQRMXLFLR1RERG\LQWKHLUULJKWPLQG
HQFDVD WKH\oUHDWKRPH KDUÇDDOJRDVÇ ZRXOGGRVRPHWKLQJOLNHWKDW
$YÇVDOHVTXHHVWDPRVDSXQWR /HWWKHPNQRZZHoUHDERXWWR |$TXÃQRORDGLYLQDV$OJXLHQ *XHVVZKDW6RPHRQHMXVW
GHOOHJDU DUULYH DFDEDGHUREDUHOFRFKH VWROHWKHFDU
0LUDSRUHOWHFKRFRUUHGL]R /RRNRXWRIWKHVXQURRI (OVHJXURDWRGRULHVJRLED :DVIXOO\FRPSUHKHQVLYH
1XHVWURVFROHJDVHVW»QDOOÇ 2XUPDWHVDUHXSWKHUHRQWKH LQFOXLGRHQHOSUHFLR" LQVXUDQFHLQFOXGHGLQWKHSULFH"
DUULEDHQHOEDOFÍQ EDOFRQ\ (VWRQRVYDDFRVWDUXQULËÍQ 7KLVLVJRLQJWRFRVWXVDQDUP
+DJDVORTXHKDJDVQRGHMHV :KDWHYHU\RXGRGRQoWOHW DQGDOHJ
TXHOOHYHQHOFRFKHDQLQJÔQVLWLR WKHPWDNHWKHFDUDQ\ZKHUH <RORDUUHJODUÃDOTXLODUHVWH ,oOOVRUWLWRXWKLULQJWKLVFDU
FRFKHIXHFDSULFKRPÇR ZDVDZKLPRIPLQH
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpRYHUq 7R)RFXV2Q
6LJQLîFDpFHQWUDUVHHQq7HQFXLGDGRSRUTXH
7KHFDUUDQRYHUWKHSRRUGRJ 7KHPLOLWDU\WRRNRYHUWKHJRYHUQPHQW QXQFDVHXVDFRQODSUHSRVLFLÍQpLQq
(OFRFKHDWURSHOOÍDOSREUHSHUUR /RVPLOLWDUHVVHDSRGHUDURQGHO*RELHUQR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
/HWPHWDNHRYHUIRU\RX 6HQGKLPRYHUWRP\RIîFH 7LHQHVTXHFHQWUDUWHP»VHQWXWUDEDMR
'ÃMDPHTXHWHUHOHYH 0»QGDOHDPLGHVSDFKRHQODPLVPD 7HQGUHPRVTXHFHQWUDUQRVP»VHQQXHVWUDV
SODQWD HVWUDWHJLDVGHPDUNHWLQJ
1RERG\ZDQWVWRWDNHRYHU 0\ERVVLVDOZD\VVWDQGLQJRYHUPH (QTXÃYDPRVDFHQWUDUQRVHQODUHXQLÍQGH
1DGLHTXLHUHDVXPLUHOPDQGR 0LMHIHVLHPSUHHVW»DPLODGRYLJLO»QGRPH KR\"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
&XDQGRHOXVRGHpWRqHVW»WHUPLQDQWHPHQWHSURKLELGR HVWDVIUDVHV
(QDSDULHQFLDORTXHSRQJRDFRQWLQXDFLÍQHVSRFDFRVD6HLVIUD WRGRVPLVDËRVGHHQVHËDQ]DKHRÇGRPXFKRP»VODSDODEUDpWRq
VHVVHQFLOODVFRQVHLVDGYHUWHQFLDV(QFLPDPHYDVDGHFLUTXH\D HQHVWDVIUDVHVTXHVXDXVHQFLD&RQpFDQqpPXVWq\pOHWqMDP»V
VDEHV GH VREUD TXH QR VH XVD pWRq HQ HVWDV IUDVHV 3XHV LQVLVWR DSDUHFH OD SDUWÇFXOD pWRq<D HVW» /R KH YXHOWR D GHFLU 3HUR PH
HQGHGLFDUSDUWHGHHVWDîFKDDUHFRUG»UWHORGHQXHYR\HVWR\VH DSXHVWRORTXHVHDTXHYXHOYHVDLQVHUWDUpWRqGHVSXÃVGHDOJXQR
JXURGHTXHWRGRVORVSURIHVRUHVGHLQJOÃVGHHVWHSDÇVHVWDU»Q GHHVWRVWUHVYHUERVYHFHVP»VHQORVSUÍ[LPRVDËRV
GHDFXHUGRFRQPLJRHQTXHLQVLVWDSRUHQÃVLPDYH]HQHVWR(Q
,FDQWRVHHKLP 6KHPXVWWRGRLW
7KH\FDQWRFRPH :HPXVWQoWWRJRWKHUH
/HWWKHPWRFRPH
/HWPHWRKHOS\RX
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
7XYLPRVXQGHEDWHGHPLQXWRVVREUHORVSRPRV\SLFDSRUWHVGH :H KDG D PLQXWH GHEDWH RQ GRRU NQREV DQG GRRU KDQGOHV ,
SXHUWD6DTXÃHOWHPDFDVLFRPRXQDEURPDSHURUHDOPHQWHKL]R EURXJKWWKHVXEMHFWXSDOPRVWDVDMRNHEXWLWFHUWDLQO\JRWSHRSOH
TXHODJHQWHKDEODUD$OSULQFLSLRODPD\RUÇDGHODJHQWHSUHIHUÇD WDONLQJ$WîUVWPRVWSHRSOHLQ WKHJURXSSUHIHUUHGGRRUNQREV
ORVSRPRVSHURDPHGLGDTXHHOGHEDWHFRQWLQXDEDHVWDEDQGH EXW DV WKH GHEDWH SURJUHVVHG PRUH DQG PRUH DJUHHG WKDW GRRU
DFXHUGRFDGDYH]P»VHQTXHORVSLFDSRUWHVVRQP»VHOHJDQWHV\ KDQGOHV DUH PRUH HOHJDQW DQG PRUH XVHIXO ,I \RXoUH FDUU\LQJ
P»VÔWLOHV6LOOHYDVDOJRFRQDPEDVPDQRVWLHQHVTXHGHMDUORD VRPHWKLQJZLWKERWKKDQGV\RXKDYHWRSXWWKHWKLQJGRZQWR
XQODGRSDUDDEULUXQDSXHUWDFRQSRPRSHURVLKD\XQSLFDSRUWH RSHQDGRRUZLWKDGRRUNQREEXWLIWKHUHoVDKDQGOH\RXFDQXVH
SXHGHVXVDUHOFRGRRLQFOXVRODFDEH]DSDUDDEULUODSXHUWD \RXUHOERZRUHYHQ\RXUKHDGWRRSHQWKHGRRU
(VWLPDGRDPLJR\DOXPQR(OKRPEUHGHODIRWRHV7DQFUHGR6DOD]DU(QGRVRFDVLRQHVWHKHKDEODGR 0»VSDODEUDVLQJOHVDV
GHÃO&RPHQ]ÍDDSUHQGHULQJOÃVDORVDËRVKDELHQGRGHMDGRORVHVWXGLRVDORVSDUDWUDEDMDU GHUDÇ]ODWLQD
FRPRDSUHQGL]GHPHF»QLFR)XHîFKDGRDËRVP»VWDUGHSDUDGLULJLUWRGDODDFFLÍQFRPHUFLDOGHOD 'LVWLQJXLVK 'LYHUVLîFDWLRQ
îOLDOHVSDËRODGHXQDJUDQPXOWLQDFLRQDOQRUWHDPHULFDQD&XDQGROHFRQRFÇOHDGYHUWÇGHGRVFRVDV 'LVWRUW 'LYHUVLîHG
SULPHURTXHDSUHQGHULQJOÃVDVXHGDG\FRQVXSRFDLQFOLQDFLÍQ 'LVWRUWLRQ 'LYHUVLRQ
DFDGÃPLFDLEDDVHUXQUHWRPX\GLIÇFLOVHJXQGROHGLMHTXHVX 'LVWUDFW 'LYHUVLW\
'LVWUDFWLRQ 'LYLGH
QXHYDHPSUHVDHVWDEDPX\HTXLYRFDGDVREUHHOFRVWHHQGLQHUR
'LVWUDFWHG 'LYLGHQG
\HVIXHU]RTXHHOUHWROHLEDDVXSRQHU7DQFUHGRPHPLUÍVRQULÍ
'LVWULEXWH 'LYLQH
\GLMRp1RWHSUHRFXSHVVHËRU5ÇFKDUG(VWR\DFRVWXPEUDGRDORV 'LVWULEXWLRQ 'LYLQLW\
UHWRV 1R SXHGR YLYLU VLQ HOORV &X»QGR HPSH]DPRV"<D YHU»V 'LVWULEXWRU 'LYLVLEOH
TXHORFRQVHJXLUHPRV7HDVHJXURTXHYR\DYHQFHUDOLQJOÃV9R\ 'LVWULFW 'LYLVLRQ
DOOHYDUPHHOJDWRDODJXDq<ORFRQVLJXLÍ7DUGÍPHVHV\GRV 'LVXQLWH 'LYLVRU
PLO KRUDV GH WUDEDMR SHUR OR FRQVLJXLÍ 8Q DËR P»V WDUGH PH 'LVXQLRQ 'LYRUFH
PDQGÍODIRWRGHDOODGR$OGRUVRKDEÇDHVFULWRp9HV"6LHPSUH 'LXUHWLF 'LYXOJH
PHOOHYRHOJDWRDODJXDq 'LYHUJHQFH 'RFLOH
5LFKDUG9DXJKDQ 'LYHUJHQW 'RFWRU
'LYHUVH 'RFWRUDO
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
(UDVEXHQHVWXGLDQWHFXDQGR :HUH\RXDJRRGVWXGHQWZKHQ
0LVGRVQLËRV\DVRQ %RWKP\FKLOGUHQDUHWHHQDJHUV
HVWDEDVHQHOFROHJLR" \RXZHUHDWVFKRRO" DGROHVFHQWHV QRZ
$TXÃFROHJLRLEDV" :KLFKVFKRROGLG\RXJRWR" 0LKLMRPD\RU\DKDHPSH]DGR 0\HOGHVWVRQKDVDOUHDG\
3RUTXÃQRHVWXGLDQWXVQLËRV:K\GRQoW\RXUFKLOGUHQVWXG\LQ DDIHLWDUVH VWDUWHGWRVKDYH
HQXQFROHJLRP»VFHUFDGHFDVD" DVFKRROQHDUHUWR\RXUKRPH" $SHQDVKDEODDPHQRVTXH +HKDUGO\WDONVXQOHVVKH
&X»QGRYDQDHPSH]DUHQHO :KHQDUHWKH\JRLQJWRVWDUW
TXLHUDTXHMDUVHRSDUDSHGLUQRV ZDQWVWRFRPSODLQRUWRDVNXV
FROHJLR" VHFRQGDU\VFKRRO" GLQHUR IRUPRQH\
/RVSXHGROOHYDU\RPDËDQDVL ,FDQWDNHWKHPWRPRUURZ
3DVDQWRGRHOGÇDFKDWHDQGR 7KH\VSHQGWKHZKROHGD\
TXLHUHV PRUQLQJLI\RXOLNH HQVXVRUGHQDGRUHV FKDWWLQJRQWKHLUFRPSXWHUV
&UHHVTXHYDVDVDOLUYHVWLGD 'R\RXWKLQN\RXoUHJRLQJWR
DVÇ" JRRXWGUHVVHGOLNHWKDW"
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
%ULHIV6OLSV
9HVW&DPLVHWD,QWHULRU
/RQJ-RKQV&DO]RQFLOORV/DUJRV
9RFDEXODULR0HQoV8QGHUZHDU5RSD,QWHULRUSDUD+RPEUHV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
7KH<HDU%HIRUH/DVW
3KUDVDOYHUEVZLWKpRYHUq /DH[SUHVLÍQpWKH\HDUEHIRUHODVWqVLJQLîFDpHO
DËRDQWHULRUDOSDVDGRq
7KLQNLWRYHU :HoOOFKDQJHRYHUWRWKHQHZV\VWHPVRRQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHVIUDVHV
3LÃQVDWHOR6RSÃVDOR &DPELDUHPRVSURQWRDOQXHYRVLVWHPD HQLQJOÃV"
(ODËRDQWHULRUDOSDVDGRHOYLHQWRVRSODEDPX\
,oOOKDYHWRWKLQNLWRYHU 7KHULRWVSLOOHGRYHULQWRWKHERUGHULQJ IXHUWH
0HORWHQGUÃTXHSHQVDU DUHDV (ODËRDQWHULRUDOSDVDGRJXDUGDPRVWRGRVORV
(OPRWÇQVHH[WHQGLÍDODV]RQDVOLQGDQWHV WLTXHWV
,SRXUHGRYHUWKHGRFXPHQW (ODËRDQWHULRUDOSDVDGRODVYHQWDVFUHFLHURQXQ
5HSDVÃOÇQHDSRUOÇQHDHOGRFXPHQWR :HZRQKLPRYHUWRRXUFDXVH ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '( ,1*/£6
/HFRQYHQFLPRVDSDVDUDQXHVWUREDQGR '(),1,7,92GH9DXJKDQ1RVÍORVDEU»VVLKDVDFHUWDGRVLQR
TXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
9HUERVUHJXODUHV
/RVYHUERVUHJXODUHVDSHQDVUHFLEHQDWHQFLÍQSRUSDUWHGHORVSURIHVRUHVGHLQJOÃV/DREVHVLÍQHVVLHPSUHFRQORVYHUERVLUUHJXODUHV6LQHPEDU
JRDTXÃOORVVRQP»VQXPHURVRV\VHJÔQHOYHUERHQFXHVWLÍQLJXDOPHQWHLPSRUWDQWHV
(VWLPDGRDPLJR\DOXPQR'HELGRDODLPSRUWDQFLDGHGRPLQDUODSURQXQFLDFLÍQGHORVYHUERVUHJXODUHVSUHîHURHQHVWDîFKDSUHVFLQGLU
GHOS»UUDIR\ODVSDODEUDVGHUDÇ]ODWLQD$VÇOHVGDPRVDORVYHUERVUHJXODUHVXQHVSDFLRIÇVLFRHQFRQVRQDQFLDFRQVXLPSRUWDQFLD+DEODUELHQ
LQJOÃVLPSOLFDSUDFWLFDUPXFKRVDVSHFWRVWÃFQLFRPHF»QLFRVDEXUULGRVVLQHPEDUJRHVQHFHVDULRVLXQRDVSLUDDKDEODUELHQXQVHJXQGR
LGLRPD3DUDGRPLQDUODpUqHQHVSDËROHVWR\VHJXURGHTXHGLMHP»VGHYHFHVp(OSHUURGH6DQ5RTXHQRWLHQHUDERSRUTXH5DPÍQ5D
PÇUH]VHORKDFRUWDGR(OSHUURGH5DPÍQ5DPÇUH]QRWLHQHUDERSRUTXHVHORKDQUREDGR4XLÃQOHKDUREDGRHOUDERDOSHUURGH6DQ5RTXH"
5DPÍQ5DPÇUH]KDUREDGRHOUDERGHOSHUURGH6DQ5RTXH"q
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
6ZHHWV&DUDPHORV
9RFDEXODULR9DOHQWLQHoV'D\'ÇDGH6DQ9DOHQWÇQ
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
7RPDQDJH
3KUDVDOYHUEVZLWKpRYHUq p&RQVHJXLUKDFHUDOJRqHVpWRPDQDJHWRGR
VRPHWKLQJq
'RQoWFU\RYHUWKLQJVOLNHWKDW &DQ\RXSXOORYHUSOHDVH" 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
1ROORUHVSRUFRVDVDVÇ 6HSXHGHHFKDUDXQODGRSRUIDYRU" IUDVHVHQLQJOÃV"
(OODFRQVLJXHYHUDVXVSDGUHVXQDYH]FDGD
0RYHRYHU +HVWD\HGRYHUIRUWKHQLJKW TXLQFHQD
&ÍUUHWHXQSRFRSDUDDOO» 6HTXHGÍDGRUPLUHQQXHVWUDFDVD /RJUÃWHUPLQDUHOLQIRUPHDWLHPSRSDUDOD
UHXQLÍQ
7KHSROLFHSXOOHGXVRYHU :K\GRQoW\RXDVNKLPRYHU" &RQVHJXLPRVKDEODUFRQODSHUVRQDUHVSRQ
/DSROLFÇDQRVSDUÍHQFDUUHWHUD 3RUTXÃQROHLQYLWDVDWXFDVD" VDEOHGHOSUR\HFWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
6RIDU HVWDVIUDVHV
(QHODËRKXERXQDUHXQLÍQHQWUHYDULRVGLUHFWLYRVGHODFDVDPDWUL]DPHULFDQDGHXQDHPSUHVDPXOWLQDFLRQDO\ODSODQD
GLUHFWLYDGHVXîOLDOHVSDËROD(OGLUHFWRUJHQHUDOGHODîOLDOHUDXQDUJHQWLQRFULDGR\HGXFDGRHQ,QJODWHUUDSRUORTXHVDEÇDLQJOÃV
SHUIHFWDPHQWH(OGLUHFWRUFRPHUFLDOHUDHVSDËROSHURKDEODEDLQJOÃVEDVWDQWHELHQ
'XUDQWHHOWUDQVFXUVRGHODUHXQLÍQXQRGHORVDPHULFDQRVSUHJXQWÍDOGLUHFWRUFRPHUFLDOHVSDËROp&ÍPRYDQODVYHQWDVGHUHSXHVWRV"q
(OGLUHFWRUFRPHUFLDOFRQWHVWÍp8QWLOQRZîQHq(ODPHULFDQRLQPHGLDWDPHQWHUHVSRQGLÍp&X»OHVHOSUREOHPDDKRUD"q
(QHVWHPRPHQWRHOGLUHFWRUJHQHUDODUJHQWLQRLQWHUYLQRSDUDDFODUDUTXHVXKRPEUHTXLVRGHFLUp8SWRQRZîQHq6HGLRFXHQWD
GHTXHVXGLUHFWRUFRPHUFLDOKDEÇDGHVSLVWDGRDVXLQWHUORFXWRU$OGHFLUHOGLUHFWRUFRPHUFLDOpXQWLOQRZîQHqÃVWHGDEDDHQWHQGHU
TXHWRGRKDEÇDLGRELHQKDVWDDKRUDSHURTXHDKRUDSRGUÇDKDEHUSUREOHPDV
$VÇTXHVLTXLHUHVH[SUHVDUODLGHDGHpKDVWDDKRUDLQFOXVLYHqXVDpVRIDUqRpXSWRQRZqp8QWLOQRZqVHXVDP»VHQXQVHQWLGRGHOSDVDGR
8QWLOQRZ,DOZD\VDWHLQWKHVDPHUHVWDXUDQWEXW +DVWDDKRUDVLHPSUHFRPÇDHQHOPLVPRUHVWDXUDQWHSHUR
8SWRQRZ,oYHDOZD\VHDWHQLQWKHVDPHUHVWDXUDQW +DVWDDKRUDVLHPSUHFRPRHQHOPLVPRUHVWDXUDQWH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
/DUHDOLGDGGHOPDËDQDVHFUHDFRQODLPDJLQDFLÍQGHKR\(OPXQ 7RPRUURZoV UHDOLW\ LV FUHDWHG E\ WRGD\oV LPDJLQDWLRQ7KH ZRUOG
GRWLHQHXQDIRUPDGHGDUWHORTXHWHPHUHFHV6LHVW»VDVXVWDGR KDVDZD\RIJLYLQJ\RXZKDW\RXGHVHUYH,I\RXDUHIULJKWHQHG
\EXVFDVIUDFDVR\SREUH]DORVWHQGU»VSRUPXFKRTXHLQWHQWHV DQG ORRN IRU IDLOXUH DQG SRYHUW\ \RX ZLOO JHW WKHP QR PDWWHU
WULXQIDU/DIDOWDGHFRQîDQ]DHQXQRPLVPRHQFÍPRODYLGDWH KRZKDUG\RXPD\WU\WRVXFFHHG/DFNRIIDLWKLQ\RXUVHOILQZKDW
YDDWUDWDUWHVHSDUDGHODVFRVDVEXHQDVGHOPXQGR(VSHUDYLF OLIHZLOOGRIRU\RXFXWV\RXRIIIURPWKHJRRGWKLQJVLQWKHZRUOG
WRULD\ORJUDU»VYLFWRULD ([SHFWYLFWRU\DQG\RXPDNHYLFWRU\
(VWLPDGR DPLJR \ DOXPQR /R TXH GLFH HO S»UUDIR DQWHULRU HV SDUD PÇ XQD YHUGDG FRPR XQ JUDQ UREOH \ 0»VSDODEUDVLQJOHVDV
WUHPHQGDPHQWHLPSRUWDQWH&DGDYH]TXHRLJRDFLHUWDVSHUVRQDVTXHMDUVHGHVXVXHUWHHQODYLGDHVWR\P»V GHUDÇ]ODWLQD
FRQYHQFLGRGHTXHWHQGUÇDQODPLVPDVXHUWHDXQTXHOHVGLÃVHPRVRSRUWXQLGDGHVP»VGHYLYLUVXYLGD 'RFWRUDWH
GHQXHYR6RQSHUVRQDVTXHHVW»QSURJUDPDGDVSDUDWHQHUSRFDVXHUWHHQODYLGD6XDFWLWXGDQWHODVFRVDV 'RFWULQH
OHVFRQGHQDDIUDFDVDU([LVWHQPXFKRVVÇQWRPDVTXHSRGHPRVUHFRQRFHUHQDOJXQRVFDVRVXQDWHQGHQFLD 'RFXPHQW
DVHQWLUVHYÇFWLPDXQDLQFOLQDFLÍQDVHQWLUHQYLGLDSRUORVGHP»VXQDSURSHQVLÍQDUHDFFLRQDUFRQFLQLVPR 'RFXPHQWDU\
DQWH OD VLQFHULGDG R HO HVIXHU]R KRQHVWR XQD WHQGHQFLD D GLVIUXWDU GHO PDO DMHQR R GHO IUDFDVR GH RWURV 'RFXPHQWDWLRQ
XQDSUHIHUHQFLDSRUWXPEDUDOTXHWULXQIDHQOXJDUGHLQWHQWDUFRPSHWLUFRQÃO\JDQDUOH(QRWURVFDVRV 'RJPD
VHPDQLîHVWDDWUDYÃVGHXQDLGHDQHJDWLYDDQWHODYLGDXQDEDWLPLHQWRDXWRLPSXHVWRDQWHODFRQYLFFLÍQ 'RJPDWLF
GHTXHODYLGDHVSUHFDULD\SRFRDPLJD([LVWHQHQ(VSDËDGRVUHIUDQHVTXHSRUGHFUHWROH\GHEHUÇDQVHU 'RJPDWLVP
GHVWHUUDGRVGHîQLWLYDPHQWHGHOUHIUDQHURTXHVRQ3LHQVDPDO\DFHUWDU»V\0»VYDOHORPDORFRQRFLGR 'ROSKLQ
TXHOREXHQRSRUFRQRFHU/DYLGDRIUHFHXQDEDQLFRWDQDPSOLR\DELJDUUDGRGHRSRUWXQLGDGHVTXHKDVWD 'RPDLQ
PDUHD GH HPRFLÍQ D DTXHOODV SHUVRQDV TXH WLHQHQ XQD DFWLWXG SRVLWLYD \ JDQDV GH VDFDUOH WRGR HO MXJR 'RPH
SRVLEOHDODVSRVLELOLGDGHV0DFEHWKHQXQPRPHQWRGDGRGHVXKLVWRULDGHFÇDpODYLGDHVXQSREUHDFWRU 'RPHVWLF
TXHSDYRQHDVXKRUDHQHOHVFHQDULRSDUDGHVSXÃVGHVDSDUHFHUVLQVHËDOQLUDVWURq<RSHUVRQDOPHQWHQR
GHVFDUWRTXH0DFEHWKSXHGDWHQHUDOJRGHUD]ÍQSHURVLHVDVÇSLHQVRGHGLFDUHVWDKRUDPÇDHQHOHVFHQDULR
DSDYRQHDUPHHQFRQGLFLRQHV\DGLVIUXWDUFRPRXQHQDQR
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
'ÍQGHHVW»QORVPXVHRVHQ :KHUHDUHWKHPXVHXPVLQWKLV
7HJXVWDHODUWH" 'R\RXOLNHDUW"
HVWDFLXGDG" FLW\" 0HHQFDQWD ,ORYHLW
+D\PXFKRVHQHOFHQWUR 7KHUHDUHPDQ\LQWKHFHQWUH 6DEHVPXFKRVREUHDUWH" 'R\RXNQRZPXFKDERXWDUW"
6RQPXVHRVGH$UWHRGH $UHWKH\$UWRU+LVWRU\
1RVÃPXFKRSHURVÃORTXH ,GRQoWNQRZPXFKEXW,NQRZ
+LVWRULD" PXVHXPV" PHJXVWD ZKDW,OLNH
(OPHMRUPXVHRGH(VSDËDHVW»7KHEHVWPXVHXPLQ6SDLQLV (VRHVORTXHGLFHWRGRHO 7KDWoVZKDWHYHU\ERG\VD\V
DELHUWRKR\ RSHQWRGD\ PXQGR
(VFDURRHVJUDWLV" ,VLWH[SHQVLYHRULVLWIUHH"
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
6DEÇDVTXHDFDEDQGHDEULU 'LG\RXNQRZWKDWWKH\oYHMXVW
+D\DOJXQDSDUWHGRQGHSXHGD,VWKHUHDQ\ZKHUH,FDQOHDYH
XQQXHYRHGLîFLR" RSHQHGDQHZEXLOGLQJ" GHMDUHODEULJR" P\FRDW"
(O5HLQD6RIÇDWLHQHWDQWRV 'RHVWKH5HLQD6RIÇDKDYHDV
(OJXDUGDUURSDHVW»DOODGR 7KHFORDNURRPLVQH[WWRWKH
FXDGURVFRPRÃVWH" PDQ\SDLQWLQJVDVWKLVRQH" GHODWLHQGDGHUHJDORV JLIWVKRS
3RUGÍQGHHPSH]DPRV" :KHUHVKDOOZHVWDUW" +D\DOJXQDSRVLELOLGDGGH ,VWKHUHDQ\FKDQFHZHFDQJR
/RVVHUYLFLRV0HPXHURGH 7KHWRLOHWV,oPG\LQJWRJR
TXHSRGDPRVLUDOOÇSULPHUR" WKHUHïUVW"
JDQDVGHLU (VW»HPSH]DQGRDSRQHUPH <RXoUHEHJLQQLQJWRJHWRQP\
|'DWHSULVD +XUU\XS ORVQHUYLRVGHSXQWD QHUYHV
6LHPSUHMX]JRXQPXVHRSRUOD,DOZD\VMXGJHDPXVHXPE\
FDOLGDGGHVXWLHQGDGHUHFXHUGRV WKHTXDOLW\RILWVVRXYHQLUVKRS
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
9DXOW%ÍYHGD
$UFK$UFR
&DSLWDO&DSLWHO
%XWWUHVV&RQWUDIXHUWH
&ROXPQ&ROXPQD
9RFDEXODULR$UFKLWHFWXUDOIHDWXUHV3DUWHV$UTXLWHFWÍQLFDV
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpRYHUq &DQ,
8QR GH ORV YHUERV P»V SRSXODUHV VLJQLîFD
/HWoVFURVVRYHU ,WZHQWULJKWRYHUKLVKHDG pSRGHUq
&UXFHPRVODFDOOH 1RVHHQWHUÍGHQDGDGHORTXHGHFÇDQ 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7KHFODVVLVRYHU ,WKLQN,FDQMXPSRYHUWKHVWUHDP 3XHGRFRFLQDUSHURQRSXHGRFRQGXFLU
/DFODVHKDWHUPLQDGR &UHRTXHSXHGRVDOWDUHODUUR\R 3XHGRKDEODUHVSDËROSHURQRSXHGRKDEODU
SRUWXJXÃV
7KHSDUW\oVRYHU ,UHDFKHGRYHUDQGWRRNEDFNP\,' 3XHGRWRFDUHOSLDQRSHURQRSXHGRWRFDUHO
6HDFDEÍODîHVWD 0HHVWLUÃ\UHFXSHUÃPL'1, YLROÇQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
1RFRQR]FR6XHFLDQRPHODKDQSUHVHQWDGR HVWDVIUDVHV
(VPX\FRUULHQWHHQHVSDËROXVDUHOYHUERpFRQRFHUqSDUDH[SUHVDUODLGHDGHTXH\DKDVYLVLWDGRDOJÔQSDÇVRXQOXJDUGHWHUPLQDGR
9RVRWURVVROÃLVGHFLUSRUHMHPSORpQRFRQR]FR6XHFLDqp&RQRFHV1XHYD<RUN"qHWF6LWUDVODGDVHVWHK»ELWROLQJÖÇVWLFRDOLQJOÃVWH
HQWHQGHU»QSHUIHFWDPHQWHDXQTXHVRQDU»DOJRJUDFLRVR(QLQJOÃVGHFLPRVVLHPSUH+DYH\RXHYHUEHHQWR"
'R\RXNQRZ0DUJDULWD" 1RWKH\KDYHQoWLQWURGXFHGPHWRKHU\HW
+DYH\RXHYHUEHHQWR6ZHGHQ" 1R,KDYHQoWKDGWKHRSSRUWXQLW\WRYLVLW6ZHGHQ\HW
6HWUDWDGHXQFRQFHSWRPX\VHQFLOOR\DSDUHQWHPHQWHI»FLODXQTXHHQHOPRPHQWRGHODYHUGDGORVHVSDËROHVLQGHSHQGLHQWHPHQWH
GHYXHVWURQLYHOGHGRPLQLRGHOLQJOÃVYROYÃLVPXFKDVYHFHVDODIRUPDHVSDËROD\KDEO»LVGHpWHQHUXQDUHODFLÍQGHFRQRFLPLHQWRqFRQ
XQSDÇVROXJDUWRNQRZ(QLQJOÃVVLHPSUHGHFLPRVp+DYH\RXHYHUEHHQWR")ÇMDWHTXHVHXVDODSUHSRVLFLÍQpWRq(QRWUDVSDODEUDV
HVWDPRVOLWHUDOPHQWHGLFLHQGR+DVHVWDGRDOJXQDYH]D6XHFLD"3XHGHTXHWHVXHQHUDURSHURHVDVÇ
+DYH\RXHYHUEHHQWRWKH)DU(DVW" 1R,oYHQHYHUEHHQWRWKH)DU(DVW
+DYH\RXHYHUEHHQWR5XVVLD" <HV,oYHEHHQWR5XVVLD,ZDVWKHUHLQ
+DYH\RXHYHUEHHQWRWKHQRUWKRI6SDLQ" <HV,oYHEHHQWRWKHQRUWKRI6SDLQPDQ\WLPHV,WoVEHDXWLIXO
+DYH\RXHYHUEHHQWRDK\SHUPDUNHW" 2IFRXUVH,oYHEHHQWRDK\SHUPDUNHW:KRKDVQoW"
+DYH\RXHYHUEHHQWRDWKUHHULQJFLUFXV" <HV,oYHEHHQWRDWKUHHULQJFLUFXV,WoVWKHPRVWFRPPRQLQWKH86
+DYH\RXHYHUEHHQWRWKH0LGGOH(DVW" <HV,oYHEHHQWKHUHRQFH,ZDVLQ,VUDHODQG-RUGDQLQ
+DYH\RXHYHUEHHQWR2NODKRPD" <HV,oYHEHHQWR2NODKRPD,QIDFW,OLYHGWKHUHIRUQLQH\HDUV
+HDTXÇXQDFDQFLÍQGHORV7KUHH'RJ1LJKWXQJUXSRGHîQDOHVGHORVDËRVTXHVLHPSUHFDQWRHQODUDGLR\HQODWHOHYLVLÍQFXDQGR
HQVHËRGHQXHYRpKDYH\RXHYHUEHHQWRq
:HOO,oYHQHYHUEHHQWR6SDLQEXW,oYHEHHQWR2NODKRPD$QGWKH\ 3XHVQRFRQR]FR(VSDËDSHURVÇFRQR]FR2NODKRPD0HGLFHQTXH
WHOOPH,ZDVERUQWKHUHEXW,UHDOO\GRQoWUHPHPEHU,Q2NODKRPD QDFÇDOOÇSHURUHDOPHQWHQRPHDFXHUGR(Q2NODKRPDHQ$UL]R
LQ$UL]RQDZKDWGRHVLWPDWWHU":KDWGRHVLWPDWWHU" QD|TXÃLPSRUWD|4XÃLPSRUWD
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
$PÇPHFDHELHQHOWLSR6LHPSUHHVW»EXVFDQGRFÍPRKDFHUTXH ,OLNHWKHJX\+HoVDOZD\VORRNLQJIRUZD\VWRPDNHWKHRIîFHPRUH
ODRîFLQDWUDEDMHGHPDQHUDP»VHîFLHQWH'XUDQWHORVSULPHURV HIîFLHQW )RU WKH îUVW RU \HDUV KH KDG QR HPSOR\HHV DQG
R DËRV QR WHQÇD HPSOHDGRV \ SDVDED PXFKR WLHPSR KD KHVSHQWDORWRIWLPHLQWKHîHOGVHOOLQJ%HFDXVHRIWKLVKHZDV
FLHQGRYLVLWDVGHYHQWD3RUHVWRVHYLRREOLJDGRDGLVHËDUSURFH IRUFHGWRGHVLJQVXSHUHIîFLHQWRIîFHSURFHVVHVWRPDNHVXUHWKH
VRVLQWHUQRVVXSHUHîFLHQWHVHQODRîFLQDSDUDDVHJXUDUVHGHTXH ZRUNZDVGRQH1RZKHKDVRYHUSHRSOHZRUNLQJIRUKLPEXW
HOWUDEDMRVHKDFÇD$KRUDWLHQHDP»VGHSHUVRQDVWUDEDMDQGR KHoVQHYHUDEDQGRQHGWKHSKLORVRSK\RIDQHIîFLHQWVWUHDPOLQHG
DVXFDUJRSHURQXQFDKDDEDQGRQDGRODîORVRIÇDGHPDQWHQHU RIîFH
XQDRîFLQDHîFLHQWH\UDFLRQDOL]DGD
(VWLPDGRDPLJR\DOXPQR+D\XQGLFKRHQLQJOÃVGLJQRGHLGLRWDV'LFHDVÇ´,JQRUDQFHLVEOLVVµ\VHWUDGXFHP»V 0»VSDODEUDVLQJOHVDV
RPHQRVFRPRpODLJQRUDQFLDHVODIHOLFLGDGDEVROXWDq'HEHVHUTXHH[LVWHQPXFKDVSHUVRQDVTXHSLHQVDQTXH GHUDÇ]ODWLQD
FXDQWRVP»VFRQRFLPLHQWRV\VDELGXUÇDSRVHHXQRP»VVHGDFXHQWDGHORGLIÇFLOTXHHVVHUIHOL]+D\SHUVRQDVTXH 'RPHVWLFDWH
VHUHJRFLMDQGHVDEHUPX\SRFRRTXHVHHQRUJXOOHFHQGHVXDSDWÇDDQWHODVFRVDV6HR\HQPXFKDVH[SUHVLRQHVFRPR 'RPHVWLFDWLRQ
p\RTXÃVÃqpSDVRqpQRVÃQLPHLPSRUWDqHWF4XÃSHQDFRQORSRWHQFLDOPHQWHERQLWDTXHHVODYLGD2IUHFHWDQWDV 'RPLFLOH
RSRUWXQLGDGHVTXHHVXQDO»VWLPDREVHUYDUFÍPRVRQWDQWRVORVFÇQLFRV\ORVSHVLPLVWDV+D\RWURGLFKRTXHGLFHp8Q 'RPLQDQFH
SHVLPLVWDHVXQRSWLPLVWDFRQH[SHULHQFLDq<RWHQJRDËRV\PLYLGDODERUDOVHLQLFLÍDORVDVÇTXHH[SHULHQFLD 'RPLQDQW
WHQJRSHURDSHVDUGHHOORPHJXVWDOODPDUPH´XQRSWLPLVWDHPSHGHUQLGRµ2WURVPHOODPDQHO´KRPEUHÁRWDGRUµ 'RPLQDWH
FRPSDU»QGRPHFRQXQïRWDGRUGHSLVFLQDTXHWUDWDVGHPDQWHQHUFRQHOSLHHQHOIRQGRGHÃVWD\VLHPSUHVHHVFDSD 'RPLQDWLRQ
SDUDVXELUDODVXSHUîFLHHQPHQRVGHXQVHJXQGR(VXQDDFWLWXGDQWHODYLGD\VLXQRWLHQHODDFWLWXGDGHFXDGDOH 'RPLQR
FXHVWDPXFKRPHQRVTXHDRWURVKDFHUVHFRQODVDSWLWXGHVDGHFXDGDV$FWLWXGDSWLWXG([LVWHXQDFRUUHODFLÍQPX\ 'RQRU
'RUPDQW
LPSRUWDQWHHQWUHHVWDVGRVSDODEUDVSHURVLHPSUHHQXQVRORVHQWLGR&DVLODWRWDOLGDGGHSHUVRQDVGHHVWHPXQGR
'RUPLWRU\
SRVHHH[FHOHQWHVDSWLWXGHVHQSRWHQFLDHVSHUDQGRODWHQWHVDTXHVHPDQLîHVWHQ<VLODSHUVRQDWLHQHXQDDFWLWXG
KXPLOGHDELHUWDSRVLWLYD\RSWLPLVWDHOFDXGDOGHDSWLWXGHVVHU»LPSUHVLRQDQWH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
&KRS&KXOHWD
5LEV&RVWLOODV
7HQGHUORLQ6RORPLOOR
7ERQHVWHDN&KXOHWÍQ
/RLQ/RPR
9RFDEXODULR%XWFKHUVoFXWV&RUWHVGH&DUQLFHUÇD
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpDFURVVq $ORQH
6LJQLîFDpVRORqFRQHOPDWL]GHpVLQRWURVqRpGH
,FDPHDFURVVDZRUG,GLGQoWNQRZ 6KHFRPHVDFURVVDVVWULFWEXWVKHoVQRW IRUPDH[FOXVLYDq
'LFRQXQDSDODEUDTXHQRFRQRFÇD 'DODLPSUHVLÍQGHVHUHVWULFWDSHURQRORHV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
7KHFDUFXWDFURVVLQIURQWRIXV :HoOOVDYHWLPHLIZHFXWDFURVVWKHîHOG 0LWÇRDEXHORYLYHVROR
(OFRFKHDWUDYHVÍGHODQWHGHQRVRWURV $KRUUDUHPRVWLHPSRVLDWUDYHVDPRVHO 6RORÃOHVFDSD]GHJDQDUOHDOFDPSHÍQ
FDPSR &XDQGRVXVKLMRVDEDQGRQDURQHOQLGRHOODVH
,GURYHDFURVVWKHEULGJH VHQWÇDPX\VROD
$WUDYHVÃHOSXHQWHHQFRFKH +HGURYHDFURVV$XVWUDOLD ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
$WUDYHVÍ$XVWUDOLDGHSXQWDDSXQWD ,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
6LPSOHSDVWYVSUHVHQWSHUIHFW
(QVHJXLGDVHOHYHHOSOXPHURDXQPDOWUDGXFWRUFXDQGRVHOHHQODVWUDGXFFLRQHVDOLQJOÃVGHODVPHPRULDVDQXDOHVGHODVHPSUHVDVHVSDËRODV
(VFRVWXPEUHTXHHQHVSDËROVHXVHHOSUHVHQWHSHUIHFWR'XUDQWHHOSDVDGRHMHUFLFLRODVYHQWDVKDQFUHFLGRHQXQ
6LHOWUDGXFWRUSRQHp'XULQJWKHSDVWîVFDO\HDUVDOHVKDYHJURZQE\qHQWRQFHVWHGDU»VFXHQWDGHTXHRQRGRPLQDHOLQJOÃVFRPRHVGHELGR
RVXLQJOÃV\DKDVLGRpFRQWDPLQDGRqSRUODLQïXHQFLDGHOFDVWHOODQR
(OHMHUFLFLRSDVDGR\DHVSDVDGRHVGHODËRTXHKDîQDOL]DGRQRUPDOPHQWHHO6LHPSUHKD\TXHHPSOHDUHOSDVDGRVLPSOH9HDPRV
HMHPSORVGHIUDVHVWÇSLFDVGHODVPHPRULDVDQXDOHV\FÍPRGHEHQWUDGXFLUVHÃVWDVDOLQJOÃV
3RUWDQWRUHFXHUGDVLHPSUHXVDUHOSUHVHQWHSHUIHFWRSDUDDFFLRQHVTXHKDQWHQLGROXJDURTXHHVW»QWHQLHQGROXJDUGHQWURGHXQSHULRGRGH
WLHPSRTXHWRGDYÇDHVW»YLJHQWHHVWHPHV
+RZPDQ\WLPHVGLG\RXJRWR3DULVODVWPRQWK" ,GLGQoWJRWR3DULVODVWPRQWK
$QGVRIDUWKLVPRQWK" ,KDYHQoWJRQHWR3DULVVRIDUWKLVPRQWK
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(VWDEDVHQWDGRHQXQDPHVDGHUHXQLRQHVFXDQGRXQFOLHQWHSRWHQFLDO ,ZDVVLWWLQJDWDFRQIHUHQFHWDEOHZKHQDSURVSHFWLYHFOLHQWODLGD
PHH[WHQGLÍXQLPSRUWDQWHFKHTXH&XEULÍHOFKHTXHFRQVXPDQR\ ODUJHFKHFNLQIURQWRIPH+HFRYHUHGWKHFKHFNZLWKKLVKDQGDQG
PHGLMRp6LWHGR\HVWHGLQHURTXÃPHJDUDQWL]DV"q(VXQDSUHJXQWD VDLGp,I,JLYH\RXWKLVPRQH\ZKDWZLOO\RXJXDUDQWHHPH"q,WoVD
TXHPHKDFHQFRQFLHUWDIUHFXHQFLDSRUORTXHSXVHPLPDQRHQFLPD TXHVWLRQ,oPDVNHGURXWLQHO\VR,SXWP\KDQGRQWRSRIKLVORRNHG
GHODVX\DOHPLUÃDORVRMRV\OHGLPLUHVSXHVWDHVW»QGDUp7HJDUDQWL]R LQWRKLVH\HVDQGJDYHKLPP\VWDQGDUGDQVZHUp,JXDUDQWHHWKDW
TXHQXQFDYROYHU»VDYHUHVWHGLQHURq \RXoOOQHYHUVHHWKLVPRQH\DJDLQq
(VWLPDGRDPLJR\DOXPQR(OS»UUDIRDQWHULRUFXHQWDXQDHVFHQDTXHWXYROXJDUKDFH\DP»VGHDËRV0HYLVLWÍ 0»VSDODEUDVLQJOHVDV
XQGLUHFWLYRGHXQRVDËRVTXHTXHUÇDDSUHQGHULQJOÃV\TXHLEDDSDJDUHOFXUVRGHVXSURSLREROVLOOR(VWDED GHUDÇ]ODWLQD
OÍJLFDPHQWHSUHRFXSDGRSRUTXHVXGLQHUROHULQGLHUD\TXHUÇDVDEHUVLSRGUÇDFRQîDUHQPÇ\HQPLVSURIHVRUHV 'RUVDO 'XDO
6LQHPEDUJRODIRUPDHQTXHORH[SUHVÍPHOODPÍODDWHQFLÍQVDFDQGRXQFKHTXHGHODQWHGHPÇ\UHOODQ»QGROR 'RVVLHU 'XDOLW\
FRQXQLPSRUWH'HVSXÃVGLMRODSDODEUDTXH\RQXQFDVXHORSURQXQFLDUJDUDQWL]DUp6L\ROHGR\HVWHGLQHUR 'RXEOH 'XFWLOH
TXÃPHJDUDQWL]D"&XDQGRVHWUDWDGHODSUHQGL]DMHGHOLQJOÃVQRSXHGRJDUDQWL]DUQDGDVDOYRTXHHOFKHTXHHQ 'UDFRQLDQ 'XQH
FXHVWLÍQYDDVHULQJUHVDGRHQPLFXHQWDq<DVÇVHORGLMH/HGLMHTXHQRSRGÇDJDUDQWL]DUQXQFDXQDSUHQGL]DMHVL 'UDJRQ 'XR
HODOXPQRQRSRQÇDWDQWRGHVXSDUWHFRPR\R/HJDUDQWLFÃH[FHOHQWHVSURIHVRUHV\XQH[FHOHQWHPÃWRGRSHUR 'UDPD 'XRGHQDO
GHVSXÃVOHDGYHUWÇGHTXHVLÃOQRPHSHUPLWÇDSURJUDPDUXQYROXPHQVXîFLHQWHGHKRUDVOHFWLYDVSDUDFRQVHJXLU 'UDPDWLF 'XRGHQXP
HOREMHWLYR\VLQRHVWXGLDEDHQVHULRXQYROXPHQGHKRUDVHTXLYDOHQWHDODVKRUDVOHFWLYDVSURSXHVWDVHQWRQFHV 'UDVWLF 'XSOH[
GHJDUDQWÇDVQDGD(OVHËRUVHIXH\QRQRVFRQWUDWÍ7DOYH]IXLXQSRFRUDGLFDOHQPLUHVSXHVWD(QîQ3HURTXLHUR 'UDVWLFDOO\ 'XSOLFDWH
'URPHGDU\ 'XSOLFDWLRQ
DKRUDDGYHUWLUWHDWLWDPELÃQ/RVKD\\ORVKDEU»TXHWHJDUDQWL]DU»QUHVXOWDGRV\DVHDSDUDDSUHQGHULQJOÃVX
'UXJ 'XSOLFLW\
RWUDFRVD/DÔQLFDJDUDQWÇDTXHH[LVWHHVODTXHWÔPLVPRSXHGDVVDFDUGHWXSURSLDSHUVRQDGHWXLQWHJULGDG\
'UXLG 'XUDELOLW\
GHWXDFWLWXGDQWHORVSUREOHPDV\UHWRV 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
&RQTXÃIUHFXHQFLDYDVDO +RZRIWHQGR\RXJRWRWKH
4XHUÇDSHGLUKRUDSDUDODVWUHV ,oGOLNHWRPDNHDQDSSRLQWPHQW
GHQWLVWD" GHQWLVW" IRUWKUHHRoFORFN
7UDWRGHLUXQDYH]FDGDGLH]DËRV,WU\WRJRRQFHHYHU\WHQ\HDUV 3RGUÇDWRPDUDVLHQWRHQOD &RXOG\RXWDNHDVHDWLQWKH
&X»QGRIXHODÔOWLPDYH]TXH :KHQZDVWKHODVWWLPH\RX
VDODGHHVSHUD" ZDLWLQJURRP"
IXLVWH" ZHQW" 7HQJRXQSRFRGHPLHGRHQ ,oPDOLWWOHDIUDLGRIWKHVH
/DÔOWLPDYH]TXHYLDXQ 7KHODVWWLPH,VDZDGHQWLVW
HVWRVVLWLRV SODFHV
GHQWLVWDIXHHQORVQRYHQWD ZDVLQWKHQLQHWLHV 3RUTXÃQROHHVDOJRHLQWHQWDV :K\GRQoW\RXUHDGVRPHWKLQJ
'HEHUÇDVLUGRVYHFHVDODËR <RXVKRXOGJRWZLFHD\HDU UHODMDUWH" DQGWU\WRUHOD["
+D\DOJXQDVUHYLVWDVHQODV 7KHUHDUHVRPHPDJD]LQHVRQ
HVWDQWHUÇDV WKHVKHOYHV
&DVVHUROH&D]XHOD
3RW2OOD
6DXFHSDQ&D]R
'HHSIU\HU)UHLGRUD
)U\LQJSDQ6DUWÃQ
9RFDEXODULR&RRNZDUH%DWHUÇDGHFRFLQD
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
(DUO\ODVWZLQWHU
3KUDVDOYHUEVZLWKpDFURVVq
6LJQLîFDpDSULQFLSLRVGHOLQYLHUQRSDVDGRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
:HïHZDFURVVWKH$WODQWLF 7KHVKDGRZRIWKHWUHHIHOODFURVVWKHSDWLR
IUDVHVHQLQJOÃV"
&UX]DPRVHO$WO»QWLFRHQDYLÍQ /DVRPEUDGHO»UERODWUDYHVDEDHOSDWLR
$SULQFLSLRVGHOLQYLHUQRSDVDGRVHOHVDQJUÍ
ODQDUL]GH+DUU\
:HîQDOO\JRWDFURVVWKHULYHU +RZFDQ,JHWWKLVLGHDDFURVVWRP\SHRSOH $SULQFLSLRVGHOLQYLHUQRSDVDGRVHPH
3RUîQFRQVHJXLPRVFUX]DUHOUÇR &ÍPRSXHGRWUDQVPLWLUHVWDLGHDDPL FRQJHODURQORVSHQVDPLHQWRV
JHQWH" $SULQFLSLRVGHOLQYLHUQRSDVDGRPLKLMD
<RXoUHQRWJHWWLQJDFURVV PRQWÍHQEXUUR
1RWHHVW»VH[SOLFDQGRELHQ 0RVHVOHGWKH-HZVDFURVVWKH5HG6HD ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
0RLVÃVJXLÍDORVMXGÇRVDFUX]DUHO0DU5RMR ,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
8QWUXFRSDUDGRPLQDUORVSDUWLFLSLRV
7DSDODFROXPQDGHUHFKD\WUDWDGHFRQWHVWDUFRQVLQFHULGDGODVIUDVHVGHODFROXPQDGHODL]TXLHUGD'HVSXÃVPLUDVLKDVDFHUWDGRHQ
HOXVRGHOSUHVHQWHSHUIHFWR\GHOSDUWLFLSLR3UDFWLFDHVWHHMHUFLFLRXQDYH]DOGÇDGXUDQWHXQDËR
:KHQGLG\RXODVWEUHDNDZRUOGUHFRUG" ,oYHQHYHUEURNHQDZRUOGUHFRUG
:KHQGLG\RXODVWEX\DSHWFURFRGLOH" ,oYHQHYHUERXJKWDSHWFURFRGLOH
:KHQGLG\RXODVWFDWFKSQHXPRQLD" ,oYHQHYHUFDXJKWSQHXPRQLD
:KHQZDVWKHODVWWLPH\RXGLGKRPHZRUNLQIURQWRIPH" ,oYHQHYHUGRQHKRPHZRUNLQIURQWRI\RX
:KHQZDVWKHODVWWLPH\RXGURYHP\FDU" ,oYHQHYHUGULYHQ\RXUFDU
:KHQZDVWKHODVWWLPH\RXDWHLQD0RQJROLDQUHVWDXUDQW" ,oYHQHYHUHDWHQLQD0RQJROLDQUHVWDXUDQW
:KHQZDVWKHODVWWLPH\RXIHOOIURPWKHWRSRIDEXLOGLQJ" ,oYHQHYHUIDOOHQIURPWKHWRSRIDEXLOGLQJ
:KHQZDVWKHODVWWLPH\RXJDYHPHDJROGZDWFK" ,oYHQHYHUJLYHQ\RXDJROGZDWFK
:KHQZDVWKHODVWWLPH\RXJUHZDORQJEHDUG" ,oYHQHYHUJURZQDORQJEHDUG
:KHQZDVWKHODVWWLPH\RXNQHZKRZWRï\OLNH3HWHU3DQ" ,oYHQHYHUNQRZQKRZWRï\OLNH3HWHU3DQ
:KHQGLG\RXODVWORVHDPLOOLRQGROODUVLQWKHFDVLQR" ,oYHQHYHUORVWDPLOOLRQGROODUVLQWKHFDVLQR
:KHQGLG\RXODVWPHHWZLWKPHLQD7XUNLVKEDU" ,oYHQHYHUPHWZLWK\RXLQD7XUNLVKEDU
:KHQGLG\RXODVWVHOOPHDVHWRIWXSSHUZDUH" ,oYHQHYHUVROG\RXDVHWRIWXSSHUZDUH
:KHQGLG\RXODVWVOHHSXQGHUDEULGJH" ,oYHQHYHUVOHSWXQGHUDEULGJH
:KHQGLG\RXODVWWHDFKPHWKHLUUHJXODUYHUEVLQ)UHQFK" ,oYHQHYHUWDXJKW\RXWKHLUUHJXODUYHUEVLQ)UHQFK
:KHQZDVWKHODVWWLPH\RXVSRNHWRPHDERXW\RXUVLVWHU" ,oYHQHYHUVSRNHQWR\RXDERXWP\VLVWHU
:KHQZDVWKHODVWWLPHWKHVXQURVHLQWKHZHVW" 7KHVXQKDVQHYHUULVHQLQWKHZHVW
:KHQZDVWKHODVWWLPH\RXVWROHDSDLQWLQJIURPWKH3UDGR" ,oYHQHYHUVWROHQDSDLQWLQJIURPWKH3UDGR
:KHQZDVWKHODVWWLPH\RXWKUHZDZD\DGLDPRQGULQJ" ,oYHQHYHUWKURZQDZD\DGLDPRQGULQJ
:KHQGLG\RXODVWZHDUDSLQNVXLW" ,oYHQHYHUZRUQDSLQNVXLW
:KHQGLG\RXODVWZLQWKH&KULVWPDVORWWHU\" ,oYHQHYHUZRQWKH&KULVWPDVORWWHU\
:KHQGLG\RXODVWîJKWLQDFLYLOZDU" ,oYHQHYHUIRXJKWLQDFLYLOZDU
:KHQGLG\RXODVWWKLQNDERXWWKHSUREOHPVLQ$OEDQLD" ,oYHQHYHUWKRXJKWDERXWWKHSUREOHPVLQ$OEDQLD
:KHQGLG\RXODVWOHDYHKRPHIRUZRUNDWDP" ,oYHQHYHUOHIWKRPHIRUZRUNDWDP
:KHQZDVWKHODVWWLPH\RXZHQWWRWKH1RUWK3ROH" ,oYHQHYHUJRQHWRWKH1RUWK3ROH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
8QDHQFXHVWDUHFLHQWHHQFRQWUÍTXHODVPXMHUHVSUHîHUHQDKRP $UHFHQWVXUYH\IRXQGWKDWZRPHQSUHIHUPHQZLWKRXWIDFLDOKDLU
EUHVVLQEDUEDRELJRWH6RODPHQWHHOGHODVPXMHUHVSUHîHUH 2QO\WKUHHSHUFHQWRIZRPHQOLNHPHQZLWKEHDUGVDQGRQO\HLJKW
DORVKRPEUHVFRQEDUED\VÍORHOFRQELJRWH(QFXDQWRDOD SHUFHQWOLNHPRXVWDFKHV$VIRUWKHIDVKLRQLQUHFHQW\HDUVLQZKLFK
PRGDHQORVÔOWLPRVDËRVHQHOTXHORVKRPEUHVVHGHMDQEDUED PHQOHDYHRQHRUWZRGD\VRIEHDUGJURZWKRQO\WZRSHUFHQWRI
GHGRVRWUHVGÇDVVRODPHQWHHOGHODVPXMHUHVHQFXHVWDGDV WKHZRPHQVXUYH\HGIRXQGWKDWIDVKLRQWRWKHLUOLNLQJ6RPHQ
HQFRQWUDURQHVDPRGDGHVXJXVWR$VÇTXHKRPEUHV\DVDEÃLVOR \RXNQRZZKDW\RXKDYHWRGRVKDYHHYHU\GD\
TXHWHQÃLVTXHKDFHUDIHLWDURVFDGDGÇD
(VWLPDGRDPLJR\DOXPQR/OHJXÃSRUSULPHUDYH]D(VSDËDFRQFUHWDPHQWHD%DUFHORQDHQDJRVWRGH$OOÇHVWXYHGRV 0»VSDODEUDV
VHPDQDVHQXQDUHVLGHQFLDHVWXGLDQWLOMXQWRDXQJUXSRGHHVWXGLDQWHVQRUWHDPHULFDQRV/DVGRVSULPHUDVVHPDQDVODV LQJOHVDVGHUDÇ]
GHGLFDPRVDFRQRFHUDIRQGRODFLXGDG\DUHGDFWDUDOîQDOXQDVFLQFRS»JLQDVDFHUFDGHQXHVWUDH[SHULHQFLD6HWUDWDED ODWLQD
GHXQPLQLFXUVRTXHQRVLEDDYDOHUDFDGDXQRGRVFUÃGLWRVXQLYHUVLWDULRV5HFXHUGRTXHPXFKRVHVWXGLDQWHVVHTXHMDEDQ
'XUDWLRQ
GHTXHQRVHVHQWÇDQFDSDFHVGHH[SUHVDUFRQSDODEUDVODULTXH]DGHVXH[SHULHQFLDGXUDQWHHVDVGRVVHPDQDV3DUDPÇ
'XULQJ
TXHHVWDEDQLQWHQWDQGROLEUDUVHGHODWDUHDVLQP»V1RREVWDQWHUHFXHUGRPX\ELHQODVSDODEUDVGHXQRGHORVSURIHVRUHV '\QDPLF
TXHDFRPSDËDEDDOJUXSR1RVGLMRTXHQXHVWUDVLPSUHVLRQHVVHQVDFLRQHVVHQWLPLHQWRVSHQVDPLHQWRV\HPRFLRQHVQR '\QDPLFV
YDOÇDQSDUDQDGDVLQRÃUDPRVFDSDFHVGHWUDQVPLWLUODVDRWURVGHIRUPDHîFD]ELHQSRUHVFULWRRELHQPHGLDQWHXQDEXHQD '\QDPLVP
H[SUHVLÍQRUDO1RVUHFRUGÍTXHXQDPDQHUDFRPÔQGHDVSLUDUDODYLGDHWHUQDHVGHMDQGRQXHVWUDKXHOODHQHVWDWLHUUD '\QDPL]H
DWUDYÃVGHODSDODEUDHVFULWD$VÇHOSURIHVRUQRVLQVWDEDDHVIRU]DUQRVSDUDSODVPDUVREUHHOSDSHOODVLPSUHVLRQHVWDQ '\QDPR
QXHYDV\GLIHUHQWHVTXHKDEÇDPRVH[SHULPHQWDGRHQ%DUFHORQD6XIRUPDGHGHFÇUQRVORQRIXHHVSHFLDOPHQWHLPSDFWDQWH '\QDVWLF
SHURQRODKHROYLGDGRMDP»V\QRODKHROYLGDGRSRUTXHGHVGHHQWRQFHVKHFRQVWDWDGRXQD\RWUDYH]TXHHOOHQJXDMHOR '\QDVW\
HVWRGRVLTXHUHPRVGRWDUGHFDOLGDGQXHVWURVSHQVDPLHQWRVRQXHVWUDVDVSLUDFLRQHV3REUH]DHQODDXWRH[SUHVLÍQ\D '\VHQWHU\
VHDHVFULWDXRUDOFRQGHQDDXQRDQRUHDOL]DUHVDVDVSLUDFLRQHV/DFDOLGDGGHORTXHEURWDGHQXHVWURFHUHEURVÍORWLHQH '\VIXQFWLRQDO
HVRFDOLGDGHQODPHGLGDHQTXHVDEHPRVDGRUQDUORFRQQXHVWUROHQJXDMH(VLPSHUDWLYRSXHVTXHLQWHQWHPRVVLHPSUH '\VOH[LD
PHMRUDUQXHVWUDFDSDFLGDGGHFRPXQLFDFLÍQSULPHURHQQXHVWUDSURSLDOHQJXD\GHVSXÃVHQRWUDVVLHVSRVLEOH (DUQHVW
5LFKDUG9DXJKDQ (EXOOLHQFH
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
9RFDEXODULR6XLWFDVH0DOHWD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
8QWLO
3KUDVDOYHUEVZLWKpDFURVVq
(Q(VSDËDVHVXHOHDSUHQGHUODSDODEUD
pXQWLOqSDUDGHFLUpKDVWDqORFXDOHVFLHUWR
7KH\GLGQoWPDNHLWDFURVVWKHEULGJH ,UDQDFURVVDQLQWHUHVWLQJVLWHRQWKHZHE SHURRMRQRHQWRGRVORVFDVRV
1RORJUDURQFUX]DUHOSXHQWH +HGDGRFRQXQVLWLRLQWHUHVDQWHHQODZHE 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
/HWWKHPDFURVVWKHEULGJH ,oPJRLQJWRVHQGKLPDFURVVWKHRFHDQ 6HTXHGDU»DOOÇKDVWDTXHVHPXHUD
'ÃMDOHVTXHFUXFHQHOSXHQWH /HYR\DPDQGDUDORWURODGRGHORV 1RORVDEUÃKDVWDTXHQRVHSXEOLTXHQORV
PDUHV UHVXOWDGRV
6KHVDWDFURVVIURPPH 7HHVSHUDUHPRVKDVWDODVFLQFR
6HVHQWÍHQIUHQWHGHPÇ :HWRRNKLPDFURVVWKHULYHU ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
/HOOHYDPRVDORWURODGRGHOUÇR ,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
)DPRXV)RUXV$PELJXRXV)RUXV1HUYRXV)RUXV
|4XÃWÇWXORP»VH[WUDËR3RUTXÃLQFOX\RWUHVYHFHVODH[SUHVLÍQpIRUXVq"4XÃWLHQHTXHYHUpIRUXVqFRQIDPRVRDPELJXRRQHUYLRVR"
3XHVWLHQHPXFKRTXHYHUDODKRUDGHGHPRVWUDUWHFÍPRSURQXQFLDUHOîQDOGHODVWUHVSDODEUDVTXHWHDFDERGHFLWDU/DVÇODEDpRXVqDO
îQDOGHFDGDSDODEUDVHSURQXQFLDFRPRpXVqHQODH[SUHVLÍQpIRUXVq/RVHVSDËROHVSURQXQFL»LVPDOODVSDODEUDVHQLQJOÃVTXHWHUPL
QDQHQpRXVqPX\PDODYHFHVKDVWDHOSXQWRGHLPSRVLELOLWDUODFRPSUHQVLÍQ7RGDVODVSDODEUDVH[SXHVWDVDFRQWLQXDFLÍQWHUPLQDQ
FRQVRQLGRIRQÃWLFRpDVq'LODVWRGDVHQYR]DOWDHOPD\RUQÔPHURGHYHFHVTXHSXHGDV
$GYDQWDJHRXV DGIDQWÃLFKDV YHQWDMRVR *ORULRXV JOÍULDV JORULRVR
$GYHQWXURXV DGIÃQFKXUDV LQWUÃSLGR *RUJHRXV JÍUFKDV SUHFLRVR
$PELJXRXV DPEÇNLXDV DPELJXR +LODULRXV MLOÃULDV GLYHUWLGÇVLPR
$PELWLRXV DPEÇVLDV DPELFLRVR -HDORXV FKÃODV FHORVR
$Q[LRXV ÃLQNVLDV DQVLRVR 0DUYHORXV P»UIHODV PDUDYLOORVR
&DXWLRXV N»VLDV FDXWR 0HWLFXORXV PHWÇNLXODV PHWLFXORVR
&RQVFLRXV N»QVLDV FRQVFLHQWH 0LUDFXORXV PLU»NLXODV PLODJURVR
&RQWDJLRXV NDQWÃLFKDV FRQWDJLRVR 0RXQWDLQRXV P»RQWDQDV PRQWDËRVR
&RQWLQXRXV NDQWÃQLXDV FRQWLQXR 0RQRWRQRXV PDQÍWDQDV PRQÍWRQR
&RXUWHRXV NÃUWLDV FRUWÃV 0\VWHULRXV PLVWÇULDV PLVWHULRVR
&XULRXV NLÔULDV FXULRVR 1HUYRXV QÃUIDV QHUYLRVR
'DQJHURXV GÃLQFKHUDV SHOLJURVR 2EYLRXV »EïDV REYLR
'HOLFLRXV GHOÇVLDV GHOLFLRVR 3RLVRQRXV SÍLVDQDV YHQHQRVR
'LVDVWURXV GLV»VWHUDV GHVDVWURVR 3UHFLRXV SUÃVLDV YDOLRVÇVLPR
(QRUPRXV HQÍUPDV HQRUPH 3UHYLRXV SUÇYLDV SUHYLR
(QYLRXV ÃQïDV HQYLGLRVR 5HOLJLRXV UHOÇFKDV UHOLJLRVR
)DEXORXV I»ELXODV IDEXORVR 6HULRXV VÇULDV VHULR
)DPRXV IÃLPDV IDPRVR 6SRQWDQHRXV VVVVSRQWÃLQLDV HVSRQW»QHR
)HURFLRXV IHUÍVLDV IHUR] 6XSHUVWLWLRXV VXSHUVWÇVLDV VXSHUVWLFLRVR
)LFWLWLRXV ïFWÇVLDV îFWLFLR 6XVSLFLRXV VDVSÇVLDV VRVSHFKRVR
)ULYRORXV IUÇYRODV IUÇYROR 7UHPHQGRXV WUHPÃQGDV WUHPHQGR
)XULRXV ïÔULDV IXULRVR 9DULRXV IÃULDV GLYHUVRV
*HQHURXV FKÃQHUDV JHQHURVR 9LFLRXV IÇVLDV îHURIHUR]VDOYDMH
*ODPRURXV JO»PRUDV JODPRURVR 9LUWXRXV IÃUFKXDV YLUWXRVR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
1RFUHRTXHFRQWUDWDUDDOJXLHQDKRUDVHDXQDGHFLVLÍQPX\DFHU ,GRQoWWKLQNLWoVDZLVHGHFLVLRQWRKLUHVRPHRQHULJKWQRZ6DOHV
WDGD/DVYHQWDVKDQFDÇGR\SDUHFHTXHHVWDPRVHQWUDQGRHQXQ DUHGRZQDQGZHVHHPWREHHQWHULQJDUHFHVVLRQ,NQRZZHoYH
SHUÇRGR GH UHFHVLÍQ 6Ã TXH WHQHPRV PXFKR GLQHUR RFLRVR VLP JRWDORWRILGOHFDVKRQKDQGVLPSO\HDUQLQJLQWHUHVWEXW,ZRXOG
SOHPHQWHJHQHUDQGRLQWHUHVHVSHURSUHIHULUÇDTXHLQYLUWLHUDVHVH UDWKHU\RXLQYHVWHGWKDWPRQH\LQDSURGXFWLYHYHQWXUHRUMXVWOHIW
GLQHURHQXQDLQLFLDWLYDUHQWDEOHRTXHORGHMDUDVHQXQDFXHQWDUH LWLQDVKRUWWHUPLQWHUHVWDFFRXQWDVDFDVKFXVKLRQWKDQVSHQGLW
PXQHUDGDDFRUWRSOD]RDPRGRGHFROFKÍQPHMRUTXHJDVWDUORHQ RQDQHZLQGLUHFWHPSOR\HHZKRoOOQHHGWUDLQLQJDQGDWOHDVWVL[RU
XQHPSOHDGRQXHYRTXHQHFHVLWDU»IRUPDFLÍQ\WDUGDU»DOPHQRV VHYHQPRQWKVWREHFRPHDQDVVHWWRWKHRUJDQL]DWLRQ
VHLVRVLHWHPHVHVKDVWDOOHJDUDVHUXQDFWLYRSDUDODRUJDQL]DFLÍQ
(VWLPDGRDPLJR\DOXPQR/DVHFFLÍQFHQWUDOGHOGRUVRGHHVWDîFKDSUHVHQWDSDODEUDVTXHWHUPLQDQHQpRXVq6LWH 0»VSDODEUDVLQJOHVDV
îMDVHQODVFROXPQDVHQD]XOFODURGRQGHKDJRXQLQWHQWRSRUGHVFULELUODSURQXQFLDFLÍQWHGDU»VFXHQWDGHORGLIÇFLO GHUDÇ]ODWLQD
TXHHVDFODUDUODIRQÃWLFDLQJOHVDDWUDYÃVGHODRUWRJUDIÇDHVSDËROD([LVWHXQDOIDEHWRIRQÃWLFRSHURÃVWHFLUFXOD (EXOOLHQW (FRQRP\
VRODPHQWHHQWUHOLQJÖLVWDVHVSHFLDOLVWDV\IRURIRVGHODIRQÃWLFD3HURLQFOXVRGRPLQDQGRHVWHDOIDEHWRHVSHFLDO (FFHQWULF (FRV\VWHP
WHQGUÇDVLPSRUWDQWHVSUREOHPDVDODKRUDGHDSUHQGHUFRUUHFWDPHQWHODSURQXQFLDFLÍQGHODVSDODEUDVHQLQJOÃV (FKR (FVWDV\
(FOHFWLF (FVWDWLF
+D\SRFDVUHJODV\PLOHVGHDXWÃQWLFDVDEHUUDFLRQHVRUWRJU»îFDV1RSXHGHVFDVLQXQFDîDUWHGHODSDODEUDHVFULWD (FOLSVH (F]HPD
SDUDTXHWHGÃDOJXQDSLVWDVREUHVXSURQXQFLDFLÍQ(VSRUHVWRSRUORTXHLQVLVWRWDQWRHQODVFXHVWLRQHVDXGLWLYDV (FRORJLFDO (GLFW
(V LPSHUDWLYR TXH H[SRQJDV WX RÇGR D ORV VRQLGRV GHO LQJOÃV GXUDQWH PXFKÇVLPDV KRUDV 8QD KRUD GHGLFDGD (FRORJ\ (GLîFH
SXUDPHQWHDODDXGLFLÍQYDOHSRUKRUDVGHGLFDGDVDOHVWXGLRSDVLYRGHJUDP»WLFD\YRFDEXODULR&DGDXQLGDG (FRORJLVW (GLîFDWLRQ
GHDYDQFHUHDOHQHODVSHFWRKDEODGRGHOLGLRPDYDSUHFHGLGDSRUFLQFRXQLGDGHVGHDYDQFHHQHODVSHFWRDXGLWLYR (FRQRPLF (GLW
(VWHPÃWRGRLQFOX\HOLEUR&'\'9'6L\RHVWXYLHUDHQWXOXJDUGHGLFDUÇDHOGHWRGRPLWLHPSRGHHVWXGLRDOD (FRQRPLFDO (GLWLRQ
HVFXFKDGHO&'XQDOYLVLRQDGRGHO'9'\WDQVÍORHOGHOWLHPSRDORVOLEURV3RGUÇDVGHGLFDUFLQFRPLOKRUDV (FRQRPLFV (GLWRU
DPDFKDFDUORVOLEURV\DÔQDVÇQRWHGDUÇDQORTXHKRUDVGHDXGLFLÍQ
(FRQRPLVW (GLWRULDO
5LFKDUG9DXJKDQ (FRQRPL]H (GXFDWH
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
.H\7HFOD
9RFDEXODULR0RELOH0ÍYLO
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
(OFKDUOHVWRQVHKL]RSRSXODU 7KH&KDUOHVWRQEHFDPHD
/DV2OLPSLDGDVVLHPSUH 7KH2O\PSLFVDOZD\VFRLQFLGH
HQORVDËRVYHLQWH SRSXODUGDQFHLQWKHWZHQWLHV FRLQFLGHQFRQORVDËRVELVLHVWRV ZLWKOHDS\HDUV
/DJHQWHVHYHVWÇDFRQSDQWDORQHV3HRSOHZRUHðDUHVLQWKH /D8QLYHUVLGDGGH2[IRUGVH 2[IRUG8QLYHUVLW\GDWHVEDFN
FDPSDQDHQORVVHWHQWD VHYHQWLHV UHPRQWDDOVLJORRQFH WRWKHHOHYHQWKFHQWXU\
+X\ÍD*DOHVDSULQFLSLRVGH 6KHðHGWR:DOHVLQWKHHDUO\ 1RPHKHFRUWDGRODVXËDVGHO ,KDYHQoWFOLSSHGP\WRHQDLOV
ORVVHVHQWD VL[WLHV SLHHQVLJORV LQDJHV
(OYLV3UHVOH\VHKL]RIDPRVRD (OYLV3UHVOH\EHFDPHIDPRXVLQ
IXHHODQLYHUVDULRGHO ZDVWKHIRXUKXQGUHWK
PHGLDGRVGHORVFLQFXHQWD WKHPLGïIWLHV FXDUWRFHQWHQDULRGH'RQ4XLMRWH DQQLYHUVDU\RI'RQ4XL[RWH
0XFKDVHPSUHVDVGH,QWHUQHW 0DQ\,QWHUQHWFRPSDQLHVZHQW (OSUREOHPDLQIRUP»WLFRGHO 7KHPLOOHQQLXPFRPSXWHUEXJ
TXHEUDURQDîQDOHVGHORVQRYHQWD EDQNUXSWLQWKHODWHQLQHWLHV HIHFWRIXHXQJUDQHQJDËR ZDVDKXJHKRD[
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDFURVVq 4XLWHDELW
p4XLWHDELWqVLJQLîFDpEDVWDQWHq\HVPX\
,WKUHZWKHVWRQHDFURVVWKHULYHU +HOLYHVDFURVVWKHVWUHHWIURPXV XWLOL]DGRFRPRDGYHUELR
/DQFÃODSLHGUDDORWURODGRGHOUÇR 9LYHHQIUHQWHGHQRVRWURV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
,FDUULHGKHUDFURVVWKHWKUHVKROG 7KH\PRYHGDFURVVWKHFRXQWU\ (VWR\EDVWDQWHP»VJRUGRGHORTXHHVWDEDOD
&UXFÃHOXPEUDOFRQHOODHQEUD]RV 6HPXGDURQKDVWDHORWURODGRGHOSDÇV ÔOWLPDYH]TXHWHYL
'DQHVEDVWDQWHP»VJUDFLRVRTXHVXMHIH
(OSDQWDQRHVW»EDVWDQWHP»VOOHQRGHORTXH
7KH\IROORZHGPHDFURVVWKHEULGJH +HHVFDSHGDFURVVWKHULYHU HVWDEDHODËRSDVDGR
0HVLJXLHURQKDVWDODRULOODFRQWUDULD 6HIXJÍDWUDYHVDQGRHOUÇR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
HVWDVIUDVHV
<HVVLU
6LU/DQFHORWf6LU*DODKDGf6LU*DZDLQf6LU3HUFHYDO6LU&XPIHUHQFHf
&RQRFHVDOTXLQWRFDEDOOHURGHODPHVDUHGRQGDTXHPHQFLRQRDUULED"6HWUDWDGHXQJUDQFDEDOOHURTXHVXSRFDOFXODUODGLVWDQFLD
TXHKD\DOUHGHGRUGHXQFÇUFXOR/DFLUFXQIHUHQFLDTXHIRUPDXQFÇUFXORVHGLFHHQLQJOÃVpFLUFXPIHUHQFHqFDVLLJXDOTXHHQHVSDËRO
6LQHPEDUJRODSURQXQFLDFLÍQHVELHQGLIHUHQWH\H[LJHXQDLPSRUWDQWHFRQFLHQFLDFLÍQGHODOXPQRHQVXSURQXQFLDFLÍQ/DSULPHUD
VÇODEDVHSURQXQFLDFRPRpVLUqHQODH[SUHVLÍQp\HVVLUq\ODVHJXQGDODTXHOOHYDODDFHQWXDFLÍQVHSURQXQFLDFRPRHOYHUERpWRFRPHq
YHQLUVLUs&0(sIHUÃQVp6LUqVXHQDP»VDODSDODEUDHVSDËRODpVXUqTXHDOVRQLGRIRQÃWLFRpVLUqGH6LUDFXVD/DOLVWDH[SXHVWDD
FRQWLQXDFLÍQFRQWLHQHPXFKDVSDODEUDVLPSRUWDQWHVVREUHWRGRSDUDSHUVRQDVGHSXHVWRVWÃFQLFRVRGHGLUHFFLÍQ6RQSDODEUDVTXH
ORVHVSDËROHVWHQGÃLVDSURQXQFLDUWDQLQFRUUHFWDPHQWHTXHGLîFXOWDODFRPSUHQVLÍQ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
$SUHQGHUXQDOHQJXDH[WUDQMHUDFRQXQSURIHVRUHVFRPRDSUHQGHUD /HDUQLQJDIRUHLJQODQJXDJHZLWKDWHDFKHULVOLNHOHDUQLQJWRï\
YRODUFRQXQVLPXODGRUGHYXHOR1XQFDIUDQTXHDU»VODEDUUHUDîQDO ZLWK D ïLJKW VLPXODWRU<RX ZLOO QHYHU EUHDN WKH îQDO EDUULHU WR
GHODFRPXQLFDFLÍQKDVWDTXHQRWHQJDVVLWXDFLRQHVUHDOHVGRQGHWX FRPPXQLFDWLRQXQWLO\RXoYHH[SHULHQFHGUHDOOLIHVLWXDWLRQVZKHUH
GRPLQLRGHODOHQJXDSXHGHLQïXLUHQHOÃ[LWRRIUDFDVRGHWXHVIXHU]R \RXUFRPPDQGRIWKHODQJXDJHFDQLQïXHQFHWKHVXFFHVVRUIDLOXUH
(QXQVLPXODGRUGHYXHORVLWHHVWUHOODVQRWHPXHUHV(QVLWXDFLRQHV RI\RXUHQGHDYRU,QDïLJKWVLPXODWRULI\RXFUDVK\RXGRQoWGLH
GHFRPXQLFDFLÍQUHDOGHODYLGDVLWHHVWUHOODVWXVUHVWRVTXHGDQVDOSL ,QUHDOFRPPXQLFDWLRQVLWXDWLRQVLI\RXFUDVK\RXoUHVSODWWHUHG
FDGRVHQXQUDGLRGHP»VGHPHWURV8QDKRUDGHFRPXQLFDFLÍQ RYHU D PHWHU UDGLXV 2QH KRXU RI UHDO FRPPXQLFDWLRQ LQ D
UHDOHQXQDOHQJXDH[WUDQMHUDHTXLYDOHDKRUDVGHFODVH IRUHLJQODQJXDJHLVZRUWKKRXUVRIFODVV
(VWLPDGRDPLJR\DOXPQR(QHOS»UUDIRDQWHULRUUHLWHURDOJRTXHKHGLFKR\DPXFKDVYHFHVDORODUJRGHHVWDV 0»VSDODEUDVLQJOHVDV
îFKDV([FHSWXDQGRDORVSULQFLSLDQWHVXQDKRUDFDSHDQGRXQDVLWXDFLÍQLPSRUWDQWHGHFRPXQLFDFLÍQHQODYLGD GHUDÇ]ODWLQD
UHDOHTXLYDOHDKRUDVGHFODVH&UÃHPH(VFLHUWR1RH[DJHURHQDEVROXWR/DUHODFLÍQHVGHXQRDFLHQ6L (GXFDWLRQ
WLHQHVXQQLYHOLQWHUPHGLRGHLQJOÃV\PHSLGHVTXHVHDWXSURIHVRUHVWDU»VHQFDQWDGRFRQPLVFODVHV\WHQGU»VOD (GXFDWLRQDO
VHQVDFLÍQFRUUHFWDHQFLHUWDPHGLGDGHTXHHVW»VSURJUHVDQGR$KRUDELHQVLHQYH]GHGDUWH\RFODVHWHOOHYDUD (GXFDWRU
DWUDEDMDUVROLWRDODFDVHWDGHLQIRUPDFLÍQGHODHURSXHUWRGH+HDWKURZGXUDQWHFLHQKRUDVODERUDEOHVVHJXLGDV (IIHFW
ODFRQVROLGDFLÍQGHWXGRPLQLRGHPLLGLRPDFRQHVDVFLHQKRUDVVXSHUDUÇDFRQFUHFHVORTXH\RHQFODVHSXGLHUD (IIHFWLYH
GDUWHFRQGLH]PLOKRUDV5HSLWRSDUWLHQGRGHXQQLYHOLQWHUPHGLRGHLQJOÃVQROOHJDUÇDVQLFRQKRUDVGH (IIHFWLYHO\
FODVHSULYDGDFRQPLJRDOGRPLQLRUHVXHOWRTXHFRQVHJXLUÇDVFRQHVDVFLHQKRUDVGHDSXURV\DQJXVWLDVDWHQGLHQGR (IIHPLQDWH
ODVPÔOWLSOHVSUHJXQWDVGHYLDMHURVLQJOHVHVFDGDGÇDGXUDQWHÍGÇDVGHWUDEDMR3RUWDQWR\SRUHQÃVLPD (IIHUYHVFHQFH
YH]WHORUHSLWRQRFRQIÇHVHQODVFODVHVFRQYHQFLRQDOHVGHLQJOÃVSDUDOOHJDUDWHQHUXQEXHQGRPLQLR/DVFODVHV (IIHUYHVFHQW
VRQQHFHVDULDVHQODSULPHUDHWDSDGHSULQFLSLDQWH\FRPRVHVLRQHVGHRULHQWDFLÍQ\PRWLYDFLÍQHQODVHWDSDV (IîFDFLRXV
SRVWHULRUHV3HURORÔQLFRTXHWHYDDDXSDUDOQLYHOTXHUHDOPHQWHTXLHUHVHVODîUPHGLVSRVLFLÍQSRUWXSDUWH (IîFDF\
GHHQWUDUHQODERFDGHOORER<GÍQGHSXHGHVHQFRQWUDUDPELHQWHVOLQJÖÇVWLFRVDVÇ"&XUVDQGRHVWXGLRVQRGH (IîFLHQF\
(IîFLHQW
LQJOÃVHQHOH[WUDQMHUR2îP»WLFD&RFLQD+LVWRULD&RUWH\FRQIHFFLÍQ$QWURSRORJÇDHWFGRQGHWXVFRPSDËHURV
GHFODVHVRQJHQWHORFDOR\HQGRD9DXJKDQWRZQZZZYDXJKDQWRZQFRP(VWRÔOWLPRFXHVWDP»VSRUKRUDGH
pDSXURVqSHURVXSHUDLQFOXVRODVDQJXVWLDVGHODFDVHWDGHLQIRUPDFLÍQGH+HDWKURZ
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
9RFDEXODULR&RPSXWHU2UGHQDGRU
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
(QHPSH]ÍODGLFWDGXUD ,QWKHGLFWDWRUVKLSRI
,QOD&RQVWLWXFLÍQ ,QWKH6SDQLVK&RQVWLWXWLRQ
GH)UDQFR )UDQFREHJDQ (VSDËRODFX\RVREUHQRPEUH ZKRVHQLFNQDPHLV/D3HSD
(QFRPHQ]ÍOD*XHUUD ,QWKH6SDQLVK&LYLO:DU
HV/D3HSDHQWUÍHQYLJRU FDPHLQWRHIIHFW
&LYLO(VSDËROD\GXUÍWUHVDËRV VWDUWHGDQGODVWHGWKUHH\HDUV (QKXERXQOHYDQWDPLHQWR,QWKHUHZDVDQXSULVLQJ
(QVHHVWDEOHFLÍOD ,QWKH6HFRQG5HSXEOLF
HQ0DGULGFRQWUDORVIUDQFHVHV LQ0DGULGDJDLQVWWKH)UHQFK
6HJXQGD5HSÔEOLFD ZDVHVWDEOLVKHG (QHOUHLQDGRGH)HOLSH9 ,QWKHUHLJQRI3KLOLS9
(Q$OIRQVR;,,,VXELÍDO ,Q$OIRQVR;,,,FDPHWR
OOHJÍDVXîQDO FDPHWRDQHQG
WURQR WKHWKURQH (QPXULÍHOHVFULWRU ,QWKHPRVWIDPRXV
(Q(VSDËDSHUGLÍVX ,Q6SDLQORVWLWVODVW
HVSDËROP»VIDPRVRGHWRGRV 6SDQLVKZULWHURIDOOWLPHGLHG
ÔOWLPDFRORQLDDPHULFDQD&XED $PHULFDQFRORQ\&XED ORVWLHPSRV
,QOD$UPDGD(VSDËROD ,QWKH6SDQLVK$UPDGD
IXHGHUURWDGD ZDVGHIHDWHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpDURXQGq 3UHVHQWHFRQWLQXRSDUDH[SUHVDUHO
IXWXUR
,oOOEHDURXQGLI\RXQHHGPH ,oOOEULQJLWDURXQGZKHQ,FDQ $YHFHVXWLOL]DPRVHOSUHVHQWHFRQWLQXR
(VWDUÃSRUDTXÇVLPHQHFHVLWDV /RWUDHUÃSRUDTXÇFXDQGRSXHGD FXDQGRKDEODPRVGHOIXWXUR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
:HEHJDQDURXQG $ORWRISHRSOHFDPHDURXQGWRJUHHWPH IUDVHVHQLQJOÃV"
(PSH]DPRVDOUHGHGRUGHODV 0XFKDJHQWHYLQRSDUDVDOXGDUPH 7UDLJRXQDPLJRHVWDQRFKH
(OODOOHJDPDËDQDSRUODPDËDQD
,EURXJKWKLPDURXQGWRP\YLHZSRLQW +HoOOFRPHDURXQGWRRXUYLHZSRLQW 7XVSDGUHVYDQD0DGULGHQDYLÍQ"
/HFRQYHQFÇVREUHPLSXQWRGHYLVWD <DVHLU»FRQYHQFLHQGRGHORQXHVWUR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/£6 '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV
DFHUWDGRVLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQ
,UUHJXODUYHUEV HVWDVIUDVHV
4XLHURTXHHVWDVîFKDVLQFOX\DQXQDOLVWDFO»VLFDGHORVYHUERVLUUHJXODUHV+D\XQRVYHUERVLUUHJXODUHVHQLQJOÃV6LQHPEDUJR
FRQVLGHURLPSRUWDQWHVWDQVÍORXQRVSDUDHOGÇDDGÇD3DUDSUDFWLFDUORVQRUHFRPLHQGRODIRUPDWUDGLFLRQDOGHpJRsZHQWsJRQHq
TXHHVFRPRUHFLWDUODVWDEODVGHPXOWLSOLFDU3UHîHURTXHFRQFDGDYHUERKDJDVORVLJXLHQWH
(YHU\GD\,JR <HVWHUGD\,ZHQW /DWHO\,·YHJRQH
(YHU\GD\,EUHDN <HVWHUGD\,EURNH /DWHO\,·YHEURNHQ
(WF (WF (WF
DPLVDUH ZDVZHUH EHHQ IRUJHW IRUJRW IRUJRWWHQ ULQJ UDQJ UXQJ
EHFRPH EHFDPH EHFRPH JHW JRW JRWJRWWHQ ULVH URVH ULVHQ
EHJLQ EHJDQ EHJXQ JLYH JDYH JLYHQ UXQ UDQ UXQ
EORZ EOHZ EORZQ JR ZHQW JRQH VD\ VDLG VDLG
EUHDN EURNH EURNHQ JURZ JUHZ JURZQ VHH VDZ VHHQ
EULQJ EURXJKW EURXJKW KDYH KDG KDG VHOO VROG VROG
EXLOG EXLOW EXLOW KHDU KHDUG KHDUG VHQG VHQW VHQW
EX\ ERXJKW ERXJKW KROG KHOG KHOG VHW VHW VHW
FDWFK FDXJKW FDXJKW KXUW KXUW KXUW VKXW VKXW VKXW
FKRRVH FKRVH FKRVHQ NHHS NHSW NHSW VLW VDW VDW
FRPH FDPH FRPH NQRZ NQHZ NQRZQ VOHHS VOHSW VOHSW
FRVW FRVW FRVW OHDG OHG OHG VSHDN VSRNH VSRNHQ
FXW FXW FXW OHDYH OHIW OHIW VSHQG VSHQW VSHQW
GHDOZLWK GHDOWZLWK GHDOWZLWK OHQG OHQW OHQW VWDQG VWRRG VWRRG
GR GLG GRQH OHW OHW OHW VWHDO VWROH VWROHQ
GULQN GUDQN GUXQN ORVH ORVW ORVW WDNH WRRN WDNHQ
GULYH GURYH GULYHQ PDNH PDGH PDGH WHDFK WDXJKW WDXJKW
HDW DWH HDWHQ PHDQ PHDQW PHDQW WHOO WROG WROG
IDOO IHOO IDOOHQ PHHW PHW PHW WKLQN WKRXJKW WKRXJKW
IHHO IHOW IHOW SD\ SDLG SDLG WKURZ WKUHZ WKURZQ
îJKW IRXJKW IRXJKW SXW SXW SXW XQGHUVWDQG XQGHUVWRRG XQGHUVWRRG
îQG IRXQG IRXQG TXLW TXLW TXLW ZHDU ZRUH ZRUQ
ï\ ïHZ ïRZQ UHDG UHDG UHDG ZLQ ZRQ ZRQ
ZULWH ZURWH ZULWWHQ
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
)UHFXHQWHPHQWHODJHQWHPHSUHJXQWDp4XÃHVORTXHORVHPSUHQ 3HRSOHRIWHQDVNPHp:KDWGRVXFFHVVIXOHQWUHSUHQHXUVDOOKDYH
GHGRUHVFRQÃ[LWRWLHQHQHQFRPÔQ"4XÃHVORTXHOHVGLIHUHQFLDGHLQ FRPPRQ" :KDW LV LW WKDW PDNHV WKHP GLIIHUHQW"q (DFK WLPH
ORVGHP»V"q&DGDYH]TXHPHKDFHQHVDSUHJXQWDUHVSRQGRFRQOD ,oPDVNHGWKDWTXHVWLRQ,UHVSRQGZLWKH[DFWO\WKHVDPHDQVZHU
PLVPDUHVSXHVWDp/RVHPSUHQGHGRUHVFRQÃ[LWRVRQDTXHOORVTXH p6XFFHVVIXOHQWUHSUHQHXUVDUHWKRVHZKRKDYHDSDVVLRQIRUWKHLU
VLHQWHQSDVLÍQSRUVXQHJRFLR\TXHWLHQHQHOGLQHURQHFHVDULRSDUDEXVLQHVVDQGWKHPRQH\WRVXUYLYHWKHLUPLVWDNHV,oYHRFFDVLRQDOO\
VREUHYLYLUDVXVHUURUHV2FDVLRQDOPHQWHKHYLVWRHOÃ[LWRVLQGLQHUR
VHHQ VXFFHVV KDSSHQ ZLWKRXW VXIîFLHQW IXQGLQJ EXW ,oYH QHYHU
VXîFLHQWHSHURQLXQDVRODYH]KHYLVWRTXHRFXUUDVLQSDVLÍQq RQFHVHHQLWKDSSHQZLWKRXWSDVVLRQq
(VWLPDGRDPLJR\DOXPQR+HGDGRFODVHSHUVRQDOPHQWHDXQDVSHUVRQDVGHODVFXDOHV
HVWDEDQSHUIHFWDPHQWHFDSDFLWDGDVSDUDDSUHQGHUDXVDUHOLQJOÃVFRQFLHUWDRPXFKDHîFD
FLD6LQHPEDUJRGHHVDVSHUVRQDVXQDVFLQFRTXH\RUHFXHUGHUHDOPHQWHPHVRUSUHQGLH
URQSRUVXSURJUHVROOHJDQGRDWHQHUXQQLYHOH[FHOHQWH2WUDVDSUR[LPDGDPHQWHSURJUHVDURQ
DXQULWPRPHQRVVRUSUHQGHQWHSHURPX\EXHQROOHJDQGRDSRGHUGHVHQYROYHUVHELHQHQLQJOÃV
/RVGHP»VDOXPQRVODVRWUDVSHUVRQDVTXHKDQVLGRGXUDQWHDOJÔQWLHPSRSXSLORVPÇRV
KDQORJUDGRLQGHSHQGLHQWHPHQWHGHOQÔPHURWRWDOGHKRUDVGHFODVHUHFLELGDVVXELUXQSXQWRHQ
PLHVFDODGHOXQRDOGLH]RWDOYH]SXQWR\PHGLRFRPRP»[LPR1RGDEDQQLJROSHQRUPDOPHQWH
\VHJXUDPHQWHVLJDQLJXDOKR\DVLVWLHQGRDFODVHVGHLQJOÃVVLQVXSHUDUHOVHPSLWHUQRQLYHOLQWHU
PHGLR&UHHQTXHFRQDVLVWLUYDQDLPEXLUVHGHOLGLRPDDXWRP»WLFDPHQWHSRULQWHUYHQFLÍQGLYLQD6RQFRPRHOFRQGXFWRUGHOMHHS
GHODLPDJHQGHDUULED(VSHOLJURVDPHQWHREHVR\ORVPÃGLFRVOHKDQUHFHWDGRYDULDVYHFHVGLHWD\HMHUFLFLR3HURDOîQDOSDVHDDVX
SHUURHQFRFKH1RWLHQHVROXFLÍQ<FRQUHVSHFWRDOLQJOÃVWLHQHVWÔVROXFLÍQ" 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
6XJDU$]ÔFDU
.HWFKXS.HWFKXS
3HSSHU3LPLHQWD
9RFDEXODULR&RQGLPHQWV&RQGLPHQWRV
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&XÇGDWH\QRWHPHWDVHQOÇRV6HDPDEOHFRQWXPDGUH\D\ÔGDODGH 7DNHFDUHRI\RXUVHOIDQGGRQoWJHWLQWRWURXEOH%HQLFHWR\RXUPRWKHU
YH]HQFXDQGRFRQORVSODWRV\FRQODFDVD$KRUDHUHVHOÔQLFRKRP DQGKHOSKHUIURPWLPHWRWLPHZLWKWKHGLVKHVDQGWKHKRXVHNHHSLQJ
EUHGHODFDVDDVÇTXHWXUHVSRQVDELOLGDGHVDVHJXUDUWHTXHWRGRV <RXoUHWKHRQO\PDQLQWKHKRXVHQRZVRLWoVRQ\RXUVKRXOGHUVWRPDNH
HVW»QELHQ\HVRLQFOX\HDWXVKHUPDQDVJHPHODV6ÍORWLHQHQ VXUHWKDWHYHU\RQHLVRND\fDQGWKDWLQFOXGHV\RXUWZROLWWOHWZLQVLV
DËRV\WÔDVÇTXHWÔHUHVHQTXLHQVHYDQDîMDUFRPRJXÇD7HU WHUV7KH\oUHRQO\QLQH\HDUVROGDQG\RXoUHVRLWoV\RXWKH\oOOORRNXS
PLQDU»VVLHQGRXQDîJXUDSDWHUQDOSDUDHOODVDVÇTXHDFXÃUGDWHGH WRIRUJXLGDQFH<RXoOOHQGXSEHLQJDIDWKHUîJXUHIRUWKHPVRUHPHP
FRPSRUWDUWHDGHFXDGDPHQWHSRUORPHQRVFXDQGRHVWÃVHQFDVD EHUWREHKDYHDFFRUGLQJO\DWOHDVWZKHQ\RXoUHDWKRPH
(VWLPDGRDPLJR\DOXPQR+DFHXQRVGÇDVUHFLEÇXQFRUUHRHOHFWUÍQLFRGHXQDSHUVRQDGHDËRVTXHHVW»FROHFFLRQDQGRHOPÃWRGR9DXJ
KDQDWUDYÃVGH(/081'20HH[SOLFÍTXH\DWHQÇDDËRV\PHIRUPXOÍXQDVHULHGHSUHJXQWDVVREUHFÍPRDERUGDUFRUUHFWDPHQWHHO
XVRGHODVGLIHUHQWHVVHFFLRQHVGHOPÃWRGR+HDTXÇPLUHVSXHVWD
0HKRQUDVDEHUTXHXQDSHUVRQDGHVXHGDGHVW»KDFLHQGRXQQXHYRLQWHQWRSRUDSUHQGHULQJOÃV+HWHQLGRSHUVRQDOPHQWHDOXPQRVGHP»V
HGDGTXHXVWHG\FRQWHVÍQHLOXVLÍQKDQSRGLGROOHJDUDXQQLYHOLQWHUPHGLRVÍOLGR\ÔWLOSDUDODVFRPXQLFDFLRQHVUXWLQDULDV/H\HQGRVX
FRUUHRPHGDODLPSUHVLÍQGHTXHEXVFDXQDPDQHUDGHUDFLRQDOL]DUHODSUHQGL]DMHP»VDOO»GHORSRVLEOH0XFKDJHQWHSLHQVDTXHXQRSXHGH
DSUHQGHUXQVHJXQGRLGLRPDGHODPLVPDIRUPDTXHXQRYDDYDQ]DQGRHQHO»OJHEUDSDUDOXHJRSDVDUDODWULJRQRPHWUÇD\îQDOPHQWHSDVDU
DOF»OFXOR/RVLGLRPDVVRQXQGHOÍJLFDpHVWXGLDEOHq\XQGHRÇGR\FRUD]ÍQ3DUDVDOWDUHWDSDVDOpKDFHUVHFRQXQLGLRPDqQRPHJXV
WDHOYHUERpDSUHQGHUqXQRGHEHIRU]RVDPHQWHVDOWDUDODSLVFLQD\WUDJDUSRFDRPXFKDDJXDDXQTXHWRGDYÇDQRVHSDODWÃFQLFDFRUUHFWDGH
QDWDFLÍQ(QVXFDVRSDUWLFXODUOHUHFRPLHQGRTXHOHDGHWHQLGDPHQWHORVOLEURV\HVFXFKHPXFKDVYHFHVORV&'oVFRQ5LFKDUG%URZQ&XDQGR
GLJRpHVFXFKDUPXFKDVYHFHVqTXLHURTXHQRVÍORORVHVFXFKHVLQRTXHORVRLJDHVGHFLUTXHGHMHHOVRQLGRGHORV&'oVFHUFDGHVXRÇGRLQFOXVR
FXDQGRHVW»OH\HQGRHOSHULÍGLFRRFHQDQGRFRQVXHVSRVD7LHQHTXHDSUHQGHUDGHMDUGHDIHUUDUVHDODLGHDpHWDSDVHVWDQFDVGHDSUHQGL]DMHq
\HPSH]DUDDUURSDUVHGHOVRQLGRGHOLQJOÃVGHMDQGRTXHODVHVWUXFWXUDVOHQWDPHQWHYD\DQSHQHWU»QGROHSRUORVSRURV(VLPSRVLEOHDVXHGDG
DSUHQGHUXQLGLRPDPHGLDQWHHOHVWXGLROÍJLFR2WLHQHTXHLUD9DXJKDQWRZQZZZYDXJKDQWRZQFRP\SDVDUDSXURVGHFRPXQLFDFLÍQR
ELHQH[SRQHUHORÇGRDXQDULDGDGHLQJOÃVHQHVWHFDVRORV&'oVGHOpPÃWRGRGHîQLWLYRq
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
0HGHVSHUWÃFRQXQGRORUGH ,ZRNHXSZLWKDEDFNDFKHWKLV
&RQTXÃVRËDVWHDQRFKH" :KDWGLG\RXGUHDPDERXWODVW
HVSDOGDVHVW»PDËDQD PRUQLQJ QLJKW"
(OODVHOHYDQWÍP»VWDUGHTXH 6KHJRWXSODWHUWKDQXVXDO
7XYHXQDSHVDGLOODKRUULEOH ,KDGDWHUULEOHQLJKWPDUH
GHFRVWXPEUHD\HU \HVWHUGD\ $FHUFDGHTXÃ" :KDWDERXW"
£OKL]RXQJUDQGHVD\XQRLQJOÃV +HPDGHDELJ(QJOLVK (VWDEDFRUULHQGRSHURQR ,ZDVUXQQLQJEXW,GLGQoWJHW
EUHDNIDVW OOHJDEDDQLQJXQDSDUWH DQ\ZKHUH
6HPDUFKDURQGHVXFDVDDODV 7KH\OHIWWKHLUKRXVHDWKDOI
6HJÔQ)UHXGHVRLQGLFDUÇD $FFRUGLQJWR)UHXGWKDW
RFKR\PHGLD SDVWHLJKW XQDIDOWDGHVHJXULGDGHQXQR ZRXOGLQGLFDWHDODFNRIVHOI
1RKDEÇDPXFKRWU»îFR 7KHUHZDVQoWPXFKWUDIïF PLVPR FRQïGHQFH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
(\HSDWFK3DUFKH
&XWODVV$OIDQMH
9RFDEXODULR3LUDWHV3LUDWDV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpDURXQGq 7RKDYHDJRRGWLPH
+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR
$ORODUJRGHÃVWD\GHODVSUÍ[LPDVîFKDVWHDFODUDUHPRVODGLIHUHQFLDHQWUHORVWÃUPLQRVFLWDGRVHQHOWÇWXOR+R\pKDYHWRq
+DYHWR
8QDQJORSDUODQWHXVDU»XRLU»HVWDH[SUHVLÍQRVXHTXLYDOHQWHpKDYHJRWWRqFDGDFLQFRPLQXWRVDORODUJRGHVXYLGD6LJQLîFDpWHQHU
TXHq\H[SUHVDXQDREOLJDFLÍQQRUPDOPHQWHLPSXHVWDSRUFLUFXQVWDQFLDVH[WHUQDVVREUHODVTXHQRWLHQHVQLQJÔQFRQWURO
,KDYHWRZRUNR,oYHJRWWRZRUN
,KDYHWREHWKHUHDWR,oYHJRWWREHWKHUHDW
(VWDQFRUULHQWHHVWDH[SUHVLÍQTXHKHPRVGHIRUPDGRXQSRFRVXSURQXQFLDFLÍQ'HFLPRV
,KDIWRZRUN
(VGHFLUFRQYHUWLPRVODpYqVXDYHGHpKDYHqHQXQDpIqDFHQWXDGD
/DH[SUHVLÍQDOWHUQDWLYDp,oYHJRWWRqHVLJXDOPHQWHFRUULHQWHSHURVHXVDVRODPHQWHHQHODîUPDWLYRHLQWHUURJDWLYRGHOWLHPSRSUHVHQ
WH(QHOQHJDWLYRGHOSUHVHQWH\HQORVGHP»VWLHPSRVVHXVDÔQLFDPHQWHODH[SUHVLÍQHVW»QGDU
,oOOKDYHWRJR 7HQGUÃTXHLUPH
,oOOKDYHJRWWRJR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(O VHFUHWR GH VROLFLWDU SUÃVWDPRV HV HQWHQGHU HO SXQWR GH YLVWD 7KH VHFUHW RI ERUURZLQJ PRQH\ LV XQGHUVWDQGLQJ KRZ EDQNHUV
GHORVEDQTXHURV&XDQGRKDVDSUHQGLGRDFRQWHVWDUDWRGDVODV YLHZWKHZRUOG:KHQ\RXoYHOHDUQHGWRDQVZHUDOO\RXUEDQNHUoV
SUHJXQWDVGHXQEDTXHURHQWÃUPLQRVFRQWDEOHVTXHHVVXOHQ TXHVWLRQV LQ DFFRXQWLQJ WHUPV ZKLFK LV WKH EDQNHUoV QDWLYH
JXD PDWHUQD WLHQHV PXFKDV P»V SRVLELOLGDGHV GH FRQVHJXLU HO ODQJXDJH\RXoUHDORWPRUHOLNHO\WRJHWWKHORDQ\RXoOOQHHGWR
SUÃVWDPRTXHQHFHVLWDVSDUDVREUHYLYLUDOU»SLGRFUHFLPLHQWRGH VXUYLYH WKH UDSLG JURZWK RI \RXU EXVLQHVV %DQNHUV DSSUHFLDWH
WXQHJRFLR/RVEDQTXHURVDSUHFLDQDORVHPSUHVDULRVTXHWLHQHQ EXVLQHVVRZQHUVZKRKDYHDFRPPDQGRIWKHîQDQFLDOVLGHRIWKH
XQGRPLQLRGHODSDUWHîQDQFLHUDGHVXQHJRFLR EXVLQHVV
(VWLPDGRDPLJR\DOXPQR6LEXVFDVHQ,QWHUQHWFXUVRVSDUDKDEODUHQSÔEOLFRHQFRQWUDU»VPXFKDVS»JLQDVRIUHFLÃQGRWHP»VRPHQRVOR
PLVPRODRUJDQL]DFLÍQGHODSUHVHQWDFLÍQHODQ»OLVLVGHOSÔEOLFRDVLVWHQWHODUHGDFFLÍQGHOJXLÍQHOHQVD\RGHODH[SRVLFLÍQHOXVRGHODV
PDQRV\ORVRMRVODSUR\HFFLÍQHLQïH[LÍQGHODYR]ODVD\XGDVYLVXDOHVODVFRQFOXVLRQHVHWF1RGHVFDUWRTXHHVWRVFXUVRVD\XGHQDPXFKRVD
H[SRQHUPHMRUSHURFUHRTXHORVPDHVWURVGHODH[SUHVLÍQHQSÔEOLFRSRVHHQXQVHFUHWRTXHQRîJXUDHQQLQJÔQGHVJORVHGHFXUVRODSDVLÍQ
SRUHOWHPD3DUDUHDOPHQWHDUUDVDUGHODQWHGHOSÔEOLFRKD\SDUDPÇFXDWURFRQVLGHUDFLRQHVFODYHVWHQHUXQWHPDFRQRFHUORDIRQGR
FUHHUDSDVLRQDGDPHQWHHQODLPSRUWDQFLDGHOPLVPR\VHQWLUODXUJHQFLDGHWUDQVPLWLUHVWDSDVLÍQDORVGHP»V$XQTXHHVWÃVKDEODQGR
DDJUÍQRPRVVREUHODLPSRUWDQFLDGHOHVWLÃUFROHQODSURGXFWLYLGDGDJUÇFRODGHOD&RPDUFDGH2VRQDGHEHVLQWHQWDUVHUDSDVLRQDGRRDO
PHQRVXQSRFRSRUODPDWHULD6LORORJUDVWHVRUSUHQGHU»VGHORU»SLGRFRQTXHWHKDFHVFRQHOWHPD\ORHORFXHQWHFRQTXHîQDOPHQWHOR
H[SRQHV3DEORGH7DUVRFXDQGRVHIXHDOPXQGRKHOÃQLFRSDUDFRQYHUWLUORDO&ULVWLDQLVPRMDP»VVHSUHRFXSÍGHD\XGDVYLVXDOHVQLWÃFQLFDV
GHLQWURGXFFLÍQ\FRQFOXVLÍQ([SXVRFRQFRQYLFFLÍQ\IHUYRU\DOKDFHUORVHQWÍODVEDVHVSDUDODFUHDFLÍQGHODUHOLJLÍQP»VLPSRUWDQWHGH
OD+LVWRULD/DSDODEUDKDEODGDFXDQGRVHXVDELHQHVWUHPHQGDPHQWHSRWHQWH/DVSDODEUDVHVFULWDVPXFKRPHQRV6LIXHUDVDXQSXHEOR
GH6XPDWUDFRQHMHPSODUHVGHO1XHYR7HVWDPHQWRORVGLVWULEX\HUDVDSHUVRQDVGHODLVODHLQVWDUDVDFDGDXQDGHHOODVDOHHUOR\D
pFRQYHUWLUVHqFX»QWDVSHUVRQDVFUHHVTXHDFDEDUÇDQFRQYLUWLÃQGRVH"1LQJXQD6LHQYH]GHGDUOHVHOOLEUROHVKDEODUDVGHOFRQWHQLGRGHOPLV
PR\ORKLFLHUDVFRQSDVLÍQ\FRQRFLPLHQWRGHFDXVDQRGHVFDUWRTXHFRPHQ]DUDVDJDQDUDOJXQRVDGHSWRV(QHOVLVWHPDHGXFDWLYRHVSDËRO
VHSUHVWDQXODDWHQFLÍQDODH[SRVLFLÍQRUDOGHODQWHGHODFODVHRGHORVJUXSRV'HVSXÃVHQHOPXQGRSURIHVLRQDOORVDVFHQVRV\ORVÃ[LWRV
YDQPXFKDVYHFHVDORVEXHQRVFRPXQLFDGRUHVDTXHOORVFDSDFHVGHWRFDUODîEUDVHQVLEOHHQODFRPXQLFDFLÍQLQWHUSHUVRQDO\DQWHSÔEOLFRV
1RVXEHVWLPHVODWUHPHQGDLPSRUWDQFLDGHDGTXLULUXQDEXHQDFDSDFLGDGSDUDODFRPXQLFDFLÍQ(OÔOWLPRGHODSURPRFLÍQGHOD3ROLWÃFQLFD
OOHJDU»DQWHVTXHVXVFRPSDËHURVDVHUSUHVLGHQWHGHXQDJUDQHPSUHVDVLVXSHUDDÃVWRVHQODH[SUHVLÍQRUDO 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
4XLÃQHVODSHUVRQDP»VIHOL] :KRoVWKHKDSSLHVWSHUVRQ\RX
&X»QGRTXLHUHVTXHOOHJXHPRV:KHQGR\RXZDQWXVWRJHW
TXHFRQRFHV" NQRZ" DOOÇ" WKHUH"
&X»OHVHOH[DPHQP»VI»FLO :KDWoVWKHHDVLHVWH[DP
1HFHVLWRTXHHVWÃLVDTXÇDODV ,QHHG\RXWREHKHUHDW
TXHMDP»VKDVKHFKR" \RXoYHHYHUGRQH" VHLVHQSXQWR RoFORFNVKDUS
4XLÃQHVODPXMHUP»VVH[\ :KRoVWKHVH[LHVWZRPDQLQ
/HVGLMRTXHOHHQYLDUDDÃOXQ +HWROGWKHPWRVHQGKLPDQ
GHOPXQGR" WKHZRUOG" FRUUHRHOHFWUÍQLFR HPDLO
&X»OHVODSHOÇFXODP»VJUDFLRVD:KDWoVWKHIXQQLHVWïOP 0HSLGLÍTXHGHMDUDGHKDEODU 6KHDVNHGPHWRVWRSWDONLQJ
TXHMDP»VKDVYLVWR" \RXoYHHYHUVHHQ" /HVJXVWDUÇDTXHOOHY»VHPRV 7KH\ZRXOGOLNHXVWRZHDUD
&X»OHVODFLXGDGP»VVXFLDGH:KDWoVWKHGLUWLHVWFLW\LQ SXHVWDXQDFRUEDWD WLH
(VSDËD" 6SDLQ"
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
6QHDNHUV=DSDWLOODV
+LJKKHHOV7DFRQHV
6DQGDOV6DQGDOLDV
%RRWV%RWDV
9RFDEXODULR)RRWZHDU&DO]DGR
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDURXQGq :KDWPDGH\RXGRWKDW"
+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR
'RQWKDYHWR
(VWDH[SUHVLÍQHVODFRQWUDULDGHpKDYHWRqRpPXVWq6LJQLîFDpQRKDFHIDOWDqRpTXHQRHVQHFHVDULRq
<RXGRQoWKDYHWRFRPH 1RHVQHFHVDULRTXHYHQJDV
6KHGRHVQoWKDYHWRSD\LQDGYDQFH 1RKDFHIDOWDTXHHOODSDJXHSRUDGHODQWDGR
1HHGQoW
(VWDH[SUHVLÍQHVODFRQWUDFFLÍQGHpQHHGQRWq\HVVLQÍQLPDGHpGRQoWKDYHWRq6HXVDPX\SRFRHQ((88
<RXQHHGQoWZRUU\DERXWLW 1RKDFHIDOWDTXHWHSUHRFXSHVSRUHOOR
1RWLHQHVTXHSUHRFXSDUWHSRUHOOR
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
6DP HV XQ YHQGHGRU FRPR QLQJXQR \ VRODPHQWH YHQGH KXHYRV 6DP LV D VXSHU VDOHVPDQ DQG KH RQO\ VHOOV JUHHQ HJJV DQG KDP
YHUGHVFRQMDPÍQ3DUDFRQVHJXLUTXHVXVFOLHQWHVFRPSUHQKXH 7RJHWKLVFXVWRPHUVWREX\JUHHQHJJVDQGKDPKHDVNVWKHPQR
YRVYHUGHVFRQMDPÍQOHVSLGHP»VGHYHFHVTXHORVSUXHEHQ OHVVWKDQWLPHVWRWU\WKHP6DPNQRZVWKDWWKHDYHUDJHVDOH
6DPVDEHTXHODYHQWDPHGLDVHFRQVLJXHFXDQGRVHOHSUHJXQWD LVPDGHZKHQWKHFXVWRPHUKDVEHHQDVNHGîYHWLPHVZKHWKHUKH
DOFOLHQWHFLQFRYHFHVVLOHJXVWDUÇDSUREDUHOSURGXFWR(OYHQGHGRU ZRXOGOLNHWRH[DPLQHDSURGXFW7KHDYHUDJHVDOHVSHUVRQZLOODVN
PHGLRVÍORSUHJXQWDGRVYHFHV3RUWDQWRWHVXJLHURTXHKDEOHV RQO\WZLFH6R,VXJJHVW\RXWDONWR\RXUVDOHVSHRSOHDERXW6DP
FRQWXVYHQGHGRUHVGH6DPHOJHQLDOYHQGHGRU WKHVXSHUVDOHVPDQ
(VWLPDGRDPLJR\DOXPQR7HRIUH]FRDFRQWLQXDFLÍQHOLQLFLRGHXQGLVFXUVRHQLQJOÃV 0»VSDODEUDVLQJOHVDVGHUDÇ]ODWLQD
/DGLHVDQGJHQWOHPHQLWLVDSOHDVXUHWREHKHUHWRWDONDERXWDVXEMHFWWKDWLVYHU\LPSRUWDQW
WRPH(YHU\ERG\OLNHVDKDSS\HQGLQJDQG,DPKDSS\WRVD\WKDWWKHVWRU\,DPJRLQJWRWHOO (IIRUW (OHFW
\RXKDVDKDSS\HQGLQJ7KLUW\IRXU\HDUVDJR,DUULYHGLQWKLVFRXQWU\ZLWKGROODUVLQP\ (IIXVLRQ (OHFWLRQ
SRFNHWDQGQRIULHQGV1RZWKLUW\IRXU\HDUVODWHU,KDYHHQRXJKIULHQGVIRUWHQOLIHWLPHVDQG (IIXVLYH (OHFWRU
HQRXJKLQWHUHVWLQJH[SHULHQFHVWRÀOOWHQQRYHOV6SDLQKDVEHHQJRRGWRPHDQGQRZ,ZDQW (JDOLWDULDQ (OHFWRUDWH
WRJLYHVRPHWKLQJWR6SDLQLQUHWXUQ9DXJKDQ5DGLRDQG$SUHQGH,QJOpV79DUHWZRSURMHFWV (JRLVP (OHFWULF
WKDW SHUPLW PH WR RIIHU (QJOLVK OHDUQLQJ DEVROXWHO\ IUHH KRXUV D GD\ RQ WZR GLIIHUHQW (JRLVW (OHFWULFDO
SODWIRUPVUDGLRDQG79 (ODERUDWH (OHFWULFLDQ
(ODERUDWLRQ (OHFWULI\
(VWR\VHJXURGHTXHHQWLHQGHVSHUIHFWDPHQWHHVWHLQLFLRGHOGLVFXUVRHQLQJOÃV(VSRVLEOH (ODSVH (OHFWULI\LQJ
LQFOXVR TXH OR HQFXHQWUHV LQWHUHVDQWH \ HORFXHQWH 7H KDV îMDGR TXH WRGR HO LQJOÃV TXH (ODVWLF (OHFWURFXWH
XWLOL]RVHWUDWDGHHVWUXFWXUDV\YRFDEXODULRTXHVHHQFXHQWUDQHQORVGRVSULPHURVOLEURVGH (ODVWLFLW\
ORVQLYHOHVSULQFLSLDQWHHLQWHUPHGLR"1RWLHQHVTXHSRVHHUXQDPSOLRYRFDEXODULRQLVDEHU
PDQHMDUFRPSOHMDVHVWUXFWXUDVSDUDKDEODUPX\ELHQHQLQJOÃV&RQXQHîFD]PDQHMRGHOR
TXH\DVDEHVSRGU»VDQGDUSRUHOPXQGR\FHUUDUPLOFRQWUDWRV(VRVÇVLHPSUHTXHWHQJDV
XQRÇGRîQÇVLPRFDSD]GHFDSWDUORWRGRDODSULPHUD
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
,FH6NDWHU3DWLQDGRU
(DUPXIIV2UHMHUDV
,FH+LHOR
5LQN3LVWD
6NDWHV3DWLQHV
9RFDEXODULR,FH6NDWLQJ3DWLQDMHVREUHKLHOR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
4XÃKDUÇDVVLGHVDSDUHFLHUD :KDWZRXOG\RXGRLI,
6HPHIXHHOVDQWRDOFLHOR ,WFRPSOHWHO\VOLSSHGP\PLQG
GHODID]GHODWLHUUD" GLVDSSHDUHGRIIWKHIDFHRIWKH 'HMDGHWRFDUWHODQDUL] 6WRSSLFNLQJ\RXUQRVHZLOO
HDUWK" TXLHUHV" \RX"
6DOWDUÇDGHMÔELOR ,oGMXPSIRUMR\ (VHWLSRHVXQSHVDGRGHQDULFHV7KDWJX\LVDSDLQLQWKHQHFN
<TXHKDUÇDVVLWHDSXQWDUD $QGZKDWZRXOG\RXGRLI,
|4XÃIDVWLGLRHQYHMHFHU :KDWDGUDJLWLVJHWWLQJROG
FRQXQDSLVWROD" SRLQWHGDJXQDW\RX" 6HVDEHWRGDVODVUHVSXHVWDV <RXNQRZDOOWKHDQVZHUVEXW
(VWDUÇDPXHUWRGHPLHGR ,oGEHVFDUHGVWLII SHURQDGLHWHKDFHODVSUHJXQWDV QRERG\DVNV\RXWKHTXHVWLRQV
(VWDFRQYHUVDFLÍQHVXQFDOOHMÍQ7KLVFRQYHUVDWLRQLVDGHDGHQG
VLQVDOLGD VWUHHW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR
0XVW
p0XVWqWLHQHWUHVVLJQLîFDGRVRXVRV
2EOLJDFLÍQQRUPDOPHQWHDXWRLPSXHVWD\FRQFRQWHQLGRPRUDO(VXQDHVSHFLHGHREOLJDFLÍQTXHVDEHVTXHGHEHVXUJHQWHPHQWH
DWHQGHUSHURTXHQDGDRQDGLHWHORLPSRQHQHFHVDULDPHQWH
&RQVHMRFRQIXHUWHLQVLVWHQFLDLQVWDQGRDDOJXLHQDKDFHUDOJR
&RQFOXVLÍQOÍJLFDDQWHXQDHYLGHQFLDFDVLVHJXUD
(QFDVWHOODQRHVWDIRUPDGHpPXVWqVHWUDGXFHSRUpGHEHGHq3RUHMHPSORVLYHVDXQVHËRUFRQGXFLHQGRXQ5ROOV5R\FHSXHGHV
GHFLU(VHVHËRUGHEHGHVHUULFR(QLQJOÃVXVDPRVpPXVWq
7KDWPDQPXVWEHULFK
7KDWZRPDQLVFDUU\LQJDER[RINOHHQL[6KHPXVWKDYHDFROG
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(QPLWDWDUDEXHORPDWÍDXQKRPEUHHQXQDFDOOHGH7H[DV ,Q P\ JUHDW JUDQGIDWKHU NLOOHG D PDQ RQ D 7H[DV VWUHHW
(OKRPEUHVHOODPDED)UDQN&OD\WRQ\HUDXQDOERURWDGRUDTXLHQ 7KHPDQoVQDPHZDV)UDQN&OD\WRQDQGKHZDVD WURXEOHPDNHU
OHJXVWDEDDPHQD]DUHLQWLPLGDUDODJHQWH8QGÇDWURSH]ÍFRQ ZKROLNHGWRWKUHDWHQDQGLQWLPLGDWHSHRSOH2QHGD\KHUDQLQWR
PLWDWDUDEXHORHQODFDOOH\OHGLMRTXHLEDDLUDVXFDVDDSRUVX P\ JUHDW JUDQGIDWKHU RQ WKH VWUHHW DQG WROG KLP KH ZDV JRLQJ
HVFRSHWD\TXHYROYHUÇDSDUDPDWDUOH0LWDWDUDEXHORQROHGLROD WRJRKRPHIRUKLVVKRWJXQDQGFRPHEDFNWRNLOOKLP0\JUHDW
RSRUWXQLGDGGHOOHYDUDFDERVXDPHQD]D6DFÍVX&ROW\OHGLV JUDQGIDWKHUGLGQoWJLYHWKHPDQDFKDQFHWRFDUU\RXWKLVWKUHDW
SDUÍGHPXHUWH7UHVVHPDQDVP»VWDUGHOHGHFODUDURQLQRFHQWH +HSXOOHGRXWKLV&ROWDQGVKRWKLPGHDGWKHQDQGWKHUH7KUHH
GHDVHVLQDWR ZHHNVODWHUKHZDVIRXQGLQQRFHQWRIPXUGHU
(VWLPDGR DPLJR \ DOXPQR +D\ XQ UHIU»Q DOJR FXULRVR TXH GLFH p$\X 0»VSDODEUDVLQJOHVDV
GDDXQKRPEUHHQDSULHWRV\VHDFRUGDU»GHWLFXDQGRYXHOYDDHVWDUHQ GHUDÇ]ODWLQD
DSULHWRVq1RHVWR\GHOWRGRGHDFXHUGRFRQHVWHUHIU»QSRUTXHFUHRHQOD
(OHFWURGH
JUDWLWXGVLQFHUDDXQTXHVÃTXHQRWRGDVODVH[SUHVLRQHVGHHVWDÇQGROH
(OHFWURQ
ORVRQ(QHOFDVRGHWXLQJOÃV\RMXQWRFRQPLVFRPSDËHURVGH9DXJKDQ (OHFWURQLF
TXHUHPRVKDFHUWRGRORSRVLEOHSDUDVDFDUWHGHWXDSULHWR\DGLIHUHQFLD (OHFWURQLFV
GHOUHIU»QVDEHPRVSHUIHFWDPHQWHTXHYDVDYROYHUDPHWHUWHHQPXFKRV (OHJDQFH
DSULHWRVP»V\FRQEXHQDYROXQWDGWHD\XGDUHPRVDVDOLUGHHOORV$SULH (OHJDQW
WRVFRQODYR]SDVLYDDSULHWRVFRQHOFRQGLFLRQDODSULHWRVFRQORVYHUERV (OHJ\
DX[LOLDUHVRDSULHWRVFRQHOYHUER´WRJHWµ$SUHQGHUDPDQHMDUFRQGHVWUH (OHPHQW
]DXQVHJXQGRLGLRPDH[LJHHQGHUH]DUPLOHVGHHQWXHUWRVJUDPDWLFDOHV (OHPHQWDO
IRQÃWLFRVRUWRJU»îFRVDXGLWLYRVHVWLOÇVWLFRV\GHH[SUHVLÍQ&RPRHPSUH (OHPHQWDU\
VDOOHYDPRVDËRVVDFDQGRDODJHQWHGHDSXURV\GHDSULHWRVFRQHOLGLRPDLQJOÃV\QRVDEHPRVKDFHURWUD (OHSKDQW
FRVD&X»QWRVÃ[LWRVKHPRVFRVHFKDGR"'RQGHHODOXPQRQRVKDD\XGDGRDWRSHWRGDYÇDQRFRQRFHPRVHO (OHYDWH
IUDFDVR<HQHVWHFDVRHODJUDGHFLPLHQWRHVPXWXRf\VLQFHUR (OHYDWLRQ
5LFKDUG9DXJKDQ (OHYDWRU
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
5KLQRFHURV5LQRFHURQWH
-HHS-HHS
+\HQD+LHQD
/LRQ/HÍQ
+LSSRSRWDPXV+LSRSÍWDPR
9RFDEXODULR6DIDUL6DIDUL
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
1XQFDSXHGRSHUPLWLUPH ,FDQQHYHUDIIRUGWREX\
&DGDYH]HVP»VGLIÇFLOOOHJDUD ,WoVJHWWLQJPRUHDQGPRUH
FRPSUDUQDGDHQODVUHEDMDV DQ\WKLQJLQWKHVDOHV îQGHPHV GLIïFXOWWRPDNHHQGVPHHW
6LHPSUHHVWR\DGRVYHODV ,oPDOZD\VEURNH 7HQGUHPRVTXHDSUHWDUQRVORV :HoOOKDYHWRWLJKWHQRXUEHOWV
7DUGHRWHPSUDQRWHQGUÃTXH 6RRQHURUODWHU,oOOKDYHWRVHOO
FLQWXURQHV
YHQGHUXQRGHPLVULËRQHV RQHRIP\NLGQH\V (VW»VKDFLHQGRXQDPRQWDËD <RXoUHPDNLQJDPRXQWDLQRXW
1RHVSDUDWDQWRQR" ,WoVQRWWKDWEDGLVLW" GHXQJUDQRGHDUHQD RIDPROHKLOO
+DVYLVWRFX»QWRKDQVXELGR +DYH\RXVHHQKRZPXFK
(VXQDWRUPHQWDHQXQYDVR ,WoVDVWRUPLQDWHDFXS
ORVSUHFLRVÔOWLPDPHQWH" SULFHVKDYHULVHQODWHO\" GHDJXD
|1RWHSRQJDVQHUYLRVD 'RQoWJHW\RXUNQLFNHUVLQD
WZLVW
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDURXQGq 7REHLQDJRRGPRRG
+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR
0XVWQoW
(VWDH[SUHVLÍQHVVLPSOHPHQWHHOQHJDWLYRGHpPXVWqHQVXVHQWLGRGHREOLJDFLÍQDXWRLPSXHVWDRGHFRQVHMRVHULRHLQVLVWHQWH
<RXPXVWQoWVWDUWVPRNLQJDJDLQ 1RGHEHVHPSH]DUDIXPDURWUDYH]
,PXVWQoWPDNHWKDWPLVWDNHDJDLQ 1RGHERFRPHWHUHVHHUURURWUDYH]
p0XVWQoWqVHSURQXQFLDpP»VHQWq\FDVLVLHPSUHH[LVWHHQVXIRUPDGHFRQWUDFFLÍQ
1HHGQoW
<DYLPRVHVWDH[SUHVLÍQHQOD)LFKD$GHP»VGHVHUORFRQWUDULRGHpKDYHWRqWDPELÃQORHVGHpPXVWq
:HPXVWPDNHDQHIIRUW :HQHHGQoWPDNHDQHIIRUW
7KH\PXVWEHFDUHIXO 7KH\QHHGQoWEHFDUHIXO
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(VFULELUHVWRVS»UUDIRVSXHGHVHUPX\GLYHUWLGR0HVLHQWRGHODQ :ULWLQJWKHVHVKRUWSDUDJUDSKVFDQEHDORWRIIXQ,VLWLQIURQWRI
WHGHXQDSDQWDOODGHRUGHQDGRUHQEODQFR\HPSLH]RDHVFULELU D EODQN FRPSXWHU VFUHHQ DQG MXVW VWDUW WR ZULWH D VHQWHQFH7KLV
XQDIUDVH(VWDIUDVHQRUPDOPHQWHPHDEUHODPHQWHDPLOHVGH VHQWHQFH XVXDOO\ RSHQV P\ PLQG WR WKH WKRXVDQGV RI LQFLGHQWV
LQFLGHQWHV\H[SHULHQFLDVTXHKHWHQLGRGXUDQWHORVÔOWLPRV DQGH[SHULHQFHV,oYHKDGRYHUWKHSDVW\HDUVDQGOHDGVPHWR
DËRV \ PH OOHYD D DOJR LQWHUHVDQWH GLYHUWLGR LQIRUPDWLYR R LQ VRPHWKLQJ LQWHUHVWLQJ DPXVLQJ LQIRUPDWLYH RU LQWULJXLQJ ,W
WULJDQWH7DUGRXQRVPLQXWRVHQHVFULELUORVVHLVS»UUDIRVTXH WDNHVPHDERXWPLQXWHVWRZULWHWKHVL[SDUDJUDSKVWKDWPDNH
FRQIRUPDQFDGDS»JLQDGHHVWHOLEUR XSHDFKSDJHRIWKLVERRN
(VWLPDGRDPLJR\DOXPQR(QODIRWRGHODL]TXLHUGDWLHQHVD*UHJRULRLQFDQVDEOHHVWXGLDQWHGHLQJOÃVTXHSLHQVDTXHSDUDDSUHQ
GHUORELHQWLHQHTXHOHHUUHOHHU\KDVWDPHPRUL]DUODVUHJODVJUDPDWLFDOHVGHVGHHOYHUER´WREHµHQWRGRVVXVWLHPSRV\SHUVRQDV
KDVWDHOSOXVFXDPSHUIHFWR\HOSDVDGRFRQGLFLRQDO1RVLHQWHPXFKRFDULËRSRUPLLGLRPDSRUTXHPXFKDVGHODVHVWUXFWXUDVTXH
HVWXGLDVRQDMHQDVDODOÍJLFDODWLQDRFDVWHOODQD/HVXHQDQDFKLQRFXDQGRODVYHVREUHHOSDSHO\DOGHFLUODVSDUDVXVDGHQWURV
QRVHFXLGDGHSURQXQFLDUODVELHQLQFUXVWDQGRYLFLRVIRQÃWLFRVTXHGHVSXÃVPHFXHVWDKRUURUHVHUUDGLFDU$ODGHUHFKDWHQHPRVD
-RVÃ5DPÍQ7LHQHHOPLVPRQLYHOTXH*UHJRULRSHURSUHîHUHOHHUOLEURVSHULÍGLFRV\UHYLVWDVHQHVSDËROPLHQWUDVVXVRÇGRVUHFLEHQ
XQVXDYHPDVDMHOLQJÖÇVWLFRGHYRFDEORVLQJOHVHVSURQXQFLDGRVSRUQDWLYRV(VW»DEVRUWRHQVXOHFWXUDVLQSUHVWDUODP»VPÇQLPD
DWHQFLÍQDOLQJOÃV'HKHFKRVLGHMDVHGHOHHU\SUHVWDVHWRWDODWHQFLÍQDORTXHR\HHQWHQGHUÇDPHQRVGHOGHOFRQWHQLGR6LQ
HPEDUJRQRVXHOHKDFHUOR6HGHGLFDDOHHUHQHVSDËROXQDKRUDDOGÇD\GRVKRUDVHQV»EDGR\HQGRPLQJR6XVRÇGRVDEVRUEHQ
ODPXVLFDOLGDGGHOLQJOÃV\JUDGXDOPHQWHYDQGLVFULPLQDQGRORVVRQLGRV-RVÃ5DPÍQVDEHTXHVLYLHUDSRUHVFULWRHVHTXHQR
HVW»HQWHQGLHQGRDXGLWLYDPHQWHORHQWHQGHUÇDFDVLWRGR'HELGRDHVWRHVW»VLJXLHQGRPLFRQVHMRGHQRDQJXVWLDUVH\HQWUHQDUHO
RÇGRDPHGLR\ODUJRSOD]R(QVHLVPHVHVFXDQGRYXHOYDDGHMDUODOHFWXUDSDUDSUHVWDUWRWDODWHQFLÍQDOLQJOÃVTXHR\HHQWHQGHU»
HO(OLQJOÃVDPLJROHFWRUQRHVXQDFLHQFLDH[DFWDHVWUXFWXUDGDDEDVHGHFRPSDUWLPHQWRVHVW»WLFRV\HVWDQFRV(VXQYHKÇFX
ORGHFRPXQLFDFLÍQULFR\GLQ»PLFRWDQOÍJLFR\H[SUHVLYRFRPRFXDOTXLHURWURLGLRPDLPSRUWDQWHGHOPXQGR1XQFDYDVDOOHJDU
DGRPLQDUORHQVXDVSHFWRKDEODGRDOLJXDOTXHQRGRPLQDVQLWXSUR
SLRLGLRPDHQFXHVWLRQHVGHLPSDFWRHORFXHQFLDRH[SUHVLYLGDG3HURHV
LPSHUDWLYRTXHORGRPLQHVHQVXDVSHFWRDXGLWLYR&ÍPR"([SRQLHQGR
HORÇGRGXUDQWHPLOHVGHKRUDV1RHVSRVLEOHOOHJDUDXQEXHQQLYHOVLQ
SRVHHUXQH[FHOHQWHQLYHODXGLWLYR<RMRHQWHQGHUELHQDWXSURIHVRUGH
LQJOÃVQRVLJQLîFDQDGD(OSURIHVRUQRWHGDQLXQGHORTXHYDVD
RÇUSRUDKÇHQHOPXQGRUHDO+DEODFRQGHPDVLDGDQLWLGH]\HVFRJHVLQ
GDUVHFXHQWDXQYRFDEXODULRDWXDOFDQFH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
(VW»QDTXÇSRUTXHVRQPLV 7KH\oUHKHUHEHFDXVHWKH\oUH
1RMXHJXHVFRQVXSHUURGH 'RQoWSOD\ZLWKWKHLUGRJ
SDGUHV P\SDUHQWV HOORV
'HGÍQGHVRQ" :KHUHDUHWKH\IURP" (VSHOLJURVRQRORWRTXHV ,WoVGDQJHURXVGRQoWWRXFKLW
9XHVWURVDEXHORVVRQGHDOOÇ $UH\RXUJUDQGSDUHQWVIURP
|'HVSLÃUWDWH :DNHXS
WDPELÃQ" WKHUHWRR" |/HY»QWDWH *HWXS
1RVRQGHODPLVPDFLXGDG 7KH\oUHQRWIURPWKHVDPHFLW\ |&»OODWH 6KXWXS
3RUTXÃQRHVW»QDTXÇDKRUD" :K\DUHQoWWKH\KHUHQRZ"
%DUPDQ&DPDUHUR
%HHU&DËD
6KRW&KXSLWR
&RFNWDLO&ÍFWHO
6SLULW&RSD
9RFDEXODULR%DU%DU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpDURXQGq (ODUWÇFXORpDQq
1RROYLGHVTXHFXDQGRXQVXVWDQWLYRRDGMHWLYR
,KHOSKLPDURXQGWKHKRXVH ,oPWLUHGRIZDLWLQJDURXQG HPSLH]DFRQXQDYRFDORXQVRQLGRGHYRFDOHO
/HD\XGRDPRYHUVHSRUODFDVD (VWR\FDQVDGRGHHVSHUDUSRUDTXÇ DUWÇFXORLQGHîQLGRpDqVHFRQYLHUWHHQpDQq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
,OLNHWRZDONDURXQGWKHIDFWRU\ 7KH\FURZGHGDURXQGWRVHHWKHERG\ IUDVHVHQLQJOÃV"
0HJXVWDSDVHDUSRUODI»EULFD 6HDSLËDURQDOUHGHGRUSDUDYHUHO &UHRTXHRLJRDXQEÔKR
FXHUSR £OHVXQLPSRUWDQWHFOLHQWHQXHVWUR
7XUQDURXQGDQGORRNDWPH 6XMHIHGHHOODHVXQDPXMHULPSDFLHQWH
'DWHODYXHOWD\PÇUDPH 7KHUHoVDUXPRUJRLQJDURXQGWKDWf ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
&RUUHXQUXPRUGHTXH UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR
6KRXOG
(VWDH[SUHVLÍQHVPX\LPSRUWDQWH7LHQHWUHVDFHSFLRQHV
8QDUHFRPHQGDFLÍQRVXJHUHQFLD6HSXHGHWUDGXFLUFRPRpGHEHqRpGHEHUÇDq
<RXVKRXOGWDNHDIHZGD\VRII 'HEHUÇDVWRPDUWHXQRVGÇDVOLEUHV
<RXVKRXOGVSHQGPRUHWLPHZLWK\RXUIDPLO\ 'HEHVSDVDUP»VWLHPSRFRQWXIDPLOLD
/DH[SUHVLÍQGHXQDDFWLWXGXRSLQLÍQFRQXQFRPSRQHQWHPRUDO
:HVKRXOGWUHDWSHRSOHUHVSHFWIXOO\ 'HEHPRVWUDWDUDODJHQWHUHVSHWXRVDPHQWH
(YHU\RQHVKRXOGKDYHWKHULJKWWRDMRE 7RGRVGHEHQWHQHUHOGHUHFKRDXQHPSOHR
/DH[SUHVLÍQGHDOJRTXHYDDRFXUULUFRQWRGDVHJXULGDG
7KH\VKRXOGEHKHUHLQDERXWPLQXWHV (VWDU»QDTXÇVHJXUDPHQWHHQXQRVPLQXWRV
,WVKRXOGWDNHPHDERXWPLQXWHV 7DUGDUÃVHJXUDPHQWHXQRVPLQXWRV
,WVKRXOGQoWWDNHWKHPORQJ 1RWDUGDU»QPXFKRVHJXUDPHQWH
3DUDUHVXPLUODSULQFLSDOGLIHUHQFLDHQWUHpKDYHWRqpPXVWq\pVKRXOGqIÇMDWHHQHVWDVIUDVHV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&ÍPR WH HQFXHQWUDV KR\" $QRFKH HVWDEDV EDVWDQWH WRFDGR +RZGR\RXIHHOWRGD\"/DVWQLJKW\RXZHUHLQSUHWW\EDGVKDSH
&X»QWDV FRSDV GH FKDPS»Q WH EHELVWH" 7H WXYLPRV TXH OOHYDU +RZPDQ\JODVVHVRIFKDPSDJQHGLG\RXGULQN":HKDGWRFDUU\
DO FRFKH SHGLU D 1DQF\ TXH WH OOHYDUD D FDVD \ WH PHWLHUD HQ OD \RX WR WKH FDU DQG KDYH 1DQF\ WDNH \RX KRPH DQG SXW \RX WR
FDPD7HDFXHUGDVGHDOJR"'LFHTXHHVWXYLVWHHQFDQWDGRUFRPR EHG'R\RXUHPHPEHUDQ\WKLQJ"6KHVD\V\RXZHUH\RXUQRUPDO
GHFRVWXPEUH\TXHQRSHUGLVWHHOFRQRFLPLHQWR1RPHSXHGR FKDUPLQJ VHOI DQG QHYHU SDVVHG RXW , FDQoW EHOLHYH \RXoUH KHUH
FUHHUTXHHVWÃVDTXÇKR\WUDEDMDQGRFRPRVLHPSUH WRGD\ZRUNLQJDVXVXDO
(VWLPDGRDPLJR\DOXPQR(ORWURGÇDHQXQIRURSÔEOLFRGH,QWHUQHWDOJXLHQPHSUHJXQWÍVL\RKDEÇDREVHUYDGR 0»VSDODEUDVLQJOHVDV
XQFDPELRLPSRUWDQWHHQHOQLYHOGHLQJOÃVGHORVHVSDËROHVGHVGHTXHFRPHQFÃDHQVHË»UVHORHQ/HUHV GHUDÇ]ODWLQD
SRQGÇTXHKDEÇDKDELGRXQDPHMRUDHQPLRSLQLÍQHQWRUQRDO3HURGHVSXÃVOHDGYHUWÇTXHHVDPHMRUDWDQ (OLPLQDWH
SURQXQFLDGDVHKDEÇDSURGXFLGRVREUHXQFROHFWLYRWDQSHTXHËRTXHHQUHDOLGDGWDPSRFRHUDSDUDWLUDUFRKHWHV (OLPLQDWLRQ
/HLQYLWÃDLUFRQPLJRDKDFHUSUXHEDVGHQLYHOHQWUHORVHVWXGLDQWHVGHOÔOWLPRDËRGHOD3ROLWÃFQLFD\FRQVWDWDU (OLWH
TXHVÍORFLQFRGHFDGDFLHQGHORVIXWXURVLQJHQLHURVTXHWUDEDMDU»QHQXQPXQGRJOREDOL]DGRWHQÇDQXQLQJOÃV (OLWLVP
VXîFLHQWHFRPRSDUDUHSUHVHQWDUDGHFXDGDPHQWHDVXHPSUHVDRD(VSDËDHQORVIRURVLQWHUQDFLRQDOHV(Q (OLWLVW
HVDFLIUDHVWDEDHQXQRGHFDGDFLHQORFXDOPHGDODUD]ÍQHQHOVHQWLGRGH (OL[LU
XQDPHMRUDQRWDEOH6LQHPEDUJRHORWURODGRGHODPRQHGDQRVGLFHTXHHQ (OOLSVH
YH]GHHVWDUHOGHORVIXWXURVLQJHQLHURVHQSDËRVPHQRUHVHQORTXHVH (OOLSWLFDO
UHîHUHDOLQJOÃVDKRUDVRODPHQWHHVW»HO6LHOHVWDGRRODV&RPXQLGD (ORFXWLRQ
GHV$XWÍQRPDVQRKDFHQDOJRUHDOPHQWHUDGLFDO\SURQWRPLVQLHWRVYDQD (ORTXHQFH
JDQDUVHODYLGD\PX\ELHQHQVHËDQGRLQJOÃVDWXVQLHWRV<VLHOHVWDGRR (ORTXHQW
ODV&RPXQLGDGHVQRORJUDQHQGHUH]DUHOHQWXHUWRHQWRQFHVWHFRPSHWHD (OXGH
(OXVLYH
WLKDFHUORHVRHVVLTXLHUHVTXHWXVKLMRVRWXVQLHWRVWHQJDQODOLEHUWDGGH
(PDQDWH
HOHFFLÍQHQODYLGDSURIHVLRQDOTXHXQEXHQGRPLQLRGHLQJOÃVSURSRUFLRQD
(PDQFLSDWH
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
&KDON7L]D
&XVKLRQ%DQGD
%LOOLDUG7DEOH0HVDGHELOODU
)UDPH7ULDQJXOR
9RFDEXODULR%LOOLDUGV%LOODU
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
4XLHURTXHWRGRHOPXQGRVHD ,ZDQWHYHU\RQHWREHKDSS\
9DVDLUDHVTXLDUHOPHVTXH $UH\RXJRLQJVNLLQJQH[W
IHOL] YLHQH" PRQWK"
1RTXLHURTXHQDGLHHVWÃWULVWH ,GRQoWZDQWDQ\RQHWREHVDG 3RUVXSXHVWRTXHVÇ9R\FDGD 2IFRXUVH,DP,oYHJRQHHYHU\
1RTXLHUHTXHQDGLHOHYHD 6KHGRHVQoWZDQWDQ\RQHWR LQYLHUQRGHVGHKDFHDËRV ZLQWHUIRU\HDUV
VHHKHU $OJXQDYH]WHKDRFXUULGRDOJR+DVDQ\WKLQJEDGHYHU
3RUTXÃQRQHFHVLWDTXHQDGLH:K\GRHVQoWKHQHHGDQ\ERG\ PDORHQODVSLVWDV" KDSSHQHGWR\RXRQWKHVORSHV"
OHD\XGH" WRKHOSKLP" 8QDYH]XQRVRVHSXVRHQPL $EHDURQFHJRWLQP\ZD\
$OJXLHQTXLHUHTXH\RVLJDFRQ'RHVDQ\ERG\ZDQWPHWR FDPLQR
HVWDVIUDVHV" FRQWLQXHZLWKWKHVHSKUDVHV" /HDSXËDOÃFRQPLEDVWÍQGH ,VWDEEHGKLPZLWKP\VNLSROH
HVTXÇ
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpE\q *LYHPHPLQH
3(23/($5(3(23/($5(3(23/($5(3(23/($5(
7HQJRXQDFXHUGRFRQ6HUJLRPLPHMRUDPLJR6LPHPXHURDQWHVTXHÃOD\XGDU»DPLIDPLOLDDRUJDQL]DUXQIXQH
UDODOHVWLORDPHULFDQRHQHOFXDOHVWR\HQXQDWDÔGDELHUWRGXUDQWHODPLVDDQWHVGHTXHPHOOHYHQDOFHPHQWHUR
6LQHPEDUJRDQWHVGHLQLFLDUODFHUHPRQLD6HUJLRWLHQHLQVWUXFFLRQHVGHDFHUFDUVHDODWDÔG\GHFLUHQYR]ELHQ
DOWD´7KHSHRSOHLVKHUHµ(VWR\VHJXUR\6HUJLRWDPELÃQGHTXHUHVXFLWDUÃGHORVPXHUWRVSDUDFRUUH
JLUOH/RYDPRVDSUREDUSRUTXHFXDOTXLHUEXHQSURIHVRUGHLQJOÃVWHGLU»TXHVXVLVWHPDQHUYLRVRVH
SRQHDFLHQSRUKRUDFXDQGRR\HODSDODEUD´SHRSOHµSUHFHGLGDRVHJXLGDGHDOJÔQYHUERQRUPDOR
DX[LOLDUGHODWHUFHUDSHUVRQDGHOVLQJXODU3XHVWRTXHYDDVHU6HUJLRTXLHQVHHQFDUJXHGHODSUXHED
SXHGRHQWRQFHVSURFHGHUDGDUWHXQDVHULHGHIUDVHVFDGDXQDGHODVFXDOHVTXLHURTXHGLJDVHQYR]
DOWDXQDVYHFHVDOPHVKDVWDHUUDGLFDUGHOWRGRHVWHYLFLRJUDPDWLFDO
6SDQLVKSHRSOHDUHLQWHOOLJHQW
)UHQFKSHRSOHOLYHTXLWHZHOO
$UHWKHSHRSOHLQWKHQH[WURRP*HUPDQ"
'RPRVWSHRSOHLQ6SDLQVPRNH"
3HRSOHGRWKHVWUDQJHVWWKLQJV
:KDWGRSHRSOHGRZKHQWKH\ORVHWKHLUWHPSHU"
+DYHWKHSHRSOHFRPH\HW"
3HRSOHDUHDOZD\VWU\LQJWRPHHWPH
:HUHWKHSHRSOH,VDZ\HVWHUGD\0H[LFDQ"
3HRSOHZHUHPRUHFRXUWHRXVZKHQ,ZDVJURZLQJXS
3HRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
(VWDEDWXPEDGRHQODFDPDGHOKRVSLWDOFRQODFDEH]DYHQGDGD\ ,ZDVO\LQJLQDKRVSLWDOEHGZLWKEDQGDJHVDURXQGP\KHDGDQG
XQDHVFD\RODHQHOEUD]RGHUHFKR0HKDEÇDFDÇGRGHPLPRWRWUDV DFDVWRQP\ULJKWDUP,KDGIDOOHQRIIP\PRWRUF\FOHDIWHUIDOOLQJ
TXHGDUPHGRUPLGRDFLHQNLOÍPHWURVSRUKRUD&XDQGRHOPÃGLFR DVOHHSDWDKXQGUHGNLORPHWHUVDQKRXU:KHQWKHGRFWRUHQWHUHG
HQWUÍHQODKDELWDFLÍQVDFÍHOKLVWRULDOGHVXFDUSHWDDOSLHGHPL WKHURRPKHSXOOHGWKHFKDUWVRXWRIWKHIROGHUDWWKHIRRWRIP\
FDPD\ORPLUÍSRUXQPRPHQWR(QWRQFHVVHYROYLÍKDFLDPÇ\PH EHGDQGORRNHGDWWKHPIRUDPRPHQW7KHQKHWXUQHGWRPHDQG
GLMRp1RVÃFÍPRGHFLUOHHVWRSHURKHPRVGHVFXELHUWRTXHWLHQH VDLGp,GRQoWNQRZKRZWRWHOO\RXWKLVEXWZHoYHGLVFRYHUHGWKDW
XQDHQIHUPHGDGKHUHGLWDULDSDUDODTXHQRKD\WUDWDPLHQWR6H \RXKDYHDKHUHGLWDU\FRQGLWLRQIRUZKLFKWKHUHLVQRWUHDWPHQW
OODPDHVWXSLGH]q ,WoVFDOOHGVWXSLGLW\q
+HOOR3DXO"7KLVLV%iUEDUD&RUWpV,UHFHLYHG\RXUHPDLODQG,DJUHHZLWK\RXWKDWLWLVLPSRUWDQWWRKDYHWKHFDVKïRZDQDO\VLVUHDG\IRU
WKH)ULGD\PHHWLQJ+RZHYHUZHKDYHGLVFRYHUHGVRPHFRVWVWKDWZHUHQRWLQFOXGHGLQWKHÀUVWDQDO\VLVDQG,WKLQNLWZRXOGEHEHWWHUWR
SRVWSRQHWKHPHHWLQJXQWLOQH[W0RQGD\,IWKLVLVSRVVLEOHWKHQ,WKLQNZHZLOOKDYHDPRUHUHDOLVWLFSLFWXUHRIWKHLQYHVWPHQWSURMHFW
DQGZHZLOOEHDEOHWRPDNHDÀQDOGHFLVLRQEDVHGRQEHWWHULQIRUPDWLRQ:HKDYHQ·WFKDQJHG\RXUKRWHOUHVHUYDWLRQVLQFDVH\RXZRXOG
OLNHWRFRPHWR0DGULGRQ)ULGD\DQGVWD\IRUWKHZHHNHQG,I\RXGHFLGHQRWWRFKDQJH\RXUSODQVWKHQ,ZRXOGOLNHWRLQYLWH\RXWR
GLQQHUWKDWVDPHQLJKW7KHUHDUHVHYHUDOWKLQJV,QHHGWRGLVFXVVZLWK\RXLQDGGLWLRQWRWKHLQYHVWPHQWSURMHFW
(VWLPDGRDPLJR\DOXPQR(VWHS»UUDIRHVWÇSLFRGHXQDFRQYHUVDFLÍQHQWUHLQJHQLHURVGHSURGXFFLÍQRGLUHFWRUHVîQDQFLHURV&X»Q
WRVWÃUPLQRVWÃFQLFRVKD\HQODFRQYHUVDFLÍQ"3DUDPÇVRODPHQWHXQRFDVKïRZDQDO\VLV6LPHDSXUDVLQFOXLUÇDORVRWURVWÃUPLQRV
VXEUD\DGRVSHURDUHJDËDGLHQWHV0XFKRVGLUHFWLYRV\SURIHVLRQDOHVPHSLGHQLQJOÃVîQDQFLHURLQJOÃVGHPDUNHWLQJLQJOÃVWÃFQLFR
LQJOÃVPÃGLFRLQJOÃVMXUÇGLFRHWF\VLHPSUHOHVGLJRORPLVPR7HYR\DGDUXQFXUVRGHLQJOÃVQRUPDO&XDQGRVHPXHVWUDQHQGHV
DFXHUGROHVUHFXHUGRTXHODWHUPLQRORJÇDSURSLDGHXQ»UHDGHHVSHFLDOL]DFLÍQFRQVWLWX\HFRPRPXFKRHOGHWRGRORTXHVHGLFHHQ
XQDUHXQLÍQRHQXQDFRQYHUVDFLÍQHQWUHSURIHVLRQDOHVFRPRPXFKR(QODFRQYHUVDFLÍQGHDUULEDGHODVSDODEUDVSURQXQFLDGDV
VÍORWUHVRXQSXHGHQFRQVLGHUDUVHWÃFQLFDV'HKHFKRORVSURIHVLRQDOHVHVSDËROHVVXHOHQFRQRFHUODMHUJDSURSLDGHVX»UHDPHMRU
TXH\R'RQGHIDOODQPXFKDVYHFHVHVWUHSLWRVDPHQWHHVDOHQOD]DUGLFKRVWÃUPLQRVFRQXQLQJOÃVGHFHQWHFRQVWUXLGRGHFHQWHPHQWH
7HLQYLWRDWUDGXFLUDOHVSDËROHOS»UUDIRGHDUULED\GHVSXÃVWUDGXFLUORGHQXHYRDOLQJOÃVRUDOPHQWHRSRUHVFULWR\VLQPLUDUHORULJLQDO
3RVLEOHPHQWHWHGDU»VFXHQWDGHORTXHYHQJRGLFLHQGRDORVSURIHVLRQDOHVGXUDQWHWRGDPLYLGDSURIHVLRQDO 5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
&RZER\9DTXHUR
3HQ(QFLHUUR
:KLS/»WLJR
9RFDEXODULR5RGHR5RGHR
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpE\q :KDWHOVHf"
7RRVRWRRPXFKWRRPDQ\VKRXOGVKRXOGQoW
3URIHVRU 5RQQ\KDVSUREOHPVEHFDXVHKHVSHQGVWRRPXFK WRRPXFK GHPDVLDGR
$OXPQR +HVKRXOGQoWVSHQGVRPXFK VRPXFK WDQWR
3URIHVRU 5RQQ\KDVDFFLGHQWVEHFDXVHKHGULYHVWRRIDVW WRRIDVW GHPDVLDGRU»SLGR
$OXPQR +HVKRXOGQoWGULYHVRIDVW VRIDVW WDQU»SLGR
3URIHVRU 5RQQ\LVIDWEHFDXVHKHHDWVWRRPDQ\VZHHWV WRRPDQ\ GHPDVLDGRV
$OXPQR +HVKRXOGQoWHDWVRPDQ\VZHHWV VRPDQ\ WDQWRV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
&UHRTXHPLSDGUHQXQFDWHUPLQÍGHOHHUXQDVRODQRYHOD(QVX ,WKLQNP\IDWKHUQHYHUîQLVKHGUHDGLQJDVLQJOHQRYHOLQKLVOLIH
YLGD6HQFLOODPHQWHQRWHQÇDODSDFLHQFLDSDUDOHHUS»JLQDVR +HMXVWGLGQoWKDYHWKHSDWLHQFHWRUHDGSDJHVRUPRUH:KHQ
P»V&XDQGR\RHUDQLËRHUDFRPRÃO1XQFDWHQÇDHOWLHPSRQLOD ,ZDVDNLG,ZDVOLNHKLP,QHYHUKDGWKHWLPHRUSDWLHQFHWRVLW
SDFLHQFLDSDUDVHQWDUPHDOHHUDOJR6LHPSUHKDFÇDEXHQWLHPSR GRZQDQGUHDGVRPHWKLQJ7KHZHDWKHUZDVDOZD\VQLFHRXWVLGH
IXHUD \ DOOÇ HV GRQGH TXHUÇD HVWDU MXJDQGR FRQ PLV DPLJRV SRU DQG WKDWoV ZKHUH , ZDQWHG WR EH SOD\LQJ ZLWK IULHQGV XS DQG
WRGDODFDOOH3HURHQXQPRPHQWRGDGRODVHËRUDPD\RUTXHYLYÇD GRZQWKHVWUHHW%XWWKHQWKHROGODG\ZKROLYHGQH[WGRRUJDYH
DOODGRPHUHJDOÍXQOLEUROODPDGRp/DFDVDHQHODFDQWLODGRqXQD PHDERRNFDOOHGp7KH+RXVHRQWKH&OLIIqDGHWHFWLYHVWRU\ZLWK
KLVWRULDGHGHWHFWLYHVFRQGRVDGROHVFHQWHVOODPDGRVORVFKLFRV WZRWHHQDJHUVFDOOHGWKH+DUG\%R\V(YHUVLQFHWKHQP\OLIHKDV
+DUG\'HVGHHQWRQFHVPLYLGDQXQFDKDYXHOWRDVHUODPLVPD QHYHUEHHQWKHVDPH
(VWLPDGRDPLJR\DOXPQR$SDUWLUGHODîFKDYR\DHQWUDUXQSRFRP»VGHORKDELWXDOHQHOWLSRGHLQJOÃVTXHVHXVDDGLDULR
HQI»EULFDVRîFLQDVPLQLVWHULRVGHVSDFKRV\RWURVFHQWURVGHDFWLYLGDGODERUDORSURIHVLRQDO6ÃTXHDOJXQRVGHPLVDOXPQRVVRQ
DPDVGHFDVDRSHUVRQDVMXELODGDVTXHQRQHFHVLWDQXVDUHOLQJOÃVHQHVWRVFRQWH[WRV6LQHPEDUJRODLQPHQVDPD\RUÇDGHYRVRWURV
VÇQHFHVLW»LVPHMRUDUHOXVRGHOLGLRPDSDUDODDFWLYLGDGODERUDO&RPR\DWHKHFRQWDGRHQQXPHURVDVRFDVLRQHVHOpLQJOÃVGHORVQH
JRFLRVqHVHQUHDOLGDGHOLQJOÃVQRUPDOGHFDGDGÇDSXHVWRTXHODWHUPLQRORJÇDSURSLDGHFDGDDFWLYLGDGGHFDGDJUHPLRRGHFDGD
GLVFLSOLQDQROOHJDDFRQVWLWXLUQLHOGHORTXHVHGLFH'RQGHIDOODODJHQWHHVVLHPSUHVLQH[FHSFLÍQHQORVYHUERVQRUPDOHVODV
FRQMXJDFLRQHVQRUPDOHV\ODVLQWD[LVQRUPDOGHPLLGLRPD9DPRVDFRPHQ]DUGHQWURGHGRVîFKDV\HQHOGRUVRGHODVPLVPDVFRQ
XQDKLVWRULDWLWXODGD´3HWHU·V3URPRWLRQµ6HWUDWDGHXQDKLVWRULDUHDOTXHREVHUYÃGHFHUFDKDFHXQRVDËRVHQODîOLDOHVSDËROD
GHXQDPXOWLQDFLRQDODOHPDQD3RQGUÃQRPEUHVDQJORVDMRQHV\FDPELDUÃDOJÔQTXHRWURDFRQWHFLPLHQWRSDUDQRGDUSLVWDVVREUH
ODHPSUHVD\ODVSHUVRQDVHQFXHVWLÍQSHURVHJXLUHPRVORVGL»ORJRV\FRQYHUVDFLRQHVGHYDULDVSHUVRQDVGHODRUJDQL]DFLÍQDOR
ODUJRGHXQRVPHVHVPHVHVUHSOHWRVGHUHXQLRQHVDVFHQVRVULYDOLGDGHV\OHFFLRQHVDDSUHQGHUWRGRHQLQJOÃV,UÃGHVSDFLRFRQ
HOîQGHSRGHUH[SOLFDUDOODGRHQRWUDFROXPQDHOSRUTXÃGHFDGDSDODEUDRH[SUHVLÍQGHLQWHUÃV(VWR\VHJXURGHTXHXQHVWXGLR
FRQFLHQ]XGRGHODKLVWRULDTXHWHYR\DSUHVHQWDUODFXDORFXSDU»I»FLOPHQWHÍîFKDVWHD\XGDU»PXFKRSDUDHVWDUPHMRUHQ
IXWXURVHVFHQDULRVSURIHVLRQDOHVHQLQJOÃV
&RQ UHVSHFWR D ORV '9'oV GH YÇGHR \D HVWR\ JUDEDQGR SHUVRQDOPHQWH KRUDV GH LQJOÃV KDEODGR VREUH PÔOWLSOHV DVSHFWRV GHO
PXQGRSURIHVLRQDO\FUHRTXHLQFOXVRODVSHUVRQDVDMHQDVDHVWHPXQGRHQFRQWUDU»QODVJUDEDFLRQHVLQWHUHVDQWHV\SURGXFWLYDV
$VLPLVPR5LFKDUG%URZQHQODJUDEDFLÍQGHORV&'oVGHDXGLRDËDGLU»FLHUWDVWRQDOLGDGHVGHLQJOÃVSURIHVLRQDOHQORVPLQXWRV
GHGLQ»PLFDOLQJÖÇVWLFDTXHWHRIUHFHFDGDVHPDQD7HLQYLWR\DQLPRDVHJXLUDGHODQWHFRQQRVRWURVHQODVVHPDQDVDGLFLRQDOHV
TXHWHQHPRVSRUGHODQWH$OîQDOVHU»VSRVHHGRUGHXQDFROHFFLÍQLQYDOLRVÇVLPDHLQLJXDODEOHSDUDKDFHUWHGHîQLWLYDPHQWHFRQHO
LQJOÃVRSDUDOHJDUDWXVKLMRVRQLHWRV
5LFKDUG9DXJKDQ
(/&8562'(),1,7,92
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
(OHVSHFW»FXORIXHXQIUDFDVR 7KHVKRZZDVDFRPSOHWH
6HKDSXHVWR\DHOVRO" +DVWKHVXQVHW\HW"
WRWDO IDLOXUH <DVHKDSXHVWRDXQTXHQR ,WoVDOUHDG\VHWDOWKRXJK,
3RUTXÃQRWXYRÃ[LWR" :K\GLGQoWLWVXFFHHG":K\ YHRODOXQDWRGDYÇD FDQoWVHHWKHPRRQ\HW
ZDVQoWLWVXFFHVVIXO" (OVROQRVDOLÍD\HU 7KHVXQGLGQoWULVH\HVWHUGD\
'HTXLÃQIXHODLGHD" :KRVHLGHDZDVLW" 'HMDGHGHFLUWRQWHUÇDVHOVRO 6WRSWDONLQJQRQVHQVHWKHVXQ
)XHLGHDGH-XDQDVÇTXHIXH ,WZDV-XDQoVLGHDVRLWZDVKLV
VLHPSUHVDOH DOZD\VULVHV
VXFXOSD IDXOW 7HYDVDTXHGDUFLHJRVLQRWH <RXoUHJRLQJWRJREOLQGLI\RX
1RFUHRTXHIXHUDFXOSDGH ,GRQoWWKLQNLWZDVDQ\ERG\oV
SRQHVODVJDIDVGHVRO GRQoWSXW\RXUVXQJODVVHVRQ
QDGLH IDXOW
$OPRQG$OPHQGUD
9RFDEXODULR1XWV)UXWRV6HFRV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
1RWHQÇDQLLGHDGHTXH\DWH ,KDGQRLGHDWKDW\RXKDG
6DOGU»ELHQDODODUJD ,WoOOZRUNRXWLQWKHORQJUXQ
KDEÇDVMXELODGR DOUHDG\UHWLUHG 9DPRVDWHQHUTXHHPSH]DU :HoUHJRLQJWRKDYHWRVWDUW
0HHQWHUÃGHHOORDWUDYÃVGHOD ,IRXQGRXWDERXWLWIURPWKH
GHFHUR IURPVFUDWFK
MHIDGH5HFXUVRV+XPDQRV KHDGRIKXPDQUHVRXUFHV 3HQV»QGRORELHQFUHRTXHPH 2QVHFRQGWKRXJKWV,WKLQN,oOO
0HQRVPDOTXHPHWURSHFÃ -XVWDVZHOO,UDQLQWRKHUWKH
TXHGDUÃHQFDVDHVWDQRFKH VWD\LQWRQLJKW
FRQHOODHORWURGÇD RWKHUGD\ 0HDVHJXUDUÃGHTXHVHKDJD ,oOOVHHWRLWWKDWLWJHWVGRQH
7HKDVUHFXSHUDGR\DGHODJULSH"+DYH\RXJRWRYHUWKHðX\HW" /RWLHQHVELHQPHUHFLGR ,WVHUYHV\RXULJKW
0DQWHQPHDOGÇDGHFÍPRYDV .HHSPHXSWRGDWHRQKRZ
\RXoUHGRLQJ
Z Z ZY D X V \ V F R P
(/&8562'(),1,7,92
3KUDVDOYHUEVZLWKpE\q :LWKRXWYHUER
2VFXHVWDPXFKRWUDEDMRDORVHVSDËROHVLQFRUSRUDUHVWDVFXDWURSDODEUDVDYXHVWUROÃ[LFR\VREUHWRGRXVDUODVFRUUHF
WDPHQWH+HHQFRQWUDGRTXHPHGLDQWHH[SOLFDFLRQHVWHÍULFDVQROOHJRDQLQJXQDSDUWH6ÍORORJURFRQIXQGLUP»V3RU
WDQWRYR\DSRQHUWHDFRQWLQXDFLÍQXQRVHMHPSORVVREUHVXXVR\HVSHURTXHOH\ÃQGRORV\SUDFWLF»QGRORVFRQVLJDVDOJR
GH´IHHOLQJµKDFLDVXXVR
+DHPSH]DGR\DODFODVH" +DVWKHFODVVVWDUWHG\HW"
1RODFODVHQRKDHPSH]DGRWRGDYÇD 1RWKHFODVVKDVQoWVWDUWHG\HW
6ÇODFODVH\DKDHPSH]DGR <HVWKHFODVVKDVDOUHDG\VWDUWHG
<DQRHVWDPRVHVSHUDQGRTXHHPSLHFH :HDUHQoWZDLWLQJIRULWWRVWDUWDQ\PRUH
6LJXHQMXJDQGRDODMHGUH] 7KH\oUHVWLOOSOD\LQJFKHVV
<DQRHVW»QMXJDQGRDODMHGUH] 7KH\DUHQoWSOD\LQJFKHVVDQ\PRUH
<DKDQWHUPLQDGRGHMXJDU 7KH\oYHDOUHDG\îQLVKHGSOD\LQJ
1RKDQHPSH]DGROD
SDUWLGDWRGDYÇD 7KH\KDYHQoWVWDUWHGWKHVHFRQGPDWFK\HW
7RGDYÇDHUHVDPLJRPÇR" $UH\RXVWLOODIULHQGRIPLQH"
6LJXHVVLHQGRPLDPLJR" $UH\RXVWLOOP\IULHQG"
6ÇWRGDYÇDVR\WXDPLJR <HV,oPVWLOO\RXUIULHQG
1R\DQRVRPRVDPLJRV 1RZHoUHQRWIULHQGVDQ\PRUH
<DKHHQFRQWUDGRRWURDPLJR ,oYHDOUHDG\IRXQGDQRWKHUIULHQG
1RKHHQFRQWUDGRRWURDPLJRWRGDYÇD ,KDYHQoWIRXQGDQRWKHUIULHQG\HW
7RGDYÇDPHTXLHUHV" 'R\RXVWLOOORYHPH"
6ÇWRGDYÇDWHTXLHUR <HV,VWLOOORYH\RX
1R\DQRWHTXLHUR 1R,GRQoWORYH\RXDQ\PRUH
<DKHHQFRQWUDGRDRWUDSHUVRQD ,oYHDOUHDG\IRXQGVRPHRQHHOVH
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
)HOLSHQRKDEODEDPX\ELHQHOLQJOÃV\HOSREUHKRPEUHWHQÇDTXH )HOLSH GLGQoW VSHDN (QJOLVK YHU\ ZHOO DQG WKH SRRU JX\ KDG WR
LUDXQDîHVWDSDUDHOSHUVRQDOGHODHPSUHVD/HSUHVHQWDURQD DWWHQGDFRFNWDLOSDUW\IRUFRPSDQ\SHUVRQQHO+HZDVLQWURGXFHG
GRFHQDV GH DPHULFDQRV \ WRGRV GHFÇDQ ´SOHDVHG WR PHHW \RXµ R WRGR]HQVRI$PHULFDQVDQGWKH\DOOVDLGpSOHDVHGWRPHHW\RXqRU
´JRRGWRPHHW\RXµR´QLFHWRPHHW\RXµ)HOLSHQRFRQVHJXÇDHQ pJRRGWRPHHW\RXqRUpQLFHWRPHHW\RXq)HOLSHFRXOGQoWîJXUH
WHQGHUH[DFWDPHQWHTXÃHUDORTXHOHGHFÇDQSHURVLHPSUHFRQ RXWZKDWLWZDVH[DFWO\WKDWWKH\ZHUHVD\LQJEXWKHDOZD\VVDLG
WHVWDED p5REHUW 0LWFKXPq \ WRGRV ORV DPHULFDQRV SDUHFÇDQ HQ EDFN p5REHUW 0LWFKXPq DQG DOO WKH $PHULFDQV VHHPHG SOHDVHG
FDQWDGRVFRQVXLQJOÃV\OHHQWHQGÇDQSHUIHFWDPHQWH ZLWKKLV(QJOLVKDQGDSSHDUHGWRXQGHUVWDQGKLPSHUIHFWO\
(VWLPDGRDPLJR\DOXPQR(QODSUÍ[LPDîFKDFRPHQ]DUHPRVDWUDYÃVGH´3HWHU·V3URPRWLRQµDFRQRFHUODYLGD\PLODJURVGHYDULRV
SHUVRQDMHVHQHO»PELWRGHVXYLGDODERUDO&RQRFHUHPRVHQWURVRWURVD3HWHU)LHOGVHOMÍYHQ\SURPHWLGRUMHIHGHIRUPDFLÍQGHYHQ
GHGRUHVD&KDUOHV+HQGHUVRQHOVDJD]GLUHFWRUGHGHVDUUROORFRUSRUDWLYRD*HRUJH5RELQVRQHOGLVWUDÇGRGLUHFWRUJHQHUDOSUÍ[LPR
DVXMXELODFLÍQD6DUDK(YDQVODVHULDGLUHFWRUDGHUHFXUVRVKXPDQR\D-RKQ2OVRQHOH[GLUHFWRUFRPHUFLDOTXHTXLHUHDWUDHUDVX
QXHYDHPSUHVDDDOJXQRGHORVFLWDGRV/RVGL»ORJRV\FRQYHUVDFLRQHVHQWUHORVSHUVRQDMHVVXPDQHQWRWDOXQDVSDODEUDV\OD
IRUPDHQTXHVHH[SUHVDQUHïHMDFRQîGHOLGDGHOOHQJXDMHVHR\HWRGRVORVGÇDVHQWRGDVODVHPSUHVDVSÔEOLFDV\SULYDGDVGHOPXQGR
GHKDEODLQJOHVD1RWDU»VXQDIRUPDGHH[SUHVLÍQDOJRP»VGLVWHQGLGD\ïHP»WLFDGHORTXHKDELWXDOPHQWHVHSDOSDHQORVGHVSDFKRV
\SDVLOORVGHOPXQGRSURIHVLRQDOHVSDËROGRQGHODJHQWHLQ\HFWDDOJRP»VGHJHQLR\VHQWLPLHQWRODWLQRVHQORVLQWHUFDPELRVYHU
EDOHV&RQIRUPHYD\DVFROHFFLRQDQGRODVIXWXUDVîFKDVSRGU»VKDVWDPHPRUL]DUODVIUDVHVDVÇFRPRVXHQWRQDFLÍQ\FDGHQFLDSDUD
îQDOPHQWHDGTXLULUXQDDJLOLGDGQXHYDHLPSRUWDQWHHQWXGRPLQLRGHOLQJOÃV&XDQGR\RDSUHQGÇDHVSDËROUHFXHUGRTXHXQDSDUWH
LPSRUWDQWHGHPLSURJUHVRVHGHELÍDOK»ELWRGHPHPRUL]DU\UHFLWDUDYHFHVHQFODVHHQODXQLYHUVLGDGSRHPDVHQWHURVRSDVDMHV
ODUJRVGHQRYHODVIDPRVDV+XERXQPRPHQWRHQTXHSRGÇDUHFLWDUFLQFRSRHPDVGHO5RPDQFHUR*LWDQRGH/RUFD\WUHVGHORVP»V
HPSDODJRVRVGH5XEÃQ'DUÇR6LHPSUHIXHXQHMHUFLFLRPX\SURGXFWLYRHQPLLPSODFDEOHHVIXHU]RSRUKDFHUPHFRQXQQLYHOïXLGR\
FRQVROLGDGRGHOHVSDËRO$KRUDWHLQVWRDKDFHUORPLVPRHQLQJOÃVSHURQRFRQSRHVÇDVVLQRFRQXQRVGL»ORJRV\XQDVFRQYHUVDFLRQHV
WUHPHQGDPHQWHÔWLOHV\UHOHYDQWHVSDUDHOGÇDDGÇDGHODYLGDODERUDO\SURIHVLRQDO
5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+DPEXUJHU+DPEXUJXHVD
3L]]D3L]]D
+RW'RJ3HUULWRFDOLHQWH
9RFDEXODULR)DVW)RRG&RPLGDU»SLGD
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
3RUTXÃGHEHUÇDPRVGDUOHHO :K\VKRXOGZHJLYH\RXWKH
4XÃEXVFDFXDQGRFRQWUDWDD :KDWGR\RXORRNIRUZKHQ
WUDEDMR" MRE" JHQWH" \RXKLUHSHRSOH"
4XÃWHQGHQFLDVLPSRUWDQWHV :KDWLPSRUWDQWWUHQGVGR\RX
$OJXQDYH]KDWHQLGRTXH +DYH\RXHYHUKDGWRïUH
SUHYÃHQHOVHFWRU" IRUHVHHLQWKHLQGXVWU\" GHVSHGLUDDOJXLHQ" VRPHRQH"
6LKDEODUDFRQVXH[MHIHFX»OHV ,I,VSRNHWR\RXUERVVZKDW
&ÍPRUHDFFLRQDDQWHOD +RZGR\RXUHDFWWRSUHVVXUH"
GLUÇDTXHVRQWXVSXQWRVIXHUWHV" ZRXOGKHVD\\RXUVWUHQJWKVDUH" SUHVLÍQ"
6LSUHJXQWDUDDVXVDPLJRVSRU ,I,DVNHG\RXUIULHQGVDERXW /HFXHVWDFXPSOLUORVSOD]RV" 'R\RXKDYHWURXEOHPHHWLQJ
VXVSXQWRVGÃELOHVTXÃPH \RXUZHDNQHVVHVZKDWZRXOG GHDGOLQHV"
GLUÇDQ" WKH\WHOOPH" 6LSXGLHUDYROYHUDHPSH]DU ,I\RXFRXOGVWDUWDJDLQZKDW
&ÍPRGHFUHDWLYRHVXVWHG" +RZFUHDWLYHDUH\RX" TXÃKDUÇDGHPDQHUDGLIHUHQWH" ZRXOG\RXGRGLIIHUHQWO\"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
&X»OHVVRQVXVREMHWLYRVD :KDWDUH\RXUORQJWHUP
|%DVWD\D 7KDWoOOGR7KDWoVHQRXJK
ODUJRSOD]R" JRDOV" 0HSXHGHVGDUDOJXQFRQVHMR&DQ\RXJLYHPHVRPHWLSVIRU
&ÍPRGHH[LWRVRFUHHTXHKD +RZVXFFHVVIXOGR\RXWKLQN
SDUDODHQWUHYLVWD" WKHLQWHUYLHZ"
VLGRKDVWDHOPRPHQWR" \RXoYHEHHQVRIDU" 1RPHGLJDVTXHVHD\RPLVPR 'RQoWWHOOPHWREHP\VHOI
&X»QWRWDUGDUÇDHQKDFHUXQD +RZORQJZRXOGLWWDNH\RXWR
/OHYDXQDXULFXODU\XQ 7DNHDQHDUSLHFHDQGDZLUH
FRQWULEXFLÍQVLJQLîFDWLYD" PDNHDPHDQLQJIXOFRQWULEXWLRQ" PLFUÍIRQRRFXOWR
&X»OHVKDQVLGRVXVPD\RUHV :KDWKDYHEHHQ\RXUJUHDWHVW
<\RWHVRSODUÃODVUHVSXHVWDV $QG,oOOZKLVSHUWKHDQVZHUV
ORJURVSURIHVLRQDOHV" SURIHVVLRQDODFKLHYHPHQWV" WR\RX
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpE\q 7REHH[FLWHGDERXWVRPHWKLQJ
3HWHUoV3URPRWLRQ
&KDUOHV+HQGHUVRQDJHKDVMXVWUHWXUQHGIURPDQHLJKWPRQWKDVVLJQPHQWWRWKH)UHQFKVXEVLGLDU\RIWKHPXOWLQDWLRQDOFRPSDQ\ZKHUH
KHZRUNV)RUWKHPRPHQW*HRUJH5RELQVRQWKHJHQHUDOPDQDJHUKDVJLYHQ&KDUOHVDQHZO\FUHDWHGSRVLWLRQZLWKWKHWLWOHRIFRUSRUDWH
GHYHORSPHQWPDQDJHU&KDUOHVLVIDPLOLDUL]LQJKLPVHOIZLWKDOOWKHFKDQJHVWKDWKDYHWDNHQSODFHGXULQJWKHHLJKWPRQWKVKHZDVDEVHQW
+HLVHVSHFLDOO\LQWHUHVWHGLQWKHVDOHVDUHD7KLVîUVWFRQYHUVDWLRQLVEHWZHHQ&KDUOHVDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHU
(VWLPDGRDPLJR\DOXPQR3DUDGDUP»VHVSDFLRDOLQLFLRGH´3HWHU·V3URPRWLRQµKHTXHULGRVXSULPLUHO 0»VSDODEUDVLQJOHVDV
S»UUDIRTXHFDGDGÇDRIUHFHPRVHQHVSDËRO\HQLQJOÃV(QIXWXUDVîFKDVYROYHUHPRVDRIUHFHUORVHJÔQHO GHUDÇ]ODWLQD
GÇD\ODVH[LJHQFLDVGHOJXLÍQ(QODFROXPQDGHUHFKDGHODKLVWRULDYR\DH[WHQGHUPHEDVWDQWHHQPX (PEDUJR (PLUDWH
+HDGOLQH7LWXODU
$UWLFOH$UWÇFXOR
7LWOH7ÇWXOR
&ROXPQ&ROXPQD
$GYHUWLVHPHQW$QXQFLR
9RFDEXODULR1HZVSDSHU3HULÍGLFR
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
&KDUOHV+HQGHUVRQMXVWEDFNIURPHLJKWPRQWKVZRUNLQJLQWKH)UHQFKVXEVLGLDU\LVWDONLQJWR6DUDK(YDQVWKH+5PDQDJHU6DUDKLVEULQJLQJ
&KDUOHVXSWRGDWHWREULQJVRPHRQHXSWRGDWH SRQHUOHDXQRDOGÇDRQFRPSDQ\VDOHV6KHPHQWLRQVWKHJRRGZRUNGRQHE\3HWHU)LHOGV
ZKRWRRNRYHUDVDFWLQJVDOHVPDQDJHUZKHQ-RKQ2OVRQOHIWWKHFRPSDQ\DFWLQJVDOHVPDQDJHU GLUHFWRUFRPHUFLDOHQIXQFLRQHV
3»UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOÃVKDEODGR
'HVKL]R OD PDOHWD VH GXFKÍ \ VH XQLÍ D OD FHQD FRQ ORV GHP»V +HXQSDFNHGWRRNDVKRZHUDQGMRLQHGWKHRWKHUERDUGGLUHFWRUV
PLHPEURVGHOFRQVHMR+DEÇDQOOHJDGRHQDYLÍQGHVGHWRGRVORV IRUGLQQHU7KH\KDGïRZQLQIURPDOORYHUWKHZRUOGIRUZKDWZDV
ULQFRQHVGHOPXQGRSDUDORTXHVHVXSRQÇDLEDDVHUXQLQWHUFDP VXSSRVHGWREHDQH[FKDQJHRILGHDVRQWKHGHYHORSPHQWRIWKH
ELRGHLGHDVVREUHHOGHVDUUROORGHODHPSUHVDHQORVSUÍ[LPRV FRPSDQ\RYHUWKHQH[WWHQ\HDUV1RZLWORRNHGDVLIWKH\PLJKW
DËRV$KRUDSDUHFÇDTXHLEDQDKDEODUGHFÍPRGHVPRQWDUODHQ EHWDONLQJDERXWKRZWRGLVPDQWOHLWLQWKHQH[WWHQGD\V
ORVSUÍ[LPRVGÇDV
(VWLPDGRDPLJR\DOXPQR6DFDXQSDSHO\WUDGXFHDOLQJOÃVORP»VU»SLGDPHQWHSRVLEOHODVIUDVHVHQHVSDËROTXH 0»VSDODEUDV
WHSRQJRDFRQWLQXDFLÍQ LQJOHVDVGHUDÇ]ODWLQD
'HTXÃGHSHQGH" 6HWUDWDGHIUDVHVVHQFLOODVTXHVHXVDQDGLDULRWRGDVGHQWURGHXQDJUD (PSLULFDO
+DKDELGRXQPDOHQWHQGLGR P»WLFDE»VLFDTXHGHEHUÇDVVDEHUUHSURGXFLURUDOPHQWHVLQSHVWDËHDU6L (PSOR\
(PSOR\PHQW
1RORSDUHFH WRGDYÇDQRODVSXHGHVWUDGXFLUDYXHODSOXPD\FRUUHFWDPHQWHHQWRQFHV
(PSOR\HH
3RUTXÃHVWDQGLIÇFLO" HVSUREDEOHTXHWXIDOWDGHGRPLQRGHOLQJOÃVHQHODVSHFWRRUDOVHGHEH
(PSOR\HU
4XLÃQHVFULELÍHVWDFDUWD" DXQDIDOWDGHDWHQFLÍQDOGHVDUUROORGHODDJLOLGDGRUDOFRQODJUDP»WLFD (PSRULXP
&X»QGRSDVÍ" E»VLFD (PSUHVV
6LHPSUH LQVLVWR HQ WUHV FRVDV RÇGR FRQîDQ]D \ DJLOLGDG FRQ OD JUD :KDWGRHVLWGHSHQGRQ" (PXODWH
P»WLFDE»VLFD/DVHJXQGDFRVDFRQîDQ]DYLHQHDXWRP»WLFDPHQWHVL 7KHUH·VEHHQDPLVXQGHUVWDQGLQJ (PXODWLRQ
FRQVLJXHVODSULPHUD\ODWHUFHUD6LQRWLHQHVDJLOLGDGFRQORE»VLFR ,WGRHVQ·WVHHPOLNHLW (QFKDQW
GHMDGHDGHQWUDUWHP»VHQHOLGLRPD\SRQWHDGHFLUHQYR]DOWDPLO :K\LVLWVRGLIÀFXOW" (QFODYH
IUDVHVSRUVHPDQDVDFDGDVGHORVOLEURVHOHPHQWDOHV :KRZURWHWKLVOHWWHU" (QF\FORSHGLD
5LFKDUG9DXJKDQ :KHQGLGLWKDSSHQ"
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0DNHXSDUWLVW0DTXLOODGRU
9RFDEXODULR&DWZDON3DVDUHOD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
&RPXQLFDFLÍQSRUWHOÃIRQR
,oPRQVSHFLDOPHGLFDWLRQ <RXoYHEURXJKWDOO\RXUWURXEOHVRQ
(VWR\DEDVHGHPHGLFDFLÍQHVSHFLDO \RXUVHOI 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
(UHVWÔPLVPRHOFDXVDQWHGHWXV IUDVHVHQLQJOÃV"
+HoVRQGUXJV SUREOHPDV (QTXÃOHSXHGRD\XGDU"
(VW»WRPDQGRGURJDV 0HSXHGHGHFLUTXLÃQOODPDSRUIDYRU"
<RXoOOFDWFKRQ 1ROHSXHGRIDFLOLWDUQRPEUHVORVLHQWR
:KDWEURXJKWRQWKDWUHDFWLRQ" <DLU»VDSUHQGLHQGRHOLQWUÇQJXOLV
4XÃKDSURYRFDGRHVDUHDFFLÍQ" ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
&RPHRQ '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
|9HQJD|9DPRV VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
2JUH2JUR
)DLU\+DGD
*QRPH*QRPR
(OI(OIR
'ZDUI'XHQGH
9RFDEXODULR0\WKLFDO%HLQJV6HUHVPÇWLFRV
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
&RPXQLFDFLÍQLQWHUQD
&RPHRQXS ,KDYHDIHYHUFRPLQJRQ
6XEHHVWR\HQXQDSODQWDVXSHULRU (VWR\HPSH]DQGRDWHQHUGÃFLPDV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
&RPHRQGRZQ 7KHOLJKWVFRPHRQDXWRPDWLFDOO\ (VWR\SUHSDUDQGRXQVSRWSXEOLFLWDULR79
%DMDHVWR\HQXQDSODQWDLQIHULRU /DVOXFHVVHHQFLHQGHQDXWRP»WLFDPHQWH /DHQFXHVWDQRDUURMDQDGDQXHYR
9DPRVDJDQDUDODFRPSHWHQFLD
&RPHRQLQ 7KHDFWRUîQDOO\FDPHRQVWDJH
3DVDSDVDHQWUDU (ODFWRUSRUîQVDOLÍDOHVFHQDULR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
7KHIROORZLQJFRQYHUVDWLRQLVWKHEHJLQQLQJRIDORQJDQGLQWHUHVWLQJFKDWEHWZHHQWKHYHWHUDQ&KDUOHV+HQGHUVRQDQGWKHUHODWLYHO\
\RXQJWUDLQLQJPDQDJHU3HWHU)LHOGVZKRLVDOVRDFWLQJVDOHVDQGPDUNHWLQJPDQDJHUGLUHFWRUFRPHUFLDOHQIXQFLRQHV
(VWLPDGRDPLJR\DOXPQR
5XQQLQJLQWKHRXWVLGHODQH/DIDOWDGHIXHU]DGHYROXQWDGKDFDXVDGRP»VIUDFDVRVTXHODIDOWDGHLQWHOLJHQFLDRKDELOLGDG'HHVWRHVWR\
VHJXUR+HFRQRFLGRDPXFKRVHPSUHVDULRVGHJUDQÃ[LWRHQ(VSDËDFX\DÔQLFDYLUWXGHQPLRSLQLÍQHUDVXLPSHUWXUEDEOHWHQDFLGDG'H
KHFKRVLHVWXGLDUDVWRGRVORVFDVRVHQ(VSDËDGHKRPEUHV\PXMHUHVTXHKDQSDVDGRGHODQDGDDWHQHUSHTXHËRVRJUDQGHVLPSHULRV
YHUÇDVTXHVXQLYHOLQWHOHFWXDO\FXOWXUDODVÇFRPRVXFRHîFLHQWHGHLQWHOLJHQFLDQRVXSHUDQRUPDOPHQWHDODPHGLDQDFLRQDO6LQHPEDUJR
GRQGHVÇVREUHVDOHQHVHQODIXHU]DGHYROXQWDG3ODQWHDQREMHWLYRV\WUDEDMDQLQFDQVDEOHPHQWHSDUDFRQVHJXLUORV<VLTXLHUHVWHGLUÃXQ
VHFUHWRTXHHOORVQRVXHOHQGHVYHODUVHORSDVDQSLSD3ODQWHDUREMHWLYRVHLUDSRUHOORVFUHDXQFÇUFXORYLUWXRVRTXHKDFHTXHHOWLHPSR
GHWUDEDMRVHDP»VHVWLPXODQWH\GLYHUWLGRTXHFXDOTXLHUSODQWHDPLHQWRGHHVSDUFLPLHQWRXRFLR8QHPSUHVDULRTXHWUDEDMDGHVRODVRO
QRUPDOPHQWHQRHVW»WUDEDMDQGRHVW»MXJDQGR3XHGHVWDFKDUOHGHHVWDUFDVDGRFRQVXHPSUHVDSHURODYHUGDGHVTXHHVW»VLPSOHPHQWH
MXJDQGRDOLJXDOTXHXQDGROHVFHQWHSDVDKRUDVVHJXLGDVGHODQWHGHXQYLGHRMXHJR3HURHOEXHQHPSUHVDULRHVSDËRODSHVDUGHQRVHU
P»VLQWHOLJHQWHQLP»VK»ELOTXHORVGHP»VWLHQHDOJRTXHVLHPSUHPHKDOODPDGRODDWHQFLÍQXQDWRWDOîMDFLÍQHQORVREMHWLYRVGHVX
DFWLYLGDGHPSUHVDULDO1DGDOHVGHVYÇDQLOHVGHVSLVWD3DUHFHFRPRHOFDEDOORTXHOOHYDDQWHRMHUDV1RYHQLTXLHUHYHUORTXHKD\IXHUDGHVX
FDPSRGHYLVLÍQ9DWHQD]PHQWHFDPLQDQGRDJUDQGHV]DQFDGDVKDFLDODFRQVHFXFLÍQGHVXVREMHWLYRV
6DEHDOLJXDOTXHORVSDVWRUHVDOHPDQHVGHODIRWRTXHODVGLVWUDFFLRQHVpGLVWUDHQq\ORVSHUURVHVW»Q
DGLHVWUDGRVSDUDQRFDHUDQWHQLQJXQDWHQWDFLÍQ6LQRSLHUGHQVXHPSOHR(QPLVDËRVGHSURIHVRUGH
LQJOÃVHOGHPLVDOXPQRVKDQVLGRPDHVWURVHQHODUWHGHHQFRQWUDUGLVWUDFFLRQHVRH[FXVDVSDUDQR
KDFHUHOHVIXHU]RTXHVHH[LJHSDUDKDFHUVHFRQXQEXHQQLYHOGHLQJOÃV&XDOTXLHUSHTXHËDGLVWUDFFLÍQ
OHVKDEDVWDGRSDUDSHUGHUXQDVFODVHVRSDUDQRHVWXGLDU$OîQDOPLFRQFOXVLÍQHVTXHVLPSOHPHQWHQR
WLHQHQPXFKRLQWHUÃVHQDSUHQGHULQJOÃV0HLQVLVWHQHQTXHQRHVDVÇSHURQXQFDPHORGHPXHVWUDQ<
WÔ"0HORYDVDGHPRVWUDU"(VSHURTXHVÇ 5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
(OODOHHPXFKRSHURDSUHQGH 6KHUHDGVDORWEXWOHDUQVYHU\
1RWHYHR ,FDQoWVHH\RX
PX\SRFR OLWWOH 0HR\HV" &DQ\RXKHDUPH"
£OWUDEDMDPXFKRSHURJDQD +HZRUNVDORWEXWHDUQVYHU\
1RWHRLJRPX\ELHQ ,FDQoWKHDU\RXYHU\ZHOO
PX\SRFR OLWWOH |+DEODP»VDOWR 6SHDNXS
/HJXVWDWUDEDMDUPXFKR +HOLNHVWRZRUNDORW |'HMDGHJULWDUPH 6WRSVKRXWLQJDWPH
3RUTXÃQRJDQDPXFKR" :K\GRHVQoWKHHDUQDORW"
7LHQHTXHEXVFDURWURWUDEDMR +HKDVWRORRNIRUDQRWKHUMRE
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
&DFWXV&DFWXV
&DPHO&DPHOOR
6DQG$UHQD
9RFDEXODULR'HVHUW'HVLHUWR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
7HQGUHPRVTXHFRQYRFDUXQD :HoOOKDYHWRFDOODPHHWLQJ
/DVFRVDVDYDQ]DQVLQ 7KLQJVDUHUXQQLQJVPRRWKO\
UHXQLÍQ VREUHVDOWRV
0HJXVWDUÇDTXHODDEULHVHVFRQ,oGOLNH\RXWRVWDUWLWRIIZLWKD /DVYHQWDVKDQVXELGRGH 6DOHVKDYHULVHQVWHDGLO\
XQDEUHYHSUHVHQWDFLÍQ EULHISUHVHQWDWLRQ PDQHUDFRQVWDQWH
1RSRGHPRVDGHODQWDUODIHFKD"&DQoWZHPRYHWKHGDWHIRUZDUG" (VWRVÍORHVXQSODQSURYLVLRQDO 7KLVLVRQO\DWHQWDWLYHSODQ
'HEHUÇDPRVUHWUDVDUODIHFKD :HVKRXOGPRYHEDFNWKHGDWH 7HQHPRVTXHVHJXLUXQSURJUDPD:HKDYHWRIROORZDYHU\WLJKW
3RVSRQJDPRVODUHXQLÍQKDVWD /HWoVSXWWKHPHHWLQJRIIXQWLO
PX\DSUHWDGR VFKHGXOH
PDËDQD WRPRUURZ (VXQDWDUHDTXHFRQVXPH ,WoVDWLPHFRQVXPLQJWDVN
PXFKRWLHPSR
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
,QJOÃV6RFLDO
+HGURYHRQIRUDQRWKHUPLOHV 7KH\oYHIDOOHQRQKDUGWLPHV
6LJXLÍFRQGXFLHQGRRWUDVPLOODV (VW»QSDVDQGRSRUXQDPDODUDFKD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
HFRQ IUDVHVHQLQJOÃV"
7KH\IRXJKWRQXQWLOGDZQ 7HHQWXVLDVPDQORVYLQRV"
6LJXLHURQOXFKDQGRKDVWDHODPDQHFHU :HJHWRQTXLWHZHOO 3XHGRYHUODFDUWDGHORVYLQRV"
1RVOOHYDPRVEDVWDQWHELHQ 0HJXVWDP»VHOWLQWRTXHHOEODQFR
7KH\ïHZRQGHVSLWHWKHZHDWKHU
6LJXLHURQYRODQGRDSHVDUGHOWLHPSR *HWRQWKHEXV ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
6ÔEHWHDODXWREÔV '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
3HWHU)LHOGVVSHDNVWR&KDUOHV+HQGHUVRQDERXWVRPHRIWKHFKDQJHVKHKDVPDGHVLQFHKHWRRNRYHUIRU-RKQ2OVRQFKDQJHVZKLFKKDYH
EHHQLQVWUXPHQWDOWRVRPHRIWKHVDOHVJURZWKHQMR\HGE\WKHFRPSDQ\
3HWHU 'RQoW EHOLHYH HYHU\WKLQJ \RX KHDU ,oYH PDGH VRPH GLYLGHLQWRIÇMDWHTXHXVDPRVpLQWRq
FKDQJHV LQ WKH VDOHV WHUULWRULHV DQG DSSRLQWHG D IHZ
QHZDJHQWV7KDWoVDOO ROG DQWLJXRV
&KDUOHV :KDWFKDQJHVKDYH\RXPDGH"
3HWHU ,oYH GLYLGHG WKH IRXU ODUJHVW WHUULWRULHV LQWR HLJKW WKH\ZHUHKDYLQJWURXEOH OHVFRVWDEDWUDEDMR
VPDOOHURQHVDQGQDPHGIRXUQHZDJHQWV
&KDUOHV +DYHWKHROGDJHQWVFRPSODLQHG" \RXPXVWKDYH GHEHVGHWHQHU
3HWHU 1RWDWDOO7KH\ZHUHKDYLQJWURXEOHFRYHULQJVXFKELJ
WHUULWRULHV PRVWRIWKHP ODPD\RUÇDGHHOORV
&KDUOHV <RXPXVWKDYHDVSHFLDODELOLW\ZLWKWKHDJHQWV:KHQ
-RKQZDVLQFKDUJHWKH\FRPSODLQHGDERXWHYHU\WKLQJ JHWDORQJZLWK OOHYDUVHELHQFRQ
XQGHUWKHVXQ
3HWHU 'RQoWIRUJHWWKDWPRVWRIWKHPZHUHWUDLQHGE\PH,oP KLJKOHYHOVWUDWHJ\ HVWUDWHJLDGHDOWRQLYHO
OLNHDIDWKHUïJXUHWRWKHP
&KDUOHV %XWWHOOPHDUH\RXHQMR\LQJWKHMRE" WKDWoVWKHULJKWZD\WRGRLW DFLHUWDV
3HWHU ,FDQoWFRPSODLQ,QIDFW,ïQGLWTXLWHVWLPXODWLQJ
&KDUOHV 'R\RXJHWDORQJZLWKWKHUHVWRIWKHPDQDJHUV" QRZWKDW\RXoUHEDFN DKRUDTXHKDVYXHOWR
3HWHU ,DWWHQGDOOWKHPHHWLQJVEXW,GRQoWVD\PXFK(YHU\RQH
WDONV KLJKOHYHO VWUDWHJ\ EXW ,oP RQO\ LQWHUHVWHG LQ ORFDOFRPSHWLWRUV FRPSHWLGRUHVQDFLRQDOHV
VDOHVDQGPRUHVDOHVIRUWKHPRPHQW
&KDUOHV , WKLQN WKDWoV WKH ULJKW ZD\ WR GR LW &RQFHQWUDWH RQ
\RXUMRE
3HWHU 1RZWKDW\RXoUHEDFNZKDWZLOOEH
\RXU
MRE"
&KDUOHV :HoUH FUHDWLQJ D QHZ GHSDUWPHQW FDOOHG FRUSRUDWH
GHYHORSPHQW
3HWHU :KDWGRHVWKDWPHDQ"
&KDUOHV :HoUH JRLQJ WR VWXG\ WKH LGHD RI EX\LQJ RXW D IHZ
VPDOOHUORFDOFRPSHWLWRUV
(VWLPDGRDPLJR\DOXPQR'HVGHTXHHPSHFÃDHQVHËDULQJOÃVKHTXHULGRDQL 0»VSDODEUDV
PDUDPLVDOXPQRV\DOSÔEOLFRHQJHQHUDODUHDOL]DUXQHVIXHU]RKRQHVWRSDUD LQJOHVDVGHUDÇ]ODWLQD
SURJUHVDU2VDQLPRGHEXHQFRUD]ÍQRFRPRGHFÇVDTXÇDSHFKRGHVFXELHUWR0H (QGHPLF
KHWRSDGRGHVGHVLHPSUHFRQSHUVRQDVTXHGHVSUHFLDEDQPLPHQVDMHRTXHVH (QGLYHV
EXUODEDQGHPLLQWHQWRSRUDQLPDURV´OWLPDPHQWH\FRQIRUPHJDQRP»VDXGLHQFLDSRUPLWUDEDMRHQUDGLR\WHOHYL (QGRFULQH
VLÍQSHUFLERXQDXPHQWRVLJQLîFDWLYRGHHVWHIHQÍPHQR1RVÃVLVHU»XQHVSHMLVPRSHURRLJRFRQFDGDSDVRTXHGR\ (QHP\
(QHUJHWLF
XQFUHFLHQWHHMÃUFLWRGHVDUF»VWLFRVGHVHRVRVGHHPSHTXHËHFHUWRGRORTXHGLJRRGHVHVWLPDUFXDOTXLHUDSHODFLÍQ
(QHUJ\
DDFWLWXGHV\YDORUHVQREOHV3HUR\DORVFRQR]FR6RQORVFÇQLFRV$FDPSDQSRUWRGDVSDUWHV\GLVIUXWDQWXPEDQGR (QJHQGHU
SUHFLVDPHQWHDTXHOORVHVIXHU]RV\DVSLUDFLRQHVTXHKDFHQTXHHOPXQGRSURJUHVH6RQGHWRGRVORVVHUHVKXPDQRV (QJLQHHU
ORVPHQRVÔWLOHV6RQVHUHVGHQRFKHTXHVHQXWUHQGHODVDOLPDËDVSRUTXHODOLPSLDOX]GHOGÇDOHVFLHJDREOLJ»QGROHV (QJLQHHULQJ
DUHQXQFLDUDODYLVLÍQ\HQÔOWLPRWÃUPLQRDGHVGHËDUOD1RGHMHVTXHORVFÇQLFRVWXPEHQRGHVHVWLPHQWXUHVROXFLÍQ (QJOLVK
GHYHQFHUDOLGLRPDGHOLQJOÃV([FHSWRXQVÍORFDVRHQWRGDPLYLGDSURIHVLRQDOQRKHFRQRFLGRDQDGLHLQFDSD]GH (QLJPD
KDFHUVHFRQXQEXHQQLYHOHQPLLGLRPD(OTXHORFRQVLJDVWÔîQDOPHQWHGHSHQGHQRGHWXFDSDFLGDGVLQRGHWX (QLJPDWLF
(QRORJLVW
IXHU]DGHYROXQWDG 5LFKDUG9DXJKDQ (QRORJ\
$F\QLFFDQFKLOODQGGLVKHDUWHQZLWKDVLQJOHZRUG5DOSK:DOGR(PHUVRQ (QRUPRXV
8QFÇQLFRSXHGHHQIULDU\GHVDOHQWDUFRQXQDVRODSDODEUD (QWKXVLDVP
(QWKXVLDVW
7KHSRZHURIDFFXUDWHREVHUYDWLRQLVFRPPRQO\FDOOHGF\QLFLVPE\WKRVHZKRGRQ·WKDYHLW*HRUJH%HUQDUG6KDZ (QWKXVLDVWLF
(OSRGHUGHODREVHUYDFLÍQFHUWHUDHVORTXHVXHOHVHUGHQRPLQDGRFLQLVPRSRUDTXHOORVTXHQRORSRVHHQ (QWLUH
$F\QLFLVDPDQZKRNQRZVWKHSULFHRIHYHU\WKLQJDQGWKHYDOXHRIQRWKLQJ2VFDU:LOGH (QWLW\
8QFÇQLFRHVXQKRPEUHTXHFRQRFHHOSUHFLRGHWRGRVLQFRPSUHQGHUHOYDORUGHQDGD (QWUDQFH
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
1RKDEODU»VXQEXHQLQJOÃVVL <RXZRQoWVSHDNJRRG(QJOLVK
+DEU»PXFKDJHQWHHVWD :LOOWKHUHEHPDQ\SHRSOH
QRHVWXGLDV LI\RXGRQoWVWXG\ QRFKH" WRQLJKW"
/RVLHQWRQRSRGUÃLU ,oPVRUU\,ZRQoWEHDEOHWRJR 1RKDEU»WDQWRVFRPROD 7KHUHZRQoWEHDVPDQ\DVWKH
3RGU»VGDUPHXQDFODVH :LOO\RXEHDEOHWRJLYHPHD
ÔOWLPDYH] ODVWWLPH
PDËDQD" FODVVWRPRUURZ" 3RUTXÃKDEU»PHQRVJHQWH" :K\ZLOOWKHUHEHIHZHUSHRSOH"
1RWHD\XGDUÃDPHQRVTXH ,ZRQoWKHOS\RXXQOHVV\RX
/DJHQWHVHKDDEXUULGRXQ 3HRSOHKDYHJRWDOLWWOHERUHG
FDPELHVWXDFWLWXG FKDQJH\RXUDWWLWXGH SRFRGHOIRUPDWR RIWKHIRUPDW
$OJXQDYH]OOHJDU»VDWLHPSR" :LOO\RXHYHUDUULYHRQWLPH" ,QWHQWDKDFHUORP»VLQWHUHVDQWH 7U\WRPDNHLWPRUHLQWHUHVWLQJ
%HGVSUHDG&ROFKD
%HGVKHHW6»EDQD
%ODQNHW0DQWD
9RFDEXODULR%HG&DPD
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
&UHÇTXHWHQÇDHOLQJOÃV ,WKRXJKW,KDG(QJOLVK
/DUHXQLÍQQRDFDEDEDQXQFD 7KHPHHWLQJGUDJJHGRQIRUHYHU
GRPLQDGR PDVWHUHG 4XLHURVRQGHDUOHVREUHHOWHPD ,ZDQWHGWRVRXQGKLPRXWRQ
9HRTXHWRGDYÇDWHQJRPXFKR ,VHH,VWLOOKDYHDORQJZD\WRJR
WKHVXEMHFW
FDPLQRSRUUHFRUUHU 1XQFDVHPHRFXUULÍ ,WQHYHUFURVVHGP\PLQG
$SUHQGHUXQLGLRPDHVXQJUDQ/HDUQLQJDODQJXDJHLVDJUHDW 0DQWÃQPHLQIRUPDGR .HHSPHSRVWHG
UHWR FKDOOHQJH ([SOÇFDPHHVRXQDYH]P»V 5XQWKDWE\PHRQHPRUHWLPH
1RVÃVLHVWR\SRUODODERU ,GRQoWNQRZLI,oPXSWRWKHWDVN
$QGDDQÇPDWH1RWHGHVDQLPHV&RPHRQFKHHUXS'RQoWJHW
GLVFRXUDJHG
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq 7REHPDUULHGWR
6LJQLîFDpHVWDUFDVDGRFRQq1XQFDGHFLPRV
,KDYHWRJHWRQP\ZD\ 8VHWKHVWLUUXSVWRJHWRQWKHKRUVH ´0DUULHGZLWKVRPHRQHµ
7HQJRTXHSRQHUPHHQFDPLQR 8VDORVHVWULERVSDUDVXELUWHDOFDEDOOR 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
*HWRQZLWKLW *RRQf £OHVW»FDVDGRFRQ-DQH
|3ÍQWH\DFRQHOOR 6LJXHVLJXH (VW»VFDVDGDFRQ3KLO"
(VW»HOODFDVDGDFRQ%RER(ULF"
+RZoV0DU\JHWWLQJRQ" +HoOOJRRQIRUHYHULI\RXOHWKLP ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
&ÍPROHYDQODVFRVDVD0DUÇD" 6HJXU»KDEODQGRVLQSDUDUVLOHGHMDV '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
3HWHU)LHOGVVSHDNVWR&KDUOHV+HQGHUVRQDERXWVRPHRIWKHFKDQJHVKHKDVPDGHVLQFHKHWRRNRYHUIRU-RKQ2OVRQFKDQJHVZKLFKKDYH
EHHQLQVWUXPHQWDOWRVRPHRIWKHVDOHVJURZWKHQMR\HGE\WKHFRPSDQ\
3HWHU 7KDWZLOOPHDQPRUHZRUNIRUPHZRQoWLW" HYHQWXDOO\ WDUGHRWHPSUDQR
&KDUOHV 1RWIRUWKHPRPHQWEXWHYHQWXDOO\\RXPD\KDYHDQ
DGGLWLRQDOVDOHVIRUFHWRWUDLQDQGGLUHFW \RXUHDOL]H WHGDVFXHQWD
3HWHU <RXUHDOL]H,VXSSRVHWKDW,oPQRWRIïFLDOO\WKHVDOHV
PDQDJHU KHUH ,oYH EHHQ SURYLVLRQDOO\ DSSRLQWHG WR
WKLVSRVLWLRQ
&KDUOHV <RX VKRXOGQoW ZRUU\ DERXW WKDW ,oP VXUH WKDW WKH
DSSRLQWPHQW ZLOO EH PDGH SHUPDQHQW VRRQ ZLWK DOO
WKHDGGLWLRQDOEHQHïWVWKDWJRZLWKLW
&KDUOHV +HQGHUVRQ PHHWV ZLWK 6DUDK (YDQV WKH KXPDQ UHVRXUFHV PDQDJHU WR GLVFXVV WKH VDOHV GHSDUWPHQW DQG WR WDON DERXW 3HWHU
)LHOGV6DUDKWHOOVKLPWKDWWKHFRPSDQ\LVORRNLQJRXWVLGHIRUDQHZVDOHVDQGPDUNHWLQJPDQDJHU
&KDUOHV %\ WKH ZD\ 6DUDK , MXVW KDG D QLFH FKDW ZLWK 3HWHU DQLFHFKDW XQDFRQYHUVDFLÍQDJUDGDEOH
)LHOGV +H VHHPV WR EH TXLWH KDSS\ UXQQLQJ WKH VDOHV
GHSDUWPHQWDQGKHoVGRLQJDWHUULïFMREEXWKHIHHOVD UXQQLQJ GLULJLHQGR
OLWWOHLQVHFXUHLQWKHSRVLWLRQVLQFHLWoVVWLOOSURYLVLRQDO
6DUDK :HoYH EHHQ LQWHUYLHZLQJ FDQGLGDWHV IRU WKH MRE DQG WHUULïF JHQLDO
KDYHUHGXFHGLWWRWKUHH
VLQFH SXHVWRTXH
&KDUOHV 'R\RXUHDOO\WKLQNZHQHHGDQRXWVLGHSHUVRQIRUWKHMRE"
6DUDK $UH\RXVXJJHVWLQJZHNHHS3HWHULQWKHSRVLWLRQ" DQRXWVLGHSHUVRQ XQDSHUVRQDGHIXHUD
&KDUOHV ,I VDOHV DUH DQ LQGLFDWRU RI KLV DELOLWLHV WKHQ , WKLQN
ZHoYHDOUHDG\IRXQGWKHSHUIHFWPDQIRUWKHMRE VXFKDYHWHUDQWHDPRIDJHQWV XQHTXLSRGHDJHQWHVWDQ
6DUDK %XW 3HWHUoV RQO\ \HDUV ROG +HoV VWLOO WRR \RXQJ WR YHWHUDQR
PDQDJHVXFKDYHWHUDQWHDPRIDJHQWV
VLQFHKHWRRNRYHU GHVGHTXHVHKL]RFDUJR
&KDUOHV 'R \RX UHDOL]H WKDW VDOHV KDYH JRQH XS VLQFH KH
WRRNRYHU" FRQVXPHUGHPDQGD HOFRQVXPRSULYDGR
6DUDK 6XUH,GREXWFRQVXPHUGHPDQGKDVJRQHXSWRR$OO
RXUFRPSHWLWRUVDUHJURZLQJDVZHOO
&KDUOHV $FFRUGLQJWRWKHïJXUHV,KDYHFRQVXPHU GHPDQGKDV
JRQHXSRQO\:KRoVUHVSRQVLEOHIRUWKHRWKHU"
(VWLPDGRDPLJR\DOXPQR(QOOHYÃDDOUHGHGRUGHMÍYHQHVHVSDËROHVD(( 88SDUDFXUVDUXQDËRGH 0»VSDODEUDVLQJOHVDV
HVWXGLRVXQLYHUVLWDULRV(VWXYHFRQHOORVGXUDQWHHOSULPHUPHV\GHVSXÃVYROYÇKDFLDîQDOHVGHODËRDFDGÃPLFR GHUDÇ]ODWLQD
'XUDQWHHVWDÔOWLPDYLVLWDPHKL]RPXFKDJUDFLDHOFRPHQWDULRGHODUHVSRQVDEOHGHOSHTXHËRFHQWURXQLYHUVLWDULR
(QXPHUDWH
GHO,OOLQRLVUXUDOGRQGHHVWXYLHURQSDVDQGRHODËR0HGLMR´(VLQFUHtEOHFRQTXpDUWHKLODQH[FXVDVSDUDQRHVWXGLDU
(QXPHUDWLRQ
SDUDQRDVLVWLUDFODVHRSDUDOOHJDUWDUGHFRQUHJXODULGDG$OSULQFLSLRORVSURIHVRUHVVHQWtDQFLHUWDSUHRFXSDFLyQSRU (QXQFLDWH
HOORVDQWHODVWULVWHVKLVWRULDVGHFRQWDEDQSHURSURQWRQRVGLPRVFXHQWDWRGRVGHTXHHUDQDUWLVWDVGHOHVFDTXHR£<\R (QYLRXV
FUHtDTXHORVDOXPQRVDTXtWHQtDQMHWD(VWRVFKLFRVHVSDxROHVVHOOHYDQODSDOPDµ5HFXHUGRTXHXQSURIHVRUGHO,(6(
(SKHPHUDO
PHGLMRXQGÇDTXHORVODWLQRVWHQÇDQP»VLPDJLQDFLÍQTXHORVQÍUGLFRV\DQJORVDMRQHV/HUHVSRQGÇTXHHQORTXH (SLF
QRVJDQDEDQORVODWLQRVQRHUDHQLPDJLQDFLÍQVLQRHQSLFDUHVFD/DLPDJLQDFLÍQHVORTXHKDFHIDOWDSDUDGHVFXEULU (SLFHQWHU
FUHDULQYHQWDUFRPSRQHUSURJUHVDU\FRQVWUXLU/DSLFDUHVFDHVORTXHKDFHIDOWDSDUDFRQVHJXLUSHTXHËDVYLFWRULDV (SLFXUH
HQHOFRUWRSOD]RTXHHQHOODUJRUHVXOWDQLQÔWLOHV(VXQDKDELOLGDGTXHGHDîQDUVHDVHJXUDHOIUDFDVRHQODYLGD (SLFXUHDQ
$ORODUJRGHORVDËRVKHREVHUYDGRODSLFDUHVFDHQHOHVWXGLRGHOLQJOÃV([FXVDVGHODVP»VSLQWRUHVFDVfH[FXVDV (SLGHPLF
GLVHËDGDVSDUDJDUDQWL]DUXQSURJUHVRQXOR(QODPD\RUÇDGHORVFDVRVQRPHKHPROHVWDGRHQDEVROXWRHQUHEDWLU (SLGHUPLV
ODH[FXVDSRUTXHHVWDEDFODURTXHODSHUVRQDHQFXHVWLÍQQRLEDDDSUHQGHULQJOÃVQXQFDQLVH (SLJUDP
JXUDPHQWHLEDDWULXQIDUHQQDGDHQORTXHOHTXHGDEDGHYLGD3UHîHURJDVWDUPLVHQHUJÇDVHQ (SLOHSV\
DQLPDU\DOHQWDUDDTXHOORVpPHQRVOLVWRVqSHURLOXVLRQDGRVTXHGHVHHQKDFHUORQHFHVDULRSDUD (SLOHFWLF
(SLORJXH
WULXQIDU(QHVWRVFDVRVJDVWDUÃWRGDODHQHUJÇDTXHWHQJRGHQWUR6LDOJÔQGÇDQRVFRQRFHPRV
SHUVRQDOPHQWHQRPHKDEOHVGHSRUTXÃWXLQJOÃVQRHVSHUIHFWR1RPHGHVH[FXVDV3UHJÔQWD
PHTXÃP»VWLHQHVTXHKDFHUSDUDYHQFHUGHîQLWLYDPHQWHPLLGLRPD\KDUÃWRGRORTXHSXHGD
SDUDD\XGDUWH 5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
&DYH3DLQWLQJ3LQWXUDUXSHVWUH
6WDODFWLWH(VWDODFWLWD
&DYH'ZHOOHU&DYHUQÇFROD
6WDODJPLWH(VWDODJPLWD
&OXE*DUURWH
9RFDEXODULR&DYH&XHYD
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq 0DQ\
6LJQLîFDpPXFKRVq\QRUPDOPHQWHVHXVDHQ
7KHPHHWLQJZHQWRQDOODIWHUQRRQ ,oPWRRWLUHGWRJRRQ HOQHJDWLYRRHOLQWHUURJDWLYRFXDQGRHOREMHWR
/DUHXQLÍQVLJXLÍWRGDODWDUGH (VWR\GHPDVLDGRFDQVDGRSDUDVHJXLU GHODIUDVHHVSOXUDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
<RXFDQoWJRRQOLNHWKDW +HZHQWRQWRDFKLHYHJUHDWWKLQJV IUDVHVHQLQJOÃV"
1RSXHGHVVHJXLUDVÇ /OHJÍFRQHOWLHPSRDKDFHUJUDQGHVFRVDV 7LHQHVPXFKDVSUHJXQWDV"
6LPRQYDDFRPSUDUPXFKRVUHJDORV"
+HNHSWJRLQJRQDERXWKLVVLVWHU +HZHQWRQDQGRQDERXWKLVRSHUDWLRQ +D\PXFKRVSDUTXHVHQ/RQGUHV"
1RSDUDEDGHKDEODUGHVXKHUPDQD +DEODEDGDOHTXHGDOHGHVXRSHUDFLÍQ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHUFRQWLQXHWRDUJXHDERXW3HWHU)LHOGVDQGWKHVWUDWHJ\IRUFRQVROLGD
WLQJWKHVDOHVDQGPDUNHWLQJDUHDRIWKHFRPSDQ\
6DUDK /LVWHQ&KDUOHV,oPQRWDJDLQVW3HWHU)LHOGV+HoVDïQH DïQH\RXQJPDQ XQMRYHQH[FHOHQWH
\RXQJPDQDQGKHoVGRQHDQH[FHOOHQWMREVLQFH-RKQ
OHIW%XWKHoVVLPSO\QRWWKHULJKWPDQIRUWKHIXWXUH ZKDWoVZURQJZLWKKLP" TXÃWLHQHGHPDOR"
&KDUOHV :KDWoVZURQJZLWKKLP"
)LUVWRIDOO HQSULPHUOXJDU
6DUDK )LUVWRIDOOKHNQRZVQRWKLQJDERXWH[SRUWVDOHVDQG
ZLWKWKHQHZSDQ(XURSHDQVWUDWHJ\WKDWWKH(XURSHDQ
6HFRQGO\ HQVHJXQGROXJDU
2IïFHLVSODQQLQJIRUQH[W\HDU,oPQRWVRVXUHKHoOOEH
DEOHWRKDQGOHLW 6HFRQGO\ZKHQ\RXVWDUWDFTXLULQJ
DJUHDWGHDORI PXFKR
QHZFRPSDQLHVDQGDGGLQJWKHLUVDOHVIRUFHVWRRXUV
KHoOO KDYH KLV KDQGV VR IXOO WKDW KHoOO SUREDEO\ ORVH D
PDQ\RIZKRP PXFKRVGHORVFXDOHV
JUHDW GHDO RI WKH HIIHFWLYHQHVV KH QRZ KDV ZLWK RXU
SUHVHQWVDOHVIRUFHPDQ\RIZKRPKHWUDLQHGKLPVHOI
,GRQoWEX\WKDWDUJXPHQW QRHVWR\GHDFXHUGR
&KDUOHV , GRQoW EX\ WKDW DUJXPHQW +H PD\ QRW KDYH PXFK
H[SHULHQFHZLWKWKH(XURSHDQ2IïFHEXWKHoVWKHRQO\ EHWWHUWKDQHYHU PHMRUTXHQXQFD
SHUVRQKHUHZKRVSHDNVðXHQW*HUPDQ+HFDQWDONWR
WKHPLQWKHLURZQODQJXDJH+LVPRWKHUZDV*HUPDQ WKH\PLJKWJHWXSVHW SXHGHTXHVHGLVJXVWHQ
\RX NQRZ %\ WKH ZD\ GR WKH DJHQWV NQRZ \RXoUH
ORRNLQJIRUDQHZVDOHVPDQDJHU" H[SHULHQFHG H[SHULPHQWDGR
6DUDK :HKDYHQoWLQIRUPHGWKHP\HW
&KDUOHV 'RQoW\RXWKLQNLWZRXOGEHDJRRGLGHDWRFRQVXOWZLWK IDUPHTXLSPHQW PDTXLQDULDDJUÇFROD
WKHP"7KH\oUHZRUNLQJEHWWHUWKDQHYHUZLWK3HWHUDQG
WKH\PLJKWJHWXSVHWLI\RXPDNHDFKDQJHQRZ WRKHDG HQHVWHFDVRKDFHUVHFDUJRGH
6DUDK /LVWHQ WKH %RVWRQ &RQVXOWLQJ *URXS KDV EHHQ KHUH
IRU WKH SDVW WZR PRQWKV VWXG\LQJ HYHU\ GHSDUWPHQW
DQG WKHLU FRQFOXVLRQ LV WKDW ZH QHHG DQ H[SHULHQFHG
YHWHUDQ LQ IDUP HTXLSPHQW VDOHV WR KHDG WKH VDOHV
GHSDUWPHQW
&KDUOHV 7KHQZKDWoVJRLQJWRKDSSHQWR3HWHU)LHOGV"
6DUDK +HoOOJREDFNWRWUDLQLQJ:HoUHSD\LQJDIRUWXQHULJKW
QRZWRDQRXWVLGHïUPWRKDQGOHWKDW
(VWLPDGRDPLJR\DOXPQR'HVGHTXHYLYRHQ(VSDËDYRVRWURVORVHVSDËROHVPHGHFÇVTXHYXHVWURSHFDGRFD 0»VSDODEUDVLQJOHVDV
SLWDOQÔPHURXQRHVODHQYLGLD(QPLSDÇVFUHRTXHVHU»ODJXODRODDYDULFLD$KRUDGHVSXÃVGHDËRVYLYLHQGR GHUDÇ]ODWLQD
DTXÇHVWR\GHDFXHUGRFRQYXHVWUDDSUHFLDFLÍQ+HH[SHULPHQWDGRHQFDUQHSURSLD\KHREVHUYDGRHQLQQXPHUDEOHV (SLVRGH
PRPHQWRVFÍPRODHQYLGLDGHVWUX\HSULPHURDOTXHHQYLGLD\VLOOHJDDVXVÔOWLPRVH[WUHPRVDOHQYLGLDGR3HUROD (SLVWOH
GHVWUXFFLÍQVLHPSUHVHFHEDSULPHURFRQHOTXHHQYLGLD\VLQSLHGDG&UHRVLQFHUDPHQWHTXHVHWUDWDGHXQSHFDGR (SLVWRODU\
TXHQRVLHQWRHQDEVROXWR\DTXHQRDFDERGHHQWHQGHUHOSRUTXÃGHODHQYLGLD\ORKHGDGRP»VGHXQDSHQVDGD (SLWDSK
3DUDPÇHVHOÔQLFRSHFDGRFDSLWDOTXHVHSRGUÇDFRQVLGHUDUHOLQÔWLO/DJXODWHGHMDJRUGR\IHRSHURDOPHQRV (SRFK
FRPHVDWXVDQFKDV/DDYDULFLDWHGHMDVLQDOPDSHURDOPHQRVHOGLQHURWHORTXHGDVWÔ\QRORVGHP»V/DOXMXULDWH (TXDO
(TXDOLW\
GHVYÇDGHODQREOH]DGHODYLGDSHURDOPHQRVSDVDVDOJXQRVUDWRVSODFHQWHURV/DVREHUELDWHLPEX\HGHODLGLRWH]
(TXDWLRQ
VXSUHPDSHURDOPHQRVWHGDSODFHUDOVHQWLUWHLQPRUWDOHQWLHUUDGHPRUWDOHV/DLUDWHUHVWDODFDSDFLGDGSDUDPHGLU
(TXDWRU
FRUUHFWDPHQWHODVFRVDVSHURDOPHQRVWHSHUPLWHXQGHVIRJXHDYHFHVVDQRSDUDODWHQVLÍQVDQJXÇQHD<SRUÔOWLPR (TXDWRULDO
ODSHUH]DWHDQXODWRGDVODVMR\DVTXHWHRIUHFHODYLGDSHURDOPHQRVWHSHUPLWHXQSRFRSUHVXPLUGH´GRQ·WZRUU\« (TXHVWULDQ
EHKDSS\µ3HURODHQYLGD"'LPHXQDVRODFRVDSRVLWLYDTXHDSRUWDODHQYLGLD'HWRGRVORV (TXLGLVWDQW
SHFDGRVFDSLWDOHVHVHOP»VLQÔWLOHLGLRWD(QYLGLDUDRWURHVTXHPDUVHYLYRHQXQDKRJXHUDGH (TXLOLEULXP
UDELDVLQGLVIUXWDUGHQDGDDFDPELR3DUDVHQWLUVDWLVIDFFLÍQODHQYLGLDWHREOLJDDWXPEDUDO (TXLQH
HQYLGLDGRORTXHH[LJHPXFKRWUDEDMRPX\FXHVWDDUULED7HUHFRPLHQGRHQHVWRVFDVRVFDQMHDU (TXLQR[
ODHQYLGLDSRUODSHUH]D$VÇSDVDVGHWRGR\GHMDVHQSD]DORVTXHHVW»QRFXSDGRVFRQVWUX\HQGR (TXLS
5LFKDUG9DXJKDQ
HOPXQGRSDUDWL\SDUDPXFKRVP»VFRPRWÔ (TXLSPHQW
/RZ%HJLQQHU +LJK%HJLQQHU
6DODPDQFDHVIDPRVDSRUVX 6DODPDQFDLVIDPRXVIRULWV
1XQFDFRPRFDUQH ,QHYHUHDWPHDW
8QLYHUVLGDG 8QLYHUVLW\ (OODVLHPSUHFRPHELHQ 6KHDOZD\VHDWVZHOO
(OSUREOHPDGH$QDHVQXHVWUR $QDoVSUREOHPLVRXUSUREOHP
1REHEHPXFKRWDPSRFR 6KHGRHVQoWGULQNPXFKHLWKHU
SUREOHPDWDPELÃQ WRR £OKDFHHMHUFLFLRWRGDVODV +HGRHVH[HUFLVHHYHU\
'HTXLÃQVRQHVWRV]DSDWRV" :KRVHVKRHVDUHWKHVH" PDËDQDV PRUQLQJ
6RQGH0DUN 7KH\oUH0DUNoV 1RSDVDPXFKRWLHPSRFRQVX +HGRHVQoWVSHQGPXFKWLPH
3RUTXÃHVW»QHQODGXFKD" :K\DUHWKH\LQWKHVKRZHU" IDPLOLD ZLWKKLVIDPLO\
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
5DNH5DVWULOOR
:KHHOEDUURZ&DUUHWLOOD
&RPSRVWKHDS/XJDUGRQGHVHDPRQ
WRQDQGHVHFKRVSDUDSUHSDUDUDERQR
/DZQPRZHU&RUWDFÃVSHG
)HUWLOL]HU$ERQR
9RFDEXODULR*DUGHQLQJ-DUGLQHUÇD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq 3KUDVDO9HUE7R*URZ8S
6LJQLîFDpFULDUVHqRpKDFHUVHPD\RUqHQHO
:KDWoVJRLQJRQKHUH" +HoVJRLQJRQVHYHQ VHQWLGRGHpFRQYHUWLUVHHQDGXOWRq
4XÃSDVDDTXÇ" (VW»SUÍ[LPRDFXPSOLUORVVLHWHDËRV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
+RZORQJKDVWKLVEHHQJRLQJRQ" +HKDVQRWKLQJWRJRRQ &XDQGRPLKLMRVHDPD\RUTXLHUHVHUERPEHUR
&X»QWRKDFHTXHSDVDHVWR" 1RWLHQHHQTXÃEDVDUODLQYHVWLJDFLÍQ |0LVKLMRVVHHVW»QKDFLHQGRPD\RUHVWDQU»SLGR
-DPHVVHFULÍHQHOVXUGH(VFRFLD
$VWLPHJRHVRQf ,WoOOJURZRQ\RX ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
$PHGLGDTXHSDVDHOWLHPSR 7HLU»JXVWDQGRFRQHOSDVRGHOWLHPSR '(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHUîQLVKDîUVWGLVFXVVLRQDERXW3HWHU)LHOGVDQGWKHQWZRGD\VODWHU
VWDUWDVHFRQGGLVFXVVLRQGLVFXVVLRQ FRQYHUVDFLÍQ
&KDUOHV 6R\RXoUHJRLQJWRGLVPLVVWKHEHVWVDOHVPDQDJHUZHoYH GLVPLVV GHVSHGLU
KDGLQRXUKLVWRU\MXVWEHFDXVHWKH%RVWRQ&RQVXOWLQJ fVD\VVR DVÇORGLFH
*URXSVD\VVR
WHUULïF JHQLDO
6DUDK +HoVQRWJRLQJWREHGLVPLVVHG+HoVVLPSO\JRLQJWREH
LQWKHïUVWSODFH HQSULPHUOXJDU
WUDQVIHUUHG EDFN WR KLV RULJLQDO IXQFWLRQV 'RQoW IRUJHW
WKDWKHoVDOVRWKHEHVWWUDLQLQJPDQDJHUZHoYHHYHUKDG WREULQJLQ FRQWUDWDUXQFRQVXOWRU
&KDUOHV ,ZDVZLWK*HRUJH5RELQVRQWKLVPRUQLQJDQGKHVHHPV DWRSFODVVSHUVRQ XQDSHUVRQDGHSULPHUD
WRDJUHHZLWKPHWKDW3HWHU)LHOGVLVGRLQJDWHUULïFMRE ,KDYHDIHHOLQJ WHQJRXQSUHVHQWLPLHQWR
6DUDK ,W ZDV *HRUJHoV LGHD LQ WKH ïUVW SODFH WR EULQJ LQ WKH FDOODPHHWLQJ FRQYRFDUXQDUHXQLÍQ
%RVWRQ &RQVXOWLQJ *URXS ,WoV EHHQ KLV LGHD VLQFH WKH ,oPZDUQLQJ\RX WHDGYLHUWR
EHJLQQLQJWRïQGDWRSFODVVSHUVRQIRUVDOHV
DïQHMRE XQWUDEDMRH[FHOHQWH
&KDUOHV :HOO,KDYHDIHHOLQJKHoVQRWVRFRQYLQFHGDQ\PRUH
0D\EHZHVKRXOGFDOODPHHWLQJRQWKLVVXEMHFWEHIRUH
LWoVWRRODWH
6DUDK ,I\RXLQVLVWEXW,oP ZDUQLQJ \RXf3HWHU)LHOGVPD\EH
GRLQJDïQHMREQRZEXWWKLQJVDUHJRLQJWRJHWDORWPRUH
FRPSOLFDWHGLQWKHIXWXUHDQGZHKDYHWREHUHDG\IRULW
7KHIROORZLQJLVWKHEHJLQQLQJRIDVHFRQGFRQYHUVDWLRQEHWZHHQ&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHU
7ZRGD\VKDYHSDVVHGDQGWKHGLVFXVVLRQUHPDLQVFHQWHUHGRQWKHVXEMHFWRI3HWHU)LHOGV
&KDUOHV +L6DUDKKRZDUHWKLQJVJRLQJ" KRZDUHWKLQJVJRLQJ" FÍPRYDQODVFRVDV"
6DUDK 1RWWRREDG&KDUOHVKRZDERXW\RXUVHOI" KRZDERXW\RXUVHOI" <WÔTXÃWDO"
&KDUOHV 1RWWRREDGHLWKHU7HOOPHKDYH\RXVSRNHQWR*HRUJH KHoVKDYLQJVHFRQGWKRXJKWV OHHVW»QHQWUDQGRGXGDV
5RELQVRQVLQFHWKHODVWWLPHZHVSRNH" fJHW\RXUZD\ VDOLUWHFRQODWX\D
6DUDK <HVZHKDGDORQJWDONDIWHUOXQFK\HVWHUGD\,WKLQN WRUXQ GLULJLU
\RXoUHULJKW+HoVKDYLQJVHFRQGWKRXJKWVDERXWKLULQJ
EHVLGHV DGHP»V
VRPHRQHWRUHSODFH3HWHU)LHOGV,WVHHPV\RXoUHJRLQJ
WRJHW\RXUZD\DIWHUDOO
&KDUOHV /LVWHQ6DUDKDV,VDLGWKHRWKHUGD\,oPQRWQHFHVVDULO\
DJDLQVW ïQGLQJ D WRSFODVV YHWHUDQ WR UXQ WKH VDOHV
GHSDUWPHQW%XW,VLPSO\WKLQNLWoVDOLWWOHWRRHDUO\WR
PDNH VXFK DQ LPSRUWDQW GHFLVLRQ QRZ %HVLGHV ZH
FRXOGULVNORVLQJ3HWHU)LHOGVLIZHVXGGHQO\WUDQVIHUKLP
EDFNWR7UDLQLQJ
(VWLPDGRDPLJR\DOXPQR&RPSUÃKDFHPXFKRVDËRVXQDERODGHFULVWDOTXHGXUDQWHXQDÃSRFDLPSRUWDQWHGH 0»VSDODEUDV
PLYLGDPHD\XGÍEDVWDQWHDODKRUDGHYHUHOIXWXUR\DGDSWDUPLVDFWXDFLRQHVHQOÇQHDFRQORTXHODERODPH LQJOHVDVGHUDÇ]ODWLQD
SURQRVWLFDED6LQHPEDUJRKDFHXQRVÍDËRVQRWÃTXHODERODIXQFLRQDEDFDGDYH]SHRUIDOODQGRHQPXFKRV
(TXLW\
PRPHQWRVSRUORTXHIXLDXQRVJUDQGHVDOPDFHQHVSDUDLQIRUPDUPHVREUHODVQXHYDVJHQHUDFLRQHVGHERODVGH
(TXLYDOHQFH
FULVWDO0HGLMHURQTXH\DWHQÇDQHQVWRFNODQXHYDVHULH%TXHSURPHWÇDSUHGHFLUHOIXWXURFRQXQGH (TXLYDOHQW
îDELOLGDG/RFRPSUÃDSHVDUGHOSUHFLRSDUDPÇGHVRUELWDGR\PHSXVHDSODQLîFDUODVHWDSDV\GHPLIXWXUR1R (UD
VÃVLSRUPDODVXHUWHRSRUIDOORVHQODQXHYDWHFQRORJÇDODERODPHLQGLFDEDFRVDVTXHQRPHJXVWDEDQRTXH\RQR (UDGLFDWH
TXHUÇDSHUVHJXLU$OFDERGHXQRVPHVHV\VREUHWRGRDLQVWDQFLDVGHPLPXMHUTXLHQFUHHP»VHQPÇTXH\RPLVPR (UDGLFDWLRQ
GHFLGÇKDFHUFDVRRPLVRDODERODGHFULVWDO\FUHDU\RPLVPRPLIXWXUR<VDEHVXQDFRVD"(OSRGHUGHODPHQWH (UJRQRPLF
FXDQGRVHFHQWUDHQDOJRVXSHUDFRQFUHFHVDODVERODVGHFULVWDOLQFOXVRDODVGHÔOWLPDJHQHUDFLÍQ7HORGLJRGH (URVLRQ
WRGRFRUD]ÍQODPHMRUPDQHUDSDUDSUHGHFLUHOIXWXURHVFUH»QGRORWÔPLVPR<SXHGHVKDFHUORWH (URWLF
ORDVHJXUR9LVXDOL]DORVGLIHUHQWHVIXWXURVTXHTXLHUHVKDFHUUHDOLGDG\GHVSXÃVWUDEDMDDWRSHFRQ (URWLFLVP
SDFLHQFLD\EXHQDYROXQWDG\WHVRUSUHQGHU»VGHFX»QWRVGHHVRVIXWXURVTXHKDVYLVXDOL]DGRVHYDQ (UUDWLF
KDFLHQGRUHDOLGDG0HGLFHQTXHVR\LPSDUDEOHSHURORTXHQRVDEHQHVTXHWHQJRXQVHFUHWRfHO (UURQHRXV
VHFUHWRDSUHQGLGRWUDVGHFLGLUDEDQGRQDUODLGHDGHODVXHUWH\GHODVERODVGHFULVWDO(VHVHFUHWRHV (UURU
HOSRGHUGHODGHWHUPLQDFLÍQ\ODIXHU]DGHYROXQWDG\P»VLPSRUWDQWHWRGDYÇDHOSRGHUGHODYLVLÍQ
\GHODDFWLWXGSRVLWLYD 5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
0LFURVFRSH0LFURVFRSLR
7HVW7XEH3UREHWD
3HWUL'LVK3ODFD
6OLGH3RUWDREMHWRV
/DE5DW5DWDGHODERUDWRULR
9RFDEXODULR/DERUDWRU\/DERUDWRULR
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
&RPXQLFDFLÍQVRFLDOHOPXQGRGHO
+HFDPHRXWZLWKQRWKLQJRQ +HKHOGRQWRZLQ IÔWERO
|6DOLÍGHVQXGR $JXDQWÍORVÔOWLPRVPHWURVSDUDJDQDU 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
:KDWGR\RXKDYHRQXQGHUQHDWK" +ROGRQWR\RXUMRE |4XÃJROD]R
4XÃOOHYDVGHEDMR" 1RSLHUGDVWXHPSOHR |(VRIXHXQDMXJDGDSUHFLRVD
(VRQRKDVLGRIXHUDGHMXHJR
+ROGRQ &DQ\RXKROGRQIRUDVHFRQG" ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
|(VSÃUDWH 3XHGHVHVSHUDUXQPRPHQWR" UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKH+5PDQDJHUFRQWLQXHWKHLUGHEDWHRQWKHYDOXHRI3HWHU)LHOGVLQWKHRUJDQL]DWLRQ
6DUDK ,GRQoWWKLQN3HWHUZRXOGOHDYHWKHFRPSDQ\,WoVQRW WKDWHDV\ WDQI»FLO
WKDWHDV\WRïQGDMREQRZ DVIDUDV,NQRZ TXH\RVHSD
&KDUOHV ,WKLQN\RXVKRXOGNQRZ6DUDKWKDWKHoVDOUHDG\EHHQ KHoVKDYLQJWURXEOH OHHVW»FRVWDQGRWUDEDMR
RIIHUHGDMREDQGWKHVDODU\LVDOPRVWGRXEOH
JHWWLQJKLVQHZEXVLQHVVJRLQJ SRQHUHQPDUFKDVXQXHYR
6DUDK 'R\RXPHDQKHoVEHHQORRNLQJIRUDMRE" QHJRFLR
&KDUOHV +HKDVQoWEHHQORRNLQJIRUDMRE+HZDVRIIHUHGRQH GULYHDQGDPELWLRQ HPSXMH\GLQDPLVPR
E\-RKQ2OVRQ
+5 +XPDQ5HVRXUFHV
6DUDK -RKQ2OVRQ":K\ZRXOGKHRIIHU3HWHUDMRE"$V IDU DV ,
,PDGHVXUHWKDW PHDVHJXUÃGHTXH
NQRZKHoVKDYLQJWURXEOHJHWWLQJKLVQHZEXVLQHVVJRLQJ
UDLVH VXELUVHSURQXQFLDpUHLVq
&KDUOHV 7KDWoVZK\KHQHHGV3HWHU)LHOGV+HQHHGVSHRSOHZLWK
GULYHDQGDPELWLRQDQG3HWHUoVMXVWWKHPDQKHQHHGV WKHUHoOOEH KDEU»
%HVLGHVWKHLUZLYHVDUHJRRGIULHQGV'LGQoW\RXNQRZ ZHFDQDIIRUGWREH SRGHPRVSHUPLWLUQRVHOOXMRGHVHU
WKDW" WKLQQHUPDUJLQV P»UJHQHVP»VHVWUHFKRV
6DUDK ,KDGQRLGHD LQGXVWU\ VHFWRU
&KDUOHV <RX VKRXOG NQRZ WKHVH WKLQJV <RXoUH WKH +5 FRPSHWLWLYHQHVV FRPSHWLWLYLGDG
PDQDJHU :KHQ , ZDV LQ \RXU SRVLWLRQ , PDGH VXUH ,
NQHZHYHU\WKLQJWKDWZDVJRLQJRQ NHHSLQJZDJHVWRDPLQLPXP PDQWHQHUORVVDODULRVDOPÇQLPR
6DUDK 6RKHoVRIIHULQJ3HWHUEHWWHUPRQH\7KDWFRPSOLFDWHV IXOOFDSDFLW\ SOHQDFDSDFLGDG
WKLQJV<RXNQRZZHoUHQRWLQDSRVLWLRQULJKWQRZWR VHULHV VHULHVLHPSUHFRQpVqDOîQDO
EHWRRJHQHURXV,IZHUDLVH3HWHUoVVDODU\WKHUHoOOEH HDUO\oV DSULQFLSLRVGHORV
RWKHUPDQDJHUVNQRFNLQJRQP\GRRU
VFUHDPLQJIRU SLGLHQGRDJULWRV
&KDUOHV , WKLQN ZH FDQ DIIRUG WR EH PRUH JHQHURXV QRZ XQLWPDUJLQV ORVP»UJHQHVSRUXQLGDGYHQGLGD
%XVLQHVVLVERRPLQJ RYHU DORODUJRGH
6DUDK %XVLQHVVLVERRPLQJEXWRQPXFKWKLQQHUPDUJLQVWKDQ
EHIRUH /DVW \HDU ZDV WKH ZRUVW LQ UHFHQW KLVWRU\ DQG
ZHFDQoWVXGGHQO\VWDUWDFWLQJDVLIWKHUHFHVVLRQLVRYHU
%HVLGHV LI ZH VWDUW UDLVLQJ VDODULHV DW WKH PDQDJHPHQW
OHYHOZHoUHJRLQJWRKDYHWRGRWKHVDPHZLWKWKHZRUNHUV
:HDOUHDG\KDYHWKHKLJKHVWSDLGZRUNHUVLQWKHLQGXVWU\
&KDUOHV 3URGXFWLYLW\DQGFRPSHWLWLYHQHVVDUHUHODWHGWRPRUH
WKLQJV WKDQ MXVW NHHSLQJ ZDJHV WR D PLQLPXP :LWK
SURGXFWLRQDWIXOOFDSDFLW\QRZZHFDQoWDIIRUGWRVWDUW
RQDQRWKHUORQJVHULHVRIVWULNHVOLNHLQWKHHDUO\oV
7KH DJHQWV DUH VFUHDPLQJ IRU PRUH SURGXFWV DQG ,oP
FRQYLQFHG WKDW XQLW PDUJLQV ZLOO JUDGXDOO\ LPSURYH
RYHUWKHQH[WWRPRQWKV
(VWLPDGRDPLJR\DOXPQR7RGDVODVPDËDQDVHPSLH]RXQSURJUDPDGHUDGLRDODVGHODPDËDQD 0»VSDODEUDVLQJOHVDV
9R\DODHPLVRUDHQFRFKH\DSDUFRHQODFDOOHDXQRVPHWURVGHGLVWDQFLDORFXDOPHREOLJDDFUX]DU GHUDÇ]ODWLQD
XQSDUTXHFRQPXFKDWLHUUD\SRFRDVIDOWR'HFDGDFLQFRRGLH]YHFHVTXHFUX]RHOSDUTXHWRGDYÇDHQOD (UXGLWH (VSODQDGH
RVFXULGDGGHODPDGUXJDGDHOTXLRVTXHURFHUFDQRPHYHVHQWDUPHHQXQEDQFR\TXLWDUPHXQ]DSDWR (UXGLWLRQ (VSUHVVR
SDUDVDFDUXQDFKLQD'HVSXÃVPHOHYDQWR\VLJRFRQSDVRîUPHKDVWDODSXHUWD (UXSW (VVHQFH
GHODHPLVRUD/RTXHHOTXLRVTXHURQRYHVLQHPEDUJRVRQODVPLOHVGHYHFHV (UXSWLRQ (VVHQWLDO
TXHPHSDURFDGDDËRSDUDVDFDUXQDFKLQDGHPLFDPLQRSURIHVLRQDORSVLFR (VFDODWH (VWDEOLVK
OÍJLFR/DYLGDHVW»OOHQDGHREVW»FXORVWDQWRVTXHPHJXVWDOODPDUODpORVWUHV (VFDODWLRQ (VWDEOLVKPHQW
PLOPHWURVREVW»FXORVqHQKRQRUDODSUXHEDROÇPSLFD3HURORVREVW»FXORVVH (VFDODWRU (VWHHP
VRUWHDQ\ODVFKLQDVVHTXLWDQ(VQHFHVDULRVLXQRTXLHUHDQGDUUHFWR\FRQSDVR (VFDSDGH (VWLPDEOH
(VFDSH (VWLPDWH
îUPH3HURFXULRVDPHQWHPHGDODLPSUHVLÍQGHTXHPXFKRVSUHîHUHQSDUDUR
(VNLPR (VWLPDWLRQ
DFKLFDUVHDQWHORVREVW»FXORVRGHMDUODFKLQDHQVX]DSDWRVLQEXVFDUUHPHGLR
(VRWHULF (VWURJHQ
3UHîHUHQGHVDUUROODUXQDFRMHUDFÍPRGDTXHPROHVWDUVHHQVHQWDUVHDUHVROYHU (VRSKDJXV (VWXDU\
HOSUREOHPDRTXLWDUHOREVW»FXOR&DPLQDVUHFWR\FRQSDVRîUPHR\DWHKDV (VSHFLDOO\
DFRVWXPEUDGRDODFKLQD\DFRPRGDGRDXQDFRMHUD"
(WFHWHUD
5LFKDUG9DXJKDQ (VSLRQDJH (WHUQDO
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
6WHDP5RRP%DËRWXUFR
+RW7XE%DËHUDFRPXQLWDULD
XWLOL]DGDFRPRPÃWRGRGHUHOD[
6KRZHUV'XFKDV
6DXQD6DXQD
3RRO3LVFLQD
9RFDEXODULR6SD%DOQHDULR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
+DOOHJDGRODKRUDGHWRPDU 7KHWLPHKDVFRPHWRPDNHD
(QUHVXPLGDVFXHQWDVHVWR\ ,QVKRUW,DJUHH
XQDGHFLVLÍQ GHFLVLRQ GHDFXHUGR
2MDO»WXYLHVHPRVP»V ,ZLVKZHKDGPRUH
&RUWDURQODUHXQLÍQDQWHVGH 7KH\FXWWKHPHHWLQJVKRUW
LQIRUPDFLÍQ LQIRUPDWLRQ ORSUHYLVWR
&ÍPRFDPELDUÇDHVROD +RZZRXOGWKDWFKDQJHWKH
4XLÃQOOHYDODYR]FDQWDQWH :KRFDOOVWKHVKRWVKHUH"
VLWXDFLÍQ" VLWXDWLRQ" DTXÇ"
$OPHQRVQRVVHQWLUÇDPRVP»V $WOHDVWZHoGIHHOPRUH
/HJXVWDSUHVXPLUGHVXQXHYD +HOLNHVWRVKRZRIIKLVQHZ
WUDQTXLORV UHDVVXUHG QRYLD JLUOIULHQG
3XHGHTXHWHQJDVUD]ÍQ <RXPLJKWEHULJKW 'ÃMHPHTXHOHGÃXQFRQVHMR /HWPHJLYHKLPDSLHFHRIDGYLFH
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
,QJOÃVDOWHOÃIRQR
,NHHSRQIRUJHWWLQJWRWHOOWKHP +HNHSWRQFDOOLQJGHVSLWHP\ZDUQLQJV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
6LHPSUHVHPHROYLGDGHFÇUVHOR 6LJXLÍOODPDQGRDSHVDUGHPLVDGYHUWHQFLDV IUDVHVHQLQJOÃV"
+RODKDEORFRQ-RKQVWRQoV2IîFH)XUQLVKLQJV"
,I\RXNHHSRQOLNHWKDW,oOOOHDYH /HDGRQ +RODQHFHVLWRPRQWDUXQGHVSDFKRHQ/RQGUHV
6LVLJXHVDVÇPHPDUFKDUÃ $GHODQWH7HVLJR (VSDUDPLMHID7UDEDMDDFWXDOPHQWHGHVGH
(VSDËD
<RXVKRXOGNHHS\RXUJORYHVRQ 6KHoVOHDGLQJ\RXRQ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
1RGHEHUÇDVTXLWDUWHORVJXDQWHV (OODWHHVW»HQJDWXVDQGR UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKH+5PDQDJHUJRRQWRWDONDERXWDQXSFRPLQJPDQDJHPHQWPHHWLQJ
6DUDK +RZ FDQ ZH LPSURYH PDUJLQV LI ZH VWDUW UDLVLQJ 6DUDK 'RQoW \RX NQRZ 3DUNLQVRQoV /DZV" 2QH RI WKHP VD\V
HYHU\RQHoV SD\" ,oG ORYH WR HDUQ PRUH VWDUWLQJ WKDW LQ D ERDUG PHHWLQJ WKH OHQJWK DQG LQWHQVLW\
WRPRUURZ,oYHJRWDQHZ\HDUPRUWJDJHWRSD\RII RI GLVFXVVLRQ LV DOZD\V LQ LQYHUVH SURSRUWLRQ WR WKH
,oPVXUHWKH(XURSHDQ2IïFHZRXOGEHGHOLJKWHGLIZH LPSRUWDQFHRIWKHVXEMHFW
GHFLGHGWRPDNHRXUVHOYHVWKHULFKHVWPDQDJHUVLQWKH &KDUOHV ,GRQoWZDQWWRVSHQGWZRKRXUVWDONLQJDERXWFRIIHH
LQGXVWU\ PDFKLQHV:HKDYHPRUHLPSRUWDQWWKLQJVWRGLVFXVV
&KDUOHV :KDWoVWKLVDERXWDPRUWJDJH"+DYH\RXERXJKWDQHZ DQG,oOOPDNHVXUHZHJHWWRWKHP
KRXVH" 6DUDK *RRGOXFN
6DUDK <HVLWoVXQGHUFRQVWUXFWLRQQRZ &KDUOHV ,oOOQHHGLWfDQGVRZLOO3HWHU)LHOGV
&KDUOHV :KHUHDUH\RXEXLOGLQJ"
6DUDK 1RWIDUIURP\RXUSODFHfLQ5R\DO2DNV PRUWJDJH KLSRWHFD
&KDUOHV 5R\DO 2DNV" :RZ <RXoUH UHDOO\ PRYLQJ XS LQ WKH ZRXOGEHGHOLJKWHG HVWDUÇDHQFDQWDGD
ZRUOG SODFH FDVDFRORTXLDO
6DUDK 1RZ WKDW WKH NLGV DUH JURZQ XS ZH FDQ ïQDOO\ EX\ JURZQXS LQGHSHQGLHQWHVKLMRV
WKH KRXVH RI RXU GUHDPV %XW ZHoUH JHWWLQJ RII RQ D JHWWLQJRIIRQDWDQJHQW VDOLÃQGRQRVSRUODWDQJHQWH
WDQJHQW5DLVLQJVDODULHVQRZZLOORQO\EULQJSUREOHPV ZLOOFXWRXUWKURDWV QRVFRUWDU»QHOFXHOOR
DQGWKH(XURSHDQ2IïFHZLOOFXWRXUWKURDWV
ZDVWHRIWLPH SÃUGLGDGHWLHPSR
&KDUOHV :HOO LWoV D ZDVWH RI WLPH WR WDON DERXW LW QRZ ,oP
LWZLOOFRPHXS VDOGU»HOWHPD
VXUHLWZLOOFRPHXSLQWKHPDQDJHPHQWPHHWLQJQH[W
0RQGD\,Q DQ\FDVH WKHTXHVWLRQDERXW 3HWHU)LHOGV SUHWW\VKRUW EDVWDQWHFRUWD
ZRUULHVPH,oPJRLQJWRPDNHVXUHLWoVLQFOXGHGLQWKH RUGHURIEXVLQHVV RUGHQGHOGÇD
DJHQGDIRUWKHPHHWLQJ ERDUGPHHWLQJ UHXQLÍQGHFRQVHMR
6DUDK ,W ZLOO SUREDEO\ EH D SUHWW\ VKRUW PHHWLQJ 7KHUH DUH DQGVRZLOO3HWHU)LHOGV \3HWHU)LHOGVWDPELÃQ
RQO\ WZR SRLQWV RQ WKH RUGHU RI EXVLQHVV D URRI IRU
WKHFRPSDQ\SDUNLQJORWDQGWKHLQVWDOODWLRQRIFRIIHH
PDFKLQHVLQWKHIDFWRU\
&KDUOHV ,WVRXQGVOLNHDQLPSRUWDQWPHHWLQJ7KDWoVW\SLFDORI
*HRUJH5RELQVRQfZHDOZD\VHQGXSWDONLQJDERXWWKH
PRVWLQVLJQLïFDQWWKLQJV
eUDVH XQD YH] KDFH PXFKRV DxRV XQ YLDMHUR TXH FDPLQDED SRU XQ VHQGHUR GH OD HVWHSD UXVD $OOt ODV 0»VSDODEUDVLQJOHVDV
GLVWDQFLDVVRQODUJDV\HOKRPEUHHVWDEDXQSRFRFDQVDGR\QRVDEtDFXiQWROHTXHGDEDSDUDHOSXHEOR GHUDÇ]ODWLQD
VLJXLHQWH$OVDOLUGHXQDFXUYDHQHOFDPLQRGLYLVyDXQYLHMRKRPEUHGHODEUDQ]DWUDEDMDQGRHQXQFDPSR (WHUQLW\ (XSKRULF
VHPEUDGR(OYLDMHURSDUy\OHSUHJXQWR´3HUGRQH¢PHSRGUtDGHFLUFXiQWRWLHPSRGHFDPLQRPHTXHGD (WKDQRO (XWKDQDVLD
SDUDHOSUy[LPRSXHEOR"µ(OVHxRUGHOFDPSROHYDQWyXQSRFRODFDEH]DSHURQRUHVSRQGLyYROYLHQGRD (WKLF (YDFXDWH
VXWUDEDMR´3HUGRQHµUHSLWLyHOYLDMHUR´¢6HUtDWDQDPDEOHGHLQGLFDUPHHOWLHPSRTXHPHTXHGDSDUD (WKLFDO (YDFXDWLRQ
OOHJDU DO SXHEOR"µ 2WUD YH] XQD PLUDGD VLOHQFLRVD $QWH HVWR HO YLDMHUR VH HQFRJLy GH KRPEURV \ YROYLy (WKLFV (YDFXHH
D HPSUHQGHU VX PDUFKD7UDV FXEULU XQRV PHWURV GH FDPLQR HO FDPSHVLQR OH (WKQLF (YDGH
JULWyDSOHQRSXOPyQ´7UHVFXDUWRVGHKRUDµ6RUSUHQGLGR\XQSRFRH[WUDxDGRHO (WKQRORJ\ (YDOXDWH
(WLTXHWWH (YDOXDWLRQ
YLDMHURVHYROYLyKDFLDHOKRPEUH´'tJDPHOHSUHJXQWpGRVYHFHVDQWHVVLQTXHPH (W\PRORJLVW (YDQJHOLFDO
GLMHUDQDGD¢3RUTXpPHORGLFHDKRUD"µ(OFDPSHVLQROHUHVSRQGLy´(VTXHDQWHV (W\PRORJ\ (YDQJHOLVW
QRKDEtDYLVWRODYHORFLGDG\ORQJLWXGGHVXV]DQFDGDVµ(VWLPDGRDPLJR\DOXPQR (XFDO\SWXV (YDSRUDWH
HOWLHPSRTXHYD\DVDWDUGDUHQKDFHUWHFRQXQEXHQQLYHOGHLQJOÃVGHSHQGHU» (XFKDULVW (YDVLRQ
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
'DQFHUV%DLODULQHV
&RVWXPH'LVIUD]
)ORDW&DUUR]D
&RQIHWWL&RQIHWL
9RFDEXODULR&DUQLYDO&DUQDYDO
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
|1RPHGLJDVTXHOD&,$WHKD 'RQoWWHOOPHWKDWWKH&,$KDV
|3RUVXSXHVWRTXHQR 2IFRXUVHWKHUHLVQoW
FRQWUDWDGR KLUHG\RX (QWRQFHVSRUTXÃWDQWR :KDWoVDOOWKHP\VWHU\DERXW"
7HFUHHVJUDFLRVRQR" <RXWKLQN\RXoUHIXQQ\GRQoW PLVWHULR"
\RX" 'HEHUÇDGHFÇUVHORSULPHURDPL ,VKRXOGWHOOP\KXVEDQGïUVW
1RSUHWHQGRVHUJUDFLRVR ,oPQRWWU\LQJWREHIXQQ\ PDULGR
1RGHEHUÇDVVHUHOSULPHURHQ <RXVKRXOGQoWEHWKHïUVWWR
|<DORKHSLOODGR ,oYHJRWLWQRZ
RÇUPLVHFUHWR KHDUP\VHFUHW 1RGHEHUÇDKDEHUHPSH]DGRD ,VKRXOGQoWKDYHVWDUWHG
7HSDVDDOJRPDOR" ,VWKHUHDQ\WKLQJZURQJZLWK KDEODUFRQWLJR WDONLQJWR\RX
\RX"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq 7RPDNHDPHVVRIVRPHWKLQJ
7KHPDQDJHPHQWPHHWLQJEHJLQVZLWKWKHîUVWLWHPRQWKHDJHQGDDURRIIRUWKHRXWGRRUSDUNLQJORW
*HRUJH :HOO OHWoV FDOO WKH PHHWLQJ WR RUGHU 6DUDKoV QRW KHUH &KDUOHV :HOO ,oP LQ IDYRXU RI VWDUWLQJ ULJKW DZD\ &DQ WKH\
\HW EXW , WKLQN ZH FDQ JR DKHDG DQG VWDUW7KHUH DUH ZRUNWKURXJKWKH&KULVWPDVEUHDN"
WZRSRLQWVRQWKHDJHQGDIRUWRGD\7KHïUVWRQHKDV -RH 7KH\oOOKDYHWRLI,JLYHWKHPWKHMRE
WR GR ZLWK D URRI IRU WKH SDUNLQJ ORW -RH JLYH XV DQ
*HRUJH :HOOLIWKH\FDQJHWVWDUWHGLPPHGLDWHO\,oGVD\OHWoV
XSGDWHRQ\RXUSURJUHVV
JLYHWKHFRQWUDFWWR3HUNLQV$Q\REMHFWLRQV"2ND\-RH
-RH :HOOZHoYHUHFHLYHGIRXUHVWLPDWHVDQGWKHSULFHVYDU\ LWoV\RXUEDE\+DYHWKHPVWDUWULJKWDZD\RQLW
TXLWHDELW7KHFKHDSHVWLVOHVVWKDQWKHUHVW
*HRUJH :KDWFRPSDQ\LVWKDW"
FDOOWKHPHHWLQJWRRUGHU HPSH]DUODUHXQLÍQ
-RH 3HUNLQV (QJLQHHULQJ :HoYH QHYHU ZRUNHG ZLWK
WKHP EHIRUH EXW WKH IHOORZ , WDONHG WR PDGH D JRRG KDVWRGRZLWK WLHQHTXHYHUFRQ
LPSUHVVLRQ RQ PH , FRQWDFWHG D FRXSOH RI ïUPV WKDW JLYHXVDQXSGDWH SRQQRVDOFRUULHQWH
KDYHXVHGWKHLUVHUYLFHVDQGWKH\KDGQRFRPSODLQWV HVWLPDWHV SUHVXSXHVWRV
*HRUJH :KDWoVWKHLUTXRWH" PDGHDJRRGLPSUHVVLRQRQPH PHFDXVÍXQDEXHQDLPSUH
-RH VLÍQ
*HRUJH (YHQWKRXJKWKH\oUHWKHFKHDSHVWLWVWLOOVHHPVOLNHD TXRWH SUHFLRRIHUWDGR
ORW RI PRQH\ WR PH :HoYH JRWWHQ E\ ïQH ZLWKRXW D ZHoYHJRWWHQE\ QRVKHPRVDSDËDGR
URRIRQWKHSDUNLQJORWIRU\HDUV:K\GRZHQHHGWR
RYHQ KRUQR
VSHQGQRZ"
VWHHULQJZKHHO YRODQWH
-RH :HoYHEHHQWDONLQJDERXWWKLVVXEMHFWIRU\HDUV,oPWLUHG
RI KHDULQJ HYHU\ERG\ FRPSODLQ DERXW WKHLU FDUV LQ WKH ZHoYHJRQHRYHUWKLV KHPRVYXHOWRVREUHHVWHWHPD
VXPPHU0\FDUoVOLNHDQRYHQZKHQ,JHWLQDQG,FDQoWWRXFK OHWoVJRDKHDGZLWKLW VLJDPRVDGHODQWHFRQHOOR
WKHVWHHULQJZKHHOIRUWKHïUVWWKUHHRUIRXUPLQXWHV WLPHIUDPH SOD]RGHWLHPSR
&KDUOHV /LVWHQIHOORZVZHoYHJRQHRYHUWKLVEHIRUH7KHGHFLVLRQ JLYHRUWDNHDIHZ P»VRPHQRV
ZDVPDGHWREXLOGWKHURRIDQGOHWoVJRDKHDGZLWKLW
KRZVRRQ" &X»QGR"
7HOOPH-RHZKDWWLPHIUDPHDUHZHWDONLQJDERXW"
JHWVWDUWHG HPSH]DU
-RH 3HUNLQVVD\VWKH\FDQGRLWLQGD\VJLYHRUWDNHDIHZ
LWoV\RXUEDE\ DGHODQWHFRQHOHQFDUJR
&KDUOHV +RZVRRQFRXOGWKH\VWDUW"
-RH $VVRRQDVZHWHOOWKHPWR
(VWLPDGR DPLJR \ DOXPQR $XQTXH QR VR\ XQ DVLGXR OHFWRU GH SUHQVD VÇ KDEUÃ KRMHDGR I»FLOPHQWH XQRV WUHV PLO SHULÍGLFRV HQ
PLYLGD$OJXQDVSHUVRQDVHPSLH]DQSRUHOSULQFLSLROH\HQGRORVWLWXODUHVPLHQWUDVTXHRWURVFRPLHQ]DQGHVGHODÔOWLPDS»JLQD
DYDQ]DQGRHQVHQWLGRFRQWUDULR'HVGHTXHWHQÇDDËRV\\DHPSH]DEDDKRMHDUORVSHULÍGLFRVPLFDVRKDVLGRGLIHUHQWH6LHPSUH
HPSLH]RSRUODVHFFLÍQGHSRUWLYD'HGLTXÃPXFKRVDËRVGHPLQLËH]\DGROHVFHQFLDDOGHSRUWHGHFRPSHWLFLÍQ\HUDOÍJLFRHQHVRV
DËRVTXHGHYRUDVHODVHFFLÍQGHSRUWLYDVLQDSHQDVPLUDUHOUHVWR0LLQWHUÃVHVWDEDHQORVORJURVGHPLVGHSRUWLVWDVIDYRULWRV3HURKR\
KDJRORPLVPRDSHVDUGHWHQHUPHQRVLQWHUÃVHQHOGHSRUWH/RKDJRSRUTXHODVHFFLÍQGHSRUWLYDHVODÔQLFDTXHUHDOPHQWHHOHYDDO
KRPEUH$OOÇHQFRQWUDU»VVXVORJURVVXVKD]DËDVf\QRVXVGHIHFWRVQLVXDYDULFLDQLVXLQGLIHUHQFLDQLVXSHTXHËH]GHHVSÇULWXQL
VXHVWUHFKH]GHPLUDV$GPLUDUHOKDWWULFNGHXQIXWEROLVWDPHHOHYDPXFKRP»VODPRUDOTXHHQWHUDUPHGHODV
SHOHDV\GLVFXVLRQHVGHSROÇWLFRV\FDUJRVSÔEOLFRV/RVR\HQWHVGH9DXJKDQ5DGLRQRVSLGHQGHYH]HQFXDQGR
TXHDGHP»VGHHQVHËDULQJOÃVSRUODVRQGDVRIUH]FDPRVXQUHVXPHQGHODVQRWLFLDV\VLHPSUHPHQLHJR+DFH
DËRVHVWXGLÃODKLVWRULDGHORVÔOWLPRVFLHQDËRVGHOD5HSÔEOLFDURPDQDGHVGHORVKHUPDQRV*UDFFKLKDVWDOD
PXHUWHGH0DUFR$QWRQLR\&OHRSDWUD$OOHHUDOJXQDVDFWDVGHODVVHVLRQHVGHO6HQDGRGH5RPDPHSDUHFÇDRÇUD
ORVSDUODPHQWDULRVGHKR\HQGÇD0HGÇFXHQWDTXHODVQRWLFLDV\ODSROÇWLFDVRQVLPSOHPHQWHXQUHïHMRGLDULRGH
ODFRQGLFLÍQKXPDQD/RVRGLRV\ODSRODUL]DFLÍQHYLGHQWHVHQOD5HSÔEOLFDURPDQDVHLQWHUSUHWDQîHOPHQWHKR\
DXQTXHFRQGLIHUHQWHVQRPEUHV\DSHOOLGRV0X\SRFRKDFDPELDGRVDOYRHQODFDQDOL]DFLÍQGHORVVXHËRVGHORV
KRPEUHV+R\ODSRVLELOLGDGSDUDTXHXQDSHUVRQDQRUPDOUHDOLFHVXVVXHËRVHVLQîQLWDPHQWHPD\RUTXHKDFH
GRVPLODËRV\HVWRHPSLH]DSULPHURSRUWHQHUXQVXHËR\VHJXQGRSRUGRWDUWHGHODFDSDFLGDGSDUDKDFHUOR
UHDOLGDG(PSLH]DSRUWXSURSLDSUHSDUDFLÍQ\WXSURSLDIXHU]DGHYROXQWDG<HQHOSURFHVRKD]WHFRQPLLGLRPD
7HD\XGDU»HQRUPHPHQWHHQODUHDOL]DFLÍQGHWXVVXHËRV 5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
/XFKÍHQOD6HJXQGD*XHUUD +HIRXJKWLQWKHVHFRQGZRUOG
/HFRQRFHV" 'R\RXNQRZKLP"
0XQGLDO ZDU 1RQXQFDOHKHFRQRFLGR 1R,oYHQHYHUPHWKLP
&RJÇXQWD[L ,FDXJKWDWD[L %XHQRÃOWHFRQRFHDWL\FUHR :HOOKHNQRZV\RXDQG,WKLQN
£OORFRPSUÍHQ6XL]D +HERXJKWLWLQ6ZLW]HUODQG TXHOHFDHVELHQ KHOLNHV\RX
7UDMHURQFLQFRERWHOODVDODîHVWD 7KH\EURXJKWïYHERWWOHVWR 0HFRQRFH"&X»QGRPH 'RHVKHNQRZPH":KHQGLG
WKHSDUW\ FRQRFLÍ" KHPHHWPH"
(OODHQVHËÍIUDQFÃVGXUDQWH 6KHWDXJKW)UHQFKIRUIRUW\
1RORVH4XLHUHVTXHWHOR ,GRQoWNQRZ'R\RXZDQWPH
FXDUHQWDDËRV \HDUV SUHVHQWH" WRLQWURGXFH\RXWRKLP"
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
'UDZEULGJH3XHQWHOHYDGL]R
%DWWOHPHQWV$OPHQDV
7XUUHW7RUUHÍQ
9RFDEXODULR&DVWOH&DVWLOOR
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq 3KUDVDOYHUE7REUXVKXSRQ
*HRUJH5RELQVRQWKH&(2LQWURGXFHVWKHVHFRQGLWHPRQWKHDJHQGDFRIIHHPDFKLQHVLQWKHIDFWRU\
UDGLDGRUHVGHFRFKH7HQÇDTXHHPEDODUPLOHVGHUDGLDGRUHVHQFDMDVGHFDUWÍQDSLODUODVFDMDVHQSDOHWDV\GHVSXÃVVXELUPHDXQDFDUUHWLOOD
HOHYDGRUDSDUDGHMDUODVSDOHWDVOLVWDVSDUDTXHRWURODVFDUJDVH\\DGHGÇDHQORVFDPLRQHVTXHOOHJDEDQ7UDEDMDEDGHQRFKHFRPSOHWDPHQ
WHVRORHQXQDOPDFÃQGHPLOPHWURVFXDGUDGRV/ROODP»EDPRVHOWXUQRGHXOWUDWXPED0HSDJDEDQWUHVGÍODUHVODKRUD\\RVROLWRPHOR
PRQWDEDGHPDUDYLOOD$SDUWLUGHODVHJXQGDQRFKHGHFLGÇGRVFRVDVHVWDEOHFHUXQUÃFRUGPXQGLDOFDGDQRFKHSDUDLQWHQWDUEDWLUORDOD
QRFKHVLJXLHQWH\LPDJLQDUPHXQD\XGDQWHIHPHQLQRSDUDFRPSDUWLUFRQPLJRODVSHQDV<DODVHJXQGDQRFKHORJUÃ
FRORFDUFXDWURSDOHWDVFDMDVHQSRVLFLÍQSDUDODFDUJDHQORVFDPLRQHV'RVPHVHVGHVSXÃVHQPLSHQÔOWLPD
QRFKHEDWÇPLSURSLRUÃFRUGSDOHWDVFRQODIULROHUDGHUDGLDGRUHVWRGRVFÍPRGRV\FDOHQWLWRVHQVXVFDMDVGH
FDUWÍQ(QODIRWRPHSXHGHVYHUVXELGRDODFDUUHWLOODRUJXOORVRGHPLSURH]DGLVIUXWDQGRDOPLVPRWLHPSRGHODPLUDGD
GHDGPLUDFLÍQGHPLD\XGDQWHPLFKLFDLPDJLQDULD(QWUHORVGRVFRQVHJXLPRVFRQYHUWLUHOWUDEDMRP»VDEXUULGRLPD
JLQDEOHHQXQYHUDQRPHPRUDEOH7UHVGÇDVDQWHVGHODIRWRHOMHIHPHRIUHFLÍXQQXHYRWUDEDMRFRQXQVDODULRGHVHLV
GÍODUHVODKRUD/RUHFKDFÃSRUTXHWHQÇDTXHLUDRWUDFLXGDGDHPSH]DUOD8QLYHUVLGDG3HURXQDYH]P»VDSUHQGÇXQD
YDOLRVDOHFFLÍQGHHVWDYLGDSXHGHVVDFDUXQMXJRGHOLFLRVRHQWRGDVODVH[SHULHQFLDV1RGHEHVMDP»VPHQRVSUHFLDU
XQDDFWLYLGDGXQWUDEDMRRXQDFR\XQWXUD+D\OHFFLRQHVYDOLRVDVHQWRGROHFFLRQHVTXHWHLU»QWUD\HQGRGLYLGHQGRV
LPSRUWDQWHVFRQHOSDVRGHOWLHPSRVLVLHPSUHPDQWLHQHVXQDDFWLWXGSRVLWLYD 5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
.LWWHQ*DWLWR
3XSS\&DFKRUUR
&KLFN3ROOLWR
9RFDEXODULR%DE\$QLPDOV&UÇDV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
(VWDVUHXQLRQHVVXHOHQGXUDU 7KHVHPHHWLQJVXVXDOO\ODVWD
4XLÃQKDDSDJDGRODVOXFHV" :KRoVWXUQHGWKHOLJKWVRII"
PXFKRWLHPSR ORQJWLPH /DVDSDJXÃ\R ,WXUQHGWKHPRII
&X»QWRWLHPSRVXHOHQGXUDU" +RZORQJGRWKH\XVXDOO\ODVW" <DHVWDEDQHQFHQGLGDVFXDQGR 7KH\ZHUHDOUHDG\RQZKHQ,
6XHOHQGXUDUXQSDUGHKRUDV 7KH\XVXDOO\ODVWDFRXSOHRI OOHJXÃDTXÇ JRWKHUH
KRXUV (QWRQFHVOOHYDQDOPHQRVGRV 7KHQWKH\oYHEHHQRQIRUDW
3RUTXÃGXUDQWDQWR" :K\GRWKH\ODVWVRORQJ" GÇDVHQFHQGLGDV OHDVWWZRGD\V
(OMHIHQXQFDGHMDGHKDEODU 7KHERVVQHYHUVWRSVWDONLQJ 4XLÃQGHPRQLRVODVGHMÍ :KRWKHKHOOOHIWWKHPRQ"
HQFHQGLGDV"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq 7RDVNIRU
3HWHUoV3URPRWLRQ
7KHPDQDJHPHQWPHHWLQJFRQWLQXHVDQG&KDUOHV+HQGHUVRQEULQJVXSWKHVXEMHFWRI3HWHU)LHOGV
&KDUOHV 6SHDNLQJRIFROOHFWLYHEDUJDLQLQJZKDWoVWKHFRPSDQ\oV 3ULYDWH VSHQGLQJ KDV ULVHQ D ORW DQG HYHU\ERG\ LV
SRVLWLRQRQWKHZDJHLQFUHDVHIRUQH[W\HDU" EHQHïWLQJIURPWKHXSWXUQLQWKHHFRQRP\
6DUDK :HoUH SURSRVLQJ D SHUFHQW ZDJH LQFUHDVH ,QðDWLRQ &KDUOHV 3ULYDWH FRQVXPSWLRQ KDV JRQH XS 6LQFH 3HWHU
LV FXUUHQWO\ DW SHUFHQW EXW ZH FDQoW DIIRUG WR EH WRRN RYHU IRU -RKQ 2OVRQ VDOHV KDYH ULVHQ ,I
JHQHURXV\HW,WKLQNWKHZRUNHUVZLOOXQGHUVWDQG P\ EDVLF DULWKPHWLF LV ULJKW KHoV UHVSRQVLEOH IRU D
&KDUOHV :HOOQRZWKDWZHoUHRQWKHVXEMHFWRIZDJHVDQGVDODULHV LPSURYHPHQW RYHU DQG DERYH WKH ULVH LQ SULYDWH
,ZRXOGOLNHWREULQJXSWKHVXEMHFWRI3HWHU)LHOGV$V\RX FRQVXPSWLRQ
NQRZ *HRUJH ,oYH EHHQ WDONLQJ DW OHQJWK ZLWK 6DUDK
DERXW WKH VXEMHFW DQG ,oYH EHHQ WU\LQJ WR FRQYLQFH KHU ZDJHLQFUHDVH DXPHQWRVDODULDOSDUDRSHUDULRV
WKDW 3HWHU GHVHUYHV D FRQVLGHUDEOH UDLVH -RKQ 2OVRQ LV ZHFDQoWDIIRUG QRSRGHPRVSHUPLWLUQRVHOOXMR
WU\LQJWRKLUHKLPDQGZHGHVSHUDWHO\QHHGDSHUVRQRI RQWKHVXEMHFWRI FRQHOWHPDGH
KLVFDOLEHULQVDOHV:HFDQoWDIIRUGWRORVHKLP WREULQJXS VDFDUXQWHPD
6DUDK :HOOZHKDYHDVPDOOGLOHPPDKHUH2QHRIWKHRXWVLGH DWOHQJWK GHWHQLGDPHQWH
FDQGLGDWHV IRU WKH SRVLWLRQ LV 0DUYLQ 7KRPSVRQ +H
FDOLEHU HQ5HLQR8QLGRFDOLEUH
ZDV WKH VDOHV PDQDJHU IRU 1HZ +ROODQG LQ *HUPDQ\
IRUVHYHQ\HDUV+HZDQWVWRPRYHEDFNKHUHIRUIDPLO\ PRYHEDFNKHUH WUDVODGDUVHGHQXHYRDTXÇ
UHDVRQVDQGKHZRXOGEHWKHLGHDOSHUVRQIRUWKHMRE WRPHHWWKDWïJXUH LJXDODUHVDFLIUD
&KDUOHV +RZPXFKLVKHDVNLQJ" WHUULïF IDQW»VWLFR
SULYDWHVSHQGLQJ HOFRQVXPRSULYDGR
6DUDK +H ZDV HDUQLQJ LQ 1HZ +ROODQG VR ZH DW
OHDVWKDYHWRPHHWWKDWïJXUH XSWXUQ UHSXQWH
&KDUOHV 3HWHU HDUQV D \HDU DQG KHoV GRLQJ D WHUULïF MRE SULYDWHFRQVXPSWLRQ HOFRQVXPRSULYDGR
:HoYHQHYHUKDGDSHUFHQWVDOHVLQFUHDVHLQRXUKLVWRU\ RYHUDQGDERYH DGHP»VGH
6DUDK 'RQoW IRUJHW WKDW LWoV D SHUFHQW LQFUHDVH RYHU ODVW
\HDU ZKLFK ZDV DOVR WKH ZRUVW \HDU LQ RXU KLVWRU\
(VWLPDGRDPLJR\DOXPQR+D\XQSURYHUELRLQJOÃVTXHGLFH´$VPRRWKVHDQHYHUPDGHDVNLOIXOPDULQHUµ8QDEXHQDWUDGXFFLÍQ
VHUÇDp'HXQPDUHQFDOPDQXQFDKDVDOLGRXQPDULQHURKDELOLGRVRq<HQODYLGDSDVDLJXDO/DJUDQPD\RUÇDGHODVSHUVRQDVGH
Ã[LWRORKDQFRQVHJXLGRSRUXQHVIXHU]RKRQHVWRDQWHXQHQWRUQRKRVWLO1RORKDQFRQVHJXLGRQLSRUVXHUWHQLSRUPDODDVWXFLD
6HKDQLGRFXUWLHQGRDQWHORVSUREOHPDV\ORVREVW»FXORVVLQGHVIDOOHFHU(QPLVDËRVGHSURIHVLÍQ\KRUDVLPSDUWLGDV
KHOOHJDGRDFRQRFHUEDVWDQWHELHQDXQRVFLHQSUHVLGHQWHVFRQVHMHURVGHOHJDGRVRGLUHFWRUHVJHQHUDOHVGHHPSUHVDVGHÃ[LWRHQ
(VSDËD\DVHDQÃVWDVîOLDOHVGHPXOWLQDFLRQDOHVRHPSUHVDVQHWDPHQWHHVSDËRODV/RVKHOOHJDGRDFRQRFHUELHQSRUTXHIXHURQ
GXUDQWHFLHUWRWLHPSRDOXPQRVPÇRVORFXDOPHSHUPLWLÍFRQRFHUORVGHVGHXQDSHUVSHFWLYDLQWHUHVDQWH\FXULRVD3XHVWRTXHQR
HUDQPX\H[SHUWRVHQHOLQJOÃVVHVHQWÇDQDOJRYXOQHUDEOHVGHODQWHGHPÇ\SXGHFRQRFHURLQWXLUVXIRUPDGHVHUUHDOVLQODVEDUUH
UDVTXHPXFKRVDOWRVGLUHFWLYRVSRQHQHQWUHVÇ\ODRUJDQL]DFLÍQ$OîQDOVHDEULHURQ\FRQîDURQHQPÇFRQW»QGRPHVXVKLVWRULDV
\VHFUHWRV'HODVFLHQSHUVRQDVGLUÇDTXHQRYHQWDH[KLEÇDQFODUDPHQWHXQWDOHQWRHVSHFLDOTXHKDFÇDOÍJLFRTXHHVWXYLHUDQHQOD
FXPEUHJDQDQGRPXFKRGLQHUR7DPELÃQHUDQSHUVRQDVTXHSRQLHQGRODPDQRHQHOIXHJRHUDQKRQHVWDV([KLEÇDQGRWHVGHOLGH
UD]JR\ODJHQWHOHVDSUHFLDED<WRGRVVLQH[FHSFLÍQKDEÇDQWUDEDMDGRGXURDORODUJRGHVX
FDUUHUDSURIHVLRQDO1RWRGRVHUDQOLFHQFLDGRVVXSHULRUHV5HFXHUGRDXQRHQHVSHFLDOTXH
ORJUÍIUDQTXHDUODEDUUHUDTXHH[LVWÇDHQODHPSUHVDHQWUHORV
LQJHQLHURV VXSHULRUHV \ ORV LQJHQLHURV WÃFQLFRV 3HUR LQGH
SHQGLHQWHPHQWHGHVXVHVWXGLRVXQLYHUVLWDULRVWRGRVGHEÇDQ
VX Ã[LWR D OR TXH GHFLPRV HQ LQJOÃV pWKLQN KDUG DQG ZRUN
KDUGq /RV EXHQRV FDSLWDQHV TXH VXUFDQ ORV RFÃDQRV VDEHQ
TXHSDUDVREUHYLYLU\WULXQIDUKDQGHSHQVDULQWHQVDPHQWH\
WUDEDMDULQWHQVDPHQWH´*RRGFDSWDLQVDUHPDGHIURPURXJK
VHDVDQGGHHSRFHDQVµ
5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
)HDWKHUGXVWHU3OXPHUR
6RDS-DEÍQ
&ORWK%D\HWD
6RDSGLVK-DERQHUD
6FRXUHU(VWURSDMR
9RFDEXODULR&OHDQLQJ7RROV8WHQVLOLRVGHOLPSLH]D
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
3RUTXÃQRKDVYHQLGRSRU :K\KDYHQoW\RXFRPHURXQG
1RKDEÇDVHVWDGRHQ3DUÇV +DGQoW\RXEHHQWR3DULV
DTXÇÔOWLPDPHQWH" KHUHODWHO\" DQWHV" EHIRUH"
1RKDVHVFXFKDGRQLXQD +DYHQoW\RXEHHQOLVWHQLQJWRD
3RUTXÃQRVDOGUÇDVFRQÃOVL :K\ZRXOGQoW\RXJRRXWZLWK
SDODEUDGHORTXHKHGLFKR" ZRUG,oYHVDLG" WHORSLGLHUD" KLPLIKHDVNHG\RX"
3RUTXÃQRKXER3ROLFÇDHQHO :K\ZHUHQoWWKHUHDQ\3ROLFH
3RUTXÃQRPHFUHHUÇDVVLWHOR :K\ZRXOGQoW\RXEHOLHYHPH
SDUWLGR" DWWKHPDWFK" GLMHUD" LI,WROG\RX"
3RUTXÃQRORKDUÇDV" :K\ZRXOGQoW\RXGRLW" 3RUTXÃQRIXLLQFOXLGR" :K\ZDVQoW,LQFOXGHG"
1RKDKDELGRFRUUHRKR\" +DVQoWWKHUHEHHQDQ\SRVW 3RUTXÃQRVHKL]R" :K\ZDVQoWLWGRQH"
WRGD\"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRQq
&RPXQLFDFLÍQVRFLDOHOPXQGR
:HDJUHHGRQ :K\DUH\RXFDUU\LQJRQOLNHWKDW" LQPRELOLDULR
1RVSXVLPRVGHDFXHUGRHQ 3RUTXÃHVW»VGDOHTXHWHGDOHFRQHO
DVXQWR" 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7KHGRFWRUFDOOVRQPHZHHNO\ IUDVHVHQLQJOÃV"
(OPÃGLFRPHYLVLWDFDGDVHPDQD 'RQoWGLHRQPHQRZ /RVSUHFLRVGHODVFDVDVVHKDQGLVSDUDGR
|1RWHPHPXHUDVDKRUD +D\WDQWDVHPSUHVDVSLUDWDVGHFRQVWUXFFLÍQ
&DUU\RQ 0LUHVGRQGHPLUHVVHYHQJUÔDV
&RQWLQÔH 7KH\oUHJDLQLQJRQXV ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
1RVHVW»QUHGXFLHQGRGLVWDQFLDV UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
7KHPDQDJHPHQWPHHWLQJFRQWLQXHVZLWKDH[FKDQJHEHWZHHQ&KDUOHV+HQGHUVRQDQG*HRUJH5RELQVRQWKHPDQDJLQJGLUHFWRU
*HRUJH , NQRZ 0DUYLQ 7KRPSVRQ SHUVRQDOO\ +HoV D WRXJK SUREDEO\ ZRXOGQoW ZRUN ZHOO WRJHWKHU %HVLGHV LI
KDUGGULYLQJNLQGRISHUVRQ+HZRXOGSUREDEO\SXVK 7KRPSVRQLVEURXJKWLQ,oPVXUH3HWHU)LHOGVZLOOOHDYH
RXU DJHQWV WR WKHLU OLPLW 3HWHU )LHOGV JLYHV PH WKH WR ZRUN ZLWK -RKQ 2OVRQ 7KDW ZLOO OHDYH XV ZLWKRXW
LPSUHVVLRQ RI EHLQJ D OLWWOH VRIW $QG EHVLGHV KHoV D WUDLQLQJ H[SHUW DQG ZLWK D QHZ VDOHV PDQDJHU
DZIXOO\\RXQJWREHLQWKHH\HRIWKHKXUULFDQH ZKR PD\ VWDUW SXVKLQJ WKH DJHQWV WRR KDUG 7KH\oUH
&KDUOHV 3HWHU )LHOGV PD\ EH \RXQJ EXW KHoV FHUWDLQO\ QRW VRIW ZRUNLQJZHOOULJKWQRZDQG3HWHUVHHPVWRKDYHIRXQG
+LV VW\OH LV VLPSO\ GLIIHUHQW +HoV LPSOHPHQWHG D YHU\ WKH IRUPXOD IRU VXFFHVV /HWoV QRW FKDQJH WKLQJV QRZ
LPDJLQDWLYH DGYHUWLVLQJ FDPSDLJQ DQG KDV UHGHVLJQHG WKDWZHoUHJURZLQJDWDUHFRUGSDFH
DQG UHZULWWHQ WKH SURGXFW LQIRUPDWLRQ EXOOHWLQV WKH
DJHQWVXVH7KH\oUHYHU\KDSS\ZRUNLQJZLWK3HWHUDQG WRXJK GXUR
IHHOPXFKPRUHVXSSRUWHGLQWKHLUWHUULWRULHV,WKLQN3HWHU
KDUGGULYLQJ LQWHQVR
LVWKHQHZEORRGZHoYHEHHQQHHGLQJIRUDORQJWLPH7KH
DYHUDJHDJHRIWKHPDQDJHPHQWKHUHLVQHDUDQG\RX KHoVDZIXOO\\RXQJ HVPX\MRYHQ
PXVWDGPLWWKDWWKHPDUNHWLVFKDQJLQJRXUFRQVXPHUV QHZEORRG VDQJUHQXHYD
DUHFKDQJLQJDQGRXUVWUDWHJLHVQHHGWRNHHSSDFHZLWK \RXPXVWDGPLW KDVGHUHFRQRFHU
WKHWLPHV,oPFRQYLQFHGWKDW3HWHU)LHOGVLVWKHULJKWPDQ
IRUWKHMRE:KDWGR\RXWKLQN*HRUJH" WRNHHSSDFHZLWKWKHWLPHV PDQWHQHUVHFRQORVWLHPSRV
*HRUJH , JHW \RXU SRLQW 0DUYLQ 7KRPSVRQ LV H[SHQVLYH EXW ,JHW\RXUSRLQW (QWLHQGRWXDUJXPHQWR
FDQ\RXLPDJLQHZKDWZHFRXOGDFKLHYHLIKHDQG3HWHU ZL]DUG PDJRJHQLR
)LHOGVZHUHWRJHWKHU"0DUYLQZRXOGEHWKHSXVKHUDQG LIKHZHUHSXVKHGDVLGH VLIXHUDGHVSOD]DGR
3HWHUWKHPDUNHWLQJZL]DUG7KH\ZRXOGPDNHDJRRG
WRPDNHURRPIRU KDFHUVLWLRSDUD
WDQGHP
DQRXWVLGHU DOJXLHQGHIXHUD
&KDUOHV ,KDYHP\GRXEWV)LUVWRIDOO3HWHUZRXOGIHHOXSVHWLI
KH ZHUH SXVKHG DVLGH WR PDNH URRP IRU DQ RXWVLGHU LVEURXJKWLQ HVFRQWUDWDGR
6HFRQGO\KHDQG0DUYLQ7KRPSVRQDUHRSSRVLWHV7KH\ DWDUHFRUGSDFH DXQULWPRVLQSUHFHGHQWHV
(VWLPDGRDPLJR\DOXPQR(OGHQXHVWURWLHPSRGHYLJLOLDORGHGLFDPRVDOWUDEDMR6LSRUSHUH]DFLQLVPRRGHVFRQîDQ]DFRQ
YHUWLPRVHVDPLWDGGHQXHVWUDYLGDHQXQDSHVDGDFUX]HVXQDWUDJHGLD(OWUDEDMRWLHQHTXHVHUDOJRHVWLPXODQWHTXHHOHYHDOVHU
KXPDQRDXQTXHVHWUDWHGHIDEULFDUDOTXLWU»Q5HFXHUGRXQHMHPSORXQDYH]DOîQDOGHXQODUJRGÇDODUHFHSFLRQLVWD\\RÃUDPRV
ODVÔQLFDVSHUVRQDVTXHTXHG»EDPRVHQODRîFLQD6HUÇDQODVKRUDVGHODWDUGH6DOÇDODP»TXLQDGHDJXD\ODVDOXGÃ
p4XÃWDO)HUQDQGD"q
p%LHQSHURPHKDQHQFDVTXHWDGRXQWUDEDMRXQSRFRPRQÍWRQRSDUDUHPDWDUODWDUGHq
p4XÃHV"q
p7HQJRTXHPDUFDUGHHVWDOLVWDDWRGDVODVSHUVRQDVTXHVHDQGHOFÍGLJRSRVWDOq
p&X»QWDVKD\HQWRWDO"q
p8QDVq
p9HQDPLGHVSDFKR\WUDHODOLVWDq
)HUQDQGDDFXGLÍDPLGHVSDFKR\UHSDUWLPRVODVS»JLQDVGHOLVWDTXHG»QGRPH\RFRQ\HOODFRQ$FWRVHJXLGRVDTXÃXQD
KRMDHQEODQFR\ODGLYLGÇFRQPLEROÇJUDIRHQGRVFROXPQDVXQDHQFDEH]DGDFRQPLQRPEUH\ODRWUDFRQHOGH)HUQDQGD
p9DPRVDKDFHUHVWRMXQWRV\TXLHQP»VQRPEUHVHQFXHQWUHFRQHOFÍGLJRJDQDq
6HWUDWDEDGHODDFWLYLGDGP»VPRQÍWRQDLQLPDJLQDEOHSHURHOUHWRHVWDEDVHUYLGR\WDQWR)HUQDQGDFRPR\RIXLPRVU»SLGDPHQWHHQ
EXVFDGHODYLFWRULDOOHQDQGRQXHVWUDVFROXPQDVGHSXQWRVULÃQGRQRVHQODFDUUHUD\WHUPLQDQGRHOWUDEDMRHQPLQXWRV)HUQDQGD
PHJDQÍDOîQDOSHUR\RWDPELÃQJDQÃDOJRDOJRP»VLPSRUWDQWHWRGDYÇD*DQÃDODPXMHUTXHDKRUDHVODPDGUHGHPLVGRVKLMRV
(PSOHÃXQWUXFRSDUDFRQYHUWLUXQDWDUHDLQJUDWDHQDOJRGLYHUWLGR\HQHOSURFHVRJDQÃHOFRUD]ÍQGHXQDMRYHQGHLQWR[LFDQWHEHOOH
]D3HURHOWUXFRORVLJRXWLOL]DQGR\DGLDULR$KRUDDPLPDGXUDHGDGVLJRLPEX\HQGRFDGDWDUHDGHDOJRGHUHWR\HVWHUHWRKDFHTXH
HVHREOLJDWRULRGHPLYLGDHVGHFLUPLTXHKDFHUODERUDOVHYLVWDGHXQFRORULGRTXHOHDËDGHDOHJUÇD\VLJQLîFDFLÍQ
5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
3ROLVKHU(QFHUDGRUD
0RS)UHJRQD
%URRP&HSLOOR
'XVWSDQ5HFRJHGRU
9DFXXP&OHDQHU$VSLUDGRUD
9RFDEXODULR&OHDQLQJ7RROV8WHQVLOLRVGHOLPSLH]D
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3HWHUoV3URPRWLRQ
7KHPDQDJHPHQWPHHWLQJHQGVZLWKWKHDJUHHPHQWQRWWRKLUH0DUYLQ7KRPSVRQDQGWRSURPRWH3HWHU)LHOGV
*HRUJH :HOO 0DUYLQ 7KRPSVRQ LV FHUWDLQO\ LQWHUHVWHG LQ &KDUOHV 1R WKDQNV <RX DOUHDG\ NQRZ P\ RSLQLRQ RQ WKH
ZRUNLQJKHUH,LPDJLQHLIZHGRQoWRIIHUKLPWKHMRE PDWWHU,oGUDWKHUOHDYHLWWRWKHWZRRI\RX
KHoOO HQG XS LQ 0DVVH\ RU LQ )RUG DQG ZHoOO KDYH WR *HRUJH 2ND\ ODGLHV DQG JHQWOHPHQ , WKLQN ZHoYH FRYHUHG
FRPSHWHDJDLQVWKLP,GRQoWOLNHWKDWLGHD,SUHIHUKLP HYHU\WKLQJWRGD\,WoVEHHQDSURGXFWLYHPHHWLQJ/HWoV
RQRXUVLGH JHWEDFNWRZRUN
&KDUOHV :KR NQRZV" +H PLJKW GHFLGH WR VWD\ LQ *HUPDQ\ ,
GRXEW WKDW 0DVVH\ RU )RUG ZRXOG EH ZLOOLQJ WR SD\
FHUWDLQO\ VLQGXGD
KLPD\HDU7KH\oYHEHHQJRLQJWKURXJKWKH
VDPHSUREOHPVZHKDYHDQGWKH\oUHLQDQHYHQZRUVH KHoOOHQGXS DFDEDU»
SRVLWLRQWKDQZHDUHWRVWDUWSD\LQJVXFKELJVDODULHV RQRXUVLGH GHQXHVWURODGR
:KDWGR\RXVXJJHVWZHGR6DUDK" ZRXOGEHZLOOLQJ HVWDUÇDGLVSXHVWR
6DUDK ,VXJJHVWWKDW\RXDQG,*HRUJHVLWGRZQDQGKDYHD JRLQJWKURXJK SDVDQGRSRU
ORQJFKDWZLWK3HWHU)LHOGVDERXWWKHIXWXUH,ZDQWWR
VXFKELJVDODULHV VXHOGRVWDQDOWRV
NQRZZKDWKHWKLQNVH[DFWO\DQGWRZKDWH[WHQWKHoV
FRPPLWWHGWRXVDQGWRWKHIXWXUHRIWKLVFRPSDQ\, WRKDYHDORQJFKDWZLWK KDEODUODUJR\WHQGLGRFRQ
ZDQWKLPWRFRQYLQFHXVWKDWKHoVWKHPDQ ZH QHHG WRZKDWH[WHQW KDVWDTXÃSXQWR
,IKHFDQGRWKDWWKHQ,oOOWHOO0DUYLQ7KRPSVRQWKDW FRPPLWWHGWRXV FRPSURPHWLGRFRQQRVRWURV
WKHGHDOLVRII
WKHGHDOLVRII \DQRKD\DFXHUGR
*HRUJH :KHQFDQZHJHWWRJHWKHUZLWKKLP",GRQoWKDYHDQ\
DSSRLQWPHQWVïUVWWKLQJLQWKHPRUQLQJ JHWWRJHWKHUZLWK UHXQLUVHFRQ
6DUDK )LQHQHLWKHUGR,,oOOFDOO3HWHUDQGVHWXSDPHHWLQJIRU ïUVWWKLQJLQWKHPRUQLQJ DSULPHUDKRUDGHODPDËDQD
WRPRUURZPRUQLQJLQ\RXURIïFH*HRUJH,I\RX VHWXSDPHHWLQJ îMDUXQDUHXQLÍQ
ZDQWWRMRLQXV&KDUOHV\RXoUHZHOFRPH
(VWLPDGRDPLJR\DOXPQR(OPXQGRHVW»OOHQRGHSHUVRQDVTXHKDQOOHJDGRDUULEDDSDUHQWHPHQWHGHODQDGDp'HGÍQGHKD
YHQLGRÃVH"qVHR\HFRQIUHFXHQFLDp0HQXGDVXHUWHKDWHQLGRHOWÇRqVHHVFXFKDHQRWUDVRFDVLRQHV3HURVLWÔHUHVXQRGHHVRVTXH
PXUPXUDQHVWDVFRVDVKD]XQHVIXHU]RSRUVDOLUGHWXPLRSÇDGHWXFLQLVPRGHWXHQYLGLDRGHWXLQGROHQFLD\WUDWDGHFRQRFHUXQ
SRFRPHMRUDHVHpDIRUWXQDGRq6LORKDFHVREVHUYDU»VHQQXHYHGHFDGDGLH]GHHOORVXQGHVWHOORGHOX]HQORVRMRV\XQDHQHUJÇD
LQWHULRUTXHWÔQRSRVHHVRTXHKDVGHVGHËDGRHQDOJÔQPRPHQWRGHWXYLGDKDVWDDSDJDUORVGHOWRGR
(VHSHTXHËRSRUFHQWDMHGHSHUVRQDVDSDUHQWHPHQWHGHÃ[LWRHQHVWHPXQGRFÍPRKDQOOHJDGRDUULED"/RVKD\TXHQDFHQULFRV
/RVKD\TXHVXEHQSRUDVWXFLD\PDOGDG'HVSXÃVORVKD\TXHOOHJDQSRUORVRWURVGRVFDPLQRVTXHQRVTXHGDQHOGHORVDIRUWX
QDGRV\HOGHORVKRQHVWDPHQWHHQWUHJDGRV6LQRVHQFDUJDVHQUHDOL]DUXQHVWXGLR\SXEOLFDUXQUHSDUWRSRUFHQWXDOGHHVWDVFXDWUR
FDWHJRUÇDVGHSHUVRQDVGHÃ[LWRFUHRTXHHOUHSDUWRFRUUHFWRVHUÇDHOVLJXLHQWH
/RVQDFLGRULFRV
/RVDVWXWRV\RPDORV
/RVDIRUWXQDGRV
/RVKRQHVWDPHQWHHQWUHJDGRV
6LHPSUHYDDKDEHUULFRVDVWXWRVPDORV\DIRUWXQDGRVSHURVLHPSUHVHU»QXQDPLQRUÇDHQWUHODVSHUVRQDVGHÃ[LWRHQHVWHPXQGRSRUPX\
GHVFRQîDGRV\FÇQLFRVTXHDOJXQRVTXLHUDQSRQHUVHDQWHHVWDDVHYHUDFLÍQ(VSUHFLVDPHQWHODGHVFRQîDQ]D\FLQLVPRGHHVWDVSHUVRQDVOR
TXHOHVFRORFDELHQHQRWUDFROXPQDDSDUWHUHVHUYDGDSDUDORVIUDFDVDGRVRELHQHQHODSDUWDGRGHDUULEDGHORVDVWXWRV\RPDORV
/DQDWXUDOH]DGHVERUGDEHOOH]D1RVTXHGDPRVDGPLUDGRVDQWHORVFDPELRVHVWDFLRQDOHVDQWHODKHUPRVDIXHU]DGHODVWRUPHQWDV
GHORVYLHQWRVRGHODVQLHYHVDQWHODDUPRQÇDGHODSHUIHFFLÍQIÇVLFDELROÍJLFD\HFROÍJLFDGHODQDWXUDOH]D&RPRVHUHVKXPDQRV
IRUPDPRVSDUWHGHHVWHGHVLJQLR1XHVWUDVDFFLRQHV\UHDFFLRQHVIRUPDQXQDSDUWHLQHOXGLEOHGHODQDWXUDOH]DGHODVFRVDV6LQRV
TXHGDPRVWDQDGPLUDGRVDQWHODEHOOH]DGHODQDWXUDOH]DSRUTXÃQRKHPRVGHTXHGDUQRVLJXDOPHQWHPDUDYLOODGRVDQWHHODVSHF
WRWDOYH]P»VLQVÍOLWRGHWRGDHVWDVLQIRQÇDHOVHUKXPDQR\VXVFDSDFLGDGHV"
(OWUDEDMRHVODPHMRUYÇDSRUODTXHHOKRPEUHHOPD\RUHMHPSORGHODJUDQGH]DGHODQDWXUDOH]DSXHGHUHDOL]DUVH\FRQVDJUDUVXOXJDUHQ
HVWHPXQGR<DVÇFRPRODQDWXUDOH]DIÇVLFDQRVLPSUHVLRQDHVLJXDOPHQWHLPSUHVLRQDQWHHLQFOXVRP»VHOSURGXFWRîQDOGHORSWLPLVPR
KXPDQR 5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
/DJHQWHLUODQGHVDSRUWRGRHO ,ULVKSHRSOHDURXQGWKHZRUOG
6XHOHQOOHYDUDOJXQDSUHQGD 7KH\XVXDOO\ZHDUDJUHHQLWHP
PXQGRORFHOHEUD FHOHEUDWHLW YHUGHHVHGÇD RIFORWKLQJRQWKDWGD\
$OJXQRVYDQDPLVD 6RPHJRWRPDVV 3DUHFHUÇDQFRPR5RELQ+RRG 7KH\oGORRNOLNH5RELQ+RRG
3HURFDVLWRGRVHOORVVH %XWDOPRVWDOORIWKHPJHWD
QR" ZRXOGQoWWKH\"
HPERUUDFKDQXQSRFR OLWWOHGUXQN 1RYDQYHVWLGRVGHYHUGHGH 7KH\GRQoWJRGUHVVHGIURP
,QFOXVRVLHVOXQHV" (YHQLILWoVD0RQGD\" ORVSLHVDODFDEH]D KHDGWRWRHLQJUHHQ
(QHVHFDVRSXHGHTXHVHDXQ ,QWKDWFDVHLWPLJKWEHDELW
6ÍORWLHQHTXHVHUXQDSUHQGD ,WRQO\KDVWREHRQHLWHPRI
SRFRGLIHUHQWH GLIIHUHQW FORWKLQJ
8QDFRUEDWDFDOFHWLQHV $WLHVRFNVXQGHUSDQWV
FDO]RQFLOORVORTXHTXLHUDV ZKDWHYHU\RXZDQW
7LPH2XW7LHPSRPXHUWR
3RLQW*XDUG$OHUR
&HQWHU3LYRW
9RFDEXODULR%DVNHWEDOO%DORQFHVWR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpRQq $ORW
6LJQLîFDpPXFKRDq\pPXFKRVDVq\VH
,WoVDSOD\RQZRUGV <RXFDQNHHS\RXUKDWRQ SXHGHHPSOHDUHQDîUPDWLYRQHJDWLYRLQWH
(VXQMXHJRGHSDODEUDV 3XHGHVVHJXLUFRQHOVRPEUHURSXHVWR UURJDWLYR\WDPELÃQFRQVXVWDQWLYRVFRQWDEOH
\QRFRQWDEOHV
+HVWD\HGRQDVDFRQVXOWDQW &DQ\RXFKHFNRQWKHNLGV" 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
6HTXHGÍFRPRFRQVXOWRU 3XHGHVYHUVLHVW»QELHQORVQLËRV" IUDVHVHQLQJOÃV"
7HQJRPXFKRVOLEURV
7U\LWRQ ,oOOSDVVRQ\RXUPHVVDJHWR3HWHU 1RWHQJRPXFKRWLHPSR
3UXÃEDWHOR 3DVDUÃWXPHQVDMHD3HGUR 7LHQHQPXFKDFHUYH]D"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
(VWLPDGRDPLJR\DOXPQR+D\GÇDVHVFRODUHVDODËRHQ(VSDËD\HQPXFKRVRWURVSDÇVHVGHOPXQGR3DUHFHQSRFRVYHUGDG"6ÍOR
HOGHORVGÇDVTXHWLHQHXQDËR3HURDÔQDVÇFDOFXOHPRVHOWRWDOGHGÇDVHVFRODUHVHQODYLGDDFDGÃPLFDGHXQHVWXGLDQWHTXHWHUPLQD
FRQÃ[LWRODXQLYHUVLGDG$FWXDOPHQWHHQ(VSDËDHODOXPQRHQWUDHQSUHHVFRODUDORVWUHVDËRVGHHGDG\VLKDFHXQDFDUUHUDTXHQRVHD
,QJHQLHUÇDWHUPLQDU»DORVDËRV(VWRVXPDDËRVRGÇDVHVFRODUHV&UHHVTXHHVSRVLEOHDSUHQGHULQJOÃVGHGLFDQGR
GÇDV"&RQTXHFDGDFODVHGHDOXPQRVWXYLHUDXQDKRUDGLDULDGHDXGLFLÍQSDVLYDGHVGHORVWUHVDORVDËRVHVWREDVWDUÇDSDUDTXH
WRGRVWHUPLQDUDQVXHVFRODULGDGFRQXQQLYHOKDEODGRDOWR\XQQLYHODXGLWLYRFDVLQDWLYR1RKDUÇDQIDOWDH[»PHQHV/DQRWDVÍORWHQGUÇD
TXHEDVDUVHHQODDVLVWHQFLDDFODVH$KRUDELHQXQÔQLFRUHTXLVLWRVHUÇDTXHORVSURIHVRUHVWXYLHUDQDFHQWRQDWLYR\SXGLHUDQDVHJXUDU
TXHODPXVLFDOLGDGGHVXYR]LPSUHJQDVHHODXODGXUDQWHWRGDODKRUDGHFODVH6LTXLVLÃUDPRVDËDGLUGHEHUHVÃVWRVVHUÇDQIUDJPHQWRV
GHDXGLFLÍQ\DGLVSRQLEOHVHQ,QWHUQHWFRQXQFXHVWLRQDULRGHOWLSRYHUGDGHURIDOVRHQSDSHORFROJDGRHQODZHETXHDVHJXUDUDTXH
HODOXPQRHVFXFKDVHHOIUDJPHQWRHQFXHVWLÍQ/DSDODEUDHVFULWD\ODVH[SOLFDFLRQHVJUDPDWLFDOHVQRDSDUHFHUÇDQKDVWDWHUFHURGHOD
(62FXDQGRORVFKDYDOHVWXYLHUDQDËRV(QRWUDVSDODEUDVORVRQFHSULPHURVDËRVGHFODVHKRUDVVHUÇDQDXGLFLÍQSXUD\GXUD
SHURRMRFRQYRFHVQDWLYDV\SURIHVRUHVRDQJORSDUODQWHVHQWUHJDGRVDOREMHWLYR<DDORVDËRVORVMÍYHQHVHPSLH]DQDGHVDUUROODU
XQDPHQWHP»VDQDOÇWLFD\VL\DUHFRQRFHQVLQSHVWDËHDUODSURQXQFLDFLÍQGHODVSDODEUDV\ODVLQWD[LVGHODVIUDVHVWUDVRQFHDËRVHVFX
FK»QGRODVHQWRQFHVVHDGDSWDU»QDODHVFULWXUD\JUDP»WLFDFRPRHOSH]DODJXD$KRUDELHQHOHQIRTXHVHJXLUÇDVLHQGRGHXQGH
DXGLFLÍQLQFOXVRGXUDQWHODFDUUHUDXQLYHUVLWDULD
3RUTXÃORVWD[LVWDVGHPVWHUGDPR&RSHQKDJXHKDEODQLQJOÃVDVXVSDVDMHURVH[WUDQMHURVVLQSUREOHPD"7HDGYLHUWRSRUH[SHULHQFLD
TXHHVWRVWD[LVWDVQRKDEODQFRQXQDJUDP»WLFDSHUIHFWDQLXQDSURQXQFLDFLÍQSXOLGD6LQHPEDUJRVHPDQHMDQHQHOLGLRPDFRPROD
FRVDP»VQDWXUDOGHOPXQGR1ROHVSLGDVTXHWHH[SOLTXHQODFRQMXJDFLÍQGHOYHUER´WRWDNHµQLTXHWHDFODUHQHOXVRGHORVSURQRPEUHV
UHODWLYRVQLTXHWHHQXPHUHQODVGLIHUHQWHVSRVLELOLGDGHVGH´JHWµVHJÔQTXÃSUHSRVLFLÍQOHHQJDQFKDGHVSXÃV1RVDEUÇDQFRQWHVWDUWH
SRUTXHQRORVDEHQ3HURVÇVDEHQHQWHQGHUDORVWXULVWDVSHUIHFWDPHQWH\FRQWHVWDUOHVFRQXQDJUDP»WLFDWDOYH]LPSHUIHFWDSHURFRQXQD
HîFDFLDFRPXQLFDWLYDWRWDO(VWRVWD[LVWDVTXHGHMDURQODHVFRODULGDGDORVRDËRVVHPDQHMDQPHMRUTXHODLQPHQVDPD\RUÇDGHORV
HVWXGLDQWHVHVSDËROHVGH,QJHQLHUÇDDOWÃUPLQRGHVXVVHLVDËRVGHFDUUHUD&ÍPRSXHGHVHUHVWR")»FLOGHVGHSUHHVFRODUHQ+RODQGDR
'LQDPDUFDQRSDUDQGHRÇUXQLQJOÃVELHQKDEODGRGXUDQWHXQDKRUDDOGÇD(OVLVWHPDHGXFDWLYRGHXQSDÇVHVHOÔQLFRDJHQWHFDSD]GHGDU
ODYXHOWDDXQDVLWXDFLÍQFRPRHVHOLQJOÃVHQ(VSDËD(OGHMDUGHGREODUODVSHOÇFXODV\VHULHVGHWHOHYLVLÍQD\XGDUÇDQPX\SRFRSXHVWRTXH
KD\PXFKRVSDÇVHVGRQGHQRGREODQ\GRQGHHOQLYHOJHQHUDOGHLQJOÃVHVWDPELÃQEDMRFRPRDTXÇHQ(VSDËD/DVROXFLÍQHVW»HQPDQRV
GHORVSRGHUHVSÔEOLFRV\GHQDGLHP»V<R\PLVFRODERUDGRUHVDWUDYÃVGH(/081'2GH9DXJKDQ5DGLRGH9DXJKDQWRZQGH$SUHQGH
,QJOÃV79\GHQXHVWUDOXFKDHQPXFKRVP»VIUHQWHVHVWDPRVLQWHQWDQGRD\XGDURVDWRGRVFRQHOGLFKRVRWHPDGHOLQJOÃVSHURKDVWDTXH
HOVLVWHPDHGXFDWLYRQRGHFLGDSRQHUSDWDVDUULEDODIRUPDDFWXDOGHDERUGDUHOLGLRPDQRSUHYHRPXFKRDYDQFH
5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
5LQJV$QLOODV
+RUVH3RWUR
3DUDOOHO%DUV3DUDOHODV
)ORRU6XHOR
%DODQFH%HDP%DUUD
9RFDEXODULR*\PQDVWLFV*LPQDVLD
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpRQq 7RFDOOVRPHRQH
&KDUOHV+HQGHUVRQDQG3HWHU)LHOGVFRQWLQXHWDONLQJDERXWWKHFKDQJHVDQGVWUDWHJ\IRUWKHVDOHVDQGPDUNHWLQJDUHDRIWKHFRPSDQ\
(VWLPDGRDPLJR\DOXPQR$FDERGHWHUPLQDUGHJUDEDUKRUDVGHWHOHYLVLÍQSDUDORV'9'oVGHODFROHFFLÍQGHHQWUHJDVGH
LQJOÃVSURIHVLRQDOLQJOÃVSDUDHOPXQGRGHOWUDEDMR\GHORVQHJRFLRV\KHYXHOWRDGDUPHFXHQWDXQDYH]P»VGHORSRFRTXHVH
GLIHUHQFLDHVWHLQJOÃVVXSXHVWDPHQWHWÃFQLFRRSURIHVLRQDOGHOLQJOÃVQRUPDO\FRUULHQWH'XUDQWHODUJDVKRUDVKHKDEODGRGHODQWH
GHODVF»PDUDVVREUHPXFKRVDVSHFWRVGHODGLUHFFLÍQJHQHUDOGHODGLUHFFLÍQWÃFQLFDGHIDEULFDFLÍQGHPDUNHWLQJGHLQYHUVLRQHV
\RSHUDFLRQHVEXUV»WLOHVGHPDFUR\PLFURHFRQRPÇDGHOIDFWRUKXPDQRHQODRUJDQL]DFLÍQGHODIRUPXODFLÍQHLPSODQWDFLÍQGHOD
HVWUDWHJLDGHODGLQ»PLFDFRPSHWLWLYDGHQWURGHORVVHFWRUHVGHODHFRQRPÇDGHODFRQWDELOLGDG\DQ»OLVLVîQDQFLHUR\GHFÍPRXVDU
HOWHOÃIRQRHQHODPELHQWHGHODHPSUHVD+HGHGLFDGRLQFOXVRFXDWUREORTXHVGHPLQXWRVSDUDLQWHQWDUFRQYHQFHURVGHLQYHUWLU
FRQPLJRHQXQQHJRFLRSDUDODLPSRUWDFLÍQ\FRPHUFLDOL]DFLÍQHQ(VSDËDGHOHQWHVGHFRQWDFWRSDUDJDOOLQDV'HODVFLHQPLOSDODEUDV
TXHFDOFXORKHGLFKRDORODUJRGHODVKRUDVDSRVWDUÇDORTXHIXHUDDTXHQLHUDQSDODEUDVUHDOPHQWHWÃFQLFDVîQDQFLHUDVEXU
V»WLOHVRHFRQÍPLFDV(OGHWRGRORTXHGLMHHUDQIUDVHVQRUPDOHV\SDODEUDV\H[SUHVLRQHVQRUPDOHVDXQTXHHVRVÇUHIHUHQWHVD
VLWXDFLRQHVSURIHVLRQDOHV\QRSHUVRQDOHV3RUWDQWRGHVPLWLîTXHPRVGHXQDYH]SRUWRGDVFXDOTXLHULGHDGHLQJOÃVSDUDORVQHJRFLRV
(VVLPSOHPHQWHXQLQJOÃVQRUPDO\FRUULHQWHGHQWURGHOFRQWH[WRVRFLDOGHODDFWLYLGDGODERUDORSURIHVLRQDO0HKDFHJUDFLDFXDQGR
XQDOWRGLUHFWLYRPHSLGHXQFXUVRGHLQJOÃVWÃFQLFRFXDQGRDSHQDVORJUDKLODUIUDVHVFRQVXMHWRVYHUERV\SUHGLFDGRVQRUPDOHV(O
HVSDËRODGXOWRKX\HFRPRODSHVWHGHXQRGHORVDVSHFWRVP»VFUÇWLFRVGHODEXHQDH[SUHVLÍQHOGRPLQLR\DJLOLGDGFRQODJUDP»WLFD
P»VE»VLFD(VOÍJLFRSXHVWRTXHOOHJDUDHVHGRPLQLR\DJLOLGDGH[LJHXQJUDQHVIXHU]R\XQDVGRVLVGHKXPLOGDGTXHODPD\RUÇDQR
WLHQH$ORVDËRVXQDVSLUDQWHDOHVWUHOODWRHPSUHVDULDOQRTXLHUHYROYHUDSUDFWLFDUKDVWDODVDFLHGDGOD
FRQMXJDFLÍQGHORVYHUERVLUUHJXODUHVP»VFRPXQHV6LQHPEDUJRVLQRORKDFHHVFRPRHODVSLUDQWHDJUDQ
PDWHP»WLFRTXHQRVHVDEHODVWDEODVGHPXOWLSOLFDU(OMRYHQPDWHP»WLFRGHODIRWRGHODL]TXLHUGDUHSUR
GXFÇDODVWDEODVGHPXOWLSOLFDUDXQDYHORFLGDGVXSHUVÍQLFDFXDQGRWHQÇDWDQVÍORRFKRDËRV&RQHVWDEDVH
SXGRFRPRVHYHOOHJDUDXQGRPLQLRUHDOPHQWHLPSUHVLRQDQWHGHVX»UHDGHOVDEHU6LWLHQHVDËRVHUHV
VXEGLUHFWRUîQDQFLHURGHXQDHPSUHVDTXHIDFWXUDPLOORQHVGHHXURVDODËRDVSLUDVDOOHJDUDODFLPD
GHOPXQGRHPSUHVDULDOHQ(VSDËD\TXLHUHVKDFHUWHFRQHODOWRGRPLQLRGHOLQJOÃVTXHHVWRVSXHVWRVVXHOHQ
H[LJLUP»VYDOHTXHVHSDVWXVWDEODVGHPXOWLSOLFDUDQWHVGHTXHPHOODPHVSLGLHQGRpLQJOÃVîQDQFLHURq6LQR
DFDEDU»VVLHQGRREMHWRGHXQRGHPLVIDPRVRVVHUPRQHV\WHDGYLHUWRTXHVR\PX\SHVDGR
5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
+LOO&ROLQD
9DOOH\9DOOH
9RFDEXODULR0RXQWDLQ0RQWDËD
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
(VOD6HPDQD6DQWDPX\ ,V(DVWHUYHU\GLIIHUHQWLQ
0X\SRFRVWRPDQHQFXHQWD 9HU\IHZWDNHLQWRDFFRXQWWKH
GLIHUHQWHHQ,QJODWHUUD" (QJODQG" HOVLJQLîFDGRRULJLQDO RULJLQDOPHDQLQJ
6LFRPSDUDV/RQGUHVFRQ6HYLOOD,I\RXFRPSDUH/RQGRQWR (VGHFLUTXHWRGRVHWUDWDGH 7KDWLVWRVD\WKDWLWoVDOO
HVRWURSODQHWD 6HYLOOHLWoVDQRWKHUSODQHW UHOLJLÍQ DERXWUHOLJLRQ
3RUTXÃGLFHVHVR" :K\GR\RXVD\WKDW" 1XQFDKHYLVWRXQDSURFHVLÍQ ,oYHQHYHUVHHQDSURFHVVLRQLQ
/DJHQWHQRHVPX\UHOLJLRVD $UHQoWSHRSOHYHU\UHOLJLRXV
HQODVFDOOHVGHPLSXHEOR P\WRZQ
SRUDOOÇ" RYHUWKHUH" 1RWHQÃLVWUDGLFLRQHVR 'RQoW\RXKDYHWUDGLWLRQVRU
+D\JHQWHUHOLJLRVDSHURQR 7KHUHDUHUHOLJLRXVSHRSOHEXW
FRVWXPEUHVSDUDFHOHEUDUOR" FXVWRPVWRFHOHEUDWHLW"
VRQLQJOHVHV WKH\DUHQoW(QJOLVK $YHUTXHORSLHQVHXQPRPHQWR /HWPHWKLQNDERXWWKDWIRUD
PRPHQW
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3HWHUoV3URPRWLRQ
3HWHU)LHOGVFRQWLQXHVWRXSGDWH&KDUOHV+HQGHUVRQRQKLVSODQVIRUWKHVDOHVDQGPDUNHWLQJGHSDUWPHQW
+R\HVHOFXPSOHDËRVGHPL 7RGD\LVP\VLVWHUoVELUWKGD\
&RQTXLÃQHVW»QHOORV :KRDUHWKH\WDONLQJWR"
KHUPDQD KDEODQGR"
(OODWLHQHDËRV 6KHoV\HDUVROG 3RUTXÃPHHVW»VPLUDQGRDVÇ" :K\DUH\RXORRNLQJDWPHOLNH
7XGLQHURHVW»HQEXHQDVPDQRV <RXUPRQH\LVLQJRRGKDQGV WKDW"
6XFRFKHHVW»HQHOJDUDJH 7KHLUFDULVLQWKHJDUDJH (VWR\ODY»QGRPHODVPDQRV ,oPZDVKLQJP\KDQGVEHFDXVH
1XHVWURWLHPSRHVPX\ 2XUWLPHLVYHU\LPSRUWDQW
SRUTXHHVW»QVXFLDV WKH\DUHGLUW\
LPSRUWDQWH (OODQRTXLHUHYHUWHKR\ 6KHGRHVQoWZDQWWRVHH\RX
WRGD\
3RUTXÃQRTXLHUHYHUPHKR\" :K\GRHVQoWVKHZDQWWRVHH
PHWRGD\"
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
7URZHO/ODQD
&HPHQW&HPHQWR
3ODVWHU<HVR
6SLULW/HYHO1LYHO
%ULFN/DGULOOR
6SDGH3DOHWD
9RFDEXODULR&RQVWUXFWLRQ&RQVWUXFFLÍQ
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWKURXJKq 7RWDNHRII
6LJQLîFDpTXLWDUqHQWUHRWUDVFRVDVFRQ
,oPQRWWKURXJK\HW 6KHEURXJKWPHWKURXJKWKHKDUGWLPHV UHIHUHQFLDDSUHQGDVDFFHVRULRVJDIDVUHORMHV
1RKHWHUPLQDGRWRGDYÇD((88 (OODPHJXLÍHQPLVPRPHQWRVGLIÇFLOHV MR\DVHWF
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
$UH\RXWKURXJK" <RXoUHFRPLQJWKURXJKORXGDQGFOHDU IUDVHVHQLQJOÃV"
+DVWHUPLQDGR"((88 7HHVWDPRVHQWHQGLHQGRSHUIHFWDPHQWH £OQXQFDVHTXLWDHOVRPEUHUR
3XHGHVTXLWDUWHHOUHORMSRUIDYRU"
<RXoUHQRWFRPLQJWKURXJK $VXVXDOKHFDPHWKURXJK 1RSXHGRTXLWDUPHHODQLOOR
1RWHUHFLELPRV1RWHRÇPRV &RPRGHFRVWXPEUHÃOQRQRVIDOOÍ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
3HWHU)LHOGVUHFHLYHVDWHOHSKRQHFDOOIURPKLVROGERVV-RKQ2OVRQ-RKQZDQWVWRKLUH3HWHUWRKHOSKLPLQKLVQHZFRPSDQ\
-RKQ +HOOR3HWHU"7KLVLV-RKQ2OVRQ" 3HWHU , FDQoW -RKQ ,oP VRUU\ 0\ MRE ZDV PDGH SHUPDQHQW
3HWHU +L-RKQKRZDUH\RXGRLQJ" DFRXSOHRIZHHNVDJRDQG,UHDOO\FDQoWEDFNRXWQRZ
,oPKDSS\KHUHDQGWKLQJVDUHJRLQJZHOO
-RKQ )LQHKRZDUH\RX"
3HWHU 1RW WRR EDG ,oP EXV\ SUHSDULQJ WKLQJV IRU WKH VDOHV
FRQYHQWLRQQH[WZHHN KRZDUH\RXGRLQJ" TXÃWDOHVW»V"
-RKQ ,GRQoWHQY\\RX,PXVWKDYHVSHQWDIXOOPRQWKHYHU\ WRGULYH\RXFUD]\ YROYHUWHORFR
\HDUSUHSDULQJWKHFRQYHQWLRQZKHQ,ZDVWKHUH IURPVFUDWFK GHVGHFHUR
3HWHU :HOO ,oYH JRW -HUU\ 6PLWK KHOSLQJ PH QRZ DQG KHoV HQWUHSUHQHXUV HPSUHQGHGRUHV
KDQGOLQJDORWRIWKHVPDOOGHWDLOV,WoVHQRXJKWRGULYH PRGHUQGD\KHURHV KÃURHVPRGHUQRV
\RXFUD]\ WKHQLFHZRUGV ODVSDODEUDVERQLWDV
-RKQ ,NQRZZKDW\RXPHDQ/LVWHQ3HWHUGR\RXUHPHPEHU DULJKWKDQGPDQ XQDPDQRGHUHFKD
RXUFRQYHUVDWLRQDFRXSOHRIPRQWKVDJR" EDFNRXW GDUPDUFKDDWU»VGHXQDGHFLVLÍQ
3HWHU 'R\RXPHDQDERXWP\ZRUNLQJIRU\RX"
-RKQ 7KDWoVULJKW,QHHG\RXWRPDNHDGHFLVLRQ7KLQJVDUH
VWDUWLQJ WR JURZ KHUH DQG , UHDOO\ QHHG VRPHRQH OLNH
\RX
3HWHU ,oPJODGWRNQRZWKLQJVDUHJRLQJZHOOIRU\RX,WoVQRW
HDV\ VWDUWLQJ D EXVLQHVV IURP VFUDWFK (QWUHSUHQHXUV
OLNH\RXDUHRXUPRGHUQGD\KHURHV
-RKQ 7KDQNVIRUWKHQLFHZRUGVEXW,FHUWDLQO\GRQoWIHHOOLNH
DKHUR:KDW,QHHGLVDULJKWKDQGPDQDQG\RXoUHWKH
PDQ,ZDQW:KDWGR\RXWKLQN"
(VWLPDGRDPLJR\DOXPQR(OQLYHOGHLQJOÃVPÇQLPRDOTXHGHEHDVSLUDUFXDOTXLHUMRYHQFRQLQTXLHWXGHVDFDGÃPLFDV\SURIHVLRQDOHV
HVHOTXHVHSDOSDHQWUHORVSURIHVLRQDOHVHVFDQGLQDYRV\KRODQGHVHV(VHOTXHXQRREVHUYDHQWUHORVWHFQÍFUDWDVTXHWUDEDMDQHQ
%UXVHODVRHQOD218GH1XHYD<RUN(VHOTXHVHR\HHQORVSDVLOORVGHODUHXQLÍQDQXDOGHORVOÇGHUHVLQWHUQDFLRQDOHVHQ'DYRV6XL]D
(QGHîQLWLYDHQXQPXQGRJOREDOL]DGRFXDOTXLHUSURIHVLRQDOFRQLQTXLHWXGHV\DVSLUDFLRQHVGHEHVDEHUGHVHQYROYHUVHHQLQJOÃVVLQ
SUREOHPDV<TXÃVLJQLîFDP»VH[DFWDPHQWHGHVHQYROYHUVHVLQSUREOHPDV"
3RGHUDVLVWLUDXQDUHXQLyQGHDOWRQLYHOFRQFLQFRQDWLYRVGHKDEODLQJOHVD\HQWHQGHUDODSULPHUDGHIRUPDTXHXQRSXHGDLQWHUYHQLU
HQORVPRPHQWRVSURSLFLRV\PHWHUED]DVLHVSUHFLVR
&RPSDUWLUFRQHVWRVPLVPRVQDWLYRVORVPRPHQWRVVRFLDOHVGHODUHODFLyQSURIHVLRQDOFRPRODVFRPLGDVSDXVDVSDUDFDIpFyFWHOHV
ÀHVWDVHWF\VDEHUPDQWHQHUHOWLSRKDVWDWDOSXQWRGHSRGHUDSRUWDUWDPELpQDOEXHQDPELHQWHUHLQDQWH
6DEHUHVFULELUXQLQIRUPHGHIHQGLHQGRXQSXQWRGHYLVWDDQWHODVHGHH[WUDQMHUDGHVSOHJDQGRDORODUJRGHOPLVPRGHIRUPDHÀFD]\
HORFXHQWHORVDUJXPHQWRVGHQWURGHXQDFRUUHFWDJUDPiWLFDVLQWD[LV\RUWRJUDItD
0HQRVGHOGHORVGLUHFWLYRV\SURIHVLRQDOHVHQ(VSDËDSRVHHQHVWHQLYHO+DFHWUHVDËRVWXYHGXUDQWHVHLVPHVHVDXQDOXPQR
PX\HVSHFLDOHOFRQVHMHURGHOHJDGRSDUD(VSDËDGHXQRGHODVHPSUHVDVPXOWLQDFLRQDOHVP»VJUDQGHVGHOPXQGRXQKRPEUHKDU
WDPHQWHFRQRFLGRHQODSUHQVDHFRQÍPLFDGHOSDÇV6XQLYHOHVXQHQODHVFDOD9DXJKDQSDUDVLWXDURVHOQLYHOHVHOGHXQVXHFR
XKRODQGÃV(QPLFODVHVHTXHMDEDFRQVWDQWHPHQWHGHODVUHXQLRQHVDODVTXHWHQÇDTXHDVLVWLUHQ/RQGUHV
´(OSUHVLGHQWHPXQGLDOHVFDQDGLHQVH\ORVRWURVVLHWHPLHPEURVGHOFRPLWpVRQLQJOHVHVHVFRFHVHV\XQVXUDIULFDQR6LJRELHQVRODPHQWH
HOGHORTXHGLFHQ\FXDQGRVHDFHOHUDHOFUXFHGLQiPLFRGHFRPHQWDULRVGHXQODGRDORWURGHODPHVDPHTXHGRFRQPHQRVGHO
'HVSXpVHQODVFRPLGDV\FHQDVKDEODQGHSDWLQDMHDUWtVWLFRRGHOEXQJDORZTXHXQRWLHQHHQODV,VODV)LML\PHTXHGRWRWDOPHQWH
DGRVYHODV(QODVFRPXQLFDFLRQHVUXWLQDULDVVLHPSUHPHKHGHIHQGLGRVLQSUREOHPDVSHURGHVGHTXHHVWR\HQODFXPEUHHOUHWRFRPX
QLFDWLYRHVPXFKRPiVHYLGHQWH\ODLPSRUWDQFLDGHHQWHQGHUWRGRDODSULPHUDDEVROXWDPHQWHFUtWLFDµ
(QUHVXPLGDVFXHQWDVFXDOTXLHUQLYHOLQIHULRUDOTXHDFDERGHUHVHËDUHQORVWUHVSXQWRVP»VDUULEDHVXQQLYHOLQVXîFLHQWHGHLQJOÃV
/DDQJXVWLDGHHVWHFRQVHMHURGHOHJDGRGHEHVHUVXîFLHQWHDOLFLHQWHFRPRSDUDTXHDTXHOORVMÍYHQHVTXHDVSLUHQDRFXSDUSXHVWRV
FRPRHOVX\RHQHOIXWXUREXVTXHQXQDIÍUPXODHîFD]SDUDUHVROYHUODFDUHQFLD 5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
6LHPSUHSDURDWRPDUXQFDIÃ ,DOZD\VVWRSWRKDYHDFRIIHH
$TXLÃQYRWDVWH" :KRGLG\RXYRWHIRU"
HQHVHEDU LQWKDWEDU |<DWLTXÃWHLPSRUWD 1RQHRI\RXUEXVLQHVV
$KRUDYDPRVDSDUDUSDUDWRPDU 1RZZHoUHJRLQJWRVWRSWR
3RUFXULRVLGDG 2XWRIFXULRVLW\
XQGHVFDQVR WDNHDEUHDN /DFXULRVLGDGPDWÍDOJDWR &XULRVLW\NLOOHGWKHFDW
+HGHMDGRGHWRPDUODVSDVWLOODV ,oYHVWRSSHGWDNLQJWKHSLOOV (VRTXÃHV"8QDDPHQD]D" :KDWoVWKDW"$WKUHDW"
'HEHUÇDVGHMDUGHHVFXFKDUOH <RXVKRXOGVWRSOLVWHQLQJWR
DÃO KLP
1RGHMDU»GHPROHVWDUPH +HZRQoWVWRSERWKHULQJPH
5XEEOH(VFRPEURV
6FDIIROGLQJ$QGDPLRV
&HPHQW0L[HU+RUPLJRQHUD
6NLS&RQWHQHGRUSDUDHVFRPEURV
&RQVWUXFWLRQ:RUNHU2EUHUR
9RFDEXODULR&RQVWUXFWLRQ&RQVWUXFFLÍQ
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
7HGLMHTXHQRYROYLHUDVD ,WROG\RXQHYHUWRWKUHDWHQPH
|&X»QGRODVUDQDVFUÇHQSHOR <HVDQGSLJVPLJKWð\
DPHQD]DUPHMDP»V DJDLQ 'H3DVFXDVD5DPRV 2QFHLQDEOXHPRRQ
1RVHDVWDQVXVFHSWLEOH 'RQoWEHVRWRXFK\ |1RPHGLJDV :HOO,QHYHU
6LSHQVDUDVP»VDQWHVGHKDEODU ,I\RXWKRXJKWPRUHEHIRUH
6HVDOYDURQSRUXQSHOR ,WZDVDFORVHVKDYH
QRRIHQGHUÇDVDWDQWDJHQWH WDONLQJ\RXZRXOGQoWRIIHQGVR |9D\DIROOÍQ :KDWDPHVV
PDQ\SHRSOH
+D\TXHVHUîHODXQRPLVPR <RXKDYHWREHWUXHWR\RXUVHOI
&UHRTXHODîGHOLGDGHVW» ,WKLQNIDLWKIXOQHVVLV
VREUHYDORUDGD RYHUUDWHG
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWKURXJKq )URPWLPHWRWLPH
3HWHU)LHOGVWXUQVGRZQDQRIIHUIURP-RKQ2OVRQWRJRDQGZRUNIRUKLP
(VWLPDGRDPLJR\DOXPQR&RQUHVSHFWRDORVXQLYHUVLWDULRVHVSDËROHVREVHUYRGHVGHVLHPSUHSHURVREUHWRGRHQORVÔOWLPRVGLH]
DËRVXQDFXULRVDPH]FODGHGHVLGLD\SDVRWLVPRLQFOXVRHQWUHPXFKRVGHORVPHMRUHVHVWXGLDQWHVGHODVIDFXOWDGHV([FHSFLRQHV
KD\FODURHVW»SHURHVWR\PX\ELHQSRVLFLRQDGRSDUDRSLQDUFRQFRQRFLPLHQWRGHFDXVDSXHVWRTXHVR\HOEHQHîFLDULRP»VDGH
ODQWHGHODWUHPHQGDODJXQDTXHH[LVWHHQ(VSDËDHQPDWHULDGHLQJOÃV&HQWHQDUHVGHLQJHQLHURV\RWURVSURIHVLRQDOHVYLHQHQ
DQRVRWURV\DFRQRDËRVGHHGDGSLGLÃQGRQRVTXHOHUHVROYDPRVHOSUREOHPD/OHJDQODPD\RUÇDFRQQLYHOHVGHLQJOÃV
IUDQFDPHQWHSREUHVWHQLHQGRHQFXHQWDVXVWLWXODFLRQHV\DVSLUDFLRQHV3RUORWDQWRSXHVWRTXHH[SHULPHQWRVXDQJXVWLDP»V
DGHODQWHVÇSXHGRUHSLWRRSLQDU\PLRSLQLÍQHVODVLJXLHQWHH[LVWHSRFRLQWHUÃVHQWUHODPD\RUÇDGHORVMÍYHQHVXQLYHUVLWDULRVHQ
(VSDËDSRUGRWDUVHGHODVKDELOLGDGHVQHFHVDULDVSDUDHOÃ[LWR(VWXGLDQSDUDORVH[»PHQHV\DOîQDOPXFKRVORVDSUXHEDQ\DFD
EDQOLFHQFL»QGRVH3HURQRVHSUHRFXSDQQLVHSUHRFXSDQODVLQVWLWXFLRQHVGHHVWXGLRVVXSHULRUHVHQGRWDUVHGHODVKDELOLGDGHV
P»VFUÇWLFDVSDUDHOÃ[LWR\DORVDËRVHVWDVKDELOLGDGHVVRQWUHV
(OPDQHMRSURIXQGR\»JLOGHODVDSOLFDFLRQHVLQIRUP»WLFDVP»VXWLOL]DGDV0XFKRVLQJHQLHURVVDEHQSURJUDPDUFRQFyGLJRSHUR
FXDQGRVHOHVSLGHTXHGLVHxHQXQDVROXFLyQVHQFLOODHQHQWRUQR$FFHVVQRVDEHQKDFHUOR&XDQGRVHOHVSLGHTXHRUJDQLFHQXQDV
LGHDVGHQWURGHXQDSUHVHQWDFLyQGH3RZHU3RLQWPXFKRVWDUGDQHQDSUHQGHUDKDFHUOR
+DELOLGDGHVFRPXQLFDWLYDVWDQWRLQWHUSHUVRQDOHVFRPRGHODQWHGHJUXSRV&XDQGRSUHJXQWRDMyYHQHVHVSDxROHVGHHQWUH\
DxRVFXiQWDVYHFHVHQWRGRVVXVDxRVGHHVFRODULGDGWXYLHURQTXHOHYDQWDUVHSDUDH[SRQHUGHODQWHGHVXFODVHODPD\RUtDPH
GLFHTXHQXQFD6HPHKLHODODVDQJUHSULPHUR\GHVSXpVGHXQUDWRVHHPSLH]DDKHUYLUSRUHOHQIDGRTXHWHQJRKDFLDODVDXWRUL
GDGHVHGXFDWLYDV
8QGRPLQLRWRWDOGHOLQJOÃVHVGHFLUGHODOHQJXDIUDQFDSDUDORTXHUHVWHGHVLJORGHOFRPHUFLRGHODFLHQFLD\GHODWHFQRORJÇD
(OÔOWLPRGHODSURPRFLÍQGHOD3ROLWÃFQLFDVLJDQDDVXVFRPSDËHURVHQODVWUHVKDELOLGDGHVTXHDFDERGHUHVHËDUOHVDFDEDU»
SDVDQGRDWRGRVHQHOPXQGRUHDO\HQDËRVRPHQRV/RKHYLVWRSHUVRQDOPHQWHGXUDQWHGRVGÃFDGDVKDFLHQGRSDVLOORVDGLDULR
HQHPSUHVDVLQGXVWULDOHV\GHDOWDWHFQRORJÇD
5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
/LIHJXDUG6RFRUULVWD
6ZLPPHU1DGDGRU
'LYLQJ%RDUG7UDPSROÇQ
*RJJOHV*DIDVSDUDQDGDU
/DQH&DOOH
9RFDEXODULR3RRO3LVFLQD
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWKURXJKq p:KDWDERXW"q
(VODIRUPDGHDYHULJXDUGHTXÃLEDDOJRRGH
+RZFDQ,JHWWKURXJKWR\RX ,oOOFDOO\RXZKHQ,JHWWKURXJKZLWKWKLV TXÃWUDWDED(PSOHDPRVHOYHUERpWREHqSUHFH
|$YHUVLPHHQWLHQGHV 7HOODPDUÃFXDQGRWHUPLQHFRQHVWR GLGRGHODSDODEUDpZKDWq\VHJXLGRGHpDERXWq
((88 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
:HFDQWoJHWWKURXJKWR IUDVHVHQLQJOÃV"
KHDGTXDUWHUV ,GRQoWZDQWWRJRWKURXJKWKDWDJDLQ 'HTXÃLEDODSHOÇFXOD"
1RKD\FRQH[LÍQFRQODVHGHFHQWUDO |1RTXLHURYROYHUDSDVDUSRUHVRQXQFD 'HTXHLEDODUHXQLÍQ"
'HTXÃWUDWDEDWRGRHVR"
,ZHQWWKURXJKHYHU\ER[ /HWoVJRWKURXJKLWRQHPRUHWLPH ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
%XVTXÃDWUDYÃVGHWRGDVODVFDMDV 5HSDVÃPRVORXQDYH]P»V UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ
3HWHU)LHOGVîQLVKHVKLVFRQYHUVDWLRQZLWK-RKQ2OVRQDQGWKHVWRU\RIp3HWHUoV3URPRWLRQqUHDFKHVDKDSS\HQGLQJ
'HVWHUUDGHO<DYDOLVPR
(VWLPDGRDPLJR\DOXPQR/DEUHYHFDUWDTXHKHUHGDFWDGRDFRQWLQXDFLÍQHVXQLQWHQWRSRUKDFHUWHYHUTXÃLPSDFWRWLHQHHQORV
DQJORSDUODQWHVPXFKRVGHORVHVFULWRVHQLQJOÃVTXHVDOHQGHODVHPSUHVDVHVSDËRODV
4XHULGD6U3HUH]
0XFKRVJUDFLDVSRUVXFDUWDGHIHEUHURHQFXDOQRVLQYLWDVYLVLWDUVXIDEULFDHQHOVXUGH$OHPDQGXUDQWHHOSUHPLHUVHPDQDGH
$EULO,QIRUWXQDGDPHQWHQRHVSRVVLEOHSDUDQRVRWURVSRUTXHWHQLPRVHQ%DUFHORQDODDQXDOIHULDGHPDTXLQHULDDTXHOODVHPDQD
$WHQWRPHQWH
$TXHFKRFD3HURORFXULRVRHVTXHDPXFKRVGHYRVRWURVRVGDLJXDOHQYLDUDOJRDVÇ6LQRQRPHORH[SOLFR/DUHYLVWDGHOJUHPLR
GHWD[LVWDVGH0DGULGUHYLVWDTXHVHHQFXHQWUDHQODVRODSDGHWU»VGHORVDVLHQWRVGHODQWHURVGHWRGRVORVWD[LVGHODFLXGDGHVW»
HQHVSDËRO\HQLQJOÃV/DWUDGXFFLÍQLQJOHVDFRQWLHQHHUURUHVHQFDGDIUDVH/DQXHYDVHFFLÍQHQLQJOÃVGHXQFRQRFLGRSHULÍGLFR
HOHFWUÍQLFRQXHYDVHFFLÍQDQXQFLDGDDERPER\SODWLOORFRQWLHQHHUURUHVJDUUDIDOHVKDVWDHQORVWLWXODUHV&XDOTXLHUOHFWRUH[WUDQ
MHURTXHPLUDVHODYHUVLÍQLQJOHVDGHOFLWDGRSHULÍGLFRVDFDUÇDXQDRSLQLÍQQHIDVWDGHODFDVDHGLWRULDOHQFXHVWLÍQ<RDQWHVOHÇDVX
SHULÍGLFRFRQFLHUWRLQWHUÃVSHURGHVGHVXSDWÃWLFDHQWUDGDHQHOPXQGRGHOLQJOÃV\DOHKHSHUGLGRHOUHVSHWR/DPLWDGGHWRGRV
ORVKRWHOHVGHFXDWUR\FLQFRHVWUHOODVHQ(VSDËDWLHQHQWUDGXFFLRQHVDOLQJOÃVKRUUHQGDVGHVXVS»JLQDVZHERGHVXVIROOHWRV
7HVRUSUHQGHUÇDVGHODJUDQFDQWLGDGGHIDPRVRVUHVWDXUDQWHVHQWRGD(VSDËDFX\DVFDUWDVHQLQJOÃVVHUYLUÇDQFRPRREMHWRGH
ULVRWDGDVHQWUHDQJORSDUODQWHVELOLQJÖHV4XLHUHVTXHWHGÃP»VHMHPSORV"$HVWHSDVRWHYDVDHQIDGDUFRQPLJR\GHFLUPHFRQ
UD]ÍQTXH\DHVW»ELHQGHFULWLFDU3HURFUHRTXHHVLPSRUWDQWHTXHLQFOXVRFDLJDHQODH[DJHUDFLÍQSRUTXHFDPSDDVXVDQFKDV
HQ(VSDËDODîORVRIÇDGHOp\DYDOLVPRq'HVGHTXHYLYRHQHVWHSDÇVRLJRODH[SUHVLÍQp\DYDOHqSRUGRTXLHU4XH\DYDOHSRUTXÃ
HVPHUDUVHP»VTXH\DYDOH
1DGLHHVSHUIHFWR\HOSHUIHFFLRQLVPRQRHVUHFRPHQGDEOH6LQHPEDUJRHOWUDEDMRELHQKHFKRHQDOWHFH\SDJDGLYLGHQGRVDFRUWR
\DODUJRSOD]RSDUDTXLHQHVVHHVIXHUFHQSRUFRQVHJXLUOR8QHUURUHQXQWH[WRHVFULWRDGLIHUHQFLDGHXQHUURUDOKDEODUDERIHWHD
DOOHFWRU\OHLQGXFHDSHQVDUQHJDWLYDPHQWHHQHODXWRU6L\RFRPHWRXQHUURUKDEODQGR\DVHDJUDPDWLFDORIRQÃWLFRQLWHHQWHUDV
RHQWLHQGHVTXHHVWR\HVIRU]»QGRPHSDUDH[SUHVDUPHORPHMRUTXHSXHGD$KRUDELHQXQHUURULPSRUWDQWHDODKRUDGHHVFULELU
GRQGHVHVXSRQHTXHHODXWRUWLHQHHOWLHPSRQHFHVDULRSDUDSRQGHUDUFDGDIUDVHRSDUDEXVFDUODD\XGDQHFHVDULDDîQGHTXHHO
HVFULWRWHQJDFDOLGDGFDXVDLQPHGLDWDPHQWHXQDPDODLPSUHVLÍQTXHFRQGXFHDSHQVDUFRQRVLQUD]ÍQTXHHODXWRUHVGHMDGRR
SRFROÔFLGR6LWHLQVWRFRQVWDQWHPHQWHHQHVWDVîFKDVDKDFHUXQHVIXHU]RVLQFHURSDUDPHMRUDUWXLQJOÃVKDEODGRWHORGLJRFRQ
P»VLQVLVWHQFLDWRGDYÇDFRQUHVSHFWRDWXLQJOÃVHVFULWR$FDULFLDFDGDIUDVHTXHVDOHGHWXSOXPDRGHWXWHFODGR\VLWLHQHVGXGDV
EXVFDDXQEXHQWUDGXFWRUTXHVHSDHQWHQGHUSHUIHFWDPHQWHHOLGLRPDGHRULJHQ\SODVPDUORHQXQDEXHQDSURVD\HVWLORHQHO
LGLRPDGHGHVWLQR
5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
6NLOLIW5HPRQWH
6NLSROHV%DVWRQHV
6NLVXLW0RQR
6NLV(VTXÇV
6NL6ORSH3LVWD
9RFDEXODULR6NLLQJ(VTXÇ
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWKURXJKq
%XVLQHVVYRFDEXODU\
,FDQoWJRWKURXJKZLWKLW /HWoVJRWKURXJKHYHU\VWHS 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
1RORSXHGRKDFHU1RWHQJRYDORU 9DPRVSXQWRSRUSXQWRSRUFDGDSDVR
6LUHVWDVORVSDVLYRVGHORVDFWLYRVWLHQHVHO
SDWULPRQLRQHWRGHWXHPSUHVD
7KHDPHQGPHQWVZHQWWKURXJK :HoYHDOUHDG\JRQHWKURXJKDOORXUVDYLQJV
1XHVWURVFRVWHVGHH[SORWDFLÍQVHKDQ
RND\ <DKHPRVDJRWDGRWRGRVQXHVWURVDKRUURV GLVSDUDGRHVWHDËR
/DVHQPLHQGDVIXHURQDSUREDGDV
$FRUGDPRVHQIDFWXUDUHOFOLHQWHGÇDVWUDV
+HJRHVWKURXJKWZRER[HVRIFHUHDOD ODHQWUHJDGHODPHUFDQFÇD
+HZHQWWKURXJKVRPHKDUGWLPHV ZHHN
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
3DVÍSRUÃSRFDVGLIÇFLOHV 6HIXQGHGRVFDMDVGHFHUHDOHVSRUVHPDQD UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
%DQNLQJ
3HRSOHRSHQEDQNDFFRXQWVIRUPDQ\UHDVRQVRQHRIZKLFKLVWRNHHSWKHLUPRQH\LQDVDIHSODFH
:KHQ\RXRSHQDEDQNDFFRXQW\RXQHHGWRGHSRVLWDPLQLPXPDPRXQWRIFDVK
7KHEDQNSURYLGHV\RXZLWKDGHSRVLWVOLSDVSURRIWKDW\RXKDYHGHSRVLWHGPRQH\LQ\RXUDFFRXQW
%DQNVRIIHUGLIIHUHQWNLQGVRIDFFRXQWVERWKWRLQGLYLGXDOVDQGWRFRUSRUDWLRQV
$VDYLQJVDFFRXQWRIIHUVDFHUWDLQDPRXQWRILQWHUHVWRQWKHDYHUDJHEDODQFHWKDW\RXPDLQWDLQLQWKHDFFRXQW
&XUUHQWDFFRXQWVRIIHUYHU\OLWWOHLQWHUHVWRUQRLQWHUHVWDWDOO
%DQNVSURYLGH\RXZLWKFKHFNERRNVDQGFUHGLWFDUGVWRHQDEOH\RXWRPDNHSD\PHQWVZLWKRXWWKHQHHGIRUFDVK
,I\RXXVHDFUHGLWFDUGWKHEDODQFHRI\RXUWUDQVDFWLRQVLVSDLGDWWKHHQGRIWKHPRQWKXQOHVV\RXVSHFLI\RWKHUZLVH
0DQ\SHRSOHXVHWKHFUHGLWRSWLRQDQGGHIHUWKHLUSD\PHQWV,QWKHVHFDVHVWKHEDQNFKDUJHVLQWHUHVWRQWKHRXWVWDQGLQJEDODQFH
%DQNVFKDUJHWKHLUFUHGLWFDUGKROGHUVDQDQQXDOIHH
0RVWPHUFKDQWVLQ6SDLQDFFHSWFUHGLWFDUGV0DQ\RIWKHPGRQoWDFFHSWSHUVRQDOFKHFNV
(FRQRPLFV
(FRQRPLFVLVDERXWWKHGLVWULEXWLRQRIJRRGVDQGVHUYLFHV*RRGVDUHWDQJLEOHSURGXFWVDQGVHUYLFHVDUHLQWDQJLEOH
(FRQRPLFVLVRIWHQFRQVLGHUHGDVRFLDOVFLHQFHEHFDXVHLWoVEDVHGRQKXPDQEHKDYLRXU
0DFURHFRQRPLFVLVFRQFHUQHGZLWKQDWLRQDORUUHJLRQDOHFRQRPLHVDVDZKROH
0DFURHFRQRPLFVWULHVWRXQGHUVWDQGKRZODUJHVHFRQRPLHVZRUN
7KHWKUHHPRVWLPSRUWDQWLQGLFDWRUVDUH*'3WKHXQHPSOR\PHQWUDWHDQGWKHLQïDWLRQUDWH
*'3VWDQGVIRUJURVVGRPHVWLFSURGXFW,WoVWKHWRWDOPDUNHWYDOXHRIDOOJRRGVDQGVHUYLFHVSURGXFHGLQDFRXQWU\GXULQJD\HDU
7KHUHSRUWLQJSHULRGIRU*'3LVXVXDOO\WKHFDOHQGDU\HDU
7KHUHSRUWLQJSHULRGIRUFRUSRUDWLRQVLVRIWHQGLIIHUHQWDQGLVFDOOHGpWKHîQDQFLDO\HDUqLQWKH8.DQGpWKHîVFDO\HDUqLQWKH86
*'3DGGVXSIRXULWHPVFRQVXPSWLRQJURVVLQYHVWPHQWJRYHUQPHQWVSHQGLQJDQGWKHGLIIHUHQFHEHWZHHQH[SRUWVDQGLPSRUWV
&RQVXPSWLRQPHDQVSULYDWHVSHQGLQJ,WLQFOXGHVHYHU\WKLQJWKDWSHRSOHVSHQGPRQH\RQH[FHSWQHZKRXVLQJ
*URVVLQYHVWPHQWPHDQVWKHPRQH\LQYHVWHGLQFDSLWDOH[SHQGLWXUHVE\EXVLQHVVHVDQGKRXVHKROGV
0DQXIDFWXULQJ
0DQXIDFWXULQJXVXDOO\KDVWRGRZLWKLQGXVWULDOSURGXFWLRQZKHUHUDZPDWHULDOVDUHWUDQVIRUPHGLQWRîQLVKHGJRRGV
,QFDSLWDOLVWHFRQRPLHVPDQXIDFWXULQJLVGHYRWHGWRWKHPDVVSURGXFWLRQRISURGXFWVIRUVDOHWRFRQVXPHUV
0DQXIDFWXULQJLQFOXGHVHQJLQHHULQJDQGLQGXVWULDOGHVLJQ
,QDPDQXIDFWXULQJIDFLOLW\HQJLQHHULQJXVXDOO\LQFOXGHVSURGXFWHQJLQHHULQJDQGSURFHVVHQJLQHHULQJ
3URGXFWHQJLQHHULQJLQFOXGHVGHVLJQLQJFRPSOHWHSURGXFWVRUSDUWVRUFRPSRQHQWVRIDSURGXFWIRUODWHUPDQXIDFWXULQJ
3URGXFWHQJLQHHUVQHHGWRFRRUGLQDWHZLWKSURFHVVHQJLQHHUVWRPDNHVXUHWKDWWKHSURGXFWGHVLJQLVSURGXFLEOH
6RPHWLPHVSURGXFWHQJLQHHUVGHVLJQSURGXFWVRUFRPSRQHQWVWKDWDUHWRRH[SHQVLYHWRPDNH
6RPHWLPHVWKH\GHVLJQSURGXFWVRUFRPSRQHQWVWKDWDUHLPSRVVLEOHWRPDQXIDFWXUH
3URGXFWGHVLJQHUVPDNHSURWRW\SHVDQGWHVWWKHPEHIRUHVHQGLQJWKHGHVLJQVWRWKHIDFWRU\IRUPDQXIDFWXULQJ
:KHQSURFHVVHQJLQHHULQJUHFHLYHVWKHGUDZLQJVRIWKHQHZSURGXFWRUFRPSRQHQWWKH\SUHSDUHWKHWRROLQJ
:KHQHQJLQHHUVWDONDERXWWRROLQJWKH\DUHUHIHUULQJWRPDFKLQHWRROV
0DFKLQHWRROVDUHGHYLFHVWKDWDUHXVHGWRPDNHPHWDOSDUWVRUFRPSRQHQWV:HXVXDOO\FDOOWKLVPDFKLQLQJ
(VWLPDGRDPLJR\DOXPQR+R\FRPLHQ]RXQDQXHYDVHFFLÍQGHGLFDGDDRIUHFHUWHFDVLPLOIUDVHVVREUHODVVLJXLHQWHV»UHDV
%DQNLQJ *HQHUDODQGVWUDWHJLFPDQDJHPHQW ,QIRUPDWLRQWHFKQRORJ\
(FRQRPLFV ,QYHVWLQJ /DZDQGOHJDOFRXQVHO
0DQXIDFWXULQJ +XPDQUHVRXUFHV (QWUHSUHQHXUVKLS
)LQDQFHDQGDFFRXQWLQJ 6HFUHWDULDODQGDGPLQLVWUDWLRQ 5HVHDUFKDQGGHYHORSPHQW
0DUNHWLQJDQGVDOHVPDQDJHPHQW 2SHUDWLRQV 7\SLFDORIîFHODQJXDJH
&RQHOîQGHQRGHGLFDUFDGDîFKDHQXQVRORWHPDYR\DLQFOXLUWUHVGHODV»UHDVHQFDGDXQD$VÇSRGUÃDWHQGHUODVQHFHVLGDGHVHVSHFÇ
îFDVGHDOPHQRVWUHVFROHFWLYRVGLIHUHQWHVFDGDGÇD$OîQDOGHODVîFKDVTXHQRVTXHGDQSRQGUHPRVDGLVSRVLFLÍQGHWRGRVORVXVXDULRV
ORVDXGLRVFRUUHVSRQGLHQWHVDODVOHFFLRQHVGHODVîFKDVHQIRUPDWR03\VHJÔQGHPDQGDHQIRUPDWR&'DXGLR6HWUDWDU»GHXQDELEOLR
WHFDDXGLWLYDWUHPHQGDPHQWHULFDHQFRQWHQLGRVUHOHYDQWHV7HPDQWHQGUHPRVLQIRUPDGRFRQIRUPHVHDFHUTXHQODVIHFKDV
5LFKDUG9DXJKDQ
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
1XQFDKHYLVWRDWDQWDJHQWH ,oYHQHYHUVHHQVRPDQ\SHRSOH
&XDQWRP»VJUDQGHPHMRU 7KHELJJHUWKHEHWWHU
HQWRGDPLYLGD LQDOOP\OLIH &XDQWDP»VSHTXHËDP»V 7KHVPDOOHUWKHVZHHWHU
-DP»VVRËÃFRQTXHDFHSWDUÇD ,QHYHUGUHDPHGVKHZRXOG GXOFH
DFFHSW &XDQWRP»VWLHPSRSDVR 7KHPRUHWLPH,VSHQGZLWK
$OJXLHQKDYLVWRPLSHQGULYH" +DVDQ\ERG\VHHQP\SHQGULYH" FRQWLJRP»VPHJXVWDV \RXWKHPRUH,OLNH\RX
1XQFDKHFRQRFLGRDDOJXLHQ ,oYHQHYHUPHWDQ\RQHZKR
&XDQWRP»VOHRDFHUFDGHHVWH 7KHPRUH,UHDGDERXWWKLV
TXHSLHUGHWDQWDVFRVDV ORVHVVRPDQ\WKLQJV WHPDP»VSHVLPLVWDPHVLHQWR VXEMHFWWKHPRUHSHVVLPLVWLF
7HOODPÍXQWDO6U6PHOOH\ $0U6PHOOH\FDOOHG\RX ,IHHO
&XDQWRP»VOHYHRDÃOP»V 7KHPRUH,VHHKLPWKHPRUH
JXDSRPHSDUHFH KDQGVRPH,WKLQNKHLV
'UXPPHU%DWHUÇD
0LFURSKRQH0LFUÍIRQR
6LQJHU&DQWDQWH
%DVV3OD\HU%DMR
*XLWDULVW*XLWDUULVWD
9RFDEXODULR0XVLF*URXS*UXSRGH0ÔVLFD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
0DUNHWLQJDQGVDOHVPDQDJHPHQW
,QDPDUNHWHFRQRP\SXEOLFDQGSULYDWHFRPSDQLHVDUHIRUPHGLQRUGHUWRJHQHUDWHDSURîW
,QWKH$QJOR6D[RQZRUOGDSXEOLFFRPSDQ\LVQRWDVWDWHRZQHGFRPSDQ\
$SXEOLFFRPSDQ\LVDFRPSDQ\LQZKLFKWKHJHQHUDOSXEOLFKDVDFFHVVWRSDUWLDORZQHUVKLSWKURXJKDVWRFNPDUNHWRUVWRFNH[FKDQJH
,IWKHFRPSDQ\LVDSULYDWHFRPSDQ\WKHQWKHVKDUHVRIWKHFRPSDQ\DUHQRWDYDLODEOHWRWKHJHQHUDOSXEOLF
,I\RXZDQWWREHFRPHSDUWRZQHURIDSULYDWHFRPSDQ\\RXPXVWFRQWDFWRQHRIWKHRZQHUVGLUHFWO\DQGPDNHDQRIIHU
&RPSDQLHVPXVWJHQHUDWHDSURîWLQRUGHUWRVXUYLYHRYHUWKHORQJWHUP
7RPDNHDSURîWDFRPSDQ\PXVWJHQHUDWHUHYHQXHLQH[FHVVRILWVRSHUDWLQJFRVWVDQGH[SHQVHV
6RWKHîUVWJRDOLQDEXVLQHVVLVWRJHQHUDWHUHYHQXH
0RVWUHYHQXHWKDWDFRPSDQ\JHQHUDWHVFRPHVIURPWKHVDOHRILWVSURGXFWVRUVHUYLFHV6RPHUHYHQXHLVQRQRSHUDWLQJLQFRPH
1RQRSHUDWLQJLQFRPHXVXDOO\UHIHUVWRH[WUDRUGLQDU\LWHPVVXFKDVLQWHUHVWLQFRPHRUîQDQFLDOJDLQV
7RJHQHUDWHUHYHQXHDFRPSDQ\PXVWVHOODSURGXFWRUVHUYLFH
,IWKHSURGXFWKDVPDJLFDOSRZHUVSHRSOHZLOOFRPHWR\RXUGRRUWREX\LW<RXZRQoWQHHGWRDGYHUWLVHRUVHOO
+RZHYHUSURGXFWVDQGVHUYLFHVDUHQRWPDJLFDOVRZHQHHGWRFRQYLQFHWKHJHQHUDOSXEOLFWREX\WKHP
,WoVQRWHDV\WRFRQYLQFHSHRSOHWREX\\RXUSURGXFWRUVHUYLFHVR\RXQHHGXVHVWUDWHJLHVDQGWDFWLFVGHVLJQHGWRSHUVXDGHWKHP
<RXQHHGWRSURPRWHEUDQGDZDUHQHVVZKLFKPHDQVJHWWLQJSHRSOHWRNQRZ\RXUSURGXFWRUVHUYLFHDQGWRNQRZWKLQJVDERXWLW
*HQHUDODQGVWUDWHJLFPDQDJHPHQW
7KHSHUVRQDWWKHWRSRIDEXVLQHVVRUJDQL]DWLRQLVUHVSRQVLEOHIRUWKHVXFFHVVRIWKHRSHUDWLRQV
7KLVSHUVRQFDQEHWKHFKDLUPDQRIWKHFRPSDQ\WKHPDQDJLQJGLUHFWRURUWKH&(2
7KHFKDLUPDQRIWKHERDUGLVWKHUHSUHVHQWDWLYHRIWKHFRPSDQ\LQIURQWRIWKHVKDUHKROGHUV
7KH&(2RUFKLHIH[HFXWLYHRIîFHULVDOVRDPHPEHURIWKHERDUGDQGLVUHVSRQVLEOHIRUPDQDJLQJWKHRSHUDWLRQVRIWKHFRPSDQ\
7KHWHUPPDQDJLQJGLUHFWRULVDWHUPXVHGLQFHUWDLQW\SHVRIFRPSDQLHVLQWKH8.IRUWKHVDPHîJXUHDVWKH&(2
,QVRPHFRPSDQLHVWKHFKDLUPDQRIWKHERDUGLVDOVRWKH&(2,QWKHVHFDVHVWKLVSHUVRQKDVDORWRISRZHUDQGLQïXHQFH
7KHPDLQMRERID&(2LVWRPDNHVXUHWKDWWKHFRPSDQ\SURYLGHVDJRRGUHWXUQRQRZQHUVoHTXLW\
/HWVD\WKHRZQHUVVWDUWDFRPSDQ\E\GHSRVLWLQJLQWKHFRPSDQ\oVQHZEDQNDFFRXQW7KLVLVFDOOHGWKHFDSLWDORUFDSLWDOVWRFN
'XULQJWKHîUVW\HDURIRSHUDWLRQVWKHFRPSDQ\PDNHVDSURîWRIZKLFKLVYHU\JRRGFRQVLGHULQJLWoVWKHîUVW\HDU
7KHRZQHUVQHHGWRGHFLGHZKHWKHUWRFROOHFWWKHPRQH\LQWKHIRUPRIGLYLGHQGVUHPRYLQJLWIURPWKHFRPSDQ\RUWRUHLQYHVWLW
,IWKHFRPSDQ\GRHVQoWQHHGDGGLWLRQDOFDVKWRSURPRWHJUHDWHUJURZWKWKHQLWoVQRUPDOIRUWKHRZQHUVWRSD\WKHPVHOYHVDGLYLGHQG
+RZHYHULIWKHFRPSDQ\QHHGVPRUHFDVKWRFRQVROLGDWHDQGSURPRWHLWVJURZWKWKHQLWoVQRUPDOIRUWKHRZQHUVQRWWRHDUQGLYLGHQGV
,QWKLVFDVHWKHSURîWLVOHIWLQWKHFRPSDQ\DQGLVFDOOHGUHWDLQHGHDUQLQJV7KLVPRQH\LVUHLQYHVWHGLQRUGHUWRSURPRWHJURZWK
7KHRULJLQDOFDSLWDORIWKHFRPSDQ\SOXVWKHDFFXPXODWHGUHWDLQHGHDUQLQJVHDFK\HDULVFDOOHGWKHRZQHUVoHTXLW\RUQHWZRUWK
7KHRQO\WUXHREMHFWLYHRIWKH&(2RIDEXVLQHVVRUJDQL]DWLRQZKHWKHULWEHSXEOLFRUSULYDWHLVWRLPSURYHWKHUHWXUQRQHTXLW\RU52(
$VZHNQRZDIWHUWKHîUVW\HDUWKHRZQHUVoHTXLW\RIWKHFRPSDQ\LVfRIFDSLWDODQGRIUHWDLQHGHDUQLQJV
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
%ODFN&RIIHH&DIÃDPHULFDQR
,FHG&RIIHH&DIÃFRQKLHOR
(VSUHVVR&DIÃVROR
9RFDEXODULR&RIIHH&DIÃ
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWKURXJKq $Q\sHQLQWHUURJDWLYR
(QHVSDËROQRH[LVWHHTXLYDOHQWHDpDQ\qHQHO
,oOOVHH\RXWKURXJKWRWKHHQG ,FDQVHHWKURXJK\RXUOLWWOHVWRU\ LQWHUURJDWLYR$XQTXHHVSRVLEOHRPLWLUODSDOD
7HD\XGDUÃKDVWDHOîQDO 7LHQHVPXFKRFXHQWRQRPHHQJDËDV EUDpDQ\qQRVXHOHVRQDUPX\QDWXUDOKDFHUOR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
6HQGLWWKURXJK ,VOHSWWKURXJKWKHZKROHPRYLH IUDVHVHQLQJOÃV"
0»QGDORDWUDYÃVGHOSURFHVR (VWXYHGRUPLGRGXUDQWHWRGDODSHOÇFXOD 7LHQHVSHJDPHQWR"
+D\PLHOHQHODUPDULR"
,KDGWRVLWWKURXJKWKHHQWLUHWDON 7KLQNLWWKURXJK +DEÇDQLHYHHQODVLHUUD"
7XYHTXHDJXDQWDUODFKDUODHQWHUD 3ODQLIÇFDORSXQWRSRUSXQWR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
,QYHVWLQJ
(YHU\RQHQHHGVPRQH\WRPDNHHQGVPHHW
,I\RXKDYHPRUHPRQH\WKDQ\RXQHHGWRPDNHHQGVPHHWWKHQ\RXKDYHLGOHFDVK
,I\RXKDYHLGOHFDVKLWDFFXPXODWHVDQG\RXQHHGWRîQGDGHVWLQDWLRQIRUWKHPRQH\
7KHUHDUHRQO\îYHSRVVLEOHGHVWLQDWLRQVIRULGOHFDVK\RXFDQVSHQGLWVDYHLWWKURZLWDZD\JLYHLWDZD\RULQYHVWLW
,I\RXJLYHLWDZD\WKHQ\RXDUHFRQVLGHUHGHLWKHUDJHQHURXVSHUVRQDSKLODQWKURSLVWRUDQLGLRW
,I\RXVDYHWKHPRQH\WKHQ\RXDUHFRQVLGHUHGDFRQVHUYDWLYHZLWK\RXUPRQH\ZKLFKLVXVXDOO\YHU\JRRG
,I\RXLQYHVWLWWKHQ\RXDUHFRQVLGHUHGHLWKHUDFRQVHUYDWLYHRUDULVNWDNHUGHSHQGLQJRQ\RXULQYHVWPHQWVWUDWHJ\
:KHQDSHUVRQLQYHVWVWKHREMHFWLYHLVDOZD\VWKHVDPHWKHJUHDWHVWUHWXUQSRVVLEOHZLWKQRULVNLISRVVLEOH
+RZHYHULWoVLPSRVVLEOHWRîQGîQDQFLDOLQVWUXPHQWVWKDWRIIHUJRRGUHWXUQVZLWKDEVROXWHO\QRULVN
7KHîQDQFLDOLQVWUXPHQWVZLWKWKHORZHVWULVNVDUHVDYLQJVDFFRXQWVDQGJRYHUQPHQWERQGV
$VDYLQJVDFFRXQWLVDYHU\FRQVHUYDWLYHîQDQFLDOLQVWUXPHQWRIIHUHGE\EDQNV7KHLQWHUHVWLVYHU\ORZXVXDOO\EHORZLQïDWLRQ
,I\RXFRQVLGHUWKHPRQH\WKDW\RXGHSRVLWLQDVDYLQJVDFFRXQWDVDQLQYHVWPHQWWKHQWKHUHWXUQRQ\RXULQYHVWPHQWLVYHU\ORZ
7KHWHUPZHXVHIRUUHWXUQRQLQYHVWPHQWLV52,DQGLIWKHLQWHUHVW\RXUHFHLYHLVEHORZLQïDWLRQWKHQWKH52,LVQHJDWLYHLQUHDOWHUPV
:KHQZHLQYHVWZHDOZD\VORRNIRUWKHSHUIHFWEDODQFHEHWZHHQWKHULVNDQGWKHUHWXUQ
,IWKHULVNRIORVLQJRXUPRQH\LVYHU\KLJKWKHQWKHUHWXUQPXVWDOVREHKLJK2WKHUZLVHLWoVDEDGLQYHVWPHQW
+XPDQUHVRXUFHV
(YHU\LPSRUWDQWFRPSDQ\QHHGVDKXPDQUHVRXUFHVGHSDUWPHQWLQRUGHUWRIXQFWLRQSURSHUO\
7KHKXPDQUHVRXUFHVGHSDUWPHQWSHUIRUPVWKHWUDGLWLRQDOSHUVRQQHODGPLQLVWUDWLRQIXQFWLRQDVZHOODVPDQ\RWKHUFULWLFDOWDVNV
,WVHWVWKHVWUDWHJ\IRUUHFUXLWPHQWDQGWUDLQLQJLQOLQHZLWKWKHRYHUDOOREMHFWLYHVRIWKHRUJDQL]DWLRQ
,WSHUIRUPVWKHDFWXDOKLULQJDQGWUDLQLQJRURYHUVHHVDQGFRQWUROVWKHRXWVRXUFLQJRIWKHVHWZRIXQFWLRQV
,WSURYLGHVWKHIUDPHZRUNIRUSHUIRUPDQFHHYDOXDWLRQDQGHQFRXUDJHVPDQDJHUVDQGHPSOR\HHVWRDGKHUHWRLW
,WLVXVXDOO\UHVSRQVLEOHIRUODERURULQGXVWULDOUHODWLRQVRIWHQLQFOXGLQJPDWWHUVUHODWLQJWRHPSOR\HHRUODERUODZ
,WLVXVXDOO\UHVSRQVLEOHIRUQHJRWLDWLQJWKHFROOHFWLYHEDUJDLQLQJDJUHHPHQWZLWKWKHZRUNHUVDQGHPSOR\HHV
7KHKXPDQUHVRXUFHVGHSDUWPHQWLVXVXDOO\UHIHUUHGWRDVWKH+5GHSDUWPHQWDQGWKHSHRSOHLQWKHGHSDUWPHQWSHUIRUP+5IXQFWLRQV
7KHUHDUHPDQ\FULWLFDOIXQFWLRQVZLWKLQ+52QHRIWKHPRVWLPSRUWDQWRQHVLVSD\UROOVDODU\DGPLQLVWUDWLRQDQGHPSOR\HHEHQHîWV
0DQ\SHRSOHFRQVLGHUZRUNIRUFHSODQQLQJDVWKHPRVWFULWLFDOIXQFWLRQIRUD\RXQJFRPSDQ\WKDWLVJURZLQJDQGQHHGVSURSHUVWDIîQJ
7RVWDIIDFRPSDQ\PHDQVWRîOOWKHGLIIHUHQWMREVZLWKWKHULJKWSHRSOH
7KHJHQHUDOPDQDJHPHQWRIWKHFRPSDQ\PXVWVHWWKHVWDWHJ\DQGWKHQZRUNZLWK+5WRHVWDEOLVKWKHULJKWFRUSRUDWHVWUXFWXUH
7KHQWKH+5GHSDUWPHQWSURFHHGVWRîQGWKHULJKWSHRSOHWRîOOWKHQHZYDFDQFLHVWKDWRSHQXS
7KHUHFUXLWLQJSURFHVVLVFULWLFDOIRUWKHVXFFHVVRIWKHFRPSDQ\+5PXVWHVWDEOLVKWKHULJKWSURîOHIRUHDFKMREDQGWKHQîQGLW
,I+5PDNHVPDQ\PLVWDNHVLQUHFUXLWPHQWQRWHYHQWKHEHVWWUDLQLQJFDQVRIWHQWKHQHJDWLYHLPSDFWRQWKHRUJDQL]DWLRQ
6HFUHWDULDODQGDGPLQLVWUDWLRQ
6RPHERVVHVVD\WKDWDJRRGVHFUHWDU\FDQLQFUHDVHWKHLUHIIHFWLYHQHVVE\SHUFHQW
6HFUHWDULHVDUHRIWHQWKHRSHUDWLRQDODUPRIWKHERVV
1RZDGD\VLWoVYHU\FRPPRQWRKHDUWKHZRUGpDGPLQLVWUDWLYHDVVLVWDQWqLQVWHDGRIVHFUHWDU\
6HFUHWDULHVNQRZKRZWRLQFUHDVHWKHERVVoVSURGXFWLYLW\
7KHLUMRELQFOXGHVPDQ\GLIIHUHQWDFWLYLWLHVWKHPRVWEDVLFRIZKLFKUHTXLUHDJRRGFRPPDQGRIWKHSUHYDLOLQJRIîFHODQJXDJH
7KH\PXVWEHDYHU\IDVWDQGDFFXUDWHW\SLVWVDQGNQRZGLIIHUHQWZD\VRIîOLQJDQGUHWULHYLQJSDSHUVHLWKHUSK\VLFDOO\RUHOHFWURQLFDOO\
7KH\PXVWNQRZKRZWRXVHWKHWHOHSKRQHDQGH[KLELWDKLJKOHYHORIWHOHSKRQHHWLTXHWWH
7KH\PXVWNQRZKRZWRGUDZXSWUDYHOLWLQHUDULHVPDNHWKHSHUWLQHQWUHVHUYDWLRQVDQGERRNLQJVDQGRUJDQL]HGLDULHVRUDJHQGDV
7KH\PXVWEHVNLOOHGDWFDOOLQJPHHWLQJVRUJDQL]LQJWKHPDQGDWPDNLQJVXUHWKDWWKHWKHPHHWLQJURRPLVDYDLODEOHDQGHTXLSSHG
*RRGVHFUHWDULHVDOVRQHHGWRSRVVHVVDGPLQLVWUDWLYHVNLOOVWKDWLQFOXGHDFFRXQWLQJ
7KH\FRQWUROWKHDFFHVVWRWKHH[HFXWLYHDQGEHFRPHVDQLQïXHQWLDODQGWUXVWHGDVVLVWDQW7KH\RIWHQUHPDLQDYDLODEOHKRXUVDGD\
7KH\LQWHUDFWZLWKWKHJHQHUDOSXEOLFVXSSOLHUVFXVWRPHUVSXEOLFRIîFLDOVDQGRWKHULPSRUWDQWJURXSVRISHRSOH
7KH\PXVWPDLQWDLQDVNLOOVOHYHOLQOLQHZLWKWKDWRIWKHLUERVV2IWHQWKH\DGYDQFHLQWKHRUJDQL]DWLRQWRJHWKHUZLWKWKHERVV
0RUHVSHFLîFDOO\WKH\VFUHHQLQFRPLQJFDOOVFKHFNWKHERVVoVHPDLOVFKHFNGRFXPHQWDWLRQERRNPHHWLQJVDQGVFKHGXOHUHVHUYDWLRQV
$WKLUGZRUGIRUVHFUHWDU\LVpSHUVRQDODVVLVWDQWqDQGPDQ\FRPSDQLHVUHIHUWRWKHPDVp3$oVq
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
+HDGUHVW5HSRVDFDEH]DV
'RRU/RFN3HVWLOOR
%DFN6HDW$VLHQWRWUDVHUR
$UPUHVW5HSRVDEUD]RV
+DQGOH7LUDGRU
9RFDEXODULR&DULQWHULRU,QWHULRUGH&RFKH
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
,QIRUPDWLRQWHFKQRORJ\
7KHDFURQ\Pp,7qVWDQGVIRUpLQIRUPDWLRQWHFKQRORJ\q$QRWKHUDFURQ\PLVp,6qZKLFKVWDQGVIRUpLQIRUPDWLRQV\VWHPVq
,Q(QJOLVKZHGRQoWXVHWKHZRUGpLQIRUPDWLTXHq,WoVD)UHQFKZRUGLPSRUWHGLQWR6SDQLVKPDQ\\HDUVDJR
3HRSOHLQYROYHGLQ,7XVXDOO\QHHGWRVWXG\GHVLJQGHYHORSLPSOHPHQWVXSSRUWDQGPDQDJHFRPSXWHUEDVHGLQIRUPDWLRQV\VWHPV
,QIRUPDWLRQV\VWHPVLQFOXGHKDUGZDUHDQGVRIWZDUHWKDWPXVWFRQYHUWVWRUHSURFHVVWUDQVPLWDQGVHFXUHO\UHWULHYHLQIRUPDWLRQ
,7SURIHVVLRQDOVDUHLQJUHDWGHPDQGEHFDXVHWKH\NQRZKRZWRLQVWDOODSSOLFDWLRQVDQGGHVLJQQHWZRUNVDQGLQIRUPDWLRQGDWDEDVHV
7KHGXWLHVRIDQ,7SURIHVVLRQDOLQFOXGHGDWDPDQDJHPHQWQHWZRUNLQJGDWDEDVHFUHDWLRQDQGPDQDJHPHQWDQGVRIWZDUHGHVLJQ
,QWKHEXVLQHVVZRUOG,7V\VWHPVDUHQHFHVVDU\WRKHOSPDQDJHPHQWPDNHLQWHOOLJHQWGHFLVLRQV
7KHPDQDJHPHQWRIDFRPSDQ\QHHGVLQIRUPDWLRQWRPDNHGHFLVLRQVDQGWKLVLQIRUPDWLRQPXVWEHDFFXUDWHUHOHYDQWDQGWLPHO\
,7V\VWHPVDUHFDSDEOHRISURGXFLQJDYDVWDPRXQWRILQIRUPDWLRQWRRPXFKIRUWKHPDQDJHPHQWWRGLJHVWDQGDFWXSRQ
7KHPDQDJHPHQWPXVWVLWGRZQZLWKWKH,7VSHFLDOLVWVDQGVSHFLI\ZKDWLQIRUPDWLRQLVFULWLFDOWRWKHGHFLVLRQPDNLQJSURFHVV
7KH,7SHRSOHQHHGWRJDLQDJRRGXQGHUVWDQGLQJRIKRZWKHFRPSDQ\ZRUNVDQGZKDWLQIRUPDWLRQLVUHOHYDQWWRJRRGGHFLVLRQPDNLQJ
7KHPDQDJHPHQWNQRZVZKDWWKH\QHHGWRPDNHGHFLVLRQVEXWWKH\RIWHQKDYHWURXEOHPDNLQJLWFOHDUWRWKH,7SHRSOH
2QHLPSRUWDQWVWHSLQVROYLQJWKLVSUREOHPKDVEHHQWKHFUHDWLRQRIWKH&,2RUFKLHILQIRUPDWLRQRIîFHU
7KH&,2LVXVXDOO\DPHPEHURIWKHH[HFXWLYHFRPPLWWHHDQGLVLQYROYHGLQWKHIRUPXODWLRQRIFRUSRUDWHVWUDWHJ\DQGLQIRUPDWLRQQHHGV
7KH&,2LVWKHUHIRUHNQRZOHGJHDEOHQRWRQO\RQPDWWHUVUHODWLQJWR,7EXWLVLQWLPDWHO\DZDUHRIWKHQHHGVRIPDQDJHPHQWFROOHDJXHV
/DZDQGOHJDOFRXQVHO
:HDUHJRLQJWRIRFXVWKLVVHFWLRQEDVLFDOO\RQFRUSRUDWHODZZKLFKLQFOXGHVPDQ\DVSHFWVRIEXVLQHVVODZDQGFRPPHUFLDOODZ
:HZLOODOVRORRNDWPDMRUDVSHFWVRIODERUODZRUDVWKH\FDOOLWLQWKH8.HPSOR\HHODZ
/HJDOSURFHGXUHVPXVWEHIROORZHGLQHYHU\FRXQWU\LI\RXZDQWWRVHWXSDFRPSDQ\
7KHUHDUHPDQ\GLIIHUHQWW\SHVRIFRPSDQLHVDQGGLIIHUHQWFRXQWULHVKDYHGLIIHUHQWIRUPVRILQFRUSRUDWLRQ
:KHQ\RXVWDUWRUVHWXSDFRPSDQ\\RXFDQFKRRVHVHYHUDOGLIIHUHQWZD\VWRLQFRUSRUDWH
7KHPRVWEDVLFIRUPLVWKHVROHSURSULHWRUVKLSLQZKLFKWKHEXVLQHVVLVQRWOHJDOO\VHSDUDWHIURPWKHRZQHU
,IWKHEXVLQHVVKDVDGHEWWKHQLWoVWKHRZQHUoVGHEWDVZHOO7KHUHDUHQRSDUWQHUVRURWKHUVKDUHKROGHUVWRVKDUHWKHGHEW
$VROHSURSULHWRUGRHVQoWSD\FRUSRUDWHWD[EXWUDWKHUQRUPDOSHUVRQDOLQFRPHWD[RQWKHSURîWPDGHWKURXJKWKHFRPSDQ\
7KHDGYDQWDJHRIDVROHSURSULHWRUVKLSLVWKDWLWoVYHU\HDV\WRVWDUWRUGLVVROYHWKHEXVLQHVV
$GLVDGYDQWDJHLVWKDWDOOWKHRZQHUoVSHUVRQDODVVHWVVXFKDVDKRXVHRUDUHWLUHPHQWDFFRXQWDUHQRWSURWHFWHGIURPOHJDODFWLRQ
$QRWKHUSRVVLEOHEXVLQHVVIRUPLVWKHSDUWQHUVKLSLQZKLFKVHYHUDORZQHUVRUSDUWQHUVLQYHVWDQGWKHQVKDUHLQWKHSURîWVRUORVVHV
$QDGYDQWDJHRIDSDUWQHUVKLSRYHUDFRUSRUDWLRQLVWKDWWD[DWLRQLVXVXDOO\GLIIHUHQW
$SDUWQHUVKLSGRHVQRWXVXDOO\LQFXUWD[HVRQSURîWVEHIRUHWKH\DUHGLVWULEXWHGWRWKHRZQHUV,QRWKHUZRUGVWKHUHLVQRGLYLGHQGWD[
&RUSRUDWLRQVDUHWD[HGRQSURîWVDQGLIWKH\GLVWULEXWHGLYLGHQGVWRWKHLUVKDUHKROGHUVWKHVHDUHWD[HGDVZHOOFDXVLQJGRXEOHWD[DWLRQ
,QWKH8.WKLVNLQGRIEXVLQHVVLVFDOOHGDOLPLWHGSDUWQHUVKLSZKLFKXVXDOO\FRQVLVWVRIJHQHUDOSDUWQHUVDQGOLPLWHGSDUWQHUV
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
0DQDJHU'LUHFWRU
)OLSFKDUW3L]DUUD
5HSRUW,QIRUPH
3URSRVDO3URSXHVWD
9RFDEXODULR0HHWLQJ5HXQLÍQ
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
5HVHDUFKDQGGHYHORSPHQW
5HVHDUFKDQGGHYHORSPHQWLVDQDFWLYLW\WKDWGLUHFWO\LQFUHDVHVRXUNQRZOHGJHDQGXVHVWKHQHZNQRZOHGJHWRFUHDWHQHZDSSOLFDWLRQV
5HVHDUFKDQGGHYHORSPHQWLVLPSRUWDQWLQWKHSXEOLFDQGSULYDWHVHFWRUVDQGLVDQRQJRLQJDFWLYLW\RQXQLYHUVLW\FDPSXVHV
,QPDQ\LQGXVWULHVUHVHDUFKDQGGHYHORSPHQWLVWKHNH\WRVXFFHVVDQGVXUYLYDO,QGXVWU\OHDGHUVDUHXVXDOO\5 'OHDGHUVDVZHOO
7KHDFURQ\Pp5 'qLVFRPPRQO\XVHGZKHQZHUHIHUWRDFWLYLWLHVUHODWLQJWRUHVHDUFKDQGGHYHORSPHQW
5 'DFWLYLWLHVDUHXVXDOO\SHUIRUPHGLQVSHFLDOXQLWVRUGHSDUWPHQWVZLWKLQFRPSDQLHVXQLYHUVLWLHVRUJRYHUQPHQWDODJHQFLHV
7KHLGHDRI5 'LVWRFUHDWHQHZNQRZOHGJHDQGDSSOLFDWLRQVWKDWSXVKEH\RQGWKHEDUULHURIKXPDQNQRZOHGJHDQGVROXWLRQV
7KHQRXQWKDWZHRIWHQXVHLQ(QJOLVKLVpEUHDNWKURXJKqEHFDXVHLWLPSOLHVWKDWZHDUHEUHDNLQJWKURXJKDQH[LVWLQJEDUULHU
,QVFLHQFHDQGWHFKQRORJ\WKLVEDUULHULVRIWHQUHIHUUHGWRDVpWKHVWDWHRIWKHDUWq
:KHQZHLQYHQWGLVFRYHURUGHYHORSNQRZOHGJHRUDSSOLFDWLRQVWKDWFUHDWHDQHZVWDWHRIWKLVDUWWKLVLVFRQVLGHUHGDpEUHDNWKURXJKq
(YHU\LQYHQWRUDQGUHVHDUFKHUGUHDPVRIEUHDNLQJWKURXJKWKHEDUULHUSXVKLQJIRUZDUGWKHVWDWHRIWKHDUWDQGIRUJLQJDpEUHDNWKURXJKq
,QQRYDWLRQLVWKHEUHDGDQGEXWWHURIWKHEXVLQHVVZRUOGWRGD\
:LWKRXWLQQRYDWLRQZHZRXOGVWLOOEHLQWKHGDUNDJHVKLGLQJLQFDYHVRUVHHNLQJSURWHFWLRQLQFDVWOHV
,QQRYDWLRQLVDSURGXFWRIERWKIRUPDODQGLQIRUPDO5 'DQGFDQEHIRXQGLQHYHU\NLQGRIEXVLQHVVDQGVFLHQWLîFDFWLYLW\
0DQ\ODUJHFRPSDQLHVDUHVXFFHVVIXOLQRUJDQL]LQJDQGSURPRWLQJRQJRLQJ5 'DFWLYLWLHVWKDWEULQJLQKXQGUHGVRISDWHQWVD\HDU
7KRPDV(GLVRQLVFRQVLGHUHGWKHîUVWLQYHQWRUWRRUJDQL]HWKHSURFHVVRILQYHQWLRQLQWRDVWUXFWXUHGSURGXFWLRQV\VWHP
7\SLFDORIîFHODQJXDJH
([FXVHPH3HGURFDQ\RXJHWPHLQIRUPDWLRQRQWKHODWHVWVDOHVîJXUHVIRU5HJLRQ,,"
2QHRIRXUPRVWFULWLFDOVXSSOLHUVLVKDYLQJWURXEOHPHHWLQJWKHLUGHOLYHU\GDWHV
:HoYHGHFLGHGWRWDNHDGLIIHUHQWFRXUVHRIDFWLRQDQGDSSO\GLUHFWO\IRUWKHH[SRUWOLFHQVH
+DYH\RXHYHUWKRXJKWDERXWXVLQJDWHPSDJHQF\"
,oPXSWRP\H\HVLQZRUN,GRQoWNQRZZKDWWRGRWRRUJDQL]HWKLQJVEHWWHU,oYHQHYHUEHHQWKLVEXV\LQP\OLIH
7KHUHoVDJHQWOHPDQRQWKHOLQHDVNLQJWRWDONWR\RX+HVD\VKHoVDIULHQGRI&DURO(YDQVo
&DQ\RXJHWKLVSKRQHQXPEHUDQGWHOOKLP,oOOFDOOKLPEDFNODWHUWKLVDIWHUQRRQ"
7KLV\HDUZDVVXSSRVHGWREHWKHEHVWLQRXUKLVWRU\DQGQRZLWVHHPVZHoOOEHOXFN\WRHTXDOODVW\HDUoVUHVXOWV
:HNHHSUXQQLQJLQWRWKHVDPHSUREOHP(YHU\WLPHZHWU\WRRSHQDQRIîFHDEURDGWKHORFDODXWKRULWLHVDVNIRUPRQH\XQGHUWKHWDEOH
,WKLQN,oYHVWXPEOHGRQWRDVROXWLRQRQKRZWRVKLSWKHFRQWDLQHUVWR,QGRQHVLD
:K\GRQoWZHFDOODPHHWLQJRQWKDW"$UH\RXIUHHWRPRUURZDW"
/LVWHQ)UHGLI\RXGRQoWPLQG,oGSUHIHUWRSXWWKDWRQKROGIRUDIHZGD\VXQWLOPRUHGDWDFRPHVLQRQ'HFHPEHUVDOHV
7KLQJVDUHWDNLQJRII,oPUHDOO\LPSUHVVHGZLWKWKHUHVSRQVHZHoUHJHWWLQJ<RXZHUHULJKW,GLGQoWH[SHFWWKLVNLQGRIUHVSRQVH
:HQHHGWRSODQWKLVWKLQJWKURXJKUHDOO\ZHOO2QHPLVWDNHDQGZHoUHGHDG
,MXVWKDG-XDQ3HËDRQWKHOLQHDQGKHoVDVNLQJIRUDGLVFRXQW:KDWVKRXOG,WHOOKLP"
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
:DOOSDSHU)RQGRGHHVFULWRULR
7RROEDU%DUUDGHDFFHVR
9RFDEXODULR'HVNWRS(VFULWRULR
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
7XYHTXHHVWDUGHSLHHQHO ,KDGWRVWDQGXSLQWKHEXV
'HTXLÃQIXHODFXOSD" :KRVHIDXOWZDVLW"
DXWREÔV 1RIXHFXOSDGHQDGLH ,WZDVQoWDQ\ERG\oVIDXOW
1RWHRIUHFLÍQDGLHXQDVLHQWR" 'LGQoWDQ\ERG\RIIHU\RXDVHDW" 1RGHEHUÇDVHFKDUODFXOSDD <RXVKRXOGQoWEODPHDQ\RQH
1RVHGLHURQFXHQWDGHTXH 'LGQoWWKH\UHDOLVH\RXZHUH
QDGLH
HVWDEDVHPEDUD]DGD" SUHJQDQW" $OJXLHQGHELÍKDFHUOR 6RPHERG\PXVWKDYHGRQHLW
$OSDUHFHUQR $SSDUHQWO\QRW 3RUTXÃEXVFDVXQDFDEH]DGH :K\DUH\RXORRNLQJIRUD
/DJHQWHQRHVWDQHGXFDGD 3HRSOHDUHQoWDVSROLWHDVWKH\ WXUFR" VFDSHJRDW"
FRPRDQWHV XVHGWREH
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpLQq
%XVLQHVVYRFDEXODU\
)DOOLQ *HWLQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
|)RUPHQîODV 6ÔEHWHDOFRFKH IUDVHVHQLQJOÃV"
(ODQXQFLRGHWHOHYLVLÍQKDGDGRPXFKRTXH
7KHURRIIHOOLQ 7KHWUDLQJRWLQDWPLGQLJKW KDEODU
(OWHFKRVHYLQRDEDMR (OWUHQOOHJÍDPHGLDQRFKH /DUHODFLÍQSUHFLRFDOLGDGGHHVWDVSUHQGDV
HVW»JHQLDO
+HïHZLQIRUWKHPHHWLQJ ,FRXOGQoWJHWDZRUGLQHGJHZLVH *HQHUDOPHQWHODV3<0(6VRQSUR\HFWRVFRQ
9LQRHQDYLÍQSDUDODUHXQLÍQ +DEODURQWDQWRTXHQRSXGHGHFLUQDGD SRFRULHVJR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
%DQNLQJ
(YHU\PRQWKWKHEDQNVHQGV\RXDEDQNVWDWHPHQWZLWKWKHRSHQLQJEDODQFHFORVLQJEDODQFHDQGPRYHPHQWVGXULQJWKHSHULRG
,I\RXZDQWWRLQFUHDVH\RXUEDQNEDODQFH\RXFDQPDNHDFDVKGHSRVLWDFKHFNGHSRVLWRUGHSRVLWPRQH\E\ZD\RIDZLUHWUDQVIHU
<RXFDQZLWKGUDZFDVKIURP\RXUDFFRXQWE\YLVLWLQJWKHEDQNDQGSUHVHQWLQJDFKHFNWRWKHEHDUHU<RXDUHWKHEHDUHU
<RXFDQDOVRZLWKGUDZFDVKE\XVLQJDQ$70RU$XWRPDWLF7HOOHU0DFKLQH7KHVHFDVKPDFKLQHVFDQEHIRXQGDOPRVWHYHU\ZKHUH
,QWKH8.DQG,UHODQGWKHZRUGXVHGIRU$70LV&DVK3RLQW<RXFDQZLWKGUDZXSWRDFHUWDLQDPRXQWRIFDVKDWWKHVHSRLQWV
<RXUEDQNVWDWHPHQWDOVRUHïHFWVWKHGLUHFWGHELWSD\PHQWVWKDW\RXKDYHPDGH
,WLVYHU\FRPPRQLQ6SDLQWRSURYLGH\RXUEDQNGHWDLOVWRYDULRXVHQWLWLHVWKDWGHELW\RXUDFFRXQWGLUHFWO\DVDIRUPRISD\PHQW
,I\RXEX\DQLQVXUDQFHSROLF\LQ6SDLQIRUH[DPSOHLWoVFRPPRQIRUWKHLQVXUDQFHFRPSDQ\WRGHELW\RXUDFFRXQWGLUHFWO\HDFK\HDU
,QWKH(QJOLVKVSHDNLQJZRUOGLWoVPRUHFRPPRQWRUHFHLYHWKHSUHPLXPQRWLFHLQ\RXUKRPHDQG\RXZULWHRXWDFKHFNWRWKHFRPSDQ\
,IVRPHRQHKDVH[WHQGHG\RXDSHUVRQDOFKHFNDQG\RXJRWRWKHEDQNWRFDVKLW\RXPXVWHQGRUVHWKHFKHFNRQWKHEDFN
,I\RXGHFLGHWRGHSRVLWWKHFKHFNLQ\RXURZQDFFRXQW\RXQHHGWRHQGRUVHWKHFKHFNDVZHOO
,IWKHUHLVQoWHQRXJKPRQH\LQWKHSHUVRQoVDFFRXQWWRFRYHUWKHFKHFNWKHQWKHFKHFNZLOOERXQFH
:KHQDFKHFNERXQFHVLWoVRIWHQFDOOHGDpKRWFKHFNq
%DQNVDUHîQDQFLDOLQVWLWXWLRQVWKDWSURYLGHîQDQFLDOVROXWLRQVWRLQGLYLGXDOVDQGFRUSRUDWLRQV
,I\RXQHHGPRQH\WREX\DFDU\RXUEDQNFDQJLYH\RXDSHUVRQDOORDQ
(FRQRPLFV
$QLQYHVWPHQWLVZKHQDSHUVRQRUHQWLW\SXUFKDVHVVRPHWKLQJZKRVHYDOXHH[WHQGVEH\RQGWKHSHULRGRIRQH\HDU
,I\RXEX\DKRXVHDFDURUDORQJWHUPDPELWLRXV(QJOLVKFRXUVHWKLVLVQRWDQH[SHQVHEXWUDWKHUDQLQYHVWPHQW
:KHQWKHJRYHUQPHQWSD\VUHWLUHPHQWSHQVLRQVWKLVLVDQH[SHQVH:KHQLWVSHQGVPRQH\RQQHZPRWRUZD\VWKLVLVDQLQYHVWPHQW
2IWHQLQYHVWPHQWVRIWKLVW\SHDUHFDOOHGFDSLWDOH[SHQGLWXUHV7KHZRUGH[SHQGLWXUHLVXVXDOO\DVVRFLDWHGZLWKLQYHVWPHQWV
:KHQZHFDOFXODWH*'3ZHLQFOXGHLQWKHFRQFHSWpJRYHUQPHQWVSHQGLQJqERWKJRYHUQPHQWH[SHQVHVDQGH[SHQGLWXUHV
7KHVDODULHVSDLGWRFLYLOVHUYDQWVE\WKHQDWLRQDOJRYHUQPHQWDQGE\UHJLRQDODQGORFDOJRYHUQPHQWVDUHLQFOXGHGDVJRYHUQPHQWVSHQGLQJ
7KHIRUWKPDMRULWHPLQFDOFXODWLQJ*'3LVWKHGLIIHUHQFHEHWZHHQH[SRUWVDQGLPSRUWV
(YHU\FRXQWU\LQWKHZRUOGLPSRUWVDQGH[SRUWVSURGXFWV7KHîQDOPRQHWDU\GLIIHUHQFHLVFDOOHGWKHWUDGHEDODQFH
,IWKHWUDGHEDODQFHLVQHJDWLYHWKHFRXQWU\LVUXQQLQJDWUDGHGHîFLW,IWKHWUDGHEDODQFHLVSRVLWLYHWKHQLWoVUXQQLQJDWUDGHVXUSOXV
7KHIDFWWKDWDJLYHQFRXQWU\LVUXQQLQJDWUDGHGHîFLWGRHVQoWQHFHVVDULO\PHDQWKDWWKHVLWXDWLRQLVQHJDWLYH
7KH8QLWHG6WDWHVKDVEHHQUXQQLQJDWUDGHGHîFLWIRUDWOHDVWFRQVHFXWLYHV\HDUVDQGGHVSLWHWKLVWKHHFRQRP\LVKHDOWK\
:KHQDFRXQWU\UXQVDWUDGHGHîFLWLWoVRIWHQEHFDXVHGRPHVWLFVXSSO\FDQQRWPHHWGRPHVWLFGHPDQG
%\DGGLQJWKHîQDOWUDGHEDODQFHWRSULYDWHFRQVXPSWLRQJURVVLQYHVWPHQWDQGJRYHUQPHQWVSHQGLQJZHKDYHWKH*'3
$QRWKHUWHUPRIWHQXVHGLQPDFURHFRQRPLFVLVEDODQFHRISD\PHQWV7KLVLVWKHWUDGHEDODQFHSOXVîQDQFLDOLPSRUWVDQGH[SRUWV
,I\RXVHQGPRQH\WRDUHODWLYHLQ0H[LFRWKLVPRQH\LVQoWUHJLVWHUHGLQWKHWUDGHEDODQFHEHFDXVHLWGRHVQoWLPSO\JRRGVRUVHUYLFHV
0DQXIDFWXULQJ
&RQYHQWLRQDOPDQXIDFWXULQJLQYROYHVPDFKLQLQJDQGDVVHPEO\)LUVW\RXPDNHWKHSDUWVDQGWKHQ\RXPXVWDVVHPEOHWKHP
(YHU\FDUKDVIRXUIHQGHUVRYHUHDFKZKHHO7KHVHIHQGHUVDUHFUHDWHGIURPïDWVKHHWPHWDOSLHFHVWKDWDUHPDFKLQHGLQWRWKHULJKWVKDSH
7KHIHQGHUVDUHWKHQVHQWWRWKHDVVHPEO\OLQHZKHUHWKH\DUHPRXQWHGDERYHWKHIRXUZKHHOV
0DQXIDFWXULQJLQYROYHVSURFXUHPHQWPDFKLQLQJLQYHQWRU\FRQWUROTXDOLW\FRQWUROîQDODVVHPEO\DQGîQDOVWRUDJH
3URFXUHPHQWLQYROYHVîQGLQJWKHULJKWVXSSOLHUVDQGLQVXULQJWKDWWKHTXDOLW\SDUDPHWHUVDUHPHWDQGWKDWWKHGHOLYHU\GDWHVDUHKRQRXUHG
0DFKLQLQJLQYROYHVWUDQVIRUPLQJUDZPDWHULDOVLQWRîQLVKHGSLHFHVSDUWVDQGFRPSRQHQWVIRUWKHLUîQDODVVHPEO\
,QYHQWRU\FRQWUROVHHVWKDWWKHPRQH\LQYHVWHGLQSXUFKDVLQJUDZPDWHULDOVLVWUDQVIRUPHGDVTXLFNO\DVSRVVLEOHLQWRîQLVKHGSURGXFWV
4XDOLW\FRQWUROLQVXUHVWKDWWKHVXSSOLHUVUDZPDWHULDOVSDUWVFRPSRQHQWVDQGîQDOSURGXFWVFRPSO\ZLWKVSHFLîFDWLRQV
7KHTXDOLW\FRQWURODUHDLVRIWHQDVHSDUDWHGHSDUWPHQWWKDWUHSRUWVGLUHFWO\WRWKHJHQHUDOPDQDJHPHQW
7KHTXDOLW\FRQWUROPDQDJHURIWHQKDVWKHSRZHUWRVWRSSURGXFWLRQLIWKHTXDOLW\SDUDPHWHUVDUHQRWEHLQJPHW
7KHSURGXFWLRQPDQDJHULVXQGHUSUHVVXUHWRSURGXFHEXWWKHTXDOLW\PDQDJHUKDVWKHSRZHUWRVWRSHYHU\WKLQJLITXDOLW\LVFRPSURPLVHG
7KHUHLVRIWHQDORWRIFRQïLFWEHWZHHQWKHSURGXFWLRQDQGTXDOLW\GHSDUWPHQWVHVSHFLDOO\ZKHQVDOHVDUHERRPLQJ
7KHTXDOLW\GHSDUWPHQWRIWHQVSHQGVDORWRIWLPHZLWKVXSSOLHUVWRPDNHVXUHWKDWWKH\DGKHUHWRWKHFRPSDQ\oVTXDOLW\VWDQGDUGV
)LQDODVVHPEO\LVEDVLFDOO\WKHIDPRXVFRQFHSWRIWKHDVVHPEO\OLQHGHYHORSHGWRSHUIHFWLRQE\+HQU\)RUG
+HQU\)RUGoVDVVHPEO\OLQHDQGKLVHIIRUWVWRJDLQHIîFLHQFLHVLQSURGXFWLRQZHUHLQVWUXPHQWDOLQFUHDWLQJWKHFRQVXPHUVRFLHW\
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
+RUQ%RFLQD
+D]DUG/LJKWV/XFHVGHHPHUJHQFLD
6DWHOOLWH1DYLJDWLRQ1DYHJDFLÍQSRUVDWÃOLWH
9RFDEXODULR&DUFRQWUROV&RQWUROHVGHOFRFKH
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
3UDFWLFDO(QJOLVK(QHOWD[L
+HJRWPHLQ +HKDVLWLQIRUPH
(OFRQVLJXLÍTXHPHGHMDVHQHQWUDU /DWLHQHWRPDGDFRQPLJR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
'RQoWJLYHLQ +ROGLQ\RXUJXWVWRPDFK $ODFDOOH*OHQGDOHSRUIDYRU
1RFHGDV1RGHVHOEUD]RDWRUFHU 0HWHODWULSD (VW»HQODHVTXLQDGH2[IRUGFRQ*UDQJH
4XÃGDWHFRQHOFDPELR
<RXFDQJRLQQRZ 6KHNHSWKHUVRQLQDOOGD\ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
<DSXHGHXVWHGHQWUDUHQRWUDVDOD (OODQRGHMÍVDOLUDVXKLMRHQWRGRHOGÇD UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
)LQDQFHDQGDFFRXQWLQJ
,IWKHFRPSDQ\RZHVWKHJRYHUQPHQWWD[HVZLWKLQWKHFXUUHQW\HDUWKLVDPRXQWLVDOVRFDOOHGDFXUUHQWRUVKRUWWHUPOLDELOLW\
,IWKHFRPSDQ\ERUURZVPRQH\WKURXJKDORQJWHUPORDQWKLVLVDXVXDOO\FDOOHGDORQJWHUPOLDELOLW\
+RZHYHUWKHSDUWRIWKHSULQFLSDORIWKLVORQJWHUPORDQWKDWPXVWEHSDLGGXULQJWKH\HDUEHFRPHVDFXUUHQWOLDELOLW\
7KHFDSLWDORIWKHFRPSDQ\LVDOVRFRQVLGHUHGDOLDELOLW\,WoVDOLDELOLW\EHFDXVHHYHQWXDOO\LWPXVWEHUHWXUQHGWRWKHRZQHUV
7KLVFDSLWDORIWKHFRPSDQ\LVWKHPRQH\WKDWWKHRZQHUVRULJLQDOO\GHSRVLWHGLQWKHEDQNWRVWDUWWKHEXVLQHVV
,QFRUSRUDWLRQVWKLVLWHPLVXVXDOO\FDOOHGWKHFDSLWDOVWRFN,WoVLVVXHGLQWKHIRUPRIVKDUHV
,IWKHEXVLQHVVLVDSXEOLFFRPSDQ\WKHFDSLWDOVWRFNLVTXRWHGRUOLVWHGRQDSXEOLFVWRFNPDUNHWRUVWRFNH[FKDQJH
,QWKH$QJOR6D[RQZRUOGDSXEOLFFRPSDQ\LVQRWDVWDWHRZQHGFRPSDQ\
$SXEOLFFRPSDQ\LVDFRPSDQ\LQZKLFKWKHJHQHUDOSXEOLFKDVDFFHVVWRSDUWLDORZQHUVKLSWKURXJKDVWRFNH[FKDQJH
6WRFNPDUNHWVRUVWRFNH[FKDQJHVDUHVHFRQGDU\PDUNHWVZKHUHSHRSOHFDQEX\RUVHOOVKDUHVLQFRPSDQLHVWKDWDUHOLVWHGSXEOLFO\
%LOOLRQVRIVKDUHVDUHERXJKWDQGVROGRQDGDLO\EDVLVLQWKHZRUOGVoVWRFNH[FKDQJHV
7KH1HZ<RUN6WRFN([FKDQJHLVWKHELJJHVWLQWKHZRUOG7KHYROXPHRIWUDGLQJRIWHQH[FHHGVRQHELOOLRQWUDQVDFWLRQVGDLO\
2WKHUVWRFNPDUNHWVDUHOHVVWUDQVSDUHQWDQGHIîFLHQW6RPHWLPHVDSHUVRQFDQQRWîQGDEX\HURUVHOOHUTXLFNO\
:KHQ\RXEX\WKHVKDUHVRIDFRPSDQ\\RXDXWRPDWLFDOO\EHFRPHSDUWRZQHURIWKHEXVLQHVVLQTXHVWLRQ
:KHQSHRSOHEX\WKHVKDUHVRIDSXEOLFO\WUDGHGFRPSDQ\WKH\DUHXVXDOO\ORRNLQJIRUWZRSRVVLEOHVRXUFHVRIUHYHQXH
0DUNHWLQJDQGVDOHVPDQDJHPHQW
7RDFKLHYHEUDQGDZDUHQHVVWKHPDUNHWLQJGHSDUWPHQWPXVWDGYHUWLVHWKHEUDQGLQTXHVWLRQDPRQJWKHWDUJHWJURXSVRISURVSHFWV
3URVSHFWVDUHSHRSOHRUHQWLWLHVWKDWDUHFRQVLGHUHGSRWHQWLDOFXVWRPHUVRI\RXUSURGXFWRUFOLHQWVRI\RXUVHUYLFH
7RJDLQEUDQGDZDUHQHVV\RXPXVWJHWWKHQDPHRIWKHEUDQGLQIURQWRI\RXUSURVSHFWVDVPXFKDVSRVVLEOH
,WoVQRWVRLPSRUWDQWDWWKLVSRLQWLQWLPHWRWDONDERXWWKHIHDWXUHVRUDGYDQWDJHVRI\RXUSURGXFWEXWUDWKHUWRPDNHSHRSOHDZDUHRILW
2QFH\RXKDYHJDLQHGEUDQGDZDUHQHVVDPRQJ\RXUSURVSHFWVWKHQWKHQH[WVWHSLVWRJDLQEUDQGSUHIHUHQFH
$WWKLVSRLQW\RXUHQWLUHSURPRWLRQDOEXGJHWVKRXOGEHIRFXVHGRQJDLQLQJEUDQGSUHIHUHQFH
7KHPRUHXQLWVDOHV\RXDFKLHYHWKHPRUHPDUNHWVKDUH\RXJDLQ$QGWKHPRUHPDUNHWVKDUH\RXJDLQWKHORZHU\RXUXQLWFRVWV
$GYHUWLVLQJVDOHVSURPRWLRQPHUFKDQGLVLQJDQGSXEOLFUHODWLRQVDUHQRWRQO\GHVLJQHGWRLQFUHDVHWKHVDOHVîJXUHVRIDFRPSDQ\
7KHVHDFWLYLWLHVLIWKH\DUHVXFFHVVIXOKHOSWKHFRPSDQ\WRLQFUHDVHPDUNHWVKDUHDQGORZHUXQLWFRVWVWKURXJKHFRQRPLHVRIVFDOH
/HWoVVD\\RXGHFLGHWRVWDUWDFRPSDQ\WRSURGXFHSULYDWHMHWV7KHîUVWMHWFRVWV\RXRQHPLOOLRQGROODUVWRPDNHLQ\RXUIDFWRU\
7KHVHFRQGMHW\RXPDNHFRVWVRQO\GROODUVWKDWLVOHVV7KHIRXUWKMHW\RXPDNHFRVWV\RXGROODUV
7KHHLJKWKMHWFRVWV\RXGROODUVDQGWKHWKMHWFRVWV\RXGROODUV7KLVLVFDOOHGWKHpOHDUQLQJFXUYHq
,QGXVWULDOHQJLQHHUVKDYHFDOFXODWHGWKDWHYHU\WLPHDIDFWRU\GRXEOHVLWVSURGXFWLRQHDFKXQLWFRVWVOHVVWRSURGXFH
,QQRQLQGXVWULDODFWLYLWLHVWKLVFRQFHSWLVFDOOHGWKHH[SHULHQFHFXUYH,WoVDWWKHKHDUWRIWKHLGHDRIHFRQRPLHVRIVFDOH
7KHPRUHVDOHV\RXJHQHUDWHWKHPRUHSURGXFWV\RXQHHGWRPDNHDQGWKHFKHDSHULWEHFRPHVWRPDNHHDFKSURGXFW
*HQHUDODQGVWUDWHJLFPDQDJHPHQW
,Q,QVHUWQRZHOHDUQHGWKDWWKHRZQHUVoHTXLW\RIWKHFRPSDQ\DIWHUWKHîUVW\HDUZDV
,IWKHIROORZLQJ\HDUWKH&(2PDQDJHVWRPDNHDSURîWDIWHUWD[HVRIWKHQWKHUHWXUQRQHTXLW\52(LV
7KLV52(FDQEHJRRGRUEDGGHSHQGLQJRQWKHW\SHRIFRPSDQ\DQGRQWKHLQGXVWU\LQZKLFKLWRSHUDWHV
,QWKHîQDODQDO\VLVDQGLQWKHORQJUXQ52(LVSUREDEO\WKHRQO\\DUGVWLFNE\ZKLFKD&(2oVSHUIRUPDQFHFDQEHPHDVXUHG
,QWKHVKRUWWHUPRWKHUREMHFWLYHVFDQEHPRUHLPSRUWDQWEXWDOOHYHQWXDOO\SRLQWWRUHWXUQRQHTXLW\RU52(
6KRUWWHUPVWUDWHJLHVFDQEHPDQ\EXWRQHRIWKHPRVWFRPPRQLVWKHVWUDWHJ\WRJDLQPDUNHWVKDUH
7KHJUHDWHUWKHPDUNHWVKDUHWKHORZHUWKHXQLWFRVWVRISURGXFWLRQDQGWKHJUHDWHUWKHSRWHQWLDOJURVVPDUJLQDQGîQDOSURîW
6RPHWLPHVDFRPSDQ\ZLOOHYHQVHOOLWVSURGXFWEHORZFRVWLIE\GRLQJVRLWFDQLQFUHDVHLWVPDUNHWVKDUHPRUHTXLFNO\
6RPH-DSDQHVHFRQVXPHUSURGXFWVFRPSDQLHVXVHGWKLVVWUDWHJ\WRJDLQDVWURQJPDUNHWVKDUHTXLFNO\LQIRUHLJQPDUNHWVOLNH6SDLQ
7KH\VROGWKHLUSURGXFWVDWYHU\ORZSULFHVORVLQJPRQH\RQHYHU\XQLWVROG+RZHYHUZLWKLQDIHZ\HDUVWKH\ZHUHPDUNHWOHDGHUV
$VPDUNHWOHDGHUVWKH\ZHUHVHOOLQJDORWRIXQLWVDQGWKHSURGXFWLRQFRVWVRIWKHVHXQLWVZHUHPXFKORZHUWKDQDWWKHEHJLQQLQJ
7KHFRVWRISURGXFWLRQRIHDFKXQLWZDVPXFKORZHUEHFDXVHRIHFRQRPLHVRIVFDOHJDLQHGE\JUHDWHUSURGXFWLRQYROXPHV
:KHQ\RXPDVVSURGXFHPLOOLRQVRIXQLWV\RXORZHUPDQ\FRVWLWHPVHVSHFLDOO\ZKHQQHJRWLDWLQJZLWKVXSSOLHUV
,QPRVWLQGXVWULDODQGPDQXIDFWXULQJFRPSDQLHVWKHPRVWLPSRUWDQWVWUDWHJ\LVWRJDLQVKDUHWRJDLQVFDOHWRFXWFRVWVWRLQFUHDVHSURîWV
:KHQWKLVLVDFKLHYHGWKHFRQVXPHUHQMR\VORZHUSULFHVIRUVLPLODUTXDOLW\DQGWKH&(2oVERWWRPOLQHLVJRRGHQKDQFLQJ52(
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
3URVHFXWLRQ$FXVDFLÍQ
-XGJH-XH]
:LWQHVV7HVWLJR
&RXUW2IîFHU$OJXDFLO
-XU\-XUDGR
9RFDEXODULR&RXUWURRP6DODGHOWULEXQDO
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
+XPDQUHVRXUFHV
'XULQJJURZWKSHULRGVHYHU\FRPSDQ\ZKHWKHUVPDOOPHGLXPVL]HGRUODUJHQHHGVWRUHFUXLWSHRSOHTXLFNO\DQGHIIHFWLYHO\
,IDFRPSDQ\LVJURZLQJDWDSHUFHQWDQQXDOUDWHRUPRUHWKHSUHVVXUHWRFRYHUPDQSRZHUQHHGVFDQEHYHU\LQWHQVH
$JRRG+5GHSDUWPHQWLVRQHWKDWFDQDQWLFLSDWHWKHVHQHHGVDQGFRYHUWKHPHIîFLHQWO\DQGHIIHFWLYHO\
7KHPRVWLPSRUWDQWHOHPHQWLVWRNQRZYHU\ZHOOZKDWNLQGRISHRSOHHDFKGHSDUWPHQWDQGHDFKMREIXQFWLRQUHTXLUHV
$JRRG+5PDQDJHULVDSHUVRQZKRLVNHHQO\DZDUHRIZKDWNLQGRISURîOHZRUNVWKHEHVWLQZKDWNLQGRIMRE
$JRRG+5PDQDJHUVKRXOGEHDEOHWRVROYHWKHVWDIîQJDQGSHUVRQQHOSUREOHPVRIHYHU\IXQFWLRQDOPDQDJHU
)XQFWLRQDOPDQDJHUVDUHH[SHUWLQWKHIXQFWLRQLQZKLFKWKH\ZRUN7KH\DUHQRWH[SHUWLQGHDOLQJZLWKSHRSOHTXHVWLRQV
$JRRG+5GHSDUWPHQWVROYHVWKHVHSHRSOHSUREOHPVIRUWKHIXQFWLRQDOH[SHUWVDQGIUHHVWKHPXSWRGRZKDWWKH\NQRZKRZWRGREHVW
$Q\H[SHUWLQPDUNHWLQJVDOHVSURGXFWLRQRUîQDQFHZLOOWHOO\RXWKDWWKHLUELJJHVWKHDGDFKHVDUHPDWWHUVUHODWLQJWRWKHLUSHRSOH
,WoVWKHUHVSRQVLELOLW\RI+5WRPDNHVXUHWKDWWKHVHNLQGVRISUREOHPVDUHNHSWWRDPLQLPXP
2QHIDPRXVPDUNHWLQJJXUXVDLGWKDWKDOIKLVWLPHZDVVSHQWpFKDQJLQJGLDSHUVqIRUWKHSHRSOHZKRVXSSRVHGO\ZHUHWKHUHWRKHOSKLP
3HRSOHSUREOHPVRUDWWLWXGHSUREOHPVFDQEHFRPHDFRQVWDQWKHDGDFKHLQRUJDQL]DWLRQVWKDWGRQoWKDYHJRRG+5GHSDUWPHQWV
7KHîUVWWKLQJWKDW+5PXVWGRLVWRKHOSHDFKGHSDUWPHQWGHîQHLWVSHUVRQQHOQHHGVDVFOHDUO\DVSRVVLEOH
7KHVHFRQGHOHPHQWLVJRRGUHFUXLWPHQW7KLVUHGXFHVWKHLQFLGHQFHVRIEDGDWWLWXGHVRUSHRSOHZKRODWHUFDXVHVXUSULVHVDQGSUREOHPV
7KHWKLUGHOHPHQWLVJRRGLQLWLDORULHQWDWLRQWRWKHFRPSDQ\DQGLWVSHRSOH7KLVPDNHVWKHQHZSHUVRQIHHOZHOFRPHGDQGDFFHSWHG
6HFUHWDULDODQGDGPLQLVWUDWLRQ
6FUHHQLQJFDOOVLVDQLPSRUWDQWDFWLYLW\RID3$,IWKHPDQDJHULVZHOONQRZQRULQïXHQWLDOPDQ\SHRSOHZDQWWRPDNHFRQWDFW
$FRPPRQWDFWLFXVHGE\3$oVLVVLPSO\WRVWDWHWKDWWKHERVVLVQRWLQHYHQLIWKLVLVQRWWUXHDVNLQJWKDWWKHFDOOHUOHDYHDPHVVDJH
,IWKHVHFUHWDU\VD\VpPD\,DVNZKRoVFDOOLQJ"qVRPHFDOOHUVZLOOIHHOXQFRPIRUWDEOHDERXWOHDYLQJWKHLUQDPH
,IWKHVHFUHWDU\VD\VpPD\,WDNHDPHVVDJH"qWKHQWKHFDOOHUIHHOVIUHHWROHDYHDQDPHRUVLPSO\WRVD\WKDWWKH\ZLOOFDOOEDFNODWHU
$QDGPLQLVWUDWLYHDVVLVWDQWJURZVWRNQRZZKRDQGZKDWLVLPSRUWDQWIRUWKHERVVDQGZKRDQGZKDWLVQRW
+RZHYHUWKHDVVLVWDQWVKRXOGQHYHUWDNHIRUJUDQWHGWKDWWKHERVVZLOOZDQWWRGRWKLVRUWKDW6KHPXVWFRQVXOWDWDOOWLPHV
,I\RXDVNDYHWHUDQWRSPDQDJHUZKDWWKHPRVWLPSRUWDQWHOHPHQWLVLQDJRRG3$KHRUVKHZLOOVD\RQHZRUGFRQîGHQWLDOLW\
0DQ\VHFUHWDULHVKDYHEHHQFKRVHQRYHUDSSDUHQWO\EHWWHUTXDOLîHGFDQGLGDWHVVLPSO\EHFDXVHWKH\VHHPHGPRUHSUXGHQWDQGGLVFUHHW
7KHEHVW3$oVDUHDOZD\VWKRVHZKRDQWLFLSDWHWKHERVVoVQHHGVDQGWDNHFDUHRIWKHPEHIRUHWKH\DUHDVNHGWRGRVR
0DQDJHUVDUHDOZD\VYHU\SOHDVDQWO\VXUSULVHGZKHQDPDWWHUWKH\PHQWLRQKDVDOUHDG\EHHQWDNHQFDUHRI
$IRXUWKZRUGXVHGIRUWKLVIXQFWLRQDIWHUVHFUHWDU\DGPLQLVWUDWLYHDVVLVWDQFHDQG3$LVH[HFXWLYHDVVLVWDQW
7KLVUHIHUVWRVHFUHWDULHVZKRSURYLGHVXSSRUWIRUDFRUSRUDWHRIîFHURUFKLHIH[HFXWLYHZKRVHGHFLVLRQVDUHFUXFLDOWRWKHRUJDQL]DWLRQ
7KHH[HFXWLYHDVVLVWDQWSHUIRUPVWKHQRUPDOIXQFWLRQVRIDVHFUHWDU\RU3$EXWDOVRDFWVDVWKHpJDWHNHHSHUqLQWKHH[HFXWLYHoVVFKHGXOH
7KHEHVWVHFUHWDULHVFDQGHPRQVWUDWHWRWDOPDVWHU\RIPDQ\GLIIHUHQWVNLOOVQRWRQO\îOLQJW\SLQJVFUHHQLQJDQGRUJDQL]LQJ
7KH\NQRZKRZWRRSHUDWHRIîFHHTXLSPHQWDQGVRIWZDUH7KH\NQRZKRZWRFRPSRVHHGLWDQGSUHSDUHURXWLQHFRUUHVSRQGHQFH
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
,QER[%DQGHMDGHHQWUDGD
2XWER[%DQGDGHVDOLGD
6HQW,WHPV(OHPHQWRVHQYLDGRV
'HOHWHG,WHPV(OHPHQWRVHOLPLQDGRV
'UDIWV%RUUDGRUHV
9RFDEXODULR(PDLO&RUUHRHOHFWUÍQLFR
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
,QIRUPDWLRQWHFKQRORJ\
7KURXJKWKH,7GHSDUWPHQWWKH&,2RUFKLHILQIRUPDWLRQRIîFHUZRUNVFORVHO\ZLWKDOPRVWHYHU\IXQFWLRQDOPDQDJHULQWKHFRPSDQ\
7KH,7GHSDUWPHQWKHOSVSXUFKDVLQJDQGTXDOLW\FRQWUROE\GHVLJQLQJFRPSXWHUDSSOLFDWLRQVWRVWUHDPOLQHLQFRPLQJLQVSHFWLRQ
7KH\KHOSWKHSURGXFWLRQFRQWURODUHDE\GHVLJQLQJDSSOLFDWLRQVWRPRQLWRUWKHïRZRISDUWVDQGPDWHULDOVWKURXJKRXWWKHSURFHVV
7KH\KHOSWKHVFKHGXOLQJDUHDE\GHVLJQLQJDSSOLFDWLRQVWRVWXG\WKHEHVWSURFHVVïRZDQGWRIRUHFDVWSRWHQWLDOERWWOHQHFNV
7KH\KHOSSURFHVVHQJLQHHULQJE\VHUYLFLQJWKHQXPHULFDOFRQWUROV\VWHPVWKDWDXWRPDWLFDOO\PDFKLQHSDUWVDQGFRPSRQHQWV
7KH\KHOSLQGXVWULDOHQJLQHHULQJE\GHVLJQLQJDSSOLFDWLRQVWRPHDVXUHKXPDQSHUIRUPDQFHDQGPDQDJHWKHPRQHWDU\LQFHQWLYHV\VWHP
7KH\KHOSWKHSK\VLFDOGLVWULEXWLRQDUHDE\GHVLJQLQJDSSOLFDWLRQVWRFRRUGLQDWHDQGUDWLRQDOL]HSURGXFWVKLSPHQWVWRFXVWRPHUV
7KH\KHOSWKHVDOHVGHSDUWPHQWE\GHVLJQLQJDSSOLFDWLRQVWRPRQLWRUWKHVDOHVDFWLYLW\DQGPDQDJHWKHVDOHVLQFHQWLYHV\VWHP
7KH\KHOSWKHDFFRXQWLQJGHSDUWPHQWE\GHVLJQLQJDSSOLFDWLRQVWRVSHHGXSLQIRUPDWLRQUHWULHYDODQGWKHERRNNHHSLQJSURFHVV
7KH\KHOSWKHWRSPDQDJHPHQWE\SURYLGLQJWLPHO\UHSRUWVRQWKHRYHUDOOSHUIRUPDQFHLQGLFDWRUVRIWKHFRPSDQ\
7KDQNVWR,7DSSOLFDWLRQVWKHWRSPDQDJHPHQWXVXDOO\NQRZVWKHVDOHVSHUIRUPDQFHRQDGDLO\EDVLV
7KDQNVWR,7DSSOLFDWLRQVWKHWRSPDQDJHPHQWXVXDOO\UHFHLYHVLQIRUPDWLRQLQWLPHWRDFWGHFLVLYHO\ZKHQSUREOHPVDULVH
7KDQNVWR,7DSSOLFDWLRQVWKHFRPSDQ\FDQSURYLGHDFFXUDWHLQIRUPDWLRQWRVKDUHKROGHUVîQDQFLDOLQVWLWXWLRQVDQGSXEOLFHQWLWLHV
$FRPSDQ\ZLWKDQH[FHOOHQW,7GHSDUWPHQWLVDFRPSDQ\ZHOOSRVLWLRQHGWREHFRPHDOHDGHULQLWVLQGXVWU\
0RVWRIWKHDFWLYLWLHVGHVFULEHGDERYHIRUDPDQXIDFWXULQJFRPSDQ\DUHHTXDOO\DSSOLFDEOHWRWKHSURFHVVHVLQDVHUYLFHFRPSDQ\
/DZDQGOHJDOFRXQVHO
,QD8.FRPSDQ\VXEMHFWWRFRPPRQODZJHQHUDOSDUWQHUVDUHSHUVRQDOO\OLDEOHIRUWKHFRPSDQ\GHEWV
,IWKHFRPSDQ\JRHVEDQNUXSWWKHFUHGLWRUVFDQJRQRWRQO\DJDLQVWWKHFRPSDQ\oVDVVHWVEXWDJDLQVWWKHRZQHUVoDVVHWVDVZHOO
7KHDGMHFWLYHpOLDEOHqLVWKHWHUPHGXVHGLQ(QJOLVKWRUHIHUWROHJDORUFLYLOUHVSRQVLELOLW\7KHQRXQLVpOLDELOLW\q
,QDFFRXQWLQJDOLDELOLW\LVDQREOLJDWLRQWKDWDFRPSDQ\DVVXPHVWKURXJKSDVWWUDQVDFWLRQV,WLQYROYHVDIXWXUHSURPLVHRISD\PHQW
,QWKHOHJDOZRUOGDOLDELOLW\LVDQREOLJDWLRQWRSD\FRPSHQVDWLRQRUGDPDJHVDULVLQJIURPDFLYLORUFULPLQDOODZVXLW
,QFRPPHUFLDOODZOLPLWHGOLDELOLW\LVDIRUPRIEXVLQHVVRZQHUVKLSZKHUHWKHRZQHUVDUHRQO\OLDEOHIRUWKHPRQH\WKH\KDYHLQYHVWHG
,IWKHFRPSDQ\JRHVEDQNUXSWWKHRZQHUVoSHUVRQDOSURSHUW\DQGEHORQJLQJVFDQQRWEHWRXFKHGE\WKHFRXUWVRUE\FUHGLWRUV
,QFDULQVXUDQFHOLDELOLW\UHIHUVWRWKHW\SHRIPDQGDWRU\LQVXUDQFHWKDWGULYHUVPXVWNHHSLQFDVHWKH\LQMXUHRUGDPDJHWKLUGSDUWLHV
,QWKH86FRUSRUDWHGLUHFWRUVDQGRIîFHVRIWHQKDYHLQVXUDQFHWRSURWHFWWKHPDJDLQVWSRVVLEOHODZVXLWVDULVLQJIURPFRUSRUDWHOLDELOLW\
7KHLUSHUVRQDODVVHWVDUHSURWHFWHGIRUH[DPSOHLIWKHFRPSDQ\VXIIHUVDQDFFLGHQWWKDWUHTXLUHVPLOOLRQVRIHXURVLQLQGHPQL]DWLRQ
$FRUSRUDWHGLUHFWRULVDPHPEHURIWKHERDUGRIGLUHFWRUV$FRUSRUDWHRIîFHULVDSHUVRQLQYROYHGLQPDQDJLQJWKHFRUSRUDWLRQ
:KLOHPRVWFRUSRUDWHGLUHFWRUVDUHQRWHPSOR\HHVRIWKHFRUSRUDWLRQDOOFRUSRUDWHRIîFHUVDUHHPSOR\HHVRQWKHFRPSDQ\oVSD\UROO
7KHWHUPpFRUSRUDWLRQqLQWKH86LVWKHHTXLYDOHQWRIWKHpSXEOLFOLPLWHGFRPSDQ\qLQWKH8.RUWKH$*LQ*HUPDQ\
7KHPRVWLPSRUWDQWOHJDOSHUVRQLQDFRPSDQ\LVWKH&/2RUFKLHIOHJDORIîFHU$QRWKHUWHUPLVJHQHUDOFRXQVHO
,QYHU\ODUJHFRPSDQLHVWKDWKDYHPDQ\ODZ\HUVDQGVHYHUDOGLIIHUHQWOHJDOGHSDUWPHQWVWKHWRSH[HFXWLYHLVXVXDOO\FDOOHGWKH&/2
/RZ%HJLQQHU +LJK%HJLQQHU
(VW»HOSHUURGHWU»VGHPÇ",VWKHGRJEHKLQGPH" /DPXMHUGHOMHIHHVW»PX\7KHERVVoZLIHLVYHU\VLFN
(OPXVHRHVW»GHODQWHGHWL7KHPXVHXPLVLQIURQWRI\RX HQIHUPD
/DFRFLQDHVW»DOODGRGHÃO7KHNLWFKHQLVQH[WWRKLP 1RHVW»QOLVWRVORVLQIRUPHV" $UHQoWWKHUHSRUWVUHDG\"
1RHVSDUDHOODHVSDUDHOORV,WoVQRWIRUKHULWoVIRUWKHP 1RHVW»QLQWHUHVDGRVHQ$UHQoWWKH\LQWHUHVWHGLQ
(VW»QHQIUHQWHGHQRVRWURV"$UHWKH\RSSRVLWHXV" DSUHQGHULQJOÃV" OHDUQLQJ(QJOLVK"
1RHVW»HOODFDVDGDFRQWX,VQoWVKHPDUULHGWR\RXU
PÃGLFR" GRFWRU"
1RHVW»HVWRFRQWUDODVUHJODV" ,VQoWWKLVDJDLQVWWKHUXOHV"
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
3UHVHQWHU3UHVHQWDGRU
&DPHUD/DF»PDUD
9RFDEXODULR7HOHYLVLRQ6WXGLR(VWXGLRGHWHOHYLVLRQ
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
0»VYDOHTXHPHKDJDVFDVR<RXoGEHWWHUSD\DWWHQWLRQWRPH 6HWHFDHODEDEDFXDQGRKDEODV<RXVWDUWWRGURROZKHQ\RX
0»VYDOHTXHORFRQVXOWHVFRQOD<RXoGEHWWHUVOHHSRQLW FRQHOOD WDONWRKHU
DOPRKDGD 0LUDFRPRKHPRVGDGRODYXHOWD/RRNKRZZHoYHWXUQHGWKH
6HYDQDDSURYHFKDUGHWL7KH\oUHJRLQJWRWDNHDGYDQWDJH DODWRUWLOOD WDEOHV
RI\RX £OQRSLFÍFXDQGRLQWHQWDPRV+HGLGQoWWDNHWKHEDLWZKHQ
1LVLTXLHUDPHOODPDVWHSDUD<RXGLGQoWHYHQFDOOPHWROHW VRERUQDUOH ZHWULHGWREULEHKLP
DYLVDUPH PHNQRZ 9ROYHPRVDHPSH]DUGHVGHFHUR/HWoVVWDUWIURPVFUDWFKDJDLQ
$ÔQQRVTXHGDWLHPSRSDUD7KHUHoVVWLOOWLPHOHIWIRUXVWR 0HKHTXHGDGRHQEODQFR0\PLQGoVJRQHEODQN
DUUHJODUOR ï[LW
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
,QJOÃVDOWHOÃIRQR
&DQ,VLWLQRQWKHFODVV" +HVWROHLQWRWKHURRP
3XHGRHVWDUHQODFODVHGHR\HQWH" (QWUÍVLJLORVDPHQWHHQODKDELWDFLÍQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
,oPJRLQJWRVOHHSLQWRPRUURZ :HWRRNKLPLQ %XHQRVGÇDV6R\3HWHUGHODHPSUHVD$&%
9R\DGRUPLUKDVWDWDUGHPDËDQD /HGLPRVWHFKR\FRPLGD 3XHGRKDEODUFRQHOGLUHFWRU"
6LVR\HOGLUHFWRU7RP6SULJJV
,oOOVWDQGLQIRU\RX ,WZDVWRRPXFKIRUPHWRWDNHLQ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
<RWHVXVWLWXLUÃKDVWDTXHYXHOYDV 1RSXGHDVLPLODUWRGRORTXHYHÇD UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
(QWUHSUHQHXUVKLS
,QWKH86SHUFHQWRIDOOQHZEXVLQHVVVWDUWXSVIDLOZLWKLQWKHîUVWîYH\HDUVRIWKHLUOLIH
7KHPRVWFRPPRQUHDVRQIRUWKHIDLOXUHRIWKHVHFRPSDQLHVDFFRUGLQJWRPRVWH[SHUWVLVLQFRPSHWHQFHRQWKHSDUWRIWKHHQWUHSUHQHXU
6RPHSHRSOHVWDUWDEXVLQHVVIRUWKHZURQJUHDVRQV7KH\GRLWWRKDYHPRUHIUHHGRPPRUHWLPHIRUWKHIDPLO\RUWRPDNHPRUHPRQH\
3HRSOHZKRVXFFHHGXVXDOO\KDYHDSDVVLRQRUORYHIRUZKDWWKH\oUHGRLQJDQGEHOLHYHVWURQJO\LQWKHLUSURGXFWDQGLQWKHPDUNHW
6XFFHVVIXOHQWUHSUHQHXUVDUHSK\VLFDOO\DQGPHQWDOO\îW7KH\KDYHWKHPHQWDOVWDPLQDWRZLWKVWDQGFKDOOHQJHV
6XFFHVVIXOHQWUHSUHQHXUVKDYHGULYHGHWHUPLQDWLRQSDWLHQFHDQGDSRVLWLYHDWWLWXGH7KH\GRQoWWKURZLQWKHWRZHOHDVLO\
7KH\OHDUQIURPWKHLUPLVWDNHVDQGXVHWKHOHVVRQVOHDUQHGWRVXFFHHGWKHQH[WWLPH7KH\EXLOGRQHDUOLHUIDLOXUHV
7KH\HQMR\LQGHSHQGHQFHDQGWDNHFKDUJHZKHQDFUHDWLYHRULQWHOOLJHQWVROXWLRQLVQHFHVVDU\HVSHFLDOO\ZKHQWKHUHDUHWLPHFRQVWUDLQWV
7KH\DUHKRQHVWWKH\OLNHSHRSOHDQGHQMR\GHDOLQJZLWKRWKHUV7KH\JHWDORQJZLWKDOOGLIIHUHQWW\SHVRILQGLYLGXDOV
3RRUPDQDJHPHQWLVRIWHQWKHPDLQUHDVRQIRUEXVLQHVVIDLOXUH0DQ\HQWUHSUHQHXUVODFNEXVLQHVVDQGPDQDJHPHQWH[SHUWLVH
7KH\oYHVHOGRPZRUNHGLQîQDQFHSXUFKDVLQJVHOOLQJSURGXFWLRQRUKLULQJDQGPDQDJLQJHPSOR\HHV
,IHQWUHSUHQHXUVGRQoWUHFRJQL]HZKDWWKH\GRQoWGRZHOODQGVHHNKHOSWKH\FDQVRRQUXQLQWRGLVDVWHU
$QRWKHULPSRUWDQWUHDVRQIRUEXVLQHVVIDLOXUHLVVLPSO\QHJOHFW%XVLQHVVHVUHTXLUHVWXG\RUJDQL]DWLRQSODQQLQJDQGFRQWURO
6XFFHVVIXOHQWUHSUHQHXUVDUHRIWHQJRRGOHDGHUVZKRFUHDWHZRUNFOLPDWHVWKDWHQFRXUDJHSURGXFWLYLW\7KH\KLUHWUDLQDQGGHOHJDWH
7KH\DUHQDWXUDOVWUDWHJLFWKLQNHUVDEOHWRWXUQDYLVLRQLQWRUHDOLW\7KH\DUHïH[LEOHDQGDEOHWRFKDQJHLQGLIIHUHQWFLUFXPVWDQFHV
5HVHDUFKDQGGHYHORSPHQW
6LQFHWKHVXFFHVVRI7KRPDV(GLVRQODUJHRUJDQL]DWLRQVKDYHOHDUQHGWRSURPRWHDQGFKDQQHOUHVHDUFKDQGGHYHORSPHQW
0DQDJLQJ5 'UHTXLUHVLQWHJUDWLQJWKHHIIRUWVRIPDQ\SHRSOH$Q5 'PDQDJHUPXVWSURYLGHRUGHUSXUSRVHDQGIRUHVLJKW
:KHQWDONLQJDERXW5 'ZHXVXDOO\KHDUWKUHHWHUPVEDVLFUHVHDUFKDSSOLHGUHVHDUFKDQGGHYHORSPHQW
,QEDVLFUHVHDUFKWKHPDLQPRWLYDWLRQLVWRH[SDQGRXUNQRZOHGJHQRWWRFUHDWHRULQYHQWVRPHWKLQJ7KHUHLVQRFRPPHUFLDOYDOXH
([DPSOHVRIEDVLFUHVHDUFKDUHWKHDWWHPSWWROHDUQKRZWKHXQLYHUVHEHJDQRUZKDWDQDWRPLVPDGHRI
0RVWVFLHQWLVWVEHOLHYHWKDWDEDVLFXQGHUVWDQGLQJRIDOOEUDQFKHVRIVFLHQFHLVQHFHVVDU\IRUSURJUHVVWRWDNHSODFH
7KH\EHOLHYHWKDWEDVLFUHVHDUFKOD\VWKHIRXQGDWLRQIRUWKHDSSOLHGVFLHQFHWKDWIROORZV,WJHQHUDWHVDSSOLHGUHVXOWV
$SSOLHGUHVHDUFKH[LVWVWRVROYHSUDFWLFDOSUREOHPVRIWKHPRGHUQZRUOGUDWKHUWKDQWRJDLQNQRZOHGJHIRUNQRZOHGJHoVVDNH
([DPSOHVRIDSSOLHGUHVHDUFKDUHLPSURYHPHQWVLQFURSSURGXFWLRQWKHFXUHRIGLVHDVHVRUWKHLPSURYHPHQWRIKHDWLQJHIîFLHQF\
6RPHVFLHQWLVWVEHOLHYHWKDWEDVLFUHVHDUFKLVQRWSURGXFLQJHQRXJKUHVXOWVDQGDUHLQIDYRXURIDSSOLHGVFLHQFH
,QGXVWULDODQGWHFKQRORJLFDOFRPSDQLHVSHUIRUPYHU\OLWWOHEDVLFUHVHDUFKQRZDGD\V7KHEXVLQHVVZRUOGLVVLPSO\WRRFRPSHWLWLYH
,QFRPSDQLHVFRPPHUFLDOUHVHDUFKHPSKDVL]HVSURMHFWVWKDWUHTXLUHOHVVWKDQ\HDUVWRGHYHORSDQHZSURGXFWRUSURFHVV
0RVWEDVLFUHVHDUFKDQGORQJWHUPDSSOLHGUHVHDUFKDUHGRQHLQXQLYHUVLW\RUJRYHUQPHQWDOODERUDWRULHV
7KH5 'IXQFWLRQLVFULWLFDOIRUPDQ\FRPSDQLHV$ODUJHSKDUPDFHXWLFDOFRPSDQ\FDQHPSOR\PRUHWKDQSHRSOHLQ5 '
7KHVHODUJHVDUPLHVRIVFLHQWLîFDQGWHFKQLFDOSHUVRQQHOFRPHIURPDZLGHYDULHW\RIGLVFLSOLQHVDQGJHRJUDSKLFDOORFDWLRQV
7\SLFDORIîFHODQJXDJH
([FXVHPH3HGURGR\RXPLQGLI,WDONWRKLPîUVWEHIRUHWKHPHHWLQJ"+HoVQHUYRXVDERXWWKHIDOOLQVDOHV
,oYHEHHQWU\LQJWRJHWWKURXJKWRKLPDOOPRUQLQJ,oOONHHSWU\LQJ,VHQWKLPDQHPDLOODVWQLJKWEXWKHKDVQoWDQVZHUHG
,IZHORZHUWKHSULFHZHoOOEHVHQGLQJWKHZURQJVLJQDOVWRWKHPDUNHW7KH\oOOFRQVLGHUXVMXVWOLNHDOOWKHUHVW
7DNH\RXUWLPHDQGJHWEDFNWRPHZKHQ\RXKDYHWKHQXPEHUV,I\RXQHHGDQ\KHOSWDONWR-XDQ3HËD
,GRQoWFDUHZKDWWKH\WKLQN7KH\KDYHQRWKLQJWRJDLQRUORVH:HoUHWDNLQJWKHULVNDQGZHVKRXOGWUXVWRXURZQMXGJPHQW
,oGUDWKHUWKH\QRWNQRZDQ\WKLQJDERXWLWXQWLOLWoVRIîFLDO,oPQRWJRLQJWRVD\DZRUGWRDQ\ERG\XQWLOWKHFRQWUDFWLVVLJQHG
:HoUHVWDUWLQJWRQRWLFHDFKDQJHLQSHRSOHoVKDELWV7KH\oUHDVNLQJPRUHTXHVWLRQVDQGDQDO\]LQJHYHU\WKLQJ
'RQoWJHWPHZURQJ,VXSSRUWWKHSURMHFWDVPXFKDV\RXGR,WoVMXVWWKDW,oGOLNHWRKDYHDOLWWOHPRUHLQIRUPDWLRQDERXWLWWKDWoVDOO
:HoUHKDYLQJVRPHWURXEOHîQGLQJHQRXJKVSRQVRUVIRUWKHHYHQW:HPD\KDYHWRIRRWPRVWRIWKHELOORXUVHOYHV
,KDYHQoWKHDUGIURPKLP0D\EHZHRIIHQGHGKLP0\HPDLOZDVDELWVWURQJQRZWKDW,UHDGLWDVHFRQGWLPH
6DUDKZLOOEHRQPDWHUQLW\OHDYHVWDUWLQJQH[WZHHNDQGZHVWLOOGRQoWKDYHDQ\RQHWRWDNHRYHUIRUKHU
)RUQRZ,oPIUHHIRUOXQFKDOOQH[WZHHNEXWJHWEDFNWRPHTXLFNO\0\DJHQGDîOOVXSSUHWW\IDVW
,FDQoWîJXUHRXWZKDWPDNHVWKDWJX\WLFN,oYHQHYHUEHHQDEOHWRUHDGSHRSOHDQGKHoVDP\VWHU\WRPH
2QFHZHJHWWKURXJKWKHKHDY\UHFUXLWLQJSHULRGWKHQZHoOOEHDEOHWRVLWGRZQDQGPDSRXWDVWUDWHJ\IRU5 '
,WoVWDNHQPHORQJHUWKDQ,WKRXJKWWRîQLVKDOOWKHVHUHJLRQDOVDOHVPHHWLQJV:HPD\KDYHWRPRYHWKHVWDUWLQJGDWHEDFNDIHZPRQWKV
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
0HDWWHQGHUL]HU0D]RGHFRFLQD
6NHZHU3LQFKR
.QLIH6KDUSHQHU$îODGRU
&OHDYHU+DFKDGHFRFLQD
&KRSSLQJ%RDUG7DEODSDUDFRUWDU
9RFDEXODULR.LWFKHQZDUH8WHQVLOLRVGHFRFLQD
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
/RP»VLPSRUWDQWHVRQORV 7KHPRVWLPSRUWDQWWKLQJDUH
'HELGRDOWU»îFROOHJXÃWDUGH 'XHWRWKHWUDIïF,DUULYHGODWH
HPSOHDGRV WKHHPSOR\HHV 'HELGRDTXHQRWHQJRGLQHUR 'XHWRWKHIDFWWKDW,KDYHQR
/RPHMRUGHWXGLVFXUVRIXHHO 7KHEHVWWKLQJDERXW\RXU
QRPHLUÃGHYDFDFLRQHV PRQH\,ZRQoWJRRQKROLGD\
îQDO VSHHFKZDVWKHHQG $SHVDUGHWXPDODOLHQWRWH ,QVSLWHRI\RXUEDGEUHDWK,oOO
/RSHRUGH/RQGUHVHVVX 7KHZRUVWWKLQJDERXW/RQGRQ
GDUÃXQEHVR JLYH\RXDNLVV
WUDQVSRUWHSÔEOLFR LVLWVSXEOLFWUDQVSRUW $SHVDUGHTXHWHTXLHURQR ,QVSLWHRIWKHIDFWWKDW,ORYH
/RP»VSUHRFXSDQWHVRQODV 7KHPRVWZRUU\LQJWKLQJDUH PHYR\DFDVDUFRQWLJR \RX,oPQRWJRLQJWRPDUU\\RX
FLIUDVGHYHQWDV WKHVDOHVïJXUHV 'HVFRQWDQGRODEDQGDVRQRUD $SDUWIURPWKHVRXQGWUDFNWKH
'HKHFKRHVORÔQLFRTXHPH ,QIDFWLWoVWKHRQO\WKLQJWKDW
ODSHOÇFXODHVWXYRPX\ELHQ PRYLHZDVUHDOO\JRRG
SUHRFXSD ZRUULHVPH
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
3UDFWLFDO(QJOLVK-RE,QWHUYLHZ,
+HWKUHZLQWKHWRZHO +HZDVDOORZHGLQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7LUÍODWRDOOD 6HOHSHUPLWLÍHQWUDU IUDVHVHQLQJOÃV"
7XFXUUÇFXOXPHVLPSUHVLRQDQWH
+HWKUHZKLVKDWLQWKHULQJ 6KHFDOOHGLQVLFN 7HQJRDËRVGHH[SHULHQFLDHQHOVHFWRU
6HSUHVHQWÍFRPRFDQGLGDWR +DOODPDGRSDUDGHFLUTXHHVW»HQIHUPD îQDQFLHUR
&RPRSXHGHVYHUPHKHJUDGXDGRHQHO0%$
,WKUHZLQDQH[WUDSL]]D 7KH\FDOOHGLQDQH[SHUW FRQPDWUÇFXODGHKRQRU
,QFOXÇHQHOSUHFLRXQDSL]]DGHP»V 3LGLHURQODSUHVHQFLDGHXQH[SHUWR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
%DQNLQJ
,I\RXDVNIRUDSHUVRQDOORDQWKHEDQNZLOOJLYHLWWR\RXLIWKHEDQNPDQDJHUWUXVWV\RXDQGFDQFRQYLQFHWKHORDQFRPPLWWHH
,IWKHEDQNPDQDJHUGRHVQoWNQRZ\RXZHOO\RXZLOOSUREDEO\KDYHWRRIIHUVRPHNLQGRIJXDUDQWHH
7KHWZRPRVWFRPPRQIRUPVRIJXDUDQWHHDUHFROODWHUDORUDJXDUDQWRU
&ROODWHUDOLVDSK\VLFDOJXDUDQWHHWREDFNXSWKHORDQ<RXUFDURUKRXVHFDQEHFRQVLGHUHGDVFROODWHUDOWREDFNXSDORDQ
:KHQWKHKRXVH\RXEX\LVXVHGDVFROODWHUDOWKHORDQLVFDOOHGDPRUWJDJH
$JXDUDQWRULVDSHUVRQZKRFRVLJQV\RXUORDQ,WLVXVXDOO\DSHUVRQZKRKDVHQRXJKPRQH\WREDFNXS\RXUORDQLI\RXGHIDXOW
:KHQDSHUVRQRUHQWLW\IDLOVWRSD\XSDORDQRUPRUWJDJHWKH\KDYHLQHIIHFWpGHIDXOWHGqRQWKHORDQ
:KHQDSHUVRQRUHQWLW\GHIDXOWVWKHEDQNIRUHFORVHVRQWKHPRUWJDJHDQGVHOOVWKHSURSHUW\DWDSXEOLFDXFWLRQ
:KHQ\RXDVNIRUDPRUWJDJHWKHEDQNVHQGVDQDSSUDLVHUWR\RXUKRXVHWRDSSUDLVHLWVPDUNHWYDOXHRUWRPDNHDQDSSUDLVDO
7KHEDQNLVXVXDOO\FRQVHUYDWLYHDQGOHQGV\RXDQDPRXQWHTXLYDOHQWWREHWZHHQDQGRIWKHDSSUDLVHGYDOXH
7KHWHUPRIWKHORDQRUPRUWJDJHLVWKHQXPEHURI\HDUV\RXKDYHWRSD\EDFNWKHGHEW
0DQ\\HDUVDJRLQ6SDLQPRUWJDJHWHUPVZHUHXVXDOO\WR\HDUV1RZZHVHHDQGHYHQ\HDUPRUWJDJHWHUPV
7KHSHUVRQZKREX\VDKRXVHZLWKDPRUWJDJHKDVWRSD\VRPHXSIURQWFRVWVVXFKDVQRWDU\IHHVDSSUDLVDOIHHVRSHQLQJIHHVDQGPRUH
$QDGGLWLRQDORQJRLQJFRVWZKHQ\RXSXUFKDVHDKRXVHWKURXJKDPRUWJDJHLVWKHOLIHLQVXUDQFHSUHPLXPWKDW\RXPXVWSD\
7KHOLIHLQVXUDQFHSROLF\FRYHUVWKHEDQNoVULVNVLQFDVH\RXGLHRUEHFRPHSHUPDQHQWO\GLVDEOHGGXULQJWKHWHUPRIWKHPRUWJDJH
(FRQRPLFV
2QHRIWKHPRVWLPSRUWDQWHOHPHQWVLQXQGHUVWDQGLQJPDFURHFRQRPLFVLVWKHODZRIVXSSO\DQGGHPDQG
&RQVXPHUVGHPDQGJRRGVDQGVHUYLFHVDQGVXSSOLHUVSURYLGHFRQVXPHUVZLWKWKHVHJRRGVDQGVHUYLFHV
:KHQVXSSOLHUVDUHQoWSURGXFLQJHQRXJKJRRGVDQGVHUYLFHVWRPHHWFRQVXPHUGHPDQGSULFHVXVXDOO\JRXS
7KLVLVFDOOHGGHPDQGSXOOLQïDWLRQEHFDXVHWKHSULFHVDUHULVLQJEHFDXVHWKHGHPDQGLVpSXOOLQJqWKHSULFHVXS
$FRPPRQZD\WRFRQWUROWKLVNLQGRILQïDWLRQLVWRLQFUHDVHLPSRUWVHVSHFLDOO\IURPFRXQWULHVZKHUHSURGXFWLRQFRVWVDUHORZ
,QDQRSHQPDUNHWGHPDQGSXOOLQïDWLRQLVOHVVFRPPRQEHFDXVHLPSRUWVHQWHUWKHFRXQWU\IUHHRIKLJKWDULIIV
,IDFRXQWU\KDVKLJKWDULIIVRQLPSRUWHGJRRGVRUVHUYLFHVWKHFRXQWU\LVXVXDOO\FRQVLGHUHGWREHSURWHFWLRQLVW
7KLVNLQGRIFRXQWU\ZDQWVWRSURWHFWGRPHVWLFLQGXVWU\ZKLFKRIWHQOHDGVWRLQïDWLRQEHFDXVHSULFHFRPSHWLWLRQLVORZ
$FRXQWU\LQZKLFKWDULIIVDUHORZRUQRQH[LVWHQWLVXVXDOO\FDOOHGDIUHHWUDGLQJQDWLRQ,QWKHVHFRXQWULHVSULFHFRPSHWLWLRQLVKLJK
$VLPSOHH[DPSOHRIGHPDQGSXOOLQïDWLRQFDQEHDSRSXODUUHVWDXUDQWZKHUHERRNLQJDWDEOHLVEHFRPLQJPRUHDQGPRUHGLIîFXOW
3UREDEO\WKHEHVWSROLF\IRUWKHUHVWDXUDQWRZQHULVWRUDLVHSULFHVXQWLOWKHZDLWLQJOLVWLVUHGXFHGWR]HUR
7KHUHVWDXUDQWLQTXHVWLRQKDVDGGHGWRWKHQDWLRQDOLQïDWLRQUDWHEXWLWZDVQHFHVVDU\LQRUGHUWRUDWLRQDOL]HWKHKLJKGHPDQG
7KHRSSRVLWHLVZKHQVXSSO\H[FHHGVGHPDQG:KHQWKLVKDSSHQVWKHHFRQRP\XVXDOO\H[SHULHQFHVSULFHVWDELOLW\RUGHïDWLRQ
,QWKLVFDVHVXSSOLHUVKDYHDORWRILQYHQWRU\LQWKHLUZDUHKRXVHVRUVKRSVDQGSHRSOHDUHQRWEX\LQJWKHJRRGVRUVHUYLFHVIDVWHQRXJK
:KHQWKLVKDSSHQVVXSSOLHUVORZHUWKHLUSULFHVLQRUGHUWRHQFRXUDJHGHPDQGDQGVHOORIIWKHLUH[FHVVLQYHQWRULHV
0DQXIDFWXULQJ
6FLHQWLîFDQGWHFKQRORJLFDOEUHDNWKURXJKVKDYHKDGDWUHPHQGRXVLPSDFWRQPDQXIDFWXULQJLQWKHSDVW\HDUV
2QFHFRPSXWHUWHFKQRORJ\EHJDQWRSHUPHDWHLQGXVWU\WKHWHUP&$'&$0EHJDQWRDSSHDU
&$'&$0VWDQGVIRUFRPSXWHUDLGHGGHVLJQFRPSXWHUDLGHGPDQXIDFWXULQJ&$'&$0LQWHJUDWHVGHVLJQDQGPDQXIDFWXULQJ
&RPSXWHUDLGHGGHVLJQ&$'UHIHUVWRFRPSXWHUWRROVXVHGWRKHOSHQJLQHHUVLQGHVLJQLQJSURGXFWVPRUHHIîFLHQWO\DQGHIIHFWLYHO\
&$'WDNHVDGYDQWDJHRIWKHFDOFXODWLRQVSHHGRIFRPSXWHUSRZHUWRVROYHTXHVWLRQVVXFKDVVWUHVVDQGWKHUPDODQDO\VLV
&$'V\VWHPVDUHHDV\WRXVHFXWGHVLJQWLPHGRZQWRDPLQLPXPDQGRIIHUFORVHWRSHUIHFWîQDOGHVLJQV
&RPSXWHUDLGHGPDQXIDFWXULQJ&$0DOORZVIRUWKHFRQWURORIURERWLFVDQGPDFKLQHWRROVGXULQJWKHPDQXIDFWXUHRIWKHSURGXFWV
$FRPPRQSUREOHPEHIRUH&$'&$0ZDVWKHWHQGHQF\IRUGHVLJQHUVWRGHVLJQSURGXFWVWKDWFRXOGQRWEHPDQXIDFWXUHG
%\LQWHJUDWLQJWKHWZRFRPSXWHUDLGHGV\VWHPVLWoVXQOLNHO\IRUSURGXFWHQJLQHHUVWRZRUNGLVFRQQHFWHGIURPPDQXIDFWXULQJHQJLQHHUV
$&$'&$0V\VWHPLQFUHDVHVSURJUDPPLQJDFFXUDF\FRPSOLDQFHWRGHVLJQSDUDPHWHUVDQGWKHDELOLW\WRPDNHFRQîJXUDWLRQFKDQJHV
,QIRUPDWLRQWHFKQRORJ\KDVUDGLFDOO\FKDQJHGPDQXIDFWXULQJDQGWXUQHGLWLQWRDQH[FLWLQJîHOGRIDSSOLHGUHVHDUFKDQGGHYHORSPHQW
7KDQNVWRWKHVHQHZWHFKQRORJLHVPDQXIDFWXULQJKDVEHHQWKHPRWRUIRUFHLQWKHLQFUHGLEOHLQFUHDVHVLQSURGXFWLYLW\ZRUOGZLGH
0DQ\FRPSXWHUUHODWHGV\VWHPVKDYHDSSHDUHGVLQFH&$'&$0WKDWDUHEULQJLQJPRUHSURGXFWLYLW\LPSURYHPHQWV
&1&RUFRPSXWHUQXPHULFDOFRQWUROLVEDVLFDOO\DFRPSXWHUWKDWGULYHVWKHELJPDFKLQHWRROVWKDWPDNHSDUWVDQGFRPSRQHQWV
&1&DXWRPDWLRQKDVUHGXFHGWKHIUHTXHQF\RIHUURUVDQGIUHHGXSWKHKXPDQRSHUDWRUWRSHUIRUPDGGLWLRQDOWDVNV
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
4XLÃQVHUÇDWXQRYLDVLIXHUDV :KRZRXOGEH\RXUJLUOIULHQGLI
|&XLGDGR /RRNRXW
'LRV" \RXZHUH*RG" 'HEHUÇDVKDEHUWHDJDFKDGR <RXVKRXOGKDYHGXFNHG
6LIXHUDVLQYLVLEOHGRQGHLUÇDV" ,I\RXZHUHLQYLVLEOHZKHUH 3RUTXÃWHQÇDTXHKDEHUPH :K\ZDV,VXSSRVHGWRKDYH
ZRXOG\RXJR" DJDFKDGR" GXFNHG"
4XÃKDUÇDVVLWXYLHUDVWDQWRV :KDWZRXOG\RXGRLI\RXKDG
3RUTXHDVÇQRWHKDEUÇDVPRMDGR %HFDXVHRWKHUZLVH\RXZRXOG
EUD]RVFRPRXQSXOSR" DVPDQ\DUPVDVDQRFWRSXV" KDYHJRWZHW
6LSXGLHUDVYLYLUHQRWUDÃSRFD ,I\RXFRXOGOLYHLQDQRWKHUHUD
$PÇQRPHLPSRUWDPRMDUPH ,GRQoWPLQGJHWWLQJZHW
FX»OVHUÇD" ZKLFKZRXOGLWEH"
3UHIHULUÇDVVHUULFR\IHRR :RXOG\RXUDWKHUEHULFKDQG
JXDSR\SREUH" XJO\RUKDQGVRPHDQGSRRU"
0RUWDU0RUWHUR
3HHOHU0RQGDGRU
/DGOH&XFKDUÍQ
9RFDEXODULR.LWFKHQZDUH8WHQVLOLRVGHFRFLQD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
0DUNHWLQJDQGVDOHVPDQDJHPHQW
7RJDLQPDUNHWVKDUHDQGVHOOPRUHFRPSDQLHVXVHPDQ\GLIIHUHQWW\SHVRISURPRWLRQDOWRROV
7KHPRVWSRSXODUWHUPVXVHGWRUHIHUWRWKHVHSURPRWLRQDOWRROVLVWKH0DUNHWLQJ0L[DQGWKHIRXU3oV
:KHQ\RXKHDUWKHWHUPpWKHIRXU3oVq\RXVKRXOGUHPHPEHUSURGXFWSULFHSODFHDQGSURPRWLRQ
+RZHYHUEHIRUHPDNLQJGHFLVLRQVDERXWKRZWRDGGUHVVWKHIRXU3oVHYHU\FRPSDQ\QHHGVDVROLGPDUNHWLQJSODQ
7KHPDUNHWLQJSODQLVSDUWRIWKHRYHUDOOEXVLQHVVSODQRIWKHRUJDQL]DWLRQZKLFKUHïHFWVWKHVWUDWHJLFJRDOVRIWKHFRPSDQ\
(YHU\RQHPXVWXQGHUVWDQGWKHEHQHîWVRIWKHSURGXFWVRUVHUYLFHVWKDWWKHFRPSDQ\RIIHUVWRWKHFXVWRPHU
2QFHWKLVLVGRQHWKHQDPDUNHWLQJSODQFDQEHGUDZQXSWRFRPPXQLFDWHZLWKWKHPDUNHWDQGVHOOWKHSURGXFWRUVHUYLFH
7KHPRVWFULWLFDOHOHPHQWLQDVXFFHVVIXOPDUNHWLQJSODQLVWRXQGHUVWDQGKRZSHRSOHZLOOEHQHîWIURPDUHODWLRQVKLSZLWK\RXUFRPSDQ\
7KHQ\RXUQH[WVWHSLVWRGHVLJQDQHIIHFWLYHFRPPXQLFDWLRQVWUDWHJ\WRPDNHWKHVHEHQHîWVFOHDUWR\RXUWDUJHWPDUNHW
$WWKHVDPHWLPH\RXQHHGWRGHYLVHZD\VRIPHDVXULQJWKHUHVXOWVRIWKHSODQWRNQRZKRZZHOOLWoVZRUNLQJ
7KHIRXU3oVKDYHEHHQXVHGWUDGLWLRQDOO\WRIRFXVWKHHQHUJ\DQGHIIRUWVRIWKHVDOHVDQGPDUNHWLQJSHRSOH
7KHîUVW3LVSURGXFWDQGWKHVDOHVDQGPDUNHWLQJSHRSOHPXVWFRQFHQWUDWHRQHYHU\WKLQJVXUURXQGLQJWKHSURGXFWHVSHFLDOO\EUDQGLQJ
%UDQGLQJLVWKHHIIRUWPDGHE\DQRUJDQL]DWLRQWRPDNHWKHSURGXFWoVQDPHIDPRXVUHVSHFWHGDQGLQGHPDQG
$EUDQGQDPHFDQEHPRUHYDOXDEOHWKDQWKHFRPSDQ\LWVHOI7KHEUDQGp/HYLoVqLVZRUWKPRUHWKDQWKH/HYL6WUDXVV &RPSDQ\
%LOOLRQVRIGROODUVDUHLQYHVWHGHDFK\HDULQFUHDWLQJpEUDQGHTXLW\q7KLVLQFOXGHVWKHSHUFHLYHGTXDOLW\RIWKHEUDQGDQGEUDQGOR\DOW\
*HQHUDODQGVWUDWHJLFPDQDJHPHQW
7KHPRVWLPSRUWDQWVWUDWHJLFGHFLVLRQD&(2PDNHVLVWRGHFLGHRQZKHUHWKHFRPSDQ\ZDQWVWREHLQîYHWHQRU\HDUV
:KDWHYHUWKHGHFLVLRQWKHîQDOPHDVXUHPHQWRIVXFFHVVZLOOEHWKHJURZWKDFKLHYHGLQRYHUDOOSURîWVDQGWKHUHWXUQRQHTXLW\52(
,I52(LVKLJKEXWRQSURîWVWKDWJURZVORZO\WKHQVKDUHKROGHUVZLOOEHFRPHLPSDWLHQWZLWKWKHUHWXUQRQWKHLULQYHVWPHQW52,
7KDWoVZK\&(2VRIWHQXVHWKHWHUPpSURîWDEOHJURZWKqRUpSURîWDELOLW\DQGFRQWLQXRXVLPSURYHPHQWq
$QLPSRUWDQWVWUDWHJLFWRROXVHGE\&(2VDQGFRQVXOWDQWVLVWKH6:27PRGHO6WUHQJWKV:HDNQHVVHV2SSRUWXQLWLHVDQG7KUHDWV
$&(2QHHGVWRDVVHVVWKHVWUHQJWKVDQGZHDNQHVVHVRIWKHFRPSDQ\DVZHOODVWKHRSSRUWXQLWLHVDQGWKUHDWVLQWKHPDUNHWSODFH
%\DQDO\]LQJVWUHQJWKVDQGZHDNQHVVHVWKH&(2WULHVWRLGHQWLI\LQWHUQDOIDFWRUVLQWKHRUJDQL]DWLRQWKDWPD\EHKHOSIXORUKDUPIXO
%\DQDO\]LQJRSSRUWXQLWLHVDQGWKUHDWVWKH&(2WULHVWRLGHQWLI\H[WHUQDOIDFWRUVWKDWFDQKHOSRUKXUWWKHRUJDQL]DWLRQ
7\SLFDOVWUHQJWKVFDQEHDVWURQJEUDQGDQHVSHFLDOO\HIîFLHQWIDFWRU\DVWURQJîQDQFLDOSRVLWLRQRUDSURYHQPDQDJHPHQWWHDP
7\SLFDOZHDNQHVVHVFDQLQFOXGHDZHDNEUDQGQDPHSRRUSDWHQWSURWHFWLRQDKLJKFRVWVWUXFWXUHRUDSRRUUHSXWDWLRQDPRQJFXVWRPHUV
7\SLFDORSSRUWXQLWLHVFDQEHDQHZPDUNHWWUHQGVZHDNFRPSHWLWRUVQHZWHFKQRORJLHVDJURZLQJHFRQRP\RUDVKLIWLQEX\LQJKDELWV
7\SLFDOWKUHDWVFDQEHVWURQJORFDOFRPSHWLWRUVDQXQIULHQGO\JRYHUQPHQWIRUHLJQFRPSHWLWLRQRUSXEOLFUHODWLRQVGDQJHUV
$&(2oVîUVWMRELVWRHQKDQFHWKHFRPSDQ\oVVWUHQJWKVZKLOHPLQLPL]LQJRUHOLPLQDWLQJLWVZHDNQHVVHV7KLVFDQRIWHQWDNH\HDUV
2QHVWUDWHJ\WKDW&(2VRIWHQXVHLVVLPSO\WRSXUVXHEXVLQHVVRSSRUWXQLWLHVWKDWDUHDJRRGîWWRWKHFRPSDQ\oVVWUHQJWKV
$QRWKHUVWUDWHJ\LVWRFRQFHQWUDWHUHVRXUFHVDQGHQHUJ\RQPLQLPL]LQJWKHZHDNQHVVHVLQRUGHUWREHDEOHWRSXUVXHRSSRUWXQLWLHVEHWWHU
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
-XJDURQSHRUTXHODVHPDQD 7KH\SOD\HGZRUVHWKDQODVW
/OHYRDËRVVLQYHUDPLWÇR3HSH ,KDYHQoWVHHQP\XQFOH3HSH
SDVDGD ZHHN IRU\HDUV
&DQWDVPHMRUFXDQGRKDV <RXVLQJEHWWHUZKHQ\RXoYH /OHYDQPXFKRWLHPSRVLQ 7KH\KDYHQoWVSRNHQWRHDFK
WRPDGRXQDFRSD KDGDGULQN KDEODUVH RWKHUIRUDORQJWLPH
-DÃQHVW»P»VOHMRVGH0DGULG -DHQLVIXUWKHUIURP0DGULG /OHYDVPXFKRWLHPSRVLQ <RXKDYHQoWFXW\RXUKDLUIRUD
TXH/HÍQ WKDQ/HÍQ FRUWDUWHHOSHORQR" ORQJWLPHKDYH\RX"
7XKHUPDQDQRHVW»P»VJXDSD <RXUVLVWHULVQoWSUHWWLHUWKDQ
(O5HDO0DGULGOOHYDVHLVDËRV 5HDO0DGULGKDVQoWZRQWKH
TXHWÔ \RX VLQJDQDUOD/LJDGH&DPSHRQHV &KDPSLRQV/HDJXHLQVL[\HDUV
1RVÃWDQWRFRPRWÔ ,GRQoWNQRZDVPXFKDV\RXGR /OHYDPRVWUHVPHVHVVLQOOXYLD :HKDYHQoWKDGUDLQIRUWKUHH
PRQWKV
6SRQJH(VSRQMD
3RWW\2ULQDO
1DSS\5DVK&UHDP&UHPDSDUDODVHVFRFHGXUDV
9RFDEXODULR1XUVHU\(OFXLGDGRGHOEHEÃ
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
,QYHVWLQJ
2QFHOLIHLQVXUDQFHSURWHFWLRQLVVHFXUHGWKHQDPDUULHGFRXSOHXVXDOO\ZDQWVWREX\DKRXVHDQGVWDUWDVDYLQJVSODQ
,Q6SDLQKRXVLQJKDVEHHQDW\SLFDOVDIHKDYHQIRUVDYLQJV7KHWHUPpVDIHKDYHQqPHDQVDSODFHIRUSURWHFWLRQDQGVDIHUHIXJH
+RXVLQJSULFHVKDYHWUDGLWLRQDOO\DSSUHFLDWHGLQ6SDLQDOORZLQJLQYHVWRUVLQUHDOHVWDWHKDQGVRPHFDSLWDOJDLQV
7KHWHUPpKDQGVRPHqLVWKHDGMHFWLYHWKDWLVRIWHQXVHGZKHQZHUHIHUWRDQLPSRUWDQWîQDQFLDORUEXVLQHVVSURîW
7KHWHUPpUHDOHVWDWHqUHIHUVWRSURSHUW\LQWKHIRUPRIODQGKRXVHVïDWVDSDUWPHQWVEXLOGLQJVRUFRPPHUFLDOSURSHUW\
7KHWHUPpHVWDWHqUHIHUVWRDOOSRVVHVVLRQVWKDWIRUPWKHQHWZRUWKRIDSHUVRQ)RUFRUSRUDWLRQVZHXVXDOO\XVHWKHZRUGpHTXLW\q
,QWKH86DUHDOHVWDWHDJHQWLVWKHLQWHUPHGLDU\EHWZHHQEX\HUVDQGVHOOHUVRIUHDOHVWDWH,QWKH8.WKHWHUPLVpHVWDWHDJHQWq
<RXUQHWHVWDWHLVHYHU\WKLQJ\RXSRVVHVVPLQXVHYHU\WKLQJ\RXRZH7KLVLV\RXUQHWZRUWKRUSHUVRQDOHTXLW\SRVLWLRQ
$EDQNPD\UHTXLUH\RXWRVXEPLWDGRFXPHQWVWDWLQJ\RXUQHWZRUWK7KLVLVXVXDOO\FDOOHGDSHUVRQDOîQDQFLDOVWDWHPHQW
8QOHVV\RXoUHDOUHDG\ULFKRUEHFRPHULFKEHIRUHWKHDJHRIWKHQ\RXUJRDOLVWRJHWULFKpVORZO\qWKURXJKJRRGHVWDWHSODQQLQJ
(VWDWHSODQQLQJLQPRVWFRXQWULHVVWDUWVZLWKOLIHLQVXUDQFHWKHQDKRXVHDQGWKHQDVWHDG\VDYLQJVSODQ
7KHVDYLQJVSODQVKRXOGORRNIRUVHFXUHLQYHVWPHQWVWKDWSURYLGHWKHJUHDWHVWUHWXUQSRVVLEOH5LVNVKRXOGEHNHSWWRDPLQLPXP
0DQ\SHRSOHORRNIRUWKHEHVWUHWXUQVRQWKHLULQYHVWPHQWRQO\WRORVHDOOWKHLUPRQH\EHFDXVHRISXWWLQJDOOWKHLUHJJVLQRQHEDVNHW
$Q\KRQHVWH[SHUWZLOOWHOO\RXWKDW\RXPXVWDOZD\VGLYHUVLI\\RXULQYHVWPHQWVDQGGLYHUVLI\ULVN
(YHQWKHPRVWVXFFHVVIXOLQYHVWRUVGRQoWSXWPRUHWKDQSHUFHQWRIWKHLUPRQH\LQKLJKUHWXUQDQGKLJKULVNLQYHVWPHQWV
+XPDQUHVRXUFHV
:KHQDFRPSDQ\KLUHVDQHZHPSOR\HHRUPDQDJHUXVXDOO\WKLVSHUVRQUHFHLYHVYHU\OLWWOHRULHQWDWLRQDERXWWKHFRPSDQ\DQGLWVSHRSOH
$QHZHPSOR\HHRUPDQDJHUXVXDOO\IHHOVLQVHFXUHDWWKHEHJLQQLQJDQGZRXOGEHQHîWIURPDJRRGRQWKHMRERULHQWDWLRQ
6RPHFRPSDQLHVSUHSDUHKDQGERRNVIRUQHZDUULYDOVWKDWH[SODLQWKHPLVVLRQDQGREMHFWLYHVRIWKHFRPSDQ\DVZHOODVWKHRUJDQL]DWLRQ
7KH+5GHSDUWPHQWVLQVRPHFRPSDQLHVPDNHDSRLQWWRHVFRUWWKHQHZDUULYDOWRHYHU\GHSDUWPHQWWRPHHWWKHSHRSOH
7KLVNLQGRIRULHQWDWLRQKDVDVWURQJLPSDFWRQQHZHPSOR\HHVDQGUHGXFHVWKHDFFOLPDWLRQSUREOHPVWKDWRIWHQKXUWSHUVRQDOPRUDOH
7KHWKLUGLPSRUWDQWHOHPHQWLVJRRGWUDLQLQJ(YHU\FRPSDQ\KDVDFXOWXUHDQGDZD\RIGRLQJWKLQJV
,WoVYLWDOIRUQHZHPSOR\HHVDQGPDQDJHUVWRDVVLPLODWHWKHFRUSRUDWHFXOWXUHLWVJRDOVLWVSHUVRQDOLW\DQGLWVPLVVLRQ
7UDLQLQJVKRXOGQRWRQO\EHMREVSHFLîFEXWVKRXOGEHGHVLJQHGDVZHOOWRLQFXOFDWHFRUSRUDWHYDOXHV
3HRSOHQHHGWRIHHOWKDWWKH\oUHDSDUWRIDQRYHUDOOMRLQWHIIRUWLQZKLFKHYHU\RQHLVURZLQJLQWKHVDPHGLUHFWLRQ
7KHIRXUWKLPSRUWDQWHOHPHQWLQJRRG+5PDQDJHPHQWLVWRPDNHVXUHWKDWSHRSOHDUHIDLUO\FRPSHQVDWHGIRUWKHLUHIIRUWV
7KHFRPSHQVDWLRQV\VWHPERWKIRUHPSOR\HHVDQGPDQDJHUVLVDKLJKO\VHQVLWLYHWRROWKDWPXVWEHFDUHIXOO\GHVLJQHGDQGPDQDJHG
(YHU\PHPEHURIWKHH[HFXWLYHFRPPLWWHHVKRXOGSDUWLFLSDWHLQWKHîQDOGHVLJQDQGDSSURYDORIWKHFRPSHQVDWLRQSODQRUVFKHPH
7KHWHUPpVFKHPHqLVXVHGYHU\IUHTXHQWO\LQ%ULWLVK(QJOLVK,Q$PHULFDQ(QJOLVKWKHZRUGpSODQqLVXVHGLQWKHVHFDVHV
7KHFRPSHQVDWLRQSODQLVRIWHQFDOOHGpHPSOR\HHEHQHîWVq+RZHYHUWKHWHUPpHPSOR\HHEHQHîWVqLVXVXDOO\QRQVDODU\
7KHFRPSHQVDWLRQSODQLQFOXGHVWKHEDVHVDODU\SOXVH[WUDVFDOOHGpHPSOR\HHEHQHîWVqLQWKH86DQGpEHQHîWVLQNLQGqLQWKH8.
6HFUHWDULDODQGDGPLQLVWUDWLRQ
0U(YDQVLVQoWLQDWWKHPRPHQW ,oOOEHULJKWZLWK\RX 7KHUHoVQRERG\KHUHE\WKDWQDPH
0D\,WDNHDPHVVDJH" 3OHDVHKROGWKHOLQH,oOOSXW\RXWKURXJK 0U(YDQVLVLQDPHHWLQJULJKWQRZ
:RXOG\RXOLNHWROHDYHDPHVVDJH" ,oOOWU\WRWUDQVIHU\RXUFDOO 0U(YDQVVKRXOGEHEDFNDWDQ\PRPHQW
+HoVRXWRIWKHRIîFHULJKWQRZ <RXFDQORFDWHKLPDWWKLVQXPEHU ,oPVXUHKHoOODSSUHFLDWH\RXUJHVWXUH
+HoVDZD\RQEXVLQHVVWKLVZHHN 0D\,VSHDNWR0U-RKQVRQSOHDVH" ,oOOOHWKLPNQRZWKDW\RXFDOOHG
+HoOOEHEDFNRQ0RQGD\PRUQLQJ +HOOR,oPFDOOLQJIURPWKH6SDQLVKRIîFH &RXOG\RXFRPHXSWR0U(YDQoVRIîFH"
+HoVDZD\RQKROLGD\2QYDFDWLRQ 7KLVLV3DXODIURPWKH6SDQLVKVXEVLGLDU\ ,oPFDOOLQJRQEHKDOIRI-RKQ(YDQV
,oOOWHOOKLP\RXFDOOHG ,oPQRWDXWKRUL]HGWRJLYHRXWKLVQXPEHU &RXOG\RXVSHOO\RXUQDPHSOHDVH"
+HoVRQDQRWKHUOLQHDWWKHPRPHQW &DQ\RXSXWPHWKURXJKWR0U7KRPSVRQ" :RXOG\RXPLQGVSHOOLQJWKDWIRUPH"
,oOOKDYHKLPUHWXUQ\RXUFDOO &DQ\RXWHOOPHZKHQKHoOOEHEDFN" &RXOG\RXSOHDVHUHSHDWWKDW"
:RXOG\RXFDUHWRWDONWRVRPHRQHHOVH" 0D\,EHRIDQ\KHOS" ,GLGQoWFDWFK\RXUODVWQDPH
,EHOLHYH\RXoYHUHDFKHGWKHZURQJQXPEHU &DQ,OHDYHDPHVVDJHSOHDVH" &RXOG\RXUHSHDWWKHFRPSDQ\QDPH"
,oPVRUU\EXW,KDYHDQRWKHUFDOORQKROG <RXoYHEHHQWUDQVIHUUHGWRWKHZURQJQXPEHU 0D\,DVNZKHUH\RXoUHFDOOLQJIURP"
0D\,DVNZKRoVFDOOLQJ" 0U(YDQVD0U3ÃUH]LVRQWKHOLQH 0U(YDQVZRQoWEHLQDOOGD\
3OHDVHKROGWKHOLQHIRUDPRPHQW :KDWVKDOO,WHOOKLP" 0DUÇDLVLOODQG,oPVLWWLQJLQIRUKHU
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
3KDU\Q[)DULQJH
/DU\Q[/DULQJH
9RFDO&RUGV&XHUGDVYRFDOHV
$GDPoV$SSOH1XH]
2HVRSKDJXV(VÍIDJR
9RFDEXODULR+HDG&DEH]D
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3RUTXÃDJXDQWDVHVH :K\GR\RXSXWXSZLWKWKDW
4XÃSDVDFRQWLJR" :KDWoVXSZLWK\RX"
FRPSRUWDPLHQWR" EHKDYLRXU" 0HVLHQWRIDWDO ,IHHOORXV\
'LOHTXHVHSUHRFXSHGHVXV 7HOOKLPWRPLQGKLVRZQ
0LFXËDGRPHSXVRHQULGÇFXOR 0\EURWKHULQODZPDGHDIRRO
SURSLRVDVXQWRV EXVLQHVV GHODQWHGHWRGRV RIPHLQIURQWRIHYHU\RQH
1RHVDVXQWRVX\R ,WoVQRQHRIKLVEXVLQHVV /RÔOWLPRTXHQHFHVLWDPRVHV 7KHODVWWKLQJZHQHHGLVD
(VWȔVJRQHDQGRHQWXYLGD +HoVSU\LQJLQWR\RXUSULYDWH
XQERFD]DVFRPRÃO ELJPRXWKOLNHKLP
SULYDGD OLIH (VXQDYHUJÖHQ]DTXHWHWUDWH ,WoVDGLVJUDFHKHWUHDWV\RXVR
3RUTXÃHUHVWDQHQWURPHWLGR" :K\LVKHVRQRVH\" WDQPDO EDGO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpLQq
9RFDEXODU\
+HKHOSHGPHLQ +HZDONHGLQDQGSXOOHGRXWDJXQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
0HD\XGÍDHQWUDU (QWUÍDQGDQGR\VDFÍXQDUPDGHIXHJR IUDVHVHQLQJOÃV"
,QIRUPDWLRQWHFKQRORJ\
&HUWDLQ,7JXUXVWDONDERXWWKHHQGRIFRUSRUDWHFRPSXWLQJ%\WKLVWKH\PHDQWKHHQGRIFRPSXWLQJSRZHUDVDQLQKRXVHDVVHW
,QWKHîUVW\HDUVRIHOHFWULFLW\PRVWODUJHFRPSDQLHVRZQHGDQGRSHUDWHGWKHLURZQHOHFWULFDOJHQHUDWRUVWRSURYLGHSRZHU
6RRQKRZHYHUWKH\VKLIWHGWRRXWVRXUFLQJWKLVWRXWLOLW\FRPSDQLHVZKLFKLVKRZZHXVXDOO\VD\HOHFWULFFRPSDQLHVLQ(QJOLVK
0DQ\EHOLHYHWKDWWKLVXWLOLW\PRGHOZLOOSHQHWUDWHFRUSRUDWHFRPSXWLQJHOLPLQDWLQJWKHFRVWRIHTXLSPHQWSXUFKDVHDQGPDLQWHQDQFH
8QOLNHHOHFWULFLW\FRUSRUDWHFRPSXWLQJLQFOXGHVLPSRUWDQWVHFXULW\FRQVLGHUDWLRQVWKDWPXVWEHDGGUHVVHG
$QRXWVLGHVXSSOLHUZLOOWDNHUHVSRQVLELOLW\IRUDOORIDFRPSDQ\oV,7UHTXLUHPHQWVIURPLQIUDVWUXFWXUHDQGVWRUDJHWRDSSOLFDWLRQV
:KHWKHUWKLVKDSSHQVRUQRWWKHFRPSDQ\ZLOODOZD\VQHHGWRSURYLGHLQIRUPDWLRQRQWKHEXVLQHVVLWVHOIDQGWKHLQWHUQDOSURFHVVHV
%XVLQHVVLQWHOOLJHQFHLVDFRPPRQZRUGWRUHIHUWRFROOHFWLQJLQWHJUDWLQJDQDO\]LQJDQGSUHVHQWLQJEXVLQHVVLQIRUPDWLRQ
%XVLQHVVLQWHOOLJHQFHV\VWHPVSURYLGHKLVWRULFDOFXUUHQWDQGSUHGLFWLYHYLHZVRIEXVLQHVVRSHUDWLRQV
7KHV\VWHPVVLIWWKURXJKODUJHDPRXQWVRIGDWDH[WUDFWWKHSHUWLQHQWLQIRUPDWLRQDQGWXUQLWLQWRNQRZOHGJHIRUGHFLVLRQVDQGDFWLRQV
7KHYDVWDPRXQWRIUDZLQIRUPDWLRQLVFRQWDLQHGLQZKDWLVXVXDOO\FDOOHGDGDWDZDUHKRXVH
7KHLQIRUPDWLRQLQWKLVGDWDZDUHKRXVHLVPLQHGDQDO\]HGDQGWUDQVIRUPHGLQWRUHSRUWV
7KHRYHUDOOLGHDLVWRSURYLGHPDQDJHUVZLWKUHOHYDQWUHSRUWVLQUHDOWLPHIRUIRUHFDVWLQJDQDO\VLVDQGEXVLQHVVGHFLVLRQPDNLQJ
%XVLQHVVLQWHOOLJHQFHRIWHQXVHVNH\SHUIRUPDQFHLQGLFDWRUV.3,VWRDVVHVVWKHFXUUHQWEXVLQHVVDQGWRSUHVFULEHDFWLRQ
*RRGEXVLQHVVLQWHOOLJHQFHFDQJLYHDFRPSDQ\DVWURQJFRPSHWLWLYHDGYDQWDJHDQGPRUHDQGPRUHFRQVXOWDQWVDUHZRUNLQJLQWKLVîHOG
/DZDQGOHJDOFRXQVHO
$W\SLFDODFWLYLW\SHUIRUPHGE\DFRUSRUDWHOHJDOGHSDUWPHQWLVOLWLJDWLRQEXWPRVWGHSDUWPHQWVFDQQRWGRLWZLWKRXWRXWVLGHKHOS
2WKHUFRPSDQLHVWU\WRNHHSOLWLJDWLRQLQKRXVHLQRUGHUWRVDYHH[SHQVLYHRXWVLGHOHJDOIHHV
(PSOR\PHQWGLVSXWHVDUHRIWHQKDQGOHGLQKRXVHDOWKRXJKVPDOOFRPSDQLHVVWLOOWHQGWRVHHNRXWVLGHKHOS
&RPPHUFLDOGLVSXWHVLQYROYLQJVPDOOSRWHQWLDOOLDELOLW\DOVRWHQGWREHKDQGOHGLQWHUQDOO\E\ODUJHRUJDQL]DWLRQV
/DUJHODZîUPVDUHVWDIIHGZLWKH[SHUWVLQGLIIHUHQWDUHDVRIOLWLJDWLRQ+RZHYHUWKH\DUHXVXDOO\RQO\DGYLVDEOHIRUODUJHOHJDOTXHVWLRQV
6PDOOFRPSDQLHVRIWHQXVHGLIIHUHQWVPDOOODZîUPVHDFKH[SHUWLQVSHFLDOL]HGDUHDVRIODZ
&RPSDQLHVZKHUHLQWHOOHFWXDOSURSHUW\LVLPSRUWDQWVKRXOGVHHNWKHDGYLFHDQGFRXQVHORIDJRRGODZîUPH[SHUWLQWKLVDUHD
0DQ\FRPSDQLHVPDNHLPSRUWDQWPLVWDNHVFRQFHUQLQJQDPHVEUDQGVSDWHQWVWUDGHPDUNVRUFRS\ULJKWV
,IDFRPSDQ\LVLQDSUHFDULRXVVLWXDWLRQUHJDUGLQJHPSOR\HHVWKHQLWVKRXOGVHHNH[SHUWVLQODERXURUHPSOR\PHQWODZ
)LULQJDQHPSOR\HHQRZDGD\VLVGLIîFXOWLQLWVHOIDQGHYHQZRUVHLILWEULQJVRQSRVWWHUPLQDWLRQOLWLJDWLRQ
/LWLJDWLRQLVDFRPPRQZRUGZKHQUHIHUULQJWRODZVXLWVWKDWDUHKHDUGDQGGHFLGHGE\DMXGJHRUMXU\LQDFRXUW
%HIRUHUHVRUWLQJWROLWLJDWLRQWKHWZRSDUWLHVRIWHQWU\WRUHDFKDVHWWOHPHQWWKURXJKpDOWHUQDWLYHGLVSXWHUHVROXWLRQq
7KHWZRPRVWFRPPRQIRUPVRIDOWHUQDWLYHGLVSXWHUHVROXWLRQDUHDUELWUDWLRQDQGPHGLDWLRQ
:LWKDUELWUDWLRQWKHDUELWUDWRUPDNHVWKHîQDOGHFLVLRQ0HGLDWLRQXVHVDWKLUGSDUW\WRKHOSEULQJDERXWDQDJUHHPHQW
-XGJHVXVXDOO\WU\WRJHWWKHWZRSDUWLHVLQGLVSXWHWRVHHNDUELWUDWLRQRUPHGLDWLRQLQRUGHUWRUHGXFHWKHOHJDOZRUNORDG
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
/DFH(QFDMH
9HLO9HOR
%RXTXHW5DPRGHïRUHV
9RFDEXODULR:HGGLQJ%RGD
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
$OJXLHQHVW»OODPDQGRDOD 6RPHERG\oVNQRFNLQJDWWKH
3XHGHTXHOOHJXHQWDUGH 7KH\PLJKWDUULYHODWH
SXHUWD GRRU 3XHGHTXHKD\DDWDVFRVDODV 7KHUHPLJKWEHWUDIïFMDPVLQ
4XLÃQVHU»" ,ZRQGHUZKRLWLV DIXHUDVGHODFLXGDG WKHRXWVNLUWVRIWKHFLW\
|$EUHODSXHUWDVRPRVQRVRWURV 2SHQWKHGRRULWoVXV 3XHGHTXHVHOHKD\DROYLGDGR 6KHPLJKWKDYHIRUJRWWHQ
&LHUUDODSXHUWDFRQOODYH\QR /RFNWKHGRRUDQGGRQoWOHW DHOOD
OHVGHMHVHQWUDU WKHPFRPHLQ 3XHGHTXHPHSRQJDXQD ,PLJKWZHDUDZLJIRUWKH
1RORKDUÃDPHQRVTXHPHOR ,ZRQoWGRLWXQOHVV\RXDVNPH
SHOXFDSDUDODîHVWD SDUW\
SLGDVGHPDQHUDDPDEOH QLFHO\ 3XHGHTXHKD\DKDELGRXQ 7KHUHPLJKWKDYHEHHQD
FDPELRHQHOKRUDULR FKDQJHWRWKHVFKHGXOH
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpDIWHUq
9RFDEXODU\
,UDQDIWHUWKHP +HoVDIWHUPHWRîQLVKLW 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
&RUUÇWUDVHOORV (VW»GHWU»VGHPÇSDUDTXHORWHUPLQH IUDVHVHQLQJOÃV"
(OSRGHUTXHWLHQHÃOHQFXDQWRDWRPDGH
6KHoVRQO\DIWHU\RXUPRQH\ <RXWDNHDIWHU\RXUIDWKHU GHFLVLRQHVHVPÇQLPR
(OODVÍORHVW»GHWU»VGHWXGLQHUR 6DOLVWHDWXSDGUH /RVLQWHUPHGLDULRVVHHVW»QFRPLHQGR
QXHVWURVP»UJHQHV
+HoVJRLQJWRFRPHDIWHU\RX ,KDYHWRORRNDIWHUWKHNLGV 7LHQHQXHVWUDDJHQFLDGHFRPXQLFDFLÍQ
9DDYHQLUDSRUWLHQIDGDGR 7HQJRTXHFXLGDUDORVQLËRV FRQWDFWRVHQHOVHFWRUWHFQROÍJLFR"
&RPSUXHED WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/
&8562'(,1*/£6'(),1,7,92GH9DXJKDQ
(QWUHSUHQHXUVKLS
$FRPPRQFDXVHRIIDLOXUHDPRQJEXVLQHVVVWDUWXSVLVKDYLQJLQVXIîFLHQWRSHUDWLQJIXQGV
0DQ\SHRSOHXQGHUHVWLPDWHKRZPXFKPRQH\LVQHHGHGWRUXQDEXVLQHVVDQGRIWHQKDYHWRFORVHHYHQZKHQVXFFHVVVHHPVSRVVLEOH
7KH\WHQGWRPDNHXQUHDOLVWLFIRUHFDVWVRILQFRPLQJUHYHQXHVIURPVDOHV
,WoVLPSRUWDQWWRHVWDEOLVKKRZPXFKPRQH\WKHEXVLQHVVLVJRLQJWRQHHGZKLFKLQFOXGHVERWKVWDUWXSDQGRSHUDWLQJFRVWV
0RVWVPDOOEXVLQHVVHVWDNHRQHRUWZR\HDUVWREUHDNHYHQZKLFKPHDQVWKDWHQRXJKPRQH\PXVWEHDYDLODEOHWRFRYHUHDUO\ORVVHV
7KHYHUEpWREUHDNHYHQqLVXVHGZKHQWKHWRWDOPDUJLQDOFRQWULEXWLRQHDFKPRQWKRQVDOHVLVHQRXJKWRFRYHUî[HGH[SHQVHV
/HWoVVD\\RXVWDUWDFRPSDQ\LQZKLFK\RXEX\SRWDWRHVIURPDVXSSOLHULQ0RURFFRDQGVHOOWKHPLQ6SDLQ
<RXEX\WKHSRWDWRHVDWRQHHXURDNLORDQG\RXVHOOWKHPDWWKUHHHXURVDNLOR<RXUSULFHLVíDQG\RXUYDULDEOHFRVWLVí
7KHWHUPpYDULDEOHFRVWqUHIHUVRQO\WRWKRVHFRVWVWKDWDUHQRWLQFXUUHGLI\RXGRQoWVHOOWKHSURGXFW
)L[HGFRVWVDUHWKRVHWKDW\RXPXVWLQFXUHYHQLI\RXGRQoWVHOOWKHSURGXFW7KHVHLQFOXGHVDODULHVUHQWVRYHUKHDGH[SHQVHVHWF
:HNQRZWKDWIRUHYHU\NLORRISRWDWRHV\RXVHOOLQ6SDLQ\RXHDUQDPDUJLQDOFRQWULEXWLRQRIí
7KLVLVFDOOHGpFRQWULEXWLRQqEHFDXVHLWoVWKHPRQH\\RXUHDOO\HDUQLQRUGHUWRpFRQWULEXWHqWRFRYHULQJ\RXUî[HGFRVWV
/HWoVVD\\RXUHQWDZDUHKRXVHIRUíDPRQWK\RXSD\DVHFUHWDU\íDPRQWKDQGRWKHURYHUKHDGVWRWDODQRWKHUí
7KLVPHDQVWKDW\RXKDYHî[HGFRVWVWRWDOOLQJHXURV+RZPDQ\NLORVRISRWDWRHVGR\RXQHHGWRVHOOWRpEUHDNHYHQq"
%\VLPSOHGLYLVLRQLWoVFOHDUWKDWWKHEUHDNHYHQSRLQWLVNLORVRISRWDWRHV8QWLO\RXVHOONLORV\RXoUHQRWPDNLQJDQ\PRQH\
5HVHDUFKDQGGHYHORSPHQW
&UHDWLQJDVXFFHVVIXO5 'GHSDUWPHQWLQDODUJHRUJDQL]DWLRQLVQRWDQHDV\WDVN,WUHTXLUHVSHRSOHVNLOOVDVZHOODVYLVLRQ
5 'WHDPVGRQoWXVXDOO\GRWKLQJVWKDWKDYHQHYHUEHHQGRQHEHIRUHEXWWKH\PDNHFRQQHFWLRQVZKHUHQRRQHHOVHKDVPDGHWKHP
6FLHQWLîFSHUVRQQHOQHHGWREHFORVHWRWKHPDUNHWSODFH7KHPRUHVFLHQWLVWVWDONWRFXVWRPHUVWKHPRUHPDUNHWRULHQWHGWKH\oOOEHFRPH
6RPH5 'GHSDUWPHQWVKLUHSHRSOHZLWKH[SHUWLVHLQRWKHUDUHDV7KHVHSHRSOHRIWHQFKDOOHQJHWKHH[LVWLQJDVVXPSWLRQV
7KHLPSRUWDQWSRLQWKHUHLVWRSURPRWHWKHLGHDRIpWKLQNLQJRXWVLGHRIWKHER[qDFOLFKÃWKDWLVSRSXODUDPRQJUHVHDUFKHUVDQGLQYHQWRUV
7RpWKLQNRXWVLGHRIWKHER[qPHDQVWRDSSURDFKDSUREOHPIURPDQHZSHUVSHFWLYHZLWKRXWSUHFRQFHSWLRQV
,QDODUJHRUJDQL]DWLRQWKH5 'ODEVDUHRIWHQGHWDFKHGIURPWKHODWHUVXFFHVVRUIDLOXUHRIWKHVROXWLRQVWKH\SURGXFH
7KHEXVLQHVVXQLWVWKDWPDUNHWWKHVROXWLRQVDUHXVXDOO\LQWKHEHVWSRVLWLRQWRMXGJHWKHVXFFHVVRIWKH5 'GHSDUWPHQW
6RPHFRPSDQLHVLQFOXGH5 'WRJHWKHUZLWKWKHGLIIHUHQWEXVLQHVVXQLWVZKHQHVWDEOLVKLQJVDOHVDQGîQDQFLDOJRDOVDQGLQFHQWLYHV
:KHQWKLVKDSSHQVWKH5 'SHRSOHEHFRPHOHVVVFLHQWLîFDQGPRUHLQWHUHVWHGLQWKHîQDOVXFFHVVRIWKHLUFUHDWLRQV
7KHPRUHDFRPSDQ\oVVFLHQWLVWVWDONZLWKFXVWRPHUVWKHPRUHWKH\ZLOOEHJXLGHGE\PDUNHWQHHGVDQGSUREOHPV
0DQ\LQQRYDWLRQVFRPHIURPSHRSOHZKRKDYHHQWHUHGIUHVKIURPWKHRXWVLGH7KH\GRQoWIRFXVRQLPSURYLQJROGDQGIDPLOLDUVROXWLRQV
6RPHFRPSDQLHVPDNHDSRLQWHYHU\IHZ\HDUVRISXVKLQJWKHLUVFLHQWLVWVDQGHQJLQHHUVLQWRXQIDPLOLDUDUHDV
6RPHWLPHVDIDLOHGSURMHFWLQRQHPDUNHWWXUQVRXWWREHDUHYROXWLRQDU\VXFFHVVLQDQRWKHU1HYHUWKURZRXWDIDLOHGSURMHFW
9LDJUDIDLOHGDVDKHDUWPHGLFDWLRQDQGSRVWLWVIDLOHGDVHIIHFWLYHJOXH+RZHYHUWKH\ZHUHVXFFHVVIXOO\UHVXUUHFWHGIRURWKHUXVHV
7\SLFDORIîFHODQJXDJH
,KDYHQoWKDGWLPHWRJRRYHULWFRPSOHWHO\,oOOWDNHLWKRPHZLWKPHWRQLJKW<RXoOOKDYHLWRQ\RXUGHVNE\DPWRPRUURZ
6DOHVDUHGRZQWKURXJKRXWWKHLQGXVWU\:HoUHQRWWKHRQO\RQHVKXUWLQJ3HRSOHKDYHVXGGHQO\VWRSSHGEX\LQJ
'RHVDQ\ERG\NQRZZKHUH0DUJDUHWLV",oYHEHHQORRNLQJDOORYHUIRUKHU6KHVHHPVWRKDYHGLVDSSHDUHG
:HoGEHWWHUJHWJRLQJ,KDG0DUJDUHWFDOODFDEDQGLWVKRXOGEHZDLWLQJGRZQVWDLUV,GRQoWZDQWWRJHWWRWKHUHVWDXUDQWDIWHUWKH\GR
,oPVWDUWLQJWRJHWIDWVLWWLQJLQWKLVFKDLUDOOGD\,XVHGWREHDEOHWRJHWDZD\LQWKHHDUO\DIWHUQRRQWRVZLPDIHZODSVEXWQRWDQ\PRUH
,oOOVHQGDGULYHUWRSLFN\RXDQG)UHGXSDQGEULQJ\RXKHUH7KHPHHWLQJoVVHWIRUEXW,oPVXUHZHZRQoWVWDUWXQWLODTXDUWHUSDVW
,oYHEHHQORRNLQJRYHU\RXU&9DQG\RXVHHPWREULQJWRJHWKHUDORWRIWKHTXDOLîFDWLRQVZHQHHG$UH\RXïXHQWLQ(QJOLVK"
'RULVFDQ\RXERRNPHïLJKWIRU=XULFKHDUO\WRPRUURZPRUQLQJ"0DNHDWHQWDWLYHUHVHUYDWLRQIRUDUHWXUQïLJKWLQWKHHDUO\HYHQLQJ
,KRQHVWO\GRXEWWKDWWKH\oGJRWRWKDWH[WUHPH$FRXUWFDVHZRXOGEHGDPDJLQJWRHYHU\RQHLQYROYHG
'RULV,FDQoWîJXUHRXWKRZWRXVHWKLVQHZWHOHSKRQH(YHU\WLPH,WU\WRFDOODQH[WHUQDOQXPEHU,JHWDEXV\WRQH
*RRGPRUQLQJ0U(YDQVWKLVLV'RULV3DWWHUVRQ0U-RKQVRQLVQoWLQDWWKHPRPHQW:RXOG\RXOLNHWROHDYHDPHVVDJHIRUKLP"
:K\GRWKHVHSUREOHPVDOZD\VVHHPWRFRPHXSRQD)ULGD\DIWHUQRRQ",ZDVSODQQLQJWRWDNHRIILQPLQXWHV
7KHUHKDYHEHHQTXLWHDIHZFRPSODLQWVDERXWWKHQHZV\VWHP3HRSOHGRQoWVHHPWRRFRQYLQFHGWKDWLWoVJRLQJWRVDYHXVDQ\WLPH
:K\GRQoW\RXRSHQWKHEOLQGVDQGJHWVRPHVXQOLJKWLQWRWKLVRIîFH,GRQoWVHHKRZ\RXFDQZRUNLQVXFKDGDUNURRP
,UHPHPEHUZKHQZHXVHGWRMXVWSLFNXSDWHOHSKRQHDQGVROYHSUREOHPVLQPLQXWHV1RZLWUHTXLUHVDPRQWKRIFRQWLQXRXVHPDLOV
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
3ROLFH2IîFHU$JHQWHGHSROLFÇD
%DGJH3ODFD
*XQ3LVWROD
7UXQFKHRQ3RUUD
+DQGFXIIV(VSRVDV
9RFDEXODULR3ROLFH/D3ROLFÇD
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
|6LJXHKDEODQGR1RWHKH .HHSWDONLQJ,KDYHQoW
7HKDVSXHVWRFRORUDGR <RXoYHJRQHUHG
HQWHQGLGRWRGDYÇD XQGHUVWRRG\RX\HW (VGHHVSHUDUQR" ,WoVWREHH[SHFWHGLVQoWLW"
|6LJXHLQWHQW»QGROR1RWHGHV .HHSWU\LQJ'RQoWJLYHXS
6ÍORDFDEDVGHGDUWHFXHQWD +DYH\RXRQO\MXVWUHDOLVHG"
SRUYHQFLGR DKRUD"
6LJXHVVDOLHQGRFRQHVH $UH\RXVWLOOJRLQJRXWZLWK
0HSRGUÇDVKDEHUGLFKR <RXFRXOGKDYHWROGPH
JUDQMHUR" WKDWIDUPHU" TXHOOHYRWRGRHOGÇDFRQOD fWKDW,oYHKDGP\ðLHVXQGRQH
£OQRGHMDGHPROHVWDUPHFRQ +HNHHSVDQQR\LQJPHZLWKKLV EUDJXHWDDELHUWD DOOGD\
VXVTXHMDV FRPSODLQWV
1XQFDGHMDVGHURQFDU <RXQHYHUVWRSVQRULQJ
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpE\q 9$8*+$15(9,(:
5HYLVWDGH,QJOÃV
+HEURXJKWLWE\ ,QWHUHVWLQJMREVDUHKDUGWRFRPHE\
0HORWUDMRDTXÇDFDVD 1RDEXQGDQORVWUDEDMRVLQWHUHVDQWHV
7KH\FDPHE\WRVD\KHOOR 7KHSROLFHGULYHE\HYHU\PLQXWHV
3DVDURQSRUDTXÇSDUDVDOXGDU /DSROLFÇDSDVDFDGDPLQXWRVHQFRFKH
,EDUHO\PDNHHQRXJKWRJHWE\ ,JHWE\ZLWKP\OLPLWHG)UHQFK
$SHQDVJDQRSDUDVDOLUGHOSDVR 0HDSDËRFRQPLSRFRIUDQFÃV
$SUHQGHFRQODUHYLVWDGHORVSURIHVLRQDOHVGHO
LQJOÃV9DXJKDQ5HYLHZ
6XVFULSFLÍQíDODËRZZZYDXJKDQUHYLHZFRP
%DQNLQJ
,QDGGLWLRQWROHQGLQJDQGRWKHUVHUYLFHVEDQNVVDIHJXDUG\RXUPRQH\DQGYDOXDEOHV
0DQ\SHRSOHKDYHVDIHGHSRVLWER[HVLQWKHLUEDQNVZKHUHWKH\NHHSLPSRUWDQWGRFXPHQWVRUYDOXDEOHV
%DQNVDOVRSURYLGHSD\PHQWVHUYLFHVWKURXJKPRQH\RUGHUVDQGFDVKLHUoVFKHFNV
$PRQH\RUGHULVDSD\PHQWRUGHUWKDWLVPRUHWUXVWHGWKDQDSHUVRQDOFKHFNEHFDXVHWKHIXQGVLQWKHRUGHUDUHDOUHDG\SUHSDLG
$FDVKLHUoVFKHFNZKLFKFDQDOVREHFDOOHGDEDQNGUDIWLVDFKHFNWKDWLVJXDUDQWHHGE\WKHEDQN,WLVFOHDUHGE\WKHEDQNLPPHGLDWHO\
:KHQDSHUVRQDOFKHFNLVH[WHQGHGLWPXVWVSHQGWZRGD\VJRLQJWKURXJKFOHDUDQFH,IWKHFKHFNLVQoWFOHDUHGLWERXQFHV
7KHEDQNLQJLQGXVWU\LVXQGHUWKHFRQWURORIDFHQWUDOEDQNWKDWPRQLWRUVLWVDFWLYLWLHVDQGFRQWUROVWKHPRQH\VXSSO\
7KH(XURSHDQ&HQWUDO%DQNLVORFDWHGLQ)UDQNIXUWDQGWKH86)HGHUDO5HVHUYHLVORFDWHGLQ:DVKLQJWRQ'&
7KHFHQWUDOEDQNRUPRQHWDU\DXWKRULW\LVLQGHSHQGHQWIURPJRYHUQPHQWVDQGVHWVPRQHWDU\SROLF\LQDFRXQWU\RUJURXSRIFRXQWULHV
,WVPDLQUHVSRQVLELOLW\LVWRHQVXUHWKHVWDELOLW\RIWKHFXUUHQF\DQGPRQH\VXSSO\DQGWRFRQWUROLQWHUHVWUDWHVFKDUJHGE\WKHEDQNV
0RVWFHQWUDOEDQNVKDYHVXSHUYLVRU\SRZHUVWRPDNHVXUHWKDWEDQNVDQGRWKHUîQDQFLDOLQVWLWXWLRQVEHKDYHSURSHUO\
$QLPSRUWDQWWRROXVHGE\WKHFHQWUDOEDQNWRIRUFHEDQNVWREHFRQVHUYDWLYHLVFDOOHGWKHUHVHUYHUHTXLUHPHQWRUUHTXLUHGUHVHUYHUDWLR
7KURXJKWKLVWRROWKHFHQWUDOEDQNHVWDEOLVKHVWKHPLQLPXPDPRXQWRIOLTXLGUHVHUYHVWKDWEDQNVPXVWNHHSRQKDQG
,QWKH8QLWHG6WDWHVWKHUDWLRLVSHUFHQWRIEDQNGHSRVLWV,QWKH8.WKHUDWLRLV]HUR,QWKH(8WKHUHVHUYHUDWLRLVWZRSHUFHQW
$EDQNUXQLVZKHQSHRSOHSDQLFEHFDXVHRIDUXPRUWKDWDEDQNLVLQVROYHQWDQGDOOJRDWWKHVDPHWLPHWRZLWKGUDZWKHLUGHSRVLWV
(FRQRPLFV
,QDFRPSHWLWLYHPDUNHWSULFHVVHUYHWRHTXDOL]HWKHTXDQWLW\GHPDQGHGE\FRQVXPHUVDQGWKHTXDQLW\VXSSOLHGE\SURGXFHUV
,IWKHUHLVDQLPEDODQFHSULFHVZLOOULVHRUIDOOXQWLOWKHEDODQFHLVHYHQWXDOO\UHVWRUHG
$IDPRXVVFKRRORIHFRQRPLFWKHRU\LVFDOOHG.H\QHVLDQ(FRQRPLFVQDPHGDIWHUWKH%ULWLVKHFRQRPLVW-RKQ0D\QDUG.H\QHV
7KHWKHRU\SODFHVLPSRUWDQFHRQERWKWKHSXEOLFDQGSULYDWHVHFWRUVDVHVVHQWLDOHOHPHQWVLQDpPL[HGqHFRQRP\
%\PL[HGHFRQRP\ZHPHDQDQHFRQRP\WKDWLVEDVHGRQERWKSULYDWHLQLWLDWLYHDQGJRYHUQPHQWLQWHUYHQWLRQ
7KH.H\QHVLDQ7KHRU\ZDVGUDZQXSGXULQJWKHHFRQRPLFGHSUHVVLRQRIWKHoV
,WZDVDQDQVZHUWRZKDWPDQ\SHRSOHFRQVLGHUHGDQLPSRUWDQWIDLOXUHRIODLVVH]IDLUHFDSLWDOLVPRUHFRQRPLFOLEHUDOLVP
)RU.H\QHVWKHJRYHUQPHQWWKURXJKîVFDOSROLF\DQGWKHFHQWUDOEDQNWKURXJKPRQHWDU\SROLF\PXVWPDLQWDLQHFRQRPLFVWDELOLW\
)LVFDOSROLF\LVWKHWHUPXVHGWRUHIHUWRWD[DWLRQDQGJRYHUQPHQWVSHQGLQJ7KHJRYHUQPHQWFRQWUROVWKHVHSROLF\DVSHFWV
,IWKHJRYHUQPHQWUDLVHVWD[HVSHRSOHSD\PRUHWD[HVDQGVSHQGOHVVPRQH\7KLVXVXDOO\FRROVWKHHFRQRP\
,IWKHJRYHUQPHQWORZHUVWD[HVSHRSOHSD\IHZHUWD[HVDQGKDYHPRUHLQFRPHIRUFRQVXPSWLRQ7KLVXVXDOO\KHDWVXSWKHHFRQRP\
,IWKHJRYHUQPHQWUDLVHVWD[HVWRRPXFKSHRSOHVSHQGDORWOHVVDQGWKHHFRQRP\FRROVGRZQWRRPXFKFDXVLQJXQHPSOR\PHQW
,IWKHJRYHUQPHQWORZHUVWD[HVWRRPXFKSULYDWHVSHQGLQJJRHVXSWRRIDVWDQGWKHHFRQRP\KHDWVXSWRRPXFKFDXVLQJLQïDWLRQ
7KHUHIRUHFRQFHUQLQJîVFDOSROLF\WKHJRYHUQPHQWXVHVWKHWD[UDWHVWRVHHNDSHUIHFWEDODQFHEHWZHHQXQHPSOR\PHQWDQGLQïDWLRQ
&RQFHUQLQJPRQHWDU\SROLF\LIWKHFHQWUDOEDQNUDLVHVLQWHUHVWUDWHVSHRSOHZLOOERUURZOHVVDQGWKXVVSHQGOHVV
0DQXIDFWXULQJ
7KHUHDUHWZREDVLFDSSURDFKHVWRPDQXIDFWXULQJWRSURGXFHWRVWRFNDQGWRSURGXFHRQRUGHU
:KHQDIDFWRU\SURGXFHVWRVWRFNLWPDNHVLWVSURGXFWVVWRUHVWKHPLQDZDUHKRXVHDQGORRNVIRUFXVWRPHUVZLOOLQJWREX\WKHP
:KHQDIDFWRU\SURGXFHVRQRUGHULWPDNHVDSURGXFWRQO\ZKHQLWUHFHLYHVDîUPRUGHUIURPDFXVWRPHU
&DUPDQXIDFWXUHVSURGXFHWRVWRFN<RXFDQRIWHQVHHKXJHRXWGRRUORWVIXOORIFDUVZDLWLQJWREHVKLSSHGWRGHDOHUV
6RIWZDUHVROXWLRQVPDNHUVSURGXFHRQRUGHUDVHYHU\VROXWLRQLVWDLORUPDGHWRWKHFXVWRPHU
,QWKHSDVW\HDUV-DSDQHVHPDQXIDFWXUHUVKDYHKDGDVWURQJLPSDFWRQWKHHYROXWLRQRIPDQXIDFWXULQJV\VWHPV
/HDQSURGXFWLRQ-XVW,Q7LPHSURGXFWLRQDQGWKH.DQEDQV\VWHPDUHWKUHHLPSRUWDQW-DSDQHVHFRQWULEXWLRQVWRPDQXIDFWXULQJ
/HDQSURGXFWLRQFRPHVIURPWKH(QJOLVKZRUGpOHDQqZKLFKLVWKHRSSRVLWHRIpIDWqZKHQUHIHUULQJWRPHDW
/HDQSURGXFWLRQPHDQVQRIDWSURGXFWLRQWKDWLVSURGXFWLRQDFKLHYHGZLWKPXFKJUHDWHUHIîFLHQF\
/HDQSURGXFWLRQPHDQVOHVVZDVWHOHVVKXPDQHIIRUWOHVVVSDFHIHZHUWRROVOHVVLQYHQWRU\DQGOHVVSURGXFWGHYHORSPHQWWLPH
/HDQPDQXIDFWXULQJIRFXVHVRQWKHpVHYHQZDVWHVqVHWRXWE\7R\RWD7KHîUVWZDVWHLVGHIHFWV&XVWRPHUVUHMHFWSURGXFWVZLWKGHIHFWV
7KHVHFRQGZDVWHLVRYHUSURGXFWLRQZKLFKPHDQVWKHSURGXFWLRQRUDFTXLVLWLRQRIPDWHULDOVEHIRUHWKH\DUHUHDOO\QHHGHG
2YHUSURGXFWLRQLVFRQVLGHUHGWKHZRUVWZDVWHRIDOOEHFDXVHWKHPDWHULDOVPXVWEHVWRUHGPDQDJHGDQGSURWHFWHG
$FRPSDQ\WKDWVXIIHUVRYHUSURGXFWLRQIHHOVVDIHEHFDXVHWKH\KDYHWKHPDWHULDOVWKH\QHHGDQGEHFDXVHRIWKLVWKH\JHWOD]\
7KHWKLUGZDVWHLVWUDQVSRUWDWLRQ:KHQDSURGXFWLVPRYHGGDPDJHORVVHVRUGHOD\VFDQRFFXU7UDQVSRUWDWLRQDGGVQRWKLQJWRWKHYDOXH
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
$PRXQW&DQWLGDG
6WXE0DWUL]
6LJQDWXUH)LUPD
9RFDEXODULR&KHTXHERRN7DORQDULRGHFKHTXHV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
/HWWKHPE\ 7KH\VDWE\DQGGLGQRWKLQJ
$S»UWDWHSDUDGHMDUOHVSDVDU 9LHURQWRGR\QRKLFLHURQQDGDSDUDSDUDUOR
3RQDSUXHEDWX´OLVWHQLQJµFRQHODXGLR\
5XQWKDWE\PHRQHPRUHWLPH 7KH\VWRRGE\DQGGLGQRWKLQJ YLGHRTXHYLHQHQHQFDGDOHFFLÍQ
([SOÇFDPHHVRXQDYH]P»V 9LHURQWRGR\QRKLFLHURQQDGDSDUDSDUDUOR ,QVFUÇEHWHRQOLQH\UHFLEHWXVFODVHVGHLQJOÃVJUDWXLWDV
GLUHFWDPHQWHDWXHPDLO
ZZZYDXJKDQFODVVURRPFRP
)LQDQFHDQGDFFRXQWLQJ
)RUODUJHLQYHVWPHQWSURMHFWVFRPSDQLHVXVXDOO\UHVRUWWRORQJWHUPORDQVRUGHFLGHWRpïRDWqERQGV
$ORQJWHUPORDQLVDUUDQJHGZKHQWKHUHSD\PHQWRIWKHORDQDQGWKHXVHIXOOLIHRIWKHDVVHWVSXUFKDVHGDUHH[SHFWHGWRH[FHHGRQH\HDU
,IDFRPSDQ\GHFLGHVWREX\QHZFRPSXWHUHTXLSPHQWDFRPPRQRSWLRQLVWRWDNHRXWDORQJWHUPORDQWRSD\IRUWKHQHZHTXLSPHQW
/RQJWHUPORDQVDUHRIWHQVHFXUHGE\WKHQHZDVVHW,QRWKHUZRUGVWKHDVVHWLVXVHGDVFROODWHUDORQWKHORDQ
,IWKHEDQNLQVLVWVRQVHFXULWL]DWLRQDQGWKHFRPSDQ\GRHVQoWDJUHHWKHQWKHEDQNZLOODVNIRUSHUVRQDOJXDUDQWHHVIURPWKHRZQHUV
2QWKHEDODQFHVKHHWWKHHTXLSPHQWVKRZVXSDVDî[HGDVVHWDQGWKHORDQDVDORQJWHUPOLDELOLW\
%DQNVDQGRWKHUOHQGHUVPDNHORDQVWREXVLQHVVHVWKDWVKRZVWURQJPDQDJHPHQWDELOLW\DQGVWHDG\JURZWKSRWHQWLDO
$ZULWWHQEXVLQHVVSODQLQFOXGLQJDFDVKïRZIRUHFDVWPXVWEHSUHVHQWHGWRGHPRQVWUDWHWKHFRPSDQ\oVDELOLW\WRSD\EDFNWKHORDQ
7KHWHUPpFDVKïRZqPHDQVVLPSO\WKHPRQH\WKDWPRYHVLQWRDQGRXWRIWKHEXVLQHVV,WoVWKHF\FOHRIFDVKLQïRZVDQGRXWïRZV
,QDFFRXQWLQJWHUPVLWoVWKHSURîWDIWHUWD[HVSOXVGHSUHFLDWLRQDQGDPRUWL]DWLRQFRVWVSOXVSURYLVLRQV
'HSUHFLDWLRQDPRUWL]DWLRQDQGSURYLVLRQVDUHH[SHQVHVWKDWDUHQRWUHDOO\PRQH\ORVVHVLQDJLYHQîVFDORUîQDQFLDO\HDU
,IDFRPSDQ\EX\VDPDFKLQHIRUHXURVLWXVXDOO\SD\VDOOWKHPRQH\XSRQSXUFKDVH7KHQLWDSSOLHVDGHSUHFLDWLRQVFKHGXOH
7KLVPHDQVWKDWRYHUWKHQH[W\HDUVIRUH[DPSOHWKHFRPSDQ\pGHSUHFLDWHVqWKHPDFKLQHE\GHGXFWLQJDH[SHQVHDQQXDOO\
7KHHXURVWKDWWKHFRPSDQ\GHGXFWVHYHU\\HDULVDUHDOH[SHQVHEXWWKHPRQH\ZDVDOUHDG\SDLGRXWXSRQSXUFKDVHLQ\HDU]HUR
%HFDXVHWKHGHSUHFLDWLRQH[SHQVHLVQRWDUHDOORVVRIPRQH\GXULQJWKH\HDULWLVDGGHGEDFNWRWKHQHWSURîWWRFDOFXODWHFDVKïRZ
0DUNHWLQJDQGVDOHVPDQDJHPHQW
,QDGGLWLRQWRWKHEUDQGHTXLW\RIDSURGXFWDQRQJRLQJHIIRUWVKRXOGEHPDGHWRRSWLPL]HIXQFWLRQDOLW\VW\OLQJTXDOLW\DQGSDFNDJLQJ
6XFFHVVIXOSURGXFWVDOZD\VZRUNSURSHUO\QHHGOLWWOHRUQRVHUYLFLQJDQGDUHDWWUDFWLYHWRWKHH\H
)LQDOO\GHSHQGLQJRQWKHW\SHRISURGXFWLWZLOOQHHGJRRGDIWHUVDOHVVHUYLFHDQGZDUUDQW\SURWHFWLRQ
7KHVHFRQGp3qDIWHU3URGXFWLVp3ULFHq2IWHQWKHSULFHGHFLVLRQGHSHQGVRQWKHSURGXFWVWUDWHJ\
,IDFRPSDQ\ZDQWVWRJDLQPDUNHWVKDUHDVTXLFNO\DVSRVVLEOHWKHQWKHSULFHLVNHSWORZWRSURPRWHSHQHWUDWLRQ
,IWKHSURGXFWLVPDWXUHRULQGHFOLQHDFRPSDQ\PLJKWGHFLGHRQDKLJKSULFHZLWKWKHLGHDRIpVNLPPLQJqWKHPDUNHW
7KHYHUEpWRVNLPqPHDQVWRWDNHWKHFUHDPRUIDWRIIWKHVXUIDFHRIPLON7RVNLPDSURGXFWPHDQVWRH[SORLWLWIRUPD[LPXPSURîW
3ULFLQJFDQDOVREHVXEMHFWWRGLVFRXQWV$TXDQWLW\GLVFRXQWLVZKHQFXVWRPHUVUHFHLYHDGLVFRXQWIRUSXUFKDVLQJLQODUJHTXDQWLWLHV
$FXPXODWLYHTXDQWLW\GLVFRXQWLVZKHQDODUJHQXPEHURIVPDOOLQGLYLGXDORUGHUVDOORZVDFXVWRPHUWRUHFHLYHDTXDQWLW\GLVFRXQW
6HDVRQDOGLVFRXQWVDUHRIIHUHGWRFXVWRPHUVZKREX\WKHSURGXFWRUVHUYLFHLQORZVHDVRQRURIIVHDVRQ
&DVKGLVFRXQWVDUHWKRVHRIIHUHGWRFXVWRPHUVZKRSD\WKHLUELOOVEHIRUHDVSHFLîHGGDWH
7UDGHGLVFRXQWVDUHWKRVHRIIHUHGWRPLGGOHPHQRULQWHUPHGLDULHVZKRDUHUHJXODUPHPEHUVRIWKHYDOXHFKDLQ
3URPRWLRQDOGLVFRXQWVDUHWKRVHWKDWDUHRIIHUHGWRWKHSXEOLFLQRUGHUWRVWLPXODWHVDOHV
)RUPDQ\PDUNHWHUVSULFLQJLVWKHPRVWLPSRUWDQWHOHPHQWLQPDUNHWLQJ)RUWKHPLWoVLPSHUDWLYHWRVHWDSULFLQJREMHFWLYH
6RPHFRPSDQLHVVHHNWRSURPRWHTXDOLW\OHDGHUVKLSDQGWKH\XVHSULFHDVDVLJQDORIKLJKTXDOLW\LQDQHIIRUWWRSRVLWLRQWKHLUSURGXFW
*HQHUDODQGVWUDWHJLFPDQDJHPHQW
0DQ\&(2oVFRQFHQWUDWHRQWKHYDOXHFKDLQRIWKHLUFRPSDQ\7KHîUVWHOHPHQWLQWKHYDOXHFKDLQLVLQERXQGORJLVWLFV
,QERXQGORJLVWLFVLQFOXGHVDOOWKHDFWLYLWLHVWKDWDUHSHUIRUPHGE\WKHFRPSDQ\WRJHWWKHUDZPDWHULDOVWRWKHIDFWRU\
7KHVHFRQGHOHPHQWLQWKHYDOXHFKDLQLVRSHUDWLRQVWKDWLVWKHSURFHVVHVQHFHVVDU\WRWUDQVIRUPWKHLQSXWVLQWRîQLVKHGSURGXFWV
7KHWKLUGHOHPHQWLVRXWERXQGORJLVWLFVZKLFKLQFOXGHVWKHZDUHKRXVLQJRIîQLVKHGSURGXFWVDQGWKHLUGLVWULEXWLRQWKURXJKWKHFKDQQHO
7KHIRXUWKHOHPHQWLVPDUNHWLQJDQGVDOHVZKLFKLQFOXGHVLGHQWLI\LQJWKHQHHGVRIWKHFXVWRPHUDQGJHQHUDWLQJVDOHV
$QGîQDOO\WKHîIWKHOHPHQWLVWKHVXSSRUWWKDWFXVWRPHUVQHHGDIWHUEX\LQJWKHSURGXFWRUVHUYLFH
7KHVHîYHHOHPHQWVDUHVXSSRUWHGE\WKHLQIUDVWUXFWXUHRIWKHFRPSDQ\LWVRUJDQL]DWLRQLWVFRQWUROV\VWHPVDQGWKHFRUSRUDWHFXOWXUH
,WLVDOVRVXSSRUWHGE\WKHKXPDQUHVRXUFHVPDQDJHPHQWZKLFKLQFOXGHVUHFUXLWLQJWUDLQLQJGHYHORSPHQWDQGFRPSHQVDWLRQ
0DQ\&(2oVXVHWKLVPRGHOWRGHîQHWKHpFRUHFRPSHWHQFLHVqRIWKHFRPSDQ\DQGLGHQWLI\DFWLYLWLHVWRJLYHLWDFRPSHWLWLYHDGYDQWDJH
7KHUHDUHEDVLFDOO\WZRVWUDWHJLFGHFLVLRQVWKDW&(2oVPDNHDERXWWKHIXWXUHRIWKHLUFRPSDQ\&RVWDGYDQWDJHRUGLIIHUHQWLDWLRQ
,IWKHFRPSDQ\SXUVXHVFRVWDGYDQWDJHWKLVPHDQVWKDWWKHVWUDWHJ\ZLOOEHWRFRPSHWHLQSULFHDQGEHFRPHWKHORZSULFHFRPSHWLWRU
7RDFKLHYHWKLVWKH&(2PXVWîQGZD\VWRUHGXFHWKHFRVWRIYDOXHFKDLQDFWLYLWLHVRUUHFRQîJXUHWKHYDOXHFKDLQDOWRJHWKHU
5HGXFLQJFRVWVUHTXLUHVDGGUHVVLQJZKDWVWUDWHJLVWVFDOOpFRVWGULYHUVqPDQ\RIZKLFKDUHLQWHUOLQNHGDQGUHODWHGWRHFRQRPLHVRIVFDOH
7KHPRVWLPSRUWDQWHOHPHQWLQFXWWLQJFRVWVLVWRJDLQJUHDWHUPDUNHWVKDUHDQGDVDUHVXOWPRYHGRZQWKHOHDUQLQJRUH[SHULHQFHFXUYH
7KHPRUHXQLWVRIDSURGXFWDFRPSDQ\SURGXFHVWKHORZHUWKHXQLWFRVWRISURGXFWLRQ7KHUHIRUHLQFUHDVLQJPDUNHWVKDUHLVHVVHQWLDO
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
3UHPRODU3UHPRODU
,QFLVRU,QFLVLYR
&DQLQH&ROPLOOR
)LOOLQJ(PSDVWH
0RODU0XHOD
&DYLW\&DULH
9RFDEXODULR7HHWK'LHQWHV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRIq
3UDFWLFDO(QJOLVKDWDUHVWDXUDQW
:KDWHYHUFDPHRIKLP" 6SHDNLQJRIWKHGHYLOf
4XÃIXHGHÃO" +DEODQGRGHOUH\GH5RPD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOÃV"
,oYHQHYHUKHDUGRIKLP 7KLQNRIVRPHWKLQJ 8QDPHVDSDUDFXDWURSRUIDYRU
1RPHVXHQDVXQRPEUHSDUDQDGD |,QYÃQWDWHDOJRSDUDGHFÇUVHORDRWUR &X»OHVHOPHQÔGHOGÇD"
9R\DWRPDUHOîOHWHSRFRKHFKR
:KDWGR\RXPDNHRILW" ,NQRZRIQRRQHFDSDEOHRIGRLQJLW ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
4XÃRSLQDV"GHODVLWXDFLÍQ 1RVÃGHQDGLHFDSD]GHKDFHUOR UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
,QYHVWLQJ
6WDUWLQJDWDJHLI\RXSXWHXURVDPRQWKLQDVDYLQJVSODQWKDWSURYLGHVDUHWXUQ\RXZLOOKDYHHXURVDWDJH
,I\RXLQFUHDVHWKHHXURVDPRQWKE\RQO\îYHHXURVHDFK\HDUWKHîQDODPRXQWZLOOFRPHWRHXURV
,I\RXWUDQVIRUPHGWKDWîQDOPRXQWLQWRDQDQQXLW\DW\RXZRXOGUHFHLYHRYHUHXURVSHUPRQWKIRUWKHUHVWRI\RXUOLIH
$QDQQXLW\LVDPRQWKO\OLIHWLPHLQFRPHWKDWLQVXUDQFHFRPSDQLHVZLOOSD\\RXRQDQ\DPRXQWRIPRQH\WKDW\RXJLYHWKHP
2IWHQIDPRXVVSRUWVVWDUVZKRHDUQDORWRIPRQH\LQDVKRUWSHULRGRI\HDUVKDQGRYHUDSRUWLRQRIWKRVHHDUQLQJVWRDQLQVXUDQFHîUP
7KHîUPWUDQVIHUVWKHPRQH\LQWRDQHQGRZPHQWZKLFKWKHVSRUWVVWDUGRHVQoWWRXFKXQWLODJHZKHQWKHHQGRZPHQWPDWXUHV
$IWHUWKHHQGRZPHQWPDWXUHVWKHQWKHH[VSRUWVVWDUFDQWDNHDOOWKHPRQH\RUWUDQVIRUPLWLQWRDQDQQXLW\
,QVXUDQFHFRPSDQLHVRIIHUHQGRZPHQWSROLFLHVWRQRUPDOSHRSOHWRRUHFRPPHQGLQJDQDQQXLW\DWPDWXULW\
7KHVHHQGRZPHQWVDUHORQJWHUPVDYLQJVSODQVVLPLODUWRSHQVLRQIXQGVUHJXODWHGE\WKHJRYHUQPHQWZLWKRQHDGGLWLRQ
$QHQGRZPHQWDOPRVWDOZD\VLQFOXGHVOLIHLQVXUDQFHFRYHUDJHWKDWDOORZVDSHUVRQoVEHQHîFLDULHVLPSRUWDQWSURFHHGVLIWKHSHUVRQGLHV
7KHWHUPpSURFHHGVqLVWKHZRUGZHXVHWRUHIHUWRWKHPRQH\DEHQHîFLDU\UHFHLYHVIURPDOLIHLQVXUDQFHSROLF\
,QYHVWLQJLQOLIHLQVXUDQFHHQGRZPHQWVLVRQHRIWKHVDIHVWLQYHVWPHQWVWKDWH[LVW7KHUHWXUQLVQRWKLJKEXWLWLVVHFXUH
2WKHUîQDQFLDOLQVWUXPHQWVRIIHUJUHDWHUUHWXUQVEXWWKHLQYHVWRUPXVWH[HUFLVHVHOIGLVFLSOLQHDQGLQYHVWPRQH\UHOLJLRXVO\HYHU\\HDU
7KHPRQH\SXWLQWROLIHLQVXUDQFHHQGRZPHQWVLVXVXDOO\E\PHDQVRIGLUHFWGHELWLQWRDEDQNDFFRXQWVLPLODUWRWKHHOHFWULFELOO
2YHUD\HDUSHULRGPRVWSHRSOHFDQQRWPDLQWDLQWKHVDYLQJVGLVFLSOLQHWKDWDOLIHLQVXUDQFHHQGRZPHQWIRUFHVWKHPWRDFTXLUH
+XPDQUHVRXUFHV
+XPDQUHVRXUFHVPDQDJHPHQWLVEHFRPLQJDQLQFUHDVLQJO\FULWLFDOIXQFWLRQIRUWKHVXFFHVVRIODUJHDQGVPDOORUJDQL]DWLRQV
/HJDOTXHVWLRQVVXFKDVIDLUQHVVLQKLULQJDQGSURPRWLQJDUHEHFRPLQJLQFUHDVLQJO\LPSRUWDQW*RYHUQPHQWVVHHNHTXDORSSRUWXQLW\
,QUHFUXLWPHQW+5PXVWGHWHUPLQHWKHUHFUXLWPHQWQHHGVDQGREMHFWLYHVDQGKRZPXFKLVLQWHUQDOO\VRXUFHGDQGKRZPXFKH[WHUQDOO\
+5QHHGVWRPDQDJHWKHMREDSSOLFDWLRQSURFHVVLQWHUYLHZLQJEDFNJURXQGWHVWLQJSUHHPSOR\PHQWWHVWLQJDQGPHGLFDOH[DPLQDWLRQV
,QWKHDUHDRIFDUHHUSODQQLQJDQGGHYHORSPHQW+5PXVWNQRZKRZWRDFFRPPRGDWHRUJDQL]DWLRQDODQGLQGLYLGXDOQHHGV
7KH+5GHSDUWPHQWVKRXOGDOZD\VRYHUVHHDQGFORVHO\PRQLWRUPRELOLW\ZLWKLQWKHRUJDQL]DWLRQDVZHOODVMREWUDQVLWLRQV
+5LVXVXDOO\WKHDUHDPRVWDFWLYHLQLQGLYLGXDOGLVPLVVDOVFROOHFWLYHOD\RIIVUHWLUHPHQWVDQGHPSOR\HUGHIHQFHVDJDLQVWOLWLJDWLRQ
7KH+5DUHDVKRXOGDOZD\VWU\WRPDLQWDLQDFORVHOLQNEHWZHHQWUDLQLQJDQGWKHJRDOVREMHFWLYHVDQGVWUDWHJLHVRIWKHRUJDQL]DWLRQ
*RRGWUDLQLQJFDQEHYLWDOWRWKHKHDOWKDQGJURZWKRIDQRUJDQL]DWLRQDQG+5VKRXOGDOZD\VDQDO\]HWKHFRVWVDQGEHQHîWV
7KHWUDLQLQJDUHDVKRXOGEHHIIHFWLYHLQVHOHFWLQJJRRGWUDLQHUVRUWUDLQLQJîUPVDQGLQHVWDEOLVKLQJWKHULJKWW\SHVRIWUDLQLQJSURJUDPV
:KHQGHWHUPLQLQJFRPSHQVDWLRQWKH+5GHSDUWPHQWPXVWDOZD\VFRQVLGHUDOOIDFWRUVWKDWFDQLQïXHQFHVDODU\DQGEHQHîWV
6RPHRIWKHVHIDFWRUVLQFOXGHLQïDWLRQLQWHUHVWUDWHVLQGXVWU\FRPSHQVDWLRQVWDQGDUGVGHPRJUDSKLFVDQGODERXUPDUNHWWUHQGV
&RPSHQVDWLRQSURJUDPVDUHXVXDOO\DGDSWHGDQGWDLORUHGWRWKHRUJDQL]DWLRQoVFXOWXUHVWUXFWXUHDQGREMHFWLYHV
&RPSHQVDWLRQLQFOXGHVWKHEDVHSD\RUVDODU\GLIIHUHQWLDOSD\DQGLQFHQWLYHSD\,QFHQWLYHSD\LQFOXGHVERQXVHVDQGRWKHUEHQHîWV
'LIIHUHQWLDOSD\LVDGGLWLRQDOSD\SURYLGHGWRWKRVHHPSOR\HHVZKRKDYHWRZRUNLQXQGHUVSHFLDOFRQGLWLRQVWKDWGLIIHUIURPWKHQRUP
6HFUHWDULDODQGDGPLQLVWUDWLRQ
3HRSOHLQWHUHVWHGLQVHFUHWDULDOZRUNVKRXOGEHFRPSXWHUOLWHUDWHDQGDZDUHRIQHZWHFKQRORJ\-REWHFKQRORJ\LVHYROYLQJTXLFNO\
*RRG3$oVDOZD\VVWULYHWRVHHNQHZFKDOOHQJHVDQGWDNHRQQHZUHVSRQVLELOLWLHVWKDWZLOOH[SDQGWKHLUVNLOOV
0DQ\SHUVRQDODVVLVWDQWVIDLOEHFDXVHRISRRUSHRSOHVNLOOV,WoVHVVHQWLDOIRUD3$WREXLOGDQGPDLQWDLQSRVLWLYHUHODWLRQVKLSVDWZRUN
$JRRGVHFUHWDU\VKRXOGDOZD\VORRNIRUQHZZD\VWRGRWKLQJVEHWWHUTXLFNHUPRUHHIîFLHQWO\DQGPRUHHIIHFWLYHO\
6HFUHWDULHVQHHGWRNQRZKRZWRPXOWLWDVNDVWKH\RIWHQSHUIRUPVHYHUDOWDVNVDWWKHVDPHWLPHZKLFKUHTXLUHVEHLQJZHOORUJDQL]HG
,QïH[LEOHDWWLWXGHVZLOORQO\EULQJSUREOHPV$VHFUHWDU\DOPRVWDOZD\VQHHGVWRDGDSWWRWKHZRUNLQJVW\OHRIWKHERVV
$JRRG3$PXVWEHDEOHWRLQWHUDFWDWDOOOHYHOVDVVKHLVRIWHQWKHSRLQWRIFRRUGLQDWLRQEHWZHHQGLIIHUHQWGHSDUWPHQWV
$SURDFWLYHVHFUHWDU\LVDOZD\VWKHEHVW6KHDQWLFLSDWHVZKDWWKHERVVQHHGVDQGLVUHDG\ZKHQWKHUHTXHVWFRPHV
,WoVHVSHFLDOO\LPSRUWDQWWKDWDVHFUHWDU\NQRZKRZWRZULWHZHOOZLWKQRVSHOOLQJHUURUVW\SRVRUJUDPPDWLFDOPLVWDNHVZKHQZULWLQJ
0RVWERVVHVKDYHDVHOHFWLYHPHPRU\IRUZKDWLVFULWLFDOIRUWKHRUJDQL]DWLRQ$JRRG3$PXVWSURYLGHWKHUHVWRIWKHPHPRU\QHHGV
:KHQRUJDQL]LQJPHHWLQJVRXWVLGHWKHFRPSDQ\DVHFUHWDU\QHHGVWRNQRZZKDWORFDOKRWHOVKDYHWRRIIHUDQGZKDWWKHPHHWLQJVUHTXLUH
,QWKHIXWXUHVHFUHWDULHVZLOOEHFRPHSURMHFWPDQDJHUVDQGGHFLVLRQPDNHUV7KH\ZLOOSURYLGHVROXWLRQVLQUXQQLQJDQRIîFH
&RPSDQLHVZRXOGEHZLVHWRGHYHORSVHFUHWDULHVDVSUREOHPVROYHUVDQGGHFLVLRQPDNHUV
7RSVHFUHWDULHVNQRZKRZWRVWUXFWXUHRUJDQL]HDQGZULWHOHWWHUVPHPRVDQGUHSRUWVWRDFFXUDWHO\FRPPXQLFDWHEXVLQHVVPDWWHUV
6HFUHWDULHVPXVWEHDEOHWRPDNHRQWKHVSRWGHFLVLRQVDQGGHYHORSVROXWLRQVIRUFRPSOH[SUREOHPV
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
1DLOYDUQLVK(VPDOWHGHXËDV
1DLOFOLSSHUV&RUWDÔËDV
1DLOîOH/LPDGHXËDV
9RFDEXODULR0DQLFXUH0DQLFXUD
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpWRq
9RFDEXODU\
<RXDUHWREHKHUHDW 7KHWRWDOFRPHVWRHXURV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7HQÃLVTXHHVWDUDTXÇDODV (OWRWDODVFLHQGHDHXURV IUDVHVHQLQJOÃV"
6HUDXWÍQRPRWLHQHVXVYHQWDMDV
:KDWFRQFOXVLRQDUHZHWRGUDZ" :KHQLWFRPHVWRPRQH\%HQLVWKHH[SHUW 7DOYH]VLKDFHPRVXQDWRUPHQWDGHLGHDV
4XÃFRQFOXVLÍQGHEHPRVVDFDU" &XDQGRVHWUDWDGHGLQHUR%HQHVHOH[SHUWR VXUJLU»QQXHYDVLGHDV
|(QKRUDEXHQD0HGLFHQTXHKDVVLGR
:KHQKHFDPHWRKHVDLGQRWKLQJ ,QHYHUWKRXJKWLWZRXOGFRPHWRWKLV DVFHQGLGR
&XDQGRYROYLÍHQVÇQRGLMRQDGD 1XQFDSHQVÃTXHOOHJDUÇDDHVWR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
2SHUDWLRQV
$QLPSRUWDQWHOHPHQWLQWKH6&0SODQLVWRGHYHORSPHWULFVWRPRQLWRUWKHFKDLQIRUHIîFLHQF\ORZFRVWKLJKTXDOLW\DQGYDOXH
7KHWHUPpPHWULFVqLVXVHGRIWHQLQSODFHRIpPHDVXUHPHQWVqZKHQGHDOLQJZLWK6&0DQG,7PDQDJHPHQW
7KHSODQVKRXOGFOHDUO\LGHQWLI\ZKDWNLQGVRIVXSSOLHUVDUHUHTXLUHGWRGHOLYHUWKHJRRGVDQGVHUYLFHVQHFHVVDU\IRUVXFFHVV
7KHFRPSDQ\ZRUNVZLWKVXSSOLHUVWRHVWDEOLVKVWUHDPOLQHGSURFHVVHVIRUSULFLQJGHOLYHU\DQGSD\PHQWZLWKPHWULFVWRPRQLWRUUHVXOWV
7KHEDVLFDFWLYLWLHVLQFOXGHVKLSPHQWUHFHSWLRQYHULîFDWLRQWUDQVIHUWRPDQXIDFWXULQJDQGDXWKRUL]DWLRQRISD\PHQWWRWKHVXSSOLHU
,QPDQXIDFWXULQJWKHPDWHULDOVDUHWUDQVIRUPHGWHVWHGSDFNDJHGDQGSUHSDUHGIRUGHOLYHU\
'XULQJWKHPDQXIDFWXULQJSKDVHPHWULFVDUHSHUIRUPHGRQTXDOLW\SURGXFWLRQRXWSXWDQGZRUNHUSURGXFWLYLW\
3RVWSURGXFWLRQORJLVWLFVLQFOXGHRUGHUUHFHLSWIURPFXVWRPHUVZDUHKRXVLQJWUDQVSRUWDWLRQLQYRLFLQJDQGFROOHFWLRQ
$îQDOSKDVHLVWKHQHHGWRFUHDWHDQHWZRUNIRUUHFHLYLQJGHIHFWLYHRUH[FHVVSURGXFWVUHWXUQHGIURPFXVWRPHUV
7KLVSKDVHDOVRLQFOXGHVFUHDWLQJDVWURQJDIWHUVDOHVVXSSRUWV\VWHPWRKHOSFXVWRPHUVWKDWPD\KDYHSUREOHPVZLWKGHOLYHUHGSURGXFWV
,QYHQWRU\PDQDJHPHQWLVRQHRIWKHNH\HOHPHQWVLQRSHUDWLRQVDQGVXSSO\FKDLQPDQDJHPHQW
6XSSO\DQGGHPDQGLQWKHVXSSO\FKDLQLVQHYHUSHUIHFWDQGLQYHQWRU\PDQDJHPHQWLVHVVHQWLDOWRPLQLPL]HLPEDODQFHV
7KHSUREOHPLVFRPSOLFDWHGE\WKHIDFWWKDWGHPDQGLVXQFHUWDLQDQGWKLVXQFHUWDLQW\FDQFDXVHLQYHQWRU\GHSOHWLRQDQGXQîOOHGRUGHUV
,I\RXORRNDWRYHUDOORSHUDWLRQVIURPEHJLQQLQJWRHQGWKHORJLFDOVWDUWLQJSRLQWZRXOGEHLQSURGXFWGHYHORSPHQW
7KHîUVWFRQVLGHUDWLRQLVWRDVVHVVWKHOLNHOLKRRGWKDWWKHSURGXFWLVDFWXDOO\YLDEOHLQWKHPDUNHWSODFH
,QIRUPDWLRQWHFKQRORJ\
,QVPDOOFRPSDQLHVDEUHDFKLQFRPSXWHUVHFXULW\FDQVRPHWLPHVWKUHDWHQWKHOLIHRIWKHEXVLQHVV
,WoVFULWLFDOWRNHHSVHUYHUVVDIHIURPDWWDFNEHFDXVHRQFHWKHVHUYHUVDUHFRPSURPLVHGWKHHQWLUHQHWZRUNLVDWULVN
6HUYHUVVHUYHWKHDSSOLFDWLRQVZHESDJHVRUHPDLOWKDWVPDOOFRPSDQLHVQHHGWRGRWKHLUMRE7KH\VWRUHYDOXDEOHDQGFRQîGHQWLDOGDWD
6HUYHUVSURYLGHWKHPHDQVIRUFXVWRPHUVWRFRPPXQLFDWHZLWKWKHFRPSDQ\DQGHYHQLQPDQ\FDVHVWRSXUFKDVHJRRGVRUVHUYLFHV
,IWKHVHUYHUVDUHGRZQDFRPSDQ\ZLOOORVHSURGXFWLYLW\MHRSDUGL]HFXVWRPHUUHODWLRQVKLSVDQGSUREDEO\ORVHPRQH\
*RRG,7VHFXULW\PHDQVVRIWZDUHXSGDWHVYLUXVSURWHFWLRQîUHZDOOVWLJKWLQKRXVHVHFXULW\DQGVWURQJSDVVZRUGV
6PDOOFRPSDQLHVQHHGWRKDYHDQLQKRXVHFRPSXWHUWHFKQLFLDQRUDUHOLDEOHRXWVLGHWHFKQRORJ\SDUWQHUWRNHHSWKHV\VWHPVXSWRGDWH
,IWKHFRPSDQ\XVHVRXWVLGHKHOSWKLVFRQVXOWDQWVKRXOGNQRZKRZWRDQDO\]HWKHEXVLQHVVDQGSURYLGHWKHULJKW,7VROXWLRQV
$QLPSRUWDQWTXHVWLRQIRUVPDOOEXVLQHVVHVLVLIWKHLUV\VWHPVFDQZLWKVWDQGDFULVLVDQGLIWKH\KDYHDGLVDVWHUUHFRYHU\SODQ
$QRWKHUFULWLFDOSUDFWLFHWKDWPDQ\VPDOOFRPSDQLHVRYHUORRNLVWKHQHHGWRGRFRPSOHWHGDLO\EDFNXSVRIGDWDDQGLPDJHV
0DQ\VPDOOFRPSDQLHVGRQoWXWLOL]HWKHLUFRPSXWHUV\VWHPVWRWKHIXOOHVWSRWHQWLDOWRUHGXFHFRVWVDQGLPSURYHVHUYLFH
,QERWKELJDQGVPDOOFRPSDQLHVLWoVFRPPRQWRîQGHPSOR\HHVZKRDUHXQGHUWUDLQHGRUZKRXVHROGFRPSXWHUZRUNLQJKDELWV
0DQ\FRPSDQLHVSD\RXWVLGHFRQVXOWDQWVWRSHUIRUPVHFXULW\DXGLWVRQWKHLU,7V\VWHPVDQGQHWZRUNV
7KHSK\VLFDOVHFXULW\RIWKHV\VWHPLVWKHPRVWLPSRUWDQWHOHPHQWLQPDLQWDLQLQJRYHUDOOVHFXULW\(YHU\WKLQJPXVWEHSK\VLFDOO\VHFXUH
7KHVHFRQGFRQVLGHUDWLRQLVQHWZRUNVHFXULW\1HWZRUNHGHQYLURQPHQWVDUHPRUHVXVFHSWLEOHWRRXWVLGHDWWDFNVWKDQVWDQGDORQHV\VWHPV
/DZDQGOHJDOFRXQVHO
$UHFHQWWUHQGLQWKHSDVW\HDUVLQWKH8QLWHG6WDWHVKDVEHHQWKHQRWLFHDEOHLQFUHDVHLQWKHDPRXQWRIOLWLJDWLRQ
&LYLODQGFULPLQDOODZVXLWVDUHPXFKPRUHSUHYDOHQWWRGD\ZLWKSHRSOHVHHNLQJGDPDJHVWKURXJKVRPHWLPHVTXHVWLRQDEOHFODLPV
&DVHVRIWHQKDYHWRGRZLWKQHJOLJHQFHIUDXGRUSURGXFWOLDELOLW\ZLWKGDPDJHVUHDFKLQJVFDQGDORXVSURSRUWLRQV
$QRWKHUDUHDRIODZKDVWRGRZLWKZLOOVDQGHVWDWHV$ZLOOLVWKHWHUPXVHGIRUWKHODVWZLOODQGWHVWDPHQWRIDGHFHDVHGSHUVRQ
$ZLOOWDNHVHIIHFWXSRQGHDWK,WKDVQRIRUFHRUHIIHFWEHIRUHGHDWK,WVSXUSRVHLVWREHTXHDWKSHUVRQDOSURSHUW\
7KHSHRSOHZKRLQKHULWWKHSURSHUW\LQFOXGHGLQWKHZLOODUHFDOOHGWKHKHLUV7KH\UHFHLYHDQLQKHULWDQFHWKURXJKWKHZLOO
(PSOR\PHQWODZLVWKHWHUPXVHGPRVWRIWHQLQWKH(QJOLVKVSHDNLQJZRUOGWRUHIHUWROHJLVODWLRQFRQFHUQLQJODERXUUHODWLRQV
(XURSHDQFRXQWULHVXVXDOO\KDYHODZVWKDWDUHPRUHSURWHFWLYHRIWKHHPSOR\HHWKDQLQ$QJOR6D[RQFRXQWULHV
6H[XDOKDUDVVPHQWLVDFRPPRQFODLPWKDWDULVHVLQWKHZRUOGRIHPSOR\PHQWODZ
7KHUHDUHPDMRUGLIIHUHQFHVEHWZHHQWKHOHJDODQGUHJXODWRU\DWPRVSKHUHVEHWZHHQFRQWLQHQWDO(XURSHDQG$QJOR6D[RQFRXQWULHV
,QWKHSDVW\HDUV(XURSHKDVEHHQPLJUDWLQJIURPVWDWHLQWHUYHQWLRQLVPWRDUHJXODWRU\PRGHO
)RUFHVLQïXHQFLQJWKLVFKDQJHDUHJOREDOL]DWLRQ(XURSHDQLQWHJUDWLRQDQGWKHGHFOLQHRIVWDWHRZQHUVKLSDQG.H\QHVLDQHFRQRPLFV
7KHSUHYLRXVVLWXDWLRQZDVRQHRIVWDWHRZQHUVKLSRIVWUDWHJLFLQGXVWULHVDQGSXEOLFXWLOLWLHVWRJHWKHUZLWKVWDWHHFRQRPLFLQWHUYHQWLRQ
7KHFXUUHQWVLWXDWLRQEHJDQLQWKHoVZLWKSULYDWL]DWLRQOLEHUDOL]DWLRQDQGWKHFKDQJHIURPHFRQRPLFPDQDJHPHQWWRUHJXODWLRQ
7KHNH\SOD\HUVLQWKHQHZVLWXDWLRQDUHLQGHSHQGHQWDJHQFLHVSDUOLDPHQWDU\FRPPLWWHHVDQGWKHFRXUWV
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
&ODURQRKDEUÇDWHQLGRWLHPSR 2IFRXUVHKHZRXOGQoWKDYH
7DPELÃQKR\HVHOGÇDGH6DQ 7RGD\LV6W*HRUJHoVGD\DV
SDUDHVFULELUWDQWR KDGWLPHWRZULWHVRPXFK -RUJH ZHOO
'HKHFKRWRGRORTXHWHKH ,QIDFWHYHU\WKLQJ,oYHWROG\RX
6DQ-RUJHHVHOSDWUÍQGH 6W*HRUJHLVWKHSDWURQVDLQW
FRQWDGRHVPHQWLUD LVDOLH PXFKDVQDFLRQHV RIPDQ\QDWLRQV
/DIHFKDGHQDFLPLHQWRGH 6KDNHVSHDUHoVELUWKGDWHLVD
6HFHOHEUDHVWHGÇDHQ,QJODWHUUD 7KLVGD\LVFHOHEUDWHGLQ
6KDNHVSHDUHHVXQDHVWLPDFLÍQ JXHVV \&DWDOXËD (QJODQGDQG&DWDORQLD
8WLOL]DURQRWURWLSRGHFDOHQGDULR7KH\XVHGDQRWKHUW\SHRI $XQTXHHVJUDFLRVRSRUTXH6DQ $OWKRXJKLWoVIXQQ\EHFDXVH6W
HQHVDÃSRFD FDOHQGDUDWWKDWWLPH -RUJHHUDWXUFRHQUHDOLGDG *HRUJHZDVLQIDFW7XUNLVK
&HUYDQWHVPXULÍHO\IXH &HUYDQWHVGLHGRQWKHQG
(UDHVHTXLHQGHFDSLWÍDO +HZDVWKHRQHZKREHKHDGHG
HQWHUUDGRHO DQGZDVEXULHGRQWKHUG GUDJÍQQR" WKHGUDJRQZDVQoWKH"
%XWWHUEHDQV$OXELDVEODQFDV
*UHHQEHDQV$OXELDVYHUGHV
%ODFNH\HGEHDQV-XGÇDVSLQWDV
6R\DEHDQV6HPLOODVGH6RMD
5HG.LGQH\%HDQV$OXELDVURMDV
9RFDEXODULR%HDQV$OXELDV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
5HVHDUFKDQGGHYHORSPHQW
5HVHDUFKDQGGHYHORSPHQWGRHVQoWLQYROYHRQO\SURGXFWV,WFDQLQYROYHLQQRYDWLRQLQSURFHVVHVDQGSUDFWLFHV
7KH5 'GHSDUWPHQWFDQKHOSGHSDUWPHQWVRUEXVLQHVVXQLWVZLWKLQVLGHLQQRYDWLRQ
6RPHFRPSDQLHVKDYHVPDOO5 'WHDPVWKDWZRUNLQWKHGLIIHUHQWEXVLQHVVXQLWVRIWKHRUJDQL]DWLRQVKDULQJWKHEHVWSUDFWLFHVRIHDFK
5 'SHRSOHZKRKDYHEHHQLQFORVHFRQWDFWZLWKWKHVXSSO\FKDLQLQWKHLUFRPSDQLHVRIWHQFRQWULEXWHLQQRYDWLYHLPSURYHPHQWV
6RPHFRPSDQLHVPDUNHWWKHLU5 'IXQFWLRQ0DQ\H[WHUQDOîUPVDQGJRYHUQPHQWDJHQFLHVXVHWKHVHUYLFHVRIFRUSRUDWH5 'GLYLVLRQV
*RRG5 'SHRSOHDOZD\VORRNIRUZD\VWRLQQRYDWH7KH\REVHUYHSURFHVVHVLQRWKHUîUPVRUDWWHQGWUDGHIDLUVRQHYHU\FRQWLQHQW
7KH\WDNHIDFWRU\WRXUVHYHQLQEXVLQHVVHVRULQGXVWULHVWRWDOO\XQUHODWHGWRWKHLURZQDFWLYLW\RUEXVLQHVV
+HQU\)RUGJRWKLVLGHDRQWKHDVVHPEO\OLQHZKHQKHZDVYLVLWLQJDVODXJKWHUKRXVHDQGPHDWSDFNLQJSODQWLQ&KLFDJR
6RPHWLPHVWKHWRSPDQDJHPHQWLQODUJHFRPSDQLHVEHFRPHVLPSDWLHQWZLWKWKHSDFHRILQQRYDWLRQFRPLQJRXWRI5 '
7KRPDV(GLVRQRQFHVDLGWKDWWKHVXFFHVVRILQYHQWLRQGHSHQGVRQKRZPDQ\H[SHULPHQWV\RXFDQîWLQWRKRXUV
0U(GLVRQWHVWHGRYHUGLIIHUHQWPDWHULDOVEHIRUHKHFDPHXSRQWKHFDUERQîODPHQWWKDWZRUNHGIRUWKHOLJKWEXOE
+HDOZD\VVDLGWKDWLQQRYDWLRQLVRQHSHUFHQWLQVSLUDWLRQDQGSHUFHQWSHUVSLUDWLRQ,Q(QJOLVKWRSHUVSLUHPHDQVWRVZHDW
7KHPRVWLPSRUWDQWFRQWULEXWLRQE\7KRPDV(GLVRQZDVQoWDQ\VSHFLîFLQYHQWLRQEXWUDWKHUWKHFRQFHSWDW0HQOR3DUN
0HQOR3DUNLQ1HZ-HUVH\ZDVWKHîUVWLQVWLWXWLRQVHWXSVSHFLîFDOO\WRSURGXFHFRQVWDQWWHFKQRORJLFDOLQQRYDWLRQDQGLPSURYHPHQW
(GLVRQRZQHGWKHSDWHQWRQPRVWRIWKHSURGXFWVLQYHQWHGWKHUHWKRXJKPDQ\RIKLVHPSOR\HHVFDUULHGRXWWKH5 'ZRUN
7\SLFDORIîFHODQJXDJH
$GD\GRHVQoWJRE\ZLWKRXWP\ERVVFDOOLQJPHWRKLVRIîFHWRWDONDERXWWKHQHZFRVWFXWWLQJLQLWLDWLYH,WoVKLVIDYRXULWHWR\
*RRGPRUQLQJ0DUJDUHW$Q\FDOOV",IRUJRWWRWHOO\RX\HVWHUGD\WKDWDMRXUQDOLVWIURP7KH(FRQRPLVWZLOOEHKHUHDWRoFORFN
'RQoWZRUU\DERXWWKDWSUREOHP,oOOWDNHFDUHRILW,WoVWKHODVWWKLQJLQWKHZRUOG,IHHOOLNHGRLQJEXWLWoVSDUWRIP\MRE
+DYH\RXKHDUGWKHODWHVW"7RP(YDQVLVOHDYLQJ3HUNLQV,QFRUSRUDWHGDQGZLOOWDNHRYHUIRU3HGUR$OYDUH]DW6DOHP,QGXVWULHV
([FXVHPHWKHUHoVD0U7RP(YDQVRQWKHOLQH+HVD\VKHoVDJRRGIULHQGRI\RXUV:KDWVKDOO,WHOOKLP"
*RRGPRUQLQJHYHU\RQH,oPJODGWRKDYHWKLVRSSRUWXQLW\WRJLYH\RXDEULHISUHVHQWDWLRQRQWKHQHZ6$3DSSOLFDWLRQ
,WKLQNWKHHFRQRP\oVVWDUWLQJWRFRPHRXWRIWKHUHFHVVLRQ:HoUHQRWIHHOLQJLW\HWEXW,oPRSWLPLVWLF
7KH\KDGWROD\RIIKDOIWKHLUVWDIIDQGUHVWUXFWXUHWKHLUGHEWZLWKWKHEDQNV,QP\RSLQLRQWKH\oUHVWLOOQRWRXWRIWKHZRRGV\HW
6DOHVDUHXSDQGZHoUHVORZO\LPSURYLQJRXUPDUJLQV,IWKLQJVJRDVSODQQHGZHVKRXOGEHDEOHWRSD\DGLYLGHQGWKLV\HDU
6RPHWLPHV,IHHOOLNHVHOOLQJWKLVFRPSDQ\WRWKHîUVWSHUVRQZKRZDONVWKURXJKWKHGRRU
<RXQHHGWRFRQVLGHUWKHOHJDOUDPLîFDWLRQVRIWKHGHFLVLRQ,IZHGRQoWDFWQRZZHFRXOGîQGRXUVHOYHVLQFRXUW
:HoUHJRLQJWKURXJKVRPHKDUGWLPHVEXWVRDUHRXUFRPSHWLWRUV,WoVJRRGIRUWKHLQGXVWU\WRJRWKURXJKDVKDNHRXW
,oPJHWWLQJWRWKHSRLQWZKHUH,GRQoWUHDOO\FDUHZKHWKHUWKH\DZDUGXVWKHFRQWUDFWRUQRW
<RXQHHGWRXVHWKHULJKWWDFWLFV7RP(YDQVLVWKHW\SHRIJX\WKDWGRHVQoWQHHGDWHFKQLFDOH[SODQDWLRQ)RUKLPLWoVWKHERWWRPOLQH
,FDQoWîJXUHRXWZK\WKHJRYHUQPHQWZDQWVWRUDLVHWKHFRUSRUDWHWD[RQVPDOOEXVLQHVVHV,WMXVWGRHVQoWPDNHDQ\VHQVH
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
%OXHFKHHVH4XHVRD]XO
6HPLKDUGFKHHVH4XHVRVHPLFXUDGR
9RFDEXODULR&KHHVH4XHVR
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
&X»QWRWDUGDUHPRVHQOOHJDU +RZORQJZLOOLWWDNHXVWRJHW
1RVHPDUFKDU»GHODHPSUHVD :RQoWVKHOHDYHWKHFRPSDQ\
DOOÇ" WKHUH" DQRVHUTXHODHFKHQ" XQOHVVWKH\ïUHKHU"
1RWDUGDUÃLVPXFKR ,WZRQoWWDNH\RXORQJ 6LGLPLWLHUDPHGDUÇDQXQD ,I,UHVLJQHGZRXOGWKH\JLYH
3RUTXÃWDUGDVWHWDQWR" :K\GLGLWWDNH\RXVRORQJ" LQGHPQL]DFLÍQ" PHFRPSHQVDWLRQ"
&X»QWRVXHOHQGXUDUVXV +RZORQJGRWKHLUFRQFHUWV
6LWXYLHUDHOHFFLÍQPHTXHGDUÇD ,I,KDGDFKRLFH,oGVWD\
FRQFLHUWRVGHHOORV" XVXDOO\ODVW" 6LQRKXELHUDVWHQLGRWDQWD ,I\RXKDGQoWEHHQLQVXFKD
(VWHGXUDU»PHQRVTXHHO 7KLVRQHZLOOODVWOHVVWKDQWKH SULVDQRWHKDEUÇDVHTXLYRFDGR KXUU\\RXZRXOGQoWKDYHPDGH
ÔOWLPR ODVWRQH DPLVWDNH
6HKDEUÇDQGDGRFXHQWDVLQR :RXOGWKH\KDYHUHDOLVHGLIZH
OHVKXELÃVHPRVGLFKRQDGD" KDGQoWWROGWKHPDQ\WKLQJ"
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpWRq %86,1(66(1*/,6+
,oOOVHHWRLWWKDWLWoVGRQH 7KHFDWWRRNWRKLPOLNHDîVKWRZDWHU
0HDVHJXUDUÃGHTXHVHKDJD (OJDWRVHHQFDULËÍFRQÃOFRPRSH]DODJXD
,oOOVHHWRLW :HDJUHHGWRGRLW
0HHQFDUJR\R 1RVSXVLPRVGHDFXHUGRHQKDFHUOR
:HoUHDOOVHWWRGRLW /LVWHQWRPH
7RGROLVWRSDUDKDFHUOR (VFÔFKDPH
p,QJOÃVSDUDWXSXHVWRGHWUDEDMRq
$GPLQLVWUDFLÍQ55++\0DUNHWLQJ
&RQVÇJXHORHQZZZYDXJKDQWLHQGDFRP
%DQNLQJ
7KHPDLQUHDVRQIRUWKH*UHDW'HSUHVVLRQRIWKHoVLQWKH8QLWHG6WDWHVZDVDVHULHVRIEDQNUXQVWKDWFDXVHGHFRQRPLFFROODSVH
6LQFHWKDWWLPHPRVWJRYHUQPHQWVKDYHFUHDWHGSXEOLFHQWLWLHVHTXLSSHGWRLQVXUHEDQNGHSRVLWVXSWRDFHUWDLQDPRXQW
,I\RXGHSRVLWDORWRIPRQH\LQEDQNDFFRXQWVPDNHVXUHWKDWWKHDPRXQWGHSRVLWHGLQHDFKEDQNLVZLWKLQWKHPD[LPXPLQVXUHG
$VHFRQGVDIHJXDUGWRVRIWHQWKHLPSDFWRIEDQNUXQVLVWKHUHTXLUHGUHVHUYHUDWLRWKDWFHQWUDOEDQNVLPSRVHRQQDWLRQDODQGORFDOEDQNV
7KHUHDUHVHYHUDONLQGVRIEDQNVWKDWRSHUDWHLQPDUNHWHFRQRPLHV7KHPRVWFRPPRQLVWKHFRPPHUFLDOEDQN
,QVRPHFRXQWULHVWKHWHUPFRPPHUFLDOEDQNUHIHUVWRQRUPDOEDQNVWKDWSURYLGHUHWDLOEDQNLQJDVRSSRVHGWRLQYHVWPHQWEDQNV
7KHZRUGUHWDLOUHIHUVWRWUDQVDFWLRQVZLWKLQGLYLGXDOVRUîQDOXVHUV7KHRSSRVLWHLVZKROHVDOHZKLFKLPSOLHVDQLQWHUPHGLDU\IXQFWLRQ
,QRWKHUFRXQWULHVWKHWHUPFRPPHUFLDOEDQNUHIHUVWREDQNVWKDWPDLQO\GHDOZLWKODUJHEXVLQHVVHVRUFRUSRUDWLRQV
,QPRVWFDVHVKRZHYHUFRPPHUFLDOEDQNVRIIHUDIXOOUDQJHRIVHUYLFHVIRULQGLYLGXDOVEXVLQHVVHVDQGJRYHUQPHQWV
$VDYLQJVEDQNLVDQLQVWLWXWLRQZKRVHPDLQSXUSRVHLVWRDFFHSWVDYLQJVGHSRVLWVDOWKRXJKLWRIWHQSHUIRUPVRWKHUEDQNLQJWUDQVDFWLRQV
,Q6SDLQVDYLQJVEDQNVDUHSXEOLFLQLWLDWLYHVXQGHUJRYHUQPHQWFRQWUROZKRVHSURîWVDUHRIWHQHDUPDUNHGIRUVRFLDOLQLWLDWLYHV
7KHYHUEpWRHDUPDUNqPHDQVWRUHVHUYHDOORFDWHRUDVVLJQ3XEOLFPRQLHVDUHRIWHQHDUPDUNHGIRUVSHFLîFLQYHVWPHQWSXUSRVHV
6DYLQJVEDQNVDUHFDOOHGpVDYLQJVDQGORDQDVVRFLDWLRQVqLQWKH86DQGpEXLOGLQJVRFLHWLHVqLQWKH8.
,QYHVWPHQWEDQNVDUHîQDQFLDOLQVWLWXWLRQVWKDWLVVXHDQGVHOOVHFXULWLHVLQFDSLWDOPDUNHWVDQGDGYLVHLQPHUJHUVDQGDFTXLVLWLRQV
:KHQZHVD\FDSLWDOPDUNHWVZHDUHUHIHUULQJWRVWRFNPDUNHWVDQGERQGPDUNHWV6HFXULWLHVDUHEDVLFDOO\VWRFNVDQGERQGV
(FRQRPLFV
,IWKHFHQWUDOEDQNUDLVHVLQWHUHVWUDWHVSHRSOHSD\PRUHIRUORDQVDQGPRUWJDJHVDQGWKLVFRROVWKHHFRQRP\DQGFRQWUROVLQïDWLRQ
,IWKHFHQWUDOEDQNORZHUVLQWHUHVWUDWHVPRUHSHRSOHWDNHRXWORDQVDQGPRUWJDJHVDQGVWDUWWRVSHQGPRUHZKLFKUHDFWLYDWHVWKHHFRQRP\
,IWKHUHLVKLJKXQHPSOR\PHQWLQDFRXQWU\WKLVXVXDOO\PHDQVWKDWWKHHFRQRP\LVLQDUHFHVVLRQDQGQHHGVDERRVW
,QWKLVFDVH.H\QHVLDQHFRQRPLVWVZRXOGUHFRPPHQGORZHULQJWD[HVDQGORZHULQJLQWHUHVWUDWHVLQRUGHUWRSURPRWHFRQVXPSWLRQ
,QWKHPHGLXPWHUPWKLVXVXDOO\SURPRWHVFRQVXPSWLRQZKLFKUHDFWLYDWHVSURGXFWLRQRIJRRGVDQGVHUYLFHVDQGLQFUHDVHVHPSOR\PHQW
,IWKHJRYHUQPHQWDQGPRQHWDU\DXWKRULWLHVJRWRRIDULQUHDFWLYDWLQJWKHHFRQRP\WKHQVHYHUDOSRVLWLYHIDFWRUVEHFRPHQHJDWLYH
)XOOHPSOR\PHQWPHDQVDWLJKWMREPDUNHWZKLFKPHDQVWKDWHPSOR\HHVDQGZRUNHUVFDQQHJRWLDWHKLJKHUVDODULHVDQGZDJHV
7KLVFDXVHVZKDWLVFDOOHGpFRVWSXVKLQïDWLRQqEHFDXVHIXOOHPSOR\PHQWLQFUHDVHVODERXUFRVWVZKLFKLQWXUQpSXVKqXSFRVWVDQGSULFHV
$OVRZLWKIXOOHPSOR\PHQWSHRSOHVSHQGPRUHDQGWKLVFUHDWHVPRUHGHPDQGRQSURGXFHUVZKRRIWHQFDQQRWPHHWWKHGHPDQG
:KHQSURGXFHUVDUHSURGXFLQJDWIXOOFDSDFLW\DQGFDQQRWPHHWKLJKGHPDQGZKROHVDOHDQGUHWDLOSULFHVQDWXUDOO\ULVH
7KLVLVFDOOHGpGHPDQGSXOOqLQïDWLRQEHFDXVHWKHLPSUHVVLRQLVWKDWSULFHVDUHULVLQJEHFDXVHWKHGHPDQGLVpSXOOLQJqWKHPXS
7KHUHIRUHZKHQîVFDODQGPRQHWDU\SROLF\LVORRVHHFRQRPLHVHYHQWXDOO\KHDWXSDQGSURGXFHWZRW\SHVRILQïDWLRQVLPXOWDQHRXVO\
:KHQWKLVKDSSHQVWKHJRYHUQPHQWDQGFHQWUDOEDQNVVZLWFKWRDWLJKWHUîVFDODQGPRQHWDU\SROLF\LQRUGHUWRFRROWKHHFRQRP\
7RFRROWKHHFRQRP\WD[HVDQGLQWHUHVWUDWHVDUHUDLVHGWRPDNHLWPRUHGLIîFXOWIRUSHRSOHWRERUURZRUVSHQG
7KLVOHDGVWROHVVFRQVXPSWLRQOHVVSURGXFWLRQDQGMREUHGXFWLRQV)LVFDODQGPRQHWDU\DXWKRULWLHVDUHDOZD\VVHHNLQJWKHULJKWEDODQFH
0DQXIDFWXULQJ
7KHIRXUWKRIWKHVHYHQZDVWHVVHWRXWE\7R\RWDLVpZDLWLQJq7KLVUHIHUVWRWKHWLPHORVWDWVHYHUDOGLIIHUHQWPRPHQWVGXULQJWKHSURFHVV
,QWUDGLWLRQDOPDQXIDFWXULQJSHUFHQWRIDSURGXFWoVOLIHLVVSHQWZDLWLQJWREHSURFHVVHG7KHUHDUHVHYHUDOUHDVRQVIRUWKLV
([DPSOHVLQFOXGHPDWHULDOVïRZWKDWLVVORZSURGXFWLRQUXQVWKDWDUHORQJRUGLVWDQFHVEHWZHHQZRUNFHQWUHVWKDWDUHWRRJUHDW
2QHKRXUORVWEHFDXVHRIDVLQJOHERWWOHQHFNLQRQHRSHUDWLRQFDXVHVDRQHKRXUORVVLQWKHHQWLUHIDFWRU\oVRXWSXW
7KHîIWKZDVWHLVLQYHQWRU\7KHUHDUHWKUHHW\SHVRILQYHQWRU\UDZPDWHULDOVZRUNLQSURJUHVVDQGîQLVKHGJRRGV
7KHVORZHUWKHPRYHPHQWRIWKHVHPDWHULDOVXQîQLVKHGJRRGVDQGîQLVKHGJRRGVWKHODWHUWKHFRPSDQ\FROOHFWVPRQH\RQVDOHV
7KHVORZHUWKHHQWLUHSURFHVVWKHPRUHWKHLQYHVWPHQWLQUDZPDWHULDOVDQGWUDQVIRUPDWLRQFRVWVLVXQUHDOL]HGFDXVLQJîQDQFLDOVWUDLQ
$VORZPDQXIDFWXULQJSURFHVVZLWKH[FHVVLQYHQWRU\FDQDOVRFUHDWHLPSDWLHQWFXVWRPHUVORRNLQJIRUSURPSWJUDWLîFDWLRQ
7KHVL[WKZDVWHLVWKHXQQHFHVVDU\RUH[FHVVPRWLRQWKDWRIWHQDFFRPSDQLHVPDQXIDFWXULQJSURFHVVHV
0DQ\IDFWRU\ZRUNHUVVSHQGXQQHFHVVDU\WLPHEHQGLQJGRZQUHDFKLQJVWUHWFKLQJZDONLQJDQGOLIWLQJ$OOWKHVHPRYHPHQWVWDNHWLPH
,QGXVWULDOHQJLQHHUVORRNIRUZD\VWRUHGXFHWKHWLPHDZRUNHUVSHQGVLQH[FHVVPRWLRQRYHUDQKRXUVKLIW
([FHVVPRWLRQDOVRLQFUHDVHVWKHSUREDELOLW\RIZRUNLQJDFFLGHQWVZKLFKFDXVHDGGLWLRQDOWLPHORVVDQGSRVVLEOHOLWLJDWLRQH[SHQVHV
7KHVHYHQWKZDVWHLVRYHUSURFHVVLQJ$FRPPRQDQDORJ\WRGHVFULEHWKLVLVpXVLQJDVOHGJHKDPPHUWRFUDFNDQXWq
2YHUSURFHVVLQJLQYROYHVXVLQJH[SHQVLYHKLJKSUHFLVLRQHTXLSPHQWZKHUHVLPSOHUWRROVZRXOGEHVXIîFLHQW
:KHQGHVLJQLQJSURGXFWLRQV\VWHPVPRQH\VKRXOGEHLQYHVWHGLQVPDOOHUPRUHïH[LEOHHTXLSPHQWZKHUHYHUSRVVLEOH
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
%URZQ/HQWLOV/HQWHMDVFDVWHOODQDV
*UHHQ3HDV*XLVDQWHVWLHUQRV
5HG/HQWLOV/HQWHMDVURMDV
9RFDEXODULR3HDV/HJXPEUHV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRXWq 3$&.6'((678',2
%ORZRXWWKHPDWFK 7KH\EURNHRXWRISULVRQ
$SDJDODFHULOOD 6HIXJDURQGHODSULVLÍQ
7KH\EOHZKLVEUDLQVRXW 7KH)LUVW:RUOG:DUEURNHRXWLQ
/HYRODURQODWDSDGHORVVHVRV /D3ULPHUD*XHUUD0XQGLDOHVWDOOÍHQ
7KHWLUHEOHZRXW 7KHHSLGHPLFEURNHRXWLQWKHELJFLWLHV
/DUXHGDUHYHQWÍ /DHSLGHPLDHVWDOOÍHQODVFLXGDGHVJUDQGHV 3ULQFLSLDQWHLQWHUPHGLR\DYDQ]DGR
5HIXHU]DWXVHVWXGLRVHQFDVD
&RQVÇJXHORHQZZZYDXJKDQWLHQGDFRP
)LQDQFHDQGDFFRXQWLQJ
&RPSDQLHVUHSRUWWKHLUVROYHQF\SRVLWLRQWKURXJKIRXUîQDQFLDOVWDWHPHQWV7KHîUVWWZRDUHWKHEDODQFHVKHHWDQGWKHLQFRPHVWDWHPHQW
7KHEDODQFHVKHHWVKRZVWKHFRPSDQ\oVVLWXDWLRQFRQFHUQLQJLWVDVVHWVOLDELOLWLHVDQGQHWHTXLW\DWDJLYHQSRLQWLQWLPH
7KHLQFRPHVWDWHPHQWDOVRFDOOHGSURîWDQGORVVVWDWHPHQWRU3 /VKRZVWKHUHVXOWVRIDFRPSDQ\RYHUDJLYHQSHULRGRIWLPH
7KHVWDWHPHQWRIUHWDLQHGHDUQLQJVVKRZVWKHîQDOSURîWWKDWWKHFRPSDQ\KDVGHFLGHGQRWWRGLVWULEXWHDVGLYLGHQGV
7KHVWDWHPHQWRIFDVKïRZVVKRZVWKHFRPSDQ\oVFDVKïRZDFWLYLWLHVHVSHFLDOO\LWVRSHUDWLQJLQYHVWPHQWDQGîQDQFLQJDFWLYLWLHV
)LQDQFLDOVWDWHPHQWVVKRXOGEHXQGHUVWDQGDEOHUHOHYDQWUHOLDEOHDQGFRPSDUDEOH7KH\UHïHFWîQDQFLDOVWUHQJWKDQGSHUIRUPDQFH
2ZQHUVDQGPDQDJHUVDSSO\îQDQFLDODQDO\VLVWRWKHVHVWDWHPHQWVWRPDNHLPSRUWDQWEXVLQHVVGHFLVLRQV
'HWDLOHGîQDQFLDOVWDWHPHQWVPDNHXSDQLPSRUWDQWSDUWRIWKH$QQXDO5HSRUWVHQWWRWKHVKDUHKROGHUV
(PSOR\HHVXVHWKHVHîQDQFLDOVWDWHPHQWVZKHQSUHSDULQJFROOHFWLYHEDUJDLQLQJHVSHFLDOO\FRQFHUQLQJWKHFRPSHQVDWLRQSDFNDJH
3RWHQWLDOLQYHVWRUVDOZD\VUHDGWKHîQDQFLDOVWDWHPHQWVFDUHIXOO\WRDVVHVVWKHYLDELOLW\RIDFRPSDQ\WDUJHWHGIRULQYHVWPHQW
)LQDQFLDOLQVWLWXWLRQVVWXG\îQDQFLDOVWDWHPHQWVZKHQGHFLGLQJZKHWKHUWRJUDQWORQJDQGVKRUWWHUPORDQVDQGFUHGLWOLQHV
7KHWD[DXWKRULWLHVDXGLWWKHîQDQFLDOVWDWHPHQWVRIWKHFRPSDQ\ZKHQGLVDJUHHPHQWH[LVWVRQFRUSRUDWHWD[OLDELOLWLHV
,QGXVWU\DQDO\VWVDQGSHQVLRQIXQGPDQDJHUVFRQVWDQWO\FRPEWKHîQDQFLDOVWDWHPHQWVLQVHDUFKRIVWUHQJWKVDQGZHDNQHVVHV
,QDFFRXQWLQJWKHPRVWLPSRUWDQWEUDQFKHVDUHîQDQFLDODFFRXQWLQJPDQDJHPHQWDFFRXQWLQJWD[DFFRXQWLQJDQGFRVWDFFRXQWLQJ
)LQDQFLDODFFRXQWLQJLVWKHEDVLFSUHSDUDWLRQRIîQDQFLDOVWDWHPHQWVIRUWKHGLIIHUHQWSXEOLFVPHQWLRQHGDERYHLQWKLVVHFWLRQ
0DUNHWLQJDQGVDOHVPDQDJHPHQW
7KHWKLUGp3qDIWHUSURGXFWLVpSODFHq1RUPDOO\LQPDUNHWLQJWKHWHUPpSODFHqUHIHUVWRGLVWULEXWLRQDQGîQDOSRLQWRIVDOH
7KHLPSRUWDQWHOHPHQWFRQFHUQLQJpSODFHqLVKRZWRJHWWKHSURGXFWWRWKHFXVWRPHULQWKHTXLFNHVWDQGPRVWFRVWHIîFLHQWZD\
$GHFLVLRQWKDWLVFUXFLDOWRWKHVXFFHVVRIPDQ\FRPSDQLHVLVZKDWGLVWULEXWLRQFKDQQHOVVKRXOGEHXVHG
5HSVROLVDYHUWLFDOO\LQWHJUDWHGFRPSDQ\ZKHUHE\LWRZQVLWVRZQGLVWULEXWLRQFKDQQHOIURPRLOZHOOWRUHîQHU\WRVHUYLFHVWDWLRQ
&DUUHIRXUVHOOVLWVJRRGVWKURXJKODUJHVXUIDFHUHWDLOLQJ%HFDXVHRILWVVL]HLWFDQVNLSWKHZKROHVDOHFKDQQHODQGRIIHUORZHUSULFHV
7KH)OH[0DWWUHVV&RPSDQ\XVHVWZRFKDQQHOVODUJHVXUIDFHUHWDLOHUVDQGVPDOOIXUQLWXUHVWRUHV
&KDQHOSUHIHUVWRDYRLGORZSULFHFKDQQHOVVXFKDV&DUUHIRXU'ÇDRU0HUFDGRQDLQIDYRXURIKLJKHUSULFHVFKDQQHOVOLNH(O&RUWH,QJOÃV
1LYHDXVXDOO\SUHIHUVWREHSUHVHQWLQHYHU\RXWOHWIURPODUJHVXUIDFHUHWDLOHUVRIHYHU\NLQGWRVPDOOQHLJKERXUKRRGVKRSV
6RPHEDE\IRRGPDNHUVSUHIHUWRUHVWULFWWKHLUGLVWULEXWLRQWRSKDUPDFLHV7KLVZD\WKH\VHQGDSDUWLFXODUPHVVDJHWRPRWKHUV
6RPHFRPSDQLHVOLNH(O&RUWH,QJOÃVSUHIHUWKHLURZQGLVWULEXWLRQZDUHKRXVHVZKLOHVPDOOUHWDLOHUVEX\IURPZKROHVDOHUV
$ZKROHVDOHULVDQLQWHUPHGLDU\ZKREX\VJRRGVIURPIDFWRULHVVWRUHVWKHPLQZDUHKRXVHVDQGVHOOVWKHPWRUHWDLOHUV
5HWDLOHUVDUHEXVLQHVVHVXVXDOO\VPDOORQHVWKDWVHOOPHUFKDQGLVHGLUHFWO\WRWKHSXEOLFWKURXJKVPDOOVKRSVRUVPDOOFKDLQVWRUHV
/DUJHVXUIDFHUHWDLOHUVDUHHQRUPRXVGLVWULEXWLRQFRPSDQLHVOLNH&DUUHIRXU:DO0DUWRU(O&RUWH,QJOÃVWKDWVHOOGLUHFWO\WRWKHSXEOLF
2WKHUpSODFHqRUGLVWULEXWLRQFRQVLGHUDWLRQVLQFOXGHGHFLVLRQVFRQFHUQLQJPDUNHWVHJPHQWDWLRQ
6RPHFRPSDQLHVSUHIHUWRIRFXVWKHLUHIIRUWVRQRQHVSHFLîFVHJPHQWRIWKHPDUNHWLQRUGHUWREHFRPHWKHEHVWIRUWKDWVHJPHQW
*HQHUDODQGVWUDWHJLFPDQDJHPHQW
6RPHFRPSDQLHVLQRUGHUWRFRQWUROFRVWVGHFLGHWRLQWHJUDWHYHUWLFDOO\7KLVLVFDOOHGpYHUWLFDOLQWHJUDWLRQq
9HUWLFDOLQWHJUDWLRQLVZKHQDFRPSDQ\EX\VRXWVXSSOLHUVRUFXVWRPHUVWKXVpLQWHJUDWLQJqWKHLUDFWLYLWLHVXSVWUHDPDQGGRZQVWUHDP
7KHWHUPpXSVWUHDPqPHDQVWKHSDUWRIDULYHUWKDWLVQHDUWKHVRXUFHp'RZQVWUHDPqLVWKHSDUWRIWKHULYHUQHDUWKHVHD
)RU5HSVROXSVWUHDPDFWLYLWLHVDUHWKHRLODQGJDVH[SORUDWLRQDQGH[WUDFWLRQ'RZQVWUHDPDFWLYLWLHVDUHWKHJDVVWDWLRQVWKDWZHYLVLW
7KHHQWLUHVWUHDPLVH[SORUDWLRQGULOOLQJH[WUDFWLRQWUDQVSRUWDWLRQWRUHîQHULHVUHîQLQJDGGLWLRQDOWUDQVSRUWDWLRQDQGîQDOIXHOVDOHV
(O&RUWH,QJOÃVKDVSHUIRUPHGpEDFNZDUGLQWHJUDWLRQqE\EX\LQJRXWVRPHRILWVXSVWUHDPVXSSOLHUVVXFKDV,QYHVWUÍQLFDRU,QGX\FR
7KHRSSRVLWHLVpIRUZDUGLQWHJUDWLRQqZKHUHSURGXFHUVRUZKROHVDOHUVEX\RUFUHDWHGRZQVWUHDPDFWLYLWLHVWRVHOOGLUHFWO\WRWKHSXEOLF
7KHFOHDUHVWFDVHRIWKLVKDVEHHQVRPHRIWKH+ROO\ZRRGPRYLHVWXGLRVWKDWKDYHFUHDWHGFLQHPDFKDLQVWKURXJKRXWWKH86
)RU&(2oVLWoVRIWHQDWHPSWDWLRQWRLQWHJUDWHXSVWUHDPRUGRZQVWUHDPLQRUGHUWRFRQWUROFHUWDLQFULWLFDOHOHPHQWVLQWKHYDOXHFKDLQ
7KHGHFLVLRQDVWRZKHWKHUWRGRLWRUQRWPXVWEHFDUHIXOO\ZHLJKHG,QWHJUDWLQJVPRRWKHVRXWFHUWDLQWUDQVDFWLRQVEXWDGGVîQDQFLDOULVNV
$QRWKHUVWUDWHJLFGHFLVLRQKDVWRGRZLWKWKHWLPLQJRIHQWU\LQWRDPDUNHW7RRVRRQFDQEHDVGHDGO\DVWRRODWH
,QWKHHDUO\\HDUVRISHUVRQDOFRPSXWLQJFRPSDQLHVOLNH$SSOHWULHGWREHWKHîUVWWRWKHPDUNHWFRQVLGHULQJWKLVWREHDQDGYDQWDJH
,%0KRZHYHUGHFLGHGWRZDLWIRUWKHVHVPDOOHUSOD\HUVWRRSHQWKHPDUNHWDQGSURPRWHGHPDQGEHIRUHHQWHULQJDVDFRPSHWLWRU
,IDFRPSDQ\LVQRWSUHSDUHGWRVHHNDFRVWDGYDQWDJHVWUDWHJ\WKHRWKHUVWUDWHJLFRSWLRQLVGLIIHUHQWLDWLRQ
7KHLGHDEHKLQGGLIIHUHQWLDWLRQLVWRPDNHDSURGXFWWKDWLVVRGLIIHUHQWLQTXDOLW\RUXWLOLW\WKDWSHRSOHZLOOSD\DSUHPLXPWRKDYHLW
/RZ%HJLQQHU +LJK%HJLQQHU
6WXPS3DOR
%RZOHU/DQ]DGRU
%DWVPDQ%DWHDGRU
3LWFK&DPSRGHFUÇTXHW
:LFNHW5DVWULOOR
9RFDEXODULR&ULFNHW&UÇTXHW
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
6LJQLîFDTXHVLHQWHQ\VRQ ,WPHDQVWKH\IHHODQGWKH\DUH
4XLHUHVTXÃWHORH[SOLTXH" 'R\RXZDQWPHWRH[SODLQLW
HVFRFHVHVSHURf 6FRWWLVKEXWf WR\RX"
WLHQHQSDVDSRUWHVEULW»QLFRV WKH\KDYH%ULWLVKSDVVSRUWV &ODURTXHTXLHURTXHPHOR 2IFRXUVH,ZDQW\RXWRH[SODLQ
3RUTXÃWLHQHQSDVDSRUWHVGH :K\GRWKH\KDYHSDVVSRUWV H[SOLTXHV LWWRPH
RWURSDÇV" IURPDQRWKHUFRXQWU\" (VGLIÇFLOH[SOLF»UWHOR ,WoVGLIïFXOWWRH[SODLQLWWR
(VFRFLDIRUPDSDUWHGH*UDQ 6FRWODQGLVSDUWRI*UHDW%ULWDLQ
\RX
%UHWDËD\GHO5HLQR8QLGR DQGWKH8QLWHG.LQJGRP +D\UHJLRQHVGLIHUHQWHVHQ 7KHUHDUHGLIIHUHQWUHJLRQVLQ
&X»OHVODGLIHUHQFLDHQWUHHVRV :KDWoVWKHGLIIHUHQFHEHWZHHQ
(VSDËDQR" 6SDLQDUHQoWWKHUH"
GRVSDÇVHV" WKRVHWZRFRXQWULHV" 7RGRVSHUWHQHFHQDOPLVPR 7KH\DOOEHORQJWRWKHVDPH
SDÇVQR" FRXQWU\GRQoWWKH\"
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
(VHHVXQDVXQWRGHOLFDGR 7KDWoVDGHOLFDWHPDWWHUOHWoV
1RKD\XQHTXLSRHVFRFÃVQL 7KHUHLVQHLWKHUD6FRWWLVKQRU
FDPELHPRVGHWHPD FKDQJHWKHVXEMHFW XQHTXLSRJDOÃV D:HOVKWHDP
9DOHGHTXÃTXLHUHVTXH $OULJKWZKDWGR\RXZDQWXV
(QWRQFHVSRUTXÃWLHQHQXQD :K\GRWKH\KDYHDQDWLRQDO
KDEOHPRV" WRWDONDERXW" VHOHFFLÍQQDFLRQDOGHIÔWERO" IRRWEDOOWHDPWKHQ"
(VFRFLDWHQGU»VXSURSLR :LOO6FRWODQGKDYHLWVRZQ |$KÇPHKDVSLOODGR <RXoYHJRWPHWKHUH
HTXLSRHQ&KLQDHVWHDËR" WHDPLQ&KLQDWKLV\HDU" 1RWHQJRODP»VPÇQLPDLGHD ,KDYHQoWWKHVOLJKWHVWLGHD
4XÃTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW" (VDOJRTXHVLHPSUHPHKD 7KDWoVVRPHWKLQJWKDWoVDOZD\V
0HUHîHURDORV-XHJRV ,oPUHIHUULQJWRWKH2O\PSLF FRQIXQGLGRDPÇWDPELÃQ FRQIXVHGPHWRR
2OÇPSLFRV *DPHV
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
+XPDQUHVRXUFHV
$QLPSRUWDQW+5IXQFWLRQHVSHFLDOO\LQ\RXQJRUJDQL]DWLRQVLVpMRESULFLQJq7KLVPHDQVVHWWLQJWKHULJKWVDODU\IRUHDFKMRE
p0DUNHWSULFLQJqLVWKHPRVWFRPPRQIRUPXVHG7KHFRPSDQ\VHWVVDODULHVVLPLODUWRWKRVHLQWKHH[WHUQDOPDUNHWIRUVLPLODUMREV
7KHWHUPpSD\JUDGHqLVRIWHQXVHGWRUHIHUWRWKHGLIIHUHQWSD\FDWHJRULHVWKDWMREVDUHFODVVLîHGLQ
:LWKLQHDFKSD\JUDGHWKHUHLVXVXDOO\DpSD\UDQJHqWKDWDOORZVDFRPSDQ\WRLQFUHDVHDSDUWLFXODUVDODU\ZLWKLQDSD\JUDGH
,IWZRSHRSOHKDYHMREVZLWKLQWKHVDPHSD\JUDGHDQGRQHRIWKHWZRZRUNVEHWWHUWKHFRPSDQ\SD\VKLPDWWKHKLJKHUUDQJH
0DQ\ODUJHFRPSDQLHVSHUIRUPRUSXUFKDVHZDJHDQGVDODU\VXUYH\VWRPDNHVXUHWKDWWKHLUFRPSHQVDWLRQSDFNDJHVDUHFRPSHWLWLYH
:DJHVDUHFRPSHQVDWLRQSDLGLQUHODWLRQWRDVSHFLîHGDPRXQWRIWLPHZRUNHG:DJHVDUHXVXDOO\PHDVXUHGLQXQLWVRIWLPH
6DODULHVDUHFRPSHQVDWLRQSDLGZLWKRXWDQ\UHIHUHQFHWRDVSHFLîHGQXPEHURIKRXUVZRUNHG
&ROOHFWLYHEDUJDLQLQJLVZKDWWDNHVSODFHSHULRGLFDOO\EHWZHHQZDJHHDUQHUVDQGHPSOR\HUVWRHVWDEOLVKWKHpHPSOR\PHQWFRQWUDFWq
0DQ\FRPSDQLHVGLIIHUHQWLDWHEHWZHHQpH[HPSWHPSOR\HHVqDQGpQRQH[HPSWHPSOR\HHVq
([HPSWHPSOR\HHVDUHQRWVXEMHFWWRWKHZDJHDQGKRXUDJUHHPHQWVUHDFKHGGXULQJWKHFROOHFWLYHEDUJDLQLQJQHJRWLDWLRQV
([HPSWHPSOR\HHVHDUQVDODULHVQRWZDJHVDQGGRQoWUHFHLYHGLUHFWDGGLWLRQDOFRPSHQVDWLRQIRUZRUNLQJRYHUWLPH
1RQH[HPSWHPSOR\HHVDUHSDUWRIWKHFRPSHQVDWLRQSDFNDJHQHJRWLDWHGZLWKWKHPDQDJHPHQWDQGDUHSDLGDFFRUGLQJWRKRXUVZRUNHG
2WKHUHPSOR\HHEHQHîWVWKDWDFFRPSDQ\FRPSHQVDWLRQLQFOXGHH[WUDVOLNHLQVXUDQFHFKLOGFDUHOXQFKDOORZDQFHVRUFRPSDQ\FDUV
$FRPPRQDQGVRPHWLPHVFRQWURYHUVLDOHPSOR\HHEHQHîWLVSURîWVKDULQJZKHUHDFRPSDQ\SD\VLQFHQWLYHVOLQNHGWR\HDUHQGSURîWV
6HFUHWDULDODQGDGPLQLVWUDWLRQ
5HFHQWO\DVHFUHWDU\SODFHGWKHIROORZLQJPHVVDJHRQDIRUXP7REHDSSRLQWHGVHFUHWDU\RIDFHUWDLQFRPSDQ\RUFRPPLWWHHLVQRMRNH
,WHQWDLOVERWKNQRZOHGJHDQGVNLOOV2QHKDVWREHFRPSHWHQWHQRXJKWRWUDQVFULEHWKHPLQXWHVRIDPHHWLQJRUGLVFXVVLRQVRUZKDWHYHU
&RPSHWHQFHLQYROYHVNQRZOHGJHLQJUDPPDUDQGFRPSRVLWLRQ6NLOOVZLVHRQHKDVWREHTXLFNHQRXJKWRJUDVSZKDWRWKHUVPHDQ
6SHOOLQJDORXGLVDYHU\FRPPRQHYHU\GD\DFWLYLW\WKDWDVHFUHWDU\SHUIRUPV)RUIRUHLJQVHFUHWDULHVLWoVLPSHUDWLYHWREHVNLOOHGDWWKLV
3UREDEO\KDOIRIDOO(QJOLVKVSHDNLQJSHRSOHKDYHVXUQDPHVWKDWUHTXLUHVSHOOLQJRYHUWKHWHOHSKRQH&RUSRUDWHQDPHVDVZHOO
,I\RXoUHDVHFUHWDU\DQGQRWDQDWLYH(QJOLVKVSHDNHUWKHQ\RXPXVWPDNHVXUHWKDW\RXFDQVSHOORXWORXGDQGXQGHUVWDQGVSHOOLQJ
7KH%ULWLVKVD\IRUH[DPSOHp$IRU$OSKDq7KH$PHULFDQVVD\p$DVLQ$OSKDq,QWKHIROORZLQJOLQHVZHZLOOJRWKURXJKWKHDOSKDEHW
)RURXUSXUSRVHVKHUHZHZLOOXVHWKH%ULWLVKIRUPDQGWKHV\VWHPHPSOR\HGE\WKH,QWHUQDWLRQDO&LYLO$YLDWLRQ2UJDQL]DWLRQ
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
+L)L6\VWHP(TXLSRGHDOWDîGHOLGDG
5DGLR5DGLR
6SHDNHU$OWDYR]
9RFDEXODULR+RPH(QWHUWDLQPHQW2FLRHQHOKRJDU
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRXWq
9RFDEXODU\
&RPHRXW 7KHVXQFDPHRXWIURPEHKLQGWKHFORXGV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
6DOHOTXHKDEODHVW»IXHUD (OVROVDOLÍSRUGHWU»VGHODVQXEHV IUDVHVHQLQJOÃV"
(VWDU»SUHSDUDGDODPHUFDQFÇDSDUDHO
+RZGLGHYHU\WKLQJFRPHRXW" ,oOONLVV\RXZKHQWKHVWDUVFRPHRXW WUDQVSRUWH"
&ÍPRKDLGRODFRVD" 7HEHVDUÃFXDQGRVDOJDQODVHVWUHOODV +HPRVDXPHQWDGRODSURGXFWLYLGDGXQ
6XHOHVHUP»VGLIÇFLOGLULJLUODVSHTXHËDV
6RPHSDJHVKDYHFRPHRXW +HFDPHRXWLQIDYRXURIWKHWD[ HPSUHVDV
6HKDQGHVSHJDGRDOJXQDVS»JLQDV 6DOLÍHQGHIHQVDGHOLPSXHVWR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOÃV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/£6
'(),1,7,92 GH 9DXJKDQ 1R VÍOR VDEU»V VL KDV DFHUWDGR
VLQRTXHSRGU»VHVFXFKDUFÍPRVHSURQXQFLDQHVWDVIUDVHV
2SHUDWLRQV
,QDGGLWLRQWRWKHVLPSOHTXHVWLRQRISURGXFWYLDELOLW\DQRWKHUVLPSOHEXWFHQWUDOFRQVLGHUDWLRQLVWKHLGHDORUJDQL]DWLRQGHVLJQ
7KHEHVWRUJDQL]DWLRQVPDLQWDLQDQHQWUHSUHQHXULDOFXOWXUHSURPRWHFROODERUDWLRQDQGWHDPZRUNDQGHVWDEOLVKFOHDUDFFRXQWDELOLW\
7KHEHVWRUJDQL]DWLRQVDUHDOVRWKRVHWKDWNQRZKRZWRFRPPLWWKHLUVXSSOLHUVWRFRQWLQXRXVLPSURYHPHQWLQTXDOLW\GHOLYHU\DQGFRVW
6RPHFRPSDQLHVVSHQGDQHQRUPRXVDPRXQWRIWLPHKHOSLQJWKHLUVXSSOLHUVWREHFRPHPRUHHIîFLHQW
2WKHUFRPSDQLHVGHFLGHWRLQWHJUDWHEDFNZDUGVLQRUGHUWRJDLQFRPSOHWHFRQWURORYHUWKHLUXSVWUHDPDFWLYLWLHV
:KLFKHYHUWKHVWUDWHJ\WKHFRPSDQ\WKDWJDLQVWKHEHVWTXDOLW\GHOLYHU\DQGFRVWLQWKLVSDUWRIWKHVXSSO\FKDLQZLOOKDYHDQDGYDQWDJH
0RUHDQGPRUHPDWKHPDWLFDOPRGHOVDQGRWKHUDQDO\WLFDOWRROVDUHEHLQJXVHGWRLPSURYHRSHUDWLRQVDQGPDQDJHPHQWGHFLVLRQV
'HFLVLRQDQDO\VLVLVRQHDUHDZKHUHPDWKHPDWLFDOWRROVDUHXVHGWRKHOSDGHFLVLRQPDNHUUHGXFHXQFHUWDLQW\
7KHPRVWFRPPRQW\SHRIGHFLVLRQDQDO\VLVLVWKHGHFLVLRQWUHHZKHUHDOOSRVVLEOHRXWFRPHVDUHVWXGLHGLQFOXGLQJWKHLUFRVWDQGXWLOLW\
7KHLGHDLVWKDWWKHGHFLVLRQWUHHWKURXJKSUREDELOLW\DQDO\VLVWHOOV\RXZKLFKVWUDWHJ\LVWKHPRVWOLNHO\WRUHDFKWKHJRDO\RXZDQW
7KHUHDUHPDQ\GLIIHUHQWZD\VLQZKLFKFRPSDQLHVRUGHSDUWPHQWVFDQIRUHFDVWIXWXUHHYHQWV2QHRIWKHPRVWFRPPRQLVWKHWLPHVHULHV
7KHPRYLQJDYHUDJHLVRQHRIWKHPRVWSRZHUIXOWRROVIRUVWXG\LQJDSDVWWUHQGLQRUGHUWRSURMHFWLWLQWRWKHIXWXUH
0RYLQJDYHUDJHVVPRRWKRXWVKRUWWHUPïXFWXDWLRQVWKHUHE\HQDEOLQJWKHDQDO\VWWRVHHORQJHUWHUPWUHQGVRUF\FOHV
$QLQWHUHVWLQJQRQPDWKHPDWLFDOIRUHFDVWLQJPHWKRGLVFDOOHGWKH'HOSKL0HWKRG,WoVDV\VWHPDWLFLQWHUDFWLYHZD\RISUHGLFWLRQ
7KH'HOSKL0HWKRGPDLQWDLQVSDUWLFLSDQWVSK\VLFDOO\VHSDUDWHGVRWKHLUYHUEDOVNLOOVRUSHUVXDVLRQGRQoWLQïXHQFHWKHRSLQLRQVRIRWKHUV
,QIRUPDWLRQWHFKQRORJ\
1HWZRUNVHFXULW\UHTXLUHVDWKRURXJKXQGHUVWDQGLQJRIWKHFRPSRQHQWVDQGOD\HUVLQWKHV\VWHPDVZHOODVLQWHUDFWLQJH[WHUQDOV\VWHPV
<RXPXVWEHVXUHWKDWWKHRWKHUV\VWHPVWKDWDUHFRQQHFWHGWRWKHVDPHQHWZRUNDUHSK\VLFDOO\DQGHOHFWURQLFDOO\VHFXUH
<RXPXVWPDNHVXUHWKDWQRXQDXWKRUL]HGSHUVRQQHOKDYHDFFHVVWRWKHSK\VLFDOQHWZRUNWRZKLFKWKHV\VWHPLVDWWDFKHG
$WKLUGLPSRUWDQWFRQVLGHUDWLRQLQYROYHVSURWRFROVDQGVHUYLFHV/DUJHV\VWHPVUXQPDQ\VRIWZDUHVDQGSURJUDPVVLPXOWDQHRXVO\
%HFDXVHPRVWVRIWZDUHVDQGSURJUDPVDUHZULWWHQE\GLIIHUHQWSHRSOHLWoVFRPPRQIRUDWOHDVWRQHWRKDYHDVHFXULW\KROH
$IRXUWKFRQVLGHUDWLRQKDVWRGRZLWKXVHUVHFXULW\6RPHV\VWHPVKDYHKXQGUHGVRIXVHUVGLUHFWO\DFFHVVLQJWKHV\VWHPDWWKHVDPHWLPH
<RXQHHGWRGHYHORSDVWDQGDUGPHWKRGIRUFUHDWLQJDQGPDLQWDLQLQJXVHUDFFRXQWV6HWOLPLWVWRZKDWFHUWDLQXVHUVFDQGR
.HHSDFFXUDWHORJVRIXVHUDFWLYLW\ZKLFKLQFOXGHVFRQQHFWLRQWLPHGXUDWLRQDQGZKHUHWKH\FRQQHFWIURP
,WoVFRPPRQWRXVHpSDWUROqSURJUDPVWRGHWHFWXVHUVZKRWU\WRJDLQDGPLQLVWUDWRUSULYLOHJHVRUDFFHVVîOHVWKDWWKH\VKRXOGQoW
$îIWKFRQFHUQLVGDWDVWRUDJHVHFXULW\7KHUHDUHRIWHQPDQ\FRPSOLFDWHGZD\VWRDFFHVVWKHVDPHGDWDRQDV\VWHP
$SHUVRQLQFKDUJHRI,7VHFXULW\VKRXOGNQRZWKHîOHRZQHUVKLSVFKHPHWKDWWKHV\VWHPLPSOHPHQWV,VLWJURXSEDVHGRZQHUEDVHG"
$OOLPSRUWDQWGDWDEDVHVVKRXOGEHDFFHVVLEOHRQO\WRDXWKRUL]HGXVHUVDQGWKLVLQFOXGHVSHRSOHLQVLGHDQGRXWVLGHWKHFRPSDQ\
3DVVZRUGVDUHYLWDOWRHYHU\VHFXULW\VFKHPH7KH\SURWHFWXVHUDFFRXQWVVHQVLWLYHZHEVLWHVDQGV\VWHPVHUYLFHV
7KHEHVWSROLF\LVWRUHTXLUHXQLTXHFRPSOH[SDVVZRUGVIRUDOOXVHUDFFRXQWVQXPEHUVWRJHWKHUZLWKXSSHUDQGORZHUFDVHOHWWHUV
3DVVZRUGVVKRXOGQHYHUEHNHSWIRUPRUHWKDQRQH\HDU,WoVDGYLVDEOHWRSURPRWHSDVVZRUGURWDWLRQDQGH[SLUDWLRQ
/DZDQGOHJDOFRXQVHO
7KHOHJDOWHUPLQRORJ\LQWKH86DQG8.LVTXLWHGLIIHUHQW7KHWHUPpODZ\HUqLVWKHJHQHUDOZRUGIRUDSHUVRQOLFHQVHGWRSUDFWLFHODZ
,QWKH86ODZ\HUVDUHRIWHQFDOOHGDWWRUQH\V,IWKH\VSHQGDORWRIWLPHLQFRXUWWKHQWKHWHUPLVWULDOODZ\HURUOLWLJDWLRQDWWRUQH\
,I\RXQHHGDODZ\HULQWKH8.\RXFRQWDFWDVROLFLWRUZKRZLOOUHSUHVHQW\RXDQGDGYLVH\RXEXWQRWLQFRXUW
,I\RXQHHGWRJRWRFRXUW\RXUVROLFLWRUZLOOXVHWKHVHUYLFHVRIDEDUULVWHUWRUHSUHVHQWWKHSHUVRQLQDSXEOLFKHDULQJRUFRXUWFDVH
$86DWWRUQH\FDQDUJXHFDVHVLQFRXUWSURYLGHOHJDODGYLFHWRFOLHQWVDQGGUDIWOHJDOGRFXPHQWVVXFKDVZLOOVGHHGVDQGFRQWUDFWV
,QFULPLQDOFRXUWVWKHUHLVDSURVHFXWLQJDWWRUQH\DQGDGHIHQFHDWWRUQH\7KHSURVHFXWLQJDWWRUQH\RIWHQUHSUHVHQWVDSXEOLFMXULVGLFWLRQ
7KHUHDUHPDQ\GLIIHUHQWNLQGVRIODZ&ULPLQDOODZLVWKHERG\RIOHJLVODWLRQWKDWGHîQHVFULPLQDORIIHQFHVDQGWKHSHQDOWLHV
7RUWODZLVWKHERG\RIOHJLVODWLRQWKDWHVWDEOLVKHVUHPHGLHVIRUFLYLOZURQJVWKDWDUHQRWDUHVXOWRIFRQWUDFWXDOGXWLHV
7RUWODZLQYROYHVOLDELOLW\GDPDJHVQHJOLJHQFHGHIDPDWLRQFRPSHWLWLRQODZVHOIGHIHQFHHPRWLRQDOGLVWUHVVIUDXGDQGPXFKPRUH
3URSHUW\ODZLQYROYHVWKHYDULRXVIRUPVRIRZQHUVKLSRIUHDOSURSHUW\RUUHDOHVWDWHDQGSHUVRQDOSURSHUW\
/DERXUODZLVWKHWHUPXVHGWRUHIHUWRWKHLQGXVWULDOUHODWLRQVKLSEHWZHHQZRUNHUHPSOR\HUDQGWUDGHXQLRQ
7D[ODZLQYROYHVWKHUHJXODWLRQVSXWLQWRHIIHFWFRQFHUQLQJSHUVRQDOLQFRPHWD[YDOXHDGGHGWD[LQKHULWDQFHWD[DQGFRUSRUDWHWD[
&RPSHWLWLRQODZDWWHPSWVWRHQVXUHWKDWFRPSHWLWLRQLVIUHHDQGIDLU,QWKH86LWLVRIWHQFDOOHGpDQWLWUXVWODZq
&RXQWULHVWKDWIROORZDFLYLOODZV\VWHPEDVHDXWKRULW\SULPDULO\RQOHJLVODWLRQDQGVHFRQGO\RQFXVWRP/DZVDUHFRGLîHG
&RXQWULHVWKDWIROORZDFRPPRQODZV\VWHPEDVHDXWKRULW\RQSUHFHGHQWDQGMXULVSUXGHQFHLVLQVWUXPHQWDOLQHVWDEOLVKLQJODZ
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
8PSLUH-XH]GHVLOOD
6HUYLFH/LQH/ÇQHDGHVHUYLFLR
1HW5HG
%DVHOLQH/ÇQHDGHIRQGR
9RFDEXODULR7HQQLV7HQLV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRXWq 9$8*+$1&/$665220
&ODVHVDWXHPDLO
7KHPDJD]LQHFRPHVRXWZHHNO\ ,oPQRWFXWRXWWREHDWHDFKHU
/DUHYLVWDVDOHVHPDQDOPHQWH 1RHVWR\KHFKRSDUDVHUSURIHVRU
&XWLWRXWZLOO\RX 7KH\IHOORXWDIWHUWZR\HDUV
|3DUD\DTXLHUHV"GHLQFRUGLDU 5LËHURQ\VHVHSDUDURQGHVSXÃVGHGRVDËRV
3RQDSUXHEDWX´OLVWHQLQJµFRQHODXGLR\
:K\GLGQoW\RXFXWRXWWKHDUWLFOH" )DOORXW YLGHRTXHYLHQHQHQFDGDOHFFLÍQ
3RUTXÃQRUHFRUWDVWHHODUWÇFXOR" |5RPSDQîODV ,QVFUÇEHWHRQOLQH\UHFLEHWXVFODVHVGHLQJOÃVJUDWXLWDV
GLUHFWDPHQWHDWXHPDLO
ZZZYDXJKDQFODVVURRPFRP
(QWUHSUHQHXUVKLS
6RPHFRPSDQLHVHQGXSIDLOLQJEHFDXVHWKH\pGLHRIVXFFHVVq7KHRZQHUVRYHUH[SDQGLQVWHDGRIIRFXVLQJRQVORZDQGVWHDG\JURZWK
0RVWXQLYHUVLW\FRXUVHVRQ(QWUHSUHQHXUVKLSDSSURDFKWKHVXEMHFWDVLILWFRXOGEHOHDUQHGWKURXJKDWH[WERRN
0RVWVXFFHVVIXOFRPSDQLHVKRZHYHUZHUHVWDUWHGEHFDXVHDSHUVRQOHDUQHGDWUDGHDQGWKHQZHQWLQGHSHQGHQWWRGHYHORSLWEHWWHU
0RVWVXFFHVVIXOHQWUHSUHQXHUVVWDUWHGWKHLUZRUNLQJOLYHVOHDUQLQJWKHpWULFNVRIWKHWUDGHqLQDQHVWDEOLVKHGîUP
)URPWKHUHWKH\GHFLGHGWRWU\WKHLURZQKDQGDWLWDQGDSSOLHGHQHUJ\DQGSDVVLRQWRWKHWDVN
+RZHYHUGHVSLWHHQHUJ\DQGSDVVLRQPRUHWKDQSHUFHQWRIQHZEXVLQHVVHVIDLOLQWKHîUVWîYH\HDUVRIWKHLUOLIH
7REHVXFFHVVIXOHQWUHSUHQXHUVXVXDOO\QHHGWREHDEOHWRVHOOWKHPVHOYHVDQGWKHLULGHDVWRRWKHUV&RPPXQLFDWLRQVVNLOOVDUHLPSRUWDQW
7KH\PXVWEHDEOHWRZKLSXSWKHHQWKXVLDVPRUDWOHDVWJDLQWKHFRQîGHQFHRIEDQNHUVLQYHVWRUVFXVWRPHUVDQGHPSOR\HHV
7KH\QHHGWREHOLHYHVWURQJO\LQWKHSRZHURIWKHLUSURGXFWRUVHUYLFHWRîOOFOHDUDQGLPSRUWDQWQHHGVRUGHVLUHVDPRQJFRQVXPHUV
7KH\QHHGWRNQRZKRZWRLGHQWLI\ZKHUHWKHWDUJHWPDUNHWVDUHDQGEHDEOHWRîJXUHRXWKRZWRUHDFKWKHVHPDUNHWVHIIHFWLYHO\
7KH\PXVWEHFRROKHDGHGHQRXJKWRNHHSDîUPKDQGRQWKHFRPSDQ\WUHDVXU\DQGPDNHVXUHWKDWPRQH\LVZHOOPDQDJHG
7KH\PXVWEHWLUHOHVVLQîQGLQJFRVWHIIHFWLYHZD\VWRGRHYHU\WKLQJDQGWRNHHSî[HGH[SHQVHVWRWKHEDUHPLQLPXP
7KH\PXVWEHYLVLRQDULHVDEOHWRVHHWKHGLIIHUHQWIXWXUHVWKH\ZDQWWRFUHDWHDQGDEOHWRFRQYH\WKHLUYLVLRQWRRWKHUV
7KH\PXVWEHGUHDPHUVDQGGRZQWRHDUWKpEHDQFRXQWHUVqDWWKHVDPHWLPHp%HDQFRXQWHUqLVDFROORTXLDOH[SUHVVLRQIRUDQDFFRXQWDQW
7KH\PXVWIXVHVFLHQFHDQGVWRLFSHUVHYHUDQFHDQGGHYRWLRQZLWKGUHDPVDQGYLVLRQV
5HVHDUFKDQGGHYHORSPHQW
0DQ\SHRSOHWKDQNWKDWLQQRYDWLRQLQXQPDQDJHDEOHEHFDXVHRIXQFHUWDLQWLHVRYHURSWLPLVWLFIRUHFDVWVDQGXQSUHGLFWDEOHFRQVXPHUV
7KHEHVWLQQRYDWLRQLVZKHQVFLHQWLîFNQRZOHGJHLVFRPELQHGZLWKPDUNHWLQJVNLOOVWRLGHQWLI\UDGLFDOO\EHWWHUVROXWLRQV
$FRPPRQGHOLPPDLQRUJDQL]DWLRQVLVZKHWKHUWROHDYHLWVLQQRYDWLRQSURFHVVHVXQWRXFKHGRUWRDSSO\SURFHVVPDQDJHPHQWFRQWUROV
6RPH5 'PDQDJHUVSUHIHUWRLPSRVHGLVFLSOLQHGRUVWUXFWXUHGZRUNSURFHVVHVWRWKHLU5 'ZRUNIRUFH
7KHVHSURFHVVHVFDQLQFOXGHWHFKQRORJ\SODQQLQJLGHDJHQHUDWLRQGLVFRYHU\UHVHDUFKDQGQHZSURGXFWRUSURFHVVGHYHORSPHQW
7RGRWKLVWKH5 'PDQDJHUPXVWDOVRFRQVLGHUWKHW\SLFDOWRSLFVRIKLULQJEXGJHWLQJSDWHQWLQJWUDLQLQJDQGSHUVRQQHOGHYHORSPHQW
2QHSUREOHPLVWKDWPRVW5 'HIIRUWVIDLOEXWGHVSLWHWKHVHIDLOXUHV5 'SHRSOHXVXDOO\SHUVHYHUHEHFDXVHWKHUHZDUGVFDQEHJUHDW
$FFRUGLQJWRYHQWXUHFDSLWDOLVWVSDWHQWOLWHUDWXUHDQGRWKHUVXUYH\VLWWDNHVUDZLGHDVWRDFKLHYHRQHFRPPHUFLDOVXFFHVV
6RPHVXUYH\VSRLQWWRWKHIDFWWKDWGHVSLWHWKHLQFUHDVHLQ5 'SURFHVVFRQWUROVXFFHVVUDWHVRYHUWKHSDVWGHFDGHKDYHIDOOHQ
7KHRYHUDOOLQQRYDWLRQSURFHVVLVQRWRQO\ULVN\EXWYHU\FRPSOH[DQGPDQDJLQJWKLVHIIRUWLVQRWHDV\
7KHLQQRYDWLRQSURFHVVLQFOXGHVNQRZOHGJHRIFRPSDQ\VWUDWHJLHVNQRZOHGJHRIWHFKQRORJ\DQGNQRZOHGJHRIWKHPDUNHWV
,IDFRXQWU\ZDQWVWRSURJUHVVLQFRPPHUFHLQGXVWU\DQGWHFKQRORJ\LWPXVWKDYHDVWURQJ5 'EDVH
0DQ\FRXQWULHVVXIIHUDpEUDLQGUDLQqZKHUHE\WKHLUEHVWVFLHQWLVWVDQGHQJLQHHUVVHHNHPSOR\PHQWLQRWKHUPRUHZHOFRPLQJFRXQWULHV
,WoVHVVHQWLDOWKDWWKHXQLYHUVLW\V\VWHPLQDFRXQWU\SURYLGHRSSRUWXQLWLHVIRUH[WHQVLYH5 'DFWLYLWLHVDPRQJLWVVWXGHQWV
$Q\FRXQWU\ZKRVHJRYHUQPHQWLVUHOXFWDQWWRIXQG5 'DFWLYLWLHVLVDFRXQWU\WKDWZLOOQRWSURJUHVVDVIDVWDVLWVQHLJKERUV
7\SLFDORIîFHODQJXDJH
/HWoVJRGRZQDQGJHWDFRIIHHîUVWEHIRUHZHWU\WRWDFNOHWKLVLVVXH:HoYHEHHQKHUHIRUWZRKRXUVDOUHDG\DQG,QHHGDEUHDN
,oYHEHHQWKLQNLQJ:K\GRQoWZHFRQWDFWWKH&KDPEHURI&RPPHUFHRQWKLVDQGVHHLIWKH\FDQKHOSXVFRQYLQFHWKHORFDOJRYHUQPHQW"
,WoVWDNLQJORQJHUWKDQ,WKRXJKW7KLVSODQZDVVXSSRVHGWREHDVKRUWFXWEXWZHoYHUXQLQWRPRUHSUREOHPVWKDQZHH[SHFWHG
7KHUHoVDUXPRUJRLQJDURXQGWKDWZHoUHORVLQJPRQH\:KHUHDUHSHRSOHJHWWLQJWKLVLQIRUPDWLRQ":KRoVSURSDJDWLQJWKHVHUXPRUV"
7KHQH[WLWHPRQWKHDJHQGDLVWKHGHFLVLRQWREX\DQHZïHHWRIFRPSDQ\FDUV,oPSHUVRQDOO\DJDLQVWWKHLGHDIRUQRZ
,WKLQNKHoVFRPHXSZLWKDQLGHDWKDWFRXOGVDYHXVWKHWLPHDQGWURXEOHRIîQGLQJDQHZVHUYLFHSURYLGHU
*RDKHDGDQGFDOOKHU6KHVKRXOGVWLOOEHLQKHURIîFH,WULHGWRJHWDKROGRIKHUWKLVPRUQLQJEXWFRXOGQoWJHWWKURXJK
7KHWHOHSKRQHMXVWZRQoWVWRSULQJLQJWKLVPRUQLQJ,oOOEHOXFN\WRJHWDQ\WKLQJGRQHWRGD\
7KHLQGXVWU\LVFKDUDFWHUL]HGE\ORZHQWU\EDUULHUVWKDWDOORZDOPRVWDQ\7RP'LFNRU+DUU\WRMXPSLQDQGFRPSHWHDJDLQVWXV
+DYH\RXWDONHGWR3HGURDERXWWKLV",oPVXUHKHoOOZDQWWRNQRZDERXWLW,WDIIHFWVKLVGHSDUWPHQWHYHQPRUHWKDQ\RXUV
+HOOR0DUJDUHW"&DQ\RXSXWPHWKURXJKWR9LFHQWH:DONHU",IKHoVLQFRQQHFWPHVRWKDW,oPRQWKHOLQHZKHQKHDQVZHUV
7KH\oOOSUREDEO\ZDQWDKHIW\GLVFRXQWRQWKHOLVWHGSULFH7KH\GHVHUYHLWLI\RXZDQWP\RSLQLRQ7KH\oYHQHYHUJLYHQXVDQ\WURXEOH
0\FHOOSKRQHoVVWDUWLQJWRJLYHPHVRPHWURXEOH'RZHVWLOOKDYHDQ\RIWKHQHZRQHVRUKDYH\RXDVVLJQHGWKHPDOORXW"
7HOOKLP,oPQRWJRLQJWRORRNRYHUKLVUHSRUWXQWLOVRPHRQHHOVHSURRIUHDGVLWîUVW+HPDNHVWRRPDQ\VSHOOLQJPLVWDNHV
:HoYHPDGHWKHGHFLVLRQWRJRDKHDGZLWK3ODQ$GHVSLWHWKHRSSRVLWLRQRIWZRPHPEHUVRIWKHH[HFXWLYHFRPPLWWHH
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
%XQ0RËR
3LJWDLOV&ROHWDV
3RQ\WDLO&RODGHFDEDOOR
3ODLW7UHQ]D
%RE0HOHQD
9RFDEXODULR+DLUVW\OHV3HLQDGRV
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
3KUDVDOYHUEVZLWKpRXWq %86,1(66(1*/,6+
,oOOIHHOKLPRXWRQWKHVXEMHFW :HJRWRXWWKURXJKDRSHQLQJLQWKHKHGJH
/HWDQWHDUÃVREUHHODVXQWR 6DOLPRVDWUDYÃVGHXQDDEHUWXUDHQHOVHWR
/HWoVJHWRXWRIKHUH ,GLGQoWJHWDQ\WKLQJRXWRIWKHFRXUVH
|/DUJXÃPRQRVGHDTXÇ 1RVDTXÃQDGDGHYDORUGHOFXUVR
&DQ\RXJHWPHRXWRIWKLVPHVV" :HFDQoWOHWWKHWUXWKJHWRXW
0HSXHGHVVDFDUGHHVWHOÇR" 1RSRGHPRVGHMDUTXHODYHUGDGVHVHSD
p,QJOÃVSDUDWXSXHVWRGHWUDEDMRq
$GPLQLVWUDFLÍQ55++\0DUNHWLQJ
&RQVÇJXHORHQZZZYDXJKDQWLHQGDFRP
%DQNLQJ
,QWHUHVWRQORDQVLVWKHPDLQVRXUFHRIUHYHQXHIRUPRVWEDQNV7KHLUOHQGLQJGHSDUWPHQWVDUHFULWLFDOIRUVXFFHVV
0RVWFRPPHUFLDOORDQVDUHJUDQWHGWRVWDUWRUH[SDQGDEXVLQHVVRUWRSXUFKDVHLQYHQWRU\DQGFDSLWDOHTXLSPHQW
7KHPRQH\WKDWEDQNVOHQGFRPHVSULPDULO\IURPGHSRVLWVLQFXUUHQWDFFRXQWVDQGVDYLQJVDFFRXQWV&'oVDQGPRQH\PDUNHWDFFRXQWV
7KHVHGHSRVLWVRIWHQHDUQDORZLQWHUHVWEXWWKH\DOVRRIIHUFKHFNLQJFUHGLWFDUGDQGHOHFWURQLFEDQNLQJIDFLOLWLHVIRUHDV\WUDQVDFWLRQV
7HFKQRORJ\LVKDYLQJDPDMRULPSDFWRQEDQNLQJ'LUHFWGHSRVLWDOORZVXVHUVWRHOHFWURQLFDOO\WUDQVIHUSD\PHQWVWRYDULRXVDFFRXQWV
'HELWFDUGVDOORZIRUUHPRWHWUDQVDFWLRQVWKDWLQVWDQWO\GHGXFWWKHPRQH\IURPWKHDFFRXQWLQTXHVWLRQ
(OHFWURQLFEDQNLQJE\SKRQHRUFRPSXWHUDOORZVFXVWRPHUVWRDFFHVVEDQNEDODQFHVEDQNVWDWHPHQWVDQGWRPDNHSD\PHQWV
$GYDQFHPHQWVLQWHFKQRORJ\KDYHDOVRDOORZHGEDQNVWRLPSURYHWKHSURFHVVLQJRILQIRUPDWLRQ
7KHXVHRIFKHFNLPDJLQJDOORZVEDQNVWRVWRUHSKRWRJUDSKHGFKHFNVHOHFWURQLFDOO\LQVWHDGRINHHSLQJWKHSDSHUFKHFNV
7KHDYDLODELOLW\RIFUHGLWFDUGVFRULQJVRIWZDUHDOORZVOHQGLQJGHSDUWPHQWVWRDSSURYHORDQVLQDTXHVWLRQRIPLQXWHVUDWKHUWKDQGD\V
0DQ\EDQNVKDYHGLYHUVLîHGE\RIIHULQJîQDQFLDOSODQQLQJDVVHWPDQDJHPHQWVHUYLFHVEURNHUDJHVHUYLFHVDQGLQVXUDQFHRSWLRQV
2WKHUEDQNVDUHJRLQJLQWRLQYHVWPHQWEDQNLQJKHOSLQJFRPSDQLHVDQGJRYHUQPHQWVUDLVHPRQH\ZLWKVWRFNVDQGERQGVLVVXHV
%DQNVSURYLGHRQHRIWKHPRVWLPSRUWDQWIXQFWLRQVLQDQ\PRGHUQPDUNHWHFRQRP\
:LWKRXWWKHVHUYLFHVWKDWEDQNVSURYLGHSHUFHQWRIDOOWKHFRPPHUFLDODQGLQGXVWULDODFWLYLW\ZHNQRZWRGD\ZRXOGQRWH[LVW
7KHEDQNLQJLQGXVWU\LVWKHUHVSLUDWRU\V\VWHPRIDQ\KHDOWK\HFRQRP\
(FRQRPLFV
0DQ\SHRSOHFRQVLGHUHFRQRPLFVWREHDVRFLDOVFLHQFHEHFDXVHLWLVVRGHSHQGHQWRQWKHXQSUHGLFWDELOLW\RIKXPDQEHKDYLRU
7KHPRVWEDVLFWHQHWRIHFRQRPLFVLVWKDWUHVRXUFHVDUHDOZD\VVFDUFHDQGWKDWSHRSOHDQGHQWLWLHVPXVWPDNHFKRLFHV
7KHPRVWDGPLUHGHFRQRPLVWLQWKHFDSLWDOLVWLFZRUOGLV$GDP6PLWKWKH6FRWWLVKDXWKRURIp7KH:HDOWKRI1DWLRQVq
$GDP6PLWKLVFRQVLGHUHGWKHIDWKHURIpODLVVH]IDLUHqFDSLWDOLVPp/DLVVH]IDLUHqLVD)UHQFKWHUPWKDWPHDQVpOHDYHDORQHq
$QRWKHUWHUPIRUWKLVLVHFRQRPLFOLEHUDOLVPDQGLWPHDQVWUXVWLQJWKDWLQGLYLGXDOVHOîVKHFRQRPLFGHFLVLRQVZLOOEHJRRGIRUWKHZKROH
$GDP6PLWKEHOLHYHGWKDWUDWLRQDOVHOILQWHUHVWDQGFRPSHWLWLRQZRXOGDOZD\VOHDGWRHFRQRPLFZHOOEHLQJDQGSURVSHULW\
)RU$GDP6PLWKWKHIRXQGDWLRQVRIDIUHHPDUNHWHFRQRP\ZHUHWKHGLYLVLRQRIODERUWKHSXUVXLWRIVHOILQWHUHVWDQGIUHHGRPRIWUDGH
7KHPRVWIDPRXVFRQFHSWSXWIRUZDUGE\$GDP6PLWKZDVWKHFRQFHSWRIWKHpLQYLVLEOHKDQGq
7KHîUVWSUHPLVHUHJDUGLQJWKLVFRQFHSWLVWKDWSHRSOHDFWFRQVFLRXVO\RUXQFRQVFLRXVO\LQWKHLURZQVHOILQWHUHVW
7KHVHFRQGSUHPLVHLVWKDWWRSXUVXHVHOILQWHUHVWLVQRWEDGIRUVRFLHW\EHFDXVHLWVWLPXODWHVFRPSHWLWLRQZKLFKSURGXFHVEHQHîWV
)RU6PLWKLIWKHUHLVDVKRUWDJHRIDJLYHQSURGXFWWKHSULFHZLOOULVHZKLFKLQWXUQZLOOEHDQLQFHQWLYHIRUSURGXFLQJPRUHRILW
,IDKLJKSULFHFDXVHVSHRSOHWREX\OHVVEXWDWWKHVDPHWLPHLWFDXVHVSURGXFHUVWRPDNHPRUHWKHQVRRQWKHVKRUWDJHZLOOEHUHPHGLHG
*UHDWHUFRPSHWLWLRQDPRQJSURGXFHUVLQFUHDVHVVXSSO\ZKLFKîQDOO\FUHDWHVDpQDWXUDOSULFHqZKLFKLVWKHFRVWSOXVDVPDOOSURîW
)RU$GDP6PLWKKXPDQPRWLYHVFRQVLGHUHGJUHHG\DQGVHOîVKFUHDWHFRPSHWLWLRQLQWKHIUHHPDUNHWWKDWEHQHîWVVRFLHW\DVDZKROH
%HFDXVHRI$GDP6PLWKDQGHFRQRPLVWVOLNHKLPWKHWHUPpSURîWPRWLYHqLVQRWDQHJDWLYHWHUPOLNHp»QLPRGHOXFURqLVLQ6SDQLVK
0DQXIDFWXULQJ
$QLPSRUWDQWSDUWRIIXWXUHSURJUHVVRQWKLVSODQHWZLOOGHSHQGRQKRZZHOOSURGXFWVDUHPDQXIDFWXUHGRUVHUYLFHVSURGXFHG
/DUJHFRPSDQLHVLQERWKWKHVHFRQGDU\DQGWHUWLDU\VHFWRUVDUHFRQVWDQWO\ORRNLQJIRUQHZLQQRYDWLYHZD\VWRFXWSURGXFWLRQFRVWV
7KHFRVWRIWUDQVSRUWLQJDWUDFWRUIURP,RZDWR9DOODGROLG6SDLQKDVIDOOHQE\SHUFHQWWKDQNVWRFRQWDLQHUVKLSSLQJ
&RQWDLQHUVKLSSLQJKDVDOORZHGFRPSDQLHVZKRVHDPELWLRQVZHUHSXUHO\GRPHVWLFWREHFRPHLQWHUQDWLRQDOFRPSHWLWRUV
5DGLFDOO\ORZHUVKLSSLQJFRVWVKDYHEHHQPRUHLQVWUXPHQWDOLQSURPRWLQJJOREDOL]DWLRQWKDQWKHWHFKQROJLFDOUHYROXWLRQ
/RFDOFRPSDQLHVXQLQWHUHVWHGLQJRLQJLQWHUQDWLRQDOZHUHIRUFHGWRGRVRDVORZHUWUDQVSRUWDWLRQFRVWVEURXJKWLQIRUHLJQFRPSHWLWRUV
%HFDXVHRIWKHFRQWDLQHUUHYROXWLRQWUDQVSRUWDWLRQKDVEHFRPHVRHIîFLHQWWKDWIUHLJKWFRVWVKDUGO\DIIHFWHFRQRPLFGHFLVLRQV
7KHFRQWDLQHUUHYROXWLRQLQYROYHVLQQRYDWLRQLQORJLVWLFVDQGSDFNDJLQJEDFNHGXSE\EHWWHUDQGEHWWHU,7VROXWLRQV
5HYROXWLRQVRIWKLVNLQGDUHWDNLQJSODFHLQPDQ\RWKHUîHOGVRIPDQXIDFWXULQJDQGVHUYLFHSURGXFWLRQ
,QVXUDQFHFRPSDQLHVDUHîQGLQJZD\VWRFXWSHUFHQWRIWKHFRVWRXWRIFODLPVPDQDJHPHQW
6WDQGDUGL]DWLRQDQGHFRQRPLHVRIVFDOHDUHEULQJLQJGRZQWKHFRVWRIIRRGPDQXIDFWXULQJDQGSURFHVVLQJDOORYHUWKHZRUOG
$ORWRIWKH5 'HIIRUWLQPDQ\FRPSDQLHVLVSRLQWHGPRUHDWSURFHVVLPSURYHPHQWWKDQDWSURGXFWGHVLJQRUFUHDWLRQ
,QGXVWU\OHDGHUVDUHDOPRVWDOZD\VWKRVHFRPSDQLHVWKDWSD\FDUHIXODWWHQWLRQWRUHGXFLQJFRVWVDQGJDLQLQJJUHDWHUHIîFLHQFLHV
,PSURYHPHQWVLQPDQXIDFWXULQJDQGVHUYLFHSURGXFWLRQDOZD\VîOWHULQWRWKHZRUOGHFRQRP\DQGUDLVHVWDQGDUGVRIOLYLQJ
$PDQXIDFWXULQJDQGSURGXFWLRQUHQDLVVDQFHLVXQGHUZD\DQGZLOOFRQWLQXHWRLPSURYHRXUPDWHULDOTXDOLW\RIOLIH
/RZ%HJLQQHU +LJK%HJLQQHU
/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG
+HUEDO7HD,QIXVLÍQ
&DPRPLOH7HD0DQ]DQLOOD
*UHHQ7HD7ÃYHUGH
7HDZLWK0LON7ÃFRQOHFKH
%ODFN7HD7ÃVROR
,FHG7HD7ÃFRQKLHOR
9RFDEXODULR7HD7Ã
0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
(QWRQFHVPHYDVDHFKDUGH $UH\RXJRLQJWRPLVVPHWKHQ"
<DKRUDVHDFHUFDHOîQDO $QGQRZWKHHQGLVQHDU
PHQRV" <HQWRQFHVQRVHQIUHQWDPRV $QGVRZHIDFHWKHïQDO
&UHRTXHORVXSHUDUÃ ,WKLQN,oOOJHWRYHULW DOWHOÍQîQDO FXUWDLQ
&UHÇTXHPHKDEÇDVWRPDGR ,WKRXJKW\RXKDGEHFRPHIRQG
1ROORUHVSRUTXHVHDFDEH 'RQoWFU\EHFDXVHLWoVRYHU
FDULËR RIPH 6RQUÇHSRUTXH\DSDVÍ 6PLOHEHFDXVHLWKDSSHQHG
|1RORGLFHVHQVHULR <RXPXVWEHMRNLQJ |(VRHVWRGRDPLJRV 7KDWoVDOOIRONV
|'HVSXÃVGHIUDVHVHVWR\ $IWHUSKUDVHV,oPORRNLQJ
GHVHDQGRTXHPHGHMHVHQSD] IRUZDUGWR\RXOHDYLQJPH
DORQH
Z Z ZY D X V \ V F R P
3KUDVDOYHUEVZLWKpRXWq 3$&.6'((678',2
,IHHOOHIWRXW &DQ\RXPDNHRXWDFKHFNIRU-XDQ"
0HVLHQWRH[FOXLGR 3XHGHVH[WHQGHUOHXQFKHTXHD-XDQ"
,FDQoWPDNHRXWZKRWKH\DUH 'RQoWSXW\RXUVHOIRXW
1RGLVWLQJRTXLHQHVVRQ 1RWHPROHVWHV
,FDQoWPDNHRXWZKDWLWVD\V 3XWRXWWKHîUH
1RGHVFLIURORTXHGLFH $SDJDHOIXHJR 3ULQFLSLDQWHLQWHUPHGLR\DYDQ]DGR
5HIXHU]DWXVHVWXGLRVHQFDVD
&RQVÇJXHORHQZZZYDXJKDQWLHQGDFRP
)LQDQFHDQGDFFRXQWLQJ0DUNHWLQJDQGVDOHVPDQDJHPHQW
:LWKRXWJRRGDQDO\WLFDORUPDQDJHPHQWDFFRXQWLQJLWoVYLUWXDOO\LPSRVVLEOHIRUD&(2WRPDNHJRRGEXVLQHVVGHFLVLRQV
$VFRPSDQLHVJURZLWEHFRPHVPRUHDQGPRUHFULWLFDOIRUGHFLVLRQPDNHUVWRKDYHDFFXUDWHDQGUHOHYDQWLQIRUPDWLRQDWWKHLUGLVSRVDO
,IWKHLQIRUPDWLRQLVLQFRUUHFWRUQRWZKDWWKHGHFLVLRQPDNHUVQHHGWKHQWKH\ZLOOPDNHGHFLVLRQVEDVHGRQLQWXLWLRQ
,QWXLWLRQLVWKHPRVWLPSRUWDQWWRROVXFFHVVIXOPDQDJHUVFDQKDYHEXWWKHLULQWXLWLRQLVWULSOHGLILWoVEDFNHGXSE\JRRGLQIRUPDWLRQ
6DOHVE\UHJLRQDQGSURGXFWOLQHDUHHVVHQWLDOLQDGGLWLRQWRWKHPDUJLQDOFRQWULEXWLRQRIHDFKOLQH
'HFLVLRQPDNHUVQHHGWRNQRZWKHYDULDEOHFRVWVDQGGLUHFWFRVWVIRUHYHU\DUHDRIWKHFRPSDQ\
,IDQ(QJOLVKWHDFKHUHDUQVHXURVDQKRXUDQG\RXVHOOKLVVHUYLFHVIRUHXURVDQKRXUWKHQ\RXUPDUJLQDOFRQWULEXWLRQLVHXURV
,I\RXKDYHDQRIîFHVHFUHWDULHVUHFHSWLRQLVWV5 'SHUVRQQHODGPLQLVWUDWLYHVWDIIZKRVHUHQWDQGVDODULHVWRWDOWZRPLOOLRQHXURVf
fWKHQ\RXQHHGWRJHQHUDWHKRXUVRIFODVVMXVWWREUHDNHYHQ7KDWPHDQVWKDW\RXVWDUWWRPDNHDSURîWDWKRXUQXPEHU
7KHUHIRUH\RXNQRZWKDW\RXQHHGWRJHQHUDWHDPLQLPXPRIKRXUVDPRQWKMXVWWRFRYHU\RXUFRVWVZKLFKPHDQVWKDWf
f\RXQHHGWRUHFUXLWWUDLQDVVLJQDQGVXSHUYLVHDPLQLPXPRIWHDFKHUVMXVWWREUHDNHYHQ
/HWoVLPDJLQHWKDW\RXPDQDJHWRVHOODYROXPHRIEXVLQHVVWKDWJHQHUDWHVKRXUVRIFODVVHYHU\PRQWK
7KLVSURYLGHV\RXZLWKHXURVDPRQWKLQVDOHV<RXSD\WHDFKHUVZKLFKOHDYHVDPDUJLQDOFRQWULEXWLRQRI
,QDPRQWKSHULRGWKLVFRPHVWRHXURV$IWHUWKHî[HGH[SHQVHVRIPLOOLRQHXURV\RXKDYHDQHXURSURîW
:LWKDQHXURSURîW\RXKDYHWRSD\HXURVLQFRUSRUDWHLQFRPHWD[WRWKHWD[DXWKRULWLHV
,QWKHHQG\RXZLOOKDYHDQHWSURîWRIHXURVLI\RXPDQDJH\RXUHPSOR\HHVDQGWHDFKHUVZHOO
,I\RXKDYHJRRGSHRSOHLQîQDQFHDQGDFFRXQWLQJ\RXZLOOEHQHîWIURPWZRFULWLFDOO\LPSRUWDQWVXSSRUWV
7KHîUVWLVWKHLQIRUPDWLRQWKDWZLOODOORZ\RXWRNQRZLI\RXDUHRQWUDFNWRZDUGV\RXUJRDOLQDFKLHYLQJDQGVXUSDVVLQJEUHDNHYHQ
6HFRQG\RXZLOONQRZLQUHDOWLPHZKDWYDULDQFHVDQGSUREOHPVDUHRFFXUULQJWKDWFRXOGVLGHWUDFN\RXIURP\RXUREMHFWLYHV
7KLUG\RXZLOOKDYHDPHDVXULQJVWLFNZLWKZKLFKWRMXGJH\RXUHPSOR\HHVLQWKHLUHIIRUWVWRKHOS\RXWRZDUGV\RXUREMHFWLYHV
)RXUWK\RXZLOOKDYHJRRGDGYLFHDQGFRXQVHOFRQFHUQLQJZD\VWRUHGXFHWKHLPSDFWRIWKHFRUSRUDWHLQFRPHWD[
)LIWK\RXZLOOKDYHSHRSOHZKRNQRZKRZWRWDONWREDQNVDQGJHWWKHPRQH\\RXQHHGWRSHUIRUPWKHHVVHQWLDOPDUNHWLQJIXQFWLRQV
:LWKRXWHQRXJKVHHGFDSLWDODQGFUHGLWOLQHV\RXZLOORQO\EHDEOHWRJURZLQOLQHZLWK\RXUDELOLW\WRSURYLGHVHOIîQDQFLQJ
,QDEXVLQHVVZKRVHPDUJLQDOFRQWULEXWLRQLVRQO\HXURVDQKRXUZLWKRXWRXWVLGHîQDQFLQJ\RXDUHFRQGHPQHGWRJURZLQJVORZO\
7KHULJKWîQDQFHDQGDFFRXQWLQJPDQDJHUîQGVPRQH\IRU\RXDQGJLYHV\RXWKHLQIRUPDWLRQWRPDNHPRQH\SURSHUO\
7KHPDUNHWLQJHIIRUWERLOVGRZQWRHVWDEOLVKLQJEUDQGDZDUHQHVVIRU\RXUSURGXFWRUVHUYLFHDQGîQDOO\EUDQGSUHIHUHQFH
,WWDNHVPRQH\WRHVWDEOLVKEUDQGDZDUHQHVVDQGSUHIHUHQFHLQDUHDVRQDEOHWLPHIUDPH:LWKRXWVROLGîQDQFLQJDOOWKLVLVLPSRVVLEOH
'HSHQGLQJRQWKHSURGXFWRUVHUYLFHEUDQGDZDUHQHVVFRPHVWKURXJK35DGYHUWLVLQJDQGPHUFKDQGLVLQJ
%UDQGSUHIHUHQFHFRPHVWKURXJKDWRSTXDOLW\SURGXFWDFRPSHWLWLYHSULFHDQGJRRGDIWHUVDOHVVHUYLFH
4XDOLW\LQWKHSURGXFWLRQSURFHVVDQGVXSHULRUPDUNHWLQJVNLOOVFDQPDNHVXUHWKDWWKHVHREMHFWLYHVDUHPHW
+RZHYHUZLWKRXWJRRGLQIRUPDWLRQV\VWHPVDFFXUDWHPDQDJHPHQWDFFRXQWLQJDQGWKHR[\JHQRIJRRGîQDQFLDOPDQDJHPHQWLWLVf
fYLUWXDOO\LPSRVVLEOHWRDFKLHYHWKHPDUNHWLQJDQGVDOHVREMHFWLYHVRIWKHRUJDQL]DWLRQ
7KHPDWHULDOTXDOLW\RIOLIHWKDWZHHQMR\WRGD\LVWKDQNVWRWKHWLUHOHVVHIIRUWVRISULYDWHLQLWLDWLYH
7KHRQO\WUXHVRXUFHRIZHDOWKLQDQ\QDWLRQLVWKHZHDOWKJHQHUDWHGE\SULYDWHLQLWLDWLYH$OOWKHUHVWH[LVWVWKDQNVWRSULYDWHLQLWLDWLYH
(VWLPDGRDPLJR\DOXPQR&RQHVWDîFKDWHUPLQDPRVp(OFXUVRGHïQLWLYRqGH9DXJKDQ6\VWHPVFXUVRGLIXQGLGRJUDFLDVDODEXHQD
LQLFLDWLYD\JUDFLDVDOFRQVWDQWH»QLPRGHPXFKRVGLUHFWLYRV\HPSOHDGRVGHOGLDULR(/081'2&XDQGRVHSXVLHURQHQFRQWDFWR
FRQPLJRKDFHP»VGHXQDËRSDUDSURSRQHUODFUHDFLÍQ\GLIXVLÍQGHXQFROHFFLRQDEOHSDUDDSUHQGHULQJOÃV\RHVWDEDEDVWDQWH
UHDFLRDQWHODLGHD/OHYDEDDËRVFULWLFDQGRODWHQGHQFLDGHOSÔEOLFRDEXVFDUDODYXHOWDGHFDGDHVTXLQDHVHPÃWRGRUHYROXFLRQDULR
H LQGRORUR TXH OH GRWDVH GHO LQJOÃV VLQ WHQHU TXH KDFHU XQ HVIXHU]R 3HUR PLV DPLJRV GH (/ 081'2 LQVLVWÇDQ XQD \ RWUD YH] \
PLSURSLDJHQWHHQWUHODTXHGHVWDFD5LFKDUG%URZQPHDQLPDEDDLQWHQWDUOR$QWHODSUHVLÍQGHFLGÇîQDOPHQWHTXHVÇSHURD
FRQGLFLÍQGHTXHHOHVSÇULWX9DXJKDQFDODUDSRUWRGRHLPSUHJQDUDWRGRGHVGHORVOLEURV\&'VKDVWDHVWDVîFKDVFX\RVGRUVRV
KHHVFULWRSHUVRQDOPHQWHGHFDERDUDER/RODQ]DPRVWRGRDSULQFLSLRVGHOSDVDGRVHSWLHPEUH\ORVUHVXOWDGRVGHVGHODSULPHUD
VHPDQDKDQVLGRVRUSUHQGHQWHVVXSHUDQGRHQXQODVPHMRUHVH[SHFWDWLYDV3HURORTXHKDVLGRP»VJUDWLîFDQWHWRGDYÇDHV
HOKHFKRGHTXHKHPRVUHFLELGRLQîQLWDVPXHVWUDVGHDSUHFLR\DJUDGHFLPLHQWRSRUODLQLFLDWLYDLQFOXVRSDUDP»VPRUERHQWUH
ORVPÔOWLSOHVXVXDULRVGH(PXOH\RWUDVS»JLQDVZHEGHGLFDGDVDKDFHUVHJUDWXLWDPHQWHFRQXQDSURSLHGDGLQWHOHFWXDOTXHPHKD
FRVWDGRDËRVDîQDU\DFXPXODU$KRUDFRQWRGRHOFROHFFLRQDEOHHQPLDUPDULRORKHLGRFRPSUDQGRFDGDGÇD\FDGDGRPLQJR
DOLJXDOTXHWÔSUHJÔQWDVHORDOTXLRVTXHURGHODFDOOH-RVÃGHO+LHUURPHVLHQWRPX\VDWLVIHFKR\VR\GLJDPRVXQSRFRPHQRV
HVFÃSWLFRFRQUHVSHFWRDORTXHSXHGDDSRUWDUXQFROHFFLRQDEOHSDUDHODSUHQGL]DMHGHXQVHJXQGRLGLRPD3HURHQFLHUWDPHGLGD
PLHVFHSWLFLVPRVLJXHVLHQWRGHFLUORSRUTXHOOHYRP»VGHODPLWDGGHPLYLGDFRQVWDWDQGRTXHPX\SRFRVOOHJDQDEXHQSXHUWR
FRQHOLQJOÃV\DVHDFRQXQFROHFFLRQDEOHRFRQHOPHMRUSURIHVRUGHLQJOÃVGHODKLVWRULDGHOPXQGR1ROOHJDQSRUTXHQRTXLHUHQHQ
HOIRQGRGHGLFDUDOLGLRPDODVGRVPLOKRUDVGHDWHQFLÍQTXHHOREMHWLYRLQH[RUDEOHPHQWHH[LJH<RWDUGÃGRVPLOKRUDVHQDSUHQGHU
ELHQHVSDËRO\YLYLHQGRHQ(VSDËD6LTXLHUHVDSUHQGHUELHQLQJOÃVYLYLHQGRDTXÇWDQOHMRVGHGRQGHVHKDEODSXHVWXHVIXHU]R
YDDWHQHUTXHVXSHUDUDOPÇR$VÇTXH»QLPRDPLJR\GHQXHYRPXFKÇVLPDVJUDFLDVSRUWXDSR\R\WXDPLVWDG
5LFKDUG9DXJKDQ