Download Models CM-7777 and CM-7778

0RGHOV&0DQG&0
0RGHORV&0\&0
0RGqOHV&0HW&0
,QVWUXFWLRQ6KHHW
+RMDGH,QVWUXFFLRQHV
0RGHG¶HPSORL
:$51,1*7RSUHYHQW¿UHRUVKRFNKD]DUGGRQRWH[SRVHWKHSRZHU
VXSSO\WRUDLQRUPRLVWXUH
$'9(57(1&,$3DUDSUHYHQLULQFHQGLRVRGHVFDUJDVHOpFWULFDVQR
H[SRQJDODIXHQWHGHDOLPHQWDFLyQDOOXYLDRKXPHGDG
$77(17,213RXUpYLWHUOHVULVTXHVGHGpFKDUJHpOHFWULTXHRX
G¶LQFHQGLHQ¶H[SRVH]SDVO¶DOLPHQWDWLRQpOHFWULTXHjODSOXLHRXj
O¶KXPLGLWp
0RGHO&0
0RGHOR&0
0RGqOH&0
0RGHO&0
0RGHOR&0
0RGqOH&0
,167$//$7,21
,QWHUQDOVZLWFKVHOHFWLRQ,I\RXDUHXVLQJDVLQJOHDQWHQQDIRU79
VLJQDOVRQO\WKHUHLVQRQHHGWRDGMXVWWKHLQWHUQDOVZLWFKHVLQWKH
DPSOL¿HU
127( ,I\RXDUHXVLQJWKHDQWHQQDIRU)0UDGLRVLJQDOVDVZHOODV
79WKHQVHOHFWWKH³287´SRVLWLRQRQWKH)0WUDSVZLWFK6HH)LJ
8VLQJWKH8&/$03PRXQWWKHJUH\RXWGRRUDPSOL¿HUWRWKHPDVW
EHORZWKHDQWHQQD6HH)LJ
0RGHO$3$8
0RGHOR$3$8
0RGqOH$3$8
0RGHO&0
0RGHOR&0
0RGqOH&0
:LWKDVKRUWOHQJWKRIFRD[LDOFDEOHQRWLQFOXGHGFRQQHFWWKH
DQWHQQDWRWKH³,1387´RQWKHDPSOL¿HU6HH)LJ
&RQQHFWWKHGRZQOHDGFRD[LDOFDEOHQRWLQFOXGHGWRWKHFRQQHFWLRQ
ODEHOHG³28738732:(5´&DEOHWLHWKHFDEOHWRWKHPDVWWR
SUHYHQWVWUHVVRQWKHFRQQHFWRU
0RGHO3&703,*
0RGHOR3&703,*
0RGqOH3&703,*
$PSOL¿HU
%RWWRP9LHZ
$PSOL¿HU0DVW0RXQWHG
0RGHORU
0RGHORR
0RGqOHRX
$PSOL¿FDGRU±0RQWDGRHQ0iVWLO
$PSOL¿FDWHXUPRQWpVXUPkW
$PSOL¿FDGRU9LVWD,QIHULRU
$PSOL¿FDWHXU9XHGHGHVVRXV
5XQWKHGRZQOHDGFRD[LDOFDEOHQRWLQFOXGHGLQWRWKHKRPHWRD
ORFDWLRQZKHUHDQ$&SRZHURXWOHWLVDYDLODEOH&RQQHFWWKLVFRD[WR
WKHFRQQHFWLRQODEHOHG³72$03´RIWKHSRZHULQVHUWHU6HH)LJ
Model CM-94444 Balun (Matching Outdoor Transformer)
%DOD0RGHOR&07UDQVIRUPDGRUGHDMXVWHGH
,PSHGDQFLDH[WHULRU
&RQYHUWLVVHXUPRGqOH&0WUDQVIRUPDWHXU
G¶DGDSWDWLRQH[WpULHXU
To change settings,
remove four screws
from the cover.
U-bolt assembly
(QVDPEODMHGH
FHUURMRHQ8
%RXORQHQ8
3DUDFDPELDUODFRQ¿JXUDFLyQUHPXHYD
ORVFXDWURWRUQLOORVGHODFXELHUWD
3RXUPRGL¿HUOHUpJODJHGpSRVH]OHV
TXDWUHYLVGXFRXYHUFOH
,03257$17 7KHUHVKRXOG127EHDQ\VLJQDOVSOLWWHUVORFDWHGLQ
WKLVFRD[LDOFDEOHOLQHEHWZHHQWKHRXWGRRUDPSOL¿HUDQGWKHLQGRRU
SRZHUVXSSO\6SOLWWHUVPXVWEHORFDWHGRQWKH³7279´VLGHRIWKH
SRZHULQVHUWHU
Out
75 Ohm cable
from amp to indoor
power inserter
Antenna terminals
6DOLGD
6RUWLH
7HUPLQDOHVGHOD$QWHQD
%RUQHVG¶DQWHQQH
2KPFDEOHGHO
DPSOL¿FDGRUGH
SRWHQFLDGHLQVHUFLyQ
HQLQWHULRUHV
2KPFkEOH
G¶DPSOL¿FDWHXUGH
SXLVVDQFHjO¶LQWpULHXU
G¶LQVHUWLRQ
75 Ohm cable from amp to balun
2KPFDEOHGHDPSOL¿FDGRUSDUDEDOXQ
2KPFkEOHG¶DPSOLSRXUEDOXQ
In
(QWUDGD
(QWUpH
75 Ohm cable from power inserter to TV
FM Switch
&DEOHGH2KPGHLQVHUFLyQGHHQHUJtD
DODWHOHYLVLyQ
2KPFkEOHG¶DOLPHQWDWLRQG¶LQVHUWLRQjOD79
6ZLWFK)0
,QWHUUXSWHXU)0
Cable tie
/D]RGH&DEOH
$WWDFKHGHFkEOH
)LJ
POWER INSERTER
TO TV
PCT-MPI-1G
TO AMP
&RQQHFWWKHFRD[LDOFDEOHQRWLQFOXGHGWKDWGLVWULEXWHVWKHVLJQDO
WRWKH79WRWKH³7279´SRUWRIWKHSRZHULQVHUWHUDQGFRQQHFWWKH
SRZHUVXSSO\WRWKH³'&,1´SRUWRIWKHSRZHULQVHUWHUZLWKWKHVL[
IRRWFRD[LDOFDEOHLQFOXGHG6HH)LJ3OXJWKHSRZHUVXSSO\LQWR
WKH$&RXWOHW
DC IN
Power inserter
HOSRGHUGHLQVHUFLyQ
OHSRXYRLUG¶LQVHUWLRQ
8WLOL]DQGRODJUDSDHQIRUPDGH8PRQWHHODPSOL¿FDGRUSDUDH[WHULRUHVGHFRORU
JULVHQHOPiVWLOTXHHVWDEDMRODDQWHQD9HDOD)LJ
)LJ
8VDQGRXQSHTXHxRWUR]RGHFDEOHFRD[LDOQRLQFOXLGRFRQHFWHODDQWHQDOD
HQWUDGDGH³,1387´HQHODPSOL¿FDGRU
PREAMP
ANTENNA
35($03/,),&$'25
35e$03/,),&$7(85
&RQHFWHODEDMDGDGHFDEOHFRD[LDOQRLQFOXLGRDODFRQH[LyQHWLTXHWDGD
³28738732:(5´$MXVWHFRQDPDUUHVHOFDEOHDOPiVWLOSDUDSUHYHQLUWHQVLyQ
VREUHHOFRQHFWRU
$17(1$
$17(11(
0RGHO&0RU&0
0RGHOR&0R&0
0RGqOH&0RX&0
POWER INSERTER
32'(5'(,16(5&,Ï1
38,66$1&('¶,16(57,21
0RGHO3&703,*
7LHQGDHOFDEOHFRD[LDOQRLQFOXLGRKDFLDDGHQWURGHODFDVDHQXQDXELFDFLyQ
GRQGHXQDWRPDGHFRUULHQWH$&HVWHGLVSRQLEOH&RQHFWHHOFDEOHFRD[LDOSDUDOD
FRQH[LyQFRQODHWLTXHWD³72$03´GHODLQVHUFLyQGHSRWHQFLD9HDOD)LJ
4-WAY SPLITTER
È7,&2
*5(1,(5
0RGHO&0
0RGHO$3$8
BEDROOM
TV
7e/e
&20('252
&2&,1$
&2,1'e7(17(
28&8,6,1(
TV
7e/e
5HOLH]OHFkEOHFRD[LDOQRQLQFOXVGHGHVFHQWHDXUDFFRUG©28738732:(5ª
6RUWLH&RXUDQW)L[H]OHFkEOHFRD[LDOVXUOHPkWjO¶DLGHG¶XQHDWWDFKHPpWDOOLTXH
SRXUpYLWHUOHVFRQWUDLQWHVVXUOHUDFFRUG
BEDROOM
+$%,7$&,Ï1
&+$0%5(
TV
7e/e
LIVING ROOM
DEN OR KITCHEN
¬O¶DLGHG¶XQFkEOHFRD[LDOFRXUWQRQLQFOXVUHOLH]O¶DQWHQQHDXUDFFRUG©,1387ª
(QWUpHFRPELQpHVXUO¶DPSOL¿FDWHXU
,QVWDODFLyQ7tSLFDSDUD
&XDWUR+DELWDFLRQHV
,QVWDOODWLRQW\SHGDQV
SLqFHV
)8(17('($/,0(17$&,Ï1
%2Ì7('¶$/,0(17$7,21
+$%,7$&,Ï1
&+$0%5(
,167$//$7,21
7\SLFDO)RXU
5RRP,QVWDOODWLRQ
POWER SUPPLY
0RGHOR&0
0RGqOH&0
&RQHFWHHOFDEOHFRD[LDOQRLQFOXLGRTXHGLVWULEX\HODVHxDODOD79DOD³7279´
SXHUWRGHODLQVHUFLyQGHDOLPHQWDFLyQ\FRQHFWHODIXHQWHGHDOLPHQWDFLyQDOD³'&
,1´GHODLQVHUFLyQGHDOLPHQWDFLyQFRQHOFDEOHFRD[LDOLQFOXLGR9HDOD)LJ
&RQHFWHODIXHQWHDODWRPDGHFRUULHQWH$&
¬O¶DLGHGX%28/21HQ8PRQWH]O¶DPSOL¿FDWHXUH[WpULHXUJULVVXUOHPkWVRXV
O¶DQWHQQH¿J
0RGHOR3&703,*
0RGqOH3&703,
ATTIC
',9,625'(9Ë$6
5e3$57,7(8592,(6
,03257$17( 12'(%(KDEHUQLQJ~QVSOLWWHUVRGLYLVRUGHVHxDOXELFDGRHQORV
FDEOHVFRD[LDOHVHQWUHHODPSOL¿FDGRUH[WHULRU\ODIXHQWHGHDOLPHQWDFLyQLQWHULRU
/RV6SOWWHUVGHEHQVHUORFDOL]DGRVHQHOODGR³7279´GHODIXHQWH
5(0$548(
6LYRXVXWLOLVH]O¶DQWHQQHSRXUOHVVLJQDX[GHUDGLR)0HWGH
WpOpYLVLRQUHSpUH]O¶LQWHUUXSWHXU)0HWSODFH]OHVXUODSRVLWLRQ©287ªYRLU¿J
1
&DEOHGH2KPGHLQVHUFLyQGH
HQHUJtDSDUDVXPLQLVWUDUFRUULHQWHSDUD
LQWHULRUHV
2KPFkEOHG¶LQVHUWLRQGHSXLVVDQFH
SRXUDOLPHQWHUO¶LQWpULHXU
127$6LHVWDXWLOL]DQGRODDQWHQDWDQWRSDUDUDGLRFRPRSDUD79HQWRQFHV
VHOHFFLRQHODSRVLFLyQ³287´HQHOVZLWFKGHO¿OWURSDUD)09HDOD)LJ
6pOHFWLRQGHFRPPXWDWHXULQWHUQH6LYRXVXWLOLVH]XQHDQWHQQHXQLTXHSRXUOHV
VLJQDX[GHWpOpYLVLRQVHXOHPHQWLOQ¶HVWSDVQpFHVVDLUHG¶DMXVWHUOHVFRPPXWDWHXUV
LQWHUQHVGDQVO¶DPSOL¿FDWHXU
2
75 Ohm cable
from power inserter to
indoor power supply
(
,QWHUUXSWRUGHVHOHFFLyQLQWHUQD6LHVWiXWLOL]DQGRXQDVRODDQWHQDSDUDVHxDOHVGH
79QRKD\QHFHVLGDGGHDMXVWDUORVLQWHUUXSWRUHVLQWHUQRVHQHODPSOL¿FDGRU
5
'( 5,
7e
,1
,167$/$&,Ï1
$
E
* $,6
M
+2 0
/ /$ HO
E
'( ( E
$ '
M $6$,621
D
(5 85 SI
HO/$& 0$
)8 5,(
UT
DE '( /$
7e O
SI 2 '(
IN 175 85
(;
Indoor power supply
)XHQWHGHDOLPHQWDFLyQ
SDUDLQWHULRUHV
$OLPHQWDWLRQLQWpULHXUH
6$/$
6$/21
FM STEREO
0RGHOR$3$8
0RGqOH$3$8
“O” dB WALL OUTLET
(TYPICAL)
³2´'%(1/$720$'(
3$5('7Ë3,&2
35,6(085$/('('%
7<3(
)067(5(2)067e5e2
TV
7e/e
TV OR FM
SPLITTER
',9,6253$5$79
5e3$57,7(857e/e28)0
)LJ
([pFXWH]OHFkEOHFRD[LDOEDVSORPEQRQLQFOXVGDQVODPDLVRQjXQHQGURLWR
XQHSULVHGHFRXUDQWDOWHUQDWLIHVWGLVSRQLEOH&RQQHFWH]FHFkEOHFRD[LDOSRXUOD
FRQQH[LRQpWLTXHWpH©72$03ªGHO¶LQVHUWLRQGHSXLVVDQFH¿J
,03257$17
,OQHIDXW3$6SODFHUGHUpSDUWLWHXUGHVLJQDOVXUFHFkEOHFRD[LDO
HQWUHO¶DPSOL¿FDWHXUH[WpULHXUHWODERvWHG¶DOLPHQWDWLRQ/HVUpSDUWLWHXUVGRLWrWUH
VLWXpVXUOD©7279ªF{WpGHO¶LQVHUWHXUSRXYRLU
%UDQFKH]OHFkEOHFRD[LDQRQLQFOXVOTXLGLVWULEXHOHVLJQDOGHOD79jOD©72
79ªOHWpOpYLVHXUSRUWGHO¶LQVHUWLRQG¶DOLPHQWDWLRQHWEUDQFKH]O¶DOLPHQWDWLRQjOD
SULVH³'&,1´SRUWGHO¶LQVHUWLRQG¶DOLPHQWDWLRQDYHFOHFkEOHFRD[LDOLQFOXV¿J
%UDQFKH]ODERvWHjODSULVHPXUDOH
‹&KDQQHO0DVWHU&KDQQHO0DVWHULVDUHJLVWHUHGWUDGHPDUN6SHFL¿FDWLRQVVXEMHFWWRFKDQJH$OOULJKWVUHVHUYHG&0&&,167
‹&KDQQHO0DVWHU&KDQQHO0DVWHUHVXQDPDUFDUHJLVWUDGD(VSHFL¿FDFLRQHVVXMHWDVDFDPELR7RGRVORVGHUHFKRVUHVHUYDGRV&0&&,167
‹&KDQQHO0DVWHU&KDQQHO0DVWHUHVWXQHPDUTXHGpSRVpH/HVFDUDFWpULVWLTXHVSHXYHQWrWUHPRGL¿pHVVDQVSUpDYLV7RXVGURLWVUpVHUYpV&0&&,167
PRECAUCIÓN
ATTENTION
RIESGO DE CHOQUE ELÉCTRICO
NO ABRA
RISQUE DE DÉCHARGE
ÉLECTRIQUE. NE PAS OUVRIR.
7RUHGXFHWKHULVNRIHOHFWULFVKRFNGRQRWUHPRYHFRYHURUEDFN1RXVHUVHUYLFHDEOH
SDUWVLQVLGH5HIHUVHUYLFLQJWRTXDOL¿HGVHUYLFHSHUVRQQHO
3UHVHQFHRIXQLQVXODWHG³GDQJHURXVYROWDJH´ZLWKLQWKHSURGXFW¶VHQFORVXUHPD\EHRI
VXI¿FLHQWPDJQLWXGHWRFRQVWLWXWHULVNRIHOHFWULFVKRFN
7KHSUHVHQFHRILPSRUWDQWRSHUDWLQJDQGPDLQWHQDQFHLQVWUXFWLRQVDUHFRQWDLQHGLQWKH
OLWHUDWXUHDFFRPSDQ\LQJWKLVSURGXFW
&$87,21 7RSUHYHQWHOHFWULFVKRFNPDWFKZLGHEODGHRISOXJWRZLGHVORW
DQGLQVHUWIXOO\
:$51,1* 7RSUHYHQW¿UHRUVKRFNKD]DUGGRQRWH[SRVHWKHSRZHUVXSSO\WRUDLQ
RUPRLVWXUH
3DUDUHGXFLUHOULHVJRGHGHVFDUJDVHOpFWULFDVQRUHPXHYDODFXELHUWDRSDUWHSRVWHULRU1R
H[LVWHQSDUWHVDMXVWDEOHVSRUHOXVXDULRHQHOLQWHULRU5H¿HUDHOPDQWHQLPLHQWRDSHUVRQDO
WpFQLFRFDOL¿FDGR
/D3UHVHQFLDGH³YROWDMHSHOLJURVR´VLQDLVODPLHQWRDWUDYpVGHOLQWHULRUGHHVWHSURGXFWR
SXHGHVHUGHVX¿FLHQWHPDJQLWXGSDUDFRQVWLWXLUXQULHVJRGHFKRTXHHOpFWULFR
,PSRUWDQWHVLQVWUXFFLRQHVGHRSHUDFLyQ\PDQWHQLPLHQWRVRQFRQWHQLGDVHQODOLWHUDWXUD
TXHDFRPSDxDHVWHSURGXFWR
35(&$8&,Ï1 3DUDSUHYHQLUFKRTXHVHOpFWULFRVLQVHUWHSRUFRPSOHWHHOFRQWDFWRPDV
DQFKRHQODUDQXUDPDVDQFKDGHODWRPDGHFRUULHQWH
$'9(57(1&,$ 3DUDSUHYHQLULQFHQGLRVRGHVFDUJDVHOpFWULFDVQRH[SRQJDODIXHQWH
GHDOLPHQWDFLyQDOOXYLDRKXPHGDG
3RXUUpGXLUHOHVULVTXHVGHGpFKDUJHpOHFWULTXHQHUHWLUH]SDVOHFRXYHUFOHQLO¶DUULqUH,O
Q¶\DjO¶LQWpULHXUDXFXQHSLqFHUpSDUDEOHSDUOHFOLHQW3RXUWRXWHUpSDUDWLRQFRQVXOWH]OH
SHUVRQQHOTXDOL¿p
/DSUpVHQFHGH©WHQVLRQVGDQJHUHXVHVªQRQLVROpHVjO¶LQWpULHXUGXERvWLHUGHO¶DSSDUHLO
SHXWrWUHVXI¿VDPPHQWLPSRUWDQWHSRXUFRQVWLWXHUXQULVTXHGHGpFKDUJHpOHFWULTXH
'HVLQVWUXFWLRQVLPSRUWDQWHVG¶XWLOLVDWLRQHWG¶HQWUHWLHQVRQWFRQWHQXHVGDQVOD
GRFXPHQWDWLRQIRXUQLHDYHFFHWDSSDUHLO
$77(17,21 3RXUpYLWHUWRXWHGpFKDUJHpOHFWULTXHIDLWHVFRUUHVSRQGUHODODPHODUJHGHOD¿FKH
GDQVODIHQWHODUJHGHODSULVHHWHQIRQFH]OD¿FKHjIRQG
'$1*(5
3RXUpYLWHUWRXWULVTXHGHGpFKDUJHpOHFWULTXHRXG¶LQFHQGLHQ¶H[SRVH]SDVODERvWH
G¶DOLPHQWDWLRQjODSOXLHHWjO¶KXPLGLWp
&+$11(/0$67(5352'8&75(785132/,&<352&('85(,Q:DUUDQW\2XWRI:DUUDQW\&UHGLW
3URFHGXUH(IIHFWLYH,PPHGLDWHO\:DUUDQW\3HULRGGD\ZDUUDQW\DSSOLHVWRDOO&KDQQHO0DVWHU3URGXFWV'HDOHUV&RQVXPHUV
'HDOHUVDQGFRQVXPHUVFDQUHWXUQDQ\,Q:DUUDQW\&KDQQHO0DVWHUSURGXFWWRWKH:DUUDQW\GHSDUWPHQWIRUUHSDLURUUHSODFHPHQW)RU
,Q:DUUDQW\VHUYLFHWKHFRQVXPHURUGHDOHUPXVWFDOO7HFKQLFDO6HUYLFHDQGUHTXHVWDQ50$QXPEHULQRUGHUWRUHWXUQWKHSURGXFW7KH
UHWXUQHGSURGXFWPXVWKDYHWKH50$QXPEHUYLVLEOHRQWKHER[DQGPXVWLQFOXGHWKHELOORIVDOHVKRZLQJWKHXQLWLVZLWKLQWKHZDUUDQW\
SHULRG,IWKHXQLWLVIRXQGWREHGHIHFWLYHXQGHURXU:DUUDQW\3ROLF\&KDQQHO0DVWHUZLOOUHSDLURUUHSODFHWKHLWHPDWQRFKDUJH3URGXFWV
RXWVLGHRIWKHZDUUDQW\SHULRGVKRXOGQRWEHUHWXUQHGWR&KDQQHO0DVWHUZLWKWKHH[FHSWLRQRIDQ\SURGXFWUHTXHVWHGE\7HFKQLFDO6XSSRUW
WREHDFFHVVHGIRUTXDOLW\DVVXUDQFHSXUSRVHV7HFKQLFDO6HUYLFHZZZFKDQQHOPDVWHUFRPVXSSRUW6RPHSURGXFWVKDYHH[WHQGHG
WHUPZDUUDQW\SHULRGV:$55$17<(IIHFWLYH,PPHGLDWHO\*(1(5$/7(5066XEMHFWWRWKHSURYLVLRQVRIWKLV:DUUDQW\
&+$11(/0$67(5ZDUUDQWVWKDWWKHHTXLSPHQWDQGVRIWZDUHGHVFULEHGLQ3DUDJUDSKZLOOFRQIRUPWRRXUVSHFL¿FDWLRQVLQDOOPDWHULDO
UHVSHFWDQGWKDWWKHHTXLSPHQWZLOOEHIUHHIURPPDWHULDOGHIHFWVLQPDWHULDOVDQGZRUNPDQVKLSGXULQJWKH/LPLWHG:DUUDQW\SHULRG
7KLV:DUUDQW\DSSOLHVWRDOORULJLQDOSXUFKDVHVE\&XVWRPHUVRI&+$11(/0$67(5³(TXLSPHQW´7KHZDUUDQWLHVVHWIRUWKKHUHLQDUHQRW
WUDQVIHUDEOH7KH(IIHFWLYHSHULRGRIWKLV:DUUDQW\ZLOOVWDUWRQWKHGDWHRISXUFKDVHRIWKH(TXLSPHQWRUWKHGDWHRILQVWDOODWLRQE\D
&+$11(/0$67(5DSSURYHGWHFKQLFLDQDQGZLOOHQGIRUWKH(TXLSPHQWQLQHW\GD\VODWHUIRUDOOFRPSRQHQWSDUWVDQGV\VWHP
XSJUDGHVXQOHVVRWKHUZLVHH[SUHVVHGRUSURYLGHGKHUHLQLQHDFKFDVHWKH³:DUUDQW\3HULRG´5(78512)(48,30(1781'(5
:$55$17<,IDQLWHPRI(TXLSPHQWPDOIXQFWLRQVRUIDLOVLQQRUPDOXVHZLWKLQWKHDSSOLFDEOH:DUUDQW\3HULRGDWKH&XVWRPHU
VKDOOQRWLI\&+$11(/0$67(5ZLWKLQWKLUW\GD\VRIWKHSUREOHPE&+$11(/0$67(5ZLOODWLWVRSWLRQHLWKHUUHVROYHWKH
SUREOHPRYHUWKHWHOHSKRQHRUSURYLGHWKHFXVWRPHUZLWKD5HWXUQ$XWKRUL]DWLRQ³50$´1XPEHUDQGWKHDGGUHVVWRZKLFKWKHFXVWRPHU
PD\VKLSWKHGHIHFWLYHLWHPF,IWKHSUREOHPFDQQRWEHUHVROYHGRYHUWKHWHOHSKRQHWKH&XVWRPHUVKDOODWWDFKDODEHOVKRZLQJWKH
50$QXPEHUWRHDFKUHWXUQHGLWHPDQGLQFOXGHDGHVFULSWLRQRIWKHSUREOHP7KH&XVWRPHUVKDOODWKLVRUKHURZQFRVWSURSHUO\SDFNWKH
LWHPWREHUHWXUQHGPDUNWKH50$RQWKHRXWVLGHRIWKHER[SUHSD\WKHLQVXUDQFHDQGVKLSSLQJFKDUJHVDQGVKLSWKHLWHPWRWKH
VSHFL¿HG&+$11(/0$67(5ORFDWLRQG8QDXWKRUL]HGUHWXUQRIDQ\HTXLSPHQWZKHWKHULQRURXWRIZDUUDQW\ZLOOEHVXEMHFWWRD
KDQGOLQJFKDUJHLQDGGLWLRQWRDOOUHSDLUDQGDOOWUDQVSRUWDWLRQFKDUJHVH&+$11(/0$67(5ZLOODWLWVVROHRSWLRQUHSDLURUUHSODFH
WKHUHWXUQHGLWHP,IUHSODFHGWKHUHSODFHPHQWLWHPPD\EHQHZRUUHIXUELVKHGLIUHIXUELVKHGLWZLOOEHHTXLYDOHQWLQRSHUDWLRQWRQHZ
(TXLSPHQW,IDUHWXUQHGLWHPLVUHSODFHGE\&+$11(/0$67(5WKH&XVWRPHUDJUHHVWKDWWKHUHWXUQHGLWHPZLOOEHFRPHWKHSURSHUW\RI
&+$11(/0$67(5I&+$11(/0$67(5ZLOOFRPSOHWHWKHH[FKDQJHRI&+$11(/0$67(5PDQXIDFWXUHGHTXLSPHQWUHWXUQHG
XQGHUWKLV:DUUDQW\ZLWKLQDUHDVRQDEOHWLPHVXEMHFWWROHDGWLPHVIURPIDFWRU\DQGZLOOPDNHDJRRGIDLWKHIIRUWWRPLQLPL]HDQ\DQGDOO
GHOD\VZKHUHSRVVLEOHDQGJ&+$11(/0$67(5ZLOODWLWVFRVWVKLSWKHUHSDLUHGLWHPRUUHSODFHPHQWWRWKH&XVWRPHU,IWKH
&XVWRPHUUHTXHVWVH[SUHVVVKLSSLQJWKH&XVWRPHUZLOOSD\&+$11(/0$67(5DQH[SHGLWLQJIHH(TXLSPHQWZKLFKLVUHSDLUHGRU
UHSODFHGE\&+$11(/0$67(5XQGHUWKLV:DUUDQW\ZLOOEHFRYHUHGXQGHUDOORIWKHSURYLVLRQVRIWKLV:DUUDQW\IRUWKHUHPDLQGHURIWKH
DSSOLFDEOH:DUUDQW\SHULRGIRUWKDWSDUWLFXODUHTXLSPHQWIURPWKHGDWHRIUHSDLURUUHSODFHPHQWZKLFKHYHULVORQJHU,IHTXLSPHQWLV
UHSDLUHGEH\RQGHIIHFWLYHZDUUDQW\GDWHVRULIDEQRUPDOXVDJHKDGRFFXUUHG&XVWRPHUVKDOOEHFKDUJHGDSSOLFDEOHUDWHVDQGWKH&XVWRPHU
ZLOOEHDGYLVHGRIWKHHVWLPDWHGFKDUJHVSULRUWRUHSDLUE\&+$11(/0$67(5µVDXWKRUL]HGVHUYLFHFHQWHU7KHSULFHRIRXWRI
ZDUUDQW\UHSDLUVSD\DEOHE\WKH&XVWRPHUZLOOEHEDVHGRQVWDQGDUGODERUDQGSDUWVSULFHVLQHIIHFWDWWKHWLPHRIWKHUHSDLU&+$11(/
0$67(5ZLOOXVHLWVEHVWHIIRUWVWRHQVXUHWKDWWKHFRVWRIVXFKUHSDLUH[FKDQJHUHIXUELVKLQJRUVXEVWLWXWLRQZLOOQRWH[FHHGWKHRULJLQDO
SULFHRI3URGXFW,IWKHSUREOHPUHRFFXUVZLWKLQWKHZDUUDQW\SHULRG&+$11(/0$67(5ZLOODWLWVRSWLRQUHSHUIRUPWKHVHUYLFH
UHSODFHWKHSURGXFWSXUVXDQWWRWKHWHUPVRIWKLVZDUUDQW\SHUPLW&XVWRPHUWRUHWXUQWKHSURGXFWDQGLVVXHDUHIXQGSXUVXDQWWRWKLV
ZDUUDQWRUUHIXQGWKHDPRXQWWKH&XVWRPHUSDLGIRUWKHVHUYLFHV352'8&702',),&$7,21&+$11(/0$67(5UHVHUYHVWKH
ULJKWWRPDNHFKDQJHVRULPSURYHPHQWVWRLWVSURGXFWVGXULQJVXEVHTXHQWSURGXFWLRQZLWKRXWLQFXUULQJWKHREOLJDWLRQWRLQVWDOOVXFK
FKDQJHVRULPSURYHPHQWVRQSUHYLRXVO\PDQXIDFWXUHGRUVROGSURGXFWV)25&(0$-(85(&+$11(/0$67(5ZLOOQRWEHOLDEOHLI
LWVSHUIRUPDQFHXQGHUWKLVZDUUDQW\EHFRPHVFRPPHUFLDOO\LPSUDFWLFDEOHGXHWRDQ\FRQWLQJHQF\EH\RQG&+$11(/0$67(5¶V
UHDVRQDEOHFRQWUROLQFOXGLQJDFWVRI*RG¿UHVÀRRGZDUVVDERWDJHFLYLOXQUHVWDFFLGHQWVODERUGLVSXWHVRUVKRUWDJHVJRYHUQPHQW
ODZVUXOHVDQGUHJXODWLRQVZKHWKHUYDOLGRULQYDOLGLQDELOLW\WRREWDLQPDWHULDOHTXLSPHQWRUWUDQVSRUWDWLRQLQFRUUHFWGHOD\HGRU
LQFRPSOHWHVSHFL¿FDWLRQVGUDZLQJVRUGDWDVXSSOLHGE\&XVWRPHUFROOHFWLYHO\³)RUFH0DMHXUH´/,0,7$7,216$1'48$/,),&$7,216
2):$55$17<7KLV/LPLWHG:DUUDQW\H[WHQGVRQO\WRWKHRULJLQDOSXUFKDVHURIWKH(TXLSPHQWDQGLVLQOLHXRIDOORWKHUH[SUHVVRU
LPSOLHGZDUUDQWLHVLQFOXGLQJWKRVHRIPHUFKDQWDELOLW\DQG¿WQHVVIRUDSDUWLFXODUSXUSRVH7KLV:DUUDQW\GRHVQRWDSSO\WRDQ\GDPDJH
GHIHFWRIIDLOXUHFDXVHGE\DDQ\SDUWRIWKHHTXLSPHQWKDYLQJEHHQPRGL¿HGDGDSWHGUHSDLUHGPDLQWDLQHGWUDQVSRUWHGRUUHORFDWHG
E\DQ\SHUVRQE6WRUDJHRUHQYLURQPHQWDOFKDUDFWHULVWLFVZKLFKGRQRWFRQIRUPWRWKHDSSOLFDEOHVHFWLRQVRIWKHDSSURSULDWH(TXLSPHQW
0DQXDORU,QVWUXFWLRQ6KHHWF)DLOXUHWRFRQIRUPZLWKWKH(TXLSPHQW2SHUDWLQJ,QVWUXFWLRQVLQWKHDSSOLFDEOH(TXLSPHQW0DQXDORU
,QVWUXFWLRQ6KHHWG([WHUQDOFDXVHVLQFOXGLQJH[WHUQDOHOHFWULFDOVWUHVVRUOLJKWQLQJRUXVHLQFRQMXQFWLRQZLWKLQFRPSDWLEOHHTXLSPHQW
XQOHVVVXFKXVHZDVZLWK&+$11(/0$67(5¶VSULRUZULWWHQUHTXHVWH&RVPHWLFGDPDJHI$FFLGHQWDOGDPDJHQHJOLJHQFH
PRGL¿FDWLRQPLVKDQGOLQJDEXVHRUPLVXVHRUJ)RUFH0DMHXUH/,0,7$7,2121'$0$*(67+,6:$55$17<,67+(
&86720(5¶6(;&/86,9(:$55$17<)257+((48,30(17&+$11(/0$67(563(&,),&$//<',6&/$,06$//27+(5
:$55$17,(62)$1<.,1'(;35(6625,03/,(',1&/8',1*$1<:$55$17,(62)),71(66)25$3$57,&8/$5385326(
$1'2)0(5&+$17$%,/,7<&+$11(/0$67(5:,//127%(/,$%/(,17257,1&/8',1*/,$%,/,7<,11(*/,*(1&(25
675,&7/,$%,/,7<$1':,//+$9(12/,$%,/,7<$7$//)25,1-85<723(56216253523(57<&+$11(/0$67(5¶6
/,$%,/,7<)25)$,/85(72)8/),//,762%/,*$7,21681'(57+,6:$55$17<25$1<27+(5/,$%,/,7<81'(525,1
&211(&7,21:,7+7+((48,30(17:,//%(/,0,7('727+($028172)7+(385&+$6(35,&(2)7+((48,30(17$7
7+(7,0(2)25,*,1$/385&+$6(7+(5(0(',(667$7(',17+,6:$55$17<$5(7+(&86720(5¶6(;&/86,9(
5(0(',(6$*$,167&+$11(/0$67(55(*$5',1*7+((48,30(17(9(1,)&+$11(/0$67(5+$6%((1127,),('
2)7+(3266,%,/,7<2)7+(0&+$11(/0$67(5:,//127%(/,$%/()25$1<,1',5(&7,1&,'(17$/63(&,$/25
&216(48(17,$/'$0$*(6,1&/8',1*/267352),76$1'5(9(18(6)$,/85(725($/,=((;3(&7('6$9,1*6$1<
&/$,0$*$,167$&86720(5%<$7+,5'3$57<25$1<27+(5&200(5&,$/25(&2120,&/266(62)$1<.,1'
7+(6(/,0,7$7,216$1'',6&/$,0(56$5(1270$'(%<&+$11(/0$67(5:+(5(352+,%,7('%</$:
352'8&7232/Ì7,&$'('(92/8&,Ð1<352&(',0,(172(QJDUDQWtD\IXHUDGHJDUDQWtDFUpGLWR
3URFHGLPLHQWR3(5Ì2'2'(*$5$17Ì$JDUDQWtDGHGtDVVHDSOLFDDWRGRVORVSURGXFWRVGH0DVWHU&KDQQHO&RPHUFLDQWHV\
FRQVXPLGRUHV/RVGLVWULEXLGRUHV\ORVFRQVXPLGRUHVSXHGHQGHYROYHUFXDOTXLHU,Q*DUDQWtD&DQDOSURGXFWR0DVWHUSDUDHOGHSDUWDPHQWR
GHJDUDQWtDVSDUDVXUHSDUDFLyQRUHHPSOD]R3DUDHQHOVHUYLFLRGHJDUDQWtDDOFRQVXPLGRURGLVWULEXLGRUGHEHOODPDUDO6HUYLFLR7pFQLFR\
VROLFLWDUXQQ~PHURGH50$SDUDGHYROYHUHOSURGXFWR(OSURGXFWRGHYXHOWRGHEHWHQHUHOQ~PHURGH50$YLVLEOHHQHOFXDGUR\GHEH
LQFOXLUODIDFWXUDGHFRPSUDLQGLFDQGRTXHODXQLGDGVHHQFXHQWUDGHQWURGHOSHUtRGRGHJDUDQWtD6LODXQLGDGVHHQFXHQWUHGHIHFWXRVD
EDMRQXHVWUDSROtWLFDGHJDUDQWtDSDUD&KDQQHO0DVWHUVHFRPSURPHWHDUHSDUDURVXVWLWXLUHOSURGXFWRVLQFRVWRDOJXQR3URGXFWRVIXHUD
GHOSHUtRGRGHJDUDQWtDQRGHEHVHUGHYXHOWRDOFDQDOSULQFLSDOFRQODH[FHSFLyQGHFXDOTXLHUSURGXFWRVROLFLWDGRSRUHO6RSRUWH7pFQLFR
SDUDVHUYLVLWDGDFRQ¿QHVGHJDUDQWtDGHFDOLGDG6HUYLFLR7pFQLFRZZZFKDQQHOPDVWHUFRPVXSSRUW$OJXQRVSURGXFWRVWLHQHQ
JDUDQWtDH[WHQGLGDH[SUHVLyQSHUtRGRV*$5$17Ì$&21',&,21(6*(1(5$/(66LQSHUMXLFLRGHODVGLVSRVLFLRQHVGHHVWD
*DUDQWtD0$67(5'(&$1$/JDUDQWL]DTXHHOHTXLSR\VRIWZDUHTXHVHGHVFULEHHQHODUWtFXORTXHFXPSOHQFRQODVHVSHFL¿FDFLRQHV
HQWRGRVORVDVSHFWRVPDWHULDOHV\TXHHOHTXLSRHVWDUiOLEUHGHGHIHFWRVPDWHULDOHVHQPDWHULDOHV\PDQRGHREUDGXUDQWHHOSHUtRGRGH
JDUDQWtD(VWDJDUDQWtDVHDSOLFDDWRGDVODVFRPSUDVRULJLQDOHVGHORVFOLHQWHVGH&+$11(/0$67(5³(TXLSR´/DVJDUDQWtDV
HVWDEOHFLGDVHQHOSUHVHQWHQRVRQWUDQVIHULEOHV(OSHUtRGRGHYLJHQFLDGHHVWDJDUDQWtDVHLQLFLDUiHQODIHFKDGHFRPSUDGHOHTXLSRR
GHODIHFKDGHLQVWDODFLyQSRUXQWpFQLFRDXWRUL]DGR&+$11(/0$67(5\WHUPLQDUiSDUDHO(TXLSRQRYHQWDGtDVPiVWDUGHSDUD
WRGRVORVFRPSRQHQWHV\ODVDFWXDOL]DFLRQHVGHOVLVWHPDDPHQRVTXHVHH[SUHVHORFRQWUDULRRHOSUHVHQWHGRFXPHQWRHQFDGDFDVRHO
³3HUtRGRGH*DUDQWtD´5(72512'(/26(48,326&21*$5$17Ì$6LXQHOHPHQWRGHOPDOIXQFLRQDPLHQWRGHOHTXLSRRQRHQ
XVRQRUPDOGHQWURGHOSHUtRGRGHJDUDQWtDDSOLFDEOHDHO&OLHQWHGHEHUiQRWL¿FDUD&+$11(/0$67(5GHQWURGHORVWUHLQWDGtDVGHO
SUREOHPD%&+$11(/0$67(5DVXHOHFFLyQUHVROYHUHOSUREOHPDSRUWHOpIRQRXRIUHFHUDORVFOLHQWHVFRQXQDDXWRUL]DFLyQGH
GHYROXFLyQ³50$´(OQ~PHUR\ODGLUHFFLyQDODFXDOHOFOLHQWHSXHGHHQYLDUHODUWtFXORGHIHFWXRVRF6LHOSUREOHPDQRSXHGHUHVROYHUVH
DWUDYpVGHOWHOpIRQRHOFOLHQWHGHEHUiDGMXQWDUXQDHWLTXHWDTXHPXHVWUHHOQ~PHURGH50$DFDGDDUWtFXORGHYXHOWRHLQFOXLUXQD
GHVFULSFLyQGHOSUREOHPD(OFOLHQWHGHEHUiDVXSURSLRFRVWRHPSDTXHGHODUWtFXORTXHVHGHYROYHUiPDUTXHHOQ~PHUR50$HQHO
H[WHULRUGHODFDMDSDJDUSRUDGHODQWDGRHOVHJXUR\ORVJDVWRVGHHQYtR\HQYLDUHODUWtFXORDODXELFDFLyQHVSHFL¿FDGD&+$11(/
0$67(5'ODGHYROXFLyQQRDXWRUL]DGDGHFXDOTXLHUHTXLSR\DVHDGHQWURRIXHUDGHJDUDQWtDVHUiREMHWRGHXQDDFXVDFLyQGH
PDQLSXODFLyQDGHPiVGHWRGDVODVUHSDUDFLRQHV\WRGRVORVJDVWRVGHWUDQVSRUWH(&+$11(/0$67(5DVXHQWHUDGLVFUHFLyQ
UHSDUDURUHHPSOD]DUHODUWtFXORGHYXHOWR6LVXVWLWX\HHODUWtFXORGHUHHPSOD]RSXHGHQVHUQXHYRVRUHDFRQGLFLRQDGRVVLUHIRUPDGRVHUi
HTXLYDOHQWHHQIXQFLRQDPLHQWRDORVQXHYRVHTXLSRV6LXQDUWtFXORGHYXHOWRVHVXVWLWX\HSRU&+$11(/0$67(5HO&OLHQWHDFHSWDTXHHO
DUWtFXORGHYXHOWRSDVDUiDVHUSURSLHGDGGHOFDQDO0DVWHU)&+$11(/0$67(5FRPSOHWDUiHOLQWHUFDPELRGH&+$11(/0$67(5
IDEULFDQHTXLSRVGHYXHOWRVSRUHVWDJDUDQWtDHQXQSOD]RUD]RQDEOHFRQVXMHFLyQDORVSOD]RVGHODIiEULFD\KDUiXQHVIXHU]RGHEXHQD
IHSDUDUHGXFLUDOPtQLPRFXDOTXLHU\WRGRVORVUHWUDVRVTXHVHDSRVLEOH\J&+$11(/0$67(5DVXFRVWRHQYLDUHODUWtFXORUHSDUDGR
RVXVWLWXLGRDO&OLHQWH6LHOFOLHQWHVROLFLWDHOHQYtRH[SUHVRHOFOLHQWHSDJDUiXQDFXRWDGH&+$11(/0$67(5DFHOHUDU(OHTXLSR
TXHHVWpUHSDUDGRRVXVWLWXLGRSRU&+$11(/0$67(5EDMRHVWDJDUDQWtDVHUiQFXELHUWRVSRUWRGDVODVGLVSRVLFLRQHVGHHVWD*DUDQWtD
SDUDHOUHVWRGHOSHUtRGRGHJDUDQWtDDSOLFDEOHSDUDHVHHTXLSRHQSDUWLFXODUDSDUWLUGHODIHFKDGHUHSDUDFLyQRVXVWLWXFLyQVLIXHUD
PD\RU6LHOHTXLSRHVUHSDUDGRPiVDOOiGHODVIHFKDVHIHFWLYDVGHJDUDQWtDRVLHOXVRDQRUPDOKDEtDRFXUULGRHO&OLHQWHVHFREUDUi
ODVWDULIDVDSOLFDEOHV\HOFOLHQWHVHUiLQIRUPDGRGHORVFDUJRVHVWLPDGRVDQWHVGHODUHSDUDFLyQSRUHOFHQWURGH&+$11(/0$67(5µVGH
VHUYLFLRDXWRUL]DGR(OSUHFLRGHODVUHSDUDFLRQHVIXHUDGHJDUDQWtDDFDUJRGHOFOLHQWHVHEDVDUiHQHOWUDEDMRQRUPDO\ORVSUHFLRVGH
ODVSLH]DVHQYLJRUHQHOPRPHQWRGHODUHSDUDFLyQ&+$11(/0$67(5UHDOL]DUiVXVPHMRUHVHVIXHU]RVSDUDJDUDQWL]DUTXHHOFRVWRGH
GLFKDUHSDUDFLyQFDPELRUHQRYDFLyQRGHVXVWLWXFLyQQRVHUiPD\RUDOSUHFLRRULJLQDOGHOSURGXFWR6LHOSUREOHPDYXHOYHDDSDUHFHU
HQHOSHUtRGRGHJDUDQWtD&+$11(/0$67(5DVXHOHFFLyQYROYHUDUHDOL]DUHOVHUYLFLRUHHPSOD]DUiHOSURGXFWRFRQIRUPHDORV
WpUPLQRVGHHVWDJDUDQWtDSHUPLWLUDOFOLHQWHSDUDGHYROYHUHOSURGXFWR\HPLWLUXQDUHVWLWXFLyQGHFRQIRUPLGDGFRQHVWDRUGHQR
GHYROYHUiHOLPSRUWHTXHHOFOLHQWHSDJySRUORVVHUYLFLRV02',),&$&,Ð1'(352'8&726UHVHUYDV&+$11(/0$67(5HO
GHUHFKRGHKDFHUFDPELRVRPHMRUDVDVXVSURGXFWRVGXUDQWHODSURGXFFLyQSRVWHULRUVLQLQFXUULUHQODREOLJDFLyQGHLQVWDODUWDOHV
PRGL¿FDFLRQHVRPHMRUDVHQORVSURGXFWRVSUHYLDPHQWHIDEULFDGRVRYHQGLGRV)8(5=$0$<25&+$11(/0$67(5QRVHUi
UHVSRQVDEOHVLVXHMHFXFLyQEDMRHVWDJDUDQWtDVHDFRPHUFLDOPHQWHIDFWLEOHSRUFXDOTXLHUFRQWLQJHQFLDIXHUDGHOFRQWUROUD]RQDEOH
&+$11(/0$67(5LQFOXLGRVORVDFWRVGH'LRVLQFHQGLRVLQXQGDFLRQHVJXHUUDVVDERWDMHVGLVWXUELRVDFFLGHQWHVFRQÀLFWRVODERUDOHV
RODHVFDVH]HOJRELHUQROH\HVQRUPDV\UHJODPHQWRVVLODVHVSHFL¿FDFLRQHVLQFDSDFLGDGYiOLGRRLQYiOLGRSDUDREWHQHUPDWHULDOHV
HTXLSRVRWUDQVSRUWHHVLQFRUUHFWDWDUGtDRLQFRPSOHWDGLEXMRVRGDWRVVXPLQLVWUDGRVSRUHO&OLHQWHFROHFWLYDPHQWH³)XHU]D0D\RU´
/,0,7$&,21(6<5(48,6,726'(/$*$5$17Ì$/DSUHVHQWHJDUDQWtDOLPLWDGDVHH[WLHQGHVRODPHQWHDOFRPSUDGRURULJLQDOGHO
HTXLSR\HVWiHQOXJDUGHFXDOTXLHURWUDJDUDQWtDH[SUHVDRLPSOtFLWDLQFOXLGDVODVGHFRPHUFLDELOLGDGRLGRQHLGDGSDUDXQSURSyVLWRHQ
SDUWLFXODU(VWDJDUDQWtDQRVHDSOLFDDFXDOTXLHUGHIHFWRGHODIDOODFDXVDGDSRUDFXDOTXLHUSDUWHGHVXHTXLSRGHKDEHUVLGR
PRGL¿FDGRDGDSWDGRUHSDUDFLyQPDQWHQLPLHQWRWUDQVSRUWHRUHXELFDGDVSRUFXDOTXLHUSHUVRQDEGHDOPDFHQDPLHQWRRODV
FDUDFWHUtVWLFDVDPELHQWDOHVTXHQRVHDMXVWHQDODVVHFFLRQHVFRUUHVSRQGLHQWHVGHODFRUUHVSRQGLHQWH0DQXDOVREUHHOHTXLSRRODKRMDGH
LQVWUXFFLRQHVF(OLQFXPSOLPLHQWRSDUDFXPSOLUFRQODV,QVWUXFFLRQHVGH2SHUDFLyQGHOHTXLSRHQHO³0DQXDOGH(TXLSR\+RMDVGH
,QVWUXFFLyQG/DVFDXVDVH[WHUQDVLQFOX\HQGRHOHVWUpVHOpFWULFRH[WHUQRRHOpFWULFDRVXXVRHQFRQMXQFLyQFRQHTXLSRVLQFRPSDWLEOHV
DPHQRVTXHGLFKRXVRHUDFRQODSHWLFLyQSUHYLDSRUHVFULWR&+$11(/0$67(5HORVGDxRVVXSHU¿FLDOHVIORVGDxRVDFFLGHQWDOHV
QHJOLJHQFLDPRGL¿FDFLyQPDQHMRLQFRUUHFWRDEXVRRPDOXVRRJ)XHU]D0D\RU/,0,7$&,Ð1'('$f26(67$*$5$17Ë$(6
*$5$17Ë$H[FOXVLYRGHOFOLHQWHHQFXDQWRDOPDWHULDO0$67(5'(&$1$/(;35(6$0(17(5(181&,$$72'$*$5$17Ë$27526
'(1,1*Ò17,32(;35(6$2,03/Ë&,7$,1&/8<(1'2&8$/48,(5*$5$17Ë$'(,'21(,'$'3$5$813523Ï6,72
3$57,&8/$5<'(&20(5&,$/,=$&,Ï1&+$11(/0$67(5126(+$5È5(63216$%/((1$*5$9,2LQFOXLGDOD
UHVSRQVDELOLGDGSRUQHJOLJHQFLDRUHVSRQVDELOLGDGHVWULFWD\QRWHQGUiUHVSRQVDELOLGDGDOJXQDSRUGDxRVDSHUVRQDVRELHQHV
5(63216$%,/,'$'&+$11(/0$67(53$5$LQFXPSOLPLHQWRGHVXVREOLJDFLRQHVEDMRHVWDJDUDQWtDRFXDOTXLHURWUDUHVSRQVDELOLGDG
EDMRRHQFRQH[LyQFRQHO(TXLSR6(5È/,0,7$'$$/$&$17,'$''((/35(&,2'(&2035$'(/26(48,326(1(/020(172
'(&2035$25,*,1$//265(0(',26PHQFLRQDGDVHQHVWDJDUDQWtDVRQORVUHPHGLRVH[FOXVLYRVGHOFOLHQWHFRQWUD&+$11(/
0$67(562%5((/(48,32$8148(0$67(5'(&$1$/+$6,'2127,),&$'26'(/$326,%,/,'$''((//260$67(5
FDQDOQRVHUiUHVSRQVDEOHSRUGDxRVLQGLUHFWRVLQFLGHQWDOHVHVSHFLDOHVRFRQVHFXHQWHVLQFOXLGRHOOXFURFHVDQWH\ORVLQJUHVRVQR
UHDOL]DFLyQGHDKRUURVSUHYLVWRVFXDOTXLHUUHFODPDFLyQFRQWUDXQFOLHQWHSRUHOWHUFHURRFXDOTXLHURWUDSpUGLGDFRPHUFLDORHFRQyPLFD'(
1,1*81$&/$6((VWDVOLPLWDFLRQHV\UHVSRQVDELOLGDGQRVHUHDOL]DGRSRUHOPDHVWURFDQDOGRQGHSURKLELGRSRUOH\
32/,7,48((7352&e'85('(5(35,6('(6$33$5(,/6&+$11(/0$67(56RXVJDUDQWLH
+RUVJDUDQWLH3URFpGXUHGHFUpGLW(QWUDQWHQYLJXHXULPPpGLDWHPHQW3pULRGHGHJDUDQWLH/DJDUDQWLHGHMRXUVV¶DSSOLTXHjWRXV
OHVSURGXLWV&KDQQHO0DVWHU'pWDLOODQWVHWFRQVRPPDWHXUV/HVGpWDLOODQWVHWFRQVRPPDWHXUVSHXYHQWHQYR\HUWRXWSURGXLW&KDQQHO
0DVWHUVRXVJDUDQWLHDX6HUYLFHGHJDUDQWLHHQYXHGHVDUpSDUDWLRQRXGHVRQUHPSODFHPHQW3RXUOHVHUYLFHVRXVJDUDQWLHOH
FRQVRPPDWHXURXOHGpWDLOODQWGRLWDSSHOHUOHVHUYLFHWHFKQLTXHHWGHPDQGHUXQQXPpURG¶DXWRULVDWLRQGHUHSULVHGpVLJQp©50$ªSRXU
SRXYRLUHQYR\HUOHSURGXLW/HQXPpUR50$GRLWDSSDUDvWUHGHIDoRQELHQOLVLEOHVXUO¶HPEDOODJHGXSURGXLWHQYR\pHWO¶HPEDOODJHGRLW
FRQWHQLUOHERQGHYHQWHPRQWUDQWTXHOHSURGXLWHVWHQYR\pDXFRXUVGHODSpULRGHGHJDUDQWLH6¶LOHVWGpFRXYHUWTXHOHSURGXLWHVW
GpIHFWXHX[FRQIRUPpPHQWjQRWUHSROLWLTXHGHJDUDQWLH&KDQQHO0DVWHUUpSDUHUDRXUHPSODFHUDJUDWXLWHPHQWOHSURGXLW/HVSURGXLWVGRQW
ODSpULRGHGHJDUDQWLHHVWGpSDVVpHQHGRLYHQWSDVrWUHHQYR\pVj&KDQQHO0DVWHUjO¶H[FHSWLRQGHWRXWSURGXLWGRQWO¶HQYRLDpWpDXWRULVp
SDUOH6HUYLFHWHFKQLTXHHQYXHG¶XQHYpUL¿FDWLRQVXUO¶DVVXUDQFHGHODTXDOLWp6HUYLFHWHFKQLTXHZZZFKDQQHOPDVWHUFRPVXSSRUW
&HUWDLQVSURGXLWVRQWXQHSpULRGHGHJDUDQWLHSOXVORQJXH*$5$17,(HQYLJXHXULPPpGLDWHPHQW&21',7,216*e1e5$/(6
&RPSWHWHQXGHVFRQGLWLRQVGHODSUpVHQWHJDUDQWLH&+$11(/0$67(5JDUDQWLWTXHO¶pTXLSHPHQWHWOHORJLFLHOGpFULWVjO¶DUWLFOHVRQW
FRQIRUPHVjQRVVSpFL¿FDWLRQVGDQVWRXVOHXUVDVSHFWVPDWpULHOVHWTX¶LOVUHVWHURQWH[HPSWVGHWRXWGpIDXWGHPDWpULDX[HWGHIDEULFDWLRQ
SHQGDQWODSpULRGHGHJDUDQWLHOLPLWpH/DSUpVHQWHJDUDQWLHV¶DSSOLTXHjWRXVOHVSURGXLWVDFKHWpVSDUOHVFOLHQWVGH&+$11(/
0$67(5O¶©pTXLSHPHQWª/HVJDUDQWLHVQHSHXYHQWSDVrWUHWUDQVIpUpHV/DSpULRGHGHYDOLGLWpGHODSUpVHQWHJDUDQWLHGpEXWHOH
MRXUGHO¶DFKDWGHO¶pTXLSHPHQWRXjODGDWHGHO¶LQVWDOODWLRQGHO¶pTXLSHPHQWSDUXQWHFKQLFLHQDSSURXYpSDU&+$11(/0$67(5HWVH
WHUPLQHSRXUO¶pTXLSHPHQWTXDWUHYLQJWGL[MRXUVSOXVWDUGSRXUWRXVOHVFRPSRVDQWVHWOHVPLVHVjMRXUGXV\VWqPHjPRLQVG¶LQGLFDWLRQ
FRQWUDLUHRXIRXUQLHGDQVODSUpVHQWHJDUDQWLHGDQVFKDTXHFDVOD©SpULRGHGHJDUDQWLHª5(35,6('(/·e48,3(0(176286
*$5$17,(/RUVTX¶XQFRPSRVDQWGHO¶pTXLSHPHQWIRQFWLRQQHPDORXQHIRQFWLRQQHSDVHQFDVG¶XWLOLVDWLRQQRUPDOHSHQGDQWOD
SpULRGHGHJDUDQWLHDSSOLFDEOHDOHFOLHQWGRLWQRWL¿HU&+$11(/0$67(5GDQVOHVWUHQWHMRXUVGHODGpFRXYHUWHGXSUREOqPHE
&+$11(/0$67(5jVDVHXOHGLVFUpWLRQVRLWUpVRXGUDOHSUREOqPHSDUWpOpSKRQHVRLWIRXUQLUDXQQXPpUR50$HWO¶DGUHVVHjODTXHOOHOD
SLqFHRXO¶pTXLSHPHQWGpIHFWXHX[GRLWrWUHHQYR\pF6LOHSUREOqPHQHSHXWSDVrWUHUpVROXSDUWpOpSKRQHOHFOLHQWGRLW¿[HUXQH
pWLTXHWWHSRUWDQWOHQXPpUR50$jO¶H[WpULHXUGXSDTXHWGHFKDTXHSLqFHHQYR\pHHWLQFOXUHXQHGHVFULSWLRQGXSUREOqPH/HFOLHQWGRLWj
VHVSURSUHVIUDLVHPEDOOHUFRUUHFWHPHQWO¶pTXLSHPHQWjHQYR\HULQGLTXHUOHQXPpUR50$jO¶H[WpULHXUGXSDTXHWSD\HUOHVIUDLV
G¶H[SpGLWLRQHWG¶DVVXUDQFHHWH[SpGLHUOHSDTXHWjO¶DGUHVVHVSpFL¿pHSDU&+$11(/0$67(5G7RXWHQYRLQRQDXWRULVpG¶pTXLSHPHQW
VRXVJDUDQWLHRXQRQIHUDO¶REMHWGHIUDLVGHPDQXWHQWLRQHQSOXVGHWRXVOHVIUDLVGHUpSDUDWLRQHWGHWUDQVSRUWH&+$11(/0$67(5
UpSDUHUDRXUHPSODFHUDjVDVHXOHGLVFUpWLRQODSLqFHHQYR\pH(QFDVGHUHPSODFHPHQWODSLqFHGHUHPSODFHPHQWVHUDRXQHXYHRX
UpQRYpHVLHOOHHVWUpQRYpHVRQIRQFWLRQQHPHQWVHUDpTXLYDOHQWjFHOXLG¶XQHSLqFHQHXYH(QFDVGHUHPSODFHPHQWG¶XQHSLqFHSDU
&+$11(/0$67(5OHFOLHQWDFFHSWHTXHODSLqFHTX¶LODHQYR\pHGHYLHQWODSURSULpWpGH&+$11(/0$67(5I&+$11(/0$67(5
HIIHFWXHUDO¶pFKDQJHGHODSLqFHIDEULTXpHSDU&+$11(/0$67(5HWHQYR\pHHQYHUWXGHODSUpVHQWHJDUDQWLHGDQVGHVGpODLV
UDLVRQQDEOHVHQIRQFWLRQGHVGpODLVGHSURGXFWLRQGHO¶XVLQHHWV¶HIIRUFHUDHQWRXWHERQQHIRLGHPLQLPLVHUDXSRVVLEOHFHVGpODLVHWJ
&+$11(/0$67(5H[SpGLHUDjVHVIUDLVDXFOLHQWODSLqFHUpSDUpHRXUHPSODFpH6LOHFOLHQWGHPDQGHXQHH[SpGLWLRQH[SUHVVOHFOLHQW
SDLHUDj&+$11(/0$67(5OHVIUDLVG¶XQHWHOOHH[SpGLWLRQ/¶pTXLSHPHQWUpSDUpRXUHPSODFpSDU&+$11(/0$67(5HQYHUWXGHOD
SUpVHQWHJDUDQWLHVHUDFRXYHUWFRQIRUPpPHQWjWRXWHVOHVFRQGLWLRQVGHODSUpVHQWHJDUDQWLHSRXUOHUHVWHGHODSpULRGHGHJDUDQWLH
DSSOLFDEOHSRXUO¶pTXLSHPHQWHQTXHVWLRQjSDUWLUGHODGDWHGHUpSDUDWLRQRXGHUHPSODFHPHQWVHORQODSpULRGHODSOXVORQJXH6L
O¶pTXLSHPHQWHVWUpSDUpHQGHKRUVGHODSpULRGHGHJDUDQWLHRXHQFDVGHPDXYDLVHXWLOLVDWLRQGHO¶pTXLSHPHQWOHFOLHQWVHUDIDFWXUpVHORQ
OHVWDULIVDSSOLFDEOHVHWLOVHUDSUpYHQXGHVIUDLVpYHQWXHOVHVWLPpVDYDQWODUpSDUDWLRQSDUOHFHQWUHGHUpSDUDWLRQDJUppSDU&+$11(/
0$67(5/HSUL[GHODUpSDUDWLRQKRUVJDUDQWLHSD\DEOHSDUOHFOLHQWVHUDFDOFXOpVXUODEDVHGHVWDULIVKDELWXHOVGHVSLqFHVHWGHOD
PDLQG¶°XYUHHQYLJXHXUjODGDWHGHODUpSDUDWLRQ&+$11(/0$67(5IHUDWRXVVHVHIIRUWVSRXUV¶DVVXUHUTXHOHFR€WGHODGLWH
UpSDUDWLRQGHO¶pFKDQJHGHODUpQRYDWLRQRXGHODVXEVWLWXWLRQQHGpSDVVHSDVOHSUL[GHO¶pTXLSHPHQWG¶RULJLQH6LOHSUREOqPHVH
UHSURGXLWSHQGDQWODSpULRGHGHJDUDQWLH&+$11(/0$67(5jVDVHXOHGLVFUpWLRQHIIHFWXHUDXQHGHX[LqPHUpSDUDWLRQ
UHPSODFHUDO¶pTXLSHPHQWFRQIRUPpPHQWDX[FRQGLWLRQVGHODSUpVHQWHJDUDQWLHSHUPHWWUDDXFOLHQWGHUHQYR\HUO¶pTXLSHPHQWHWOH
UHPERXUVHUDFRQIRUPpPHQWDX[FRQGLWLRQVGHODSUpVHQWHJDUDQWLHRXUHPERXUVHUDOHPRQWDQWSD\pSDUOHFOLHQWSRXUOHVHUYLFH
02',),&$7,21'(/·e48,3(0(17&+$11(/0$67(5VHUpVHUYHOHGURLWG¶DSSRUWHUXQHPRGL¿FDWLRQRXXQHDPpOLRUDWLRQj
O¶pTXLSHPHQWORUVGHODSURGXFWLRQVXLYDQWHVDQVHQFRXULUO¶REOLJDWLRQG¶HIIHFWXHUODGLWHPRGL¿FDWLRQRXDPpOLRUDWLRQVXUO¶pTXLSHPHQWGpMj
IDEULTXpRXYHQGX&$6'()25&(0$-(85(&+$11(/0$67(5QHVHUDSDVUHVSRQVDEOHVLVRQH[pFXWLRQHQYHUWXGHOD
SUpVHQWHJDUDQWLHGHYLHQWLPSUDWLFDEOHVXUOHSODQFRPPHUFLDOHQUDLVRQG¶pYpQHPHQWVLPSUpYXVLQGpSHQGDQWVGHODYRORQWpGH&+$11(/
0$67(5\FRPSULVOHVFDVGHIRUFHPDMHXUHLQFHQGLHVLQRQGDWLRQVJXHUUHVDFWHVGHVDERWDJHWURXEOHVFLYLOVDFFLGHQWVFRQÀLWVGH
WUDYDLOSpQXULHVGHPDLQG¶°XYUHORLVHWUqJOHPHQWVGHVDXWRULWpVYDOLGHVRXQRQRXHQUDLVRQGHO¶LPSRVVLELOLWpGHVHSURFXUHUGHV
PDWpULDX[GHO¶pTXLSHPHQWRXGXWUDQVSRUWRXGHVSpFL¿FDWLRQVGHVFKpPDVRXGHGRQQpHVLQFRUUHFWHVUHWDUGpHVRXLQFRPSOqWHVGHOD
SDUWGXFOLHQWFROOHFWLYHPHQWOD©IRUFHPDMHXUHª/,0,7$7,216(748$/,),&$7,216'(/$*$5$17,(/DSUpVHQWHJDUDQWLH
OLPLWpHQHFRXYUHTXHOHSUHPLHUDFKHWHXUGHO¶pTXLSHPHQWQHXIHWWLHQWOLHXGHWRXWHDXWUHJDUDQWLHH[SOLFLWHRXLPSOLFLWH\FRPSULVFHOOHV
GHTXDOLWpPDUFKDQGHHWG¶DGDSWDWLRQjXQXVDJHSDUWLFXOLHU/DSUpVHQWHJDUDQWLHQHFRXYUHDXFXQGpJkWGpIDXWRXSDQQHFDXVpSDUD
WRXWHSDUWLHGHO¶pTXLSHPHQWTXLDSXrWUHPRGL¿pHDGDSWpHUpSDUpHHQWUHWHQXHWUDQVSRUWpHRXGpSODFpHSDUXQHSHUVRQQHTXHOFRQTXH
EXQUHPLVDJHRXGHVFDUDFWpULVWLTXHVHQYLURQQHPHQWDOHVQRQFRQIRUPHVDX[DUWLFOHVDSSOLFDEOHVGXPDQXHORXGXPRGHG¶HPSORLGH
O¶pTXLSHPHQWFOHQRQUHVSHFWGHVLQVWUXFWLRQVGHIRQFWLRQQHPHQWGHO¶pTXLSHPHQWLQGLTXpHVGDQVOHPDQXHORXOHPRGHG¶HPSORLGH
O¶pTXLSHPHQWGGHVFDXVHVH[WpULHXUHV\FRPSULVGHVVXUWHQVLRQVpOHFWULTXHVH[WpULHXUHVRXODIRXGUHRXO¶XWLOLVDWLRQDYHFGH
O¶pTXLSHPHQWLQFRPSDWLEOHjPRLQVTXHODGLWHXWLOLVDWLRQDLWpWpGHPDQGpHSDUpFULWDXSUpDODEOHSDU&+$11(/0$67(5HXQGpJkW
VXSHU¿FLHOIXQGpJkWDFFLGHQWHOXQHQpJOLJHQFHXQHPRGL¿FDWLRQXQGpIDXWGHPDQXWHQWLRQXQDEXVRXXQGpIDXWG¶XWLOLVDWLRQJXQ
FDVGHIRUFHPDMHXUH/,0,7$7,216'(6'200$*(6/$35e6(17(*$5$17,((67/$6(8/(*$5$17,((;&/86,9(3285
/(&/,(1748$17¬/¶e48,3(0(17'()$d2163e&,),48(&+$11(/0$67(5'e&/,1(7287(5(63216$%,/,7e48$17¬
7287(6$875(6*$5$17,(6'(7287(66257(6(;3/,&,7(628,03/,&,7(6<&2035,6&(//(6'(48$/,7e
0$5&+$1'((7'¶$'$37$7,21¬8186$*(3$57,&8/,(5&+$11(/0$67(51(6(5$3$6&,9,/(0(175(63216$%/(
7$17(1&$6'(1e*/,*(1&(28'(5(63216$%,/,7e$%62/8((71(6(5$$8&81(0(175(63216$%/((1&$6'(
%/(6685(6&25325(//(628'('e*Æ760$7e5,(/6/$5(63216$%,/,7e'(&+$11(/0$67(5(1&$6'('e)$87'(
6¶$&48,77(5'(6(62%/,*$7,216(19(578'(/$35e6(17(*$5$17,(28'(7287($875(5(63216$%,/,7e
&21&(51$1728(15$33257$9(&/¶e48,3(0(176(/,0,7(5$$80217$17'835,;'¶$&+$7'(/¶e48,3(0(171(8)¬
/$'$7('(/¶$&+$7/(65(&2856,1',48e6'$16/$35e6(17(*$5$17,(6217/(66(8/65(&2856'8&/,(17
&2175(&+$11(/0$67(5&21&(51$17/¶e48,3(0(170Ç0($8&$62Ô/$3266,%,/,7e'(7(/65(&2856$e7e
127,),e(¬&+$11(/0$67(5&+$11(/0$67(51(6(5$5(63216$%/('¶$8&816'200$*(6',5(&7628,1',5(&76
2863e&,$8;<&2035,6/$3(57('(352),76(7'(5(9(186/¶,03266,%,/,7e'(5e$/,6(5'(6e&2120,(6
(63e5e(67287(5e&/$0$7,21'¶817,(56&2175(81&/,(17287287(6$875(63(57(6&200(5&,$/(628
e&2120,48(6'(7287(66257(6/(635e6(17(6/,0,7$7,216(767,38/$7,216'¶(;21e5$7,21'(&+$11(/
0$67(51(62173$69$/,'(6/¬2Ô(//(66217,17(5',7(63$5/$/2,
‹&KDQQHO0DVWHU&KDQQHO0DVWHULVDUHJLVWHUHGWUDGHPDUN6SHFL¿FDWLRQVVXEMHFWWRFKDQJH$OOULJKWVUHVHUYHG&0&&,167
‹&KDQQHO0DVWHU&KDQQHO0DVWHUHVXQDPDUFDUHJLVWUDGD(VSHFL¿FDFLRQHVVXMHWDVDFDPELR7RGRVORVGHUHFKRVUHVHUYDGRV&0&&,167
‹&KDQQHO0DVWHU&KDQQHO0DVWHUHVWXQHPDUTXHGpSRVpH/HVFDUDFWpULVWLTXHVSHXYHQWrWUHPRGL¿pHVVDQVSUpDYLV7RXVGURLWVUpVHUYpV&0&&,167