Download GE CX1527SSSS Installation Guide
Transcript
,QVWDOODWLRQ ,QVWUXFWLRQV %XLOW,Q7ULP.LWV -;-;&;&; 4XHVWLRQV",QWKH86FDOO*(&$5(6RU9LVLWRXU:HEVLWHDWJHFRP ,Q&DQDGDFDOORU9LVLWRXU:HEVLWHDW*($SSOLDQFHVFD 3$576,1&/8'(' %()25(<28%(*,1 5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\ ³6DYHWKHVHLQVWUXFWLRQV IRUORFDOLQVSHFWRU·VXVH ³2EVHUYHDOOJRYHUQLQJFRGHV DQGRUGLQDQFHV 3$57 ,03257$17 48$17,7< 7ULP)UDPH %RWWRP'XFW 7RS%UDFNHW %RWWRP%UDFNHW 8SSHU'XFW 5HDU'XFW PP[PP 5RXQG+HDG 6FUHZV UHTXLUHG H[WUD PP[PP )ODW+HDG 6FUHZV UHTXLUHG H[WUD $QWL7LS%UDFH $QWL7LS%UDFNHW ,03257$17 1RWHWR,QVWDOOHU²%HVXUHWROHDYHWKHVHLQVWUXFWLRQV ZLWKWKH&RQVXPHU 1RWHWR&RQVXPHU².HHSWKHVHLQVWUXFWLRQVIRUIXWXUH UHIHUHQFH 6NLOOOHYHO²,QVWDOODWLRQRIWKLVDSSOLDQFHUHTXLUHVEDVLF PHFKDQLFDODQGHOHFWULFDOVNLOOV &RPSOHWLRQWLPH²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³7KLVRYHQPXVWEHSOXJJHGLQWRD SURSHUO\JURXQGHGKROH9UHFHSWDFOHDVUHTXLUHGE\ WKH1DWLRQDO(OHFWULFDO&RGHRU&DQDGLDQ(OHFWULFDO&RGH )25<2856$)(7< :$51,1* ³%HIRUHEHJLQQLQJWKHLQVWDOODWLRQ VZLWFKSRZHURIIDWVHUYLFHSDQHODQGORFNWKHVHUYLFH GLVFRQQHFWLQJPHDQVWRSUHYHQWSRZHUIURPEHLQJVZLWFKHGRQ DFFLGHQWDOO\:KHQWKHVHUYLFHGLVFRQQHFWLQJPHDQVFDQQRWEH ORFNHGVHFXUHO\IDVWHQDSURPLQHQWZDUQLQJGHYLFHVXFKDVDWDJ WRWKHVHUYLFHSDQHO 7HPSODWH 127(7KLVNLWKDVH[WUDVFUHZVWRSUHYHQWWKHWHFKQLFLDQ IURPVSHQGLQJH[WUDWLPHORFDWLQJDUHSODFHPHQWVFUHZ GXULQJLQVWDOODWLRQ 5($'&$5()8//< .((37+(6(,16758&7,216 ,QVWDOODWLRQ,QVWUXFWLRQV 722/6<28:,//1((' & 87287',0(16,216&217 2QPRGHOVDOORZøµRQDOOVLGHVIRURYHUODS RIWKHWULPIUDPHRYHUWKHHGJHVRIWKHFXWRXW 3KLOOLSV6FUHZGULYHU 2QPRGHOVDOORZøµDWWKHWRSDQGERWWRP DQGRQHDFKVLGHIRURYHUODSRIWKHWULPIUDPH RYHUWKHHGJHVRIWKHFXWRXW 'ULOOZLWKd%LWRU 3HQFLO )25,167$//$7,21$%29($%8,/7,129(1 $ZORU3XQFK 0LFURZDYHRYHQVKRXOGEHLQVWDOOHGRQDµ SO\ZRRGEDVHDQGVXSSRUWHGE\[RU[ HTXLYDOHQWUXQQHUVRQDOOVLGHV%DVHPXVWEHFDSDEOH RIVXSSRUWLQJDPLQLPXPRIOEVNJ 6FLVVRUV2SWLRQDO 7DSH0HDVXUH /HYHO ,167$//7+($17,7,3%5$&( & 87287',0(16,216 $ 'UDZDOLQHRQWKHFXWRXWIORRUDWWKHFHQWHURI WKHFXWRXWDQGH[WHQGWKHOLQHµGRZQWKH IDFHRIWKHFDELQHW 0RGHOV +HLJKW øµ øµ :LGWK µøµ µøµ øµRUµ øµRUµ 'HSWKPLQ % )ROGRUFXWWKHIURQWHGJHRIWKHWHPSODWH DORQJWKHIURQWJXLGHOLQH3ODFHWKHWHPSODWH IOXVKDORQJWKHIURQWHGJHRIWKHFXWRXWIORRU DOLJQLQJWKHFHQWHUOLQHRIWKHWHPSODWHZLWKWKH FHQWHUOLQHRIWKHFXWRXWIORRU0DUNWKHFHQWHUV RIWKHWZRVFUHZKROHVZLWKDQDZORUFHQWHU SXQFKIRUWKHDQWLWLSEUDFHORFDWLRQDVVKRZQ 0LQGHSWKZLWK9²+HUW]JURXQGHGSRZHU UHFHSWDFOHRXWVLGHFDELQHWøµ 0LQGHSWKZLWK9²+HUW]JURXQGHGSRZHU UHFHSWDFOHLQVLGHFDELQHWµ øµ2YHUODS 'HSWK ',0(16,216 $ øµ % µ & øµ µ0RGHOVøµRYHUODS µ0RGHOVµRYHUODS $ % +HLJKW & :LGWK &OHDUDQFHEH\RQG WULPIUDPH RQDOOVLGHV &XWRXW )ORRU øµ2YHUODS & 5HPRYHWKH WHPSODWHDQGGULOO WZRKROHVIRUWKH DQWLWLSEUDFH 0LQ %RWWRPRIWULPNLWPXVWEH PLQLPXPRIIURPIORRU ' ,QVWDOOWKHDQWLWLS EUDFHRQWRWKH FXWRXWIORRUXVLQJ WZRURXQGKHDG VFUHZV :$51,1* ³7KLVWULPNLWXVHVDLUIORZ IURPWKHWRSERWWRPDQGVLGHVRIWKHWULPIUDPH %ORFNLQJWKHDLUIORZFDQFDXVHWKHPLFURZDYHWR IXQFWLRQLPSURSHUO\DQGPD\FDXVHGDPDJHWR WKHPLFURZDYH $OORZDFOHDUDQFHEH\RQGWKHHGJHRIWKHWULP IUDPHWRSURYLGHSURSHUDLUIORZ &HQWHU /LQH 5RXQG+HDG 6FUHZV $QWL7LS %UDFH ·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·LQVWDOODWLRQ (QVHPEOHGHILQLWLRQIRXU HQFDVWUp-;-;&;&; 'HVTXHVWLRQV"$SSHOH]OHRXYLVLWH]QRWUHVLWH:HEjO·DGUHVVHVXLYDQWHZZZHOHFWURPHQDJHUVJHFD 3,Ê&(6&2035,6(6 $9$17'(&200(1&(5 3,Ê&( /LVH]DWWHQWLYHPHQWWRXWHVFHVLQVWUXFWLRQV ,03257$17³&RQVHUYH]FHVLQVWUXFWLRQVSRXU O·LQVSHFWHXUORFDO ,03257$17³2EVHUYH]WRXVOHVFRGHVHW UqJOHPHQWVHQYLJXHXU 5 HPDUTXHGHVWLQpHjO·LQVWDOODWHXU²9HLOOH]jODLVVHUFHV LQVWUXFWLRQVDXFRQVRPPDWHXU 5HPDUTXHGHVWLQpHDXFRQVRPPDWHXU²&RQVHUYH]FHV LQVWUXFWLRQVSRXUYRXV\UHSRUWHUXOWpULHXUHPHQW 1LYHDXGHFRPSpWHQFH²/·LQVWDOODWLRQGHFHWDSSDUHLO QpFHVVLWHGHVFRPSpWHQFHVGHEDVHHQPpFDQLTXHHWHQ pOHFWULFLWp 'XUpHGHO·LQVWDOODWLRQ²jKHXUHV /·LQVWDOODWHXUHVWUHVSRQVDEOHGHODTXDOLWpGHO·LQVWDOODWLRQ 8QHSDQQHGXSURGXLWGXHjXQHPDXYDLVHLQVWDOODWLRQQ·HVWSDV FRXYHUWHSDUODJDUDQWLH &HWWHWURXVVHHVWDSSURXYpHSRXUXQHLQVWDOODWLRQVHXOHRXDYHF WRXVPRGqOHVGHIRXUVpOHFWULTXHVHQFDVWUpV*(*(3URILOH*( &DIH(OOHQ·HVWSDVFRQoXHSRXUrWUHXWLOLVpHjXQHGLVWDQFH LQIpULHXUHjFPSLGHVFXLVLQLqUHVVXUIDFHVGHFXLVVRQRX IRXUVjJD]RXpOHFWULTXHV 3RXUXQHLQVWDOODWLRQSOXVIDFLOHHWYRWUHSURSUHVpFXULWpQRXV UHFRPPDQGRQVTXHO·LQVWDOODWLRQGHFHIRXUjPLFURRQGHV VRLWIDLWHSDUGHX[SHUVRQQHV 'pEUDQFKH]OHIRXUjPLFURRQGHVDYDQWGHFRPPHQFHUO·LQVWDOODWLRQ GHFHWHQVHPEOH /HVWURXVVHV-;HW-;VRQWXWLOLVpHVSRXUOHVPRGqOHV 3(%2'0%%3(%2'0::3(%260663(%&'1%% 3(%&6166HW3(%&'1:: /HVWURXVVHV&;HW&;VRQWXWLOLVpHVSRXUOHVPRGqOHV &(%6666 1·DOWpUH]RXQHPRGLILH]DXFXQHSLqFHGHFHWHQVHPEOHQL DXFXQHSLqFHGXIRXU $9(57,66(0(17 ³&HIRXUGRLWrWUHEUDQFKp jXQHSULVHjDOYpROHVGHYROWVFRUUHFWHPHQWPLVHjOD WHUUHWHOTX·H[LJpSDUOH&RGHFDQDGLHQGHO·pOHFWULFLWpRXOH&RGH QDWLRQDOGHO·pOHFWULFLWp 32859275(6e&85,7e 48$17,7e &DGUHGHILQLWLRQ RXJDUQLWXUH &RQGXLWLQIpULHXU 6XSSRUWVXSpULHXU 6XSSRUWLQIpULHXU &RQGXLWVXSpULHXU &RQGXLWDUULqUH 9LVjWrWHURQGH GHPP[PP UHTXLVHV VXSSOpP 9LVjWrWHSODWH GHPP[PP UHTXLVHV VXSSOpP 5HQIRUWGXVXSSRUW DQWLEDVFXOHPHQW 6XSSRUW DQWLEDVFXOHPHQW *DEDULW $9(57,66(0(17 ³$YDQWGHFRPPHQFHU O·LQVWDOODWLRQFRXSH]OHFRXUDQWVXUOHWDEOHDXGHGLVWULEXWLRQHW EORTXH]OHGLVSRVLWLIGHVHFWLRQQHPHQWpOHFWULTXHSRXUpYLWHU TXHOHFRXUDQWQHVRLWDFFLGHQWHOOHPHQWUpWDEOL4XDQGLOQ·HVW SDVSRVVLEOHGHEORTXHUOHGLVMRQFWHXUSRVH]XQPR\HQ G·DYHUWLVVHPHQWELHQYLVLEOHFRPPHXQHpWLTXHWWHVXUOHWDEOHDX GHGLVWULEXWLRQ 5(0$548(&HWHQVHPEOHFRPSUHQGGHVYLVVXSSOpPHQWDLUHV SRXUpYLWHUTXHOHWHFKQLFLHQQHSHUGHGHWHPSVjFKHUFKHUXQH YLVGHUHPSODFHPHQWORUVGHO·LQVWDOODWLRQ /,6(=$77(17,9(0(17&(6,16758&7,216 (7&216(59(=/(6 ,QVWUXFWLRQVG·LQVWDOODWLRQ 287,/61e&(66$,5(6 ,0(16,216'(/·289(5785( ' 68,7( 6XUOHVPRGqOHVGHSRSUpYR\H]XQHVSDFHGHøSRVXUWRXV OHVF{WpVSRXUSHUPHWWUHOHFKHYDXFKHPHQWGXFDGUHGHILQLWLRQ VXUOHVERUGVGHO·RXYHUWXUH 7RXUQHYLV3KLOOLSVQ 6XUOHVPRGqOHVGHSRSUpYR\H]XQHVSDFHGHøSRDX[ SDUWLHVVXSpULHXUHHWLQIpULHXUHHWSRGHFKDTXHF{WpSRXU SHUPHWWUHOHFKHYDXFKHPHQWGXFDGUHGHILQLWLRQVXUOHVERUGV GHO·RXYHUWXUH 3HUFHXVHDYHFIRUHWGH SRRXQ &UD\RQ ,167$//$7,21$8'(6686'·81)285(1&$675e $OqQHRXSRLQoRQ &LVHDX[IDFXOWDWLIV /HIRXUjPLFURRQGHVGRLWrWUHLQVWDOOpVXUXQHEDVHHQ FRQWUHSODTXpGHSRHWVRXWHQXSDUGHVFRXOLVVHDX[GH [SRRXGHVFRXOLVVHDX[pTXLYDOHQWVGH[SRVXUWRXV OHVF{WpV/DEDVHGRLWSRXYRLUVRXWHQLUXQHFKDUJHPLQLPDOH GHOENJ 5XEDQjPHVXUHU 1LYHDX ',0(16,216'(/·289(5785( 217$*('85(1)257'8 0 6833257$17,%$6&8/(0(17 0RGqOHV SR SR +DXWHXU ø SR øSR /DUJHXU SR SR øRXSR øRXSR 3URIRQGHXUPLQ $ 7 UDFH]XQHOLJQHVXUODVXUIDFHLQIpULHXUHGHO·RXYHUWXUHDX FHQWUHGHFHOOHFLHWHQSURORQJHDQWODOLJQHGHSRVXU ODSDUWLHIURQWDOHGHO·DUPRLUH % 3 OLH]RXGpFRXSH]OHERUGDYDQWGXJDEDULWOHORQJGH ODOLJQHGHJXLGDJHDYDQW3ODFH]OHJDEDULWHQO·DOLJQDQW DYHFOHERUGDYDQWGHODVXUIDFHLQIpULHXUHGHO·RXYHUWXUH HWHQDOLJQDQWODOLJQHFHQWUDOHGXJDEDULWDYHFODOLJQH FHQWUDOHGHFHWWHVXUIDFHLQIpULHXUH)DLWHVGHVUHSqUHV SRXUOHFHQWUHGHVGHX[WURXVjYLVDYHFXQHDOqQHRXXQ SRLQoRQHWFHSRXUO·HPSODFHPHQWGXUHQIRUWGXVXSSRUW DQWLEDVFXOHPHQWFRPPHLOHVWLOOXVWUp 3URIRQGHXUPLQDYHFSULVHPLVHjODWHUUHGH9HW +]jO·H[WpULHXUGHO·RXYHUWXUHøSR 3URIRQGHXUPLQDYHFSULVHPLVHjODWHUUHGH9HW +]jO·LQWpULHXUGHO·RXYHUWXUHSR &KHYDXFKHPHQWGHøSR 3URIRQGHXU ',0(16,216 $ SR % SR & SR 0RGqOHVGHSR&KHYDXFKGHøSR 0RGqOHVGHSR&KHYDXFKGHSR +DXWHXU $ % /DUJHXU & /LJQHFHQWUDOH 6XUIDFHLQIpULHXUHGHO·RXYHUWXUH (VSDFHGHSRDXGHOj GXFDGUHGHILQLWLRQ VXUWRXVOHVF{WpV &KHYDXFK GHøSR SRPLQ & 5 HWLUH]OHJDEDULW HWSHUFH]OHVGHX[ WURXVGHVWLQpVDX UHQIRUWGXVXSSRUW DQWLEDVFXOHPHQW ' ,QVWDOOH]OHUHQIRUW GXVXSSRUW DQWLEDVFXOHPHQWVXU ODVXUIDFHLQIpULHXUH GHO·RXYHUWXUHDYHF GHX[YLVjWrWHURQGH /DSDUWLHLQIpULHXUHGXFDGUHGHILQLWLRQGRLWrWUHjDXPRLQVSRGXVRO $9(57,66(0(17 ³&HFDGUHGHILQLWLRQ SHUPHWjO·DLUGHFLUFXOHUjSDUWLUGXKDXWGXEDVHWGHV F{WpV8QHREVWUXFWLRQGHODFLUFXODWLRQGHO·DLUSHXWHQWUDvQHU XQPDXYDLVIRQFWLRQQHPHQWGXIRXUjPLFURRQGHVHW O·HQGRPPDJHU /DLVVH]XQHVSDFHGHSRDXGHOjGXERUGGXFDGUHGHILQLWLRQ SRXUSHUPHWWUHjO·DLUGHFLUFXOHU 9LVjWrWH URQGH 5HQIRUWGX VXSSRUW DQWLEDVFXO SL P SR FP ,QVWUXFWLRQVG·LQVWDOODWLRQ 217$*('8&21'8,7,1)e5,(85 0 '8)2850,&5221'(6 $ 217$*('8&21'8,7683e5,(85 0 (7'86833257683e5,(85 ) L[H]OHVXSSRUWDQWLEDVFXOHPHQWDXFRQGXLWLQIpULHXUDX PR\HQGHTXDWUHYLVjWrWHURQGH $ $9$17 &RQGXLWLQIpULHXU 5 HWLUH]OHVGHX[YLVjO·DUULqUHGXIRXUjPLFURRQGHV 5HWLUH]OHILOPSURWHFWHXUGXFRQGXLWVXSpULHXUHWIL[H]FH GHUQLHUDXIRXUjPLFURRQGHVHQO·HQIRQoDQWIHUPHPHQW VXUOHFRQGXLW)L[H]OHFRQGXLWVXSpULHXUDXPR\HQGHV GHX[YLVSUpFpGHPPHQWUHWLUpHVGXIRXUjPLFURRQGHV 9LVjWrWH URQGH $55,Ê5( 6XSSRUW DQWLEDVFXOHPHQW 9LVjWrWHURQGH % ,QVWDOOH]OHFRQGXLWDUULqUHDXFRQGXLWLQIpULHXUDXPR\HQ G·XQHYLVjWrWHURQGH 9LV GXIRXUj PLFURRQGHV 9LVjWrWHURQGH % &RQGXLW DUULqUH & 3ODFH]OHVXSSRUWVXSpULHXUVXUOHGHVVXVGXFRQGXLW VXSpULHXUHQDOLJQDQWO·RXYHUWXUHGXVXSSRUWVXSpULHXU DYHFO·RXYHUWXUHGXFRQGXLW)L[H]OHVXSSRUWVXSpULHXU DXFRQGXLWVXSpULHXUHQXWLOLVDQWGHX[YLVjWrWHURQGH 0217$*('8)2850,&52 21'(6'$16/·289(5785( 5HWLUH]WRXWDUWLFOHLQVWDEOHVHWURXYDQWjO·LQWpULHXUGX IRXUjPLFURRQGHV\FRPSULVOHSODWHDXWRXUQDQWHWVRQ VXSSRUW5HWRXUQH]VRLJQHXVHPHQWOHIRXUjPLFURRQGHV 5HWLUH]O·XQHGHVYLVGHODFDLVVHGXIRXUjPLFURRQGHV 3ODFH]OHFRQGXLWLQIpULHXUVXUODSDUWLHLQIpULHXUHGXIRXU jPLFURRQGHVHWIL[H]OHDXPR\HQGHVL[YLVjWrWHURQGH HWGHODYLVUHWLUpHSUpFpGHPPHQWGXIRXUjPLFURRQGHV 5HWRXUQH]OHIRXUHQRULHQWDQWOHF{WpGURLWYHUVOHKDXW HWHQYRXVDVVXUDQWTXHOHUHERUGGXFRQGXLWLQIpULHXUQH IOpFKLWSDV $ )DLWHVJOLVVHUOHIRXUjPLFURRQGHVSDUWLHOOHPHQWGDQV O·RXYHUWXUHGHO·DUPRLUH % UDQFKH] % OHIRXUj PLFURRQGHV 5HQIRUWGX VXSSRUW DQWLEDVFXOHPHQW / HVXSSRUW DQWLEDVFXO GRLWrWUH SDUDOOqOHj ODVXUIDFH 6XSSRUW LQIpULHXUHGH DQWLEDVFXOHPHQW O·RXYHUWXUH SRXUTX·LOVH ORJHFRUUHFWHPHQWGDQVOHUHQIRUWGXVXSSRUW DQWLEDVFXOHPHQWFRPPHLOHVWLOOXVWUp)DLWHVJOLVVHU VRLJQHXVHPHQWO·DUULqUHGXIRXUjPLFURRQGHVSRXU O·HQJDJHUGDQVOHUHQIRUWGXVXSSRUWDQWLEDVFXOHPHQW $VVXUH]YRXVTXHOHFRUGRQG·DOLPHQWDWLRQQHVH UHWURXYHSDVpFUDVpRXFRXSpSDUO·HQFDVWUHPHQW GXIRXUjPLFURRQGHV ' &HQWUH]OHIRXUjPLFURRQGHVGDQVO·RXYHUWXUH 9LVjWrWH URQGH 9LVGXIRXUj PLFURRQGHV (QVHPEOH GHVXSSRUW DQWLEDVFXOHPHQW & 9LVjWrWHURQGH )RXUjPLFURRQGHV UHQYHUVp &RQGXLWLQIpULHXU ,QVWUXFWLRQVG·LQVWDOODWLRQ e5,),&$7,21'81,9($8 9 217$*('8&$'5('(),1,7,21 0 3RXUYpULILHUODPLVHjQLYHDXSODFH]XQQLYHDXjO·DYDQWHWVXUOHV F{WpVGXIRXUjPLFURRQGHV,OVHSHXWTXHYRXVGHYLH]DMRXWHU GHVFDOHVHQERLVHQGHVVRXVGXFRQGXLWLQIpULHXUSRXUPHWWUHOH IRXUjPLFURRQGHVjQLYHDX $ 3ODFH]OHFDGUHGHILQLWLRQVXUOHIRXUjPLFURRQGHVHQ RULHQWDQWOHVRXYHUWXUHVGHVpYHQWVYHUVOHEDV % (QIRQFH]OHFDGUHGHILQLWLRQGDQVO·RXYHUWXUHMXVTX·jFH TXHWRXVOHVF{WpVV·HQFOHQFKHQWHQSRVLWLRQ 0217$*('86833257,1)e5,(85 (7),;$7,21'86833257 683e5,(85 & 2XYUH]ODSRUWHGXIRXUjPLFURRQGHV)L[H]OHFDGUHGH ILQLWLRQDYHFTXDWUHYLVjWrWHSODWHGHX[jO·LQWpULHXUHWDX KDXWHWGHX[jO·LQWpULHXUHWDXEDV 9LVjWrWHSODWH 2XYHUWXUH 9LVjWrWH URQGH )ODVTXHGH SRVLWLRQQHPHQW $ 3HUFH]GHVDYDQWWURXVHQSDVVDQWOHIRUHWGDQVOHVWURLV % 0 DLQWHQH]OHVXSSRUWLQIpULHXUFRQWUHOHERUGDYDQWGX FRQGXLWLQIpULHXUHQDOLJQDQWOHVWURLVWURXVGXVXSSRUW LQIpULHXUDYHFOHVWURLVWURXVGXFRQGXLWLQIpULHXU,QVpUH] WURLVYLVjWrWHURQGH3HUFH]GHVDYDQWWURXVHQSDVVDQW OHIRUHWGDQVOHVGHX[WURXVGHVODQJXHWWHVVXUOHVF{WpV GXVXSSRUWLQIpULHXU,QVpUH]GHX[YLVjWrWHURQGH & WURXVGXERUGDYDQWGXFRQGXLWLQIpULHXU 9LVjWrWHSODWH (0,6((13/$&('(7287(6/(6 5 3,Ê&(602%,/(6 3HUFH]GHVDYDQWWURXVHQSDVVDQWOHIRUHWSDUOHVWURXV GXVXSSRUWVXSpULHXU)L[H]OHVXSSRUWVXSpULHXUDODFDLVVH HQXWLOLVDQWGHX[YLVjWrWHURQGH 0)/ *( ,PSULPpHQ&RUpH $ 9RWUHFDGUHGHILQLWLRQHVWPDLQWHQDQWLQVWDOOp5HPHWWH] OHSODWHDXWRXUQDQWHWOHVXSSRUWGXSODWHDXWRXUQDQWj O·LQWpULHXUGXIRXUjPLFURRQGHV % &RQVHUYH]OHVLQVWUXFWLRQVG·LQVWDOODWLRQHWOHVYLV VXSSOpPHQWDLUHVjWLWUHGHUpIpUHQFHHWSRXUXQXVDJH XOWpULHXU1HOHVSODFH]SDVGDQVOHIRXUjPLFURRQGHV & 5HPHWWH]OHIXVLEOHHQSODFHRXUpDUPH]OHGLVMRQFWHXUGX WDEOHDXGHGLVWULEXWLRQSRXUUHVWDXUHUO·DOLPHQWDWLRQ ,QVWUXFFLRQHV GH,QVWDODFLyQ .LWVFRQ7HUPLQDFLRQHV,QFRUSRUDGDV -;-;&;&; ¢3UHJXQWDV"(Q((88OODPHDO*(&$5(6R9LVLWHQXHVWUR6LWLR:HEHQ *HFRP(Q&DQDGiOODPHDOR9LVLWHQXHVWUR6LWLR:HEHQ*($SSOLDQFHVFD 3$57(6,1&/8,'$6 $17(6'(&20(1=$5 /HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDPHQWH ³&RQVHUYHHVWDVLQVWUXFFLRQHV SDUDXVRGHOLQVSHFWRUORFDO ³&XPSODFRQWRGRVORVFyGLJRV\ RUGHQDQ]DVJXEHUQDPHQWDOHV 3$57( ,03257$17( ,03257$17( 1RWDSDUDHO,QVWDODGRU²$VHJ~UHVHGHTXHHO&RPSUDGRU FRQVHUYHHVWDVLQVWUXFFLRQHV 1RWDSDUDHO&RPSUDGRU²&RQVHUYHHVWDVLQVWUXFFLRQHVSDUD UHIHUHQFLDIXWXUD 1LYHOGHKDELOLGDG²/DLQVWDODFLyQGHHVWHHOHFWURGRPpVWLFR UHTXLHUHXQQLYHOEiVLFRGHKDELOLGDGHVPHFiQLFDV 7LHPSRSDUD&RPSOHWDUOD,QVWDODFLyQ²\KRUDV /DFRUUHFWDLQVWDODFLyQGHOSURGXFWRHVUHVSRQVDELOLGDGGHO LQVWDODGRU 6LVHSURGXFHQIDOODVHQHOSURGXFWRGHELGRDXQDLQVWDODFLyQ LQDGHFXDGDOD*DUDQWtDQRFXEULUiODVPLVPDV (VWHNLWVHHQFXHQWUDDSUREDGRSDUDVHULQVWDODGRVRORRVREUH FXDOTXLHUKRUQRHOpFWULFRVLPSOHGHSDUHG*(*(3URILOH*( &DIH1RGHEHXVDUVHHQIRUPDDG\DFHQWHGHQWURGHORVSLHV GHFXDOTXLHUFRFLQDHOpFWULFDRDJDVHVWXIDXKRUQR 3DUDXQDLQVWDODFLyQPiVIiFLO\SDUDVXVHJXULGDGSHUVRQDO UHFRPHQGDPRVTXHODLQVWDODFLyQGHOKRUQRPLFURRQGDVVHD UHDOL]DGDSRUGRVSHUVRQDV 'HVHQFKXIHHOKRUQRPLFURRQGDVDQWHVGHLQWHQWDULQVWDODUHVWH NLW /RVNLWV-;\-;VRQSDUDXVRFRQORVPRGHORV 3(%2'0%%3(%2'0::3(%26066 3(%&'1%%3(%&6166\3(%&'1:: /RVNLWV&;\&;VRQSDUDXVRFRQORVPRGHORV &(%26666 1RDOWHUHQLPRGLILTXHQLQJXQDSDUWHGHHVWHNLWQLGHOKRUQR (VWUXFWXUD FRQ7HUPLQDFLyQ &RQGXFWR ,QIHULRU 6RSRUWH6XSHULRU 6RSRUWH,QIHULRU &RQGXFWR 6XSHULRU &RQGXFWR7UDVHUR 7RUQLOORVFRQ UHTXHULGRV &DEH]D5HGRQGD DGLFLRQDOHV GHPP[PP 7RUQLOORVFRQ &DEH]D3ODQDGH PP[PP UHTXHULGRV DGLFLRQDOHV $EUD]DGHUD$QWL 9ROFDGXUDV 6RSRUWH$QWL 9ROFDGXUDV $'9(57(1&,$ ³(VWHKRUQRGHEHUiHVWDU FRUUHFWDPHQWHHQFKXIDGRHQXQUHFHSWiFXORGHDJXMHURV\ 9GHDFXHUGRFRQORUHTXHULGRSRUHO&yGLJRGH(OHFWULFLGDG 1DFLRQDORHO&yGLJRGH(OHFWULFLGDGGH&DQDGi 3$5$686(*85,'$' $'9(57(1&,$³$QWHVGHFRPHQ]DUFRQOD LQVWDODFLyQDSDJXHHOLQWHUUXSWRUGHOSDQHOGHOVHUYLFLR\ EORTXHHHOVXPLQLVWURGHOVHUYLFLRDILQGHHYLWDUTXHODFRUULHQWH VHDFWLYHHQIRUPDDFFLGHQWDO&XDQGRHOVXPLQLVWURGHOVHUYLFLR QRSXHGDVHUEORTXHDGRDMXVWHGHIRUPDVHJXUDXQGLVSRVLWLYR GHDGYHUWHQFLDYLVLEOHWDOFRPRXQDHWLTXHWDDOSDQHOGHO VHUYLFLR &$17,'$' 3ODQWLOOD 127$(VWHNLWFXHQWDFRQWRUQLOORVDGLFLRQDOHVDILQGHHYLWDU TXHHOWpFQLFRQHFHVLWHWLHPSRDGLFLRQDOSDUDXELFDUXQ WRUQLOORGHUHHPSOD]RGXUDQWHODLQVWDODFLyQ /($'(7(1,'$0(17( &216(59((67$6,16758&&,21(6 ,QVWUXFFLRQHVGH,QVWDODFLyQ +(55$0,(17$648(1(&(6,7$5È ' ,0(16,21(6'(5(&257(&217 (QPRGHORVGHµGHMHòµKDFLDWRGRVORVODGRVSDUD ODVXSHUSRVLFLyQGHODHVWUXFWXUDFRQWHUPLQDFLyQVREUH ORVH[WUHPRVGHOUHFRUWH (QPRGHORVGHµGHMHòµVREUHODSDUWHVXSHULRU HLQIHULRU\µDFDGDODGRSDUDODVXSHUSRVLFLyQGH ODHVWUXFWXUDFRQWHUPLQDFLyQVREUHORVH[WUHPRVGHO UHFRUWH 'HVWRUQLOODGRU3KLOOLSVQ 7DODGURFRQ%URFDGHµ %LWRQ /iSL] 3XQ]yQR3HUIRUDGRUD 3$5$/$,167$/$&,Ï162%5(81+2512 (03275$%/( 7LMHUDV2SFLRQDO (OKRUQRPLFURRQGDVGHEHUtDVHULQVWDODGRHQXQDEDVHGH FRQWUDFKDSDGRGHµ\FRQWDUFRQHOVRSRUWHGHWLUDQWHV HTXLYDOHQWHVGH[R[/DEDVHGHEHUiSRGHU VRSRUWDUXQPtQLPRGHOLEUDVNJ &LQWDPpWULFD 1LYHO ' ,0(16,21(6'(5(&257( 0RGHORV ,167$/(/$6$%5$=$'(5$6 $17,92/&$'85$6 $OWXUD ø µ øµ $QFKR µøµ µøµ øµRµ øµRµ *URVRUPLQ $ 'LEXMHXQDOtQHDVREUHHOSLVRGHUHFRUWHHQHOFHQWURGHO UHFRUWH\H[WLHQGDODOtQHDòµGHEDMRGHODFDUDGHO JDELQHWH % 'REOHRUHFRUWHHOH[WUHPRIURQWDOGHODSODQWLOODDORODUJR GHODOtQHDGHJXtDIURQWDO&RORTXHODSODQWLOODDORODUJR GHOH[WUHPRIURQWDOGHODSXHUWDGHUHFRUWHDOLQHDQGROD OtQHDFHQWUDOGHODSODQWLOODFRQODOtQHDFHQWUDOGHOSLVRGH UHFRUWH0DUTXHORVFHQWURVGHORVGRVDJXMHURVSDUDORV WRUQLOORVFRQXQSXQ]yQRXQDSHUIRUDGRUDFHQWUDOHQOD XELFDFLyQGHODDEUD]DGHUDDQWLYROFDGXUDVFRPRVH PXHVWUD *URVRUPtQLPRFRQUHFHSWiFXORGHFRUULHQWHDWLHUUDGH 9+HUW]IXHUDGHOJDELQHWHGHøµ *URVRUPtQLPRFRQUHFHSWiFXORGHFRUULHQWHDWLHUUDGH 9+HUW]GHQWURGHOJDELQHWHGHµ 6XSHUSRVLFLyQøµ 3URIXQGLGDG ',0(16,21(6 $ øµ % µ & øµ 0RGHORVGHµ6XSHUSRVLFLyQøµ 0RGHORVGHµ6XSHUSRVLFLyQµ $OWXUD $ % & $QFKR 3LVRGH UHFRUWH 'HVSHMHGHµPiVDOOi 6XSHUSRVLFLyQøµ GHODHVWUXFWXUDFRQ WHUPLQDFLyQKDFLDWRGRV ORVODGRV 0tQGH & 5HWLUHODSODQWLOOD\ KDJDGRVDJXMHURV SDUDODDEUD]DGHUD DQWLYROFDGXUDV /DSDUWHLQIHULRUGHONLWFRQWHUPLQDFLyQ GHEHUiWHQHUXQPtQLPRGHµGHVGHHOSLVR 7RUQLOORV FRQ&DEH]D 5HGRQGD ' ,QVWDOHODDEUD]DGHUD DQWLYROFDGXUDVHQHO SLVRGHUHFRUWH XVDQGRGRVWRUQLOORV FRQFDEH]DUHGRQGD $'9(57(1&,$³(VWHNLWFRQ WHUPLQDFLyQXVDHOIOXMRGHDLUHGHVGHODSDUWHVXSHULRU LQIHULRURORVFRVWDGRVGHODHVWUXFWXUDFRQWHUPLQDFLyQ %ORTXHDUHOIOXMRGHDLUHSXHGHKDFHUTXHHOPLFURRQGDV IXQFLRQHGHIRUPDLQDGHFXDGD\RFDVLRQDUGDxRVVREUH HOPLVPR 'HMHXQHVSDFLRGHµPiVDOOiGHOH[WUHPRGHOD HVWUXFWXUDFRQWHUPLQDFLyQSDUDEULQGDUHOIOXMRGH DLUHDSURSLDGR /tQHD FHQWUDO $EUD]DGHUD $QWL 9ROFDGXUDV · P FP ,QVWUXFFLRQHVGH,QVWDODFLyQ ,167$/((/(16$0%/('(/ &21'8&72,1)(5,25$/+2512 0,&5221'$6 , 167$/((/&21'8&72683(5,25< (/623257(683(5,25 $ 5HWLUHORVGRVWRUQLOORVGHODSDUWHWUDVHUDGHOKRUQR PLFURRQGDV5HWLUHHODGKHVLYRGHOFRQGXFWR VXSHULRU\SpJXHORHQHOKRUQRPLFURRQGDV SUHVLRQDQGRHOPLVPRGHPDQHUDILUPHGHO FRQGXFWR$MXVWHHOFRQGXFWRVXSHULRUFRQORVGRV WRUQLOORVTXHDFDEDGHUHWLUDUGHOKRUQRPLFURRQGDV $ $MXVWHHOVRSRUWHDQWLYROFDGXUDVDOFRQGXFWRLQIHULRU XVDQGRFXDWURWRUQLOORVFRQFDEH]DUHGRQGD )5(17( &RQGXFWR,QIHULRU 7RUQLOORVFRQ&DEH]D 5HGRQGD 6RSRUWH$QWL 9ROFDGXUDV 3$57( 75$6(5$ 7RUQLOORVFRQ&DEH]D 5HGRQGD % ,QVWDOHHOFRQGXFWRWUDVHURDOFRQGXFWRLQIHULRUFRQ 7RUQLOORV GHOKRUQR PLFURRQGDV XQWRUQLOORFRQFDEH]DUHGRQGD 7RUQLOORFRQ&DEH]D5HGRQGD % &RORTXHHOVRSRUWHVXSHULRUVREUHHOFRQGXFWR VXSHULRUFRQODDEHUWXUDGHOVRSRUWHVXSHULRU DOLQHDGDFRQODDEHUWXUDGHOFRQGXFWR$GMXQWHHO VRSRUWHVXSHULRUDOFRQGXFWRVXSHULRUXVDQGRGRV WRUQLOORVFRQFDEH]DUHGRQGD &RQGXFWR 7UDVHUR & 5HWLUHWRGRVORVHOHPHQWRVVXHOWRVLQFOX\HQGRHO , 167$/((/+2512 0,&5221'$6(1(/*$%,1(7( SODWRJLUDWRULR\VXVRSRUWHFRUUHVSRQGLHQWHGHO KRUQRPLFURRQGDV&RQFXLGDGRGpYXHOWDHOKRUQR 5HWLUHXQWRUQLOORGHOJDELQHWHGHOKRUQR PLFURRQGDV&RORTXHHOHQVDPEOHGHOFRQGXFWR LQIHULRUHQODSDUWHLQIHULRUGHOKRUQRPLFURRQGDV\ DMXVWHFRQVHLVWRUQLOORVGHFDEH]DUHGRQGD\HO WRUQLOORTXHDFDEDGHUHWLUDUGHOKRUQRPLFURRQGDV 9XHOYDDFRORFDUHOKRUQRPLFURRQGDVHQVX SRVLFLyQRULJLQDOWHQLHQGRFXLGDGRGHQRGREODUOD SHVWDxDGHOFRQGXFWRLQIHULRU $ 'HVOLFHODSDUWHGHOKRUQRPLFURRQGDVHQOD DEHUWXUDGHOJDELQHWH % (QFKXIHHO KRUQR PLFURRQGDV &RQGXFWR,QIHULRU (QVDPEOH$QWL 9ROFDGXUDV $EUD]DGHUD$QWL 9ROFDGXUDV & /DDEUD]DGHUD DQWL YROFDGXUDVVH 6RSRUWH$QWL GHEHUiDSR\DU9ROFDGXUDV GHIRUPD SODQDVREUHHOSLVRGHUHFRUWHSDUDDMXVWDUVHGH IRUPDFRUUHFWDFRQODDEUD]DGHUDDQWLYROFDGXUDV FRPRVHPXHVWUD&RQFXLGDGRGHVOLFHODSDUWH WUDVHUDGHOKRUQRPLFURRQGDVDMXVWDQGROD DEUD]DGHUDDQWLYROFDGXUDV$VHJ~UHVHGHTXHHO FDEOHGHFRUULHQWHQRVHDPDFKDFDGRQLFRUWDGRDO GHVOL]DUHOKRUQRPLFURRQGDVHQVXSRVLFLyQ 7RUQLOORV FRQ&DEH]D 5HGRQGD 7RUQLOORV FRQ&DEH]D 5HGRQGD 7RUQLOORGHOKRUQR PLFURRQGDV ' &HQWUHHOKRUQRPLFURRQGDVGHQWURGHODDEHUWXUD UHFRUWDGD +RUQRPLFURRQGDV GDGRYXHOWD ,QVWUXFFLRQHVGH,QVWDODFLyQ & 21752/(/$1,9(/$&,Ï1 ,167$/(/$(6758&785$&21 7(50,1$&,Ï1 &RQWUROHODQLYHODFLyQFRORFDQGRXQQLYHOHQHOIUHQWH \ORVFRVWDGRVGHOKRUQRPLFURRQGDV(VSRVLEOHTXH VHDQHFHVDULRDJUHJDUFXxDVGHPDGHUDGHEDMRGHO FRQGXFWRLQIHULRUSDUDQLYHODUHOIUHQWHGHOPLFURRQGDV FRQODSDUWHWUDVHUDRXQFRVWDGRFRQHORWUR $ &RORTXHODHVWUXFWXUDFRQWHUPLQDFLyQVREUHHO KRUQRPLFURRQGDVFRQODVDEHUWXUDVGHYHQWLODFLyQ HQODSDUWHWUDVHUD % 3UHVLRQHODHVWUXFWXUDFRQWHUPLQDFLyQHQOD DEHUWXUDKDVWDTXHWRGRVORVFRVWDGRVVHDMXVWHQ FRUUHFWDPHQWH ,167$/((/623257(,1)(5,25< $6(*85((/623257(683(5,25 & $EUDODSXHUWDGHOKRUQRPLFURRQGDV$VHJXUHOD HVWUXFWXUDFRQWHUPLQDFLyQXVDQGRFXDWURWRUQLOORV GHFDEH]DSODQDGRVHQODSDUWHVXSHULRULQWHUQD\ GRVHQODSDUWHLQIHULRULQWHUQD $EHUWXUD GH 5HFRUWH 7RUQLOORVFRQ&DEH]D3ODQD 7RUQLOORVFRQ &DEH]D5HGRQGD 3HVWDxDGH 3RVLFLRQDPLHQWR $ 7DODGUHDJXMHURVSLORWRDWUDYpVGHWUHVDJXMHURV HQODSHVWDxDIURQWDOGHOHQVDPEOHGHOFRQGXFWR LQIHULRU 7RUQLOORVFRQ &DEH]D3ODQD % 6RVWHQJDHOVRSRUWHLQIHULRUFRQWUDODSHVWDxD IURQWDOGHOHQVDPEOHGHOFRQGXFWRLQIHULRU DOLQHDQGRORVWUHVDJXMHURVHQHOVRSRUWHLQIHULRUFRQ ORVWUHVDJXMHURVHQHOFRQGXFWRLQIHULRU$MXVWHORV WUHVWRUQLOORVGHFDEH]DUHGRQGD7DODGUHDJXMHURV SLORWRDWUDYpVGHORVGRVDJXMHURVHQODVOHQJHWDV VREUHORVFRVWDGRVGHOVRSRUWHLQIHULRU$MXVWHORV GRVWRUQLOORVGHFDEH]DUHGRQGD 5((03/$&(&8$/48,(5 (/(0(172)/2-2 $ 6XNLWFRQWHUPLQDFLyQVHHQFXHQWUDDKRUD FRPSOHWDPHQWHLQVWDODGR5HHPSODFHHOSODWR JLUDWRULR\VXVRSRUWHFRUUHVSRQGLHQWHTXHIXHURQ UHWLUDGRVGHOLQWHULRUGHOKRUQRPLFURRQGDV & 7DODGUHORVDJXMHURVSLORWRDWUDYpVGHORVDJXMHURV ODWHUDOHVHQHOVRSRUWHVXSHULRU$VHJXUHHOVRSRUWH VXSHULRUDOJDELQHWHXVDQGRGRVWRUQLOORVFRQ FDEH]DUHGRQGD % *XDUGHHVWDVLQVWUXFFLRQHVGHLQVWDODFLyQ\ WRUQLOORVDGLFLRQDOHVSDUDXVRIXWXUR1RORV FRORTXHHQHOKRUQRPLFURRQGDV & 5HHPSODFHHOIXVLEOHGHOKRJDURFLHUUHHOGLV\XQWRU SDUDUHLQLFLDUODFRUULHQWHHQHOSDQHOGHOVHUYLFLR 0)/ *( 3ULQWHGLQ.RUHD