Download GE PHB920SFSS Use and Care Manual

Transcript
)UHH6WDQGLQJ6OLGH,QDQG'URS,Q,QGXFWLRQ
5DQJHV
*($SSOLDQFHVFRP
6DIHW\,QVWUXFWLRQV ² 2ZQHU·V0DQXDO
2SHUDWLQJ,QVWUXFWLRQV
.LWFKHQ7LPHU 1H[W6WHS&RQWURO
2YHQ ²
$GMXVW2YHQ7KHUPRVWDW %DNLQJRU5RDVWLQJ %URLOLQJ%URLOLQJ*XLGH &RQWUROV &RQYHFWLRQ2YHQ 3UHKHDWLQJDQG3DQ3ODFHPHQW 3UREH 6DEEDWK)HDWXUH 6HOI&OHDQLQJ
6ORZ&RRNDQG:DUPLQJ)HDWXUHV 6SHFLDO)HDWXUHV 6WHDP&OHDQ 7LPHG%DNLQJDQG5RDVWLQJ :DUPLQJ'UDZHU 6XUIDFH8QLWV ²
&RRNZDUH *ODVV&RRNWRS :DUPLQJ=RQH &DUHDQG&OHDQLQJ
$OXPLQXP)RLO &RQWURO3DQHO *ODVV&RRNWRS /LIW2II2YHQ'RRU /LJKW 2YHQ)ORRU 2YHQ+HDWLQJ(OHPHQWV 5DFNV 5HPRYDEOH:DUPLQJ'UDZHU'UDZHU3DQ 6WRUDJH'UDZHU 6XUIDFHV 9HQW 7URXEOHVKRRWLQJ7LSV $FFHVVRULHV &RQVXPHU6XSSRUW
&RQVXPHU6XSSRUW %DFN&RYHU
:DUUDQW\ (VSDxRO
)RUD6SDQLVKYHUVLRQRIWKLVPDQXDOYLVLW :ULWHWKHPRGHODQGVHULDO
RXU:HEVLWHDW*($SSOLDQFHVFRP
QXPEHUVKHUH
3DUDFRQVXOWDUXQDYHUVLRQHQHVSDxRO
GHHVWHPDQXDOGHLQVWUXFFLRQHVYLVLWH
QXHVWURVLWLRGHLQWHUQHW
*($SSOLDQFHVFRP
,Q&DQDGD
ZZZ*($SSOLDQFHVFD
3ULQWHGLQWKH8QLWHG6WDWHV
0RGHOBBBBBBBBBBBBBBBB
6HULDO BBBBBBBBBBBBBBBB
<RXFDQILQGWKHPRQDODEHO
EHKLQGWKHGUDZHURUEHKLQGWKH
ORZHURYHQGRRURQWKHIURQWRI
WKHUDQJHIUDPH
3ULQWHGRQ
5HF\FOHG3DSHU
*(
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
:$51,1*
5HDGDOOVDIHW\LQVWUXFWLRQVEHIRUHXVLQJWKHSURGXFW)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQILUHHOHFWULFVKRFN
VHULRXVLQMXU\RUGHDWK
$17,7,3'(9,&(
7RUHGXFHWKHULVNRIWLSSLQJWKH
UDQJHWKHUDQJHPXVWEHVHFXUHG
E\DSURSHUO\LQVWDOOHGDQWLWLS
Tip-Over Hazard
EUDFNHW6HHLQVWDOODWLRQLQVWUXFWLRQV
A child or adult can tip the range and be killed.
VKLSSHGZLWKWKHEUDFNHWIRU
Verify the anti-tip bracket has been properly installed
FRPSOHWHGHWDLOVEHIRUHDWWHPSWLQJ
and engaged.
WRLQVWDOO
Ensure the anti-tip bracket is re-engaged when the range
is moved.
)RU)UHHVWDQGLQJDQG6OLGH,Q
5DQJHV
Do not operate the range without the anti-tip bracket in
place and engaged.
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHG
Failure to follow these instructions can result in death or
DQGHQJDJHGSURSHUO\ORRN
serious burns to children or adults.
XQGHUQHDWKWKHUDQJHWRVHHWKDW
WKHUHDUOHYHOLQJOHJLVHQJDJHG
LQWKHEUDFNHW2QVRPHPRGHOVWKHVWRUDJHGUDZHURUNLFNSDQHOFDQEH
$QWL7LS
UHPRYHGIRUHDV\LQVSHFWLRQ,IYLVXDOLQVSHFWLRQLVQRWSRVVLEOHVOLGHWKH
%UDFNHW
UDQJHIRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHIORRU
RUZDOODQGVOLGHWKHUDQJHEDFNVRWKHUHDUOHYHOLQJOHJLVXQGHUWKHDQWLWLS
EUDFNHW
,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\VUHSHDWWKLV
/HYHOLQJ/HJ
SURFHGXUHWRYHULI\WKHUDQJHLVSURSHUO\VHFXUHGE\WKHDQWLWLSEUDFNHW
)UHHVWDQGLQJDQG6OLGH,Q5DQJHV 1HYHUFRPSOHWHO\UHPRYHWKHOHYHOLQJOHJVRUWKHUDQJHZLOOQRWEHVHFXUHG
WRWKHDQWLWLSGHYLFHSURSHUO\
)RU'URS,Q5DQJHV
Countertop or
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\VOLGHWKHUDQJH
Wood Block
IRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHUHDURIWKH
UDQJHDQGVOLGHWKHUDQJHEDFNVRWKDWWKHDQWLWLSEUDFNHWVOLGHVMXVWXQGHU
WKHFRXQWHUWRSRUZRRGEORFNDWWDFKHGWRWKHUHDUZDOO
,I\RXGLGQRWUHFHLYHDQDQWLWLSEUDFNHWZLWK\RXUSXUFKDVHFDOO
WRUHFHLYHRQHDWQRFRVWLQ&DQDGDFDOO
)RULQVWDOODWLRQLQVWUXFWLRQVRIWKHEUDFNHWYLVLW*($SSOLDQFHVFRPLQ
Anti-Tip
&DQDGD*($SSOLDQFHVFD
Bracket
Oven
Rear Wall
WARNING
'URS,Q5DQJHV
:$51,1*
,03257$176$)(7<127,&(
7KH&DOLIRUQLD6DIH'ULQNLQJ:DWHUDQG7R[LF(QIRUFHPHQW$FWUHTXLUHVWKH*RYHUQRURI&DOLIRUQLDWRSXEOLVKDOLVWRIVXEVWDQFHV
NQRZQWRWKHVWDWHWRFDXVHFDQFHUELUWKGHIHFWVRURWKHUUHSURGXFWLYHKDUPDQGUHTXLUHVEXVLQHVVHVWRZDUQFXVWRPHUVRISRWHQWLDO
H[SRVXUHWRVXFKVXEVWDQFHV
7KHILEHUJODVVLQVXODWLRQLQVHOIFOHDQRYHQVJLYHVRIIDYHU\VPDOODPRXQWRIFDUERQPRQR[LGHGXULQJWKHFOHDQLQJF\FOH([SRVXUHFDQ
EHPLQLPL]HGE\YHQWLQJZLWKDQRSHQZLQGRZRUXVLQJDYHQWLODWLRQIDQRUKRRG
*($SSOLDQFHVFRP
:$51,1* *(1(5$/6$)(7<,16758&7,216
)RU\RXUVDIHW\WKHLQIRUPDWLRQLQWKLVPDQXDOPXVWEHIROORZHGWRPLQLPL]HWKHULVNRIILUHH[SORVLRQHOHFWULFVKRFNRUWR
SUHYHQWSURSHUW\GDPDJHSHUVRQDOLQMXU\RUORVVRIOLIH
7KLVXQLWKDVEHHQWHVWHGDQGIRXQGWRFRPSO\ZLWKWKHOLPLWVIRUDFODVV%GLJLWDOGHYLFHSXUVXDQWWR3DUWRIWKH
)&&UXOHV7KHVHOLPLWVDUHGHVLJQHGWRSURYLGHUHDVRQDEOHSURWHFWLRQDJDLQVWKDUPIXOLQWHUIHUHQFHLQDUHVLGHQWLDO
LQVWDOODWLRQ7KLVXQLWJHQHUDWHVXVHVDQGFDQUDGLDWHUDGLRIUHTXHQF\HQHUJ\DQGLIQRWLQVWDOOHGDQGXVHGLQ
DFFRUGDQFHZLWKWKHLQVWUXFWLRQVPD\FDXVHKDUPIXOLQWHUIHUHQFHWRUDGLRFRPPXQLFDWLRQV+RZHYHUWKHUHLVQR
JXDUDQWHHWKDWLQWHUIHUHQFHZLOOQRWRFFXULQDSDUWLFXODULQVWDOODWLRQ,IWKLVXQLWGRHVFDXVHKDUPIXOLQWHUIHUHQFHWR
UDGLRRUWHOHYLVLRQUHFHSWLRQZKLFKFDQEHGHWHUPLQHGE\WXUQLQJWKHXQLWRIIDQGRQWKHXVHULVHQFRXUDJHGWRWU\
WRFRUUHFWWKHLQWHUIHUHQFHE\RQHRUPRUHRIWKHIROORZLQJPHDVXUHV
‡5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQDH
‡,QFUHDVHWKHGLVWDQFHEHWZHHQWKHXQLWDQGUHFHLYHU
‡&RQQHFWWKHXQLWLQWRDQRXWOHWRUDFLUFXLWGLIIHUHQWIURPWKDWWRZKLFKWKHUHFHLYHULVFRQQHFWHG
&$87,21
3HUVRQVZLWKDSDFHPDNHURUVLPLODUPHGLFDOGHYLFHVKRXOGH[HUFLVHFDXWLRQZKHQXVLQJRUVWDQGLQJQHDUDQ
LQGXFWLRQXQLWZKLOHLWLVLQRSHUDWLRQ7KHHOHFWURPDJQHWLFILHOGPD\DIIHFWWKHZRUNLQJRIWKHSDFHPDNHURUVLPLODU
PHGLFDOGHYLFH,WLVDGYLVDEOHWRFRQVXOW\RXUGRFWRURUWKHSDFHPDNHUPDQXIDFWXUHUDERXW\RXUSDUWLFXODUVLWXDWLRQ
„8VHWKLVDSSOLDQFHIRULWVLQWHQGHGSXUSRVHDVGHVFULEHGLQWKLV
2ZQHU·V0DQXDO
„%HVXUH\RXUDSSOLDQFHLVSURSHUO\LQVWDOOHGDQGJURXQGHGE\D
TXDOLILHGLQVWDOOHULQDFFRUGDQFHZLWKWKHSURYLGHGLQVWDOODWLRQ
LQVWUXFWLRQV
„
'RQRWDWWHPSWWRUHSDLURUUHSODFHDQ\SDUWRI\RXUUDQJHXQOHVV
LWLVVSHFLILFDOO\UHFRPPHQGHGLQWKLVPDQXDO$OORWKHUVHUYLFLQJ
VKRXOGEHWUDQVIHUUHGWRDTXDOLILHGWHFKQLFLDQ
„
%HIRUHSHUIRUPLQJDQ\VHUYLFHXQSOXJWKHUDQJHRUGLVFRQQHFW
WKHSRZHUVXSSO\DWWKHKRXVHKROGGLVWULEXWLRQSDQHOE\UHPRYLQJ
WKHIXVHRUVZLWFKLQJRIIWKHFLUFXLWEUHDNHU
„
'RQRWOHDYHFKLOGUHQDORQH³FKLOGUHQVKRXOGQRWEHOHIWDORQH
RUXQDWWHQGHGLQDQDUHDZKHUHDQDSSOLDQFHLVLQXVH7KH\
VKRXOGQHYHUEHDOORZHGWRFOLPEVLWRUVWDQGRQDQ\SDUWRIWKH
DSSOLDQFH
&$87,21
„
'RQRWVWRUHLWHPVRILQWHUHVWWRFKLOGUHQ
DERYHDUDQJHRURQWKHEDFNJXDUGRIDUDQJH³FKLOGUHQFOLPELQJ
RQWKHUDQJHWRUHDFKLWHPVFRXOGEHVHULRXVO\LQMXUHG
„
8VHRQO\GU\SRWKROGHUV³PRLVWRUGDPSSRWKROGHUVRQKRW
VXUIDFHVPD\UHVXOWLQEXUQVIURPVWHDP'RQRWOHWSRWKROGHUV
WRXFKKRWVXUIDFHXQLWVRUKHDWLQJHOHPHQWV'RQRWXVHDWRZHO
RURWKHUEXON\FORWKLQSODFHRISRWKROGHUV
„
1
HYHUXVH\RXUDSSOLDQFHIRUZDUPLQJRUKHDWLQJWKHURRP
„'RQRWWRXFKWKHVXUIDFHXQLWVWKHKHDWLQJHOHPHQWVRUWKH
LQWHULRUVXUIDFHRIWKHRYHQ7KHVHVXUIDFHVPD\EHKRWHQRXJK
WREXUQHYHQWKRXJKWKH\DUHGDUNLQFRORU'XULQJDQGDIWHUXVH
GRQRWWRXFKRUOHWFORWKLQJRURWKHUIODPPDEOHPDWHULDOVFRQWDFW
WKHVXUIDFHXQLWVDUHDVQHDUE\WKHVXUIDFHXQLWVRUDQ\LQWHULRU
DUHDRIWKHRYHQDOORZVXIILFLHQWWLPHIRUFRROLQJILUVW2WKHU
VXUIDFHVRIWKHDSSOLDQFHPD\EHFRPHKRWHQRXJKWRFDXVH
EXUQV3RWHQWLDOO\KRWVXUIDFHVLQFOXGHWKHFRRNWRSDUHDVIDFLQJ
WKHFRRNWRSRYHQYHQWRSHQLQJVXUIDFHVQHDUWKHRSHQLQJDQG
FUHYLFHVDURXQGWKHRYHQGRRU
„'RQRWKHDWXQRSHQHGIRRGFRQWDLQHUV3UHVVXUHFRXOGEXLOGXS
DQGWKHFRQWDLQHUFRXOGEXUVWFDXVLQJDQLQMXU\
„
'RQRWXVHDOXPLQXPIRLOWROLQHWKHGULSSDQVRUDQ\ZKHUHLQWKH
RYHQH[FHSWDVGHVFULEHGLQWKLVPDQXDO0LVXVHFRXOGUHVXOWLQ
GDPDJHWRWKHUDQJHDQGVKRFNRUILUHKD]DUG
„
$
YRLGVFUDWFKLQJRULPSDFWLQJJODVVGRRUVFRRNWRSVRUFRQWURO
SDQHOV'RLQJVRPD\OHDGWRJODVVEUHDNDJH'RQRWFRRNRQD
SURGXFWZLWKEURNHQJODVV6KRFNILUHRUFXWVPD\RFFXU
„&RRNPHDWDQGSRXOWU\WKRURXJKO\³PHDWWRDWOHDVWDQLQWHUQDO
WHPSHUDWXUHRIƒ)DQGSRXOWU\WRDWOHDVWDQLQWHUQDO
WHPSHUDWXUHRIƒ)&RRNLQJWRWKHVHWHPSHUDWXUHVXVXDOO\
SURWHFWVDJDLQVWIRRGERUQHLOOQHVV
:$51,1* .((3)/$00$%/(0$7(5,$/6$:$<)5207+(5$1*(
„'RQRWVWRUHRUXVHIODPPDEOHPDWHULDOVLQDQRYHQRUQHDU
WKHFRRNWRSLQFOXGLQJSDSHUSODVWLFSRWKROGHUVOLQHQVZDOO
FRYHULQJVFXUWDLQVGUDSHVDQGJDVROLQHRURWKHUIODPPDEOH
YDSRUVDQGOLTXLGV
„1HYHUZHDUORRVHILWWLQJRUKDQJLQJJDUPHQWVZKLOHXVLQJ
WKHDSSOLDQFH7KHVHJDUPHQWVPD\LJQLWHLIWKH\FRQWDFWKRW
VXUIDFHVFDXVLQJVHYHUHEXUQV
„
'
RQRWOHWFRRNLQJJUHDVHRURWKHUIODPPDEOHPDWHULDOV
DFFXPXODWHLQRUQHDUWKHUDQJH*UHDVHLQWKHRYHQRURQWKH
FRRNWRSPD\LJQLWH
„
&OHDQYHQWLODWLQJKRRGVIUHTXHQWO\*UHDVHVKRXOGQRWEHDOORZHG
WRDFFXPXODWHRQWKHKRRGRUILOWHU
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
:$51,1* ,17+((9(172)$),5(7$.(7+()2//2:,1*67(36
7235(9(177+(),5()520635($',1*
„'RQRWXVHZDWHURQJUHDVHILUHV1HYHUSLFNXSDIODPLQJ
SDQ7XUQWKHFRQWUROVRII6PRWKHUDIODPLQJSDQRQD
VXUIDFHXQLWE\FRYHULQJWKHSDQFRPSOHWHO\ZLWKDZHOO
ILWWLQJOLGFRRNLHVKHHWRUIODWWUD\8VHDPXOWLSXUSRVHGU\
FKHPLFDORUIRDPW\SHILUHH[WLQJXLVKHU
„,IWKHUHLVDILUHLQWKHRYHQGXULQJEDNLQJVPRWKHUWKH
ILUHE\FORVLQJWKHRYHQGRRUDQGWXUQLQJWKHRYHQRIIRU
E\XVLQJDPXOWLSXUSRVHGU\FKHPLFDORUIRDPW\SHILUH
H[WLQJXLVKHU
„
,IWKHUHLVDILUHLQWKHRYHQGXULQJVHOIFOHDQWXUQWKHRYHQ
RIIDQGZDLWIRUWKHILUHWRJRRXW'RQRWIRUFHWKHGRRU
RSHQ,QWURGXFWLRQRIIUHVKDLUDWVHOIFOHDQWHPSHUDWXUHV
PD\OHDGWRDEXUVWRIIODPHIURPWKHRYHQ)DLOXUHWR
IROORZWKLVLQVWUXFWLRQPD\UHVXOWLQVHYHUHEXUQV
:$51,1* &22.7236$)(7<,16758&7,216
„ 1HYHUOHDYHWKHVXUIDFHXQLWVXQDWWHQGHGDWPHGLXPRU „ 2QO\FHUWDLQW\SHVRIJODVVJODVVFHUDPLFHDUWKHQZDUH
RURWKHUJOD]HGFRQWDLQHUVDUHVXLWDEOHIRUFRRNWRS
KLJKKHDWVHWWLQJV%RLORYHUVFDXVHVPRNLQJDQGJUHDV\
VHUYLFHRWKHUVPD\EUHDNEHFDXVHRIWKHVXGGHQ
VSLOORYHUVWKDWPD\FDWFKRQILUH
FKDQJHLQWHPSHUDWXUH
„ 1HYHUOHDYHRLOXQDWWHQGHGZKLOHIU\LQJ,IDOORZHGWR
„ 7RPLQLPL]HWKHSRVVLELOLW\RIEXUQVLJQLWLRQRI
KHDWEH\RQGLWVVPRNLQJSRLQWRLOPD\LJQLWHUHVXOWLQJ
IODPPDEOHPDWHULDOVDQGVSLOODJHWKHKDQGOHRID
LQILUHWKDWPD\VSUHDGWRVXUURXQGLQJFDELQHWV8VHD
FRQWDLQHUVKRXOGEHWXUQHGWRZDUGWKHFHQWHURIWKH
GHHSIDWWKHUPRPHWHUZKHQHYHUSRVVLEOHWRPRQLWRURLO
UDQJHZLWKRXWH[WHQGLQJRYHUQHDUE\VXUIDFHXQLWV
WHPSHUDWXUH
:KHQSUHSDULQJIODPLQJIRRGVXQGHUDKRRGWXUQWKH
„
7RDYRLGRLOVSLOORYHUDQGILUHXVHDPLQLPXPDPRXQWRI „
IDQRQ
RLOZKHQVKDOORZSDQIU\LQJDQGDYRLGFRRNLQJIUR]HQ
IRRGVZLWKH[FHVVLYHDPRXQWVRILFH
:$51,1*
VRPHPRGHOV
*/$66&22.7236$)(7<,16758&7,216
8VH&(5$0$%5<7(ŠFHUDPLF&RRNWRS&OHDQHUDQG
„ 8VHFDUHZKHQWRXFKLQJWKHFRRNWRS7KHJODVVVXUIDFH „
RIWKHFRRNWRSZLOOUHWDLQKHDWDIWHUWKHFRQWUROVKDYH
&(5$0$%5<7(Š&OHDQLQJ3DGWRFOHDQWKHFRRNWRS
EHHQWXUQHGRII
:DLWXQWLOWKHFRRNWRSFRROVDQGWKHLQGLFDWRUOLJKW
JRHVRXWEHIRUHFOHDQLQJ$ZHWVSRQJHRUFORWKRQD
„ 'RQRWFRRNRQDEURNHQFRRNWRS,IJODVVFRRNWRS
KRWVXUIDFHFDQFDXVHVWHDPEXUQV6RPHFOHDQHUV
VKRXOGEUHDNFOHDQLQJVROXWLRQVDQGVSLOORYHUV
FDQSURGXFHQR[LRXVIXPHVLIDSSOLHGWRDKRWVXUIDFH
PD\SHQHWUDWHWKHEURNHQFRRNWRSDQGFUHDWHD
127(6XJDUVSLOOVDUHDQH[FHSWLRQ7KH\VKRXOGEH
ULVNRIHOHFWULFVKRFN&RQWDFWDTXDOLILHGWHFKQLFLDQ
VFUDSHGRIIZKLOHVWLOOKRWXVLQJDQRYHQPLWWDQGD
LPPHGLDWHO\
VFUDSHU6HHWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQIRU
„
$YRLGVFUDWFKLQJWKHJODVVFRRNWRS7KHFRRNWRSFDQEH
GHWDLOHGLQVWUXFWLRQV
VFUDWFKHGZLWKLWHPVVXFKDVNQLYHVVKDUSLQVWUXPHQWV
„ 5HDGDQGIROORZDOOLQVWUXFWLRQVDQGZDUQLQJVRQWKH
ULQJVRURWKHUMHZHOU\DQGULYHWVRQFORWKLQJ
FOHDQLQJFUHDPODEHO
*($SSOLDQFHVFRP
:$51,1*
29(16$)(7<,16758&7,216
„ 6WDQGDZD\IURPWKHUDQJHZKHQRSHQLQJWKHRYHQ
GRRU+RWDLURUVWHDPZKLFKHVFDSHVFDQFDXVHEXUQV
WRKDQGVIDFHDQGRUH\HV
„ .HHSWKHRYHQYHQWXQREVWUXFWHG
„
.HHSWKHRYHQIUHHIURPJUHDVHEXLOGXS*UHDVHLQWKH
RYHQPD\LJQLWH
„
3ODFHRYHQUDFNVLQGHVLUHGORFDWLRQZKLOHRYHQLVFRRO
,IUDFNPXVWEHPRYHGZKLOHRYHQLVKRWGRQRWOHWSRW
KROGHUFRQWDFWKRWKHDWLQJHOHPHQWLQRYHQ
„ :KHQXVLQJFRRNLQJRUURDVWLQJEDJVLQWKHRYHQ
IROORZWKHPDQXIDFWXUHU·VGLUHFWLRQV
:$51,1*
6RPHPRGHOV
„ 3XOOWKHRYHQUDFNWRWKHVWRSORFNSRVLWLRQZKHQ
ORDGLQJDQGXQORDGLQJIRRGIURPWKHRYHQ7KLVKHOSV
SUHYHQWEXUQVIURPWRXFKLQJKRWVXUIDFHVRIWKHGRRU
DQGRYHQZDOOV
„
'
RQRWOHDYHLWHPVVXFKDVSDSHUFRRNLQJXWHQVLOVRU
IRRGLQWKHRYHQZKHQQRWLQXVH,WHPVVWRUHGLQDQ
RYHQFDQLJQLWH
„
'RQRWXVHDOXPLQXPIRLOWROLQHWKHRYHQERWWRP)RLO
PD\WUDSRUUHIOHFWKHDWOHDGLQJWRDVKRFNRUILUH
KD]DUG
6(/)&/($1,1*29(16$)(7<,16758&7,216
7KHVHOIFOHDQLQJIHDWXUHRSHUDWHVWKHRYHQDWWHPSHUDWXUHVKLJKHQRXJKWREXUQDZD\IRRGVRLOVLQWKHRYHQ
)ROORZWKHVHLQVWUXFWLRQVIRUVDIHRSHUDWLRQ
„ %HIRUHRSHUDWLQJWKHVHOIFOHDQF\FOHUHPRYHSDQV
VKLQ\PHWDORYHQUDFNVDQGRWKHUXWHQVLOVIURPWKH
RYHQ2QO\JUD\RUEODFNSRUFHODLQFRDWHGRYHQUDFNV
DQGGULSSDQVPD\EHOHIWLQWKHRYHQ'RQRWXVH
VHOIFOHDQWRFOHDQRWKHUSDUWVVXFKDVVKLQ\GULSSDQV
RUERZOV
„ %HIRUHRSHUDWLQJWKHVHOIFOHDQF\FOHZLSHJUHDVHDQG
IRRGVRLOVIURPWKHRYHQ([FHVVLYHDPRXQWRIJUHDVH
PD\LJQLWHOHDGLQJWRVPRNHGDPDJHWR\RXUKRPH
„
,IWKHVHOIFOHDQLQJPRGHPDOIXQFWLRQVWXUQWKHRYHQ
RIIDQGGLVFRQQHFWWKHSRZHUVXSSO\+DYHLWVHUYLFHG
E\DTXDOLILHGWHFKQLFLDQ
„
'RQRWFOHDQWKHGRRUJDVNHW7KHGRRUJDVNHWLV
HVVHQWLDOIRUDJRRGVHDO&DUHVKRXOGEHWDNHQQRWWR
UXEGDPDJHRUPRYHWKHJDVNHW
„
'RQRWXVHRYHQFOHDQHUV1RFRPPHUFLDORYHQFOHDQHU
RURYHQOLQHUSURWHFWLYHFRDWLQJRIDQ\NLQGVKRXOGEH
XVHGLQRUDURXQGDQ\SDUWRIWKHRYHQ
:$51,1* :$50,1*'5$:(5/2:(529(1'5$:(56$)(7<
,16758&7,216VRPHPRGHOV
„
8VHFDUHZKHQRSHQLQJWKHGUDZHU2SHQWKHGUDZHUD
„ 7KHSXUSRVHRIWKHZDUPLQJGUDZHULVWRKROGKRW
FUDFNDQGOHWKRWDLURUVWHDPHVFDSHEHIRUHUHPRYLQJRU
FRRNHGIRRGVDWVHUYLQJWHPSHUDWXUH%DFWHULDZLOOJURZ
UHSODFLQJIRRG+RWDLURUVWHDPWKDWHVFDSHVFDQFDXVH
LQIRRGZKLOHLWLVEHORZƒ)'RQRWSXWFROGIRRG
EXUQVWRKDQGVIDFHDQGRUH\HV
LQZDUPLQJGUDZHU'RQRWKHDWIRRGIRUPRUHWKDQ
KRXUV)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQ
„
'RQRWXVHDOXPLQXPIRLOWROLQHWKHORZHUGUDZHU7KH
IRRGERUQHLOOQHVV
IRLOZLOOWUDSKHDWEHORZDQGXSVHWWKHSHUIRUPDQFH
RIWKHRYHQ)RLOFDQPHOWDQGSHUPDQHQWO\GDPDJH
„ 'RQRWOHDYHSDSHUSURGXFWVSODVWLFVFDQQHGIRRGRU
WKHGUDZHUERWWRP'DPDJHIURPLPSURSHUXVHRI
FRPEXVWLEOHPDWHULDOVLQWKHGUDZHU7KH\PD\LJQLWH
DOXPLQXPIRLOLVQRWFRYHUHGE\WKHSURGXFWZDUUDQW\
„
'RQRWWRXFKWKHKHDWLQJHOHPHQWRUWKHLQWHULRUVXUIDFH
RIWKHGUDZHU7KHVHVXUIDFHVPD\EHKRWHQRXJKWR
FDXVHEXUQV
8VLQJWKHVXUIDFHXQLWV
+RZ,QGXFWLRQ6XUIDFH&RRNLQJ:RUNV
,QGXFWLRQFRLOVXQGHUWKHJODVVFRRNLQJVXUIDFHSURGXFH
DPDJQHWLFILHOGWKDWJHQHUDWHVKHDWLQIHUURXVPHWDOV
WKDWDUHLQFORVHSUR[LPLW\7KHJODVVFRRNLQJVXUIDFHLV
QRWKHDWHGGLUHFWO\VLQFHLWLVQRWDIHUURXVPHWDOEXWWKH
JODVVPD\HYHQWXDOO\EHFRPHKRWIURPWKHSDQ,QGXFWLRQ
VXUIDFHFRLOVDUHPRUHHIILFLHQWDQGZLOOKHDWPXFKIDVWHU
WKDQFRQYHQWLRQDOHOHFWULFDQGJDVFRRNLQJVXUIDFHFRRNLQJ
SURGXFWV
&$87,21
‡7KHLQGXFWLRQFRRNLQJHOHPHQWVPD\DSSHDUWREHFRROZKLOH
WXUQHG21DQGDIWHUWKH\KDYHEHHQWXUQHG2))7KHJODVV
VXUIDFHPD\EH+27IURPUHVLGXDOKHDWWUDQVIHUUHGIURPWKH
FRRNZDUHDQGEXUQVPD\RFFXU
‡'2127728&++27&22.:$5(RU3$16GLUHFWO\ZLWKKDQGV
$OZD\VXVHPLWWVRUSRWKROGHUVWRSURWHFWKDQGVIURPEXUQV
‡'21276/,'(FRRNZDUHDFURVVWKHFRRNWRSVXUIDFH'RLQJ
VRPD\SHUPDQHQWO\GDPDJHWKHDSSHDUDQFHRIWKHFHUDPLF
FRRNWRS
),5(+$=$5'1HYHUOHDYHWKHUDQJHXQDWWHQGHGZLWKWKHFRRNWRSRQPHGLXPRUKLJK
VHWWLQJV.HHSIODPPDEOHLWHPVDZD\IURPWKHFRRNWRS7XUQRIIDOOFRQWUROVZKHQ
GRQHFRRNLQJ)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVFDQUHVXOWLQILUHVHULRXVLQMXU\RU
GHDWK
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
:$51,1*
6XUIDFH8QLW&RRN6HWWLQJV
7KHFRRNWRSRIIHUVSRZHUOHYHOV3RZHU
OHYHOVUDQJHIURP/2WR+,LQSUHFLVHKDOIVWHS
LQFUHPHQWV)RUH[DPSOH/òòDQG
XSWR+
3RZHU/HYHO´/µWKHORZHVWVHWWLQJLV
UHFRPPHQGHGIRU´.HHS:DUPµ
7KHSRZHUOHYHOZLWKDIUDFWLRQ
LQGLFDWHVWKHDGGLWLRQDO
7KHSRZHUOHYHOLQFUHDVHVRQHKDOIOHYHOZLWK
KDOIVWHSVHWWLQJ<RXPD\
HDFKWRXFK
KHDUFOLFNLQJVRXQGVLQGLFDWLQJ
WKHFRQWUROLVPDLQWDLQLQJ\RXU
GHVLUHGVHWWLQJ
6LQJOH6XUIDFH8QLW³&RRN6HWWLQJV
7RWXUQRQDVLQJOHVXUIDFHXQLW
7RXFKWKH212))SDGWKHQWRXFKWKH
²SDG
8VHWKH²SDGWRFKRRVHWKHGHVLUHG
SRZHUVHWWLQJ
7RWXUQRIIDVLQJOHVXUIDFHXQLWWRXFKWKH
212))SDGDJDLQ
7RXVHWKH0HOWIHDWXUH
7RXFKWKH212))SDGWKHQWRXFK0(/7
7KHHOHPHQWZLOODXWRPDWLFDOO\VHWWRD
SUHGHWHUPLQHGVHWWLQJ
Power
Boil
7RXVHWKH3RZHU%RLOIHDWXUH
7RXFKWKH212))SDGWKHQWRXFK3RZHU
%RLO7KHHOHPHQWZLOODXWRPDWLFDOO\VHWWRD
SUHGHWHUPLQHGVHWWLQJ
7RXVHWKH6LPPHUIHDWXUH
7RXFKWKH212))SDGWKHQWRXFK6,00(5
7KHHOHPHQWZLOODXWRPDWLFDOO\VHWWRD
SUHGHWHUPLQHGVHWWLQJ$GMXVWXVLQJWKH²
SDGWRLQFUHDVHRUGHFUHDVHWKHVLPPHUUDWH
*($SSOLDQFHVFRP
8VLQJWKH:DUPLQJ=RQH
7KH:$50,1*=21(LVORFDWHGLQWKHEDFN
FHQWHURIWKHJODVVVXUIDFH
WARMING ZONE
7RXVHWKH:$50,1*=21(
7RXFKWKH:$50,1*=21(212))SDG
SELECT
7RVHOHFWWKHGHVLUHGFRQWUROVHWWLQJWRXFK
WKH6(/(&7SDGRQFHIRUORZ/WZLFHIRU
PHGLXP0RUWKUHHWLPHVIRUKLJK+
7RWXUQRIIWKH:$50,1*=21(
ON
OFF
:$51,1*
7RXFKWKH:$50,1*=21(212))SDG
)RUEHVWUHVXOWVDOOIRRGVRQWKH:$50,1*
=21(VKRXOGEHFRYHUHGZLWKDOLGRUDOXPLQXP
IRLO
$OZD\VXVHSRWKROGHUVRURYHQPLWWVZKHQ
UHPRYLQJIRRGIURPWKH:$50,1*=21(DV
FRRNZDUHZLOOEHKRW
‡'RQRWXVHSODVWLFZUDSWRFRYHUIRRG3ODVWLF
PD\PHOWRQWRWKHVXUIDFHDQGEHYHU\
GLIILFXOWWRFOHDQ
‡8VHRQO\FRRNZDUHUHFRPPHQGHGIRUWRSRI
UDQJHFRRNLQJ
)22'32,621+$=$5'%DFWHULDPD\JURZLQIRRGDWWHPSHUDWXUHVEHORZƒ)
‡$OZD\VVWDUWZLWKKRWIRRG'RQRWXVHZDUPVHWWLQJVWRKHDWFROGIRRG
‡'RQRWZDUPIRRGIRUPRUHWKDQKRXUV
)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQIRRGERUQHLOOQHVV
8VLQJWKHVXUIDFHXQLWV
)RU0RGHOV:LWKD*ODVV&RRNWRS
1HYHUFRRNGLUHFWO\RQWKHJODVV
$OZD\VXVHFRRNZDUH
$OZD\VSODFHWKHSDQLQWKHFHQWHURI
WKHVXUIDFHXQLW\RXDUHFRRNLQJRQ
7KHJODVVFRRNWRSIHDWXUHVKHDWLQJXQLWV
EHQHDWKDVPRRWKJODVVVXUIDFH
127($VOLJKWRGRULVQRUPDOZKHQDQHZ
FRRNWRSLVXVHGIRUWKHILUVWWLPH,WLVFDXVHG
E\WKHKHDWLQJRIQHZSDUWVDQGLQVXODWLQJ
PDWHULDOVDQGZLOOGLVDSSHDULQDVKRUWWLPH
7KHVXUIDFHXQLWPD\F\FOHRQDQGRIIWR
PDLQWDLQ\RXUVHOHFWHGFRQWUROVHWWLQJ
,WLVVDIHWRSODFHKRWFRRNZDUHRQWKHJODVV
VXUIDFHHYHQZKHQWKHFRRNWRSLVFRRO
$YRLGSODFLQJDQ\WKLQJRQWKHVXUIDFHXQLWXQWLO
LWKDVFRROHGFRPSOHWHO\
„ :DWHUVWDLQVPLQHUDOGHSRVLWVDUH
UHPRYDEOHXVLQJWKHFOHDQLQJFUHDPRUIXOO
VWUHQJWKZKLWHYLQHJDU
'RQRWVOLGHFRRNZDUHDFURVVWKHFRRNWRSEHFDXVH
LWFDQVFUDWFKWKHJODVV³WKHJODVVLVVFUDWFKUHVLVWDQW
QRWVFUDWFKSURRI
„
'RQ·WVWRUHKHDY\LWHPVDERYHWKHFRRNWRS
,IWKH\GURSRQWRWKHFRRNWRSWKH\FDQ
FDXVHGDPDJH
„ 'RQRWXVHWKHVXUIDFHDVDFXWWLQJERDUG
„ 8
VHRIZLQGRZFOHDQHUPD\OHDYHDQ
LULGHVFHQWILOPRQWKHFRRNWRS7KHFOHDQLQJ
FUHDPZLOOUHPRYHWKLVILOP
:KDW7\SHRI3DQV$UH5HTXLUHG"
8VHIODWERWWRPHGSDQV
8VHDJULGGOH
8VHDIODWERWWRPHGZRN
<RXPXVWXVHDIHUURXVSDQZKHQXVLQJWKH
LQGXFWLRQFRLOVRQWKLVUDQJH7KHZDUPLQJ
]RQHLVQRWDQLQGXFWLRQFRLODQGZLOOZRUNZLWK
DQ\W\SHRIFRRNZDUH<RXFDQYHULI\\RXU
SDQLVIHUURXVLIDPDJQHWVWLFNVWRLW4XDOLW\
FRRNZDUHZLWKKHDY\ERWWRPVPDGHRIFDVW
LURQPDJQHWLFVWDLQOHVVVWHHODQGHQDPHOHG
VWHHOZRUNEHVW)RUEHVWUHVXOWVXVHSDQV
ZLWKIODWERWWRPV:RNVWKDWGRQRWKDYHIODW
ERWWRPVLQFORVHFRQWDFWWRWKHJODVVVXUIDFH
ZLOOQRWZRUN6RPHSDQVDUHPDGHHVSHFLDOO\
IRULQGXFWLRQFRRNLQJ
3ODFHRQO\GU\SDQVRQWKHVXUIDFHHOHPHQWV
'RQRWSODFHOLGVRQWKHVXUIDFHHOHPHQWV
SDUWLFXODUO\ZHWOLGV:HWSDQVDQGOLGVPD\
VWLFNWRWKHVXUIDFHZKHQFRRO
*($SSOLDQFHVFRP
3DQ6L]HDQG6KDSH
µ0LQ
'LD3DQ
6L]H
µ0LQ
'LD3DQ
6L]H
µ
0LQ'LD
3DQ6L]H
µ0LQ'LD
3DQ6L]H
8VHWKHPLQLPXPVL]HSDQVKRZQIRUHDFK
FRRNLQJHOHPHQW
7KHLQGXFWLRQFRLOVUHTXLUHDPLQLPXPSDQVL]H
LQRUGHUIRUWKHHOHPHQWWRWXUQRQ,QRUGHUIRU
WKH LQGXFWLRQ FRLO WR FRUUHFWO\ GHWHUPLQH LI WKH
SDQLVODUJHHQRXJKLWLVLPSRUWDQWWKDWWKHSDQ
EHFHQWHUHGZLWKLQWKHFLUFXODUJUDSKLFVPDUNHG
RQ WKH JODVV FRRNLQJ VXUIDFH 7KH PLQLPXP
SDQ VL]H WKDW ZLOO ZRUN IRU HDFK LQGXFWLRQ FRLO
LVVKRZQRQWKHOHIW3DQVWKDWDUHQRWIHUURXV
RUDUHWRRVPDOOZLOOQRWDOORZWKHLQGXFWLRQFRLO
WRWXUQRQDQGWKHSRZHUOHYHOGLVSOD\IRUWKDW
FRLOORFDWLRQZLOOIODVKIRUVHFRQGVDQGWKHQ
WXUQRII,IDSDQLVUHPRYHGIURPWKHLQGXFWLRQ
FRLOIRUPRUHWKDQVHFRQGVWKHSRZHUZLOOEH
VKXWRII6TXDUHSDQVZLOOZRUNDOWKRXJKURXQG
SDQV WKDW PDWFK WKH LQGXFWLRQ FRLO VL]HV ZRUN
EHVW &RRNZDUH ODUJHU WKDQ WKH FRRNWRS JODVV
JUDSKLFV ZLOO ZRUN )RU EHVW UHVXOWV PDWFK WKH
SDQVL]HZLWKWKHQHDUHVWVL]HJUDSKLFVRQWKH
JODVVFRRNLQJVXUIDFH
&RRNZDUH´1RLVHµ
$ ORZ KXPPLQJ QRLVH LV QRUPDO ZKHQ XVLQJ
LQGXFWLRQ FRLOV HVSHFLDOO\ RQ KLJKHU SRZHU
VHWWLQJV+HDY\HQDPHOFDVWLURQSRWVSURGXFH
OHVV QRLVH WKDQ OLJKWZHLJKW VWHHO SDQV 7KH
DPRXQW RI IRRG FRQWHQW LQ WKH SDQV FDQ DOVR
DIIHFW QRLVH OHYHO 3DQV WKDW FRPSOHWHO\ FRYHU
WKHJUDSKLFVRQWKHJODVVZLOOSURGXFHOHVVQRLVH
:DWHU WUDSSHG XQGHU SDQV FDQ ERLO FDXVLQJ
WKH FRRNZDUH WR YLEUDWH RU VOLGH RQ WKH JODVV
VXUIDFH7RWU\WRUHGXFHWKHQRLVHPRYHSDQV
VOLJKWO\DQGRUFKDQJHSRZHUOHYHOV
3RZHU6KDULQJ
)RUSRZHUOHYHO+KLJKLIDVXUIDFHXQLWLVRQIRU
DQH[WHQGHGSHULRGRIWLPHRULIPXOWLSOHVXUIDFH
XQLWVDUHRQWKHUHPD\EHDVOLJKWUHGXFWLRQLQ
SRZHUWRWKHVXUIDFHXQLW
8VLQJWKHRYHQFRQWUROV
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
%52,/+,/23DG
7RXFKWKLVSDGWRVHOHFWWKHEURLOIXQFWLRQ6HHWKH
+RZWR6HWWKH2YHQIRU%URLOLQJVHFWLRQ
%$.(3DG
7RXFKWKLVSDGWRVHOHFWWKHEDNHIXQFWLRQ6HH
WKH+RZWR6HWWKH2YHQIRU%DNLQJVHFWLRQ
&219(&7,21&22.3DG
8VHVDIDQWRFLUFXODWHDLULQWKHRYHQ6HHWKH
8VLQJWKHFRQYHFWLRQRYHQVHFWLRQ
7RXFKWRVHWWKHNLWFKHQWLPHU
6HHWKH8VLQJWKH.LWFKHQ7LPHUVHFWLRQ
&22.7,0(7,0(3DG
7RXFKWKLVSDGDQGWKHQWRXFKWKHQXPEHUSDGV
WRVHWWKHDPRXQWRIWLPH\RXZDQW\RXUIRRG
WRFRRN7KHRYHQZLOOVKXWRIIZKHQWKHFRRNLQJ
WLPHKDVUXQRXW
'(/$<67$573DG
:$503DG
7RXFKWKLVSDGWRVHWWKHRYHQWRVWDUW
DXWRPDWLFDOO\DWDWLPH\RXVHW
6/2:&22.3DG
&/2&.3DG
7RXFKWRNHHSFRRNHGIRRGVZDUP
6HHWKH+RZWR6HWWKH2YHQIRU:DUPLQJVHFWLRQ
7RXFKIRUORQJKRXUVRIXQDWWHQGHGFRRNLQJ
6HHWKH+RZWR6HWWKH2YHQIRU6ORZ&RRN
VHFWLRQ
352%(3DG
7RXFKZKHQXVLQJWKHSUREHWRDXWRPDWLFDOO\
FRRNWRDGHVLUHGLQWHUQDOIRRGWHPSHUDWXUH
6HHWKH8VLQJWKH3UREHVHFWLRQ
6(/)&/($13DG
7RXFKWRVHOIFOHDQWKHRYHQ
6HHWKH8VLQJWKH6HOI&OHDQLQJ2YHQVHFWLRQ
67($0&/($13DG
7RXFKWKLVSDGIRUHDVLHUFOHDQLQJRIOLJKWVRLOLQJ
RIIWKHRYHQFDYLW\RUGRRU6HHWKH8VLQJVWHDP
FOHDQVHFWLRQ
&/($52))3DG
7RXFKWRFDQFHO$//RYHQRSHUDWLRQVH[FHSWWKH
FORFNDQGWLPHU
67$573DG
0XVWEHWRXFKHGWRVWDUWDQ\FRRNLQJRUFOHDQLQJ
IXQFWLRQ
29(1/,*+73DG
7RXFKWRWXUQWKHRYHQOLJKWVRQRURII
7,0(5212))3DGV
127(:KHQVHWWLQJWLPHV\RXDUHVHWWLQJKRXUV
DQGPLQXWHVRQO\7KHORZHVWWLPH\RXFDQVHWLV
RQHPLQXWH
7KHFORFNPXVWEHVHWWRWKHFRUUHFWWLPHRIGD\
IRUWKHDXWRPDWLFRYHQWLPLQJIXQFWLRQVWRZRUN
SURSHUO\7KHWLPHRIGD\FDQQRWEHFKDQJHG
GXULQJDWLPHGEDNLQJRUVHOIFOHDQLQJF\FOH
6HH7RVHWWKHFORFNVHFWLRQ
,I\RXURYHQZDVVHWIRUDWLPHGRYHQRSHUDWLRQ
DQGDSRZHURXWDJHRFFXUUHGWKHFORFNDQGDOO
SURJUDPPHGIXQFWLRQVPXVWEHUHVHW7KHWLPH
RIGD\ZLOOIODVKLQWKHGLVSOD\ZKHQWKHUHKDV
EHHQDSRZHURXWDJH
:$50,1*'5$:(5SDG
7KHZDUPLQJGUDZHUZLOONHHSKRWFRRNHG
IRRGVDWVHUYLQJWHPSHUDWXUH$OZD\VVWDUWZLWK
KRWIRRG6HHWKH8VLQJWKHZDUPLQJGUDZHU
VHFWLRQ
&21752//2&.287
7KHFRQWUROSDGVFDQEHORFNHGVRWKH\FDQQRW
EHDFWLYDWHGZKHQWRXFKHG6HHWKH+RZWR
/RFN2XWWKH&RQWUROVVHFWLRQ
8VLQJWKHFORFNNLWFKHQWLPHUDQGFRQWUROORFNRXW
*($SSOLDQFHVFRP
7R6HWWKH&ORFN
7KHFORFNPXVWEHVHWWRWKHFRUUHFWWLPHRIGD\
IRUWKH'HOD\6WDUWIXQFWLRQVWRZRUNSURSHUO\
7KHWLPHRIGD\FDQQRWEHFKDQJHGGXULQJ
DGHOD\HGFRRNLQJRUDGHOD\HGVHOIFOHDQLQJ
F\FOH
7RXFKWKH&/2&.SDG
7RXFKWKHQXPEHUSDGVXQWLOWKHFRUUHFW
WLPHRIGD\LVVKRZQLQWKHGLVSOD\,IWKH
QXPEHUSDGVDUHQRWWRXFKHGZLWKLQRQH
PLQXWHDIWHU\RXWRXFKWKH&/2&.SDG
WKHGLVSOD\UHYHUWVWRWKHRULJLQDOVHWWLQJ,I
WKLVKDSSHQVWRXFKWKH&/2&.SDGDQG
HQWHUWKHWLPHRIGD\
7RXFKWKH67$57SDGXQWLOWKHWLPHRIGD\
VKRZVLQWKHGLVSOD\7KLVHQWHUVWKHWLPH
DQGVWDUWVWKHFORFN
7RFKHFNWKHWLPHRIGD\ZKHQWKHGLVSOD\LV
VKRZLQJRWKHULQIRUPDWLRQWRXFKWKH&/2&.
SDG7KHWLPHRIGD\VKRZVXQWLODQRWKHUSDG
LVWRXFKHG7RFKDQJHWKHWLPHIRUPDWRUWXUQ
RIIWKHFORFNGLVSOD\VHHWKH6SHFLDO)HDWXUHV
VHFWLRQ
7R6HWWKH.LWFKHQ7LPHU
7RXFKWKH7,0(521SDG
7KH.LWFKHQ7LPHULVLQKRXUVDQG
PLQXWHV
7KH.LWFKHQ7LPHUGRHVQRWFRQWURORYHQ
RSHUDWLRQV7KHPD[LPXPVHWWLQJRQWKH
.LWFKHQ7LPHULVKRXUVDQGPLQXWHV
7RXFKWKHQXPEHUSDGVXQWLOWKHDPRXQW
RIWLPH\RXZDQWVKRZVLQWKHGLVSOD\)RU
H[DPSOHWRVHWKRXUVDQGPLQXWHV
WRXFK DQG LQWKDWRUGHU,I\RXPDNH
DPLVWDNHWRXFKWKH7,0(52))SDGDQG
EHJLQDJDLQ
7RXFKWKH67$57SDG
:KHQWKHNLWFKHQWLPHUUHDFKHVWKH
FRQWUROZLOOEHHSWLPHVIROORZHGE\RQH
EHHSHYHU\VHFRQGVXQWLOWKH7,0(52))
SDGLVWRXFKHG
7KHVHFRQGWRQHFDQEHFDQFHOOHGE\
IROORZLQJWKHVWHSVLQWKH6SHFLDOIHDWXUHVRI
\RXURYHQFRQWUROVHFWLRQXQGHU7RQHVDWWKH
(QGRID7LPHG&\FOH
$IWHUWRXFKLQJWKH67$57SDG6(7GLVDSSHDUV
WKLVWHOOV\RXWKHWLPHLVFRXQWLQJGRZQDOWKRXJK
WKHGLVSOD\GRHVQRWFKDQJHXQWLORQHPLQXWH
KDVSDVVHG6HFRQGVZLOOQRWEHVKRZQLQWKH
GLVSOD\XQWLOWKHODVWPLQXWHLVFRXQWLQJGRZQ
7R5HVHWWKH.LWFKHQ7LPHU
,IWKHGLVSOD\LVVWLOOVKRZLQJWKHWLPHUHPDLQLQJ
\RXPD\FKDQJHLWE\WRXFKLQJWKH7,0(521
SDGWKHQWRXFKLQJWKHQXPEHUSDGVVRWKDWWKH
WLPH\RXZDQWDSSHDUVLQWKHGLVSOD\
,IWKHUHPDLQLQJWLPHLVQRWLQWKHGLVSOD\FORFN
GHOD\VWDUWRUFRRNLQJWLPHDUHLQWKHGLVSOD\
UHFDOOWKHUHPDLQLQJWLPHE\WRXFKLQJWKH
7,0(521SDGDQGWKHQWRXFKWKHQXPEHU
SDGVWRHQWHUWKHQHZWLPH\RXZDQW
7R&DQFHOWKH.LWFKHQ7LPHU
7RXFKWKH7,0(52))SDG
+RZWR/RFN2XWWKH&RQWUROV
&RQWURO/RFNRXWZLOODOORZ\RXWRORFNRXWWKH
WRXFKSDGVVRWKH\FDQQRWEHDFWLYDWHGZKHQ
WRXFKHG
7RORFNXQORFNWKHFRQWUROV
7RXFKDQGKROGWKH&RQWURO/RFNRXWSDG
IRUVHFRQGV7KHRYHQGLVSOD\ZLOOVKRZ
´/RF2Q/RFµ
7RXQORFNWKHFRQWUROWRXFKDQGKROGWKH
&RQWURO/RFNRXWSDGIRUVHFRQGV7KH
RYHQGLVSOD\ZLOOVKRZ´/RF2))/RFµ
:KHQWKLVIHDWXUHLVRQWKHWRXFKSDGVZLOOQRW
UHVSRQGH[FHSWIRUWKH&OHDU2IISDG
8VLQJWKHRYHQ
7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQRQWKHRYHQ
%HIRUH\RXEHJLQ«
7KHUDFNVKDYHVWRSVVRWKDWZKHQSODFHG
FRUUHFWO\RQWKHVXSSRUWVWKH\ZLOOVWRSEHIRUH
FRPLQJFRPSOHWHO\RXWDQGZLOOQRWWLOW
:KHQSODFLQJDQGUHPRYLQJFRRNZDUHSXOOWKH
UDFNRXWXQWLOLWVWRSV
2QVRPHPRGHOVWKHEDNHKHDWLQJHOHPHQW
LVXQGHUWKHRYHQIORRU1HYHUSODFHFRRNLQJ
XWHQVLOVEDNLQJVWRQHVIRLORUDQ\RWKHULWHPV
RQWKHRYHQIORRU
7KHQXPEHURIUDFNSRVLWLRQVPD\
YDU\E\PRGHO
&$87,21
%851+$=$5'$YRLGWRXFKLQJWKHKRWGRRU
VXUIDFHZKHQXVLQJWKHRYHQUDFNLQWKHORZHVW
SRVLWLRQ$OZD\VXVHKDQGVDQGPLWWHQSRW
KROGHUVWRPRYHWKHUDFN3XOOWKHUDFNRXWD
IHZLQFKHVDQGWKHQFDUHIXOO\JUDVSWKHVLGHVRI
WKHUDFNWRSXOOLWRXWWKHUHVWRIWKHZD\
7RUHPRYHDUDFNSXOOLWWRZDUG\RXWLOWWKH
IURQWHQGXSDQGSXOOLWRXW
7RUHSODFHSODFHWKHHQGRIWKHUDFNVWRS
ORFNVRQWKHVXSSRUWWLOWXSWKHIURQWDQGSXVK
WKHUDFNLQ
1HYHUSODFHFRRNLQJXWHQVLOVEDNLQJVWRQHV
IRLORUDQ\RWKHULWHPVRQWKHRYHQIORRU
([WHQVLRQ5DFN
8SSHU)URQW
5DLO
)XOO\2SHQ3RVLWLRQ
:KHQSODFLQJDQGUHPRYLQJFRRNZDUH
DOZD\VSXOOWKHUDFNRXWE\LWVXSSHUIURQW
UDLOWRLWVIXOO\RSHQSRVLWLRQ
'RQRWH[WHQGWKHUDFNTXLFNO\)RRGPD\
VOLGHRIIWKHIURQWRIWKHUDFN
7RUHPRYHWKHUDFN
0DNHVXUHWKHUDFNLVSXVKHGDOOWKHZD\
LQWRWKHRYHQVRWKDWVLGHSDGGOHVRQWKH
UDFNIURPGLVHQJDJHGZLWKRYHQVXSSRUW
)LUPO\JUDVSERWKVLGHVRIWKHUDFN
IUDPHDQGWKHVOLGLQJUDFN
3ODFHWKHFXUYHGHQGRIWKHUDFNVWRS
ORFNVRQWRWKHRYHQVXSSRUWVWLOWXSWKH
IURQWRIWKHUDFNDQGSXVKLWLQDVIDUDVLW
ZLOOJR
&$87,21
6OLGHWKHUDFNWRZDUG\RXWRWKHEXPS
VWRSSRVLWLRQRQWKHUDFNVXSSRUW
1HYHUXVHWKHUDFNZKHQLWVIUDPHLVQRWIXOO\
LQVHUWHGLQWKHRYHQDQGORFNHGLQWRSRVLWLRQ
)LUPO\JUDVSERWKVLGHVRIWKHUDFNIUDPH
DQGWKHVOLGLQJUDFNWLOWWKHIURQWHQGXS
DQGSXOOLWRXW
„:KHQWKHUDFNLVSURSHUO\LQVWDOOHGDQG
ORFNHGLQWRSRVLWLRQWKHORFNLQJVLGHSDGGOHV
RQWKHUDFNIUDPHZLOOFOLFNORFNLQWRSODFH
RQWKHRYHQVXSSRUWV,IWKHVLGHSDGGOHV
GLGQRWFOLFNORFNLQWRSRVLWLRQUHSHDWWKH
VWHSVDERYHDQGPDNHVXUHWKHVLGHSDGGOHV
KDYHEHHQFRUUHFWO\FOHDQHGDQGOXEULFDWHG
6HH([WHQVLRQ5DFNLQWKH&DUHDQGFOHDQLQJ
VHFWLRQ
127(:KHQKDQGOLQJWKHH[WHQVLRQUDFNGR
QRWDOORZWKHVOLGLQJSRUWLRQWRIDOORSHQ7KLV
FDQGDPDJHWKHVOLGHV
*UDVSKHUH
7RUHSODFHWKHUDFN
*($SSOLDQFHVFRP
$OXPLQXP)RLO
'RQRWXVHDOXPLQXPIRLOWROLQHRYHQERWWRPV
7KH IRLO ZLOO WUDS KHDW EHORZ DQG XSVHW WKH
SHUIRUPDQFH RI WKH RYHQ )RLO FDQ PHOW
DQG SHUPDQHQWO\ GDPDJH WKH RYHQ ERWWRP
'DPDJHIURPLPSURSHUXVHRIDOXPLQXPIRLOLV
QRWFRYHUHGE\WKHSURGXFWZDUUDQW\
)RLO PD\ EH XVHG WR FDWFK VSLOOV E\ SODFLQJ D
VKHHW RQ D ORZHU UDFN VHYHUDO LQFKHV EHORZ
WKH IRRG 'R QRW XVH PRUH IRLO WKDQ QHFHVVDU\
DQG QHYHU HQWLUHO\ FRYHU DQ RYHQ UDFN ZLWK
DOXPLQXP IRLO .HHS IRLO DW OHDVW µ IURP
RYHQZDOOVWRSUHYHQWSRRUKHDWFLUFXODWLRQ
3UHKHDWLQJDQG3DQ3ODFHPHQW
5DFNSRVLWLRQIRUEDNLQJOD\HU
FDNHV
7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKH $QJHOIRRGFDNHIRUH[DPSOHVKRXOGEHEDNHG
GHVLUHGSRVLWLRQEHIRUH\RXWXUQRQWKHRYHQ
RQ WKH ORZHVW UDFN SRVLWLRQ )ROORZ UHFLSH
UHFRPPHQGDWLRQV DQG SDFNDJH GLUHFWLRQV
3UHKHDWWKHRYHQLIWKHUHFLSHFDOOVIRULW3UHKHDWLQJ RQ SUHSDFNDJHG DQG IUR]HQ IRRGV IRU SDQ
LV QHFHVVDU\ IRU JRRG UHVXOWV ZKHQ EDNLQJ FDNHV SODFHPHQW$GMXVWUDFNSRVLWLRQWRWDLORUUHVXOWV
FRRNLHVSDVWULHVDQGEUHDGV
)RU H[DPSOH LI \RX ILQG WKDW WKH VXUIDFH RI
,IEDNLQJIRXUFDNHOD\HUVDWWKHVDPHWLPHSODFHWZR FRRNLHV PXIILQV RU FDNHV FRPHV RXW OLJKWHU
OD\HUV RQ UDFN & DQG WZR OD\HUV RQ UDFN ( 6WDJJHU WKDQGHVLUHGWU\EDNLQJRQDKLJKHUUDFNSRVLWLRQ
SDQV RQ WKH UDFN VR RQH LV QRW GLUHFWO\ DERYH WKH QH[W WLPH 3DQV VKRXOG QRW WRXFK HDFK RWKHU
RWKHU,IXVLQJWKHH[WHQVLRQUDFNSODFHLWLQWKH&UDFN RU WKH ZDOOV RI WKH RYHQ :KHQ EDNLQJ RQ
PXOWLSOH UDFNV VWDJJHU WKH SDQV VR RQH LV QRW
SRVLWLRQ
GLUHFWO\DERYHWKHRWKHU/HDYHDSSUR[LPDWHO\
µ
EHWZHHQ SDQV DQG IURP WKH IURQW EDFN
%DNLQJ UHVXOWV ZLOO JHQHUDOO\ EH EHWWHU LI IRRG
LV FHQWHUHG LQ WKH RYHQ DV PXFK DV SRVVLEOH DQG VLGHV RI RYHQ ZDOO 6HH WKH VHFWLRQ RQ
+RZHYHUSHUIRUPDQFHZLWKFHUWDLQIRRGVPD\ ´&RQYHFWLRQFRRNµPRGHIRULQIRUPDWLRQDERXW
LPSURYH LI EDNHG RQ DQ XSSHU RU ORZHU UDFN SDQSODFHPHQWIRUPXOWLUDFNEDNLQJ
SRVLWLRQ
+RZWR6HWWKH2YHQIRU%DNLQJRU5RDVWLQJ
7RXFKWKH%$.(SDG
7RXFK WKH QXPEHU SDGV XQWLO WKH GHVLUHG
WHPSHUDWXUHLVGLVSOD\HG
7RXFKWKH67$57SDG
7KH RYHQ ZLOO VWDUW DXWRPDWLFDOO\ 7KH GLVSOD\ ZLOO
VKRZ WKH FKDQJLQJ WHPSHUDWXUH VWDUWLQJ DW Û)
7KH WHPSHUDWXUH GLVSOD\ ZLOO VWDUW WR FKDQJH RQFH
WKHRYHQWHPSHUDWXUHUHDFKHVÛ):KHQWKHRYHQ
UHDFKHV WKH VHOHFWHG WHPSHUDWXUH WKH RYHQ FRQWURO
ZLOOEHHSVHYHUDOWLPHVDQGWKHGLVSOD\ZLOOVKRZWKH
RYHQWHPSHUDWXUH
5RDVWLQJ*XLGH
127( <RX PD\ KHDU WKH FRQYHFWLRQ IDQ RQ
VRPHPRGHOVZKLOHWKHRYHQLVSUHKHDWLQJ7KH
IDQ ZLOO VWRS DIWHU WKH RYHQ LV SUHKHDWHG DQG
WKHGLVSOD\VKRZV\RXUVHWWHPSHUDWXUH7KLVLV
QRUPDO
7R FKDQJH WKH RYHQ WHPSHUDWXUH GXULQJ WKH %$.(
F\FOHWRXFKWKH%$.(SDGDQGWKHQWKHQXPEHUSDGV
WRJHWWKHQHZWHPSHUDWXUH
&KHFNIRRGIRUGRQHQHVVDWWKHPLQLPXPWLPH
RQWKHUHFLSH&RRNORQJHULIQHFHVVDU\
7RXFK WKH &/($52)) SDG ZKHQ EDNLQJ LV
ILQLVKHG DQG WKHQ UHPRYH WKH IRRG IURP WKH
RYHQ
0HDWV
%HHI
5LE5RDVWOEV
%HHI7HQGHUORLQOEV
2YHQ7HPS
,QWHUQDO7HPS
5DUH
ƒ)
ƒ)
0HGLXP
ƒ)
ƒ)
5DUH
ƒ)
ƒ)
ƒ)
ƒ)
3RUN
%RQH,Q%RQHOHVVOEV
/DPE
%RQH,QOEV
0HGLXP
ƒ)
ƒ)
%RQHOHVVOEV
0HGLXP
ƒ)
ƒ)
ƒ)
ƒ)
7XUNH\:KROHXQVWXIIHGOEV
ƒ)
ƒ)
7XUNH\%UHDVWOEV
ƒ)
ƒ)
3RXOWU\ :KROH&KLFNHQOEV
6WXIIHGELUGVJHQHUDOO\UHTXLUHDGGLWLRQDOURDVWLQJWLPH6KLHOGOHJVDQGEUHDVWZLWKIRLOWRSUHYHQWRYHUEURZQLQJDQG
GU\LQJRIVNLQ&KHFNVWXIILQJWHPSHUDWXUHZLWKDWKHUPRPHWHUWRHQVXUHLWKDVUHDFKHGDPLQLPXPWHPSHUDWXUHRIƒ)
8VLQJWKHRYHQ
+RZWR6HWWKH2YHQIRU%URLOLQJ
/HDYHWKHGRRURSHQWRWKHEURLOVWRS
SRVLWLRQ7KHGRRUVWD\VRSHQE\
LWVHOI\HWWKHSURSHUWHPSHUDWXUHLV
PDLQWDLQHGLQWKHRYHQ
<RXURYHQKDVWZREURLOVHWWLQJV8VH+,%URLOIRU
WKLQQHUFXWVRIPHDWRUSRXOWU\ZKHUHVHDULQJ
VXUIDFHEURZQLQJLVGHVLUHG8VH/2%URLOWRFRRN
WKLFNHU FXWV RI PHDW WKRURXJKO\ ZLWKRXW RYHU
EURZQLQJWKHP
3ODFHWKHIRRGRQDEURLOHUJULGLQDEURLOHU
SDQGHVLJQHGIRUEURLOLQJ
$GMXVW UDFN SRVLWLRQ WR DGMXVW WKH LQWHQVLW\ RI
KHDWWRWKHIRRG3ODFLQJIRRGFORVHUWRWKHEURLO
HOHPHQWLQFUHDVHVH[WHULRUEURZQLQJRIWKHIRRG
EXWDOVRLQFUHDVHVVSDWWHULQJDQGWKHSRVVLELOLW\
RI IDWV LJQLWLQJ 7KLFNHU IRRGV DQG IRRGV WKDW
QHHG WR EH FRRNHG WKURXJK WKRURXJKO\ VKRXOG
EH EURLOHG RQ D UDFN SRVLWLRQ IDUWKHU IURP WKH
EURLOHURURQ/2EURLO
7RXFKWKH%52,/+,/2SDGRQFHIRU+,
%URLO
)ROORZVXJJHVWHGUDFNSRVLWLRQVLQWKH
%URLOLQJ*XLGH
7RFKDQJHWR/2%URLOWRXFKWKH
%52,/+,/2SDGDJDLQ
7RXFKWKH67$57SDG
:KHQEURLOLQJLVILQLVKHGWRXFKWKH
&/($52))SDG
8VHDSDQGHVLJQHGIRUEURLOLQJ%URLOSDQVDUH
GHVLJQHG WR PLQLPL]H VPRNLQJ DQG VSDWWHULQJ
E\FROOHFWLQJIDWDQGMXLFHVLQWKHVKLHOGHGORZHU
SDUWRIWKHSDQ
%URLOLQJ*XLGH
7KHVL]HZHLJKWWKLFNQHVV
VWDUWLQJWHPSHUDWXUHDQG
\RXUSUHIHUHQFHRIGRQHQHVV
ZLOODIIHFWEURLOLQJWLPHV7KLV
JXLGHLVEDVHGRQPHDWVDW
UHIULJHUDWRUWHPSHUDWXUH
‚7R SURWHFW DJDLQVW IRRGERUQH
LOOQHVV HQVXUH WKDW WHPSHUDWXUHV
RIPHDWDQGSRXOWU\SURGXFWVPHHW
RU H[FHHG WKH 86'$ PLQLPXP
UHFRPPHQGHG WHPSHUDWXUHV IRU
IRRG VDIHW\ )RU PRUH LQIRUPDWLRQ
VHH ZZZLVLWGRQH\HWJRY RU FDOO
WKH86'$PHDWDQGSXOWU\KRWOLQH
DW
3UHKHDWWKHEURLOHUIRUPLQXWHVWRLPSURYHSHUIRUPDQFH
)RRG
'RQHQHVV
7\SHRU
7KLFNQHVV
5DFN3RVLWLRQ
5DUH
0HGLXP
:HOO'RQH
6WHDNV²
µWKLFN
6WHDNV²
µWRµWKLFN
6WHDNV²
µWRµWKLFN
RU*URXQG%HHI3DWWLHV
(RU)IRRGVKRXOGEHµ
WRµIURPEURLOHOHPHQW
(IRRGVKRXOGEHµ
WRµIURPEURLOHOHPHQW
'RU(IRRGVKRXOGEHµ
WRµIURPEURLOHOHPHQW
6WHDNVOHVVWKDQµ
WKLFNDUHGLIILFXOWWR
FRRNUDUH7KH\FRRN
WKURXJKEHIRUHEURZQLQJ
7RSUHYHQWFXUOLQJRI
PHDWVODVKIDWDWµ
LQWHUYDOV
&KLFNHQ
%UHDVWERQHOHVV
%UHDVWERQHLQ
&IRRGVKRXOGEHµ
WRµIURPEURLOHOHPHQW
&IRRGVKRXOGEHµ
WRµIURPEURLOHOHPHQW
%URLOVNLQVLGHGRZQ
ILUVW
)LVK)LOOHWV
µWRµWKLFN
'RU(IRRGVKRXOGEHµ +DQGOHDQGWXUQYHU\
WRµIURPEURLOHOHPHQW FDUHIXOO\
3RUN&KRSV
:HOO'RQH
µWKLFN
%HHI
'IRRGVKRXOGEHµ
WRµIURPEURLOHOHPHQW
&RPPHQWV
7RSUHYHQWFXUOLQJRI
PHDWVODVKIDWDWµ
LQWHUYDOV
)RUGRXEOHRYHQVXVHUDFNSRVLWLRQ$IRUWKHVPDOOHUUDFNSRVLWLRQRYHQ,I\RXUUDQJH
LVFRQQHFWHGWRYROWVUDUHVWHDNVPD\EHEURLOHGE\SUHKHDWLQJWKHEURLOHUDQG
SRVLWLRQLQJWKHRYHQUDFNRQHSRVLWLRQKLJKHU
$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
*($SSOLDQFHVFRP
<RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWR
EHFRPHPRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW
\RXUVHOI
'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ7KHVH
WKHUPRPHWHUVPD\JLYHUHDGLQJVWKDWYDU\²GHJUHHV
127(7KLVDGMXVWPHQWZLOORQO\DIIHFWEDNLQJDQGURDVWLQJWHPSHUDWXUHVLWZLOOQRWDIIHFWEURLOLQJRUVHOIFOHDQLQJ
WHPSHUDWXUHV7KHDGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\DIWHUDSRZHUIDLOXUH
7R$GMXVWWKH7KHUPRVWDW
7RXFKWKH%52,/+,/2DQG%$.(SDGVDW
WKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV6)
7RXFKWKH%$.(SDG$QXPEHUVKRZVLQ
WKHGLVSOD\
'RXEOH2YHQV7RDGMXVWWKHXSSHURYHQ
WKHUPRVWDWWRXFKWKHXSSHURYHQ%$.(
SDG7RDGMXVWWKHORZHURYHQWKHUPRVWDW
WRXFKWKHORZHURYHQ%$.(SDG
7KHRYHQWHPSHUDWXUHFDQEHDGMXVWHGXS
WRž)KRWWHURUž)FRROHU7RXFK
WKHQXPEHUSDGVWKHVDPHZD\\RXUHDG
WKHP)RUH[DPSOHWRFKDQJHWKHRYHQ
WHPSHUDWXUHž)WRXFKDQG
7RXFKWKH%$.(SDGDJDLQWRDOWHUQDWH
EHWZHHQLQFUHDVLQJDQGGHFUHDVLQJWKH
RYHQWHPSHUDWXUH
:KHQ\RXKDYHPDGHWKHDGMXVWPHQW
WRXFKWKH67$57SDGWRJREDFNWRWKHWLPH
RIGD\GLVSOD\8VH\RXURYHQDV\RXZRXOG
QRUPDOO\
7KHW\SHRIPDUJDULQHZLOODIIHFWEDNLQJSHUIRUPDQFH
0RVWUHFLSHVIRUEDNLQJKDYHEHHQGHYHORSHGXVLQJKLJKIDWSURGXFWVVXFKDVEXWWHURUPDUJDULQHIDW
,I\RXGHFUHDVHWKHIDWWKHUHFLSHPD\QRWJLYHWKHVDPHUHVXOWVDVZLWKDKLJKHUIDWSURGXFW
5HFLSHIDLOXUHFDQUHVXOWLIFDNHVSLHVSDVWULHVFRRNLHVRUFDQGLHVDUHPDGHZLWKORZIDWVSUHDGV
7KHORZHUWKHIDWFRQWHQWRIDVSUHDGSURGXFWWKHPRUHQRWLFHDEOHWKHVHGLIIHUHQFHVEHFRPH
)HGHUDOVWDQGDUGVUHTXLUHSURGXFWVODEHOHG´PDUJDULQHµWRFRQWDLQDWOHDVWIDWE\ZHLJKW/RZIDWVSUHDGVRQWKHRWKHUKDQG
FRQWDLQOHVVIDWDQGPRUHZDWHU7KHKLJKPRLVWXUHFRQWHQWRIWKHVHVSUHDGVDIIHFWVWKHWH[WXUHDQGIODYRURIEDNHGJRRGV)RUEHVW
UHVXOWVZLWK\RXUROGIDYRULWHUHFLSHVXVHPDUJDULQHEXWWHURUVWLFNVSUHDGVFRQWDLQLQJDWOHDVWYHJHWDEOHRLO
8VLQJWKHFRQYHFWLRQRYHQ
&RQYHFWLRQ)DQ2SHUDWLRQ
,QDFRQYHFWLRQRYHQDIDQFLUFXODWHVKRWDLU
RYHUXQGHUDQGDURXQGWKHIRRG
7KLVFLUFXODWLQJKRWDLULVHYHQO\GLVWULEXWHG
WKURXJKRXWWKHRYHQFDYLW\$VDUHVXOWIRRGV
DUHHYHQO\FRRNHGDQGEURZQHG³RIWHQLQOHVV
WLPHZLWKFRQYHFWLRQKHDW
7KHRYHQKDVDQ$XWR5HFLSHŒ&RQYHUVLRQ
)HDWXUH7KLVIHDWXUHDXWRPDWLFDOO\UHGXFHVWKH
VHWEDNLQJWHPSHUDWXUHVE\ƒLQFRQYHFWLRQ
FRRNPRGH)RRGVEDNHLQWKHVDPHDPRXQWRI
WLPHDWDORZHUWHPSHUDWXUHVHWWLQJ
127(2QVRPHPRGHOVWKHIDQLVGHVLJQHG
WRURWDWHLQERWKGLUHFWLRQVZLWKDSDXVHLQ
EHWZHHQ7KLVLVQRUPDO
7KHFRQYHFWLRQIDQVKXWVRIIZKHQWKHRYHQ
GRRULVRSHQHG'2127OHDYHWKHGRRURSHQ
IRUORQJSHULRGVRIWLPHZKLOHXVLQJFRQYHFWLRQ
FRRNLQJRU\RXPD\VKRUWHQWKHOLIHRIWKH
FRQYHFWLRQKHDWLQJHOHPHQW
&RQYHFWLRQ&RRN
7KHFRQYHFWLRQRYHQFRPHVZLWKRQH
FRQYHFWLRQFRRNPRGHDQGFDQEHXVHG
IRU0XOWL5DFN&RQYHFWLRQ%DNLQJRU5DFN
&RQYHFWLRQ%DNLQJ
0XOWL5DFN&RQYHFWLRQ%DNLQJ
%HFDXVHKHDWHGDLULVFLUFXODWHGHYHQO\
WKURXJKRXWWKHRYHQIRRGVFDQEHEDNHGZLWK
H[FHOOHQWUHVXOWVXVLQJPXOWLSOHUDFNV
0XOWLUDFNSRVLWLRQ
0XOWLUDFNEDNLQJPD\LQFUHDVHFRRNWLPHV
VOLJKWO\IRUVRPHIRRGVEXWWKHRYHUDOOUHVXOW
LVWLPHVDYHG&RRNLHVPXIILQVELVFXLWVDQG
RWKHUTXLFNEUHDGVJLYHYHU\JRRGUHVXOWVZLWK
PXOWLUDFNEDNLQJ
:KHQEDNLQJRQUDFNVSODFHH[WHQVLRQUDFN
LQWKHVHFRQG%SRVLWLRQDQRWKHUUDFNLQWKH
IRXUWK'SRVLWLRQDQGWKHWKLUGUDFNLQWKHVL[WK
)SRVLWLRQ
)RUWZRUDFNEDNLQJSODFHH[WHQVLRQUDFNLQWKH
VHFRQG%UDFNSRVLWLRQ3ODFHWKHRWKHUUDFNLQ
WKHILIWK(UDFNSRVLWLRQ
5DFN&RQYHFWLRQ%DNLQJ
:KHQFRQYHFWLRQEDNLQJZLWKRQO\UDFNSODFH
WKHIRRGVRWKDWLWLVFHQWHUHGLQWKHRYHQ
+RZWR6HWWKH2YHQIRU&RQYHFWLRQ%DNLQJ
7RXFKWKH&219(&7,21&22.SDGIRU
FRQYHFWLRQFRRNLQJ
7RXFKWKHQXPEHUSDGVWRVHWWKHRYHQ
WHPSHUDWXUH
7RXFKWKH67$57SDG
:KHQWKHRYHQVWDUWVWRKHDWWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDWƒ)ZLOOEHGLVSOD\HG
:KHQWKHRYHQUHDFKHVWKHWHPSHUDWXUH\RX
VHWEHHSVZLOOVRXQG
7RXFK&/($52))SDGZKHQILQLVKHG
127(,IWKH$XWR5HFLSHŒ&RQYHUVLRQ)HDWXUH
LVRQLWZLOODXWRPDWLFDOO\UHGXFHWKHVHWUHJXODU
EDNLQJWHPSHUDWXUHE\DSSUR[LPDWHO\ƒ)
WRWKHDSSURSULDWHFRQYHFWLRQWHPSHUDWXUH
LQFRQYHFWLRQEDNHPRGH6HH$XWR5HFLSHŒ
&RQYHUVLRQLQWKH6SHFLDO)HDWXUHVVHFWLRQ
7RFKDQJHWKHRYHQWHPSHUDWXUHWRXFKWKH
&219(&7,21&22.SDGDQGWKHQWKHQXPEHU
SDGVWRVHWWKHQHZWHPSHUDWXUH
„<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWK
FRQYHFWLRQ7KHIDQZLOOVWRSZKHQWKHGRRULV
RSHQHGEXWWKHKHDWZLOOQRWWXUQRII
„<RXPD\KHDUWKHRYHQFOLFNLQJGXULQJ
EDNLQJ7KLVLVQRUPDO
*($SSOLDQFHVFRP
&RRNZDUHIRU&RQYHFWLRQ&RRNLQJ
%HIRUHXVLQJ\RXUFRQYHFWLRQRYHQFKHFNWRVHH
LI\RXUFRRNZDUHOHDYHVURRPIRUDLUFLUFXODWLRQ
LQWKHRYHQ,I\RXDUHEDNLQJZLWKVHYHUDOSDQV
OHDYH VSDFH EHWZHHQ WKHP $OVR EH VXUH WKH
SDQVGRQRWWRXFKHDFKRWKHURUWKHZDOOVRIWKH
RYHQ
3DSHUDQG3ODVWLF
+HDWUHVLVWDQWSDSHUDQGSODVWLFFRQWDLQHUVWKDW
DUHUHFRPPHQGHGIRUXVHLQUHJXODUEDNLQJFDQ
DOVR EH XVHG IRU FRQYHFWLRQ EDNLQJ EXW VKRXOG
QRW EH XVHG DW WHPSHUDWXUHV KLJKHU WKDQ WKH
WHPSHUDWXUH UHFRPPHQGHG E\ WKH FRRNZDUH
PDQXIDFWXUHU 3ODVWLF FRRNZDUH WKDW LV KHDW
UHVLVWDQWWRWHPSHUDWXUHVRIƒ)FDQDOVREH
XVHG
0HWDODQG*ODVV
$Q\W\SHRIFRRNZDUHZLOOZRUNLQ\RXUFRQYHFWLRQ
RYHQKRZHYHUPHWDOSDQVKHDWWKHIDVWHVWDQG
DUHUHFRPPHQGHGIRUFRQYHFWLRQEDNLQJ
„'DUNHQHG RU PDWWHILQLVKHG SDQV ZLOO EDNH
IDVWHUWKDQVKLQ\SDQV
„*ODVVRUFHUDPLFSDQVFRRNPRUHVORZO\
)RUUHFLSHVOLNHRYHQEDNHGFKLFNHQXVHDSDQ
ZLWK ORZ VLGHV +RW DLU FDQQRW FLUFXODWH ZHOO
DURXQGIRRGLQDSDQZLWKKLJKVLGHV
„ 8VH SDQV ZLWK ORZ RU QR VLGHV ZKHQ EDNLQJ
LQ FRQYHFWLRQ FRRN PRGH +RW DLU FDQQRW
FLUFXODWHZHOODURXQGIRRGLQDSDQZLWKKLJK
VLGHV :KHQ EDNLQJ FRRNLHV \RX ZLOO JHW WKH
EHVW UHVXOWV LI \RX XVH D IODW FRRNLH VKHHW
LQVWHDGRIDSDQZLWKORZVLGHV
8VLQJWKHSUREH
)RUPDQ\IRRGVHVSHFLDOO\URDVWVDQGSRXOWU\LQWHUQDOIRRGWHPSHUDWXUHLVWKHEHVWWHVWIRUGRQHQHVV7KHWHPSHUDWXUH
SUREHWDNHVWKHJXHVVZRUNRXWRIURDVWLQJE\FRRNLQJIRRGVWRWKHH[DFWGRQHQHVV\RXZDQW
7RSUHYHQWEXUQVGRQRWXQSOXJWKHSUREHIURP
WKHRYHQRXWOHWXQWLOWKHRYHQKDVFRROHG
&$87,21
7KHWHPSHUDWXUHSUREHKDVD
VNHZHUOLNHSUREHDWRQHHQGDQG
DSOXJDWWKHRWKHUHQGWKDWJRHV
LQWRWKHRXWOHWLQWKHRYHQ
127( )DLOXUH WR IXOO\ LQVHUW WKH SUREH LQWR WKH
PHDW PD\ UHVXOW LQ SRRU FRRNLQJ SHUIRUPDQFH
EHFDXVHWKHSUREHZLOOVHQVHWKHRYHQDLUYVWKH
IRRGWHPSHUDWXUH
„
1HYHUOHDYH\RXUSUREHLQVLGHWKHRYHQGXULQJ
8VHRISUREHVRWKHUWKDQWKHRQHSURYLGHGZLWK
DVHOIFOHDQLQJRUEURLOF\FOH
WKLVSURGXFWPD\UHVXOWLQGDPDJHWRWKHSUREH
„
'RQRWVWRUHWKHSUREHLQWKHRYHQ
RURYHQFRQWURO
8VH WKH KDQGOHV RI WKH SUREH DQG SOXJ ZKHQ )RU URDVWV ZLWK QR ERQH LQVHUW WKH SUREH LQWR
LQVHUWLQJDQGUHPRYLQJWKHPIURPWKHIRRGDQG WKH WKLFNHVW SDUW RI WKH URDVW )RU ERQHLQ KDP
RUODPELQVHUWWKHSUREHLQWRWKHFHQWHURIWKH
RXWOHW
ORZHVWODUJHPXVFOH
3OXJ
&DEOH
+DQGOHV
,QVHUWWKHSUREHLQWRWKHFHQWHURIGLVKHVVXFKDV
PHDWORDIRUFDVVHUROHV
3UREH
5HDGDQGUHPRYHODEHO
„
7R DYRLG GDPDJLQJ \RXU SUREH GR QRW XVH
WRQJVWRSXOORQWKHFDEOHZKHQUHPRYLQJLW
„
7RDYRLGEUHDNLQJWKHSUREHPDNHVXUHIRRGLV
FRPSOHWHO\GHIURVWHGEHIRUHLQVHUWLQJ
$IWHU SUHSDULQJ WKH PHDW DQG SODFLQJ LW RQ D
WULYHWRUDEURLOHUSDQJULGIROORZWKHVHGLUHFWLRQV
IRUSURSHUSUREHSODFHPHQW
,QVHUW WKH SUREH LQWR WKH WKLFNHVW SDUW RI WKH
EUHDVW RI D ZKROH WXUNH\ RU FKLFNHQ 1RW DOO
ORFDWLRQV ZLWKLQ WKH PHDW FRRN DW WKH VDPH
UDWH,WLVDJRRGLGHDWRFKHFNWKHWHPSHUDWXUH
DW RWKHU ORFDWLRQV ZLWK D PHDW WKHUPRPHWHU
RQFH FRRNLQJ KDV VWRSSHG WR HQVXUH VDIH
WHPSHUDWXUHV KDYH EHHQ UHDFKHG LQ DOO DUHDV
RI WKH PHDW )RU H[DPSOH ZKHQ FRRNLQJ D
FKLFNHQRUWXUNH\SODFHWKHSUREHLQWKHEUHDVW
EXW DOVR FKHFN WKH WHPSHUDWXUH LQ WKH OHJ DQG
WKLJKZLWKDPHDWWKHUPRPHWHUZKHQWKHSUREH
WHPSHUDWXUHKDVEHHQUHDFKHG
,QVHUW WKH SUREH FRPSOHWHO\ LQWR WKH PHDW ,W 127(6HOIFOHDQDQG%URLOVHWWLQJVZLOOQRWZRUNLI
VKRXOGQRWWRXFKERQHIDWRUJULVWOH
WKHWHPSHUDWXUHSUREHLVSOXJJHGLQ
+RZWR6HWWKH2YHQ)RU%DNLQJ5RDVWLQJ:KHQ8VLQJWKH3UREH
RQVRPHPRGHOV
)RU WKH SUREH WHPSHUDWXUH DIWHU WKH LQWHUQDO
WHPSHUDWXUH RI WKH IRRG UHDFKHV ƒ) WKH
3OXJWKHSUREHLQWRWKHRXWOHWLQWKHRYHQ FKDQJLQJ WHPSHUDWXUH ZLOO EH VKRZQ LQ WKH
0DNHVXUHLW·VSXVKHGDOOWKHZD\LQ&ORVH GLVSOD\
WKHRYHQGRRU0DNHVXUHWKHSUREHFDEOHLV
:KHQWKHLQWHUQDOWHPSHUDWXUHRIWKHIRRG
QRWWRXFKLQJWKHEURLOHOHPHQW
UHDFKHV WKH QXPEHU \RX KDYH VHW WKH
7RXFK WKH 352%( SDG 'LVSOD\ ZLOO VKRZ
SUREHDQGWKHRYHQWXUQRIIDQGWKHRYHQ
´6HW3UREH7HPSµ
FRQWUROVLJQDOV7RVWRSWKHVLJQDOWRXFKWKH
&/($52))SDG 8VH KRW SDGV WR UHPRYH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
WKHSUREHIURPWKHIRRG'RQRWXVHWRQJV
LQWHUQDO IRRG RU PHDW WHPSHUDWXUH 7KH
WRSXOORQLW³WKH\PLJKWGDPDJHLW
PD[LPXPLQWHUQDOWHPSHUDWXUHIRUWKHIRRG
WKDW\RXFDQVHWLVž)
„,I WKH SUREH LV UHPRYHG IURP WKH RYHQ ZKLOH
SUREH FRRNLQJ WKH RYHQ ZLOO DXWRPDWLFDOO\
7RXFKWKH67$57SDG
WXUQRIIDIWHUPLQXWH
7RXFKWKH%$.(RU&219(&7,21SDG
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJWKH%DNH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG 5RDVWF\FOH WRXFK WKH %$.( RU &219(&7,21
SDGDQGWKHQWKHQXPEHUSDGVWRVHWWKHQHZ
RYHQWHPSHUDWXUH
WHPSHUDWXUH
7RXFKWKH67$57SDG
„<RXFDQXVHWKH.LWFKHQ7LPHUHYHQWKRXJK
7KH ZRUG 352%( ZLOO GLVSOD\ LI WKH SUREH LV
\RXFDQQRWXVHWLPHGRYHQRSHUDWLRQVZKLOH
LQVHUWHGLQWRWKHRXWOHWDQG\RXKDYHQRWVHWD
XVLQJWKHSUREH
SUREHWHPSHUDWXUHDQGWRXFKHGWKH67$57SDG
6HH %DNLQJ RU 5RDVWLQJ VHFWLRQ DQG %URLOLQJ
7RXFK WKH 352%( SDG WR UHFDOO WKH SUREH *XLGH IRU LQWHUQDO WHPSHUDWXUHV IRU PHDWV DQG
WHPSHUDWXUH RU %$.( RU &219(&7,21 SDG WR PRUH LQIRUPDWLRQ RQ KRZ WR SURWHFW DJDLQVW
UHFDOOWKHRYHQWHPSHUWXUH
IRRGERUQHLOOQHVV
,QVHUWWKHSUREHIXOO\LQWRWKHIRRG
OR
8VLQJWKHWLPHGEDNLQJDQGURDVWLQJIHDWXUHV
*($SSOLDQFHVFRP
127()RRGVWKDWVSRLOHDVLO\³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³VKRXOGQRWEHDOORZHGWRVLWIRUPRUH
WKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD
%HVXUHWKDWWKHRYHQOLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
OR
7KHRYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRN
IRUDVHOHFWHGOHQJWKRIWLPH$WWKHHQG
RIWKHFRRNLQJWLPHWKHRYHQZLOOWXUQRII
DXWRPDWLFDOO\
7RXFKWKH%$.(RU&219(&7,21&22.
SDGRURWKHUGHVLUHGFRRNLQJIXQFWLRQ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
7RXFKWKH&22.7,0(SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRI
WKHFRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHPLQLPXP
FRRNLQJWLPH\RXFDQVHWLVPLQXWH
7KHRYHQWHPSHUDWXUHWKDW\RXVHWDQG
WKHFRRNLQJWLPHWKDW\RXHQWHUHGZLOOEH
LQWKHGLVSOD\
7RXFKWKH67$57SDG
7KHRYHQZLOOWXUQ21DQGWKHGLVSOD\ZLOOVKRZ
WKHFRRNLQJWLPHFRXQWGRZQDQGWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDWƒ)7KHWHPSHUDWXUH
GLVSOD\ZLOOVWDUWWRFKDQJHRQFHWKHRYHQ
WHPSHUDWXUHUHDFKHVƒ):KHQWKHRYHQ
UHDFKHVWKHWHPSHUDWXUH\RXVHWVKRUWEHHSV
ZLOOVRXQG
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKHVHW
DPRXQWRIWLPHWKHQWXUQRIIDXWRPDWLFDOO\
7RXFKWKH&/($52))SDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\5HPRYHWKHIRRGIURP
WKHRYHQ5HPHPEHUHYHQWKRXJKWKH
RYHQWXUQVRIIDXWRPDWLFDOO\IRRGOHIWLQ
WKHRYHQZLOOFRQWLQXHFRRNLQJDIWHUWKH
RYHQWXUQVRII
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQDWWKHWLPHRIGD\\RXVHW
FRRNIRUDVSHFLILFOHQJWKRIWLPHDQGWKHQWXUQ
RIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\
7RXFKWKH'(/$<67$57SDG
OR
7RXFKWKHQXPEHUSDGVWRVHWWKHWLPHRI
GD\\RXZDQWWKHRYHQWRWXUQRQDQG
VWDUWFRRNLQJ
7RXFKWKH67$57SDG
7RXFKWKH%$.(RU&219(&7,21&22.
SDGRURWKHUGHVLUHGFRRNLQJIXQFWLRQ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
7RXFKWKH&22.7,0(SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWK
RIWKHFRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHPLQLPXP
FRRNLQJWLPH\RXFDQVHWLVPLQXWH
7KHRYHQWHPSHUDWXUHWKDW\RXVHWDQG
WKHFRRNLQJWLPHWKDW\RXHQWHUHGZLOOEH
LQWKHGLVSOD\
7RXFKWKH67$57SDG
127(,I\RXZRXOGOLNHWRFKHFNWKHWLPHV
\RXKDYHVHWWRXFKWKH'(/$<67$57SDGWR
FKHFNWKHVWDUWWLPH\RXKDYHVHWRUWRXFKWKH
&22.7,0(SDGWRFKHFNWKHOHQJWKRIFRRNLQJ
WLPH\RXKDYHVHW
:KHQWKHRYHQWXUQV21DWWKHWLPHRIGD\
\RXVHWWKHGLVSOD\ZLOOVKRZWKHFRRNLQJWLPH
FRXQWGRZQDQGWKHFKDQJLQJWHPSHUDWXUH
VWDUWLQJDWƒ)7KHWHPSHUDWXUHGLVSOD\ZLOO
VWDUWWRFKDQJHRQFHWKHRYHQWHPSHUDWXUH
UHDFKHVƒ):KHQWKHRYHQUHDFKHVWKH
WHPSHUDWXUH\RXVHWEHHSVZLOOVRXQG
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKHVHW
DPRXQWRIWLPHWKHQWXUQRIIDXWRPDWLFDOO\
7RXFKWKH&/($52))SDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\5HPRYHWKHIRRGIURP
WKHRYHQ5HPHPEHUHYHQWKRXJKWKH
RYHQWXUQVRIIDXWRPDWLFDOO\IRRGOHIWLQ
WKHRYHQZLOOFRQWLQXHFRRNLQJDIWHUWKH
RYHQWXUQVRII
8VLQJWKHVORZFRRNDQGZDUPLQJIHDWXUHV
+RZWR6HWWKH2YHQ)RU6ORZ&RRN
6ORZ&RRNLVGHVLJQHGIRUORQJKRXUVRIXQDWWHQGHG
FRRNLQJ
7RXFKWKH6/2:&22.SDG
7RXFKWKH67$57SDG
7RXFK WKH QXPEHU SDG WR VHOHFW WKH GHVLUHG
VHWWLQJIRU3RXOWU\RUIRU0HDWV8VH0HDWVLI
\RXDUHXQVXUHZKLFKVHWWLQJWRXVH
6ORZ&RRN*XLGH
)RRG
4XDQWLW\
%HHI
&KXFN5RDVW
²øOEV
%HHI5LEV
ø²OEV
3RXOWU\
:KROH&KLFNHQ
OEV
&KLFNHQ3LHFHV
SLHFHV
DSSUR[OEV
3RUN
%RQHOHVV%ODGH
²OEV
5RDVW
&RXQWU\6W\OH
ø²OEV
3RUN5LEV
3RUN&KRSV
²OEV
6RXS
9HJHWDEOH%HHI
TXDUWV
6RXS
&KLOL
TXDUWV
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHGOHQJWK
RI FRRNLQJ WLPH 7KH FRRNLQJ WLPH PXVW EH DW
OHDVWKRXUVXSWRKRXUVPLQXWHV
127(,IDSRZHURXWDJHRFFXUVZKLOHWKHRYHQLVLQ
6ORZ&RRNWKHUDQJHZLOOVKXWRII
*XLGHOLQH7LSV
5DFN
3RVLWLRQ
)RRG
6HWWLQJ
7LPH
+RXUV
&
&
&
&
&
&
&
&
&
0HDWV
0HDWV
+,²KUV $GGFXSOLTXLG
/2²KUV
+,²KUV 3ODFHULEVLQDVLQJOHOD\HU
/2²KUV
3RXOWU\
3RXOWU\
+,²KUV $GGFXSOLTXLG
/2²KUV
+,²KUV %HVWVXEPHUJHGXQGHUDVDXFH
/2²KUV WRSUHYHQWVXUIDFHGU\LQJ
0HDWV
0HDWV
0HDWV
+,²KUV $GG²FXSOLTXLG
/2²KUV
+,²KUV 3ODFHULEVLQDVLQJOHOD\HU
/2²KUV
+,²KUV 3ODFHFKRSVLQDVLQJOHOD\HU
/2²KUV
0HDWV
0HDWV
+,²KUV
/2²KUV
+,²KUV
/2²KUV
&RPPHQWV
0DNHVXUHEHHIFKXQNV
DUHVXEPHUJHG
6XEPHUJHEHDQV
WRSUHYHQWVXUIDFHGU\LQJ
„7KH VORZ FRRN SURJUDP XVHV D FRPSOH[ VHULHV RI
WHPSHUDWXUH F\FOLQJ WR REWDLQ WKH EHVW UHVXOWV )RU WKLV
UHDVRQLWLVUHFRPPHQGHGWKDWWKHVORZFRRNSURJUDPEH
DOORZHGWRUXQZLWKRXWFDQFHOOLQJRUUHVWDUWLQJ5HVWDUWLQJ
WKHVORZFRRNIHDWXUHZKLOHLWLVLQSURJUHVVPD\UHVXOWLQ
RYHUFRRNHGPHDW
„)RU MXLF\ DQG WHQGHU PHDW FKRRVH FXWV RI PHDW VXFK
DV FKXFN URDVW RU D ERQHOHVV EODGH URDVW /HDQHU FXWV
RI PHDW VXFK DV WRS URXQG DUH GULHU DQG PD\ QHHG
DGGLWLRQDOOLTXLG
„8VHRQO\JODVVDQGFHUDPLFGLVKHV0HWDOSRWVDQGSDQV
WHQGWRWUDQVIHUWKHKHDWLQWRWKHIRRGVWRRTXLFNO\
„0DWFK WKH TXDQWLW\ RI IRRG WR WKH VL]H SDQ )LOO WKH SDQ
DERXWIXOOIRUEHVWUHVXOWV7RRODUJHDSRWDOORZVWKH
VWHDPWRHVFDSHFDXVLQJIRRGVWRGU\RXW
„$OZD\VFRYHUWKHSRWZLWKDOLGRUDOXPLQXPIRLO
„$ ZLGH UDQJH RI UHFLSHV PD\ EH XVHG LQ WKH VORZ FRRN
IHDWXUH )RU EHVW UHVXOWV VRPH DGMXVWPHQWV PD\ QHHG
WR EH PDGH )RU VPDOOHU VL]HG UHFLSHV EHJLQ FKHFNLQJ
DW PLQLPXP WLPH )RU ODUJH UHFLSHV RU ZKHQ GRXEOLQJ
UHFLSHVIRRGVPD\EHFRRNHGIRUORQJHUSHULRGVRIWLPH
„:KHQ WKH VORZ FRRN IHDWXUH FRPSOHWHV WKH RYHQ ZLOO
DXWRPDWLFDOO\VZLWFKWR´ZDUPµPRGH,IDGGLWLRQDOVORZ
FRRN WLPH LV GHVLUHG WKLV ZDUP PRGH PD\ EH XVHG WR
REWDLQWKHH[WUDWLPH
+RZWR6HWWKH2YHQ)RU:DUPLQJ
7KH:$50IHDWXUHNHHSVFRRNHGIRRGVKRW
7KLVIHDWXUHLVQRWGHVLJQHGWRUHKHDWFROGIRRG
7RXVHWKH:$50IHDWXUHWRXFKWKH:$50
SDGDQGWKHQWKH67$57SDG
7RXVHWKH:$50IHDWXUHDIWHU7LPHG%DNLQJ
IROORZWKHVHVWHSV
7RXFKWKHEDNHPRGHRIFRRNLQJ
7RXFKWKHQXPEHUSDGVWRVHWWKHRYHQ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH
7RXFKWKH:$50SDG
7RXFKWKH67$57SDG
127(3ODVWLFFRQWDLQHUVOLGVRUSODVWLFZUDSZLOO
PHOWLISODFHGLQWKHRYHQ0HOWHGSODVWLFPD\
QRWEHUHPRYDEOHDQGLVQRWFRYHUHGXQGHU\RXU
ZDUUDQW\
WHPSHUDWXUH
7RXFKWKH&22.7,0(SDG
:$51,1*
)22'32,621+$=$5'%DFWHULDPD\JURZLQIRRGDWWHPSHUDWXUHVEHORZƒ)
‡$OZD\VVWDUWZLWKKRWIRRG'RQRWXVHZDUPVHWWLQJVWRKHDWFROGIRRG
‡'RQRWZDUPIRRGIRUPRUHWKDQKRXUV
)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQIRRGERUQHLOOQHVV
8VLQJWKHZDUPLQJGUDZHU
*($SSOLDQFHVFRP
)22'32,621+$=$5'%DFWHULDPD\JURZLQIRRGDWWHPSHUDWXUHVEHORZƒ)
‡$OZD\VVWDUWZLWKKRWIRRG'RQRWXVHZDUPVHWWLQJVWRKHDWFROGIRRG
‡'RQRWZDUPIRRGIRUPRUHWKDQKRXUV
)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQIRRGERUQHLOOQHVV
7KHZDUPLQJGUDZHUZLOONHHSKRWFRRNHGIRRGVDWVHUYLQJWHPSHUDWXUH$OZD\VVWDUWZLWKKRWIRRG
'RQRWXVHWRKHDWFROGIRRGRWKHUWKDQFULVSLQJFUDFNHUVFKLSVRUGU\FHUHDO
:$51,1*
7R8VHWKH:DUPLQJ'UDZHU
7RXFKWKH:$50,1*'5$:(5212))SDG
´6HW:DUPLQJ'UDZHUµEHJLQVWREOLQN7RXFK
WKH:$50,1*'5$:(56(77,1*SDGWRVHWWKH
ZDUPLQJGUDZHUWR´+,µ´67'µRU´/2µ
7RFDQFHOWRXFKWKH:$50,1*'5$:(521
2))SDG
127(7RXFKLQJWKH&/($52))SDGGRHVQRW
WXUQRIIWKHZDUPLQJGUDZHU
:KHQ8VLQJWKH:DUPLQJ'UDZHU
7KHZDUPLQJGUDZHUZLOONHHSKRWFRRNHG
IRRGVZDUP$OZD\VVWDUWZLWKKRWIRRG'R
QRWXVHWRKHDWFROGIRRGRWKHUWKDQFULVSLQJ
FUDFNHUVFKLSVRUGU\FHUHDO
'RQRWOLQHWKHZDUPLQJGUDZHURUSDQ
ZLWKDOXPLQXPIRLO)RLOLVDQH[FHOOHQWKHDW
LQVXODWRUDQGZLOOWUDSKHDWEHQHDWKLW7KLV
ZLOOXSVHWWKHSHUIRUPDQFHRIWKHGUDZHUDQG
FRXOGGDPDJHWKHLQWHULRUILQLVK
$OORZDSSUR[LPDWHO\PLQXWHVIRUWKH
ZDUPLQJGUDZHUWRSUHKHDW
„'RQRWSXWOLTXLGRUZDWHULQWKHZDUPLQJ
GUDZHU
„$OOIRRGVSODFHGLQWKHZDUPLQJGUDZHU
VKRXOGEHFRYHUHGZLWKDOLGRUDOXPLQXP
IRLO:KHQZDUPLQJSDVWULHVRUEUHDGVWKH
FRYHUVKRXOGEHYHQWHGWRDOORZPRLVWXUHWR
HVFDSH
„)RRGVKRXOGEHNHSWKRWLQLWVFRRNLQJ
FRQWDLQHURUWUDQVIHUUHGWRDKHDWVDIH
VHUYLQJGLVK
127(3ODVWLFFRQWDLQHUVRUSODVWLFZUDSZLOO
PHOWLILQGLUHFWFRQWDFWZLWKWKHGUDZHUSDQ
RUDKRWXWHQVLO0HOWHGSODVWLFPD\QRWEH
UHPRYDEOHDQGLVQRWFRYHUHGXQGHU\RXU
ZDUUDQW\
„5HPRYHVHUYLQJVSRRQVHWFEHIRUHSODFLQJ
FRQWDLQHUVLQZDUPLQJGUDZHU
7HPSHUDWXUH6HOHFWLRQ&KDUW
7RNHHSVHYHUDOGLIIHUHQWIRRGVKRWVHWWKHFRQWUROWR
WKHIRRGQHHGLQJWKHKLJKHVWVHWWLQJ
„7KHWHPSHUDWXUHW\SHDQGDPRXQWRIIRRGDQG
WKHWLPHKHOGZLOODIIHFWWKHTXDOLW\RIWKHIRRG
„5HSHDWHGRSHQLQJRIWKHGUDZHUDOORZV
WKHKRWDLUWRHVFDSHDQGWKHIRRGWRFRRO
„:LWKODUJHORDGVLWPD\EHQHFHVVDU\
WRXVHDKLJKHUZDUPLQJGUDZHUVHWWLQJDQG
FRYHUVRPHRIWKHFRRNHGIRRGLWHPV
„'
RQRWXVHSODVWLFFRQWDLQHUVRUSODVWLFZUDS
)RRG7\SH
&DVVHUROH
&RQWURO6HWWLQJ
67'
&KLOL
+,
3L]]D
67'
3RWDWRHVEDNHG
+,
7RUWLOOD&KLSV
/2
:DIIOHV
/2
7R&ULVS6WDOH,WHPV
„3ODFHIRRGLQORZVLGHGGLVKHVRUSDQV
„3UHKHDWRQ/2VHWWLQJ
„&KHFNFULVSQHVVDIWHUPLQXWHV$GGWLPHDV
QHHGHG
7R:DUP6HUYLQJ%RZOVDQG3ODWHV
&$87,21
'LVKHVZLOOEHKRW8VHSRWKROGHUVRUPLWWVZKHQ
UHPRYLQJKRWGLVKHV
7RZDUPVHUYLQJERZOVDQGSODWHVVHWWKHFRQWURO
RQ/2
„8VHRQO\KHDWVDIHGLVKHV
„,I\RXZDQWWRKHDWILQHFKLQDSOHDVHFKHFN
ZLWKWKHPDQXIDFWXUHURIWKHGLVKHVIRUWKHLU
PD[LPXPKHDWWROHUDQFH
„<RXPD\ZDUPHPSW\VHUYLQJGLVKHVZKLOH
SUHKHDWLQJWKHGUDZHU
8VLQJWKHVHOIFOHDQIHDWXUH
%HIRUHD6HOI&OHDQ&\FOH
:$51,1*
),5(+$=$5':LSHJUHDVHDQGKHDY\VRLOIURP
WKHRYHQERWWRPEHIRUHVHOIFOHDQLQJ)DLOXUHWR
GRVRPD\UHVXOWLQDQRYHQILUH
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
:HUHFRPPHQGYHQWLQJ\RXUNLWFKHQZLWKDQ
RSHQZLQGRZRUXVLQJDYHQWLODWLRQIDQRUKRRG
GXULQJWKHILUVWVHOIFOHDQF\FOH
5HPRYHDQ\EURLOHUSDQEURLOHUJULGSUREHDOO
FRRNZDUHDQGDQ\DOXPLQXPIRLOIURPWKHRYHQ
127(
„,I\RXURYHQLVHTXLSSHGZLWKVKLQ\VLOYHU
FRORUHGRYHQUDFNVZHUHFRPPHQG\RX
UHPRYHWKHPEHIRUH\RXEHJLQWKHVHOIFOHDQ
F\FOH7KH\PD\UHPDLQLQWKHRYHQGXULQJWKH
VHOIFOHDQF\FOHEXWWKH\ZLOOGDUNHQORVHWKHLU
OXVWHUDQGEHFRPHKDUGWRVOLGH
'RQRWFOHDQWKHJDVNHW7KHILEHUJODVVPDWHULDORI
WKHRYHQGRRUJDVNHWFDQQRWZLWKVWDQGDEUDVLRQ
,WLVHVVHQWLDOIRUWKHJDVNHWWRUHPDLQLQWDFW,I\RX
QRWLFHLWEHFRPLQJZRUQRUIUD\HGUHSODFHLW
0DNHVXUHWKHRYHQOLJKWEXOEFRYHULVLQSODFHDQG
WKHRYHQOLJKWLVRII
,03257$177KHKHDOWKRIVRPHELUGVLV
H[WUHPHO\VHQVLWLYHWRWKHIXPHVJLYHQRIIGXULQJ
WKHVHOIFOHDQLQJF\FOHRIDQ\UDQJH0RYHELUGVWR
DQRWKHUZHOOYHQWLODWHGURRP
7KHVXUIDFHXQLWVDUHDXWRPDWLFDOO\GLVDEOHG
GXULQJWKHVHOIFOHDQF\FOH
„,I\RXURYHQLVHTXLSSHGZLWKJUD\SRUFHODLQ
FRDWHGRYHQUDFNVWKH\PD\EHOHIWLQWKHRYHQ
GXULQJWKHVHOIFOHDQF\FOH
6RLORQWKHIURQWIUDPHRIWKHUDQJHDQGRXWVLGH
WKHJDVNHWRQWKHGRRUZLOOQHHGWREHFOHDQHGE\
KDQG&OHDQWKHVHDUHDVZLWKKRWZDWHUVRDSILOOHG
VWHHOZRROSDGVRUFOHDQVHUVVXFKDV6RIW6FUXEŠ
5LQVHZHOOZLWKFOHDQZDWHUDQGGU\
+RZWR6HWWKH2YHQIRU6HOI&OHDQLQJ
7KHRYHQGRRUVPXVWEHFORVHGDQGDOOFRQWUROVVHW
FRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
7RXFKWKH6(/)&/($1SDG
,IDWLPHRWKHUWKDQWKHGHIDXOWWLPHLV
QHHGHGXVHWKHQXPEHU SDGVDQGHQWHUWKH
GHVLUHGFOHDQWLPH
<RXFDQFKDQJHWKHFOHDQWLPHWRDQ\WLPH
EHWZHHQKRXUVDQGKRXUVGHSHQGLQJRQKRZ
GLUW\\RXURYHQLV
7RXFKWKH67$57SDG
7KHRYHQGRRUORFNVDXWRPDWLFDOO\7KHGLVSOD\
ZLOOVKRZWKHFOHDQWLPHUHPDLQLQJ,WZLOOQRW
EHSRVVLEOHWRRSHQWKHRYHQGRRUXQWLOWKH
WHPSHUDWXUHGURSVEHORZWKHORFNWHPSHUDWXUH
DQG/2&.(''225 JRHVRIILQWKHFRQWURO
GLVSOD\
„7KHZRUG/2&.(''225 ZLOOIODVKDQGD
EHHSZLOOVRXQGLI\RXVHWWKHFOHDQF\FOHDQG
IRUJHWWRFORVHWKHRYHQGRRU
„7RVWRSDFOHDQF\FOHWRXFKWKH&/($5
2))SDG:KHQ/2&.(''225 JRHVRII
LQGLFDWLQJWKHRYHQKDVFRROHGEHORZWKH
ORFNLQJWHPSHUDWXUH\RXZLOOEHDEOHWRRSHQ
WKHGRRU
*($SSOLDQFHVFRP
7KHRYHQGRRUVPXVWEHFORVHGDQGDOOFRQWUROVVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
+RZWR'HOD\WKH6WDUWRI6HOI&OHDQLQJ
7RXFKWKH'(/$<67$57SDG
8VLQJWKHQXPEHUSDGVHQWHUWKHWLPHRI
GD\\RXZDQWWKHFOHDQF\FOHWRVWDUW
7RXFKWKH67$57SDG
7RXFKWKH6(/)&/($1SDG
7RXFKWKH67$57SDG
7KHRYHQGRRUORFNVDXWRPDWLFDOO\,WZLOOQRW
EHSRVVLEOHWRRSHQWKHRYHQGRRUXQWLOWKH
WHPSHUDWXUHGURSVEHORZWKHORFNWHPSHUDWXUH
DQG/2&.(''225 JRHVRIILQWKHFRQWURO
GLVSOD\
8VHWKHQXPEHU SDGVDQGHQWHUWKH
GHVLUHGFOHDQWLPH
<RXFDQFKDQJHWKHFOHDQWLPHWRDQ\WLPH
EHWZHHQKRXUVDQGKRXUVGHSHQGLQJRQ
KRZGLUW\\RXURYHQLV
$IWHUD6HOI&OHDQ&\FOH
<RXPD\QRWLFHVRPHZKLWHDVKLQWKHRYHQ
:LSHLWXSZLWKDGDPSFORWKDIWHUWKHRYHQ
FRROV
,IZKLWHVSRWVUHPDLQUHPRYHWKHPZLWKD
VRDSILOOHGVWHHOZRROSDGDQGULQVHWKRURXJKO\
ZLWKDYLQHJDUDQGZDWHUPL[WXUH
7KHVHGHSRVLWVDUHXVXDOO\DVDOWUHVLGXHWKDW
FDQQRWEHUHPRYHGE\WKHFOHDQF\FOH
([WHQVLRQ5DFN
,ILWEHFRPHVGLIILFXOWWRVOLGHVHH([WHQVLRQ
5DFNLQWKH&DUHDQGFOHDQLQJVHFWLRQ'RQRW
VSUD\H[WHQVLRQUDFNZLWKFRRNLQJVSUD\RU
RWKHUOXEULFDQWVSUD\V
,ILWEHFRPHVKDUGWRUHPRYHRUUHSODFHZLSH
WKHRYHQUDFNVXSSRUWVZLWKFRRNLQJRLO'RQRW
ZLSHFRRNLQJRLORQWKHVOLGHV
,IWKHRYHQLVQRWFOHDQDIWHURQHFOHDQF\FOH
UHSHDWWKHF\FOH
127($IWHUWKHILUVWVHOIFOHDQF\FOHWKHJUD\
VWDLQOHVVVWHHOVXUIDFHVZLOOFKDQJHFRORURQ
„<RXFDQQRWVHWWKHRYHQIRUFRRNLQJXQWLOWKH HQDPHOHGH[WHQVLRQUDFNV7KLVLVQRUPDO,WLV
QRWUHFRPPHQGHGWRVHOIFOHDQQLFNHOH[WHQVLRQ
RYHQLVFRROHQRXJKIRUWKHGRRUWRXQORFN
„:KLOHWKHRYHQLVVHOIFOHDQLQJ\RXFDQWRXFK UDFNVDVWKHZKROHUDFNZLOOGLVFRORUEHFDXVHRI
&/2&.WRGLVSOD\WKHWLPHRIGD\7RUHWXUQWR WKHVHOIFOHDQWHPSHUDWXUHV
WKHFOHDQFRXQWGRZQWRXFK6(/)&/($1
6WDQGDUG5DFNV
,IWKH\EHFRPHKDUGWRVOLGHZLSHWKHLUVLGH
HGJHVDQGWKHRYHQUDFNVXSSRUWVZLWKFRRNLQJ
RLO
8VLQJ6WHDP&OHDQRQVRPHPRGHOV
'XULQJWKHVWHDPFOHDQF\FOH
WKHRYHQERWWRPEHFRPHVKRW
HQRXJKWRFDXVHEXUQV:DLW
XQWLOWKHF\FOHLVRYHUPLQXWHVEHIRUHZLSLQJWKH
LQVLGHVXUIDFHVRIWKHRYHQ)DLOXUHWRGRVRPD\UHVXOW
LQEXUQV
&$87,21
7KHUDQJHVKRXOGEHDWURRPWHPSHUDWXUHEHIRUHEHJLQQLQJ
WKH6WHDP&OHDQF\FOH,IWKHRYHQLVWRRKRW´KRWµZLOO
DSSHDURQWKHGLVSOD\DQGWKHF\FOHZLOOQRWDFWLYDWHXQWLOWKH
RYHQFRROVGRZQ
7KH6WHDP&OHDQF\FOHSHUIRUPVEHVWRQQHZVSLOOVRUVRLOV
%XUQHGRQIRRGLVPRUHGLIILFXOWWRUHPRYH
7KH6WHDP&OHDQF\FOHPDNHVLWHDVLHUWRFOHDQOLJKWVRLOLQJ
RIIWKHVWDQGDUGFOHDQSRUFHODLQRYHQLQWHULRU
7R%HJLQ6WHDP&OHDQ&\FOH
5HPRYHUDFNVDQGDFFHVVRULHVIURPWKH
RYHQFDYLW\'RQRWSODFHFRRNZDUHRU
RWKHULWHPVLQWKHRYHQGXULQJWKH6WHDP
&OHDQF\FOH
3RXURXQFHVRIZDWHURQWRWKH
RYHQIORRU
5HPRYHDQ\UHPDLQLQJZDWHUZLWKDGU\
FORWKRUVSRQJH
/HDYHWKHGRRURSHQWRDLUGU\
3RXUFXSR]URRPWHPSHUDWXUHZDWHU ,03257$17127(6
RQWRWKHUHFHVVHGDUHDRIWKHRYHQERWWRP ‡ ,IDVWHDPFOHDQF\FOHLVLQLWLDWHGZLWKRXW
'RQRWDGGFOHDQLQJVROXWLRQVRUFKHPLFDOV
ZDWHUSUHVVWKH&OHDU2IISDGWRHQGWKH
RIDQ\NLQGWRWKHZDWHU2QO\DGGZDWHU
F\FOH:DLWIRUWKHUDQJHWRFRROWRURRP
ZKHQXVLQJWKH6WHDP&OHDQF\FOH'RQRW
WHPSHUDWXUHEHIRUHSRXULQJZDWHULQWRWKH
DGGZDWHUZKHQXVLQJWKH6HOI&OHDQF\FOH
UHFHVVHGDUHDDQGLQLWLDWLQJDQRWKHUVWHDP
F\FOH
&ORVHWKHGRRU
‡ 'RQRWRSHQWKHGRRUGXULQJWKH6WHDP
3UHVVWKH6WHDP&OHDQSDGWKHQSUHVV
&OHDQF\FOH$QHUURUEHHSZLOOVRXQGXSRQ
6WDUW
RSHQLQJWKHGRRU
7KHRYHQGRRUORFNVDXWRPDWLFDOO\$
‡ 3UHVV&OHDU2IISDGDWDQ\WLPHWRHQGWKH
PLQXWHF\FOHZLOOEHJLQWRFRXQWGRZQ
F\FOH
RQWKHGLVSOD\,WZLOOQRWEHSRVVLEOHWR
‡ ,IPLQHUDOGHSRVLWVUHPDLQLQWKHRYHQ
RSHQWKHRYHQGRRUXQWLOWKHF\FOHHQGVRU
ERWWRPDIWHUFOHDQLQJXVHDFORWKRUVSRQJH
\RXSUHVVWKH&OHDU2IISDGDQGWKHGRRU
VRDNHGLQYLQHJDUWRUHPRYHWKHP
XQORFNV
‡ 6RPHZDWHUPD\GULSIURPWKHERWWRPRI
:KHQWKH6WHDP&OHDQF\FOHLVFRPSOHWH
WKHRYHQGRRU,IWKLVKDSSHQVZLSHLWXSDW
WKHGRRUZLOOXQORFNWKHRYHQFRQWUROZLOO
WKHHQGRIWKHF\FOH
EHHSDQGWKH6WHDP&OHDQOLJKWZLOOEOLQN
‡ 7KHGRRUJDVNHWPD\EHZHWZKHQWKH
3UHVVWKH&OHDU2IISDGDQGRSHQWKHGRRU
6WHDP&OHDQF\FOHILQLVKHV7KLVLVQRUPDO
'RQRWFOHDQWKHJDVNHW
7KHRYHQERWWRPDQGUHPDLQLQJZDWHUZLOO
VWLOOEHYHU\ZDUPDWWKHHQGRIWKHF\FOH
‡ ,IVRLOVWLOOUHPDLQVDIWHUFOHDQLQJWKHRYHQ
7KLVLVQRUPDO
VHHWKH&DUHDQGFOHDQLQJRIWKHUDQJH
VHFWLRQRIWKH2ZQHU·V0DQXDOIRUDGGLWLRQDO
5HPRYHVRLOVXVLQJDVFUXEEUXVKRUQ\ORQ
RSWLRQV
VFRXULQJSDG$VRDSILOOHGVWHHOZRROSDG
PD\EHXVHGRQO\RQWKHSRUFHODLQRYHQ
LQWHULRU7KHXVHRIDEUDVLYHSDGVZLOO
VFUDWFKWKHGRRUJODVV'RQRWZLSHVRLORU
ZDWHURQWRWKHGRRUJDVNHW
6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO
*($SSOLDQFHVFRP
<RXUQHZWRXFKSDGFRQWUROKDVDGGLWLRQDOIHDWXUHVWKDW\RXPD\FKRRVHWRXVH7KHIROORZLQJDUHWKHIHDWXUHVDQGKRZ
\RXPD\DFWLYDWHWKHP
7KHVSHFLDOIHDWXUHPRGHVFDQRQO\EHDFWLYDWHGZKLOHWKHGLVSOD\LVVKRZLQJWKHWLPHRIGD\7KH\UHPDLQLQWKHFRQWURO·V
PHPRU\XQWLOWKHVWHSVDUHUHSHDWHG
7RHQWHUDVSHFLDOIHDWXUHIRUHLWKHURYHQ\RXPXVWILUVWWRXFKWKHXSSHURYHQ%52,/+,/2DQG%$.(SDGVDWWKHVDPH
WLPH7KHORZHURYHQ%52,/+,/2DQG%$.(SDGVZLOOQRWDFWLYDWHVSHFLDOIHDWXUHV
:KHQWKHGLVSOD\VKRZV\RXUFKRLFHWRXFKWKH67$57SDG
)DKUHQKHLWRU&HOVLXV7HPSHUDWXUH6HOHFWLRQ
<RXURYHQFRQWUROLVVHWWRXVHWKH)DKUHQKHLW
WHPSHUDWXUHVHOHFWLRQVEXW\RXPD\FKDQJHWKLV
WRXVHWKH&HOVLXVVHOHFWLRQV
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7RXFKWKH&22.7,0(DQG%52,/+,/2
SDGVDWWKHVDPHWLPH7KHGLVSOD\ZLOOVKRZ
))DKUHQKHLW
7RXFKWKH&22.7,0(DQG%52,/+,/2
SDGVDJDLQDWWKHVDPHWLPH7KHGLVSOD\ZLOO
VKRZ&&HOVLXV
7RXFKWKH67$57SDG
7RQHVDWWKH(QGRID7LPHG&\FOH
$WWKHHQGRIDWLPHGF\FOHVKRUWEHHSVZLOO
VRXQGIROORZHGE\RQHEHHSHYHU\VHFRQGV
XQWLOWKH&/($52))SDGLVWRXFKHG7KLV
FRQWLQXDOVHFRQGEHHSPD\EHFDQFHOOHG
7RFDQFHOWKHVHFRQGEHHS
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH%52,/SDG7KHGLVSOD\VKRZV
&21%((3FRQWLQXRXVEHHS7RXFKWKH
%52,/SDGDJDLQ7KHGLVSOD\VKRZV%((3
7KLVFDQFHOVWKHRQHEHHSHYHU\VHFRQGV
7RXFKWKH67$57SDG
7RQH9ROXPH
7KLVIHDWXUHDOORZV\RXWRDGMXVWWKHWRQH
YROXPHVWRDPRUHDFFHSWDEOHYROXPH7KHUH
DUHWKUHHSRVVLEOHYROXPHOHYHOV
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&22.7,0(SDG7KHGLVSOD\ZLOO
VKRZ67'%((37KLVLVWKHPLGGOHYROXPH
OHYHO
7RXFKWKH&22.7,0(SDGDJDLQ7KLV
FKDQJHVWKHYROXPHOHYHOHDFKWLPHWKH
SDGLVWRXFKHGDQGDWRQHZLOOVRXQGWR
SURYLGHDQLQGLFDWLRQRIWKHYROXPHOHYHO
&KRRVHWKHGHVLUHGVRXQGOHYHO/2%((3
67'%((3+,%((3RU2))
7RXFKWKH67$57SDGWRDFWLYDWHWKHOHYHO
VKRZQ
6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO
+RXU+RXURU&ORFN%ODFNRXW
<RXUFRQWUROLVVHWWRXVHDKRXUFORFN
,I\RXZRXOGSUHIHUWRKDYHDKRXUPLOLWDU\
WLPHFORFNRUEODFNRXWWKHFORFNGLVSOD\IROORZ
WKHVWHSVEHORZ
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&/2&.SDGRQFH7KHGLVSOD\
ZLOOVKRZK ,IWKLVLVWKHFKRLFH\RX
ZDQWWRXFKWKH67$57SDG
7RXFKWKH&/2&.SDGDJDLQWRFKDQJHWRWKH
KRXUPLOLWDU\WLPHFORFN7KHGLVSOD\ZLOO
VKRZK,IWKLVLVWKHFKRLFH\RXZDQWWRXFK
WKH67$57SDG
7RXFKWKH&/2&.SDGDJDLQWREODFNRXWWKH
FORFNGLVSOD\7KHGLVSOD\ZLOOVKRZ2)) ,IWKLVLV
WKHFKRLFH\RXZDQWWRXFKWKH67$57SDG
127(,IWKHFORFNLVLQWKHEODFNRXWPRGH\RX
ZLOOQRWEHDEOHWRXVHWKH'HOD\6WDUWIXQFWLRQ
$XWR5HFLSHŒ&RQYHUVLRQ
:KHQXVLQJFRQYHFWLRQEDNHWKH$XWR5HFLSHŒ
&RQYHUVLRQIHDWXUHFDQDXWRPDWLFDOO\FRQYHUW
HQWHUHGUHJXODUEDNLQJWHPSHUDWXUHVWR
FRQYHFWLRQEDNLQJWHPSHUDWXUHV7KHGLVSOD\
ZLOOQRWVKRZWKHFRQYHUWHGWHPSHUDWXUH,WZLOO
DOZD\VVKRZWKHWHPSHUDWXUHHQWHUHG
7RXFKWKH&219(&7,21&22.SDGXQWLO
WKHGLVSOD\VKRZV&2121&RQYHUVLRQ
2QRU&212))&RQYHUVLRQ2IIDV
GHVLUHG
7RXFKWKH67$57SDG
7RDFWLYDWHRUGHDFWLYDWHWKHIHDWXUH
7RXFKWKHXSSHURYHQ%$.(DQG%52,/
+,/2SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
+RXU6KXWGRZQ
:LWKWKLVIHDWXUHVKRXOG\RXIRUJHW
DQGOHDYHWKHRYHQRQWKHFRQWUROZLOO
DXWRPDWLFDOO\WXUQRIIWKHRYHQDIWHU
KRXUVGXULQJEDNLQJIXQFWLRQVRUDIWHU
KRXUVGXULQJDEURLOIXQFWLRQ
,I\RXZLVKWRWXUQ2)) WKLVIHDWXUHIROORZ
WKHVWHSVEHORZ
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.( SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH'(/$<67$57 SDGXQWLOQR
VKGQQRVKXWRIIDSSHDUVLQWKH
GLVSOD\
7RXFKWKH67$57 SDGWRDFWLYDWHWKHQR
VKXWRIIDQGOHDYHWKHFRQWUROVHWLQWKLV
VSHFLDOIHDWXUHVPRGH
8VLQJWKH6DEEDWKIHDWXUHXSSHUDQGORZHURYHQV
'HVLJQHGIRUXVHRQWKH-HZLVK6DEEDWKDQG+ROLGD\VRQVRPHPRGHOV
*($SSOLDQFHVFRP
7KH6DEEDWKIHDWXUHFDQEHXVHGIRUEDNLQJURDVWLQJRQO\,WFDQQRWEHXVHGIRUFRQYHFWLRQEURLOLQJVHOIFOHDQLQJRU'HOD\6WDUW
FRRNLQJ
127(7KHRYHQOLJKWFRPHVRQDXWRPDWLFDOO\RQVRPHPRGHOVZKHQWKHGRRULVRSHQHGDQGJRHVRIIZKHQWKHGRRULVFORVHG7KHEXOEPD\EHUHPRYHG6HH
WKH2YHQ/LJKW5HSODFHPHQWVHFWLRQ2QPRGHOVZLWKDOLJKWVZLWFKRQWKHFRQWUROSDQHOWKHRYHQOLJKWPD\EHWXUQHGRQDQGOHIWRQ
+RZWR6HWIRU5HJXODU%DNLQJ5RDVWLQJ
:KHQWKHGLVSOD\VKRZVŠWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZVŠWKHRYHQLV
EDNLQJURDVWLQJ
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKHXSSHURYHQ%52,/+,
/2DQG%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
127(,IEDNHRUEURLODSSHDUVLQWKHGLVSOD\WKH
%52,/+,/2DQG%$.(SDGVZHUHQRWWRXFKHG
DWWKHVDPHWLPH7RXFKWKH&/($52))SDG
DQGEHJLQDJDLQ
7DSWKH'(/$<67$57SDGXQWLO6$EE$W+
DSSHDUVLQWKHGLVSOD\
7RXFKWKH67$57SDGDQGŠZLOODSSHDULQWKH
GLVSOD\7KHRYHQLVQRZLQ6DEEDWKPRGH
7RXFKWKH%$.(SDG1RVLJQDOZLOOEHJLYHQ
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUHEHWZHHQƒ)DQGƒ)1R
VLJQDORUWHPSHUDWXUHZLOOEHJLYHQ7KHUHLVQR
GHIDXOWWHPSHUDWXUH
7RXFKWKH67$57SDGRQWKHFRUUHVSRQGLQJ
RYHQ
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWHŠZLOODSSHDULQWKH
GLVSOD\LQGLFDWLQJ WKDWWKHRYHQLVEDNLQJ
URDVWLQJ,IŠGRHVQ·WDSSHDULQWKHGLVSOD\
VWDUWDJDLQDW6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH%$.(SDG
HQWHUWKHQHZWHPSHUDWXUHXVLQJWKHQXPEHUSDGV
DQGWRXFKWKH67$57SDG
127(7KH&/($52))DQG&22.7,0(SDGV
DUHDFWLYHGXULQJWKH6DEEDWKIHDWXUH
+RZWR([LWWKH6DEEDWK)HDWXUH
7RXFKWKH&/($52))SDG
,IWKHRYHQLVFRRNLQJZDLWIRUDUDQGRPGHOD\
SHULRGRIDSSUR[LPDWHO\VHFRQGVWR
PLQXWHXQWLORQO\ŠLVLQWKHGLVSOD\
7RXFKDQGKROGERWKWKH%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7DSWKH'(/$<67$57SDGXQWLOVKGQRUQR
VKGQDSSHDUVLQWKHGLVSOD\
&KRRVHVKGQLQGLFDWLQJWKDWWKHRYHQZLOO
DXWRPDWLFDOO\WXUQRIIDIWHUKRXUVRUQR
VKGQLQGLFDWLQJWKDWWKHRYHQZLOOQRW
DXWRPDWLFDOO\WXUQRIIDIWHUKRXUV
3UHVV67$57ZKHQWKHRSWLRQWKDW\RXZDQWLV
LQWKHGLVSOD\VKGQRUQRVKGQ
127(,IDSRZHURXWDJHRFFXUUHGZKLOHWKHRYHQ
ZDVLQ6DEEDWKWKHRYHQZLOODXWRPDWLFDOO\WXUQRII
DQGVWD\RIIHYHQZKHQWKHSRZHUUHWXUQV7KHRYHQ
FRQWUROPXVWEHUHVHW6RPHPRGHOVZLOOUHVXPH
6DEEDWKPRGHKRZHYHURSHQLQJWKHGRRUZLOO
DFWLYDWHWKHRYHQOLJKW
+RZWR6HWIRU7LPHG%DNLQJ
127(7KLVSURFHGXUHPXVWWDNHSODFH%()25(WKH
6DEEDWKEHJLQVWREHDEOHWRXVHWKH7LPHG%DNH
IHDWXUHGXULQJWKH6DEEDWKWKHXQLWVKRXOG127EH
SXWLQWR6DEEDWKPRGHGXULQJD7LPH%DNH
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKHXSSHURYHQ%52,/+,
/2DQG%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
127(,IEDNHRUEURLODSSHDUVLQWKHGLVSOD\WKH
%52,/+,/2DQG%$.(SDGVZHUHQRWWRXFKHG
DWWKHVDPHWLPH7RXFKWKH&/($52))SDG
DQGEHJLQDJDLQ
3UHVVWKH%52,/+,/2SDGWRFKDQJHWKH
EHHSHUVHWWLQJWRE((3WKHGHIDXOWVHWWLQJLV
&RQWLQXRXV%HHSZKLFKVKRZVLQWKHGLVSOD\DV
&RQE((3
3UHVVWKH67$57SDGWRVDYHWKHFKDQJHV
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUH
3UHVVWKH67$57SDGRQWKHFRUUHVSRQGLQJ
RYHQ
3UHVV&22.7,0()25WKHFRUUHVSRQGLQJRYHQ
3UHVVWKHQXPEHUSDGVWRVHWWKHGHVLUHGOHQJWK
RIFRRNLQJWLPHEHWZHHQPLQXWHDQGKRXUV
DQGPLQXWHV
3UHVVWKH67$57SDG
3UHVVWKH%$.(SDG
&DUHDQGFOHDQLQJRIWKHUDQJH
%HVXUHDOOFRQWUROVDUHRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJDQ\SDUWRIWKHUDQJH
:$51,1*
,I\RXUUDQJHLVUHPRYHGIRUFOHDQLQJVHUYLFLQJRUDQ\UHDVRQEH
VXUHWKHDQWLWLSGHYLFHLVUHHQJDJHGSURSHUO\ZKHQWKHUDQJHLV
UHSODFHG)DLOXUHWRWDNHWKLVSUHFDXWLRQFRXOGUHVXOWLQWLSSLQJRI
WKHUDQJHDQGFDQUHVXOWLQGHDWKRUVHULRXVEXUQVWRFKLOGUHQRU
DGXOWV
+RZWR5HPRYH3URWHFWLYH6KLSSLQJ)LOPDQG3DFNDJLQJ7DSH
&DUHIXOO\JUDVSDFRUQHURIWKHSURWHFWLYHVKLSSLQJ
ILOPZLWK\RXUILQJHUVDQGVORZO\SHHOLWIURPWKH
DSSOLDQFHVXUIDFH'RQRWXVHDQ\VKDUSLWHPVWR
UHPRYHWKHILOP5HPRYHDOORIWKHILOPEHIRUHXVLQJ
WKHDSSOLDQFHIRUWKHILUVWWLPH
7RHQVXUHQRGDPDJHLVGRQHWRWKHILQLVKRIWKH
SURGXFWWKHVDIHVWZD\WRUHPRYHWKHDGKHVLYHIURP
SDFNDJLQJWDSHRQQHZDSSOLDQFHVLVDQDSSOLFDWLRQ
RIDKRXVHKROGOLTXLGGLVKZDVKLQJGHWHUJHQW$SSO\
ZLWKDVRIWFORWKDQGDOORZWRVRDN
127(7KHDGKHVLYHPXVWEHUHPRYHGIURPDOOSDUWV
,WFDQQRWEHUHPRYHGLILWLVEDNHGRQ
&RQWURO3DQHO
,IGHVLUHGWKHWRXFKSDGVPD\EHGHDFWLYDWHGEHIRUH
FOHDQLQJ
6HH+RZWR/RFN2XWWKH&RQWUROVLQWKH8VLQJWKH
FORFNNLWFKHQWLPHUDQGFRQWUROORFNRXWVHFWLRQLQWKLV
PDQXDO
&OHDQXSVSODWWHUVZLWKDGDPSFORWK
<RXPD\DOVRXVHDJODVVFOHDQHU
5HPRYHKHDYLHUVRLOZLWKZDUPVRDS\ZDWHU'RQRW
XVHDEUDVLYHVRIDQ\NLQG
5HDFWLYDWHWKHWRXFKSDGVDIWHUFOHDQLQJ
3DLQWHG6XUIDFHV
3DLQWHGVXUIDFHVLQFOXGHWKHVLGHVRIWKHUDQJHDQG
WKHGRRUWRSRIFRQWUROSDQHODQGWKHGUDZHUIURQW
&OHDQWKHVHZLWKVRDSDQGZDWHURUDYLQHJDUDQG
ZDWHUVROXWLRQ
'RQRWXVHFRPPHUFLDORYHQFOHDQHUVFOHDQLQJ
SRZGHUVVWHHOZRRORUKDUVKDEUDVLYHVRQDQ\
SDLQWHGVXUIDFH
6WDLQOHVV6WHHO6XUIDFHVRQVRPHPRGHOV
'RQRWXVHDVWHHOZRROSDGLWZLOOVFUDWFKWKH
VXUIDFH
7RFOHDQWKHVWDLQOHVVVWHHOVXUIDFHXVHZDUP
VXGV\ZDWHURUDVWDLQOHVVVWHHOFOHDQHURU
SROLVK$OZD\VZLSHWKHVXUIDFHLQWKHGLUHFWLRQ
RIWKHJUDLQ)ROORZWKHFOHDQHULQVWUXFWLRQVIRU
FOHDQLQJWKHVWDLQOHVVVWHHOVXUIDFH
7RLQTXLUHDERXWSXUFKDVLQJVWDLQOHVVVWHHO
DSSOLDQFHFOHDQHURUSROLVKRUWRILQGWKH
ORFDWLRQRIDGHDOHUQHDUHVW\RXSOHDVH
FDOORXUWROOIUHHQXPEHU
1DWLRQDO3DUWV&HQWHU
*($SSOLDQFH3DUWVFRP
3RUFHODLQ(QDPHO&RRNWRSRQVRPHPRGHOV
7KHSRUFHODLQHQDPHOILQLVKLVVWXUG\EXW
EUHDNDEOHLIPLVXVHG7KLVILQLVKLVDFLG
UHVLVWDQW+RZHYHUDQ\DFLGLFIRRGVVSLOOHG
VXFKDVIUXLWMXLFHVWRPDWRRUYLQHJDUVKRXOG
QRWEHSHUPLWWHGWRUHPDLQRQWKHILQLVK
,IDFLGVVSLOORQWKHFRRNWRSZKLOHLWLVKRWXVH
DGU\SDSHUWRZHORUFORWKWRZLSHLWXSULJKW
DZD\:KHQWKHVXUIDFHKDVFRROHGZDVKZLWK
VRDSDQGZDWHU5LQVHZHOO
)RURWKHUVSLOOVVXFKDVIDWVSDWWHULQJVZDVK
ZLWKVRDSDQGZDWHURUFOHDQVLQJSRZGHUV
DIWHUWKHVXUIDFHKDVFRROHG5LQVHZHOO3ROLVK
ZLWKDGU\FORWK
*($SSOLDQFHVFRP
:$51,1*
6+2&.25%851+$=$5'%HIRUHUHSODFLQJRYHQOLJKWEXOEGLVFRQQHFW
WKHHOHFWULFDOSRZHUWRWKHUDQJHDWWKHPDLQIXVHRUFLUFXLWEUHDNHUSDQHO
)DLOXUHWRGRVRPD\UHVXOWLQHOHFWULFVKRFNRUEXUQ
&$87,21
%851+$=$5'7KHJODVVFRYHUDQGEXOEVKRXOGEHUHPRYHGZKHQFRRO
7RXFKLQJKRWJODVVZLWKEDUHKDQGVRUDGDPSFORWKFDQFDXVHEXUQV
5HFHSWDFOH
6RFNHW
2YHQ/LJKW5HSODFHPHQW
7RUHPRYH
7XUQWKHJODVVFRYHUFRXQWHUFORFNZLVH
WXUQXQWLOWKHWDEVRIWKHJODVVFRYHUFOHDU
WKHJURRYHVRIWKHVRFNHW:HDULQJODWH[
JORYHVPD\RIIHUDEHWWHUJULS
*%XOE
7DE
*ODVVFRYHU
RQVRPHPRGHOV
5HFHSWDFOH
6RFNHW
*%XOE
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEE\SXOOLQJLWVWUDLJKWRXW
7RUHSODFH
8VHDQHZYROWKDORJHQEXOEQRW
WRH[FHHGZDWWV5HSODFHWKHEXOEZLWK
WKHVDPHW\SHRIEXOEWKDWZDVUHPRYHG
<RXUPRGHOZLOOKDYHRQHRIWKHWZRW\SHV
VKRZQRQWKHOHIW7RGHWHUPLQHWKH
FRUUHFWUHSODFHPHQWEXOEFKHFNWKHEXOE
WHUPLQDOV%XOEVZLWKVWUDLJKWSLQ
WHUPLQDOVDUH*EXOEV%XOEVZLWK
ORRSHGWHUPLQDOVDUH*EXOEV'RQRW
LQWHUFKDQJH%HVXUHWKHUHSODFHPHQW
EXOELVUDWHGYROWVRUYROWV127
YROWV
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEIURPLWVSDFNDJLQJ'RQRWWRXFKWKH
EXOEZLWKEDUHILQJHUV2LOIURPVNLQZLOO
GDPDJHWKHEXOEDQGVKRUWHQLWVOLIH
5HFHSWDFOH
8VH
JORYHVRU
FORWK
3XVKWKHEXOEVWUDLJKWLQWRWKHUHFHSWDFOH
DOOWKHZD\
3ODFHWKHWDEVRIWKHJODVVFRYHULQWRWKH
JURRYHVRIWKHVRFNHW7XUQWKHJODVVFRYHU
FORFNZLVHWXUQ
)RULPSURYHGOLJKWLQJLQVLGHWKHRYHQ
FOHDQWKHJODVVFRYHUIUHTXHQWO\XVLQJD
ZHWFORWK7KLVVKRXOGEHGRQHZKHQWKH
RYHQLVFRPSOHWHO\FRRO
5HFRQQHFWHOHFWULFDOSRZHUWRWKHRYHQ
7DE
*ODVVFRYHU
RQVRPHPRGHOV
2YHQ/LJKW5HSODFHPHQW
7RUHPRYH
7XUQWKHJODVVFRYHUFRXQWHUFORFNZLVH
WXUQXQWLOWKHWDEVRIWKHJODVVFRYHUFOHDU
WKHJURRYHVRIWKHVRFNHW:HDULQJODWH[
JORYHVPD\RIIHUDEHWWHUJULS
5HPRYHWKHEXOEE\WXUQLQJLWFRXQWHU
FORFNZLVH
7RUHSODFH
5HSODFHEXOEZLWKDQHZZDWW
DSSOLDQFHEXOE,QVHUWWKHEXOEDQGWXUQLW
FORFNZLVHXQWLOLWLVWLJKW
3ODFHWKHWDEVRIWKHJODVVFRYHULQWRWKH
JURRYHVRIWKHVRFNHW7XUQWKHJODVV
FRYHUFORFNZLVHWXUQ
)RULPSURYHGOLJKWLQJLQVLGHWKHRYHQFOHDQWKH
JODVVFRYHUIUHTXHQWO\XVLQJDZHWFORWK7KLV
VKRXOGEHGRQHZKHQWKHRYHQLVFRPSOHWHO\
FRRO
5HFRQQHFWHOHFWULFDOSRZHUWRWKHRYHQ
&DUHDQGFOHDQLQJRIWKHUDQJH
&OHDQLQJWKH2YHQ'RRU
7RFOHDQWKHLQVLGHRIWKHGRRU
„
%HFDXVHWKHDUHDLQVLGHWKHJDVNHWLVFOHDQHG
GXULQJWKHVHOIFOHDQF\FOH\RXGRQRWQHHGWR
FOHDQWKLVE\KDQG
7KHJDVNHWLVGHVLJQHGZLWKDJDS
DWWKHERWWRPWRDOORZIRUSURSHUDLU
FLUFXODWLRQ
'RQRWUXERUFOHDQWKHGRRUJDVNHW³LW
KDVDQH[WUHPHO\ORZUHVLVWDQFHWR
DEUDVLRQ
,I\RXQRWLFHWKHJDVNHWEHFRPLQJ
ZRUQIUD\HGRUGDPDJHGLQDQ\ZD\
RULILWKDVEHFRPHGLVSODFHGRQWKH
GRRU\RXVKRXOGKDYHLWUHSODFHG
„
7KHDUHDRXWVLGHWKHJDVNHWDQGWKHGRRUOLQHU
FDQEHFOHDQHGZLWKDVRDSILOOHGRUSODVWLF
VFRXULQJSDGKRWZDWHUDQGGHWHUJHQW5LQVHZHOO
ZLWKDYLQHJDUDQGZDWHUVROXWLRQ
7RFOHDQWKHRXWVLGHRIWKHGRRU
„
,IDQ\VWDLQRQWKHGRRUYHQWWULPLVSHUVLVWHQWXVH
DVRIWDEUDVLYHFOHDQHU
DQGDVSRQJHVFUXEEHUIRUEHVWUHVXOWV
„
6SLOODJHRIPDULQDGHVIUXLWMXLFHVWRPDWRVDXFHV
DQGEDVWLQJPDWHULDOVFRQWDLQLQJDFLGVPD\
FDXVHGLVFRORUDWLRQDQGVKRXOGEHZLSHGXS
LPPHGLDWHO\:KHQVXUIDFHLVFRROFOHDQDQG
ULQVH
„
'RQRWXVHRYHQFOHDQHUVFOHDQLQJSRZGHUVRU
KDUVKDEUDVLYHVRQWKHRXWVLGHRIWKHGRRU
„
8VHVRDSDQGZDWHUWRWKRURXJKO\FOHDQWKHWRS
VLGHVDQGIURQWRIWKHRYHQGRRU5LQVHZHOO<RX
PD\DOVRXVHDJODVVFOHDQHUWRFOHDQWKHJODVVRQ
WKHRXWVLGHRIWKHGRRU'RQRWOHWZDWHUGULSLQWR
WKHYHQWRSHQLQJV
/LIW2II2YHQ'RRURQVRPHPRGHOV
7KHGRRULVYHU\KHDY\%HFDUHIXOZKHQUHPRYLQJ
DQGOLIWLQJWKHGRRU
'RQRWOLIWWKHGRRUE\WKHKDQGOH
7RUHPRYHWKHGRRU
6ORW
+LQJH
ORFN
3XOOKLQJHORFNVGRZQWRXQORFN
)XOO\RSHQWKHGRRU
3XOOWKHKLQJHORFNVGRZQWRZDUGWKHGRRU
IUDPHWRWKHXQORFNHGSRVLWLRQ$WRROVXFKDV
DVPDOOIODWEODGHVFUHZGULYHUPD\EHUHTXLUHG
)LUPO\JUDVSERWKVLGHVRIWKHGRRUDWWKHWRS
&ORVHGRRUWRWKHGRRUUHPRYDOSRVLWLRQZKLFK
LVKDOIZD\EHWZHHQWKHEURLOVWRSSRVLWLRQDQG
IXOO\FORVHG
/LIWGRRUXSDQGRXWXQWLOWKHKLQJHDUPLVFOHDU
RIWKHVORW
7RUHSODFHWKHGRRU
)LUPO\JUDVSERWKVLGHVRIWKHGRRUDWWKHWRS
%RWWRP
:LWKWKH
+LQJHDUP
HGJH
GRRUDWWKHVDPH
RIVORW
DQJOH
DVWKHUHPRYDO
SRVLWLRQVHDWWKH
LQGHQWDWLRQRIWKHKLQJH
,QGHQWDWLRQ
DUPLQWRWKHERWWRPHGJH
RIWKHKLQJHVORW7KHQRWFK
LQWKHKLQJHDUPPXVWEHIXOO\VHDWHGLQWRWKH
ERWWRPRIWKHVORW
)XOO\RSHQWKHGRRU,IWKHGRRUZLOOQRWIXOO\
RSHQWKHLQGHQWDWLRQLVQRWVHDWHGFRUUHFWO\LQ
WKHERWWRPHGJHRIWKHVORW
3XVKWKHKLQJHORFNVXSDJDLQVWWKHIURQWIUDPH
RIWKHRYHQFDYLW\WRWKHORFNHGSRVLWLRQ
+LQJH
ORFN
+LQJH
DUP
5HPRYDOSRVLWLRQ
3XVKKLQJHORFNVXSWRORFN
&ORVHWKHRYHQGRRU
*($SSOLDQFHVFRP
)ODWUDFN
+DQGOHV
)RUGRXEOHRYHQVXVHWKHUDFNZLWKWKH
WZRIURQWKDQGOHVLQWKHXSSHURYHQ
)RUGRXEOHRYHQVXVHWKHUDFN
ZLWKRXWWKHWZRIURQWKDQGOHVLQ
WKHORZHURYHQ
2YHQ5DFNV
$OORYHQUDFNVPD\EHFOHDQHGE\KDQGZLWKDQ
DEUDVLYHFOHDQHURUVWHHOZRRO$IWHUFOHDQLQJ
ULQVHWKHUDFNVZLWKFOHDQZDWHUDQGGU\ZLWKD
FOHDQFORWK*UD\SRUFHODLQFRDWHGRYHQUDFNV
PD\UHPDLQLQWKHRYHQGXULQJWKHVHOIFOHDQLQJ
F\FOHZLWKRXWEHLQJGDPDJHG7KHQLFNHOSODWHG
RYHQUDFNVPD\UHPDLQLQWKHRYHQGXULQJWKH
VHOIFOHDQLQJF\FOHEXWWKH\ZLOOORVHWKHLUOXVWHU
DQGEHFRPHKDUGWRVOLGH,WZLOOEHQHFHVVDU\
WRJUHDVHDOORYHQUDFNVLGHHGJHVZLWKDOLJKW
FRDWLQJRIYHJHWDEOHRLODIWHUFOHDQLQJWKHPE\
KDQGRULQWKHRYHQ7KLVZLOOKHOSPDLQWDLQWKH
HDVHRIVOLGLQJWKHUDFNVLQDQGRXWRIWKHRYHQ
([WHQVLRQ5DFN
([WHQVLRQUDFNVPD\EHFOHDQHGE\KDQG
ZLWKDQDEUDVLYHFOHDQHURUVWHHOZRRO'XULQJ
FOHDQLQJEHFDUHIXOQRWWRDOORZZDWHURU
FOHDQHUWRHQWHUWKHH[WHQVLRQVOLGHVRQWKH
VLGHVRIWKHUDFN
127('RQRWFOHDQLQDGLVKZDVKHU
,IWKHUDFNEHFRPHVKDUGWRUHPRYHRUUHSODFH
OLJKWO\ZLSHWKHRYHQUDFNVXSSRUWVZLWK
FRRNLQJRLO'RQRWZLSHFRRNLQJRLORQWKH
VOLGHV
,IWKHUDFNEHFRPHVGLIILFXOWWRVOLGHRULIWKH
SDGGOHLVGLIILFXOWWRDFWXDWHWKHUDFNPD\
QHHGWREHOXEULFDWHGXVLQJWKH*UDSKLWH
/XEULFDWLRQVKLSSHGZLWK\RXURYHQ7RRUGHU
DGGLWLRQDO*UDSKLWH/XEULFDWLRQFDOORXU
1DWLRQDO3DUWV&HQWHUDWDQG
UHIHUHQFH:%7
7ROXEULFDWHWKHVOLGHV
2SHQDQGFORVHWKHUDFNVHYHUDOWLPHVWR
GLVWULEXWHWKHOXEULFDQW
127('RQRWVSUD\H[WHQVLRQUDFNZLWKFRRNLQJ
5HSODFHWKHFDSRQWKHOXEULFDQWDQG
VSUD\RURWKHUOXEULFDQWVSUD\V
VKDNHLWDJDLQ7XUQWKHUDFNRYHUDQG
5HPRYHWKHUDFNIURPWKHRYHQ6HH
UHSHDWVWHSVDQG
([WHQVLRQ5DFNLQWKH8VLQJWKHRYHQ
&ORVHWKHUDFNWXUQUDFNULJKWVLGHXSDQG
VHFWLRQ
SODFHLQWKHRYHQ6HH([WHQVLRQ5DFNLQ
)XOO\H[WHQGWKHUDFNRQDWDEOHRU
WKH8VLQJWKHRYHQVHFWLRQ
FRXQWHUWRS1HZVSDSHUPD\EHSODFHG
XQGHUQHDWKWKHUDFNIRUHDV\FOHDQXS
7ROXEULFDWHWKHSDGGOH
,IWKHUHLVGHEULVLQWKHVOLGHWUDFNVZLSHLW 6KDNHOXEULFDQWDQGDSSO\WRWKHPRYLQJSDUWV
DZD\XVLQJDSDSHUWRZHO
RIWKHSDGGOHPHFKDQLVPVDVVKRZQ
127($Q\JUDSKLWHOXEULFDQWZLSHGDZD\
PXVWEHUHSODFHGVHHVWHSVWKURXJK
6KDNHWKHJUDSKLWHOXEULFDQWEHIRUH
RSHQLQJLW6WDUWLQJZLWKWKHOHIWVOLGH
PHFKDQLVPRIWKHUDFNSODFHIRXU
VPDOOGURSVRIOXEULFDQWRQWKHWZR
ERWWRPWUDFNVRIWKHVOLGHFORVHWRWKH
EHDULQJFDUULHUV
5HSHDWIRUWKHULJKWVOLGHPHFKDQLVPRI
WKHUDFN
&DUHDQGFOHDQLQJRIWKHUDQJH
2YHQ+HDWLQJ(OHPHQWV
'RQRWFOHDQWKHEDNHHOHPHQWRUWKHEURLO
HOHPHQW$Q\VRLOZLOOEXUQRIIZKHQWKH
HOHPHQWVDUHKHDWHG
7RFOHDQWKHRYHQIORRUJHQWO\OLIWWKHEDNH
HOHPHQW2QVRPHPRGHOVWKHEDNHHOHPHQWLV
QRWH[SRVHGDQGLVXQGHUWKHRYHQIORRU&OHDQ
ZLWKZDUPVRDS\ZDWHU
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
2YHQ9HQWRQ*ODVV&RRNWRSV
$OOPRGHOVKDYHDQRYHQYHQWORFDWHGEHKLQGWKH
ULJKWUHDUVXUIDFHXQLW2QGRXEOHRYHQVWKHUHLVDQ
DGGLWLRQDORYHQYHQWIRUWKHXSSHURYHQEHKLQGWKH
OHIWUHDUVXUIDFHXQLW
7KLVDUHDFRXOGEHFRPHKRWGXULQJRYHQXVH
,WLVQRUPDOIRUVWHDPWRFRPHRXWRIWKHYHQWDQG
PRLVWXUHPD\FROOHFWXQGHUQHDWKLWZKHQWKHRYHQ
LVLQXVH
7KHYHQWLVLPSRUWDQWIRUSURSHUDLUFLUFXODWLRQ1HYHU
EORFNWKLVYHQW
6WRUDJH'UDZHU5HPRYDO
7RUHPRYHWKHGUDZHU
5DLO
6WRSJXLGH
7RUHSODFHWKHGUDZHU
3XOOWKHGUDZHURXWXQWLOLWVWRSV
3ODFHWKHGUDZHUUDLOVRQWKHJXLGHV
/LIWWKHIURQWRIWKHGUDZHUXQWLOWKHVWRSV
FOHDUWKHJXLGHV
5HPRYHWKHGUDZHU
3XVKWKHGUDZHUEDFNXQWLOLWVWRSV
/LIWWKHIURQWRIWKHGUDZHUDQGSXVKEDFN
XQWLOWKHVWRSVFOHDUWKHJXLGHV
/RZHUWKHIURQWRIWKHGUDZHUDQGSXVK
EDFNXQWLOLWFORVHV
5HPRYDEOH:DUPLQJ'UDZHU'UDZHU3DQ
127()RUPRGHOVZLWKDQHOHFWULF
ZDUPLQJGUDZHUEHIRUHSHUIRUPLQJ
DQ\DGMXVWPHQWVFOHDQLQJRUVHUYLFH
GLVFRQQHFWWKHUDQJHHOHFWULFDOSRZHU
VXSSO\DWWKHKRXVHKROGGLVWULEXWLRQSDQHO
E\UHPRYLQJWKHIXVHRUVZLWFKLQJRIIWKH
FLUFXLWEUHDNHU0DNHVXUHWKHGUDZHU
KHDWLQJHOHPHQWLVFRRO
127($OORZZDUPLQJGUDZHUWRFRROEHIRUH
UHPRYLQJSDQ
127(:LSHVSLOOVSURPSWO\DIWHUHDFKXVH
„1HYHUSODFHXVHRUVHOIFOHDQWKHGUDZHUSDQ
LQWKHXSSHURYHQ
„:DUPLQJGUDZHUKDVDUHPRYDEOHSDQIRU
HDV\FOHDQLQJ&OHDQZLWKKRWVRDS\ZDWHU
DQGDVSRQJHRUGLVKWRZHO'U\ZLWKD
FOHDQFORWK5HSODFHWKHSDQLQWKHZDUPLQJ
GUDZHU
&OHDQLQJWKHJODVVFRRNWRS
*($SSOLDQFHVFRP
1RUPDO'DLO\8VH&OHDQLQJ
21/<XVH&(5$0$%5<7(Š&HUDPLF&RRNWRS
&OHDQHURQWKHJODVVFRRNWRS2WKHUFUHDPV
PD\QRWEHDVHIIHFWLYH
7RPDLQWDLQDQGSURWHFWWKHVXUIDFHRI\RXU
JODVVFRRNWRSIROORZWKHVHVWHSV
&OHDQ\RXUFRRNWRSDIWHUHDFK
VSLOO8VH&(5$0$%5<7(Š&HUDPLF
&RRNWRS&OHDQHU
%HIRUHXVLQJWKHFRRNWRSIRUWKH
ILUVWWLPHFOHDQLWZLWK&(5$0$%5<7(Š
&HUDPLF&RRNWRS&OHDQHU7KLVKHOSV
SURWHFWWKHWRSDQGPDNHVFOHDQXSHDVLHU
'DLO\XVHRI&(5$0$%5<7(Š&HUDPLF
&RRNWRS&OHDQHUZLOOKHOSNHHSWKH
FRRNWRSORRNLQJQHZ
6KDNHWKHFOHDQLQJFUHDPZHOO$SSO\D
IHZGURSVRI&(5$0$%5<7(Š&HUDPLF
&RRNWRS&OHDQHUGLUHFWO\
WRWKHFRRNWRS
8VHDSDSHUWRZHORU&(5$0$%5<7(Š
&OHDQLQJ3DGIRU&HUDPLF&RRNWRSVWR
FOHDQWKHHQWLUHFRRNWRSVXUIDFH
8VHDGU\FORWKRUSDSHUWRZHO
WRUHPRYHDOOFOHDQLQJUHVLGXH
1RQHHGWRULQVH
127(,WLVYHU\LPSRUWDQWWKDW\RX'2127
KHDWWKHFRRNWRSXQWLOLWKDVEHHQFOHDQHG
WKRURXJKO\
%XUQHG2Q5HVLGXH
127('$0$*(WR\RXUJODVVVXUIDFHPD\
RFFXULI\RXXVHVFUXESDGVRWKHUWKDQWKRVH
UHFRPPHQGHG
$OORZWKHFRRNWRSWRFRRO
8VHD&(5$0$%5<7(Š&OHDQLQJ
3DGIRU&HUDPLF&RRNWRSV
6SUHDGDIHZGURSVRI&(5$0$%5<7(Š
&HUDPLF&RRNWRS&OHDQHURQWKHHQWLUH
EXUQHGUHVLGXHDUHD
,IDQ\UHVLGXHUHPDLQVUHSHDW
WKHVWHSVOLVWHGDERYHDVQHHGHG
)RUDGGLWLRQDOSURWHFWLRQDIWHUDOO
UHVLGXHKDVEHHQUHPRYHGSROLVKWKH
HQWLUHVXUIDFHZLWK&(5$0$%5<7(Š
&HUDPLF&RRNWRS&OHDQHUDQGDSDSHU
WRZHO
8VLQJWKHLQFOXGHG&(5$0$%5<7(Š
&OHDQLQJ3DGIRU&HUDPLF&RRNWRSVUXE
WKHUHVLGXHDUHDDSSO\LQJSUHVVXUHDV
QHHGHG
+HDY\%XUQHG2Q5HVLGXH
$OORZWKHFRRNWRSWRFRRO
7KH&(5$0$%5<7(Š&HUDPLF
&RRNWRS6FUDSHUDQGDOO
UHFRPPHQGHGVXSSOLHVDUH
DYDLODEOHWKURXJKRXU3DUWV
&HQWHU6HHLQVWUXFWLRQVXQGHU´7R
2UGHU3DUWVµVHFWLRQRQQH[WSDJH
127('RQRWXVHDGXOORU
QLFNHGEODGH
8VHDVLQJOHHGJHUD]RUEODGHVFUDSHU
DWDSSUR[LPDWHO\DƒDQJOHDJDLQVW
WKHJODVVVXUIDFHDQGVFUDSHWKHVRLO,W
ZLOOEHQHFHVVDU\WRDSSO\SUHVVXUHWR
WKHUD]RUVFUDSHULQRUGHUWRUHPRYH
WKHUHVLGXH
)RUDGGLWLRQDOSURWHFWLRQDIWHUDOO
UHVLGXHKDVEHHQUHPRYHGSROLVKWKH
HQWLUHVXUIDFHZLWK&(5$0$%5<7(Š
&HUDPLF&RRNWRS&OHDQHUDQGDSDSHU
WRZHO
$IWHUVFUDSLQJZLWKWKHUD]RUVFUDSHU
VSUHDGDIHZGURSVRI&(5$0$%5<7(Š
&HUDPLF&RRNWRS&OHDQHURQWKHHQWLUH
EXUQHGUHVLGXHDUHD8VHWKH&(5$0$
%5<7(Š&OHDQLQJ3DGWRUHPRYHDQ\
UHPDLQLQJUHVLGXH
&OHDQLQJWKHJODVVFRRNWRS
0HWDO0DUNVDQG6FUDWFKHV
%HFDUHIXOQRWWRVOLGHSRWVDQGSDQV
7KLVVKRXOGEHUHPRYHGLPPHGLDWHO\
DFURVV\RXUFRRNWRS,WZLOOOHDYHPHWDO
EHIRUHKHDWLQJDJDLQRUWKH
PDUNLQJVRQWKHFRRNWRSVXUIDFH
GLVFRORUDWLRQPD\EHSHUPDQHQW
7KHVHPDUNVDUHUHPRYDEOHXVLQJWKH
127(&DUHIXOO\FKHFNWKHERWWRPRISDQVIRU
&(5$0$%5<7(Š&HUDPLF&RRNWRS&OHDQHU URXJKQHVVWKDWZRXOGVFUDWFKWKHFRRNWRS
ZLWKWKH&(5$0$%5<7(Š&OHDQLQJ3DG
IRU&HUDPLF&RRNWRSV
,ISRWVZLWKDWKLQRYHUOD\RIDOXPLQXP
RUFRSSHUDUHDOORZHGWRERLOGU\WKH
RYHUOD\PD\OHDYHEODFNGLVFRORUDWLRQ
RQWKHFRRNWRS
&RRNWRS6HDO
7RFOHDQWKHFRRNWRSVHDODURXQGWKHHGJHV
RIWKHJODVVOD\DZHWFORWKRQLWIRUDIHZ
PLQXWHVWKHQZLSHFOHDQZLWKQRQDEUDVLYH
FOHDQHUV
*ODVVVXUIDFH³SRWHQWLDOIRUSHUPDQHQWGDPDJH
6XJDU\VSLOORYHUVVXFKDV
MHOOLHVIXGJHFDQG\V\UXSV
RUPHOWHGSODVWLFVFDQFDXVH
SLWWLQJRIWKHVXUIDFHRI\RXU
FRRNWRSQRWFRYHUHGE\WKH
ZDUUDQW\XQOHVVWKHVSLOOLV
UHPRYHGZKLOHVWLOOKRW6SHFLDO
FDUHVKRXOGEHWDNHQZKHQ
UHPRYLQJKRWVXEVWDQFHV
%HVXUHWRXVHDQHZVKDUS
UD]RUVFUDSHU
'DPDJHIURP6XJDU\6SLOOVDQG0HOWHG3ODVWLF
7XUQRIIDOOVXUIDFHXQLWV5HPRYHKRW
SDQV
:HDULQJDQRYHQPLWW
D8VHDVLQJOHHGJHUD]RU
EODGHVFUDSHU&(5$0$%5<7(Š
&HUDPLF&RRNWRS6FUDSHU
WRPRYHWKHVSLOOWRDFRRO
DUHDRQWKHFRRNWRS
E5HPRYHWKHVSLOOZLWKSDSHUWRZHOV
'RQRWXVHDGXOORUQLFNHG
EODGH
$Q\UHPDLQLQJVSLOORYHUVKRXOGEHOHIW
XQWLOWKHVXUIDFHRIWKHFRRNWRSKDV
FRROHG
'RQ·WXVHWKHVXUIDFHXQLWVDJDLQXQWLO
DOORIWKHUHVLGXHKDVEHHQFRPSOHWHO\
UHPRYHG
127(,ISLWWLQJRULQGHQWDWLRQLQWKHJODVV
VXUIDFHKDVDOUHDG\RFFXUUHGWKHFRRNWRS
JODVVZLOOKDYHWREHUHSODFHG
,QWKLVFDVHVHUYLFHZLOOEHQHFHVVDU\
7R2UGHU3DUWV
7RRUGHU&(5$0$%5<7(Š&HUDPLF&RRNWRS
&OHDQHUDQGWKHFRRNWRSVFUDSHUSOHDVHFDOO
RXUWROOIUHHQXPEHU
1DWLRQDO3DUWV&HQWHU
Š
&(5$0$%5<7( &HUDPLF
&RRNWRS&OHDQHU :;;
&(5$0$%5<7(Š&HUDPLF
&RRNWRS6FUDSHU :;;
&(5$0$%5<7(Š.LW :;;*&6
.LWLQFOXGHVFUHDPFRRNWRSVFUDSHUDQGSDG
&(5$0$%5<7(Š&OHDQLQJ3DGVIRU
&HUDPLF&RRNWRSV :;;
%HIRUH<RX&DOO)RU6HUYLFH«
*($SSOLDQFHVFRP
7URXEOHVKRRWLQJ7LSV
6DYHWLPHDQGPRQH\5HYLHZWKHFKDUWVRQWKHIROORZLQJ
SDJHVILUVWDQG\RXPD\QRWQHHGWRFDOOIRUVHUYLFH
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
6XUIDFHXQLWVGRQRW
ZRUNSURSHUO\RU
IODVKLQJSRZHUVHWWLQJ
,PSURSHUFRRNZDUH
EHLQJXVHG
‡ :URQJSDQW\SH8VHDPDJQHWWRFKHFNWKDWFRRNZDUHLV
LQGXFWLRQFRPSDWLEOH8VHDIODWLQGXFWLRQFDSDEOHSDQWKDWPHHWV
WKHPLQLPXPVL]HIRUWKHHOHPHQWEHLQJXVHG6HHWKH3DQVL]HDQG
VKDSHVHFWLRQ
3DQLVWRRVPDOO
‡ 3DQVL]HLVEHORZWKHPLQLPXPVL]HIRUWKHHOHPHQW6HHWKH3DQVL]H
DQGVKDSHVHFWLRQ
‡ 8VHVPDOOHUHOHPHQW
3DQQRWSRVLWLRQHGFRUUHFWO\
‡ &HQWHUWKHSDQLQWKHFRRNLQJ]RQH
&RRNWRSFRQWUROLPSURSHUO\VHW‡ &KHFNWRVHHWKDWWKHFRQWUROLVVHWSURSHUO\3UHVV21WKHQRU
3DQLVQRWLQIXOOFRQWDFWZLWK ‡ 3DQPXVWEHIODW
JODVVVXUIDFH
6XUIDFHXQLWVHWWLQJ
FKDQJHGRUWXUQHG
RIIXQH[SHFWHGO\
6FUDWFKHVPD\DSSHDU
DVFUDFNVRQFRRNWRS
JODVVVXUIDFH
+LJKFRRNWRSWHPSHUDWXUH
‡ $OORZWKHLQWHUQDOIDQWRFRROWKHFRRNWRS
‡ &KHFNLISDQERLOHGGU\
,QFRUUHFWFOHDQLQJ
PHWKRGVEHLQJXVHG
‡ 6FUDWFKHVDUHQRWUHPRYDEOH7LQ\VFUDWFKHVZLOOEHFRPH
OHVVYLVLEOHLQWLPHDVDUHVXOWRIFOHDQLQJ
&RRNZDUHZLWKURXJKERWWRPV ‡ 7RDYRLGVFUDWFKHVXVHWKHUHFRPPHQGHGFOHDQLQJ
EHLQJXVHGRUFRDUVHSDUWLFOHV SURFHGXUHV0DNHVXUHERWWRPVRIFRRNZDUHDUHFOHDQ
VDOWRUVDQGZHUHEHWZHHQ
EHIRUHXVHDQGXVHFRRNZDUHZLWKVPRRWKERWWRPV
WKHFRRNZDUHDQGWKHVXUIDFH
RIWKHFRRNWRS
&RRNZDUHKDVEHHQVOLG
DFURVVWKHFRRNWRSVXUIDFH
$UHDVRIGLVFRORUDWLRQ )RRGVSLOORYHUVQRWFOHDQHG
RQWKHFRRNWRS
EHIRUHQH[WXVH
‡ 6HHWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQ
+RWVXUIDFHRQDPRGHO
‡ 7KLVLVQRUPDO7KHVXUIDFHPD\DSSHDUGLVFRORUHG
ZLWKDOLJKWFRORUHGFRRNWRS ZKHQLWLVKRW7KLVLVWHPSRUDU\DQGZLOOGLVDSSHDU
DVWKHJODVVFRROV
3ODVWLFPHOWHGWR
WKHVXUIDFH
+RWFRRNWRSFDPHLQWR
FRQWDFWZLWKSODVWLFSODFHG
RQWKHKRWFRRNWRS
‡ 6HHWKH*ODVVVXUIDFH³SRWHQWLDOIRUSHUPDQHQWGDPDJH
VHFWLRQLQWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQ
3LWWLQJRULQGHQWDWLRQ +RWVXJDUPL[WXUHVSLOOHG
RIWKHFRRNWRS
RQWKHFRRNWRS
‡ &DOODTXDOLILHGWHFKQLFLDQIRUUHSODFHPHQW
2YHQOLJKWGRHV
QRWZRUN
/LJKWEXOELVORRVH
‡ 7LJKWHQRUUHSODFHWKHEXOE
2YHQZLOOQRWZRUN
3OXJRQUDQJHLVQRWFRPSOHWHO\ ‡ 0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
LQVHUWHGLQWKHHOHFWULFDORXWOHW JURXQGHGRXWOHW
$IXVHLQ\RXUKRPHPD\
EHEORZQRUWKHFLUFXLW
EUHDNHUWULSSHG
2YHQFRQWUROVLPSURSHUO\VHW ‡ 6HHWKH8VLQJWKHRYHQVHFWLRQ
2YHQWRRKRW
‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
‡ $OORZWKHRYHQWRFRROWREHORZORFNLQJWHPSHUDWXUH
%HIRUH<RX&DOO)RU6HUYLFH«
7URXEOHVKRRWLQJ7LSV
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
)RRGGRHVQRWEDNH
RUURDVWSURSHUO\
2YHQFRQWUROVLPSURSHUO\VHW
‡ 6HHWKH8VLQJWKHRYHQVHFWLRQ
5DFNSRVLWLRQLVLQFRUUHFW
RUWKHUDFNLVQRWOHYHO
‡ 6HHWKH8VLQJWKHRYHQVHFWLRQ
,QFRUUHFWFRRNZDUHRU
FRRNZDUHRILPSURSHU
VL]HEHLQJXVHG
‡ 6HHWKH8VLQJWKHRYHQVHFWLRQ
2YHQWKHUPRVWDWQHHGV
DGMXVWPHQW
‡ 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
VHFWLRQ
)RRGGRHVQRW
EURLOSURSHUO\
2YHQFRQWUROVLPSURSHUO\VHW
‡ 0DNHVXUH\RXWRXFKWKH%52,/+,/2SDG
,PSURSHUUDFNSRVLWLRQ
EHLQJXVHG
‡ 6HHWKH%URLOLQJ*XLGH
&RRNZDUHQRWVXLWHG
IRUEURLOLQJ
‡ )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
7KHSUREHLVSOXJJHG
LQWRWKHRXWOHWLQWKHRYHQ
RQVRPHPRGHOV
‡ 8QSOXJDQGUHPRYHWKHSUREHIURPWKHRYHQ
‡ 3UHKHDWWKHEURLOHOHPHQWIRUPLQXWHV
,QVRPHDUHDVWKHSRZHU
YROWDJHPD\EHORZ
2YHQWHPSHUDWXUH
WRRKRWRUWRRFROG
2YHQWKHUPRVWDW
QHHGVDGMXVWPHQW
‡ 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
VHFWLRQ
6WRUDJHGUDZHU
LVFURRNHG
5HDUGUDZHUVXSSRUWLV
RQWRSRIWKHJXLGHUDLO
‡ 5HSRVLWLRQWKHGUDZHU6HHWKH6WRUDJH'UDZHU
5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQGFOHDQLQJRIWKH
UDQJHVHFWLRQ
‡ &KHFNWRPDNHVXUHGUDZHULVSURSHUO\VHDWHG
LIUHPRYHG
6WRUDJHGUDZHU
ZRQ·WFORVH
3RZHUFRUGPD\EH
REVWUXFWLQJGUDZHU
LQWKHORZHUEDFN
RIWKHUDQJH
‡ 5HSRVLWLRQWKHGUDZHUDQGSRZHUFRUG6HHWKH
6WRUDJH'UDZHU5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQG
FOHDQLQJRIWKHUDQJHVHFWLRQ
5HDUGUDZHUVXSSRUWLV
RQWRSRIWKHJXLGHUDLO
‡ 5HSRVLWLRQWKHGUDZHU6HHWKH6WRUDJH'UDZHU
5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQGFOHDQLQJRIWKH
UDQJHVHFWLRQ
2YHQGRRULVFURRNHG
7KHGRRULVRXWRISRVLWLRQ
‡ %HFDXVHWKHRYHQGRRULVUHPRYDEOHLWVRPHWLPHVJHWVRXW RISRVLWLRQGXULQJLQVWDOODWLRQ
‡ 7RVWUDLJKWHQWKHGRRUSXVKGRZQRQWKHKLJKFRUQHU
‡ %URLOIRUWKHORQJHVWSHULRGRIWLPHUHFRPPHQGHG
LQWKH%URLOLQJ*XLGH
*($SSOLDQFHVFRP
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
&ORFNDQGWLPHUGR
QRWZRUN
3OXJRQUDQJHLVQRWFRPSOHWHO\ ‡ 0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
LQVHUWHGLQWKHHOHFWULFDORXWOHW JURXQGHGRXWOHW
$IXVHLQ\RXUKRPH
PD\EHEORZQRUWKH
FLUFXLWEUHDNHUWULSSHG
2YHQFRQWUROVLPSURSHUO\VHW ‡ 6HHWKH8VLQJWKHNLWFKHQWLPHUVHFWLRQ
‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
2YHQZLOOQRWVHOIFOHDQ 7KHRYHQWHPSHUDWXUHLV
WRRKLJKWRVHWDVHOIFOHDQ
RSHUDWLRQ
‡ $OORZWKHUDQJHWRFRRODQGUHVHWWKHFRQWUROV
2YHQFRQWUROVLPSURSHUO\VHW
‡ 6HHWKH8VLQJWKHVHOIFOHDQLQJRYHQVHFWLRQ
7KHSUREHLVSOXJJHGLQWR
WKHRXWOHWLQWKHRYHQ
RQVRPHPRGHOV
‡ 5HPRYHWKHSUREHIURPWKHRYHQ
´&UDFNOLQJµRU
´SRSSLQJµVRXQG
7KLVLVWKHVRXQGRIWKH
‡ 7KLVLVQRUPDO
PHWDOKHDWLQJDQGFRROLQJ
GXULQJERWKWKHFRRNLQJDQG
FOHDQLQJIXQFWLRQV
([FHVVLYHVPRNLQJ
GXULQJDFOHDQF\FOH
([FHVVLYHVRLO
‡ 7RXFKWKH&/($52))SDG2SHQWKHZLQGRZVWR
ULGWKHURRPRIVPRNH:DLWXQWLO/2&.(''225 JRHVRII$IWHUWKHRYHQFRROVZLSHXSWKH
H[FHVVVRLODQGUHVHWWKHFOHDQF\FOH
2YHQGRRUZLOOQRW
RSHQDIWHUDFOHDQF\FOH
2YHQWRRKRW
‡ $OORZWKHRYHQWRFRROEHORZORFNLQJWHPSHUDWXUH
2YHQQRWFOHDQDIWHUD
FOHDQF\FOH
2YHQFRQWUROVQRWSURSHUO\VHW ‡ 6HHWKH8VLQJWKHVHOIFOHDQLQJRYHQRU8VLQJVWHDPFOHDQVHFWLRQ
2YHQZDVKHDYLO\VRLOHG
´/2&.('µIODVKHV
LQWKHGLVSOD\
7KHVHOIFOHDQF\FOHKDVEHHQ ‡ &ORVHWKHRYHQGRRU
VHOHFWHGEXWWKHGRRULVQRW FORVHG
´/2&.('µLVRQ
ZKHQ\RXZDQW
WRFRRN
7KHRYHQGRRULVORFNHG
EHFDXVHWKHWHPSHUDWXUH
LQVLGHWKHRYHQKDVQRW
GURSSHGEHORZWKH
ORFNLQJWHPSHUDWXUH
´)³µDQGDQXPEHU
RUOHWWHUIODVK
LQWKHGLVSOD\
<RXKDYHDIXQFWLRQHUURUFRGH ‡ 'LVFRQQHFWDOOSRZHUWRWKHUDQJHIRUDWOHDVW
VHFRQGVDQGWKHQUHFRQQHFWSRZHU,IWKHIXQFWLRQ
HUURUFRGHUHSHDWVFDOOIRUVHUYLFH
‡ &OHDQXSKHDY\VSLOORYHUVEHIRUHVWDUWLQJWKHFOHDQ
F\FOH+HDYLO\VRLOHGRYHQVPD\QHHGWREHFOHDQHGDJDLQ
‡ 7RXFKWKH&/($52))SDG$OORZWKHRYHQWRFRRO
%HIRUH<RX&DOO)RU6HUYLFH«
7URXEOHVKRRWLQJ7LSV
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
&RQWUROVLJQDOVDIWHU
HQWHULQJFRRNLQJWLPH
RUVWDUWWLPH
<RXIRUJRWWRHQWHUD
EDNHWHPSHUDWXUHRU
FOHDQLQJWLPH
‡ 7RXFKWKH%$.(SDGDQGGHVLUHGWHPSHUDWXUHRU
WKH6(/)&/($1SDGDQGGHVLUHGFOHDQWLPH
'LVSOD\JRHVEODQN
$IXVHLQ\RXUKRPHPD\EH
EORZQRUWKHFLUFXLW
EUHDNHUWULSSHG
‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
7KHFORFNLVLQWKH
EODFNRXWPRGH
‡ 6HHWKH6SHFLDOIHDWXUHVRI\RXURYHQFRQWUROVHFWLRQ
'LVSOD\IODVKHV
3RZHUIDLOXUH
‡ 5HVHWWKHFORFN
8QDEOHWRJHWWKH
GLVSOD\WRVKRZ´6)µ
2YHQFRQWUROSDGVZHUH
QRWWRXFKHGSURSHUO\
‡ 7KH%52,/+,/2DQG%$.(SDGVPXVWEHWRXFKHGDW
WKHVDPHWLPHDQGKHOGIRUVHFRQGV
´3UREHµDSSHDUVLQ
WKHGLVSOD\
RQVRPHPRGHOV
7KLVLVUHPLQGLQJ\RXWR
HQWHUDSUREHWHPSHUDWXUH
DIWHUSOXJJLQJLQWKHSUREH
‡ (QWHUDSUREHWHPSHUDWXUH
3RZHURXWDJH
FORFNIODVKHV
3RZHURXWDJHRUVXUJH
‡ 5HVHWWKHFORFN,IWKHRYHQZDVLQXVH\RXPXVWUHVHW
LWE\WRXFKLQJWKH&/($52))SDGVHWWLQJWKHFORFN
DQGUHVHWWLQJDQ\FRRNLQJIXQFWLRQ
6WHDPIURPWKHYHQW
:KHQXVLQJWKHRYHQV
‡ 7KLVLVQRUPDO
LWLVQRUPDOWRVHHVWHDP
FRPLQJRXWRIWKHRYHQ
YHQWV$VWKHQXPEHURIUDFNV
RUDPRXQWRIIRRGEHLQJ
FRRNHGLQFUHDVHVWKHDPRXQW
RIYLVLEOHVWHDPZLOOLQFUHDVH
´%XUQLQJµRU´RLO\µ
RGRUHPLWWLQJIURP
WKHYHQW
7KLVLVQRUPDOLQDQHZRYHQ ‡ 7RVSHHGWKHSURFHVVVHWDVHOIFOHDQF\FOHIRUD
DQGZLOOGLVDSSHDULQWLPH PLQLPXPRIKRXUV6HHWKH8VLQJWKHVHOIFOHDQLQJ
RYHQVHFWLRQ
6WURQJRGRU
$QRGRUIURPWKHLQVXODWLRQ ‡ 7KLVLVWHPSRUDU\
DURXQGWKHLQVLGHRIWKHRYHQ
LVQRUPDOIRUWKHILUVWIHZWLPHV
WKHRYHQLVXVHG
)DQQRLVH
RQVRPHPRGHOV
$FRQYHFWLRQIDQPD\
DXWRPDWLFDOO\WXUQRQ
DQGRII
$FRROLQJIDQPD\
‡ 7KLVLVQRUPDORQVRPHPRGHOV7KHFRROLQJIDQZLOOWXUQRIIDQG
DXWRPDWLFDOO\WXUQRQDQGRII RQWRFRROLQWHUQDOSDUWV,WPD\UXQDIWHUWKHRYHQLV
WXUQHGRII
2YHQRUFRRNWRSZLOO
QRWVWD\VHW
)XQFWLRQHUURU
‡ 7KLVLVQRUPDO7KHIDQLVGHVLJQHGWRRSHUDWHLQWHUPLWWHQWO\
WRPD[LPL]HFRRNLQJHYHQQHVV
‡ 7KHFRQYHFWLRQIDQZLOORSHUDWHGXULQJSUHKHDW
RIWKHEDNHF\FOH7KHIDQZLOOWXUQRIIDIWHUWKHRYHQ
LVKHDWHGWRWKHVHWWHPSHUDWXUH7KLVLVQRUPDO
‡ 'LVFRQQHFWDOOSRZHUIRUDWOHDVWVHFRQGVDQGWKHQ
UHFRQQHFWSRZHU,IUHSHDWLQJFDOOIRUVHUYLFH
*($SSOLDQFHVFRP
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
2YHQUDFNVDUH
GLIILFXOWWRVOLGH
7KHVKLQ\VLOYHUFRORUHG
UDFNVZHUHFOHDQHGLQD
VHOIFOHDQF\FOH
‡$SSO\DVPDOODPRXQWRIYHJHWDEOHRLOWRDSDSHU
WRZHODQGZLSHWKHHGJHVRIWKHRYHQUDFNVZLWK WKHSDSHUWRZHO'RQRWVSUD\ZLWK3DPŠRURWKHU OXEULFDQWVSUD\V
'UDZHUGRHVQRWVOLGH 7KHGUDZHULVRXW
VPRRWKO\RUGUDJV
RIDOLJQPHQW
‡ )XOO\H[WHQGWKHGUDZHUDQGSXVKLWDOOWKHZD\LQ
6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ
'UDZHULVRYHUORDGHGRU
ORDGLVXQEDODQFHG
‡ 5HGXFHZHLJKW5HGLVWULEXWHGUDZHUFRQWHQWV
:DUPLQJGUDZHU
ZLOOQRWZRUN
$IXVHLQ\RXUKRPHPD\EH ‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLWEUHDNHU
WULSSHG
&RQWUROVLPSURSHUO\VHW
([FHVVLYHFRQGHQVDWLRQ /LTXLGLQGUDZHU
LQWKHGUDZHU
8QFRYHUHGIRRGV
‡ 6HHWKH8VLQJWKHZDUPLQJGUDZHUVHFWLRQ
‡ 5HPRYHOLTXLG
‡ &RYHUIRRGZLWKOLGRUDOXPLQXPIRLO
7HPSHUDWXUHVHWWLQJWRRKLJK ‡ 5HGXFHWHPSHUDWXUHVHWWLQJ
)RRGGULHVRXWLQWKH
ZDUPLQJGUDZHU
0RLVWXUHHVFDSLQJ
‡ &RYHUIRRGZLWKOLGRUDOXPLQXPIRLO
'UDZHUQRWIXOO\FORVHG
‡ 3XVKGUDZHULQXQWLOODWFKHQJDJHV
:DWHUUHPDLQLQJRQ
7KLVLVQRUPDO
RYHQIORRUDIWHU6WHDP
&OHDQF\FOH
‡ 5HPRYHDQ\UHPDLQLQJZDWHUZLWKDGU\FORWKRUVSRQJH
2YHQZLOOQRWVWHDP
FOHDQ
'LVSOD\IODVKHV+27
‡ $OORZWKHRYHQWRFRROWRURRPWHPSHUDWXUHDQGUHVHWWKH
FRQWUROV
2YHQFRQWUROVLPSURSHUO\VHW ‡ 6HHWKH8VLQJ6WHDP&OHDQVHFWLRQ
2YHQGRRULVQRWFORVHG
‡ 0DNHVXUH\RXFORVHWKHGRRUWRVWDUWVWHDPFOHDQF\FOH
1RWHV
$FFHVVRULHV
*($SSOLDQFHVFRP
/RRNLQJ)RU6RPHWKLQJ0RUH"1RWDOODFFHVVRULHVDUHDYDLODEOHIRUDOOPRGHOV
<RXFDQILQGWKHVHDFFHVVRULHVDQGPDQ\PRUHDW*($SSOLDQFH3DUWVFRP86
RUZZZ*($SSOLDQFHVFD&DQDGDRUFDOO86RU&DQDGD
GXULQJQRUPDOEXVLQHVVKRXUV+DYH\RXUPRGHOQXPEHUUHDG\
*UDWHV
6XUIDFH%XUQHU+HDGVDQG&DSV
.QREV
6XUIDFH(OHPHQWVDQG'ULS3DQV
RU
2YHQ5DFNV
2YHQ(OHPHQWV
/LJKW%XOEV
([WHQVLRQ5DFN
,I\RXUPRGHOLQFOXGHGDQH[WHQVLRQUDFN\RXFDQLQFUHDVHWKHIXQFWLRQDOLW\RI\RXUUDQJHZKHQ\RXSXUFKDVHDGGLWLRQDOH[WHQVLRQUDFNV9LVLW
ZZZJHDSSOLDQFHSDUWVFRPRUFDOODQGRUGHUSDUWQXPEHU:%73OHDVHQRWHH[WHQVLRQUDFNVGRQRWILWDOOPRGHOUDQJHV
([SHULHQFHWKHVHRWKHUJUHDWSURGXFWVWRNHHS\RXUNLWFKHQORRNLQJJUHDW
&HUDPD%U\WHŠ
&HUDPLF&RRNWRS
&OHDQLQJ.LW
,QFOXGHVFOHDQHU
VFUDSHUDQGSDG
&HUDPD%U\WHŠ
7RXFK8S6SUD\
:;;*&6
:;;
STAINESS STEEL WIPES
&LWUXVKLQH
6WDLQOHVV6WHHO
:LSHV
&HUDPD%U\WHŠ
6WDLQOHVV6WHHO
$SSOLDQFH
&OHDQHU
:;;
30;
*HWWKHPRVWRXWRI\RXU%URLOHU3DQ1RWIRUXVHZLWK%URLOHU'UDZHUPRGHOV
8VH\RXUSDQDQGJULGFRYHUWREURLOKDPEXUJHUVVHDIRRGVWHDNVYHJHWDEOHVEDFRQFKRSVDQGVRPXFKPRUH7KHSDQEHORZFDWFKHV
WKHH[FHVVIDWVDQGRLOV
‡*HQXLQH*(3DUW
‡(DV\7R&OHDQ
‡2QH<HDU:DUUDQW\
/LPLWHG7LPH2IIHU)UHH6KLSSLQJ
:KHQ\RXRUGHU\RXUEURLOHUSDQZLWKLQGD\VRISXUFKDVLQJ\RXU*(FRRNLQJSURGXFW
863DUW
'LPHQVLRQV
6PDOO
:%;
µ:[µ+[µ'
/DUJH
:%;
µ:[µ+[µ'
;/
:%;
µ:[µ+[µ'
7KHODUJHVWDQGDUGEURLOSDQGRHVQRWILWLQµµUDQJHV
7KH;/SDQGRHVQRWILWLQµZDOORYHQVµGURSLQVRUµµUDQJHV
7RSODFH\RXURUGHUFDOO86&DQDGDRUPDLOWKLVIRUPWR
,QWKH86*(3DUWV32%R[0HPSKLV71,Q&DQDGD*(3DUWV)DFWRU\/DQH0RQFWRQ1%(&0
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
4XDQWLW\BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB %URLOHU3DQ2UGHU)RUP
3DUW1XPEHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0RGHO1XPEHUBBBBBBBBBBBBBB 6HULDO1XPEHU BBBBBBBBBBBBBBBBBB %UDQG BBBBBBBBBBBBBBB 'DWHRI3XUFKDVHBBBBBBBBBB
)LUVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB /DVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$GGUHVVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LW\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6WDWHBBBBBBBBBBB =LS&RGHBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3KRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (0DLOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB
0RQH\2UGHUBBBBBB
&DOOLQWKH86RULQ&DQDGDIRUFXUUHQWSULFLQJ$OOFUHGLWFDUGRUGHUVPXVWEHFDOOHGLQ
1RWHV
*((OHFWULF5DQJH:DUUDQW\
*($SSOLDQFHVFRP
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUHŠWHFKQLFLDQ7RVFKHGXOH
VHUYLFHYLVLWXVRQOLQHDW*($SSOLDQFHVFRPRUFDOO
*(&$5(63OHDVHKDYHVHULDOQXPEHU
DQGPRGHOQXPEHUDYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQVHUYLFH
XQGHUWKHZDUUDQW\
)RU7KH3HULRG2I *(:LOO3URYLGH
2QH<HDU
)URPWKHGDWHRIWKH
RULJLQDOSXUFKDVH
$Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS
'XULQJWKLVOLPLWHGRQH\HDUZDUUDQW\*(ZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGLQKRPH
VHUYLFHWRUHSODFHWKHGHIHFWLYHSDUW
)RU3URILOH0RGHOV
)LYH<HDUV
)URPWKHGDWHRIWKH
RULJLQDOSXUFKDVH
)RU3URILOH0RGHOV
$UHSODFHPHQWJODVVFRRNWRSLILWVKRXOGFUDFNGXHWRWKHUPDOVKRFNGLVFRORURULIWKHSDWWHUQ
ZHDUVRII
:KDW*(:LOO1RW&RYHU
„6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVH
WKHSURGXFW
„'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGVRU
DFWVRI*RG
„,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
„,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
„3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
„'DPDJHFDXVHGDIWHUGHOLYHU\
„3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
„'DPDJHWRWKHJODVVFRRNWRSFDXVHGE\XVHRIFOHDQHUV
RWKHUWKDQWKHUHFRPPHQGHGFOHDQLQJFUHDPVDQGSDGV
„'DPDJHWRWKHJODVVFRRNWRSFDXVHGE\KDUGHQHGVSLOOV
RIVXJDU\PDWHULDOVRUPHOWHGSODVWLFWKDWDUHQRWFOHDQHG
DFFRUGLQJWRWKHGLUHFWLRQVLQWKH2ZQHU·V0DQXDO
„5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHGLQWKLV/LPLWHG
:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\RUILWQHVVIRUDSDUWLFXODUSXUSRVH
DUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGIRUKRPH
XVHZLWKLQWKH86$,IWKHSURGXFWLVORFDWHGLQDQDUHDZKHUHVHUYLFHE\D*($XWKRUL]HG6HUYLFHULVQRWDYDLODEOH\RX
PD\EHUHVSRQVLEOHIRUDWULSFKDUJHRU\RXPD\EHUHTXLUHGWREULQJWKHSURGXFWWRDQ$XWKRUL]HG*(6HUYLFHORFDWLRQIRU
VHUYLFH,Q$ODVNDWKHZDUUDQW\H[FOXGHVWKHFRVWRIVKLSSLQJRUVHUYLFHFDOOVWR\RXUKRPH
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHV7KLVZDUUDQW\JLYHV
\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURPVWDWHWRVWDWH7RNQRZZKDW\RXU
OHJDOULJKWVDUHFRQVXOW\RXUORFDORUVWDWHFRQVXPHUDIIDLUVRIILFHRU\RXUVWDWH·V$WWRUQH\*HQHUDO
:DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
&RQVXPHU6XSSRUW
*($SSOLDQFHV:HEVLWH
*($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\
DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOV
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH
6FKHGXOH6HUYLFH
*($SSOLDQFHVFRP
([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW
\RXUFRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV
5HDO/LIH'HVLJQ6WXGLR
*($SSOLDQFHVFRP
*(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\
SHRSOHRIDOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQG
PHQWDODELOLWLHVDQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQ
LGHDVIRUSHRSOHZLWKGLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO7''
*($&
([WHQGHG:DUUDQWLHV
*($SSOLDQFHVFRP
3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\
LVVWLOOLQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV
*(&RQVXPHU+RPH6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV
3DUWVDQG$FFHVVRULHV
*($SSOLDQFH3DUWVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV
9,6$0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG2UGHURQOLQHWRGD\KRXUVHYHU\GD\RUE\SKRQHDW
GXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJ
JHQHUDOO\VKRXOGEHUHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHU
VHUYLFLQJPD\FDXVHXQVDIHRSHUDWLRQ
&RQWDFW8V
*($SSOLDQFHVFRP
,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOV
LQFOXGLQJ\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWHU<RXU$SSOLDQFH
*($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH
<RXPD\DOVRPDLOLQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO
,QGXFFLyQFRQ0RGRGH3LH'HVOL]DEOH\(PSRWUDEOH
&RFLQDV
*($SSOLDQFHVFRP
,QVWUXFFLRQHVGH6HJXULGDG ²
,QVWUXFFLRQHVGH2SHUDFLyQ
0DQXDOGHO
3URSLHWDULR
+RUQR $MXVWHGHOWHUPRVWDWRGHOKRUQR &RQWUROGHO6LJXLHQWH
$VDGR*XtDGHDVDGR 3DVR,
$XWROLPSLH]D &DMyQFDOHQWDGRU &DUDFWHUtVWLFDVGHFRFFLyQOHQWDFDOHQWDPLHQWR
\OHXGDGR &DUDFWHUtVWLFDVHVSHFLDOHV &RQWUROHV )XQFLyQ6DEEDWK +RUQHDGRRURVWL]DGR +RUQHDGR\URVWL]DGRFRQWHPSRUL]DGRU +RUQRGHFRQYHFFLyQ 3UHFDOHQWDPLHQWR 6RQGD 7HPSRUL]DGRUGHFRFLQD 8QLGDGHVGHVXSHUILFLH ²
4XHPDGRUGHO3XHQWH 6HOHFFLRQDUWLSRVGHXWHQVLOLRV =RQDGHFDOHQWDPLHQWR &XLGDGR\OLPSLH]D
%DQGHMDV &DMyQFDOHQWDGRUGHVPRQWDEOH5HFLSLHQWH
GHOFDMyQGHOKRUQR &DMyQGHDOPDFHQDPLHQWR (OHPHQWRVFDOHQWDGRUHVGHOKRUQR (VWXIDGHYLGULR /X] 3DQHOGHFRQWURO 3DSHOGHDOXPLQLR 3LVRGHOKRUQR 3XHUWDGHOKRUQRGHVPRQWDEOH 6XSHUILFLHV 9HQWLODFLyQ &RQVHMRVSDUDODLGHQWLILFDFLyQ
\VROXFLyQGHSUREOHPDV $FFHVRULRV $SR\RDOFOLHQWH
$SR\RDOFOLHQWH *DUDQWtD (VFULEDORVQ~PHURVGHPRGHOR\GHVHULHDTXt
0RGHORBBBBBBBBBBBBBBB
(Q&DQDGi
ZZZ*($SSOLDQFHVFD
,PSUHVRHQORV(VWDGRV8QLGRV
6HULHBBBBBBBBBBBBBBBBB
3XHGHHQFRQWUDUORVHQXQDHWLTXHWDXELFDGDGHWUiV
GHOFDMyQRGHWUiVGHODSXHUWDGHOKRUQRLQIHULRUHQ
HOIUHQWHGHOPDUFRGHODFRFLQD
,PSUHVRHQ
SDSHOUHFLFODGR
*(
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(68862
$'9(57(1&,$
/HDWRGDVODVLQVWUXFFLRQHVGHVHJXULGDGDQWHVGHXWLOL]DUHVWHSURGXFWR1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHJHQHUDUXQ
LQFHQGLRXQDGHVFDUJDHOpFWULFDOHVLRQHVFRUSRUDOHVRODPXHUWH
',6326,7,92$17,92/&$'85$6
3DUD UHGXFLU HO ULHVJR GH YROFDU
OD FRFLQD pVWD GHEH VXMHWDUVH
PHGLDQWH XQ VRSRUWH DQWL
Riesgo de Volcaduras
YROFDGXUDV FRQ XQD DGHFXDGD
Un niño o adulto pueden volcar la cocina y morir.
LQVWDODFLyQ9HUODVLQVWUXFFLRQHVGH
Verifique que el soporte anti-volcaduras se haya
LQVWDODFLyQHQYLDGDVFRQHOVRSRUWH
instalado y ajustado correctamente.
SDUD REWHQHU GHWDOOHV FRPSOHWRV
Verifique que el soporte anti-volcaduras se haya
DQWHVGHLQLFLDUODLQVWDODFLyQ
instalado y ajustado correctamente.
3DUD &RFLQDV 6LQ $SR\R \
No utilice la cocina sin que el soporte anti-volcaduras
esté colocado y ajustado.
'HVOL]DEOHVV
Si estas instrucciones no se siguen, como resultado se podrá
3DUD FRQWURODU VL HO VRSRUWH HV
producir la muerte o quemaduras graves de niños y adultos.
LQVWDODGR \ DMXVWDGR GH IRUPD
DSURSLDGD PLUH TXH GHEDMR GH OD
FRFLQD OD SDWD QLYHODGRUD WUDVHUD HVWp DMXVWDGD DO VRSRUWH (Q DOJXQRV
6RSRUWH$QWL
9ROFDGXUDV
PRGHORVHOFDMyQGHDOPDFHQDPLHQWRRHOSDQHOGHSURWHFFLyQVHSXHGHQ
UHWLUDUSDUDXQDIiFLOLQVSHFFLyQ 6L QR HV SRVLEOH UHDOL]DU XQD LQVSHFFLyQ
YLVXDO GHVOLFH OD FRFLQD KDFLD DGHODQWH FRQILUPH TXH HO VRSRUWH DQWL
YROFDGXUDV HVWp DMXVWDGR GH IRUPD VHJXUD DO SLVR R OD SDUHG \ GHVOLFH OD
FRFLQD KDFLD DWUiV GH PRGR TXH OD SDWD QLYHODGRUD WUDVHUD VH HQFXHQWUH
3DWD1LYHODGRUD
GHEDMRGHOVRSRUWHDQWLYROFDGXUDV
&RFLQDV6LQ$SR\R\'HVOL]DEOHV
6L OD FRFLQD HV H[SXOVDGD GH OD SDUHG SRU DOJXQD UD]yQ VLHPSUH UHSLWD HVWH
SURFHGLPLHQWR D ILQ GH YHULILFDU TXH HVWp DVHJXUDGR GH IRUPD FRUUHFWD FRQ XQ
VRSRUWHDQWLYROFDGXUDV
Base o Bloque de
1XQFD TXLWH ODV SDWDV GH QLYHODFLyQ SRU FRPSOHWR \D TXH OD FRFLQD QR
Madera Negra
TXHGDUiELHQVXMHWDDOGLVSRVLWLYRDQWLYROFDGXUDV
&RFLQDV(PSRWUDEOHV
3DUD FRQWURODU VL HO VRSRUWH HVWi LQVWDODGR \ FRQHFWDGR FRUUHFWDPHQWH
GHVOLFH OD FRFLQD KDFLD DGHODQWH FRQILUPH TXH HO VRSRUWH DQWLYROFDGXUDV
HVWpDGKHULGRGHIRUPDVHJXUDDODSDUWHWUDVHUDGHODFRFLQD\GHVOLFHHVWD
Soporte
~OWLPDKDFLDDWUiVGHPRGRTXHHOVRSRUWHDQWLYROFDGXUDVVHGHVOLFHSRU
Anti-Volcaduras
GHEDMRGHOPRVWUDGRUREORTXHGHPDGHUDDGMXQWRDODSDUHGWUDVHUD
Horno
6L XVWHG QR UHFLELy XQ VRSRUWH DQWLYROFDGXUDV FRQ VX FRPSUD OODPH DO
SDUD UHFLELU XQR VLQ FRVWR DOJXQR HQ &DQDGi OODPH DO
3DUD FRQVXOWDU LQVWUXFFLRQHV GH LQVWDODFLyQ GHO VRSRUWH
YLVLWH*($SSOLDQFHVFRPHQ&DQDGi*($SSOLDQFHVFD
Pared Trasera
ADVERTENCIA
&RFLQDV(PSRWUDEOHV
$'9(57(1&,$
127,),&$&,Ï1,03257$17('(6(*85,'$'
/DOH\GH&DOLIRUQLDVREUHDJXDVSRWDEOHV\Wy[LFRVH[LJHTXHHO*REHUQDGRUGH&DOLIRUQLDSXEOLTXHXQDOLVWDGHVXVWDQFLDVTXHVHJ~QHO
HVWDGRSURYRTXHQFiQFHUGHIHFWRVFRQJpQLWRVXRWURVGDxRVUHSURGXFWLYRV\H[LJHDODVHPSUHVDVTXHDGYLHUWDQDORVFOLHQWHVVREUHOD
H[SRVLFLyQSRWHQFLDODGLFKDVVXVWDQFLDV
/DDLVODFLyQGHILEUDGHYLGULRGHORVKRUQRVDXWROLPSLDQWHVHPLWHXQDSHTXHxDFDQWLGDGGHPRQy[LGRGHFDUERQRGXUDQWHHOFLFORGH
OLPSLH]D/DH[SRVLFLyQSXHGHPLQLPL]DUVHYHQWLODQGRFRQXQDYHQWDQDDELHUWDRXVDQGRXQDFDPSDQDRYHQWLODGRU
*($SSOLDQFHVFRP
$'9(57(1&,$ ,16758&&,21(6*(1(5$/(6'(6(*85,'$'
3DUDVXVHJXULGDGODLQIRUPDFLyQGHHVWHPDQXDOGHEHVHJXLUVHDOSLHGHODOHWUDDILQGHPLQLPL]DUHOULHVJRGHLQFHQGLRRH[SORVLyQ
GHVFDUJDHOpFWULFDRSDUDSUHYHQLUGDxRVOHVLRQHVSHUVRQDOHVRODPXHUWH
(VWD XQLGDG VH KD SXHVWR D SUXHED \ VH KD GHWHUPLQDGR TXH FXPSOH FRQ ORV OtPLWHV GH XQ GLVSRVLWLYR GLJLWDO GH FODVH % GH
FRQIRUPLGDGFRQOD3DUWHGHODVQRUPDVGHOD)&&(VWRVOtPLWHVHVWiQGLVHxDGRVSDUDEULQGDUXQDSURWHFFLyQUD]RQDEOHFRQWUD
LQWHUIHUHQFLDGDxLQDGHQWURGHXQDLQVWDODFLyQUHVLGHQFLDO(VWDXQLGDGJHQHUDXWLOL]D\SXHGHLUUDGLDUHQHUJtDGHIUHFXHQFLDGH
UDGLR\VLQRVHLQVWDOD\XVDGHDFXHUGRFRQODVLQVWUXFFLRQHVSXHGHSURYRFDUXQDLQWHUIHUHQFLDGDxLQDDODVFRPXQLFDFLRQHVGH
UDGLR6LQHPEDUJRQRKD\JDUDQWtDGHTXHQRKD\DLQWHUIHUHQFLDHQXQDLQVWDODFLyQGHWHUPLQDGD6LODXQLGDGSURYRFDLQWHUIHUHQFLD
QRFLYDDODUHFHSFLyQGHUDGLR\WHOHYLVLyQORTXHSXHGHGHWHUPLQDUVHHQFHQGLHQGR\DSDJDQGRODXQLGDGHOXVXDULRSXHGHFRUUHJLU
ODLQWHUIHUHQFLDDWUDYpVGHXQDRPiVGHODVVLJXLHQWHVPHGLGDV
‡5HRULHQWHRFDPELHODSRVLFLyQGHODVDQWHQDVUHFHSWRUDV
‡,QFUHPHQWHODGLVWDQFLDHQWUHODXQLGDG\HOUHFHSWRU
‡&RQHFWHODXQLGDGDXQWRPDFRUULHQWHRXQFLUFXLWRGLIHUHQWHGHOTXHHVWiXVDQGRHOUHFHSWRU
£35(&$8&,Ï1
/DVSHUVRQDVTXHXWLOLFHQXQPDUFDSDVRVRXQGLVSRVLWLYRPpGLFRVLPLODUGHEHQWHQHUFXLGDGRFXDQGRXWLOLFHQ\VHHQFXHQWUHQ
FHUFDGHXQDXQLGDGSRULQGXFFLyQ(OFDPSRHOHFWURPDJQpWLFRSXHGHDIHFWDUHOIXQFLRQDPLHQWRGHOPDUFDSDVRVRGHOGLVSRVLWLYR
PpGLFRVLPLODU(VUHFRPHQGDEOHFRQVXOWDUDVXPpGLFRRDOIDEULFDQWHGHOPDUFDSDVRVVREUHVXVLWXDFLyQSDUWLFXODU
„8VHHVWHDSDUDWRVyORFRQHOREMHWLYRSDUDHOTXHIXHFUHDGRFRPR „1RWRTXHODVXQLGDGHVGHVXSHUILFLHORVHOHPHQWRVFDOHQWDGRUHV
VHGHVFULEHHQHVWH0DQXDOGHO3URSLHWDULR
R OD VXSHUILFLH LQWHULRU GHO KRUQR (VWDV VXSHUILFLHV SXHGHQ HVWDU
OR VXILFLHQWHPHQWH FDOLHQWHV SDUD TXHPDU D~Q FXDQGR WHQJDQ
„$VHJ~UHVH GH TXH XQ WpFQLFR FDOLILFDGR UHDOLFH XQD FRUUHFWD
XQFRORURVFXUR'XUDQWH\GHVSXpVGHOXVRQRWRTXHRGHMHTXH
LQVWDODFLyQ \ SXHVWD D WLHUUD GHO DUWHIDFWR GH DFXHUGR FRQ ODV
VXYHVWLPHQWDXRWURVPDWHULDOHVLQIODPDEOHVHQWUHQHQFRQWDFWR
LQVWUXFFLRQHVGHLQVWDODFLyQSURYLVWDV
FRQ XQLGDGHV GH VXSHUILFLH iUHDV FHUFDQDV D ODV XQLGDGHV GH
„
1R LQWHQWH UHSDUDU R FDPELDU QLQJXQD SLH]D GH VX FRFLQD D
VXSHUILFLHRFXDOTXLHUiUHDLQWHULRUGHOKRUQRGHMHSDVDUXQWLHPSR
PHQRVTXHHVWpHVSHFtILFDPHQWHUHFRPHQGDGRHQHVWHPDQXDO
SUXGHQFLDO SDUD TXH VH HQIUtHQ 2WUDV VXSHUILFLHV GHO DSDUDWR
&XDOTXLHURWURVHUYLFLRGHEHUHDOL]DUORXQWpFQLFRFDOLILFDGR
SXHGHQFDOHQWDUVHORVXILFLHQWHFRPRSDUDSURYRFDUTXHPDGXUDV
„$QWHV GH UHDOL]DU FXDOTXLHU FODVH GH UHSDUDFLyQ GHVHQFKXIH OD
/DV VXSHUILFLHV SRWHQFLDOPHQWH FDOLHQWHV LQFOX\HQ OD HVWXID ODV
FRFLQD R GHVFRQHFWH HO VXPLQLVWUR HOpFWULFR GHVGH HO SDQHO GH
iUHDV RULHQWDGDV KDFLD OD HVWXID OD DEHUWXUD GH YHQWLODFLyQ GHO
GLVWULEXFLyQ GRPpVWLFR TXLWDQGR HO IXVLEOH R GHVFRQHFWDQGR HO
KRUQR ODV VXSHUILFLHV FHUFDQDV D OD DEHUWXUD \ ODV KHQGLGXUDV
LQWHUUXSWRUGHFLUFXLWRV
XELFDGDVDOUHGHGRUGHODSXHUWDGHOKRUQR
„1R GHMH D ORV QLxRV VRORV pVWRV QR GHEHQ TXHGDU VRORV R VLQ „1RFDOLHQWHUHFLSLHQWHVFHUUDGRVGHDOLPHQWRV3RGUtDKDEHUXQD
DWHQFLyQHQXQiUHDGRQGHXQDSDUDWRHVWpHQXVR1XQFDGHEH
DFXPXODFLyQ GH SUHVLyQ HQ HO UHFLSLHQWH \ pVWH SRGUtD H[SORWDU
SHUPLWLUVH TXH VH VXEDQ VLHQWHQ R SDUHQ HQ FXDOTXLHU SDUWH GH
SURYRFDQGROHVLRQHV
HVWHDSDUDWR
„
1RXWLOLFHSDSHOGHDOXPLQLRSDUDUHYHVWLUODVEDQGHMDVFROHFWRUDV
RQLQJXQDSDUWHGHOKRUQRFRQH[FHSFLyQGHORGHVFULSWRHQHVWH
„
1R DOPDFHQH HOHPHQWRV GH LQWHUpV
PDQXDO8QXVRLQDGHFXDGRSXHGHSURYRFDUGDxRVDODFRFLQD\
SDUD QLxRV VREUH XQD FRFLQD R HQ OD SURWHFFLyQ WUDVHUD GH XQD
XQDGHVFDUJDHOpFWULFDRXQULHVJRGHLQFHQGLR
FRFLQDORVQLxRVTXHVHWUHSDQDODFRFLQDSDUDDOFDQ]DUHOHPHQWRV
„
7UDWH GH QR UD\DU R JROSHDU ODV SXHUWDV HVWXIDV R SDQHOHV
SXHGHQUHVXOWDUJUDYHPHQWHKHULGRV
GH FRQWURO GH YLGULR 6L OR KDFH SRGUtD URPSHUVH HO YLGULR 1R
„6yOR XVH DJDUUDGHUDV VHFDV ODV DJDUUDGHUDV K~PHGDV
FRFLQHVLXQSURGXFWRWLHQHXQYLGULRURWR3XHGHSURYRFDUVHXQD
R PRMDGDV FRORFDGDV HQ VXSHUILFLHV FDOLHQWHV SXHGHQ
GHVFDUJDXQLQFHQGLRRKHULGDV
SURYRFDU TXHPDGXUDV GH YDSRU 1R SHUPLWD TXH ODV
&
RFLQHFDUQHVGHUHV\GHDYHSRUFRPSOHWR/DVFDUQHVGHUHVKDVWD
DJDUUDGHUDV HQWUHQ HQ FRQWDFWR FRQ XQLGDGHV GH VXSHUILFLH „
DOFDQ]DU XQD WHPSHUDWXUD LQWHUQD GH SRU OR PHQRV ƒ) ƒ& \
R ORV HOHPHQWRV FDOHQWDGRUHV FDOLHQWHV 1R XWLOLFH WRDOODV
ODVFDUQHVGHDYHDXQDWHPSHUDWXUDLQWHUQDGHSRUORPHQRVƒ)
XRWUDVWHODVJUXHVDVHQOXJDUGHXQDDJDUUDGHUD
ƒ& /D FRFFLyQ D HVWDV WHPSHUDWXUDV JHQHUDOPHQWH SURWHJH GH
„
1XQFDXVHVXHOHFWURGRPpVWLFRSDUDFDOHQWDUODKDELWDFLyQ
HQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV
35(&$8&,21
$'9(57(1&,$
0$17(1*$/260$7(5,$/(6,1)/$0$%/(6
$/(-$'26'(/$&2&,1$
„1RDOPDFHQHRXWLOLFHPDWHULDOHVLQIODPDEOHVGHQWURGHXQKRUQR „1R SHUPLWD TXH OD JUDVD GH OD FRFFLyQ X RWURV PDWHULDOHV
RFHUFDGHODHVWXIDWDOHVFRPRSDSHOSOiVWLFRDJDUUDGHUDVWHODV
LQIODPDEOHVVHDFXPXOHQGHQWURGHODFRFLQDRHQVXFHUFDQtD/D
UHFXEULPLHQWRV GH SDUHG FRUWLQDV \ JDVROLQD X RWURV YDSRUHV \
JUDVDGHQWURGHOKRUQRRVREUHODHVWXIDSXHGHHQFHQGHUVH
OtTXLGRVLQIODPDEOHV
„/LPSLH ODV FDPSDQDV GH YHQWLODFLyQ FRQ IUHFXHQFLD 1R GHEH
„1XQFD XVH YHVWLPHQWDV KROJDGDV R DPSOLDV PLHQWUDV XWLOLFH HO
SHUPLWLUVHODDFXPXODFLyQGHJUDVDHQODFDPSDQDRHQHOILOWUR
DSDUDWR (VWDV YHVWLPHQWDV SXHGHQ SUHQGHUVH IXHJR VL HQWUDQ HQ
FRQWDFWRFRQVXSHUILFLHVFDOLHQWHVSURYRFDQGRTXHPDGXUDVJUDYHV
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(68862
$'9(57(1&,$
(1&$62'(,1&(1',26,*$/26
6,*8,(17(63$6263$5$(9,7$5
/$3523$*$&,Ï1'(/)8(*2
„1RXWLOLFHDJXDHQLQFHQGLRVGHJUDVD1XQFDOHYDQWHXQDVDUWpQ „6LKD\XQLQFHQGLRHQHOKRUQRGXUDQWHODDXWROLPSLH]DDSDJXHHO
HQ OODPDV $SDJXH ORV FRQWUROHV $SDJXH XQD VDUWpQ HQ OODPDV
KRUQR\HVSHUHDTXHHOLQFHQGLRVHFRQVXPD1RDEUDODSXHUWD
VREUHXQDXQLGDGGHVXSHUILFLHFXEULHQGRODVDUWpQSRUFRPSOHWR
GHOKRUQRDODIXHU]D(OLQJUHVRGHDLUHIUHVFRDWHPSHUDWXUDVGH
FRQXQDWDSDTXHDMXVWHELHQXQDSODQFKDSDUDJDOOHWDVRXQD
DXWROLPSLH]DSXHGHSURYRFDUXQDH[SORVLyQGHOODPDVGHVGHHO
EDQGHMDSODQD8WLOLFHXQTXtPLFRVHFRPXOWLXVRRXQH[WLQWRUGH
KRUQR 1R VHJXLU HVWD LQVWUXFFLyQ SXHGH SURYRFDU TXHPDGXUDV
LQFHQGLRVGHHVSXPD
JUDYHV
„6L KD\ XQ LQFHQGLR HQ HO KRUQR GXUDQWH HO KRUQHDGR DSiJXHOR
FHUUDQGRODSXHUWDGHOKRUQR\DSDJDQGRHOFRQWURORXVDQGRXQ
TXtPLFRVHFRPXOWLXVRRXQH[WLQWRUGHLQFHQGLRVGHHVSXPD
$'9(57(1&,$ ,16758&&,21(6'(6(*85,'$''(/$(678)$
„1XQFD GHMH ODV XQLGDGHV GH VXSHUILFLH VLQ DWHQFLyQ „6yOR FLHUWRV WLSRV GH UHFLSLHQWHV GH YLGULR YLGULRFHUiPLFR
FHUiPLFDXRWURVUHFLSLHQWHVYLGULDGRVSXHGHQXWLOL]DUVHVREUH
HQFRQILJXUDFLRQHVGHFDORUPHGLDRDOWD/RVDOLPHQWRVTXH
ODHVWXIDRWURVSXHGHQURPSHUVHGHELGRDOFDPELRUHSHQWLQR
KLHUYHQ \ VH GHUUDPDQ SXHGHQ SURYRFDU KXPR \ GHUUDPHV
GHWHPSHUDWXUD
JUDVRVRVTXHSXHGHQSUHQGHUVHIXHJR
„1XQFD GHMH DFHLWH VLQ DWHQFLyQ PLHQWUDV IUtH 6L VH GHMD „3DUD PLQLPL]DU OD SRVLELOLGDG GH TXHPDGXUDV HO HQFHQGLGR
GH PDWHULDOHV LQIODPDEOHV \ ORV GHUUDPHV OD PDQLMD GH ORV
FDOHQWDU PiV DOOi GHO SXQWR GH KXPHR HO DFHLWH SXHGH
UHFLSLHQWHV GHEHQ JLUDUVH KDFLD HO FHQWUR GH OD FRFLQD VLQ
HQFHQGHUVHSURYRFDQGRXQLQFHQGLRTXHSRGUtDSURSDJDUVH
H[WHQGHUVHVREUHQLQJXQDXQLGDGGHVXSHUILFLHFHUFDQD
D ORV JDELQHWHV FHUFDQRV 8WLOLFH XQ WHUPyPHWUR SDUD JUDVD
FXDQGRVHDSRVLEOHSDUDFRQWURODUODWHPSHUDWXUDGHODFHLWH
„
6L IODPEHD DOLPHQWRV EDMR OD FDPSDQD HQFLHQGD
HOYHQWLODGRU
„
3DUD HYLWDU HO GHUUDPH GH DFHLWH \ XQ LQFHQGLR XWLOLFH XQD
FDQWLGDG PtQLPD GH DFHLWH FXDQGR IUtD HQ VDUWHQHV SRFR
SURIXQGDV\HYLWHODFRFFLyQGHDOLPHQWRVFRQJHODGRVFRQXQD
FDQWLGDGH[FHVLYDGHKLHOR
$'9(57(1&,$ ,16758&&,21(6'(6(*85,'$''(/$683(5),&,(
'(&2&&,Ï1'(9,'5,2DOJXQRVPRGHORV
„7HQJDFXLGDGRDOWRFDUODHVWXID/DVXSHUILFLHGHYLGULRGHOD „8VH HO OLPSLDGRU GH HVWXIDV FHUiPLFDV &(5$0$ %5<7(Š
HVWXIDUHWHQGUiFDORUGHVSXpVGHTXHORVFRQWUROHVVHKD\DQ
DSDJDGR
„1R FRFLQH VREUH XQD HVWXID URWD 6L OD HVWXID VH URPSH
ODV VROXFLRQHV GH OLPSLH]D \ ORV GHUUDPHV SXHGHQ SHQHWUDU
HQ OD HVWXID URWD \ FUHDU XQ ULHVJR GH GHVFDUJD HOpFWULFD
&RPXQtTXHVHFRQXQWpFQLFRFDOLILFDGRGHLQPHGLDWR
„(YLWH UD\DU OD HVWXID GH YLGULR /D HVWXID SXHGH UD\DUVH FRQ
HOHPHQWRVWDOHVFRPRFXFKLOORVLQVWUXPHQWRVILORVRVDQLOORVX
RWUDVMR\DV\UHPDFKHVGHODURSD
\ OD HVSRQMLOOD GH OLPSLH]D &(5$0$ %5<7(Š SDUD OLPSLDU
OD HVWXID (VSHUH KDVWD TXH OD HVWXID VH HQIUtH \ OD
OX] LQGLFDGRUD VH DSDJXH DQWHV GH OLPSLDU 8QD HVSRQMD
R XQ SDxR K~PHGRV VREUH XQD VXSHUILFLH FDOLHQWH SXHGHQ
SURYRFDUTXHPDGXUDVGHYDSRU$OJXQRVOLPSLDGRUHVSXHGHQ
SURGXFLU KXPRV Wy[LFRV VL VH ORV DSOLFD D XQD VXSHUILFLH
FDOLHQWH 127$ /RV GHUUDPHV GH D]~FDU VRQ OD H[FHSFLyQ
eVWRVGHEHQTXLWDUVHPLHQWUDVHVWiQFDOLHQWHVXWLOL]DQGRXQD
DJDUUDGHUD\XQUDVSDGRU3DUDLQVWUXFFLRQHVGHWDOODGDVYHU
ODVHFFLyQ&yPROLPSLDUODHVWXIDGHYLGULR
*($SSOLDQFHVFRP
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/+2512
„0DQWpQJDVH DOHMDGR GH OD FRFLQD FXDQGR DEUD „7LUH GH OD EDQGHMD GHO KRUQR KDVWD OD SRVLFLyQ GH WRSH
GH GHWHQFLyQ FXDQGR FDUJXH R GHVFDUJXH DOLPHQWRV
ODSXHUWDGHOKRUQR(ODLUH\HOYDSRUFDOLHQWHVTXHVDOHQGHOD
GHOKRUQR(VWRD\XGDDHYLWDUTXHPDGXUDVSRUWRFDUVXSHUILFLHV
FRFLQD SXHGHQ SURYRFDU TXHPDGXUDV HQ PDQRV URVWUR \R
FDOLHQWHVGHODSXHUWD\ODVSDUHGHVGHOKRUQR
RMRV
„
1R GHMH SURGXFWRV FRPR SDSHO XWHQVLOLRV GH FRFLQD
„0DQWHQJDVLQREVWUXFFLRQHVODYHQWLODFLyQGHOKRUQR
R DOLPHQWRV HQ HO KRUQR FXDQGR QR OR HVWp XVDQGR
„
0DQWHQJD HO KRUQR OLEUH GH DFXPXODFLRQHV GH JUDVD
/RV HOHPHQWRV JXDUGDGRV HQ HO KRUQR SXHGHQ SUHQGHUVH
/DJUDVDGHQWURGHOKRUQRSXHGHSUHQGHUVHIXHJR
IXHJR
„6LHPSUHFRORTXHODVEDQGHMDVGHOKRUQRHQODSRVLFLyQGHVHDGD
PLHQWUDVHOKRUQRHVWpIUtR6LODEDQGHMDGHEHTXLWDUVHFXDQGR „1R XVH SDSHO GH DOXPLQLR SDUD FXEULU HO IRQGR GHO KRUQR (O
DOXPLQLR SXHGH DWUDSDU HO FDORU R GHUUHWLUVH OR FXDO SXHGH
HOKRUQRWRGDYtDHVWiFDOLHQWHQRSHUPLWDTXHODDJDUUDGHUD
GDxDUHOSURGXFWR\SURYRFDUULHVJRGHGHVFDUJDHOpFWULFDR
WRTXHHOHOHPHQWRFDOHQWDGRUGHOKRUQR
XQLQFHQGLR
„&XDQGRXWLOLFHEROVDVGHFRFFLyQRGHDVDGRHQHOKRUQRVLJD
ODVLQVWUXFFLRQHVGHOIDEULFDQWH
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/
+2512$872/,03,$17(DOJXQRVPRGHORV
/DFDUDFWHUtVWLFDGHDXWROLPSLH]DIXQFLRQDHQHOKRUQRDWHPSHUDWXUDVORVXILFLHQWHPHQWHHOHYDGDVFRPRSDUDTXHPDUORV
UHVWRVGHDOLPHQWRVTXHTXHGDURQGHQWURGHOKRUQR6LJDHVWDVLQVWUXFFLRQHVSDUDXQDRSHUDFLyQVHJXUD
„$QWHV GH LQLFLDU HO FLFOR GH DXWROLPSLH]D TXLWH ODV ROODV „6L HO PRGR GH DXWROLPSLH]D QR IXQFLRQD DSDJXH HO KRUQR
\ GHVFRQHFWH HO VXPLQLVWUR GH HQHUJtD /ODPH D XQ WpFQLFR
EDQGHMDV GHO KRUQR GH PHWDO EULOODQWH \ RWURV XWHQVLOLRV GHO
FDOLILFDGRSDUDVROLFLWDUHODUUHJOR
KRUQR6yORSXHGHQGHMDUVHHQHOKRUQRODVEDQGHMDVUHYHVWLGDV
GH SRUFHODQD JULV R QHJUR 1R XWLOLFH OD DXWROLPSLH]D SDUD „1ROLPSLHODHPSDFDGXUDGHODSXHUWD/DHPSDFDGXUDGHOD
OLPSLDURWUDVSLH]DVFRPREDQGHMDVFROHFWRUDVRWD]RQHV
SXHUWDHVHVHQFLDOSDUDXQEXHQVHOODGR'HEHWHQHUVHFXLGDGR
GHQRUHIUHJDUGDxDURPRYHUODHPSDFDGXUD
„$QWHVGHXWLOL]DUHOFLFORGHDXWROLPSLH]DOLPSLHODJUDVD\ORV
GHUUDPHV GH DOLPHQWRV GHO KRUQR 8QD FDQWLGDG H[FHVLYD GH „
1R XWLOLFH OLPSLDGRUHV GH KRUQR 1R GHEH XWLOL]DUVH QLQJ~Q
JUDVD SXHGH HQFHQGHUVH JHQHUDQGR GDxRV SRU HO KXPR HQ
OLPSLDGRU FRPHUFLDO R UHYHVWLPLHQWR SURWHFWRU GH QLQJXQD
VXKRJDU
FODVHGHQWURRDOUHGHGRUGHQLQJXQDSLH]DGHOKRUQR
$'9(57(1&,$
&$-Ï1&$/(17$'25&$-Ï1'(/+2512
,1)(5,25,16758&&,21(6'(6(*85,'$'
DOJXQRVPRGHORV 7HQJDFXLGDGRDODEULUHOFDMyQ$EUDXQSRFRHOFDMyQ\GHMH
„(O REMHWLYR GHO FDMyQ FDOHQWDGRU HV PDQWHQHU DOLPHQWRV „
VDOLUHODLUHFDOLHQWH\HOYDSRUDQWHVGHTXLWDURYROYHUDFRORFDU
FRFLGRV FDOLHQWHV D OD WHPSHUDWXUD GH VHUYLFLR 3RU
ORV DOLPHQWRV (O DLUH \ HO YDSRU FDOLHQWHV TXH VDOHQ SXHGHQ
GHEDMR GH ORV ƒ) ƒ& SXHGH SURGXFLUVH FUHFLPLHQWR
SURYRFDUTXHPDGXUDVHQPDQRVURVWUR\RRMRV
GH EDFWHULDV HQ ORV DOLPHQWRV 1R FRORTXH DOLPHQWRV IUtRV
HQ HO FDMyQ FDOHQWDGRU 1R FDOLHQWH DOLPHQWRV SRU PiV „
1RXVHSDSHOGHDOXPLQLRSDUDFXEULUHOFDMyQLQIHULRU(OSDSHO
GH KRUDV 1R VHJXLU HVWDV LQVWUXFFLRQHV SXHGH SURYRFDU
DWUDSDUi HQ FDORU GHO IRQGR \ DOWHUDUi HO IXQFLRQDPLHQWR GHO
HQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV
KRUQR(OSDSHOVHSRGUiGHUUHWLU\GDxDUGHIRUPDSHUPDQHQWH
ODSDUWHLQIHULRUGHOFDMyQ&XDOTXLHUGDxRSRUXVRLQDGHFXDGR
„1R GHMH SURGXFWRV GH SDSHO SOiVWLFRV FRPLGD HQODWDGD
GHO SDSHO GH DOXPLQLR QR HVWDUi FXELHUWR SRU OD JDUDQWtD GHO
R PDWHULDOHV FRPEXVWLEOHV HQ HO FDMyQ 3XHGHQ SUHQGHUVH
SURGXFWR
IXHJR
„1R WRTXH HO HOHPHQWR FDOHQWDGRU R OD VXSHUILFLH LQWHUQD
GHO FDMyQ (VWDV VXSHUILFLHV SXHGHQ HVWDU OR VXILFLHQWHPHQWH
FDOLHQWHVFRPRSDUDSURYRFDUTXHPDGXUDV
8VRGHXQLGDGHVGHODVXSHUILFLH
&yPRIXQFLRQDODVXSHUILFLHGHFRFFLyQSRULQGXFFLyQ
/DVERELQDVGHLQGXFFLyQXELFDGDVGHEDMRGHODVXSHUILFLHGH
FRFFLyQGHYLGULRSURGXFHQXQFDPSRPDJQpWLFRTXHJHQHUD
FDORUHQPHWDOHVIHUURVRVTXHVHHQFXHQWUDQPX\FHUFD/D
VXSHUILFLHGHFRFFLyQGHYLGULRQRVHFDOLHQWDGLUHFWDPHQWH\D ‡/RV HOHPHQWRV GH FRFFLyQ SRU LQGXFFLyQ SXHGHQ SDUHFHU
IUtRVFXDQGRHVWiQHQFHQGLGRV21\GHVSXpVGHKDEHUVLGR
TXHQR HVXQPHWDOIHUURVRSHURHOYLGULRSXHGHFDOHQWDUVH
DSDJDGRV2))/DVXSHUILFLHGHYLGULRSXHGHHVWDU&$/,(17(
SRU HVWDU HQ FRQWDFWR FRQ HO UHFLSLHQWH GH FRFFLyQ /DV
GHELGRDFDORUUHVLGXDOWUDQVIHULGRGHOUHFLSLHQWHGHFRFFLyQ\
ERELQDV GH OD VXSHUILFLH GH LQGXFFLyQ VRQ PiV HILFLHQWHV
SXHGHQSURYRFDUVHTXHPDGXUDV
\ VH FDOLHQWDQ FRQ PiV UDSLGH] TXH ODV FRFLQDV HOpFWULFDV
RDJDVFRQVXSHUILFLHVGHFRFFLyQFRQYHQFLRQDOHV
‡127248(5(&,3,(17(6'(&2&&,Ï1&$/,(17(6GLUHFWDPHQWH
FRQVXVPDQRV6LHPSUHXVHJXDQWHVGHFRFLQDRDJDUUDGHUDV
SDUDSURWHJHUODVPDQRVGHTXHPDGXUDV
35(&$8&,Ï1
‡12'(6/,&(UHFLSLHQWHVGHFRFFLyQDWUDYpVGHODVXSHUILFLHGH
ODHVWXID+DFHUORSXHGHGDxDUSHUPDQHQWHPHQWHODDSDULHQFLD
GHODHVWXIDGHFHUiPLFD
5,(6*2'(,1&(1',21XQFDSLHUGDGHYLVWDODFRFLQDFXDQGRODHVWXIDHVWpHQ
ODVFRQILJXUDFLRQHVPHGLRRDOWR0DQWHQJDORVtWHPVLQIODPDEOHVDOHMDGRVGHOD
HVWXID$SDJXHWRGRVORVFRQWUROHVFXDQGRILQDOLFHODFRFFLyQ6LQRVHVLJXHQ
HVWDVLQVWUXFFLRQHVVHSRGUiSURGXFLULQFHQGLRVOHVLRQHVJUDYHVRODPXHUWH
(VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO
$'9(57(1&,=$
&RQILJXUDFLRQHVGHFRFFLyQGHODVXQLGDGHVGHVXSHUILFLH
(O QLYHO GH HQHUJtD FRQ XQD
IUDFFLyQ LQGLFD OD FRQILJXUDFLyQ
DGLFLRQDO GH PHGLR SDVR 8VWHG
SXHGHRtUFKDVTXLGRVTXHLQGLFDQ
TXH HO FRQWURO HVWi PDQWHQLHQGR
VXFRQILJXUDFLyQGHVHDGD
/DHVWXIDRIUHFHQLYHOHVGHHQHUJtD
/RV QLYHOHV GH HQHUJtD YDQ GHVGH ´/2µ EDMD
KDVWD´+,µDOWDHQSUHFLVRVDXPHQWRVGHPHGLR
SDVR3RUHMHPSOR/\KDVWD+
6HUHFRPLHQGDHOQLYHOGHHQHUJtDGH´/µ
OD FRQILJXUDFLyQ PiV EDMD SDUD ´PDQWHQHU
FDOLHQWHµ
(O QLYHO GH HQHUJtD DXPHQWD GH D PHGLR QLYHO
FRQFDGDWRTXH
8QLGDGGHVXSHUILFLH~QLFD³&RQILJXUDFLRQHVGHFRFFLyQ
3DUDHQFHQGHUXQDXQLGDGGHVXSHUILFLH~QLFD
3UHVLRQHHOERWyQ212))HQFHQGLGR
DSDJDGROXHJRSUHVLRQHHOERWyQ²
8WLOLFHHOERWyQ²SDUDHOHJLUOD
FRQILJXUDFLyQGHHQHUJtDGHVHDGD
3DUDDSDJDUXQDXQLGDGGHVXSHUILFLH
~QLFDSUHVLRQHHOERWyQ212))
HQFHQGLGRDSDJDGRGHQXHYR
3DUDXWLOL]DUODFDUDFWHUtVWLFD´0HOWµGHUUHWLU
3UHVLRQHHOERWyQ212))HQFHQGLGRDSDJDGR
OXHJRSUHVLRQH0(/7GHUUHWLU(OHOHPHQWR
DXWRPiWLFDPHQWHTXHGDUiHQXQDFRQILJXUDFLyQ
SUHGHWHUPLQDGD
3DUD XVDU OD IXQFLyQ 3RZHU %RLO +HUYLU FRQ
(OHFWULFLGDG
3UHVLRQH OD WHFOD 212)) (QFHQGHU$SDJDU
OXHJRSUHVLRQH3RZHU%RLO+HUYLUFRQ(OHFWULFLGDG
(OHOHPHQWRVHFRQILJXUDUiGHIRUPDDXWRPiWLFD
HQXQDFRQILJXUDFLyQSUHGHWHUPLQDGD
3DUDXWLOL]DUODFDUDFWHUtVWLFD´6LPPHUµIXHJR
OHQWR
3UHVLRQHHOERWyQ212))HQFHQGLGR
DSDJDGROXHJRSUHVLRQH6,00(5IXHJROHQWR
(OHOHPHQWRDXWRPiWLFDPHQWHTXHGDUiHQ
XQDFRQILJXUDFLyQSUHGHWHUPLQDGD$MXVWH
XWLOL]DQGRHOERWyQ²SDUDVXELUREDMDUHO
QLYHOGHIXHJROHQWR
*($SSOLDQFHVFRP
$'9(57(1&,$
5,(6*2'(,172;,&$&,Ï1$/,0(17$5,$3RUGHEDMRGHORVƒ)ƒ&SXHGH
SURGXFLUVHFUHFLPLHQWRGHEDFWHULDVHQORVDOLPHQWRV
‡6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1RXWLOLFHFRQILJXUDFLRQHV
GHPDQWHQHUFDOLHQWHSDUDFDOHQWDUDOLPHQWRVIUtRV
‡1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV
1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDVSRU
ORVDOLPHQWRV
&yPRXVDUOD]RQDGHFDOHQWDPLHQWR
WARMING ZONE
SELECT
ON
OFF
/D=21$'(&$/(17$0,(172VHHQFXHQWUD
HQODSDUWHWUDVHUDFHQWUDOGHODVXSHUILFLHGH
YLGULR
3DUDXWLOL]DUOD=21$'(&$/(17$0,(172
3UHVLRQHODWHFOD:$50,1*=21(21
2))]RQDGHFDOHQWDPLHQWRHQFHQGLGR
DSDJDGR
3DUDVHOHFFLRQDUODFRQILJXUDFLyQGH
FRQWUROGHVHDGDSUHVLRQHHOERWyQ6(/(&7
VHOHFFLRQDUXQDYH]SDUDEDMD/GRV
YHFHVSDUDPHGLD0RWUHVYHFHVSDUD
DOWD+
3DUDDSDJDUOD=21$'(&$/(17$0,(172
3UHVLRQHODWHFOD:$50,1*=21(212))
]RQDGHFDOHQWDPLHQWRHQFHQGLGRDSDJDGR
3DUDPHMRUHVUHVXOWDGRVWRGRV
ORVDOLPHQWRVGHOD=21$'(&$/(17$0,(172
GHEHQFXEULUVHFRQ
XQDWDSDRFRQSDSHOGHDOXPLQLR
6LHPSUHXWLOLFHDJDUUDGHUDVRJXDQWHVGH
FRFLQDFXDQGRTXLWHDOLPHQWRVGHOD=21$
'(&$/(17$0,(172\DTXHORVUHFLSLHQWHV
HVWDUiQFDOLHQWHV
‡1RXWLOLFHHQYROWRULRVSOiVWLFRVSDUDFXEULU
DOLPHQWRV(OSOiVWLFRSXHGHGHUUHWLUVHHQOD
VXSHUILFLH\VHUiPX\GLItFLOOLPSLDUOR
‡8WLOLFHVyORUHFLSLHQWHVGHFRFLQD
UHFRPHQGDGRVSDUDFRFFLyQVREUHHVWXIDV
8VRGHXQLGDGHVGHODVXSHUILFLH
3DUD0RGHORVFRQ6XSHUILFLHGH&RFFLyQGH9LGULR
1XQFDFRFLQHGLUHFWDPHQWHVREUHHO
YLGULR6LHPSUHXWLOLFHUHFLSLHQWHVGH
FRFFLyQ
6LHPSUHFRORTXHHOUHFLSLHQWHHQHO
FHQWURGHODXQLGDGGHVXSHUILFLH
VREUHODTXHHVWiFRFLQDQGR
/D VXSHUILFLH GH FRFFLyQ GH YLGULR FXHQWD FRQ
XQLGDGHV GH FDOHQWDPLHQWR GHEDMR GH XQD
VXSHUILFLHGHYLGULRSDUHMD
127$ 8Q OLJHUR RORU HV QRUPDO FXDQGR
XQD HVWXID QXHYD VH XWLOL]D SRU SULPHUD YH]
(V SURYRFDGR SRU HO FDOHQWDPLHQWR GH SLH]DV
QXHYDV\PDWHULDOHVDLVODQWHV\GHVDSDUHFHUiHQ 1RGHVOLFHORVUHFLSLHQWHVGHFRFFLyQDWUDYpVGHOFRQWURO
SRFRWLHPSR
\ODVXSHUILFLHGHODHVWXIDSRUTXHSXHGHUD\DUHOYLGULR
/D XQLGDG VXSHUILFLDO SRGUi LQLFLDU XQ FLFOR (OYLGULRHVUHVLVWHQWHDORVUD\RQHVSHURQRDSUXHEDGH
ORVPLVPRV
GH HQFHQGLGR \ DSDJDGR SDUD PDQWHQHU VX
FRQILJXUDFLyQGHFRQWUROVHOHFFLRQDGD
„(O XVR GH OLPSLDGRU GH YHQWDQDV SXHGH
GHMDU XQD SHOtFXOD LULGLVFHQWH VREUH OD HVWXID
(V VHJXUR FRORFDU XWHQVLOLRV FDOLHQWHV HQ OD
VXSHUILFLH GH YLGULR LQFOXVR FXDQGR OD HVWXID
/DFUHPDOLPSLDGRUDTXLWDUiHVWDGHFRORUDFLyQ
HVWpIUtD
„1R DOPDFHQH HOHPHQWRV SHVDGRV VREUH
1RFRORTXHQDGDVREUHODXQLGDGGHVXSHUILFLH
OD HVWXID 6L FDHQ VREUH OD HVWXID SRGUtDQ
KDVWDTXHVHKD\DHQIULDGRSRUFRPSOHWR
SURYRFDUGDxRV
„/DV PDQFKDV GH DJXD GHSyVLWRV PLQHUDOHV „1R XWLOLFH OD VXSHUILFLH FRPR XQD WDEOD SDUD
FRUWDU
SXHGHQ TXLWDUVH XWLOL]DQGR FUHPD OLPSLDGRUD
RYLQDJUHEODQFRVLQGLOXLU
¢4XpFODVHGHUHFLSLHQWHVGHEHXVDUVH"
8WLOLFHUHFLSLHQWHVGH
EDVHSODQD
8WLOLFHXQDSODQFKD
8WLOLFHXQZRNGHEDVHSODQD
'HEHQXWLOL]DUVHUHFLSLHQWHVIHUURVRVFXDQGRVH
XVHQODVERELQDVGHLQGXFFLyQGHHVWDFRFLQD
/D ]RQD GH FDOHQWDPLHQWR QR HV XQD ERELQD
GHLQGXFFLyQ\IXQFLRQDFRQFXDOTXLHUFODVHGH
UHFLSLHQWH GH FRFFLyQ 8VWHG SXHGH YHULILFDU VL
VX UHFLSLHQWH HV IHUURVR VL XQ LPiQ VH DGKLHUH
D pO /RV UHFLSLHQWHV GH FRFFLyQ GH FDOLGDG
FRQ EDVHV SHVDGDV KHFKDV GH KLHUUR IXQGLGR
DFHURLQR[LGDEOHPDJQpWLFR\DFHURHVPDOWDGR
IXQFLRQDQ PHMRU 3DUD PHMRUHV UHVXOWDGRV
XWLOLFH UHFLSLHQWHV FRQ EDVHV SODQDV /RV ZRNV
TXH QR SRVHHQ EDVHV SODQDV HQ FRQWDFWR FRQ
OD VXSHUILFLH GH YLGULR QR IXQFLRQDQ $OJXQRV
UHFLSLHQWHV HVWiQ IDEULFDGRV HVSHFLDOPHQWH
SDUDFRFFLyQSRULQGXFFLyQ
&RORTXH VyOR ROODV VHFDV VREUH ORV HOHPHQWRV
VXSHUILFLDOHV 1R FRORTXH WDSDV VREUH ORV
HOHPHQWRV VXSHUILFLDOHV SDUWLFXODUPHQWH
WDSDVPRMDGDV(VSRVLEOHTXHODVROODV\WDSDV
PRMDGDVVHDGKLHUDQDODVXSHUILFLHFXDQGRVH
HQIUtHQ
&yPRVHOHFFLRQDUWLSRVGHXWHQVLOLRVSDUD
PRGHORVGHHVWXIDGHYLGULRUDGLDQWH
*($SSOLDQFHVFRP
7DPDxR\IRUPDGHORVUHFLSLHQWHV
5HFLSLHQWH
GHµ
GHGLiPHWUR
PtQLPR
5HFLSLHQWH
GHµ
GHGLiPHWUR
PtQLPR
5HFLSLHQWH
GHµ
GHGLiPHWUR
PtQLPR
5HFLSLHQWH
GHµ
GHGLiPHWUR
PtQLPR
8WLOLFHHOUHFLSLHQWHGHWDPDxR
PtQLPRLOXVWUDGRSDUDFDGD
HOHPHQWRGHFRFFLyQ
/DV ERELQDV GH LQGXFFLyQ UHTXLHUHQ XQ WDPDxR
PtQLPR GH UHFLSLHQWH SDUD TXH HO HOHPHQWR VH
HQFLHQGD3DUDTXHODERELQDGHLQGXFFLyQSXHGD
GHWHUPLQDU FRUUHFWDPHQWH VL HO UHFLSLHQWH HV OR
VXILFLHQWHPHQWH JUDQGH UHVXOWD LPSRUWDQWH TXH
HO UHFLSLHQWH VH FHQWUH GHQWUR GH ORV JUiILFRV
FLUFXODUHV PDUFDGRV HQ OD VXSHUILFLH GH FRFFLyQ
GH YLGULR (O WDPDxR PtQLPR GH UHFLSLHQWH
TXH IXQFLRQDUi HQ FDGD ERELQD GH LQGXFFLyQ
VH LQGLFD D OD L]TXLHUGD /RV UHFLSLHQWHV QR
IHUURVRV \ GHPDVLDGR SHTXHxRV QR SHUPLWLUiQ
HO DFFLRQDPLHQWR GH OD ERELQD GH LQGXFFLyQ \
OD SDQWDOOD GHO QLYHO GH HQHUJtD GH OD XELFDFLyQ
GH HVD ERELQD GHVWHOODUi GXUDQWH VHJXQGRV
\OXHJRVHDSDJDUi6LXQUHFLSLHQWHVHUHWLUDGH
ODERELQDGHLQGXFFLyQSRUPiVGHVHJXQGRV
OD HQHUJtD VH GHVDFWLYDUi 3XHGHQ XWLOL]DUVH
UHFLSLHQWHV FXDGUDGRV DXQTXH IXQFLRQDQ PHMRU
ORVUHGRQGRVTXHVHDMXVWDQDORVWDPDxRVGHODV
ERELQDVGHLQGXFFLyQ/RVUHFLSLHQWHVGHFRFFLyQ
GH PD\RU WDPDxR TXH ORV JUiILFRV GH YLGULR GH
OD HVWXID IXQFLRQDUiQ 3DUD PHMRUHV UHVXOWDGRV
DMXVWHHOWDPDxRGHOUHFLSLHQWHFRQORVJUiILFRVGH
WDPDxRPiVFHUFDQRTXHVHHQFXHQWUDQVREUHOD
VXSHUILFLHGHFRFFLyQGHYLGULR
´5XLGRVµ GH ORV UHFLSLHQWHV GH
FRFFLyQ
8Q ]XPELGR EDMR HV QRUPDO FXDQGR VH
XWLOL]DQ ERELQDV GH LQGXFFLyQ HVSHFLDOPHQWH
HQ FRQILJXUDFLRQHV GH HQHUJtD PD\RUHV /RV
UHFLSLHQWHVSHVDGRVGHKLHUURIXQGLGRHVPDOWDGR
SURGXFHQ PHQRV UXLGR TXH ORV UHFLSLHQWHV GH
DFHUROLYLDQR/DFDQWLGDGGHFRQWHQLGRGHQWUR
GH ORV UHFLSLHQWHV WDPELpQ SXHGH PRGLILFDU
HO QLYHO GH UXLGR /RV UHFLSLHQWHV TXH FXEUHQ
SRU FRPSOHWR HO JUiILFR GHO YLGULR SURGXFHQ
PHQRV UXLGR (O DJXD TXH TXHGD DWUDSDGD
GHEDMR GH ORV UHFLSLHQWHV SXHGH KHUYLU OR TXH
SXHGHSURYRFDUTXHORVUHFLSLHQWHVYLEUHQRVH
GHVOLFHQ VREUH OD VXSHUILFLH GH YLGULR $ ILQ GH
UHGXFLU HO UXLGR PXHYD ODV ROODV VXDYHPHQWH
\RFDPELHORVQLYHOHVGHSRWHQFLD
&RUULHQWH&RPSDUWLGD
3DUDHOQLYHOGHFRUULHQWH+DOWDVLXQDXQLGDG
VXSHUILFLDO HVWi DFWLYDGD SRU XQ SHUtRGR GH
WLHPSR SURORQJDGR R VL P~OWLSOHV XQLGDGHV
VXSHUILFLDOHV HVWiQ DFWLYDGDV HV SRVLEOH TXH
KD\DXQDUHGXFFLyQGHFRUULHQWHHQODXQLGDG
VXSHUILFLDO
8VRGHORVFRQWUROHVGHOKRUQR
(VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO
7HFOD$VDU$OWR%DMR
3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQDVDU/HD
ODVHFFLyQ&yPR&RQILJXUDUHO+RUQRSDUD$VDU
7HFODGH+RUQHDGR
3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQKRUQHDU/HD
ODVHFFLyQ&yPR&RQILJXUDUHO+RUQRSDUD+RUQHDU
7HFODGH&RFFLyQSRU&RQYHFFLyQ
8VHXQYHQWLODGRUSDUDKDFHUFLUFXODUDLUHHQHO
KRUQR/HDODVHFFLyQVREUH8VRGHOKRUQRSRU
FRQYHFFLyQ
7HFOD:$50&DOHQWDU
7HFODV7,0(5212))(QFHQGHU$SDJDU
7HPSRUL]DGRU
3UHVLRQHSDUDFRQILJXUDUHOWHPSRUL]DGRU
GHODFRFLQD&RQVXOWHODVHFFLyQGH8VRGHO
7HPSRUL]DGRUGHOD&RFLQD
7HFOD&22.7,0(7HPSRUL]DGRUGHO
&RFFLyQ
3UHVLRQHHVWDWHFOD\OXHJRSUHVLRQHODVWHFODV
QXPpULFDVSDUDFRQILJXUDUODFDQWLGDGGHWLHPSR
GXUDQWHHOFXDOGHVHHTXHVXFRPLGDVHFRFLQH(O
KRUQRVHDSDJDUiFXDQGRHOWLHPSRGHFRFFLyQ
VHKD\DWHUPLQDGR
3UHVLRQHSDUDPDQWHQHUFDOLHQWHVODVFRPLGDV
\DFRFLQDGDV/HDODVHFFLyQ&yPR&RQILJXUDUHO
+RUQRSDUD&DOHQWDU
/X]GHO+RUQR(QFHQGLGD$SDJDGD
7HFOD6/2:&22.&RFFLyQ/HQWD
7HFOD%RUUDU$SDJDU
3UHVLRQHSDUDODUJDVKRUDVGHFRFFLyQVLQVX
SUHVHQFLD/HDODVHFFLyQ&yPR&RQILJXUDUHO
+RUQRSDUDXQD&RFFLyQ/HQWD
7HFOD352%(6RQGD
3UHVLRQHDOXVDUODVRQGDSDUDFRFLQDUGHIRUPD
DXWRPiWLFDHQODWHPSHUDWXUDGHFRPLGDLQWHUQD
GHVHDGD&RQVXOWHODVHFFLyQ8VRGHOD6RQGD
7HFOD6(/)&/($1$XWR/LPSLH]D
3UHVLRQHODDXWROLPSLH]DGHOKRUQR&RQVXOWHOD
VHFFLyQ8VRGHO+RUQRFRQ$XWR/LPSLH]D
7HFOD67($0&/($1/LPSLH]DDO9DSRU
3UHVLRQHHVWDWHFODSDUDXQDOLPSLH]DIiFLOGH
VXFLHGDGOHYHGHODFDYLGDGGHOKRUQRRODSXHUWD
&RQVXOWHODVHFFLyQ8VRGH/LPSLH]DDO9DSRU
7HFODGH7LHPSRGH&RFFLyQ
3UHVLRQHSDUDFDQFHODU72'$6ODVRSHUDFLRQHV
GHOKRUQRH[FHSWRHOUHORM\HOWHPSRUL]DGRU
7HFODGH3UXHEDHQDOJXQRVPRGHORV
3UHVLRQHSDUDVHOHFFLRQDUXQDPELHQWHFiOLGR
TXHVHD~WLOSDUDODHOHYDFLyQGHSURGXFWRV
IHUPHQWDGRVDEDVHGHOHYDGXUD
7HFOD29(1/,*+7/X]GHO+RUQR
3UHVLRQHSDUDHQFHQGHURDSDJDUODVOXFHVGHO
KRUQR
7RXFKWKLVSDGWRVHWWKHRYHQWRVWDUW
DXWRPDWLFDOO\DWDWLPH\RXVHW
127$$OFRQILJXUDUORVWLHPSRVVyORVHUHDOL]DQ
DMXVWHVGHKRUDV\PLQXWRV(OWLHPSRPtQLPRTXH
VHSXHGHFRQILJXUDUHVGHXQPLQXWR
(OUHORMVHGHEHUiFRQILJXUDUHQODKRUDFRUUHFWD
GHOGtDSDUDTXHODVIXQFLRQHVDXWRPiWLFDVGHO
WHPSRUL]DGRUGHOKRUQRIXQFLRQHQGHIRUPD
DGHFXDGD/DKRUDGHOGtDQRVHSXHGHFDPELDU
GXUDQWHXQKRUQHDGRSRUWLHPSRRHOFLFORGH
OLPSLH]DDXWRPiWLFD
&RQVXOWHODVHFFLyQ3DUDFRQILJXUDUHOUHORM
6LVXKRUQRIXHFRQILJXUDGRSDUDXQ
IXQFLRQDPLHQWRSRUWLHPSR\VHSURGXFH
XQFRUWHGHFRUULHQWHHOUHORM\ODVIXQFLRQHV
SURJUDPDGDVVHUiQUHLQLFLDGDV/DKRUDGHOGtD
WLWLODUiHQODSDQWDOODFXDQGRKD\DKDELGRXQ
FRUWHGHFRUULHQWH
7HFODGHO&$-Ï1&$/(17$'25
(OFDMyQFDOHQWDGRUPDQWHQGUiODVFRPLGDV
FDOLHQWHV\FRFLQDGDVHQODWHPSHUDWXUDSDUD
VHUYLU6LHPSUHFRPLHQFHFRQFRPLGDFDOLHQWH
&RQVXOWHODVHFFLyQGH8VRGHOFDMyQFDOHQWDGRU
%/248(2'(/&21752/
/DVWHFODVGHFRQWUROVHSRGUiQEORTXHDUGH
PRGRTXHQRVHSXHGDQDFWLYDUVLVHSUHVLRQHV
&RQVXOWHODVHFFLyQ&yPR%ORTXHDUORV
&RQWUROHV
8VRGHOUHORMWHPSRUL]DGRUGHODFRFLQD
\EORTXHRGHOFRQWURO
3DUD&RQILJXUDUHO5HORM
(OUHORMVHGHEHUiFRQILJXUDUHQODKRUDFRUUHFWD
GHOGtDSDUDTXHODVIXQFLRQHV'HOD\6WDUW,QLFLR
'HPRUDGR IXQFLRQHQ GH IRUPD DGHFXDGD /D
KRUDGHOGtDQRVHSXHGHFDPELDUGXUDQWHXQD
FRFFLyQ GHPRUDGD R GXUDQWH HO FLFOR GH DXWR
OLPSLH]D
3UHVLRQHODWHFOD&ORFN5HORM
3UHVLRQHODVWHFODVQXPpULFDVKDVWDTXHOD
KRUD FRUUHFWD GHO GtD DSDUH]FD HQ OD
SDQWDOOD 6L ODV WHFODV QXPpULFDV QR VH
WRFDQGHQWURGHXQPLQXWROXHJRGHKDEHU
WRFDGR OD WHFOD &/2&. 5HORM OD SDQWDOOD
*($SSOLDQFHVFRP
YXHOYH D OD FRQILJXUDFLyQ RULJLQDO 6L HVWR
VXFHGH SUHVLRQH OD WHFOD &/2&. 5HORM \
YXHOYDDLQJUHVDUODKRUDGHOGtD
3UHVLRQHODWHFOD6WDUW,QLFLDUKDVWDTXHOD
KRUDGHOGtDDSDUH]FDHQODSDQWDOOD(VWR
LQJUHVDODKRUDHLQLFLDHOUHORM
3DUDFRQWURODUODKRUDGHOGtDFXDQGRODSDQWDOOD
PXHVWUD RWUD LQIRUPDFLyQ VLPSOHPHQWH
SUHVLRQHODWHFOD&/2&.5HORM/DKRUDGHOGtD
DSDUHFH KDVWD TXH RWUD WHFOD HV SUHVLRQDGD
3DUD FDPELDU HO IRUPDWR GH OD KRUD R DSDJDU
ODSDQWDOODGHOUHORMFRQVXOWHODVHFFLyQ6SHFLDO
)HDWXUHV)XQFLRQHV(VSHFLDOHV
3DUD3URJUDPDUHO&RQWDGRUGH7LHPSR
(O7HPSRUL]DGRUGHOD&RFLQDFXHQWD
HQKRUDV\PLQXWRV
(O7HPSRUL]DGRUGHOD&RFLQDQR
FRQWURODODVRSHUDFLRQHVGHOKRUQR/D
FRQILJXUDFLyQPi[LPDGHO7HPSRUL]DGRU
GHOD&RFLQDHVGHKRUDV\PLQXWRV
3UHVLRQHODWHFOD7,0(5217HPSRUL]DGRU
(QFHQGLGR
3UHVLRQHODVWHFODVQXPpULFDVKDVWDTXHOD
FDQWLGDGGHWLHPSRTXHGHVHDDSDUH]FDHQ
ODSDQWDOOD3RUHMHPSORSDUDSURJUDPDU
KRUDV \ PLQXWRV WRTXH \ HQ HVH
RUGHQ6LFRPHWHXQHUURUSUHVLRQHODWHFOD
7,0(5 2)) 7HPSRUL]DGRU $SDJDGR \
YXHOYDDFRPHQ]DU
3UHVLRQHODWHFOD67$57,QLFLDU
/XHJR GH SUHVLRQDU OD WHFOD 67$57 ,QLFLDU 6(7
&RQILJXUDFLyQ GHVDSDUHFH HVWR OH LQGLFD TXH
HO WLHPSR HVWi HQ FXHQWD UHJUHVLYD DXQTXH OD
SDQWDOOD QR FDPELD KDVWD TXH KD\D SDVDGR XQ
PLQXWR /RV VHJXQGRV QR VH PRVWUDUiQ HQ OD
SDQWDOODKDVWDTXHVHUHDOLFHODFXHQWDUHJUHVLYD
GHO~OWLPRPLQXWR
&XDQGRHOFRQWDGRUGHODFRFLQDOOHJXHDHO
FRQWUROKDUiSLWLGRVDJXGRVVHJXLGRVGHXQ
SLWLGR DJXGR FDGD VHJXQGRV KDVWD TXH VH
SUHVLRQH WHFOD 7,0(5 2)) 7HPSRUL]DGRU
$SDJDGR
(O WRQR GH VHJXQGRV VH SXHGH FDQFHODU
VLJXLHQGRORVSDVRVHQODVHFFLyQGHFRQWUROGH
IXQFLRQHV (VSHFLDOHV GH VX KRUQR HQ 7RQHV DW
WKH (QG RI D 7LPHG &\FOH 7RQRV DO )LQDO GH XQ
&LFORSRU7LHPSR
3DUD5HLQLFLDUHO7HPSRUL]DGRUGHOD&RFLQD
6LODSDQWDOODD~QPXHVWUDHOWLHPSRUHVWDQWHOD
SXHGHFDPELDUSUHVLRQDQGRODWHFOD7,0(521
7HPSRUL]DGRU(QFHQGLGR\OXHJRSUHVLRQDQGR
ODV WHFODV QXPpULFDV KDVWD TXH HO WLHPSR TXH
GHVHDDSDUH]FDHQODSDQWDOOD
6L HO WLHPSR UHVWDQWH QR VH HQFXHQWUD HQ OD
SDQWDOOD UHORM LQLFLR GHPRUDGR R WLHPSR GH
FRFFLyQ DSDUHFHQ HQ OD SDQWDOOD UHFXHUGH HO
WLHPSRUHVWDQWHSUHVLRQDQGRODWHFOD7,0(521
7HPSRUL]DGRU(QFHQGLGR\OXHJRSUHVLRQDQGR
ODV WHFODV QXPpULFDV SDUD LQJUHVDU HO QXHYR
WLHPSRTXHGHVHH
3DUD&DQFHODUHO7HPSRUL]DGRUGHOD&RFLQD
3UHVLRQHODWHFOD7,0(52))7HPSRUL]DGRU
$SDJDGR
&yPR%ORTXHDUORV&RQWUROHV
&RQWURO /RFNRXW %ORTXHR GHO &RQWURO OH &XDQGRHVWDIXQFLyQHVWpHQFHQGLGDODVWHFODV
SHUPLWLUi EORTXHDU ODV WHFODV WiFWLOHV GH PRGR WiFWLOHVQRUHVSRQGHUiQH[FHSWRODWHFOD&OHDU
TXHQRVHSXHGDQDFWLYDUDOVHUWRFDGDV
2II%RUUDU$SDJDU
3DUDEORTXHDUGHVEORTXHDUORVFRQWUROHV
0DQWHQJD SUHVLRQDGD OD WHFOD &RQWURO
/RFNRXW %ORTXHR GHO &RQWURO SRU VHJXQGRV/DSDQWDOODGHOKRUQRPRVWUDUi
´/RF2Q/RF´%ORTXHR(QFHQGLGR
3DUD GHVEORTXHDU HO FRQWURO PDQWHQJD
SUHVLRQDGDODWHFOD&RQWURO/RFNRXW%ORTXHR
GHO &RQWURO SRU VHJXQGRV /D SDQWDOOD GHO
KRUQR PRVWUDUi ´/RF 2)) /RF´ %ORTXHR
$SDJDGR
&yPRXVDUHOKRUQR
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHODVEDQGHMDVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR
$QWHVGHFRPHQ]DU«
/DFDQWLGDGGHSRVLFLRQHV
GHODEDQGHMDSXHGHYDULDUHQ
UHODFLyQDOPRGHOR
/DVEDQGHMDVWLHQHQWRSHVGHPRGRTXHFXDQGR
VH ODV FRORFD FRUUHFWDPHQWH HQ ORV VRSRUWHV
VHGHWHQGUiQDQWHVGHVDOLUVHGHOWRGR\QRVH
YROFDUiQ
&XDQGRFRORTXHRTXLWHUHFLSLHQWHVGHFRFFLyQ
WLUHGHODEDQGHMDKDVWDTXHVHGHWHQJD
(Q DOJXQRV PRGHORV HO HOHPHQWR FDOHQWDGRU
SDUDKRUQHDGRVHHQFXHQWUDGHEDMRGHOSLVRGHO
KRUQR 1XQFD FRORTXH XWHQVLOLRV GH FRFLQD
SLHGUDVSDUDSL]]DQLRWURVDUWtFXORVHQHOSLVR
GHOKRUQR
3DUDTXLWDUXQDEDQGHMDWLUHGHHOODLQFOLQHHO
H[WUHPRIURQWDOKDFLDDUULED\ViTXHOD
3DUD YROYHU D FRORFDUOD GHSRVLWH HO H[WUHPR
GH OD EDQGHMD WRSHV GH GHWHQFLyQ VREUH HO
VRSRUWHLQFOLQHHOIUHQWHKDFLDDUULED\SUHVLRQH
ODEDQGHMDKDFLDDGHQWUR
35(&$8&,Ï1
&XDQGRXWLOLFHODEDQGHMDHQODSRVLFLyQPiVEDMD
$ QHFHVLWDUi WHQHU FXLGDGR FXDQGR OD TXLWH
5HFRPHQGDPRV TXH GHVOLFH OD EDQGHMD YDULDV
SXOJDGDV\OXHJRXWLOL]DQGRGRVDJDUUDGHUDVOD
TXLWHVRVWHQLHQGRGHDPERVODGRV/DEDQGHMDVH
HQFXHQWUD PX\ DEDMR \ XVWHG SXHGH TXHPDUVH
VL FRORFD OD PDQR HQ OD PLWDG GH OD EDQGHMD \
WLUD KDFLD DIXHUD 7HQJD PXFKR FXLGDGR GH QR
TXHPDUVHODPDQRFRQODSXHUWDFXDQGRXWLOLFH
ODEDQGHMDHQODSRVLFLyQPiVEDMD$
1XQFDFRORTXHXWHQVLOLRVGH
FRFLQDSLHGUDVSDUDSL]]DQLRWURV
DUWtFXORVHQHOSLVRGHOKRUQR
3DUULOODGHH[WHQVLyQ
3RVLFLyQGH
DSHUWXUDWRWDO
5LHOIURQWDO
VXSHULRU
&XDQGR FRORTXH R TXLWH UHFLSLHQWHV 3DUDYROYHUDFRORFDUODSDUULOOD
GH FRFFLyQ VLHPSUH WLUH GH OD SDUULOOD KDFLD
7RPHILUPHPHQWHDPERVODGRVGHODUPD]yQ
DIXHUD GHVGH HO ULHO IURQWDO VXSHULRU KDVWD
GHODSDUULOOD\ODSDUULOODGHVOL]DEOH
DOFDQ]DUODSRVLFLyQGHDSHUWXUDWRWDO
&RORTXHHOH[WUHPRFXUYRGHOHVWDQWHHQOD
1R H[WLHQGD OD SDUULOOD UiSLGDPHQWH /RV
DOLPHQWRV SXHGHQ GHVOL]DUVH GHVGH HO IUHQWH
SRVLFLyQ GHVHDGD LQFOLQH HO IUHQWH KDFLD
GHODSDUULOOD
DUULED\SUHVLRQHODSDUULOODKDFLDDGHQWUR
3DUDTXLWDUODSDUULOOD
$VHJ~UHVHGHLQWURGXFLUODSDUULOODKDVWDHO
IRQGRGHOKRUQRGHPRGRTXHODVSDOHWDV
ODWHUDOHV GHO DUPD]yQ GH OD SDUULOOD VH
GHVHQJDQFKHQGHODFDYLGDG
'HVOLFH OD SDUULOOD KDFLD XVWHG KDVWD TXH
OOHJXH DO WRSH SRVLFLyQ GHWHQLGD GHO
VRSRUWHGHODSDUULOOD
,QFOLQH HO H[WUHPR IURQWDO KDFLD DUULED \
TXtWHOR
*UDVSKHUH
127$ &XDQGR PDQLSXOH OD SDUULOOD GH
H[WHQVLyQQRSHUPLWDTXHODSRUFLyQGHVOL]DEOH
VHDEUD(VWRSXHGHGDxDUORVGHVOL]DGRUHV
35(&$8&,Ï1
1XQFDXWLOLFHODSDUULOODFXDQGRVXDUPD]yQ
QRVHHQFXHQWUDFRPSOHWDPHQWHLQWURGXFLGR
HQHOKRUQR\WUDEDGRHQVXSRVLFLyQ
„&XDQGRODSDUULOODVHHQFXHQWUDELHQLQVWDODGD
\WUDEDGDHQVXOXJDUODVSDOHWDVODWHUDOHVGH
EORTXHRGHODUPD]yQGHODSDUULOODVHWUDEDUiQ
HQ VX OXJDU HQ ORV VRSRUWHV GHO KRUQR 6L ODV
SDOHWDVODWHUDOHVQRVHWUDEDURQHQVXSRVLFLyQ
UHSLWDORVSDVRVDQWHULRUHV\YHULILTXHTXHODV
SDOHWDVODWHUDOHVVHKD\DQOLPSLDGR\OXEULFDGR
FRUUHFWDPHQWH9HU3DUULOODGHH[WHQVLyQHQOD
VHFFLyQ&XLGDGR\OLPSLH]D
*($SSOLDQFHVFRP
3DSHOGHDOXPLQLR
1R XVH SDSHO GH DOXPLQLR SDUD FXEULU HO IRQGR GHO
KRUQR(ODOXPLQLRDWUDSDUiHOFDORUHQODSDUWHLQIHULRU
\ DOWHUDUi HO IXQFLRQDPLHQWR GHO KRUQR (O DOXPLQLR
VH SXHGH GHUUHWLU \ GDxDU GH IRUPD SHUPDQHQWH HO
IRQGRGHOKRUQR&XDOTXLHUGDxRSRUXVRLQDGHFXDGR
GHO DOXPLQLR QR HVWDUi FXELHUWR SRU OD JDUDQWtD GHO
SURGXFWR
(O DOXPLQLR VH SXHGH XVDU SDUD UHWHQHU GHUUDPHV
FRORFDQGR XQD KRMD HQ HO HVWDQWH LQIHULRU YDULDV
SXOJDGDVSRUGHEDMRGHODFRPLGD1RXVHPiVDOXPLQLR
TXHHOQHFHVDULR\QXQFDFXEUDWRWDOPHQWHXQHVWDQWH
GHOKRUQRFRQSDSHOGHDOXPLQLR0DQWHQJDHODOXPLQLR
SRUORPHQRVDXQDSXOJDGD\PHGLDGHODVSDUHGHVGHO
KRUQRSDUDHYLWDUXQDPDODFLUFXODFLyQGHOFDORU
3UHFDOHQWDPLHQWR\FRORFDFLyQGHUHFLSLHQWH
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHODV
EDQGHMDVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHU
HOKRUQR
3UHFDOLHQWHGHOKRUQRVLDVtORLQGLFDODUHFHWD(O
SUHFDOHQWDPLHQWRHVQHFHVDULRSDUDREWHQHUEXHQRV
UHVXOWDGRVFXDQGRKRUQHHSDVWHOHVJDOOHWDVSDVWHOLWRV
\SDQHV
6LYDDKRUQHDUFXDWURFDSDVGHSDVWHODOPLVPRWLHPSR
FRORTXHGRVFDSDVHQODEDQGHMD&\GRVFDSDVHQOD
EDQGHMD('LVWULEX\DORVUHFLSLHQWHVGHPRGRTXHQR
TXHGHQGLUHFWDPHQWHXQRHQFLPDGHORWUR6LXVDUiHO
HVWDQWHH[WHQVLEOHFRORTXHHOPLVPRHQODSRVLFLyQ&
/RVUHVXOWDGRVGHOKRUQHDGRVHUiQPHMRUHVVLOD
FRPLGDVHHQFXHQWUDHQHOFHQWURWDQWRFRPRVHD
SRVLEOH6LQHPEDUJRHOUHQGLPLHQWRFRQFLHUWDV
FRPLGDVVHSXHGHPHMRUDUVLVHKRUQHDHQXQD
SRVLFLyQVXSHULRURLQIHULRUGHOHVWDQWH
3RU HMHPSOR HO SDVWHO GH iQJHO GHEHUtD VHU
KRUQHDGRHQHOHVWDQWHXELFDGRPiVDEDMR6LJDODV
UHFRPHQGDFLRQHV GH OD UHFHWD \ ODV LQVWUXFFLRQHV
GHOSDTXHWHVREUHODXELFDFLyQGHODVEDQGHMDVSDUD
FRPLGDV SUH HPSDTXHWDGDV \ FRQJHODGDV $MXVWH
OD SRVLFLyQ GHO HVWDQWH SDUD DMXVWDU ORV UHVXOWDGRV
3RU HMHPSOR VL HQFXHQWUD TXH ODV VXSHUILFLHV GH
ODV JDOOHWDV SDQHFLOORV R WRUWDV WDUGDQ PiV GH OR
GHVHDGR HQ KRUQHDUVH OD SUy[LPD YH] LQWHQWH XVDU
XQ HVWDQWH XELFDGR HQ XQD SRVLFLyQ VXSHULRU /DV
EDQGHMDV QR GHEHQ WRFDUVH PXWXDPHQWH QL WRFDU
ODV SDUHGHV GHO KRUQR $O KRUQHDU HQ HVWDQWHV
P~OWLSOHV HVFDORQH ODV EDQGHMDV GH PRGR TXH XQD
QRVHHQFXHQWUHGLUHFWDPHQWHHQFLPDGHODRWUD'HMH
DSUR[LPDGDPHQWHµHQWUHODVEDQGHMDV\GHVGHODV
SDUWHVIURQWDOWUDVHUD\ODWHUDOHVGHODVSDUHGHVGHO
KRUQR&RQVXOWHODVHFFLyQ´FRFFLyQSRUFRQYHFFLyQµ
SDUD REWHQHU LQIRUPDFLyQ VREUH OD XELFDFLyQ GH
EDQGHMDVSDUDHOKRUQHDGRGHHVWDQWHVP~OWLSOHV
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRRURVWL]DGR
3UHVLRQHHOERWyQ%$.(KRUQHDU
3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV KDVWD TXH
DSDUH]FDODWHPSHUDWXUDGHVHDGD
3UHVLRQHHOERWyQ67$57LQLFLDU
(O KRUQR VH LQLFLDUi DXWRPiWLFDPHQWH /D SDQWDOOD
PRVWUDUi 3U( PLHQWUDV UHDOL]D HO SUHFDOHQWDPLHQWR
&XDQGRHOKRUQRDOFDQ]DODWHPSHUDWXUDVHOHFFLRQDGD
HO FRQWURO GHO KRUQR HPLWLUi YDULRV SLWLGRV \ OD SDQWDOOD
PRVWUDUiODWHPSHUDWXUDGHOKRUQR
127$ 8VWHG HVFXFKDUi HO YHQWLODGRU GH FRQYHFFLyQ
HQ DOJXQRV PRGHORV PLHQWUDV HO KRUQR UHDOL]D HO
SUHFDOHQWDPLHQWR (O YHQWLODGRU VH GHWHQGUi FXDQGR
HOKRUQRVHKD\DSUHFDOHQWDGR\ODSDQWDOODPRVWUDUi
OD WHPSHUDWXUD FRQILJXUDGD (VWR HV QRUPDO 3DUD
FDPELDU OD WHPSHUDWXUD GHO KRUQR GXUDQWH HO FLFOR %$.(
KRUQHDUSUHVLRQHHOERWyQ%$.(\OXHJRODVDOPRKDGLOODV
QXPpULFDVSDUDFRQILJXUDUODQXHYDWHPSHUDWXUD
9HULILTXHHOQLYHOGHFRFFLyQGHORVDOLPHQWRVFXDQGR
KD\D DOFDQ]DGR HO WLHPSR PtQLPR LQGLFDGR HQ OD
UHFHWD&RFtQHORVPiVVLIXHVHQHFHVDULR
3UHVLRQH HO ERWyQ &/($52)) ERUUDUDSDJDGR
FXDQGRVHKD\DILQDOL]DGRHOKRUQHDGR\OXHJRTXLWH
ORVDOLPHQWRVGHOKRUQR
*XtDSDUDGRUDU
&DUQHV
%LIH
&HUGR
&RUGHUR
/DV DYHV UHOOHQDV JHQHUDOPHQWH
UHTXLHUHQWLHPSRDGLFLRQDOGHGRUDGR
&XEUDODVSDWDV\SHFKXJDFRQSDSHO
GH DOXPLQLR SDUD HYLWDU GRUDGRV
H[FHVLYRV \ UHVHFDPLHQWR GH OD SLHO
&RQWUROH OD WHPSHUDWXUD GHO UHOOHQR
FRQ XQ WHUPyPHWUR SDUD DVHJXUDU
TXHKD\DDOFDQ]DGRXQDWHPSHUDWXUD
PtQLPDGHž)
$YH
7HPSHUDWXUD 7HPSHUDWXUD
GHO+RUQR
,QWHULRU
Û)
ƒ)
$VDGRGH&RVWLOODDOE
'HVKXHVDGD\&RQ+XHVRV
-XJRVR
$3XQWR
ƒ)
Û)
$VDGRGH&RVWLOODDOE
-XJRVR
ƒ)
Û)
'HVKXHVDGD\&RQ+XHVRV
-XJRVR
ƒ)
Û)
&RQ+XHVRVD/EV
$3XQWR
ƒ)
Û)
&RQ+XHVRVD/EV
$3XQWR
ƒ)
Û)
'HVKXHVDGDDOE
$3XQWR
ƒ)
Û)
3ROOR(QWHURDOE
ƒ)
Û)
3DYR(QWHUR
6LQ5HOOHQRDOE
6LQ5HOOHQRDOE
ƒ)
ƒ)
3HFKXJDGH3DYRDOE
ƒ)
Û)
Û)
Û)
&yPRXVDUHOKRUQR
&yPRFRQILJXUDUHOKRUQRSDUDDVDU
6XKRUQRFXHQWDFRQGRVFRQILJXUDFLRQHVSDUD
DVDU8VH+,%URLO$VDGR$/72SDUDFRUWHVPiV
ILQRVGHFDUQHRDYHGRQGHVHGHVHHXQGRUDGR
LQWHQVR GH OD VXSHUILFLH 8VH /2 %URLO $VDGR
%$-2 SDUD FRFLQDU FRUWHV PiV JUXHVRV GH
FDUQHHQIRUPDFRPSOHWDVLQGRUDUHQH[FHVR
'HMHODSXHUWDDELHUWDHQODSRVLFLyQ
GHGHWHQFLyQGHDVDGR/DSXHUWD
TXHGDDELHUWD\D~QDVtVH
PDQWLHQHODWHPSHUDWXUDDGHFXDGD
HQHOKRUQR
&RORTXHODFDUQHRSHVFDGRVREUHXQD
DVDGHUDGHQWURGHXQDUHMLOODGLVHxDGD
SDUDDVDU
6LJDODVSRVLFLRQHVGHODVEDQGHMDV
VXJHULGDVHQOD*XtDGHDVDGR
3UHVLRQHHOERWyQ%52,/+,/2DVDUDOWR
EDMRXQDYH]SDUDFRQILJXUDU+,%URLO
DVDUDOWR
3DUDFDPELDUD/2%URLODVDUEDMR
SUHVLRQHHOERWyQ%52,/+,/2DVDUDOWR
EDMRGHQXHYR
3UHVLRQHHOERWyQ67$57LQLFLDU
&XDQGRKD\DILQDOL]DGRGHDVDUSUHVLRQH
HOERWyQ&/($52))ERUUDUDSDJDGR
*XtDGHDVDGR
(O WDPDxR SHVR JURVRU
WHPSHUDWXUD LQLFLDO \ HO
SXQWR GH FRFFLyQ SUHIHULGR
DIHFWDUiQ ORV WLHPSRV GH
DVDGR(VWDJXtDHVWiEDVDGD
HQ FDUQHV D WHPSHUDWXUD GH
UHIULJHUDGRU
‚& RPR
SURWHFFLyQ
FRQWUD
HQIHUPHGDGHV WUDQVPLWLGDV D
WUDYpV GH OD FRPLGD DVHJ~UHVH
GH TXH ODV WHPSHUDWXUDV GH ORV
SURGXFWRVFRQFDUQH\DYHDOFDQFHQ
R VXSHUHQ ODV WHPSHUDWXUDV
PtQLPDVGHVHJXULGDGDOLPHQWDULD
UHFRPHQGDGDV SRU 86'$ 3DUD
PiV LQIRUPDFLyQ YLVLWH ZZZ
LVLWGRQH\HWJRY R OODPH D OD OtQHD
JUDWXLWDGHFDUQHV\DYHVGH86'$
DO
3UHFDOLHQWHODDVDGHUDGXUDQWHPLQXWRVSDUDPHMRUDUHOGHVHPSHxR
$OLPHQWR
&DUQHGHUHV
1LYHO
GHFRFFLyQ
-XJRVR
7HUPLQR0HGLR
&RFLGR
7LSRRJURVRU
3RVLFLyQ
GHODEDQGHMD
&RPHQWDULRV
)LOHWHV²
(R)ORVDOLPHQWRV (VGLItFLOFRFLQDUILOHWHVGHPHQRV
*URVRUGHµFP
GHEHQHVWDUµDµ
GHODµFPGHJURVRU\TXH
>FPDFP@GHO
TXHGHQMXJRVRV6HFRFLQDQ
HOHPHQWRGHDVDGR
SRUFRPSOHWRDQWHVGHGRUDUVH
FRFLQDQSRUFRPSOHWR )LOHWHV²
(ORVDOLPHQWRVGHEHQ 3DUDHYLWDUTXHODFDUQD
µDµFPD
HVWDUGHµDµ
VHHQURVTXHFRUWHODJUDVDDVH
FPGHJURVRU
>FPDFP@GHO
HQURVTXHLQWHUYDORVGHµFP
HOHPHQWRGHDVDGR
)LOHWHV²
'R(ORVDOLPHQWRV µDµFPD
GHEHQHVWDUGHµDµ FPGHJURVRUR
>FPDFP@GHO SDWWLHVGHFDUQHSLFDGD HOHPHQWRGHDVDGR
3ROOR
3HFKXJDVLQKXHVR
3HFKXJDFRQKXHVR
&ORVDOLPHQWRVGHEHQ
HVWDUGHµDµ
>FPDFP@GHO
HOHPHQWRGHDVDGR
&ORVDOLPHQWRVGHEHQ
HVWDUGHµDµ
>FPDFP@GHO
HOHPHQWRGHDVDGR
$VDUVREUHHOODGRGHODSLHO
SULPHUR
)LOHWHVGH
SHVFDGR
µDµFPD
FPGHJURVRU
'R(ORVDOLPHQWRV
GHEHQHVWDUµDµ
>FPDFP@GHO
HOHPHQWRGHDVDGR
0DQLSXOH\JLUHFRQ
PXFKRFXLGDGR
&KXOHWDV
GHFHUGR
&RFLGR
µFP
GHJURVRU
'ORVDOLPHQWRVGHEHQ
HVWDUGHµDµ
>FPDFP@GHO
HOHPHQWRGHDVDGR
3DUDHYLWDUTXHODFDUQD
VHHQURVTXHFRUWH
ODJUDVDDLQWHUYDORV
GHµFP
8WLOLFHODSRVLFLyQGHEDQGHMD$SDUDHOKRUQRPiVSHTXHxRFRQSRVLFLyQGHEDQGHMDV
£$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHGPLVPR
*($SSOLDQFHVFRP
(VSRVLEOHTXHVXQXHYRKRUQRFRFLQHGHPDQHUDGLIHUHQWHDODTXHXVWHGVHHQFXHQWUDDFRVWXPEUDGR8WLOtFHORGXUDQWH
DOJXQDVVHPDQDVSDUDIDPLOLDUL]DUVHFRQVXVIXQFLRQHV6LOXHJRGHHVWHSHUtRGRFRQVLGHUDTXHODWHPSHUDWXUDGHOKRUQRHV
GHPDVLDGREDMDRGHPDVLDGRDOWDXVWHGSXHGHUHJXODUHOWHUPRVWDWR
1RXWLOLFHWHUPyPHWURVFRPRORVTXHVHYHQGHQHQODVWLHQGDVSDUDYHULILFDUODFRQILJXUDFLyQGHWHPSHUDWXUDGHOKRUQR
(VRVWHUPyPHWURVSXHGHQYDULDUHQWUH²JUDGRV
127$ (VWH DMXVWH VyOR DIHFWD ODV WHPSHUDWXUDV GH KRUQHDGR \ URVWL]DGR QR DIHFWD ODV WHPSHUDWXUDV GH DVDGR R
GHDXWROLPSLH]D
&yPRDMXVWDUHOWHUPRVWDWR
3UHVLRQH ORV ERWRQHV %52,/ +,/2 DVDU
DOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR
KDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
3UHVLRQH OD WHFOD %$.( +RUQHDU (Q OD
SDQWDOODVHPXHVWUDXQQ~PHUR
+RUQRV'REOHV3DUDDMXVWDUHOWHUPRVWDWR
GHOKRUQRVXSHULRUSUHVLRQHODWHFOD%$.(
+RUQHDUGHOKRUQRVXSHULRU3DUDDMXVWDUHO
WHUPRVWDWR GHO KRUQR LQIHULRU SUHVLRQH OD
WHFOD%$.(+RUQHDUGHOKRUQRLQIHULRU
/DWHPSHUDWXUDGHOKRUQRSXHGHVXELUVHHQ
ž) ƒ& R EDMDUVH HQ ž) ƒ&
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVGHOD
PLVPDPDQHUDHQTXHODVOHH3RUHMHPSOR
SDUD FDPELDU OD WHPSHUDWXUD GHO KRUQR
ž)ƒ&SUHVLRQH\
3UHVLRQH OD WHFOD %$.( +RUQHDU
QXHYDPHQWH SDUD DOWHUQDU HQWUH
LQFUHPHQWDU \ UHGXFLU OD WHPSHUDWXUD GHO
KRUQR
&XDQGRKD\DILQDOL]DGRHODMXVWHSUHVLRQHHO
ERWyQ67$57LQLFLDUSDUDYROYHUDODSDQWDOOD
GH OD KRUD 8WLOLFH HO KRUQR GH OD PDQHUD
QRUPDO
£(OWLSRGHPDUJDULQDXWLOL]DGRPRGLILFDHOKRUQHDGR
/DPD\RUtDGHODVUHFHWDVGHKRUQHDGRLQFOX\HQSURGXFWRVGHDOWRFRQWHQLGRJUDVRWDOHVFRPRODPDQWHFDRODPDUJDULQD
GHJUDVD6LVHUHGXFHHOFRQWHQLGRGHJUDVDHOUHVXOWDGRILQDOSXHGHVHUGLIHUHQWHDOHVSHUDGR
6LVHXWLOL]DQSURGXFWRVGHEDMRFRQWHQLGRJUDVRHQWRUWDVSDVWHOHVPDVDVJDOOHWDVRGXOFHVODUHFHWDSXHGHIUDFDVDU$
PHQRUFRQWHQLGRJUDVRPD\RUHVGLIHUHQFLDVHQHOUHVXOWDGRILQDO
/DVQRUPDVIHGHUDOHVH[LJHQTXHORVSURGXFWRVFRQGHQRPLQDFLyQGH´PDUJDULQDµWHQJDQXQFRQWHQLGRJUDVRGHDOPHQRV
HQUHODFLyQDOSHVR/RVSURGXFWRVGHEDMRFRQWHQLGRJUDVRFRQWLHQHQPHQRVJUDVD\PiVDJXD(OHOHYDGRFRQWHQLGRGHKXPHGDG
GHHVWRVSURGXFWRVDIHFWDODWH[WXUD\HOVDERUGHORVDOLPHQWRVKRUQHDGRV3DUDREWHQHUORVPHMRUHVUHVXOWDGRVFRQVXVUHFHWDV
WUDGLFLRQDOHVIDYRULWDVXWLOLFHPDUJDULQDXRWURVSURGXFWRVFRQXQFRQWHQLGRGHSRUORPHQRVGHDFHLWHYHJHWDO
&yPRXVDUHOKRUQRGHFRQYHFFLyQ
)XQFLRQDPLHQWRGHOYHQWLODGRUGHFRQYHFFLyQ
(Q XQ KRUQR GH FRQYHFFLyQ XQ YHQWLODGRU
KDFH FLUFXODU DLUH FDOLHQWH VREUH SRU GHEDMR \
DOUHGHGRUGHORVDOLPHQWRV
(VWD FLUFXODFLyQ GH DLUH FDOLHQWH VH GLVWULEX\H
GH PDQHUD SDUHMD D WUDYpV GH OD FDYLGDG GHO
KRUQR&RPRUHVXOWDGRORVDOLPHQWRVVHFRFLQDQ
\GRUDQHQIRUPDSDUHMDDPHQXGRHQPHQRV
WLHPSR
(O KRUQR FXHQWD FRQ OD IXQFLyQ GH FRQYHUVLyQ
$XWR 5HFLSH70 (VWD IXQFLyQ UHGXFH GH IRUPD
DXWRPiWLFD ODV WHPSHUDWXUDV GH KRUQHDGR
FRQILJXUDGDV HQ DSUR[LPDGDPHQWH ƒ HQ HO
PRGRGHFRFFLyQSRUFRQYHFFLyQ/DFRPLGDVH
KRUQHDHQODPLVPDFDQWLGDGGHWLHPSRHQXQD
FRQILJXUDFLyQGHWHPSHUDWXUDLQIHULRU
127$(Q DOJXQRV PRGHORV HO YHQWLODGRU IXH
GLVHxDGRSDUDJLUDUHQDPEDVGLUHFFLRQHVFRQ
XQDSDXVDLQWHUPHGLD(VWRHVQRUPDO
(O YHQWLODGRU GH FRQYHFFLyQ VH DSDJD FXDQGR
VHDEUHODSXHUWDGHKRUQR12'(-(ODSXHUWD
DELHUWDGXUDQWHSHUtRGRVSURORQJDGRVPLHQWUDV
XWLOL]DODFRFFLyQSRUFRQYHFFLyQ\DTXHSXHGH
DFRUWDU OD YLGD ~WLO GHO HOHPHQWR FDOHQWDGRU GH
FRQYHFFLyQ
&RFFLyQSRUFRQYHFFLyQHQDOJXQRVPRGHORV
(O KRUQR GH FRQYHFFLyQ YLHQH FRQ XQ PRGR
GH FRFFLyQ SRU FRQYHFFLyQ \ SXHGH XWLOL]DUVH
SDUD KRUQHDGR SRU FRQYHFFLyQ GH EDQGHMD X
KRUQHDGRSRUFRQYHFFLyQFRQEDQGHMDVP~OWLSOHV
+RUQHDGRSRUFRQYHFFLyQFRQEDQGHMDVP~OWLSOHV
3RVLFLyQGHEDQGHMDVP~OWLSOHV
'HELGR D TXH HO DLUH FDOLHQWH FLUFXOD HQ IRUPD
SDUHMD HQ WRGR HO KRUQR ORV DOLPHQWRV SXHGHQ
KRUQHDUVH FRQ H[FHOHQWHV UHVXOWDGRV XVDQGR
EDQGHMDVP~OWLSOHV
(O KRUQHDGR FRQ EDQGHMDV P~OWLSOHV SXHGH
LQFUHPHQWDU XQ SRFR ORV WLHPSRV GH FRFFLyQ
GH DOJXQRV DOLPHQWRV SHUR HO UHVXOWDGR WRWDO
HV HO DKRUUR GH WLHPSR /DV JDOOHWDV PXIILQV
EL]FRFKRV \ RWURV SDQHV UiSLGRV ORJUDQ
UHVXOWDGRV PX\ EXHQRV FRQ HO KRUQHDGR FRQ
EDQGHMDVP~OWLSOHV
&XDQGRKRUQHHFRQEDQGHMDVFRORTXHHVWDQWH
H[WHQVLEOHHQODVHJXQGD%SRVLFLyQRWUDHQOD
FXDUWD ' SRVLFLyQ \ OD WHUFHUD HQ OD VH[WD )
SRVLFLyQ
3DUD KRUQHDGR FRQ GRV EDQGHMDV FRORTXH
HVWDQWHH[WHQVLEOHXQDHQODVHJXQGD%SRVLFLyQ
&RORTXHODRWUDEDQGHMDHQODTXLWD(SRVLFLyQ
6L KRUQHDUi FXDWUR FDSDV DO PLVPR WLHPSR
FRQVXOWHODVHFFLyQ8ELFDFLyQGHOD%DQGHMDHQ
HO+RUQR3DQ3ODFHPHQWLQWKH2YHQ
+RUQHDGRSRUFRQYHFFLyQFRQEDQGHMDHQDOJXQRVPRGHORV
&XDQGRUHDOLFHXQKRUQHDGRSRUFRQYHFFLyQ
FRQVyOREDQGHMDFRORTXHORVDOLPHQWRVHQHO
FHQWURGHOKRUQR
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRSRUFRQYHFFLyQ
3UHVLRQH OD WHFOD &219(&7,21 &22.
&RFFLyQSRU&RQYHFFLyQSDUDXWLOL]DUHVWD
IXQFLyQ
3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV SDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
127$6LOD)XQFLyQGH&RQYHUVLyQ$XWR5HFLSHŒ
VH HQFXHQWUD DFWLYDGD DXWRPiWLFDPHQWH
UHGXFLUiODWHPSHUDWXUDGHKRUQHDGRUHJXODUHQ
DSUR[LPDGDPHQWH ž ) KDVWD OD WHPSHUDWXUD
GH FRQYHFFLyQ DSURSLDGD HQ HO PRGR GH
KRUQHDGRSRUFRQYHFFLyQ/HD&RQYHUVLyQFRQ
$XWR 5HFLSHΠHQ OD VHFFLyQ GH &DUDFWHUtVWLFDV
(VSHFLDOHV
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRSUHVLRQH
HO ERWyQ &219(&7,21 &22. \ OXHJR ODV
DOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDUODQXHYD
WHPSHUDWXUD
&XDQGR HO KRUQR FRPLHQ]D D FDOHQWDU SRGUi
YHUVH OD WHPSHUDWXUD FDPELDQWH FRPHQ]DQGR
D ƒ) ƒ& &XDQGR HO KRUQR DOFDQ]D OD
WHPSHUDWXUDFRQILJXUDGDVRQDUiQSLWLGRV
3UHVLRQH HO ERWyQ &/($52)) ERUUDU
DSDJDGRFXDQGRKD\DILQDOL]DGR
„0LHQWUDV FRFLQH SRU FRQYHFFLyQ VH RLUi XQ
YHQWLODGRU (O YHQWLODGRU VH GHWHQGUi FXDQGR
VHDEUDODSXHUWDSHURHOFDORUQRVHDSDJDUi
„'XUDQWH HO KRUQHDGR SXHGHQ HVFXFKDUVH
FKDVTXLGRV SURYHQLHQWHV GHO KRUQR (VWR HV
QRUPDO
*($SSOLDQFHVFRP
5HFLSLHQWHVSDUDFRFFLyQSRUFRQYHFFLyQ
&XDQGRKRUQHHJDOOHWDVREWHQGUi
PHMRUHVUHVXOWDGRVVLXVDXQD
SODQFKDSODQDSDUDJDOOHWDVHQ
OXJDUGHXQUHFLSLHQWHGHODGRV
EDMRV
$QWHVGHXWLOL]DUHOKRUQRGHFRQYHFFLyQYHULILTXH
TXHVXVHOHPHQWRVGHFRFFLyQGHMHQHVSDFLR
VXILFLHQWHSDUDODFLUFXODFLyQGHDLUHHQHOKRUQR
6LYDDKRUQHDUFRQYDULRVUHFLSLHQWHVGHMHXQ
HVSDFLRHQWUHHOORV$GHPiVDVHJ~UHVHGHTXH
ORVUHFLSLHQWHVQRVHWRTXHQHQWUHVtRWRTXHQODV
SDUHGHVGHOKRUQR
3DSHO\SOiVWLFR
/RVUHFLSLHQWHVGHSDSHO\SOiVWLFRUHVLVWHQWHV
DOFDORUUHFRPHQGDGRVSDUDXWLOL]DUHQ
KRUQHDGRQRUPDOWDPELpQSXHGHQXWLOL]DUVH
SDUDKRUQHDGRSRUFRQYHFFLyQSHURQRGHEHQ
XWLOL]DUVHDWHPSHUDWXUDVPiVHOHYDGDVTXHOD
WHPSHUDWXUDUHFRPHQGDGDSRUHOIDEULFDQWH
GHORVHOHPHQWRVGHFRFFLyQ7DPELpQSXHGHQ
XWLOL]DUVHHOHPHQWRVGHFRFFLyQSOiVWLFRV
UHVLVWHQWHVDWHPSHUDWXUDVGHƒ)ƒ&
0HWDO\YLGULR
&XDOTXLHUWLSRGHUHFLSLHQWHGHFRFFLyQIXQFLRQD
HQVXKRUQRGHFRQYHFFLyQVLQHPEDUJR
ORVUHFLSLHQWHVGHPHWDOVHFDOLHQWDQPiV
UiSLGDPHQWH\VHUHFRPLHQGDQSDUDKRUQHDGR
SRUFRQYHFFLyQ
„/DVEDQGHMDVRVFXUDVRFRQDFDEDGRPDWH
KRUQHDQDOLPHQWRVPiVUiSLGRTXHODV
EULOODQWHV
„/RVUHFLSLHQWHVGHYLGULRRFHUiPLFDFRFLQDQ
PiVGHVSDFLR
3DUDUHFHWDVFRPRSROORKRUQHDGRXWLOLFHXQ
UHFLSLHQWHFRQODGRVEDMRV(ODLUHFDOLHQWHQRSXHGH
FLUFXODUELHQDOUHGHGRUGHORVDOLPHQWRVHQXQ
UHFLSLHQWHGHODGRVDOWRV
„ 8VH EDQGHMDV FRQ ODWHUDOHV EDMRV R VLQ ORV
PLVPRV DO KRUQHDU HQ HO PRGR GH FRFFLyQ
SRUFRQYHFFLyQ(ODLUHQRSXHGHFLUFXODUELHQ
DOUHGHGRU GH OD FRPLGD HQ XQD EDQGHMD FRQ
ODWHUDOHV DOWRV $O FRFLQDU JDOOHWDV REWHQGUi
PHMRUHV UHVXOWDGRV VL XVD XQD EDQGHMD SODQD
SDUDJDOOHWDVHQOXJDUGHXQDFRQORVODWHUDOHV
EDMRV
&yPRXVDUODVRQGD
(QPXFKRVDOLPHQWRVHVSHFLDOPHQWHDVDGRV\FDUQHVGHDYHODWHPSHUDWXUDLQWHUQDGHORVDOLPHQWRVHVODPHMRUSUXHEDSDUDYHULILFDU
HOJUDGRGHFRFFLyQ0HGLDQWHODVRQGDGHWHPSHUDWXUDVHHYLWDWHQHUTXHDGLYLQDUHOJUDGRGHFRFFLyQ\VHORJUDHOSXQWRGHFRFFLyQ
H[DFWR
&DEOH
(QFKXIH
35(&$8&,Ï1
3DUDHYLWDUTXHPDGXUDVQRGHVHQFKXIHODVRQGDGH
ODERFDGHVDOLGDGHOKRUQRKDVWDTXHpVWHVHKD\D
HQIULDGR
(OXVRGHVRQGDVGLVWLQWDVDODVSURYLVWDVFRQHVWH
SURGXFWRSXHGHSURYRFDUOHVGDxRVDODVPLVPDVRDO
FRQWUROGHOKRUQR
/DVRQGDGHWHPSHUDWXUDFXHQWD
FRQXQDVRQGDVLPLODUDXQSLQFKR
HQXQH[WUHPR\XQHQFKXIHHQHO
RWURH[WUHPRTXHVHLQWURGXFHHQ
ODERFDGHVDOLGDGHOKRUQR
8WLOLFHODVPDQLMDVGHODVRQGD\HOHQFKXIHFXDQGR
ODVLQWURGX]FD\TXLWHGHORVDOLPHQWRV\GHODERFD
GHVDOLGD
„
3DUDHYLWDUGDxRVDODVRQGDQRXWLOLFHSLQ]DVSDUD
WLUDUGHOFDEOHFXDQGRORTXLWH
„
3DUDQRURPSHUODVRQGDYHULILTXHTXHORV
DOLPHQWRVHVWpQWRWDOPHQWHGHVFRQJHODGRVDQWHV
GHLQWURGXFLUOD
'HVSXpVGHSUHSDUDUODFDUQH\FRORFDUODHQXQ
SRVDIXHQWHVRVREUHODUHMLOODGHODDVDGHUDVLJD
HVWDVLQVWUXFFLRQHVSDUDXQDFRORFDFLyQDGHFXDGD
GHODVRQGD
,QWURGX]FDODVRQGDFRPSOHWDPHQWHHQODFDUQH1R
GHEHWRFDUKXHVRJUDVDRFDUWtODJR
127$1RLQVHUWDUSRUFRPSOHWRODVRQGDGHQWURGH
ODFDUQHSXHGHSURYRFDUXQSREUHGHVHPSHxRGH
FRFFLyQSRUTXHODVRQGDGHWHFWDUiHODLUHGHOKRUQR\
QRODWHPSHUDWXUDGHORVDOLPHQWRV
0DQLMDV 6RQGD
/HD\TXLWHODHWLTXHWD
„
1XQFDGHMHODVRQGDGHQWURGHOKRUQRGXUDQWHXQ
FLFORGHDXWROLPSLH]DRGHDVDGR
„
1RJXDUGHODVRQGDGHQWURGHOKRUQR
3DUD GRUDU VLQ KXHVRV LQVHUWH OD VRQGD HQ OD SDUWH
PiV JUXHVD GHO GRUDGR 3DUD MDPyQ R FRUGHUR FRQ
KXHVRLQWURGX]FDODVRQGDHQHOFHQWURGHOP~VFXOR
JUDQGHPiVEDMR
,QWURGX]FDODVRQGDHQHOFHQWURGHSODWRVWDOHVFRPR
SDQGHFDUQHRHVWRIDGRV
,QVHUWHODVRQGDHQODSDUWHPiVJUXHVDGHODSHFKXJD
GH XQ SDYR R SROOR HQWHURV 1R WRGDV ODV SDUWHV
GHQWUR GH OD FDUQH VH FRFLQDQ DO PLVPR ULWPR (V
UHFRPHQGDEOH FRQWURODU OD WHPSHUDWXUD HQ RWUDV
XELFDFLRQHV FRQ HO WHUPyPHWUR SDUD FDUQH XQD YH]
TXH OD FRFFLyQ VH GHWXYR D ILQ GH DVHJXUDU TXH VH
KD\DQDOFDQ]DGRWHPSHUDWXUDVVHJXUDVHQWRGDVODV
SDUWHVGHODFDUQH3RUHMHPSORDOFRFLQDUXQSROORR
SDYR XELTXH OD VRQGD HQ OD SHFKXJD SHUR WDPELpQ
FRQWUROHODWHPSHUDWXUDGHODSDWD\HOPXVORFRQXQ
WHUPyPHWURSDUDFDUQHFXDQGRODWHPSHUDWXUDGHOD
VRQGDKD\DVLGRDOFDQ]DGD
127$ 1R VH SRGUiQ XWLOL]DU ODV FRQILJXUDFLRQHV GH
DXWROLPSLH]DQLGHDVDGRVLODVRQGDGHWHPSHUDWXUD
VHHQFXHQWUDHQFKXIDGD
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRURVWL]DGRFXDQGRXVDODVRQGD
HQDOJXQRVPRGHORV
,QWURGX]FDODVRQGDSRUFRPSOHWRHQORVDOLPHQWRV
(QFKXIH OD VRQGD GHQWUR GH OD ERFD GH VDOLGD GHO
KRUQR 9HULILTXH TXH HVWp LQWURGXFLGD KDVWD HO IRQGR
&LHUUHODSXHUWDGHOKRUQR9HULILTXHTXHHOFDEOHGHOD
VRQGDQRWRTXHHOHOHPHQWRDVDGRU
3UHVLRQHHOERWyQ352%(VRQGD/DSDQWDOODPRVWUDUi
´6HW3UREH7HPSµ7HPSHUDWXUDGHOD6RQGD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDUOD
WHPSHUDWXUDLQWHUQDGHVHDGDGHORVDOLPHQWRVRGHOD
FDUQH /D WHPSHUDWXUD LQWHUQD Pi[LPD D OD TXH
SXHGHQFRQILJXUDUVHORVDOLPHQWRVHVž)ƒ&
OR
3UHVLRQHODWHFOD67$57,QLFLDU
3UHVLRQH OD WHFOD %$.( +RUQHDU R &219(&7,21
&RQYHFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDUOD
WHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
/D SDQWDOOD PRVWUDUi 352%( VL OD VRQGD VH HQFXHQWUD
HQFKXIDGD GHQWUR GH OD ERFD GH VDOLGD \ XVWHG QR KD
FRQILJXUDGR XQD WHPSHUDWXUD GH VRQGD \ SUHVLRQDGR HO
ERWyQ67$57LQLFLDU
3UHVLRQHODWHFOD352%(6RQGDSDUDUHFRUGDUODWHPSHUDWXUD
GH OD VRQGD R OD WHFOD %$.( +RUQHDU R &219(&7,21
&RQYHFFLyQSDUDUHFRUGDUODWHPSHUDWXUDGHOKRUQR3DUD
OD WHPSHUDWXUD GH OD VRQGD OXHJR GH TXH OD WHPSHUDWXUD
LQWHUQDGHODFRPLGDDOFDQFHORVž)ORVFDPELRVGHOD
WHPSHUDWXUDLQWHUQDDSDUHFHUiQHQODSDQWDOOD
&XDQGR OD WHPSHUDWXUD LQWHUQD GH ORV DOLPHQWRV
DOFDQ]DODFLIUDTXHXVWHGKDFRQILJXUDGRODVRQGD\HO
KRUQRVHDSDJDQ\ORVFRQWUROHVGHOKRUQRFRPLHQ]DQ
DGHVWHOODU3DUDGHWHQHUHOGHVWHOORSUHVLRQHHOERWyQ
&/($52)) ERUUDUDSDJDGR 8WLOLFH JXDQWHV GH
FRFLQDSDUDTXLWDUODVRQGDGHORVDOLPHQWRV1RXWLOLFH
SLQ]DVSDUDTXLWDUODSRUTXHSRGUtDQGDxDUOD
„6L OD VRQGD VH TXLWD GHO KRUQR PLHQWUDV VH HVWDED
FRFLQDQGR HO KRUQR VH DSDJDUi DXWRPiWLFDPHQWH
GHVSXpVGHXQPLQXWR
3DUD FDPELDU OD WHPSHUDWXUD GHO KRUQR GXUDQWH HO FLFOR
GHKRUQHDGRURVWL]DGRSUHVLRQHHOERWyQ%$.(KRUQHDU
R &219(&7,21 FRQYHFFLyQ \ OXHJR ODV DOPRKDGLOODV
QXPpULFDVSDUDFRQILJXUDUODQXHYDWHPSHUDWXUD
„3XHGH XWLOL]DU HO WHPSRUL]DGRU GH FRFLQD DXQTXH QR
SXHGHQXVDUVHRSHUDFLRQHVGHOKRUQRFRQWHPSRUL]DGRU
PLHQWUDVVHXWLOLFHODVRQGD
3DUD FRQRFHU ODV WHPSHUDWXUDV LQWHUQDV GH ODV FDUQHV \
SDUD REWHQHU PiV LQIRUPDFLyQ VREUH FyPR SURWHJHUVH
FRQWUDHQIHUPHGDGHVSURGXFLGDVSRUODFRPLGDFRQVXOWH
ODVHFFLyQ+RUQHDGR\$VDGR%DNLQJDQG5RDVWLQJ
&yPRXWLOL]DUODVFDUDFWHUtVWLFDVGHKRUQHDGR
\URVWL]DGRFRQWHPSRUL]DGRU
*($SSOLDQFHVFRP
127$/RVDOLPHQWRVTXHVHHFKDQDSHUGHUFRQIDFLOLGDG³FRPROHFKHKXHYRVSHVFDGRUHOOHQRVFDUQHGHDYH\FHUGR³QRGHEHQ
GHMDUVHUHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHSURPXHYHHOFUHFLPLHQWRGHEDFWHULDV
GDxLQDV9HULILTXHTXHODOX]GHOKRUQRHVWpDSDJDGDSRUTXHHOFDORUSURYHQLHQWHGHODERPELOODSXHGHDFHOHUDUHOFUHFLPLHQWRGH
EDFWHULDV
&yPRFRQILJXUDUXQLQLFLRLQPHGLDWR\XQDSDJDGRDXWRPiWLFR
OR
(O KRUQR VH HQFLHQGH LQPHGLDWDPHQWH
\ FRFLQD ORV DOLPHQWRV GXUDQWH XQ SHUtRGR GH
WLHPSR VHOHFFLRQDGR $O ILQDOL]DU HO WLHPSR GH
FRFFLyQHOKRUQRVHDSDJDDXWRPiWLFDPHQWH
3UHVLRQH HO ERWyQ &219(&7,21 &22.
+RUQHDGRSRU&RQYHFFLyQ
3UHVLRQHHOERWyQ67$57LQLFLDU
127$ 6L VX UHFHWD UHTXLHUH SUHFDOHQWDPLHQWR
SXHGH QHFHVLWDU DJUHJDU WLHPSR DGLFLRQDO
DOWLHPSRGHFRFFLyQ
3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV SDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR(O
WLHPSRGHFRFFLyQPtQLPRTXHXVWHGSXHGH
FRQILJXUDUHVPLQXWR
/D WHPSHUDWXUD GHO KRUQR TXH KD
FRQILJXUDGR \ HO WLHPSR GH FRFFLyQ
LQJUHVDGRDSDUHFHUiQHQODSDQWDOOD
6L IXHUD QHFHVDULR SUHVLRQH HO ERWyQ
&/($52))ERUUDUDSDJDGRSDUDERUUDU
ODSDQWDOOD4XLWHORVDOLPHQWRVGHOKRUQR
5HFXHUGH DXQTXH HO KRUQR VH DSDJD
DXWRPiWLFDPHQWH ORV DOLPHQWRV TXH VH
GHMHQ HQ HO KRUQR VHJXLUiQ FRFLQiQGRVH
GHVSXpVGHDSDJDGRHOPLVPR
(OKRUQRHVWDUiHQODSRVLFLyQ21(QFHQGLGR\HQ
ODSDQWDOODDSDUHFHUiHOFRQWHRGHODFRFFLyQ\HO
FDPELRGHWHPSHUDWXUDDSDUWLUGHORVƒ)/D
SDQWDOOD GH WHPSHUDWXUD FRPHQ]DUi D FDPELDU
3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV SDUD XQDYH]TXHODWHPSHUDWXUDGHOKRUQRDOFDQFHORV
FRQILJXUDU OD WHPSHUDWXUD GHVHDGD GHO ž)&XDQGRHOKRUQRDOFDQFHODWHPSHUDWXUD
TXHSURJUDPyVRQDUiQSLWLGRVFRUWRV
KRUQR
(O KRUQR FRQWLQXDUi FRFLQDQGR GXUDQWH OD
3UHVLRQHODWHFOD67$57,QLFLDU
FDQWLGDG GH WLHPSR FRQILJXUDGD \ OXHJR GH
3UHVLRQH HO ERWyQ &22. 7,0( WLHPSR GH DSDJDUiGHIRUPDDXWRPiWLFD
FRFFLyQ
&yPRFRQILJXUDUXQLQLFLRUHWDUGDGR\XQDSDJDGRDXWRPiWLFR
OR
(OKRUQRVHHQFHQGHUiHQHOKRUDULRTXHXVWHG
KD\DFRQILJXUDGRFRFLQDUiDOLPHQWRVGXUDQWH
XQ SHUtRGR GH WLHPSR HVSHFtILFR \ OXHJR VH
DSDJDUiDXWRPiWLFDPHQWH
$VHJ~UHVH GH TXH HO UHORM PXHVWUH OD KRUD
FRUUHFWD
3UHVLRQH OD WHFOD '(/$< 67$57 ,QLFLR
5HWUDVDGR
3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV
SDUDFRQILJXUDUODWHPSHUDWXUDGHVHDGD
GHOKRUQR
3UHVLRQHODWHFOD67$57,QLFLDU
3UHVLRQH OD WHFOD &219(&7,21 &22.
+RUQHDGRSRU&RQYHFFLyQXRWUDIXQFLyQ
GHFRFFLyQGHVHDGD
7RTXH ORV ODV WHFODV QXPpULFDV SDUD
SURJUDPDU OD WHPSHUDWXUD GHO KRUQR
GHVHDGD
3UHVLRQHODWHFOD67$57,QLFLDU
3UHVLRQHODWHFOD&22.7,0(7HPSRUL]DGRU
GH&RFFLyQ
127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR
SXHGH QHFHVLWDU DJUHJDU WLHPSR DGLFLRQDO DO
WLHPSRGHFRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
(O WLHPSR GH FRFFLyQ PtQLPR TXH XVWHG
SXHGHFRQILJXUDUHVPLQXWR
/D WHPSHUDWXUD GHO KRUQR TXH KD
FRQILJXUDGR \ HO WLHPSR GH FRFFLyQ
LQJUHVDGRDSDUHFHUiQHQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDU
127$ 6L GHVHD YHULILFDU ORV KRUDULRV TXH KD
FRQILJXUDGR SUHVLRQH HO ERWyQ '(/$< 67$57
LQLFLR UHWDUGDGR SDUD FRQWURODU OD KRUD GH
LQLFLR FRQILJXUDGD R SUHVLRQH HO ERWyQ &22.
7,0( WLHPSR GH FRFFLyQ SDUD YHULILFDU OD
H[WHQVLyQGHFRFFLyQTXHKDFRQILJXUDGR
&XDQGR HO KRUQR VH HQFLHQGH 21 HQ HO
KRUDULR TXH KD FRQILJXUDGR OD SDQWDOOD
PRVWUDUi OD FXHQWD UHJUHVLYD GHO WLHPSR GH
FRFFLyQ\ODQXHYDWHPSHUDWXUDFRPHQ]DQGR
HQ ƒ) ƒ& /D SDQWDOOD GH WHPSHUDWXUD
FRPHQ]DUiDFDPELDUFXDQGRODWHPSHUDWXUD
GHO KRUQR OOHJXH D ORV ƒ) >ƒ&@ &XDQGR
HOKRUQRDOFDQ]DODWHPSHUDWXUDFRQILJXUDGD
VRQDUiQSLWLGRV
(O KRUQR VHJXLUi FRFLQDQGR GXUDQWH XQ
SHUtRGR GH WLHPSR GHWHUPLQDGR \ OXHJR VH
DSDJDUiDXWRPiWLFDPHQWH
6L IXHUD QHFHVDULR SUHVLRQH HO ERWyQ
&/($52)) ERUUDUDSDJDGR SDUD
ERUUDUODSDQWDOOD4XLWHORVDOLPHQWRVGHO
KRUQR 5HFXHUGH DXQTXH HO KRUQR VH
DSDJD DXWRPiWLFDPHQWH ORV DOLPHQWRV
TXH VH GHMHQ HQ HO KRUQR VHJXLUiQ
FRFLQiQGRVH GHVSXpV GH DSDJDGR HO
PLVPR
8VRGHODVIXQFLRQHVGHFRFFLyQOHQWD\FDOHQWDU
$'9(57(1&,$
5,(6*2 '( ,172;,&$&,Ï1 $/,0(17$5,$ 3RU GHEDMR GH ORV ƒ) ƒ& SXHGH SURGXFLUVH
FUHFLPLHQWRGHEDFWHULDVHQORVDOLPHQWRV
‡ 6LHPSUH HPSLHFH FRQ DOLPHQWRV FDOLHQWHV 1R XWLOLFH FRQILJXUDFLRQHV GH PDQWHQHU FDOLHQWH
SDUDFDOHQWDUDOLPHQWRVIUtRV
‡1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV
1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV
&RQILJXUDFLyQGHO+RUQRSDUDXQD&RFFLyQ/HQWD
/D FRFFLyQ OHQWD HVWi GLVHxDGD SDUD SHUtRGRV
SURORQJDGRVGHFRFFLyQVLQDWHQFLyQ
3UHVLRQHHOERWyQ6/2:&22.FRFFLyQOHQWD
/D SDQWDOOD PRVWUDUi 3RXOWU\ $YH 3DUD
FDPELDU D 0HDWV &DUQHV SUHVLRQH OD WHFOD
6/2: &22. &RFFLyQ /HQWD QXHYDPHQWH
3DUDXQDFRQILJXUDFLyQFRUUHFWDSUHVLRQHOD
*XtDGH&RFFLyQ/HQWD8VH0HDWV&DUQHVVL
QRHVWiVHJXURGHTXpFRQILJXUDFLyQXVDU
*XtDGHFRFFLyQOHQWD
$OLPHQWR
&DUQHGHUHV
$VDGRGHFXDUWR
GHODQWHUR
&RVWLOODV
&DUQHGHDYH
3ROORHQWHUR
7UR]RVGHSROOR
&HUGR
$VDGRGHSDOHWD
VLQKXHVR
&KXOHWDVGHFHUGR
HVWLORGHFDPSR
&KXOHWDVGHFHUGR
6RSD
6RSDGHFDUQH
YHJHWDO
&KLOH
&DQWLGDG
²øOEV
²NJ
ø²OEV
²NJ
OEVNJ
WUR]RV
DSUR[OEV
>NJ@
²OEV
²NJ
ø²OEV
²NJ
²OEV
²NJ
FXDUWRV
GHJDOyQ
OLWHUV
FXDUWRV
GHJDOyQ
OLWHUV
3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV SDUD
FRQILJXUDU HO WLHPSR GH FRFFLyQ GHVHDGR (O
WLHPSRGHFRFFLyQGHEHVHUGHSRUORPHQRV
KRUDV KDVWD XQ Pi[LPR KRUDV PLQXWRV
3UHVLRQHHOERWyQ67$57LQLFLDU
127$6LRFXUUHXQFRUWHGHHQHUJtDGXUDQWHOD
FRFFLyQOHQWDODFRFLQDVHDSDJDUi
„(OSURJUDPDGHFRFFLyQOHQWDXWLOL]DXQDVHULHFRPSOHMD
3RVLFLyQ &RQILJ
GHOD
GHORV
EDQGHMD DOLPHQWRV
&
&DUQHV
&
&DUQHV
&
&DUQH
GHDYH
&
&DUQH
GHDYH
&
&DUQHV
&
&DUQHV
&
&DUQHV
&
&DUQHV
&
&DUQHV
7LHPSR
+RUDV
+,DOWD
²KUV
/2EDMD
²KUV
+,DOWD
²KUV
/2EDMD
²KUV
+,DOWD
²KUV
/2EDMD
²KUV
+,DOWD
²KUV
/2EDMD
²KUV
&RPHQWDULRV
$JUHJXHWD]DGHOtTXLGR
&RORTXHODVFRVWLOODVHQ
XQDVRODFDSD
$JUHJXHWD]DGHOtTXLGR
0HMRUFRORTXHEDMRXQDVDOVD
SDUDTXHQRVHVHTXH
+,DOWD
²KUV
/2EDMD
²KUV
+,DOWD
²KUV
/2EDMD
²KUV
+,DOWD
²KUV
/2EDMD
²KUV
$JUHJXH²WD]DGHOtTXLGR
+,DOWD
²KUV
/2EDMD
²KUV
+,DOWD
²KUV
/2EDMD
²KUV
$VHJ~UHVHGHTXHORVWUR]RV
GHFDUQHHVWpQVXPHUJLGRV
&RORTXHODVFRVWLOODVHQ
XQDVRODFDSD
&RORTXHODVFKXOHWDVHQ
XQDVRODFDSD
6XPHUMDORVIULMROHVSDUDTXH
QRVHVHTXHQ
GH FLFORV GH WHPSHUDWXUD SDUD REWHQHU ORV PHMRUHV
UHVXOWDGRV 3RU HVWD UD]yQ VH UHFRPLHQGD TXH HO
SURJUDPDGHFRFFLyQOHQWDIXQFLRQHVLQFDQFHODFLRQHV
QL UHLQLFLDFLRQHV 6L VH UHLQLFLD OD FDUDFWHUtVWLFD GH
FRFFLyQOHQWDPLHQWUDVVHHQFXHQWUDHQSURJUHVROD
FDUQHSXHGHFRFLQDUVHGHPiV
„3DUDFDUQHMXJRVD\WLHUQDHOLMDFRUWHVGHFDUQHFRPR
DVDGR GH FXDUWR GHODQWHUR R XQ DVDGR GH SDOHWD
VLQ KXHVR /RV FRUWHV GH FDUQH PiV PDJURV FRPR
HO FXDUWR WUDVHUR VXSHULRU VRQ PiV VHFRV \ SXHGHQ
QHFHVLWDUOtTXLGRDGLFLRQDO
„8WLOLFH VyOR SODWRV GH YLGULR R FHUiPLFD /DV ROODV \
VDUWHQHV GH PHWDO WLHQGHQ D WUDQVIHULU HO FDORU D ORV
DOLPHQWRVGHPDVLDGRUiSLGR
„$MXVWH OD FDQWLGDG GH DOLPHQWRV DO WDPDxR GHO
UHFLSLHQWH /OHQH HO UHFLSLHQWH KDVWD ô SDUD PHMRUHV
UHVXOWDGRV 8QD ROOD PX\ JUDQGH GHMD HVFDSDU HO
YDSRUORTXHVHFDORVDOLPHQWRV
„6LHPSUH FXEUD OD ROOD FRQ XQD WDSD R FRQ SDSHO GH
DOXPLQLR
„3XHGH XVDUVH XQD JDPD PiV DPSOLD GH UHFHWDV
FRQ OD FDUDFWHUtVWLFD GH FRFFLyQ OHQWD 3DUD PHMRUHV
UHVXOWDGRV GHEHQ UHDOL]DUVH DOJXQRV DMXVWHV 3DUD
UHFHWDV GH WDPDxRV PiV SHTXHxRV FRPLHQFH D
FRQWURODU HQ HO WLHPSR PtQLPR 3DUD UHFHWDV PiV
JUDQGHVRFXDQGRGREOHODVFDQWLGDGHVGHODVUHFHWDV
ORV DOLPHQWRV SXHGHQ FRFLQDUVH SRU SHUtRGRV PiV
SURORQJDGRV
„&XDQGR OD FDUDFWHUtVWLFD GH FRFFLyQ OHQWD ILQDOL]D HO
KRUQR FDPELD DXWRPiWLFDPHQWH HO PRGR ´ZDUPµ
PDQWHQHUFDOLHQWH6LVHGHVHDWLHPSRDGLFLRQDOSDUD
FRFFLyQOHQWDHVWHPRGRGHPDQWHQHUFDOLHQWHSXHGH
XWLOL]DUVHSDUDREWHQHUWLHPSRH[WUD
&yPRFRQILJXUDUHOKRUQRSDUDPDQWHQHUFDOLHQWH
/D IXQFLyQ :$50 &DOHQWDU PDQWLHQH FDOLHQWHV
ODVFRPLGDVFRFLQDGDV
(VWDIXQFLyQQRIXHGLVHxDGDSDUDYROYHUDFDOHQWDU
FRPLGDIUtD
3DUDXVDUODIXQFLyQ:$50&DOHQWDUSUHVLRQHODWHFOD
:$50&DOHQWDU\OXHJRODWHFOD67$57,QLFLDU
3DUD XWLOL]DU OD FDUDFWHUtVWLFD :$50 FDOLHQWH
GHVSXpVGHKRUQHDGRSRUWHPSRUL]DGRUVLJDHVWRV
SDVRV
3UHVLRQHHOPRGRKRUQHDU
3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV SDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
3UHVLRQH HO ERWyQ &22. 7,0( WLHPSR GH
FRFFLyQ
3UHVLRQH ODV DOPRKDGLOODV QXPpULFDV SDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
3UHVLRQHHOERWyQ:$50FDOLHQWH
3UHVLRQHHOERWyQ67$57LQLFLDU
127$ /RV UHFLSLHQWHV R WDSDV GH SOiVWLFR R
HQYROWRULRV SOiVWLFRV VH GHUUHWLUiQ VL VH ORV FRORFD
GHQWUR GHO KRUQR (V SRVLEOH TXH QR SXHGD TXLWDU
HO SOiVWLFR GHUUHWLGR \ HVWR QR HVWi FXELHUWR SRU OD
JDUDQWtD
&yPRXVDUHOFDMyQFDOHQWDGRU
$'9(57(1&,$
*($SSOLDQFHVFRP
5,(6*2 '( ,172;,&$&,Ï1 $/,0(17$5,$ 3RU GHEDMR GH ORV ƒ) ƒ& SXHGH SURGXFLUVH
FUHFLPLHQWRGHEDFWHULDVHQORVDOLPHQWRV
‡ 6LHPSUH HPSLHFH FRQ DOLPHQWRV FDOLHQWHV 1R XWLOLFH FRQILJXUDFLRQHV GH PDQWHQHU
FDOLHQWHSDUDFDOHQWDUDOLPHQWRVIUtRV
‡1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV
1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV
(OFDMyQFDOHQWDGRUPDQWHQGUiDOLPHQWRVFDOLHQWHV\FRFLGRVDXQDWHPSHUDWXUDGHVHUYLFLR6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1ROR
XVHSDUDFDOHQWDUDOLPHQWRVIUtRVFRQH[FHSFLyQGHVHFDUJDOOHWDVSDSLWDV\FHUHDO
&yPRXVDUHOFDMyQFDOHQWDGRU
3UHVLRQH OD WHFOD :$50,1* '5$:(5 21 2))
(QFHQGLGR $SDJDGR GHO &DMyQ &DOHQWDGRU´6HW
:DUPLQJ 'UDZHUµ &RQILJXUDFLyQ GHO &DMyQ
&DOHQWDGRU FRPLHQ]D D WLWLODU 3UHVLRQH OD WHFOD
GH :$50,1* '5$:(5 6(77,1* &RQILJXUDFLyQ
GHO&DMyQ&DOHQWDGRUSDUDFRQILJXUDUHOPLVPRHQ
&XDQGRXVHHOFDMyQFDOHQWDGRU
´+,µ$OWR´67'µR´/2µ
3DUD FDQFHODU SUHVLRQH HO ERWyQ :$50,1*
'5$:(5FDMyQFDOHQWDGRU
127$ 3UHVLRQDU HO ERWyQ &/($52)) ERUUDU
DSDJDGRQRDSDJDHOFDMyQFDOHQWDGRU
(OFDMyQFDOHQWDGRUPDQWHQGUiDOLPHQWRVFDOLHQWHV
\ FRFLGRV D XQD WHPSHUDWXUD GH VHUYLFLR 6LHPSUH
HPSLHFH FRQ DOLPHQWRV FDOLHQWHV 1R OR XVH SDUD
FDOHQWDU DOLPHQWRV IUtRV FRQ H[FHSFLyQ GH VHFDU
JDOOHWDVSDSLWDV\FHUHDO
1R UHFXEUD HO FDMyQ FDOHQWDGRU R UHFLSLHQWH GH
FRFFLyQ FRQ SDSHO PHWiOLFR (O SDSHO PHWiOLFR HV
XQH[FHOHQWHDLVODQWHGHFDORU\DWUDSDUiHOFDORU
GHEDMRGHpO(VWRDOWHUDUiHOGHVHPSHxRGHOFDMyQ
\SRGUtDGDxDUHODFDEDGRLQWHULRU
3HUPLWD TXH HO FDMyQ FDOHQWDGRU VH SUHFDOLHQWH
GXUDQWHDSUR[LPDGDPHQWHPLQXWRV
„1RFRORTXHOtTXLGRRDJXDHQHOFDMyQFDOHQWDGRU
„7RGRVORVDOLPHQWRVTXHVHFRORTXHQHQHOFDMyQ
FDOHQWDGRUGHEHQFXEULUVHFRQXQDWDSDRSDSHO
PHWiOLFR &XDQGR FDOLHQWH SDVWHOLWRV \ SDQHV
OD WDSD GHEH FRQWDU FRQ XQD YHQWLODFLyQ SDUD
SHUPLWLUODVDOLGDGHKXPHGDG
„/RVDOLPHQWRVGHEHQPDQWHQHUVHHQVXUHFLSLHQWH
FDOLHQWH R WUDVSDVDUVH D XQ SODWR GH VHUYLFLR
UHVLVWHQWHDOFDORU
127$ /RV UHFLSLHQWHV SOiVWLFRV R ORV HQYROWRULRV
SOiVWLFRVVHGHUULWHQVLHQWUDQHQFRQWDFWRGLUHFWRFRQ
HOFDMyQUHFLSLHQWHGHFRFFLyQRXWHQVLOLRFDOLHQWH(O
SOiVWLFRGHUUHWLGRQRSXHGHUHPRYHUVH\HVWRQRVH
HQFXHQWUDFXELHUWRSRUODJDUDQWtD
„4XLWH ODV FXFKDUDV GH VHUYLFLR HWF DQWHV GH
FRORFDUUHFLSLHQWHVHQHOFDMyQFDOHQWDGRU
7DEODGHVHOHFFLyQGHWHPSHUDWXUD
3DUDYROYHUFUXMLHQWHVSURGXFWRVQR
IUHVFRV
3DUDPDQWHQHUFDOLHQWHVGLIHUHQWHVWLSRVGHDOLPHQWRV
HVWDEOH]FD HO FRQWURO FRQ OD FRQILJXUDFLyQ PiV
HOHYDGD
„/DWHPSHUDWXUDWLSRFDQWLGDGGHDOLPHQWRV\HO
WLHPSRHQTXHVHPDQWHQJDQGHQWURGHOKRUQR
DIHFWDQODFDOLGDGGHORVDOLPHQWRV
„$O DEULU HO FDMyQ HQ IRUPD UHLWHUDGD HO DLUH
FDOLHQWHVHHVFDSDUi\ORVDOLPHQWRVVHHQIULDUiQ
„&RQ JUDQGHV FDUJDV SXHGH VHU QHFHVDULR
XWLOL]DU XQD FRQILJXUDFLyQ GHO FDMyQ FDOHQWDGRU
PiVHOHYDGD\FXEULUDOJXQRVGHORVDOLPHQWRV
FRFLGRV
„1
RXWLOLFHUHFLSLHQWHVRHQYROWRULRVSOiVWLFRV
7LSRGHDOLPHQWR
&KLOH
(VWRIDGR
3DSDVDOKRUQR
3L]]D
7RWRSRV
:DIOHV
&RQILJXUDFLyQ
GHFRQWURO
+,
0('
+,
0('
/2
/2
„&RORTXHORVDOLPHQWRVHQSODWRVREDQGHMDVGH
ODGRVEDMRV
„3UHFDOLHQWHHQODFRQILJXUDFLyQ/2
„'HVSXpV GH PLQXWRV YHULILTXH VL HVWiQ
FUXMLHQWHV$JUHJXHWLHPSRVLIXHVHQHFHVDULR
3DUDFDOHQWDUWD]RQHV\SODWRVGH
VHUYLFLR
35(&$8&,Ï1
/RVSODWRVHVWDUiQFDOLHQWHV8WLOLFHDJDUUDGHUDV
RJXDQWHVFXDQGRTXLWHSODWRVFDOLHQWHV
3DUD FDOHQWDU WD]RQHV \ SODWRV GH VHUYLFLR
FRQILJXUHHOFRQWUROHQ/2
„8WLOLFHVyORUHFLSLHQWHVUHVLVWHQWHVDOFDORU
„6L GHVHD FDOHQWDU SRUFHODQD ILQD FRQVXOWH
DO IDEULFDQWH GH OD YDMLOOD VREUH VX WROHUDQFLD
Pi[LPDDOFDORU
„8VWHGSXHGHFDOHQWDUSODWRVGHVHUYLFLRYDFtRV
PLHQWUDVSUHFDOLHQWDHOFDMyQ
8VRGHODIXQFLyQGHDXWROLPSLH]D
$QWHVGHXQFLFORGH$XWR/LPSLH]D
$'9(57(1&,$
3(/,*52'(,1&(1',2/LPSLHODJUDVD\ODVXFLHGDG
UHEHOGHGHOSLVRGHOKRUQRDQWHVGHODDXWROLPSLH]D
1RKDFHUORSXHGHSURYRFDUXQLQFHQGLRHQHOKRUQR
/LPSLHFRQXQSDxRORVGHVHFKRV
UHEHOGHVDFXPXODGRVHQHOSLVRGHO
KRUQR
5HFRPHQGDPRVYHQWLODUVXFRFLQDFRQXQDYHQWDQD
DELHUWDRXWLOL]DQGRXQYHQWLODGRURFDPSDQDGXUDQWH
HOSULPHUFLFORGHDXWROLPSLH]D
4XLWHODDVDGHUDUHMLOODVRQGDWRGRVORVUHFLSLHQWHV
GHFRFFLyQ\FXDOTXLHUWUR]RGHSDSHOGHDOXPLQLRGHO
KRUQR
127$6
„6L HO KRUQR VH HQFXHQWUD HTXLSDGR FRQ SDUULOODV
SDUD KRUQR EULOORVDV \ GH FRORU SODWHDGR VH
UHFRPLHQGDUHWLUDUODVPLVPDVDQWHVGHFRPHQ]DU
FRQHOFLFORGHDXWROLPSLH]D3RGUiQSHUPDQHFHU
HQHOKRUQRGXUDQWHHOFLFORGHDXWROLPSLH]DSHUR
VH RVFXUHFHUiQ SHUGHUiQ VX OXVWUH \ VHUi GLItFLO
GHVOL]DUODV
„6LVXKRUQRHVWiHTXLSDGRFRQEDQGHMDVUHYHVWLGDV
GHSRUFHODQDJULVSXHGHQGHMDUVHGHQWURGHOKRUQR
GXUDQWHHOFLFORGHDXWROLPSLH]D
/DVXFLHGDGXELFDGDHQHOPDUFRIURQWDOGHODFRFLQD
\ IXHUD GH OD MXQWD GH OD SXHUWD GHEHUi OLPSLDUVH
D PDQR /LPSLH HVWDV iUHDV FRQ DJXD FDOLHQWH
HVSRQMLOODV GH ODQD GH DFHUR HPEHELGDV HQ MDEyQ R
OLPSLDGRUHV WDOHV FRPR 6RIW 6FUXEŠ (QMXDJXH ELHQ
FRQDJXDOLPSLD\VHTXH
1R OLPSLH OD MXQWD (O PDWHULDO GH ILEUD GH YLGULR GH
ODMXQWDGHODSXHUWDGHOKRUQRQRUHVLVWHSURGXFWRV
DEUDVLYRV (V HVHQFLDO TXH OD MXQWD VH PDQWHQJD
LQWDFWD 6L XVWHG QRWD TXH HVWi GHVJDVWDGD
UHHPSOiFHOD
9HULILTXHTXHODWDSDGHODERPELOODGHOX]GHOKRUQR
HVWpHQVXOXJDU\TXHODOX]GHOKRUQRHVWpDSDJDGD
,03257$17( /DV HPDQDFLRQHV SURGXFLGDV SRU HO
FLFOR GH DXWROLPSLH]D GH FXDOTXLHU KRUQR DIHFWDQ OD
VDOXG GH DOJXQDV DYHV GH PDQHUD QRWRULD 3URFXUH
OOHYDUVXVDYHVDRWUDKDELWDFLyQELHQYHQWLODGD
/DV XQLGDGHV GH VXSHUILFLH VH GHVDFWLYDQ
DXWRPiWLFDPHQWHGXUDQWHHOFLFORGHDXWROLPSLH]D
&yPRFRQILJXUDUHOKRUQRSDUDXQDDXWROLPSLH]D
/DV SXHUWDV GHO KRUQR GHEH HVWDU FHUUDGDV \ WRGRV
ORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRV
SDUDTXHHOFLFORIXQFLRQHHQIRUPDDGHFXDGD
3UHVLRQHHOERWyQ6(/)&/($1DXWROLPSLH]D
6H UHFRPLHQGD XQ FLFOR GH KRUDV SDUD
OLPSLDU GHUUDPHV SHTXHxRV \ FRQWHQLGRV 6H
UHFRPLHQGD XQ FLFOR GH DXWROLPSLH]D GH KRUDVSDUDXQKRUQRPiVVXFLR
/DV SXHUWDV GHO KRUQR VXSHULRU H LQIHULRU VH
EORTXHDQ DXWRPiWLFDPHQWH /RV HOHPHQWRV GH OD
HVWXIDWDPELpQVHEORTXHDQGXUDQWHODOLPSLH]D/D
SDQWDOODPRVWUDUiHOWLHPSRGHOLPSLH]DUHVWDQWH
1RSRGUiQDEULUVHODVSXHUWDVGHOKRUQRRXWLOL]DU
OD HVWXID KDVWD TXH OD WHPSHUDWXUD GHVFLHQGD
SRU GHEDMR GH OD WHPSHUDWXUD GH EORTXHR \ VH
DSDJXH/2&.(''225 SXHUWDEORTXHDGDGH
ODSDQWDOODGHFRQWURO
6L QHFHVLWD XQ FLFOR GLIHUHQWH GH R KRUDV „ /DSDODEUD/2&.(''2253XHUWD%ORTXHDGD
WLWLODUi\HOSLWLGRVRQDUiVLFRQILJXUyHOFLFOR
XWLOLFH ODV DOPRKDGLOODV QXPpULFDV H LQJUHVH HO
GHOLPSLH]D\ROYLGyFHUUDUODSXHUWDGHOKRUQR
WLHPSRGHOLPSLH]DGHVHDGR
(OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUH „3DUDGHWHQHUHOFLFORGHOLPSLH]DSUHVLRQHHOERWyQ
&/($52)) ERUUDUDSDJDGR &XDQGR VH DSDJD
KRUDV\KRUDVGHDFXHUGRFRQHOJUDGRGH
/2&.(''225 SXHUWD EORTXHDGD LQGLFDQGR
VXFLHGDGGHOKRUQR
TXH OD WHPSHUDWXUD GH ORV KRUQRV KD GHVFHQGLGR
3UHVLRQHHOERWyQ67$57LQLFLDU
SRU GHEDMR GH OD WHPSHUDWXUD GH EORTXHR XVWHG
SRGUiDEULUODVSXHUWDV
*($SSOLDQFHVFRP
/DVSXHUWDVGHOKRUQRGHEHHVWDUFHUUDGDV\WRGRVORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRVSDUDTXHHOFLFOR
IXQFLRQHHQIRUPDDGHFXDGD
&yPRFRQILJXUDUXQLQLFLRUHWDUGDGRGHOLPSLH]D
3UHVLRQH HO ERWyQ '(/$< 67$57 LQLFLR /DSXHUWDGHOKRUQRVHFLHUUDDXWRPiWLFDPHQWH
1R SRGUiQ DEULUVH ODV SXHUWDV GHO KRUQR R
UHWDUGDGR
XWLOL]DUVH OD HVWXID KDVWD TXH OD WHPSHUDWXUD
0HGLDQWH ODV DOPRKDGLOODV QXPpULFDV GHVFLHQGD SRU GHEDMR GH OD WHPSHUDWXUD GH
LQJUHVHODKRUDHQTXHGHVHDLQLFLDUHOFLFOR EORTXHR\VHDSDJXH/2&.(''225 SXHUWD
GHOLPSLH]D
EORTXHDGDGHODSDQWDOODGHFRQWURO
3UHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQH HO ERWyQ 6(/) &/($1 DXWR
OLPSLH]D
0HGLDQWH ODV DOPRKDGLOODV QXPpULFDV
LQJUHVHODKRUDHQTXHGHVHDLQLFLDUHOFLFOR
GHOLPSLH]D
(OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUH
KRUDV\KRUDVGHDFXHUGRFRQHOJUDGRGH
VXFLHGDGGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
'HVSXpVGHXQFLFORGHOLPSLH]D
(VSRVLEOHTXHREVHUYHDOJXQDVFHQL]DVEODQFDVHQ
HOKRUQR/tPSLHODVFRQXQSDxRK~PHGRGHVSXpVGH
TXHHOKRUQRVHHQIUtH
6LODVPDQFKDVEODQFDVSHUPDQHFHQUHPXpYDODV
FRQXQHVWURSDMRGHDFHUROOHQRGHMDEyQ\HQMXDJXH
JHQHURVDPHQWHFRQXQDPH]FODGHYLQDJUH\DJXD
(VWRVGHSyVLWRVVRQXVXDOPHQWHUHVLGXRVGHVDOTXH
HOFLFORGHOLPSLH]DQRSXHGHHOLPLQDU
6LHOKRUQRQRTXHGDOLPSLRGHVSXpVGHXQFLFORGH
OLPSLH]DUHSLWDHOFLFOR
„8VWHGQRSXHGHFRQILJXUDUHOKRUQRSDUDFRFFLyQ
KDVWDTXHHOKRUQRHVWpORVXILFLHQWHPHQWHIUtR
FRPRSDUDTXHODSXHUWDVHGHVEORTXHH
„0LHQWUDVHOKRUQRHVWpHQDXWROLPSLH]DXVWHG
SXHGHSUHVLRQDUHOERWyQ5(/2-SDUDPRVWUDU
HQSDQWDOODODKRUDGHOGtD3DUDYROYHUDOD
FXHQWDUHJUHVLYDGHOLPSLH]DSUHVLRQHHOERWyQ
$872/,03,(=$
3DUULOODVHVWiQGDU
6LUHVXOWDGLItFLOGHVOL]DUODVSDVHDFHLWHGHFRFFLyQ
FRQXQSDxRHQVXVFRVWDGRVODWHUDOHV\HQORV
VRSRUWHVGHODVSDUULOODVGHOKRUQR
3DUULOODGHH[WHQVLyQ
6LGHVOL]DUODPLVPDUHVXOWDGLItFLOYHU3DUULOODGH
H[WHQVLyQHQODVHFFLyQ&XLGDGR\OLPSLH]D1R
URFtHODSDUULOODGHH[WHQVLyQFRQSXOYHUL]DGRUSDUD
FRFFLyQXRWURVOXEULFDQWHVHQVSUD\
6LUHVXOWDGLItFLOTXLWDUODRFRORFDUODSDVHDFHLWH
GHFRFFLyQFRQXQSDxRHQORVVRSRUWHVGHODV
SDUULOODVGHOKRUQR1RSDVHDFHLWHGHFRFFLyQHQORV
GHVOL]DGRUHV
127$/XHJRGHOSULPHUFLFORGHOLPSLH]DDXWRPiWLFD
ODVVXSHUILFLHVGHDFHURLQR[LGDEOHJULVFDPELDUiQGH
FRORUHQORVHVWDQWHVH[WHQVLEOHVHVPDOWDGRV(VWRHV
QRUPDO1RVHUHFRPLHQGDODOLPSLH]DDXWRPiWLFD
GHHVWDQWHVH[WHQVLEOHVGHQtTXHO\DTXHWRGRHO
HVWDQWHSHUGHUiFRORUGHELGRDODVWHPSHUDWXUDVGHOD
OLPSLH]DDXWRPiWLFD
8VRGHOD/LPSLH]DDO9DSRUHQDOJXQRVPRGHORV
'XUDQWHHOFLFORGH
OLPSLH]DDOYDSRU
HOIRQGRGHOKRUQR
VHYXHOYHORVXILFLHQWHPHQWHFDOLHQWHFRPRSDUD
RFDVLRQDUTXHPDGXUDV(VSHUHKDVWDTXHHOFLFORHVWp
WHUPLQDGRPLQXWRVDQWHVGHOLPSLDUODVVXSHUILFLHV
LQWHULRUHVGHOKRUQR6LHVWRQRVHFXPSOHVHSRGUi
VXIULUTXHPDGXUDV
35(&$8&,Ï1
(OFLFOR6WHDP&OHDQ/LPSLH]DDO9DSRUIDFLOLWDODOLPSLH]D
GHVXFLHGDGOHYHGHOLQWHULRUGHOKRUQRGHSRUFHODQDGH
OLPSLH]DHVWiQGDU
/DFRFLQDHVWDUiDWHPSHUDWXUDDPELHQWHDQWHVGHFRPHQ]DU
HOFLFOR6WHDP&OHDQ/LPSLH]DDO9DSRU6LHOKRUQRHVWi
GHPDVLDGRFDOLHQWHHQODSDQWDOODVHREVHUYDUi´FDOLHQWHµ\
HOFLFORQRVHDFWLYDUiKDVWDTXHHOKRUQRVHHQIUtH
(OFLFOR6WHDP&OHDQ/LPSLH]DDO9DSRUIXQFLRQDPHMRUHQ
QXHYRVGHUUDPHVRVXFLHGDGHV/DFRPLGDTXHPDGDHVPiV
GLItFLOGHHOLPLQDU
3DUD&RPHQ]DUHO&LFORGH/LPSLH]DDO9DSRU
5HWLUH ORV HVWDQWHV \ DFFHVRULRV GH OD
FDYLGDGGHOKRUQR1RFRORTXHXWHQVLOLRVX
RWURVDUWtFXORVHQHOKRUQRGXUDQWHHO&LFOR
GH/LPSLH]DDO9DSRU
9LHUWDRQ]DVGHDJXDHQHOSLVR
GHOKRUQR
'HMH OD SXHUWD DELHUWD SDUD TXH VH VHTXH
FRQHODLUH
9LHUWDWD]DR]GHDJXDDWHPSHUDWXUD
127$6,03257$17(6
DPELHQWH HQ HO iUHD LQWHUPHGLD GHO IRQGR
GHO KRUQR 1R DJUHJXH VROXFLRQHV GH ‡ 6LXQFLFORGHOLPSLH]DDOYDSRUHVLQLFLDGRVLQ
DJXD SUHVLRQH OD WHFOD &OHDU 2II %RUUDU
OLPSLH]DQLTXtPLFRVGHQLQJ~QWLSRDODJXD
$SDJDU SDUD ILQDOL]DU GLFKR FLFOR (VSHUH D
6yOR DJUHJXH DJXD DO XVDU HO FLFOR 6WHDP
TXHODFRFLQDUHDOLFHODFRFFLyQDWHPSHUDWXUD
&OHDQ /LPSLH]D DO 9DSRU 6yOR DJUHJXH
DPELHQWH DQWHV GH YHUWHU DJXD HQ HO DJXD
DJXD DO XVDU HO FLFOR 6HOI&OHDQ $XWR
LQWHUPHGLDHLQLFLDURWURFLFORGHYDSRU
/LPSLH]D
‡ 1R DEUD OD SXHUWD GXUDQWH HO FLFOR 6WHDP
&LHUUHODSXHUWD
&OHDQ/LPSLH]DDO9DSRU8QSLWLGRGHHUURU
VRQDUiDODEULUODSXHUWD
3UHVLRQHODWHFOD6WHDP&OHDQ/LPSLH]DDO
‡ 3UHVLRQHODWHFOD&OHDU2II%RUUDU$SDJDU
9DSRUOXHJRSUHVLRQH6WDUW,QLFLDU
HQFXDOTXLHUPRPHQWRSDUDILQDOL]DUHOFLFOR
/D SXHUWD GHO KRUQR VH FLHUUD
‡ 6L SHUPDQHFHQ GHSyVLWRV PLQHUDOHV HQ HO
DXWRPiWLFDPHQWH 8Q FLFOR GH PLQXWRV
IRQGR GHO KRUQR OXHJR GH OD OLPSLH]D XVH
FRPHQ]DUi OD FXHQWD UHJUHVLYD HQ OD
XQDWHODRHVSRQMDPRMDGDHQYLQDJUHSDUD
SDQWDOOD1RVHUiSRVLEOHDEULUODSXHUWDGHO
HOLPLQDU
KRUQRKDVWDTXHHOFLFORILQDOLFHRKDVWDTXH
XVWHG SUHVLRQH OD WHFOD&OHDU 2II %RUUDU ‡ (VSRVLEOHTXHJRWHHDOJRGHDJXDGHVGHOD
SDUWHLQIHULRUGHODSXHUWDGHOKRUQR6LHVWR
$SDJDU\TXHODSXHUWDVHGHVEORTXHH
VXFHGHOLPSLHODPLVPDDOILQDOL]DUHOFLFOR
&XDQGR HO FLFOR 6WHDP &OHDQ /LPSLH]D DO ‡ /D MXQWD GH OD SXHUWD SRGUi HVWDU PRMDGD
FXDQGR HO FLFOR 6WHDP &OHDQ /LPSLH]D DO
9DSRU HVWp FRPSOHWR OD SXHUWD GH
9DSRU ILQDOLFH (VWR HV QRUPDO 1R OLPSLH OD
GHVEORTXHDUi HO FRQWURO GHO KRUQR HPLWLUi
MXQWD
XQ SLWLGR \ OD OX] GH /LPSLH]D DO 9DSRU
WLWLODUi3UHVLRQHODWHFOD&OHDU2II%RUUDU ‡ 6L D~Q SHUPDQHFH VXFLHGDG OXHJR GH OD
$SDJDU\DEUDODSXHUWD
OLPSLH]D GHO KRUQR FRQVXOWH OD VHFFLyQ GH
&XLGDGR\OLPSLH]DGHODFRFLQDHQHO0DQXDO
(O IRQGR GHO KRUQR \ HO DJXD UHVWDQWH D~Q
GHO 3URSLHWDULR SDUD DFFHGHU D RSFLRQHV
HVWDUiQPX\FDOLHQWHVDOILQDOGHOFLFOR(VWR
DGLFLRQDOHV
HVQRUPDO
5HWLUHODVXFLHGDGIUHJDQGRFRQXQFHSLOORR
DOPRKDGLOOD GH Q\ORQ 6H SRGUi XVDU XQD
DOPRKDGLOODGHHVWURSDMRFRQMDEyQVyORHQ
HOLQWHULRUGHOKRUQRGHSRUFHODQD(OXVRGH
DOPRKDGLOODVDEUDVLYDVUD\DUiHOYLGULRGHOD
SXHUWD1ROLPSLHODVXFLHGDGQLHODJXDGH
ODMXQWDGHODSXHUWD
5HWLUHHODJXDUHVWDQWHFRQXQDHVSRQMDR
WHODVHFD
&DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR
*($SSOLDQFHVFRP
/RVQXHYRVFRQWUROHVFRQERWRQHVGHWRTXHFXHQWDQFRQFDUDFWHUtVWLFDVDGLFLRQDOHV/DVVLJXLHQWHVVRQODVFDUDFWHUtVWLFDV
\ OD PDQHUD HQ TXH XVWHG SXHGH DFWLYDUODV /RV PRGRV GH FDUDFWHUtVWLFDV HVSHFLDOHV VyOR SXHGHQ DFWLYDUVH PLHQWUDV OD
SDQWDOODPXHVWUDODKRUD6HFRQVHUYDQHQODPHPRULDGHORVFRQWUROHVKDVWDTXHVHUHSLWDQORVSDVRV3DUDLQJUHVDUXQD
FDUDFWHUtVWLFDHVSHFLDOHQXQRGHORVGRVKRUQRVXVWHGGHEHSULPHURSUHVLRQDUORVERWRQHV%52,/+,/2DVDUDOWREDMR\
%$.(KRUQHDUGHOKRUQRVXSHULRUDOPLVPRWLHPSR/RVERWRQHV%52,/+,/2DVDUDOWREDMR\%$.(KRUQHDUGHOKRUQR
LQIHULRUQRDFWLYDQFDUDFWHUtVWLFDVHVSHFLDOHV&XDQGRODSDQWDOODPXHVWUDVXRSFLyQSUHVLRQHHOERWyQ67$57LQLFLDU
6HOHFFLyQGHWHPSHUDWXUDHQ)DKUHQKHLWR&HOVLXV
6XFRQWUROGHKRUQRHVWiFRQILJXUDGRSDUDXWLOL]DU
ODVVHOHFFLRQHVGHWHPSHUDWXUD)DKUHQKHLWSHUR
SXHGHPRGLILFDUVHSDUDXVDUVHOHFFLRQHVHQ
&HOVLXV
3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO
PLVPRWLHPSRKDVWDTXHHQODSDQWDOOD
SXHGDYHUVH6)
3UHVLRQHORVERWRQHV&22.7,0(WLHPSRGH
FRFFLyQ\%52,/+,/2DVDUDOWREDMRDO
PLVPRWLHPSR(QODSDQWDOODSRGUiYHUVH)
)DKUHQKHLW
3UHVLRQHORVERWRQHV&22.7,0(WLHPSRGH
FRFFLyQ\%52,/+,/2DVDUDOWREDMRGH
QXHYRDOPLVPRWLHPSR(QODSDQWDOODSRGUi
YHUVH&&HOVLXV
3UHVLRQHHOERWyQ67$57LQLFLDU
6HxDOHVVRQRUDVDOILQDOL]DUXQFLFORFRQWHPSRUL]DGRU
$OILQDOL]DUXQFLFORFRQWHPSRUL]DGRUVHHVFXFKDQ
SLWLGRVFRUWRVVHJXLGRVSRUXQSLWLGRFDGD
VHJXQGRVKDVWDTXHVHSUHVLRQHHOERWyQ&/($5
2))ERUUDUDSDJDGR(VWHSLWLGRFRQWLQXRGH
VHJXQGRVSXHGHFDQFHODUVH
3DUDFDQFHODUHOSLWLGRFRQWLQXRGHVHJXQGRV
3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO
PLVPRWLHPSRKDVWDTXHHQODSDQWDOOD
SXHGDYHUVH6)
3UHVLRQHHOERWyQ%52,/DVDU/DSDQWDOOD
PXHVWUD&217,%((3SLWLGRFRQWLQXR
3UHVLRQHHOERWyQ%52,/DVDUGHQXHYR/D
SDQWDOODPXHVWUD6,1*/(%((3SLWLGR~QLFR
(VWRFDQFHODHOSLWLGRFDGDVHJXQGRV
3UHVLRQHHOERWyQ67$57LQLFLDU
9ROXPHQGHOWRQR
(VWDFDUDFWHUtVWLFDSHUPLWHUHJXODUHOYROXPHQGH
ORVWRQRVSDUDORJUDUXQYROXPHQPiVDFHSWDEOH
([LVWHQWUHVQLYHOHVGHYROXPHQGLIHUHQWHV
3UHVLRQH ORV ERWRQHV %52,/ +,/2 DVDU
DOWREDMR \ %$.( KRUQHDU GHO KRUQR
VXSHULRUDOPLVPRWLHPSRKDVWDTXHHQOD
SDQWDOODSXHGDYHUVH6)
3UHVLRQH HO ERWyQ &22. 7,0( WLHPSR GH
FRFFLyQ (Q OD SDQWDOOD SRGUi YHUVH 67'
%((3 3,7,'2 67' (VWH HV HO QLYHO GH
YROXPHQPHGLR
7RXFK WKH &22. 7,0( SDG DJDLQ 7KLV
FKDQJHV WKH YROXPH OHYHO HDFK WLPH WKH
SDG LV WRXFKHG DQG D WRQH ZLOO VRXQG WR
SURYLGH DQ LQGLFDWLRQ RI WKH YROXPH OHYHO
&KRRVH WKH GHVLUHG VRXQG OHYHO /2 %((3
67'%((3+,%((3RU2))
3UHVLRQH HO ERWyQ 67$57 LQLFLDU SDUD
DFWLYDUHOQLYHOHOHJLGR
&DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR
KRUDVKRUDVREORTXHRGHOUHORM
6XVFRQWUROHVHVWiQFRQILJXUDGRVSDUDXVDUXQ
UHORMGHKRUDV
6L SUHILHUH WHQHU XQ UHORM GH HVWLOR PLOLWDU GH KRUDVRDQXODUODYLVXDOL]DFLyQGHOUHORMVLJDORV
VLJXLHQWHVSDVRV
3UHVLRQH ORV ERWRQHV %52,/ +,/2 DVDU
DOWREDMR \ %$.( KRUQHDU GHO KRUQR
VXSHULRUDOPLVPRWLHPSRKDVWDTXHHQOD
SDQWDOODSXHGDYHUVH6)
3UHVLRQHHOERWyQ&/2&.UHORMXQDYH](Q
ODSDQWDOODSRGUiYHUVHKU6LHVWDHVOD
RSFLyQTXHGHVHDSUHVLRQHHOERWyQ67$57
LQLFLDU
3UHVLRQH HO ERWyQ &/2&. UHORM GH QXHYR SDUD
FDPELDUDOUHORMHVWLORPLOLWDUGHKRUDV(QOD
SDQWDOODSRGUiYHUVHKU6LHVWDHVODRSFLyQ
TXHGHVHDSUHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQH HO ERWyQ &/2&. UHORM GH QXHYR SDUD
DQXODU OD YLVXDOL]DFLyQ GHO UHORM (Q OD SDQWDOOD
SRGUiYHUVH2))DSDJDGR6LHVWDHVODRSFLyQ
TXHGHVHDSUHVLRQHHOERWyQ67$57LQLFLDU
127$ 6L HO UHORM VH HQFXHQWUD HQ HO PRGR VLQ
YLVXDOL]DFLyQ XVWHG QR SRGUi XWLOL]DU OD IXQFLyQ
GHLQLFLRUHWDUGDGR
&RQYHUVLyQ$XWRPiWLFDGH5HFHWDVŒ
$OXVDUHOKRUQHDGRSRUFRQYHFFLyQOD
IXQFLyQGH&RQYHUVLyQ$XWR5HFLSHŠSRGUi
DXWRPiWLFDPHQWHFRQYHUWLUWHPSHUDWXUDVGH
KRUQHDGRUHJXODULQJUHVDGDVDWHPSHUDWXUDV
GHKRUQHDGRSRUFRQYHFFLyQ/DSDQWDOODQR
PRVWUDUiODWHPSHUDWXUDFRQYHUWLGD6LHPSUH
PRVWUDUiODWHPSHUDWXUDLQJUHVDGD
3
UHVLRQHODWHFOD&219(&7,21&22.
&RFFLyQSRU&RQYHFFLyQKDVWDTXHOD
SDQWDOODPXHVWUH&2121&RQYHUVLyQ
(QFHQGLGDR&212))&RQYHUVLyQ
$SDJDGDVHJ~QVHGHVHH
3UHVLRQHHOERWyQ67$57LQLFLDU
3DUDDFWLYDURGHVDFWLYDUODIXQFLyQ
3UHVLRQHORVERWRQHV%$.(KRUQHDU\
%52,/+,/2DVDUDOWREDMRGHOKRUQR
VXSHULRUDOPLVPRWLHPSRKDVWDTXHHQOD
SDQWDOODSXHGDYHUVH6)
$SDJDGROXHJRGHKRUDV
&RQ HVWD RSFLyQ HQ FDVR GH GHMDUVH HO KRUQR
HQFHQGLGR DFFLGHQWDOPHQWH HO FRQWURO OR DSDJD
HQ IRUPD DXWRPiWLFD OXHJR GH KRUDV GXUDQWH
IXQFLRQHV GH KRUQHDGR R GHVSXpV GH KRUDV
GXUDQWHODIXQFLyQGHDVDGR
6LGHVHDDSDJDU2))HVWDIXQFLyQVLJDORVSDVRV
VLJXLHQWHV
3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR
EDMR \ %$.( KRUQHDU GHO KRUQR VXSHULRU DO
PLVPRWLHPSRKDVWDTXHHQODSDQWDOODSXHGD
YHUVH6)
3UHVLRQH HO ERWyQ '(/$< 67$57 LQLFLR
UHWDUGDGR KDVWD TXH DSDUH]FD QR VKGQ QR
DSDJDGRHQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDUSDUDDFWLYDU
OD FDUDFWHUtVWLFD GH QR DSDJDGR \ GHMDU HO
FRQWURO FRQILJXUDGR HQ HVWH PRGR GH
FDUDFWHUtVWLFDVHVSHFLDOHV
&yPRXVDUODIXQFLyQ6DEEDWKKRUQRVVXSHULRUHLQIHULRU
'LVHxDGDSDUDXWLOL]DUVHGXUDQWHHO6DEEDWKXRWUDV)LHVWDV-XGtDVHQDOJXQRVPRGHORV
*($SSOLDQFHVFRP
/DIXQFLyQ6DEEDWKVRODPHQWHSXHGHXWLOL]DUVHSDUDKRUQHDUURVWL]DU1RHVSRVLEOHXWLOL]DUODSDUDFRQYHFFLyQDVDGRDXWROLPSLH]DRFRFFLyQFRQ
LQLFLRUHWDUGDGR
127$/DOX]LQWHULRUGHOKRUQRVHHQFLHQGHDXWRPiWLFDPHQWHHQDOJXQRVPRGHORVFXDQGRVHDEUHODSXHUWD\VHDSDJDFXDQGRVHODFLHUUD3XHGH
TXLWDUVHODERPELOODGHOX]9HUODVHFFLyQGH5HHPSOD]RGHERPELOODGHOX](QORVPRGHORVFRQLQWHUUXSWRUGHOX]HQHOSDQHOGHFRQWUROODOX]GHO
KRUQRSXHGHHQFHQGHUVH\GHMDUVHDVt
&XDQGRODSDQWDOODPXHVWUDŠ
HOKRUQRHVWiFRQILJXUDGRSDUD
6DEEDWK&XDQGRODSDQWDOOD
PXHVWUDŠHOKRUQRHVWi
KRUQHDQGRURVWL]DQGR
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWD\TXH
HOKRUQRHVWpDSDJDGR
3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR
KDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
127$6LHQODSDQWDOODDSDUHFHQ%DNHKRUQHDUR
%URLODVDUORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUQRVHSUHVLRQDURQDOPLVPR
WLHPSR3UHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGR\FRPLHQFHGHQXHYR
3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR
KDVWDTXHDSDUH]FD6$EE$W+HQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDU\ŠDSDUHFHUiHQ
ODSDQWDOOD(OKRUQRVHHQFXHQWUDDKRUDHQHO
PRGR6DEiWLFR
3UHVLRQHHOERWyQ%$.(KRUQHDU1RVHGDUiXQD
VHxDO
0HGLDQWHODVDOPRKDGLOODVQXPpULFDVLQJUHVHOD
WHPSHUDWXUDGHVHDGDHQWUHƒ)ƒ&\ƒ)
ƒ&1RVHGDUiQLQJXQDVHxDORWHPSHUDWXUD
1RKD\XQDWHPSHUDWXUDSUHGHWHUPLQDGD
3UHVLRQHHOERWyQ67$57LQLFLDUHQHOKRUQR
FRUUHVSRQGLHQWH
'HVSXpVGHXQSHUtRGRDOHDWRULRGH
DSUR[LPDGDPHQWHVHJXQGRVDPLQXWRŠ
DSDUHFHUiHQODSDQWDOODLQGLFDQGRTXHHOKRUQR
HVWiKRUQHDQGRURVWL]DQGR6LŠQRDSDUHFHHQ
ODSDQWDOODFRPLHQFHGHQXHYRHQHOSDVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQHHOERWyQ
%$.(KRUQHDULQJUHVHODQXHYDWHPSHUDWXUDXVDQGR
ODVDOPRKDGLOODVQXPpULFDV\SUHVLRQHHOERWyQ67$57
LQLFLDU
127$/RVERWRQHV&/($52))ERUUDUDSDJDGR\
&22.7,0(WLHPSRGHFRFFLyQVHHQFXHQWUDQDFWLYRV
GXUDQWHODIXQFLyQ6DEEDWK
&yPRGHVDFWLYDUODIXQFLyQ6DEEDWK
3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR
6LHOKRUQRHVWiFRFLQDQGRHVSHUHXQSHUtRGR
DOHDWRULRGHDSUR[LPDGDPHQWHVHJXQGRVD
PLQXWRKDVWDTXHVyORŠDSDUH]FDHQODSDQWDOOD
3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR
KDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR
KDVWDTXHVKGQRQRVKGQDSDUH]FDQHQOD
SDQWDOOD
(OLMDVKGQLQGLFDQGRTXHHOKRUQRVHDSDJDUi
DXWRPiWLFDPHQWHGHVSXpVGHKRUDVRQR
VKGQLQGLFDQGRTXHHOKRUQRQRVHDSDJDUi
DXWRPiWLFDPHQWHGHVSXpVGHKRUDV
3UHVLRQH67$57LQLFLDUFXDQGRODRSFLyQGHVHDGD
DSDUHFHHQODSDQWDOODVKGQRQRVKGQ
127$(QFDVRGHFRUWHGHHQHUJtDFRQODIXQFLyQ
GH6DEEDWKDFWLYDGDGLFKDIXQFLyQVHDSDJDUi
DXWRPiWLFDPHQWHD~QFXDQGRYXHOYDODHQHUJtD(O
FRQWUROGHOKRUQRGHEHYROYHUDFRQILJXUDUVH$OJXQRV
PRGHORVFRQWLQXDUiQHOPRGR6DEEDWKVLQHPEDUJRVL
VHDEUHODSXHUWDVHDFWLYDUiODOX]GHOKRUQR
&yPRSRQHUVHSDUDFRFFLyQFDOFXODGD
127$(VWHSURFHGLPLHQWRGHEHOOHYDUVHD
FDER$17(6GHTXHFRPLHQFHHO6DEEDWKSDUD
SRGHUXWLOL]DUODFDUDFWHUtVWLFDGHKRUQHDGRFRQ
WHPSRUL]DGRUGXUDQWHHO6DEEDWKODXQLGDG12GHEH
FRORFDUVHHQHOPRGR6DEEDWKGXUDQWHXQKRUQHDGR
FRQWHPSRUL]DGRU
3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRKDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
3UHVLRQHHOERWyQ67$57LQLFLDUSDUDJXDUGDU
ORVFDPELRV
127$6LHQODSDQWDOODDSDUHFHQ%DNH
KRUQHDUR%URLODVDUORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUQRVH
SUHVLRQDURQDOPLVPRWLHPSR3UHVLRQHHOERWyQ
&/($52))ERUUDUDSDJDGR\FRPLHQFHGH
QXHYR
3UHVLRQH&22.7,0(WLHPSRGHFRFFLyQSDUD
HOKRUQRFRUUHVSRQGLHQWH
3UHVLRQHHOERWyQ%52,/+,/2DVDUDOWREDMR
SDUDFDPELDUODFRQILJXUDFLyQGHOSLWLGRDE((3
ODFRQILJXUDFLyQSUHGHWHUPLQDGDHVSLWLGR
FRQWLQXRTXHVHYLVXDOL]DHQODSDQWDOODFRPR
&RQE((3
3UHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ%$.(KRUQHDU
3
UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGD
3UHVLRQHHOERWyQ67$57LQLFLDUHQHOKRUQR
FRUUHVSRQGLHQWH
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHVHDGRGHFRFFLyQHQWUH
PLQXWR\KRUDV\PLQXWRV
&XLGDGR\OLPSLH]DGHODFRFLQD
$VHJ~UHVHGHTXHWRGRVORVFRQWUROHVHVWpQDSDJDGRV\TXHODVVXSHUILFLHVHVWpQIUtDVDQWHVGHOLPSLDUFXDOTXLHUSDUWHGHODFRFLQD
$'9(57(1&,$
6LVHTXLWDODFRFLQDSDUDHIHFWXDUXQDOLPSLH]DUHSDUDFLRQHVR
FXDOTXLHURWUDUD]yQYHULILTXHTXHHOGLVSRVLWLYRDQWLYROFDGXUDVVH
FRORTXHGHPDQHUDDGHFXDGDFXDQGRYXHOYDDLQVWDODUVHODFRFLQD
6LQRWRPDHVWDSUHFDXFLyQODFRFLQDSXHGHYROFDUVH\SURYRFDU
OHVLRQHV
&yPRTXLWDUHOHQYROWRULRGHSURWHFFLyQ\ODFLQWDGHHPEDODMH
&RQFXLGDGRWRPHXQDSXQWDGHOHQYROWRULRGH
SURWHFFLyQFRQVXVGHGRV\OHQWDPHQWHTXtWHORGHOD
VXSHUILFLHGHODSDUDWR1RXVHHOHPHQWRVILORVRVSDUD
TXLWDUHOHQYROWRULR4XLWHWRGRHOHQYROWRULRDQWHVGH
XVDUHODSDUDWRSRUSULPHUDYH]
3DUDDVHJXUDUVHGHQRGDxDUHODFDEDGRGHOSURGXFWR
ODPHMRUIRUPDGHTXLWDUHOSHJDPHQWRGHODFLQWDGH
HPSDTXHGHORVDSDUDWRVQXHYRVFRQVLVWHHQDSOLFDU
GHWHUJHQWHSDUDYDMLOODVOtTXLGR$SOLTXHFRQXQSDxR
VXDYH\GHMHUHPRMDU
127$'HEHUHWLUDUVHHODGKHVLYRGHWRGDVODVSDUWHV6L
VHFDOLHQWDVHUiLPSRVLEOHGHTXLWDU
3DQHOGHFRQWURO
6LDVtORGHVHDSXHGHGHVDFWLYDUORVERWRQHVGHWRTXH
DQWHVGHODOLPSLH]D
9HUODLQIRUPDFLyQVREUH%ORTXHRGHFRQWUROHVHQOD
VHFFLyQ&yPRXVDUHOUHORMHOWHPSRUL]DGRU\HOEORTXHR
GHFRQWUROHVGHHVWHPDQXDO
/LPSLHORVGHUUDPHVFRQXQSDxRK~PHGR
7DPELpQSXHGHXWLOL]DUXQOLPSLDGRUGHYLGULRV
4XLWHVXFLHGDGHVPiVUHEHOGHVFRQDJXDWLELD
MDERQRVD1RXWLOLFHDEUDVLYRVGHQLQJXQDFODVH
9XHOYDDDFWLYDUORVERWRQHVGHWRTXHGHVSXpVGHOD
OLPSLH]D
6XSHUILFLHVSLQWDGDV
/DVVXSHUILFLHVSLQWDGDVLQFOX\HQORVODGRVGHODFRFLQD
\ODSXHUWDODSDUWHVXSHULRUGHOSDQHOGHFRQWURO\HO
IUHQWHGHOFDMyQ/tPSLHODVFRQMDEyQ\DJXDRFRQXQD
VROXFLyQGHDJXD\YLQDJUH
1RXWLOLFHOLPSLDGRUHVGHKRUQRFRPHUFLDOHVSROYRV
OLPSLDGRUHVHVSRQMLOODVGHDFHURRDEUDVLYRVSRWHQWHV
VREUHFXDOTXLHUVXSHUILFLHSLQWDGD
6XSHUILFLHVGHDFHURLQR[LGDEOHHQDOJXQRVPRGHORV
1RXWLOLFHDOPRKDGLOODVGHDFHURSRUTXHUD\DQ
ODVXSHUILFLH
3DUDOLPSLDUODVXSHUILFLHGHDFHURLQR[LGDEOH
XWLOLFHDJXDWLELDMDERQRVDRXQOLPSLDGRUR
OXVWUDGRUGHDFHURLQR[LGDEOH6LHPSUHOLPSLH
ODVXSHUILFLHHQGLUHFFLyQGHODYHWD6LJDODV
LQVWUXFFLRQHVGHOSURGXFWRSDUDOLPSLDUOD
VXSHUILFLHGHDFHURLQR[LGDEOH
3DUDFRQVXOWDUVREUHODFRPSUDGHOLPSLDGRUHV
ROXVWUDGRUHVGHDSDUDWRVGHDFHURLQR[LGDEOHR
SDUDHQFRQWUDUODXELFDFLyQGHOGLVWULEXLGRUPiV
FHUFDQRDVXGRPLFLOLROODPHDQXHVWURQ~PHUR
JUDWXLWR
&HQWURQDFLRQDOGHUHSXHVWRV
*($SSOLDQFHVFRP
(VWXIDGHHVPDOWHGHSRUFHODQDHQDOJXQRVPRGHORV
(ODFDEDGRGHHVPDOWHGHSRUFHODQDHVUHVLVWHQWH
SHURSXHGHURPSHUVHVLVHXWLOL]DLQFRUUHFWDPHQWH
(VWHDFDEDGRHVUHVLVWHQWHDOiFLGR6LQHPEDUJR
QRGHEHSHUPLWLUVHTXHDOJXQRVDOLPHQWRViFLGRV
TXHVHGHUUDPDQFRPRMXJRVGHIUXWDWRPDWHR
YLQDJUHSHUPDQH]FDQHQHODFDEDGR
6LVHGHUUDPDQiFLGRVHQODHVWXIDPLHQWUDVHVWi
FDOLHQWH XWLOLFH XQD WRDOOD GH SDSHO R XQ SDxR
VHFRV SDUD OLPSLDUOR HQ HO PRPHQWR &XDQGR
OD VXSHUILFLH VH KD\D HQIULDGR OLPSLH FRQ DJXD
MDERQRVD(QMXDJXHELHQ
(QHOFDVRGHRWURVGHUUDPHVFRPRVDOSLFDGXUDV
GHJUDVDHWFOLPSLHFRQDJXDMDERQRVDRSROYRV
OLPSLDGRUHVFXDQGRODVXSHUILFLHVHKD\DHQIULDGR
(QMXDJXHELHQ3XODFRQXQSDxRVHFR
*($SSOLDQFHVFRP
$'9(57(1&,$
35(&$8&,Ï1
5HFHSWiFXOR
3RUWDOiPSDUD
%RPELOOD
GH*
/HQJHWD
&XELHUWDGHYLGULR
HQDOJXQDVPRGHORV
5HFHSWiFXOR
3RUWDOiPSDUD
%RPELOOD
GH*
/HQJHWD
&XELHUWDGHYLGULR
3(/,*52'('(6&$5*$(/e&75,&$248(0$'85$6$QWHVGHUHHPSOD]DUODERPELOOD
GHOKRUQRGHVFRQHFWHODDOLPHQWDFLyQGHHQHUJtDDOKRUQRGHVGHHOSDQHOSULQFLSDO
GHIXVLEOHVRGHOLQWHUUXSWRUGHFLUFXLWRV1RKDFHUORSXHGHSURYRFDUXQDGHVFDUJD
HOpFWULFDRXQDTXHPDGXUD
3(/,*52'(48(0$'85$6/DWDSDGHYLGULR\ODOiPSDUDGHOX]VHGHEHUiQUHWLUDUFXDQGR
HVWpQIUtDV7RFDUHOYLGULRFDOLHQWHVLQSURWHFFLyQHQODVPDQRVRFRQXQWUDSRK~PHGR
SXHGHRFDVLRQDUTXHPDGXUDV
5HHPSOD]RGHODERPELOODGHOKRUQR
3DUDUHWLUDU
*LUHODFXELHUWDGHYLGULRHQVHQWLGRFRQWUDULR
DODVPDQHFLOODVGHOUHORMGHYXHOWDKDVWD
TXHODVOHQJHWDVGHODFXELHUWDGHYLGULR
OLEHUHQORVVXUFRVGHOSRUWDOiPSDUDV
&RORFDUVHJXDQWHVGHOiWH[SXHGHEULQGDU
XQPHMRUDJDUUH
8WLOL]DQGRJXDQWHVRXQSDxRVHFRUHPXHYD
ODERPELOODMDOiQGRODHQOtQHDUHFWD
3DUDUHHPSOD]DU
8WLOLFHXQDQXHYDERPELOODKDOyJHQDGH
YROWLRVQRH[FHGDYDWLRV
5HHPSODFHODOiPSDUDGHOX]FRQHOPLVPR
WLSRGHOiPSDUDTXHVHUHWLUy(QVXPRGHOR
FRUUHVSRQGHUiXQRGHORVGRVWLSRVTXH
ILJXUDQDODL]TXLHUGD3DUDGHWHUPLQDUFXiO
HVODOiPSDUDFRUUHFWDFRQWUROHODV
WHUPLQDOHVGHODOiPSDUD/DVOiPSDUDVFRQ
WHUPLQDOHVFRQFODYLMDVUHFWDVVRQOiPSDUDV
GH*/DVOiPSDUDVFRQWHUPLQDOHVFRQ
FODYLMDVFRQFXUYDVVRQOiPSDUDVGH*1R
ODVLQWHUFDPELH$VHJ~UHVHDOUHHPSOD]DUOD
OiPSDUDTXHVHDGHYROWVRYROWV
12GHYROWV
8WLOL]DQGRJXDQWHVRXQSDxRVHFRUHPXHYD
ODERPELOODGHVXSDTXHWH1RWRTXHOD
ERPELOODFRQORVGHGRVGHVQXGRV(ODFHLWH
SDUDSLHOGDxDUiODOiPSDUD\DFRUWDUiVX
WLHPSRGHGXUDFLyQ
HQDOJXQDVPRGHORV
5HFHSWiFXOR
8VH
JXDQWHV
RXQ
SDxR
(PSXMHODERPELOODHQOtQHDUHFWDGHQWURGHO
UHFHSWiFXORKDVWDHOWRSH
&RORTXHODVOHQJHWDVGHODFXELHUWDGH
YLGULRGHQWURGHORVVXUFRVGHO
SRUWDOiPSDUDV*LUHODFXELHUWDGHYLGULRHQ
VHQWLGRGHODVPDQHFLOODVGHOUHORMGH
YXHOWD
3DUDXQDPHMRULOXPLQDFLyQGHQWURGHO
KRUQROLPSLHIUHFXHQWHPHQWHODFXELHUWD
GHYLGULRXWLOL]DQGRXQSDxRK~PHGR(VWR
GHEHUtDKDFHUVHFXDQGRHOKRUQRHVWi
FRPSOHWDPHQWHIUtR
&RQHFWHQXHYDPHQWHHOVXPLQLVWURHOpFWULFR
DOKRUQR
5HHPSOD]RGHODERPELOODGHOKRUQR
9HULILTXHTXHODWDSDGHODOiPSDUD\OD
ERPELOODVHKD\DQHQIULDGRSRUFRPSOHWR
3DUDTXLWDUODWDSD
+DJDJLUDUODOHQWHHQóGHYXHOWDHQ
VHQWLGRDQWLKRUDULRSDUDTXLWDUOD
3DUDYROYHUDFRORFDUODWDSD
$OLQHHODVOHQJHWDVGHODOHQWHIUHQWHDODV
OHQJHWDVGHODFDUFDVD\JLUHHQVHQWLGR
KRUDULRSDUDWUDEDU
1RTXLWHQLQJ~QWRUQLOORSDUDVDFDUODWDSD
&RORTXHXQDERPELOODGHYDWLRVRXQD
ERPELOODKDOyJHQDGHGRVHVSLJDVVHJ~Q
FRUUHVSRQGD
&XLGDGR\OLPSLH]DGHODFRFLQD
&yPROLPSLDUODSXHUWDGHOKRUQR
3DUDOLPSLDUODSDUWHLQWHUQDGHODSXHUWD
„'HELGRDTXHHOiUHDTXHVHHQFXHQWUDGHQWURGH
ODMXQWDVHOLPSLDGXUDQWHHOFLFORGHDXWROLPSLH]D
QRHVQHFHVDULROLPSLDUODDPDQR
/DMXQWDHVWiGLVHxDGDFRQXQHVSDFLR
HQODSDUWHLQIHULRUSDUDSHUPLWLUXQD
DGHFXDGDFLUFXODFLyQGHDLUH
1RIURWHROLPSLHODMXQWDGHODSXHUWD
SRUTXHWLHQHXQDUHVLVWHQFLDPX\EDMD
DODDEUDVLyQ
6LVHDGYLHUWHTXHODMXQWDHVWi
GHVJDVWDGDUDtGDRGDxDGDRVLVH
KDGHVSOD]DGRGHVXOXJDUVHODGHEH
UHHPSOD]DU
„
(OiUHDTXHVHHQFXHQWUDIXHUDGHODMXQWD\HO
EXUOHWHGHODSXHUWDSXHGHQOLPSLDUVHFRQXQD
HVSRQMLOODSOiVWLFDFRQMDEyQDJXDFDOLHQWH\
GHWHUJHQWH(QMXDJXHELHQFRQXQDVROXFLyQGH
DJXD\YLQDJUH
3DUDOLPSLDUODSDUWHH[WHUQDGHODSXHUWD
„
8WLOLFHMDEyQ\DJXDSDUDOLPSLDUFXLGDGRVDPHQWH
ODSDUWHVXSHULRUORVODGRV\HOIUHQWHGHODSXHUWD
GHOKRUQR(QMXDJXHELHQ7DPELpQHVSRVLEOH
XWLOL]DUXQOLPSLDGRUGHYLGULRVSDUDOLPSLDUODSDUWH
H[WHULRUGHODSXHUWD1RSHUPLWDTXHFDLJDDJXD
VREUHODVDEHUWXUDVGHYHQWLODFLyQ
„
6LTXHGDDOJXQDPDQFKDSHUVLVWHQWHHQODVHFFLyQ
GHYHQWLODFLyQGHODSXHUWDXWLOLFHXQOLPSLDGRU
DEUDVLYRVXDYH\XQDHVSRQMDSDUDREWHQHUORV
PHMRUHVUHVXOWDGRV
„
/DVVDOSLFDGXUDVGHVDOVDVMXJRVGHIUXWDVVDOVDV
GHWRPDWH\MXJRVGHDOLPHQWRVTXHFRQWLHQHQ
iFLGRVSXHGHQGHFRORUDUODVXSHUILFLHSRUORTXH
VHGHEHHQMXDJDUORVGHLQPHGLDWR&XDQGROD
VXSHUILFLHHVWpIUtDOLPSLH\HQMXDJXH
„
1RXWLOLFHOLPSLDGRUHVSDUDKRUQRVSROYRV
OLPSLDGRUHVRDEUDVLYRVSRWHQWHVHQODSDUWH
H[WHUQDGHODSXHUWD
3XHUWDGHOKRUQRGHVPRQWDEOHHQDOJXQRVPRGHORV
/DSXHUWDHVPX\SHVDGD7HQJDFXLGDGRDOTXLWDU\
OHYDQWDUODSXHUWD
1ROHYDQWHODSXHUWDGHODPDQLMD
3DUDTXLWDUODSXHUWD
5DQXUD
7UDEDGH
ODELVDJUD
7LUHODVWUDEDVGHODELVDJUDKDFLD
DEDMRSDUDGHVWUDEDU
$EUDODSXHUWDSRUFRPSOHWR
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDEDMRHQ
GLUHFFLyQGHOPDUFRGHODSXHUWDKDVWD
GHVWUDEDUODV3XHGHQHFHVLWDUVHXQDKHUUDPLHQWD
FRPRXQGHVWRUQLOODGRUSODQRSHTXHxR
7RPHFRQILUPH]DDPERVODGRVGHODSXHUWDGHOD
SDUWHVXSHULRU
&LHUUHODSXHUWDKDVWDODSRVLFLyQGHUHPRFLyQGH
SXHUWDTXHHVDPLWDGGHFDPLQRHQWUHOD
SRVLFLyQGHDVDGR\ODSXHUWDFHUUDGD
/HYDQWHODSXHUWDKDVWDTXHHOEUD]RGHOD
ELVDJUDKD\DVDOLGRGHODUDQXUD
3DUDYROYHUDFRORFDUODSXHUWD
7RPHFRQILUPH]DDPERVODGRVGHODSXHUWDGHOD
SDUWHVXSHULRU
3RVLFLyQGHUHPRFLyQ
&RQODSXHUWDHQ ([WUHPR
%UD]RGH
HOPLVPRiQJXOR LQIHULRUGH
ODELVDJUD
GHODSRVLFLyQGH ODUDQXUD
UHPRFLyQ
LQWURGX]FD
ODPXHVFDGHOEUD]R
GHODELVDJUDGHQWUR
0XHVFD
GHOH[WUHPRLQIHULRUGHOD
UDQXUDGHODELVDJUD/D
UDQXUDGHOEUD]RGHOD
ELVDJUDGHEH
HVWDUELHQFRORFDGDHQODSDUWHLQIHULRUGHOD
UDQXUD
$EUDODSXHUWDSRUFRPSOHWR6LODSXHUWDQRVH
DEUHSRUFRPSOHWRODPXHVFDQRHVWiELHQ
FRORFDGDHQHOH[WUHPRLQIHULRUGHODUDQXUD
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDUULED
FRQWUDHOPDUFRIURQWDOGHODFDYLGDGGHOKRUQR
KDVWDDOFDQ]DUODSRVLFLyQGHEORTXHR
7UDEDGH
ODELVDJUD
%UD]RGH
ODELVDJUD
3UHVLRQHODVWUDEDVGHODELVDJUD
KDFLDDUULEDSDUDEORTXHDU
&LHUUHODSXHUWDGHOKRUQR
%DQGHMDSODQD
0DQLMDV
3DUDKRUQRVGREOHVXVHODSDULOODFRQ
ODVGRVPDQLMDVIURQWDOHVHQHOKRUQR
VXSHULRU
%DQGHMDVGHOKRUQR
7RGDVODVEDQGHMDVGHOKRUQRSXHGHQOLPSLDUVHD
PDQRFRQXQOLPSLDGRUDEUDVLYRRXQDHVSRQMLOODGH
DFHUR'HVSXpVGHOLPSLDUHQMXDJXHODVEDQGHMDV
FRQ DJXD OLPSLD \ VpTXHODV FRQ XQ SDxR OLPSLR
/DVEDQGHMDVUHYHVWLGDVGHSRUFHODQDJULVSXHGHQ
SHUPDQHFHUHQHOKRUQRGXUDQWHHOFLFORGHDXWR
OLPSLH]D VLQ VXIULU GDxRV /DV EDQGHMDV GHO KRUQR
GHQtTXHOSXHGHQSHUPDQHFHUHQHOKRUQRGXUDQWH
HOFLFORGHDXWROLPSLH]DSHURSHUGHUiQHOOXVWUH\
UHVXOWDUiGLItFLOGHVOL]DUODV6HUiQHFHVDULRHQJUDVDU
WRGRVORVH[WUHPRVGHODVEDQGHMDVFRQXQDFDSD
GH DFHLWH YHJHWDO VXDYH GHVSXpV GH OLPSLDUODV D
PDQRRHQHOKRUQR(VWRD\XGDUiDPDQWHQHUHO
IiFLOGHVOL]DPLHQWRGHODVEDQGHMDV
3DUDKRUQRVGREOHVXVHODSDULOODVLQ
ODVGRVPDQLMDVIURQWDOHVHQHOKRUQR
LQIHULRU
3DUULOODGHH[WHQVLyQ
/DVSDUULOODVGHH[WHQVLyQVHSRGUiQOLPSLDUDPDQR
FRQ XQ OLPSLDGRU DEUDVLYR R HVWURSDMR 'XUDQWH OD
OLPSLH]D HYLWH TXH LQJUHVH DJXD R OLPSLDGRU HQ ODV
EDUUDVGHVOL]DQWHVGHH[WHQVLyQDORVFRVWDGRVGHOD
SDUULOOD
127$1RODODYHHQHOODYDYDMLOODV
6LUHVXOWDGLItFLOGHVOL]DUODSDUULOODRVLUHVXOWDGLItFLO
DFFLRQDU OD SDOHWD GHEH OXEULFDUVH OD SDUULOOD
XWLOL]DQGR HO OXEULFDQWH GH JUDILWR HQYLDGR FRQ VX
KRUQR3DUDVROLFLWDUOXEULFDQWHGHJUDILWRDGLFLRQDO
OODPH D QXHVWUR FHQWUR QDFLRQDO GH UHSXHVWRV DO
FRQODUHIHUHQFLD:%7
6L UHWLUDU R UHHPSOD]DU OD SDUULOOD UHVXOWD GLItFLO
OLPSLH OLJHUDPHQWH ORV VRSRUWHV GH OD SDUULOOD FRQ
DFHLWHGHFRFLQD1RSDVHDFHLWHGHFRFFLyQHQORV
GHVOL]DGRUHV
3DUDOXEULFDUORVGHVOL]DGRUHV
127$ 1R URFtH OD SDUULOOD GH H[WHQVLyQ FRQ
SXOYHUL]DGRU SDUD FRFFLyQ X RWURV OXEULFDQWHV HQ
VSUD\
4XLWH OD SDUULOOD GHO KRUQR 9HU 3DUULOOD GH
H[WHQVLyQHQODVHFFLyQ8VRGHOKRUQR
([WLHQGD SRU FRPSOHWR OD SDUULOOD VREUH XQD
PHVD R PRVWUDGRU GH HQFLPHUD 3XHGH
FRORFDUVHSDSHOGHGLDULRGHEDMRGHODSDUULOOD
SDUDXQDOLPSLH]DVHQFLOOD
$EUD \ FLHUUH OD JXtD YDULDV YHFHV SDUD
GLVWULEXLUHOOXEULFDQWH
6LKD\UHVLGXRVHQODVJXtDVGHGHVOL]DPLHQWR
OtPSLHODV FRQ XQD WRDOOD GH SDSHO
127$7RGRHOOXEULFDQWHGHJUDILWRHOLPLQDGR
GXUDQWHODOLPSLH]DGHEHYROYHUDFRORFDUVH
VHHVWHSVWKURXJK
9XHOYD D FRORFDU OD WDSD GHO OXEULFDQWH \
DJtWHOR QXHYDPHQWH 'p YXHOWD OD SDUULOOD \
UHSLWDORVSDVRV\
&LHUUHODSDUULOODJLUHODSDUULOODGHMDQGRHOODGR
GHUHFKRKDFLDDUULED\FROyTXHODHQHOKRUQR
9HU3DUULOODGHH[WHQVLyQHQODVHFFLyQ8VRGHO
KRUQR
3DUDOXEULFDUODSDOHWD
$JLWHHOOXEULFDQWH\DSOLTXHHOPLVPRDODVSDUWHV
PyYLOHVGHORVPHFDQLVPRVGHODVSDOHWDVFRPRVH
PXHVWUD
$JLWHHOOXEULFDQWHGHJUDILWRDQWHVGHDEULUOR
&RPHQ]DQGR FRQ HO PHFDQLVPR GH
GHVOL]DPLHQWRL]TXLHUGRGHODSDUULOODFRORTXH
FXDWURJRWDVGHOXEULFDQWHVREUHODVGRV
JXtDV WUDVHUDV FHUFDQDV D ORV FRMLQHWHV GH
DSR\R
5HSLWDHQHOPHFDQLVPRGHOODGRGHUHFKRGHOD
JXtD
/DGRL]TXLHUGR
*XtDODGRGHUHFKRDUULED
/DGRGHUHFKR
*XtDODGRGHUHFKRDUULED
&XLGDGR\OLPSLH]DGHODFRFLQD
(OHPHQWRVFDOHQWDGRUHVGHOKRUQR
1ROLPSLHHOHOHPHQWRSDUDKRUQHDURHOHOHPHQWR 3DUDOLPSLDUHOSLVRGHOKRUQRHOHYHVXDYHPHQWH
SDUDDVDU/DVVXFLHGDGHVVHTXHPDUiQFXDQGR HO HOHPHQWR D KRUQHDU (Q DOJXQRV PRGHORV
VHFDOLHQWHQORVHOHPHQWRV
HO HOHPHQWR D KRUQHDU QR HVWi H[SXHVWR \ VH
HQFXHQWUDGHEDMRGHOSLVRGHOVXHOR/LPSLHFRQ
DJXDFDOLHQWH\MDEyQ
/LPSLHFRQXQSDxRORVGHVHFKRV
UHEHOGHVDFXPXODGRVHQHOSLVRGHO
KRUQR
9HQWLODFLyQGHOKRUQRHQHVWXIDVGHYLGULR
7RGRV ORV PRGHORV FXHQWDQ FRQ XQD YHQWLODFLyQ SDUD
KRUQR XELFDGD GHWUiV GH OD XQLGDG VXSHUILFLDO WUDVHUD
GHUHFKD(QKRUQRVGREOHVKD\XQDYHQWLODFLyQGHKRUQR
DGLFLRQDO SDUD HO KRUQR VXSHULRU GHWUiV GH OD XQLGDG
VXSHUILFLDOWUDVHUDL]TXLHUGD
(VWD iUHD SXHGH FDOHQWDUVH GXUDQWH HO XVR GHO
KRUQR
(V QRUPDO TXH VDOJD YDSRU GH OD YHQWLODFLyQ
\ SXHGH MXQWDUVH KXPHGDG GHEDMR GH OD PLVPD
FXDQGRHOKRUQRHVWiHQXVR
/D YHQWLODFLyQ HV LPSRUWDQWH SDUD ORJUDU XQD
DGHFXDGDFLUFXODFLyQGHDLUH1XQFDEORTXHHHVWD
YHQWLODFLyQ
5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWR
5LHO
*XtDGHWRSH
3DUDTXLWDUHOFDMyQ
7LUHGHOFDMyQKDFLDIXHUDKDVWDTXHVH
GHWHQJD
/HYDQWHHOIUHQWHGHOFDMyQKDVWDTXHODV
WUDEDVVDOJDQGHODVJXtDV
5HWLUHHOFDMyQ
3DUDYROYHUDFRORFDUHOFDMyQ
&RORTXHORVULHOHVGHOFDMyQHQODVJXtDV
(PSXMHHOFDMyQKDVWDTXHVHGHWHQJD
/HYDQWHHOIUHQWHGHOFDMyQ\HPSXMHKDVWD
TXHODVWUDEDVVXSHUHQODVJXtDV
%DMHHOIUHQWHGHOFDMyQ\HPSXMHKDFLDDEDMR
KDVWDTXHFLHUUH
&DMyQFDOHQWDGRUGHVPRQWDEOH2OODGHO&DMyQ
„1XQFD FRORTXH XWLOLFH R OLPSLH PHGLDQWH OD
FDUDFWHUtVWLFD GH DXWROLPSLH]D HO UHFLSLHQWH
GHOFDMyQHQHOKRUQRVXSHULRU
„(O FDMyQ FDOHQWDGRU FXHQWDQ FRQ XQ
UHFLSLHQWH GHVPRQWDEOH SDUD XQD OLPSLH]D
IiFLO /LPSLH FRQ DJXD MDERQRVD FDOLHQWH \
XQDHVSRQMDRUHSDVDGRU6HTXHFRQXQSDxR
VXDYH\OLPSLR9XHOYDDFRORFDUHOUHFLSLHQWH
HQ HO FDMyQ FDOHQWDGRU R HO FDMyQ GHO KRUQR
LQIHULRU
127$ 'HMH TXH HO FDMyQ FDOHQWDGRU VH HQIUtHQ
DQWHVGHTXLWDUHOUHFLSLHQWH
127$/LPSLHORVGHUUDPHVUiSLGDPHQWHGHVSXpV
GHFDGDXVR
127$(QORVPRGHORVFRQFDMyQFDOHQWDGRU
HOpFWULFRDQWHVGHUHDOL]DUFXDOTXLHUFODVH
GHDMXVWHOLPSLH]DRUHSDUDFLyQGHVFRQHFWH
ODFRQH[LyQHOpFWULFDGHODFRFLQDGHVGHHO
SDQHOGHGLVWULEXFLyQGRPpVWLFRTXLWDQGR
HOIXVLEOHRGHVFRQHFWDQGRHOLQWHUUXSWRU
GHFLUFXLWRV9HULILTXHTXHHOHOHPHQWR
FDOHQWDGRUGHOFDMyQHVWpIUtR
&yPROLPSLDUODHVWXIDGHYLGULR
*($SSOLDQFHVFRP
/LPSLH]DQRUPDOGHXVRGLDULR
6Ï/2XWLOLFHHOOLPSLDGRUGHHVWXIDVFHUiPLFDV
&(5$0$ %5<7(Š HQ OD HVWXID GH YLGULR 2WUDV
FUHPDVSXHGHQQRVHUWDQHIHFWLYDV
3DUD PDQWHQHU \ SURWHJHU OD VXSHUILFLH GH VX
HVWXIDGHYLGULRVLJDHVWRVSDVRV
/LPSLHODHVWXIDGHVSXpV
GHFDGDGHUUDPH8WLOLFH
HOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(Š
$QWHV GH XVDU OD HVWXID SRU SULPHUD YH]
OtPSLHOD FRQ HO OLPSLDGRU GH HVWXIDV
FHUiPLFDV&(5$0$%5<7(Š(VWRD\XGDD
SURWHJHUODHVWXID\KDFHODOLPSLH]DPiV
VHQFLOOD
$JLWH ELHQ OD FUHPD GH OLPSLH]D $SOLTXH
XQDV JRWDV GHO OLPSLDGRU GH HVWXIDV
FHUiPLFDV&(5$0$%5<7(ŠGLUHFWDPHQWH
VREUHODHVWXID
8WLOLFH XQD WRDOOD GH SDSHO R XQ SDxR GH
OLPSLH]D &(5$0$ %5<7(Š SDUD HVWXIDV
FHUiPLFDV SDUD OLPSLDU WRGD OD VXSHUILFLH
GHODHVWXID
8VHXQSDxRVHFRRXQDWRDOODGHSDSHO
SDUDTXLWDUORVUHVWRVGHOOLPSLDGRU1R
KDFHIDOWDHQMXDJDU
(O XVR GLDULR GHO OLPSLDGRU GH HVWXIDV
FHUiPLFDV&(5$0$%5<7(ŠD\XGDUiDTXH 127$ (V PX\ LPSRUWDQWH TXH 12 &$/,(17(
ODHVWXIDTXHGHFRPRQXHYD
OD HVWXID KDVWD TXH OD KD\D OLPSLDGR SRU
FRPSOHWR
5HVLGXRVSHJDGRV
127$8VWHGSXHGH'$³$5ODVXSHUILFLHGH
YLGULRVLXWLOL]DHVSRQMLOODVTXHQRVHDQODV
UHFRPHQGDGDV
'HMHHQIULDUODHVWXID
8WLOLFHXQSDxRGHOLPSLH]D&(5$0$
%5<7(ŠSDUDHVWXIDVFHUiPLFDV
&RORTXHXQDVJRWDVGHOOLPSLDGRUGH
HVWXIDVFHUiPLFDV&(5$0$%5<7(Š
VREUHWRGDHOiUHDGHUHVLGXRVSHJDGRV
8WLOL]DQGRHOSDxRGHOLPSLH]D&(5$0$
%5<7(ŠSDUDHVWXIDVFHUiPLFDVLQFOXLGR
IURWHHOiUHDVXFLDDSOLFDQGRSUHVLyQ
VHJ~QVHDQHFHVDULR
6LTXHGDQUHVWRVUHSLWDORVSDVRV
LQGLFDGRVFRQDQWHULRULGDG
3DUDSURWHFFLyQDGLFLRQDOGHVSXpVGH
KDEHUTXLWDGRWRGRVORVUHVWRVSXOD
WRGDODVXSHUILFLHFRQOLPSLDGRUGH
HVWXIDVFHUiPLFDV&(5$0$%5<7(Š\
XQDWRDOOD
GHSDSHO
5HVLGXRVSHJDGRVUHEHOGHV
'HMHHQIULDUODHVWXID
(OUDVSDGRUGHHVWXIDVFHUiPLFDV
&(5$0$%5<7(Š\WRGRVORV
LQVXPRVUHFRPHQGDGRVVH
HQFXHQWUDQGLVSRQLEOHVHQ
QXHVWUR&HQWURGH5HSXHVWRV
9HULQVWUXFFLRQHVEDMRODVHFFLyQ
´3DUDVROLFLWDUUHSXHVWRVµHQOD
SiJLQDVLJXLHQWH
127$1RXWLOLFHKRMDVGHVDILODGDV
RGDxDGDV
8WLOLFH HO UDVSDGRU GH ILOR ~QLFR D XQ
iQJXOR DSUR[LPDGR GH GHJUHHV
FRQWUDODVXSHUILFLHGHOYLGULR\UDVSHOD
VXFLHGDG 3XHGH VHU QHFHVDULR DSOLFDU
SUHVLyQ DO UDVSDGRU SDUD TXLWDU OD
VXFLHGDG
'HVSXpVGHXWLOL]DUHOUDVSDGRUFRORTXH
XQDV JRWDV GH OLPSLDGRU GH HVWXIDV
FHUiPLFDV &(5$0$ %5<7(Š VREUH WRGD
HOiUHDGHVXFLHGDGTXHPDGD8WLOLFHHO
SDxR GH OLPSLH]D &(5$0$ %5<7(Š SDUD
TXLWDUODVXFLHGDGUHVWDQWH
3DUD SURWHFFLyQ DGLFLRQDO GHVSXpV GH
KDEHU TXLWDGR WRGRV ORV UHVWRV SXOD
WRGD OD VXSHUILFLH FRQ OLPSLDGRU GH
HVWXIDV FHUiPLFDV &(5$0$ %5<7(Š \
XQDWRDOODGHSDSHO
&yPROLPSLDUODHVWXIDGHYLGULR
0DUFDVGHPHWDO\UD\RQHV
7HQJD FXLGDGR GH QR GHVOL]DU ROODV \
VDUWHQHV D WUDYpV GH VX HVWXID 'HMDUi
PDUFDVGHPHWDOVREUHODVXSHUILFLHGHOD
HVWXID
(VWDV PDUFDV SXHGHQ TXLWDUVH XWLOL]DQGR
OLPSLDGRU GH HVWXIDV FHUiPLFDV &(5$0$
%5<7(Š FRQ HO SDxR GH OLPSLH]D &(5$0$
%5<7(ŠSDUDHVWXIDVFHUiPLFDV
6LVHSHUPLWHTXHROODVFRQXQDFDSDILQD
GH DOXPLQLR R FREUH KLHUYDQ HQ VHFR OD
FDSDSXHGHGHMDUXQDGHFRORUDFLyQQHJUD
HQODHVWXID
(VWR GHEH TXLWDUVH GH LQPHGLDWR DQWHV
GH FDOHQWDU GH QXHYR R OD GHFRORUDFLyQ
SXHGHOOHJDUDVHUSHUPDQHQWH
127$ 9HULILTXH FRQ GHWHQLPLHQWR TXH OD EDVH
GH ODV ROODV QR VHD iVSHUD SDUD QR UD\DU OD
HVWXID
6HOODGRGHODHVWXID
3DUDOLPSLDUHOVHOODGRGHODHVWXIDDOUHGHGRUGH
ORVERUGHVGHYLGULRFRORTXHXQSDxRK~PHGR
VREUHORVPLVPRVGXUDQWHXQRVPLQXWRV\OXHJR
OLPSLHFRQOLPSLDGRUHVQRDEUDVLYRV
6XSHUILFLHGHYLGULRSRVLELOLGDGHVGHGDxRSHUPDQHQWH
/RVGHUUDPHVD]XFDUDGRV
FRPRJHODWLQDVGXOFH
FDUDPHORMDUDEHVRSOiVWLFRV
GHUUHWLGRVSXHGHQPDUFDU
ODVXSHUILFLHGHODHVWXIDQR
FXELHUWRSRUODJDUDQWtDD
PHQRVTXHHOGHUUDPHVH
TXLWHPLHQWUDVHVWiFDOLHQWH
'HEHWHQHUVHPXFKRFXLGDGR
DOUHPRYHUVXVWDQFLDV
FDOLHQWHV
$VHJ~UHVHGHXWLOL]DUXQ
UDVSDGRUQXHYR\DILODGR
1RXWLOLFHKRMDVGHVDILODGDVR
GDxDGDV
'DxRVSRUGHUUDPHVD]XFDUDGRV\SOiVWLFRGHUUHWLGR
$
SDJXH WRGDV ODV XQLGDGHV GH VXSHUILFLH
4XLWHODVROODVFDOLHQWHV
8WLOL]DQGR XQ JXDQWH GH FRFLQD
D8VHXQUDVSDGRUGHILOR~QLFRUDVSDGRU
SDUD HVWXIDV FHUiPLFDV &(5$0$
%5<7(ŠSDUDGHVSOD]DUHOGHUUDPHDXQ
iUHDIUtDGHODHVWXID
1RXVHODVXQLGDGHVGHVXSHUILFLHGHQXHYR
KDVWD TXH WRGRV ORV UHVWRV VH KD\DQ
HOLPLQDGRSRUFRPSOHWR
127$ 6L OD VXSHUILFLH GH YLGULR \D KD VXIULGR
PDUFDV R KHQGLGXUDV HO YLGULR GH OD HVWXID
GHEHUiFDPELDUVH(QHVHFDVRVHUiQHFHVDULDOD
DWHQFLyQGHXQWpFQLFR
E4XLWHHOGHUUDPHFRQWRDOODVGHSDSHO
&XDOTXLHU GHUUDPH UHVWDQWH GHEH GHMDUVH
KDVWDTXHODVXSHUILFLHGHODHVWXIDVHKD\D
HQIULDGR
3DUDVROLFLWDUUHSXHVWRV
3DUDVROLFLWDUHOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(Š\HOUDVSDGRUGH
HVWXIDVOODPHDQXHVWURQ~PHURJUDWXLWR
&HQWURQDFLRQDOGHSLH]DV /LPSLDGRUGHHVWXIDVFHUiPLFDV&(5$0$
%5<7(Š :;;
5DVSDGRUGHHVWXIDVFHUiPLFDV
&(5$0$%5<7(Š :;;
.LW :;;*&6
(ONLWLQFOX\HFUHPDUDVSDGRUSDUDHVWXIDV\OD
DOPRKDGLOOD
3DxRVGHOLPSLH]D&(5$0$%5<7(ŠSDUD
HVWXIDVFHUiPLFDV :;;
$QWHVGHOODPDUDOVHUYLFLRWpFQLFR«
*($SSOLDQFHVFRP
&RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV
£$KRUUHWLHPSR\GLQHUR/HDODVWDEODVGHODVVLJXLHQWHV
SiJLQDV\TXL]iVQRQHFHVLWHOODPDUDOVHUYLFLRWpFQLFR
3UREOHPD
&DXVDVSRVLEOHV
/DVXQLGDGHVGH
VXSHUILFLHQRIXQFLRQDQ
ELHQRGHVWHOOD
ODFRQILJXUDFLyQ
GHHQHUJtD
6HHVWiQXWLOL]DQGRUHFLSLHQWHV ‡ 5HFLSLHQWHLQFRUUHFWR8VHXQLPiQSDUDYHULILFDUTXHHOUHFLSLHQWH
GHFRFFLyQLQDGHFXDGRV
VHDFRPSDWLEOHFRQODLQGXFFLyQ8VHXQUHFLSLHQWHSODQRFRQFDSDFLGDG
GHLQGXFFLyQTXHFXPSODFRQHOWDPDxRPtQLPRSDUDHOHOHPHQWR
TXHVHHVWiXVDQGR9HUODVHFFLyQ7DPDxR\IRUPDGHORVUHFLSLHQWHV
(OUHFLSLHQWHHVPX\SHTXHxR ‡ (OWDPDxRGHOUHFLSLHQWHHVPHQRUDOWDPDxRPtQLPRSDUDHO
HOHPHQWR9HUODVHFFLyQ7DPDxR\IRUPDGHORVUHFLSLHQWHV
‡ 8VHHOHOHPHQWRPiVSHTXHxR
(OUHFLSLHQWHQRHVWiELHQFRORFDGR ‡ &HQWUHHOUHFLSLHQWHHQOD]RQDGHFRFFLyQ
(OFRQWUROGHODHVWXIDHVWi
‡ 9HULILTXHTXHHOFRQWUROHVWpELHQFRQILJXUDGR
PDOFRQILJXUDGR
3UHVLRQH21(QFHQGHU\OXHJRR
/DFRQILJXUDFLyQGHOD
XQLGDGGHVXSHUILFLH
FDPELyRVHDSDJy
GHUHSHQWH
5D\RQHVSXHGHQSDUHFHU
FRPRURWXUDVHQOD
VXSHUILFLHGHYLGULR
GHODHVWXID
/DEDQGHMDQRHVWiQHQFRQWDFWR‡ /DEDQGHMDGHEHVHUSODQD
FRPSOHWRFRQODVXSHUILFLHGHYLGULR
7HPSHUDWXUDHOHYDGDGH
‡ 3HUPLWDTXHHOYHQWLODGRULQWHUQRHQIUtHODHVWXID
ODHVWXID
‡ &RQWUROHVLODEDQGHMDVHVHFyKDVWDTXHGDUVLQDJXD
6HHVWiQXVDQGRUHFLSLHQWHV
‡ 3DUDHYLWDUUD\RQHVXVHORVSURFHGLPLHQWRVGHOLPSLH]D
FRQEDVHViVSHUDVRKD\
UHFRPHQGDGRV9HULILTXHTXHODVEDVHVGHORVUHFLSLHQWHV
SDUWtFXODVJUXHVDVVDORDUHQD HVWpQOLPSLDVDQWHVGHOXVR\XWLOLFHUHFLSLHQWHVFRQEDVHV
HQWUHHOUHFLSLHQWH\ODVXSHUILFLH OLVDV
GHODHVWXID
6HKDGHVOL]DGRXQUHFLSLHQWHD
WUDYpVGHODVXSHUILFLHGHODHVWXID
ÈUHDVGHGHFRORUDFLyQ
HQODHVWXID
1RVHOLPSLDURQORVGHUUDPHV
GHDOLPHQWRVDQWHVGHOXVR
VLJXLHQWH
6XSHUILFLHFDOLHQWHHQ
XQPRGHORFRQXQDHVWXID
GHFRORUFODUR
‡ (VWRHVQRUPDO/DVXSHUILFLHSXHGHSDUHFHUGHFRORUDGD
FXDQGRHVWiFDOLHQWH(VWRHVWHPSRUDO\GHVDSDUHFHUi
DPHGLGDTXHVHHQIUtDHOYLGULR
3OiVWLFRGHUUHWLGR
VREUHODVXSHUILFLH
/DHVWXIDFDOLHQWHHQWUy
HQFRQWDFWRFRQSOiVWLFR
FRORFDGRVREUHODPLVPD
‡ 9HUODVHFFLyQ6XSHUILFLHGHYLGULRSRVLELOLGDGHVGHGDxR
SHUPDQHQWHHQODVHFFLyQ&yPROLPSLDUODHVWXID
GHYLGULR
6HHVWiQXVDQGRPpWRGRV
GHOLPSLH]DLQFRUUHFWRV
4XpKDFHU
‡ /RVUD\RQHVQRSXHGHQUHPRYHUVH/RVUD\RQHVPiVSHTXHxRV
VHYROYHUiQPHQRVYLVLEOHVFRPRUHVXOWDGRGHODOLPSLH]D
‡ 9HUODVHFFLyQ&yPROLPSLDUODHVWXIDGHYLGULR
0DUFDVRKHQGLGXUDV 6HKDGHUUDPDGRXQDPH]FOD ‡ /ODPHDXQWpFQLFRFDOLILFDGRSDUDHOUHHPSOD]R
HQODHVWXID
D]XFDUDGDFDOLHQWHHQODHVWXID
/DOX]GHOKRUQR
QRIXQFLRQD
/DERPELOODGHOX]HVWiIORMD
‡ $MXVWHRFDPELHODERPELOOD
(OKRUQRQRIXQFLRQD
(OHQFKXIHGHODFRFLQD
QRHVWiLQWURGXFLGRGHOWRGR
HQHOWRPDFRUULHQWH
(OIXVLEOHSXHGHKDEHUVH
TXHPDGRRHOLQWHUUXSWRUGH
FLUFXLWRVSXHGHKDEHUVDOWDGR
/RVFRQWUROHVGHOKRUQRHVWiQ
PDOFRQILJXUDGRV
(OKRUQRHVWiPX\FDOLHQWH
‡ 9HULILTXHTXHHOHQFKXIHHOpFWULFRHVWpFRQHFWDGR
DXQWRPDFRUULHQWHFRQWHQVLyQ\DGHFXDGDFRQH[LyQ
DWLHUUD
‡ &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
GHFLUFXLWRV
‡ 9HUODVHFFLyQ&yPRXVDUHOKRUQR
‡ 'HMHTXHHOKRUQRVHHQIUtHSRUGHEDMR
GHODWHPSHUDWXUDGHEORTXHR
$QWHVGHOODPDUDOVHUYLFLRWpFQLFR«
&RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV
3UREOHPD
&DXVDVSRVLEOHV
/RVDOLPHQWRVQR
VHKRUQHDQRURVWL]DQ
FRUUHFWDPHQWH
/RVFRQWUROHVGHOKRUQRHVWiQ ‡ 9HUODVHFFLyQ&yPRXVDUHOKRUQR
PDOFRQILJXUDGRV
/DSRVLFLyQGHODEDQGHMDHV
LQFRUUHFWDRQRHVWiQLYHODGD
6HHVWiQXWLOL]DQGRUHFLSLHQWHV ‡ 9HUODVHFFLyQ&yPRXVDUHOKRUQR
GHFRFFLyQLQFRUUHFWRVR
GHWDPDxRLQDSURSLDGR
(OWHUPRVWDWRGHOKRUQRGHEH‡ 9HUODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHG
DMXVWDUVH
PLVPR
/RVDOLPHQWRVQR
VHDVDQGHPDQHUD
DGHFXDGD
/RVFRQWUROHVGHOKRUQRHVWiQ ‡ $VHJ~UHVHGHSUHVLRQDUHOERWyQ%52,/+,/2
PDOFRQILJXUDGRV
DVDUDOWDEDMD
6HHVWiXVDQGRXQDSRVLFLyQ
GHEDQGHMDLQDGHFXDGD
‡ 9HUOD*XtDGHDVDGR
/RVUHFLSLHQWHVQRVRQ
DGHFXDGRVSDUDDVDU
‡ 3DUDPHMRUHVUHVXOWDGRVXWLOLFHXQUHFLSLHQWHGLVHxDGR
SDUDDVDGR
/DVRQGDHVWiHQFKXIDGD
GHQWURGHODVDOLGDGHOKRUQR
HQDOJXQRVPRGHORV
‡ 'HVHQFKXIH\TXLWHODVRQGDGHOKRUQR
(QDOJXQDVUHJLRQHVODHQHUJtD ‡ 3UHFDOLHQWHHOHOHPHQWRSDUDDVDUGXUDQWHPLQXWRV
YROWDMHSXHGHVHUEDMD
‡ $VHSRUHOSHUtRGRGHWLHPSRPiVSURORQJDGRTXH
VHUHFRPLHQGHHQOD*XtDGHDVDGR
4XpKDFHU
‡ 9HUODVHFFLyQ&yPRXVDUHOKRUQR
/DWHPSHUDWXUD
(OWHUPRVWDWRGHOKRUQRGHEH ‡ 9HUODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHG
GHOKRUQRHVPX\DOWD DMXVWDUVH
PLVPR
RPX\EDMD
(OFDMyQGH
DOPDFHQDPLHQWR
HVWiWRUFLGR
(OVRSRUWHGHFDMyQWUDVHUR ‡ 9XHOYDDFRORFDUHOFDMyQ9HUODVLQVWUXFFLRQHVGH
VHHQFXHQWUDVREUHHOULHO
5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWRHQODVHFFLyQ
GHODJXtD
&XLGDGR\OLPSLH]DGHODFRFLQD
‡ 9HULILTXHTXHHOFDMyQHVWpELHQFRORFDGRVLVHORTXLWD
(OFDMyQGH
DOPDFHQDPLHQWR
QRFLHUUD
(OFDEOHGHHQHUJtDSXHGH
HVWDUREVWUX\HQGRHOFDMyQ
HQODSDUWHWUDVHUDLQIHULRU
GHODFRFLQD
‡ &DPELHODXELFDFLyQGHOFDMyQ\GHOFDEOHGHHQHUJtD
9HUODVLQVWUXFFLRQHVGH5HPRFLyQGHOFDMyQGH
DOPDFHQDPLHQWRHQODVHFFLyQ&XLGDGR\OLPSLH]D
GHODFRFLQD
(OVRSRUWHGHFDMyQWUDVHUR ‡ 9XHOYDDFRORFDUHOFDMyQ9HUODVLQVWUXFFLRQHVGH
VHHQFXHQWUDVREUHHOULHO
5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWRHQODVHFFLyQ
GHODJXtD
&XLGDGR\OLPSLH]DGHODFRFLQD
/DSXHUWDGHOKRUQR
DOLQHDGD
/DSXHUWDQRHVWiELHQ
‡ 'DGRTXHODSXHUWDGHOKRUQRHVGHVPRQWDEOHDYHFHVHVWiWRUFLGD
VHGHVHTXLOLEUDGXUDQWHODLQVWDODFLyQ
‡ 3DUDHQGHUH]DUODSXHUWDSUHVLRQHKDFLDDEDMRVREUHODHVTXLQD
VXSHULRU
3UREOHPD
*($SSOLDQFHVFRP
&DXVDVSRVLEOHV
4XpKDFHU
(OUHORM\HOWHPSRUL]DGRU (OHQFKXIHGHODFRFLQDQRHVWi
‡9HULILTXHTXHHOHQFKXIHHOpFWULFRHVWpFRQHFWDGRDXQ
QRIXQFLRQDQ
LQWURGXFLGRGHOWRGRHQHOWRPDFRUULHQWH WRPDFRUULHQWHFRQWHQVLyQ\DGHFXDGDFRQH[LyQDWLHUUD
(OIXVLEOHSXHGHKDEHUVH
‡&DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
TXHPDGRRHOLQWHUUXSWRU
GHFLUFXLWRV
GHFLUFXLWRVSXHGHKDEHUVDOWDGR
/RVFRQWUROHVGHOKRUQRHVWiQ
PDOFRQILJXUDGRV
‡9HUODVHFFLyQ&yPRXVDUHOWHPSRUL]DGRUGHFRFLQD
(OKRUQRQRUHDOL]D
ODDXWROLPSLH]D
/DWHPSHUDWXUDGHOKRUQRHVWi
PX\HOHYDGDSDUDFRQILJXUDU
ODIXQFLyQGHDXWROLPSLH]D
‡'HMHTXHODFRFLQDVHHQIUtH\YXHOYDDFRQILJXUDU
ORVFRQWUROHV
/RVFRQWUROHVGHOKRUQRHVWiQ
PDOFRQILJXUDGRV
‡9HUODVHFFLyQ8VRGHOKRUQRFRQDXWROLPSLH]D
/DVRQGDHVWiHQFKXIDGD
‡4XLWHODVRQGDGHOKRUQR
GHQWURGHODERFDGHVDOLGD
GHOKRUQRHQDOJXQRVPRGHORV
5XLGRGH´FUXMLGRVµ
R´FKDVTXLGRVµ
(VHOVRQLGRGHOPHWDO
FDOHQWiQGRVH\HQIULiQGRVH
GXUDQWHODVIXQFLRQHV
GHFRFFLyQ\OLPSLH]D
‡(VWRHVQRUPDO
+XPRH[FHVLYR
HQHOKRUQRGXUDQWH
FLFORGHOLPSLH]D
6XFLHGDGH[FHVLYD
‡3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR
$EUDODVYHQWDQDVSDUDTXHVDOJDHOKXPR(VSHUHHO
KDVWDTXHVHDSDJXH/2&.(''225 'HVSXpVGHTXH
VHHQIUtHHOKRUQROLPSLHHOH[FHVRGHVXFLHGDG\YXHOYDD
FRQILJXUDUHOFLFORGHOLPSLH]D
/DSXHUWDGHOKRUQR
QRVHDEUHGHVSXpVGHO
XQFLFORGHOLPSLH]D
(OKRUQRHVWiPX\FDOLHQWH
‡'HMHTXHHOKRUQRVHHQIUtHSRUGHEDMR
GHODWHPSHUDWXUDGHEORTXHR
(OKRUQRQRHVWiOLPSLR
GHVSXpVGHXQFLFOR
GHOLPSLH]D
/RVFRQWUROHVGHOKRUQRQRHVWiQ ‡9HUODVHFFLyQ8VRGHOKRUQRFRQDXWROLPSLH]D
FRQILJXUDGRVFRUUHFWDPHQWH
(OKRUQRHVWDEDPX\VXFLR
‡/LPSLHORVGHUUDPHVPiVUHEHOGHVDQWHVGHLQLFLDUHOFLFOR
GHOLPSLH]D/RVKRUQRVPX\VXFLRVSXHGHQQHFHVLWDUXQD
QXHYDDXWROLPSLH]DRXQDOLPSLH]DPiVSURORQJDGD
/DOX]GHEORTXHR
´/2&.('µGHVWHOOD
HQODSDQWDOOD
GHOKRUQR
6HKDVHOHFFLRQDGRHOFLFOR
GHDXWROLPSLH]DSHUR
ODSXHUWDQRHVWiFHUUDGD
‡&LHUUHODSXHUWDGHOKRUQR
/DOX]GHEORTXHR
´/2&.('µHVWi
HQFHQGLGDFXDQGR
GHVHDFRFLQDU
/DSXHUWDGHOKRUQR
HVWiEORTXHDGDSRUTXH
ODWHPSHUDWXUDGHQWUR
GHOPLVPRQRKDGHVFHQGLGR
GHEDMRGHODWHPSHUDWXUD
GHEORTXHR
‡3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR
'HMHHQIULDUHOKRUQR
´)³µ\XQQ~PHUR
ROHWUDGHVWHOODQ
HQODSDQWDOOD
+D\XQFyGLJRGHHUURU
GHIXQFLyQ
‡'HVHQFKXIHHOKRUQRSRUORPHQRVVHJXQGRV\OXHJR
YXHOYDDHQFKXIDUOR6LHOFyGLJRGHHUURUGHIXQFLyQ
VHUHSLWHOODPHDOVHUYLFLRWpFQLFR
$QWHVGHOODPDUDOVHUYLFLRWpFQLFR«
&RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV
3UREOHPD
&DXVDVSRVLEOHV
(OFRQWUROHPLWHXQD
VHxDOGHVSXpVGHLQJUHVDU
XQWLHPSRGHFRFFLyQ
RGHLQLFLR
/DSDQWDOODTXHGD
HQEODQFR
/DSDQWDOODGHVWHOOD
/DSDQWDOODQR
PXHVWUD´6)µ
$SDUHFH´3UREHµ
VRQGDHQODSDQWDOOD
DOJXQRVPRGHORV
&RUWHGHHQHUJtD
HOUHORMGHVWHOOD
(PLVLyQGHYDSRU
GHVGHODYHQWLODFLyQ
8QRORUD´TXHPDGRµ
R´DFHLWRVRµVDOH
GHODYHQWLODFLyQ
2ORUSHQHWUDQWH
6HR\HXQYHQWLODGRU
HQDOJXQRVPRGHORV
(OKRUQRRODSODFD
GHFRFFLyQQR
SHUPDQHFHUiQ
FRQILJXUDGRV
2OYLGyLQJUHVDU
‡ 3UHVLRQHHOERWyQ%$.(KRUQHDU\ODWHPSHUDWXUD
XQWHPSHUDWXUDGHKRUQHDGR GHVHDGDRHOERWyQ6(/)&/($1DXWROLPSLH]D
RXQKRUDULRGHOLPSLH]D
\HOWLHPSRGHOLPSLH]DGHVHDGR
4XpKDFHU
(OIXVLEOHSXHGHKDEHUVHTXHPDGR‡ &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
RHOLQWHUUXSWRUGHFLUFXLWRV GHFLUFXLWRV
SXHGHKDEHUVDOWDGR
(OUHORMVHHQFXHQWUDHQ
‡ 9HUODVHFFLyQGH&DUDFWHUtVWLFDVHVSHFLDOHVGH
HOPRGRVLQYLVXDOL]DFLyQ
ORVFRQWUROHVGHOKRUQR
&RUWHGHHQHUJtD
‡ 5HFRQILJXUHHOUHORM
/RVERWRQHVGHFRQWUROGHOKRUQR ‡ /RVERWRQHV%52,/+,/2DVDUDOWREDMR\%$.(
QRVHSUHVLRQDURQFRUUHFWDPHQWH KRUQHDUGHEHQSUHVLRQDUVHDOPLVPRWLHPSR \VRVWHQHUVHGXUDQWHVHJXQGRV
(VWROHUHFXHUGDGHLQJUHVDU ‡ ,QJUHVHXQDWHPSHUDWXUDGHVRQGD
XQDWHPSHUDWXUDGHVRQGD
GHVSXpVGHHQFKXIDUOD
&RUWHGHHQHUJtDRVXELGD
‡ 5HFRQILJXUHHOUHORM6LHOKRUQRHVWDEDHQXVRXVWHG
GHWHQVLyQ
GHEHUHFRQILJXUDUORSUHVLRQDQGRHOERWyQ&/($52))
ERUUDUDSDJDGRFRQILJXUDQGRHOUHORM\
UHFRQILJXUDQGRFXDOTXLHUIXQFLyQGHFRFFLyQ
&XDQGRVHXWLOL]DQORVKRUQRV
‡ (VWRHVQRUPDO
HVQRUPDOYHUXQDHPLVLyQGHYDSRU
GHODYHQWLODFLyQGHOKRUQR$PHGLGD
TXHHOQ~PHURGHEDQGHMDVR
ODFDQWLGDGGHDOLPHQWRVDFRFLQDU
VHLQFUHPHQWDODFDQWLGDGGHYDSRU
YLVLEOHVHHOHYDUi
(VWRHVQRUPDOHQXQKRUQR ‡ 3DUDDFHOHUDUHOSURFHVRFRQILJXUHXQFLFORGH
QXHYR\GHVDSDUHFHFRQ
DXWROLPSLH]DGXUDQWHXQPtQLPRGHKRUDV9HU
HOWLHPSR
9HUODVHFFLyQ8VRGHOKRUQRFRQDXWROLPSLH]D
/DVSULPHUDVYHFHVTXH
‡ (VWRHVWHPSRUDO
VHXWLOL]DHOKRUQRHVQRUPDO
VHQWLUXQRORUSURYHQLHQWH
GHODLVODQWHTXHUHFXEUH
ODSDUWHLQWHUQDGHOKRUQR
8QYHQWLODGRUGHFRQYHFFLyQ‡ (VWRHVQRUPDO3DUDSRWHQFLDUDOPi[LPRXQDFRFFLyQ
SXHGHHQFHQGHUVH\DSDJDUVH SDUHMDHOYHQWLODGRUHVWiGLVHxDGRSDUDJLUDUHQDPEDV
DXWRPiWLFDPHQWH
GLUHFFLRQHVFRQXQDSDXVDHQWUHHOODV
‡ (OYHQWLODGRUGHFRQYHFFLyQIXQFLRQDGXUDQWHHO SUHFDOHQWDPLHQWRGHOFLFORGHKRUQHDGR(OYHQWLODGRU
VHDSDJDUiGHVSXpVGHTXHHOKRUQRKD\DDOFDQ]DGR
ODWHPSHUDWXUDFRQILJXUDGD(VWRHVQRUPDO
8QYHQWLODGRUGHUHIULJHUDFLyQ ‡ (VWRHVQRUPDO6HHQFHQGHUi\DSDJDUiXQYHQWLODGRU
SXHGHHQFHQGHUVH\DSDJDUVH GHUHIULJHUDFLyQSDUDHQIULDUODVSLH]DVLQWHUQDV3XHGH
DXWRPiWLFDPHQWH
IXQFLRQDUD~QGHVSXpVGHTXHHOKRUQRVHKD\D DSDJDGR
(UURUGHIXQFLyQ
‡ 'HVFRQHFWHWRWDOPHQWHODFRUULHQWHGHODFRFLQD
GXUDQWHSRUORPHQRVPLQXWRV\OXHJRYXHOYDDFRQHFWDU
ODPLVPD6LHVWRVHUHSLWHOODPHDOVHUYLFLRWpFQLFR
3UREOHPD
*($SSOLDQFHVFRP
&DXVDVSRVLEOHV
4XpKDFHU
5HVXOWDGLItFLOGHVOL]DU /DVSDUULOODVGHFRORU
‡$SOLTXHXQDSHTXHxDFDQWLGDGGHDFHLWHYHJHWDOHQ
ODVEDQGHMDVGHOKRUQR SODWHDGREULOODQWHVHOLPSLDURQ XQDWRDOODGHSDSHO\IURWHORVERUGHVGHODVEDQGHMDV
HQXQFLFORGHDXWROLPSLH]D GHOKRUQR1RURFtHFRQ3DPŠXRWUROXEULFDQWHHQVSUD\
(OFDMyQQRVHGHVOL]D
ELHQRKD\TXHWLUDU
GHpO
(OFDMyQQRHVWiELHQ
DOLQHDGR
‡ ([WLHQGDHOFDMyQSRUFRPSOHWR\SUHVLyQHORKDVWD
HOIRQGR9HUODVHFFLyQ&XLGDGR\OLPSLH]DGHODFRFLQD
(OFDMyQHVWiPX\FDUJDGR ‡ 5HGX]FDHOSHVR5HGLVWULEX\DHOFRQWHQLGRGHOFDMyQ
RODFDUJDQRHVWiHTXLOLEUDGD
1RIXQFLRQDQHOFDMyQ (OIXVLEOHSXHGHKDEHUVH
‡ &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
FDOHQWDGRU
TXHPDGRRHOLQWHUUXSWRUGH GHFLUFXLWRV
FLUFXLWRVSXHGHKDEHUVDOWDGR
/RVFRQWUROHVHVWiQPDO
FRQILJXUDGRV
‡ 9HUODVHFFLyQ&yPRXVDUHOFDMyQFDOHQWDGRU
&RQGHQVDFLyQH[FHVLYD /tTXLGRHQHOFDMyQ
HQHOFDMyQ
$OLPHQWRVVLQFXEULU
‡ 4XLWHHOOtTXLGR
‡ 5HGX]FDODFRQILJXUDFLyQGHODWHPSHUDWXUD
/DFRQILJXUDFLyQGH
WHPSHUDWXUDHVWiPX\DOWD
‡ &XEUDORVDOLPHQWRVFRQXQDWDSDRFRQSDSHO
GHDOXPLQLR
/RVDOLPHQWRVVHVHFDQ /DKXPHGDGVHHVFDSD
HQHOFDMyQFDOHQWDGRU ‡ &XEUDORVDOLPHQWRVFRQXQDWDSDRFRQSDSHO
GHDOXPLQLR
‡ 3UHVLRQHHOFDMyQKDFLDDGHQWURKDVWDTXHHOVXMHWDGRU
HQJDQFKH
(OFDMyQQRHVWiWRWDOPHQWH
FHUUDGR
1RWDV
$FFHVRULRV
*($SSOLDQFHVFRP
¢'HVHDDOJRPiV"1RWRGRVORVDFFHVRULRVVHHQFXHQWUDQGLVSRQLEOHVSDUDWRGRV
ORVPRGHORV
8VWHGSXHGHHQFRQWUDUHVWRVDFFHVRULRV\PXFKRVPiVHQ*($SSOLDQFH3DUWVFRPROODPHDO
HQKRUDULRGHWUDEDMRQRUPDO7HQJDOLVWRHOQ~PHURGHPRGHOR
5HMLOODV
&DEH]DOHVRWDSDVGH
TXHPDGRUHVGHVXSHUILFLH
3HULOODV
(OHPHQWRVGHVXSHUILFLH\
EDQGHMDVFROHFWRUDV
R
%DQGHMDVGHOKRUQR
(OHPHQWRVGHOKRUQR
%RPELOODVGHOX]
3DUULOODGHH[WHQVLyQ
6LVXPRGHORLQFOX\HXQDSDUULOODGHH[WHQVLyQSXHGHLQFUHPHQWDUODIXQFLRQDOLGDGGHVXDOFDQFHDODGTXLULUSDUULOODVGHH[WHQVLyQDGLFLRQDOHV9LVLWHZZZJHDSSOLDQFHSDUWV
FRPROODPHDO\RUGHQHODSLH]DQ~PHUR:%76HGHEHWHQHUHQFXHQWDTXHODVSDUULOODVGHH[WHQVLyQQRFRUUHVSRQGHQDWRGRVORVWLSRVGHPRGHORV
£3UXHEHHVWRVRWURVH[FHOHQWHVSURGXFWRVSDUDTXHVXFRFLQDVHYHDHVWXSHQGD
&HUDPD%U\WHŠ.LW
GHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
,QFOX\HOLPSLDGRU
UDVTXHWD\SDxR
:;;*&6
&HUDPD%U\WHŠ
5HWRFDU6SUD\
:;;
STAINESS STEEL WIPES
&LWUXVKLQH
7RDOOLWDVSDUD
SXOLUDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
&HUDPD%U\WHŠ
/LPSLDGRU
GHDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
:;;
30;
£$SURYHFKHDOPi[LPRVXEDQGHMDSDUDDVDU1RSDUDXVDUFRQPRGHORVGHFDMyQDVDGRU
£8WLOLFHVXEDQGHMD\WDSDGHUHMLOODSDUDDVDUKDPEXUJXHVDVIUXWRVGHPDUILOHWHVYHJHWDOHVSDQFHWD
FRVWLOODV\PXFKRPiV/DEDQGHMDLQIHULRUUHWLHQHHOH[FHVRGHJUDVDV\DFHLWHV
‡3LH]D*(JHQXLQD
‡)iFLOGHOLPSLDU
‡*DUDQWtDGHXQDxR
£2IHUWDGHWLHPSROLPLWDGR£(QYtRVLQFDUJR
&XDQGRVROLFLWHODEDQGHMDSDUDDVDUGHQWURGHORVGtDVGHKDEHUDGTXLULGRVXSURGXFWRGHFRFLQD*(
1ƒGHSLH]D
'LPHQVLRQHV
3HTXHxD
:%;
µ$[µ$[µ3
*UDQGH
:%;
µ$[µ$[µ3
([WUDJUDQGH
:%;
µ$[µ$[µ3
/DEDQGHMDSDUDDVDUJUDQGHHVWiQGDUQRHQWUDHQFRFLQDVGHSXOJDGDV
/DEDQGHMDH[WUDJUDQGHQRHQWUDHQKRUQRVGHSDUHGHVGHSXOJDGDVHPSRWUDGDVGHSXOJDGDVRFRFLQDVGHSXOJDGDV
/ODPHDORXWLOLFHHVWHIRUPXODULRSDUDHQYLDUVXVROLFLWXGSRUFRUUHR
*(3DUWV32%R[0HPSKLV71
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)RUPXODULRGHVROLFLWXGGHODEDQGHMDSDUDDVDU
&DQWLGDG BBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB 1~PHURGHSLH]DBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1~PHURGHPRGHORBBBBBBBBBBBB 1~PHURGHVHULH BBBBBBBBBBBBBBBB 0DUFDBBBBBBBBBBBBBB )HFKDGHFRPSUDBBBBBBBBB
1RPEUH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $SHOOLGRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'LUHFFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LXGDG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWDGRBBBBBBBBBB &yGLJR3RVWDOBBBBBBBBBBBBBBBBBBBBBBBBB
7HOpIRQRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUUHRHOHFWUyQLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB
*LURSRVWDOBBBBBB
3DUDFRQVXOWDUVREUHORVSUHFLRVDFWXDOHVOODPHDO7RGDVODVyUGHQHVFRQWDUMHWDGHFUpGLWRVHGHEHUiQUHDOL]DU
HQIRUPDWHOHIyQLFD
1RWDV
*DUDQWtDGHFRFLQDHOpFWULFDGH*(
7RGRVORVVHUYLFLRVWpFQLFRVGHJDUDQWtDVRQRWRUJDGRVSRUQXHVWURV
&HQWURVGH6HUYLFLRGH)iEULFDRXQWpFQLFRDXWRUL]DGRSRU
&XVWRPHU&DUHŠ3DUDSURJUDPDUHOVHUYLFLRWpFQLFRYLVtWHQRVRQOLQH
HQ*($SSOLDQFHVFRPROODPHDO*(&$5(6
7HQJDHOQ~PHURGHVHULH\GHPRGHORDPDQRFXDQGROODPHSDUD
VROLFLWDUXQVHUYLFLRWpFQLFR
*($SSOLDQFHVFRP
$EURFKHVXUHFLERDTXt
6HQHFHVLWDXQDSUXHED
GHODIHFKDGHFRPSUDRULJLQDOSDUD
REWHQHUVHUYLFLRWpFQLFRFXELHUWRSRU
ODJDUDQWtD
3RUHOSHUtRGRGH *(RWRUJDUi
8QDxR
'HVGHODIHFKDGH
FRPSUDRULJLQDO
3DUDORV0RGHORV3URILOH
&LQFR$xRV
'HVGHODIHFKD
GHODFRPSUDRULJLQDO
&XDOTXLHUSLH]DGHODFRFLQDTXHIDOOHGHELGRDXQGHIHFWRGHORVPDWHULDOHVRPDQRGHREUD
'XUDQWHHVWDJDUDQWtDOLPLWDGDGHXQDxR*(WDPELpQRIUHFHHQIRUPDJUDWXLWDODPDQRGH
REUD\WUDEDMRVHQHOKRJDUSDUDUHHPSOD]DUODSLH]DGHIHFWXRVD
3DUDORV0RGHORV3URILOH
(OUHHPSOD]RGHXQDHVWXIDGHYLGULRVLVHDJULHWDGHELGRDXQFKRTXHWpUPLFR
RVLHOSDWUyQVHGHVJDVWD
(OUHHPSOD]RGHODXQLGDGGHODVXSHUILFLHUDGLDQWHVLVHTXHPDUD
'XUDQWHHVWDJDUDQWtDOLPLWDGDDGLFLRQDOGHFXDWURDxRVXVWHGVHUiUHVSRQVDEOHSRU
SRUFXDOTXLHUWUDEDMRRUHSDUDFLyQHQHOKRJDU
*(QRFXEULUi
„9LVLWDVDVXKRJDUSDUDHQVHxDUOHDXVDUHOSURGXFWR
„,QVWDODFLyQHQWUHJDRPDQWHQLPLHQWRLQDGHFXDGRV
„5HHPSOD]R GH IXVLEOHV GRPpVWLFRV R OD UHFRQILJXUDFLyQ GH
LQWHUUXSWRUHVGHFLUFXLWR
„'DxRV DO SURGXFWR SURYRFDGRV SRU DFFLGHQWHV LQFHQGLRV
„'DxRRIDOODVGHOSURGXFWRHQFDVRGHDEXVRXVRLQDGHFXDGR
LQXQGDFLRQHVRIXHU]DPD\RU
XVRSDUDRWURVSURSyVLWRVTXHQRVHDQHODGHFXDGRRXVR
FRPHUFLDO
„'DxRV LQFLGHQWDOHV R UHVXOWDQWHV SURYRFDGRV SRU SRVLEOHV
GHIHFWRVHQHVWHDUWHIDFWR
„'DxRV D OD HVWXID GH YLGULR SURYRFDGRV SRU HO XVR GH
OLPSLDGRUHVGLVWLQWRVGHODVFUHPDV\SDxRVUHFRPHQGDGRV „'DxRVSURYRFDGRVGHVSXpVGHODHQWUHJD
„'DxRV D OD HVWXID GH YLGULR SURYRFDGRV SRU GHUUDPHV „8Q SURGXFWR QR DFFHVLEOH SDUD SUHVWDU HO VHUYLFLR WpFQLFR
HQGXUHFLGRVGHPDWHULDOHVD]XFDUDGRVRSOiVWLFRGHUUHWLGR
VROLFLWDGR
TXH QR VH OLPSLDURQ GH DFXHUGR FRQ ODV LQVWUXFFLRQHV GHO
0DQXDOGHO3URSLHWDULR
(;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFR\H[FOXVLYRUHFXUVRHVODUHSDUDFLyQGHOSURGXFWRFRPRVHHVWDEOHFHHQOD
SUHVHQWH*DUDQWtD/LPLWDGD/DVJDUDQWtDVLPSOtFLWDVLQFOX\HQGRJDUDQWtDVGHFRPHUFLDELOLGDG\DSWLWXGSDUDXQREMHWLYR
SDUWLFXODUVHHQFXHQWUDQOLPLWDGDVDXQDxRRDOSHUtRGRPiVFRUWRSHUPLWLGRSRUODOH\
(VWD JDUDQWtD VH H[WLHQGH DO FRPSUDGRU RULJLQDO \ FXDOTXLHU GXHxR SRVWHULRU SDUD SURGXFWRV DGTXLULGRV SDUD XVR
GRPpVWLFRGHQWURGHORV((886LHOSURGXFWRVHHQFXHQWUDHQXQDUHJLyQGRQGHQRKD\6HUYLFLR7pFQLFRDXWRUL]DGR
GH*(XVWHGVHUiUHVSRQVDEOHGHOFRVWRGHOYLDMHRXVWHGSXHGHWHQHUTXHOOHYDUHOSURGXFWRDXQ6HUYLFLR7pFQLFR
$XWRUL]DGRGH*(SDUDHIHFWXDUODUHSDUDFLyQ(Q$ODVNDODJDUDQWtDH[FOX\HHOFRVWRGHHQYtRRYLVLWDVSDUDHIHFWXDU
DUUHJORVHQVXKRJDU
$OJXQRVHVWDGRVQRSHUPLWHQODH[FOXVLyQROLPLWDFLyQGHGDxRVLQFLGHQWDOHVRUHVXOWDQWHV(VWDJDUDQWtDOHRWRUJD
GHUHFKRVOHJDOHVHVSHFtILFRV\XVWHGSXHGHFRQWDUFRQRWURVGHUHFKRVTXHSXHGHQYDULDUGHHVWDGRDHVWDGR3DUD
FRQRFHUVXVGHUHFKRVOHJDOHVFRQVXOWHDVXRILFLQDGHOFRQVXPLGRUORFDORHVWDWDORDO)LVFDO*HQHUDOGHVXHVWDGR
*DUDQWH*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
$SR\RDOFOLHQWH
3iJLQD:HEGH*($SSOLDQFHV
*($SSOLDQFHVFRP
¢7LHQH DOJXQD SUHJXQWD VREUH VX HOHFWURGRPpVWLFR" £3UXHEH OD SiJLQD :HE GH *( $SSOLDQFHV KRUDV DO GtD
FXDOTXLHU GtD GHO DxR 3DUD PD\RU FRQYHQLHQFLD \ VHUYLFLR PiV UiSLGR \D SXHGH GHVFDUJDU ORV 0DQXDOHV GH ORV
3URSLHWDULRVSHGLUSLH]DVRLQFOXVRKDFHUXQDFLWDHQOtQHDSDUDTXHYHQJDQDUHDOL]DUXQDUHSDUDFLyQ
6ROLFLWHXQDUHSDUDFLyQ
*($SSOLDQFHVFRP
(OVHUYLFLRGHH[SHUWRV*(HVWiDWDQVyORXQSDVRGHVXSXHUWD£(QWUHHQOtQHD\VROLFLWHVXUHSDUDFLyQFXDQGROH
YHQJDFXDOTXLHUGtDGHODxR2OODPHDO*(&$5(6GXUDQWHKRUDVQRUPDOHVGHRILFLQD
5HDO/LIH'HVLJQ6WXGLR(VWXGLRGHGLVHxRSDUDODYLGDUHDO
*($SSOLDQFHVFRP
*(DSR\DHOFRQFHSWRGH'LVHxR8QLYHUVDO³SURGXFWRVVHUYLFLRV\DPELHQWHVTXHSXHGHQXVDUJHQWHGHWRGDVODV
HGDGHVWDPDxRV\FDSDFLGDGHV5HFRQRFHPRVODQHFHVLGDGGHGLVHxDUSDUDXQDJUDQJDPDGHKDELOLGDGHV\
GLILFXOWDGHVItVLFDV\PHQWDOHV3DUDPiVGHWDOOHVFREUHODVDSOLFDFLRQHVGH*('LVHxR8QLYHUVDOLQFOX\HQGRLGHDV
GHGLVHxRSDUDODFRFLQDSDUDSHUVRQDVFRQGLVFDSDFLGDGHVPLUHQXHVWUDSiJLQD:HEKR\PLVPR3DUDSHUVRQDV
FRQGLILFXOWDGHVDXGLWLYDVIDYRUGHOODPDUDO7''*($&
*DUDQWtDVDPSOLDGDV
*($SSOLDQFHVFRP
&RPSUHXQDJDUDQWtDDPSOLDGD\REWHQJDGHWDOOHVVREUHGHVFXHQWRVHVSHFLDOHVGLVSRQLEOHVPLHQWUDVVXJDUDQWtD
HVWi D~Q DFWLYD 3XHGH FRPSUDUOD HQ OtQHD HQ FXDOTXLHU PRPHQWR R OODPDU DO GXUDQWH KRUDV
QRUPDOHVGHRILFLQD*(&RQVXPHU+RPH6HUYLFHVHVWDUiD~QDKtFXDQGRVXJDUDQWtDWHUPLQH
3LH]DV\DFFHVRULRV
*($SSOLDQFH3DUWVFRP
$TXHOORVLQGLYLGXRVFRQODFDOLILFDFLyQQHFHVDULDSDUDUHSDUDUVXVSURSLRVHOHFWURGRPpVWLFRVSXHGHQSHGLUTXH
VHOHVPDQGHQODVSLH]DVRDFFHVRULRVGLUHFWDPHQWHDVXVKRJDUHVDFHSWDPRVODVWDUMHWDV9,6$0DVWHU&DUG\
'LVFRYHU+DJDVXSHGLGRHQOtQHDKR\KRUDVFDGDGtDROODPDUSRUWHOpIRQRDOGXUDQWHKRUDV
QRUPDOHVGHRILFLQD
/DVLQVWUXFFLRQHVGHVFULWDVHQHVWHPDQXDOFXEUHQORVSURFHGLPLHQWRVDVHJXLUSRUFXDOTXLHUXVXDULR&XDOTXLHU
RWUDUHSDUDFLyQGHEHUtDSRUUHJODJHQHUDOUHIHULUVHDSHUVRQDOFDOLILFDGRDXWRUL]DGR'HEHHMHUFHUVHSUHFDXFLyQ
\DTXHODVUHSDUDFLRQHVLQFRUUHFWDVSXHGHQFDXVDUFRQGLFLRQHVGHIXQFLRQDPLHQWRLQVHJXUDV
3yQJDVHHQFRQWDFWRFRQQRVRWURV
*($SSOLDQFHVFRP
6LQRHVWiVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLEHGH*(SyQJDVHHQFRQWDFWRFRQQRVRWURVHQQXHVWUDSiJLQD
:HELQGLFDQGRWRGRVORVGHWDOOHVDVtFRPRVXQ~PHURGHWHOpIRQRRHVFUtEDQRVD
*HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWUHVXHOHFWURGRPpVWLFR
*($SSOLDQFHVFRP
£5HJLVWUH VX QXHYR HOHFWURGRPpVWLFR HQ OtQHD³FXDQGR XVWHG SUHILHUD (O UHJLVWUDU VX SURGXFWR D WLHPSR OH
SURSRUFLRQDUiVLVXUJLHUDODQHFHVLGDGXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVUiSLGREDMRORVWpUPLQRVGH
VXJDUDQWtD7DPELpQSXHGHHQYLDUVXWDUMHWDGHUHJLVWURSUHLPSUHVDTXHVHLQFOX\HHQHOPDWHULDOGHHPEDODMH