GE | RGA720EKWH | Installation instructions | GE RGA720EKWH Use and Care Manual

GE RGA720EKWH Use and Care Manual
DQG&RPSDFW*DV
5DQJHV
*($SSOLDQFHVFRP
+2732,17
6DIHW\
,QVWUXFWLRQV ²
2SHUDWLQJ,QVWUXFWLRQV
2YHQ ²
6XUIDFH%XUQHUV &DUHDQG&OHDQLQJ
2ZQHU·V0DQXDODQG
,QVWDOODWLRQ,QVWUXFWLRQV
5*$
5*$
5*$
5*$
%URLOHU&RPSDUWPHQW %URLOHU3DQDQG*ULG %XUQHUV &RQWURO3DQHODQG.QREV *UDWHV /LIW8S&RRNWRS /LIW2II2YHQ'RRU 2YHQ,QWHULRU 3DLQWHG6XUIDFHV 5HPRYDEOH2YHQ%RWWRP 6KHOYHV 7KHUPRVWDW$GMXVWPHQW ,QVWDOODWLRQ,QVWUXFWLRQV ²
/3 7URXEOHVKRRWLQJ7LSV &RQVXPHU6XSSRUW
&RQVXPHU6XSSRUW %DFN&RYHU
:DUUDQW\ )RUD6SDQLVKYHUVLRQ
RIWKLVPDQXDO
YLVLWRXU:HEVLWHDW
*($SSOLDQFHVFRP
:ULWHWKHPRGHODQGVHULDOQXPEHUV
KHUH
3DUDFRQVXOWDUXQD
YHUVLRQHQHVSDxRO
GHHVWHPDQXDOGH
LQVWUXFFLRQHVYLVLWH
QXHVWURVLWLRGHLQWHUQHW
*($SSOLDQFHVFRP
6HULDOBBBBBBBBBBBBBBBBBBBBBBB
0RGHO BBBBBBBBBBBBBBBBBBBBBB
<RXFDQILQGWKHPRQDODEHOXQGHUWKH
FRRNWRS6HHWKH/LIW8S&RRNWRSVHFWLRQLQ
WKLVPDQXDOIRULQVWUXFWLRQVRQKRZWROLIW
WKHFRRNWRS
*(
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
:$51,1*
,IWKHLQIRUPDWLRQLQWKLVPDQXDOLVQRWIROORZHGH[DFWO\DILUHRUH[SORVLRQPD\
UHVXOWFDXVLQJSURSHUW\GDPDJHSHUVRQDOLQMXU\RUGHDWK
'RQRWVWRUHRUXVHJDVROLQHRURWKHUIODPPDEOHYDSRUVDQGOLTXLGVLQWKHYLFLQLW\RIWKLVRUDQ\RWKHUDSSOLDQFH
:+$772'2,)<2860(//*$6
■ 'RQRWWU\WROLJKWDQ\DSSOLDQFH
■ 'RQRWWRXFKDQ\HOHFWULFDOVZLWFKGRQRWXVHDQ\SKRQHLQ\RXUEXLOGLQJ
■ ,PPHGLDWHO\FDOO\RXUJDVVXSSOLHUIURPDQHLJKERU·VSKRQH)ROORZWKHJDVVXSSOLHU·VLQVWUXFWLRQV
■ ,I\RXFDQQRWUHDFK\RXUJDVVXSSOLHUFDOOWKHILUHGHSDUWPHQW
,QVWDOODWLRQDQGVHUYLFHPXVWEHSHUIRUPHGE\DTXDOLILHGLQVWDOOHUVHUYLFHDJHQF\RUWKHJDVVXSSOLHU
:$51,1*
■$OOUDQJHVFDQWLS
■ %8516RURWKHU6(5,286,1-85,(6FDQUHVXOW
■ ,167$//DQG&+(&.WKHDQWLWLSEUDFNHWIROORZLQJWKHLQVWUXFWLRQVVXSSOLHGZLWKWKHEUDFNHW
7RUHGXFHWKHULVNRIWLSSLQJWKHUDQJHWKHUDQJHPXVWEHVHFXUHGE\DSURSHUO\LQVWDOOHGDQWLWLS
EUDFNHW6HHLQVWDOODWLRQLQVWUXFWLRQVVKLSSHGZLWKWKHEUDFNHWIRUFRPSOHWHGHWDLOVEHIRUHDWWHPSWLQJ
WRLQVWDOO
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\ORRNXQGHUQHDWKWKHUDQJHWRVHHWKDW
WKHDQWLWLSDUPDWWDFKHGWRWKHVLGHSDQHOLVHQJDJHGLQWKHEUDFNHW2QVRPHPRGHOVWKHVWRUDJH
GUDZHURUNLFNSDQHOFDQEHUHPRYHGIRUHDVLHULQVSHFWLRQ,IYLVXDOLQVSHFWLRQLVQRWSRVVLEOHVOLGH
WKHUDQJHIRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHIORRURUZDOODQGVOLGHWKHUDQJHEDFNVRWKH
DQWLWLSDUPVOLGHVMXVWXQGHUWKHDQWLWLSEUDFNHW,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\VUHSHDWWKLV
SURFHGXUHWRYHULI\WKHUDQJHLVSURSHUO\VHFXUHGE\WKHDQWLWLSEUDFNHW
1HYHUFRPSOHWHO\UHPRYHWKHOHYHOLQJOHJVRUWKHUDQJHZLOOQRWEHVHFXUHGWRWKHDQWLWLSGHYLFHSURSHUO\
,I\RXGLGQRWUHFHLYHDQDQWLWLSEUDFNHWZLWK\RXUSXUFKDVHFDOOWRUHFHLYHRQHDWQRFRVW LQ&DQDGD
FDOO )RULQVWDOODWLRQLQVWUXFWLRQVRIWKHEUDFNHWYLVLW*($SSOLDQFHVFRP LQ&DQDGD*($SSOLDQFHVFD :$51,1* ,03257$176$)(7<127,&(
7KH&DOLIRUQLD6DIH'ULQNLQJ:DWHUDQG7R[LF(QIRUFHPHQW$FWUHTXLUHVWKH*RYHUQRURI&DOLIRUQLDWRSXEOLVKDOLVWRI
VXEVWDQFHVNQRZQWRWKHVWDWHWRFDXVHFDQFHUELUWKGHIHFWVRURWKHUUHSURGXFWLYHKDUPDQGUHTXLUHVEXVLQHVVHVWR
ZDUQFXVWRPHUVRISRWHQWLDOH[SRVXUHWRVXFKVXEVWDQFHV
7KHILEHUJODVVLQVXODWLRQLQVHOIFOHDQRYHQVJLYHVRIIDYHU\VPDOODPRXQWRIFDUERQPRQR[LGHGXULQJWKHFOHDQLQJF\FOH
([SRVXUHFDQEHPLQLPL]HGE\YHQWLQJZLWKDQRSHQZLQGRZRUXVLQJDYHQWLODWLRQIDQRUKRRG
6$9(7+(6(,16758&7,216
*($SSOLDQFHVFRP
:$51,1* *(1(5$/6$)(7<,16758&7,216
:$51,1*
1(9(5XVHWKLVDSSOLDQFHDVDVSDFHKHDWHUWRKHDW
RUZDUPWKHURRP'RLQJVRPD\UHVXOWLQFDUERQ
PRQR[LGHSRLVRQLQJDQGRYHUKHDWLQJRIWKHRYHQ
■8VHWKLVDSSOLDQFHIRULWVLQWHQGHGSXUSRVHDVGHVFULEHG
LQWKLVRZQHU·VPDQXDO
■ 'RQRWOHDYHFKLOGUHQDORQHRUXQDWWHQGHGLQDQ
DUHDZKHUHDQDSSOLDQFHLVLQXVH7KH\VKRXOGQHYHU
EHDOORZHGWRFOLPEVLWRUVWDQGRQDQ\SDUWRIWKH
DSSOLDQFH
■ 'RQRWVWRUHLWHPVRILQWHUHVWWRFKLOGUHQDERYHDUDQJH
RURQWKHEDFNJXDUGRIDUDQJH³FKLOGUHQFOLPELQJRQ
WKHUDQJHWRUHDFKLWHPVFRXOGEHVHULRXVO\LQMXUHG
■+DYH\RXUUDQJHLQVWDOOHGDQGSURSHUO\JURXQGHGE\
■'RQRWDOORZDQ\RQHWRFOLPEVWDQGRUKDQJRQWKH
DTXDOLILHGLQVWDOOHULQDFFRUGDQFHZLWKWKHSURYLGHG
RYHQGRRUGUDZHURUFRRNWRS7KH\FRXOGGDPDJHWKH
LQVWDOODWLRQLQVWUXFWLRQV$Q\DGMXVWPHQWDQGVHUYLFH
UDQJHRUWLSLWRYHUFDXVLQJVHYHUHLQMXU\RUGHDWK
VKRXOGEHSHUIRUPHGRQO\E\DTXDOLILHGJDVUDQJH
LQVWDOOHUVRUVHUYLFHWHFKQLFLDQV'RQRWDWWHPSWWRUHSDLU ■1HYHUEORFNWKHYHQWV DLURSHQLQJV RIWKHUDQJH7KH\
RUUHSODFHDQ\SDUWRI\RXUUDQJHXQOHVVLWLVVSHFLILFDOO\
SURYLGHWKHDLULQOHWVDQGRXWOHWVWKDWDUHQHFHVVDU\IRU
UHFRPPHQGHGLQWKLVPDQXDO
WKHUDQJHWRRSHUDWHSURSHUO\ZLWKFRUUHFWFRPEXVWLRQ
$LURSHQLQJVDUHORFDWHGDWWKHUHDURIWKHFRRNWRSDW
■<RXUUDQJHLVVKLSSHGIURPWKHIDFWRU\VHWIRUXVHZLWK
WKHWRSDQGERWWRPRIWKHRYHQGRRUDQGDWWKHERWWRP
QDWXUDOJDV,WFDQEHFRQYHUWHGIRUXVHZLWK/3JDV
RIWKHUDQJHXQGHUWKHZDUPLQJGUDZHUORZHURYHQ
,IUHTXLUHGWKHVHDGMXVWPHQWVPXVWEHPDGHE\D
GUDZHURUNLFNSDQHO
TXDOLILHGWHFKQLFLDQLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ
LQVWUXFWLRQVDQGORFDOFRGHV7KHDJHQF\SHUIRUPLQJWKLV ■ 8VHRQO\GU\SRWKROGHUV³PRLVWRUGDPSSRWKROGHUVRQ
ZRUNDVVXPHVUHVSRQVLELOLW\IRUWKHFRQYHUVLRQ
KRWVXUIDFHVPD\UHVXOWLQEXUQVIURPVWHDP'RQRWOHW
■+DYHWKHLQVWDOOHUVKRZ\RXWKHORFDWLRQRIWKHUDQJH
JDVVKXWRIIYDOYHDQGKRZWRWXUQLWRIILIQHFHVVDU\
SRWKROGHUVWRXFKVXUIDFHEXUQHUVEXUQHUJUDWHRURYHQ
KHDWLQJHOHPHQW'RQRWXVHDWRZHORURWKHUEXON\FORWK
LQSODFHRISRWKROGHUV
■3OXJ\RXUUDQJHLQWRDYROWJURXQGHGRXWOHWRQO\'R
■%HFDUHIXOQRWWRWRXFKKRWVXUIDFHVRIWKHUDQJH
QRWUHPRYHWKHURXQGJURXQGLQJSURQJIURPWKHSOXJ
3RWHQWLDOO\KRWVXUIDFHVLQFOXGHEXUQHUVJUDWHVFRRNWRS
,ILQGRXEWDERXWWKHJURXQGLQJRIWKHKRPHHOHFWULFDO
EDFNJXDUGRYHQDQGGRRULQWHULRUDQGFUHYLFHVDURXQG
V\VWHPLWLV\RXUUHVSRQVLELOLW\DQGREOLJDWLRQWRKDYHDQ
WKHRYHQGRRU
XQJURXQGHGRXWOHWUHSODFHGZLWKDSURSHUO\JURXQGHG
WKUHHSURQJRXWOHWLQDFFRUGDQFHZLWKWKH1DWLRQDO
■'RQRWKHDWXQRSHQHGIRRGFRQWDLQHUV3UHVVXUHFRXOG
(OHFWULFDO&RGH'RQRWXVHRQH[WHQVLRQFRUGZLWKWKLV
EXLOGXSDQGWKHFRQWDLQHUFRXOGEXUVWFDXVLQJDQ
DSSOLDQFH
LQMXU\
■%HIRUHSHUIRUPLQJDQ\VHUYLFHXQSOXJWKHUDQJH
■7RSURWHFWDJDLQVWIRRGERUQHLOOQHVVHQVXUHWKDW
RUGLVFRQQHFWWKHSRZHUVXSSO\DWWKHKRXVHKROG
WHPSHUDWXUHVRIPHDWDQGSRXOWU\SURGXFWVPHHW
GLVWULEXWLRQSDQHOE\UHPRYLQJWKHIXVHRUVZLWFKLQJRII
RUH[FHHGWKH86'$PLQLPXPUHFRPPHQGHG
WKHFLUFXLWEUHDNHU
WHPSHUDWXUHVIRUIRRGVDIHW\)RUPRUHLQIRUPDWLRQ
■%HVXUHDOOSDFNLQJPDWHULDOVDUHUHPRYHGIURPWKH
UDQJHEHIRUHRSHUDWLQJWRSUHYHQWLJQLWLRQRIWKHVH
PDWHULDOV
VHHZZZLVLWGRQH\HWJRYRUFDOOWKH86'$PHDWDQG
SRXOWU\KRWOLQHDW
■ $YRLGVFUDWFKLQJRULPSDFWLQJJODVVGRRUVFRRNWRSVRU
FRQWUROSDQHOV'RLQJVRPD\OHDGWRJODVVEUHDNDJH'R
QRWFRRNRQDSURGXFWZLWKEURNHQJODVV6KRFNILUHRU
FXWVPD\RFFXU
6$9(7+(6(,16758&7,216
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
:$51,1* .((3)/$00$%/(0$7(5,$/6$:$<)5207+(5$1*(
■'RQRWVWRUHRUXVHIODPPDEOHPDWHULDOVLQDQRYHQRU
QHDUWKHFRRNWRSLQFOXGLQJSDSHUSODVWLFSRWKROGHUV
OLQHQVZDOOFRYHULQJVFXUWDLQVGUDSHVDQGJDVROLQHRU
RWKHUIODPPDEOHYDSRUVDQGOLTXLGV
■1HYHUZHDUORRVHILWWLQJRUKDQJLQJJDUPHQWVZKLOH
XVLQJWKHDSSOLDQFH$YRLGVWRULQJFRPPRQO\XVHG
LWHPVLQFDELQHWVDERYHWKHUDQJHDQGEHFDUHIXOZKHQ
UHDFKLQJRYHUWKHUDQJH&ORWKLQJLQFORVHSUR[LPLW\WR
EXUQHUVRUKRWVXUIDFHVPD\LJQLWHFDXVLQJVHYHUHEXUQV
■ 'RQRWOHWFRRNLQJJUHDVHRURWKHUIODPPDEOHPDWHULDOV
DFFXPXODWHLQRUQHDUWKHUDQJH*UHDVHLQWKHRYHQRU
RQWKHFRRNWRSPD\LJQLWH
■ &OHDQYHQWLODWLQJKRRGVIUHTXHQWO\*UHDVHVKRXOGQRW
EHDOORZHGWRDFFXPXODWHRQWKHKRRGRUILOWHU
:$51,1* ,17+((9(172)$),5(7$.(7+()2//2:,1*67(36
7235(9(17,1-85<$1'),5(635($',1*
QHFHVVDU\XVHDPXOWLSXUSRVHGU\FKHPLFDORUIRDP
■'RQRWXVHZDWHURQJUHDVHILUHV1HYHUSLFNXSD
W\SHILUHH[WLQJXLVKHU
IODPLQJSDQ7XUQWKHFRQWUROVRII6PRWKHUDIODPLQJ
SDQRQDVXUIDFHEXUQHUE\FRYHULQJWKHSDQFRPSOHWHO\
■ ,IWKHUHLVDILUHLQWKHRYHQGXULQJVHOIFOHDQWXUQWKH
ZLWKDZHOOILWWLQJOLGFRRNLHVKHHWRUIODWWUD\,I
RYHQRIIDQGZDLWIRUWKHILUHWRJRRXW'RQRWIRUFH
QHFHVVDU\XVHDPXOWLSXUSRVHGU\FKHPLFDORUIRDP
WKHGRRURSHQ,QWURGXFWLRQRIIUHVKDLUDWVHOIFOHDQ
W\SHILUHH[WLQJXLVKHU
WHPSHUDWXUHVPD\OHDGWRDEXUVWRIIODPHIURPWKH
RYHQ)DLOXUHWRIROORZWKLVLQVWUXFWLRQPD\UHVXOWLQ
■,IWKHUHLVDILUHLQWKHRYHQGXULQJEDNLQJWXUQWKHRYHQ
VHYHUHEXUQV
RIIDQGNHHSWKHGRRUFORVHGXQWLOWKHILUHJRHVRXW,I
:$51,1* &22.7236$)(7<,16758&7,216
■1HYHUOHDYHWKHVXUIDFHEXUQHUVXQDWWHQGHGDWPHGLXP
RUKLJKKHDWVHWWLQJV)RRGVHVSHFLDOO\RLO\IRRGVPD\
LJQLWHUHVXOWLQJLQILUHWKDWFRXOGVSUHDGWRVXUURXQGLQJ
FDELQHWV
■7RPLQLPL]HWKHSRVVLELOLW\RIEXUQVLJQLWLRQRI
IODPPDEOHPDWHULDOVDQGVSLOODJHWKHKDQGOHRID
FRQWDLQHUVKRXOGEHWXUQHGWRZDUGWKHFHQWHURIWKH
UDQJHZLWKRXWH[WHQGLQJRYHUQHDUE\EXUQHUV
■1HYHUOHDYHRLOXQDWWHQGHGZKLOHIU\LQJ,IDOORZHGWR
KHDWEH\RQGLWVVPRNLQJSRLQWRLOPD\LJQLWHUHVXOWLQJ
LQILUHWKDWPD\VSUHDGWRVXUURXQGLQJFDELQHWV8VHD
GHHSIDWWKHUPRPHWHUZKHQHYHUSRVVLEOHWRPRQLWRURLO
WHPSHUDWXUH
■ :KHQSUHSDULQJIODPLQJIRRGVXQGHUDKRRGWXUQWKH
IDQRQ
■ 'RQRWXVHDZRNZLWKDURXQGPHWDOVXSSRUWULQJWKH
ULQJPD\WUDSKHDWDQGEORFNDLUWRWKHEXUQHUUHVXOWLQJ
LQDFDUERQPRQR[LGHKD]DUG
■ 7RDYRLGRLOVSLOORYHUDQGILUHXVHDPLQLPXPDPRXQWRI
■ 'RQRWDWWHPSWWROLIWWKHFRRNWRSLI\RXUUDQJHKDV
RLOZKHQVKDOORZSDQIU\LQJDQGDYRLGFRRNLQJIUR]HQ
VHDOHGVXUIDFHEXUQHUV'RLQJVRPD\GDPDJHWKHJDV
IRRGVZLWKH[FHVVLYHDPRXQWVRILFH
WXELQJWRWKHVXUIDFHEXUQHUVUHVXOWLQJLQDJDVOHDNDQG
ULVNRIILUH
■ 8VHSURSHUSDQVL]HDQGDYRLGSDQVWKDWDUHXQVWDEOH
RUHDVLO\WLSSHG6HOHFWFRRNZDUHWKDWLVPDWFKHGWRWKH
■ 'RQRWXVHDOXPLQXPIRLOWRFRYHUWKHJUDWHVRUOLQH
VL]HRIWKHEXUQHU%XUQHUIODPHVVKRXOGEHDGMXVWHGVR
DQ\SDUWRIWKHFRRNWRS'RLQJVRPD\UHVXOWLQFDUERQ
WKDWWKH\GRQRWH[WHQGEH\RQGWKHERWWRPRIWKHSDQ
PRQR[LGHSRLVRQLQJRYHUKHDWLQJRIWKHFRRNWRS
([FHVVLYHIODPHPD\EHKD]DUGRXV
VXUIDFHVRUDSRWHQWLDOILUHKD]DUG
■$OZD\VXVHWKH/,7(SRVLWLRQZKHQLJQLWLQJWKHWRS
EXUQHUVDQGPDNHVXUHWKHEXUQHUVKDYHLJQLWHG
■ :KHQXVLQJJODVVFHUDPLFFRRNZDUHPDNHVXUHLWLV
VXLWDEOHIRUFRRNWRSVHUYLFHRWKHUVPD\EUHDNEHFDXVH
RIVXGGHQFKDQJHLQWHPSHUDWXUH
6$9(7+(6(,16758&7,216
*($SSOLDQFHVFRP
:$51,1* 29(16$)(7<,16758&7,216
:$51,1*1(9(5FRYHUDQ\VORWVKROHVRU
■3XOOWKHRYHQUDFNWRWKHVWRSORFNSRVLWLRQZKHQ
ORDGLQJDQGXQORDGLQJIRRGIURPWKHRYHQ7KLVKHOSV
SDVVDJHVLQWKHRYHQERWWRPRUFRYHUDQHQWLUHUDFNZLWK
SUHYHQWEXUQVIURPWRXFKLQJKRWVXUIDFHVRIWKHGRRU
PDWHULDOVVXFKDVDOXPLQXPIRLO'RLQJVREORFNVDLUIORZ
DQGRYHQZDOOV
WKURXJKWKHRYHQDQGPD\FDXVHFDUERQPRQR[LGH
SRLVRQLQJ$OXPLQXPIRLOOLQLQJVPD\DOVRWUDSKHDWFDXVLQJ ■ 'RQRWOHDYHLWHPVVXFKDVSDSHUFRRNLQJXWHQVLOVRU
IRRGLQWKHRYHQZKHQQRWLQXVH,WHPVVWRUHGLQDQ
DILUHKD]DUG
RYHQFDQLJQLWH
■6WDQGDZD\IURPWKHUDQJHZKHQRSHQLQJWKHRYHQ
■'RQRWOHDYHLWHPVRQWKHFRRNWRSQHDUWKHRYHQYHQW
GRRU+RWDLURUVWHDPZKLFKHVFDSHVFDQFDXVHEXUQV
ZKLFKLVLQWKHFHQWHURIWKHEDFNJXDUG,WHPVPD\
WRKDQGVIDFHDQGRUH\HV
RYHUKHDWUHVXOWLQJLQDULVNRIILUHRUEXUQV
■ .HHSWKHRYHQIUHHIURPJUHDVHEXLOGXS*UHDVHLQWKH
■:KHQXVLQJFRRNLQJRUURDVWLQJEDJVLQWKHRYHQIROORZ
RYHQPD\LJQLWH
WKHPDQXIDFWXUHU·VGLUHFWLRQV
■ 3ODFHRYHQUDFNVLQGHVLUHGORFDWLRQZKLOHRYHQLVFRRO
■1HYHUEURLOZLWKGRRURSHQ2SHQGRRUEURLOLQJLVQRW
,IUDFNPXVWEHPRYHGZKLOHRYHQLVKRWEHFDUHIXOWR
SHUPLWWHGGXHWRRYHUKHDWLQJRIFRQWURONQREV
DYRLGWRXFKLQJKRWVXUIDFHV
:$51,1* 6(/)&/($1,1*29(16$)(7<,16758&7,216 6RPHPRGHOV
7KHVHOIFOHDQLQJIHDWXUHRSHUDWHVWKHRYHQDWWHPSHUDWXUHVKLJKHQRXJKWREXUQDZD\IRRGVRLOVLQWKHRYHQ
)ROORZWKHVHLQVWUXFWLRQVIRUVDIHRSHUDWLRQ
■%HIRUHRSHUDWLQJWKHVHOIFOHDQF\FOHUHPRYHSDQV
VKLQ\PHWDORYHQUDFNVDQGRWKHUXWHQVLOVIURPWKH
RYHQ2QO\SRUFHODLQFRDWHGRYHQUDFNVPD\EHOHIWLQ
WKHRYHQ'RQRWXVHVHOIFOHDQWRFOHDQRWKHUSDUWV
VXFKDVJUDWHV
■%HIRUHRSHUDWLQJWKHVHOIFOHDQF\FOHZLSHJUHDVHDQG
IRRGVRLOVIURPWKHRYHQ([FHVVLYHDPRXQWRIJUHDVH
PD\LJQLWHOHDGLQJWRVPRNHGDPDJHWR\RXUKRPH
■ ,IWKHVHOIFOHDQLQJPRGHPDOIXQFWLRQVWXUQWKHRYHQRII
DQGGLVFRQQHFWWKHSRZHUVXSSO\+DYHLWVHUYLFHGE\D
TXDOLILHGWHFKQLFLDQ
■ 'RQRWFOHDQWKHGRRUJDVNHW7KHGRRUJDVNHWLV
HVVHQWLDOIRUDJRRGVHDO&DUHVKRXOGEHWDNHQQRWWR
UXEGDPDJHRUPRYHWKHJDVNHW
■ 'RQRWXVHRYHQFOHDQHUV1RFRPPHUFLDORYHQFOHDQHU
RURYHQOLQHUSURWHFWLYHFRDWLQJRIDQ\NLQGVKRXOGEH
XVHGLQRUDURXQGDQ\SDUWRIWKHRYHQ
:$51,1* :$50,1*'5$:(5/2:(529(1'5$:(56$)(7<
,16758&7,216 6RPHPRGHOV
■7KHSXUSRVHRIWKHZDUPLQJGUDZHULVWRKROGKRW
FRRNHGIRRGVDWVHUYLQJWHPSHUDWXUH%DFWHULDZLOOJURZ
YHU\UDSLGO\LQIRRGWKDWLVEHWZHHQDQGƒ)'R
QRWSXWFROGIRRGLQZDUPLQJGUDZHU'RQRWNHHSIRRG
LQWKHZDUPLQJGUDZHUIRUPRUHWKDQKRXUV)DLOXUHWR
IROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQIRRGERUQHLOOQHVV
■'RQRWOHDYHSDSHUSURGXFWVSODVWLFVFDQQHGIRRGRU
FRPEXVWLEOHPDWHULDOVLQWKHGUDZHU7KH\PD\LJQLWH
■ 8VHFDUHZKHQRSHQLQJWKHGUDZHU2SHQWKHGUDZHUD
FUDFNDQGOHWKRWDLURUVWHDPHVFDSHEHIRUHUHPRYLQJ
RUUHSODFLQJIRRG+RWDLURUVWHDPWKDWHVFDSHVFDQ
FDXVHEXUQVWRKDQGVIDFHDQGRUH\HV
■ 'RQRWXVHDOXPLQXPIRLOWROLQHWKHZDUPLQJGUDZHU
)RLOLVDQH[FHOOHQWKHDWLQVXODWRUDQGZLOOWUDSKHDW
EHQHDWKLW7KLVZLOOXSVHWWKHSHUIRUPDQFHRIWKH
GUDZHUDQGSRWHQWLDOO\FDXVHDILUHKD]DUG
■ 'RQRWWRXFKWKHKHDWLQJHOHPHQWRUWKHLQWHULRUVXUIDFH
RIWKHGUDZHU7KHVHVXUIDFHVPD\EHKRWHQRXJKWR
FDXVHEXUQV
6$9(7+(6(,16758&7,216
8VLQJWKHJDVVXUIDFHEXUQHUV
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
%HIRUH/LJKWLQJD*DV%XUQHU
$IWHU/LJKWLQJD*DV%XUQHU
„0DNHVXUHDOOEXUQHUVDUHLQSODFH
„0DNHVXUHDOOJUDWHVRQWKHUDQJHDUH
SURSHUO\SODFHGEHIRUHXVLQJDQ\EXUQHU
„'RQRWRSHUDWHWKHEXUQHUIRUDQH[WHQGHG
SHULRGRIWLPHZLWKRXWFRRNZDUHRQWKH
JUDWH7KHILQLVKRQWKHJUDWHPD\FKLS
ZLWKRXWFRRNZDUHWRDEVRUEWKHKHDW
„%HVXUHWKHEXUQHUVDQGJUDWHVDUHFRRO
EHIRUH\RXSODFH\RXUKDQGDSRWKROGHU
FOHDQLQJFORWKVRURWKHUPDWHULDOVRQWKHP
+RZWR/LJKWD*DV6XUIDFH%XUQHU
3XVKWKHFRQWURONQRELQDQGWXUQ
LWWRWKH/,7(SRVLWLRQ
0DNHVXUHDOOWKHVXUIDFHEXUQHUVDUHSODFHGLQ
WKHLUUHVSHFWLYHSRVLWLRQV
3XVKWKHFRQWURONQRELQDQGWXUQLWWRWKH/,7(
SRVLWLRQ
<RXZLOOKHDUDOLWWOHFOLFNLQJQRLVH³WKHVRXQG
RIWKHHOHFWULFVSDUNLJQLWLQJWKHEXUQHU
7XUQWKHNQREWRDGMXVWWKHIODPHVL]H,IWKH
NQREVWD\VDW/,7(LWZLOOFRQWLQXHWRFOLFN
:KHQRQHEXUQHULVWXUQHGWR/,7( DOOWKH
EXUQHUVVSDUN'RQRWDWWHPSWWRGLVDVVHPEOH
RUFOHDQDURXQGDQ\EXUQHUZKLOHDQRWKHU
EXUQHULVRQ$QHOHFWULFVKRFNPD\UHVXOWZKLFK
FRXOGFDXVH\RXWRNQRFNRYHUKRWFRRNZDUH
+RZWR6HOHFW)ODPH6L]H
:$51,1*)ODPHVWKDWDUH
QRWFRYHUHGE\FRRNZDUHPD\SUHVHQWDULVN
RIEXUQVRUFORWKLQJLJQLWLRQ1HYHUOHWIODPHV
H[WHQGEH\RQGWKHVLGHVRIWKHFRRNZDUH
:DWFKWKHIODPHQRWWKHNQREDV\RXDGMXVW
KHDW:KHQIDVWKHDWLQJLVGHVLUHGWKHIODPH
VL]HRQDJDVEXUQHUVKRXOGPDWFKWKH
FRRNZDUH\RXDUHXVLQJ
)ODPHVODUJHUWKDQWKHERWWRPRIWKHFRRNZDUH
ZLOOQRWUHVXOWLQIDVWHUKHDWLQJDQGPD\EH
KD]DUGRXV
7RSRI5DQJH&RRNZDUH
$OXPLQXP0HGLXPZHLJKWFRRNZDUHLV
UHFRPPHQGHGEHFDXVHLWKHDWVTXLFNO\
DQGHYHQO\0RVWIRRGVEURZQHYHQO\LQDQ
DOXPLQXPVNLOOHW8VHVDXFHSDQVZLWKWLJKW
ILWWLQJOLGVZKHQFRRNLQJZLWKPLQLPXP
DPRXQWVRIZDWHU
&DVW,URQ,IKHDWHGVORZO\PRVWVNLOOHWVZLOO
JLYHVDWLVIDFWRU\UHVXOWV
(QDPHOZDUH8QGHUVRPHFRQGLWLRQVWKH
HQDPHORIVRPHFRRNZDUHPD\PHOW)ROORZ
FRRNZDUHPDQXIDFWXUHU·VUHFRPPHQGDWLRQV
IRUFRRNLQJPHWKRGV
*ODVV7KHUHDUHWZRW\SHVRIJODVV
FRRNZDUH³WKRVHIRURYHQXVHRQO\DQG
WKRVHIRUWRSRIUDQJHFRRNLQJ VDXFHSDQV
FRIIHHDQGWHDSRWV *ODVVFRQGXFWVKHDW
YHU\VORZO\
+HDWSURRI*ODVV&HUDPLF&DQEHXVHGIRU
HLWKHUVXUIDFHRURYHQFRRNLQJ,WFRQGXFWV
KHDWYHU\VORZO\DQGFRROVYHU\VORZO\&KHFN
FRRNZDUHPDQXIDFWXUHU·VGLUHFWLRQVWREH
VXUHLWFDQEHXVHGRQJDVUDQJHV
6WDLQOHVV6WHHO7KLVPHWDODORQHKDVSRRU
KHDWLQJSURSHUWLHVDQGLVXVXDOO\FRPELQHG
ZLWKFRSSHUDOXPLQXPRURWKHUPHWDOVIRU
LPSURYHGKHDWGLVWULEXWLRQ&RPELQDWLRQ
PHWDOVNLOOHWVXVXDOO\ZRUNVDWLVIDFWRULO\
LIWKH\DUHXVHGZLWKPHGLXPKHDWDVWKH
PDQXIDFWXUHUUHFRPPHQGV
,Q&DVHRI3RZHU)DLOXUH
,QFDVHRIDSRZHUIDLOXUH\RXFDQOLJKWWKH
JDVVXUIDFHEXUQHUVRQ\RXUUDQJHZLWKD
PDWFK+ROGDOLWPDWFKWRWKHEXUQHUWKHQ
SXVKLQDQGWXUQWKHFRQWURONQREWRWKH/,7(
SRVLWLRQ8VHH[WUHPHFDXWLRQZKHQOLJKWLQJ
EXUQHUVWKLVZD\
6XUIDFHEXUQHUVLQXVHZKHQDQHOHFWULFDO
SRZHUIDLOXUHRFFXUVZLOOFRQWLQXHWRRSHUDWH
QRUPDOO\
8VLQJWKHRYHQ
*($SSOLDQFHVFRP
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
OVEN
OFF
2YHQ&RQWURO
TEMP
260
300
IL
35
0
0
40
O
<RXURYHQLVFRQWUROOHGE\DQ29(17(03NQRE
,WFDQWDNHXSWRVHFRQGVEHIRUHWKHIODPH
FRPHVRQ
$IWHUWKHRYHQUHDFKHVWKHVHOHFWHG
WHPSHUDWXUHWKHRYHQEXUQHUPDLQWDLQVWKH
VHOHFWHGWHPSHUDWXUH
450
500
BR
3RZHU2XWDJH
7KHRYHQRUEURLOHUFDQQRWEHOLWGXULQJDSRZHU
IDLOXUH
,IWKHRYHQLVLQXVHZKHQDSRZHUIDLOXUH
RFFXUVWKHRYHQEXUQHUVKXWVRII7KLVLV
EHFDXVHWKHIORZRIJDVLVDXWRPDWLFDOO\
VWRSSHGDQGZLOOQRWUHVXPHXQWLOSRZHULV
UHVWRUHG
7RDYRLGSRVVLEOHEXUQVSODFHWKHVKHOYHVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQWKHRYHQRQ
%HIRUH\RXEHJLQ«
7KHVKHOYHVKDYHVWRSORFNVVRWKDWZKHQ
SODFHGFRUUHFWO\RQWKHVKHOIVXSSRUWV $
WKURXJK' WKH\ZLOOVWRSEHIRUHFRPLQJ
FRPSOHWHO\RXWDQGZLOOQRWWLOW
:KHQSODFLQJDQGUHPRYLQJFRRNZDUHSXOOWKH
VKHOIRXWWRWKHEXPSRQWKHVKHOIVXSSRUW
&$87,21:KHQ\RXDUH
7KHRYHQKDVVKHOISRVLWLRQV
XVLQJDUDFNLQWKHORZHVWSRVLWLRQ 5 \RX
ZLOOQHHGWRXVHFDXWLRQZKHQSXOOLQJWKH
UDFNRXW:HUHFRPPHQGWKDW\RXSXOOWKH
UDFNRXWVHYHUDOLQFKHVDQGWKHQXVLQJWZR
SRWKROGHUVSXOOWKHUDFNRXWE\KROGLQJWKH
VLGHVRILW7KHUDFNLVORZDQG\RXFDQEH
EXUQHGLI\RXSXW\RXUKDQGLQWKHPLGGOHRI
WKHUDFNDQGSXOODOOWKHZD\RXW
7RUHPRYHDVKHOISXOOLWWRZDUG\RXWLOWWKH
IURQWHQGXSDQGSXOOLWRXW
7RUHSODFHSODFHWKHHQGRIWKHVKHOI VWRS
ORFNV RQWKHVXSSRUWWLOWXSWKHIURQWDQGSXVK
WKHVKHOILQ
127(7KHVKHOILVQRWGHVLJQHGWRVOLGHRXWDW
WKHVSHFLDOORZVKHOI 5 SRVLWLRQ
8VLQJWKHRYHQ
8SSHU2YHQ9HQW
3ODVWLFLWHPVRQWKHFRRNWRSPD\
PHOWLIOHIWWRRFORVHWRWKHYHQW
9HQWDSSHDUDQFHDQGORFDWLRQYDU\
<RXURYHQLVYHQWHGWKURXJKGXFWVDWWKHUHDU
RIWKHUDQJH'RQRWEORFNWKHVHGXFWVZKHQ
FRRNLQJLQWKHRYHQ³LWLVLPSRUWDQWWKDWWKH
IORZRIKRWDLUIURPWKHRYHQDQGIUHVKDLU
WRWKHRYHQEXUQHUEHXQLQWHUUXSWHG$YRLG
WRXFKLQJWKHYHQWRSHQLQJVRUQHDUE\VXUIDFHV
GXULQJRYHQRUEURLOHURSHUDWLRQ³WKH\PD\
EHFRPHKRW
„+DQGOHVRISRWVDQGSDQVRQWKHFRRNWRS
PD\EHFRPHKRWLIOHIWWRRFORVHWRWKHYHQW
„'RQRWOHDYHSODVWLFRUIODPPDEOHLWHPVRQ
WKHFRRNWRS³WKH\PD\PHOWRULJQLWHLIOHIW
WRRFORVHWRWKHYHQW
„'RQRWOHDYHFORVHGFRQWDLQHUVRQWKH
FRRNWRS7KHSUHVVXUHLQFORVHGFRQWDLQHUV
PD\LQFUHDVHZKLFKPD\FDXVHWKHP
WREXUVW
„0HWDOLWHPVZLOOEHFRPHYHU\KRWLIWKH\DUH
OHIWRQWKHFRRNWRSDQGFRXOGFDXVHEXUQV
2YHQ/LJKW
8VHWKHVZLWFKRQWKHORZHUFRQWUROSDQHOWR
WXUQWKHOLJKWRQRURII
7KHW\SHRIPDUJDULQHZLOODIIHFWEDNLQJSHUIRUPDQFH
0RVWUHFLSHVIRUEDNLQJKDYHEHHQGHYHORSHGXVLQJKLJKIDWSURGXFWVVXFKDVEXWWHURUPDUJDULQH IDW ,I\RX
GHFUHDVHWKHIDWWKHUHFLSHPD\QRWJLYHWKHVDPHUHVXOWVDVZLWKDKLJKHUIDWSURGXFW
5HFLSHIDLOXUHFDQUHVXOWLIFDNHVSLHVSDVWULHVFRRNLHVRUFDQGLHVDUHPDGHZLWKORZIDWVSUHDGV7KHORZHUWKHIDW
FRQWHQWRIDVSUHDGSURGXFWWKHPRUHQRWLFHDEOHWKHVHGLIIHUHQFHVEHFRPH
)HGHUDOVWDQGDUGVUHTXLUHSURGXFWVODEHOHG´PDUJDULQHµWRFRQWDLQDWOHDVWIDWE\ZHLJKW/RZIDWVSUHDGVRQWKHRWKHUKDQG
FRQWDLQOHVVIDWDQGPRUHZDWHU7KHKLJKPRLVWXUHFRQWHQWRIWKHVHVSUHDGVDIIHFWVWKHWH[WXUHDQGIODYRURIEDNHGJRRGV)RUEHVW
UHVXOWVZLWK\RXUROGIDYRULWHUHFLSHVXVHPDUJDULQHEXWWHURUVWLFNVSUHDGVFRQWDLQLQJDWOHDVWYHJHWDEOHRLO
8VLQJWKHRYHQIRUEDNLQJ
*($SSOLDQFHVFRP
7RDYRLGSRVVLEOHEXUQVSODFHWKHVKHOYHVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQWKHRYHQRQ
+RZWR6HWWKH2YHQ)RU%DNLQJ
&ORVHWKHRYHQGRRU7KHQWXUQWKH
29(17(03 NQREWRWKHGHVLUHG
WHPSHUDWXUH
&KHFNWKHIRRGIRUGRQHQHVVDWWKH
PLQLPXPWLPHRQWKHUHFLSH&RRNORQJHU
LIQHFHVVDU\7XUQWKH29(17(03 NQREWR
2)) DQGUHPRYHWKHIRRG
2YHQ6KHOYHV
$UUDQJHWKHRYHQVKHOIRUVKHOYHVLQWKHGHVLUHG
ORFDWLRQVZKLOHWKHRYHQLVFRRO7KHFRUUHFW
VKHOISRVLWLRQGHSHQGVRQWKHNLQGRIIRRGDQG
WKHEURZQLQJGHVLUHG
3ODFHPRVWIRRGVLQWKHPLGGOHRI
WKHRYHQ
$VDJHQHUDOUXOHSODFHPRVWIRRGVLQWKH
PLGGOHRIWKHRYHQRQHLWKHUWKHVKHOISRVLWLRQ
%RU& 6HHWKHFKDUWIRUVXJJHVWHGVKHOI
SRVLWLRQV
7\SHRI)RRG
6KHOI
3RVLWLRQ
$QJHOIRRGFDNH
$
%LVFXLWVPXIILQVRUFXSFDNHV
%RU&
&RRNLHV
&RU'
%URZQLHV
%RU&
/D\HUFDNHV
%RU&
%XQGWRUSRXQGFDNHV
3LHVRUSLHVKHOOV
%RU&
)UR]HQSLHV RQFRRNLHVKHHW %RU&
&DVVHUROHV
7RSUHKHDWVHWWKH
RYHQDWWKHFRUUHFW
WHPSHUDWXUH³
VHOHFWLQJDKLJKHU
WHPSHUDWXUHGRHV
QRWVKRUWHQWKH
SUHKHDWWLPH
%
%RU&
3UHKHDWLQJ
3UHKHDWWKHRYHQIRUPLQXWHVLIWKHUHFLSH
FDOOVIRULW3UHKHDWPHDQVEULQJLQJWKHRYHQXS
WRWKHVSHFLILHGWHPSHUDWXUHEHIRUHSXWWLQJWKH
IRRGLQWKHRYHQ
3UHKHDWLQJLVQHFHVVDU\IRUJRRGUHVXOWVZKHQ
EDNLQJFDNHVFRRNLHVSDVWU\DQGEUHDGV)RU
PRVWFDVVHUROHVDQGURDVWVSUHKHDWLQJLVQRW
QHFHVVDU\
%DNLQJ3DQV
8VHWKHSURSHUEDNLQJSDQ7KHW\SHRIILQLVK
RQWKHSDQGHWHUPLQHVWKHDPRXQWRIEURZQLQJ
WKDWZLOORFFXU
„'DUNURXJKRUGXOOSDQVDEVRUEKHDW
UHVXOWLQJLQDEURZQHUFULVSHUFUXVW8VHWKLV
W\SHIRUSLHV
„*ODVVEDNLQJGLVKHVDOVRDEVRUEKHDW
:KHQEDNLQJLQJODVVEDNLQJGLVKHVORZHU
WKHWHPSHUDWXUHE\ƒ)DQGXVHWKH
UHFRPPHQGHGFRRNLQJWLPHLQWKHUHFLSH
7KLVLVQRWQHFHVVDU\ZKHQEDNLQJSLHVRU
FDVVHUROHV
„6KLQ\EULJKWDQGVPRRWKSDQVUHIOHFWKHDW
UHVXOWLQJLQDOLJKWHUPRUHGHOLFDWHEURZQLQJ
&DNHVDQGFRRNLHVUHTXLUHWKLVW\SHRISDQ
3DQ3ODFHPHQW
)RUHYHQFRRNLQJDQGSURSHUEURZQLQJWKHUH
PXVWEHHQRXJKURRPIRUDLUFLUFXODWLRQLQWKH
RYHQ%DNLQJUHVXOWVZLOOEHEHWWHULIEDNLQJ
SDQVDUHFHQWHUHGDVPXFKDVSRVVLEOHUDWKHU
WKDQEHLQJSODFHGWRWKHIURQWRUWRWKHEDFNRI
WKHRYHQ
3DQVVKRXOGQRWWRXFKHDFKRWKHURUWKHZDOOV
RIWKHRYHQ$OORZWRøLQFKVSDFHEHWZHHQ
SDQVDVZHOODVIURPWKHEDFNRIWKHRYHQWKH
GRRUDQGWKHVLGHV
,I\RXQHHGWRXVHWZRVKHOYHVVWDJJHUWKHSDQV
VRRQHLVQRWGLUHFWO\DERYHWKHRWKHU
8VLQJWKHRYHQIRUEDNLQJ
&RRNLHV
)ODWFRRNLHVKHHWV ZLWKRXWVLGHV SURGXFH
'RQRWXVHDFRRNLHVKHHWVRODUJHWKDWLW
EHWWHUORRNLQJFRRNLHV&RRNLHVEDNHGLQDMHOO\
WRXFKHVWKHZDOOVRUWKHGRRURIWKHRYHQ1HYHU
UROOSDQ VKRUWVLGHVDOODURXQG PD\KDYHGDUNHU HQWLUHO\FRYHUDVKHOIZLWKDODUJHFRRNLHVKHHW
HGJHVDQGSDOHRUOLJKWEURZQLQJPD\RFFXU
)RUEHVWUHVXOWVXVHRQO\RQH
FRRNLHVKHHWLQWKHRYHQDWDWLPH
3LHV
)RUEHVWUHVXOWVEDNHSLHVLQGDUNURXJKRUGXOO
SDQVWRSURGXFHDEURZQHUFULVSHUFUXVW
)UR]HQSLHVLQIRLOSDQVVKRXOGEHSODFHGRQ
DQDOXPLQXPFRRNLHVKHHWIRUEDNLQJVLQFHWKH
VKLQ\IRLOSDQUHIOHFWVKHDWDZD\IURPWKHSLH
FUXVWWKHFRRNLHVKHHWKHOSVUHWDLQLW
&DNHV
:KHQEDNLQJFDNHVZDUSHGRUEHQWSDQVZLOO
FDXVHXQHYHQEDNLQJUHVXOWVDQGSRRUO\VKDSHG
SURGXFWV
$FDNHEDNHGLQDSDQODUJHUWKDQWKHUHFLSH
UHFRPPHQGVZLOOXVXDOO\EHFULVSHUWKLQQHUDQG
GULHUWKDQLWVKRXOGEH
,IEDNHGLQDSDQVPDOOHUWKDQUHFRPPHQGHGLW
PD\EHXQGHUFRRNHGDQGEDWWHUPD\RYHUIORZ
&KHFNWKHUHFLSHWRPDNHVXUHWKHSDQVL]HXVHG
LVWKHRQHUHFRPPHQGHG
'RQ·W3HHN
6HWWKHWLPHUIRUWKHHVWLPDWHGFRRNLQJWLPH
DQGGRQRWRSHQWKHGRRUWRORRNDW\RXUIRRG
0RVWUHFLSHVSURYLGHPLQLPXPDQGPD[LPXP
EDNLQJWLPHVVXFKDV´EDNH²PLQXWHVµ
'2127RSHQWKHGRRUWRFKHFNXQWLOWKH
PLQLPXPWLPH2SHQLQJWKHRYHQGRRU
IUHTXHQWO\GXULQJFRRNLQJDOORZVKHDWWRHVFDSH
DQGPDNHVEDNLQJWLPHVORQJHU<RXUEDNLQJ
UHVXOWVPD\DOVR
EHDIIHFWHG
$OXPLQXP)RLO
'RQRWXVHDOXPLQXPIRLOWROLQHRYHQERWWRPV
7KHIRLOZLOOWUDSKHDWEHORZDQGXSVHWWKH
SHUIRUPDQFHRIWKHRYHQ)RLOFDQPHOWDQG
SHUPDQHQWO\GDPDJHWKHRYHQERWWRP
'DPDJHIURPLPSURSHUXVHRIDOXPLQXPIRLOLV
QRWFRYHUHGE\WKHSURGXFWZDUUDQW\
)RLOPD\EHXVHGWRFDWFKVSLOOVE\SODFLQJD
2YHQ0RLVWXUH
$V\RXURYHQKHDWVXSWKHWHPSHUDWXUHFKDQJH
RIWKHDLULQWKHRYHQPD\FDXVHZDWHUGURSOHWV
WRIRUPRQWKHGRRUJODVV7KHVHGURSOHWV
DUHKDUPOHVVDQGZLOOHYDSRUDWHDVWKHRYHQ
FRQWLQXHVWRKHDWXS
VKHHWRQDORZHUUDFNVHYHUDOLQFKHVEHORZ
WKHIRRG'RQRWXVHPRUHIRLOWKDQQHFHVVDU\
DQGQHYHUHQWLUHO\FRYHUDQRYHQUDFNZLWK
DOXPLQXPIRLO.HHSIRLODWOHDVWµIURP
RYHQZDOOVWRSUHYHQWSRRUKHDWFLUFXODWLRQ
8VLQJWKHRYHQIRUURDVWLQJ
*($SSOLDQFHVFRP
5RDVWLQJLVFRRNLQJE\GU\KHDW7HQGHUPHDWRUSRXOWU\FDQEHURDVWHGXQFRYHUHGLQ\RXURYHQ5RDVWLQJWHPSHUDWXUHV
ZKLFKVKRXOGEHORZDQGVWHDG\NHHSVSDWWHULQJWRDPLQLPXP
5RDVWLQJLVUHDOO\DEDNLQJSURFHGXUHXVHGIRUPHDWV5RDVWLQJLVHDV\MXVWIROORZWKHVHGLUHFWLRQV
+RZWR6HWWKH2YHQ)RU5RDVWLQJ
3ODFHWKHVKHOILQWKH$RU%
SRVLWLRQ
3ODFHWKHVKHOILQWKH$RU%SRVLWLRQ1R
SUHKHDWLQJLVQHFHVVDU\
7XUQWKH29(17(03 NQREWRWKHGHVLUHG
VHWWLQJ
&KHFNWKHZHLJKWRIWKHPHDW3ODFHLWIDW
VLGHXS RUIRUSRXOWU\EUHDVWVLGHXS RQD
URDVWLQJUDFNLQDVKDOORZSDQ7KHPHOWLQJ
IDWZLOOEDVWHWKHPHDW6HOHFWDSDQDV
FORVHWRWKHVL]HRIWKHPHDWDVSRVVLEOH
/LQHWKHSDQZLWKDOXPLQXPIRLOZKHQ
XVLQJWKHSDQIRUPDULQDWLQJFRRNLQJZLWK
IUXLWVFRRNLQJKHDYLO\FXUHGPHDWVRU
EDVWLQJIRRGGXULQJFRRNLQJ
$IWHUURDVWLQJLVFRPSOHWHWXUQWKH29(1
7(03 NQREWR2)) DQGWKHQUHPRYHWKH
IRRGIURPWKHRYHQ
$GMXVWWKHRYHQWKHUPRVWDW³(DV\WRGR\RXUVHOI
<RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWREHFRPH
PRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW\RXUVHOI
'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ7KHVH
WKHUPRPHWHUVPD\YDU\²ƒ)
127(7KLVDGMXVWPHQWZLOOQRWDIIHFWWKHEURLOLQJWHPSHUDWXUHV7KHDGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\DIWHUDSRZHU
IDLOXUH
OVEN
OFF
7R$GMXVWWKH7KHUPRVWDWZLWKWKLV7\SHRI.QRE
TEMP
260
300
0
40
O
IL
35
0
450
500
BR
)URQWRI29(17(03NQRE
NQREDSSHDUDQFHPD\YDU\
LOOSE
NS
C
TO
WS
RE
COMA
O
KE ER
L
KE ER
T
ROTATE
HOMA
T
%DFNRI29(17(03NQRE
3XOOWKH29(17(03NQRERIIWKHUDQJH
DQGORRNDWWKHEDFNVLGH
7RPDNHDQDGMXVWPHQWORRVHQ
DSSUR[LPDWHO\RQHWXUQ EXWGR
QRWFRPSOHWHO\UHPRYHWKHWZRVFUHZVRQ
WKHEDFNRIWKHNQRE
WHPSHUDWXUHDSSUR[LPDWHO\ƒ) 5DQJH
LVSOXVRUPLQXVƒ)IURPWKHDUURZ :H
VXJJHVWWKDW\RXPDNHWKHDGMXVWPHQWRQH
FOLFNIURPWKHRULJLQDOVHWWLQJDQGFKHFN
RYHQSHUIRUPDQFHEHIRUHPDNLQJDQ\
DGGLWLRQDODGMXVWPHQWV
:LWKWKHEDFNRIWKHNQREIDFLQJ\RXKROG
WKHRXWHUHGJHRIWKHNQREZLWKRQHKDQG
DQGWXUQWKHIURQWRIWKHNQREZLWKWKH
RWKHUKDQG
$IWHUWKHDGMXVWPHQWLVPDGHUHWLJKWHQ
VFUHZVVRWKH\DUHVQXJEXWEHFDUHIXOQRW
WRRYHUWLJKWHQ
7RLQFUHDVHWKHRYHQWHPSHUDWXUHPRYH
WKHWRSVFUHZWRZDUGWKHULJKW<RX·OOKHDU
DFOLFNIRUHDFKQRWFK\RXPRYHWKHNQRE
5HSODFHWKHNQREPDWFKLQJWKHIODWDUHD
RIWKHNQREWRWKHVKDIWDQGFKHFN
SHUIRUPDQFH
7RGHFUHDVHWKHRYHQWHPSHUDWXUHPRYH
WKHWRSVFUHZWRZDUGWKHOHIW
(DFKFOLFNZLOOFKDQJHWKHRYHQ
8VLQJWKHRYHQIRUEURLOLQJ
%URLOLQJLVFRRNLQJIRRGE\GLUHFWKHDWIURPDERYHWKHIRRG0RVWILVKDQGWHQGHUFXWVRIPHDWFDQEHEURLOHG)ROORZWKHVH
VWHSVWRNHHSVSDWWHULQJDQGVPRNLQJWRDPLQLPXP
<RXUUDQJHKDVDFRPSDUWPHQWEHORZWKHRYHQIRUEURLOLQJ$VSHFLDOO\GHVLJQHGEURLOHUSDQDOORZVGULSSLQJIDWWRGUDLQ
DZD\IURPWKHIRRG
%RWKWKHRYHQGRRUDQGEURLOHUFRPSDUWPHQWGUDZHUVKRXOGEHFORVHGGXULQJEURLOLQJ
+RZWR6HW<RXU2YHQIRU%URLOLQJ
<RXFDQFKDQJHWKHGLVWDQFHRIWKHIRRG
IURPWKHKHDWVRXUFHE\SRVLWLRQLQJWKH
EURLOHUUDFNLQWKHEURLOHUFRPSDUWPHQW
²$ERWWRPRIEURLOHUFRPSDUWPHQW ²%FHQWHURIEURLOHUFRPSDUWPHQW ²& WRSRIEURLOHUFRPSDUWPHQW 0RVWEURLOLQJVKRXOGEHGRQHLQSRVLWLRQ$
3UHKHDWWKHEURLOHUIRUEHVWUHVXOWV
7XUQPRVWIRRGVRQFHGXULQJFRRNLQJ
7LPHIRRGVIRUDERXWRQHKDOIWKHWRWDO
FRRNLQJWLPHWXUQIRRGWKHQFRQWLQXHWR
FRRNWRSUHIHUUHGGRQHQHVV
7XUQWKH29(17(03 NQREWR2))
5HPRYHWKHEURLOHUSDQIURPWKHEURLOHU
UDFNDQGVHUYHWKHIRRGLPPHGLDWHO\
/HDYHWKHSDQRXWVLGHWKHUDQJHWRFRRO
,IWKHPHDWKDVIDWRUJULVWOHDURXQGWKH
HGJHFXWYHUWLFDOVODVKHVWKURXJKLWDERXW
LQFKHVDSDUWEXWGRQ·WFXWLQWRWKHPHDW
:HUHFRPPHQGWKDW\RXWULPWKHIDWWR
SUHYHQWH[FHVVLYHVPRNLQJOHDYLQJDOD\HU
DERXWLQFKWKLFN
&ORVHWKHRYHQGRRUDQGEURLOHU
FRPSDUWPHQWGUDZHU
7XUQWKH29(17(03NQREWR%52,/
+RZWR6HWWKH%URLOHU&RPSDUWPHQW RQVRPHPRGHOV
%URLOLQJLVFRRNLQJIRRGE\GLUHFWKHDWIURP
DERYHWKHIRRG0RVWILVKDQGWHQGHUFXWVRI
PHDWFDQEHEURLOHG)ROORZWKHVHGLUHFWLRQVWR
NHHSVSDWWHULQJDQGVPRNLQJWRDPLQLPXP
,IPHDWKDVIDWRUJULVWOHDURXQGWKHHGJH
FXWYHUWLFDOVODVKHVWKURXJKERWKDERXWs
DSDUW,IGHVLUHGWKHIDWPD\EHWULPPHG
OHDYLQJDOD\HUDERXWsWKLFN
<RXUUDQJHKDVDFRPSDUWPHQWEHORZWKHRYHQ
IRUEURLOLQJ
$UUDQJHWKHIRRGRQWKHJULGDQGSRVLWLRQ
WKHEURLOHUSDQRQWKHDSSURSULDWHUDFNLQ
WKHRYHQRUEURLOLQJFRPSDUWPHQW3ODFLQJ
IRRGFORVHUWRWKHIODPHLQFUHDVHVH[WHULRU
EURZQLQJRIWKHIRRGEXWDOVRLQFUHDVHV
VSDWWHULQJDQGWKHSRVVLELOLW\RIIDWVDQG
PHDWMXLFHVLJQLWLQJ
%RWKWKHRYHQDQGEURLOHUFRPSDUWPHQWGRRUV
PXVWEHFORVHGGXULQJEURLOLQJ
7XUQPRVWIRRGVRQFHGXULQJFRRNLQJ WKH
H[FHSWLRQLVWKLQILOOHWVRIILVKRLORQHVLGHSODFH
WKDWVLGHGRZQRQEURLOHUJULGDQGFRRNZLWKRXW
WXUQLQJXQWLOGRQH 7LPHIRRGVIRUDERXWRQH
KDOIWKHWRWDOFRRNLQJWLPHWXUQIRRGWKHQ
FRQWLQXHWRFRRNWRSUHIHUUHGGRQHQHVV
<RXFDQFKDQJHWKHGLVWDQFHRIWKHIRRG
IURPWKHKHDWVRXUFHE\SRVLWLRQLQJWKH
EURLOHUSDQDQGJULGRQRQHRIWKUHHUDFN
SRVLWLRQVLQWKHEURLOHUFRPSDUWPHQW³$
ERWWRPRIEURLOHUFRPSDUWPHQW % PLGGOH DQG& WRS 3UHKHDWLQJWKHEURLOHURURYHQLVQRW
QHFHVVDU\DQGFDQSURGXFHSRRUUHVXOWV
&ORVHWKHRYHQDQGEURLOHUFRPSDUWPHQW
GRRU
7XUQWKH29(1&21752/NQREWR%52,/
:KHQEURLOLQJLVILQLVKHGWXUQWKH29(1
&21752/NQREWR2))5HPRYHWKHEURLOHU
SDQIURPWKHEURLOHUFRPSDUWPHQWDQG
VHUYHWKHIRRGLPPHGLDWHO\/HDYHWKHSDQ
RXWVLGHWKHUDQJHWRFRRO
8VLQJWKHRYHQIRUEURLOLQJ
*($SSOLDQFHVFRP
$OXPLQXP)RLO
<RXFDQXVHDOXPLQXPIRLOWROLQH\RXUEURLOHU
SDQDQGEURLOHUJULG+RZHYHU\RXPXVWPROG
WKHIRLOWLJKWO\WRWKHJULGDQGFXWVOLWVLQLWMXVW
OLNHWKHJULG
%URLOLQJ&RPSDUWPHQW*XLGH6XJJHVWLRQV
%RWKWKHRYHQDQGEURLOHUFRPSDUWPHQWGRRUV
PXVWEHFORVHGGXULQJEURLOLQJ
■$OZD\VXVHWKHEURLOHUSDQDQGJULGWKDW
FRPHVZLWK\RXUUDQJH,WLVGHVLJQHGWR
PLQLPL]HVPRNLQJDQGVSDWWHULQJE\WUDSSLQJ
MXLFHVLQWKHVKLHOGHGORZHUSDUWRIWKHSDQ
■,IGHVLUHGPDULQDWHPHDWVRUFKLFNHQEHIRUH
EURLOLQJ2UEUXVKZLWKEDUEHFXHVDXFHODVW
²PLQXWHVRQO\
■:KHQDUUDQJLQJWKHIRRGRQWKHSDQGRQRW
OHWIDWW\HGJHVKDQJRYHUWKHVLGHVEHFDXVH
GULSSLQJIDWFRXOGVRLOWKHRYHQ
■)RUVWHDNVDQGFKRSVVODVKIDWHYHQO\DURXQG ■7KHEURLOHUFRPSDUWPHQWGRHVQRWQHHGWREH
WKHRXWVLGHHGJHVRIWKHPHDW7RVODVKFXW
SUHKHDWHG+RZHYHUIRUYHU\WKLQIRRGVRUWR
FURVVZLVHWKURXJKWKHRXWHUIDWVXUIDFHMXVW
LQFUHDVHEURZQLQJSUHKHDWLIGHVLUHG
WRWKHHGJHRIWKHPHDW8VHWRQJVWRWXUQ
■)UR]HQVWHDNVFDQEHEURLOHGE\SRVLWLRQLQJ
WKHPHDWRYHUWRSUHYHQWSLHUFLQJWKHPHDW
WKHUDFNDWWKHQH[WORZHVWUDFNSRVLWLRQDQG
DQGORVLQJMXLFHV
LQFUHDVLQJWKHFRRNLQJWLPHJLYHQLQWKLVJXLGH
øWLPHVSHUVLGH
86'$UHFRPPHQGVWKHIROORZLQJPLQLPXPVDIHLQWHUQDOWHPSHUDWXUHV
‡5DZEHHISRUNODPEDQGYHDOVWHDNVRUFKRSVƒ)DVPHDVXUHGZLWKDIRRG
WKHUPRPHWHUEHIRUHUHPRYLQJPHDWIURPWKHKHDWVRXUFH)RUVDIHW\DQGTXDOLW\DOORZ
PHDWWRUHVWIRUDWOHDVWWKUHHPLQXWHVEHIRUHFDUYLQJRUFRQVXPLQJ
‡5DZJURXQGEHHISRUNODPERUYHDOƒ)DVPHDVXUHGZLWKDIRRRGWKHUPRPHWHU
‡3RXOWU\ƒ)DVPHDVXUHGZLWKDIRRGWKHUPRPHWHU
)RUPRUHLQIRUPDWLRQVHHZZZLVLWGRQH\HWJRYRUFDOOWKH86'$PHDWDQGSRXOWU\
KRWOLQHDW
&DUHDQGFOHDQLQJRIWKHUDQJH
*($SSOLDQFHVFRP
%HVXUHHOHFWULFDOSRZHULVRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJDQ\SDUWRIWKHUDQJH
:$51,1*
,I\RXUUDQJHLVUHPRYHGIRUFOHDQLQJVHUYLFLQJRUDQ\UHDVRQEH
VXUHWKHDQWLWLSGHYLFHLVUHHQJDJHGSURSHUO\ZKHQWKHUDQJHLVUHSODFHG)DLOXUHWRWDNH
WKLVSUHFDXWLRQFRXOGUHVXOWLQWLSSLQJRIWKHUDQJHDQGFDXVHLQMXU\
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\ORRNXQGHUQHDWKWKHUDQJHWRVHHWKDW
WKHDQWLWLSDUPDWWDFKHGWRWKHVLGHSDQHOLVHQJDJHGLQWKHEUDFNHW2QVRPHPRGHOVWKHVWRUDJH
GUDZHURUNLFNSDQHOFDQEHUHPRYHGIRUHDVLHULQVSHFWLRQ,IYLVXDOLQVSHFWLRQLVQRWSRVVLEOHVOLGH
WKHUDQJHIRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHIORRURUZDOODQGVOLGHWKH
UDQJHEDFNVRWKHDQWLWLSDUPVOLGHVMXVWXQGHUWKHDQWLWLSEUDFNHW
,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\VUHSHDWWKLVSURFHGXUHWRYHULI\WKH
UDQJHLVSURSHUO\VHFXUHGE\WKHDQWLWLSEUDFNHW
,I\RXUUDQJHKDVQRDQWLWLSEUDFNHWFDOOWRUHFHLYHRQHDWQRFRVW
/LIW8S&RRNWRS RQPRGHOVZLWKVWDQGDUGWZLQEXUQHUV
&OHDQWKHDUHDXQGHUWKHFRRNWRSRIWHQ%XLOW
XSVRLOHVSHFLDOO\JUHDVHPD\FDWFKRQILUH
7RPDNHFOHDQLQJHDVLHUWKHFRRNWRSPD\EH
OLIWHGXS
6RPHPRGHOVKDYHGXDOVXSSRUW
URGVWKDWZLOOKROGWKHFRRNWRSXS
ZKLOH\RXFOHDQXQGHUQHDWKLW
127('RQRWOLIWWKHFRRNWRSRQVHDOHGEXUQHU
PRGHOV/LIWLQJWKHFRRNWRSFDQOHDGWRGDPDJH
DQGLPSURSHURSHUDWLRQRIWKHUDQJH
&OHDQXQGHUWKHFRRNWRSZLWKKRWVRDS\ZDWHU
DQGDFOHDQFORWK,I\RXUHPRYHG\RXUVXUIDFH
EXUQHUVZKLOHFOHDQLQJPDNHVXUHWKH\DUH
SURSHUO\VHDWHGZKHQUHSODFLQJWKHP
$IWHUFOHDQLQJORZHUWKHFRRNWRS EHFDUHIXO
QRWWRSLQFK\RXUILQJHUV 7RUDLVHWKHFRRNWRS
%HVXUHWKHEXUQHUVDUHWXUQHGRII
5HPRYHWKHJUDWHV
*UDVSWKHWZRIURQWEXUQHUZHOOVDQGOLIW
XS
%XUQHU*UDWHV
<RXUUDQJHKDVWZRRUWKUHHSURIHVVLRQDOVW\OH
GRXEOHJUDWHV7KHVHJUDWHVDUHSRVLWLRQ
VSHFLILF)RUPD[LPXPVWDELOLW\WKHVHJUDWHV
VKRXOGRQO\EHXVHGLQWKHLUSURSHUSRVLWLRQ
WKH\FDQQRWEHLQWHUFKDQJHGOHIWWRULJKWRU
IURQWWREDFN)RUFRQYHQLHQFHWKHXQGHUVLGHV
RIWKHOHIWDQGULJKWJUDWHVDUHPDUNHG´/()7
)5217µDQG´5,*+7)5217µ0DNHVXUHWKH
IURQWSRUWLRQRIERWKJUDWHVLVLQIURQW7KH
PLGGOHJUDWHKDVDERZLQIURQW0DNHVXUHWKH
ERZHGSRUWLRQLVWRZDUGWKHIURQWRIWKHUDQJH
,QDGGLWLRQWKHPLGGOHJUDWHLVVXSSRUWHGE\WKH
OHIWDQGULJKWJUDWHVDQGPXVWEHLQVWDOOHG/$67
IRUVWDELOLW\
&OHDQLQJ
/LIWRXWZKHQFRRO*UDWHVVKRXOGEHZDVKHG
UHJXODUO\DQGRIFRXUVHDIWHUVSLOORYHUV:DVK
WKHPLQKRWVRDS\ZDWHUDQGULQVHZLWKFOHDQ
ZDWHU:KHQUHSODFLQJWKHJUDWHVEHVXUH
WKH\DUHSRVLWLRQHGVHFXUHO\RYHUWKHEXUQHUV
5HSODFHWKHJUDWHVVRWKDWFRQWLQXRXVDUFVDUH
IRUPHGZLWKWKHFHQWHUULEVRIDOOWKUHHJUDWHV
'RQRWRSHUDWHDEXUQHUIRUDQH[WHQGHGSHULRG
RIWLPHZLWKRXWFRRNZDUHRQWKHJUDWH7KH
ILQLVKRQWKHJUDWHPD\FKLSZLWKRXWFRRNZDUH
WRDEVRUEWKHKHDW
7RJHWULGRIEXUQHGRQIRRGSODFHWKHJUDWHVLQ
DFRYHUHGFRQWDLQHU$GGFXSDPPRQLDDQG
OHWWKHPVRDNVHYHUDOKRXUVRURYHUQLJKW:DVK
ULQVHZHOODQGGU\
$OWKRXJKWKH\DUHGXUDEOHWKHJUDWHVZLOO
JUDGXDOO\ORVHWKHLUVKLQHUHJDUGOHVVRIWKH
EHVWFDUH\RXFDQJLYHWKHP7KLVLVGXHWRWKHLU
FRQWLQXDOH[SRVXUHWRKLJKWHPSHUDWXUHV<RX
ZLOOQRWLFHWKLVVRRQHUZLWKOLJKWHUFRORUJUDWHV
127('RQRWFOHDQWKHJUDWHVLQDVHOIFOHDQLQJ
RYHQ
*($SSOLDQFHVFRP
6WDQGDUG7ZLQ%XUQHU$VVHPEOLHV RQVRPHPRGHOV
*UDWH
'ULSSDQ LIVRHTXLSSHG
)RUFOHDQLQJLQIRUPDWLRQRQVHDOHGEXUQHUV
VHHVHFWLRQEHORZ6HDOHGEXUQHUFRRNWRSV
GRQRWOLIWXS
2QPRGHOVZLWKVWDQGDUGWZLQEXUQHUVWKH
FRRNWRSOLIWVXSIRUHDV\DFFHVV
7XUQDOOFRQWUROV2))EHIRUHUHPRYLQJEXUQHU
SDUWVDQGGULSSDQV LIVRHTXLSSHG 6XUIDFHEXUQHU
&$87,21
'RQRWRSHUDWHWKHFRRNWRSZLWKRXWDOO
EXUQHUSDUWVGULSSDQV LIVRHTXLSSHG DQGJUDWHVLQSODFH
)RUPRUHVWXEERUQVWDLQVXVHDFOHDQVHUOLNH
6RIW6FUXEŠEUDQGRU%RQ$PLŠEUDQG5LQVHZHOO
WRUHPRYHDQ\WUDFHVRIWKHFOHDQVHUWKDWPLJKW
FORJWKHVXUIDFHEXUQHURSHQLQJV
'RQRWXVHVWHHOZRROEHFDXVHLWZLOOFORJWKH
VXUIDFHEXUQHURSHQLQJVDQGVFUDWFKWKH
VXUIDFHEXUQHUV,IWKHKROHVEHFRPHFORJJHG
FOHDQWKHPZLWKDVHZLQJQHHGOHRUWZLVWWLH
%HIRUHSXWWLQJWKHVXUIDFHEXUQHUEDFNVKDNH
7KHEXUQHUJUDWHVDQGGULSSDQV LIVRHTXLSSHG RXWH[FHVVZDWHUDQGWKHQGU\LWWKRURXJKO\E\
FDQEHOLIWHGRIIPDNLQJWKHPHDV\WRFOHDQ
VHWWLQJLWLQDZDUPRYHQIRUPLQXWHV7KHQ
SODFHLWEDFNLQWKHUDQJHPDNLQJVXUHLWLV
7KHKROHVLQWKHVXUIDFHEXUQHUVRI\RXUUDQJH
SURSHUO\VHDWHGDQGOHYHO
PXVWEHNHSWFOHDQDWDOOWLPHVIRUSURSHU
LJQLWLRQDQGDQHYHQXQKDPSHUHGIODPH
&KHFNWKHIODPHSDWWHUQRIHDFKEXUQHU,IWKH
IODPHVDUH´MXPS\µ QRWVWHDG\ FOHDQWKHKROHV
<RXVKRXOGFOHDQWKHVXUIDFHEXUQHUVURXWLQHO\
DJDLQZLWKDVHZLQJQHHGOHRUWZLVWWLH
HVSHFLDOO\DIWHUEDGVSLOORYHUVZKLFKFRXOGFORJ
WKHVHKROHV
:LSHRIIVXUIDFHEXUQHUV,IKHDY\VSLOORYHU
RFFXUVUHPRYHWKHVXUIDFHEXUQHUVIURPWKH
UDQJH%XUQHUVOLIWRXWIRUFOHDQLQJ/LIWXSWKH
FRRNWRSDQGWKHQOLIWRXWWKHVXUIDFHEXUQHUV
7RUHPRYHEXUQHGRQIRRGVRDNWKHVXUIDFH
EXUQHULQDVROXWLRQRIPLOGOLTXLGGHWHUJHQWDQG
KRWZDWHU6RDNWKHVXUIDFHEXUQHUIRUWR
PLQXWHV
&OHDQWKHVHKROHVWKRURXJKO\RQHDFK
EXUQHU
'ULS3DQV LIVRHTXLSSHG
5HPRYHWKHJUDWHVDQGOLIWRXWWKHGULSSDQV
'ULSSDQVFDQEHFOHDQHGLQDGLVKZDVKHURU
E\KDQG
3ODFHWKHPLQDFRYHUHGFRQWDLQHU$GG
FXSDPPRQLDDQGOHWVRDNVHYHUDOKRXUVRU
RYHUQLJKW:DVKULQVHZHOODQGGU\
:KHQUHSODFLQJWKHGULSSDQVPDNHVXUHWKH\
DUHLQWKHFRUUHFWSRVLWLRQ
'RQRWFOHDQWKHGULS
SDQVLQDVHOIFOHDQLQJRYHQ
&$87,21
&RRNWRS6XUIDFH
7RDYRLGGDPDJLQJWKHSRUFHODLQHQDPHO
VXUIDFHRIWKHFRRNWRSDQGWRSUHYHQWLW
IURPEHFRPLQJGXOOFOHDQXSVSLOOVULJKWDZD\
)RRGVZLWKDORWRIDFLG WRPDWRHVVDXHUNUDXW
IUXLWMXLFHVHWF RUIRRGVZLWK
KLJKVXJDUFRQWHQWFRXOGFDXVHDGXOOVSRW
LIDOORZHGWRVHW
:KHQWKHVXUIDFHKDVFRROHGZDVKDQGULQVH
)RURWKHUVSLOOVVXFKDVIDWVSDWWHULQJVZDVK
ZLWKVRDSDQGZDWHURQFHWKHVXUIDFHKDV
FRROHG7KHQULQVHDQGSROLVKZLWKDGU\FORWK
127()RUVWDLQOHVVVWHHOFRRNWRSVUHIHU
WRWKH6WDLQOHVVVWHHOVXUIDFHVVHFWLRQ
&DUHDQGFOHDQLQJRIWKHUDQJH
2YHQ$LU9HQWV
1HYHUEORFNWKHYHQWV DLURSHQLQJV RIWKH
UDQJH7KH\SURYLGHWKHDLULQOHWDQGRXWOHWWKDW
DUHQHFHVVDU\IRUWKHUDQJHWRRSHUDWHSURSHUO\
ZLWKFRUUHFWFRPEXVWLRQ
$LURSHQLQJVDUHORFDWHGDWWKHUHDURIWKH
FRRNWRSDWWKHWRSDQGERWWRPRIWKHRYHQ
GRRUDQGDWWKHERWWRPRIWKHUDQJH
9HQWDSSHDUDQFHDQGORFDWLRQYDU\
/RZHU&RQWURO3DQHO )URQW0DQLIROG3DQHO DQG.QREV
,W·VDJRRGLGHDWRZLSHWKHFRQWUROSDQHODIWHU
HDFKXVHRIWKHRYHQ8VHDGDPSFORWKWR
FOHDQRUULQVH)RUFOHDQLQJXVHPLOGVRDSDQG
ZDWHURUDVROXWLRQRIYLQHJDUDQGZDWHU
)RUULQVLQJXVHFOHDQZDWHU3ROLVKGU\ZLWKD
VRIWFORWK
6XUIDFHEXUQHUNQRE
5HGOLQH
0DNHVXUHWKHNQREVDUHLQWKH2))SRVLWLRQV
DQGSXOOWKHPVWUDLJKWRIIWKHVWHPVIRU
FOHDQLQJ
2YHQ6KHOYHVDQG%URLOHU5DFN
7KHVKHOYHVDQGEURLOHUUDFNFDQEHFOHDQHGE\
KDQGXVLQJVRDSDQGZDWHURUZLWKDQDEUDVLYH
FOHDQHURUVWHHOZRRO$IWHUFOHDQLQJULQVHWKH
VKHOYHVDQGEURLOHUUDFNZLWKFOHDQZDWHUDQG
GU\ZLWKDFOHDQFORWK
$IWHUFOHDQLQJJUHDVHDOORYHQUDFNHGJHVZLWK
DOLJKWFRDWLQJRIYHJHWDEOHRLO7KLVZLOOKHOS
PDLQWDLQWKHHDVHRIVOLGLQJWKHUDFNVLQDQG
RXWRIWKHRYHQ
5HSODFHWKHNQREVLQWKH2))SRVLWLRQWRHQVXUH
SURSHUSODFHPHQW
'RQRWXVHDEUDVLYHFOHDQVHUVVWURQJOLTXLG
0HWDOSDUWVFDQEHFOHDQHGZLWKVRDSDQG
FOHDQHUVSODVWLFVFRXULQJSDGVRURYHQFOHDQHUV
ZDWHU'RQRWXVHVWHHOZRRODEUDVLYHV
RQWKHFRQWUROSDQHO³WKH\ZLOOGDPDJHWKH
DPPRQLDDFLGVRUFRPPHUFLDORYHQFOHDQHUV
ILQLVK
'U\ZLWKDVRIWFORWK
'RQRWWU\WREHQGNQREVE\SXOOLQJWKHPXS
127(.QREVDUHQRWLQWHUFKDQJHDEOH%HVXUHWR
RUGRZQRUE\KDQJLQJDWRZHORURWKHUVXFK
UHLQVWDOOWKHNQREVWRWKHRULJLQDOORFDWLRQ
ORDGV7KLVFDQGDPDJHWKHJDVYDOYHVKDIW
7KHFRQWURONQREVPD\EHUHPRYHGIRUHDVLHU
FOHDQLQJ
/RZHURYHQNQRE RQVRPHPRGHOV
7KHNQREVFDQEHFOHDQHGLQDGLVKZDVKHURU
WKH\PD\DOVREHZDVKHGZLWKVRDSDQGZDWHU
0DNHVXUHWKHLQVLGHVRIWKHNQREVDUHGU\
EHIRUHUHSODFLQJ
*($SSOLDQFHVFRP
5HPRYDEOH2YHQ%RWWRP
)LUVWUHPRYHWKHVKHOYHVIURPWKHRYHQ7KH
RYHQERWWRPOLIWVIURPWKHIURQW
7RUHPRYH
.QXUOHG
VFUHZ RQ
VRPHPRGHOV
2QPRGHOVVRHTXLSSHGUHPRYHWKH
NQXUOHGVFUHZLQWKHIURQWRIWKHRYHQ
ERWWRP
*UDVSHDFKVLGHRIWKHRYHQERWWRPDQG
SXVKLWEDFN
/LIWWKHIURQWXSDQGSXOOLWRXWRIWKHRYHQ
7RUHSODFH
*UDVSHDFKVLGHRIWKHRYHQERWWRPDQG
JXLGHLWVUHDUWDEVLQWRWKHVORWVLQWKH
EDFNRIWKHRYHQ
/RZHUWKHRYHQERWWRPDQGSXOOLWIRUZDUG
XQWLOLWLVVHFXUHXQGHUWKHIURQWRYHQIORRU
HGJH
2QPRGHOVVRHTXLSSHGUHSODFHWKH
NQXUOHGVFUHZLQWKHIURQWRIWKHRYHQ
ERWWRP
127(,IWKHRYHQERWWRPLVUHSODFHGLQFRUUHFWO\
LWPD\ZDUSDQGFDXVHXQGHVLUDEOHEDNLQJ
UHVXOWV
2YHQ%RWWRP
7KHRYHQERWWRPKDVDSRUFHODLQHQDPHO
ILQLVK7RPDNHFOHDQLQJHDVLHUSURWHFWWKH
RYHQERWWRPIURPH[FHVVLYHVSLOORYHUVE\
SODFLQJDFRRNLHVKHHWRQWKHUDFNEHORZWKH
UDFN\RXDUHFRRNLQJRQ7KLVLVSDUWLFXODUO\
LPSRUWDQWZKHQEDNLQJDIUXLWSLHRURWKHU
IRRGVZLWKDKLJKDFLGFRQWHQW+RWIUXLW
ILOOLQJVRURWKHUIRRGVWKDWDUHKLJKO\DFLGLF
VXFKDVWRPDWRHVVDXHUNUDXWDQGVDXFHV
ZLWKYLQHJDURUOHPRQMXLFH PD\FDXVHSLWWLQJ
DQGGDPDJHWRWKHSRUFHODLQHQDPHOVXUIDFH
DQGVKRXOGEHZLSHGXSLPPHGLDWHO\
7RFOHDQXSVSLOORYHUVXVHVRDSDQGZDWHUDQ
DEUDVLYHFOHDQHURUVRDSILOOHGVFRXULQJSDG
5LQVHZHOOWRUHPRYHDQ\VRDSEHIRUHVHOI
FOHDQLQJ
%URLOHU&RPSDUWPHQW
7KHEURLOHUSDQLVKHOGLQSODFHLQWKHEURLOHU
UDFN
7RUHPRYHWKHEURLOHUSDQ
*HQWO\SXOOIRUZDUGRQWKHGURSGRZQ
EURLOHUGRRU
3XOOWKHEURLOHUUDFNZLWKSDQIRUZDUGXQWLO
WKHUDFNVWRSV*UDVSWKHEURLOHUSDQDQG
UHPRYHLWIURPWKHEURLOHUUDFN
7RUHSODFHWKHEURLOHUSDQ
6OLGHWKHEURLOHUSDQRQWRWKHUDFNDQG
SXVKERWKWKHEURLOHUSDQDQGWKHUDFNDOO
WKHZD\LQWRWKHEURLOHUFRPSDUWPHQW
&ORVHWKHEURLOHUGRRU
,IDVSLOORYHURFFXUVLQWKHEURLOHUFRPSDUWPHQW
DOORZWKHFRPSDUWPHQWWRFRROILUVW<RXFDQ
FOHDQWKHFRPSDUWPHQWZLWKVRDSDQGZDWHUD
PLOGDEUDVLYHFOHDQVHUVRDSILOOHGVFRXULQJSDGV
RUDQRYHQFOHDQHUIROORZLQJSDFNDJHGLUHFWLRQV
&DUHDQGFOHDQLQJRIWKHUDQJH
%URLOHU3DQDQG*ULG
$IWHUEURLOLQJUHPRYHWKHEURLOHUSDQIURPWKH
RYHQ5HPRYHWKHJULGIURPWKHSDQ&DUHIXOO\
SRXURXWJUHDVHIURPWKHSDQLQWRDSURSHU
FRQWDLQHU:DVKDQGULQVHWKHEURLOHUSDQDQG
JULGLQKRWZDWHUZLWKDVRDSILOOHGRUSODVWLF
VFRXULQJSDG
7KHRYHQGRRULVUHPRYDEOHEXWLWLVKHDY\<RX
PD\QHHGKHOSUHPRYLQJDQGUHSODFLQJWKH
GRRU
7RUHPRYHWKHGRRU
+LQJH
ORFN
2SHQWKHGRRUWRWKHIXOORSHQSRVLWLRQ
3XOOWKHKLQJHORFNVXSRYHUWKHKLQJH
KRRNVRQERWKVLGHV<RXPD\QHHGWRXVH
DIODWEODGHVFUHZGULYHUWROLIWKLQJHORFNV
XS
/RZHU
KLQJHDUP
*UDVSWKHGRRUILUPO\RQHDFKVLGHOLIW
VOLJKWO\DQGSXOOLWVWUDLJKWRXWDQGDZD\
IURPWKHRYHQ
7RUHSODFHWKHGRRU
)LUPO\JUDVSERWKVLGHVRIWKHGRRUDWWKH
WRS
,QVHUWDQGVHDWWKHXSSHUDQGORZHUKLQJH
DUPVLQWRWKHRYHQVORWV
3XVKWKHKLQJHORFNVGRZQIURPWKHKLQJH
KRRNV
7KHJDVNHWLVGHVLJQHGZLWKDJDS
DWWKHERWWRPWRDOORZIRUSURSHU
DLUFLUFXODWLRQ
'RQRWUXERUFOHDQWKHGRRU
JDVNHW³LWKDVDQH[WUHPHO\ORZ
UHVLVWDQFHWRDEUDVLRQ
,I\RXQRWLFHWKHJDVNHWEHFRPLQJ
ZRUQIUD\HGRUGDPDJHGLQDQ\
ZD\RULILWKDVEHFRPHGLVSODFHG
RQWKHGRRU\RXVKRXOGKDYHLW
UHSODFHG
'RQRWVWRUHDVRLOHGEURLOHUSDQDQGJULG
DQ\ZKHUHLQWKHUDQJH
/LIW2II2YHQ'RRU
6ORW
8SSHU
KLQJHDUP
,IIRRGKDVEXUQHGRQVSULQNOHWKHJULGZLWK
GHWHUJHQWZKLOHKRWDQGFRYHUZLWKZHWSDSHU
WRZHOVRUDGLVKFORWK6RDNLQJWKHSDQZLOO
UHPRYHEXUQHGRQIRRGV
&ORVHWKHRYHQGRRUDQGPDNHVXUHLWLV
ZRUNLQJSURSHUO\,ILWLVQRWZRUNLQJ
SURSHUO\UHPRYHDQGUHSODFHLWIROORZLQJ
WKHDERYHVWHSV
'2127$77(03772&/26(7+('225
817,/7+,667(3,6&203/(7(7+(+,1*(
25'225&28/'%('$0$*('
72&/($17+('225
7RFOHDQWKHLQVLGHRIWKHGRRU
■'RQRWDOORZH[FHVVZDWHUWRUXQLQWRDQ\
KROHVRUVORWVLQWKHGRRU
■:LSHGLVKZDVKLQJGHWHUJHQWRYHUDQ\
EDNHGRQVSDWWHUVRQWKHJODVV8VHDVLQJOH
VLGHGVDIHW\UD]RUEODGHWRFOHDQLWRII7KHQ
ZLSHRYHUWKHJODVVZLWKDVRDS\FORWKWR
UHPRYHDQ\UHVLGXHDQGGU\RII
■7KHDUHDRXWVLGHWKHJDVNHWFDQEHFOHDQHG
ZLWKDVRDSILOOHGSODVWLFVFRXULQJSDG
7RFOHDQWKHRXWVLGHRIWKHGRRU
■8VHVRDSDQGZDWHUWRWKRURXJKO\FOHDQWKH
WRSVLGHVDQGIURQWRIWKHRYHQGRRU5LQVH
ZHOO<RXPD\DOVRXVHDJODVVFOHDQHUWR
FOHDQWKHJODVVRQWKHRXWVLGHRIWKHGRRU
■6SLOODJHRIPDULQDGHVIUXLWMXLFHVWRPDWR
VDXFHVDQGEDVWLQJPDWHULDOVFRQWDLQLQJ
DFLGVPD\FDXVHGLVFRORUDWLRQDQGVKRXOGEH
ZLSHGXSLPPHGLDWHO\:KHQWKHVXUIDFHLV
FRROFOHDQDQGULQVH
■'RQRWXVHRYHQFOHDQHUVFOHDQVLQJSRZGHUV
RUKDUVKDEUDVLYHVRQWKHRXWVLGHRIWKH
GRRU
*($SSOLDQFHVFRP
3RUFHODLQ2YHQ,QWHULRU
:LWKSURSHUFDUHWKHSRUFHODLQHQDPHOILQLVK
RQWKHLQVLGHRIWKHRYHQZLOOVWD\QHZORRNLQJ
IRU\HDUV
/HWWKHUDQJHFRROEHIRUHFOHDQLQJ
:HUHFRPPHQGWKDW\RXZHDUUXEEHUJORYHV
ZKHQFOHDQLQJWKHUDQJH
6RDSDQGZDWHUZLOOQRUPDOO\GRWKHMRE
+HDY\VSDWWHULQJRUVSLOORYHUVPD\UHTXLUH
FOHDQLQJZLWKDPLOGDEUDVLYHFOHDQHU6RDS\
ZHWPHWDOSDGVPD\DOVREHXVHG'RQRWDOORZ
IRRGVSLOOVZLWKDKLJKVXJDURUDFLGFRQWHQW
VXFKDVWRPDWRHVVDXHUNUDXWIUXLWMXLFHVRU
SLHILOOLQJ WRUHPDLQRQWKHVXUIDFH7KH\PD\
FDXVHDGXOOVSRWHYHQDIWHUFOHDQLQJ
+RXVHKROGDPPRQLDPD\PDNHWKHFOHDQLQJ
MREHDVLHU 3ODFHFXSLQDVKDOORZJODVVRU
SRWWHU\FRQWDLQHULQDFROGRYHQRYHUQLJKW7KH
DPPRQLDIXPHVZLOOKHOSORRVHQWKHEXUQHGRQ
JUHDVHDQGIRRG
,IQHFHVVDU\\RXPD\XVHDQRYHQFOHDQHU
)ROORZSDFNDJHGLUHFWLRQV
&DXWLRQVDERXWXVLQJVSUD\RQRYHQFOHDQHUV
„'RQRWVSUD\RQWKHHOHFWULFDOFRQWUROVDQG
VZLWFKHVEHFDXVHLWFRXOGFDXVH
DVKRUWFLUFXLWDQGUHVXOWLQVSDUNLQJ
RUILUH
„'RQRWDOORZDILOPIURPWKHFOHDQHUWREXLOG
XSRQWKHWHPSHUDWXUHVHQVRU³LWFRXOG
FDXVHWKHRYHQWRKHDWLPSURSHUO\ 7KH
VHQVRULVORFDWHGDWWKHWRSRIWKHRYHQ &DUHIXOO\ZLSHWKHVHQVRUFOHDQDIWHUHDFK
RYHQFOHDQLQJEHLQJFDUHIXOQRWWRPRYH
WKHVHQVRUDVDFKDQJHLQLWVSRVLWLRQFRXOG
DIIHFWKRZWKHRYHQEDNHV
„'RQRWVSUD\DQ\RYHQFOHDQHURQWKH
RXWVLGHRIWKHRYHQGRRUKDQGOHVRUDQ\
H[WHULRUVXUIDFHRIWKHRYHQZRRGRUSDLQWHG
VXUIDFHV7KHFOHDQHUFDQGDPDJHWKHVH
VXUIDFHV
3DLQWHG6XUIDFHV
3DLQWHGVXUIDFHVLQFOXGHWKHVLGHVFRQWURO
SDQHODQGGRRU&OHDQWKHVHZLWKVRDSDQG
ZDWHURUDYLQHJDUDQGZDWHUVROXWLRQ
'RQRWXVHFRPPHUFLDORYHQFOHDQHUVFOHDQVLQJ
SRZGHUVVWHHOZRRORUKDUVKDEUDVLYHVRQDQ\
SDLQWHGVXUIDFH
:$51,1*6KRFNRU%XUQ+D]DUG%HIRUHUHSODFLQJRYHQOLJKWEXOEGLVFRQQHFWWKHHOHFWULFDOSRZHUWRWKH
UDQJHDWWKHPDLQIXVHRUFLUFXLWEUHDNHUSDQHO)DLOXUHWRGRVRPD\UHVXOWLQHOHFWULFVKRFNRUEXUQ
2YHQ/LJKW5HSODFHPHQW RQVRPHPRGHOV
%HVXUHWROHWWKHOLJKWFRYHUDQGEXOEFRRO
FRPSOHWHO\
7RUHPRYHWKHFRYHU
7ZLVWOHQVFRXQWHUFORFNZLVHDERXWD
TXDUWHUWXUQWRUHPRYH
'RQRWUHPRYHDQ\VFUHZVWRUHPRYHWKHFRYHU
5HSODFHEXOEZLWKDZDWWDSSOLDQFH
EXOERUWZRSURQJKDORJHQEXOEDV
DSSURSULDWH
7RUHSODFHWKHFRYHU
/LQHXSWDEVRIOHQVLQIURQWRIWDEVRQ
KRXVLQJDQGURWDWHFORFNZLVHWRHQJDJH
2YHQ/LJKW5HSODFHPHQW RQVRPHPRGHOV
&$87,21%HIRUHUHSODFLQJ
:LGHFRYHUKROGHU
\RXURYHQOLJKWEXOEGLVFRQQHFWWKHHOHFWULFDO
SRZHUWRWKHUDQJHDWWKHPDLQIXVHRUFLUFXLW
EUHDNHUSDQHO%HVXUHWROHWWKHOLJKWFRYHU
DQGEXOEFRROFRPSOHWHO\
7KHRYHQOLJKWEXOELVFRYHUHGZLWKDUHPRY
DEOHJODVVFRYHUWKDWLVKHOGLQSODFHZLWKD
EDLOVKDSHGZLUH5HPRYHWKHRYHQGRRULI
GHVLUHGWRUHDFKFRYHUHDVLO\
7RUHPRYH
+ROGDKDQGXQGHUWKHFRYHUVRLW
GRHVQ·WIDOOZKHQUHOHDVHG:LWKILQJHUV
RIWKHVDPHKDQGILUPO\SXVKEDFNWKH
ZLUHFRYHUKROGHU/LIWRIIWKHFRYHU
'RQRWUHPRYHDQ\VFUHZVWRUHPRYH
WKHFRYHU
'RQRWWRXFKKRWEXOEZLWKDZHWFORWK
5HSODFHEXOEZLWKDZDWWKRXVHKROG
DSSOLDQFHEXOE
7RUHSODFHFRYHU
3ODFHLWLQWRWKHJURRYHRIWKHOLJKW
UHFHSWDFOH3XOOWKHZLUHIRUZDUGWRWKH
FHQWHURIWKHFRYHUXQWLOLWVQDSVLQWR
SODFH:KHQLQSODFHWKHZLUHKROGVWKH
FRYHUILUPO\%HFHUWDLQWKHZLUHLVLQWKH
GHSUHVVLRQLQWKHFHQWHURIWKHFRYHU
&RQQHFWHOHFWULFDOSRZHUWRWKHUDQJH
,QVWDOODWLRQ
,QVWUXFWLRQV
5DQJH
,I\RXKDYHTXHVWLRQVFDOO*(&$5(6RUYLVLWRXU:HEVLWHDW*($SSOLDQFHVFRP
)25<2856$)(7<
,QWKH&RPPRQZHDOWKRI0DVVDFKXVHWWV
‡ 7KLVSURGXFWPXVWEHLQVWDOOHGE\DOLFHQVHGSOXPEHURU
JDVILWWHU
‡ :KHQXVLQJEDOOW\SHJDVVKXWRIIYDOYHVWKH\VKDOOEH
WKH7KDQGOHW\SH
‡ $IOH[LEOHJDVFRQQHFWRUZKHQXVHGPXVWQRWH[FHHGIHHW
'RQRWVWRUHRUXVHFRPEXVWLEOHPDWHULDOVJDVROLQH
RURWKHUIODPPDEOHYDSRUVDQGOLTXLGVLQWKHYLFLQLW\
RIWKLVRUDQ\RWKHUDSSOLDQFH
,I\RXVPHOOJDV
2SHQZLQGRZV
%()25(<28%(*,1
'RQ·WWRXFKHOHFWULFDOVZLWFKHV
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
,QVWDOODWLRQRIWKLVUDQJHPXVWFRQIRUPZLWKORFDO
FRGHVRULQWKHDEVHQFHRIORFDOFRGHVZLWKWKH
1DWLRQDO)XHO*DV&RGH$16,=1)3$ODWHVW
HGLWLRQ,Q&DQDGDLQVWDOODWLRQPXVWFRQIRUPZLWK
WKHFXUUHQW1DWXUDO*DV,QVWDOODWLRQ&RGH&$1&*$
%RUWKHFXUUHQW3URSDQH,QVWDOODWLRQ&RGH&$1
&*$%DQGZLWKORFDOFRGHVZKHUHDSSOLFDEOH
7KLVUDQJHKDVEHHQGHVLJQFHUWLILHGE\&6$
,QWHUQDWLRQDODFFRUGLQJWR$16,=ODWHVWHGLWLRQ
DQG&DQDGLDQ*DV$VVRFLDWLRQDFFRUGLQJWR&$1&*$
ODWHVWHGLWLRQ
$VZLWKDQ\DSSOLDQFHXVLQJJDVDQGJHQHUDWLQJKHDW
WKHUHDUHFHUWDLQVDIHW\SUHFDXWLRQV\RXVKRXOGIROORZ
<RXZLOOILQGWKHVHSUHFDXWLRQVLQWKH,PSRUWDQW6DIHW\
,QIRUPDWLRQ VHFWLRQLQWKHIURQWRIWKLVPDQXDO5HDG
WKHPFDUHIXOO\
([WLQJXLVKDQ\RSHQIODPH
,PPHGLDWHO\FDOO\RXUJDVVXSSOLHU
722/6<28:,//1(('
3KLOOLSVVFUHZGULYHU
)ODWEODGHVFUHZGULYHU
2SHQHQGRU
DGMXVWDEOHZUHQFK
3HQFLODQGUXOHU
/HYHO
,03257$17²6DYHWKHVHLQVWUXFWLRQVIRU
ORFDOHOHFWULFDOLQVSHFWRU·VXVH
‡ ,03257$17²2EVHUYHDOOJRYHUQLQJ
‡
3LSHZUHQFKHV RQHIRUEDFNXS
FRGHVDQGRUGLQDQFHV
‡ 1RWHWR,QVWDOOHU²/HDYHWKHVHLQVWUXFWLRQVZLWK
WKHDSSOLDQFHDIWHULQVWDOODWLRQLVFRPSOHWHG
‡ 1RWHWR&RQVXPHU².HHSWKLV2ZQHU·V0DQXDO
DQG,QVWDOODWLRQ,QVWUXFWLRQVIRUIXWXUHUHIHUHQFH
‡ 1RWH²7KLVDSSOLDQFHPXVWEHSURSHUO\JURXQGHG
‡ 6HUYLFHU² 7KHHOHFWULFDOGLDJUDPLVLQDQHQYHORSH
DWWDFKHGWRWKHEDFNRIWKHUDQJH
‡ 3URSHULQVWDOODWLRQLVWKHUHVSRQVLELOLW\RIWKHLQVWDOOHU
‡ 3URGXFWIDLOXUHGXHWRLPSURSHULQVWDOODWLRQLVQRW
FRYHUHGXQGHUWKH:DUUDQW\
0RELOH+RPH$GGLWLRQDO,QVWDOODWLRQ5HTXLUHPHQWV
7KHLQVWDOODWLRQRIWKLVUDQJHPXVWFRQIRUPWRWKH
0DQXIDFWXUHG+RPH&RQVWUXFWLRQDQG6DIHW\6WDQGDUG
7LWOH&)53DUW IRUPHUO\WKH)HGHUDO6WDQGDUG
IRU0RELOH+RPH&RQVWUXFWLRQXVHWKH6WDQGDUGIRU
0DQXIDFWXUHG+RPH,QVWDOODWLRQV$16,$1)3$
$RUZLWKORFDOFRGHV
0RELOHKRPHLQVWDOODWLRQVUHTXLUH
‡:KHQWKLVUDQJHLVLQVWDOOHGLQDPRELOHKRPHLWPXVW
EHVHFXUHGWRWKHIORRUGXULQJWUDQVLW$Q\PHWKRGRI
VHFXULQJWKHUDQJHLVDGHTXDWHDVORQJDVLWFRQIRUPVWR
WKHVWDQGDUGVOLVWHGDERYH
'ULOODZORUQDLO
0$7(5,$/6<280$<1(('
‡*DVOLQHVKXWRIIYDOYH
‡3LSHMRLQWVHDODQWRU8/DSSURYHGSLSHWKUHDGWDSHZLWK
7HIORQ WKDWUHVLVWVDFWLRQRIQDWXUDODQG/3JDVHV
‡)OH[LEOHPHWDODSSOLDQFHFRQQHFWRU ´,' $IRRWOHQJWKLVUHFRPPHQGHGIRUHDVHRILQVWDOODWLRQ
EXWRWKHUOHQJWKVDUHDFFHSWDEOH1HYHUXVHDQROG
FRQQHFWRUZKHQLQVWDOOLQJDQHZUDQJH
‡)ODUHXQLRQDGDSWHUIRUFRQQHFWLRQWRJDVVXSSO\OLQH
´RU´137[´,'
‡)ODUHXQLRQDGDSWHUIRUFRQQHFWLRQWRSUHVVXUHUHJXODWRU
RQUDQJH ´137[´,'
‡/LTXLGOHDNGHWHFWRURUVRDS\ZDWHU
‡/DJEROWRU´2'VOHHYHDQFKRU IRUFRQFUHWH
IORRUVRQO\ 7HIORQ5HJLVWHUHGWUDGHPDUNRI'X3RQW
,QVWDOODWLRQ,QVWUXFWLRQV
„$YRLGSODFLQJFDELQHWVDERYHWKHUDQJH7RUHGXFH
WKHKD]DUGFDXVHGE\UHDFKLQJRYHUWKHRSHQIODPHV
RIRSHUDWLQJEXUQHUVLQVWDOODYHQWLODWLRQKRRGRYHU
WKHUDQJHWKDWSURMHFWVIRUZDUGDWOHDVW´EH\RQG
WKHIURQWRIWKHFDELQHWV
:$51,1*
,167$//$7,216$)(7<
,16758&7,216
„7KHYHQWLODWLQJKRRGPXVWEHFRQVWUXFWHG
RIVKHHWPHWDOQRWOHVVWKDQ´WKLFN
,QVWDOODERYHWKHFRRNWRSZLWKDFOHDUDQFHRIQRW
OHVVWKDQ´EHWZHHQWKHKRRGDQGWKHXQGHUVLGH
RIWKHFRPEXVWLEOHPDWHULDORUPHWDOFDELQHW7KH
KRRGPXVWEHDWOHDVWDVZLGHDVWKHDSSOLDQFHDQG
FHQWHUHGRYHUWKHDSSOLDQFH&OHDUDQFHEHWZHHQWKH
FRRNLQJVXUIDFHDQGWKHYHQWLODWLRQKRRGVXUIDFH
08671(9(5%(/(667+$1´
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVFDQUHVXOWLQ
HOHFWULFDOVKRFNILUHVHULRXVLQMXU\RUGHDWK
„,PSURSHULQVWDOODWLRQDGMXVWPHQWDOWHUDWLRQVHUYLFH
RUPDLQWHQDQFHFDQFDXVHLQMXU\RUSURSHUW\
GDPDJH5HIHUWRWKLVPDQXDO)RUDVVLVWDQFHRU
DGGLWLRQDOLQIRUPDWLRQFRQVXOWDTXDOLILHGLQVWDOOHU
VHUYLFHDJHQF\PDQXIDFWXUHU GHDOHU RUWKHJDV
VXSSOLHU
„1HYHUUHXVHROGIOH[LEOHFRQQHFWRUV7KHXVHRIROG
IOH[LEOHFRQQHFWRUVFDQFDXVHJDVOHDNVDQGSHUVRQDO
LQMXU\$OZD\VXVH1(:IOH[LEOHFRQQHFWRUVZKHQ
LQVWDOOLQJDJDVDSSOLDQFH
„/HDNWHVWLQJRIWKHDSSOLDQFHVKDOOEHFRQGXFWHG
DFFRUGLQJWRWKHPDQXIDFWXUHULQVWUXFWLRQV
„5HPRYHDOOSDFNLQJPDWHULDODQGOLWHUDWXUHIURPRYHQ
EHIRUHFRQQHFWLQJJDVDQGHOHFWULFDOVXSSO\WRUDQJH
„'RQRWDWWHPSWWRRSHUDWHWKHRYHQRIWKLVUDQJH
GXULQJDSRZHUIDLOXUH (OHFWULF,JQLWLRQPRGHOVRQO\ (;&(37,21 ,QVWDOODWLRQRIDOLVWHGPLFURZDYHRYHQRU
FRRNLQJDSSOLDQFHRYHUWKHFRRNWRSVKDOOFRQIRUPWR
WKHLQVWDOODWLRQLQVWUXFWLRQVSDFNHGZLWKWKDWDSSOLDQFH
„,IFDELQHWVDUHSODFHGDERYHWKHUDQJH
DOORZDPLQLPXPFOHDUDQFHRI´EHWZHHQWKH
FRRNLQJVXUIDFHDQGWKHERWWRPRIXQSURWHFWHG
FDELQHWV
„,ID´FOHDUDQFHEHWZHHQFRRNLQJVXUIDFHDQG
RYHUKHDGFRPEXVWLEOHPDWHULDORUPHWDOFDELQHWV
FDQQRWEHPDLQWDLQHGSURWHFWWKHXQGHUVLGHRIWKH
FDELQHWVDERYHWKHFRRNWRSZLWKQRWOHVVWKDQ´
LQVXODWLQJPLOOERDUGFRYHUHGZLWKVKHHWPHWDOQRWOHVV
WKDQ´WKLFN&OHDUDQFHEHWZHHQWKHFRRNLQJ
VXUIDFHDQGSURWHFWHGFDELQHWV08671(9(5%(/(66
7+$1´
„+DYH\RXUUDQJHLQVWDOOHGE\DTXDOLILHGLQVWDOOHU
„<RXUUDQJHPXVWEHHOHFWULFDOO\JURXQGHGLQ
DFFRUGDQFHZLWKORFDOFRGHVRULQWKHDEVHQFHRI
ORFDOFRGHVLQDFFRUGDQFHZLWKWKH1DWLRQDO(OHFWULFDO
&RGH $16,1)3$ODWHVWHGLWLRQ ,Q&DQDGD
HOHFWULFDOJURXQGLQJPXVWEHLQDFFRUGDQFHZLWKWKH
FXUUHQW&6$&&DQDGLDQ(OHFWULFDO&RGH3DUW
DQGRUORFDOFRGHV6HH(OHFWULFDO&RQQHFWLRQV LQWKLV
VHFWLRQ
„7KHYHUWLFDOGLVWDQFHIURPWKHSODQHRIWKHFRRNLQJ
VXUIDFHWRWKHERWWRPRIDGMDFHQWRYHUKHDGFDELQHWV
H[WHQGLQJFORVHUWKDQ´WRWKHSODQHRIWKHUDQJH
VLGHVPXVWQRWEHOHVVWKDQ´ 6HHWKH'LPHQVLRQV
DQG&OHDUDQFHV LOOXVWUDWLRQLQWKLVVHFWLRQ
„'RQRWLQVWDOOWKLVSURGXFWZLWKDQDLUFXUWDLQKRRGRU
RWKHUUDQJHKRRGWKDWRSHUDWHVE\EORZLQJDLUGRZQRQ
WKHFRRNWRS7KLVDLUIORZPD\LQWHUIHUHZLWKRSHUDWLRQRI
WKHJDVEXUQHUVUHVXOWLQJLQILUHRUH[SORVLRQKD]DUG
„%HIRUHLQVWDOOLQJ\RXUUDQJHRQOLQROHXPRUDQ\RWKHU
V\QWKHWLFIORRUFRYHULQJPDNHVXUHWKHIORRUFRYHULQJ
FDQZLWKVWDQGƒ)ZLWKRXWVKULQNLQJZDUSLQJRU
GLVFRORULQJ'RQRWLQVWDOOWKHUDQJHRYHUFDUSHWLQJ
XQOHVVDVKHHWRI´WKLFNSO\ZRRGRUVLPLODU
LQVXODWRULVSODFHGEHWZHHQWKHUDQJHDQGFDUSHWLQJ
&$87,21
„0DNHVXUHWKHFDELQHWVIORRUDQGZDOOFRYHULQJV
DURXQGWKHUDQJHFDQZLWKVWDQGKHDWJHQHUDWHGE\
WKHUDQJHXSWRƒ)
2QO\WKH*(&DIpEUDQGHGVHULHV
RI$GYDQWLXPŠRUPLFURZDYHRYHUWKHUDQJHRYHQVDUH
GHVLJQHGWREHLQVWDOOHGDERYHWKH*(&DIpUDQJH6XUIDFHV
DERYHDJDVUDQJHFDQEHFRPHKRW,QVWDOODWLRQRIDQ\RWKHU
RYHUWKHUDQJHRYHQDERYHD*(&DIpUDQJHPD\UHVXOWLQ
VXUIDFHWHPSHUDWXUHVWKDWFDQFDXVHEXUQV
,QVWDOODWLRQ,QVWUXFWLRQV
',0(16,216$1'&/($5$1&(6
3URYLGHDGHTXDWHFOHDUDQFHVEHWZHHQWKHUDQJHDQGDGMDFHQWFRPEXVWLEOHVXUIDFHV7KHVHGLPHQVLRQVPXVW
EHPHWIRUVDIHXVHRI\RXUUDQJH
7KHUDQJHPD\EHSODFHGZLWKFOHDUDQFHEHORZFRRNWRSDQGDWWKHEDFNZDOO
%
0LQLPXPWR
FDELQHWVRQ
HLWKHUVLGH
RIUDQJH
0LQLPXP
&
0LQLPXPWRZDOORQ
HLWKHUVLGHRIUDQJH
DERYHKHLJKW
0D[LPXPGHSWK
IRUFDELQHWVDERYH
FRXQWHUWRSV
)URQWHGJHRI
WKHUDQJHVLGH
SDQHOIRUZDUG
IURPWKH
FDELQHW
7RFDELQHWVEHORZ
FRRNWRSDQGDWWKH
UDQJHEDFN
$
øµ
'
0RGHOV
$
%
&
'
:LGH
ø µ
:LGH
ø µ
,QVWDOODWLRQ,QVWUXFWLRQV
/2&$7,21
3529,'($'(48$7(*$66833/<
'RQRWORFDWHWKHUDQJHZKHUHLWPD\EHVXEMHFWWR
VWURQJGUDIWV$Q\RSHQLQJVLQWKHIORRURUZDOOEHKLQG
WKHUDQJHVKRXOGEHVHDOHG0DNHVXUHWKHRSHQLQJV
DURXQGWKHEDVHRIWKHUDQJHWKDWVXSSO\IUHVKDLU
IRUFRPEXVWLRQDQGYHQWLODWLRQDUHQRWREVWUXFWHG
E\FDUSHWLQJRUZRRGZRUN
<RXUUDQJHOLNHPDQ\RWKHUKRXVHKROGLWHPVLV
KHDY\DQGFDQVHWWOHLQWRVRIWIORRUFRYHULQJVVXFKDV
FXVKLRQHGYLQ\ORUFDUSHWLQJ8VHFDUHZKHQPRYLQJ
WKHUDQJHRQWKLVW\SHRIIORRULQJ,WLVUHFRPPHQGHG
WKDWWKHIROORZLQJVLPSOHDQGLQH[SHQVLYHLQVWUXFWLRQV
EHIROORZHGWRSURWHFW\RXUIORRU
7KHUDQJHVKRXOGEHLQVWDOOHGRQDVKHHWRISO\ZRRG
RUVLPLODUPDWHULDO :KHQWKHIORRUFRYHULQJHQGVDW
WKHIURQWRIWKHUDQJHWKHDUHDWKDWWKHUDQJHZLOOUHVW
RQVKRXOGEHEXLOWXSZLWKSO\ZRRGWRWKHVDPHOHYHORU
KLJKHUWKDQWKHIORRUFRYHULQJ
7KLVZLOODOORZWKHUDQJHWREHPRYHGIRUFOHDQLQJ
RUVHUYLFLQJ$OVRPDNHVXUH\RXUIORRUFRYHULQJZLOO
ZLWKVWDQGƒ) 6HHWKH,QVWDOODWLRQ6DIHW\,QVWUXFWLRQV
VHFWLRQ
0DNHVXUHWKHFDELQHWVDQGZDOOFRYHULQJVDURXQG\RXU
UDQJHFDQZLWKVWDQGWKHKHDWJHQHUDWHG XSWRƒ) E\WKHUDQJH 6HHWKH,QVWDOODWLRQ6DIHW\,QVWUXFWLRQV
VHFWLRQ
<RXUUDQJHLVGHVLJQHGWRRSHUDWHDWDSUHVVXUHRIµRI
ZDWHUFROXPQRQQDWXUDOJDVRULIGHVLJQHGIRU/3JDV
SURSDQHRUEXWDQH µRIZDWHUFROXPQ
0DNHVXUH\RXDUHVXSSO\LQJ\RXUUDQJHZLWKWKHW\SH
RIJDVIRUZKLFKLWLVGHVLJQHG
7KLVUDQJHLVFRQYHUWLEOHIRUXVHRQQDWXUDORU
SURSDQHJDV,I\RXGHFLGHWRXVHWKLVUDQJHRQ/3JDV
FRQYHUVLRQPXVWEHPDGHE\DTXDOLILHG/3LQVWDOOHU
EHIRUHDWWHPSWLQJWRRSHUDWHWKHUDQJHRQWKDWJDV
)RUSURSHURSHUDWLRQWKHSUHVVXUHRIQDWXUDOJDVVXSSOLHG
WRWKHUHJXODWRUPXVWEHEHWZHHQ´DQG´RIZDWHU
FROXPQ
)RU/3JDVWKHSUHVVXUHVXSSOLHGPXVWEHEHWZHHQ´
DQG´RIZDWHUFROXPQ
:KHQFKHFNLQJIRUSURSHURSHUDWLRQRIWKHUHJXODWRU
WKHLQOHWSUHVVXUHPXVWEHDWOHDVWJUHDWHUWKDQWKH
RSHUDWLQJ PDQLIROG SUHVVXUHDVJLYHQDERYH
7KHSUHVVXUHUHJXODWRUORFDWHGDWWKHLQOHWRIWKHUDQJH
PXVWUHPDLQLQWKHVXSSO\OLQHUHJDUGOHVVRIZKHWKHU
QDWXUDORU/3JDVLVEHLQJXVHG
$IOH[LEOHPHWDODSSOLDQFHFRQQHFWRUXVHGWRFRQQHFWWKH
UDQJHWRWKHJDVVXSSO\OLQHVKRXOGKDYHDQ,'RI´
DQGEHIHHWLQOHQJWKIRUHDVHRILQVWDOODWLRQ,Q&DQDGD
IOH[LEOHFRQQHFWRUVPXVWEHVLQJOHZDOOPHWDOFRQQHFWRUV
QRORQJHUWKDQIHHWLQOHQJWK
,03257$17
5HPRYHDOOWDSHDQGSDFNDJLQJ0DNHVXUHWKHEXUQHUV
DUHSURSHUO\VHDWHGDQGOHYHO
7DNHWKHDFFHVVRU\SDFNRXWRIWKHRYHQDQGRUGUDZHU
&KHFNWREHVXUHWKDWQRUDQJHSDUWVKDYHFRPHORRVH
GXULQJVKLSSLQJ
,QVWDOODWLRQ,QVWUXFWLRQV
&211(&77+(5$1*(72*$6
6KXWRIIWKHPDLQJDVVXSSO\YDOYHEHIRUHGLVFRQQHFWLQJ
WKHROGUDQJHDQGOHDYHLWRIIXQWLOWKHQHZKRRNXSKDV
EHHQFRPSOHWHG'RQ·WIRUJHWWRUHOLJKWWKHSLORWRQRWKHU
JDVDSSOLDQFHVZKHQ\RXWXUQWKHJDVEDFNRQ
&,QVWDOOPDOH´RU´IODUHXQLRQDGDSWHUWRWKH137
LQWHUQDOWKUHDGRIWKHPDQXDOVKXWRIIYDOYHWDNLQJFDUH
WREDFNXSWKHVKXWRIIYDOYHWRNHHSLWIURPWXUQLQJ
'&RQQHFWIOH[LEOHPHWDODSSOLDQFHFRQQHFWRUWRWKH
DGDSWHURQWKHUDQJH3RVLWLRQUDQJHWRSHUPLW
FRQQHFWLRQDWWKHVKXWRIIYDOYH
%HFDXVHKDUGSLSLQJUHVWULFWVPRYHPHQWRIWKHUDQJHWKH
XVHRID&6$,QWHUQDWLRQDOFHUWLILHGIOH[LEOHPHWDODSSOLDQFH
FRQQHFWRULVUHFRPPHQGHGXQOHVVORFDOFRGHVUHTXLUHD
KDUGSLSHGFRQQHFWLRQ
1HYHUXVHDQROGFRQQHFWRUZKHQLQVWDOOLQJDQHZUDQJH
,IWKHKDUGSLSLQJPHWKRGLVXVHG\RXPXVWFDUHIXOO\DOLJQ
WKHSLSHWKHUDQJHFDQQRWEHPRYHGDIWHUWKHFRQQHFWLRQLV
PDGH
7RSUHYHQWJDVOHDNVSXWSLSHMRLQWFRPSRXQGRQRUZUDS
SLSHWKUHDGWDSHZLWK7HIORQ DURXQGDOOPDOH H[WHUQDO SLSHWKUHDGV
(:KHQDOOFRQQHFWLRQVKDYHEHHQPDGHPDNHVXUHDOO
UDQJHFRQWUROVDUHLQWKHRIISRVLWLRQDQGWXUQRQWKHPDLQ
JDVVXSSO\YDOYH8VHDOLTXLGOHDNGHWHFWRUDWDOOMRLQWV
DQGFRQQHFWLRQVWRFKHFNIRUOHDNVLQWKHV\VWHP
:$51,1*)LUHKD]DUG'RQRWXVHD
IODPHWRFKHFNIRUJDVOHDNV
$,QVWDOODPDQXDOJDVOLQHVKXWRIIYDOYHLQWKHJDVOLQHLQ
DQHDVLO\DFFHVVHGORFDWLRQRXWVLGHRIWKHUDQJH0DNH
VXUHHYHU\RQHRSHUDWLQJWKHUDQJHNQRZVZKHUHDQG
KRZWRVKXWRIIWKHJDVVXSSO\WRWKHUDQJH
%,QVWDOOPDOH´IODUHXQLRQDGDSWHUWRWKH´137
LQWHUQDOWKUHDGDWLQOHWRIUHJXODWRU8VHDEDFNXSZUHQFK
RQWKHUHJXODWRUILWWLQJWRDYRLGGDPDJH
:KHQXVLQJWHVWSUHVVXUHVJUHDWHUWKDQSVLJWRSUHVVXUH
WHVWWKHJDVVXSSO\V\VWHPRIWKHUHVLGHQFHGLVFRQQHFWWKH
UDQJHDQGLQGLYLGXDOVKXWRIIYDOYHIURPWKHJDVVXSSO\
SLSLQJ:KHQXVLQJWHVWSUHVVXUHVRI
SVLJRUOHVVWRWHVWWKHJDVVXSSO\V\VWHPVLPSO\
LVRODWHWKHUDQJHIURPWKHJDVVXSSO\V\VWHPE\FORVLQJWKH
LQGLYLGXDOVKXWRIIYDOYH
:KHQLQVWDOOLQJWKHUDQJHIURPWKHIURQWUHPRYHWKHƒ
HOERZIRUHDVLHULQVWDOODWLRQ
7HIORQ5HJLVWHUHGWUDGHPDUNRI'X3RQW
,QVWDOODWLRQ,QVWUXFWLRQV
5(&200(1'('*$6$1'(/(&75,&6833/</2&$7,21
127(5HFRPPHQGHGJDVKRRN
XSORFDWLRQVEHKLQGUDQJH*DV
ILWWLQJVDQGVKXWRIIYDOYHVKRXOG
127SURWUXGHPRUHWKDQIURP
WKHZDOOWRDOORZWKHUDQJHWRILW
DJDLQVWWKHZDOO
$
0LQ
0D[
&
0LQ
'
%0LQLPXP
GLVWDQFHWR
ZDOOVDERYHWKH
FRRNWRSRQHDFK
VLGH
0RGHOV
&KHFNORFDOFRGHV
EHIRUHPDNLQJ
FRQQHFWLRQV
$
%
&
'
:LGH
ø µ
øµ
:LGH
øµ
øµ
(OHFWULFDO
&RQQHFWLRQ
$UHD
*DV
+RRNXS
$UHD
$
)/(;,%/(&211(&725
+22.83 ([DPSOH
%ODFNLURQ
SLSHøµ
ƒ(OERZ
)OH[FRQQHFWRU
øIWPD[
ƒ(OERZ
1LSSOH PD\
QRWEH
QHHGHG
$GDSWHU
RU*DVSLSH
*DV)ORZLQWR5DQJH
$GDSWHU
3UHVVXUH
UHJXODWRU
*DV)ORZLQWR5DQJH
3UHVVXUH
UHJXODWRU
5,*,'3,3(+22.83 (;$03/(
%ODFNLURQ
SLSH
8QLRQ
1LSSOH
*DVVKXWRII
YDOYH
RU*DVSLSH
,QVWDOOHU,QIRUPWKH
FRQVXPHURIWKHORFDWLRQRI
WKHJDVVKXWRIIYDOYH
,QVWDOOHU,QIRUPWKHFRQVXPHURIWKH
ORFDWLRQRIWKHJDVVKXWRIIYDOYH
*DVVKXWRII
YDOYH
,QVWDOODWLRQ,QVWUXFWLRQV
(/(&75,&$/&211(&7,216
6($/7+(23(1,1*6
(OHFWULFDO5HTXLUHPHQWV
YROW+HUW]SURSHUO\JURXQGHGGHGLFDWHGFLUFXLW
SURWHFWHGE\DDPSRUDPSFLUFXLWEUHDNHURUWLPH
GHOD\IXVH
1RWH8VHRIDXWRPDWLFZLUHOHVVRUZLUHGH[WHUQDO
VZLWFKHVWKDWVKXWRIISRZHUWRWKHDSSOLDQFHDUHQRW
UHFRPPHQGHGIRUWKLVSURGXFW
6HDODQ\RSHQLQJVLQWKHZDOOEHKLQGWKH
UDQJHDQGLQWKHIORRUXQGHUWKHUDQJHZKHQ
KRRNXSVDUHFRPSOHWHG
,)7+(5$1*(+$6(/(&75,&,*1,7,21
*URXQGLQJ
7KHUHDUHVHSDUDWHLJQLWLRQGHYLFHVIRUWKHOHIW
DQGULJKWKDQGVXUIDFHEXUQHUV%RWKRIWKHVH
LJQLWRUVDUH21 ZKHQDQ\NQRELVWXUQHGWR
WKH/,7( VHWWLQJ7KHLJQLWRUVZLOOVSDUN DV
ORQJDVDQ\RIWKHWRSEXUQHUNQREVDUHDWWKH
/,7(VHWWLQJ
:$51,1*6KRFN+D]DUG7KLV
DSSOLDQFHPXVWEHSURSHUO\JURXQGHG)DLOXUH
WRGRVRFDQUHVXOWLQHOHFWULFVKRFN
,QWKHHYHQWRIDQHOHFWULFDOSRZHUIDLOXUHWKH
WRSEXUQHUVFDQVWLOOEHXVHG7ROLJKWDEXUQHU
KROGDOLWNLWFKHQPDWFKDGMDFHQWWRWKHWRS
EXUQHUWREHXVHGDQGWXUQYDOYHNQREWR/,7(
86((;75(0(&$87,21
(QVXUHSURSHUJURXQG
H[LVWVEHIRUHXVH
$'-8677+(29(1%851(5$,5
7KHSRZHUFRUGRIWKLVDSSOLDQFHLVHTXLSSHGZLWKDWKUHH
SURQJ JURXQGLQJ SOXJZKLFKPDWHVZLWKDVWDQGDUGWKUHH
SURQJJURXQGLQJZDOOUHFHSWDFOHWRPLQLPL]HWKHSRVVLELOLW\
RIHOHFWULFVKRFNKD]DUGIURPWKLVDSSOLDQFH
7KHFXVWRPHUVKRXOGKDYHWKHZDOOUHFHSWDFOHDQGFLUFXLW
FKHFNHGE\DTXDOLILHGHOHFWULFLDQWRPDNHVXUHWKH
UHFHSWDFOHLVSURSHUO\JURXQGHG
:KHUHDVWDQGDUGWZRSURQJZDOOUHFHSWDFOHLV
HQFRXQWHUHGLWLVWKHSHUVRQDOUHVSRQVLELOLW\DQG
REOLJDWLRQRIWKHFXVWRPHUWRKDYHLWUHSODFHGZLWKD
SURSHUO\JURXQGHGWKUHHSURQJZDOOUHFHSWDFOH
'212781'(5$1<&,5&8067$1&(6&87255(029(
7+(7+,5' *5281' 3521*)5207+(32:(5&25''2
12786($1$'$37(5'212786($1(;7(16,21&25'
$ZRUGDERXW*)&,·V²*)&,·VDUHQRWUHTXLUHGRU
UHFRPPHQGHGIRUJDVUDQJHUHFHSWDFOHV
6+877(5,)1(&(66$5<
%OXHIODPHV
1DWXUDOJDV
,QQHUFRQH
RIIODPH
/3JDV
%DNHEURLO
EXUQHU
)RU1DWXUDO*DV
7KHRYHQEXUQHUIODPHVKRXOGEHDFOHDQEOXH
IODPHZLWKGLVWLQFWLQQHUFRQHVDSSUR[LPDWHO\
LQFKORQJ$VRIWOD]\IODPHZLWKLQGLVWLQFW
FRQHVPHDQVWRRPXFKJDVRUQRWHQRXJKDLU
$QRLV\OLIWLQJIODPHPHDQVWRRPXFKDLU
*URXQG)DXOW&LUFXLW,QWHUUXSWHUV *)&,·V DUHGHYLFHVWKDW
VHQVHOHDNDJHRIFXUUHQWLQDFLUFXLWDQGDXWRPDWLFDOO\
VZLWFKRIISRZHUZKHQDWKUHVKROGOHDNDJHOHYHOLV
GHWHFWHG7KHVHGHYLFHVPXVWEHPDQXDOO\UHVHWE\WKH
FRQVXPHU7KH1DWLRQDO(OHFWULFDO&RGHUHTXLUHVWKHXVHRI
*)&,·VLQNLWFKHQUHFHSWDFOHVLQVWDOOHGWRVHUYHFRXQWHUWRS
VXUIDFHV3HUIRUPDQFHRIWKHUDQJHZLOOQRWEHDIIHFWHG
LIRSHUDWHGRQD*)&,SURWHFWHGFLUFXLWEXWRFFDVLRQDO
QXLVDQFHWULSSLQJRIWKH*)&,EUHDNHULVSRVVLEOH
,QVWDOODWLRQ,QVWUXFWLRQV
$'-8677+(29(1%851(5$,5
48$/,7<2))/$0(6
6+877(5,)1(&(66$5< &217
7KHFRPEXVWLRQTXDOLW\RIEXUQHUIODPHVQHHGVWR
EHGHWHUPLQHGYLVXDOO\
)RU/3*DV
7KHIODPHVKRXOGKDYHDSSUR[LPDWHO\LQFK
EOXHFRQHV$IWHUVHFRQGVRIEXUQHU
RSHUDWLRQFKHFNIRUIODPHVOLIWLQJRIIWKH
EXUQHUSRUWV,IOLIWLQJLVREVHUYHGJUDGXDOO\
UHGXFHWKHDLUVKXWWHURSHQLQJXQWLOIODPHVDUH
VWDELOL]HG6RPH\HOORZWLSSLQJPD\EHQRUPDO
IRU/3JDV
$ <HOORZIODPHV
&DOOIRUVHUYLFH
% <HOORZWLSVRQRXWHU
FRQHV
1RUPDOIRU/3JDV
,I$GMXVWPHQWLV1HFHVVDU\
$ /RRVHQWKHORFNVFUHZORFDWHGDWWKHWRS
RIWKHDLUVKXWWHUWKHQURWDWHWKHDLU
VKXWWHUWRWKHFRUUHFWVHWWLQJDQG
UHWLJKWHQVFUHZ
$LUVKXWWHU
& 6RIWEOXHIODPHV
1RUPDOIRUQDWXUDOJDV
,IEXUQHUIODPHVORRNOLNH $ FDOOIRUVHUYLFH1RUPDO
EXUQHUIODPHVVKRXOGORRNOLNH % RU & GHSHQGLQJ
RQWKHW\SHRIJDV\RXXVH
/RRVHQ
ORFN
VFUHZ
:LWK/3JDVVRPH\HOORZWLSSLQJRQRXWHUFRQHVLV
QRUPDO
5(3/$&(29(13$576
% 2YHQEXUQHUIODPHFDQEHFKHFNHGDV
IROORZV ZLWKRXWEXUQHUEDIIOHLQSODFH ‡ 7RFRUUHFWD\HOORZIODPH³,QFUHDVHVL]H
RIDLUVKXWWHURSHQLQJ
‡ 7RFRUUHFWDOLIWLQJEXWGLVWLQFWEOXH
IODPH³'HFUHDVHVL]HRIDLUVKXWWHU
RSHQLQJ
$IWHUDOODGMXVWPHQWVDUHPDGHUHSODFHWKH
RYHQERWWRPVKHOYHVDQGRYHQGRRU
& 7KHDLUVKXWWHUVKRXOGEHVHW
DSSUR[LPDWHO\RSHQIRUQDWXUDOJDV
DQGDSSUR[LPDWHO\IXOORSHQIRU/3JDV
' 7KHRYHQEXUQHUDLUVKXWWHUDGMXVWPHQWLV
WKHVDPHRQUDQJHVZLWKDJDVSLORWRU
HOHFWULFLJQLWLRQ
,QVWDOODWLRQ,QVWUXFWLRQV
/(9(/,1*7+(5$1*(
,167$//,1*7+($17,7,3'(9,&(
$,QVWDOOWKHRYHQVKHOYHVLQWKHRYHQDQGSRVLWLRQWKH
UDQJHZKHUHLWZLOOEHLQVWDOOHGZLWKIURQWDFFHVVWR
IURQWOHYHOLQJOHJVDQGUHDUDFFHVVWRUHDUOHYHOLQJ
OHJV$OOOHJVPXVWEHOHYHOHG%()25(WKHSURGXFWLV
LQVWDOOHG
:$51,1*
$17,7,3'(9,&(
5DLVH
UDQJH
/RZHU
UDQJH
‡$OOUDQJHVFDQWLS
‡%8516RURWKHU6(5,286,1-85,(6FDQ
UHVXOW
/RZHU
UDQJH
/HJ
OHYHOHU
‡,167$//DQG&+(&.WKHDQWLWLSEUDFNHW
IROORZLQJWKHLQVWUXFWLRQVVXSSOLHGZLWK
WKHEUDFNHW
5DLVH
UDQJH
RQVRPHPRGHOV
RQVRPHPRGHOV
%&KHFNIRUOHYHOQHVVE\SODFLQJDVSLULWOHYHORUDFXS
SDUWLDOO\ILOOHGZLWKZDWHURQRQHRIWKHRYHQVKHOYHV
,IXVLQJDVSLULWOHYHOWDNHWZRUHDGLQJV³ZLWKWKHOHYHO
SODFHGGLDJRQDOO\ILUVWLQRQHGLUHFWLRQDQGWKHQWKHRWKHU
&5HPRYHWKHGUDZHU RQVRPHPRGHOV 6HHWKH&DUHDQG
FOHDQLQJRIWKHUDQJHVHFWLRQ7KHIURQWOHYHOLQJOHJVFDQ
EHDGMXVWHGIURPWKHERWWRPDQGWKHUHDUOHJVFDQEH
DGMXVWHGIURPWKHWRS RQVRPHPRGHOV RUWKHERWWRP
'8VHDQRSHQHQGRUDGMXVWDEOHZUHQFKWRDGMXVWWKH
OHYHOLQJOHJVXQWLOWKHUDQJHLVOHYHO
7RUHGXFHWKHULVNRIWLSSLQJWKHUDQJHWKHUDQJHPXVWEH
VHFXUHGE\DSURSHUO\LQVWDOOHGDQWLWLSEUDFNHW)ROORZWKH
LQVWUXFWLRQVSDFNDJHGZLWKWKHEUDFNHW
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\
ORRNXQGHUQHDWKWKHUDQJHWRVHHWKDWWKHDQWLWLSDUP
DWWDFKHGWRWKHVLGHSDQHOLVHQJDJHGLQWKHEUDFNHW2Q
VRPHPRGHOVWKHVWRUDJHGUDZHURUNLFNSDQHOFDQEH
UHPRYHGIRUHDVLHULQVSHFWLRQ,IYLVXDOLQVSHFWLRQLVQRW
SRVVLEOHVOLGHWKHUDQJHIRUZDUGFRQILUPWKHDQWLWLSEUDFNHW
LVVHFXUHO\DWWDFKHGWRWKHIORRURUZDOODQGVOLGHWKHUDQJH
EDFNVRWKHDQWLWLSDUPVOLGHVMXVWXQGHUWKHDQWLWLSEUDFNHW
,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\V
UHSHDWWKLVSURFHGXUHWRYHULI\WKHUDQJHLVSURSHUO\VHFXUHG
E\WKHDQWLWLSEUDFNHW
,I\RXUUDQJHKDVQRDQWLWLSEUDFNHWFDOOWR
UHFHLYHRQHDWQRFRVW
:$51,1*
1HYHUFRPSOHWHO\UHPRYH
WKHOHYHOLQJOHJDVWKHUDQJHZLOOQRWEHVHFXUHGWRWKH
DQWLWLSGHYLFHSURSHUO\
($IWHUOHYHOLQJWKHXQLWVOLGHLWLQWRILQDOSRVLWLRQDQG
YHULI\OHYHOQHVV
)$IWHUWKHUDQJHLVOHYHOVOLGHWKHUDQJHDZD\IURPWKH
ZDOOVRWKDWWKH$QWL7LSGHYLFHFDQEHLQVWDOOHG
3$576,1&/8'('
:+(1$//+22.836$5(&203/(7('
0DNHVXUHDOOFRQWUROVDUHOHIWLQWKHRIISRVLWLRQ0DNH
VXUHWKHIORZRIFRPEXVWLRQDQGYHQWLODWLRQDLUWRWKH
UDQJHLVXQREVWUXFWHG
&219(5772/3*$6 RUFRQYHUWEDFNWR
QDWXUDOJDVIURP/3
$QWL7LS%UDFNHW.LW
7KLVUDQJHOHDYHVWKHIDFWRU\VHWIRUXVHZLWK
QDWXUDOJDV,I\RXZDQWWRFRQYHUWWR/3JDVWKH
FRQYHUVLRQPXVWEHSHUIRUPHGE\DTXDOLILHG/3
JDVLQVWDOOHU
7KHFRQYHUVLRQLQVWUXFWLRQVDQG/3RULILFHVFDQEH
IRXQGDWWDFKHGWRWKHEDFNRIWKHUDQJH
.HHSWKHVHLQVWUXFWLRQVDQGWKHRULILFHVLQFDVH\RX
ZDQWWRFRQYHUWEDFNWRQDWXUDOJDV
%HIRUH\RXFDOOIRUVHUYLFH«
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
2YHQWHPSHUDWXUHWRRKRW
RUWRRFROG
2YHQWKHUPRVWDWQHHGV
DGMXVWPHQW
6HHWKH$GMXVWWKHRYHQWKHUPRVWDW²'RLW\RXUVHOIVHFWLRQ
7RSEXUQHUVGRQRWOLJKWRU
GRQRWEXUQHYHQO\
%XUQHUVKDYH\HOORZRU
\HOORZWLSSHGIODPHV
3OXJRQUDQJHLVQRW
FRPSOHWHO\LQVHUWHGLQWKH
HOHFWULFDORXWOHW
2QPRGHOVZLWKHOHFWULFLJQLWLRQPDNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRD
OLYHSURSHUO\JURXQGHGRXWOHW
%XUQHUKROHVRQWKHVLGHRU
DURXQGWKHWRSRIWKHEXUQHU
PD\EHFORJJHG
5HPRYHWKHEXUQHUVDQGFOHDQWKHPZLWKDVDIHW\SLQRUSDSHUFOLS0DNHVXUH
\RXGRQRWHQODUJHWKHKROHV
%XUQHUVPD\QRWEHILWWHG
FRUUHFWO\RQWRPRXQWLQJ
EUDFNHWV
5HPRYHWKHEXUQHUVDQGUHLQVWDOOWKHPSURSHUO\
7KHFRPEXVWLRQTXDOLW\RI
EXUQHUIODPHVQHHGVWREH
GHWHUPLQHGYLVXDOO\
8VHWKHLOOXVWUDWLRQVEHORZWRGHWHUPLQHLI\RXUEXUQHUIODPHVDUHQRUPDO
,IEXUQHUIODPHVORRNOLNH$IXUWKHUDGMXVWPHQWLVUHTXLUHG1RUPDOEXUQHU
IODPHVVKRXOGORRNOLNH%RU&GHSHQGLQJRQWKHW\SHRIJDV\RXXVH:LWK/3
JDVVRPH\HOORZWLSSLQJRQRXWHUFRQHVLVQRUPDO
$²<HOORZIODPHV%²<HOORZWLSV&²6RIWEOXHIODPHV
)XUWKHUDGMXVWPHQWRQRXWHUFRQHV1RUPDOIRU
UHTXLUHG1RUPDOIRU/3JDVQDWXUDOJDV
%XUQHUIODPHVYHU\ODUJH
RU\HOORZ
/3JDVLVLPSURSHUO\
FRQQHFWHG
&KHFNDOOVWHSVLQWKH,QVWDOODWLRQRIWKHUDQJHVHFWLRQ
2YHQZLOOQRWZRUN
7KHWKHUPRVWDWFDSLOODU\
EXOEPXVWEHFOHDQDQG
XQREVWUXFWHG
0DNHVXUHWKHWKHUPRVWDWFDSLOODU\EXOE ORFDWHGLQWKHXSSHUSRUWLRQRIWKH
RYHQ LVLQWKHFRUUHFWSRVLWLRQQRWWRXFKLQJRYHQVLGHVDQGQRWFRDWHGZLWK
DQ\WKLQJ
7KHRYHQYHQWLVEORFNHG
7KHRYHQYHQWRQWKHEDFNRIWKHUDQJHPXVWEHXQREVWUXFWHG
2YHQFRQWUROLPSURSHUO\VHW
6HHWKH8VLQJWKHRYHQ VHFWLRQV
,QFRUUHFWFRRNZDUHRU
FRRNZDUHRILPSURSHUVL]H
EHLQJXVHG
6HHWKH8VLQJWKHRYHQIRUEDNLQJRUURDVWLQJVHFWLRQ
2YHQERWWRPQRWVHFXUHO\
VHDWHGLQSRVLWLRQ
6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJH VHFWLRQ
,PSURSHUDLUJDVUDWLRLQWKH
RYHQ
$GMXVWRYHQEXUQHUDLUVKXWWHU6HHWKH,QVWDOODWLRQRIWKHUDQJH VHFWLRQ
7KLVLVWHPSRUDU\
$QRGRUIURPWKHLQVXODWLRQDURXQGWKHRYHQOLQHULVQRUPDOIRUWKHILUVW
IHZWLPHVWKHRYHQLVXVHG
7KHRYHQJDVVKXWRIIYDOYH
PD\KDYHDFFLGHQWDOO\EHHQ
PRYHGGXULQJFOHDQLQJRU
PRYLQJ
7RFKHFNWKHRYHQJDVVKXWRIIYDOYHRQVWDQGDUGWZLQEXUQHUPRGHOV
UDLVHFRRNWRSDQGORRNIRUJDVVKXWRIIOHYHUDWWKHH[WUHPHOHIWUHDUFRUQHU
6WDQGLQJSLORWPRGHOVGRQRWKDYHDJDVVKXWRIIYDOYHRQWKHUHJXODWRU 6WURQJRGRU
6XUIDFHEXUQHUVOLJKWEXW
RYHQGRHVQRW
2YHQOLJKWZLOOQRWZRUN
/HYHULVVKRZQFORVHG
38//7223(1
/LJKWEXOELVORRVHRUGHIHFWLYH
7LJKWHQRUUHSODFHWKHEXOEH
6ZLWFKRSHUDWLQJOLJKWLV
EURNHQ
&DOOIRUVHUYLFH
1RWHV
*(*DV5DQJH:DUUDQW\ )RUFXVWRPHUVLQWKH8QLWHG6WDWHV
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUHŠWHFKQLFLDQ7RVFKHGXOH
VHUYLFHRQOLQHKRXUVDGD\YLVLWXVDW*($SSOLDQFHVFRPRU
FDOO*(&$5(6 3OHDVHKDYHVHULDOQXPEHUDQG
PRGHOQXPEHUDYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQVHUYLFH
XQGHUWKHZDUUDQW\
)RU7KH3HULRG2I
*(:LOO5HSODFH
2QH<HDU
)URPWKHGDWHRIWKH
RULJLQDOSXUFKDVH
$Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS'XULQJWKLV
OLPLWHGRQH\HDUZDUUDQW\*(ZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGLQKRPHVHUYLFH
WRUHSODFHWKHGHIHFWLYHSDUW
:KDW*(:LOO1RW&RYHU
■6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVH
WKHSURGXFW
■'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGV
RUDFWVRI*RG
■,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
■,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
■3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
■5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV
■'DPDJHFDXVHGDIWHUGHOLYHU\
■3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHG
LQWKLV/LPLWHG:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\RU
ILWQHVVIRUDSDUWLFXODUSXUSRVHDUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGIRUKRPH
XVHZLWKLQWKH86$,IWKHSURGXFWLVORFDWHGLQDQDUHDZKHUHVHUYLFHE\D*($XWKRUL]HG6HUYLFHULV
QRWDYDLODEOH\RXPD\EHUHVSRQVLEOHIRUDWULSFKDUJHRU\RXPD\EHUHTXLUHGWREULQJWKHSURGXFWWRDQ
$XWKRUL]HG*(6HUYLFH/RFDWLRQIRUVHUYLFH,Q$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
,QWKH86*($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\
DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOV
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH,Q&DQDGDZZZ*($SSOLDQFHVFD
6FKHGXOH6HUYLFH
,QWKH86*($SSOLDQFHVFRP
([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW\RXU
FRQYHQLHQFHKRXUVDQ\GD\RIWKH\HDU2UFDOO*(&$5(6 GXULQJQRUPDOEXVLQHVVKRXUV
,Q&DQDGDFDOO
5HDO/LIH'HVLJQ6WXGLR
,QWKH86*($SSOLDQFHVFRP
*(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\SHRSOHRI
DOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQGPHQWDODELOLWLHV
DQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQLGHDVIRUSHRSOHZLWK
GLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO7''*($& ,Q&DQDGDFRQWDFW 0DQDJHU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
([WHQGHG:DUUDQWLHV
,QWKH86*($SSOLDQFHVFRP
3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\LVVWLOO
LQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV*(&RQVXPHU+RPH
6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV,Q&DQDGDFDOO
3DUWVDQG$FFHVVRULHV
,QWKH86*($SSOLDQFHVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV 9,6$
0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG 2UGHURQOLQHWRGD\KRXUVHYHU\GD\RUE\SKRQHDW
GXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJJHQHUDOO\
VKRXOGEHUHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHUVHUYLFLQJPD\FDXVH
XQVDIHRSHUDWLRQ
&XVWRPHUVLQ&DQDGDVKRXOGFRQVXOWWKH\HOORZSDJHVIRUWKHQHDUHVW0DEHVHUYLFHFHQWHURUFDOO
&RQWDFW8V
,QWKH86*($SSOLDQFHVFRP
,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOVLQFOXGLQJ
\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
,Q&DQDGDZZZ*($SSOLDQFHVFDRUZULWHWR 'LUHFWRU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
5HJLVWHU<RXU$SSOLDQFH
,QWKH86*($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH<RXPD\DOVRPDLO
LQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO,Q&DQDGDZZZ*($SSOLDQFHVFD
3ULQWHGLQ0H[LFR
7KLVERRNLVSULQWHGRQUHF\FOHGSDSHU
*($SSOLDQFHVFRP
&RFLQDV
GH*DV&RPSDFWRGHµ\µ
+2732,17
,QVWUXFFLRQHV
GHVHJXULGDG ²
,QVWUXFFLRQHVGH)XQFLRQDPLHQWR
+RUQR ²
6XSHUILFLHGH&RFFLyQ &XLGDGR\/LPSLH]D
&RPSDUWLPLHQWRSDUD$VDU %DQGHMDSDUD$VDU\5HMLOOD 4XHPDGRUHV 3DQHOGH&RQWURO\3HULOODV 3DUULOODV 3ODFDGH&RFFLyQ(OHYDEOH 3XHUWDGHO+RUQR'HVPRQWDEOH ,QWHULRUGHO+RUQR 6XSHUILFLHV3LQWDGDV 3DUWH,QIHULRUGHO+RUQR([WUDtEOH 5HSLVDV $MXVWHGHO7HUPRVWDWR 0DQXDOGHO
SURSLHWDULR ,QVWUXFFLRQHVGH
,QVWDODFLyQ
5*$
5*$
5*$
5*$
,QVWUXFFLRQHV
GH,QVWDODFLyQ ²
/3 &RQVHMRVSDUD6ROXFLRQDU
3UREOHPDV 6RSRUWHDO&OLHQWH
6RSRUWHDO&OLHQWH &RQWUDWDSD
*DUDQWtD (VFULEDORVQ~PHURVGHPRGHOR\
GHVHULHDTXt
1žGH0RGHOR BBBBBBBBBBBBBBB
1žGH6HULH BBBBBBBBBBBBBBBBB
(Q&DQDGiFRPXQtTXHVH
FRQQRVRWURVHQ
ZZZ*($SSOLDQFHVFD
/RVSXHGHHQFRQWUDUHQODHWLTXHWD
TXHVHHQFXHQWUDHQHOIUHQWHGHOD
FRFLQDGHWUiVGHOFDMyQFDOHQWDGRU
RHQHOFDMyQLQIHULRUGHOKRUQR
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
$'9(57(1&,$
6LODLQIRUPDFLyQGHHVWHPDQXDOQRVHVLJXHH[DFWDPHQWHVHSRGUi
SURGXFLUXQLQFHQGLRRH[SORVLyQRFDVLRQDQGRGDxRVVREUHODSURSLHGDGOHVLRQHVRODPXHUWH
1RJXDUGHQLXVHJDVROLQDXRWURVYDSRUHVLQIODPDEOHV\OtTXLGRVFHUFDGHHVWHQLGHRWURVHOHFWURGRPpVWLFRV
48e'(%(+$&(56,+8(/(*$6
■ 1RLQWHQWHLOXPLQDUQLQJ~QHOHFWURGRPpVWLFR
■ 1RWRTXHQLQJ~QLQWHUUXSWRUHOpFWULFRQRXVHWHOpIRQRVHQVXHGLILFLR
■ 'HLQPHGLDWROODPHDVXSURYHHGRUGHJDVGHVGHHOWHOpIRQRGHXQYHFLQR
■ 6LQRVHSXHGHFRPXQLFDUFRQVXSURYHHGRUGHJDVOODPHDOGHSDUWDPHQWRGHERPEHURV
/DLQVWDODFLyQ\ODVUHSDUDFLRQHVGHEHUiQVHUUHDOL]DGDVSRUXQLQVWDODGRUFDOLILFDGRDJHQFLDGHVHUYLFLRVRHO
SURYHHGRUGHJDV
$'9(57(1&,$
■7RGDVODVFRFLQDVSXHGHQVXIULUFDtGDV
■ 6HSXHGHQSURGXFLU48(0$'85$6\RWUDV/(6,21(6*5$9(6
■ ,167$/(\&21752/(HOVRSRUWHDQWLYROFDGXUDVVLJXLHQGRODVLQVWUXFFLRQHVVXPLQLVWUDGDV
FRQHOVRSRUWH
3DUDUHYLVDUVLHOVRSRUWHHVWDLQVWDODGR\DMXVWDGRGHIRUPDDSURSLDGDPLUHTXHGHEDMRGH
ODFRFLQDHOEUD]RDQWLYROWHRHQVDPEODGRHQHOODWHUDOHVWHDMXVWDGRDOVRSRUWH(QDOJXQRV
PRGHORVHOFDMyQGHDOPDFHQDPLHQWRRHOSDQHOGHSURWHFFLyQVHSXHGHUHWLUDUSDUDXQD
LQVSHFFLRQPDVIiFLO6LQRHVSRVLEOHUHDOL]DUXQDLQVSHFFLyQYLVXDOGHVOLFHODFRFLQDKDFLD
DGHODQWHFRQILUPHTXHHOVRSRUWHDQWLYROFDGXUDVHVWpDMXVWDGRGHIRUPDVHJXUDDOSLVRROD
SDUHG\GHVOLFHODFRFLQDKDFLDDWUDVGHPRGRTXHHOEUD]RDQWLYROWHRVHGHVOLFHSRUGHEDMR
GHOVRSRUWHDQWLYROFDGXUDV6LODFRFLQDHVH[SXOVDGDGHODSDUHGSRUDOJXQDUD]RQVLHPSUHUHSLWDHVWH
SURFHGLPLHQWRDILQGHYHULILFDUTXHHVWpDVHJXUDGDGHIRUPDFRUUHFWDFRQXQVRSRUWHDQWLYROFDGXUDV
1XQFDUHWLUHFRPSOHWDPHQWHODVSDWDVQLYHODGRUDV\DTXHODFRFLQDQRHVWDUiDVHJXUDGDGHIRUPDDGHFXDGDDO
GLVSRVLWLYRDQWLYROFDGXUDV
6LQRUHFLELyHOVRSRUWHDQWLYROFDGXUDVFRQVXFRPSUDOODPHDOSDUDUHFLELUXQRVLQFRVWR HQ
&DQDGiOODPHDO 3DUDDFFHGHUDLQVWUXFFLRQHVGHLQVWDODFLyQGHOVRSRUWHYLVLWH*($SSOLDQFHV
FRP HQ&DQDGi*($SSOLDQFHVFD $'9(57(1&,$ $9,62'(6(*85,'$',03257$17(
/D/H\GH$JXD3RWDEOH,QRFXD\7UDWDPLHQWRGH5HVLGXRV7y[LFRVGH&DOLIRUQLD &DOLIRUQLD6DIH'ULQNLQJ:DWHUDQG
7R[LF(QIRUFHPHQW$FW VROLFLWDDO*REHUQDGRUGH&DOLIRUQLDTXHSXEOLTXHXQDOLVWDGHVXVWDQFLDVTXHHOHVWDGRUHFRQRFH
TXHSURGXFHQFiQFHUGHIHFWRVGHQDFLPLHQWRXRWURVGDxRVUHSURGXFWLYRV\VROLFLWDDORVHPSUHVDULRVTXHDGYLHUWDQD
VXVFOLHQWHVVREUHODSRVLEOHH[SRVLFLyQDWDOHVVXVWDQFLDV
(ODLVODQWHGHILEUDGHYLGULRHQORVKRUQRVGHDXWROLPSLH]DGHVSLGHXQDSHTXHxDFDQWLGDGGHPRQy[LGRGHFDUERQR
GXUDQWHHOFLFORGHOLPSLH]D/DH[SRVLFLyQSXHGHVHUPLQLPL]DGDVLVHYHQWLODFRQXQDYHQWDQDDELHUWDRVLVHXVDXQ
YHQWLODGRURFDPSDQD
*8$5'((67$6,16758&&,21(6
*($SSOLDQFHVFRP
$'9(57(1&,$ ,16758&&,21(6*(1(5$/(6'(6(*85,'$'
■ 1RGHMHDORVQLxRVVRORVRIXHUDGHVXUDGLRGH
DWHQFLyQHQHOiUHDGRQGHHOHOHFWURGRPpVWLFRVH
HQFXHQWUHHQXVR1XQFDVHOHVGHEHUiSHUPLWLU
181&$XVHHVWHHOHFWURGRPpVWLFRSDUDFDOHQWDUHO
WUHSDUVHQWDUVHRSDUDUVHVREUHQLQJXQDSDUWHGHO
DPELHQWH&RPRFRQVHFXHQFLDGHHVWRVHSRGUi
HOHFWURGRPpVWLFR
SURGXFLUHQYHQHQDPLHQWRFRQPRQy[LGRGHFDUERQR\
HOVREUHFDOHQWDPLHQWRGHOKRUQR
■ 1RJXDUGHDUWtFXORVGHLQWHUpVSDUDORVQLxRVVREUHXQD
FRFLQDRHQODSDUWHWUDVHUDGHODPLVPD²6LXQQLxR
■8VHHVWHHOHFWURGRPpVWLFRVyORSDUDVXSURSyVLWR
WUHSDVREUHODFRFLQDSDUDDOFDQ]DUDUWtFXORVHVSRVLEOH
RULJLQDOFRPRVHGHVFULEHHQHOPDQXDOGHOSURSLHWDULR
TXHVXIUDOHVLRQHVJUDYHV
■6ROLFLWHTXHXQLQVWDODGRUFDOLILFDGRLQVWDOHVXFRFLQD
\TXHHVWpFRUUHFWDPHQWHFRQHFWDGDDWLHUUDGH
■1RSHUPLWDTXHQDGLHVHWUHSHVHSDUHRVHFXHOJXHGH
DFXHUGRFRQODVLQVWUXFFLRQHVGHLQVWDODFLyQSURYLVWDV
ODSXHUWDGHOKRUQRGHOFDMyQRGHODSDUWHVXSHULRUGH
&XDOTXLHUDMXVWH\WUDEDMRGHVHUYLFLRWpFQLFRGHEHUi
ODFRFLQD6HSRGUiGDxDUODFRFLQDRSURYRFDUVXFDtGD
VHUUHDOL]DGR~QLFDPHQWHSRULQVWDODGRUHVGHFRFLQDV
RFDVLRQDQGROHVLRQHVJUDYHVRODPXHUWH
DJDVFDOLILFDGRVRSRUWpFQLFRVGHOVHUYLFLR1RLQWHQWH
UHSDUDURUHHPSOD]DUQLQJXQDSDUWHGHODFRFLQDD
■1XQFDEORTXHHODVYHQWLODFLRQHV DEHUWXUDVGHDLUH GH
PHQRVTXHHVWRVHUHFRPLHQGHHVSHFtILFDPHQWHHQHVWH
ODFRFLQD/DVPLVPDVEULQGDQODVHQWUDGDV\VDOLGDV
PDQXDO
GHDLUHTXHVRQQHFHVDULDVSDUDTXHODFRFLQDRSHUH
GHIRUPDFRUUHFWDFRQODFRPEXVWLyQDGHFXDGD/DV
■6XFRFLQDHVHQYLDGDGHVGHODIiEULFDSDUDXVRFRQ
DEHUWXUDVGHDLUHHVWiQXELFDGDVHQODSDUWHWUDVHUD
JDVQDWXUDO3XHGHVHUFRQYHUWLGDSDUDXVRFRQJDV/3
GHODFRFLQDHQODSDUWHVXSHULRUHLQIHULRUGHODSXHUWD
6LVHUHTXLHUHQHVWRVDMXVWHVGHEHQVHUUHDOL]DGRVSRU
GHOKRUQR\HQODSDUWHLQIHULRUGHODFRFLQDGHEDMRGHO
XQWpFQLFRFDOLILFDGRGHDFXHUGRFRQODVLQVWUXFFLRQHV
FDMyQFDOHQWDGRUGHOFDMyQGHOKRUQRLQIHULRURGHOSDQHO
GHLQVWDODFLyQ\FyGLJRVORFDOHV/DDJHQFLDTXHUHDOL]D
GHSURWHFFLyQ
HVWHWUDEDMRDVXPHODUHVSRQVDELOLGDGGHODFRQYHUVLyQ
■ 8VHVyORVRVWHQHGRUHVGHROODVVHFRV²ORVVRVWHQHGRUHV
■6ROLFLWHTXHHOLQVWDODGRUOHPXHVWUHODXELFDFLyQGHOD
K~PHGRVVREUHVXSHUILFLHVFDOLHQWHVSXHGHQSURGXFLU
YiOYXODGHFLHUUHGHODFRFLQDDJDV\FyPRDSDJDUODHQ
TXHPDGXUDVGHELGRDOYDSRU1RSHUPLWDTXHORV
FDVRGHVHUQHFHVDULR
VRVWHQHGRUHVGHROODVWHQJDQFRQWDFWRFRQORV
■(QFKXIHODFRFLQDHQXQWRPDFRUULHQWHFRQFRQH[LyQ
TXHPDGRUHVVXSHUILFLDOHVODSDUULOODGHORVTXHPDGRUHV
DWLHUUDGHYROWLRV~QLFDPHQWH1RUHWLUHODSDWD
RHOHOHPHQWRGHFDOHIDFFLyQGHOKRUQR1RXVHXQD
UHGRQGDGHFRQH[LyQDWLHUUDGHOHQFKXIH6LWLHQHGXGDV
WRDOODXRWUDWHODYROXPLQRVDSDUDUHHPSOD]DUHOPDQJR
VREUHODFRQH[LyQDWLHUUDGHOVLVWHPDHOpFWULFRSDUD
GHODVFDFHURODV
KRJDUHVVXUHVSRQVDELOLGDG\REOLJDFLyQFRQWDUFRQ
HOUHHPSOD]RGHXQWRPDFRUULHQWHVLQFRQH[LyQDWLHUUD ■7HQJDFXLGDGRGHQRWRFDUODVVXSHUILFLHVFDOLHQWHV
GHODFRFLQD/DVVXSHUILFLHVSRWHQFLDOPHQWHFDOLHQWHV
SRUXQWRPDFRUULHQWHGHWUHVSDWDVFRUUHFWDPHQWH
LQFOX\HQORVTXHPDGRUHVSDUULOODVSDUWHVXSHULRUGH
FRQHFWDGRDWLHUUDGHDFXHUGRFRQHO&yGLJR1DFLRQDO
ODFRFLQDSDUWHWUDVHUDKRUQRHLQWHULRUGHODSXHUWD\
GH(OHFWULFLGDG1RXVHSURORQJDGRUHVFRQHVWH
DEHUWXUDVDOUHGHGRUGHODSXHUWDGHOKRUQR
HOHFWURGRPpVWLFR
■$QWHVGHUHDOL]DUFXDOTXLHUVHUYLFLRWpFQLFRGHVHQFKXIH ■1RFDOLHQWHHQYDVHVGHFRPLGDTXHQRKD\DQVLGR
DELHUWRV6HSRGUtDDFXPXODUSUHVLyQ\HOFRQWHQHGRU
ODFRFLQDRGHVFRQHFWHHOVXPLQLVWURGHFRUULHQWHGHVGH
SRGUtDH[SORWDURFDVLRQDQGRXQDOHVLyQ
HOSDQHOGHGLVWULEXFLyQGHOKRJDUUHWLUDQGRHOIXVLEOHR
GHVFRQHFWDQGRHOGLV\XQWRU
■&RPRSURWHFFLyQFRQWUDHQIHUPHGDGHVWUDQVPLWLGDVD
WUDYpVGHODFRPLGDDVHJ~UHVHGHTXHODVWHPSHUDWXUDV
■$VHJ~UHVHGHTXHWRGRVORVPDWHULDOHVGHHPEDODMH
GHORVSURGXFWRVFRQFDUQH\DYHDOFDQFHQRVXSHUHQ
VHDQUHWLUDGRVGHODFRFLQDDQWHVGHVXXVRDILQGH
ODVWHPSHUDWXUDVPtQLPDVGHVHJXULGDGDOLPHQWDULD
HYLWDUTXHHVWRVPDWHULDOHVVHLQFHQGLHQ
UHFRPHQGDGDVSRU86'$3DUDPiVLQIRUPDFLyQYLVLWH
■ (YLWHUDOODGXUDVRLPSDFWRVVREUHODVSXHUWDVGHPHWDO
ZZZLVLWGRQH\HWJRYROODPHDODOtQHDJUDWXLWDGH
FRFLQDVRSDQHOHVGHFRQWURO+DFHUHVWRSRGUiSURGXFLU
FDUQHV\DYHVGH86'$DO
ODURWXUDGHYLGULRV1RFRFLQHXQSURGXFWRFRQXQYLGULR
URWR(VSRVLEOHTXHVHSURGX]FDQGHVFDUJDVLQFHQGLRR
FRUWHV
$'9(57(1&,$
*8$5'((67$6,16758&&,21(6
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
$'9(57(1&,$ 0$17(1*$/260$7(5,$/(6,1)/$0$%/(6
$/(-$'26'(/$&2&,1$
/DURSDTXHVHHQFXHQWUHFHUFDGHORVTXHPDGRUHVR
■1RJXDUGHQLXVHPDWHULDOHVLQIODPDEOHVHQXQKRUQR
VXSHUILFLHVFDOLHQWHVVHSRGUiHQFHQGHURFDVLRQDQGR
RFHUFDGHODSDUWHVXSHULRUGHODFRFLQDLQFOX\HQGR
TXHPDGXUDVJUDYHV
SDSHOSOiVWLFRVRVWHQHGRUHVGHROODVWUDSRVFREHUWRUHV
GHSDUHGFRUWLQDVSDxRV\JDVROLQDXRWURVYDSRUHV\
■ 1RSHUPLWDTXHODJUDVDGHODFRFFLyQXRWURVPDWHULDOHV
OtTXLGRVLQIODPDEOHV
LQIODPDEOHVVHDFXPXOHQHQRFHUFDGHODFRFLQD/D
■1XQFDXVHSUHQGDVKROJDGDVRTXHFXHOJXHQPLHQWUDV
JUDVDGHOKRUQRRVREUHODFRFLQDVHSRGUiLQFHQGLDU
XVDHOHOHFWURGRPpVWLFR(YLWHDFXPXODUDUWtFXORV
■ /LPSLHODVFDPSDQDVGHYHQWLODFLyQGHIRUPDIUHFXHQWH
FRP~QPHQWHXVDGRVHQJDELQHWHVVREUHODFRFLQD\
1RVHGHEHSHUPLWLUODDFXPXODFLyQGHJUDVDHQOD
WHQJDFXLGDGRDOH[WHQGHUODPDQRVREUHODFRFLQD
FDPSDQDRHOILOWUR
$'9(57(1&,$ (1&$62'(,1&(1',26,*$/266,*8,(17(63$626
3$5$(9,7$5/(6,21(62/$3523$*$&,Ï1'(/)8(*2
KDVWDTXHHOIXHJRVHH[WLQJD6LHVQHFHVDULRXVHXQ
■1RXVHDJXDVREUHHOIXHJRGHODJUDVD1XQFDWRPHXQD
TXtPLFRVHFRPXOWLXVRRXQH[WLQWRUGHFKRUURGHHVSXPD
ROODTXHVHHVWpLQFHQGLDQGR$SDJXHORVFRQWUROHV([WLQJD
ODROODTXHVHHVWpLQFHQGLDQGRVREUHXQTXHPDGRU
■ (QFDVRGHTXHKD\DIXHJRHQHOKRUQRGXUDQWHHO
VXSHUILFLDOFXEULHQGRODROODFRPSOHWDPHQWHFRQVX
SHUtRGRGHDXWROLPSLH]DDSDJXHHOKRUQR\HVSHUH
WDSDFRUUHVSRQGLHQWHXQDKRMDPHWiOLFDGHJDOOHWDVR
DTXHHOIXHJRVHH[WLQJD1RIXHUFHODSXHUWD
XQDEDQGHMDSODQD6LHVQHFHVDULRXVHXQTXtPLFRVHFR
SDUDDEULUOD/DHQWUDGDGHDLUHIUHVFRVREUHODV
PXOWLXVRRXQH[WLQWRUGHFKRUURGHHVSXPD
WHPSHUDWXUDVGHDXWROLPSLH]DSRGUiFRQGXFLUDOD
SURGXFFLyQGHOODPDVHQHOKRUQR6LQRVHVLJXHQHVWDV
■(QFDVRGHTXHKD\DIXHJRHQHOKRUQRGXUDQWHOD
LQVWUXFFLRQHVVHSRGUiQSURGXFLUTXHPDGXUDVJUDYHV
FRFFLyQDSDJXHHOKRUQR\PDQWHQJDODSXHUWDFHUUDGD
$'9(57(1&,$ ,16758&&,21(6'(6(*85,'$''(/$3$57(
683(5,25'(/$&2&,1$
■1XQFDSLHUGDGHYLVWDORVTXHPDGRUHVFXDQGRVH
HQFXHQWUHQHQODVFRQILJXUDFLRQHVGHFDORUPHGLDRDOWD
/DVFRPLGDVHVSHFLDOPHQWHODVTXHVHSUHSDUDQFRQ
DFHLWHVHSXHGHQLQFHQGLDUORFXDOSXHGHRFDVLRQDUXQ
LQFHQGLRTXHVHSURSDJXHDORVJDELQHWHVSUy[LPRV
■1XQFDSLHUGDGHYLVWDHODFHLWHFXDQGRHVWpIULHQGR6L
VHFDOLHQWDPiVDOOiGHVXSXQWRGHFRFFLyQHODFHLWH
VHSXHGHTXHPDU\SURYRFDUXQLQFHQGLRTXHVHSXHGH
SURSDJDUDORVJDELQHWHVSUy[LPRV8VHXQWHUPyPHWUR
SDUDJUDVDVSURIXQGDVVLHPSUHTXHVHDSRVLEOHDILQGH
PRQLWRUHDUODWHPSHUDWXUDGHODFHLWH
■ 3DUDHYLWDUGHUUDPHVHLQFHQGLRVXVHXQDFDQWLGDG
PtQLPDGHDFHLWHFXDQGRHVWpIULHQGRHQXQDROODTXH
QRVHDSURIXQGD\HYLWHFRFLQDUFRPLGDVFRQJHODGDV
FRQFDQWLGDGHVH[FHVLYDVGHKLHOR
■ 8VHHOWDPDxRGHROODDGHFXDGRSDUDHYLWDUTXHVHDQ
LQHVWDEOHVRTXHVXIUDQFDtGDVIiFLOPHQWH6HOHFFLRQH
XWHQVLOLRVTXHFRLQFLGDQFRQHOWDPDxRGHOTXHPDGRU/DV
OODPDVGHOTXHPDGRUVHGHEHUiQDMXVWDUGHPRGRTXHQR
VHH[WLHQGDQPiVDOOiGHODSDUWHLQIHULRUGHODROOD8QD
FDQWLGDGH[FHVLYDGHOODPDSXHGHUHSUHVHQWDUXQULHVJR
■6LHPSUHXVHODSRVLFLyQ/,7(DOHQFHQGHUORVTXHPDGRUHV
VXSHULRUHV\DVHJ~UHVHGHTXHHVWRVVHKD\DQHQFHQGLGR
■ $OXVDUXWHQVLOLRVGHYLGULRFHUiPLFDDVHJ~UHVHGHTXH
VHDQDGHFXDGRVSDUDHOVHUYLFLRGHFRFLQDRWURVVHSRGUiQ
URPSHUGHELGRDXQFDPELRUHSHQWLQRGHWHPSHUDWXUD
■$ILQGHPLQLPL]DUSRVLEOHVTXHPDGXUDVLQFHQGLRGH
PDWHULDOHVLQIODPDEOHV\GHUUDPHVODPDQLMDGHXQ
HQYDVHGHEHUiVHULQFOLQDGDKDFLDHOFHQWURGHODFRFLQD
VLQTXHVHH[WLHQGDVREUHORVTXHPDGRUHVFHUFDQRV
■ $OSUHSDUDUFRPLGDVOODPHDQWHVGHEDMRGHXQD
FDPSDQDHQFLHQGDHOYHQWLODGRU
■ 1RXVHXQZRNFRQXQDQLOORFRQVRSRUWHGHPHWDO
UHGRQGR(ODQLOORSRGUiDWUDSDUFDORU\EORTXHDUHODLUH
KDFLDHOTXHPDGRUSURGXFLHQGRHOULHVJRGHHPLVLyQGH
PRQy[LGRGHFDUERQR
■ 1RLQWHQWHOHYDQWDUODHVWXIDVLORVTXHPDGRUHVGHOD
VXSHUILFLHHVWiQVHOODGRV+DFHUHVWRSRGUtDGDxDUOD
WXEHUtDGHJDVKDVWDORVTXHPDGRUHVVXSHUILFLDOHV
RFDVLRQDQGRXQDSpUGLGDGHJDV\ULHVJRGHLQFHQGLR
■ 1RXVHSDSHOGHDOXPLQLRSDUDFXEULUUHMLOODVFXDOTXLHU
SDUWHGHODFRFLQD6LVHKDFHHVWRVHSRGUiSURGXFLU
HQYHQHQDPLHQWRFRQPRQy[LGRGHFDUERQR
VREUHFDOHQWDPLHQWRGHODVVXSHUILFLHVGHODFRFLQDRXQ
SRVLEOHULHVJRGHLQFHQGLR
*8$5'((67$6,16758&&,21(6
*($SSOLDQFHVFRP
$'9(57(1&,$ ,16758&&,21(6'(6(*85,'$'
$'9(57(1&,$ 181&$FXEUDQLQJXQD
UDQXUDDJXMHURVRSDVDMHVHQHOIRQGRGHOKRUQRQLFXEUD
XQHVWDQWHHQWHURFRQPDWHULDOHVWDOHVFRPRSDSHOGH
DOXPLQLR+DFHUHVWREORTXHDHOIOXMRGHDLUHDWUDYpVGHO
KRUQR\SXHGHRFDVLRQDUHQYHQHQDPLHQWRFRQPRQy[LGR
GHFDUERQR/RVUHFXEULPLHQWRVGHDOXPLQLRWDPELpQ
SXHGHQDWUDSDUHOFDORUFDXVDQGRULHVJRGHLQFHQGLR
■0DQWpQJDVHDOHMDGRGHODFRFLQDDODEULUODSXHUWDGHO
KRUQR(ODLUHFDOLHQWHRHOYDSRUTXHVDOHSXHGHFDXVDU
TXHPDGXUDVHQODVPDQRVURVWUR\XRMRV
■ 0DQWHQJDHOKRUQROLEUHGHDFXPXODFLyQGHJUDVD/D
JUDVDHQHOKRUQRVHSXHGHLQFHQGLDU
■ &RORTXHORVHVWDQWHVGHOKRUQRHQODXELFDFLyQ
FRUUHVSRQGLHQWHPLHQWUDVpVWHVHHQFXHQWUDIUtR6L
HVQHFHVDULRUHWLUDUHOHVWDQWHPLHQWUDVHOKRUQRVH
HQFXHQWUDFDOLHQWHHYLWHWRFDUODVVXSHUILFLHVFDOLHQWHV
■&RORTXHHOHVWDQWHGHOKRUQRHQODSRVLFLyQGHEORTXHR
DOLQWURGXFLU\UHWLUDUFRPLGDGHOKRUQR(VWRD\XGDD
HYLWDUTXHPDGXUDVSRUWRFDUVXSHUILFLHVFDOLHQWHVGHOD
SXHUWD\ODVSDUHGHVGHOKRUQR
■ 1RGHMHSURGXFWRVWDOHVFRPRSDSHOXWHQVLOLRVGH
FRFLQDQLFRPLGDHQHOKRUQRFXDQGRQRHVWpHQ
XVR/RVDUWtFXORVJXDUGDGRVHQHOKRUQRVHSXHGHQ
LQFHQGLDU
■1RGHMHDUWtFXORVHQODSDUWHVXSHULRUGHODFRFLQDFHUFD
GHODYHQWLODFLyQGHOKRUQRTXHHVWiHQHOFHQWURGHOD
SDUWHWUDVHUD/RVDUWtFXORVVHSXHGHQVREUHFDOHQWDU\
H[LVWHULHVJRGHLQFHQGLRRTXHPDGXUDV
■$OXVDUODVEROVDVSDUDFRFLQDURGRUDUHQHOKRUQRVLJD
ODVLQVWUXFFLRQHVGHOIDEULFDQWH
■1XQFDDVHFRQODSXHUWDDELHUWD6HSURKtEHDVDUFRQOD
SXHUWDDELHUWDGHELGRDOVREUHFDOHQWDPLHQWRGHODVSHULOODV
GHFRQWURO
$'9(57(1&,$ ,16758&&,21(6'(6(*85,'$''(/+2512&21
)81&,Ï1'($872/,03,(= $OJXQRVPRGHORV
/DIXQFLyQGHDXWROLPSLH]DXVDHOKRUQRHQWHPSHUDWXUDVORVXILFLHQWHPHQWHDOWDVFRPRSDUDFRQVXPLUUHVWRVGH
FRPLGDTXHKD\DGHQWURGHOPLVPR3DUDXQIXQFLRQDPLHQWRVHJXURVLJDHVWDVLQVWUXFFLRQHV
■$QWHVGHXWLOL]DUHOFLFORGHDXWROLPSLH]DUHWLUHODV
ROODVHVWDQWHVGHPHWDOEULOODQWHGHOKRUQR\RWURV
XWHQVLOLRVTXHKD\DGHQWURGHOPLVPR6yORVHSXHGHQ
GHMDUGHQWURGHOKRUQRORVHVWDQWHVSDUDKRUQRFRQ
UHFXEULPLHQWRGHSRUFHODQD1RXVHODIXQFLyQGHDXWR
OLPSLH]DSDUDOLPSLDURWUDVSDUWHVWDOHVFRPRSDUULOODV
■$QWHVGHXWLOL]DUHOFLFORGHDXWROLPSLH]DOLPSLHODJUDVD
\UHVWRVGHFRPLGDTXHKD\DHQHOKRUQR8QDFDQWLGDG
H[FHVLYDGHJUDVDVHSXHGHLQFHQGLDUORFXDOSXHGH
SURGXFLUGDxRVFRQKXPRHQVXKRJDU
■ 6LHOPRGRGHDXWROLPSLH]DIXQFLRQDGHIRUPD
LQFRUUHFWDDSDJXHHOKRUQR\GHVFRQHFWHHOVXPLQLVWUR
GHFRUULHQWH6ROLFLWHHOVHUYLFLRGHXQWpFQLFRFDOLILFDGR
■ 1ROLPSLHODMXQWDGHODSXHUWD/DMXQWDGHODSXHUWDHV
HVHQFLDOSDUDXQEXHQVHOODGR6HGHEHWHQHUFXLGDGR
GHQRIURWDUGDxDUQLPRYHUODMXQWD
■ 1RXVHOLPSLDGRUHVSDUDKRUQR1RVHGHEHUiXVDU
OLPSLDGRUSDUDKRUQRVFRPHUFLDOHVQLUHYHVWLPLHQWRV
GHSURWHFFLyQSDUDKRUQRVGHQLQJ~QWLSRHQR
DOUHGHGRUGHFXDOTXLHUSDUWHGHOKRUQR
$'9(57(1&,$ ,16758&&,21(6'(6(*85,'$''(/&$-Ï1
&$/(17$'25&$-Ï1'(/+2512,1)(5,25 $OJXQRVPRGHORV
■(OSURSyVLWRGHOFDMyQFDOHQWDGRUHVPDQWHQHUODV
FRPLGDVFRFLQDGDVDWHPSHUDWXUDSDUDVHUYLU/DV
EDFWHULDVFUHFHQGHIRUPDPX\UiSLGDHQODVFRPLGDV
FRQWHPSHUDWXUDVHQWUHž)\ž)1RFRORTXH
FRPLGDIUtDHQHOFDMyQFDOHQWDGRU1RJXDUGHFRPLGD
HQHOFDMyQFDOHQWDGRUSRUPiVGHKRUDV6LQR
VHVLJXHQHVWDVLQVWUXFFLRQHVVHSRGUiQSURGXFLU
HQIHUPHGDGHVJHQHUDGDVHQODFRPLGD
■1RGHMHSURGXFWRVGHSDSHOSOiVWLFRVFRPLGDHQODWDGDR
PDWHULDOHVFRPEXVWLEOHVHQHOFDMyQ6HSXHGHQLQFHQGLDU
■ 1RWRTXHHOHOHPHQWRFDOHQWDGRUQLODVXSHUILFLH
LQWHULRUGHOFDMyQ(VSRVLEOHTXHODVVXSHUILFLHVHVWpQ
ORVXILFLHQWHPHQWHFDOLHQWHVFRPRSDUDSURYRFDU
TXHPDGXUDV
■ 7HQJDFXLGDGRDODEULUHOFDMyQ$EUDXQSRFRHOFDMyQ
\GHMHTXHVDOJDDLUHFDOLHQWHRYDSRUDQWHVGHUHWLUDUR
UHHPSOD]DUODFRPLGD(ODLUHFDOLHQWHRHOYDSRUTXHVDOH
SXHGHFDXVDUTXHPDGXUDVHQODVPDQRVURVWUR\XRMRV
■ 1RXVHSDSHOGHDOXPLQLRSDUDUHYHVWLUHOFDMyQ
FDOHQWDGRU(ODOXPLQLRHVXQH[FHOHQWHDLVODQWHGHO
FDORU\DWUDSDUiHOFDORUGHEDMRGHpVWH(VWRDOWHUDUi
HOIXQFLRQDPLHQWRGHOFDMyQ\H[LVWHHOULHVJRGHTXHVH
SURGX]FDXQLQFHQGLR
*8$5'((67$6,16758&&,21(6
&yPRXVDUORVTXHPDGRUHVVXSHUILFLDOHVGHJDV
(VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO
$QWHVGH(QFHQGHUXQ4XHPDGRUGH*DV
/XHJRGH(QFHQGHUXQ4XHPDGRUGH*DV
„$VHJ~UHVHGHTXHWRGRVORVTXHPDGRUHV
HVWpQHQVXOXJDU
„$VHJ~UHVHGHTXHWRGDVODVSDUULOODVGHOD
FRFLQDHVWpQFRUUHFWDPHQWHXELFDGDVDQWHV
GHXVDUXQTXHPDGRU
„1RXWLOLFHHOTXHPDGRUGXUDQWHXQSHUtRGRGH
WLHPSRSURORQJDGRVLQXQXWHQVLOLRGHFRFLQD
VREUHODSDUULOOD(ODFDEDGRGHODSDUULOODVH
SXHGHUHVTXHEUDMDUVLQRKD\XQXWHQVLOLRGH
FRFLQDTXHDEVRUEDHOFDORU
„$VHJ~UHVHGHTXHORVTXHPDGRUHV\ODV
SDUULOODVHVWpQIUtRVDQWHVGHFRORFDUODPDQR
WRPDUHOPDQJRGHXQDROODWUDSRVGH
OLPSLH]DXRWURVPDWHULDOHVVREUHHVWRV
&yPR(QFHQGHUXQ4XHPDGRU6XSHUILFLDOGH*DV
(PSXMHHOPDQJRGHFRQWURO\JLUH
HOPLVPRKDVWDODSRVLFLyQ/,7(
$VHJ~UHVHGHTXHWRGRVORVTXHPDGRUHV
VXSHUILFLDOHVHVWpQXELFDGRVHQVXVSRVLFLRQHV
UHVSHFWLYDV
(PSXMHHOPDQJRGHFRQWURO\JLUHHOPLVPR
KDVWDODSRVLFLyQ/,7(
(VFXFKDUiXQSHTXHxRUXLGRGHFOLF²HO
VRQLGRGHODFKLVSDHOpFWULFDTXHHQFLHQGHHO
TXHPDGRU
*LUHODSHULOODSDUDDMXVWDUHOWDPDxRGHODOODPD
6LODSHULOODSHUPDQHFHHQ/,7(FRQWLQXDUi
KDFLHQGRFOLF
&XDQGRXQTXHPDGRUVHJLUDD/,7(WRGRV
ORVTXHPDGRUHVKDFHQFKLVSD1RLQWHQWH
GHVHQVDPEODUQLOLPSLDUXQTXHPDGRUPLHQWUDV
RWURTXHPDGRUHVWiHQFHQGLGR(VSRVLEOHTXH
VHSURGX]FDXQDGHVFDUJDHOpFWULFDORFXDO
SRGUtDKDFHUTXHYXHOTXHXQXWHQVLOLRGHFRFLQD
FDOLHQWH
&yPR6HOHFFLRQDUHO7DPDxRGHOD/ODPD
/DVOODPDV
GHOTXHPDGRUTXHQRHVWiQFXELHUWDVSRUHO
$'9(57(1&,$
XWHQVLOLRGHFRFLQDSXHGHQSUHVHQWDUXQ
ULHVJRGHTXHPDGXUDVRLQFHQGLRGHWHODV
1XQFDSHUPLWDTXHODVOODPDVVHH[WLHQGDQ
PiVDOOiGHORVFRVWDGRVGHOXWHQVLOLR
2EVHUYHODOODPDQRODSHULOODDPHGLGDTXH
UHGXFHHOFDORU&XDQGRVHGHVHHFDOHQWDUGH
IRUPDUiSLGDHOWDPDxRGHODOODPDGHXQ
TXHPDGRUGHJDVGHEHUiVHUHTXLYDOHQWHFRQHO
XWHQVLOLRGHFRFLQDTXHHVWpXVDQGR
&XDQGRODVOODPDVVHDQPiVJUDQGHVTXHODSDUWH
LQIHULRUGHOXWHQVLOLRGHFRFLQDQRFDOHQWDUiQHO
XWHQVLOLRPiVUiSLGR\SRGUtDQVHUULHVJRVDV
8WHQVLOLRVREUHOD&RFLQD
$OXPLQLR6HUHFRPLHQGDXQXWHQVLOLRGHSHVR
PHGLDQR\DTXHFDOLHQWDGHIRUPDUiSLGD\
SDUHMD/DPD\RUtDGHODVFRPLGDVVHGRUDQ
GHIRUPDSDUHMDHQXQVDUWpQGHDOXPLQLR
8VHFDFHURODVFRQWDSDKHUPpWLFDFXDQGR
FRFLQHFRQFDQWLGDGHVPtQLPDVGHDJXD
+LHUUR)RUMDGR6LFRFLQDUiGHIRUPDOHQWDOD
PD\RUtDGHORVVDUWHQHVOHGDUiQUHVXOWDGRV
VDWLVIDFWRULRV
8WHQVLOLRVGHHVPDOWH%DMRFLHUWDV
FRQGLFLRQHVHOHVPDOWHGHDOJXQRVXWHQVLOLRV
GHFRFLQDVHSXHGHQGHUUHWLU6LJDODV
UHFRPHQGDFLRQHVVREUHPpWRGRVGHFRFFLyQ
GHOIDEULFDQWHGHXWHQVLOLRVGHFRFLQD
9LGULR([LVWHQGRVWLSRVGHXWHQVLOLRVGHFRFLQDGH
YLGULR²DTXHOORVSDUDXVRFRQHOKRUQR~QLFDPHQWH
\DTXHOORVSDUDODFRFFLyQHQODSDUWHVXSHULRUGHOD
FRFLQD FDFHURODVFDIp\WHWHUDV /RVFRQGXFWRUHV
GHYLGULRFDOLHQWDQGHIRUPDPX\OHQWD
&HUiPLFDGH9LGULR5HVLVWHQWHDO&DORU6H
SXHGHQXVDUSDUDFXDOTXLHUVXSHUILFLHRSDUD
FRFFLyQHQHOKRUQR&RQGXFHHOFDORUGHIRUPD
PX\OHQWD\VHHQIUtDGHIRUPDPX\UiSLGD
&RQVXOWHODVLQVWUXFFLRQHVGHOIDEULFDQWHGH
XWHQVLOLRVGHFRFLQDSDUDVDEHUFRQVHJXULGDGVL
VHSXHGHXVDUFRQFRFLQDVDJDV
$FHUR,QR[LGDEOH(VWHPHWDOSRVHH
SURSLHGDGHVGHFDOHQWDPLHQWROLPLWDGDV\
QRUPDOPHQWHVHFRPELQDFRQFREUHDOXPLQLR
XRWURVPDWHULDOHVSDUDXQDPHMRUGLVWULEXFLyQ
GHOFDORU/RVVDUWHQHVFRQFRPELQDFLyQGH
PHWDOHVQRUPDOPHQWHIXQFLRQDQGHIRUPD
VDWLVIDFWRULDVLVHXVDQFRQFDORUPHGLRFRPR
ORUHFRPLHQGDHOIDEULFDQWH
(Q&DVRGH&RUWHGH&RUULHQWH
(QFDVRGHFRUWHGHFRUULHQWHSXHGHHQFHQGHU
ORVTXHPDGRUHVGHJDVVXSHUILFLDOHVGHOD
FRFLQDFRQXQIyVIRUR$FHUTXHXQIyVIRUR
SUHQGLGRDOTXHPDGRU\OXHJRSUHVLRQH\
JLUHODSHULOODGHFRQWUROKDVWDODSRVLFLyQ
/,7(7HQJDHVSHFLDOFXLGDGRDOHQFHQGHUORV
TXHPDGRUHVGHHVWDPDQHUD
/RVTXHPDGRUHVTXHVHHVWpQXVDQGRFXDQGR
VHSURGX]FDXQFRUWHGHFRUULHQWHHOpFWULFD
FRQWLQXDUiQIXQFLRQDQGRQRUPDOPHQWH
127$6LHO%ORTXHRGHO&RQWUROGH*DVHVWi
HQXVRHQHOPRPHQWRGHOFRUWHGHFRUULHQWH
ORVTXHPDGRUHVVXSHUILFLDOHVQRVHSRGUiQ
HQFHQGHU
8VRGHO+RUQRV
*($SSOLDQFHVFRP
(VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO
OVEN
OFF
&RQWUROGHO+RUQR
TEMP
260
300
IL
35
0
0
40
O
(OKRUQRHVWiFRQWURODGRSRUODSHULOOD29(1
7(03 7HPSHUDWXUDGHO+RUQR (VSRVLEOHTXHOD
OODPDWDUGHKDVWDVHJXQGRVHQHQFHQGHUVH
8QDYH]TXHHOKRUQRDOFDQ]DODWHPSHUDWXUD
VHOHFFLRQDGDHOTXHPDGRUGHOKRUQRPDQWLHQH
ODWHPSHUDWXUDVHOHFFLRQDGD
450
500
BR
&RUWHGH&RUULHQWH
(OKRUQRRSDUULOODQRVHSRGUiQLOXPLQDU
GXUDQWHXQFRUWHGHFRUULHQWH
6LVHSURGXFHXQFRUWHGHFRUULHQWHPLHQWUDV
HOKRUQRHVWiHQXVRHOTXHPDGRUGHOKRUQR
VHDSDJD(VWRVHGHEHDTXHHOIOXMRGHJDVVH
GHWLHQHGHIRUPDDXWRPiWLFD\QRVHUHLQLFLD
KDVWDTXHUHJUHVDODFRUULHQWH
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHORVHVWDQWHVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR
$QWHVGHFRPHQ]DU«
/RVHVWDQWHVSRVHHQEORTXHDGRUHVGHPRGR
TXHDOFRORFDUORVFRUUHFWDPHQWHVREUHORV
VRSRUWHV $D' VHGHWHQGUiQDQWHVGHVDOLUVH
FRPSOHWDPHQWH\QRVHLQFOLQDUiQ
$OFRORFDU\UHWLUDUXWHQVLOLRVGHFRFLQDHPSXMH
HOHVWDQWHKDFLDDIXHUDGHOWRSHVREUHHO
VRSRUWHGHOHVWDQWH
35(&$8&,Ï1$OXVDU
(OKRUQRWLHQHSRVLFLRQHVGH
HVWDQWHV
XQHVWDQWHHQODSRVLFLyQPiVEDMD $ VHGHEHUiWHQHUFXLGDGRDOHPSXMDUHO
HVWDQWHYDULDVSXOJDGDVKDFLDDIXHUD\
OXHJRXWLOL]DQGRGRVVRVWHQHGRUHVGHROOD
HPSXMHHOHVWDQWHKDFLDDIXHUDVRVWHQLHQGR
ORVODGRV(OHVWDQWHHVWiHQXQDSRVLFLyQ
EDMD\XVWHGSRGUtDVXIULUXQDTXHPDGXUD
VLFRORFDODPDQRHQPHGLRGHOPLVPRDO
HPSXMDUKDFLDDIXHUD
3DUDUHWLUDUHOHVWDQWHHPSXMHHOPLVPRKDFLD
XVWHGLQFOLQHHOH[WUHPRIURQWDOKDFLDDUULED\
HPSXMHKDFLDDIXHUD
3DUDKDFHUXQUHHPSOD]RFRORTXHHOH[WUHPR
GHOHVWDQWH EORTXHDGRUHV HQHOVRSRUWHLQFOLQH
HOIUHQWHKDFLDDUULED\HPSXMHHOHVWDQWHKDFLD
DGHQWUR
127$(OHVWDQWHQRHVWiGLVHxDGRSDUD
GHVOL]DUVHKDFLDDIXHUDHQODSRVLFLyQHVSHFLDO
GHOHVWDQWHEDMR 5 8VRGHO+RUQRV
9HQWLODFLyQGHO+RUQR6XSHULRU
/RVDUWtFXORVGHSOiVWLFRVREUHOD
SDUWHVXSHULRUGHOKRUQRVHSRGUiQ
GHUUHWLUVLVHORVGHMDGHPDVLDGR
FHUFDGHODYHQWLODFLyQ
/DDSDULHQFLD\ODXELFDFLyQGHOD
YHQWLODFLyQYDUtDQ
6XKRUQRHVYHQWLODGRDWUDYpVGHFRQGXFWRVHQ
ODSDUWHWUDVHUDGHODFRFLQD1REORTXHHHVWRV
FRQGXFWRVDOFRFLQDUHQHOKRUQR²HVLPSRUWDQWHTXH
HOIOXMRGHDLUHFDOLHQWHGHVGHHOKRUQR\HODLUHIUHVFR
KDFLDHOTXHPDGRUGHOKRUQRQRVHDQLQWHUUXPSLGRV
(YLWHWRFDUODVDEHUWXUDVGHODYHQWLODFLyQR
VXSHUILFLHVFHUFDQDVGXUDQWHHOIXQFLRQDPLHQWRGHO
KRUQR\HODVDGRU²VHSRGUiQFDOHQWDU
„/DVPDQLMDVGHODVROODV\FDFHURODVVH
SRGUiQFDOHQWDUDOHVWDUHQODSDUWHVXSHULRU
GHOKRUQRVLVHODVXELFDGHPDVLDGRFHUFDGH
ODYHQWLODFLyQ
„1RGHMHDUWtFXORVGHSOiVWLFRRLQIODPDEOHV
VREUHODSDUWHVXSHULRUGHODFRFLQDVH
SRGUiQGHUUHWLURLQFHQGLDUVHVLVHHQFXHQWUDQ
GHPDVLDGRFHUFDGHODYHQWLODFLyQ
„1RGHMHHQYDVHVFHUUDGRVHQODSDUWH
VXSHULRUGHODFRFLQD/DSUHVLyQHQHQYDVHV
FHUUDGRVVHSRGUiLQFUHPHQWDUORFXDOSRGUi
KDFHUTXHH[SORWHQ
„/RVDUWtFXORVGHPHWDOVHFDOHQWDUiQ
GHPDVLDGRVLVHORVGHMDVREUHODSDUWH
VXSHULRUGHODFRFLQD\SRGUiQRFDVLRQDU
LQFHQGLRV
/X]GHO+RUQR
(QDOJXQRVPRGHORVSUHVLRQHODWHFOD2YHQ
/LJKW /X]GHO+RUQR TXHVHHQFXHQWUDHQHO
SDQHOGHFRQWUROVXSHULRUSDUDHQFHQGHUR
DSDJDUODOX]
(QDOJXQRVPRGHORVXWLOLFHHOLQWHUUXSWRUTXH
VHHQFXHQWUDHQHOSDQHOGHFRQWUROLQIHULRU
SDUDHQFHQGHURDSDJDUODOX]
£(OWLSRGHPDUJDULQDDIHFWDUiHOUHQGLPLHQWRGHOKRUQHDGR
/DPD\RUtDGHODVUHFHWDVSDUDKRUQHDUIXHURQGHVDUUROODGDVXWLOL]DQGRSURGXFWRVFRQDOWRFRQWHQLGRGHJUDVDWDOHV
FRPRPDQWHFDRPDUJDULQD GHJUDVD 6LVHUHGXFHODFDQWLGDGGHJUDVDHVSRVLEOHTXHODUHFHWDQRGpORVPLVPRV
UHVXOWDGRVFRPRFRQXQSURGXFWRFRQDOWRFRQWHQLGRGHJUDVD
3XHGHKDEHUIDOODVHQODSUHSDUDFLyQGHODUHFHWDVLODVWRUWDVWDUWDVSDVWHOHVJDOOHWDVRGXOFHVVHSUHSDUDQFRQSURGXFWRV
XQWDGRVFRQEDMRFRQWHQLGRGHJUDVD&XDQWRPiVEDMRHVHOFRQWHQLGRGHJUDVDGHOSURGXFWRXQWDGRPiVQRWRULDVVRQ
HVWDVGLIHUHQFLDV
/RVHVWiQGDUHVIHGHUDOHVUHTXLHUHQTXHORVSURGXFWRVFRQODHWLTXHWD´PDUJDULQDµFRQWHQJDQSRUORPHQRVXQGHJUDVDSRU
SHVR3RURWUDSDUWHORVSURGXFWRVFRQEDMRFRQWHQLGRGHJUDVDSRVHHQPHQRVJUDVD\PiVDJXD(ODOWRFRQWHQLGRGHKXPHGDG
DIHFWDODWH[WXUD\HOVDERUGHORVSURGXFWRVKRUQHDGRV3DUDXQPHMRUUHVXOWDGRFRQVXVYLHMDVUHFHWDVIDYRULWDVXVHPDUJDULQD
PDQWHFDRSURGXFWRVSDUDXQWDUTXHFRQWHQJDQSRUORPHQRVXQGHDFHLWHYHJHWDO
8VRGHOKRUQRSDUDKRUQHDU
*($SSOLDQFHVFRP
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHORVHVWDQWHVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR
&yPR3URJUDPDUHO+RUQRSDUD+RUQHDU
&LHUUHODSXHUWDGHOKRUQR/XHJRJLUHOD
SHULOOD29(17(03 7HPSHUDWXUDGHO
+RUQR KDVWDODWHPSHUDWXUDGHVHDGD
&RQWUROHTXHODFRPLGDHVWpSUHSDUDGDHQ
HOWLHPSRPtQLPRGHODUHFHWD&RFLQH
GXUDQWHPiVWLHPSRVLHVQHFHVDULR*LUH
ODSHULOOD29(17(03 7HPSHUDWXUDGHO
+RUQR D2)) $SDJDGR \UHWLUHODFRPLGD
5HSLVDVGHO+RUQR
&RORTXHODPD\RUtDGHODVFRPLGDV
HQHOPHGLRGHOKRUQR
3DUDSUHFDOHQWDUSURJUDPH
HOKRUQRHQODWHPSHUDWXUD
FRUUHFWD²VHOHFFLRQDUXQD
WHPSHUDWXUDPiVDOWD
QRDFRUWDHOWLHPSRGH
SUHFDOHQWDPLHQWR
8ELTXHHOHVWDQWHRHVWDQWHVGHOKRUQRHQODV
XELFDFLRQHVGHVHDGDVPLHQWUDVHOKRUQRVH
HQIUtD/DSRVLFLyQFRUUHFWDGHORVHVWDQWHV
GHSHQGHGHOWLSRGHFRPLGD\GHOGRUDGR
GHVHDGR
7LSRGH&RPLGD
*DOOHWDVPROOHWHVRPDJGDOHQDV
%RU&
&RPRUHJODJHQHUDOFRORTXHODPD\RUtDGHODV
FRPLGDVHQHOPHGLRGHOKRUQRHQODSRVLFLyQ
%R&GHOHVWDQWH3DUDFRQVXOWDUSRVLFLRQHV
VXJHULGDVGHORVHVWDQWHVOHDHOFXDGUR
*DOOHWLWDV
&RU'
%L]FRFKRVGHFKRFRODWH\QXHFHV
%RU&
7RUWDVFRQFDSDV
%RU&
3DVWHOGHiQJHO
3RVLFLyQ
GHO(VWDQWH
$
7RUWDGHFHUH]DVRGHPDQWHTXLOOD
%
7DUWDVRFREHUWXUDVGHWDUWDV
%RU&
7DUWDVFRQJHODGDV
FXELHUWDVGHJDOOHWLWDV %RU&
&D]XHODV
%RU&
3UHFDOHQWDPLHQWR
3UHFDOLHQWHHOKRUQRSRUPLQXWRVVLOD
UHFHWDORUHTXLHUH3UHFDOHQWDUVLJQLILFDVXELU
ODWHPSHUDWXUDGHOKRUQRKDVWDHOSXQWR
HVSHFLILFDGRDQWHVGHLQWURGXFLUODFRPLGD
(VQHFHVDULRSUHFDOHQWDUHOKRUQRSDUDREWHQHU
EXHQRVUHVXOWDGRVDOFRFLQDUWRUWDVJDOOHWDV
SDVWHOHV\SDQHV(OSUHFDOHQWDPLHQWRQRHV
QHFHVDULRFRQODPD\RUtDGHODVFD]XHODV\
GRUDGRV
0ROGHVGH+RUQHDGR
8VHHOPROGHGHKRUQHDGRDGHFXDGD(OWLSRGH
DFDEDGRGHOPROGHGHWHUPLQDHOQLYHOGHGRUDGR
TXHVHORJUDUi
„/RVSODWRVSDUDKRUQHDUGHYLGULRWDPELpQ
DEVRUEHQHOFDORU$OKRUQHDUHQSODWRVGH
KRUQHDGRGHYLGULREDMHODWHPSHUDWXUD
KDVWDž)\XVHHOWLHPSRGHFRFFLyQ
UHFRPHQGDGRHQODUHFHWD(VWRQRHV
QHFHVDULRDOKRUQHDUWDUWDVRFD]XHODV
8ELFDFLyQGHO0ROGH
3DUDXQDFRFFLyQSDUHMD\XQGRUDGRSDUHMR
GHEHKDEHUHVSDFLRVXILFLHQWHSDUDOD
FLUFXODFLyQGHDLUHHQHOKRUQR/RVUHVXOWDGRV
GHOKRUQHDGRVHUiQPHMRUHVVLORVPROGHVGH
KRUQHDGRVHFRORFDQORPiVDOFHQWURSRVLEOH
HQOXJDUGHFRORFDUORVHQODSDUWHIURQWDOR
WUDVHUDGHOKRUQR
„/RVPROGHVRVFXURViVSHURVRPDWH
DEVRUEHQHOFDORUSURGXFLHQGRXQDFDSD
PiVWRVWDGD\FURFDQWH8VHPROGHVGHHVWH
WLSRSDUDWDUWDV
„/RVPROGHVEULOODQWHV\SXOLGRVUHIOHMDQHO
FDORUSURGXFLHQGRXQGRUDGRPiVVXDYH\
GHOLFDGR/DVWRUWDV\JDOOHWDVUHTXLHUHQHVWH
WLSRGHPROGHV
/RVPROGHVQRGHEHQWRFDUVHPXWXDPHQWHQL
WRFDUODVSDUHGHVGHOKRUQR'HMHXQHVSDFLRGH
HQWUH\SXOJDGDHQWUHORVPROGHVFRPR
WDPELpQGHODSDUWHWUDVHUDGHOKRUQRODSXHUWD
\ORVFRVWDGRV
6LQHFHVLWDXVDUGRVUHSLVDVHVFDORQHORVPROGHV
GHPRGRTXHXQRQRHVWpGLUHFWDPHQWHHQFLPD
GHORWUR
8VRGHOKRUQRSDUDKRUQHDU
*DOOHWLWDV
3DUDREWHQHUPHMRUHVUHVXOWDGRV
XVHVyORXQDSODQFKDGHJDOOHWDV
SRUYH]HQHOKRUQR
/DVSODQFKDVSDUDJDOOHWLWDVSODQDV VLQ
FRVWDGRV SURGXFHQJDOOHWLWDVFRQPHMRU
DVSHFWR(VSRVLEOHTXHODVJDOOHWLWDVKRUQHDGDV
HQXQDIXHQWH FRQFRVWDGRVFRUWRVDOUHGHGRU TXHGHQFRQORVFRVWDGRVPiVRVFXURV\TXHHO
GRUDGRVHDPiVOHYH
1RXVHXQDSODQFKDSDUDJDOOHWLWDVWDQJUDQGH
TXHWRTXHODVSDUHGHVRODSXHUWDGHOKRUQR
1XQFDFXEUDWRWDOPHQWHXQDUHSLVDFRQXQD
SODQFKDJUDQGHSDUDJDOOHWLWDV
7DUWDV
3DUDREWHQHUPHMRUHVUHVXOWDGRVKRUQHHODV
WDUWDVHQPROGHVRVFXURViVSHURVRPDWHDILQ
GHSURGXFLUXQDFDSDPiVWRVWDGD\FURFDQWH
/DVWDUWDVFRQJHODGDVHQPROGHVGHSDSHOGH
DOXPLQLRVHGHEHUtDQFRORFDUHQXQDSODQFKDGH
DOXPLQLRSDUDKRUQHDGRGHJDOOHWDV\DTXHHO
PROGHGHDOXPLQLREULOODQWHUHIOHMDHOFDORUIXHUD
GHODFDSDGHODWDUWDODSODQFKDSDUDJDOOHWLWDV
D\XGDDUHWHQHUOR
7RUWDV
$OKRUQHDUWRUWDVORVPROGHVGHIRUPDGRVR
LQFOLQDGRVSURGXFLUiQKRUQHDGRVGHVSDUHMRV\
SURGXFWRVGHIRUPDGRV
8QDWRUWDKRUQHDGDHQXQPROGHPiVJUDQGH
TXHHOUHFRPHQGDGRHQODUHFHWDQRUPDOPHQWH
VHUiPiVFURFDQWHGHOJDGD\VHFDTXHFRPR
GHEHUtD
6LVHKRUQHDHQXQPROGHPiVSHTXHxRTXH
HOUHFRPHQGDGRHVSRVLEOHTXHQRDOFDQFH
HOSXQWRGHFRFFLyQ\TXHODPDQWHTXLOODVH
GHUUDPH
&RQWUROHODUHFHWDSDUDDVHJXUDUVHGHTXHHO
WDPDxRGHOPROGHXVDGRVHDHOUHFRPHQGDGR
1R'p9LVWD]RV
3URJUDPHHOWHPSRUL]DGRUHQHOWLHPSRGH
FRFFLyQHVWLPDGR\QRDEUDODSXHUWDSDUDYHU
ODFRPLGD/DPD\RUtDGHODVUHFHWDVEULQGDQ
WLHPSRVGHKRUQHDGRPtQLPR\Pi[LPRWDOHV
FRPR´KRUQHHHQWUH\PLQXWRVµ
12DEUDODSXHUWDSDUDFRQWURODUKDVWDTXH
SDVHHOWLHPSRPtQLPR$EULUODSXHUWDGHOKRUQR
GHPDQHUDIUHFXHQWHGXUDQWHODFRFFLyQKDFH
TXHHOFDORUVHHVFDSH\KDFHTXHORVWLHPSRV
GHKRUQHDGRVHH[WLHQGDQ/RVUHVXOWDGRVGHO
KRUQHDGRVHSRGUiQYHUDIHFWDGRV
3DSHOGH$OXPLQLR
1RXVHSDSHOGHDOXPLQLRSDUDUHYHVWLUHO
IRQGRGHOKRUQR(ODOXPLQLRDWUDSDUiHOFDORU
LQIHULRU\DOWHUDUiHOIXQFLRQDPLHQWRGHOKRUQR
(ODOXPLQLRVHSXHGHGHUUHWLU\GDxDUGH
IRUPDSHUPDQHQWHODSDUWHLQIHULRUGHOKRUQR
/RVGDxRVSRUXVRLQDGHFXDGRGHOSDSHOGH
DOXPLQLRQRHVWiQFXELHUWRVSRUODJDUDQWtDGHO
SURGXFWR
6HSRGUiXVDUDOXPLQLRSDUDHYLWDUGHUUDPHV
FRORFDQGRXQDKRMDVREUHXQHVWDQWHLQIHULRU
YDULDVSXOJDGDVGHEDMRGHODFRPLGD1RXVH
PiVDOXPLQLRTXHHOQHFHVDULR\QXQFDFXEUD
WRWDOPHQWHHOHVWDQWHGHXQKRUQRFRQSDSHOGH
DOXPLQLR0DQWHQJDHODOXPLQLRDSRUORPHQRV
µGHODVSDUHGHVGHOKRUQRSDUDHYLWDUXQD
FLUFXODFLyQGHILFLHQWHGHOFDORU
+XPHGDGGHO+RUQR
$PHGLGDTXHHOKRUQRVHFDOLHQWHHOFDPELR
GHWHPSHUDWXUDHQHODLUHGHOKRUQRSRGUi
JHQHUDUODIRUPDFLyQGHJRWDVGHDJXDHQHO
YLGULRGHODSXHUWD(VWDVJRWDVVRQLQRIHQVLYDV
\VHHYDSRUDUiQDPHGLGDTXHHOKRUQRVHVLJD
FDOHQWDQGR
8VRGHOKRUQRSDUDGRUDU
*($SSOLDQFHVFRP
'RUDUHVFRFLQDUFRQFDORUVHFR/DVFDUQHVRDYHVWLHUQDVVHSXHGHQGRUDUDOGHVFXELHUWRHQHOKRUQR/DVWHPSHUDWXUDV
SDUDGRUDUTXHGHEHUtDQVHUEDMDV\SDUHMDVKDFHQTXHHOVDOSLFDGRVHDPtQLPR
'RUDUHVHQUHDOLGDGXQSURFHGLPLHQWRGHKRUQHDGRXWLOL]DGRFRQODVFDUQHV'RUDUHVIiFLOVyORVLJDHVWDVLQVWUXFFLRQHV
&yPR&RQILJXUDUHO+RUQRSDUD'RUDU
&RORTXHODUHSLVDHQODSRVLFLyQ
$R%
&RORTXHODUHSLVDHQODSRVLFLyQ$R%1R
HVQHFHVDULRQLQJ~QSUHFDOHQWDPLHQWR
*LUHODSHULOOD29(17(03 7HPSHUDWXUD
GHO+RUQR KDVWDODFRQILJXUDFLyQGHVHDGD
&RQWUROHHOSHVRGHODFDUQH&RORTXHHO
ODGRGHODJUDVDKDFLDDUULED RFRQODV
DYHVHOODGRGHODSHFKXJDKDFLDDUULED HQXQHVWDQWHSDUDGRUDUHQXQDEDQGHMD
FRQSRFDSURIXQGLGDG/DJUDVDGHUUHWLGD
VDOSLFDUiODFDUQH6HOHFFLRQHXQDEDQGHMD
TXHVHDGHOWDPDxRPiVVLPLODUSRVLEOHD
ODFDUQH$OLQHHODEDQGHMDSDUDDGREDU
FRFLQDUFRQIUXWDVFRFLQDUHPEXWLGRVR
URFLDUFRPLGDGXUDQWHODFRFFLyQ
8QDYH]FRPSOHWDGRHOGRUDGRJLUHOD
SHULOOD29(17(03 7HPSHUDWXUDGHO
+RUQR D2)) $SDJDGR \OXHJRUHWLUHOD
FRPLGDGHOKRUQR
$MXVWHORVWHUPRVWDWRV£+iJDORXVWHGPLVPR
(VSRVLEOHTXHHQFXHQWUHTXHVXKRUQRQXHYRFRFLQDGHIRUPDGLIHUHQWHDOTXHUHHPSOD]y8VHVXKRUQRQXHYRGXUDQWH
DOJXQDVVHPDQDVSDUDIDPLOLDUL]DUVHFRQHOPLVPR6LD~QSLHQVDTXHVXKRUQRQXHYRHVWiGHPDVLDGRFDOLHQWHRGHPDVLDGR
IUtRSRGUiDMXVWDUHOWHUPRVWDWRXVWHGPLVPR
1RXVHWHUPyPHWURVWDOHVFRPRORVTXHVHYHQGHQHQODVWLHQGDVSDUDFRQWURODUODWHPSHUDWXUDGHOKRUQR(VWRV
WHUPyPHWURVSXHGHQYDULDUHQWUH\JUDGRV
127$(VWHDMXVWHQRDIHFWDUiHODVDGRRODVWHPSHUDWXUDVGHDXWROLPSLH]D(ODMXVWHVHJXDUGDUiHQODPHPRULDOXHJRGH
XQFRUWHGHFRUULHQWH
OVEN
OFF
3DUD$MXVWDUHO7HUPRVWDWRFRQHVWH7LSRGH3HULOOD
TEMP
260
300
0
40
O
IL
35
0
450
500
BR
3HULOOD29(17(03 7HPSHUDWXUD
GHO+RUQR GHODSDUWHIURQWDO OD
DSDULHQFLDGHODSHULOODSXHGHYDULDU
LOOSE
NS
C
TO
WS
RE
ROTATE
COMA
O
KE ER
L
KE ER
T
(PSXMHODSHULOOD29(17(03
7HPSHUDWXUDGHO+RUQR IXHUDGHOUDQJR\
REVHUYHODSDUWHWUDVHUD3DUDUHDOL]DUXQ
DMXVWHDIORMH DSUR[LPDGDPHQWHXQJLUR SHURVLQTXLWDUFRPSOHWDPHQWHORVGRV
WRUQLOORVHQODSDUWHWUDVHUDGHODSHULOOD
&RQODSDUWHWUDVHUDGHOWRUQLOORKDFLD
XVWHGVRVWHQJDHOH[WUHPRH[WHULRUGHOD
SHULOODFRQXQDPDQR\JLUHHOIUHQWHGHOD
PLVPDFRQDRWUDSDUDLQFUHPHQWDUOD
WHPSHUDWXUDGHOKRUQRPXHYDHOWRUQLOOR
VXSHULRUKDFLDODGHUHFKD
(VFXFKDUiXQVRQLGRGHFOLFSRUFDGD
DEHUWXUDTXHPXHYDODSHULOOD3DUDUHGXFLU
ODWHPSHUDWXUDGHOKRUQRPXHYDHOWRUQLOOR
VXSHULRUKDFLDODL]TXLHUGD
&DGDFOLFFDPELDUiODWHPSHUDWXUDGHO
KRUQRHQDSUR[LPDGDPHQWHž) (O
UDQJRHVGHPiVž)RPHQRVž)
GHVGHODIOHFKD 6XJHULPRVTXHKDJDHODMXVWHGHDXQ
FOLFGHVGHODFRQILJXUDFLyQRULJLQDO\TXH
FRQWUROHHOUHQGLPLHQWRGHOKRUQRDQWHVGH
KDFHUFXDOTXLHUDMXVWHDGLFLRQDO
8QDYH]UHDOL]DGRHODMXVWHYXHOYDD
DMXVWDUORVWRUQLOORVGHPRGRTXHHVWpQ
ILUPHVSHURWHQJDFXLGDGRGHQR
DMXVWDUORVHQH[FHVR
5HHPSODFHODSHULOODHQOD]DQGRHOiUHD
SODQDGHODPLVPDFRQHOKXHFR\FRQWUROH
HOIXQFLRQDPLHQWR
HOMA
T
3HULOOD29(17(03 7HPSHUDWXUDGHO
+RUQR GHODSDUWHWUDVHUD
8VRGHOKRUQRSDUDDVDU
$VDUHVFRFLQDUODFRPLGDXWLOL]DQGRFDORUGLUHFWDPHQWHGHVGHDUULEDGHODFRPLGD/DPD\RUtDGHORVSHVFDGRV\FRUWHV
WLHUQRVGHFDUQHVHSXHGHQDVDU6LJDHVWDVLQVWUXFFLRQHVSDUDFRPHQ]DUDURFLDU\DKXPDUHQHOQLYHOPtQLPR
6XFRFLQDFXHQWDFRQXQFRPSDUWLPLHQWRSDUDDVDUGHEDMRGHOKRUQR8QDEDQGHMDHVSHFLDOPHQWHGLVHxDGDSDUDDVDU
SHUPLWHTXHHOJRWHRGHODJUDVDVHDGUHQDGRGHODFRPLGD
7DQWRHOKRUQRFRPRHOFRPSDUWLPLHQWRSDUDDVDUVHGHEHUiQFHUUDUGXUDQWHHODVDGR
&yPR&RQILJXUDUHO+RUQRSDUD$VDU
3XHGHFDPELDUODGLVWDQFLDGHODFRPLGD
FRQUHODFLyQDODIXHQWHGHFDORU
SRVLFLRQDQGRHOHVWDQWHSDUDDVDUHQHO
FRPSDUWLPLHQWRSDUDDVDU
²$SDUWHLQIHULRUGHOFRPSDUWLPLHQWRSDUD
DVDU ²%SDUWHFHQWUDOGHOFRPSDUWLPLHQWRSDUD
DVDU ²&SDUWHVXSHULRUGHOFRPSDUWLPLHQWR
SDUDDVDU /DPD\RUtDGHODVYHFHVTXHVHYDDDVDU
VHGHEHUiKDFHUHQODSRVLFLyQ$
3DUDREWHQHUPHMRUHVUHVXOWDGRV
SUHFDOLHQWHODSDUULOOD
6LODFDUQHWLHQHJUDVDRFDUWtODJRV
DOUHGHGRUGHOERUGHFRUWHORVPLVPRVHQ
WLUDVYHUWLFDOHVFRQXQDVHSDUDFLyQGH
XQDVSXOJDGDVSHURQRFRUWHGHQWURGH
ODFDUQH/HUHFRPHQGDPRVUHWLUDUOD
JUDVDSDUDHYLWDUXQDKXPDGRH[FHVLYR
GHMDQGRXQDFDSDGHXQJURVRUGH
DSUR[LPDGDPHQWHGHSXOJDGD
&LHUUHODSXHUWDGHOKRUQR\GHOFDMyQGHO
FRPSDUWLPLHQWRSDUDDVDU
*LUHODSHULOOD29(17(03 7HPSHUDWXUD
GHO+RUQR D%52,/ DVDU *LUHODPD\RUtDGHODVFRPLGDVXQDYH]
GXUDQWHODFRFFLyQ&RFLQHODVFRPLGDV
GXUDQWHDSUR[LPDGDPHQWHODPLWDGGHO
WLHPSRGHFRFFLyQGpYXHOWDODFRPLGD\
OXHJRFRQWLQ~HFRFLQDQGRKDVWDHOSXQWR
GHFRFFLyQSUHIHULGR
*LUHODSHULOOD29(17(03 7HPSHUDWXUDGHO
+RUQR D2)) DSDJDU 5HWLUHODEDQGHMD
SDUDDVDUGHOHVWDQWHSDUDDVDU\VLUYDOD
FRPLGDGHIRUPDLQPHGLDWD'HMHODEDQGHMD
IXHUDGHODFRFLQDSDUDTXHVHHQIUtH
&yPR&RQILJXUDUHO&RPSDUWLPLHQWRSDUD$VDU HQDOJXQRVPRGHORV
$VDUHVFRFLQDUODFRPLGDXWLOL]DQGRFDORU
GLUHFWDPHQWHGHVGHDUULEDGHODFRPLGD/D
PD\RUtDGHORVSHVFDGRV\FRUWHVWLHUQRVGHFDUQH
VHSXHGHQDVDU6LJDHVWDVLQVWUXFFLRQHVSDUD
FRPHQ]DUDURFLDU\DKXPDUHQHOQLYHOPtQLPR
6XFRFLQDFXHQWDFRQXQFRPSDUWLPLHQWRSDUD
DVDUGHEDMRGHOKRUQR
7DQWRODSXHUWDGHOKRUQRFRPRODGHO
FRPSDUWLPLHQWRSDUDDVDUVHGHEHUiQFHUUDU
GXUDQWHHODVDGR
'pYXHOWDODPD\RUtDGHODVFRPLGDVXQDYH]
GXUDQWHODFRFFLyQ DH[FHSFLyQGHORVILOHWHV
ILQRVGHSHVFDGRDFHLWHXQODGRFRORTXHGLFKR
ODGRKDFLDDEDMRHQODSDULOODSDUDDVDU\FRFLQH
VLQGDUYXHOWDKDVWDTXHHVWpOLVWR &RFLQHODV
FRPLGDVGXUDQWHDSUR[LPDGDPHQWHODPLWDG
GHOWLHPSRGHFRFFLyQGpYXHOWDODFRPLGD\
OXHJRFRQWLQ~HFRFLQDQGRKDVWDHOSXQWRGH
FRFFLyQSUHIHULGR
8VWHGSXHGHFDPELDUODGLVWDQFLDGHOD
FRPLGDGHVGHODIXHQWHGHFDORU
SRVLFLRQDQGRODEDQGHMD\ODSDUULOODSDUD
DVDUHQXQDGHODVWUHVSRVLFLRQHVGHORV
HVWDQWHVGHOFRPSDUWLPLHQWRSDUDDVDU²$
SDUWHLQIHULRUGHOFRPSDUWLPLHQWRSDUDDVDU % SDUWHLQWHUPHGLD \& SDUWHVXSHULRU 1RHVQHFHVDULRSUHFDOHQWDUODSDULOODRHO
KRUQR\HVWRSXHGHSURGXFLUPDORV
UHVXOWDGRV
6LODFDUQHSRVHHJUDVDRFDUWtODJRVVREUH
HOERUGHFRUWHWLUDVYHUWLFDOHVVREUHDPEDV
DµGHGLVWDQFLD6LVHGHVHDODJUDVDVH
SRGUiFRUWDUGHMDQGRXQDFDSDGHXQ
JURVRUGHµ
8ELTXHODFRPLGDHQODUHMLOOD\SRVLFLRQHOD
EDQGHMDSDUDDVDUHQHOHVWDQWHDSURSLDGR
GHOKRUQRRGHOFRPSDUWLPLHQWRSDUDDVDU
&RORFDUFRPLGDPiVFHUFDGHODVOODPDV
LQFUHPHQWDHOGRUDGRH[WHULRUGHOD
FRPLGDSHURWDPELpQLQFUHPHQWDHO
URFLDGR\ODSRVLELOLGDGTXHVHLQFHQGLHQ
ODVJUDVDV\ORVMXJRVGHODFDUQH
&LHUUHODSXHUWDGHOKRUQR\GHO
FRPSDUWLPLHQWRSDUDDVDU
*LUHODSHULOOD29(1&21752/
7HPSHUDWXUDGHO+RUQR D%52,/ $VDU $OILQDOL]DUGH$VDUJLUHODSHULOOD29(1
&21752/ 7HPSHUDWXUDGHO+RUQR D2))
$SDJDGR 5HWLUHODEDQGHMDSDUDDVDUGHO
FRPSDUWLPLHQWRSDUDDVDU\VLUYDOD
FRPLGDGHIRUPDLQPHGLDWD'HMHOD
EDQGHMDIXHUDGHODFRFLQDSDUDTXHVH
HQIUtH
*($SSOLDQFHVFRP
3DSHOGH$OXPLQLR
8VWHGSXHGHXVDUSDSHOGHDOXPLQLRSDUD
DOLQHDUODFDFHURODSDUDDVDU\ODUHMLOODSDUD
DVDU6LQHPEDUJRGHEHUiPROGHDUHOSDSHOGH
DOXPLQLRGHIRUPDDMXVWDGDDODUHMLOOD\FRUWDU
ODVDEHUWXUDVDOLJXDOTXHHQODUHMLOOD
6XJHUHQFLDVGHOD*XtDGHO&RPSDUWLPLHQWRSDUD$VDU
7DQWRODSXHUWDGHOKRUQRFRPRODGHO
FRPSDUWLPLHQWRSDUDDVDUVHGHEHUiQFHUUDU
GXUDQWHHODVDGR
■6LHPSUHXVHODFDFHUROD\ODUHMLOODSDUDDVDU
LQFOXLGDVFRQVXFRFLQD)XHURQGLVHxDGDV
SDUDPLQLPL]DUHOKXPR\ODVVDOSLFDGXUDV
DWUDSDQGRORVMXJRVHQODSDUWHLQIHULRU
FXELHUWDGHODFDFHUROD
■$OFRFLQDUHQELVWHFV\WUR]RVFRUWHODJUDVD
GHIRUPDSDUHMDDOUHGHGRUGHORVH[WUHPRV
H[WHULRUHVGHODFDUQH5HDOLFHGLFKRFRUWHHQ
IRUPDGLDJRQDODWUDYpVGHODVXSHUILFLHGH
JUDVDH[WHULRUKDVWDHOH[WUHPRGHODFDUQH8VH
WHQD]DVSDUDGDUYXHOWDODFDUQHDILQGHHYLWDU
ODSHUIRUDFLyQGHODFDUQH\ODSpUGLGDGHMXJRV
■6LORGHVHDPDULQHODVFDUQHVRHOSROORDQWHV
GHDVDU2FXEUDFRQVDOVDGHEDUEDFRDVyOR
ORV~OWLPRVRPLQXWRV
■$OXELFDUODFRPLGDHQODFDFHURODQRGHMH
TXHORVH[WUHPRVFRQJUDVDFXHOJXHQVREUH
ORVFRVWDGRV\DTXHHOJRWHRGHJUDVDSRGUtD
HQVXFLDUHOKRUQR
■1RHVQHFHVDULRSUHFDOHQWDUHO
FRPSDUWLPLHQWRSDUDDVDU6LQHPEDUJR
FRQFRUWHVPX\ILQRVGHFRPLGDRSDUD
LQFUHPHQWDUHOGRUDGRSUHFDOLHQWHVLORGHVHD
■/RVELVWHFVFRQJHODGRVVHSRGUiDVDU
SRVLFLRQDQGRHOHVWDQWHHQODVLJXLHQWH
SRVLFLyQLQIHULRUGHOHVWDQWHHLQFUHPHQWDQGR
HOWLHPSRGHFRFFLyQGDGRHQHVWDJXtDò
YHFHVSRUODGR
86'$UHFRPLHQGDODVVLJXLHQWHVWHPSHUDWXUDVPtQLPDVLQWHUQDV\VHJXUDV
‡&DUQHFUXGDFHUGRFRUGHUR\ELVWHFGHWHUQHUDRFRVWLOODVž)GHDFXHUGRFRQOD
PHGLFLyQGHXQWHUPyPHWURGHFRPLGDDQWHVGHUHWLUDUODFDUQHGHODIXHQWHGHFDORU
3RUFXHVWLRQHVGHVHJXULGDG\FDOLGDGGHMHGHVFDQVDUODFDUQHGXUDQWHSRUORPHQRVWUHV
PLQXWRVDQWHVGHFRUWDURFRQVXPLU
‡&DUQHSLFDGDFUXGDFHUGRFRUGHURRWHUQHUDž)GHDFXHUGRFRQODPHGLFLyQGHXQ
WHUPyPHWURGHFRPLGDV
‡$YHž)GHDFXHUGRFRQODPHGLFLyQGHXQWHUPyPHWURGHFRPLGDV
3DUDPiVLQIRUPDFLyQYLVLWHZZZLVLWGRQH\HWJRYROODPHDODOtQHDJUDWXLWDGHFDUQHV\
DYHVGH86'$DO
&XLGDGR\OLPSLH]DGHODFRFLQD
*($SSOLDQFHVFRP
$VHJ~UHVHGHTXHODFRUULHQWHHOpFWULFDHVWpDSDJDGD\TXHWRGDVODVVXSHUILFLHVHVWpQIUtDVDQWHVGHOLPSLDU
FXDOTXLHUSDUWHGHODFRFLQD
$'9(57(1&,$6LODFRFLQDHVUHWLUDGDSDUDVXOLPSLH]DVHUYLFLRWpFQLFR
RFXDOTXLHURWUDUD]yQDVHJ~UHVHGHTXHHOGLVSRVLWLYRDQWLYROFDGXUDVYXHOYDDVHU
FRORFDGRGHIRUPDFRUUHFWDFXDQGRODFRFLQDVHDLQVWDODGDQXHYDPHQWH6LQRVHWLHQHHVWD
SUHFDXFLyQVHSRGUiRFDVLRQDUODFDtGDGHODFRFLQD\SURYRFDUOHVLRQHV
3DUDUHYLVDUVLHOVRSRUWHHVWDLQVWDODGR\DMXVWDGRGHIRUPDDSURSLDGDPLUHTXHGHEDMRGH
ODFRFLQDHOEUD]RDQWLYROWHRHQVDPEODGRHQHOODWHUDOHVWHDMXVWDGRDOVRSRUWH(QDOJXQRV
PRGHORVHOFDMyQGHDOPDFHQDPLHQWRRHOSDQHOGHSURWHFFLyQVHSXHGHUHWLUDUSDUDXQD
LQVSHFFLRQPDVIiFLO6LQRHVSRVLEOHUHDOL]DUXQDLQVSHFFLyQYLVXDOGHVOLFHODFRFLQDKDFLD
DGHODQWHFRQILUPHTXHHOVRSRUWHDQWLYROFDGXUDVHVWpDMXVWDGRGHIRUPDVHJXUDDOSLVRROD
SDUHG\GHVOLFHODFRFLQDKDFLDDWUDVGHPRGRTXHHOEUD]RDQWLYROWHRVHGHVOLFHSRUGHEDMR
GHOVRSRUWHDQWLYROFDGXUDV
(QFDVRGHTXHODFRFLQDVHDHPSXMDGDGHODSDUHGSRUDOJXQDUD]yQVLHPSUHUHSLWDHVWH
SURFHGLPLHQWRSDUDYHULILFDUTXHODFRFLQDHVWpFRUUHFWDPHQWHDVHJXUDGDSRUHOVRSRUWHDQWL
YROFDGXUDV
6LODFRFLQDQRFXHQWDFRQHOVRSRUWHDQWLYROFDGXUDVOODPHDOSDUDUHFLELUXQR
VLQFRVWR
(OHYDGRUGHOD(VWXID HQPRGHORVFRQTXHPDGRUHVJHPHORVHVWiQGDU
$OJXQRVPRGHORVFXHQWDQFRQ
YDUDVGHVRSRUWHGXDOTXH
VRVWHQGUiQODHVWXIDPLHQWUDV
OLPSLDVXSDUWHLQIHULRU
/LPSLHHOiUHDGHEDMRGHODHVWXIDFRQ
IUHFXHQFLD/DVXFLHGDGDFXPXODGD
HVSHFLDOPHQWHODJUDVDVHSXHGHLQFHQGLDU
3DUDIDFLOLWDUODOLPSLH]DODHVWXIDSXHGHVHU
OHYDQWDGD
127$1ROHYDQWHODHVWXIDHQPRGHORVFRQ
TXHPDGRUHVVHOODGRV/HYDQWDUODFRFLQD
SXHGHSURGXFLUGDxRV\XQIXQFLRQDPLHQWR
LQDSURSLDGRGHODHVWXID
3DUDOHYDQWDUODHVWXID
$VHJ~UHVHGHTXHORVFRQWUROHVGHOD
VXSHUILFLHHVWpQDSDJDGRV
5HWLUHODVSDUULOODVV
7RPHORVGRVTXHPDGRUHVIURQWDOHV\
OHYiQWHORV
/LPSLHGHEDMRGHODHVWXIDFRQDJXDFDOLHQWH\
MDEyQ\XQDWHODVHFD6LUHWLUyORVTXHPDGRUHV
GXUDQWHODOLPSLH]DDVHJ~UHVHGHTXHVH
HQFXHQWUHQFRUUHFWDPHQWHSRVLFLRQDGRVDO
UHHPSOD]DUORV
/XHJRGHODOLPSLH]DEDMHODHVWXID HYLWH
SLQFKDUVHORVGHGRV 3DUULOODVGHORV4XHPDGRUHV
6XFRFLQDFXHQWDFRQWUHVSDUULOODVGREOHV
GHWLSRSURIHVLRQDO(VWDVSDUULOODVSRVHHQ
SRVLFLRQHVHVSHFtILFDV3DUDXQDHVWDELOLGDG
Pi[LPDHVWDVSDUULOODVVyORVHGHEHUiQXVDUHQ
VXSRVLFLyQDGHFXDGDQRVHSXHGHQFDPELDU
GHL]TXLHUGDDGHUHFKDRGHOIUHQWHDDWUiV
3DUDPD\RUFRQYHQLHQFLDORVODGRVLQIHULRUHV
GHODVSDUULOODVL]TXLHUGD\GHUHFKDHVWiQ
PDUFDGDV´/()7)5217µ )UHQWH,]TXLHUGR \
´5,*+7)5217µ )UHQWH'HUHFKR $VHJ~UHVH
GHTXHODSRVLFLyQIURQWDOGHDPEDVSDUULOODV
HVWpHQHOIUHQWH/DSDUULOODLQWHUPHGLDSRVHH
XQDUFRHQHOIUHQWH$VHJ~UHVHGHTXHODSDUWH
DUTXHDGDHVWpKDFLDHOIUHQWHGHODFRFLQD
$GHPiVODSDUULOODLQWHUPHGLDHVWiDSR\DGD
SRUODVSDUULOODVL]TXLHUGD\GHUHFKD\GHEHVHU
LQVWDODGDDOILQDOSDUDPD\RUHVWDELOLGDG
/LPSLH]D
/HYDQWHODVPLVPDVFXDQGRHVWpQIUtDV/DV
SDUULOODVVHGHEHQODYDUGHIRUPDUHJXODU\SRU
VXSXHVWROXHJRGHGHUUDPHV/DYHODVSDUULOODV
FRQDJXDFDOLHQWH\MDEyQ\HQMXDJXHFRQDJXD
OLPSLD$OUHHPSOD]DUODVSDUULOODVDVHJ~UHVHGH
TXHHVWpQSRVLFLRQDGDVGHIRUPDVHJXUDVREUH
ORVTXHPDGRUHV5HHPSODFHODVSDUULOODVGH
PRGRTXHVHIRUPHQDUFRVFRQWLQXRVFRQODV
OtQHDVFHQWUDOHVGHODVWUHVSDUULOODV
1RXWLOLFHHOTXHPDGRUGXUDQWHXQSHUtRGRGHWLHPSR
SURORQJDGRVLQXQXWHQVLOLRGHFRFLQDVREUHODUHMLOOD
(ODFDEDGRGHODSDUULOODVHSXHGHUHVTXHEUDMDUVLQR
KD\XQXWHQVLOLRGHFRFLQDTXHDEVRUEDHOFDORU
3DUDOLEHUDUVHGHFRPLGDVTXHPDGDVFRORTXH
ODVSDUULOODVHQXQHQYDVHFXELHUWR$JUHJXH
XQDWD]DGHóGHDPRQtDFR\GHMHTXH
SHUPDQH]FDQPRMDGDVYDULDVKRUDVGXUDQWHOD
QRFKH/DYHHQMXDJXHELHQ\VHTXH
$XQTXHVRQGXUDEOHVODVSDUULOODVSHUGHUiQ
JUDGXDOPHQWHVXEULOORPiVDOOiGHOPHMRU
FXLGDGRTXHOHVSXHGDGDU(VWRVHGHEHD
ODH[SRVLFLyQFRQWLQXDDDOWDVWHPSHUDWXUDV
2EVHUYDUiHVWRDQWHVFRQSDUULOODVGHFRORUFODUR
127$1ROLPSLHODVSDUULOODVHQHOKRUQRGHDXWR
OLPSLH]D
*($SSOLDQFHVFRP
(QVDPEOHVGHO4XHPDGRU'REOH(VWiQGDU HQDOJXQRVPRGHORV
3DUULOOD
&XEHWDGHJRWHR VLHVWiLQFOXLGD
4XHPDGRU6XSHUILFLDO
35(&$8&,Ï1
1RXVHODSDUWHVXSHULRUGHODFRFLQD
VLQTXHWRGDVODVSDUWHVGHORV
TXHPDGRUHVFXEHWDVGHJRWHR VL
HVWiQLQFOXLGDV \ODVSDUULOODVHVWpQHQ
VXVUHVSHFWLYRVOXJDUHV
/LPSLHFRPSOHWDPHQWHORV
DJXMHURVGHFDGDTXHPDGRU
3DUDDFFHGHUDLQIRUPDFLyQVREUH
OLPSLH]DGHTXHPDGRUHVVHOODGRVFRQVXOWH
ODVLJXLHQWHVHFFLyQ/DVHVWXIDVFRQ
TXHPDGRUHVVHOODGRVQRVHOHYDQWDQ
(QPRGHORVFRQTXHPDGRUHVGREOHVHVWiQGDU
ODSDUWHVXSHULRUGHODHVWXIDVHOHYDQWDSDUD
IiFLODFFHVR
&RORTXHWRGRVORVFRQWUROHVHQ2)) $SDJDU DQWHVGHUHWLUDUODVSDUWHVGHOTXHPDGRU\ODV
FXEHWDVGHJRWHR VLVHLQFOX\HQ /DVSDUULOODVGHORVTXHPDGRUHV\ODVFXEHWDV
GHJRWHR VLVHLQFOX\HQ VHSXHGHQOHYDQWDU
IDFLOLWDQGRODOLPSLH]D
3DUDUHWLUDUFRPLGDTXHPDGDPRMHODV
FDEH]DVGHORVTXHPDGRUHVHQXQDVROXFLyQ
GHGHWHUJHQWHOtTXLGRVXDYH\DJXDFDOLHQWH
0RMHODFDEH]DGHOTXHPDGRUSRUHQWUH\
PLQXWRV
6LVHWUDWDGHPDQFKDVGLItFLOHVXVHXQ
OLPSLDGRUGHODVPDUFDV6RIW6FUXEŠR%RQ
$PLŠ(QMXDJXHELHQSDUDUHWLUDUFXDOTXLHU
UDVWURGHOOLPSLDGRUTXHSRGUtDREVWUXLUODV
DEHUWXUDVGHODVFDEH]DVGHORVTXHPDGRUHV
1RXVHHVWURSDMRV\DTXHREVWUXLUiQODV
DEHUWXUDVGHODVFDEH]DVGHORVTXHPDGRUHV
\UD\DUiQVXVVXSHUILFLHV6LORVDJXMHURVVRQ
REVWDFXOL]DGRVOLPSLHORVPLVPRVFRQXQD
DJXMDGHFRVHURXQDODPEUHGREODGR
/RVDJXMHURVGHODVFDEH]DVGHORVTXHPDGRUHV
GHVXFRFLQDVHGHEHQPDQWHQHUOLPSLRVHQ
$QWHVGHYROYHUDFRORFDUODFDEH]DGHO
WRGRPRPHQWRSDUDXQFRUUHFWRHQFHQGLGR\
TXHPDGRUVDFXGDHOH[FHVRGHDJXD\OXHJR
XQDOODPDSDUHMD\VLQREVWUXFFLRQHV
VHTXHFRPSOHWDPHQWHFRORFDQGRODFDEH]D
HQXQKRUQRFDOLHQWHGXUDQWHPLQXWRV
'HEHUtDOLPSLDUODVFDEH]DVGHORVTXHPDGRUHV
/XHJRYXHOYDDFRORFDUODFDEH]DHQODHVWXID
GHIRUPDUXWLQDULDHVSHFLDOPHQWHOXHJRGH
DVHJXUiQGRVHGHTXHHVWpFRORFDGD\QLYHODGD
GHUUDPHVLPSRUWDQWHVTXHSRGUtDQEORTXHDU
FRUUHFWDPHQWH
ODVDEHUWXUDV
&RQWUROHHOSDWUyQGHODOODPDGHFDGD
/LPSLHODVFDEH]DVGHORVTXHPDGRUHV6LVH
TXHPDGRU6LODVOODPDV´VDOWDQµ QRHVWiQ
SURGXFHQGHUUDPHVLPSRUWDQWHVUHWLUHODV
SDUHMDVµOLPSLHORVDJXMHURVQXHYDPHQWHFRQ
FDEH]DVGHORVTXHPDGRUHVGHODFRFLQD
XQDDJXMDGHFRVHURXQDODPEUHGREODGR
/RVTXHPDGRUHVVHSXHGHQOHYDQWDUSDUDVX
OLPSLH]D/HYDQWHODHVWXID\OXHJROHYDQWHODV
FDEH]DVGHORVTXHPDGRUHV
&XEHWDVGH*RWHR VLVHLQFOX\HQ
5HWLUHODVSDUULOODV\OHYDQWH\UHWLUHODVFXEHWDV
GHJRWHR/DVFXEHWDVGHJRWHRVHSXHGHQ
OLPSLDUHQXQODYDYDMLOODVRHQIRUPDPDQXDO
$OUHHPSOD]DUODVFXEHWDVGHJRWHRDVHJ~UHVH
GHTXHHVWpQHQODSRVLFLyQFRUUHFWD
&RORTXHODVPLVPDVHQXQHQYDVHFXELHUWR
$JUHJXHóGHWD]DGHDPRQtDFR\GHMHHQ
UHPRMRGXUDQWHYDULDVKRUDVRGXUDQWHOD
QRFKH/DYHHQMXDJXHELHQ\VHTXH
35(&$8&,Ï1
1ROLPSLHODV
FXEHWDVGHJRWHRHQHOKRUQRGHDXWROLPSLH]D
6XSHUILFLHGHOD3DUWH6XSHULRUGHOD&RFLQD
$ILQGHHYLWDUGDxRVVREUHODVXSHUILFLH
HVPDOWDGDGHSRUFHODQDVREUHODSDUWHVXSHULRU
GHODFRFLQD\SDUDHYLWDUTXHTXHGHVLQEULOOR
OLPSLHORVGHUUDPHVGHLQPHGLDWR/DFRPLGD
FRQPXFKRiFLGR WRPDWHVFKXFUXWMXJRVGH
IUXWDHWF RODVFRPLGDVFRQDOWRFRQWHQLGRGH
D]~FDUSXHGHQGHMDUXQHVSDFLRVLQEULOORVLQR
VHOLPSLDQ
&XDQGRODVXSHUILFLHHVWpIUtDODYH\HQMXDJXH
3DUDRWURVGHUUDPHVWDOHVFRPRVDOSLFDGXUDV
GHJUDVDODYHFRQDJXD\MDEyQXQDYH]TXHOD
VXSHUILFLHVHKD\DHQIULDGR/XHJRHQMXDJXH\
SXODFRQXQDWHODVHFD
127$3DUDODVFRFLQDVGHDFHURLQR[LGDEOH
FRQVXOWHODVHFFLyQVREUHVXSHUILFLHVGHDFHUR
LQR[LGDEOH
&XLGDGR\OLPSLH]DGHODFRFLQD
9HQWLODFLRQHVGH$LUHGHO+RUQR
1XQFDEORTXHHODVYHQWLODFLRQHV DEHUWXUDV
GHDLUH GHODFRFLQD/DVPLVPDVEULQGDQODV
HQWUDGDV\VDOLGDVGHDLUHTXHVRQQHFHVDULDV
SDUDTXHODFRFLQDRSHUHGHIRUPDFRUUHFWD
FRQODFRPEXVWLyQDGHFXDGD
/DVDEHUWXUDVGHDLUHVHHQFXHQWUDQXELFDGDV
HQODSDUWHWUDVHUDGHODFRFLQDHQODSDUWH
VXSHULRUHLQIHULRUGHODSXHUWDGHOKRUQR\HQOD
SDUWHLQIHULRUGHODFRFLQD
/DDSDULHQFLD\ODXELFDFLyQGHODYHQWLODFLyQ
SXHGHQYDULDU
3DQHOGH&RQWURO,QIHULRU 3DQHOGHO&ROHFWRU)URQWDO \3HULOODV
3HULOODGHOTXHPDGRUVXSHUILFLDO
/tQHDURMD
8QDEXHQDLGHDHVOLPSLDUHOSDQHOGHFRQWURO
OXHJRGHFDGDXVRGHOKRUQR8VHXQDWHOD
K~PHGDSDUDOLPSLDURHQMXDJDU3DUDOLPSLDU
XVHMDEyQVXDYH\DJXDRXQDVROXFLyQTXH
VHDPLWDGGHYLQDJUH\PLWDGGHDJXD3DUD
HQMXDJDUXVHDJXDOLPSLD3XODHQVHFRFRQ
XQDWHODVXDYH
1RXVHOLPSLDGRUHVDEUDVLYRVOLPSLDGRUHV
OtTXLGRVIXHUWHVDOPRKDGLOODVSDUDIUHJDUGH
SOiVWLFR\OLPSLDGRUHVGHKRUQRHQHOSDQHOGH
FRQWUROGDxDUiQHODFDEDGR
1RLQWHQWHJLUDUODVSHULOODVHPSXMiQGRODVKDFLD
DUULEDRDEDMRQLFROJDQGRXQDWRDOODXRWUDV
FDUJDVGHHVHWLSR(VWRSRGUiGDxDUHOHMHGH
ODYiOYXODGHJDV
/DVSHULOODVGHFRQWUROVHSXHGHQUHWLUDUSDUD
IDFLOLWDUODOLPSLH]D
3HULOODGHOKRUQRLQIHULRU HQDOJXQRV
PRGHORV
$VHJ~UHVHGHTXHODVSHULOODVHVWpQHQODV
SRVLFLRQHV2)) $SDJDGR \HPSXMHODVPLVPDV
GHVGHORVVRSRUWHVGHIRUPDGHUHFKDSDUDVX
OLPSLH]D
/DVSHULOODVVHSXHGHQOLPSLDUHQXQODYDYDMLOODV
RWDPELpQVHSXHGHQODYDUFRQDJXD\MDEyQ
$VHJ~UHVHGHTXHODVSDUWHVLQWHULRUHVGH
ODVSHULOODVHVWpQVHFDVDQWHVGHYROYHUD
FRORFDUODV
5HHPSODFHODVSHULOODVHQODSRVLFLyQ2))
$SDJDGR SDUDDVHJXUDUXQDXELFDFLyQ
DGHFXDGD
/DVSLH]DVPHWiOLFDVVHSXHGHQOLPSLDUFRQ
DJXD\MDEyQ1RXVHHVWURSDMRVDEUDVLYRV
DPRQtDFRViFLGRVROLPSLDGRUHVSDUDKRUQRV
FRPHUFLDOHV6HTXHFRQXQDWHODVHFD
127$/DVSHULOODVQRVHSXHGHQFDPELDUGH
OXJDU$VHJ~UHVHGHYROYHUDLQVWDODUODVSHULOODV
HQVXVXELFDFLRQHVRULJLQDOHV
5HSLVDVGHO+RUQR\(VWDQWHSDUD$VDU
/DVUHSLVDV\HOHVWDQWHSDUDDVDUVHSRGUiQ
OLPSLDUGHIRUPDPDQXDOFRQDJXD\MDEyQR
FRQXQOLPSLDGRUDEUDVLYRRHVWURSDMR/XHJR
GHODOLPSLH]DHQMXDJXHODVUHSLVDV\HOHVWDQWH
SDUDDVDUFRQDJXDOLPSLD\VHTXHFRQXQDWHOD
OLPSLD
/XHJRGHODOLPSLH]DHQJUDVHWRGRVORV
H[WUHPRVGHOHVWDQWHGHOKRUQRFRQXQDOHYH
FDSDGHDFHLWHYHJHWDO(VWRD\XGDUiDTXHODV
SDUULOODVVHSXHGDQGHVOL]DUFRQIDFLOLGDGIXHUD
GHKRUQR
*($SSOLDQFHVFRP
3DUWH,QIHULRUGHO+RUQR([WUDtEOH
3ULPHURUHWLUHORVHVWDQWHVGHOKRUQR/DSDUWH
LQIHULRUGHOKRUQRVHOHYDQWDGHVGHHOIUHQWH
3DUDUHWLUDU
7RUQLOORPROHWHDGR
HQDOJXQRV
PRGHORV
(QORVPRGHORVFRQHVWHHTXLSDPLHQWR
UHWLUHHOWRUQLOORPROHWHDGRGHOIUHQWHGHOD
SDUWHLQIHULRUGHOKRUQR
7RPHFDGDODGRGHODSDUWHLQIHULRUGHO
KRUQR\HPSXMHKDFLDDWUiV
/HYDQWHODSDUWHIURQWDOKDFLDDUULED\
OXHJRKDFLDDIXHUDGHOKRUQR
3DUDUHHPSOD]DU
7RPHFDGDODGRGHODSDUWHLQIHULRUGHO
KRUQR\JXtHVXVOHQJHWDVWUDVHUDVVREUH
ODVUDQXUDVHQODSDUWHWUDVHUDGHOKRUQR
%DMHODSDUWHLQIHULRUGHOKRUQR\HPSXMHOD
PLVPDKDFLDDGHODQWHKDVWDTXHHVWp
VHJXUDGHEDMRGHOH[WUHPRGHOSLVRGHO
KRUQRIURQWDO
(QORVPRGHORVFRQHVWHHTXLSDPLHQWR
UHWLUHHOWRUQLOORPROHWHDGRGHOIUHQWHGHOD
SDUWHLQIHULRUGHOKRUQR
127$6LODSDUWHLQIHULRUGHOKRUQRHV
UHHPSOD]DGDGHIRUPDLQFRUUHFWDHVSRVLEOHTXH
VHFRPEH\SURGX]FDUHVXOWDGRVGHKRUQHDGR
LQGHVHDEOHV
3DUWH,QIHULRUGHO+RUQR
/DSDUWHLQIHULRUGHOKRUQRSRVHHXQDFDEDGR
GHSRUFHODQDHVPDOWDGD3DUDIDFLOLWDUOD
OLPSLH]DSURWHMDHOIRQGRGHOKRUQRGH
GHUUDPHVH[FHVLYRVFRORFDQGRXQDKRMDGH
JDOOHWDVHQHOHVWDQWHTXHHVWiGHEDMRGHO
HVWDQWHVREUHHOFXDOHVWiFRFLQDQGR(VWR
HVSDUWLFXODUPHQWHLPSRUWDQWHDOKRUQHDU
XQDWDUWDGHIUXWDXRWUDVFRPLGDVFRQDOWR
FRQWHQLGRGHiFLGR/RVUHOOHQRVGHIUXWD
FDOLHQWHXRWUDVFRPLGDVFRQDOWRFRQWHQLGR
GHiFLGR WDOHVFRPRWRPDWHFKXFUXW\
VDOVDVFRQYLQDJUHRMXJRGHOLPyQ SXHGHQ
RFDVLRQDUILVXUDV\GDxRVVREUHODVXSHUILFLH
GHSRUFHODQDHVPDOWDGD\VHGHEHUiQOLPSLDU
LQPHGLDWDPHQWH
3DUDOLPSLDUGHUUDPHVXVHDJXD\MDEyQXQ
OLPSLDGRUDEUDVLYRRXQDDOPRKDGLOODSDUD
IUHJDUOOHQDGHMDEyQ(QMXDJXHELHQSDUD
HOLPLQDUFXDOTXLHUUHVWRGHMDEyQDQWHVGHOD
IXQFLyQGHDXWROLPSLH]D
&RPSDUWLPLHQWRSDUD$VDU
/DEDQGHMDSDUDDVDUTXHGDVRVWHQLGDHQHO
HVWDQWHSDUDDVDU
3DUDUHWLUDUODEDQGHMDSDUDDVDU
'HIRUPDVXDYHHPSXMHKDFLDDGHODQWHOD
SXHUWDGHODSDUULOODDEDWLEOH
(PSXMHHOHVWDQWHSDUDDVDUFRQOD
EDQGHMDKDFLDDGHODQWHKDVWDTXHHO
HVWDQWHVHGHWHQJD7RPHODEDQGHMDSDUD
DVDU\UHWLUHODPLVPDGHOHVWDQWHSDUD
DVDU
3DUDUHHPSOD]DUODEDQGHMDSDUDDVDU
'HVOLFHODEDQGHMDSDUDDVDUVREUHHO
HVWDQWH\HPSXMHODEDQGHMDSDUDDVDU\HO
HVWDQWHWRWDOPHQWHKDVWDHO
FRPSDUWLPLHQWRSDUDDVDU
&LHUUHODSXHUWDGHODSDUULOOD
6LVHSURGXFHXQGHUUDPHHQHOFRPSDUWLPLHQWR
SDUDDVDUGHMHTXHpVWHVHHQIUtHSULPHUR
3XHGHOLPSLDUHOFRPSDUWLPLHQWRFRQDJXD
\MDEyQXQOLPSLDGRUFRQDEUDVLyQVXDYH
HVWURSDMRVFRQMDEyQRXQOLPSLDGRUGHKRUQR
VLJXLHQGRODVLQVWUXFFLRQHVGHOSDTXHWH
&XLGDGR\OLPSLH]DGHODFRFLQD
%DQGHMDSDUD$VDU\5HMLOOD
/XHJRGHDVDUUHWLUHODEDQGHMDSDUDDVDU
GHOKRUQR5HWLUHODUHMLOODGHODEDQGHMD&RQ
FXLGDGRYLHUWDODJUDVDGHODEDQGHMDHQXQ
HQYDVHDGHFXDGR/DYH\HQMXDJXHODEDQGHMD
SDUDDVDU\ODSDUULOODHQDJXDFDOLHQWHFRQXQ
HVWURSDMRSDUDIUHJDUSOiVWLFROOHQRGHMDEyQ
%ORTXHR
GH
ELVDJUD
%UD]R
LQIHULRUGH
ODELVDJUD
/DSXHUWDHVPX\SHVDGD7HQJDFXLGDGRDO
UHWLUDU\OHYDQWDUODSXHUWD
3DUDUHWLUDUODSXHUWD
$EUDODSXHUWDKDVWDODSRVLFLyQGH
DSHUWXUDFRPSOHWD
(PSXMHKDFLDDUULEDORVEORTXHRVGHODV
ELVDJUDVVREUHORVJDQFKRVGHODV
ELVDJUDVDDPERVODGRV(VSRVLEOHTXH
GHEDXVDUXQGHVWRUQLOODGRUGHSXQWD
SODQDSDUDOHYDQWDUORVEORTXHRVGHODV
ELVDJUDV
7RPHODSXHUWDGHPDQHUDILUPHDFDGD
ODGROHYDQWHXQSRFR\HPSXMHKDFLD
DIXHUDGHOKRUQR
3DUDUHHPSOD]DUODSXHUWD
'HPDQHUDILUPHWRPHDPERVODGRVGHOD
SXHUWDSRUODSDUWHVXSHULRU
,QVHUWH\DSR\HORVEUD]RVVXSHULRUH
LQIHULRUGHODVELVDJUDVHQODVUDQXUDVGHO
KRUQR
(PSXMHKDFLDDEDMRORVEORTXHRVGHODV
ELVDJUDVGHVGHORVJDQFKRVGHODV
ELVDJUDV
/DMXQWDHVWiGLVHxDGDFRQXQ
HVSDFLRHQODSDUWHLQIHULRUSDUD
SHUPLWLUODFLUFXODFLyQGHDLUH
DGHFXDGD
1RIURWHQLOLPSLHODMXQWDGHOD
SXHUWDSRVHHXQDUHVLVWHQFLD
H[WUHPDGDPHQWHEDMDDOD
DEUDVLyQ
6LREVHUYDTXHODMXQWDVHYXHOYH
FDOLHQWHVHGHVKLODFKDRGDxDGH
FXDOTXLHUIRUPD\VLTXHGyIXHUD
GHODSXHUWDGHEHUiUHHPSOD]DUOD
PLVPD
1RJXDUGHODEDQGHMDSDUDDVDU\ODUHMLOODHQ
QLQJXQDSDUWHGHODFRFLQD
/HYDQWHOD3XHUWDGHO+RUQR
5DQXUD
%UD]R
VXSHULRUGH
ODELVDJUD
6LODFRPLGDVHTXHPyURFtHODUHMLOODFRQ
GHWHUJHQWHPLHQWUDVHVWiFDOLHQWH\FXEUD
FRQWRDOODVGHSDSHOPRMDGDVRFRQXQSDxR
GHFRFLQD5HPRMDUODEDQGHMDHOLPLQDUiODV
FRPLGDVTXHPDGDV
&LHUUHODSXHUWDGHOKRUQR\DVHJ~UHVHGH
TXHHVWpIXQFLRQDQGRFRUUHFWDPHQWH6L
QRIXQFLRQDGHIRUPDFRUUHFWDUHWLUH\
UHHPSODFHODPLVPDVLJXLHQGRORVSDVRV
DQWHULRUHV
12,17(17(&(55$5/$38(57$+$67$
48((67(3$626(+$<$&203/(7$'2
/$%,6$*5$2/$38(57$32'5Ë$1(67$5
'$f$'$6
/LPSLH]DGHOD3XHUWD
3DUDOLPSLDUHOLQWHULRUGHODSXHUWD
■1RSHUPLWDTXHHOH[FHGHQWHGHDJXDHQWUH
DQLQJ~QDJXMHURRUDQXUDVGHODSXHUWD
■$SOLTXHGHWHUJHQWHSDUDODYDUSODWRVVREUH
FXDOTXLHUVDOSLFDGXUDTXHKD\DVREUHHO
YLGULRGHELGRDOKRUQHDGR8VHHOILORGHXQD
QDYDMDGHOODGRVHJXURSDUDGHVSHMDUOR
/XHJROLPSLHHOYLGULRFRQXQDWHODFRQMDEyQ
SDUDHOLPLQDUFXDOTXLHUUHVLGXR\VHTXH
■(OiUHDIXHUDGHODMXQWDVHSXHGHOLPSLDUFRQ
XQDDOPRKDGLOODSDUDIUHJDUGHSOiVWLFRFRQ
MDEyQ
3DUDOLPSLDUHOH[WHULRUGHODSXHUWD
■8VHDJXD\MDEyQSDUDOLPSLDU
FRPSOHWDPHQWHODSDUWHVXSHULRUORVODGRV
\HOIUHQWHGHODSXHUWDGHOKRUQR(QMXDJXH
ELHQ7DPELpQSXHGHXVDUXQOLPSLDGRU
GHYLGULRSDUDOLPSLDUHOYLGULRGHODSDUWH
H[WHULRUGHODSXHUWD
■(OGHUUDPHGHDGRERMXJRVGHIUXWD
VDOVDVGHWRPDWH\PDWHULDOHVJODVHDGRV
TXHFRQWHQJDQiFLGRVSXHGHQRFDVLRQDU
GHVFRORUDFLyQ\VHGHEHUiQOLPSLDUGH
LQPHGLDWR&XDQGRODVXSHUILFLHHVWpIUtDODYH
\HQMXDJXH
■1RXVHOLPSLDGRUHVSDUDKRUQRSROYRVGH
OLPSLH]DRDEUDVLYRVGXURVVREUHODSDUWH
H[WHULRUGHODSXHUWD
*($SSOLDQFHVFRP
,QWHULRUGHO+RUQRGH3RUFHODQD
&RQHOFXLGDGRDSURSLDGRHODFDEDGRGHSRUFHODQD
HVPDOWDGDHQHOLQWHULRUGHOKRUQRSHUPDQHFHUiFRQ
XQDVSHFWRQXHYRSRUDxRV
(VSHUHDTXHODFRFLQDVHHQIUtHDQWHVGHOLPSLDU
/HUHFRPHQGDPRVTXHXVHJXDQWHVGHJRPDDO
OLPSLDUODFRFLQD
(OMDEyQ\HODJXDQRUPDOPHQWHKDUiQHOWUDEDMR
/DVVDOSLFDGXUDV\ORVGHUUDPHVLPSRUWDQWHV
SRGUiQUHTXHULUTXHODOLPSLH]DVHUHDOLFHFRQXQ
OLPSLDGRUVXDYH\DEUDVLYR7DPELpQVHSXHGHQXVDU
HVWURSDMRVFRQDJXD\MDEyQ1RSHUPLWDTXHORV
GHUUDPHVGHFRPLGDFRQDOWRFRQWHQLGRGHD]~FDU
RiFLGR WDOFRPRWRPDWHVFKXFUXWMXJRVGHIUXWD
RUHOOHQRVGHWDUWDV SHUPDQH]FDQHQODVXSHUILFLH
3XHGHQRFDVLRQDUXQDPDQFKDLPSRUWDQWHOXHJRGH
ODOLPSLH]D
(ODPRQtDFRKRJDUHxRSXHGHIDFLOLWDUHOWUDEDMR
GHODOLPSLH]D&RORTXHòWD]DHQXQYDVRGHYLGULR
RHQYDVHGHFHUiPLFDHQXQKRUQRIUtRGXUDQWHOD
QRFKH/RVJDVHVGHODPRQtDFRD\XGDUiQDDIORMDUOD
JUDVD\ODFRPLGDTXHPDGD
'HVHUQHFHVDULRSXHGHXVDUXQOLPSLDGRUSDUD
KRUQR6LJDODVLQVWUXFFLRQHVGHOSDTXHWH
3UHFDXFLRQHVVREUHHOXVRGHOLPSLDGRUHVSDUD
KRUQRHQIRUPDGHURFLDGRU
„1RURFtHVREUHORVFRQWUROHV\HQFKXIHVHOpFWULFRV
\DTXHHVWRSRGUtDRFDVLRQDUXQFRUWRFLUFXLWR\
SURGXFLUFKLVSRUURWHRVRXQLQFHQGLR
„(YLWHTXHXQDFDSDGHOOLPSLDGRUVHDFXPXOHHQ
HOVHQVRUGHWHPSHUDWXUD²SRGUtDKDFHUTXHHO
KRUQRFDOLHQWHGHIRUPDLQDGHFXDGD (OVHQVRU
HVWiXELFDGRHQODSDUWHVXSHULRUGHOKRUQR &RQ
FXLGDGROLPSLHHOVHQVRUOXHJRGHFDGDOLPSLH]D
GHOKRUQRWHQLHQGRFXLGDGRGHQRPRYHUHO
VHQVRU\DTXHXQFDPELRGHSRVLFLyQSRGUtD
DIHFWDUODIRUPDGHKRUQHDUGHOKRUQR
„(YLWHTXHXQDFDSDGHOOLPSLDGRUVHDFXPXOHHQ
HOVHQVRUGHWHPSHUDWXUD²SRGUtDKDFHUTXHHO
KRUQRFDOLHQWHGHIRUPDLQDGHFXDGD (OVHQVRU
HVWiXELFDGRHQODSDUWHVXSHULRUGHOKRUQR &RQ
FXLGDGROLPSLHHOVHQVRUOXHJRGHFDGDOLPSLH]D
GHOKRUQRWHQLHQGRFXLGDGRGHQRPRYHUHO
VHQVRU\DTXHXQFDPELRGHSRVLFLyQSRGUtD
DIHFWDUODIRUPDGHKRUQHDUGHOKRUQR
6XSHUILFLHV3LQWDGDV
/DVVXSHUILFLHVSLQWDGDVLQFOX\HQORVFRVWDGRVHO
SDQHOGHFRQWURO\ODSXHUWD/LPSLHORVPLVPRVFRQ
DJXD\MDEyQRXQDVROXFLyQGHYLQDJUH\DJXD
1RXVHOLPSLDGRUHVFRPHUFLDOHVSDUDKRUQRSROYRV
GHOLPSLH]DHVWURSDMRVGHDFHURRDEUDVLYRVGXURV
VREUHFXDOTXLHUVXSHUILFLHSLQWDGD
$'9(57(1&,$5LHVJRGH'HVFDUJD(OpFWULFDR,QFHQGLR$QWHVGHUHHPSOD]DUODOiPSDUDGHOX]GHO
KRUQRGHVFRQHFWHODFRQH[LyQHOpFWULFDGHOKRUQRGHOIXVLEOHSULQFLSDORGHOSDQHOGHOGLV\XQWRU6LHVWRQRVHFXPSOHVH
SRGUiSURGXFLUXQDGHVFDUJDHOpFWULFDRLQFHQGLR
5HHPSOD]RGHOD/X]GHO+RUQR HQDOJXQRVPRGHORV
$VHJ~UHVHGHGHMDUTXHODWDSDGHODOX]\OD
5HHPSODFHODOiPSDUDSRUXQDSDUD
OiPSDUDVHHQIUtHQFRPSOHWDPHQWH
HOHFWURGRPpVWLFRVGHZDWWVRSRUXQD
OiPSDUDGHOX]KDOyJHQDGHGRVSDWDV
3DUDUHWLUDUODWDSD
VHJ~QFRUUHVSRQGD
'REOHORVFULVWDOHVHQGLUHFFLyQFRQWUDULDD
3DUDUHHPSOD]DUODWDSD
ODVDJXMDVGHOUHORMDSUR[LPDGDPHQWHXQ
FXDUWR
/LQHXSWDEVRIOHQVLQIURQWRIWDEVRQ
KRXVLQJDQGURWDWHFORFNZLVHWRHQJDJH
1RUHWLUHQLQJ~QWRUQLOORSDUDUHWLUDUODWDSD
5HHPSOD]RGHOD/X]GHO+RUQR HQDOJXQRVPRGHORV
35(&$8&,Ï1$QWHV
:LGHFRYHUKROGHU
GHUHHPSOD]DUODOiPSDUDGHOX]GHOKRUQR
GHVFRQHFWHODFRQH[LyQHOpFWULFDGHODFRFLQD
GHOIXVLEOHSULQFLSDORGHOSDQHOGHOGLV\XQWRU
$VHJ~UHVHGHGHMDUTXHODWDSDGHODOX]\OD
OiPSDUDVHHQIUtHQFRPSOHWDPHQWH
/DOiPSDUDGHOX]GHOKRUQRHVWiFXELHUWD
SRUXQDWDSDGHYLGULRH[WUDtEOHTXHHV
VRVWHQLGDSRUXQFDEOHTXHODFUX]D5HWLUHOD
SXHUWDGHOKRUQRVLORGHVHDSDUDOOHJDUDOD
WDSDIiFLOPHQWH
3DUDUHWLUDU
6RVWHQJDXQDPDQRGHEDMRGHODWDSDGH
PRGRTXHQRVHFDLJDDOVHUOLEHUDGD&RQ
ORVGHGRVHQODPLVPDPDQRHPSXMH
ILUPHPHQWHHOVXVSHQVRUGHODWDSDGHO
FDEOH/HYDQWHODWDSD
1RUHWLUHQLQJ~QWRUQLOORSDUDUHWLUDUOD
WDSD
1RWRTXHODOiPSDUDFDOLHQWHFRQXQDWHOD
K~PHGD5HHPSODFHODOiPSDUDSRUXQDSDUD
HOHFWURGRPpVWLFRVKRJDUHxRVGHZDWWV
3DUDUHHPSOD]DUODWDSD
&RORTXHODPLVPDUDQXUDGHOUHFHSWiFXORGH
ODOX](PSXMHHOFDEOHKDFLDDGHODQWHKDVWD
HOFHQWURGHODWDSDKDVWDTXHHQWUHHQHO
OXJDUFRUUHFWR8QDYH]HQVXOXJDUHOFDEOH
VRVWLHQHODWDSDILUPHPHQWH$VHJ~UHVHGH
TXHHOFDEOHVHHQFXHQWUHHQODKHQGLGXUD
TXHHVWiHQHOFHQWURGHODWDSD
&RQHFWHHOFDEOHGHHOHFWULFLGDGDOD
FRFLQD
,QVWUXFFLRQHV
GH,QVWDODFLyQ
&RFLQD
$QWHFXDOTXLHUGXGDOODPHDO*(&$5(6RYLVLWHQXHVWURVLWLRZHEHQ*($SSOLDQFHVFRP
3$5$686(*85,'$'
(QHO&RPPRQZHDOWKGH0DVVDFKXVHWWV
‡ (VWHSURGXFWRGHEHVHULQVWDODGRSRUXQSORPHUR
OLFHQFLDGRRXQPHFiQLFRJDVLVWD
‡ $OXVDUYiOYXODVGHFLHUUHGHJDVWLSREDOyQGHEHUiQVHU
GHOWLSRGHPDQLMD7
‡ $OXVDUXQFRQHFWRUGHJDVIOH[LEOHQRGHEHUiH[FHGHUORVSLHV
1RJXDUGHQLXVHPDWHULDOHVFRPEXVWLEOHVJDVROLQDX
RWURVYDSRUHVLQIODPDEOHV\OtTXLGRVFHUFDGHpVWHQL
GHRWURVHOHFWURGRPpVWLFRV
6LKXHOHJDV
$EUDODVYHQWDQDV
$17(6'(&20(1=$5
1RWRTXHORVHQFKXIHVHOpFWULFRV
([WLQJDFXDOTXLHUOODPDDELHUWD
/HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDPHQWH
(VWDFRFLQDVHGHEHUiLQVWDODUGHDFXHUGRFRQORVFyGLJRV
ORFDOHVRHQODDXVHQFLDGHFyGLJRVORFDOHVFRQHO&yGLJR
GH*DV&RPEXVWLEOH1DFLRQDO$16,=1)3$~OWLPD
HGLFLyQ(Q&DQDGiODLQVWDODFLyQGHEHUiVHUFRQIRUPH
FRQHO&yGLJRGH,QVWDODFLyQGH*DV1DWXUDODFWXDO&$1
&*$%RHO&yGLJRGH,QVWDODFLyQGH3URSDQRDFWXDO
&$1&*$%\FRQORVFyGLJRVORFDOHVFXDQGR
FRUUHVSRQGD(VWDFRFLQDIXHGLVHxDGD\FHUWLILFDGDSRU
&6$,QWHUQDWLRQDOGHDFXHUGRFRQ$16,=~OWLPD
HGLFLyQ\FRQOD&DQDGLDQ*DV$VVRFLDWLRQ $VRFLDFLyQGH
*DVGH&DQDGi &$1&*$~OWLPDHGLFLyQ
$OLJXDOTXHFRQFXDOTXLHUHOHFWURGRPpVWLFRTXHXWLOLFHJDV
\JHQHUHFDORUH[LVWHQFLHUWDVSUHFDXFLRQHVGHVHJXULGDG
TXHVHGHEHUiQVHJXLU(QFRQWUDUiHVWDVSUHFDXFLRQHVHQ
ODVHFFLyQGH,QIRUPDFLyQ,PSRUWDQWHGH6HJXULGDGHQHO
IUHQWHGHHVWHPDQXDO/HDODVPLVPDVGHWHQLGDPHQWH
‡
&RQVHUYHHVWDVLQVWUXFFLRQHV
SDUDXVRGHOLQVSHFWRUGHHOHFWULFLGDGORFDO
,QPHGLDWDPHQWHOODPHDVXSURYHHGRUGHJDV
+(55$0,(17$61(&(6$5,$6
'HVWRUQLOODGRU3KLOLSV
'HVWRUQLOODGRUFRQFDEH]DSODQD
/ODYHFRQH[WUHPR
DELHUWRRDMXVWDEOH
/iSL]\UHJOD
1LYHO
,03257$17(²
‡
/ODYHSDUDWXEHUtD XQDGHUHSXHVWR
,03257$17(²&XPSODFRQWRGRVORVFyGLJRV
\RUGHQDQ]DVJXEHUQDPHQWDOHV
1RWDSDUDHO,QVWDODGRU²*XDUGHHVWDV
LQVWUXFFLRQHVFRQHOHOHFWURGRPpVWLFRXQDYH]
FRPSOHWDGDODLQVWDODFLyQ
‡ 1RWDSDUDHO&RQVXPLGRU²*XDUGHHVWH
0DQXDOGHO3URSLHWDULR\ODV,QVWUXFFLRQHVGH,QVWDODFLyQ
SDUDUHIHUHQFLDIXWXUD
‡ 1RWD²(VWHHOHFWURGRPpVWLFRGHEHUiHVWDUFRQHFWDGRD
WLHUUDGHIRUPDDGHFXDGD
‡ 6HUYLFLR7pFQLFR²(OGLDJUDPDHOpFWULFRVH
HQFXHQWUDHQXQVREUHDGMXQWRDOUHYHUVRGHODFRFLQD
‡ /DFRUUHFWDLQVWDODFLyQGHOSURGXFWRHVUHVSRQVDELOLGDG
GHOLQVWDODGRU
‡ 6LVHSURGXFHQIDOODVHQHOSURGXFWRGHELGRDXQD
LQVWDODFLyQLQDGHFXDGDOD*DUDQWtDQRFXEULUiODVPLVPDV
&DVD5RGDQWH²5HTXLVLWRVGH,QIRUPDFLyQ$GLFLRQDO
(VWDFRFLQDVHGHEHUiLQVWDODUFRQIRUPHFRQHO(VWiQGDUGH
&RQVWUXFFLyQ\6HJXULGDGSDUD+RJDU7tWXOR&)53LH]D
DQWHULRUPHQWH(VWiQGDU)HGHUDOSDUDODV&RQVWUXFFLRQHVHQ
&DVDV0yYLOHVXVHHOHVWiQGDUSDUDODV,QVWDODFLRQHVGH&DVDV
)DEULFDGDV$16,$1)3$$RFRQFyGLJRVORFDOHV /DVLQVWDODFLRQHVHQFDVDVPyYLOHVUHTXLHUHQ
‡&XDQGRODFRFLQDHVLQVWDODGDHQXQDFDVDPyYLOVHGHEHUi
DVHJXUDUDOSLVRGXUDQWHHOWUiQVLWR&XDOTXLHUPpWRGRSDUD
DVHJXUDUODFRFLQDHVDGHFXDGRVLHPSUH\FXDQGRVHUHDOLFH
FRQIRUPHFRQORVHVWiQGDUHVTXHILJXUDQDFRQWLQXDFLyQ
7DODGURSXQ]yQRFODYR
‡
0$7(5,$/(61(&(6$5,26
‡9iOYXODGHFLHUUHSDUDWXEHUtDGHJDV
‡6HOODGRUSDUDMXQWDGHWXEHUtDR8/²FLQWDSDUDWXEHUtD
DSUREDGDFRQ7HIOyQ UHVLVWHQWHDODDFFLyQGHJDVHV
QDWXUDOHVR/3
‡&RQHFWRUSDUDDUWHIDFWRPHWiOLFRIOH[LEOH µ,' 6HUHFRPLHQGDXQDORQJLWXGGHSLHVSDUDXQDIiFLO
LQVWDODFLyQSHURRWUDVORQJLWXGHVVRQDFHSWDEOHV1XQFD
XVHXQFRQHFWRUYLHMRDOLQVWDODUXQDFRFLQDQXHYD
‡$GDSWDGRUSDUDXQLyQFyQLFDSDUDODFRQH[LyQDO
VXPLQLVWURGHJDV µRòµ137[òµ,'
‡$GDSWDGRUSDUDXQLyQFyQLFDSDUDODFRQH[LyQDO
UHJXODGRUGHSUHVLyQHQODFRFLQD µRòµ137[òµ,'
‡'HWHFWRUGHSpUGLGDGHOtTXLGRRDJXDFRQMDEyQ
‡7RUQLOORGHFRPSUHVLyQRVXMHWDGRUGHPDQJDGHòµ
2' VyORSDUDSLVRVGHFRQFUHWR 7HIOyQ0DUFDUHJLVWUDGDSRU'X3RQW
,QVWUXFFLRQHVGH,QVWDODFLyQ
„(YLWHXVDUJDELQHWHVVREUHODFRFLQD3DUDUHGXFLU
HOULHVJRRFDVLRQDGRSRUODH[WHQVLyQGHODVOODPDV
DELHUWDVGHORVTXHPDGRUHVHQIXQFLRQDPLHQWR
LQVWDOHXQDFDPSDQDGHYHQWLODFLyQVREUHODFRFLQD
TXHVHSUR\HFWHKDFLDDGHODQWHSRUORPHQRVDµGHO
IUHQWHGHORVJDELQHWHV
„/DFDPSDQDGHYHQWLODFLyQGHEHUiHVWDUFRQVWUXLGD
GHXQDOiPLQDGHPHWDOGHQRPHQRVGHµGH
JURVRU,QVWDOHVREUHODSDUWHVXSHULRUGHODFRFLQD
GHMDQGRXQHVSDFLRGHQRPHQRVGHóµHQWUHOD
FDPSDQD\ODSDUWHLQIHULRUGHOJDELQHWHGHPDWHULDO
FRPEXVWLEOHRPHWDO/DFDPSDQDGHEHUiVHUSRU
ORPHQRVWDQDQFKDFRPRHOHOHFWURGRPpVWLFR\
HVWDUFHQWUDGDVREUHHOPLVPR(OGHVSHMHHQWUHOD
VXSHUILFLHGHFRFFLyQ\ODVXSHUILFLHGHODFDPSDQD
GHYHQWLODFLyQ181&$'(%(6(5,1)(5,25$µ
(;&(3&,Ï1/DLQVWDODFLyQGHXQKRUQRPLFURRQGDV
RHOHFWURGRPpVWLFRGHFRFFLyQTXHILJXUHQHQODOLVWD
VREUHODSDUWHVXSHULRUGHODFRFLQDGHEHUiFXPSOLU
FRQODVLQVWUXFFLRQHVGHLQVWDODFLyQSURYLVWDVFRQHO
HOHFWURGRPpVWLFR
„6LVHXELFDQJDELQHWHVVREUHODFRFLQDGHMHXQ
HVSDFLRPtQLPRGHµHQWUHODVXSHUILFLHGHFRFFLyQ
\ODSDUWHLQIHULRUGHORVJDELQHWHVGHVSURWHJLGRV
„6LQRVHSXHGHPDQWHQHUXQDGLVWDQFLDGHµHQWUH
ODVXSHUILFLHGHFRFFLyQ\HOPDWHULDOFRPEXVWLEOHHQ
ODSDUWHVXSHULRURORVJDELQHWHVGHPHWDOSURWHMDOD
SDUWHLQIHULRUGHORVJDELQHWHVVREUHODSDUWHVXSHULRU
GHODFRFLQDFRQQRPHQRVGHµGHFDUWXOLQD
FRP~QDLVODQWHFXELHUWDFRQXQDOiPLQDGHPHWDO
GHQRPHQRVGHµGHJURVRU(OGHVSHMHHQWUH
ODVXSHUILFLHGHFRFFLyQ\ORVJDELQHWHVSURWHJLGRV
181&$'(%(6(5,1)(5,25$µ
„/DGLVWDQFLDYHUWLFDOGHVGHHOSODQRGHODVXSHUILFLH
GHFRFFLyQKDVWDODSDUWHLQIHULRUGHORVJDELQHWHV
DG\DFHQWHVGHODSDUWHVXSHULRUTXHVHH[WLHQGHQ
PiVFHUFDTXHµDOSODQRGHORVODGRVGHOD
FRFLQDQRGHEHUiVHULQIHULRUDODVµ &RQVXOWH
ODLOXVWUDFLyQGH'LPHQVLRQHV\(VSDFLRVHQHVWD
VHFFLyQ $'9(57(1&,$
,16758&&,21(63$5$81$
,167$/$&,Ï16(*85$
/HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\
DWHQWDPHQWH6LQRVHVLJXHQHVWDVLQVWUXFFLRQHVVH
SRGUiSURGXFLUGHVFDUJDHOpFWULFDLQFHQGLROHVLRQHV
JUDYHVRODPXHUWH
„8QDLQVWDODFLyQDMXVWHDOWHUDFLyQVHUYLFLRR
PDQWHQLPLHQWRLQDGHFXDGRVSXHGHQRFDVLRQDU
OHVLRQHVRGDxRVVREUHODSURSLHGDG&RQVXOWH
HVWHPDQXDO3DUDUHFLELUDVLVWHQFLDRLQIRUPDFLyQ
DGLFLRQDOFRQVXOWHDXQLQVWDODGRUFDOLILFDGRDJHQFLD
GHVHUYLFLRIDEULFDQWH FRPHUFLDQWH RSURYHHGRUGH
JDV
„1XQFDYXHOYDDXVDUFRQHFWRUHVIOH[LEOHVYLHMRV
(OXVRGHFRQHFWRUHVIOH[LEOHVYLHMRVSXHGH
RFDVLRQDUJRWHUDV\OHVLRQHVSHUVRQDOHV6LHPSUH
XVHFRQHFWRUHVIOH[LEOHV18(926DOLQVWDODU
HOHFWURGRPpVWLFRVDJDV
„/DSUXHEDGHJRWHUDVGHOHOHFWURGRPpVWLFRVH
GHEHUiUHDOL]DUGHDFXHUGRFRQODVLQVWUXFFLRQHVGHO
IDEULFDQWH
„5HWLUHWRGRHOPDWHULDOGHHPEDODMH\PDWHULDOHVFULWR
GHOKRUQRDQWHVGHFRQHFWDUHOJDV\HOVXPLQLVWURGH
FRUULHQWHDODFRFLQD
„1RLQWHQWHXWLOL]DUHOKRUQRGHHVWDFRFLQDGXUDQWH
XQFRUWHGHFRUULHQWH VyORHQPRGHORVGHHQFHQGLGR
HOpFWULFR „6ROLFLWHTXHVXFRFLQDVHDLQVWDODGDSRUXQLQVWDODGRU
FDOLILFDGR
„6XFRFLQDGHEHUiHVWDUFRUUHFWDPHQWHFRQHFWDGD
DWLHUUDGHDFXHUGRFRQORVFyGLJRV\RUGHQDQ]DV
ORFDOHVRHQDXVHQFLDGHFyGLJRVORFDOHVGHDFXHUGR
FRQHO&yGLJR1DFLRQDOGH(OHFWULFLGDG 1DWLRQDO
(OHFWULF&RGH $16,1)3$12~OWLPDHGLFLyQ (Q&DQDGiODFRQH[LyQDWLHUUDVHGHEHUiUHDOL]DUGH
DFXHUGRFRQOD3DUWHGHO&yGLJRGH(OHFWULFLGDGGH
&DQDGi&6$&\RORVFyGLJRVORFDOHV(QHVWD
VHFFLyQFRQVXOWHODV&RQH[LRQHV(OpFWULFDV
„1RLQVWDOHHVWHSURGXFWRFRQXQDFDPSDQDFRQFRUWLQD
GHDLUHXRWUDFDPSDQDGHFRFLQDTXHIXQFLRQHOOHYDQGR
DLUHDODSODFDGHFRFFLyQ(OIOXMRGHDLUHSRGUiLQWHUIHULU
HQHOIXQFLRQDPLHQWRGHORVTXHPDGRUHVGHJDV
SURGXFLHQGRULHVJRVGHLQFHQGLRRH[SORVLyQ
„$QWHVGHLQVWDODUVXFRFLQDVREUHOLQyOHR\FXDOTXLHU
RWURUHYHVWLPLHQWRGHSLVRVLQWpWLFRDVHJ~UHVHGH
TXHHOUHYHVWLPLHQWRGHOSLVRUHVLVWDORVž)VLQ
FRQWUDHUVHFRPEDUVHRGHVFRORUDUVH1RLQVWDOHOD
FRFLQDVREUHDOIRPEUDVDPHQRVTXHKD\DXQDKRMD
GHFRQWUDFKDSDGRGHXQJURVRUGHóµRXQDLVODQWH
VLPLODUHQWUHODFRFLQD\ODDOIRPEUD
35(&$8&,Ï1
6yORODVHULHGHPDUFD
GH&DIp$GYDQWLXPŠGH*(RORVKRUQRVPLFURRQGDVGH
FDOLGDGH[FHSFLRQDOHVWiQGLVHxDGRVSDUDVXLQVWDODFLyQ
VREUHHOKRUQR&DIpGH*((VSRVLEOHTXHODVVXSHUILFLHV
VREUHXQDFRFLQDDJDVVHFDOLHQWHQ/DLQVWDODFLyQGH
FXDOTXLHURWURKRUQRH[FHSFLRQDOVREUHXQKRUQR&DIpGH
*(SXHGHSURGXFLUWHPSHUDWXUDVVXSHUILFLDOHVTXHSXHGHQ
RFDVLRQDUTXHPDGXUDV
„$VHJ~UHVHGHTXHHOJDELQHWHVSLVR\UHYHVWLPLHQWR
GHSDUHGDOUHGHGRUGHODFRFLQDSXHGDUHVLVWLUHO
FDORUGHKDVWDž)JHQHUDGRSRUODFRFLQD
,QVWUXFFLRQHVGH,QVWDODFLyQ
',0(16,21(6<(63$&,26
'HMHHOHVSDFLRDGHFXDGRHQWUHODFRFLQD\ODVVXSHUILFLHVFRPEXVWLEOHVDG\DFHQWHV(VWDVGLPHQVLRQHVVHGHEHUiQ
FXPSOLUSDUDXQXVRVHJXURGHVXFRFLQD/DXELFDFLyQGHOWRPDFRUULHQWHGHHOHFWULFLGDG\ODDEHUWXUDGHODWXEHUtD
FRQVXOWH8ELFDFLRQHVGHO*DV\HO7RPDFRUULHQWH(OpFWULFR VHSRGUiQDMXVWDUSDUDFXPSOLUFRQORVUHTXLVLWRV
HVSHFtILFRV
/DFRFLQDVHGHEHUiXELFDUFRQXQHVSDFLR QLYHODGR GHµFRQUHODFLyQDODSDUHGWUDVHUD
%
0tQLPRSDUD
JDELQHWHVHQ
FDGDODGRGHOD SDUULOOD
0tQLPR
&
0tQLPRKDVWDODSDUHG
DFDGDODGRGHOD
FRFLQDVXSHULRUDµ
GHDOWXUD
3URIXQGLGDGPtQLPD
SDUDJDELQHWHVVREUH
PRVWUDGRUHV
([WUHPR
IURQWDOGHO
SDQHOODWHUDO
GHODFRFLQD
DGHODQWHGHO
JDELQHWH
3DUDJDELQHWHVGHEDMR
GHODSDUWHVXSHULRU
GHODFRFLQD\ODSDUWH
WUDVHUDGHODFRFLQD
$
øµ
'
0RGHORV
$
%
&
'
$PSOLR
ø µ
$PSOLR
ø µ
,QVWUXFFLRQHVGH,QVWDODFLyQ
8%,&$&,Ï1
%5,1'((/680,1,6752'(*$6
$'(&8$'2
1RXELTXHODFRFLQDGRQGHSXHGDKDEHUFRUULHQWHVGH
DLUHIXHUWHV&XDOTXLHUDEHUWXUDHQHOSLVRRODSDUHG
GHWUiVGHODFRFLQDGHEHUiQHVWDUVHOODGDV$VHJ~UHVH
GHTXHODVDEHUWXUDVDOUHGHGRUGHODEDVHGHOD
FRFLQDTXHEULQGDQDLUHIUHVFRSDUDODFRPEXVWLyQ
\YHQWLODFLyQQRHVWpQREVWUXLGDVSRUDOIRPEUDVQL
SLH]DVGHFDUSLQWHUtD
6XFRFLQDIXHGLVHxDGDSDUDIXQFLRQDUFRQXQDSUHVLyQ
GHµVREUHXQDFROXPQDGHDJXDDJDVQDWXUDORVLVH
GHVHDXVDUFRQJDV/3 SURSDQR\EXWDQR XQDFROXPQD
GHDJXDGHµ
6XFRFLQDDOLJXDOTXHPXFKRVRWURVDUWtFXORVGHOKRJDU
HVSHVDGD\VHSXHGHFRORFDUVREUHUHYHVWLPLHQWRVGH
SLVRVXDYHVWDOHVFRPRDOIRPEUDVRYLQLORDFROFKRQDGR
7HQJDFXLGDGRDOPRYHUODSDULOODHQHVWHWLSRGHSLVRV
6HUHFRPLHQGDTXHVHVLJDQODVVLJXLHQWHVLQVWUXFFLRQHV
VLPSOHV\HFRQyPLFDVSDUDSURWHJHUVXSLVR
(VWDFRFLQDHVFRQYHUWLEOHSDUDXVRFRQJDVQDWXUDOR
JDVSURSDQR6LGHFLGHXVDUHVWDFRFLQDFRQJDV/3XQ
LQVWDODGRUGH/3FDOLILFDGRGHEHUiUHDOL]DUODFRQYHUVLyQ
DQWHVGHLQWHQWDUXWLOL]DUODFRFLQDFRQGLFKRJDV
$VHJ~UHVHGHTXHHVWpVXPLQLVWUDQGRDVXFRFLQDHOWLSR
GHJDVSDUDHOFXDOIXHGLVHxDGD
3DUDXQDLQVWDODFLyQDGHFXDGDODSUHVLyQGHOJDVQDWXUDO
VXPLQLVWUDGRDOUHJXODGRUGHEHUiVHUGHXQDFROXPQDGH
DJXDGHHQWUHµ\µ
/DFRFLQDVHGHEHUtDLQVWDODUVREUHXQDOiPLQDGH
PDGHUDFRQWUDFKDSDGD RPDWHULDOVLPLODU &XDQGR
HOUHYHVWLPLHQWRGHOSLVRILQDOL]DIUHQWHDODFRFLQD
HOiUHDGRQGHODFRFLQDVHDSR\DUiGHEHUiVHUGH
FRQWUDFKDSDGRDOPLVPRQLYHORPiVDOWRTXHHO
UHYHVWLPLHQWRGHOSLVR
3DUDHOJDV/3ODSUHVLyQVXPLQLVWUDGDGHEHUiVHUGHXQD
FROXPQDGHDJXDGHHQWUHµ\µ
$OFRQWURODUHOIXQFLRQDPLHQWRDGHFXDGRGHOUHJXODGRUOD
SUHVLyQGHHQWUDGDGHEHUiVHUSRUORPHQRVµPD\RUTXH
ODSUHVLyQGHIXQFLRQDPLHQWR WXER FRPRVHLQGLFDPiV
DUULED
(VWRSHUPLWLUiTXHODFRFLQDSXHGDVHUPRYLGDSDUDVX
OLPSLH]DRUHSDUDFLRQHVWpFQLFDV$GHPiVDVHJ~UHVH
GHTXHHOUHYHVWLPLHQWRGHVXSLVRUHVLVWDORVž
) &RQVXOWHODVHFFLyQGH,QVWUXFFLRQHVSDUDXQD
,QVWDODFLyQ6HJXUD (OUHJXODGRUGHSUHVLyQXELFDGRHQODHQWUDGDGHOWXERGH
ODFRFLQDGHEHUiSHUPDQHFHUHQODOtQHDGHVXPLQLVWUR
PiVDOOiGHVLHOJDVQDWXUDOR/3HVWiVLHQGRXVDGR
$VHJ~UHVHGHTXHHOUHYHVWLPLHQWRGHSDUHGDOUHGHGRU
GHODFRFLQDSXHGDUHVLVWLUHOFDORU GHKDVWDž
) JHQHUDGRSRUODFRFLQD &RQVXOWHODVHFFLyQGH
,QVWUXFFLRQHVSDUDXQD,QVWDODFLyQ6HJXUD 8QFRQHFWRUGHPHWDOIOH[LEOHGHOHOHFWURGRPpVWLFR
XVDGRSDUDFRQHFWDUODFRFLQDDOVXPLQLVWURGHJDV
GHEHUtDWHQHUXQ,'GHòµ\SLHVGHORQJLWXGSDUDXQD
LQVWDODFLyQPiVIiFLO(Q&DQDGiORVFRQHFWRUHVIOH[LEOHV
GHEHUiQVHUFRQHFWRUHVPHWiOLFRVGHSDUHGVLPSOHVGH
QRPiVGHSLHVGHORQJLWXG
£,03257$17(
5HPRYHDOOWDSHDQGSDFNDJLQJ0DNHVXUHWKHEXUQHUV
DUHSURSHUO\VHDWHGDQGOHYHO
7DNHWKHDFFHVVRU\SDFNRXWRIWKHRYHQDQGRUGUDZHU
&KHFNWREHVXUHWKDWQRUDQJHSDUWVKDYHFRPHORRVH
GXULQJVKLSSLQJ
,QVWUXFFLRQHVGH,QVWDODFLyQ
&21(&7(/$&2&,1$$/*$6
&LHUUHODYiOYXODSULQFLSDOGHVXPLQLVWURGHJDVDQWHVGH
GHVFRQHFWDUVXYLHMDFRFLQD\GHMHODPLVPDDSDJDGD
KDVWDTXHODQXHYDFRQH[LyQVHKD\DFRPSOHWDGR
1RROYLGHYROYHUDHQFHQGHUHOSLORWRHQRWURV
HOHFWURGRPpVWLFRVDJDVFXDQGRYXHOYDDHQFHQGHUHO
JDV
'HELGRDTXHODVWXEHUtDVGXUDVUHVWULQJHQHOPRYLPLHQWR
GHODFRFLQDVHUHFRPLHQGDHOXVRGHOFRQHFWRUSDUD
HOHFWURGRPpVWLFRVGHPHWDOIOH[LEOHFRQFHUWLILFDFLyQ
LQWHUQDFLRQDOGH&6$DPHQRVTXHORVFyGLJRVORFDOHV
UHTXLHUDQXQDFRQH[LyQGHWXEHUtDGXUD
1XQFDXVHXQFRQHFWRUYLHMRDOLQVWDODUXQDFRFLQDQXHYD6L
VHXVDHOPpWRGRGHWXEHUtDGXUDGHEHUiDOLQHDUODPLVPD
FRQFXLGDGRODFRFLQDQRVHSRGUiPRYHUXQDYH]UHDOL]DGD
ODFRQH[LyQ
3DUDHYLWDUSpUGLGDVGHJDVFRORTXHHOFRPSXHVWRGHOD
MXQWDGHJDVRHQYXHOYDODFLQWDSDUDURVFDVGHWXEHUtDV
FRQ7HIOyQ DOUHGHGRUGHWRGDVODVURVFDVGHWXEHUtDPDFKR
H[WHUQDV $,QVWDOHXQDYiOYXODGHFLHUUHPDQXDOGHODOtQHDGHJDV
HQODOtQHDGHJDVHQXQDXELFDFLyQGHIiFLODFFHVRIXHUD
GHODFRFLQD$VHJ~UHVHGHTXHWRGDVODVSHUVRQDVTXH
XVHQODFRFLQDVHSDQGyQGH\FyPRFHUUDUHOVXPLQLVWUR
GHJDVGHODFRFLQD
%,QVWDOHHODGDSWDGRUGHODXQLyQFyQLFDPDFKRGHòµDOD
URVFDLQWHUQDGHµGH137HQODHQWUDGDGHOUHJXODGRU
8VHODOODYHGHUHSXHVWRHQHODFFHVRULRUHJXODGRUSDUD
HYLWDUGDxRV
$OLQVWDODUODFRFLQDGHVGHHOIUHQWHUHWLUHHOFRGRGHž
SDUDXQDLQVWDODFLyQPiVIiFLO
&,QVWDOHXQDGDSWDGRUSDUDXQLyQFyQLFDGHòµRôµD
ODURVFDLQWHUQDGH137GHODYiOYXODGHFLHUUHPDQXDO
SURFXUDQGRHYLWDUTXHODYiOYXODGHFLHUUHQRJLUH
'&RQHFWHHOFRQHFWRUGHPHWDOIOH[LEOHGHO
HOHFWURGRPpVWLFRDODGDSWDGRUGHODFRFLQD3RVLFLRQHOD
FRFLQDSDUDSHUPLWLUODFRQH[LyQHQODYiOYXODGHFLHUUH
(&XDQGRWRGDVODVFRQH[LRQHVVHKD\DQUHDOL]DGR
DVHJ~UHVHGHTXHWRGRVORVFRQWUROHVGHODFRFLQDHVWpQ
HQODSRVLFLyQGHDSDJDGR\HQFLHQGDODYiOYXODGH
VXPLQLVWURSULQFLSDOGHJDV8VHXQGHWHFWRUGHSpUGLGD
GHOtTXLGRHQWRGDVODVXQLRQHV\FRQH[LRQHVSDUD
FRQWURODUSpUGLGDVHQHOVLVWHPD
$'9(57(1&,$5LHVJRGH
LQFHQGLR1RXVHXQDOODPDSDUDFRQWURODUODV
SpUGLGDVGHJDV
$OXVDUSUHVLyQGHSUXHEDVXSHULRUDòSVLJSDUDFRQWURODU
ODSUHVLyQGHOVLVWHPDGHVXPLQLVWURGHJDVGHODUHVLGHQFLD
GHVFRQHFWHODFRFLQD\ODYiOYXODGHFLHUUHLQGLYLGXDOGH
ODWXEHUtDGHVXPLQLVWURGHJDV$OXVDUODVSUHVLRQHVGH
SUXHEDGHòSVLJRPHQRVSDUDFRQWURODUHOVLVWHPD
GHVXPLQLVWURGHJDVVLPSOHPHQWHDtVOHODFRFLQDGHO
VLVWHPDGHVXPLQLVWURGHJDVFHUUDQGRODYiOYXODGHFLHUUH
LQGLYLGXDO
7HIOyQ0DUFDUHJLVWUDGDSRU'X3RQW
,QVWUXFFLRQHVGH,QVWDODFLyQ
8%,&$&,Ï15(&20(1'$'$'(/26680,1,67526'(*$6<(/(&75,&,'$'9
127$8ELFDFLRQHVUHFRPHQGDGDV
SDUDODFRQH[LyQGHJDVGHWUiVGHOD
FRFLQD/DVLQVWDODFLRQHVGHJDV\OD
YiOYXODGHFLHUUH12GHEHQVREUHVDOLU
PiVGHµGHVGHODSDUHGDILQGH
SHUPLWLUTXHODFRFLQDSXHGDHVWDU
FRQWUDODSDUHG
$
0LQ
0D[
&
0LQ
'
%'LVWDQFLD
PtQLPDKDVWDODV
SDUHGHVGHVGH
FDGDODGRGHOD
SODFDGHFRFFLyQ
0RGHORV
&RQVXOWHORVFyGLJRV
ORFDOHVDQWHVGH
KDFHUFRQH[LRQHV
$
%
&
'
GHDQFKR
ø µ
øµ
GHDQFKR
øµ
øµ
ÈUHDGHOD
&RQH[LyQ
(OpFWULFD
ÈUHDGH
&RQH[LyQ
GHO*DV
$
23&,21(6'(&21(;,Ï1'(78%(5Ë$
5Ë*,'$ (MHPSOR
)OXMRGHO*DVHQOD&RFLQD
5HJXODGRU
GHSUHVLyQ
$GDSWDGRU
5HJXODGRU
GHSUHVLyQ
7XEHUtD
GHKLHUUR
QHJURøµ
&RGRGHž
&RQHFWRUIOH[LEOH
øSLHVPi[
&RGRGHž
%RTXLOOD
URVFDGD
3XHGHQRVHU
QHFHVDULR
$GDSWDGRU
7XEHUtDGHJDV
GHòµRôµ
)OXMRGHO*DVHQOD&RFLQD
&21(;,Ï1'(/&21(&725
)/(;,%/( (MHPSOR
9iOYXODGHFLHUUH
GHJDV
7XEHUtDGHJDV
GHòµRôµ
,QVWDODGRU,QIRUPHDO
FRQVXPLGRUVREUHODXELFDFLyQ
GHODYiOYXODGHFLHUUHGHJDV
%ODFNLURQ
SLSH
8QLyQ
%RTXLOOD
URVFDGD
9iOYXODGH
FLHUUHGHJDV
,QVWDODGRU,QIRUPHDOFRQVXPLGRUVREUHOD
XELFDFLyQGHODYiOYXODGHFLHUUHGHJDV
,QVWUXFFLRQHVGH,QVWDODFLyQ
&21(;,21(6(/e&75,&$6
6(//$'2'($%(5785$6
6HOOHFXDOTXLHUDEHUWXUDHQODSDUHGGHWUiVGHODFRFLQD\
HQHOSLVRGHEDMRGHODFRFLQDFXDQGRODVFRQH[LRQHVVH
KD\DQFRPSOHWDGR
5HTXLVLWRV(OpFWULFRV
&LUFXLWRHVSHFtILFRGHYROWLRV+HUW]FRUUHFWDPHQWH
FRQHFWDGRDWLHUUDSRUXQGLV\XQWRUGHRDPSHUHVR
IXVLEOHGHUHWUDVR
1RWD1RVHUHFRPLHQGDSDUDHVWHSURGXFWRHOXVRGH
LQWHUUXSWRUHVDXWRPiWLFRVLQDOiPEULFRVRFRQFDEOHDGR
H[WHUQRTXHDSDJDQODFRUULHQWHGHOHOHFWURGRPpVWLFR
6,/$&2&,1$326(((1&(1','2
(/e&75,&2
+D\GLVSRVLWLYRVGHHQFHQGLGRDSDUWH
GHVGHORVTXHPDGRUHVGHODL]TXLHUGD\
GHUHFKD$PERVDUUDQFDGRUHVHVWiQHQ21
(QFHQGLGR FXDQGRFXDOTXLHUSHULOODVHJLUDD
ODFRQILJXUDFLyQ/,7( /X] /RVDUUDQFDGRUHV
HPLWLUiQFKLVSDVVLHPSUHTXHFXDOTXLHUDGH
ODVSHULOODVGHORVTXHPDGRUHVGHODVXSHUILFLH
HVWpHQODFRQILJXUDFLyQ/,7( /X] &RQH[LyQD7LHUUD
$'9(57(1&,$5LHVJRGH
'HVFDUJD(VWHHOHFWURGRPpVWLFRGHEHUiHVWDU
FRQHFWDGRDWLHUUDGHIRUPDDGHFXDGD6LQRFXPSOH
FRQHVWRVHSRGUiQSURGXFLUGHVFDUJDVHOpFWULFDV
(QFDVRGHXQFRUWHHOpFWULFRORVTXHPDGRUHV
VXSHULRUHVD~QSRGUiQVHUXVDGRV3DUD
HQFHQGHUXQTXHPDGRUFRORTXHXQIyVIRUR
GHFRFLQDHQFHQGLGRGHIRUPDDG\DFHQWH
DOTXHPDGRUTXHXVDUi\JLUHODSHULOODGH
ODYiOYXODD/,7( /X] 7(1*$(;75(02
&8,'$'2
$VHJ~UHVHGHFRQWDUFRQ
XQDFRQH[LyQDWLHUUD
DGHFXDGDDQWHVGHXVDU
(OFDEOHGHFRUULHQWHGHHVWHHOHFWURGRPpVWLFRFXHQWDFRQ
XQHQFKXIHGHSDWDV FRQH[LyQDWLHUUD TXHVHFRQHFWD
DXQWRPDFRUULHQWHGHSDUHGHVWiQGDUGHFDEOHVSDUD
PLQLPL]DUODSRVLELOLGDGGHULHVJRVGHGHVFDUJDVHOpFWULFDV
SRUSDUWHGHOPLVPR
(OFOLHQWHGHEHUiFRQWUDWDUDXQHOHFWULFLVWDFDOLILFDGR
SDUDTXHFRQWUROHHOFLUFXLWRDILQGHDVHJXUDUTXHHO
WRPDFRUULHQWHHVWpFRUUHFWDPHQWHFRQHFWDGRDWLHUUD
(QFDVRGHFRQWDUFRQXQWRPDFRUULHQWHGHSDUHGGH
FDEOHVHVODUHVSRQVDELOLGDG\REOLJDFLyQGHOFOLHQWH
UHHPSOD]DUORSRUXQWRPDFRUULHQWHGHSDUHGGHFDEOHV
FRUUHFWDPHQWHFRQHFWDGRDWLHUUD
181&$%$-21,1*81$&,5&8167$1&,$&257(1,
(/,0,1((/7(5&(5&$%/( 7,(55$ '(/&$%/('(
&255,(17(
8QDVSDODEUDVVREUHORV*)&,²QRVHUHTXLHUHQQLVH
UHFRPLHQGDQORV*)&,SDUDUHFHSWiFXORVGHFRFLQDVD
JDV
'(6(51(&(6$5,2$-867((/&,(55(
'($,5('(/48(0$'25'(/+2512
/ODPDVD]XOHV
*DVQDWXUDO
&RQRLQWHUQR
GHODOODPD
*DV/3
4XHPDGRU
SDUDKRUQHDU
DVDU
3DUD*DV1DWXUDO
/DOODPDGHOTXHPDGRUGHOKRUQRGHEHUtD
HVWDUOLPSLDGHFRORUD]XOFRQFRQRVLQWHUQRV
GHILQLGRVGHDSUR[LPDGDPHQWHSXOJDGD
GHODUJR6LODOODPDHVVXDYH\IORMDFRQFRQRV
LQGHILQLGRVVLJQLILFDTXHKD\GHPDVLDGRJDV\
QRKD\VXILFLHQWHDLUH6LODOODPDHVUXLGRVD\
VHHOHYDVLJQLILFDTXHKD\GHPDVLDGRDLUH
/RV,QWHUUXSWRUHVGH&LUFXLWRGH7LHUUD *)&, VRQ
GLVSRVLWLYRVTXHGHWHFWDQSpUGLGDVGHFRUULHQWHHQXQ
FLUFXLWR\DXWRPiWLFDPHQWHDSDJDQODFRUULHQWHFXDQGR
HOOtPLWHGHOQLYHOGHSpUGLGDHVGHWHFWDGR(OFRQVXPLGRU
GHEHUiUHLQLFLDUHVWRVGLVSRVLWLYRVGHIRUPDPDQXDO(O
&yGLJR1DFLRQDOGH(OHFWULFLGDGUHTXLHUHHOXVRGHORV*)&,
HQUHFHSWiFXORVGHFRFLQDLQVWDODGRVSDUDVXSHUILFLHVGH
PRVWUDGRUHV(OIXQFLRQDPLHQWRGHODFRFLQDQRVHYHUi
DIHFWDGRVLVHXWLOL]DHQXQFLUFXLWR*)&,SURWHJLGRSHUR
HVSRVLEOHTXHVHSURGX]FDQGHWHQFLRQHVRFDVLRQDOHVQR
GHVHDGDVGHOLQWHUUXSWRU*)&,
,QVWUXFFLRQHVGH,QVWDODFLyQ
'(6(51(&(6$5,2$-867((/&,(55(
&DOLGDGGHODV/ODPDV
'($,5('(/48(0$'25'(/+2512
&217
/DFDOLGDGGHFRPEXVWLyQGHODVOODPDVGHO
TXHPDGRUVHGHEHUiGHWHUPLQDUYLVXDOPHQWH
3DUD*DV/3
/DOODPDGHEHUtDWHQHUFRQRVD]XOHVGH
DSUR[LPDGDPHQWHSXOJDGD/XHJRGH
VHJXQGRVGHIXQFLRQDPLHQWRGHOTXHPDGRU
FRQWUROHTXHODVOODPDVVHHOHYHQSRUIXHUDGH
ORVSXHUWRVGHOTXHPDGRU6LVHREVHUYDXQD
HOHYDFLyQUHGX]FDJUDGXDOPHQWHODDEHUWXUD
GHOREWXUDGRUGHDLUHKDVWDTXHODVOODPDVVH
HVWDELOLFHQ$OJXQDVSXQWDVDPDULOODVVHUiQ
QRUPDOHVFXDQGRVHWUDWHGHJDV/3
$ /ODPDV
DPDULOODV³/ODPH
DOVHUYLFLRWpFQLFR
% 3XQWDVDPDULOODV
HQFRQRVH[WHUQRV³
1RUPDOSDUDHOJDV/3
& /ODPDVD]XO
VXDYH³1RUPDO
SDUDJDVQDWXUDO
6LHV1HFHVDULRXQ$MXVWH
$ $IORMHHOWRUQLOORGHFLHUUHXELFDGRHQOD
SDUWHVXSHULRUGHOREWXUDGRUGHDLUH
OXHJRJLUHHOREWXUDGRUGHDLUHKDVWDOD
FRQILJXUDFLyQFRUUHFWD\YXHOYDDDMXVWDU
HOWRUQLOOR
2EWXUDGRU
GHDLUH
6LODVOODPDVGHOTXHPDGRUVHYHQFRPR
HQ $ OODPHDOVHUYLFLRWpFQLFR(ODVSHFWR
GHODOODPDQRUPDOVHYHFRPRHQ % R & GHSHQGLHQGRGHOWLSRGHJDVTXHXVH
&RQJDV/3HVQRUPDOTXHKD\DDOJXQDV
SXQWDVDPDULOODVHQORVFRQRVH[WHUQRV
$IORMHHO
WRUQLOOR
GHFLHUUH
5HHPSODFHODV3LH]DVGHO+RUQR
8QDYH]UHDOL]DGRVWRGRVORVDMXVWHVUHHPSODFH
HOIRQGRGHOKRUQRORVHVWDQWHV\ODSXHUWDGHO
KRUQR
% /DOODPDGHOTXHPDGRUGHOKRUQRVHSRGUi
FRQWURODUGHODVLJXLHQWHPDQHUD HO
UHVRQDGRUGHOTXHPDGRUQRHVWiHQVX
OXJDU
‡ 3DUDFRUUHJLUXQDOODPDDPDULOOD
,QFUHPHQWHHOWDPDxRGHODDEHUWXUD
GHOREWXUDGRUGHDLUH
‡ 3DUDFRUUHJLUXQDHOHYDFLyQSHURTXH
VHGLVWLQJDODOODPDD]XO²5HGX]FDHO
WDPDxRGHODDEHUWXUDGHOREWXUDGRU
GHDLUH
& (OREWXUDGRUGHDLUHVHGHEHUtDFRQILJXUDU
FRQXQDDSHUWXUDGHDSUR[LPDGDPHQWH
SDUDJDVQDWXUDO\DSUR[LPDGDPHQWH
FRQDSHUWXUDFRPSOHWDSDUDJDV/3
' (ODMXVWHGHOREWXUDGRUGHDLUHGHO
TXHPDGRUGHOKRUQRHVHOPLVPRHQ
FRFLQDVFRQXQSLORWRGHJDVRHQFHQGLGR
HOpFWULFR
,QVWUXFFLRQHVGH,QVWDODFLyQ
1,9(/$&,Ï1'(/$&2&,1$
,167$/$&,Ï1'(/',6326,7,92$17,
92/&$'85$6
$,QVWDOHODVUHSLVDVGHOKRUQRHQHOPLVPR\SRVLFLRQH
ODFRFLQDHQHOOXJDUGRQGHVHUiLQVWDODGDFRQDFFHVR
IURQWDODODVSDWDVQLYHODGRUDVIURQWDOHV\DFFHVR
WUDVHURDODVSDWDVQLYHODGRUDVWUDVHUDV7RGDVODV
SDWDVGHEHUiQVHUQLYHODGDV$17(6GHTXHHOSURGXFWR
VHDLQVWDODGR
%DMHOD
FRFLQD
6XEDOD
FRFLQD
$'9(57(1&,$
',6326,7,92$17,92/&$'85$6
%DMHOD
FRFLQD
‡7RGDVODVFRFLQDVSXHGHQVXIULUFDtGDV
‡6HSXHGHQSURGXFLU48(0$'85$6\
RWUDV/(6,21(6*5$9(6
3DWD
1LYHODGRUD
‡,167$/(\&21752/(HOVRSRUWHDQWL
YROFDGXUDVVLJXLHQGRODVLQVWUXFFLRQHV
VXPLQLVWUDGDVFRQHOVRSRUWH
6XEDOD
FRFLQD
HQDOJXQRVPRGHORV
HQDOJXQRVPRGHORV
$ILQGHUHGXFLUHOULHVJRGHFDtGDGHODFRFLQDpVWD
GHEHUiHVWDUDVHJXUDGDSRUXQVRSRUWHDQWLYROFDGXUDV
FRUUHFWDPHQWHLQVWDODGR6LJDODVLQVWUXFFLRQHVHPEDODGDV
FRQHOVRSRUWH
3DUDUHYLVDUVLHOVRSRUWHHVWDLQVWDODGR\DMXVWDGR
GHIRUPDDSURSLDGDPLUHTXHGHEDMRGHODFRFLQD
HOEUD]RDQWLYROWHRHQVDPEODGRHQHOODWHUDOHVWH
DMXVWDGRDOVRSRUWH(QDOJXQRVPRGHORVHOFDMyQGH
DOPDFHQDPLHQWRRHOSDQHOGHSURWHFFLyQVHSXHGH
UHWLUDUSDUDXQDLQVSHFFLRQPDVIiFLO6LQRHVSRVLEOH
UHDOL]DUXQDLQVSHFFLyQYLVXDOGHVOLFHODFRFLQDKDFLD
DGHODQWHFRQILUPHTXHHOVRSRUWHDQWLYROFDGXUDVHVWp
DMXVWDGRGHIRUPDVHJXUDDOSLVRRODSDUHG\GHVOLFHOD
FRFLQDKDFLDDWUDVGHPRGRTXHHOEUD]RDQWLYROWHRVH
GHVOLFHSRUGHEDMRGHOVRSRUWHDQWLYROFDGXUDV
6LODFRFLQDHVH[SXOVDGDGHODSDUHGSRUDOJXQDUD]RQ
VLHPSUHUHSLWDHVWHSURFHGLPLHQWRDILQGHYHULILFDUTXH
HVWpDVHJXUDGDGHIRUPDFRUUHFWDFRQXQVRSRUWHDQWL
YROFDGXUDV
6LODFRFLQDQRFXHQWDFRQHOVRSRUWHDQWLYROFDGXUDV
OODPHDOSDUDUHFLELUXQRVLQFRVWR
%&RQWUROHODQLYHODFLyQXELFDQGRXQQLYHOGHEXUEXMDRXQD
WD]DSDUFLDOPHQWHOOHQDGHDJXDHQXQDGHODVUHSLVDV
GHOKRUQR6LXVDUiXQQLYHOGHEXUEXMDKDJDGRVOHFWXUDV
FRQHOQLYHOXELFDGRGHIRUPDGLDJRQDOSULPHURHQXQD
GLUHFFLyQ\OXHJRHQODRWUD
&5HWLUHHOFDMyQ HQDOJXQRVPRGHORV /HDODVHFFLyQGH
&XLGDGR\OLPSLH]DGHODFRFLQD/DVSDWDVQLYHODGRUDV
IURQWDOHVVHSRGUiQDMXVWDUGHVGHODSDUWHLQIHULRU\ODV
SDWDVWUDVHUDVVHSRGUiQDMXVWDUGHVGHODSDUWHVXSHULRU
HQDOJXQRVPRGHORV RGHVGHODLQIHULRU
'8VHXQDOODYHGHWXHUFDVRDMXVWDEOHSDUDDMXVWDUODV
SDWDVQLYHODGRUDVKDVWDTXHODFRFLQDHVWpQLYHODGD
$'9(57(1&,$
1XQFDUHWLUH
FRPSOHWDPHQWHODVSDWDVQLYHODGRUDV\DTXHODFRFLQD
QRHVWDUiDVHJXUDGDGHIRUPDDGHFXDGDDOGLVSRVLWLYR
DQWLYROFDGXUDV
(/XHJRGHQLYHODUODXQLGDGGHVOLFHKDVWDODSRVLFLyQ
ILQDO\YHULILTXHODQLYHODFLyQ
)/XHJRGHTXHODFRFLQDHVWpQLYHODGDDOHMHODPLVPD
GHODSDUHGGHPRGRTXHVHSXHGDLQVWDODUHO
GLVSRVLWLYRDQWLYROFDGXUDV
&8$1'272'$6/$6&21(;,21(66(
+$<$1&203/(7$'2
$VHJ~UHVHGHTXHWRGRVORVFRQWUROHVTXHGHQHQODSRVLFLyQ
GHDSDJDGR$VHJ~UHVHGHTXHHOIOXMRGHODFRPEXVWLyQ\HO
DLUHGHYHQWLODFLyQDODFRFLQDHVWpQGHVREVWUXLGRV
3$57(6,1&/8,'$6
&219(57,5$*$6/3 RFRQYHUWLU
QXHYDPHQWHGH/3DJDVQDWXUDO
(VWDFRFLQDGHMDODFRQILJXUDFLyQGHIiEULFDSDUD
XVRFRQJDVQDWXUDO6LGHVHDFRQYHUWLUDJDV/3OD
FRQYHUVLyQGHEHUiVHUUHDOL]DGDSRUXQLQVWDODGRU
GHJDV/3FDOLILFDGR
/DVLQVWUXFFLRQHVGHFRQYHUVLyQ\ORVRULILFLRV/3VHSXHGHQ
HQFRQWUDUDGMXQWRVDODSDUWHWUDVHUDGHODFRFLQD
*XDUGHHVWDVLQVWUXFFLRQHV\ORVRULILFLRVHQFDVRGH
TXHGHVHHKDFHUODFRQYHUVLyQQXHYDPHQWHDJDV
QDWXUDO
.LWGHGLVSRVLWLYRDQWLYROWHR
$QWHVGH6ROLFLWDUHO6HUYLFLR7pFQLFR«
3UREOHPD
&DXVDV3RVLEOHV
4Xp+DFHU
/DWHPSHUDWXUDGHOKRUQR
GHPDVLDGRFDOLHQWHR
GHPDVLDGRIUtD
(OWHUPRVWDWRGHOKRUQRGHEH
VHUDMXVWDGR
/HDODVHFFLyQGH$MXVWHGHOWHUPRVWDWRGHOKRUQR£+iJDORXVWHGPLVPR
/RVTXHPDGRUHV
(OHQFKXIHHQODFRFLQDQRHVWi
VXSHULRUHVQRVH
FRPSOHWDPHQWHLQVHUWDGRHQ
HQFLHQGHQRQRTXHPDQGH HOWRPDFRUULHQWHHOpFWULFR
IRUPDSDUHMD
/DVKHQGLGXUDVGHORV
TXHPDGRUHVDOFRVWDGRR
DOUHGHGRUGHODSDUWHVXSHULRU
GHOTXHPDGRUVHSRGUiQDWDVFDU
/RVTXHPDGRUHVSRVHHQ
OODPDVDPDULOODV\FRQ
SXQWDVDPDULOODV
(QORVPRGHORVFRQHQFHQGLGRHOpFWULFRDVHJ~UHVHGHTXHHOFDEOHGH
HOHFWULFLGDGHVWpHQFKXIDGRHQXQWRPDFRUULHQWHFRUUHFWDPHQWHFRQHFWDGRD
WLHUUD
5HWLUHORVTXHPDGRUHV\OLPSLHORVPLVPRVFRQXQDOILOHURJDQFKRSDUD
VXMHWDUSDSHOHVTXHVHDQVHJXURV(YLWHDJUDQGDUORVDJXMHURV
(VSRVLEOHTXHORV
TXHPDGRUHVQRVHLQVHUWHQ
GHIRUPDFRUUHFWDHQORV
VRSRUWHVGHPRQWDMH
(VSRVLEOHTXHORVTXHPDGRUHVQRVHLQVHUWHQGHIRUPDFRUUHFWDHQORV
VRSRUWHVGHPRQWDMH
/DFDOLGDGGHFRPEXVWLyQ
GHODVOODPDVGHOTXHPDGRU
VHGHEHUiGHWHUPLQDU
YLVXDOPHQWH
8VHODVLOXVWUDFLRQHVVLJXLHQWHVSDUDGHWHUPLQDUVLODVOODPDVGHORV
TXHPDGRUHVVRQQRUPDOHV6LODVOODPDVGHORVTXHPDGRUHVVHYHQFRPRHQ
$HVQHFHVDULRUHDOL]DUPiVDMXVWHV(ODVSHFWRGHODOODPDQRUPDOVHYHFRPR
HQ%R&GHSHQGLHQGRGHOWLSRGHJDVTXHXVH&RQJDV/3HVQRUPDOTXH
KD\DDOJXQDVSXQWDVDPDULOODVHQORVFRQRVH[WHUQRV
$²/ODPDVDPDULOODV%²3XQWDVDPDULOODV&²/ODPDVD]XOFODUR
6HUHTXLHUHQHQFRQRVH[WHUQRV1RUPDOSDUD
PiVDMXVWHV1RUPDOSDUDJDV/3JDVQDWXUDO
/ODPDVGHOTXHPDGRU
PX\JUDQGHVRDPDULOODV
(OJDV/3HVWi
LQFRUUHFWDPHQWHFRQHFWDGR
&RQWUROHWRGRVORVSDVRVGHODVHFFLyQGH,QVWDODFLyQGHODFRFLQD
(OKRUQRQRIXQFLRQD
(OWHUPRVWDWRFRQEXOER
FDSLODUGHEHUiVHUOLPSLDGR\
GHVREVWUXLGR
$VHJ~UHVHGHTXHHOEXOERFDSLODUGHOWHUPRVWDWR XELFDGRHQODSDUWHVXSHULRU
GHOKRUQR HVWpHQODSRVLFLyQFRUUHFWDVLQWRFDUORVFRVWDGRVGHOKRUQRQL
HVWDUFXELHUWRFRQQDGD
/DYHQWLODFLyQGHOKRUQRHVWi
EORTXHDGD
/DYHQWLODFLyQGHOKRUQRHQODSDUWHWUDVHUDGHODFRFLQDGHEHUiVHUGHVREVWUXLGD
&RQWUROGHOKRUQRFRQILJXUDGR
GHIRUPDLQFRUUHFWD
&RQVXOWHODVHFFLyQGH8VRGHOKRUQR
8VRGHXQXWHQVLOLRLQFRUUHFWR
RGHXQXWHQVLOLRGHWDPDxR
LQFRUUHFWR
&RQVXOWHODVHFFLyQGH8VRGHOKRUQRSDUDKRUQHDURGRUDU
(OIRQGRGHOKRUQRQRHVWi
FRUUHFWDPHQWHDMXVWDGRHQVX
SRVLFLyQ
/HDODVHFFLyQGH&XLGDGR\OLPSLH]DGHODFRFLQD
3URSRUFLyQLQDGHFXDGDGH
DLUHJDVHQHOKRUQR
$MXVWHHOREWXUDGRUGHDLUHGHOTXHPDGRUGHOKRUQR/HDODVHFFLyQGH
,QVWDODFLyQGHODFRFLQD
(VWRHVWHPSRUDULR
8QRORUHQODDLVODFLyQDOUHGHGRUGHOLQWHULRUGHOKRUQRHVQRUPDOGXUDQWH
ODVSULPHUDVYHFHVHQTXHHOKRUQRHVXVDGR
6HSXGRKDEHUPRYLGROD
YiOYXODGHFLHUUHGHOKRUQRGH
IRUPDDFFLGHQWDOGXUDQWHOD
OLPSLH]DRDOPRYHUOR
3DUDFRQWURODUODYiOYXODGHFLHUUHGHJDVHQ
/DSDODQFDVHPXHVWUDFHUUDGD
(038-(3$5$$%5,5
PRGHORVFRQTXHPDGRUHVGREOHVHVWiQGDU
OHYDQWHODSODFDGHFRFFLyQ\EXVTXHOD
SDODQFDGHFLHUUHGHJDVHQODHVTXLQDWUDVHUD
GHOH[WUHPRL]TXLHUGR /RVPRGHORVFRQSLORWR
FRQWLQXRQRFXHQWDQFRQXQDYiOYXODGHFLHUUH
GHJDVHQHOUHJXODGRU 2ORUIXHUWH
/RVTXHPDGRUHV
VXSHUILFLDOHVVHHQFLHQGHQ
SHURHOKRUQRQR
/DOX]GHOKRUQRQR
IXQFLRQD
/DOiPSDUDHVWiIORMDR
SUHVHQWDGHIHFWRV
$MXVWHRUHHPSODFHODOiPSDUD
/DOX]GHIXQFLRQDPLHQWRGHO
LQWHUUXSWRUHVWiURWD
/ODPHDOVHUYLFLRWpFQLFR
1RWDV
*DUDQWtDGHOD&RFLQDD*DVGH*( )RUFXVWRPHUVLQWKH8QLWHG6WDWHV
7RGRHOVHUYLFLRGHJDUDQWtDHVSURYLVWRSRUQXHVWURV&HQWURVGH6HUYLFLR
$EURFKHVXUHFLERDTXt3DUD
GH)DEULFDFLyQRXQWpFQLFRDXWRUL]DGRGH6HUYLFLRDO&OLHQWH &XVWRPHU
DFFHGHUDOVHUYLFLRWpFQLFR
&DUHŠ 3XHGHSURJUDPDUXQDFRQVXOWDDOVHUYLFLRWpFQLFRDWUDYpVGHO
GHDFXHUGRFRQODJDUDQWtD
,QWHUQHWODVGHOGtDYLVLWiQGRQRVHQ*($SSOLDQFHVFRPROODPDQGR
GHEHUiFRQWDUFRQODSUXHED
DO*(&$5(6 &XDQGROODPHSDUDVROLFLWDUHOVHUYLFLR
GHODIHFKDRULJLQDOGHFRPSUD
WHQJDORVQ~PHURVGHVHULH\GHPRGHORGLVSRQLEOHV
3RUHO3HUtRGRGH
*(5HHPSOD]DUi
8Q$xR
'HVGHODIHFKDGHOD
FRPSUDRULJLQDO
&XDOTXLHUSDUWHGHODFRFLQDTXHIDOOHGHELGRDXQGHIHFWRHQORVPDWHULDOHVRODIDEULFDFLyQ'XUDQWH
HVWDJDUDQWtDOLPLWDGDGHXQDxR*(WDPELpQSURYHHUiVLQFRVWRWRGRHOWUDEDMR\HOVHUYLFLRHQ
HOKRJDUUHODFLRQDGRFRQHOUHHPSOD]RGHODSDUWHTXHSUHVHQWHGHIHFWRV
4Xp1R&XEULUi*(
■9LDMHVGHOWpFQLFRGHOVHUYLFLRDVXKRJDUSDUDHQVHxDUOHD
XVDUHOSURGXFWR
■'DxRVRFDVLRQDGRVVREUHHOSURGXFWRSRUDFFLGHQWH
LQFHQGLRLQXQGDFLRQHVRFDWiVWURIHVQDWXUDOHV
■,QVWDODFLyQLQDGHFXDGDHQWUHJDRPDQWHQLPLHQWR
■'DxRVFRQVHFXHQWHVRLQFLGHQWDOHVFDXVDGRVSRUSRVLEOHV
GHIHFWRVVREUHHVWHSURGXFWR
■3)DOODVRGDxRVGHOSURGXFWRHQFDVRGHDEXVRPDOXVRR
XVRSDUDSURSyVLWRVGLIHUHQWHVDORULJLQDORXVRFRPHUFLDO
■5HHPSOD]RGHIXVLEOHVGHODFDVDRUHLQLFLRGHGLV\XQWRUHV
■'DxRFDXVDGRGHVSXpVGHODHQWUHJD
■3URGXFWRQRDFFHVLEOHSDUDEULQGDUHOVHUYLFLRUHTXHULGR
(;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFD\H[FOXVLYDDOWHUQDWLYDHVODUHSDUDFLyQGHOSURGXFWR
FRPRVHLQGLFDHQOD*DUDQWtD/LPLWDGD/DVJDUDQWtDVLPSOtFLWDVLQFOX\HQGRJDUDQWtDVLPSOtFLWDVGH
FRPHUFLDELOLGDGRFRQYHQLHQFLDVREUHXQSURSyVLWRSDUWLFXODUVHOLPLWDQDXQDxRRDOSHUtRGRPiVFRUWR
SHUPLWLGRSRUODOH\
(VWDJDUDQWtDVHH[WLHQGHDOFRPSUDGRURULJLQDO\DFXDOTXLHUGXHxRVXEVLJXLHQWHGHSURGXFWRVFRPSUDGRVSDUD
XVRKRJDUHxRGHQWURGH((886LHOSURGXFWRVHHQFXHQWUDHQXQiUHDGRQGHQRVHHQFXHQWUDGLVSRQLEOHHOVHUYLFLR
WpFQLFRGHXQ3URYHHGRUGH6HUYLFLRGH*($XWRUL]DGRXVWHGVHUiUHVSRQVDEOHSRUHOFRVWRGHXQYLDMHRVHSRGUi
UHTXHULUTXHWUDLJDHOSURGXFWRDXQD8ELFDFLyQGHO6HUYLFLR7pFQLFRGH*($XWRUL]DGRSDUDUHFLELUHOVHUYLFLR(Q
$ODVNDODJDUDQWtDH[FOX\HHOFRVWRGHHQYtRROODPDGDVGHOVHUYLFLRDVXKRJDU
$OJXQRVHVWDGRVQRSHUPLWHQODH[FOXVLyQROLPLWDFLyQGHGDxRVIRUWXLWRVRFRQVHFXHQWHV(VWDJDUDQWtDOHGD
GHUHFKRVOHJDOHVHVSHFtILFRV\HVSRVLEOHTXHWHQJDRWURVGHUHFKRVOHJDOHVTXHYDUtDQHQWUHXQHVWDGR\RWUR3DUD
FRQRFHUFXiOHVVRQVXVGHUHFKRVOHJDOHVFRQVXOWHDODRILFLQDGHDVXQWRVGHOFRQVXPLGRUORFDORHVWDWDORDO)LVFDO
GHVX(VWDGR
*DUDQWH*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
6RSRUWHDO&OLHQWH
6LWLR:HEGH(OHFWURGRPpVWLFRVGH*(
(Q((88*($SSOLDQFHVFRP
¢'HVHDUHDOL]DUXQDFRQVXOWDRQHFHVLWDD\XGDFRQVXHOHFWURGRPpVWLFR"£,QWHQWHDWUDYpVGHO6LWLR:HEGH
(OHFWURGRPpVWLFRVGH*(ODVKRUDVGHOGtDFXDOTXLHUGtDGHODxR3DUDPD\RUFRQYHQLHQFLD\XQVHUYLFLRPiV
UiSLGRDKRUDSXHGHGHVFDUJDUHO0DQXDOGHO3URSLHWDULRRUGHQDUSLH]DVRLQFOXVRSURJUDPDUHOVHUYLFLRWpFQLFRD
WUDYpVGH,QWHUQHW(Q&DQDGiZZZ*($SSOLDQFHVFD
6HUYLFLR3URJUDPDGR
(Q((88*($SSOLDQFHVFRP
(OVHUYLFLRGHUHSDUDFLyQGHH[SHUWRVGH*(HVWiDVyORXQSDVRGHVXSXHUWD£&RQpFWHVHDWUDYpVGH,QWHUQHW
\SURJUDPHVXVHUYLFLRDVXFRQYHQLHQFLDODVKRUDVGHOGtDFXDOTXLHUGtDGHODxR2OODPHDO*(&$5(6
GXUDQWHHOKRUDULRFRPHUFLDOKDELWXDO
,Q&DQDGDFDOO
(VWXGLRGH'LVHxRGHOD9LGD5HDO
(Q((88*($SSOLDQFHVFRP
*(DSR\DHOFRQFHSWRGH'LVHxR8QLYHUVDO²SURGXFWRVVHUYLFLRV\DPELHQWHVTXHSXHGHQVHUXVDGRVSRUSHUVRQDVGH
WRGDVODVHGDGHVWDPDxRV\FDSDFLGDGHV5HFRQRFHPRVODQHFHVLGDGGHUHDOL]DUGLVHxRVSDUDXQDDPSOLDJDPDGH
KDELOLGDGHVHLQFDSDFLGDGHVItVLFDV\PHQWDOHV3DUDPiVGHWDOOHVVREUHODVDSOLFDFLRQHVGH'LVHxR8QLYHUVDOGH*(
LQFOX\HQGRLGHDVGHGLVHxRGHFRFLQDVSDUDSHUVRQDVFRQLQFDSDFLGDGHVYLVLWHQXHVWURVLWLRZHEKR\6REUHFDVRVGH
LQFDSDFLGDGDXGLWLYDFRPXQtTXHVHDO7''*($& (Q&DQDGiFRPXQtTXHVHFRQ
0DQDJHU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
*DUDQWtDV([WHQGLGDV
(Q((88*($SSOLDQFHVFRP
$GTXLHUDXQDJDUDQWtDH[WHQGLGDGH*(\FRQR]FDVREUHGHVFXHQWRVHVSHFLDOHVTXHHVWiQGLVSRQLEOHVPLHQWUDVVX
JDUDQWtDD~QHVWiYLJHQWH/DSXHGHDGTXLULUDWUDYpVGH,QWHUQHWHQFXDOTXLHUPRPHQWRROODPDQGRDO
GXUDQWHHOKRUDULRFRPHUFLDOKDELWXDO/RV6HUYLFLRVSDUDHO&RQVXPLGRU+RJDUHxRGH*(D~QHVWDUiQDOOtFXDQGRVX
JDUDQWtDFDGXTXH(Q&DQDGiOODPHDO
3LH]DV\$FFHVRULRV
(Q((88*($SSOLDQFHVFRP
,QGLYLGXRVFDOLILFDGRVSDUDUHDOL]DUHOVHUYLFLRWpFQLFRGHVXVSURSLRVHOHFWURGRPpVWLFRVSRGUiQVROLFLWDUHOHQYtRGHSLH]DV
RDFFHVRULRVGLUHFWDPHQWHDVXVKRJDUHV VHDFHSWDQODVWDUMHWDV9,6$0DVWHU&DUG\'LVFRYHU 2UGHQHKR\DWUDYpVGH
,QWHUQHWODVKRUDVGHOGtDRHQIRUPDWHOHIyQLFDOODPDQGRDOGXUDQWHHOKRUDULRFRPHUFLDOKDELWXDO
/DVLQVWUXFFLRQHVTXHILJXUDQHQHVWHPDQXDOFXEUHQORVSURFHGLPLHQWRVTXHVHUiQUHDOL]DGRVSRUFXDOTXLHU
XVXDULR2WURVVHUYLFLRVWpFQLFRVJHQHUDOPHQWHGHEHUtDQVHUGHULYDGRVDSHUVRQDOFDOLILFDGRGHOVHUYLFLR6HGHEHUi
WHQHUFXLGDGR\DTXHXQDUHSDUDFLyQLQGHELGDSRGUiRFDVLRQDUTXHHOIXQFLRQDPLHQWRQRVHDVHJXUR
/RVFOLHQWHVGH&DQDGiGHEHUiQEXVFDUHO&HQWURGHVHUYLFLRWpFQLFR0DEHPiVFHUFDGRHQODVSiJLQDVDPDULOODVR
OODPDUDO
&RQWiFWHQRV ,QWKH86*($SSOLDQFHVFRP
6LQRVHHQFXHQWUDVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLELyGH*(FRPXQtTXHVHFRQQRVRWURVDWUDYpVGHQXHVWURVLWLR
ZHEFRQWRGRVORVGHWDOOHVLQFOX\HQGRVXQ~PHURWHOHIyQLFRRHVFULEDD
*HQHUDO0DQDJHU&XVWRPHU
5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
(Q&DQDGiZZZ*($SSOLDQFHVFDRHVFULEDD
'LUHFWRU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
5HJLVWUHVX(OHFWURGRPpVWLFR
,QWKH86*($SSOLDQFHVFRP
5HJLVWUHVXHOHFWURGRPpVWLFRQXHYRDWUDYpVGH,QWHUQHW£DVXFRQYHQLHQFLD8QUHJLVWURSXQWXDOGHVXSURGXFWR
SHUPLWLUiXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVSXQWXDOGHDFXHUGRFRQORVWpUPLQRVGHVXJDUDQWtDHQFDVR
GHVXUJLUODQHFHVLGDG7DPELpQSXHGHHQYLDUXQDFDUWDHQODWDUMHWDGHLQVFULSFLyQSUHLPSUHVDTXHVHLQFOX\HFRQHO
PDWHULDOHPSDTXHWDGR(Q&DQDGiZZZ*($SSOLDQFHVFD
3ULQWHGLQ0H[LFR
7KLVERRNLVSULQWHGRQUHF\FOHGSDSHU
Was this manual useful for you? yes no
Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Download PDF

advertising