GE P2B930 Guía del usuario

P2B930
GE
Marca
GE
Modelo
P2B930
Tipo
Guía del usuario

Este manual también es adecuado para

Safety Instructions. 2–5
Operating Instructions
Convection.Oven. 17–21
. Roasting.Guide. 20
. Timed.Convection.Baking. 23
Gas.Surface.Burners. 6,7
Griddle. 8
Lower.Oven.Drawer. 26
Thermostat. 25,.26
Upper.Oven. 9–25
. Baking.or.Roasting. 15
. Broiling.Guide. 13
. Clock.and.Timer. 14
. Oven.Controls. 9
. Preheating. 11
..Probe. 16,.19
. Sabbath.Feature. 24
. Self-Cleaning. 27,.28
. Special.Features. 22,.23
. Timed.Baking.and.
. Roasting.Features. 21
Care and Cleaning
Aluminum.Foil. 12
Burner.Grates. 31,.32
Burner.Caps.and.Heads . 30
Control.Panel.and.Knobs. 33
Cooktop.Surface. 33
Griddle. 31
Lift-Off.Oven.Door. 34
Lower.Oven.Drawer. 36,.37
Oven.Air.Vents. 33
Oven.Heating.Elements. 34
Oven.Light.Replacement. 36
Oven.Racks. 34
Sealed.Burner.Assemblies. 29
Self-Cleaning. 27,.28
Stainless.Steel.Surfaces. 35
Installation
Instructions. 38–52
Anti-Tip.Device. 52
Assemble.Surface.Burners. 50
Check.Ignition.of..
Surface.Burners. . . . .51
Connect.Range.to.Gas. 44,.46
Dimensions.and..
Clearances. 40,.41
Electrical.Connections. 46-49
Level.the.Range. 51
LP. 44
Accessories. 57
Troubleshooting
Tips. 53–56
Consumer Support
Consumer.Support. Back.Cover
Warranty.to.Customers.
..in.Canada. 59
Warranty.to.Customers.
..in.the.USA. 58
Ranges
49-85182-1....10-11..GE
P2B930
C2S985
Owner’s Manual
& Installation
Instructions
GEAppliances.com
Self-Cleaning Dual Fuel Convection
Write the model and serial
numbers here:
Model # ____________________
Serial # _____________________
You.can.find.them.on.a.label.on.the.
front.of.the.range.behind.the.lower.
oven.drawer
For a Spanish version of this
manual, visit our Website at
GEAppliances.com.
Para consultar una version
en español de este manual
de instrucciones, visite
nuestro sitio de internet
GEAppliances.com.
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
6$9(7+(6(,16758&7,216
,03257$176$)(7<127,&(
7KH&DOLIRUQLD6DIH'ULQNLQJ:DWHUDQG7R[LF(QIRUFHPHQW$FWUHTXLUHVWKH*RYHUQRURI&DOLIRUQLDWRSXEOLVKDOLVWRI
VXEVWDQFHVNQRZQWRWKHVWDWHWRFDXVHFDQFHUELUWKGHIHFWVRURWKHUUHSURGXFWLYHKDUPDQGUHTXLUHVEXVLQHVVHVWR
ZDUQFXVWRPHUVRISRWHQWLDOH[SRVXUHWRVXFKVXEVWDQFHV
7KHILEHUJODVVLQVXODWLRQLQVHOIFOHDQRYHQVJLYHVRIIDYHU\VPDOODPRXQWRIFDUERQPRQR[LGHGXULQJWKHFOHDQLQJF\FOH
([SRVXUHFDQEHPLQLPL]HGE\YHQWLQJZLWKDQRSHQZLQGRZRUXVLQJDYHQWLODWLRQIDQRUKRRG
:$51,1*
'RQRWVWRUHRUXVHJDVROLQHRURWKHUIODPPDEOHYDSRUVDQGOLTXLGVLQWKHYLFLQLW\RIWKLVRUDQ\RWKHUDSSOLDQFH
:+$772'2,)<2860(//*$6
■ 'RQRWWU\WROLJKWDQ\DSSOLDQFH
■ 'RQRWWRXFKDQ\HOHFWULFDOVZLWFKGRQRWXVHDQ\SKRQHLQ\RXUEXLOGLQJ
■ ,PPHGLDWHO\FDOO\RXUJDVVXSSOLHUIURPDQHLJKERU·VSKRQH)ROORZWKHJDVVXSSOLHU·VLQVWUXFWLRQV
■ ,I\RXFDQQRWUHDFK\RXUJDVVXSSOLHUFDOOWKHILUHGHSDUWPHQW
,QVWDOODWLRQDQGVHUYLFHPXVWEHSHUIRUPHGE\DTXDOLILHGLQVWDOOHUVHUYLFHDJHQF\RUWKHJDVVXSSOLHU
:$51,1*
,IWKHLQIRUPDWLRQLQWKLVPDQXDOLVQRWIROORZHGH[DFWO\DILUHRUH[SORVLRQPD\
UHVXOWFDXVLQJSURSHUW\GDPDJHSHUVRQDOLQMXU\RUGHDWK
■$OOUDQJHVFDQWLS
■
%8516RURWKHU6(5,286,1-85,(6FDQUHVXOW
■ ,167$//DQG&+(&.WKHDQWLWLSEUDFNHWIROORZLQJWKHLQVWUXFWLRQVVXSSOLHGZLWKWKHEUDFNHW
7RUHGXFHWKHULVNRIWLSSLQJWKHUDQJHWKHUDQJHPXVWEHVHFXUHGE\DSURSHUO\LQVWDOOHGDQWLWLS
EUDFNHW6HHLQVWDOODWLRQLQVWUXFWLRQVVKLSSHGZLWKWKHEUDFNHWIRUFRPSOHWHGHWDLOVEHIRUHDWWHPSWLQJ
WRLQVWDOO
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\ORRNXQGHUQHDWKWKHUDQJHWRVHHWKDWWKH
UHDUOHYHOLQJOHJLVHQJDJHGLQWKHEUDFNHW2QVRPHPRGHOVWKHVWRUDJHGUDZHURUNLFNSDQHOFDQEH
UHPRYHGIRUHDV\LQVSHFWLRQ,IYLVXDOLQVSHFWLRQLVQRWSRVVLEOHVOLGHWKHUDQJHIRUZDUGFRQILUPWKH
DQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHIORRURUZDOODQGVOLGHWKHUDQJHEDFNVRWKHUHDUOHYHOLQJOHJLVXQGHUWKH
DQWLWLSEUDFNHW
,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\VUHSHDWWKLVSURFHGXUHWRYHULI\WKHUDQJHLVSURSHUO\VHFXUHG
E\WKHDQWLWLSEUDFNHW
1HYHUFRPSOHWHO\UHPRYHWKHOHYHOLQJOHJVRUWKHUDQJHZLOOQRWEHVHFXUHGWRWKHDQWLWLSGHYLFHSURSHUO\
,I\RXGLGQRWUHFHLYHDQDQWLWLSEUDFNHWZLWK\RXUSXUFKDVHFDOOWRUHFHLYHRQHDWQRFRVWLQ&DQDGD
FDOO)RULQVWDOODWLRQLQVWUXFWLRQVRIWKHEUDFNHWYLVLW*($SSOLDQFHVFRPLQ&DQDGD*($SSOLDQFHVFD
:$51,1*
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1* *($SSOLDQFHVFRP
6$9(7+(6(,16758&7,216
:$51,1*
1(9(5XVHWKLVDSSOLDQFHDVDVSDFHKHDWHUWRKHDW
RUZDUPWKHURRP'RLQJVRPD\UHVXOWLQFDUERQ
PRQR[LGHSRLVRQLQJDQGRYHUKHDWLQJRIWKHRYHQ
■8VHWKLVDSSOLDQFHIRULWVLQWHQGHGSXUSRVHDVGHVFULEHG
LQWKLVRZQHU·VPDQXDO
■+DYH\RXUUDQJHLQVWDOOHGDQGSURSHUO\JURXQGHGE\
DTXDOLILHGLQVWDOOHULQDFFRUGDQFHZLWKWKHSURYLGHG
LQVWDOODWLRQLQVWUXFWLRQV$Q\DGMXVWPHQWDQGVHUYLFH
VKRXOGEHSHUIRUPHGRQO\E\DTXDOLILHGJDVUDQJH
LQVWDOOHUVRUVHUYLFHWHFKQLFLDQV'RQRWDWWHPSWWRUHSDLU
RUUHSODFHDQ\SDUWRI\RXUUDQJHXQOHVVLWLVVSHFLILFDOO\
UHFRPPHQGHGLQWKLVPDQXDO
■<RXUUDQJHLVVKLSSHGIURPWKHIDFWRU\VHWIRUXVH
ZLWKQDWXUDOJDV,WFDQEHFRQYHUWHGIRUXVHZLWK/3
JDV,IUHTXLUHGWKVHDGMXVWPHQWVPXVWEHPDGHE\D
TXDOLILHGWHFKQLFLDQLQDFFRUGDQFHZLWKWKHLQVWDOODWRLQ
LQVWUXFWLRQVDQGORFDOFRGHV7KHDJHQF\SHUIRUPLQJWKLV
ZRUNDVVXPHVUHVSRQVLELOLW\IRUWKHFRQYHUVLRQ
■+DYHWKHLQVWDOOHUVKRZ\RXWKHORFDWLRQRIWKHUDQJH
JDVVKXWRIIYDOYHDQGKRZWRWXUQLWRIILIQHFHVVDU\
■%HIRUHSHUIRUPLQJDQ\VHUYLFHXQSOXJWKHUDQJH
RUGLVFRQQHFWWKHSRZHUVXSSO\DWWKHKRXVHKROG
GLVWULEXWLRQSDQHOE\UHPRYLQJWKHIXVHRUVZLWFKLQJRII
WKHFLUFXLWEUHDNHU
■%HVXUHDOOSDFNLQJPDWHULDOVDUHUHPRYHGIURPWKH
UDQJHEHIRUHRSHUDWLQJWRSUHYHQWLJQLWLRQRIWKHVH
PDWHULDOV
■ $YRLGVFUDWFKLQJRULPSDFWLQJJODVVGRRUVFRRNWRSVRU
FRQWUROSDQHOV'RLQJVRPD\OHDGWRJODVVEUHDNDJH'R
QRWFRRNRQDSURGXFWZLWKEURNHQJODVV6KRFNILUHRU
FXWVPD\RFFXU
■ 'RQRWOHDYHFKLOGUHQDORQHRUXQDWWHQGHGLQDQ
DUHDZKHUH
DQDSSOLDQFHLVLQXVH7KH\VKRXOGQHYHU
EHDOORZHGWRFOLPEVLWRUVWDQGRQDQ\SDUWRIWKH
DSSOLDQFH
■ 'RQRWVWRUHLWHPVRILQWHUHVWWRFKLOGUHQDERYHDUDQJH
RURQ
WKHEDFNJXDUGRIDUDQJH³FKLOGUHQFOLPELQJRQ
WKHUDQJHWRUHDFKLWHPVFRXOGEHVHULRXVO\LQMXUHG
■'RQRWDOORZDQ\RQHWRFOLPEVWDQGRUKDQJRQWKH
RYHQGRRUGUDZHURUFRRNWRS7KH\FRXOGGDPDJHWKH
UDQJHRUWLSLWRYHUFDXVLQJVHYHUHLQMXU\RUGHDWK
■1HYHUEORFNWKHYHQWVDLURSHQLQJVRIWKHUDQJH7KH\
SURYLGHWKHDLULQOHWVDQGRXWOHWVWKDWDUHQHFHVVDU\IRU
WKHUDQJHWRRSHUDWHSURSHUO\ZLWKFRUUHFWFRPEXVWLRQ
$LURSHQLQJVDUHORFDWHGDWWKHUHDURIWKHFRRNWRS
DWWKHWRSDQGERWWRPRIWKHRYHQGRRUDQGDWWKH
ERWWRPRIWKHUDQJHXQGHUWKHZDUPLQJGUDZHUORZHU
RYHQGUDZHURUNLFNSDQHO
■ 8VHRQO\GU\SRWKROGHUV³PRLVWRUGDPSSRWKROGHUVRQ
KRWVXUIDFHVPD\UHVXOWLQEXUQVIURPVWHDP'RQRWOHW
SRWKROGHUVWRXFKVXUIDFHEXUQHUVEXUQHUJUDWHRURYHQ
KHDWLQJHOHPHQW'RQRWXVHDWRZHORURWKHUEXON\FORWK
LQSODFHRISRWKROGHUV
■%HFDUHIXOQRWWRWRXFKKRWVXUIDFHVRIWKHUDQJH
3RWHQWLDOO\KRWVXUIDFHVLQFOXGHEXUQHUVJUDWHVFRRNWRS
EDFNJXDUGRYHQDQGGRRULQWHULRUDQGFUHYLFHVDURXQG
WKHRYHQGRRU
■'RQRWKHDWXQRSHQHGIRRGFRQWDLQHUV3UHVVXUHFRXOG
EXLOGXSDQGWKHFRQWDLQHUFRXOGEXUVWFDXVLQJDQ
LQMXU\
■&RRNPHDWDQGSRXOWU\WKRURXJKO\³PHDWWRDWOHDVWDQ
LQWHUQDOWHPSHUDWXUHRI)DQGSRXOWU\WRDWOHDVW
DQLQWHUQDOWHPSHUDWXUHRI)&RRNLQJWRWKHVH
WHPSHUDWXUHVXVXDOO\SURWHFWVDJDLQVWIRRGERUQHLOOQHVV
*(1(5$/6$)(7<,16758&7,216
:$51,1*
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
6$9(7+(6(,16758&7,216
■'RQRWXVHZDWHURQJUHDVHILUHV1HYHUSLFNXS
DIODPLQJSDQ7XUQWKHFRQWUROVRII6PRWKHUD
IODPLQJSDQRQDVXUIDFHEXUQHUE\FRYHULQJWKHSDQ
FRPSOHWHO\ZLWKDZHOOILWWLQJOLGFRRNLHVKHHWRUIODW
WUD\,IQHFHVVDU\XVHDPXOWLSXUSRVHGU\FKHPLFDORU
IRDPW\SHILUHH[WLQJXLVKHU
■,IWKHUHLVDILUHLQWKHRYHQGXULQJEDNLQJWXUQWKHRYHQ
RIIDQGNHHSWKHGRRUFORVHGXQWLOWKHILUHJRHVRXW,I
QHFHVVDU\XVHDPXOWLSXUSRVHGU\FKHPLFDORUIRDP
W\SHILUHH[WLQJXLVKHU
■ ,IWKHUHLVDILUHLQWKHRYHQGXULQJVHOIFOHDQWXUQWKH
RYHQRIIDQGZDLWIRUWKHILUHWRJRRXW'RQRWIRUFH
WKHGRRURSHQ,QWURGXFWLRQRIIUHVKDLUDWVHOIFOHDQ
WHPSHUDWXUHVPD\OHDGWRDEXUVWRIIODPHIURPWKH
RYHQ)DLOXUHWRIROORZWKLVLQVWUXFWLRQPD\UHVXOWLQ
VHYHUHEXUQV
,17+((9(172)$),5(7$.(7+()2//2:,1*67(36
7235(9(17,1-85<$1'),5(635($',1*
■1HYHUOHDYHWKHVXUIDFHEXUQHUVXQDWWHQGHGDWPHGLXP
RUKLJKKHDWVHWWLQJV)RRGVHVSHFLDOO\RLO\IRRGVPD\
LJQLWHUHVXOWLQJLQILUHWKDWFRXOGVSUHDGWRVXUURXQGLQJ
FDELQHWV
■1HYHUOHDYHRLOXQDWWHQGHGZKLOHIU\LQJ,IDOORZHGWR
KHDWEH\RQG
LWVVPRNLQJSRLQWRLOPD\LJQLWHUHVXOWLQJ
LQILUHWKDWPD\VSUHDGWRVXUURXQGLQJFDELQHWV8VHD
GHHSIDWWKHUPRPHWHUZKHQHYHUSRVVLEOHWRPRQLWRURLO
WHPSHUDWXUH
■ 7RDYRLGRLOVSLOORYHUDQGILUHXVHDPLQLPXPDPRXQWRI
RLOZKHQ
VKDOORZSDQIU\LQJDQGDYRLGFRRNLQJIUR]HQ
IRRGVZLWKH[FHVVLYHDPRXQWVRILFH
■ 8VHSURSHUSDQVL]HDQGDYRLGSDQVWKDWDUHXQVWDEOH
RUHDVLO\WLSSHG6HOHFWFRRNZDUHWKDWLVPDWFKHGWRWKH
VL]HRIWKHEXUQHU%XUQHUIODPHVVKRXOGEHDGMXVWHGVR
WKDWWKH\GRQRWH[WHQGEH\RQGWKHERWWRPRIWKHSDQ
([FHVVLYHIODPHPD\EHKD]DUGRXV
■$OZD\VXVHWKH/,7(SRVLWLRQZKHQLJQLWLQJWKHWRS
EXUQHUVDQGPDNHVXUHWKHEXUQHUVKDYHLJQLWHG
■ :KHQXVLQJJODVVFHUDPLFFRRNZDUHPDNHVXUHLWLV
VXLWDEOHIRUFRRNWRSVHUYLFHRWKHUVPD\EUHDNEHFDXVH
RIVXGGHQFKDQJHLQWHPSHUDWXUH
■7RPLQLPL]HWKHSRVVLELOLW\RIEXUQVLJQLWLRQRI
IODPPDEOHPDWHULDOVDQGVSLOODJHWKHKDQGOHRID
FRQWDLQHUVKRXOGEHWXUQHGWRZDUGWKHFHQWHURIWKH
UDQJHZLWKRXWH[WHQGLQJRYHUQHDUE\EXUQHUV
■ :KHQSUHSDULQJIODPLQJIRRGVXQGHUDKRRGWXUQWKH
IDQRQ
■ 'RQRWXVHDZRNZLWKDURXQGPHWDOVXSSRUWULQJWKH
ULQJPD\
WUDSKHDWDQGEORFNDLUWRWKHEXUQHUUHVXOWLQJ
LQDFDUERQPRQR[LGHKD]DUG
■ 'RQRWDWWHPSWWROLIWWKHFRRNWRS'RLQJVRPD\
GDPDJHWKH
JDVWXELQJWRWKHVXUIDFHEXUQHUVUHVXOWLQJ
LQDJDVOHDNDQGULVNRIILUH
■ :KHQGLVDEOLQJ*DV&RQWURO/RFNRXWRQVRPHPRGHOV
PDNHVXUHWKHVXUIDFHFRQWUROVDUHVHWWRWKH2))
SRVLWLRQ7KLVZLOOSUHYHQWXQLQWHQGHGJDVIORZIURPWKH
EXUQHUV
■ 'RQRWXVHDOXPLQXPIRLOWRFRYHUWKHJUDWHVRUOLQH
DQ\SDUW
RIWKHFRRNWRS'RLQJVRPD\UHVXOWLQFDUERQ
PRQR[LGHSRLVRQLQJRYHUKHDWLQJRIWKHFRRNWRS
VXUIDFHVRUDSRWHQWLDOILUHKD]DUG
&22.7236$)(7<,16758&7,216
:$51,1*
:$51,1*
■'RQRWVWRUHRUXVHIODPPDEOHPDWHULDOVLQDQRYHQRU
QHDUWKHFRRNWRSLQFOXGLQJSDSHUSODVWLFSRWKROGHUV
OLQHQVZDOOFRYHULQJVFXUWDLQVGUDSHVDQGJDVROLQHRU
RWKHUIODPPDEOHYDSRUVDQGOLTXLGV
■
1HYHUZHDUORRVHILWWLQJRUKDQJLQJJDUPHQWVZKLOH
XVLQJWKHDSSOLDQFH$YRLGVWRULQJFRPPRQO\XVHGLWHPV
LQFDELQHWHVDERYHWKHUDQJHDQGEHFDUHIXOZKHQ
UHDFKLQJRYHUWKHUDQJH&ORWKLQJLQFORVHSUR[LPLW\WR
EXUQHUVRUKRWVXUIDFHVPD\LJQLWHFDXVLQJVHYHUHEXUQV
■ 'RQRWOHWFRRNLQJJUHDVHRURWKHUIODPPDEOHPDWHULDOV
DFFXPXODWHLQRUQHDUWKHUDQJH*UHDVHLQWKHRYHQRU
RQWKHFRRNWRSPD\LJQLWH
■ &OHDQYHQWLODWLQJKRRGVIUHTXHQWO\*UHDVHVKRXOGQRW
EHDOORZHGWRDFFXPXODWHRQWKHKRRGRUILOWHU
.((3)/$00$%/(0$7(5,$/6$:$<)5207+(5$1*(
:$51,1*
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1* *($SSOLDQFHVFRP
6$9(7+(6(,16758&7,216
■6WDQGDZD\IURPWKHUDQJHZKHQRSHQLQJWKHRYHQ
GRRU+RWDLURUVWHDPZKLFKHVFDSHVFDQFDXVHEXUQV
WRKDQGVIDFHDQGRUH\HV
■ .HHSWKHRYHQIUHHIURPJUHDVHEXLOGXS*UHDVHLQWKH
RYHQPD\LJQLWH
■ 3ODFHRYHQUDFNVLQGHVLUHGORFDWLRQZKLOHRYHQLVFRRO
,IUDFNPXVWEHPRYHGZKLOHRYHQLVKRWEHFDUHIXOWR
DYRLGWRXFKLQJKRWVXUIDFHV
■3XOOWKHRYHQUDFNWRWKHVWRSORFNSRVLWLRQZKHQ
ORDGLQJDQGXQORDGLQJIRRGIURPWKHRYHQ7KLVKHOSV
SUHYHQWEXUQVIURPWRXFKLQJKRWVXUIDFHVRIWKHGRRU
DQGRYHQZDOOV
■ 'RQRWOHDYHLWHPVVXFKDVSDSHUFRRNLQJXWHQVLOVRU
IRRGLQWKHRYHQZKHQQRWLQXVH,WHPVVWRUHGLQDQ
RYHQFDQLJQLWH
■'RQRWOHDYHLWHPVRQWKHFRRNWRSQHDUWKHRYHQYHQW
ZKLFKLVLQWKHFHQWHURIWKHEDFNJXDUG,WHPVPD\
RYHUKHDWUHVXOWLQJLQDULVNRIILUHRUEXUQV
■:KHQXVLQJFRRNLQJRUURDVWLQJEDJVLQWKHRYHQIROORZ
WKHPDQXIDFWXUHU·VGLUHFWLRQV
■1HYHUEURLOZLWKGRRURSHQ2SHQGRRUEURLOLQJLVQRW
SHUPLWWHGGXHWRRYHUKHDWLQJRIFRQWURONQREV
29(16$)(7<,16758&7,216
:$51,1*
7KHVHOIFOHDQLQJIHDWXUHRSHUDWHVWKHRYHQDWWHPSHUDWXUHVKLJKHQRXJKWREXUQDZD\IRRGVRLOVLQWKHRYHQ
)ROORZWKHVHLQVWUXFWLRQVIRUVDIHRSHUDWLRQ
■%HIRUHRSHUDWLQJWKHVHOIFOHDQF\FOHUHPRYHSDQV
VKLQ\PHWDORYHQUDFNVDQGRWKHUXWHQVLOVIURPWKH
RYHQ2QO\SRUFHODLQFRDWHGRYHQUDFNVPD\EHOHIWLQ
WKHRYHQ'RQRWXVHVHOIFOHDQWRFOHDQRWKHUSDUWV
VXFKDVJUDWHV
■%HIRUHRSHUDWLQJWKHVHOIFOHDQF\FOHZLSHJUHDVHDQG
IRRGVRLOVIURPWKHRYHQ([FHVVLYHDPRXQWRIJUHDVH
PD\LJQLWHOHDGLQJWRVPRNHGDPDJHWR\RXUKRPH
■ ,IWKHVHOIFOHDQLQJPRGHPDOIXQFWLRQVWXUQWKHRYHQRII
DQGGLVFRQQHFWWKHSRZHUVXSSO\+DYHLWVHUYLFHGE\D
TXDOLILHGWHFKQLFLDQ
■ 'RQRWFOHDQWKHGRRUJDVNHW7KHGRRUJDVNHWLV
HVVHQWLDOIRUDJRRGVHDO&DUHVKRXOGEHWDNHQQRWWR
UXEGDPDJHRUPRYHWKHJDVNHW
■ 'RQRWXVHRYHQFOHDQHUV1RFRPPHUFLDORYHQFOHDQHU
RURYHQOLQHUSURWHFWLYHFRDWLQJRIDQ\NLQGVKRXOGEH
XVHGLQRUDURXQGDQ\SDUWRIWKHRYHQ
6(/)&/($1,1*29(16$)(7<,16758&7,216
:$51,1*
■7KHSXUSRVHRIWKHZDUPLQJGUDZHULVWRKROGKRW
FRRNHGIRRGVDWVHUYLQJWHPSHUDWXUH%DFWHULDZLOOJURZ
LQIRRGZKLOHLWLVEHORZ)'RQRWSXWFROGIRRGLQ
ZDUPLQJGUDZHU'RQRWKHDWIRRGIRUPRUHWKDQ
KRXUV)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQ
IRRGERUQHLOOQHVV
■'RQRWOHDYHSDSHUSURGXFWVSODVWLFVFDQQHGIRRGRU
FRPEXVWLEOHPDWHULDOVLQWKHGUDZHU7KH\PD\LJQLWH
■ 'RQRWWRXFKWKHKHDWLQJHOHPHQWRUWKHLQWHULRUVXUIDFH
RIWKHGUDZHU7KHVHVXUIDFHVPD\EHKRWHQRXJKWR
FDXVHEXUQV
■ 8VHFDUHZKHQRSHQLQJWKHGUDZHU2SHQWKHGUDZHUD
FUDFNDQGOHWKRWDLURUVWHDPHVFDSHEHIRUHUHPRYLQJ
RUUHSODFLQJIRRG+RWDLURUVWHDPWKDWHVFDSHVFDQ
FDXVHEXUQVWRKDQGVIDFHDQGRUH\HV
■ 'RQRWXVHDOXPLQXPIRLOWROLQHWKHZDUPLQJGUDZHU
)RLOLVDQH[FHOOHQWKHDWLQVXODWRUDQGZLOOWUDSKHDW
EHQHDWKLW7KLVZLOOXSVHWWKHSHUIRUPDQFHRIWKH
GUDZHUDQGSRWHQWLDOO\FDXVHDILUHKD]DUG
:$50,1*'5$:(5/2:(529(1'5$:(56$)(7<
,16758&7,216
6RPHPRGHOV
:$51,1*
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
+RZWR/LJKWD*DV6XUIDFH%XUQHU
0DNHVXUHDOOWKHVXUIDFHEXUQHUVDUHSODFHGLQ
WKHLUUHVSHFWLYHSRVLWLRQV
3XVKWKHFRQWURONQRELQDQGWXUQLWWRWKH/,7(
SRVLWLRQ
<RXZLOOKHDUDOLWWOHFOLFNLQJQRLVH³WKHVRXQG
RIWKHHOHFWULFVSDUNLJQLWLQJWKHEXUQHU
7XUQWKHNQREWRDGMXVWWKHIODPHVL]H,IWKH
NQREVWD\VDW/,7(LWZLOOFRQWLQXHWRFOLFN
:KHQRQHEXUQHULVWXUQHGWR/,7( DOOWKH
EXUQHUVVSDUN'RQRWDWWHPSWWRGLVDVVHPEOH
RUFOHDQDURXQGDQ\EXUQHUZKLOHDQRWKHU
EXUQHULVRQ$QHOHFWULFVKRFNPD\UHVXOWZKLFK
FRXOGFDXVH\RXWRNQRFNRYHUKRWFRRNZDUH
3XVKWKHFRQWURONQRELQDQGWXUQ
LWWRWKH/,7(SRVLWLRQ
%HIRUH/LJKWLQJD*DV%XUQHU
0DNHVXUHDOOEXUQHUVDUHLQSODFH
0DNH VXUH DOO JUDWHV RQ WKH UDQJH DUH
SURSHUO\SODFHGEHIRUHXVLQJDQ\EXUQHU
,I \RXU UDQJH KDV WKH *DV&RQWURO /RFNRXW
IHDWXUHPDNHVXUHLWLVGLVDEOHGEHIRUH
DWWHPSWLQJ WR OLJKW WKH VXUIDFH EXUQHUV
$IWHU/LJKWLQJD*DV%XUQHU
'RQRWRSHUDWHWKHEXUQHUIRUDQH[WHQGHG
SHULRG RI WLPH ZLWKRXW FRRNZDUH RQ WKH
JUDWH7KHILQLVKRQWKHJUDWHPD\FKLS
ZLWKRXW FRRNZDUH WR DEVRUE WKH KHDW
%HVXUHWKHEXUQHUVDQGJUDWHVDUHFRRO
EHIRUH \RX SODFH \RXU KDQG D SRW KROGHU
FOHDQLQJFORWKVRURWKHUPDWHULDOVRQWKHP
6HDOHG*DV%XUQHUV
<RXUJDVUDQJHFRRNWRSKDVVHDOHGJDV
EXUQHUV7KH\RIIHUFRQYHQLHQFHFOHDQDELOLW\
DQGIOH[LELOLW\WREHXVHGLQDZLGHUDQJHRI
FRRNLQJDSSOLFDWLRQV
7KHVPDOOHVWEXUQHULQWKHULJKWUHDUSRVLWLRQ
LVWKHVLPPHUEXUQHU2QVRPHPRGHOVWKH
ULJKWIURQWSRVLWLRQWULSOHIODPHEXUQHUZLOOEH
WKHVLPPHUEXUQHU7KLVEXUQHUFDQEHWXUQHG
GRZQWR6,0IRUDYHU\ORZVLPPHUVHWWLQJ
,WSURYLGHVSUHFLVHFRRNLQJSHUIRUPDQFHIRU
GHOLFDWHIRRGVVXFKDVVDXFHVRUIRRGVWKDW
UHTXLUHORZKHDWIRUDORQJFRRNLQJWLPH
7KHPHGLXPOHIWUHDUDQGWKHODUJHOHIW
IURQWEXUQHUVDUHWKHSULPDU\EXUQHUV
IRUPRVWFRRNLQJ7KHVHJHQHUDOSXUSRVH
EXUQHUVFDQEHWXUQHGGRZQIURP+,WR/2WR
VXLWDZLGHUDQJHRIFRRNLQJQHHGV
7KHH[WUDODUJHEXUQHUULJKWIURQWWULSOHIODPH
EXUQHURUOHIWIURQWEXUQHURQVRPHPRGHOVDUH
WKHPD[LPXPRXWSXWEXUQHUV/LNHWKHRWKHU
IRXUEXUQHUVLWFDQEHWXUQHGGRZQIURP+,WR
6,0IRUDZLGHUDQJHRIFRRNLQJDSSOLFDWLRQV
7KHVHEXUQHUVDUHGHVLJQHGWRTXLFNO\EULQJ
ODUJHDPRXQWVRIOLTXLGWRDERLO7KH\KDYH
DVSHFLDO32:(5%2,/
VHWWLQJGHVLJQHGWR
EHXVHGZLWKFRRNZDUHLQFKHVRUODUJHULQ
GLDPHWHUIRUWKHH[WUDODUJHDQGLQFKHVRU
ODUJHUIRUWKHWULSOHIODPHEXUQHU
7KHFHQWHURYDOEXUQHURQVRPHPRGHOVLVIRU
ODUJHSRWVSDQVRUIRUXVHZLWKWKHJULGGOH
8VLQJWKHJDVVXUIDFHEXUQHUV
0HGLXP
6PDOO
/DUJH &HQWHURYDO
RQVRPH
PRGHOV
([WUD/DUJH
([WUD
/DUJH
RQ
VRPH
PRGHOV
7ULULQJ
EXUQHURQ
VRPHPRGHOV
%ULGJHEXUQHU
RQVRPH
PRGHOV
)RUH[WUDODUJHEXUQHUVRQO\
)RUWULULQJEXUQHUVRQO\
+RZWR6HOHFW)ODPH6L]H
)RUVDIHKDQGOLQJRIFRRNZDUHQHYHUOHWWKH
IODPHVH[WHQGXSWKHVLGHVRIWKHFRRNZDUH
:DWFKWKHIODPHQRWWKHNQREDV\RXUHGXFH
KHDW:KHQIDVWKHDWLQJLVGHVLUHGWKHIODPH
VL]HRQDJDVEXUQHUVKRXOGPDWFKWKH
FRRNZDUH\RXDUHXVLQJ
)ODPHVODUJHUWKDQWKHERWWRPRIWKHFRRNZDUH
ZLOOQRWUHVXOWLQIDVWHUKHDWLQJRIWKHFRRNZDUH
DQGFRXOGEHKD]DUGRXV
,Q&DVHRI3RZHU)DLOXUH
,QFDVHRIDSRZHUIDLOXUH\RXFDQOLJKWWKH
JDVVXUIDFHEXUQHUVRQ\RXUUDQJHZLWKD
PDWFK+ROGDOLWPDWFKWRWKHEXUQHUWKHQ
SXVKLQDQGWXUQWKHFRQWURONQREWRWKH/,7(
SRVLWLRQ8VHH[WUHPHFDXWLRQZKHQOLJKWLQJ
EXUQHUVWKLVZD\
6XUIDFHEXUQHUVLQXVHZKHQDQHOHFWULFDO
SRZHUIDLOXUHRFFXUVZLOOFRQWLQXHWRRSHUDWH
QRUPDOO\
127(,I*DV&RQWURO/RFNRXWLVLQXVHDWWKH
WLPHRIDSRZHUIDLOXUHWKHVXUIDFHEXUQHUV
FDQQRWEHOLW
*($SSOLDQFHVFRP
:RN7KLV:D\
:HUHFRPPHQGWKDW\RXXVHDLQFKRU
VPDOOHUIODWERWWRPHGZRN0DNHVXUHWKHZRN
ERWWRPVLWVIODWRQWKHJUDWH7KH\DUHDYDLODEOH
DW\RXUORFDOUHWDLOVWRUH
2QO\DIODWERWWRPHGZRNVKRXOGEHXVHG
'RQRWXVHDZRNVXSSRUWULQJ3ODFLQJWKH
ULQJRYHUWKHEXUQHURUJUDWHPD\FDXVHWKH
EXUQHUWRZRUNLPSURSHUO\UHVXOWLQJLQFDUERQ
PRQR[LGHOHYHOVDERYHDOORZDEOHVWDQGDUGV
7KLVFRXOGEHGDQJHURXVWR\RXUKHDOWK
8VHDIODWERWWRPHGZRN
6WRYH7RS*ULOOV
'RQRWXVHVWRYHWRSJULOOVRQ\RXUVHDOHGJDV
EXUQHUV,I\RXXVHWKHVWRYHWRSJULOORQWKH
VHDOHGJDVEXUQHULWZLOOFDXVHLQFRPSOHWH
FRPEXVWLRQDQGFDQUHVXOWLQH[SRVXUHWR
FDUERQPRQR[LGHOHYHOVDERYHDOORZDEOH
FXUUHQWVWDQGDUGV
7KLVFDQEHKD]DUGRXVWR\RXUKHDOWK
7RSRI5DQJH&RRNZDUH
$OXPLQXP0HGLXPZHLJKWFRRNZDUHLV
UHFRPPHQGHGEHFDXVHLWKHDWVTXLFNO\
DQGHYHQO\0RVWIRRGVEURZQHYHQO\LQDQ
DOXPLQXPVNLOOHW8VHVDXFHSDQVZLWKWLJKW
ILWWLQJOLGVZKHQFRRNLQJZLWKPLQLPXP
DPRXQWVRIZDWHU
&DVW,URQ,IKHDWHGVORZO\PRVWVNLOOHWVZLOO
JLYHVDWLVIDFWRU\UHVXOWV
(QDPHOZDUH8QGHUVRPHFRQGLWLRQVWKH
HQDPHORIVRPHFRRNZDUHPD\PHOW)ROORZ
FRRNZDUHPDQXIDFWXUHU·VUHFRPPHQGDWLRQV
IRUFRRNLQJPHWKRGV
*ODVV7KHUHDUHWZRW\SHVRIJODVV
FRRNZDUH³WKRVHIRURYHQXVHRQO\DQG
WKRVHIRUWRSRIUDQJHFRRNLQJVDXFHSDQV
FRIIHHDQGWHDSRWV*ODVVFRQGXFWVKHDW
YHU\VORZO\
+HDWSURRI*ODVV&HUDPLF&DQEHXVHGIRU
HLWKHUVXUIDFHRURYHQFRRNLQJ,WFRQGXFWV
KHDWYHU\VORZO\DQGFRROVYHU\VORZO\&KHFN
FRRNZDUHPDQXIDFWXUHU·VGLUHFWLRQVWREH
VXUHLWFDQEHXVHGRQJDVUDQJHV
6WDLQOHVV6WHHO7KLVPHWDODORQHKDVSRRU
KHDWLQJSURSHUWLHVDQGLVXVXDOO\FRPELQHG
ZLWKFRSSHUDOXPLQXPRURWKHUPHWDOVIRU
LPSURYHGKHDWGLVWULEXWLRQ&RPELQDWLRQ
PHWDOVNLOOHWVXVXDOO\ZRUNVDWLVIDFWRULO\
LIWKH\DUHXVHGZLWKPHGLXPKHDWDVWKH
PDQXIDFWXUHUUHFRPPHQGV
<RXUQRQVWLFNFRDWHGJULGGOHRUSUHVHDVRQHG
JULGGOHRQVRPHPRGHOVSURYLGHVDQ
H[WUDODUJHFRRNLQJVXUIDFHIRUPHDWV
SDQFDNHVRURWKHUIRRGXVXDOO\SUHSDUHGLQD
IU\LQJSDQRUVNLOOHW
127(<RXUJULGGOHZLOOGLVFRORURYHUWLPHDVLW
EHFRPHVVHDVRQHGZLWKXVH
+RZWR,QVHUWWKH*ULGGOH
8VLQJWKHJULGGOHRQVRPHPRGHOV
&$87,21

3ODFHDQGUHPRYH
WKHJULGGOHRQO\ZKHQDOOJUDWHVDQGJULGGOH
DUHFRRODQGDOOVXUIDFHXQLWVDUHWXUQHG2))
7KHJULGGOHFDQRQO\EHXVHGZLWKWKHFHQWHU
EXUQHU7RLQVHUWWKHJULGGOHUHPRYHFHQWHU
JUDWHDQGUHSODFHZLWKJULGGOH
127('RQRWFOHDQWKHJULGGOHLQWKHVHOI
FOHDQLQJRYHQ
7\SHRI)RRG 3UHKHDW&RQGLWLRQV &RRN6HWWLQJ
:DUPLQJ7RUWLOODV QRQH 0HG/RZ
3DQFDNHV 0HG+L
PLQ
0HG+L
+DPEXUJHUV 0HG+L
PLQ
0HG+L
%UHDNIDVW6DXVDJH/LQNV +L
PLQ
0HG
+RW6DQGZLFKHVVXFKDV
*ULOOHG&KHHVH
+L
PLQ
+L
127(*ULGGOHVHWWLQJVPD\QHHGWREHDGMXVWHGLIWKHJULGGOHLV
XVHGIRUDQH[WHQGHGWLPH
127(*ULGGOHVHWWLQJVPD\QHHGWREHDGMXVWHGLIWKHJULGGOHLV
XVHGIRUDQH[WHQGHGWLPH
3UHVHDVRQHG*ULGGOHIRU0RGHO3%
7\SHRI)RRG 3UHKHDW
&RQGLWLRQV
&RRN6HWWLQJ
:DUPLQJ7RUWLOODV QRQH 0HG/RZ
3DQFDNHV 0HG+L
PLQ
0HG
+DPEXUJHUV +L
PLQ
0HG
6HDURQ+LIRU
PLQXWHRQHDFK
VLGH
)ULHG(JJV +L
PLQ
0HG
%UHDNIDVW6DXVDJH/LQNV +L
PLQ
0HG
+RW6DQGZLFKHVVXFKDV
*ULOOHG&KHHVH
+L
PLQ
+L
1RQVWLFN*ULGGOHIRU0RGHO&6
:$51,1*)LUH+D]DUG
7KH3UH+HDWVHWWLQJRQVRPHPRGHOVLVSURYLGHGWR
TXLFNO\SUHKHDW\RXUJULGGOH7XUQFRQWUROGRZQEHIRUH
SODFLQJIRRGRQWKHJULGGOH&RRNLQJRQWKH3UH+HDW
VHWWLQJPD\UHVXOWLQILUH
8VHFDUHZKHQFRRNLQJJUHDV\IRRGV6SLOOHGJUHDVHPD\
UHVXOWLQILUH
1HYHUSODFHRUVWRUHDQ\LWHPVRQWKHJULGGOHHYHQZKHQ
LWLVQRWLQXVH+HDWIURPVXUURXQGLQJEXUQHUVFDQKHDW
WKHJULGGOHDQGPD\UHVXOWLQILUH
0RVWJULGGOHGIRRGVUHTXLUHFRRNLQJRQDSUHKHDWHGVXUIDFH
3UHKHDWJULGGOHDFFRUGLQJWRWKLVJXLGHWKHQVZLWFKWRWKH
GHVLUHGFRRNVHWWLQJ
8VLQJWKH*ULGGOH
:$51,1*
%XUQHUIODPHVWKDWDUHQRW
FRYHUHGE\FRRNZDUHPD\SUHVHQWDULVNRIILUHRUFORWKLQJ
LJQLWLRQ7KHJULGGOHEXUQHUVKRXOGRQO\EHXVHGZLWKWKH
JULGGOHLQSODFH)DLOXUHWRGRVRPD\UHVXOWLQVHULRXVLQMXU\

'RQRWXVHRLORQWKHJULGGOHIRUH[WHQGHGOHQJWKVRIWLPH
3HUPDQHQWVWDLQLQJDQGRUFUD]HOLQHVRQWKHVXUIDFHFRXOGUHVXOW
'RQRWRYHUKHDWWKHJULGGOH/HDYLQJWKHJULGGOHEXUQHU
RQDW+,IRUDQH[WHQGHGDPRXQWRIWLPHZLWKRXWIRRGFDQ
GDPDJHWKHQRQVWLFNFRDWLQJ
$YRLGXVLQJPHWDOXWHQVLOVZLWKVKDUSSRLQWVRUURXJKVKDUS
HGJHVZKLFK
PLJKWGDPDJHWKHJULGGOHVXUIDFH
'RQRWFXWIRRGVRQWKHJULGGOH
2YHQ&RQWURO&ORFN7LPHUDQG)HDWXUHV
)HDWXUHVDSSHDUDQFHDQGSDGORFDWLRQVPD\YDU\
8VLQJWKHRYHQFRQWUROV
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO *($SSOLDQFHVFRP
%DNH3DG
7RXFKWRVHOHFWWKHEDNHIXQFWLRQ
%URLO+,/23DG
7RXFKWRVHOHFWWKHEURLOIXQFWLRQ
&RQYHFWLRQ%DNH3DG
7RXFKWRVHOHFWEDNLQJZLWKWKHFRQYHFWLRQ
IXQFWLRQ
&RQYHFWLRQ5RDVW3DG
7RXFKWRVHOHFWURDVWLQJZLWKWKHFRQYHFWLRQ
IXQFWLRQ
6WDUW3DG
0XVWEHWRXFKHGWRVWDUWDQ\FRRNLQJRUFOHDQLQJ
IXQFWLRQ
'LVSOD\
6KRZVWKHWLPHRIGD\RYHQWHPSHUDWXUHZKHWKHU
WKHRYHQLVLQWKHEDNHEURLORUVHOIFOHDQLQJPRGH
WKHWLPHVVHWIRUWKHWLPHURUDXWRPDWLFRYHQ
RSHUDWLRQVDQGLIWKHUDQJHLVORFNHG
,I´)²DQGDQXPEHURUOHWWHUµIODVKLQWKHGLVSOD\DQG
WKHRYHQFRQWUROVLJQDOVWKLVLQGLFDWHVDIXQFWLRQHUURU
FRGH7RXFKWKH&OHDU2IISDG$OORZWKHRYHQWRFRROIRU
RQHKRXU3XWWKHRYHQEDFNLQWRRSHUDWLRQ,IWKHIXQFWLRQ
HUURUFRGHUHSHDWVGLVFRQQHFWWKHSRZHUWRWKHRYHQDQG
FDOOIRUVHUYLFH
,I\RXURYHQZDVVHWIRUDWLPHGRYHQRSHUDWLRQDQGD
SRZHURXWDJHRFFXUUHGWKHFORFNDQGDOOSURJUDPPHG
IXQFWLRQVPXVWEHUHVHW
7KHWLPHRIGD\ZLOOIODVKLQWKHGLVSOD\ZKHQWKHUHKDV
EHHQDSRZHURXWDJH
6HOI&OHDQ3DG
7RXFKWRVHOHFWVHOIFOHDQLQJIXQFWLRQ6HHWKH
8VLQJWKHVHOIFOHDQLQJRYHQVHFWLRQ
2YHQ/LJKW2Q2II3DG
7RXFKWRWXUQWKHRYHQOLJKWRQRURII
'HOD\6WDUW3DG
8VHDORQJZLWK&22.,1*7,0(RU6(/)&/($1
SDGVWRVHWWKHRYHQWRVWDUWDQGVWRS
DXWRPDWLFDOO\DWDWLPH\RXVHW
&RRNLQJ7LPH3DG
7RXFKDQGWKHQWRXFKWKHQXPEHUSDGVWRVHW
WKHDPRXQWRIWLPH\RXZDQW\RXUIRRGWRFRRN
7KHRYHQZLOOVKXWRIIZKHQWKHFRRNLQJWLPHKDV
UXQRXW
&OHDU2II3DG
7RXFKWRFDQFHO$//RYHQRSHUDWLRQVH[FHSWWKH
FORFNWLPHUDQG*DV&RQWURO/RFNRXWRU
&ORFN3DG
7RXFKEHIRUHVHWWLQJWKHFORFN
1XPEHU3DGV
8VHWRVHWDQ\IXQFWLRQUHTXLULQJQXPEHUVVXFK
DVWKHWLPHRIGD\RQWKHFORFNWKHWLPHUWKHRYHQ
WHPSHUDWXUHWKHLQWHUQDOIRRGWHPSHUDWXUHWKH
VWDUWWLPHDQGOHQJWKRIRSHUDWLRQIRUWLPHGEDNLQJ
DQGVHOIFOHDQLQJ
.LWFKHQ7LPHU2Q2II3DG
7RXFKWRVHOHFWWKHWLPHUIHDWXUH
3UREH3DG
7RXFKZKHQXVLQJWKHSUREHWRFRRNIRRG
*DV&RQWURO/RFNRXW
7KHFRQWUROORFNRXWLVDQG7RXFKDQGKROGWKH
DQGSDGVDWWKHVDPHWLPHIRUVHFRQGV
8VLQJWKHXSSHURYHQ

7RDYRLGSRVVLEOHEXUQVSODFHWKHVKHOYHVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQWKHRYHQRQ
%HIRUH\RXEHJLQ«
7KHVKHOYHVKDYHVWRSORFNVVRWKDWZKHQ
SODFHGFRUUHFWO\RQWKHVKHOIVXSSRUWV$
WKURXJK(WKH\ZLOOVWRSEHIRUHFRPLQJ
FRPSOHWHO\RXWDQGZLOOQRWWLOW
:KHQSODFLQJDQGUHPRYLQJFRRNZDUHSXOOWKH
VKHOIRXWWRWKHEXPSRQWKHVKHOIVXSSRUW
&$87,21:KHQ\RXDUHXVLQJ
DUDFNLQWKHORZHVWSRVLWLRQ5\RXZLOO
QHHGWRXVHFDXWLRQZKHQSXOOLQJWKHUDFN
RXW:HUHFRPPHQGWKDW\RXSXOOWKHUDFN
RXWVHYHUDOLQFKHVDQGWKHQXVLQJWZRSRW
KROGHUVSXOOWKHUDFNRXWE\KROGLQJWKH
VLGHVRILW7KHUDFNLVORZDQG\RXFDQEH
EXUQHGLI\RXSXW\RXUKDQGLQWKHPLGGOHRI
WKHUDFNDQGSXOODOOWKHZD\RXW
7RUHPRYHDVKHOI SXOOLWWRZDUG\RXWLOWWKH
IURQWHQGXSDQGSXOOLWRXW
7RUHSODFH SODFHWKHHQGRIWKHVKHOIVWRS
ORFNVRQWKHVXSSRUWWLOWXSWKHIURQWDQGSXVK
WKHVKHOILQ
127(7KHVKHOILVQRWGHVLJQHGWRVOLGHRXWDW
WKHVSHFLDOORZVKHOI5SRVLWLRQ
7KHRYHQKDVVKHOISRVLWLRQV
,WDOVRKDVDVSHFLDOORZVKHOI
SRVLWLRQ5IRUH[WUDODUJHLWHPV
VXFKDVDODUJHWXUNH\
3RZHU2XWDJH
7KHRYHQRUEURLOHUFDQQRWEHOLWGXULQJDSRZHU
IDLOXUH*DVZLOOQRWIORZXQOHVVWKHJORZEDULV
KRW
,IWKHRYHQLVLQXVHZKHQDSRZHUIDLOXUH
RFFXUVWKHRYHQEXUQHUVKXWVRIIDQGFDQQRW
EHUHOLWXQWLOSRZHULVUHVWRUHG7KLVLVEHFDXVH
WKHIORZRIJDVLVDXWRPDWLFDOO\VWRSSHG
DQGZLOOQRWUHVXPHZKHQSRZHULVUHVWRUHG
XQWLOWKHJORZEDUKDVUHDFKHGRSHUDWLQJ
WHPSHUDWXUH
8SSHU2YHQ/LJKW
7RXFKWKH2YHQ/LJKWSDGRQWKHXSSHUFRQWURO
SDQHOWRWXUQWKHOLJKWRQRURII
8SSHU2YHQ9HQW
<RXURYHQLVYHQWHGWKURXJKGXFWVDWWKHUHDU
RIWKHUDQJH'RQRWEORFNWKHVHGXFWVZKHQ
FRRNLQJLQWKHRYHQ³LWLVLPSRUWDQWWKDWWKH
IORZRIKRWDLUIURPWKHRYHQDQGIUHVKDLU
WRWKHRYHQEXUQHUEHXQLQWHUUXSWHG$YRLG
WRXFKLQJWKHYHQWRSHQLQJVRUQHDUE\VXUIDFHV
GXULQJRYHQRUEURLOHURSHUDWLRQ³WKH\PD\
EHFRPHKRW
+DQGOHVRISRWVDQGSDQVRQWKHFRRNWRS
PD\EHFRPHKRWLIOHIWWRRFORVHWRWKHYHQW
'RQRWOHDYHSODVWLFRUIODPPDEOHLWHPVRQ
WKHFRRNWRS³WKH\PD\PHOWRULJQLWHLIOHIW
WRRFORVHWRWKHYHQW
'RQRWOHDYHFORVHGFRQWDLQHUVRQWKH
FRRNWRS7KHSUHVVXUHLQFORVHGFRQWDLQHUV
PD\LQFUHDVHZKLFKPD\FDXVHWKHP
WREXUVW
0HWDOLWHPVZLOOEHFRPHYHU\KRWLIWKH\DUH
OHIWRQWKHFRRNWRSDQGFRXOGFDXVHEXUQV
3ODVWLFLWHPVRQWKHFRRNWRSPD\
PHOWLIOHIWWRRFORVHWRWKHYHQW
9HQWDSSHDUDQFHDQGORFDWLRQYDU\

+RZWR6HWWKH8SSHU2YHQIRU%DNLQJRU5RDVWLQJ
<RXURYHQLVQRWGHVLJQHGIRURSHQGRRU
FRRNLQJ
7RXFKWKH%DNH SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
WHPSHUDWXUH
7RXFKWKH6WDUW SDG
7KHZRUG21DQGZLOOEHGLVSOD\HG
$VWKHRYHQKHDWVXSWKHGLVSOD\ZLOOVKRZWKH
FKDQJLQJWHPSHUDWXUH:KHQWKHRYHQUHDFKHV
WKHWHPSHUDWXUH\RXVHWDWRQHZLOOVRXQG
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJ%$.(
F\FOHSUHVVWKH%DNHSDGDQGWKHQWKHQXPEHU
SDGVWRJHWWKHQHZWHPSHUDWXUH
&KHFNIRRGIRUGRQHQHVVDWPLQLPXPWLPH
RQUHFLSH&RRNORQJHULIQHFHVVDU\
7RXFKWKH&OHDU2II SDGZKHQFRRNLQJLV
FRPSOHWH
127($FRROLQJIDQPD\DXWRPDWLFDOO\WXUQRQ
DQGRIIWRFRROLQWHUQDOSDUWV7KLVLVQRUPDO7KH
IDQPD\FRQWLQXHWRUXQHYHQDIWHUWKHRYHQLV
WXUQHGRII
7KHRYHQKDVDVSHFLDOORZVKHOI
5SRVLWLRQMXVWDERYHWKHRYHQ
ERWWRP8VHLWZKHQH[WUDFRRNLQJ
VSDFHLVQHHGHGIRUH[DPSOH
ZKHQFRRNLQJDODUJHWXUNH\7KH
VKHOILVQRWGHVLJQHGWRVOLGHRXW
DWWKLVSRVLWLRQ
,I\RXUPRGHOKDVDGRRUODWFKGRQRWORFNWKHRYHQGRRUZLWKWKHODWFKGXULQJEDNLQJRUURDVWLQJ
7KHODWFKLVXVHGIRUVHOIFOHDQLQJRQO\
3UHKHDWLQJDQG3DQ3ODFHPHQW
7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKH
GHVLUHGSRVLWLRQEHIRUH\RXWXUQRQWKHRYHQ
3UHKHDWWKHRYHQLIWKHUHFLSHFDOOVIRULW
7RSUHKHDWVHWWKHRYHQDWWKHFRUUHFW
WHPSHUDWXUH3UHKHDWLQJLVQHFHVVDU\ZKHQ
FRQYHFWLRQEDNLQJDQGIRUJRRGUHVXOWVZKHQ
EDNLQJFDNHVFRRNLHVSDVWU\DQGEUHDGV
)RURYHQVZLWKRXWDSUHKHDWLQGLFDWRUOLJKWRU
WRQHSUHKHDWPLQXWHV
%DNLQJUHVXOWVZLOOEHEHWWHULIEDNLQJSDQV
DUHFHQWHUHGLQWKHRYHQDVPXFKDVSRVVLEOH
3DQVVKRXOGQRWWRXFKHDFKRWKHURUWKHZDOOVRI
WKHRYHQ,I\RXQHHGWRXVHWZRVKHOYHVVWDJJHU
WKHSDQVVRRQHLVQRWGLUHFWO\DERYHWKHRWKHU
DQGOHDYHDSSUR[LPDWHO\
øµEHWZHHQSDQV
IURPWKHIURQWEDFNDQGVLGHVRIWKHZDOO
:KHQEDNLQJRQDVLQJOHUDFNXVH
WKHUDFNSRVLWLRQIURPWKHFKDUWIRU
\RXUW\SHRIIRRG%DNLQJUHVXOWV
ZLOOEHEHWWHULIEDNLQJSDQVDUH
FHQWHUHGLQWKHRYHQDVPXFKDV
SRVVLEOH
:KHQEDNLQJIRXUFDNHOD\HUVDWDWLPH
XVHUDFNV%DQG'3ODFHWKHORZHU
SDQVDW
WKHEDFNRIWKHUDFNDQGWKH
XSSHUSDQVWRWKHIURQWRIWKHUDFN
VKRZQVRWKDWRQHSDQLVQRWGLUHFWO\
DERYHDQRWKHU
*($SSOLDQFHVFRP

8VLQJWKHXSSHURYHQ
2YHQ0RLVWXUH
$V\RXURYHQKHDWVXSWKHWHPSHUDWXUHFKDQJH
RIWKHDLULQWKHRYHQPD\FDXVHZDWHUGURSOHWV
WRIRUPRQWKHGRRUJODVV7KHVHGURSOHWV
DUHKDUPOHVVDQGZLOOHYDSRUDWHDVWKHRYHQ
FRQWLQXHVWRKHDWXS
$OXPLQXP)RLO
'RQRWXVHDOXPLQXPIRLOWROLQHRYHQERWWRPV
7KHIRLOZLOOWUDSKHDWEHORZDQGXSVHWWKH
SHUIRUPDQFHRIWKHRYHQ)RLOFDQPHOWDQG
SHUPDQHQWO\GDPDJHWKHRYHQERWWRP
'DPDJHIURPLPSURSHUXVHRIDOXPLQXPIRLOLV
QRWFRYHUHGE\WKHSURGXFWZDUUDQW\
)RLOPD\EHXVHGWRFDWFKVSLOOVE\SODFLQJD
VKHHWRQDORZHUUDFNVHYHUDOLQFKHVEHORZ
WKHIRRG'RQRWXVHPRUHIRLOWKDQQHFHVVDU\
DQGQHYHUHQWLUHO\FRYHUDQRYHQUDFNZLWK
DOXPLQXPIRLO.HHSIRLODWOHDVWµIURP
RYHQZDOOVWRSUHYHQWSRRUKHDWFLUFXODWLRQ
+RZWR6HWWKH8SSHU2YHQIRU%URLOLQJ
3ODFHWKHPHDWRUILVKRQDEURLOHUJULGLQ
DEURLOHUSDQ
)ROORZVXJJHVWHGVKHOISRVLWLRQVLQWKH
%URLOLQJ*XLGH
7KHRYHQGRRUPXVWEHFORVHGGXULQJ
EURLOLQJ
7RXFKWKH%URLO+L/RSDGRQFHIRU
+L%URLO
7RFKDQJHWR/R%URLOWRXFKWKH%URLO+L
/RSDGDJDLQ
7RXFKWKH6WDUWSDG
:KHQEURLOLQJLVILQLVKHGWRXFKWKH&OHDU
2IISDG
6HUYHWKHIRRGLPPHGLDWHO\DQGOHDYHWKHSDQ
RXWVLGHWKHRYHQWRFRROGXULQJWKHPHDOIRU
HDVLHVWFOHDQLQJ
8VH/R%URLOWRFRRNIRRGVVXFKDVSRXOWU\
RUWKLFNFXWVRIPHDWWKRURXJKO\ZLWKRXWRYHU
EURZQLQJWKHP
,I\RXUPRGHOKDVDGRRUODWFKGRQRWORFNWKHRYHQGRRUZLWKWKHODWFKGXULQJEURLOLQJ
7KHODWFKLVXVHGIRUVHOIFOHDQLQJRQO\
&ORVHWKHGRRU$OZD\VEURLOZLWK
WKHGRRUFORVHG

*($SSOLDQFHVFRP
7KHVL]HZHLJKWWKLFNQHVV
VWDUWLQJWHPSHUDWXUHDQG
\RXUSUHIHUHQFHRIGRQHQHVV
ZLOODIIHFWEURLOLQJWLPHV7KLV
JXLGHLVEDVHGRQPHDWVDW
UHIULJHUDWRUWHPSHUDWXUH
7KH86'HSDUWPHQWRI$JULFXOWXUH
VD\V´5DUHEHHILVSRSXODUEXW\RX
VKRXOGNQRZWKDWFRRNLQJLWWRRQO\
)PHDQVVRPHIRRGSRLVRQLQJ
RUJDQLVPVPD\VXUYLYHµ6RXUFH
6DIH)RRG%RRN<RXU.LWFKHQ*XLGH
86'$5HY-XQH
%URLOLQJ*XLGH
7KHRYHQKDVUDFNSRVLWLRQV
'XHWRWKHYDULHW\RIPHDWVDQGFXWVDYDLODEOH\RXPD\VHOHFWDOWHUQDWHUDFNSRVLWLRQVEDVHGRQSHUVRQDOSUHIHUHQFH
RIGRQHQHVVDQGH[WHUQDOVHDULQJ6HHLOOXVWUDWLRQIRUGHVFULSWLRQRIUDFNSRVLWLRQV
)RRG 'RQHQHVV
7\SHRU
7KLFNQHVV
%URLO
6HWWLQJ
5DFN
3RVLWLRQ
&RPPHQWV
%HHI 5DUH0HGLXP
5DUH
))
6WHDNV
µWKLFN
+L ( 6WHDNVOHVVWKDQ
µWKLFNDUHGLI
ILFXOWWRFRRNUDUH
7KH\PD\FRRN
WKURXJKEHIRUH
EURZQLQJ
7RDYRLGFXUOLQJ
VODVKIDWDWµ
LQWHUYDOV
0HGLXP) 6WHDNV
µWRµWKLFN
+L '(
:HOO'RQH
)
6WHDNV
µWRµWKLFN
+L '
0HGLXP) *URXQG%HHI
3DWWLHV
µWRµWKLFN
+L '(
:HOO'RQH
)
*URXQG%HHI
3DWWLHV
µWRµWKLFN
+L '
&KLFNHQ %UHDVWERQHOHVV /R % %URLOVNLQVLGH
GRZQILUVW
%UHDVWERQHLQ /R %
)LVKILOOHWV µWRµWKLFN +L ' +DQGOHDQGWXUQ
YHU\FDUHIXOO\
/R '
3RUN
&KRSV
:HOO'RQH
)
µWKLFN +L ' 7RDYRLGFXUOLQJ
VODVKIDWDWµ
LQWHUYDOV

0DNHVXUHWKHFORFNLVVHWWRWKH
FRUUHFWWLPHRIGD\
7KHWLPHULVDPLQXWHWLPHURQO\
7KH&OHDU2IISDGGRHVQRWDIIHFW
WKHWLPHU
1RWDOOIHDWXUHVDUHRQDOOPRGHOV
7R6HWWKH&ORFN
7KHFORFNPXVWEHVHWWRWKHFRUUHFWWLPHRIGD\
IRUWKHDXWRPDWLFRYHQWLPLQJIXQFWLRQVWRZRUN
SURSHUO\7KHWLPHRIGD\FDQQRWEHFKDQJHG
GXULQJDWLPHGEDNLQJRUVHOIFOHDQLQJF\FOH
7RXFKWKH&ORFN SDG
7RXFKWKHQXPEHUSDGV
7RXFKWKHQXPEHUSDGVWKHVDPHZD\\RX
UHDGWKHP)RUH[DPSOHWRVHWWRXFKWKH
QXPEHUSDGVDQGLQWKDWRUGHU
,IQXPEHUSDGVDUHQRWWRXFKHGZLWKLQRQH
PLQXWHDIWHU\RXWRXFKWKH&ORFNSDGWKH
GLVSOD\UHYHUWVWRWKHRULJLQDOVHWWLQJ,IWKLV
KDSSHQVWRXFKWKH&ORFNSDGDQGUHHQWHUWKH
WLPHRIGD\
7RXFKWKH6WDUW SDGXQWLOWKHWLPHRIGD\
VKRZVLQWKHGLVSOD\7KLVHQWHUVWKHWLPH
DQGVWDUWVWKHFORFN
7RFKHFNWKHWLPHRIGD\ZKHQWKHGLVSOD\LV
VKRZLQJRWKHULQIRUPDWLRQVLPSO\WRXFKWKH
&ORFNSDG7KHWLPHRIGD\VKRZVXQWLODQRWKHU
SDGLVWRXFKHG
7R6HWWKH7LPHU
7KHWLPHUGRHVQRWFRQWURORYHQRSHUDWLRQV7KH
PD[LPXPVHWWLQJRQWKHWLPHULVKRXUVDQG
PLQXWHV
7RXFKWKH.LWFKHQ7LPHU2Q2IISDG
7RXFKWKHQXPEHUSDGVXQWLOWKHDPRXQW
RIWLPH\RXZDQWVKRZVLQWKHGLVSOD\7KH
PD[LPXPQXPEHURIPLQXWHVWKDWFDQEH
HQWHUHGLV7RVHWDGGLWLRQDOWLPH\RX
ZLOOQHHGWRVHWLWE\KRXUVDQGPLQXWHV
)RUH[DPSOHWRHQWHUKRXUDQG
PLQXWHVWRXFKDQGLQWKDWRUGHU
,I\RXPDNHDPLVWDNHSUHVVWKH.LWFKHQ7LPHU
2Q2IISDGDQGEHJLQDJDLQ
7RXFKWKH6WDUW SDG$IWHUSUHVVLQJWKH
6WDUWSDG6(7GLVDSSHDUVWKLVWHOOV\RX
WKHWLPHLVFRXQWLQJGRZQDOWKRXJKWKH
GLVSOD\GRHVQRWFKDQJHXQWLORQHPLQXWH
KDVSDVVHG
:KHQWKHWLPHUUHDFKHVWKHFRQWURO
ZLOOEHHSWLPHVIROORZHGE\RQHEHHS
HYHU\VHFRQGVXQWLOWKH.LWFKHQ7LPHU
2Q2IISDGLVWRXFKHG
7KHVHFRQGWRQHFDQEHFDQFHOHGE\
IROORZLQJWKHVWHSVLQWKH6SHFLDOIHDWXUHVRI
\RXURYHQFRQWUROVHFWLRQXQGHU7RQHVDWWKH
(QGRID7LPHG&\FOH
8VLQJWKHFORFNDQGWLPHU
7R5HVHWWKH7LPHU
,IWKHGLVSOD\LVVWLOOVKRZLQJWKHWLPHUHPDLQLQJ
\RXPD\FKDQJHLWE\WRXFKLQJWKH.LWFKHQ
7LPHU2Q2II SDGWKHQWRXFKWKHQXPEHU
SDGVXQWLOWKHWLPH\RXZDQWDSSHDUVLQWKH
GLVSOD\
,IWKHUHPDLQLQJWLPHLVQRWLQWKHGLVSOD\FORFN
GHOD\VWDUWRUFRRNLQJWLPHDUHLQWKHGLVSOD\
UHFDOOWKHUHPDLQLQJWLPHE\WRXFKLQJWKH
.LWFKHQ7LPHU2Q2IISDGDQGWKHQWRXFKLQJ
WKHQXPEHUSDGVWRHQWHUWKHQHZWLPH\RX
ZDQW
7R&DQFHOWKH7LPHU
7RXFKWKH.LWFKHQ7LPHU2Q2II SDGWZLFH
,IDIODVKLQJWLPHLVLQWKHGLVSOD\\RXKDYH
H[SHULHQFHGDSRZHUIDLOXUH5HVHWWKHFORFN
7RUHVHWWKHFORFNWRXFKWKH&ORFNSDG
(QWHUWKHFRUUHFWWLPHRIGD\E\WRXFKLQJ
WKHDSSURSULDWHQXPEHUSDGV7RXFKWKH
6WDUWSDG
3RZHU2XWDJH
8VLQJWKHWLPHGEDNLQJDQG
URDVWLQJIHDWXUHVXSSHURYHQRQO\ *($SSOLDQFHVFRP
127()RRGVWKDWVSRLOHDVLO\³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³VKRXOGQRWEHDOORZHGWRVLWIRUPRUH
WKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD%HVXUHWKDWWKHRYHQ
OLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
7KHXSSHURYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRN
IRUDVHOHFWHGOHQJWKRIWLPH$WWKHHQGRIWKH
FRRNLQJWLPHWKHRYHQZLOOWXUQRIIDXWRPDWLFDOO\
7RXFKWKH%DNHSDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHGRYHQ
WHPSHUDWXUH
7RXFKWKH&RRNLQJ7LPHSDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RXPD\
QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRIWKH
FRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHPLQLPXPFRRNLQJ
WLPH\RXFDQVHWLVPLQXWH
7KHRYHQWHPSHUDWXUHWKDW\RXVHWDQG
WKHFRRNLQJWLPHWKDW\RXHQWHUHGZLOOEH
LQWKHGLVSOD\
7RXFKWKH6WDUW SDG
7KHRYHQZLOOWXUQ21DQGWKHGLVSOD\ZLOO
VKRZWKHFRRNLQJWLPHFRXQWGRZQDQGWKH
FKDQJLQJWHPSHUDWXUHVWDUWLQJDW)7KH
WHPSHUDWXUHGLVSOD\ZLOOVWDUWWRFKDQJHRQFH
WKHRYHQWHPSHUDWXUHUHDFKHV):KHQ
WKHRYHQUHDFKHVWKHWHPSHUDWXUH\RXVHW
EHHSVZLOOVRXQG
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKHVHW
DPRXQWRIWLPHWKHQWXUQRIIDXWRPDWLFDOO\
XQOHVVWKH&RRNDQG+ROGIHDWXUHZDVVHW6HH
WKH6SHFLDOIHDWXUHVRI\RXURYHQFRQWUROVHFWLRQ
$IWHUWKHRYHQWXUQVRIIWKHHQGRIF\FOHWRQH
ZLOOVRXQG
7RXFKWKH&OHDU2IISDGWRFOHDUWKHGLVSOD\LI
QHFHVVDU\5HPRYHWKHIRRGIURPWKHRYHQ
5HPHPEHUHYHQWKRXJKWKHRYHQWXUQVRII
DXWRPDWLFDOO\IRRGOHIWLQWKHRYHQZLOO
FRQWLQXHFRRNLQJDIWHUWKHRYHQWXUQVRII
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
7KHXSSHURYHQZLOOWXUQRQDWWKHWLPHRIGD\\RX
VHWFRRNIRUDVSHFLILFOHQJWKRIWLPHDQGWKHQWXUQ
RIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
7RXFKWKH%DNHSDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHGRYHQ
WHPSHUDWXUH
7RXFKWKH&RRNLQJ7LPHSDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RXPD\
QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRIWKH
FRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHPLQLPXPFRRNLQJ
WLPH\RXFDQVHWLVPLQXWH
7KHRYHQWHPSHUDWXUHWKDW\RXVHWDQGWKH
FRRNLQJWLPHWKDW\RXHQWHUHGZLOOEHLQWKH
GLVSOD\
7RXFKWKH'HOD\6WDUWSDG
7RXFKWKHQXPEHUSDGVWRVHWWKHWLPHRIGD\
\RXZDQWWKHRYHQWRWXUQRQDQGVWDUW
FRRNLQJ
7RXFKWKH6WDUWSDG
127($QDWWHQWLRQWRQHZLOOVRXQGLI\RXDUHXVLQJ
WLPHGEDNLQJDQGGRQRWWRXFKWKH6WDUWSDG
127(,I\RXZRXOGOLNHWRFKHFNWKHWLPHV\RXKDYH
VHWWRXFKWKH'HOD\6WDUWSDGWRFKHFNWKHVWDUW
WLPH\RXKDYHVHWRUWRXFKWKH&RRNLQJ7LPHSDGWR
FKHFNWKHOHQJWKRIFRRNLQJWLPH\RXKDYHVHW
:KHQWKHRYHQWXUQV21DWWKHWLPHRIGD\\RXVHW
WKHGLVSOD\ZLOOVKRZWKHFRRNLQJWLPHFRXQWGRZQ
DQGWKHFKDQJLQJWHPSHUDWXUHVWDUWLQJDW)
7KHWHPSHUDWXUHGLVSOD\ZLOOVWDUWWRFKDQJHRQFH
WKHRYHQWHPSHUDWXUHUHDFKHV):KHQWKH
RYHQUHDFKHVWKHWHPSHUDWXUH\RXVHWEHHSVZLOO
VRXQG
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKHVHWDPRXQW
RIWLPHWKHQWXUQRIIDXWRPDWLFDOO\XQOHVVWKH&RRN
DQG+ROGIHDWXUHZDVVHW6HHWKH6SHFLDOIHDWXUHVRI
\RXURYHQFRQWUROVHFWLRQ
$IWHUWKHRYHQWXUQVRIIWKHHQGRIF\FOHWRQHZLOO
VRXQG
7RXFKWKH&OHDU2IISDGWRFOHDUWKHGLVSOD\LI
QHFHVVDU\5HPRYHWKHIRRGIURPWKHRYHQ
5HPHPEHUHYHQWKRXJKWKHRYHQWXUQVRII
DXWRPDWLFDOO\IRRGOHIWLQWKHRYHQZLOO
FRQWLQXHFRRNLQJDIWHUWKHRYHQWXUQVRII

$IWHUSUHSDULQJWKHPHDWDQGSODFLQJLWRQ
DWULYHWRURQDEURLOHUSDQJULGIROORZWKHVH
GLUHFWLRQVIRUSURSHUSUREHSODFHPHQW
,QVHUWWKHSUREHFRPSOHWHO\LQWRWKHPHDW,W
VKRXOGQRWWRXFKWKHERQHIDWRUJULVWOH
)RUURDVWVZLWKQRERQHLQVHUWWKHSUREHLQWR
WKHPHDWLHVWSDUWRIWKHURDVW)RUERQHLQKDP
RUODPELQVHUWWKHSUREHLQWRWKHFHQWHURIWKH
ORZHVWODUJHPXVFOH
,QVHUWWKHSUREHLQWRWKHFHQWHURIGLVKHVVXFK
DVPHDWORDIRUFDVVHUROHV
,QVHUWWKHSUREHLQWRWKHPHDWLHVWSDUWRIWKH
LQQHUWKLJKIURPEHORZDQGSDUDOOHOWRWKHOHJ
RIDZKROHWXUNH\
+RZWR6HWWKH8SSHU2YHQ)RU&RRNLQJ:KHQ8VLQJWKH3UREH
,QVHUWWKHSUREHLQWRWKHIRRG
3OXJWKHSUREHLQWRWKHRXWOHWLQWKHRYHQ
0DNHVXUHLW·VSXVKHGDOOWKHZD\LQ&ORVH
WKHRYHQGRRU
7RXFKWKH3UREH SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
LQWHUQDOIRRGRUPHDWWHPSHUDWXUH
EHWZHHQ)DQG)
7RXFKWKH%DNHSDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH6WDUW SDG
7KHGLVSOD\ZLOOIODVKLIWKHSUREHLVLQVHUWHG
LQWRWKHRXWOHWDQG\RXKDYHQRWVHWDSUREH
WHPSHUDWXUHDQGWRXFKHGWKH6WDUWSDG
7KHGLVSOD\ZLOOVKRZ/2XQWLOWKHLQWHUQDO
WHPSHUDWXUHRIWKHIRRGUHDFKHV)WKHQ
WKHFKDQJLQJLQWHUQDOWHPSHUDWXUHZLOOEH
VKRZQ
:KHQWKHLQWHUQDOWHPSHUDWXUHRIWKHIRRG
UHDFKHVWKHQXPEHU\RXKDYHVHWWKH
SUREHDQGWKHRYHQWXUQRIIDQGWKHRYHQ
FRQWUROVLJQDOV7RVWRSWKHVLJQDOWRXFK
WKH&OHDU2IISDG8VHKRWSDGVWRUHPRYH
WKHSUREHIURPWKHIRRG'RQRWXVHWRQJV
WRSXOORQLW³WKH\PLJKWGDPDJHLW
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJSUREH
FRRNLQJWRXFKWKH%DNHSDGDQGWKHQWKH
QXPEHUSDGVWRVHWWKHQHZWHPSHUDWXUH
,IWKHSUREHLVUHPRYHGIURPWKHIRRGEHIRUH
WKHILQDO
WHPSHUDWXUHLVUHDFKHGDWRQHZLOO
VRXQGDQGWKHGLVSOD\ZLOOIODVKXQWLOWKHSUREH
LVUHPRYHGIURPWKHRYHQ
<RXFDQXVHWKHWLPHUHYHQWKRXJK\RX
FDQQRWXVHWLPHGRYHQRSHUDWLRQVZKLOH
XVLQJWKHSUREH
8VLQJWKHSUREHRQVRPHPRGHOV

&$87,217RSUHYHQWEXUQVGRQRWXQSOXJWKHSUREHIURPWKHRYHQRXWOHWXQWLOWKHRYHQKDVFRROHG'RQRW
VWRUHWKHSUREHLQWKHRYHQ
,I\RXUPRGHOKDVDGRRUODWFKGRQRWORFNWKHRYHQGRRUZLWKWKHODWFKZKLOHFRRNLQJZLWKWKHSUREH7KHODWFKLVXVHG
IRUVHOIFOHDQLQJRQO\
)RUPDQ\IRRGVHVSHFLDOO\URDVWVDQGSRXOWU\LQWHUQDOIRRGWHPSHUDWXUHLVWKHEHVWWHVWIRUGRQHQHVV7KHWHPSHUDWXUH
SUREHWDNHVWKHJXHVVZRUNRXWRIFRRNLQJIRRGVWRWKHH[DFWGRQHQHVV\RXZDQW
8VHRISUREHVRWKHUWKDQWKHRQHSURYLGHGZLWK
WKLVSURGXFWPD\UHVXOWLQGDPDJHWRWKHSUREH
8VHWKHKDQGOHVRIWKHSUREHDQGSOXJZKHQ
LQVHUWLQJDQGUHPRYLQJWKHPIURPWKHIRRGDQG
RXWOHW
7RDYRLGGDPDJLQJ\RXUSUREHGRQRWXVH
WRQJVWRSXOORQWKHFDEOHZKHQUHPRYLQJLW
7RDYRLGEUHDNLQJWKHSUREHPDNHVXUHIRRG
LVFRPSOHWHO\GHIURVWHGEHIRUHLQVHUWLQJ
7RSUHYHQWSRVVLEOHEXUQVGRQRWXQSOXJWKH
SUREHIURPWKHRXWOHWXQWLOWKHRYHQKDVFRROHG
1HYHUOHDYH\RXUSUREHLQVLGHWKHRYHQ
GXULQJDVHOIFOHDQLQJF\FOH
'RQRWVWRUHWKHSUREHLQWKHRYHQ
7KHWHPSHUDWXUHSUREHKDVD
VNHZHUOLNHSUREHDWRQHHQGDQG
DSOXJDWWKHRWKHUHQGWKDWJRHV
LQWRWKHRXWOHWLQWKHRYHQ
&DEOH
+DQGOHV

8VLQJWKHFRQYHFWLRQRYHQXSSHURYHQRQO\ *($SSOLDQFHVFRP
7KHFRQYHFWLRQRYHQIDQVKXWVRIIZKHQWKHRYHQGRRULVRSHQHG'2127OHDYHWKHGRRURSHQIRUORQJSHULRGVRIWLPH
ZKLOHXVLQJFRQYHFWLRQFRRNLQJ
7RKHOS\RXXQGHUVWDQGWKHGLIIHUHQFHEHWZHHQ
FRQYHFWLRQEDNHDQGURDVWDQGWUDGLWLRQDOEDNH
DQGURDVWKHUHDUHVRPHJHQHUDOJXLGHOLQHV
&RQYHFWLRQ%DNH
3UHKHDWWKHRYHQ6HHWKH8VLQJWKH2YHQ²
3UHKHDWLQJDQG3DQ3ODFHPHQWVHFWLRQ
,GHDOIRUIRRGVFRRNHGRQPXOWLSOHUDFNV
*RRGIRUODUJHTXDQWLWLHVRIEDNHGIRRGV
*RRGUHVXOWVZLWKFRRNLHVELVFXLWVEURZQLHV
FXSFDNHVFUHDPSXIIVVZHHWUROOVDQJHOIRRG
FDNHDQGEUHDG
7KHFRQYHFWLRQIDQFLUFXODWHVWKHKHDWHG
DLUHYHQO\RYHUDQGDURXQGWKHIRRG
&RQYHFWLRQ5RDVW
*RRGIRUODUJHWHQGHUFXWVRIPHDW
XQFRYHUHG
7KHFRQYHFWLRQIDQFLUFXODWHVWKHKHDWHGDLU
HYHQO\RYHUDQGDURXQGWKHIRRG0HDWDQG
SRXOWU\DUHEURZQHGRQDOOVLGHVDVLIWKH\
ZHUHFRRNHGRQDURWLVVHULH+HDWHGDLUZLOOEH
FLUFXODWHGRYHUXQGHUDQGDURXQGWKHIRRG
EHLQJURDVWHG7KHKHDWHGDLUVHDOVLQMXLFHV
TXLFNO\IRUDPRLVWDQGWHQGHUSURGXFWZKLOH
DWWKHVDPHWLPHFUHDWLQJDULFKJROGHQEURZQ
H[WHULRU
5RDVWVRUSRXOWU\VKRXOGEHFRRNHGRQUDFN
SRVLWLRQ$
:KHQ\RXDUHFRQYHFWLRQURDVWLQJLWLV
LPSRUWDQWWKDW\RXXVHDEURLOHUSDQDQGJULG
IRUEHVWFRQYHFWLRQURDVWLQJUHVXOWV7KHSDQLV
XVHGWRFDWFKJUHDVHVSLOOVDQGWKHJULGLVXVHG
WRSUHYHQWJUHDVHVSDWWHUV
3ODFHWKHUDFNLQUDFNSRVLWLRQ$
,QDFRQYHFWLRQRYHQDIDQ
FLUFXODWHVKRWDLURYHUXQGHUDQG
DURXQGWKHIRRG7KLVFLUFXODWLQJ
KRWDLULVHYHQO\GLVWULEXWHG
WKURXJKRXWWKHRYHQFDYLW\$VD
UHVXOWIRRGVDUHHYHQO\FRRNHGDQG
EURZQHG³RIWHQLQOHVVWLPHWKDQ
ZLWKUHJXODUKHDW
$XWR5HFLSH
&RQYHUVLRQ
<RXFDQXVH\RXUIDYRULWHUHFLSHVLQWKH
FRQYHFWLRQRYHQ
:KHQXVLQJ&RQYHFWLRQ%DNHWKHRYHQZLOO
DXWRPDWLFDOO\FRQYHUWWKHRYHQWHPSHUDWXUH
IURPUHJXODUEDNLQJWR&RQYHFWLRQ%DNH
WHPSHUDWXUHV
8VLQJWKHQXPEHUSDGVHQWHUWKH
WHPSHUDWXUHUHFRPPHQGHGLQWKHUHFLSH
7RXFKWKH6WDUWSDG
7KHGLVSOD\ZLOOVKRZWKHDFWXDO
FRQYHUWHGUHGXFHGWHPSHUDWXUH)RU
H[DPSOHLI\RXHQWHUDUHJXODUUHFLSH
WHPSHUDWXUHRIÛ)Û&DQGWRXFK
WKH6WDUWSDGWKHGLVSOD\ZLOOVKRZ&21
DQGWKHFRQYHUWHGWHPSHUDWXUHRIÛ)
Û&
127(7KLVIHDWXUHRQO\FRQYHUWVFRRNLQJ
WHPSHUDWXUHVQRWFRRNLQJWLPHV
:KHQFRQYHFWLRQURDVWLQJWKHRYHQ
WHPSHUDWXUHZLOOQRWDXWRFRQYHUW
7RXFKWKH&OHDU2IISDGZKHQEDNLQJLV
ILQLVKHG
■ 8VHSDQVL]HUHFRPPHQGHGLQWKHUHFLSH
■ 6RPHSDFNDJHLQVWUXFWLRQVIRUIUR]HQ
FDVVHUROHVPDLQGLVKHVRUEDNHGJRRGV
KDYHEHHQGHYHORSHGXVLQJFRPPHUFLDO
FRQYHFWLRQRYHQV)RUEHVWUHVXOWVLQ
WKLVRYHQSUHKHDWWKHRYHQDQGXVHWKH
WHPSHUDWXUHIRUUHJXODUEDNLQJRQWKH
SDFNDJH
7RGHDFWLYDWHWKHIHDWXUH
7RXFKWKHORZHURYHQ:DUPDQG%DNH
SDGDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7RXFKWKH&RQYHFWLRQ%DNHSDG7KH
GLVSOD\ZLOOVKRZ&RQ2Q7RXFKWKH
&RQYHFWLRQ%DNHSDGDJDLQ7KHGLVSOD\
ZLOOVKRZ&RQ2II
7RXFKWKH6WDUWSDG

&RRNZDUHIRU&RQYHFWLRQ&RRNLQJ
%HIRUHXVLQJ\RXUFRQYHFWLRQRYHQFKHFN
WRVHHLI\RXUFRRNZDUHOHDYHVURRPIRUDLU
FLUFXODWLRQLQWKHRYHQ,I\RXDUHEDNLQJZLWK
VHYHUDOSDQVOHDYHVSDFHEHWZHHQWKHP$OVR
EHVXUHWKHSDQVGRQRWWRXFKHDFKRWKHURUWKH
ZDOOVRIWKHRYHQ
3DSHUDQG3ODVWLF
+HDWUHVLVWDQWSDSHUDQGSODVWLFFRQWDLQHUVWKDW
DUHUHFRPPHQGHGIRUXVHLQUHJXODURYHQVFDQ
EHXVHGLQFRQYHFWLRQRYHQV3ODVWLFFRRNZDUH
WKDWLVKHDWUHVLVWDQWWRWHPSHUDWXUHVRI)
FDQDOVREHXVHGZKHQRYHQLVEHORZ)
0HWDODQG*ODVV
$Q\W\SHRIFRRNZDUHZLOOZRUNLQ\RXU
FRQYHFWLRQRYHQ+RZHYHUPHWDOSDQVKHDWWKH
IDVWHVWDQGDUHUHFRPPHQGHGIRUFRQYHFWLRQ
EDNLQJ
'DUNHQHGRUPDWWHILQLVKHGSDQVZLOOEDNH
IDVWHUWKDQVKLQ\SDQV
*ODVVRUFHUDPLFSDQVFRRNPRUHVORZO\
:KHQEDNLQJFRRNLHV\RXZLOOJHWWKHEHVW
UHVXOWVLI\RXXVHDIODWFRRNLHVKHHWLQVWHDGRID
SDQZLWKORZVLGHV
)RUUHFLSHVOLNHRYHQEDNHGFKLFNHQXVHDSDQ
ZLWKORZVLGHV+RWDLUFDQQRWFLUFXODWHZHOO
DURXQGIRRGLQDSDQZLWKKLJKVLGHV
8VLQJWKHFRQYHFWLRQRYHQXSSHURYHQRQO\
or
+RZWR6HWWKH/RZHU2YHQIRU&RQYHFWLRQ%DNLQJRU5RDVWLQJ
7RXFKWKH&RQYHFWLRQ%DNHRU&RQYHFWLRQ
5RDVWSDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH6WDUWSDG
7RFKDQJHWKHRYHQWHPSHUDWXUHWRXFKWKH
&RQYHFWLRQ%DNHRU&RQYHFWLRQ5RDVWSDG
DQGWKHQWKHQXPEHUSDGVWRVHWWKHQHZ
WHPSHUDWXUH
:KHQWKHRYHQVWDUWVWRKHDWWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)ZLOOEHGLVSOD\HG
:KHQWKHRYHQUHDFKHVWKHWHPSHUDWXUH\RX
VHWEHHSVZLOOVRXQG
7RXFKWKH&OHDU2IISDGZKHQILQLVKHG
127(<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWK
FRQYHFWLRQ7KHIDQZLOOVWRSZKHQWKHGRRULV
RSHQHGEXWWKHKHDWZLOOQRWWXUQRII
7KHIDQZLOOQRWVWDUWXQWLOWKHSUHKHDW
WHPSHUDWXUHLVUHDFKHG
127(:KHQFRQYHFWLRQEDNLQJWKHRYHQ
WHPSHUDWXUHZLOOEH)&ORZHUWKDQWKHVHW
WHPSHUDWXUH6HH$XWR5HFLSH&RQYHUVLRQLQWKH
6SHFLDO)HDWXUHVVHFWLRQIRUPRUHLQIRUPDWLRQ
:KHQFRQYHFWLRQURDVWLQJRYHQWHPSHUDWXUH
ZLOOQRWDXWRFRQYHUW

+RZWR6HWWKH8SSHU2YHQIRU&RQYHFWLRQ5RDVWLQJZKHQ8VLQJWKH3UREH
RQVRPHPRGHOV
7KHGLVSOD\ZLOOIODVK352%(DQGWKHRYHQ
FRQWUROZLOOVLJQDOLIWKHSUREHLVLQVHUWHGLQWR
WKHRXWOHWDQG\RXKDYHQRWVHWDSUREH
WHPSHUDWXUHDQGWRXFKHGWKH6WDUWSDG
3ODFHWKHUDFNLQWKHUDFNSRVLWLRQ$
,QVHUWWKHSUREHFRPSOHWHO\LQWRWKHIRRG
3 O X J W K H S U R E H LQWRWKHRXWOHWLQWKHRYHQ
0DNHVXUHLWLVSXVKHGDOOWKHZD\LQ&ORVH
WKHRYHQGRRU
7RXFKWKH&RQYHFWLRQ5RDVWSDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH3UREH SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
LQWHUQDOIRRGWHPSHUDWXUH
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJWKH
&RQYHFWLRQ5RDVWF\FOHWRXFKWKH&RQYHFWLRQ
5RDVWSDGDQGWKHQWRXFKWKHQXPEHUSDGVWR
VHWWKHQHZGHVLUHGWHPSHUDWXUH
7RXFKWKH6WDUW SDG
:KHQWKHRYHQVWDUWVWRKHDWWKHZRUG/2ZLOO
EHLQWKHGLVSOD\
$IWHUWKHLQWHUQDOWHPSHUDWXUHRIWKHIRRG
UHDFKHV)WKHFKDQJLQJLQWHUQDO
WHPSHUDWXUHZLOOEHVKRZQLQWKHGLVSOD\
: K H Q W K H L Q W H U Q D O W H P S H U DWXUHRIWKH
IRRGUHDFKHVWKHQXPEHU\RXKDYHVHW
WKHSUREHDQGWKHRYHQWXUQRIIDQGWKH
RYHQFRQWUROVLJQDOV7RVWRSWKHVLJQDO
WRXFKWKH&OHDU2IISDG8VHKRWSDGVWR
UHPRYHWKHSUREHIURPWKHIRRG'RQRW
XVHWRQJVWRSXOORQLW³WKH\PLJKW
GDPDJHLW
&$87,217RSUHYHQWSRVVLEOH
EXUQVGRQRWXQSOXJWKHSUREHIURPWKHRYHQ
RXWOHWXQWLOWKHRYHQKDVFRROHG'RQRWVWRUHWKH
SUREHLQWKHRYHQ
127(
,IWKHSUREHLVUHPRYHGIURPWKHIRRGEHIRUH
WKHILQDOWHPSHUDWXUHLVUHDFKHGDWRQHZLOO
VRXQGDQGWKHGLVSOD\ZLOOIODVKXQWLOWKH
SUREHLVUHPRYHGIURPWKHRYHQ
<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWKWKLV
IHDWXUH7KH
IDQZLOOVWRSZKHQWKHGRRULV
RSHQHGEXWWKHKHDWZLOOQRWWXUQRII
<RXFDQXVHWKHWLPHUHYHQWKRXJK\RX
FDQQRWXVHWLPHGRYHQRSHUDWLRQVZKLOH
XVLQJWKHSUREH
)RUEHVWUHVXOWVZKHQURDVWLQJODUJH
WXUNH\VDQGURDVWVZHUHFRPPHQG
XVLQJWKHSUREHLQFOXGHGLQWKH
FRQYHFWLRQRYHQ
*($SSOLDQFHVFRP

8VLQJWKHFRQYHFWLRQRYHQXSSHURYHQRQO\
&RQYHFWLRQ5RDVWLQJ*XLGH6XJJHVWHG6HWWLQJV
0HDWV
2YHQ
7HPS
,QWHUQDO
7HPS
%HHI 5LE5RDVWOEV
%RQHLQDQG%RQHOHVV
5DUH Û) Û)
0HGLXP Û) Û)
%HHI7HQGHUORLQOEV 5DUH Û) Û)
%HHI7HQGHUORLQOEV 5DUH Û) Û)
3RUN %RQH,Q%RQHOHVVOEV Û) Û)
/DPE %RQH,QOEV 0HGLXP Û) Û)
%RQHOHVVOEV 0HGLXP Û) Û)
3RXOWU\ :KROH&KLFNHQOEV Û) Û)
7XUNH\:KROH
8QVWXIIHGWROEV
8QVWXIIHGWROEV
Û)
Û)
Û)
Û)
7XUNH\%UHDVWWROEV Û) Û)
6WXIIHGELUGVJHQHUDOO\UHTXLUHPLQXWHVDGGLWLRQDOURDVWLQJWLPH6KLHOGOHJVDQGEUHDVWZLWKIRLOWRSUHYHQW
RYHUEURZQLQJDQGGU\LQJRIVNLQ
8VLQJWKHWLPHGFRQYHFWLRQ
EDNLQJIHDWXUHVRQVRPHPRGHOV *($SSOLDQFHVFRP
<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWKWKLVIHDWXUH7KHIDQZLOOVWRSZKHQWKHGRRULVRSHQHGEXWWKHKHDWZLOOQRW
WXUQRII
127()RRGVWKDWVSRLOHDVLO\³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³VKRXOGQRWEHDOORZHGWRVLWIRUPRUH
WKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD%HVXUHWKDWWKHRYHQ
OLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
7KHXSSHURYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRN
IRUDVHOHFWHGOHQJWKRIWLPH$WWKHHQGRIWKH
FRRNLQJWLPHWKHRYHQZLOOWXUQRIIDXWRPDWLFDOO\
7RXFKWKH&RQYHFWLRQ%DNHSDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHGRYHQ
WHPSHUDWXUH
7RXFKWKH&RRNLQJ7LPHSDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RXPD\
QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRIWKH
FRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHPLQLPXPFRRNLQJ
WLPH\RXFDQVHWLVPLQXWH
7KHRYHQWHPSHUDWXUHWKDW\RXVHWDQGWKH
FRRNLQJWLPHWKDW\RXHQWHUHGZLOOEHLQWKH
GLVSOD\
7RXFKWKH6WDUW SDG
7KHRYHQZLOOWXUQ21DQGWKHGLVSOD\ZLOOVKRZ
WKHFRRNLQJWLPHFRXQWGRZQDQGWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)7KHWHPSHUDWXUH
GLVSOD\ZLOOVWDUWWRFKDQJHRQFHWKHRYHQWHPSHUDWXUH
UHDFKHV):KHQWKHRYHQUHDFKHVWKH
WHPSHUDWXUH\RXVHWEHHSVZLOOVRXQG
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKHVHWDPRXQW
RIWLPHWKHQWXUQRIIDXWRPDWLFDOO\XQOHVVWKH&RRN
DQG+ROGIHDWXUHZDVVHW6HHWKH6SHFLDOIHDWXUHVRI
\RXURYHQFRQWUROVHFWLRQ
$IWHUWKHRYHQWXUQVRIIWKHHQGRIF\FOHWRQH
ZLOOVRXQG
7RXFKWKH&OHDU2IISDGWRFOHDUWKHGLVSOD\LI
QHFHVVDU\5HPRYHWKHIRRGIURPWKHRYHQ
5HPHPEHUHYHQWKRXJKWKHRYHQWXUQVRII
DXWRPDWLFDOO\IRRGOHIWLQWKHRYHQZLOO
FRQWLQXHFRRNLQJDIWHUWKHRYHQWXUQVRII
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
7KHXSSHURYHQZLOOWXUQRQDWWKHWLPHRIGD\\RX
VHWFRRNIRUDVSHFLILFOHQJWKRIWLPHDQGWKHQWXUQ
RIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPH
RIGD\
7RXFKWKH&RQYHFWLRQ%DNHSDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHGRYHQ
WHPSHUDWXUH
7RXFKWKH&RRNLQJ7LPHSDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RXPD\
QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRIWKH
FRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHPLQLPXPFRRNLQJ
WLPH\RXFDQVHWLVPLQXWH
7KHRYHQWHPSHUDWXUHWKDW\RXVHWDQGWKH
FRRNLQJWLPHWKDW\RXHQWHUHGZLOOEHLQWKH
GLVSOD\
7RXFKWKH'HOD\6WDUWSDG
7RXFKWKHQXPEHUSDGVWRVHWWKHWLPHRIGD\
\RXZDQWWKHRYHQWRWXUQRQDQGVWDUWFRRNLQJ
7RXFKWKH6WDUW SDG
127(,I\RXZRXOGOLNHWRFKHFNWKHWLPHV\RXKDYH
VHWWRXFKWKH'HOD\6WDUWSDGWRFKHFNWKHVWDUWWLPH
\RXKDYHVHWRUWRXFKWKH&RRNLQJ7LPHSDGWRFKHFN
WKHOHQJWKRIFRRNLQJWLPH\RXKDYHVHW
:KHQWKHRYHQWXUQV21DWWKHWLPHRIGD\\RXVHW
WKHGLVSOD\ZLOOVKRZWKHFRRNLQJWLPHFRXQWGRZQ
DQGWKHFKDQJLQJWHPSHUDWXUHVWDUWLQJDW)
7KHWHPSHUDWXUHGLVSOD\ZLOOVWDUWWRFKDQJHRQFH
WKHRYHQWHPSHUDWXUHUHDFKHV):KHQWKH
RYHQUHDFKHVWKHWHPSHUDWXUH\RXVHWEHHSVZLOO
VRXQG
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKHVHWDPRXQW
RIWLPHWKHQWXUQRIIDXWRPDWLFDOO\XQOHVVWKH&RRN
DQG+ROGIHDWXUHZDVVHW6HHWKH6SHFLDOIHDWXUHVRI
\RXURYHQFRQWUROVHFWLRQ
$IWHUWKHRYHQWXUQVRIIWKHHQGRIF\FOHWRQHZLOO
VRXQG
7RXFKWKH&OHDU2IISDGWRFOHDUWKHGLVSOD\LI
QHFHVVDU\5HPRYHWKHIRRGIURPWKHRYHQ
5HPHPEHUHYHQWKRXJKWKHRYHQWXUQVRII
DXWRPDWLFDOO\IRRGOHIWLQWKHRYHQZLOOFRQWLQXH
FRRNLQJDIWHUWKHRYHQWXUQVRII

<RXUQHZWRXFKSDGFRQWUROKDVDGGLWLRQDOIHDWXUHVWKDW\RXPD\FKRRVHWRXVH7KHIROORZLQJDUHWKHIHDWXUHVDQGKRZ
\RXPD\DFWLYDWHWKHP
7KHVSHFLDOIHDWXUHPRGHVFDQRQO\EHDFWLYDWHGZKLOHWKHGLVSOD\LVVKRZLQJWKHWLPHRIGD\7KH\UHPDLQLQWKHFRQWURO·V
PHPRU\XQWLOWKHVWHSVDUHUHSHDWHG
:KHQWKHGLVSOD\VKRZV\RXUFKRLFHWRXFKWKH6WDUWSDG7KHVSHFLDOIHDWXUHVZLOOUHPDLQLQPHPRU\DIWHUDSRZHUIDLOXUH
+RXU6KXW2II
:LWKWKLVIHDWXUHVKRXOG\RXIRUJHWDQGOHDYHWKH
RYHQRQWKHFRQWUROZLOODXWRPDWLFDOO\WXUQRIIWKH
RYHQDIWHUKRXUVGXULQJEDNLQJIXQFWLRQVRU
DIWHUKRXUVGXULQJDEURLOIXQFWLRQ
,I\RXZLVKWRWXUQ2)) WKLVIHDWXUHIROORZWKH
VWHSVEHORZ
7RXFKWKH%DNH DQG%URLO+L/RSDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH'HOD\6WDUWSDG7KHGLVSOD\
ZLOOVKRZVKGQKRXUVKXWRII7RXFK
WKH'HOD\6WDUWSDGDJDLQDQGWKHGLVSOD\
ZLOOVKRZQRVKGQQRVKXWRII
7RXFKWKH6WDUW SDGWRDFWLYDWHWKHQR
VKXWRIIDQGOHDYHWKHFRQWUROVHWLQWKLV
VSHFLDOIHDWXUHVPRGH
)DKUHQKHLWRU&HOVLXV7HPSHUDWXUH6HOHFWLRQ
<RXURYHQFRQWUROLVVHWWRXVHWKH)DKUHQKHLW
WHPSHUDWXUHVHOHFWLRQVEXW\RXPD\FKDQJH
WKLVWRXVHWKH&HOVLXVVHOHFWLRQV
7RXFKWKH%DNH DQG%URLO+L/RSDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH%URLO+L/RDQG&RRNLQJ7LPH
SDGVDWWKHVDPHWLPH7KHGLVSOD\ZLOO
VKRZ))DKUHQKHLW
7RXFKWKH%URLO+L/RDQG&RRNLQJ7LPH
SDGVDJDLQDWWKHVDPHWLPH7KHGLVSOD\
ZLOOVKRZ&&HOVLXV
7RXFKWKH6WDUW SDG
6SHFLDOIHDWXUHVRI\RXUXSSHURYHQFRQWURO
$WWKHHQGRIDWLPHGF\FOHVKRUWEHHSVZLOO
VRXQGIROORZHGE\RQHEHHSHYHU\VHFRQGV
XQWLOWKH&OHDU2IISDGLVWRXFKHG7KLV
FRQWLQXDOVHFRQGEHHSPD\EHFDQFHOHG
7RFDQFHOWKHVHFRQGEHHS
7RXFKWKH%DNH DQG%URLO+L/RSDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH.LWFKHQ7LPHU2Q2IISDG7KH
GLVSOD\VKRZV&21%((3FRQWLQXDOEHHS
DQG%((37RXFKWKH.LWFKHQ7LPHU2Q
2IISDGDJDLQ7KHGLVSOD\VKRZV%((3
7KLVFDQFHOVWKHRQHEHHSHYHU\
VHFRQGV
7RXFKWKH6WDUW SDG
7RQHVDWWKH(QGRID7LPHG&\FOH

*($SSOLDQFHVFRP
+RXU+RXURU&ORFN%ODFNRXW
<RXUFRQWUROLVVHWWRXVHDKRXUFORFN
,I\RXZRXOGSUHIHUWRKDYHDKRXUPLOLWDU\
WLPHFORFNRUEODFNRXWWKHFORFNGLVSOD\IROORZ
WKHVWHSVEHORZ
7RXFKWKH%DNH DQG%URLO+L/RSDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&ORFNSDGRQFH7KHGLVSOD\ZLOO
VKRZKU ,IWKLVLVWKHFKRLFH\RXZDQW
WRXFKWKH6WDUWSDG
7RXFKWKH&ORFNSDGDJDLQWRFKDQJHWRWKH
KRXUPLOLWDU\WLPHFORFN7KHGLVSOD\ZLOO
VKRZKU ,IWKLVLVWKHFKRLFH\RXZDQW
WRXFKWKH6WDUWSDG
7RXFKWKH&ORFNSDGDJDLQWREODFNRXWWKH
FORFNGLVSOD\7KHGLVSOD\ZLOOVKRZ2)) ,IWKLV
LVWKHFKRLFH\RXZDQWWRXFKWKH6WDUWSDG
127(,IWKHFORFNLVLQWKHEODFNRXWPRGH\RX
ZLOOQRWEHDEOHWRXVHWKH'HOD\6WDUWIXQFWLRQ
&RRNDQG+ROG
<RXUQHZFRQWUROKDVDFRRNDQGKROGIHDWXUH
WKDWNHHSVFRRNHGIRRGVZDUPIRUXSWR
KRXUVDIWHUWKHFRRNLQJIXQFWLRQLVILQLVKHG
7KLVIHDWXUHFDQRQO\EHXVHGZKHQWLPHG
FRRNLQJ
7RDFWLYDWHWKLVIHDWXUHIROORZWKHVWHSVEHORZ
7RXFKWKH%DNH DQG%URLO+L/RSDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&RRNLQJ7LPHSDG7KHGLVSOD\
ZLOOVKRZ+OG2))
7RXFKWKH&RRNLQJ7LPHSDGDJDLQWR
DFWLYDWHWKHIHDWXUH7KHGLVSOD\ZLOOVKRZ
+OG21
7RXFKWKH6WDUW SDGWRDFWLYDWHWKHFRRN
DQGKROGIHDWXUHDQGOHDYHWKHFRQWUROVHW
LQWKLVVSHFLDOIHDWXUHVPRGH
<RXUFRQWUROZLOODOORZ\RXWRORFNRXWWKH
VXUIDFHEXUQHUVRYHQEXUQHUVDQGFRQWURO
SDQHOVRWKH\FDQQRWEHDFWLYDWHG
7RORFNXQORFNWKHFRQWUROV
7XUQDOOVXUIDFHEXUQHUVRII
7RXFKDQGKROGWKH*$6&21752/
/2&.287SDGIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV/2&
7RXQORFNWKHFRQWUROWRXFKDQGKROGWKH
*$6&21752//2&.287SDGIRU
VHFRQGVXQWLO/2&GLVDSSHDUVIURPWKH
GLVSOD\
:KHQWKLVIHDWXUHLVRQDQGWKHWRXFKSDGVDUH
WRXFKHGWKHFRQWUROZLOOEHHSDQGWKHGLVSOD\
ZLOOVKRZ/2&
7KHFRQWUROORFNRXWPRGHDIIHFWVDOO
FRQWUROV1RFRQWUROVZLOOZRUNZKHQWKLV
IHDWXUHLVDFWLYDWHG
7KHDGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\
DIWHUDSRZHUIDLOXUH
*DV&RQWURO/RFNRXWRQVRPHPRGHOV
7KLVIHDWXUHDOORZV\RXWRDGMXVWWKHWRQH
YROXPHVWRDPRUHDFFHSWDEOHYROXPH7KHUH
DUHWKUHHSRVVLEOHYROXPHOHYHOV
7RXFKWKHXSSHURYHQ%URLO+L/RDQG
%DNHSDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&RRN7LPHSDG7KHGLVSOD\
VKRZV%HHS7KLVLVWKHPLGGOHYROXPH
OHYHO
7RXFKWKH&RRN7LPHSDGDJDLQ7KH
GLVSOD\ZLOOVKRZ%HHS7KLVLVWKHORXGHVW
YROXPHOHYHO
7RXFKWKH&RRN7LPHSDGDJDLQ7KH
GLVSOD\ZLOOVKRZ%HHS7KLVLVWKHTXLHWHVW
YROXPHOHYHO
&KRRVHWKHGHVLUHGVRXQGOHYHO%HHS
%HHS%HHS
7RXFKWKH6WDUW SDG
7RQH9ROXPHRQVRPHPRGHOV

8VLQJWKH6DEEDWK)HDWXUH
'HVLJQHGIRUXVHRQWKH-HZLVK6DEEDWKDQG+ROLGD\V
7KH6DEEDWKIHDWXUHFDQEHXVHGIRUEDNLQJURDVWLQJLQWKHXSSHUDQGORZHURYHQRUEDNLQJGUDZHURQVRPHPRGHOV,W
FDQQRWEHXVHGIRUFRQYHFWLRQEURLOLQJVHOIFOHDQLQJRU'HOD\6WDUWFRRNLQJ
127(7KHRYHQOLJKWFRPHVRQDXWRPDWLFDOO\RQVRPHPRGHOVZKHQWKHGRRULVRSHQHGDQGJRHV
RIIZKHQWKHGRRULVFORVHG7KHEXOEPD\EHUHPRYHG6HHWKH2YHQ/LJKW5HSODFHPHQWVHFWLRQ2Q
PRGHOVZLWKDOLJKWVZLWFKRQWKHFRQWUROSDQHOWKHRYHQOLJKWPD\EHWXUQHGRQDQGOHIWRQ
+RZWR6HWIRU5HJXODU%DNLQJ5RDVWLQJ
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPH
RIGD\DQGWKHRYHQLVRII
3UHVVDQGKROGERWKWKH%DNH DQG%URLO
+L/RSDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7DSWKH'HOD\6WDUWSDGXQWLO
6$EE$W+DSSHDUVLQWKHGLVSOD\
7RXFKWKH6WDUW SDGDQGZLOODSSHDULQ
WKHGLVSOD\
7RXFKWKH%DNH SDG1RVLJQDOZLOOEH
JLYHQ
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUHEHWZHHQDQG1R
VLJQDORUWHPSHUDWXUHZLOOEHJLYHQ
7RXFKWKH6WDUW SDG
$IWHUDUDQGRPGHOD\SHULRGRI
DSSUR[LPDWHO\VHFRQGVWRPLQXWH
ZLOODSSHDULQWKHGLVSOD\LQGLFDWLQJ
WKDWWKHRYHQLV
EDNLQJURDVWLQJ
,I
GRHVQ·WDSSHDULQWKHGLVSOD\VWDUWDJDLQ
DW6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFK
WKH%DNHSDGHQWHUWKHQHZWHPSHUDWXUHXVLQJ
WKHQXPEHUSDGVDQGWRXFKWKH
6WDUWSDG
127(7KH&OHDU2IIDQG&RRNLQJ7LPHSDGV
DUHDFWLYHGXULQJWKH6DEEDWKIHDWXUH
+RZWR6HWIRU7LPHG%DNLQJ5RDVWLQJ²,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\DQGWKHRYHQLVRII
3UHVVDQGKROGERWKWKH%DNH DQG%URLO
+L/RSDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7DSWKH'HOD\6WDUWSDGXQWLO6$EE$W+
DSSHDUVLQWKHGLVSOD\
7RXFKWKH6WDUW SDGDQGZLOODSSHDULQ
WKHGLVSOD\
7RXFKWKH&RRNLQJ7LPHSDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPHEHWZHHQPLQXWH
DQGKRXUVDQGPLQXWHV7KHFRRNLQJ
WLPHWKDW\RXHQWHUHGZLOOEHGLVSOD\HG
7RXFKWKH6WDUW SDG
7RXFKWKH%DNHSDG1RVLJQDOZLOOEH
JLYHQ
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUH1RVLJQDORUWHPSHUDWXUHZLOO
EHJLYHQ
7RXFKWKH6WDUW SDG
$IWHUDUDQGRPGHOD\SHULRGRI
DSSUR[LPDWHO\VHFRQGVWRPLQXWH
ZLOODSSHDULQWKHGLVSOD\LQGLFDWLQJWKDW
WKHRYHQLV
EDNLQJURDVWLQJ
,IGRHVQ·W
DSSHDULQWKHGLVSOD\VWDUWDJDLQDW6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH
%DNHSDGHQWHUWKHQHZWHPSHUDWXUHXVLQJWKH
QXPEHUSDGVDQGWRXFKWKH6WDUWSDG
:KHQFRRNLQJLVILQLVKHGWKHGLVSOD\ZLOO
FKDQJHIURPWRDQGZLOODSSHDU
LQGLFDWLQJWKDWWKHRYHQKDVWXUQHG2))EXWLV
VWLOOVHWLQ6DEEDWK5HPRYHWKHFRRNHGIRRG
:KHQWKHGLVSOD\VKRZVWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZVWKHRYHQLV
EDNLQJURDVWLQJ
:KHQWKHGLVSOD\VKRZVWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZVWKHRYHQLV
EDNLQJURDVWLQJ
K
&(57,),('
6$%%$7+
02'(


+RZWR([LWWKH6DEEDWK)HDWXUH
7RXFKWKH&OHDU2IISDG
,IWKHRYHQLVFRRNLQJZDLWIRUDUDQGRP
GHOD\SHULRGRIDSSUR[LPDWHO\VHFRQGV
WRPLQXWHXQWLORQO\LVLQWKHGLVSOD\
3UHVVDQGKROGERWKWKH%$.( DQG%52,/
+,/2SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7DSWKH'(/$<67$57SDGXQWLOVKGQ
RUQRVKGQDSSHDUVLQWKHGLVSOD\VKGQ
LQGLFDWHVWKDWWKHRYHQZLOODXWRPDWLFDOO\
WXUQRIIDIWHUKRXUVQRVKGQLQGLFDWHV
WKDWWKHRYHQZLOOQRWDXWRPDWLFDOO\WXUQ
RII
7RXFKWKH67$57 SDG
127(,IDSRZHURXWDJHRFFXUUHGZKLOHWKH
RYHQZDVLQ6DEEDWKWKHRYHQZLOODXWRPDWLFDOO\
WXUQRIIDQGVWD\RIIHYHQZKHQWKHSRZHU
UHWXUQV7KHRYHQFRQWUROPXVWEHUHVHW
*($SSOLDQFHVFRP
<RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWR
EHFRPHPRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW
\RXUVHOI
'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ7KHVH
WKHUPRPHWHUVPD\YDU\²GHJUHHV
127(7KLVDGMXVWPHQWZLOOQRWDIIHFWWKHEURLOLQJRUWKHVHOIFOHDQLQJWHPSHUDWXUHV7KHDGMXVWPHQWZLOOEHUHWDLQHGLQ
PHPRU\DIWHUDSRZHUIDLOXUH
7R$GMXVWWKH7KHUPRVWDW
7RXFKWKH%$.( DQG%52,/+,/2SDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH%$.( SDG$WZRGLJLWQXPEHU
VKRZVLQWKHGLVSOD\

7RXFK%$.( RQFHWRGHFUHDVHWKHRYHQ
WHPSHUDWXUHRUWZLFHWRLQFUHDVH
7KHRYHQWHPSHUDWXUHFDQEHDGMXVWHGXS
DVPXFKDV)RUGRZQDVPXFKDV
)7RXFKWKHQXPEHUSDGVWKHVDPH
ZD\\RXUHDGWKHP)RUH[DPSOHWR
FKDQJHWKHRYHQWHPSHUDWXUH)WRXFK
DQG
:KHQ\RXKDYHPDGHWKHDGMXVWPHQW
WRXFKWKH67$57SDGWRJREDFNWRWKH
WLPHRIGD\GLVSOD\8VH\RXURYHQDV\RX
ZRXOGQRUPDOO\
127(7KHWKHUPRVWDWDGMXVWPHQWIRU%DNLQJ
ZLOODOVRDIIHFW&RQYHFWLRQ%DNLQJRU&RQYHFWLRQ
5RDVWLQJ
$GMXVWWKHXSSHURYHQWKHUPRVWDW³'RLW\RXUVHOI
0RVWUHFLSHVIRUEDNLQJKDYHEHHQGHYHORSHGXVLQJKLJKIDWSURGXFWVVXFKDVEXWWHURUPDUJDULQHIDW,I\RX
GHFUHDVHWKHIDWWKHUHFLSHPD\QRWJLYHWKHVDPHUHVXOWVDVZLWKDKLJKHUIDWSURGXFW
5HFLSHIDLOXUHFDQUHVXOWLIFDNHVSLHVSDVWULHVFRRNLHVRUFDQGLHVDUHPDGHZLWKORZIDWVSUHDGV7KHORZHUWKHIDWFRQWHQW
RIDVSUHDGSURGXFWWKHPRUHQRWLFHDEOHWKHVHGLIIHUHQFHVEHFRPH
)HGHUDOVWDQGDUGVUHTXLUHSURGXFWVODEHOHG´PDUJDULQHµWRFRQWDLQDWOHDVWIDWE\ZHLJKW/RZIDWVSUHDGVRQWKHRWKHUKDQG
FRQWDLQOHVVIDWDQGPRUHZDWHU7KHKLJKPRLVWXUHFRQWHQWRIWKHVHVSUHDGVDIIHFWVWKHWH[WXUHDQGIODYRURIEDNHGJRRGV)RUEHVW
UHVXOWVZLWK\RXUROGIDYRULWHUHFLSHVXVHPDUJDULQHEXWWHURUVWLFNVSUHDGVFRQWDLQLQJDWOHDVWYHJHWDEOHRLO
7KHW\SHRIPDUJDULQHZLOODIIHFWEDNLQJSHUIRUPDQFH
8VLQJWKHORZHURYHQGUDZHURQVRPHPRGHOV
7R8VHWKH/RZHU2YHQ'UDZHU
3XVKLQDQGWXUQWKHORZHURYHQGUDZHU
NQREWRDQ\GHVLUHGVHWWLQJ
$ O O R Z W K H O R ZHURYHQGUDZHUWRSUHKHDW
7KH21VLJQDOOLJKWLVORFDWHGRQWKHXSSHU
ULJKWVLGHRIWKHNQREDQGJORZVZKHQWKH
NQRELVLQWKH21SRVLWLRQ,WUHPDLQV21XQWLO
WKHNQRELVPRYHGWRWKH2))SRVLWLRQ
7KH´+HDWLQJµVLJQDOOLJKWLVORFDWHGEHORZWKH
21VLJQDOOLJKWDQGJORZVZKHQWKHKHDWLQJ
HOHPHQWVDUHDFWLYH3UHKHDWLVFRPSOHWH
DIWHUWKH´+HDWLQJµVLJQDOKDVWXUQHGRIIIRU
WKHILUVWWLPHHDFKXVH
127(6
$OZD\VXVHWKHLQFOXGHGGUDZHUUDFNZKHQ
XVLQJWKHORZHURYHQGUDZHU
7KHORZHURYHQGUDZHUFDQQRWEHXVHG
GXULQJDVHOIFOHDQF\FOHRIWKHXSSHURYHQ
'RQRWSXWIRRGIRLORUFRRNZDUHGLUHFWO\RQ
WKHERWWRPRIWKHORZHURYHQGUDZHU$OZD\V
XVHWKHLQFOXGHGGUDZHUUDFN
,IIRRGVUHTXLUHDFRYHUXVHRQO\IRLORUOLGV
DEOHWRZLWKVWDQGEDNLQJWHPSHUDWXUHV
'RQRWXVHSODVWLF
0D[LPXPKHLJKWRIIRRGVWKDWFDQEHSODFHG
LQWKHORZHURYHQGUDZHULVµ
'RQRWSXWOLTXLGRUZDWHULQWKHORZHURYHQ
GUDZHU
1HYHUSODFHSODVWLFVSDSHUFDQQHGIRRGV
RUFRPEXVWLEOHPDWHULDOLQWKHORZHURYHQ
GUDZHU
7KHORZHURYHQGUDZHUPD\EHXVHGWREDNHIRRGVXVLQJWKHVDPHWLPHVDQGWHPSHUDWXUHVDVDVWDQGDUGRYHQ)RRGV
LGHDOIRUEDNLQJLQWKHORZHURYHQGUDZHULQFOXGHSL]]DIUR]HQIRRGVFDVVHUROHVELVFXLWVUROOVDQGPDQ\GHVVHUWV
3XVKLQDQGWXUQWKHORZHURYHQ
GUDZHUNQREWRDQ\GHVLUHGVHWWLQJ
:KHQ8VLQJWKH/RZHU2YHQ'UDZHU:DUP6HWWLQJ
7KH:$50VHWWLQJRIWKHORZHURYHQGUDZHUZLOONHHSKRW
FRRNHGIRRGVDWVHUYLQJWHPSHUDWXUHV$OZD\VVWDUWZLWKKRW
IRRG
'RQRWXVHWKH:$50VHWWLQJWRKHDWFROGIRRGRWKHUWKDQ
FULVSLQJFUDFNHUVFKLSVRUGU\FHUHDO
3XVKLQDQGWXUQWKHFRQWURONQREWRWKH:$50VHWWLQJ
127(7KHEHJLQQLQJWHPSHUDWXUHRIWKHIRRGWKHDPRXQWRI
IRRGWKHW\SHRIIRRGWKHFRQWDLQHUDQGWKHDPRXQWRIWLPH
WKHIRRGLVLQWKHGUDZHUZLOODIIHFWWKHTXDOLW\DQGHQGLQJ
WHPSHUDWXUHVRIWKHIRRG
7KHORZHURYHQGUDZHUXVHVOHVVHQHUJ\WKDQWKHXSSHURYHQ
$OORZWKHIROORZLQJDSSUR[LPDWHWLPHVIRUSUHKHDWLQJ
'HVLUHG/RZHU 3UHKHDW
2YHQ7HPSHUDWXUH 7LPH
:$50 PLQXWHV
) PLQXWHV
) PLQXWHV
3XOOWKH29(1&21752/NQRERIIWKH
UDQJHDQGORRNDWWKHEDFNVLGH7RPDNH
DQDGMXVWPHQWORRVHQDSSUR[LPDWHO\RQH
WXUQEXWGRQRWFRPSOHWHO\UHPRYHWKH
WZRVFUHZVRQWKHEDFNRIWKHNQRE
:LWKWKHEDFNRIWKHNQREIDFLQJ\RXKROG
WKHRXWHUHGJHRIWKHNQREZLWKRQHKDQG
DQGWXUQWKHIURQWRIWKHNQREZLWKWKH
RWKHUKDQG
7RUDLVHWKHRYHQWHPSHUDWXUHPRYHWKH
WRSVFUHZWRZDUGWKHULJKW<RX·OOKHDUD
FOLFNIRUHDFKQRWFK\RXPRYHWKHNQRE
7RORZHUWKHWHPSHUDWXUHPRYHWKHWRS
VFUHZWRZDUGWKHOHIW
(DFKFOLFNZLOOFKDQJHWKHRYHQWHPSHUDWXUH
DSSUR[LPDWHO\)5DQJHLV)IURP
WKHDUURZ:HVXJJHVWWKDW\RXPDNH
WKHDGMXVWPHQWRQHFOLFNIURPWKHRULJLQDO
VHWWLQJDQGFKHFNRYHQSHUIRUPDQFHEHIRUH
PDNLQJDQ\DGGLWLRQDODGMXVWPHQWV
$IWHUWKHDGMXVWPHQWLVPDGHUHWLJKWHQ
VFUHZVVRWKH\DUHVQXJEXWEHFDUHIXOQRW
WRRYHUWLJKWHQ
5HLQVWDOONQRERQUDQJHDQGFKHFN
SHUIRUPDQFH
%DFNRI/RZHU2YHQ.QRE
$SSHDUDQFHPD\YDU\
$GMXVWWKHORZHURYHQWKHUPRVWDW³'RLW\RXUVHOI
T
O
M
A
K
E
O
V
E
N
C
O
O
L
E
R
T
U
R
N
D
I
S
K
A
P
P
R
O
X
.
1
0
˚
F
P
E
R
N
O
T
C
H
T
O
M
A
K
E
O
V
E
N
H
O
T
T
E
R
T
U
R
N
D
I
S
K
T
O
A
D
J
U
S
T
O
V
E
N
T
E
M
P
E
R
A
T
U
R
E
L
O
O
S
E
N
S
C
R
E
W
S
A
N
D
R
O
T
A
T
E

7KHRYHQGRRUPXVWEHFORVHGDQGDOOFRQWUROVVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
%HIRUHD&OHDQ&\FOH
)RUWKHILUVWVHOIFOHDQF\FOHZHUHFRPPHQG
YHQWLQJ\RXUNLWFKHQZLWKDQRSHQZLQGRZRU
XVLQJDYHQWLODWLRQIDQRUKRRG
5HPRYHDQ\EURLOHUSDQEURLOHUJULGDOO
FRRNZDUHSUREHDQGDQ\DOXPLQXPIRLOIURP
WKHRYHQ³WKH\FDQQRWZLWKVWDQGWKHKLJK
FOHDQLQJWHPSHUDWXUHV
127(
,I\RXURYHQLVHTXLSSHGZLWKQLFNHORYHQ
UDFNVUHPRYHWKHPEHIRUH\RXEHJLQWKH
VHOIFOHDQF\FOH
,I\RXURYHQLVHTXLSSHGZLWKJUD\SRUFHODLQ
FRDWHGRYHQUDFNVWKH\PD\EHOHIWLQWKH
RYHQGXULQJWKHVHOIFOHDQF\FOH
6RLORQWKHIURQWIUDPHRIWKHUDQJHDQG
RXWVLGHWKHJDVNHWRQWKHIURQWIUDPHZLOO
QHHGWREHFOHDQHGE\KDQG&OHDQWKHVH
DUHDVZLWKKRWZDWHUVRDSILOOHGVFRXULQJ
SDGVRUFOHDQVHUVVXFKDV6RIW6FUXE
 5LQVH
ZHOOZLWKFOHDQZDWHUDQGGU\:LSHRIIWKH
IODWLQQHUGRRUDQGJODVVZLWKVRDS\ZDWHU
DQGVSRQJH
'RQRWFOHDQWKHJDVNHW7KHILEHUJODVV
PDWHULDORIWKHIURQWIUDPHJDVNHWFDQQRW
ZLWKVWDQGDEUDVLRQ,WLVHVVHQWLDOIRUWKHJDVNHW
WRUHPDLQLQWDFW,I\RXQRWLFHLWEHFRPLQJZRUQ
RUIUD\HGUHSODFHLW
:LSHXSDQ\KHDY\VSLOORYHUVRQWKHRYHQ
ERWWRP
0DNHVXUHWKHRYHQOLJKWEXOEFRYHULVLQSODFH
DQGWKHRYHQOLJKWLVRII
,03257$17 7KHKHDOWKRIVRPHELUGVLV
H[WUHPHO\VHQVLWLYHWRWKHIXPHVJLYHQRII
GXULQJWKHVHOIFOHDQLQJF\FOHRIDQ\UDQJH
0RYHELUGVWRDQRWKHUZHOOYHQWLODWHGURRP
127( 8VHFDXWLRQZKHQRSHQLQJWKHXSSHU
RYHQDIWHUWKHVHOIFOHDQF\FOHKDVHQGHG
7KHRYHQPD\VWLOOEHKRW
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
+RZWR6HWWKH8SSHU2YHQIRU&OHDQLQJ
127(7KHVXUIDFHEXUQHUVPXVWEHWXUQHG
RIISULRUWRWKHVHOIFOHDQVWDUWWLPH
7RXFKWKH6(/)&/($1SDG
127(,IWKHGLVSOD\VKRZV/2&WRXFK
DQGKROG*$6&21752//2&.287SDG
IRUVHFRQGVWRWXUQLWRIIRQ&DIHPRGHOV
RQO\3UHVVDQGKROGWKHDQGSDGVIRU
3URILOHPRGHOVRQO\6HHWKH*DV&RQWURO
/RFNRXWVHFWLRQ
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
FOHDQWLPHLIDWLPHRWKHUWKDQ
KRXUVLVQHHGHG
&OHDQF\FOHWLPHLVQRUPDOO\KRXUV<RXFDQ
FKDQJHWKHFOHDQWLPHWRDQ\WLPHEHWZHHQ
KRXUVDQGKRXUVGHSHQGLQJRQKRZGLUW\
\RXURYHQLV
7RXFKWKH67$57 SDG
2QPRGHOVZLWKRXWDGRRUODWFKWKHGRRUORFNV
DXWRPDWLFDOO\7KHGLVSOD\ZLOOVKRZWKHFOHDQ
WLPHUHPDLQLQJ,WZLOOQRWEHSRVVLEOHWRRSHQ
WKHRYHQGRRUXQWLOWKHWHPSHUDWXUHGURSV
EHORZWKHORFNWHPSHUDWXUHDQGWKH/2&.('
'225OLJKWJRHVRII
7KHRYHQVKXWVRIIDXWRPDWLFDOO\ZKHQWKH
FOHDQF\FOHLVFRPSOHWH
:KHQWKH/2&.(''225OLJKWLVRIIVOLGH
WKHODWFKKDQGOHWRWKHOHIWDVIDUDVLWZLOO
JRDQGRSHQWKHGRRU,I\RXUUDQJHGRHV
QRWKDYHDODWFKWKHGRRUZLOOXQORFN
DXWRPDWLFDOO\
7KHZRUGV/2&.'225ZLOOIODVKDQGWKH
RYHQFRQWUROZLOOVLJQDOLI\RXVHWWKHFOHDQ
F\FOHDQGIRUJHWWRFORVHWKHRYHQGRRURU
IRUJHWWRODWFKWKHGRRU
7RVWRSDFOHDQF\FOHWRXFKWKH&/($52))
SDG:KHQWKH/2&.(''225 OLJKWJRHV
RIILQGLFDWLQJWKHRYHQKDVFRROHGEHORZWKH
ORFNLQJWHPSHUDWXUH\RXPD\RSHQWKHGRRU
'RQRWXVHWKHORZHURYHQGUDZHUGXULQJD
VHOIFOHDQF\FOH
8VLQJWKHVHOIFOHDQLQJXSSHURYHQ *($SSOLDQFHVFRP

'2127KDQG
FOHDQJDVNHW
'2KDQGFOHDQRYHQIUDPH
'2KDQGFOHDQ
LQVLGHGRRUIUDPH
DQGJODVV
7KHRYHQGRRUPXVWEHFORVHGDQGDOOFRQWUROVVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
+RZWR'HOD\WKH6WDUWRI&OHDQLQJ
$IWHUD&OHDQ&\FOH
<RXPD\QRWLFHVRPHZKLWHDVKLQWKHRYHQ
:LSHLWXSZLWKDGDPSFORWKDIWHUWKHRYHQ
FRROV
,IZKLWHVSRWVUHPDLQUHPRYHWKHPZLWKD
VRDSILOOHGVFRXULQJSDGDQGULQVHWKRURXJKO\
ZLWKDYLQHJDUDQGZDWHUPL[WXUH
7KHVHGHSRVLWVDUHXVXDOO\DVDOWUHVLGXHWKDW
FDQQRWEHUHPRYHGE\WKHFOHDQF\FOH
,IWKHRYHQLVQRWFOHDQDIWHURQHFOHDQF\FOH
UHSHDWWKHF\FOH
<RXFDQQRWVHWWKHRYHQIRUFRRNLQJXQWLOWKH
RYHQLVFRROHQRXJKIRUWKHGRRUWRXQORFN
:KLOHWKHRYHQLVVHOIFOHDQLQJ\RXFDQ
WRXFKWKH&/2&.SDGWRGLVSOD\WKHWLPH
RIGD\7RUHWXUQWRWKHFOHDQFRXQWGRZQ
WRXFKWKH&22.,1*7,0(SDG
,IWKHUDFNVEHFRPHKDUGWRVOLGHDSSO\D
VPDOODPRXQW
RIYHJHWDEOHRLORUFRRNLQJRLOWR
DSDSHUWRZHODQGZLSHWKHHGJHVRIWKHRYHQ
UDFNVZLWKWKHSDSHUWRZHO
8VLQJWKHVHOIFOHDQLQJXSSHURYHQ

0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\
2QPRGHOVZLWK*DV&RQWURO/RFNRXW
WRXFKDQGKROGWKH*DV&RQWURO/RFNRXW
SDGIRUVHFRQGVWRWXUQLWRII
127(7KHVXUIDFHEXUQHUVPXVWEHWXUQHGRII
SULRUWRWKHVHOIFOHDQVWDUWWLPH
,I\RXUPRGHOKDVDODWFKODWFKWKHGRRU
7RXFKWKH6HOI&OHDQSDG
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
FOHDQWLPH
7RXFKWKH'HOD\6WDUWSDG7KHHDUOLHVW
VWDUWWLPH\RXFDQVHWZLOODSSHDULQWKH
GLVSOD\
8VLQJWKHQXPEHUSDGVHQWHUWKHWLPHRI
GD\\RXZDQWWKHFOHDQF\FOHWRVWDUW
7RXFKWKH6WDUW SDG
2QPRGHOVZLWKRXWDGRRUODWFKWKHGRRUORFNV
DXWRPDWLFDOO\7KHGLVSOD\ZLOOVKRZWKHVWDUW
WLPH,WZLOOQRWEHSRVVLEOHWRRSHQWKHRYHQ
GRRUXQWLOWKHWHPSHUDWXUHGURSVEHORZWKH
ORFNWHPSHUDWXUHDQGWKH/2&.(''225OLJKW
JRHVRII
7KHRYHQVKXWVRIIDXWRPDWLFDOO\ZKHQWKH
FOHDQF\FOHLVFRPSOHWH
:KHQWKH/2&.(''225OLJKWLVRIIVOLGH
WKHODWFKKDQGOHWRWKHOHIWDVIDUDVLWZLOO
JRDQGRSHQWKHGRRU,I\RXUUDQJHGRHV
QRWKDYHDODWFKWKHGRRUZLOOXQORFN
DXWRPDWLFDOO\
7KHZRUGV/2&.'225ZLOOIODVKDQGWKH
RYHQFRQWUROZLOOVLJQDOLI\RXVHWWKHFOHDQ
F\FOHDQGIRUJHWWRFORVHWKHRYHQGRRURU
IRUJHWWRODWFKWKHGRRURQPRGHOVZLWKD
ODWFK
7RVWRSDFOHDQF\FOHWRXFKWKH&OHDU2II
SDG:KHQWKH/2&.(''225 OLJKWJRHV
RIILQGLFDWLQJWKHRYHQKDVFRROHGEHORZWKH
ORFNLQJWHPSHUDWXUHXQODWFKWKHGRRURQ
PRGHOVZLWKDODWFKDQGRSHQWKHGRRU

&DUHDQGFOHDQLQJRIWKHUDQJH *($SSOLDQFHVFRP
%HVXUHHOHFWULFDOSRZHULVRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJDQ\SDUWRIWKHUDQJH
:$51,1*
,I\RXUUDQJHLVUHPRYHGIRUFOHDQLQJVHUYLFLQJRUDQ\UHDVRQEH
VXUHWKHDQWLWLSGHYLFHLVUHHQJDJHGSURSHUO\ZKHQWKHUDQJHLVUHSODFHG)DLOXUHWRWDNH
WKLVSUHFDXWLRQFRXOGUHVXOWLQWLSSLQJRIWKHUD
QJHDQGFDXVHLQMXU\
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\FDUHIXOO\WLSWKHUDQJHIRUZDUG7KH
EUDFNHWVKRXOGVWRSWKHUDQJHZLWKLQLQFKHV,ILWGRHVQRWWKHEUDFNHWPXVWEHUHLQVWDOOHG
,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\VUHSHDWWKLVSURFHGXUHWRYHULI\WKH
UDQJHLVSURSHUO\VHFXUHGE\WKHDQWLWLSEUDFNHW
,I\RXUUDQJHKDVQRDQWLWLSEUDFNHWFDOOWRUHFHLYHRQHDWQRFRVW
6HDOHG%XUQHU$VVHPEOLHVRQVRPHPRGHOV
7XUQDOOFRQWUROV2)) EHIRUHUHPRYLQJWKH
EXUQHUSDUWV
7KHURXQGVLGHEXUQHUFDSVDQGEXUQHU
KHDGVFDQEHOLIWHGRIIPDNLQJWKHPHDV\WR
FOHDQ7KHHOHFWURGHVDUHQRWUHPRYDEOH
7KHRYDOFHQWHUEXUQHUKHDGDQGFDS
DVVHPEO\FDQEHOLIWHGRIIPDNLQJLWHDV\
WRFOHDQ7KHEXUQHUHOHFWURGHLVQRW
UHPRYDEOH
7KHWULULQJEXUQHULQQHUFDSFDQEHOLIWHG
RIIIRUFOHDQLQJWKHRXWHUFDSDQGEDVH
DVVHPEO\FDQEHOLIWHGRIIWKHFRRNWRSDVRQH
SLHFHIRUFOHDQLQJSXUSDVHV
&$87,21'RQRWRSHUDWHWKH
FRRNWRSZLWKRXWDOOEXUQHUSDUWVDQGJUDWHV
LQSODFH
7KHHOHFWURGHRIWKHVSDUNLJQLWHULV
H[SRVHGZKHQWKHEXUQHUKHDGLV
UHPRYHG:KHQRQHEXUQHULVWXUQHG
WR/,7( DOOWKHEXUQHUVVSDUN'R
QRWDWWHPSWWRGLVDVVHPEOHRUFOHDQ
DURXQGDQ\EXUQHUZKLOHDQRWKHU
EXUQHULVRQ$QHOHFWULFVKRFNPD\
UHVXOWZKLFKFRXOGFDXVH\RXWRNQRFN
RYHUKRWFRRNZDUH
%XUQHUKHDG
DQGFDS
DVVHPEO\
&HQWHU
JULGGOH
(OHFWURGH
6LGHJUDWH
2XWHU
EXUQHU
FDS
,QQHUEXUQHU
FDS
&RRNWRS
7UL5LQJ%XUQHU
RQVRPHPRGHOV
(OHFWURGH
%XUQHU
EDVH
RU
(OHFWURGH
7ULULQJEDVH
RQVRPHPRGHOV
(OHFWURGH
&DUHDQGFOHDQLQJRIWKHUDQJH
%XUQHU&DSV%DVHVDQG+HDGV
%HIRUHUHPRYLQJWKHEXUQHUFDSVDQGKHDGVRQ
VRPHPRGHOVUHPHPEHUWKHLUVL]HDQGORFDWLRQ
5HSODFHWKHPLQWKHVDPHORFDWLRQDIWHUFOHDQLQJ
127('RQRWXVHVWHHOZRRORUVFRXULQJ
SRZGHUVWRFOHDQWKHEXUQHUSDUWV
%XUQHUFDSV
/LIWRIIZKHQFRRO:DVKEXUQHUFDSVLQKRW
VRDS\ZDWHUDQGULQVHZLWKFOHDQZDWHU<RX
PD\VFRXUZLWKDSODVWLFVFRXULQJSDGWR
UHPRYHEXUQHGRQIRRGSDUWLFOHV7RJHWULGRI
EXUQHGRQIRRGSODFHWKHFDSVLQDFRYHUHG
FRQWDLQHU$GGFXSDPPRQLDDQGOHWVRDN
IRUVHYHUDOKRXUVRURYHUQLJKW:DVKULQVHZHOO
DQGGU\
7ULULQJEXUQHURQVRPHPRGHOV
7KHRXWHUFDSRQWKHWULULQJEXUQHULVQRW
UHPRYDEOH2QO\WKHFHQWHUURXQGFDSPD\EH
UHPRYHGIRUFOHDQLQJ
7RFOHDQWKHEXUQHUEDVHVXVHVRDS\ZDWHUDQGD
SODVWLFVFRXULQJSDG:LSHFOHDQZLWKDGDPSFORWK
0DNHVXUHWKDWQRZDWHUJHWVLQWRWKHEXUQHU
EDVHV$OORZWKHPWRGU\IXOO\EHIRUHXVLQJ
%XUQHU+HDGVRQVRPHPRGHOVDQG2YDO
&HQWHU%XUQHU+HDG&DS$VVHPEO\
7KHEXUQHUKHDGVDQGWKHRYDOEXUQHUKHDGFDS
DVVHPEO\DUHUHPRYDEOH6LPSO\OLIWWKHPRIIWKH
UDQJHIRUFOHDQLQJ
)RUSURSHULJQLWLRQPDNHVXUHWKHVPDOOKROHLQ
WKHVHFWLRQWKDWILWVRYHUWKHHOHFWURGHLVNHSW
RSHQ$VHZLQJQHHGOHRUZLUHWZLVWWLHZRUNV
ZHOOWRXQFORJLW
7KHVOLWVLQWKHEXUQHUKHDGVPXVWEHNHSWFOHDQ
DWDOOWLPHVIRUDQHYHQXQKDPSHUHGIODPH
&ORJJHGRUGLUW\EXUQHUSRUWVRUHOHFWURGHVZLOO
QRWDOORZWKHEXUQHUWRRSHUDWHSURSHUO\
$Q\VSLOORQRUDURXQGDQHOHFWURGHPXVW
EHFDUHIXOO\FOHDQHG7DNHFDUHWRQRWKLWDQ
HOHFWURGHZLWKDQ\WKLQJKDUGRULWFRXOGEH
GDPDJHG
&OHDQWKHEXUQHUKHDGVURXWLQHO\HVSHFLDOO\
DIWHUEDGVSLOORYHUVZKLFKFRXOGFORJWKH
RSHQLQJV/LIWRIIZKHQFRRO
7RUHPRYHEXUQHGRQIRRGVRDNWKHEXUQHU
KHDGVLQDVROXWLRQRIPLOGOLTXLGGHWHUJHQW
DQGKRWZDWHUIRU²PLQXWHV)RUPRUH
VWXEERUQVWDLQVXVHDWRRWKEUXVK
$IWHUFOHDQLQJ
%HIRUHSXWWLQJWKHEXUQHUFDSVKHDGVRQVRPH
PRGHOVDQGRYDOKHDGFDSDVVHPEO\EDFNVKDNH
RXWH[FHVVZDWHUDQGWKHQGU\WKHPWKRURXJKO\
E\VHWWLQJLQDZDUPRYHQIRUPLQXWHV
5HSODFHPHQW%XUQHU+HDGVRQVRPHPRGHOV
5HSODFHEXUQHUKHDGVRYHUWKHHOHFWURGHVRQ
WKHFRRNWRSLQWKHFRUUHFWORFDWLRQVDFFRUGLQJ
WRWKHLUVL]H7KHUHLVRQHVPDOORQHPHGLXP
RQHODUJHDQGRQHH[WUDODUJHEXUQHUKHDG
0DNHVXUHWKHVORWRUKROHGHSHQGLQJRQPRGHOLQ
WKHEXUQHUKHDGLVSRVLWLRQHGRYHUWKHHOHFWURGH
2YDO&HQWHU%XUQHU+HDG&DS$VVHPEO\
5HSODFHWKHRYDOFHQWHUKHDGFDSDVVHPEO\RYHU
WKHHOHFWURGHRQWKHFRRNWRS
&DSV
5HSODFHWKHPDWFKLQJVL]HFDSVRQWRWKHEXUQHU
EDVHVRUKHDGV
0DNHVXUHWKDWWKHKHDGVRQVRPHPRGHOVDQG
FDSVDUHUHSODFHGLQWKHFRUUHFWORFDWLRQV
7KHRYDOEXUQHUKHDGFDSDVVHPEO\LV
UHPRYDEOH6LPSO\OLIWLWRIIWKHUDQJHIRU
FOHDQLQJ8VHDVHZLQJQHHGOHRUWZLVWWLH
WRXQFORJWKHVPDOOKROHLQWKHEXUQHU
KHDGV
%XUQHUFDSLV
SURSHUO\VHDWHG
%XUQHUFDSLV
127SURSHUO\
VHDWHG
)URQWRIUDQJH
7ULULQJFDS
RQVRPHPRGHOV
RQVRPHPRGHOV
(OHFWURGH
6ORW
)URQWRIUDQJH
2YDOKHDGDQGFDS
DVVHPEO\
0DNHVXUHWKHVORWLQWKH
EXUQHUKHDGLVSRVLWLRQHG
RYHUWKHHOHFWURGH
+ROHLQ
EXUQHU
KHDG
(OHFWURGH
%XUQHUKHDG
%XUQHUEDVH
7ULULQJKHDGRQVRPHPRGHOV
0DNHVXUHWKHULQJLQWKHEXUQHUKHDG
LVSRVLWLRQHGRYHUWKHHOHFWURGHDQG
WKDWWKHEXUQHUKHDGLVIXOO\LQVHUWHG
LQVLGHWKHEXUQHUEDVH$VPDOOJDS
EHWZHHQWKHEDVHDQGKHDGLVQRUPDO
(OHFWURGH
6WDELOLW\FKDPEHU
%XUQHU
EDVH
)URQWULJKWKHDGRQVRPHPRGHOV
IURQWOHIWKHDGEDFNULJKWKHDGDQG
EDFNOHIWKHDG
0DNHVXUHWKHVORWLQWKHEXUQHUKHDG
LVSRVLWLRQHGRYHUWKHHOHFWURGH
8VHDVHZLQJ
QHHGOHRUWZLVWWLH
WRXQFORJWKH
VPDOOKROHLQWKH
EXUQHUKHDG
%XUQHUKHDGVRQVRPHPRGHOV
7KHEXUQHUKHDGVRQVRPHPRGHOV
DUHUHPRYDEOH6LPSO\OLIWWKHPRII
WKHUDQJHIRUFOHDQLQJ
%XUQHUKHDG
)URQWRIUDQJH
7ULULQJKHDG
RQVRPHPRGHOV
RQVRPHPRGHOV
6ORW
(OHFWURGH
RU
+ROH
(OHFWURGH

*($SSOLDQFHVFRP

%XUQHU*UDWHV
<RXUUDQJHKDVGRXEOHJUDWHVRUVLQJOH
JUDWHV7KHVHJUDWHVDUHSRVLWLRQVSHFLILF)RU
PD[LPXPVWDELOLW\WKHVHJUDWHVVKRXOGRQO\EH
XVHGLQWKHLUSURSHUSRVLWLRQWKH\FDQQRWEH
LQWHUFKDQJHGOHIWWRULJKWRUIURQWWREDFN)RU
FRQYHQLHQFHRQGRXEOHJUDWHVWKHXQGHUVLGHV
RIWKHOHIWDQGULJKWJUDWHVDUHPDUNHG´/()7
)5217µDQG´5,*+7)5217µ0DNHVXUHWKH
IURQWSRUWLRQRIERWKJUDWHVLVLQIURQW7KH
PLGGOHJUDWHKDVDERZLQIURQW0DNHVXUHWKH
ERZHGSRUWLRQLVWRZDUGWKHIURQWRIWKHUDQJH
,QDGGLWLRQWKHPLGGOHJUDWHLVVXSSRUWHGE\WKH
OHIWDQGULJKWJUDWHVDQGPXVWEHLQVWDOOHG/$67
IRUVWDELOLW\
&OHDQLQJ
/LIWRXWZKHQFRRO*UDWHVVKRXOGEHZDVKHG
UHJXODUO\DQGRIFRXUVHDIWHUVSLOORYHUV:DVK
WKHPLQKRWVRDS\ZDWHUDQGULQVHZLWKFOHDQ
ZDWHU:KHQUHSODFLQJWKHJUDWHVEHVXUH
WKH\DUHSRVLWLRQHGVHFXUHO\RYHUWKHEXUQHUV
5HSODFHWKHJUDWHVVRWKDWFRQWLQXRXVDUFVDUH
IRUPHGZLWKWKHFHQWHUULEVRIDOOWKUHHJUDWHV
'RQRWRSHUDWHDEXUQHUIRUDQH[WHQGHGSHULRG
RIWLPHZLWKRXWFRRNZDUHRQWKHJUDWH7KH
ILQLVKRQWKHJUDWHPD\FKLSZLWKRXWFRRNZDUH
WRDEVRUEWKHKHDW
7RJHWULGRIEXUQHGRQIRRGSODFHWKHJUDWHVLQ
DFRYHUHGFRQWDLQHU$GGFXSDPPRQLDDQG
OHWWKHPVRDNVHYHUDOKRXUVRURYHUQLJKW:DVK
ULQVHZHOODQGGU\
$OWKRXJKWKH\DUHGXUDEOHWKHJUDWHVZLOO
JUDGXDOO\ORVHWKHLUVKLQHUHJDUGOHVVRIWKH
EHVWFDUH\RXFDQJLYHWKHP7KLVLVGXHWRWKHLU
FRQWLQXDOH[SRVXUHWRKLJKWHPSHUDWXUHV<RX
ZLOOQRWLFHWKLVVRRQHUZLWKOLJKWHUFRORUJUDWHV
127('RQRWFOHDQWKHJUDWHVLQDVHOIFOHDQLQJ
RYHQ
7KHJUDWHVPD\EHFOHDQHGLQD
GLVKZDVKHU
$SSHDUDQFHPD\YDU\
/HIW)URQW
5LJKW)URQW
&HQWHU
/RGJH
5HYHUVLEOH&DVW,URQ*ULGGOHRQVRPHPRGHOV
1RQVWLFN*ULGGOHRQVRPHPRGHOV
■ 5LQVHZLWKKRWZDWHUGRQRWXVHVRDSDQG
GU\WKRURXJKO\
■ %HIRUHFRRNLQJSUHSDUHWKHVXUIDFHZLWK
FRRNLQJVSUD\RUYHJHWDEOHRLO
■ $IWHUFRRNLQJFOHDQWKHJULGGOHZLWKDVWLII
EUXVKDQGKRWZDWHU8VLQJVRDSLVQRW
UHFRPPHQGHGDQGKDUVKGHWHUJHQWVVKRXOG
QHYHUEHXVHG
■ 7RZHOGU\LPPHGLDWHO\DQGDSSO\DOLJKWFRDW
RIFRRNLQJVSUD\RUYHJHWDEOHRLOZKLOHWKH
JULGGOHLVVWLOOZDUP
■ 6WRUHLQDFRROGU\SODFH
■ 'RQRWZDVKLQWKHGLVKZDVKHU
*ULGGOH3UHFDXWLRQV
■,IVRPHWKLQJKDVVSLOOHGXQGHUWKHJULGGOHLW
VKRXOGEHFOHDQHGXSDVVRRQDVSRVVLEOHWR
SUHYHQW´EDNHGRQµIRRGVRLO
■'RQRWDOORZJUHDVHWRDFFXPXODWHXQGHUWKH
JULGGOHDVLWFDQEHDILUHKD]DUG&OHDQXQGHU
WKHJULGGOHDVVRRQDVLWLVFRRO&OHDQZLWK
KRWVRDS\ZDWHU
■'RQRWSODFH\RXUJULGGOHLQWKHPLFURZDYH
■$OZD\VWXUQRIIDOOVXUIDFHEXUQHUVEHIRUH
UHPRYLQJWKHJULGGOH8VHFDXWLRQZKHQ
KDQGOLQJDKRWJULGGOH
127(6
■ 7KHJULGGOHLVWREHXVHGRYHUWKHFHQWHU
EXUQHURQO\
■ 'RQRWFOHDQWKHJULGGOHLQDVHOIFOHDQLQJ
RYHQ
■ 'RQRWFOHDQWKHJULGGOHLQDGLVKZDVKHU
■ :DVKZLWKKRWVRDS\ZDWHUDIWHUHDFKXVH
ZKLOHXVLQJDVSRQJHRUGLVKFORWK
■ ,IRLORUIRRGUHVLGXHLVOHIWRQWKHJULGGOH
IXUWKHUFRRNLQJZLOOKDUGHQWKHUHVLGXHDQG
FDXVHVWLFNLQJRYHUWLPH,QWKLVFDVHXVHD
QRQDEUDVLYHFOHDQVHUVXFKDV%RQ$PL
RURQHRIWKHVRIWVFUXEFOHDQVHUV$SSO\
ZLWKDVSRQJH6FUXQJHRURWKHUFOHDQLQJ
SDGODEHOHGVDIHIRUQRQVWLFNSDQV
■ 8VHRQO\SODVWLFQ\ORQRUZRRGHQXWHQVLOV
RU6LOYHU6WRQHNLWFKHQWRROVWRSUHYHQW
PDUULQJRIWKHFRDWLQJ
■ 1HYHUXVHNQLYHVRUFXWIRRGRQWKHJULG
GOH:DVKZLWKKRWVRDS\ZDWHUDIWHUHDFK
XVH6WRUHFDUHIXOO\WRSUHYHQWVFUDWFKLQJ
*ULGGOH3UHFDXWLRQV
■ ,IVRPHWKLQJKDVVSLOOHGXQGHUWKHJULGGOH
LWVKRXOGEHFOHDQHGXSDVVRRQDVSRVVLEOH
WRSUHYHQW´EDNHGRQµIRRGVRLO
■ 'RQRWDOORZJUHDVHWRDFFXPXODWHXQGHU
WKHJULGGOHDVLWFDQEHDILUHKD]DUG&OHDQ
XQGHUWKHJULGGOHDVVRRQDVLWLVFRRO
&OHDQZLWKKRWVRDS\ZDWHU
■ 'RQRWSODFH\RXUJULGGOHLQWKHPLFUR
ZDYH
■ $OZD\VWXUQDOOVXUIDFHEXUQHUVEHIRUH
UHPRYLQJWKHJULGGOH8VHFDXWLRQZKHQ
KDQGOLQJDKRWJULGGOH
&DUHDQGFOHDQLQJRIWKHUDQJH

%XUQHU*UDWHVIRU0RGHO&62QO\
<RXUUDQJHKDVWKUHHSURIHVVLRQDOVW\OHGRXEOH
JUDWHV7KHVHJUDWHVDUHSRVLWLRQVSHFLILF)RU
PD[LPXPVWDELOLW\WKHVHJUDWHVVKRXOGRQO\EH
XVHGLQWKHLUSURSHUSRVLWLRQ)RUFRQYHQLHQFH
WKHXQGHUVLGHVRIWKHVLGHJUDWHVDUHPDUNHG
´2876,'(µ0DNHVXUHWKHIURQWSRUWLRQRI
ERWKJUDWHVLVLQIURQW7KHFHQWHUJUDWHFDQEH
LQWHUFKDQJHGIURQWWREDFN
&OHDQLQJ*UDWHV6RDSDQG:DWHU
/LIWJUDWHVRXWZKHQFRRO*UDWHVVKRXOGEH
ZDVKHGUHJXODUO\DQGRIFRXUVHDIWHUVSLOORYHUV
:DVKWKHPLQKRWVRDS\ZDWHUDQGULQVHZLWK
FOHDQZDWHU:KHQUHSODFLQJWKHJUDWHVEHVXUH
WKH\DUHSRVLWLRQHGVHFXUHO\RYHUWKHEXUQHUV
5HSODFHWKHJUDWHVVRWKDWVWUDLJKWOLQHVDUH
IRUPHGZLWKWKHFHQWHUULEVRIDOOWKUHHJUDWHV
&OHDQLQJ*UDWHV³6HOI&OHDQ2YHQ
7RJHWULGRIEXUQHGRQIRRG\RXPD\XVHWKH
VHOIFOHDQF\FOHRI\RXUUDQJH5HPRYHDQ\
EXUQWRQIRRGSDUWLFOHVWKDW\RXFDQSULRUWR
SODFLQJWKHJUDWHVLQWKHRYHQ3ODFHWKHJUD\
SRUFHODLQFRDWHGUDFNVLQSRVLWLRQV´5µ´%µDQG
´'µ
127('RQRWFOHDQWKHJULGGOHLQWKHVHOI
FOHDQLQJRYHQ
3ODFHRQHJUDWHHDFKRQWKHRYHQUDFNVIURP
VLGHWRVLGH)ROORZWKHLQVWUXFWLRQVIRUKRZWR
VHWWKHXSSHURYHQIRUFOHDQLQJ
127(8VHFDXWLRQZKHQUHPRYLQJWKHJUDWHV
IURPWKHRYHQDIWHUWKHVHOIFOHDQF\FOHKDV
HQGHG7KHJUDWHVPD\VWLOOEHKRW
)RUKHDYLO\VRLOHGJUDWHV\RXPD\QRWLFHVRPH
ZKLWHDVKRQWKHJUDWH:LSHLWRIIZLWKDGDPS
FORWKDIWHUWKHJUDWHFRROV,IZKLWHVSRWVUHPDLQ
UHPRYHWKHPZLWKDVRDSILOOHGVFRXULQJSDG
DQGULQVHWKRURXJKO\ZLWKDYLQHJDUDQGZDWHU
PL[WXUH
7KHVHGHSRVLWVDUHXVXDOO\DVDOWUHVLGXHWKDW
FDQQRWEHUHPRYHGE\WKHFOHDQF\FOH
&OHDQLQJ*UDWHV³'LVKZDVKHU
7KHJUDWHVPD\EHFOHDQHGLQWKHGLVKZDVKHU
5HPRYHDQ\EXUQWRQIRRGSDUWLFOHVWKDW
\RXFDQSULRUWRSODFLQJWKHJUDWHVLQWKH
GLVKZDVKHU3ODFHWKHPRQWKHORZHVWUDFN
RIWKHGLVKZDVKHUDQGUXQRQD´KHDY\GXW\µ
F\FOH
'RQRWRSHUDWHDEXUQHUIRUDQH[WHQGHGSHULRG
RIWLPHZLWKRXWFRRNZDUHRQWKHJUDWH7KH
ILQLVKRQWKHJUDWHPD\FKLSZLWKRXWFRRNZDUH
WRDEVRUEWKHKHDW
$OWKRXJKWKHJUDWHVDUHGXUDEOHWKH\ZLOO
JUDGXDOO\ORVHWKHLUVKLQHUHJDUGOHVVRIWKH
EHVWFDUH\RXFDQJLYHWKHP7KLVLVGXHWRWKHLU
FRQWLQXDOH[SRVXUHWRKLJKWHPSHUDWXUHVDQG
DEUDVLRQE\WKHFRRNZDUH
6XSSRUW%XPSHUV
,IRQHRUPRUHRIWKHFLUFXODUVLOLFRQHJUDWH
VXSSRUWEXPSHUVLQWKHFRRNWRSDUHPLVVLQJRU
GDPDJHGUHSODFHPHQWSDUWVFDQEHREWDLQHG
E\FDOOLQJ*(&$5(6
7RLQVHUWWKHQHZEXPSHUVVLPSO\LQVHUWWKHFRQH
VKDSHGHQGDQGSXVKGRZQZKLOHJHQWO\WZLVWLQJRU
URFNLQJWKHEXPSHU
7KHJUDWHVPD\EHFOHDQHGLQD
GLVKZDVKHU
7KHRYHQKDVUDFNSRVLWLRQV
3ODFHWKHJUD\SRUFHODLQFRDWHG
UDFNVLQSRVLWLRQV´5µ´%µDQG´'µ
IRUVHOIFOHDQLQJWKHJUDWHV3ODFH
RQHJUDWHHDFKRQWKHRYHQUDFNV
IURPVLGHWRVLGH
$SSHDUDQFHPD\YDU\
2XWVLGH
*UDWH
&HQWHU
*UDWH
2XWVLGH
*UDWH
2YHQ$LU9HQWV
1HYHUEORFNWKHYHQWVDLURSHQLQJVRIWKH
UDQJH7KH\SURYLGHWKHDLULQOHWDQGRXWOHWWKDW
DUHQHFHVVDU\IRUWKHUDQJHWRRSHUDWHSURSHUO\
ZLWKFRUUHFWFRPEXVWLRQ
$LURSHQLQJVDUHORFDWHGDWWKHUHDURIWKH
FRRNWRSDWWKHWRSDQGERWWRPRIWKHRYHQ
GRRUDQGDWWKHERWWRPRIWKHUDQJH
8SSHU&RQWURO3DQHO
2QPRGHOVVRHTXLSSHGORFNRXWWKHWRXFKSDGV
EHIRUHFOHDQLQJ
6HHWKH*DV&RQWURO/RFNRXWLQIRUPDWLRQLQ
WKH6SHFLDOIHDWXUHVRI\RXURYHQFRQWUROVHFWLRQ
LQWKLVPDQXDO
&OHDQXSVSODWWHUVZLWKDGDPSFORWK
<RXPD\DOVRXVHDJODVVFOHDQHU
5HPRYHKHDYLHUVRLOZLWKZDUPVRDS\ZDWHU
'RQRWXVHDEUDVLYHVRIDQ\NLQG
8QORFNWKHWRXFKSDGVDIWHUFOHDQLQJ
9HQWDSSHDUDQFHDQGORFDWLRQYDU\
Gas/Control
&RRNWRS6XUIDFH
7RDYRLGGDPDJLQJWKHSRUFHODLQHQDPHO
VXUIDFHRIWKHFRRNWRSDQGWRSUHYHQWLWIURP
EHFRPLQJGXOOFOHDQXSVSLOOVULJKWDZD\)RRGV
ZLWKDORWRIDFLGWRPDWRHVVDXHUNUDXWIUXLW
MXLFHVHWFRUIRRGVZLWKKLJKVXJDUFRQWHQW
FRXOGFDXVHDGXOOVSRWLIDOORZHGWRVHW
:KHQWKHVXUIDFHKDVFRROHGZDVKDQGULQVH
)RURWKHUVSLOOVVXFKDVIDWVSDWWHULQJVZDVK
ZLWKVRDSDQGZDWHURQFHWKHVXUIDFHKDV
FRROHG7KHQULQVHDQGSROLVKZLWKDGU\FORWK
127()RUVWDLQOHVVVWHHOFRRNWRSVUHIHUWRWKH
6WDLQOHVVVWHHOVXUIDFHVVHFWLRQ
*($SSOLDQFHVFRP
/RZHU&RQWURO3DQHO)URQW0DQLIROG3DQHODQG.QREV
,W·VDJRRGLGHDWRZLSHWKHFRQWUROSDQHODIWHU
HDFKXVHRIWKHRYHQ8VHDGDPSFORWKWR
FOHDQRUULQVH)RUFOHDQLQJXVHPLOGVRDSDQG
ZDWHURUDVROXWLRQRIYLQHJDUDQGZDWHU
)RUULQVLQJXVHFOHDQZDWHU3ROLVKGU\ZLWKD
VRIWFORWK
'RQRWXVHDEUDVLYHFOHDQVHUVVWURQJOLTXLG
FOHDQHUVSODVWLFVFRXULQJSDGVRURYHQFOHDQHUV
RQWKHFRQWUROSDQHO³WKH\ZLOOGDPDJHWKH
ILQLVK
'RQRWWU\WREHQGNQREVE\SXOOLQJWKHPXS
RUGRZQRUE\KDQJLQJDWRZHORURWKHUVXFK
ORDGV7KLVFDQGDPDJHWKHJDVYDOYHVKDIW
7KHFRQWURONQREVPD\EHUHPRYHGIRUHDVLHU
FOHDQLQJ
0DNHVXUHWKHNQREVDUHLQWKH2))SRVLWLRQV
DQGSXOOWKHPVWUDLJKWRIIWKHVWHPVIRU
FOHDQLQJ
7KHNQREVFDQEHFOHDQHGLQDGLVKZDVKHURU
WKH\PD\DOVREHZDVKHGZLWKVRDSDQGZDWHU
0DNHVXUHWKHLQVLGHVRIWKHNQREVDUHGU\
EHIRUHUHSODFLQJ
5HSODFHWKHNQREVLQWKH2))SRVLWLRQWRHQVXUH
SURSHUSODFHPHQW
0HWDOSDUWVFDQEHFOHDQHGZLWKVRDSDQG
ZDWHU'RQRWXVHVWHHOZRRODEUDVLYHV
DPPRQLDDFLGVRUFRPPHUFLDORYHQFOHDQHUV
'U\ZLWKDVRIWFORWK
7RGHWHUPLQHWKHFRUUHFWORFDWLRQRIWKHNQRE
RQWKHIURQWFRQWUROSDQHOH[DPLQHWKHEDFN
RIWKHNQRE.QREVZLWKODEHOVDQGWZRVWHP
KROHVDUHQRWLQWHUFKDQJHDEOHZLWKRWKHU
W\SHVRINQREVDQGVKRXOGEHUHWXUQHGWRWKH
IURQWSDQHOILUVW/RFDWHWKHSURSHUSRVLWLRQ
E\PDWFKLQJWKHODEHODQGWKHIURQWSDQHO
GHVFULSWLRQRUE\PDWFKLQJWKHVKDSHRIWKH
NQREKROHVWRWKHVKDSHRIWKHFRQWUROSDQHO
VWHPV.QREVZLWKRXWODEHOVDQGRQO\RQHVWHP
KROHFDQEHUHWXUQHGWRDQ\SRVLWLRQRQWKH
IURQWFRQWUROSDQHOWKDWKDVRQO\RQHVWHP
6XUIDFHEXUQHUNQRE
8SSHURYHQNQRERQVRPHPRGHOV
5HGOLQH
6WHP
/DEHO
6WHP
KROHV

&DUHDQGFOHDQLQJRIWKHUDQJH
2YHQ%RWWRP
7KHRYHQERWWRPKDVDSRUFHODLQHQDPHO
ILQLVK7RPDNHFOHDQLQJHDVLHUSURWHFWWKH
RYHQERWWRPIURPH[FHVVLYHVSLOORYHUVE\
SODFLQJDFRRNLHVKHHWRQWKHUDFNEHORZWKH
UDFN\RXDUHFRRNLQJRQ7KLVLVSDUWLFXODUO\
LPSRUWDQWZKHQEDNLQJDIUXLWSLHRURWKHU
IRRGVZLWKDKLJKDFLGFRQWHQW+RWIUXLW
ILOOLQJVRURWKHUIRRGVWKDWDUHKLJKO\DFLGLF
VXFKDVWRPDWRHVVDXHUNUDXWDQGVDXFHV
ZLWKYLQHJDURUOHPRQMXLFHPD\FDXVHSLWWLQJ
DQGGDPDJHWRWKHSRUFHODLQHQDPHOVXUIDFH
DQGVKRXOGEHZLSHGXSLPPHGLDWHO\
7RFOHDQXSVSLOORYHUVXVHVRDSDQGZDWHUDQ
DEUDVLYHFOHDQHURUVRDSILOOHGVFRXULQJSDG
5LQVHZHOOWRUHPRYHDQ\VRDSEHIRUHVHOI
FOHDQLQJ
7KHGRRULVYHU\KHDY\%HFDUHIXOZKHQ
UHPRYLQJDQGOLIWLQJWKHGRRU
'RQRWOLIWWKHGRRUE\WKHKDQGOH
7RUHPRYHWKHGRRU
)XOO\RSHQWKHGRRU
3XOOWKHKLQJHORFNVGRZQWRZDUGWKHGRRU
IUDPHWRWKHXQORFNHGSRVLWLRQ$WRRO
VXFKDVDVPDOOIODWEODGHVFUHZGULYHU
PD\EHUHTXLUHG
)LUPO\JUDVSERWKVLGHVRIWKHGRRUDWWKH
WRS
&ORVHGRRUWRWKHGRRUUHPRYDOSRVLWLRQ
ZKLFKLVKDOIZD\EHWZHHQWKHEURLOVWRS
SRVLWLRQDQGIXOO\FORVHG
/LIWGRRUXSDQGRXWXQWLOWKHKLQJHDUP
LVFOHDURIWKHVORW
7RUHSODFHWKHGRRU
)LUPO\JUDVSERWKVLGHVRIWKHGRRUDWWKH
WRS
:LWKWKHGRRUDWWKHVDPHDQJOH
DVWKHUHPRYDOSRVLWLRQVHDWWKH
LQGHQWDWLRQRIWKHKLQJHDUPLQWRWKH
ERWWRPHGJHRIWKHKLQJHVORW7KHQRWFK
LQWKHKLQJHDUPPXVWEHIXOO\VHDWHGLQWR
WKHERWWRPRIWKHVORW
)XOO\RSHQWKHGRRU,IWKHGRRUZLOOQRW
IXOO\RSHQWKHLQGHQWDWLRQLVQRWVHDWHG
FRUUHFWO\LQWKHERWWRPHGJHRIWKHVORW
3XVKWKHKLQJHORFNVXSDJDLQVWWKHIURQW
IUDPHRIWKHRYHQFDYLW\WRWKHORFNHG
SRVLWLRQ
&ORVHWKHRYHQGRRU
/LIW2II2YHQ'RRURQVRPHPRGHOV
+LQJH
ORFN
5HPRYDOSRVLWLRQ
+LQJH
ORFN
3XVKKLQJHORFNVXSWRORFN
3XOOKLQJHORFNVGRZQWRXQORFN
,QGHQWDWLRQ
%RWWRP
HGJHRI
VORW
+LQJHDUP
6ORW
+LQJH
DUP
2YHQ5DFNV
$OORYHQUDFNVPD\EHFOHDQHGE\KDQGZLWKDQ
DEUDVLYHFOHDQHURUVWHHOZRRO$IWHUFOHDQLQJ
ULQVHWKHUDFNVZLWKFOHDQZDWHUDQGGU\ZLWKD
FOHDQFORWK*UD\SRUFHODLQFRDWHGRYHQUDFNV
PD\UHPDLQLQWKHRYHQGXULQJWKHVHOIFOHDQLQJ
F\FOHZLWKRXWEHLQJGDPDJHG7KHQLFNHOSODWHG
RYHQUDFNVPD\UHPDLQLQWKHRYHQGXULQJWKH
VHOIFOHDQLQJF\FOHEXWWKH\ZLOOORVHWKHLUOXVWHU
DQGEHFRPHKDUGWRVOLGH,WZLOOEHQHFHVVDU\
WRJUHDVHDOORYHQUDFNVLGHHGJHVZLWKDOLJKW
FRDWLQJRIYHJHWDEOHRLODIWHUFOHDQLQJWKHPE\
KDQGRULQWKHRYHQ7KLVZLOOKHOSPDLQWDLQWKH
HDVHRIVOLGLQJWKHUDFNVLQDQGRXWRIWKHRYHQ

*($SSOLDQFHVFRP

&OHDQLQJWKH'RRU
7RFOHDQWKHLQVLGHRIWKHGRRU
■'RQRWDOORZH[FHVVZDWHUWRUXQLQWRDQ\
KROHVRU
VORWVLQWKHGRRU
■:LSHGLVKZDVKLQJGHWHUJHQWRYHUDQ\
EDNHGRQVSODWWHUV
RQWKHJODVV8VHDVLQJOH
VLGHGVDIHW\UD]RUEODGHWRFOHDQLWRII7KHQ
ZLSHRYHUWKHJODVVZLWKDVRDS\FORWKWR
UHPRYHDQ\UHVLGXHDQGGU\RII
■7KHDUHDRXWVLGHWKHJDVNHWFDQEHFOHDQHG
ZLWKDVRDSILOOHGSODVWLFVFRXULQJSDG
7RFOHDQWKHRXWVLGHRIWKHGRRU
■8VHVRDSDQGZDWHUWRWKRURXJKO\FOHDQWKH
WRSVLGHV
DQGIURQWRIWKHRYHQGRRU5LQVH
ZHOO<RXPD\DOVRXVHDJODVVFOHDQHUWR
FOHDQWKHJODVVRQWKHRXWVLGH
RIWKHGRRU
■6SLOODJHRIPDULQDGHVIUXLWMXLFHVWRPDWR
VDXFHVDQG
EDVWLQJPDWHULDOVFRQWDLQLQJ
DFLGVPD\FDXVHGLVFRORUDWLRQDQGVKRXOGEH
ZLSHGXSLPPHGLDWHO\:KHQWKHVXUIDFHLV
FRROFOHDQDQGULQVH
■'RQRWXVHRYHQFOHDQHUVFOHDQVLQJSRZGHUV
RUKDUVKDEUDVLYHVRQWKH
RXWVLGHRIWKHGRRU
7KHJDVNHWLVGHVLJQHGZLWKDJDS
DWWKHERWWRPWRDOORZIRUSURSHU
DLUFLUFXODWLRQ
'RQRWUXERUFOHDQWKHGRRU
JDVNHW³LWKDVDQH[WUHPHO\ORZ
UHVLVWDQFHWRDEUDVLRQ
,I\RXQRWLFHWKHJDVNHWEHFRPLQJ
ZRUQIUD\HGRUGDPDJHGLQDQ\
ZD\RULILWKDVEHFRPHGLVSODFHG
RQWKHGRRU\RXVKRXOGKDYHLW
UHSODFHG
6WDLQOHVV6WHHO6XUIDFHV
RQVRPHPRGHOV
'RQRWXVHDVWHHOZRROSDGLWZLOOVFUDWFKWKH
VXUIDFH
,03257$17$33/<$3527(&7,9(&2$7
2)&(5$0$%5<7(
67$,1/(6667((/
%5,*+7(1(53DUW:%7%()25(
86,1*
7KLVZLOOKHOS\RXWRPDLQWDLQWKHEULJKWQHVV
DQGDSSHDUDQFHRI\RXUVWDLQOHVVVWHHOUDQJH
■,QRUGHUWRDYRLGDQ\GLVFRORUDWLRQVDQGRU
JUHDVHVWDLQVZHUHFRPPHQGFOHDQLQJDQG
UHPRYLQJDQ\VSLOOVVSRWVDQGJUHDVHIURP
WKHUDQJHDIWHUXVH
■,WLVLPSRUWDQWWRXVHDVRIWFORWKRUSDSHU
WRZHOHYHU\WLPHWKHUDQJHLVFOHDQHGWR
DYRLGDQ\VFUDWFKHV
5HDGFDUHIXOO\WKHLQVWUXFWLRQVRQWKHEDFNRI
WKH%ULJKWHQHUIRUEHWWHUUHVXOWV
&OHDQLQJ,QVWUXFWLRQV
5HPRYHJUDWHV
:DVKXVLQJZDUPVRDS\ZDWHU
:HWVRIWFORWKRUSDSHUWRZHODYRLGXVLQJ
H[FHVVLYHZDWHU
:LSHWKHVXUIDFHLQWKHGLUHFWLRQRIWKHJUDLQ
IROORZLQJWKHVWHHOOLQHV
5LQVHDQGZULQJRXWDVRIWFORWKRUSDSHU
WRZHODQGGU\WKHUDQJH
$SSO\DGHJUHDVHUWKDWGRHVQRWFRQWDLQ
VRGLXPK\GUR[LGHRUVWDLQOHVVVWHHOFOHDQHU
IROORZLQVWUXFWLRQV
 $SSO\&HUDPD%U\WH
6WDLQOHVV6WHHO
%ULJKWHQHUIROORZLQVWUXFWLRQV
5HSHDWVWHSV²DVPDQ\WLPHVDVQHHGHG
3XWJUDWHVEDFNLQSODFH
)ROORZWKHVHLQVWUXFWLRQVIRUDQ\VWDLQOHVVVWHHO
VXUIDFHRQ\RXUUDQJH
'212786(IRUFRRNWRSRUVWDLQOHVVVWHHO
SDUWVFOHDQLQJ
&DXVWLFO\HVRGLXPK\GUR[LGHRUFOHDQHUV
FRQWDLQLQJWKLVFKHPLFDO
+DUGRUVWHHOZRROSDGV
$EUDVLYHPDWHULDOVRUFKHPLFDOV
7RLQTXLUHDERXWSXUFKDVLQJVWDLQOHVVVWHHO
DSSOLDQFHFOHDQHURUSROLVKRUWRILQGWKH
ORFDWLRQRIDGHDOHUQHDUHVW\RXSOHDVHFDOORXU
WROOIUHHQXPEHU
1DWLRQDO3DUWV&HQWHU 86
&DQDGD
*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
5HPRYDEOH6WRUDJH'UDZHURQVRPHPRGHOV
7KHVWRUDJHGUDZHULVDJRRGSODFHWRVWRUH
FRRNZDUHDQGEDNHZDUH'RQRWVWRUHSODVWLFV
DQGIODPPDEOHPDWHULDOLQWKHGUDZHU
7KHVWRUDJHGUDZHUPD\EHUHPRYHG
IRUFOHDQLQJXQGHUWKHUDQJH&OHDQWKHVWRUDJH
GUDZHUZLWKDGDPSFORWKRUVSRQJH1HYHUXVH
KDUVKDEUDVLYHVRUVFRXULQJSDGV7RUHPRYH
VWRUDJHGUDZHU
3XOOGUDZHUVWUDLJKWRXWXQWLOLWVWRSV
7LOWWKHIURQWRIWKHGUDZHUXSDQGIUHHRI
WKHUDQJH
7RUHSODFHVWRUDJHGUDZHU
6HWWKHVWRSVRQWKHEDFNRIWKHGUDZHU
RYHUWKHVWRSVLQWKHUDQJH
6OLGHGUDZHUHYHQO\DQGVWUDLJKWEDFNVR
WKDWWKHUDLOVLQWKHUDQJHDUHHQJDJHG
7KHVWRUDJHGUDZHUPD\EH
UHPRYHGIRUFOHDQLQJXQGHUWKH
UDQJH
5HPRYDEOH'UDZHU:DUPLQJ'UDZHU0RGHOVRQO\
0RVWFOHDQLQJFDQEHGRQHZLWKWKHGUDZHULQ
SODFH+RZHYHUWKHGUDZHUPD\EHUHPRYHGLI
IXUWKHUFOHDQLQJLVQHHGHG8VHVRDSDQGZDUP
ZDWHUWRWKRURXJKO\FOHDQ
7RUHPRYHWKHGUDZHU
3XOOWKHGUDZHUVWUDLJKWRXWXQWLO
LWVWRSV
3UHVVWKHOHIWUDLOUHOHDVHXSDQGSUHVVWKH
ULJKWUDLOUHOHDVHGRZQZKLOHSXOOLQJWKH
GUDZHUIRUZDUGDQGIUHH
7RUHSODFHWKHGUDZHU
3ODFHWKHOHIWGUDZHUUDLODURXQGWKHLQQHU
OHIWUDLOJXLGHDQGVOLGHLWLQ
VOLJKWO\WRKRRNLW
3ODFHWKHULJKWGUDZHUUDLODURXQGWKHLQQHU
ULJKWUDLOJXLGHDQGVOLGHLWLQVOLJKWO\WR
KRRNLW
6OLGHWKHGUDZHUDOOWKHZD\LQ
127()RUPRGHOVZLWKDQHOHFWULFZDUPLQJ
GUDZHUEHIRUHSHUIRUPLQJDQ\DGMXVWPHQWV
FOHDQLQJRUVHUYLFHGLVFRQQHFWWKHUDQJH
HOHFWULFDOSRZHUVXSSO\DWWKHKRXVHKROG
GLVWULEXWLRQSDQHOE\UHPRYLQJWKHIXVHRU
VZLWFKLQJRIIWKHFLUFXLWEUHDNHU0DNHVXUH
WKHZDUPLQJGUDZHUKHDWLQJHOHPHQWLVFRRO
&DUHDQGFOHDQLQJRIWKHUDQJH

2YHQ/LJKW5HSODFHPHQWRQVRPHPRGHOV
%HVXUHWROHWWKHOLJKWFRYHUDQGEXOEFRRO
FRPSOHWHO\
7RUHPRYHWKHFRYHU
7ZLVWOHQVFRXQWHUFORFNZLVHDERXWD
TXDUWHUWXUQWRUHPRYH
'RQRWUHPRYHDQ\VFUHZVWRUHPRYHWKHFRYHU
5HSODFHEXOEZLWKDZDWWDSSOLDQFH
EXOERUWZRSURQJKDORJHQEXOEDV
DSSURSULDWH
7RUHSODFHWKHFRYHU
/LQHXSWDEVRIOHQVLQIURQWRIWDEVRQ
KRXVLQJDQGURWDWHFORFNZLVHWRHQJDJH
:$51,1*

6KRFNRU%XUQ+D]DUG%HIRUHUHSODFLQJRYHQOLJKWEXOEGLVFRQQHFWWKHHOHFWULFDOSRZHUWRWKH
UDQJHDWWKHPDLQIXVHRUFLUFXLWEUHDNHUSDQHO)DLOXUHWRGRVRPD\UHVXOWLQHOHFWULFVKRFNRUEXUQ
*($SSOLDQFHVFRP

5HPRYDEOH/RZHU2YHQ'UDZHU3DQ
127($OORZORZHURYHQGUDZHUWRFRROEHIRUH
UHPRYLQJSDQ
127(:LSHVSLOOVSURPSWO\DIWHUHDFKXVH
■1HYHUSODFHXVHRUVHOIFOHDQWKHORZHURYHQ
GUDZHUSDQLQWKHXSSHURYHQ
■/RZHURYHQGUDZHUKDVDUHPRYDEOHSDQIRU
HDV\FOHDQLQJ&OHDQZLWKKRWVRDS\ZDWHU
DQGDVSRQJHRUGLVKWRZHO'U\ZLWKDFOHDQ
FORWK$QRYHQFOHDQHUVXFKDV(DV\2II

PD\DOVREHXVHG%HVXUHWRIROORZWKH
GLUHFWLRQVRQWKHRYHQFOHDQHU5HSODFHWKH
SDQLQWKHORZHURYHQGUDZHU
127()RUPRGHOVZLWKDQHOHFWULFZDUPLQJ
GUDZHURUORZHURYHQGUDZHUEHIRUH
SHUIRUPLQJDQ\DGMXVWPHQWVFOHDQLQJRU
VHUYLFHGLVFRQQHFWWKHUDQJHHOHFWULFDOSRZHU
VXSSO\DWWKHKRXVHKROGGLVWULEXWLRQSDQHO
E\UHPRYLQJWKHIXVHRUVZLWFKLQJRIIWKH
FLUFXLWEUHDNHU0DNHVXUHWKHGUDZHUKHDWLQJ
HOHPHQWLVFRRO
5HPRYDEOH'UDZHU/RZHU2YHQ'UDZHU0RGHOVRQO\
0RVWFOHDQLQJFDQEHGRQHZLWKWKHGUDZHULQ
SODFH+RZHYHUWKHGUDZHUPD\EHUHPRYHGLI
IXUWKHUFOHDQLQJLVQHHGHG8VHVRDSDQGZDUP
ZDWHUWRWKRURXJKO\FOHDQ
7RUHPRYHWKHGUDZHU
3XOOWKHGUDZHUVWUDLJKWRXWXQWLO
LWVWRSV
3UHVVWKHWDEVRQERWKVLGHVLQZKLOH
SXOOLQJWKHGUDZHUIRUZDUGDQGIUHH
7RUHSODFHWKHGUDZHU
3ODFHWKHOHIWGUDZHUUDLODURXQGWKHLQQHU
OHIWUDLOJXLGHDQGVOLGHLWLQVOLJKWO\WRKRRN
LW
3ODFHWKHULJKWGUDZHUUDLODURXQGWKHLQQHU
ULJKWUDLOJXLGHDQGVOLGHLWLQVOLJKWO\WR
KRRNLW
6OLGHWKHGUDZHUDOOWKHZD\LQ
127()RUPRGHOVZLWKDQHOHFWULFZDUPLQJ
GUDZHURUORZHURYHQGUDZHUEHIRUH
SHUIRUPLQJDQ\DGMXVWPHQWVFOHDQLQJRU
VHUYLFHGLVFRQQHFWWKHUDQJHHOHFWULFDO
SRZHUVXSSO\DWWKHKRXVHKROGGLVWULEXWLRQ
SDQHOE\UHPRYLQJWKHIXVHRUVZLWFKLQJRII
WKHFLUFXLWEUHDNHU0DNHVXUHWKHZDUPLQJ
GUDZHUKHDWLQJHOHPHQWLVFRRO
%()25(<28%(*,1
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
,QVWDOODWLRQRIWKLVUDQJHPXVWFRQIRUPZLWKORFDO
FRGHVRULQWKHDEVHQFHRIORFDOFRGHVZLWKWKH
1DWLRQDO)XHO*DV&RGH$16,=1)3$ODWHVW
HGLWLRQ,Q&DQDGDLQVWDOODWLRQPXVWFRQIRUPZLWK
WKHFXUUHQW1DWXUDO*DV,QVWDOODWLRQ&RGH&$1
&*$%RUWKHFXUUHQW3URSDQH,QVWDOODWLRQ
&RGH&$1&*$%DQGZLWKORFDOFRGHVZKHUH
DSSOLFDEOH7KLVUDQJHKDVEHHQGHVLJQFHUWLILHGE\&6$
,QWHUQDWLRQDODFFRUGLQJWR$16,=ODWHVWHGLWLRQ
DQG&DQDGLDQ*DV$VVRFLDWLRQDFFRUGLQJWR&$1
&*$ODWHVWHGLWLRQ
$VZLWKDQ\DSSOLDQFHXVLQJJDVDQGJHQHUDWLQJKHDW
WKHUHDUHFHUWDLQVDIHW\SUHFDXWLRQV\RXVKRXOGIROORZ
<RXZLOOILQGWKHVHSUHFDXWLRQVLQWKH,PSRUWDQW6DIHW\
,QIRUPDWLRQVHFWLRQLQWKHIURQWRIWKLVPDQXDO5HDG
WKHPFDUHIXOO\
,03257$17²6DYHWKHVHLQVWUXFWLRQVIRU
ORFDOHOHFWULFDOLQVSHFWRU·VXVH
,03257$17²2EVHUYHDOOJRYHUQLQJ
FRGHVDQGRUGLQDQFHV
 1RWHWR,QVWDOOHU²/HDYHWKHVHLQVWUXFWLRQVZLWK
WKHDSSOLDQFHDIWHULQVWDOODWLRQLVFRPSOHWHG
 1RWHWR&RQVXPHU².HHSWKLV2ZQHU·V0DQXDO
DQG,QVWDOODWLRQ,QVWUXFWLRQVIRUIXWXUHUHIHUHQFH
 1RWH²7KLVDSSOLDQFHPXVWEHSURSHUO\JURXQGHG
 6HUYLFHU²7KHHOHFWULFDOGLDJUDPLVLQDQHQYHORSH
DWWDFKHGWRWKHEDFNRIWKHUDQJH
 3URSHULQVWDOODWLRQLVWKHUHVSRQVLELOLW\RIWKHLQVWDOOHU
 3URGXFWIDLOXUHGXHWRLPSURSHULQVWDOODWLRQLVQRW
FRYHUHGXQGHUWKH:DUUDQW\
0RELOH+RPH$GGLWLRQDO,QVWDOODWLRQ5HTXLUHPHQWV
7KHLQVWDOODWLRQRIWKLVUDQJHPXVWFRQIRUPWRWKH
0DQXIDFWXUHG+RPH&RQVWUXFWLRQDQG6DIHW\6WDQGDUG
7LWOH&)53DUWIRUPHUO\WKH)HGHUDO6WDQGDUG
IRU0RELOH+RPH&RQVWUXFWLRQXVHWKH6WDQGDUGIRU
0DQXIDFWXUHG+RPH,QVWDOODWLRQV$16,$1)3$
$RUZLWKORFDOFRGHV
0RELOHKRPHLQVWDOODWLRQVUHTXLUH
:KHQWKLVUDQJHLVLQVWDOOHGLQDPRELOHKRPHLWPXVW
EHVHFXUHGWRWKHIORRUGXULQJWUDQVLW$Q\PHWKRGRI
VHFXULQJWKHUDQJHLVDGHTXDWHDVORQJDVLWFRQIRUPVWR
WKHVWDQGDUGVOLVWHGDERYH
,QVWDOODWLRQ
5DQJH

,QVWUXFWLRQV

'RQRWVWRUHRUXVHFRPEXVWLEOHPDWHULDOVJDVROLQH
RURWKHUIODPPDEOHYDSRUVDQGOLTXLGVLQWKHYLFLQLW\
RIWKLVRUDQ\RWKHUDSSOLDQFH
,I\RXVPHOOJDV
2SHQZLQGRZV
'RQ·WWRXFKHOHFWULFDOVZLWFKHV
([WLQJXLVKDQ\RSHQIODPH
,PPHGLDWHO\FDOO\RXUJDVVXSSOLHU
)25<2856$)(7<

722/6<28:,//1(('
)ODWEODGHVFUHZGULYHU
3LSHZUHQFKHV
RQHIRUEDFNXS
3KLOOLSVVFUHZGULYHU
2SHQHQGRU
DGMXVWDEOHZUHQFK
3HQFLODQGUXOHU
'ULOODZORUQDLO
0$7(5,$/6<280$<1(('
*DVOLQHVKXWRIIYDOYH
3LSHMRLQWVHDODQWRU8/DSSURYHGSLSHWKUHDGWDSHZLWK
7HIORQWKDWUHVLVWVDFWLRQRIQDWXUDODQG/3JDVHV
)OH[LEOHPHWDODSSOLDQFHFRQQHFWRU´,'$IRRW
OHQJWKLVUHFRPPHQGHGIRUHDVHRILQVWDOODWLRQEXWRWKHU
OHQJWKVDUHDFFHSWDEOH1HYHUXVHDQROGFRQQHFWRU
ZKHQLQVWDOOLQJDQHZUDQJH
)ODUHXQLRQDGDSWHUIRUFRQQHFWLRQWRJDVVXSSO\OLQH
´RU´137[´,'
)ODUHXQLRQDGDSWHUIRUFRQQHFWLRQWRSUHVVXUHUHJXODWRU
RQUDQJH´137[´,'
/LTXLGOHDNGHWHFWRURUVRDS\ZDWHU

/DJEROWRU´2'VOHHYHDQFKRUIRUFRQFUHWHIORRUVRQO\

6TXHH]H&RQQHFWRUPDWFKLQJWKHVL]HRIWKHEUDFNHWRSHQLQJ
RQWKHUDQJHEDFNEHKLQGWKHZLULQJFRYHUDQGWKHKRXVH
FRQGXLW2EWDLQRQO\LIUHSODFLQJWKHSRZHUFRUGZLWKFRQGXLW
7HIORQ5HJLVWHUHGWUDGHPDUNRI'X3RQW
,I\RXKDYHTXHVWLRQVFDOO*(&$5(6RUYLVLWRXU:HEVLWHDW*($SSOLDQFHVFRP
/HYHO
,QWKH&RPPRQZHDOWKRI0DVVDFKXVHWWV
7KLVSURGXFWPXVWEHLQVWDOOHGE\DOLFHQVHGSOXPEHURU
JDVILWWHU
:KHQXVLQJEDOOW\SHJDVVKXWRIIYDOYHVWKH\VKDOOEH
WKH7KDQGOHW\SH
$IOH[LEOHJDVFRQQHFWRUZKHQXVHGPXVWQRWH[FHHGIHHW
,QVWDOODWLRQ,QVWUXFWLRQV

:$51,1*
,167$//$7,216$)(7<
,16758&7,216
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
,PSURSHULQVWDOODWLRQDGMXVWPHQWDOWHUDWLRQVHUYLFH
RUPDLQWHQDQFHFDQFDXVHLQMXU\RUSURSHUW\GDPDJH
5HIHUWRWKLVPDQXDO)RUDVVLVWDQFHRUDGGLWLRQDO
LQIRUPDWLRQFRQVXOWDTXDOLILHGLQVWDOOHUVHUYLFH
DJHQF\PDQXIDFWXUHUGHDOHURUWKHJDVVXSSOLHU
1HYHUUHXVHROGIOH[LEOHFRQQHFWRUV7KHXVHRIROG
IOH[LEOHFRQQHFWRUVFDQFDXVHJDVOHDNVDQGSHUVRQDO
LQMXU\$OZD\VXVH1(:IOH[LEOHFRQQHFWRUVZKHQ
LQVWDOOLQJDJDVDSSOLDQFH
/HDNWHVWLQJRIWKHDSSOLDQFHVKDOOEHFRQGXFWHG
DFFRUGLQJWRWKHPDQXIDFWXUHULQVWUXFWLRQV
,03257$17²5HPRYHDOOSDFNLQJPDWHULDO
DQGOLWHUDWXUHIURPRYHQEHIRUHFRQQHFWLQJJDVDQG
HOHFWULFDOVXSSO\WRUDQJH
&$87,21
'RQRWDWWHPSWWRRSHUDWH
WKHRYHQRIWKLVUDQJHGXULQJDSRZHUIDLOXUH(OHFWULF
,JQLWLRQPRGHOVRQO\
+DYH\RXUUDQJHLQVWDOOHGE\DTXDOLILHGLQVWDOOHU
<RXUUDQJHPXVWEHHOHFWULFDOO\JURXQGHGLQ
DFFRUGDQFHZLWKORFDOFRGHVRULQWKHDEVHQFHRI
ORFDOFRGHVLQDFFRUGDQFHZLWKWKH1DWLRQDO(OHFWULFDO
&RGH$16,1)3$ODWHVWHGLWLRQ,Q&DQDGD
HOHFWULFDOJURXQGLQJPXVWEHLQDFFRUGDQFHZLWKWKH
FXUUHQW&6$&&DQDGLDQ(OHFWULFDO&RGH3DUW
DQGRUORFDOFRGHV6HH(OHFWULFDO&RQQHFWLRQVLQWKLV
VHFWLRQ
%HIRUHLQVWDOOLQJ\RXUUDQJHRQOLQROHXPRUDQ\RWKHU
V\QWKHWLFIORRUFRYHULQJPDNHVXUHWKHIORRUFRYHULQJ
FDQZLWKVWDQG)ZLWKRXWVKULQNLQJZDUSLQJRU
GLVFRORULQJ'RQRWLQVWDOOWKHUDQJHRYHUFDUSHWLQJ
XQOHVVDVKHHWRI´WKLFNSO\ZRRGRUVLPLODU
LQVXODWRULVSODFHGEHWZHHQWKHUDQJHDQGFDUSHWLQJ
0DNHVXUHWKHZDOOFRYHULQJVDURXQGWKHUDQJHFDQ
ZLWKVWDQGKHDWJHQHUDWHGE\WKHUDQJHXSWR)
$YRLGSODFLQJFDELQHWVDERYHWKHUDQJH7RUHGXFH
WKHKD]DUGFDXVHGE\UHDFKLQJRYHUWKHRSHQIODPHV
RIRSHUDWLQJEXUQHUVLQVWDOODYHQWLODWLRQKRRGRYHU
WKHUDQJHWKDWSURMHFWVIRUZDUGDWOHDVW´EH\RQG
WKHIURQWRIWKHFDELQHWV
7KHYHQWLODWLQJKRRGPXVWEHFRQVWUXFWHG
RIVKHHWPHWDOQRWOHVVWKDQ´WKLFN
,QVWDOODERYHWKHFRRNWRSZLWKDFOHDUDQFHRIQRW
OHVVWKDQ´EHWZHHQWKHKRRGDQGWKHXQGHUVLGH
RIWKHFRPEXVWLEOHPDWHULDORUPHWDOFDELQHW7KH
KRRGPXVWEHDWOHDVWDVZLGHDVWKHDSSOLDQFHDQG
FHQWHUHGRYHUWKHDSSOLDQFH&OHDUDQFHEHWZHHQWKH
FRRNLQJVXUIDFHDQGWKHYHQWLODWLRQKRRGVXUIDFH
08671(9(5%(/(667+$1´
(;&(37,21,QVWDOODWLRQRIDOLVWHGPLFURZDYHRYHQRU
FRRNLQJDSSOLDQFHRYHUWKHFRRNWRSVKDOOFRQIRUPWR
WKHLQVWDOODWLRQLQVWUXFWLRQVSDFNHGZLWKWKDWDSSOLDQFH
,IFDELQHWVDUHSODFHGDERYHWKHUDQJH
DOORZDPLQLPXPFOHDUDQFHRI´EHWZHHQWKH
FRRNLQJVXUIDFHDQGWKHERWWRPRIXQSURWHFWHG
FDELQHWV
,ID´FOHDUDQFHEHWZHHQFRRNLQJVXUIDFHDQG
RYHUKHDGFRPEXVWLEOHPDWHULDORUPHWDOFDELQHWV
FDQQRWEHPDLQWDLQHGSURWHFWWKHXQGHUVLGHRIWKH
FDELQHWVDERYHWKHFRRNWRSZLWKQRWOHVVWKDQ´
LQVXODWLQJPLOOERDUGFRYHUHGZLWKVKHHWPHWDOQRWOHVV
WKDQ´WKLFN&OHDUDQFHEHWZHHQWKHFRRNLQJ
VXUIDFHDQGSURWHFWHGFDELQHWV08671(9(5%(/(66
7+$1´
7KHYHUWLFDOGLVWDQFHIURPWKHSODQHRIWKHFRRNLQJ
VXUIDFHWRWKHERWWRPRIDGMDFHQWRYHUKHDGFDELQHWV
H[WHQGLQJFORVHUWKDQ´WRWKHSODQHRIWKHUDQJH
VLGHVPXVWQRWEHOHVVWKDQ´6HHWKH'LPHQVLRQV
DQG&OHDUDQFHV LOOXVWUDWLRQLQWKLVVHFWLRQ
&$87,212QO\WKH*(&DIpEUDQGHGVHULHV
RI$GYDQWLXP
RUPLFURZDYHRYHUWKHUDQJHRYHQVDUH
GHVLJQHGWREHLQVWDOOHGDERYHWKH*(&DIpUDQJH6XUIDFHV
DERYHDJDVUDQJHFDQEHFRPHKRW,QVWDOODWLRQRIDQ\RWKHU
RYHUWKHUDQJHRYHQDERYHD*(&DIpUDQJHPD\UHVXOWLQ
VXUIDFHWHPSHUDWXUHVWKDWFDQFDXVHEXUQV


µ
'HSWKZLWKGRRUFORVHGLQFOXGHVGRRUKDQGOH
'HSWKYDULHVGHSHQGLQJRQPRGHO
6HHVSHFLILFDWLRQVVKHHWIRU\RXUPRGHO

µ

µ
µ
'HSWKZLWKGRRURSHQ

µ
µ
+HLJKW
,QVWDOODWLRQ,QVWUXFWLRQV
3URYLGHDGHTXDWHFOHDUDQFHVEHWZHHQWKHUDQJHDQGDGMDFHQWFRPEXVWLEOHVXUIDFHV7KHVHGLPHQVLRQVPXVWEH
PHWIRUVDIHXVHRI\RXUUDQJH7KHORFDWLRQRIWKHHOHFWULFDORXWOHWDQGSLSHRSHQLQJVHH*DV3LSHDQG(OHFWULF
2XWOHW/RFDWLRQVPD\EHDGMXVWHGWRPHHWVSHFLILFUHTXLUHPHQWV
7KHUDQJHPD\EHSODFHGZLWK´FOHDUDQFHIOXVKDWWKHEDFNZDOO6RPHPRGHOVZLOOQRWILWIOXVK
',0(16,216$1'&/($5$1&(6
µ
7RFDELQHWVEHORZ
FRRNWRSDQGDW
WKHUDQJHEDFN
6RPHPRGHOV
ZLOOQRWKDYHµ
FOHDUDQFH
7RFDELQHWV
EHORZ
FRRNWRSDQG
DWWKHUDQJH
EDFN
µ
µ
µ
0LQLPXP
µ
0LQLPXP
FOHDUDQFHWR
ULJKWZDOO
0D[LPXP
GHSWKIRU
FDELQHWVDERYH
FRXQWHUWRSV
)URQWHGJHRI
WKHUDQJHVLGH
SDQHOIRUZDUG
IURPFDELQHW
µ
µ
µ
0LQLPXPWR
FDELQHWVRQ
HLWKHUVLGH
RIWKHUDQJH
µ
µ
0LQLPXP
FOHDUDQFH
WROHIWZDOO
µ
0RGHOV3*%
3*%3*%
3*%DQG3*%
UHTXLUHRQO\
PLQLPXPFOHDUDQFH
WROHIWZDOO

,QVWDOODWLRQ,QVWUXFWLRQV
',0(16,216$1'&/($5$1&(60RGHOV&*6
RQO\

øµ
'HSWKZLWKGRRUFORVHG
LQFOXGHVGRRUKDQGOH
µ

µ
µ

øµ
'HSWKZLWKGRRURSHQ

øµ
+HLJKWWREDFNJXDUGEDVHGRQ
&DIpVW\OHEDFNJXDUGNLWLQVWDOOHG
,QVWDOODWLRQ,QVWUXFWLRQV

/2&$7,21
'RQRWORFDWHWKHUDQJHZKHUHLWPD\EHVXEMHFWWRVWURQJGUDIWV$Q\RSHQLQJVLQWKHIORRURUZDOOEHKLQGWKHUDQJH
VKRXOGEHVHDOHG0DNHVXUHWKHRSHQLQJVDURXQGWKHEDVHRIWKHUDQJHWKDWVXSSO\IUHVKDLU
IRUFRPEXVWLRQDQGYHQWLODWLRQDUHQRWREVWUXFWHG
E\FDUSHWLQJRUZRRGZRUN
<RXUUDQJHOLNHPDQ\RWKHUKRXVHKROGLWHPVLV
KHDY\DQGFDQVHWWOHLQWRVRIWIORRUFRYHULQJVVXFKDVFXVKLRQHGYLQ\ORUFDUSHWLQJ8VHFDUHZKHQPRYLQJ
WKHUDQJHRQWKLVW\SHRIIORRULQJ,WLVUHFRPPHQGHGWKDWWKHIROORZLQJVLPSOHDQGLQH[SHQVLYHLQVWUXFWLRQVEHIROORZHGWR
SURWHFW\RXUIORRU
7KHUDQJHVKRXOGEHLQVWDOOHGRQDVKHHWRISO\ZRRG
RUVLPLODUPDWHULDO:KHQWKHIORRUFRYHULQJHQGVDWWKHIURQWRIWKHUDQJHWKHDUHDWKDWWKHUDQJHZLOOUHVWRQVKRXOGEH
EXLOWXSZLWKSO\ZRRGWRWKHVDPHOHYHORUKLJKHUWKDQWKHIORRUFRYHULQJ
7KLVZLOODOORZWKHUDQJHWREHPRYHGIRUFOHDQLQJ
RUVHUYLFLQJ$OVRPDNHVXUH\RXUIORRUFRYHULQJZLOOZLWKVWDQG)6HHWKH,QVWDOODWLRQ6DIHW\,QVWUXFWLRQVVHFWLRQ
0DNHVXUHWKHZDOOFRYHULQJVDURXQG\RXUUDQJHFDQZLWKVWDQGWKHKHDWJHQHUDWHGXSWR)E\WKHUDQJH6HHWKH
,QVWDOODWLRQ6DIHW\,QVWUXFWLRQVVHFWLRQ
,03257$17
5HPRYHDOOWDSHDQGSDFNDJLQJ0DNHVXUHWKHEXUQHUVDUHSURSHUO\VHDWHGDQGOHYHO
7DNHWKHDFFHVVRU\SDFNRXWRIWKHRYHQDQGRUGUDZHU
&KHFNWREHVXUHWKDWQRUDQJHSDUWVKDYHFRPHORRVHGXULQJVKLSSLQJ
&219(57,1*72/3*$6
RUFRQYHUWLQJEDFNWRQDWXUDOJDVIURP/3
7KLVUDQJHOHDYHVWKHIDFWRU\VHWIRUXVHZLWKQDWXUDOJDV,I\RXZDQWWRFRQYHUWWR/3JDVWKHFRQYHUVLRQPXVWEH
SHUIRUPHGE\DTXDOLILHG/3JDVLQVWDOOHU
7KHFRQYHUVLRQLQVWUXFWLRQVFDQEHIRXQGRQEDFNRIWKHUDQJHRUDWWDFKHGWRWKHUDQJHQH[WWRWKHSUHVVXUHUHJXODWRU
.HHSWKHVHLQVWUXFWLRQVDQGWKHRULILFHVLQFDVH\RXZDQWWRFRQYHUWEDFNWRQDWXUDOJDV
7KHFRQYHUVLRQLQVWUXFWLRQVLGHQWLI\ZKHUHWRILQGWKHNLWVRQWKHPRGHO7KHSRVVLEOHORFDWLRQVDUHGHILQHGLQWKHSLFWXUH
EHORZ
7KXPEVFUHZV
%UDFNHW/32ULILFH6SXG
VRPHPRGHOV
%R[/32ULILFH6SXG
VRPHPRGHOV
5HDURI5DQJH
'RXEOH2YHQ
6LQJOH2YHQ
5HPRYH$FFHVV3DQHOV
VRPHPRGHOV
2ULILFH%R[/RFDWLRQ
VRPHPRGHOV
,QVWDOODWLRQ,QVWUXFWLRQV

5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
øµ
µ
µ
µ
µ
*DV6XSSO\5HTXLUHPHQWV
5HFRPPHQGHG*DV3LSH2XWOHW/RFDWLRQV
5HFRPPHQGHGDUHD
IRUWKURXJKWKHZDOO
FRQQHFWLRQRISLSH
VWXEVKXWRIIYDOYH
5HFRPPHQGHGDUHDIRU
WKURXJKWKHIORRUFRQQHFWLRQ
RISLSHVWXEVKXWRIIYDOYH
3URYLGH$GHTXDWH*DV6XSSO\
0DNHVXUH\RXDUHVXSSO\LQJ\RXUUDQJHZLWKWKH
W\SHRIJDVIRUZKLFKLWLVGHVLJQHG
7KLVUDQJHLVFRQYHUWLEOHIRUXVHRQQDWXUDORU
SURSDQHJDV,I\RXGHFLGHWRXVHWKLVUDQJHRQ/3
JDVFRQYHUVLRQPXVWEHPDGHE\DTXDOLILHG/3
LQVWDOOHUEHIRUHDWWHPSWLQJWRRSHUDWHWKHUDQJHRQ
WKDWJDV
)RUSURSHURSHUDWLRQWKHSUHVVXUHRIQDWXUDOJDV
VXSSOLHGWRWKHUHJXODWRUPXVWEHEHWZHHQµDQG
µRIZDWHUFROXPQ
)RU/3JDVWKHSUHVVXUHVXSSOLHGPXVWEHEHWZHHQ
µDQGµRIZDWHUFROXPQ
:KHQFKHFNLQJIRUSURSHURSHUDWLRQRIWKHUHJXODWRU
WKHLQOHWSUHVVXUHPXVWEHDWOHDVWµJUHDWHUWKDQ
WKHRSHUDWLQJPDQLIROGSUHVVXUHDVJLYHQDERYH
7KHSUHVVXUHUHJXODWRUORFDWHGDWWKHLQOHWRIWKH
UDQJHPDQLIROGPXVWUHPDLQLQWKHVXSSO\OLQH
UHJDUGOHVVRIZKHWKHUQDWXUDORU/3JDVLVEHLQJ
XVHG
$IOH[LEOHPHWDODSSOLDQFHFRQQHFWRUXVHGWRFRQQHFW
WKHUDQJHWRWKHJDVVXSSO\OLQHVKRXOGKDYHDQ,'
RIµDQGEHIHHWLQOHQJWKIRUHDVHRILQVWDOODWLRQ
,Q&DQDGDIOH[LEOHFRQQHFWRUVPXVWEHVLQJOHZDOO
PHWDOFRQQHFWRUVQRORQJHUWKDQIHHWLQOHQJWK
<RXUUDQJHLVGHVLJQHGWRRSHUDWHDWDSUHVVXUHRIµRIZDWHUFROXPQRQQDWXUDOJDVRU
LIGHVLJQHGIRU/3JDVSURSDQHRUEXWDQHµRIZDWHUFROXPQ
µ
7KLVDUHDDOORZVIOXVK
LQVWDOODWLRQWRUHDU
ZDOO
127(0DNHJDVFRQQHFWLRQVRQ
WKHOHIWVLGHRIWKHFXWRXWRSHQLQJ
&$87,21
7RSUHYHQW
GUDIWVIURPDIIHFWLQJEXUQHU
RSHUDWLRQVHDODOORSHQLQJVLQIORRU
DQGZDOO

(OHFWULFDO3RZHU6XSSO\5HTXLUHPHQWV
5HFRPPHQGHG(OHFWULFDO2XWOHW/RFDWLRQV
3URYLGH3URSHU(OHFWULFDO6XSSO\
7KHVHUDQJHVPXVWEHVXSSOLHGZLWKYROW
+]DQGFRQQHFWHGWRDQLQGLYLGXDOSURSHUO\JURXQGHG
FLUFXLWSURWHFWHGE\DFLUFXLWEUHDNHURUWLPHGHOD\IXVH
DPS7KHUHFHSWDFOHPXVWEH1(0$5WRDFFHSWWKH
SURQJSOXJVXSSOLHGZLWKWKHUDQJH
,IWKHHOHFWULFDOVHUYLFHSURYLGHGGRHVQRWPHHWWKHDERYH
VSHFLILFDWLRQVLWLVUHFRPPHQGHGWKDWDOLFHQVHGHOHFWULFLDQ
LQVWDOODQDSSURYHGRXWOHW
/RFDWHWKHHOHFWULFVXSSO\DVLOOXVWUDWHG
127(8VHRIDXWRPDWLFZLUHOHVVRUZLUHGH[WHUQDO
VZLWFKHVWKDWVKXWRIISRZHUWRWKHDSSOLDQFHDUHQRW
UHFRPPHQGHGIRWWKLVSURGXFW
øµ
µ
µ
µ
µ
3URGXFWLVVKLSSHGZLWKSURQJ
SOXJ5HFRPPHQGHGRXWOHWLVD
1(0$5UHFHSWDFOH
øµ
:DOO0RXQWHG
127(0DNHHOHFWULFDOFRQQHFWLRQV
RQWKHULJKWVLGHRIWKHFXWRXW
RSHQLQJ
5HFRPPHQGHGDFFHSWDEOH
HOHFWULFDORXWOHWDUHD2ULHQWWKH
HOHFWULFDOUHFHSWDFOHVRWKHOHQJWK
LVSDUDOOHOWRWKHIORRU
,QVWDOODWLRQ,QVWUXFWLRQV
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
&RQQHFWWKH5DQJHWRWKH*DV6XSSO\
%HFDXVHKDUGSLSLQJUHVWULFWVPRYHPHQWRIWKHUDQJHWKH
XVHRID&6$,QWHUQDWLRQDOFHUWLILHGIOH[LEOHPHWDODSSOLDQFH
FRQQHFWRULVUHFRPPHQGHGXQOHVVORFDOFRGHVUHTXLUHD
KDUGSLSHGFRQQHFWLRQ
1HYHUXVHDQROGFRQQHFWRUZKHQLQVWDOOLQJDQHZUDQJH,IWKH
KDUGSLSLQJPHWKRGLVXVHG\RXPXVWFDUHIXOO\DOLJQWKHSLSH
WKHUDQJHFDQQRWEHPRYHGDIWHUWKHFRQQHFWLRQLVPDGH
7RSUHYHQWJDVOHDNVSXWSLSHMRLQWFRPSRXQGRQRUZUDSSLSH
WKUHDGWDSHZLWK7HIORQDURXQGDOOPDOHH[WHUQDOSLSHWKUHDGV
,QVWDOODPDQXDOJDVOLQHVKXWRIIYDOYHLQWKHJDVOLQHLQ
DQHDVLO\DFFHVVHGORFDWLRQRXWVLGHRIWKHUDQJH0DNH
VXUHHYHU\RQHRSHUDWLQJWKHUDQJHNQRZVZKHUHDQG
KRZWRVKXWRIIWKHJDVVXSSO\WRWKHUDQJH
,QVWDOOPDOHµIODUHXQLRQDGDSWHUWRWKHµ137
LQWHUQDOWKUHDGHOERZDWLQOHWRIUHJXODWRU8VHDEDFNXS
ZUHQFKRQWKHUHJXODWRUILWWLQJWRDYRLGGDPDJH
:KHQLQVWDOOLQJWKHUDQJHIURPWKHIURQWUHPRYHWKH
HOERZIRUHDVLHULQVWDOODWLRQ
,QVWDOOPDOHµRUµIODUHXQLRQDGDSWHUWRWKH137
LQWHUQDOWKUHDGRIWKHPDQXDOVKXWRIIYDOYHWDNLQJFDUH
WREDFNXSWKHVKXWRIIYDOYHWRNHHSLWIURPWXUQLQJ
&RQQHFWIOH[LEOHPHWDODSSOLDQFHFRQQHFWRUWRWKH
DGDSWHURQWKHUDQJH3RVLWLRQUDQJHWRSHUPLW
FRQQHFWLRQDWWKHVKXWRIIYDOYH
:KHQDOOFRQQHFWLRQVKDYHEHHQPDGHPDNHVXUHDOO
UDQJHFRQWUROVDUHLQWKHRIISRVLWLRQDQGWXUQRQWKH
PDLQJDVVXSSO\YDOYH8VHDOLTXLGOHDNGHWHFWRUDWDOO
MRLQWVDQGFRQQHFWLRQVWRFKHFNIRUOHDNVLQWKHV\VWHP
:$51,1*)LUH+D]DUG'RQRWXVHD
IODPHWRFKHFNIRUJDVOHDNV
:KHQXVLQJWHVWSUHVVXUHVJUHDWHUWKDQSVLJWRSUHVVXUH
WHVWWKHJDVVXSSO\V\VWHPRIWKHUHVLGHQFHGLVFRQQHFWWKH
UDQJHDQGLQGLYLGXDOVKXWRIIYDOYHIURPWKHJDVVXSSO\SLSLQJ
:KHQXVLQJWHVWSUHVVXUHVRISVLJRUOHVVWRWHVWWKHJDV
VXSSO\V\VWHPVLPSO\LVRODWHWKHUDQJHIURPWKHJDVVXSSO\
V\VWHPE\FORVLQJWKHLQGLYLGXDOVKXWRIIYDOYH
7HIORQ5HJLVWHUHGWUDGHPDUNRI'X3RQW
6KXWRIIWKHPDLQJDVVXSSO\YDOYHEHIRUHGLVFRQQHFWLQJWKHROGUDQJHDQGOHDYHLWRIIXQWLOWKHQHZKRRNXSKDV
EHHQFRPSOHWHG'RQ·WIRUJHWWRUHOLJKWWKHSLORWRQRWKHUJDVDSSOLDQFHVZKHQ\RXWXUQWKHJDVEDFNRQ
)OH[LEOH&RQQHFWRU+RRNXS 5LJLG3LSH+RRNXS2SWLRQV
3UHVVXUH
UHJXODWRU
*DV)ORZLQWR5DQJH
)OH[
FRQQHFWRU
IWPD[
$GDSWHU
,QVWDOOHU,QIRUP
WKHFRQVXPHURI
WKHORFDWLRQRIWKH
JDVVKXWRIIYDOYH
µRUµ
*DVSLSH
$GDSWHU
*DV
VKXWRII
YDOYH
3UHVVXUH
UHJXODWRU
(OERZ
1LSSOH
8QLRQ
(OERZ
%ODFN
LURQSLSH
8QLRQ
1LSSOH
*DV
VKXWRII
YDOYH
µRUµ
*DVSLSH
*DV)ORZLQWR5DQJH
,QVWDOOHU,QIRUPWKHFRQVXPHURI
WKHORFDWLRQRIWKHJDVVKXWRII
YDOYH
*DV)ORZLQWR5DQJH
*DV
VKXWRII
YDOYH
µRU
µ*DVSLSH
3UHVVXUH
UHJXODWRU
1LSSOH
(OERZ
(OERZ
$GDSWHU
$GDSWHU
(OERZ
4XLFNFRQQHFW
RUXQLRQ
,QVWDOOHU,QIRUPWKHFRQVXPHURI
WKHORFDWLRQRIWKHJDVVKXWRII
YDOYH
$OWHUQDWH
+RRNXS
1LSSOH
1LSSOH

(OERZ
,QVWDOODWLRQ,QVWUXFWLRQV

5HPRYHWKHZLUHFRYHURQWKHEDFNRIWKHUDQJH
E\UHPRYLQJWZRVFUHZVXVLQJDµQXWGULYHU
'RQRWGLVFDUGWKHVHVFUHZV
5HPRYHWKHORZHUSRZHUFRUGWHUPLQDOVFUHZVIURP
WKHWHUPLQDOEORFNDQGWKHJURXQGVFUHZDQGSODWH
3ODFHWKHWHUPLQDOVFUHZVDQGJURXQGVFUHZLQVDIH
ORFDWLRQIRUODWHUXVH
/RRVHQ
WKHVWUDLQUHOLHIVFUHZVDQGUHPRYHWKHSRZHUFRUG
127(7KHUHSODFHPHQWSRZHUFRUGPXVWEHD
FRQGXFWRURUDFRQGXFWRU8/OLVWHGUDQJHFRUGRU
FRQGXLW&RUGVPD\EHSURYLGHGZLWKULQJWHUPLQDOVRQZLUH
DQGDVWUDLQUHOLHIGHYLFH
)ROORZWKHZLUHSRZHUFRUGRSWLRQ$
ZLUHFRQGXLWRSWLRQ%RUZLUHFRQGXLWRSWLRQ&
VHFWLRQVDVDSSURSULDWHIRU\RXUDSSOLFDWLRQ
&RQQHFWWKH5DQJHWRWKH(OHFWULFDO6XSSO\
8VLQJDQ([LVWLQJ1(0$55HFHSWDFOH
3OXJWKHUDQJHSRZHUFRUGLQWRDSURSHUO\JURXQGHG
ZDOOUHFHSWDFOH6NLSWR6WHSLIWKHUDQJHSRZHUFRUG
PDWFKHVWKHZDOOUHFHSWDFOH
127(<RXUUDQJHLVVKLSSHGZLWKDSURQJSOXJWREHXVHG
LQD1(0$5UHFHSWDFOH6KRXOG\RXFKRRVHWRFKDQJH
\RXUSOXJXVHRQO\DZLUHSRZHUFRUGZLUHFRQGXLWRU
ZLUHFRQGXLW)ROORZWKHDSSURSULDWHLQVWUXFWLRQVEHORZLQ
6WHSIRU\RXUDSSOLFDWLRQ
(IIHFWLYH-DQXDU\WKH1DWLRQDO(OHFWULFDO&RGHUHTXLUHV
WKDWQHZFRQVWUXFWLRQQRWH[LVWLQJXWLOL]HDFRQGXFWRU
FRQQHFWLRQWRDQHOHFWULFUDQJH
$UDQJHFRUGUDWHGDWDPSVZLWKPLQLPXP
YROWUDQJHLVUHTXLUHG$DPSUDQJHFRUGLVQRW
UHFRPPHQGHGEXWLIXVHGLWVKRXOGEHPDUNHGIRUXVHZLWK
QRPLQDO
øµGLDPHWHUFRQQHFWLRQRSHQLQJV&DUHVKRXOG
EHWDNHQWRFHQWHUWKHFDEOHDQGVWUDLQUHOLHIZLWKLQWKH
NQRFNRXWKROHWRNHHSWKHHGJHIURPGDPDJLQJWKHFDEOH
127($FRQGXFWRUFRUGLVWREHXVHGZKHQWKHDSSOLDQFH
LVLQVWDOOHGLQDPRELOHKRPHRUZKHQORFDOFRGHVGRQRW
SHUPLWJURXQGLQJWKURXJKWKHQHXWUDO
6NLSWR6WHSLIWKHSRZHUFRUGVKLSSHGRQWKHUDQJHGRHVQRWPDWFK\RXUZDOOUHFHSWDFOH
:LUHFRYHU
VFUHZVWR
UHPRYHZLUH
FRYHU
5HWDLQLQJ
WDE
%DFNRIUDQJH
5HSODFHWKH3RZHU&RUG2SWLRQDO
7HUPLQDO
EORFN
1HXWUDOWHUPLQDO
*URXQGSODWH
JURXQGLQJWR
UDQJH
*URXQG
VFUHZ
3HUIRUPWKLVVWHSRQO\LIWKHSRZHUFRUGVKLSSHGRQWKHUDQJHGRHVQRWPDWFK\RXUZDOOUHFHSWDFOH
,QVWDOODWLRQ,QVWUXFWLRQV

:$51,1*7KHQHXWUDORUJURXQGZLUHRIWKH
SRZHUFRUGPXVWEHFRQQHFWHGWRWKHQHXWUDOWHUPLQDO
ORFDWHGLQWKHFHQWHURIWKHWHUPLQDOEORFN7KHSRZHUOHDGV
PXVWEHFRQQHFWHGWRWKHORZHUOHIWDQGWKHORZHUULJKW
WHUPLQDOVRIWKHWHUPLQDOEORFN
/RFDWHWKHFRSSHUJURXQGVWUDSRQWKHORZHUEDFNRIWKH
UDQJH
/RRVHQWKHXSSHUFHQWHUVFUHZRQWKHWHUPLQDOEORFN
6OLGHWKHRSHQVORWWHGHQGRIWKHJURXQGVWUDSXQGHUWKH
XSSHUFHQWHUVFUHZRQWKHWHUPLQDOEORFN0DNHVXUHWKH
JURXQGVWUDSLVDOOWKHZD\DJDLQVWWKHXSSHUFHQWHUVFUHZ
DQGWLJKWHQLWLQSODFH
3ODFHWKHJURXQGSODWHUHPRYHGHDUOLHURYHUWKHERWWRP
RIWKHJURXQGVWUDSSUHVVWKHPDJDLQVWWKHUDQJHIUDPH
DQGDWWDFKWKHPZLWKWKHJURXQGVFUHZUHPRYHGHDUOLHU
,QVHUWWKHQHZSRZHUFRUGWKURXJKWKHVWUDLQUHOLHI$OORZ
HQRXJKVODFNWRHDVLO\DWWDFKWKHZLUHVWRWKHWHUPLQDO
EORFN
,QVHUWWKHWHUPLQDOVFUHZVUHPRYHGHDUOLHUWKURXJK
HDFKSRZHUFRUGWHUPLQDOULQJDQGLQWRWKHORZHU
WHUPLQDOVRIWKHWHUPLQDOEORFN%HFHUWDLQWKDWWKHFHQWHU
ZLUHZKLWHQHXWUDOLVFRQQHFWHGWRWKHFHQWHUORZHU
SRVLWLRQRIWKHWHUPLQDOEORFN7LJKWHQVFUHZVVHFXUHO\
DSSUR[LPDWHO\LQFKOEVLQWRWKHWHUPLQDOEORFN
6HFXUHWKHVWUDLQUHOLHILQSODFHLQWKHEUDFNHWE\WLJKWHQLQJ
WKHVWUDLQUHOLHIVFUHZV
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
*URXQGVWUDS
7HUPLQDOEORFN
DSSHDUDQFH
PD\YDU\
1HXWUDO
WHUPLQDO
3RZHUFRUG
*URXQG
SODWH
5HSODFHWKH3RZHU&RUG2SWLRQDO&RQWLQXHG
3HUIRUPWKLVVWHSRQO\LIWKHSRZHUFRUGVKLSSHGRQWKHUDQJHGRHVQRWPDWFK\RXUZDOOUHFHSWDFOH
:LUH3RZHU&RUG,QVWDOODWLRQ2SWLRQ
*URXQGVWUDS
2SHQVORWWHGHQG
,QVWDOODWLRQ,QVWUXFWLRQV

/RFDWHWKHFRSSHUJURXQGVWUDSRQWKHORZHUEDFNRIWKH
UDQJH
/RRVHQWKHXSSHUFHQWHUVFUHZRQWKHWHUPLQDOEORFN
6OLGHWKHRSHQVORWWHGHQGRIWKHJURXQGVWUDSXQGHUWKH
XSSHUFHQWHUVFUHZRQWKHWHUPLQDOEORFN0DNHVXUHWKH
JURXQGVWUDSLVDOOWKHZD\DJDLQVWWKHXSSHUFHQWHU
VFUHZDQGWLJKWHQLWLQSODFH
3ODFHWKHJURXQGSODWHUHPRYHGHDUOLHURYHUWKHERWWRP
RIWKHJURXQGVWUDSSUHVVWKHPDJDLQVWWKHUDQJHIUDPH
DQGDWWDFKWKHPZLWKWKHJURXQGVFUHZUHPRYHG
HDUOLHU
5HPRYHWKHVWUDLQUHOLHIFODPSIURPWKHEUDFNHW
$VVHPEOHWKHVTXHH]HFRQQHFWRUREWDLQHGORFDOO\
PDWFKLQJWKHGLDPHWHURI\RXUFRQGXLWLQWKHEUDFNHW
KROH,QVHUWWKHFRQGXLWWKURXJKWKHVTXHH]HFRQQHFWRU
$OORZHQRXJKVODFNWRHDVLO\DWWDFKWKHZLUHVWRWKH
WHUPLQDOEORFN
127('RQRWLQVWDOOWKHFRQGXLWZLWKRXWDVTXHH]H
FRQQHFWRU
,QVHUWWKHFHQWHUEDUHZLUHZKLWHQHXWUDOWLSWKURXJKWKH
ERWWRPFHQWHUWHUPLQDOEORFNRSHQLQJ2QFHUWDLQ
PRGHOVWKHZLUHZLOOQHHGWREHLQVHUWHGWKURXJKWKH
JURXQGVWUDSRSHQLQJDQGWKHQLQWRWKHERWWRPFHQWHU
EORFNRSHQLQJ,QVHUWWKHWZRVLGHEDUHZLUHWLSVLQWRWKH
ORZHUOHIWDQGWKHORZHUULJKWWHUPLQDOEORFNRSHQLQJV
7LJKWHQWKHVFUHZVXQWLOWKHZLUHLVILUPO\VHFXUH
DSSUR[LPDWHO\LQFKOEV
127(0DNHVXUHWKHZLUHLVFRPSOHWHO\LQVHUWHGLQWRWKH
WHUPLQDOEORFNDQGDVHFXUHFRQQHFWLRQLVPDGH
6HFXUHWKHVTXHH]HFRQQHFWRULQSODFHLQWKHEUDFNHWE\
WLJKWHQLQJWKHVTXHH]HFRQQHFWRUVFUHZV
127($/80,180:,5,1*$OXPLQXPEXLOGLQJZLUHPD\EH
XVHGEXWLWPXVWEHUDWHGIRU
WKHFRUUHFWDPSHUDJHDQGYROWDJHWRPDNHFRQQHFWLRQ
5HSODFHWKH3RZHU&RUG2SWLRQDO&RQWLQXHG
:LUH&RQGXLW,QVWDOODWLRQ2SWLRQ
3HUIRUPWKLVVWHSRQO\LIWKHSRZHUFRUGVKLSSHGRQWKHUDQJHGRHVQRWPDWFK\RXUZDOOUHFHSWDFOH
&RQGXLW
6TXHH]H
FRQQHFWRU
%UDFNHW
*URXQGVWUDS
2SHQVORWWHGHQG
:LUHXVHGORFDWLRQDQGHQFORVXUHRIVSOLFHVHWF
PXVWFRQIRUPWRJRRGZLULQJSUDFWLFHVDQGORFDO
FRGHV
:LUHWLSV
7HUPLQDO
EORFN
&RQGXLW
%UDFNHW
,QVWDOODWLRQ,QVWUXFWLRQV

:LUH&RQGXLW,QVWDOODWLRQ2SWLRQ
5HSODFHWKH3RZHU&RUG2SWLRQDO&RQWLQXHG
3HUIRUPWKLVVWHSRQO\LIWKHSRZHUFRUGVKLSSHGRQWKHUDQJHGRHVQRWPDWFK\RXUZDOOUHFHSWDFOH
5HSODFHWKHZLUHFRYHURQWKHUDQJHEDFNE\VOLGLQJLWVULJKW
HGJHXQGHUWKHUHWDLQLQJWDEDQGUHSODFLQJWKHWZRVFUHZV
UHPRYHGHDUOLHU0DNHVXUHWKDWQRZLUHVDUHSLQFKHGEHWZHHQ
WKHFRYHUDQGWKHUDQJHEDFN
5HPRYHWKHVWUDLQUHOLHIFODPSIURPWKHEUDFNHW
$VVHPEOHWKHVTXHH]HFRQQHFWRUREWDLQHGORFDOO\
PDWFKLQJWKHGLDPHWHURI\RXUFRQGXLWLQWKHEUDFNHW
KROH,QVHUWWKHFRQGXLWWKURXJKWKHVTXHH]HFRQQHFWRU
$OORZHQRXJKVODFNWRHDVLO\DWWDFKWKHZLUHVWRWKH
WHUPLQDOEORFN
127('RQRWLQVWDOOWKHFRQGXLWZLWKRXWDVTXHH]H
FRQQHFWRU
,QVHUWWKHJURXQGEDUHZLUHWLSEHWZHHQWKHUDQJHIUDPH
DQGWKHJURXQGSODWHUHPRYHGHDUOLHUDQGVHFXUHLWLQ
SODFHZLWKWKHJURXQGVFUHZUHPRYHGHDUOLHU,QVHUWWKH
EDUHZLUHZKLWHQHXWUDOWLSWKURXJKWKHERWWRPFHQWHURI
WKHWHUPLQDOEORFNRSHQLQJ,QVHUWWKHWZRVLGHEDUHZLUH
WLSVLQWRWKHORZHUOHIWDQGWKHORZHUULJKWWHUPLQDOEORFN
RSHQLQJV7LJKWHQWKHVFUHZVXQWLOWKHZLUHLVILUPO\VHFXUH
DSSUR[LPDWHO\LQFKOEV
127(0DNHVXUHWKHZLUHLVFRPSOHWHO\LQVHUWHGLQWRWKH
WHUPLQDOEORFNDQGDVHFXUHFRQQHFWLRQLVPDGH
6HFXUHWKHVTXHH]HFRQQHFWRULQSODFHLQWKHEUDFNHWE\
WLJKWHQLQJWKHVTXHH]HFRQQHFWRUVFUHZV
127($/80,180:,5,1*$OXPLQXPEXLOGLQJZLUHPD\EH
XVHGEXWLWPXVWEHUDWHGIRUWKHFRUUHFWDPSHUDJHDQGYROWDJH
WRPDNHFRQQHFWLRQ
:LUHXVHGORFDWLRQDQGHQFORVXUHRIVSOLFHVHWFPXVW
FRQIRUPWRJRRGZLULQJSUDFWLFHVDQGORFDOFRGHV
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
:LUH
FRYHU
VFUHZV
WRUHSODFH
ZLUHFRYHU
5HWDLQLQJ
WDE
%DFNRIUDQJH
5HSODFHZLWK:LUH&RYHU
&RQGXLW
6TXHH]H
FRQQHFWRU
%UDFNHW
7HUPLQDO
EORFN
*URXQG
SODWH
JURXQGLQJ
WRUDQJH
%UDFNHW
:LUHWLSV
*URXQG
VFUHZ
,QVWDOODWLRQ,QVWUXFWLRQV

%XUQHU+HDGVRQVRPHPRGHOV
3ODFHEXUQHUKHDGVRYHUWKHHOHFWURGHVRQWKHFRRNWRSLQWKH
FRUUHFWORFDWLRQVDFFRUGLQJWRWKHLUVL]H7KHUHLVRQHVPDOORQH
PHGLXPRQHODUJHDQGRQHH[WUDODUJHEXUQHUKHDG
2YDO&HQWHU%XUQHU+HDG&DS$VVHPEO\
3ODFHWKHRYDOFHQWHUKHDGFDSDVVHPEO\RYHUWKHHOHFWURGH
RQWKHFRRNWRS
& D S V
3ODFHWKHPDWFKLQJVL]HFDSVRQWRWKHEXUQHUEDVHVRU
KHDGV
0DNHVXUHWKDWWKHKHDGVDQGFDSVDUHUHSODFHGLQWKH
FRUUHFWORFDWLRQV
*UDWHV
6LQJOH*UDWHV
6LQJOHJUDWHVRQO\ILWRQHZD\/RFDWRUEXPSVQHHG
WRIDFHHDFKRWKHU
'RXEOH*UDWHV
3ODFHWKHOHIWULJKWDQGFHQWHUJUDWHVRQWKHFRRNWRS
7KHVHJUDWHVDUHSRVLWLRQVSHFLILF7KHXQGHUVLGHVRI
WKHOHIWDQGULJKWJUDWHVDUHPDUNHG´/()7)5217µ
DQG´5,*+7)5217µ2QVRPHPRGHOVWKHXQGHUVLGH
LVODEHOHG´2876,'(µ3ODFHWKHPLGGOHJUDWHZLWKLWV
ERZHGIURQWRQVRPHPRGHOVWRZDUGWKHIURQWRIWKH
UDQJH
&$87,21
'RQRWRSHUDWHWKHEXUQHU
ZLWKRXWDOOEXUQHUSDUWVLQSODFH
6HDOWKH2SHQLQJV
6HDODQ\RSHQLQJVLQWKHZDOOEHKLQGWKHUDQJHDQGLQWKH
IORRUXQGHUWKHUDQJHZKHQKRRNXSVDUHFRPSOHWHG
$VVHPEOH6XUIDFH%XUQHUV
/HIW)URQW
5LJKW)URQW
&HQWHU
6ORW
(OHFWURGH
RU
0DNHVXUHWKHVORWLQWKH
EXUQHUKHDGLVSRVLWLRQHG
RYHUWKHHOHFWURGH
+ROH
(OHFWURGH
)URQWRIUDQJH
7ULULQJFDS
RQVRPHPRGHOV
RQVRPHPRGHOV
2YDO
7ULSOH)ODPH
RQVRPH
PRGHOV
(OHFWURGH
6ORW
)URQWRIUDQJH
2YDOKHDGDQGFDS
DVVHPEO\
0DNHVXUHWKHVORW
LQWKHEXUQHUKHDGLV
SRVLWLRQHGRYHUWKH
HOHFWURGH
,QVWDOODWLRQ,QVWUXFWLRQV

RQVRPH
PRGHOV
/RFDWRU %XPSV
&KHFN,JQLWLRQRI6XUIDFH%XUQHUV
2SHUDWLRQRIDOOFRRNWRSEXUQHUVVKRXOGEHFKHFNHGDIWHUWKH
UDQJHDQGJDVVXSSO\OLQHVKDYHEHHQFDUHIXOO\FKHFNHGIRU
OHDNV
(OHFWULF,JQLWLRQ
6HOHFWDWRSEXUQHUNQREDQGVLPXOWDQHRXVO\SXVKLQ
DQGWXUQWR/,7(SRVLWLRQ<RXZLOOKHDUDFOLFNLQJVRXQG
LQGLFDWLQJSURSHURSHUDWLRQRIWKHVSDUNPRGXOH2QFHWKHDLU
KDVEHHQSXUJHGIURPWKHVXSSO\OLQHVEXUQHUVVKRXOGOLJKW
ZLWKLQVHFRQGV$IWHUEXUQHUOLJKWVURWDWHNQRERXWRIWKH
/,7( SRVLWLRQ7U\HDFKEXUQHULQVXFFHVVLRQXQWLODOOEXUQHUV
KDYHEHHQFKHFNHG
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
/HYHOWKH5DQJH
,QVWDOOWKHRYHQUDFNVLQWKHRYHQDQGSRVLWLRQWKHUDQJH
ZKHUHLWZLOOEHLQVWDOOHG
&KHFNIRUOHYHOQHVVE\SODFLQJDVSLULWOHYHO
RUDFXSSDUWLDOO\ILOOHGZLWKZDWHURQRQH
RIWKHRYHQUDFNV,IXVLQJDVSLULWOHYHOWDNHWZR
UHDGLQJV³ZLWKWKHOHYHOSODFHGGLDJRQDOO\ILUVWLQRQH
GLUHFWLRQDQGWKHQWKHRWKHU
5HPRYHWKHZDUPLQJGUDZHU6HHWKH&DUHDQGFOHDQLQJ
RIWKHUDQJHVHFWLRQ7KHIURQWOHYHOLQJOHJVFDQEH
DGMXVWHGIURPWKHERWWRPDQGWKHUHDUOHJVFDQEH
DGMXVWHGIURPWKHWRSRUWKHERWWRP
8VHDQRSHQHQGRUDGMXVWDEOHZUHQFKWRDGMXVWWKH
OHYHOLQJOHJVXQWLOWKHUDQJHLVOHYHO
:$51,1*1HYHUFRPSOHWHO\UHPRYHWKHOHYHOLQJ
OHJDVWKHUDQJHZLOOQRWEHVHFXUHGWRWKH
DQWLWLSGHYLFHSURSHUO\
$IWHUOHYHOLQJWKHXQLWVOLGHLWLQWRILQDOSRVLWLRQDQGYHULI\
OHYHOQHVV
$IWHUWKHUDQJHLVOHYHOVOLGHWKHUDQJHDZD\IURPWKHZDOO
VRWKDWWKH$QWL7LSGHYLFHFDQEHLQVWDOOHG
/HJ
OHYHOHU
/RZHU
UDQJH
5DLVHUDQJH
RQVRPHPRGHOV
5DLVH
UDQJH
/RZHU
UDQJH
RQVRPHPRGHOV
4XDOLW\RI)ODPHV
7KHFRPEXVWLRQTXDOLW\RIEXUQHUIODPHVQHHGVWREH
GHWHUPLQHGYLVXDOO\
,IEXUQHUIODPHVORRNOLNH$FDOOIRUVHUYLFH1RUPDOEXUQHU
IODPHVVKRXOGORRNOLNH%RU&GHSHQGLQJRQWKHW\SHRIJDV
\RXXVH
:LWK/3JDVVRPH\HOORZWLSSLQJRQRXWHUFRQHV
LVQRUPDO
$<HOORZIODPHV³
&DOOIRUVHUYLFH
%<HOORZWLSVRQ
RXWHUFRQHV³
1RUPDOIRU/3JDV
&6RIWEOXH
IODPHV³1RUPDO
IRUQDWXUDOJDV
,QVWDOODWLRQ,QVWUXFWLRQV


,167$//,1*7+($17,7,3'(9,&(
:+(1$//+22.836$5(&203/(7('
0DNHVXUHDOOFRQWUROVDUHOHIWLQWKHRIISRVLWLRQ
0DNHVXUHWKHIORZRIFRPEXVWLRQDQGYHQWLODWLRQDLU
WRWKHUDQJHLVXQREVWUXFWHG
:$51,1*
$17,7,3'(9,&(
$OOUDQJHVFDQWLS
%8516RURWKHU6(5,286,1-85,(6
FDQUHVXOW
,167$//DQG&+(&.WKH
DQWLWLSEUDFNHWIROORZLQJWKH
LQVWUXFWLRQVVXSSOLHGZLWKWKHEUDFNHW
7RUHGXFHWKHULVNRIWLSSLQJWKHUDQJHWKHUDQJHPXVW
EHVHFXUHGE\DSURSHUO\LQVWDOOHGDQWLWLSEUDFNHW)ROORZ
WKHLQVWUXFWLRQVSDFNDJHGZLWKWKHEUDFNHW
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHG
SURSHUO\ORRNXQGHUQHDWKWKHUDQJHWRVHHWKDWWKH
UHDUOHYHOLQJOHJLVHQJDJHGLQWKHEUDFNHW2QVRPH
PRGHOVWKHVWRUDJHGUDZHURUNLFNSDQHOFDQEH
UHPRYHGIRUHDV\LQVSHFWLRQ,IYLVXDOLQVSHFWLRQLVQRW
SRVVLEOHVOLGHWKHUDQJHIRUZDUGFRQILUPWKHDQWLWLS
EUDFNHWLVVHFXUHO\DWWDFKHGWRWKHIORRURUZDOODQG
VOLGHWKHUDQJHEDFNVRWKHUHDUOHYHOLQJOHJLVXQGHU
WKHDQWLWLSEUDFNHW
,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\V
UHSHDWWKLVSURFHGXUHWRYHULI\WKHUDQJHLVSURSHUO\
VHFXUHGE\WKHDQWLWLSEUDFNHW
,I\RXUUDQJHKDVQRDQWLWLSEUDFNHWFDOO
WRUHFHLYHRQHDWQRFRVW
,QVWDOODWLRQ,QVWUXFWLRQV
%HIRUH\RXFDOOIRUVHUYLFH« *($SSOLDQFHVFRP
7URXEOHVKRRWLQJ7LSV
6DYHWLPHDQGPRQH\5HYLHZWKHFKDUWVRQWKHIROORZLQJ
SDJHVILUVWDQG\RXPD\QRWQHHGWRFDOOIRUVHUYLFH
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
7RSEXUQHUVGRQRWOLJKW 3OXJRQUDQJHLVQRWFRPSOHWHO\  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
RUGRQRWEXUQHYHQO\ LQVHUWHGLQWKHHOHFWULFDORXWOHW JURXQGHGRXWOHW
%XUQHUKROHRUVOLWVRQWKHVLGH  5HPRYHWKHEXUQHUFDSVDQGFOHDQWKHP&KHFNDQG
RIWKHEXUQHUPD\EHFORJJHG FOHDQWKHHOHFWURGHDUHDIRUEXUQHGRQIRRGRUJUHDVH
6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ
,PSURSHUEXUQHUDVVHPEO\  0DNHVXUHWKHEXUQHUSDUWVDUHLQVWDOOHGFRUUHFWO\
6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ
6XUIDFHEXUQHUVOLJKW 7KHRYHQJDVVKXWRIIYDOYH  7RFKHFNWKHRYHQJDVVKXWRIIYDOYHUHPRYHWKH
EXWRYHQGRHVQRW PD\KDYHDFFLGHQWDOO\EHHQ GUDZHUVHHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ
PRYHGGXULQJFOHDQLQJRU )RUORZHURYHQGUDZHUPRGHOVUHPRYHWKHUHDUDFFHVV
PRYLQJ SDQHOE\XQVFUHZLQJWKHWKXPEVFUHZVLQWKHXSSHUOHIW
DQGULJKWFRUQHU/RRNIRUWKHJDVVKXWRIIOHYHUDWWKH
EDFNRIWKHUDQJH
 
%XUQHUIODPHVYHU\ ,PSURSHUDLUWRJDVUDWLR  ,IUDQJHLVFRQQHFWHGWR/3JDVFRQWDFWWKHSHUVRQ
ODUJHRU\HOORZ ZKRLQVWDOOHG\RXUUDQJHRUPDGHWKHFRQYHUVLRQ
&RQWUROVLJQDOVDIWHU <RXIRUJRWWRHQWHUDEDNH  7RXFKWKH%DNH SDGDQGGHVLUHGWHPSHUDWXUHRUWKH
HQWHULQJFRRNLQJWLPH WHPSHUDWXUHRUFOHDQLQJWLPH 6HOI&OHDQ SDGDQGGHVLUHGFOHDQWLPH
RUVWDUWWLPH
)RRGGRHVQRWEDNH 2YHQFRQWUROVLPSURSHUO\VHW  6HHWKH8VLQJWKHXSSHURYHQVHFWLRQ
RUURDVWSURSHUO\
5DFNSRVLWLRQLVLQFRUUHFW  6HHWKH8VLQJWKHXSSHURYHQVHFWLRQ
LQWKHXSSHURYHQ
,QFRUUHFWFRRNZDUHRUFRRNZDUH  6HHWKH8VLQJWKHXSSHURYHQVHFWLRQ
RILPSURSHUVL]HEHLQJXVHG
2YHQWKHUPRVWDWQHHGV  6HHWKH$GMXVWWKHXSSHURYHQWKHUPRVWDW³
DGMXVWPHQW 'RLW\RXUVHOIVHFWLRQ
&ORFNQRWVHWFRUUHFWO\  6HHWKH8VLQJWKHFORFNDQGWLPHUVHFWLRQ
$OXPLQXPIRLOXVHGLPSURSHUO\  6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ
LQWKHRYHQ
2YHQERWWRPQRWVHFXUHO\  6HHWKH,QVWDOODWLRQRIWKHUDQJHVHFWLRQ
VHDWHGLQSRVLWLRQ
/HYHULV
VKRZQFORVHG
38//7223(1
7KXPEVFUHZV

3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
*DV&RQWUROORFNRXWRU  ,I/2&21DSSHDUVLQWKHGLVSOD\WKHUDQJHFRQWUROLV
&RQWURO/RFNRXWIHDWXUH ORFNHG7XUQWKLVIHDWXUHRIIWRXVHWKHUDQJH6HHWKH
LVDFWLYDWHG *DV&RQWURO/RFNRXWVHFWLRQ
´&ORVH'RRUµVFUROOVLQ 7KHGLVSOD\ZLOODOZD\V  7KLVLVDQRUPDOUHPLQGHUWRFORVHWKHGRRUZKHQ
WKHGLVSOD\ZKHQ%52,/ DXWRPDWLFDOO\UHPLQG\RXWR EURLOLQJ
LVVHW FORVHWKHGRRU
)RRGGRHVQRW 2YHQFRQWUROVLPSURSHUO\VHW  0DNHVXUH\RXWRXFKWKH%URLO+L/RSDG
EURLOSURSHUO\
2YHQGRRUQRWFORVHG  6HHWKH8VLQJWKHXSSHURYHQVHFWLRQ
LQWKHXSSHURYHQ
,PSURSHUUDFNSRVLWLRQ  6HHWKH%URLOLQJ*XLGH
EHLQJXVHG
)RRGEHLQJFRRNHGLQ  )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
DKRWSDQ 0DNHVXUHLWLVFRRO
&RRNZDUHQRWVXLWHG  )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
IRUEURLOLQJ
2YHQERWWRPQRWVHFXUHO\  6HHWKH,QVWDOODWLRQRIWKHUDQJH VHFWLRQ
VHDWHGLQSRVLWLRQ
8SSHURYHQWHPSHUDWXUH 2YHQWKHUPRVWDW  6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
WRRKRWRUWRRFROG QHHGVDGMXVWPHQW VHFWLRQ
&ORFNDQGWLPHU 3OXJRQUDQJHLVQRWFRPSOHWHO\  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYH
GRQRWZRUNLQVHUWHGLQWKHHOHFWULFDORXWOHW SURSHUO\JURXQGHGRXWOHW
$IXVHLQ\RXUKRPHPD\EH  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLWEUHDNHUWULSSHG

2YHQFRQWUROVLPSURSHUO\VHW  6HHWKH8VLQJWKHFORFNDQGWLPHUVHFWLRQ
8SSHURYHQOLJKW /LJKWEXOELVORRVHRUGHIHFWLYH  7LJKWHQRUUHSODFHWKHEXOE
GRHVQRWZRUN
3OXJRQUDQJHLVQRWFRPSOHWHO\  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYH
LQVHUWHGLQWKHHOHFWULFDORXWOHW SURSHUO\JURXQGHGRXWOHW
8SSHURYHQZLOOQRW 7KHRYHQWHPSHUDWXUHLVWRR  $OORZWKHUDQJHWRFRROWRURRPWHPSHUDWXUHDQG
VHOIFOHDQ KLJKWRVHWDVHOIFOHDQRSHUDWLRQ UHVHWWKHFRQWUROV
2YHQFRQWUROVLPSURSHUO\VHW  6HHWKH8VLQJWKHVHOIFOHDQLQJXSSHURYHQVHFWLRQ
´&UDFNOLQJµRU 7KLVLVWKHVRXQGRIWKH  7KLVLVQRUPDO
´SRSSLQJµVRXQG PHWDOKHDWLQJDQGFRROLQJ
GXULQJERWKWKHFRRNLQJ
DQGFOHDQLQJIXQFWLRQV
([FHVVLYHVPRNLQJ ([FHVVLYHVRLO  7RXFKWKH&OHDU2II SDG2SHQWKHZLQGRZVWR
ULGWKHURRPRIVPRNH:DLWXQWLOWKH/2&.(''225 OLJKWJRHV
RII:LSHXSWKHH[FHVVVRLODQGUHVHWWKHFOHDQF\FOH
2YHQGRRUZLOOQRWRSHQ 2YHQWRRKRW  $OORZWKHRYHQWRFRROEHORZORFNLQJWHPSHUDWXUH
DIWHUDFOHDQF\FOH

%HIRUH\RXFDOOIRUVHUYLFH«
7URXEOHVKRRWLQJ7LSV

*($SSOLDQFHVFRP
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
2YHQQRWFOHDQDIWHU 2YHQFRQWUROVQRWSURSHUO\VHW  6HHWKH8VLQJWKHVHOIFOHDQLQJRYHQVHFWLRQ
DFOHDQF\FOH
2YHQZDVKHDYLO\VRLOHG  &OHDQXSKHDY\VSLOORYHUVEHIRUHVWDUWLQJWKHFOHDQF\FOH
+HDYLO\VRLOHGRYHQVPD\QHHGWRVHOIFOHDQDJDLQRU
IRUDORQJHUSHULRGRIWLPH
´/2&.'225µIODVKHV 7KHVHOIFOHDQF\FOHKDVEHHQ  &ORVHWKHRYHQGRRU
LQWKHGLVSOD\ VHOHFWHGEXWWKHGRRULVQRWFORVHG
/2&.(''225OLJKW 7KHRYHQGRRULVORFNHG 7RXFKWKH&OHDU2IISDG$OORZWKHRYHQWRFRRO
LVRQZKHQ\RXZDQW EHFDXVHWKHWHPSHUDWXUHLQVLGH
WRFRRN WKHRYHQKDVQRWGURSSHGEHORZ
WKHORFNLQJWHPSHUDWXUH
´)³DQGDQXPEHURU <RXKDYHDIXQFWLRQHUURUFRGH  7RXFKWKH&OHDU2IISDG$OORZWKHRYHQWRFRROIRU
OHWWHUµIODVKLQWKH RQHKRXU3XWWKHRYHQEDFNLQWRRSHUDWLRQ
GLVSOD\
,IWKHIXQFWLRQFRGHUHSHDWV  'LVFRQQHFWDOOSRZHUWRWKHUDQJHIRUPLQXWHVDQG
WKHQUHFRQQHFWSRZHU,IWKHIXQFWLRQHUURUFRGH
UHSHDWVFDOOIRUVHUYLFH
´3UREHµDSSHDUVLQ 7KLVLVUHPLQGLQJ\RXWRHQWHU  (QWHUDSUREHWHPSHUDWXUH
WKHGLVSOD\ DSUREHWHPSHUDWXUHDIWHU
SOXJJLQJLQWKHSUREH
'LVSOD\JRHVEODQN $IXVHLQ\RXUKRPHPD\EH  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLWEUHDNHU
WULSSHG
7KHFORFNLVLQWKH  6HHWKH6SHFLDOIHDWXUHVRI\RXURYHQFRQWUROVHFWLRQ
EODFNRXWPRGH
'LVSOD\IODVKHV 3RZHUIDLOXUH  5HVHWWKHFORFN
8QDEOHWRJHWWKH 2YHQFRQWUROSDGVZHUH7KH%DNH DQG%URLO+L/R SDGVPXVWEHWRXFKHGDW
GLVSOD\WRVKRZ´6)µ QRWSUHVVHGSURSHUO\ WKHVDPHWLPHDQGKHOGIRUVHFRQGV
3RZHURXWDJH 3RZHURXWDJHRUVXUJH  5HVHWWKHFORFN,IWKHRYHQZDVLQXVH\RXPXVWUHVHW
FORFNIODVKHV LWE\WRXFKLQJWKH&OHDU2IISDGVHWWLQJWKHFORFN
DQGUHVHWWLQJDQ\FRRNLQJIXQFWLRQ
´%XUQLQJµRU´RLO\µ 7KLVLVQRUPDOLQDQHZRYHQ  7RVSHHGWKHSURFHVVVHWDVHOIFOHDQF\FOHIRUD
RGRUHPLWWLQJIURP DQGZLOOGLVDSSHDULQWLPH PLQLPXPRIKRXUV6HHWKH8VLQJWKHVHOIFOHDQLQJ
WKHYHQW RYHQVHFWLRQ
6WURQJRGRU $QRGRUIURPWKHLQVXODWLRQ  7KLVLVWHPSRUDU\
DURXQGWKHLQVLGHRIWKHRYHQ
LVQRUPDOIRUWKHILUVWIHZWLPHV
WKHRYHQLVXVHG
/2&DSSHDUVLQGLVSOD\ 7KH*DV&RQWURO/RFNRXWIHDWXUH  %HVXUHWKHVXUIDFHEXUQHUFRQWUROVDUHWXUQHG2))
LVDFWLYDWHG 7XUQWKLVIHDWXUHRIIWRXVHWKHUDQJH6HHWKH
 *DV&RQWURO/RFNRXWVHFWLRQ
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
)DQQRLVH 7KHFRQYHFWLRQIDQPD\WXUQRQ  7KLVLVQRUPDO7KHFRQYHFWLRQIDQZLOOUXQXQWLOWKH
DQGRIIDXWRPDWLFDOO\ IXQFWLRQLVRYHURUWKHGRRULVRSHQHG
&RQYHFWLRQIDQ 3UHKHDWWHPSHUDWXUH  )DQZLOOVWDUWDXWRPDWLFDOO\RQFHWKHSUHKHDW
QRWZRUNLQJ QRWUHDFKHG WHPSHUDWXUHLVUHDFKHG
'UDZHUGRHVQRWVOLGH 7KHGUDZHULVRXWRIDOLJQPHQW  )XOO\H[WHQGWKHGUDZHUDQGSXVKLWDOOWKHZD\LQ
VPRRWKO\RUGUDJV 6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ
'UDZHULVRYHUORDGHGRUORDG  5HGXFHZHLJKW5HGLVWULEXWHGUDZHUFRQWHQWV
LVXQEDODQFHG
/RZHURYHQGUDZHURU $IXVHLQ\RXUKRPHPD\EH  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
ZDUPLQJGUDZHUZLOO EORZQRUWKHFLUFXLWEUHDNHU
QRWZRUN WULSSHG
7KHXSSHURYHQLVVHOIFOHDQLQJ  :DLWIRUWKHVHOIFOHDQF\FOHWRILQLVKDQGWKHRYHQ
WRFRRO
&RQWUROVLPSURSHUO\VHW  6HHWKH/RZHURYHQGUDZHUVHFWLRQ
([FHVVLYHFRQGHQVDWLRQ /LTXLGLQGUDZHU  5HPRYHOLTXLG
LQWKHGUDZHU
8QFRYHUHGIRRGV  &RYHUIRRGZLWKOLGRUDOXPLQXPIRLO
7HPSHUDWXUHVHWWLQJWRRKLJK  5HGXFHWHPSHUDWXUHVHWWLQJ
)RRGGULHVRXWLQWKH 0RLVWXUHHVFDSLQJ  &RYHUIRRGZLWKOLGRUDOXPLQXPIRLO
ORZHURYHQGUDZHURU
2YHQGUDZHUQRWIXOO\FORVHG  3XVKGUDZHULQXQWLOODWFKHQJDJHV
ZDUPLQJGUDZHU

%HIRUH\RXFDOOIRUVHUYLFH«
7URXEOHVKRRWLQJ7LSV

$FFHVVRULHV *($SSOLDQFHVFRP
/RRNLQJ)RU6RPHWKLQJ0RUH"1RWDOODFFHVVRULHVDUHDYDLODEOHIRUDOOPRGHOV
<RXFDQILQGWKHVHDFFHVVRULHVDQGPDQ\PRUHDW*($SSOLDQFHVFRP86
RUZZZ*($SSOLDQFHVFD&DQDGDRUFDOO86RU&DQDGD
GXULQJQRUPDOEXVLQHVVKRXUV+DYH\RXUPRGHOQXPEHUUHDG\
([SHULHQFHWKHVHRWKHUJUHDWSURGXFWVWRNHHS\RXUNLWFKHQORRNLQJJUHDW
*HWWKHPRVWRXWRI\RXU%URLOHU3DQ1RWIRUXVHZLWK%URLOHU'UDZHUPRGHOV
8VH\RXUSDQDQGJULGFRYHUWREURLOKDPEXUJHUVVHDIRRGVWHDNVYHJHWDEOHVEDFRQFKRSVDQGVRPXFK
PRUH7KHSDQEHORZFDWFKHVWKHH[FHVVIDWVDQGRLOV
*HQXLQH*(3DUW
(DV\7R&OHDQ
2QH<HDU:DUUDQW\
/LPLWHG7LPH2IIHU)UHH6KLSSLQJ
:KHQ\RXRUGHU\RXUEURLOHUSDQZLWKLQGD\VRISXUFKDVLQJ\RXU*(FRRNLQJSURGXFW
6PDOO /DUJH ;/
863DUW :%; :%; :%;
&DQDGD3DUW '* '* 1$
'LPHQVLRQV µ:[µ+[µ' µ:[µ+[µ' µ:[µ+[µ'
7KHODUJHVWDQGDUGEURLOSDQGRHVQRWILWLQµµUDQJHV
7KH;/SDQGRHVQRWILWLQµZDOORYHQVµGURSLQVRUµµUDQJHV
6XUIDFH(OHPHQWVDQG'ULS
3DQV
*UDWHV 6XUIDFH%XUQHU+HDGVDQG&DSV
2YHQ(OHPHQWV /LJKW%XOEV
.QREV
2YHQ5DFNV
:;;*&6
:;;
:;;
30;
&HUDPLF&RRNWRS
&OHDQLQJ.LW
,QFOXGHVFOHDQHU
VFUDSHUDQGSDG
&HUDPLF&RRNWRS
&OHDQLQJ:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH3ROLVK
:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH
&OHDQHU
RU
*ULGGOH
7RSODFH\RXURUGHUFDOO86&DQDGDRUPDLOWKLVIRUPWR
,QWKH86*(3DUWV32%R[0HPSKLV71,Q&DQDGD*(3DUWV)DFWRU\/DQH0RQFWRQ1%(&0
%URLOHU3DQ2UGHU)RUP
4XDQWLW\BBBBBBBBBBBBBBBBBBBB 3DUW1XPEHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0RGHO1XPEHUBBBBBBBBBBBBBB 6HULDO1XPEHU BBBBBBBBBBBBBBBBBB %UDQGBBBBBBBBBBBBBBB 'DWHRI3XUFKDVHBBBBBBBBBB
)LUVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  /DVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$GGUHVVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LW\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6WDWHBBBBBBBBBBB =LS&RGHBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3KRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  (0DLOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB 0RQH\2UGHUBBBBBB
&DOOLQWKH86RULQ&DQDGDIRUFXUUHQWSULFLQJ$OOFUHGLWFDUGRUGHUVPXVWEHFDOOHGLQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
■6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVHWKH
SURGXFW
■,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
■3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGRUXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
■5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV
■'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGV
RUDFWVRI*RG
■,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
■'DPDJHFDXVHGDIWHUGHOLYHU\
■3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
:KDW*(:LOO1RW&RYHU
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGIRUKRPH
XVHZLWKLQWKH86$,IWKHSURGXFWLVORFDWHGLQDQDUHDZKHUHVHUYLFHE\D*($XWKRUL]HG6HUYLFHULV
QRWDYDLODEOH\RXPD\EHUHVSRQVLEOHIRUDWULSFKDUJHRU\RXPD\EHUHTXLUHGWREULQJWKHSURGXFWWRDQ
$XWKRUL]HG*(6HUYLFH/RFDWLRQIRUVHUYLFH,Q$ODVNDWKHZDUUDQW\H[FOXGHVWKHFRVWRIVKLSSLQJRUVHUYLFHFDOOVWR
\RXUKRPH
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHV7KLVZDUUDQW\JLYHV
\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURPVWDWHWRVWDWH7RNQRZZKDW\RXU
OHJDOULJKWVDUHFRQVXOW\RXUORFDORUVWDWHFRQVXPHUDIIDLUVRIILFHRU\RXUVWDWH·V$WWRUQH\*HQHUDO
:DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
*('XDO)XHO5DQJH:DUUDQW\
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUH
WHFKQLFLDQ7RVFKHGXOH
VHUYLFHRQOLQHYLVLWXVDW*($SSOLDQFHVFRPRUFDOO
*(&$5(63OHDVHKDYHVHULDOQXPEHUDQGPRGHO
QXPEHUDYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQVHUYLFH
XQGHUWKHZDUUDQW\
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHGLQ
WKLV/LPLWHG:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\RU
ILWQHVVIRUDSDUWLFXODUSXUSRVHDUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
)RU7KH3HULRG2I *(:LOO5HSODFH
2QH<HDU $Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS'XULQJWKLV
)URPWKHGDWHRIWKH OLPLWHGRQH\HDUZDUUDQW\*(ZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGLQKRPHVHUYLFH
RULJLQDOSXUFKDVH WRUHSODFHWKHGHIHFWLYHSDUW


$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUH
WHFKQLFLDQ)RUVHUYLFH
FDOO3OHDVHKDYHVHULDOQXPEHUDQGPRGHO
QXPEHUDYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVHWKH
SURGXFW
,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGRUXVHGIRURWKHUWKDQWKHLQWHQGHGSXUSRVHRU
XVHGFRPPHUFLDOO\
5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV
'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGVRU
DFWVRI*RG
,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
'DPDJHFDXVHGDIWHUGHOLYHU\
3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
:KDW0DEH:LOO1RW&RYHU
)RU7KH3HULRG2I 0DEH:LOO5HSODFH
2QH<HDU $Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS'XULQJWKLV
)URPWKHGDWHRIWKH OLPLWHGRQH\HDUZDUUDQW\0DEHZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGLQKRPHVHUYLFH
RULJLQDOSXUFKDVH WRUHSODFHWKHGHIHFWLYHSDUW
*('XDO)XHO5DQJH:DUUDQW\)RUFXVWRPHUVLQ&DQDGD *($SSOLDQFHVFRP
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQ
VHUYLFHXQGHUWKHZDUUDQW\
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHGLQ
WKLV/LPLWHG:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\RU
ILWQHVVIRUDSDUWLFXODUSXUSRVHDUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGLQ&DQDGD
IRUKRPHXVHZLWKLQ&DQDGD,QKRPHZDUUDQW\VHUYLFHZLOOEHSURYLGHGLQDUHDVZKHUHLWLVDYDLODEOHDQGGHHPHG
UHDVRQDEOHE\0DEHWRSURYLGH
6RPHSURYLQFHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHVVRWKHDERYH
H[FOXVLRQPD\QRWDSSO\WR\RX7KLVZDUUDQW\JLYHV\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWV
ZKLFKYDU\IURPSURYLQFHWRSURYLQFH7RNQRZZKDW\RXUOHJDOULJKWVDUHLQ\RXUSURYLQFHFRQVXOW
\RXUORFDOSURYLQFLDOFRQVXPHUDIIDLUVRIILFH
:DUUDQWRU0DEH&DQDGD,QF
%XUOLQJWRQ2QWDULR
3ULQWHGLQ0H[LFR
7KLVERRNLVSULQWHGRQUHF\FOHGSDSHU
*($SSOLDQFHV:HEVLWH *($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\
DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOV
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH
6FKHGXOH6HUYLFH *($SSOLDQFHVFRP
([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW
\RXUFRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV
5HDO/LIH'HVLJQ6WXGLR *($SSOLDQFHVFRP
*(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\
SHRSOHRIDOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQG
PHQWDODELOLWLHVDQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQ
LGHDVIRUSHRSOHZLWKGLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO7''
*($&
([WHQGHG:DUUDQWLHV *($SSOLDQFHVFRP
3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\
LVVWLOOLQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV
*(&RQVXPHU+RPH6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV
3DUWVDQG$FFHVVRULHV *($SSOLDQFHVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV
9,6$0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG2UGHURQOLQHWRGD\KRXUVHYHU\GD\RU
E\SKRQHDWGXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJJHQHUDOO\
VKRXOGEHUHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHUVHUYLFLQJPD\
FDXVHXQVDIHRSHUDWLRQ
&RQWDFW8V *($SSOLDQFHVFRP
,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOV
LQFOXGLQJ\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWHU<RXU$SSOLDQFH *($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH
<RXPD\DOVRPDLOLQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO
&RQVXPHU6XSSRUW
Cocinas
49-85182-1-SP 10-11 GE
P2B930
C2S985
Manual de
Usuario e
Instrucciones de
Instalación
GEAppliances.com
a Gas con Función de Auto Limpieza
Escriba los números de modelo y
de serie aquí:
Nº de Modelo _______________
Nº de Serie _________________
Los puede encontrar en la etiqueta
que se encuentra en el frente de la
cocina, detrás del cajón calentador
o en el cajón inferior del horno.
En Canadá, comuníquese
con nosotros en:
www.GEAppliances.ca
Instrucciones de
seguridad . . . . . . . . . . . . . . . . . .2–5
Instrucciones de
Funcionamiento
Convección del Horno . . . . 17–21
Guía para Dorar . . . . . . . . . . . . .20
Horneado Por
Convección Por Tiempo . . . . .21
Quemadores Superficiales
De Gas . . . . . . . . . . . . . . . . . . 6, 7
Plancha . . . . . . . . . . . . . . . . . . . . . . . . 8
Cajón del Horno Inferior . . . . . . .26
Termostato . . . . . . . . . . . . . . . 25, 26
Horno Superior . . . . . . . . . . . . . .9-25
Horneado y Dorado . . . . . . . . .11
Guía para Asar . . . . . . . . . . . . . .13
Reloj y Temporizador . . . . . . . .14
Control del Hornos . . . . . . . . . . . 9
Precalentamiento . . . . . . . . . . .11
Sonda . . . . . . . . . . . . . . . . . . . 16, 19
Modo Sabático . . . . . . . . . . . . . .24
Auto Limpieza . . . . . . . . . . . 27, 28
Funciones Especiales . . . . 22, 23
Horneado y Dorado
por Tiempo . . . . . . . . . . . . . . . . .21
Cuidado y Limpieza
Papel de Aluminio . . . . . . . . . . . .12
Rejillas del quemador . . . . . 31, 32
Tapas y Cabezas
de Quemadores . . . . . . . . . . . . . . .30
Panel de Control y Perillas . . .33
Cocina . . . . . . . . . . . . . . . . . . . . . . . .33
Plancha . . . . . . . . . . . . . . . . . . . . . . .31
Levante la Puerta del Horno . .34
Cajón del Horno Inferior . . . 36, 37
Ventiladores del Horno . . . . . .33
Elementos para Calentar
el Horno . . . . . . . . . . . . . . . . . . . . . . .34
Reemplazo de la Luz
del Horno
. . . . . . . . . . . . . . . . . . . . .36
Estantes del Horno . . . . . . . . . .34
Ensamble del quemador . . . .29
Auto Limpieza . . . . . . . . . . . . . 27, 28
Superficies de Acero
Inoxidable . . . . . . . . . . . . . . . . . .35
Instrucciones de
Instalación
. . . . . . . . . . . . 38-52
Dispositivo Anti-Volcaduras . . .52
Ensamble Los Quemadores
Superficiales . . . . . . . . . . . . . . . 50
Control de Encendido del
Quemador . . . . . . . . . . . . . . . . . . . .51
Conecte la Cocina al Suministro
de Electricidad . . . . . . . . . . . . 44, 46
Conexión de la
Cocina al Gas . . . . . . . . . . . . . . .45
Dimensiones y Espacio . . 40, 41
Conexiones Eléctricas . . . . . .46-49
Nivelación de la Cocina . . . . . . .51
LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
Accesorios . . . . . . . . . . . . . . . . . . 57
Consejos para Solucionar
Problemas . . . . . . . . . . . . . 53–56
Soporte al Cliente
Soporte al Cliente . Contratapa
Garantía para Clientes
en Canadá . . . . . . . . . . . . . . . . .59
Garantía para Clientes
en EE.UU. . . . . . . . . . . . . . . . . . . .58
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
*8$5'((67$6,16758&&,21(6
$'9(57(1&,$
$9,62'(6(*85,'$',03257$17(
/D/H\GH$JXD3RWDEOH,QRFXD\7UDWDPLHQWRGH5HVLGXRV7y[LFRVGH&DOLIRUQLD&DOLIRUQLD6DIH'ULQNLQJ:DWHUDQG
7R[LF(QIRUFHPHQW$FWVROLFLWDDO*REHUQDGRUGH&DOLIRUQLDTXHSXEOLTXHXQDOLVWDGHVXVWDQFLDVTXHHOHVWDGRUHFRQRFH
TXHSURGXFHQFiQFHUGHIHFWRVGHQDFLPLHQWRXRWURVGDxRVUHSURGXFWLYRV\VROLFLWDDORVHPSUHVDULRVTXHDGYLHUWDQD
VXVFOLHQWHVVREUHODSRVLEOHH[SRVLFLyQDWDOHVVXVWDQFLDV
(ODLVODQWHGHILEUDGHYLGULRHQORVKRUQRVGHDXWROLPSLH]DGHVSLGHXQDSHTXHxDFDQWLGDGGHPRQy[LGRGHFDUERQR
GXUDQWHHOFLFORGHOLPSLH]D/DH[SRVLFLyQSXHGHVHUPLQLPL]DGDVLVHYHQWLODFRQXQDYHQWDQDDELHUWDRVLVHXVDXQ
YHQWLODGRURFDPSDQD
1RJXDUGHQLXVHJDVROLQDXRWURVYDSRUHVLQIODPDEOHV\OtTXLGRVFHUFDGHHVWHQLGHRWURVHOHFWURGRPpVWLFRV
48e'(%(+$&(56,+8(/(*$6
■ 1RLQWHQWHLOXPLQDUQLQJ~QHOHFWURGRPpVWLFR
■ 1RWRTXHQLQJ~QLQWHUUXSWRUHOpFWULFRQRXVHWHOpIRQRVHQVXHGLILFLR
■ 'HLQPHGLDWROODPHDVXSURYHHGRUGHJDVGHVGHHOWHOpIRQRGHXQYHFLQR
■ 6LQRVHSXHGHFRPXQLFDUFRQVXSURYHHGRUGHJDVOODPHDOGHSDUWDPHQWRGHERPEHURV
/DLQVWDODFLyQ\ODVUHSDUDFLRQHVGHEHUiQVHUUHDOL]DGDVSRUXQLQVWDODGRUFDOLILFDGRDJHQFLDGHVHUYLFLRVRHO
SURYHHGRUGHJDV
$'9(57(1&,$
6LODLQIRUPDFLyQGHHVWHPDQXDOQRVHVLJXHH[DFWDPHQWHVHSRGUi
SURGXFLUXQLQFHQGLRRH[SORVLyQRFDVLRQDQGRGDxRVVREUHODSURSLHGDGOHVLRQHVRODPXHUWH
■7RGDVODVFRFLQDVSXHGHQVXIULUFDtGDV
■
6HSXHGHQSURGXFLU48(0$'85$6\RWUDV/(6,21(6*5$9(6
■ ,167$/(\&21752/(HOVRSRUWHDQWLYROFDGXUDVVLJXLHQGRODVLQVWUXFFLRQHVVXPLQLVWUDGDV
FRQHOVRSRUWH
$ILQGHUHGXFLUHOULHVJRGHFDtGDGHODFRFLQDpVWDGHEHUiHVWDUDVHJXUDGDSRUXQVRSRUWHDQWL
YROFDGXUDVFRUUHFWDPHQWHLQVWDODGR&RQVXOWHODVLQVWUXFFLRQHVGHLQVWDODFLyQSURYLVWDVFRQHO
VRSRUWHSDUDDFFHGHUDGHWDOOHVFRPSOHWRVDQWHVGHLQWHQWDUUHDOL]DUODLQVWDODFLyQ
3DUDFRQWURODUVLHOVRSRUWHHVLQVWDODGR\DMXVWDGRGHIRUPDDSURSLDGDFRQWUROHTXHGHEDMRGH
ODFRFLQDODSDWDQLYHODGRUDWUDVHUDHVWpDMXVWDGDDOVRSRUWH(QDOJXQRVPRGHORVHOFDMyQGH
DOPDFHQDPLHQWRRHOSDQHOGHSURWHFFLyQVHSXHGHQUHWLUDUSDUDXQDIiFLOLQVSHFFLyQ6LQRHVSRVLEOHUHDOL]DUXQD
LQVSHFFLyQYLVXDOGHVOLFHODFRFLQDKDFLDDGHODQWHFRQILUPHTXHHOVRSRUWHDQWLYROFDGXUDVHVWpDMXVWDGRGHIRUPD
VHJXUDDOSLVRRODSDUHG\GHVOLFHODFRFLQDKDFLDDWUiVGHPRGRTXHODSDWDQLYHODGRUDWUDVHUDVHHQFXHQWUHGHEDMR
GHOVRSRUWHDQWLYROFDGXUDV
(QFDVRGHTXHODFRFLQDVHDHPSXMDGDGHODSDUHGSRUDOJXQDUD]yQVLHPSUHUHSLWDHVWHSURFHGLPLHQWRSDUD
YHULILFDUTXHODFRFLQDHVWpFRUUHFWDPHQWHDVHJXUDGDSRUHOVRSRUWHDQWLYROFDGXUDV
1XQFDUHWLUHFRPSOHWDPHQWHODVSDWDVQLYHODGRUDV\DTXHODFRFLQDQRHVWDUiDVHJXUDGDGHIRUPDDGHFXDGDDO
GLVSRVLWLYRDQWLYROFDGXUDV
6LQRUHFLELyHOVRSRUWHDQWLYROFDGXUDVFRQVXFRPSUDOODPHDOSDUDUHFLELUXQRVLQFRVWRHQ
&DQDGiOODPHDO3DUDDFFHGHUDLQVWUXFFLRQHVGHLQVWDODFLyQGHOVRSRUWHYLVLWH*($SSOLDQFHV
FRPHQ&DQDGi*($SSOLDQFHVFD
$'9(57(1&,$
*($SSOLDQFHVFRP
$'9(57(1&,$
181&$XVHHVWHHOHFWURGRPpVWLFRSDUDFDOHQWDUHO
DPELHQWH&RPRFRQVHFXHQFLDGHHVWRVHSRGUi
SURGXFLUHQYHQHQDPLHQWRFRQPRQy[LGRGHFDUERQR\
HOVREUHFDOHQWDPLHQWRGHOKRUQR
■8VHHVWHHOHFWURGRPpVWLFRVyORSDUDVXSURSyVLWR
RULJLQDOFRPRVHGHVFULEHHQHOPDQXDOGHOSURSLHWDULR
■6ROLFLWHTXHXQLQVWDODGRUFDOLILFDGRLQVWDOHVXFRFLQD
\TXHHVWpFRUUHFWDPHQWHFRQHFWDGDDWLHUUDGH
DFXHUGRFRQODVLQVWUXFFLRQHVGHLQVWDODFLyQSURYLVWDV
&XDOTXLHUDMXVWH\WUDEDMRGHVHUYLFLRWpFQLFRGHEHUi
VHUUHDOL]DGR~QLFDPHQWHSRULQVWDODGRUHVGHFRFLQDV
DJDVFDOLILFDGRVRSRUWpFQLFRVGHOVHUYLFLR1RLQWHQWH
UHSDUDURUHHPSOD]DUQLQJXQDSDUWHGHODFRFLQDD
PHQRVTXHHVWRVHUHFRPLHQGHHVSHFtILFDPHQWHHQHVWH
PDQXDO
■6XFRFLQDHVHQYLDGDGHVGHODIiEULFDSDUDXVRFRQ
JDVQDWXUDO3XHGHVHUFRQYHUWLGDSDUDXVRFRQJDV/3
6LVHUHTXLHUHQHVWRVDMXVWHVGHEHQVHUUHDOL]DGRVSRU
XQWpFQLFRFDOLILFDGRGHDFXHUGRFRQODVLQVWUXFFLRQHV
GHLQVWDODFLyQ\FyGLJRVORFDOHV/DDJHQFLDTXHUHDOL]D
HVWHWUDEDMRDVXPHODUHVSRQVDELOLGDGGHODFRQYHUVLyQ
■6ROLFLWHTXHHOLQVWDODGRUOHPXHVWUHODXELFDFLyQGHOD
YiOYXODGHFLHUUHGHODFRFLQDDJDV\FyPRDSDJDUODHQ
FDVRGHVHUQHFHVDULR
■(QFKXIHODFRFLQDHQXQWRPDFRUULHQWHFRQFRQH[LyQ
DWLHUUDGHYROWLRV~QLFDPHQWH1RUHWLUHODSDWD
UHGRQGDGHFRQH[LyQDWLHUUDGHOHQFKXIH6LWLHQHGXGDV
VREUHODFRQH[LyQDWLHUUDGHOVLVWHPDHOpFWULFRSDUD
KRJDUHVVXUHVSRQVDELOLGDG\REOLJDFLyQFRQWDUFRQ
HOUHHPSOD]RGHXQWRPDFRUULHQWHVLQFRQH[LyQDWLHUUD
SRUXQWRPDFRUULHQWHGHWUHVSDWDVFRUUHFWDPHQWH
FRQHFWDGRDWLHUUDGHDFXHUGRFRQHO&yGLJR1DFLRQDO
GH(OHFWULFLGDG1RXVHSURORQJDGRUHVFRQHVWH
HOHFWURGRPpVWLFR
■$QWHVGHUHDOL]DUFXDOTXLHUVHUYLFLRWpFQLFRGHVHQFKXIH
ODFRFLQD
RGHVFRQHFWHHOVXPLQLVWURGHFRUULHQWHGHVGH
HOSDQHOGHGLVWULEXFLyQGHOKRJDUUHWLUDQGRHOIXVLEOHR
GHVFRQHFWDQGRHOGLV\XQWRU
■$VHJ~UHVHGHTXHWRGRVORVPDWHULDOHVGHHPEDODMH
VHDQUHWLUDGRV
GHODFRFLQDDQWHVGHVXXVRDILQGH
HYLWDUTXHHVWRVPDWHULDOHVVHLQFHQGLHQ
■ (YLWHUDOODGXUDVRLPSDFWRVVREUHODVSXHUWDVGHPHWDO
FRFLQDVRSDQHOHVGHFRQWURO+DFHUHVWRSRGUiSURGXFLU
ODURWXUDGHYLGULRV1RFRFLQHXQSURGXFWRFRQXQYLGULR
URWR(VSRVLEOHTXHVHSURGX]FDQGHVFDUJDVLQFHQGLRR
FRUWHV
■ 1RGHMHDORVQLxRVVRORVRIXHUDGHVXUDGLRGH
DWHQFLyQHQHOiUHDGRQGHHOHOHFWURGRPpVWLFRVH
HQFXHQWUHHQXVR1XQFDVHOHVGHEHUiSHUPLWLU
WUHSDUVHQWDUVHRSDUDUVHVREUHQLQJXQDSDUWHGHO
HOHFWURGRPpVWLFR
■ 1RJXDUGHDUWtFXORVGHLQWHUpVSDUDORVQLxRVVREUHXQD
FRFLQDRHQODSDUWHWUDVHUDGHODPLVPD²6LXQQLxR
WUHSDVREUHODFRFLQDSDUDDOFDQ]DUDUWtFXORVHVSRVLEOH
TXHVXIUDOHVLRQHVJUDYHV
■1RSHUPLWDTXHQDGLHVHWUHSHVHSDUHRVHFXHOJXHGH
ODSXHUWDGHOKRUQRGHOFDMyQRGHODSDUWHVXSHULRUGH
ODFRFLQD6HSRGUiGDxDUODFRFLQDRSURYRFDUVXFDtGD
RFDVLRQDQGROHVLRQHVJUDYHVRODPXHUWH
■1XQFDEORTXHHODVYHQWLODFLRQHVDEHUWXUDVGHDLUHGH
ODFRFLQD/DVPLVPDVEULQGDQODVHQWUDGDV\VDOLGDV
GHDLUHTXHVRQQHFHVDULDVSDUDTXHODFRFLQDRSHUH
GHIRUPDFRUUHFWDFRQODFRPEXVWLyQDGHFXDGD/DV
DEHUWXUDVGHDLUHHVWiQXELFDGDVHQODSDUWHWUDVHUD
GHODFRFLQDHQODSDUWHVXSHULRUHLQIHULRUGHODSXHUWD
GHOKRUQR\HQODSDUWHLQIHULRUGHODFRFLQDGHEDMRGHO
FDMyQFDOHQWDGRUGHOFDMyQGHOKRUQRLQIHULRURGHOSDQHO
GHSURWHFFLyQ
■ 8VHVyORVRVWHQHGRUHVGHROODVVHFRV²ORVVRVWHQHGRUHV
K~PHGRVVREUHVXSHUILFLHVFDOLHQWHVSXHGHQSURGXFLU
TXHPDGXUDVGHELGRDOYDSRU1RSHUPLWDTXHORV
VRVWHQHGRUHVGHROODVWHQJDQFRQWDFWRFRQORV
TXHPDGRUHVVXSHUILFLDOHVODSDUULOODGHORVTXHPDGRUHV
RHOHOHPHQWRGHFDOHIDFFLyQGHOKRUQR1RXVHXQD
WRDOODXRWUDWHODYROXPLQRVDSDUDUHHPSOD]DUHOPDQJR
GHODVFDFHURODV
■7HQJDFXLGDGRGHQRWRFDUODVVXSHUILFLHVFDOLHQWHV
GHODFRFLQD/DVVXSHUILFLHVSRWHQFLDOPHQWHFDOLHQWHV
LQFOX\HQORVTXHPDGRUHVSDUULOODVSDUWHVXSHULRUGH
ODFRFLQDSDUWHWUDVHUDKRUQRHLQWHULRUGHODSXHUWD\
DEHUWXUDVDOUHGHGRUGHODSXHUWDGHOKRUQR
■1RFDOLHQWHHQYDVHVGHFRPLGDTXHQRKD\DQVLGR
DELHUWRV6HSRGUtDDFXPXODUSUHVLyQ\HOFRQWHQHGRU
SRGUtDH[SORWDURFDVLRQDQGRXQDOHVLyQ
■&RFLQHFDUQHV\FDUQHVGHDYHHQIRUPDFRPSOHWD²OD
FDUQHSRUORPHQRVDXQDWHPSHUDWXUDLQWHULRUGH
)\ODFDUQHGHDYHSRUORPHQRVDXQDWHPSHUDWXUD
LQWHULRUGH)1RUPDOPHQWHODFRFFLyQDHVWDV
WHPSHUDWXUDVEULQGDXQDSURWHFFLyQFRQWUDODV
HQIHUPHGDGHVWUDQVPLWLGDVSRUODFRPLGD
$'9(57(1&,$
,16758&&,21(6*(1(5$/(6'(6(*85,'$'
*8$5'((67$6,16758&&,21(6
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
■
1RXVHDJXDVREUHHOIXHJRGHODJUDVD1XQFDWRPHXQD
ROODTXHVHHVWpLQFHQGLDQGR$SDJXHORVFRQWUROHV([WLQJD
ODROODTXHVHHVWpLQFHQGLDQGRVREUHXQTXHPDGRU
VXSHUILFLDOFXEULHQGRODROODFRPSOHWDPHQWHFRQVX
WDSDFRUUHVSRQGLHQWHXQDKRMDPHWiOLFDGHJDOOHWDVR
XQDEDQGHMDSODQD6LHVQHFHVDULRXVHXQTXtPLFRVHFR
PXOWLXVRRXQH[WLQWRUGHFKRUURGHHVSXPD
■
(QFDVRGHTXHKD\DIXHJRHQHOKRUQRGXUDQWHOD
FRFFLyQDSDJXHHOKRUQR\PDQWHQJDODSXHUWDFHUUDGD
KDVWDTXHHOIXHJRVHH[WLQJD6LHVQHFHVDULRXVHXQ
TXtPLFRVHFRPXOWLXVRRXQH[WLQWRUGHFKRUURGHHVSXPD
■ (QFDVRGHTXHKD\DIXHJRHQHOKRUQRGXUDQWHHO
SHUtRGRGHDXWROLPSLH]DDSDJXHHOKRUQR\HVSHUH
DTXHHOIXHJRVHH[WLQJD1RIXHUFHODSXHUWD
SDUDDEULUOD/DHQWUDGDGHDLUHIUHVFRVREUHODV
WHPSHUDWXUDVGHDXWROLPSLH]DSRGUiFRQGXFLUDOD
SURGXFFLyQGHOODPDVHQHOKRUQR6LQRVHVLJXHQHVWDV
LQVWUXFFLRQHVVHSRGUiQSURGXFLUTXHPDGXUDVJUDYHV
$'9(57(1&,$
(1&$62'(,1&(1',26,*$/266,*8,(17(63$626
3$5$(9,7$5/(6,21(62/$3523$*$&,Ï1'(/)8(*2
■
1XQFDSLHUGDGHYLVWDORVTXHPDGRUHVFXDQGRVH
HQFXHQWUHQHQODVFRQILJXUDFLRQHVGHFDORUPHGLDRDOWD
/DVFRPLGDVHVSHFLDOPHQWHODVTXHVHSUHSDUDQFRQ
DFHLWHVHSXHGHQLQFHQGLDUORFXDOSXHGHRFDVLRQDUXQ
LQFHQGLRTXHVHSURSDJXHDORVJDELQHWHVSUy[LPRV
■1XQFDSLHUGDGHYLVWDHODFHLWHFXDQGRHVWpIULHQGR6L
VHFDOLHQWDPiVDOOiGHVXSXQWRGHFRFFLyQHODFHLWH
VHSXHGHTXHPDU\SURYRFDUXQLQFHQGLRTXHVHSXHGH
SURSDJDUDORVJDELQHWHVSUy[LPRV8VHXQWHUPyPHWUR
SDUDJUDVDVSURIXQGDVVLHPSUHTXHVHDSRVLEOHDILQGH
PRQLWRUHDUODWHPSHUDWXUDGHODFHLWH
■ 3DUDHYLWDUGHUUDPHVHLQFHQGLRVXVHXQDFDQWLGDG
PtQLPDGHDFHLWHFXDQGRHVWpIULHQGRHQXQDROODTXH
QRVHDSURIXQGD\HYLWHFRFLQDUFRPLGDVFRQJHODGDV
FRQFDQWLGDGHVH[FHVLYDVGHKLHOR
■
8VHHOWDPDxRGHROODDGHFXDGRSDUDHYLWDUTXHVHDQ
LQHVWDEOHVRTXHVXIUDQFDtGDVIiFLOPHQWH6HOHFFLRQH
XWHQVLOLRVTXHFRLQFLGDQFRQHOWDPDxRGHOTXHPDGRU/DV
OODPDVGHOTXHPDGRUVHGHEHUiQDMXVWDUGHPRGRTXHQR
VHH[WLHQGDQPiVDOOiGHODSDUWHLQIHULRUGHODROOD8QD
FDQWLGDGH[FHVLYDGHOODPDSXHGHUHSUHVHQWDUXQULHVJR
■
6LHPSUHXVHODSRVLFLyQ/,7(DOHQFHQGHUORVTXHPDGRUHV
VXSHULRUHV\DVHJ~UHVHGHTXHHVWRVVHKD\DQHQFHQGLGR
■
$OXVDUXWHQVLOLRVGHYLGULRFHUiPLFDDVHJ~UHVHGHTXH
VHDQDGHFXDGRVSDUDHOVHUYLFLRGHFRFLQDRWURVVHSRGUiQ
URPSHUGHELGRDXQFDPELRUHSHQWLQRGHWHPSHUDWXUD
■$ILQGHPLQLPL]DUSRVLEOHVTXHPDGXUDVLQFHQGLRGH
PDWHULDOHVLQIODPDEOHV\GHUUDPHVODPDQLMDGHXQ
HQYDVHGHEHUiVHULQFOLQDGDKDFLDHOFHQWURGHODFRFLQD
VLQTXHVHH[WLHQGDVREUHORVTXHPDGRUHVFHUFDQRV
■ $OSUHSDUDUFRPLGDVOODPHDQWHVGHEDMRGHXQD
FDPSDQDHQFLHQGDHOYHQWLODGRU
■ 1RXVHXQZRNFRQXQDQLOORFRQVRSRUWHGHPHWDO
UHGRQGR(ODQLOORSRGUiDWUDSDUFDORU\EORTXHDUHODLUH
KDFLDHOTXHPDGRUSURGXFLHQGRHOULHVJRGHHPLVLyQGH
PRQy[LGRGHFDUERQR
■ 1RLQWHQWHHOHYDUODFRFLQD+DFHUHVWRSRGUtDGDxDU
ODWXEHUtDGHJDVKDVWDORVTXHPDGRUHVVXSHUILFLDOHV
RFDVLRQDQGRXQDSpUGLGDGHJDV\ULHVJRGHLQFHQGLR
■ $OLQKDELOLWDUHO%ORTXHRGHO&RQWUROGH*DVHQDOJXQRV
PRGHORVDVHJ~UHVHGHTXHORVFRQWUROHVGHVXSHUILFLH
VHHQFXHQWUHQHQODSRVLFLyQ2))$SDJDGR(VWR
HYLWDUiTXHKD\DXQIOXMRGHJDVQRLQWHQFLRQDOGHVGH
ORVTXHPDGRUHV
■ 1RXVHSDSHOGHDOXPLQLRSDUDFXEULUUHMLOODVFXDOTXLHU
SDUWHGHODFRFLQD6LVHKDFHHVWRVHSRGUiSURGXFLU
HQYHQHQDPLHQWRFRQPRQy[LGRGHFDUERQR
VREUHFDOHQWDPLHQWRGHODVVXSHUILFLHVGHODFRFLQDRXQ
SRVLEOHULHVJRGHLQFHQGLR
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/$3$57(
683(5,25'(/$&2&,1$
■1RJXDUGHQLXVHPDWHULDOHVLQIODPDEOHVHQXQKRUQR
RFHUFDGHODSDUWHVXSHULRUGHODFRFLQDLQFOX\HQGR
SDSHOSOiVWLFRVRVWHQHGRUHVGHROODVWUDSRVFREHUWRUHV
GHSDUHGFRUWLQDVSDxRV\JDVROLQDXRWURVYDSRUHV\
OtTXLGRVLQIODPDEOHV
■
1XQFDXVHSUHQGDVKROJDGDVRTXHFXHOJXHQPLHQWUDV
XVDHOHOHFWURGRPpVWLFR(YLWHDFXPXODUDUWtFXORV
FRP~QPHQWHXVDGRVHQJDELQHWHVVREUHODFRFLQD\
WHQJDFXLGDGRDOH[WHQGHUODPDQRVREUHODFRFLQD
/DURSDTXHVHHQFXHQWUHFHUFDGHORVTXHPDGRUHVR
VXSHUILFLHVFDOLHQWHVVHSRGUiHQFHQGHURFDVLRQDQGR
TXHPDGXUDVJUDYHV
■
1RSHUPLWDTXHODJUDVDGHODFRFFLyQXRWURVPDWHULDOHV
LQIODPDEOHVVHDFXPXOHQHQRFHUFDGHODFRFLQD/D
JUDVDGHOKRUQRRVREUHODFRFLQDVHSRGUiLQFHQGLDU
■ /LPSLHODVFDPSDQDVGHYHQWLODFLyQGHIRUPDIUHFXHQWH
1RVHGHEHSHUPLWLUODDFXPXODFLyQGHJUDVDHQOD
FDPSDQDRHOILOWUR
$'9(57(1&,$
0$17(1*$/260$7(5,$/(6,1)/$0$%/(6
$/(-$'26'(/$&2&,1$
*8$5'((67$6,16758&&,21(6
*($SSOLDQFHVFRP
■0DQWpQJDVHDOHMDGRGHODFRFLQDDODEULUODSXHUWDGHO
KRUQR(ODLUHFDOLHQWHRHOYDSRUTXHVDOHSXHGHFDXVDU
TXHPDGXUDVHQODVPDQRVURVWUR\XRMRV
■ 0DQWHQJDHOKRUQROLEUHGHDFXPXODFLyQGHJUDVD/D
JUDVDHQHOKRUQRVHSXHGHLQFHQGLDU
■ &RORTXHORVHVWDQWHVGHOKRUQRHQODXELFDFLyQ
FRUUHVSRQGLHQWHPLHQWUDVpVWHVHHQFXHQWUDIUtR6L
HVQHFHVDULRUHWLUDUHOHVWDQWHPLHQWUDVHOKRUQRVH
HQFXHQWUDFDOLHQWHHYLWHWRFDUODVVXSHUILFLHVFDOLHQWHV
■&RORTXHHOHVWDQWHGHOKRUQRHQODSRVLFLyQGHEORTXHR
DOLQWURGXFLU\UHWLUDUFRPLGDGHOKRUQR(VWRD\XGDD
HYLWDUTXHPDGXUDVSRUWRFDUVXSHUILFLHVFDOLHQWHVGHOD
SXHUWD\ODVSDUHGHVGHOKRUQR
■ 1RGHMHSURGXFWRVWDOHVFRPRSDSHOXWHQVLOLRVGH
FRFLQDQLFRPLGDHQHOKRUQRFXDQGRQRHVWpHQ
XVR/RVDUWtFXORVJXDUGDGRVHQHOKRUQRVHSXHGHQ
LQFHQGLDU
■1RGHMHDUWtFXORVHQODSDUWHVXSHULRUGHODFRFLQDFHUFD
GHODYHQWLODFLyQGHOKRUQRTXHHVWiHQHOFHQWURGHOD
SDUWHWUDVHUD/RVDUWtFXORVVHSXHGHQVREUHFDOHQWDU\
H[LVWHULHVJRGHLQFHQGLRRTXHPDGXUDV
■$OXVDUODVEROVDVSDUDFRFLQDURGRUDUHQHOKRUQRVLJD
ODVLQVWUXFFLRQHVGHOIDEULFDQWH
■1XQFDDVHFRQODSXHUWDDELHUWD6HSURKtEHDVDUFRQOD
SXHUWDDELHUWDGHELGRDOVREUHFDOHQWDPLHQWRGHODVSHULOODV
GHFRQWURO
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$'
/DIXQFLyQGHDXWROLPSLH]DXVDHOKRUQRHQWHPSHUDWXUDVORVXILFLHQWHPHQWHDOWDVFRPRSDUDFRQVXPLUUHVWRVGH
FRPLGDTXHKD\DGHQWURGHOPLVPR3DUDXQIXQFLRQDPLHQWRVHJXURVLJDHVWDVLQVWUXFFLRQHV
■$QWHVGHXWLOL]DUHOFLFORGHDXWROLPSLH]DUHWLUHODV
ROODVHVWDQWHVGHPHWDOEULOODQWHGHOKRUQR\RWURV
XWHQVLOLRVTXHKD\DGHQWURGHOPLVPR6yORVHSXHGHQ
GHMDUGHQWURGHOKRUQRORVHVWDQWHVSDUDKRUQRFRQ
UHFXEULPLHQWRGHSRUFHODQD1RXVHODIXQFLyQGHDXWR
OLPSLH]DSDUDOLPSLDURWUDVSDUWHVWDOHVFRPRSDUULOODV
■$QWHVGHXWLOL]DUHOFLFORGHDXWROLPSLH]DOLPSLHODJUDVD
\UHVWRVGHFRPLGDTXHKD\DHQHOKRUQR8QDFDQWLGDG
H[FHVLYDGHJUDVDVHSXHGHLQFHQGLDUORFXDOSXHGH
SURGXFLUGDxRVFRQKXPRHQVXKRJDU
■ 6LHOPRGRGHDXWROLPSLH]DIXQFLRQDGHIRUPD
LQFRUUHFWDDSDJXHHOKRUQR\GHVFRQHFWHHOVXPLQLVWUR
GHFRUULHQWH6ROLFLWHHOVHUYLFLRGHXQWpFQLFRFDOLILFDGR
■ 1ROLPSLHODMXQWDGHODSXHUWD/DMXQWDGHODSXHUWDHV
HVHQFLDOSDUDXQEXHQVHOODGR6HGHEHWHQHUFXLGDGR
GHQRIURWDUGDxDUQLPRYHUODMXQWD
■ 1RXVHOLPSLDGRUHVSDUDKRUQR1RVHGHEHUiXVDU
OLPSLDGRUSDUDKRUQRVFRPHUFLDOHVQLUHYHVWLPLHQWRV
GHSURWHFFLyQSDUDKRUQRVGHQLQJ~QWLSRHQR
DOUHGHGRUGHFXDOTXLHUSDUWHGHOKRUQR
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/+2512&21
)81&,Ï1'($872/,03,(=
■(OSURSyVLWRGHOFDMyQFDOHQWDGRUHVPDQWHQHUODV
FRPLGDVFRFLQDGDVDWHPSHUDWXUDSDUDVHUYLU&XDQGR
ODFRPLGDHVWpDPHQRVGH)VHSURGXFLUiQ
EDFWHULDV1RFRORTXHFRPLGDIUtDHQHOFDMyQ
FDOHQWDGRU1RFDOLHQWHFRPLGDGXUDQWHPiVGHKRUDV
6LQRVHVLJXHQHVWDVLQVWUXFFLRQHVVHSRGUiQSURGXFLU
HQIHUPHGDGHVJHQHUDGDVHQODFRPLGD
■
1RGHMHSURGXFWRVGHSDSHOSOiVWLFRVFRPLGDHQODWDGDR
PDWHULDOHVFRPEXVWLEOHVHQHOFDMyQ6HSXHGHQLQFHQGLDU
■ 1RWRTXHHOHOHPHQWRFDOHQWDGRUQLODVXSHUILFLH
LQWHULRUGHOFDMyQ(VSRVLEOHTXHODVVXSHUILFLHVHVWpQ
ORVXILFLHQWHPHQWHFDOLHQWHVFRPRSDUDSURYRFDU
TXHPDGXUDV
■
7HQJDFXLGDGRDODEULUHOFDMyQ$EUDXQSRFRHOFDMyQ
\GHMHTXHVDOJDDLUHFDOLHQWHRYDSRUDQWHVGHUHWLUDUR
UHHPSOD]DUODFRPLGD(ODLUHFDOLHQWHRHOYDSRUTXHVDOH
SXHGHFDXVDUTXHPDGXUDVHQODVPDQRVURVWUR\XRMRV
■ 1RXVHSDSHOGHDOXPLQLRSDUDUHYHVWLUHOFDMyQ
FDOHQWDGRU(ODOXPLQLRHVXQH[FHOHQWHDLVODQWHGHO
FDORU\DWUDSDUiHOFDORUGHEDMRGHpVWH(VWRDOWHUDUi
HOIXQFLRQDPLHQWRGHOFDMyQ\H[LVWHHOULHVJRGHTXHVH
SURGX]FDXQLQFHQGLR
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/&$-Ï1
&$/(17$'25&$-Ï1'(/+2512,1)(5,25$OJXQRVPRGHORV
*8$5'((67$6,16758&&,21(6
(VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO
&yPR(QFHQGHUXQ4XHPDGRU6XSHUILFLDOGH*DV
$VHJ~UHVHGHTXHWRGRVORVTXHPDGRUHV
VXSHUILFLDOHVHVWpQXELFDGRVHQVXVSRVLFLRQHV
UHVSHFWLYDV
(PSXMHHOPDQJRGHFRQWURO\JLUHHOPLVPR
KDVWDODSRVLFLyQ/,7(
(VFXFKDUiXQSHTXHxRUXLGRGHFOLF²HO
VRQLGRGHODFKLVSDHOpFWULFDTXHHQFLHQGHHO
TXHPDGRU
*LUHODSHULOODSDUDDMXVWDUHOWDPDxRGH
ODOODPD6LODSHULOODSHUPDQHFHHQ/,7(
FRQWLQXDUiKDFLHQGRFOLF
&XDQGRXQTXHPDGRUVHJLUDD/,7(WRGRV
ORVTXHPDGRUHVKDFHQFKLVSD1RLQWHQWH
GHVHQVDPEODUQLOLPSLDUXQTXHPDGRUPLHQWUDV
RWURTXHPDGRUHVWiHQFHQGLGR(VSRVLEOHTXH
VHSURGX]FDXQDGHVFDUJDHOpFWULFDORFXDO
SRGUtDKDFHUTXHYXHOTXHXQXWHQVLOLRGHFRFLQD
FDOLHQWH
(PSXMHHOPDQJRGHFRQWURO\JLUH
HOPLVPRKDVWDODSRVLFLyQ/,7(
$QWHVGH(QFHQGHUXQ4XHPDGRUGH*DV
$VHJ~UHVHGHTXHWRGRVORVTXHPDGRUHV
HVWpQHQVXOXJDU
$VHJ~UHVHGHTXHWRGDVODVSDUULOODVGHOD
FRFLQDHVWpQFRUUHFWDPHQWHXELFDGDVDQWHV
GHXVDUXQTXHPDGRU
6LVXFRFLQDFXHQWDFRQODIXQFLyQ%ORTXHR
GHO&RQWUROGH*DVDVHJ~UHVHGHTXHHVWp
GHVKDELOLWDGDDQWHVGHLQWHQWDUHQFHQGHUORV
TXHPDGRUHVVXSHUILFLDOHV
/XHJRGH(QFHQGHUXQ4XHPDGRUGH*DV
1RXWLOLFHHOTXHPDGRUGXUDQWHXQSHUtRGRGH
WLHPSRSURORQJDGRVLQXQXWHQVLOLRGHFRFLQD
VREUHODSDUULOOD(ODFDEDGRGHODSDUULOODVH
SXHGHUHVTXHEUDMDUVLQRKD\XQXWHQVLOLRGH
FRFLQDTXHDEVRUEDHOFDORU
$VHJ~UHVHGHTXHORVTXHPDGRUHV\ODV
SDUULOODVHVWpQIUtRVDQWHVGHFRORFDUODPDQR
WRPDUHOPDQJRGHXQDROODWUDSRVGH
OLPSLH]DXRWURVPDWHULDOHVVREUHHVWRV
4XHPDGRUHVGH*DV6HOODGRV
/DSDUWHVXSHULRUGHVXFRFLQDDJDVFXHQWD
FRQTXHPDGRUHVGHJDVVHOODGRV/HRIUHFHQ
FRQYHQLHQFLDIDFLOLGDGGHOLPSLH]D\IOH[LELOLGDG
SDUDVHUXVDGRVHQXQDDPSOLDYDULHGDGGH
DSOLFDFLRQHVGHFRFLQD
(OTXHPDGRUPiVSHTXHxRHQODSRVLFLyQ
WUDVHUDGHUHFKDHVHOTXHPDGRUDIXHJROHQWR
(QDOJXQRVPRGHORVHOTXHPDGRUGHWULSOH
OODPDTXHVHHQFXHQWUDHQODSRVLFLyQIURQWDO
GHUHFKDHVHOTXHPDGRUDIXHJROHQWR(VWH
TXHPDGRUVHSXHGHSDVDUD6,0)XHJR/HQWR
SDUDTXHIXQFLRQHDXQIXHJRPX\OHQWR%ULQGD
XQIXQFLRQDPLHQWRGHFRFFLyQPX\SUHFLVR
SDUDFRPLGDVGHOLFDGDVWDOHVFRPRVDOVDVR
FRPLGDVTXHUHTXLHUHQIXHJROHQWRGXUDQWHXQ
SHUtRGRGHWLHPSRGHFRFFLyQODUJR
/RVTXHPDGRUHVPHGLDQRDWUiVDOD
L]TXLHUGD\JUDQGHIUHQWHDODL]TXLHUGDVRQ
ORVTXHPDGRUHVSULQFLSDOHVSDUDODPD\RUtD
GHODVFRFFLRQHV(VWRVTXHPDGRUHVGHXVR
JHQHUDOVHSXHGHQSDVDUGH+,$OWRD/2
%DMRDILQGHTXHVHDGHF~HQDXQDDPSOLD
YDULHGDGGHQHFHVLGDGHVGHFRFFLyQ
(OTXHPDGRUH[WUDJUDQGHDOIUHQWHDOD
GHUHFKDTXHPDGRUGHWULSOHOODPDRDOIUHQWH
DODL]TXLHUGDHQDOJXQRVPRGHORVHVHO
TXHPDGRUGHPi[LPDSURGXFFLyQ$OLJXDOTXH
ORVRWURVFXDWURTXHPDGRUHVVHSXHGHSDVDU
GH+,$OWRD6,0)XHJR/HQWRSDUDXQDDPSOLD
YDULHGDGGHDSOLFDFLRQHVGHFRFFLyQ
(VWRVTXHPDGRUHVHVWiQGLVHxDGRVSDUD
OOHYDUUiSLGDPHQWHJUDQGHVFDQWLGDGHVGH
OtTXLGRDSXQWRGHKHUYRU&XHQWDQFRQOD
IXQFLyQHVSHFLDO32:(5%2,/70GLVHxDGD
SDUDVXXVRFRQXWHQVLOLRVGHFRFLQDGH
SXOJDGDVRPiVGHGLiPHWURSDUDHO
TXHPDGRUH[WUDJUDQGH\SXOJDGDVRPiV
SDUDHOGHWULSOHOODPD
(OTXHPDGRURYDOFHQWUDOHQDOJXQRVPRGHORV
HVSDUDJUDQGHVROODVFDFHURODVRSDUDXVR
FRQODSODQFKD
&yPRXVDUORVTXHPDGRUHVVXSHUILFLDOHVGHJDV
0HGLDQR
3HTXHxR
*UDQGH
&HQWUR
RYDODGR
HQDOJXQRV
PRGHORV
([WUD/DUJH
([WUD
*UDQGH
HQ
DOJXQRV
PRGHORV
4XHPDGRUGH
WUHVDQLOORV
HQDOJXQRV
PRGHORV
4XHPDGRU
SXHQWHHQ
DOJXQRV
PRGHORV
6yORSDUDTXHPDGRUHVH[WUDJUDQGHV
6yORSDUDTXHPDGRUHVGHWUHVDQLOORV
&yPR6HOHFFLRQDUHO7DPDxRGHOD/ODPD
8WHQVLOLRVREUHOD&RFLQD
2EVHUYHODOODPDQRODSHULOODDPHGLGDTXH
UHGXFHHOFDORU&XDQGRVHGHVHHFDOHQWDUGH
IRUPDUiSLGDHOWDPDxRGHODOODPDGHXQ
TXHPDGRUGHJDVGHEHUiVHUHTXLYDOHQWHFRQ
HOXWHQVLOLRGHFRFLQDTXHHVWpXVDQGR
&XDQGRODVOODPDVVHDQPiVJUDQGHVTXH
ODSDUWHLQIHULRUGHOXWHQVLOLRGHFRFLQDQR
FDOHQWDUiQHOXWHQVLOLRPiVUiSLGR\SRGUtDQ
VHUULHVJRVDV
(Q&DVRGH&RUWHGH&RUULHQWH
(QFDVRGHFRUWHGHFRUULHQWHSXHGHHQFHQGHUORV
TXHPDGRUHVGHJDVVXSHUILFLDOHVGHODFRFLQDFRQXQIyVIRUR
$FHUTXHXQIyVIRURSUHQGLGRDOTXHPDGRU\OXHJRSUHVLRQH\
JLUHODSHULOODGHFRQWUROKDVWDODSRVLFLyQ/,7(7HQJDHVSHFLDO
FXLGDGRDOHQFHQGHUORVTXHPDGRUHVGHHVWDPDQHUD
/RVTXHPDGRUHVTXHVHHVWpQXVDQGRFXDQGRVHSURGX]FD
XQFRUWHGHFRUULHQWHHOpFWULFDFRQWLQXDUiQIXQFLRQDQGR
QRUPDOPHQWH
127$6LHO%ORTXHRGHO&RQWUROGH*DVHVWiHQXVRHQHO
PRPHQWRGHOFRUWHGHFRUULHQWHORVTXHPDGRUHVVXSHUILFLDOHV
QRVHSRGUiQHQFHQGHU
*($SSOLDQFHVFRP
8VHHO:RNGH(VWD)RUPD
5HFRPHQGDPRVTXHXVHXQZRNGHSXOJDGDV
RPiVSHTXHxRFRQIRQGRSODQR$VHJ~UHVHGH
TXHHOIRQGRGHOZRNVHDSR\HGHIRUPDSODQD
VREUHODSDUULOOD(VWiQGLVSRQLEOHVHQVXWLHQGD
PLQRULVWDORFDO
6yORVHGHEHUiXVDUXQZRNFRQIRQGRSODQR
1RXVHXQDQLOORGHVRSRUWHSDUDZRN&RORFDUHO
DQLOORVREUHHOTXHPDGRURSDUULOODSRGUiKDFHU
TXHHOTXHPDGRUIXQFLRQHGHIRUPDLQDGHFXDGD
SURGXFLHQGRQLYHOHVGHPRQy[LGRGHFDUERQR
TXHVXSHUDQORVHVWiQGDUHVSHUPLWLGRV(VWR
SXHGHVHUSHOLJURVRSDUDVXVDOXG
8VHXQZRNFRQIRQGRSODQR
3DUULOODVSDUDOD3DUWH6XSHULRUGHOD&RFLQD
1RXVHSDUULOODVSDUDODSDUWHVXSHULRUGHOD
FRFLQDVREUHORVTXHPDGRUHVGHJDVVHOODGRV6L
XVDODSDUULOODSDUDODSDUWHVXSHULRUGHODFRFLQD
HQHOTXHPDGRUGHJDVVHOODGRRFDVLRQDUi
XQDFRPEXVWLyQLQFRPSOHWD\SRGUiSURGXFLU
H[SRVLFLyQDQLYHOHVGHPRQy[LGRGHFDUERQR
VXSHULRUHVDORVHVWiQGDUHVDFWXDOPHQWH
SHUPLWLGRV
7KLVFDQEHKD]DUGRXVWR\RXUKHDOWK
$OXPLQLR6HUHFRPLHQGDXQXWHQVLOLRGHSHVRPHGLDQR\D
TXHFDOLHQWDGHIRUPDUiSLGD\SDUHMD/DPD\RUtDGHODV
FRPLGDVVHGRUDQGHIRUPDSDUHMDHQXQVDUWpQGHDOXPLQLR
8VHFDFHURODVFRQWDSDKHUPpWLFDFXDQGRFRFLQHFRQ
FDQWLGDGHVPtQLPDVGHDJXD
+LHUUR)RUMDGR6LFRFLQDUiGHIRUPDOHQWDODPD\RUtDGHORV
VDUWHQHVOHGDUiQUHVXOWDGRVVDWLVIDFWRULRV
8WHQVLOLRVGHHVPDOWH%DMRFLHUWDVFRQGLFLRQHVHOHVPDOWH
GHDOJXQRVXWHQVLOLRVGHFRFLQDVHSXHGHQGHUUHWLU6LJDODV
UHFRPHQGDFLRQHVVREUHPpWRGRVGHFRFFLyQGHOIDEULFDQWH
GHXWHQVLOLRVGHFRFLQD
9LGULR([LVWHQGRVWLSRVGHXWHQVLOLRVGHFRFLQDGHYLGULR²
DTXHOORVSDUDXVRFRQHOKRUQR~QLFDPHQWH\DTXHOORVSDUD
ODFRFFLyQHQODSDUWHVXSHULRUGHODFRFLQDFDFHURODVFDIp
\WHWHUDV/RVFRQGXFWRUHVGHYLGULRFDOLHQWDQGHIRUPDPX\
OHQWD
&HUiPLFDGH9LGULR5HVLVWHQWHDO&DORU6HSXHGHQXVDUSDUD
FXDOTXLHUVXSHUILFLHRSDUDFRFFLyQHQHOKRUQR&RQGXFHHO
FDORUGHIRUPDPX\OHQWD\VHHQIUtDGHIRUPDPX\UiSLGD
&RQVXOWHODVLQVWUXFFLRQHVGHOIDEULFDQWHGHXWHQVLOLRVGH
FRFLQDSDUDVDEHUFRQVHJXULGDGVLVHSXHGHXVDUFRQFRFLQDV
DJDV
$FHUR,QR[LGDEOH(VWHPHWDOSRVHHSURSLHGDGHVGH
FDOHQWDPLHQWROLPLWDGDV\QRUPDOPHQWHVHFRPELQDFRQ
FREUHDOXPLQLRXRWURVPDWHULDOHVSDUDXQDPHMRUGLVWULEXFLyQ
GHOFDORU/RVVDUWHQHVFRQFRPELQDFLyQGHPHWDOHV
QRUPDOPHQWHIXQFLRQDQGHIRUPDVDWLVIDFWRULDVLVHXVDQFRQ
FDORUPHGLRFRPRORUHFRPLHQGDHOIDEULFDQWH
6XSODQFKDFXELHUWD\DQWLDGKHUHQWHR
SODQFKDSUHVD]RQDGDHQDOJXQRVPRGHORV
EULQGDXQDVXSHUILFLHGHFRFFLyQH[WUDJUDQGH
SDUDFDUQHVSDQTXHTXHVXRWUDVFRPLGDV
QRUPDOPHQWHSUHSDUDGDVHQXQDROODRVDUWpQ
SDUDIUHtU
127$6XSODQFKDVHGHVFRORUDUiFRQHOSDVR
GHOWLHPSRDPHGLGDTXHVHVD]RQHFRQHO
XVR
8VRGHODSODQFKDHQDOJXQRVPRGHORV
$'9(57(1&,$
5LHVJRGH,QFHQGLR
/DFRQILJXUDFLyQ3UH+HDW3UHFDOHQWDUHQDOJXQRV
PRGHORVVHEULQGDSDUDSUHFDOHQWDUODSODQFKDGHIRUPD
UiSLGD$SDJXHHOFRQWURODQWHVGHFRORFDUFRPLGDHQ
ODSODQFKD/DFRFFLyQHQODFRQILJXUDFLyQ3UH+HDW
3UHFDOHQWDUSXHGHRFDVLRQDUXQLQFHQGLR
7HQJDFXLGDGRDOFRFLQDUFRPLGDVFRQJUDVD/DJUDVD
HVSDUFLGDSXHGHSURYRFDUXQLQFHQGLR
1XQFDFRORTXHQLJXDUGHXQDUWtFXORHQODSODQFKDLQFOXVR
FXDQGRQRHVWpHQXVR(OFDORUGHORVGHPiVTXHPDGRUHV
SXHGHFDOHQWDUODSODQFKD\SURYRFDUXQLQFHQGLR
/DPD\RUtDGHODVFRPLGDVDODSODQFKDUHTXLHUHQXQD
FRFFLyQHQXQDVXSHUILFLHSUHFDOHQWDGD3UHFDOLHQWHOD
SODQFKDGHDFXHUGRFRQHVWDJXtD\OXHJRFDPELHDOD
FRQILJXUDFLyQGHFRFFLyQGHVHDGD
$'9(57(1&,$
/DVOODPDVGHOTXHPDGRU
TXHQRHVWiQFXELHUWDVSRUHOXWHQVLOLRGHFRFLQDSXHGHQ
SUHVHQWDUXQULHVJRGHLQFHQGLRRLQFHQGLRGHWHODV(O
TXHPDGRUGHODSODQFKDVyORVHGHEHUiXVDUFXDQGROD
SODQFKDHVWpHQVXOXJDU6LHVWRQRVHFXPSOHVHSXHGHQ
VXIULUOHVLRQHVJUDYHV

1RXVHDFHLWHVREUHODSODQFKDGXUDQWHSHUtRGRVGHWLHPSR
SURORQJDGRV(VSRVLEOHTXHVHSURGX]FDQPDQFKDVSHUPDQHQWHV
\RJULHWDV
'RQRWRYHUKHDWWKHJULGGOH/HDYLQJWKHJULGGOHEXUQHURQDW
+,IRUDQH[WHQGHGDPRXQWRIWLPHZLWKRXWIRRGFDQGDPDJH
WKHQRQVWLFNFRDWLQJ
(YLWHHOXVRGHXWHQVLOLRVGHPHWDOFRQSXQWDVSURQXQFLDGDV
RH[WUHPRVPX\ILORVRVTXHSRGUtDQGDxDUODVXSHUILFLHGHOD
SODQFKD
1RFRUWHODVFRPLGDVHQODSODQFKD
8VRGHOD3ODQFKD
127$(VSRVLEOHTXHVHDQHFHVDULRDMXVWDUODVFRQILJXUDFLRQHV
GHODSODQFKDVLVHXVDUiSRUXQSHUtRGRSURORQJDGR
7LSRGH&RPLGD &RQGLFLRQHVGH
3UHFDOHQWDPLHQWR
&RQILJXUDFLyQGH
&RFFLyQ
&yPR&DOHQWDU7RUWLOODV 1LQJXQR 0HG%DMR
3DQTXHTXHV 0HG$OWR
PLQ
0HG
+DPEXUJXHVDV $OWR²PLQ 0HG'RUDUHQ+L
$OWRSRUPLQXWR
GHFDGDODGR
+XHYRV)ULWRV $OWR²PLQ 0HG
(PEXWLGRVSDUDHO'HVD\XQR
$OWR²PLQ 0HG
6iQGZLFKHV&DOLHQWHV7DOHV
FRPRFRQ4XHVRDOD3ODQFKD
$OWR²PLQ $OWR
3ODQFKD$QWLDGKHUHQWHSDUDHO0RGHOR&6
&yPR,QVHUWDUOD3ODQFKD$QWLDGKHUHQWH\5HYHUVLEOH
/DSODQFKDVyORVHSXHGHXVDUFRQHO
TXHPDGRUFHQWUDO3DUDLQVHUWDUODSODQFKD
UHWLUHODSDUULOODFHQWUDO\UHHPSODFHODPLVPD
FRQODSODQFKD
127$1ROLPSLHODSODQFKDHQHOKRUQRGHDXWR
OLPSLH]D
7LSRGH&RPLGD &RQGLFLRQHVGH
3UHFDOHQWDPLHQWR
&RQILJXUDFLyQ
GH&RFFLyQ
&yPR&DOHQWDU7RUWLOODV 1LQJXQR 0HG%DMR
3DQTXHTXHV 0HG$OWRPLQ 0HG$OWR
+DPEXUJXHVDV 0HG$OWRPLQ 0HG$OWR
(PEXWLGRVSDUDHO'HVD\XQR
$OWR²PLQ 0HG
6iQGZLFKHV&DOLHQWHV7DOHV
FRPRFRQ4XHVRDOD3ODQFKD
$OWRLQ $OWR
127$(VSRVLEOHTXHVHDQHFHVDULRDMXVWDUODVFRQILJXUDFLRQHV
GHODSODQFKDVLVHXVDUiSRUXQSHUtRGRSURORQJDGR
3ODQFKD3UHVD]RQDGDSDUDORV0RGHOR
3%
/DVIXQFLRQHVDSDULHQFLD\XELFDFLRQHVGHODVWHFODVSXHGHQYDULDU
8VRGHORVFRQWUROHVGHOKRUQR
(VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO *($SSOLDQFHVFRP
7HFODGH+RUQHDGR
3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQKRUQHDU
7HFOD%URLO+L/R$VDU$OWR%DMR
3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQDVDU
7HFODGH+RUQHDGRSRU&RQYHFFLyQ
3UHVLRQHSDUDVHOHFFLRQDUKRUQHDUFRQODIXQFLyQ
GHFRQYHFFLyQ
7HFODGH7RVWDGRSRU&RQYHFFLyQ
3UHVLRQHSDUDVHOHFFLRQDUWRVWDUFRQODIXQFLyQGH
FRQYHFFLyQ
7HFOD,QLFLDU
6HGHEHUiSUHVLRQDUSDUDFRPHQ]DUFXDOTXLHU
IXQFLyQGHFRFFLyQROLPSLH]D
3DQWDOOD
0XHVWUDODKRUDGHOGtDWHPSHUDWXUDGHOKRUQR
VLHOKRUQRHVWiHQHOPRGRKRUQHDUDVDURDXWR
OLPSLH]DORVWLHPSRVFRQILJXUDGRVSDUDODV
IXQFLRQHVGHOWHPSRUL]DGRURGHKRUQRDXWRPiWLFR
\VLODFRFLQDHVWiEORTXHDGD
6L´)\XQQ~PHURROHWUDµWLWLODQHQODSDQWDOOD\HO
FRQWUROGHOKRUQRGDXQDVHxDOHVWRLQGLFDXQFyGLJR
GHHUURUGHIXQFLyQ7RTXHODWHFOD&OHDU2II%RUUDU
$SDJDU3HUPLWDTXHHOKRUQRVHHQIUtHGXUDQWHXQD
KRUD&RORTXHHOKRUQRQXHYDPHQWHHQIXQFLRQDPLHQWR
6LHOFyGLJRGHHUURUGHIXQFLyQVHUHSLWHGHVFRQHFWHOD
FRUULHQWHGHOKRUQR\OODPHDOVHUYLFLRWpFQLFR
6LVXKRUQRIXHFRQILJXUDGRSDUDXQIXQFLRQDPLHQWRSRU
WLHPSR\VHSURGXFHXQFRUWHGHFRUULHQWHHOUHORM\ODV
IXQFLRQHVSURJUDPDGDVVHUiQUHLQLFLDGRV
/DKRUDGHOGtDWLWLODUiHQODSDQWDOODFXDQGRKD\D
KDELGRXQFRUWHGHFRUULHQWH
7HFODGH$XWR/LPSLH]D
3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQGHDXWR
OLPSLH]D/HDODVHFFLyQKRUQRFRQIXQFLyQGHDXWR
OLPSLH]D
7HFODGH/X]2Q2II(QFHQGLGD$SDJDGDGHOKRUQR
3UHVLRQHSDUDHQFHQGHURDSDJDUODOX]GHOKRUQR
7HFODGH7LHPSRGH5HWUDVR
8VHMXQWRFRQODVWHFODV&22.,1*7,0(7LHPSR
GH&RFFLyQR6(/)&/($1$XWR/LPSLH]DSDUD
FRQILJXUDUHOKRUQRSDUDTXHVHLQLFLH\GHWHQJDGH
IRUPDDXWRPiWLFDHQHOWLHPSRTXHFRQILJXUy
7HFODGH7LHPSRGH&RFFLyQ
3UHVLRQHODWHFOD\OXHJRSUHVLRQHODVWHFODV
QXPpULFDVSDUDFRQILJXUDUODFDQWLGDGGHWLHPSR
GXUDQWHHOFXDOGHVHHTXHVXFRPLGDVHFRFLQH(O
KRUQRVHDSDJDUiFXDQGRHOWLHPSRGHFRFFLyQVH
KD\DWHUPLQDGR
7HFOD&OHDU2II%RUUDU$SDJDU
3UHVLRQHSDUDFDQFHODU72'$6ODVRSHUDFLRQHVGHO
KRUQRH[FHSWRHOUHORMWHPSRUL]DGRU\%ORTXHRGHO
&RQWUROGH*DVR%ORTXHRGHO&RQWUROGHSHQGLHQGR
GHOPRGHOR
7HFODGH5HORM
3UHVLRQHDQWHVGHFRQILJXUDUHOUHORM
7HFODV1XPpULFDV
8VHHVWDWHFODSDUDFRQILJXUDUFXDOTXLHUIXQFLyQ
TXHUHTXLHUDQ~PHURVWDOHVFRPRODKRUDGHOGtD
HQHOUHORMHOWHPSRUL]DGRUODWHPSHUDWXUDGHO
KRUQRODWHPSHUDWXUDLQWHUQDGHODFRPLGDODKRUD
GHLQLFLR\ODGXUDFLyQGHOIXQFLRQDPLHQWRSDUD
KRUQHDGRSRUWLHPSR\DXWROLPSLH]D
7HFOD.LWFKHQ7LPHU2Q2II7HPSRUL]DGRUGH
&RFLQD(QFHQGLGR$SDJDGR
3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQGHOFRQWDGRU
7HFODGH6RQGD
3UHVLRQHDOXVDUODVRQGDSDUDUHDOL]DUXQD
FRFFLyQ
%ORTXHRGHO&RQWUROGH*DVHQDOJXQRVPRGHORV
7KHFRQWUROORFNRXWLVDQG7RXFKDQGKROGWKH
DQGSDGVDWWKHVDPHWLPHIRUVHFRQGV
&RQWUROGHO+RUQR5HORM7HPSRUL]DGRU\)XQFLRQHV
8VRGHOKRUQRVXSHULRU
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHORVHVWDQWHVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR
$QWHVGHFRPHQ]DU«
/RVHVWDQWHVSRVHHQEORTXHDGRUHVGHPRGR
TXHDOFRORFDUORVFRUUHFWDPHQWHVREUHORV
VRSRUWHV$D(VHGHWHQGUiQDQWHVGHVDOLUVH
FRPSOHWDPHQWH\QRVHLQFOLQDUiQ
$OFRORFDU\UHWLUDUXWHQVLOLRVGHFRFLQDHPSXMH
HOHVWDQWHKDFLDDIXHUDGHOWRSHVREUHHO
VRSRUWHGHOHVWDQWH
35(&$8&,Ï1
$OXVDU
XQHVWDQWHHQODSRVLFLyQPiVEDMD5VH
GHEHUiWHQHUFXLGDGRDOHPSXMDUHOHVWDQWH
YDULDVSXOJDGDVKDFLDDIXHUD\OXHJR
XWLOL]DQGRGRVVRVWHQHGRUHVGHROODHPSXMH
HOHVWDQWHKDFLDDIXHUDVRVWHQLHQGRORV
ODGRV(OHVWDQWHHVWiHQXQDSRVLFLyQEDMD\
XVWHGSRGUtDVXIULUXQDTXHPDGXUDVLFRORFD
ODPDQRHQPHGLRGHOPLVPRDOHPSXMDU
KDFLDDIXHUD
3DUDUHWLUDUHOHVWDQWHHPSXMHHOPLVPRKDFLD
XVWHGLQFOLQHHOH[WUHPRIURQWDOKDFLDDUULED\
HPSXMHKDFLDDIXHUD
3DUDKDFHUXQUHHPSOD]RFRORTXHHOH[WUHPR
GHOHVWDQWHEORTXHDGRUHVHQHOVRSRUWHLQFOLQH
HOIUHQWHKDFLDDUULED\HPSXMHHOHVWDQWHKDFLD
DGHQWUR
127$(OHVWDQWHQRHVWiGLVHxDGRSDUD
GHVOL]DUVHKDFLDDIXHUDHQODSRVLFLyQHVSHFLDO
GHOHVWDQWHEDMR5
7KHRYHQKDVVKHOISRVLWLRQV
,WDOVRKDVDVSHFLDOORZVKHOI
SRVLWLRQ5IRUH[WUDODUJHLWHPV
VXFKDVDODUJHWXUNH\
&RUWHGH&RUULHQWH
(OKRUQRRDVDGRUQRVHSRGUiQLOXPLQDU
GXUDQWHXQFRUWHGHFRUULHQWH1RFLUFXODUiJDV
DPHQRVTXHODEDUUDEULOODQWHHVWpFDOLHQWH
6LHOKRUQRVHHQFXHQWUDHQXVRFXDQGRVH
SURGX]FDXQFRUWHGHFRUULHQWHHOTXHPDGRU
GHOKRUQRVHDSDJDUi\QRVHSRGUiYROYHUD
HQFHQGHUKDVWDTXHYXHOYDODFRUULHQWH(VWR
VHGHEHDTXHHOIOXMRGHJDVVHGHWLHQHGH
IRUPDDXWRPiWLFD\QRVHUHLQLFLDUiFXDQGROD
FRUULHQWHVHDUHVWDXUDGDDPHQRVTXHODEDUUD
EULOODQWHKD\DDOFDQ]DGRODWHPSHUDWXUDGH
IXQFLRQDPLHQWR
/X]GHO+RUQR6XSHULRU
3UHVLRQHODWHFOD2YHQ/LJKW/X]GHO+RUQR
HQHOSDQHOGHFRQWUROVXSHULRUSDUDHQFHQGHU
RDSDJDUODOX]
9HQWLODFLyQGHO+RUQR6XSHULRU
6XKRUQRHVYHQWLODGRDWUDYpVGHFRQGXFWRV
HQODSDUWHWUDVHUDGHODFRFLQD1REORTXHH
HVWRVFRQGXFWRVDOFRFLQDUHQHOKRUQR²HV
LPSRUWDQWHTXHHOIOXMRGHDLUHFDOLHQWHGHVGH
HOKRUQR\HODLUHIUHVFRKDFLDHOTXHPDGRU
GHOKRUQRQRVHDQLQWHUUXPSLGRV(YLWHWRFDU
ODVDEHUWXUDVGHODYHQWLODFLyQRVXSHUILFLHV
FHUFDQDVGXUDQWHHOIXQFLRQDPLHQWRGHOKRUQR
\HODVDGRU²VHSRGUiQFDOHQWDU
/DVPDQLMDVGHODVROODV\FDFHURODVVH
SRGUiQFDOHQWDUDOHVWDUHQODSDUWHVXSHULRU
GHOKRUQRVLVHODVXELFDGHPDVLDGRFHUFDGH
ODYHQWLODFLyQ
1RGHMHDUWtFXORVGHSOiVWLFRRLQIODPDEOHV
VREUHODSDUWHVXSHULRUGHODFRFLQD
VHSRGUiQGHUUHWLURLQFHQGLDUVHVLVH
HQFXHQWUDQGHPDVLDGRFHUFDGHOD
YHQWLODFLyQ
1RGHMHHQYDVHVFHUUDGRVHQODSDUWH
VXSHULRUGHODFRFLQD/DSUHVLyQHQHQYDVHV
FHUUDGRVVHSRGUiLQFUHPHQWDUORFXDOSRGUi
KDFHUTXHH[SORWHQ
/RVDUWtFXORVGHPHWDOVHFDOHQWDUiQ
GHPDVLDGRVLVHORVGHMDVREUHODSDUWH
VXSHULRUGHODFRFLQD\SRGUiQRFDVLRQDU
LQFHQGLRV
/RVDUWtFXORVGHSOiVWLFRVREUHOD
SDUWHVXSHULRUGHOKRUQRVHSRGUiQ
GHUUHWLUVLVHORVGHMDGHPDVLDGR
FHUFDGHODYHQWLODFLyQ
/DDSDULHQFLD\ODXELFDFLyQGHOD
YHQWLODFLyQYDUtDQ


&yPR&RQILJXUDUHO+RUQR6XSHULRUSDUD+RUQHDGRR'RUDGR
6XKRUQRQRHVWiGLVHxDGRSDUDODFRFFLyQFRQ
ODSXHUWDDELHUWD
3UHVLRQHODWHFOD%DNH+RUQHDU
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
WHPSHUDWXUH
3UHVLRQHODWHFOD6WDUW,QLFLDU
$SDUHFHUiODSDODEUD21(QFHQGLGR\
$PHGLGDTXHHOKRUQRVHFDOLHQWHODSDQWDOOD
PRVWUDUiHOFDPELRGHWHPSHUDWXUD&XDQGRHO
KRUQRDOFDQFHODWHPSHUDWXUDTXHSURJUDPy
VRQDUiQXQSLWLGR
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRGXUDQWH
HOFLFOR%$.(+RUQHDUSUHVLRQHODWHFOD%DNH
+RUQHDU\OXHJRODVWHFODVQXPpULFDVSDUD
REWHQHUODQXHYDWHPSHUDWXUD
&RQWUROHTXHODFRPLGDHVWpKHFKDHQHO
WLHPSRPtQLPRGHFRFFLyQGHODUHFHWD
&RFLQHGXUDQWHPiVWLHPSRVLHV
QHFHVDULR
3UHVLRQHODWHFOD&OHDU2II%RUUDU
$SDJDUFXDQGRODFRFFLyQHVWpFRPSOHWD
127$(VSRVLEOHTXHHOYHQWLODGRUVHHQFLHQGD
\DSDJXHGHIRUPDDXWRPiWLFDSDUDHQIULDUODV
SDUWHVLQWHULRUHV(VWRHVQRUPDO\HVSRVLEOH
TXHHOYHQWLODGRUFRQWLQ~HIXQFLRQDQGRLQFOXVR
OXHJRGHTXHHOKRUQRVHDSDJXH
(OKRUQRFXHQWDFRQXQDSRVLFLyQ
HVSHFLDOSDUDHVWDQWHEDMR5MXVWR
VREUHODSDUWHLQIHULRUGHOKRUQR
8VHHVWDSRVLFLyQFXDQGRQHFHVLWH
HVSDFLRDGLFLRQDOSDUDODFRFFLyQ
3RUHMHPSORFXDQGRFRFLQHXQ
SDYRJUDQGH(OHVWDQWHQRHVWi
GLVHxDGRSDUDGHVOL]DUVH\VHU
OHYDQWDGRHQHVWDSRVLFLyQ
8VRGHOKRUQRVXSHULRU *($SSOLDQFHVFRP
6LVXPRGHORFXHQWDFRQXQDWUDEDSDUDSXHUWDQREORTXHHODSXHUWDFRQODWUDEDGXUDQWHHOKRUQHDGRRWRVWDGR
/DWUDEDVHXVDSDUDODIXQFLyQGHDXWROLPSLH]D~QLFDPHQWH
3UHFDOHQWDPLHQWR\8ELFDFLyQGH2OODV
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXH
ORVHVWDQWHVHQODSRVLFLyQGHVHDGDDQWHVGH
HQFHQGHUHOKRUQR
3UHFDOLHQWHHOKRUQRVLODUHFHWDORUHTXLHUH
3DUDFDOHQWDUHOKRUQRSUHYLDPHQWHDMXVWHOD
WHPSHUDWXUDFRUUHFWD(VQHFHVDULRSUHFDOHQWDU
HOKRUQRSDUDHOKRUQHDGRSRUFRQYHFFLyQ\
SDUDREWHQHUEXHQRVUHVXOWDGRVDOFRFLQDU
WRUWDVJDOOHWDVSDVWHOHV\SDQHV
3DUDKRUQRVVLQXQDOX]RWRQRLQGLFDGRUGH
SUHFDOHQWDPLHQWRSUHFDOLHQWHGXUDQWH
PLQXWRV
/RVUHVXOWDGRVGHOKRUQHDGRVHUiQPHMRUHV
VLODVFDFHURODVGHKRUQHDGRVHHQFXHQWUDQ
HQHOFHQWURGHOKRUQRODPD\RUFDQWLGDGGH
WLHPSRSRVLEOH/DVFDFHURODVQRGHEHQWRFDUVH
PXWXDPHQWHQLWRFDUODVSDUHGHVGHOKRUQR6L
QHFHVLWDXVDUGRVHVWDQWHVHVFDORQHODVROODV
GHPRGRTXHXQRQRHVWpGLUHFWDPHQWHVREUH
HORWUR\GHMHDSUR[LPDGDPHQWHXQHVSDFLR
GHòµHQWUHODVROODVGHVGHHOIUHQWHODSDUWH
WUDVHUD\ORVFRVWDGRVGHODSDUHG
$OKRUQHDUHQXQVRORHVWDQWHXVH
ODSRVLFLyQGHOHVWDQWHGHVGHHO
FXDGURSDUDVXWLSRGHFRPLGD
/RVUHVXOWDGRVGHOKRUQHDGR
VHUiQPHMRUHVVLODVFDFHURODV
GHKRUQHDGRVHHQFXHQWUDQHQHO
FHQWURGHOKRUQRODPD\RUFDQWLGDG
GHWLHPSRSRVLEOH
$OKRUQHDUFXDWURFDSDVGHWRUWDGH
XQDVRODYH]XVHORVHVWDQWHV$\
&&RORTXHODVROODVLQIHULRUHVHQOD
SDUWHWUDVHUDGHOHVWDQWH\ODVROODV
VXSHULRUHVHQODSDUWHIURQWDOGHO
HVWDQWHTXHVHPXHVWUDGHPRGRTXH
XQDROODQRHVWpGLUHFWDPHQWHVREUH
ODRWUD
+XPHGDGGHO+RUQR
$PHGLGDTXHHOKRUQRVHFDOLHQWHHOFDPELR
GHWHPSHUDWXUDHQHODLUHGHOKRUQRSRGUi
JHQHUDUODIRUPDFLyQGHJRWDVGHDJXDHQHO
YLGULRGHODSXHUWD(VWDVJRWDVVRQLQRIHQVLYDV
\VHHYDSRUDUiQDPHGLGDTXHHOKRUQRVHVLJD
FDOHQWDQGR
3DSHOGH$OXPLQLR
1RXVHSDSHOGHDOXPLQLRSDUDUHYHVWLUHO
IRQGRGHOKRUQR(ODOXPLQLRDWUDSDUiHOFDORU
LQIHULRU\DOWHUDUiHOIXQFLRQDPLHQWRGHOKRUQR
(ODOXPLQLRVHSXHGHGHUUHWLU\GDxDUGH
IRUPDSHUPDQHQWHODSDUWHLQIHULRUGHOKRUQR
/RVGDxRVSRUXVRLQDGHFXDGRGHOSDSHOGH
DOXPLQLRQRHVWiQFXELHUWRVSRUODJDUDQWtDGHO
SURGXFWR
6HSRGUiXVDUDOXPLQLRSDUDHYLWDUGHUUDPHV
FRORFDQGRXQDKRMDVREUHXQHVWDQWHLQIHULRU
YDULDVSXOJDGDVGHEDMRGHODFRPLGD1RXVH
PiVDOXPLQLRTXHHOQHFHVDULR\QXQFDFXEUD
WRWDOPHQWHHOHVWDQWHGHXQKRUQRFRQSDSHOGH
DOXPLQLR0DQWHQJDHODOXPLQLRDSRUORPHQRV
µGHODVSDUHGHVGHOKRUQRSDUDHYLWDUXQD
FLUFXODFLyQGHILFLHQWHGHOFDORU
8VRGHOKRUQRVXSHULRU
&yPR3URJUDPDUHO+RUQR6XSHULRUSDUD$VDU
&RORTXHODFDUQHRSHVFDGRVREUHXQD
UHMLOODSDUDDVDUHQXQDFDFHURODSDUD
DVDU
8VHODVSRVLFLRQHVVXJHULGDVSDUDUHSLVDV
HQOD*XtDSDUD$VDU
/DSXHUWDGHOKRUQRVHGHEHUiFHUUDU
GXUDQWHHODVDGR
3UHVLRQHODWHFOD%URLO+L/R$VDGR$OWR
%DMRXQDYH]SDUD$VDGR$OWR
3DUDFDPELDUD/R%URLO$VDGR%DMR
SUHVLRQHODWHFOD%URLO+L$VDGR$OWR
QXHYDPHQWH
3UHVLRQHODWHFOD6WDUW,QLFLDU
8QDYH]WHUPLQDGRHODVDGRSUHVLRQHOD
WHFOD&OHDU2II%RUUDU$SDJDU
6LUYDODFRPLGDGHIRUPDLQPHGLDWD\GHMH
ODROODDIXHUDGHOKRUQRSDUDTXHVHHQIUtH
GXUDQWHODFRPLGDSDUDXQDOLPSLH]DPiVIiFLO
8VH/R%URLO$VDGR%DMRSDUDFRFLQDU
FRPLGDVFRPRSDYRRFRUWHVJUXHVRVGHFDUQH
HQIRUPDFRPSOHWDVLQTXHVHGRUHQHQH[FHVR
6LVXPRGHORFXHQWDFRQXQDWUDEDSDUDSXHUWDQREORTXHHODSXHUWDFRQODWUDEDGXUDQWHHODVDGR
/DWUDEDVHXVDSDUDODIXQFLyQGHDXWROLPSLH]D~QLFDPHQWH
&LHUUHODSXHUWD6LHPSUHDVHFRQOD
SXHUWDFHUUDGD


*($SSOLDQFHVFRP
(OWDPDxRSHVRJURVRU
WHPSHUDWXUDLQLFLDO\VX
SUHIHUHQFLDGHSUHSDUDFLyQ
DIHFWDUiQORVWLHPSRVGHO
DVDGR(VWDJXtDHVWiEDVDGD
HQFDUQHVDWHPSHUDWXUDGH
UHIULJHUDGRU
(O'HSDUWDPHQWRGH$JULFXOWXUD
GH((8886'HSDUWPHQWRI
$JULFXOWXUHDILUPDTXH´HOELIH
MXJRVRHVSRSXODUSHURTXHXVWHG
GHEHUtDVDEHUTXHFRFLQDUHO
PLVPRDVyOR)VLJQLILFDTXH
DOJXQRVRUJDQLVPRVYHQHQRVRV
TXHVHHQFXHQWUDQHQODFRPLGD
SXHGHQVREUHYLYLUµ)XHQWH6DIH
)RRG%RRN<RXU.LWFKHQ*XLGH
(O/LEURGHOD&RPLGD6HJXUD6X
*XtDGH&RFLQD86'$5HY-XQLR
GH
(OKRUQRWLHQHSRVLFLRQHV
GHHVWDQWHV
*XtDSDUD$VDU
'HELGRDXQDYDULHGDGGHFDUQHV\FRUWHVGLVSRQLEOHVSXHGHVHOHFFLRQDUSRVLFLRQHVDOWHUQDWLYDVGHHVWDQWHVHQ
EDVHDVXSUHIHUHQFLDSHUVRQDOGHSUHSDUDFLyQ\DSDULHQFLDH[WHUQD&RQVXOWHHQODLOXVWUDFLyQODGHVFULSFLyQGHODV
SRVLFLRQHVGHORVHVWDQWHV
&RPLGD 3UHSDUDGD 7LSRR*URVRU
&RQ
ILJXUDFLyQ
SDUD$VDU
3RVLFLyQ
GHO(V
WDQWH
&RPHQWDULRV
%LIH -XJRVR
$SXQWR
-XJRVR)

)
%LVWHFV²
µGHJURVRU
$OWR ( (VGLItFLOFRFLQDU
HQHOSXQWRMXJRVR
ORVELVWHFVGHXQ
JURVRULQIHULRUD
µ(VSRVLEOHTXH
VHFRFLQHQDQWHV
GHGRUDUVH
3DUDHYLWDURQ
GHDGRVFRUWHOD
JUDVDSRULQWHUYD
ORVGHµ
$SXQWR
)
%LVWHFV²ôD
µGHJURVRU
$OWR '(
&RFLGR
)
%LVWHFV²ôD
µGHJURVRU
$OWR '
$SXQWR
)
*URXQG%HHI
3DWWLHV
µWRµ
WKLFN
$OWR '(
&RFLGR
)
KDPEXUJXHVDV
GHFDUQH
SLFDGD²´D
ôµGHJURVRU
$OWR '
3ROOR 3HFKXJD
GHVKXHVDGD
$OWR & $VHGHOODGRGHOD
SLHOKDFLDDEDMR
SULPHUR
3HFKXJD
FRQKXHVRV
$OWR &
)LOHWHVGH
3HVFDGR
òµDµGH
JURVRU
$OWR ' 6RVWHQJD\JLUH
FRQPXFKR
FXLGDGR
%DMR '
&RVWLOOD
GHFHUGR
&RFLGR
)
ôµGHJURVRU $OWR ' 3DUDHYLWDURQ
GHDGRVFRUWHOD
JUDVDSRULQWHUYD
ORVGHµ
1RWRGDVODVIXQFLRQHVFRUUHVSRQGHQDWRGRVORVPRGHORV
3DUD&RQILJXUDUHO5HORM
(OUHORMVHGHEHUiFRQILJXUDUHQODKRUDFRUUHFWD
GHOGtDSDUDTXHODVIXQFLRQHVDXWRPiWLFDV
GHOWHPSRUL]DGRUGHOKRUQRIXQFLRQHQGH
IRUPDDGHFXDGD/DKRUDGHOGtDQRVHSXHGH
FDPELDUGXUDQWHXQKRUQHDGRSRUWLHPSRRHO
FLFORGHDXWROLPSLH]D
3UHVLRQHODWHFOD&ORFN5HORM
3UHVLRQHODVWHFODVQXPpULFDV
3UHVLRQHODVWHFODVQXPpULFDVGHODPLVPD
IRUPDTXHODVOHH3RUHMHPSORSDUDFRQILJXUDU
SUHVLRQHODVWHFODVQXPpULFDV\
HQHVHRUGHQ
6LODVWHFODVQXPpULFDVQRVHWRFDQGHQWURGHO
SHUtRGRGHXQPLQXWROXHJRGHKDEHUWRFDGR
ODWHFOD&ORFN5HORMODSDQWDOODYXHOYHDOD
FRQILJXUDFLyQRULJLQDO6LHVWRVXFHGHSUHVLRQH
ODWHFOD&ORFN5HORM\YXHOYDDLQJUHVDUODKRUD
GHOGtD
73UHVLRQHODWHFOD6WDUW,QLFLDUKDVWDTXH
ODKRUDGHOGtDDSDUH]FDHQODSDQWDOOD
(VWRLQJUHVDODKRUDHLQLFLDHOUHORM
3DUDFRQWURODUODKRUDGHOGtDFXDQGRODSDQWDOOD
PXHVWUDRWUDLQIRUPDFLyQVLPSOHPHQWH
SUHVLRQHODWHFOD&ORFN5HORM/DKRUDGHOGtD
DSDUHFHKDVWDTXHRWUDWHFODHVSUHVLRQDGD
3DUD&RQILJXUDUHO7HPSRUL]DGRU
(OWHPSRUL]DGRUQRFRQWURODHOIXQFLRQDPLHQWR
GHOKRUQR/DFRQILJXUDFLyQPi[LPDGHO
WHPSRUL]DGRUHVKRUDV\PLQXWRV
3UHVLRQHODWHFOD.LWFKHQ7LPHU2Q2II
(QFHQGLGR$SDJDGRGHO7HPSRUL]DGRU
GH&RFLQD
3UHVLRQHODVWHFODVQXPpULFDVKDVWDTXHOD
FDQWLGDGGHWLHPSRTXHGHVHDDSDUH]FD
HQODSDQWDOOD(OWLHPSRPi[LPRTXHVH
SXHGHLQJUHVDUHQPLQXWRVHV/RV
WLHPSRVVXSHULRUHVDPLQXWRVVH
GHEHUtDQFDPELDUDKRUDV\PLQXWRV3RU
HMHPSORSDUDLQJUHVDUPLQXWRVFRPR
KRUD\PLQXWRVSUHVLRQH\HQHVH
RUGHQ
6LFRPHWHXQHUURUSUHVLRQHODWHFOD.LWFKHQ
7LPHU2Q2II(QFHQGLGR$SDJDGRGHO
7HPSRUL]DGRUGH&RFLQD\YXHOYDDFRPHQ]DU
3UHVLRQHODWHFOD6WDUW,QLFLDU/XHJRGH
SUHVLRQDUODWHFOD6WDUW,QLFLDU6HW
&RQILJXUDFLyQGHVDSDUHFHHVWROHLQGLFD
TXHHOWLHPSRHVWiHQFXHQWDUHJUHVLYD
DXQTXHODSDQWDOODQRFDPELDKDVWDTXH
KD\DSDVDGRXQPLQXWR
&XDQGRHOFRQWDGRUOOHJXHDHOFRQWURO
KDUiSLWLGRVVHJXLGRVSRUXQSLWLGRFDGD
VHJXQGRVKDVWDTXHVHSUHVLRQHODWHFOD
.LWFKHQ7LPHU2Q2II(QFHQGLGR
$SDJDGRGHO7HPSRUL]DGRUGH&RFLQD
(OWRQRGHVHJXQGRVVHSXHGHFDQFHODU
VLJXLHQGRORVSDVRVHQODVHFFLyQGHFRQWUROGH
IXQFLRQHV(VSHFLDOHVGHVXKRUQRHQ7RQHVDW
WKH(QGRID7LPHG&\FOH7RQRVDO)LQDOGHXQ
&LFORSRU7LHPSR
$VHJ~UHVHTXHHOUHORMPDUTXHOD
KRUDFRUUHFWDGHOGtD
/DIXQFLyQGHWHPSRUL]DGRUVyOR
FXHQWDSRUPLQXWRV/DIXQFLyQ
&OHDU2II%RUUDU$SDJDUQR
DIHFWDHOWHPSRUL]DGRU
&RUWHGH&RUULHQWH
6LODKRUDDSDUHFHWLWLODQGRHQODSDQWDOOD
VLJQLILFDTXHVHSURGXMRXQFRUWHGHFRUULHQWH
5HLQLFLHHOUHORM
3UHVLRQHODWHFOD&ORFN5HORMXQDYH]SDUD
UHLQLFLDU,QJUHVHODKRUDGHOGtDFRUUHFWD
SUHVLRQDQGRODVWHFODVQXPpULFDVDSURSLDGDV
3UHVLRQHODWHFOD6WDUW,QLFLR
3DUD5HLQLFLDUHO7HPSRUL]DGRU
6LODSDQWDOODD~QPXHVWUDHOWLHPSRUHVWDQWH
ODSXHGHFDPELDUSUHVLRQDQGRODWHFOD.LWFKHQ
7LPHU2Q2II(QFHQGLGR$SDJDGRGHO
7HPSRUL]DGRUGH&RFLQD\OXHJRSUHVLRQDQGR
ODVWHFODVQXPpULFDVKDVWDTXHHOWLHPSRTXH
GHVHDDSDUH]FDHQODSDQWDOOD
6LHOWLHPSRUHVWDQWHQRVHHQFXHQWUDHQOD
SDQWDOODUHWUDVRGHOFRPLHQ]RGHOUHORMR
WLHPSRGHFRFFLyQDSDUHFHQHQODSDQWDOOD
UHFXHUGHHOWLHPSRUHVWDQWHSUHVLRQDQGR
ODWHFOD.LWFKHQ7LPHU2Q2II(QFHQGLGR
$SDJDGRGHO7HPSRUL]DGRUGH&RFLQD\OXHJR
SUHVLRQDQGRODVWHFODVQXPpULFDVSDUDLQJUHVDU
HOQXHYRWLHPSRTXHGHVHH
3DUD&DQFHODUHO7HPSRUL]DGRU
3UHVLRQHODWHFOD.LWFKHQ7LPHU2Q2II
(QFHQGLGR$SDJDGRGHO7HPSRUL]DGRUGH
&RFLQDGRVYHFHV
8VRGHOUHORM\HOWHPSRUL]DGRU

8VRGHODVIXQFLRQHVGHKRUQHDGR\GRUDGR
SRUWLHPSRKRUQRVXSHULRU~QLFDPHQWH *($SSOLDQFHVFRP
127$/DVFRPLGDVTXHVHHFKDQDSHUGHUUiSLGDPHQWHWDOHVFRPROHFKHKXHYRVSHVFDGRUHOOHQRVDYH\FHUGRQRVH
GHEHUiQGHMDUUHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHHVWLPXODHOGHVDUUROOR
GHEDFWHULDVQRFLYDV$VHJ~UHVHGHTXHODOX]GHOKRUQRHVWpDSDJDGD\DTXHHOFDORUGHODOiPSDUDDFHOHUDUiHO
FUHFLPLHQWRGHEDFWHULDVQRFLYDV
&yPR&RQILJXUDUXQ,QLFLR,QPHGLDWR\'HWHQFLyQ$XWRPiWLFD
(OKRUQRVXSHULRUVHHQFHQGHUiGHIRUPD
LQPHGLDWD\VHFRFLQDUiSRUXQSHUtRGRGHWLHPSR
VHOHFFLRQDGR$OILQDOGHOWLHPSRGHFRFFLyQHOKRUQR
VHDSDJDUiDXWRPiWLFDPHQWH
3UHVLRQHODWHFOD%DNH+RUQHDU
3UHVLRQHODVWHFODVQXPpULFDVSDUDSURJUDPDU
ODWHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHODWHFOD&RRNLQJ7LPH7LHPSRGH
&RFFLyQ
127$6LVXUHFHWDUHTXLHUHFDOHQWDUHQIRUPDSUHYLD
HVSRVLEOHTXHQHFHVLWHWLHPSRDGLFLRQDOVREUHHO
WLHPSRGHFRFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU
HOSHUtRGRGHWLHPSRGHFRFFLyQGHVHDGR(O
WLHPSRPtQLPRGHFRFFLyQTXHSXHGH
FRQILJXUDUHVPLQXWR
/DWHPSHUDWXUDGHOKRUQRTXHFRQILJXUH\HO
WLHPSRGHFRFFLyQTXHLQJUHVyDSDUHFHUiQHQ
ODSDQWDOOD
3UHVLRQHODWHFOD6WDUW,QLFLDU
(OKRUQRDSDUHFHUiHQ21(QFHQGLGR\ODSDQWDOOD
PRVWUDUiODFXHQWDUHJUHVLYDGHOWLHPSR\HOFDPELR
GHWHPSHUDWXUDDSDUWLUGHORV)/DSDQWDOODGH
WHPSHUDWXUDFRPHQ]DUiHOFDPELRXQDYH]TXHOD
WHPSHUDWXUDGHOKRUQRDOFDQFHORV)&XDQGR
HOKRUQRDOFDQFHODWHPSHUDWXUDTXHSURJUDPy
VRQDUiQSLWLGRV
(OKRUQRFRQWLQXDUiODFRFFLyQGXUDQWHODFDQWLGDG
GHWLHPSRSURJUDPDGDOXHJRVHDSDJDUi
DXWRPiWLFDPHQWHDPHQRVTXHODIXQFLyQ
&RRNDQG+ROG0DQWHQHUOD&RFFLyQKD\DVLGR
SURJUDPDGD/HDODVIXQFLRQHV(VSHFLDOHVGHOD
VHFFLyQGHFRQWUROGHOKRUQR
/XHJRGHTXHHOKRUQRVHDSDJXHVRQDUiHOWRQRGH
ILQGHOFLFOR
3UHVLRQHODWHFOD&OHDU2II%RUUDU$SDJDU
SDUDDSDJDUODSDQWDOODVLHVQHFHVDULR5HWLUH
ODFRPLGDGHOKRUQR5HFXHUGHTXHDXQTXHHO
KRUQRVHDSDJXHGHIRUPDDXWRPiWLFDOD
FRPLGDTXHSHUPDQH]FDGHQWURGHpVWH
FRQWLQXDUiFRFLQiQGRVHFXDQGRHOKRUQRHVWp
DSDJDGR
&yPR&RQILJXUDUXQ,QLFLR5HWUDVDGR\'HWHQFLyQ$XWRPiWLFD
(OKRUQRVXSHULRUVHHQFHQGHUiHQHOKRUDULR
GHOGtDTXHFRQILJXUHFRFLQDUiGXUDQWHXQ
SHUtRGRGHWLHPSRHVSHFtILFR\OXHJRVHDSDJDUi
DXWRPiWLFDPHQWH
$VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWDGHOGtD
3UHVLRQHODWHFOD%DNH+RUQHDU
3UHVLRQHODVWHFODVQXPpULFDVSDUDSURJUDPDU
ODWHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHODWHFOD&RRNLQJ7LPH7LHPSRGH
&RFFLyQ
127$6LVXUHFHWDUHTXLHUHFDOHQWDUHQIRUPDSUHYLD
HVSRVLEOHTXHQHFHVLWHWLHPSRDGLFLRQDOVREUHHO
WLHPSRGHFRFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU
HOSHUtRGRGHWLHPSRGHFRFFLyQGHVHDGR(O
WLHPSRPtQLPRGHFRFFLyQTXHSXHGH
FRQILJXUDUHVPLQXWR
/DWHPSHUDWXUDGHOKRUQRTXHFRQILJXUH\HO
WLHPSRGHFRFFLyQTXHLQJUHVyDSDUHFHUiQHQ
ODSDQWDOOD
3UHVLRQHODWHFOD'HOD\6WDUW5HWUDVDU,QLFLR
3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU
ODKRUDGHOGtDHQTXHGHVHDTXHHOKRUQRVH
HQFLHQGD\FRPLHQFHDFRFLQDU
3UHVLRQHODWHFOD6WDUW,QLFLDU
127$8QWRQRGHDWHQFLyQVRQDUiVLHVWiXVDQGRHO
KRUQHDGRSRUWLHPSR\QRVHGHEHWRFDUODWHFOD6WDUW
,QLFLR
127$
6LGHVHDFRQWURODUORVKRUDULRVFRQILJXUDGRV
SUHVLRQHODWHFOD'HOD\6WDUW,QLFLR5HWUDVDGRSDUD
FRQWURODUODKRUDGHLQLFLRTXHFRQILJXUyRSUHVLRQHOD
WHFOD&RRNLQJ7LPH7LHPSRGH&RFFLyQSDUDFRQWURODU
HOSHUtRGRGHWLHPSRGHFRFFLyQTXHSURJUDPy
&XDQGRHOKRUQRHVWpHQ21(QFHQGLGRD
ODKRUDGHOGtDTXHFRQILJXUyHQODSDQWDOOD
DSDUHFHUiODFXHQWDUHJUHVLYDGHODFRFFLyQ\
HOFDPELRGHWHPSHUDWXUDDSDUWLUGHORV)
/DSDQWDOODGHWHPSHUDWXUDFRPHQ]DUiD
FDPELDUXQDYH]TXHODWHPSHUDWXUDGHOKRUQR
DOFDQFHORV)&XDQGRHOKRUQRDOFDQFH
ODWHPSHUDWXUDTXHSURJUDPyVRQDUiQYDULRV
SLWLGRV
(OKRUQRFRQWLQXDUiODFRFFLyQGXUDQWHODFDQWLGDG
GHWLHPSRSURJUDPDGDOXHJRVHDSDJDUi
DXWRPiWLFDPHQWHDPHQRVTXHODIXQFLyQ
&RRNDQG+ROG0DQWHQHUOD&RFFLyQKD\DVLGR
SURJUDPDGD/HDODVIXQFLRQHV(VSHFLDOHVGHOD
VHFFLyQGHFRQWUROGHOKRUQR
/XHJRGHTXHHOKRUQRVHDSDJXHVRQDUiHOWRQR
GHILQGHOFLFOR

3UHVLRQHODWHFOD&OHDU2II%RUUDU$SDJDUSDUD
DSDJDUODSDQWDOODVLHVQHFHVDULR5HWLUHOD
FRPLGDGHOKRUQR5HFXHUGHTXHDXQTXHHOKRUQR
VHDSDJXHGHIRUPDDXWRPiWLFDODFRPLGDTXH
SHUPDQH]FDGHQWURGHpVWHFRQWLQXDUi
FRFLQiQGRVHFXDQGRHOKRUQRHVWpDSDJDGR

35(&$8&,Ï1
3DUDHYLWDUTXHPDGXUDVQRGHVHQFKXIHODVRQGDGHVGHHOHQFKXIHGHOKRUQRKDVWDTXH
HVWH~OWLPRVHKD\DHQIULDGR1RJXDUGHODVRQGDGHQWURGHOKRUQR
6LVXPRGHORFXHQWDFRQXQDWUDEDSDUDSXHUWDQREORTXHHODSXHUWDFRQODWUDEDGXUDQWHODFRFFLyQFRQODVRQGD/D
WUDEDVHXVDSDUDODIXQFLyQGHDXWROLPSLH]D~QLFDPHQWH
3DUDPXFKDVFRPLGDVHVSHFLDOPHQWHFRPLGDVWRVWDGDV\DYHODWHPSHUDWXUDLQWHUQDGHODFRPLGDHVODPHMRUSUXHED
GHTXHHVWiKHFKD/DVRQGDGHWHPSHUDWXUDHOLPLQDODVFRQMHWXUDVFRQUHODFLyQDODFRFFLyQGHODVFRPLGDVHLQGLFD
FRQH[DFWLWXGODSUHSDUDFLyQTXHXVWHGGHVHD
6LVHXVDXQDVRQGDTXHQRVHDODSURYLVWDFRQ
HVWHSURGXFWRVHSRGUiQSURGXFLUGDxRVVREUH
pVWD
8VHODVPDQLMDVGHODVRQGDSDUDHQFKXIDUODDO
LQVHUWDU\UHWLUDUODVPLVPDVGHODFRPLGD\GHO
HQFKXIH
3DUDHYLWDUGDxRVVREUHODVRQGDQRXVH
DJDUUDGHUDVSDUDHPSXMDUHOFDEOHDOUHWLUDUOR
3DUDHYLWDUURPSHUODVRQGDDVHJ~UHVHGH
TXHODFRPLGDKD\DVLGRFRPSOHWDPHQWH
GHVFRQJHODGDDQWHVGHLQVHUWDUOD
3DUDHYLWDUSRVLEOHVTXHPDGXUDVQR
GHVHQFKXIHODVRQGDGHOHQFKXIHGHOKRUQR
KDVWDTXHHVWH~OWLPRVHKD\DHQIULDGR
1XQFDGHMHODVRQGDGHQWURGHOKRUQR
GXUDQWHXQFLFORGHDXWROLPSLH]D
1RJXDUGHODVRQGDGHQWURGHOKRUQR
/DVRQGDGHWHPSHUDWXUDFXHQWD
FRQXQDVRQGDWLSREURFKHWDHQ
XQH[WUHPR\XQHQFKXIHHQHO
RWURH[WUHPRTXHVHFRQHFWDHQHO
HQFKXIHGHOKRUQR
/XHJRGHSUHSDUDUODFDUQH\GHFRORFDUOD
PLVPDHQHOVDOYDPDQWHOHVRHQXQDUHMLOODGH
ROODSDUDDVDUVLJDHVWDVLQVWUXFFLRQHVSDUD
XELFDUODVRQGDGHIRUPDFRUUHFWD
,QVHUWHODVRQGDFRPSOHWDPHQWHHQODFDUQH
1RGHEHUtDWRFDUHOKXHVRODJUDVDQLHO
FDUWtODJR
3DUDGRUDUVLQKXHVRVLQVHUWHODVRQGDHQOD
SDUWHPiVFDUQRVDGHOGRUDGR3DUDFRFLQDU
MDPyQRFRUGHURFRQKXHVRLQVHUWHODVRQGDHQ
HOFHQWURGHOP~VFXORRDUWLFXODFLyQPiVEDMD\
ODUJD
,QVHUWHODVRQGDHQHOFHQWURGHSODWRVWDOHV
FRPRSDVWHOGHFDUQHRFD]XHODV
,QVHUWHODVRQGDHQODSDUWHPiVFDUQRVDGHO
PXVORLQWHUQRGHVGHDEDMR\SDUDOHORDODSDWD
GHXQSDYRHQWHUR
&yPR&RQILJXUDUHO+RUQR6XSHULRUSDUD&RFLQDU&XDQGRVHXVDOD6RQGD
,QVHUWHODVRQGDHQODFRPLGD
(QFKXIHODVRQGDHQHOHQFKXIHGHOKRUQR
$VHJ~UHVHGHTXHHVWpFRPSOHWDPHQWH
HQFKXIDGR&LHUUHODSXHUWDGHOKRUQR
3UHVLRQHODWHFOD3UREH6RQGD
3UHVLRQHODVWHFODVQXPpULFDVSDUD
FRQILJXUDUODFRPLGDLQWHUQDGHVHDGDROD
WHPSHUDWXUDGHODFDUQHHQWUH)\
)
3UHVLRQHODWHFOD%DNH+RUQHDU
3UHVLRQHODVWHFODVQXPpULFDVSDUD
SURJUDPDUODWHPSHUDWXUDGHVHDGDGHO
KRUQR
3UHVLRQHODWHFOD6WDUW,QLFLDU
/DSDQWDOODGDUiXQDYLVRVLODVRQGDHV
HQFKXIDGDHQHOHQFKXIHGHHQWUDGD\QRVH
FRQILJXUyODWHPSHUDWXUDQLVHWRFyODWHFOD
6WDUW,QLFLR
/DSDQWDOODPRVWUDUi/2%DMRKDVWDTXHOD
WHPSHUDWXUDLQWHUQDGHODFRPLGDOOHJXHD
ORV)OXHJRVHPRVWUDUiHOFDPELRGHOD
WHPSHUDWXUDLQWHUQD
&XDQGRODWHPSHUDWXUDLQWHUQDGHOD
FRPLGDOOHJXHDOQ~PHURTXHFRQILJXUyOD
VRQGD\HOKRUQRVHDSDJDUiQ\HOFRQWURO
GHOKRUQRGDXQDVHxDO3DUDGHWHQHUOD
VHxDOSUHVLRQHODWHFOD&OHDU2II%RUUDU
$SDJDU8VHXQJXDQWHGHFRFLQDSDUD
UHWLUDUODVRQGDGHODFRPLGD1RXVH
DJDUUDGHUDVSDUDHPSXMDUODSRGUtDQ
GDxDUODVRQGD
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRGXUDQWH
ODFRFFLyQFRQVRQGDSUHVLRQHODWHFOD%DNH
+RUQHDU\OXHJRODVWHFODVQXPpULFDVSDUD
FRQILJXUDUODQXHYDWHPSHUDWXUD
6LODVRQGDHVUHWLUDGDGHODFRPLGDDQWHVGH
TXHOOHJXHDODWHPSHUDWXUDILQDOVRQDUiXQ
WRQR\ODSDQWDOODWLWLODUiKDVWDTXHODVRQGD
VHDUHWLUDGDGHOKRUQR
3XHGHXVDUHO7HPSRUL]DGRUDXQTXHQR
SXHGHXVDURSHUDFLRQHVGHOKRUQRSRU
WLHPSRDOXVDUODVRQGD
8VRGHODVRQGDHQDOJXQRVPRGHORV
&DEOH
0DQLMDV

8VRGHOKRUQRSRUFRQYHFFLyQHQDOJXQRVPRGHORV *($SSOLDQFHVFRP
(OYHQWLODGRUSRUFRQYHFFLyQVHDSDJDFXDQGRODSXHUWDGHOKRUQRVHDEUH12GHMHODSXHUWDDELHUWDGXUDQWHSHUtRGRV
SURORQJDGRVGHWLHPSRPLHQWUDVXVDODFRFFLyQSRUFRQYHFFLyQ
3DUDD\XGDUOHDHQWHQGHUODGLIHUHQFLDHQWUH
HOKRUQHDGR\HOWRVWDGRSRUFRQYHFFLyQ\HO
KRUQHDGR\WRVWDGRWUDGLFLRQDODTXtILJXUDQ
DOJXQDVSDXWDVJHQHUDOHV
+RUQHDGRSRU&RQYHFFLyQ
3UHFDOLHQWHHOKRUQR/HDODVHFFLyQ8VRGHO
3UHFDOHQWDPLHQWRGHO+RUQR\8ELFDFLyQGH
OD2OOD
,GHDOSDUDFRPLGDVFRFLQDGDVHQHVWDQWHV
P~OWLSOHV
%XHQRSDUDJUDQGHVFDQWLGDGHVGHFRPLGDV
KRUQHDGDV

%XHQRVUHVXOWDGRVFRQJDOOHWDVJDOOHWLWDV
EL]FRFKRVGHFKRFRODWH\QXH]ERFDGLWRVGH
FUHPDDUUROODGRVGXOFHVSDVWHOGHiQJHO\SDQ
(OYHQWLODGRUSRUFRQYHFFLyQKDFHFLUFXODUHO
DLUHFDOLHQWHGHIRUPDSDUHMDVREUH\DOUHGHGRU
GHODFRPLGD
7RVWDGRSRU&RQYHFFLyQ
%XHQRSDUDFRUWHVGHFDUQHGHVFXELHUWRV
TXHVHDQJUDQGHV\WLHUQRV
(OYHQWLODGRUSRUFRQYHFFLyQKDFHFLUFXODUHO
DLUHFDOLHQWHGHIRUPDSDUHMDVREUH\DOUHGHGRU
GHODFRPLGD/DFDUQH\HODYHVRQGRUDGRV
HQWRGRVVXVODGRVFRPRVLKXELHVHQVLGR
FRFLQDGRVHQXQDURWLVHUtD(ODLUHFDOLHQWH
FLUFXODVREUHGHEDMR\DOUHGHGRUGHODFRPLGD
TXHVHHVWiGRUDQGR(ODLUHFDOLHQWHVHOODORV
MXJRVUiSLGDPHQWHSDUDREWHQHUXQSURGXFWR
K~PHGR\WLHUQRPLHQWUDVTXHDOPLVPR
WLHPSRFUHDXQDSDUWHH[WHULRUULFD\GRUDGD
/RVGRUDGRV\HODYHVHGHEHQFRFLQDUHQHO
HVWDQWHGHODSRVLFLyQ$
&XDQGRVHHVWiGRUDQGRSRUFRQYHFFLyQHV
LPSRUWDQWHTXHVHXVHXQDROODSDUDDVDU
\XQDUHMLOODSDUDPHMRUHVUHVXOWDGRVHQ
ODFRQYHFFLyQ/DROODVHXVDSDUDDWUDSDU
GHUUDPHVGHJUDVD\ODUHMLOODVHXVDSDUDHYLWDU
VDOSLFDGXUDVGHJUDVD

&RORTXHHOHVWDQWHHQODSRVLFLyQGHHVWDQWH$
(QXQKRUQRSRUFRQYHFFLyQXQ
YHQWLODGRUKDFHFLUFXODUDLUHVREUH
GHEDMR\DOUHGHGRUGHODFRPLGD
(VWHDLUHFDOLHQWHTXHFLUFXOD
VHGLVWULEX\HGHIRUPDSDUHMDD
WUDYpVGHODFDYLGDGGHOKRUQR
&RPRUHVXOWDGRODVFRPLGDVVRQ
FRFLQDGDV\GRUDGDVGHIRUPD
SDUHMDFRQIUHFXHQFLDHQPHQRV
WLHPSRTXHFRQHOFDORUUHJXODU
&RQYHUVLyQGH$XWR5HFLSH
70
3XHGHXVDUVXVUHFHWDVIDYRULWDVHQHOKRUQR
SRUFRQYHFFLyQ
$OXVDU&219(&7,21%$.(+RUQHDGRSRU
&RQYHFFLyQHOKRUQRFRQYHUWLUiGHIRUPD
DXWRPiWLFDODWHPSHUDWXUDGHOKRUQRGHO
KRUQHDGRUHJXODUDODVWHPSHUDWXUDVGH
+RUQHDGRSRU&RQYHFFLyQ
8WLOL]DQGRODVWHFODVQXPpULFDVLQJUHVH
ODWHPSHUDWXUDUHFRPHQGDGDHQOD
UHFHWD
3UHVLRQHODWHFOD6WDUW,QLFLDU
/DSDQWDOODPRVWUDUiODWHPSHUDWXUDUHDO
FRQYHUWLGDUHGXFLGD3RUHMHPSORVLVH
LQJUHVDODWHPSHUDWXUDUHJXODUGHXQD
UHFHWDGH)&\VHSUHVLRQDOD
WHFOD6WDUW,QLFLDUODSDQWDOODPRVWUDUi
&21\ODWHPSHUDWXUDFRQYHUWLGDGH
)&
127$(VWDIXQFLyQVyORFRQYLHUWH
ODVWHPSHUDWXUDVGHFRFFLyQ\QR
ORVWLHPSRVGHFRFFLyQ$ODVDUSRU
FRQYHFFLyQODWHPSHUDWXUDGHOKRUQRQR
VHFRQYHUWLUiHQIRUPDDXWRPiWLFD
3UHVLRQHODWHFOD&OHDU2II%RUUDU
$SDJDUFXDQGRODFRFFLyQHVWp
FRPSOHWD
8VHHOWDPDxRGHROODUHFRPHQGDGRHQOD
UHFHWD
$OJXQDVLQVWUXFFLRQHVGHOSDTXHWHSDUD
FD]XHODVFRQJHODGDVSODWRVSULQFLSDOHVR
SURGXFWRVKRUQHDGRVIXHURQGHVDUUROODGDV
XWLOL]DQGRKRUQRVSRUFRQYHFFLyQ
FRPHUFLDOHV3DUDPHMRUHVUHVXOWDGRVFRQ
HVWHKRUQRSUHFDOLHQWHHOPLVPR\XVHOD
WHPSHUDWXUDSDUDXQKRUQHDGRUHJXODU
TXHILJXUDHQHOSDTXHWH
3DUDGHVDFWLYDUODIXQFLyQ
3UHVLRQHODVWHFODV:DUP&DOHQWDU\
%DNH+RUQHDGRDOPLVPRWLHPSRKDVWD
TXHODSDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD&RQYHFWLRQ%DNH
+RUQHDUSRU&RQYHFFLyQ/DSDQWDOOD
PRVWUDUi&RQ21&RQYHFFLyQ
(QFHQGLGD3UHVLRQHODWHFOD&RQYHFWLRQ
%DNH+RUQHDUSRU&RQYHFFLyQ
QXHYDPHQWH/DSDQWDOODPRVWUDUi&RQ
2II&RQYHFFLyQ$SDJDGD
3UHVLRQHODWHFOD6WDUW,QLFLDU

8WHQVLOLRVGH&RFLQDSDUD&RFFLyQSRU&RQYHFFLyQ
$QWHVGHXVDUHOKRUQRSRUFRQYHFFLyQFRQWUROH
TXHVXXWHQVLOLRGHFRFLQDGHMHHVSDFLRSDUD
ODFLUFXODFLyQGHDLUHHQHOKRUQR6LKRUQHDUi
FRQYDULDVROODVGHMHHVSDFLRHQWUHODVPLVPDV
$GHPiVDVHJ~UHVHGHTXHODVROODVQRVH
WRTXHQHQWUHVt\TXHQRWRTXHQODVSDUHGHVGHO
KRUQR
3DSHO\3OiVWLFR
(OSDSHOUHVLVWHQWHDOFDORU\ORVHQYDVHVGH
SOiVWLFRTXHVHUHFRPLHQGDQSDUDXVRFRQ
KRUQRVUHJXODUHVVHSXHGHQXVDUHQKRUQRVSRU
FRQYHFFLyQ/RVXWHQVLOLRVGHFRFLQDGHSOiVWLFR
UHVLVWHQWHVDWHPSHUDWXUDVGH)WDPELpQ
VHSXHGHQXVDUFXDQGRHOKRUQRVHHQFXHQWUH
SRUGHEDMRGHORV)
0HWDO\9LGULR
&XDOTXLHUWLSRGHXWHQVLOLRGHFRFLQDIXQFLRQDUi
HQVXKRUQRSRUFRQYHFFLyQ6LQHPEDUJR
ODVROODVPHWiOLFDVFDOLHQWDQPiVUiSLGR\VH
UHFRPLHQGDQSDUDHOKRUQHDGRSRUFRQYHFFLyQ
/DVROODVRVFXUHFLGDVRFRQDFDEDGRWLSR
PDWHKRUQHDUiQPiVUiSLGRTXHODVROODV
EULOODQWHV
/DVROODVGHYLGULRRFHUiPLFDFRFLQDQFRQ
PD\RUOHQWLWXG
$OFRFLQDUJDOOHWDVREWHQGUiPHMRUHV
UHVXOWDGRVVLXVDXQDKRMDSODQDSDUDJDOOHWDV
HQOXJDUGHXQDROODFRQODGRVEDMRV
3DUDUHFHWDVWDOHVFRPRSROORDOKRUQRXVHXQD
ROODFRQODGRVEDMRV(ODLUHQRSXHGHFLUFXODU
ELHQDOUHGHGRUGHODFRPLGDHQXQDROODFRQ
ODGRVDOWRV
8VRGHOKRUQRSRUFRQYHFFLyQHQDOJXQRVPRGHORV

or
&yPR&RQILJXUDUHO+RUQR%DMRSDUD+RUQHDGRR'RUDGRSRU&RQYHFFLyQ
3UHVLRQHODWHFOD&RQYHFWLRQ%DNH
+RUQHDUSRU&RQYHFFLyQR&RQYHFWLRQ
5RDVW'RUDUSRU&RQYHFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUD
SURJUDPDUODWHPSHUDWXUDGHVHDGDGHO
KRUQR
3UHVLRQHODWHFOD6WDUW,QLFLDU
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQR
SUHVLRQHODWHFOD&RQYHFWLRQ%DNH+RUQHDGR
SRU&RQYHFFLyQRODWHFOD&RQYHFWLRQ
5RDVW'RUDGRSRU&RQYHFFLyQ\OXHJRODV
WHFODVQXPpULFDVSDUDFRQILJXUDUODQXHYD
WHPSHUDWXUD
&XDQGRHOKRUQRVHHPSLHFHDFDOHQWDU
VHH[KLELUiHOFDPELRGHWHPSHUDWXUDTXH
FRPHQ]DUiHQORV)&XDQGRHOKRUQR
DOFDQFHODWHPSHUDWXUDTXHSURJUDPyVRQDUiQ
SLWLGRV
3UHVLRQHODWHFOD&OHDU2II%RUUDU
$SDJDUFXDQGRODFRFFLyQHVWpFRPSOHWD
127$(VFXFKDUiXQYHQWLODGRUDOFRFLQDUSRU
FRQYHFFLyQ(OPLVPRVHGHWHQGUiFXDQGR
VHDEUDODSXHUWDSHURHOFDOHQWDGRUQRVH
DSDJDUi
(OYHQWLODGRUQRFRPHQ]DUiKDVWDTXHVHOOHJXH
DODWHPSHUDWXUDGHSUHFDOHQWDPLHQWR
127$$OKRUQHDUSRUFRQYHFFLyQOD
WHPSHUDWXUDGHOKRUQRVHUiGH)&
LQIHULRUDODWHPSHUDWXUDFRQILJXUDGD3DUD
PiVLQIRUPDFLyQOHD$XWR5HFLSH&RQYHUVLRQ
&RQYHUVLyQ$XWRPiWLFDGH5HFHWDVHQOD
VHFFLyQ6SHFLDO)HDWXUHV)XQFLRQHV(VSHFLDOHV
$ODVDUSRUFRQYHFFLyQODWHPSHUDWXUDGHOKRUQR
QRVHFRQYHUWLUiHQIRUPDDXWRPiWLFD

&yPR&RQILJXUDUHO+RUQR6XSHULRUSDUD7RVWDUSRU&RQYHFFLyQ&XDQGRVH
8VDOD6RQGD
HQDOJXQRVPRGHORV
/DSDQWDOODKDUiTXHWLWLOHODSDODEUD352%(
6RQGD\HOFRQWUROGHOKRUQRGDUiODVHxDOVLOD
VRQGDHVHQFKXIDGDHQHOHQFKXIHGHHQWUDGD\
QRVHFRQILJXUyODWHPSHUDWXUDGHODVRQGD\VH
WRFyODWHFOD6WDUW,QLFLR
&RORTXHHOHVWDQWHHQODSRVLFLyQGH
HVWDQWH$,QVHUWHODVRQGD
FRPSOHWDPHQWHHQODFRPLGD
(QFKXIHODVRQGDHQHOHQFKXIHGHOKRUQR
$VHJ~UHVHGHTXHHVWpFRPSOHWDPHQWH
HQFKXIDGD&LHUUHODSXHUWDGHOKRUQR
3UHVLRQHODWHFOD&RQYHFWLRQ5RDVW
7RVWDGRSRU&RQYHFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUD
SURJUDPDUODWHPSHUDWXUDGHVHDGDGHO
KRUQR
3UHVLRQHODWHFOD3UREH6RQGD
3UHVLRQHODVWHFODVQXPpULFDVSDUD
SURJUDPDUODWHPSHUDWXUDLQWHUQD
GHVHDGDGHODFRPLGD
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQR
GXUDQWHHOFLFORGH7RVWDGRSRU&RQYHFFLyQ
SUHVLRQHODWHFOD&RQYHFWLRQ5RDVW7RVWDGR
SRU&RQYHFFLyQ\OXHJRSUHVLRQHODV
WHFODVQXPpULFDVSDUDFRQILJXUDUODQXHYD
WHPSHUDWXUDGHVHDGD
3UHVLRQHODWHFOD6WDUW,QLFLDU
&XDQGRHOKRUQRFRPLHQFHDFDOHQWDUOD
SDODEUD/2%DMRDSDUHFHUiHQODSDQWDOOD
/XHJRGHTXHODWHPSHUDWXUDLQWHUQDGHOD
FRPLGDDOFDQFHORV)ORVFDPELRVGHOD
WHPSHUDWXUDLQWHUQDDSDUHFHUiQHQODSDQWDOOD
& XDQGRODWHPSHUDWXUDLQWHUQDGHOD
FRPLGDOOHJXHDOQ~PHURTXHFRQILJXUyOD
VRQGD\HOKRUQRVHDSDJDUiQ\HOFRQWURO
GHOKRUQRGDXQDVHxDO3DUDGHWHQHUOD
VHxDOSUHVLRQHODWHFOD&OHDU2II%RUUDU
$SDJDU8VHJXDQWHVGHFRFLQDSDUD
UHWLUDUODVRQGDGHODFRPLGD1RXVH
DJDUUDGHUDVSDUDHPSXMDUODSRGUtDQ
GDxDUODVRQGD
35(&$8&,Ï1

3DUDHYLWDU
TXHPDGXUDVQRGHVHQFKXIHODVRQGDGHVGH
HOHQFKXIHGHOKRUQRKDVWDTXHHVWH~OWLPR
VHKD\DHQIULDGR1RJXDUGHODVRQGDGHQWUR
GHOKRUQR
127$
6LODVRQGDHVUHWLUDGDGHODFRPLGDDQWHVGH
TXHOOHJXHDODWHPSHUDWXUDILQDOVRQDUiXQ
WRQR\ODSDQWDOODWLWLODUiKDVWDTXHODVRQGD
VHDUHWLUDGDGHOKRUQR
(VFXFKDUiXQYHQWLODGRUDOFRFLQDUFRQHVWD
IXQFLyQ(OPLVPRVHGHWHQGUiFXDQGRVH
DEUDODSXHUWDSHURHOFDOHQWDGRUQRVH
DSDJDUi
3XHGHXVDUHOWHPSRUL]DGRUDXQTXHQR
SXHGHXVDURSHUDFLRQHVGHOKRUQRSRU
WLHPSRDOXVDUODVRQGD
)RUEHVWUHVXOWVZKHQURDVWLQJ
ODUJHWXUNH\VDQGURDVWVZH
UHFRPPHQGXVLQJWKHSUREH
LQFOXGHGLQWKHFRQYHFWLRQRYHQ
*($SSOLDQFHVFRP
*XtDGH7RVWDGRSRU&RQYHFFLyQ&RQILJXUDFLRQHV6XJHULGDV
8VRGHOKRUQRSRUFRQYHFFLyQHQDOJXQRVPRGHORV
&DUQHV
7HPSHU
DWXUDGHO
+RUQR
7HPSHU
DWXUD
,QWHULRU
%LIH $VDGRGH&RVWLOODDOE
'HVKXHVDGD\&RQ+XHVRV
-XJRVR Û) Û)
$3XQWR Û) Û)
%LIHGH/RPRDOE -XJRVR Û) Û)
%LIHGH/RPRDOE -XJRVR Û) Û)
&HUGR &RQ+XHVRV'HVKXHVDGD
D/EV
Û) Û)
&RUGHUR &RQ+XHVRVD/EV $3XQWR Û) Û)
'HVKXHVDGDDOE $3XQWR Û) Û)
$YH 3ROOR(QWHURDOE Û) Û)
3DYR(QWHUR
6LQ5HOOHQRDOE
6LQ5HOOHQRDOE
Û)
Û)
Û)
Û)
3HFKXJDGH3DYRDOE Û) Û)
/DVDYHVFRQSOXPDVJHQHUDOPHQWHUHTXLHUHQGHXQWLHPSRGHDVDGRDGLFLRQDOGHDPLQXWRV&XEUDODV
SDWDV\ODSHFKXJDFRQSDSHOGHDOXPLQLRSDUDHYLWDUXQGRUDGRH[FHVLYR\TXHVHVHTXHODSLHO

8VRGHODVIXQFLRQHVGHKRUQHDGR
SRUFRQYHFFLyQSRUWLHPSRHQDOJXQRVPRGHORV
*($SSOLDQFHVFRP
(VFXFKDUiXQYHQWLODGRUDOFRFLQDUFRQHVWDIXQFLyQ(OPLVPRVHGHWHQGUiFXDQGRVHDEUDODSXHUWDSHURHOFDOHQWDGRUQRVHDSDJDUi
127$/DVFRPLGDVTXHVHHFKDQDSHUGHUUiSLGDPHQWHWDOHVFRPROHFKHKXHYRVSHVFDGRUHOOHQRVDYH\FHUGRQRVH
GHEHUiQGHMDUUHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHHVWLPXODHOGHVDUUROOR
GHEDFWHULDVQRFLYDV$VHJ~UHVHGHTXHODOX]GHOKRUQRHVWpDSDJDGD\DTXHHOFDORUGHODOiPSDUDDFHOHUDUiHO
FUHFLPLHQWRGHEDFWHULDVQRFLYDV
&yPR&RQILJXUDUXQ,QLFLR,QPHGLDWR\'HWHQFLyQ$XWRPiWLFD
(OKRUQRVXSHULRUVHHQFHQGHUiGHIRUPD
LQPHGLDWD\VHFRFLQDUiSRUXQSHUtRGRGHWLHPSR
VHOHFFLRQDGR$OILQDOGHOWLHPSRGHFRFFLyQHOKRUQR
VHDSDJDUiDXWRPiWLFDPHQWH
3UHVLRQHODWHFOD&RQYHFWLRQ%DNH+RUQHDU
SRU&RQYHFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUDSURJUDPDU
ODWHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHODWHFOD&RRNLQJ7LPH7LHPSRGH
&RFFLyQ
127$6LVXUHFHWDUHTXLHUHFDOHQWDUHQIRUPDSUHYLD
HVSRVLEOHTXHQHFHVLWHWLHPSRDGLFLRQDOVREUHHO
WLHPSRGHFRFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU
HOSHUtRGRGHWLHPSRGHFRFFLyQGHVHDGR(O
WLHPSRPtQLPRGHFRFFLyQTXHSXHGH
FRQILJXUDUHVPLQXWR
/DWHPSHUDWXUDGHOKRUQRTXHFRQILJXUH\HO
WLHPSRGHFRFFLyQTXHLQJUHVyDSDUHFHUiQHQ
ODSDQWDOOD
3UHVLRQHODWHFOD6WDUW,QLFLDU
(OKRUQRHVWDUiHQODSRVLFLyQ21(QFHQGLGR\
HQODSDQWDOODDSDUHFHUiHOFRQWHRGHODFRFFLyQ
\HOFDPELRGHWHPSHUDWXUDDSDUWLUGHORV
)/DSDQWDOODGHWHPSHUDWXUDFRPHQ]DUiD
FDPELDUXQDYH]TXHODWHPSHUDWXUDGHOKRUQR
DOFDQFHORV)&XDQGRHOKRUQRDOFDQFHOD
WHPSHUDWXUDTXHSURJUDPyVRQDUiQSLWLGRV
(OKRUQRFRQWLQXDUiODFRFFLyQGXUDQWHODFDQWLGDG
GHWLHPSRSURJUDPDGDOXHJRVHDSDJDUi
DXWRPiWLFDPHQWHDPHQRVTXHODIXQFLyQ
&RRNDQG+ROG0DQWHQHUOD&RFFLyQKD\DVLGR
SURJUDPDGD/HDODVIXQFLRQHV(VSHFLDOHVGHOD
VHFFLyQGHFRQWUROGHOKRUQR
/XHJRGHTXHHOKRUQRVHDSDJXHVRQDUiHOWRQRGH
ILQGHOFLFOR
3UHVLRQHODWHFOD&OHDU2II%RUUDU$SDJDU
SDUDDSDJDUODSDQWDOODVLHVQHFHVDULR5HWLUH
ODFRPLGDGHOKRUQR5HFXHUGHTXHDXQTXHHO
KRUQRVHDSDJXHGHIRUPDDXWRPiWLFDOD
FRPLGDTXHSHUPDQH]FDGHQWURGHpVWH
FRQWLQXDUiFRFLQiQGRVHFXDQGRHOKRUQRHVWp
DSDJDGR
&yPR&RQILJXUDUXQ,QLFLR5HWUDVDGR\'HWHQFLyQ$XWRPiWLFD
(OKRUQRVXSHULRUVHHQFHQGHUiHQHOKRUDULR
GHOGtDTXHFRQILJXUHFRFLQDUiGXUDQWHXQ
SHUtRGRGHWLHPSRHVSHFtILFR\OXHJRVHDSDJDUi
DXWRPiWLFDPHQWH
$VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWDGHO
GtD
3UHVLRQHODWHFOD&RQYHFWLRQ%DNH+RUQHDU
SRU&RQYHFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUDSURJUDPDU
ODWHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHODWHFOD&RRNLQJ7LPH7LHPSRGH
&RFFLyQ
127$6LVXUHFHWDUHTXLHUHFDOHQWDUHQIRUPDSUHYLD
HVSRVLEOHTXHQHFHVLWHWLHPSRDGLFLRQDOVREUHHO
WLHPSRGHFRFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU
HOSHUtRGRGHWLHPSRGHFRFFLyQGHVHDGR(O
WLHPSRPtQLPRGHFRFFLyQTXHSXHGH
FRQILJXUDUHVPLQXWR
/DWHPSHUDWXUDGHOKRUQRTXHFRQILJXUH\HO
WLHPSRGHFRFFLyQTXHLQJUHVyDSDUHFHUiQHQ
ODSDQWDOOD
3UHVLRQHODWHFOD'HOD\6WDUW5HWUDVDU,QLFLR
3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU
ODKRUDGHOGtDHQTXHGHVHDTXHHOKRUQRVH
HQFLHQGD\FRPLHQFHDFRFLQDU
3UHVLRQHODWHFOD6WDUW,QLFLDU
127$6LGHVHDFRQWURODUORVKRUDULRVFRQILJXUDGRV
SUHVLRQHODWHFOD'HOD\6WDUW,QLFLR5HWUDVDGR
SDUDFRQWURODUODKRUDGHLQLFLRTXHFRQILJXUyR
SUHVLRQHODWHFOD&RRNLQJ7LPH7LHPSRGH&RFFLyQ
SDUDFRQWURODUHOSHUtRGRGHWLHPSRGHFRFFLyQTXH
SURJUDPy
&XDQGRHOKRUQRHVWpHQ21(QFHQGLGRDODKRUD
GHOGtDTXHFRQILJXUyHQODSDQWDOODDSDUHFHUi
ODFXHQWDUHJUHVLYDGHODFRFFLyQ\HOFDPELRGH
WHPSHUDWXUDDSDUWLUGHORV)/DSDQWDOODGH
WHPSHUDWXUDFRPHQ]DUiDFDPELDUXQDYH]TXHOD
WHPSHUDWXUDGHOKRUQRDOFDQFHORV)&XDQGR
HOKRUQRDOFDQFHODWHPSHUDWXUDTXHSURJUDPy
VRQDUiQSLWLGRV
(OKRUQRFRQWLQXDUiODFRFFLyQGXUDQWHODFDQWLGDG
GHWLHPSRSURJUDPDGDOXHJRVHDSDJDUi
DXWRPiWLFDPHQWHDPHQRVTXHODIXQFLyQ
&RRNDQG+ROG0DQWHQHUOD&RFFLyQKD\DVLGR
SURJUDPDGD/HDODVIXQFLRQHV(VSHFLDOHVGHOD
VHFFLyQGHFRQWUROGHOKRUQR
/XHJRGHTXHHOKRUQRVHDSDJXHVRQDUiHOWRQRGH
ILQGHOFLFOR
3UHVLRQHODWHFOD&OHDU2II%RUUDU$SDJDU
SDUDDSDJDUODSDQWDOODVLHVQHFHVDULR5HWLUH
ODFRPLGDGHOKRUQR5HFXHUGHTXHDXQTXHHO
KRUQRVHDSDJXHGHIRUPDDXWRPiWLFDOD
FRPLGDTXHSHUPDQH]FDGHQWURGHpVWH
FRQWLQXDUiFRFLQiQGRVHFXDQGRHOKRUQRHVWp
DSDJDGR

6XQXHYRFRQWUROGHWHFODVWiFWLOHVFXHQWDFRQIXQFLRQHVDGLFLRQDOHVTXHSXHGHHOHJLUXVDU/DVVLJXLHQWHVVRQODV
IXQFLRQHV\FyPRODVSXHGHDFWLYDU
/RVPRGRVGHIXQFLRQHVHVSHFLDOHVVyORSXHGHQVHUDFWLYDGRVPLHQWUDVTXHODSDQWDOODHVWiPRVWUDQGRODKRUDGHOGtD
3HUPDQHFHQHQODPHPRULDGHOFRQWUROKDVWDTXHVHUHSLWHQORVSDVRV
&XDQGRODSDQWDOODPXHVWUHVXHOHFFLyQSUHVLRQHODWHFOD6WDUW,QLFLDU/DVIXQFLRQHVHVSHFLDOHVSHUPDQHFHUiQHQOD
PHPRULDOXHJRGHXQFRUWHGHFRUULHQWH
&RUWHGH+RUDV
&RQHVWDIXQFLyQHQFDVRGHROYLGDUVH\GHMDU
HOKRUQRSUHQGLGRHOFRQWURODSDJDUiGHIRUPD
DXWRPiWLFDHOKRUQROXHJRGHKRUDVGXUDQWH
ODVIXQFLRQHVGHKRUQHDGR\OXHJRGHKRUDV
GXUDQWHODIXQFLyQDVDU
6LGHVHDGHVDFWLYDUHVWDIXQFLyQVLJDORV
VLJXLHQWHVSDVRV
3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R
+RUQHDU\$VDUHQ$OWR%DMRDOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHOD
SDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD'HOD\6WDUW5HWUDVDU
,QLFLR/DSDQWDOODPRVWUDUiVKGQ
DSDJDGROXHJRGHKRUDV3UHVLRQHOD
WHFOD'HOD\6WDUW,QLFLR5HWUDVDGR
QXHYDPHQWH\ODSDQWDOODPRVWUDUiQR
VKGQVLQDSDJDGR
7RXFKWKH6WDUW SDGWRDFWLYDWHWKHQR
VKXWRIIDQGOHDYHWKHFRQWUROVHWLQWKLV
VSHFLDOIHDWXUHVPRGH
6HOHFFLyQGH7HPSHUDWXUD)DKUHQKHLWR&HOVLXV
(OFRQWUROGHVXKRUQRHVWiFRQILJXUDGRSDUD
XVDUVHOHFFLRQHVGHWHPSHUDWXUD)DKUHQKHLW
SHURSXHGHFDPELDUHVWHXVRDVHOHFFLRQHVHQ
&HOVLXV
3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R
+RUQHDU\$VDUHQ$OWR%DMRDOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHOD
SDQWDOODPXHVWUH6)
3UHVLRQHODVWHFODV%URLO+L/R$VDUHQ
$OWR%DMR\&RRNLQJ7LPH7LHPSRGH
&RFFLyQDOPLVPRWLHPSR/DSDQWDOOD
PRVWUDUi))DKUHQKHLW
3UHVLRQHODVWHFODV%URLO+L/R$VDUHQ
$OWR%DMR\&RRNLQJ7LPH7LHPSRGH
&RFFLyQQXHYDPHQWHDOPLVPRWLHPSR
/DSDQWDOODPRVWUDUi&&HOVLXV
3UHVLRQHODWHFOD6WDUW,QLFLDU
)XQFLRQHVHVSHFLDOHVHQHOFRQWUROGHOKRUQRVXSHULRU
$OILQDOL]DUXQFLFORSRUWLHPSRVRQDUiQ
SLWLGRVFRUWRVVHJXLGRVGHXQSLWLGRFDGD
VHJXQGRVKDVWDTXHVHSUHVLRQHODWHFOD&OHDU
2II%RUUDU$SDJDU(VWHSLWLGRFRQWLQXRFDGD
VHJXQGRVSXHGHVHUFDQFHODGR
3DUDFDQFHODUHOSLWLGRFDGDVHJXQGRV
3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R
+RUQHDU\$VDUHQ$OWR%DMRDOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHOD
SDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD.LWFKHQ7LPHU2Q2II
(QFHQGLGR$SDJDGRGHO7HPSRUL]DGRU
GH&RFLQD/DSDQWDOODPXHVWUD&21
%((33LWLGR&RQWLQXR\%((33LWLGR
3UHVLRQHODWHFOD.LWFKHQ7LPHU2Q2II
(QFHQGLGR$SDJDGRGHO7HPSRUL]DGRU
GH&RFLQDQXHYDPHQWH(QODSDQWDOOD
DSDUHFH%((33LWLGR(VWRFDQFHODXQ
SLWLGRFDGDVHJXQGRV
3UHVLRQHODWHFOD6WDUW,QLFLDU
7RQRVDO)LQDOGHXQ&LFORSRU7LHPSR

(VWDIXQFLyQOHSHUPLWHDMXVWDUORVYRO~PHQHV
GHOWRQRHQXQYROXPHQPiVDFHSWDEOH+D\WUHV
QLYHOHVGHYROXPHQSRVLEOHV
3UHVLRQHODVWHFODV%URLO+L/R$VDU$OWR
%DMR\%DNH+RUQHDUDOPLVPRWLHPSR
KDVWDTXHODSDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD&RRN7LPH7LHPSRGH
&RFFLyQ(QODSDQWDOODDSDUHFH%HHS
3LWLGRVeVWHHVHOQLYHOGHYROXPHQ
LQWHUPHGLR
3UHVLRQHQXHYDPHQWHODWHFOD&RRN7LPH
7HPSRUL]DGRUGH&RFFLyQ/DSDQWDOOD
PRVWUDUi%HHS3LWLGRVeVWHHVHOQLYHO
GHYROXPHQPiVDOWR
3UHVLRQHQXHYDPHQWHODWHFOD&RRN7LPH
7HPSRUL]DGRUGH&RFFLyQ/DSDQWDOOD
PRVWUDUi%HHS3LWLGReVWHHVHOQLYHO
GHYROXPHQPiVEDMR
(OLMDHOQLYHOGHVRQLGRGHVHDGRSLWLGR
SLWLGRVSLWLGRV
3UHVLRQHODWHFOD6WDUW,QLFLDU
9ROXPHQGHO7RQRHQDOJXQRVPRGHORV
*($SSOLDQFHVFRP
+RUDV+RUDVR$SDJDGR
6XFRQWUROHVWiFRQILJXUDGRSDUDVHUXVDGRHQ
XQUHORMGHKRUDV
6LSUHILHUHXWLOL]DUXQUHORMFRQKRUDULRPLOLWDUGH
KRUDVRDSDJDUODSDQWDOODGHOUHORMVLJDORV
VLJXLHQWHVSDVRV
3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R
+RUQHDU\$VDUHQ$OWR%DMRDOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHOD
SDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD&ORFN5HORMXQDYH]/D
SDQWDOODPRVWUDUiKUKRUDV6LpVWD
HVODRSFLyQTXHGHVHDSUHVLRQHODWHFOD
6WDUW,QLFLDU
3UHVLRQHODWHFOD&ORFN5HORMQXHYDPHQWH
SDUDFDPELDUDOKRUDULRPLOLWDUGHKRUDV
/DSDQWDOODPRVWUDUiKUKRUDV6LpVWD
HVODRSFLyQTXHGHVHDSUHVLRQHODWHFOD6WDUW
,QLFLDU
3UHVLRQHODWHFOD&ORFN5HORMSDUDDSDJDUOD
SDQWDOODGHOUHORM/DSDQWDOODPRVWUDUi2))
$SDJDGR6LpVWDHVODRSFLyQTXHGHVHD
SUHVLRQHODWHFOD6WDUW,QLFLDU
127$6LHOUHORMHVWiHQHOPRGRDSDJDGRQR
SRGUiXVDUODIXQFLyQ'HOD\6WDUW5HWUDVDU,QLFLR
%ORTXHRGH&RQWUROGHO*DVHQDOJXQRVPRGHORV
6XFRQWUROOHSHUPLWLUiEORTXHDUORVTXHPDGRUHV
VXSHUILFLDOHVTXHPDGRUHVGHKRUQR\HOSDQHOGH
FRQWUROGHPRGRTXHQRSXHGDQVHUDFWLYDGRV
3DUDEORTXHDUGHVEORTXHDUORVFRQWUROHV
&LHUUHWRGRVORVTXHPDGRUHV
VXSHUILFLDOHV

0DQWHQJDSUHVLRQDGDODWHFOD*DV&RQWURO
/RFNRXW&RQWUROGH%ORTXHRGHO*DV
GXUDQWHVHJXQGRVKDVWDTXHODSDQWDOOD
PXHVWUH/2&21%ORTXHR$FWLYDGR
3DUDGHVEORTXHDUHOFRQWUROPDQWHQJD
SUHVLRQDGDODWHFOD*DV&RQWURO/RFNRXW
&RQWUROGH%ORTXHRGHO*DVGXUDQWH
VHJXQGRVKDVWDTXHODSDQWDOODPXHVWUH
/2&2))%ORTXHR'HVDFWLYDGR
&XDQGRHVWDIXQFLyQHVWpDFWLYDGD\ODVWHFODV
WiFWLOHVVHDQSUHVLRQDGDVHOFRQWUROGDUiXQSLWLGR
\ODSDQWDOODPRVWUDUi/2&21%ORTXHR$FWLYDGR
(OPRGRGHEORTXHRGHFRQWURODIHFWDWRGRV
ORVFRQWUROHV1LQJ~QFRQWUROIXQFLRQDUi
FXDQGRHVWDIXQFLyQHVWpDFWLYDGD
/RVDMXVWHVVHJXDUGDUiQHQODPHPRULD
OXHJRGHXQFRUWHGHFRUULHQWH
GAS
/
CONTROL
LOCKOUT
&RFLQDU\(VSHUDU
(OQXHYRFRQWUROFXHQWDFRQODIXQFLyQGH
FRFLQDU\HVSHUDUTXHPDQWLHQHFDOLHQWHVODV
FRPLGDVFRFLQDGDVSRUKDVWDKRUDVXQDYH]
TXHODIXQFLyQFRFLQDUILQDOL]y
(VWDIXQFLyQVyORSXHGHVHUXVDGDFXDQGRVH
XVHODFRFFLyQSRUWLHPSR
3DUDDFWLYDUHVWDIXQFLyQVLJDORVVLJXLHQWHV
SDVRV
3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R
+RUQHDU\$VDUHQ$OWR%DMRDOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHOD
SDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD&RRNLQJ7LPH7LHPSR
GH&RFFLyQ/DSDQWDOODPRVWUDUi+OG
2))'HPRUDU$SDJDGR
3UHVLRQHODWHFOD&RRNLQJ7LPH7LHPSR
GH&RFFLyQQXHYDPHQWHSDUDDFWLYDUOD
IXQFLyQ/DSDQWDOODPRVWUDUi+OG21
'HPRUDU(QFHQGLGR
3UHVLRQHODWHFOD6WDUW,QLFLRSDUDDFWLYDU
ODIXQFLyQGHFRFFLyQ\GHPRUD\GHMHOD
FRQILJXUDFLyQGHOFRQWUROHQHVWHPRGR
GHIXQFLRQHVHVSHFLDOHV

/DIXQFLyQ6DEEDWK6DEiWLFRVHSXHGHXVDUSDUDKRUQHDUDVDUHQHOKRUQRVXSHULRUHLQIHULRURHQHOFDMyQFDOHQWDGRU
HQDOJXQRVPRGHORV1RVHSXHGHXVDUSDUDODFRFFLyQSRUFRQYHFFLyQDVDUDXWROLPSLH]DR'HOD\
6WDUW,QLFLR5HWUDVDGR
127$/DOX]GHOKRUQRVHHQFLHQGHGHIRUPDDXWRPiWLFDHQDOJXQRVPRGHORVFXDQGRODSXHUWD
VHDEUH\VHDSDJDFXDQGRODSXHUWDVHFLHUUD/DOiPSDUDVHSXHGHUHWLUDU/HDODVHFFLyQGH
5HHPSOD]RGHOD/X]GHO+RUQR(QPRGHORVFRQLQWHUUXSWRUGHOX]HQHOSDQHOGHFRQWUROODOX]GHO
KRUQRVHSXHGHHQFHQGHU\GHMDUHQFHQGLGD
&yPRSURJUDPDUXQ+RUQHDGR$VDGR&RP~Q
$VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWD
GHOGtD\TXHHOKRUQRHVWpDSDJDGR
3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R
+RUQHDU\$VDUHQ$OWR%DMRDOPLVPR
WLHPSRKDVWDTXHODSDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD'HOD\6WDUW5HWUDVDU
,QLFLRKDVWDTXH6$EE$7+6DEiWLFR
DSDUH]FDHQODSDQWDOOD
3UHVLRQHODWHFOD6WDUW,QLFLR\
DSDUHFHUiHQODSDQWDOOD
3UHVLRQHODWHFOD%DNH+RUQHDU1RVH
GDUiQLQJXQDVHxDO
8WLOL]DQGRODVWHFODVQXPpULFDVSUHVLRQHOD
WHPSHUDWXUDGHVHDGDHQWUH\
1RVHGDUiQLQJXQDVHxDOQLWHPSHUDWXUD
3UHVLRQHODWHFOD6WDUW,QLFLDU
/XHJRGHOSHUtRGRGHGHPRUDDOD]DUGH
HQWUHDSUR[LPDGDPHQWHVHJXQGRV\
PLQXWRDSDUHFHUiHQODSDQWDOOD
LQGLFDQGRTXHHOKRUQRHVWiKRUQHDQGR
DVDQGR6LQRDSDUHFHHQODSDQWDOOD
FRPLHQFHQXHYDPHQWHHQHO3DVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQH
ODWHFOD%DNH+RUQHDULQJUHVHODQXHYD
WHPSHUDWXUDXVDQGRODVWHFODVQXPpULFDV\
SUHVLRQHODWHFOD6WDUW,QLFLR
127$/DVWHFODV&OHDU2II%RUUDU$SDJDU
\&RRNLQJ7LPH7LHPSRGH&RFFLyQHVWiQ
DFWLYDVGXUDQWHODIXQFLyQ6DEEDWK6DEiWLFR
&yPR&RQILJXUDU+RUQHDGR$VDGRSRU7LHPSR²&RPLHQ]R,QPHGLDWR\
'HWHQFLyQ$XWRPiWLFD
$VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWD
GHOGtD\TXHHOKRUQRHVWpDSDJDGR
3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R
+RUQHDU\$VDUHQ$OWR%DMRDOPLVPR
WLHPSRKDVWDTXHODSDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD'HOD\6WDUW5HWUDVDU
,QLFLRKDVWDTXH6$EE$7+6DEiWLFR
DSDUH]FDHQODSDQWDOOD
3UHVLRQHODWHFOD6WDUW,QLFLDU\
DSDUHFHUiHQODSDQWDOOD
3UHVLRQHODWHFOD&RRNLQJ7LPH7LHPSR
GH&RFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
HQWUHPLQXWR\KRUDV\PLQXWRV
$SDUHFHUiHOWLHPSRGHFRFFLyQTXH
LQJUHVy
3UHVLRQHODWHFOD6WDUW,QLFLDU
3UHVLRQHODWHFOD%DNH+RUQHDU1RVH
GDUiQLQJXQDVHxDO
3UHVLRQHODVWHFODVQXPpULFDVHLQJUHVHOD
WHPSHUDWXUDGHVHDGD1RVHGDUiQLQJXQD
VHxDOQLWHPSHUDWXUD
3UHVLRQHODWHFOD6WDUW,QLFLDU
/XHJRGHOSHUtRGRGHGHPRUDDOD]DUGH
HQWUHDSUR[LPDGDPHQWHVHJXQGRV\
PLQXWRDSDUHFHUiHQODSDQWDOOD
LQGLFDQGRTXHHOKRUQRHVWiKRUQHDQGR
DVDQGR6LQRDSDUHFHHQODSDQWDOOD
FRPLHQFHQXHYDPHQWHHQHO3DVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQH
ODWHFOD%DNH+RUQHDULQJUHVHODQXHYD
WHPSHUDWXUDXVDQGRODVWHFODVQXPpULFDV\
SUHVLRQHODWHFOD6WDUW,QLFLR
&XDQGRODFRFFLyQKD\DILQDOL]DGRODSDQWDOOD
FDPELDUiGHD\DSDUHFHUi
LQGLFDQGRTXHHOKRUQRHVWiHQ2))$SDJDGR
SHURD~QHVWiHQ6DEEDWK6DEiWLFR5HWLUHOD
FRPLGDFRFLQDGD
&XDQGRODSDQWDOODPXHVWUD
HOKRUQRHVWiFRQILJXUDGRHQ
6DEEDWK6DEiWLFR&XDQGROD
SDQWDOODPXHVWUDHOKRUQRHVWi
FRQILJXUDGRHQKRUQHDGRDVDGR
&XDQGRODSDQWDOODPXHVWUD
HO
KRUQRHVWiFRQILJXUDGRHQ6DEEDWK
6DEiWLFR&XDQGRODSDQWDOOD
PXHVWUDHOKRUQRHVWi
FRQILJXUDGRHQKRUQHDGRDVDGR
8VRGHO0RGR6DEiWLFR
'LVHxDGRSDUDXVDUHQHO'HVFDQVR-XGtR\)HULDGRV
K
&(57,),('
6$%%$7+
0
2'(
02'26$%È7,&2
&(57,),&$'2


*($SSOLDQFHVFRP
&yPR6DOLUHO0RGR6DEiWLFR
3UHVLRQHODWHFOD&OHDU2II%RUUDU
$SDJDU
6LHOKRUQRHVWiFRFLQDQGRHVSHUHXQ
SHUtRGRGHUHWUDVRDOD]DUGH
DSUR[LPDGDPHQWHHQWUHVHJXQGRV\
PLQXWRKDVWDTXHVyORDSDUH]FDHQOD
SDQWDOOD
3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R
+RUQHDU\$VDUHQ$OWR%DMRDOPLVPR
WLHPSRKDVWDTXHODSDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD'HOD\6WDUW,QLFLR
'HPRUDGRKDVWDTXHVKGQDSDJDU
OXHJRGHKRUDVRQRVKGQQRDSDJDU
DSDUH]FDHQODSDQWDOODVKGQDSDJDU
OXHJRGHKRUDVLQGLFDTXHHOKRUQRVH
DSDJDUiDXWRPiWLFDPHQWHOXHJRGH
KRUDV1RVKGQQRDSDJDULQGLFDTXHHO
KRUQRQRVHDSDJDUiGHIRUPD
DXWRPiWLFD
3UHVLRQHODWHFOD6WDUW,QLFLDU
127$6LVHSURGXMHUDXQFRUWHGHOX]PLHQWUDV
HOKRUQRVHHQFXHQWUDHQ0RGR6DEiWLFRpVWH
VHDSDJDUiDXWRPiWLFDPHQWH\SHUPDQHFHUi
DSDJDGRLQFOXVRFXDQGRUHJUHVHODOX](O
FRQWUROGHOKRUQRVHGHEHUHLQLFLDU
(VSRVLEOHTXHHQFXHQWUHTXHVXKRUQRQXHYRFRFLQDGHIRUPDGLIHUHQWHDOTXHUHHPSOD]y8VHVXKRUQRQXHYRGXUDQWH
DOJXQDVVHPDQDVSDUDIDPLOLDUL]DUVHFRQHOPLVPR6LD~QSLHQVDTXHVXKRUQRQXHYRHVWiGHPDVLDGRFDOLHQWHRGHPDVLDGR
IUtRSRGUiDMXVWDUHOWHUPRVWDWRXVWHGPLVPR
1RXVHWHUPyPHWURVWDOHVFRPRORVTXHVHYHQGHQHQODVWLHQGDVSDUDFRQWURODUODWHPSHUDWXUDGHOKRUQR(VWRV
WHUPyPHWURVSXHGHQYDULDUHQWUH\JUDGRV
127$(VWHDMXVWHQRDIHFWDUiHODVDGRRODVWHPSHUDWXUDVGHDXWROLPSLH]D(ODMXVWHVHJXDUGDUiHQODPHPRULDOXHJRGH
XQFRUWHGHFRUULHQWH
3DUD$MXVWDUHO7HUPRVWDWR
3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R
+RUQHDU\$VDUHQ$OWR%DMRDOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHOD
SDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD%DNH+RUQHDU(QOD
SDQWDOODVHPXHVWUDXQQ~PHURGHGRV
GtJLWRV

3UHVLRQH%DNH+RUQHDUXQDYH]SDUD
UHGXFLUODWHPSHUDWXUDGHOKRUQRRGRV
YHFHVSDUDLQFUHPHQWDUODPLVPD
/DWHPSHUDWXUDGHOKRUQRVHSRGUiDMXVWDU
KDVWDXQPi[LPRGH)RXQPtQLPR
GH)3UHVLRQHODVWHFODVQXPpULFDVD
PHGLGDTXHODVOHH3RUHMHPSORSDUD
FDPELDUODWHPSHUDWXUDGHOKRUQRHQ
)SUHVLRQH\
&XDQGRKD\DUHDOL]DGRHODMXVWHSUHVLRQH
ODWHFOD6WDUW,QLFLDUSDUDUHJUHVDUDOD
SDQWDOODGHODKRUDGHOGtD8VHVXKRUQR
FRPRORKDUtDQRUPDOPHQWH
127$(ODMXVWHGHOWHUPRVWDWRSDUD+RUQHDU
WDPELpQDIHFWDUiHO+RUQHDGRSRU&RQYHFFLyQ\
HO$VDGRSRU&RQYHFFLyQ
$MXVWHHOWHUPRVWDWRGHOKRUQRVXSHULRU£+iJDORXVWHGPLVPR
/DPD\RUtDGHODVUHFHWDVSDUDKRUQHDUIXHURQGHVDUUROODGDVXWLOL]DQGRSURGXFWRVFRQDOWRFRQWHQLGRGHJUDVDWDOHV
FRPRPDQWHFDRPDUJDULQDGHJUDVD6LVHUHGXFHODFDQWLGDGGHJUDVDHVSRVLEOHTXHODUHFHWDQRGpORVPLVPRV
UHVXOWDGRVFRPRFRQXQSURGXFWRFRQDOWRFRQWHQLGRGHJUDVD
3XHGHKDEHUIDOODVHQODSUHSDUDFLyQGHODUHFHWDVLODVWRUWDVWDUWDVSDVWHOHVJDOOHWDVRGXOFHVVHSUHSDUDQFRQSURGXFWRV
XQWDGRVFRQEDMRFRQWHQLGRGHJUDVD&XDQWRPiVEDMRHVHOFRQWHQLGRGHJUDVDGHOSURGXFWRXQWDGRPiVQRWRULDVVRQ
HVWDVGLIHUHQFLDV
/RVHVWiQGDUHVIHGHUDOHVUHTXLHUHQTXHORVSURGXFWRVFRQODHWLTXHWD´PDUJDULQDµFRQWHQJDQSRUORPHQRVXQGHJUDVDSRU
SHVR3RURWUDSDUWHORVSURGXFWRVFRQEDMRFRQWHQLGRGHJUDVDSRVHHQPHQRVJUDVD\PiVDJXD(ODOWRFRQWHQLGRGHKXPHGDG
DIHFWDODWH[WXUD\HOVDERUGHORVSURGXFWRVKRUQHDGRV3DUDXQPHMRUUHVXOWDGRFRQVXVYLHMDVUHFHWDVIDYRULWDVXVHPDUJDULQD
PDQWHFDRSURGXFWRVSDUDXQWDUTXHFRQWHQJDQSRUORPHQRVXQGHDFHLWHYHJHWDO
£(OWLSRGHPDUJDULQDDIHFWDUiHOUHQGLPLHQWRGHOKRUQHDGR
8VRGHOFDMyQGHOKRUQREDMRHQDOJXQRVPRGHORV
3DUD8VDUHO&DMyQGHO+RUQR,QIHULRU
3UHVLRQHKDFLDDGHQWUR\JLUHODSHULOODGHO
FDMyQGHOKRUQRLQIHULRUKDFLDFXDOTXLHU
FRQILJXUDFLyQGHVHDGD
3HUPLWDTXHHOFDMyQGHOKRUQRLQIHULRUVH
SUHFDOLHQWH
/DVHxDOOXPLQRVD21(QFHQGLGRHVWi
XELFDGDHQHOODGRVXSHULRUGHUHFKRGHOD
SHULOOD\EULOODFXDQGRODSHULOODHVWiHQOD
SRVLFLyQ21(QFHQGHU3HUPDQHFHHQ21
(QFHQGHUKDVWDTXHODSHULOODHVPRYLGDDOD
SRVLFLyQ2))$SDJDU
/DVHxDOOXPLQRVD´+HDWLQJµ&DOHQWDU
HVWiXELFDGDGHEDMRGHODVHxDOOXPLQRVD
21(QFHQGHU\EULOODFXDQGRORV
HOHPHQWRVGHFDOHIDFFLyQHVWiQDFWLYRV(O
SUHFDOHQWDPLHQWRHVWiFRPSOHWROXHJRGH
TXHODVHxDO´+HDWLQJµ&DOHQWDUVHKD\D
DSDJDGRSRUSULPHUDYH]HQFDGDXVR
127$6
6LHPSUHXVHHOHVWDQWHGHOFDMyQLQFOXLGRDO
XVDUHOFDMyQGHOKRUQRLQIHULRU
(OFDMyQGHOKRUQRLQIHULRUQRVHSXHGHXVDU
GXUDQWHXQFLFORGHDXWROLPSLH]DGHOKRUQR
VXSHULRU
1RFRORTXHFRPLGDSDSHOGHDOXPLQLRQL
XWHQVLOLRVGHFRFLQDGLUHFWDPHQWHHQHOIRQGR
GHOFDMyQGHOKRUQRLQIHULRU6LHPSUHXVHHO
HVWDQWHGHOFDMyQLQFOXLGR
6LODVFRPLGDVUHTXLHUHQHVWDUFXELHUWDVXVH
VyORSDSHOGHDOXPLQLRRWDSDVTXHUHVLVWDQ
ODVWHPSHUDWXUDVGHKRUQHDGR1RXVH
SOiVWLFR
/DDOWXUDPi[LPDGHODVFRPLGDVTXHVH
SXHGHQXELFDUHQHOFDMyQGHOKRUQRLQIHULRU
HVGHµ
1RFRORTXHOtTXLGRQLDJXDHQHOFDMyQGHO
KRUQRLQIHULRU
1XQFDFRORTXHSOiVWLFRVSDSHOFRPLGDV
HQODWDGDVRPDWHULDOHVFRPEXVWLEOHVHQHO
FDMyQGHOKRUQRLQIHULRU
(OFDMyQGHOKRUQREDMRVHSXHGHXVDUSDUDKRUQHDUFRPLGDVXVDQGRORVPLVPRVWLHPSRV\WHPSHUDWXUDVTXHHQXQKRUQR
QRUPDO/DVFRPLGDVLGHDOHVSDUDKRUQHDUHQHOFDMyQGHOKRUQRLQIHULRULQFOX\HQSL]]DFD]XHODVGHFRPLGDVFRQJHODGDV
JDOOHWDVDUUROODGRV\PXFKRVSRVWUHV
3UHVLRQHKDFLDDGHQWUR\JLUHOD
SHULOODGHOFDMyQGHOKRUQRLQIHULRU
KDFLDFXDOTXLHUFRQILJXUDFLyQ
GHVHDGD
$O8VDUOD&RQILJXUDFLyQGH&DORUGHO&DMyQGHO+RUQR,QIHULRU
/DFRQILJXUDFLyQ:$50&DOLHQWHGHOFDMyQGHOKRUQRLQIHULRU
PDQWHQGUiODVFRPLGDVFRFLQDGDVDODWHPSHUDWXUDSDUDVHUYLU
6LHPSUHFRPLHQFHFRQFRPLGDFDOLHQWH
1RXVHODFRQILJXUDFLyQ:$50&DOLHQWHSDUDFDOHQWDUFRPLGD
IUtDH[FHSWRJDOOHWDVFUXMLHQWHVSDSDVIULWDVRFHUHDOHVVHFRV
(PSXMHKDFLDDGHQWUR\JLUHODSHULOODGHFRQWUROKDVWDOD
FRQILJXUDFLyQ:$50&DOLHQWH
127$/DWHPSHUDWXUDLQLFLDOGHODFRPLGDODFDQWLGDG
GHFRPLGDHOWLSRGHFRPLGDHOHQYDVH\ODFDQWLGDGGH
WLHPSRTXHODFRPLGDHVWiHQHOFDMyQDIHFWDUiQODFDOLGDG\
WHPSHUDWXUDVILQDOHVGHODFRPLGD
(PSXMHODSHULOOD29(1&21752/&RQWURO
GHO+RUQRKDFLDDIXHUD\REVHUYHODSDUWH
WUDVHUD3DUDUHDOL]DUXQDMXVWHDIORMH
DSUR[LPDGDPHQWHXQJLURSHURVLQTXLWDU
FRPSOHWDPHQWHORVGRVWRUQLOORVHQOD
SDUWHWUDVHUDGHODSHULOOD
&RQODSDUWHWUDVHUDGHOWRUQLOORKDFLD
XVWHGVRVWHQJDHOH[WUHPRH[WHULRUGHOD
SHULOODFRQXQDPDQR\JLUHHOIUHQWHGHOD
PLVPDFRQODRWUD
3DUDHOHYDUODWHPSHUDWXUDGHOKRUQR
PXHYDHOWRUQLOORVXSHULRUKDFLDODGHUHFKD
(VFXFKDUiXQVRQLGRGHFOLFSRUFDGD
DEHUWXUDTXHPXHYDODSHULOOD
3DUDEDMDUODWHPSHUDWXUDPXHYDHO
WRUQLOORVXSHULRUKDFLDODL]TXLHUGD
&DGDFOLFFDPELDUiODWHPSHUDWXUDGHO
KRUQRHQDSUR[LPDGDPHQWH)(OUDQJR
HVGH)GHVGHODIOHFKD6XJHULPRV
TXHKDJDHODMXVWHGHDXQFOLFGHVGHOD
FRQILJXUDFLyQRULJLQDO\TXHFRQWUROHHO
UHQGLPLHQWRGHOKRUQRDQWHVGHKDFHU
FXDOTXLHUDMXVWHDGLFLRQDO
8QDYH]UHDOL]DGRHODMXVWHYXHOYDD
DMXVWDUHOWRUQLOORGHPRGRTXHHVWpILUPH
SHURWHQJDFXLGDGRGHQRDMXVWDUORHQ
H[FHVR
9XHOYDDLQVWDODUODSHULOODHQODFRFLQD\
FRQWUROHHOUHQGLPLHQWR
3DUWH7UDVHUDGHOD3HULOODGHO+RUQR
,QIHULRU/DDSDULHQFLDSXHGHYDULDU
$MXVWHHOWHUPRVWDWRGHOKRUQR£+iJDORXVWHGPLVPR
T
O
M
A
K
E
O
V
E
N
C
O
O
L
E
R
T
U
R
N
D
I
S
K
A
P
P
R
O
X
.
1
0
˚
F
P
E
R
N
O
T
C
H
T
O
M
A
K
E
O
V
E
N
H
O
T
T
E
R
T
U
R
N
D
I
S
K
T
O
A
D
J
U
S
T
O
V
E
N
T
E
M
P
E
R
A
T
U
R
E
L
O
O
S
E
N
S
C
R
E
W
S
A
N
D
R
O
T
A
T
E
(OFDMyQGHOKRUQRLQIHULRUXWLOL]DPHQRVHQHUJtDTXHHOKRUQRVXSHULRU3HUPLWDORV
VLJXLHQWHVWLHPSRVDSUR[LPDGRVSDUDSUHFDOHQWDU
7HPSHUDWXUDGHO+RUQR,QIHULRU'HVHDGD 7LHPSRGH3UHFDOHQWDPLHQWR
&$/,(17( PLQXWRV
) PLQXWRV
) PLQXWRV


/DSXHUWDGHOKRUQRGHEHUiHVWDUFHUUDGD\WRGRVORVFRQWUROHVFRQILJXUDGRVGHIRUPDFRUUHFWDSDUDTXHHOFLFORIXQFLRQH
DGHFXDGDPHQWH
$QWHVGHXQ&LFORGH/LPSLH]D
3DUDHOSULPHUFLFORGHOLPSLH]D
UHFRPHQGDPRVYHQWLODUVXFRFLQDFRQXQD
YHQWDQDDELHUWDRXVDUXQYHQWLODGRUR
FDPSDQDGHYHQWLODFLyQ
5HWLUHFXDOTXLHUROODSDUDDVDUUHMLOODSDUD
DVDUWRGRVORVXWHQVLOLRVGHFRFLQDVRQGD\
FXDOTXLHUSDSHOGHDOXPLQLRGHQWURGHOKRUQR
\DTXHQRUHVLVWLUiQODVDOWDVWHPSHUDWXUDVGH
OLPSLH]D
127$
6LHOKRUQRVHHQFXHQWUDHTXLSDGRFRQ
HVWDQWHVSDUDKRUQRGHQtTXHOUHWLUHORV
PLVPRVDQWHVGHFRPHQ]DUFRQHOFLFORGH
DXWROLPSLH]D
6LVXKRUQRHVWiHTXLSDGRFRQHVWDQWHV
SDUDKRUQRJULVHV\FXELHUWRVGHSRUFHODQD
VHSRGUiQGHMDUGHQWURGHOKRUQRGXUDQWHHO
FLFORGHDXWROLPSLH]D
/DVXFLHGDGHQODHVWUXFWXUDIURQWDOGHOD
FRFLQD\ODSDUWHH[WHUQDGHODMXQWDGHOD
HVWUXFWXUDIURQWDOVHGHEHUiQOLPSLDUHQ
IRUPDPDQXDO/LPSLHHVWDViUHDVFRQDJXD
FDOLHQWHDOPRKDGLOODVGHYLUXWD\MDEyQ
ROLPSLDGRUHVWDOHVFRPR6RIW6FUXE
(QMXDJXHELHQFRQDJXDFDOLHQWH\VHTXH
/LPSLHODSXHUWDSODQDLQWHULRU\HOYLGULR
FRQDJXD\MDEyQ\HVSRQMD
1ROLPSLHODMXQWD(OPDWHULDOGHILEUDGHYLGULR
GHODMXQWDGHODHVWUXFWXUDIURQWDOQRUHVLVWHOD
DEUDVLyQ(VHVHQFLDOTXHODMXQWDSHUPDQH]FD
LQWDFWD6LREVHUYDTXHFRPLHQ]DDJDVWDUVHR
GHVKLODFKDUVHUHHPSODFHODPLVPD
/LPSLHFXDOTXLHUGHUUDPHLPSRUWDQWHVREUH
HOIRQGRGHOKRUQR
$VHJ~UHVHGHTXHODWDSDGHODOiPSDUDGHOX]
GHOKRUQRVHHQFXHQWUHHQVXOXJDU\TXHOD
OX]GHOPLVPRHVWpDSDJDGD
,03257$17(/DVDOXGGHDOJXQDVDYHV
HVH[WUHPDGDPHQWHVHQVLEOHDORVKXPRV
HPLWLGRVGXUDQWHHOFLFORGHDXWROLPSLH]DGH
FXDOTXLHUFRFLQD&RORTXHODVDYHVHQRWUD
KDELWDFLyQELHQYHQWLODGD
127$7HQJDFXLGDGRDODEULUHOKRUQR
VXSHULRUXQDYH]TXHHOFLFORGHDXWR
OLPSLH]DKD\DILQDOL]DGR(VSRVLEOHTXHHO
KRUQRD~QHVWpFDOLHQWH
/LPSLHFXDOTXLHUVXFLHGDG
LPSRUWDQWHVREUHHOIRQGRGHOKRUQR
&yPR&RQILJXUDUHO+RUQR6XSHULRUSDUDVX/LPSLH]D
127$/RVTXHPDGRUHVVXSHUILFLDOHVVH
GHEHUiQDSDJDUDQWHVGHODKRUDGHLQLFLRGHOD
IXQFLyQGHDXWROLPSLH]D
3UHVLRQHODWHFOD6HOI&OHDQ$XWR
/LPSLH]D
127$6LODSDQWDOODPXHVWUD/2&
SUHVLRQHODWHFOD*$6&21752/
/2&.287%ORTXHRGHO&RQWUROGH*DV
GXUDQWHVHJXQGRVSDUDDSDJDUHQ
PRGHORV&DIp~QLFDPHQWH0DQWHQJD
SUHVLRQDGRGHDHQORVPRGHORV
3URILOH~QLFDPHQWH&RQVXOWHODVHFFLyQ
%ORTXHRGHO&RQWUROGH*DV
$OXVDUODVWHFODVQXPpULFDVLQJUHVHHO
WLHPSRGHOLPSLH]DGHVHDGRVLHV
QHFHVDULRXVDUXQWLHPSRGHKRUDV
(OWLHPSRGHOFLFORGHOLPSLH]DHV
QRUPDOPHQWHGHKRUDV3XHGHFDPELDUHO
WLHPSRGHOLPSLH]DDFXDOTXLHUWLHPSRHQWUH
KRUDV\KRUDVGHSHQGLHQGRGHOQLYHOGH
VXFLHGDGTXHKD\DHQHOKRUQR
3UHVLRQHODWHFOD6WDUW,QLFLDU
(QPRGHORVVLQWUDEDHQODSXHUWDODSXHUWD
VHEORTXHDDXWRPiWLFDPHQWH/DSDQWDOOD
PRVWUDUiHOWLHPSRGHOLPSLH]DUHVWDQWH
1RVHUiSRVLEOHDEULUODSXHUWDGHOKRUQR
KDVWDTXHODWHPSHUDWXUDVHDLQIHULRUDOD
WHPSHUDWXUDGHEORTXHR\TXHVHDSDJXHOD
OX]GH/2&.(''22538(57$%/248($'$
(OKRUQRVHDSDJDGHIRUPDDXWRPiWLFD
FXDQGRHOFLFORGHOLPSLH]DHVFRPSOHWDGR
&XDQGRODOX]GH/2&.(''2253XHUWD
%ORTXHDGDHVWpDSDJDGDGHVOLFHOD
PDQLMDGHODWUDEDKDFLDODL]TXLHUGDWDQ
OHMRVFRPROOHJXH\DEUDODSXHUWD6LVX
KRUQRQRFXHQWDFRQXQDWUDEDODSXHUWD
VHGHVEORTXHDUiGHIRUPDDXWRPiWLFD
/DVSDODEUDV/2&.'2253XHUWD
%ORTXHDGDWLWLODUiQ\HOFRQWUROGHOKRUQR
GDUiXQDVHxDOVLFRQILJXUDHOFLFORGH
OLPSLH]D\ROYLGDFHUUDUODSXHUWDGHOKRUQR
XROYLGDWUDEDUODSXHUWDHQPRGHORVFRQ
WUDED
3DUDGHWHQHUHOFLFORGHOLPSLH]DSUHVLRQH
ODWHFOD&OHDU2II%RUUDU$SDJDU&XDQGR
/2&.(''2253XHUWD%ORTXHDGDVH
DSDJXHLQGLFDQGRTXHHOKRUQRVHHQIULy
SRUGHEDMRGHODWHPSHUDWXUDGHEORTXHR
GHVEORTXHHODSXHUWDHQPRGHORVFRQ
WUDEDMD\DEUDODSXHUWD
1RXVHHOFDMyQGHOKRUQRLQIHULRUGXUDQWH
XQFLFORGHDXWROLPSLH]D
8VRGHOKRUQRVXSHULRUFRQDXWROLPSLH]D *($SSOLDQFHVFRP
12OLPSLH
ODMXQWD
PDQXDOPHQWH
+$*$XQDOLPSLH]D
PDQXDOGHQWUR
GHODSXHUWD\GHO
YLGULR
+$*$XQDOLPSLH]DPDQXDOGHOD
HVWUXFWXUDGHOKRUQR
/DSXHUWDGHOKRUQRGHEHUiHVWDUFHUUDGD\WRGRVORVFRQWUROHVFRQILJXUDGRVGHIRUPDFRUUHFWDSDUDTXHHOFLFOR
IXQFLRQHDGHFXDGDPHQWH
&RPR5HWUDVDUHO,QLFLRGHOD/LPSLH]D
$VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWD
GHOGtD
(QPRGHORVFRQ%ORTXHRGH&RQWURO*DV
PDQWHQJDSUHVLRQDGDODWHFOD%ORTXHRGH
&RQWURO*DVSRUVHJXQGRVSDUD
DSDJDUOD
127$/RVTXHPDGRUHVVXSHUILFLDOHVVHGHEHUiQ
DSDJDUDQWHVGHODKRUDGHLQLFLRGHODIXQFLyQ
GHDXWROLPSLH]D
6LVXPRGHORSRVHHXQDWUDEDWUDEHOD
SXHUWD
3UHVLRQHODWHFOD6HOI&OHDQ$XWR
/LPSLH]D
8VDQGRODVWHFODVQXPpULFDVSUHVLRQHHO
WLHPSRGHOLPSLH]DGHVHDGR
3UHVLRQHODWHFOD'HOD\6WDUW5HWUDVDU
,QLFLR(OWLHPSRGHLQLFLRPiVSUy[LPR
TXHSXHGDFRQILJXUDUDSDUHFHUiHQOD
SDQWDOOD
8VDQGRODVWHFODVQXPpULFDVLQJUHVHOD
KRUDGHOGtDTXHGHVHHSDUDTXHHOFLFOR
GHOLPSLH]DFRPLHQFH
3UHVLRQHODWHFOD6WDUW,QLFLDU
(QPRGHORVVLQWUDEDHQODSXHUWDODSXHUWD
VHEORTXHDDXWRPiWLFDPHQWH/DSDQWDOOD
PRVWUDUiODKRUDGHLQLFLR1RVHUiSRVLEOHDEULU
ODSXHUWDGHOKRUQRKDVWDTXHODWHPSHUDWXUD
VHDLQIHULRUDODWHPSHUDWXUDGHEORTXHR\TXH
VHDSDJXHODOX]GH/2&.(''22538(57$
%/248($'$
(OKRUQRVHDSDJDGHIRUPDDXWRPiWLFD
FXDQGRHOFLFORGHOLPSLH]DHVFRPSOHWDGR
&XDQGRODOX]GH/2&.(''2253XHUWD
%ORTXHDGDHVWpDSDJDGDGHVOLFHOD
PDQLMDGHODWUDEDKDFLDODL]TXLHUGDWDQ
OHMRVFRPROOHJXH\DEUDODSXHUWD6LVX
KRUQRQRFXHQWDFRQXQDWUDEDODSXHUWD
VHGHVEORTXHDUiGHIRUPDDXWRPiWLFD
/DVSDODEUDV/2&.'2253XHUWD
%ORTXHDGDWLWLODUiQ\HOFRQWUROGHOKRUQR
GDUiXQDVHxDOVLFRQILJXUDHOFLFORGH
OLPSLH]D\ROYLGDFHUUDUODSXHUWDGHOKRUQR
XROYLGDWUDEDUODSXHUWDHQPRGHORVFRQ
WUDED
3DUDGHWHQHUHOFLFORGHOLPSLH]DSUHVLRQH
ODWHFOD&OHDU2II%RUUDU$SDJDU&XDQGR
/2&.(''2253XHUWD%ORTXHDGDVH
DSDJXHLQGLFDQGRTXHHOKRUQRVHHQIULy
SRUGHEDMRGHODWHPSHUDWXUDGHEORTXHR
GHVEORTXHHODSXHUWDHQPRGHORVFRQ
WUDEDMD\DEUDODSXHUWD
'HVSXpVGHXQ&LFORGH/LPSLH]D
(VSRVLEOHTXHREVHUYHFHQL]DEODQFDHQHO
KRUQR/LPSLHODPLVPDFRQXQDWHODK~PHGD
XQDYH]TXHHOKRUQRVHHQIUtH
6LTXHGDQPDQFKDVEODQFDVHOLPLQHODV
PLVPDVFRQXQHVWURSDMRFRQMDEyQ\HQMXDJXH
FRPSOHWDPHQWHFRQXQDPH]FODGHDJXD\
YLQDJUH
(VWRVGHSyVLWRVVRQQRUPDOPHQWHXQUHVLGXRGH
VDOTXHQRSXHGHVHUHOLPLQDGRSRUHOFLFORGH
OLPSLH]D
6LHOKRUQRQRVHOLPSLDOXHJRGHXQFLFORGH
OLPSLH]DUHSLWDHOFLFOR
1RSXHGHFRQILJXUDUHOKRUQRSDUD
FRFLQDUKDVWDTXHHOPLVPRHVWpOR
VXILFLHQWHPHQWHFDOLHQWHSDUDTXHOD
SXHUWDVHGHVEORTXHH
0LHQWUDVHOKRUQRHVWiUHDOL]DQGRODIXQFLyQ
GHDXWROLPSLH]DSXHGHSUHVLRQDUODWHFOD
&ORFN5HORMSDUDYLVXDOL]DUODKRUDGHOGtD
3DUDUHJUHVDUDODFXHQWDUHJUHVLYDGH
OLPSLH]DSUHVLRQHODWHFOD&RRNLQJ7LPH
7LHPSRGH&RFFLyQ
6LUHVXOWDGLItFLOGHVOL]DUORVHVWDQWHVDSOLTXH
XQDFDQWLGDGUHGXFLGDGHDFHLWHYHJHWDOR
DFHLWHGHFRFLQDDXQDWRDOODGHSDSHO\OLPSLH
ORVH[WUHPRVGHORVHVWDQWHVGHOKRUQRFRQ
XQDWRDOODGHSDSHO
&XLGDGR\OLPSLH]DGHODFRFLQD


$VHJ~UHVHGHTXHODFRUULHQWHHOpFWULFDHVWpDSDJDGD\TXHWRGDVODVVXSHUILFLHVHVWpQIUtDVDQWHVGHOLPSLDU
FXDOTXLHUSDUWHGHODFRFLQD
$'9(57(1&,$

6LODFRFLQDHVUHWLUDGDSDUDVXOLPSLH]DVHUYLFLRWpFQLFR
RFXDOTXLHURWUDUD]yQDVHJ~UHVHGHTXHHOGLVSRVLWLYRDQWLYROFDGXUDVYXHOYDDVHU
FRORFDGRGHIRUPDFRUUHFWDFXDQGRODFRFLQDVHDLQVWDODGDQXHYDPHQWH6LQRVHWLHQH
HVWDSUHFDXFLyQVHSRGUiRFDVLRQDUODFDtGDGHODFRFLQD\SURYRFDUOHVLRQHV
3DUDFRQWURODUTXHHOVRSRUWHHVWpLQVWDODGR\VXMHWDGRGHIRUPDDGHFXDGDFRQFXLGDGRLQFOLQH
ODFRFLQDKDFLDDGHODQWH(OVRSRUWHGHEHUtDGHWHQHUODFRFLQDGHQWURGHODVSXOJDGDV6LQROR
KDFHHOVRSRUWHVHGHEHUiYROYHUDLQVWDODU
(QFDVRGHTXHODFRFLQDVHDHPSXMDGDGHODSDUHGSRUDOJXQDUD]yQVLHPSUHUHSLWDHVWH
SURFHGLPLHQWRSDUDYHULILFDUTXHODFRFLQDHVWpFRUUHFWDPHQWHDVHJXUDGDSRUHOVRSRUWHDQWL
YROFDGXUDV
6LODFRFLQDQRFXHQWDFRQHOVRSRUWHDQWLYROFDGXUDVOODPHDOSDUDUHFLELUXQR
VLQFRVWR
(QVDPEOHVGHO4XHPDGRU6HOODGRHQDOJXQRVPRGHORV
&RORTXHWRGRVORVFRQWUROHVHQODSRVLFLyQ
2))$SDJDUDQWHVGHUHWLUDUODVSDUWHVGHO
TXHPDGRU
/DVWDSDVGHOTXHPDGRUODWHUDOUHGRQGR\
ODVFDEH]DVGHORVTXHPDGRUHVVHSXHGHQ
OHYDQWDUIDFLOLWDQGRVXOLPSLH]D/RV
HOHFWURGRVQRVHSXHGHQUHWLUDU
/DFDEH]DGHOTXHPDGRUFHQWUDORYDODGR
\ORVHQVDPEOHVGHODVWDSDVVHSXHGHQ
OHYDQWDUIDFLOLWDQGRVXOLPSLH]D(OHOHFWURGR
GHOTXHPDGRUQRVHSXHGHUHWLUDU
/DWDSDLQWHUQDGHOTXHPDGRUGHWUHVDQLOORV
VHSXHGHOHYDQWDUSDUDVXOLPSLH]D/DWDSD
H[WHUQD\HOHQVDPEOHGHODEDVHVHSXHGHQ
OHYDQWDUGHODSDUWHVXSHULRUGHODFRFLQD
FRPRXQDVRODSLH]DFRQSURSyVLWRVGH
OLPSLH]D
35(&$8&,Ï1
1RXVHOD
SDUWHVXSHULRUGHODFRFLQDVLQTXHWRGDVODV
SDUWHVGHORVTXHPDGRUHV\ODVSDUULOODVHVWpQ
HQVXVUHVSHFWLYRVOXJDUHV
(OHOHFWURGRGHOHQFHQGHGRUGHOD
FKLVSDHVH[SXHVWRFXDQGRODFDEH]D
GHOTXHPDGRUHVUHWLUDGD&XDQGR
XQTXHPDGRUVHJLUDD/,7(WRGRVORV
TXHPDGRUHVKDFHQFKLVSD1RLQWHQWH
GHVHQVDPEODUQLOLPSLDUXQTXHPDGRU
PLHQWUDVRWURTXHPDGRUHVWi
HQFHQGLGR(VSRVLEOHTXHVHSURGX]FD
XQDGHVFDUJDHOpFWULFDORFXDOSRGUtD
KDFHUTXHYXHOTXHXQXWHQVLOLRGH
FRFLQDFDOLHQWH
&DEH]DGHO
TXHPDGRU\
HQVDPEOHGH
ODWDSD
3ODQFKD
GHOFHQWUR
(OHFWURGR
3DUULOODODWHUDO
7DSDGHO
TXHPDGRU
H[WHUQR
7DSDGHO
TXHPDGRU
LQWHUQR
&RFLQD
4XHPDGRUGHWUHVDQLOORV
HQDOJXQRVPRGHORV
(OHFWURGR
%DVHGHO
TXHPDGRU
R
(OHFWURGR
%DVHGHWUHVDQLOORV
HQDOJXQRVPRGHORV
(OHFWURGR
*($SSOLDQFHVFRP
$QWHVGHUHWLUDUODVWDSDV\FDEH]DVGHORV
TXHPDGRUHVHQDOJXQRVPRGHORVUHFXHUGHVX
WDPDxR\XELFDFLyQ5HHPSODFHORVPLVPRVHQ
ODPLVPDXELFDFLyQOXHJRGHODOLPSLH]D
127$1RXVHHVWURSDMRVQLSROYRVSDUDIUHJDU
SDUDOLPSLDUODVSDUWHVGHOTXHPDGRU
7DSDVGHORV4XHPDGRUHV
/HYDQWDUFXDQGRHVWpQIUtDV/DYHODVWDSDVGHORV
TXHPDGRUHVHQDJXDFDOLHQWHFRQMDEyQ\HQMXDJXH
FRQDJXDOLPSLD3XHGHIUHJDUFRQXQDEDVHGH
IUHJDGRSOiVWLFDSDUDHOLPLQDUSDUWtFXODVGHFRPLGD
TXHPDGDV$JUHJXHXQóGHWD]DGHDPRQtDFR\
GHMHTXHSHUPDQH]FDQPRMDGDVGXUDQWHYDULDVKRUDV
RGXUDQWHODQRFKH/DYHHQMXDJXHELHQ\VHTXH
4XHPDGRUGHWUHVDQLOORVHQDOJXQRVPRGHORV
/DFDSDH[WHULRUGHOTXHPDGRUGHWUHVDQLOORVQR
VHSXHGHUHWLUDU6yORODWDSDUHGRQGDGHOFHQWUR
VHSXHGHUHWLUDUSDUDVXOLPSLH]D
3DUDOLPSLDUODVEDVHVGHORVTXHPDGRUHVXVH
DJXDFRQMDEyQ\XQDEDVHSDUDIUHJDUGHSOiVWLFR
/LPSLHFRQXQDWHODK~PHGD
$VHJ~UHVHGHTXHQRLQJUHVHDJXDDODVEDVHVGH
ORVTXHPDGRUHV3HUPLWDTXHVHVHTXHQWRWDOPHQWH
DQWHVGHXVDU
&DEH]DVGHORV4XHPDGRUHVHQDOJXQRV
PRGHORV\(QVDPEOHGHOD7DSD&DEH]D
GHO4XHPDGRU2YDODGR&HQWUR
/DVFDEH]DVGHORVTXHPDGRUHV\HOHQVDPEOHGHOD
FDEH]DWDSDGHOTXHPDGRURYDODGRVHSXHGHQUHWLUDU
6LPSOHPHQWHOHYDQWHODVPLVPDVGHODFRFLQDSDUDVX
OLPSLH]D
3DUDXQHQFHQGLGRDGHFXDGRDVHJ~UHVHGHTXH
HODJXMHURSHTXHxRHQODVHFFLyQTXHFRLQFLGHFRQ
HOHOHFWURGRVHPDQWHQJDDELHUWR3XHGHXVDUXQD
DJXMDGHFRVHURXQSUHFLQWRSDUDGHVEORTXHDUOR
/DVKHQGLGXUDVGHODVFDEH]DVGHORVTXHPDGRUHV
VHGHEHQPDQWHQHUOLPSLDVHQWRGRPRPHQWRSDUD
REWHQHUXQDOODPDSDUHMD\VLQREVWUXFFLyQ
/DVSDUWHVEORTXHDGDVRVXFLDVGHORVTXHPDGRUHV
RORVHOHFWURGRVQRSHUPLWLUiQTXHHOTXHPDGRU
IXQFLRQHGHIRUPDFRUUHFWD
&XDOTXLHUGHUUDPHHQRDOUHGHGRUGHXQHOHFWURGRVH
GHEHUiOLPSLDUGHIRUPDFXLGDGRVD7HQJDFXLGDGR
GHQRJROSHDUXQHOHFWURGRFRQQDGDGXUR\DTXHVH
SRGUiGDxDU
/LPSLHODVFDEH]DVGHORVTXHPDGRUHVGHIRUPD
UXWLQDULDHVSHFLDOPHQWHOXHJRGHGHUUDPHV
LPSRUWDQWHVTXHSRGUtDQEORTXHDUODVDEHUWXUDV
/HYDQWDUFXDQGRHVWpIUtD
3DUDHOLPLQDUODFRPLGDTXHPDGDPRMHODV
FDEH]DVGHORVTXHPDGRUHVHQXQDVROXFLyQGH
GHWHUJHQWHOtTXLGRVXDYH\DJXDFDOLHQWHSRUHQWUH
\PLQXWRV&XDQGRVHWUDWHGHPDQFKDV
PiVGLItFLOHVXVHXQFHSLOORGHGLHQWHV
/XHJRGHODOLPSLH]D
$QWHVGHFRORFDUODVWDSDV\FDEH]DVGH
ORVTXHPDGRUHVHQDOJXQRVPRGHORV\HO
HQVDPEOHGHODFDEH]DWDSDQXHYDPHQWH
HVFXUUDHOH[FHVRGHDJXD\OXHJRVHTXHODV
PLVPDVWRWDOPHQWHSURJUDPDQGRHOKRUQR
SDUDTXHHVWpFDOLHQWHSRUPLQXWRV
5HHPSOD]RGHODV&DEH]DVGHORV
4XHPDGRUHV
HQDOJXQRVPRGHORV
5HHPSODFHODVFDEH]DVGHORVTXHPDGRUHVVREUHORV
HOHFWURGRVHQODSDUWHVXSHULRUGHODFRFLQDHQODV
XELFDFLRQHVFRUUHFWDVGHDFXHUGRFRQVXWDPDxR
+D\XQDFDEH]DGHTXHPDGRUSHTXHxDXQD
PHGLDQDXQDJUDQGH\XQDH[WUDJUDQGH
$VHJ~UHVHGHTXHODUDQXUDRDJXMHURGHSHQGLHQGR
GHOPRGHORGHOTXHPDGRUHVWpSRVLFLRQDGRVREUHHO
HOHFWURGR
(QVDPEOHGHOD&DEH]D7DSDGHO4XHPDGRU
2YDODGR&HQWUR
5HHPSODFHHOHQVDPEOHGHODFDEH]DWDSDRYDODGD
FHQWURVREUHHOHOHFWURGRHQODSDUWHVXSHULRUGHODFRFLQD
7DSDV
5HHPSODFHODVWDSDVGHWDPDxRFRLQFLGHQWHHQODV
EDVHV\FDEH]DVGHORVTXHPDGRUHV
$VHJ~UHVHGHTXHODVFDEH]DVHQDOJXQRVPRGHORV
\ODVWDSDVVHDQUHHPSOD]DGDVHQODVXELFDFLRQHV
FRUUHFWDV
7DSDV%DVHV\&DEH]DVGH4XHPDGRUHV
(OHQVDPEOHGHODFDEH]DWDSDRYDOGHO
TXHPDGRUVHSXHGHUHWLUDU6LPSOHPHQWH
OHYDQWHODPLVPDGHODFRFLQDSDUD
VXOLPSLH]D8VHXQDDJXMDGHFRVHUR
SUHFLQWRVSDUDGHVEORTXHDUHOSHTXHxR
DJXMHURHQHOTXHPDGRU
/DWDSDGHO
TXHPDGRUHVWi
FRUUHFWDPHQWH
FRORFDGD
/DWDSDGHO
TXHPDGRU
12HVWi
FRUUHFWDPHQWH
FRORFDGD
)UHQWHGHODFRFLQD
7DSDGHWUHVDQLOORV
HQDOJXQRVPRGHORV
HQDOJXQRVPRGHORV
(OHFWURGR
5DQXUD
)UHQWHGHODFRFLQD
&DEH]DRYDODGD\
HQVDPEOHGHODWDSD
$VHJ~UHVHGHTXHODUDQXUD
GHODFDEH]DGHOTXHPDGRU
HVWpSRVLFLRQDGDVREUHHO
HOHFWURGR
$JXMHUR
HQOD
FDEH]DGHO
TXHPDGRU
(OHFWURGR
&DEH]DGHO
TXHPDGRU
%DVHGHO
TXHPDGRU
&DEH]DGHWUHVDQLOORVHQDOJXQRV
PRGHORV
$VHJ~UHVHGHTXHHODQLOORGH
ODFDEH]DGHOTXHPDGRUHVWp
SRVLFLRQDGRVREUHHOHOHFWURGR\
TXHODFDEH]DGHOTXHPDGRUHVWp
FRPSOHWDPHQWHLQVHUWDGDGHQWURGH
ODEDVHGHOTXHPDGRU8QDSHTXHxD
EUHFKDHQWUHODEDVH\ODFDEH]DHV
QRUPDO
(OHFWURGR
&iPDUDGHHVWDELOLGDG
%DVHGHO
TXHPDGRU
&DEH]DIURQWDOGHUHFKDHQDOJXQRV
PRGHORVFDEH]DIURQWDOL]TXLHUGD
FDEH]DWUDVHUDGHUHFKD\FDEH]D
WUDVHUDL]TXLHUGD
$VHJ~UHVHGHTXHODUDQXUDGH
ODFDEH]DGHOTXHPDGRUHVWp
SRVLFLRQDGDVREUHHOHOHFWURGR
8VHXQDDJXMDGH
FRVHURSUHFLQWRV
SDUDGHVEORTXHDU
HOSHTXHxRDJXMHUR
HQODFDEH]DGHO
TXHPDGRU
&DEH]DVGHOTXHPDGRUHQDOJXQRV
PRGHORV
/DVFDEH]DVGHOTXHPDGRUHQ
DOJXQRVPRGHORVVHSXHGHQUHWLUDU
6LPSOHPHQWHOHYDQWHODVPLVPDVGH
ODSDUULOODSDUDVXOLPSLH]D
&DEH]DGHO
TXHPDGRU
)UHQWHGHODFRFLQD
&DEH]DGHWUHVDQLOORV
HQDOJXQRVPRGHORV
HQDOJXQRVPRGHORV
5DQXUD
(OHFWURGR
R
$JXMHUR
(OHFWURGR
&XLGDGR\OLPSLH]DGHODFRFLQD

*($SSOLDQFHVFRP
/RGJH
5HYHUVLEOH\3ODQFKDVSDUD&KHIGH+LHUUR)RUMDGR
HQDOJXQRVPRGHORV
3ODQFKD$QWLDGKHUHQWHHQDOJXQRVPRGHORV
■ (QMXDJXHFRQDJXDFDOLHQWHQRXVHMDEyQ\
VHTXHWRWDOPHQWH
■ $QWHVGHFRFLQDUSUHSDUHODVXSHUILFLHFRQ
HVSUD\GHFRFLQDRDFHLWHYHJHWDO
■ /XHJRGHFRFLQDUOLPSLHODSODQFKDFRQ
XQFHSLOORGXUR\DJXDFDOLHQWH1RVH
UHFRPLHQGDHOXVRGHMDEyQ\QXQFDVHGHEHQ
XVDUGHWHUJHQWHVSRWHQWHV
■
6HTXHFRQXQDWRDOODGHIRUPDLQPHGLDWD\DSOLTXH
XQDFDSDVXDYHGHHVSUD\GHFRFLQDRDFHLWH
YHJHWDOPLHQWUDVODSODQFKDD~QHVWiFDOLHQWH
■ *XDUGHHQXQOXJDUIUtR\VHFR
■ 1RODYHHQHOODYDYDMLOODV
3UHFDXFLRQHVGHOD3ODQFKD
■6LDOJRVHGHUUDPyGHEDMRGHODSODQFKD
VHGHEHUiOLPSLDUWDQSURQWRFRPRVHD
SRVLEOHSDUDHYLWDUODVXFLHGDGGHODFRPLGD
´KRUQHDGDµ
■1RSHUPLWDTXHVHDFXPXOHJUDVDGHEDMR
GHODSODQFKD\DTXHSXHGHKDEHUULHVJRGH
LQFHQGLR/LPSLHODSDUWHLQIHULRUGHODSODQFKD
WDQSURQWRFRPRHVWpIUtD/LPSLHFRQDJXD
FDOLHQWH\MDEyQ
■
1RFRORTXHODSODQFKDHQHOKRUQRPLFURRQGDV
■6LHPSUHDSDJXHORVTXHPDGRUHVVXSHUILFLDOHV
DQWHVGHUHWLUDUODSODQFKD7HQJDFXLGDGRDO
VRVWHQHUXQDSODQFKDFDOLHQWH
127$6
■ /DSODQFKDVHGHEHUiXVDUVREUHHO
TXHPDGRUFHQWUDO~QLFDPHQWH
■
1ROLPSLHODSODQFKDHQHOKRUQRGHDXWR
OLPSLH]D
■ 1ROLPSLHODSODQFKDHQXQODYDYDMLOODV
■ /DYHODPLVPDFRQDJXDFDOLHQWH\MDEyQ
OXHJRGHFDGDXVRPLHQWUDVXVDXQD
HVSRQMD\XQSDxRGHFRFLQD
■ 6LTXHGDQUHVLGXRVGHDFHLWHRFRPLGD
VREUHODSODQFKDODVFRFFLRQHVSRVWHULRUHV
HQGXUHFHUiQHOUHVLGXR\JHQHUDUiQ
DGKHUHQFLDVFRQHOSDVRGHOWLHPSR(Q
HVWHFDVRXVHXQOLPSLDGRUQRDEUDVLYRWDO
FRPR%RQ$PL
RXQRGHORVOLPSLDGRUHV
SDUDIUHJDGRVXDYH$SOLTXHFRQXQD
HVSRQMD6FUXQJH
XRWUDDOPRKDGLOODGH
OLPSLH]DFRQHWLTXHWDTXHLQGLTXHTXHHV
VHJXUDSDUDROODVDQWLDGKHUHQWHV
■ 8VHVyORXWHQVLOLRVGHSOiVWLFRQ\ORQ
RPDGHUDRKHUUDPLHQWDVGHFRFLQD
6LOYHU6WRQH
SDUDHYLWDUTXHVHDUUXLQHHO
UHFXEULPLHQWR
■ 1XQFDXVHFXFKLOORVQLFRUWHODFRPLGD
VREUHODSODQFKD/DYHFRQDJXDFDOLHQWH
\MDEyQOXHJRGHFDGDXVR*XDUGHFRQ
FXLGDGRSDUDHYLWDUUDOODGXUDV
3UHFDXFLRQHVGHOD3ODQFKD
■ 6LDOJRVHGHUUDPyGHEDMRGHODSODQFKD
VHGHEHUiOLPSLDUWDQSURQWRFRPRVHD
SRVLEOHSDUDHYLWDUODVXFLHGDGGHOD
FRPLGD´KRUQHDGDµ
■ 1RSHUPLWDTXHVHDFXPXOHJUDVDGHEDMR
GHODSODQFKD\DTXHSXHGHKDEHUULHVJR
GHLQFHQGLR/LPSLHODSDUWHLQIHULRUGHOD
SODQFKDWDQSURQWRFRPRHVWpIUtD/LPSLH
FRQDJXDFDOLHQWH\MDEyQ
■
1RFRORTXHODSODQFKDHQHOKRUQRPLFURRQGDV
■
6LHPSUHDSDJXHORVTXHPDGRUHVVXSHUILFLDOHV
DQWHVGHUHWLUDUODSODQFKD7HQJDFXLGDGRDO
VRVWHQHUXQDSODQFKDFDOLHQWH
3DUULOODVGHORV4XHPDGRUHV
6XHVWXIDFXHQWDFRQSDUULOODVGREOHVR
SDUULOODVVLPSOHV(VWDVSDUULOODVSRVHHQ
SRVLFLRQHVHVSHFtILFDV3DUDXQDHVWDELOLGDG
Pi[LPDHVWDVSDUULOODVVyORVHGHEHUiQXVDUHQ
VXSRVLFLyQDGHFXDGDQRVHSXHGHQFDPELDU
GHL]TXLHUGDDGHUHFKDRGHOIUHQWHDDWUiV
3DUDVXFRQYHQLHQFLDFRQODVSDUULOODVGREOHV
ORVODGRVLQIHULRUHVGHODVSDUULOODVL]TXLHUGD\
GHUHFKDHVWiQPDUFDGDV´/()7)5217µ)UHQWH
,]TXLHUGR\´5,*+7)5217µ)UHQWH'HUHFKR
$VHJ~UHVHGHTXHODSRVLFLyQIURQWDOGHDPEDV
SDUULOODVHVWpHQHOIUHQWH/DSDUULOODLQWHUPHGLD
SRVHHXQDUFRHQHOIUHQWH$VHJ~UHVHGHTXHOD
SDUWHDUTXHDGDHVWpKDFLDHOIUHQWHGHODFRFLQD
$GHPiVODSDUULOODLQWHUPHGLDHVWiDSR\DGD
SRUODVSDUULOODVL]TXLHUGD\GHUHFKD\GHEHVHU
LQVWDODGDDOILQDOSDUDPD\RUHVWDELOLGDG
/LPSLH]D
/HYDQWHODVPLVPDVFXDQGRHVWpQIUtDV/DV
SDUULOODVVHGHEHQODYDUGHIRUPDUHJXODU\SRU
VXSXHVWROXHJRGHGHUUDPHV/DYHODVSDUULOODV
FRQDJXDFDOLHQWH\MDEyQ\HQMXDJXHFRQDJXD
OLPSLD$OUHHPSOD]DUODVSDUULOODVDVHJ~UHVHGH
TXHHVWpQSRVLFLRQDGDVGHIRUPDVHJXUDVREUH
ORVTXHPDGRUHV5HHPSODFHODVSDUULOODVGH
PRGRTXHVHIRUPHQDUFRVFRQWLQXRVFRQODV
OtQHDVFHQWUDOHVGHODVWUHVSDUULOODV
1RXWLOLFHHOTXHPDGRUGXUDQWHXQSHUtRGRGHWLHPSR
SURORQJDGRVLQXQXWHQVLOLRGHFRFLQDVREUHODUHMLOOD
(ODFDEDGRGHODSDUULOODVHSXHGHUHVTXHEUDMDUVLQR
KD\XQXWHQVLOLRGHFRFLQDTXHDEVRUEDHOFDORU
3DUDOLEHUDUVHGHFRPLGDVTXHPDGDVFRORTXH
ODVSDUULOODVHQXQHQYDVHFXELHUWR$JUHJXH
XQDWD]DGHóGHDPRQtDFR\GHMHTXH
SHUPDQH]FDQPRMDGDVYDULDVKRUDVGXUDQWHOD
QRFKH/DYHHQMXDJXHELHQ\VHTXH
$XQTXHVRQGXUDEOHVODVSDUULOODVSHUGHUiQ
JUDGXDOPHQWHVXEULOORPiVDOOiGHOPHMRU
FXLGDGRTXHOHVSXHGDGDU(VWRVHGHEHD
ODH[SRVLFLyQFRQWLQXDDDOWDVWHPSHUDWXUDV
2EVHUYDUiHVWRDQWHVFRQSDUULOODVGHFRORUFODUR
127$1ROLPSLHODVSDUULOODVHQHOKRUQRGHDXWR
OLPSLH]D
/DVSDUULOODVVHSXHGHQOLPSLDUHQ
XQODYDYDMLOODV
/DDSDULHQFLDSXHGHYDULDU
)UHQWH
,]TXLHUGR
)UHQWH
'HUHFKR
&HQWUR

3DUULOODVGH4XHPDGRUHVSDUDHO0RGHOR&*6ÒQLFDPHQWH
6XFRFLQDFXHQWDFRQWUHVSDUULOODVGREOHV
GHWLSRSURIHVLRQDO(VWDVSDUULOODVSRVHHQ
SRVLFLRQHVHVSHFtILFDV3DUDXQDPi[LPD
HVWDELOLGDGHVWDVSDUULOODVVyORGHEHUtDQVHU
XVDGDVHQVXVSRVLFLRQHVFRUUHVSRQGLHQWHV
3DUDPD\RUFRQYHQLHQFLDORVODGRVLQIHULRUHV
GHODVSDUULOODVODWHUDOHVFXHQWDQFRQODPDUFD
´2876,'(µ$IXHUD$VHJ~UHVHGHTXHOD
SRVLFLyQIURQWDOGHDPEDVSDUULOODVHVWpHQHO
IUHQWH/DSDUULOODFHQWUDOVHSXHGHFDPELDUGHO
IUHQWHDODSDUWHWUDVHUD
/LPSLH]DGHODV3DUULOODV$JXD\
-DEyQ
/HYDQWHODVSDUULOODVFXDQGRHVWpQIUtDV/DV
SDUULOODVVHGHEHQODYDUGHIRUPDUHJXODU\SRU
VXSXHVWROXHJRGHGHUUDPHV/DYHODVPLVPDV
FRQDJXDFDOLHQWH\MDEyQ\HQMXDJXHFRQDJXD
OLPSLD$OUHHPSOD]DUODVSDUULOODVDVHJ~UHVHGH
TXHHVWpQSRVLFLRQDGDVGHIRUPDVHJXUDVREUH
ORVTXHPDGRUHV5HHPSODFHODVSDUULOODVGH
PRGRTXHVHIRUPHQOtQHDVUHFWDVFRQORVDUFRV
FHQWUDOHVGHODVWUHVSDUULOODV
/LPSLH]DGH3DUULOODV²+RUQRGH$XWR
/LPSLH]D
3DUDHOLPLQDUODFRPLGDTXHPDGDSXHGHXVDU
HOFLFORGHDXWROLPSLH]DGHVXFRFLQD5HWLUH
FXDOTXLHUSDUWtFXODGHFRPLGDTXHPDGDTXH
SXHGDDQWHVGHFRORFDUODVSDUULOODVHQHOKRUQR
&RORTXHORVHVWDQWHVJULVHVUHFXELHUWRVGH
SRUFHODQDHQODVSRVLFLRQHV´5µ´%µ\´'µ
127$1ROLPSLHODSODQFKDHQHOKRUQRGHDXWR
OLPSLH]D
&RORTXHFDGDSDUULOODHQORVHVWDQWHVGHO
KRUQRGHODGRDODGR6LJDHVWDVLQVWUXFFLRQHV
VREUHFyPRFRORFDUHOKRUQRVXSHULRUSDUDVX
OLPSLH]D
127$7HQJDFXLGDGRDOUHWLUDUODVSDUULOODVGHO
KRUQRVXSHULRUXQDYH]TXHHOFLFORGHDXWR
OLPSLH]DKD\DILQDOL]DGR(VSRVLEOHTXHODV
SDUULOODVD~QHVWpQFDOLHQWHV
(VSRVLEOHTXHREVHUYHFHQL]DEODQFDHQ
SDUULOODVPX\VXFLDV/LPSLHODPLVPDFRQ
XQDWHODK~PHGDXQDYH]TXHODSDUULOODVH
HQIUtH6LTXHGDQPDQFKDVEODQFDVHOLPLQHODV
PLVPDVFRQXQHVWURSDMRFRQMDEyQ\HQMXDJXH
FRPSOHWDPHQWHFRQXQDPH]FODGHDJXD\
YLQDJUH
(VWRVGHSyVLWRVVRQQRUPDOPHQWHXQUHVLGXR
GHVDOTXHQRSXHGHVHUHOLPLQDGRSRUHOFLFOR
GHOLPSLH]D
/LPSLH]DGH3DUULOODV/DYDYDMLOODV
/DVSDUULOODVVHSXHGHQOLPSLDUHQXQ
ODYDYDMLOODV5HWLUHFXDOTXLHUSDUWtFXODGHFRPLGD
TXHPDGDTXHSXHGDDQWHVGHFRORFDUODV
SDUULOODVHQHOODYDYDMLOOD&RORTXHODVPLVPDVHQ
HOHVWDQWHLQIHULRUGHOODYDYDMLOODV\DSOLTXHXQ
FLFORGH´OLPSLH]DDIRQGRµ
1RXWLOLFHHOTXHPDGRUGXUDQWHXQSHUtRGRGH
WLHPSRSURORQJDGRVLQXQXWHQVLOLRGHFRFLQD
VREUHODSDUULOOD(ODFDEDGRGHODSDUULOODVH
SXHGHUHVTXHEUDMDUVLQRKD\XQXWHQVLOLRGH
FRFLQDTXHDEVRUEDHOFDORU
$XQTXHVRQGXUDEOHVODVSDUULOODVSHUGHUiQ
JUDGXDOPHQWHVXEULOORPiVDOOiGHOPHMRU
FXLGDGRTXHOHVSXHGDGDU(VWRVHGHEHDOD
H[SRVLFLyQFRQWLQXDDDOWDVWHPSHUDWXUDV\DOD
DEUDVLyQGHOXWHQVLOLRGHFRFLQD
3URWHFWRUHVSDUD6RSRUWH
6LXQRRPiVGHORVVRSRUWHVSURWHFWRUHV
FLUFXODUHVGHVLOLFRQDGHODSDUULOODGHODSDUWH
VXSHULRUGHODFRFLQDVHSLHUGHRGDxDVH
SRGUiQREWHQHUSLH]DVGHUHSXHVWROODPDQGRDO
*(&$5(6
3DUDFRORFDUORVQXHYRVSURWHFWRUHVVLPSOHPHQWH
LQVHUWHHOH[WUHPRFRQIRUPDGHFRQR\HPSXMH
PLHQWUDVGREODREDODQFHDVXDYHPHQWHHOSURWHFWRU
/DVSDUULOODVVHSXHGHQOLPSLDUHQ
XQODYDYDMLOODV
(OKRUQRFXHQWDFRQSRVLFLRQHV
GHHVWDQWHV&RORTXHORVHVWDQWHV
JULVHVUHFXELHUWRVGHSRUFHODQDHQ
ODVSRVLFLRQHV´5µ´%µ\´'µSDUD
ODDXWROLPSLH]DGHODVSDUULOODV
&RORTXHFDGDSDUULOODHQORV
HVWDQWHVGHOKRUQRGHODGRDODGR
/DDSDULHQFLDSXHGHYDULDU
3DUULOOD
([WHULRU
3DUULOOD
&HQWUDO
3DUULOOD
([WHULRU
&XLGDGR\OLPSLH]DGHODFRFLQD

*($SSOLDQFHVFRP

9HQWLODFLRQHVGH$LUHGHO+RUQR
1XQFDEORTXHHODVYHQWLODFLRQHVDEHUWXUDV
GHDLUHGHODFRFLQD/DVPLVPDVEULQGDQODV
HQWUDGDV\VDOLGDVGHDLUHTXHVRQQHFHVDULDV
SDUDTXHODFRFLQDRSHUHGHIRUPDFRUUHFWD
FRQODFRPEXVWLyQDGHFXDGD
/DVDEHUWXUDVGHDLUHVHHQFXHQWUDQXELFDGDV
HQODSDUWHWUDVHUDGHODFRFLQDHQODSDUWH
VXSHULRUHLQIHULRUGHODSXHUWDGHOKRUQR\HQOD
SDUWHLQIHULRUGHODFRFLQD
3DQHOGH&RQWURO6XSHULRU
(QPRGHORVHTXLSDGRVGHHVWHPRGREORTXHH
ODVWHFODVWiFWLOHVDQWHVGHOLPSLDU
&RQVXOWHODLQIRUPDFLyQGH%ORTXHRGHO&RQWURO
GH*DVHQODVIXQFLRQHV(VSHFLDOHVGHOD
VHFFLyQGHFRQWUROGHVXKRUQRHQHVWHPDQXDO
/LPSLHFXDOTXLHUVDOSLFDGXUDFRQXQDWHODK~PHGD
7DPELpQSXHGHXVDUXQOLPSLDGRUGHYLGULRV
(OLPLQHODVXFLHGDGLPSRUWDQWHFRQDJXD
FDOLHQWH\MDEyQ1RXVHQLQJ~QWLSRGHPDWHULDO
DEUDVLYR
9XHOYDDDFWLYDUODVWHFODVWiFWLOHVOXHJRGHOD
OLPSLH]D
/DDSDULHQFLD\ODXELFDFLyQGHODYHQWLODFLyQYDUtDQ
Gas/Control
6XSHUILFLHGHOD3DUWH6XSHULRUGHOD&RFLQD
$ILQGHHYLWDUGDxRVVREUHODVXSHUILFLH
HVPDOWDGDGHSRUFHODQDVREUHODSDUWHVXSHULRU
GHODFRFLQD\SDUDHYLWDUTXHTXHGHVLQEULOOR
OLPSLHORVGHUUDPHVGHLQPHGLDWR/DFRPLGD
FRQPXFKRiFLGRWRPDWHVFKXFUXWMXJRVGH
IUXWDHWFRODVFRPLGDVFRQDOWRFRQWHQLGRGH
D]~FDUSXHGHQGHMDUXQHVSDFLRVLQEULOORVLQR
VHOLPSLDQ
&XDQGRODVXSHUILFLHHVWpIUtDODYH\HQMXDJXH
3DUDRWURVGHUUDPHVWDOHVFRPRVDOSLFDGXUDV
GHJUDVDODYHFRQDJXD\MDEyQXQDYH]TXHOD
VXSHUILFLHVHKD\DHQIULDGR/XHJRHQMXDJXH\
SXODFRQXQDWHODVHFD
127$3DUDODVFRFLQDVGHDFHURLQR[LGDEOH
FRQVXOWHODVHFFLyQVREUHVXSHUILFLHVGHDFHUR
LQR[LGDEOH
3DQHOGH&RQWURO,QIHULRU3DQHOGHO&ROHFWRU)URQWDO\3HULOODV
8QDEXHQDLGHDHVOLPSLDUHOSDQHOGHFRQWURO
OXHJRGHFDGDXVRGHOKRUQR8VHXQDWHOD
K~PHGDSDUDOLPSLDURHQMXDJDU3DUDOLPSLDU
XVHMDEyQVXDYH\DJXDRXQDVROXFLyQTXH
VHDPLWDGGHYLQDJUH\PLWDGGHDJXD3DUD
HQMXDJDUXVHDJXDOLPSLD3XODHQVHFRFRQ
XQDWHODVXDYH
1RXVHOLPSLDGRUHVDEUDVLYRVOLPSLDGRUHV
OtTXLGRVIXHUWHVDOPRKDGLOODVSDUDIUHJDUGH
SOiVWLFR\OLPSLDGRUHVGHKRUQRHQHOSDQHOGH
FRQWUROGDxDUiQHODFDEDGR
1RLQWHQWHLQFOLQDUODVSHULOODVHPSXMDQGRODV
PLVPDVKDFLDDUULEDRKDFLDDEDMRRFROJDQGR
XQDWRDOODXRWUDVFDUJDVGHHVWHWLSR(VWR
SXHGHGDxDUHOHMHGHODYiOYXODGHJDV
/DVSHULOODVGHFRQWUROVHSXHGHQUHWLUDUSDUD
IDFLOLWDUODOLPSLH]D
$VHJ~UHVHGHTXHODVSHULOODVHVWpQHQODV
SRVLFLRQHV2))$SDJDGR\HPSXMHODVPLVPDV
GHVGHORVVRSRUWHVGHIRUPDGHUHFKDSDUDVX
OLPSLH]D
/DVSHULOODVVHSXHGHQOLPSLDUHQXQODYDYDMLOODV
RWDPELpQVHSXHGHQODYDUFRQDJXD\MDEyQ
$VHJ~UHVHGHTXHORVLQWHULRUHVGHODVSHULOODV
HVWpQVHFRVDQWHVGHYROYHUDFRORFDUODV
5HHPSODFHODVSHULOODVHQODSRVLFLyQ2))
$SDJDGRSDUDDVHJXUDUXQDXELFDFLyQDGHFXDGD
/DVSLH]DVPHWiOLFDVVHSXHGHQOLPSLDUFRQ
DJXD\MDEyQ1RXVHHVWURSDMRVDEUDVLYRV
DPRQtDFRViFLGRVROLPSLDGRUHVSDUDKRUQRV
FRPHUFLDOHV6HTXHFRQXQDWHODVHFD
3DUDGHWHUPLQDUODXELFDFLyQFRUUHFWDGHODSHULOOD
HQHOSDQHOGHFRQWUROIURQWDOH[DPLQHODSDUWH
WUDVHUDGHODSHULOOD/DVSHULOODVFRQHWLTXHWDV\
ORVGRVDJXMHURVFRQFDxDQRVRQLQWHUFDPELDEOHV
FRQRWURVWLSRVGHSHULOODV\VHGHEHUiQUHJUHVDUDO
SDQHOIURQWDOSULPHUR8ELTXHODSRVLFLyQDGHFXDGD
HQOD]DQGRODHWLTXHWD\ODGHVFULSFLyQGHOSDQHO
IURQWDORHQOD]DQGRODIRUPDGHORVDJXMHURVGHODV
SHULOODVDODIRUPDGHODVFDxDVGHOSDQHOGHFRQWURO
/DVSHULOODVVLQHWLTXHWDV\VyORXQDJXMHURGHFDxD
SRGUiVHUUHJUHVDGRDFXDOTXLHUSRVLFLyQHQHO
SDQHOGHFRQWUROIURQWDOTXHVyORSRVHHXQDFDxD
3HULOODGHOTXHPDGRUVXSHUILFLDO
3HULOODGHOKRUQRLQIHULRUHQDOJXQRV
PRGHORV
/tQHDURMD
&DxD
(WLTXHWD
$JXMHURV
GHODVFDxDV
3DUWH,QIHULRUGHO+RUQR
/DSDUWHLQIHULRUGHOKRUQRSRVHHXQDFDEDGR
GHSRUFHODQDHVPDOWDGD3DUDIDFLOLWDUOD
OLPSLH]DSURWHMDHOIRQGRGHOKRUQRGH
GHUUDPHVH[FHVLYRVFRORFDQGRXQDKRMDGH
JDOOHWDVHQHOHVWDQWHTXHHVWiGHEDMRGHO
HVWDQWHVREUHHOFXDOHVWiFRFLQDQGR(VWR
HVSDUWLFXODUPHQWHLPSRUWDQWHDOKRUQHDU
XQDWDUWDGHIUXWDXRWUDVFRPLGDVFRQDOWR
FRQWHQLGRGHiFLGR/RVUHOOHQRVGHIUXWD
FDOLHQWHXRWUDVFRPLGDVFRQDOWRFRQWHQLGR
GHiFLGRWDOHVFRPRWRPDWHFKXFUXW\
VDOVDVFRQYLQDJUHRMXJRGHOLPyQSXHGHQ
RFDVLRQDUILVXUDV\GDxRVVREUHODVXSHUILFLH
GHSRUFHODQDHVPDOWDGD\VHGHEHUiQOLPSLDU
LQPHGLDWDPHQWH
3DUDOLPSLDUGHUUDPHVXVHDJXD\MDEyQXQ
OLPSLDGRUDEUDVLYRRXQDDOPRKDGLOODSDUD
IUHJDUOOHQDGHMDEyQ(QMXDJXHELHQSDUD
HOLPLQDUFXDOTXLHUUHVWRGHMDEyQDQWHVGHOD
IXQFLyQGHDXWROLPSLH]D
/DSXHUWDHVPX\SHVDGD7HQJDFXLGDGRDO
UHWLUDU\OHYDQWDUODSXHUWD
1ROHYDQWHODSXHUWDXVDQGRODPDQLMD
3DUDUHWLUDUODSXHUWD
$EUDODSXHUWDWRWDOPHQWH
(PSXMHORVEORTXHRVGHELVDJUDKDFLD
DEDMRHQGLUHFFLyQDODHVWUXFWXUDGHOD
SXHUWDKDVWDODSRVLFLyQGHVEORTXHDGD(V
SRVLEOHTXHQHFHVLWHXQDKHUUDPLHQWDWDO
FRPRXQGHVWRUQLOODGRUSHTXHxRGHSXQWD
SODQD
)LUPHPHQWHWRPHDPERVODGRVGHOD
SXHUWDSRUODSDUWHVXSHULRU
&LHUUHODSXHUWDKDVWDODSRVLFLyQGHUHWLUR
GHODPLVPDTXHHVWiHQODPLWDGHQWUHOD
SRVLFLyQGHGHWHQFLyQSDUDDVDU\
WRWDOPHQWHFHUUDGD
/HYDQWHODSXHUWDKDFLDDUULED\KDFLD
DIXHUDKDVWDTXHHOEUD]RGHODELVDJUD
HVWpIXHUDGHODUDQXUD
3DUDUHHPSOD]DUODSXHUWD
)LUPHPHQWHWRPHDPERVODGRVGHOD
SXHUWDSRUODSDUWHVXSHULRU
&RQODSXHUWDHQHOPLVPRiQJXORTXHHQ
ODSRVLFLyQGHUHWLURDSR\HODKHQGLGXUD
HQODUDQXUDGHODELVDJUD/DDEHUWXUDHQ
HOEUD]RGHODELVDJUDGHEHUiHVWDU
WRWDOPHQWHDSR\DGDHQODSDUWHLQIHULRUGH
ODUDQXUD
$EUDODSXHUWDWRWDOPHQWH6LODSXHUWDQR
VHDEUHWRWDOPHQWHODKHQGLGXUDQRHVWi
FRUUHFWDPHQWHDSR\DGDHQHOH[WUHPR
LQIHULRUGHODUDQXUD
(PSXMHORVEORTXHRVGHELVDJUDFRQWUDOD
HVWUXFWXUDIURQWDOGHODFDYLGDGGHOKRUQR
HQODSRVLFLyQGHEORTXHR
&LHUUHODSXHUWDGHOKRUQR
/HYDQWHOD3XHUWDGHO+RUQRHQDOJXQRVPRGHORV
%ORTXHRGH
ODELVDJUD
3RVLFLyQGHUHWLUR
%ORTXHRGH
ODELVDJUD
(PSXMHORVEORTXHRVGHODELVDJUD
KDFLDDUULEDSDUDEORTXHDU
(PSXMHORVEORTXHRVGHELVDJUD
KDFLDDEDMRSDUDGHVEORTXHDU
+HQGLGXUD
([WUHPH
LQIHULRU
GHOD
UDQXUD
%UD]RGHODELVDJUD
5DQXUD
%UD]RGHOD
ELVDJUD
(VWDQWHVGHO+RUQR
7RGDVODVSDUULOODVGHOKRUQRVHSRGUiQOLPSLDUD
PDQRFRQXQOLPSLDGRUDEUDVLYRRYLUXWD/XHJR
GHODOLPSLH]DHQMXDJXHODVSDUULOODVFRQDJXD
OLPSLD\VHTXHFRQXQDWHODOLPSLD/DVSDUULOODV
GHOKRUQRJULVHV\FXELHUWDVGHSRUFHODQD
SRGUiQSHUPDQHFHUHQHOKRUQRGXUDQWHHO
FLFORGHDXWROLPSLH]DVLQVXIULUQLQJ~QWLSRGH
GDxRV/DVSDUULOODVGHOKRUQRGHQtTXHOSRGUiQ
SHUPDQHFHUHQHOPLVPRGXUDQWHHOFLFORGH
DXWROLPSLH]DSHURSHUGHUiQVXOXVWUH\VHUi
GLItFLOGHVOL]DUODV6HUiQHFHVDULRHQJUDVDU
WRGRVORVFRVWDGRVGHODSDUULOODGHOKRUQRFRQ
XQDFDSDVXDYHGHDFHLWHYHJHWDOOXHJRGH
OLPSLDUODVDPDQRRHQHOKRUQR(VWRD\XGDUi
DTXHODVSDUULOODVVHSXHGDQGHVOL]DUFRQ
IDFLOLGDGIXHUDGHKRUQR

&XLGDGR\OLPSLH]DGHODFRFLQD
*($SSOLDQFHVFRP

/LPSLH]DGHOD3XHUWD
3DUDOLPSLDUHOLQWHULRUGHODSXHUWD
■1RSHUPLWDTXHHOH[FHGHQWHGHDJXDHQWUHD
QLQJ~QDJXMHURRUDQXUDVGHODSXHUWD
■$SOLTXHGHWHUJHQWHSDUDODYDUSODWRVVREUH
FXDOTXLHUVDOSLFDGXUDTXHKD\DVREUHHO
YLGULRGHELGRDOKRUQHDGR8VHHOILORGHXQD
QDYDMDGHOODGRVHJXURSDUDGHVSHMDUOR
/XHJROLPSLHHOYLGULRFRQXQDWHODFRQMDEyQ
SDUDHOLPLQDUFXDOTXLHUUHVLGXR\VHTXH
■(OiUHDIXHUDGHODMXQWDVHSXHGHOLPSLDUFRQ
XQDDOPRKDGLOODSDUDIUHJDUGHSOiVWLFRFRQ
MDEyQ
3DUDOLPSLDUHOH[WHULRUGHODSXHUWD
■8VHDJXD\MDEyQSDUDOLPSLDU
FRPSOHWDPHQWHODSDUWHVXSHULRUORVODGRV
\HOIUHQWHGHODSXHUWDGHOKRUQR(QMXDJXH
ELHQ7DPELpQSXHGHXVDUXQOLPSLDGRU
GHYLGULRSDUDOLPSLDUHOYLGULRGHODSDUWH
H[WHULRUGHODSXHUWD
■(OGHUUDPHGHDGRERMXJRVGHIUXWD
VDOVDVGHWRPDWH\PDWHULDOHVJODVHDGRV
TXHFRQWHQJDQiFLGRVSXHGHQRFDVLRQDU
GHVFRORUDFLyQ\VHGHEHUiQOLPSLDUGH
LQPHGLDWR&XDQGRODVXSHUILFLHHVWpIUtDODYH
\HQMXDJXH
■1RXVHOLPSLDGRUHVSDUDKRUQRSROYRVGH
OLPSLH]DR
DEUDVLYRVGXURVVREUHODSDUWH
H[WHULRUGHODSXHUWD
/DMXQWDHVWiGLVHxDGDFRQXQ
HVSDFLRHQODSDUWHLQIHULRUSDUD
SHUPLWLUODFLUFXODFLyQGHDLUH
DGHFXDGD
1RIURWHQLOLPSLHODMXQWDGHOD
SXHUWDSRVHHXQDUHVLVWHQFLD
H[WUHPDGDPHQWHEDMDDOD
DEUDVLyQ
6LREVHUYDTXHODMXQWDVHYXHOYH
FDOLHQWHVHGHVKLODFKDRGDxDGH
FXDOTXLHUIRUPD\VLTXHGyIXHUD
GHODSXHUWDGHEHUiUHHPSOD]DU
ODPLVPD
6XSHUILFLHVGH$FHUR,QR[LGDEOH
HQDOJXQRVPRGHORV
1RXVHYLUXWDVGHDFHURpVWDVGDxDUiQOD
VXSHUILFLH
,03257$17($3/,48(81$&$3$
3527(&725$'(&(5$0$%5<7(3,(=$1
:%75($/=$'25'(/%5,//2'(/
$&(52,12;,'$%/($17(6'(86$5
(VWRD\XGDUiDPDQWHQHUHOEULOOR\HODVSHFWR
GHVXFRFLQDGHDFHURLQR[LGDEOH
■$ILQGHHYLWDUFXDOTXLHUGHVFRORUDFLyQ\R
PDQFKDVGHJUDVDUHFRPHQGDPRVOLPSLDU
\UHPRYHUFXDOTXLHUGHUUDPHPDQFKDV\
JUDVDGHODFRFLQDOXHJRGHVXXVR
■(VLPSRUWDQWHXVDUXQDWHODVXDYHRWRDOODGH
SDSHOFDGDYH]TXHVHOLPSLDODFRFLQDDILQ
GHHYLWDUUDOODGXUDV
/HDFRQFXLGDGRODVLQVWUXFFLRQHVTXH
DSDUHFHQHQHOUHYHUVRGHO5HDO]DGRUGH%ULOOR
SDUDXQPHMRUUHVXOWDGR
,QVWUXFFLRQHVGH/LPSLH]D
5HWLUHODVSDUULOODV
/DYHXVDQGRDJXDFDOLHQWH\MDEyQ
7HODK~PHGDVXDYHRWRDOODGHSDSHOHYLWH
XVDUDJXDHQH[FHVR
/LPSLHODVXSHUILFLHHQODGLUHFFLyQGHO
YHWHDGRVLJXLHQGRODVOtQHDVGHDFHUR
(QMXDJXH\HVWUXMHXQDWHODVXDYHRXQD
WRDOODGHSDSHO\VHTXHODFRFLQD
$SOLTXHXQGHVHQJUDVDQWHTXHQRFRQWHQJD
KLGUy[LGRGHVRGLRRXQOLPSLDGRUGHDFHUR
LQR[LGDEOHVLJDODVLQVWUXFFLRQHV
 $SOLTXHXQ5HDO]DGRUGH%ULOORGH$FHUR
,QR[LGDEOH&HUDPD%U\WHVLJDODV
LQVWUXFFLRQHV
5HSLWDORVSDVRVDWDQWDVYHFHVFRPR
VHDQHFHVDULR
9XHOYDDFRORFDUORVHVWDQWHV
6LJDODVLQVWUXFFLRQHVSDUDFXDOTXLHUVXSHUILFLH
GHDFHURLQR[LGDEOHGHVXFRFLQD
12/286(SDUDOLPSLDUODSDUWHVXSHULRUGH
ODFRFLQDRODVSDUWHVGHDFHURLQR[LGDEOH
/HMtDFiXVWLFDKLGUy[LGRGHVRGLRR
OLPSLDGRUHVTXHFRQWHQJDQHVWHTXtPLFR
$OPRKDGLOODVGXUDVRGHHVWURSDMR
0DWHULDOHVRTXtPLFRVDEUDVLYRV
3DUDFRQVXOWDUVREUHODFRPSUDGH
OLPSLDGRUHVRSXOLGRUHVSDUDHODUWHIDFWRGH
DFHURLQR[LGDEOHRSDUDEXVFDUODXELFDFLyQ
GHOYHQGHGRUPLQRULVWDPiVFHUFDQRDVX
KRJDUFRPXQtTXHVHDOQ~PHURJUDWXLWR
&HQWUR1DFLRQDOGH3LH]DV
((88
&DQDGi
*($SSOLDQFHVFRP((88
ZZZ*($SSOLDQFHVFD&DQDGi
5HHPSOD]RGHOD/X]GHO+RUQRHQDOJXQRVPRGHORV
$VHJ~UHVHGHGHMDUTXHODWDSDGHODOX]\OD
OiPSDUDVHHQIUtHQFRPSOHWDPHQWH
3DUDUHWLUDUODWDSD
'REOHORVFULVWDOHVHQGLUHFFLyQFRQWUDULDD
ODVDJXMDVGHOUHORMDSUR[LPDGDPHQWHXQ
FXDUWR
1RUHWLUHQLQJ~QWRUQLOORSDUDUHWLUDUODWDSD
5HHPSODFHODOiPSDUDSRUXQDSDUD
HOHFWURGRPpVWLFRVGHZDWWVRSRUXQD
OiPSDUDGHOX]KDOyJHQDGHGRVSDWDV
VHJ~QFRUUHVSRQGD
3DUDUHHPSOD]DUODWDSD
/LQHXSWDEVRIOHQVLQIURQWRIWDEVRQ
KRXVLQJDQGURWDWHFORFNZLVHWRHQJDJH
&DMyQGH$OPDFHQDPLHQWR([WUDtEOHHQDOJXQRVPRGHORV
(OFDMyQGHDOPDFHQDPLHQWRHVXQEXHQOXJDU
SDUDJXDUGDUXWHQVLOLRVGHFRFLQD\SDQDGHUtD
1RJXDUGHSOiVWLFRVQLPDWHULDOHVLQIODPDEOHVHQ
HOFDMyQ
(OFDMyQGHDOPDFHQDPLHQWRVHSRGUiUHWLUDU
SDUDOLPSLDUGHEDMRGHODFRFLQD/LPSLHHO
FDMyQGHDOPDFHQDPLHQWRFRQXQDWHODR
HVSRQMDK~PHGD1XQFDXVHDEUDVLYRVGXURVQL
DOPRKDGLOODVSDUDIUHJDU
3DUDUHWLUDUHOFDMyQGHDOPDFHQDPLHQWR
(PSXMHHOFDMyQKDFLDDIXHUDKDVWDTXHVH
GHWHQJD
,QFOLQHHOIUHQWHGHOFDMyQKDFLDDUULED\
DIXHUDGHODFRFLQD
3DUDUHWLUDUHOFDMyQGHDOPDFHQDPLHQWR
&RQILJXUHORVSXQWRVGHGHWHQFLyQHQOD
SDUWHWUDVHUDGHOFDMyQVREUHODV
GHWHQFLRQHVHQODFRFLQD
'HVOLFHHOFDMyQGHIRUPDSDUHMD\GHUHFKR
KDFLDDWUiVGHPRGRTXHORVULHOHVGHOD
FRFLQDTXHGHQDMXVWDGRV
(OFDMyQGHDOPDFHQDPLHQWRVH
SRGUiUHWLUDUSDUDOLPSLDUGHEDMR
GHODFRFLQD
$'9(57(1&,$

5LHVJRGH'HVFDUJD(OpFWULFDR,QFHQGLR$QWHVGHUHHPSOD]DUODOiPSDUDGHOX]GHO
KRUQRGHVFRQHFWHODFRQH[LyQHOpFWULFDGHOKRUQRGHOIXVLEOHSULQFLSDORGHOSDQHOGHOGLV\XQWRU6LHVWRQRVHFXPSOHVH
SRGUiSURGXFLUXQDGHVFDUJDHOpFWULFDRLQFHQGLR
&DMyQ([WUDtEOH6yOR0RGHORVFRQ&DMyQ&DOHQWDGRU
/DPD\RUSDUWHGHODOLPSLH]DVHSXHGHUHDOL]DU
FRQHOFDMyQHQVXOXJDU6LQHPEDUJRHOFDMyQ
SXHGHVHUUHWLUDGRVLHVQHFHVDULRFRQWLQXDU
FRQODOLPSLH]D8VHDJXDFDOLHQWH\MDEyQSDUD
OLPSLDUDIRQGR
3DUDUHWLUDUHOFDMyQ
(PSXMHHOFDMyQKDFLDDIXHUDKDVWDTXH
VHGHWHQJD
3UHVLRQHHOOLEHUDGRUGHOULHOL]TXLHUGR
KDFLDDUULED\SUHVLRQHHOGHUHFKRKDFLD
DEDMRPLHQWUDVHPSXMDHOFDMyQKDFLD
DGHODQWH\OROLEHUD
3DUDUHHPSOD]DUHOFDMyQ
&RORTXHHOULHOGHOFDMyQL]TXLHUGR
DOUHGHGRUGHODJXtDGHOULHOLQWHULRU
L]TXLHUGR\GHVOLFHHOPLVPROHQWDPHQWH
SDUDHQJDQFKDUOR
&RORTXHHOULHOGHOFDMyQGHUHFKRDOUHGHGRU
GHODJXtDGHOULHOLQWHULRUGHUHFKR\GHVOLFH
HOPLVPROHQWDPHQWHSDUDHQJDQFKDUOR
'HVOLFHHOFDMyQWRWDOPHQWHKDVWDDGHQWUR
127$3DUDPRGHORVFRQXQFDMyQGH
FDOHQWDPLHQWRHOpFWULFRDQWHVGHUHDOL]DU
FXDOTXLHUDMXVWHOLPSLH]DRVHUYLFLRWpFQLFR
GHVFRQHFWHHOVXPLQLVWURGHFRUULHQWH
HOpFWULFDGHODFRFLQDGHVGHHOSDQHOGH
GLVWULEXFLyQGHOKRJDUUHWLUDQGRHOIXVLEOH
RDSDJDQGRHOGLV\XQWRU$VHJ~UHVHGH
TXHHOHOHPHQWRGHFDOHIDFFLyQGHOFDMyQ
FDOHQWDGRUHVWpIUtR

&XLGDGR\OLPSLH]DGHODFRFLQD
*($SSOLDQFHVFRP

2OODGHO&DMyQ([WUDtEOHGHO+RUQR,QIHULRU
127$3HUPLWDTXHHOFDMyQGHOKRUQRLQIHULRUVH
HQIUtHDQWHVGHUHWLUDUODROOD
127$/LPSLHORVGHUUDPHVGHIRUPDLQPHGLDWD
OXHJRGHFDGDXVR
■1XQFDFRORTXHXVHQLOLPSLH
DXWRPiWLFDPHQWHODROODGHOFDMyQGHOKRUQR
LQIHULRUHQHOKRUQRVXSHULRU
■(OFDMyQGHOKRUQRLQIHULRUFXHQWDFRQXQD
ROODH[WUDtEOHSDUDXQDIiFLOOLPSLH]D/LPSLH
FRQDJXDFDOLHQWH\MDEyQ\XQDHVSRQMD
RWRDOODSDUDSODWRV6HTXHFRQXQDWHOD
VHFD7DPELpQVHSXHGHXVDUXQOLPSLDGRU
GHKRUQRWDOFRPR(DV\2II$VHJ~UHVH
GHVHJXLUODVLQVWUXFFLRQHVGHOOLPSLDGRU
GHKRUQR5HHPSODFHODROODHQHOFDMyQGHO
KRUQRLQIHULRU
127$3DUDPRGHORVFRQXQFDMyQFDOHQWDGRU
HOpFWULFRRXQFDMyQGHOKRUQRLQIHULRUDQWHV
GHUHDOL]DUFXDOTXLHUDMXVWHOLPSLH]DRVHUYLFLR
WpFQLFRGHVFRQHFWHHOVXPLQLVWURGHFRUULHQWH
HOpFWULFDGHODFRFLQDGHVGHHOSDQHOGH
GLVWULEXFLyQGHOKRJDUUHWLUDQGRHOIXVLEOHR
DSDJDQGRHOGLV\XQWRU$VHJ~UHVHGHTXHHO
HOHPHQWRGHFDOHIDFFLyQGHOFDMyQHVWpIUtR
&DMyQ([WUDtEOH6yOR0RGHORVFRQ&DMyQGHO+RUQR,QIHULRU
/DPD\RUSDUWHGHODOLPSLH]DVHSXHGHUHDOL]DU
FRQHOFDMyQHQVXOXJDU6LQHPEDUJRHOFDMyQ
SXHGHVHUUHWLUDGRVLHVQHFHVDULRFRQWLQXDU
FRQODOLPSLH]D8VHDJXDFDOLHQWH\MDEyQSDUD
OLPSLDUDIRQGR
3DUDUHWLUDUHOFDMyQ
(PSXMHHOFDMyQKDFLDDIXHUDKDVWDTXH
VHGHWHQJD
3UHVLRQHODVOHQJHWDVVREUHDPERVODGRV
PLHQWUDVHPSXMDHOFDMyQKDFLDDGHODQWH\
OLEpUHOR
3DUDUHHPSOD]DUHOFDMyQ
&RORTXHHOULHOGHOFDMyQL]TXLHUGR
DOUHGHGRUGHODJXtDGHOULHOLQWHULRU
L]TXLHUGR\GHVOLFHHOPLVPROHQWDPHQWH
SDUDHQJDQFKDUOR
&RORTXHHOULHOGHOFDMyQGHUHFKRDOUHGHGRU
GHODJXtDGHOULHOLQWHULRUGHUHFKR\GHVOLFH
HOPLVPROHQWDPHQWHSDUDHQJDQFKDUOR
'HVOLFHHOFDMyQWRWDOPHQWHKDVWDDGHQWUR
127$3DUDPRGHORVFRQXQFDMyQ
FDOHQWDGRUHOpFWULFRRXQFDMyQGHOKRUQR
LQIHULRUDQWHVGHUHDOL]DUFXDOTXLHUDMXVWH
OLPSLH]DRVHUYLFLRWpFQLFRGHVFRQHFWHHO
VXPLQLVWURGHFRUULHQWHHOpFWULFDGHODFRFLQD
GHVGHHOSDQHOGHGLVWULEXFLyQGHOKRJDU
UHWLUDQGRHOIXVLEOHRDSDJDQGRHOGLV\XQWRU
$VHJ~UHVHGHTXHHOHOHPHQWRGHFDOHIDFFLyQ
GHOFDMyQFDOHQWDGRUHVWpIUtR
$17(6'(&20(1=$5
/HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDPHQWH
(VWDFRFLQDVHGHEHUiLQVWDODUGHDFXHUGRFRQORVFyGLJRV
ORFDOHVRHQODDXVHQFLDGHFyGLJRVORFDOHVFRQHO&yGLJR
GH*DV&RPEXVWLEOH1DFLRQDO$16,=1)3$~OWLPD
HGLFLyQ(Q&DQDGiODLQVWDODFLyQGHEHUiVHUFRQIRUPH
FRQHO&yGLJRGH,QVWDODFLyQGH*DV1DWXUDODFWXDO&$1
&*$%RHO&yGLJRGH,QVWDODFLyQGH3URSDQRDFWXDO
&$1&*$%\FRQORVFyGLJRVORFDOHVFXDQGR
FRUUHVSRQGD(VWDFRFLQDIXHGLVHxDGD\FHUWLILFDGDSRU
&6$,QWHUQDWLRQDOGHDFXHUGRFRQ$16,=~OWLPD
HGLFLyQ\FRQOD&DQDGLDQ*DV$VVRFLDWLRQ$VRFLDFLyQGH
*DVGH&DQDGi&$1&*$~OWLPDHGLFLyQ
$OLJXDOTXHFRQFXDOTXLHUHOHFWURGRPpVWLFRTXHXWLOLFHJDV
\JHQHUHFDORUH[LVWHQFLHUWDVSUHFDXFLRQHVGHVHJXULGDG
TXHVHGHEHUiQVHJXLU(QFRQWUDUiHVWDVSUHFDXFLRQHVHQ
ODVHFFLyQGH,QIRUPDFLyQ,PSRUWDQWHGH6HJXULGDGHQHO
IUHQWHGHHVWHPDQXDO/HDODVPLVPDVGHWHQLGDPHQWH
,03257$17(²
&RQVHUYHHVWDVLQVWUXFFLRQHV
SDUDXVRGHOLQVSHFWRUGHHOHFWULFLGDGORFDO
,03257$17(²&XPSODFRQWRGRVORVFyGLJRV
\RUGHQDQ]DVJXEHUQDPHQWDOHV
 1RWDSDUDHO,QVWDODGRU²*XDUGHHVWDV
LQVWUXFFLRQHVFRQHOHOHFWURGRPpVWLFRXQDYH]
FRPSOHWDGDODLQVWDODFLyQ
 1RWDSDUDHO&RQVXPLGRU²*XDUGHHVWH
0DQXDOGHO3URSLHWDULR\ODV,QVWUXFFLRQHVGH,QVWDODFLyQ
SDUDUHIHUHQFLDIXWXUD
 1RWD²(VWHHOHFWURGRPpVWLFRGHEHUiHVWDUFRQHFWDGRD
WLHUUDGHIRUPDDGHFXDGD
 6HUYLFLR7pFQLFR²(OGLDJUDPDHOpFWULFRVH
HQFXHQWUDHQXQVREUHDGMXQWRDOUHYHUVRGHODFRFLQD
 /DFRUUHFWDLQVWDODFLyQGHOSURGXFWRHVUHVSRQVDELOLGDG
GHOLQVWDODGRU

6LVHSURGXFHQIDOODVHQHOSURGXFWRGHELGRDXQD
LQVWDODFLyQLQDGHFXDGDOD*DUDQWtDQRFXEULUiODVPLVPDV
&DVD5RGDQWH²5HTXLVLWRVGH,QIRUPDFLyQ$GLFLRQDO
(VWDFRFLQDVHGHEHUiLQVWDODUFRQIRUPHFRQHO(VWiQGDUGH
&RQVWUXFFLyQ\6HJXULGDGSDUD+RJDU7tWXOR&)53LH]D
DQWHULRUPHQWH(VWiQGDU)HGHUDOSDUDODV&RQVWUXFFLRQHVHQ
&DVDV0yYLOHVXVHHOHVWiQGDUSDUDODV,QVWDODFLRQHVGH&DVDV
)DEULFDGDV$16,$1)3$$RFRQFyGLJRVORFDOHV
/DVLQVWDODFLRQHVHQFDVDVPyYLOHVUHTXLHUHQ
&XDQGRODFRFLQDHVLQVWDODGDHQXQDFDVDPyYLOVHGHEHUi
DVHJXUDUDOSLVRGXUDQWHHOWUiQVLWR&XDOTXLHUPpWRGRSDUD
DVHJXUDUODFRFLQDHVDGHFXDGRVLHPSUH\FXDQGRVHUHDOLFH
FRQIRUPHFRQORVHVWiQGDUHVTXHILJXUDQDFRQWLQXDFLyQ
,QVWUXFFLRQHV
&RFLQD
GH,QVWDODFLyQ 
1RJXDUGHQLXVHPDWHULDOHVFRPEXVWLEOHVJDVROLQDX
RWURVYDSRUHVLQIODPDEOHV\OtTXLGRVFHUFDGHpVWHQL
GHRWURVHOHFWURGRPpVWLFRV
6LKXHOHJDV
$EUDODVYHQWDQDV
1RWRTXHORVHQFKXIHVHOpFWULFRV
([WLQJDFXDOTXLHUOODPDDELHUWD
,QPHGLDWDPHQWHOODPHDVXSURYHHGRUGHJDV
3$5$686(*85,'$'

(QHO&RPPRQZHDOWKGH0DVVDFKXVHWWV
(VWHSURGXFWRGHEHVHULQVWDODGRSRUXQSORPHUR
OLFHQFLDGRRXQPHFiQLFRJDVLVWD
$OXVDUYiOYXODVGHFLHUUHGHJDVWLSREDOyQGHEHUiQVHU
GHOWLSRGHPDQLMD7
$OXVDUXQFRQHFWRUGHJDVIOH[LEOHQRGHEHUiH[FHGHUORVSLHV
+(55$0,(17$61(&(6$5,$6
'HVWRUQLOODGRUFRQFDEH]DSODQD
/ODYHSDUDWXEHUtD
XQDGHUHSXHVWR
'HVWRUQLOODGRU3KLOLSV
/ODYHFRQH[WUHPR
DELHUWRRDMXVWDEOH
/iSL]\UHJOD
1LYHO
7DODGURSXQ]yQRFODYR
0$7(5,$/(61(&(6$5,26
9iOYXODGHFLHUUHSDUDWXEHUtDGHJDV
6HOODGRUSDUDMXQWDGHWXEHUtDR8/²FLQWDSDUDWXEHUtD
DSUREDGDFRQ7HIOyQUHVLVWHQWHDODDFFLyQGHJDVHV
QDWXUDOHVR/3
&RQHFWRUSDUDDUWHIDFWRPHWiOLFRIOH[LEOHµ,'
6HUHFRPLHQGDXQDORQJLWXGGHSLHVSDUDXQDIiFLO
LQVWDODFLyQSHURRWUDVORQJLWXGHVVRQDFHSWDEOHV1XQFD
XVHXQFRQHFWRUYLHMRDOLQVWDODUXQDFRFLQDQXHYD
$GDSWDGRUSDUDXQLyQFyQLFDSDUDODFRQH[LyQDO
VXPLQLVWURGHJDVµRòµ137[òµ,'
$
GDSWDGRUSDUDXQLyQFyQLFDSDUDODFRQH[LyQDOUHJXODGRU
GHSUHVLyQHQODFRFLQDµRòµ137[òµ,'
'HWHFWRUGHSpUGLGDGHOtTXLGRRDJXDFRQMDEyQ
7RUQLOORGHFRPSUHVLyQRVXMHWDGRUGHPDQJDGHòµ
2'VyORSDUDSLVRVGHFRQFUHWR

&RQHFWRUGH3UHVLyQTXHVHDMXVWHDOWDPDxRGHODDEHUWXUD
GHODILFKDHQODSDUWHWUDVHUDGHODFRFLQDGHWUiVGHOFREHUWRU
GHOFDEOHDGR\DOFRQGXFWRKRJDUHxR2EWpQJDORVyORVL
UHHPSOD]DUiHOFDEOHGHFRUULHQWHSRUHOFRQGXFWR
7HIOyQ0DUFDUHJLVWUDGDSRU'X3RQW
$QWHFXDOTXLHUGXGDOODPHDO*(&$5(6RYLVLWHQXHVWURVLWLRZHEHQ*($SSOLDQFHVFRP
,QVWUXFFLRQHVGH,QVWDODFLyQ
$'9(57(1&,$
,16758&&,21(63$5$81$
,167$/$&,Ï16(*85$
/HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\
DWHQWDPHQWH
8QDLQVWDODFLyQDMXVWHDOWHUDFLyQVHUYLFLRR
PDQWHQLPLHQWRLQDGHFXDGRVSXHGHQRFDVLRQDUOHVLRQHV
RGDxRVVREUHODSURSLHGDG&RQVXOWHHVWHPDQXDO3DUD
UHFLELUDVLVWHQFLDRLQIRUPDFLyQDGLFLRQDOFRQVXOWHD
XQLQVWDODGRUFDOLILFDGRDJHQFLDGHVHUYLFLRIDEULFDQWH
FRPHUFLDQWHRSURYHHGRUGHJDV
1XQFDYXHOYDDXVDUFRQHFWRUHVIOH[LEOHVYLHMRV(OXVR
GHFRQHFWRUHVIOH[LEOHVYLHMRVSXHGHRFDVLRQDUJRWHUDV
\OHVLRQHVSHUVRQDOHV6LHPSUHXVHFRQHFWRUHVIOH[LEOHV
18(926DOLQVWDODUHOHFWURGRPpVWLFRVDJDV
/DSUXHEDGHJRWHUDVGHOHOHFWURGRPpVWLFRVHGHEHUi
UHDOL]DUGHDFXHUGRFRQODVLQVWUXFFLRQHVGHOIDEULFDQWH
,03257$17(²5HWLUHWRGRHOPDWHULDOGH
HPEDODMH\PDWHULDOHVFULWRGHOKRUQRDQWHVGHFRQHFWDU
HOJDV\HOVXPLQLVWURGHFRUULHQWHDODFRFLQD
35(&$8&,Ï11RLQWHQWHXWLOL]DUHOKRUQR
GHHVWDFRFLQDGXUDQWHXQFRUWHGHFRUULHQWHVyORHQ
PRGHORVGHHQFHQGLGRHOpFWULFR
6ROLFLWHTXHVXFRFLQDVHDLQVWDODGDSRUXQLQVWDODGRU
FDOLILFDGR
6XFRFLQDGHEHUiHVWDUFRUUHFWDPHQWHFRQHFWDGD
DWLHUUDGHDFXHUGRFRQORVFyGLJRV\RUGHQDQ]DV
ORFDOHVRHQDXVHQFLDGHFyGLJRVORFDOHVGHDFXHUGR
FRQHO&yGLJR1DFLRQDOGH(OHFWULFLGDG1DWLRQDO
(OHFWULF&RGH$16,1)3$12~OWLPDHGLFLyQ
(Q&DQDGiODFRQH[LyQDWLHUUDVHGHEHUiUHDOL]DUGH
DFXHUGRFRQOD3DUWHGHO&yGLJRGH(OHFWULFLGDGGH
&DQDGi&6$&\RORVFyGLJRVORFDOHV(QHVWD
VHFFLyQFRQVXOWHODV&RQH[LRQHV(OpFWULFDV
$QWHVGHLQVWDODUVXFRFLQDVREUHOLQyOHR\FXDOTXLHU
RWURUHYHVWLPLHQWRGHSLVRVLQWpWLFRDVHJ~UHVHGH
TXHHOUHYHVWLPLHQWRGHOSLVRUHVLVWDORV)VLQ
FRQWUDHUVHFRPEDUVHRGHVFRORUDUVH1RLQVWDOHOD
FRFLQDVREUHDOIRPEUDVDPHQRVTXHKD\DXQDKRMD
GHFRQWUDFKDSDGRGHXQJURVRUGHóµRXQDLVODQWH
VLPLODUHQWUHODFRFLQD\ODDOIRPEUD
$VHJ~UHVHGHTXHHOUHYHVWLPLHQWRGHSDUHG
DOUHGHGRUGHODFRFLQDSXHGDUHVLVWLUHOFDORUGHKDVWD
)JHQHUDGRSRUODFRFLQD
(YLWHXVDUJDELQHWHVVREUHODFRFLQD3DUDUHGXFLU
HOULHVJRRFDVLRQDGRSRUODH[WHQVLyQGHODVOODPDV
DELHUWDVGHORVTXHPDGRUHVHQIXQFLRQDPLHQWR
LQVWDOHXQDFDPSDQDGHYHQWLODFLyQVREUHODFRFLQD
TXHVHSUR\HFWHKDFLDDGHODQWHSRUORPHQRVDµGHO
IUHQWHGHORVJDELQHWHV
/DFDPSDQDGHYHQWLODFLyQGHEHUiHVWDUFRQVWUXLGD
GHXQDOiPLQDGHPHWDOGHQRPHQRVGHµGH
JURVRU,QVWDOHVREUHODSDUWHVXSHULRUGHODFRFLQD
GHMDQGRXQHVSDFLRGHQRPHQRVGHóµHQWUHOD
FDPSDQD\ODSDUWHLQIHULRUGHOJDELQHWHGHPDWHULDO
FRPEXVWLEOHRPHWDO/DFDPSDQDGHEHUiVHUSRU
ORPHQRVWDQDQFKDFRPRHOHOHFWURGRPpVWLFR\
HVWDUFHQWUDGDVREUHHOPLVPR(OGHVSHMHHQWUHOD
VXSHUILFLHGHFRFFLyQ\ODVXSHUILFLHGHODFDPSDQD
GHYHQWLODFLyQ181&$'(%(6(5,1)(5,25$µ
(;&(3&,Ï1/DLQVWDODFLyQGHXQKRUQRPLFURRQGDV
RHOHFWURGRPpVWLFRGHFRFFLyQTXHILJXUHQHQODOLVWD
VREUHODSDUWHVXSHULRUGHODFRFLQDGHEHUiFXPSOLU
FRQODVLQVWUXFFLRQHVGHLQVWDODFLyQSURYLVWDVFRQHO
HOHFWURGRPpVWLFR
6LVHXELFDQJDELQHWHVVREUHODFRFLQDGHMHXQ
HVSDFLRPtQLPRGHµHQWUHODVXSHUILFLHGHFRFFLyQ
\ODSDUWHLQIHULRUGHORVJDELQHWHVGHVSURWHJLGRV
6LQRVHSXHGHPDQWHQHUXQDGLVWDQFLDGHµHQWUH
ODVXSHUILFLHGHFRFFLyQ\HOPDWHULDOFRPEXVWLEOHHQ
ODSDUWHVXSHULRURORVJDELQHWHVGHPHWDOSURWHMDOD
SDUWHLQIHULRUGHORVJDELQHWHVVREUHODSDUWHVXSHULRU
GHODFRFLQDFRQQRPHQRVGHµGHFDUWXOLQD
FRP~QDLVODQWHFXELHUWDFRQXQDOiPLQDGHPHWDO
GHQRPHQRVGHµGHJURVRU(OGHVSHMHHQWUH
ODVXSHUILFLHGHFRFFLyQ\ORVJDELQHWHVSURWHJLGRV
181&$'(%(6(5,1)(5,25$µ
/DGLVWDQFLDYHUWLFDOGHVGHHOSODQRGHODVXSHUILFLH
GHFRFFLyQKDVWDODSDUWHLQIHULRUGHORVJDELQHWHV
DG\DFHQWHVGHODSDUWHVXSHULRUTXHVHH[WLHQGHQ
PiVFHUFDTXHµDOSODQRGHORVODGRVGHOD
FRFLQDQRGHEHUiVHULQIHULRUDODVµ&RQVXOWH
ODLOXVWUDFLyQGH'LPHQVLRQHV\(VSDFLRVHQHVWD
VHFFLyQ

35(&$8&,Ï16yORODVHULHGHPDUFD
GH&DIp$GYDQWLXPGH*(RORVKRUQRVPLFURRQGDVGH
FDOLGDGH[FHSFLRQDOHVWiQGLVHxDGRVSDUDVXLQVWDODFLyQ
VREUHHOKRUQR&DIpGH*((VSRVLEOHTXHODVVXSHUILFLHV
VREUHXQDFRFLQDDJDVVHFDOLHQWHQ/DLQVWDODFLyQGH
FXDOTXLHURWURKRUQRH[FHSFLRQDOVREUHXQKRUQR&DIpGH
*(SXHGHSURGXFLUWHPSHUDWXUDVVXSHUILFLDOHVTXHSXHGHQ
RFDVLRQDUTXHPDGXUDV

3DUDJDELQHWHVGHEDMRGHOD
SDUWHVXSHULRUGHODFRFLQD
\ODSDUWHWUDVHUDGHOD
FRFLQD$OJXQRVPRGHORVQR
TXHGDUiQQLYHODGRV
3DUD
JDELQHWHV
GHEDMRGHOD
SDUWHVXSHULRU
GHODFRFLQD
\ODSDUWH
WUDVHUDGHOD
FRFLQD
µ
µ
µ
0tQLPR
µ
(VSDFLRPtQLPR
FRQUHODFLyQDOD
SDUHGGHUHFKD
3URIXQGLGDG
PtQLPDSDUD
JDELQHWHVVREUH
PRVWUDGRUHV
([WUHPR
IURQWDOGHO
SDQHOODWHUDO
GHODFRFLQD
DGHODQWHGHO
JDELQHWH
µ
µ
µ
0tQLPRSDUD
JDELQHWHVHQ
FDGDODGRGH
ODSDUULOOD
µ

µ
3URIXQGLGDGFRQODSXHUWDFHUUDGD
LQFOX\HODPDQLMDGHODSXHUWD
/DSURIXQGLGDGYDUtDGHSHQGLHQGR
GHOPRGHOR&RQVXOWHODKRMDGH
HVSHFLILFDFLRQHVGHVXPRGHOR

µ

µ
µ

µ
3URIXQGLGDGFRQODSXHUWD
DELHUWD
µ
$OWXUD
,QVWUXFFLRQHVGH,QVWDODFLyQ
'HMHHOHVSDFLRDGHFXDGRHQWUHODFRFLQD\ODVVXSHUILFLHVFRPEXVWLEOHVDG\DFHQWHV(VWDVGLPHQVLRQHVVHGHEHUiQ
FXPSOLUSDUDXQXVRVHJXURGHVXFRFLQD/DXELFDFLyQGHOWRPDFRUULHQWHGHHOHFWULFLGDG\ODDEHUWXUDGHODWXEHUtD
FRQVXOWH8ELFDFLRQHVGHO*DV\HO7RPDFRUULHQWH(OpFWULFRVHSRGUiQDMXVWDUSDUDFXPSOLUFRQORVUHTXLVLWRVHVSHFtILFRV
/DFRFLQDVHGHEHUiXELFDUFRQXQHVSDFLRQLYHODGRGHµFRQUHODFLyQDODSDUHGWUDVHUD$OJXQRVPRGHORVQR
TXHGDUiQQLYHODGRV
',0(16,21(6<(63$&,26
µ
(VSDFLRPtQLPR
FRQUHODFLyQDOD
SDUHGL]TXLHUGD
µ
/RVPRGHORV
3*%3*%
3*%3*%\
3*%UHTXLHUHQXQ
HVSDFLRPtQLPRGH
µFRQUHODFLyQDOD
SDUHGL]TXLHUGD
µ

,QVWUXFFLRQHVGH,QVWDODFLyQ
',0(16,21(6<(63$&,260RGHORV&*6~QLFDPHQWH

øµ
3URIXQGLGDGFRQOD
SXHUWDFHUUDGDLQFOX\H
ODPDQLMDGHODSXHUWD
µ

µ
µ
3URIXQGLGDGFRQODSXHUWDDELHUWD

øµ

øµ
$OWXUDGHODSDUWHWUDVHUD
EDVDGDHQHONLWLQVWDODGRGHOD
SDUWHWUDVHUDHVWLOR&DIp
,QVWUXFFLRQHVGH,QVWDODFLyQ
8%,&$&,Ï1
1RXELTXHODFRFLQDGRQGHSXHGDKDEHUFRUULHQWHVGHDLUHIXHUWHV&XDOTXLHUDEHUWXUDHQHOSLVRRODSDUHGGHWUiV
GHODFRFLQDGHEHUiQHVWDUVHOODGDV$VHJ~UHVHGHTXHODVDEHUWXUDVDOUHGHGRUGHODEDVHGHODFRFLQDTXHEULQGDQ
DLUHIUHVFRSDUDODFRPEXVWLyQ\YHQWLODFLyQQRHVWpQREVWUXLGDVSRUDOIRPEUDVQLSLH]DVGHFDUSLQWHUtD
6XFRFLQDDOLJXDOTXHPXFKRVRWURVDUWtFXORVGHOKRJDUHVSHVDGD\VHSXHGHFRORFDUVREUHUHYHVWLPLHQWRVGH
SLVRVXDYHVWDOHVFRPRDOIRPEUDVRYLQLORDFROFKRQDGR7HQJDFXLGDGRDOPRYHUODSDULOODHQHVWHWLSRGHSLVRV6H
UHFRPLHQGDTXHVHVLJDQODVVLJXLHQWHVLQVWUXFFLRQHVVLPSOHV\HFRQyPLFDVSDUDSURWHJHUVXSLVR
/DFRFLQDVHGHEHUtDLQVWDODUVREUHXQDOiPLQDGHPDGHUDFRQWUDFKDSDGDRPDWHULDOVLPLODU&XDQGRHOUHYHVWLPLHQWR
GHOSLVRILQDOL]DIUHQWHDODFRFLQDHOiUHDGRQGHODFRFLQDVHDSR\DUiGHEHUiVHUGHFRQWUDFKDSDGRDOPLVPRQLYHOR
PiVDOWRTXHHOUHYHVWLPLHQWRGHOSLVR
(VWRSHUPLWLUiTXHODFRFLQDSXHGDVHUPRYLGDSDUDVXOLPSLH]DRUHSDUDFLRQHVWpFQLFDV$GHPiVDVHJ~UHVHGHTXHHO
UHYHVWLPLHQWRGHVXSLVRUHVLVWDORV)&RQVXOWHODVHFFLyQGH,QVWUXFFLRQHVSDUDXQD,QVWDODFLyQ6HJXUD
$VHJ~UHVHGHTXHHOUHYHVWLPLHQWRGHSDUHGDOUHGHGRUGHODFRFLQDSXHGDUHVLVWLUHOFDORUGHKDVWD)JHQHUDGR
SRUODFRFLQD&RQVXOWHODVHFFLyQGH,QVWUXFFLRQHVSDUDXQD,QVWDODFLyQ6HJXUD
£,03257$17(
5HPRYHDOOWDSHDQGSDFNDJLQJ0DNHVXUHWKHEXUQHUVDUHSURSHUO\VHDWHGDQGOHYHO
7DNHWKHDFFHVVRU\SDFNRXWRIWKHRYHQDQGRUGUDZHU
&KHFNWREHVXUHWKDWQRUDQJHSDUWVKDYHFRPHORRVHGXULQJVKLSSLQJ

&219(57,5$*$6/3
RFRQYHUWLUQXHYDPHQWHDJDVQDWXUDOGH/3
(VWDFRFLQDGHMDODFRQILJXUDFLyQGHIiEULFDSDUDXVRFRQJDVQDWXUDO6LGHVHDFRQYHUWLUDJDV/3ODFRQYHUVLyQ
GHEHUiVHUUHDOL]DGDSRUXQLQVWDODGRUGHJDV/3FDOLILFDGR
/DVLQVWUXFFLRQHVGHFRQYHUVLyQ\ORVRULILFLRV/3VHSXHGHQHQFRQWUDUDGMXQWRVDODFRFLQDMXQWRDOUHJXODGRUGHSUHVLyQ
*XDUGHHVWDVLQVWUXFFLRQHV\ORVRULILFLRVHQFDVRGHTXHORGHVHHFRQYHUWLUQXHYDPHQWHDJDVQDWXUDO
/DVLQVWUXFFLRQHVGHFRQYHFFLyQLGHQWLILFDQDGyQGHHQFRQWUDUORVNLWVHQHOPRGHOR/DVXELFDFLRQHVSRVLEOHVVHGHILQHQHQ
ODVLJXLHQWHLPDJHQ
3DUWH7UDVHUD
GHOD(VWXID
+RUQR'REOH
8ELFDFLyQGHOD&DMD
FRQ2ULILFLRV
DOJXQRVPRGHORV
7RUQLOORVGHSXOJDU
6RSRUWH²(VSLWDFRQ2ULILFLR/3
DOJXQRVPRGHORV
&DMD²(VSLWDFRQ2ULILFLR/3
DOJXQRVPRGHORV
+RUQR6LPSOH
5HWLUHORV3DQHOHVGH$FFHVR
DOJXQRVPRGHORV
,QVWUXFFLRQHVGH,QVWDODFLyQ

$VHJ~UHVHGHTXHHVWpVXPLQLVWUDQGRDVXFRFLQDHOWLSRGH
JDVSDUDHOFXDOIXHGLVHxDGD
(VWDFRFLQDHVFRQYHUWLEOHSDUDXVRFRQJDVQDWXUDOR
JDVSURSDQR6LGHFLGHXVDUHVWDFRFLQDFRQJDV/3XQ
LQVWDODGRUGH/3FDOLILFDGRGHEHUiUHDOL]DUODFRQYHUVLyQ
DQWHVGHLQWHQWDUXWLOL]DUODFRFLQDFRQGLFKRJDV
3DUDXQDLQVWDODFLyQDGHFXDGDODSUHVLyQGHOJDVQDWXUDO
VXPLQLVWUDGRDOUHJXODGRUGHEHUiVHUGHXQDFROXPQDGH
DJXDGHHQWUHµ\µ
3DUDHOJDV/3ODSUHVLyQVXPLQLVWUDGDGHEHUiVHUGHXQD
FROXPQDGHDJXDGHHQWUHµ\µ
$OFRQWURODUHOIXQFLRQDPLHQWRDGHFXDGRGHOUHJXODGRUOD
SUHVLyQGHHQWUDGDGHEHUiVHUSRUORPHQRVµPD\RUTXH
ODSUHVLyQGHIXQFLRQDPLHQWRWXERFRPRVHLQGLFDPiV
DUULED
(OUHJXODGRUGHSUHVLyQXELFDGRHQODHQWUDGDGHOWXERGH
ODFRFLQDGHEHUiSHUPDQHFHUHQODOtQHDGHVXPLQLVWURPiV
DOOiGHVLHOJDVQDWXUDOR/3HVWiVLHQGRXVDGR
8QFRQHFWRUGHPHWDOIOH[LEOHGHOHOHFWURGRPpVWLFRXVDGR
SDUDFRQHFWDUODFRFLQDDOVXPLQLVWURGHJDVGHEHUtDWHQHU
XQ,'GHòµ\SLHVGHORQJLWXGSDUDXQDLQVWDODFLyQ
PiVIiFLO(Q&DQDGiORVFRQHFWRUHVIOH[LEOHVGHEHUiQVHU
FRQHFWRUHVPHWiOLFRVGHSDUHGVLPSOHVGHQRPiVGH
SLHVGHORQJLWXG
(Q&DQDGiORVFRQHFWRUHVIOH[LEOHVGHEHUiQVHUFRQHFWRUHV
PHWiOLFRVGHSDUHGVLPSOHVGHQRPiVGHSLHVGH
ORQJLWXG
%5,1'((/680,1,6752'(*$6$'(&8$'2
6XFRFLQDIXHGLVHxDGDSDUDIXQFLRQDUHQXQDSUHVLyQGHFROXPQDGHDJXDGHµFRQJDVQDWXUDORVLVHGHVHDXVDUFRQ
JDV/3SURSDQR\EXWDQRXQDFROXPQDGHDJXDGHµ
/HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDPHQWH
øµ
µ
µ
µ
µ
5HTXLVLWRVGHO6XPLQLVWURGH*DV
8ELFDFLRQHV5HFRPHQGDGDVSDUDOD6DOLGDGHOD7XEHUtDGH*DV
ÈUHDUHFRPHQGDGDSDUD
FRQH[LyQDWUDYpVGHOD
SDUHGGHOWXERGHHVFDSH
YiOYXODGHVHJXULGDG
ÈUHDUHFRPHQGDGDSDUDFRQH[LyQ
DWUDYpVGHOSLVRGHOWXERGH
HVFDSH\ODYiOYXODGHVHJXULGDG
µ
(VWDiUHDSHUPLWHXQD
LQVWDODFLyQUDVDQWHSRUOD
SDUHGWUDVHUD
127$+DJDFRQH[LRQHVGHJDV
GHOODGRL]TXLHUGRGHODDEHUWXUD
GHOGLV\XQWRU
35(&$8&,Ï13DUD
HYLWDUTXHXQDFRUULHQWHGHDLUH
DIHFWHHOIXQFLRQDPLHQWRGHO
TXHPDGRUVHOOHWRGDVODVDEHUWXUD
HQODSDUHG\HOSLVR

,QVWUXFFLRQHVGH,QVWDODFLyQ
5HTXLVLWRVGH6XPLQLVWURGH&RUULHQWH(OpFWULFD
8ELFDFLRQHVGH6DOLGD(OpFWULFD5HFRPHQGDGD
%ULQGHHO6XPLQLVWURGH&RUULHQWH(OpFWULFD$GHFXDGR
(VWDVFRFLQDVVHGHEHQVXPLQLVWUDUFRQYROWLRV
+]\VHGHEHQFRQHFWDUDXQFLUFXLWRLQGLYLGXDO
FRUUHFWDPHQWHFRQHFWDGRDWLHUUDSRUXQGLV\XQWRUR
IXVLEOHGHUHWUDVRGHWLHPSRDPS(OUHFHSWiFXOR
GHEHVHU1(0$25SDUDDFHSWDUHOFDEOHGHSDWDV
VXPLQLVWUDGRFRQODFRFLQD
6LHOVHUYLFLRHOpFWULFRSURYLVWRQRFXPSOHFRQODV
HVSHFLILFDFLRQHVDQWHULRUHVVHUHFRPLHQGDTXHXQ
HOHFWULFLVWDPDWULFXODGRLQVWDOHXQWRPDFRUULHQWHDSUREDGR
8ELTXHHOVXPLQLVWURHOpFWULFRFRPRVHLOXVWUD
127$1RVHUHFRPLHQGDSDUDHVWHSURGXFWRHOXVRGH
LQWHUUXSWRUHVDXWRPiWLFRVLQDOiPEULFRVRFRQFDEOHDGR
H[WHUQRTXHDSDJDQODFRUULHQWHGHOHOHFWURGRPpVWLFR
øµ
µ
µ
µ
µ
(OSURGXFWRVHHQYtDFRQXQ
FDEOHGHSDWDV/DVDOLGD
UHFRPHQGDGDHVXQUHFHSWiFXOR
1(0$25
øµ
0RQWDGRHQ3DUHG
127$+DJDFRQH[LRQHVHOpFWULFDV
GHOODGRGHUHFKRGHODDEHUWXUDGHO
GLV\XQWRU
ÈUHDUHFRPHQGDGDSDUDXQD
VDOLGDHOpFWULFDDFHSWDEOH2ULHQWH
HOUHFHSWiFXORHOpFWULFRGHPRGR
TXHODORQJLWXGVHDSDUDOHODDO
VXHOR
,QVWUXFFLRQHVGH,QVWDODFLyQ
5HJXODGRU
GHSUHVLyQ
&RGRGH

%RTXLOOD
URVFDGD
8QLyQ
&RGRGH
7XEHUtDGH
KLHUURQHJUR
8QLyQ
%RTXLOOD
URVFDGD
,QVWDODGRU,QIRUPHDOFRQVXPLGRU
VREUHODXELFDFLyQGHODYiOYXODGH
FLHUUHGHJDV
)OXMRGHO*DVHQOD&RFLQD
9iOYXODGH
FLHUUHGHJDV
7XEHUtDGHJDV
GHòµRôµ

&21(;,Ï1'(/&21(&725)/(;,%/(
23&,21(6'(&21(;,Ï1'(78%(5Ë$5Ë*,'$
'HELGRDTXHODVWXEHUtDVGXUDVUHVWULQJHQHOPRYLPLHQWR
GHODFRFLQDVHUHFRPLHQGDHOXVRGHOFRQHFWRUSDUD
HOHFWURGRPpVWLFRVGHPHWDOIOH[LEOHFRQFHUWLILFDFLyQ
LQWHUQDFLRQDOGH&6$DPHQRVTXHORVFyGLJRVORFDOHV
UHTXLHUDQXQDFRQH[LyQGHWXEHUtDGXUD
1XQFDXVHXQFRQHFWRUYLHMRDOLQVWDODUXQDFRFLQDQXHYD
6LVHXVDHOPpWRGRGHWXEHUtDGXUDGHEHUiDOLQHDUOD
PLVPDFRQFXLGDGRODFRFLQDQRVHSRGUiPRYHUXQDYH]
UHDOL]DGDODFRQH[LyQ
3DUDHYLWDUSpUGLGDVGHJDVFRORTXHHOFRPSXHVWRGHOD
MXQWDGHJDVRHQYXHOYDODFLQWDSDUDURVFDVGHWXEHUtDV
FRQ7HIOyQDOUHGHGRUGHWRGDVODVURVFDVGHWXEHUtD
PDFKRH[WHUQDV
,QVWDOHXQDYiOYXODGHFLHUUHPDQXDOGHODOtQHD
GHJDVHQODOtQHDGHJDVHQXQDXELFDFLyQGHIiFLO
DFFHVRIXHUDGHODFRFLQD$VHJ~UHVHGHTXHWRGDV
ODVSHUVRQDVTXHXVHQODFRFLQDVHSDQGyQGH\FyPR
FHUUDUHOVXPLQLVWURGHJDVGHODFRFLQD
,QVWDOHHODGDSWDGRUGHODXQLyQFyQLFDPDFKRGHòµ
DODURVFDLQWHUQDGHµGH137HQODHQWUDGDGHO
UHJXODGRU8VHODOODYHGHUHSXHVWRHQHODFFHVRULR
UHJXODGRUSDUDHYLWDUGDxRV
$OLQVWDODUODFRFLQDGHVGHHOIUHQWHUHWLUHHOFRGRGH
SDUDXQDLQVWDODFLyQPiVIiFLO
,QVWDOHXQDGDSWDGRUSDUDXQLyQFyQLFDGHòµRôµD
ODURVFDLQWHUQDGH137GHODYiOYXODGHFLHUUHPDQXDO
SURFXUDQGRHYLWDUTXHODYiOYXODGHFLHUUHQRJLUH
&RQHFWHHOFRQHFWRUGHPHWDOIOH[LEOHGHO
HOHFWURGRPpVWLFRDODGDSWDGRUGHODFRFLQD3RVLFLRQH
ODFRFLQDSDUDSHUPLWLUODFRQH[LyQHQODYiOYXODGH
FLHUUH
&XDQGRWRGDVODVFRQH[LRQHVVHKD\DQUHDOL]DGR
DVHJ~UHVHGHTXHWRGRVORVFRQWUROHVGHODFRFLQD
HVWpQHQODSRVLFLyQGHDSDJDGR\HQFLHQGDODYiOYXOD
GHVXPLQLVWURSULQFLSDOGHJDV8VHXQGHWHFWRUGH
SpUGLGDGHOtTXLGRHQWRGDVODVXQLRQHV\FRQH[LRQHV
SDUDFRQWURODUSpUGLGDVHQHOVLVWHPD
$'9(57(1&,$5LHVJRGH
LQFHQGLR1RXVHXQDOODPDSDUDFRQWURODUODV
SpUGLGDVGHJDV
$OXVDUSUHVLyQGHSUXHEDVXSHULRUDòSVLJSDUD
FRQWURODUODSUHVLyQGHOVLVWHPDGHVXPLQLVWURGHJDVGH
ODUHVLGHQFLDGHVFRQHFWHODFRFLQD\ODYiOYXODGHFLHUUH
LQGLYLGXDOGHODWXEHUtDGHVXPLQLVWURGHJDV$OXVDUODV
SUHVLRQHVGHSUXHEDGHòSVLJRPHQRVSDUDFRQWURODUHO
VLVWHPDGHVXPLQLVWURGHJDVVLPSOHPHQWHDtVOHODFRFLQD
GHOVLVWHPDGHVXPLQLVWURGHJDVFHUUDQGRODYiOYXODGH
FLHUUHLQGLYLGXDO
7HIOyQ0DUFDUHJLVWUDGDSRU'X3RQW
/HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDPHQWH
&RQHFWHOD&RFLQDDO6XPLQLVWURGH*DV
&LHUUHODYiOYXODSULQFLSDOGHVXPLQLVWURGHJDVDQWHVGHGHVFRQHFWDUVXYLHMDFRFLQD\GHMHODPLVPDDSDJDGDKDVWDTXHODQXHYD
FRQH[LyQVHKD\DFRPSOHWDGR1RROYLGHYROYHUDHQFHQGHUHOSLORWRHQRWURVHOHFWURGRPpVWLFRVDJDVFXDQGRYXHOYDDHQFHQGHUHOJDV
5HJXODGRU
GHSUHVLyQ
)OXMRGHO*DVHQOD&RFLQD
&RQHFWRU
IOH[LEOH
SLHVPi[
$GDSWDGRU
,QVWDODGRU,QIRUPH
DOFRQVXPLGRUVREUH
ODXELFDFLyQGHOD
YiOYXODGHFLHUUHGH
JDV
7XEHUtDGH
JDVGHòµ
Rôµ
$GDSWDGRU
9iOYXODGH
FLHUUHGH
JDV
9iOYXODGH
FLHUUHGH
JDV
7XEHUtDGHJDV
GHòµRôµ
5HJXODGRU
GHSUHVLyQ
%RTXLOOD
URVFDGD
&RGRGH
&RGRGH
$GDSWDGRU
&RGRGH
8QLyQR
FRQH[LyQ
UiSLGD
%RTXLOODURVFDGD
%RTXLOODURVFDGD
&RGRGH
&RQH[LyQ$OWHUQD
,QVWDODGRU,QIRUPH
DOFRQVXPLGRU
VREUHODXELFDFLyQ
GHODYiOYXODGH
FLHUUHGHJDV
)OXMRGHO*DVHQOD&RFLQD
$GDSWDGRU
5HWLUHHOFXEUHFDEOHVHQODSDUWHWUDVHUDGHOD
FRFLQDUHWLUDQGRGRVWRUQLOORVFRQXQDOODYHGHóµ
1RGHVFDUWHHVWRVWRUQLOORV
5HWLUHORVWRUQLOORVWHUPLQDOHVGHOFDEOHGHFRUULHQWH
LQIHULRUGHOEORTXHWHUPLQDO\HOWRUQLOORGHFRQH[LyQD
WLHUUD\ODSODFD
&RORTXHORVWRUQLOORVWHUPLQDOHV\HOWRUQLOORGH
FRQH[LyQDWLHUUDHQXQDXELFDFLyQVHJXUDSDUDXVR
SRVWHULRU
$IORMHORVWRUQLOORVGHODPRUWLJXDGRUFRQUHIXHU]R\
UHWLUHHOFDEOHGHFRUULHQWH
127$(OFDEOHGHFRUULHQWHVHGHEHUiUHHPSOD]DU
SRUXQFDEOHRWXERSDUDFRFLQDGHFRQGXFWRUHVR
FRQGXFWRUHVTXHILJXUHHQODOLVWDGH8//RVFDEOHV
SRGUiQVHUSURYLVWRVFRQWHUPLQDOHVDQLOODGDVHQHOFDEOH
\XQGLVSRVLWLYRGHDPRUWLJXDGRUHVGHUHIXHU]R
&RQVXOWHODVVHFFLRQHVGHOFDEOHGHFRUULHQWHGH
FDEOHVRSFLyQ$WXERGHFDEOHVRSFLyQ%R
FRQGXFWRGHFDEOHVRSFLyQ&VHJ~QVHD
DSURSLDGRSDUDVXDSOLFDFLyQ
&RQHFWHOD&RFLQDDO6XPLQLVWURGH(OHFWULFLGDG
8VRGHXQ5HFHSWiFXOR1(0$5([LVWHQWH
(QFKXIHHOFDEOHGHFRUULHQWHGHODFRFLQDHQXQ
UHFHSWiFXORGHSDUHGFRUUHFWDPHQWHFRQHFWDGRDWLHUUD
6NLSWR6WHSLIWKHUDQJHSRZHUFRUGPDWFKHVWKHZDOO
UHFHSWDFOH
127$&RQVXFRFLQDVHHQYLyXQFDEOHGHSDWDVSDUDVHU
XVDGRHQXQUHFHSWiFXOR1(0$56LGHFLGHFDPELDUVX
HQFKXIHXVHVyORXQFDEOHGHFRUULHQWHGHSDWDVXQWXER
GHFDEOHVRXQWXERGHFDEOHV3DUDVXDSOLFDFLyQVLJD
ODVLQVWUXFFLRQHVDGHFXDGDVDFRQWLQXDFLyQHQHO3DVR
'HVGHHOGHHQHURGHHO&yGLJR1DFLRQDOGH
(OHFWULFLGDGUHTXLHUHTXHODVFRQVWUXFFLRQHVQXHYDVQR
H[LVWHQWHVD~QXWLOLFHQXQDFRQH[LyQGHFDEOHVSDUDXQD
FRFLQDHOpFWULFD
6HUHTXLHUHHOXVRGHXQFDEOHSDUDODFRFLQDGH
DPSHUHVFRQXQUDQJRPtQLPRGHYROWLRV1RVH
UHFRPLHQGDHOXVRGHXQFDEOHGHDPSHUHVSDUDOD
FRFLQDSHURVLVHXVDVHGHEHUiLQGLFDUTXHHVSDUDXVR
FRQDEHUWXUDVGHFRQH[LyQGHXQGLiPHWURQRPLQDOGH
µ6HGHEHUiFHQWUDUHOFDEOH\HODPRUWLJXDGRUFRQ
UHIXHU]RVFRQHODJXMHURFLHJRSDUDHYLWDUTXHHOH[WUHPR
GDxHHOFDEOH
127$6HGHEHUiXVDUXQFDEOHFRQFRQGXFWRUHVFXDQGR
HOHOHFWURGRPpVWLFRVHDLQVWDODGRHQXQDFDVDURGDQWHR
FXDQGRORVFyGLJRVORFDOHVQRSHUPLWDQODFRQH[LyQDWLHUUD
DWUDYpVGHOQHXWUR
6DOWHHHO3DVRVLHOFDEOHGHFRUULHQWHHQWUHJDGRFRQODFRFLQDQRFRLQFLGHFRQVXUHFHSWiFXORGHSDUHG
&XEUH
FDEOHV
WRUQLOORVSDUD
HOLPLQDUHO
FXEUHFDEOHV
/HQJHWDGH
UHWHQFLyQ
3DUWHWUDVHUD
GHODFRFLQD
5HHPSODFHHO&DEOHGH&RUULHQWH2SFLRQDO
%ORTXH
WHUPLQDO
7HUPLQDO
QHXWUDO
3ODFDGHFRQH[LyQ
FRQH[LyQDWLHUUD
GHODFRFLQD
*URXQG
VFUHZ
5HDOLFHHVWHSDVRVyORVLHOFDEOHGHFRUULHQWHHQWUHJDGRFRQODFRFLQDQRFRLQFLGHFRQVXUHFHSWiFXORGHSDUHG
,QVWUXFFLRQHVGH,QVWDODFLyQ

$'9(57(1&,$(OFDEOHQHXWUDORGH
FRQH[LyQDWLHUUDGHOFDEOHGHFRUULHQWHGHEHUiVHU
FRQHFWDGRDODWHUPLQDOQHXWUDOXELFDGDHQHOFHQWURGHO
EORTXHWHUPLQDO/RVFDEOHVGHFRUULHQWHGHEHUiQVHU
FRQHFWDGRVDODVWHUPLQDOHVLQIHULRUL]TXLHUGDHLQIHULRU
GHUHFKDGHOEORTXHWHUPLQDO
8ELTXHODFLQWDGHFRQH[LyQDWLHUUDGHFREUHHQODSDUWH
WUDVHUDGHODFRFLQD
$IORMHHOWRUQLOORFHQWUDOVXSHULRUHQHOEORTXHWHUPLQDO
'HVOLFHHOH[WUHPHFRQODUDQXUDDELHUWDGHODFLQWDGH
FRQH[LyQDWLHUUDGHEDMRGHOWRUQLOORFHQWUDOVXSHULRUHQHO
EORTXHWHUPLQDO$VHJ~UHVHGHTXHODFLQWDGHFRQH[LyQD
WLHUUDHVWpWRWDOPHQWHFRQWUDHOWRUQLOORFHQWUDOVXSHULRU\
UHDOLFHHODMXVWHHQVXOXJDU
&RORTXHODSODFDFRQFRQH[LyQDWLHUUDUHWLUDGD
SUHYLDPHQWHVREUHODSDUWHLQIHULRUGHODWLHUUDFRQ
FRQH[LyQDWLHUUDSUHVLRQHODPLVPDFRQWUDHOPDUFRGHOD
FRFLQD\DM~VWHODFRQHOWRUQLOORGHFRQH[LyQDWLHUUD
UHWLUDGRSUHYLDPHQWH
,QVHUWHHOQXHYRFDEOHGHFRUULHQWHDWUDYpVGHO
DPRUWLJXDGRUGHUHIXHU]R3HUPLWHTXHTXHGHOR
VXILFLHQWHPHQWHIORMRFRPRSDUDDMXVWDUORVFDEOHVDO
EORTXHWHUPLQDOFRQIDFLOLGDG
,QVHUWHORVWRUQLOORVWHUPLQDOHVUHWLUDGRVSUHYLDPHQWHD
WUDYpVGHFDGDDQLOORWHUPLQDOGHOFDEOHGHFRUULHQWH\HQ
ODVWHUPLQDOHVLQIHULRUHVGHOEORTXHWHUPLQDO$VHJ~UHVHGH
TXHHOFDEOHFHQWUDOEODQFRQHXWURHVWpFRQHFWDGRDOD
SRVLFLyQLQIHULRUFHQWUDOGHOEORTXHWHUPLQDO$MXVWHORV
WRUQLOORVGHIRUPDVHJXUDDSUR[LPDGDPHQWHSXOJDGDV
OEVHQHOEORTXHWHUPLQDO
$VHJXUHHODPRUWLJXDGRUGHUHIXHU]RHQHOVRSRUWH
DMXVWDQGRVXVWRUQLOORVFRUUHVSRQGLHQWHV
/HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDPHQWH
&LQWDGHFRQH[LyQD
WLHUUD
%ORTXHWHUPLQDO
HODVSHFWR
SXHGHYDULDU
1HXWUDO
WHUPLQDO
&DEOHGH
FRUULHQWH
3ODFDGH
FRQH[LyQD
WLHUUD
5HHPSODFHHO&DEOHGH&RUULHQWH2SFLRQDO&RQWLQ~D
5HDOLFHHVWHSDVRVyORVLHOFDEOHGHFRUULHQWHHQWUHJDGRFRQODFRFLQDQRFRLQFLGHFRQVXUHFHSWiFXORGHSDUHG
2SFLyQGH,QVWDODFLyQGHO&DEOHGH&RUULHQWHGH&DEOHV
&LQWDGHFRQH[LyQ
DWLHUUD
([WUHPRFRQ
UDQXUDDELHUWD
,QVWUXFFLRQHVGH,QVWDODFLyQ

8ELTXHODFLQWDGHFRQH[LyQDWLHUUDGHFREUHHQODSDUWH
WUDVHUDGHODFRFLQD
$IORMHHOWRUQLOORFHQWUDOVXSHULRUHQHOEORTXHWHUPLQDO
'HVOLFHHOH[WUHPHFRQODUDQXUDDELHUWDGHODFLQWDGH
FRQH[LyQDWLHUUDGHEDMRGHOWRUQLOORFHQWUDOVXSHULRUHQHO
EORTXHWHUPLQDO$VHJ~UHVHGHTXHODFLQWDGHFRQH[LyQ
DWLHUUDHVWpWRWDOPHQWHFRQWUDHOWRUQLOORFHQWUDOVXSHULRU
\UHDOLFHHODMXVWHHQVXOXJDU
&RORTXHODSODFDFRQFRQH[LyQDWLHUUDUHWLUDGD
SUHYLDPHQWHVREUHODSDUWHLQIHULRUGHODWLHUUDFRQ
FRQH[LyQDWLHUUDSUHVLRQHODPLVPDFRQWUDHOPDUFRGH
ODFRFLQD\DM~VWHODFRQHOWRUQLOORGHFRQH[LyQDWLHUUD
UHWLUDGRSUHYLDPHQWH
5HWLUHODDEUD]DGHUDGHODPRUWLJXDGRUGHUHIXHU]RGHO
VRSRUWH
(QVDPEOHHOFRQHFWRUGHSUHVLyQREWHQLGRORFDOPHQWH
KDFLHQGDFRLQFLGLUHOGLiPHWURGHVXFRQGXFWRHQHO
DJXMHURGHOVRSRUWH,QVHUWHHOWXERDWUDYpVGHOFRQHFWRU
GHSUHVLyQ$OORZHQRXJKVODFNWRHDVLO\DWWDFKWKHZLUHV
WRWKHWHUPLQDOEORFN
127$1RLQVWDOHHOWXERVLQXQFRQHFWRUGHSUHVLyQ
,QVHUWHODSXQWDGHOFDEOHFHQWUDOGHVFXELHUWREODQFR
QHXWUDODWUDYpVGHODDEHUWXUDGHOEORTXHWHUPLQDOGHOD
SDUWHFHQWUDOLQIHULRU(QFLHUWRPRGHORVHOFDEOHGHEHUi
VHULQVHUWDGRDWUDYpVGHODDEHUWXUDGHODFLQWDGH
FRQH[LyQDWLHUUD\OXHJRHQODDEHUWXUDGHOEORTXH
FHQWUDOLQIHULRU,QVHUWHODVGRVSXQWDVGHORVFDEOHV
GHVFXELHUWRVODWHUDOHVHQODVDEHUWXUDVGHOEORTXH
WHUPLQDOLQIHULRUL]TXLHUGDHLQIHULRUGHUHFKD$MXVWHORV
WRUQLOORVKDVWDTXHHOFDEOHHVWpILUPHDSUR[LPDGDPHQWH
SXOJDGDVOEV
127$$VHJ~UHVHGHTXHHOFDEOHHVWpFRPSOHWDPHQWH
LQVHUWDGRHQHOEORTXHWHUPLQDO\TXHVHUHDOLFHXQD
FRQH[LyQVHJXUD
$VHJXUHHODPRUWLJXDGRUGHUHIXHU]RHQHOVRSRUWH
DMXVWDQGRVXVWRUQLOORVFRUUHVSRQGLHQWHV
127$&$%/($'2'($/80,1,26HSRGUiXVDUXQ
FDEOHGHDOXPLQLRSDUDFRQVWUXFFLyQSHURVHGHEHUi
FDOLILFDUHODPSHUDMH\YROWDMHFRUUHFWRSDUDKDFHUOD
FRQH[LyQ
5HHPSODFHHO&DEOHGH&RUULHQWH2SFLRQDO&RQWLQ~D
2SFLyQGH,QVWDODFLyQGHO7XERGH&DEOHV
5HDOLFHHVWHSDVRVyORVLHOFDEOHGHFRUULHQWHHQWUHJDGRFRQODFRFLQDQRFRLQFLGHFRQVXUHFHSWiFXORGHSDUHG
7XER
&RQHFWRU
GHSUHVLyQ
6RSRUWH
&LQWDGHFRQH[LyQDWLHUUD
([WUHPRFRQ
UDQXUDDELHUWD
(OFDEOHXVDGRODXELFDFLyQ\FLHUUHGHHPSDOPHV
HWFGHEHUiFXPSOLUFRQODVSUiFWLFDVFRUUHFWDVGH
LQVWDODFLyQGHFDEOHV\FRQORVFyGLJRVORFDOHV
:LUHWLSV
7HUPLQDO
EORFN
7XER
6RSRUWH
,QVWUXFFLRQHVGH,QVWDODFLyQ

:LUH&RQGXLW,QVWDOODWLRQ2SWLRQ
5HHPSODFHHO&DEOHGH&RUULHQWH2SFLRQDO&RQWLQ~D
5HDOLFHHVWHSDVRVyORVLHOFDEOHGHFRUULHQWHHQWUHJDGRFRQODFRFLQDQRFRLQFLGHFRQVXUHFHSWiFXORGHSDUHG
5HHPSODFHHOFXEUHFDEOHVHQODSDUWHWUDVHUDGHODFRFLQD
GHVOL]DQGRVXH[WUHPRGHUHFKRGHEDMRGHODOHQJHWD
GHUHWHQFLyQ\UHHPSOD]DQGRORVGRVWRUQLOORVUHWLUDGRV
SUHYLDPHQWH$VHJ~UHVHGHTXHQRKD\DWRUFHGXUDVGHFDEOHV
HQWUHODWDSD\ODSDUWHWUDVHUDGHODFRFLQD
5HWLUHODDEUD]DGHUDGHODPRUWLJXDGRUGHUHIXHU]RGHOVRSRUWH
(QVDPEOHHOFRQHFWRUGHSUHVLyQREWHQLGRORFDOPHQWHKDFLHQGD
FRLQFLGLUHOGLiPHWURGHVXFRQGXFWRHQHODJXMHURGHOVRSRUWH
,QVHUWHHOWXERDWUDYpVGHOFRQHFWRUGHSUHVLyQ3HUPLWHTXHTXHGH
ORVXILFLHQWHPHQWHIORMRFRPRSDUDDMXVWDUORVFDEOHVDOEORTXH
WHUPLQDOFRQIDFLOLGDG
127$1RLQVWDOHHOWXERVLQXQFRQHFWRUGHSUHVLyQ
,QVHUWHHOFDEOHGHVFXELHUWRGHFRQH[LyQDWLHUUDHQWUHHOPDUFRGHOD
FRFLQD\ODSODFDGHFRQH[LyQDWLHUUDUHWLUDGDSUHYLDPHQWH\
DVHJ~UHVHHOPLVPRFRQHOWRUQLOORGHFRQH[LyQDWLHUUDUHWLUDGR
SUHYLDPHQWH,QVHUWHODSXQWDGHOFDEOHGHVFXELHUWREODQFRQHXWUDO
DWUDYpVGHODSDUWHFHQWUDOLQIHULRUGHODDEHUWXUDGHOEORTXH
WHUPLQDO,QVHUWHODVGRVSXQWDVGHORVFDEOHVGHVFXELHUWRV
ODWHUDOHVHQODVDEHUWXUDVGHOEORTXHWHUPLQDOLQIHULRUL]TXLHUGDH
LQIHULRUGHUHFKD$MXVWHORVWRUQLOORVKDVWDTXHHOFDEOHHVWpILUPH
DSUR[LPDGDPHQWHSXOJDGDVOEV
127$$VHJ~UHVHGHTXHHOFDEOHHVWpFRPSOHWDPHQWHLQVHUWDGR
HQHOEORTXHWHUPLQDO\TXHVHUHDOLFHXQDFRQH[LyQVHJXUD
$VHJXUHHODPRUWLJXDGRUGHUHIXHU]RHQHOVRSRUWHDMXVWDQGR
VXVWRUQLOORVFRUUHVSRQGLHQWHV
127$&$%/($'2'($/80,1,26HSRGUiXVDUXQFDEOH
GHDOXPLQLRSDUDFRQVWUXFFLyQSHURVHGHEHUiFDOLILFDUHO
DPSHUDMH\YROWDMHFRUUHFWRSDUDKDFHUODFRQH[LyQ
(OFDEOHXVDGRODXELFDFLyQ\FLHUUHGHHPSDOPHVHWFGHEHUi
FXPSOLUFRQODVSUiFWLFDVFRUUHFWDVGHLQVWDODFLyQGHFDEOHV\
FRQORVFyGLJRVORFDOHV
/HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDPHQWH
&XEUH
FDEOHV
WRUQLOORVSDUD
UHHPSOD]DUHO
FXEUHFDEOHV
/HQJHWDGH
UHWHQFLyQ
3DUWHWUDVHUD
GHODFRFLQD
5HHPSODFHFRQHO&XEUH&DEOHV
7XER
&RQHFWRUGH
SUHVLyQ
6RSRUWH
%ORTXH
WHUPLQDO
3ODFDGH
&RQH[LyQ
D7LHUUD
FRQH[LyQ
DWLHUUDGH
ODFRFLQD
6RSRUWH
3XQWDVGH
FDEOHV
7RUQLOORGH
FRQH[LyQD
WLHUUD
,QVWUXFFLRQHVGH,QVWDODFLyQ


,QVWUXFFLRQHVGH,QVWDODFLyQ
6(//$'2'($%(5785$6
6HOOHFXDOTXLHUDEHUWXUDHQODSDUHGGHWUiVGHODFRFLQD\HQ
HOSLVRGHEDMRGHODFRFLQDFXDQGRODVFRQH[LRQHVVHKD\DQ
FRPSOHWDGR
&DEH]DVGHOTXHPDGRUHQDOJXQRVPRGHORV
&RORTXHODVFDEH]DVGHORVTXHPDGRUHVVREUHORVHOHFWURGRV
HQODSDUWHVXSHULRUGHODFRFLQDHQODVXELFDFLRQHV
FRUUHFWDVGHDFXHUGRFRQVXWDPDxR
+D\XQDFDEH]DGH
TXHPDGRUSHTXHxDXQDPHGLDQDXQDJUDQGH\XQDH[WUD
JUDQGH

(QVDPEOHGHOD&DEH]D7DSDGHO4XHPDGRU2YDODGR
&HQWUR
&RORTXHHOHQVDPEOHGHODFDEH]DWDSDRYDODGDFHQWUR
VREUHHOHOHFWURGRHQODSDUWHVXSHULRUGHODFRFLQD
7DSDV
&RORTXHODVWDSDVGHWDPDxRFRLQFLGHQWHHQODVEDVHVR
FDEH]DVGHORVTXHPDGRUHV
$VHJ~UHVHGHTXHODVFDEH]DVHQDOJXQRVPRGHORV\ODV
WDSDVVHDQUHHPSOD]DGDVHQODVXELFDFLRQHVFRUUHFWDV
3DUULOODV
3DUULOODV6LPSOHV
/DVSDUULOODVVLPSOHVVyORVHSXHGHQFRORFDUGHXQD
PDQHUD/RVWRSHVGHXELFDFLyQVHGHEHQHQIUHQWDUXQR
FRQRWUR
3DUULOODV'REOHV
&RORTXHODVSDUULOODVL]TXLHUGDGHUHFKD\FHQWUDOHQ
ODSDUWHVXSHULRUGHODFRFLQD(VWDVSDUULOODVSRVHHQ
SRVLFLRQHVHVSHFtILFDV/RVODGRVLQIHULRUHVGHODVSDUULOODV
L]TXLHUGD\GHUHFKDHVWiQPDUFDGDV´/()7)5217µ)UHQWH
,]TXLHUGR\´5,*+7)5217µ)UHQWH'HUHFKR(QDOJXQRV
PRGHORVODSDUWHLQIHULRUGHODVSDUULOODVSRVHHQODPDUFD
´2XWVLGHµ$IXHUD&RORTXHODSDUULOODLQWHUPHGLDFRQIUHQWH
HQFRUYDGRKDFLDHOIUHQWHGHODSDUULOOD
35(&$8&,Ï1
1RXVHHOTXHPDGRUVLQ
TXHWRGDVODVSDUWHVGHORVTXHPDGRUHVHVWpQHQ
VXVUHVSHFWLYRVOXJDUHV
5DQXUD
(OHFWURGR
R
$VHJ~UHVHGHTXHODUDQXUDGH
ODFDEH]DGHOTXHPDGRUHVWp
SRVLFLRQDGDVREUHHOHOHFWURGR
4XHPDGRUIURQWDOGHUHFKR
HQDOJXQRVPRGHORV
$JXMHUR
(OHFWURGR
(OHFWURGR
5DQXUD
)UHQWHGHODFRFLQD
&DEH]DRYDODGD\
HQVDPEOHGHODWDSD
$VHJ~UHVHGHTXHODUDQXUDGH
ODFDEH]DGHOTXHPDGRUHVWp
SRVLFLRQDGDVREUHHOHOHFWURGR
)UHQWHGHODFRFLQD
7DSDGHWUHVDQLOORV
HQDOJXQRVPRGHORV
HQDOJXQRVPRGHORV
(16$0%/(/2648(0$'25(6683(5),&,$/(6
)UHQWH,]TXLHUGR
)UHQWH'HUHFKR
&HQWUR
2YDODGR
&DEH]DGHWULSOHOODPD
HQDOJXQRVPRGHORV
HQDOJXQRVPRGHORV
7RSHVGH8ELFDFLyQ
,QVWUXFFLRQHVGH,QVWDODFLyQ

&21752/((/(1&(1','2'(/2648(0$'25(6683(5),&,$/(6
(OIXQFLRQDPLHQWRGHWRGRVORVTXHPDGRUHVGHOKRUQR\
SDUWHVXSHULRUGHODFRFLQDVHGHEHQFRQWURODUXQDYH]
TXHODFRFLQD\ODVOtQHDVGHVXPLQLVWURGHJDVKD\DQ
VLGRFXLGDGRVDPHQWHFRQWURODGDVSDUDYHULILFDUTXHQR
KD\DSpUGLGDV
0RGHORVFRQ(QFHQGLGR(OpFWULFR
6HOHFFLRQHODSHULOODGHXQTXHPDGRUVXSHULRU\
GHIRUPDVLPXOWiQHDHPSXMHHOPLVPR\JLUHDOD
SRVLFLyQ/,7((VFXFKDUiXQVRQLGRGHFOLFTXHLQGLFD
HOIXQFLRQDPLHQWRDGHFXDGRGHOPyGXORGHFKLVSHR
8QDYH]TXHHODLUHVHKD\DSXUJDGRGHODVOtQHDVGH
VXPLQLVWURORVTXHPDGRUHVVHGHEHUiQHQFHQGHUGHQWUR
GHORVVHJXQGRV/XHJRGHTXHORVTXHPDGRUHVVH
LOXPLQHQJLUHODSHULOODIXHUDGHODSRVLFLyQ/,7(3UXHEH
FDGDTXHPDGRUGHIRUPDVXFHVLYDKDVWDTXHWRGRVORV
TXHPDGRUHVKD\DQVLGRFRQWURODGRV
/HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\
DWHQWDPHQWH
&DOLGDGGHODV/ODPDV
/DFDOLGDGGHFRPEXVWLyQGHODVOODPDVGHOTXHPDGRUVH
GHEHUiGHWHUPLQDUYLVXDOPHQWH
6LODVOODPDVGHOTXHPDGRUVHYHQFRPRHQ$OODPH
DOVHUYLFLRWpFQLFR(ODVSHFWRGHODOODPDQRUPDOVHYH
FRPRHQ%R&GHSHQGLHQGRGHOWLSRGHJDVTXHXVH
&RQJDV/3HVQRUPDOTXHKD\DDOJXQDVSXQWDV
DPDULOODVHQORVFRQRVH[WHUQRV
$/ODPDV
DPDULOODV³/ODPH
DOVHUYLFLRWpFQLFR
%3XQWDVDPDULOODV
HQFRQRVH[WHUQRV³
1RUPDOSDUDHOJDV/3
&/ODPDVD]XO
VXDYH³1RUPDO
SDUDJDVQDWXUDO
1,9(/$&,Ï1'(/$&2&,1$
,QVWDOHHVWDQWHSDUDKRUQRHQHOKRUQR\SRVLFLRQHVOD
FRFLQDHQHOOXJDUGRQGHVHUiLQVWDODGD
&RQWUROHODQLYHODFLyQ
XELFDQGRXQQLYHOGHEXUEXMDRXQDWD]DSDUFLDOPHQWH
OOHQDGHDJXDHQXQRGHORVHVWDQWHVGHOKRUQR6LXVDUi
XQQLYHOGHEXUEXMDKDJDGRVOHFWXUDVFRQHOQLYHO
XELFDGRGHIRUPDGLDJRQDOSULPHURHQXQDGLUHFFLyQ\
OXHJRHQODRWUD
5HWLUHHOFDMyQ&RQVXOWHODVHFFLyQGH&XLGDGR\OLPSLH]D
GHODFRFLQD/DVSDWDVQLYHODGRUDVIURQWDOHVVHSRGUiQ
DMXVWDUGHVGHODSDUWHLQIHULRU\ODVSDWDVWUDVHUDVVH
SRGUiQDMXVWDUGHVGHODSDUWHVXSHULRUHQDOJXQRV
PRGHORVRGHVGHODSDUWHLQIHULRU
8VHXQDOODYHGHWXHUFDVRDMXVWDEOHSDUDDMXVWDUODV
SDWDVQLYHODGRUDVKDVWDTXHODFRFLQDHVWpQLYHODGD
$'9(57(1&,$1XQFDUHWLUH
FRPSOHWDPHQWHODVSDWDVQLYHODGRUDV\DTXHODFRFLQD
QRHVWDUiDVHJXUDGDGHIRUPDDGHFXDGDDOGLVSRVLWLYR
DQWLYROFDGXUDV
/XHJRGHQLYHODUODXQLGDGGHVOLFHKDVWDODSRVLFLyQ
ILQDO\YHULILTXHODQLYHODFLyQ
/XHJRGHTXHODFRFLQDHVWpQLYHODGDDOHMHODFRFLQD
GHODSDUHGGHPRGRTXHVHSXHGDLQVWDODUHO
GLVSRVLWLYRDQWLYROFDGXUDV
1LYHODGRU
GHSDWDV
%DMDUOD
FRFLQD
6XELUOD
FRFLQD
HQDOJXQRVPRGHORV
6XELUOD
FRFLQD
%DMDUOD
FRFLQD
HQDOJXQRVPRGHORV
,QVWUXFFLRQHVGH,QVWDODFLyQ

,167$/$&,Ï1'(/',6326,7,92$17,
92/&$'85$6

&8$1'272'$6/$6&21(;,21(66(
+$<$1&203/(7$'2
$VHJ~UHVHGHTXHWRGRVORVFRQWUROHVTXHGHQHQOD
SRVLFLyQGHDSDJDGR$VHJ~UHVHGHTXHHOIOXMRGHOD
FRPEXVWLyQ\HODLUHGHYHQWLODFLyQDODFRFLQDHVWpQ
GHVREVWUXLGRV
$'9(57(1&,$
',6326,7,92$17,92/&$'85$6

7RGDVODVFRFLQDVSXHGHQVXIULU
FDtGDV
6HSXHGHQSURGXFLU48(0$'85$6\
RWUDV/(6,21(6*5$9(6
,167$/(\&21752/(HOVRSRUWH
DQWLYROFDGXUDVVLJXLHQGRODV
LQVWUXFFLRQHVVXPLQLVWUDGDVFRQHO
VRSRUWH
$ILQGHUHGXFLUHOULHVJRGHFDtGDGHODFRFLQDpVWD
GHEHUiHVWDUDVHJXUDGDSRUXQVRSRUWHDQWLYROFDGXUDV
FRUUHFWDPHQWHLQVWDODGR6LJDODVLQVWUXFFLRQHV
HPEDODGDVFRQHOVRSRUWH
3DUDFRQWURODUVLHOVRSRUWHHVLQVWDODGR\DMXVWDGRGH
IRUPDDSURSLDGDPLUHTXHGHEDMRGHODFRFLQDODSDWD
QLYHODGRUDWUDVHUDHVWpDMXVWDGDDOVRSRUWH(QDOJXQRV
PRGHORVHOFDMyQGHDOPDFHQDPLHQWRRHOSDQHOGH
SURWHFFLyQVHSXHGHQUHWLUDUSDUDXQDIiFLOLQVSHFFLyQ
6LQRHVSRVLEOHUHDOL]DUXQDLQVSHFFLyQYLVXDOGHVOLFH
ODFRFLQDKDFLDDGHODQWHFRQILUPHTXHHOVRSRUWHDQWL
YROFDGXUDVHVWpDMXVWDGRGHIRUPDVHJXUDDOSLVRROD
SDUHG\GHVOLFHODFRFLQDKDFLDDWUiVGHPRGRTXHOD
SDWDQLYHODGRUDWUDVHUDVHHQFXHQWUHGHEDMRGHOVRSRUWH
DQWLYROFDGXUDV
(QFDVRGHTXHODFRFLQDVHDHPSXMDGDGHODSDUHGSRU
DOJXQDUD]yQVLHPSUHUHSLWDHVWHSURFHGLPLHQWRSDUD
YHULILFDUTXHODFRFLQDHVWpFRUUHFWDPHQWHDVHJXUDGD
SRUHOVRSRUWHDQWLYROFDGXUDV
6LODFRFLQDQRFXHQWDFRQHOVRSRUWHDQWLYROFDGXUDV
OODPHDOSDUDUHFLELUXQRVLQFRVWR
&RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV
£$KRUUHWLHPSR\GLQHUR3ULPHURUHYLVHORVFXDGURVTXHDSDUHFHQHQODV
VLJXLHQWHVSiJLQDV\HVSRVLEOHTXHQRQHFHVLWHVROLFLWDUUHSDUDFLRQHV
$QWHVGH6ROLFLWDUHO6HUYLFLR7pFQLFR« *($SSOLDQFHVFRP
/HYHULV
VKRZQFORVHG
38//7223(1
6HDOHGEXUQHUPRGHOV
7KXPEVFUHZV
/RZHURYHQGUDZHUPRGHOV

3UREOHPD &DXVDV3RVLEOHV 4Xp+DFHU
/RVTXHPDGRUHVQRVH
HQFLHQGHQRQRTXHPDQ
GHIRUPDSDUHMD(O
TXHPDGRUIURQWDOGHUH
FKRHVWiGLVHxDGRSDUD
TXHVXVOODPDVVHDQ
XQSRFRPiVSHTXHxDV
HQWUHODVSRVLFLRQHVGH
ODV\ODVHQSXQWR
(VWRHVQRUPDO
(OHQFKXIHHQODFRFLQDQRHVWi
FRPSOHWDPHQWHLQVHUWDGRHQHO
WRPDFRUULHQWHHOpFWULFR
$VHJ~UHVHGHTXHHOFDEOHGHHOHFWULFLGDGHVWpHQFKXIDGR
HQXQWRPDFRUULHQWHFRUUHFWDPHQWHFRQHFWDGRDWLHUUD
/DVKHQGLGXUDVDOFRVWDGRGHO
TXHPDGRUVHSRGUiQDWDVFDU
5HWLUHORVTXHPDGRUHVROLPSLHORVPLVPRV&RQWUROHTXHQR
KD\DFRPLGDTXHPDGDQLJUDVDHQHOiUHDGHOHOHFWURGR
&RQVXOWHODVHFFLyQGH&XLGDGR\OLPSLH]DGHODFRFLQD
(QVDPEOHGHOTXHPDGRULQD
SURSLDGR
$VHJ~UHVHGHTXHODVSDUWHVGHOTXHPDGRUHVWpQLQVWDODGDV
FRUUHFWDPHQWH&RQVXOWH&XLGDGR\OLPSLH]DHQODVHFFLyQ
GHODFRFLQD
/RVTXHPDGRUHVVXSHU
ILFLDOHVVHHQFLHQGHQ
SHURHOKRUQRQR
6HSXGRKDEHUPRYLGRODYiOYXOD
GHFLHUUHGHOKRUQRGHIRUPDDF
FLGHQWDOGXUDQWHODOLPSLH]DRDO
PRYHUOR
3DUDFRQWURODUODYiOYXODGHFLHUUHGHJDVGHOKRUQRUHWLUH
HOFDMyQOHD&XLGDGR\OLPSLH]DGHODVHFFLyQGHOKRUQR
3DUDPRGHORVGHOFDMyQGHOKRUQRLQIHULRUUHWLUHHOSDQHOGH
DFFHVRWUDVHURGHVHQURVFDQGRORVWRUQLOORVGHSXOJDUHQODV
HVTXLQDVVXSHULRUL]TXLHUGD\GHUHFKD%XVTXHODSDODQFD
GHFLHUUHGHOJDVHQODSDUWHWUDVHUDGHODFRFLQD
/ODPDVGHOTXHPDGRU
PX\JUDQGHVRDPDULOODV
,PSURSHUDLUWRJDVUDWLR 6LODFRFLQDHVFRQHFWDGDDJDV/3FRQWDFWHDODSHUVRQD
TXHLQVWDOyODFRFLQDRTXHKL]RODFRQYHUVLyQ
(OFRQWUROGDODVHxDOOXHJR
GHLQJUHVDUHOWLHPSRGH
FRFFLyQRHOWLHPSRGHLQLFLR
2OYLGyLQJUHVDUXQDWHPSHU
DWXUDGHKRUQHDGRRWLHPSRGH
OLPSLH]D
3UHVLRQHODWHFOD%DNH+RUQHDU\ODWHPSHUDWXUDGHVHDGD
RODWHFOD6HOI&OHDQ$XWR/LPSLH]D\HOWLHPSRGHOLPSLH]D
GHVHDGR
/DFRPLGDQRVHKRUQHD
QLVHWXHVWDHQHOKRUQR
VXSHULRU
&RQWUROHVGHOKRUQRFRQILJXUD
GRVGHIRUPDLQFRUUHFWD
/HDODVHFFLyQVREUH8VRGHOKRUQRVXSHULRU
/DSRVLFLyQGHOHVWDQWHHVLQFRUUHFWD
/HDODVHFFLyQVREUH8VRGHOKRUQRVXSHULRU
8VRGHOXWHQVLOLRLQFRUUHFWRRGH
XQXWHQVLOLRGHWDPDxRLQFRUUHFWR
/HDODVHFFLyQVREUH8VRGHOKRUQRVXSHULRU
(OWHUPRVWDWRGHOKRUQRGHEHVHU
DMXVWDGR
/HDODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRVXSHULRU£+i
JDORXVWHGPLVPR
(OUHORMQRVHFRQILJXUyFRUUHFWDPHQWH
/HDODVHFFLyQ8VRGHOUHORM\GHOWHPSRUL]DGRU
6HXVySDSHOGHDOXPLQLRGH
IRUPDLQFRUUHFWDHQHOKRUQR
/HDODVHFFLyQ&XLGDGR\OLPSLH]DGHODFRFLQD
(OIRQGRGHOKRUQRQRHVWi
FRUUHFWDPHQWHDMXVWDGRHQVX
SRVLFLyQ
/HDODVHFFLyQ,QVWDODFLyQGHODFRFLQD
$QWHVGH6ROLFLWDUHO6HUYLFLR7pFQLFR«

3UREOHPD &DXVDV3RVLEOHV 4Xp+DFHU
6HDFWLYyODIXQFLyQGH
*DV&RQWURO/RFNRXW
%ORTXHRGHO&RQWUROGH
*DV
6LDSDUHFH/2&21%ORTXHR$FWLYDGRHQODSDQWDOODHO
FRQWUROGHODFRFLQDHVWiEORTXHDGR$SDJXHHVWDIXQFLyQ
SDUDXVDUODFRFLQD/HDODVHFFLyQ%ORTXHRGHO&RQWUROGH
*DVR%ORTXHRGHO&RQWURO
,QVWDOHHVWDQWHSDUD
KRUQRHQHOKRUQR\
SRVLFLRQHVODFRFLQD
HQHOOXJDUGRQGHVHUi
LQVWDODGD
/DSDQWDOODVLHPSUHOHUHFRUGDUi
GHIRUPDDXWRPiWLFDTXHFLHUUH
ODSXHUWD
(VXQUHFRUGDWRULRQRUPDOSDUDFHUUDUODSXHUWDDODVDU
/DFRPLGDQRDVDGH
IRUPDFRUUHFWDHQHO
KRUQRVXSHULRU
&RQWUROHVGHOKRUQRFRQILJXUDGRV
GHIRUPDLQFRUUHFWD
$VHJ~UHVHGHSUHVLRQDUODWHFOD%URLO+L/R$VDU$OWR
%DMR
/DSXHUWDGHOKRUQRQRVHFHUUy
FRUUHFWDPHQWH
/HDODVHFFLyQVREUH8VRGHOKRUQRVXSHULRU
6HXVyXQDSRVLFLyQLQFRUUHFWD
SDUDODUHSLVD
/HDOD*XtDSDUD$VDU
6HFRFLQyFRPLGDHQXQDROOD
FDOLHQWH
3DUDXQPHMRUUHVXOWDGRXVHXQDROODGLVHxDGDSDUDDVDU
$VHJ~UHVHGHTXHHVWpIUtD
8WHQVLOLRGHFRFLQDLQDGHFXDGR
SDUDDVDU
3DUDXQPHMRUUHVXOWDGRXVHXQDROODGLVHxDGDSDUDDVDU
(OIRQGRGHOKRUQRQRHVWiFRUUHFWD
PHQWHDMXVWDGRHQVXSRVLFLyQ
/HDODVHFFLyQ,QVWDODFLyQGHODFRFLQD
7HPSHUDWXUDGHOKRUQRVX
SHULRUGHPDVLDGRFDOLHQWH
RGHPDVLDGRIUtD
(OWHUPRVWDWRGHOKRUQRGHEHVHU
DMXVWDGR
/HDODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRVXSHULRU£+i
JDORXVWHGPLVPR
(OUHORM\HOWHPSRUL]D
GRUQRIXQFLRQDQ
(OHQFKXIHHQODFRFLQDQRHVWi
FRPSOHWDPHQWHLQVHUWDGRHQHO
WRPDFRUULHQWHHOpFWULFR
$VHJ~UHVHGHTXHHOFDEOHGHHOHFWULFLGDGHVWpHQFKXIDGR
HQXQWRPDFRUULHQWHFRUUHFWDPHQWHFRQHFWDGRDWLHUUD
(VSRVLEOHTXHXQIXVLEOHGHVXKRJDU
VHKD\DTXHPDGRRTXHHOGLV\XQWRU
VHKD\DGHVFRQHFWDGR
5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU
&RQWUROHVGHOKRUQRFRQILJXUDGRV
GHIRUPDLQFRUUHFWD
/HDODVHFFLyQ8VRGHOUHORM\GHOWHPSRUL]DGRU
/DOX]GHOKRUQRQR
IXQFLRQD
/DOiPSDUDHVWiIORMDRSUHVHQWD
GHIHFWRV
$MXVWHRUHHPSODFHODOiPSDUD
(OHQFKXIHHQODFRFLQDQRHVWi
FRPSOHWDPHQWHLQVHUWDGRHQHO
WRPDFRUULHQWHHOpFWULFR
$VHJ~UHVHGHTXHHOFDEOHGHHOHFWULFLGDGHVWpHQFKXIDGR
HQXQWRPDFRUULHQWHFRUUHFWDPHQWHFRQHFWDGRDWLHUUD
(OKRUQRVXSHULRUQR
UHDOL]DODDXWROLPS
LH]D
/DWHPSHUDWXUDGHOKRUQRHVWi
GHPDVLDGRFDOLHQWHSDUDFRQILJXUDU
XQIXQFLRQDPLHQWRGHDXWROLPSLH]D
(VSHUHDTXHODFRFLQDVHHQIUtHDWHPSHUDWXUDDPELHQWH\
UHLQLFLHORVFRQWUROHV
&RQWUROHVGHOKRUQRFRQILJXUDGRV
GHIRUPDLQFRUUHFWD
/HDODVHFFLyQ+RUQRVXSHULRUFRQIXQFLyQGHDXWROLPSLH]D
(QPRGHORVFRQWUDEDSDUDSXHU
WDODSXHUWDGHOKRUQRQRHVWiHQ
ODSRVLFLyQEORTXHDGD
$VHJ~UHVHGHPRYHUODPDQLMDGHODWUDEDGHODSXHUWDWRWDO
PHQWHKDFLDODGHUHFKD
6RQLGRGH´FKLVSRU
URWHRµR´WUDTXHRµ
eVWHHVHOVRQLGRGHPHWDOFDOHQWiQ
GRVHRHQIULiQGRVHGXUDQWHODV
IXQFLRQHVGHFRFFLyQ\OLPSLH]D
(VWRHVQRUPDO
([FHVRGHKXPR +D\H[FHVRGHVXFLHGDG 3UHVLRQHODWHFOD&OHDU2II%RUUDU$SDJDU$EUDODVYHQ
WDQDVSDUDOLEHUDUHOKXPRHQODKDELWDFLyQ(VSHUHKDVWD
TXHODOX]/2&.(''2253XHUWD7UDEDGDGHVDSDUH]FD
/LPSLHHOH[FHVRGHVXFLHGDG\UHLQLFLHHOFLFORGHOLPSLH]D
/DSXHUWDGHOKRUQRQR
VHDEULUiOXHJRGHXQ
FLFORGHOLPSLH]D
(OKRUQRHVWiGHPDVLDGRFDOLHQWH (VSHUHDTXHHOKRUQRVHHQIUtHSRUGHEDMRGHODWHPSHU
DWXUDGHEORTXHR1REORTXHHODSXHUWDFRQODWUDEDSDUD
SXHUWDH[FHSWRDOXVDUODIXQFLyQDXWROLPSLH]D

*($SSOLDQFHVFRP
3UREOHPD &DXVDV3RVLEOHV 4Xp+DFHU
(OKRUQRQROLPSLD
OXHJRGHXQFLFORGH
OLPSLH]D
/RVFRQWUROHVGHOKRUQRQRHVWiQ
FRUUHFWDPHQWHFRQILJXUDGRV
/HDODVHFFLyQKRUQRVXSHULRUFRQIXQFLyQGHDXWROLPSLH]D
(OKRUQRHVWDEDGHPDVLDGRVXFLR /LPSLHGHUUDPHVH[FHVLYRVDQWHVGHLQLFLDUHOFLFORGH
OLPSLH]D(VSRVLEOHTXHVHDQHFHVDULRXVDUDXWROLPSLH]DQ
XHYDPHQWHHQKRUQRVFRQPXFKDVXFLHGDGRSRUSHUtRGRV
GHWLHPSRPiVSURORQJDGRV
´/2&.'225µ3XHUWD
7UDEDGDWLWLODHQOD
SDQWDOOD
(OFLFORGHDXWROLPSLH]DIXHVH
OHFFLRQDGRSHURODSXHUWDQRHVWi
FHUUDGD\HQPRGHORVFRQWUDED
ODPLVPDQRVHPRYLyWRWDOPHQWH
DODGHUHFKD
&LHUUHODSXHUWDGHOKRUQR\HQPRGHORVFRQWUDEDPXHYD
ODWUDEDWRWDOPHQWHKDFLDODGHUHFKD
/DOX]GH/2&.('
'2253XHUWD%OR
TXHDGDHVWiHQFHQ
GLGDFXDQGRGHVHD
FRFLQDU
/DSXHUWDGHOKRUQRHVWiEOR
TXHDGDGHELGRDTXHODWHP
SHUDWXUDLQWHULRUGHOKRUQR
QRGHVFHQGLySRUGHEDMRGHOD
WHPSHUDWXUDGHEORTXHR
3UHVLRQHODWHFOD&OHDU2II%RUUDU$SDJDU(VSHUHDTXHHO
KRUQRVHHQIUtH\OXHJRHQPRGHORVFRQWUDEDSDUDSXHUWD
GHVWUDEHODSXHUWD
´)²\XQQ~PHURR
OHWUDµWLWLODHQODSDQ
WDOOD
(QPRGHORVFRQXQDWUDEDSDUD
SXHUWDVLDSDUHFHXQFyGLJRGH
HUURUGHIXQFLyQGXUDQWHHOFLFORGH
DXWROLPSLH]DFRQWUROHODWUDEDGH
ODSXHUWDGHOKRUQR
(VSRVLEOHTXHODWUDEDVHKD\DPRYLGRLQFOXVRDXQTXHVyOR
KD\DVLGROHYHPHQWHGHODSRVLFLyQGHEORTXHR$VHJ~UHVH
GHTXHODWUDEDVHDPRYLGDKDFLDODGHUHFKDWDQWRFRPR
VHDSRVLEOH
7LHQHXQFyGLJRGHHUURUGH
IXQFLyQ
3UHVLRQHODWHFOD&OHDU2II%RUUDU$SDJDU3HUPLWDTXHHO
KRUQRVHHQIUtHGXUDQWHXQDKRUD&RORTXHHOKRUQRQXHYD
PHQWHHQIXQFLRQDPLHQWR
6LHOFyGLJRGHIXQFLyQVHUHSLWH 'HVFRQHFWHWRWDOPHQWHODFRUULHQWHGHOKRUQRSRUPLQXWRV
\OXHJRYXHOYDDFRQHFWDUODPLVPD6LHOFyGLJRGHHUURUGH
IXQFLyQVHUHSLWHOODPHDOVHUYLFLRWpFQLFR
´3UREHµ6RQGD
DSDUHFHHQODSDQWDOOD
HQDOJXQRVPRGHORV
(VWROHHVWiUHFRUGDQGRTXHLQJUHVH
XQDWHPSHUDWXUDGHVRQGDOXHJRGH
HQFKXIDUODVRQGD
,QJUHVHXQDWHPSHUDWXUDGHVRQGD
/DSDQWDOODTXHGDHQ
EODQFR
(VSRVLEOHTXHXQIXVLEOHGHVX
KRJDUVHKD\DTXHPDGRRTXHHO
GLV\XQWRUVHKD\DGHVFRQHFWDGR
5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU
(OUHORMHVWiHQHOPRGRGHSDQ
WDOODRVFXUD
/HDODVIXQFLRQHV(VSHFLDOHVGHODVHFFLyQGHFRQWUROGHO
KRUQR
/DSDQWDOODWLWLOD
&RUWHGHFRUULHQWH 5HLQLFLHHOUHORM
1RVHORJUDTXHOD
SDQWDOODPXHVWUH´6)µ
/DVWHFODVGHFRQWUROGHOKRUQR
QRVHSUHVLRQDURQGHIRUPD
DGHFXDGD
/DVWHFODV%DNH+RUQHDU\%URLO+L/R$VDU$OWR%DMR
VHGHEHUiQSUHVLRQDUDOPLVPRWLHPSR\PDQWHQHUSRU
VHJXQGRV
&RUWHGHFRUULHQWHHOUHORM
WLWLOD
&RUWHRH[FHVRGHFRUULHQWH 5HLQLFLHHOUHORM6LHOKRUQRHVWXYRHQXVRGHEHUiUHLQLFLDUHO
PLVPRSUHVLRQDQGRODWHFOD&OHDU2II%RUUDU$SDJDUFRQ
ILJXUDQGRHOUHORM\UHLQLFLDQGRFXDOTXLHUIXQFLyQGHFRFFLyQ
2ORUD´TXHPDGRµR
´DFHLWHµGHVGHODYHQ
WLODFLyQ
(VWRHVQRUPDOHQXQKRUQR
QXHYR\GHVDSDUHFHUiFRQHO
WLHPSR
3DUDDFHOHUDUHOSURFHVRFRQILJXUHXQFLFORGHDXWROLPSLH]D
SRUXQPtQLPRGHKRUDV/HDODVHFFLyQ8VRGHO+RUQRFRQ
IXQFLyQGHDXWROLPSLH]D
2ORUIXHUWH 8QRORUHQODDLVODFLyQDOUHGHGRU
GHOLQWHULRUGHOKRUQRHVQRUPDO
GHVGHODVSULPHUDVYHFHVHQTXH
HOKRUQRHVXVDGR
(VWRHVWHPSRUDULR
/2&%ORTXHRDSDUHFH
HQODSDQWDOOD
6HDFWLYyODIXQFLyQ*DV&RQWURO
/RFNRXW%ORTXHRGHO&RQWUROGH
*DV
$VHJ~UHVHGHTXHORVFRQWUROHVGHODVXSHUILFLHHVWpQHQ
2))$SDJDGR$SDJXHHVWDIXQFLyQSDUDXVDUODFRFLQD
&RQVXOWHODVHFFLyQ%ORTXHRGHO&RQWUROGH*DV
&RQVHMRVSDUDOD6ROXFLyQ
GH3UREOHPDV
$QWHVGH6ROLFLWDUHO6HUYLFLR7pFQLFR«

3UREOHPD &DXVDV3RVLEOHV 4Xp+DFHU
5XLGRGHOYHQWLODGRU (OYHQWLODGRUGHFRQYHFFLyQVH
SXHGHDSDJDURHQFHQGHUGHIRUPD
DXWRPiWLFD
(VWRHVQRUPDO(OYHQWLODGRUGHFRQYHFFLyQIXQFLRQDUi
KDVWDTXHODIXQFLyQILQDOLFHRODSXHUWDVHDEUD
(OYHQWLODGRUGHFRQ
YHFFLyQQRIXQFLRQD
HQDOJXQRVPRGHORV
1RVHDOFDQ]yODWHPSHUDWXUDGH
SUHFDOHQWDPLHQWR
(VWRHVQRUPDO
(OFDMyQQRVHGHVOL]D
GHIRUPDSDUHMDRVH
DUUDVWUD
(OFDMyQHVWiGHVDOLQHDGR ([WLHQGDWRWDOPHQWHHOFDMyQ\HPSXMHHOPLVPRWRWDOPHQWH
KDFLDDGHQWUR&RQVXOWHODVHFFLyQ&XLGDGR\OLPSLH]DGHOD
FRFLQD
(OFDMyQHVWiVREUHFDUJDGRROD
FDUJDHVWiGHVEDODQFHDGD
5HGX]FDHOSHVR5HGLVWULEX\DORVFRQWHQLGRVGHOFDMyQ
(OFDMyQGHOKRUQRLQIH
ULRURHOFDMyQFDOHQWD
GRUQRIXQFLRQD
(VSRVLEOHTXHXQIXVLEOHGHVX
KRJDUVHKD\DTXHPDGRRTXHHO
GLV\XQWRUVHKD\DGHVFRQHFWDGR
5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU
(OKRUQRHVWiUHDOL]DQGRODIXQFLyQ
GHDXWROLPSLH]D
(VSHUHDTXHHOFLFORGHDXWROLPSLH]DILQDOLFH\TXHHOKRUQR
VHHQIUtH
/RVFRQWUROHVHVWiQFRQILJXUDGRVGH
IRUPDLQFRUUHFWD
&RQVXOWHODVHFFLyQGHOFDMyQFDOHQWDGRURODVHFFLyQGHO
KRUQRLQIHULRU
&RQGHQVDFLyQH[FH
VLYDHQHOFDMyQ
/tTXLGRHQHOFDMyQ 5HWLUHHOOtTXLGR
&RPLGDVQRFXELHUWDV &XEUDODFRPLGDFRQXQDWDSDRSDSHOGHDOXPLQLR
/DFRQILJXUDFLyQGHWHPSHUDWXUDHV
GHPDVLDGRDOWD
5HGX]FDODFRQILJXUDFLyQGHWHPSHUDWXUD
/DFRPLGDVHVHFD
HQHOFDMyQGHOKRUQR
LQIHULRURHQHOFDMyQ
FDOHQWDGRU
(VFDSHGHKXPHGDG &XEUDODFRPLGDFRQXQDWDSDRSDSHOGHDOXPLQLR
'UDZHUQRWIXOO\FORVHG (PSXMHHOFDMyQKDFLDDGHQWURKDVWDTXHODWUDEDTXH
DMXVWH

$FFHVRULRV *($SSOLDQFHVFRP
¢%XVFD$OJR0iV"1RWDOODFFHVVRULHVDUHDYDLODEOHIRUDOOPRGHOV
3XHGHHQFRQWUDUHVWRVDFFHVRULRV\PXFKRPiVHQ*($SSOLDQFHVFRP((88RHQ
ZZZ*($SSOLDQFHVFD&DQDGiROODPDQGRDO((88RDO
&DQDGiGXUDQWHHOKRUDULRFRPHUFLDOKDELWXDO7HQJDDPDQRVXQ~PHURGHPRGHOR
(OHPHQWRVGHVXSHUILFLH\
EDQGHMDVFROHFWRUDV
3DUULOODV &DEH]DOHVRWDSDVGH
TXHPDGRUHVGHVXSHUILFLH
(OHPHQWRVGHOKRUQR /iPSDUDVGHOX]
3HULOODV
(VWDQWHVGHO+RUQR
R
3ODQFKD
£3UXHEHHVWRVRWURVH[FHOHQWHVSURGXFWRVSDUDTXHVXFRFLQDVHYHDHVWXSHQGD
£$SURYHFKHDOPi[LPRVXEDQGHMDSDUDDVDU1RSDUDXVDUFRQPRGHORVGHFDMyQDVDGRU
£8WLOLFHVXEDQGHMD\WDSDGHUHMLOODSDUDDVDUKDPEXUJXHVDVIUXWRVGHPDUILOHWHVYHJHWDOHVSDQFHWD
FRVWLOODV\PXFKRPiV/DEDQGHMDLQIHULRUUHWLHQHHOH[FHVRGHJUDVDV\DFHLWHV
3LH]D*(JHQXLQD
)iFLOGHOLPSLDU
*DUDQWtDGHXQDxR
£2IHUWDGHWLHPSROLPLWDGR£(QYtRVLQFDUJR
&XDQGRVROLFLWHODEDQGHMDSDUDDVDUGHQWURGHORVGtDVGHKDEHUDGTXLULGRVXSURGXFWRGHFRFLQD*(
3HTXHxD *UDQGH ([WUDJUDQGH
1GHSLH]D :%; :%; :%;
'LPHQVLRQHV µ$[µ$[µ3 µ$[µ$[µ3 µ$[µ$[µ3
/DEDQGHMDSDUDDVDUJUDQGHHVWiQGDUQRHQWUDHQFRFLQDVGHSXOJDGDV
/DEDQGHMDH[WUDJUDQGHQRHQWUDHQKRUQRVGHSDUHGHVGHSXOJDGDVHPSRWUDGDVGHSXOJDGDVRFRFLQDVGHSXOJDGDV
/ODPHDORXWLOLFHHVWHIRUPXODULRSDUDHQYLDUVXVROLFLWXGSRUFRUUHR
*(3DUWV32%R[0HPSKLV71
)RUPXODULRGHVROLFLWXGGHODEDQGHMDSDUDDVDU
&DQWLGDG BBBBBBBBBBBBBBBBBBB 1~PHURGHSLH]DBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1~PHURGHPRGHORBBBBBBBBBBBB 1~PHURGHVHULH BBBBBBBBBBBBBBBB 0DUFDBBBBBBBBBBBBBB  )HFKDGHFRPSUDBBBBBBBBB
1RPEUH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $SHOOLGRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'LUHFFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LXGDG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWDGRBBBBBBBBBB &yGLJR3RVWDOBBBBBBBBBBBBBBBBBBBBBBBBB
7HOpIRQRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUUHRHOHFWUyQLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB *LURSRVWDOBBBBBB
3DUDFRQVXOWDUVREUHORVSUHFLRVDFWXDOHVOODPHDO7RGDVODVyUGHQHVFRQWDUMHWDGHFUpGLWRVHGHEHUiQUHDOL]DU
HQIRUPDWHOHIyQLFD
:;;*&6
:;;
:;;
30;
.LWGHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
,QFOX\HOLPSLDGRU
UDVTXHWD\SDxR
7RDOOLWDV
GHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
7RDOOLWDVSDUD
SXOLUDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
/LPSLDGRU
GHDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
✁
■9LDMHVGHOWpFQLFRGHOVHUYLFLRDVXKRJDUSDUDHQVHxDUOHD
XVDUHOSURGXFWR
■,QVWDODFLyQLQDGHFXDGDHQWUHJDRPDQWHQLPLHQWR
■3)DOODVRGDxRVGHOSURGXFWRHQFDVRGHDEXVRPDOXVRR
XVRSDUDSURSyVLWRVGLIHUHQWHVDORULJLQDORXVRFRPHUFLDO
■5HHPSOD]RGHIXVLEOHVGHODFDVDRUHLQLFLRGHGLV\XQWRUHV
■'DxRVRFDVLRQDGRVVREUHHOSURGXFWRSRUDFFLGHQWH
LQFHQGLRLQXQGDFLRQHVRFDWiVWURIHVQDWXUDOHV
■'DxRVFRQVHFXHQWHVRLQFLGHQWDOHVFDXVDGRVSRUSRVLEOHV
GHIHFWRVVREUHHVWHSURGXFWR
■'DxRFDXVDGRGHVSXpVGHODHQWUHJD
■3URGXFWRQRDFFHVLEOHSDUDEULQGDUHOVHUYLFLRUHTXHULGR
4Xp1R&XEULUi*(
(VWDJDUDQWtDVHH[WLHQGHDOFRPSUDGRURULJLQDO\DFXDOTXLHUGXHxRVXEVLJXLHQWHGHSURGXFWRVFRPSUDGRVSDUD
XVRKRJDUHxRGHQWURGH((886LHOSURGXFWRVHHQFXHQWUDHQXQiUHDGRQGHQRVHHQFXHQWUDGLVSRQLEOHHOVHUYLFLR
WpFQLFRGHXQ3URYHHGRUGH6HUYLFLRGH*($XWRUL]DGRXVWHGVHUiUHVSRQVDEOHSRUHOFRVWRGHXQYLDMHRVHSRGUi
UHTXHULUTXHWUDLJDHOSURGXFWRDXQD8ELFDFLyQGHO6HUYLFLR7pFQLFRGH*($XWRUL]DGRSDUDUHFLELUHOVHUYLFLR(Q
$ODVNDODJDUDQWtDH[FOX\HHOFRVWRGHHQYtRROODPDGDVGHOVHUYLFLRDVXKRJDU
$OJXQRVHVWDGRVQRSHUPLWHQODH[FOXVLyQROLPLWDFLyQGHGDxRVIRUWXLWRVRFRQVHFXHQWHV(VWDJDUDQWtDOHGD
GHUHFKRVOHJDOHVHVSHFtILFRV\HVSRVLEOHTXHWHQJDRWURVGHUHFKRVOHJDOHVTXHYDUtDQHQWUHXQHVWDGR\RWUR3DUD
FRQRFHUFXiOHVVRQVXVGHUHFKRVOHJDOHVFRQVXOWHDODRILFLQDGHDVXQWRVGHOFRQVXPLGRUORFDORHVWDWDORDO)LVFDO
GHVX(VWDGR
*DUDQWH*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
3RUHO3HUtRGRGH *(5HHPSOD]DUi
8Q$xR &XDOTXLHUSDUWHGHODFRFLQDTXHIDOOHGHELGRDXQGHIHFWRHQORVPDWHULDOHVRODIDEULFDFLyQ'XUDQWH
'HVGHODIHFKDGHOD HVWDJDUDQWtDOLPLWDGDGHXQDxR*(WDPELpQSURYHHUiVLQFRVWRWRGRHOWUDEDMR\HOVHUYLFLRHQ
FRPSUDRULJLQDO HOKRJDUUHODFLRQDGRFRQHOUHHPSOD]RGHODSDUWHTXHSUHVHQWHGHIHFWRV
*DUDQWtDGHOD&RFLQDD*DVGH*()RUFXVWRPHUVLQWKH8QLWHG6WDWHV
7RGRHOVHUYLFLRGHJDUDQWtDHVSURYLVWRSRUQXHVWURV&HQWURVGH6HUYLFLR
GH)DEULFDFLyQRXQWpFQLFRDXWRUL]DGRGH6HUYLFLRDO&OLHQWH&XVWRPHU
&DUH3XHGHSURJUDPDUXQDFRQVXOWDDOVHUYLFLRWpFQLFRDWUDYpVGHO
,QWHUQHWODVGHOGtDYLVLWiQGRQRVHQ*($SSOLDQFHVFRPROODPDQGR
DO*(&$5(6&XDQGROODPHSDUDVROLFLWDUHOVHUYLFLR
WHQJDORVQ~PHURVGHVHULH\GHPRGHORGLVSRQLEOHV
$EURFKHVXUHFLERDTXt3DUD
DFFHGHUDOVHUYLFLRWpFQLFR
GHDFXHUGRFRQODJDUDQWtD
GHEHUiFRQWDUFRQODSUXHED
GHODIHFKDRULJLQDOGHFRPSUD
(;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFD\H[FOXVLYDDOWHUQDWLYDHVODUHSDUDFLyQGHOSURGXFWR
FRPRVHLQGLFDHQOD*DUDQWtD/LPLWDGD/DVJDUDQWtDVLPSOtFLWDVLQFOX\HQGRJDUDQWtDVLPSOtFLWDVGH
FRPHUFLDELOLGDGRFRQYHQLHQFLDVREUHXQSURSyVLWRSDUWLFXODUVHOLPLWDQDXQDxRRDOSHUtRGRPiVFRUWR
SHUPLWLGRSRUODOH\


7RGRHOVHUYLFLRGHJDUDQWtDHVSURYLVWRSRUQXHVWURV&HQWURVGH
6HUYLFLRGH)DEULFDFLyQRXQWpFQLFRDXWRUL]DGRGH6HUYLFLRDO
&OLHQWH&XVWRPHU&DUH3DUDVROLFLWDUHOVHUYLFLRWpFQLFROODPH
DO&XDQGROODPHSDUDVROLFLWDUHOVHUYLFLRWHQJD
ORVQ~PHURVGHVHULH\PRGHORGLVSRQLEOHV
■9LDMHVGHOWpFQLFRGHOVHUYLFLRDVXKRJDUSDUDHQVHxDUOHD
XVDUHOSURGXFWR
■,QVWDODFLyQLQDGHFXDGDHQWUHJDRPDQWHQLPLHQWR
■)DOODVRGDxRVGHOSURGXFWRHQFDVRGHDEXVRPDOXVRR
XVRSDUDSURSyVLWRVGLIHUHQWHVDORULJLQDORXVRFRPHUFLDO
■5HHPSOD]RGHIXVLEOHVGHODFDVDRUHLQLFLRGHGLV\XQWRUHV
■'DxRVRFDVLRQDGRVVREUHHOSURGXFWRSRUDFFLGHQWH
LQFHQGLRLQXQGDFLRQHVRFDWiVWURIHVQDWXUDOHV
■'DxRVFRQVHFXHQWHVRLQFLGHQWDOHVFDXVDGRVSRUSRVLEOHV
GHIHFWRVVREUHHVWHSURGXFWR
■'DxRFDXVDGRGHVSXpVGHODHQWUHJD
■3URGXFWRQRDFFHVLEOHSDUDEULQGDUHOVHUYLFLRUHTXHULGR
4Xp1R&XEULUi0DEH
3RUHO3HUtRGRGH 0DEH5HHPSOD]DUi
8Q$xR &XDOTXLHUSDUWHGHODFRFLQDTXHIDOOHGHELGRDXQGHIHFWRHQORVPDWHULDOHVRODIDEULFDFLyQ'XUDQWH
'HVGHODIHFKDGHOD HVWDJDUDQWtDOLPLWDGDGHXQDxR0DEHWDPELpQSURYHHUiVLQFRVWRWRGRHOWUDEDMR\HOVHUYLFLRHQ
FRPSUDRULJLQDO OKRJDUUHODFLRQDGRFRQHOUHHPSOD]RGHODSDUWHTXHSUHVHQWHGHIHFWRV
(/*$5$17(12(65(63216$%/(325&8$/48,(5'$f2&216(&8(17(
*DUDQWH0$%(&$1$'$,1&
*DUDQWtDGHOD&RFLQDD*DVGH*(3DUDFOLHQWHVHQ&DQDGi
$EURFKHVXUHFLERDTXt3DUD
DFFHGHUDOVHUYLFLRWpFQLFR
GHDFXHUGRFRQODJDUDQWtD
GHEHUiFRQWDUFRQODSUXHED
GHODIHFKDRULJLQDOGHFRPSUD
(;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFD\H[FOXVLYDDOWHUQDWLYDHVODUHSDUDFLyQGHOSURGXFWR
FRPRVHLQGLFDHQOD*DUDQWtD/LPLWDGD/DVJDUDQWtDVLPSOtFLWDVLQFOX\HQGRJDUDQWtDVLPSOtFLWDVGH
FRPHUFLDELOLGDGRFRQYHQLHQFLDVREUHXQSURSyVLWRSDUWLFXODUVHOLPLWDQDXQDxRRDOSHUtRGRPiVFRUWR
SHUPLWLGRSRUODOH\
6RSRUWHDO&OLHQWH
6LWLR:HEGH(OHFWURGRPpVWLFRVGH*( (Q((88*($SSOLDQFHVFRP
¢'HVHDUHDOL]DUXQDFRQVXOWDRQHFHVLWDD\XGDFRQVXHOHFWURGRPpVWLFR"£,QWHQWHDWUDYpVGHO6LWLR:HEGH
(OHFWURGRPpVWLFRVGH*(ODVKRUDVGHOGtDFXDOTXLHUGtDGHODxR3DUDPD\RUFRQYHQLHQFLD\XQVHUYLFLRPiV
UiSLGRDKRUDSXHGHGHVFDUJDUHO0DQXDOGHO3URSLHWDULRRUGHQDUSLH]DVRLQFOXVRSURJUDPDUHOVHUYLFLRWpFQLFRD
WUDYpVGH,QWHUQHW(Q&DQDGiZZZ*($SSOLDQFHVFD
6HUYLFLR3URJUDPDGR (Q((88*($SSOLDQFHVFRP
(OVHUYLFLRGHUHSDUDFLyQGHH[SHUWRVGH*(HVWiDVyORXQSDVRGHVXSXHUWD£&RQpFWHVHDWUDYpVGH,QWHUQHW
\SURJUDPHVXVHUYLFLRDVXFRQYHQLHQFLDODVKRUDVGHOGtDFXDOTXLHUGtDGHODxR2OODPHDO*(&$5(6
GXUDQWHHOKRUDULRFRPHUFLDOKDELWXDO
,Q&DQDGDFDOO
(VWXGLRGH'LVHxRGHOD9LGD5HDO (Q((88*($SSOLDQFHVFRP
*(DSR\DHOFRQFHSWRGH'LVHxR8QLYHUVDO²SURGXFWRVVHUYLFLRV\DPELHQWHVTXHSXHGHQVHUXVDGRVSRUSHUVRQDVGH
WRGDVODVHGDGHVWDPDxRV\FDSDFLGDGHV5HFRQRFHPRVODQHFHVLGDGGHUHDOL]DUGLVHxRVSDUDXQDDPSOLDJDPDGH
KDELOLGDGHVHLQFDSDFLGDGHVItVLFDV\PHQWDOHV3DUDPiVGHWDOOHVVREUHODVDSOLFDFLRQHVGH'LVHxR8QLYHUVDOGH*(
LQFOX\HQGRLGHDVGHGLVHxRGHFRFLQDVSDUDSHUVRQDVFRQLQFDSDFLGDGHVYLVLWHQXHVWURVLWLRZHEKR\6REUHFDVRVGH
LQFDSDFLGDGDXGLWLYDFRPXQtTXHVHDO7''*($&
(Q&DQDGiFRPXQtTXHVHFRQ 0DQDJHU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
*DUDQWtDV([WHQGLGDV (Q((88*($SSOLDQFHVFRP
$GTXLHUDXQDJDUDQWtDH[WHQGLGDGH*(\FRQR]FDVREUHGHVFXHQWRVHVSHFLDOHVTXHHVWiQGLVSRQLEOHVPLHQWUDVVX
JDUDQWtDD~QHVWiYLJHQWH/DSXHGHDGTXLULUDWUDYpVGH,QWHUQHWHQFXDOTXLHUPRPHQWRROODPDQGRDO
GXUDQWHHOKRUDULRFRPHUFLDOKDELWXDO/RV6HUYLFLRVSDUDHO&RQVXPLGRU+RJDUHxRGH*(D~QHVWDUiQDOOtFXDQGRVX
JDUDQWtDFDGXTXH(Q&DQDGiOODPHDO
3LH]DV\$FFHVRULRV (Q((88*($SSOLDQFHVFRP
,QGLYLGXRVFDOLILFDGRVSDUDUHDOL]DUHOVHUYLFLRWpFQLFRGHVXVSURSLRVHOHFWURGRPpVWLFRVSRGUiQVROLFLWDUHOHQYtRGHSLH]DV
RDFFHVRULRVGLUHFWDPHQWHDVXVKRJDUHVVHDFHSWDQODVWDUMHWDV9,6$0DVWHU&DUG\'LVFRYHU2UGHQHKR\DWUDYpVGH
,QWHUQHWODVKRUDVGHOGtDRHQIRUPDWHOHIyQLFDOODPDQGRDOGXUDQWHHOKRUDULRFRPHUFLDOKDELWXDO
/DVLQVWUXFFLRQHVTXHILJXUDQHQHVWHPDQXDOFXEUHQORVSURFHGLPLHQWRVTXHVHUiQUHDOL]DGRVSRUFXDOTXLHU
XVXDULR2WURVVHUYLFLRVWpFQLFRVJHQHUDOPHQWHGHEHUtDQVHUGHULYDGRVDSHUVRQDOFDOLILFDGRGHOVHUYLFLR6HGHEHUi
WHQHUFXLGDGR\DTXHXQDUHSDUDFLyQLQGHELGDSRGUiRFDVLRQDUTXHHOIXQFLRQDPLHQWRQRVHDVHJXUR
/RVFOLHQWHVGH&DQDGiGHEHUiQEXVFDUHO&HQWURGHVHUYLFLRWpFQLFR0DEHPiVFHUFDGRHQODVSiJLQDVDPDULOODVR
OODPDUDO
&RQWiFWHQRV ,QWKH86*($SSOLDQFHVFRP
6LQRVHHQFXHQWUDVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLELyGH*(FRPXQtTXHVHFRQQRVRWURVDWUDYpVGHQXHVWURVLWLR
ZHEFRQWRGRVORVGHWDOOHVLQFOX\HQGRVXQ~PHURWHOHIyQLFRRHVFULEDD *HQHUDO0DQDJHU&XVWRPHU
5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
(Q&DQDGiZZZ*($SSOLDQFHVFDRHVFULEDD
'LUHFWRU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
5HJLVWUHVX(OHFWURGRPpVWLFR ,QWKH86*($SSOLDQFHVFRP
5HJLVWUHVXHOHFWURGRPpVWLFRQXHYRDWUDYpVGH,QWHUQHW£DVXFRQYHQLHQFLD8QUHJLVWURSXQWXDOGHVXSURGXFWR
SHUPLWLUiXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVSXQWXDOGHDFXHUGRFRQORVWpUPLQRVGHVXJDUDQWtDHQFDVR
GHVXUJLUODQHFHVLGDG7DPELpQSXHGHHQYLDUXQDFDUWDHQODWDUMHWDGHLQVFULSFLyQSUHLPSUHVDTXHVHLQFOX\HFRQHO
PDWHULDOHPSDTXHWDGR(Q&DQDGiZZZ*($SSOLDQFHVFD
,PSUHVRHQ0p[LFR
(VWHOLEURIXHLPSUHVRHQSDSHOUHFLFODGR

Transcripción de documentos

Safety Instructions . . . . . . 2–5 Operating Instructions Convection Oven. . . . . . . . . . 17–21 Roasting Guide. . . . . . . . . . . . . . 20 Timed Convection Baking. . . . . 23 Gas Surface Burners. . . . . . . . . . 6,7 Griddle. . . . . . . . . . . . . . . . . . . . . . . . . . 8 Lower Oven Drawer. . . . . . . . . . . 26 Thermostat . . . . . . . . . . . . . . . . 25, 26 Upper Oven. . . . . . . . . . . . . . . . . 9–25 Baking or Roasting. . . . . . . . . . 15 Broiling Guide . . . . . . . . . . . . . . . 13 Clock and Timer. . . . . . . . . . . . . 14 Oven Controls. . . . . . . . . . . . . . . . . 9 Preheating. . . . . . . . . . . . . . . . . . . 11 Probe. . . . . . . . . . . . . . . . . . . . . 16, 19 Sabbath Feature . . . . . . . . . . . . 24 Self-Cleaning. . . . . . . . . . . . . 27, 28 Special Features. . . . . . . . . . 22, 23 Timed Baking and. Roasting Features. . . . . . . . . . . 21 Ranges Self-Cleaning Dual Fuel Convection GEAppliances.com Care and Cleaning Installation Owner’s Manual Instructions. . . . . . . . . . . . 38–52 & Installation Anti-Tip Device. . . . . . . . . . . . . . . . 52 Instructions Assemble Surface Burners. . . . 50 Check Ignition of . Surface Burners. . . . . . . . . . . . . . . 51 Connect Range to Gas. . . . . 44, 46 Dimensions and . Clearances. . . . . . . . . . . . . . . . . 40, 41 Electrical Connections. . . . . . 46-49 Level the Range. . . . . . . . . . . . . . . 51 LP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 P2B930 C2S985 Accessories. . . . . . . . . . . . . . . . . . . 57 Troubleshooting Tips . . . . . . . . . . . . . . . . . . . . . . 53–56 Consumer Support Consumer Support. . . Back Cover Warranty to Customers. in Canada. . . . . . . . . . . . . . . . . . . . 59 Warranty to Customers. in the U.S.A.. . . . . . . . . . . . . . . . . . 58 Aluminum Foil. . . . . . . . . . . . . . . . . 12 Burner Grates. . . . . . . . . . . . . . 31, 32 Burner Caps and Heads . . . . . . 30 Control Panel and Knobs. . . . . . 33 Cooktop Surface. . . . . . . . . . . . . . 33 Griddle. . . . . . . . . . . . . . . . . . . . . . . . 31 Lift-Off Oven Door. . . . . . . . . . . . . 34 Lower Oven Drawer. . . . . . . . 36, 37 Oven Air Vents. . . . . . . . . . . . . . . . 33 Oven Heating Elements. . . . . . . 34 Oven Light Replacement. . . . . . 36 Oven Racks. . . . . . . . . . . . . . . . . . . 34 Sealed Burner Assemblies . . . . 29 Self-Cleaning. . . . . . . . . . . . . . . 27, 28 Stainless Steel Surfaces. . . . . . . 35 For a Spanish version of this manual, visit our Website at GEAppliances.com. Para consultar una version en español de este manual de instrucciones, visite nuestro sitio de internet GEAppliances.com. Write the model and serial numbers here: Model #_ ____________________ Serial #______________________ You can find them on a label on the front of the range behind the lower oven drawer. 49-85182-1 10-11 GE ,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 ■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■8VHWKLVDSSOLDQFHIRULWVLQWHQGHGSXUSRVHDVGHVFULEHG LQWKLVRZQHU·VPDQXDO ■+DYH\RXUUDQJHLQVWDOOHGDQGSURSHUO\JURXQGHGE\ DTXDOLILHGLQVWDOOHULQDFFRUGDQFHZLWKWKHSURYLGHG LQVWDOODWLRQLQVWUXFWLRQV$Q\DGMXVWPHQWDQGVHUYLFH VKRXOGEHSHUIRUPHGRQO\E\DTXDOLILHGJDVUDQJH LQVWDOOHUVRUVHUYLFHWHFKQLFLDQV'RQRWDWWHPSWWRUHSDLU RUUHSODFHDQ\SDUWRI\RXUUDQJHXQOHVVLWLVVSHFLILFDOO\ UHFRPPHQGHGLQWKLVPDQXDO ■ 'RQRWVWRUHLWHPVRILQWHUHVWWRFKLOGUHQDERYHDUDQJH RURQWKHEDFNJXDUGRIDUDQJH³FKLOGUHQFOLPELQJRQ WKHUDQJHWRUHDFKLWHPVFRXOGEHVHULRXVO\LQMXUHG ■'RQRWDOORZDQ\RQHWRFOLPEVWDQGRUKDQJRQWKH RYHQGRRUGUDZHURUFRRNWRS7KH\FRXOGGDPDJHWKH UDQJHRUWLSLWRYHUFDXVLQJVHYHUHLQMXU\RUGHDWK ■1HYHUEORFNWKHYHQWV DLURSHQLQJV RIWKHUDQJH7KH\ SURYLGHWKHDLULQOHWVDQGRXWOHWVWKDWDUHQHFHVVDU\IRU WKHUDQJHWRRSHUDWHSURSHUO\ZLWKFRUUHFWFRPEXVWLRQ $LURSHQLQJVDUHORFDWHGDWWKHUHDURIWKHFRRNWRS DWWKHWRSDQGERWWRPRIWKHRYHQGRRUDQGDWWKH ERWWRPRIWKHUDQJHXQGHUWKHZDUPLQJGUDZHUORZHU RYHQGUDZHURUNLFNSDQHO ■ 8VHRQO\GU\SRWKROGHUV³PRLVWRUGDPSSRWKROGHUVRQ ■<RXUUDQJHLVVKLSSHGIURPWKHIDFWRU\VHWIRUXVH KRWVXUIDFHVPD\UHVXOWLQEXUQVIURPVWHDP'RQRWOHW ZLWKQDWXUDOJDV,WFDQEHFRQYHUWHGIRUXVHZLWK/3 SRWKROGHUVWRXFKVXUIDFHEXUQHUVEXUQHUJUDWHRURYHQ JDV,IUHTXLUHGWKVHDGMXVWPHQWVPXVWEHPDGHE\D KHDWLQJHOHPHQW'RQRWXVHDWRZHORURWKHUEXON\FORWK TXDOLILHGWHFKQLFLDQLQDFFRUGDQFHZLWKWKHLQVWDOODWRLQ LQSODFHRISRWKROGHUV LQVWUXFWLRQVDQGORFDOFRGHV7KHDJHQF\SHUIRUPLQJWKLV ■%HFDUHIXOQRWWRWRXFKKRWVXUIDFHVRIWKHUDQJH ZRUNDVVXPHVUHVSRQVLELOLW\IRUWKHFRQYHUVLRQ 3RWHQWLDOO\KRWVXUIDFHVLQFOXGHEXUQHUVJUDWHVFRRNWRS ■+DYHWKHLQVWDOOHUVKRZ\RXWKHORFDWLRQRIWKHUDQJH EDFNJXDUGRYHQDQGGRRULQWHULRUDQGFUHYLFHVDURXQG JDVVKXWRIIYDOYHDQGKRZWRWXUQLWRIILIQHFHVVDU\ WKHRYHQGRRU ■%HIRUHSHUIRUPLQJDQ\VHUYLFHXQSOXJWKHUDQJH ■'RQRWKHDWXQRSHQHGIRRGFRQWDLQHUV3UHVVXUHFRXOG RUGLVFRQQHFWWKHSRZHUVXSSO\DWWKHKRXVHKROG EXLOGXSDQGWKHFRQWDLQHUFRXOGEXUVWFDXVLQJDQ GLVWULEXWLRQSDQHOE\UHPRYLQJWKHIXVHRUVZLWFKLQJRII LQMXU\ WKHFLUFXLWEUHDNHU ■&RRNPHDWDQGSRXOWU\WKRURXJKO\³PHDWWRDWOHDVWDQ ■%HVXUHDOOSDFNLQJPDWHULDOVDUHUHPRYHGIURPWKH LQWHUQDOWHPSHUDWXUHRIƒ)DQGSRXOWU\WRDWOHDVW UDQJHEHIRUHRSHUDWLQJWRSUHYHQWLJQLWLRQRIWKHVH DQLQWHUQDOWHPSHUDWXUHRIƒ)&RRNLQJWRWKHVH PDWHULDOV WHPSHUDWXUHVXVXDOO\SURWHFWVDJDLQVWIRRGERUQHLOOQHVV ■ $YRLGVFUDWFKLQJRULPSDFWLQJJODVVGRRUVFRRNWRSVRU FRQWUROSDQHOV'RLQJVRPD\OHDGWRJODVVEUHDNDJH'R QRWFRRNRQDSURGXFWZLWKEURNHQJODVV6KRFNILUHRU FXWVPD\RFFXU ■ 'RQRWOHDYHFKLOGUHQDORQHRUXQDWWHQGHGLQDQ DUHDZKHUHDQDSSOLDQFHLVLQXVH7KH\VKRXOGQHYHU EHDOORZHGWRFOLPEVLWRUVWDQGRQDQ\SDUWRIWKH DSSOLDQFH 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\XVHGLWHPV LQFDELQHWHVDERYHWKHUDQJHDQGEHFDUHIXOZKHQ 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* ■'RQRWXVHZDWHURQJUHDVHILUHV1HYHUSLFNXS DIODPLQJSDQ7XUQWKHFRQWUROVRII6PRWKHUD IODPLQJSDQRQDVXUIDFHEXUQHUE\FRYHULQJWKHSDQ FRPSOHWHO\ZLWKDZHOOILWWLQJOLGFRRNLHVKHHWRUIODW WUD\,IQHFHVVDU\XVHDPXOWLSXUSRVHGU\FKHPLFDORU IRDPW\SHILUHH[WLQJXLVKHU ■,IWKHUHLVDILUHLQWKHRYHQGXULQJEDNLQJWXUQWKHRYHQ RIIDQGNHHSWKHGRRUFORVHGXQWLOWKHILUHJRHVRXW,I QHFHVVDU\XVHDPXOWLSXUSRVHGU\FKHPLFDORUIRDP W\SHILUHH[WLQJXLVKHU ■ ,IWKHUHLVDILUHLQWKHRYHQGXULQJVHOIFOHDQWXUQWKH RYHQRIIDQGZDLWIRUWKHILUHWRJRRXW'RQRWIRUFH WKHGRRURSHQ,QWURGXFWLRQRIIUHVKDLUDWVHOIFOHDQ WHPSHUDWXUHVPD\OHDGWRDEXUVWRIIODPHIURPWKH RYHQ)DLOXUHWRIROORZWKLVLQVWUXFWLRQPD\UHVXOWLQ VHYHUHEXUQV :$51,1* &22.7236$)(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 ■ 'RQRWDWWHPSWWROLIWWKHFRRNWRS'RLQJVRPD\ RLOZKHQVKDOORZSDQIU\LQJDQGDYRLGFRRNLQJIUR]HQ GDPDJHWKHJDVWXELQJWRWKHVXUIDFHEXUQHUVUHVXOWLQJ IRRGVZLWKH[FHVVLYHDPRXQWVRILFH LQDJDVOHDNDQGULVNRIILUH ■ 8VHSURSHUSDQVL]HDQGDYRLGSDQVWKDWDUHXQVWDEOH ■ :KHQGLVDEOLQJ*DV&RQWURO/RFNRXW RQVRPHPRGHOV  RUHDVLO\WLSSHG6HOHFWFRRNZDUHWKDWLVPDWFKHGWRWKH PDNHVXUHWKHVXUIDFHFRQWUROVDUHVHWWRWKH2)) VL]HRIWKHEXUQHU%XUQHUIODPHVVKRXOGEHDGMXVWHGVR SRVLWLRQ7KLVZLOOSUHYHQWXQLQWHQGHGJDVIORZIURPWKH WKDWWKH\GRQRWH[WHQGEH\RQGWKHERWWRPRIWKHSDQ EXUQHUV ([FHVVLYHIODPHPD\EHKD]DUGRXV ■ 'RQRWXVHDOXPLQXPIRLOWRFRYHUWKHJUDWHVRUOLQH ■$OZD\VXVHWKH/,7(SRVLWLRQZKHQLJQLWLQJWKHWRS DQ\SDUWRIWKHFRRNWRS'RLQJVRPD\UHVXOWLQFDUERQ EXUQHUVDQGPDNHVXUHWKHEXUQHUVKDYHLJQLWHG PRQR[LGHSRLVRQLQJRYHUKHDWLQJRIWKHFRRNWRS VXUIDFHVRUDSRWHQWLDOILUHKD]DUG ■ :KHQXVLQJJODVVFHUDPLFFRRNZDUHPDNHVXUHLWLV VXLWDEOHIRUFRRNWRSVHUYLFHRWKHUVPD\EUHDNEHFDXVH RIVXGGHQFKDQJHLQWHPSHUDWXUH  6$9(7+(6(,16758&7,216 ,03257$176$)(7<,1)250$7,21 5($'$//,16758&7,216%()25(86,1* *($SSOLDQFHVFRP :$51,1* 29(16$)(7<,16758&7,216 ■6WDQGDZD\IURPWKHUDQJHZKHQRSHQLQJWKHRYHQ GRRU+RWDLURUVWHDPZKLFKHVFDSHVFDQFDXVHEXUQV WRKDQGVIDFHDQGRUH\HV ■ .HHSWKHRYHQIUHHIURPJUHDVHEXLOGXS*UHDVHLQWKH RYHQPD\LJQLWH ■ 3ODFHRYHQUDFNVLQGHVLUHGORFDWLRQZKLOHRYHQLVFRRO ,IUDFNPXVWEHPRYHGZKLOHRYHQLVKRWEHFDUHIXOWR DYRLGWRXFKLQJKRWVXUIDFHV ■3XOOWKHRYHQUDFNWRWKHVWRSORFNSRVLWLRQZKHQ ORDGLQJDQGXQORDGLQJIRRGIURPWKHRYHQ7KLVKHOSV SUHYHQWEXUQVIURPWRXFKLQJKRWVXUIDFHVRIWKHGRRU DQGRYHQZDOOV ■ 'RQRWOHDYHLWHPVVXFKDVSDSHUFRRNLQJXWHQVLOVRU IRRGLQWKHRYHQZKHQQRWLQXVH,WHPVVWRUHGLQDQ RYHQFDQLJQLWH ■'RQRWOHDYHLWHPVRQWKHFRRNWRSQHDUWKHRYHQYHQW ZKLFKLVLQWKHFHQWHURIWKHEDFNJXDUG,WHPVPD\ RYHUKHDWUHVXOWLQJLQDULVNRIILUHRUEXUQV ■:KHQXVLQJFRRNLQJRUURDVWLQJEDJVLQWKHRYHQIROORZ WKHPDQXIDFWXUHU·VGLUHFWLRQV ■1HYHUEURLOZLWKGRRURSHQ2SHQGRRUEURLOLQJLVQRW SHUPLWWHGGXHWRRYHUKHDWLQJRIFRQWURONQREV :$51,1* 6(/)&/($1,1*29(16$)(7<,16758&7,216 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 ■ 8VHFDUHZKHQRSHQLQJWKHGUDZHU2SHQWKHGUDZHUD ■7KHSXUSRVHRIWKHZDUPLQJGUDZHULVWRKROGKRW FUDFNDQGOHWKRWDLURUVWHDPHVFDSHEHIRUHUHPRYLQJ FRRNHGIRRGVDWVHUYLQJWHPSHUDWXUH%DFWHULDZLOOJURZ RUUHSODFLQJIRRG+RWDLURUVWHDPWKDWHVFDSHVFDQ LQIRRGZKLOHLWLVEHORZƒ)'RQRWSXWFROGIRRGLQ FDXVHEXUQVWRKDQGVIDFHDQGRUH\HV ZDUPLQJGUDZHU'RQRWKHDWIRRGIRUPRUHWKDQ KRXUV)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQ ■ 'RQRWXVHDOXPLQXPIRLOWROLQHWKHZDUPLQJGUDZHU IRRGERUQHLOOQHVV )RLOLVDQH[FHOOHQWKHDWLQVXODWRUDQGZLOOWUDSKHDW EHQHDWKLW7KLVZLOOXSVHWWKHSHUIRUPDQFHRIWKH ■'RQRWOHDYHSDSHUSURGXFWVSODVWLFVFDQQHGIRRGRU GUDZHUDQGSRWHQWLDOO\FDXVHDILUHKD]DUG FRPEXVWLEOHPDWHULDOVLQWKHGUDZHU7KH\PD\LJQLWH ■ 'RQRWWRXFKWKHKHDWLQJHOHPHQWRUWKHLQWHULRUVXUIDFH RIWKHGUDZHU7KHVHVXUIDFHVPD\EHKRWHQRXJKWR FDXVHEXUQV 6$9(7+(6(,16758&7,216  8VLQJWKHJDVVXUIDFHEXUQHUV 7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO %HIRUH/LJKWLQJD*DV%XUQHU „0DNHVXUHDOOEXUQHUVDUHLQSODFH „ 0DNH VXUH DOO JUDWHV RQ WKH UDQJH DUH SURSHUO\SODFHGEHIRUHXVLQJDQ\EXUQHU „ ,I \RXU UDQJH KDV WKH *DV&RQWURO /RFNRXW IHDWXUHPDNHVXUHLWLVGLVDEOHGEHIRUH DWWHPSWLQJ WR OLJKW WKH VXUIDFH EXUQHUV $IWHU/LJKWLQJD*DV%XUQHU „'RQRWRSHUDWHWKHEXUQHUIRUDQH[WHQGHG SHULRG RI WLPH ZLWKRXW FRRNZDUH RQ WKH JUDWH7KHILQLVKRQWKHJUDWHPD\FKLS ZLWKRXW FRRNZDUH WR DEVRUE WKH KHDW „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³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Œ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·VUHFRPPHQGDWLRQV IRUFRRNLQJPHWKRGV *ODVV7KHUHDUHWZRW\SHVRIJODVV FRRNZDUH³WKRVHIRURYHQXVHRQO\DQG WKRVHIRUWRSRIUDQJHFRRNLQJ VDXFHSDQV FRIIHHDQGWHDSRWV *ODVVFRQGXFWVKHDW YHU\VORZO\ +HDWSURRI*ODVV&HUDPLF&DQEHXVHGIRU HLWKHUVXUIDFHRURYHQFRRNLQJ,WFRQGXFWV KHDWYHU\VORZO\DQGFRROVYHU\VORZO\&KHFN FRRNZDUHPDQXIDFWXUHU·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„7KH3UH+HDWVHWWLQJ RQVRPHPRGHOV LVSURYLGHGWR TXLFNO\SUHKHDW\RXUJULGGOH7XUQFRQWUROGRZQEHIRUH SODFLQJIRRGRQWKHJULGGOH&RRNLQJRQWKH3UH+HDW VHWWLQJPD\UHVXOWLQILUH „8VHFDUHZKHQFRRNLQJJUHDV\IRRGV6SLOOHGJUHDVHPD\ UHVXOWLQILUH „1HYHUSODFHRUVWRUHDQ\LWHPVRQWKHJULGGOHHYHQZKHQ LWLVQRWLQXVH+HDWIURPVXUURXQGLQJEXUQHUVFDQKHDW WKHJULGGOHDQGPD\UHVXOWLQILUH 0RVWJULGGOHGIRRGVUHTXLUHFRRNLQJRQDSUHKHDWHGVXUIDFH 3UHKHDWJULGGOHDFFRUGLQJWRWKLVJXLGHWKHQVZLWFKWRWKH GHVLUHGFRRNVHWWLQJ  :$51,1*%XUQHUIODPHVWKDWDUHQRW FRYHUHGE\FRRNZDUHPD\SUHVHQWDULVNRIILUHRUFORWKLQJ LJQLWLRQ7KHJULGGOHEXUQHUVKRXOGRQO\EHXVHGZLWKWKH JULGGOHLQSODFH)DLOXUHWRGRVRPD\UHVXOWLQVHULRXVLQMXU\ „'RQRWXVHRLORQWKHJULGGOHIRUH[WHQGHGOHQJWKVRIWLPH 3HUPDQHQWVWDLQLQJDQGRUFUD]HOLQHVRQWKHVXUIDFHFRXOGUHVXOW „'RQRWRYHUKHDWWKHJULGGOH/HDYLQJWKHJULGGOHEXUQHU RQDW+,IRUDQH[WHQGHGDPRXQWRIWLPHZLWKRXWIRRGFDQ GDPDJHWKHQRQVWLFNFRDWLQJ „$YRLGXVLQJPHWDOXWHQVLOVZLWKVKDUSSRLQWVRUURXJKVKDUS HGJHVZKLFKPLJKWGDPDJHWKHJULGGOHVXUIDFH „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´)²DQGDQXPEHURUOHWWHUµ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«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³LWLVLPSRUWDQWWKDWWKH IORZRIKRWDLUIURPWKHRYHQDQGIUHVKDLU WRWKHRYHQEXUQHUEHXQLQWHUUXSWHG$YRLG WRXFKLQJWKHYHQWRSHQLQJVRUQHDUE\VXUIDFHV GXULQJRYHQRUEURLOHURSHUDWLRQ³WKH\PD\ EHFRPHKRW „+DQGOHVRISRWVDQGSDQVRQWKHFRRNWRS PD\EHFRPHKRWLIOHIWWRRFORVHWRWKHYHQW „'RQRWOHDYHSODVWLFRUIODPPDEOHLWHPVRQ WKHFRRNWRS³WKH\PD\PHOWRULJQLWHLIOHIW WRRFORVHWRWKHYHQW „'RQRWOHDYHFORVHGFRQWDLQHUVRQWKH FRRNWRS7KHSUHVVXUHLQFORVHGFRQWDLQHUV PD\LQFUHDVHZKLFKPD\FDXVHWKHP WREXUVW „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ƒ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øµ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µIURP RYHQZDOOVWRSUHYHQWSRRUKHDWFLUFXODWLRQ 2YHQ0RLVWXUH $V\RXURYHQKHDWVXSWKHWHPSHUDWXUHFKDQJH RIWKHDLULQWKHRYHQPD\FDXVHZDWHUGURSOHWV WRIRUPRQWKHGRRUJODVV7KHVHGURSOHWV DUHKDUPOHVVDQGZLOOHYDSRUDWHDVWKHRYHQ FRQWLQXHVWRKHDWXS ,I\RXUPRGHOKDVDGRRUODWFKGRQRWORFNWKHRYHQGRRUZLWKWKHODWFKGXULQJEURLOLQJ 7KHODWFKLVXVHGIRUVHOIFOHDQLQJRQO\ +RZWR6HWWKH8SSHU2YHQIRU%URLOLQJ 3ODFHWKHPHDWRUILVKRQDEURLOHUJULGLQ DEURLOHUSDQ )ROORZVXJJHVWHGVKHOISRVLWLRQVLQWKH %URLOLQJ*XLGH 7KHRYHQGRRUPXVWEHFORVHGGXULQJ EURLOLQJ &ORVHWKHGRRU$OZD\VEURLOZLWK WKHGRRUFORVHG 7RXFKWKH%URLO+L/RSDGRQFHIRU +L%URLO 7RFKDQJHWR/R%URLOWRXFKWKH%URLO+L /RSDGDJDLQ  7RXFKWKH6WDUWSDG :KHQEURLOLQJLVILQLVKHGWRXFKWKH&OHDU 2IISDG 6HUYHWKHIRRGLPPHGLDWHO\DQGOHDYHWKHSDQ RXWVLGHWKHRYHQWRFRROGXULQJWKHPHDOIRU HDVLHVWFOHDQLQJ 8VH/R%URLOWRFRRNIRRGVVXFKDVSRXOWU\ RUWKLFNFXWVRIPHDWWKRURXJKO\ZLWKRXWRYHU EURZQLQJWKHP  *($SSOLDQFHVFRP %URLOLQJ*XLGH 7KHVL]HZHLJKWWKLFNQHVV VWDUWLQJWHPSHUDWXUHDQG \RXUSUHIHUHQFHRIGRQHQHVV ZLOODIIHFWEURLOLQJWLPHV7KLV JXLGHLVEDVHGRQPHDWVDW UHIULJHUDWRUWHPSHUDWXUH )RRG %HHI ‚7KH86'HSDUWPHQWRI$JULFXOWXUH VD\V´5DUHEHHILVSRSXODUEXW\RX VKRXOGNQRZWKDWFRRNLQJLWWRRQO\ ƒ)PHDQVVRPHIRRGSRLVRQLQJ RUJDQLVPVPD\VXUYLYHµ 6RXUFH 6DIH)RRG%RRN<RXU.LWFKHQ*XLGH 86'$5HY-XQH 'RQHQHVV %URLO 5DFN 6HWWLQJ 3RVLWLRQ 5DUH0HGLXP 5DUH ƒ)ƒ) 6WHDNV µWKLFN +L ( 0HGLXP ƒ) 6WHDNV µWRµWKLFN +L '( :HOO'RQH ƒ) 6WHDNV µWRµWKLFN +L ' 0HGLXP ƒ) *URXQG%HHI 3DWWLHV µWRµWKLFN +L '( :HOO'RQH ƒ) *URXQG%HHI 3DWWLHV µWRµWKLFN +L ' %UHDVWERQHOHVV /R % %UHDVWERQHLQ /R % µWRµWKLFN +L ' /R ' +L ' &KLFNHQ )LVKILOOHWV 3RUN &KRSV 7\SHRU 7KLFNQHVV :HOO'RQH ƒ) µWKLFN &RPPHQWV 6WHDNVOHVVWKDQ µWKLFNDUHGLI ILFXOWWRFRRNUDUH 7KH\PD\FRRN WKURXJKEHIRUH EURZQLQJ 7RDYRLGFXUOLQJ VODVKIDWDWµ LQWHUYDOV %URLOVNLQVLGH GRZQILUVW +DQGOHDQGWXUQ YHU\FDUHIXOO\ 7RDYRLGFXUOLQJ VODVKIDWDWµ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³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³VKRXOGQRWEHDOORZHGWRVLWIRUPRUH WKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD%HVXUHWKDWWKHRYHQ OLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK +RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS 7KHXSSHURYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRN IRUDVHOHFWHGOHQJWKRIWLPH$WWKHHQGRIWKH FRRNLQJWLPHWKHRYHQZLOOWXUQRIIDXWRPDWLFDOO\ 7RXFKWKH6WDUWSDG 7KHRYHQZLOOWXUQ21DQGWKHGLVSOD\ZLOO VKRZWKHFRRNLQJWLPHFRXQWGRZQDQGWKH 7RXFKWKH%DNHSDG FKDQJLQJWHPSHUDWXUHVWDUWLQJDWƒ) 7KH 7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHGRYHQ WHPSHUDWXUHGLVSOD\ZLOOVWDUWWRFKDQJHRQFH WKHRYHQWHPSHUDWXUHUHDFKHVƒ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ƒ) 7KHWHPSHUDWXUHGLVSOD\ZLOOVWDUWWRFKDQJHRQFH 127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RXPD\ WKHRYHQWHPSHUDWXUHUHDFKHVƒ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„ 7RDYRLGGDPDJLQJ\RXUSUREHGRQRWXVH WRQJVWRSXOORQWKHFDEOHZKHQUHPRYLQJLW „ 7RDYRLGEUHDNLQJWKHSUREHPDNHVXUHIRRG LVFRPSOHWHO\GHIURVWHGEHIRUHLQVHUWLQJ „ 7RSUHYHQWSRVVLEOHEXUQVGRQRWXQSOXJWKH SUREHIURPWKHRXWOHWXQWLOWKHRYHQKDVFRROHG $IWHUSUHSDULQJWKHPHDWDQGSODFLQJLWRQ DWULYHWRURQDEURLOHUSDQJULGIROORZWKHVH GLUHFWLRQVIRUSURSHUSUREHSODFHPHQW ,QVHUWWKHSUREHFRPSOHWHO\LQWRWKHPHDW,W VKRXOGQRWWRXFKWKHERQHIDWRUJULVWOH &DEOH +DQGOHV „ 1HYHUOHDYH\RXUSUREHLQVLGHWKHRYHQ GXULQJDVHOIFOHDQLQJF\FOH „ 'RQRWVWRUHWKHSUREHLQWKHRYHQ ,QVHUWWKHSUREHLQWRWKHFHQWHURIGLVKHVVXFK DVPHDWORDIRUFDVVHUROHV ,QVHUWWKHSUREHLQWRWKHPHDWLHVWSDUWRIWKH LQQHUWKLJKIURPEHORZDQGSDUDOOHOWRWKHOHJ RIDZKROHWXUNH\ )RUURDVWVZLWKQRERQHLQVHUWWKHSUREHLQWR WKHPHDWLHVWSDUWRIWKHURDVW)RUERQHLQKDP RUODPELQVHUWWKHSUREHLQWRWKHFHQWHURIWKH ORZHVWODUJHPXVFOH +RZWR6HWWKH8SSHU2YHQ)RU&RRNLQJ:KHQ8VLQJWKH3UREH ,QVHUWWKHSUREHLQWRWKHIRRG 3OXJWKHSUREHLQWRWKHRXWOHWLQWKHRYHQ 0DNHVXUHLW·VSXVKHGDOOWKHZD\LQ&ORVH WKHRYHQGRRU 7RXFKWKH3UREHSDG 7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG LQWHUQDOIRRGRUPHDWWHPSHUDWXUH EHWZHHQƒ)DQGƒ) 7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJSUREH FRRNLQJWRXFKWKH%DNHSDGDQGWKHQWKH QXPEHUSDGVWRVHWWKHQHZWHPSHUDWXUH 7RXFKWKH%DNHSDG „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³WKH\PLJKWGDPDJHLW 7KHGLVSOD\ZLOOVKRZ/2XQWLOWKHLQWHUQDO WHPSHUDWXUHRIWKHIRRGUHDFKHVƒ)WKHQ WKHFKDQJLQJLQWHUQDOWHPSHUDWXUHZLOOEH VKRZQ „<RXFDQXVHWKHWLPHUHYHQWKRXJK\RX FDQQRWXVHWLPHGRYHQRSHUDWLRQVZKLOH XVLQJWKHSUREH 8VLQJWKHFRQYHFWLRQRYHQ XSSHURYHQRQO\  *($SSOLDQFHVFRP 7KHFRQYHFWLRQRYHQIDQVKXWVRIIZKHQWKHRYHQGRRULVRSHQHG'2127OHDYHWKHGRRURSHQIRUORQJSHULRGVRIWLPH ZKLOHXVLQJFRQYHFWLRQFRRNLQJ ,QDFRQYHFWLRQRYHQDIDQ FLUFXODWHVKRWDLURYHUXQGHUDQG DURXQGWKHIRRG7KLVFLUFXODWLQJ KRWDLULVHYHQO\GLVWULEXWHG WKURXJKRXWWKHRYHQFDYLW\$VD UHVXOWIRRGVDUHHYHQO\FRRNHGDQG EURZQHG³RIWHQLQOHVVWLPHWKDQ ZLWKUHJXODUKHDW 7RKHOS\RXXQGHUVWDQGWKHGLIIHUHQFHEHWZHHQ 5RDVWVRUSRXOWU\VKRXOGEHFRRNHGRQUDFN FRQYHFWLRQEDNHDQGURDVWDQGWUDGLWLRQDOEDNH SRVLWLRQ $  DQGURDVWKHUHDUHVRPHJHQHUDOJXLGHOLQHV :KHQ\RXDUHFRQYHFWLRQURDVWLQJLWLV LPSRUWDQWWKDW\RXXVHDEURLOHUSDQDQGJULG &RQYHFWLRQ%DNH IRUEHVWFRQYHFWLRQURDVWLQJUHVXOWV7KHSDQLV „3UHKHDWWKHRYHQ6HHWKH8VLQJWKH2YHQ² XVHGWRFDWFKJUHDVHVSLOOVDQGWKHJULGLVXVHG 3UHKHDWLQJDQG3DQ3ODFHPHQWVHFWLRQ WRSUHYHQWJUHDVHVSDWWHUV „,GHDOIRUIRRGVFRRNHGRQPXOWLSOHUDFNV „*RRGIRUODUJHTXDQWLWLHVRIEDNHGIRRGV „*RRGUHVXOWVZLWKFRRNLHVELVFXLWVEURZQLHV FXSFDNHVFUHDPSXIIVVZHHWUROOVDQJHOIRRG FDNHDQGEUHDG 7KHFRQYHFWLRQIDQFLUFXODWHVWKHKHDWHG DLUHYHQO\RYHUDQGDURXQGWKHIRRG &RQYHFWLRQ5RDVW „*RRGIRUODUJHWHQGHUFXWVRIPHDW XQFRYHUHG „3ODFHWKHUDFNLQUDFNSRVLWLRQ $  7KHFRQYHFWLRQIDQFLUFXODWHVWKHKHDWHGDLU HYHQO\RYHUDQGDURXQGWKHIRRG0HDWDQG SRXOWU\DUHEURZQHGRQDOOVLGHVDVLIWKH\ ZHUHFRRNHGRQDURWLVVHULH+HDWHGDLUZLOOEH FLUFXODWHGRYHUXQGHUDQGDURXQGWKHIRRG EHLQJURDVWHG7KHKHDWHGDLUVHDOVLQMXLFHV TXLFNO\IRUDPRLVWDQGWHQGHUSURGXFWZKLOH DWWKHVDPHWLPHFUHDWLQJDULFKJROGHQEURZQ H[WHULRU $XWR5HFLSHŒ&RQYHUVLRQ <RXFDQXVH\RXUIDYRULWHUHFLSHVLQWKH FRQYHFWLRQRYHQ :KHQXVLQJ&RQYHFWLRQ%DNHWKHRYHQZLOO DXWRPDWLFDOO\FRQYHUWWKHRYHQWHPSHUDWXUH IURPUHJXODUEDNLQJWR&RQYHFWLRQ%DNH WHPSHUDWXUHV 8VLQJWKHQXPEHUSDGVHQWHUWKH WHPSHUDWXUHUHFRPPHQGHGLQWKHUHFLSH 7RXFKWKH6WDUW SDG 7KHGLVSOD\ZLOOVKRZWKHDFWXDO FRQYHUWHG UHGXFHG WHPSHUDWXUH)RU H[DPSOHLI\RXHQWHUDUHJXODUUHFLSH WHPSHUDWXUHRIÛ) Û& DQGWRXFK WKH6WDUWSDGWKHGLVSOD\ZLOOVKRZ&21 DQGWKHFRQYHUWHGWHPSHUDWXUHRIÛ) Û&  127(7KLVIHDWXUHRQO\FRQYHUWVFRRNLQJ WHPSHUDWXUHVQRWFRRNLQJWLPHV :KHQFRQYHFWLRQURDVWLQJWKHRYHQ WHPSHUDWXUHZLOOQRWDXWRFRQYHUW 7RXFKWKH&OHDU2II SDGZKHQEDNLQJLV ILQLVKHG ■ 8VHSDQVL]HUHFRPPHQGHGLQWKHUHFLSH ■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„'DUNHQHGRUPDWWHILQLVKHGSDQVZLOOEDNH 3DSHUDQG3ODVWLF IDVWHUWKDQVKLQ\SDQV +HDWUHVLVWDQWSDSHUDQGSODVWLFFRQWDLQHUVWKDW „*ODVVRUFHUDPLFSDQVFRRNPRUHVORZO\ DUHUHFRPPHQGHGIRUXVHLQUHJXODURYHQVFDQ :KHQEDNLQJFRRNLHV\RXZLOOJHWWKHEHVW EHXVHGLQFRQYHFWLRQRYHQV3ODVWLFFRRNZDUH UHVXOWVLI\RXXVHDIODWFRRNLHVKHHWLQVWHDGRID WKDWLVKHDWUHVLVWDQWWRWHPSHUDWXUHVRIƒ) SDQZLWKORZVLGHV FDQDOVREHXVHGZKHQRYHQLVEHORZƒ) )RUUHFLSHVOLNHRYHQEDNHGFKLFNHQXVHDSDQ ZLWKORZVLGHV+RWDLUFDQQRWFLUFXODWHZHOO DURXQGIRRGLQDSDQZLWKKLJKVLGHV or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ƒ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„,IWKHSUREHLVUHPRYHGIURPWKHIRRGEHIRUH WKHILQDOWHPSHUDWXUHLVUHDFKHGDWRQHZLOO 0DNHVXUHLWLVSXVKHGDOOWKHZD\LQ&ORVH VRXQGDQGWKHGLVSOD\ZLOOIODVKXQWLOWKH WKHRYHQGRRU SUREHLVUHPRYHGIURPWKHRYHQ 7RXFKWKH&RQYHFWLRQ5RDVWSDG „<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWKWKLV IHDWXUH7KHIDQZLOOVWRSZKHQWKHGRRULV 7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG RSHQHGEXWWKHKHDWZLOOQRWWXUQRII RYHQWHPSHUDWXUH 7RXFKWKH3UREH SDG 7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG LQWHUQDOIRRGWHPSHUDWXUH „<RXFDQXVHWKHWLPHUHYHQWKRXJK\RX FDQQRWXVHWLPHGRYHQRSHUDWLRQVZKLOH XVLQJWKHSUREH 7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJWKH &RQYHFWLRQ5RDVWF\FOHWRXFKWKH&RQYHFWLRQ 5RDVWSDGDQGWKHQWRXFKWKHQXPEHUSDGVWR VHWWKHQHZGHVLUHGWHPSHUDWXUH 7RXFKWKH6WDUWSDG :KHQWKHRYHQVWDUWVWRKHDWWKHZRUG/2ZLOO EHLQWKHGLVSOD\ $IWHUWKHLQWHUQDOWHPSHUDWXUHRIWKHIRRG UHDFKHVƒ)WKHFKDQJLQJLQWHUQDO WHPSHUDWXUHZLOOEHVKRZQLQWKHGLVSOD\ :KHQWKHLQWHUQDOWHPSHUDWXUHRIWKH IRRGUHDFKHVWKHQXPEHU\RXKDYHVHW WKHSUREHDQGWKHRYHQWXUQRIIDQGWKH RYHQFRQWUROVLJQDOV7RVWRSWKHVLJQDO WRXFKWKH&OHDU2IISDG8VHKRWSDGVWR UHPRYHWKHSUREHIURPWKHIRRG'RQRW XVHWRQJVWRSXOORQLW³WKH\PLJKW GDPDJHLW  8VLQJWKHFRQYHFWLRQRYHQ XSSHURYHQRQO\ &RQYHFWLRQ5RDVWLQJ*XLGH6XJJHVWHG6HWWLQJV 0HDWV %HHI 3RUN /DPE 3RXOWU\ 5LE5RDVW OEV %RQHLQDQG%RQHOHVV 5DUH 0HGLXP 5DUH 5DUH %HHI7HQGHUORLQ OEV %HHI7HQGHUORLQ OEV %RQH,Q%RQHOHVV OEV %RQH,Q OEV 0HGLXP %RQHOHVV OEV 0HGLXP :KROH&KLFNHQ OEV 7XUNH\:KROH  8QVWXIIHG WROEV  8QVWXIIHG WROEV 7XUNH\%UHDVW WROEV 2YHQ 7HPS Û) Û) Û) Û) Û) Û) Û) Û)  Û) Û) Û) ,QWHUQDO 7HPS Û) Û) Û) Û) Û) Û) Û) Û)  Û) Û) Û) 6WXIIHGELUGVJHQHUDOO\UHTXLUHPLQXWHVDGGLWLRQDOURDVWLQJWLPH6KLHOGOHJVDQGEUHDVWZLWKIRLOWRSUHYHQW RYHUEURZQLQJDQGGU\LQJRIVNLQ  8VLQJWKHWLPHGFRQYHFWLRQ EDNLQJIHDWXUHV RQVRPHPRGHOV  *($SSOLDQFHVFRP <RXZLOOKHDUDIDQZKLOHFRRNLQJZLWKWKLVIHDWXUH7KHIDQZLOOVWRSZKHQWKHGRRULVRSHQHGEXWWKHKHDWZLOOQRW WXUQRII 127()RRGVWKDWVSRLOHDVLO\³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³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ƒ) 7KHWHPSHUDWXUH GLVSOD\ZLOOVWDUWWRFKDQJHRQFHWKHRYHQWHPSHUDWXUH UHDFKHVƒ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ƒ) 7KHWHPSHUDWXUHGLVSOD\ZLOOVWDUWWRFKDQJHRQFH WKHRYHQWHPSHUDWXUHUHDFKHVƒ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·V PHPRU\XQWLOWKHVWHSVDUHUHSHDWHG :KHQWKHGLVSOD\VKRZV\RXUFKRLFHWRXFKWKH6WDUWSDG7KHVSHFLDOIHDWXUHVZLOOUHPDLQLQPHPRU\DIWHUDSRZHUIDLOXUH +RXU6KXW2II :LWKWKLVIHDWXUHVKRXOG\RXIRUJHWDQGOHDYHWKH RYHQRQWKHFRQWUROZLOODXWRPDWLFDOO\WXUQRIIWKH RYHQDIWHUKRXUVGXULQJEDNLQJIXQFWLRQVRU DIWHUKRXUVGXULQJDEURLOIXQFWLRQ 7RXFKWKH'HOD\6WDUWSDG7KHGLVSOD\ ZLOOVKRZVKGQ KRXUVKXWRII 7RXFK WKH'HOD\6WDUWSDGDJDLQDQGWKHGLVSOD\ ZLOOVKRZQRVKGQ QRVKXWRII  ,I\RXZLVKWRWXUQ2)) WKLVIHDWXUHIROORZWKH VWHSVEHORZ 7RXFKWKH6WDUWSDGWRDFWLYDWHWKHQR VKXWRIIDQGOHDYHWKHFRQWUROVHWLQWKLV VSHFLDOIHDWXUHVPRGH 7RXFKWKH%DNHDQG%URLO+L/RSDGVDW WKHVDPHWLPHIRUVHFRQGVXQWLOWKH GLVSOD\VKRZV6) )DKUHQKHLWRU&HOVLXV7HPSHUDWXUH6HOHFWLRQ <RXURYHQFRQWUROLVVHWWRXVHWKH)DKUHQKHLW WHPSHUDWXUHVHOHFWLRQVEXW\RXPD\FKDQJH WKLVWRXVHWKH&HOVLXVVHOHFWLRQV 7RXFKWKH%URLO+L/RDQG&RRNLQJ7LPH SDGVDWWKHVDPHWLPH7KHGLVSOD\ZLOO VKRZ) )DKUHQKHLW  7RXFKWKH%DNHDQG%URLO+L/RSDGVDW WKHVDPHWLPHIRUVHFRQGVXQWLOWKH GLVSOD\VKRZV6) 7RXFKWKH%URLO+L/RDQG&RRNLQJ7LPH SDGVDJDLQDWWKHVDPHWLPH7KHGLVSOD\ ZLOOVKRZ& &HOVLXV  7RXFKWKH6WDUWSDG 7RQHVDWWKH(QGRID7LPHG&\FOH $WWKHHQGRIDWLPHGF\FOHVKRUWEHHSVZLOO VRXQGIROORZHGE\RQHEHHSHYHU\VHFRQGV XQWLOWKH&OHDU2IISDGLVWRXFKHG7KLV FRQWLQXDOVHFRQGEHHSPD\EHFDQFHOHG 7RFDQFHOWKHVHFRQGEHHS 7RXFKWKH%DNHDQG%URLO+L/RSDGVDW WKHVDPHWLPHIRUVHFRQGVXQWLOWKH GLVSOD\VKRZV6)  7RXFKWKH.LWFKHQ7LPHU2Q2IISDG7KH GLVSOD\VKRZV&21%((3 FRQWLQXDOEHHS  DQG%((37RXFKWKH.LWFKHQ7LPHU2Q 2IISDGDJDLQ7KHGLVSOD\VKRZV%((3 7KLVFDQFHOVWKHRQHEHHSHYHU\ VHFRQGV 7RXFKWKH6WDUWSDG  *($SSOLDQFHVFRP *DV&RQWURO/RFNRXW RQVRPHPRGHOV <RXUFRQWUROZLOODOORZ\RXWRORFNRXWWKH VXUIDFHEXUQHUVRYHQEXUQHUVDQGFRQWURO SDQHOVRWKH\FDQQRWEHDFWLYDWHG :KHQWKLVIHDWXUHLVRQDQGWKHWRXFKSDGVDUH WRXFKHGWKHFRQWUROZLOOEHHSDQGWKHGLVSOD\ ZLOOVKRZ/2& 7RORFNXQORFNWKHFRQWUROV „ 7KHFRQWUROORFNRXWPRGHDIIHFWVDOO FRQWUROV1RFRQWUROVZLOOZRUNZKHQWKLV IHDWXUHLVDFWLYDWHG 7XUQDOOVXUIDFHEXUQHUVRII 7RXFKDQGKROGWKH*$6&21752/ /2&.287SDGIRUVHFRQGVXQWLOWKH GLVSOD\VKRZV/2& „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ŠZLOODSSHDULQ WKHGLVSOD\ 7RXFKWKH%DNHSDG1RVLJQDOZLOOEH JLYHQ :KHQWKHGLVSOD\VKRZVŠWKH RYHQLVVHWLQ6DEEDWK:KHQWKH GLVSOD\VKRZVŠWKHRYHQLV EDNLQJURDVWLQJ 8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG WHPSHUDWXUHEHWZHHQƒDQGƒ1R VLJQDORUWHPSHUDWXUHZLOOEHJLYHQ 7RXFKWKH6WDUWSDG $IWHUDUDQGRPGHOD\SHULRGRI DSSUR[LPDWHO\VHFRQGVWRPLQXWH ŠZLOODSSHDULQWKHGLVSOD\LQGLFDWLQJ WKDWWKHRYHQLVEDNLQJURDVWLQJ,IŠ GRHVQ·WDSSHDULQWKHGLVSOD\VWDUWDJDLQ DW6WHS 7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFK WKH%DNHSDGHQWHUWKHQHZWHPSHUDWXUHXVLQJ WKHQXPEHUSDGVDQGWRXFKWKH 6WDUWSDG 127(7KH&OHDU2IIDQG&RRNLQJ7LPHSDGV DUHDFWLYHGXULQJWKH6DEEDWKIHDWXUH +RZWR6HWIRU7LPHG%DNLQJ5RDVWLQJ²,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS 0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI GD\DQGWKHRYHQLVRII 3UHVVDQGKROGERWKWKH%DNHDQG%URLO +L/RSDGVDWWKHVDPHWLPHXQWLOWKH GLVSOD\VKRZV6) 8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG WHPSHUDWXUH1RVLJQDORUWHPSHUDWXUHZLOO EHJLYHQ 7DSWKH'HOD\6WDUWSDGXQWLO6$EE$W+ DSSHDUVLQWKHGLVSOD\ 7RXFKWKH6WDUWSDG 7RXFKWKH6WDUWSDGDQGŠZLOODSSHDULQ WKHGLVSOD\ 7RXFKWKH&RRNLQJ7LPHSDG 7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG OHQJWKRIFRRNLQJWLPHEHWZHHQPLQXWH DQGKRXUVDQGPLQXWHV7KHFRRNLQJ WLPHWKDW\RXHQWHUHGZLOOEHGLVSOD\HG :KHQWKHGLVSOD\VKRZVŠWKH RYHQLVVHWLQ6DEEDWK:KHQWKH GLVSOD\VKRZVŠWKHRYHQLV EDNLQJURDVWLQJ  7RXFKWKH%DNHSDG1RVLJQDOZLOOEH JLYHQ 7RXFKWKH6WDUWSDG $IWHUDUDQGRPGHOD\SHULRGRI DSSUR[LPDWHO\VHFRQGVWRPLQXWHŠ ZLOODSSHDULQWKHGLVSOD\LQGLFDWLQJWKDW WKHRYHQLVEDNLQJURDVWLQJ,IŠGRHVQ·W DSSHDULQWKHGLVSOD\VWDUWDJDLQDW6WHS 7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH %DNHSDGHQWHUWKHQHZWHPSHUDWXUHXVLQJWKH QXPEHUSDGVDQGWRXFKWKH6WDUWSDG :KHQFRRNLQJLVILQLVKHGWKHGLVSOD\ZLOO FKDQJHIURPŠWRŠDQGZLOODSSHDU LQGLFDWLQJWKDWWKHRYHQKDVWXUQHG2))EXWLV VWLOOVHWLQ6DEEDWK5HPRYHWKHFRRNHGIRRG  *($SSOLDQFHVFRP +RZWR([LWWKH6DEEDWK)HDWXUH 7RXFKWKH&OHDU2IISDG ,IWKHRYHQLVFRRNLQJZDLWIRUDUDQGRP GHOD\SHULRGRIDSSUR[LPDWHO\VHFRQGV WRPLQXWHXQWLORQO\ŠLVLQWKHGLVSOD\ 3UHVVDQGKROGERWKWKH%$.(DQG%52,/ +,/2SDGVDWWKHVDPHWLPHXQWLOWKH GLVSOD\VKRZV6) 7DSWKH'(/$<67$57SDGXQWLOVKGQ RUQRVKGQDSSHDUVLQWKHGLVSOD\VKGQ LQGLFDWHVWKDWWKHRYHQZLOODXWRPDWLFDOO\ WXUQRIIDIWHUKRXUVQRVKGQLQGLFDWHV WKDWWKHRYHQZLOOQRWDXWRPDWLFDOO\WXUQ RII 7RXFKWKH67$57SDG 127(,IDSRZHURXWDJHRFFXUUHGZKLOHWKH RYHQZDVLQ6DEEDWKWKHRYHQZLOODXWRPDWLFDOO\ WXUQRIIDQGVWD\RIIHYHQZKHQWKHSRZHU UHWXUQV7KHRYHQFRQWUROPXVWEHUHVHW $GMXVWWKHXSSHURYHQWKHUPRVWDW³'RLW\RXUVHOI <RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWR EHFRPHPRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW \RXUVHOI 'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ7KHVH WKHUPRPHWHUVPD\YDU\²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ƒ)RUGRZQDVPXFKDV ƒ)7RXFKWKHQXPEHUSDGVWKHVDPH ZD\\RXUHDGWKHP)RUH[DPSOHWR FKDQJHWKHRYHQWHPSHUDWXUHƒ)WRXFK DQG 7KHW\SHRIPDUJDULQHZLOODIIHFWEDNLQJSHUIRUPDQFH 0RVWUHFLSHVIRUEDNLQJKDYHEHHQGHYHORSHGXVLQJKLJKIDWSURGXFWVVXFKDVEXWWHURUPDUJDULQH IDW ,I\RX GHFUHDVHWKHIDWWKHUHFLSHPD\QRWJLYHWKHVDPHUHVXOWVDVZLWKDKLJKHUIDWSURGXFW 5HFLSHIDLOXUHFDQUHVXOWLIFDNHVSLHVSDVWULHVFRRNLHVRUFDQGLHVDUHPDGHZLWKORZIDWVSUHDGV7KHORZHUWKHIDWFRQWHQW RIDVSUHDGSURGXFWWKHPRUHQRWLFHDEOHWKHVHGLIIHUHQFHVEHFRPH )HGHUDOVWDQGDUGVUHTXLUHSURGXFWVODEHOHG´PDUJDULQHµ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„7KH21VLJQDOOLJKWLVORFDWHGRQWKHXSSHU ULJKWVLGHRIWKHNQREDQGJORZVZKHQWKH NQRELVLQWKH21SRVLWLRQ,WUHPDLQV21XQWLO WKHNQRELVPRYHGWRWKH2))SRVLWLRQ „7KH´+HDWLQJµVLJQDOOLJKWLVORFDWHGEHORZWKH 21VLJQDOOLJKWDQGJORZVZKHQWKHKHDWLQJ HOHPHQWVDUHDFWLYH3UHKHDWLVFRPSOHWH DIWHUWKH´+HDWLQJµVLJQDOKDVWXUQHGRIIIRU WKHILUVWWLPHHDFKXVH 127(6 „$OZD\VXVHWKHLQFOXGHGGUDZHUUDFNZKHQ XVLQJWKHORZHURYHQGUDZHU „7KHORZHURYHQGUDZHUFDQQRWEHXVHG GXULQJDVHOIFOHDQF\FOHRIWKHXSSHURYHQ „'RQRWSXWIRRGIRLORUFRRNZDUHGLUHFWO\RQ WKHERWWRPRIWKHORZHURYHQGUDZHU$OZD\V XVHWKHLQFOXGHGGUDZHUUDFN „,IIRRGVUHTXLUHDFRYHUXVHRQO\IRLORUOLGV DEOHWRZLWKVWDQGEDNLQJWHPSHUDWXUHV 'RQRWXVHSODVWLF „0D[LPXPKHLJKWRIIRRGVWKDWFDQEHSODFHG LQWKHORZHURYHQGUDZHULVµ „'RQRWSXWOLTXLGRUZDWHULQWKHORZHURYHQ GUDZHU „1HYHUSODFHSODVWLFVSDSHUFDQQHGIRRGV RUFRPEXVWLEOHPDWHULDOLQWKHORZHURYHQ GUDZHU 7KHORZHURYHQGUDZHUXVHVOHVVHQHUJ\WKDQWKHXSSHURYHQ $OORZWKHIROORZLQJDSSUR[LPDWHWLPHVIRUSUHKHDWLQJ 'HVLUHG/RZHU 2YHQ7HPSHUDWXUH 3UHKHDW 7LPH :$50 PLQXWHV ƒ) PLQXWHV ƒ) PLQXWHV $GMXVWWKHORZHURYHQWKHUPRVWDW³'RLW\RXUVHOI TO TO KE MA HOT TER T OVEN URN D I SK T OVEN TEMPER JUS A AD N SCREWS AND R TUR OT E TO OSE AT E LO AP H PR O TC X. 10 F PER NO ˚ MA KE OVEN COOLER TUR IS K ND %DFNRI/RZHU2YHQ.QRE $SSHDUDQFHPD\YDU\ 3XOOWKH29(1&21752/NQRERIIWKH UDQJHDQGORRNDWWKHEDFNVLGH7RPDNH DQDGMXVWPHQWORRVHQ DSSUR[LPDWHO\RQH WXUQ EXWGRQRWFRPSOHWHO\UHPRYHWKH WZRVFUHZVRQWKHEDFNRIWKHNQRE :LWKWKHEDFNRIWKHNQREIDFLQJ\RXKROG WKHRXWHUHGJHRIWKHNQREZLWKRQHKDQG DQGWXUQWKHIURQWRIWKHNQREZLWKWKH RWKHUKDQG 7RUDLVHWKHRYHQWHPSHUDWXUHPRYHWKH WRSVFUHZWRZDUGWKHULJKW<RX·OOKHDUD FOLFNIRUHDFKQRWFK\RXPRYHWKHNQRE 7RORZHUWKHWHPSHUDWXUHPRYHWKHWRS VFUHZWRZDUGWKHOHIW (DFKFOLFNZLOOFKDQJHWKHRYHQWHPSHUDWXUH DSSUR[LPDWHO\ƒ) 5DQJHLV“ƒ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³WKH\FDQQRWZLWKVWDQGWKHKLJK FOHDQLQJWHPSHUDWXUHV 127( „,I\RXURYHQLVHTXLSSHGZLWKQLFNHORYHQ UDFNVUHPRYHWKHPEHIRUH\RXEHJLQWKH VHOIFOHDQF\FOH „,I\RXURYHQLVHTXLSSHGZLWKJUD\SRUFHODLQ FRDWHGRYHQUDFNVWKH\PD\EHOHIWLQWKH RYHQGXULQJWKHVHOIFOHDQF\FOH '2KDQGFOHDQRYHQIUDPH 6RLORQWKHIURQWIUDPHRIWKHUDQJHDQG RXWVLGHWKHJDVNHWRQWKHIURQWIUDPHZLOO QHHGWREHFOHDQHGE\KDQG&OHDQWKHVH DUHDVZLWKKRWZDWHUVRDSILOOHGVFRXULQJ SDGVRUFOHDQVHUVVXFKDV6RIW6FUXEŠ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„7KHZRUGV/2&.'225ZLOOIODVKDQGWKH RYHQFRQWUROZLOOVLJQDOLI\RXVHWWKHFOHDQ F\FOHDQGIRUJHWWRFORVHWKHRYHQGRRURU IRUJHWWRODWFKWKHGRRU „7RVWRSDFOHDQF\FOHWRXFKWKH&/($52)) SDG:KHQWKH/2&.(''225 OLJKWJRHV RIILQGLFDWLQJWKHRYHQKDVFRROHGEHORZWKH ORFNLQJWHPSHUDWXUH\RXPD\RSHQWKHGRRU „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„7KHZRUGV/2&.'225ZLOOIODVKDQGWKH RYHQFRQWUROZLOOVLJQDOLI\RXVHWWKHFOHDQ F\FOHDQGIRUJHWWRFORVHWKHRYHQGRRURU IRUJHWWRODWFKWKHGRRURQPRGHOVZLWKD ODWFK „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„<RXFDQQRWVHWWKHRYHQIRUFRRNLQJXQWLOWKH RYHQLVFRROHQRXJKIRUWKHGRRUWRXQORFN „ :KLOHWKHRYHQLVVHOIFOHDQLQJ\RXFDQ WRXFKWKH&/2&.SDGWRGLVSOD\WKHWLPH RIGD\7RUHWXUQWRWKHFOHDQFRXQWGRZQ WRXFKWKH&22.,1*7,0(SDG „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²PLQXWHV)RUPRUH VWXEERUQVWDLQVXVHDWRRWKEUXVK $IWHUFOHDQLQJ  (OHFWURGH %HIRUHSXWWLQJWKHEXUQHUFDSVKHDGV RQVRPH PRGHOV DQGRYDOKHDGFDSDVVHPEO\EDFNVKDNH RXWH[FHVVZDWHUDQGWKHQGU\WKHPWKRURXJKO\ E\VHWWLQJLQDZDUPRYHQIRUPLQXWHV RQVRPHPRGHOV )URQWRIUDQJH 7ULULQJFDS RQVRPHPRGHOV  *($SSOLDQFHVFRP /RGJHŠ5HYHUVLEOH&DVW,URQ*ULGGOH RQVRPHPRGHOV ■ 5LQVHZLWKKRWZDWHU GRQRWXVHVRDS DQG GU\WKRURXJKO\ ■ %HIRUHFRRNLQJSUHSDUHWKHVXUIDFHZLWK FRRNLQJVSUD\RUYHJHWDEOHRLO ■ $IWHUFRRNLQJFOHDQWKHJULGGOHZLWKDVWLII EUXVKDQGKRWZDWHU8VLQJVRDSLVQRW UHFRPPHQGHGDQGKDUVKGHWHUJHQWVVKRXOG QHYHUEHXVHG ■ 7RZHOGU\LPPHGLDWHO\DQGDSSO\DOLJKWFRDW RIFRRNLQJVSUD\RUYHJHWDEOHRLOZKLOHWKH JULGGOHLVVWLOOZDUP ■ 6WRUHLQDFRROGU\SODFH ■ 'RQRWZDVKLQWKHGLVKZDVKHU *ULGGOH3UHFDXWLRQV ■,IVRPHWKLQJKDVVSLOOHGXQGHUWKHJULGGOHLW VKRXOGEHFOHDQHGXSDVVRRQDVSRVVLEOHWR SUHYHQW´EDNHGRQµIRRGVRLO ■'RQRWDOORZJUHDVHWRDFFXPXODWHXQGHUWKH JULGGOHDVLWFDQEHDILUHKD]DUG&OHDQXQGHU WKHJULGGOHDVVRRQDVLWLVFRRO&OHDQZLWK KRWVRDS\ZDWHU ■'RQRWSODFH\RXUJULGGOHLQWKHPLFURZDYH ■$OZD\VWXUQRIIDOOVXUIDFHEXUQHUVEHIRUH UHPRYLQJWKHJULGGOH8VHFDXWLRQZKHQ KDQGOLQJDKRWJULGGOH 1RQVWLFN*ULGGOH RQVRPHPRGHOV 127(6 ■ 7KHJULGGOHLVWREHXVHGRYHUWKHFHQWHU EXUQHURQO\ ■ 'RQRWFOHDQWKHJULGGOHLQDVHOIFOHDQLQJ RYHQ ■ 'RQRWFOHDQWKHJULGGOHLQDGLVKZDVKHU ■ :DVKZLWKKRWVRDS\ZDWHUDIWHUHDFKXVH ZKLOHXVLQJDVSRQJHRUGLVKFORWK ■ ,IRLORUIRRGUHVLGXHLVOHIWRQWKHJULGGOH IXUWKHUFRRNLQJZLOOKDUGHQWKHUHVLGXHDQG FDXVHVWLFNLQJRYHUWLPH,QWKLVFDVHXVHD QRQDEUDVLYHFOHDQVHUVXFKDV%RQ$PLŠ RURQHRIWKHVRIWVFUXEFOHDQVHUV$SSO\ ZLWKDVSRQJH6FUXQJHŠRURWKHUFOHDQLQJ SDGODEHOHGVDIHIRUQRQVWLFNSDQV ■ 8VHRQO\SODVWLFQ\ORQRUZRRGHQXWHQVLOV RU6LOYHU6WRQHŠNLWFKHQWRROVWRSUHYHQW PDUULQJRIWKHFRDWLQJ ■ 1HYHUXVHNQLYHVRUFXWIRRGRQWKHJULG GOH:DVKZLWKKRWVRDS\ZDWHUDIWHUHDFK XVH6WRUHFDUHIXOO\WRSUHYHQWVFUDWFKLQJ *ULGGOH3UHFDXWLRQV ■ ,IVRPHWKLQJKDVVSLOOHGXQGHUWKHJULGGOH LWVKRXOGEHFOHDQHGXSDVVRRQDVSRVVLEOH WRSUHYHQW´EDNHGRQµIRRGVRLO ■ 'RQRWDOORZJUHDVHWRDFFXPXODWHXQGHU WKHJULGGOHDVLWFDQEHDILUHKD]DUG&OHDQ XQGHUWKHJULGGOHDVVRRQDVLWLVFRRO &OHDQZLWKKRWVRDS\ZDWHU ■ 'RQRWSODFH\RXUJULGGOHLQWKHPLFUR ZDYH ■ $OZD\VWXUQDOOVXUIDFHEXUQHUVEHIRUH UHPRYLQJWKHJULGGOH8VHFDXWLRQZKHQ KDQGOLQJDKRWJULGGOH %XUQHU*UDWHV $SSHDUDQFHPD\YDU\ 7KHJUDWHVPD\EHFOHDQHGLQD GLVKZDVKHU /HIW)URQW &HQWHU 5LJKW)URQW <RXUUDQJHKDVGRXEOHJUDWHVRUVLQJOH JUDWHV7KHVHJUDWHVDUHSRVLWLRQVSHFLILF)RU PD[LPXPVWDELOLW\WKHVHJUDWHVVKRXOGRQO\EH XVHGLQWKHLUSURSHUSRVLWLRQWKH\FDQQRWEH LQWHUFKDQJHGOHIWWRULJKWRUIURQWWREDFN)RU FRQYHQLHQFHRQGRXEOHJUDWHVWKHXQGHUVLGHV RIWKHOHIWDQGULJKWJUDWHVDUHPDUNHG´/()7 )5217µDQG´5,*+7)5217µ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´2876,'(µ0DNHVXUHWKHIURQWSRUWLRQRI ERWKJUDWHVLVLQIURQW7KHFHQWHUJUDWHFDQEH LQWHUFKDQJHGIURQWWREDFN )RUKHDYLO\VRLOHGJUDWHV\RXPD\QRWLFHVRPH ZKLWHDVKRQWKHJUDWH:LSHLWRIIZLWKDGDPS FORWKDIWHUWKHJUDWHFRROV,IZKLWHVSRWVUHPDLQ UHPRYHWKHPZLWKDVRDSILOOHGVFRXULQJSDG DQGULQVHWKRURXJKO\ZLWKDYLQHJDUDQGZDWHU PL[WXUH &OHDQLQJ*UDWHV6RDSDQG:DWHU &OHDQLQJ*UDWHV³'LVKZDVKHU /LIWJUDWHVRXWZKHQFRRO*UDWHVVKRXOGEH ZDVKHGUHJXODUO\DQGRIFRXUVHDIWHUVSLOORYHUV :DVKWKHPLQKRWVRDS\ZDWHUDQGULQVHZLWK FOHDQZDWHU:KHQUHSODFLQJWKHJUDWHVEHVXUH WKH\DUHSRVLWLRQHGVHFXUHO\RYHUWKHEXUQHUV 5HSODFHWKHJUDWHVVRWKDWVWUDLJKWOLQHVDUH IRUPHGZLWKWKHFHQWHUULEVRIDOOWKUHHJUDWHV &OHDQLQJ*UDWHV³6HOI&OHDQ2YHQ 7RJHWULGRIEXUQHGRQIRRG\RXPD\XVHWKH VHOIFOHDQF\FOHRI\RXUUDQJH5HPRYHDQ\ EXUQWRQIRRGSDUWLFOHVWKDW\RXFDQSULRUWR SODFLQJWKHJUDWHVLQWKHRYHQ3ODFHWKHJUD\ SRUFHODLQFRDWHGUDFNVLQSRVLWLRQV´5µ´%µDQG ´'µ 127('RQRWFOHDQWKHJULGGOHLQWKHVHOI FOHDQLQJRYHQ 3ODFHRQHJUDWHHDFKRQWKHRYHQUDFNVIURP VLGHWRVLGH)ROORZWKHLQVWUXFWLRQVIRUKRZWR VHWWKHXSSHURYHQIRUFOHDQLQJ 7KHRYHQKDVUDFNSRVLWLRQV 3ODFHWKHJUD\SRUFHODLQFRDWHG UDFNVLQSRVLWLRQV´5µ´%µDQG´'µ IRUVHOIFOHDQLQJWKHJUDWHV3ODFH RQHJUDWHHDFKRQWKHRYHQUDFNV IURPVLGHWRVLGH  127(8VHFDXWLRQZKHQUHPRYLQJWKHJUDWHV IURPWKHRYHQDIWHUWKHVHOIFOHDQF\FOHKDV HQGHG7KHJUDWHVPD\VWLOOEHKRW 7KHVHGHSRVLWVDUHXVXDOO\DVDOWUHVLGXHWKDW FDQQRWEHUHPRYHGE\WKHFOHDQF\FOH 7KHJUDWHVPD\EHFOHDQHGLQWKHGLVKZDVKHU 5HPRYHDQ\EXUQWRQIRRGSDUWLFOHVWKDW \RXFDQSULRUWRSODFLQJWKHJUDWHVLQWKH GLVKZDVKHU3ODFHWKHPRQWKHORZHVWUDFN RIWKHGLVKZDVKHUDQGUXQRQD´KHDY\GXW\µ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as/Control 6HHWKH*DV&RQWURO/RFNRXWLQIRUPDWLRQLQ WKH6SHFLDOIHDWXUHVRI\RXURYHQFRQWUROVHFWLRQ LQWKLVPDQXDO <RXPD\DOVRXVHDJODVVFOHDQHU 5HPRYHKHDYLHUVRLOZLWKZDUPVRDS\ZDWHU 'RQRWXVHDEUDVLYHVRIDQ\NLQG 8QORFNWKHWRXFKSDGVDIWHUFOHDQLQJ &OHDQXSVSODWWHUVZLWKDGDPSFORWK /RZHU&RQWURO3DQHO )URQW0DQLIROG3DQHO DQG.QREV ,W·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³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■'RQRWDOORZH[FHVVZDWHUWRUXQLQWRDQ\ KROHVRUVORWVLQWKHGRRU 7KHJDVNHWLVGHVLJQHGZLWKDJDS DWWKHERWWRPWRDOORZIRUSURSHU DLUFLUFXODWLRQ 'RQRWUXERUFOHDQWKHGRRU JDVNHW³LWKDVDQH[WUHPHO\ORZ UHVLVWDQFHWRDEUDVLRQ ,I\RXQRWLFHWKHJDVNHWEHFRPLQJ ZRUQIUD\HGRUGDPDJHGLQDQ\ ZD\RULILWKDVEHFRPHGLVSODFHG RQWKHGRRU\RXVKRXOGKDYHLW UHSODFHG ■:LSHGLVKZDVKLQJGHWHUJHQWRYHUDQ\ EDNHGRQVSODWWHUVRQWKHJODVV8VHDVLQJOH VLGHGVDIHW\UD]RUEODGHWRFOHDQLWRII7KHQ ZLSHRYHUWKHJODVVZLWKDVRDS\FORWKWR UHPRYHDQ\UHVLGXHDQGGU\RII ■7KHDUHDRXWVLGHWKHJDVNHWFDQEHFOHDQHG ZLWKDVRDSILOOHGSODVWLFVFRXULQJSDG 7RFOHDQWKHRXWVLGHRIWKHGRRU ■8VHVRDSDQGZDWHUWRWKRURXJKO\FOHDQWKH WRSVLGHVDQGIURQWRIWKHRYHQGRRU5LQVH ZHOO<RXPD\DOVRXVHDJODVVFOHDQHUWR FOHDQWKHJODVVRQWKHRXWVLGH RIWKHGRRU ■6SLOODJHRIPDULQDGHVIUXLWMXLFHVWRPDWR VDXFHVDQGEDVWLQJPDWHULDOVFRQWDLQLQJ DFLGVPD\FDXVHGLVFRORUDWLRQDQGVKRXOGEH ZLSHGXSLPPHGLDWHO\:KHQWKHVXUIDFHLV FRROFOHDQDQGULQVH ■'RQRWXVHRYHQFOHDQHUVFOHDQVLQJSRZGHUV RUKDUVKDEUDVLYHVRQWKH RXWVLGHRIWKHGRRU 6WDLQOHVV6WHHO6XUIDFHV RQVRPHPRGHOV 'RQRWXVHDVWHHOZRROSDGLWZLOOVFUDWFKWKH VXUIDFH ,03257$17$33/<$3527(&7,9(&2$7 2)&(5$0$%5<7(Š67$,1/(6667((/ %5,*+7(1(5 3DUW:%7 %()25( 86,1* 7KLVZLOOKHOS\RXWRPDLQWDLQWKHEULJKWQHVV DQGDSSHDUDQFHRI\RXUVWDLQOHVVVWHHOUDQJH ■,QRUGHUWRDYRLGDQ\GLVFRORUDWLRQVDQGRU JUHDVHVWDLQVZHUHFRPPHQGFOHDQLQJDQG UHPRYLQJDQ\VSLOOVVSRWVDQGJUHDVHIURP WKHUDQJHDIWHUXVH ■,WLVLPSRUWDQWWRXVHDVRIWFORWKRUSDSHU WRZHOHYHU\WLPHWKHUDQJHLVFOHDQHGWR DYRLGDQ\VFUDWFKHV 5HDGFDUHIXOO\WKHLQVWUXFWLRQVRQWKHEDFNRI WKH%ULJKWHQHUIRUEHWWHUUHVXOWV &OHDQLQJ,QVWUXFWLRQV 5HPRYHJUDWHV :DVKXVLQJZDUPVRDS\ZDWHU  :HWVRIWFORWKRUSDSHUWRZHO DYRLGXVLQJ H[FHVVLYHZDWHU   :LSHWKHVXUIDFHLQWKHGLUHFWLRQRIWKHJUDLQ IROORZLQJWKHVWHHOOLQHV   5LQVHDQGZULQJRXWDVRIWFORWKRUSDSHU WRZHODQGGU\WKHUDQJH $SSO\DGHJUHDVHUWKDWGRHVQRWFRQWDLQ VRGLXPK\GUR[LGHRUVWDLQOHVVVWHHOFOHDQHU IROORZLQVWUXFWLRQV   $SSO\&HUDPD%U\WHŠ6WDLQOHVV6WHHO %ULJKWHQHU IROORZLQVWUXFWLRQV  5HSHDWVWHSV²DVPDQ\WLPHVDVQHHGHG 3XWJUDWHVEDFNLQSODFH )ROORZWKHVHLQVWUXFWLRQVIRUDQ\VWDLQOHVVVWHHO VXUIDFHRQ\RXUUDQJH '212786(IRUFRRNWRSRUVWDLQOHVVVWHHO SDUWVFOHDQLQJ ‡&DXVWLFO\H VRGLXPK\GUR[LGH RUFOHDQHUV FRQWDLQLQJWKLVFKHPLFDO ‡+DUGRUVWHHOZRROSDGV ‡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■1HYHUSODFHXVHRUVHOIFOHDQWKHORZHURYHQ GUDZHUSDQLQWKHXSSHURYHQ ■/RZHURYHQGUDZHUKDVDUHPRYDEOHSDQIRU HDV\FOHDQLQJ&OHDQZLWKKRWVRDS\ZDWHU DQGDVSRQJHRUGLVKWRZHO'U\ZLWKDFOHDQ FORWK$QRYHQFOHDQHUVXFKDV(DV\2IIŠ PD\DOVREHXVHG%HVXUHWRIROORZWKH GLUHFWLRQVRQWKHRYHQFOHDQHU5HSODFHWKH SDQLQWKHORZHURYHQGUDZHU  ,QVWDOODWLRQ  ,QVWUXFWLRQV 5DQJH    ,I\RXKDYHTXHVWLRQVFDOO*(&$5(6RUYLVLWRXU:HEVLWHDW*($SSOLDQFHVFRP ,QWKH&RPPRQZHDOWKRI0DVVDFKXVHWWV )25<2856$)(7< ‡ 7KLVSURGXFWPXVWEHLQVWDOOHGE\DOLFHQVHGSOXPEHURU JDVILWWHU ‡ :KHQXVLQJEDOOW\SHJDVVKXWRIIYDOYHVWKH\VKDOOEH WKH7KDQGOHW\SH ‡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‡ 6DYHWKHVHLQVWUXFWLRQVIRU ORFDOHOHFWULFDOLQVSHFWRU·VXVH ‡ 2EVHUYHDOOJRYHUQLQJ FRGHVDQGRUGLQDQFHV ‡ 1RWHWR,QVWDOOHU²/HDYHWKHVHLQVWUXFWLRQVZLWK WKHDSSOLDQFHDIWHULQVWDOODWLRQLVFRPSOHWHG ‡ 1RWHWR&RQVXPHU².HHSWKLV2ZQHU·V0DQXDO DQG,QVWDOODWLRQ,QVWUXFWLRQVIRUIXWXUHUHIHUHQFH ‡ 1RWH²7KLVDSSOLDQFHPXVWEHSURSHUO\JURXQGHG ‡ 6HUYLFHU² 7KHHOHFWULFDOGLDJUDPLVLQDQHQYHORSH DWWDFKHGWRWKHEDFNRIWKHUDQJH ‡ 3URSHULQVWDOODWLRQLVWKHUHVSRQVLELOLW\RIWKHLQVWDOOHU ‡ 3URGXFWIDLOXUHGXHWRLPSURSHULQVWDOODWLRQLVQRW FRYHUHGXQGHUWKH:DUUDQW\ 0RELOH+RPH$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 'RQ·WWRXFKHOHFWULFDOVZLWFKHV ([WLQJXLVKDQ\RSHQIODPH ,PPHGLDWHO\FDOO\RXUJDVVXSSOLHU 722/6<28:,//1((' 3KLOOLSVVFUHZGULYHU )ODWEODGHVFUHZGULYHU 2SHQHQGRU DGMXVWDEOHZUHQFK 3HQFLODQGUXOHU ,03257$17² ,03257$17² 3LSHZUHQFKHV  RQHIRUEDFNXS /HYHO 'ULOODZORUQDLO 0$7(5,$/6<280$<1((' ‡*DVOLQHVKXWRIIYDOYH ‡3LSHMRLQWVHDODQWRU8/DSSURYHGSLSHWKUHDGWDSHZLWK 7HIORQ WKDWUHVLVWVDFWLRQRIQDWXUDODQG/3JDVHV ‡)OH[LEOHPHWDODSSOLDQFHFRQQHFWRU ´,' $IRRW OHQJWKLVUHFRPPHQGHGIRUHDVHRILQVWDOODWLRQEXWRWKHU OHQJWKVDUHDFFHSWDEOH1HYHUXVHDQROGFRQQHFWRU ZKHQLQVWDOOLQJDQHZUDQJH ‡)ODUHXQLRQDGDSWHUIRUFRQQHFWLRQWRJDVVXSSO\OLQH ´RU´137[´,' ‡)ODUHXQLRQDGDSWHUIRUFRQQHFWLRQWRSUHVVXUHUHJXODWRU RQUDQJH ´137[´,' ‡/LTXLGOHDNGHWHFWRURUVRDS\ZDWHU ‡/DJEROWRU´2'VOHHYHDQFKRU IRUFRQFUHWHIORRUVRQO\  ‡6TXHH]H&RQQHFWRUPDWFKLQJWKHVL]HRIWKHEUDFNHWRSHQLQJ RQWKHUDQJHEDFNEHKLQGWKHZLULQJFRYHU DQGWKHKRXVH FRQGXLW2EWDLQRQO\LIUHSODFLQJWKHSRZHUFRUGZLWKFRQGXLW 7HIORQ5HJLVWHUHGWUDGHPDUNRI'X3RQW  ,QVWDOODWLRQ,QVWUXFWLRQV „$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´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„,IFDELQHWVDUHSODFHGDERYHWKHUDQJH DOORZDPLQLPXPFOHDUDQFHRI´EHWZHHQWKH FRRNLQJVXUIDFHDQGWKHERWWRPRIXQSURWHFWHG FDELQHWV ,03257$17² 5HPRYHDOOSDFNLQJPDWHULDO DQGOLWHUDWXUHIURPRYHQEHIRUHFRQQHFWLQJJDVDQG HOHFWULFDOVXSSO\WRUDQJH „,ID´FOHDUDQFHEHWZHHQFRRNLQJVXUIDFHDQG RYHUKHDGFRPEXVWLEOHPDWHULDORUPHWDOFDELQHWV FDQQRWEHPDLQWDLQHGSURWHFWWKHXQGHUVLGHRIWKH FDELQHWVDERYHWKHFRRNWRSZLWKQRWOHVVWKDQ´ LQVXODWLQJPLOOERDUGFRYHUHGZLWKVKHHWPHWDOQRWOHVV WKDQ´WKLFN&OHDUDQFHEHWZHHQWKHFRRNLQJ VXUIDFHDQGSURWHFWHGFDELQHWV08671(9(5%(/(66 7+$1´ &$87,21 'RQRWDWWHPSWWRRSHUDWH WKHRYHQRIWKLVUDQJHGXULQJDSRZHUIDLOXUH (OHFWULF ,JQLWLRQPRGHOVRQO\  „+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 &$87,21 „%HIRUHLQVWDOOLQJ\RXUUDQJHRQOLQROHXPRUDQ\RWKHU V\QWKHWLFIORRUFRYHULQJPDNHVXUHWKHIORRUFRYHULQJ FDQZLWKVWDQGƒ)ZLWKRXWVKULQNLQJZDUSLQJRU GLVFRORULQJ'RQRWLQVWDOOWKHUDQJHRYHUFDUSHWLQJ XQOHVVDVKHHWRI´WKLFNSO\ZRRGRUVLPLODU LQVXODWRULVSODFHGEHWZHHQWKHUDQJHDQGFDUSHWLQJ 2QO\WKH*(&DIpEUDQGHGVHULHV RI$GYDQWLXPŠRUPLFURZDYHRYHUWKHUDQJHRYHQVDUH GHVLJQHGWREHLQVWDOOHGDERYHWKH*(&DIpUDQJH6XUIDFHV DERYHDJDVUDQJHFDQEHFRPHKRW,QVWDOODWLRQRIDQ\RWKHU RYHUWKHUDQJHRYHQDERYHD*(&DIpUDQJHPD\UHVXOWLQ VXUIDFHWHPSHUDWXUHVWKDWFDQFDXVHEXUQV „0DNHVXUHWKHZDOOFRYHULQJVDURXQGWKHUDQJHFDQ ZLWKVWDQGKHDWJHQHUDWHGE\WKHUDQJHXSWRƒ)  ,QVWDOODWLRQ,QVWUXFWLRQV ',0(16,216$1'&/($5$1&(6 3URYLGHDGHTXDWHFOHDUDQFHVEHWZHHQWKHUDQJHDQGDGMDFHQWFRPEXVWLEOHVXUIDFHV7KHVHGLPHQVLRQVPXVWEH PHWIRUVDIHXVHRI\RXUUDQJH7KHORFDWLRQRIWKHHOHFWULFDORXWOHWDQGSLSHRSHQLQJ VHH*DV3LSHDQG(OHFWULF 2XWOHW/RFDWLRQV PD\EHDGMXVWHGWRPHHWVSHFLILFUHTXLUHPHQWV 7KHUDQJHPD\EHSODFHGZLWK´FOHDUDQFH IOXVK DWWKHEDFNZDOO 6RPHPRGHOVZLOOQRWILWIOXVK 0RGHOV3*% 3*%3*% 3*%DQG3*% UHTXLUHRQO\ PLQLPXPFOHDUDQFH WROHIWZDOO µ 0LQLPXPWR FDELQHWVRQ HLWKHUVLGH RIWKHUDQJH µ µ µ 0LQLPXP 0LQLPXP FOHDUDQFH WROHIWZDOO 7RFDELQHWV EHORZ FRRNWRSDQG DWWKHUDQJH EDFN 0D[LPXP GHSWKIRU FDELQHWVDERYH FRXQWHUWRSV µ µ 0LQLPXP µ FOHDUDQFHWR ULJKWZDOO )URQWHGJHRI WKHUDQJHVLGH SDQHOIRUZDUG IURPFDELQHW µ µ µ 7RFDELQHWVEHORZ FRRNWRSDQGDW WKHUDQJHEDFN 6RPHPRGHOV ZLOOQRWKDYHµ FOHDUDQFH 'HSWKZLWKGRRUFORVHG LQFOXGHVGRRUKDQGOH µ µ 'HSWKYDULHVGHSHQGLQJRQPRGHO 6HHVSHFLILFDWLRQVVKHHWIRU\RXUPRGHO µ +HLJKW µ µ“µ 'HSWKZLWKGRRURSHQ µ  ,QVWDOODWLRQ,QVWUXFWLRQV ',0(16,216$1'&/($5$1&(6 0RGHOV&*6RQO\ 'HSWKZLWKGRRUFORVHG LQFOXGHVGRRUKDQGOH µ øµ µ“µ øµ +HLJKWWREDFNJXDUGEDVHGRQ &DIpVW\OHEDFNJXDUGNLWLQVWDOOHG 'HSWKZLWKGRRURSHQ  øµ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ƒ) 6HHWKH,QVWDOODWLRQ6DIHW\,QVWUXFWLRQV VHFWLRQ 0DNHVXUHWKHZDOOFRYHULQJVDURXQG\RXUUDQJHFDQZLWKVWDQGWKHKHDWJHQHUDWHG XSWRƒ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µ µ 5HFRPPHQGHGDUHD IRUWKURXJKWKHZDOO FRQQHFWLRQRISLSH VWXEVKXWRIIYDOYH µ µ 7KLVDUHDDOORZVIOXVK LQVWDOODWLRQWRUHDU ZDOO  øµ µ &$87,21 7RSUHYHQW GUDIWVIURPDIIHFWLQJEXUQHU RSHUDWLRQVHDODOORSHQLQJVLQIORRU DQGZDOO 5HFRPPHQGHGDUHDIRU WKURXJKWKHIORRUFRQQHFWLRQ RISLSHVWXEVKXWRIIYDOYH 3URYLGH$GHTXDWH*DV6XSSO\ <RXUUDQJHLVGHVLJQHGWRRSHUDWHDWDSUHVVXUHRI µRIZDWHUFROXPQRQQDWXUDOJDVRU LIGHVLJQHGIRU/3JDV SURSDQHRUEXWDQH µRIZDWHUFROXPQ 0DNHVXUH\RXDUHVXSSO\LQJ\RXUUDQJHZLWKWKH W\SHRIJDVIRUZKLFKLWLVGHVLJQHG :KHQFKHFNLQJIRUSURSHURSHUDWLRQRIWKHUHJXODWRU WKHLQOHWSUHVVXUHPXVWEHDWOHDVWµJUHDWHUWKDQ WKHRSHUDWLQJ PDQLIROG SUHVVXUHDVJLYHQDERYH 7KLVUDQJHLVFRQYHUWLEOHIRUXVHRQQDWXUDORU SURSDQHJDV,I\RXGHFLGHWRXVHWKLVUDQJHRQ/3 JDVFRQYHUVLRQPXVWEHPDGHE\DTXDOLILHG/3 LQVWDOOHUEHIRUHDWWHPSWLQJWRRSHUDWHWKHUDQJHRQ WKDWJDV 7KHSUHVVXUHUHJXODWRUORFDWHGDWWKHLQOHWRIWKH UDQJHPDQLIROGPXVWUHPDLQLQWKHVXSSO\OLQH UHJDUGOHVVRIZKHWKHUQDWXUDORU/3JDVLVEHLQJ XVHG )RUSURSHURSHUDWLRQWKHSUHVVXUHRIQDWXUDOJDV VXSSOLHGWRWKHUHJXODWRUPXVWEHEHWZHHQµDQG µRIZDWHUFROXPQ $IOH[LEOHPHWDODSSOLDQFHFRQQHFWRUXVHGWRFRQQHFW WKHUDQJHWRWKHJDVVXSSO\OLQHVKRXOGKDYHDQ,' RIµDQGEHIHHWLQOHQJWKIRUHDVHRILQVWDOODWLRQ )RU/3JDVWKHSUHVVXUHVXSSOLHGPXVWEHEHWZHHQ µDQGµRIZDWHUFROXPQ ,Q&DQDGDIOH[LEOHFRQQHFWRUVPXVWEHVLQJOHZDOO PHWDOFRQQHFWRUVQRORQJHUWKDQIHHWLQOHQJWK  ,QVWDOODWLRQ,QVWUXFWLRQV (OHFWULFDO3RZHU6XSSO\5HTXLUHPHQWV 5HFRPPHQGHG(OHFWULFDO2XWOHW/RFDWLRQV 127(0DNHHOHFWULFDOFRQQHFWLRQV RQWKHULJKWVLGHRIWKHFXWRXW RSHQLQJ µ µ µ 5HFRPPHQGHGDFFHSWDEOH HOHFWULFDORXWOHWDUHD2ULHQWWKH HOHFWULFDOUHFHSWDFOHVRWKHOHQJWK LVSDUDOOHOWRWKHIORRU µ :DOO0RXQWHG øµ øµ  3URGXFWLVVKLSSHGZLWKSURQJ SOXJ5HFRPPHQGHGRXWOHWLVD 1(0$5UHFHSWDFOH 3URYLGH3URSHU(OHFWULFDO6XSSO\ 7KHVHUDQJHVPXVWEHVXSSOLHGZLWKYROW +]DQGFRQQHFWHGWRDQLQGLYLGXDOSURSHUO\JURXQGHG FLUFXLWSURWHFWHGE\DFLUFXLWEUHDNHURUWLPHGHOD\IXVH  DPS 7KHUHFHSWDFOHPXVWEH1(0$5WRDFFHSWWKH SURQJSOXJVXSSOLHGZLWKWKHUDQJH ,IWKHHOHFWULFDOVHUYLFHSURYLGHGGRHVQRWPHHWWKHDERYH VSHFLILFDWLRQVLWLVUHFRPPHQGHGWKDWDOLFHQVHGHOHFWULFLDQ LQVWDOODQDSSURYHGRXWOHW  „ /RFDWHWKHHOHFWULFVXSSO\DVLOOXVWUDWHG 127(8VHRIDXWRPDWLFZLUHOHVVRUZLUHGH[WHUQDO VZLWFKHVWKDWVKXWRIISRZHUWRWKHDSSOLDQFHDUHQRW UHFRPPHQGHGIRWWKLVSURGXFW ,QVWDOODWLRQ,QVWUXFWLRQV 5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\ &RQQHFWWKH5DQJHWRWKH*DV6XSSO\ 6KXWRIIWKHPDLQJDVVXSSO\YDOYHEHIRUHGLVFRQQHFWLQJWKHROGUDQJHDQGOHDYHLWRIIXQWLOWKHQHZKRRNXSKDV EHHQFRPSOHWHG'RQ·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µIODUHXQLRQDGDSWHUWRWKHµ137 LQWHUQDOWKUHDGHOERZDWLQOHWRIUHJXODWRU8VHDEDFNXS ZUHQFKRQWKHUHJXODWRUILWWLQJWRDYRLGGDPDJH :KHQLQVWDOOLQJWKHUDQJHIURPWKHIURQWUHPRYHWKHƒ HOERZIRUHDVLHULQVWDOODWLRQ ,QVWDOOPDOHµRUµ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ƒ(OERZ 3UHVVXUH UHJXODWRU *DV)ORZLQWR5DQJH $GDSWHU ƒ(OERZ )OH[ FRQQHFWRU IWPD[ 3UHVVXUH UHJXODWRU $GDSWHU ,QVWDOOHU,QIRUP WKHFRQVXPHURI WKHORFDWLRQRIWKH JDVVKXWRIIYDOYH µRUµ *DVSLSH %ODFN LURQSLSH 1LSSOH *DV VKXWRII YDOYH 8QLRQ 8QLRQ 1LSSOH *DV VKXWRII YDOYH µRU µ*DVSLSH ,QVWDOOHU,QIRUPWKHFRQVXPHURI WKHORFDWLRQRIWKHJDVVKXWRII YDOYH $OWHUQDWH +RRNXS $GDSWHU ƒ(OERZ ƒ(OERZ 1LSSOH 1LSSOH 4XLFNFRQQHFW RUXQLRQ *DV VKXWRII YDOYH µRUµ *DVSLSH 1LSSOH ƒ (OERZ ƒ(OERZ ,QVWDOOHU,QIRUPWKHFRQVXPHURI WKHORFDWLRQRIWKHJDVVKXWRII YDOYH  3UHVVXUH UHJXODWRU $GDSWHU *DV)ORZLQWR5DQJH ,QVWDOODWLRQ,QVWUXFWLRQV &RQQHFWWKH5DQJHWRWKH(OHFWULFDO6XSSO\ 6NLSWR6WHSLIWKHSRZHUFRUGVKLSSHGRQWKHUDQJHGRHVQRWPDWFK\RXUZDOOUHFHSWDFOH 8VLQJDQ([LVWLQJ1(0$55HFHSWDFOH „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ø µGLDPHWHUFRQQHFWLRQRSHQLQJV&DUHVKRXOG EHWDNHQWRFHQWHUWKHFDEOHDQGVWUDLQUHOLHIZLWKLQWKH NQRFNRXWKROHWRNHHSWKHHGJHIURPGDPDJLQJWKHFDEOH 127($FRQGXFWRUFRUGLVWREHXVHGZKHQWKHDSSOLDQFH LVLQVWDOOHGLQDPRELOHKRPHRUZKHQORFDOFRGHVGRQRW SHUPLWJURXQGLQJWKURXJKWKHQHXWUDO 5HSODFHWKH3RZHU&RUG 2SWLRQDO 3HUIRUPWKLVVWHSRQO\LIWKHSRZHUFRUGVKLSSHGRQWKHUDQJHGRHVQRWPDWFK\RXUZDOOUHFHSWDFOH  5HPRYHWKHZLUHFRYHU RQWKHEDFNRIWKHUDQJH  E\UHPRYLQJWZR  VFUHZVXVLQJDµQXWGULYHU 'RQRWGLVFDUGWKHVHVFUHZV WKHVWUDLQUHOLHIVFUHZVDQGUHPRYHWKHSRZHUFRUG 127(7KHUHSODFHPHQWSRZHUFRUGPXVWEHD FRQGXFWRURUDFRQGXFWRU8/OLVWHGUDQJHFRUGRU FRQGXLW&RUGVPD\EHSURYLGHGZLWKULQJWHUPLQDOVRQZLUH DQGDVWUDLQUHOLHIGHYLFH )ROORZWKHZLUHSRZHUFRUG RSWLRQ$  VFUHZVWR UHPRYHZLUH FRYHU 5HWDLQLQJ WDE %DFNRIUDQJH :LUHFRYHU 5HPRYHWKHORZHUSRZHUFRUGWHUPLQDOVFUHZVIURP WKHWHUPLQDOEORFNDQGWKHJURXQGVFUHZDQGSODWH 3ODFHWKHWHUPLQDOVFUHZVDQGJURXQGVFUHZLQVDIH ORFDWLRQIRUODWHUXVH 7HUPLQDO EORFN /RH VQ 1HXWUDOWHUPLQDO *URXQGSODWH JURXQGLQJWR UDQJH *URXQG VFUHZ  ZLUHFRQGXLW RSWLRQ% RUZLUHFRQGXLW RSWLRQ&  VHFWLRQVDVDSSURSULDWHIRU\RXUDSSOLFDWLRQ ,QVWDOODWLRQ,QVWUXFWLRQV 5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\ 5HSODFHWKH3RZHU&RUG 2SWLRQDO &RQWLQXHG 3HUIRUPWKLVVWHSRQO\LIWKHSRZHUFRUGVKLSSHGRQWKHUDQJHGRHVQRWPDWFK\RXUZDOOUHFHSWDFOH :LUH3RZHU&RUG,QVWDOODWLRQ2SWLRQ :$51,1* 7KHQHXWUDORUJURXQGZLUHRIWKH SRZHUFRUGPXVWEHFRQQHFWHGWRWKHQHXWUDOWHUPLQDO ORFDWHGLQWKHFHQWHURIWKHWHUPLQDOEORFN7KHSRZHUOHDGV PXVWEHFRQQHFWHGWRWKHORZHUOHIWDQGWKHORZHUULJKW WHUPLQDOVRIWKHWHUPLQDOEORFN /RFDWHWKHFRSSHUJURXQGVWUDSRQWKHORZHUEDFNRIWKH UDQJH /RRVHQWKHXSSHUFHQWHUVFUHZRQWKHWHUPLQDOEORFN 7HUPLQDOEORFN DSSHDUDQFH PD\YDU\ 1HXWUDO WHUPLQDO *URXQG SODWH *URXQGVWUDS 6OLGHWKHRSHQVORWWHGHQGRIWKHJURXQGVWUDSXQGHUWKH XSSHUFHQWHUVFUHZRQWKHWHUPLQDOEORFN0DNHVXUHWKH JURXQGVWUDSLVDOOWKHZD\DJDLQVWWKHXSSHUFHQWHUVFUHZ DQGWLJKWHQLWLQSODFH 3ODFHWKHJURXQGSODWH UHPRYHGHDUOLHU RYHUWKHERWWRP RIWKHJURXQGVWUDSSUHVVWKHPDJDLQVWWKHUDQJHIUDPH DQGDWWDFKWKHPZLWKWKHJURXQGVFUHZ UHPRYHGHDUOLHU  ,QVHUWWKHQHZSRZHUFRUGWKURXJKWKHVWUDLQUHOLHI$OORZ HQRXJKVODFNWRHDVLO\DWWDFKWKHZLUHVWRWKHWHUPLQDO EORFN ,QVHUWWKHWHUPLQDOVFUHZV UHPRYHGHDUOLHU WKURXJK HDFKSRZHUFRUGWHUPLQDOULQJDQGLQWRWKHORZHU WHUPLQDOVRIWKHWHUPLQDOEORFN%HFHUWDLQWKDWWKHFHQWHU ZLUH ZKLWHQHXWUDO LVFRQQHFWHGWRWKHFHQWHUORZHU SRVLWLRQRIWKHWHUPLQDOEORFN7LJKWHQVFUHZVVHFXUHO\ DSSUR[LPDWHO\LQFKOEV LQWRWKHWHUPLQDOEORFN 6HFXUHWKHVWUDLQUHOLHILQSODFHLQWKHEUDFNHWE\WLJKWHQLQJ WKHVWUDLQUHOLHIVFUHZV  3RZHUFRUG *URXQGVWUDS 2SHQVORWWHGHQG ,QVWDOODWLRQ,QVWUXFWLRQV 5HSODFHWKH3RZHU&RUG 2SWLRQDO &RQWLQXHG 3HUIRUPWKLVVWHSRQO\LIWKHSRZHUFRUGVKLSSHGRQWKHUDQJHGRHVQRWPDWFK\RXUZDOOUHFHSWDFOH :LUH&RQGXLW,QVWDOODWLRQ2SWLRQ  /RFDWHWKHFRSSHUJURXQGVWUDSRQWKHORZHUEDFNRIWKH UDQJH  / RRVHQWKHXSSHUFHQWHUVFUHZRQWKHWHUPLQDOEORFN 6  OLGHWKHRSHQVORWWHGHQGRIWKHJURXQGVWUDSXQGHUWKH XSSHUFHQWHUVFUHZRQWKHWHUPLQDOEORFN0DNHVXUHWKH JURXQGVWUDSLVDOOWKHZD\DJDLQVWWKHXSSHUFHQWHU VFUHZDQGWLJKWHQLWLQSODFH  3ODFHWKHJURXQGSODWH UHPRYHGHDUOLHU RYHUWKHERWWRP RIWKHJURXQGVWUDSSUHVVWKHPDJDLQVWWKHUDQJHIUDPH DQGDWWDFKWKHPZLWKWKHJURXQGVFUHZ UHPRYHG HDUOLHU  6TXHH]H FRQQHFWRU &RQGXLW %UDFNHW  5HPRYHWKHVWUDLQUHOLHIFODPSIURPWKHEUDFNHW $  VVHPEOHWKHVTXHH]HFRQQHFWRU REWDLQHGORFDOO\  PDWFKLQJWKHGLDPHWHURI\RXUFRQGXLWLQWKHEUDFNHW KROH,QVHUWWKHFRQGXLWWKURXJKWKHVTXHH]HFRQQHFWRU $OORZHQRXJKVODFNWRHDVLO\DWWDFKWKHZLUHVWRWKH WHUPLQDOEORFN  :LUHWLSV 127('RQRWLQVWDOOWKHFRQGXLWZLWKRXWDVTXHH]H FRQQHFWRU  ,QVHUWWKHFHQWHUEDUHZLUH ZKLWHQHXWUDO WLSWKURXJKWKH ERWWRPFHQWHUWHUPLQDOEORFNRSHQLQJ2QFHUWDLQ PRGHOVWKHZLUHZLOOQHHGWREHLQVHUWHGWKURXJKWKH JURXQGVWUDSRSHQLQJDQGWKHQLQWRWKHERWWRPFHQWHU EORFNRSHQLQJ,QVHUWWKHWZRVLGHEDUHZLUHWLSVLQWRWKH ORZHUOHIWDQGWKHORZHUULJKWWHUPLQDOEORFNRSHQLQJV 7LJKWHQWKHVFUHZVXQWLOWKHZLUHLVILUPO\VHFXUH DSSUR[LPDWHO\LQFKOEV   7HUPLQDO EORFN 127(0DNHVXUHWKHZLUHLVFRPSOHWHO\LQVHUWHGLQWRWKH WHUPLQDOEORFNDQGDVHFXUHFRQQHFWLRQLVPDGH  6HFXUHWKHVTXHH]HFRQQHFWRULQSODFHLQWKHEUDFNHWE\ WLJKWHQLQJWKHVTXHH]HFRQQHFWRUVFUHZV 127($/80,180:,5,1*$OXPLQXPEXLOGLQJZLUHPD\EH XVHGEXWLWPXVWEHUDWHGIRU WKHFRUUHFWDPSHUDJHDQGYROWDJHWRPDNHFRQQHFWLRQ  %UDFNHW &RQGXLW *URXQGVWUDS 2SHQVORWWHGHQG :LUHXVHGORFDWLRQDQGHQFORVXUHRIVSOLFHVHWF PXVWFRQIRUPWRJRRGZLULQJSUDFWLFHVDQGORFDO FRGHV ,QVWDOODWLRQ,QVWUXFWLRQV 5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\ 5HSODFHWKH3RZHU&RUG 2SWLRQDO &RQWLQXHG 3HUIRUPWKLVVWHSRQO\LIWKHSRZHUFRUGVKLSSHGRQWKHUDQJHGRHVQRWPDWFK\RXUZDOOUHFHSWDFOH :LUH&RQGXLW,QVWDOODWLRQ2SWLRQ  5HPRYHWKHVWUDLQUHOLHIFODPSIURPWKHEUDFNHW  $VVHPEOHWKHVTXHH]HFRQQHFWRU REWDLQHGORFDOO\  PDWFKLQJWKHGLDPHWHURI\RXUFRQGXLWLQWKHEUDFNHW KROH,QVHUWWKHFRQGXLWWKURXJKWKHVTXHH]HFRQQHFWRU $OORZHQRXJKVODFNWRHDVLO\DWWDFKWKHZLUHVWRWKH WHUPLQDOEORFN   127('RQRWLQVWDOOWKHFRQGXLWZLWKRXWDVTXHH]H FRQQHFWRU 7HUPLQDO EORFN 127(0DNHVXUHWKHZLUHLVFRPSOHWHO\LQVHUWHGLQWRWKH WHUPLQDOEORFNDQGDVHFXUHFRQQHFWLRQLVPDGH :LUHWLSV 6  HFXUHWKHVTXHH]HFRQQHFWRULQSODFHLQWKHEUDFNHWE\ WLJKWHQLQJWKHVTXHH]HFRQQHFWRUVFUHZV 127($/80,180:,5,1*$OXPLQXPEXLOGLQJZLUHPD\EH XVHGEXWLWPXVWEHUDWHGIRUWKHFRUUHFWDPSHUDJHDQGYROWDJH WRPDNHFRQQHFWLRQ :LUHXVHGORFDWLRQDQGHQFORVXUHRIVSOLFHVHWFPXVW FRQIRUPWRJRRGZLULQJSUDFWLFHVDQGORFDOFRGHV  6TXHH]H FRQQHFWRU  ,QVHUWWKHJURXQGEDUHZLUHWLSEHWZHHQWKHUDQJHIUDPH DQGWKHJURXQGSODWH UHPRYHGHDUOLHU DQGVHFXUHLWLQ SODFHZLWKWKHJURXQGVFUHZ UHPRYHGHDUOLHU ,QVHUWWKH EDUHZLUH ZKLWHQHXWUDO WLSWKURXJKWKHERWWRPFHQWHURI WKHWHUPLQDOEORFNRSHQLQJ,QVHUWWKHWZRVLGHEDUHZLUH WLSVLQWRWKHORZHUOHIWDQGWKHORZHUULJKWWHUPLQDOEORFN RSHQLQJV7LJKWHQWKHVFUHZVXQWLOWKHZLUHLVILUPO\VHFXUH DSSUR[LPDWHO\LQFKOEV  &RQGXLW %UDFNHW *URXQG SODWH JURXQGLQJ WRUDQJH *URXQG VFUHZ %UDFNHW 5HSODFHZLWK:LUH&RYHU 5HSODFHWKHZLUHFRYHURQWKHUDQJHEDFNE\VOLGLQJLWVULJKW HGJHXQGHUWKHUHWDLQLQJWDEDQGUHSODFLQJWKHWZRVFUHZV UHPRYHGHDUOLHU0DNHVXUHWKDWQRZLUHVDUHSLQFKHGEHWZHHQ WKHFRYHUDQGWKHUDQJHEDFN 5HWDLQLQJ WDE VFUHZV WRUHSODFH ZLUHFRYHU :LUH FRYHU %DFNRIUDQJH  ,QVWDOODWLRQ,QVWUXFWLRQV 6HDOWKH2SHQLQJV 6HDODQ\RSHQLQJVLQWKHZDOOEHKLQGWKHUDQJHDQGLQWKH IORRUXQGHUWKHUDQJHZKHQKRRNXSVDUHFRPSOHWHG $VVHPEOH6XUIDFH%XUQHUV %XUQHU+HDGV RQVRPHPRGHOV 3ODFHEXUQHUKHDGVRYHUWKHHOHFWURGHVRQWKHFRRNWRSLQWKH FRUUHFWORFDWLRQVDFFRUGLQJWRWKHLUVL]H7KHUHLVRQHVPDOORQH PHGLXPRQHODUJHDQGRQHH[WUDODUJHEXUQHUKHDG 2YDO &DSV 3ODFHWKHPDWFKLQJVL]HFDSVRQWRWKHEXUQHUEDVHVRU KHDGV 0DNHVXUHWKDWWKHKHDGVDQGFDSVDUHUHSODFHGLQWKH FRUUHFWORFDWLRQV RQVRPHPRGHOV )URQWRIUDQJH 7ULULQJFDS RQVRPHPRGHOV RQVRPH PRGHOV 0DNHVXUHWKHVORWLQWKH EXUQHUKHDGLVSRVLWLRQHG RYHUWKHHOHFWURGH /RFDWRU %XPSV +ROH RU (OHFWURGH *UDWHV 6LQJOH*UDWHV 7ULSOH)ODPH RQVRPH PRGHOV 6LQJOHJUDWHVRQO\ILWRQHZD\/RFDWRUEXPSVQHHG WRIDFHHDFKRWKHU 'RXEOH*UDWHV (OHFWURGH 6ORW 2YDO &HQWHU %XUQHU+HDG&DS$VVHPEO\ 3ODFHWKHRYDO FHQWHU KHDGFDSDVVHPEO\RYHUWKHHOHFWURGH RQWKHFRRNWRS 2YDOKHDGDQGFDS DVVHPEO\ 0DNHVXUHWKHVORW LQWKHEXUQHUKHDGLV SRVLWLRQHGRYHUWKH HOHFWURGH &HQWHU 5LJKW)URQW 3ODFHWKHOHIWULJKWDQGFHQWHUJUDWHVRQWKHFRRNWRS 7KHVHJUDWHVDUHSRVLWLRQVSHFLILF7KHXQGHUVLGHVRI WKHOHIWDQGULJKWJUDWHVDUHPDUNHG´/()7)5217µ DQG´5,*+7)5217µ2QVRPHPRGHOVWKHXQGHUVLGH LVODEHOHG´2876,'(µ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³ &DOOIRUVHUYLFH % <HOORZWLSVRQ RXWHUFRQHV³ 1RUPDOIRU/3JDV & 6RIWEOXH IODPHV³1RUPDO IRUQDWXUDOJDV ,IEXUQHUIODPHVORRNOLNH $ FDOOIRUVHUYLFH1RUPDOEXUQHU IODPHVVKRXOGORRNOLNH % RU & GHSHQGLQJRQWKHW\SHRIJDV \RXXVH :LWK/3JDVVRPH\HOORZWLSSLQJRQRXWHUFRQHV LVQRUPDO /HYHOWKH5DQJH ,QVWDOOWKHRYHQUDFNVLQWKHRYHQDQGSRVLWLRQWKHUDQJH ZKHUHLWZLOOEHLQVWDOOHG /HJ OHYHOHU /RZHU UDQJH 5DLVH UDQJH 5HPRYHWKHZDUPLQJGUDZHU6HHWKH&DUHDQGFOHDQLQJ RIWKHUDQJHVHFWLRQ7KHIURQWOHYHOLQJOHJVFDQEH DGMXVWHGIURPWKHERWWRPDQGWKHUHDUOHJVFDQEH DGMXVWHGIURPWKHWRSRUWKHERWWRP /RZHU UDQJH 8VHDQRSHQHQGRUDGMXVWDEOHZUHQFKWRDGMXVWWKH OHYHOLQJOHJVXQWLOWKHUDQJHLVOHYHO :$51,1*1HYHUFRPSOHWHO\UHPRYHWKHOHYHOLQJ 5DLVHUDQJH RQVRPHPRGHOV OHJDVWKHUDQJHZLOOQRWEHVHFXUHGWRWKH DQWLWLSGHYLFHSURSHUO\ RQVRPHPRGHOV $  IWHUOHYHOLQJWKHXQLWVOLGHLWLQWRILQDOSRVLWLRQDQGYHULI\ OHYHOQHVV &KHFNIRUOHYHOQHVVE\SODFLQJDVSLULWOHYHO RUDFXSSDUWLDOO\ILOOHGZLWKZDWHURQRQH RIWKHRYHQUDFNV,IXVLQJDVSLULWOHYHOWDNHWZR UHDGLQJV³ZLWKWKHOHYHOSODFHGGLDJRQDOO\ILUVWLQRQH GLUHFWLRQDQGWKHQWKHRWKHU $IWHUWKHUDQJHLVOHYHOVOLGHWKHUDQJHDZD\IURPWKHZDOO VRWKDWWKH$QWL7LSGHYLFHFDQEHLQVWDOOHG  ,QVWDOODWLRQ,QVWUXFWLRQV ,167$//,1*7+($17,7,3'(9,&( :+(1$//+22.836$5(&203/(7(' :$51,1* $17,7,3'(9,&( 0DNHVXUHDOOFRQWUROVDUHOHIWLQWKHRIISRVLWLRQ 0DNHVXUHWKHIORZRIFRPEXVWLRQDQGYHQWLODWLRQDLU WRWKHUDQJHLVXQREVWUXFWHG ‡$OOUDQJHVFDQWLS ‡%8516RURWKHU6(5,286,1-85,(6 FDQUHVXOW ‡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« *($SSOLDQFHVFRP 7URXEOHVKRRWLQJ7LSV 6DYHWLPHDQGPRQH\5HYLHZWKHFKDUWVRQWKHIROORZLQJ SDJHVILUVWDQG\RXPD\QRWQHHGWRFDOOIRUVHUYLFH 3UREOHP 3RVVLEOH&DXVHV :KDW7R'R 7RSEXUQHUVGRQRWOLJKW RUGRQRWEXUQHYHQO\ 3OXJRQUDQJHLVQRWFRPSOHWHO\ LQVHUWHGLQWKHHOHFWULFDORXWOHW ‡ 0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\  JURXQGHGRXWOHW    %XUQHUKROHRUVOLWVRQWKHVLGH RIWKHEXUQHUPD\EHFORJJHG  ‡ 5HPRYHWKHEXUQHUFDSVDQGFOHDQWKHP&KHFNDQG  FOHDQWKHHOHFWURGHDUHDIRUEXUQHGRQIRRGRUJUHDVH  6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ   ,PSURSHUEXUQHUDVVHPEO\  ‡ 0DNHVXUHWKHEXUQHUSDUWVDUHLQVWDOOHGFRUUHFWO\  6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ 6XUIDFHEXUQHUVOLJKW EXWRYHQGRHVQRW     7KHRYHQJDVVKXWRIIYDOYH PD\KDYHDFFLGHQWDOO\EHHQ PRYHGGXULQJFOHDQLQJRU PRYLQJ   ‡ 7RFKHFNWKHRYHQJDVVKXWRIIYDOYHUHPRYHWKH  GUDZHU VHHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ   )RUORZHURYHQGUDZHUPRGHOVUHPRYHWKHUHDUDFFHVV  SDQHOE\XQVFUHZLQJWKHWKXPEVFUHZVLQWKHXSSHUOHIW  DQGULJKWFRUQHU/RRNIRUWKHJDVVKXWRIIOHYHUDWWKH  EDFNRIWKHUDQJH     /HYHULV VKRZQFORVHG 38//7223(1 7KXPEVFUHZV %XUQHUIODPHVYHU\ ODUJHRU\HOORZ ,PSURSHUDLUWRJDVUDWLR  ‡ ,IUDQJHLVFRQQHFWHGWR/3JDVFRQWDFWWKHSHUVRQ  ZKRLQVWDOOHG\RXUUDQJHRUPDGHWKHFRQYHUVLRQ &RQWUROVLJQDOVDIWHU HQWHULQJFRRNLQJWLPH RUVWDUWWLPH <RXIRUJRWWRHQWHUDEDNH WHPSHUDWXUHRUFOHDQLQJWLPH ‡ 7RXFKWKH%DNH SDGDQGGHVLUHGWHPSHUDWXUHRUWKH  6HOI&OHDQ SDGDQGGHVLUHGFOHDQWLPH )RRGGRHVQRWEDNH RUURDVWSURSHUO\  LQWKHXSSHURYHQ   2YHQFRQWUROVLPSURSHUO\VHW ‡ 6HHWKH8VLQJWKHXSSHURYHQVHFWLRQ 5DFNSRVLWLRQLVLQFRUUHFW ‡ 6HHWKH8VLQJWKHXSSHURYHQVHFWLRQ ,QFRUUHFWFRRNZDUHRUFRRNZDUH ‡ 6HHWKH8VLQJWKHXSSHURYHQVHFWLRQ RILPSURSHUVL]HEHLQJXVHG   2YHQWKHUPRVWDWQHHGV DGMXVWPHQW ‡ 6HHWKH$GMXVWWKHXSSHURYHQWKHUPRVWDW³  'RLW\RXUVHOIVHFWLRQ  &ORFNQRWVHWFRUUHFWO\ ‡ 6HHWKH8VLQJWKHFORFNDQGWLPHUVHFWLRQ   $OXPLQXPIRLOXVHGLPSURSHUO\ LQWKHRYHQ ‡ 6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ   2YHQERWWRPQRWVHFXUHO\ VHDWHGLQSRVLWLRQ ‡ 6HHWKH,QVWDOODWLRQRIWKHUDQJHVHFWLRQ  %HIRUH\RXFDOOIRUVHUYLFH« 7URXEOHVKRRWLQJ7LSV 3UREOHP 3RVVLEOH&DXVHV :KDW7R'R *DV&RQWUROORFNRXWRU &RQWURO/RFNRXWIHDWXUH LVDFWLYDWHG    ‡ ,I/2&21DSSHDUVLQWKHGLVSOD\WKHUDQJHFRQWUROLV  ORFNHG7XUQWKLVIHDWXUHRIIWRXVHWKHUDQJH6HHWKH  *DV&RQWURO/RFNRXWVHFWLRQ ´&ORVH'RRUµVFUROOVLQ WKHGLVSOD\ZKHQ%52,/ LVVHW 7KHGLVSOD\ZLOODOZD\V DXWRPDWLFDOO\UHPLQG\RXWR FORVHWKHGRRU ‡ 7KLVLVDQRUPDOUHPLQGHUWRFORVHWKHGRRUZKHQ  EURLOLQJ )RRGGRHVQRW EURLOSURSHUO\  LQWKHXSSHURYHQ   2YHQFRQWUROVLPSURSHUO\VHW ‡ 0DNHVXUH\RXWRXFKWKH%URLO+L/RSDG 2YHQGRRUQRWFORVHG ‡ 6HHWKH8VLQJWKHXSSHURYHQVHFWLRQ ,PSURSHUUDFNSRVLWLRQ EHLQJXVHG ‡ 6HHWKH%URLOLQJ*XLGH   )RRGEHLQJFRRNHGLQ DKRWSDQ ‡ )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ  0DNHVXUHLWLVFRRO   &RRNZDUHQRWVXLWHG IRUEURLOLQJ ‡ )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ    2YHQERWWRPQRWVHFXUHO\ VHDWHGLQSRVLWLRQ ‡ 6HHWKH,QVWDOODWLRQRIWKHUDQJHVHFWLRQ 8SSHURYHQWHPSHUDWXUH 2YHQWKHUPRVWDW WRRKRWRUWRRFROG QHHGVDGMXVWPHQW ‡ 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI  VHFWLRQ &ORFNDQGWLPHU GRQRWZRUN 3OXJRQUDQJHLVQRWFRPSOHWHO\ LQVHUWHGLQWKHHOHFWULFDORXWOHW ‡ 0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYH  SURSHUO\JURXQGHGRXWOHW   $IXVHLQ\RXUKRPHPD\EH ‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU EORZQRUWKHFLUFXLWEUHDNHUWULSSHG   2YHQFRQWUROVLPSURSHUO\VHW ‡ 6HHWKH8VLQJWKHFORFNDQGWLPHUVHFWLRQ 8SSHURYHQOLJKW GRHVQRWZRUN   /LJKWEXOELVORRVHRUGHIHFWLYH ‡ 7LJKWHQRUUHSODFHWKHEXOE 3OXJRQUDQJHLVQRWFRPSOHWHO\ LQVHUWHGLQWKHHOHFWULFDORXWOHW ‡ 0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYH  SURSHUO\JURXQGHGRXWOHW 8SSHURYHQZLOOQRW VHOIFOHDQ 7KHRYHQWHPSHUDWXUHLVWRR ‡ $OORZWKHUDQJHWRFRROWRURRPWHPSHUDWXUHDQG KLJKWRVHWDVHOIFOHDQRSHUDWLRQ  UHVHWWKHFRQWUROV  2YHQFRQWUROVLPSURSHUO\VHW ‡ 6HHWKH8VLQJWKHVHOIFOHDQLQJXSSHURYHQVHFWLRQ ´&UDFNOLQJµRU ´SRSSLQJµVRXQG   7KLVLVWKHVRXQGRIWKH PHWDOKHDWLQJDQGFRROLQJ GXULQJERWKWKHFRRNLQJ DQGFOHDQLQJIXQFWLRQV ‡ 7KLVLVQRUPDO ([FHVVLYHVPRNLQJ   ([FHVVLYHVRLO   ‡ 7RXFKWKH&OHDU2II SDG2SHQWKHZLQGRZVWR  ULGWKHURRPRIVPRNH:DLWXQWLOWKH/2&.(''225 OLJKWJRHV  RII:LSHXSWKHH[FHVVVRLODQGUHVHWWKHFOHDQF\FOH 2YHQGRRUZLOOQRWRSHQ DIWHUDFOHDQF\FOH 2YHQWRRKRW ‡ $OORZWKHRYHQWRFRROEHORZORFNLQJWHPSHUDWXUH   *($SSOLDQFHVFRP 3UREOHP 3RVVLEOH&DXVHV :KDW7R'R 2YHQQRWFOHDQDIWHU DFOHDQF\FOH    2YHQFRQWUROVQRWSURSHUO\VHW ‡ 6HHWKH8VLQJWKHVHOIFOHDQLQJRYHQVHFWLRQ 2YHQZDVKHDYLO\VRLOHG   ‡ &OHDQXSKHDY\VSLOORYHUVEHIRUHVWDUWLQJWKHFOHDQF\FOH  +HDYLO\VRLOHGRYHQVPD\QHHGWRVHOIFOHDQDJDLQRU  IRUDORQJHUSHULRGRIWLPH ´/2&.'225µIODVKHV LQWKHGLVSOD\ 7KHVHOIFOHDQF\FOHKDVEHHQ ‡ &ORVHWKHRYHQGRRU VHOHFWHGEXWWKHGRRULVQRWFORVHG /2&.(''225OLJKW LVRQZKHQ\RXZDQW WRFRRN  7KHRYHQGRRULVORFNHG EHFDXVHWKHWHPSHUDWXUHLQVLGH WKHRYHQKDVQRWGURSSHGEHORZ WKHORFNLQJWHPSHUDWXUH ‡ 7RXFKWKH&OHDU2IISDG$OORZWKHRYHQWRFRRO   ´)³DQGDQXPEHURU OHWWHUµIODVKLQWKH GLVSOD\    <RXKDYHDIXQFWLRQHUURUFRGH  ‡ 7RXFKWKH&OHDU2IISDG$OORZWKHRYHQWRFRROIRU  RQHKRXU3XWWKHRYHQEDFNLQWRRSHUDWLRQ ,IWKHIXQFWLRQFRGHUHSHDWV   ‡ 'LVFRQQHFWDOOSRZHUWRWKHUDQJHIRUPLQXWHVDQG  WKHQUHFRQQHFWSRZHU,IWKHIXQFWLRQHUURUFRGH  UHSHDWVFDOOIRUVHUYLFH ´3UREHµDSSHDUVLQ WKHGLVSOD\  7KLVLVUHPLQGLQJ\RXWRHQWHU DSUREHWHPSHUDWXUHDIWHU SOXJJLQJLQWKHSUREH ‡ (QWHUDSUREHWHPSHUDWXUH  'LVSOD\JRHVEODQN   $IXVHLQ\RXUKRPHPD\EH EORZQRUWKHFLUFXLWEUHDNHU WULSSHG ‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU   7KHFORFNLVLQWKH EODFNRXWPRGH ‡ 6HHWKH6SHFLDOIHDWXUHVRI\RXURYHQFRQWUROVHFWLRQ 'LVSOD\IODVKHV 3RZHUIDLOXUH ‡ 5HVHWWKHFORFN 8QDEOHWRJHWWKH GLVSOD\WRVKRZ´6)µ 2YHQFRQWUROSDGVZHUH QRWSUHVVHGSURSHUO\ ‡ 7KH%DNH DQG%URLO+L/R SDGVPXVWEHWRXFKHGDW  WKHVDPHWLPHDQGKHOGIRUVHFRQGV 3RZHURXWDJH FORFNIODVKHV  3RZHURXWDJHRUVXUJH   ‡ 5HVHWWKHFORFN,IWKHRYHQZDVLQXVH\RXPXVWUHVHW  LWE\WRXFKLQJWKH&OHDU2IISDGVHWWLQJWKHFORFN  DQGUHVHWWLQJDQ\FRRNLQJIXQFWLRQ ´%XUQLQJµRU´RLO\µ RGRUHPLWWLQJIURP WKHYHQW 7KLVLVQRUPDOLQDQHZRYHQ DQGZLOOGLVDSSHDULQWLPH  ‡ 7RVSHHGWKHSURFHVVVHWDVHOIFOHDQF\FOHIRUD  PLQLPXPRIKRXUV6HHWKH8VLQJWKHVHOIFOHDQLQJ  RYHQVHFWLRQ 6WURQJRGRU    $QRGRUIURPWKHLQVXODWLRQ DURXQGWKHLQVLGHRIWKHRYHQ LVQRUPDOIRUWKHILUVWIHZWLPHV WKHRYHQLVXVHG ‡ 7KLVLVWHPSRUDU\ /2&DSSHDUVLQGLVSOD\   7KH*DV&RQWURO/RFNRXWIHDWXUH ‡ %HVXUHWKHVXUIDFHEXUQHUFRQWUROVDUHWXUQHG2)) LVDFWLYDWHG  7XUQWKLVIHDWXUHRIIWRXVHWKHUDQJH6HHWKH   *DV&RQWURO/RFNRXWVHFWLRQ  %HIRUH\RXFDOOIRUVHUYLFH« 7URXEOHVKRRWLQJ7LSV 3UREOHP 3RVVLEOH&DXVHV :KDW7R'R )DQQRLVH  7KHFRQYHFWLRQIDQPD\WXUQRQ DQGRIIDXWRPDWLFDOO\ ‡ 7KLVLVQRUPDO7KHFRQYHFWLRQIDQZLOOUXQXQWLOWKH  IXQFWLRQLVRYHURUWKHGRRULVRSHQHG &RQYHFWLRQIDQ QRWZRUNLQJ 3UHKHDWWHPSHUDWXUH QRWUHDFKHG ‡ )DQZLOOVWDUWDXWRPDWLFDOO\RQFHWKHSUHKHDW  WHPSHUDWXUHLVUHDFKHG 'UDZHUGRHVQRWVOLGH VPRRWKO\RUGUDJV 7KHGUDZHULVRXWRIDOLJQPHQW  ‡ )XOO\H[WHQGWKHGUDZHUDQGSXVKLWDOOWKHZD\LQ  6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ   'UDZHULVRYHUORDGHGRUORDG LVXQEDODQFHG ‡ 5HGXFHZHLJKW5HGLVWULEXWHGUDZHUFRQWHQWV /RZHURYHQGUDZHURU ZDUPLQJGUDZHUZLOO QRWZRUN $IXVHLQ\RXUKRPHPD\EH EORZQRUWKHFLUFXLWEUHDNHU WULSSHG ‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU   7KHXSSHURYHQLVVHOIFOHDQLQJ  ‡ :DLWIRUWKHVHOIFOHDQF\FOHWRILQLVKDQGWKHRYHQ  WRFRRO  &RQWUROVLPSURSHUO\VHW ‡ 6HHWKH/RZHURYHQGUDZHUVHFWLRQ ([FHVVLYHFRQGHQVDWLRQ LQWKHGUDZHU  /LTXLGLQGUDZHU ‡ 5HPRYHOLTXLG 8QFRYHUHGIRRGV ‡ &RYHUIRRGZLWKOLGRUDOXPLQXPIRLO  7HPSHUDWXUHVHWWLQJWRRKLJK ‡ 5HGXFHWHPSHUDWXUHVHWWLQJ )RRGGULHVRXWLQWKH ORZHURYHQGUDZHURU  ZDUPLQJGUDZHU 0RLVWXUHHVFDSLQJ ‡ &RYHUIRRGZLWKOLGRUDOXPLQXPIRLO 2YHQGUDZHUQRWIXOO\FORVHG ‡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‡*HQXLQH*(3DUW  ‡(DV\7R&OHDQ  ‡2QH<HDU:DUUDQW\ /LPLWHG7LPH2IIHU)UHH6KLSSLQJ :KHQ\RXRUGHU\RXUEURLOHUSDQZLWKLQGD\VRISXUFKDVLQJ\RXU*(FRRNLQJSURGXFW  863DUW &DQDGD3DUW 'LPHQVLRQV 6PDOO :%; '* µ:[µ+[µ' /DUJH  :%; '* µ:[µ+[µ' ;/ :%; 1$ µ:[µ+[µ'  7KHODUJH VWDQGDUG EURLOSDQGRHVQRWILWLQµµUDQJHV 7KH;/SDQGRHVQRWILWLQµZDOORYHQVµGURSLQVRUµµUDQJHV 7RSODFH\RXURUGHUFDOO 86  &DQDGD RUPDLOWKLVIRUPWR ,QWKH86*(3DUWV32%R[0HPSKLV71,Q&DQDGD*(3DUWV)DFWRU\/DQH0RQFWRQ1%(&0 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 4XDQWLW\BBBBBBBBBBBBBBBBBBBB     BBBBBBBBBBBBBBBBBBBB   BBBBBBBBBBBBBBBBBBBB  %URLOHU3DQ2UGHU)RUP  3DUW1XPEHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB    BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 0RGHO1XPEHUBBBBBBBBBBBBBB 6HULDO1XPEHU BBBBBBBBBBBBBBBBBB  %UDQG BBBBBBBBBBBBBBB  'DWHRI3XUFKDVHBBBBBBBBBB )LUVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  /DVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $GGUHVVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &LW\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  6WDWHBBBBBBBBBBB  =LS&RGHBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3KRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  (0DLOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &KHFN BBBBBB 0RQH\2UGHUBBBBBB &DOOLQWKH86RULQ&DQDGDIRUFXUUHQWSULFLQJ$OOFUHGLWFDUGRUGHUVPXVWEHFDOOHGLQ  *('XDO)XHO5DQJH:DUUDQW\ $OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV RUDQDXWKRUL]HG&XVWRPHU&DUHŠ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■6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVHWKH SURGXFW ■'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGV RUDFWVRI*RG ■,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH ■,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH GHIHFWVZLWKWKLVDSSOLDQFH ■3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG PLVXVHGPRGLILHGRUXVHGIRURWKHUWKDQWKHLQWHQGHG SXUSRVHRUXVHGFRPPHUFLDOO\ ■5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV ■'DPDJHFDXVHGDIWHUGHOLYHU\ ■3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH (;&/86,212),03/,(':$55$17,(6³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·V$WWRUQH\*HQHUDO :DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<  *('XDO)XHO5DQJH:DUUDQW\ )RUFXVWRPHUVLQ&DQDGD  $OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV RUDQDXWKRUL]HG&XVWRPHU&DUHŠWHFKQLFLDQ)RUVHUYLFH FDOO3OHDVHKDYHVHULDOQXPEHUDQGPRGHO QXPEHUDYDLODEOHZKHQFDOOLQJIRUVHUYLFH *($SSOLDQFHVFRP 6WDSOH\RXUUHFHLSWKHUH 3URRIRIWKHRULJLQDOSXUFKDVH GDWHLVQHHGHGWRREWDLQ VHUYLFHXQGHUWKHZDUUDQW\ )RU7KH3HULRG2I 0DEH:LOO5HSODFH 2QH<HDU )URPWKHGDWHRIWKH RULJLQDOSXUFKDVH $Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS'XULQJWKLV  OLPLWHGRQH\HDUZDUUDQW\0DEHZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGLQKRPHVHUYLFH WRUHSODFHWKHGHIHFWLYHSDUW :KDW0DEH:LOO1RW&RYHU „6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVHWKH SURGXFW „'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGVRU DFWVRI*RG „,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH „,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH GHIHFWVZLWKWKLVDSSOLDQFH „3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG PLVXVHGRUXVHGIRURWKHUWKDQWKHLQWHQGHGSXUSRVHRU XVHGFRPPHUFLDOO\ „'DPDJHFDXVHGDIWHUGHOLYHU\ „3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH „5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV (;&/86,212),03/,(':$55$17,(6³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·V0DQXDOV RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH 6FKHGXOH6HUYLFH *($SSOLDQFHVFRP ([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW \RXUFRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6  GXULQJQRUPDOEXVLQHVVKRXUV 5HDO/LIH'HVLJQ6WXGLR *($SSOLDQFHVFRP *(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\ SHRSOHRIDOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQG PHQWDODELOLWLHVDQGLPSDLUPHQWV)RUGHWDLOVRI*(·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³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH <RXPD\DOVRPDLOLQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO 3ULQWHGLQ0H[LFR 7KLVERRNLVSULQWHGRQUHF\FOHGSDSHU a Gas con Función de Auto Limpieza Cocinas GEAppliances.com Instrucciones de seguridad. . . . . . . . . . . . . . . . . . 2–5 Instrucciones de Funcionamiento Convección del Horno . . . . 17–21 Guía para Dorar. . . . . . . . . . . . . 20 Horneado Por Convección Por Tiempo. . . . . 21 Quemadores Superficiales De Gas. . . . . . . . . . . . . . . . . . 6, 7 Plancha. . . . . . . . . . . . . . . . . . . . . . . . . 8 Cajón del Horno Inferior. . . . . . . 26 Termostato. . . . . . . . . . . . . . . . 25, 26 Horno Superior. . . . . . . . . . . . . . 9-25 Horneado y Dorado. . . . . . . . . 11 Guía para Asar. . . . . . . . . . . . . . 13 Reloj y Temporizador. . . . . . . . 14 Control del Hornos . . . . . . . . . . . . 9 Precalentamiento. . . . . . . . . . . 11 Sonda. . . . . . . . . . . . . . . . . . . . 16, 19 Modo Sabático. . . . . . . . . . . . . . 24 Auto Limpieza . . . . . . . . . . . . 27, 28 Funciones Especiales. . . . . 22, 23 Horneado y Dorado por Tiempo. . . . . . . . . . . . . . . . . 21 Cuidado y Limpieza Papel de Aluminio. . . . . . . . . . . . 12 Rejillas del quemador. . . . . . 31, 32 Tapas y Cabezas de Quemadores. . . . . . . . . . . . . . . 30 Panel de Control y Perillas. . . 33 Cocina. . . . . . . . . . . . . . . . . . . . . . . . 33 Plancha. . . . . . . . . . . . . . . . . . . . . . . 31 Levante la Puerta del Horno. . 34 Cajón del Horno Inferior. . . . 36, 37 Ventiladores del Horno. . . . . . 33 Elementos para Calentar el Horno. . . . . . . . . . . . . . . . . . . . . . . 34 Reemplazo de la Luz del Horno . . . . . . . . . . . . . . . . . . . . . 36 Estantes del Horno . . . . . . . . . . 34 Ensamble del quemador . . . . 29 Auto Limpieza. . . . . . . . . . . . . . 27, 28 Superficies de Acero Inoxidable. . . . . . . . . . . . . . . . . . 35 Instrucciones de Instalación . . . . . . . . . . . . . 38-52 Dispositivo Anti-Volcaduras. . . 52 Ensamble Los Quemadores Superficiales. . . . . . . . . . . . . . . 50 Control de Encendido del Quemador. . . . . . . . . . . . . . . . . . . . 51 Conecte la Cocina al Suministro de Electricidad. . . . . . . . . . . . . 44, 46 Conexión de la Cocina al Gas. . . . . . . . . . . . . . . 45 Dimensiones y Espacio. . . 40, 41 Conexiones Eléctricas. . . . . . 46-49 Nivelación de la Cocina. . . . . . . 51 LP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Manual de Usuario e Instrucciones de Instalación P2B930 C2S985 Accesorios . . . . . . . . . . . . . . . . . . . 57 Consejos para Solucionar Problemas. . . . . . . . . . . . . 53–56 Soporte al Cliente Soporte al Cliente. . Contratapa Garantía para Clientes en Canadá . . . . . . . . . . . . . . . . . 59 Garantía para Clientes en EE.UU. . . . . . . . . . . . . . . . . . . .58 Escriba los números de modelo y de serie aquí: Nº de Modelo _ _______________ Nº de Serie _ _________________ En Canadá, comuníquese con nosotros en: www.GEAppliances.ca Los puede encontrar en la etiqueta que se encuentra en el frente de la cocina, detrás del cajón calentador o en el cajón inferior del horno. 49-85182-1-SP 10-11 GE ,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 $ILQGHUHGXFLUHOULHVJRGHFDtGDGHODFRFLQDpVWDGHEHUiHVWDUDVHJXUDGDSRUXQVRSRUWHDQWL YROFDGXUDVFRUUHFWDPHQWHLQVWDODGR&RQVXOWHODVLQVWUXFFLRQHVGHLQVWDODFLyQSURYLVWDVFRQHO VRSRUWHSDUDDFFHGHUDGHWDOOHVFRPSOHWRVDQWHVGHLQWHQWDUUHDOL]DUODLQVWDODFLyQ 3DUDFRQWURODUVLHOVRSRUWHHVLQVWDODGR\DMXVWDGRGHIRUPDDSURSLDGDFRQWUROHTXHGHEDMRGH ODFRFLQDODSDWDQLYHODGRUDWUDVHUDHVWpDMXVWDGDDOVRSRUWH(QDOJXQRVPRGHORVHOFDMyQGH DOPDFHQDPLHQWRRHOSDQHOGHSURWHFFLyQVHSXHGHQUHWLUDUSDUDXQDIiFLOLQVSHFFLyQ6LQRHVSRVLEOHUHDOL]DUXQD LQVSHFFLyQYLVXDOGHVOLFHODFRFLQDKDFLDDGHODQWHFRQILUPHTXHHOVRSRUWHDQWLYROFDGXUDVHVWpDMXVWDGRGHIRUPD VHJXUDDOSLVRRODSDUHG\GHVOLFHODFRFLQDKDFLDDWUiVGHPRGRTXHODSDWDQLYHODGRUDWUDVHUDVHHQFXHQWUHGHEDMR GHOVRSRUWHDQWLYROFDGXUDV (QFDVRGHTXHODFRFLQDVHDHPSXMDGDGHODSDUHGSRUDOJXQDUD]yQVLHPSUHUHSLWDHVWHSURFHGLPLHQWRSDUD YHULILFDUTXHODFRFLQDHVWpFRUUHFWDPHQWHDVHJXUDGDSRUHOVRSRUWHDQWLYROFDGXUDV 1XQFDUHWLUHFRPSOHWDPHQWHODVSDWDVQLYHODGRUDV\DTXHODFRFLQDQRHVWDUiDVHJXUDGDGHIRUPDDGHFXDGDDO GLVSRVLWLYRDQWLYROFDGXUDV 6LQRUHFLELyHOVRSRUWHDQWLYROFDGXUDVFRQVXFRPSUDOODPHDOSDUDUHFLELUXQRVLQFRVWR HQ &DQDGiOODPHDO 3DUDDFFHGHUDLQVWUXFFLRQHVGHLQVWDODFLyQGHOVRSRUWHYLVLWH*($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$/(6'(6(*85,'$' $'9(57(1&,$ 181&$XVHHVWHHOHFWURGRPpVWLFRSDUDFDOHQWDUHO DPELHQWH&RPRFRQVHFXHQFLDGHHVWRVHSRGUi SURGXFLUHQYHQHQDPLHQWRFRQPRQy[LGRGHFDUERQR\ HOVREUHFDOHQWDPLHQWRGHOKRUQR ■8VHHVWHHOHFWURGRPpVWLFRVyORSDUDVXSURSyVLWR RULJLQDOFRPRVHGHVFULEHHQHOPDQXDOGHOSURSLHWDULR ■ 1RGHMHDORVQLxRVVRORVRIXHUDGHVXUDGLRGH DWHQFLyQHQHOiUHDGRQGHHOHOHFWURGRPpVWLFRVH HQFXHQWUHHQXVR1XQFDVHOHVGHEHUiSHUPLWLU WUHSDUVHQWDUVHRSDUDUVHVREUHQLQJXQDSDUWHGHO HOHFWURGRPpVWLFR ■ 1RJXDUGHDUWtFXORVGHLQWHUpVSDUDORVQLxRVVREUHXQD FRFLQDRHQODSDUWHWUDVHUDGHODPLVPD²6LXQQLxR WUHSDVREUHODFRFLQDSDUDDOFDQ]DUDUWtFXORVHVSRVLEOH 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 ■&RFLQHFDUQHV\FDUQHVGHDYHHQIRUPDFRPSOHWD²OD FDUQHSRUORPHQRVDXQDWHPSHUDWXUDLQWHULRUGHž ■$VHJ~UHVHGHTXHWRGRVORVPDWHULDOHVGHHPEDODMH )\ODFDUQHGHDYHSRUORPHQRVDXQDWHPSHUDWXUD VHDQUHWLUDGRVGHODFRFLQDDQWHVGHVXXVRDILQGH LQWHULRUGHž)1RUPDOPHQWHODFRFFLyQDHVWDV HYLWDUTXHHVWRVPDWHULDOHVVHLQFHQGLHQ WHPSHUDWXUDVEULQGDXQDSURWHFFLyQFRQWUDODV ■ (YLWHUDOODGXUDVRLPSDFWRVVREUHODVSXHUWDVGHPHWDO HQIHUPHGDGHVWUDQVPLWLGDVSRUODFRPLGD FRFLQDVRSDQHOHVGHFRQWURO+DFHUHVWRSRGUiSURGXFLU ODURWXUDGHYLGULRV1RFRFLQHXQSURGXFWRFRQXQYLGULR URWR(VSRVLEOHTXHVHSURGX]FDQGHVFDUJDVLQFHQGLRR FRUWHV *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 ■ 1RLQWHQWHHOHYDUODFRFLQD+DFHUHVWRSRGUtDGDxDU ODWXEHUtDGHJDVKDVWDORVTXHPDGRUHVVXSHUILFLDOHV RFDVLRQDQGRXQDSpUGLGDGHJDV\ULHVJRGHLQFHQGLR ■ $OLQKDELOLWDUHO%ORTXHRGHO&RQWUROGH*DV HQDOJXQRV PRGHORV DVHJ~UHVHGHTXHORVFRQWUROHVGHVXSHUILFLH VHHQFXHQWUHQHQODSRVLFLyQ2)) $SDJDGR (VWR HYLWDUiTXHKD\DXQIOXMRGHJDVQRLQWHQFLRQDOGHVGH ORVTXHPDGRUHV ■ 1RXVHSDSHOGHDOXPLQLRSDUDFXEULUUHMLOODVFXDOTXLHU SDUWHGHODFRFLQD6LVHKDFHHVWRVHSRGUiSURGXFLU HQYHQHQDPLHQWRFRQPRQy[LGRGHFDUERQR VREUHFDOHQWDPLHQWRGHODVVXSHUILFLHVGHODFRFLQDRXQ SRVLEOHULHVJRGHLQFHQGLR *8$5'((67$6,16758&&,21(6  *($SSOLDQFHVFRP $'9(57(1&,$ ,16758&&,21(6'(6(*85,'$' ■0DQWpQJDVHDOHMDGRGHODFRFLQDDODEULUODSXHUWDGHO KRUQR(ODLUHFDOLHQWHRHOYDSRUTXHVDOHSXHGHFDXVDU TXHPDGXUDVHQODVPDQRVURVWUR\XRMRV ■ 0DQWHQJDHOKRUQROLEUHGHDFXPXODFLyQGHJUDVD/D JUDVDHQHOKRUQRVHSXHGHLQFHQGLDU ■ &RORTXHORVHVWDQWHVGHOKRUQRHQODXELFDFLyQ FRUUHVSRQGLHQWHPLHQWUDVpVWHVHHQFXHQWUDIUtR6L HVQHFHVDULRUHWLUDUHOHVWDQWHPLHQWUDVHOKRUQRVH HQFXHQWUDFDOLHQWHHYLWHWRFDUODVVXSHUILFLHVFDOLHQWHV ■&RORTXHHOHVWDQWHGHOKRUQRHQODSRVLFLyQGHEORTXHR DOLQWURGXFLU\UHWLUDUFRPLGDGHOKRUQR(VWRD\XGDD HYLWDUTXHPDGXUDVSRUWRFDUVXSHUILFLHVFDOLHQWHVGHOD SXHUWD\ODVSDUHGHVGHOKRUQR ■ 1RGHMHSURGXFWRVWDOHVFRPRSDSHOXWHQVLOLRVGH FRFLQDQLFRPLGDHQHOKRUQRFXDQGRQRHVWpHQ XVR/RVDUWtFXORVJXDUGDGRVHQHOKRUQRVHSXHGHQ LQFHQGLDU ■1RGHMHDUWtFXORVHQODSDUWHVXSHULRUGHODFRFLQDFHUFD GHODYHQWLODFLyQGHOKRUQRTXHHVWiHQHOFHQWURGHOD SDUWHWUDVHUD/RVDUWtFXORVVHSXHGHQVREUHFDOHQWDU\ H[LVWHULHVJRGHLQFHQGLRRTXHPDGXUDV ■$OXVDUODVEROVDVSDUDFRFLQDURGRUDUHQHOKRUQRVLJD ODVLQVWUXFFLRQHVGHOIDEULFDQWH ■1XQFDDVHFRQODSXHUWDDELHUWD6HSURKtEHDVDUFRQOD SXHUWDDELHUWDGHELGRDOVREUHFDOHQWDPLHQWRGHODVSHULOODV GHFRQWURO $'9(57(1&,$ ,16758&&,21(6'(6(*85,'$''(/+2512&21 )81&,Ï1'($872/,03,(= /DIXQFLyQGHDXWROLPSLH]DXVDHOKRUQRHQWHPSHUDWXUDVORVXILFLHQWHPHQWHDOWDVFRPRSDUDFRQVXPLUUHVWRVGH FRPLGDTXHKD\DGHQWURGHOPLVPR3DUDXQIXQFLRQDPLHQWRVHJXURVLJDHVWDVLQVWUXFFLRQHV ■$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 $OJXQRVPRGHORV ■ 7HQJDFXLGDGRDODEULUHOFDMyQ$EUDXQSRFRHOFDMyQ ■(OSURSyVLWRGHOFDMyQFDOHQWDGRUHVPDQWHQHUODV \GHMHTXHVDOJDDLUHFDOLHQWHRYDSRUDQWHVGHUHWLUDUR FRPLGDVFRFLQDGDVDWHPSHUDWXUDSDUDVHUYLU&XDQGR UHHPSOD]DUODFRPLGD(ODLUHFDOLHQWHRHOYDSRUTXHVDOH ODFRPLGDHVWpDPHQRVGHž)VHSURGXFLUiQ SXHGHFDXVDUTXHPDGXUDVHQODVPDQRVURVWUR\XRMRV EDFWHULDV1RFRORTXHFRPLGDIUtDHQHOFDMyQ FDOHQWDGRU1RFDOLHQWHFRPLGDGXUDQWHPiVGHKRUDV ■ 1RXVHSDSHOGHDOXPLQLRSDUDUHYHVWLUHOFDMyQ 6LQRVHVLJXHQHVWDVLQVWUXFFLRQHVVHSRGUiQSURGXFLU FDOHQWDGRU(ODOXPLQLRHVXQH[FHOHQWHDLVODQWHGHO HQIHUPHGDGHVJHQHUDGDVHQODFRPLGD FDORU\DWUDSDUiHOFDORUGHEDMRGHpVWH(VWRDOWHUDUi HOIXQFLRQDPLHQWRGHOFDMyQ\H[LVWHHOULHVJRGHTXHVH ■1RGHMHSURGXFWRVGHSDSHOSOiVWLFRVFRPLGDHQODWDGDR SURGX]FDXQLQFHQGLR PDWHULDOHVFRPEXVWLEOHVHQHOFDMyQ6HSXHGHQLQFHQGLDU ■ 1RWRTXHHOHOHPHQWRFDOHQWDGRUQLODVXSHUILFLH LQWHULRUGHOFDMyQ(VSRVLEOHTXHODVVXSHUILFLHVHVWpQ ORVXILFLHQWHPHQWHFDOLHQWHVFRPRSDUDSURYRFDU TXHPDGXUDV *8$5'((67$6,16758&&,21(6  &yPRXVDUORVTXHPDGRUHVVXSHUILFLDOHVGHJDV (VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO $QWHVGH(QFHQGHUXQ4XHPDGRUGH*DV /XHJRGH(QFHQGHUXQ4XHPDGRUGH*DV „$VHJ~UHVHGHTXHWRGRVORVTXHPDGRUHV HVWpQHQVXOXJDU „$VHJ~UHVHGHTXHWRGDVODVSDUULOODVGHOD FRFLQDHVWpQFRUUHFWDPHQWHXELFDGDVDQWHV GHXVDUXQTXHPDGRU „6LVXFRFLQDFXHQWDFRQODIXQFLyQ%ORTXHR GHO&RQWUROGH*DVDVHJ~UHVHGHTXHHVWp GHVKDELOLWDGDDQWHVGHLQWHQWDUHQFHQGHUORV TXHPDGRUHVVXSHUILFLDOHV „1RXWLOLFHHOTXHPDGRUGXUDQWHXQSHUtRGRGH WLHPSRSURORQJDGRVLQXQXWHQVLOLRGHFRFLQD VREUHODSDUULOOD(ODFDEDGRGHODSDUULOODVH SXHGHUHVTXHEUDMDUVLQRKD\XQXWHQVLOLRGH FRFLQDTXHDEVRUEDHOFDORU „$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 *LUHODSHULOODSDUDDMXVWDUHOWDPDxRGH ODOODPD6LODSHULOODSHUPDQHFHHQ/,7( FRQWLQXDUiKDFLHQGRFOLF &XDQGRXQTXHPDGRUVHJLUDD/,7(WRGRV ORVTXHPDGRUHVKDFHQFKLVSD1RLQWHQWH GHVHQVDPEODUQLOLPSLDUXQTXHPDGRUPLHQWUDV RWURTXHPDGRUHVWiHQFHQGLGR(VSRVLEOHTXH VHSURGX]FDXQDGHVFDUJDHOpFWULFDORFXDO SRGUtDKDFHUTXHYXHOTXHXQXWHQVLOLRGHFRFLQD FDOLHQWH 4XHPDGRUHVGH*DV6HOODGRV 0HGLDQR *UDQGH 3HTXHxR ([WUD/DUJH &HQWUR RYDODGR  ([WUD HQDOJXQRV *UDQGH PRGHORV HQ DOJXQRV PRGHORV 4XHPDGRUGH WUHVDQLOORV 4XHPDGRU HQDOJXQRV PRGHORV SXHQWH HQ DOJXQRV PRGHORV  /DSDUWHVXSHULRUGHVXFRFLQDDJDVFXHQWD FRQTXHPDGRUHVGHJDVVHOODGRV/HRIUHFHQ FRQYHQLHQFLDIDFLOLGDGGHOLPSLH]D\IOH[LELOLGDG SDUDVHUXVDGRVHQXQDDPSOLDYDULHGDGGH DSOLFDFLRQHVGHFRFLQD (OTXHPDGRUPiVSHTXHxRHQODSRVLFLyQ WUDVHUDGHUHFKDHVHOTXHPDGRUDIXHJROHQWR (QDOJXQRVPRGHORVHOTXHPDGRUGHWULSOH OODPDTXHVHHQFXHQWUDHQODSRVLFLyQIURQWDO GHUHFKDHVHOTXHPDGRUDIXHJROHQWR(VWH TXHPDGRUVHSXHGHSDVDUD6,0 )XHJR/HQWR  SDUDTXHIXQFLRQHDXQIXHJRPX\OHQWR%ULQGD XQIXQFLRQDPLHQWRGHFRFFLyQPX\SUHFLVR SDUDFRPLGDVGHOLFDGDVWDOHVFRPRVDOVDVR FRPLGDVTXHUHTXLHUHQIXHJROHQWRGXUDQWHXQ SHUtRGRGHWLHPSRGHFRFFLyQODUJR /RVTXHPDGRUHVPHGLDQR DWUiVDOD L]TXLHUGD \JUDQGH IUHQWHDODL]TXLHUGD VRQ ORVTXHPDGRUHVSULQFLSDOHVSDUDODPD\RUtD GHODVFRFFLRQHV(VWRVTXHPDGRUHVGHXVR JHQHUDOVHSXHGHQSDVDUGH+, $OWR D/2 %DMR DILQGHTXHVHDGHF~HQDXQDDPSOLD YDULHGDGGHQHFHVLGDGHVGHFRFFLyQ (OTXHPDGRUH[WUDJUDQGH DOIUHQWHDOD GHUHFKDTXHPDGRUGHWULSOHOODPDRDOIUHQWH DODL]TXLHUGDHQDOJXQRVPRGHORV HVHO TXHPDGRUGHPi[LPDSURGXFFLyQ$OLJXDOTXH ORVRWURVFXDWURTXHPDGRUHVVHSXHGHSDVDU GH+, $OWR D6,0 )XHJR/HQWR SDUDXQDDPSOLD YDULHGDGGHDSOLFDFLRQHVGHFRFFLyQ (VWRVTXHPDGRUHVHVWiQGLVHxDGRVSDUD OOHYDUUiSLGDPHQWHJUDQGHVFDQWLGDGHVGH OtTXLGRDSXQWRGHKHUYRU&XHQWDQFRQOD IXQFLyQHVSHFLDO32:(5%2,/70GLVHxDGD SDUDVXXVRFRQXWHQVLOLRVGHFRFLQDGH SXOJDGDVRPiVGHGLiPHWURSDUDHO TXHPDGRUH[WUDJUDQGH\SXOJDGDVRPiV SDUDHOGHWULSOHOODPD (OTXHPDGRURYDOFHQWUDO HQDOJXQRVPRGHORV  HVSDUDJUDQGHVROODVFDFHURODVRSDUDXVR FRQODSODQFKD 6yORSDUDTXHPDGRUHVH[WUDJUDQGHV 6yORSDUDTXHPDGRUHVGHWUHVDQLOORV  *($SSOLDQFHVFRP &yPR6HOHFFLRQDUHO7DPDxRGHOD/ODPD 2EVHUYHODOODPDQRODSHULOODDPHGLGDTXH UHGXFHHOFDORU&XDQGRVHGHVHHFDOHQWDUGH IRUPDUiSLGDHOWDPDxRGHODOODPDGHXQ TXHPDGRUGHJDVGHEHUiVHUHTXLYDOHQWHFRQ HOXWHQVLOLRGHFRFLQDTXHHVWpXVDQGR &XDQGRODVOODPDVVHDQPiVJUDQGHVTXH ODSDUWHLQIHULRUGHOXWHQVLOLRGHFRFLQDQR FDOHQWDUiQHOXWHQVLOLRPiVUiSLGR\SRGUtDQ VHUULHVJRVDV 8WHQVLOLRVREUHOD&RFLQD $OXPLQLR6HUHFRPLHQGDXQXWHQVLOLRGHSHVRPHGLDQR\D TXHFDOLHQWDGHIRUPDUiSLGD\SDUHMD/DPD\RUtDGHODV FRPLGDVVHGRUDQGHIRUPDSDUHMDHQXQVDUWpQGHDOXPLQLR 8VHFDFHURODVFRQWDSDKHUPpWLFDFXDQGRFRFLQHFRQ FDQWLGDGHVPtQLPDVGHDJXD +LHUUR)RUMDGR6LFRFLQDUiGHIRUPDOHQWDODPD\RUtDGHORV VDUWHQHVOHGDUiQUHVXOWDGRVVDWLVIDFWRULRV 8WHQVLOLRVGHHVPDOWH%DMRFLHUWDVFRQGLFLRQHVHOHVPDOWH GHDOJXQRVXWHQVLOLRVGHFRFLQDVHSXHGHQGHUUHWLU6LJDODV UHFRPHQGDFLRQHVVREUHPpWRGRVGHFRFFLyQGHOIDEULFDQWH GHXWHQVLOLRVGHFRFLQD 9LGULR([LVWHQGRVWLSRVGHXWHQVLOLRVGHFRFLQDGHYLGULR² DTXHOORVSDUDXVRFRQHOKRUQR~QLFDPHQWH\DTXHOORVSDUD ODFRFFLyQHQODSDUWHVXSHULRUGHODFRFLQD FDFHURODVFDIp \WHWHUDV /RVFRQGXFWRUHVGHYLGULRFDOLHQWDQGHIRUPDPX\ OHQWD &HUiPLFDGH9LGULR5HVLVWHQWHDO&DORU6HSXHGHQXVDUSDUD FXDOTXLHUVXSHUILFLHRSDUDFRFFLyQHQHOKRUQR&RQGXFHHO FDORUGHIRUPDPX\OHQWD\VHHQIUtDGHIRUPDPX\UiSLGD &RQVXOWHODVLQVWUXFFLRQHVGHOIDEULFDQWHGHXWHQVLOLRVGH FRFLQDSDUDVDEHUFRQVHJXULGDGVLVHSXHGHXVDUFRQFRFLQDV DJDV $FHUR,QR[LGDEOH(VWHPHWDOSRVHHSURSLHGDGHVGH FDOHQWDPLHQWROLPLWDGDV\QRUPDOPHQWHVHFRPELQDFRQ FREUHDOXPLQLRXRWURVPDWHULDOHVSDUDXQDPHMRUGLVWULEXFLyQ GHOFDORU/RVVDUWHQHVFRQFRPELQDFLyQGHPHWDOHV QRUPDOPHQWHIXQFLRQDQGHIRUPDVDWLVIDFWRULDVLVHXVDQFRQ FDORUPHGLRFRPRORUHFRPLHQGDHOIDEULFDQWH 3DUULOODVSDUDOD3DUWH6XSHULRUGHOD&RFLQD 1RXVHSDUULOODVSDUDODSDUWHVXSHULRUGHOD FRFLQDVREUHORVTXHPDGRUHVGHJDVVHOODGRV6L XVDODSDUULOODSDUDODSDUWHVXSHULRUGHODFRFLQD HQHOTXHPDGRUGHJDVVHOODGRRFDVLRQDUi XQDFRPEXVWLyQLQFRPSOHWD\SRGUiSURGXFLU 8VHHO:RNGH(VWD)RUPD 8VHXQZRNFRQIRQGRSODQR 5HFRPHQGDPRVTXHXVHXQZRNGHSXOJDGDV RPiVSHTXHxRFRQIRQGRSODQR$VHJ~UHVHGH TXHHOIRQGRGHOZRNVHDSR\HGHIRUPDSODQD VREUHODSDUULOOD(VWiQGLVSRQLEOHVHQVXWLHQGD PLQRULVWDORFDO H[SRVLFLyQDQLYHOHVGHPRQy[LGRGHFDUERQR VXSHULRUHVDORVHVWiQGDUHVDFWXDOPHQWH SHUPLWLGRV 7KLVFDQEHKD]DUGRXVWR\RXUKHDOWK 6yORVHGHEHUiXVDUXQZRNFRQIRQGRSODQR 1RXVHXQDQLOORGHVRSRUWHSDUDZRN&RORFDUHO DQLOORVREUHHOTXHPDGRURSDUULOODSRGUiKDFHU TXHHOTXHPDGRUIXQFLRQHGHIRUPDLQDGHFXDGD SURGXFLHQGRQLYHOHVGHPRQy[LGRGHFDUERQR TXHVXSHUDQORVHVWiQGDUHVSHUPLWLGRV(VWR SXHGHVHUSHOLJURVRSDUDVXVDOXG (Q&DVRGH&RUWHGH&RUULHQWH (QFDVRGHFRUWHGHFRUULHQWHSXHGHHQFHQGHUORV TXHPDGRUHVGHJDVVXSHUILFLDOHVGHODFRFLQDFRQXQIyVIRUR $FHUTXHXQIyVIRURSUHQGLGRDOTXHPDGRU\OXHJRSUHVLRQH\ JLUHODSHULOODGHFRQWUROKDVWDODSRVLFLyQ/,7(7HQJDHVSHFLDO FXLGDGRDOHQFHQGHUORVTXHPDGRUHVGHHVWDPDQHUD /RVTXHPDGRUHVTXHVHHVWpQXVDQGRFXDQGRVHSURGX]FD XQFRUWHGHFRUULHQWHHOpFWULFDFRQWLQXDUiQIXQFLRQDQGR QRUPDOPHQWH 127$6LHO%ORTXHRGHO&RQWUROGH*DVHVWiHQXVRHQHO PRPHQWRGHOFRUWHGHFRUULHQWHORVTXHPDGRUHVVXSHUILFLDOHV QRVHSRGUiQHQFHQGHU  8VRGHODSODQFKD HQDOJXQRVPRGHORV 6XSODQFKDFXELHUWD\DQWLDGKHUHQWHR SODQFKDSUHVD]RQDGD HQDOJXQRVPRGHORV  EULQGDXQDVXSHUILFLHGHFRFFLyQH[WUDJUDQGH SDUDFDUQHVSDQTXHTXHVXRWUDVFRPLGDV QRUPDOPHQWHSUHSDUDGDVHQXQDROODRVDUWpQ SDUDIUHtU 127$6XSODQFKDVHGHVFRORUDUiFRQHOSDVR GHOWLHPSRDPHGLGDTXHVHVD]RQHFRQHO XVR &yPR,QVHUWDUOD3ODQFKD$QWLDGKHUHQWH\5HYHUVLEOH /DSODQFKDVyORVHSXHGHXVDUFRQHO TXHPDGRUFHQWUDO3DUDLQVHUWDUODSODQFKD UHWLUHODSDUULOODFHQWUDO\UHHPSODFHODPLVPD FRQODSODQFKD 8VRGHOD3ODQFKD $'9(57(1&,$ 5LHVJRGH,QFHQGLR „/DFRQILJXUDFLyQ3UH+HDW 3UHFDOHQWDU  HQDOJXQRV PRGHORV VHEULQGDSDUDSUHFDOHQWDUODSODQFKDGHIRUPD UiSLGD$SDJXHHOFRQWURODQWHVGHFRORFDUFRPLGDHQ ODSODQFKD/DFRFFLyQHQODFRQILJXUDFLyQ3UH+HDW 3UHFDOHQWDU SXHGHRFDVLRQDUXQLQFHQGLR „7HQJDFXLGDGRDOFRFLQDUFRPLGDVFRQJUDVD/DJUDVD HVSDUFLGDSXHGHSURYRFDUXQLQFHQGLR „1XQFDFRORTXHQLJXDUGHXQDUWtFXORHQODSODQFKDLQFOXVR FXDQGRQRHVWpHQXVR(OFDORUGHORVGHPiVTXHPDGRUHV SXHGHFDOHQWDUODSODQFKD\SURYRFDUXQLQFHQGLR /DPD\RUtDGHODVFRPLGDVDODSODQFKDUHTXLHUHQXQD FRFFLyQHQXQDVXSHUILFLHSUHFDOHQWDGD3UHFDOLHQWHOD SODQFKDGHDFXHUGRFRQHVWDJXtD\OXHJRFDPELHDOD FRQILJXUDFLyQGHFRFFLyQGHVHDGD $'9(57(1&,$ /DVOODPDVGHOTXHPDGRU TXHQRHVWiQFXELHUWDVSRUHOXWHQVLOLRGHFRFLQDSXHGHQ SUHVHQWDUXQULHVJRGHLQFHQGLRRLQFHQGLRGHWHODV(O TXHPDGRUGHODSODQFKDVyORVHGHEHUiXVDUFXDQGROD SODQFKDHVWpHQVXOXJDU6LHVWRQRVHFXPSOHVHSXHGHQ VXIULUOHVLRQHVJUDYHV „1RXVHDFHLWHVREUHODSODQFKDGXUDQWHSHUtRGRVGHWLHPSR SURORQJDGRV(VSRVLEOHTXHVHSURGX]FDQPDQFKDVSHUPDQHQWHV \RJULHWDV „'RQRWRYHUKHDWWKHJULGGOH/HDYLQJWKHJULGGOHEXUQHURQDW +,IRUDQH[WHQGHGDPRXQWRIWLPHZLWKRXWIRRGFDQGDPDJH WKHQRQVWLFNFRDWLQJ „(YLWHHOXVRGHXWHQVLOLRVGHPHWDOFRQSXQWDVSURQXQFLDGDV RH[WUHPRVPX\ILORVRVTXHSRGUtDQGDxDUODVXSHUILFLHGHOD SODQFKD „1RFRUWHODVFRPLGDVHQODSODQFKD  127$1ROLPSLHODSODQFKDHQHOKRUQRGHDXWR OLPSLH]D 3ODQFKD3UHVD]RQDGDSDUDORV0RGHOR3% 7LSRGH&RPLGD &RQGLFLRQHVGH &RQILJXUDFLyQ 3UHFDOHQWDPLHQWR GH&RFFLyQ &yPR&DOHQWDU7RUWLOODV 1LQJXQR 3DQTXHTXHV  0HG$OWR PLQ +DPEXUJXHVDV  0HG$OWR PLQ (PEXWLGRVSDUDHO'HVD\XQR $OWR²PLQ 6iQGZLFKHV&DOLHQWHV 7DOHV $OWRLQ FRPRFRQ4XHVRDOD3ODQFKD  0HG%DMR  0HG$OWR  0HG$OWR  0HG $OWR 127$(VSRVLEOHTXHVHDQHFHVDULRDMXVWDUODVFRQILJXUDFLRQHV GHODSODQFKDVLVHXVDUiSRUXQSHUtRGRSURORQJDGR 3ODQFKD$QWLDGKHUHQWHSDUDHO0RGHOR&6 7LSRGH&RPLGD &yPR&DOHQWDU7RUWLOODV 3DQTXHTXHV +DPEXUJXHVDV +XHYRV)ULWRV (PEXWLGRVSDUDHO'HVD\XQR 6iQGZLFKHV&DOLHQWHV 7DOHV FRPRFRQ4XHVRDOD3ODQFKD &RQGLFLRQHVGH &RQILJXUDFLyQGH 3UHFDOHQWDPLHQWR &RFFLyQ 1LQJXQR  0HG$OWR  PLQ $OWR²PLQ $OWR²PLQ $OWR²PLQ $OWR²PLQ  0HG%DMR  0HG  0HG 'RUDUHQ+L $OWR SRUPLQXWR GHFDGDODGR  0HG  0HG $OWR 127$(VSRVLEOHTXHVHDQHFHVDULRDMXVWDUODVFRQILJXUDFLRQHV GHODSODQFKDVLVHXVDUiSRUXQSHUtRGRSURORQJDGR 8VRGHORVFRQWUROHVGHOKRUQR  (VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO *($SSOLDQFHVFRP /DVIXQFLRQHVDSDULHQFLD\XELFDFLRQHVGHODVWHFODVSXHGHQYDULDU &RQWUROGHO+RUQR5HORM7HPSRUL]DGRU\)XQFLRQHV 7HFODGH+RUQHDGR 3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQKRUQHDU 7HFOD%URLO+L/R $VDU$OWR%DMR 3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQDVDU 7HFODGH+RUQHDGRSRU&RQYHFFLyQ 3UHVLRQHSDUDVHOHFFLRQDUKRUQHDUFRQODIXQFLyQ GHFRQYHFFLyQ 7HFODGH7RVWDGRSRU&RQYHFFLyQ 3UHVLRQHSDUDVHOHFFLRQDUWRVWDUFRQODIXQFLyQGH FRQYHFFLyQ 7HFOD,QLFLDU 6HGHEHUiSUHVLRQDUSDUDFRPHQ]DUFXDOTXLHU IXQFLyQGHFRFFLyQROLPSLH]D 3DQWDOOD 0XHVWUDODKRUDGHOGtDWHPSHUDWXUDGHOKRUQR VLHOKRUQRHVWiHQHOPRGRKRUQHDUDVDURDXWR OLPSLH]DORVWLHPSRVFRQILJXUDGRVSDUDODV IXQFLRQHVGHOWHPSRUL]DGRURGHKRUQRDXWRPiWLFR \VLODFRFLQDHVWiEORTXHDGD 6L´)\XQQ~PHURROHWUDµWLWLODQHQODSDQWDOOD\HO FRQWUROGHOKRUQRGDXQDVHxDOHVWRLQGLFDXQFyGLJR GHHUURUGHIXQFLyQ7RTXHODWHFOD&OHDU2II %RUUDU $SDJDU 3HUPLWDTXHHOKRUQRVHHQIUtHGXUDQWHXQD KRUD&RORTXHHOKRUQRQXHYDPHQWHHQIXQFLRQDPLHQWR 6LHOFyGLJRGHHUURUGHIXQFLyQVHUHSLWHGHVFRQHFWHOD FRUULHQWHGHOKRUQR\OODPHDOVHUYLFLRWpFQLFR 6LVXKRUQRIXHFRQILJXUDGRSDUDXQIXQFLRQDPLHQWRSRU WLHPSR\VHSURGXFHXQFRUWHGHFRUULHQWHHOUHORM\ODV IXQFLRQHVSURJUDPDGDVVHUiQUHLQLFLDGRV /DKRUDGHOGtDWLWLODUiHQODSDQWDOODFXDQGRKD\D KDELGRXQFRUWHGHFRUULHQWH 7HFODGH$XWR/LPSLH]D 3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQGHDXWR OLPSLH]D/HDODVHFFLyQKRUQRFRQIXQFLyQGHDXWR OLPSLH]D  7HFODGH7LHPSRGH5HWUDVR 8VHMXQWRFRQODVWHFODV&22.,1*7,0( 7LHPSR GH&RFFLyQ R6(/)&/($1 $XWR/LPSLH]D SDUD FRQILJXUDUHOKRUQRSDUDTXHVHLQLFLH\GHWHQJDGH IRUPDDXWRPiWLFDHQHOWLHPSRTXHFRQILJXUy 7HFODGH7LHPSRGH&RFFLyQ 3 UHVLRQHODWHFOD\OXHJRSUHVLRQHODVWHFODV QXPpULFDVSDUDFRQILJXUDUODFDQWLGDGGHWLHPSR GXUDQWHHOFXDOGHVHHTXHVXFRPLGDVHFRFLQH(O KRUQRVHDSDJDUiFXDQGRHOWLHPSRGHFRFFLyQVH KD\DWHUPLQDGR 7HFOD&OHDU2II %RUUDU$SDJDU 3UHVLRQHSDUDFDQFHODU72'$6ODVRSHUDFLRQHVGHO KRUQRH[FHSWRHOUHORMWHPSRUL]DGRU\%ORTXHRGHO &RQWUROGH*DVR%ORTXHRGHO&RQWURO GHSHQGLHQGR GHOPRGHOR  7HFODGH5HORM 3UHVLRQHDQWHVGHFRQILJXUDUHOUHORM 7HFODV1XPpULFDV 8VHHVWDWHFODSDUDFRQILJXUDUFXDOTXLHUIXQFLyQ TXHUHTXLHUDQ~PHURVWDOHVFRPRODKRUDGHOGtD HQHOUHORMHOWHPSRUL]DGRUODWHPSHUDWXUDGHO KRUQRODWHPSHUDWXUDLQWHUQDGHODFRPLGDODKRUD GHLQLFLR\ODGXUDFLyQGHOIXQFLRQDPLHQWRSDUD KRUQHDGRSRUWLHPSR\DXWROLPSLH]D 7HFOD.LWFKHQ7LPHU2Q2II 7HPSRUL]DGRUGH &RFLQD(QFHQGLGR$SDJDGR 3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQGHOFRQWDGRU 7HFODGH6RQGD 3UHVLRQHDOXVDUODVRQGDSDUDUHDOL]DUXQD FRFFLyQ %ORTXHRGHO&RQWUROGH*DV HQDOJXQRVPRGHORV 7KHFRQWUROORFNRXWLVDQG7RXFKDQGKROGWKH DQGSDGVDWWKHVDPHWLPHIRUVHFRQGV 7HFODGH/X]2Q2II (QFHQGLGD$SDJDGD GHOKRUQR 3UHVLRQHSDUDHQFHQGHURDSDJDUODOX]GHOKRUQR  8VRGHOKRUQRVXSHULRU 3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHORVHVWDQWHVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR $QWHVGHFRPHQ]DU« /RVHVWDQWHVSRVHHQEORTXHDGRUHVGHPRGR TXHDOFRORFDUORVFRUUHFWDPHQWHVREUHORV VRSRUWHV $D( VHGHWHQGUiQDQWHVGHVDOLUVH FRPSOHWDPHQWH\QRVHLQFOLQDUiQ $OFRORFDU\UHWLUDUXWHQVLOLRVGHFRFLQDHPSXMH HOHVWDQWHKDFLDDIXHUDGHOWRSHVREUHHO VRSRUWHGHOHVWDQWH 7KHRYHQKDVVKHOISRVLWLRQV ,WDOVRKDVDVSHFLDOORZVKHOI SRVLWLRQ 5 IRUH[WUDODUJHLWHPV VXFKDVDODUJHWXUNH\  35(&$8&,Ï1$OXVDU XQHVWDQWHHQODSRVLFLyQPiVEDMD 5 VH GHEHUiWHQHUFXLGDGRDOHPSXMDUHOHVWDQWH YDULDVSXOJDGDVKDFLDDIXHUD\OXHJR XWLOL]DQGRGRVVRVWHQHGRUHVGHROODHPSXMH HOHVWDQWHKDFLDDIXHUDVRVWHQLHQGRORV ODGRV(OHVWDQWHHVWiHQXQDSRVLFLyQEDMD\ XVWHGSRGUtDVXIULUXQDTXHPDGXUDVLFRORFD ODPDQRHQPHGLRGHOPLVPRDOHPSXMDU KDFLDDIXHUD 3DUDUHWLUDUHOHVWDQWHHPSXMHHOPLVPRKDFLD XVWHGLQFOLQHHOH[WUHPRIURQWDOKDFLDDUULED\ HPSXMHKDFLDDIXHUD 3DUDKDFHUXQUHHPSOD]RFRORTXHHOH[WUHPR GHOHVWDQWH EORTXHDGRUHV HQHOVRSRUWHLQFOLQH HOIUHQWHKDFLDDUULED\HPSXMHHOHVWDQWHKDFLD DGHQWUR 127$(OHVWDQWHQRHVWiGLVHxDGRSDUD GHVOL]DUVHKDFLDDIXHUDHQODSRVLFLyQHVSHFLDO GHOHVWDQWHEDMR 5  9HQWLODFLyQGHO+RUQR6XSHULRU /RVDUWtFXORVGHSOiVWLFRVREUHOD SDUWHVXSHULRUGHOKRUQRVHSRGUiQ GHUUHWLUVLVHORVGHMDGHPDVLDGR FHUFDGHODYHQWLODFLyQ /DDSDULHQFLD\ODXELFDFLyQGHOD YHQWLODFLyQYDUtDQ 6XKRUQRHVYHQWLODGRDWUDYpVGHFRQGXFWRV HQODSDUWHWUDVHUDGHODFRFLQD1REORTXHH HVWRVFRQGXFWRVDOFRFLQDUHQHOKRUQR²HV LPSRUWDQWHTXHHOIOXMRGHDLUHFDOLHQWHGHVGH HOKRUQR\HODLUHIUHVFRKDFLDHOTXHPDGRU GHOKRUQRQRVHDQLQWHUUXPSLGRV(YLWHWRFDU ODVDEHUWXUDVGHODYHQWLODFLyQRVXSHUILFLHV FHUFDQDVGXUDQWHHOIXQFLRQDPLHQWRGHOKRUQR \HODVDGRU²VHSRGUiQFDOHQWDU „/DVPDQLMDVGHODVROODV\FDFHURODVVH SRGUiQFDOHQWDUDOHVWDUHQODSDUWHVXSHULRU GHOKRUQRVLVHODVXELFDGHPDVLDGRFHUFDGH ODYHQWLODFLyQ „1RGHMHDUWtFXORVGHSOiVWLFRRLQIODPDEOHV VREUHODSDUWHVXSHULRUGHODFRFLQD VHSRGUiQGHUUHWLURLQFHQGLDUVHVLVH HQFXHQWUDQGHPDVLDGRFHUFDGHOD YHQWLODFLyQ „1RGHMHHQYDVHVFHUUDGRVHQODSDUWH VXSHULRUGHODFRFLQD/DSUHVLyQHQHQYDVHV FHUUDGRVVHSRGUiLQFUHPHQWDUORFXDOSRGUi KDFHUTXHH[SORWHQ „/RVDUWtFXORVGHPHWDOVHFDOHQWDUiQ GHPDVLDGRVLVHORVGHMDVREUHODSDUWH VXSHULRUGHODFRFLQD\SRGUiQRFDVLRQDU LQFHQGLRV &RUWHGH&RUULHQWH (OKRUQRRDVDGRUQRVHSRGUiQLOXPLQDU GXUDQWHXQFRUWHGHFRUULHQWH1RFLUFXODUiJDV DPHQRVTXHODEDUUDEULOODQWHHVWpFDOLHQWH 6LHOKRUQRVHHQFXHQWUDHQXVRFXDQGRVH SURGX]FDXQFRUWHGHFRUULHQWHHOTXHPDGRU GHOKRUQRVHDSDJDUi\QRVHSRGUiYROYHUD /X]GHO+RUQR6XSHULRU  3UHVLRQHODWHFOD2YHQ/LJKW /X]GHO+RUQR  HQHOSDQHOGHFRQWUROVXSHULRUSDUDHQFHQGHU RDSDJDUODOX] HQFHQGHUKDVWDTXHYXHOYDODFRUULHQWH(VWR VHGHEHDTXHHOIOXMRGHJDVVHGHWLHQHGH IRUPDDXWRPiWLFD\QRVHUHLQLFLDUiFXDQGROD FRUULHQWHVHDUHVWDXUDGDDPHQRVTXHODEDUUD EULOODQWHKD\DDOFDQ]DGRODWHPSHUDWXUDGH IXQFLRQDPLHQWR 8VRGHOKRUQRVXSHULRU *($SSOLDQFHVFRP 6LVXPRGHORFXHQWDFRQXQDWUDEDSDUDSXHUWDQREORTXHHODSXHUWDFRQODWUDEDGXUDQWHHOKRUQHDGRRWRVWDGR /DWUDEDVHXVDSDUDODIXQFLyQGHDXWROLPSLH]D~QLFDPHQWH &yPR&RQILJXUDUHO+RUQR6XSHULRUSDUD+RUQHDGRR'RUDGR 6XKRUQRQRHVWiGLVHxDGRSDUDODFRFFLyQFRQ ODSXHUWDDELHUWD 3UHVLRQHODWHFOD%DNH +RUQHDU  7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG WHPSHUDWXUH 3UHVLRQHODWHFOD6WDUW ,QLFLDU  (OKRUQRFXHQWDFRQXQDSRVLFLyQ HVSHFLDOSDUDHVWDQWHEDMR 5 MXVWR VREUHODSDUWHLQIHULRUGHOKRUQR 8VHHVWDSRVLFLyQFXDQGRQHFHVLWH HVSDFLRDGLFLRQDOSDUDODFRFFLyQ 3RUHMHPSORFXDQGRFRFLQHXQ SDYRJUDQGH(OHVWDQWHQRHVWi GLVHxDGRSDUDGHVOL]DUVH\VHU OHYDQWDGRHQHVWDSRVLFLyQ $SDUHFHUiODSDODEUD21 (QFHQGLGR \ž $PHGLGDTXHHOKRUQRVHFDOLHQWHODSDQWDOOD PRVWUDUiHOFDPELRGHWHPSHUDWXUD&XDQGRHO KRUQRDOFDQFHODWHPSHUDWXUDTXHSURJUDPy VRQDUiQXQSLWLGR +RUQHDU \OXHJRODVWHFODVQXPpULFDVSDUD REWHQHUODQXHYDWHPSHUDWXUD &RQWUROHTXHODFRPLGDHVWpKHFKDHQHO WLHPSRPtQLPRGHFRFFLyQGHODUHFHWD &RFLQHGXUDQWHPiVWLHPSRVLHV QHFHVDULR 3UHVLRQHODWHFOD&OHDU2II %RUUDU $SDJDU FXDQGRODFRFFLyQHVWpFRPSOHWD 127$(VSRVLEOHTXHHOYHQWLODGRUVHHQFLHQGD \DSDJXHGHIRUPDDXWRPiWLFDSDUDHQIULDUODV SDUWHVLQWHULRUHV(VWRHVQRUPDO\HVSRVLEOH TXHHOYHQWLODGRUFRQWLQ~HIXQFLRQDQGRLQFOXVR 3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRGXUDQWH OXHJRGHTXHHOKRUQRVHDSDJXH HOFLFOR%$.( +RUQHDU SUHVLRQHODWHFOD%DNH 3UHFDOHQWDPLHQWR\8ELFDFLyQGH2OODV 3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXH ORVHVWDQWHVHQODSRVLFLyQGHVHDGDDQWHVGH HQFHQGHUHOKRUQR $OKRUQHDUHQXQVRORHVWDQWHXVH ODSRVLFLyQGHOHVWDQWHGHVGHHO FXDGURSDUDVXWLSRGHFRPLGD /RVUHVXOWDGRVGHOKRUQHDGR VHUiQPHMRUHVVLODVFDFHURODV GHKRUQHDGRVHHQFXHQWUDQHQHO FHQWURGHOKRUQRODPD\RUFDQWLGDG GHWLHPSRSRVLEOH 3UHFDOLHQWHHOKRUQRVLODUHFHWDORUHTXLHUH 3DUDFDOHQWDUHOKRUQRSUHYLDPHQWHDMXVWHOD WHPSHUDWXUDFRUUHFWD(VQHFHVDULRSUHFDOHQWDU HOKRUQRSDUDHOKRUQHDGRSRUFRQYHFFLyQ\ SDUDREWHQHUEXHQRVUHVXOWDGRVDOFRFLQDU WRUWDVJDOOHWDVSDVWHOHV\SDQHV 3DUDKRUQRVVLQXQDOX]RWRQRLQGLFDGRUGH SUHFDOHQWDPLHQWRSUHFDOLHQWHGXUDQWH PLQXWRV /RVUHVXOWDGRVGHOKRUQHDGRVHUiQPHMRUHV VLODVFDFHURODVGHKRUQHDGRVHHQFXHQWUDQ HQHOFHQWURGHOKRUQRODPD\RUFDQWLGDGGH WLHPSRSRVLEOH/DVFDFHURODVQRGHEHQWRFDUVH PXWXDPHQWHQLWRFDUODVSDUHGHVGHOKRUQR6L QHFHVLWDXVDUGRVHVWDQWHVHVFDORQHODVROODV GHPRGRTXHXQRQRHVWpGLUHFWDPHQWHVREUH HORWUR\GHMHDSUR[LPDGDPHQWHXQHVSDFLR GHòµHQWUHODVROODVGHVGHHOIUHQWHODSDUWH WUDVHUD\ORVFRVWDGRVGHODSDUHG $OKRUQHDUFXDWURFDSDVGHWRUWDGH XQDVRODYH]XVHORVHVWDQWHV$\ &&RORTXHODVROODVLQIHULRUHVHQOD SDUWHWUDVHUDGHOHVWDQWH\ODVROODV VXSHULRUHVHQODSDUWHIURQWDOGHO HVWDQWHTXHVHPXHVWUDGHPRGRTXH XQDROODQRHVWpGLUHFWDPHQWHVREUH ODRWUD  8VRGHOKRUQRVXSHULRU 3DSHOGH$OXPLQLR 1RXVHSDSHOGHDOXPLQLRSDUDUHYHVWLUHO IRQGRGHOKRUQR(ODOXPLQLRDWUDSDUiHOFDORU LQIHULRU\DOWHUDUiHOIXQFLRQDPLHQWRGHOKRUQR (ODOXPLQLRVHSXHGHGHUUHWLU\GDxDUGH IRUPDSHUPDQHQWHODSDUWHLQIHULRUGHOKRUQR /RVGDxRVSRUXVRLQDGHFXDGRGHOSDSHOGH DOXPLQLRQRHVWiQFXELHUWRVSRUODJDUDQWtDGHO SURGXFWR 6HSRGUiXVDUDOXPLQLRSDUDHYLWDUGHUUDPHV FRORFDQGRXQDKRMDVREUHXQHVWDQWHLQIHULRU YDULDVSXOJDGDVGHEDMRGHODFRPLGD1RXVH PiVDOXPLQLRTXHHOQHFHVDULR\QXQFDFXEUD WRWDOPHQWHHOHVWDQWHGHXQKRUQRFRQSDSHOGH DOXPLQLR0DQWHQJDHODOXPLQLRDSRUORPHQRV µGHODVSDUHGHVGHOKRUQRSDUDHYLWDUXQD FLUFXODFLyQGHILFLHQWHGHOFDORU +XPHGDGGHO+RUQR $PHGLGDTXHHOKRUQRVHFDOLHQWHHOFDPELR GHWHPSHUDWXUDHQHODLUHGHOKRUQRSRGUi JHQHUDUODIRUPDFLyQGHJRWDVGHDJXDHQHO YLGULRGHODSXHUWD(VWDVJRWDVVRQLQRIHQVLYDV \VHHYDSRUDUiQDPHGLGDTXHHOKRUQRVHVLJD FDOHQWDQGR 6LVXPRGHORFXHQWDFRQXQDWUDEDSDUDSXHUWDQREORTXHHODSXHUWDFRQODWUDEDGXUDQWHHODVDGR /DWUDEDVHXVDSDUDODIXQFLyQGHDXWROLPSLH]D~QLFDPHQWH &yPR3URJUDPDUHO+RUQR6XSHULRUSDUD$VDU &RORTXHODFDUQHRSHVFDGRVREUHXQD UHMLOODSDUDDVDUHQXQDFDFHURODSDUD DVDU 8VHODVSRVLFLRQHVVXJHULGDVSDUDUHSLVDV HQOD*XtDSDUD$VDU &LHUUHODSXHUWD6LHPSUHDVHFRQOD SXHUWDFHUUDGD /DSXHUWDGHOKRUQRVHGHEHUiFHUUDU GXUDQWHHODVDGR 3UHVLRQHODWHFOD%URLO+L/R $VDGR$OWR %DMR XQDYH]SDUD$VDGR$OWR 3DUDFDPELDUD/R%URLO $VDGR%DMR  SUHVLRQHODWHFOD%URLO+L $VDGR$OWR  QXHYDPHQWH  3UHVLRQHODWHFOD6WDUW ,QLFLDU  8QDYH]WHUPLQDGRHODVDGRSUHVLRQHOD WHFOD&OHDU2II %RUUDU$SDJDU  6LUYDODFRPLGDGHIRUPDLQPHGLDWD\GHMH ODROODDIXHUDGHOKRUQRSDUDTXHVHHQIUtH GXUDQWHODFRPLGDSDUDXQDOLPSLH]DPiVIiFLO 8VH/R%URLO $VDGR%DMR SDUDFRFLQDU FRPLGDVFRPRSDYRRFRUWHVJUXHVRVGHFDUQH HQIRUPDFRPSOHWDVLQTXHVHGRUHQHQH[FHVR  *($SSOLDQFHVFRP *XtDSDUD$VDU (OWDPDxRSHVRJURVRU WHPSHUDWXUDLQLFLDO\VX SUHIHUHQFLDGHSUHSDUDFLyQ DIHFWDUiQORVWLHPSRVGHO DVDGR(VWDJXtDHVWiEDVDGD HQFDUQHVDWHPSHUDWXUDGH UHIULJHUDGRU &RPLGD %LIH (O'HSDUWDPHQWRGH$JULFXOWXUD GH((88 86'HSDUWPHQWRI $JULFXOWXUH DILUPDTXH´HOELIH MXJRVRHVSRSXODUSHURTXHXVWHG GHEHUtDVDEHUTXHFRFLQDUHO PLVPRDVyORž)VLJQLILFDTXH DOJXQRVRUJDQLVPRVYHQHQRVRV TXHVHHQFXHQWUDQHQODFRPLGD SXHGHQVREUHYLYLUµ )XHQWH6DIH )RRG%RRN<RXU.LWFKHQ*XLGH (O/LEURGHOD&RPLGD6HJXUD6X *XtDGH&RFLQD 86'$5HY-XQLR GH &RQ 3RVLFLyQ 3UHSDUDGD 7LSRR*URVRU ILJXUDFLyQ GHO(V SDUD$VDU WDQWH -XJRVR $SXQWR -XJRVR ž) ž) %LVWHFV² µGHJURVRU $OWR ( $SXQWR ž) %LVWHFV²ôD µGHJURVRU $OWR '( &RFLGR ž) %LVWHFV²ôD µGHJURVRU $OWR ' $SXQWR ž) *URXQG%HHI 3DWWLHV µWRµ WKLFN $OWR '( &RFLGR ž) KDPEXUJXHVDV GHFDUQH SLFDGD²´D ôµGHJURVRU $OWR ' 3HFKXJD GHVKXHVDGD $OWR & 3HFKXJD FRQKXHVRV $OWR & òµDµGH JURVRU $OWR ' %DMR ' ôµGHJURVRU $OWR ' 3ROOR )LOHWHVGH 3HVFDGR &RVWLOOD GHFHUGR (OKRUQRWLHQHSRVLFLRQHV GHHVWDQWHV &RFLGR ž) &RPHQWDULRV (VGLItFLOFRFLQDU HQHOSXQWRMXJRVR ORVELVWHFVGHXQ JURVRULQIHULRUD µ(VSRVLEOHTXH VHFRFLQHQDQWHV GHGRUDUVH 3DUDHYLWDURQ GHDGRVFRUWHOD JUDVDSRULQWHUYD ORVGHµ $VHGHOODGRGHOD SLHOKDFLDDEDMR SULPHUR 6RVWHQJD\JLUH FRQPXFKR FXLGDGR 3DUDHYLWDURQ GHDGRVFRUWHOD JUDVDSRULQWHUYD ORVGHµ 'HELGRDXQDYDULHGDGGHFDUQHV\FRUWHVGLVSRQLEOHVSXHGHVHOHFFLRQDUSRVLFLRQHVDOWHUQDWLYDVGHHVWDQWHVHQ EDVHDVXSUHIHUHQFLDSHUVRQDOGHSUHSDUDFLyQ\DSDULHQFLDH[WHUQD&RQVXOWHHQODLOXVWUDFLyQODGHVFULSFLyQGHODV SRVLFLRQHVGHORVHVWDQWHV  8VRGHOUHORM\HOWHPSRUL]DGRU 1RWRGDVODVIXQFLRQHVFRUUHVSRQGHQDWRGRVORVPRGHORV 3DUD&RQILJXUDUHO5HORM $VHJ~UHVHTXHHOUHORMPDUTXHOD KRUDFRUUHFWDGHOGtD (OUHORMVHGHEHUiFRQILJXUDUHQODKRUDFRUUHFWD GHOGtDSDUDTXHODVIXQFLRQHVDXWRPiWLFDV GHOWHPSRUL]DGRUGHOKRUQRIXQFLRQHQGH IRUPDDGHFXDGD/DKRUDGHOGtDQRVHSXHGH FDPELDUGXUDQWHXQKRUQHDGRSRUWLHPSRRHO FLFORGHDXWROLPSLH]D 3UHVLRQHODWHFOD&ORFN 5HORM  3UHVLRQHODVWHFODVQXPpULFDV 3UHVLRQHODVWHFODVQXPpULFDVGHODPLVPD IRUPDTXHODVOHH3RUHMHPSORSDUDFRQILJXUDU SUHVLRQHODVWHFODVQXPpULFDV\ HQHVHRUGHQ 6LODVWHFODVQXPpULFDVQRVHWRFDQGHQWURGHO SHUtRGRGHXQPLQXWROXHJRGHKDEHUWRFDGR ODWHFOD&ORFN 5HORM ODSDQWDOODYXHOYHDOD FRQILJXUDFLyQRULJLQDO6LHVWRVXFHGHSUHVLRQH ODWHFOD&ORFN 5HORM \YXHOYDDLQJUHVDUODKRUD GHOGtD 73UHVLRQHODWHFOD6WDUW ,QLFLDU KDVWDTXH ODKRUDGHOGtDDSDUH]FDHQODSDQWDOOD (VWRLQJUHVDODKRUDHLQLFLDHOUHORM 3DUDFRQWURODUODKRUDGHOGtDFXDQGRODSDQWDOOD PXHVWUDRWUDLQIRUPDFLyQVLPSOHPHQWH SUHVLRQHODWHFOD&ORFN 5HORM /DKRUDGHOGtD DSDUHFHKDVWDTXHRWUDWHFODHVSUHVLRQDGD 3DUD&RQILJXUDUHO7HPSRUL]DGRU /DIXQFLyQGHWHPSRUL]DGRUVyOR FXHQWDSRUPLQXWRV/DIXQFLyQ &OHDU2II %RUUDU$SDJDU QR DIHFWDHOWHPSRUL]DGRU (OWHPSRUL]DGRUQRFRQWURODHOIXQFLRQDPLHQWR GHOKRUQR/DFRQILJXUDFLyQPi[LPDGHO WHPSRUL]DGRUHVKRUDV\PLQXWRV 3UHVLRQHODWHFOD.LWFKHQ7LPHU2Q2II (QFHQGLGR$SDJDGRGHO7HPSRUL]DGRU GH&RFLQD  3UHVLRQHODVWHFODVQXPpULFDVKDVWDTXHOD FDQWLGDGGHWLHPSRTXHGHVHDDSDUH]FD HQODSDQWDOOD(OWLHPSRPi[LPRTXHVH SXHGHLQJUHVDUHQPLQXWRVHV/RV WLHPSRVVXSHULRUHVDPLQXWRVVH GHEHUtDQFDPELDUDKRUDV\PLQXWRV3RU HMHPSORSDUDLQJUHVDUPLQXWRVFRPR KRUD\PLQXWRVSUHVLRQH\HQHVH RUGHQ 6LFRPHWHXQHUURUSUHVLRQHODWHFOD.LWFKHQ 7LPHU2Q2II (QFHQGLGR$SDJDGRGHO 7HPSRUL]DGRUGH&RFLQD \YXHOYDDFRPHQ]DU 3UHVLRQHODWHFOD6WDUW ,QLFLDU /XHJRGH SUHVLRQDUODWHFOD6WDUW ,QLFLDU 6HW &RQILJXUDFLyQ GHVDSDUHFHHVWROHLQGLFD TXHHOWLHPSRHVWiHQFXHQWDUHJUHVLYD DXQTXHODSDQWDOODQRFDPELDKDVWDTXH KD\DSDVDGRXQPLQXWR &XDQGRHOFRQWDGRUOOHJXHDHOFRQWURO KDUiSLWLGRVVHJXLGRVSRUXQSLWLGRFDGD VHJXQGRVKDVWDTXHVHSUHVLRQHODWHFOD .LWFKHQ7LPHU2Q2II (QFHQGLGR $SDJDGRGHO7HPSRUL]DGRUGH&RFLQD  (OWRQRGHVHJXQGRVVHSXHGHFDQFHODU VLJXLHQGRORVSDVRVHQODVHFFLyQGHFRQWUROGH IXQFLRQHV(VSHFLDOHVGHVXKRUQRHQ7RQHVDW WKH(QGRID7LPHG&\FOH 7RQRVDO)LQDOGHXQ &LFORSRU7LHPSR  3DUD5HLQLFLDUHO7HPSRUL]DGRU 6LODSDQWDOODD~QPXHVWUDHOWLHPSRUHVWDQWH ODSXHGHFDPELDUSUHVLRQDQGRODWHFOD.LWFKHQ 7LPHU2Q2II (QFHQGLGR$SDJDGRGHO 7HPSRUL]DGRUGH&RFLQD \OXHJRSUHVLRQDQGR ODVWHFODVQXPpULFDVKDVWDTXHHOWLHPSRTXH GHVHDDSDUH]FDHQODSDQWDOOD 6LHOWLHPSRUHVWDQWHQRVHHQFXHQWUDHQOD SDQWDOOD UHWUDVRGHOFRPLHQ]RGHOUHORMR WLHPSRGHFRFFLyQDSDUHFHQHQODSDQWDOOD  UHFXHUGHHOWLHPSRUHVWDQWHSUHVLRQDQGR ODWHFOD.LWFKHQ7LPHU2Q2II (QFHQGLGR $SDJDGRGHO7HPSRUL]DGRUGH&RFLQD \OXHJR SUHVLRQDQGRODVWHFODVQXPpULFDVSDUDLQJUHVDU HOQXHYRWLHPSRTXHGHVHH 3DUD&DQFHODUHO7HPSRUL]DGRU 3UHVLRQHODWHFOD.LWFKHQ7LPHU2Q2II (QFHQGLGR$SDJDGRGHO7HPSRUL]DGRUGH &RFLQD GRVYHFHV &RUWHGH&RUULHQWH  6LODKRUDDSDUHFHWLWLODQGRHQODSDQWDOOD VLJQLILFDTXHVHSURGXMRXQFRUWHGHFRUULHQWH 5HLQLFLHHOUHORM 3UHVLRQHODWHFOD&ORFN 5HORM XQDYH]SDUD UHLQLFLDU,QJUHVHODKRUDGHOGtDFRUUHFWD SUHVLRQDQGRODVWHFODVQXPpULFDVDSURSLDGDV 3UHVLRQHODWHFOD6WDUW ,QLFLR  8VRGHODVIXQFLRQHVGHKRUQHDGR\GRUDGR SRUWLHPSR KRUQRVXSHULRU~QLFDPHQWH  *($SSOLDQFHVFRP 127$/DVFRPLGDVTXHVHHFKDQDSHUGHUUiSLGDPHQWHWDOHVFRPROHFKHKXHYRVSHVFDGRUHOOHQRVDYH\FHUGRQRVH GHEHUiQGHMDUUHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHHVWLPXODHOGHVDUUROOR GHEDFWHULDVQRFLYDV$VHJ~UHVHGHTXHODOX]GHOKRUQRHVWpDSDJDGD\DTXHHOFDORUGHODOiPSDUDDFHOHUDUiHO FUHFLPLHQWRGHEDFWHULDVQRFLYDV &yPR&RQILJXUDUXQ,QLFLR,QPHGLDWR\'HWHQFLyQ$XWRPiWLFD (OKRUQRVXSHULRUVHHQFHQGHUiGHIRUPD LQPHGLDWD\VHFRFLQDUiSRUXQSHUtRGRGHWLHPSR VHOHFFLRQDGR$OILQDOGHOWLHPSRGHFRFFLyQHOKRUQR VHDSDJDUiDXWRPiWLFDPHQWH 3UHVLRQHODWHFOD%DNH +RUQHDU  3UHVLRQHODVWHFODVQXPpULFDVSDUDSURJUDPDU ODWHPSHUDWXUDGHVHDGDGHOKRUQR 3UHVLRQHODWHFOD&RRNLQJ7LPH 7LHPSRGH &RFFLyQ  127$6LVXUHFHWDUHTXLHUHFDOHQWDUHQIRUPDSUHYLD HVSRVLEOHTXHQHFHVLWHWLHPSRDGLFLRQDOVREUHHO WLHPSRGHFRFFLyQ 3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU HOSHUtRGRGHWLHPSRGHFRFFLyQGHVHDGR(O WLHPSRPtQLPRGHFRFFLyQTXHSXHGH FRQILJXUDUHVPLQXWR /DWHPSHUDWXUDGHOKRUQRTXHFRQILJXUH\HO WLHPSRGHFRFFLyQTXHLQJUHVyDSDUHFHUiQHQ ODSDQWDOOD 3UHVLRQHODWHFOD6WDUW ,QLFLDU  (OKRUQRDSDUHFHUiHQ21 (QFHQGLGR \ODSDQWDOOD PRVWUDUiODFXHQWDUHJUHVLYDGHOWLHPSR\HOFDPELR GHWHPSHUDWXUDDSDUWLUGHORVž) /DSDQWDOODGH WHPSHUDWXUDFRPHQ]DUiHOFDPELRXQDYH]TXHOD WHPSHUDWXUDGHOKRUQRDOFDQFHORVž) &XDQGR HOKRUQRDOFDQFHODWHPSHUDWXUDTXHSURJUDPy VRQDUiQSLWLGRV (OKRUQRFRQWLQXDUiODFRFFLyQGXUDQWHODFDQWLGDG GHWLHPSRSURJUDPDGDOXHJRVHDSDJDUi DXWRPiWLFDPHQWHDPHQRVTXHODIXQFLyQ &RRNDQG+ROG 0DQWHQHUOD&RFFLyQ KD\DVLGR SURJUDPDGD/HDODVIXQFLRQHV(VSHFLDOHVGHOD VHFFLyQGHFRQWUROGHOKRUQR /XHJRGHTXHHOKRUQRVHDSDJXHVRQDUiHOWRQRGH ILQGHOFLFOR 3UHVLRQHODWHFOD&OHDU2II %RUUDU$SDJDU  SDUDDSDJDUODSDQWDOODVLHVQHFHVDULR5HWLUH ODFRPLGDGHOKRUQR5HFXHUGHTXHDXQTXHHO KRUQRVHDSDJXHGHIRUPDDXWRPiWLFDOD FRPLGDTXHSHUPDQH]FDGHQWURGHpVWH FRQWLQXDUiFRFLQiQGRVHFXDQGRHOKRUQRHVWp DSDJDGR &yPR&RQILJXUDUXQ,QLFLR5HWUDVDGR\'HWHQFLyQ$XWRPiWLFD (OKRUQRVXSHULRUVHHQFHQGHUiHQHOKRUDULR GHOGtDTXHFRQILJXUHFRFLQDUiGXUDQWHXQ SHUtRGRGHWLHPSRHVSHFtILFR\OXHJRVHDSDJDUi DXWRPiWLFDPHQWH $VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWDGHOGtD 3UHVLRQHODWHFOD%DNH +RUQHDU  3UHVLRQHODVWHFODVQXPpULFDVSDUDSURJUDPDU ODWHPSHUDWXUDGHVHDGDGHOKRUQR 3UHVLRQHODWHFOD&RRNLQJ7LPH 7LHPSRGH &RFFLyQ  127$6LVXUHFHWDUHTXLHUHFDOHQWDUHQIRUPDSUHYLD HVSRVLEOHTXHQHFHVLWHWLHPSRDGLFLRQDOVREUHHO WLHPSRGHFRFFLyQ 3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU HOSHUtRGRGHWLHPSRGHFRFFLyQGHVHDGR(O WLHPSRPtQLPRGHFRFFLyQTXHSXHGH FRQILJXUDUHVPLQXWR /DWHPSHUDWXUDGHOKRUQRTXHFRQILJXUH\HO WLHPSRGHFRFFLyQTXHLQJUHVyDSDUHFHUiQHQ ODSDQWDOOD 3UHVLRQHODWHFOD'HOD\6WDUW 5HWUDVDU,QLFLR  3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU ODKRUDGHOGtDHQTXHGHVHDTXHHOKRUQRVH HQFLHQGD\FRPLHQFHDFRFLQDU 3UHVLRQHODWHFOD6WDUW ,QLFLDU  127$8QWRQRGHDWHQFLyQVRQDUiVLHVWiXVDQGRHO KRUQHDGRSRUWLHPSR\QRVHGHEHWRFDUODWHFOD6WDUW ,QLFLR  127$6LGHVHDFRQWURODUORVKRUDULRVFRQILJXUDGRV SUHVLRQHODWHFOD'HOD\6WDUW ,QLFLR5HWUDVDGR SDUD FRQWURODUODKRUDGHLQLFLRTXHFRQILJXUyRSUHVLRQHOD WHFOD&RRNLQJ7LPH 7LHPSRGH&RFFLyQ SDUDFRQWURODU HOSHUtRGRGHWLHPSRGHFRFFLyQTXHSURJUDPy &XDQGRHOKRUQRHVWpHQ21 (QFHQGLGR D ODKRUDGHOGtDTXHFRQILJXUyHQODSDQWDOOD DSDUHFHUiODFXHQWDUHJUHVLYDGHODFRFFLyQ\ HOFDPELRGHWHPSHUDWXUDDSDUWLUGHORVƒ) /DSDQWDOODGHWHPSHUDWXUDFRPHQ]DUiD FDPELDUXQDYH]TXHODWHPSHUDWXUDGHOKRUQR DOFDQFHORVž) &XDQGRHOKRUQRDOFDQFH ODWHPSHUDWXUDTXHSURJUDPyVRQDUiQYDULRV SLWLGRV (OKRUQRFRQWLQXDUiODFRFFLyQGXUDQWHODFDQWLGDG GHWLHPSRSURJUDPDGDOXHJRVHDSDJDUi DXWRPiWLFDPHQWHDPHQRVTXHODIXQFLyQ &RRNDQG+ROG 0DQWHQHUOD&RFFLyQ KD\DVLGR SURJUDPDGD/HDODVIXQFLRQHV(VSHFLDOHVGHOD VHFFLyQGHFRQWUROGHOKRUQR /XHJRGHTXHHOKRUQRVHDSDJXHVRQDUiHOWRQR GHILQGHOFLFOR 3UHVLRQHODWHFOD&OHDU2II %RUUDU$SDJDU SDUD DSDJDUODSDQWDOODVLHVQHFHVDULR5HWLUHOD FRPLGDGHOKRUQR5HFXHUGHTXHDXQTXHHOKRUQR VHDSDJXHGHIRUPDDXWRPiWLFDODFRPLGDTXH SHUPDQH]FDGHQWURGHpVWHFRQWLQXDUi FRFLQiQGRVHFXDQGRHOKRUQRHVWpDSDJDGR  8VRGHODVRQGD HQDOJXQRVPRGHORV   35(&$8&,Ï1 3DUDHYLWDUTXHPDGXUDVQRGHVHQFKXIHODVRQGDGHVGHHOHQFKXIHGHOKRUQRKDVWDTXH HVWH~OWLPRVHKD\DHQIULDGR1RJXDUGHODVRQGDGHQWURGHOKRUQR 6LVXPRGHORFXHQWDFRQXQDWUDEDSDUDSXHUWDQREORTXHHODSXHUWDFRQODWUDEDGXUDQWHODFRFFLyQFRQODVRQGD/D WUDEDVHXVDSDUDODIXQFLyQGHDXWROLPSLH]D~QLFDPHQWH 3DUDPXFKDVFRPLGDVHVSHFLDOPHQWHFRPLGDVWRVWDGDV\DYHODWHPSHUDWXUDLQWHUQDGHODFRPLGDHVODPHMRUSUXHED GHTXHHVWiKHFKD/DVRQGDGHWHPSHUDWXUDHOLPLQDODVFRQMHWXUDVFRQUHODFLyQDODFRFFLyQGHODVFRPLGDVHLQGLFD FRQH[DFWLWXGODSUHSDUDFLyQTXHXVWHGGHVHD 6LVHXVDXQDVRQGDTXHQRVHDODSURYLVWDFRQ HVWHSURGXFWRVHSRGUiQSURGXFLUGDxRVVREUH pVWD 8VHODVPDQLMDVGHODVRQGDSDUDHQFKXIDUODDO LQVHUWDU\UHWLUDUODVPLVPDVGHODFRPLGD\GHO HQFKXIH /DVRQGDGHWHPSHUDWXUDFXHQWD FRQXQDVRQGDWLSREURFKHWDHQ XQH[WUHPR\XQHQFKXIHHQHO RWURH[WUHPRTXHVHFRQHFWDHQHO HQFKXIHGHOKRUQR &DEOH 0DQLMDV „ 3DUDHYLWDUGDxRVVREUHODVRQGDQRXVH DJDUUDGHUDVSDUDHPSXMDUHOFDEOHDOUHWLUDUOR „ 3DUDHYLWDUSRVLEOHVTXHPDGXUDVQR GHVHQFKXIHODVRQGDGHOHQFKXIHGHOKRUQR KDVWDTXHHVWH~OWLPRVHKD\DHQIULDGR „ 3DUDHYLWDUURPSHUODVRQGDDVHJ~UHVHGH TXHODFRPLGDKD\DVLGRFRPSOHWDPHQWH GHVFRQJHODGDDQWHVGHLQVHUWDUOD „ 1XQFDGHMHODVRQGDGHQWURGHOKRUQR GXUDQWHXQFLFORGHDXWROLPSLH]D /XHJRGHSUHSDUDUODFDUQH\GHFRORFDUOD PLVPDHQHOVDOYDPDQWHOHVRHQXQDUHMLOODGH ROODSDUDDVDUVLJDHVWDVLQVWUXFFLRQHVSDUD XELFDUODVRQGDGHIRUPDFRUUHFWD MDPyQRFRUGHURFRQKXHVRLQVHUWHODVRQGDHQ HOFHQWURGHOP~VFXORRDUWLFXODFLyQPiVEDMD\ ODUJD ,QVHUWHODVRQGDFRPSOHWDPHQWHHQODFDUQH 1RGHEHUtDWRFDUHOKXHVRODJUDVDQLHO FDUWtODJR 3DUDGRUDUVLQKXHVRVLQVHUWHODVRQGDHQOD SDUWHPiVFDUQRVDGHOGRUDGR3DUDFRFLQDU „ 1RJXDUGHODVRQGDGHQWURGHOKRUQR ,QVHUWHODVRQGDHQHOFHQWURGHSODWRVWDOHV FRPRSDVWHOGHFDUQHRFD]XHODV ,QVHUWHODVRQGDHQODSDUWHPiVFDUQRVDGHO PXVORLQWHUQRGHVGHDEDMR\SDUDOHORDODSDWD GHXQSDYRHQWHUR &yPR&RQILJXUDUHO+RUQR6XSHULRUSDUD&RFLQDU&XDQGRVHXVDOD6RQGD ,QVHUWHODVRQGDHQODFRPLGD (QFKXIHODVRQGDHQHOHQFKXIHGHOKRUQR $VHJ~UHVHGHTXHHVWpFRPSOHWDPHQWH HQFKXIDGR&LHUUHODSXHUWDGHOKRUQR 3UHVLRQHODWHFOD3UREH 6RQGD  3UHVLRQHODVWHFODVQXPpULFDVSDUD FRQILJXUDUODFRPLGDLQWHUQDGHVHDGDROD WHPSHUDWXUDGHODFDUQHHQWUHž)\ ž) 3UHVLRQHODWHFOD%DNH +RUQHDU  3UHVLRQHODVWHFODVQXPpULFDVSDUD SURJUDPDUODWHPSHUDWXUDGHVHDGDGHO KRUQR 3UHVLRQHODWHFOD6WDUW ,QLFLDU  /DSDQWDOODGDUiXQDYLVRVLODVRQGDHV HQFKXIDGDHQHOHQFKXIHGHHQWUDGD\QRVH FRQILJXUyODWHPSHUDWXUDQLVHWRFyODWHFOD 6WDUW ,QLFLR   /DSDQWDOODPRVWUDUi/2 %DMR KDVWDTXHOD WHPSHUDWXUDLQWHUQDGHODFRPLGDOOHJXHD ORVž)OXHJRVHPRVWUDUiHOFDPELRGHOD WHPSHUDWXUDLQWHUQD &XDQGRODWHPSHUDWXUDLQWHUQDGHOD FRPLGDOOHJXHDOQ~PHURTXHFRQILJXUyOD VRQGD\HOKRUQRVHDSDJDUiQ\HOFRQWURO GHOKRUQRGDXQDVHxDO3DUDGHWHQHUOD VHxDOSUHVLRQHODWHFOD&OHDU2II %RUUDU $SDJDU 8VHXQJXDQWHGHFRFLQDSDUD UHWLUDUODVRQGDGHODFRPLGD1RXVH DJDUUDGHUDVSDUDHPSXMDUODSRGUtDQ GDxDUODVRQGD 3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRGXUDQWH ODFRFFLyQFRQVRQGDSUHVLRQHODWHFOD%DNH +RUQHDU \OXHJRODVWHFODVQXPpULFDVSDUD FRQILJXUDUODQXHYDWHPSHUDWXUD „6LODVRQGDHVUHWLUDGDGHODFRPLGDDQWHVGH TXHOOHJXHDODWHPSHUDWXUDILQDOVRQDUiXQ WRQR\ODSDQWDOODWLWLODUiKDVWDTXHODVRQGD VHDUHWLUDGDGHOKRUQR „3XHGHXVDUHO7HPSRUL]DGRUDXQTXHQR SXHGHXVDURSHUDFLRQHVGHOKRUQRSRU WLHPSRDOXVDUODVRQGD 8VRGHOKRUQRSRUFRQYHFFLyQ HQDOJXQRVPRGHORV  *($SSOLDQFHVFRP (OYHQWLODGRUSRUFRQYHFFLyQVHDSDJDFXDQGRODSXHUWDGHOKRUQRVHDEUH12GHMHODSXHUWDDELHUWDGXUDQWHSHUtRGRV SURORQJDGRVGHWLHPSRPLHQWUDVXVDODFRFFLyQSRUFRQYHFFLyQ 3DUDD\XGDUOHDHQWHQGHUODGLIHUHQFLDHQWUH HOKRUQHDGR\HOWRVWDGRSRUFRQYHFFLyQ\HO KRUQHDGR\WRVWDGRWUDGLFLRQDODTXtILJXUDQ DOJXQDVSDXWDVJHQHUDOHV +RUQHDGRSRU&RQYHFFLyQ (QXQKRUQRSRUFRQYHFFLyQXQ YHQWLODGRUKDFHFLUFXODUDLUHVREUH GHEDMR\DOUHGHGRUGHODFRPLGD (VWHDLUHFDOLHQWHTXHFLUFXOD VHGLVWULEX\HGHIRUPDSDUHMDD WUDYpVGHODFDYLGDGGHOKRUQR &RPRUHVXOWDGRODVFRPLGDVVRQ FRFLQDGDV\GRUDGDVGHIRUPD SDUHMDFRQIUHFXHQFLDHQPHQRV WLHPSRTXHFRQHOFDORUUHJXODU „3UHFDOLHQWHHOKRUQR/HDODVHFFLyQ8VRGHO 3UHFDOHQWDPLHQWRGHO+RUQR\8ELFDFLyQGH OD2OOD „,GHDOSDUDFRPLGDVFRFLQDGDVHQHVWDQWHV P~OWLSOHV „%XHQRSDUDJUDQGHVFDQWLGDGHVGHFRPLGDV KRUQHDGDV „%XHQRVUHVXOWDGRVFRQJDOOHWDVJDOOHWLWDV EL]FRFKRVGHFKRFRODWH\QXH]ERFDGLWRVGH FUHPDDUUROODGRVGXOFHVSDVWHOGHiQJHO\SDQ (OYHQWLODGRUSRUFRQYHFFLyQKDFHFLUFXODUHO DLUHFDOLHQWHGHIRUPDSDUHMDVREUH\DOUHGHGRU GHODFRPLGD HQWRGRVVXVODGRVFRPRVLKXELHVHQVLGR FRFLQDGRVHQXQDURWLVHUtD(ODLUHFDOLHQWH FLUFXODVREUHGHEDMR\DOUHGHGRUGHODFRPLGD TXHVHHVWiGRUDQGR(ODLUHFDOLHQWHVHOODORV MXJRVUiSLGDPHQWHSDUDREWHQHUXQSURGXFWR K~PHGR\WLHUQRPLHQWUDVTXHDOPLVPR WLHPSRFUHDXQDSDUWHH[WHULRUULFD\GRUDGD /RVGRUDGRV\HODYHVHGHEHQFRFLQDUHQHO HVWDQWHGHODSRVLFLyQ $  &XDQGRVHHVWiGRUDQGRSRUFRQYHFFLyQHV LPSRUWDQWHTXHVHXVHXQDROODSDUDDVDU \XQDUHMLOODSDUDPHMRUHVUHVXOWDGRVHQ ODFRQYHFFLyQ/DROODVHXVDSDUDDWUDSDU GHUUDPHVGHJUDVD\ODUHMLOODVHXVDSDUDHYLWDU VDOSLFDGXUDVGHJUDVD „&RORTXHHOHVWDQWHHQODSRVLFLyQGHHVWDQWH $  7RVWDGRSRU&RQYHFFLyQ „%XHQRSDUDFRUWHVGHFDUQHGHVFXELHUWRV TXHVHDQJUDQGHV\WLHUQRV (OYHQWLODGRUSRUFRQYHFFLyQKDFHFLUFXODUHO DLUHFDOLHQWHGHIRUPDSDUHMDVREUH\DOUHGHGRU GHODFRPLGD/DFDUQH\HODYHVRQGRUDGRV &RQYHUVLyQGH$XWR5HFLSH70 3XHGHXVDUVXVUHFHWDVIDYRULWDVHQHOKRUQR SRUFRQYHFFLyQ $OXVDU&219(&7,21%$.( +RUQHDGRSRU &RQYHFFLyQ HOKRUQRFRQYHUWLUiGHIRUPD DXWRPiWLFDODWHPSHUDWXUDGHOKRUQRGHO KRUQHDGRUHJXODUDODVWHPSHUDWXUDVGH +RUQHDGRSRU&RQYHFFLyQ 8WLOL]DQGRODVWHFODVQXPpULFDVLQJUHVH ODWHPSHUDWXUDUHFRPHQGDGDHQOD UHFHWD 3UHVLRQHODWHFOD6WDUW ,QLFLDU  /DSDQWDOODPRVWUDUiODWHPSHUDWXUDUHDO FRQYHUWLGD UHGXFLGD 3RUHMHPSORVLVH LQJUHVDODWHPSHUDWXUDUHJXODUGHXQD UHFHWDGHž) ž& \VHSUHVLRQDOD WHFOD6WDUW ,QLFLDU ODSDQWDOODPRVWUDUi &21\ODWHPSHUDWXUDFRQYHUWLGDGH ž) ž&  127$(VWDIXQFLyQVyORFRQYLHUWH ODVWHPSHUDWXUDVGHFRFFLyQ\QR ORVWLHPSRVGHFRFFLyQ$ODVDUSRU FRQYHFFLyQODWHPSHUDWXUDGHOKRUQRQR VHFRQYHUWLUiHQIRUPDDXWRPiWLFD 3UHVLRQHODWHFOD&OHDU2II %RUUDU $SDJDU FXDQGRODFRFFLyQHVWp FRPSOHWD „ 8VHHOWDPDxRGHROODUHFRPHQGDGRHQOD UHFHWD „ $OJXQDVLQVWUXFFLRQHVGHOSDTXHWHSDUD FD]XHODVFRQJHODGDVSODWRVSULQFLSDOHVR SURGXFWRVKRUQHDGRVIXHURQGHVDUUROODGDV XWLOL]DQGRKRUQRVSRUFRQYHFFLyQ FRPHUFLDOHV3DUDPHMRUHVUHVXOWDGRVFRQ HVWHKRUQRSUHFDOLHQWHHOPLVPR\XVHOD WHPSHUDWXUDSDUDXQKRUQHDGRUHJXODU TXHILJXUDHQHOSDTXHWH 3DUDGHVDFWLYDUODIXQFLyQ 3UHVLRQHODVWHFODV:DUP &DOHQWDU \ %DNH +RUQHDGR DOPLVPRWLHPSRKDVWD TXHODSDQWDOODPXHVWUH6) 3UHVLRQHODWHFOD&RQYHFWLRQ%DNH +RUQHDUSRU&RQYHFFLyQ /DSDQWDOOD PRVWUDUi&RQ21 &RQYHFFLyQ (QFHQGLGD 3UHVLRQHODWHFOD&RQYHFWLRQ %DNH +RUQHDUSRU&RQYHFFLyQ  QXHYDPHQWH/DSDQWDOODPRVWUDUi&RQ 2II &RQYHFFLyQ$SDJDGD  3UHVLRQHODWHFOD6WDUW ,QLFLDU   8VRGHOKRUQRSRUFRQYHFFLyQ HQDOJXQRVPRGHORV  8WHQVLOLRVGH&RFLQDSDUD&RFFLyQSRU&RQYHFFLyQ $QWHVGHXVDUHOKRUQRSRUFRQYHFFLyQFRQWUROH TXHVXXWHQVLOLRGHFRFLQDGHMHHVSDFLRSDUD ODFLUFXODFLyQGHDLUHHQHOKRUQR6LKRUQHDUi FRQYDULDVROODVGHMHHVSDFLRHQWUHODVPLVPDV $GHPiVDVHJ~UHVHGHTXHODVROODVQRVH WRTXHQHQWUHVt\TXHQRWRTXHQODVSDUHGHVGHO KRUQR 3DSHO\3OiVWLFR (OSDSHOUHVLVWHQWHDOFDORU\ORVHQYDVHVGH SOiVWLFRTXHVHUHFRPLHQGDQSDUDXVRFRQ KRUQRVUHJXODUHVVHSXHGHQXVDUHQKRUQRVSRU FRQYHFFLyQ/RVXWHQVLOLRVGHFRFLQDGHSOiVWLFR UHVLVWHQWHVDWHPSHUDWXUDVGHž)WDPELpQ VHSXHGHQXVDUFXDQGRHOKRUQRVHHQFXHQWUH SRUGHEDMRGHORVž) or &XDOTXLHUWLSRGHXWHQVLOLRGHFRFLQDIXQFLRQDUi HQVXKRUQRSRUFRQYHFFLyQ6LQHPEDUJR ODVROODVPHWiOLFDVFDOLHQWDQPiVUiSLGR\VH UHFRPLHQGDQSDUDHOKRUQHDGRSRUFRQYHFFLyQ „/DVROODVRVFXUHFLGDVRFRQDFDEDGRWLSR PDWHKRUQHDUiQPiVUiSLGRTXHODVROODV EULOODQWHV „/DVROODVGHYLGULRRFHUiPLFDFRFLQDQFRQ PD\RUOHQWLWXG $OFRFLQDUJDOOHWDVREWHQGUiPHMRUHV UHVXOWDGRVVLXVDXQDKRMDSODQDSDUDJDOOHWDV HQOXJDUGHXQDROODFRQODGRVEDMRV 3DUDUHFHWDVWDOHVFRPRSROORDOKRUQRXVHXQD ROODFRQODGRVEDMRV(ODLUHQRSXHGHFLUFXODU ELHQDOUHGHGRUGHODFRPLGDHQXQDROODFRQ ODGRVDOWRV &yPR&RQILJXUDUHO+RUQR%DMRSDUD+RUQHDGRR'RUDGRSRU&RQYHFFLyQ 3UHVLRQHODWHFOD&RQYHFWLRQ%DNH +RUQHDUSRU&RQYHFFLyQ R&RQYHFWLRQ 5RDVW 'RUDUSRU&RQYHFFLyQ  3UHVLRQHODVWHFODVQXPpULFDVSDUD SURJUDPDUODWHPSHUDWXUDGHVHDGDGHO KRUQR 3UHVLRQHODWHFOD6WDUW ,QLFLDU  3DUDFDPELDUODWHPSHUDWXUDGHOKRUQR SUHVLRQHODWHFOD&RQYHFWLRQ%DNH +RUQHDGR SRU&RQYHFFLyQ RODWHFOD&RQYHFWLRQ 5RDVW 'RUDGRSRU&RQYHFFLyQ \OXHJRODV WHFODVQXPpULFDVSDUDFRQILJXUDUODQXHYD WHPSHUDWXUD &XDQGRHOKRUQRVHHPSLHFHDFDOHQWDU VHH[KLELUiHOFDPELRGHWHPSHUDWXUDTXH FRPHQ]DUiHQORVž)&XDQGRHOKRUQR DOFDQFHODWHPSHUDWXUDTXHSURJUDPyVRQDUiQ SLWLGRV  0HWDO\9LGULR 3UHVLRQHODWHFOD&OHDU2II %RUUDU $SDJDU FXDQGRODFRFFLyQHVWpFRPSOHWD 127$(VFXFKDUiXQYHQWLODGRUDOFRFLQDUSRU FRQYHFFLyQ(OPLVPRVHGHWHQGUiFXDQGR VHDEUDODSXHUWDSHURHOFDOHQWDGRUQRVH DSDJDUi (OYHQWLODGRUQRFRPHQ]DUiKDVWDTXHVHOOHJXH DODWHPSHUDWXUDGHSUHFDOHQWDPLHQWR 127$$OKRUQHDUSRUFRQYHFFLyQOD WHPSHUDWXUDGHOKRUQRVHUiGHž) ž&  LQIHULRUDODWHPSHUDWXUDFRQILJXUDGD3DUD PiVLQIRUPDFLyQOHD$XWR5HFLSH&RQYHUVLRQ &RQYHUVLyQ$XWRPiWLFDGH5HFHWDV HQOD VHFFLyQ6SHFLDO)HDWXUHV )XQFLRQHV(VSHFLDOHV  $ODVDUSRUFRQYHFFLyQODWHPSHUDWXUDGHOKRUQR QRVHFRQYHUWLUiHQIRUPDDXWRPiWLFD  *($SSOLDQFHVFRP &yPR&RQILJXUDUHO+RUQR6XSHULRUSDUD7RVWDUSRU&RQYHFFLyQ&XDQGRVH 8VDOD6RQGD HQDOJXQRVPRGHORV )RUEHVWUHVXOWVZKHQURDVWLQJ ODUJHWXUNH\VDQGURDVWVZH UHFRPPHQGXVLQJWKHSUREH LQFOXGHGLQWKHFRQYHFWLRQRYHQ  35(&$8&,Ï1 /DSDQWDOODKDUiTXHWLWLOHODSDODEUD352%( 3DUDHYLWDU 6RQGD \HOFRQWUROGHOKRUQRGDUiODVHxDOVLOD TXHPDGXUDVQRGHVHQFKXIHODVRQGDGHVGH VRQGDHVHQFKXIDGDHQHOHQFKXIHGHHQWUDGD\ QRVHFRQILJXUyODWHPSHUDWXUDGHODVRQGD\VH HOHQFKXIHGHOKRUQRKDVWDTXHHVWH~OWLPR VHKD\DHQIULDGR1RJXDUGHODVRQGDGHQWUR WRFyODWHFOD6WDUW ,QLFLR  GHOKRUQR &RORTXHHOHVWDQWHHQODSRVLFLyQGH 127$ HVWDQWH $ ,QVHUWHODVRQGD FRPSOHWDPHQWHHQODFRPLGD „6LODVRQGDHVUHWLUDGDGHODFRPLGDDQWHVGH TXHOOHJXHDODWHPSHUDWXUDILQDOVRQDUiXQ (QFKXIHODVRQGDHQHOHQFKXIHGHOKRUQR WRQR\ODSDQWDOODWLWLODUiKDVWDTXHODVRQGD $VHJ~UHVHGHTXHHVWpFRPSOHWDPHQWH VHDUHWLUDGDGHOKRUQR HQFKXIDGD&LHUUHODSXHUWDGHOKRUQR „(VFXFKDUiXQYHQWLODGRUDOFRFLQDUFRQHVWD 3UHVLRQHODWHFOD&RQYHFWLRQ5RDVW IXQFLyQ(OPLVPRVHGHWHQGUiFXDQGRVH 7RVWDGRSRU&RQYHFFLyQ  DEUDODSXHUWDSHURHOFDOHQWDGRUQRVH DSDJDUi 3UHVLRQHODVWHFODVQXPpULFDVSDUD SURJUDPDUODWHPSHUDWXUDGHVHDGDGHO „3XHGHXVDUHOWHPSRUL]DGRUDXQTXHQR KRUQR SXHGHXVDURSHUDFLRQHVGHOKRUQRSRU WLHPSRDOXVDUODVRQGD 3UHVLRQHODWHFOD3UREH 6RQGD  3UHVLRQHODVWHFODVQXPpULFDVSDUD SURJUDPDUODWHPSHUDWXUDLQWHUQD GHVHDGDGHODFRPLGD 3DUDFDPELDUODWHPSHUDWXUDGHOKRUQR GXUDQWHHOFLFORGH7RVWDGRSRU&RQYHFFLyQ SUHVLRQHODWHFOD&RQYHFWLRQ5RDVW 7RVWDGR SRU&RQYHFFLyQ \OXHJRSUHVLRQHODV WHFODVQXPpULFDVSDUDFRQILJXUDUODQXHYD WHPSHUDWXUDGHVHDGD 3UHVLRQHODWHFOD6WDUW ,QLFLDU  &XDQGRHOKRUQRFRPLHQFHDFDOHQWDUOD SDODEUD/2 %DMR DSDUHFHUiHQODSDQWDOOD /XHJRGHTXHODWHPSHUDWXUDLQWHUQDGHOD FRPLGDDOFDQFHORVž)ORVFDPELRVGHOD WHPSHUDWXUDLQWHUQDDSDUHFHUiQHQODSDQWDOOD &XDQGRODWHPSHUDWXUDLQWHUQDGHOD FRPLGDOOHJXHDOQ~PHURTXHFRQILJXUyOD VRQGD\HOKRUQRVHDSDJDUiQ\HOFRQWURO GHOKRUQRGDXQDVHxDO3DUDGHWHQHUOD VHxDOSUHVLRQHODWHFOD&OHDU2II %RUUDU $SDJDU 8VHJXDQWHVGHFRFLQDSDUD UHWLUDUODVRQGDGHODFRPLGD1RXVH DJDUUDGHUDVSDUDHPSXMDUODSRGUtDQ GDxDUODVRQGD  8VRGHOKRUQRSRUFRQYHFFLyQ HQDOJXQRVPRGHORV  *XtDGH7RVWDGRSRU&RQYHFFLyQ&RQILJXUDFLRQHV6XJHULGDV &DUQHV $VDGRGH&RVWLOOD DOE -XJRVR 'HVKXHVDGD\&RQ+XHVRV $3XQWR %LIHGH/RPR DOE -XJRVR %LIHGH/RPR DOE -XJRVR &HUGR &RQ+XHVRV'HVKXHVDGD D/EV &RUGHUR &RQ+XHVRV D/EV $3XQWR 'HVKXHVDGD DOE $3XQWR $YH 3ROOR(QWHUR DOE 3DYR(QWHUR 6LQ5HOOHQR DOE 6LQ5HOOHQR DOE 3HFKXJDGH3DYR DOE %LIH 7HPSHU DWXUDGHO +RUQR Û) Û) Û) Û) Û) 7HPSHU DWXUD ,QWHULRU Û) Û) Û) Û) Û) Û) Û) Û)  Û) Û) Û) Û) Û) Û)  Û) Û) Û) /DVDYHVFRQSOXPDVJHQHUDOPHQWHUHTXLHUHQGHXQWLHPSRGHDVDGRDGLFLRQDOGHDPLQXWRV&XEUDODV SDWDV\ODSHFKXJDFRQSDSHOGHDOXPLQLRSDUDHYLWDUXQGRUDGRH[FHVLYR\TXHVHVHTXHODSLHO  8VRGHODVIXQFLRQHVGHKRUQHDGR SRUFRQYHFFLyQSRUWLHPSR HQDOJXQRVPRGHORV  *($SSOLDQFHVFRP (VFXFKDUiXQYHQWLODGRUDOFRFLQDUFRQHVWDIXQFLyQ(OPLVPRVHGHWHQGUiFXDQGRVHDEUDODSXHUWDSHURHOFDOHQWDGRUQRVHDSDJDUi 127$/DVFRPLGDVTXHVHHFKDQDSHUGHUUiSLGDPHQWHWDOHVFRPROHFKHKXHYRVSHVFDGRUHOOHQRVDYH\FHUGRQRVH GHEHUiQGHMDUUHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHHVWLPXODHOGHVDUUROOR GHEDFWHULDVQRFLYDV$VHJ~UHVHGHTXHODOX]GHOKRUQRHVWpDSDJDGD\DTXHHOFDORUGHODOiPSDUDDFHOHUDUiHO FUHFLPLHQWRGHEDFWHULDVQRFLYDV &yPR&RQILJXUDUXQ,QLFLR,QPHGLDWR\'HWHQFLyQ$XWRPiWLFD (OKRUQRVXSHULRUVHHQFHQGHUiGHIRUPD LQPHGLDWD\VHFRFLQDUiSRUXQSHUtRGRGHWLHPSR VHOHFFLRQDGR$OILQDOGHOWLHPSRGHFRFFLyQHOKRUQR VHDSDJDUiDXWRPiWLFDPHQWH 3UHVLRQHODWHFOD&RQYHFWLRQ%DNH +RUQHDU SRU&RQYHFFLyQ  3UHVLRQHODVWHFODVQXPpULFDVSDUDSURJUDPDU ODWHPSHUDWXUDGHVHDGDGHOKRUQR 3UHVLRQHODWHFOD&RRNLQJ7LPH 7LHPSRGH &RFFLyQ  127$6LVXUHFHWDUHTXLHUHFDOHQWDUHQIRUPDSUHYLD HVSRVLEOHTXHQHFHVLWHWLHPSRDGLFLRQDOVREUHHO WLHPSRGHFRFFLyQ 3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU HOSHUtRGRGHWLHPSRGHFRFFLyQGHVHDGR(O WLHPSRPtQLPRGHFRFFLyQTXHSXHGH FRQILJXUDUHVPLQXWR /DWHPSHUDWXUDGHOKRUQRTXHFRQILJXUH\HO WLHPSRGHFRFFLyQTXHLQJUHVyDSDUHFHUiQHQ ODSDQWDOOD 3UHVLRQHODWHFOD6WDUW ,QLFLDU  (OKRUQRHVWDUiHQODSRVLFLyQ21 (QFHQGLGR \ HQODSDQWDOODDSDUHFHUiHOFRQWHRGHODFRFFLyQ \HOFDPELRGHWHPSHUDWXUDDSDUWLUGHORV ƒ) /DSDQWDOODGHWHPSHUDWXUDFRPHQ]DUiD FDPELDUXQDYH]TXHODWHPSHUDWXUDGHOKRUQR DOFDQFHORVž) &XDQGRHOKRUQRDOFDQFHOD WHPSHUDWXUDTXHSURJUDPyVRQDUiQSLWLGRV (OKRUQRFRQWLQXDUiODFRFFLyQGXUDQWHODFDQWLGDG GHWLHPSRSURJUDPDGDOXHJRVHDSDJDUi DXWRPiWLFDPHQWHDPHQRVTXHODIXQFLyQ &RRNDQG+ROG 0DQWHQHUOD&RFFLyQ KD\DVLGR SURJUDPDGD/HDODVIXQFLRQHV(VSHFLDOHVGHOD VHFFLyQGHFRQWUROGHOKRUQR /XHJRGHTXHHOKRUQRVHDSDJXHVRQDUiHOWRQRGH ILQGHOFLFOR 3UHVLRQHODWHFOD&OHDU2II %RUUDU$SDJDU  SDUDDSDJDUODSDQWDOODVLHVQHFHVDULR5HWLUH ODFRPLGDGHOKRUQR5HFXHUGHTXHDXQTXHHO KRUQRVHDSDJXHGHIRUPDDXWRPiWLFDOD FRPLGDTXHSHUPDQH]FDGHQWURGHpVWH FRQWLQXDUiFRFLQiQGRVHFXDQGRHOKRUQRHVWp DSDJDGR &yPR&RQILJXUDUXQ,QLFLR5HWUDVDGR\'HWHQFLyQ$XWRPiWLFD (OKRUQRVXSHULRUVHHQFHQGHUiHQHOKRUDULR GHOGtDTXHFRQILJXUHFRFLQDUiGXUDQWHXQ SHUtRGRGHWLHPSRHVSHFtILFR\OXHJRVHDSDJDUi DXWRPiWLFDPHQWH $VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWDGHO GtD 3UHVLRQHODWHFOD&RQYHFWLRQ%DNH +RUQHDU SRU&RQYHFFLyQ  3UHVLRQHODVWHFODVQXPpULFDVSDUDSURJUDPDU ODWHPSHUDWXUDGHVHDGDGHOKRUQR 3UHVLRQHODWHFOD&RRNLQJ7LPH 7LHPSRGH &RFFLyQ  127$6LVXUHFHWDUHTXLHUHFDOHQWDUHQIRUPDSUHYLD HVSRVLEOHTXHQHFHVLWHWLHPSRDGLFLRQDOVREUHHO WLHPSRGHFRFFLyQ 3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU HOSHUtRGRGHWLHPSRGHFRFFLyQGHVHDGR(O WLHPSRPtQLPRGHFRFFLyQTXHSXHGH FRQILJXUDUHVPLQXWR /DWHPSHUDWXUDGHOKRUQRTXHFRQILJXUH\HO WLHPSRGHFRFFLyQTXHLQJUHVyDSDUHFHUiQHQ ODSDQWDOOD 3UHVLRQHODWHFOD'HOD\6WDUW 5HWUDVDU,QLFLR  3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU ODKRUDGHOGtDHQTXHGHVHDTXHHOKRUQRVH HQFLHQGD\FRPLHQFHDFRFLQDU 3UHVLRQHODWHFOD6WDUW ,QLFLDU  127$6LGHVHDFRQWURODUORVKRUDULRVFRQILJXUDGRV SUHVLRQHODWHFOD'HOD\6WDUW ,QLFLR5HWUDVDGR  SDUDFRQWURODUODKRUDGHLQLFLRTXHFRQILJXUyR SUHVLRQHODWHFOD&RRNLQJ7LPH 7LHPSRGH&RFFLyQ  SDUDFRQWURODUHOSHUtRGRGHWLHPSRGHFRFFLyQTXH SURJUDPy &XDQGRHOKRUQRHVWpHQ21 (QFHQGLGR DODKRUD GHOGtDTXHFRQILJXUyHQODSDQWDOODDSDUHFHUi ODFXHQWDUHJUHVLYDGHODFRFFLyQ\HOFDPELRGH WHPSHUDWXUDDSDUWLUGHORVƒ) /DSDQWDOODGH WHPSHUDWXUDFRPHQ]DUiDFDPELDUXQDYH]TXHOD WHPSHUDWXUDGHOKRUQRDOFDQFHORVž) &XDQGR HOKRUQRDOFDQFHODWHPSHUDWXUDTXHSURJUDPy VRQDUiQSLWLGRV (OKRUQRFRQWLQXDUiODFRFFLyQGXUDQWHODFDQWLGDG GHWLHPSRSURJUDPDGDOXHJRVHDSDJDUi DXWRPiWLFDPHQWHDPHQRVTXHODIXQFLyQ &RRNDQG+ROG 0DQWHQHUOD&RFFLyQ KD\DVLGR SURJUDPDGD/HDODVIXQFLRQHV(VSHFLDOHVGHOD VHFFLyQGHFRQWUROGHOKRUQR /XHJRGHTXHHOKRUQRVHDSDJXHVRQDUiHOWRQRGH ILQGHOFLFOR 3UHVLRQHODWHFOD&OHDU2II %RUUDU$SDJDU  SDUDDSDJDUODSDQWDOODVLHVQHFHVDULR5HWLUH ODFRPLGDGHOKRUQR5HFXHUGHTXHDXQTXHHO KRUQRVHDSDJXHGHIRUPDDXWRPiWLFDOD FRPLGDTXHSHUPDQH]FDGHQWURGHpVWH FRQWLQXDUiFRFLQiQGRVHFXDQGRHOKRUQRHVWp DSDJDGR  )XQFLRQHVHVSHFLDOHVHQHOFRQWUROGHOKRUQRVXSHULRU 6XQXHYRFRQWUROGHWHFODVWiFWLOHVFXHQWDFRQIXQFLRQHVDGLFLRQDOHVTXHSXHGHHOHJLUXVDU/DVVLJXLHQWHVVRQODV IXQFLRQHV\FyPRODVSXHGHDFWLYDU /RVPRGRVGHIXQFLRQHVHVSHFLDOHVVyORSXHGHQVHUDFWLYDGRVPLHQWUDVTXHODSDQWDOODHVWiPRVWUDQGRODKRUDGHOGtD 3HUPDQHFHQHQODPHPRULDGHOFRQWUROKDVWDTXHVHUHSLWHQORVSDVRV &XDQGRODSDQWDOODPXHVWUHVXHOHFFLyQSUHVLRQHODWHFOD6WDUW ,QLFLDU /DVIXQFLRQHVHVSHFLDOHVSHUPDQHFHUiQHQOD PHPRULDOXHJRGHXQFRUWHGHFRUULHQWH &RUWHGH+RUDV &RQHVWDIXQFLyQHQFDVRGHROYLGDUVH\GHMDU HOKRUQRSUHQGLGRHOFRQWURODSDJDUiGHIRUPD DXWRPiWLFDHOKRUQROXHJRGHKRUDVGXUDQWH ODVIXQFLRQHVGHKRUQHDGR\OXHJRGHKRUDV GXUDQWHODIXQFLyQDVDU 6LGHVHDGHVDFWLYDUHVWDIXQFLyQVLJDORV VLJXLHQWHVSDVRV 3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R +RUQHDU\$VDUHQ$OWR%DMR DOPLVPR WLHPSRGXUDQWHVHJXQGRVKDVWDTXHOD SDQWDOODPXHVWUH6) 3UHVLRQHODWHFOD'HOD\6WDUW 5HWUDVDU ,QLFLR /DSDQWDOODPRVWUDUiVKGQ DSDJDGROXHJRGHKRUDV 3UHVLRQHOD WHFOD'HOD\6WDUW ,QLFLR5HWUDVDGR  QXHYDPHQWH\ODSDQWDOODPRVWUDUiQR VKGQ VLQDSDJDGR  7RXFKWKH6WDUWSDGWRDFWLYDWHWKHQR VKXWRIIDQGOHDYHWKHFRQWUROVHWLQWKLV VSHFLDOIHDWXUHVPRGH 6HOHFFLyQGH7HPSHUDWXUD)DKUHQKHLWR&HOVLXV (OFRQWUROGHVXKRUQRHVWiFRQILJXUDGRSDUD XVDUVHOHFFLRQHVGHWHPSHUDWXUD)DKUHQKHLW SHURSXHGHFDPELDUHVWHXVRDVHOHFFLRQHVHQ &HOVLXV 3UHVLRQHODVWHFODV%URLO+L/R $VDUHQ $OWR%DMR \&RRNLQJ7LPH 7LHPSRGH &RFFLyQ DOPLVPRWLHPSR/DSDQWDOOD PRVWUDUi) )DKUHQKHLW  3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R +RUQHDU\$VDUHQ$OWR%DMR DOPLVPR WLHPSRGXUDQWHVHJXQGRVKDVWDTXHOD SDQWDOODPXHVWUH6) 3UHVLRQHODVWHFODV%URLO+L/R $VDUHQ $OWR%DMR \&RRNLQJ7LPH 7LHPSRGH &RFFLyQ QXHYDPHQWHDOPLVPRWLHPSR /DSDQWDOODPRVWUDUi& &HOVLXV  3UHVLRQHODWHFOD6WDUW ,QLFLDU  7RQRVDO)LQDOGHXQ&LFORSRU7LHPSR $OILQDOL]DUXQFLFORSRUWLHPSRVRQDUi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iEORTXHDUORVTXHPDGRUHV VXSHUILFLDOHVTXHPDGRUHVGHKRUQR\HOSDQHOGH &RQWUROGH%ORTXHRGHO*DV GXUDQWH FRQWUROGHPRGRTXHQRSXHGDQVHUDFWLYDGRV VHJXQGRVKDVWDTXHODSDQWDOODPXHVWUH /2&2)) %ORTXHR'HVDFWLYDGR  3DUDEORTXHDUGHVEORTXHDUORVFRQWUROHV &XDQGRHVWDIXQFLyQHVWpDFWLYDGD\ODVWHFODV &LHUUHWRGRVORVTXHPDGRUHV WiFWLOHVVHDQSUHVLRQDGDVHOFRQWUROGDUiXQSLWLGR VXSHUILFLDOHV \ODSDQWDOODPRVWUDUi/2&21 %ORTXHR$FWLYDGR  0DQWHQJDSUHVLRQDGDODWHFOD*DV&RQWURO „(OPRGRGHEORTXHRGHFRQWURODIHFWDWRGRV /RFNRXW &RQWUROGH%ORTXHRGHO*DV  ORVFRQWUROHV1LQJ~QFRQWUROIXQFLRQDUi GXUDQWHVHJXQGRVKDVWDTXHODSDQWDOOD FXDQGRHVWDIXQFLyQHVWpDFWLYDGD PXHVWUH/2&21 %ORTXHR$FWLYDGR  „/RVDMXVWHVVHJXDUGDUiQHQODPHPRULD 3DUDGHVEORTXHDUHOFRQWUROPDQWHQJD OXHJRGHXQFRUWHGHFRUULHQWH +RUDV+RUDVR$SDJDGR 6XFRQWUROHVWiFRQILJXUDGRSDUDVHUXVDGRHQ XQUHORMGHKRUDV 6LSUHILHUHXWLOL]DUXQUHORMFRQKRUDULRPLOLWDUGH KRUDVRDSDJDUODSDQWDOODGHOUHORMVLJDORV VLJXLHQWHVSDVRV 3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R +RUQHDU\$VDUHQ$OWR%DMR DOPLVPR WLHPSRGXUDQWHVHJXQGRVKDVWDTXHOD SDQWDOODPXHVWUH6) 3UHVLRQHODWHFOD&ORFN 5HORM XQDYH]/D SDQWDOODPRVWUDUiKU KRUDV 6LpVWD HVODRSFLyQTXHGHVHDSUHVLRQHODWHFOD 6WDUW ,QLFLDU  3UHVLRQHODWHFOD&ORFN 5HORM QXHYDPHQWH SDUDFDPELDUDOKRUDULRPLOLWDUGHKRUDV /DSDQWDOODPRVWUDUiKU KRUDV 6LpVWD HVODRSFLyQTXHGHVHDSUHVLRQHODWHFOD6WDUW ,QLFLDU  3UHVLRQHODWHFOD&ORFN 5HORM SDUDDSDJDUOD SDQWDOODGHOUHORM/DSDQWDOODPRVWUDUi2)) $SDJDGR 6LpVWDHVODRSFLyQTXHGHVHD SUHVLRQHODWHFOD6WDUW ,QLFLDU  127$6LHOUHORMHVWiHQHOPRGRDSDJDGRQR SRGUiXVDUODIXQFLyQ'HOD\6WDUW 5HWUDVDU,QLFLR  &RFLQDU\(VSHUDU (OQXHYRFRQWUROFXHQWDFRQODIXQFLyQGH FRFLQDU\HVSHUDUTXHPDQWLHQHFDOLHQWHVODV FRPLGDVFRFLQDGDVSRUKDVWDKRUDVXQDYH] TXHODIXQFLyQFRFLQDUILQDOL]y (VWDIXQFLyQVyORSXHGHVHUXVDGDFXDQGRVH XVHODFRFFLyQSRUWLHPSR 3DUDDFWLYDUHVWDIXQFLyQVLJDORVVLJXLHQWHV SDVRV 3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R +RUQHDU\$VDUHQ$OWR%DMR DOPLVPR WLHPSRGXUDQWHVHJXQGRVKDVWDTXHOD SDQWDOODPXHVWUH6) 9ROXPHQGHO7RQR HQDOJXQRVPRGHORV (VWDIXQFLyQOHSHUPLWHDMXVWDUORVYRO~PHQHV GHOWRQRHQXQYROXPHQPiVDFHSWDEOH+D\WUHV QLYHOHVGHYROXPHQSRVLEOHV 3UHVLRQHODVWHFODV%URLO+L/R $VDU$OWR %DMR \%DNH +RUQHDU DOPLVPRWLHPSR KDVWDTXHODSDQWDOODPXHVWUH6) 3UHVLRQHODWHFOD&RRN7LPH 7LHPSRGH &RFFLyQ (QODSDQWDOODDSDUHFH%HHS  3LWLGRV eVWHHVHOQLYHOGHYROXPHQ LQWHUPHGLR 3UHVLRQHODWHFOD&RRNLQJ7LPH 7LHPSR GH&RFFLyQ /DSDQWDOODPRVWUDUi+OG 2)) 'HPRUDU$SDJDGR  3UHVLRQHODWHFOD&RRNLQJ7LPH 7LHPSR GH&RFFLyQ QXHYDPHQWHSDUDDFWLYDUOD IXQFLyQ/DSDQWDOODPRVWUDUi+OG21 'HPRUDU(QFHQGLGR  3UHVLRQHODWHFOD6WDUW ,QLFLR SDUDDFWLYDU ODIXQFLyQGHFRFFLyQ\GHPRUD\GHMHOD FRQILJXUDFLyQGHOFRQWUROHQHVWHPRGR GHIXQFLRQHVHVSHFLDOHV 3UHVLRQHQXHYDPHQWHODWHFOD&RRN7LPH 7HPSRUL]DGRUGH&RFFLyQ /DSDQWDOOD PRVWUDUi%HHS 3LWLGRV eVWHHVHOQLYHO GHYROXPHQPiVDOWR 3UHVLRQHQXHYDPHQWHODWHFOD&RRN7LPH 7HPSRUL]DGRUGH&RFFLyQ /DSDQWDOOD PRVWUDUi%HHS 3LWLGR eVWHHVHOQLYHO GHYROXPHQPiVEDMR (OLMDHOQLYHOGHVRQLGRGHVHDGR SLWLGR SLWLGRVSLWLGRV   3UHVLRQHODWHFOD6WDUW ,QLFLDU  8VRGHO0RGR6DEiWLFR 'LVHxDGRSDUDXVDUHQHO'HVFDQVR-XGtR\)HULDGRV  /DIXQFLyQ6DEEDWK 6DEiWLFR VHSXHGHXVDUSDUDKRUQHDUDVDUHQHOKRUQRVXSHULRUHLQIHULRURHQHOFDMyQFDOHQWDGRU HQDOJXQRVPRGHORV 1RVHSXHGHXVDUSDUDODFRFFLyQSRUFRQYHFFLyQDVDUDXWROLPSLH]DR'HOD\ &(57,),(' 6WDUW ,QLFLR5HWUDVDGR  6$%%$7+ K 127$/DOX]GHOKRUQRVHHQFLHQGHGHIRUPDDXWRPiWLFD HQDOJXQRVPRGHORV FXDQGRODSXHUWD 02'( VHDEUH\VHDSDJDFXDQGRODSXHUWDVHFLHUUD/DOiPSDUDVHSXHGHUHWLUDU/HDODVHFFLyQGH 5HHPSOD]RGHOD/X]GHO+RUQR(QPRGHORVFRQLQWHUUXSWRUGHOX]HQHOSDQHOGHFRQWUROODOX]GHO 02'26$%È7,&2 &(57,),&$'2 KRUQRVHSXHGHHQFHQGHU\GHMDUHQFHQGLGD &yPRSURJUDPDUXQ+RUQHDGR$VDGR&RP~Q &XDQGRODSDQWDOODPXHVWUDŠ HOKRUQRHVWiFRQILJXUDGRHQ 6DEEDWK 6DEiWLFR &XDQGROD SDQWDOODPXHVWUDŠHOKRUQRHVWi FRQILJXUDGRHQKRUQHDGRDVDGR $VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWD GHOGtD\TXHHOKRUQRHVWpDSDJDGR 3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R +RUQHDU\$VDUHQ$OWR%DMR DOPLVPR WLHPSRKDVWDTXHODSDQWDOODPXHVWUH6) 3UHVLRQHODWHFOD'HOD\6WDUW 5HWUDVDU ,QLFLR KDVWDTXH6$EE$7+ 6DEiWLFR  DSDUH]FDHQODSDQWDOOD 3UHVLRQHODWHFOD6WDUW ,QLFLR \Š DSDUHFHUiHQODSDQWDOOD 3UHVLRQHODWHFOD%DNH +RUQHDU 1RVH GDUiQLQJXQDVHxDO 8WLOL]DQGRODVWHFODVQXPpULFDVSUHVLRQHOD WHPSHUDWXUDGHVHDGDHQWUHž\ž 1RVHGDUiQLQJXQDVHxDOQLWHPSHUDWXUD 3UHVLRQHODWHFOD6WDUW ,QLFLDU  /XHJRGHOSHUtRGRGHGHPRUDDOD]DUGH HQWUHDSUR[LPDGDPHQWHVHJXQGRV\ PLQXWRŠDSDUHFHUiHQODSDQWDOOD LQGLFDQGRTXHHOKRUQRHVWiKRUQHDQGR DVDQGR6LŠQRDSDUHFHHQODSDQWDOOD FRPLHQFHQXHYDPHQWHHQHO3DVR 3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQH ODWHFOD%DNH +RUQHDU LQJUHVHODQXHYD WHPSHUDWXUDXVDQGRODVWHFODVQXPpULFDV\ SUHVLRQHODWHFOD6WDUW ,QLFLR  127$/DVWHFODV&OHDU2II %RUUDU$SDJDU  \&RRNLQJ7LPH 7LHPSRGH&RFFLyQ HVWiQ DFWLYDVGXUDQWHODIXQFLyQ6DEEDWK 6DEiWLFR  &yPR&RQILJXUDU+RUQHDGR$VDGRSRU7LHPSR²&RPLHQ]R,QPHGLDWR\ 'HWHQFLyQ$XWRPiWLFD $VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWD GHOGtD\TXHHOKRUQRHVWpDSDJDGR 3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R +RUQHDU\$VDUHQ$OWR%DMR DOPLVPR WLHPSRKDVWDTXHODSDQWDOODPXHVWUH6) 3UHVLRQHODWHFOD'HOD\6WDUW 5HWUDVDU ,QLFLR KDVWDTXH6$EE$7+ 6DEiWLFR  DSDUH]FDHQODSDQWDOOD 3UHVLRQHODWHFOD6WDUW ,QLFLDU \Š DSDUHFHUiHQODSDQWDOOD 3UHVLRQHODWHFOD&RRNLQJ7LPH 7LHPSR GH&RFFLyQ  &XDQGRODSDQWDOODPXHVWUDŠHO KRUQRHVWiFRQILJXUDGRHQ6DEEDWK 6DEiWLFR &XDQGRODSDQWDOOD PXHVWUDŠHOKRUQRHVWi FRQILJXUDGRHQKRUQHDGRDVDGR 3UHVLRQHODVWHFODVQXPpULFDVSDUD FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR HQWUHPLQXWR\KRUDV\PLQXWRV $SDUHFHUiHOWLHPSRGHFRFFLyQTXH LQJUHVy 3UHVLRQHODWHFOD6WDUW ,QLFLDU  3UHVLRQHODWHFOD%DNH +RUQHDU 1RVH GDUiQLQJXQDVHxDO  3UHVLRQHODVWHFODVQXPpULFDVHLQJUHVHOD WHPSHUDWXUDGHVHDGD1RVHGDUiQLQJXQD VHxDOQLWHPSHUDWXUD 3UHVLRQHODWHFOD6WDUW ,QLFLDU  /XHJRGHOSHUtRGRGHGHPRUDDOD]DUGH HQWUHDSUR[LPDGDPHQWHVHJXQGRV\ PLQXWRŠDSDUHFHUiHQODSDQWDOOD LQGLFDQGRTXHHOKRUQRHVWiKRUQHDQGR DVDQGR6LŠQRDSDUHFHHQODSDQWDOOD FRPLHQFHQXHYDPHQWHHQHO3DVR 3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQH ODWHFOD%DNH +RUQHDU LQJUHVHODQXHYD WHPSHUDWXUDXVDQGRODVWHFODVQXPpULFDV\ SUHVLRQHODWHFOD6WDUW ,QLFLR  &XDQGRODFRFFLyQKD\DILQDOL]DGRODSDQWDOOD FDPELDUiGHŠDŠ\DSDUHFHUi LQGLFDQGRTXHHOKRUQRHVWiHQ2)) $SDJDGR  SHURD~QHVWiHQ6DEEDWK 6DEiWLFR 5HWLUHOD FRPLGDFRFLQDGD  *($SSOLDQFHVFRP &yPR6DOLUHO0RGR6DEiWLFR 3UHVLRQHODWHFOD&OHDU2II %RUUDU $SDJDU  6LHOKRUQRHVWiFRFLQDQGRHVSHUHXQ SHUtRGRGHUHWUDVRDOD]DUGH DSUR[LPDGDPHQWHHQWUHVHJXQGRV\ PLQXWRKDVWDTXHVyORŠDSDUH]FDHQOD SDQWDOOD 3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R +RUQHDU\$VDUHQ$OWR%DMR DOPLVPR WLHPSRKDVWDTXHODSDQWDOODPXHVWUH6) 3UHVLRQHODWHFOD'HOD\6WDUW ,QLFLR 'HPRUDGR KDVWDTXHVKGQ DSDJDU OXHJRGHKRUDV RQRVKGQ QRDSDJDU  DSDUH]FDHQODSDQWDOODVKGQ DSDJDU OXHJRGHKRUDV LQGLFDTXHHOKRUQRVH DSDJDUiDXWRPiWLFDPHQWHOXHJRGH KRUDV1RVKGQ QRDSDJDU LQGLFDTXHHO KRUQRQRVHDSDJDUiGHIRUPD DXWRPiWLFD 3UHVLRQHODWHFOD6WDUW ,QLFLDU  127$6LVHSURGXMHUDXQFRUWHGHOX]PLHQWUDV HOKRUQRVHHQFXHQWUDHQ0RGR6DEiWLFRpVWH VHDSDJDUiDXWRPiWLFDPHQWH\SHUPDQHFHUi DSDJDGRLQFOXVRFXDQGRUHJUHVHODOX](O FRQWUROGHOKRUQRVHGHEHUHLQLFLDU $MXVWHHOWHUPRVWDWRGHOKRUQRVXSHULRU£+iJDORXVWHGPLVPR (VSRVLEOHTXHHQFXHQWUHTXHVXKRUQRQXHYRFRFLQDGHIRUPDGLIHUHQWHDOTXHUHHPSOD]y8VHVXKRUQRQXHYRGXUDQWH DOJXQDVVHPDQDVSDUDIDPLOLDUL]DUVHFRQHOPLVPR6LD~QSLHQVDTXHVXKRUQRQXHYRHVWiGHPDVLDGRFDOLHQWHRGHPDVLDGR IUtRSRGUiDMXVWDUHOWHUPRVWDWRXVWHGPLVPR 1RXVHWHUPyPHWURVWDOHVFRPRORVTXHVHYHQGHQHQODVWLHQGDVSDUDFRQWURODUODWHPSHUDWXUDGHOKRUQR(VWRV WHUPyPHWURVSXHGHQYDULDUHQWUH\JUDGRV 127$(VWHDMXVWHQRDIHFWDUiHODVDGRRODVWHPSHUDWXUDVGHDXWROLPSLH]D(ODMXVWHVHJXDUGDUiHQODPHPRULDOXHJRGH XQFRUWHGHFRUULHQWH 3DUD$MXVWDUHO7HUPRVWDWR 3UHVLRQHODVWHFODV%DNHDQG%URLO+L/R +RUQHDU\$VDUHQ$OWR%DMR DOPLVPR WLHPSRGXUDQWHVHJXQGRVKDVWDTXHOD SDQWDOODPXHVWUH6) 3UHVLRQHODWHFOD%DNH +RUQHDU (QOD SDQWDOODVHPXHVWUDXQQ~PHURGHGRV GtJLWRV 3UHVLRQH%DNH +RUQHDU XQDYH]SDUD UHGXFLU  ODWHPSHUDWXUDGHOKRUQRRGRV YHFHVSDUDLQFUHPHQWDU  ODPLVPD /DWHPSHUDWXUDGHOKRUQRVHSRGUiDMXVWDU KDVWDXQPi[LPRGHž)RXQPtQLPR GHž)3UHVLRQHODVWHFODVQXPpULFDVD PHGLGDTXHODVOHH3RUHMHPSORSDUD FDPELDUODWHPSHUDWXUDGHOKRUQRHQž )SUHVLRQH\ &XDQGRKD\DUHDOL]DGRHODMXVWHSUHVLRQH ODWHFOD6WDUW ,QLFLDU SDUDUHJUHVDUDOD SDQWDOODGHODKRUDGHOGtD8VHVXKRUQR FRPRORKDUtDQRUPDOPHQWH 127$(ODMXVWHGHOWHUPRVWDWRSDUD+RUQHDU WDPELpQDIHFWDUiHO+RUQHDGRSRU&RQYHFFLyQ\ HO$VDGRSRU&RQYHFFLyQ £(OWLSRGHPDUJDULQDDIHFWDUiHOUHQGLPLHQWRGHOKRUQHDGR /DPD\RUtDGHODVUHFHWDVSDUDKRUQHDUIXHURQGHVDUUROODGDVXWLOL]DQGRSURGXFWRVFRQDOWRFRQWHQLGRGHJUDVDWDOHV FRPRPDQWHFDRPDUJDULQD GHJUDVD 6LVHUHGXFHODFDQWLGDGGHJUDVDHVSRVLEOHTXHODUHFHWDQRGpORVPLVPRV UHVXOWDGRVFRPRFRQXQSURGXFWRFRQDOWRFRQWHQLGRGHJUDVD 3XHGHKDEHUIDOODVHQODSUHSDUDFLyQGHODUHFHWDVLODVWRUWDVWDUWDVSDVWHOHVJDOOHWDVRGXOFHVVHSUHSDUDQFRQSURGXFWRV XQWDGRVFRQEDMRFRQWHQLGRGHJUDVD&XDQWRPiVEDMRHVHOFRQWHQLGRGHJUDVDGHOSURGXFWRXQWDGRPiVQRWRULDVVRQ HVWDVGLIHUHQFLDV /RVHVWiQGDUHVIHGHUDOHVUHTXLHUHQTXHORVSURGXFWRVFRQODHWLTXHWD´PDUJDULQDµFRQWHQJDQSRUORPHQRVXQGHJUDVDSRU SHVR3RURWUDSDUWHORVSURGXFWRVFRQEDMRFRQWHQLGRGHJUDVDSRVHHQPHQRVJUDVD\PiVDJXD(ODOWRFRQWHQLGRGHKXPHGDG DIHFWDODWH[WXUD\HOVDERUGHORVSURGXFWRVKRUQHDGRV3DUDXQPHMRUUHVXOWDGRFRQVXVYLHMDVUHFHWDVIDYRULWDVXVHPDUJDULQD  PDQWHFDRSURGXFWRVSDUDXQWDUTXHFRQWHQJDQSRUORPHQRVXQGHDFHLWHYHJHWDO 8VRGHOFDMyQGHOKRUQREDMR HQDOJXQRVPRGHORV  (OFDMyQGHOKRUQREDMRVHSXHGHXVDUSDUDKRUQHDUFRPLGDVXVDQGRORVPLVPRVWLHPSRV\WHPSHUDWXUDVTXHHQXQKRUQR QRUPDO/DVFRPLGDVLGHDOHVSDUDKRUQHDUHQHOFDMyQGHOKRUQRLQIHULRULQFOX\HQSL]]DFD]XHODVGHFRPLGDVFRQJHODGDV JDOOHWDVDUUROODGRV\PXFKRVSRVWUHV 3DUD8VDUHO&DMyQGHO+RUQR,QIHULRU 3UHVLRQHKDFLDDGHQWUR\JLUHOD SHULOODGHOFDMyQGHOKRUQRLQIHULRU KDFLDFXDOTXLHUFRQILJXUDFLyQ GHVHDGD 3UHVLRQHKDFLDDGHQWUR\JLUHODSHULOODGHO FDMyQGHOKRUQRLQIHULRUKDFLDFXDOTXLHU FRQILJXUDFLyQGHVHDGD 3HUPLWDTXHHOFDMyQGHOKRUQRLQIHULRUVH SUHFDOLHQWH „/DVHxDOOXPLQRVD21 (QFHQGLGR HVWi XELFDGDHQHOODGRVXSHULRUGHUHFKRGHOD SHULOOD\EULOODFXDQGRODSHULOODHVWiHQOD SRVLFLyQ21 (QFHQGHU 3HUPDQHFHHQ21 (QFHQGHU KDVWDTXHODSHULOODHVPRYLGDDOD SRVLFLyQ2)) $SDJDU  „/DVHxDOOXPLQRVD´+HDWLQJµ &DOHQWDU  HVWiXELFDGDGHEDMRGHODVHxDOOXPLQRVD 21 (QFHQGHU \EULOODFXDQGRORV HOHPHQWRVGHFDOHIDFFLyQHVWiQDFWLYRV(O SUHFDOHQWDPLHQWRHVWiFRPSOHWROXHJRGH TXHODVHxDO´+HDWLQJµ &DOHQWDU VHKD\D DSDJDGRSRUSULPHUDYH]HQFDGDXVR 127$6 „6LHPSUHXVHHOHVWDQWHGHOFDMyQLQFOXLGRDO XVDUHOFDMyQGHOKRUQRLQIHULRU „(OFDMyQGHOKRUQRLQIHULRUQRVHSXHGHXVDU GXUDQWHXQFLFORGHDXWROLPSLH]DGHOKRUQR VXSHULRU „1RFRORTXHFRPLGDSDSHOGHDOXPLQLRQL XWHQVLOLRVGHFRFLQDGLUHFWDPHQWHHQHOIRQGR GHOFDMyQGHOKRUQRLQIHULRU6LHPSUHXVHHO HVWDQWHGHOFDMyQLQFOXLGR „6LODVFRPLGDVUHTXLHUHQHVWDUFXELHUWDVXVH VyORSDSHOGHDOXPLQLRRWDSDVTXHUHVLVWDQ ODVWHPSHUDWXUDVGHKRUQHDGR1RXVH SOiVWLFR „/DDOWXUDPi[LPDGHODVFRPLGDVTXHVH SXHGHQXELFDUHQHOFDMyQGHOKRUQRLQIHULRU HVGHµ „1RFRORTXHOtTXLGRQLDJXDHQHOFDMyQGHO KRUQRLQIHULRU „1XQFDFRORTXHSOiVWLFRVSDSHOFRPLGDV HQODWDGDVRPDWHULDOHVFRPEXVWLEOHVHQHO FDMyQGHOKRUQRLQIHULRU (OFDMyQGHOKRUQRLQIHULRUXWLOL]DPHQRVHQHUJtDTXHHOKRUQRVXSHULRU3HUPLWDORV VLJXLHQWHVWLHPSRVDSUR[LPDGRVSDUDSUHFDOHQWDU 7HPSHUDWXUDGHO+RUQR,QIHULRU'HVHDGD 7LHPSRGH3UHFDOHQWDPLHQWR &$/,(17( PLQXWRV ƒ) PLQXWRV ƒ) PLQXWRV $MXVWHHOWHUPRVWDWRGHOKRUQR£+iJDORXVWHGPLVPR TO TO KE MA HOT TER T OVEN UR N D I SK T OVEN TEMPER JUS A AD N SCREWS AND R TUR OT E TO OSE AT E LO AP H PR O TC X. 10 F PER NO ˚ MA KE OVEN COOLER TUR IS K ND 3DUWH7UDVHUDGHOD3HULOODGHO+RUQR ,QIHULRU /DDSDULHQFLDSXHGHYDULDU (PSXMHODSHULOOD29(1&21752/ &RQWURO GHO+RUQR KDFLDDIXHUD\REVHUYHODSDUWH WUDVHUD3DUDUHDOL]DUXQDMXVWHDIORMH DSUR[LPDGDPHQWHXQJLUR SHURVLQTXLWDU FRPSOHWDPHQWHORVGRVWRUQLOORVHQOD SDUWHWUDVHUDGHODSHULOOD &RQODSDUWHWUDVHUDGHOWRUQLOORKDFLD XVWHGVRVWHQJDHOH[WUHPRH[WHULRUGHOD SHULOODFRQXQDPDQR\JLUHHOIUHQWHGHOD PLVPDFRQODRWUD 3DUDHOHYDUODWHPSHUDWXUDGHOKRUQR PXHYDHOWRUQLOORVXSHULRUKDFLDODGHUHFKD (VFXFKDUiXQVRQLGRGHFOLFSRUFDGD DEHUWXUDTXHPXHYDODSHULOOD 3DUDEDMDUODWHPSHUDWXUDPXHYDHO WRUQLOORVXSHULRUKDFLDODL]TXLHUGD &DGDFOLFFDPELDUiODWHPSHUDWXUDGHO KRUQRHQDSUR[LPDGDPHQWHž) (OUDQJR HVGHž)GHVGHODIOHFKD 6XJHULPRV TXHKDJDHODMXVWHGHDXQFOLFGHVGHOD FRQILJXUDFLyQRULJLQDO\TXHFRQWUROHHO UHQGLPLHQWRGHOKRUQRDQWHVGHKDFHU FXDOTXLHUDMXVWHDGLFLRQDO 8QDYH]UHDOL]DGRHODMXVWHYXHOYDD DMXVWDUHOWRUQLOORGHPRGRTXHHVWpILUPH SHURWHQJDFXLGDGRGHQRDMXVWDUORHQ H[FHVR 9XHOYDDLQVWDODUODSHULOODHQODFRFLQD\ FRQWUROHHOUHQGLPLHQWR $O8VDUOD&RQILJXUDFLyQGH&DORUGHO&DMyQGHO+RUQR,QIHULRU /DFRQILJXUDFLyQ:$50 &DOLHQWH GHOFDMyQGHOKRUQRLQIHULRU PDQWHQGUiODVFRPLGDVFRFLQDGDVDODWHPSHUDWXUDSDUDVHUYLU 6LHPSUHFRPLHQFHFRQFRPLGDFDOLHQWH 1RXVHODFRQILJXUDFLyQ:$50 &DOLHQWH SDUDFDOHQWDUFRPLGD IUtDH[FHSWRJDOOHWDVFUXMLHQWHVSDSDVIULWDVRFHUHDOHVVHFRV  (PSXMHKDFLDDGHQWUR\JLUHODSHULOODGHFRQWUROKDVWDOD FRQILJXUDFLyQ:$50 &DOLHQWH  127$/DWHPSHUDWXUDLQLFLDOGHODFRPLGDODFDQWLGDG GHFRPLGDHOWLSRGHFRPLGDHOHQYDVH\ODFDQWLGDGGH WLHPSRTXHODFRPLGDHVWiHQHOFDMyQDIHFWDUiQODFDOLGDG\ WHPSHUDWXUDVILQDOHVGHODFRPLGD 8VRGHOKRUQRVXSHULRUFRQDXWROLPSLH]D *($SSOLDQFHVFRP /DSXHUWDGHOKRUQRGHEHUiHVWDUFHUUDGD\WRGRVORVFRQWUROHVFRQILJXUDGRVGHIRUPDFRUUHFWDSDUDTXHHOFLFORIXQFLRQH DGHFXDGDPHQWH $QWHVGHXQ&LFORGH/LPSLH]D /LPSLHFXDOTXLHUVXFLHGDG LPSRUWDQWHVREUHHOIRQGRGHOKRUQR 12OLPSLH ODMXQWD PDQXDOPHQWH +$*$XQDOLPSLH]D PDQXDOGHQWUR GHODSXHUWD\GHO YLGULR +$*$XQDOLPSLH]DPDQXDOGHOD HVWUXFWXUDGHOKRUQR 3DUDHOSULPHUFLFORGHOLPSLH]D UHFRPHQGDPRVYHQWLODUVXFRFLQDFRQXQD YHQWDQDDELHUWDRXVDUXQYHQWLODGRUR FDPSDQDGHYHQWLODFLyQ 5HWLUHFXDOTXLHUROODSDUDDVDUUHMLOODSDUD DVDUWRGRVORVXWHQVLOLRVGHFRFLQDVRQGD\ FXDOTXLHUSDSHOGHDOXPLQLRGHQWURGHOKRUQR \DTXHQRUHVLVWLUiQODVDOWDVWHPSHUDWXUDVGH OLPSLH]D 127$ „6LHOKRUQRVHHQFXHQWUDHTXLSDGRFRQ HVWDQWHVSDUDKRUQRGHQtTXHOUHWLUHORV PLVPRVDQWHVGHFRPHQ]DUFRQHOFLFORGH DXWROLPSLH]D „6LVXKRUQRHVWiHTXLSDGRFRQHVWDQWHV SDUDKRUQRJULVHV\FXELHUWRVGHSRUFHODQD VHSRGUiQGHMDUGHQWURGHOKRUQRGXUDQWHHO FLFORGHDXWROLPSLH]D /DVXFLHGDGHQODHVWUXFWXUDIURQWDOGHOD FRFLQD\ODSDUWHH[WHUQDGHODMXQWDGHOD HVWUXFWXUDIURQWDOVHGHEHUiQOLPSLDUHQ IRUPDPDQXDO/LPSLHHVWDViUHDVFRQDJXD FDOLHQWHDOPRKDGLOODVGHYLUXWD\MDEyQ ROLPSLDGRUHVWDOHVFRPR6RIW6FUXEŠ (QMXDJXHELHQFRQDJXDFDOLHQWH\VHTXH /LPSLHODSXHUWDSODQDLQWHULRU\HOYLGULR FRQDJXD\MDEyQ\HVSRQMD 1ROLPSLHODMXQWD(OPDWHULDOGHILEUDGHYLGULR GHODMXQWDGHODHVWUXFWXUDIURQWDOQRUHVLVWHOD DEUDVLyQ(VHVHQFLDOTXHODMXQWDSHUPDQH]FD LQWDFWD6LREVHUYDTXHFRPLHQ]DDJDVWDUVHR GHVKLODFKDUVHUHHPSODFHODPLVPD /LPSLHFXDOTXLHUGHUUDPHLPSRUWDQWHVREUH HOIRQGRGHOKRUQR $VHJ~UHVHGHTXHODWDSDGHODOiPSDUDGHOX] GHOKRUQRVHHQFXHQWUHHQVXOXJDU\TXHOD OX]GHOPLVPRHVWpDSDJDGD ,03257$17(/DVDOXGGHDOJXQDVDYHV HVH[WUHPDGDPHQWHVHQVLEOHDORVKXPRV HPLWLGRVGXUDQWHHOFLFORGHDXWROLPSLH]DGH FXDOTXLHUFRFLQD&RORTXHODVDYHVHQRWUD KDELWDFLyQELHQYHQWLODGD 127$7HQJDFXLGDGRDODEULUHOKRUQR VXSHULRUXQDYH]TXHHOFLFORGHDXWR OLPSLH]DKD\DILQDOL]DGR(VSRVLEOHTXHHO KRUQRD~QHVWpFDOLHQWH &yPR&RQILJXUDUHO+RUQR6XSHULRUSDUDVX/LPSLH]D 127$/RVTXHPDGRUHVVXSHUILFLDOHVVH GHEHUiQDSDJDUDQWHVGHODKRUDGHLQLFLRGHOD IXQFLyQGHDXWROLPSLH]D 3UHVLRQHODWHFOD6HOI&OHDQ $XWR /LPSLH]D  127$6LODSDQWDOODPXHVWUD/2& SUHVLRQHODWHFOD*$6&21752/ /2&.287 %ORTXHRGHO&RQWUROGH*DV  GXUDQWHVHJXQGRVSDUDDSDJDUHQ PRGHORV&DIp~QLFDPHQWH0DQWHQJD SUHVLRQDGRGHDHQORVPRGHORV 3URILOH~QLFDPHQWH&RQVXOWHODVHFFLyQ %ORTXHRGHO&RQWUROGH*DV $OXVDUODVWHFODVQXPpULFDVLQJUHVHHO WLHPSRGHOLPSLH]DGHVHDGRVLHV QHFHVDULRXVDUXQWLHPSRGHKRUDV (OWLHPSRGHOFLFORGHOLPSLH]DHV QRUPDOPHQWHGHKRUDV3XHGHFDPELDUHO WLHPSRGHOLPSLH]DDFXDOTXLHUWLHPSRHQWUH KRUDV\KRUDVGHSHQGLHQGRGHOQLYHOGH VXFLHGDGTXHKD\DHQHOKRUQR 3UHVLRQHODWHFOD6WDUW ,QLFLDU  (QPRGHORVVLQWUDEDHQODSXHUWDODSXHUWD VHEORTXHDDXWRPiWLFDPHQWH/DSDQWDOOD PRVWUDUiHOWLHPSRGHOLPSLH]DUHVWDQWH 1RVHUiSRVLEOHDEULUODSXHUWDGHOKRUQR KDVWDTXHODWHPSHUDWXUDVHDLQIHULRUDOD WHPSHUDWXUDGHEORTXHR\TXHVHDSDJXHOD OX]GH/2&.(''225 38(57$%/248($'$  (OKRUQRVHDSDJDGHIRUPDDXWRPiWLFD FXDQGRHOFLFORGHOLPSLH]DHVFRPSOHWDGR &XDQGRODOX]GH/2&.(''225 3XHUWD %ORTXHDGD HVWpDSDJDGDGHVOLFHOD PDQLMDGHODWUDEDKDFLDODL]TXLHUGDWDQ OHMRVFRPROOHJXH\DEUDODSXHUWD6LVX KRUQRQRFXHQWDFRQXQDWUDEDODSXHUWD VHGHVEORTXHDUiGHIRUPDDXWRPiWLFD „/DVSDODEUDV/2&.'225 3XHUWD %ORTXHDGD WLWLODUiQ\HOFRQWUROGHOKRUQR GDUiXQDVHxDOVLFRQILJXUDHOFLFORGH OLPSLH]D\ROYLGDFHUUDUODSXHUWDGHOKRUQR XROYLGDWUDEDUODSXHUWDHQPRGHORVFRQ WUDED „3DUDGHWHQHUHOFLFORGHOLPSLH]DSUHVLRQH ODWHFOD&OHDU2II %RUUDU$SDJDU &XDQGR /2&.(''225 3XHUWD%ORTXHDGD VH DSDJXHLQGLFDQGRTXHHOKRUQRVHHQIULy SRUGHEDMRGHODWHPSHUDWXUDGHEORTXHR GHVEORTXHHODSXHUWD HQPRGHORVFRQ WUDEDMD \DEUDODSXHUWD „1RXVHHOFDMyQGHOKRUQRLQIHULRUGXUDQWH XQFLFORGHDXWROLPSLH]D  &XLGDGR\OLPSLH]DGHODFRFLQD /DSXHUWDGHOKRUQRGHEHUiHVWDUFHUUDGD\WRGRVORVFRQWUROHVFRQILJXUDGRVGHIRUPDFRUUHFWDSDUDTXHHOFLFOR IXQFLRQHDGHFXDGDPHQWH &RPR5HWUDVDUHO,QLFLRGHOD/LPSLH]D $VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWD GHOGtD (QPRGHORVFRQ%ORTXHRGH&RQWURO*DV PDQWHQJDSUHVLRQDGDODWHFOD%ORTXHRGH &RQWURO*DVSRUVHJXQGRVSDUD DSDJDUOD (QPRGHORVVLQWUDEDHQODSXHUWDODSXHUWD VHEORTXHDDXWRPiWLFDPHQWH/DSDQWDOOD PRVWUDUiODKRUDGHLQLFLR1RVHUiSRVLEOHDEULU ODSXHUWDGHOKRUQRKDVWDTXHODWHPSHUDWXUD VHDLQIHULRUDODWHPSHUDWXUDGHEORTXHR\TXH VHDSDJXHODOX]GH/2&.(''225 38(57$ %/248($'$  127$/RVTXHPDGRUHVVXSHUILFLDOHVVHGHEHUiQ (OKRUQRVHDSDJDGHIRUPDDXWRPiWLFD DSDJDUDQWHVGHODKRUDGHLQLFLRGHODIXQFLyQ FXDQGRHOFLFORGHOLPSLH]DHVFRPSOHWDGR GHDXWROLPSLH]D &XDQGRODOX]GH/2&.(''225 3XHUWD 6LVXPRGHORSRVHHXQDWUDEDWUDEHOD %ORTXHDGD HVWpDSDJDGDGHVOLFHOD SXHUWD PDQLMDGHODWUDEDKDFLDODL]TXLHUGDWDQ OHMRVFRPROOHJXH\DEUDODSXHUWD6LVX 3UHVLRQHODWHFOD6HOI&OHDQ $XWR KRUQRQRFXHQWDFRQXQDWUDEDODSXHUWD /LPSLH]D  VHGHVEORTXHDUiGHIRUPDDXWRPiWLFD 8VDQGRODVWHFODVQXPpULFDVSUHVLRQHHO „/DVSDODEUDV/2&.'225 3XHUWD WLHPSRGHOLPSLH]DGHVHDGR %ORTXHDGD WLWLODUiQ\HOFRQWUROGHOKRUQR 3UHVLRQHODWHFOD'HOD\6WDUW 5HWUDVDU GDUiXQDVHxDOVLFRQILJXUDHOFLFORGH ,QLFLR (OWLHPSRGHLQLFLRPiVSUy[LPR OLPSLH]D\ROYLGDFHUUDUODSXHUWDGHOKRUQR TXHSXHGDFRQILJXUDUDSDUHFHUiHQOD XROYLGDWUDEDUODSXHUWDHQPRGHORVFRQ SDQWDOOD WUDED 8VDQGRODVWHFODVQXPpULFDVLQJUHVHOD KRUDGHOGtDTXHGHVHHSDUDTXHHOFLFOR GHOLPSLH]DFRPLHQFH 3UHVLRQHODWHFOD6WDUW ,QLFLDU  „ 3DUDGHWHQHUHOFLFORGHOLPSLH]DSUHVLRQH ODWHFOD&OHDU2II %RUUDU$SDJDU &XDQGR /2&.(''225 3XHUWD%ORTXHDGD VH DSDJXHLQGLFDQGRTXHHOKRUQRVHHQIULy SRUGHEDMRGHODWHPSHUDWXUDGHEORTXHR GHVEORTXHHODSXHUWD HQPRGHORVFRQ WUDEDMD \DEUDODSXHUWD 'HVSXpVGHXQ&LFORGH/LPSLH]D (VSRVLEOHTXHREVHUYHFHQL]DEODQFDHQHO KRUQR/LPSLHODPLVPDFRQXQDWHODK~PHGD XQDYH]TXHHOKRUQRVHHQIUtH 6LTXHGDQPDQFKDVEODQFDVHOLPLQHODV PLVPDVFRQXQHVWURSDMRFRQMDEyQ\HQMXDJXH FRPSOHWDPHQWHFRQXQDPH]FODGHDJXD\ YLQDJUH (VWRVGHSyVLWRVVRQQRUPDOPHQWHXQUHVLGXRGH VDOTXHQRSXHGHVHUHOLPLQDGRSRUHOFLFORGH OLPSLH]D 6LHOKRUQRQRVHOLPSLDOXHJRGHXQFLFORGH OLPSLH]DUHSLWDHOFLFOR  „1RSXHGHFRQILJXUDUHOKRUQRSDUD FRFLQDUKDVWDTXHHOPLVPRHVWpOR VXILFLHQWHPHQWHFDOLHQWHSDUDTXHOD SXHUWDVHGHVEORTXHH „ 0LHQWUDVHOKRUQRHVWiUHDOL]DQGRODIXQFLyQ GHDXWROLPSLH]DSXHGHSUHVLRQDUODWHFOD &ORFN 5HORM SDUDYLVXDOL]DUODKRUDGHOGtD 3DUDUHJUHVDUDODFXHQWDUHJUHVLYDGH OLPSLH]DSUHVLRQHODWHFOD&RRNLQJ7LPH 7LHPSRGH&RFFLyQ  „6LUHVXOWDGLItFLOGHVOL]DUORVHVWDQWHVDSOLTXH XQDFDQWLGDGUHGXFLGDGHDFHLWHYHJHWDOR DFHLWHGHFRFLQDDXQDWRDOODGHSDSHO\OLPSLH ORVH[WUHPRVGHORVHVWDQWHVGHOKRUQRFRQ XQDWRDOODGHSDSHO *($SSOLDQFHVFRP $VHJ~UHVHGHTXHODFRUULHQWHHOpFWULFDHVWpDSDJDGD\TXHWRGDVODVVXSHUILFLHVHVWpQIUtDVDQWHVGHOLPSLDU FXDOTXLHUSDUWHGHODFRFLQD  $'9(57(1&,$6LODFRFLQDHVUHWLUDGDSDUDVXOLPSLH]DVHUYLFLRWpFQLFR RFXDOTXLHURWUDUD]yQDVHJ~UHVHGHTXHHOGLVSRVLWLYRDQWLYROFDGXUDVYXHOYDDVHU FRORFDGRGHIRUPDFRUUHFWDFXDQGRODFRFLQDVHDLQVWDODGDQXHYDPHQWH6LQRVHWLHQH HVWDSUHFDXFLyQVHSRGUiRFDVLRQDUODFDtGDGHODFRFLQD\SURYRFDUOHVLRQHV 3DUDFRQWURODUTXHHOVRSRUWHHVWpLQVWDODGR\VXMHWDGRGHIRUPDDGHFXDGDFRQFXLGDGRLQFOLQH ODFRFLQDKDFLDDGHODQWH(OVRSRUWHGHEHUtDGHWHQHUODFRFLQDGHQWURGHODVSXOJDGDV6LQROR KDFHHOVRSRUWHVHGHEHUiYROYHUDLQVWDODU (QFDVRGHTXHODFRFLQDVHDHPSXMDGDGHODSDUHGSRUDOJXQDUD]yQVLHPSUHUHSLWDHVWH SURFHGLPLHQWRSDUDYHULILFDUTXHODFRFLQDHVWpFRUUHFWDPHQWHDVHJXUDGDSRUHOVRSRUWHDQWL YROFDGXUDV 6LODFRFLQDQRFXHQWDFRQHOVRSRUWHDQWLYROFDGXUDVOODPHDOSDUDUHFLELUXQR VLQFRVWR (QVDPEOHVGHO4XHPDGRU6HOODGR HQDOJXQRVPRGHORV &RORTXHWRGRVORVFRQWUROHVHQODSRVLFLy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yVLWRVGH OLPSLH]D  35(&$8&,Ï11RXVHOD SDUWHVXSHULRUGHODFRFLQDVLQTXHWRGDVODV SDUWHVGHORVTXHPDGRUHV\ODVSDUULOODVHVWpQ HQVXVUHVSHFWLYRVOXJDUHV (OHFWURGR (OHFWURGR R  %DVHGHWUHVDQLOORV HQDOJXQRVPRGHORV (OHOHFWURGRGHOHQFHQGHGRUGHOD FKLVSDHVH[SXHVWRFXDQGRODFDEH]D GHOTXHPDGRUHVUHWLUDGD&XDQGR XQTXHPDGRUVHJLUDD/,7(WRGRVORV TXHPDGRUHVKDFHQFKLVSD1RLQWHQWH GHVHQVDPEODUQLOLPSLDUXQTXHPDGRU PLHQWUDVRWURTXHPDGRUHVWi HQFHQGLGR(VSRVLEOHTXHVHSURGX]FD XQDGHVFDUJDHOpFWULFDORFXDOSRGUtD KDFHUTXHYXHOTXHXQXWHQVLOLRGH FRFLQDFDOLHQWH (OHFWURGR  &XLGDGR\OLPSLH]DGHODFRFLQD 7DSDV%DVHV\&DEH]DVGH4XHPDGRUHV $QWHVGHUHWLUDUODVWDSDV\FDEH]DVGHORV TXHPDGRUHV HQDOJXQRVPRGHORV UHFXHUGHVX WDPDxR\XELFDFLyQ5HHPSODFHORVPLVPRVHQ ODPLVPDXELFDFLyQOXHJRGHODOLPSLH]D 127$1RXVHHVWURSDMRVQLSROYRVSDUDIUHJDU SDUDOLPSLDUODVSDUWHVGHOTXHPDGRU 7DSDVGHORV4XHPDGRUHV /DWDSDGHO TXHPDGRUHVWi FRUUHFWDPHQWH FRORFDGD /DWDSDGHO TXHPDGRU 12HVWi FRUUHFWDPHQWH FRORFDGD &DEH]DVGHOTXHPDGRU HQDOJXQRV PRGHORV /DVFDEH]DVGHOTXHPDGRU HQ DOJXQRVPRGHORV VHSXHGHQUHWLUDU 6LPSOHPHQWHOHYDQWHODVPLVPDVGH ODSDUULOODSDUDVXOLPSLH]D &DEH]DGHWUHVDQLOORV HQDOJXQRV PRGHORV &DEH]DGHO TXHPDGRU (OHFWURGR %DVHGHO TXHPDGRU $VHJ~UHVHGHTXHHODQLOORGH ODFDEH]DGHOTXHPDGRUHVWp SRVLFLRQDGRVREUHHOHOHFWURGR\ TXHODFDEH]DGHOTXHPDGRUHVWp FRPSOHWDPHQWHLQVHUWDGDGHQWURGH ODEDVHGHOTXHPDGRU8QDSHTXHxD EUHFKDHQWUHODEDVH\ODFDEH]DHV QRUPDO &DEH]DIURQWDOGHUHFKD HQDOJXQRV PRGHORV FDEH]DIURQWDOL]TXLHUGD FDEH]DWUDVHUDGHUHFKD\FDEH]D WUDVHUDL]TXLHUGD &DEH]DGHO TXHPDGRU &iPDUDGHHVWDELOLGDG 8VHXQDDJXMDGH %DVHGHO TXHPDGRU FRVHURSUHFLQWRV SDUDGHVEORTXHDU HOSHTXHxRDJXMHUR (OHFWURGR HQODFDEH]DGHO TXHPDGRU $VHJ~UHVHGHTXHODUDQXUDGH ODFDEH]DGHOTXHPDGRUHVWp SRVLFLRQDGDVREUHHOHOHFWURGR $JXMHUR HQOD FDEH]DGHO TXHPDGRU (OHQVDPEOHGHODFDEH]DWDSDRYDOGHO TXHPDGRUVHSXHGHUHWLUDU6LPSOHPHQWH OHYDQWHODPLVPDGHODFRFLQDSDUD VXOLPSLH]D8VHXQDDJXMDGHFRVHUR SUHFLQWRVSDUDGHVEORTXHDUHOSHTXHxR DJXMHURHQHOTXHPDGRU  5HHPSOD]RGHODV&DEH]DVGHORV 4XHPDGRUHV HQDOJXQRVPRGHORV 5HHPSODFHODVFDEH]DVGHORVTXHPDGRUHVVREUHORV HOHFWURGRVHQODSDUWHVXSHULRUGHODFRFLQDHQODV XELFDFLRQHVFRUUHFWDVGHDFXHUGRFRQVXWDPDxR +D\XQDFDEH]DGHTXHPDGRUSHTXHxDXQD PHGLDQDXQDJUDQGH\XQDH[WUDJUDQGH /HYDQWDUFXDQGRHVWpQIUtDV/DYHODVWDSDVGHORV TXHPDGRUHVHQDJXDFDOLHQWHFRQMDEyQ\HQMXDJXH FRQDJXDOLPSLD3XHGHIUHJDUFRQXQDEDVHGH IUHJDGRSOiVWLFDSDUDHOLPLQDUSDUWtFXODVGHFRPLGD TXHPDGDV$JUHJXHXQóGHWD]DGHDPRQtDFR\ GHMHTXHSHUPDQH]FDQPRMDGDVGXUDQWHYDULDVKRUDV RGXUDQWHODQRFKH/DYHHQMXDJXHELHQ\VHTXH )UHQWHGHODFRFLQD 4XHPDGRUGHWUHVDQLOORV HQDOJXQRVPRGHORV /DFDSDH[WHULRUGHOTXHPDGRUGHWUHVDQLOORVQR VHSXHGHUHWLUDU6yORODWDSDUHGRQGDGHOFHQWUR VHSXHGHUHWLUDUSDUDVXOLPSLH]D 3DUDOLPSLDUODVEDVHVGHORVTXHPDGRUHVXVH DJXDFRQMDEyQ\XQDEDVHSDUDIUHJDUGHSOiVWLFR /LPSLHFRQXQDWHODK~PHGD $VHJ~UHVHGHTXHQRLQJUHVHDJXDDODVEDVHVGH ORVTXHPDGRUHV3HUPLWDTXHVHVHTXHQWRWDOPHQWH DQWHVGHXVDU &DEH]DVGHORV4XHPDGRUHV HQDOJXQRV PRGHORV \(QVDPEOHGHOD7DSD&DEH]D GHO4XHPDGRU2YDODGR &HQWUR /DVFDEH]DVGHORVTXHPDGRUHV\HOHQVDPEOHGHOD FDEH]DWDSDGHOTXHPDGRURYDODGRVHSXHGHQUHWLUDU 6LPSOHPHQWHOHYDQWHODVPLVPDVGHODFRFLQDSDUDVX OLPSLH]D 3DUDXQHQFHQGLGRDGHFXDGRDVHJ~UHVHGHTXH HODJXMHURSHTXHxRHQODVHFFLyQTXHFRLQFLGHFRQ HOHOHFWURGRVHPDQWHQJDDELHUWR3XHGHXVDUXQD DJXMDGHFRVHURXQSUHFLQWRSDUDGHVEORTXHDUOR /DVKHQGLGXUDVGHODVFDEH]DVGHORVTXHPDGRUHV VHGHEHQPDQWHQHUOLPSLDVHQWRGRPRPHQWRSDUD REWHQHUXQDOODPDSDUHMD\VLQREVWUXFFLyQ /DVSDUWHVEORTXHDGDVRVXFLDVGHORVTXHPDGRUHV RORVHOHFWURGRVQRSHUPLWLUiQTXHHOTXHPDGRU IXQFLRQHGHIRUPDFRUUHFWD &XDOTXLHUGHUUDPHHQRDOUHGHGRUGHXQHOHFWURGRVH GHEHUiOLPSLDUGHIRUPDFXLGDGRVD7HQJDFXLGDGR GHQRJROSHDUXQHOHFWURGRFRQQDGDGXUR\DTXHVH SRGUiGDxDU /LPSLHODVFDEH]DVGHORVTXHPDGRUHVGHIRUPD UXWLQDULDHVSHFLDOPHQWHOXHJRGHGHUUDPHV LPSRUWDQWHVTXHSRGUtDQEORTXHDUODVDEHUWXUDV /HYDQWDUFXDQGRHVWpIUtD 3DUDHOLPLQDUODFRPLGDTXHPDGDPRMHODV FDEH]DVGHORVTXHPDGRUHVHQXQDVROXFLyQGH GHWHUJHQWHOtTXLGRVXDYH\DJXDFDOLHQWHSRUHQWUH \PLQXWRV&XDQGRVHWUDWHGHPDQFKDV PiVGLItFLOHVXVHXQFHSLOORGHGLHQWHV HQDOJXQRVPRGHORV HQDOJXQRVPRGHORV &DEH]DGHWUHVDQLOORV $VHJ~UHVHGHTXHODUDQXUDRDJXMHUR GHSHQGLHQGR GHOPRGHOR GHOTXHPDGRUHVWpSRVLFLRQDGRVREUHHO HOHFWURGR $JXMHUR R (OHFWURGR (OHFWURGR 5DQXUD (QVDPEOHGHOD&DEH]D7DSDGHO4XHPDGRU 2YDODGR &HQWUR 5HHPSODFHHOHQVDPEOHGHODFDEH]DWDSDRYDODGD FHQWUR VREUHHOHOHFWURGRHQODSDUWHVXSHULRUGHODFRFLQD &DEH]DRYDODGD\ HQVDPEOHGHODWDSD $VHJ~UHVHGHTXHODUDQXUD GHODFDEH]DGHOTXHPDGRU HVWpSRVLFLRQDGDVREUHHO HOHFWURGR 5DQXUD )UHQWHGHODFRFLQD (OHFWURGR 7DSDV 5HHPSODFHODVWDSDVGHWDPDxRFRLQFLGHQWHHQODV EDVHV\FDEH]DVGHORVTXHPDGRUHV $VHJ~UHVHGHTXHODVFDEH]DV HQDOJXQRVPRGHORV  \ODVWDSDVVHDQUHHPSOD]DGDVHQODVXELFDFLRQHV FRUUHFWDV /XHJRGHODOLPSLH]D $QWHVGHFRORFDUODVWDSDV\FDEH]DVGH ORVTXHPDGRUHV HQDOJXQRVPRGHORV \HO HQVDPEOHGHODFDEH]DWDSDQXHYDPHQWH HVFXUUDHOH[FHVRGHDJXD\OXHJRVHTXHODV PLVPDVWRWDOPHQWHSURJUDPDQGRHOKRUQR SDUDTXHHVWpFDOLHQWHSRUPLQXWRV )UHQWHGHODFRFLQD HQDOJXQRVPRGHORV 7DSDGHWUHVDQLOORV HQDOJXQRVPRGHORV  *($SSOLDQFHVFRP /RGJHŠ5HYHUVLEOH\3ODQFKDVSDUD&KHIGH+LHUUR)RUMDGR HQDOJXQRVPRGHORV ■ (QMXDJXHFRQDJXDFDOLHQWH QRXVHMDEyQ \ VHTXHWRWDOPHQWH ■ $QWHVGHFRFLQDUSUHSDUHODVXSHUILFLHFRQ HVSUD\GHFRFLQDRDFHLWHYHJHWDO ■ /XHJRGHFRFLQDUOLPSLHODSODQFKDFRQ XQFHSLOORGXUR\DJXDFDOLHQWH1RVH UHFRPLHQGDHOXVRGHMDEyQ\QXQFDVHGHEHQ XVDUGHWHUJHQWHVSRWHQWHV ■ 6HTXHFRQXQDWRDOODGHIRUPDLQPHGLDWD\DSOLTXH XQDFDSDVXDYHGHHVSUD\GHFRFLQDRDFHLWH YHJHWDOPLHQWUDVODSODQFKDD~QHVWiFDOLHQWH ■ *XDUGHHQXQOXJDUIUtR\VHFR ■ 1RODYHHQHOODYDYDMLOODV 3UHFDXFLRQHVGHOD3ODQFKD ■6LDOJRVHGHUUDPyGHEDMRGHODSODQFKD VHGHEHUiOLPSLDUWDQSURQWRFRPRVHD SRVLEOHSDUDHYLWDUODVXFLHGDGGHODFRPLGD ´KRUQHDGDµ ■1RSHUPLWDTXHVHDFXPXOHJUDVDGHEDMR GHODSODQFKD\DTXHSXHGHKDEHUULHVJRGH LQFHQGLR/LPSLHODSDUWHLQIHULRUGHODSODQFKD WDQSURQWRFRPRHVWpIUtD/LPSLHFRQDJXD FDOLHQWH\MDEyQ ■1RFRORTXHODSODQFKDHQHOKRUQRPLFURRQGDV ■6LHPSUHDSDJXHORVTXHPDGRUHVVXSHUILFLDOHV DQWHVGHUHWLUDUODSODQFKD7HQJDFXLGDGRDO VRVWHQHUXQDSODQFKDFDOLHQWH 3ODQFKD$QWLDGKHUHQWH HQDOJXQRVPRGHORV 127$6 ■ /DSODQFKDVHGHEHUiXVDUVREUHHO TXHPDGRUFHQWUDO~QLFDPHQWH ■ 1ROLPSLHODSODQFKDHQHOKRUQRGHDXWR OLPSLH]D ■ 1ROLPSLHODSODQFKDHQXQODYDYDMLOODV ■ /DYHODPLVPDFRQDJXDFDOLHQWH\MDEyQ OXHJRGHFDGDXVRPLHQWUDVXVDXQD HVSRQMD\XQSDxRGHFRFLQD ■ 6LTXHGDQUHVLGXRVGHDFHLWHRFRPLGD VREUHODSODQFKDODVFRFFLRQHVSRVWHULRUHV HQGXUHFHUiQHOUHVLGXR\JHQHUDUiQ DGKHUHQFLDVFRQHOSDVRGHOWLHPSR(Q HVWHFDVRXVHXQOLPSLDGRUQRDEUDVLYRWDO FRPR%RQ$PLŠRXQRGHORVOLPSLDGRUHV SDUDIUHJDGRVXDYH$SOLTXHFRQXQD HVSRQMD6FUXQJHŠXRWUDDOPRKDGLOODGH OLPSLH]DFRQHWLTXHWDTXHLQGLTXHTXHHV VHJXUDSDUDROODVDQWLDGKHUHQWHV ■ 8VHVyORXWHQVLOLRVGHSOiVWLFRQ\ORQ RPDGHUDRKHUUDPLHQWDVGHFRFLQD 6LOYHU6WRQHŠSDUDHYLWDUTXHVHDUUXLQHHO UHFXEULPLHQWR ■ 1XQFDXVHFXFKLOORVQLFRUWHODFRPLGD VREUHODSODQFKD/DYHFRQDJXDFDOLHQWH \MDEyQOXHJRGHFDGDXVR*XDUGHFRQ FXLGDGRSDUDHYLWDUUDOODGXUDV 3UHFDXFLRQHVGHOD3ODQFKD ■ 6LDOJRVHGHUUDPyGHEDMRGHODSODQFKD VHGHEHUiOLPSLDUWDQSURQWRFRPRVHD SRVLEOHSDUDHYLWDUODVXFLHGDGGHOD FRPLGD´KRUQHDGDµ ■ 1RSHUPLWDTXHVHDFXPXOHJUDVDGHEDMR GHODSODQFKD\DTXHSXHGHKDEHUULHVJR GHLQFHQGLR/LPSLHODSDUWHLQIHULRUGHOD SODQFKDWDQSURQWRFRPRHVWpIUtD/LPSLH FRQDJXDFDOLHQWH\MDEyQ ■ 1RFRORTXHODSODQFKDHQHOKRUQRPLFURRQGDV ■ 6LHPSUHDSDJXHORVTXHPDGRUHVVXSHUILFLDOHV DQWHVGHUHWLUDUODSODQFKD7HQJDFXLGDGRDO VRVWHQHUXQDSODQFKDFDOLHQWH 3DUULOODVGHORV4XHPDGRUHV /DDSDULHQFLDSXHGHYDULDU /DVSDUULOODVVHSXHGHQOLPSLDUHQ XQODYDYDMLOODV )UHQWH ,]TXLHUGR &HQWUR )UHQWH 'HUHFKR 6XHVWXIDFXHQWDFRQSDUULOODVGREOHVR SDUULOODVVLPSOHV(VWDVSDUULOODVSRVHHQ SRVLFLRQHVHVSHFtILFDV3DUDXQDHVWDELOLGDG Pi[LPDHVWDVSDUULOODVVyORVHGHEHUiQXVDUHQ VXSRVLFLyQDGHFXDGDQRVHSXHGHQFDPELDU GHL]TXLHUGDDGHUHFKDRGHOIUHQWHDDWUiV 3DUDVXFRQYHQLHQFLDFRQODVSDUULOODVGREOHV ORVODGRVLQIHULRUHVGHODVSDUULOODVL]TXLHUGD\ GHUHFKDHVWiQPDUFDGDV´/()7)5217µ )UHQWH ,]TXLHUGR \´5,*+7)5217µ )UHQWH'HUHFKR  $VHJ~UHVHGHTXHODSRVLFLyQIURQWDOGHDPEDV SDUULOODVHVWpHQHOIUHQWH/DSDUULOODLQWHUPHGLD SRVHHXQDUFRHQHOIUHQWH$VHJ~UHVHGHTXHOD SDUWHDUTXHDGDHVWpKDFLDHOIUHQWHGHODFRFLQD $GHPiVODSDUULOODLQWHUPHGLDHVWiDSR\DGD SRUODVSDUULOODVL]TXLHUGD\GHUHFKD\GHEHVHU LQVWDODGDDOILQDOSDUDPD\RUHVWDELOLGDG /LPSLH]D /HYDQWHODVPLVPDVFXDQGRHVWpQIUtDV/DV SDUULOODVVHGHEHQODYDUGHIRUPDUHJXODU\SRU VXSXHVWROXHJRGHGHUUDPHV/DYHODVSDUULOODV FRQDJXDFDOLHQWH\MDEyQ\HQMXDJXHFRQDJXD OLPSLD$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  &XLGDGR\OLPSLH]DGHODFRFLQD 3DUULOODVGH4XHPDGRUHVSDUDHO0RGHOR&*6ÒQLFDPHQWH /DDSDULHQFLDSXHGHYDULDU /DVSDUULOODVVHSXHGHQOLPSLDUHQ XQODYDYDMLOODV 6XFRFLQDFXHQWDFRQWUHVSDUULOODVGREOHV GHWLSRSURIHVLRQDO(VWDVSDUULOODVSRVHHQ SRVLFLRQHVHVSHFtILFDV3DUDXQDPi[LPD HVWDELOLGDGHVWDVSDUULOODVVyORGHEHUtDQVHU XVDGDVHQVXVSRVLFLRQHVFRUUHVSRQGLHQWHV 3DUDPD\RUFRQYHQLHQFLDORVODGRVLQIHULRUHV GHODVSDUULOODVODWHUDOHVFXHQWDQFRQODPDUFD ´2876,'(µ $IXHUD $VHJ~UHVHGHTXHOD SRVLFLyQIURQWDOGHDPEDVSDUULOODVHVWpHQHO IUHQWH/DSDUULOODFHQWUDOVHSXHGHFDPELDUGHO IUHQWHDODSDUWHWUDVHUD /LPSLH]DGHODV3DUULOODV$JXD\ -DEyQ 3DUULOOD ([WHULRU 3DUULOOD &HQWUDO 3DUULOOD ([WHULRU /HYDQWHODVSDUULOODVFXDQGRHVWpQIUtDV/DV SDUULOODVVHGHEHQODYDUGHIRUPDUHJXODU\SRU VXSXHVWROXHJRGHGHUUDPHV/DYHODVPLVPDV FRQDJXDFDOLHQWH\MDEyQ\HQMXDJXHFRQDJXD OLPSLD$OUHHPSOD]DUODVSDUULOODVDVHJ~UHVHGH TXHHVWpQSRVLFLRQDGDVGHIRUPDVHJXUDVREUH ORVTXHPDGRUHV5HHPSODFHODVSDUULOODVGH PRGRTXHVHIRUPHQOtQHDVUHFWDVFRQORVDUFRV FHQWUDOHVGHODVWUHVSDUULOODV /LPSLH]DGH3DUULOODV²+RUQRGH$XWR /LPSLH]D 3DUDHOLPLQDUODFRPLGDTXHPDGDSXHGHXVDU HOFLFORGHDXWROLPSLH]DGHVXFRFLQD5HWLUH FXDOTXLHUSDUWtFXODGHFRPLGDTXHPDGDTXH SXHGDDQWHVGHFRORFDUODVSDUULOODVHQHOKRUQR &RORTXHORVHVWDQWHVJULVHVUHFXELHUWRVGH SRUFHODQDHQODVSRVLFLRQHV´5µ´%µ\´'µ (OKRUQRFXHQWDFRQSRVLFLRQHV GHHVWDQWHV&RORTXHORVHVWDQWHV JULVHVUHFXELHUWRVGHSRUFHODQDHQ ODVSRVLFLRQHV´5µ´%µ\´'µSDUD ODDXWROLPSLH]DGHODVSDUULOODV &RORTXHFDGDSDUULOODHQORV HVWDQWHVGHOKRUQRGHODGRDODGR 127$1ROLPSLHODSODQFKDHQHOKRUQRGHDXWR OLPSLH]D &RORTXHFDGDSDUULOODHQORVHVWDQWHVGHO KRUQRGHODGRDODGR6LJDHVWDVLQVWUXFFLRQHV VREUHFyPRFRORFDUHOKRUQRVXSHULRUSDUDVX OLPSLH]D 127$7HQJDFXLGDGRDOUHWLUDUODVSDUULOODVGHO KRUQRVXSHULRUXQDYH]TXHHOFLFORGHDXWR OLPSLH]DKD\DILQDOL]DGR(VSRVLEOHTXHODV SDUULOODVD~QHVWpQFDOLHQWHV  (VSRVLEOHTXHREVHUYHFHQL]DEODQFDHQ SDUULOODVPX\VXFLDV/LPSLHODPLVPDFRQ XQDWHODK~PHGDXQDYH]TXHODSDUULOODVH HQIUtH6LTXHGDQPDQFKDVEODQFDVHOLPLQHODV PLVPDVFRQXQHVWURSDMRFRQMDEyQ\HQMXDJXH FRPSOHWDPHQWHFRQXQDPH]FODGHDJXD\ YLQDJUH (VWRVGHSyVLWRVVRQQRUPDOPHQWHXQUHVLGXR GHVDOTXHQRSXHGHVHUHOLPLQDGRSRUHOFLFOR GHOLPSLH]D /LPSLH]DGH3DUULOODV/DYDYDMLOODV /DVSDUULOODVVHSXHGHQOLPSLDUHQXQ ODYDYDMLOODV5HWLUHFXDOTXLHUSDUWtFXODGHFRPLGD TXHPDGDTXHSXHGDDQWHVGHFRORFDUODV SDUULOODVHQHOODYDYDMLOOD&RORTXHODVPLVPDVHQ HOHVWDQWHLQIHULRUGHOODYDYDMLOODV\DSOLTXHXQ FLFORGH´OLPSLH]DDIRQGRµ 1RXWLOLFHHOTXHPDGRUGXUDQWHXQSHUtRGRGH WLHPSRSURORQJDGRVLQXQXWHQVLOLRGHFRFLQD VREUHODSDUULOOD(ODFDEDGRGHODSDUULOODVH SXHGHUHVTXHEUDMDUVLQRKD\XQXWHQVLOLRGH FRFLQDTXHDEVRUEDHOFDORU $XQTXHVRQGXUDEOHVODVSDUULOODVSHUGHUiQ JUDGXDOPHQWHVXEULOORPiVDOOiGHOPHMRU FXLGDGRTXHOHVSXHGDGDU(VWRVHGHEHDOD H[SRVLFLyQFRQWLQXDDDOWDVWHPSHUDWXUDV\DOD DEUDVLyQGHOXWHQVLOLRGHFRFLQD 3URWHFWRUHVSDUD6RSRUWH 6LXQRRPiVGHORVVRSRUWHVSURWHFWRUHV FLUFXODUHVGHVLOLFRQDGHODSDUULOODGHODSDUWH VXSHULRUGHODFRFLQDVHSLHUGHRGDxDVH SRGUiQREWHQHUSLH]DVGHUHSXHVWROODPDQGRDO *(&$5(6 3DUDFRORFDUORVQXHYRVSURWHFWRUHVVLPSOHPHQWH LQVHUWHHOH[WUHPRFRQIRUPDGHFRQR\HPSXMH PLHQWUDVGREODREDODQFHDVXDYHPHQWHHOSURWHFWRU *($SSOLDQFHVFRP 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$3DUDODVFRFLQDVGHDFHURLQR[LGDEOH FRQVXOWHODVHFFLyQVREUHVXSHUILFLHVGHDFHUR LQR[LGDEOH 9HQWLODFLRQHVGH$LUHGHO+RUQR 1XQFDEORTXHHODVYHQWLODFLRQHV DEHUWXUDV GHDLUH GHODFRFLQD/DVPLVPDVEULQGDQODV HQWUDGDV\VDOLGDVGHDLUHTXHVRQQHFHVDULDV SDUDTXHODFRFLQDRSHUHGHIRUPDFRUUHFWD FRQODFRPEXVWLyQDGHFXDGD /DVDEHUWXUDVGHDLUHVHHQFXHQWUDQXELFDGDV HQODSDUWHWUDVHUDGHODFRFLQDHQODSDUWH VXSHULRUHLQIHULRUGHODSXHUWDGHOKRUQR\HQOD SDUWHLQIHULRUGHODFRFLQD /DDSDULHQFLD\ODXELFDFLyQGHODYHQWLODFLyQYDUtDQ 3DQHOGH&RQWURO6XSHULRU Gas/Control (QPRGHORVHTXLSDGRVGHHVWHPRGREORTXHH ODVWHFODVWiFWLOHVDQWHVGHOLPSLDU &RQVXOWHODLQIRUPDFLyQGH%ORTXHRGHO&RQWURO GH*DVHQODVIXQFLRQHV(VSHFLDOHVGHOD VHFFLyQGHFRQWUROGHVXKRUQRHQHVWHPDQXDO /LPSLHFXDOTXLHUVDOSLFDGXUDFRQXQDWHODK~PHGD 7DPELpQSXHGHXVDUXQOLPSLDGRUGHYLGULRV (OLPLQHODVXFLHGDGLPSRUWDQWHFRQDJXD FDOLHQWH\MDEyQ1RXVHQLQJ~QWLSRGHPDWHULDO DEUDVLYR 9XHOYDDDFWLYDUODVWHFODVWiFWLOHVOXHJRGHOD OLPSLH]D 3DQHOGH&RQWURO,QIHULRU 3DQHOGHO&ROHFWRU)URQWDO \3HULOODV 3HULOODGHOTXHPDGRUVXSHUILFLDO /tQHDURMD 8QDEXHQDLGHDHVOLPSLDUHOSDQHOGHFRQWURO OXHJRGHFDGDXVRGHOKRUQR8VHXQDWHOD K~PHGDSDUDOLPSLDURHQMXDJDU3DUDOLPSLDU XVHMDEyQVXDYH\DJXDRXQDVROXFLyQTXH VHDPLWDGGHYLQDJUH\PLWDGGHDJXD3DUD HQMXDJDUXVHDJXDOLPSLD3XODHQVHFRFRQ XQDWHODVXDYH 1RXVHOLPSLDGRUHVDEUDVLYRVOLPSLDGRUHV OtTXLGRVIXHUWHVDOPRKDGLOODVSDUDIUHJDUGH SOiVWLFR\OLPSLDGRUHVGHKRUQRHQHOSDQHOGH FRQWUROGDxDUiQHODFDEDGR 1RLQWHQWHLQFOLQDUODVSHULOODVHPSXMDQGRODV PLVPDVKDFLDDUULEDRKDFLDDEDMRRFROJDQGR XQDWRDOODXRWUDVFDUJDVGHHVWHWLSR(VWR SXHGHGDxDUHOHMHGHODYiOYXODGHJDV 3HULOODGHOKRUQRLQIHULRU HQDOJXQRV PRGHORV  &DxD (WLTXHWD $JXMHURV GHODVFDxDV /DVSHULOODVGHFRQWUROVHSXHGHQUHWLUDUSDUD IDFLOLWDUODOLPSLH]D $VHJ~UHVHGHTXHODVSHULOODVHVWpQHQODV SRVLFLRQHV2)) $SDJDGR \HPSXMHODVPLVPDV GHVGHORVVRSRUWHVGHIRUPDGHUHFKDSDUDVX OLPSLH]D /DVSHULOODVVHSXHGHQOLPSLDUHQXQODYDYDMLOODV RWDPELpQVHSXHGHQODYDUFRQDJXD\MDEyQ $VHJ~UHVHGHTXHORVLQWHULRUHVGHODVSHULOODV HVWpQVHFRVDQWHVGHYROYHUDFRORFDUODV 5HHPSODFHODVSHULOODVHQODSRVLFLyQ2)) $SDJDGR SDUDDVHJXUDUXQDXELFDFLyQDGHFXDGD /DVSLH]DVPHWiOLFDVVHSXHGHQOLPSLDUFRQ DJXD\MDEyQ1RXVHHVWURSDMRVDEUDVLYRV DPRQtDFRViFLGRVROLPSLDGRUHVSDUDKRUQRV FRPHUFLDOHV6HTXHFRQXQDWHODVHFD 3DUDGHWHUPLQDUODXELFDFLyQFRUUHFWDGHODSHULOOD HQHOSDQHOGHFRQWUROIURQWDOH[DPLQHODSDUWH WUDVHUDGHODSHULOOD/DVSHULOODVFRQHWLTXHWDV\ ORVGRVDJXMHURVFRQFDxDQRVRQLQWHUFDPELDEOHV FRQRWURVWLSRVGHSHULOODV\VHGHEHUiQUHJUHVDUDO SDQHOIURQWDOSULPHUR8ELTXHODSRVLFLyQDGHFXDGD HQOD]DQGRODHWLTXHWD\ODGHVFULSFLyQGHOSDQHO IURQWDORHQOD]DQGRODIRUPDGHORVDJXMHURVGHODV SHULOODVDODIRUPDGHODVFDxDVGHOSDQHOGHFRQWURO /DVSHULOODVVLQHWLTXHWDV\VyORXQDJXMHURGHFDxD SRGUiVHUUHJUHVDGRDFXDOTXLHUSRVLFLyQHQHO SDQHOGHFRQWUROIURQWDOTXHVyORSRVHHXQDFDxD  &XLGDGR\OLPSLH]DGHODFRFLQD 3DUWH,QIHULRUGHO+RUQR /DSDUWHLQIHULRUGHOKRUQRSRVHHXQDFDEDGR GHSRUFHODQDHVPDOWDGD3DUDIDFLOLWDUOD OLPSLH]DSURWHMDHOIRQGRGHOKRUQRGH GHUUDPHVH[FHVLYRVFRORFDQGRXQDKRMDGH JDOOHWDVHQHOHVWDQWHTXHHVWiGHEDMRGHO HVWDQWHVREUHHOFXDOHVWiFRFLQDQGR(VWR HVSDUWLFXODUPHQWHLPSRUWDQWHDOKRUQHDU XQDWDUWDGHIUXWDXRWUDVFRPLGDVFRQDOWR FRQWHQLGRGHiFLGR/RVUHOOHQRVGHIUXWD FDOLHQWHXRWUDVFRPLGDVFRQDOWRFRQWHQLGR 5DQXUD %ORTXHRGH ODELVDJUD (PSXMHORVEORTXHRVGHELVDJUD KDFLDDEDMRSDUDGHVEORTXHDU 3RVLFLyQGHUHWLUR ([WUHPH LQIHULRU GHOD UDQXUD %UD]RGHODELVDJUD /HYDQWHOD3XHUWDGHO+RUQR HQDOJXQRVPRGHORV /DSXHUWDHVPX\SHVDGD7HQJDFXLGDGRDO )LUPHPHQWHWRPHDPERVODGRVGHOD UHWLUDU\OHYDQWDUODSXHUWD SXHUWDSRUODSDUWHVXSHULRU 1ROHYDQWHODSXHUWDXVDQGRODPDQLMD &RQODSXHUWDHQHOPLVPRiQJXORTXHHQ ODSRVLFLyQGHUHWLURDSR\HODKHQGLGXUD 3DUDUHWLUDUODSXHUWD HQODUDQXUDGHODELVDJUD/DDEHUWXUDHQ $EUDODSXHUWDWRWDOPHQWH HOEUD]RGHODELVDJUDGHEHUiHVWDU (PSXMHORVEORTXHRVGHELVDJUDKDFLD WRWDOPHQWHDSR\DGDHQODSDUWHLQIHULRUGH DEDMRHQGLUHFFLyQDODHVWUXFWXUDGHOD ODUDQXUD SXHUWDKDVWDODSRVLFLyQGHVEORTXHDGD(V $EUDODSXHUWDWRWDOPHQWH6LODSXHUWDQR SRVLEOHTXHQHFHVLWHXQDKHUUDPLHQWDWDO VHDEUHWRWDOPHQWHODKHQGLGXUDQRHVWi FRPRXQGHVWRUQLOODGRUSHTXHxRGHSXQWD FRUUHFWDPHQWHDSR\DGDHQHOH[WUHPR SODQD LQIHULRUGHODUDQXUD )LUPHPHQWHWRPHDPERVODGRVGHOD (PSXMHORVEORTXHRVGHELVDJUDFRQWUDOD SXHUWDSRUODSDUWHVXSHULRU HVWUXFWXUDIURQWDOGHODFDYLGDGGHOKRUQR &LHUUHODSXHUWDKDVWDODSRVLFLyQGHUHWLUR HQODSRVLFLyQGHEORTXHR GHODPLVPDTXHHVWiHQODPLWDGHQWUHOD &LHUUHODSXHUWDGHOKRUQR SRVLFLyQGHGHWHQFLyQSDUDDVDU\ WRWDOPHQWHFHUUDGD /HYDQWHODSXHUWDKDFLDDUULED\KDFLD DIXHUDKDVWDTXHHOEUD]RGHODELVDJUD HVWpIXHUDGHODUDQXUD +HQGLGXUD GHiFLGR WDOHVFRPRWRPDWHFKXFUXW\ VDOVDVFRQYLQDJUHRMXJRGHOLPyQ SXHGHQ RFDVLRQDUILVXUDV\GDxRVVREUHODVXSHUILFLH GHSRUFHODQDHVPDOWDGD\VHGHEHUiQOLPSLDU LQPHGLDWDPHQWH 3DUDOLPSLDUGHUUDPHVXVHDJXD\MDEyQXQ OLPSLDGRUDEUDVLYRRXQDDOPRKDGLOODSDUD IUHJDUOOHQDGHMDEyQ(QMXDJXHELHQSDUD HOLPLQDUFXDOTXLHUUHVWRGHMDEyQDQWHVGHOD IXQFLyQGHDXWROLPSLH]D 3DUDUHHPSOD]DUODSXHUWD %ORTXHRGH ODELVDJUD %UD]RGHOD ELVDJUD (PSXMHORVEORTXHRVGHODELVDJUD KDFLDDUULEDSDUDEORTXHDU (VWDQWHVGHO+RUQR 7RGDVODVSDUULOODVGHOKRUQRVHSRGUiQOLPSLDUD PDQRFRQXQOLPSLDGRUDEUDVLYRRYLUXWD/XHJR GHODOLPSLH]DHQMXDJXHODVSDUULOODVFRQDJXD OLPSLD\VHTXHFRQXQDWHODOLPSLD/DVSDUULOODV GHOKRUQRJULVHV\FXELHUWDVGHSRUFHODQD SRGUiQSHUPDQHFHUHQHOKRUQRGXUDQWHHO FLFORGHDXWROLPSLH]DVLQVXIULUQLQJ~QWLSRGH GDxRV/DVSDUULOODVGHOKRUQRGHQtTXHOSRGUiQ  SHUPDQHFHUHQHOPLVPRGXUDQWHHOFLFORGH DXWROLPSLH]DSHURSHUGHUiQVXOXVWUH\VHUi GLItFLOGHVOL]DUODV6HUiQHFHVDULRHQJUDVDU WRGRVORVFRVWDGRVGHODSDUULOODGHOKRUQRFRQ XQDFDSDVXDYHGHDFHLWHYHJHWDOOXHJRGH OLPSLDUODVDPDQRRHQHOKRUQR(VWRD\XGDUi DTXHODVSDUULOODVVHSXHGDQGHVOL]DUFRQ IDFLOLGDGIXHUDGHKRUQR  *($SSOLDQFHVFRP /LPSLH]DGHOD3XHUWD /DMXQWDHVWiGLVHxDGDFRQXQ HVSDFLRHQODSDUWHLQIHULRUSDUD SHUPLWLUODFLUFXODFLyQGHDLUH DGHFXDGD 1RIURWHQLOLPSLHODMXQWDGHOD SXHUWDSRVHHXQDUHVLVWHQFLD H[WUHPDGDPHQWHEDMDDOD DEUDVLyQ 6LREVHUYDTXHODMXQWDVHYXHOYH FDOLHQWHVHGHVKLODFKDRGDxDGH FXDOTXLHUIRUPD\VLTXHGyIXHUD GHODSXHUWDGHEHUiUHHPSOD]DU ODPLVPD 3DUDOLPSLDUHOLQWHULRUGHODSXHUWD 3DUDOLPSLDUHOH[WHULRUGHODSXHUWD ■1RSHUPLWDTXHHOH[FHGHQWHGHDJXDHQWUHD ■8VHDJXD\MDEyQSDUDOLPSLDU QLQJ~QDJXMHURRUDQXUDVGHODSXHUWD FRPSOHWDPHQWHODSDUWHVXSHULRUORVODGRV \HOIUHQWHGHODSXHUWDGHOKRUQR(QMXDJXH ■$SOLTXHGHWHUJHQWHSDUDODYDUSODWRVVREUH ELHQ7DPELpQSXHGHXVDUXQOLPSLDGRU FXDOTXLHUVDOSLFDGXUDTXHKD\DVREUHHO GHYLGULRSDUDOLPSLDUHOYLGULRGHODSDUWH YLGULRGHELGRDOKRUQHDGR8VHHOILORGHXQD H[WHULRUGHODSXHUWD QDYDMDGHOODGRVHJXURSDUDGHVSHMDUOR /XHJROLPSLHHOYLGULRFRQXQDWHODFRQMDEyQ ■(OGHUUDPHGHDGRERMXJRVGHIUXWD SDUDHOLPLQDUFXDOTXLHUUHVLGXR\VHTXH VDOVDVGHWRPDWH\PDWHULDOHVJODVHDGRV TXHFRQWHQJDQiFLGRVSXHGHQRFDVLRQDU ■(OiUHDIXHUDGHODMXQWDVHSXHGHOLPSLDUFRQ GHVFRORUDFLyQ\VHGHEHUiQOLPSLDUGH XQDDOPRKDGLOODSDUDIUHJDUGHSOiVWLFRFRQ LQPHGLDWR&XDQGRODVXSHUILFLHHVWpIUtDODYH MDEyQ \HQMXDJXH ■1RXVHOLPSLDGRUHVSDUDKRUQRSROYRVGH OLPSLH]DRDEUDVLYRVGXURVVREUHODSDUWH H[WHULRUGHODSXHUWD 6XSHUILFLHVGH$FHUR,QR[LGDEOH HQDOJXQRVPRGHORV 1RXVHYLUXWDVGHDFHURpVWDVGDxDUiQOD VXSHUILFLH ,03257$17($3/,48(81$&$3$ 3527(&725$'(&(5$0$%5<7(Š3,(=$1ž :%75($/=$'25'(/%5,//2'(/ $&(52,12;,'$%/($17(6'(86$5 (VWRD\XGDUiDPDQWHQHUHOEULOOR\HODVSHFWR GHVXFRFLQDGHDFHURLQR[LGDEOH ■$ILQGHHYLWDUFXDOTXLHUGHVFRORUDFLyQ\R PDQFKDVGHJUDVDUHFRPHQGDPRVOLPSLDU \UHPRYHUFXDOTXLHUGHUUDPHPDQFKDV\ JUDVDGHODFRFLQDOXHJRGHVXXVR ■(VLPSRUWDQWHXVDUXQDWHODVXDYHRWRDOODGH SDSHOFDGDYH]TXHVHOLPSLDODFRFLQDDILQ GHHYLWDUUDOODGXUDV /HDFRQFXLGDGRODVLQVWUXFFLRQHVTXH DSDUHFHQHQHOUHYHUVRGHO5HDO]DGRUGH%ULOOR SDUDXQPHMRUUHVXOWDGR ,QVWUXFFLRQHVGH/LPSLH]D 5HWLUHODVSDUULOODV /DYHXVDQGRDJXDFDOLHQWH\MDEyQ  7HODK~PHGDVXDYHRWRDOODGHSDSHO HYLWH XVDUDJXDHQH[FHVR   /LPSLHODVXSHUILFLHHQODGLUHFFLyQGHO YHWHDGR VLJXLHQGRODVOtQHDVGHDFHUR   (QMXDJXH\HVWUXMHXQDWHODVXDYHRXQD WRDOODGHSDSHO\VHTXHODFRFLQD $SOLTXHXQGHVHQJUDVDQWHTXHQRFRQWHQJD KLGUy[LGRGHVRGLRRXQOLPSLDGRUGHDFHUR LQR[LGDEOH VLJDODVLQVWUXFFLRQHV   $SOLTXHXQ5HDO]DGRUGH%ULOORGH$FHUR ,QR[LGDEOH&HUDPD%U\WHŠ VLJDODV LQVWUXFFLRQHV  5HSLWDORVSDVRVDWDQWDVYHFHVFRPR VHDQHFHVDULR 9XHOYDDFRORFDUORVHVWDQWHV 6LJDODVLQVWUXFFLRQHVSDUDFXDOTXLHUVXSHUILFLH GHDFHURLQR[LGDEOHGHVXFRFLQD 12/286(SDUDOLPSLDUODSDUWHVXSHULRUGH ODFRFLQDRODVSDUWHVGHDFHURLQR[LGDEOH ‡/HMtDFiXVWLFD KLGUy[LGRGHVRGLR R OLPSLDGRUHVTXHFRQWHQJDQHVWHTXtPLFR ‡$OPRKDGLOODVGXUDVRGHHVWURSDMR ‡0DWHULDOHVRTXtPLFRVDEUDVLYRV 3DUDFRQVXOWDUVREUHODFRPSUDGH OLPSLDGRUHVRSXOLGRUHVSDUDHODUWHIDFWRGH DFHURLQR[LGDEOHRSDUDEXVFDUODXELFDFLyQ GHOYHQGHGRUPLQRULVWDPiVFHUFDQRDVX KRJDUFRPXQtTXHVHDOQ~PHURJUDWXLWR &HQWUR1DFLRQDOGH3LH]DV  ((88  &DQDGi *($SSOLDQFHVFRP ((88 ZZZ*($SSOLDQFHVFD &DQDGi  &XLGDGR\OLPSLH]DGHODFRFLQD  $'9(57(1&,$5LHVJRGH'HVFDUJD(OpFWULFDR,QFHQGLR$QWHVGHUHHPSOD]DUODOiPSDUDGHOX]GHO KRUQRGHVFRQHFWHODFRQH[LyQHOpFWULFDGHOKRUQRGHOIXVLEOHSULQFLSDORGHOSDQHOGHOGLV\XQWRU6LHVWRQRVHFXPSOHVH SRGUiSURGXFLUXQDGHVFDUJDHOpFWULFDRLQFHQGLR 5HHPSOD]RGHOD/X]GHO+RUQR HQDOJXQRVPRGHORV $VHJ~UHVHGHGHMDUTXHODWDSDGHODOX]\OD OiPSDUDVHHQIUtHQFRPSOHWDPHQWH 3DUDUHWLUDUODWDSD 'REOHORVFULVWDOHVHQGLUHFFLyQFRQWUDULDD ODVDJXMDVGHOUHORMDSUR[LPDGDPHQWHXQ FXDUWR 1RUHWLUHQLQJ~QWRUQLOORSDUDUHWLUDUODWDSD 5HHPSODFHODOiPSDUDSRUXQDSDUD HOHFWURGRPpVWLFRVGHZDWWVRSRUXQD OiPSDUDGHOX]KDOyJHQDGHGRVSDWDV VHJ~QFRUUHVSRQGD 3DUDUHHPSOD]DUODWDSD /LQHXSWDEVRIOHQVLQIURQWRIWDEVRQ KRXVLQJDQGURWDWHFORFNZLVHWRHQJDJH &DMyQGH$OPDFHQDPLHQWR([WUDtEOH HQDOJXQRVPRGHORV (OFDMyQGHDOPDFHQDPLHQWRHVXQEXHQOXJDU SDUDJXDUGDUXWHQVLOLRVGHFRFLQD\SDQDGHUtD 1RJXDUGHSOiVWLFRVQLPDWHULDOHVLQIODPDEOHVHQ HOFDMyQ (OFDMyQGHDOPDFHQDPLHQWRVH SRGUiUHWLUDUSDUDOLPSLDUGHEDMR GHODFRFLQD (OFDMyQGHDOPDFHQDPLHQWRVHSRGUiUHWLUDU SDUDOLPSLDUGHEDMRGHODFRFLQD/LPSLHHO FDMyQGHDOPDFHQDPLHQWRFRQXQDWHODR HVSRQMDK~PHGD1XQFDXVHDEUDVLYRVGXURVQL DOPRKDGLOODVSDUDIUHJDU 3DUDUHWLUDUHOFDMyQGHDOPDFHQDPLHQWR ,QFOLQHHOIUHQWHGHOFDMyQKDFLDDUULED\ DIXHUDGHODFRFLQD 3DUDUHWLUDUHOFDMyQGHDOPDFHQDPLHQWR &RQILJXUHORVSXQWRVGHGHWHQFLyQHQOD SDUWHWUDVHUDGHOFDMyQVREUHODV GHWHQFLRQHVHQODFRFLQD 'HVOLFHHOFDMyQGHIRUPDSDUHMD\GHUHFKR KDFLDDWUiVGHPRGRTXHORVULHOHVGHOD FRFLQDTXHGHQDMXVWDGRV (PSXMHHOFDMyQKDFLDDIXHUDKDVWDTXHVH GHWHQJD &DMyQ([WUDtEOH 6yOR0RGHORVFRQ&DMyQ&DOHQWDGRU 127$3DUDPRGHORVFRQXQFDMyQGH FDOHQWDPLHQWRHOpFWULFRDQWHVGHUHDOL]DU FXDOTXLHUDMXVWHOLPSLH]DRVHUYLFLRWpFQLFR GHVFRQHFWHHOVXPLQLVWURGHFRUULHQWH HOpFWULFDGHODFRFLQDGHVGHHOSDQHOGH GLVWULEXFLyQGHOKRJDUUHWLUDQGRHOIXVLEOH RDSDJDQGRHOGLV\XQWRU$VHJ~UHVHGH TXHHOHOHPHQWRGHFDOHIDFFLyQGHOFDMyQ FDOHQWDGRUHVWpIUtR 3DUDUHHPSOD]DUHOFDMyQ &RORTXHHOULHOGHOFDMyQL]TXLHUGR DOUHGHGRUGHODJXtDGHOULHOLQWHULRU L]TXLHUGR\GHVOLFHHOPLVPROHQWDPHQWH SDUDHQJDQFKDUOR /DPD\RUSDUWHGHODOLPSLH]DVHSXHGHUHDOL]DU FRQHOFDMyQHQVXOXJDU6LQHPEDUJRHOFDMyQ SXHGHVHUUHWLUDGRVLHVQHFHVDULRFRQWLQXDU FRQODOLPSLH]D8VHDJXDFDOLHQWH\MDEyQSDUD OLPSLDUDIRQGR &RORTXHHOULHOGHOFDMyQGHUHFKRDOUHGHGRU GHODJXtDGHOULHOLQWHULRUGHUHFKR\GHVOLFH HOPLVPROHQWDPHQWHSDUDHQJDQFKDUOR 3DUDUHWLUDUHOFDMyQ 'HVOLFHHOFDMyQWRWDOPHQWHKDVWDDGHQWUR (PSXMHHOFDMyQKDFLDDIXHUDKDVWDTXH VHGHWHQJD  3UHVLRQHHOOLEHUDGRUGHOULHOL]TXLHUGR KDFLDDUULED\SUHVLRQHHOGHUHFKRKDFLD DEDMRPLHQWUDVHPSXMDHOFDMyQKDFLD DGHODQWH\OROLEHUD  *($SSOLDQFHVFRP &DMyQ([WUDtEOH 6yOR0RGHORVFRQ&DMyQGHO+RUQR,QIHULRU 127$3DUDPRGHORVFRQXQFDMyQ FDOHQWDGRUHOpFWULFRRXQFDMyQGHOKRUQR LQIHULRUDQWHVGHUHDOL]DUFXDOTXLHUDMXVWH OLPSLH]DRVHUYLFLRWpFQLFRGHVFRQHFWHHO VXPLQLVWURGHFRUULHQWHHOpFWULFDGHODFRFLQD GHVGHHOSDQHOGHGLVWULEXFLyQGHOKRJDU UHWLUDQGRHOIXVLEOHRDSDJDQGRHOGLV\XQWRU $VHJ~UHVHGHTXHHOHOHPHQWRGHFDOHIDFFLyQ GHOFDMyQFDOHQWDGRUHVWpIUtR  /DPD\RUSDUWHGHODOLPSLH]DVHSXHGHUHDOL]DU FRQHOFDMyQHQVXOXJDU6LQHPEDUJRHOFDMyQ SXHGHVHUUHWLUDGRVLHVQHFHVDULRFRQWLQXDU FRQODOLPSLH]D8VHDJXDFDOLHQWH\MDEyQSDUD OLPSLDUDIRQGR 3DUDUHWLUDUHOFDMyQ (PSXMHHOFDMyQKDFLDDIXHUDKDVWDTXH VHGHWHQJD 3UHVLRQHODVOHQJHWDVVREUHDPERVODGRV PLHQWUDVHPSXMDHOFDMyQKDFLDDGHODQWH\ OLEpUHOR 3DUDUHHPSOD]DUHOFDMyQ &RORTXHHOULHOGHOFDMyQL]TXLHUGR DOUHGHGRUGHODJXtDGHOULHOLQWHULRU L]TXLHUGR\GHVOLFHHOPLVPROHQWDPHQWH SDUDHQJDQFKDUOR &RORTXHHOULHOGHOFDMyQGHUHFKRDOUHGHGRU GHODJXtDGHOULHOLQWHULRUGHUHFKR\GHVOLFH HOPLVPROHQWDPHQWHSDUDHQJDQFKDUOR 'HVOLFHHOFDMyQWRWDOPHQWHKDVWDDGHQWUR 2OODGHO&DMyQ([WUDtEOHGHO+RUQR,QIHULRU 127$3DUDPRGHORVFRQXQFDMyQFDOHQWDGRU HOpFWULFRRXQFDMyQGHOKRUQRLQIHULRUDQWHV GHUHDOL]DUFXDOTXLHUDMXVWHOLPSLH]DRVHUYLFLR WpFQLFRGHVFRQHFWHHOVXPLQLVWURGHFRUULHQWH HOpFWULFDGHODFRFLQDGHVGHHOSDQHOGH GLVWULEXFLyQGHOKRJDUUHWLUDQGRHOIXVLEOHR DSDJDQGRHOGLV\XQWRU$VHJ~UHVHGHTXHHO HOHPHQWRGHFDOHIDFFLyQGHOFDMyQHVWpIUtR ■1XQFDFRORTXHXVHQLOLPSLH DXWRPiWLFDPHQWHODROODGHOFDMyQGHOKRUQR LQIHULRUHQHOKRUQRVXSHULRU ■(OFDMyQGHOKRUQRLQIHULRUFXHQWDFRQXQD ROODH[WUDtEOHSDUDXQDIiFLOOLPSLH]D/LPSLH FRQDJXDFDOLHQWH\MDEyQ\XQDHVSRQMD RWRDOODSDUDSODWRV6HTXHFRQXQDWHOD VHFD7DPELpQVHSXHGHXVDUXQOLPSLDGRU GHKRUQRWDOFRPR(DV\2IIŠ$VHJ~UHVH 127$3HUPLWDTXHHOFDMyQGHOKRUQRLQIHULRUVH GHVHJXLUODVLQVWUXFFLRQHVGHOOLPSLDGRU HQIUtHDQWHVGHUHWLUDUODROOD GHKRUQR5HHPSODFHODROODHQHOFDMyQGHO 127$/LPSLHORVGHUUDPHVGHIRUPDLQPHGLDWD KRUQRLQIHULRU OXHJRGHFDGDXVR  ,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 /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 ([WLQJDFXDOTXLHUOODPDDELHUWD ,QPHGLDWDPHQWHOODPHDVXSURYHHGRUGHJDV +(55$0,(17$61(&(6$5,$6 'HVWRUQLOODGRU3KLOLSV 'HVWRUQLOODGRUFRQFDEH]DSODQD /ODYHFRQH[WUHPR DELHUWRRDMXVWDEOH /iSL]\UHJOD 1LYHO ,03257$17(² ‡ ,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 ‡  /ODYHSDUDWXEHUtD   XQDGHUHSXHVWR 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,' ‡$GDSWDGRUSDUDXQLyQFyQLFDSDUDODFRQH[LyQDOUHJXODGRU GHSUHVLyQHQODFRFLQD µRòµ137[òµ,' ‡'HWHFWRUGHSpUGLGDGHOtTXLGRRDJXDFRQMDEyQ ‡7RUQLOORGHFRPSUHVLyQRVXMHWDGRUGHPDQJDGHòµ 2' VyORSDUDSLVRVGHFRQFUHWR  ‡&RQHFWRUGH3UHVLyQTXHVHDMXVWHDOWDPDxRGHODDEHUWXUD GHODILFKD HQODSDUWHWUDVHUDGHODFRFLQDGHWUiVGHOFREHUWRU GHOFDEOHDGR \DOFRQGXFWRKRJDUHxR2EWpQJDORVyORVL UHHPSOD]DUiHOFDEOHGHFRUULHQWHSRUHOFRQGXFWR 7HIOyQ0DUFDUHJLVWUDGDSRU'X3RQW ,QVWUXFFLRQHVGH,QVWDODFLyQ „(YLWHXVDUJDELQHWHVVREUHODFRFLQD3DUDUHGXFLU HOULHVJRRFDVLRQDGRSRUODH[WHQVLyQGHODVOODPDV DELHUWDVGHORVTXHPDGRUHVHQIXQFLRQDPLHQWR LQVWDOHXQDFDPSDQDGHYHQWLODFLyQVREUHODFRFLQD TXHVHSUR\HFWHKDFLDDGHODQWHSRUORPHQRVDµGHO IUHQWHGHORVJDELQHWHV „/DFDPSDQDGHYHQWLODFLyQGHEHUiHVWDUFRQVWUXLGD GHXQDOiPLQDGHPHWDOGHQRPHQRVGHµGH JURVRU,QVWDOHVREUHODSDUWHVXSHULRUGHODFRFLQD GHMDQGRXQHVSDFLRGHQRPHQRVGHóµHQWUHOD FDPSDQD\ODSDUWHLQIHULRUGHOJDELQHWHGHPDWHULDO FRPEXVWLEOHRPHWDO/DFDPSDQDGHEHUiVHUSRU ORPHQRVWDQDQFKDFRPRHOHOHFWURGRPpVWLFR\ HVWDUFHQWUDGDVREUHHOPLVPR(OGHVSHMHHQWUHOD VXSHUILFLHGHFRFFLyQ\ODVXSHUILFLHGHODFDPSDQD GHYHQWLODFLyQ181&$'(%(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 $'9(57(1&,$ ,16758&&,21(63$5$81$ ,167$/$&,Ï16(*85$ /HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\ DWHQWDPHQWH 8QDLQVWDODFLyQDMXVWHDOWHUDFLyQVHUYLFLRR PDQWHQLPLHQWRLQDGHFXDGRVSXHGHQRFDVLRQDUOHVLRQHV RGDxRVVREUHODSURSLHGDG&RQVXOWHHVWHPDQXDO3DUD UHFLELUDVLVWHQFLDRLQIRUPDFLyQDGLFLRQDOFRQVXOWHD XQLQVWDODGRUFDOLILFDGRDJHQFLDGHVHUYLFLRIDEULFDQWH FRPHUFLDQWH RSURYHHGRUGHJDV 1XQFDYXHOYDDXVDUFRQHFWRUHVIOH[LEOHVYLHMRV(OXVR GHFRQHFWRUHVIOH[LEOHVYLHMRVSXHGHRFDVLRQDUJRWHUDV \OHVLRQHVSHUVRQDOHV6LHPSUHXVHFRQHFWRUHVIOH[LEOHV 18(926DOLQVWDODUHOHFWURGRPpVWLFRVDJDV /DSUXHEDGHJRWHUDVGHOHOHFWURGRPpVWLFRVHGHEHUi UHDOL]DUGHDFXHUGRFRQODVLQVWUXFFLRQHVGHOIDEULFDQWH ,03257$17(² 5HWLUHWRGRHOPDWHULDOGH HPEDODMH\PDWHULDOHVFULWRGHOKRUQRDQWHVGHFRQHFWDU HOJDV\HOVXPLQLVWURGHFRUULHQWHDODFRFLQD 35(&$8&,Ï1 1RLQWHQWHXWLOL]DUHOKRUQR GHHVWDFRFLQDGXUDQWHXQFRUWHGHFRUULHQWH VyORHQ PRGHORVGHHQFHQGLGRHOpFWULFR  „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 „/DGLVWDQFLDYHUWLFDOGHVGHHOSODQRGHODVXSHUILFLH GHFRFFLyQKDVWDODSDUWHLQIHULRUGHORVJDELQHWHV DG\DFHQWHVGHODSDUWHVXSHULRUTXHVHH[WLHQGHQ PiVFHUFDTXHµDOSODQRGHORVODGRVGHOD FRFLQDQRGHEHUiVHULQIHULRUDODVµ &RQVXOWH ODLOXVWUDFLyQGH'LPHQVLRQHV\(VSDFLRVHQHVWD VHFFLyQ  „$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 „$VHJ~UHVHGHTXHHOUHYHVWLPLHQWRGHSDUHG DOUHGHGRUGHODFRFLQDSXHGDUHVLVWLUHOFDORUGHKDVWD ž)JHQHUDGRSRUODFRFLQD  ,QVWUXFFLRQHVGH,QVWDODFLyQ ',0(16,21(6<(63$&,26 'HMHHOHVSDFLRDGHFXDGRHQWUHODFRFLQD\ODVVXSHUILFLHVFRPEXVWLEOHVDG\DFHQWHV(VWDVGLPHQVLRQHVVHGHEHUiQ FXPSOLUSDUDXQXVRVHJXURGHVXFRFLQD/DXELFDFLyQGHOWRPDFRUULHQWHGHHOHFWULFLGDG\ODDEHUWXUDGHODWXEHUtD FRQVXOWH8ELFDFLRQHVGHO*DV\HO7RPDFRUULHQWH(OpFWULFR VHSRGUiQDMXVWDUSDUDFXPSOLUFRQORVUHTXLVLWRVHVSHFtILFRV /DFRFLQDVHGHEHUiXELFDUFRQXQHVSDFLR QLYHODGR GHµFRQUHODFLyQDODSDUHGWUDVHUD $OJXQRVPRGHORVQR TXHGDUiQQLYHODGRV /RVPRGHORV 3*%3*% 3*%3*%\ 3*%UHTXLHUHQXQ HVSDFLRPtQLPRGH µFRQUHODFLyQDOD SDUHGL]TXLHUGD µ 0tQLPRSDUD JDELQHWHVHQ FDGDODGRGH ODSDUULOOD µ µ µ (VSDFLRPtQLPR FRQUHODFLyQDOD SDUHGL]TXLHUGD 3DUD JDELQHWHV GHEDMRGHOD SDUWHVXSHULRU GHODFRFLQD \ODSDUWH WUDVHUDGHOD FRFLQD 3URIXQGLGDG PtQLPDSDUD JDELQHWHVVREUH PRVWUDGRUHV µ (VSDFLRPtQLPR 0tQLPR µ FRQUHODFLyQDOD SDUHGGHUHFKD µ µ µ ([WUHPR IURQWDOGHO SDQHOODWHUDO GHODFRFLQD DGHODQWHGHO JDELQHWH µ 3DUDJDELQHWHVGHEDMRGHOD SDUWHVXSHULRUGHODFRFLQD \ODSDUWHWUDVHUDGHOD FRFLQD $OJXQRVPRGHORVQR TXHGDUiQQLYHODGRV 3URIXQGLGDGFRQODSXHUWDFHUUDGD LQFOX\HODPDQLMDGHODSXHUWD µ µ /DSURIXQGLGDGYDUtDGHSHQGLHQGR GHOPRGHOR&RQVXOWHODKRMDGH HVSHFLILFDFLRQHVGHVXPRGHOR µ $OWXUD µ µ“µ 3URIXQGLGDGFRQODSXHUWD DELHUWD µ  ,QVWUXFFLRQHVGH,QVWDODFLyQ ',0(16,21(6<(63$&,26 0RGHORV&*6~QLFDPHQWH 3URIXQGLGDGFRQOD SXHUWDFHUUDGD LQFOX\H ODPDQLMDGHODSXHUWD µ øµ øµ µ“µ $OWXUDGHODSDUWHWUDVHUD EDVDGDHQHONLWLQVWDODGRGHOD SDUWHWUDVHUDHVWLOR&DIp 3URIXQGLGDGFRQODSXHUWDDELHUWD  øµ  ,QVWUXFFLRQHVGH,QVWDODFLyQ 8%,&$&,Ï1 1RXELTXHODFRFLQDGRQGHSXHGDKDEHUFRUULHQWHVGHDLUHIXHUWHV&XDOTXLHUDEHUWXUDHQHOSLVRRODSDUHGGHWUiV GHODFRFLQDGHEHUiQHVWDUVHOODGDV$VHJ~UHVHGHTXHODVDEHUWXUDVDOUHGHGRUGHODEDVHGHODFRFLQDTXHEULQGDQ DLUHIUHVFRSDUDODFRPEXVWLyQ\YHQWLODFLyQQRHVWpQREVWUXLGDVSRUDOIRPEUDVQLSLH]DVGHFDUSLQWHUtD 6XFRFLQDDOLJXDOTXHPXFKRVRWURVDUWtFXORVGHOKRJDUHVSHVDGD\VHSXHGHFRORFDUVREUHUHYHVWLPLHQWRVGH SLVRVXDYHVWDOHVFRPRDOIRPEUDVRYLQLORDFROFKRQDGR7HQJDFXLGDGRDOPRYHUODSDULOODHQHVWHWLSRGHSLVRV6H UHFRPLHQGDTXHVHVLJDQODVVLJXLHQWHVLQVWUXFFLRQHVVLPSOHV\HFRQyPLFDVSDUDSURWHJHUVXSLVR /DFRFLQDVHGHEHUtDLQVWDODUVREUHXQDOiPLQDGHPDGHUDFRQWUDFKDSDGD RPDWHULDOVLPLODU &XDQGRHOUHYHVWLPLHQWR GHOSLVRILQDOL]DIUHQWHDODFRFLQDHOiUHDGRQGHODFRFLQDVHDSR\DUiGHEHUiVHUGHFRQWUDFKDSDGRDOPLVPRQLYHOR PiVDOWRTXHHOUHYHVWLPLHQWRGHOSLVR (VWRSHUPLWLUiTXHODFRFLQDSXHGDVHUPRYLGDSDUDVXOLPSLH]DRUHSDUDFLRQHVWpFQLFDV$GHPiVDVHJ~UHVHGHTXHHO UHYHVWLPLHQWRGHVXSLVRUHVLVWDORVž) &RQVXOWHODVHFFLyQGH,QVWUXFFLRQHVSDUDXQD,QVWDODFLyQ6HJXUD  $VHJ~UHVHGHTXHHOUHYHVWLPLHQWRGHSDUHGDOUHGHGRUGHODFRFLQDSXHGDUHVLVWLUHOFDORU GHKDVWDž) JHQHUDGR SRUODFRFLQD &RQVXOWHODVHFFLyQGH,QVWUXFFLRQHVSDUDXQD,QVWDODFLyQ6HJXUD  £,03257$17( 5HPRYHDOOWDSHDQGSDFNDJLQJ0DNHVXUHWKHEXUQHUVDUHSURSHUO\VHDWHGDQGOHYHO 7DNHWKHDFFHVVRU\SDFNRXWRIWKHRYHQDQGRUGUDZHU &KHFNWREHVXUHWKDWQRUDQJHSDUWVKDYHFRPHORRVHGXULQJVKLSSLQJ &219(57,5$*$6/3 RFRQYHUWLUQXHYDPHQWHDJDVQDWXUDOGH/3 (VWDFRFLQDGHMDODFRQILJXUDFLyQGHIiEULFDSDUDXVRFRQJDVQDWXUDO6LGHVHDFRQYHUWLUDJDV/3ODFRQYHUVLyQ GHEHUiVHUUHDOL]DGDSRUXQLQVWDODGRUGHJDV/3FDOLILFDGR /DVLQVWUXFFLRQHVGHFRQYHUVLyQ\ORVRULILFLRV/3VHSXHGHQHQFRQWUDUDGMXQWRVDODFRFLQDMXQWRDOUHJXODGRUGHSUHVLyQ *XDUGHHVWDVLQVWUXFFLRQHV\ORVRULILFLRVHQFDVRGHTXHORGHVHHFRQYHUWLUQXHYDPHQWHDJDVQDWXUDO /DVLQVWUXFFLRQHVGHFRQYHFFLyQLGHQWLILFDQDGyQGHHQFRQWUDUORVNLWVHQHOPRGHOR/DVXELFDFLRQHVSRVLEOHVVHGHILQHQHQ ODVLJXLHQWHLPDJHQ +RUQR'REOH +RUQR6LPSOH 3DUWH7UDVHUD GHOD(VWXID 7RUQLOORVGHSXOJDU 5HWLUHORV3DQHOHVGH$FFHVR DOJXQRVPRGHORV 6RSRUWH²(VSLWDFRQ2ULILFLR/3&DMD²(VSLWDFRQ2ULILFLR/3 DOJXQRVPRGHORV DOJXQRVPRGHORV 8ELFDFLyQGHOD&DMD FRQ2ULILFLRV DOJXQRVPRGHORV  ,QVWUXFFLRQHVGH,QVWDODFLyQ /HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDPHQWH 5HTXLVLWRVGHO6XPLQLVWURGH*DV 8ELFDFLRQHV5HFRPHQGDGDVSDUDOD6DOLGDGHOD7XEHUtDGH*DV 127$+DJDFRQH[LRQHVGHJDV GHOODGRL]TXLHUGRGHODDEHUWXUD GHOGLV\XQWRU ÈUHDUHFRPHQGDGDSDUD FRQH[LyQDWUDYpVGHOD SDUHGGHOWXERGHHVFDSH YiOYXODGHVHJXULGDG µ µ µ µ (VWDiUHDSHUPLWHXQD LQVWDODFLyQUDVDQWHSRUOD SDUHGWUDVHUD  øµ µ  35(&$8&,Ï1 3DUD HYLWDUTXHXQDFRUULHQWHGHDLUH DIHFWHHOIXQFLRQDPLHQWRGHO TXHPDGRUVHOOHWRGDVODVDEHUWXUD HQODSDUHG\HOSLVR ÈUHDUHFRPHQGDGDSDUDFRQH[LyQ DWUDYpVGHOSLVRGHOWXERGH HVFDSH\ODYiOYXODGHVHJXULGDG %5,1'((/680,1,6752'(*$6$'(&8$'2 6XFRFLQDIXHGLVHxDGDSDUDIXQFLRQDUHQXQDSUHVLyQGHFROXPQDGHDJXDGHµFRQJDVQDWXUDORVLVHGHVHDXVDUFRQ JDV/3 SURSDQR\EXWDQR XQDFROXPQDGHDJXDGHµ $VHJ~UHVHGHTXHHVWpVXPLQLVWUDQGRDVXFRFLQDHOWLSRGH JDVSDUDHOFXDOIXHGLVHxDGD (VWDFRFLQDHVFRQYHUWLEOHSDUDXVRFRQJDVQDWXUDOR JDVSURSDQR6LGHFLGHXVDUHVWDFRFLQDFRQJDV/3XQ LQVWDODGRUGH/3FDOLILFDGRGHEHUiUHDOL]DUODFRQYHUVLyQ DQWHVGHLQWHQWDUXWLOL]DUODFRFLQDFRQGLFKRJDV 3DUDXQDLQVWDODFLyQDGHFXDGDODSUHVLyQGHOJDVQDWXUDO VXPLQLVWUDGRDOUHJXODGRUGHEHUiVHUGHXQDFROXPQDGH DJXDGHHQWUHµ\µ 3DUDHOJDV/3ODSUHVLyQVXPLQLVWUDGDGHEHUiVHUGHXQD FROXPQDGHDJXDGHHQWUHµ\µ $OFRQWURODUHOIXQFLRQDPLHQWRDGHFXDGRGHOUHJXODGRUOD SUHVLyQGHHQWUDGDGHEHUiVHUSRUORPHQRVµPD\RUTXH ODSUHVLyQGHIXQFLRQDPLHQWR WXER FRPRVHLQGLFDPiV DUULED (OUHJXODGRUGHSUHVLyQXELFDGRHQODHQWUDGDGHOWXERGH ODFRFLQDGHEHUiSHUPDQHFHUHQODOtQHDGHVXPLQLVWURPiV DOOiGHVLHOJDVQDWXUDOR/3HVWiVLHQGRXVDGR 8QFRQHFWRUGHPHWDOIOH[LEOHGHOHOHFWURGRPpVWLFRXVDGR SDUDFRQHFWDUODFRFLQDDOVXPLQLVWURGHJDVGHEHUtDWHQHU XQ,'GHòµ\SLHVGHORQJLWXGSDUDXQDLQVWDODFLyQ PiVIiFLO(Q&DQDGiORVFRQHFWRUHVIOH[LEOHVGHEHUiQVHU FRQHFWRUHVPHWiOLFRVGHSDUHGVLPSOHVGHQRPiVGH SLHVGHORQJLWXG (Q&DQDGiORVFRQHFWRUHVIOH[LEOHVGHEHUiQVHUFRQHFWRUHV PHWiOLFRVGHSDUHGVLPSOHVGHQRPiVGHSLHVGH ORQJLWXG  ,QVWUXFFLRQHVGH,QVWDODFLyQ 5HTXLVLWRVGH6XPLQLVWURGH&RUULHQWH(OpFWULFD 8ELFDFLRQHVGH6DOLGD(OpFWULFD5HFRPHQGDGD 127$+DJDFRQH[LRQHVHOpFWULFDV GHOODGRGHUHFKRGHODDEHUWXUDGHO GLV\XQWRU µ µ µ ÈUHDUHFRPHQGDGDSDUDXQD VDOLGDHOpFWULFDDFHSWDEOH2ULHQWH HOUHFHSWiFXORHOpFWULFRGHPRGR TXHODORQJLWXGVHDSDUDOHODDO VXHOR µ 0RQWDGRHQ3DUHG øµ øµ  (OSURGXFWRVHHQYtDFRQXQ FDEOHGHSDWDV/DVDOLGD UHFRPHQGDGDHVXQUHFHSWiFXOR 1(0$25 %ULQGHHO6XPLQLVWURGH&RUULHQWH(OpFWULFD$GHFXDGR (VWDVFRFLQDVVHGHEHQVXPLQLVWUDUFRQYROWLRV +]\VHGHEHQFRQHFWDUDXQFLUFXLWRLQGLYLGXDO FRUUHFWDPHQWHFRQHFWDGRDWLHUUDSRUXQGLV\XQWRUR IXVLEOHGHUHWUDVRGHWLHPSR DPS (OUHFHSWiFXOR GHEHVHU1(0$25SDUDDFHSWDUHOFDEOHGHSDWDV VXPLQLVWUDGRFRQODFRFLQD 6LHOVHUYLFLRHOpFWULFRSURYLVWRQRFXPSOHFRQODV HVSHFLILFDFLRQHVDQWHULRUHVVHUHFRPLHQGDTXHXQ  HOHFWULFLVWDPDWULFXODGRLQVWDOHXQWRPDFRUULHQWHDSUREDGR „ 8ELTXHHOVXPLQLVWURHOpFWULFRFRPRVHLOXVWUD 127$1RVHUHFRPLHQGDSDUDHVWHSURGXFWRHOXVRGH LQWHUUXSWRUHVDXWRPiWLFRVLQDOiPEULFRVRFRQFDEOHDGR H[WHUQRTXHDSDJDQODFRUULHQWHGHOHOHFWURGRPpVWLFR ,QVWUXFFLRQHVGH,QVWDODFLyQ /HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDPHQWH &RQHFWHOD&RFLQDDO6XPLQLVWURGH*DV &LHUUHODYiOYXODSULQFLSDOGHVXPLQLVWURGHJDVDQWHVGHGHVFRQHFWDUVXYLHMDFRFLQD\GHMHODPLVPDDSDJDGDKDVWDTXHODQXHYD FRQH[LyQVHKD\DFRPSOHWDGR1RROYLGHYROYHUDHQFHQGHUHOSLORWRHQRWURVHOHFWURGRPpVWLFRVDJDVFXDQGRYXHOYDDHQFHQGHUHOJDV 'HELGRDTXHODVWXEHUtDVGXUDVUHVWULQJHQHOPRYLPLHQWR GHODFRFLQDVHUHFRPLHQGDHOXVRGHOFRQHFWRUSDUD HOHFWURGRPpVWLFRVGHPHWDOIOH[LEOHFRQFHUWLILFDFLyQ LQWHUQDFLRQDOGH&6$DPHQRVTXHORVFyGLJRVORFDOHV UHTXLHUDQXQDFRQH[LyQGHWXEHUtDGXUD 1XQFDXVHXQFRQHFWRUYLHMRDOLQVWDODUXQDFRFLQDQXHYD 6LVHXVDHOPpWRGRGHWXEHUtDGXUDGHEHUiDOLQHDUOD PLVPDFRQFXLGDGRODFRFLQDQRVHSRGUiPRYHUXQDYH] UHDOL]DGDODFRQH[LyQ 3DUDHYLWDUSpUGLGDVGHJDVFRORTXHHOFRPSXHVWRGHOD MXQWDGHJDVRHQYXHOYDODFLQWDSDUDURVFDVGHWXEHUtDV FRQ7HIOyQ DOUHGHGRUGHWRGDVODVURVFDVGHWXEHUtD PDFKR H[WHUQDV  ,QVWDOHXQDYiOYXODGHFLHUUHPDQXDOGHODOtQHD GHJDVHQODOtQHDGHJDVHQXQDXELFDFLyQGHIiFLO DFFHVRIXHUDGHODFRFLQD$VHJ~UHVHGHTXHWRGDV ODVSHUVRQDVTXHXVHQODFRFLQDVHSDQGyQGH\FyPR FHUUDUHOVXPLQLVWURGHJDVGHODFRFLQD ,QVWDOHHODGDSWDGRUGHODXQLyQFyQLFDPDFKRGHòµ DODURVFDLQWHUQDGHµGH137HQODHQWUDGDGHO UHJXODGRU8VHODOODYHGHUHSXHVWRHQHODFFHVRULR UHJXODGRUSDUDHYLWDUGDxRV  $OLQVWDODUODFRFLQDGHVGHHOIUHQWHUHWLUHHOFRGRGHž SDUDXQDLQVWDODFLyQPiVIiFLO ,QVWDOHXQDGDSWDGRUSDUDXQLyQFyQLFDGHòµRôµD &21(;,Ï1'(/&21(&725)/(;,%/( ODURVFDLQWHUQDGH137GHODYiOYXODGHFLHUUHPDQXDO SURFXUDQGRHYLWDUTXHODYiOYXODGHFLHUUHQRJLUH &RQHFWHHOFRQHFWRUGHPHWDOIOH[LEOHGHO HOHFWURGRPpVWLFRDODGDSWDGRUGHODFRFLQD3RVLFLRQH ODFRFLQDSDUDSHUPLWLUODFRQH[LyQHQODYiOYXODGH FLHUUH &XDQGRWRGDVODVFRQH[LRQHVVHKD\DQUHDOL]DGR DVHJ~UHVHGHTXHWRGRVORVFRQWUROHVGHODFRFLQD HVWpQHQODSRVLFLyQGHDSDJDGR\HQFLHQGDODYiOYXOD GHVXPLQLVWURSULQFLSDOGHJDV8VHXQGHWHFWRUGH SpUGLGDGHOtTXLGRHQWRGDVODVXQLRQHV\FRQH[LRQHV SDUDFRQWURODUSpUGLGDVHQHOVLVWHPD  $'9(57(1&,$ 5LHVJRGH LQFHQGLR1RXVHXQDOODPDSDUDFRQWURODUODV SpUGLGDVGHJDV $OXVDUSUHVLyQGHSUXHEDVXSHULRUDòSVLJSDUD FRQWURODUODSUHVLyQGHOVLVWHPDGHVXPLQLVWURGHJDVGH ODUHVLGHQFLDGHVFRQHFWHODFRFLQD\ODYiOYXODGHFLHUUH LQGLYLGXDOGHODWXEHUtDGHVXPLQLVWURGHJDV$OXVDUODV SUHVLRQHVGHSUXHEDGHòSVLJRPHQRVSDUDFRQWURODUHO VLVWHPDGHVXPLQLVWURGHJDVVLPSOHPHQWHDtVOHODFRFLQD GHOVLVWHPDGHVXPLQLVWURGHJDVFHUUDQGRODYiOYXODGH FLHUUHLQGLYLGXDO 7HIOyQ0DUFDUHJLVWUDGDSRU'X3RQW 23&,21(6'(&21(;,Ï1'(78%(5Ë$5Ë*,'$ )OXMRGHO*DVHQOD&RFLQD &RGRGH ž )OXMRGHO*DVHQOD&RFLQD %RTXLOOD URVFDGD 8QLyQ 5HJXODGRU GHSUHVLyQ 5HJXODGRU GHSUHVLyQ $GDSWDGRU ,QVWDODGRU,QIRUPH DOFRQVXPLGRUVREUH ODXELFDFLyQGHOD YiOYXODGHFLHUUHGH JDV 7XEHUtDGH JDVGHòµ Rôµ ,QVWDODGRU,QIRUPHDOFRQVXPLGRU VREUHODXELFDFLyQGHODYiOYXODGH FLHUUHGHJDV &RQHFWRU IOH[LEOH SLHVPi[ $GDSWDGRU 9iOYXODGH FLHUUHGH JDV &RQH[LyQ$OWHUQD ,QVWDODGRU,QIRUPH DOFRQVXPLGRU VREUHODXELFDFLyQ GHODYiOYXODGH FLHUUHGHJDV %RTXLOOD URVFDGD 9iOYXODGH FLHUUHGH JDV 7XEHUtDGHJDV GHòµRôµ 8QLyQ %RTXLOOD URVFDGD 9iOYXODGH FLHUUHGHJDV 7XEHUtDGHJDV GHòµRôµ &RGRGHž $GDSWDGRU ƒ&RGRGHž %RTXLOODURVFDGD 8QLyQR FRQH[LyQ UiSLGD %RTXLOODURVFDGD &RGRGHž 5HJXODGRU GHSUHVLyQ &RGRGHž )OXMRGHO*DVHQOD&RFLQD  &RGRGHž 7XEHUtDGH KLHUURQHJUR $GDSWDGRU ,QVWUXFFLRQHVGH,QVWDODFLyQ &RQHFWHOD&RFLQDDO6XPLQLVWURGH(OHFWULFLGDG 6DOWHHHO3DVRVLHOFDEOHGHFRUULHQWHHQWUHJDGRFRQODFRFLQDQRFRLQFLGHFRQVXUHFHSWiFXORGHSDUHG 8VRGHXQ5HFHSWiFXOR1(0$5([LVWHQWH „ (QFKXIHHOFDEOHGHFRUULHQWHGHODFRFLQDHQXQ UHFHSWiFXORGHSDUHGFRUUHFWDPHQWHFRQHFWDGRDWLHUUD 6NLSWR6WHSLIWKHUDQJHSRZHUFRUGPDWFKHVWKHZDOO UHFHSWDFOH 127$&RQVXFRFLQDVHHQYLyXQFDEOHGHSDWDVSDUDVHU XVDGRHQXQUHFHSWiFXOR1(0$56LGHFLGHFDPELDUVX HQFKXIHXVHVyORXQFDEOHGHFRUULHQWHGHSDWDVXQWXER GHFDEOHVRXQWXERGHFDEOHV3DUDVXDSOLFDFLyQVLJD ODVLQVWUXFFLRQHVDGHFXDGDVDFRQWLQXDFLyQHQHO3DVR 'HVGHHOGHHQHURGHHO&yGLJR1DFLRQDOGH (OHFWULFLGDGUHTXLHUHTXHODVFRQVWUXFFLRQHVQXHYDV QR H[LVWHQWHVD~Q XWLOLFHQXQDFRQH[LyQGHFDEOHVSDUDXQD FRFLQDHOpFWULFD 6HUHTXLHUHHOXVRGHXQFDEOHSDUDODFRFLQDGH DPSHUHVFRQXQUDQJRPtQLPRGHYROWLRV1RVH UHFRPLHQGDHOXVRGHXQFDEOHGHDPSHUHVSDUDOD FRFLQDSHURVLVHXVDVHGHEHUiLQGLFDUTXHHVSDUDXVR FRQDEHUWXUDVGHFRQH[LyQGHXQGLiPHWURQRPLQDOGH µ6HGHEHUiFHQWUDUHOFDEOH\HODPRUWLJXDGRUFRQ UHIXHU]RVFRQHODJXMHURFLHJRSDUDHYLWDUTXHHOH[WUHPR GDxHHOFDEOH 127$6HGHEHUiXVDUXQFDEOHFRQFRQGXFWRUHVFXDQGR HOHOHFWURGRPpVWLFRVHDLQVWDODGRHQXQDFDVDURGDQWHR FXDQGRORVFyGLJRVORFDOHVQRSHUPLWDQODFRQH[LyQDWLHUUD DWUDYpVGHOQHXWUR 5HHPSODFHHO&DEOHGH&RUULHQWH 2SFLRQDO 5HDOLFHHVWHSDVRVyORVLHOFDEOHGHFRUULHQWHHQWUHJDGRFRQODFRFLQDQRFRLQFLGHFRQVXUHFHSWiFXORGHSDUHG  5HWLUHHOFXEUHFDEOHV HQODSDUWHWUDVHUDGHOD FRFLQD UHWLUDQGRGRV  WRUQLOORVFRQXQDOODYHGHóµ 1RGHVFDUWHHVWRVWRUQLOORV FRQH[LyQDWLHUUDHQXQDXELFDFLyQVHJXUDSDUDXVR SRVWHULRU $IORMHORVWRUQLOORVGHODPRUWLJXDGRUFRQUHIXHU]R\ UHWLUHHOFDEOHGHFRUULHQWH 127$(OFDEOHGHFRUULHQWHVHGHEHUiUHHPSOD]DU SRUXQFDEOHRWXERSDUDFRFLQDGHFRQGXFWRUHVR FRQGXFWRUHVTXHILJXUHHQODOLVWDGH8//RVFDEOHV SRGUiQVHUSURYLVWRVFRQWHUPLQDOHVDQLOODGDVHQHOFDEOH \XQGLVSRVLWLYRGHDPRUWLJXDGRUHVGHUHIXHU]R WRUQLOORVSDUD HOLPLQDUHO FXEUHFDEOHV /HQJHWDGH UHWHQFLyQ 3DUWHWUDVHUD GHODFRFLQD &XEUH FDEOHV 5HWLUHORVWRUQLOORVWHUPLQDOHVGHOFDEOHGHFRUULHQWH LQIHULRUGHOEORTXHWHUPLQDO\HOWRUQLOORGHFRQH[LyQD WLHUUD\ODSODFD &RORTXHORVWRUQLOORVWHUPLQDOHV\HOWRUQLOORGH %ORTXH WHUPLQDO 7HUPLQDO QHXWUDO 3ODFDGHFRQH[LyQ FRQH[LyQDWLHUUD GHODFRFLQD *URXQG VFUHZ  &RQVXOWHODVVHFFLRQHVGHOFDEOHGHFRUULHQWHGH FDEOHV RSFLyQ$ WXERGHFDEOHV RSFLyQ% R FRQGXFWRGHFDEOHV RSFLyQ& VHJ~QVHD DSURSLDGRSDUDVXDSOLFDFLyQ ,QVWUXFFLRQHVGH,QVWDODFLyQ /HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDPHQWH 5HHPSODFHHO&DEOHGH&RUULHQWH 2SFLRQDO &RQWLQ~D 5HDOLFHHVWHSDVRVyORVLHOFDEOHGHFRUULHQWHHQWUHJDGRFRQODFRFLQDQRFRLQFLGHFRQVXUHFHSWiFXORGHSDUHG 2SFLyQGH,QVWDODFLyQGHO&DEOHGH&RUULHQWHGH&DEOHV $'9(57(1&,$(OFDEOHQHXWUDORGH %ORTXHWHUPLQDO HODVSHFWR SXHGHYDULDU FRQH[LyQDWLHUUDGHOFDEOHGHFRUULHQWHGHEHUiVHU FRQHFWDGRDODWHUPLQDOQHXWUDOXELFDGDHQHOFHQWURGHO EORTXHWHUPLQDO/RVFDEOHVGHFRUULHQWHGHEHUiQVHU FRQHFWDGRVDODVWHUPLQDOHVLQIHULRUL]TXLHUGDHLQIHULRU GHUHFKDGHOEORTXHWHUPLQDO 8ELTXHODFLQWDGHFRQH[LyQDWLHUUDGHFREUHHQODSDUWH WUDVHUDGHODFRFLQD $IORMHHOWRUQLOORFHQWUDOVXSHULRUHQHOEORTXHWHUPLQDO 1HXWUDO WHUPLQDO 3ODFDGH FRQH[LyQD WLHUUD &LQWDGHFRQH[LyQD WLHUUD 'HVOLFHHOH[WUHPHFRQODUDQXUDDELHUWDGHODFLQWDGH FRQH[LyQDWLHUUDGHEDMRGHOWRUQLOORFHQWUDOVXSHULRUHQHO EORTXHWHUPLQDO$VHJ~UHVHGHTXHODFLQWDGHFRQH[LyQD WLHUUDHVWpWRWDOPHQWHFRQWUDHOWRUQLOORFHQWUDOVXSHULRU\ UHDOLFHHODMXVWHHQVXOXJDU &RORTXHODSODFDFRQFRQH[LyQDWLHUUD UHWLUDGD SUHYLDPHQWH VREUHODSDUWHLQIHULRUGHODWLHUUDFRQ FRQH[LyQDWLHUUDSUHVLRQHODPLVPDFRQWUDHOPDUFRGHOD FRFLQD\DM~VWHODFRQHOWRUQLOORGHFRQH[LyQDWLHUUD UHWLUDGRSUHYLDPHQWH  ,QVHUWHHOQXHYRFDEOHGHFRUULHQWHDWUDYpVGHO DPRUWLJXDGRUGHUHIXHU]R3HUPLWHTXHTXHGHOR VXILFLHQWHPHQWHIORMRFRPRSDUDDMXVWDUORVFDEOHVDO EORTXHWHUPLQDOFRQIDFLOLGDG ,QVHUWHORVWRUQLOORVWHUPLQDOHV UHWLUDGRVSUHYLDPHQWH D WUDYpVGHFDGDDQLOORWHUPLQDOGHOFDEOHGHFRUULHQWH\HQ ODVWHUPLQDOHVLQIHULRUHVGHOEORTXHWHUPLQDO$VHJ~UHVHGH TXHHOFDEOHFHQWUDO EODQFRQHXWUR HVWpFRQHFWDGRDOD SRVLFLyQLQIHULRUFHQWUDOGHOEORTXHWHUPLQDO $MXVWHORV WRUQLOORVGHIRUPDVHJXUD DSUR[LPDGDPHQWHSXOJDGDV OEV HQHOEORTXHWHUPLQDO $VHJXUHHODPRUWLJXDGRUGHUHIXHU]RHQHOVRSRUWH DMXVWDQGRVXVWRUQLOORVFRUUHVSRQGLHQWHV  &DEOHGH FRUULHQWH &LQWDGHFRQH[LyQ DWLHUUD ([WUHPRFRQ UDQXUDDELHUWD ,QVWUXFFLRQHVGH,QVWDODFLyQ 5HHPSODFHHO&DEOHGH&RUULHQWH 2SFLRQDO &RQWLQ~D 5HDOLFHHVWHSDVRVyORVLHOFDEOHGHFRUULHQWHHQWUHJDGRFRQODFRFLQDQRFRLQFLGHFRQVXUHFHSWiFXORGHSDUHG 2SFLyQGH,QVWDODFLyQGHO7XERGH&DEOHV  8ELTXHODFLQWDGHFRQH[LyQDWLHUUDGHFREUHHQODSDUWH WUDVHUDGHODFRFLQD  $IORMHHOWRUQLOORFHQWUDOVXSHULRUHQHOEORTXHWHUPLQDO  'HVOLFHHOH[WUHPHFRQODUDQXUDDELHUWDGHODFLQWDGH FRQH[LyQDWLHUUDGHEDMRGHOWRUQLOORFHQWUDOVXSHULRUHQHO EORTXHWHUPLQDO$VHJ~UHVHGHTXHODFLQWDGHFRQH[LyQ DWLHUUDHVWpWRWDOPHQWHFRQWUDHOWRUQLOORFHQWUDOVXSHULRU \UHDOLFHHODMXVWHHQVXOXJDU &RQHFWRU GHSUHVLyQ  &RORTXHODSODFDFRQFRQH[LyQDWLHUUD UHWLUDGD SUHYLDPHQWH VREUHODSDUWHLQIHULRUGHODWLHUUDFRQ FRQH[LyQDWLHUUDSUHVLRQHODPLVPDFRQWUDHOPDUFRGH ODFRFLQD\DM~VWHODFRQHOWRUQLOORGHFRQH[LyQDWLHUUD UHWLUDGRSUHYLDPHQWH   (QVDPEOHHOFRQHFWRUGHSUHVLyQ REWHQLGRORFDOPHQWH  KDFLHQGDFRLQFLGLUHOGLiPHWURGHVXFRQGXFWRHQHO DJXMHURGHOVRSRUWH,QVHUWHHOWXERDWUDYpVGHOFRQHFWRU GHSUHVLyQ$OORZHQRXJKVODFNWRHDVLO\DWWDFKWKHZLUHV WRWKHWHUPLQDOEORFN 127$1RLQVWDOHHOWXERVLQXQFRQHFWRUGHSUHVLyQ  ,QVHUWHODSXQWDGHOFDEOHFHQWUDOGHVFXELHUWR EODQFR QHXWUDO DWUDYpVGHODDEHUWXUDGHOEORTXHWHUPLQDOGHOD SDUWHFHQWUDOLQIHULRU(QFLHUWRPRGHORVHOFDEOHGHEHUi VHULQVHUWDGRDWUDYpVGHODDEHUWXUDGHODFLQWDGH FRQH[LyQDWLHUUD\OXHJRHQODDEHUWXUDGHOEORTXH FHQWUDOLQIHULRU,QVHUWHODVGRVSXQWDVGHORVFDEOHV GHVFXELHUWRVODWHUDOHVHQODVDEHUWXUDVGHOEORTXH WHUPLQDOLQIHULRUL]TXLHUGDHLQIHULRUGHUHFKD$MXVWHORV WRUQLOORVKDVWDTXHHOFDEOHHVWpILUPH DSUR[LPDGDPHQWH SXOJDGDVOEV   6RSRUWH 7HUPLQDO EORFN  5HWLUHODDEUD]DGHUDGHODPRUWLJXDGRUGHUHIXHU]RGHO VRSRUWH  7XER 127$$VHJ~UHVHGHTXHHOFDEOHHVWpFRPSOHWDPHQWH LQVHUWDGRHQHOEORTXHWHUPLQDO\TXHVHUHDOLFHXQD FRQH[LyQVHJXUD  $VHJXUHHODPRUWLJXDGRUGHUHIXHU]RHQHOVRSRUWH DMXVWDQGRVXVWRUQLOORVFRUUHVSRQGLHQWHV 127$&$%/($'2'($/80,1,26HSRGUiXVDUXQ FDEOHGHDOXPLQLRSDUDFRQVWUXFFLyQSHURVHGHEHUi FDOLILFDUHODPSHUDMH\YROWDMHFRUUHFWRSDUDKDFHUOD FRQH[LyQ  :LUHWLSV 6RSRUWH 7XER &LQWDGHFRQH[LyQDWLHUUD ([WUHPRFRQ UDQXUDDELHUWD (OFDEOHXVDGRODXELFDFLyQ\FLHUUHGHHPSDOPHV HWFGHEHUiFXPSOLUFRQODVSUiFWLFDVFRUUHFWDVGH LQVWDODFLyQGHFDEOHV\FRQORVFyGLJRVORFDOHV ,QVWUXFFLRQHVGH,QVWDODFLyQ /HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDPHQWH 5HHPSODFHHO&DEOHGH&RUULHQWH 2SFLRQDO &RQWLQ~D 5HDOLFHHVWHSDVRVyORVLHOFDEOHGHFRUULHQWHHQWUHJDGRFRQODFRFLQDQRFRLQFLGHFRQVXUHFHSWiFXORGHSDUHG :LUH&RQGXLW,QVWDOODWLRQ2SWLRQ  5HWLUHODDEUD]DGHUDGHODPRUWLJXDGRUGHUHIXHU]RGHOVRSRUWH  (QVDPEOHHOFRQHFWRUGHSUHVLyQ REWHQLGRORFDOPHQWH KDFLHQGD FRLQFLGLUHOGLiPHWURGHVXFRQGXFWRHQHODJXMHURGHOVRSRUWH ,QVHUWHHOWXERDWUDYpVGHOFRQHFWRUGHSUHVLyQ3HUPLWHTXHTXHGH ORVXILFLHQWHPHQWHIORMRFRPRSDUDDMXVWDUORVFDEOHVDOEORTXH WHUPLQDOFRQIDFLOLGDG  127$1RLQVWDOHHOWXERVLQXQFRQHFWRUGHSUHVLyQ  ,QVHUWHHOFDEOHGHVFXELHUWRGHFRQH[LyQDWLHUUDHQWUHHOPDUFRGHOD &RQHFWRUGH SUHVLyQ FRFLQD\ODSODFDGHFRQH[LyQDWLHUUD UHWLUDGDSUHYLDPHQWH \ DVHJ~UHVHHOPLVPRFRQHOWRUQLOORGHFRQH[LyQDWLHUUD UHWLUDGR SUHYLDPHQWH ,QVHUWHODSXQWDGHOFDEOHGHVFXELHUWR EODQFRQHXWUDO  DWUDYpVGHODSDUWHFHQWUDOLQIHULRUGHODDEHUWXUDGHOEORTXH WHUPLQDO,QVHUWHODVGRVSXQWDVGHORVFDEOHVGHVFXELHUWRV ODWHUDOHVHQODVDEHUWXUDVGHOEORTXHWHUPLQDOLQIHULRUL]TXLHUGDH LQIHULRUGHUHFKD$MXVWHORVWRUQLOORVKDVWDTXHHOFDEOHHVWpILUPH %ORTXH DSUR[LPDGDPHQWHSXOJDGDVOEV  WHUPLQDO  127$$VHJ~UHVHGHTXHHOFDEOHHVWpFRPSOHWDPHQWHLQVHUWDGR HQHOEORTXHWHUPLQDO\TXHVHUHDOLFHXQDFRQH[LyQVHJXUD  $VHJXUHHODPRUWLJXDGRUGHUHIXHU]RHQHOVRSRUWHDMXVWDQGR VXVWRUQLOORVFRUUHVSRQGLHQWHV 127$&$%/($'2'($/80,1,26HSRGUiXVDUXQFDEOH GHDOXPLQLRSDUDFRQVWUXFFLyQSHURVHGHEHUiFDOLILFDUHO DPSHUDMH\YROWDMHFRUUHFWRSDUDKDFHUODFRQH[LyQ 7XER 6RSRUWH 3ODFDGH &RQH[LyQ D7LHUUD FRQH[LyQ DWLHUUDGH ODFRFLQD 3XQWDVGH FDEOHV 7RUQLOORGH FRQH[LyQD WLHUUD (OFDEOHXVDGRODXELFDFLyQ\FLHUUHGHHPSDOPHVHWFGHEHUi FXPSOLUFRQODVSUiFWLFDVFRUUHFWDVGHLQVWDODFLyQGHFDEOHV\ FRQORVFyGLJRVORFDOHV  6RSRUWH 5HHPSODFHFRQHO&XEUH&DEOHV 5HHPSODFHHOFXEUHFDEOHVHQODSDUWHWUDVHUDGHODFRFLQD GHVOL]DQGRVXH[WUHPRGHUHFKRGHEDMRGHODOHQJHWD GHUHWHQFLyQ\UHHPSOD]DQGRORVGRVWRUQLOORVUHWLUDGRV SUHYLDPHQWH$VHJ~UHVHGHTXHQRKD\DWRUFHGXUDVGHFDEOHV HQWUHODWDSD\ODSDUWHWUDVHUDGHODFRFLQD /HQJHWDGH UHWHQFLyQ WRUQLOORVSDUD UHHPSOD]DUHO FXEUHFDEOHV &XEUH FDEOHV 3DUWHWUDVHUD GHODFRFLQD  ,QVWUXFFLRQHVGH,QVWDODFLyQ 6(//$'2'($%(5785$6 6HOOHFXDOTXLHUDEHUWXUDHQODSDUHGGHWUiVGHODFRFLQD\HQ HOSLVRGHEDMRGHODFRFLQDFXDQGRODVFRQH[LRQHVVHKD\DQ FRPSOHWDGR (16$0%/(/2648(0$'25(6683(5),&,$/(6 &DEH]DVGHOTXHPDGRU HQDOJXQRVPRGHORV &RORTXHODVFDEH]DVGHORVTXHPDGRUHVVREUHORVHOHFWURGRV HQODSDUWHVXSHULRUGHODFRFLQDHQODVXELFDFLRQHV FRUUHFWDVGHDFXHUGRFRQVXWDPDxR+D\XQDFDEH]DGH TXHPDGRUSHTXHxDXQDPHGLDQDXQDJUDQGH\XQDH[WUD JUDQGH 7DSDV &RORTXHODVWDSDVGHWDPDxRFRLQFLGHQWHHQODVEDVHVR FDEH]DVGHORVTXHPDGRUHV $VHJ~UHVHGHTXHODVFDEH]DV HQDOJXQRVPRGHORV \ODV WDSDVVHDQUHHPSOD]DGDVHQODVXELFDFLRQHVFRUUHFWDV 2YDODGR HQDOJXQRVPRGHORV )UHQWHGHODFRFLQD 7DSDGHWUHVDQLOORV HQDOJXQRVPRGHORV 3DUULOODV 3DUULOODV6LPSOHV HQDOJXQRVPRGHORV 7RSHVGH8ELFDFLyQ &DEH]DGHWULSOHOODPD HQDOJXQRVPRGHORV $VHJ~UHVHGHTXHODUDQXUDGH ODFDEH]DGHOTXHPDGRUHVWp SRVLFLRQDGDVREUHHOHOHFWURGR R (OHFWURGR 5DQXUD $JXMHUR (OHFWURGR /DVSDUULOODVVLPSOHVVyORVHSXHGHQFRORFDUGHXQD PDQHUD/RVWRSHVGHXELFDFLyQVHGHEHQHQIUHQWDUXQR FRQRWUR 3DUULOODV'REOHV 4XHPDGRUIURQWDOGHUHFKR HQDOJXQRVPRGHORV (QVDPEOHGHOD&DEH]D7DSDGHO4XHPDGRU2YDODGR &HQWUR &RORTXHHOHQVDPEOHGHODFDEH]DWDSDRYDODGD FHQWUR  VREUHHOHOHFWURGRHQODSDUWHVXSHULRUGHODFRFLQD &DEH]DRYDODGD\ HQVDPEOHGHODWDSD )UHQWH,]TXLHUGR $VHJ~UHVHGHTXHODUDQXUDGH ODFDEH]DGHOTXHPDGRUHVWp SRVLFLRQDGDVREUHHOHOHFWURGR )UHQWH'HUHFKR &RORTXHODVSDUULOODVL]TXLHUGDGHUHFKD\FHQWUDOHQ ODSDUWHVXSHULRUGHODFRFLQD(VWDVSDUULOODVSRVHHQ SRVLFLRQHVHVSHFtILFDV/RVODGRVLQIHULRUHVGHODVSDUULOODV L]TXLHUGD\GHUHFKDHVWiQPDUFDGDV´/()7)5217µ )UHQWH ,]TXLHUGR \´5,*+7)5217µ )UHQWH'HUHFKR (QDOJXQRV PRGHORVODSDUWHLQIHULRUGHODVSDUULOODVSRVHHQODPDUFD ´2XWVLGHµ $IXHUD &RORTXHODSDUULOODLQWHUPHGLDFRQIUHQWH HQFRUYDGRKDFLDHOIUHQWHGHODSDUULOOD 5DQXUD )UHQWHGHODFRFLQD &HQWUR 35(&$8&,Ï1 1RXVHHOTXHPDGRUVLQ TXHWRGDVODVSDUWHVGHORVTXHPDGRUHVHVWpQHQ VXVUHVSHFWLYRVOXJDUHV (OHFWURGR  ,QVWUXFFLRQHVGH,QVWDODFLyQ &21752/((/(1&(1','2'(/2648(0$'25(6683(5),&,$/(6 &DOLGDGGHODV/ODPDV /DFDOLGDGGHFRPEXVWLyQGHODVOODPDVGHOTXHPDGRUVH GHEHUiGHWHUPLQDUYLVXDOPHQWH (OIXQFLRQDPLHQWRGHWRGRVORVTXHPDGRUHVGHOKRUQR\ SDUWHVXSHULRUGHODFRFLQDVHGHEHQFRQWURODUXQDYH] TXHODFRFLQD\ODVOtQHDVGHVXPLQLVWURGHJDVKD\DQ VLGRFXLGDGRVDPHQWHFRQWURODGDVSDUDYHULILFDUTXHQR KD\DSpUGLGDV $ /ODPDV DPDULOODV³/ODPH DOVHUYLFLRWpFQLFR 0RGHORVFRQ(QFHQGLGR(OpFWULFR 6HOHFFLRQHODSHULOODGHXQTXHPDGRUVXSHULRU\ GHIRUPDVLPXOWiQHDHPSXMHHOPLVPR\JLUHDOD SRVLFLyQ/,7((VFXFKDUiXQVRQLGRGHFOLFTXHLQGLFD HOIXQFLRQDPLHQWRDGHFXDGRGHOPyGXORGHFKLVSHR 8QDYH]TXHHODLUHVHKD\DSXUJDGRGHODVOtQHDVGH VXPLQLVWURORVTXHPDGRUHVVHGHEHUiQHQFHQGHUGHQWUR GHORVVHJXQGRV/XHJRGHTXHORVTXHPDGRUHVVH LOXPLQHQJLUHODSHULOODIXHUDGHODSRVLFLyQ/,7(3UXHEH FDGDTXHPDGRUGHIRUPDVXFHVLYDKDVWDTXHWRGRVORV TXHPDGRUHVKD\DQVLGRFRQWURODGRV % 3XQWDVDPDULOODV HQFRQRVH[WHUQRV³ 1RUPDOSDUDHOJDV/3 & /ODPDVD]XO VXDYH³1RUPDO SDUDJDVQDWXUDO 6LODVOODPDVGHOTXHPDGRUVHYHQFRPRHQ $ OODPH DOVHUYLFLRWpFQLFR(ODVSHFWRGHODOODPDQRUPDOVHYH FRPRHQ % R & GHSHQGLHQGRGHOWLSRGHJDVTXHXVH &RQJDV/3HVQRUPDOTXHKD\DDOJXQDVSXQWDV DPDULOODVHQORVFRQRVH[WHUQRV /HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\ DWHQWDPHQWH 1,9(/$&,Ï1'(/$&2&,1$ ,QVWDOHHVWDQWHSDUDKRUQRHQHOKRUQR\SRVLFLRQHVOD FRFLQDHQHOOXJDUGRQGHVHUiLQVWDODGD %DMDUOD FRFLQD 1LYHODGRU GHSDWDV 6XELUOD FRFLQD HQDOJXQRVPRGHORV 6XELUOD FRFLQD 5HWLUHHOFDMyQ&RQVXOWHODVHFFLyQGH&XLGDGR\OLPSLH]D GHODFRFLQD/DVSDWDVQLYHODGRUDVIURQWDOHVVHSRGUiQ DMXVWDUGHVGHODSDUWHLQIHULRU\ODVSDWDVWUDVHUDVVH SRGUiQDMXVWDUGHVGHODSDUWHVXSHULRU HQDOJXQRV PRGHORV RGHVGHODSDUWHLQIHULRU 8VHXQDOODYHGHWXHUFDVRDMXVWDEOHSDUDDMXVWDUODV SDWDVQLYHODGRUDVKDVWDTXHODFRFLQDHVWpQLYHODGD %DMDUOD FRFLQD $'9(57(1&,$ HQDOJXQRVPRGHORV &RQWUROHODQLYHODFLyQ XELFDQGRXQQLYHOGHEXUEXMDRXQDWD]DSDUFLDOPHQWH OOHQDGHDJXDHQXQRGHORVHVWDQWHVGHOKRUQR6LXVDUi XQQLYHOGHEXUEXMDKDJDGRVOHFWXUDVFRQHOQLYHO XELFDGRGHIRUPDGLDJRQDOSULPHURHQXQDGLUHFFLyQ\ OXHJRHQODRWUD  1XQFDUHWLUH FRPSOHWDPHQWHODVSDWDVQLYHODGRUDV\DTXHODFRFLQD QRHVWDUiDVHJXUDGDGHIRUPDDGHFXDGDDOGLVSRVLWLYR DQWLYROFDGXUDV /XHJRGHQLYHODUODXQLGDGGHVOLFHKDVWDODSRVLFLyQ ILQDO\YHULILTXHODQLYHODFLyQ /XHJRGHTXHODFRFLQDHVWpQLYHODGDDOHMHODFRFLQD GHODSDUHGGHPRGRTXHVHSXHGDLQVWDODUHO GLVSRVLWLYRDQWLYROFDGXUDV ,QVWUXFFLRQHVGH,QVWDODFLyQ  ,167$/$&,Ï1'(/',6326,7,92$17, &8$1'272'$6/$6&21(;,21(66( +$<$1&203/(7$'2 $'9(57(1&,$ ',6326,7,92$17,92/&$'85$6 $VHJ~UHVHGHTXHWRGRVORVFRQWUROHVTXHGHQHQOD SRVLFLyQGHDSDJDGR$VHJ~UHVHGHTXHHOIOXMRGHOD FRPEXVWLyQ\HODLUHGHYHQWLODFLyQDODFRFLQDHVWpQ GHVREVWUXLGRV 92/&$'85$6  ‡7RGDVODVFRFLQDVSXHGHQVXIULU FDtGDV  ‡6HSXHGHQSURGXFLU48(0$'85$6\ RWUDV/(6,21(6*5$9(6 ‡,167$/(\&21752/(HOVRSRUWH DQWLYROFDGXUDVVLJXLHQGRODV LQVWUXFFLRQHVVXPLQLVWUDGDVFRQHO VRSRUWH $ILQGHUHGXFLUHOULHVJRGHFDtGDGHODFRFLQDpVWD GHEHUiHVWDUDVHJXUDGDSRUXQVRSRUWHDQWLYROFDGXUDV FRUUHFWDPHQWHLQVWDODGR6LJDODVLQVWUXFFLRQHV HPEDODGDVFRQHOVRSRUWH 3DUDFRQWURODUVLHOVRSRUWHHVLQVWDODGR\DMXVWDGRGH IRUPDDSURSLDGDPLUHTXHGHEDMRGHODFRFLQDODSDWD QLYHODGRUDWUDVHUDHVWpDMXVWDGDDOVRSRUWH(QDOJXQRV PRGHORVHOFDMyQGHDOPDFHQDPLHQWRRHOSDQHOGH SURWHFFLyQVHSXHGHQUHWLUDUSDUDXQDIiFLOLQVSHFFLyQ 6LQRHVSRVLEOHUHDOL]DUXQDLQVSHFFLyQYLVXDOGHVOLFH ODFRFLQDKDFLDDGHODQWHFRQILUPHTXHHOVRSRUWHDQWL YROFDGXUDVHVWpDMXVWDGRGHIRUPDVHJXUDDOSLVRROD SDUHG\GHVOLFHODFRFLQDKDFLDDWUiVGHPRGRTXHOD SDWDQLYHODGRUDWUDVHUDVHHQFXHQWUHGHEDMRGHOVRSRUWH DQWLYROFDGXUDV (QFDVRGHTXHODFRFLQDVHDHPSXMDGDGHODSDUHGSRU DOJXQDUD]yQVLHPSUHUHSLWDHVWHSURFHGLPLHQWRSDUD YHULILFDUTXHODFRFLQDHVWpFRUUHFWDPHQWHDVHJXUDGD SRUHOVRSRUWHDQWLYROFDGXUDV 6LODFRFLQDQRFXHQWDFRQHOVRSRUWHDQWLYROFDGXUDV OODPHDOSDUDUHFLELUXQRVLQFRVWR  $QWHVGH6ROLFLWDUHO6HUYLFLR7pFQLFR« *($SSOLDQFHVFRP &RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV £$KRUUHWLHPSR\GLQHUR3ULPHURUHYLVHORVFXDGURVTXHDSDUHFHQHQODV VLJXLHQWHVSiJLQDV\HVSRVLEOHTXHQRQHFHVLWHVROLFLWDUUHSDUDFLRQHV 3UREOHPD &DXVDV3RVLEOHV 4Xp+DFHU /RVTXHPDGRUHVQRVH HQFLHQGHQRQRTXHPDQ GHIRUPDSDUHMD (O TXHPDGRUIURQWDOGHUH FKRHVWiGLVHxDGRSDUD TXHVXVOODPDVVHDQ XQSRFRPiVSHTXHxDV HQWUHODVSRVLFLRQHVGH ODV\ODVHQSXQWR (VWRHVQRUPDO  (OHQFKXIHHQODFRFLQDQRHVWi FRPSOHWDPHQWHLQVHUWDGRHQHO WRPDFRUULHQWHHOpFWULFR $VHJ~UHVHGHTXHHOFDEOHGHHOHFWULFLGDGHVWpHQFKXIDGR HQXQWRPDFRUULHQWHFRUUHFWDPHQWHFRQHFWDGRDWLHUUD /DVKHQGLGXUDVDOFRVWDGRGHO TXHPDGRUVHSRGUiQDWDVFDU 5HWLUHORVTXHPDGRUHVROLPSLHORVPLVPRV&RQWUROHTXHQR KD\DFRPLGDTXHPDGDQLJUDVDHQHOiUHDGHOHOHFWURGR &RQVXOWHODVHFFLyQGH&XLGDGR\OLPSLH]DGHODFRFLQD (QVDPEOHGHOTXHPDGRULQD SURSLDGR $VHJ~UHVHGHTXHODVSDUWHVGHOTXHPDGRUHVWpQLQVWDODGDV FRUUHFWDPHQWH&RQVXOWH&XLGDGR\OLPSLH]DHQODVHFFLyQ GHODFRFLQD /RVTXHPDGRUHVVXSHU ILFLDOHVVHHQFLHQGHQ SHURHOKRUQRQR 6HSXGRKDEHUPRYLGRODYiOYXOD GHFLHUUHGHOKRUQRGHIRUPDDF FLGHQWDOGXUDQWHODOLPSLH]DRDO PRYHUOR 3DUDFRQWURODUODYiOYXODGHFLHUUHGHJDVGHOKRUQRUHWLUH HOFDMyQ OHD&XLGDGR\OLPSLH]DGHODVHFFLyQGHOKRUQR  3DUDPRGHORVGHOFDMyQGHOKRUQRLQIHULRUUHWLUHHOSDQHOGH DFFHVRWUDVHURGHVHQURVFDQGRORVWRUQLOORVGHSXOJDUHQODV HVTXLQDVVXSHULRUL]TXLHUGD\GHUHFKD%XVTXHODSDODQFD GHFLHUUHGHOJDVHQODSDUWHWUDVHUDGHODFRFLQD /HYHULV VKRZQFORVHG 38//7223(1 6HDOHGEXUQHUPRGHOV 7KXPEVFUHZV /RZHURYHQGUDZHUPRGHOV /ODPDVGHOTXHPDGRU ,PSURSHUDLUWRJDVUDWLR PX\JUDQGHVRDPDULOODV 6LODFRFLQDHVFRQHFWDGDDJDV/3FRQWDFWHDODSHUVRQD TXHLQVWDOyODFRFLQDRTXHKL]RODFRQYHUVLyQ (OFRQWUROGDODVHxDOOXHJR 2OYLGyLQJUHVDUXQDWHPSHU GHLQJUHVDUHOWLHPSRGH DWXUDGHKRUQHDGRRWLHPSRGH FRFFLyQRHOWLHPSRGHLQLFLR OLPSLH]D 3UHVLRQHODWHFOD%DNH +RUQHDU \ODWHPSHUDWXUDGHVHDGD RODWHFOD6HOI&OHDQ $XWR/LPSLH]D \HOWLHPSRGHOLPSLH]D GHVHDGR /DFRPLGDQRVHKRUQHD &RQWUROHVGHOKRUQRFRQILJXUD /HDODVHFFLyQVREUH8VRGHOKRUQRVXSHULRU QLVHWXHVWDHQHOKRUQR GRVGHIRUPDLQFRUUHFWD VXSHULRU /DSRVLFLyQGHOHVWDQWHHVLQFRUUHFWD /HDODVHFFLyQVREUH8VRGHOKRUQRVXSHULRU 8VRGHOXWHQVLOLRLQFRUUHFWRRGH /HDODVHFFLyQVREUH8VRGHOKRUQRVXSHULRU XQXWHQVLOLRGHWDPDxRLQFRUUHFWR (OWHUPRVWDWRGHOKRUQRGHEHVHU /HDODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRVXSHULRU£+i DMXVWDGR JDORXVWHGPLVPR (OUHORMQRVHFRQILJXUyFRUUHFWDPHQWH /HDODVHFFLyQ8VRGHOUHORM\GHOWHPSRUL]DGRU 6HXVySDSHOGHDOXPLQLRGH IRUPDLQFRUUHFWDHQHOKRUQR /HDODVHFFLyQ&XLGDGR\OLPSLH]DGHODFRFLQD (OIRQGRGHOKRUQRQRHVWi FRUUHFWDPHQWHDMXVWDGRHQVX SRVLFLyQ /HDODVHFFLyQ,QVWDODFLyQGHODFRFLQD  $QWHVGH6ROLFLWDUHO6HUYLFLR7pFQLFR« 3UREOHPD &DXVDV3RVLEOHV 4Xp+DFHU 6HDFWLYyODIXQFLyQGH *DV&RQWURO/RFNRXW %ORTXHRGHO&RQWUROGH *DV  6LDSDUHFH/2&21 %ORTXHR$FWLYDGR HQODSDQWDOODHO FRQWUROGHODFRFLQDHVWiEORTXHDGR$SDJXHHVWDIXQFLyQ SDUDXVDUODFRFLQD/HDODVHFFLyQ%ORTXHRGHO&RQWUROGH *DVR%ORTXHRGHO&RQWURO ,QVWDOHHVWDQWHSDUD /DSDQWDOODVLHPSUHOHUHFRUGDUi KRUQRHQHOKRUQR\ GHIRUPDDXWRPiWLFDTXHFLHUUH SRVLFLRQHVODFRFLQD ODSXHUWD HQHOOXJDUGRQGHVHUi LQVWDODGD (VXQUHFRUGDWRULRQRUPDOSDUDFHUUDUODSXHUWDDODVDU /DFRPLGDQRDVDGH IRUPDFRUUHFWDHQHO KRUQRVXSHULRU &RQWUROHVGHOKRUQRFRQILJXUDGRV $VHJ~UHVHGHSUHVLRQDUODWHFOD%URLO+L/R $VDU$OWR GHIRUPDLQFRUUHFWD %DMR  /DSXHUWDGHOKRUQRQRVHFHUUy FRUUHFWDPHQWH /HDODVHFFLyQVREUH8VRGHOKRUQRVXSHULRU 6HXVyXQDSRVLFLyQLQFRUUHFWD SDUDODUHSLVD /HDOD*XtDSDUD$VDU 6HFRFLQyFRPLGDHQXQDROOD FDOLHQWH 3DUDXQPHMRUUHVXOWDGRXVHXQDROODGLVHxDGDSDUDDVDU $VHJ~UHVHGHTXHHVWpIUtD 8WHQVLOLRGHFRFLQDLQDGHFXDGR SDUDDVDU 3DUDXQPHMRUUHVXOWDGRXVHXQDROODGLVHxDGDSDUDDVDU (OIRQGRGHOKRUQRQRHVWiFRUUHFWD /HDODVHFFLyQ,QVWDODFLyQGHODFRFLQD PHQWHDMXVWDGRHQVXSRVLFLyQ 7HPSHUDWXUDGHOKRUQRVX (OWHUPRVWDWRGHOKRUQRGHEHVHU SHULRUGHPDVLDGRFDOLHQWH DMXVWDGR RGHPDVLDGRIUtD /HDODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRVXSHULRU£+i JDORXVWHGPLVPR (OUHORM\HOWHPSRUL]D GRUQRIXQFLRQDQ (OHQFKXIHHQODFRFLQDQRHVWi FRPSOHWDPHQWHLQVHUWDGRHQHO WRPDFRUULHQWHHOpFWULFR $VHJ~UHVHGHTXHHOFDEOHGHHOHFWULFLGDGHVWpHQFKXIDGR HQXQWRPDFRUULHQWHFRUUHFWDPHQWHFRQHFWDGRDWLHUUD (VSRVLEOHTXHXQIXVLEOHGHVXKRJDU VHKD\DTXHPDGRRTXHHOGLV\XQWRU VHKD\DGHVFRQHFWDGR 5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU &RQWUROHVGHOKRUQRFRQILJXUDGRV GHIRUPDLQFRUUHFWD /HDODVHFFLyQ8VRGHOUHORM\GHOWHPSRUL]DGRU /DOiPSDUDHVWiIORMDRSUHVHQWD GHIHFWRV $MXVWHRUHHPSODFHODOiPSDUD (OHQFKXIHHQODFRFLQDQRHVWi FRPSOHWDPHQWHLQVHUWDGRHQHO WRPDFRUULHQWHHOpFWULFR $VHJ~UHVHGHTXHHOFDEOHGHHOHFWULFLGDGHVWpHQFKXIDGR HQXQWRPDFRUULHQWHFRUUHFWDPHQWHFRQHFWDGRDWLHUUD /DOX]GHOKRUQRQR IXQFLRQD (OKRUQRVXSHULRUQR UHDOL]DODDXWROLPS LH]D /DWHPSHUDWXUDGHOKRUQRHVWi (VSHUHDTXHODFRFLQDVHHQIUtHDWHPSHUDWXUDDPELHQWH\ GHPDVLDGRFDOLHQWHSDUDFRQILJXUDU UHLQLFLHORVFRQWUROHV XQIXQFLRQDPLHQWRGHDXWROLPSLH]D &RQWUROHVGHOKRUQRFRQILJXUDGRV /HDODVHFFLyQ+RUQRVXSHULRUFRQIXQFLyQGHDXWROLPSLH]D GHIRUPDLQFRUUHFWD (QPRGHORVFRQWUDEDSDUDSXHU $VHJ~UHVHGHPRYHUODPDQLMDGHODWUDEDGHODSXHUWDWRWDO WDODSXHUWDGHOKRUQRQRHVWiHQ PHQWHKDFLDODGHUHFKD ODSRVLFLyQEORTXHDGD 6RQLGRGH´FKLVSRU URWHRµR´WUDTXHRµ eVWHHVHOVRQLGRGHPHWDOFDOHQWiQ (VWRHVQRUPDO GRVHRHQIULiQGRVHGXUDQWHODV IXQFLRQHVGHFRFFLyQ\OLPSLH]D ([FHVRGHKXPR +D\H[FHVRGHVXFLHGDG /DSXHUWDGHOKRUQRQR VHDEULUiOXHJRGHXQ FLFORGHOLPSLH]D (OKRUQRHVWiGHPDVLDGRFDOLHQWH (VSHUHDTXHHOKRUQRVHHQIUtHSRUGHEDMRGHODWHPSHU DWXUDGHEORTXHR1REORTXHHODSXHUWDFRQODWUDEDSDUD SXHUWDH[FHSWRDOXVDUODIXQFLyQDXWROLPSLH]D  3UHVLRQHODWHFOD&OHDU2II %RUUDU$SDJDU $EUDODVYHQ WDQDVSDUDOLEHUDUHOKXPRHQODKDELWDFLyQ(VSHUHKDVWD TXHODOX]/2&.(''225 3XHUWD7UDEDGD GHVDSDUH]FD /LPSLHHOH[FHVRGHVXFLHGDG\UHLQLFLHHOFLFORGHOLPSLH]D  *($SSOLDQFHVFRP 3UREOHPD &DXVDV3RVLEOHV 4Xp+DFHU (OKRUQRQROLPSLD OXHJRGHXQFLFORGH OLPSLH]D /RVFRQWUROHVGHOKRUQRQRHVWiQ FRUUHFWDPHQWHFRQILJXUDGRV /HDODVHFFLyQKRUQRVXSHULRUFRQIXQFLyQGHDXWROLPSLH]D ´/2&.'225µ 3XHUWD 7UDEDGD WLWLODHQOD SDQWDOOD (OFLFORGHDXWROLPSLH]DIXHVH &LHUUHODSXHUWDGHOKRUQR\HQPRGHORVFRQWUDEDPXHYD OHFFLRQDGRSHURODSXHUWDQRHVWi ODWUDEDWRWDOPHQWHKDFLDODGHUHFKD FHUUDGD\HQPRGHORVFRQWUDED ODPLVPDQRVHPRYLyWRWDOPHQWH DODGHUHFKD /DOX]GH/2&.(' '225 3XHUWD%OR TXHDGD HVWiHQFHQ GLGDFXDQGRGHVHD FRFLQDU /DSXHUWDGHOKRUQRHVWiEOR TXHDGDGHELGRDTXHODWHP SHUDWXUDLQWHULRUGHOKRUQR QRGHVFHQGLySRUGHEDMRGHOD WHPSHUDWXUDGHEORTXHR 3UHVLRQHODWHFOD&OHDU2II %RUUDU$SDJDU (VSHUHDTXHHO KRUQRVHHQIUtH\OXHJRHQPRGHORVFRQWUDEDSDUDSXHUWD GHVWUDEHODSXHUWD ´)²\XQQ~PHURR OHWUDµWLWLODHQODSDQ WDOOD (QPRGHORVFRQXQDWUDEDSDUD SXHUWDVLDSDUHFHXQFyGLJRGH HUURUGHIXQFLyQGXUDQWHHOFLFORGH DXWROLPSLH]DFRQWUROHODWUDEDGH ODSXHUWDGHOKRUQR (VSRVLEOHTXHODWUDEDVHKD\DPRYLGRLQFOXVRDXQTXHVyOR KD\DVLGROHYHPHQWHGHODSRVLFLyQGHEORTXHR$VHJ~UHVH GHTXHODWUDEDVHDPRYLGDKDFLDODGHUHFKDWDQWRFRPR VHDSRVLEOH 7LHQHXQFyGLJRGHHUURUGH IXQFLyQ 3UHVLRQHODWHFOD&OHDU2II %RUUDU$SDJDU 3HUPLWDTXHHO KRUQRVHHQIUtHGXUDQWHXQDKRUD&RORTXHHOKRUQRQXHYD PHQWHHQIXQFLRQDPLHQWR 6LHOFyGLJRGHIXQFLyQVHUHSLWH 'HVFRQHFWHWRWDOPHQWHODFRUULHQWHGHOKRUQRSRUPLQXWRV \OXHJRYXHOYDDFRQHFWDUODPLVPD6LHOFyGLJRGHHUURUGH IXQFLyQVHUHSLWHOODPHDOVHUYLFLRWpFQLFR (OKRUQRHVWDEDGHPDVLDGRVXFLR /LPSLHGHUUDPHVH[FHVLYRVDQWHVGHLQLFLDUHOFLFORGH OLPSLH]D(VSRVLEOHTXHVHDQHFHVDULRXVDUDXWROLPSLH]DQ XHYDPHQWHHQKRUQRVFRQPXFKDVXFLHGDGRSRUSHUtRGRV GHWLHPSRPiVSURORQJDGRV ´3UREHµ 6RQGD  (VWROHHVWiUHFRUGDQGRTXHLQJUHVH ,QJUHVHXQDWHPSHUDWXUDGHVRQGD DSDUHFHHQODSDQWDOOD XQDWHPSHUDWXUDGHVRQGDOXHJRGH HQDOJXQRVPRGHORV HQFKXIDUODVRQGD (VSRVLEOHTXHXQIXVLEOHGHVX KRJDUVHKD\DTXHPDGRRTXHHO GLV\XQWRUVHKD\DGHVFRQHFWDGR 5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU (OUHORMHVWiHQHOPRGRGHSDQ WDOODRVFXUD /HDODVIXQFLRQHV(VSHFLDOHVGHODVHFFLyQGHFRQWUROGHO KRUQR /DSDQWDOODWLWLOD &RUWHGHFRUULHQWH 5HLQLFLHHOUHORM 1RVHORJUDTXHOD SDQWDOODPXHVWUH´6)µ /DVWHFODVGHFRQWUROGHOKRUQR QRVHSUHVLRQDURQGHIRUPD DGHFXDGD /DVWHFODV%DNH +RUQHDU \%URLO+L/R $VDU$OWR%DMR  VHGHEHUiQSUHVLRQDUDOPLVPRWLHPSR\PDQWHQHUSRU VHJXQGRV &RUWHGHFRUULHQWHHOUHORM WLWLOD &RUWHRH[FHVRGHFRUULHQWH 5HLQLFLHHOUHORM6LHOKRUQRHVWXYRHQXVRGHEHUiUHLQLFLDUHO PLVPRSUHVLRQDQGRODWHFOD&OHDU2II %RUUDU$SDJDU FRQ ILJXUDQGRHOUHORM\UHLQLFLDQGRFXDOTXLHUIXQFLyQGHFRFFLyQ 2ORUD´TXHPDGRµR ´DFHLWHµGHVGHODYHQ WLODFLyQ (VWRHVQRUPDOHQXQKRUQR QXHYR\GHVDSDUHFHUiFRQHO WLHPSR 3DUDDFHOHUDUHOSURFHVRFRQILJXUHXQFLFORGHDXWROLPSLH]D SRUXQPtQLPRGHKRUDV/HDODVHFFLyQ8VRGHO+RUQRFRQ IXQFLyQGHDXWROLPSLH]D 2ORUIXHUWH 8QRORUHQODDLVODFLyQDOUHGHGRU GHOLQWHULRUGHOKRUQRHVQRUPDO GHVGHODVSULPHUDVYHFHVHQTXH HOKRUQRHVXVDGR (VWRHVWHPSRUDULR /DSDQWDOODTXHGDHQ EODQFR /2& %ORTXHR DSDUHFH 6HDFWLYyODIXQFLyQ*DV&RQWURO HQODSDQWDOOD /RFNRXW %ORTXHRGHO&RQWUROGH *DV  $VHJ~UHVHGHTXHORVFRQWUROHVGHODVXSHUILFLHHVWpQHQ 2)) $SDJDGR $SDJXHHVWDIXQFLyQSDUDXVDUODFRFLQD &RQVXOWHODVHFFLyQ%ORTXHRGHO&RQWUROGH*DV  $QWHVGH6ROLFLWDUHO6HUYLFLR7pFQLFR« &RQVHMRVSDUDOD6ROXFLyQ GH3UREOHPDV 3UREOHPD &DXVDV3RVLEOHV 5XLGRGHOYHQWLODGRU (OYHQWLODGRUGHFRQYHFFLyQVH (VWRHVQRUPDO(OYHQWLODGRUGHFRQYHFFLyQIXQFLRQDUi SXHGHDSDJDURHQFHQGHUGHIRUPD KDVWDTXHODIXQFLyQILQDOLFHRODSXHUWDVHDEUD DXWRPiWLFD (OYHQWLODGRUGHFRQ YHFFLyQQRIXQFLRQD HQDOJXQRVPRGHORV 1RVHDOFDQ]yODWHPSHUDWXUDGH SUHFDOHQWDPLHQWR (VWRHVQRUPDO (OFDMyQQRVHGHVOL]D GHIRUPDSDUHMDRVH DUUDVWUD (OFDMyQHVWiGHVDOLQHDGR ([WLHQGDWRWDOPHQWHHOFDMyQ\HPSXMHHOPLVPRWRWDOPHQWH KDFLDDGHQWUR&RQVXOWHODVHFFLyQ&XLGDGR\OLPSLH]DGHOD FRFLQD (OFDMyQHVWiVREUHFDUJDGRROD FDUJDHVWiGHVEDODQFHDGD 5HGX]FDHOSHVR5HGLVWULEX\DORVFRQWHQLGRVGHOFDMyQ (OFDMyQGHOKRUQRLQIH (VSRVLEOHTXHXQIXVLEOHGHVX ULRURHOFDMyQFDOHQWD KRJDUVHKD\DTXHPDGRRTXHHO GRUQRIXQFLRQD GLV\XQWRUVHKD\DGHVFRQHFWDGR (OKRUQRHVWiUHDOL]DQGRODIXQFLyQ GHDXWROLPSLH]D 4Xp+DFHU 5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU (VSHUHDTXHHOFLFORGHDXWROLPSLH]DILQDOLFH\TXHHOKRUQR VHHQIUtH /RVFRQWUROHVHVWiQFRQILJXUDGRVGH &RQVXOWHODVHFFLyQGHOFDMyQFDOHQWDGRURODVHFFLyQGHO IRUPDLQFRUUHFWD KRUQRLQIHULRU &RQGHQVDFLyQH[FH VLYDHQHOFDMyQ /tTXLGRHQHOFDMyQ 5HWLUHHOOtTXLGR &RPLGDVQRFXELHUWDV &XEUDODFRPLGDFRQXQDWDSDRSDSHOGHDOXPLQLR /DFRQILJXUDFLyQGHWHPSHUDWXUDHV 5HGX]FDODFRQILJXUDFLyQGHWHPSHUDWXUD GHPDVLDGRDOWD /DFRPLGDVHVHFD HQHOFDMyQGHOKRUQR LQIHULRURHQHOFDMyQ FDOHQWDGRU  (VFDSHGHKXPHGDG &XEUDODFRPLGDFRQXQDWDSDRSDSHOGHDOXPLQLR 'UDZHUQRWIXOO\FORVHG (PSXMHHOFDMyQKDFLDDGHQWURKDVWDTXHODWUDEDTXH DMXVWH $FFHVRULRV *($SSOLDQFHVFRP ¢%XVFD$OJR0iV" 1RWDOODFFHVVRULHVDUHDYDLODEOHIRUDOOPRGHOV 3XHGHHQFRQWUDUHVWRVDFFHVRULRV\PXFKRPiVHQ*($SSOLDQFHVFRP ((88 RHQ ZZZ*($SSOLDQFHVFD &DQDGi ROODPDQGRDO ((88 RDO &DQDGi  GXUDQWHHOKRUDULRFRPHUFLDOKDELWXDO 7HQJDDPDQRVXQ~PHURGHPRGHOR 3DUULOODV &DEH]DOHVRWDSDVGH TXHPDGRUHVGHVXSHUILFLH 3HULOODV (OHPHQWRVGHVXSHUILFLH\ EDQGHMDVFROHFWRUDV R 3ODQFKD (VWDQWHVGHO+RUQR /iPSDUDVGHOX] (OHPHQWRVGHOKRUQR £3UXHEHHVWRVRWURVH[FHOHQWHVSURGXFWRVSDUDTXHVXFRFLQDVHYHDHVWXSHQGD .LWGHOLPSLH]D GHDQDIHV YLWURFHUiPLFRV ,QFOX\HOLPSLDGRU UDVTXHWD\SDxR 7RDOOLWDV GHOLPSLH]D GHDQDIHV YLWURFHUiPLFRV 7RDOOLWDVSDUD SXOLUDUWHIDFWRV GHDFHUR LQR[LGDEOH /LPSLDGRU GHDUWHIDFWRV GHDFHUR LQR[LGDEOH :;;*&6 :;; :;; 30; £$SURYHFKHDOPi[LPRVXEDQGHMDSDUDDVDU 1RSDUDXVDUFRQPRGHORVGHFDMyQDVDGRU £8WLOLFHVXEDQGHMD\WDSDGHUHMLOODSDUDDVDUKDPEXUJXHVDVIUXWRVGHPDUILOHWHVYHJHWDOHVSDQFHWD FRVWLOODV\PXFKRPiV/DEDQGHMDLQIHULRUUHWLHQHHOH[FHVRGHJUDVDV\DFHLWHV  ‡3LH]D*(JHQXLQD  ‡)iFLOGHOLPSLDU  ‡*DUDQWtDGHXQDxR £2IHUWDGHWLHPSROLPLWDGR£(QYtRVLQFDUJR &XDQGRVROLFLWHODEDQGHMDSDUDDVDUGHQWURGHORVGtDVGHKDEHUDGTXLULGRVXSURGXFWRGHFRFLQD*(  1ƒGHSLH]D 'LPHQVLRQHV 3HTXHxD :%; µ$[µ$[µ3 *UDQGH  :%; µ$[µ$[µ3 ([WUDJUDQGH :%; µ$[µ$[µ3  /DEDQGHMDSDUDDVDUJUDQGH HVWiQGDU QRHQWUDHQFRFLQDVGHSXOJDGDV /DEDQGHMDH[WUDJUDQGHQRHQWUDHQKRUQRVGHSDUHGHVGHSXOJDGDVHPSRWUDGDVGHSXOJDGDVRFRFLQDVGHSXOJDGDV /ODPHDORXWLOLFHHVWHIRUPXODULRSDUDHQYLDUVXVROLFLWXGSRUFRUUHR *(3DUWV32%R[0HPSKLV71 ✁ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB )RUPXODULRGHVROLFLWXGGHODEDQGHMDSDUDDVDU &DQWLGDG BBBBBBBBBBBBBBBBBBB  1~PHURGHSLH]DBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB       BBBBBBBBBBBBBBBBBBBB   BBBBBBBBBBBBBBBBBBBB  BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1~PHURGHPRGHORBBBBBBBBBBBB  1~PHURGHVHULH BBBBBBBBBBBBBBBB  0DUFDBBBBBBBBBBBBBB  )HFKDGHFRPSUDBBBBBBBBB 1RPEUH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $SHOOLGRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'LUHFFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &LXGDG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  (VWDGRBBBBBBBBBB  &yGLJR3RVWDOBBBBBBBBBBBBBBBBBBBBBBBBB 7HOpIRQRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &RUUHRHOHFWUyQLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &KHFN BBBBBB *LURSRVWDOBBBBBB 3DUDFRQVXOWDUVREUHORVSUHFLRVDFWXDOHVOODPHDO7RGDVODVyUGHQHVFRQWDUMHWDGHFUpGLWRVHGHEHUiQUHDOL]DU HQIRUPDWHOHIyQLFD  *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 ■,QVWDODFLyQLQDGHFXDGDHQWUHJDRPDQWHQLPLHQWR ■3)DOODVRGDxRVGHOSURGXFWRHQFDVRGHDEXVRPDOXVRR XVRSDUDSURSyVLWRVGLIHUHQWHVDORULJLQDORXVRFRPHUFLDO ■5HHPSOD]RGHIXVLEOHVGHODFDVDRUHLQLFLRGHGLV\XQWRUHV LQFHQGLRLQXQGDFLRQHVRFDWiVWURIHVQDWXUDOHV ■'DxRVFRQVHFXHQWHVRLQFLGHQWDOHVFDXVDGRVSRUSRVLEOHV GHIHFWRVVREUHHVWHSURGXFWR ■'DxRFDXVDGRGHVSXpVGHODHQWUHJD ■3URGXFWRQRDFFHVLEOHSDUDEULQGDUHOVHUYLFLRUHTXHULGR ■'DxRVRFDVLRQDGRVVREUHHOSURGXFWRSRUDFFLGHQWH (;&/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.<  *DUDQWtDGHOD&RFLQDD*DVGH*( 3DUDFOLHQWHVHQ&DQDGi 7RGRHOVHUYLFLRGHJDUDQWtDHVSURYLVWRSRUQXHVWURV&HQWURVGH 6HUYLFLRGH)DEULFDFLyQRXQWpFQLFRDXWRUL]DGRGH6HUYLFLRDO &OLHQWH &XVWRPHU&DUHŠ 3DUDVROLFLWDUHOVHUYLFLRWpFQLFROODPH DO&XDQGROODPHSDUDVROLFLWDUHOVHUYLFLRWHQJD ORVQ~PHURVGHVHULH\PRGHORGLVSRQLEOHV $EURFKHVXUHFLERDTXt3DUD DFFHGHUDOVHUYLFLRWpFQLFR GHDFXHUGRFRQODJDUDQWtD GHEHUiFRQWDUFRQODSUXHED GHODIHFKDRULJLQDOGHFRPSUD 3RUHO3HUtRGRGH 0DEH5HHPSOD]DUi 8Q$xR 'HVGHODIHFKDGHOD FRPSUDRULJLQDO &XDOTXLHUSDUWHGHODFRFLQDTXHIDOOHGHELGRDXQGHIHFWRHQORVPDWHULDOHVRODIDEULFDFLyQ'XUDQWH  HVWDJDUDQWtDOLPLWDGDGHXQDxR0DEHWDPELpQSURYHHUiVLQFRVWRWRGRHOWUDEDMR\HOVHUYLFLRHQ OKRJDUUHODFLRQDGRFRQHOUHHPSOD]RGHODSDUWHTXHSUHVHQWHGHIHFWRV 4Xp1R&XEULUi0DEH ■9LDMHVGHOWpFQLFRGHOVHUYLFLRDVXKRJDUSDUDHQVHxDUOHD XVDUHOSURGXFWR ■'DxRVRFDVLRQDGRVVREUHHOSURGXFWRSRUDFFLGHQWH LQFHQGLRLQXQGDFLRQHVRFDWiVWURIHVQDWXUDOHV ■,QVWDODFLyQLQDGHFXDGDHQWUHJDRPDQWHQLPLHQWR ■'DxRVFRQVHFXHQWHVRLQFLGHQWDOHVFDXVDGRVSRUSRVLEOHV GHIHFWRVVREUHHVWHSURGXFWR ■)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\ (/*$5$17(12(65(63216$%/(325&8$/48,(5'$f2&216(&8(17( *DUDQWH0$%(&$1$'$,1&  6RSRUWHDO&OLHQWH 6LWLR:HEGH(OHFWURGRPpVWLFRVGH*( (Q((88*($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 ,PSUHVRHQ0p[LFR (VWHOLEURIXHLPSUHVRHQSDSHOUHFLFODGR
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12
  • Page 13 13
  • Page 14 14
  • Page 15 15
  • Page 16 16
  • Page 17 17
  • Page 18 18
  • Page 19 19
  • Page 20 20
  • Page 21 21
  • Page 22 22
  • Page 23 23
  • Page 24 24
  • Page 25 25
  • Page 26 26
  • Page 27 27
  • Page 28 28
  • Page 29 29
  • Page 30 30
  • Page 31 31
  • Page 32 32
  • Page 33 33
  • Page 34 34
  • Page 35 35
  • Page 36 36
  • Page 37 37
  • Page 38 38
  • Page 39 39
  • Page 40 40
  • Page 41 41
  • Page 42 42
  • Page 43 43
  • Page 44 44
  • Page 45 45
  • Page 46 46
  • Page 47 47
  • Page 48 48
  • Page 49 49
  • Page 50 50
  • Page 51 51
  • Page 52 52
  • Page 53 53
  • Page 54 54
  • Page 55 55
  • Page 56 56
  • Page 57 57
  • Page 58 58
  • Page 59 59
  • Page 60 60
  • Page 61 61
  • Page 62 62
  • Page 63 63
  • Page 64 64
  • Page 65 65
  • Page 66 66
  • Page 67 67
  • Page 68 68
  • Page 69 69
  • Page 70 70
  • Page 71 71
  • Page 72 72
  • Page 73 73
  • Page 74 74
  • Page 75 75
  • Page 76 76
  • Page 77 77
  • Page 78 78
  • Page 79 79
  • Page 80 80
  • Page 81 81
  • Page 82 82
  • Page 83 83
  • Page 84 84
  • Page 85 85
  • Page 86 86
  • Page 87 87
  • Page 88 88
  • Page 89 89
  • Page 90 90
  • Page 91 91
  • Page 92 92
  • Page 93 93
  • Page 94 94
  • Page 95 95
  • Page 96 96
  • Page 97 97
  • Page 98 98
  • Page 99 99
  • Page 100 100
  • Page 101 101
  • Page 102 102
  • Page 103 103
  • Page 104 104
  • Page 105 105
  • Page 106 106
  • Page 107 107
  • Page 108 108
  • Page 109 109
  • Page 110 110
  • Page 111 111
  • Page 112 112
  • Page 113 113
  • Page 114 114
  • Page 115 115
  • Page 116 116
  • Page 117 117
  • Page 118 118
  • Page 119 119
  • Page 120 120

GE P2B930 Guía del usuario

P2B930
GE
Marca
GE
Modelo
P2B930
Tipo
Guía del usuario
Este manual también es adecuado para
Descargar PDF
informe

Documentos relacionados

Otros documentos