GE - General Electric GE Profile' 30" Free-Standing Gas Double Oven

Product's Documents

Below are documents related to this product, you can read online or download:

User Manual

This is the main product document for model PGB995DET2WW.

The file format is pdf, 114 pages, you can download this manual here .

background
6DIHW\,QVWUXFWLRQV²
2SHUDWLQJ,QVWUXFWLRQV
$OXPLQXP)RLO
&ORFNDQG7LPHU 
2YHQ²
%DNLQJDQG5RDVWLQJ
%URLOLQJ%URLOLQJ*XLGH
&RQWURO/RFNRXW
&RQYHFWLRQ
/LJKWV
2YHQ&RQWURO
3RZHU2XWDJH
3UHKHDWLQJ 
3UREH
5DFNV 
6DEEDWK)HDWXUH
6HOI&OHDQLQJ
6SHFLDO)HDWXUHV
7KHUPRVWDW$GMXVWPHQW
7LPHG%DNLQJ
DQG5RDVWLQJ 
7LPHG&RQYHFWLRQ%DNLQJ
9HQW
6XUIDFH&RRNLQJ  
*ULGGOH
&DUHDQG&OHDQLQJ
%XUQHU$VVHPEO\
%XUQHU*UDWHV
&RQWURO3DQHODQG.QREV
&RRNWRS
'RRU
*ULGGOH
2YHQ%RWWRP
2YHQ/LJKW5HSODFHPHQW 
2YHQ9HQWV
5DFNV
6HOI&OHDQLQJ
6WDLQOHVV6WHHO6XUIDFHV  
,QVWDOODWLRQ
,QVWUXFWLRQV
 ²
$LU$GMXVWPHQW
$QWL7LS'HYLFH
$VVHPEOH6XUIDFH%XUQHUV
&KHFNLQJ%XUQHU
,JQLWLRQ
&RQQHFWLQJWKH5DQJH
WR*DV ²
'LPHQVLRQVDQG&OHDUDQFHV 
(OHFWULFDO&RQQHFWLRQV
/HYHOLQJWKH5DQJH
/3
7URXEOHVKRRWLQJ
7LSV
 ²
$FFHVVRULHV
&RQVXPHU6XSSRUW
&RQVXPHU6XSSRUW %DFN&RYHU
:DUUDQW\IRU&XVWRPHUV
LQ&DQDGD 
:DUUDQW\IRU&XVWRPHUV
LQWKH86$
5DQJHV
*(
-*%
-*%
3*%
&*6
2ZQHU·V0DQXDO
,QVWDOODWLRQ
,QVWUXFWLRQV
*($SSOLDQFHVFRP
6HOI&OHDQLQJ*DV
:ULWHWKHPRGHODQGVHULDO
QXPEHUVKHUH
0RGHO BBBBBBBBBBBBBBBBBBBB
6HULDOBBBBBBBBBBBBBBBBBBBBB
<RXFDQILQGWKHPRQDODEHOXQGHU
WKHPDQLIROGDERYHWKHXSSHURYHQ
GRRU
,Q&DQDGDFRQWDFWXVDW
ZZZ*($SSOLDQFHVFD
)RUD6SDQLVKYHUVLRQ
RIWKLVPDQXDO
YLVLWRXU:HEVLWHDW
*($SSOLDQFHVFRP
3DUDFRQVXOWDUXQD
YHUVLRQHQHVSDxRO
GHHVWHPDQXDOGH
LQVWUXFFLRQHVYLVLWH
QXHVWURVLWLRGHLQWHUQHW
*($SSOLDQFHVFRP
background
,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*
background
,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\
3OXJ\RXUUDQJHLQWRDYROWJURXQGHGRXWOHWRQO\'R
QRWUHPRYHWKHURXQGJURXQGLQJSURQJIURPWKHSOXJ
,ILQGRXEWDERXWWKHJURXQGLQJRIWKHKRPHHOHFWULFDO
V\VWHPLWLV\RXUUHVSRQVLELOLW\DQGREOLJDWLRQWRKDYHDQ
XQJURXQGHGRXWOHWUHSODFHGZLWKDSURSHUO\JURXQGHG
WKUHHSURQJRXWOHWLQDFFRUGDQFHZLWKWKH1DWLRQDO
(OHFWULFDO&RGH'RQRWXVHRQH[WHQVLRQFRUGZLWKWKLV
DSSOLDQFH
%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*
background
,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*
background
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1* *($SSOLDQFHVFRP
6$9(7+(6(,16758&7,216
:$51,1*
1(9(5FRYHUDQ\VORWVKROHVRU
SDVVDJHVLQWKHRYHQERWWRPRUFRYHUDQHQWLUHUDFNZLWK
PDWHULDOVVXFKDVDOXPLQXPIRLO'RLQJVREORFNVDLUIORZ
WKURXJKWKHRYHQDQGPD\FDXVHFDUERQPRQL[LGH
SRLVRQLQJ$OXPLQXPIRLOOLQLQJVPD\DOVRWUDSKHDWFDXVLQJ
DILUHKD]DUG
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*
background
8VLQJWKHJDVVXUIDFHEXUQHUV
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
+RZWR/LJKWD*DV6XUIDFH%XUQHU
:$51,1*
%XUQHUIODPHVWKDW
DUHQRWFRYHUHGE\FRRNZDUHPD\SUHVHQWDULVN
RIILUHRUFORWKLQJLJQLWLRQ7KHJULGGOHEXUQHU
VKRXOGRQO\EHXVHGZLWKWKHJULGGOHLQSODFH
)DLOXUHWRGRVRPD\UHVXOWLQVHULRXVLQMXU\
0DNHVXUHDOOWKHVXUIDFHEXUQHUVDUHSODFHGLQ
WKHLUUHVSHFWLYHSRVLWLRQV
3XVKWKHFRQWURONQRELQDQGWXUQLWWRWKH/,7(SRVLWLRQ
<RXZLOOKHDUDOLWWOHFOLFNLQJQRLVH³WKHVRXQG
RIWKHHOHFWULFVSDUNLJQLWLQJWKHEXUQHU
7XUQWKHNQREWRDGMXVWWKHIODPHVL]H,IWKH
NQREVWD\VDW/,7(LWZLOOFRQWLQXHWRFOLFN
:KHQRQHEXUQHULVWXUQHGWR/,7( DOOWKH
EXUQHUVVSDUN'RQRWDWWHPSWWRGLVDVVHPEOH
RUFOHDQDURXQGDQ\EXUQHUZKLOHDQRWKHU
EXUQHULVRQ$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
$IWHU/LJKWLQJD*DV%XUQHU
'RQRWRSHUDWHWKHEXUQHUIRUDQH[WHQGHG
SHULRGRIWLPHZLWKRXWFRRNZDUHRQWKH
JUDWH7KHILQLVKRQWKHJUDWHPD\FKLS
ZLWKRXWFRRNZDUHWRDEVRUEWKHKHDW
%HVXUHWKHEXUQHUVDQGJUDWHVDUHFRRO
EHIRUH\RXSODFH\RXUKDQGDSRWKROGHU
FOHDQLQJFORWKVRURWKHUPDWHULDOVRQWKHP
6HDOHG*DV%XUQHUV
<RXUJDVUDQJHFRRNWRSKDVVHDOHGJDV
EXUQHUV7KH\RIIHUFRQYHQLHQFHFOHDQDELOLW\
DQGIOH[LELOLW\WREHXVHGLQDZLGHUDQJHRI
FRRNLQJDSSOLFDWLRQV
7KHVPDOOHVWEXUQHULQWKHULJKWUHDUSRVLWLRQ
LVWKHVLPPHUEXUQHU2QVRPHPRGHOVWKH
ULJKWIURQWSRVLWLRQWULSOHIODPHEXUQHUZLOOEH
WKHVLPPHUEXUQHU7KLVEXUQHUFDQEHWXUQHG
GRZQWR6,0IRUDYHU\ORZVLPPHUVHWWLQJ
,WSURYLGHVSUHFLVHFRRNLQJSHUIRUPDQFHIRU
GHOLFDWHIRRGVVXFKDVVDXFHVRUIRRGVWKDW
UHTXLUHORZKHDWIRUDORQJFRRNLQJWLPH
7KHPHGLXPOHIWUHDUDQGWKHODUJHOHIW
IURQWEXUQHUVDUHWKHSULPDU\EXUQHUV
IRUPRVWFRRNLQJ7KHVHJHQHUDOSXUSRVH
EXUQHUVFDQEHWXUQHGGRZQIURP+,WR/2WR
VXLWDZLGHUDQJHRIFRRNLQJQHHGV
7KHH[WUDODUJHEXUQHUULJKWIURQWWULSOHIODPH
EXUQHURUOHIWIURQWEXUQHURQVRPHPRGHOVDUH
WKHPD[LPXPRXWSXWEXUQHUV/LNHWKHRWKHU
IRXUEXUQHUVLWFDQEHWXUQHGGRZQIURP+,WR
6,0IRUDZLGHUDQJHRIFRRNLQJDSSOLFDWLRQV
7KHVHEXUQHUVDUHGHVLJQHGWRTXLFNO\EULQJ
ODUJHDPRXQWVRIOLTXLGWRDERLO7KH\KDYH
DVSHFLDO32:(5%2,/
VHWWLQJGHVLJQHGWR
EHXVHGZLWKFRRNZDUHLQFKHVRUODUJHULQ
GLDPHWHUIRUWKHH[WUDODUJHDQGLQFKHVRU
ODUJHUIRUWKHWULSOHIODPHEXUQHU
7KHFHQWHURYDOEXUQHURQVRPHPRGHOVLVIRU
ODUJHSRWVSDQVRUIRUXVHZLWKWKHJULGGOH
0HGLXP
6PDOO
/DUJH
&HQWHURYDO
RQVRPH
PRGHOV
([WUD/DUJH
([WUD
/DUJH
RQ
VRPH
PRGHOV
7ULULQJ
EXUQHURQ
VRPHPRGHOV
%ULGJHEXUQHU
RQVRPH
PRGHOV
)RUH[WUDODUJHEXUQHUVRQO\
)RUWULULQJEXUQHUVRQO\
background
*($SSOLDQFHVFRP
+RZWR6HOHFW)ODPH6L]H
:$51,1*

)ODPHVWKDWDUH
QRWFRYHUHGE\FRRNZDUHPD\SUHVHQWDULVN
RIEXUQVRUFORWKLQJLJQLWRQ1HYHUOHWIODPHV
H[WHQGEH\RQGWKHVLGHVRIWKHFRRNZDUH
:DWFKWKHIODPHQRWWKHNQREDV\RXDGMXVW
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DQGPD\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
: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
background
:$51,1*)LUH+D]DUG
7KH3UH+HDWVHWWLQJRQVRPHPRGHOVLVSURYLGHGWR
TXLFNO\SUHKHDW\RXUJULGGOH7XUQFRQWUROGRZQEHIRUH
SODFLQJIRRGRQWKHJULGGOH&RRNLQJRQWKH3UH+HDW
VHWWLQJPD\UHVXOWLQILUH
8VHFDUHZKHQFRRNLQJJUHDV\IRRGV6SLOOHGJUHDVHPD\
UHVXOWLQILUH
1HYHUSODFHRUVWRUHDQ\LWHPVRQWKHJULGGOHHYHQZKHQ
LWLVQRWLQXVH+HDWIURPVXUURXQGLQJEXUQHUVFDQKHDW
WKHJULGGOHDQGPD\UHVXOWLQILUH
3ODFHDQGUHPRYHWKHJULGGOHRQO\ZKHQDOOJUDWHVDQG
JULGGOHDUHFRRODQGDOOVXUIDFHXQLWVDUHWXUQHG2))
0RVWJULGGOHGIRRGVUHTXLUHFRRNLQJRQDSUHKHDWHGVXUIDFH
3UHKHDWJULGGOHDFFRUGLQJWRWKLVJXLGHWKHQVZLWFKWRWKH
GHVLUHGFRRNVHWWLQJ

'RQRWXVHRLORQWKHJULGGOHIRUH[WHQGHGOHQJWKVRIWLPH
3HUPDQHQWVWDLQLQJDQGRUFUD]HOLQHVRQWKHVXUIDFHFRXOGUHVXOW
'RQRWRYHUKHDWWKHJULGGOH/HDYLQJWKHJULGGOHEXUQHU
RQDW+,IRUDQH[WHQGHGDPRXQWRIWLPHZLWKRXWIRRGFDQ
GDPDJHWKHQRQVWLFNFRDWLQJ
$YRLGXVLQJPHWDOXWHQVLOVZLWKVKDUSSRLQWVRUURXJKVKDUS
HGJHVZKLFKPLJKWGDPDJHWKHJULGGOHVXUIDFH
'RQRWFXWIRRGVRQWKHJULGGOH
<RXUQRQVWLFN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
7KHJULGGOHFDQRQO\EHXVHGZLWKWKHFHQWHU
EXUQHU7RLQVHUWWKHJULGGOHUHPRYHWKHFHQWHU
JUDWHDQGUHSODFHZLWKWKHJULGGOH
127('RQRWFOHDQWKHJULGGOHLQWKHVHOI
FOHDQLQJRYHQ
8VLQJWKH*ULGGOH
1RQVWLFN*ULGGOHIRU0RGHOV-*%
7\SHRI)RRG 3UHKHDW7LPH &RRN6HWWLQJ
:DUPLQJ7RUWLOODV PLQ
3DQFDNHV PLQ
+DPEXUJHUV PLQ
)ULHG(JJV PLQ
%UHDNIDVW6DXVDJH/LQNV PLQ
+RW6DQGZLFKHVVXFKDV
*ULOOHG&KHHVH
PLQ
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
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
background
8VLQJWKHORZHURYHQ
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
%DNH3DG
7RXFKWRVHOHFWWKHEDNHIXQFWLRQ
&RQYHFWLRQ%DNH3DGRQVRPHPRGHOV
7RXFKWRVHOHFWEDNLQJZLWKWKHFRQYHFWLRQIXQFWLRQ
&RQYHFWLRQ5RDVW3DGRQVRPHPRGHOV
7RXFKWRVHOHFWURDVWLQJZLWKWKHFRQYHFWLRQ
IXQFWLRQ
6WDUW3DG
0XVWEHWRXFKHGWRVWDUWDQ\FRRNLQJRUFOHDQLQJ
IXQFWLRQ
:DUP3DG
7RXFKWRNHHSFRRNHGIRRGVZDUP6HHWKH+RZWR
6HWWKH2YHQIRU:DUPLQJVHFWLRQ
'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´)²µDQGDQXPEHURUOHWWHUIODVKLQWKHGLVSOD\
DQGWKHRYHQFRQWUROVLJQDOVWKLVLQGLFDWHVDIXQFWLRQ
HUURUFRGH7RXFKWKH&OHDU2IISDG$OORZWKHRYHQWR
FRROIRURQHKRXU3XWWKHRYHQEDFNLQWRRSHUDWLRQ,IWKH
IXQFWLRQHUURUFRGHUHSHDWVGLVFRQQHFWWKHSRZHUWRWKH
RYHQDQGFDOOIRUVHUYLFH
,I\RXURYHQZDVVHWIRUDWLPHGRYHQRSHUDWLRQDQGD
SRZHURXWDJHRFFXUUHGWKHFORFNDQGDOOSURJUDPPHG
IXQFWLRQVPXVWEHUHVHW
7KHWLPHRIGD\ZLOOIODVKLQWKHGLVSOD\ZKHQWKHUHKDV
EHHQDSRZHURXWDJH
6HOI&OHDQ3DG
7RXFKWRVHOHFWVHOIFOHDQLQJIXQFWLRQ6HHWKH
8VLQJWKHVHOIFOHDQLQJRYHQVHFWLRQ
2YHQ/LJKW2Q2II3DG
7RXFKWRWXUQWKHRYHQOLJKWRQRURII
'HOD\6WDUW3DG
8VHDORQJZLWK&RRNLQJ7LPHRU6HOI&OHDQSDGV
WRVHWWKHRYHQWRVWDUWDQGVWRSDXWRPDWLFDOO\DWD
WLPH\RXVHW
&RRNLQJ7LPH3DG
7RXFKDQGWKHQWRXFKWKHQXPEHUSDGVWRVHWWKH
DPRXQWRIWLPH\RXZDQW\RXUIRRGWRFRRN7KH
RYHQZLOOVKXWRIIZKHQWKHFRRNLQJWLPHKDVUXQ
RXW
&OHDU2II3DG
7RXFKWRFDQFHO$//RYHQRSHUDWLRQVH[FHSWWKH
FORFNWLPHUDQG*DV&RQWURO/RFNRXWRU&RQWURO
/RFNRXWGHSHQGLQJRQPRGHO
&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3DGRQVRPHPRGHOV
7RXFKDQGKROGWKH*DV&RQWURO/RFNRXWSDG
IRUVHFRQGVWRORFNXQORFNWKHVXUIDFHEXUQHUV
RYHQEXUQHUVDQGFRQWUROSDQHOVRWKH\FDQQRWEH
DFWLYDWHG
2YHQ&RQWURO&ORFN7LPHUDQG)HDWXUHV
)HDWXUHVDSSHDUDQFHDQGSDGORFDWLRQVPD\YDU\
HOLD 3 SEC
background
8VLQJWKHRYHQV
7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQWKHRYHQRQ
%HIRUH\RXEHJLQ«
7KHUDFNVKDYHVWRSORFNVVRWKDWZKHQSODFHG
FRUUHFWO\RQWKHUDFNVXSSRUWV$WKURXJK&
WKH\ZLOOVWRSEHIRUHFRPLQJFRPSOHWHO\RXW
DQGZLOOQRWWLOW
:KHQSODFLQJDQGUHPRYLQJFRRNZDUHSXOOWKH
UDFNRXWWRWKHEXPSRQWKHUDFNVXSSRUW
&$87,21
:KHQ\RXDUHXVLQJ
DUDFNLQWKHORZHVWSRVLWLRQ5\RXZLOO
QHHGWRXVHFDXWLRQZKHQSXOOLQJWKHUDFN
RXW:HUHFRPPHQGWKDW\RXSXOOWKHUDFN
RXWVHYHUDOLQFKHVDQGWKHQXVLQJWZRSRW
KROGHUVSXOOWKHUDFNRXWE\KROGLQJWKH
VLGHVRILW7KHUDFNLVORZDQG\RXFDQEH
EXUQHGLI\RXSXW\RXUKDQGLQWKHPLGGOHRI
WKHUDFNDQGSXOODOOWKHZD\RXW%HFDUHIXO
QRWWREXUQ\RXUKDQGRQWKHGRRUZKHQ
XVLQJWKHUDFNLQWKHORZHVWSRVLWLRQ5
7RUHPRYHDUDFNSXOOLWWRZDUG\RXWLOWWKH
IURQWHQGXSDQGSXOOLWRXW
7RUHSODFH SODFHWKHHQGRIWKHUDFNVWRS
ORFNVRQWKHVXSSRUWWLOWXSWKHIURQWDQGSXVK
WKHUDFNLQ
127(7KHUDFNLVQRWGHVLJQHGWRVOLGHRXWDW
WKHVSHFLDOORZUDFN5SRVLWLRQ

7KHRYHQKDVVKHOISRVLWLRQV
,WDOVRKDVDVSHFLDOORZVKHOI
SRVLWLRQ5IRUH[WUDODUJHLWHPV
VXFKDVDODUJHWXUNH\
3RZHU2XWDJH
7KHRYHQRUEURLOHUFDQQRWEHOLWGXULQJDSRZHU
IDLOXUH*DVZLOOQRWIORZXQOHVVWKHJORZEDULV
KRW
,IWKHRYHQLVLQXVHZKHQDSRZHUIDLOXUH
RFFXUVWKHRYHQEXUQHUVKXWVRIIDQGFDQQRW
EHUHOLWXQWLOSRZHULVUHVWRUHG7KLVLVEHFDXVH
WKHIORZRIJDVLVDXWRPDWLFDOO\VWRSSHG
DQGZLOOQRWUHVXPHZKHQSRZHULVUHVWRUHG
XQWLOWKHJORZEDUKDVUHDFKHGRSHUDWLQJ
WHPSHUDWXUH
8SSHU2YHQ/LJKW
7RXFKWKH2YHQ/LJKWSDGRQWKHXSSHUFRQWURO
SDQHOWRWXUQWKHOLJKWRQRURII
8SSHU2YHQ9HQW
<RXURYHQLVYHQWHGWKURXJKGXFWVDWWKHUHDU
RIWKHUDQJH'RQRWEORFNWKHVHGXFWVZKHQ
FRRNLQJLQWKHRYHQ³LWLVLPSRUWDQWWKDWWKH
IORZRIKRWDLUIURPWKHRYHQDQGIUHVKDLU
WRWKHRYHQEXUQHUEHXQLQWHUUXSWHG$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\
background
,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\
+RZWR6HWWKH/RZHU2YHQIRU%DNLQJRU5RDVWLQJ
<RXURYHQLVQRWGHVLJQHGIRURSHQGRRU
FRRNLQJ
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
WHPSHUDWXUH
7RXFKWKH67$57 SDG
7KHZRUG21DQGZLOOEHGLVSOD\HG$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%$.(
F\FOHSUHVVWKH%$.(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&/($52))SDGZKHQFRRNLQJ
LVFRPSOHWH
127($FRROLQJIDQPD\DXWRPDWLFDOO\WXUQRQ
DQGRIIWRFRROLQWHUQDOSDUWV7KLVLVQRUPDODQG
WKHIDQPD\FRQWLQXHWRUXQHYHQDIWHUWKHXQLW
LVWXUQHGRII
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VWDJHUWKHSDQV
VRRQHLVQRWGLUHFWO\DERYHDQRWKHUOHDYLQJ
DSSUR[LPDWHO\µEHWZHHQSDQVIURPWKH
IURQWEDFNDQGVLGHVRIWKHZDOOV
127('RQRWEDNHRUVWRUHDQ\WKLQJLQHLWKHU
RYHQGXULQJDVHOIFOHDQF\FOH
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
7KHRYHQKDVDVSHFLDOORZUDFN
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
UDFNLVQRWGHVLJQHGWRVOLGHRXWDW
WKLVSRVLWLRQ
$OXPLQXP)RLO
'RQRWXVHDOXPLQXPIRLOWROLQHRYHQERWWRPV
7KHIRLOZLOOWUDSKHDWEHORZDQGXSVHWWKH
SHUIRUPDQFHRIWKHRYHQ)RLOFDQPHOW
DQGSHUPDQHQWO\GDPDJHWKHRYHQERWWRP
'DPDJHIURPLPSURSHUXVHRIDOXPLQXPIRLOLV
QRWFRYHUHGE\WKHSURGXFWZDUUDQW\
)RLOPD\EHXVHGWRFDWFKVSLOOVE\SODFLQJD
VKHHWRQDORZHUUDFNVHYHUDOLQFKHVEHORZ
WKHIRRG'RQRWXVHPRUHIRLOWKDQQHFHVVDU\
DQGQHYHUHQWLUHO\FRYHUDQRYHQUDFNZLWK
DOXPLQXPIRLO.HHSIRLODWOHDVWµIURP
RYHQZDOOVWRSUHYHQWSRRUKHDWFLUFXODWLRQ
:KHQEDNLQJRQDVLQJOHUDFNXVH
WKHUDFNSRVLWLRQIURPWKHFKDUWIRU
\RXUW\SHRIIRRG%DNLQJUHVXOWV
ZLOOEHEHWWHULIEDNLQJSDQVDUH
FHQWHUHGLQWKHRYHQDVPXFKDV
SRVVLEOH
:KHQEDNLQJIRXUFDNHOD\HUVDWD
WLPHXVHUDFNV$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
8VLQJWKHORZHURYHQ *($SSOLDQFHVFRP

background
8VLQJWKHXSSHURYHQ
7RXVHWKHXSSHURYHQ
3XVKLQDQGWXUQWKHXSSHURYHQNQREWR
DQ\GHVLUHGVHWWLQJ
$OORZWKHXSSHURYHQWRSUHKHDW

7KHXSSHURYHQVLJQDOOLJKWLVORFDWHGRQWKH
XSSHUOHIW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+HDWLQJVLJQDOOLJKWLVORFDWHGRQWKH
XSSHUULJKWVLGHRIWKHNQREDQGJORZVZKHQ
WKHKHDWLQJHOHPHQWVDUHDFWLYH3UHKHDW
LVFRPSOHWHDIWHUWKH+HDWLQJVLJQDOKDV
WXUQHGRIIIRUWKHILUVWWLPHZLWKHDFKXVH
$WRQHZLOO127VRXQGZKHQWKHRYHQLV
ILQLVKHGSUHKHDWLQJ
127(6
7KHORZHURYHQFDQQRWEHXVHGGXULQJD
VHOIFOHDQF\FOHRIWKHXSSHURYHQ
'RQRWSXWIRRGIRLORUFRRNZDUHGLUHFWO\RQ
WKHERWWRPRIWKHXSSHURYHQ
,IIRRGVUHTXLUHDFRYHUXVHRQO\IRLORUOLGV
DEOHWRZLUKVWDQGEDNLQJWHPSHUDWXUHV'R
QRWXVHSODVWLF
)RUEHVWEDNLQJUHVXOWVXVHUDFNSRVLWLRQ%,I
\RXUGLVKLVWRRWDOOSODFHRQUDFNSRVLWLRQ$
)RUEHVWUHVXOWVEDNHFDNHVLQORZHURYHQ
3XVKLQDQGWXUQWKHXSSHURYHQ
NQREWRDQ\GHVLUHGVHWWLQJ

background
+RZWR6HWWKH8SSHU2YHQIRU%URLOLQJ
3ODFHWKHPHDWRUILVKRQDEURLOHUJULGLQD
EURLOHUSDQ
)ROORZVXJJHVWHGUDFNSRVLWLRQVLQWKH
%URLOLQJ*XLGH
7KHRYHQGRRUPXVWEHFORVHGGXULQJ
EURLOLQJ
3XVKLQDQGWXUQWKHXSSHURYHQNQREWR
EURLOVHWWLQJ
6HUYHWKHIRRGLPPHGLDWHO\DQGOHDYHWKHSDQ
RXWVLGHWKHRYHQWRFRROGXULQJWKHPHDOIRU
HDVLHVWFOHDQLQJ
&ORVHWKHGRRU$OZD\VEURLOZLWK
WKHGRRUFORVHG

7KHXSSHURYHQKDVUDFNSRVLWLRQV
,QJHQHUDOKLJKHUUDFNSRVLWLRQV
\LHOGGDUNHUH[WHUQDOVHDULQJDQG
ORZHUSRVLWLRQV\LHOGPRUHGRQHQHVV
)RUEHVWUHVXOWVWKHEURLOSDQVKRXOG
EHRULHQWHGSDUDOOHOWRWKHEURLOHU
*($SSOLDQFHVFRP
%URLOLQJ*XLGH
3UHKHDWRYHQIRUPLQXWHV
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
'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
5DFN7\SH 5DFN
3RVLWLRQ
&RPPHQWV
%HHI 5DUH
0HGLXP
5DUHÛ
Û)
6WHDNVWKLFN 5ROOHU)ODW $ 6WHDNVOHVVWKDQWKLFNDUH
GLIILFXOWWRFRRNUDUH7KH\PD\
FRRNWKURXJKEHIRUHEURZQLQJ
7RDYRLGFXUOLQJVODVKIDWDW
LQWHUYDOV
)RUEHVWUHVXOWVEURLOQRPRUH
WKDQJURXQGEHHISDWWLHVDW
RQHWLPH
0HGLXP
Û)
6WHDNV
WRWKLFN
5ROOHU)ODW $
:HOO'RQH
Û)
6WHDNV
WRWKLFN
5ROOHU)ODW $
0HGLXP
Û)
*URXQG%HHI
3DWWLHVWR
WKLFN
5ROOHU)ODW $
:HOO'RQH
Û)
*URXQG%HHI
3DWWLHVWR
WKLFN
5ROOHU)ODW $
&KLFNHQ %UHDVW
ERQHOHVV
5ROOHU)ODW $ %URLOVNLQVLGHGRZQILUVW
%UHDVWERQHLQ 5ROOHU)ODW $
)LVK
ILOOHWV
WRWKLFN 5ROOHU)ODW $ +DQGOHDQGWXUQYHU\FDUHIXOO\
3RUN
FKRSV
:HOO'RQH
Û)
WKLFN 5ROOHU)ODW $ 7RDYRLGFXUOLQJVODVKIDWDW
LQWHUYDOV
background
8VLQJWKHFORFNDQG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&ORFN SDG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)RUORZHURYHQRQO\
7KHWLPHUGRHVQRWFRQWURORYHQRSHUDWLRQV
7KHPD[LPXPVHWWLQJRQWKHWLPHULVKRXUV
DQGPLQXWHV
7RXFKWKH.LWFKHQ7LPHU2Q2IISDG
7RXFKWKHQXPEHUSDGVXQWLOWKHDPRXQW
RIWLPH\RXZDQWVKRZVLQWKHGLVSOD\7KH
PD[LPXPWLPHWKDWFDQEHHQWHUHGLQ
PLQXWHVLV7LPHVPRUHWKDQ
PLQXWHVVKRXOGEHFKDQJHGWRKRXUVDQG
PLQXWHV)RUH[DPSOHWRHQWHUPLQXWHV
DVKRXU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$IWHUSUHVVLQJWKH
6WDUWSDG6HW GLVDSSHDUVWKLVWHOOV\RXWKH
WLPHLVFRXQWLQJGRZQDOWKRXJKWKH
GLVSOD\GRHVQRWFKDQJHXQWLORQHPLQXWH
KDVSDVVHG
:KHQWKHWLPHUUHDFKHV WKHFRQWURO
ZLOOEHHSWLPHVIROORZHGE\RQHEHHS
HYHU\VHFRQGVXQWLOWKH.LWFKHQ7LPHU
2Q2IISDGLVWRXFKHG
7KHVHFRQGWRQHFDQEHFDQFHOHGE\
IROORZLQJWKHVWHSVLQWKH6SHFLDOIHDWXUHVRI
\RXURYHQFRQWUROVHFWLRQXQGHU7RQHVDWWKH
(QGRID7LPHG&\FOH
0DNHVXUHWKHFORFNLVVHWWRWKH
FRUUHFWWLPHRIGD\
7KHWLPHULVDPLQXWHWLPHURQO\
7KH&OHDU2IISDGGRHVQRWDIIHFW
WKHWLPHU
3RZHU2XWDJH
,IDIODVKLQJWLPHLVLQWKHGLVSOD\\RXKDYH
H[SHULHQFHGDSRZHUIDLOXUH5HVHWWKHFORFN
7RXFKWKH&ORFNSDGRQFHWRUHVHW(QWHUWKH
FRUUHFWWLPHRIGD\E\WRXFKLQJWKHDSSURSULDWH
QXPEHUSDGV7RXFKWKH6WDUWSDG
7R5HVHWWKH7LPHU
,IWKHGLVSOD\LVVWLOOVKRZLQJWKHWLPHUHPDLQLQJ
\RXPD\FKDQJHLWE\WRXFKLQJWKH.LWFKHQ
7LPHU2Q2II SDGDQGWKHQWRXFKLQJWKH
QXPEHUSDGVXQWLOWKHWLPH\RXZDQWDSSHDUV
LQWKHGLVSOD\
,IWKHUHPDLQLQJWLPHLVQRWLQWKHGLVSOD\FORFN
GHOD\VWDUWRUFRRNLQJWLPHDUHLQWKHGLVSOD\
UHFDOOWKHUHPDLQLQJWLPHE\WRXFKLQJWKH
.LWFKHQ7LPHU2Q2IISDGDQGWKHQWRXFKLQJ
WKHQXPEHUSDGVWRHQWHUWKHQHZWLPH\RX
ZDQW
7R&DQFHOWKH7LPHU
7RXFKWKH.LWFKHQ7LPHU2Q2IISDGWZLFH

background
8VLQJWKHWLPHGEDNLQJDQGURDVWLQJIHDWXUHVORZHURYHQRQO\ *($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7LPHSDG
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6WDUWSDG
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\
$IWHUWKHRYHQWXUQVRIIWKHHQGRIF\FOHWRQH
ZLOOVRXQG
7RXFKWKH&OHDU2IISDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\5HPRYHWKHIRRG
IURPWKHRYHQ5HPHPEHUHYHQWKRXJK
WKHRYHQWXUQVRIIDXWRPDWLFDOO\IRRGOHIW
LQWKHRYHQZLOOFRQWLQXHFRRNLQJDIWHUWKH
RYHQWXUQVRII
+RZWR6HWD'HOD\HG6WDUWDQG$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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\
$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

background
8VLQJWKHSUREHORZHURYHQRQO\
$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/RZHU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6WDUWSDG
7KHGLVSOD\ZLOOVKRZ/2XQWLO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2IISDG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%DNHSDG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

&$87,217RSUHYHQWEXUQVGRQRWXQSOXJWKHSUREHIURPWKHRYHQRXWOHWXQWLOWKHRYHQKDVFRROHG'RQRW
VWRUHWKHSUREHLQWKHRYHQ
,I\RXUPRGHOKDVDGRRUODWFKGRQRWORFNWKHRYHQGRRUZLWKWKHODWFKZKLOHFRRNLQJZLWKWKHSUREH7KHODWFKLVXVHG
IRUVHOIFOHDQLQJRQO\
)RUPDQ\IRRGVHVSHFLDOO\URDVWVDQGSRXOWU\LQWHUQDOIRRGWHPSHUDWXUHLVWKHEHVWWHVWIRUGRQHQHVV7KHWHPSHUDWXUH
SUREHWDNHVWKHJXHVVZRUNRXWRIFRRNLQJIRRGVWRWKHH[DFWGRQHQHVV\RXZDQW
8VHRISUREHVRWKHUWKDQWKHRQHSURYLGHGZLWK
WKLVSURGXFWPD\UHVXOWLQGDPDJHWRWKHSUREH
8VHWKHKDQGOHVRIWKHSUREHDQGSOXJZKHQ
LQVHUWLQJDQGUHPRYLQJWKHPIURPWKHIRRGDQG
RXWOHW
7RDYRLGGDPDJLQJ\RXUSUREHGRQRWXVH
WRQJVWRSXOORQWKHFDEOHZKHQUHPRYLQJLW
7RDYRLGEUHDNLQJWKHSUREHPDNHVXUHIRRG
LVFRPSOHWHO\GHIURVWHGEHIRUHLQVHUWLQJ
7RSUHYHQWSRVVLEOHEXUQVGRQRWXQSOXJWKH
SUREHIURPWKHRXWOHWXQWLOWKHRYHQKDVFRROHG
1HYHUOHDYH\RXUSUREHLQVLGHWKHRYHQ
GXULQJDVHOIFOHDQLQJF\FOH
'RQRWVWRUHWKHSUREHLQWKHRYHQ
7KHWHPSHUDWXUHSUREHKDVD
VNHZHUOLNHSUREHDWRQHHQGDQG
DSOXJDWWKHRWKHUHQGWKDWJRHV
LQWRWKHRXWOHWLQWKHRYHQ
&DEOH
+DQGOHV
background
8VLQJWKHFRQYHFWLRQORZHURYHQRQVRPHPRGHOV *($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RYHQ²
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
$XWR5HFLSH
&RQYHUVLRQ
<RXFDQXVH\RXUIDYRULWHUHFLSHVLQWKH
FRQYHFWLRQRYHQ
:KHQXVLQJ&RQYHFWLRQ%DNHWKHRYHQZLOO
DXWRPDWLFDOO\FRQYHUWWKHRYHQWHPSHUDWXUH
IURPUHJXODUEDNLQJWR&RQYHFWLRQ%DNH
WHPSHUDWXUHV
8VLQJWKHQXPEHUSDGVHQWHUWKH
WHPSHUDWXUHUHFRPPHQGHGLQWKHUHFLSH
7RXFKWKH6WDUWSDG
7KHGLVSOD\ZLOOVKRZWKHDFWXDO
FRQYHUWHGUHGXFHGWHPSHUDWXUH)RU
H[DPSOHLI\RXHQWHUDUHJXODUUHFLSH
WHPSHUDWXUHRIÛ)Û&DQGWRXFK
WKH6WDUWSDGWKHGLVSOD\ZLOOVKRZ&21
DQGWKHFRQYHUWHGWHPSHUDWXUHRIÛ)
Û&
127(7KLVIHDWXUHRQO\FRQYHUWVFRRNLQJ
WHPSHUDWXUHVQRWFRRNLQJWLPHV
:KHQFRQYHFWLRQURDVWLQJWKHRYHQ
WHPSHUDWXUHZLOOQRWDXWRFRQYHUW
7RXFKWKH&OHDU2IISDGZKHQEDNLQJLV
ILQLVKHG
8VHSDQVL]HUHFRPPHQGHGLQWKHUHFLSH
6RPHSDFNDJHLQVWUXFWLRQVIRUIUR]HQ
FDVVHUROHVPDLQGLVKHVRUEDNHGJRRGV
KDYHEHHQGHYHORSHGXVLQJFRPPHUFLDO
FRQYHFWLRQRYHQV)RUEHVWUHVXOWVLQ
WKLVRYHQSUHKHDWWKHRYHQDQGXVHWKH
WHPSHUDWXUHIRUUHJXODUEDNLQJRQWKH
SDFNDJH
7RGHDFWLYDWHWKHIHDWXUH
7RXFKWKHORZHURYHQ:DUPDQG%DNH
SDGDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7RXFKWKH&RQYHFWLRQ%DNHSDG7KH
GLVSOD\ZLOOVKRZ&RQ2Q7RXFKWKH
&RQYHFWLRQ%DNHSDGDJDLQ7KHGLVSOD\
ZLOOVKRZ&RQ2II
7RXFKWKH6WDUWSDG

background
8VLQJWKHFRQYHFWLRQORZHURYHQRQVRPHPRGHOV
&RRNZDUHIRU&RQYHFWLRQ&RRNLQJ
%HIRUHXVLQJ\RXUFRQYHFWLRQRYHQFKHFN
WRVHHLI\RXUFRRNZDUHOHDYHVURRPIRUDLU
FLUFXODWLRQLQWKHRYHQ,I\RXDUHEDNLQJZLWK
VHYHUDOSDQVOHDYHVSDFHEHWZHHQWKHP$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
$Q\W\SHRIFRRNZDUHZLOOZRUNLQ\RXU
FRQYHFWLRQRYHQ+RZHYHUPHWDOSDQVKHDWWKH
IDVWHVWDQGDUHUHFRPPHQGHGIRUFRQYHFWLRQ
EDNLQJ
'DUNHQHGRUPDWWHILQLVKHGSDQVZLOOEDNH
IDVWHUWKDQVKLQ\SDQV
*ODVVRUFHUDPLFSDQVFRRNPRUHVORZO\
:KHQEDNLQJFRRNLHV\RXZLOOJHWWKHEHVW
UHVXOWVLI\RXXVHDIODWFRRNLHVKHHWLQVWHDGRID
SDQZLWKORZVLGHV
)RUUHFLSHVOLNHRYHQEDNHGFKLFNHQXVHDSDQ
ZLWKORZVLGHV+RWDLUFDQQRWFLUFXODWHZHOO
DURXQGIRRGLQDSDQZLWKKLJKVLGHV
or
+RZWR6HWWKH/RZHU2YHQIRU&RQYHFWLRQ%DNLQJRU5RDVWLQJ
7RXFKWKH&RQYHFWLRQ%DNHRU&RQYHFWLRQ
5RDVWSDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH6WDUWSDG
7RFKDQJHWKHRYHQWHPSHUDWXUHWRXFKWKH
&RQYHFWLRQ%DNHRU&RQYHFWLRQ5RDVWSDG
DQGWKHQWKHQXPEHUSDGVWRVHWWKHQHZ
WHPSHUDWXUH
:KHQWKHRYHQVWDUWVWRKHDWWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)ZLOOEHGLVSOD\HG
:KHQWKHRYHQUHDFKHVWKHWHPSHUDWXUH\RX
VHWEHHSVZLOOVRXQG
7RXFKWKH&OHDU2IISDGZKHQILQLVKHG
127(<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWK
FRQYHFWLRQ7KHIDQZLOOVWRSZKHQWKHGRRULV
RSHQHGEXWWKHKHDWZLOOQRWWXUQRII
7KHIDQZLOOQRWVWDUWXQWLOWKHSUHKHDW
WHPSHUDWXUHLVUHDFKHG
127(:KHQFRQYHFWLRQEDNLQJWKHRYHQ
WHPSHUDWXUHZLOOEH)&ORZHUWKDQWKHVHW
WHPSHUDWXUH6HH$XWR5HFLSH&RQYHUVLRQLQWKH
6SHFLDO)HDWXUHVVHFWLRQIRUPRUHLQIRUPDWLRQ
:KHQFRQYHFWLRQURDVWLQJRYHQWHPSHUDWXUH
ZLOOQRWDXWRFRQYHUW

background

+RZWR6HWWKH/RZHU2YHQIRU&RQYHFWLRQ5RDVWLQJ:KHQ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6WDUWSDG
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5RDVWSDG
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6WDUWSDG
: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
&$87,21
7RSUHYHQWEXUQVGR
QRWXQSOXJWKHSUREHIURPWKHRYHQRXWOHW
XQWLOWKHRYHQKDVFRROHG'RQRWVWRUHWKH
SUREHLQWKHRYHQ
127(
,IWKHSUREHLVUHPRYHGIURPWKHIRRGEHIRUH
WKHILQDOWHPSHUDWXUHLVUHDFKHGDWRQHZLOO
VRXQGDQGWKHGLVSOD\ZLOOIODVKXQWLOWKH
SUREHLVUHPRYHGIURPWKHRYHQ
<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWKWKLV
IHDWXUH7KHIDQZLOOVWRSZKHQWKHGRRULV
RSHQHGEXWWKHKHDWZLOOQRWWXUQRII
<RXFDQXVHWKHWLPHUHYHQWKRXJK\RX
FDQQRWXVHWLPHGRYHQRSHUDWLRQVZKLOH
XVLQJWKHSUREH
)RUEHVWUHVXOWVZKHQURDVWLQJ
ODUJHWXUNH\VDQGURDVWVZH
UHFRPPHQGXVLQJWKHSUREH
LQFOXGHGLQWKHFRQYHFWLRQRYHQ
*($SSOLDQFHVFRP
background
8VLQJWKHFRQYHFWLRQORZHURYHQRQVRPHPRGHOV

<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$XWRPDWLF6WRS
7KHORZHURYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRN
IRUDVHOHFWHGOHQJWKRIWLPH$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+ROGIHDWXUHZDVVHW6HHWKH6SHFLDOIHDWXUHVRI
\RXURYHQFRQWUROVHFWLRQ
$IWHUWKHRYHQWXUQVRIIWKHHQGRIF\FOHWRQHZLOO
VRXQG
7RXFKWKH&OHDU2IISDGWRFOHDUWKHGLVSOD\LI
QHFHVVDU\5HPRYHWKHIRRGIURPWKHRYHQ
5HPHPEHUHYHQWKRXJKWKHRYHQWXUQVRII
DXWRPDWLFDOO\IRRGOHIWLQWKHRYHQZLOO
FRQWLQXHFRRNLQJDIWHUWKHRYHQWXUQVRII
8VLQJWKHORZHURYHQWLPHGFRQYHFWLRQEDNLQJIHDWXUHVRQVRPHPRGHOV
6WXIIHGELUGVJHQHUDOO\UHTXLUHPLQXWHVDGGLWLRQDOURDVWLQJWLPH6KLHOGOHJVDQGEUHDVWZLWKIRLOWRSUHYHQW
RYHUEURZQLQJDQGGU\LQJRIVNLQ
&RQYHFWLRQ5RDVWLQJ*XLGH6XJJHVWHG6HWWLQJV
0HDWV
2YHQ
7HPS
,QWHUQDO
7HPS
%HHI 5LE5RDVWOEV
%RQHLQDQG%RQHOHVV
5DUH Û) Û)
0HGLXP Û) Û)
%HHI7HQGHUORLQOEV 5DUH Û) Û)
%HHI7HQGHUORLQOEV 5DUH Û) Û)
3RUN %RQH,Q%RQHOHVVOEV Û) Û)
/DPE %RQH,QOEV 0HGLXP Û) Û)
%RQHOHVVOEV 0HGLXP Û) Û)
3RXOWU\ :KROH&KLFNHQOEV Û) Û)
7XUNH\:KROH
8QVWXIIHGWROEV
8QVWXIIHGWROEV
Û)
Û)
Û)
Û)
7XUNH\%UHDVWWROEV Û) Û)
background
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
7KHORZHU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%DNHSDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHGRYHQ
WHPSHUDWXUH
7RXFKWKH&RRNLQJ7LPHSDG
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FRQWUROVHFWLRQ
$IWHUWKHRYHQWXUQVRIIWKHHQGRIF\FOHWRQHZLOO
VRXQG
7RXFKWKH&OHDU2IISDGWRFOHDUWKHGLVSOD\LI
QHFHVVDU\5HPRYHWKHIRRGIURPWKHRYHQ
5HPHPEHUHYHQWKRXJKWKHRYHQWXUQVRII
DXWRPDWLFDOO\IRRGOHIWLQWKHRYHQZLOOFRQWLQXH
FRRNLQJDIWHUWKHRYHQWXUQVRII
8VLQJWKHORZHURYHQWLPHG
FRQYHFWLRQEDNLQJIHDWXUHVRQVRPHPRGHOV *($SSOLDQFHVFRP
+RZWR6HWWKH2YHQ)RU:DUPLQJ
7KH:$50IHDWXUHNHHSVFRRNHGIRRGVKRW
7KLVIHDWXUHLVQRWGHVLJQHGWRUHKHDWFROGIRRG
7RXVHWKH:$50IHDWXUHWRXFKWKH:$50
SDGDQGWKHQWKH67$57SDG
7RXVHWKH:$50IHDWXUHDIWHU7LPHG%DNLQJ
RU5RDVWLQJIROORZWKHVHVWHSV
7RXFKWKHPRGHRIFRRNLQJWKDW\RXZDQW
WRXVH%$.(&219(&7,21%$.(RU
&219(&7,2152$67
7RXFKWKHQXPEHUSDGVWRVHWWKHRYHQ
WHPSHUDWXUH
7RXFKWKH&22.,1*7,0(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH
7RXFKWKH:$50SDG
7RXFKWKH67$57SDG
7R&ULVS6WDOH,WHPV
3ODFHIRRGLQORZVLGHGGLVKHVRUSDQV
)RUEHVWUHVXOWVSODFHWKHIRRGLWHPVLQD
VLQJOHOD\HU'RQRWVWDFN
/HDYHWKHPXQFRYHUHG
&KHFNFULVSQHVVDIWHU²PLQXWHV
$GGWLPHDVQHHGHG
,03257$17127(6
)RRGVKRXOGEHNHSWKRWLQLWVFRRNLQJ
FRQWDLQHURUWUDQVIHUUHGWRDKHDWVDIH
VHUYLQJGLVK
)RUPRLVWIRRGVFRYHUWKHPZLWKDQ
RYHQVDIHOLGRUDOXPLQXPIRLO
)ULHGRUFULVSIRRGVGRQRWQHHGWREH
FRYHUHGEXWFDQEHFRPHWRRGU\LIZDUPHG
IRUWRRORQJ
5HSHDWHGRSHQLQJRIWKHGRRUDOORZVWKHKRW
DLUWRHVFDSHDQGWKHIRRGWRFRRO
$OORZH[WUDWLPHIRUWKHWHPSHUDWXUHLQVLGH
WKHRYHQWRVWDELOL]HDIWHUDGGLQJLWHPV
:LWKODUJHORDGVLWPD\EHQHFHVVDU\WR
FRYHUVRPHRIWKHFRRNHGIRRGLWHPV
5HPRYHVHUYLQJVSRRQVHWFEHIRUHSODFLQJ
FRQWDLQHUVLQWKHRYHQ
'RQRWXVHSODVWLFFRQWDLQHUVOLGVRUSODVWLF
ZUDS
1RWH3ODVWLFFRQWDLQHUVOLGVRUSODVWLFZUDSZLOO
PHOWLISODFHGLQWKHRYHQ0HOWHGSODVWLFPD\
QRWEHUHPRYDEOHDQGLVQRWFRYHUHGXQGHU
\RXUZDUUDQW\

background
6SHFLDOIHDWXUHVRI\RXUORZHURYHQFRQWURO
<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6WDUWSDG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:DUPSDGV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
$WWKHHQGRIDWLPHGF\FOHVKRUWEHHSVZLOO
VRXQGIROORZHGE\RQHEHHSHYHU\VHFRQGV
XQWLOWKH&OHDU2IISDGLVWRXFKHG7KLVFRQWLQXDO
VHFRQGEHHSPD\EHFDQFHOHG
7RFDQFHOWKHVHFRQGEHHS
7RXFKWKH%DNH DQG:DUPSDGVDWWKH
VDPHWLPHIRUVHFRQGVXQWLOWKHGLVSOD\
VKRZV6)
7RXFKWKH.LWFKHQ7LPHU2Q2II SDG7KH
GLVSOD\VKRZV&21%((3FRQWLQXDOEHHS
DQG%((37RXFKWKH.LWFKHQ7LPHU2Q
2IISDGDJDLQ7KHGLVSOD\VKRZV%((3
7KLVFDQFHOVWKHRQHEHHSHYHU\
VHFRQGV
7RXFKWKH6WDUW SDG
7RQHVDWWKH(QGRID7LPHG&\FOH
*DV&RQWURO/RFNRXWRQVRPHPRGHOV
<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*DV&RQWURO/RFNRXW
SDGIRUVHFRQGVXQWLOWKHGLVSOD\VKRZV
/2&21
7RXQORFNWKHFRQWUROWRXFKDQGKROGWKH
*DV&RQWURO/RFNRXWSDGIRUVHFRQGV
XQWLOWKHGLVSOD\VKRZV/2&2))
:KHQWKLVIHDWXUHLVRQDQGWKHWRXFKSDGVDUH
WRXFKHGWKHFRQWUROZLOOEHHSDQGWKHGLVSOD\
ZLOOVKRZ/2&21
7KHJDVFRQWUROORFNRXWPRGHDIIHFWVDOO
FRQWUROV1RFRQWUROVZLOOZRUNZKHQWKLV
IHDWXUHLVDFWLYDWHG
7KHDGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\
DIWHUDSRZHUIDLOXUH
HOLD 3 SEC
)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:DUPSDGVDWWKH
VDPHWLPHIRUVHFRQGVXQWLOWKHGLVSOD\
VKRZV6)
7RXFKWKH:DUP DQG&RRNLQJ7LPHSDGV
DWWKHVDPHWLPH7KHGLVSOD\ZLOOVKRZ)
)DKUHQKHLW
7RXFKWKH:DUP DQG&RRNLQJ7LPHSDGV
DJDLQDWWKHVDPHWLPH7KHGLVSOD\ZLOO
VKRZ& &HOVLXV
7RXFKWKH6WDUW SDG

background
+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:DUPSDGV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EODFNRXWPRGH\RX
ZLOOQRWEHDEOHWRXVHWKH'HOD\6WDUWIXQFWLRQ
*($SSOLDQFHVFRP
&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:DUPSDGV
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

7KLVIHDWXUHDOORZV\RXWRDGMXVWWKHWRQH
YROXPHVWRDPRUHDFFHSWDEOHYROXPH7KHUH
DUHWKUHHSRVVLEOHYROXPHOHYHOV
7RXFKWKHXSSHURYHQ:DUPDQG%DNH
SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\VK
RZV6)
7RXFKWKH&RRN7LPHSDG7KHGLVSOD\
VKRZV%HHS7KLVLVWKHPLGGOHYROXPH
OHYHO
7RXFKWKH&RRN7LPHSDGDJDLQ7KH
GLVSOD\ZLOOVKRZ%HHS7KLVLVWKH
ORXGHVWYROXPHOHYHO
7RXFKWKH&RRN7LPHSDG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
background
+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%DNHDQG:DUP
SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7DSWKH'HOD\6WDUWSDG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6WDUW 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
8VLQJWKH6DEEDWKIHDWXUHORZHURYHQRQO\
'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GHOD\VWDUW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%DNHDQG:DUP
SDGV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%DNHSDG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
$IWHUDUDQGRPGHOD\SHULRGRI
DSSUR[LPDWHO\VHFRQGVWRPLQXWH
ZLOODSSHDULQWKHGLVSOD\LQGLFDWLQJ
WKDWWKHRYHQLVEDNLQJURDVWLQJ,I
GRHVQ·WDSSHDULQWKHGLVSOD\VWDUW
DJDLQDW6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH
%DNHSDGHQWHUWKHQHZWHPSHUDWXUHXVLQJWKH
QXPEHUSDGVDQGWRXFKWKH6WDUWSDG
127(7KH&OHDU2IIDQG&RRNLQJ7LPHSDGV
DUHDFWLYHGXULQJWKH6DEEDWKIHDWXUH
+RZWR6HWIRU7LPHG%DNLQJ5RDVWLQJ²,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPH
RIGD\DQGWKHRYHQLVRII
3UHVVDQGKROGERWKWKH%DNHDQG:DUP
SDGV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
$IWHUDUDQGRPGHOD\SHULRGRI
DSSUR[LPDWHO\VHFRQGVWRPLQXWH
ZLOODSSHDULQWKHGLVSOD\LQGLFDWLQJ
WKDWWKHRYHQLVEDNLQJURDVWLQJ,I
GRHVQ·WDSSHDULQWKHGLVSOD\VWDUWDJDLQ
DW6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH
%DNHSDGHQWHUWKHQHZWHPSHUDWXUHXVLQJWKH
QXPEHUSDGVDQGWRXFKWKH6WDUWSDG
:KHQFRRNLQJLVILQLVKHGWKHGLVSOD\ZLOO
FKDQJHIURPWRDQGZLOODSSHDU
LQGLFDWLQJWKDWWKHRYHQKDVWXUQHG2))EXWLV
VWLOOVHWLQ6DEEDWK5HPRYHWKHFRRNHGIRRG
:KHQWKHGLVSOD\VKRZVWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZVWKHRYHQLV
EDNLQJURDVWLQJ
:KHQWKHGLVSOD\VKRZV
WKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZVWKHRYHQLV
EDNLQJURDVWLQJ
K
&(57,),('
6$%%$7+
02'(

background

5HPRYHDQGUHSODFHIXOOH[WHQVLRQUDFNVRQVRPHPRGHOV *($SSOLDQFHVFRP
([WHQVLRQ5DFN
:KHQSODFLQJDQGUHPRYLQJFRRNZDUHDOZD\V
SXOOWKHUDFNRXWE\LWVXSSHUIURQWUDLOWRLWV
IXOO\RSHQSRVLWLRQ
127('RQRWH[WHQGWKHUDFNTXLFNO\)RRG
PD\VOLGHRIIWKHIURQWRIWKHUDFN
7RUHPRYHWKHUDFN
0DNHVXUHWKHUDFNLVSXVKHGDOOWKHZD\LQWR
WKHRYHQVRWKDWWKHVLGHSDGGOHVRQWKHUDFN
IUDPHGLVHQJDJHVZLWKWKHRYHQVXSSRUW
)LUPO\JUDVSWKHUDFNKDQGOHDQGSXOOWRZDUGV
\RX7KHUDFNZLOOVWRSZKHQWKHFXUYHGHQGRI
WKHUDFNKLWVWKHRYHQEXPS
7LOWWKHIURQWHQGXSDQGSXOOLWRXW
127(:KHQKDQGOLQJWKHH[WHQVLRQUDFNGR
QRWDOORZWKHVOLGLQJSRUWLRQWRIDOORSHQ7KLV
FDQGDPDJHWKHVOLGHV
7RUHSODFHWKHUDFN
)LUPO\JUDVSERWKVLGHVRIWKHUDFNIUDPH
DQGWKHVOLGLQJUDFN
3ODFHWKHFXUYHGHQGRIWKHUDFNRQWRWKH
GHVLUHGUDFNSRVLWLRQWLOWXSWKHIURQWRIWKH
UDFNDQGSXVKLWLQDVIDUDVLWZLOOJR
:KHQWKHUDFNLVSURSHUO\LQVWDOOHGDQGORFNHG
LQWRSRVLWLRQWKHORFNLQJVLGHSDGGOHVRQWKH
UDFNIUDPHZLOOFOLFNORFNLQWRSODFHRQWKHRYHQ
VXSSRUWV,IWKHVLGHSDGGOHVGLGQRWFOLFNORFN
LQWRSRVLWLRQUHSHDWWKHVWHSVDERYHDQGPDNH
VXUHWKHVLGHSDGGOHVKDYHEHHQFRUUHFWO\
FOHDQHGDQGOXEULFDWHG6HH([WHQVLRQ5DFNLQ
WKH&DUHDQGFOHDQLQJVHFWLRQ
8SSHU
)URQW5DLO
)XOO\2SHQ3RVLWLRQ
*UDVSKHUH
&$87,21
7RDYRLGEXUQVSODFHWKHUDFNVLQWKHFRUUHFWSRVLWLRQEHIRUHWXUQLQJRQWKHRYHQ
0DNHVXUHIUDPHLVIXOO\LQVHUWHGLQWKHRYHQWRORFNLWLQSODFH
background
<RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWREHFRPH
PRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW\RXUVHOI
'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ
7KHVHWKHUPRPHWHUVPD\YDU\²GHJUHHV
127(7KLVDGMXVWPHQWZLOOQRWDIIHFWWKHEURLOLQJRUWKHVHOIFOHDQLQJWHPSHUDWXUHV7KHDGMXVWPHQWZLOOEHUHWDLQHGLQ
PHPRU\DIWHUDSRZHUIDLOXUH
7R$GMXVWWKH/RZHU7KHUPRVWDW
7R$GMXVWWKH8SSHU7KHUPRVWDW
7RXFKWKH%DNH DQG:DUPSDGVDWWKH
VDPHWLPHIRUVHFRQGVXQWLOWKHGLVSOD\
VKRZV6)
7RXFKWKH%DNH SDG$WZRGLJLWQXPEHU
VKRZVLQWKHGLVSOD\
7RXFK%DNHRQFH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6WDUWSDG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
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PDNLQJDQ\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
$GMXVWWKHORZHUDQGXSSHURYHQ
WKHUPRVWDWV³'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
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

background
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ZLWKVRDS\ZDWHUDQGD
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$17 7KHKHDOWKRIVRPHELUGV
LVH[WUHPHO\VHQVLWLYHWRWKHIXPHVJLYHQ
RIIGXULQJWKHVHOIFOHDQLQJF\FOHRIDQ\UDQJH
0RYHELUGVWRDQRWKHUZHOOYHQWLODWHGURRP
127( 8VHFDXWLRQZKHQRSHQLQJWKHXSSHU
DQGORZHURYHQDIWHUWKHVHOIFOHDQF\FOHKDV
HQGHG7KHRYHQPD\VWLOOEHKRW
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
+RZWR6HWWKH8SSHU2YHQIRU&OHDQLQJ
7KHRYHQGRRUPXVWEHFORVHGDQGDOOFRQWUROV
VHWFRUUHFWO\IRUWKHF\FOHWRZRUN
5RWDWHXSSHURYHQNQREWRVHOIFOHDQ
SRVLWLRQ
7RXFKWKH6WDUW SDG
'RRUVZLOOORFNDXWRPDWLFDOO\7KHGLVSOD\ZLOO
VKRZWKHFOHDQWLPHUHPDLQLQJ,IWKHXSSHU
GRRULVQRWORFNHGDQGUHPDLQLQJFOHDQWLPH
LVQRWGLVSOD\HGZLWKLQPLQXWHRILQLWLDWLQJ
WKHF\FOHURWDWHWKHNQREWRWKH2IISRVLWLRLQ
DQGRSHQERWKGRRUVIRUPLQXWHV5HSHDW
VWHS,WZLOOQRWEHSRVVLEOHWRRSHQWKHRYHQ
GRRUXQWLOWKHWHPSHUDWXUHGURSVEHORZWKH
ORFNWHPSHUDWXUHDQGWKH/2&.(''225 OLJKW
JRHVRII
7KHRYHQVKXWVRIIDXWRPDWLFDOO\ZKHQWKH
FOHDQF\FOHLVFRPSOHWH
:KHQWKH/2&.(''225OLJKWLVRIIWKH
GRRUZLOOXQORFNDXWRPDWLFDOO\
5RWDWHNQREWRWKHRIISRVLWLRQ
7KHZRUGV/2&.'225 ZLOOIODVKDQGWKH
RYHQFRQWUROZLOOVLJQDOLI\RXVHWWKHFOHDQ
F\FOHDQGIRUJHWWRFORVHWKHRYHQGRRU
7RVWRSDFOHDQF\FOHWRXFKWKH&OHDU2II
SDGWKHQWXUQWKHRYHQFRQWURONQREWRWKH
2))SRVLWLRQ$IWHUVRPHSHULRGRIWLPHWKH
/2&.(''225 OLJKWZLOOJRRII7KLVZLOO
LQGLFDWHWKDWWKHRYHQKDVFRROHGEHORZ
WKHORFNLQJWHPSHUDWXUHDQGJDVLVDEOHWR
IORZWRWKHFRRNWRS7KHGRRUVZLOOXQORFN
DXWRPDWLFDOO\
$IWHU\RXFRPSOHWHWKHILUVWRYHQFOHDQF\FOH
\RXFDQVWDUWWKHVHFRQGRYHQFOHDQF\FOH
8VLQJWKHVHOIFOHDQLQJXSSHUDQGORZHURYHQV *($SSOLDQFHVFRP
127(6
7KHVXUIDFHEXUQHUVPXVW
EHWXUHQHGRIISULRUWRWKH
VHOIFOHDQVWDUWWLPH
%RWKRYHQVFDQQRWEHVHOI
FOHDQHGDWWKHVDPHWLPH
&RRNWRSEXUQHUVDQGWKHRYHQ
QRWLQVHOIFOHDQPRGHZLOOQRW
VWDUWGXULQJVHOIFOHDQF\FOH

'2127KDQG
FOHDQJDVNHW
'2KDQGFOHDQ
LQVLGHGRRUIUDPH
DQGJODVV
'2KDQGFOHDQRYHQIUDPH
background
+RZWR'HOD\WKH6WDUWRI&OHDQLQJORZHURYHQRQO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPH
RIGD\
7RXFKWKH6HOI&OHDQSDG
127(7KHVXUIDFHEXUQHUVZLOOEHWXUQHGRII
DXWRPDWLFDOO\ZKHQVHOIFOHDQF\FOHVWDUWV
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
'RRUVZLOOORFN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
7KHGRRUV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
7RVWRSDFOHDQF\FOHWRXFKWKH&OHDU2II
SDG$IWHUVRPHSHULRGRIWLPHWKH/2&.('
'225 OLJKWZLOOJRRII7KLVZLOOLQGLFDWH
WKDWWKHRYHQKDVFRROHGEHORZWKHORFNLQJ
WHPSHUDWXUHDQGJDVLVDEOHWRIORZWRWKH
FRRNWRS7KHGRRUVZLOOXQORFNDXWRPDWLFDOO\
$IWHUD&OHDQ&\FOH
<RXPD\QRWLFHVRPHZKLWHDVKLQWKHRYHQ
:LSHLWXSZLWKDGDPSFORWKDIWHUWKHRYHQ
FRROV
,IZKLWHVSRWVUHPDLQUHPRYHWKHPZLWKD
VRDSILOOHGVFRXULQJSDGDQGULQVHWKRURXJKO\
ZLWKDYLQHJDUDQGZDWHUPL[WXUH
7KHVHGHSRVLWVDUHXVXDOO\DVDOWUHVLGXHWKDW
FDQQRWEHUHPRYHGE\WKHFOHDQF\FOH
,IWKHRYHQLVQRWFOHDQDIWHURQHFOHDQF\FOH
UHSHDWWKHF\FOH
<RXFDQQRWVHWWKHRYHQIRUFRRNLQJXQWLOWKH
RYHQLVFRROHQRXJKIRUWKHGRRUWRXQORFN
:KLOHWKHRYHQLVVHOIFOHDQLQJ\RXFDQ
WRXFKWKH&ORFNSDGWRGLVSOD\WKHWLPHRI
GD\7RUHWXUQWRWKHFOHDQFRXQWGRZQWRXFK
WKH&RRNLQJ7LPHSDG
,IWKHUDFNVEHFRPHKDUGWRVOLGHDSSO\D
VPDOODPRXQWRIYHJHWDEOHRLORUFRRNLQJRLOWR
DSDSHUWRZHODQGZLSHWKHHGJHVRIWKHRYHQ
UDFNVZLWKWKHSDSHUWRZHO
+RZWR6HWWKH/RZHU2YHQIRU&OHDQLQJ
7RXFKWKH6HOI&OHDQSDG
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
FOHDQWLPHLIDWLPHRWKHUWKDQKRXUVLV
QHHGHG
&OHDQF\FOHWLPHLVQRUPDOO\KRXUV<RXFDQ
FKDQJHWKHFOHDQWLPHWRDQ\WLPHEHWZHHQ
KRXUVDQGKRXUVGHSHQGLQJRQKRZGLUW\
\RXURYHQLV
7RXFKWKH6WDUWSDG
'RRUVZLOOORFNDXWRPDWLFDOO\7KHGLVSOD\ZLOO
VKRZWKHFOHDQWLPHUHPDLQLQJ,IWKHXSSHU
GRRULVQRWORFNHGDQGUHPDLQLQJFOHDQWLPH
LVQRWGLVSOD\HGZLWKLQPLQXWHRILQLWLDWLQJ
WKHF\FOHURWDWHWKHNQREWRWKH2IISRVLWLRLQ
DQGRSHQERWKGRRUVIRUPLQXWHV5HSHDW
VWHS,WZLOOQRWEHSRVVLEOHWRRSHQWKHRYHQ
GRRUXQWLOWKHWHPSHUDWXUHGURSVEHORZWKH
ORFNWHPSHUDWXUHDQGWKH/2&.(''225 OLJKW
JRHVRII
7KHRYHQVKXWVRIIDXWRPDWLFDOO\ZKHQWKH
FOHDQF\FOHLVFRPSOHWH
:KHQWKH/2&.(''225OLJKWLVRIIWKH
GRRUZLOOXQORFNDXWRPDWLFDOO\
5RWDWHNQREWRWKHRIISRVLWLRQ
7KHZRUGV/2&.'225ZLOOIODVKDQGWKH
RYHQFRQWUROZLOOVLJQDOLI\RXVHWWKHFOHDQ
F\FOHDQGIRUJHWWRFORVHWKHRYHQGRRU
7RVWRSDFOHDQF\FOHWRXFKWKH&OHDU2II
SDGWKHQWXUQWKHRYHQFRQWURONQREWRWKH
2))SRVLWLRQ$IWHUVRPHSHULRGRIWLPHWKH
/2&.(''225 OLJKWZLOOJRRII7KLVZLOO
LQGLFDWHWKDWWKHRYHQKDVFRROHGEHORZ
WKHORFNLQJWHPSHUDWXUHDQGJDVLVDEOHWR
IORZWRWKHFRRNWRS7KHGRRUVZLOOXQORFN
DXWRPDWLFDOO\
$IWHU\RXFRPSOHWHWKHILUVWRYHQFOHDQF\FOH
\RXFDQVWDUWWKHVHFRQGRYHQFOHDQF\FOH
7KHRYHQGRRUPXVWEHFORVHGDQGDOOFRQWUROVVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
8VLQJWKHVHOIFOHDQLQJXSSHUDQGORZHURYHQV

127(6
7KHVXUIDFHEXUQHUVPXVW
EHWXUHQHGRIISULRUWRWKH
VHOIFOHDQVWDUWWLPH
%RWKRYHQVFDQQRWEHVHOI
FOHDQHGDWWKHVDPHWLPH
&RRNWRSEXUQHUVDQGWKHRYHQ
QRWLQVHOIFOHDQPRGHZLOOQRW
VWDUWGXULQJVHOIFOHDQF\FOH
background

*($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\
%XUQHUKHDG
FDSDQG
HOHFWURGH
&HQWHU
JULGGOH
&KHI·V
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
&$87,21
'RQRWUHPRYH
WULULQJRUEULGJHEXUQHUFDSIURPKHDG
7KHWULULQJRUEULGJHEXUQHUKHDGDQGFDS
DVVHPEO\FDQEHOLIWHGRIIPDNLQJLWHDV\WR
FOHDQ7KHHOHFWURGHLVQRWUHPRYHDEOH
background
&DUHDQGFOHDQLQJRIWKHUDQJH
%XUQHU&DSV%DVHVDQG+HDGV
%HIRUHUHPRYLQJWKHEXUQHUFDSVDQGKHDGVRQ
VRPHPRGHOVUHPHPEHUWKHLUVL]HDQGORFDWLRQ
5HSODFHWKHPLQWKHVDPHORFDWLRQDIWHUFOHDQLQJ
127('RQRWXVHVWHHOZRRORUVFRXULQJ
SRZGHUVWRFOHDQWKHEXUQHUSDUWV
%XUQHUFDSV
/LIWRIIZKHQFRRO:DVKEXUQHUFDSVLQKRW
VRDS\ZDWHUDQGULQVHZLWKFOHDQZDWHU<RX
PD\VFRXUZLWKDSODVWLFVFRXULQJSDGWR
UHPRYHEXUQHGRQIRRGSDUWLFOHV7RJHWULGRI
EXUQHGRQIRRGSODFHWKHFDSVLQDFRYHUHG
FRQWDLQHU$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

background
%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
PLFURZDYH
$OZD\VWXUQDOOVXUIDFHEXUQHUVEHIRUH
UHPRYLQJWKHJULGGOH8VHFDXWLRQZKHQ
KDQGOLQJDKRWJULGGOH
*($SSOLDQFHVFRP

background
&DUHDQGFOHDQLQJRIWKHUDQJH
&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

%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*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
$SSHDUDQFHPD\YDU\
2XWVLGH
*UDWH
&HQWHU
*UDWH
2XWVLGH
*UDWH
background
2YHQ$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FRQWUROVHFWLRQ
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\
/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ZDVKHGZLWKVRDSDQGZDWHU
0DNHVXUHWKHLQVLGHV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
Gas/Control
*($SSOLDQFHVFRP

6WHP
/DEHO
6WHP
KROHV
background
&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/RZHU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
/LIW2II8SSHU2YHQ'RRURQVRPHPRGHOV
7RUHPRYHWKHGRRU
)XOO\RSHQWKHGRRU
/LIWXSRQWKHKLQJHORFNWRZDUGWKHRYHQ
IUDPHXQWLOWKH\VWRS
&ORVHWKHGRRUWRGHJUHHV\RXZLOOIHHO
WKHGRRUVWRS7KHKLQJHORFNZLOOFRQWDFW
WKHRYHQIUDPH
2QERWKVLGHVRIWKHGRRUSUHVVGRZQRQ
WKHUHOHDVHEXWWRQVRQHDFKKLQJH
/LIWGRRUXSXQWLOLWLVFOHDURIWKHKLQJH
3XOORQKLQJHDUPVVOLJKWO\WRUHOLHYH
SUHVVXUHRQWKHORFNLQJWDEV
3XVKWKHKLQJHORFNVGRZQRQWR
WKHKLQJH
3XVKWKHKLQJHVLQWRZDUGWKHXQLW
VRWKH\DUHFORVHG
7RUHSODFHWKHGRRU
3XOOWKHKLQJHVGRZQDZD\IURPWKHRYHQ
IUDPHWRWKHIXOO\RSHQSRVLWLRQ
/LIWXSRQWKHKLQJHORFNVWRZDUGWKHRYHQ
IUDPHXQWLOWKH\VWRS
7KHKLQJHVZLOOUHOHDVHWRWKHGHJUHH
SRVLWLRQ7KHKLQJHORFNVZLOOFRQWDFWWKH
RYHQIUDPH
6OLGHWKHGRRUEDFNRQWRWKHKLQJHV0DNH
VXUHWKHEXWWRQVSRSEDFNRXW
)XOO\RSHQWKHGRRU
3XVKWKHKLQJHORFNVGRZQRQWRWKHKLQJH
&ORVHWKHRYHQGRRU
2YHQ
IUDPH
'RRU
IUDPH
5HOHDVH
EXWWRQV
3XOOGRZQ
3XVKLQ

background
([WHQVLRQUDFNVPD\EHFOHDQHGE\KDQGZLWK
DQDEUDVLYHFOHDQHURUVWHHOZRRO'XULQJ
FOHDQLQJEHFDUHIXOQRWWRDOORZZDWHURU
FOHDQHUWRHQWHUWKHH[WHQVLRQVOLGHVRQWKH
VLGHVRIWKHUDFN
127('RQRWFOHDQLQDGLVKZDVKHU
7KHUDFNPD\DOVRUHPDLQLQWKHRYHQGXULQJ
WKHVHOIFOHDQLQJF\FOHZLWKRXWEHLQJGDPDJHG
1RWDSSOLFDEOHIRUQLFNHOH[WHQVLRQUDFNV
,IWKHUDFNEHFRPHVKDUGWRUHPRYHRU
UHSODFHZLSHWKHRYHQUDFNVXSSRUWVZLWK
FRRNLQJRLO'RQRWZLSHFRRNLQJRLORQWKH
VOLGHV
,IWKHUDFNEHFRPHVGLIILFXOWWRVOLGHRULIWKH
SDGGOHLVGLIILFXOWWRDFWXDWHWKHUDFNPD\QHHG
WREHOXEULFDWHGXVLQJWKH*UDSKLWH/XEULFDWLRQ
VKLSSHGZLWK\RXURYHQ7RRUGHUDGGLWLRQDO
*UDSKLWH/XEULFDWLRQFDOORXU1DWLRQDO3DUWV
&HQWHUDWDQGUHIHUHQFH
:%7
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
([WHQVLRQ5DFN
7ROXEULFDWHWKHVOLGHV
127('RQRWVSUD\H[WHQVLRQUDFNZLWKFRRNLQJ
VSUD\RURWKHUOXEULFDQWVSUD\V
5HPRYHWKHUDFNIURPWKHRYHQ6HH
([WHQVLRQ5DFNLQWKH8VLQJWKHRYHQ
VHFWLRQ
)XOO\H[WHQGWKHUDFNRQDWDEOHRU
FRXQWHUWRS1HZVSDSHUPD\EHSODFHG
XQGHUQHDWKWKHUDFNIRUHDV\FOHDQXS
,IWKHUHLVGHEULVLQWKHVOLGHWUDFNVZLSHLW
DZD\XVLQJDSDSHUWRZHO
127($Q\JUDSKLWHOXEULFDQWZLSHGDZD\
PXVWEHUHSODFHGVHHVWHSVWKURXJK
6KDNHWKHJUDSKLWHOXEULFDQWEHIRUH
RSHQLQJLW6WDUWLQJZLWKWKHOHIWVOLGH
PHFKDQLVPRIWKHUDFNSODFHIRXU
VPDOOGURSVRIOXEULFDQWRQWKHWZR
ERWWRPWUDFNVRIWKHVOLGHFORVHWRWKH
EHDULQJFDUULHUV
5HSHDWIRUWKHULJKWVOLGHPHFKDQLVPRI
WKHUDFN
2SHQDQGFORVHWKHUDFNVHYHUDOWLPHVWR
GLVWULEXWHWKHOXEULFDQW
5HSODFHWKHFDSRQWKHOXEULFDQWDQG
VKDNHLWDJDLQ7XUQWKHUDFNRYHUDQG
UHSHDWVWHSVDQG
&ORVHWKHUDFNWXUQUDFNULJKWVLGHXSDQG
SODFHLQWKHRYHQ6HH([WHQVLRQ5DFNLQ
WKH8VLQJWKHRYHQVHFWLRQ
7ROXEULFDWHWKHSDGGOH
6KDNHOXEULFDQWDQG
DSSO\WRWKHPRYLQJ
SDUWVRIWKHSDGGOH
PHFKDQLVPVDVVKRZQ
5DFNULJKWVLGHXS
5LJKWVLGH

*($SSOLDQFHVFRP
background
&DUHDQGFOHDQLQJRIWKHUDQJH

&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VSDWWHUV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
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
$SSO\DGHJUHDVHUWKDWGRHVQRWFRQWDLQ
VRGLXPK\GUR[LGHRUVWDLQOHVVVWHHOFOHDQHU
IROORZLQVWUXFWLRQV
 5HSHDWVWHSV²DVPDQ\WLPHVDVQHHGHG
3XWJUDWHVEDFNLQSODFH
)ROORZWKHVHLQVWUXFWLRQVIRUDQ\VWDLQOHVVVWHHO
VXUIDFHRQ\RXUUDQJH
'212786(IRUFRRNWRSRUVWDLQOHVVVWHHO
SDUWVFOHDQLQJ
&DXVWLFO\HVRGLXPK\GUR[LGHRUFOHDQHUV
FRQWDLQLQJWKLVFKHPLFDO
+DUGRUVWHHOZRROSDGV
$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
*($SSOLDQFH3DUWVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
background

*($SSOLDQFHVFRP
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
background
%()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$17²2EVHUYHDOOJRYHUQLQJ
FRGHVDQGRUGLQDQFHV
 1RWHWR,QVWDOOHU²/HDYHWKHVHLQVWUXFWLRQVZLWK
WKHDSSOLDQFHDIWHULQVWDOODWLRQLVFRPSOHWHG
 1RWHWR&RQVXPHU².HHSWKLV2ZQHU·V0DQXDO
DQG,QVWDOODWLRQ,QVWUXFWLRQVIRUIXWXUHUHIHUHQFH
 1RWH²7KLVDSSOLDQFHPXVWEHSURSHUO\JURXQGHG
 6HUYLFHU²7KHHOHFWULFDOGLDJUDPLVLQDQHQYHORSH
DWWDFKHGWRWKHEDFNRIWKHUDQJH
3URSHULQVWDOODWLRQLVWKHUHVSRQVLELOLW\RIWKHLQVWDOOHU
3URGXFWIDLOXUHGXHWRLPSURSHULQVWDOODWLRQLVQRW
FRYHUHGXQGHUWKH:DUUDQW\
0RELOH+RPH$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
/HYHO
'ULOODZORUQDLO
0$7(5,$/6<280$<1(('
*DVOLQHVKXWRIIYDOYH
3LSHMRLQWVHDODQWRU8/DSSURYHGSLSHWKUHDGWDSHZLWK
7HIORQWKDWUHVLVWVDFWLRQRIQDWXUDODQG/3JDVHV
)OH[LEOHPHWDODSSOLDQFHFRQQHFWRUs,'$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s
RUs137[s,'
)ODUHXQLRQDGDSWHUIRUFRQQHFWLRQWRSUHVVXUHUHJXODWRURQ
UDQJHs137[s,'
/LTXLGOHDNGHWHFWRURUVRDS\ZDWHU

/DJEROWRUs2'VOHHYHDQFKRUIRUFRQFUHWHIORRUVRQO\
7HIORQ5HJLVWHUHGWUDGHPDUNRI'X3RQW
,I\RXKDYHTXHVWLRQVFDOO*(&$5(6RUYLVLWRXU:HEVLWHDW*($SSOLDQFHVFRP
,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
background
,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$&&DQDGLDQ(OHFWULFDO&RGH3DUW
DQGRUORFDOFRGHV6HH(OHFWULFDO&RQQHFWLRQV LQWKLV
VHFWLRQ
%HIRUHLQVWDOOLQJ\RXUUDQJHRQOLQROHXPRUDQ\RWKHU
V\QWKHWLFIORRUFRYHULQJPDNHVXUHWKHIORRUFRYHULQJ
FDQZLWKVWDQG)ZLWKRXWVKULQNLQJZDUSLQJRU
GLVFRORULQJ'RQRWLQVWDOOWKHUDQJHRYHUFDUSHWLQJ
XQOHVVDVKHHWRI´WKLFNSO\ZRRGRUVLPLODU
LQVXODWRULVSODFHGEHWZHHQWKHUDQJHDQGFDUSHWLQJ
0DNHVXUHWKHZDOOFRYHULQJVDURXQGWKHUDQJHFDQ
ZLWKVWDQGKHDWJHQHUDWHGE\WKHUDQJHXSWR)
$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
'RQRWLQVWDOOWKLVSURGXFWZLWKDQDLUFXUWDLQKRRG
RURWKHUUDQJHKRRGWKDWRSHUDWHVE\EORZLQJDLU
GRZQRQWKHFRRNWRS7KLVDLUIORZPD\LQWHUIHUH
ZLWKRSHUDWLRQRIWKHJDVEXUQHUVUHVXOWLQJLQILUHRU
H[SORVLRQKD]DUG
&$87,212QO\WKH*(&DIpEUDQGHGVHULHV
RI$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
background
,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sFOHDUDQFHIOXVKDWWKHEDFNZDOO6RPHPRGHOVZLOOQRWILWIOXVK
)RULVODQGLQVWDOODWLRQ0RGHO&*6PDLQWDLQLQPLQLPXPIURPFXWRXWWREDFNHGJHRIFRXQWHUWRSDQGLQ
PLQLPXPIURPFXWRXWWRVLGHHGJHVRIFRXQWHUWRS
',0(16,216$1'&/($5$1&(

**43-3/4”
48”
*29-3/4”
36-1/4” +1/4”
30”
30 3/4”
* Dimension includes handle with doors closed.
**Dimension are referenced from the point at
the back of the range that will contact the rear wall first.
Max dimension should be considered between the upper
and lower doors.




'HSWKZLWKGRRURSHQ
+HLJKWWREDFNJXDUGEDVHGRQ&DIpVW\OHEDFNJXDUGNLWLQVWDOOHG

7RFDELQHWVEHORZFRRNWRS
DQGDWWKHUDQJHEDFN
6RPHPRGHOVZLOOQRWKDYH
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
background

,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WKHUDQJH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FDELQHWVDQG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
.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ORFDWLRQLVGHILQHGLQWKHSLFWXUHEHORZ
5HDURI5DQJH
2ULILFH%R[/RFDWLRQ
background

,QVWDOODWLRQ,QVWUXFWLRQV
<RXUUDQJHLVGHVLJQHGWRRSHUDWHDWDSUHVVXUHRIµ
RIZDWHUFROXPQRQQDWXUDOJDVRULIGHVLJQHGIRU/3JDV
SURSDQHRUEXWDQHµRIZDWHUFROXPQ
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´DQG´RIZDWHU
FROXPQ
)RU/3JDVWKHSUHVVXUHVXSSOLHGPXVWEHEHWZHHQ´
DQG´RIZDWHUFROXPQ
:KHQFKHFNLQJIRUSURSHURSHUDWLRQRIWKHUHJXODWRU
WKHLQOHWSUHVVXUHPXVWEHDWOHDVW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
$IOH[LEOHPHWDODSSOLDQFHFRQQHFWRUXVHGWRFRQQHFWWKH
UDQJHWRWKHJDVVXSSO\OLQHVKRXOGKDYHDQ,'RI´
DQGEHIHHWLQOHQJWKIRUHDVHRILQVWDOODWLRQ,Q&DQDGD
IOH[LEOHFRQQHFWRUVPXVWEHVLQJOHZDOOPHWDOFRQQHFWRUV
QRORQJHUWKDQIHHWLQOHQJWK
3529,'($'(48$7(*$66833/<
&211(&77+(5$1*(72*$6
6KXWRIIWKHPDLQJDVVXSSO\YDOYHEHIRUHGLVFRQQHFWLQJ
WKHROGUDQJHDQGOHDYHLWRIIXQWLOWKHQHZKRRNXS
KDVEHHQFRPSOHWHG'RQ·WIRUJHWWRUHOLJKWWKHSLORWRQ
RWKHUJDVDSSOLDQFHVZKHQ\RXWXUQWKHJDVEDFNRQ
%HFDXVHKDUGSLSLQJUHVWULFWVPRYHPHQWRIWKHUDQJH
WKHXVHRID&6$,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´IODUHXQLRQDGDSWHUWRWKH´137
LQWHUQDOWKUHDG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´RU´IODUHXQLRQDGDSWHUWRWKH
137LQWHUQDOWKUHDGRIWKHPDQXDOVKXWRIIYDOYH
WDNLQJFDUHWREDFNXS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KD]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
background
,QVWDOODWLRQ,QVWUXFWLRQV

*$63,3($1'(/(&75,&$/287/(7/2&$7,216
5HFRPPHQGHGDUHDIRU9
RXWOHWRQUHDUZDOODQGDUHDIRU
WKURXJKWKHZDOOFRQQHFWLRQRI
SLSHVWXEDQGVKXWRIIYDOYH
5HFRPPHQGHGDUHD
IRUWKURXJKWKHIORRU
FRQQHFWLRQRISLSHVWXE
DQGVKXWRIIYDOYH
&$87,217RSUHYHQW
GUDIWVIURPDIIHFWLQJEXUQHU
RSHUDWLRQVHDODOORSHQLQJVLQIORRU
DQGZDOO
background
,QVWDOODWLRQ,QVWUXFWLRQV
3UHVVXUH
UHJXODWRU
3UHVVXUH
UHJXODWRU
*DV)ORZLQWR5DQJH
*DV)ORZLQWR5DQJH
)OH[
FRQQHFWRU
IWPD[
)OH[
FRQQHFWRU
IWPD[
$GDSWHU $GDSWHU
,QVWDOOHU,QIRUPWKHFRQVXPHURI
WKHORFDWLRQRIWKHJDVVKXWRII
YDOYH
,QVWDOOHU,QIRUPWKH
FRQVXPHURIWKH
ORFDWLRQRIWKHJDV
VKXWRIIYDOYH
,QVWDOOHU6HH
UHFRPPHQGHG
GLVWDQFHIRUWKURXJK
WKHZDOOFRQQHFWLRQ
sRUs
*DVSLSH
sRUs
*DVSLSH
$GDSWHU
$GDSWHU
*DV
VKXWRII
YDOYH
*DV
VKXWRII
YDOYH
3UHVVXUH
UHJXODWRU
(OERZ
1LSSOH
8QLRQ
(OERZ
%ODFN
LURQSLSH
8QLRQ
1LSSOH
*DV
VKXWRII
YDOYH
sRUs
*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
sRUs
*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
$OWHUQDWH+RRNXS
1LSSOH
1LSSOH

(OERZ

)/(;,%/(&211(&725+22.83237,216
5,*,'3,3(+22.83237,216
*DVOLQHIURPIORRU *DVOLQHIURPZDOO
background

,QVWDOODWLRQ,QVWUXFWLRQV
(/(&75,&$/&211(&7,216
(OHFWULFDO5HTXLUHPHQWV
YROW+HUW]SURSHUO\JURXQGHGGHGLFDWHGFLUFXLW
SURWHFWHGE\DDPSRUDPSFLUFXLWEUHDNHURU
WLPHGHOD\IXVH
1RWH8VHRIDXWRPDWLFZLUHOHVVRUZLUHGH[WHUQDO
VZLWFKHVWKDWVKXWRIISRZHUWRWKHDSSOLDQFHDUHQRW
UHFRPPHQGHGIRUWKLVSURGXFW
*URXQGLQJ
:$51,1*6KRFN+D]DUG
7KLVDSSOLDQFHPXVWEHSURSHUO\JURXQGHG)DLOXUHWR
GRVRFDQUHVXOWLQHOHFWULFVKRFN
7KHSRZHUFRUGRIWKLVDSSOLDQFHLVHTXLSSHGZLWKD
SURQJJURXQGLQJSOXJZKLFKPDWHVZLWKDVWDQGDUG
SURQJJURXQGLQJZDOOUHFHSWDFOHWRPLQLPL]HWKH
SRVVLELOLW\RIHOHFWULFVKRFNKD]DUGIURPWKLVDSSOLDQFH
7KHFXVWRPHUVKRXOGKDYHWKHZDOOUHFHSWDFOHDQGFLUFXLW
FKHFNHGE\DTXDOLILHGHOHFWULFLDQWRPDNHVXUHWKH
UHFHSWDFOHLVSURSHUO\JURXQGHG
:KHUHDVWDQGDUGSURQJZDOOUHFHSWDFOHLV
HQFRXQWHUHGLWLVWKHSHUVRQDOUHVSRQVLELOLW\DQG
REOLJDWLRQRIWKHFXVWRPHUWRKDYHLWUHSODFHGZLWKD
SURSHUO\JURXQGHGSURQJZDOOUHFHSWDFOH
'212781'(5$1<&,5&8067$1&(6&87255(029(
7+(7+,5'*5281'3521*)5207+(32:(5&25'
'212786($1$'$37(5'212786($1(;7(16,21
&25'
$ZRUGDERXW*)&,V²*)&,VDUHQRWUHTXLUHGRU
UHFRPPHQGHGIRUJDVUDQJHUHFHSWDFOHV
*URXQG)DXOW&LUFXLW,QWHUUXSWHUV*)&,VDUHGHYLFHVWKDW
VHQVHOHDNDJHRIFXUUHQWLQDFLUFXLWDQGDXWRPDWLFDOO\
VZLWFKRIISRZHUZKHQDWKUHVKROGOHDNDJHOHYHOLV
GHWHFWHG7KHVHGHYLFHVPXVWEHPDQXDOO\UHVHWE\WKH
FRQVXPHU7KH1DWLRQDO(OHFWULFDO&RGHUHTXLUHVWKH
XVHRI*)&,VLQNLWFKHQUHFHSWDFOHVLQVWDOOHGWRVHUYH
FRXQWHUWRSVXUIDFHV3HUIRUPDQFHRIWKHUDQJHZLOOQRW
EHDIIHFWHGLIRSHUDWHGRQD*)&,SURWHFWHGFLUFXLWEXW
RFFDVLRQDOQXLVDQFHWULSSLQJRIWKH*)&,EUHDNHULV
SRVVLEOH
(QVXUHSURSHUJURXQG
H[LVWVEHIRUHXVH
background

$66(0%/(685)$&(%851(56
&217
%
2YDO&HQWHU%XUQHU+HDG&DS$VVHPEO\
3ODFHWKHRYDOFHQWHUKHDGFDSDVVHPEO\RYHUWKH
HOHFWURGHRQWKHFRRNWRS
&
&DSV
3ODFH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
'
*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,'(3ODFHWKHPLGGOHJUDWHZLWKLWV
ERZHGIURQWRQVRPHPRGHOVWRZDUGWKHIURQWRIWKH
UDQJH
&$87,21
'RQRWRSHUDWHWKHEXUQHU
ZLWKRXWDOOEXUQHUSDUWVLQSODFH
,QVWDOODWLRQ,QVWUXFWLRQV
6($/7+(23(1,1*6
6HDODQ\RSHQLQJVLQWKHZDOOEHKLQGWKHUDQJHDQGLQWKH
IORRUXQGHUWKHUDQJHZKHQKRRNXSVDUHFRPSOHWHG
$66(0%/(685)$&(%851(56
$
%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

(OHFWURGH
6ORW
)URQWRIUDQJH
2YDOKHDGDQGFDS
DVVHPEO\
0DNHVXUHWKHVORWLQWKH
EXUQHUKHDGLVSRVLWLRQHG
RYHUWKHHOHFWURGH
/HIW)URQW
5LJKW)URQW
&HQWHU
)URQWRIUDQJH
RQVRPHPRGHOV
7ULSOHIODPHKHDG
RQVRPHPRGHOV
)URQWRIUDQJH
7ULULQJFDS
RQVRPHPRGHOV
RQVRPHPRGHOV
%
2YDO&HQWHU%XUQHU+HDG&DS$VVHPEO\
3ODFHWKHRYDOFHQWHUKHDGFDSDVVHPEO\RYHUWKH
HOHFWURGHRQWKHFRRNWRS
6ORW
(OHFWURGH
RU
0DNHVXUHWKHVORWLQWKH
EXUQHUKHDGLVSRVLWLRQHG
RYHUWKHHOHFWURGH
+ROH
(OHFWURGH
/RFDWRU%XPSV
background
2SHUDWLRQRIDOOFRRNWRSDQGRYHQEXUQHUVVKRXOGEH
FKHFNHGDIWHUWKHUDQJHDQGJDVVXSSO\OLQHVKDYHEHHQ
FDUHIXOO\FKHFNHGIRUOHDNV
(OHFWULF,JQLWLRQ0RGHOV
6HOHFWDWRSEXUQHUNQREDQGVLPXOWDQHRXVO\SXVKLQ
DQGWXUQWR/,7(SRVLWLRQ<RXZLOOKHDUDFOLFNLQJVRXQG
LQGLFDWLQJSURSHURSHUDWLRQRIWKHVSDUNPRGXOH2QFHWKH
DLUKDVEHHQSXUJHGIURPWKHVXSSO\OLQHVEXUQHUVVKRXOG
OLJKWZLWKLQVHFRQGV$IWHUEXUQHUOLJKWVURWDWHNQRERXW
RIWKH/,7( SRVLWLRQ7U\HDFKEXUQHULQVXFFHVVLRQXQWLODOO
EXUQHUVKDYHEHHQFKHFNHG
4XDOLW\RI)ODPHV
7KHFRPEXVWLRQTXDOLW\RIEXUQHUIODPHVQHHGVWREH
GHWHUPLQHGYLVXDOO\
,IEXUQHUIODPHVORRNOLNH$FDOOIRUVHUYLFH1RUPDO
EXUQHUIODPHVVKRXOGORRNOLNH%RU&GHSHQGLQJRQ
WKHW\SHRIJDV\RXXVH
:LWK/3JDVVRPH\HOORZWLSSLQJRQRXWHUFRQHVLV
QRUPDO
&+(&.,*1,7,212)685)$&(
%851(56
&+(&.,*1,7,212)29(1%851(5
7KHRYHQLVGHVLJQHGWRRSHUDWHTXLHWO\DQGDXWRPDWLFDOO\
7RRSHUDWHWKHORZHURYHQSUHVVWKH%DNHSDGDQGWKHQSUHVV
WKHQXPEHUSDGVXQWLODSSHDUVLQWKHGLVSOD\7RXFKWKH
6WDUW SDG$IWHU²VHFRQGVWKHRYHQEXUQHUZLOOLJQLWHDQG
EXUQXQWLOWKHVHWWHPSHUDWXUHLVUHDFKHG7KHRYHQEXUQHUZLOO
FRQWLQXHWRF\FOHRQDQGRIIDVQHFHVVDU\WRPDLQWDLQWKHRYHQ
DWWKHWHPSHUDWXUHLQGLFDWHGE\WKHGLVSOD\
7RRSHUDWHWKHXSSHURYHQWXUQWKH8SSHU2YHQ&RQWURO.QRE
WR
7RFKHFNLJQLWLRQRIWKHEURLOEXUQHUWRXFKWKH%URLO+L/RSDG
DQGWKHQWKH6WDUWSDG$IWHU²VHFRQGVWKHEURLOEXUQHU
ZLOOLJQLWH
(OHFWULFLJQLWLRQPRGHOVUHTXLUHHOHFWULFDOSRZHUWRRSHUDWH
,QFDVHRIDSRZHURXWDJHWKHRYHQEXUQHUVRQWKHVHPRGHOV
FDQQRWEHOLWPDQXDOO\ZLWKDPDWFK*DVZLOOQRWIORZXQOHVV
WKHJORZEDULVKRW
,IWKHRYHQLVLQXVHZKHQDSRZHURXWDJHRFFXUVWKHEXUQHU
ZLOOVKXWRIIDQGFDQQRWEHUHOLWXQWLOSRZHULVUHVWRUHG

,QVWDOODWLRQ,QVWUXFWLRQV
&6RIWEOXH
IODPHV³1RUPDO
IRUQDWXUDOJDV
%<HOORZWLSV
RQRXWHUFRQHV³
1RUPDOIRU/3JDV
$<HOORZIODPHV³
&DOOIRUVHUYLFH
$'-867%52,/$1'29(1%851(5
$,5$'-8670(176+877(56,)
1(&(66$5<
$LUDGMXVWPHQWVKXWWHUVIRUWKHWRSDQGERWWRPEXUQHUV
UHJXODWHWKHIORZRIDLUWRWKHIODPHV
7KHDLUDGMXVWPHQWVKXWWHUIRUWKHWRSEURLOEXUQHULVLQ
WKHFHQWHURIWKHUHDUZDOORIWKHRYHQ
7KHVKXWWHUIRUWKHERWWRPRYHQEXUQHULVQHDUWKHEDFN
ZDOO6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJH VHFWLRQ
7RDGMXVWWKHIORZRIDLUWRHLWKHUEXUQHUORRVHQWKH
3KLOOLSVKHDGVFUHZDQGURWDWHWKHVKXWWHUWRZDUGRSHQRU
FORVHGSRVLWLRQDVQHHGHG
7KHIODPHVIRUWKHWRSEURLOEXUQHUVKRXOGEHVWHDG\ZLWK
DSSUR[LPDWHO\sEOXHFRQHVDQGVKRXOGQRWH[WHQGRXW
RYHUWKHHGJHVRIWKHEXUQHUEDIIOH
7RGHWHUPLQHLIWKHERWWRPEXUQHUIODPHVDUHEXUQLQJ
SURSHUO\UHPRYHWKHRYHQERWWRPDQGHQFORVXUHRYHU
EXUQHUVKXWWHUIRUORZHURYHQ)ODPHVVKRXOGKDYH
DSSUR[LPDWHO\sEOXHFRQHVDQGLIUDQJHLVVXSSOLHG
ZLWKQDWXUDOJDVVKRXOGEXUQZLWKQR\HOORZWLSSLQJ
:LWKPRVW/3JDVVPDOO\HOORZWLSVDWWKHHQGRIRXWHU
FRQHVDUHQRUPDO)ODPHVVKRXOGQRWOLIWRIIEXUQHUSRUWV
,IOLIWLQJLVREVHUYHGJUDGXDOO\UHGXFHDLUVKXWWHURSHQLQJ
XQWLOIODPHVDUHVWDELOL]HG
$LU
DGMXVWPHQWVKXWWHU
/RRVHQ
$LUDGMXVWPHQW
VKXWWHU
/RRVHQ
background
7RUHPRYHWKHRYHQERWWRP
$5HPRYHWKHVFUHZVKROGLQJGRZQWKHUHDURIWKHRYHQ
ERWWRP
%*UDVSWKHRYHQERWWRPDWILQJHUVORWVRQHDFKVLGH
&/LIWWKHUHDURIWKHRYHQERWWRPHQRXJKWRFOHDUWKH
OLSRIWKHUDQJHIUDPHSXVKLWEDFNDQGWKHQSXOOLWXS
DQGRXW

,QVWDOODWLRQ,QVWUXFWLRQV
$'-867%52,/$1'29(1%851(5
$,5$'-8670(176+877(56,)
1(&(66$5<
&217
/(9(/,1*7+(5$1*(
$,QVWDOOWKHRYHQUDFNVLQWKHRYHQDQGFKHFNIRU
OHYHOQHVVEHIRUHSRVLWLRQLQJWKHUDQJHZKHUHLWZLOO
EHLQVWDOOHGZLWKIURQWDFFHVVWRIURQWOHYHOLQJOHJV
DQGUHDUDFFHVVWRUHDUOHYHOLQJOHJV$OOOHJVPXVWEH
OHYHOHGEHIRUHWKHSURGXFWLV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
&7KHIURQWOHYHOLQJOHJVFDQEHDGMXVWHGIURPWKHERWWRP
WKURXJKWKHIURQWRIWKHXQLW7KHUHDUOHJVFDQEH
DGMXVWHGIURPWKHERWWRPWKURXJKWKHVLGHRIWKHXQLW
'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
2YHQERWWRP
,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
background
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
3OXJRQUDQJHLVQRWFRPSOHWHO\  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
LQVHUWHGLQWKHHOHFWULFDORXWOHW JURXQGHGRXWOHW
%XUQHUVOLWVRQWKHVLGHRIWKH  5HPRYHWKHEXUQHUVDQGFOHDQWKHP&KHFNWKH
EXUQHUPD\EHFORJJHG 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UDQJHVHFWLRQ
%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
6XUIDFHEXUQHUVOLJKW 7KHRYHQJDVVKXWRIIYDOYH  7RFKHFNWKHRYHQJDVVKXWRIIYDOYHSXOOXQLWIRUZDUG
EXWRYHQGRHVQRW PD\KDYHDFFLGHQWDOO\EHHQ WRKDYHDFFHVVWRUDQJHEDFN/RRNIRUWKHJDVVKXWRII
PRYHGGXULQJFOHDQLQJRU OHYHUDWWKHORZHUEDFNVHFWLRQRIWKHUDQJH
PRYLQJ
&RQWUROVLJQDOVDIWHU <RXIRUJRWWRHQWHUDEDNH 7RXFKWKH%DNHSDGDQGGHVLUHGWHPSHUDWXUH
HQWHULQJFRRNLQJWLPHWHPSHUDWXUHRUFOHDQLQJWLPH RUWKH6HOI&OHDQSDGDQGGHVLUHGFOHDQWLPH
RUVWDUWWLPH
)RRGGRHVQRWEDNHRU
2YHQFRQWUROVLPSURSHUO\VHW  6HHWKH8VLQJWKHXSSHURYHQRU8VLQJWKHORZHURYHQVHFWLRQ
URDVWSURSHUO\LQWKH
5DFNSRVLWLRQLVLQFRUUHFW  6HHWKH8VLQJWKHXSSHURYHQRU8VLQJWKHORZHURYHQVHFWLRQ
XSSHURUORZHURYHQ
,QFRUUHFWFRRNZDUHRUFRRNZDUH  6HHWKH8VLQJWKHXSSHURYHQRU8VLQJWKHORZHURYHQVHFWLRQ
RILPSURSHUVL]HEHLQJXVHG
2YHQWKHUPRVWDWQHHGV  6HHWKH$GMXVWWKHORZHUDQGXSSHURYHQWKHUPRVWDW³'RLW
DGMXVWPHQW\RXUVHOIVHFWLRQ
&ORFNQRWVHWFRUUHFWO\  6HHWKH8VLQJWKHFORFNDQGWLPHUVHFWLRQ
$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UDQJH VHFWLRQ
VHDWHGLQSRVLWLRQ
%XUQHUVGRQRWOLJKW *DV&RQWURO/RFNRXWIHDWXUH  $OORZWKHUDQJHWRFRROGRZQDQGWRXFKDQGKROGWKH
LVDFWLYDWHG *DV&RQWURO/RFNRXWSDGRQVRPHPRGHOVIRUVHFRQGV
XQWLOWKHGLVSOD\VKRZV/2&2))
3OXJRQUDQJHLVQRW  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
FRPSOHWHO\LQVHUWHGLQWKH JURXQGHGRXWOHW
HOHFWULFDORXWOHW
*DVVXSSO\QRWFRQQHFWHG  6HHWKH,QVWDOODWLRQ,QVWUXFWLRQVWKDWFDPHZLWK\RXU
RUWXUQHGRQ UDQJH
7URXEOHVKRRWLQJ7LSV
6DYHWLPHDQGPRQH\5HYLHZWKHFKDUWVRQWKHIROORZLQJ
SDJHVILUVWDQG\RXPD\QRWQHHGWRFDOOIRUVHUYLFH
%HIRUH\RXFDOOIRUVHUYLFH«
7RSEXUQHUVGRQRWOLJKW
RUGRQRWEXUQHYHQO\
7KHIURQWULJKWEXUQHULV
GHVLJQHGWRKDYHVOLJKWO\
VPDOOHUIODPHVEHWZHHQ
WKHDQGR·FORFN
SRVLWLRQV7KLVLVQRUPDO
/HYHULV
VKRZQFORVHG
38//7223(1
6HDOHGEXUQHUPRGHOV

background

3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
%XUQHUVGRQRWOLJKW $IXVHLQ\RXUKRPHPD\EH  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
FRQW EORZQRUWKHFLUFXLWEUHDNHU
WULSSHG
%XUQHUSDUWVQRWUHSODFHG  6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJH VHFWLRQ
FRUUHFWO\
*DV&RQWURO/RFNRXW  ,I/2&21DSSHDUVLQWKHGLVSOD\WKHUDQJHFRQWUROLV
RU&RQWURO/RFNRXW ORFNHG7XUQWKLVIHDWXUHRIIWRXVHWKHUDQJH6HHWKH
IHDWXUHLVDFWLYDWHG *DV&RQWURO/RFNRXWRU&RQWURO/RFNRXWVHFWLRQ
)RRGGRHVQRWEURLO 2YHQFRQWUROVLPSURSHUO\VHW  0DNHVXUH\RXWXUQWKHXSSHURYHQNQREWRWKHEURLOSRVLWLRQ
SURSHUO\LQWKHXSSHURYHQ
2YHQGRRUQRWFORVHG  6HHWKH8VLQJWKHXSSHURYHQVHFWLRQ
,PSURSHUUDFNSRVLWLRQ  6HHWKH%URLOLQJ*XLGH
EHLQJXVHG
)RRGEHLQJFRRNHG  )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
LQDKRWSDQ 0DNHVXUHLWLVFRRO
&RRNZDUHQRWVXLWHG  )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
IRUEURLOLQJ
2YHQERWWRPQRWVHFXUHO\  6HHWKH,QVWDOODWLRQRIWKHUDQJH VHFWLRQ
VHDWHGLQSRVLWLRQ
8SSHURUORZHURYHQ 2YHQWKHUPRVWDW  6HHWKH$GMXVWORZHUDQGXSSHURYHQWKHUPRVWDW³'RLW
WHPSHUDWXUHWRRKRW QHHGVDGMXVWPHQW\RXUVHOIVHFWLRQ
RUWRRFROG
&ORFNDQGWLPHU 3OXJRQUDQJHLVQRWFRPSOHWHO\  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
GRQRWZRUN LQVHUWHGLQWKHHOHFWULFDORXWOHW 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WLPHUVHFWLRQ
8SSHURUORZHURYHQ /LJKWEXOELVORRVHRUGHIHFWLYH  7LJKWHQRUUHSODFHWKHEXOE
OLJKWGRHVQRWZRUN
3OXJRQUDQJHLVQRWFRPSOHWHO\  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
LQVHUWHGLQWKHHOHFWULFDORXWOHW JURXQGHGRXWOHW
8SSHURUORZHURYHQZLOO 7KHRYHQWHPSHUDWXUHLVWRR  $OORZWKHUDQJHWRFRROWRURRPWHPSHUDWXUHDQG
QRWVHOIFOHDQ KLJKWRVHWDVHOIFOHDQRSHUDWLRQ UHVHWWKHFRQWUROV
2YHQFRQWUROVLPSURSHUO\VHW  6HHWKH8VLQJWKHVHOIFOHDQLQJXSSHUDQGORZHURYHQV VHFWLRQ
´&UDFNOLQJµRU 7KLVLVWKHVRXQGRIWKH  7KLVLVQRUPDO
´SRSSLQJµVRXQG PHWDOKHDWLQJDQGFRROLQJ
GXULQJERWKWKHFRRNLQJDQG
FOHDQLQJIXQFWLRQV
*($SSOLDQFHVFRP
background
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
([FHVVLYHVPRNLQJ ([FHVVLYHVRLO  7RXFKWKH&OHDU2II SDGRUWXUQWKHXSSHURYHQNQREWRWKH
2))SRVLWLRQDQGSUHVV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  $OORZWKHRYHQWRFRROEHORZORFNLQJWHPSHUDWXUH
DIWHUDFOHDQF\FOH 'RQRWORFNWKHGRRUZLWKWKHGRRUODWFKH[FHSWZKHQ
XVLQJWKHVHOIFOHDQIHDWXUH
2YHQQRWFOHDQDIWHUD 2YHQFRQWUROVQRWSURSHUO\VHW  6HHWKH8VLQJWKHVHOIFOHDQLQJXSSHUDQGORZHURYHQVVHFWLRQ
FOHDQF\FOH
2YHQZDVKHDYLO\VRLOHG  &OHDQXSKHDY\VSLOORYHUVEHIRUHVWDUWLQJWKHFOHDQ
F\FOH+HDYLO\VRLOHGRYHQVPD\QHHGWRVHOIFOHDQ
DJDLQRUIRUDORQJHUSHULRGRIWLPH
´'RRUµDSSHDUVLQWKH /DWFKKDQGOHZDVPRYHGWRWKH  0RYHWKHODWFKKDQGOHWRWKHULJKWRQO\ZKHQVHWWLQJ
GLVSOD\RQPRGHOV ULJKWEXWDSURJUDPRWKHUWKDQ WKHVHOIFOHDQLQJF\FOH
ZLWKDGRRUODWFK VHOIFOHDQZDVVHOHFWHG
´/2&.'225µIODVKHV 7KHVHOIFOHDQF\FOHKDVEHHQ  &ORVHWKHRYHQGRRUDQGRQPRGHOVZLWKDODWFKPRYH
LQWKHGLVSOD\ VHOHFWHGEXWWKHGRRULVQRW WKHODWFKDOOWKHZD\WRWKHULJKW
FORVHGDQGRQPRGHOVZLWKDODWFK
WKHODWFKZDVQRWPRYHGDOOWKH
ZD\WRWKHULJKW
/2&.(''225OLJKW 7KHRYHQGRRULVORFNHG 7RXFKWKH&OHDU2IISDG$OORZWKHRYHQWRFRRO
LVRQZKHQ\RXZDQW EHFDXVHWKHWHPSHUDWXUH DQGWKHQRQPRGHOVZLWKDGRRUODWFKXQORFNWKHGRRU
WRFRRN LQVLGHWKHRYHQKDVQRW
GURSSHGEHORZWKH
ORFNLQJWHPSHUDWXUH
´)³µDQGDQXPEHURU 2QPRGHOVZLWKDGRRUODWFK  7KHODWFKPD\KDYHEHHQPRYHGHYHQLIRQO\VOLJKWO\
OHWWHUIODVKLQWKHGLVSOD\ LIDIXQFWLRQHUURUFRGHDSSHDUV IURPWKHORFNHGSRVLWLRQ0DNHVXUHWKHODWFKLVPRYHG
GXULQJWKHVHOIFOHDQLQJF\FOH WRWKHULJKWDVIDUDVLWZLOOJR
FKHFNWKHRYHQGRRUODWFK
<RXKDYHDIXQFWLRQHUURUFRGH  7RXFKWKH&OHDU2IISDG$OORZWKHRYHQWRFRROIRU
RQHKRXU3XWWKHRYHQEDFNLQWRRSHUDWLRQ
,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
2YHQUDFNVDUH 7KHQLFNHOUDFNVLIVRHTXLSSHG  $SSO\DVPDOODPRXQWRIYHJHWDEOHRLOWRDSDSHU
GLIILFXOWWRVOLGH ZHUHFOHDQHGLQDVHOIFOHDQF\FOH WRZHODQGZLSHWKHHGJHVRIWKHRYHQUDFNVZLWK
7KHJUD\SRUFHODLQFRDWHGUDFNV WKHSDSHUWRZHO'RQRWVSUD\ZLWK3DP
RURWKHU
LIVRHTXLSSHGZHUHLPSURSHUO\ OXEULFDQWVSUD\V
FOHDQHG
´3UREHµDSSHDUVLQ 7KLVLVUHPLQGLQJ\RXWRHQWHUD  (QWHUDSUREHWHPSHUDWXUH
WKHGLVSOD\VRPHPRGHOV SUREHWHPSHUDWXUHDIWHUSOXJJLQJ
LQWKHSUREH

%HIRUH\RXFDOOIRUVHUYLFH«
7URXEOHVKRRWLQJ7LSV
background
*($SSOLDQFHVFRP
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
/2&VKRZVLQWKH 7KH*DV&RQWURO/RFNRXWIHDWXUH  %HVXUHWKHVXUIDFHEXUQHUFRQWUROVDUHWXUQHG2))
GLVSOD\ LVDFWLYDWHG 7XUQWKLVIHDWXUHRIIWRXVHWKHUDQJH6HHWKH*DV&RQWURO
 /RFNRXWVHFWLRQ
'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
EODFNRXWPRGH
'LVSOD\IODVKHV 3RZHUIDLOXUH 5HVHWWKHFORFN
8QDEOHWRJHWWKH 2YHQFRQWUROSDGVZHUH7KH%DNHDQG%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2IISDG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
)DQQRLVHVRPHPRGHOV $FRROLQJIDQRUDFRQYHFWLRQIDQ 7KLVLVQRUPDO7KHFRROLQJIDQZLOOWXUQRQWRFRROLQWHUQDO
GHSHQGLQJRQWKHIXQFWLRQ\RX SDUWV,WPD\UXQXSWRKUVDIWHUWKHRYHQLVWXUQHG
DUHXVLQJPD\DXWRPDWLFDOO\WXUQ
RII7KHFRQYHFWLRQIDQZLOOF\FOHRQDQGRIIXQWLOWKH
RQ IXQFWLRQLVRYHURUWKHGRRULVRSHQHG
&RQYHFWLRQIDQQRW 3UHKHDWWHPSHUDWXUH )DQZLOOVWDUWDXWRPDWLFDOO\RQFHWKHSUHKHDW
ZRUNLQJVRPHPRGHOV QRWUHDFKHG WHPSHUDWXUHLVUHDFKHG

background
$FFHVVRULHV
/RRNLQJ)RU6RPHWKLQJ0RUH"1RWDOODFFHVVRULHVDUHDYDLODEOHIRUDOOPRGHOV
<RXFDQILQGWKHVHDFFHVVRULHVDQGPDQ\PRUHDW*($SSOLDQFH3DUWV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;
&HUDPD%U\WH
&HUDPLF&RRNWRS
&OHDQLQJ.LW
,QFOXGHVFOHDQHU
VFUDSHUDQGSDG
&HUDPD%U\WH
7RXFK8S6SUD\
&LWUXVKLQH
6WDLQOHVV6WHHO
:LSHV
&HUDPD%U\WH
6WDLQOHVV6WHHO
$SSOLDQFH
&OHDQHU
STAINESS STEEL WIPES
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

background

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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FRVWRI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.<
)RU7KH3HULRG2I *(: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\*(ZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGLQKRPHVHUYLFH
RULJLQDOSXUFKDVH WRUHSODFHWKHGHIHFWLYHSDUW
*(*DV5DQJH:DUUDQW\)RUFXVWRPHUVLQWKH8QLWHG6WDWHV
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUH
WHFKQLFLDQ7RVFKHGXOH
VHUYLFHYLVLWXVRQOLQHDW*($SSOLDQFHVFRPRUFDOO
*(&$5(63OHDVHKDYHVHULDOQXPEHU
DQG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
background

$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PRGLILHG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
*(*DV5DQJH:DUUDQW\)RUFXVWRPHUVLQ&DQDGD
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
background
&RQVXPHU6XSSRUW
*($SSOLDQFHV:HEVLWH ,QWKH86*($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\
DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOV
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH,Q&DQDGDZZZ*($SSOLDQFHVFD
6FKHGXOH6HUYLFH ,QWKH86*($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*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV
,Q&DQDGDFDOO
5HDO/LIH'HVLJQ6WXGLR ,QWKH86*($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''*($&
,Q&DQDGDFRQWDFW 0DQDJHU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
([WHQGHG:DUUDQWLHV ,QWKH86*($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,Q&DQDGDFDOO
3DUWVDQG$FFHVVRULHV ,QWKH86*($SSOLDQFHVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV9,6$
0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG2UGHURQOLQHWRGD\KRXUVHYHU\GD\RUE\SKRQHDW
GXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJJHQHUDOO\
VKRXOGEHUHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHUVHUYLFLQJPD\
FDXVHXQVDIHRSHUDWLRQ
&XVWRPHUVLQ&DQDGDVKRXOGFRQVXOWWKH\HOORZSDJHVIRUWKHQHDUHVW0DEHVHUYLFHFHQWHURUFDOO
&RQWDFW8V ,QWKH86*($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.<
,Q&DQDGDZZZ*($SSOLDQFHVFDRUZULWHWR 'LUHFWRU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
5HJLVWHU<RXU$SSOLDQFH ,QWKH86*($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH<RXPD\DOVRPDLO
LQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO,Q&DQDGDZZZ*($SSOLDQFHVFD
3ULQWHGLQ0H[LFR
7KLVERRNLVSULQWHGRQUHF\FOHGSDSHU
background
,QVWUXFFLRQHVGH
VHJXULGDG
²
,QVWUXFFLRQHVGH
)XQFLRQDPLHQWR
3DSHOGH$OXPLQLR
5HORM\7HPSRUL]DGRU

+RUQR²
+RUQHDGR\'RUDGR
$VDGR*XtDSDUD$VDU
%ORTXHRGHO&RQWURO
&RQYHFFLyQ ²
&RQWUROGHO+RUQR
&RUWHGH&RUULHQWH
3UHFDOHQWDPLHQWR
6RQGD
5HSLVDV
0RGR6DEiWLFR  
$XWR/LPSLH]D
)XQFLRQHV(VSHFLDOHV
$MXVWHGHO7HUPRVWDWR
+RUQHDGR\'RUDGR
SRU7LHPSR
+RUQHDGRFRQ&RQYHFFLyQ
SRU7LHPSR 
&RFLQDHQODVXSHUILFLH
3ODQFKD 
&XLGDGR\/LPSLH]D
(QVDPEOHGHOTXHPDGRU
5HMLOODVGHOTXHPDGRU  
3DQHOGH&RQWURO\3HULOODV 
&RFLQD
3XHUWD
3ODQFD 
)RQGRGHO+RUQR
5HHPSOD]RGHOD/X]GHO+RUQR
 
9HQWLODGRUHVGHO+RUQR
(VWDQWHV 
$XWR/LPSLH]D
6XSHUILFLHVGH$FHUR,QR[LGDEOH
,QVWUXFFLRQHVGH
,QVWDODFLyQ
 ²
$MXVWHGHO$LUH
'LVSRVLWLYR$QWL9ROFDGXUDV
(QVDPEOHGH4XHPDGRUHV
6XSHUILFLDOHV
&RQWUROGH(QFHQGLGRGHO
4XHPDGRU
&RQH[LyQGHOD&RFLQDDO*D
V ²
'LPHQVLRQHV\(VSDFLR
&RQH[LRQHV(OpFWULFDV
1LYHODFLyQGHOD&RFLQD
/3
&RQVHMRVSDUD6ROXFLRQDU
3UREOHPDV
 ²
$FFHVRULRV
6RSRUWHDO&OLHQWH
6RSRUWHDO&OLHQWH&RQWUDWDSD
*DUDQWtDSDUD&OLHQWHV
HQ&DQDGi
*DUDQWtDSDUD&OLHQWHV
HQ((88 
&RFLQDV
*(
-*%
3*%
&*6
0DQXDOGH
8VXDULRH
,QVWUXFFLRQHVGH
,QVWDODFLyQ
*($SSOLDQFHVFRP
D*DVFRQ)XQFLyQGH$XWR/LPSLH]D
(VFULEDORVQ~PHURVGHPRGHOR\
GHVHULHDTXt
1GH0RGHOR BBBBBBBBBBBBBBB
1GH6HULH BBBBBBBBBBBBBBBBB
/RVSXHGHHQFRQWUDUHQXQD
HWLTXHWDGHEDMRGHOFROHFWRUVREUH
ODSXHUWDGHOKRUQRVXSHULRU
(Q&DQDGiFRPXQtTXHVH
FRQQRVRWURVHQ
ZZZ*($SSOLDQFHVFD
background
,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
$'9(57(1&,$
background
*($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$6,16758&&,21(6
background
,1)250$&,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$6,16758&&,21(6
background
*($SSOLDQFHVFRP
$'9(57(1&,$
181&$FXEUDQLQJXQD
UDQXUDDJXMHURVRSDVDMHVHQHOIRQGRGHOKRUQRQLFXEUD
XQHVWDQWHHQWHURFRQPDWHULDOHVWDOHVFRPRSDSHOGH
DOXPLQLR+DFHUHVWREORTXHDHOIOXMRGHDLUHDWUDYpVGHO
KRUQR\SXHGHRFDVLRQDUHQYHQHQDPLHQWRFRQPRQy[LGR
GHFDUERQR/RVUHFXEULPLHQWRVGHDOXPLQLRWDPELpQ
SXHGHQDWUDSDUHOFDORUFDXVDQGRULHVJRGHLQFHQGLR
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
background
(VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO
&yPR(QFHQGHUXQ4XHPDGRU6XSHUILFLDOGH*DV
$'9(57(1&,$
/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
$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
background
&yPR6HOHFFLRQDUHO7DPDxRGHOD/ODPD
8WHQVLOLRVREUHOD&RFLQD
$'9(57(1&,$
/DVOODPDV
GHOTXHPDGRUTXHQRHVWiQFXELHUWDVSRUHO
XWHQVLOLRGHFRFLQDSXHGHQSUHVHQWDUXQ
ULHVJRGHTXHPDGXUDVRLQFHQGLRGHWHODV
1XQFDSHUPLWDTXHODVOODPDVVHH[WLHQGDQ
PiVDOOiGHORVFRVWDGRVGHOXWHQVLOLR
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
$FHUR,QR[LGDEOH(VWHPHWDOSRVHH
SURSLHGDGHVGHFDOHQWDPLHQWROLPLWDGDV\
QRUPDOPHQWHVHFRPELQDFRQFREUHDOXPLQLR
XRWURVPDWHULDOHVSDUDXQDPHMRUGLVWULEXFLyQ
GHOFDORU/RVVDUWHQHVFRQFRPELQDFLyQGH
PHWDOHVQRUPDOPHQWHIXQFLRQDQGHIRUPD
VDWLVIDFWRULDVLVHXVDQFRQFDORUPHGLRFRPR
ORUHFRPLHQGDHOIDEULFDQWH
background
6XSODQFKDFXELHUWD\DQWLDGKHUHQWHRSODQFKD
SUHVD]RQDGDHQDOJXQRVPRGHORVEULQGDXQD
VXSHUILFLHGHFRFFLyQH[WUDJUDQGHSDUDFDUQHV
SDQTXHTXHVXRWUDVFRPLGDVQRUPDOPHQWH
SUHSDUDGDVHQXQDROODRVDUWpQSDUDIUHtU
127$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$SDJXHHOFRQWURODQWHVGHFRORFDUFRPLGDHQ
ODSODQFKD/DFRFFLyQHQODFRQILJXUDFLyQ3UH+HDW
3UHFDOHQWDUSXHGHRFDVLRQDUXQLQFHQGLR
7HQJDFXLGDGRDOFRFLQDUFRPLGDVFRQJUDVD/DJUDVD
HVSDUFLGDSXHGHSURYRFDUXQLQFHQGLR
1XQFDFRORTXHQLJXDUGHXQDUWtFXORHQODSODQFKDLQFOXVR
FXDQGRQRHVWpHQXVR(OFDORUGHORVGHPiVTXHPDGRUHV
SXHGHFDOHQWDUODSODQFKD\SURYRFDUXQLQFHQGLR
&RORTXH\UHWLUHODSODQFKDVyORFXDQGRWRGDVODV
SDUULOODV\ODSODQFKDHVWpQIUtDV\WRGDVODVXQLGDGHV
VXSHUILFLDOHVHVWpQHQ2))$SDJDGR
/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

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
&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
3ODQFKD$QWLDGKHUHQWHSDUDHO0RGHOR-*%
7LSRGH&RPLGD &RQGLFLRQHVGH
3UHFDOHQWDPLHQWR
&RRN6HWWLQJ
&yPR&DOHQWDU7RUWLOODV PLQ
3DQTXHTXHV PLQ
+DPEXUJXHVDV PLQ
+XHYRV)ULWRV PLQ
(PEXWLGRVSDUDHO'HVD\XQR
PLQ
6iQGZLFKHV&DOLHQWHV7DOHV
FRPRFRQ4XHVRDOD3ODQFKD
PLQ
7LSRGH&RPLGD &RQGLFLRQHVGH
3UHFDOHQWDPLHQWR
&RRN6HWWLQJ
&yPR&DOHQWDU7RUWLOODV 1LQJXQR 0HG%DMR
3DQTXHTXHV 0HG$OWR
PLQ
0HG$OWR
+DPEXUJXHVDV 0HG$OWR
PLQ
0HG$OWR
(PEXWLGRVSDUDHO
'HVD\XQR
$OWR
PLQ
0HG
6iQGZLFKHV&DOLHQWHV7DOHV
FRPRFRQ4XHVRDOD3ODQFKD
$OWR
PLQ
$OWR
127$(VSRVLEOHTXHVHDQHFHVDULRDMXVWDUODVFRQILJXUDFLRQHV
GHODSODQFKDVLVHXVDUiSRUXQSHUtRGRSURORQJDGR
127$(VSRVLEOHTXHVHDQHFHVDULRDMXVWDUODVFRQILJXUDFLRQHV
GHODSODQFKDVLVHXVDUiSRUXQSHUtRGRSURORQJDGR
127$(VSRVLEOHTXHVHDQHFHVDULRDMXVWDUODVFRQILJXUDFLRQHV
GHODSODQFKDVLVHXVDUiSRUXQSHUtRGRSURORQJDGR
3ODQFKD3UHVD]RQDGDSDUDORV0RGHOR
3*%
7LSRGH&RPLGD &RQGLFLRQHVGH
3UHFDOHQWDPLHQWR
&RRN6HWWLQJ
&yPR&DOHQWDU7RUWLOODV 1LQJXQR 0HG%DMR
3DQTXHTXHV 0HG$OWR
PLQ
0HG
+DPEXUJXHVDV $OWR
PLQ
0HG
'RUDUHQ+L$OWR
SRUPLQXWRGH
FDGDODGR
+XHYRV)ULWRV +L
$OWR
0HG
(PEXWLGRVSDUDHO
'HVD\XQR
$OWR
PLQ
0HG
6iQGZLFKHV&DOLHQWHV
7DOHVFRPRFRQ4XHVRDOD
3ODQFKD
$OWR
PLQ
$OWR
3ODQFKD$QWLDGKHUHQWHSDUDHO0RGHOR&*6
background
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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
7HFOD&DOLHQWH
3UHVLRQHSDUDPDQWHQHUFDOLHQWHVODVFRPLGDV
\DFRFLQDGDV/HDODVHFFLyQ&yPR&RQILJXUDUHO
+RUQRSDUD&DOHQWDU
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VHFFLyQKRUQR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
0DQWHQJDSUHVLRQDGDODWHFOD*DV&RQWURO
/RFNRXW%ORTXHRGHO&RQWUROGH*DVGXUDQWH
VHJXQGRVSDUDEORTXHDUGHVEORTXHDUORV
TXHPDGRUHVVXSHUILFLDOHVORVTXHPDGRUHVGHO
KRUQR\HOSDQHOGHFRQWUROGHPRGRTXHQR
SXHGDQVHUDFWLYDGRV
&RQWUROGHO+RUQR5HORM7HPSRUL]DGRU\)XQFLRQHVHQ
0RGHORV&*6
/DVIXQFLRQHVDSDULHQFLD\XELFDFLRQHV
GHODVWHFODVSXHGHQYDULDU
HOLD 3 SEC
background
8VRGHO+RUQRV
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
&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

(OKRUQRWLHQHSRVLFLRQHVGH
HVWDQWHV7DPELpQFXHQWDFRQXQD
SRVLFLyQHVSHFLDOGHOHVWDQWHEDMR
5SDUDFRVDVPiVJUDQGHVWDOHV
FRPRXQSDYRJUDQGH
background
&yPR&RQILJXUDUHO+RUQR,QIHULRU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LQIHULRU *($SSOLDQFHVFRP
6LVXPRGHORFXHQWDFRQXQDWUDEDSDUDSXHUWDQREORTXHHODSXHUWDFRQODWUDEDGXUDQWHHOKRUQHDGRRWRVWDGR
/DWUDEDVHXVDSDUDODIXQFLyQGHDXWROLPSLH]D~QLFDPHQWH
3UHFDOHQWDPLHQWR\8ELFDFLyQGH2OODV
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXH
ORVHVWDQWHVHQODSRVLFLyQGHVHDGDDQWHVGH
HQFHQGHUHOKRUQR
3UHFDOLHQWHHOKRUQRVLODUHFHWDORUHTXLHUH
3DUDFDOHQWDUHOKRUQRSUHYLDPHQWHDMXVWH
ODWHPSHUDWXUDFRUUHFWD(VQHFHVDULR
SUHFDOHQWDUHOKRUQRSDUDHOKRUQHDGRSRU
FRQYHFFLyQ\SDUDREWHQHUEXHQRVUHVXOWDGRV
DOFRFLQDUWRUWDVJDOOHWDVSDVWHOHV\SDQHV
3DUDKRUQRVVLQXQDOX]RWRQRLQGLFDGRUGH
SUHFDOHQWDPLHQWRSUHFDOLHQWHGXUDQWH
PLQXWRV
/RVUHVXOWDGRVGHOKRUQHDGRVHUiQPHMRUHV
VLODVFDFHURODVGHKRUQHDGRVHHQFXHQWUDQ
HQHOFHQWURGHOKRUQRODPD\RUFDQWLGDGGH
WLHPSRSRVLEOH/DVFDFHURODVQRGHEHQWRFDUVH
PXWXDPHQWHQLWRFDUODVSDUHGHVGHOKRUQR
6LQHFHVLWDXVDUGRVHVWDQWHVHVFDORQHODVROODV
GHPRGRTXHXQRQRHVWpGLUHFWDPHQWHVREUH
HORWUR\GHMHDSUR[LPDGDPHQWHXQHVSDFLR
GHòµHQWUHODVROODVGHVGHHOIUHQWHODSDUWH
WUDVHUD\ORVFRVWDGRVGHODSDUHG
127$1RKRUQHHQLDOPDFHQHQDGDHQ
QLQJXQRGHORVKRUQRVGXUDQWHXQFLFORGHDXWR
OLPSLH]D
$OKRUQHDUFXDWURFDSDVGH
WRUWDGHXQDVRODYH]XVHORV
HVWDQWHV$\&&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
$OKRUQHDUHQXQVRORHVWDQWH
XVHODSRVLFLyQGHOHVWDQWH
GHVGHHOFXDGURSDUDVXWLSRGH
FRPLGD/RVUHVXOWDGRVGHOKRUQHDGR
VHUiQPHMRUHVVLODVFDFHURODVGH
KRUQHDGRVHHQFXHQWUDQHQHOFHQWUR
GHOKRUQRODPD\RUFDQWLGDGGH
WLHPSRSRVLEOH

background
8VRGHOKRUQRVXSHULRU

3DUDXVDUHOKRUQRVXSHULRU
3UHVLRQHKDFLDDGHQWUR\JLUHODSHULOOD
GHOKRUQRVXSHULRUKDFLDFXDOTXLHU
FRQILJXUDFLyQGHVHDGD
3HUPLWDTXHHOKRUQRVXSHULRUVH
SUHFDOLHQWH

/DOX]GHODVHxDOGHOKRUQRVXSHULRUHVWi
XELFDGDHQHOODGRVXSHULRUL]TXLHUGRGHOD
SHULOOD\EULOODFXDQGRODSHULOODHVWiHQOD
SRVLFLyQ21(QFHQGLGR3HUPDQHFHHQ21
(QFHQGLGRKDVWDTXHODSHULOODHVPRYLGDDOD
SRVLFLyQ2))$SDJDGR
/DOX]GHODVHxDO´+HDWLQJµ&DOHQWDUHVWi
XELFDGDVREUHHOFRVWDGRVXSHULRUGHUHFKR
\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8QWRQR12VRQDUiFXDQGRHO
KRUQRKD\DILQDOL]DGRHOSUHFDOHQWDPLHQWR
127$6
(OKRUQRLQIHULRUQRVHSXHGHXVDUGXUDQWHXQ
FLFORGHDXWROLPSLH]DGHOKRUQRVXSHULRU
1RFRORTXHFRPLGDSDSHOGHDOXPLQLRQL
XWHQVLOLRVGHFRFLQDGLUHFWDPHQWHHQHOIRQGR
GHOKRUQRVXSHULRU
6LODVFRPLGDVUHTXLHUHQHVWDUFXELHUWDVXVH
VyORSDSHOGHDOXPLQLRRWDSDVTXHUHVLVWDQ
ODVWHPSHUDWXUDVGHKRUQHDGR1RXVH
SOiVWLFR
3DUDPHMRUHVUHVXOWDGRVGXUDQWHHOKRUQHDGR
XVHHOHVWDQWHHQODSRVLFLyQ%6LHOSODWR
HVGHPDVLDGRDOWRFRORTXHHOPLVPRHQHO
HVWDQWHHQODSRVLFLyQ&
3DUDREWHQHUPHMRUHVUHVXOWDGRVKRUQHHODV
WRUWDVHQHOKRUQRLQIHULRU
3XVKLQDQGWXUQWKHXSSHURYHQ
NQREWRDQ\GHVLUHGVHWWLQJ
background

8VRGHOKRUQRVXSHULRU *($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
*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
(VWDQW
H
&RPHQWDULRV
%LIH -XJRVR
$SXQWR
-XJRVR)

)
%LVWHFV²
µGHJURVRU
*LUDWRULR
3ODQR
$ (VGLItFLOFRFLQDU
HQHOSXQWRMXJRVR
ORVELVWHFVGHXQ
JURVRULQIHULRUDµ
(VSRVLEOHTXHVH
FRFLQHQDQWHVGH
GRUDUVH
$SXQWR
)
%LVWHFV²ôD
µGHJURVRU
*LUDWRULR
3ODQR
$
&RFLGR
)
%LVWHFV²ôD
µGHJURVRU
*LUDWRULR
3ODQR
$
$SXQWR
)
*URXQG%HHI
3DWWLHV
µWRµ
WKLFN
*LUDWRULR
3ODQR
$
&RFLGR
)
KDPEXUJXHVDV
GHFDUQH
SLFDGD²´D
ôµGHJURVRU
*LUDWRULR
3ODQR
$
3ROOR 3HFKXJD
GHVKXHVDGD
*LUDWRULR
3ODQR
$ $VHGHOODGRGHOD
SLHOKDFLDDEDMR
SULPHUR
3HFKXJD
FRQKXHVRV
*LUDWRULR
3ODQR
$
)LOHWHVGH
3HVFDGR
òµDµGH
JURVRU
*LUDWRULR
3ODQR
$ 6RVWHQJD\JLUH
FRQPXFKR
FXLGDGR
*LUDWRULR
3ODQR
$
&RVWLOOD
GHFHUGR
&RFLGR
)
ôµGHJURVRU
*LUDWRULR
3ODQR
$ 3DUDHYLWDU
RQGHDGRVFRUWH
ODJUDVDSRU
LQWHUYDORVGHµ
(OKRUQRVXSHULRUWLHQHSRVLFLRQHV
GHHVWDQWHV
(QJHQHUDOODVSRVLFLRQHVGH
ORVHVWDQWHVVXSHULRUHVSURGXFHQ
GRUDGRVH[WHUQRVPiVRVFXURV\
ODVSRVLFLRQHVLQIHULRUHVSURGXFHQ
PD\RUFRQVLVWHQFLDHQODFRFFLyQ
3DUDREWHQHUPHMRUHVUHVXOWDGRVOD
ROODSDUDDVDUVHGHEHUtDRULHQWDUHQ
IRUPDSDUDOHODDODSDUULOOD
&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KDFLDDGHQWUR\JLUHODSHULOODGHO
KRUQRVXSHULRUSDUDODFRQILJXUDFLyQDVDU
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
&LHUUHODSXHUWD6LHPSUHDVHFRQOD
SXHUWDFHUUDGD
background
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VyORHOKRUQRLQIHULRU
(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

background
8VRGHODVIXQFLRQHVGHKRUQHDGR
\GRUDGRSRUWLHPSRVyORHOKRUQRLQIHULRU *($SSOLDQFHVFRP
127$/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FRFLQDQGRGXUDQWHODFDQWLGDG
GHWLHPSRFRQILJXUDGD\OXHJRGHDSDJDUiGH
IRUPDDXWRPiWLFD
/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

background
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%DMRSDUD&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
$SDJDU8VHXQJXDQWHGHFRFLQDSDUD
UHWLUDUODVRQGDGHODFRPLGD1RXVH
DJDUUDGHUDVSDUDHPSXMDUODSRGUtDQ
GDxDUODVRQGD
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRGXUDQWH
ODFRFFLyQFRQVRQGDSUHVLRQHODWHFOD%DNH
+RUQHDU\OXHJRODVWHFODVQXPpULFDVSDUD
FRQILJXUDUODQXHYDWHPSHUDWXUD
6LODVRQGDHVUHWLUDGDGHODFRPLGDDQWHVGH
TXHOOHJXHDODWHPSHUDWXUDILQDOVRQDUiXQ
WRQR\ODSDQWDOODWLWLODUiKDVWDTXHODVRQGD
VHDUHWLUDGDGHOKRUQR
3XHGHXVDUHO7HPSRUL]DGRUDXQTXHQR
SXHGHXVDURSHUDFLRQHVGHOKRUQRSRUWLHPSR
DOXVDUODVRQGD
8VRGHODVRQGDVyORHOKRUQRLQIHULRU
&DEOH
0DQLMDV

background
8VRGHOKRUQRLQIHULRUSRUFRQYHFFLyQHQDOJXQRVPRGHORV *($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

background
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
or
&yPR&RQILJXUDUHO+RUQR%DMRSDUD+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
$ODVDUSRUFRQYHFFLyQODWHPSHUDWXUDGHOKRUQR
QRVHFRQYHUWLUiHQIRUPDDXWRPiWLFD
8VRGHOKRUQRLQIHULRUSRUFRQYHFFLyQ *($SSOLDQFHVFRP

background

&yPR&RQILJXUDUHO+RUQR%DMRSDUD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
3DUDREWHQHUPHMRUHVUHVXOWDGRVDO
WRVWDUSDYRVJUDQGHV\WRVWDGRV
UHFRPHQGDPRVHOXVRGHOD
VRQGDLQFOXLGDHQHOKRUQRSRU
FRQYHFFLyQ
*($SSOLDQFHVFRP
background
*XtDGH7RVWDGRSRU&RQYHFFLyQ&RQILJXUDFLRQHV6XJHULGDV
8VRGHOKRUQRLQIHULRUSRUFRQYHFFLyQHQDOJXQRVPRGHORV
&DUQHV
7HPSHUDWXUD
GHO+RUQR
7HPSHUDWXUD
,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)
$YH 3ROOR(QWHURDOE Û) Û)
3DYR(QWHUR
6LQ5HOOHQRDOE
6LQ5HOOHQRDOE
Û)
Û)
Û)
Û)
3HFKXJDGH3DYRDOE Û) Û)
/DVDYHVFRQSOXPDVJHQHUDOPHQWHUHTXLHUHQGHXQWLHPSRGHDVDGRDGLFLRQDOGHDPLQXWRV&XEUDODV
SDWDV\ODSHFKXJDFRQSDSHOGHDOXPLQLRSDUDHYLWDUXQGRUDGRH[FHVLYR\TXHVHVHTXHODSLHO

8VRGHODVIXQFLRQHVGHKRUQHDGRSRUFRQYHFFLyQSRUWLHPSRHQHO
KRUQRLQIHULRHQDOJXQRVPRGHORV
(VFXFKDUiXQYHQWLODGRUDOFRFLQDUFRQHVWDIXQFLyQ(OPLVPRVHGHWHQGUiFXDQGRVHDEUDODSXHUWDSHURHOFDOHQWDGRUQRVHDSDJDUi
127$/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$SDJDU
SDUDDSDJDUODSDQWDOODVLHVQHFHVDULR5HWLUH
ODFRPLGDGHOKRUQR5HFXHUGHTXHDXQTXHHO
KRUQRVHDSDJXHGHIRUPDDXWRPiWLFDOD
FRPLGDTXHSHUPDQH]FDGHQWURGHpVWH
FRQWLQXDUiFRFLQiQGRVHFXDQGRHOKRUQRHVWp
DSDJDGR
background
8VRGHODVIXQFLRQHVGHKRUQHDGRSRUFRQYHFFLyQSRUWLHPSRHQHO
KRUQRLQIHULRU
HQDOJXQRVPRGHORV
*($SSOLDQFHVFRP
&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
&yPR3URJUDPDUHO+RUQRSDUD&DOHQWDU
/DIXQFLyQ:$50&DOHQWDUPDQWLHQHFDOLHQWHV
ODVFRPLGDVFRFLQDGDV(VWDIXQFLyQQRIXH
GLVHxDGDSDUDYROYHUDFDOHQWDUFRPLGDIUtD
3DUDXVDUODIXQFLyQ:$50&DOHQWDU
SUHVLRQHODWHFOD:$50&DOHQWDU\OXHJROD
WHFOD67$57,QLFLDU
3DUDXVDUODIXQFLyQ:$50&DOHQWDUOXHJR
GHO7LHPSRGH+RUQHDGRR'RUDGRVLJDORV
VLJXLHQWHVSDVRV
3UHVLRQHHOPRGRGHFRFFLyQTXHGHVHH
XVDU+251($'2+251($'2325
&219(&&,Ï1R'25$'2325
&219(&&,Ï1
3UHVLRQHODVWHFODVQXPpULFDVSDUD
SURJUDPDUODWHPSHUDWXUDGHOKRUQR
3UHVLRQHODWHFOD&22.,1*7,0(
7HPSRUL]DGRU'H&RFFLyQ
7RTXHODVWHFODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
7RTXHODWHFOD:$50&DOHQWDU
3UHVLRQHODWHFOD67$57,QLFLDU
3DUDTXHËWHPV'XURVTXHGHQ
&URFDQWHV
3ODFHIRRGLQORZVLGHGGLVKHVRUSDQV
3DUDPHMRUHVUHVXOWDGRVFRORTXHODV
FRPLGDVHQXQDVRODFDSD1RODV
DPRQWRQH
1RODVFXEUD
&RQWUROHVLHVWiQFURFDQWHVOXHJRGHHQWUH
\PLQXWRV$JUHJXHWLHPSRVHJ~QVHD
QHFHVDULR
127$6,03257$17(6
/DFRPLGDVHGHEHUtDPDQWHQHUFDOLHQWH
HQVXHQYDVHGHFRFFLyQRWUDQVIHULUODDXQ
SODWRFRQSURWHFFLyQWpUPLFDSDUDVHUYLU
3DUDFRPLGDVK~PHGDVFXEUDODVPLVPDV
FRQXQDWDSDVHJXUDSDUDHOKRUQRRSDSHO
GHDOXPLQLR
1RHVQHFHVDULRFXEULUODVFRPLGDVIULWDV
RFURFDQWHVSHURHVSRVLEOHTXHVH
VHTXHQGHPDVLDGRVLVHFDOLHQWDQGXUDQWH
GHPDVLDGRWLHPSR

/DDSHUWXUDUHSHWLGDGHOFDMyQSHUPLWHTXHHO
DLUHFDOLHQWHVDOJD\TXHODFRPLGDVHHQIUtH
'HMHWUDQVFXUULUXQWLHPSRDGLFLRQDOSDUD
TXHODWHPSHUDWXUDLQWHULRUGHOKRUQRVH
HVWDELOLFHOXHJRGHDJUHJDUORVtWHPV
&RQJUDQGHVFDQWLGDGHVHVSRVLEOHTXHVHD
QHFHVDULRFXEULUDOJXQRVGHODVFRPLGDV
FRFLQDGDV
5HWLUHODVFXFKDUDVSDUDVHUYLUHWFDQWHVGH
FRORFDUUHFLSLHQWHVHQHOKRUQR
1RXVHUHFLSLHQWHVWDSDVQLHQYROWRULRVGH
SOiVWLFR
127$/RVUHFLSLHQWHVRWDSDVGHSOiVWLFRR
HQYROWRULRVSOiVWLFRVVHGHUUHWLUiQVLVHORV
FRORFDGHQWURGHOKRUQR(VSRVLEOHTXHQR
SXHGDTXLWDUHOSOiVWLFRGHUUHWLGR\HVWRQR
HVWiFXELHUWRSRUODJDUDQWtD

background
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:DUP
+RUQHDU\&DOHQWDU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:DUP
+RUQHDU\&DOHQWDUDOPLVPRWLHPSR
GXUDQWHVHJXQGRVKDVWDTXHODSDQWDOOD
PXHVWUH6)
3UHVLRQHODVWHFODV:DUP&DOHQWDU\
&RRNLQJ7LPH7LHPSRGH&RFFLyQDO
PLVPRWLHPSR/DSDQWDOODPRVWUDUi)
)DKUHQKHLW
3UHVLRQHODVWHFODV:DUP&DOHQWDU\
&RRNLQJ7LPH7LHPSRGH&RFFLyQ
QXHYDPHQWHDOPLVPRWLHPSR
/DSDQWDOODPRVWUDUi&&HOVLXV
3UHVLRQHODWHFOD6WDUW,QLFLDU
)XQFLRQHVHVSHFLDOHVHQHOFRQWUROGHOKRUQREDMR
$OILQDOL]DUXQFLFORSRUWLHPSRVRQDUiQ
SLWLGRVFRUWRVVHJXLGRVGHXQSLWLGRFDGD
VHJXQGRVKDVWDTXHVHSUHVLRQHODWHFOD&OHDU
2II%RUUDU$SDJDU(VWHSLWLGRFRQWLQXRFDGD
VHJXQGRVSXHGHVHUFDQFHODGR
3DUDFDQFHODUHOSLWLGRFDGDVHJXQGRV
3UHVLRQHODVWHFODV%DNHDQG:DUP
+RUQHDU\&DOHQWDU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
%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

background

*($SSOLDQFHVFRP
+RUDV+RUDVR$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:DUP
+RUQHDU\&DOHQWDUDO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
&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:DUP
+RUQHDU\&DOHQWDUDOPLVPRWLHPSR
GXUDQWHVHJXQGRVKDVWDTXHOD
SDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD&RRNLQJ7LPH7LHPSR
GH&RFFLyQ/DSDQWDOODPRVWUDUi+OG
2))'HPRUDU$SDJDGR
3UHVLRQHODWHFOD&RRNLQJ7LPH7LHPSR
GH&RFFLyQQXHYDPHQWHSDUDDFWLYDUOD
IXQFLyQ/DSDQWDOODPRVWUDUi+OG21
'HPRUDU(QFHQGLGR
3UHVLRQHODWHFOD6WDUW,QLFLRSDUDDFWLYDU
ODIXQFLyQGHFRFFLyQ\GHPRUD\GHMHOD
FRQILJXUDFLyQGHOFRQWUROHQHVWHPRGR
GHIXQFLRQHVHVSHFLDOHV
(VWDIXQFLyQOHSHUPLWHDMXVWDUORVYRO~PHQHV
GHOWRQRHQXQYROXPHQPiVDFHSWDEOH+D\WUHV
QLYHOHVGHYROXPHQSRVLEOHV
3UHVLRQHODVWHFODV%URLO+L/R$VDU$OWR
%DMRGHOKRUQRVXSHULRUDOPLVPRWLHPSR
KDVWDTXHODSDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD&RRN7LPH7LHPSRGH
&RFFLyQ(QODSDQWDOODDSDUHFH%HHS
3LWLGRVeVWHHVHOQLYHOGHYROXPHQ
LQWHUPHGLR
3UHVLRQHQXHYDPHQWHODWHFOD&RRN
7LPH7HPSRUL]DGRUGH&RFFLyQ/D
SDQWDOODPRVWUDUi%HHS3LWLGRV
eVWHHVHOQLYHOGHYROXPHQPiVDOWR
3UHVLRQHQXHYDPHQWHODWHFOD&RRN7LPH
7HPSRUL]DGRUGH&RFFLyQ/DSDQWDOOD
PRVWUDUi%HHS3LWLGRVeVWHHVHOQLYHO
GHYROXPHQPiVEDMR
(OLMDHOQLYHOGHVRQLGRGHVHDGR3LWLGR
3LWLGRV3LWLGRV
3UHVLRQHODWHFOD6WDUW,QLFLDU
9ROXPHQGHO7RQRHQDOJXQRVPRGHORV
background
/DIXQFLyQ6DEEDWK6DEiWLFRVHSXHGHXVDUSDUDKRUQHDUDVDUHQHOKRUQRVXSHULRUHLQIHULRURHQHOFDMyQFDOHQWDGRUHQ
DOJXQRVPRGHORV1RVHSXHGHXVDUSDUDODFRFFLyQSRUFRQYHFFLyQDVDUDXWROLPSLH]DR'HOD\6WDUW,QLFLR5HWUDVDGR
127$/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
$VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWD
GHOGtD\TXHHOKRUQRHVWpDSDJDGR
3UHVLRQHODVWHFODV%DNHDQG:DUP
+RUQHDU\&DOHQWDUDOPLVPRWLHPSR
KDVWDTXHODSDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD'HOD\6WDUW5HWUDVDU
,QLFLRKDVWDTXH6$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
$VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWD
GHOGtD\TXHHOKRUQRHVWpDSDJDGR
3UHVLRQHODVWHFODV%DNHDQG:DUP
+RUQHDU\&DOHQWDUDOPLVPRWLHPSR
KDVWDTXHODSDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD'HOD\6WDUW5HWUDVDU
,QLFLRKDVWDTXH6$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VyORHOKRUQRLQIHULRU
'LVHxDGRSDUDXVDUHQHO'HVFDQVR-XGtR\)HULDGRV
K
&(57,),('
6
$%%$7+
02'(
02'26$%È7,&2
&(57,),&$'2
&yPR6DOLUHO0RGR6DEiWLFR

3UHVLRQHODWHFOD&OHDU2II%RUUDU$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:DUP
+RUQHDU\&DOHQWDU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$6LVHSURGXMHUDXQFRUWHGHOX]PLHQWUDV
HOKRUQRVHHQFXHQWUDHQ0RGR6DEiWLFRpVWH
VHDSDJDUiDXWRPiWLFDPHQWH\SHUPDQHFHUi
DSDJDGRLQFOXVRFXDQGRUHJUHVHODOX](O
FRQWUROGHOKRUQRVHGHEHUHLQLFLDU

background
5HWLUH\UHHPSODFHORVHVWDQWHV
WRWDOPHQWHH[WHQVLEOHVRQVRPHPRGHOV *($SSOLDQFHVFRP
(VWDQWH([WHQVLEOH
$OFRORFDU\UHWLUDUXWHQVLOLRVVLHPSUHHPSXMH
HOHVWDQWHKDFLDDIXHUDGHVGHVXULHOIURQWDO
VXSHULRUKDVWDODSRVLFLyQWRWDOPHQWHDELHUWD
127$1RH[WLHQGDHOHVWDQWHUiSLGDPHQWH/D
FRPLGDVHSRGUtDFDHUGHOIUHQWHGHOHVWDQWH
3DUDUHWLUDUHOHVWDQWH
$VHJ~UHVHGHTXHHOHVWDQWHVHDHPSXMDGR
WRWDOPHQWHGHQWURGHOKRUQRGHPRGRTXH
ODVSDOHWDVODWHUDOHVGHODHVWUXFWXUDGHO
HVWDQWHVHGHVFRQHFWHQGHODSR\RGHOKRUQR
)LUPHPHQWHWRPHODPDQLMDGHOHVWDQWH\
HPSXMHODPLVPDKDFLDXVWHG(OHVWDQWHVH
GHWHQGUiFXDQGRHOH[WUHPRFXUYRJROSHHHO
WRSHGHOKRUQR
,QFOLQHHOH[WUHPRIURQWDOKDFLDDUULED\KDFLD
DIXHUD
127$$OVRVWHQHUHOHVWDQWHH[WHQVLEOHQR
SHUPLWDTXHODSDUWHGHVOL]DEOHTXHGHDELHUWD
7KLVFDQGDPDJHWKHVOLGHV
3DUDUHHPSOD]DUHOHVWDQWH
)LUPHPHQWHWRPHDPERVODGRVGHOD
HVWUXFWXUDGHOHVWDQWH\GHVOLFHHOPLVPR
&RORTXHHOH[WUHPRFXUYRGHOHVWDQWHHQOD
SRVLFLyQGHVHDGDSDUDHVWDQWHVLQFOLQHOD
SDUWHIURQWDO\HPSXMHODPLVPDKDVWDHO
WRSH
&XDQGRHOHVWDQWHHVWpFRUUHFWDPHQWHLQVWDODGR
\EORTXHDGRHQVXSRVLFLyQODVSDOHWDVODWHUDOHV
GHEORTXHRGHODHVWUXFWXUDGHOHVWDQWHKDUiQ
FOLFVREUHORVVRSRUWHVGHOKRUQR6LODVSDOHWDV
ODWHUDOHVQRKLFLHURQFOLFHQODSRVLFLyQUHSLWDORV
SDVRVDQWHULRUHV\DVHJ~UHVHGHTXHODVSDOHWDV
ODWHUDOHVKD\DQVLGROLPSLDGDV\OXEULFDGDVGH
IRUPDDGHFXDGD&RQVXOWH(VWDQWH([WHQVLEOHHQ
ODVHFFLyQGH&XLGDGR\/LPSLH]D
(VWDQWH
)URQWDO
6XSHULRU
3RVLFLyQ
7RWDOPHQWH$ELHUWD
7RPHDTXt
3UHFDXFLyQ
3DUDHYLWDUTXHPDGXUDVFRORTXHORVHVWDQWHVHQODSRVLFLyQFRUUHFWDDQWHVGH
HQFHQGHUHOKRUQR$VHJ~UHVHGHTXHODHVWUXFWXUDHVWpFRPSOHWDPHQWHLQVHUWDGDHQHOKRUQRGHPRGRTXHTXHGH
EORTXHDGD
background
(VSRVLEOHTXHHQFXHQWUHTXHVXKRUQRQXHYRFRFLQDGHIRUPDGLIHUHQWHDOTXHUHHPSOD]y8VHVXKRUQRQXHYRGXUDQWH
DOJXQDVVHPDQDVSDUDIDPLOLDUL]DUVHFRQHOPLVPR6LD~QSLHQVDTXHVXKRUQRQXHYRHVWiGHPDVLDGRFDOLHQWHRGHPDVLDGR
IUtRSRGUiDMXVWDUHOWHUPRVWDWRXVWHGPLVPR
1RXVHWHUPyPHWURVWDOHVFRPRORVTXHVHYHQGHQHQODVWLHQGDVSDUDFRQWURODUODWHPSHUDWXUDGHOKRUQR(VWRV
WHUPyPHWURVSXHGHQYDULDUHQWUH\JUDGRV
127$(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
7R$GMXVWWKH/RZHU7KHUPRVWDW
3DUD$MXVWDUHO7HUPRVWDWR6XSHULRU
3UHVLRQHODVWHFODV%DNHDQG:DUP
+RUQHDU\&DOLHQWH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ORVWHUPRVWDWRVVXSHULRUHLQIHULRU£+iJDORXVWHGPLVPR
(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
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

/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
background
/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
8VRGHORVKRUQRVGHDXWROLPSLH]DVXSHULRUHLQIHULRU *($SSOLDQFHVFRP
12OLPSLH
ODMXQWD
PDQXDOPHQWH
+$*$XQDOLPSLH]D
PDQXDOGHQWUR
GHODSXHUWD\GHO
YLGULR
+$*$XQDOLPSLH]DPDQXDOGHOD
HVWUXFWXUDGHOKRUQR

127$6
/RVTXHPDGRUHVVXSHUILFLDOHV
VHGHEHUiQDSDJDUDQWHVGH
ODKRUDGHLQLFLRGHODDXWR
OLPSLH]D
1RHVSRVLEOHUHDOL]DUODDXWR
OLPSLH]DGHDPERVKRUQRVDO
PLVPRWLHPSR
/RVTXHPDGRUHVGHODFRFLQD
\HOKRUQRTXHQRHVWpQHQHO
PRGRGHDXWROLPSLH]DQRVH
LQLFLDUiQGXUDQWHHOFLFORGH
DXWROLPSLH]D
/DSXHUWDGHOKRUQRGHEHUiHVWDUFHUUDGD
\WRGRVORVFRQWUROHVFRQILJXUDGRVGH
IRUPDFRUUHFWDSDUDTXHHOFLFORIXQFLRQH
DGHFXDGDPHQWH
5RWHODSHULOODGHOKRUQRVXSHULRUKDVWDOD
SRVLFLyQGHDXWROLPSLH]D
3UHVLRQHODWHFOD6WDUW,QLFLR
/DVSXHUWDVVHEORTXHDUiQGHIRUPD
DXWRPiWLFD/DSDQWDOODPRVWUDUiHOWLHPSR
GHOLPSLH]DUHVWDQWH6LODSXHUWDVXSHULRUQR
VHEORTXHD\HOWLHPSRGHOLPSLH]DUHVWDQWH
QRVHPXHVWUDGHQWURGHPLQXWRGH
LQLFLDGRHOFLFORJLUHODSHULOODDODSRVLFLyQ
2II$SDJDGR\DEUDDPEDVSXHUWDVGXUDQWH
PLQXWRV5HSLWDHOSDVR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3XHUWD%ORTXHDGD
(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ODSXHUWDVH
GHVEORTXHDUiGHIRUPDDXWRPiWLFD
*LUHODSHULOODDODSRVLFLyQRII
/DVSDODEUDV/2&.'2253XHUWD
%ORTXHDGDWLWLODUiQ\HOFRQWUROGHOKRUQR
VHxDODUiVLFRQILJXUyHOFLFORGHOLPSLH]D\
ROYLGyFHUUDUODSXHUWDGHOKRUQR
3DUDGHWHQHUXQFLFORGHOLPSLH]DSUHVLRQH
ODWHFOD&OHDU2II%RUUDU$SDJDU\OXHJR
JLUHODSHULOODGHFRQWUROGHOKRUQRDOD
SRVLFLyQ2))$SDJDGR/XHJRGHFLHUWR
SHUtRGRGHWLHPSRODOX]/2&.(''225
3XHUWD%ORTXHDGDVHDSDJDUi(VWR
LQGLFDUiTXHHOKRUQRVHHQIULySRUGHEDMR
GHODWHPSHUDWXUDGHEORTXHR\HOJDV
SXHGHIOXLUSRUODFRFLQD/DVSXHUWDVVH
GHVEORTXHDUiQGHIRUPDDXWRPiWLFD
/XHJRGHFRPSOHWDUHOSULPHUFLFORGH
OLPSLH]DGHOKRUQRSXHGHLQLFLDUHOVHJXQGR
FLFORGHOLPSLH]DGHOKRUQR
background
/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VyORHOKRUQRLQIHULRU
$VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWD
GHOGtD
3UHVLRQHODWHFOD6HOI&OHDQ$XWR
/LPSLH]D
127(7KHVXUIDFHEXUQHUVZLOOEHWXUQHGRII
DXWRPDWLFDOO\ZKHQVHOIFOHDQF\FOHVWDUWV
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
/DVSXHUWDVVHEORTXHDUiQGHIRUPD
DXWRPiWLFD/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3XHUWD%ORTXHDGD
(OKRUQRVHDSDJDGHIRUPDDXWRPiWLFD
FXDQGRHOFLFORGHOLPSLH]DHVFRPSOHWDGR
/DVSXHUWDVVHGHVEORTXHDUiQ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$SDJDU/XHJR
GHFLHUWRSHUtRGRGHWLHPSRODOX]/2&.('
'2253XHUWD%ORTXHDGDVHDSDJDUi
(VWRLQGLFDUiTXHHOKRUQRVHHQIULySRU
GHEDMRGHODWHPSHUDWXUDGHEORTXHR\HO
JDVSXHGHIOXLUSRUODFRFLQD/DVSXHUWDVVH
GHVEORTXHDUiQGHIRUPDDXWRPiWLFD
'HVSXpVGHXQ&LFORGH/LPSLH]D
(VSRVLEOHTXHREVHUYHFHQL]DEODQFDHQHO
KRUQR/LPSLHODPLVPDFRQXQDWHODK~PHGD
XQDYH]TXHHOKRUQRVHHQIUtH
6LTXHGDQPDQFKDVEODQFDVHOLPLQHODV
PLVPDVFRQXQHVWURSDMRFRQMDEyQ\HQMXDJXH
FRPSOHWDPHQWHFRQXQDPH]FODGHDJXD\
YLQDJUH
(VWRVGHSyVLWRVVRQQRUPDOPHQWHXQUHVLGXR
GHVDOTXHQRSXHGHVHUHOLPLQDGRSRUHOFLFOR
GHOLPSLH]D
6LHOKRUQRQRVHOLPSLDOXHJRGHXQFLFORGH
OLPSLH]DUHSLWDHOFLFOR
1RSXHGHFRQILJXUDUHOKRUQRSDUDFRFLQDU
KDVWDTXHHOPLVPRHVWpORVXILFLHQWHPHQWH
FDOLHQWHSDUDTXHODSXHUWDVHGHVEORTXHH
0LHQWUDVHOKRUQRHVWiUHDOL]DQGRODIXQFLyQ
GHDXWROLPSLH]DSXHGHSUHVLRQDUODWHFOD
&ORFN5HORMSDUDYLVXDOL]DUODKRUDGHOGtD
3DUDUHJUHVDUDODFXHQWDUHJUHVLYDGH
OLPSLH]DSUHVLRQHODWHFOD&RRNLQJ7LPH
7LHPSRGH&RFFLyQ
6LUHVXOWDGLItFLOGHVOL]DUORVHVWDQWHVDSOLTXH
XQDFDQWLGDGUHGXFLGDGHDFHLWHYHJHWDO
RDFHLWHGHFRFLQDDXQDWRDOODGHSDSHO\
OLPSLHORVH[WUHPRVGHORVHVWDQWHVGHOKRUQR
FRQXQDWRDOODGHSDSHO
8VRGHORVKRUQRVGHDXWROLPSLH]DVXSHULRUHLQIHULRU

&yPR3URJUDPDUOD/LPSLH]DGHO+RUQR,QIHULRU
3UHVLRQHODWHFOD6HOI&OHDQ$XWR
/LPSLH]D

8VDQGRODVWHFODVQXPpULFDVLQJUHVHHO
WLHPSRGHOLPSLH]DGHVHDGRVLHVQHFHVDULR
XVDUXQWLHPSRGLIHUHQWHD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,QLFLR
/DVSXHUWDVVHEORTXHDUiQGHIRUPD
DXWRPiWLFD/DSDQWDOODPRVWUDUiHOWLHPSRGH
OLPSLH]DUHVWDQWH6LODSXHUWDVXSHULRUQRVH
EORTXHD\HOWLHPSRGHOLPSLH]DUHVWDQWHQR
VHPXHVWUDGHQWURGHPLQXWRGHLQLFLDGRHO
FLFORJLUHODSHULOODDODSRVLFLyQ2II$SDJDGR
\DEUDDPEDVSXHUWDVGXUDQWHPLQXWRV
5HSLWDHOSDVR1RVHUiSRVLEOHDEULUODSXHUWD
GHOKRUQRKDVWDTXHODWHPSHUDWXUDVHDLQIHULRU
DODWHPSHUDWXUDGHEORTXHR\TXHVHDSDJXH
ODOX]GH/2&.(''2253XHUWD%ORTXHDGD
(OKRUQRVHDSDJDGHIRUPDDXWRPiWLFD
FXDQGRHOFLFORGHOLPSLH]DHVFRPSOHWDGR
&XDQGRODOX]GH/2&.(''2253XHUWD
%ORTXHDGDHVWpDSDJDGDODSXHUWDVH
GHVEORTXHDUiGHIRUPDDXWRPiWLFD
*LUHODSHULOODDODSRVLFLyQRIIDSDJDGR
/DVSDODEUDV/2&.'2253XHUWD
%ORTXHDGDWLWLODUiQ\HOFRQWUROGHOKRUQR
VHxDODUiVLFRQILJXUyHOFLFORGHOLPSLH]D\
ROYLGyFHUUDUODSXHUWDGHOKRUQR
3DUDGHWHQHUXQFLFORGHOLPSLH]DSUHVLRQH
ODWHFOD&OHDU2II%RUUDU$SDJDU\OXHJR
JLUHODSHULOODGHFRQWUROGHOKRUQRDOD
SRVLFLyQ2))$SDJDGR/XHJRGHFLHUWR
SHUtRGRGHWLHPSRODOX]/2&.(''225
3XHUWD%ORTXHDGDVHDSDJDUi(VWR
LQGLFDUiTXHHOKRUQRVHHQIULySRUGHEDMR
GHODWHPSHUDWXUDGHEORTXHR\HOJDV
SXHGHIOXLUSRUODFRFLQD/DVSXHUWDVVH
GHVEORTXHDUiQGHIRUPDDXWRPiWLFD
/XHJRGHFRPSOHWDUHOSULPHUFLFORGH
OLPSLH]DGHOKRUQRSXHGHLQLFLDUHOVHJXQGR
FLFORGHOLPSLH]DGHOKRUQR
127$6
/RVTXHPDGRUHVVXSHUILFLDOHV
VHGHEHUiQDSDJDUDQWHVGH
ODKRUDGHLQLFLRGHODDXWR
OLPSLH]D
1RHVSRVLEOHUHDOL]DUODDXWR
OLPSLH]DGHDPERVKRUQRVDO
PLVPRWLHPSR
/RVTXHPDGRUHVGHODFRFLQD
\HOKRUQRTXHQRHVWpQHQHO
PRGRGHDXWROLPSLH]DQRVH
LQLFLDUiQGXUDQWHHOFLFORGH
DXWROLPSLH]D
background

*($SSOLDQFHVFRP
$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
7DSDGHOD
FDEH]DGHORV
TXHPDGRUHV\
HOHFWURGR
3DUULOOD
GHOFKHI
R
(OHFWURGR
%DVHGHWUHVDQLOORV
HQDOJXQRVPRGHORV
(OHFWURGR
35(&$8&,Ï1
1RUHWLUH
ODWDSDGHOTXHPDGRUGHOSXHQWHGHOD
FDEH]D
/DFDEH]DGHOTXHPDGRUGHOSXHQWHGH
WUHVDQLOORV\ORVHQVDPEOHVGHODVWDSDVVH
SXHGHQOHYDQWDUIDFLOLWDQGRVXOLPSLH]D(O
HOHFWURGRQRVHSXHGHUHWLUDU
&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
background
$QWHVGHUHWLUDUODVWDSDV\FDEH]DVGHORV
TXHPDGRUHVHQDOJXQRVPRGHORVUHFXHUGHVX
WDPDxR\XELFDFLyQ5HHPSODFHORVPLVPRVHQ
ODPLVPDXELFDFLyQOXHJRGHODOLPSLH]D
127$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
&XLGDGR\OLPSLH]DGHODFRFLQD
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
$JXMHUR
(OHFWURGR

background
*($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

background
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/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
*(&$5(6
3DUDFRORFDUORVQXHYRVSURWHFWRUHVVLPSOHPHQWH
LQVHUWHHOH[WUHPRFRQIRUPDGHFRQR\HPSXMH
PLHQWUDVGREODREDODQFHDVXDYHPHQWHHOSURWHFWRU
/DVSDUULOODVVHSXHGHQOLPSLDUHQ
XQODYDYDMLOODV
/DDSDULHQFLDSXHGHYDULDU
3DUULOOD
([WHULRU
3DUULOOD
&HQWUDO
3DUULOOD
([WHULRU

&XLGDGR\OLPSLH]DGHODFRFLQD
background
*($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
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
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

&DxD
(WLTXHWD
$JXMHURV
GHODVFDxDV
background
3DUWH,QIHULRUGHO+RUQR
/DSDUWHLQIHULRUGHOKRUQRSRVHHXQDFDEDGR
GHSRUFHODQDHVPDOWDGD3DUDIDFLOLWDUOD
OLPSLH]DSURWHMDHOIRQGRGHOKRUQRGH
GHUUDPHVH[FHVLYRVFRORFDQGRXQDKRMDGH
JDOOHWDVHQHOHVWDQWHTXHHVWiGHEDMRGHO
HVWDQWHVREUHHOFXDOHVWiFRFLQDQGR(VWR
HVSDUWLFXODUPHQWHLPSRUWDQWHDOKRUQHDU
XQDWDUWDGHIUXWDXRWUDVFRPLGDVFRQDOWR
FRQWHQLGRGHiFLGR/RVUHOOHQRVGHIUXWD
FDOLHQWHXRWUDVFRPLGDVFRQDOWRFRQWHQLGR
GHiFLGRWDOHVFRPRWRPDWHFKXFUXW\
VDOVDVFRQYLQDJUHRMXJRGHOLPyQSXHGHQ
RFDVLRQDUILVXUDV\GDxRVVREUHODVXSHUILFLH
GHSRUFHODQDHVPDOWDGD\VHGHEHUiQOLPSLDU
LQPHGLDWDPHQWH
3DUDOLPSLDUGHUUDPHVXVHDJXD\MDEyQXQ
OLPSLDGRUDEUDVLYRRXQDDOPRKDGLOODSDUD
IUHJDUOOHQDGHMDEyQ(QMXDJXHELHQSDUD
HOLPLQDUFXDOTXLHUUHVWRGHMDEyQDQWHVGHOD
IXQFLyQGHDXWROLPSLH]D
/DSXHUWDHVPX\SHVDGD7HQJDFXLGDGRDO
UHWLUDU\OHYDQWDUODSXHUWD
1ROHYDQWHODSXHUWDXVDQGRODPDQLMD
3DUDUHWLUDUODSXHUWD
$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
$EUDODSXHUWDWRWDOPHQWH6LODSXHUWDQR
VHDEUHWRWDOPHQWHODKHQGLGXUDQRHVWi
FRUUHFWDPHQWHDSR\DGDHQHOH[WUHPR
LQIHULRUGHODUDQXUD
(PSXMHORVEORTXHRVGHELVDJUDFRQWUDOD
HVWUXFWXUDIURQWDOGHODFDYLGDGGHOKRUQR
HQOD
SRVLFLyQ
GH
EORTXHR
&LHUUHOD
SXHUWD
GHO
KRUQR
/HYDQWHOD3XHUWDGHO+RUQRHQDOJXQRVPRGHORV
3RVLFLyQGHUHWLUR
%ORTXHRGH
ODELVDJUD
(PSXMHORVEORTXHRVGHELVDJUD
KDFLDDEDMRSDUDGHVEORTXHDU
+HQGLGXUD
([WUHPH
LQIHULRU
GHOD
UDQXUD
%UD]RGHODELVDJUD
5DQXUD
%ORTXHRGH
ODELVDJUD
(PSXMHORVEORTXHRVGHODELVDJUD
KDFLDDUULEDSDUDEORTXHDU
%UD]RGHOD
ELVDJUD
&XLGDGR\OLPSLH]DGHODFRFLQD

/HYDQWHOD3XHUWDGHO+RUQR6XSHULRU
HQDOJXQRVPRGHORV
3DUDUHWLUDUODSXHUWD
$EUDODSXHUWDWRWDOPHQWH
/HYDQWHHOEORTXHRGHODVELVDJUDVKDFLD
HOPDUFRGHOKRUQRKDVWDTXHVHGHWHQJD
&LHUUHODSXHUWDDJUDGRVVHQWLUiTXH
ODSXHUWDVHGHWLHQH(OEORTXHRGHODV
ELVDJUDVKDUiFRQWDFWRFRQHOPDUFRGHO
KRUQR
$DPERVODGRVGHODSXHUWDSUHVLRQHORV
ERWRQHVSDUDOLEHUDUFDGDELVDJUD
/HYDQWHODSXHUWDKDVWDTXHVHOLEHUHGH
ODVELVDJUDV
7LUHGHORVEUD]RVGHODVELVDJUDVSDUD
OLEHUDUODSUHVLRQHVREUHODVOHQJHWDVGH
EORTXHR
(PSXMHORVEORTXHRVGHODVELVDJUDV
KDFLDDEDMRVREUHODVELVDJUDV
3UHVLRQHODVELVDJUDVKDFLDODXQLGDGGH
PRGRTXHVHFLHUUHQ
3DUDUHHPSOD]DUODSXHUWD
(PSXMHODVELVDJUDVKDFLDDIXHUDGHO
PDUFRGHOKRUQRKDVWDODSRVLFLyQ
FRPSOHWDPHQWHDELHUWD
/HYDQWHORVEORTXHRVGHODVELVDJUDV
KDFLDHOPDUFRGHOKRUQRKDVWDTXHVH
GHWHQJDQ
/HYDQWHORVEORTXHRVGHODVELVDJUDV
KDFLDHOPDUFRGHOKRUQRKDVWDTXHVH
GHWHQJDQ
'HVOLFHODSXHUWDKDFLDDWUiVVREUHODV
ELVDJUDV$VHJ~UHVHGHTXHORVERWRQHV
VHYXHOYDQDOHYDQWDU
$EUDODSXHUWD
WRWDOPHQWH
(PSXMHORVEORTXHRVGH
ODVELVDJUDVKDFLDDEDMR
VREUHODVELVDJUDV
&LHUUHODSXHUWDGHO
KRUQR
0DUFRGHO
KRUQR
0DUFR
GHOD
SXHUWD
%RWRQHV
SDUDOLEHUDU
(PSXMH
KDFLD
DEDMR
(PSXMH
KDFLD
DGHQWUR
background
*($SSOLDQFHVFRP

/RVHVWDQWHVH[WHQVLEOHVVHSRGUiQOLPSLDUD
PDQRFRQXQOLPSLDGRUDEUDVLYRRHVWURSDMR
'XUDQWHODOLPSLH]DHYLWHTXHLQJUHVHDJXDR
OLPSLDGRUHQODVEDUUDVGHVOL]DQWHV
127$1RORVOLPSLHHQXQODYDYDMLOODV
(OHVWDQWHWDPELpQSRGUiSHUPDQHFHUHQHO
KRUQRGXUDQWHHOFLFORGHDXWROLPSLH]DVLQVXIULU
QLQJ~QWLSRGHGDxR1RDSOLFDEOHFRQHVWDQWHV
H[WHQVLEOHVGHQtTXHO
6LUHWLUDURUHHPSOD]DUHOHVWDQWHUHVXOWD
GLItFLOOLPSLHORVVRSRUWHVGHOHVWDQWHFRQDFHLWH
GHFRFLQD1ROLPSLHHODFHLWHGHFRFLQDHQHO
HVSDFLRGHGHVOL]DPLHQWR
6LHVGLItFLOGHGHVOL]DUHOHVWDQWHRVLHV
GLItFLODFFLRQDUODSDODQFDHVSRVLEOHTXH
VHDQHFHVDULROXEULFDUHOHVWDQWHXVDQGR
*UDSKLWH/XEULFDWLRQ/XEULFDFLyQGH*UDILWR
HQYLDGDFRQVXKRUQR3DUDRUGHQDU*UDSKLWH
/XEULFDWLRQ/XEULFDFLyQGH*UDILWRDGLFLRQDO
OODPHDQXHVWUR&HQWUR1DFLRQDOGH3LH]DVDO
\GpODUHIHUHQFLD:%7
(VWDQWHVGHO+RUQR
7RGDVODVSDUULOODVGHOKRUQRVHSRGUiQOLPSLDUD
PDQRFRQXQOLPSLDGRUDEUDVLYRRYLUXWD/XHJR
GHODOLPSLH]DHQMXDJXHODVSDUULOODVFRQDJXD
OLPSLD\VHTXHFRQXQDWHODOLPSLD/DVSDUULOODV
GHOKRUQRJULVHV\FXELHUWDVGHSRUFHODQD
SRGUiQSHUPDQHFHUHQHOKRUQRGXUDQWHHO
FLFORGHDXWROLPSLH]DVLQVXIULUQLQJ~QWLSRGH
GDxRV/DVSDUULOODVGHOKRUQRGHQtTXHOSRGUiQ
SHUPDQHFHUHQHOPLVPRGXUDQWHHOFLFORGH
DXWROLPSLH]DSHURSHUGHUiQVXOXVWUH\VHUi
GLItFLOGHVOL]DUODV6HUiQHFHVDULRHQJUDVDU
WRGRVORVFRVWDGRVGHODSDUULOODGHOKRUQRFRQ
XQDFDSDVXDYHGHDFHLWHYHJHWDOOXHJRGH
OLPSLDUODVDPDQRRHQHOKRUQR(VWRD\XGDUi
DTXHODVSDUULOODVVHSXHGDQGHVOL]DUFRQ
IDFLOLGDGIXHUDGHKRUQR
(VWDQWH([WHQVLEOHHQDOJXQRVPRGHORV
3DUDOXEULFDUHOGHVOL]DPLHQWR
127$1RURFtHHOHVWDQWHH[WHQVLEOHFRQHVSUD\GH
FRFLQDRFXDOTXLHURWUROXEULFDQWHHQHVSUD\
5HWLUHHOHVWDQWHGHOKRUQR&RQVXOWHVREUH
HO(VWDQWH([WHQVLEOHHQODVHFFLyQGH8VR
GHO+RUQR
([WLHQGDWRWDOPHQWHHOHVWDQWHVREUHXQD
PHVDRPRVWUDGRU6HSRGUiFRORFDUSDSHO
GHSHULyGLFRGHEDMRGHOHVWDQWHSDUDXQD
OLPSLH]DIiFLO
6LKD\UHVWRVHQORVHVSDFLRVGH
GHVOL]DPLHQWROLPSLHFRQXQDWRDOODGH
SDSHO
127$&XDOTXLHUOXEULFDQWHGHJUDILWRTXH
VHOLPSLHGHEHUiVHUUHHPSOD]DGR²
FRQVXOWHORVSDVRVD
$JLWHHOOXEULFDQWHGHJUDILWRDQWHVGHDEULU
HOPLVPR&RPHQ]DQGRFRQHOPHFDQLVPR
GHOODGRL]TXLHUGRGHOHVWDQWHFRORTXH
FXDWURJRWDVSHTXHxDVGHOXEULFDQWH
HQORVGRVHVSDFLRVSDUDGHVOL]DU
LQIHULRUHVFHUFDGHOHVSDFLRH[WHUQRGH
GHVOL]DPLHQWR
5HSLWDHVWRVREUHHOPHFDQLVPRGHOODGR
GHUHFKRGHOHVWDQWH
$EUD\FLHUUHHOHVWDQWHYDULDVYHFHVSDUD
GLVWULEXLUHOOXEULFDQWH
5HHPSODFHODWDSDGHOOXEULFDQWH\DJLWH
QXHYDPHQWH'pYXHOWDHOHVWDQWH\UHSLWD
ORVSDVRV\
&LHUUHHOHVWDQWHJLUHHOHVWDQWHFRQHOODGR
GHUHFKRKDFLDDUULED\FRORTXHHOPLVPR
HQHOKRUQR&RQVXOWHVREUHHO(VWDQWH
([WHQVLEOHHQODVHFFLyQGH8VRGHO+RUQR
3DUDOXEULFDUOD
SDODQFD
$JLWHHOOXEULFDQWH
\DSOLTXHDODV
SDUWHVPyYLOHVGH
ORVPHFDQLVPRVGH
ODSDODQFDFRPRVH
PXHVWUD
(VWDQWHFRQODGRGHUHFKRKDFLDDUULED
/DGRGHUHFKR
background
/LPSLH]DGHOD3XHUWD
3DUDOLPSLDUHOLQWHULRUGHODSXHUWD
1RSHUPLWDTXHHOH[FHGHQWHGHDJXDHQWUHD
QLQJ~QDJXMHURRUDQXUDVGHODSXHUWD
$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$FHUR,QR[LGDEOH
HQDOJXQRVPRGHORV
1RXVHYLUXWDVGHDFHURpVWDVGDxDUiQOD
VXSHUILFLH
(VWRD\XGDUiDPDQWHQHUHOEULOOR\HODVSHFWR
GHVXFRFLQDGHDFHURLQR[LGDEOH
$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
$SOLTXHXQGHVHQJUDVDQWHTXHQRFRQWHQJD
KLGUy[LGRGHVRGLRRXQOLPSLDGRUGHDFHUR
LQR[LGDEOHVLJDODVLQVWUXFFLRQHV
 5HSLWDORVSDVRVDWDQWDVYHFHVFRPR
VHDQHFHVDULR
9XHOYDDFRORFDUORVHVWDQWHV
6LJDODVLQVWUXFFLRQHVSDUDFXDOTXLHUVXSHUILFLH
GHDFHURLQR[LGDEOHGHVXFRFLQD
12/286(SDUDOLPSLDUODSDUWHVXSHULRUGH
ODFRFLQDRODVSDUWHVGHDFHURLQR[LGDEOH
/HMtDFiXVWLFDKLGUy[LGRGHVRGLRR
OLPSLDGRUHVTXHFRQWHQJDQHVWHTXtPLFR
$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
*($SSOLDQFH3DUWVFRP((88
ZZZ*($SSOLDQFHVFD&DQDGi

&XLGDGR\OLPSLH]DGHODFRFLQD
background
*($SSOLDQFHVFRP
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
$'9(57(1&,$

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

background
$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
7HIOyQ0DUFDUHJLVWUDGDSRU'X3RQW
$QWHFXDOTXLHUGXGDOODPHDO*(&$5(6RYLVLWHQXHVWURVLWLRZHEHQ*($SSOLDQFHVFRP
background
,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
1RLQVWDOHHVWHSURGXFWRFRQXQDFDPSDQDFRQ
FRUWLQDGHDLUHXRWUDFDPSDQDGHFRFLQDTXH
IXQFLRQHOOHYDQGRDLUHDODSODFDGHFRFFLyQ(OIOXMR
GHDLUHSRGUiLQWHUIHULUHQHOIXQFLRQDPLHQWRGHORV
TXHPDGRUHVGHJDVSURGXFLHQGRULHVJRVGHLQFHQGLR
RH[SORVLyQ

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
background

3DUDJDELQHWHVGHEDMRGHOD
SDUWHVXSHULRUGHODFRFLQD\
ODSDUWHWUDVHUDGHODFRFLQD
$OJXQRVPRGHORVQR
TXHGDUiQQLYHODGRV
3DUD
JDELQHWHV
GHEDMRGHOD
SDUWHVXSHULRU
GHODFRFLQD
\ODSDUWH
WUDVHUDGHOD
FRFLQD
µ
µ
µ
0tQLPR
µ
(VSDFLRPtQLPR
FRQUHODFLyQDOD
SDUHGGHUHFKD
3URIXQGLGDG
PtQLPDSDUD
JDELQHWHVVREUH
PRVWUDGRUHV
([WUHPR
IURQWDOGHO
SDQHOODWHUDO
GHODFRFLQD
DGHODQWHGHO
JDELQHWH
µ
µ
µ
0tQLPRSDUD
JDELQHWHVHQ
FDGDODGRGH
ODSDUULOOD
µ
,QVWUXFFLRQHVGH,QVWDODFLyQ
'HMHHOHVSDFLRDGHFXDGRHQWUHODFRFLQD\ODVVXSHUILFLHVFRPEXVWLEOHVDG\DFHQWHV(VWDVGLPHQVLRQHVVHGHEHUiQ
FXPSOLUSDUDXQXVRVHJXURGHVXFRFLQD/DXELFDFLyQGHOWRPDFRUULHQWHGHHOHFWULFLGDG\ODDEHUWXUDGHODWXEHUtD
FRQVXOWH8ELFDFLRQHVGHO*DV\HO7RPDFRUULHQWH(OpFWULFRVHSRGUiQDMXVWDUSDUDFXPSOLUFRQORVUHTXLVLWRVHVSHFtILFRV
/DFRFLQDVHGHEHUiXELFDUFRQXQHVSDFLRQLYHODGRGHµFRQUHODFLyQDODSDUHGWUDVHUD$OJXQRVPRGHORVQR
TXHGDUiQQLYHODGRV
3DUDODLQVWDODFLyQGHODLVODPRGHOR&*6GHMHXQHVSDFLRPtQLPRGHòµHQWUHODDEHUWXUD\HOH[WUHPRWUDVHURGHOD
PHVDGD\XQPtQLPRGHµHQWUHODDEHUWXUD\ORVH[WUHPRVODWHUDOHVGHODPHVDGD
',0(16,21(6<(63$&,26
µ
(VSDFLRPtQLPR
FRQUHODFLyQDOD
SDUHGL]TXLHUGD
µ
/RVPRGHORV
3*%3*%
3*%3*%\
3*%UHTXLHUHQXQ
HVSDFLRPtQLPRGH
µFRQUHODFLyQDOD
SDUHGL]TXLHUGD
**43-3/4”
48”
*29-3/4”
36-1/4” +1/4”
30”
30 3/4”
* Esta dimensión incluye la manija con las puertas cerradas.
**Las dimensiones son referenciadas desde el punto de la parte
trasera de la cocina, que hará contacto con la pared trasera primero.
La dimensión máxima deberá ser considerada entre la
puerta superior y la inferior.




3URIXQGLGDGFRQ
ODSXHUWDDELHUWD
$OWXUDGHODSDUWHWUDVHUDEDVDGDHQHONLWLQVWDODGRGHODSDUWH
WUDVHUDHVWLOR&DIp

background
,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ORVJDELQHWHV\ORV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$17(
5HWLUHWRGRVORVDGKHVLYRV\PDWHULDOHVGHHPSDTXH$VHJ~UHVHTXHORVTXHPDGRUHVHVWpQSURSLDPHQWH
DFRPRGDGRV\QLYHODGRV
4XLWHWRGRVORVDFFHVRULRVGHHPSDTXHGHOKRUQR\RFDMyQ
$VHJ~UHVHTXHQLQJXQDSLH]DGHVXHVWXIDVHKD\DSHUGLGRGXUDQWHHOHPEDUTXH

&219(57,5$*$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VHSXHGHQHQFRQWUDUHQODSDUWHSRVWHULRUGHODJDPD
*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/DXELFDFLRQHVHGHILQHQHQOD
VLJXLHQWHLPDJHQ
3DUWH7UDVHUD
GHOD(VWXID
8ELFDFLyQGHOD&DMD
FRQ2ULILFLRV
background
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
$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
,QVWUXFFLRQHVGH,QVWDODFLyQ
%5,1'((/680,1,6752'(*$6
$'(&8$'2
&21(&7(/$&2&,1$$/*$6
&LHUUHODYiOYXODSULQFLSDOGHVXPLQLVWURGHJDV
DQWHVGHGHVFRQHFWDUVXYLHMDFRFLQD\GHMHODPLVPD
DSDJDGDKDVWDTXHODQXHYDFRQH[LyQVHKD\D
FRPSOHWDGR1RROYLGHYROYHUDHQFHQGHUHOSLORWR
HQRWURVHOHFWURGRPpVWLFRVDJDVFXDQGRYXHOYDD
HQFHQGHUHOJDV
'HELGRDTXHODVWXEHUtDVGXUDVUHVWULQJHQHOPRYLPLHQWR
GHODFRFLQDVHUHFRPLHQGDHOXVRGHOFRQHFWRUSDUD
HOHFWURGRPpVWLFRVGHPHWDOIOH[LEOHFRQFHUWLILFDFLyQ
LQWHUQDFLRQDOGH&6$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

background
,QVWUXFFLRQHVGH,QVWDODFLyQ

8%,&$&,21(6'(/$78%(5Ë$'(*$6<'(/720$&255,(17((/e&75,&2
ÈUHDUHFRPHQGDGDSDUD
WRPDFRUULHQWHGH9HQOD
SDUHGWUDVHUD\iUHDSDUDOD
FRQH[LyQGHOWXERGHHVFDSH\
ODYiOYXODGHVHJXULGDGDWUDYpV
GHODSDUHG
ÈUHDUHFRPHQGDGDSDUD
FRQH[LyQDWUDYpVGHOSLVR
GHOWXERGHHVFDSH\OD
YiOYXODGHVHJXULGDG
35(&$8&,Ï13DUD
HYLWDUTXHXQDFRUULHQWHGHDLUH
DIHFWHHOIXQFLRQDPLHQWRGHO
TXHPDGRUVHOOHWRGDVODVDEHUWXUD
HQODSDUHG\HOSLVR
background
,QVWUXFFLRQHVGH,QVWDODFLyQ
5HJXODGRU
GHSUHVLyQ
5HJXODGRU
GHSUHVLyQ
&RQHFWRU
IOH[LEOH
SLHVPi[
&RQHFWRU
IOH[LEOH
SLHVPi[
$GDSWDGRU
$GDSWDGRU
,QVWDODGRU,QIRUPHDO
FRQVXPLGRUVREUHOD
XELFDFLyQGHODYiOYXOD
GHFLHUUHGHJDV
,QVWDODGRU,QIRUPHDO
FRQVXPLGRUVREUHOD
XELFDFLyQGHODYiOYXOD
GHFLHUUHGHJDV
7XEHUtDGHJDV
GHòµRôµ
7XEHUtDGHJDV
GHòµRôµ
$GDSWDGRU
$GDSWDGRU
9iOYXODGH
FLHUUHGH
JDV
9iOYXODGH
FLHUUHGH
JDV
9iOYXOD
GHFLHUUH
GHJDV
7XEHUtDGHJDVGH
òµRôµ
)OXMRGHO*DVHQOD&RFLQD
5HJXODGRU
GHSUHVLyQ
%RTXLOOD
URVFDGD
&RGRGH
&RGRGH
$GDSWDGRU
$GDSWDGRU
&RGRGH
8QLyQRFRQH[LyQ
UiSLGD
,QVWDODGRU,QIRUPHDO
FRQVXPLGRUVREUHOD
XELFDFLyQGHODYiOYXOD
GHFLHUUHGHJDV
&RQH[LyQ$OWHUQD
%RTXLOODURVFDGD
%RTXLOODURVFDGD
&RGR
GH
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
)OXMRGHO*DVHQOD&RFLQD
)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$5Ë*,'$
,QVWDODGRU2EVHUYHOD
GLVWDQFLDUHFRPHQGDGD
SDUDXQDFRQH[LyQD
WUDYpVGHODSDUHG
7XEHUtDGHJDVGHVGHHOSLVR
7XEHUtDGHJDVGHVGHODSDUHG
background

,QVWUXFFLRQHVGH,QVWDODFLyQ
&21(;,21(6(/e&75,&$6
5HTXLVLWRV(OpFWULFRV
&LUFXLWRHVSHFtILFRGHYROWLRV+HUW]FRUUHFWDPHQWH
FRQHFWDGRDWLHUUDSRUXQGLV\XQWRUGHRDPSHUHVR
IXVLEOHGHUHWUDVR
1RWD1RVHUHFRPLHQGDSDUDHVWHSURGXFWRHOXVRGH
LQWHUUXSWRUHVDXWRPiWLFRVLQDOiPEULFRVRFRQFDEOHDGR
H[WHUQRTXHDSDJDQODFRUULHQWHGHOHOHFWURGRPpVWLFR
&RQH[LyQD7LHUUD
$'9(57(1&,$
5LHVJRGH
'HVFDUJD
(VWHHOHFWURGRPpVWLFRGHEHUiHVWDU
FRQHFWDGRDWLHUUDGHIRUPDDGHFXDGD6LQR
FXPSOHFRQHVWRVHSRGUiQSURGXFLUGHVFDUJDV
HOpFWULFDV
(OFDEOHGHFRUULHQWHGHHVWHHOHFWURGRPpVWLFRFXHQWDFRQ
XQHQFKXIHGHSDWDVFRQH[LyQDWLHUUDTXHVHFRQHFWD
DXQWRPDFRUULHQWHGHSDUHGHVWiQGDUGHFDEOHVSDUD
PLQLPL]DUODSRVLELOLGDGGHULHVJRVGHGHVFDUJDVHOpFWULFDV
SRUSDUWHGHOPLVPR
(OFOLHQWHGHEHUiFRQWUDWDUDXQHOHFWULFLVWDFDOLILFDGR
SDUDTXHFRQWUROHHOFLUFXLWRDILQGHDVHJXUDUTXHHO
WRPDFRUULHQWHHVWpFRUUHFWDPHQWHFRQHFWDGRDWLHUUD
(QFDVRGHFRQWDUFRQXQWRPDFRUULHQWHGHSDUHGGH
FDEOHVHVODUHVSRQVDELOLGDG\REOLJDFLyQGHOFOLHQWH
UHHPSOD]DUORSRUXQWRPDFRUULHQWHGHSDUHGGHFDEOHV
FRUUHFWDPHQWHFRQHFWDGRDWLHUUD
181&$%$-21,1*81$&,5&8167$1&,$&257(1,
(/,0,1((/7(5&(5&$%/(7,(55$'(/&$%/('(
&255,(17(
8QDVSDODEUDVVREUHORV*)&,²QRVHUHTXLHUHQQLVH
UHFRPLHQGDQORV*)&,SDUDUHFHSWiFXORVGHFRFLQDVD
JDV
/RV,QWHUUXSWRUHVGH&LUFXLWRGH7LHUUD*)&,VRQ
GLVSRVLWLYRVTXHGHWHFWDQSpUGLGDVGHFRUULHQWHHQXQ
FLUFXLWR\DXWRPiWLFDPHQWHDSDJDQODFRUULHQWHFXDQGR
HOOtPLWHGHOQLYHOGHSpUGLGDHVGHWHFWDGR(OFRQVXPLGRU
GHEHUiUHLQLFLDUHVWRVGLVSRVLWLYRVGHIRUPDPDQXDO(O
&yGLJR1DFLRQDOGH(OHFWULFLGDGUHTXLHUHHOXVRGHORV*)&,
HQUHFHSWiFXORVGHFRFLQDLQVWDODGRVSDUDVXSHUILFLHVGH
PRVWUDGRUHV(OIXQFLRQDPLHQWRGHODFRFLQDQRVHYHUi
DIHFWDGRVLVHXWLOL]DHQXQFLUFXLWR*)&,SURWHJLGRSHUR
HVSRVLEOHTXHVHSURGX]FDQGHWHQFLRQHVRFDVLRQDOHVQR
GHVHDGDVGHOLQWHUUXSWRU*)&,
$VHJ~UHVHGHFRQWDUFRQ
XQDFRQH[LyQDWLHUUD
DGHFXDGDDQWHVGHXVDU
background

,QVWUXFFLRQHVGH,QVWDODFLyQ
6(//$'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
%

(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
5DQXUD
(OHFWURGR
R
$VHJ~UHVHGHTXHODUDQXUDGH
ODFDEH]DGHOTXHPDGRUHVWp
SRVLFLRQDGDVREUHHOHOHFWURGR
$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
(16$0%/(/2648(0$'25(6
683(5),&,$/(6
)UHQWHGHODFRFLQD
HQDOJXQRVPRGHORV
&DEH]DGHWULSOHOODPD
HQDOJXQRVPRGHORV

(16$0%/(/2648(0$'25(6
683(5),&,$/(6
&217
%

(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(&$8&,Ï1
1RXVHHOTXHPDGRUVLQ
TXHWRGDVODVSDUWHVGHORVTXHPDGRUHVHVWpQHQ
VXVUHVSHFWLYRVOXJDUHV
)UHQWH,]TXLHUGR
)UHQWH'HUHFKR
&HQWUR
)URQWRIUDQJH
7ULULQJFDS
RQVRPHPRGHOV
RQVRPHPRGHOV
7RSHVGH8ELFDFLyQ
background
,QVWUXFFLRQHVGH,QVWDODFLyQ

&21752/((/(1&(1','2'(/26
48(0$'25(6683(5),&,$/(6
(OIXQFLRQDPLHQWRGHWRGRVORVTXHPDGRUHVGHOKRUQR\
SDUWHVXSHULRUGHODFRFLQDVHGHEHQFRQWURODUXQDYH]
TXHODFRFLQD\ODVOtQHDVGHVXPLQLVWURGHJDVKD\DQVLGR
FXLGDGRVDPHQWHFRQWURODGDVSDUDYHULILFDUTXHQRKD\D
SpUGLGDV
0RGHORVFRQ(QFHQGLGR(OpFWULFR
6HOHFFLRQHODSHULOODGHXQTXHPDGRUVXSHULRU\GHIRUPD
VLPXOWiQHDHPSXMHHOPLVPR\JLUHDODSRVLFLyQ/,7(
(VFXFKDUiXQVRQLGRGHFOLFTXHLQGLFDHOIXQFLRQDPLHQWR
DGHFXDGRGHOPyGXORGHFKLVSHR8QDYH]TXHHODLUHVH
KD\DSXUJDGRGHODVOtQHDVGHVXPLQLVWURORVTXHPDGRUHV
VHGHEHUiQHQFHQGHUGHQWURGHORVVHJXQGRV/XHJRGH
TXHORVTXHPDGRUHVVHLOXPLQHQJLUHODSHULOODIXHUDGHOD
SRVLFLyQ/,7(3UXHEHFDGDTXHPDGRUGHIRUPDVXFHVLYD
KDVWDTXHWRGRVORVTXHPDGRUHVKD\DQVLGRFRQWURODGRV
&DOLGDGGHODV/ODPDV
/DFDOLGDGGHFRPEXVWLyQGHODVOODPDVGHOTXHPDGRUVH
GHEHUiGHWHUPLQDUYLVXDOPHQWH
6LODVOODPDVGHOTXHPDGRUVHYHQFRPRHQ$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
&21752/((/(1&(1','2'(/26
48(0$'25(6'(/+2512
(OKRUQRVHGLVHxySDUDIXQFLRQDUGHIRUPDVLOHQFLRVD\
DXWRPiWLFD3DUDXWLOL]DUHOKRUQRSUHVLRQHODWHFOD%DNH
+RUQHDU\OXHJRSUHVLRQHODVWHFODVQXPpULFDVKDVWD
TXHDSDUH]FDHQODSDQWDOOD3UHVLRQHODWHFOD6WDUW
,QLFLR/XHJRGHHQWUH\VHJXQGRVHOTXHPDGRU
GHOKRUQRVHHQFHQGHUi\TXHPDUiKDVWDTXHVHDOFDQFH
ODWHPSHUDWXUDFRQILJXUDGD(OTXHPDGRUGHOKRUQR
FRQWLQXDUiHOFLFORGHHQFHQGLGR\DSDJDGRVHJ~QVHD
QHFHVDULRSDUDPDQWHQHUHOKRUQRHQODWHPSHUDWXUD
LQGLFDGDSRUODSDQWDOOD
3DUDXWLOL]DUHOKRUQRVXSHULRUJLUHOD3HULOODGH&RQWUROGHO
+RUQR6XSHULRUD
3DUDFRQWURODUHOHQFHQGLGRGHOTXHPDGRUSDUDDVDU
SUHVLRQHODWHFOD%URLO+L/R$VDU$OWR%DMR\OXHJROD
WHFOD6WDUW,QLFLDU/XHJRGHHQWUH\VHJXQGRVHO
TXHPDGRUSDUDDVDUVHHQFHQGHUi
/RVPRGHORVFRQHQFHQGLGRHOpFWULFRUHTXLHUHQTXH
ODFRUULHQWHHOpFWULFDIXQFLRQH(QFDVRGHXQFRUWHGH
FRUULHQWHORVTXHPDGRUHVGHOKRUQRHQHVWRVPRGHORV
QRVHSXHGHQHQFHQGHUGHIRUPDPDQXDOFRQXQIyVIRUR
1RFLUFXODUiJDVDPHQRVTXHODEDUUDEULOODQWHHVWp
FDOLHQWH
6LHOKRUQRVHHQFXHQWUDHQXVRFXDQGRVHSURGXFHXQ
FRUWHGHFRUULHQWHHOTXHPDGRUVHDSDJD\QRVHSXHGH
YROYHUDHQFHQGHUKDVWDTXHYXHOYDODFRUULHQWH
&/ODPDVD]XO
VXDYH³1RUPDO
SDUDJDVQDWXUDO
%3XQWDVDPDULOODV
HQFRQRVH[WHUQRV³
1RUPDOSDUDHOJDV/3
$/ODPDV
DPDULOODV³/ODPH
DOVHUYLFLRWpFQLFR
background
3DUDUHWLUDUODSDUWHLQIHULRUGHOKRUQR
$5HWLUHORVWRUQLOORVTXHVRVWLHQHQODSDUWHWUDVHUDGHO
IRQGRGHOKRUQR
%7RPHHOIRQGRGHOKRUQRGHODVUDQXUDVSDUDORVGHGRV
DFDGDODGR
&/HYDQWHODSDUWHWUDVHUDGHOIRQGRGHOKRUQROR
VXILFLHQWHFRPRSDUDGHVSHMDUHOUHERUGHGHOD
HVWUXFWXUDGHODFRFLQDHPSXMHODPLVPDKDFLDDWUiV\
OXHJRHPSXMHKDFLDDUULED\DIXHUD
,QVWUXFFLRQHVGH,QVWDODFLyQ
$-867((/2%785$'25'($-867(
'($,5('(/48(0$'253$5$$6$5
<3$5$+25126,(61(&(6$5,2
/RVREWXUDGRUHVGHDMXVWHGHDLUHSDUDORVTXHPDGRUHV
GHODSDUWHVXSHULRUHLQIHULRUUHJXODQHOIOXMRGHDLUHGH
ODVOODPDV
(OREWXUDGRUGHDMXVWHGHDLUHSDUDHOTXHPDGRUVXSHULRU
DVDUHVWiHQHOFHQWURGHODSDUHGWUDVHUDGHOKRUQR
(OREWXUDGRUGHOTXHPDGRULQIHULRUKRUQRVHHQFXHQWUD
FHUFDGHODSDUHGWUDVHUDGHWUiVGHOFDMyQFDOHQWDGRU
5HWLUHHOFDMyQ&RQVXOWHODVHFFLyQGH&XLGDGR\OLPSLH]D
GHODFRFLQD
3DUDDMXVWDUHOIOXMRGHDLUHGHFDGDTXHPDGRUDIORMHHO
WRUQLOORFRQFDEH]D3KLOOLSV\JLUHHOREWXUDGRUKDFLDOD
SRVLFLyQDELHUWDRFHUUDGDVHJ~QVHDQHFHVDULR
/DVOODPDVGHOTXHPDGRUVXSHULRUDVDUGHEHUiQHVWDUSDUHMDV
FRQFRQRVD]XOHVGHDSUR[LPDGDPHQWHµ\QRVHGHEHUiQ
H[WHQGHUPiVDOOiGHORVERUGHVGHOGHIOHFWRUGHOTXHPDGRU
3DUDGHWHUPLQDUVLODVOODPDVGHOTXHPDGRULQIHULRUHVWiQ
TXHPDQGRGHIRUPDDGHFXDGDUHWLUHODSDUWHLQIHULRU
GHOKRUQR/DVOODPDVGHEHQWHQHUFRQRVD]XOHVGH
DSUR[LPDGDPHQWHµ\VLODFRFLQDHVVXPLQLVWUDGDFRQ
JDVQDWXUDOGHEHUiQTXHPDUVLQSXQWDVDPDULOODV&RQ
ODPD\RUtDGHORVJDVHV/3ODVSXQWDVGHOODPDDPDULOODV
DOILQDOGHORVFRQRVH[WHULRUHVVRQQRUPDOHV/DVOODPDV
QRGHEHQOHYDQWDUORVSDUWHVGHOTXHPDGRU6LVHREVHUYD
XQDHOHYDFLyQUHGX]FDJUDGXDOPHQWHODDEHUWXUDGHO
REWXUDGRUGHDLUHKDVWDTXHODVOODPDVVHHVWDELOLFHQ
$-867((/2%785$'25'($-867(
'($,5('(/48(0$'253$5$$6$5<
3$5$+25126,(61(&(6$5,2
&217
3DUWH,QIHULRU
GHO+RUQR
1,9(/$&,Ï1'(/$&2&,1$
$
,QVWDOHORVHVWDQWHVGHOKRUQRHQHOPLVPR\SRVLFLRQH
ODFRFLQDHQHOOXJDUGRQGHVHUiLQVWDODGDFRQDFFHVR
IURQWDODODVSDWDVQLYHODGRUDVIURQWDOHV\DFFHVRWUDVHUR
DODVSDWDVQLYHODGRUDVWUDVHUDV7RGDVODVSDWDVGHEHUiQ
VHUQLYHODGDV$17(6GHTXHHOSURGXFWRVHDLQVWDODGR
%&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HQDOJXQRVPRGHORV&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
2EWXUDGRUGH
DMXVWHGHDLUH
)ORMR
2EWXUDGRU
GHDMXVWHGHDLUH
)ORMR

background

,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
$ILQGHUHGXFLUHOULHVJRGHFDtGDGHODFRFLQDpVWD
GHEHUiHVWDUDVHJXUDGDSRUXQVRSRUWHDQWLYROFDGXUDV
FRUUHFWDPHQWHLQVWDODGR6LJDODVLQVWUXFFLRQHV
HPEDODGDVFRQHOVRSRUWH
3DUDFRQWURODUVLHOVRSRUWHHVLQVWDODGR\DMXVWDGRGH
IRUPDDSURSLDGDPLUHTXHGHEDMRGHODFRFLQDODSDWD
QLYHODGRUDWUDVHUDHVWpDMXVWDGDDOVRSRUWH(QDOJXQRV
PRGHORVHOFDMyQGHDOPDFHQDPLHQWRRHOSDQHOGH
SURWHFFLyQVHSXHGHQUHWLUDUSDUDXQDIiFLOLQVSHFFLyQ
6LQRHVSRVLEOHUHDOL]DUXQDLQVSHFFLyQYLVXDOGHVOLFH
ODFRFLQDKDFLDDGHODQWHFRQILUPHTXHHOVRSRUWHDQWL
YROFDGXUDVHVWpDMXVWDGRGHIRUPDVHJXUDDOSLVRROD
SDUHG\GHVOLFHODFRFLQDKDFLDDWUiVGHPRGRTXHOD
SDWDQLYHODGRUDWUDVHUDVHHQFXHQWUHGHEDMRGHOVRSRUWH
DQWLYROFDGXUDV
(QFDVRGHTXHODFRFLQDVHDHPSXMDGDGHODSDUHGSRU
DOJXQDUD]yQVLHPSUHUHSLWDHVWHSURFHGLPLHQWRSDUD
YHULILFDUTXHODFRFLQDHVWpFRUUHFWDPHQWHDVHJXUDGD
SRUHOVRSRUWHDQWLYROFDGXUDV
6LODFRFLQDQRFXHQWDFRQHOVRSRUWHDQWLYROFDGXUDV
OODPHDOSDUDUHFLELUXQRVLQFRVWR
background
&RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV
£$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
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
$VHJ~UHVHGHTXHODVSDUWHVGHOTXHPDGRUHVWpQLQVWDODGDV
FRUUHFWDPHQWH&RQVXOWH&XLGDGR\OLPSLH]DHQODVHFFLyQ
GHODFRFLQD
/ODPDVGHOTXHPDGRU
PX\JUDQGHVRDPDULOODV
,PSURSHUDLUWRJDVUDWLR 6LODFRFLQDHVFRQHFWDGDDJDV/3FRQWDFWHDODSHUVRQD
TXHLQVWDOyODFRFLQDRTXHKL]RODFRQYHUVLyQ
/RVTXHPDGRUHVVXSHU
ILFLDOHVVHHQFLHQGHQ
SHURHOKRUQRQR
6HSXGRKDEHUPRYLGRODYiOYXOD
GHFLHUUHGHOKRUQRGHIRUPDDF
FLGHQWDOGXUDQWHODOLPSLH]DRDO
PRYHUOR
3DUDFRQWURODUODYiOYXODGHFLHUUHGHJDVGHOKRUQRUHWLUH
HOFDMyQOHD&XLGDGR\OLPSLH]DGHODVHFFLyQGHOKRUQR
3DUDPRGHORVGHOFDMyQGHOKRUQRLQIHULRUUHWLUHHOSDQHOGH
DFFHVRWUDVHURGHVHQURVFDQGRORVWRUQLOORVGHSXOJDUHQODV
HVTXLQDVVXSHULRUL]TXLHUGD\GHUHFKD%XVTXHODSDODQFD
GHFLHUUHGHOJDVHQODSDUWHWUDVHUDGHODFRFLQD
(OFRQWUROGDODVHxDOOXHJR
GHLQJUHVDUHOWLHPSRGH
FRFFLyQRHOWLHPSRGHLQLFLR
2OYLGyLQJUHVDUXQDWHPSHU
DWXUDGHKRUQHDGRRWLHPSRGH
OLPSLH]D
3UHVLRQHODWHFOD%DNH+RUQHDU\ODWHPSHUDWXUDGHVHDGD
RODWHFOD6HOI&OHDQ$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
&RQVXOWHODVHFFLyQ8VRGHO+RUQR6XSHULRUR8VRGHO+RUQR,QIHULRU
/DSRVLFLyQGHOHVWDQWHHVLQFRUUHFWD
&RQVXOWHODVHFFLyQ8VRGHO+RUQR6XSHULRUR8VRGHO+RUQR,QIHULRU
8VRGHOXWHQVLOLRLQFRUUHFWRRGH
XQXWHQVLOLRGHWDPDxRLQFRUUHFWR
&RQVXOWHODVHFFLyQ8VRGHO+RUQR6XSHULRUR8VRGHO+RUQR,QIHULRU
(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
(OTXHPDGRUQRVH
HQFLHQGH
6HDFWLYyODIXQFLyQ*DV&RQWURO
/RFNRXW%ORTXHRGHO&RQWUROGH
*DV
(VSHUHDTXHHOKRUQRVHHQIUtH\PDQWHQJDSUHVLRQDGD
ODWHFOD*DV&RQWURO/RFNRXW%ORTXHRGHO&RQWUROGH*DV
GXUDQWHVHJXQGRVHQDOJXQRVPRGHORVKDVWDTXHOD
SDQWDOODPXHVWUH/2&2))%ORTXHR'HVDFWLYDGR
(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VXPLQLVWURGHJDVQRIXH
FRQHFWDGRRHQFHQGLGR
&RQVXOWHODV,QVWUXFFLRQHVGH,QVWDODFLyQSURYLVWDVFRQVX
FRFLQD

/DSDODQFD
VHPXHVWUD
FHUUDGD
(038-(3$5$$%5,5
0RGHORVFRQTXHPDGRUVHOODGR
7RUQLOORVGHSXOJDU
0RGHORVFRQFDMyQGHO
KRUQRLQIHULRU
background

&RQVHMRVSDUDOD6ROXFLyQ
GH3UREOHPDV
$QWHVGH6ROLFLWDUHO6HUYLFLR7pFQLFR«
3UREOHPD &DXVDV3RVLEOHV 4Xp+DFHU
/RVTXHPDGRUHVQRVH
HQFLHQGHQFRQW
(VSRVLEOHTXHXQIXVLEOHGHVX
KRJDUVHKD\DTXHPDGRRTXHHO
GLV\XQWRUVHKD\DGHVFRQHFWDGR
5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU
/DVSLH]DVGHOTXHPDGRUQRIXHU
RQUHHPSOD]DGDVFRUUHFWDPHQ
/HDODVHFFLyQ&XLGDGR\OLPSLH]DGHODFRFLQD
6HDFWLYyODIXQFLyQGH
*DV&RQWURO/RFNRXW
%ORTXHRGHO&RQWUROGH
*DV
6LDSDUHFH/2&21%ORTXHR$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
/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
$VHJ~UHVHGHTXHHOFDEOHGHHOHFWULFLGDGHVWpHQFKXIDGR
HQXQWRPDFRUULHQWHFRUUHFWDPHQWHFRQHFWDGRDWLHUUD
(OKRUQRVXSHULRUQR
UHDOL]DODDXWROLPS
LH]D
/DWHPSHUDWXUDGHOKRUQRHVWi
GHPDVLDGRFDOLHQWHSDUDFRQILJXUDU
XQIXQFLRQDPLHQWRGHDXWROLPSLH]D
(VSHUHDTXHODFRFLQDVHHQIUtHDWHPSHUDWXUDDPELHQWH\
UHLQLFLHORVFRQWUROHV
&RQWUROHVGHOKRUQRFRQILJXUDGRV
GHIRUPDLQFRUUHFWD
/HDODVHFFLyQ+RUQRVXSHULRUFRQIXQFLyQGHDXWROLPSLH]D
6RQLGRGH´FKLVSRU
URWHRµR´WUDTXHRµ
eVWHHVHOVRQLGRGHPHWDOFDOHQWiQ
GRVHRHQIULiQGRVHGXUDQWHODV
IXQFLRQHVGHFRFFLyQ\OLPSLH]D
(VWRHVQRUPDO
background
&RQVHMRVSDUDOD6ROXFLyQ
GH3UREOHPDV
3UREOHPD &DXVDV3RVLEOHV 4Xp+DFHU
([FHVRGHKXPR +D\H[FHVRGHVXFLHGDG 3UHVLRQHODWHFOD&OHDU2II%RUUDU$SDJDURJLUHODSHULOOD
GHOKRUQRVXSHULRUDODSRVLFLyQ2))$SDJDGR\SUHVLRQHOD
WHFOD&OHDU2II%RUUDU$SDJDU$EUDODVYHQWDQDVSDUD
OLEHUDUHOKXPRHQODKDELWDFLyQ(VSHUHKDVWDTXHODOX]
/2&.(''2253XHUWD7UDEDGDGHVDSDUH]FD/LPSLHHO
H[FHVRGHVXFLHGDG\UHLQLFLHHOFLFORGHOLPSLH]D
/DSXHUWDGHOKRUQRQR
VHDEULUiOXHJRGHXQ
FLFORGHOLPSLH]D
(OKRUQRHVWiGHPDVLDGRFDOLHQWH (VSHUHDTXHHOKRUQRVHHQIUtHSRUGHEDMRGHODWHPSHU
DWXUDGHEORTXHR1REORTXHHODSXHUWDFRQODWUDEDSDUD
SXHUWDH[FHSWRDOXVDUODIXQFLyQDXWROLPSLH]D
(OKRUQRQROLPSLD
OXHJRGHXQFLFORGH
OLPSLH]D
/RVFRQWUROHVGHOKRUQRQRHVWiQ
FRUUHFWDPHQWHFRQILJXUDGRV
/HDODVHFFLyQ+RUQRVXSHULRUFRQIXQFLyQGHDXWROLPSLH]D
(OKRUQRHVWDEDGHPDVLDGRVXFLR /LPSLHGHUUDPHVH[FHVLYRVDQWHVGHLQLFLDUHOFLFORGH
OLPSLH]D(VSRVLEOHTXHVHDQHFHVDULRXVDUDXWROLPSLH]DQ
XHYDPHQWHHQKRUQRVFRQPXFKDVXFLHGDGRSRUSHUtRGRV
GHWLHPSRPiVSURORQJDGRV
´'RRUµ3XHUWDDSDUHFH
HQODSDQWDOODHQPRGHORV
FRQSXHUWDFRQWUDED
/DPDQLMDGHODWUDEDVHPRYLyD
ODGHUHFKDSHURVHVHOHFFLRQyXQ
SURJUDPDTXHQRHVDXWROLPS
LH]D
0XHYDODPDQLMDGHODWUDEDKDFLDODGHUHFKDVyORDOFRQILJ
XUDUHOFLFORGHDXWROLPSLH]D
´/2&.'225µ3XHUWD
7UDEDGDWLWLODHQOD
SDQWDOOD
(OFLFORGHDXWROLPSLH]DIXHVH
OHFFLRQDGRSHURODSXHUWDQRHVWi
FHUUDGD\HQPRGHORVFRQWUDED
ODPLVPDQRVHPRYLyWRWDOPHQWH
DODGHUHFKD
&LHUUHODSXHUWDGHOKRUQR\HQPRGHORVFRQWUDEDPXHYD
ODWUDEDWRWDOPHQWHKDFLDODGHUHFKD
/DOX]GH/2&.('
'2253XHUWD%OR
TXHDGDHVWiHQFHQ
GLGDFXDQGRGHVHD
FRFLQDU
/DSXHUWDGHOKRUQRHVWiEOR
TXHDGDGHELGRDTXHODWHP
SHUDWXUDLQWHULRUGHOKRUQR
QRGHVFHQGLySRUGHEDMRGHOD
WHPSHUDWXUDGHEORTXHR
3UHVLRQHODWHFOD&OHDU2II%RUUDU$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
/DVUHSLVDVGHOKRUQR
VRQGLItFLOHVGHGHVOL]DU
/DVUHSLVDVGHQtTXHOVLHVWiHTXL
SDGDGHHVWHPRGRIXHURQOLPSLD
GDVHQHOFLFORGHDXWROLPSLH]D/DV
UHSLVDVJULVHVFRQUHFXEULPLHQWR
GHSRUFHODQDVLHVWiHTXLSDGDGH
HVWHPRGRVHOLPSLDURQGHIRUPD
LQFRUUHFWD
$SOLTXHXQDFDQWLGDGUHGXFLGDGHDFHLWHYHJHWDODXQD
WRDOODGHSDSHO\OLPSLHORVH[WUHPRVGHODVUHSLVDVFRQ
GLFKDWRDOODGHSDSHO1RURFtHFRQ3DPRFXDOTXLHURWUR
OXEULFDQWHHQHVSUD\
´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
$QWHVGH6ROLFLWDUHO6HUYLFLR7pFQLFR«

background

*($SSOLDQFHVFRP
3UREOHPD &DXVDV3RVLEOHV 4Xp+DFHU
/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$SDJXHHVWDIXQFLyQSDUDXVDUODFRFLQD
&RQVXOWHODVHFFLyQ%ORTXHRGHO&RQWUROGH*DV
/DSDQWDOODTXHGDHQ
EODQFR
(VSRVLEOHTXHXQIXVLEOHGHVX
KRJDUVHKD\DTXHPDGRRTXHHO
GLV\XQWRUVHKD\DGHVFRQHFWDGR
5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU
(OUHORMHVWiHQHOPRGRGHSDQ
WDOODRVFXUD
/HDODVIXQFLRQHV(VSHFLDOHVGHODVHFFLyQGHFRQWUROGHO
KRUQR
/DSDQWDOODWLWLOD
&RUWHGHFRUULHQWH 5HLQLFLHHOUHORM
1RVHORJUDTXHOD
SDQWDOODPXHVWUH´6)µ
/DVWHFODVGHFRQWUROGHOKRUQR
QRVHSUHVLRQDURQGHIRUPD
DGHFXDGD
/DVWHFODV%DNH+RUQHDU\%URLO+L/R$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
5XLGRGHOYHQWLODGRU
HQDOJXQRVPRGHORVY
8QYHQWLODGRUSDUDHQIULDURXQ
YHQWLODGRUSRUFRQYHFFLyQGHSHQGL
HQGRGHODIXQFLyQTXHHVWpXVDQGR
VHSRGUiQHQFHQGHU
(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
background
$FFHVRULRV
¢%XVFD$OJR0iV"1RWDOODFFHVVRULHVDUHDYDLODEOHIRUDOOPRGHOV
3XHGHHQFRQWUDUHVWRVDFFHVRULRV\PXFKRPiVHQ*($SSOLDQFH3DUWVFRP((88RHQ
ZZZ*($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;
&HUDPD%U\WH
.LW
GHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
,QFOX\HOLPSLDGRU
UDVTXHWD\SDxR
&HUDPD%U\WH
5HWRFDU6SUD\
&LWUXVKLQH
7RDOOLWDVSDUD
SXOLUDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
&HUDPD%U\WH
/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
STAINESS STEEL WIPES

background

127$6 *($SSOLDQFHVFRP
background
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$6³6X~QLFD\H[FOXVLYDDOWHUQDWLYDHVODUHSDUDFLyQGHOSURGXFWR
FRPRVHLQGLFDHQOD*DUDQWtD/LPLWDGD/DVJDUDQWtDVLPSOtFLWDVLQFOX\HQGRJDUDQWtDVLPSOtFLWDVGH
FRPHUFLDELOLGDGRFRQYHQLHQFLDVREUHXQSURSyVLWRSDUWLFXODUVHOLPLWDQDXQDxRRDOSHUtRGRPiVFRUWR
SHUPLWLGRSRUODOH\

background

7RGRHOVHUYLFLRGHJDUDQWtDHVSURYLVWRSRUQXHVWURV&HQWURVGH
6HUYLFLRGH)DEULFDFLyQRXQWpFQLFRDXWRUL]DGRGH6HUYLFLRDO
&OLHQWH&XVWRPHU&DUH3DUDVROLFLWDUHOVHUYLFLRWpFQLFROODPH
DO&XDQGROODPHSDUDVROLFLWDUHOVHUYLFLRWHQJD
ORVQ~PHURVGHVHULH\PRGHORGLVSRQLEOHV
9LDMHVGHOWpFQLFRGHOVHUYLFLRDVXKRJDUSDUDHQVHxDUOHD
XVDUHOSURGXFWR
,QVWDODFLyQLQDGHFXDGDHQWUHJDRPDQWHQLPLHQWR
)DOODVRGDxRVGHOSURGXFWRHQFDVRGHDEXVRPDOXVRR
XVRSDUDSURSyVLWRVGLIHUHQWHVDORULJLQDORXVRFRPHUFLDO
5HHPSOD]RGHIXVLEOHVGHODFDVDRUHLQLFLRGHGLV\XQWRUHV
'DxRVRFDVLRQDGRVVREUHHOSURGXFWRSRUDFFLGHQWH
LQFHQGLRLQXQGDFLRQHVRFDWiVWURIHVQDWXUDOHV
'DxRVFRQVHFXHQWHVRLQFLGHQWDOHVFDXVDGRVSRUSRVLEOHV
GHIHFWRVVREUHHVWHSURGXFWR
'DxRFDXVDGRGHVSXpVGHODHQWUHJD
3URGXFWRQRDFFHVLEOHSDUDEULQGDUHOVHUYLFLRUHTXHULGR
4Xp1R&XEULUi0DEH
3RUHO3HUtRGRGH 0DEH5HHPSOD]DUi
8Q$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$6³6X~QLFD\H[FOXVLYDDOWHUQDWLYDHVODUHSDUDFLyQGHOSURGXFWR
FRPRVHLQGLFDHQOD*DUDQWtD/LPLWDGD/DVJDUDQWtDVLPSOtFLWDVLQFOX\HQGRJDUDQWtDVLPSOtFLWDVGH
FRPHUFLDELOLGDGRFRQYHQLHQFLDVREUHXQSURSyVLWRSDUWLFXODUVHOLPLWDQDXQDxRRDOSHUtRGRPiVFRUWR
SHUPLWLGRSRUODOH\
background
6RSRUWHDO&OLHQWH
6LWLR:HEGH(OHFWURGRPpVWLFRVGH*( (Q((88*($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((88*($SSOLDQFHVFRP
6LQRVHHQFXHQWUDVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLELyGH*(FRPXQtTXHVHFRQQRVRWURVDWUDYpVGHQXHVWURVLWLR
ZHEFRQWRGRVORVGHWDOOHVLQFOX\HQGRVXQ~PHURWHOHIyQLFRRHVFULEDD *HQHUDO0DQDJHU&XVWRPHU
5HODWLRQV
*($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((88*($SSOLDQFHVFRP
5HJLVWUHVXHOHFWURGRPpVWLFRQXHYRDWUDYpVGH,QWHUQHW£DVXFRQYHQLHQFLD8QUHJLVWURSXQWXDOGHVXSURGXFWR
SHUPLWLUiXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVSXQWXDOGHDFXHUGRFRQORVWpUPLQRVGHVXJDUDQWtDHQFDVR
GHVXUJLUODQHFHVLGDG7DPELpQSXHGHHQYLDUXQDFDUWDHQODWDUMHWDGHLQVFULSFLyQSUHLPSUHVDTXHVHLQFOX\HFRQHO
PDWHULDOHPSDTXHWDGR(Q&DQDGiZZZ*($SSOLDQFHVFD
,PSUHVRHQ0p[LFR
(VWHOLEURIXHLPSUHVRHQSDSHOUHFLFODGR

Specifications

GE - General Electric PGB995DET2WW Questions and Answers

Questions and Answers

Related Products