
*(
-.6² µ6LQJOH:DOO2YHQ
-76² µ6LQJOH:DOO2YHQ
2ZQHU·V0DQXDO
*($SSOLDQFHVFRP
6DIHW\,QVWUXFWLRQV²
2SHUDWLQJ,QVWUXFWLRQV
&ORFNDQG7LPHU
&RQWUROV
2YHQ
6DEEDWK)HDWXUH
6SHFLDO)HDWXUHV
7KHUPRVWDW
7LPHG%DNLQJDQG5RDVWLQJ
&DUHDQG&OHDQLQJ
$OXPLQXP)RLO
&RQWURO3DQHO
/LIW2II2YHQ'RRU
/LJKW%XOE
3DFNDJLQJ7DSH
3DLQWHG6XUIDFHV
3RUFHODLQ2YHQ,QWHULRU
5DFNV
7URXEOHVKRRWLQJ7LSV
$FFHVVRULHV
&RQVXPHU6XSSRUW
&RQVXPHU6XSSRUW
:DUUDQW\
%XLOW,Q2YHQ
(OHFWULF
:ULWHWKHPRGHODQGVHULDO
QXPEHUVKHUH
0RGHO BBBBBBBBBBBBBBBBBBBB
6HULDOBBBBBBBBBBBBBBBBBBBBB
<RXFDQILQGWKHPRQDODEHORQ
WKHVLGHWULPRURQWKHIURQWRIWKH
RYHQEHKLQGWKHRYHQGRRU

8VHWKLVDSSOLDQFHRQO\IRULWVLQWHQGHGSXUSRVH
DVGHVFULEHGLQWKLV2ZQHU·V0DQXDO
%HVXUH\RXUDSSOLDQFHLVSURSHUO\LQVWDOOHG
DQGJURXQGHGE\DTXDOLILHGWHFKQLFLDQLQ
DFFRUGDQFHZLWKWKHSURYLGHGLQVWDOODWLRQ
LQVWUXFWLRQV
'RQRWDWWHPSWWRUHSDLURUUHSODFHDQ\SDUWRI
\RXURYHQXQOHVVLWLVVSHFLILFDOO\UHFRPPHQGHG
LQWKLVPDQXDO$OORWKHUVHUYLFLQJVKRXOGEH
UHIHUUHGWRDTXDOLILHGWHFKQLFLDQ
+DYHWKHLQVWDOOHUVKRZ\RXWKHORFDWLRQRI
WKHFLUFXLWEUHDNHURUIXVH0DUNLWIRUHDV\
UHIHUHQFH
%HIRUHSHUIRUPLQJDQ\VHUYLFHGLVFRQQHFW
WKHRYHQSRZHUVXSSO\DWWKHKRXVHKROG
GLVWULEXWLRQSDQHOE\UHPRYLQJWKHIXVHRU
VZLWFKLQJRIIWKHFLUFXLWEUHDNHU
'RQRWOHDYHFKLOGUHQDORQH³FKLOGUHQVKRXOG
QRWEHOHIWDORQHRUXQDWWHQGHGLQDQDUHD
ZKHUHDQDSSOLDQFHLVLQXVH7KH\VKRXOGQHYHU
EHDOORZHGWRVLWRUVWDQGRQDQ\SDUWRIWKH
DSSOLDQFH
'RQRWDOORZDQ\RQHWRFOLPEVWDQGRUKDQJ
RQWKHGRRU7KH\FRXOGGDPDJHWKHRYHQRU
FDXVHVHYHUHSHUVRQDOLQMXU\
:$51,1*
)RU\RXUVDIHW\WKHLQIRUPDWLRQLQWKLVPDQXDOPXVWEHIROORZHGWRPLQLPL]HWKHULVNRIILUHRUH[SORVLRQ
HOHFWULFVKRFNRUWRSUHYHQWSURSHUW\GDPDJHSHUVRQDOLQMXU\RUORVVRIOLIH
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
:KHQXVLQJHOHFWULFDODSSOLDQFHVEDVLFVDIHW\SUHFDXWLRQVVKRXOGEHIROORZHGLQFOXGLQJWKH
IROORZLQJ
6$)(7<35(&$87,216

%HVXUHWKHRYHQLVVHFXUHO\LQVWDOOHGLQD
FDELQHWWKDWLVILUPO\DWWDFKHGWRWKHKRXVH
VWUXFWXUH1HYHUDOORZDQ\RQHWRFOLPEVLW
VWDQGRUKDQJRQWKHRYHQGRRU
1HYHUOHDYHWKHRYHQGRRURSHQZKHQ\RXDUH
QRWZDWFKLQJWKHRYHQ
$OZD\VNHHSFRPEXVWLEOHZDOOFRYHULQJV
FXUWDLQVRUGUDSHVDVDIHGLVWDQFHIURP\RXU
RYHQ
$OZD\VNHHSGLVKWRZHOVGLVKFORWKVSRW
KROGHUVDQGRWKHUOLQHQVDVDIHGLVWDQFHIURP
\RXURYHQ
$OZD\VNHHSZRRGHQDQGSODVWLFXWHQVLOVDQG
FDQQHGIRRGDVDIHGLVWDQFHDZD\IURP\RXU
RYHQ
7HDFKFKLOGUHQQRWWRSOD\ZLWKWKHFRQWUROVRU
DQ\RWKHUSDUWRIWKHRYHQ
/DUJHVFUDWFKHVRULPSDFWVWRJODVVGRRUVFDQ
OHDGWREURNHQRUVKDWWHUHGJODVV
'RQRWVWRUHIODPPDEOHPDWHULDOVLQDQRYHQ
&$87,21,WHPVRILQWHUHVWWR
FKLOGUHQVKRXOGQRWEHVWRUHGLQFDELQHWVDERYH
DQRYHQFKLOGUHQFOLPELQJRQWKHRYHQWRUHDFK
LWHPVFRXOGEHVHULRXVO\LQMXUHG
1HYHUZHDUORRVHILWWLQJRUKDQJLQJJDUPHQWV
ZKLOHXVLQJWKHDSSOLDQFH%HFDUHIXOZKHQ
UHDFKLQJIRULWHPVVWRUHGLQFDELQHWVRYHUWKH
RYHQ)ODPPDEOHPDWHULDOFRXOGEHLJQLWHGLI
EURXJKWLQFRQWDFWZLWKKRWVXUIDFHVRUKHDWLQJ
HOHPHQWVDQGPD\FDXVHVHYHUHEXUQV
8VHRQO\GU\SRWKROGHUV³PRLVWRUGDPSSRW
KROGHUVRQKRWVXUIDFHVPD\UHVXOWLQEXUQV
IURPVWHDP'RQRWOHWSRWKROGHUVWRXFKKRW
KHDWLQJHOHPHQWV'RQRWXVHDWRZHORURWKHU
EXON\FORWK
)RU\RXUVDIHW\QHYHUXVH\RXUDSSOLDQFHIRU
ZDUPLQJRUKHDWLQJWKHURRP
'RQRWOHWFRRNLQJJUHDVHRURWKHUIODPPDEOH
PDWHULDOVDFFXPXODWHLQRUQHDUWKHRYHQ
'RQRWXVHZDWHURQJUHDVHILUHV1HYHUSLFNXS
DIODPLQJSDQ7XUQWKHFRQWUROVRII
)ODPHLQWKHRYHQFDQEHVPRWKHUHG
FRPSOHWHO\E\FORVLQJWKHRYHQGRRUDQG
WXUQLQJWKHRYHQRIIRUE\XVLQJDPXOWL
SXUSRVHGU\FKHPLFDORUIRDPW\SHILUH
H[WLQJXLVKHU
'RQRWVWRUHRUXVHFRPEXVWLEOHPDWHULDOV
JDVROLQHRURWKHUIODPPDEOHYDSRUVDQGOLTXLGV
LQWKHYLFLQLW\RIWKLVRUDQ\RWKHUDSSOLDQFH
*($SSOLDQFHVFRP
6$)(7<35(&$87,216

5($'$1')2//2:7+,66$)(7<,1)250$7,21&$5()8//<
6$9(7+(6(,16758&7,216
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
&RRNPHDWDQGSRXOWU\WKRURXJKO\³PHDWWRDWOHDVWDQ,17(51$/WHPSHUDWXUHRI)DQGSRXOWU\
WRDWOHDVWDQ,17(51$/WHPSHUDWXUHRI)&RRNLQJWRWKHVHWHPSHUDWXUHVXVXDOO\SURWHFWVDJDLQVW
IRRGERUQHLOOQHVV
:$51,1*
&22.0($7$1'328/75<7+2528*+/<«
'RQRWWRXFKWKHKHDWLQJHOHPHQWVRUWKH
LQWHULRUVXUIDFHRIWKHRYHQ7KHVHVXUIDFHV
PD\EHKRWHQRXJKWREXUQHYHQWKRXJKWKH\
DUHGDUNLQFRORU'XULQJDQGDIWHUXVHGR
QRWWRXFKRUOHWFORWKLQJRURWKHUIODPPDEOH
PDWHULDOVFRQWDFWDQ\LQWHULRUDUHDRIWKHRYHQ
DOORZVXIILFLHQWWLPHIRUFRROLQJILUVW
3RWHQWLDOO\KRWVXUIDFHVLQFOXGHRYHQYHQW
RSHQLQJVVXUIDFHVQHDUWKHRSHQLQJVFUHYLFHV
DURXQGWKHRYHQGRRUWKHHGJHVRIWKHZLQGRZ
DQGPHWDOWULPSDUWVDERYHWKHGRRU
5(0(0%(57KHLQVLGHVXUIDFHRIWKHRYHQ
PD\EHKRWZKHQWKHGRRULVRSHQHG
1HYHUSODFHFRRNLQJXWHQVLOVRUDQ\RWKHULWHPV
RQWKHRYHQIORRU7KHUHLVDKHDWLQJHOHPHQW
EHQHDWKWKHRYHQIORRU3ODFLQJLWHPVRQWKH
RYHQIORRUPD\FDXVHWKHRYHQWRRYHUKHDW
UHVXOWLQJLQGDPDJHWRWKHRYHQDQGULVNRI
GDPDJHRUILUHWRFDELQHWV
6WDQGDZD\IURPWKHRYHQZKHQRSHQLQJWKH
RYHQGRRU+RWDLURUVWHDPZKLFKHVFDSHVFDQ
FDXVHEXUQVWRKDQGVIDFHDQGRUH\HV
'RQRWKHDWXQRSHQHGIRRGFRQWDLQHUV
3UHVVXUHFRXOGEXLOGXSDQGWKHFRQWDLQHU
FRXOGEXUVWFDXVLQJDQLQMXU\
.HHSWKHRYHQYHQWXQREVWUXFWHG
.HHSWKHRYHQIUHHIURPJUHDVHEXLOGXS
3ODFHWKHRYHQUDFNLQWKHGHVLUHGSRVLWLRQ
ZKLOHWKHRYHQLVFRRO,IUDFNVPXVWEHKDQGOHG
ZKHQKRWGRQRWOHWSRWKROGHUFRQWDFWWKH
KHDWLQJHOHPHQWV
:KHQXVLQJFRRNLQJRUURDVWLQJEDJVLQWKH
RYHQIROORZWKHPDQXIDFWXUHU·VGLUHFWLRQV
3XOOLQJRXWWKHUDFNWRWKHVWRSORFNLVD
FRQYHQLHQFHLQOLIWLQJKHDY\IRRGV,WLVDOVRD
SUHFDXWLRQDJDLQVWEXUQVIURPWRXFKLQJKRW
VXUIDFHVRIWKHGRRURURYHQZDOOV
'RQRWXVHWKHRYHQWRGU\QHZVSDSHUV,I
RYHUKHDWHGWKH\FDQFDWFKRQILUH
'RQRWXVHWKHRYHQIRUDVWRUDJHDUHD,WHPV
VWRUHGLQDQRYHQFDQLJQLWH
'RQRWOHDYHSDSHUSURGXFWVFRRNLQJXWHQVLOV
RUIRRGLQWKHRYHQZKHQQRWLQXVH
$IWHUEURLOLQJDOZD\VWDNHDQ\EURLOHUSDQRXW
RIWKHRYHQDQGFOHDQLW/HIWRYHUJUHDVHLQD
EURLOHUSDQFDQFDWFKILUHQH[WWLPH\RXXVHWKH
SDQ
1HYHUOHDYHMDUVRUFDQVRIIDWGULSSLQJVLQRU
QHDU\RXURYHQ
&OHDQRQO\SDUWVOLVWHGLQWKLV2ZQHU·V0DQXDO
'RQRWXVHDOXPLQXPIRLOWROLQHWKHRYHQ
ERWWRP)RLOFDQWUDSKHDWRUPHOWUHVXOWLQJ
LQGDPDJHWRWKHSURGXFWDQGDVKRFNRUILUH
KD]DUG
6$)(7<35(&$87,216

2YHQ&RQWURO&ORFNDQG7LPHU)HDWXUHVDQG6HWWLQJV
%$.(7(035(&$//3DG
3UHVVWKLVSDGWRVHOHFWWKHEDNHIXQFWLRQ
%$.(/LJKW
)ODVKHVZKLOHLQHGLWPRGH³\RXFDQFKDQJHWKH
RYHQWHPSHUDWXUHDWWKLVSRLQW*ORZVZKHQWKH
RYHQLVLQEDNHPRGH
67$57213DG
0XVWEHSUHVVHGWRVWDUWDQ\FRRNLQJIXQFWLRQ
'LVSOD\
6KRZVWKHWLPHRIGD\RYHQWHPSHUDWXUHZKHWKHU
WKHRYHQLVLQWKHEDNHRUEURLOPRGHDQGWKHWLPHV
VHWIRUWKHWLPHURUDXWRPDWLFRYHQRSHUDWLRQV
7KHGLVSOD\ZLOOVKRZ´3U(µZKLOHSUHKHDWLQJ:KHQ
WKHRYHQUHDFKHVWKHVHOHFWHGWHPSHUDWXUHWKH
RYHQFRQWUROZLOOEHHSDQGWKHGLVSOD\ZLOOVKRZ
WKHRYHQWHPSHUDWXUH
,I´)²µDQGDQXPEHURUOHWWHUIODVKLQWKHGLVSOD\DQG
WKHRYHQFRQWUROVLJQDOVWKLVLQGLFDWHVDIXQFWLRQHUURU
FRGH3UHVVWKH&/($52))SDG$OORZWKHRYHQWRFRRO
IRURQHKRXU3XWWKHRYHQEDFNLQWRRSHUDWLRQ,IWKH
IXQFWLRQHUURUFRGHUHSHDWVGLVFRQQHFWWKHSRZHUWR
WKHUDQJHDQGFDOOIRUVHUYLFH
,I\RXURYHQZDVVHWIRUDWLPHGRYHQRSHUDWLRQDQGD
SRZHURXWDJHRFFXUUHGWKHFORFNDQGDOOSURJUDPPHG
IXQFWLRQVPXVWEHUHVHW
7KHWLPHRIGD\ZLOOIODVKLQWKHGLVSOD\ZKHQWKHUHKDV
EHHQDSRZHURXWDJH5HVHWWKHFORFN
.,7&+(17,0(5212))3DG
7RXFKWKLVSDGWRVHOHFWWKHWLPHUIHDWXUH7KHQ
SUHVVDQG²SDGVWRDGMXVWWLPH
7,0(5/LJKW
)ODVKHVZKLOHLQHGLWPRGH³\RXFDQFKDQJHWKHVHW
WLPHDWWKLVSRLQW*ORZVZKHQWKHWLPHUKDVEHHQ
DFWLYDWHG)ODVKHVDJDLQZKHQWKHWLPHKDVUXQRXW
XQWLOWKHFRQWUROLVUHVHW
&/2&.3DG
7RVHWWKHFORFNSUHVVWKLVSDGWZLFHDQGWKHQ
SUHVVWKHDQG²SDGV7KHWLPHRIGD\ZLOOIODVKLQ
WKHGLVSOD\ZKHQWKHRYHQ
LVILUVWWXUQHGRQ
'(/$<67$573DG
8VHDORQJZLWKWKH&22.,1*7,0(SDGWRVHWWKH
RYHQWRVWDUWDQGVWRSDXWRPDWLFDOO\DWDWLPH\RX
VHW
'(/$<67$577LPH/LJKW
)ODVKHVZKLOHLQHGLWPRGH³\RXFDQFKDQJHWKH
GHOD\VWDUWVHWWLPHDWWKLVSRLQW*ORZVZKHQWKH
IXQFWLRQKDVEHHQDFWLYDWHG
&22.,1*7,0(3DG
3UHVVWKLVSDGDQGWKHQWRXFKWKHRU²SDGVWR
VHWWKHDPRXQWRIWLPH\RXZDQW\RXUIRRGWR
FRRN7KHRYHQZLOOVKXWRIIZKHQWKHFRRNLQJWLPH
KDVUXQRXW
&22.,1*7,0(/LJKW
)ODVKHVZKLOHLQHGLWPRGH³\RXFDQFKDQJHWKHVHW
WLPHDWWKLVSRLQW*ORZVZKHQWKHIXQFWLRQKDVEHHQ
DFWLYDWHG)ODVKHVDJDLQZKHQWKHWLPHKDVUXQRXW
XQWLOWKHFRQWUROLVUHVHW
8VLQJWKHRYHQFRQWUROV *($SSOLDQFHVFRP
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO

8VLQJWKHRYHQFRQWUROV
2YHQ&RQWURO&ORFNDQG7LPHU)HDWXUHVDQG6HWWLQJV
$8720$7,&29(1/LJKW
7KLVOLJKWVDQ\WLPHWKHRYHQKDVEHHQ
SURJUDPPHGXVLQJWKH&22.,1*7,0(RU'(/$<
67$57IXQFWLRQV
²3DG
6KRUWWDSVWRWKLVSDGZLOOGHFUHDVHWKHWLPHRU
WHPSHUDWXUHE\VPDOODPRXQWV3UHVVDQGKROG
WKHSDGWRGHFUHDVHWKHWLPHRUWHPSHUDWXUHE\
ODUJHUDPRXQWV
3DG
6KRUWWDSVWRWKLVSDGZLOOLQFUHDVHWKHWLPHRU
WHPSHUDWXUHE\VPDOODPRXQWV3UHVVDQGKROG
WKHSDGWRLQFUHDVHWKHWLPHRUWHPSHUDWXUHE\
ODUJHUDPRXQWV
&/($52))3DG
3UHVVWKLVSDGWRFDQFHO$// RYHQRSHUDWLRQV
H[FHSWWKHFORFNDQGWLPHU
%52,/+,/23DG
3UHVVWKLVSDGWRVHOHFWWKHEURLOIXQFWLRQ
%52,//LJKW
)ODVKHVZKLOHLQHGLWPRGH³\RXFDQVZLWFKIURP+,
WR/2%52,/DWWKLVSRLQW*ORZVZKHQWKHRYHQLVLQ
EURLOPRGH
,QGLFDWRU/LJKWVRQVRPHSDGV
(',7PRGHODVWVVHYHUDOVHFRQGVDIWHUWKH
ODVWSDGSUHVV
'(/$<67$57
212))DQG
&22.,1*7,0(212))ZLOOEHWKHRQO\SDGVOLW
LIHLWKHURIWKHVHRSWLRQVLVVHOHFWHG([DPSOH
'(/$<67$57
LVVHOHFWHGZLWK%$.(³WKH
'(/$<
67$57
SDGZLOOUHPDLQOLWXQWLOWKHFORFNUHDFKHVWKH
SURJUDPPHGWLPHDWZKLFKSRLQWLWZLOOWXUQRIIDQG
WKH%$.(7(035(&$//SDGOLJKWZLOOOLJKWXS
3RZHU2XWDJH
,IDIODVKLQJWLPHLVLQWKHGLVSOD\\RXKDYH
H[SHULHQFHGDSRZHUIDLOXUH5HVHWWKHFORFN
7RUHVHWWKHFORFNSUHVVWKH&/2&.SDG(QWHU
WKHFRUUHFWWLPHRIGD\E\SUHVVLQJWKHRU²
SDGV3UHVVWKH67$5721SDG

7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQWKHRYHQRQ
8VLQJWKHRYHQ *($SSOLDQFHVFRP
3UHKHDWLQJDQG3DQ3ODFHPHQW
3UHKHDWWKHRYHQLIWKHUHFLSHFDOOVIRULW3UHKHDWLQJ
LVQHFHVVDU\IRUJRRGUHVXOWVZKHQEDNLQJFDNHV
FRRNLHVSDVWULHVDQGEUHDGV
7KHGLVSOD\ZLOOVKRZ´3U(µZKLOHSUHKHDWLQJ
:KHQWKHRYHQUHDFKHVWKHVHOHFWHGWHPSHUDWXUH
WKHRYHQFRQWUROZLOOEHHSDQGWKHGLVSOD\ZLOO
VKRZWKHRYHQWHPSHUDWXUH
)RUµ2YHQV,IEDNLQJIRXUFDNHOD\HUVDWWKH
VDPHWLPHSODFHWZROD\HUVRQUDFN&DQGWZR
OD\HUVRQUDFN(6WDJJHUSDQVRQWKHUDFNVRRQHLV
QRWGLUHFWO\DERYHWKHRWKHU
)RUµ2YHQV,IEDNLQJIRXUFDNHOD\HUVDWWKH
VDPHWLPHSODFHWZROD\HUVRQUDFN$DQGWZR
OD\HUVRQUDFN&6WDJJHUSDQVRQWKHUDFNVRRQHLV
QRWGLUHFWO\DERYHWKHRWKHU
%DNLQJUHVXOWVZLOOEHEHWWHULIWKHIRRGLVFHQWHUHG
LQWKHRYHQDVPXFKDVSRVVLEOH$QJHO)RRGFDNHLV
WKHH[FHSWLRQDQGVKRXOGEHSODFHGRQWKHERWWRP
RYHQUDFNSRVLWLRQ$)ROORZSDFNDJHGLUHFWLRQRQ
SUHSDFNDJHGDQGIUR]HQIRRGVIRUSDQSODFHPHQW
3DQVVKRXOGQRWWRXFKHDFKRWKHURUWKHZDOOVRI
WKHRYHQ,I\RXQHHGWRXVHWZRUDFNVVWDJJHUWKH
SDQVVRRQHLVQRWGLUHFWO\DERYHWKHRWKHU/HDYH
DSSUR[LPDWHO\
øsEHWZHHQSDQVDQGIURPWKH
IURQWEDFNDQGVLGHVRIRYHQZDOO
'RQRWSODFHIRRGVGLUHFWO\RQWKH
RYHQIORRU
+RZWR6HWWKH2YHQIRU%DNLQJRU5RDVWLQJ
3UHVVWKH%$.(SDG
3UHVVWKHRU²SDGVXQWLOWKHGHVLUHG
WHPSHUDWXUHLVGLVSOD\HG
3UHVVWKH67$5721SDG
7KHRYHQZLOOVWDUWDXWRPDWLFDOO\7KHGLVSOD\ZLOO
VKRZ3U(ZKLOHSUHKHDWLQJ:KHQWKHRYHQUHDFKHV
WKHVHOHFWHGWHPSHUDWXUHWKHRYHQFRQWUROZLOOEHHS
VHYHUDOWLPHVDQGWKHGLVSOD\ZLOOVKRZWKHRYHQ
WHPSHUDWXUH
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJ%$.(F\FOH
SUHVVWKH%$.(SDGDQGWKHQWKHRU²SDGVWRJHW
WKHQHZWHPSHUDWXUH
&KHFNIRRGIRUGRQHQHVVDWPLQLPXPWLPHRQ
UHFLSH&RRNORQJHULIQHFHVVDU\
3UHVVWKH&/($52))SDGZKHQEDNLQJ
LVILQLVKHGDQGWKHQUHPRYHWKHIRRGIURPWKH
RYHQ
%HIRUH\RXEHJLQ«
7KHUDFNVKDYHVWRSORFNVVRWKDWZKHQSODFHG
FRUUHFWO\RQWKHVXSSRUWVWKH\ZLOOVWRSEHIRUH
FRPLQJFRPSOHWHO\RXWDQGZLOOQRWWLOW
:KHQSODFLQJDQGUHPRYLQJFRRNZDUHSXOOWKHUDFN
RXWWRWKHEXPSRQWKHUDFNVXSSRUW
7RUHPRYHDUDFNSXOOLWWRZDUG\RXWLOWWKHIURQWHQG
XSDQGSXOOLWRXW
7RUHSODFH SODFHWKHHQGRIWKHUDFNVWRSORFNVRQ
WKHVXSSRUWWLOWXSWKHIURQWDQGSXVKWKHUDFNLQ
&$87,211HYHUSODFHFRRNLQJ
XWHQVLOVRUDQ\RWKHULWHPVRQWKHRYHQIORRU7KHUH
LVDKHDWLQJHOHPHQWEHQHDWKWKHRYHQIORRU3ODFLQJ
LWHPVRQWKHRYHQIORRUPD\FDXVHWKHRYHQWR
RYHUKHDWUHVXOWLQJLQGDPDJHWRWKHRYHQDQGULVN
RIGDPDJHRUILUHWRFDELQHWV
7KHQXPEHURIUDFNSRVLWLRQVYDULHV
E\PRGHO

8VLQJWKHRYHQ
+RZWR6HWWKH2YHQIRU%URLOLQJ
&ORVHWKHGRRU$OZD\VEURLOZLWKWKHGRRU
FORVHG
3ODFHWKHPHDWRUILVKRQDEURLOHUJULGLQD
EURLOHUSDQ
)ROORZVXJJHVWHGUDFNSRVLWLRQVLQWKH
%URLOLQJ*XLGH
,I\RXURYHQLVFRQQHFWHGWRYROWVUDUH
VWHDNVPD\EHEURLOHGE\SUHKHDWLQJWKHEURLOHU
DQGSRVLWLRQLQJWKHRYHQUDFNRQHSRVLWLRQ
KLJKHU
3UHVVWKH%52,/+,/2SDGRQFHIRU+L
%URLO
7RFKDQJHWR/R%URLOSUHVVWKH%52,/+,
/2SDGDJDLQ
3UHVVWKH67$57SDG
:KHQEURLOLQJLVILQLVKHGSUHVVWKH&/($5
2))SDG
&ORVHWKHGRRU$OZD\VEURLOZLWK
WKHGRRUFORVHG
%URLOLQJ*XLGH
7KHVL]HZHLJKWWKLFNQHVV
VWDUWLQJWHPSHUDWXUHDQG
\RXUSUHIHUHQFHRIGRQHQHVV
ZLOODIIHFWEURLOLQJWLPHV7KLV
JXLGHLVEDVHGRQPHDWVDW
UHIULJHUDWRUWHPSHUDWXUH
7KH86'HSDUWPHQWRI$JULFXOWXUH
VD\V´5DUHEHHILVSRSXODUEXW\RX
VKRXOGNQRZWKDWFRRNLQJLWWRRQO\
)PHDQVVRPHIRRGSRLVRQLQJ
RUJDQLVPVPD\VXUYLYHµ6RXUFH
6DIH)RRG%RRN<RXU.LWFKHQ
*XLGH86'$5HY-XQH
3UHKHDWWKHEURLOHUIRUPLQXWHVWRLPSURYHSHUIRUPDQFH
)RRG 'RQHQHVV 7\SHRU
7KLFNQHVV
%URLO
6HWWLQJ
5DFN
3RVLWLRQ
s
5DFN
3RVLWLRQ
s
&RPPHQWV
%HHI 5DUH) 6WHDNV²s
WKLFN
+L
' ( 6WHDNVOHVVWKDQsWKLFN
DUHGLIILFXOWWRFRRNUDUH
7KH\FRRNWKURXJKEHIRUH
EURZQLQJ7RSUHYHQWFXUOLQJ
RIPHDWVODVKIDWDWs
LQWHUYDOV
6SDFHSDWWLHVHYHQO\8SWR
SDWWLHVWDNHDERXWWKHVDPH
WLPH
0HGLXP
)
6WHDNVs
WRsWKLFN
+L
' (
:HOO'RQH
)
6WHDNV²
sWRsWKLFN
*URXQG%HHI
3DWWLHVµWR
µWKLFN
+L
' (
&KLFNHQ %UHDVW
ERQHOHVV
+L
$ &
%UHDVWERQHLQ
+L
$ & %URLOVNLQVLGHGRZQILUVW
)LVK
)LOOHWV
sWRsWKLFN
+L
& ' +DQGOHDQGWXUQYHU\
FDUHIXOO\
/R
& '
3RUN
&KRSV
:HOO'RQH
)
sWKLFN
+L
& ' 7RSUHYHQWFXUOLQJRIPHDW
VODVKIDWDWsLQWHUYDOV
$OXPLQXP)RLO
'RQRWXVHDOXPLQXPIRLOWROLQHRYHQERWWRPV7KH
IRLOZLOOWUDSKHDWEHORZDQGXSVHWWKHSHUIRUPDQFH
RIWKHRYHQ)RLOFDQPHOWDQGSHUPDQHQWO\GDPDJH
WKHRYHQERWWRP'DPDJHIURPLPSURSHUXVH
RIDOXPLQXPIRLOLVQRWFRYHUHGE\WKHSURGXFW
ZDUUDQW\
)RLOPD\EHXVHGWRFDWFKVSLOOVE\SODFLQJDVKHHW
RQDORZHUUDFNVHYHUDOLQFKHVEHORZWKHIRRG'R
QRWXVHPRUHIRLOWKDQQHFHVVDU\DQGQHYHUHQWLUHO\
FRYHUDQRYHQUDFNZLWKDOXPLQXPIRLO.HHSIRLODW
OHDVWµIURPRYHQZDOOVWRSUHYHQWSRRUKHDW
FLUFXODWLRQ

0DNHVXUHWKHFORFNLVVHWWRWKH
FRUUHFWWLPHRIGD\
7KHWLPHULVDPLQXWHWLPHURQO\
7KHWLPHUGRHVQRWFRQWURORYHQ
RSHUDWLRQV7KHPD[LPXPVHWWLQJ
RQWKHWLPHULVKRXUVDQG
PLQXWHV
7R&DQFHOWKH7LPHU
3UHVVWKH.LWFKHQ7LPHU2Q2IISDGWZLFH
8VLQJWKHFORFNDQGWLPHU
*($SSOLDQFHVFRP
7R6HWWKH7LPHU
7KHWLPHUGRHVQRWFRQWURORYHQRSHUDWLRQV
7KHPD[LPXPVHWWLQJRQWKHWLPHULVKRXUV
DQGPLQXWHV
3UHVVWKH.,7&+(17,0(5212))SDG
3UHVVWKHRU²SDGVXQWLOWKHDPRXQWRI
WLPH\RXZDQWVKRZVLQWKHGLVSOD\7KH
PD[LPXPWLPHWKDWFDQEHHQWHUHGLQ
PLQXWHVLV7LPHVPRUHWKDQ
PLQXWHVVKRXOGEHFKDQJHGWRKRXUVDQG
PLQXWHV
,I\RXPDNHDPLVWDNHSUHVVWKH.,7&+(1
7,0(5212))SDGDQGEHJLQDJDLQ
3UHVVWKH67$5721SDG7KHWLPHZLOO
VWDUWFRXQWLQJGRZQDOWKRXJKWKHGLVSOD\
GRHVQRWFKDQJHXQWLORQHPLQXWHKDV
SDVVHG
:KHQWKHWLPHUUHDFKHV WKHFRQWURO
ZLOOEHHSWLPHVIROORZHGE\RQHEHHS
HYHU\VHFRQGVXQWLOWKH.,7&+(17,0(5
212))SDGLVSUHVVHG
7R6HWWKH&ORFN
7KHFORFNPXVWEHVHWWRWKHFRUUHFWWLPHRIGD\
IRUWKHDXWRPDWLFRYHQWLPLQJIXQFWLRQVWRZRUN
SURSHUO\7KHWLPHRIGD\FDQQRWEHFKDQJHG
GXULQJDGHOD\HGFRRNLQJF\FOH
3UHVVWKH&/2&.SDGWZLFH
3UHVVWKHRU²SDGV
,IWKHRU²SDGVDUHQRWSUHVVHGZLWKLQRQH
PLQXWHDIWHU\RXSUHVVWKH&/2&.SDGWKH
GLVSOD\UHYHUWVWRWKHRULJLQDOVHWWLQJ,IWKLV
KDSSHQVSUHVVWKH&/2&.SDGWZLFHDQG
UHHQWHUWKHWLPHRIGD\
3UHVVWKH67$5721SDGXQWLOWKHWLPHRI
GD\VKRZVLQWKHGLVSOD\7KLVHQWHUVWKH
WLPHDQGVWDUWVWKHFORFN
7RFKHFNWKHWLPHRIGD\ZKHQWKHGLVSOD\
LVVKRZLQJRWKHULQIRUPDWLRQVLPSO\SUHVV
WKH&/2&.SDG7KHWLPHRIGD\VKRZVXQWLO
DQRWKHUSDGLVSUHVVHG
7R7XUQ2IIWKH&ORFN'LVSOD\
,I\RXKDYHVHYHUDOFORFNVLQ\RXUNLWFKHQ\RX
PD\ZLVKWRWXUQRIIWKHWLPHRIGD\FORFN
GLVSOD\RQ\RXUUDQJH
3UHVVWKH&/2&.SDGRQFHWRWXUQRIIWKH
WLPHRIGD\GLVSOD\$OWKRXJK\RXZLOOQRW
EHDEOHWRVHHLWWKHFORFNPDLQWDLQVWKH
FRUUHFWWLPHRIGD\
3UHVVWKH&/2&.SDGWZLFHWRUHFDOOWKH
FORFNGLVSOD\
7R5HVHWWKH7LPHU
,IWKHGLVSOD\LVVWLOOVKRZLQJWKHWLPHUHPDLQLQJ
\RXPD\FKDQJHLWE\SUHVVLQJWKH.,7&+(1
7,0(5212))SDGWKHQSUHVVLQJWKHRU²
SDGVXQWLOWKHWLPH\RXZDQWDSSHDUVLQWKH
GLVSOD\
,IWKHUHPDLQLQJWLPHLVQRWLQWKHGLVSOD\FORFN
GHOD\VWDUWVHWWLPHRUFRRNLQJWLPHDUHLQWKH
GLVSOD\UHFDOOWKHUHPDLQLQJWLPHE\SUHVVLQJ
WKH.,7&+(17,0(5212))SDGDQGWKHQ
SUHVVLQJWKHRU²SDGVWRHQWHUWKHQHZWLPH
\RXZDQW

8VLQJWKHWLPHGEDNLQJDQGURDVWLQJIHDWXUHVRQVRPHPRGHOV
127()RRGVWKDWVSRLOHDVLO\²VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN²VKRXOGQRWEHDOORZHGWRVLWIRUPRUH
WKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD%HVXUHWKDWWKHRYHQ
OLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRN
IRUDVHOHFWHGOHQJWKRIWLPH$WWKHHQG
RIWKHFRRNLQJWLPHWKHRYHQZLOOWXUQRII
DXWRPDWLFDOO\
3UHVVWKH%$.(SDG
3UHVVWKHRU²SDGVWRVHWWKHRYHQ
WHPSHUDWXUH
3UHVVWKH&22.,1*7,0(SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRI
WKHFRRNLQJWLPH
3UHVVWKHRU²SDGVWRVHWWKHEDNLQJ
WLPH
7KHFRRNLQJWLPHWKDW\RXHQWHUHGZLOOEH
GLVSOD\HG,I\RXVHOHFW&RRNLQJ7LPHILUVWDQG
WKHQDGMXVWWKH%DNH7HPSHUDWXUHWKHRYHQ
WHPSHUDWXUHZLOOEHGLVSOD\HGLQVWHDG
3UHVVWKH67$5721SDG
7KHGLVSOD\VKRZVHLWKHUWKHRYHQWHPSHUDWXUH
WKDW\RXVHWRUWKHFRRNLQJWLPHFRXQWGRZQ
7KHGLVSOD\VWDUWVZLWK´3U(µLIVKRZLQJWKH
RYHQWHPSHUDWXUH
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKH
SURJUDPPHGDPRXQWRIWLPHWKHQWXUQRII
DXWRPDWLFDOO\
3UHVVWKH&/($52))SDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\
5HPRYHWKHIRRGIURPWKHRYHQ5HPHPEHU
HYHQWKRXJKWKHRYHQVKXWVRIIDXWRPDWLFDOO\
IRRGVFRQWLQXHFRRNLQJDIWHUFRQWUROVDUHRII
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQDWWKHWLPHRIGD\\RXVHW
FRRNIRUDVSHFLILFOHQJWKRIWLPHDQGWKHQWXUQ
RIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\
3UHVVWKH%$.(SDG
3UHVVWKHRU²SDGVWRVHWWKHRYHQ
WHPSHUDWXUH
3UHVVWKH&22.,1*7,0(SDG
3UHVVWKHRU²SDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH
3UHVVWKH'(/$<67$57SDG
3UHVVWKHRU²SDGVWRVHWWKHWLPHRIGD\
\RXZDQWWKHRYHQWRWXUQRQDQGVWDUW
FRRNLQJ
3UHVVWKH67$5721SDG
127($QDWWHQWLRQWRQHZLOOVRXQGLI\RXDUH
XVLQJWLPHGEDNLQJDQGGRQRWSUHVVWKH67$57
21SDG
127(,I\RXZRXOGOLNHWRFKHFNWKHWLPHV\RX
KDYHVHWSUHVVWKH'(/$<67$57SDGWRFKHFN
WKHGHOD\VWDUWVHWWLPH\RXKDYHVHWRUSUHVV
WKH&22.,1*7,0(SDGWRFKHFNWKHOHQJWKRI
FRRNLQJWLPH\RXKDYHVHW
:KHQWKHRYHQWXUQVRQDWWKHWLPHRIGD\
\RXKDYHVHWWKHGLVSOD\ZLOOVKRZ´3U(µXQWLOLW
UHDFKHVWKHVHOHFWHGWHPSHUDWXUHWKHQLWZLOO
GLVSOD\WKHRYHQWHPSHUDWXUH
$WWKHHQGRIFRRNLQJWLPHWKHRYHQZLOOWXUQRII
DQGWKHHQGRIF\FOHWRQHZLOOVRXQG
3UHVVWKH&/($52))SDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\
5HPRYHWKHIRRGIURPWKHRYHQ5HPHPEHU
HYHQWKRXJKWKHRYHQVKXWVRIIDXWRPDWLFDOO\
IRRGVFRQWLQXHFRRNLQJDIWHUFRQWUROVDUHRII

$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI *($SSOLDQFHVFRP
<RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZ
ZHHNVWREHFRPHPRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW
\RXUVHOI
'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXU
RYHQ7KHVHWKHUPRPHWHUVPD\YDU\²GHJUHHV
127(7KLVDGMXVWPHQWZLOORQO\DIIHFWEDNLQJDQGURDVWLQJWHPSHUDWXUHVLWGRHVQRWDIIHFWWKHEURLOLQJWHPSHUDWXUH7KH
DGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\DIWHUDSRZHUIDLOXUH
7R$GMXVWWKH7KHUPRVWDW
3UHVVWKH%$.(DQG%52,/+,/2SDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
3UHVVWKH%$.(SDG$WZRGLJLWQXPEHU
VKRZVLQWKHGLVSOD\
7KHRYHQWHPSHUDWXUHFDQEHDGMXVWHGXS
WR)KRWWHU
RU)FRROHU7DSWKHSDGWR
LQFUHDVHWKHWHPSHUDWXUHLQGHJUHH
LQFUHPHQWV7DSWKH²SDGWRGHFUHDVHWKH
WHPSHUDWXUHLQGHJUHHLQFUHPHQWV
:KHQ\RXKDYHPDGHWKHDGMXVWPHQW
SUHVVWKH67$5721SDGWRJREDFNWR
WKHWLPHRIGD\GLVSOD\8VH\RXURYHQDV
\RXZRXOGQRUPDOO\
7KHW\SHRIPDUJDULQHZLOODIIHFWEDNLQJSHUIRUPDQFH
0RVWUHFLSHVIRUEDNLQJKDYHEHHQGHYHORSHGXVLQJKLJKIDWSURGXFWVVXFKDVEXWWHURUPDUJDULQHIDW,I\RX
GHFUHDVHWKHIDWWKHUHFLSHPD\QRWJLYHWKHVDPHUHVXOWVDVZLWKDKLJKHUIDWSURGXFW
5HFLSHIDLOXUHFDQUHVXOWLIFDNHVSLHVSDVWULHVFRRNLHVRUFDQGLHVDUHPDGHZLWKORZIDWVSUHDGV7KHORZHUWKHIDW
FRQWHQWRIDVSUHDGSURGXFWWKHPRUHQRWLFHDEOHWKHVHGLIIHUHQFHVEHFRPH
)HGHUDOVWDQGDUGVUHTXLUHSURGXFWVODEHOHG´PDUJDULQHµWRFRQWDLQDWOHDVWIDWE\ZHLJKW/RZIDWVSUHDGVRQWKHRWKHUKDQG
FRQWDLQOHVVIDWDQGPRUHZDWHU7KHKLJKPRLVWXUHFRQWHQWRIWKHVHVSUHDGVDIIHFWVWKHWH[WXUHDQGIODYRURIEDNHGJRRGV)RUEHVW
UHVXOWVZLWK\RXUROGIDYRULWHUHFLSHVXVHPDUJDULQHEXWWHURUVWLFNVSUHDGVFRQWDLQLQJDWOHDVWYHJHWDEOHRLO

6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO
<RXUQHZWRXFKSDGFRQWUROKDVDGGLWLRQDOIHDWXUHVWKDW\RXPD\FKRRVHWRXVH7KHIROORZLQJDUHWKHIHDWXUHVDQGKRZ
\RXPD\DFWLYDWHWKHP
7KHVSHFLDOIHDWXUHPRGHVFDQRQO\EHDFWLYDWHGZKLOHWKHGLVSOD\LVVKRZLQJWKHWLPHRIGD\7KH\UHPDLQLQWKHFRQWURO·V
PHPRU\XQWLOWKHVWHSVDUHUHSHDWHG
:KHQWKHGLVSOD\VKRZV\RXUFKRLFHSUHVVWKH67$5721SDG7KHVSHFLDOIHDWXUHVZLOOUHPDLQLQPHPRU\DIWHUDSRZHU
IDLOXUH
+RXU6KXW2II
:LWKWKLVIHDWXUHVKRXOG\RXIRUJHWDQGOHDYH
WKHRYHQRQWKHFRQWUROZLOODXWRPDWLFDOO\
WXUQRIIWKHRYHQDIWHUKRXUVGXULQJEDNLQJ
IXQFWLRQVRUDIWHUKRXUVGXULQJDEURLOIXQFWLRQ
,I\RXZLVKWRWXUQRIIWKLVIHDWXUHIROORZWKH
VWHSVEHORZ
3UHVVWKH%$.(DQG%52,/+,/2SDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
3UHVVWKH&/2&.SDGXQWLOQRVKGQQR
VKXWRIIDSSHDUVLQWKHGLVSOD\
3UHVVWKH67$5721SDGWRDFWLYDWHWKH
QRVKXWRIIDQGOHDYHWKHFRQWUROVHWLQWKLV
VSHFLDOIHDWXUHVPRGH

8VLQJWKH6DEEDWKIHDWXUH
'HVLJQHGIRUXVHRQWKH-HZLVK6DEEDWKDQG+ROLGD\VRQVRPHPRGHOV *($SSOLDQFHVFRP
7KH6DEEDWKIHDWXUHFDQEHXVHGIRUEDNLQJURDVWLQJRQO\,WFDQQRWEHXVHGIRUEURLOLQJRU'HOD\6WDUWFRRNLQJ
127(7KHRYHQOLJKWFRPHVRQDXWRPDWLFDOO\RQVRPHPRGHOVZKHQWKHGRRULVRSHQHGDQGJRHVRIIZKHQWKHGRRULV
FORVHG7KHEXOEPD\EHUHPRYHG6HHWKH2YHQ/LJKW5HSODFHPHQWVHFWLRQ2QPRGHOVZLWKDOLJKWVZLWFKRQWKHFRQWURO
SDQHOWKHRYHQOLJKWPD\EHWXUQHGRQDQGOHIWRQ
:KHQWKHGLVSOD\VKRZV
WKHRYHQLVVHWLQ6DEEDWK
:KHQWKHGLVSOD\VKRZV
WKHRYHQLVEDNLQJ
URDVWLQJ
+RZWR6HW6DEEDWK)HDWXUHIRU7LPHG%DNLQJ5RDVWLQJ³,PPHGLDWH6WDUWDQG
$XWRPDWLF6WRS
127(7RXQGHUVWDQGKRZWKHRYHQFRQWUROZRUNVSUDFWLFH
XVLQJUHJXODUQRQ6DEEDWK,PPHGLDWH6WDUWDQG$XWRPDWLF
6WRSEHIRUHHQWHULQJWKH6DEEDWKPRGH
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\DQGWKH
RYHQLVRII
3UHVVDQGKROGERWKWKH%$.( DQG%52,/+,/2SDGVDW
WKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV6)
7DSWKH&/2&.SDGXQWLO6$EDSSHDUVLQWKHGLVSOD\
3UHVVWKH67$5721SDGDQGZLOODSSHDULQWKH
GLVSOD\
3UHVVWKH&22.,1*7,0(SDG
3UHVVWKHRU²SDGVWRVHWWKHGHVLUHGOHQJWKRI
FRRNLQJWLPHEHWZHHQPLQXWHDQGKRXUVDQG
PLQXWHV7KHFRRNLQJWLPHWKDW\RXHQWHUHGZLOOEH
GLVSOD\HG
3UHVVWKH67$5721SDG
3UHVVWKH%$.(SDG1RVLJQDOZLOOEHJLYHQ
7KHSUHVHWVWDUWLQJWHPSHUDWXUHZLOODXWRPDWLFDOO\EH
VHWWR7DSWKHRU²SDGVWRLQFUHDVHRUGHFUHDVH
WKHWHPSHUDWXUHLQLQFUHPHQWV7KHWHPSHUDWXUH
FDQEHVHWEHWZHHQDQG1RVLJQDORU
WHPSHUDWXUHZLOOEHJLYHQ
3UHVVWKH67$5721SDG
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWH
ZLOODSSHDULQWKHGLVSOD\
LQGLFDWLQJWKDWWKHRYHQLVEDNLQJURDVWLQJ,I
GRHVQ·WDSSHDULQWKHGLVSOD\VWDUWDJDLQDW
6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHSUHVVWKH%$.(SDGDQGWDS
WKHRU²SDGVWRLQFUHDVHRUGHFUHDVHWKHWHPSHUDWXUHLQ
LQFUHPHQWV3UHVVWKH67$5721SDG
:KHQFRRNLQJLVILQLVKHGWKHGLVSOD\ZLOOFKDQJHIURP
WR
LQGLFDWLQJWKDWWKHRYHQKDVWXUQHG2))EXWLVVWLOOVHW
LQ6DEEDWK5HPRYHWKHFRRNHGIRRG
+RZWR6HW6DEEDWK)HDWXUHIRU5HJXODU%DNLQJ5RDVWLQJ
127(7RXQGHUVWDQGKRZWKHRYHQFRQWUROZRUNVSUDFWLFH
XVLQJUHJXODUEDNLQJQRQ6DEEDWKEHIRUHHQWHULQJ6DEEDWK
PRGH
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\DQGWKH
RYHQLVRII
3UHVVDQGKROGERWKWKH%$.( DQG%52,/+,/2SDGVDW
WKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV6)
7DSWKH&/2&.SDGXQWLO6$EDSSHDUVLQWKHGLVSOD\
3UHVVWKH67$5721SDGDQGZLOODSSHDULQWKH
GLVSOD\
3UHVVWKH%$.(SDG1RVLJQDOZLOOEHJLYHQ
7KHSUHVHWVWDUWLQJWHPSHUDWXUHZLOODXWRPDWLFDOO\EH
VHWWR7DSWKHRU²SDGVWRLQFUHDVHRUGHFUHDVH
WKHWHPSHUDWXUHLQLQFUHPHQWV7KHWHPSHUDWXUH
FDQEHVHWEHWZHHQDQG1RVLJQDORU
WHPSHUDWXUHZLOOEHJLYHQ
3UHVVWKH67$5721SDG
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWH
ZLOODSSHDULQWKHGLVSOD\
LQGLFDWLQJWKDWWKHRYHQLVEDNLQJURDVWLQJ,I
GRHVQ·WDSSHDULQWKHGLVSOD\VWDUWDJDLQDW
6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHSUHVVWKH%$.(SDGDQGWDS
WKHRU²SDGVWRLQFUHDVHRUGHFUHDVHWKHWHPSHUDWXUHLQ
LQFUHPHQWV3UHVVWKH67$5721SDG
127(7KH&/($52))DQG&22.,1*7,0(SDGVDUHDFWLYH
GXULQJWKH6DEEDWKIHDWXUH
:KHQWKHGLVSOD\VKRZV
WKHRYHQLVVHWLQ6DEEDWK
:KHQWKHGLVSOD\VKRZV
WKHRYHQLVEDNLQJ
URDVWLQJ
+RZWR([LWWKH6DEEDWK)HDWXUH
3UHVVWKH&/($52))SDG
,IWKHRYHQLVFRRNLQJZDLWIRUDUDQGRPGHOD\SHULRGRI
DSSUR[LPDWHO\VHFRQGVWRPLQXWHXQWLORQO\LVLQ
WKHGLVSOD\
3UHVVDQGKROGERWKWKH%$.( DQG%52,/+,/2SDGV
DWWKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV6)
7DSWKH&/2&.SDGXQWLO21RU2))DSSHDUVLQWKH
GLVSOD\21LQGLFDWHVWKDWWKHRYHQZLOODXWRPDWLFDOO\
WXUQRIIDIWHUKRXUV2))LQGLFDWHVWKDWWKHRYHQZLOO
QRWDXWRPDWLFDOO\WXUQRII6HHWKH6SHFLDO)HDWXUHV
VHFWLRQIRUDQH[SODQDWLRQRIWKH+RXU6KXWRII
IHDWXUH
3UHVVWKH67$5721SDG
127(,IDSRZHURXWDJHRFFXUUHGZKLOHWKHRYHQZDVLQ
6DEEDWKWKHRYHQZLOODXWRPDWLFDOO\WXUQRIIDQGVWD\RIIHYHQ
ZKHQWKHSRZHUUHWXUQV7KHRYHQFRQWUROPXVWEHUHVHW

&DUHDQGFOHDQLQJRIWKHRYHQ
,W·VDJRRGLGHDWRZLSHWKHFRQWUROSDQHODIWHU
HDFKXVH&OHDQZLWKPLOGVRDSDQGZDWHURU
YLQHJDUDQGZDWHUULQVHZLWKFOHDQZDWHUDQG
SROLVKGU\ZLWKDVRIWFORWK:KHQFOHDQLQJWKH
FRQWUROSDQHOVKRXOGEHDWURRPWHPSHUDWXUH
DQGQRWLQGLUHFWVXQOLJKW
'RQRWXVHDEUDVLYHFOHDQVHUVVWURQJOLTXLG
FOHDQVHUVSODVWLFVFRXULQJSDGVRURYHQ
FOHDQHUVRQWKHFRQWUROSDQHO³WKH\ZLOO
GDPDJHWKHILQLVK$VROXWLRQRIYLQHJDU
DQGKRWZDWHUZRUNVZHOO
%HVXUHHOHFWULFDOSRZHULVRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJDQ\SDUWRIWKHRYHQ
+RZWR5HPRYH3URWHFWLYH6KLSSLQJ)LOPDQG3DFNDJLQJ7DSH
&DUHIXOO\JUDVSDFRUQHURIWKHSURWHFWLYH
VKLSSLQJILOPZLWK\RXUILQJHUVDQGVORZO\SHHO
LWIURPWKHDSSOLDQFHVXUIDFH'RQRWXVHDQ\
VKDUSLWHPVWRUHPRYHWKHILOP5HPRYHDOORI
WKHILOPEHIRUHXVLQJWKHDSSOLDQFHIRUWKHILUVW
WLPH
7RDVVXUHQRGDPDJHLVGRQHWRWKH
ILQLVKRIWKHSURGXFWWKHVDIHVWZD\WRUHPRYH
WKHDGKHVLYHIURPSDFNDJLQJWDSHRQQHZ
DSSOLDQFHVLVDQDSSOLFDWLRQRIDKRXVHKROG
OLTXLGGLVKZDVKLQJGHWHUJHQW$SSO\ZLWKDVRIW
FORWKDQGDOORZWRVRDN
127(7KHDGKHVLYHPXVWEHUHPRYHGIURPDOO
SDUWV,WFDQQRWEHUHPRYHGLILWLVEDNHGRQ
2YHQ5DFNV
&OHDQWKHRYHQUDFNVZLWKDQDEUDVLYHFOHDQVHU
RUVWHHOZRRO
$IWHUFOHDQLQJULQVHWKHUDFNVZLWKFOHDQZDWHU
DQGGU\ZLWKDFOHDQFORWK
3RUFHODLQ2YHQ,QWHULRU
:LWKSURSHUFDUHWKHSRUFHODLQHQDPHOILQLVK
RQWKHLQVLGHRIWKHRYHQ³WRSERWWRPVLGHV
EDFNDQGLQVLGHRIWKHGRRU³ZLOOVWD\QHZ
ORRNLQJIRU\HDUV
/HWWKHRYHQFRROEHIRUHFOHDQLQJ:H
UHFRPPHQGWKDW\RXZHDUUXEEHUJORYHVZKHQ
FOHDQLQJWKHRYHQ
6RDSDQGZDWHUZLOOQRUPDOO\GRWKHMRE+HDY\
VSDWWHULQJRUVSLOORYHUVPD\UHTXLUHFOHDQLQJ
ZLWKDPLOGDEUDVLYHFOHDQHU6RDSILOOHGVWHHO
ZRROSDGVPD\DOVREHXVHG
+RXVHKROGDPPRQLDPD\PDNHWKHFOHDQLQJ
MREHDVLHU3ODFHFXSLQDVKDOORZJODVVRU
SRWWHU\FRQWDLQHULQDFROGRYHQRYHUQLJKW7KH
DPPRQLDIXPHVZLOOKHOSORRVHQWKHEXUQHGRQ
JUHDVHDQGIRRG
,IQHFHVVDU\\RXPD\XVHDQRYHQFOHDQHU
)ROORZWKHSDFNDJHGLUHFWLRQV
'RQRWVSUD\RYHQFOHDQHURQWKHHOHFWULFDO
FRQWUROVDQGVZLWFKHVEHFDXVHLWFRXOGFDXVH
DVKRUWFLUFXLWDQGUHVXOWLQVSDUNLQJRUILUH
'RQRWDOORZDILOPIURPWKHFOHDQHUWREXLOG
XSRQWKHWHPSHUDWXUHVHQVRU³LWFRXOG
FDXVHWKHRYHQWRKHDWLPSURSHUO\7KH
VHQVRULVORFDWHGDWWKHWRSRIWKHRYHQ
&DUHIXOO\ZLSHWKHVHQVRUFOHDQDIWHUHDFK
RYHQFOHDQLQJEHLQJFDUHIXOQRWWRPRYH
WKHVHQVRUDVDFKDQJHLQLWVSRVLWLRQFRXOG
DIIHFWKRZWKHRYHQEDNHV
'RQRWVSUD\DQ\RYHQFOHDQHURQWKHRYHQ
GRRUKDQGOHVRUDQ\H[WHULRUVXUIDFHRI
WKHRYHQFDELQHWVRUSDLQWHGVXUIDFHV7KH
FOHDQHUFDQGDPDJHWKHVHVXUIDFHV
'RQRWDOORZIRRGVSLOOV
ZLWKDKLJKVXJDURUDFLG
FRQWHQWVXFKDVWRPDWRHV
VDXHUNUDXWIUXLWMXLFHVRU
SLHILOOLQJWRUHPDLQRQWKH
VXUIDFH7KH\PD\FDXVHD
GXOOVSRWHYHQDIWHUFOHDQLQJ
3DLQWHG6XUIDFHV
&OHDQZLWKVRDSDQGZDWHURUDYLQHJDUDQG
ZDWHUVROXWLRQ
'RQRWXVHFRPPHUFLDORYHQFOHDQHUV
FOHDQVLQJSRZGHUVVWHHOZRRORUKDUVK
DEUDVLYHVRQDQ\SDLQWHGVXUIDFH
&RQWURO3DQHO

*($SSOLDQFHVFRP
'RQRWDOORZIRRGVSLOOVZLWKD
KLJKVXJDURUDFLGFRQWHQWVXFKDV
WRPDWRHVVDXHUNUDXWIUXLWMXLFHVRU
SLHILOOLQJWRUHPDLQRQWKHVXUIDFH
7KH\PD\FDXVHDGXOOVSRWHYHQ
DIWHUFOHDQLQJ
7RFOHDQWKHLQVLGHRIWKHGRRU
6RDSDQGZDWHUZLOOQRUPDOO\GRWKHMRE
+HDY\VSDWWHULQJRUVSLOORYHUVPD\UHTXLUH
FOHDQLQJZLWKDPLOGDEUDVLYHFOHDQHU6RDS
ILOOHGVWHHOZRROSDGVPD\DOVREHXVHG
,IQHFHVVDU\\RXPD\XVHDQRYHQFOHDQHU
)ROORZWKHSDFNDJHGLUHFWLRQV
&OHDQWKHLQVLGHRIWKHRYHQZLQGRZZLWKDPLOG
QRQVFUDWFKLQJFOHDQHUDQGDGDPSFORWK
7RFOHDQWKHRXWVLGHRIWKHGRRU
8VHVRDSDQGZDWHUWRWKRURXJKO\FOHDQWKH
WRSVLGHVDQGIURQWRIWKHRYHQGRRU5LQVH
ZHOO<RXPD\DOVRXVHDJODVVFOHDQHUWR
FOHDQWKHJODVVRQWKHRXWVLGHRIWKHGRRU'R
QRWOHWZDWHUGULSLQWRWKHYHQWRSHQLQJV
6SLOODJHRIPDULQDGHVIUXLWMXLFHVWRPDWR
VDXFHVDQGEDVWLQJPDWHULDOVFRQWDLQLQJ
DFLGVPD\FDXVHGLVFRORUDWLRQDQGVKRXOGEH
ZLSHGXSLPPHGLDWHO\:KHQVXUIDFHLVFRRO
FOHDQDQGULQVH
'RQRWXVHRYHQFOHDQHUVFOHDQLQJSRZGHUV
RUKDUVKDEUDVLYHVRQWKHRXWVLGHRIWKHGRRU
7KHGRRULVYHU\KHDY\%HFDUHIXOZKHQ
UHPRYLQJDQGOLIWLQJWKHGRRU
'RQRWOLIWWKHGRRUE\WKHKDQGOH
7RUHPRYHWKHGRRU
)XOO\RSHQWKHGRRU
3XOOWKHKLQJHORFNVGRZQWRZDUGWKHGRRU
IUDPHWRWKHXQORFNHGSRVLWLRQ$WRRO
VXFKDVDVPDOOIODWEODGHVFUHZGULYHU
PD\EHUHTXLUHG
)LUPO\JUDVSERWKVLGHVRIWKHGRRUDW
WKHWRS
&ORVHGRRUWRWKHGRRUUHPRYDOSRVLWLRQ
VHHLOOXVWUDWLRQ
/LIWGRRUXSDQGRXWXQWLOWKHKLQJHDUPLV
FOHDURIWKHVORW
7RUHSODFHWKHGRRU
)LUPO\JUDVSERWKVLGHVRIWKHGRRUDW
WKHWRS
:LWKWKHGRRUDW
WKHVDPHDQJOH
DVWKHUHPRYDO
SRVLWLRQVHDWWKH
LQGHQWDWLRQRI
WKHKLQJHDUP
LQWRWKHERWWRPHGJHRI
WKHKLQJHVORW7KHQRWFK
LQWKHKLQJHDUPPXVWEHIXOO\VHDWHGLQWR
WKHERWWRPRIWKHVORW
)XOO\RSHQWKHGRRU,IWKHGRRUZLOOQRW
IXOO\RSHQWKHLQGHQWDWLRQLVQRWVHDWHG
FRUUHFWO\LQWKHERWWRPHGJHRIWKHVORW
3XVKWKHKLQJHORFNVXSDJDLQVWWKHIURQW
IUDPHRIWKHRYHQFDYLW\WRWKHORFNHG
SRVLWLRQ
&ORVHWKHRYHQGRRU
/LIW2II2YHQ'RRU
5HPRYDOSRVLWLRQ
,QGHQWDWLRQ
%RWWRP
HGJHRI
VORW
+LQJHORFN
6ORW
3XOOKLQJHORFNVGRZQWRXQORFN
+LQJHORFN
3XVKKLQJHORFNVXSWRORFN
+LQJHDUP
+LQJH
DUP

&DUHDQGFOHDQLQJRIWKHRYHQ
2YHQ/LJKW%XOERQVRPHPRGHOV
127(7KHJODVVFRYHURQVRPHPRGHOVVKRXOG
EHUHPRYHGRQO\ZKHQFROG:HDULQJODWH[JORYHV
PD\RIIHUDEHWWHUJULS
%HIRUHUHSODFLQJWKHEXOEGLVFRQQHFWHOHFWULFDO
SRZHUWRWKHRYHQDWWKHPDLQIXVHRUFLUFXLW
EUHDNHUSDQHO/HWWKHEXOEFRROFRPSOHWHO\
EHIRUHUHPRYLQJLW)RU\RXUVDIHW\GRQRW
WRXFKDKRWEXOEZLWKDGDPSFORWK,I\RXGR
WKHEXOEZLOOEUHDN
7RUHPRYH
7XUQWKHJODVVFRYHUFRXQWHUFORFNZLVH
WXUQXQWLOWKHWDEVRIWKHJODVVFRYHUFOHDUWKH
JURRYHVRIWKHVRFNHW5HPRYHWKHEXOE
7RUHSODFH
3XWLQDQHZZDWWDSSOLDQFHEXOE3ODFHWKH
WDEVRIWKHJODVVFRYHULQWRWKHJURRYHVRIWKH
VRFNHW7XUQWKHJODVVFRYHUFORFNZLVHWXUQ
127(
$ZDWWDSSOLDQFHEXOELVVPDOOHUWKDQD
VWDQGDUGZDWWKRXVHKROGEXOE
,QVWDOODQGWLJKWHQWKHFRYHUFORFNZLVH
5HFRQQHFWHOHFWULFDOSRZHUWRWKHRYHQ
)RULPSURYHGOLJKWLQJLQVLGHWKHRYHQFOHDQ
WKHJODVVFRYHUIUHTXHQWO\XVLQJDZHW
FORWK7KLVVKRXOGEHGRQHZKHQWKHRYHQLV
FRPSOHWHO\FRRO
%XOE
6RFNHW
7DE
0D[
OHQJWK
øµ
*ODVVFRYHU
2YHQ/LJKW5HSODFHPHQW
7RUHPRYH
7XUQWKHJODVVFRYHUFRXQWHUFORFNZLVH
WXUQXQWLOWKHWDEVRIWKHJODVVFRYHUFOHDU
WKHJURRYHVRIWKHVRFNHW:HDULQJODWH[
JORYHVPD\RIIHUDEHWWHUJULS
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEE\SXOOLQJLWVWUDLJKWRXW
7RUHSODFH
8VHDQHZYROWKDORJHQEXOEQRW
WRH[FHHGZDWWV5HSODFHWKHEXOEZLWK
WKHVDPHW\SHRIEXOEWKDWZDVUHPRYHG
<RXUPRGHOZLOOKDYHRQHRIWKHWZRW\SHV
VKRZQRQWKHOHIW7RGHWHUPLQHWKHFRUUHFW
UHSODFHPHQWEXOEFKHFNWKHEXOEWHUPLQDOV
%XOEVZLWKVWUDLJKWSLQWHUPLQDOVDUH
*EXOEV%XOEVZLWKORRSHGWHUPLQDOV
DUH*EXOEV'RQRWLQWHUFKDQJH%HVXUH
WKHUHSODFHPHQWEXOELVUDWHGYROWVRU
YROWV127YROWV
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEIURPLWVSDFNDJLQJ'RQRWWRXFKWKH
EXOEZLWKEDUHILQJHUV2LOIURPVNLQZLOO
GDPDJHWKHEXOEDQGVKRUWHQLWVOLIH
3XVKWKHEXOEVWUDLJKWLQWRWKHUHFHSWDFOH
DOOWKHZD\
3ODFHWKHWDEVRIWKHJODVVFRYHULQWRWKH
JURRYHVRIWKHVRFNHW7XUQWKHJODVVFRYHU
FORFNZLVHWXUQ
)RULPSURYHGOLJKWLQJLQVLGHWKHRYHQ
FOHDQWKHJODVVFRYHUIUHTXHQWO\XVLQJD
ZHWFORWK7KLVVKRXOGEHGRQHZKHQWKH
RYHQLVFRPSOHWHO\FRRO
5HFRQQHFWHOHFWULFDOSRZHUWRWKHRYHQ
*%XOE
6RFNHW
7DE
*ODVVFRYHU
5HFHSWDFOH
8VH
JORYHVRU
FORWK
5HFHSWDFOH
*%XOE
6RFNHW
7DE
*ODVVFRYHU
5HFHSWDFOH
RQVRPHPRGHOV
RQVRPHPRGHOV
6+2&.25%851+$=$5'%HIRUHUHSODFLQJRYHQOLJKWEXOEGLVFRQQHFWWKHHOHFWULFDO
SRZHUWRWKHRYHQDWWKHPDLQIXVHRUFLUFXLWEUHDNHUSDQHO)DLOXUHWRGRVRPD\UHVXOW
LQHOHFWULFVKRFNRUEXUQ
:$51,1*
%851+$=$5'7KHJODVVFRYHUDQGEXOEVKRXOGEHUHPRYHGZKHQFRRO7RXFKLQJKRW
JODVVZLWKEDUHKDQGVRUDGDPSFORWKFDQFDXVHEXUQV
&$87,21

%HIRUH\RXFDOOIRUVHUYLFH«
*($SSOLDQFHVFRP
7URXEOHVKRRWLQJ7LSV
6DYHWLPHDQGPRQH\5HYLHZWKHFKDUWVRQWKH
IROORZLQJSDJHVILUVWDQG\RXPD\QRWQHHGWRFDOOIRU
VHUYLFH
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
&RQWUROVLJQDOVDIWHU <RXIRUJRWWRHQWHUDEDNH 3UHVVWKH%$.(SDGDQGGHVLUHGWHPSHUDWXUH
HQWHULQJFRRNLQJWLPH WHPSHUDWXUH
RUGHOD\VWDUW
)RRGGRHVQRWEDNH 2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHRYHQVHFWLRQ
RUURDVWSURSHUO\
5DFNSRVLWLRQLVLQFRUUHFW 6HHWKH8VLQJWKHRYHQVHFWLRQ
RUWKHUDFNLVQRWOHYHO
2YHQWKHUPRVWDWQHHGV 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
DGMXVWPHQW VHFWLRQ
)RRGGRHVQRW 2YHQGRRULVRSHQ &ORVHWKHGRRU7KLVPRGHOLVGHVLJQHGIRUFORVHGGRRU
EURLOSURSHUO\ EURLOLQJRQO\$OZD\VEURLOZLWKWKHGRRUFORVHG
2YHQFRQWUROVLPSURSHUO\VHW 0DNHVXUH\RXSUHVVWKH%52,/+,/2SDG
,PSURSHUUDFNSRVLWLRQ 6HHWKH%URLOLQJ*XLGH
EHLQJXVHG
)RRGEHLQJFRRNHG )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
LQDKRWSDQ 0DNHVXUHLWLVFRRO
&RRNZDUHQRWVXLWHG )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
IRUEURLOLQJ
,QVRPHDUHDVWKHSRZHU 3UHKHDWWKHEURLOHOHPHQWIRUPLQXWHV
YROWDJHPD\EHORZ
%URLOIRUWKHORQJHVWSHULRGRIWLPHUHFRPPHQGHGLQ
WKH%URLOLQJ*XLGH
&ORFNDQGWLPHU $IXVHLQ\RXUKRPHPD\EH 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
GRQRWZRUN EORZQRUWKHFLUFXLWEUHDNHU
WULSSHG
2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHFORFNDQGWLPHUVHFWLRQ
2YHQOLJKWGRHV /LJKWEXOELVORRVHRUGHIHFWLYH 7LJKWHQRUUHSODFHWKHEXOE
QRWZRUN
3DGRSHUDWLQJOLJKWLVEURNHQ &DOOIRUVHUYLFH

%HIRUH\RXFDOOIRUVHUYLFH«
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
2YHQWHPSHUDWXUHWRR 2YHQWKHUPRVWDW 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
KRWRUWRRFROG QHHGVDGMXVWPHQW VHFWLRQ
2YHQZLOOQRWZRUN $IXVHLQ\RXUKRPHPD\ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EHEORZQRUWKHFLUFXLW
EUHDNHUWULSSHG
2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHRYHQ VHFWLRQ
´)³DQGDQXPEHU <RXKDYHDIXQFWLRQ 3UHVVWKH&/($52))SDG$OORZWKHRYHQWRFRROIRU
RUOHWWHUµIODVK HUURUFRGH RQHKRXU3XWWKHRYHQEDFNLQWRRSHUDWLRQ
LQWKHGLVSOD\
,IWKHIXQFWLRQFRGH 'LVFRQQHFWDOOSRZHUWRWKHRYHQIRUDWOHDVW
UHSHDWV VHFRQGVDQGWKHQUHFRQQHFWSRZHU,IWKHIXQFWLRQ
HUURUFRGHUHSHDWVFDOOIRUVHUYLFH
'LVSOD\JRHVEODQN $IXVHLQ\RXUKRPHPD\EH 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLW
EUHDNHUWULSSHG
7KHFORFNLVLQWKH 6HHWKH6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO VHFWLRQ
EODFNRXWPRGH
'LVSOD\IODVKHV 3RZHUIDLOXUH 5HVHWWKHFORFN
8QDEOHWRJHWWKH 2YHQFRQWUROSDGVZHUHQRW7KH%$.(DQG%52,/+,/2SDGVPXVWEHSUHVVHGDW
GLVSOD\WRVKRZ´6)µ SUHVVHGSURSHUO\ WKHVDPHWLPHDQGKHOGIRUVHFRQGV
3RZHURXWDJH 3RZHURXWDJHRUVXUJH 5HVHWWKHFORFN,IWKHRYHQZDVLQXVH\RXPXVWUHVHW
FORFNIODVKHV LWE\SUHVVLQJWKH&/($52))SDGVHWWLQJWKHFORFN
DQGUHVHWWLQJDQ\FRRNLQJIXQFWLRQ
6WURQJRGRU $QRGRUIURPWKHLQVXODWLRQ 7KLVLVWHPSRUDU\
DURXQGWKHLQVLGHRIWKH
RYHQLVQRUPDOIRUWKHILUVW
IHZWLPHVWKHRYHQLVXVHG
)DQQRLVH $FRROLQJIDQPD\ 7KLVLVQRUPDO7KHFRROLQJIDQZLOOWXUQRQWR
DXWRPDWLFDOO\WXUQRQ FRROLQWHUQDOSDUWV,WPD\UXQIRUXSWRKRXUV
DIWHUWKHRYHQLVWXUQHGRII
7URXEOHVKRRWLQJ7LSV

$FFHVVRULHV *($SSOLDQFHVFRP
/RRNLQJ)RU6RPHWKLQJ0RUH"1RWDOODFFHVVRULHVDUHDYDLODEOHIRUDOOPRGHOV
<RXFDQILQGWKHVHDFFHVVRULHVDQGPDQ\PRUHDW*($SSOLDQFHVFRP86RU
ZZZ*($SSOLDQFHVFD&DQDGDRUFDOO86RU&DQDGD
GXULQJQRUPDOEXVLQHVVKRXUV+DYH\RXUPRGHOQXPEHUUHDG\
([SHULHQFHWKHVHRWKHUJUHDWSURGXFWVWRNHHS\RXUNLWFKHQORRNLQJJUHDW
*HWWKHPRVWRXWRI\RXU%URLOHU3DQ1RWIRUXVHZLWK%URLOHU'UDZHUPRGHOV
8VH\RXUSDQDQGJULGFRYHUWREURLOKDPEXUJHUVVHDIRRGVWHDNVYHJHWDEOHV
EDFRQFKRSVDQGVRPXFKPRUH7KHSDQEHORZFDWFKHVWKHH[FHVVIDWVDQGRLOV
*HQXLQH*(3DUW
(DV\7R&OHDQ
2QH<HDU:DUUDQW\
/LPLWHG7LPH2IIHU)UHH6KLSSLQJ
:KHQ\RXRUGHU\RXUEURLOHUSDQZLWKLQGD\VRISXUFKDVLQJ\RXU*(FRRNLQJSURGXFW
6PDOO /DUJH ;/
3DUW :%; :%; :%;
'LPHQVLRQV µ:[µ+[µ' µ:[µ+[µ' µ:[µ+[µ'
7KHODUJHVWDQGDUGEURLOSDQGRHVQRWILWLQµµUDQJHV
7KH;/SDQGRHVQRWILWLQµZDOORYHQVµGURSLQVRUµµUDQJHV
7RSODFH\RXURUGHUFDOO86&DQDGDRUPDLOWKLVIRUPWR
,QWKH86*(3DUWV32%R[0HPSKLV71,Q&DQDGD*(3DUWV)DFWRU\/DQH0RQFWRQ1%(&0
%URLOHU3DQ2UGHU)RUP
4XDQWLW\BBBBBBBBBBBBBBBBBBBB 3DUW1XPEHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0RGHO1XPEHUBBBBBBBBBBBBBB 6HULDO1XPEHU BBBBBBBBBBBBBBBBBB %UDQGBBBBBBBBBBBBBBB 'DWHRI3XUFKDVHBBBBBBBBBB
)LUVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB /DVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$GGUHVVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LW\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6WDWHBBBBBBBBBBB =LS&RGHBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3KRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (0DLOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB 0RQH\2UGHUBBBBBB
&DOOLQWKH86RULQ&DQDGDIRUFXUUHQWSULFLQJ$OOFUHGLWFDUGRUGHUVPXVWEHFDOOHGLQ
6XUIDFH(OHPHQWVDQG'ULS3DQV
*UDWHV 6XUIDFH%XUQHU+HDGVDQG&DSV
2YHQ(OHPHQWV /LJKW%XOEV
.QREV
2YHQ5DFNV
:;;*&6
:;;
:;;
30;
&HUDPLF&RRNWRS
&OHDQLQJ.LW
,QFOXGHVFOHDQHU
VFUDSHUDQGSDG
&HUDPLF&RRNWRS
&OHDQLQJ:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH3ROLVK
:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH
&OHDQHU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
RU

1RWHV

*(%XLOW,Q(OHFWULF2YHQ:DUUDQW\
)RU7KH3HULRG2I *(:LOO5HSODFH
2QH<HDU $Q\SDUWRIWKHRYHQZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS
)URPWKHGDWHRIWKH 'XULQJWKLVOLPLWHGRQH\HDUZDUUDQW\*(ZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERU
RULJLQDOSXUFKDVH DQGLQKRPHVHUYLFHWRUHSODFHWKHGHIHFWLYHSDUW
6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWR
XVHWKHSURGXFW
,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLW
EUHDNHUV
'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGVRU
DFWVRI*RG
,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
'DPDJHFDXVHGDIWHUGHOLYHU\
3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
:KDW*(:LOO1RW&RYHU
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGIRUKRPH
XVHZLWKLQWKH86$,IWKHSURGXFWLVORFDWHGLQDQDUHDZKHUHVHUYLFHE\D*($XWKRUL]HG6HUYLFHULVQRWDYDLODEOH\RX
PD\EHUHVSRQVLEOHIRUDWULSFKDUJHRU\RXPD\EHUHTXLUHGWREULQJWKHSURGXFWWRDQ$XWKRUL]HG*(6HUYLFHORFDWLRQIRU
VHUYLFH,Q$ODVNDWKHZDUUDQW\H[FOXGHVWKHFRVWRIVKLSSLQJRUVHUYLFHFDOOVWR\RXUKRPH
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHV7KLVZDUUDQW\JLYHV
\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURPVWDWHWRVWDWH7RNQRZZKDW\RXU
OHJDOULJKWVDUHFRQVXOW\RXUORFDORUVWDWHFRQVXPHUDIIDLUVRIILFHRU\RXUVWDWH·V$WWRUQH\*HQHUDO
:DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUVRU
DQDXWKRUL]HG&XVWRPHU&DUH
WHFKQLFLDQ7RVFKHGXOHVHUYLFH
YLVLWXVRQOLQHDW*($SSOLDQFHVFRPRUFDOO*(&$5(6
3OHDVHKDYHVHULDOQXPEHUDQGPRGHOQXPEHU
DYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQVHUYLFH
XQGHUWKHZDUUDQW\
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHGLQWKLV/LPLWHG
:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\RUILWQHVVIRUDSDUWLFXODUSXUSRVH
DUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ

5HJLVWHU<RXU$SSOLDQFH *($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH
<RXPD\DOVRPDLOLQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO
3ULQWHGLQWKH8QLWHG6WDWHV
&RQVXPHU6XSSRUW
*($SSOLDQFHV:HEVLWH *($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\
DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOV
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH
6FKHGXOH6HUYLFH *($SSOLDQFHVFRP
([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW
\RXUFRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV
5HDO/LIH'HVLJQ6WXGLR *($SSOLDQFHVFRP
*(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\
SHRSOHRIDOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQG
PHQWDODELOLWLHVDQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQ
LGHDVIRUSHRSOHZLWKGLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO7''
*($&
([WHQGHG:DUUDQWLHV *($SSOLDQFHVFRP
3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\
LVVWLOOLQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV
*(&RQVXPHU+RPH6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV
3DUWVDQG$FFHVVRULHV *($SSOLDQFHVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV
9,6$0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG2UGHURQOLQHWRGD\KRXUVHYHU\GD\RUE\SKRQHDW
GXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJJHQHUDOO\
VKRXOGEHUHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHUVHUYLFLQJPD\
FDXVHXQVDIHRSHUDWLRQ
&RQWDFW8V *($SSOLDQFHVFRP
,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOV
LQFOXGLQJ\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<

*(
-.6²+RUQRVLPSOHGHSDUHGGHs
-76²+RUQRVLPSOHGHSDUHGGH s
0DQXDOGHOSURSLHWDULR
*($SSOLDQFHVFRP
,QVWUXFFLRQHVGHVHJXULGDG²
,QVWUXFFLRQHVGHRSHUDFLyQ
$VDGR\KRUQHDGRFURQRPHWUDGR
&RQWUROHV
)XQFLRQHVHVSHFLDOHV
+RUQR
0RGR6DEEDWK
5HORM\WHPSRUL]DGRU
7HUPRVWDWR
&XLGDGR\OLPSLH]D
%RPELOOD
&LQWDGHHPSDTXH
3DQHOGHFRQWURO
3DUULOODV
3XHUWDGHOKRUQRGHOHYDQWDU
,QWHULRUGHOKRUQRGHFHUiPLFD
6XSHUILFLHVSLQWDGDV
&RQVHMRVSDUDUHVROXFLyQ
GHSUREOHPDV
$FFHVRULRV
6RSRUWHDOFRQVXPLGRU
*DUDQWtD
6RSRUWHDOFRQVXPLGRU
(VFULEDORVQ~PHURVGHPRGHOR
\VHULHDTXt
1GHPRGHORBBBBBBBBBBBBBBB
1GHVHULHBBBBBBBBBBBBBBBBB
/RVSXHGHHQFRQWUDUHQXQD
HWLTXHWDHQODPROGXUDODWHUDORHQ
ODSDUWHGHODQWHUDGHOKRUQRGHWUiV
GHODSXHUWDGHOKRUQR
+RUQRHPSRWUDGR
HOpFWULFR

8VHHVWHDSDUDWR~QLFDPHQWHSDUDORVILQHV
GHVFULWRVHQHVWH0DQXDOGHOSURSLHWDULR
$VHJ~UHVHGHTXHVXDSDUDWRVHDLQVWDODGR
\FRQHFWDGRDWLHUUDFRUUHFWDPHQWHSRU
XQWpFQLFRFDOLILFDGRGHDFXHUGRFRQODV
LQVWUXFFLRQHVGHLQVWDODFLyQVXPLQLVWUDGDV
1RLQWHQWHUHSDUDURUHHPSOD]DUQLQJXQD
SDUWHGHVXKRUQRDPHQRVTXHHVWHPDQXDO
ORUHFRPLHQGHGHPDQHUDHVSHFtILFD7RGRVORV
GHPiVVHUYLFLRVGHPDQWHQLPLHQWRGHEHUiQ
GHULYDUVHDXQWpFQLFRFDOLILFDGR
3LGDDOLQVWDODGRUTXHOHPXHVWUHODXELFDFLyQ
GHOFRUWDFLUFXLWRVRIXVLEOH0iUTXHORSDUDXQD
UHIHUHQFLDIiFLO
$QWHVGHUHDOL]DUFXDOTXLHUVHUYLFLRGH
PDQWHQLPLHQWRGHVFRQHFWHHOVXPLQLVWURGH
HQHUJtDGHOKRUQRHQHOSDQHOGHGLVWULEXFLyQ
GRPpVWLFRTXLWDQGRHOIXVLEOHRDSDJDQGRHO
FRUWDFLUFXLWRV
1RGHMHDORVQLxRVVLQVXSHUYLVLyQORVQLxRVQR
GHEHQHVWDUVRORVRVLQVXSHUYLVLyQHQXQiUHD
HQODTXHXQDSDUDWRHVWiHQXVR1RVHOHV
GHEHSHUPLWLUVHQWDUVHRSDUDUVHVREUHQLQJXQD
GHODVSDUWHVGHODSDUDWR
1RGHMHTXHQDGLHVHVXEDVHSDUHRVHFXHOJXH
GHODSXHUWD3RGUtDQGDxDUHOKRUQRRVXIULU
OHVLRQHVSHUVRQDOHVJUDYHV
&XDQGRVHXWLOL]DQDSDUDWRVHOpFWULFRVVHGHEHQVHJXLUODVSUHFDXFLRQHVGHVHJXULGDGEiVLFDVLQFOX\HQGR
ODVVLJXLHQWHV
35(&$8&,21(6'(6(*85,'$'
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
£$'9(57(1&,$
6LQRVHVLJXHH[DFWDPHQWHODLQIRUPDFLyQGHHVWHPDQXDOSXHGHRFXUULUXQLQFHQGLR
XQDH[SORVLyQRXQFRUWRFLUFXLWRTXHSRGUtDFDXVDUGDxRVDODSURSLHGDGOHVLRQHVSHUVRQDOHV
RODPXHUWH

$VHJ~UHVHGHTXHHOKRUQRHVWpLQVWDODGR
FRUUHFWDPHQWHHQXQDUPDULRTXHHVWpELHQ
VXMHWRDODHVWUXFWXUDGHODFDVD1XQFD
SHUPLWDTXHDOJXLHQVHWUHSHVHVLHQWHVHSDUH
RVHFXHOJXHGHODSXHUWDGHOKRUQR
1XQFDGHMHODSXHUWDGHOKRUQRDELHUWDFXDQGR
QRHVWpREVHUYiQGROR
6LHPSUHPDQWHQJDWDSLFHVFRUWLQDVRSDxRV
TXHSXHGDQSUHQGHUVHIXHJRDXQDGLVWDQFLD
VHJXUDGHOKRUQR
6LHPSUHPDQWHQJDORVSDxRVGHFRFLQD
UHSDVDGRUHVJXDQWHVSDUDFDFHURODV\WRGR
WLSRGHWHODDXQDGLVWDQFLDVHJXUDGHVX
KRUQR
6LHPSUHPDQWHQJDORVXWHQVLOLRVGHPDGHUD\
SOiVWLFRDVtFRPRDOLPHQWRVHQODWDGRVDXQD
GLVWDQFLDVHJXUDGHVXKRUQR
(QVHxHDORVQLxRVTXHQRGHEHQMXJDUFRQ
ORVFRQWUROHVQLFRQQLQJXQDRWUDSDUWHGHO
DUWHIDFWR
/RVUD\RQHVRLPSDFWRVVHYHURVVREUH
ODVSXHUWDVGHYLGULRSRGUtDQURPSHURDVWLOODU
HOYLGULR
1RJXDUGHPDWHULDOHVLQIODPDEOHVHQXQKRUQR
35(&$8&,Ï1
/RVDUWtFXORVGHLQWHUpVSDUDORVQLxRV
QRGHEHQJXDUGDUVHHQDUPDULRVDUULEDGHXQ
KRUQR\DTXHORVQLxRVSRGUtDQVXIULUOHVLRQHV
JUDYHVDOLQWHQWDUWUHSDUVHVREUHpOSDUD
DOFDQ]DUORVREMHWRV
1XQFDXVHYHVWLPHQWDIORMDRTXHFXHOJXH
PLHQWUDVKDFHXVRGHODSDUDWR7HQJDFXLGDGR
DOLQWHQWDUDOFDQ]DUDUWtFXORVJXDUGDGRV
HQDUPDULRVVREUHHOKRUQR/RVPDWHULDOHV
LQIODPDEOHVSRGUtDQHQFHQGHUVHVLHQWUDQHQ
FRQWDFWRFRQVXSHUILFLHVFDOLHQWHVRHOHPHQWRV
FDOHIDFWRUHV\SRGUtDQSURYRFDUTXHPDGXUDV
JUDYHV
8VH~QLFDPHQWHJXDQWHVSDUDFDFHURODVTXH
HVWpQVHFRVORVJXDQWHVK~PHGRVRPRMDGRV
VREUHVXSHUILFLHVFDOLHQWHVSRGUtDQFDXVDU
TXHPDGXUDVGHELGRDOYDSRU1RSHUPLWD
TXHORVJXDQWHVHQWUHQHQFRQWDFWRFRQORV
HOHPHQWRVFDOHIDFWRUHVFDOLHQWHV1RXVHXQD
WRDOODXRWURWLSRGHWHODYROXPLQRVD
3RUVXVHJXULGDGQXQFDXVHVXDSDUDWRSDUD
FDOHQWDUODKDELWDFLyQ
1RSHUPLWDTXHODJUDVDGHODFRFFLyQXRWURV
PDWHULDOHVLQIODPDEOHVVHDFXPXOHQGHQWURR
FHUFDGHOKRUQR
1RXVHDJXDSDUDDSDJDULQFHQGLRVFRQ
JUDVD1XQFDWRPHXQDFDFHURODTXHVHHVWp
TXHPDQGR$SDJXHORVFRQWUROHV
/DVOODPDVHQHOKRUQRSXHGHQDSDJDUVH
SRUFRPSOHWRDOFHUUDUODSXHUWDGHOKRUQR
\DSDJDUORRDOXWLOL]DUXQSURGXFWRTXtPLFR
PXOWLXVRVHFRRXQH[WLQWRUGHWLSRHVSXPD
1RJXDUGHQLXVHPDWHULDOHVFRPEXVWLEOHV
JDVROLQDXRWURVOtTXLGRV\YDSRUHVLQIODPDEOHV
FHUFDGHHVWHDSDUDWRQLQLQJ~QRWUR
*($SSOLDQFHVFRP
35(&$8&,21(6'(6(*85,'$'

&XH]DODFDUQHURMD\GHDYHSRUFRPSOHWRODFDUQHURMDDXQDWHPSHUDWXUD,17(51$GHDOPHQRV
)\ODGHDYHDXQDWHPSHUDWXUD,17(51$GHDOPHQRV)/DFRFFLyQDHVWDVWHPSHUDWXUDVRIUHFH
SURWHFFLyQFRQWUDHQIHUPHGDGHVGHWUDQVPLVLyQSRUDOLPHQWRV
&8(=$/$6&$51(6<(/32//2&203/(7$0(17(«
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
/($<6,*$(67$,1)250$&,Ï1'(6(*85,'$'
&8,'$'26$0(17(
*8$5'((67$6,16758&&,21(6
1RWRTXHORVHOHPHQWRVFDOHIDFWRUHVQLODVXSHUILFLH
LQWHUQDGHOKRUQR(VWDVVXSHUILFLHVSRGUtDQHVWDUOR
VXILFLHQWHPHQWHFDOLHQWHVFRPRSDUDTXHPDUD~Q
VLHVWiQRVFXUDV'XUDQWHHOXVR\OXHJRGHpVWHQR
WRTXHQLSHUPLWDTXHODVSUHQGDVXRWURVPDWHULDOHV
LQIODPDEOHVHQWUHQHQFRQWDFWRFRQQLQJ~QiUHD
LQWHUQDGHOKRUQRGHMHTXHVHHQIUtHSULPHUR
/DVVXSHUILFLHVTXHSXHGHQHVWDUFDOLHQWHVLQFOX\HQ
RULILFLRVGHYHQWLODFLyQGHOKRUQRVXSHUILFLHV
FHUFDQDVDORVRULILFLRVJULHWDVDOUHGHGRUGHOD
SXHUWDGHOKRUQRORVERUGHVGHODYHQWDQD\ORV
ULEHWHVPHWiOLFRVVREUHODSXHUWD
5(&8(5'(/DVXSHUILFLHLQWHUQDGHOKRUQRSXHGH
HVWDUFDOLHQWHDODEULUODSXHUWD
1XQFDFRORTXHXWHQVLOLRVGHFRFLQDQLRWURV
HOHPHQWRVHQHOSLVRGHOKRUQR'HEDMRGHOSLVR
GHOKRUQRKD\XQHOHPHQWRFDOHIDFWRU6LFRORFD
HOHPHQWRVVREUHHOSLVRGHOKRUQRpVWHSRGUtD
VREUHFDOHQWDUVH\GDxDUVHDOLJXDOTXHORVDUPDULRV
$OpMHVHGHOKRUQRFXDQGRDEUDODSXHUWD(ODLUHR
YDSRUFDOLHQWHTXHVDOHSXHGHFDXVDUTXHPDGXUDV
HQODVPDQRVODFDUD\ORVRMRV
1RFDOLHQWHUHFLSLHQWHVGHDOLPHQWRVVLQDEULU
/DSUHVLyQSRGUtDDFXPXODUVH\HOUHFLSLHQWHSRGUtD
H[SORWDU\SURYRFDUXQDOHVLyQ
0DQWHQJDOLEUHODYHQWLODFLyQGHOKRUQR
1RSHUPLWDTXHVHDFXPXOHJUDVDHQHOKRUQR
&RORTXHODSDUULOODGHOKRUQRHQODSRVLFLyQ
TXHGHVHHPLHQWUDVHOKRUQRHVWpIUtR6LHV
QHFHVDULRPDQLSXODUODVSDUULOODVFXDQGRHVWiQ
FDOLHQWHVQRSHUPLWDTXHORVJXDQWHVSDUDFDFHURODV
HQWUHQHQFRQWDFWRFRQORVHOHPHQWRVFDOHIDFWRUHV
&XDQGRXWLOLFHEROVDVSDUDFRFLQDURDVDUHQ
HOKRUQRVLJDODVLQGLFDFLRQHVGHOIDEULFDQWH
6DFDUODSDUULOODKDVWDHOWRSHUHVXOWD~WLOSDUD
OHYDQWDUFRPLGDVSHVDGDV7DPELpQHVXQD
SUHFDXFLyQSDUDHYLWDUTXHPDUVHDOWRFDUODV
VXSHUILFLHVFDOLHQWHVGHODSXHUWDRODVSDUHGHVGHO
KRUQR
1RXWLOLFHHOKRUQRSDUDVHFDUSHULyGLFRV6LVH
VREUHFDOLHQWDQSXHGHQLQFHQGLDUVH
1RXWLOLFHHOKRUQRFRPRiUHDGHDOPDFHQDPLHQWR
/RVHOHPHQWRVDOPDFHQDGRVHQXQKRUQRSXHGHQ
LQFHQGLDUVH
1RGHMHREMHWRVKHFKRVGHSDSHOXWHQVLOLRVGH
FRFLQDRDOLPHQWRVHQHOKRUQRPLHQWUDVQRHVWpHQ
XVR
/XHJRGHDVDUDODSDUULOODVLHPSUHUHWLUHXQD
DVDGHUDGHOKRUQR\OtPSLHOD/DJUDVDTXHTXHGHHQ
XQDDVDGHUDSXHGHLQFHQGLDUVHODSUy[LPDYH]TXH
XWLOLFHODEDQGHMD
1XQFDGHMHIUDVFRVRODWDVFRQJUDVDGHFDUQH
DVDGDGHQWURRFHUFDGHVXKRUQR
ÒQLFDPHQWHOLPSLHODVSDUWHVHQOLVWDGDVHQHVWH
0DQXDOGHOSURSLHWDULR
1RXWLOLFHSDSHOGHDOXPLQLRSDUDUHYHVWLUODSDUWH
LQIHULRUGHOKRUQRDH[FHSFLyQGHORVXJHULGRHQ
HVWHPDQXDO/DLQVWDODFLyQLQFRUUHFWDGHOSDSHOGH
DOXPLQLRSXHGHSURYRFDUXQULHVJRGHGHVFDUJD
HOpFWULFDRLQFHQGLR
35(&$8&,21(6'(6(*85,'$'
£$'9(57(1&,$

8VRGHORVFRQWUROHVGHOKRUQR *($SSOLDQFHVFRP
$ORODUJRGHHVWHPDQXDOODVFDUDFWHUtVWLFDV\DSDULHQFLDSXHGHQYDULDUFRQORVGHVXPRGHOR
&RQWUROGHOKRUQRFDUDFWHUtVWLFDV\FRQILJXUDFLRQHVGHOUHORM
&ORFN\GHOWHPSRUL]DGRU7LPHU
%RWyQ%$.(7(035(&$//+RUQHDGRPHPRULD
WHPSHUDWXUD
3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQKRUQHDGR
/X]%$.(KRUQHDU
'HVWHOODPLHQWUDVVHKDOODHQHOPRGRGHHGLFLyQXVWHG
SXHGHFDPELDUODWHPSHUDWXUDGHOKRUQR
HQHVWHSXQWR5HVSODQGHFHFXDQGRHOKRUQR
VHKDOODHQHOPRGRKRUQHDU
%RWyQ67$5721LQLFLRHQFHQGHU
'HEHSUHVLRQDUVHSDUDLQLFLDUFXDOTXLHUIXQFLyQ
GHFRFFLyQ
3DQWDOOD
0XHVWUDODKRUDGHOGtDODWHPSHUDWXUDGHOKRUQRVLHO
KRUQRHVWiHQHOPRGRGHKRUQHDGRRGHDVDUDODSDUULOOD
\ODVKRUDVHVWDEOHFLGDVSDUDHOWHPSRUL]DGRURODV
RSHUDFLRQHVDXWRPiWLFDVGHOKRUQR/DSDQWDOODPRVWUDUi
´3U(µPLHQWUDVUHDOL]DHOSUHFDOHQWDPLHQWR&XDQGRHO
KRUQRDOFDQ]DODWHPSHUDWXUDVHOHFFLRQDGDHOFRQWUROGHO
KRUQRHPLWLUiXQSLWLGR
\ODSDQWDOODPRVWUDUiODWHPSHUDWXUDGHOKRUQR
6LXQD´)²µ\XQQ~PHURROHWUDSDUSDGHDQHQODSDQWDOOD
\ODVVHxDOHVGHFRQWUROGHOKRUQRHVWRLQGLFDXQFyGLJRGH
HUURUGHODIXQFLyQ3UHVLRQHHOERWyQ&/($52))3HUPLWDTXHHO
KRUQRVHHQIUtHGXUDQWHXQDKRUD3RQJDHOKRUQRQXHYDPHQWH
HQRSHUDFLyQ6LHOFyGLJRGHHUURUGHODIXQFLyQVHUHSLWH
GHVFRQHFWHHOFDEOHGHFRUULHQWHGHOKRUQR\FRPXQtTXHVHFRQHO
VHUYLFLRGHPDQWHQLPLHQWR
6LVXKRUQRIXHFRQILJXUDGRSDUDXQDRSHUDFLyQFURQRPHWUDGD
GHOKRUQR\VHSUHVHQWyXQDLQWHUUXSFLyQHQHOIOXLGRHOpFWULFRHO
UHORM\WRGDVODVIXQFLRQHVSURJUDPDGDVGHEHQUHVWDEOHFHUVH
/DKRUDGHOGtDSXHGHVHULQFRUUHFWDSDUSDGHDUiHQODSDQWDOOD
FXDQGRVHKD\DSUHVHQWDGRXQDLQWHUUXSFLyQHQHOIOXLGR
HOpFWULFR5HFRQILJXUHHOUHORM
%RWyQ.,7&+(17,0(5212))
WHPSRUL]DGRUGHFRFLQDHQFHQGHUDSDJDU
3UHVLRQHSDUDVHOHFFLRQDUODFDUDFWHUtVWLFDGHO
WHPSRUL]DGRU/XHJRSUHVLRQHORVERWRQHV\²SDUD
DMXVWDUHOWLHPSR
/X]7,0(5WHPSRUL]DGRU
'HVWHOODPLHQWUDVVHKDOODHQHOPRGRGHHGLFLyQXVWHG
SXHGHFDPELDUHOWLHPSRFRQILJXUDGRHQHVWHSXQWR
5HVSODQGHFHFXDQGRVHKDDFWLYDGRHOWHPSRUL]DGRU
'HVWHOODGHQXHYRFXDQGRVHKDDFDEDGRHOWLHPSRKDVWD
TXHVHUHFRQILJXUHHOFRQWURO
%RWyQ&/2&.UHORM
3DUDFRQILJXUDUHOUHORMSUHVLRQHHVWHERWyQGRVYHFHV\
OXHJRSUHVLRQHORVERWRQHV\²/DKRUDGHVWHOODUiHQOD
SDQWDOODFXDQGRVHHQFLHQGHHOKRUQR
%RWyQ'(/$<67$57LQLFLRSRVWHUJDGR
8WLOLFHMXQWRFRQHOERWyQ&22.,1*7,0(SDUDFRQILJXUDU
HOKRUQRSDUDTXHLQLFLH\VHGHWHQJDDXWRPiWLFDPHQWHHQ
HOPRPHQWRTXHXVWHGSURJUDPH
/X]'(/$<67$577LPHWLHPSRGHLQLFLRUHWDUGDGR
'HVWHOODPLHQWUDVVHKDOODHQHOPRGRGHHGLFLyQXVWHG
SXHGHFDPELDUHOWLHPSRFRQILJXUDGRGHLQLFLRUHWDUGDGR
HQHVWHSXQWR5HVSODQGHFHFXDQGRVHKDDFWLYDGROD
IXQFLyQ
%RWyQ&22.,1*7,0(WLHPSRGHFRFFLyQ
3UHVLRQHHVWHERWyQ\OXHJRSUHVLRQHHOERWyQ
R²SDUDDMXVWDUODFDQWLGDGGHWLHPSRTXHGHVHD
FRFLQDUVXFRPLGD(OKRUQRVHDSDJDUiDXWRPiWLFDPHQWH
FXDQGRVHKD\DDJRWDGRHOWLHPSRGHFRFFLyQ
/X]&22.,1*7,0(WLHPSRGHFRFFLyQ
'HVWHOODPLHQWUDVVHKDOODHQHOPRGRGHHGLFLyQXVWHG
SXHGHFDPELDUHOWLHPSRFRQILJXUDGRHQHVWHSXQWR
5HVSODQGHFHFXDQGRVHKDDFWLYDGRODIXQFLyQ'HVWHOOD
GHQXHYRFXDQGRVHKDDFDEDGRHOWLHPSRKDVWDTXHVH
UHFRQILJXUHHOFRQWURO

8VRGHORVFRQWUROHVGHOKRUQR
&RQWUROGHOKRUQRFDUDFWHUtVWLFDV\FRQILJXUDFLRQHVGHOUHORM
&ORFN\GHOWHPSRUL]DGRU7LPHU
/X]$8720$7,&29(1KRUQRDXWRPiWLFR
(VWDOX]VHHQFLHQGHHQFXDOTXLHUPRPHQWRHQTXH
VHKDSURJUDPDGRHOKRUQRXWLOL]DQGRODVIXQFLRQHV
&22.,1*7,0(WLHPSRGHFRFFLyQR'(/$<67$57LQLFLR
UHWDUGDGR
%RWyQ²
$OSUHVLRQDUEUHYHPHQWHHVWHERWyQVHUHGXFLUi
HOWLHPSRRODWHPSHUDWXUDHQSHTXHxDVXQLGDGHV
3UHVLRQH\VRVWHQJDHOERWyQSDUDUHGXFLUHOWLHPSRROD
WHPSHUDWXUDHQXQLGDGHVPiVJUDQGHV
%RWyQ
$OSUHVLRQDUEUHYHPHQWHHVWHERWyQVHDXPHQWDUi
HOWLHPSRRODWHPSHUDWXUDHQSHTXHxDVXQLGDGHV
3UHVLRQH\VRVWHQJDHOERWyQSDUDDXPHQWDUHOWLHPSRROD
WHPSHUDWXUDHQXQLGDGHVPiVJUDQGHV
%RWyQ&/($52))
3UHVLRQHSDUDFDQFHODU72'$6ODVRSHUDFLRQHVGHOKRUQR
H[FHSWRHOUHORM\HOWHPSRUL]DGRU
%RWyQ%52,/+,/2DVDUDODSDUULOOD$OWR%DMR
3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQDVDUDODSDUULOOD
/X]%52,/DVDUHQDOJXQRVPRGHORV
'HVWHOODPLHQWUDVVHKDOODHQHOPRGRGHHGLFLyQXVWHG
SXHGHFDPELDUGH+,D/2%52,/DVDUDOWRDEDMRHQ
HVWHSXQWR5HVSODQGHFHFXDQGRHOKRUQRVHKDOODHQHO
PRGRDVDU
/XFHVLQGLFDGRUDVHQDOJXQRVERWRQHV
(OPRGR(',7HGLFLyQGXUDYDULRVVHJXQGRVGHVSXpVGH
KDEHUSUHVLRQDGRHO~OWLPRERWyQ/RVERWRQHV'(/$<
67$57212))LQLFLRUHWDUGDGRHQFHQGLGRDSDJDGR\
&22.,1*7,0(212))WLHPSRGHFRFFLyQHQFHQGLGR
DSDJDGRVHUiQORV~QLFRVERWRQHVHQFHQGLGRVVLVH
VHOHFFLRQDFXDOTXLHUDGHHVWDVGRVRSFLRQHV(MHPSOR
'(/$<67$57LQLFLRUHWDUGDGRVHVHOHFFLRQDFRQ%$.(
KRUQHDUHOERWyQ'(/$<67$57SHUPDQHFHUiHQFHQGLGR
KDVWDTXHHOUHORMDOFDQFHHOWLHPSRSURJUDPDGRHQFX\R
PRPHQWRVHDSDJDUi\VHHQFHQGHUiODOX]GHOERWyQ
%$.(7(035(&$//KRUQHDUPHPRULDWHPSHUDWXUD
&RUWHGHHQHUJtD
6LSXHGHYHUVHXQDKRUDGHVWHOODQGRHQOD
SDQWDOODVHKDH[SHULPHQWDGRXQFRUWHGH
HQHUJtD5HFRQILJXUHHOUHORM
3DUDUHFRQILJXUDUHOUHORMSUHVLRQHHOERWyQ&/2&.
UHORM,QJUHVHODKRUDFRUUHFWDSUHVLRQDQGRHO
ERWyQR²3UHVLRQHHOERWyQ67$5721LQLFLDU
HQFHQGLGR

/DFDQWLGDGGHSRVLFLRQHVGH
ODVSDUULOODVYDUtDSRUHOPRGHOR
3DUDSUHYHQLUSRVLEOHVTXHPDGXUDVFRORTXHODVSDUULOODVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR
$QWHVGHFRPHQ]DU«
/DVSDUULOODVWLHQHQFLHUUHVGHWRSHGHIRUPDWDOTXH
FXDQGRVHHQFXHQWUHQFRORFDGRVFRUUHFWDPHQWH
HQORVVRSRUWHVVHGHWHQGUiQDQWHVGHVDOLU
FRPSOHWDPHQWH\QRVHLQFOLQDUiQ
&XDQGRVHHQFXHQWUHFRORFDQGRRTXLWDQGR
XWHQVLOLRVGHFRFLQDWLUHGHODSDUULOODKDFLDDIXHUD
KDVWDODSURWXEHUDQFLDHQHODSR\RGHODSDUULOOD
3DUDTXLWDUXQDSDUULOODWtUHODKDFLDXVWHGLQFOLQHHO
IUHQWHKDFLDDUULED\WLUHODSDUULOODKDFLDDIXHUD
3DUDUHHPSOD]DUFRORTXHHOH[WUHPRGHODSDUULOOD
WRSHVGHFLHUUHHQHODSR\RLQFOLQHHOIUHQWH\
HPSXMHGHODSDUULOODKDFLDDGHQWUR
35(&$8&,Ï1
QXQFDFRORTXHORVXWHQVLOLRVGHFRFLQDQLRWURV
DUWtFXORVVREUHHOSLVRGHOKRUQR([LVWHXQHOHPHQWR
GHFDOHQWDPLHQWRGHEDMRGHOSLVRGHOKRUQR&RORFDU
DUWtFXORVVREUHHOSLVRGHOKRUQRSXHGHFDXVDUTXH
HOKRUQRVHVREUHFDOLHQWHUHVXOWDQGRHQGDxRV
SDUDHOKRUQR\HOULHVJRGHGDxRVRLQFHQGLRHQORV
JDELQHWHV
3UHFDOHQWDPLHQWR\XELFDFLyQGHODFDFHUROD
3UHFDOLHQWHHOKRUQRVLODUHFHWDDVtORLQGLFD(O
SUHFDOHQWDPLHQWRHVQHFHVDULRSDUDREWHQHUEXHQRV
UHVXOWDGRVFXDQGRKRUQHHWRUWDVGXOFHVSDVWHOLWRV
\SDQHV
/DSDQWDOODPRVWUDUi´3U(µPLHQWUDVUHDOL]DHO
SUHFDOHQWDPLHQWR&XDQGRHOKRUQRDOFDQ]D
ODWHPSHUDWXUDVHOHFFLRQDGDHOFRQWUROGHO
KRUQRHPLWLUiXQSLWLGR\ODSDQWDOODPRVWUDUiOD
WHPSHUDWXUDGHOKRUQR
+RUQRVGHµ
6LYDDKRUQHDUFXDWURFDSDV
GHSDVWHODOPLVPRWLHPSRFRORTXHGRVFDSDV
HQODEDQGHMD&\GRVFDSDVHQODEDQGHMD(
'LVWULEX\DORVUHFLSLHQWHVGHPRGRTXHQRTXHGHQ
GLUHFWDPHQWHXQRHQFLPDGHORWUR
+RUQRVGHµ6LKRUQHDFXDWURFDSDV
GHSDVWHODOPLVPRWLHPSRFRORTXHGRV
FDSDVHQODSDUULOOD$\GRVFDSDVHQOD
SDUULOOD&8ELTXHODVFDFHURODVHQODSDUULOOD
GHWDOIRUPDTXHXQDQRHVWpFRORFDGD
GLUHFWDPHQWHVREUHODRWUD
/RVUHVXOWDGRVGHOKRUQHDGRVRQPHMRUHVVLOD
FRPLGDHVFHQWUDGDHQHOKRUQRWDQWRFRPRVHD
SRVLEOH(OSDVWHO´$QJHO)RRGµHVODH[FHSFLyQ\GHEH
FRORFDUVHHQODEDQGHMDLQIHULRUGHOKRUQRSRVLFLyQ
$6LJDODVLQVWUXFFLRQHVGHOSDTXHWHGHDOLPHQWRV
SUHHPSDTXHWDGRVRFRQJHODGRVSDUDODXELFDFLyQ
GHORVUHFLSLHQWHV/DVVDUWHQHVQRVHGHEHQWRFDU
HQWUHVtQLGHEHQWRFDUODVSDUHGHVGHOKRUQR6L
QHFHVLWDXVDUGRVSDUULOODVFRORTXHODVVDUWHQHVGH
IRUPDTXHXQDQRTXHGHLQPHGLDWDPHQWHHQFLPD
GHODRWUD'HMHDSUR[LPDGDPHQWH
øsHQWUHFDGD
VDUWpQ\GHVGHHOIUHQWHGHVGHDWUiV\GHVGHORV
FRVWDGRVGHOKRUQR
8VRGHOKRUQR *($SSOLDQFHVFRP
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDURDVDU
3UHVLRQHHOERWyQ%$.(
3UHVLRQHORVERWRQHVR²KDVWD
ODWHPSHUDWXUDGHVHDGDVHYLVXDOL]D
3UHVLRQHHOERWyQ67$5721
(OKRUQRVHLQLFLDUiDXWRPiWLFDPHQWH/DSDQWDOOD
PRVWUDUi´3U(µPLHQWUDVUHDOL]DHOSUHFDOHQWDPLHQWR
&XDQGRHOKRUQRDOFDQ]DODWHPSHUDWXUD
VHOHFFLRQDGDHOFRQWUROGHOKRUQRHPLWLUiYDULRV
SLWLGRV\ODSDQWDOODPRVWUDUiODWHPSHUDWXUDGHO
KRUQR
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRGXUDQWH
HOFLFOR%$.(KRUQHDUSUHVLRQHHOERWyQ%$.(\
OXHJRORVERWRQHVR²SDUDFRQILJXUDUODQXHYD
WHPSHUDWXUD
5HYLVHORVDOLPHQWRVSDUDHOSXQWRGHFRFFLyQ
DOPtQLPRWLHPSRHQODUHFHWD&RFLQHGXUDQWH
PiVWLHPSRVLHVQHFHVDULR
3UHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGRFXDQGRVHKD\DILQDOL]DGRHO
KRUQHDGR\OXHJRTXLWH
ORVDOLPHQWRVGHOKRUQR
1RFRORTXHDOLPHQWRVGLUHFWDPHQWH
VREUHHOSLVRGHOKRUQR

8VRGHOKRUQR
&yPRFRQILJXUDUHOKRUQRSDUDDVDUDODSDUULOOD
&LHUUHODSXHUWD6LHPSUHDVHDODSDUULOODFRQOD
SXHUWDFHUUDGD
&RORTXHODFDUQHRHOSHVFDGRVREUH
XQDUHMLOODSDUDDVDUHQXQDEDQGHMDSDUDDVDU
6LJDODVSRVLFLRQHVHQODSDUULOODVXJHULGDVHQOD
*XtDSDUDDVDUDODSDUULOOD
6LVXKRUQRHVWiFRQHFWDGRDYROWLRVORV
ILOHWHVSRFRFRFLGRVSXHGHQDVDUVHDODSDUULOOD
SUHFDOHQWDQGRODSDUULOOD\SRVLFLRQDQGRODSDUULOOD
GHOKRUQRHQXQDSRVLFLyQPiVDOWD
3UHVLRQHHOERWyQ%52,/+,/2XQDYH]SDUD
$VDUDODSDUULOOD+,$OWR
3DUDFDPELDUD$VDUDODSDUULOOD/2%DMR
SUHVLRQHHOERWyQ%52,/+,/2QXHYDPHQWH
3UHVLRQHHOERWyQ67$5721
&XDQGRHODVDGRDODSDUULOODHVWpWHUPLQDGR
SUHVLRQHHOERWyQ&/($52))
&LHUUHODSXHUWD6LHPSUHDVH
DODSDUULOODFRQODSXHUWDFHUUDGD
*XtDSDUDDVDUDODSDUULOOD
(OWDPDxRSHVRJURVRUWHPSHUDWXUD
LQLFLDO\VXSUHIHUHQFLDVREUHHOSXQWR
GHFRFFLyQGHORVDOLPHQWRVDIHFWDUiQ
ORVWLHPSRVGHFRFFLyQ(VWDJXtDHVWi
EDVDGDHQFDUQHVDWHPSHUDWXUDGH
UHIULJHUDGRU
(O'HSDUWDPHQWRGH$JULFXOWXUDGH
((88LQGLFDTXH´ODFDUQHDSRFR
FRFLGDHVSRSXODUSHURXVWHGGHEH
VDEHUTXHFRFLQDUODDVRODPHQWH
)VLJQLILFDTXHDOJXQRVRUJDQLVPRV
YHQHQRVRVSRGUtDQVREUHYLYLUµ
)XHQWH6DIH)RRG%RRN<RXU.LWFKHQ
*XLGH86'$5HY-XQLR
3UHFDOLHQWHODDVDGHUDGXUDQWHPLQXWRVSDUDPHMRUDUHOGHVHPSHxR
3XHGHXWLOL]DUVHHOSDSHODOXPLQLRSDUDDWUDSDU
GHUUDPHV
1XQFDFXEUDSRUFRPSOHWRXQDSDUULOODFRQSDSHO
DOXPLQLR(VWRREVWUXLUiODFLUFXODFLyQGHOFDORU\
REWHQGUiXQDVDGRGHILFLHQWH
3XHGHXWLOL]DUVHXQDSHTXHxDKRMDGHSDSHO
DOXPLQLRSDUDDWUDSDUGHUUDPHVFRORFiQGRODHQXQR
GHODVSDUULOODVLQIHULRUHVYDULDVSXOJDGDVSRUGHEDMR
GHODOLPHQWR
3DSHODOXPLQLR
$OLPHQWR
1LYHOGH
FRFFLyQ
7LSRR
JURVRU
%URLO
6HWWLQJ
3RVLFLyQGH
ODEDQGHMD
GHKRUQR
µ
3RVLFLyQ
GHOD
EDQGHMD
GHKRUQR
&RPHQWDULRV
&DUQHGH
UHV
-XJRVD
)
)LOHWHV²sGH
JURVRU
+,DOWD
' ( (VGLItFLOTXHILOHWHVGH
PHQRVGHsGHJURVRU
TXHGHQMXJRVRV6H
FRFLQDQSRUFRPSOHWR
DQWHVGHGRUDUVH3DUD
HYLWDUTXHODFDUQHVH
HQURVTXHFRUWHODJUDVDD
LQWHUYDORVGHs
(VSDFLHORVSDWWLHV
XQLIRUPHPHQWH+DVWD
SDWWLHVWDUGDQFHUFDGHO
PLVPRWLHPSR
$SXQWR
)
)LOHWHV²sD
sGHJURVRU
+,DOWD
' (
%LHQFRFLGD
)
)LOHWHV²sD
sGHJURVRU
3DWWLHVGH
FDUQHSLFDGD
µDµGH
JURVRU
+,DOWD
' (
3ROOR 3HFKXJDVLQ
KXHVR
+,DOWD
$ &
3HFKXJDFRQ
KXHVR
+,DOWD
$ & $VDUVREUHHOODGRGHOD
SLHOSULPHUR
)LOHWHVGH
SHVFDGR
*URVRUGHs
Ds
+,DOWD
& ' 0DQLSXOH\JLUHFRQPXFKR
FXLGDGR
/2
EDMD
& '
&KXOHWDV
GHFHUGR
%LHQFRFLGD
)
*URVRUGHs
+,DOWD
& ' 3DUDHYLWDUTXHODFDUQHVH
HQURVTXHFRUWHODJUDVD

3DUDDMXVWDUHOUHORM
(OUHORMGHEHVHUDMXVWDGRHQODKRUDFRUUHFWD
GHOGtDSDUDTXHODVIXQFLRQHVDXWRPiWLFDV
FURQRPHWUDGDVGHOKRUQRIXQFLRQHQ
DSURSLDGDPHQWH1RSXHGHFDPELDUVHODKRUD
GXUDQWHHOFLFORGHFRFFLyQFRQUHWDUGR
3UHVLRQHHOERWyQ&/2&.
3UHVLRQHHOERWyQR²
6LQRVHSUHVLRQDQHOERWyQR²GHQWURGHO
PLQXWRGHVSXpVGHSUHVLRQDUHOERWyQ&/2&.
UHORMODSDQWDOODYXHOYHDODFRQILJXUDFLyQ
RULJLQDO6LHVWRVXFHGHSUHVLRQHHOERWyQ
&/2&.GRVYHFHV\YXHOYDDLQJUHVDUODKRUD
DFWXDO
3UHVLRQHHOERWyQ67$5721LQLFLDU
HQFHQGLGRKDVWDTXHDSDUH]FDODKRUDHQ
ODSDQWDOOD(VWRLQJUHVDODKRUDHLQLFLDHO
UHORM
3DUDFRQVXOWDUODKRUDFXDQGRODSDQWDOODHVWi
PRVWUDQGRRWUDLQIRUPDFLyQVLPSOHPHQWH
SUHVLRQHHOERWyQ&/2&.UHORM$SDUHFHOD
KRUDDFWXDOKDVWDTXHVHSUHVLRQHRWURERWyQ
$VHJ~UHVHGHTXHHOUHORMVHD
DMXVWDGRHQODKRUDFRUUHFWDGHO
GtD
3DUDDMXVWDUHOWHPSRUL]DGRU
(OWHPSRUL]DGRUQRFRQWURODODVRSHUDFLRQHV
GHOKRUQR/DFRQILJXUDFLyQPi[LPDGHO
WHPSRUL]DGRUHVKRUDV\PLQXWRV
3UHVLRQHHOERWyQ.,7&+(17,0(521
2))
3UHVLRQHHOERWyQR²KDVWDTXH
DSDUH]FDHQODSDQWDOODODFDQWLGDGGH
WLHPSRTXHGHVHD(OWLHPSRPi[LPRTXH
SXHGHLQJUHVDUVHHQPLQXWRVHV/RV
WLHPSRVPD\RUHVDPLQXWRVGHEHQ
FDPELDUVHDKRUDV\PLQXWRV
6LFRPHWHXQHUURUSUHVLRQH.,7&+(17,0(5
212))\YXHOYDDFRPHQ]DU
3UHVLRQHHOERWyQ67$57216HLQLFLDUiOD
FXHQWDUHJUHVLYDDXQTXHODSDQWDOODQR
FDPELHKDVWDTXHKD\DSDVDGRXQ
PLQXWR
&XDQGRHOWHPSRUL]DGRUDOFDQFHHO
FRQWUROSLWDUiYHFHVVHJXLGDVSRUXQ
SLWLGRFDGDVHJXQGRVKDVWDTXHVH
SUHVLRQHHOERWyQ.,7&+(17,0(521
2))
(OWHPSRUL]DGRUHV~QLFDPHQWH
XQWHPSRUL]DGRUGHPLQXWRV
(OWHPSRUL]DGRUQRFRQWUROD
ODVRSHUDFLRQHVGHOKRUQR
/DFRQILJXUDFLyQPi[LPD
HQHOWHPSRUL]DGRUHVGH
KRUDV\PLQXWRV
3DUDUHLQLFLDUHOWHPSRUL]DGRU
6LODSDQWDOODWRGDYtDHVWiPRVWUDQGR
HOWLHPSRUHVWDQWHSXHGHFDPELDUOD
SUHVLRQDQGRHOERWyQ.,7&+(17,0(5212))
OXHJRSUHVLRQHHOERWyQR²KDVWDTXHHQOD
SDQWDOODDSDUH]FDHOWLHPSRTXHGHVHD
6LHOWLHPSRUHVWDQWHQRHVWiHQODSDQWDOOD
HQODSDQWDOODHVWiUHORMLQLFLRSRVWHUJDGRR
WLHPSRGHFRFFLyQUHFXHUGHHOWLHPSRUHVWDQWH
SUHVLRQDQGRHOERWyQ.,7&+(17,0(521
2))\OXHJRSUHVLRQDQGRHOERWyQR²KDVWD
LQJUHVDUHOQXHYRWLHPSRTXHGHVHD
3DUDFDQFHODUHOWHPSRUL]DGRU
3UHVLRQHHOERWyQ.,7&+(17,0(5212))GRV
YHFHV
3DUDDSDJDUODYLVXDOL]DFLyQGHOUHORM
6LXVWHGFXHQWDFRQYDULRVUHORMHVHQVXKRUQR
TXL]iVGHVHHDSDJDUODYLVXDOL]DFLyQGHODKRUD
GHVXKRUQR
3UHVLRQHHOERWyQ&/2&.UHORMXQDYH]
SDUDDSDJDUODYLVXDOL]DFLyQGHODKRUD
$XQTXHXVWHGQRSXHGDYHUODHOUHORM
FRQVHUYDODKRUDDFWXDOFRUUHFWD
3UHVLRQHHOERWyQ&/2&.GHQXHYRSDUD
UHWRPDUODYLVXDOL]DFLyQGHOUHORM
8VRGHOUHORM\HOWHPSRUL]DGRU *($SSOLDQFHVFRP

8VRGHODVFDUDFWHUtVWLFDVFURQRPHWUDGDV
GHKRUQHDGR\DVDGRHQDOJXQRVPRGHORV
127$QRGHEHSHUPLWLUVHTXHORVDOLPHQWRVTXHVHHFKDQDSHUGHUIiFLOPHQWH³FRPROHFKHKXHYRVSHVFDGR
UHOOHQRVDYHV\FHUGR³UHSRVHQSRUPiVGHKRUDDQWHVRGHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWH
SURPXHYHHOFUHFLPLHQWRGHEDFWHULDVSHOLJURVDV$VHJ~UHVHGHTXHODOX]GHOKRUQRHVWpDSDJDGD\DTXHHOFDORUGH
ODERPELOODDFHOHUDUtDHOFUHFLPLHQWRGHEDFWHULDVSHOLJURVDV
&yPRFRQILJXUDUXQ,QLFLRLQPHGLDWR\XQD3DUDGDDXWRPiWLFD
(OKRUQRVHHQFHQGHUiLQPHGLDWDPHQWH\
FRFLQDUiGXUDQWHHOWLHPSRVHOHFFLRQDGR$O
ILQDOGHOWLHPSRGHFRFFLyQHOKRUQRVHDSDJDUi
DXWRPiWLFDPHQWH
3UHVLRQHHOERWyQ%$.(
3UHVLRQHHOERWyQR²SDUDFRQILJXUDUOD
WHPSHUDWXUDGHOKRUQR
3UHVLRQHHOERWyQ&22.,1*7,0(
127$6LVXUHFHWDUHTXLHUHGH
SUHFDOHQWDPLHQWRHVSRVLEOHTXHQHFHVLWH
DxDGLUPiVWLHPSRDOWLHPSRGHFRFFLyQ
3UHVLRQHHOERWyQR²SDUDFRQILJXUDUHO
WLHPSRGHKRUQHDGR
(OWLHPSRGHFRFFLyQLQJUHVDGRDSDUHFHUiHQOD
SDQWDOOD6LXVWHGVHOHFFLRQDSULPHURHOWLHPSR
GHFRFFLyQ\OXHJRDMXVWDODWHPSHUDWXUDGH
KRUQHDGRVHYHUiHQVXOXJDUODWHPSHUDWXUD
GHOKRUQR
3UHVLRQHHOERWyQ67$5721
/DSDQWDOODPXHVWUDODWHPSHUDWXUDGHOKRUQR
TXHXVWHGKDFRQILJXUDGRRODFXHQWDUHJUHVLYD
GHOWLHPSRGHFRFFLyQ/DSDQWDOODLQLFLDFRQ
´3U(µVLPXHVWUDODWHPSHUDWXUDGHOKRUQR
(OKRUQRFRQWLQXDUiFRFLQDQGRGXUDQWHOD
FDQWLGDGGHWLHPSRSURJUDPDGDOXHJRVH
DSDJDUDDXWRPiWLFDPHQWH
3UHVLRQHHOERWyQ&/($52))SDUDERUUDU
ODSDQWDOOD
VLHVQHFHVDULR
4XLWHORVDOLPHQWRVGHOKRUQR5HFXHUGH
DXQTXHHOKRUQRVHDSDJDHQIRUPD
DXWRPiWLFDORVDOLPHQWRVVLJXHQFRFLQiQGRVH
GHVSXpVGHTXHVHDSDJXHQORVFRQWUROHV
&yPRFRQILJXUDUXQ,QLFLRSRVWHUJDGR\XQD3DUDGDDXWRPiWLFD
(OKRUQRVHHQFHQGHUiHQHOKRUDULRTXHXVWHG
KD\DFRQILJXUDGRFRFLQDUiDOLPHQWRVGXUDQWH
XQSHUtRGRGHWLHPSRHVSHFtILFR\OXHJRVH
DSDJDUiDXWRPiWLFDPHQWH
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUD
FRUUHFWDGHOGtD
3UHVLRQHHOERWyQ%$.(
3UHVLRQHHOERWyQR²SDUDFRQILJXUDUOD
WHPSHUDWXUDGHOKRUQR
3UHVLRQHHOERWyQ&22.,1*7,0(
3UHVLRQHHOERWyQR²SDUDFRQILJXUDUHO
WLHPSRGHFRFFLyQGHVHDGR
3UHVLRQHHOERWyQ'(/$<67$57
3UHVLRQHHOERWyQR²SDUDFRQILJXUDUOD
KRUDHQTXHGHVHDTXHHOKRUQRVH
HQFLHQGD\FRPLHQFHODFRFFLyQ
3UHVLRQHHOERWyQ67$5721
127$XQWRQRGHDWHQFLyQVRQDUiVLHVWi
XWLOL]DQGRHOKRUQHDGRFURQRPHWUDGR\QR
SUHVLRQDHOERWyQ67$5721
127$6LGHVHDYHULILFDUHOWLHPSRTXH
KDFRQILJXUDGRSUHVLRQHHOERWyQ'(/$<
67$57SDUDYHULILFDUODKRUDGHLQLFLRTXHKD
FRQILJXUDGRRSUHVLRQHHOERWyQ&22.,1*
7,0(SDUDYHULILFDUODGXUDFLyQGHOWLHPSRGH
FRFFLyQTXHKDFRQILJXUDGR
&XDQGRHOKRUQRVHHQFLHQGHDODKRUDTXH
XVWHGKDFRQILJXUDGRODSDQWDOODPRVWUDUi
´3U(µKDVWDTXHDOFDQFHODWHPSHUDWXUD
VHOHFFLRQDGDOXHJRPRVWUDUiODWHPSHUDWXUD
GHOKRUQR
$OILQDOL]DUHOWLHPSRGHFRFFLyQHOKRUQRVH
DSDJDUi\VRQDUiHOWRQRGHOILQGHFLFOR
3UHVLRQHHOERWyQ&/($52))SDUDERUUDU
ODSDQWDOODVLHVQHFHVDULR
4XLWHORVDOLPHQWRVGHOKRUQR5HFXHUGH
DXQTXHHOKRUQRVHDSDJDHQIRUPD
DXWRPiWLFDORVDOLPHQWRVVLJXHQFRFLQiQGRVH
GHVSXpVGHTXHVHDSDJXHQORVFRQWUROHV

8VWHGVHSXHGHSHUFDWDUTXHVXKRUQRQXHYRFRFLQDGLVWLQWRDOTXHUHHPSOD]y8VHVXKRUQRQXHYRSRUYDULDVVHPDQDV
SDUDIDPLOLDUL]DUVHFRQpO6LD~QSLHQVDTXHVXKRUQRQXHYRHVGHPDVLDGRFDOLHQWHRGHPDVLDGRIUtRXVWHGSXHGHDMXVWDU
HOWHUPRVWDWRXVWHGPLVPR
1RXVHWHUPyPHWURVFRPRORVTXHVHYHQGHQHQWLHQGDVGHDSURYLVLRQDPLHQWRSDUDLQVSHFFLRQDUODWHPSHUDWXUDGHVX
KRUQR(VWRVWHUPyPHWURVSRGUtDQYDULDUGHDJUDGRV
127$HVWHDMXVWHVyORDIHFWDUiODWHPSHUDWXUDGHKRUQHDGR\DVDGRQRDIHFWDODVWHPSHUDWXUDVGHDVDGR
DODSDUULOOD(ODMXVWHVHDOPDFHQDUiHQODPHPRULDGHVSXpVGHXQDIDOODHOpFWULFD
3DUDDMXVWDUHOWHUPRVWDWR
3UHVLRQHORVERWRQHV%$.(\%52,/+,/2
DOPLVPRWLHPSRGXUDQWHVHJXQGRV
KDVWDTXHODSDQWDOODPXHVWUH6)
3UHVLRQHHOERWyQ%$.((QODSDQWDOODVH
PXHVWUDXQQ~PHURGHGRVGtJLWRV
/DWHPSHUDWXUDGHOKRUQRVHSXHGHUHJXODU
KDVWDXQPi[LPRGH)RXQPtQLPR
GH²)3UHVLRQHVXDYHPHQWHHOERWyQ
SDUDDXPHQWDUODWHPSHUDWXUDGHD
JUDGR3UHVLRQHVXDYHPHQWHHOERWyQ²
SDUDGLVPLQXLUODWHPSHUDWXUDGHD
JUDGR
&XDQGRKD\DUHDOL]DGRHODMXVWHSUHVLRQH
HOERWyQ6WDUW21SDUDYROYHUDODSDQWDOOD
GHODKRUDGHOGtD8WLOLFHVXKRUQRFRPROR
KDUtDQRUPDOPHQWH
£(OWLSRGHPDUJDULQDDIHFWDUiHOGHVHPSHxRGHOKRUQHDGR
/DPD\RUtDGHODVUHFHWDVSDUDKRUQHDUVHKDQGHVDUUROODGRXVDQGRSURGXFWRVGHDOWRFRQWHQLGRHQJUDVDFRPR
PDQWHTXLOODRPDUJDULQDGHJUDVD6LGLVPLQX\HODJUDVDHVSRVLEOHTXHODUHFHWDQRWHQJDORVPLVPRVUHVXOWDGRV
TXHFRQXQSURGXFWRGHPD\RUFRQWHQLGRGHJUDVD
/DVUHFHWDVSXHGHQIDOODUVLODVWRUWDVSDVWHOHVJDOOHWDVRGXOFHVVHSUHSDUDQFRQSURGXFWRVEDMRVHQJUDVD0LHQWUDV
PHQRVVHDHOFRQWHQLGRGHJUDVDGHXQSURGXFWRWLSRPDQWHTXLOODPiVVHQRWDUiQHVWDVGLIHUHQFLDV
/RVHVWiQGDUHVIHGHUDOHVH[LJHQTXHORVSURGXFWRVPDUFDGRVFRPRPDUJDULQDVFRQWHQJDQSRUORPHQRVXQGHJUDVDSRU
SHVR3RURWUDSDUWHORVSURGXFWRVWLSRPDQWHTXLOODEDMRVHQJUDVDFRQWLHQHQPHQRVJUDVD\PiVDJXD(ODOWRFRQWHQLGRGH
KXPHGDGGHHVWRVSURGXFWRVDIHFWDODWH[WXUD\HOVDERUGHORVDOLPHQWRVKRUQHDGRV3DUDPHMRUHVUHVXOWDGRVFRQVXVYLHMDV
UHFHWDVIDYRULWDVXVHPDUJDULQDPDQWHTXLOODXRWURVSURGXFWRVTXHFRQWHQJDQSRUORPHQRVXQGHDFHLWHYHJHWDO
$MXVWHGHOWHUPRVWDWRGHOKRUQR£+iJDORXVWHGPLVPR
*($SSOLDQFHVFRP

&DUDFWHUtVWLFDVHVSHFLDOHVGHFRQWUROGHVXKRUQR
6XQXHYRFRQWUROFRQERWRQHVVHQVLEOHVWLHQHFDUDFWHUtVWLFDVDGLFLRQDOHVTXHSXHGHHOHJLUXWLOL]DU$FRQWLQXDFLyQVHGHVFULEHQODV
FDUDFWHUtVWLFDV\FyPRSXHGHDFWLYDUODV
/RVPRGRVGHFDUDFWHUtVWLFDHVSHFLDOVyORSXHGHQDFWLYDUVHPLHQWUDVODSDQWDOODHVWpPRVWUDQGRODKRUDGHOGtD'LFKRVPRGRV
SHUPDQHFHQHQODPHPRULDGHOFRQWUROKDVWDTXHORVSDVRVVHDQUHSHWLGRV
&XDQGRODSDQWDOODPXHVWUHVXHOHFFLyQSUHVLRQHHOERWyQ67$5721/DVFDUDFWHUtVWLFDVHVSHFLDOHVSHUPDQHFHUiQHQODPHPRULD
GHVSXpVGHXQDIDOODHQHOVXPLQLVWURGHHOHFWULFLGDG
$SDJDGRGHVSXpVGHKRUDV
&RQHVWDFDUDFWHUtVWLFDVLVHROYLGD\GHMD
HOKRUQRHQFHQGLGRHOFRQWURODSDJDUiHOKRUQR
GHVSXpVGHKRUDVDXWRPiWLFDPHQWHGXUDQWH
ODVIXQFLRQHVGHKRUQHDGRRGHVSXpVGHKRUDV
GXUDQWHXQDIXQFLyQGHDVDGRDODSDUULOOD
6LGHVHDDSDJDUHVWDFDUDFWHUtVWLFDVLJDORV
SDVRVDFRQWLQXDFLyQ
3UHVLRQHORVERWRQHV%$.(\%52,/+,/2
DOPLVPRWLHPSRGXUDQWHVHJXQGRV
KDVWDTXHODSDQWDOODPXHVWUH6)
3UHVLRQHHOERWyQ&/2&.KDVWDTXHQR
VKGQQRDSDJDGRDSDUH]FDHQOD
SDQWDOOD
3UHVLRQHHOERWyQ67$5721SDUDDFWLYDU
ODIXQFLyQQRVKGQQRDSDJDGR\GHMHHO
FRQWUROFRQILJXUDGRHQHOPRGR
GHIXQFLRQHVHVSHFLDOHV

8VRGHODFDUDFWHUtVWLFD6DEEDWK
'LVHxDGDSDUDXWLOL]DUVHHQHO6DEEDWKMXGtR\GtDVIHVWLYRVHQDOJXQRVPRGHORV
*($SSOLDQFHVFRP
&yPRVDOLUGHODFDUDFWHUtVWLFD6DEEDWK
3UHVLRQHHOERWyQ&/($52))
6LHOKRUQRHVWiFRFLQDQGRHVSHUHGXUDQWHXQSHULRGR
DOHDWRULRGHDSUR[LPDGDPHQWHVHJXQGRVDPLQXWR
KDVWDTXHVRORHVWpHQODSDQWDOOD
3UHVLRQH\VRVWHQJDORVERWRQHV%$.(\%52,/+,/2DO
PLVPRWLHPSRKDVWDTXHODSDQWDOODPXHVWUH6)
3UHVLRQHHOERWyQ&/2&.KDVWDTXHDSDUH]FDHQODSDQWDOOD
21R2))21LQGLFDTXHHOKRUQRVHDSDJDUi
DXWRPiWLFDPHQWHGHVSXpVGHKRUDV2))LQGLFDTXHHO
KRUQRQRVHDSDJDUiDXWRPiWLFDPHQWH9HUODVHFFLyQ
&DUDFWHUtVWLFDVHVSHFLDOHVSDUDXQDH[SOLFDFLyQVREUHOD
IXQFLyQ$SDJDGRDXWRPiWLFRGHKRUDV
3UHVLRQHHOERWyQ67$5721
127$(QFDVRGHFRUWHGHHQHUJtDFRQODIXQFLyQGH6DEEDWK
DFWLYDGDGLFKDIXQFLyQVHDSDJDUiDXWRPiWLFDPHQWHD~QFXDQGR
YXHOYDODHQHUJtD(OFRQWUROGHOKRUQRGHEHYROYHUDFRQILJXUDUVH
/DFDUDFWHUtVWLFD6DEEDWKSXHGHXWLOL]DUVH~QLFDPHQWHSDUDKRUQHDGRDVDGR1RSXHGHXWLOL]DUVHSDUDDVDGRDODSDUULOODR'HOD\6WDUW
127$ODOX]GHOKRUQRVHHQFLHQGHDXWRPiWLFDPHQWHHQDOJXQRVPRGHORVFXDQGRODSXHUWDHVDELHUWD\VHDSDJDFXDQGRODSXHUWDHVFHUUDGD6H
SXHGHTXLWDUODERPELOOD&RQVXOWHODVHFFLyQ5HHPSOD]RGHODOX]GHOKRUQR(QORVPRGHORVFRQXQLQWHUUXSWRUGHOX]HQHOSDQHOGHFRQWUROODOX]GHO
KRUQRSXHGHHQFHQGHUVH\GHMDUVHHQFHQGLGD
&yPRFRQILJXUDUHOKRUQHDGRDVDGRUHJXODU
127$3DUDHQWHQGHUFyPRIXQFLRQDHOFRQWUROGHO
KRUQRSUDFWLTXHXVDQGRHOKRUQHDGRQRUPDOQRHQ
IXQFLRQDPLHQWRSDUD6DEEDWKDQWHVGHLQJUHVDUHQHO
PRGRGHIXQFLRQDPLHQWRSDUD6DEEDWK
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWDGHO
GtD\TXHHOKRUQRHVWpDSDJDGR
3UHVLRQH\PDQWHQJDVRVWHQLGRVORVERWRQHV
%$.(\%52,/+,/2DOPLVPRWLHPSRKDVWDTXH
ODSDQWDOODPXHVWUH6)
3UHVLRQHHOERWyQ&/2&.KDVWDTXH6$EDSDUH]FD
HQODSDQWDOOD
3UHVLRQHHOERWyQ67$5721\DSDUHFHUiHQOD
SDQWDOOD
3UHVLRQHHOERWyQ%$.(1RVHGDUiQLQJXQD
VHxDO
/DWHPSHUDWXUDGHLQLFLRSUHFRQILJXUDGDVH
FRQILJXUDUiDXWRPiWLFDPHQWHHQ7RTXH
HOERWyQR²GHSDUDDXPHQWDURGLVPLQXLU
ODWHPSHUDWXUDHQLQFUHPHQWRVGH/D
WHPSHUDWXUDSXHGHFRQILJXUDUVHHQWUH\
1RVHPRVWUDUiQLQJXQDVHxDOQL
WHPSHUDWXUD
3UHVLRQHHOERWyQ67$5721
'HVSXpVGHXQSHULRGRDOHDWRULRGHHVSHUDGH
DSUR[LPDGDPHQWHVHJXQGRVDPLQXWR
DSDUHFHUiHQODSDQWDOOD
LQGLFDQGRTXHHO
KRUQRHVWiKRUQHDQGRDVDQGR6LQRDSDUHFH
HQODSDQWDOODFRPLHQFHGHQXHYRHQHO3DVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQHHO
ERWyQ%$.(\WRTXHHOERWyQR²SDUDDXPHQWDU
RGLVPLQXLUODWHPSHUDWXUDHQLQFUHPHQWRVGH
3UHVLRQHHOERWyQ67$5721
127$ORVERWRQHV&/($52))\&22.,1*7,0(HVWiQ
DFWLYRVGXUDQWHODFDUDFWHUtVWLFD6DEEDWK
&yPRFRQILJXUDUXQKRUQHDGRDVDGRFURQRPHWUDGR,QLFLRLQPHGLDWR\3DUDGDDXWRPiWLFD
127$3DUDHQWHQGHUFyPRIXQFLRQDHOFRQWUROGHOKRUQR
SUDFWLTXHXVDQGR,PPHGLDWH6WDUW,QLFLRLQPHGLDWR\
$XWRPDWLF6WRS'HWHQFLyQDXWRPiWLFDQRUPDOHVQRHQ
IXQFLRQDPLHQWRSDUD6DEEDWKDQWHVGHLQJUHVDUHQHOPRGR
GHIXQFLRQDPLHQWRSDUD6DEEDWK
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWDGHOGtD\TXHHO
KRUQRHVWpDSDJDGR
3UHVLRQH\PDQWHQJDVRVWHQLGRVORVERWRQHV%$.(
\%52,/+,/2DOPLVPRWLHPSRKDVWDTXHODSDQWDOOD
PXHVWUH6)
3UHVLRQHHOERWyQ&/2&.KDVWDTXH6$EDSDUH]FDHQOD
SDQWDOOD
3UHVLRQHHOERWyQ67$5721\DSDUHFHUiHQODSDQWDOOD
3UHVLRQHHOERWyQ&22.,1*7,0(
3UHVLRQHHOERWyQR²SDUDFRQILJXUDUHOWLHPSRGH
FRFFLyQGHVHDGRHQWUHPLQXWR\KRUDV\PLQXWRV
(OWLHPSRGHFRFFLyQTXHLQJUHVyDSDUHFHUiHQODSDQWDOOD
3UHVLRQHHOERWyQ67$5721
3UHVLRQHHOERWyQ%$.(1RVHGDUiQLQJXQDVHxDO
/DWHPSHUDWXUDGHLQLFLRSUHFRQILJXUDGDVHFRQILJXUDUi
DXWRPiWLFDPHQWHHQ7RTXHHOERWyQR²SDUD
DXPHQWDURGLVPLQXLUODWHPSHUDWXUDHQLQFUHPHQWRVGH
/DWHPSHUDWXUDSXHGHFRQILJXUDUVHHQWUH\
1RVHPRVWUDUiQLQJXQDVHxDOQLWHPSHUDWXUD
3UHVLRQHHOERWyQ67$5721
'HVSXpVGHXQSHULRGRDOHDWRULRGHHVSHUD
GHDSUR[LPDGDPHQWHVHJXQGRVDPLQXWR
DSDUHFHUiHQODSDQWDOOD
LQGLFDQGRTXHHO
KRUQRHVWiKRUQHDQGRDVDQGR6LQRDSDUHFH
HQODSDQWDOODFRPLHQFHGHQXHYRHQHO3DVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRDSULHWHHOERWyQ
%$.(\WRTXHHOERWyQR²SDUDDXPHQWDURGLVPLQXLU
ODWHPSHUDWXUDHQLQFUHPHQWRVGH3UHVLRQHHO
ERWyQ67$5721
&XDQGRODFRFFLyQHVWpWHUPLQDGDODSDQWDOOD
FDPELDUiGH
DLQGLFDQGRTXHHOKRUQRVHKD
DSDJDGRSHURWRGDYtDHVWiFRQILJXUDGRHQ6DEEDWK
5HPXHYDODFRPLGDFRFLQDGD
&XDQGRODSDQWDOODPXHVWUDHO
KRUQRHVWiFRQILJXUDGRHQ6DEEDWK
&XDQGRODSDQWDOODPXHVWUD
HOKRUQRHVWiKRUQHDQGRDVDQGR
&XDQGRODSDQWDOODPXHVWUD
HOKRUQRHVWiFRQILJXUDGRHQ
6DEEDWK&XDQGRODSDQWDOOD
PXHVWUD
HOKRUQRHVWi
KRUQHDQGRDVDQGR

(VEXHQDLGHDOLPSLDUHOSDQHOGHFRQWURO
GHVSXpVGHFDGDXVR/LPSLHFRQMDEyQVXDYH
\DJXDRFRQXQDVROXFLyQGHYLQDJUH\DJXD
HQMXDJXHFRQDJXDOLPSLD\OXVWUHHQVHFR
FRQXQSDxRVXDYH&XDQGRKDJDODOLPSLH]D
HOSDQHOGHFRQWUROGHEHHVWDUDWHPSHUDWXUD
DPELHQWH\QREDMRODOX]VRODUGLUHFWD
1RXWLOLFHOLPSLDGRUHVDEUDVLYRVOLPSLDGRUHV
OtTXLGRVIXHUWHVDOPRKDGLOODVSOiVWLFDVSDUD
UHVWUHJDUROLPSLDGRUHVSDUDKRUQRVVREUHHO
SDQHOGHFRQWUROHVWRVSURGXFWRVGDxDUiQ
HODFDEDGR8QDVROXFLyQGHYLQDJUH\
DJXDFDOLHQWHIXQFLRQDELHQ
,QWHULRUGHOKRUQRGHFHUiPLFD
&RQHOFXLGDGRDGHFXDGRHODFDEDGRGH
FHUiPLFDGHOLQWHULRUGHOKRUQRSDUWHVXSHULRU
LQIHULRUSRVWHULRUODWHUDOHVHLQWHULRUGHOD
SXHUWDVHPDQWHQGUiFRPRQXHYRGXUDQWH
DxRV
'HMHHQIULDUHOKRUQRDQWHVGHOLPSLDUOR
5HFRPHQGDPRVHOXVRGHJXDQWHVGHJRPD
SDUDOLPSLDUHOKRUQR
1RUPDOPHQWHSRGUiXWLOL]DUMDEyQ\DJXD
SDUDUHDOL]DUHVWDWDUHD6HUiQHFHVDULRDSOLFDU
XQOLPSLDGRUDEUDVLYRVXDYHSDUDTXLWDUODV
VDOSLFDGXUDVRGHUUDPHVPiVGLItFLOHV7DPELpQ
SRGUiXWLOL]DUXQDHVSRQMDGHDFHUROOHQDGH
MDEyQ
(ODPRQtDFRGHXVRGRPpVWLFRSXHGHIDFLOLWDU
ODOLPSLH]D&RORTXHPHGLDWD]DGHDPRQtDFR
HQXQUHFLSLHQWHGHYLGULRRFHUiPLFDSRFR
SURIXQGR\GpMHORGHQWURGHOKRUQRGXUDQWH
WRGDODQRFKH/RVJDVHVGHODPRQtDFR
IDFLOLWDUiQHOGHVSUHQGLPLHQWRGHODJUDVD\
ORVUHVWRVGHDOLPHQWRVTXHPDGRV
6LHVQHFHVDULRDSOLTXHXQOLPSLDGRUSDUD
KRUQRV6LJDODVLQVWUXFFLRQHVGHXVR
GHOHQYDVH
1RURFtHHOOLPSLDGRUSDUDKRUQRVVREUH
ORVFRQWUROHVRLQWHUUXSWRUHVHOpFWULFRV
\DTXHHVWRSRGUtDSURYRFDUXQFRUWR
FLUFXLWR\RFDVLRQDUFKLVSDVRXQLQFHQGLR
1RSHUPLWDTXHVHIRUPHXQDSHOtFXODGHO
SURGXFWRVREUHHOVHQVRUGHWHPSHUDWXUD
(VWRSRGUtDSURYRFDUTXHHOKRUQRFDOLHQWH
HQIRUPDLQFRUUHFWD(OVHQVRUVHHQFXHQWUD
HQODSDUWHVXSHULRUGHOKRUQR/LPSLHHO
VHQVRUFXLGDGRVDPHQWHFDGDYH]TXHOLPSLH
HOKRUQR1RFDPELHODSRVLFLyQGHOVHQVRU
\DTXHHVWRSRGUtDDIHFWDUODFRFFLyQ
1RURFtHHOOLPSLDGRUVREUHODSXHUWDGHO
KRUQRPDQLMDVFXDOTXLHUVXSHUILFLHH[WHULRU
GHOKRUQRDUPDULRVRVXSHUILFLHVSLQWDGDV
(OSURGXFWRGHOLPSLH]DSXHGHGDxDUHVWDV
VXSHUILFLHV
$QWHVGHOLPSLDUFXDOTXLHUSDUWHGHOKRUQRDVHJ~UHVHGHTXHHOVXPLQLVWURHOpFWULFRHVWpGHVFRQHFWDGR\WRGDVODV
VXSHUILFLHVHVWpQIUtDV
&yPRUHWLUDUODSHOtFXODSURWHFWRUD\ODFLQWDDGKHVLYDGHHPSDTXH
7RPHFXLGDGRVDPHQWHXQDHVTXLQD
GHODSHOtFXODSURWHFWRUD\GHVSpJXHOD
OHQWDPHQWHGHODVXSHUILFLHGHODSDUDWR1R
XVHQLQJ~QREMHWRSXQWLDJXGRSDUDUHWLUDUOD
SHOtFXOD5HWLUHWRGDODSHOtFXODDQWHVGHXVDUHO
DSDUDWRSRUSULPHUDYH]
3DUDDVHJXUDUVHGHQRGDxDUHODFDEDGRGHO
SURGXFWRODPDQHUDPiVVHJXUD
GHUHWLUDUHODGKHVLYRGHODFLQWDGHHPSDTXH
VREUHDSDUDWRVQXHYRVHV
ODDSOLFDFLyQGHXQGHWHUJHQWHGRPpVWLFR
OtTXLGRSDUDODYDUSODWRV$SOLTXHFRQ
XQSDxRVXDYH\PRMH
127$'HEHUHWLUDUHODGKHVLYRGHWRGDVODV
SDUWHV1RSXHGHUHWLUDUVHVLVHTXHPD
3DUULOODVGHKRUQR
/LPSLHODVSDUULOODVGHOKRUQRFRQXQOLPSLDGRU
DEUDVLYRRHVWURSDMRGHDFHUR
'HVSXpVGHOLPSLDUHQMXDJXH
ODVSDUULOODVFRQDJXDOLPSLD\VHTXH
FRQXQSDxROLPSLR
1RSHUPLWDTXHGHUUDPDPLHQWRV
GHFRPLGDFRQDOWRFRQWHQLGRGH
D]~FDURGHiFLGRFRPRWRPDWHV
FKXFUXWMXJRVGHIUXWDVRUHOOHQRV
GHSDVWHOHVSHUPDQH]FDQVREUH
ODVXSHUILFLH3XHGHQGHMDU
PDQFKDVSiOLGDVD~QGHVSXpVGH
ODOLPSLH]D
6XSHUILFLHVSLQWDGDV
/LPSLHFRQMDEyQ\DJXDRXQDVROXFLyQGH
YLQDJUH\DJXD
1RXVHOLPSLDGRUHVGHKRUQRFRPHUFLDOHV
OLPSLDGRUHVHQSROYRODQDGHDFHURQLDEUDVLYRV
IXHUWHVHQQLQJXQDVXSHUILFLHSLQWDGD
3DQHOGHFRQWURO
&XLGDGR\OLPSLH]DGHOKRUQR

*($SSOLDQFHVFRP
1RSHUPLWDTXHGHUUDPDPLHQWRV
GHFRPLGDFRQDOWRFRQWHQLGRGH
D]~FDURGHiFLGRFRPRWRPDWHV
FKXFUXWMXJRVGHIUXWDVRUHOOHQRV
GHSDVWHOHVSHUPDQH]FDQVREUHOD
VXSHUILFLH3XHGHQGHMDUPDQFKDV
SiOLGDVD~QGHVSXpVGHODOLPSLH]D
3DUDOLPSLDUHOLQWHULRUGHODSXHUWD
$JXD\MDEyQQRUPDOPHQWHHVVXILFLHQWH
/DVVDOSLFDGXUDVRGHUUDPHVSHVDGRV
SRVLEOHPHQWHQHFHVLWHQOLPSLH]DFRQXQ
OLPSLDGRUDEUDVLYRVXDYH7DPELpQVH
SXHGHQXVDUDOPRKDGLOODVGHUHVWUHJDUFRQ
MDEyQ
&XDQGRVHDQHFHVDULRSXHGHXVDUXQOLPSLDGRU
GHKRUQR6LJDODVLQVWUXFFLRQHVGHOHPSDTXH
/LPSLHHOLQWHULRUGHOKRUQRFRQXQOLPSLDGRU
VXDYHTXHQRUD\H\XQSDxRK~PHGR
3DUDOLPSLDUHOH[WHULRUGHODSXHUWD
8VHDJXD\MDEyQSDUDOLPSLDUELHQODSDUWH
VXSHULRUORVFRVWDGRV\ODSDUWHGHODQWHUD
GHODSXHUWDGHOKRUQR(QMXDJXHELHQ
7DPELpQSXHGHXVDUXQOLPSLDYLGULRVSDUD
OLPSLDUHOYLGULRHQHOH[WHULRUGHODSXHUWD
1RSHUPLWDTXHVHGHUUDPHDJXDHQORV
RULILFLRVGHYHQWLODFLyQ
(OGHUUDPHGHDGRERVMXJRVGHIUXWDV
VDOVDVGHWRPDWH\PDWHULDOHVSDUDURFLDU
TXHFRQWHQJDQiFLGRVSXHGHSURYRFDU
GHFRORUDFLyQ\GHEHUiOLPSLDUVHGH
LQPHGLDWR&XDQGRODVXSHUILFLHHVWpIUtD
OtPSLHOD\HQMXiJXHOD
1RXVHOLPSLDGRUHVSDUDKRUQRVSROYRVGH
OLPSLH]DQLDEUDVLYRVIXHUWHVHQHOH[WHULRU
GHODSXHUWD
/DSXHUWDHVPX\SHVDGD7HQJDFXLGDGR
DOTXLWDU\OHYDQWDUODSXHUWD
1ROHYDQWHODSXHUWDGHODPDQLMD
3DUDTXLWDUODSXHUWD
$EUDODSXHUWDSRUFRPSOHWR
7LUHKDFLDDEDMRORVVHJXURV
GHODELVDJUDKDFLDHOPDUFR
GHODSXHUWD\FROyTXHORVHQ
ODSRVLFLyQGHGHVEORTXHR
3RGUiVHUQHFHVDULRXWLOL]DU
XQDKHUUDPLHQWDFRPRXQGHVWRUQLOODGRU
SHTXHxR
GHKRMDSODQD
6XMHWHFRQILUPH]DDPERVODGRV
GHODSXHUWDHQODSDUWHVXSHULRU
&LHUUHODSXHUWDKDVWDODSRVLFLyQ
GHH[WUDFFLyQGHODSXHUWDFRQVXOWH
ODLOXVWUDFLyQ
/HYDQWHODSXHUWDKDVWDTXHHOEUD]R
GHODELVDJUDVHOLEHUHGHODUDQXUD
3DUDYROYHUDFRORFDUODSXHUWD
6XMHWHFRQILUPH]DDPERVODGRV
GHODSXHUWDHQODSDUWHVXSHULRU
&RQODSXHUWD
HQHOPLVPR
iQJXORTXHOD
SRVLFLyQGH
H[WUDFFLyQFRORTXHOD
PXHVFDGHOEUD]RGHOD
ELVDJUDHQHOERUGH
LQIHULRUGHODUDQXUDGH
ODELVDJUD/DPXHVFDHQHOEUD]RGHOD
ELVDJUDGHEHHVWDUELHQDVHQWDGDHQOD
SDUWHLQIHULRUGHODUDQXUD
$EUDODSXHUWDSRUFRPSOHWR6LODSXHUWD
QRVHDEUHFRPSOHWDPHQWHODPXHVFD
QRHVWiDVHQWDGDFRUUHFWDPHQWHHQHO
ERUGHLQIHULRUGHODUDQXUD
(PSXMHORVVHJXURVGHODELVDJUDKDFLD
DUULEDFRQWUDHOPDUFRGHODQWHURGHOD
FDYLGDGGHOKRUQR\FROyTXHORVHQOD
SRVLFLyQGHEORTXHR
&LHUUHODSXHUWDGHOKRUQR
3XHUWDH[WUDtEOHGHOKRUQR
3RVLFLyQGHH[WUDFFLyQ
6HJXURGHODELVDJUD
5DQXUD
6HJXUR
GHOD
ELVDJUD
%UD]R
GHOD
ELVDJUD
(PSXMHORVVHJXURVGHODELVDJUDKDFLD
DUULEDSDUDEORTXHDUORV
7LUHORVVHJXURVGHODELVDJUD
KDFLDDEDMRSDUDGHVEORTXHDUORV
%RUGH
LQIHULRUGH
ODUDQXUD
%UD]RGH
ODELVDJUD
0XHVFD

&XLGDGR\OLPSLH]DGHOKRUQR
/iPSDUDGHOX]GHOKRUQRHQDOJXQRVPRGHORV
127$/DFXELHUWDGHYLGULRHQDOJXQRVPRGHORVVyOR
GHEHUiTXLWDUVHFXDQGRHVWpIUtD(OXVRGHJXDQWHV
GHOiWH[SXHGHRIUHFHUXQPHMRUDJDUUH
$QWHVGHUHHPSOD]DUODOiPSDUDGHVFRQHFWH
ODHQHUJtDHOpFWULFDTXHYDDOKRUQRHQHOSDQHOGHO
FRUWDFLUFXLWRVRIXVLEOHSULQFLSDO'HMHTXHODOiPSDUD
VHHQIUtHSRUFRPSOHWRDQWHVGHTXLWDUOD3DUDVX
VHJXULGDGQRWRTXHXQDOiPSDUDFDOLHQWHFRQXQ
SDxRK~PHGR6LORKDFHVHURPSHUiODOiPSDUD
3DUDUHWLUDU
*LUHODFXELHUWDGHYLGULRGHYXHOWDHQVHQWLGR
RSXHVWRDODVDJXMDVGHOUHORMKDVWDTXHODV
OHQJHWDVGHODFXELHUWDGHYLGULRVHOLEHUHQGHODV
UDQXUDVGHOSRUWDOiPSDUDV5HWLUHODOiPSDUD
3DUDYROYHUDFRORFDU
&RORTXHXQDQXHYDOiPSDUDGHYDWLRV
SDUDHOHFWURGRPpVWLFRV&RORTXHODVOHQJHWDVGHOD
FXELHUWDGHYLGULRHQODVUDQXUDVGHOSRUWDOiPSDUDV
*LUHODFXELHUWDGHYLGULRGHYXHOWDHQHOVHQWLGR
GHODVDJXMDVGHOUHORM
127$
8QDOiPSDUDSDUDHOHFWURGRPpVWLFRVGHYDWLRV
HVPiVSHTXHxDTXHXQDOiPSDUDHVWiQGDUSDUD
XVRGRPpVWLFRGHYDWLRV
,QVWDOH\DMXVWHODFXELHUWDHQHOVHQWLGRGHODV
DJXMDVGHOUHORM
9XHOYDDFRQHFWDUODHQHUJtDHOpFWULFDDOKRUQR
3DUDWHQHUXQDPHMRULOXPLQDFLyQGHQWURGHO
KRUQROLPSLHODFXELHUWDGHYLGULRFRQXQSDxR
K~PHGRGHPDQHUDIUHFXHQWH(VWRGHEHUtD
UHDOL]DUVHFXDQGR
HOKRUQRHVWpFRPSOHWDPHQWHIUtR
%RPELOOD
3RUWDOiPSDUDV
/HQJHWD
/RQJLWXG
Pi[LPD
øSXOJ
&XELHUWDGHYLGULR
%RPELOODHOpFWULFDGHOKRUQRLQIHULRU
3DUDUHWLUDU
*LUHODFXELHUWDGHYLGULRHQVHQWLGRFRQWUDULRD
ODVPDQHFLOODVGHOUHORMGHYXHOWDKDVWDTXH
ODVOHQJHWDVGH
ODFXELHUWDGHYLGULROLEHUHQORVVXUFRVGHO
SRUWDOiPSDUDV&RORFDUVHJXDQWHV
GHOiWH[SXHGHEULQGDUXQPHMRUDJDUUH
8WLOL]DQGRJXDQWHVRXQSDxRVHFRUHPXHYDOD
ERPELOODMDOiQGRODHQOtQHDUHFWD
3DUDUHHPSOD]DU
8WLOLFHXQDQXHYDERPELOODKDOyJHQD
GHYROWLRVQRH[FHGDYDWLRV
5HHPSODFHODOiPSDUDGHOX]FRQHOPLVPRWLSR
GHOiPSDUDTXHVHUHWLUy(QVXPRGHOR
FRUUHVSRQGHUiXQRGHORVGRVWLSRVTXHILJXUDQ
DODL]TXLHUGD3DUDGHWHUPLQDUFXiOHVOD
OiPSDUDFRUUHFWDFRQWUROHODVWHUPLQDOHVGHOD
OiPSDUD/DVOiPSDUDVFRQWHUPLQDOHVFRQ
FODYLMDVUHFWDVVRQOiPSDUDVGH*/DV
OiPSDUDVFRQWHUPLQDOHVFRQFODYLMDVFRQ
FXUYDVVRQOiPSDUDVGH*1RODV
LQWHUFDPELH$VHJ~UHVHDOUHHPSOD]DUOD
OiPSDUDTXHVHDGHYROWVRYROWV12
GHYROWV
8WLOL]DQGRJXDQWHVRXQSDxRVHFRUHPXHYDOD
ERPELOODGHVXSDTXHWH1RWRTXHODERPELOOD
FRQORVGHGRVGHVQXGRV(ODFHLWHSDUDSLHO
GDxDUiODOiPSDUD\DFRUWDUiVXWLHPSR
GHGXUDFLyQ
(PSXMHODERPELOODHQOtQHDUHFWDGHQWURGHO
UHFHSWiFXORKDVWDHOWRSH
&RORTXHODVOHQJHWDVGHODFXELHUWDGHYLGULR
GHQWURGHORVVXUFRVGHOSRUWDOiPSDUDV*LUHOD
FXELHUWDGHYLGULRHQVHQWLGRGHODVPDQHFLOODV
GHOUHORMGHYXHOWD
3DUDXQDPHMRULOXPLQDFLyQGHQWURGHOKRUQR
OLPSLHIUHFXHQWHPHQWHODFXELHUWDGHYLGULR
XWLOL]DQGRXQSDxRK~PHGR(VWRGHEHUtD
KDFHUVHFXDQGRHOKRUQRHVWiFRPSOHWDPHQWH
IUtR
&RQHFWHQXHYDPHQWHHOVXPLQLVWURHOpFWULFRDO
KRUQR
%RPELOOD
GH*
3RUWDOiPSDUD
/HQJHWD
&XELHUWDGHYLGULR
5HFHSWiFXOR
8VH
JXDQWHV
RXQ
SDxR
5HFHSWiFXOR
%RPELOOD
GH*
3RUWDOiPSDUD
/HQJHWD
&XELHUWDGHYLGULR
5HFHSWiFXOR
HQDOJXQDVPRGHORV
HQDOJXQDVPRGHORV
'(6&$5*$23(/,*52'(48(0$'85$6$QWHVGHUHHPSOD]DUODOiPSDUD
GHOX]GHOKRUQRGHVFRQHFWHODFRQH[LyQHOpFWULFDGHOKRUQRGHOIXVLEOHSULQFLSDO
RGHOSDQHOGHOGLV\XQWRU6LHVWRQRVHFXPSOHVHSRGUiSURGXFLUXQDGHVFDUJD
HOpFWULFDRTXHPDGXUD
$'9(57(1&,$
5,(6*2'(,1&(1',2/DWDSDGHYLGULR\ODOiPSDUDGHOX]VHGHEHUiQUHWLUDU
FXDQGRHVWpQIUtDV7RFDUHOYLGULRFDOLHQWHVLQSURWHFFLyQHQODVPDQRVRFRQ
XQWUDSRK~PHGRSXHGHRFDVLRQDUTXHPDGXUDV
35(&$8&,Ï1

$QWHVGHOODPDUSDUDVROLFLWDU
XQVHUYLFLRGHPDQWHQLPLHQWR«
*($SSOLDQFHVFRP
£/RVFRQVHMRVSDUDUHVROXFLyQGHSUREOHPDVDKRUUDQWLHPSR\
GLQHUR5HYLVHSULPHURODVJUiILFDVHQODVVLJXLHQWHVSiJLQDV
\HVSRVLEOHTXHQRWHQJDTXHOODPDUSDUDVROLFLWDUVHUYLFLRGH
PDQWHQLPLHQWR
3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU
6HxDOHVGHFRQWURO 2OYLGyLQJUHVDUXQD 3UHVLRQHHOERWyQ%$.(\ODWHPSHUDWXUDGHVHDGD
GHVSXpVGHLQJUHVDU WHPSHUDWXUDGHKRUQHDGRR
HOWLHPSRGHFRFFLyQ HOWLHPSRGHOLPSLH]D
R'HOD\6WDUW
,QLFLRSRVWHUJDGR
/RVDOLPHQWRV &RQWUROHVGHOKRUQRQR &RQVXOWHODVHFFLyQ8VRGHOKRUQR
QRVHKRUQHDQR FRQILJXUDGRVDSURSLDGDPHQWH
DVDQDSURSLDGDPHQWH
/DSRVLFLyQGHODSDUULOODHV &RQVXOWHODVHFFLyQ8VRGHOKRUQR
LQFRUUHFWDRODSDUULOODQR
HVWiQLYHODGR
(OWHUPRVWDWRGHOKRUQR &RQVXOWHODVHFFLyQ$MXVWHGHOWHUPRVWDWRGHOKRUQR
QHFHVLWDDMXVWH £+iJDORXVWHGPLVPR
/RVDOLPHQWRVQR /DSXHUWDGHOKRUQRHVWi &LHUUHODSXHUWD(VWHPRGHORHVWiGLVHxDGRSDUDXQ
VHDVDQDODSDUULOOD DELHUWD DVDGR~QLFDPHQWHFRQODSXHUWDFHUUDGD6LHPSUHDVH
DSURSLDGDPHQWH DODSDUULOODFRQODSXHUWDFHUUDGD
/RVFRQWUROHVGHOKRUQRHVWiQ $VHJ~UHVHGHSUHVLRQDUHOERWyQ%52,/+,/2
FRQILJXUDGRVLQDGHFXDGDPHQWH
6HHVWiXWLOL]DQGRXQDSRVLFLyQ &RQVXOWHOD*XtDSDUDDVDUDODSDUULOOD
LQDGHFXDGDGHODSDUULOOD
/RVDOLPHQWRVVHHVWiQ 3DUDREWHQHUPHMRUHVUHVXOWDGRVXWLOLFHXQDIXHQWH
FRFLQDQGRHQXQDIXHQWH GLVHxDGDSDUDDVDUDODSDUULOOD$VHJ~UHVHGHTXH
FDOLHQWH HVWpIUtD
/RVXWHQVLOLRVGHFRFLQD 3DUDPHMRUHVUHVXOWDGRVXWLOLFHXQDEDQGHMDGLVHxDGD
QRVRQDGHFXDGRVSDUDDVDU SDUDDVDUDODSDUULOOD
DODSDUULOOD
(QDOJXQDViUHDV 3UHFDOLHQWHHOHOHPHQWRGHDVDGRDODSDUULOODGXUDQWH
HOYROWDMHSXHGHVHUEDMR PLQXWRV
$VHDODSDUULOODGXUDQWHXQSHULRGRPiVSURORQJDGR
TXHHOUHFRPHQGDGRHQOD*XtDSDUDDVDUDODSDUULOOD
(OUHORM\HOWHPSRUL]DGRU8QIXVLEOHHQVXFDVD 5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU
QRIXQFLRQDQ SXHGHHVWDUIXQGLGRR
HOGLV\XQWRUDFWLYDGR
/RVFRQWUROHVGHOKRUQRHVWiQ &RQVXOWHODVHFFLyQ8VRGHOUHORM\HOWHPSRUL]DGRU
FRQILJXUDGRVLQFRUUHFWDPHQWH
/DOX]QRIXQFLRQD /DERPELOODHVWiIORMDR $SULHWHRUHHPSODFHODERPELOOD
GHIHFWXRVD
(OERWyQGHRSHUDFLyQ /ODPHSDUDVROLFLWDUVHUYLFLRGHPDQWHQLPLHQWR
GHODERPELOODHVWiURWR

$QWHVGHOODPDUSDUDVROLFLWDU
XQVHUYLFLRGHPDQWHQLPLHQWR«
/RVFRQVHMRVSDUDUHVROXFLyQGHSUREOHPDV
3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU
/DWHPSHUDWXUD (OWHUPRVWDWRGHOKRUQR &RQVXOWHODVHFFLyQ$MXVWHGHOWHUPRVWDWRGHOKRUQR
GHOKRUQRHV QHFHVLWDXQDMXVWH£+iJDORXVWHGPLVPR
GHPDVLDGRDOWD
RGHPDVLDGREDMD
(OKRUQR 8QIXVLEOHHQVXFDVDSXHGH 5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU
QRIXQFLRQD HVWDUIXQGLGRRHOGLV\XQWRU
DFWLYDGR
/RVFRQWUROHVGHOKRUQRHVWiQ &RQVXOWHODVHFFLyQ8VRGHOKRUQR
FRQILJXUDGRVLQDGHFXDGDPHQWH
´)³\XQQ~PHURR 7LHQHXQFyGLJRGH 3UHVLRQHHOERWyQ&/($52))3HUPLWDTXHHOKRUQR
OHWUDµSDUSDGHDQHQ HUURUGHODIXQFLyQ VHHQIUtHGXUDQWHXQDKRUD3RQJDHOKRUQR
ODSDQWDOOD QXHYDPHQWHHQRSHUDFLyQ
6LHOFyGLJRGHODIXQFLyQ 'HVFRQHFWHODFRUULHQWHGHOKRUQRGXUDQWH
VHUHSLWH VHJXQGRV\FRQHFWHQXHYDPHQWHODFRUULHQWH
6LHOIXQFLyQVHUHSLWHOODPHSDUDVROLFLWDUVHUYLFLR
GHPDQWHQLPLHQWR
/DSDQWDOODVHSRQH 6HKDIXQGLGRXQIXVLEOH 5HHPSODFHHOIXVLEOHRUHDMXVWHHOFRUWDFLUFXLWRV
HQEODQFR HQVXKRJDURELHQ
HOFRUWDFLUFXLWRVQRHVWi
IXQFLRQDQGRFRUUHFWDPHQWH
(OUHORMHVWiHQHOPRGR &RQVXOWHODVHFFLyQ)XQFLRQHVHVSHFLDOHVGHORV
GHDSDJDGRFRQWUROHVGHVXKRUQR
/DSDQWDOODSDUSDGHD )DOODHQHOVXPLQLVWUR 5HLQLFLHHOUHORM
GHHOHFWULFLGDG
,PSRVLEOHORJUDU /RVERWRQHVGHFRQWUROGHO /RVERWRQHV%$.(\%52,/+,/2GHEHQVHU
ODSDQWDOODPXHVWUH´6)µ
KRUQRQRIXHURQSUHVLRQDGRV SUHVLRQDGRVTXHDOPLVPRWLHPSR\VRVWHQLGRV
DSURSLDGDPHQWH GXUDQWHVHJXQGRV
&RUWHHQHOVXPLQLVWUR 3LFRRFRUWHGHOVXPLQLVWUR 5HLQLFLHHOUHORM6LHOKRUQRHVWDEDHQXVR
HOpFWULFRHOUHORM HOpFWULFR GHEHUHLQLFLDUORSUHVLRQDQGRHOERWyQ&/($52))
SDUSDGHD FRQILJXUDQGRHOUHORM\UHHVWDEOHFLHQGRFXDOTXLHUIXQFLyQ
GHFRFFLyQ
2ORUIXHUWH 8QRORUGHODLVODPLHQWR (VWRHVWHPSRUDO
DOUHGHGRUGHOLQWHULRUGHO
KRUQRHVQRUPDOODVSULPHUDV
YHFHVTXHVHXWLOL]DHOKRUQR
6XHQDXQYHQWLODGRU 8QYHQWLODGRUGHHQIULDPLHQWR (VWRHVQRUPDO(OYHQWLODGRUGHHQIULDPLHQWR
SXHGHHQFHQGHUVH VHHQFHQGHUiSDUDUHIULJHUDUODVSDUWHVLQWHUQDV
DXWRPiWLFDPHQWH 3XHGHIXQFLRQDUGXUDQWHKRUDVGHVSXpVTXH
HOKRUQRHVWpDSDJDGR

$FFHVRULRV *($SSOLDQFHVFRP
¢'HVHDDOJRPiV"
8VWHGSXHGHHQFRQWUDUHVWRVDFFHVRULRV\PXFKRVPiVHQ*($SSOLDQFHVFRPR
OODPHDOHQKRUDULRGHWUDEDMRQRUPDO7HQJDOLVWRHOQ~PHURGH
PRGHOR
£3UXHEHHVWRVRWURVH[FHOHQWHVSURGXFWRVSDUDTXHVXFRFLQDVHYHDHVWXSHQGD
£$SURYHFKHDOPi[LPRVXEDQGHMDSDUDDVDU1RSDUDXVDUFRQPRGHORVGHFDMyQDVDGRU
£8WLOLFHVXEDQGHMD\WDSDGHUHMLOODSDUDDVDUKDPEXUJXHVDVIUXWRVGHPDUILOHWHVYHJHWDOHVSDQFHWD
FRVWLOODV\PXFKRPiV/DEDQGHMDLQIHULRUUHWLHQHHOH[FHVRGHJUDVDV\DFHLWHV
3LH]D*(JHQXLQD
)iFLOGHOLPSLDU
*DUDQWtDGHXQDxR
£2IHUWDGHWLHPSROLPLWDGR£(QYtRVLQFDUJR
&XDQGRVROLFLWHODEDQGHMDSDUDDVDUGHQWURGHORVGtDVGHKDEHUDGTXLULGRVXSURGXFWRGHFRFLQD*(
3HTXHxD *UDQGH ([WUDJUDQGH
1GHSLH]D :%; :%; :%;
'LPHQVLRQHV µ$[µ$[µ3 µ$[µ$[µ3 µ$[µ$[µ
3
3UHFLR 86
86
86
0iVLPSXHVWRVDSOLFDEOHVGHYHQWDHVWDWDOHV367+67DQG*67
/DEDQGHMDSDUDDVDUJUDQGHHVWiQGDUQRHQWUDHQFRFLQDVGHSXOJDGDV
/DEDQGHMDH[WUDJUDQGHQRHQWUDHQKRUQRVGHSDUHGHVGHSXOJDGDVHPSRWUDGDVGHSXOJDGDVRFRFLQDVGHSXOJDGDV
/ODPHDORXWLOLFHHVWHIRUPXODULRSDUDHQYLDUVXVROLFLWXGSRUFRUUHR
*(3DUWV32%R[0HPSKLV71
)RUPXODULRGHVROLFLWXGGHODEDQGHMDSDUDDVDU
&DQWLGDGBBBBBBBBBBBBBBBBBBBB 1~PHURGHSLH]D BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1~PHURGHPRGHORBBBBBBBBBBBB 1~PHURGHVHULHBBBBBBBBBBBBBBBBB 0DUFDBBBBBBBBBBBBBB )HFKDGHFRPSUDBBBBBBBBB
1RPEUHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $SHOOLGRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'LUHFFLyQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LXGDGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWDGRBBBBBBBBBB &yGLJR3RVWDOBBBBBBBBBBBBBBBBBBBBBBBBB
7HOpIRQR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUUHRHOHFWUyQLFR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7DUMHWDGHFUpGLWRBBB &KHFNBBB *LURSRVWDO BBB
9LVDBBBB 0DVWHU&DUGBBB 'LVFRYHUBBBB $P([BBB 1GH7DUMHWDGH&UpGLWRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)HFKDGHYHQFLPLHQWR0HVBBBBBBBBBBBBBBBB $xRBBBBBBBBBBB )LUPDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(OHPHQWRVGHVXSHUILFLH\
EDQGHMDVFROHFWRUDV
5HMLOODV &DEH]DOHVRWDSDVGH
TXHPDGRUHVGHVXSHUILFLH
(OHPHQWRVGHOKRUQR %RPELOODVGHOX]
3HULOODV
%DQGHMDVGHOKRUQR
:;;*&6
:;;
:;;
30;
.LWGHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
,QFOX\HOLPSLDGRU
UDVTXHWD\SDxR
7RDOOLWDV
GHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
7RDOOLWDVSDUD
SXOLUDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
/LPSLDGRU
GHDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
R

1RWDV

3RUHOSHUtRGRGH *(UHHPSOD]DUi
8QDxR &XDOTXLHUSDUWHGHOKRUQRTXHIDOOHGHELGRDGHIHFWRVHQORVPDWHULDOHVRHQODIDEULFDFLyQ
$SDUWLUGHODIHFKD 'XUDQWHHVWHJDUDQWtDOLPLWDGDGHXQDxR*(WDPELpQSURSRUFLRQiVLQFRVWRDOJXQR
GHODFRPSUDRULJLQDO WRGDODPDQRGHREUD\ORVVHUYLFLRVLQWHUQRVSDUDUHHPSOD]DUSDUWHVGHIHFWXRVDV
9LDMHVGHVHUYLFLRDVXFDVDSDUDHQVHxDUOHFyPRXVDU
HOSURGXFWR
,QVWDODFLyQHQWUHJDRPDQWHQLPLHQWRLQDSURSLDGD
)DOODVGHOSURGXFWRVLKD\DEXVRPDOXVRRXVRSDUD
RWURVSURSyVLWRVTXHORVSURSXHVWRVRXVRSDUDILQHV
FRPHUFLDOHV
5HHPSOD]RGHIXVLEOHVGHVXFDVDRUHDMXVWHGH
LQWHUUXSWRUHVGHFLUFXLWR
'DxRDOSURGXFWRFDXVDGRSRUDFFLGHQWHIXHJR
LQXQGDFLRQHVRDFWRVGH'LRV
'DxRLQFLGHQWDORFRQVHFXHQFLDOFDXVDGRSRUSRVLEOHV
GHIHFWRVFRQHODSDUDWR
'DxRFDXVDGRGHVSXpVGHODHQWUHJD
3URGXFWRQRDFFHVLEOHSDUDIDFLOLWDUHOVHUYLFLRUHTXHULGR
/RTXHQRHVWiFXELHUWRSRU*(
(VWDJDUDQWtDVHH[WLHQGHDOFRPSUDGRURULJLQDO\FXDOTXLHUFRPSUDGRUSRVWHULRUGHSURGXFWRVFRPSUDGRVSDUD
XVRUHVLGHQFLDOGHQWURGHV(VWDGRV8QLGRV6LHOSURGXFWRHVWiVLWXDGRHQXQiUHDTXHQRGLVSRQHGHVHUYLFLRSRUSDUWH
GHXQSURYHHGRUGHVHUYLFLRDXWRUL]DGRGH*(SRGUtDWHQHUTXHKDFHUVHFDUJRGHORVFRVWHVGHHQYtRRELHQSRGUtD
VROLFLWiUVHOHTXHOOHYHHOSURGXFWRDXQFHQWURGHVHUYLFLRGH*(DXWRUL]DGRSDUDUHDOL]DUODUHSDUDFLyQ
(Q$ODVNDODJDUDQWtDH[FOX\HHOFRVWRGHHQYtRRODVYLVLWDVGHVHUYLFLRDVXFDVD
*DUDQWH*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
*DUDQWtDGH*(SDUDVXKRUQRHOpFWULFRHPSRWUDGR
7RGRVORVVHUYLFLRVGHJDUDQWtDORVSURSRUFLRQDQQXHVWURV&HQWURV
GH5HSDUDFLyQGH)iEULFDRQXHVWURVWpFQLFRV&XVWRPHU&DUH
DXWRUL]DGRV3DUDFRQFHUWDUXQDFLWDGHUHSDUDFLyQYLVtWH
QRVHQOtQHDHQ*($SSOLDQFHVFRPROODPHDO*(&$5(6
&XDQGROODPHSDUDVROLFLWDUVHUYLFLRSRUIDYRUWHQJD
DPDQRHOQ~PHURGHVHULH\HOQ~PHURGHPRGHOR
3HJXHDTXtVXUHFLER
6HUHTXLHUHIDFLOLWDUSUXHED
GHODIHFKDGHFRPSUDRULJLQDO
SDUDREWHQHUXQVHUYLFLR
EDMRODJDUDQWtD
(;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFR\H[FOXVLYRGHUHFKRHVODUHSDUDFLyQGHOSURGXFWRWDO\FRPRVH
LQGLFDHQHVWD*DUDQWtDOLPLWDGD&XDOTXLHUJDUDQWtDLPSOtFLWDLQFOX\HQGRODVJDUDQWtDVLPSOtFLWDVGHFRPHUFLDELOLGDG
RDGHFXDFLyQSDUDXQILQGHWHUPLQDGRHVWiQOLPLWDGDVDXQDxRRHOSHUtRGRGHWLHPSRPiVEUHYHSHUPLWLGRSRU
ODOH\

,PSUHVRHQORV(VWDGRV8QLGRV
6RSRUWHDOFRQVXPLGRU
3iJLQD:HEGH*($SSOLDQFHV
*($SSOLDQFHVFRP
¢7LHQHDOJXQDSUHJXQWDVREUHVXHOHFWURGRPpVWLFR"£3UXHEHODSiJLQD:HEGH*($SSOLDQFHVKRUDVDOGtD
FXDOTXLHUGtDGHODxR3DUDPD\RUFRQYHQLHQFLD\VHUYLFLRPiVUiSLGR\DSXHGHGHVFDUJDUORV0DQXDOHVGHORV
3URSLHWDULRVSHGLUSLH]DVRLQFOXVRKDFHUXQDFLWDHQOtQHDSDUDTXHYHQJDQDUHDOL]DUXQDUHSDUDFLyQ
6ROLFLWHXQDUHSDUDFLyQ *($SSOLDQFHVFRP
(OVHUYLFLRGHH[SHUWRV*(HVWiDWDQVyORXQSDVRGHVXSXHUWD£(QWUHHQOtQHD\VROLFLWHVXUHSDUDFLyQFXDQGROH
YHQJDFXDOTXLHUGtDGHODxR2OODPHDO*(&$5(6GXUDQWHKRUDVQRUPDOHVGHRILFLQD
5HDO/LIH'HVLJQ6WXGLR(VWXGLRGHGLVHxRSDUDODYLGDUHDO
*($SSOLDQFHVFRP
*(DSR\DHOFRQFHSWRGH'LVHxR8QLYHUVDO³SURGXFWRVVHUYLFLRV\DPELHQWHVTXHSXHGHQXVDUJHQWHGHWRGDV
ODVHGDGHVWDPDxRV\FDSDFLGDGHV5HFRQRFHPRVODQHFHVLGDGGHGLVHxDUSDUDXQDJUDQJDPDGHKDELOLGDGHV
\GLILFXOWDGHVItVLFDV\PHQWDOHV3DUDPiVGHWDOOHVFREUHODVDSOLFDFLRQHVGH*('LVHxR8QLYHUVDOLQFOX\HQGR
LGHDVGHGLVHxRSDUDODFRFLQDSDUDSHUVRQDVFRQGLVFDSDFLGDGHVPLUHQXHVWUDSiJLQD:HEKR\PLVPR3DUD
SHUVRQDVFRQGLILFXOWDGHVDXGLWLYDVIDYRUGHOODPDUDO7''*($&
*DUDQWtDVDPSOLDGDV *($SSOLDQFHVFRP
&RPSUHXQDJDUDQWtDDPSOLDGD\REWHQJDGHWDOOHVVREUHGHVFXHQWRVHVSHFLDOHVGLVSRQLEOHVPLHQWUDVVXJDUDQWtD
HVWiD~QDFWLYD3XHGHFRPSUDUODHQOtQHDHQFXDOTXLHUPRPHQWRROODPDUDO
GXUDQWHKRUDVQRUPDOHVGHRILFLQD*(&RQVXPHU+RPH6HUYLFHVHVWDUiD~QDKtFXDQGRVXJDUDQWtDWHUPLQH
3LH]DV\DFFHVRULRV *($SSOLDQFHVFRP
$TXHOORVLQGLYLGXRVFRQODFDOLILFDFLyQQHFHVDULDSDUDUHSDUDUVXVSURSLRVHOHFWURGRPpVWLFRVSXHGHQ
SHGLUTXHVHOHVPDQGHQODVSLH]DVRDFFHVRULRVGLUHFWDPHQWHDVXVKRJDUHVDFHSWDPRVODVWDUMHWDV
9,6$0DVWHU&DUG\'LVFRYHU+DJDVXSHGLGRHQOtQHDKR\KRUDVFDGDGtDROODPDUSRUWHOpIRQR
DOGXUDQWHKRUDVQRUPDOHVGHRILFLQD
/DVLQVWUXFFLRQHVGHVFULWDVHQHVWHPDQXDOFXEUHQORVSURFHGLPLHQWRVDVHJXLUSRUFXDOTXLHUXVXDULR&XDOTXLHU
RWUDUHSDUDFLyQGHEHUtDSRUUHJODJHQHUDOUHIHULUVHDSHUVRQDOFDOLILFDGRDXWRUL]DGR'HEHHMHUFHUVHSUHFDXFLyQ
\DTXHODVUHSDUDFLRQHVLQFRUUHFWDVSXHGHQFDXVDUFRQGLFLRQHVGHIXQFLRQDPLHQWRLQVHJXUDV
3yQJDVHHQFRQWDFWRFRQQRVRWURV *($SSOLDQFHVFRP
6LQRHVWiVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLEHGH*(SyQJDVHHQFRQWDFWRFRQQRVRWURVHQQXHVWUDSiJLQD
:HELQGLFDQGRWRGRVORVGHWDOOHVDVtFRPRVXQ~PHURGHWHOpIRQRRHVFUtEDQRVD
*HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWUHVXHOHFWURGRPpVWLFR *($SSOLDQFHVFRP
£5HJLVWUHVXQXHYRHOHFWURGRPpVWLFRHQOtQHD³FXDQGRXVWHGSUHILHUD(OUHJLVWUDUVXSURGXFWRDWLHPSROH
SURSRUFLRQDUiVLVXUJLHUDODQHFHVLGDGXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVUiSLGREDMRORVWpUPLQRVGH
VXJDUDQWtD7DPELpQSXHGHHQYLDUVXWDUMHWDGHUHJLVWURSUHLPSUHVDTXHVHLQFOX\HHQHOPDWHULDO
GHHPEDODMH
