GE JSP42DN3WW 30" Slide-In Electric Range

Product's Documents

Below are documents related to this product, you can read online or download:
JSP42DN3WW photo

User Manual

This is the main product document for model JSP42DN3WW.

The file format is pdf, 80 pages, you can download this manual here .

background
*(
*($SSOLDQFHVFRP
:ULWHWKHPRGHODQGVHULDO
QXPEHUVKHUH
0RGHOBBBBBBBBBBBBBBBB
6HULDO BBBBBBBBBBBBBBBB
<RXFDQILQGWKHPRQDODEHO
EHKLQGWKHGUDZHURUEHKLQGWKH
ORZHURYHQGRRURQWKHIURQWRI
WKHUDQJHIUDPH
4XLFN6HW9
4XLFN6HW9,
2ZQHU·V0DQXDO
5DQJHV
6DIHW\,QVWUXFWLRQV²
2SHUDWLQJ,QVWUXFWLRQV
.LWFKHQ7LPHU
2YHQ²
$GMXVW2YHQ7KHUPRVWDW
%DNLQJRU5RDVWLQJ
%URLOLQJ%URLOLQJ*XLGH
&RQWUROV
&RQYHFWLRQ2YHQ 
3UHKHDWLQJ
3UREH
6DEEDWK)HDWXUH
6HOI&OHDQLQJ
3URRILQJDQG:DUPLQJ)HDWXUHV
6SHFLDO)HDWXUHV
7LPHG%DNLQJDQG5RDVWLQJ
6XUIDFH8QLWV²
%ULGJH%XUQHU
&RRNZDUH
*ODVV&RRNWRS
:DUPLQJ=RQH
&DUHDQG&OHDQLQJ
$OXPLQXP)RLO
&RQWURO.QREV
&RQWURO3DQHO
*ODVV&RRNWRS
/LIW2II2YHQ'RRU
/LJKW
2YHQ)ORRU
2YHQ+HDWLQJ(OHPHQWV
5DFNV
6WRUDJH'UDZHU
6XUIDFHV
9HQW
7URXEOHVKRRWLQJ7LSV
$FFHVVRULHV
&RQVXPHU6XSSRUW
&RQVXPHU6XSSRUW%DFN&RYHU
:DUUDQW\
3ULQWHGRQ
5HF\FOHG3DSHU
)UHH6WDQGLQJ6OLGH,QDQG'URS,Q(OHFWULF
,Q&DQDGD
ZZZ*($SSOLDQFHVFD
(VSDxRO
)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
3ULQWHGLQWKH8QLWHG6WDWHV
background
5HDGDOOVDIHW\LQVWUXFWLRQVEHIRUHXVLQJWKHSURGXFW)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQILUHHOHFWULFVKRFN
VHULRXVLQMXU\RUGHDWK
,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
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
$17,7,3'(9,&(
:$51,1*
:$51,1*
7RUHGXFHWKHULVNRIWLSSLQJWKH
UDQJHWKHUDQJHPXVWEHVHFXUHG
E\DSURSHUO\LQVWDOOHGDQWLWLS
EUDFNHW6HHLQVWDOODWLRQLQVWUXFWLRQV
VKLSSHGZLWKWKHEUDFNHWIRU
FRPSOHWHGHWDLOVEHIRUHDWWHPSWLQJ
WRLQVWDOO
)RU)UHHVWDQGLQJDQG6OLGH,Q
5DQJHV
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHG
DQGHQJDJHGSURSHUO\ORRN
XQGHUQHDWKWKHUDQJHWRVHHWKDW
WKHUHDUOHYHOLQJOHJLVHQJDJHGLQ
WKHEUDFNHW2QVRPHPRGHOVWKHVWRUDJHGUDZHURUNLFNSDQHOFDQEH
UHPRYHGIRUHDV\LQVSHFWLRQ,IYLVXDOLQVSHFWLRQLVQRWSRVVLEOHVOLGHWKH
UDQJHIRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHIORRU
RUZDOODQGVOLGHWKHUDQJHEDFNVRWKHUHDUOHYHOLQJOHJLVXQGHUWKHDQWLWLS
EUDFNHW
,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\VUHSHDWWKLV
SURFHGXUHWRYHULI\WKHUDQJHLVSURSHUO\VHFXUHGE\WKHDQWLWLSEUDFNHW
1HYHUFRPSOHWHO\UHPRYHWKHOHYHOLQJOHJVRUWKHUDQJHZLOOQRWEHVHFXUHG
WRWKHDQWLWLSGHYLFHSURSHUO\
)RU'URS,Q5DQJHV
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\VOLGHWKHUDQJH
IRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHUHDURIWKH
UDQJHDQGVOLGHWKHUDQJHEDFNVRWKDWWKHDQWLWLSEUDFNHWVOLGHVMXVWXQGHU
WKHFRXQWHUWRSRUZRRGEORFNDWWDFKHGWRWKHUHDUZDOO
,I\RXGLGQRWUHFHLYHDQDQWLWLSEUDFNHWZLWK\RXUSXUFKDVHFDOO
WRUHFHLYHRQHDWQRFRVWLQ&DQDGDFDOO
)RULQVWDOODWLRQLQVWUXFWLRQVRIWKHEUDFNHWYLVLW*($SSOLDQFHVFRPLQ
&DQDGD*($SSOLDQFHVFD
Rear Wall
Oven
Anti-Tip
Bracket
Countertop or
Wood Block
)UHHVWDQGLQJDQG6OLGH,Q5DQJHV
'URS,Q5DQJHV
$QWL7LS
%UDFNHW
/HYHOLQJ/HJ
A child or adult can tip the range and be killed.
Verify the anti-tip bracket has been properly installed
and engaged.
Ensure the anti-tip bracket is re-engaged when the range
is moved.
Do not operate the range without the anti-tip bracket in
place and engaged.
Failure to follow these instructions can result in death or
serious burns to children or adults.
Tip-Over Hazard
WARNING
background
8VHWKLVDSSOLDQFHIRULWVLQWHQGHGSXUSRVHDVGHVFULEHGLQWKLV
2ZQHU·V0DQXDO
%HVXUH\RXUDSSOLDQFHLVSURSHUO\LQVWDOOHGDQGJURXQGHGE\D
TXDOLILHGLQVWDOOHULQDFFRUGDQFHZLWKWKHSURYLGHGLQVWDOODWLRQ
LQVWUXFWLRQV
'RQRWDWWHPSWWRUHSDLURUUHSODFHDQ\SDUWRI\RXUUDQJHXQOHVV
LWLVVSHFLILFDOO\UHFRPPHQGHGLQWKLVPDQXDO$OORWKHUVHUYLFLQJ
VKRXOGEHWUDQVIHUUHGWRDTXDOLILHGWHFKQLFLDQ
%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
'RQRWOHDYHFKLOGUHQDORQH³FKLOGUHQVKRXOGQRWEHOHIW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
&$87,21'RQRWVWRUHLWHPVRILQWHUHVWWRFKLOGUHQ
DERYHDUDQJHRURQWKHEDFNJXDUGRIDUDQJH³FKLOGUHQFOLPELQJ
RQWKHUDQJHWRUHDFKLWHPVFRXOGEHVHULRXVO\LQMXUHG
8VHRQO\GU\SRWKROGHUV³PRLVWRUGDPSSRWKROGHUVRQKRW
VXUIDFHVPD\UHVXOWLQEXUQVIURPVWHDP'RQRWOHWSRWKROGHUV
WRXFKKRWVXUIDFHXQLWVRUKHDWLQJHOHPHQWV'RQRWXVHDWRZHO
RURWKHUEXON\FORWKLQSODFHRISRWKROGHUV
1HYHUXVH\RXUDSSOLDQFHIRUZDUPLQJRUKHDWLQJWKHURRP
'RQRWWRXFKWKHVXUIDFHXQLWVWKHKHDWLQJHOHPHQWVRUWKH
LQWHULRUVXUIDFHRIWKHRYHQ7KHVHVXUIDFHVPD\EHKRWHQRXJK
WREXUQHYHQWKRXJKWKH\DUHGDUNLQFRORU'XULQJDQGDIWHUXVH
GRQRWWRXFKRUOHWFORWKLQJRURWKHUIODPPDEOHPDWHULDOVFRQWDFW
WKHVXUIDFHXQLWVDUHDVQHDUE\WKHVXUIDFHXQLWVRUDQ\LQWHULRU
DUHDRIWKHRYHQDOORZVXIILFLHQWWLPHIRUFRROLQJILUVW2WKHU
VXUIDFHVRIWKHDSSOLDQFHPD\EHFRPHKRWHQRXJKWRFDXVH
EXUQV3RWHQWLDOO\KRWVXUIDFHVLQFOXGHWKHFRRNWRSDUHDVIDFLQJ
WKHFRRNWRSRYHQYHQWRSHQLQJVXUIDFHVQHDUWKHRSHQLQJDQG
FUHYLFHVDURXQGWKHRYHQGRRU
'RQRWKHDWXQRSHQHGIRRGFRQWDLQHUV3UHVVXUHFRXOGEXLOGXS
DQGWKHFRQWDLQHUFRXOGEXUVWFDXVLQJDQLQMXU\
'RQRWXVHDOXPLQXPIRLOWROLQHWKHGULSSDQVRUDQ\ZKHUHLQWKH
RYHQH[FHSWDVGHVFULEHGLQWKLVPDQXDO0LVXVHFRXOGUHVXOWLQ
GDPDJHWRWKHUDQJHDQGVKRFNRUILUHKD]DUG
$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
&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
'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7KHVHJDUPHQWVPD\LJQLWHLIWKH\FRQWDFWKRW
VXUIDFHV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
*($SSOLDQFHVFRP
'RQRWXVHZDWHURQJUHDVHILUHV1HYHUSLFNXSDIODPLQJSDQ
7XUQWKHFRQWUROVRII6PRWKHUDIODPLQJSDQRQDVXUIDFHXQLWE\
FRYHULQJWKHSDQFRPSOHWHO\ZLWKDZHOOILWWLQJOLGFRRNLHVKHHW
RUIODWWUD\8VHDPXOWLSXUSRVHGU\FKHPLFDORUIRDPW\SHILUH
H[WLQJXLVKHU
,IWKHUHLVDILUHLQWKHRYHQGXULQJEDNLQJVPRWKHUWKHILUHE\
FORVLQJWKHRYHQGRRUDQGWXUQLQJWKHRYHQRIIRUE\XVLQJD
PXOWLSXUSRVHGU\FKHPLFDORUIRDPW\SHILUHH[WLQJXLVKHU
,IWKHUHLVDILUHLQWKHRYHQGXULQJVHOIFOHDQWXUQWKHRYHQ
RIIDQGZDLWIRUWKHILUHWRJRRXW'RQRWIRUFHWKHGRRURSHQ
,QWURGXFWLRQRIIUHVKDLUDWVHOIFOHDQWHPSHUDWXUHVPD\OHDGWR
DEXUVWRIIODPHIURPWKHRYHQ)DLOXUHWRIROORZWKLVLQVWUXFWLRQ
PD\UHVXOWLQVHYHUHEXUQV
*(1(5$/6$)(7<,16758&7,216
:$51,1*
.((3)/$00$%/(0$7(5,$/6$:$<)520
7+(5$1*(
:$51,1*
,17+((9(172)$),5(7$.(7+()2//2:,1*67(36
7235(9(177+(),5()520635($',1*
:$51,1*
background
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
1HYHUOHDYHWKHVXUIDFHXQLWVXQDWWHQGHGDWPHGLXPRU
KLJKKHDWVHWWLQJV%RLORYHUVFDXVHVPRNLQJDQGJUHDV\
VSLOORYHUVWKDWPD\FDWFKRQILUH
1HYHUOHDYHRLOXQDWWHQGHGZKLOHIU\LQJ,IDOORZHGWR
KHDWEH\RQGLWVVPRNLQJSRLQWRLOPD\LJQLWHUHVXOWLQJ
LQILUHWKDWPD\VSUHDGWRVXUURXQGLQJFDELQHWV8VHD
GHHSIDWWKHUPRPHWHUZKHQHYHUSRVVLEOHWRPRQLWRURLO
WHPSHUDWXUH
7RDYRLGRLOVSLOORYHUDQGILUHXVHDPLQLPXPDPRXQWRI
RLOZKHQVKDOORZSDQIU\LQJDQGDYRLGFRRNLQJIUR]HQ
IRRGVZLWKH[FHVVLYHDPRXQWVRILFH
8VHSURSHUSDQVL]H³VHOHFWFRRNZDUHKDYLQJIODW
ERWWRPVODUJHHQRXJKWRFRYHUWKHVXUIDFHKHDWLQJ
HOHPHQW7KHXVHRIXQGHUVL]HGFRRNZDUHZLOOH[SRVH
DSRUWLRQRIWKHVXUIDFHXQLWWRGLUHFWFRQWDFWDQGPD\
UHVXOWLQLJQLWLRQRIFORWKLQJ3URSHUUHODWLRQVKLSRI
FRRNZDUHWRVXUIDFHXQLWZLOODOVRLPSURYHHIILFLHQF\
2QO\FHUWDLQW\SHVRIJODVVJODVVFHUDPLFHDUWKHQZDUH
RURWKHUJOD]HGFRQWDLQHUVDUHVXLWDEOHIRUFRRNWRS
VHUYLFHRWKHUVPD\EUHDNEHFDXVHRIWKHVXGGHQ
FKDQJHLQWHPSHUDWXUH
7RPLQLPL]HWKHSRVVLELOLW\RIEXUQVLJQLWLRQRI
IODPPDEOHPDWHULDOVDQGVSLOODJHWKHKDQGOHRID
FRQWDLQHUVKRXOGEHWXUQHGWRZDUGWKHFHQWHURIWKH
UDQJHZLWKRXWH[WHQGLQJRYHUQHDUE\VXUIDFHXQLWV
:KHQSUHSDULQJIODPLQJIRRGVXQGHUDKRRGWXUQWKH
IDQRQ
,ISRZHULVORVWWRDQHOHFWULFFRRNWRSZKLOHDVXUIDFH
XQLWLV21WKHVXUIDFHXQLWZLOOWXUQEDFN21DVVRRQ
DVSRZHULVUHVWRUHG,QWKHHYHQWRISRZHUORVVIDLOXUH
WRWXUQDOOVXUIDFHXQLWNQREVWRWKH2))SRVLWLRQPD\
UHVXOWLQLJQLWLRQRILWHPVRQRUQHDUWKHFRRNWRSOHDGLQJ
WRVHULRXVLQMXU\RUGHDWK
8VHFDUHZKHQWRXFKLQJWKHFRRNWRS7KHJODVVVXUIDFH
RIWKHFRRNWRSZLOOUHWDLQKHDWDIWHUWKHFRQWUROVKDYH
EHHQWXUQHGRII
'RQRWFRRNRQDEURNHQFRRNWRS,IJODVVFRRNWRS
VKRXOGEUHDNFOHDQLQJVROXWLRQVDQGVSLOORYHUV
PD\SHQHWUDWHWKHEURNHQFRRNWRSDQGFUHDWHD
ULVNRIHOHFWULFVKRFN&RQWDFWDTXDOLILHGWHFKQLFLDQ
LPPHGLDWHO\
$YRLGVFUDWFKLQJWKHJODVVFRRNWRS7KHFRRNWRSFDQEH
VFUDWFKHGZLWKLWHPVVXFKDVNQLYHVVKDUSLQVWUXPHQWV
ULQJVRURWKHUMHZHOU\DQGULYHWVRQFORWKLQJ
'RQRWSODFHRUVWRUHLWHPVWKDWFDQPHOWRUFDWFKILUH
RQWKHJODVVFRRNWRSHYHQZKHQLWLVQRWEHLQJXVHG,I
WKHFRRNWRSLVLQDGYHUWHQWO\WXUQHGRQWKH\PD\LJQLWH
+HDWIURPWKHFRRNWRSRURYHQYHQWDIWHULWLVWXUQHGRII
PD\FDXVHWKHPWRLJQLWHDOVR
8VH&(5$0$%5<7(
FHUDPLF&RRNWRS&OHDQHUDQG
&(5$0$%5<7(
&OHDQLQJ3DGWRFOHDQWKHFRRNWRS
:DLWXQWLOWKHFRRNWRSFRROVDQGWKHLQGLFDWRUOLJKW
JRHVRXWEHIRUHFOHDQLQJ$ZHWVSRQJHRUFORWKRQD
KRWVXUIDFHFDQFDXVHVWHDPEXUQV6RPHFOHDQHUV
FDQSURGXFHQR[LRXVIXPHVLIDSSOLHGWRDKRWVXUIDFH
127(6XJDUVSLOOVDUHDQH[FHSWLRQ7KH\VKRXOGEH
VFUDSHGRIIZKLOHVWLOOKRWXVLQJDQRYHQPLWWDQGD
VFUDSHU6HHWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQIRU
GHWDLOHGLQVWUXFWLRQV
5HDGDQGIROORZDOOLQVWUXFWLRQVDQGZDUQLQJVRQWKH
FOHDQLQJFUHDPODEHO
'RQRWLPPHUVHRUVRDNWKHUHPRYDEOHVXUIDFHXQLWV
'RQRWSXWWKHPLQDGLVKZDVKHU'RQRWVHOIFOHDQWKH
VXUIDFHXQLWVLQDQRYHQ'RLQJVRPD\FDXVHWKHPWR
IDLOSUHVHQWLQJDEXUQRUILUHKD]DUG
7RDYRLGWKHSRVVLELOLW\RIDEXUQRUHOHFWULFVKRFNDOZD\V
EHFHUWDLQWKDWWKHFRQWUROVIRUDOOVXUIDFHXQLWVDUHDWWKH
2))SRVLWLRQDQGDOOFRLOVDUHFRROEHIRUHDWWHPSWLQJWROLIW
RUUHPRYHDFRLOVXUIDFHXQLW
%HVXUHWKHGULSSDQVDUHQRWFRYHUHGDQGDUHLQSODFH
7KHLUDEVHQFHGXULQJFRRNLQJFRXOGGDPDJHUDQJH
SDUWVDQGZLULQJ
'RQRWXVHDOXPLQXPIRLOWROLQHGULSSDQV)RLOFDQWUDS
KHDWRUPHOWUHVXOWLQJLQGDPDJHWRWKHSURGXFWDQGD
VKRFNRUILUHKD]DUG
&22.7236$)(7<,16758&7,216
:$51,1*
5$',$17&22.7236$)(7<,16758&7,216
VRPHPRGHOV
:$51,1*
&2,/&22.7236$)(7<,16758&7,216
VRPHPRGHOV
:$51,1*
background
*($SSOLDQFHVFRP
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YHQWXQREVWUXFWHG
.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GRQRWOHWSRW
KROGHUFRQWDFWKRWKHDWLQJHOHPHQWLQRYHQ
:KHQXVLQJFRRNLQJRUURDVWLQJEDJVLQWKHRYHQ
IROORZWKHPDQXIDFWXUHU·VGLUHFWLRQV
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XVHDOXPLQXPIRLOWROLQHWKHRYHQERWWRP)RLO
PD\WUDSRUUHIOHFWKHDWOHDGLQJWRDVKRFNRUILUH
KD]DUG
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\JUD\RUEODFNSRUFHODLQFRDWHGRYHQUDFNV
DQGGULSSDQVPD\EHOHIWLQWKHRYHQ'RQRWXVH
VHOIFOHDQWRFOHDQRWKHUSDUWVVXFKDVVKLQ\GULSSDQV
RUERZOV
%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
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ORZHUGUDZHU7KH
IRLOZLOOWUDSKHDWEHORZDQGXSVHWWKHSHUIRUPDQFH
RIWKHRYHQ)RLOFDQPHOWDQGSHUPDQHQWO\GDPDJH
WKHGUDZHUERWWRP'DPDJHIURPLPSURSHUXVHRI
DOXPLQXPIRLOLVQRWFRYHUHGE\WKHSURGXFWZDUUDQW\
29(16$)(7<,16758&7,216
:$51,1*
6(/)&/($1,1*29(16$)(7<,16758&7,216
6RPHPRGHOV
:$51,1*
:$50,1*'5$:(56$)(7<,16758&7,216VRPHPRGHOV
:$51,1*
background
8VLQJWKHVXUIDFHXQLWV
),5(+$=$5'1HYHUOHDYHWKHUDQJHXQDWWHQGHGZLWKWKHFRRNWRSRQPHGLXPRUKLJK
VHWWLQJV.HHSIODPPDEOHLWHPVDZD\IURPWKHFRRNWRS7XUQRIIDOOFRQWUROVZKHQ
GRQHFRRNLQJ)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVFDQUHVXOWLQILUHVHULRXVLQMXU\RU
GHDWK
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
+RZWR6HW
'XDODQG7ULSOH6XUIDFH8QLWV
DQG&RQWURO.QREV
RQVRPHPRGHOV
7KHVXUIDFHXQLWKDVRUFRRNLQJVL]HV
WRVHOHFWIURPVR\RXFDQPDWFKWKHVL]H
RIWKHXQLWWRWKHVL]HRIWKHFRRNZDUH\RXDUH
XVLQJ
$WERWK2)) DQG+, WKH
FRQWUROFOLFNV LQWRSRVLWLRQ
<RXPD\KHDUVOLJKWFOLFNLQJ
VRXQGVGXULQJFRRNLQJ
LQGLFDWLQJWKHFRQWUROLV
PDLQWDLQLQJ\RXUGHVLUHG
VHWWLQJ
%HVXUH\RXWXUQWKHFRQWURO
NQREWR2))ZKHQ\RXILQLVK
FRRNLQJ
0RGHOVZLWKD'XDO5LQJVXUIDFH
HOHPHQWRQO\
:$51,1*
3XVKWKHNQRELQDQGWXUQLQHLWKHUGLUHFWLRQWR
WKHVHWWLQJ\RXZDQW
$VXUIDFH21LQGLFDWRUOLJKWZLOOJORZZKHQDQ\
VXUIDFHXQLWLVRQ
)RUJODVVFRRNWRSVXUIDFHV
$+27&22.723 LQGLFDWRUOLJKWZLOO
FRPHRQZKHQWKHXQLWLVKRWWRWKHWRXFK
VWD\RQHYHQDIWHUWKHXQLWLVWXUQHGRII
VWD\RQXQWLOWKHXQLWLVFRROHGWR
DSSUR[LPDWHO\)
Melt
Rear
8
7
6
54
3
2
9
1
0HOWVHWWLQJRQVRPHPRGHOVZLOOPHOW
FKRFRODWHRUEXWWHU6LPPHUVHWWLQJRQVRPH
PRGHOVZLOOVLPPHUVDXFHV
0RGHOVZLWKD7UL5LQJVXUIDFH
HOHPHQWRQO\
background
8VLQJWKH:DUPLQJ=RQH
)22'32,621+$=$5'%DFWHULDPD\JURZLQ
IRRGDWWHPSHUDWXUHVEHORZ)
$OZD\VVWDUWZLWKKRWIRRG'RQRWXVHZDUP
VHWWLQJWRKHDWFROGIRRG
'RQRWXVHZDUPVHWWLQJIRUPRUHWKDQ
KRXUV
)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQ
IRRGERUQHLOOQHVV
7KH:$50,1*=21(ORFDWHGLQWKHEDFN
FHQWHURIWKHJODVVVXUIDFHZLOONHHSKRWFRRNHG
IRRGDWVHUYLQJWHPSHUDWXUH$OZD\VVWDUWZLWK
KRWIRRG'RQRWXVHWRKHDWFROGIRRG3ODFLQJ
XQFRRNHGRUFROGIRRGRQWKH:$50,1*=21(
FRXOGUHVXOWLQIRRGERUQHLOOQHVV
7RXVHWKH:$50,1*=21(
7RXFKWKH:$50,1*=21(212))SDG
7RXFKWKHORZPHGLXPRUKLJK
SDGWRVHOHFWWKHGHVLUHGFRQWUROVHWWLQJ
7RXFKWKH67$57SDG:$50(5+2721
ZLOOEHLQWKHFRQWUROGLVSOD\
7RWXUQRIIWKH:$50,1*=21(
7RXFKWKH:$50,1*=21(212))SDG
127(7KH&/($52))SDGZLOOQRWWXUQRII
WKH:$50,1*=21(
)RUEHVWUHVXOWVDOOIRRGVRQWKH:$50,1*
=21(VKRXOGEHFRYHUHGZLWKDOLGRUDOXPLQXP
IRLO:KHQZDUPLQJSDVWULHVRUEUHDGVWKH
FRYHUVKRXOGEHYHQWHGWRDOORZPRLVWXUHWR
HVFDSH
8VHWKHORZHVWVHWWLQJIRUEUHDGVDQGSDVWULHV
8VHDPHGLXPVHWWLQJIRUYHJHWDEOHVVDXFHV
VWHZVFUHDPVRXSVEXWWHUDQGFKRFRODWH8VH
WKHKLJKHVWVHWWLQJIRUVRXSVOLTXLGDQGKRW
EHYHUDJHV7KHVHLQLWLDOVXJJHVWHGVHWWLQJVDUH
IRUUHIHUHQFHRQO\7KHWHPSHUDWXUHW\SHDQG
DPRXQWRIIRRGW\SHRISDQDQGWKHWLPHKHOG
ZLOODIIHFWWKHTXDOLW\RIWKHIRRG
$OZD\VXVHSRWKROGHUVRURYHQPLWWVZKHQ
UHPRYLQJIRRGIURPWKH:$50,1*=21(
VLQFHFRRNZDUHDQGSODWHVZLOOEHKRW
127(7KHVXUIDFHZDUPHUZLOOQRWJORZUHG
OLNHWKHFRRNLQJHOHPHQWV
0RGHOVZLWKDEULGJHEXUQHURQO\
:DUPLQJ=RQH
*($SSOLDQFHVFRP
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
8VLQJWKH%ULGJH%XUQHURQVRPHPRGHOV
7RXVHWKHEULGJHEXUQHUWXUQWKHOHIWIURQW
FRQWURONQREWRWKH%5,'*(%851(5VHWWLQJV
)RUIXOOEULGJHVXUIDFHXQLWRSHUDWLRQDOVRWXUQ
RQWKHOHIWUHDUVXUIDFHXQLW
7RXVHRQO\WKHIURQWVXUIDFHXQLWWXUQ
WKHFRQWURONQREWRWKH)5217%851(5VHWWLQJV
:$51,1*
WARMING
ZONE
ON/OFF
background
7HPSHUDWXUH/LPLWHURQ5DGLDQW*ODVV&RRNWRSV
(YHU\UDGLDQWVXUIDFHXQLWKDVDWHPSHUDWXUH
OLPLWHU
7KHWHPSHUDWXUHOLPLWHUSURWHFWVWKHJODVV
FRRNWRSIURPJHWWLQJWRRKRW
7KHWHPSHUDWXUHOLPLWHUPD\F\FOHWKHVXUIDFH
XQLWVRIIIRUDWLPHLI
WKHSDQERLOVGU\
WKHSDQERWWRPLVQRWIODW
WKHSDQLVRIIFHQWHU
WKHUHLVQRSDQRQWKHXQLW
8VLQJWKHVXUIDFHXQLWV
+RPH&DQQLQJ7LSV
%HVXUHWKHFDQQHULVFHQWHUHGRYHUWKHVXUIDFH
XQLW
0DNHVXUHWKHFDQQHULVIODWRQWKHERWWRP
7RSUHYHQWEXUQVIURPVWHDPRUKHDWXVH
FDXWLRQZKHQFDQQLQJ
8VHUHFLSHVDQGSURFHGXUHVIURPUHSXWDEOH
VRXUFHV7KHVHDUHDYDLODEOHIURP
PDQXIDFWXUHUVVXFKDV%DOO
DQG.HUU
DQGWKH
'HSDUWPHQWRI$JULFXOWXUH([WHQVLRQ6HUYLFH
)ODWERWWRPHGFDQQHUVDUHUHFRPPHQGHG8VH
RIZDWHUEDWKFDQQHUVZLWKULSSOHGERWWRPV
PD\H[WHQGWKHWLPHUHTXLUHGWREULQJWKH
ZDWHUWRDERLO
1HYHUFRRNGLUHFWO\RQWKHJODVV
$OZD\VXVHFRRNZDUH
)RU0RGHOV:LWKD5DGLDQW*ODVV&RRNWRS
7KHUDGLDQWFRRNWRSIHDWXUHVKHDWLQJXQLWV
EHQHDWKDVPRRWKJODVVVXUIDFH
127($VOLJKWRGRULVQRUPDOZKHQDQHZ
FRRNWRSLVXVHGIRUWKHILUVWWLPH,WLVFDXVHG
E\WKHKHDWLQJRIQHZSDUWVDQGLQVXODWLQJ
PDWHULDOVDQGZLOOGLVDSSHDULQDVKRUWWLPH
127(2QPRGHOVZLWKOLJKWFRORUHGJODVV
FRRNWRSVLWLVQRUPDOIRUWKHFRRNLQJ]RQHVWR
FKDQJHFRORUZKHQKRWRUFRROLQJGRZQ7KLVLV
WHPSRUDU\DQGZLOOGLVDSSHDUDVWKHJODVVFRROV
WRURRPWHPSHUDWXUH
7KHVXUIDFHXQLWZLOOF\FOHRQDQGRIIWR
PDLQWDLQ\RXUVHOHFWHGFRQWUROVHWWLQJ
,WLVVDIHWRSODFHKRWFRRNZDUHRQWKHJODVV
VXUIDFHHYHQZKHQWKHFRRNWRSLVFRRO
(YHQDIWHUWKHVXUIDFHXQLWVDUHWXUQHGRIIWKH
JODVVFRRNWRSUHWDLQVHQRXJKKHDWWRFRQWLQXH
FRRNLQJ7RDYRLGRYHUFRRNLQJUHPRYHSDQV
IURPWKHVXUIDFHXQLWVZKHQWKHIRRGLVFRRNHG
$YRLGSODFLQJDQ\WKLQJRQWKHVXUIDFHXQLWXQWLO
LWKDVFRROHGFRPSOHWHO\
'RQRWVOLGHFRRNZDUHDFURVVWKHFRRNWRSEHFDXVH
LWFDQVFUDWFKWKHJODVV³WKHJODVVLVVFUDWFKUHVLVWDQW
QRWVFUDWFKSURRI
:DWHUVWDLQVPLQHUDOGHSRVLWVDUH
UHPRYDEOHXVLQJWKHFOHDQLQJFUHDPRUIXOO
VWUHQJWKZKLWHYLQHJDU
8VHRIZLQGRZFOHDQHUPD\OHDYHDQ
LULGHVFHQWILOPRQWKHFRRNWRS7KHFOHDQLQJ
FUHDPZLOOUHPRYHWKLVILOP
'RQ·WVWRUHKHDY\LWHPVDERYHWKHFRRNWRS,I
WKH\GURSRQWRWKHFRRNWRSWKH\FDQFDXVH
GDPDJH
'RQRWXVHWKHVXUIDFHDVDFXWWLQJERDUG
$OZD\VSODFHWKHSDQLQWKHFHQWHURI
WKHVXUIDFHXQLW\RXDUHFRRNLQJRQ
background
6HOHFWLQJW\SHVRIFRRNZDUHIRU
UDGLDQWJODVVFRRNWRSPRGHOV *($SSOLDQFHVFRP
6WDLQOHVV6WHHO
UHFRPPHQGHG
$OXPLQXP
KHDY\ZHLJKWUHFRPPHQGHG
*RRGFRQGXFWLYLW\$OXPLQXPUHVLGXHV
VRPHWLPHVDSSHDUDVVFUDWFKHVRQWKHFRRNWRS
EXWFDQEHUHPRYHGLIFOHDQHGLPPHGLDWHO\
%HFDXVHRILWVORZPHOWLQJSRLQWWKLQZHLJKW
DOXPLQXPVKRXOGQRWEHXVHG
&RSSHU%RWWRP
UHFRPPHQGHG
&RSSHUPD\OHDYHUHVLGXHVZKLFKFDQDSSHDU
DVVFUDWFKHV7KHUHVLGXHVFDQEHUHPRYHGDV
ORQJDVWKHFRRNWRSLVFOHDQHGLPPHGLDWHO\
+RZHYHUGRQRWOHWWKHVHSRWVERLOGU\
2YHUKHDWHGPHWDOFDQERQGWRJODVVFRRNWRSV
$QRYHUKHDWHGFRSSHUERWWRPSRWZLOOOHDYHD
UHVLGXHWKDWZLOOSHUPDQHQWO\VWDLQWKHFRRNWRS
LIQRWUHPRYHGLPPHGLDWHO\
3RUFHODLQ(QDPHORQ&DVW,URQ
UHFRPPHQGHGLIERWWRPRISDQLVFRDWHG
3RUFHODLQ(QDPHORQ6WHHO
QRWUHFRPPHQGHG
+HDWLQJHPSW\SDQVFDQFDXVHSHUPDQHQW
GDPDJHWRFRRNWRSJODVV7KHHQDPHOFDQPHOW
DQGERQGWRWKHFHUDPLFFRRNWRS
*ODVVFHUDPLF
QRWUHFRPPHQGHG
3RRUSHUIRUPDQFH:LOOVFUDWFKWKHVXUIDFH
6WRQHZDUH
QRWUHFRPPHQGHG
3RRUSHUIRUPDQFH0D\VFUDWFKWKHVXUIDFH
&DVW,URQ
QRWUHFRPPHQGHG³XQOHVVGHVLJQHGVSHFLILFDOO\
IRUJODVVFRRNWRSV
3RRUFRQGXFWLYLW\DQGVORZWRDEVRUEKHDW:LOO
VFUDWFKWKHFRRNWRSVXUIDFH
&KHFNSDQVIRUIODWERWWRPVE\
XVLQJDVWUDLJKWHGJH
3DQVZLWKURXQGHGFXUYHG
ULGJHGRUZDUSHGERWWRPVDUHQRW
UHFRPPHQGHG
7KHIROORZLQJLQIRUPDWLRQZLOOKHOS\RXFKRRVHFRRNZDUHZKLFKZLOOJLYHJRRGSHUIRUPDQFHRQJODVVFRRNWRSV
)RU%HVW5HVXOWV

3ODFHRQO\GU\SDQVRQWKHVXUIDFH
HOHPHQWV'RQRWSODFHOLGVRQWKHVXUIDFH
HOHPHQWVSDUWLFXODUO\ZHWOLGV:HWSDQV
DQGOLGVPD\VWLFNWRWKHVXUIDFHZKHQFRRO
'RQRWXVHZRNVWKDWKDYHVXSSRUWULQJV
7KLVW\SHRIZRNZLOOQRWKHDWRQJODVV
VXUIDFHHOHPHQWV
:HUHFRPPHQGWKDW\RXXVHRQO\DIODW
ERWWRPHGZRN7KH\DUHDYDLODEOHDW\RXU
ORFDOUHWDLOVWRUH7KHERWWRPRIWKHZRN
VKRXOGKDYHWKHVDPHGLDPHWHUDVWKH
VXUIDFHHOHPHQWWRHQVXUHSURSHUFRQWDFW
6RPHVSHFLDOFRRNLQJSURFHGXUHVUHTXLUH
VSHFLILFFRRNZDUHVXFKDVSUHVVXUH
FRRNHUVRUGHHSIDWIU\HUV$OOFRRNZDUH
PXVWKDYHIODWERWWRPVDQGEHWKHFRUUHFW
VL]H
'RQRWSODFHZHWSDQV
RQWKHJODVVFRRNWRS
'RQRWXVHZRNVZLWKVXSSRUW
ULQJVRQWKHJODVVFRRNWRS
8VHIODWERWWRPHGZRNV
RQWKHJODVVFRRNWRS
127()ROORZDOOFRRNZDUHPDQXIDFWXUHU·VUHFRPPHQGDWLRQVZKHQXVLQJDQ\W\SHRIFRRNZDUHRQ
WKHFHUDPLFFRRNWRS
background
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
8VLQJWKHRYHQFRQWUROV
%52,/+,/23DG
7RXFKWKLVSDGWRVHOHFWWKHEURLOIXQFWLRQ6HHWKH
+RZWR6HWWKH2YHQIRU%URLOLQJVHFWLRQ
%$.(3DG
7RXFKWKLVSDGWRVHOHFWWKHEDNHIXQFWLRQ6HH
WKH+RZWR6HWWKH2YHQIRU%DNLQJVHFWLRQ
&219(&7,21%$.(3DG
8VHVDIDQWRFLUFXODWHDLULQWKHRYHQ6HHWKH
8VLQJWKHFRQYHFWLRQRYHQVHFWLRQ
&219(&7,2152$673DG
7RXFKWRURDVWODUJHWHQGHUFXWVRIPHDW
6HHWKH8VLQJWKHFRQYHFWLRQRYHQVHFWLRQ
:$503DG
7RXFKWRNHHSFRRNHGIRRGVZDUP
6HHWKH+RZWR6HWWKH2YHQIRU:DUPLQJVHFWLRQ
352%(3DG
7RXFKZKHQXVLQJWKHSUREHWRDXWRPDWLFDOO\
FRRNWRDGHVLUHGLQWHUQDOIRRGWHPSHUDWXUH
6HHWKH8VLQJWKH3UREHVHFWLRQ
6(/)&/($13DG
7RXFKWRVHOIFOHDQWKHRYHQ
6HHWKH8VLQJWKH6HOI&OHDQLQJ2YHQVHFWLRQ
&/($52))3DG
7RXFKWRFDQFHO$//RYHQRSHUDWLRQVH[FHSWWKH
FORFNDQGWLPHU
67$573DG
0XVWEHWRXFKHGWRVWDUWDQ\FRRNLQJRUFOHDQLQJ
IXQFWLRQ
:$50,1*=21(3DG
7RXFKWRNHHSKRWFRRNHGIRRGZDUP6HHWKH
8VLQJWKH:DUPLQJ=RQHVHFWLRQ
29(1/,*+73DG
7RXFKWRWXUQWKHRYHQOLJKWVRQRURII
.,7&+(17,0(5212))3DG
127(:KHQVHWWLQJWLPHV\RXDUHVHWWLQJKRXUV
DQGPLQXWHVRQO\7KHORZHVWWLPH\RXFDQVHWLV
RQHPLQXWH
7RXFKWRVHWWKHNLWFKHQWLPHU
6HHWKH8VLQJWKH.LWFKHQ7LPHUVHFWLRQ
&22.,1*7,0(3DG
127(:KHQVHWWLQJWLPHV\RXDUHVHWWLQJKRXUV
DQGPLQXWHVRQO\7KHORZHVWWLPH\RXFDQVHWLV
RQHPLQXWH
7RXFKWKLVSDGDQGWKHQWRXFKWKHQXPEHUSDGV
WRVHWWKHDPRXQWRIWLPH\RXZDQW\RXUIRRG
WRFRRN7KHRYHQZLOOVKXWRIIZKHQWKHFRRNLQJ
WLPHKDVUXQRXW
'(/$<67$573DG
7RXFKWKLVSDGWRVHWWKHRYHQWRVWDUW
DXWRPDWLFDOO\DWDWLPH\RXVHW
&/2&.3DG
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
6HH7RVHWWKHFORFNVHFWLRQ
,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
&21752//2&.287
7KHFRQWUROSDGVFDQEHORFNHGVRWKH\FDQQRW
EHDFWLYDWHGZKHQWRXFKHG6HHWKH+RZWR
/RFN2XWWKH&RQWUROVVHFWLRQ
3522)3DG
7RXFKWRUDLVH\HDVWOHDYHQHGSURGXFWV6HHWKH
+RZWR6HWWKH2YHQIRU3URRILQJVHFWLRQ
KITCHEN
TIMER
ON/OFF
WARMING
ZONE
ON/OFF

background
7R6HWWKH.LWFKHQ7LPHU
7RXFKWKH.,7&+(17,0(5212))SDG
7RXFKWKHQXPEHUSDGVXQWLOWKHDPRXQW
RIWLPH\RXZDQWVKRZVLQWKHGLVSOD\)RU
H[DPSOHWRVHWKRXUVDQGPLQXWHV
WRXFK DQG LQWKDWRUGHU,I\RXPDNH
DPLVWDNHWRXFKWKH.,7&+(17,0(521
2))SDGDQGEHJLQDJDLQ
7RXFKWKH67$57SDG
$IWHUWRXFKLQJWKH67$57SDG6(7GLVDSSHDUV
WKLVWHOOV\RXWKHWLPHLVFRXQWLQJGRZQDOWKRXJK
WKHGLVSOD\GRHVQRWFKDQJHXQWLORQHPLQXWH
KDVSDVVHG6HFRQGVZLOOQRWEHVKRZQLQWKH
GLVSOD\XQWLOWKHODVWPLQXWHLVFRXQWLQJGRZQ
:KHQWKHNLWFKHQWLPHUUHDFKHVWKH
FRQWUROZLOOEHHSWLPHVIROORZHGE\RQH
EHHSHYHU\VHFRQGVXQWLOWKH.,7&+(1
7,0(5212)) SDGLVWRXFKHG
7KHVHFRQGWRQHFDQEHFDQFHOOHGE\
IROORZLQJWKHVWHSVLQWKH6SHFLDOIHDWXUHVRI
\RXURYHQFRQWUROVHFWLRQXQGHU7RQHVDWWKH
(QGRID7LPHG&\FOH
7KH.LWFKHQ7LPHULVLQKRXUVDQG
PLQXWHV
7KH.LWFKHQ7LPHUGRHVQRWFRQWURORYHQ
RSHUDWLRQV7KHPD[LPXPVHWWLQJRQWKH
.LWFKHQ7LPHULVKRXUVDQGPLQXWHV
7R5HVHWWKH.LWFKHQ7LPHU
+RZWR/RFN2XWWKH&RQWUROV
7R6HWWKH&ORFN
,IWKHGLVSOD\LVVWLOOVKRZLQJWKHWLPHUHPDLQLQJ
\RXPD\FKDQJHLWE\WRXFKLQJWKH.,7&+(1
7,0(5212)) SDGWKHQWRXFKLQJWKHQXPEHU
SDGVVRWKDW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
.,7&+(17,0(5212)) SDGDQGWKHQWRXFK
WKHQXPEHUSDGVWRHQWHUWKHQHZWLPH\RX
ZDQW
&RQWURO/RFNRXWZLOODOORZ\RXWRORFNRXWWKH
WRXFKSDGVVRWKH\FDQQRWEHDFWLYDWHGZKHQ
WRXFKHG
7RORFNXQORFNWKHFRQWUROV
7RXFKDQGKROGWKHDQGSDGVDWWKH
VDPHWLPHIRUVHFRQGV7KHGLVSOD\ZLOO
VKRZ/2&21
7RXQORFNWKHFRQWUROWRXFKDQGKROGWKH
DQGSDGVDWWKHVDPHWLPHIRU
VHFRQGV7KHGLVSOD\ZLOOVKRZ/2&2))
:KHQWKLVIHDWXUHLVRQWKHWRXFKSDGVZLOOQRW
UHVSRQGH[FHSWIRUWKH&OHDU2IISDG
7KHDGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\
DIWHUDSRZHUIDLOXUH
7KHFORFNPXVWEHVHWWRWKHFRUUHFWWLPHRIGD\
IRUWKH'HOD\6WDUWIXQFWLRQVWRZRUNSURSHUO\
7KHWLPHRIGD\FDQQRWEHFKDQJHGGXULQJ
DGHOD\HGFRRNLQJRUDGHOD\HGVHOIFOHDQLQJ
F\FOH
7RXFKWKH&/2&.SDG
7RXFKWKHQXPEHUSDGVXQWLOWKHFRUUHFW
WLPHRIGD\LVVKRZQLQWKHGLVSOD\,IWKH
QXPEHUSDGVDUHQRWWRXFKHGZLWKLQRQH
PLQXWHDIWHU\RXWRXFKWKH&/2&.SDG
WKHGLVSOD\UHYHUWVWRWKHRULJLQDOVHWWLQJ,I
WKLVKDSSHQVWRXFKWKH&/2&.SDGDQG
HQWHUWKHWLPHRIGD\
7RXFKWKH67$57SDGXQWLOWKHWLPHRIGD\
VKRZVLQWKHGLVSOD\7KLVHQWHUVWKHWLPH
DQGVWDUWVWKHFORFN
7RFKHFNWKHWLPHRIGD\ZKHQWKHGLVSOD\LV
VKRZLQJRWKHULQIRUPDWLRQWRXFKWKH&/2&.
SDG7KHWLPHRIGD\VKRZVXQWLODQRWKHUSDG
LVWRXFKHG7RFKDQJHWKHWLPHIRUPDWRUWXUQ
RIIWKHFORFNGLVSOD\VHHWKH6SHFLDO)HDWXUHV
VHFWLRQ
7R&DQFHOWKH.LWFKHQ7LPHU
7RXFKWKH.,7&+(17,0(5212))SDGWZLFH
8VLQJWKHFORFNNLWFKHQWLPHUDQGFRQWUROORFNRXW *($SSOLDQFHVFRP

KITCHEN
TIMER
ON/OFF
KITCHEN
TIMER
ON/OFF
background
7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQRQWKHRYHQ
%HIRUH\RXEHJLQ«
7KHUDFNVKDYHVWRSVVRWKDWZKHQSODFHG
FRUUHFWO\RQWKHVXSSRUWVWKH\ZLOOVWRSEHIRUH
FRPLQJFRPSOHWHO\RXWDQGZLOOQRWWLOW
:KHQSODFLQJDQGUHPRYLQJFRRNZDUHSXOOWKH
UDFNRXWXQWLOLWVWRSV
2QVRPHPRGHOVWKHEDNHKHDWLQJHOHPHQW
LVXQGHUWKHRYHQIORRU1HYHUSODFHFRRNLQJ
XWHQVLOVEDNLQJVWRQHVIRLORUDQ\RWKHULWHPV
RQWKHRYHQIORRU
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
%851+$=$5'$YRLGWRXFKLQJWKHKRWGRRU
VXUIDFHZKHQXVLQJWKHRYHQUDFNLQWKHORZHVW
SRVLWLRQ$OZD\VXVHKDQGVDQGPLWWHQSRW
KROGHUVWRPRYHWKHUDFN3XOOWKHUDFNRXWD
IHZLQFKHVDQGWKHQFDUHIXOO\JUDVSWKHVLGHVRI
WKHUDFNWRSXOOLWRXWWKHUHVWRIWKHZD\
7KHQXPEHURIUDFNSRVLWLRQVPD\
YDU\E\PRGHO
([WHQVLRQ5DFNRQVRPHPRGHOV
:KHQSODFLQJDQGUHPRYLQJFRRNZDUH
DOZD\VSXOOWKHUDFNRXWE\LWVXSSHUIURQW
UDLOWRLWVIXOO\RSHQSRVLWLRQ
'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VLGHSDGGOHVRQWKH
UDFNIURPGLVHQJDJHGZLWKRYHQVXSSRUW
6OLGHWKHUDFNWRZDUG\RXWRWKHEXPS
VWRSSRVLWLRQRQWKHUDFNVXSSRUW
)LUPO\JUDVSERWKVLGHVRIWKHUDFNIUDPH
DQGWKHVOLGLQJUDFNWLOW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VWRS
ORFNVRQWRWKHRYHQVXSSRUWVWLOWXSWKH
IURQWRIWKHUDFNDQGSXVKLWLQDVIDUDVLW
ZLOOJR
1HYHUXVHWKHUDFNZKHQLWVIUDPHLVQRWIXOO\
LQVHUWHGLQWKHRYHQDQGORFNHGLQWRSRVLWLRQ
: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5DFNLQWKH&DUHDQGFOHDQLQJ
VHFWLRQ
8SSHU)URQW
5DLO
)XOO\2SHQ3RVLWLRQ
&$87,21
&$87,21
*UDVSKHUH
1HYHUSODFHFRRNLQJXWHQVLOVEDNLQJVWRQHV
IRLORUDQ\RWKHULWHPVRQWKHRYHQIORRU

8VLQJWKHRYHQ
background

 *($SSOLDQFHVFRP
+RZWR6HWWKH2YHQIRU%DNLQJRU5RDVWLQJ
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVXQWLOWKHGHVLUHG
WHPSHUDWXUHLVGLVSOD\HG
7RXFKWKH67$57SDG
7KHRYHQZLOOVWDUWDXWRPDWLFDOO\7KHGLVSOD\ZLOO
VKRZWKHFKDQJLQJWHPSHUDWXUHVWDUWLQJDWÛ)
7KHWHPSHUDWXUHGLVSOD\ZLOOVWDUWWRFKDQJHRQFH
WKHRYHQWHPSHUDWXUHUHDFKHVÛ):KHQWKH
RYHQUHDFKHVWKHVHOHFWHGWHPSHUDWXUHWKHRYHQ
FRQWUROZLOOEHHSVHYHUDOWLPHVDQGWKHGLVSOD\ZLOO
VKRZWKHRYHQWHPSHUDWXUH
127( <RXPD\KHDUWKHFRQYHFWLRQIDQRQ
VRPHPRGHOVZKLOHWKHRYHQLVSUHKHDWLQJ7KH
IDQZLOOVWRSDIWHUWKHRYHQLVSUHKHDWHGDQG
WKHGLVSOD\VKRZV\RXUVHWWHPSHUDWXUH7KLVLV
QRUPDO
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJWKH%$.(
F\FOHWRXFKWKH%$.(SDGDQGWKHQWKHQXPEHU
SDGVWRJHWWKHQHZWHPSHUDWXUH
&KHFNIRRGIRUGRQHQHVVDWWKHPLQLPXPWLPH
RQWKHUHFLSH&RRNORQJHULIQHFHVVDU\
7RXFKWKH&/($52))SDGZKHQEDNLQJLV
ILQLVKHGDQGWKHQUHPRYHWKHIRRGIURPWKH
RYHQ
3UHKHDWLQJDQG3DQ3ODFHPHQW
7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNV
LQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQRQWKH
RYHQ
3UHKHDWWKHRYHQLIWKHUHFLSHFDOOVIRULW3UHKHDWLQJ
LVQHFHVVDU\IRUJRRGUHVXOWVZKHQEDNLQJFDNHV
FRRNLHVSDVWULHVDQGEUHDGV
,IEDNLQJIRXUFDNHOD\HUVDWWKHVDPHWLPHSODFH
WZROD\HUVRQUDFN&DQGWZROD\HUVRQUDFN(
6WDJJHUSDQVRQWKHUDFNVRRQHLVQRWGLUHFWO\
DERYHWKHRWKHU
%DNLQJUHVXOWVZLOOEHEHWWHULIIRRGLVFHQWHUHGLQ
WKHRYHQDVPXFKDVSRVVLEOH$QJHOIRRGFDNHLV
WKHH[FHSWLRQDQGVKRXOGEHSODFHGRQWKHERWWRP
RYHQUDFNSRVLWLRQ$)ROORZSDFNDJHGLUHFWLRQVRQ
SUHSDFNDJHGDQGIUR]HQIRRGVIRUSDQSODFHPHQW
3DQVVKRXOGQRWWRXFKHDFKRWKHURUWKHZDOOVRI
WKHRYHQ,I\RXQHHGWRXVHWZRUDFNVVWDJJHUWKH
SDQVVRRQHLVQRWGLUHFWO\DERYHWKHRWKHU/HDYH
DSSUR[LPDWHO\
ø´EHWZHHQSDQVDQGIURPWKH
IURQWEDFNDQGVLGHVRIRYHQZDOO
5DFNSRVLWLRQIRUEDNLQJOD\HU
FDNHV
$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
5RDVWLQJ*XLGH
0HDW 2YHQ7HPS ,QWHUQDO7HPS
%HHI 5LE5RDVWWROEV 5DUH ) )
%RQH,QDQG%RQHOHVV 0HGLXP ) )
%HHI7HQGHUORLQWROEV 5DUH ) )
%HHI7HQGHUORLQWROEV 5DUH ) )
3RUN %RQH,Q%RQHOHVVWROEV ) )
/DPE %RQH,QWROEV 0HGLXP ) )
%RQHOHVVWROEV 0HGLXP ) )
3RXOWU\ :KROH&KLFNHQWROEV ) )
7XUNH\:KROH
8QVWXIIHGWROEV ) ²)
8QVWXIIHGWROEV ) ²)
7XUNH\%UHDVWWROEV ) )
6WXIIHGELUGVJHQHUDOO\UHTXLUH²PLQXWHVDGGLWLRQDOURDVWLQJWLPH6KLHOGOHJVDQGEUHDVWZLWKIRLOWR
SUHYHQWRYHUEURZQLQJDQGGU\LQJRIVNLQ
background
8VLQJWKHRYHQ
+RZWR6HWWKH2YHQIRU%URLOLQJ
8VH/2%URLO WRFRRNIRRGVVXFKDVSRXOWU\
RUWKLFNFXWVRIPHDWWKRURXJKO\ZLWKRXW
RYHUEURZQLQJWKHP
3ODFHWKHPHDWRUILVKRQDEURLOHUJULGLQD
EURLOHUSDQGHVLJQHGIRUEURLOLQJ
)ROORZVXJJHVWHGUDFNSRVLWLRQVLQWKH
%URLOLQJ*XLGH
7RXFKWKH%52,/+,/2 SDGRQFHIRU+,
%URLO
7RFKDQJHWR/2%URLOWRXFKWKH
%52,/+,/2SDGDJDLQ
7RXFKWKH67$57SDG
:KHQEURLOLQJLVILQLVKHGWRXFKWKH
&/($52))SDG
7KHVL]HZHLJKWWKLFNQHVV
VWDUWLQJWHPSHUDWXUH
DQG\RXUSUHIHUHQFH
RIGRQHQHVVZLOODIIHFWEURLOLQJ
WLPHV7KLVJXLGH
LVEDVHGRQPHDWVDW
UHIULJHUDWRUWHPSHUDWXUH
7KH86'HSDUWPHQWRI
$JULFXOWXUHVD\V´5DUHEHHILV
SRSXODUEXW\RXVKRXOGNQRZWKDW
FRRNLQJLWWRRQO\)PHDQV
VRPHIRRGSRLVRQLQJRUJDQLVPV
PD\VXUYLYHµ6RXUFH6DIH)RRG
%RRN<RXU.LWFKHQ*XLGH86'$
5HY-XQH
%URLOLQJ*XLGH
/HDYHWKHGRRURSHQWRWKHEURLOVWRS
SRVLWLRQ7KHGRRUVWD\VRSHQE\
LWVHOI\HWWKHSURSHUWHPSHUDWXUHLV
PDLQWDLQHGLQWKHRYHQ
3UHKHDWWKHEURLOHUIRUPLQXWHVWRLPSURYHSHUIRUPDQFH
7\SHRU
)RRG 'RQHQHVV 7KLFNQHVV 5DFN3RVLWLRQ &RPPHQWV
%HHI 5DUH) 6WHDNV² (RU)IRRGVKRXOGEHµ 6WHDNVOHVVWKDQµ
 µWKLFN WRµIURPEURLOHOHPHQW WKLFNDUHGLIILFXOWWR
FRRNUDUH7KH\FRRN
0HGLXP) 6WHDNV² (IRRGVKRXOGEHµ WKURXJKEHIRUHEURZQLQJ
 µWRµWKLFN WRµIURPEURLOHOHPHQW 7RSUHYHQWFXUOLQJRI
PHDWVODVKIDWDWµ
 :HOO'RQH) 6WHDNV² 'RU(IRRGVKRXOGEHµ LQWHUYDOV
 µWRµWKLFN WRµIURPEURLOHOHPHQW
RU*URXQG%HHI3DWWLHV
&KLFNHQ %UHDVWERQHOHVV &IRRGVKRXOGEHµ %URLOVNLQVLGHGRZQ
 WRµIURPEURLOHOHPHQW ILUVW

%UHDVWERQHLQ &IRRGVKRXOGEHµ
 WRµIURPEURLOHOHPHQW
)LVK)LOOHWV µWRµWKLFN 'RU(IRRGVKRXOGEHµ +DQGOHDQGWXUQYHU\
 WRµIURPEURLOHOHPHQW FDUHIXOO\
3RUN&KRSV :HOO'RQH) µWKLFN 'IRRGVKRXOGEHµ 7RSUHYHQWFXUOLQJRI
 WRµIURPEURLOHOHPHQW PHDWVODVKIDWDWµ
 LQWHUYDOV
,I\RXUUDQJHLVFRQQHFWHGWRYROWVUDUHVWHDNVPD\EHEURLOHGE\SUHKHDWLQJWKH
EURLOHUDQGSRVLWLRQLQJWKHRYHQUDFNRQHSRVLWLRQKLJKHU

background
7R$GMXVWWKH7KHUPRVWDW
7RXFKWKH%52,/+,/2DQG%$.(SDGVDW
WKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV6)
7RXFKWKH%$.(SDG$QXPEHUVKRZVLQ
WKHGLVSOD\
7KHRYHQWHPSHUDWXUHFDQEHDGMXVWHGXS
WR)KRWWHURU)FRROHU7RXFK
WKHQXPEHUSDGVWKHVDPHZD\\RXUHDG
WKHP)RUH[DPSOHWRFKDQJHWKHRYHQ
WHPSHUDWXUH)WRXFKDQG
7RXFKWKH%$.(SDGDJDLQWRDOWHUQDWH
EHWZHHQLQFUHDVLQJDQGGHFUHDVLQJWKH
RYHQWHPSHUDWXUH
:KHQ\RXKDYHPDGHWKHDGMXVWPHQW
WRXFKWKH67$57 SDGWRJREDFNWRWKHWLPH
RIGD\GLVSOD\8VH\RXURYHQDV\RXZRXOG
QRUPDOO\
$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI *($SSOLDQFHVFRP
<RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWR
EHFRPHPRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW
\RXUVHOI
'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ7KHVH
WKHUPRPHWHUVPD\YDU\²GHJUHHV
127(7KLVDGMXVWPHQWZLOORQO\DIIHFWEDNLQJDQGURDVWLQJWHPSHUDWXUHVLWZLOOQRWDIIHFWEURLOLQJRUVHOIFOHDQLQJ
WHPSHUDWXUHV7KHDGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\DIWHUDSRZHUIDLOXUH
7KHW\SHRIPDUJDULQHZLOODIIHFWEDNLQJSHUIRUPDQFH
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

background
8VLQJWKHFRQYHFWLRQRYHQRQVRPHPRGHOV
%HFDXVHKHDWHGDLULVFLUFXODWHGHYHQO\
WKURXJKRXWWKHRYHQIRRGVFDQEHEDNHGZLWK
H[FHOOHQWUHVXOWVXVLQJPXOWLSOHUDFNV
0XOWLUDFNEDNLQJPD\LQFUHDVHFRRNWLPHV
VOLJKWO\IRUVRPHIRRGVEXWWKHRYHUDOOUHVXOW
LVWLPHVDYHG&RRNLHVPXIILQVELVFXLWVDQG
RWKHUTXLFNEUHDGVJLYHYHU\JRRGUHVXOWVZLWK
PXOWLUDFNEDNLQJ
:KHQEDNLQJRQUDFNVSODFHRQHUDFNLQWKH
VHFRQG%SRVLWLRQDQRWKHUUDFNLQWKHIRXUWK
'SRVLWLRQDQGWKHWKLUGUDFNLQWKHVL[WK)
SRVLWLRQ
)RUWZRUDFNEDNLQJSODFHRQHUDFNLQWKH
VHFRQG%UDFNSRVLWLRQ3ODFHWKHRWKHUUDFNLQ
WKHILIWK(UDFNSRVLWLRQ
0XOWL5DFN&RQYHFWLRQ%DNLQJRQVRPHPRGHOV
0XOWLUDFNSRVLWLRQ
:KHQFRQYHFWLRQEDNLQJZLWKRQO\UDFNSODFH
WKHIRRGVRWKDWLWLVFHQWHUHGLQWKHRYHQ
5DFN&RQYHFWLRQ%DNLQJRQVRPHPRGHOV
&RQYHFWLRQ)DQ2SHUDWLRQ
,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\$VDUHVXOWIRRGV
DUHHYHQO\FRRNHGDQGEURZQHG³RIWHQLQOHVV
WLPHZLWKFRQYHFWLRQKHDW
127(2QVRPHPRGHOVWKHIDQLVGHVLJQHG
WRURWDWHLQERWKGLUHFWLRQVZLWKDSDXVHLQ
EHWZHHQ7KLVLVQRUPDO
7KHFRQYHFWLRQIDQVKXWVRIIZKHQWKHRYHQ
GRRULVRSHQHG'2127OHDYHWKHGRRURSHQ
IRUORQJSHULRGVRIWLPHZKLOHXVLQJFRQYHFWLRQ
FRRNLQJRU\RXPD\VKRUWHQWKHOLIHRIWKH
FRQYHFWLRQKHDWLQJHOHPHQW
*ULG
%URLOHUSDQ
*RRGIRUODUJHWHQGHUFXWVRIPHDW
XQFRYHUHG
7KHFRQYHFWLRQIDQFLUFXODWHVWKHKHDWHGDLU
HYHQO\RYHUDQGDURXQGWKHIRRG0HDWDQG
SRXOWU\DUHEURZQHGRQDOOVLGHVDVLIWKH\ZHUH
FRRNHGRQDURWLVVHULH7KHKHDWHGDLUVHDOVLQ
MXLFHVTXLFNO\IRUDPRLVWDQGWHQGHUSURGXFW
ZKLOHDWWKHVDPHWLPHFUHDWLQJDULFKJROGHQ
EURZQH[WHULRU
:KHQ\RXDUHFRQYHFWLRQURDVWLQJLWLV
LPSRUWDQWWKDW\RXXVHDEURLOHUSDQDQGJULG
IRUEHVWFRQYHFWLRQURDVWLQJUHVXOWV7KHSDQLV
XVHGWRFDWFKJUHDVHVSLOOVDQGWKHJULGLVXVHG
WRSUHYHQWJUHDVHVSDWWHUV
&RQYHFWLRQ5RDVWRQVRPHPRGHOV

background

7RXFKWKH&219(&7,21%$.(SDGRQ
VRPHPRGHOV
RQFHIRUPXOWLUDFN
FRQYHFWLRQEDNLQJ
6HHWKH0XOWL5DFN
&RQYHFWLRQ%DNLQJVHFWLRQ
7RXFKWKH&219(&7,21%$.(SDGRQ
VRPHPRGHOVWZLFHIRUUDFNFRQYHFWLRQ
EDNLQJ6HHWKH5DFN&RQYHFWLRQ%DNLQJ
VHFWLRQ
7RXFKWKH&219(&7,2152$67SDGIRU
FRQYHFWLRQURDVWLQJRQVRPHPRGHOV
7RXFKWKHQXPEHUSDGVWRVHWWKHRYHQ
WHPSHUDWXUH
7RXFKWKH67$57SDG
127(,IWKH$XWR5HFLSH
&RQYHUVLRQ)HDWXUH
LVRQLWZLOODXWRPDWLFDOO\UHGXFHWKHVHWUHJXODU
EDNLQJWHPSHUDWXUHE\DSSUR[LPDWHO\)
WRWKHDSSURSULDWHFRQYHFWLRQWHPSHUDWXUH
LQFRQYHFWLRQEDNHPRGH6HH$XWR5HFLSH
&RQYHUVLRQLQWKH6SHFLDO)HDWXUHVVHFWLRQ
7RFKDQJHWKHRYHQWHPSHUDWXUHWRXFKWKH
&219(&7,21%$.(RU&219(&7,2152$67
SDGDQGWKHQWKHQXPEHUSDGVWRVHWWKHQHZ
WHPSHUDWXUH
:KHQWKHRYHQVWDUWVWRKHDWWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)ZLOOEHGLVSOD\HG
:KHQRYHQUHDFKHVWKHWHPSHUDWXUH\RXVHW
EHHSVZLOOVRXQG
7RXFK&/($52))SDGZKHQILQLVKHG
<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWK
FRQYHFWLRQ7KHIDQZLOOVWRSZKHQWKHGRRULV
RSHQHGEXWWKHKHDWZLOOQRWWXUQRII
<RXPD\KHDUWKHRYHQFOLFNLQJGXULQJ
EDNLQJ7KLVLVQRUPDO
&RRNZDUHIRU&RQYHFWLRQ&RRNLQJ
%HIRUHXVLQJ\RXUFRQYHFWLRQRYHQFKHFNWRVHH
LI\RXUFRRNZDUHOHDYHVURRPIRUDLUFLUFXODWLRQ
LQWKHRYHQ,I\RXDUHEDNLQJZLWKVHYHUDOSDQV
OHDYHVSDFHEHWZHHQWKHP$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EDNLQJFDQ
DOVREHXVHGIRUFRQYHFWLRQEDNLQJEXWVKRXOG
QRWEHXVHGDWWHPSHUDWXUHVKLJKHUWKDQWKH
WHPSHUDWXUHUHFRPPHQGHGE\WKHFRRNZDUH
PDQXIDFWXUHU3ODVWLFFRRNZDUHWKDWLVKHDW
UHVLVWDQWWRWHPSHUDWXUHVRI)FDQDOVREH
XVHG
0HWDODQG*ODVV
$Q\W\SHRIFRRNZDUHZLOOZRUNLQ\RXU
FRQYHFWLRQRYHQKRZHYHUPHWDOSDQVKHDWWKH
IDVWHVWDQGDUHUHFRPPHQGHGIRUFRQYHFWLRQ
EDNLQJ
'DUNHQHGRUPDWWHILQLVKHGSDQVZLOOEDNH
IDVWHUWKDQVKLQ\SDQV
*ODVVRUFHUDPLFSDQVFRRNPRUHVORZO\
)RUUHFLSHVOLNHRYHQEDNHGFKLFNHQXVHDSDQ
ZLWKORZVLGHV+RWDLUFDQQRWFLUFXODWHZHOO
DURXQGIRRGLQDSDQZLWKKLJKVLGHV
+RZWR6HWWKH2YHQIRU&RQYHFWLRQ%DNLQJRU5RDVWLQJ
OR
:KHQEDNLQJFRRNLHV\RXZLOOJHW
WKHEHVWUHVXOWVLI\RXXVHDIODW
FRRNLHVKHHWLQVWHDGRIDSDQZLWK
ORZVLGHV
*($SSOLDQFHVFRP
background
8VLQJWKHSUREHRQVRPHPRGHOV
,QVHUWWKHSUREHIXOO\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0DNHVXUHWKHSUREHFDEOH
LVQRWWRXFKLQJWKHEURLOHOHPHQW
7RXFKWKH352%(SDG'LVSOD\ZLOOVKRZ
´6HW3UREHµ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
LQWHUQDOIRRGRUPHDWWHPSHUDWXUH7KH
PD[LPXPLQWHUQDOWHPSHUDWXUHIRUWKH
IRRGWKDW\RXFDQVHWLV)
7RXFKWKH%$.(RU&219(&7,21SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
7KHGLVSOD\ZLOOIODVKLIWKHSUREHLVLQVHUWHG
LQWRWKHRXWOHWDQG\RXKDYHQRWVHWDSUREH
WHPSHUDWXUHDQGWRXFKHGWKH67$57SDG
7RXFKWKH352%(SDGWRUHFDOOWKHSUREH
WHPSHUDWXUHRU%$.(RU&219(&7,21SDG
WRUHFDOOWKHRYHQWHPSHUWXUH)RUWKHSUREH
WHPSHUDWXUHDIWHUWKHLQWHUQDOWHPSHUDWXUH
RIWKHIRRGUHDFKHV)WKHFKDQJLQJ
WHPSHUDWXUHZLOOEHVKRZQLQWKHGLVSOD\
: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&/($52))SDG8VHKRWSDGVWR
UHPRYHWKHSUREHIURPWKHIRRG'RQRW
XVHWRQJVWRSXOORQLW³WKH\PLJKW
GDPDJHLW
,IWKHSUREHLVUHPRYHGIURPWKHRYHQ
ZKLOHSUREHFRRNLQJWKHRYHQZLOOQRW
DXWRPDWLFDOO\WXUQRII
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJ
WKH%DNH5RDVWF\FOHWRXFKWKH%$.(RU
&219(&7,21SDGDQGWKHQWKHQXPEHUSDGV
WRVHWWKHQHZWHPSHUDWXUH
<RXFDQXVHWKH.LWFKHQ7LPHUHYHQWKRXJK
\RXFDQQRWXVHWLPHGRYHQRSHUDWLRQVZKLOH
XVLQJWKHSUREH

7RSUHYHQWEXUQVGRQRWXQSOXJWKHSUREHIURP
WKHRYHQRXWOHWXQWLOWKHRYHQKDVFRROHG
8VHRISUREHVRWKHUWKDQWKHRQHSURYLGHGZLWK
WKLVSURGXFWPD\UHVXOWLQGDPDJHWRWKHSUREH
RURYHQFRQWURO
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
$IWHUSUHSDULQJWKHPHDWDQGSODFLQJLWRQ
DWULYHWRUDEURLOHUSDQJULGIROORZWKHVH
GLUHFWLRQVIRUSURSHUSUREHSODFHPHQW
,QVHUWWKHSUREHFRPSOHWHO\LQWRWKHPHDW,W
VKRXOGQRWWRXFKERQHIDWRUJULVWOH
127()DLOXUHWRIXOO\LQVHUWWKHSUREHLQWRWKH
PHDWPD\UHVXOWLQSRRUFRRNLQJSHUIRUPDQFH
EHFDXVHWKHSUREHZLOOVHQVHWKHRYHQDLUYV
WKHIRRGWHPSHUDWXUH
1HYHUOHDYH\RXUSUREHLQVLGHWKHRYHQ
GXULQJDVHOIFOHDQLQJRUEURLOF\FOH
'RQRWVWRUHWKHSUREHLQWKHRYHQ
)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\
127(6HOIFOHDQDQG%URLOVHWWLQJVZLOOQRWZRUN
LIWKHWHPSHUDWXUHSUREHLVSOXJJHGLQ
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
+RZWR6HWWKH2YHQ)RU%DNLQJ5RDVWLQJ:KHQ8VLQJWKH3UREH
RQVRPHPRGHOV
OR
3OXJ
&DEOH
+DQGOHV
3UREH
)RUPDQ\IRRGVHVSHFLDOO\URDVWVDQGSRXOWU\LQWHUQDOIRRGWHPSHUDWXUHLVWKHEHVWWHVWIRUGRQHQHVV7KHWHPSHUDWXUH
SUREHWDNHVWKHJXHVVZRUNRXWRIURDVWLQJE\FRRNLQJIRRGVWRWKHH[DFWGRQHQHVV\RXZDQW
5HDGDQGUHPRYHODEHO
&$87,21

background
8VLQJWKHWLPHGEDNLQJDQGURDVWLQJIHDWXUHV
*($SSOLDQFHVFRP
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRN
IRUDVHOHFWHGOHQJWKRIWLPH$WWKHHQG
RIWKHFRRNLQJWLPHWKHRYHQZLOOWXUQRII
DXWRPDWLFDOO\
7RXFKWKH%$.(RU&219(&7,21%$.(
SDGRURWKHUGHVLUHGFRRNLQJIXQFWLRQ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
7RXFKWKH&22.,1*7,0(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67$57SDG
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:$50IHDWXUHZDVVHW6HHWKH+RZ
WR6HWWKH2YHQIRU:DUPLQJVHFWLRQ
7RXFKWKH&/($52))SDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\5HPRYHWKHIRRGIURP
WKHRYHQ5HPHPEHUHYHQWKRXJKWKH
RYHQWXUQVRIIDXWRPDWLFDOO\IRRGOHIWLQ
WKHRYHQZLOOFRQWLQXHFRRNLQJDIWHUWKH
RYHQWXUQVRII
OR
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
7KH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'(/$<67$57SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHWLPHRI
GD\\RXZDQWWKHRYHQWRWXUQRQDQG
VWDUWFRRNLQJ
7RXFKWKH67$57SDG
7RXFKWKH%$.(RU&219(&7,21%$.(
SDGRURWKHUGHVLUHGFRRNLQJIXQFWLRQ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
7RXFKWKH&22.,1*7,0(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67$57SDG
127(,I\RXZRXOGOLNHWRFKHFNWKHWLPHV
\RXKDYHVHWWRXFKWKH'(/$<67$57SDGWR
FKHFNWKHVWDUWWLPH\RXKDYHVHWRUWRXFKWKH
&22.7,0(SDGWRFKHFNWKHOHQJWKRIFRRNLQJ
WLPH\RXKDYHVHW
:KHQWKHRYHQWXUQV21DWWKHWLPHRIGD\
\RXVHWWKHGLVSOD\ZLOOVKRZWKHFRRNLQJWLPH
FRXQWGRZQDQGWKHFKDQJLQJWHPSHUDWXUH
VWDUWLQJDW)7KHWHPSHUDWXUHGLVSOD\ZLOO
VWDUWWRFKDQJHRQFHWKHRYHQWHPSHUDWXUH
UHDFKHV):KHQWKHRYHQUHDFKHVWKH
WHPSHUDWXUH\RXVHWEHHSVZLOOVRXQG
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKHVHW
DPRXQWRIWLPHWKHQWXUQRIIDXWRPDWLFDOO\
XQOHVVWKH:$50IHDWXUHZDVVHW6HHWKH+RZ
WR6HWWKH2YHQIRU:DUPLQJVHFWLRQ
7RXFKWKH&/($52))SDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\5HPRYHWKHIRRGIURP
WKHRYHQ5HPHPEHUHYHQWKRXJKWKH
RYHQWXUQVRIIDXWRPDWLFDOO\IRRGOHIWLQ
WKHRYHQZLOOFRQWLQXHFRRNLQJDIWHUWKH
RYHQWXUQVRII
OR
127()RRGVWKDWVSRLOHDVLO\³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³VKRXOGQRWEHDOORZHGWRVLWIRUPRUH
WKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD
%HVXUHWKDWWKHRYHQOLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK

background
8VLQJWKHVHOIFOHDQLQJRYHQ
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
%HIRUHD6HOI&OHDQ&\FOH
),5(+$=$5':LSHJUHDVHDQGKHDY\VRLO
IURPWKHRYHQERWWRPEHIRUHVHOIFOHDQLQJ
)DLOXUHWRGRVRPD\UHVXOWLQDQRYHQILUH
:HUHFRPPHQGYHQWLQJ\RXUNLWFKHQZLWK
DQRSHQZLQGRZRUXVLQJDYHQWLODWLRQIDQRU
KRRGGXULQJWKHILUVWVHOIFOHDQF\FOH
5HPRYHDQ\EURLOHUSDQEURLOHUJULGSUREH
DOOFRRNZDUHDQGDQ\DOXPLQXPIRLOIURPWKH
RYHQ
127(
,I\RXURYHQLVHTXLSSHGZLWKVKLQ\VLOYHU
FRORUHGRYHQUDFNVZHUHFRPPHQG
\RXUHPRYHWKHPEHIRUH\RXEHJLQWKH
VHOIFOHDQF\FOH7KH\PD\UHPDLQLQWKH
RYHQGXULQJWKHVHOIFOHDQF\FOHEXWWKH\
ZLOOGDUNHQORVHWKHLUOXVWHUDQGEHFRPH
KDUGWRVOLGH
,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GRRUZLOOQHHGWR
EHFOHDQHGE\KDQG&OHDQWKHVHDUHDVZLWK
KRWZDWHUVRDSILOOHGVWHHOZRROSDGVRU
FOHDQVHUVVXFKDV6RIW6FUXE
5LQVHZHOOZLWK
FOHDQZDWHUDQGGU\
'RQRWFOHDQWKHJDVNHW7KHILEHUJODVV
PDWHULDORIWKHRYHQGRRUJDVNHWFDQQRW
ZLWKVWDQGDEUDVLRQ,WLVHVVHQWLDOIRUWKH
JDVNHWWRUHPDLQLQWDFW,I\RXQRWLFHLW
EHFRPLQJZRUQRUIUD\HGUHSODFHLW
0DNHVXUHWKHRYHQOLJKWEXOEFRYHULVLQ
SODFHDQGWKHRYHQOLJKWLVRII
,03257$177KHKHDOWKRIVRPHELUGVLV
H[WUHPHO\VHQVLWLYHWRWKHIXPHVJLYHQRII
GXULQJWKHVHOIFOHDQLQJF\FOHRIDQ\UDQJH
0RYHELUGVWRDQRWKHUZHOOYHQWLODWHGURRP
&DQDGLDQ0RGHOV2QO\
7KHVXUIDFHXQLWVDUHDXWRPDWLFDOO\GLVDEOHG
GXULQJWKHVHOIFOHDQF\FOH0DNHVXUHWKDW
DOOVXUIDFHXQLWFRQWUROVDUHWXUQHGRIIDW
DOOWLPHVGXULQJWKHVHOIFOHDQF\FOH$Q\
VXUIDFHXQLWWKDWLVVHWWRDQ´RQµSRVLWLRQ
ZKLOHWKHVHOIFOHDQF\FOHLVRSHUDWLQJZLOO
DXWRPDWLFDOO\FRPHRQDIWHUWKHVHOIFOHDQ
F\FOHLVILQLVKHGDQGFRXOGUHVXOWLQDQ´RQµ
XQDWWHQGHGVXUIDFHXQLW:DLWXQWLOWKH
VHOIFOHDQF\FOHLVILQLVKHGWRVHWDQGXVHWKH
VXUIDFHXQLWV
+RZWR6HWWKH2YHQIRU6HOI&OHDQLQJ
7KHRYHQGRRUPXVWEHFORVHGDQGDOOFRQWUROV
VHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
7RXFKWKH6(/)&/($1 SDG
,IDWLPHRWKHUWKDQWKHGHIDXOWWLPHLV
QHHGHGXVHWKHQXPEHU SDGVDQG
HQWHUWKHGHVLUHGFOHDQWLPH
<RXFDQFKDQJHWKHFOHDQWLPHWRDQ\WLPH
EHWZHHQKRXUVDQGKRXUVGHSHQGLQJRQ
KRZGLUW\\RXURYHQLV
7RXFKWKH67$57SDG
7KHRYHQGRRUORFNVDXWRPDWLFDOO\7KH
GLVSOD\ZLOOVKRZWKHFOHDQWLPHUHPDLQLQJ
,WZLOOQRWEHSRVVLEOHWRRSHQWKHRYHQGRRU
XQWLOWKHWHPSHUDWXUHGURSVEHORZWKHORFN
WHPSHUDWXUHDQG/2&.('JRHVRIILQWKH
FRQWUROGLVSOD\
7KHZRUG/2&.('ZLOOIODVKDQGWKHZRUG
'225ZLOOGLVSOD\LI\RXVHWWKHFOHDQF\FOH
DQGIRUJHWWRFORVHWKHRYHQGRRU
7RVWRSDFOHDQF\FOHWRXFKWKH&/($5
2))SDG:KHQ/2&.('JRHVRII
LQGLFDWLQJWKHRYHQKDVFRROHGEHORZWKH
ORFNLQJWHPSHUDWXUH\RXZLOOEHDEOHWR
RSHQWKHGRRU
:$51,1*

background

$IWHUD6HOI&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VWHHOZRRO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
&/2&.WRGLVSOD\WKHWLPHRIGD\7RUHWXUQWR
WKHFOHDQFRXQWGRZQWRXFK6(/)&/($1
6WDQGDUG5DFNV
,IWKH\EHFRPHKDUGWRVOLGHZLSHWKHLUVLGH
HGJHVDQGWKHRYHQUDFNVXSSRUWVZLWKFRRNLQJ
RLO
([WHQVLRQ5DFN
,ILWEHFRPHVGLIILFXOWWRVOLGHVHH([WHQVLRQ
5DFNLQWKH&DUHDQGFOHDQLQJVHFWLRQ'RQRW
VSUD\H[WHQVLRQUDFNZLWKFRRNLQJVSUD\RU
RWKHUOXEULFDQWVSUD\V
,ILWEHFRPHVKDUGWRUHPRYHRUUHSODFHZLSH
WKHRYHQUDFNVXSSRUWVZLWKFRRNLQJRLO'RQRW
ZLSHFRRNLQJRLORQWKHVOLGHV
127($IWHUWKHILUVWVHOIFOHDQF\FOHWKHJUD\
VWDLQOHVVVWHHOVXUIDFHVZLOOFKDQJHFRORURQ
HQDPHOHGH[WHQVLRQUDFNV7KLVLVQRUPDO,WLV
QRWUHFRPPHQGHGWRVHOIFOHDQQLFNHOH[WHQVLRQ
UDFNVDVWKHZKROHUDFNZLOOGLVFRORUEHFDXVHRI
WKHVHOIFOHDQWHPSHUDWXUHV
+RZWR'HOD\WKH6WDUWRI6HOI&OHDQLQJ
7RXFKWKH'(/$<67$57SDG
8VLQJWKHQXPEHUSDGVHQWHUWKHWLPHRI
GD\\RXZDQWWKHFOHDQF\FOHWRVWDUW
7RXFKWKH67$57SDG
7RXFKWKH6(/)&/($1 SDG
,IDWLPHRWKHUWKDQWKHGHIDXOWWLPHLV
QHHGHGXVHWKHQXPEHUSDGVDQGHQWHU
WKHGHVLUHGFOHDQWLPH
<RXFDQFKDQJHWKHFOHDQWLPHWRDQ\WLPH
EHWZHHQKRXUVDQGKRXUVGHSHQGLQJRQ
KRZGLUW\\RXURYHQLV
7RXFKWKH67$57SDG
7KHRYHQGRRUORFNVDXWRPDWLFDOO\7KHGLVSOD\
ZLOOVKRZWKHVWDUWWLPH,WZLOOQRWEHSRVVLEOHWR
RSHQWKHRYHQGRRUXQWLOWKHWHPSHUDWXUHGURSV
EHORZWKHORFNWHPSHUDWXUHDQG/2&.('JRHV
RIILQWKHFRQWUROGLVSOD\
7KHRYHQGRRUPXVWEHFORVHGDQGDOOFRQWUROVVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
*($SSOLDQFHVFRP
background
8VLQJWKHSURRILQJDQGZDUPLQJIHDWXUHV
+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$57SDG
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%$.(08/7,
5$&.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:$50SDG
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
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\

7KHSURRILQJIHDWXUHPDLQWDLQVDZDUPHQYLURQPHQWXVHIXOIRUULVLQJ\HDVWOHDYHQHG
SURGXFWV
+RZWR6HWWKH2YHQ)RU3URRILQJRQVRPHPRGHOV
3ODFHWKHFRYHUHGGRXJKLQDGLVKLQWKH
RYHQRQUDFN%RU&
127()RUEHVWUHVXOWVFRYHUWKHGRXJKZLWKD
FORWKRUZLWKJUHDVHGSODVWLFZUDSWKHSODVWLF
PD\QHHGWREHDQFKRUHGXQGHUQHDWKWKH
FRQWDLQHUVRWKHRYHQIDQZLOOQRWEORZLWRII
7RXFKWKH3522) SDGDQGWKHQWKH
67$57SDG
7KHGLVSOD\ZLOOUHDG3U) SURRI
7KHRYHQLQWHULRUOLJKWWXUQVRQDQGUHPDLQVRQ
GXULQJSURRILQJ
7KHSURRILQJIHDWXUHDXWRPDWLFDOO\SURYLGHVWKH
RSWLPXPWHPSHUDWXUHIRUWKHSURRILQJSURFHVV
DQGWKHUHIRUHGRHVQRWKDYHDWHPSHUDWXUH
DGMXVWPHQW
6HWWKH.,7&+(17,0(5212))IRUWKH
PLQLPXPSURRIWLPH
:KHQSURRILQJLVILQLVKHGWRXFKWKH
&/($52))SDG
7RDYRLGORZHULQJWKHRYHQWHPSHUDWXUHDQG
OHQJWKHQLQJSURRILQJWLPHGRQRWRSHQWKH
RYHQGRRUXQQHFHVVDULO\
&KHFNEUHDGSURGXFWVHDUO\WRDYRLG
RYHUSURRILQJ
127(6
'RQRWXVHWKHSURRILQJPRGHIRUZDUPLQJ
IRRGRUNHHSLQJIRRGKRW7KHSURRILQJRYHQ
WHPSHUDWXUHLVQRWKRWHQRXJKWRKROGIRRGV
DWVDIHWHPSHUDWXUHV8VHWKH:$50IHDWXUH
WRNHHSIRRGZDUP
3URRILQJZLOOQRWRSHUDWHZKHQRYHQLVDERYH
)´+27µZLOOVKRZLQWKHGLVSOD\
&$87,21
background
6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO *($SSOLDQFHVFRP
)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%52,/+,/2DQG%$.( SDGVDW
WKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV6)
7RXFKWKH&22.,1*7,0(DQG%52,/+,/2
SDGVDWWKHVDPHWLPH7KHGLVSOD\ZLOOVKRZ
) )DKUHQKHLW
7RXFKWKH&22.,1*7,0(DQG%52,/+,/2
SDGVDJDLQDWWKHVDPHWLPH7KHGLVSOD\ZLOO
VKRZ&&HOVLXV
7RXFKWKH67$57SDG
7RQHVDWWKH(QGRID7LPHG&\FOH
$WWKHHQGRIDWLPHGF\FOHVKRUWEHHSVZLOO
VRXQGIROORZHGE\RQHEHHSHYHU\VHFRQGV
XQWLOWKH&/($52))SDGLVWRXFKHG7KLV
FRQWLQXDOVHFRQGEHHSPD\EHFDQFHOOHG
7RFDQFHOWKHVHFRQGEHHS
7RXFKWKH%52,/+,/2DQG%$.(SDGVDW
WKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV6)
7RXFKWKH.,7&+(17,0(5212))SDG
7KHGLVSOD\VKRZV&21%((3FRQWLQXRXV
EHHS7RXFKWKH.,7&+(17,0(5212))
SDGDJDLQ7KHGLVSOD\VKRZV%((37KLV
FDQFHOVWKHRQHEHHSHYHU\VHFRQGV
7RXFKWKH67$57SDG
<RXUQHZWRXFKSDGFRQWUROKDVDGGLWLRQDOIHDWXUHVWKDW\RXPD\FKRRVHWRXVH7KHIROORZLQJDUHWKHIHDWXUHVDQGKRZ
\RXPD\DFWLYDWHWKHP
7KHVSHFLDOIHDWXUHPRGHVFDQRQO\EHDFWLYDWHGZKLOHWKHGLVSOD\LVVKRZLQJWKHWLPHRIGD\7KH\UHPDLQLQWKHFRQWURO·V
PHPRU\XQWLOWKHVWHSVDUHUHSHDWHG
7RHQWHUDVSHFLDOIHDWXUHIRUHLWKHURYHQ\RXPXVWILUVWWRXFKWKH%52,/+,/2DQG%$.(SDGVDWWKHVDPHWLPH
:KHQWKHGLVSOD\VKRZV\RXUFKRLFHWRXFKWKH67$57SDG7KHVSHFLDOIHDWXUHVZLOOUHPDLQLQPHPRU\DIWHUDSRZHU
IDLOXUHH[FHSWIRUWKH6DEEDWKIHDWXUHZKLFKZLOOKDYHWREHUHVHW

background

6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO
$XWR5HFLSH
&RQYHUVLRQRQVRPHPRGHOV
:KHQXVLQJFRQYHFWLRQEDNHWKH$XWR5HFLSH

&RQYHUVLRQIHDWXUHFDQDXWRPDWLFDOO\FRQYHUW
HQWHUHGUHJXODUEDNLQJWHPSHUDWXUHVWR
FRQYHFWLRQEDNLQJWHPSHUDWXUHV7KHGLVSOD\
ZLOOVKRZWKHFRQYHUWHGUHGXFHGWHPSHUDWXUH
)RUH[DPSOHLI\RXHQWHUDUHJXODUUHFLSH
WHPSHUDWXUHRIÛ)DQGWRXFKWKH67$57
SDGWKHGLVSOD\ZLOOVKRZ&21DQGWKH
FRQYHUWHGWHPSHUDWXUHRIÛ)
7RDFWLYDWHRUGHDFWLYDWHWKHIHDWXUH
7RXFKWKH%$.(DQG%52,/+,/2SDGVDW
WKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV6)
7RXFKWKH&219(&7,21%$.(SDGXQWLO
WKHGLVSOD\VKRZV&2121&RQYHUVLRQ
2QRU&212))&RQYHUVLRQ2IIDV
GHVLUHG
7RXFKWKH67$57SDG
+RXU+RXURU&ORFN%ODFNRXW
<RXUFRQWUROLVVHWWRXVHDKRXUFORFN
,I\RXZRXOGSUHIHUWRKDYHDKRXUPLOLWDU\
WLPHFORFNRUEODFNRXWWKHFORFNGLVSOD\IROORZ
WKHVWHSVEHORZ
7RXFKWKH%52,/+,/2DQG%$.(SDGVDW
WKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV6)
7RXFKWKH&/2&.SDGRQFH7KHGLVSOD\
ZLOOVKRZKU ,IWKLVLVWKHFKRLFH\RX
ZDQWWRXFKWKH67$57SDG
7RXFKWKH&/2&. SDGDJDLQWRFKDQJHWRWKH
KRXUPLOLWDU\WLPHFORFN7KHGLVSOD\ZLOO
VKRZKU,IWKLVLVWKHFKRLFH\RXZDQWWRXFK
WKH67$57 SDG
7RXFKWKH&/2&. SDGDJDLQWREODFNRXWWKH
FORFNGLVSOD\7KHGLVSOD\ZLOOVKRZ2)) ,IWKLVLV
WKHFKRLFH\RXZDQWWRXFKWKH67$57SDG
127(,IWKHFORFNLVLQWKHEODFNRXWPRGH\RX
ZLOOQRWEHDEOHWRXVHWKH'HOD\6WDUWIXQFWLRQ
+RXU6KXWGRZQ
:LWKWKLVIHDWXUHVKRXOG\RXIRUJHW
DQGOHDYHWKHRYHQRQWKHFRQWUROZLOO
DXWRPDWLFDOO\WXUQRIIWKHRYHQDIWHU
KRXUVGXULQJEDNLQJIXQFWLRQVRUDIWHU
KRXUVGXULQJDEURLOIXQFWLRQ
,I\RXZLVKWRWXUQ2)) WKLVIHDWXUHIROORZ
WKHVWHSVEHORZ

7RXFKWKH%52,/+,/2DQG%$.(SDGV
DWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7RXFKWKH'(/$<67$57SDGXQWLOQR
VKGQQRVKXWRIIDSSHDUVLQWKH
GLVSOD\
7RXFKWKH67$57SDGWRDFWLYDWHWKHQR
VKXWRIIDQGOHDYHWKHFRQWUROVHWLQWKLV
VSHFLDOIHDWXUHVPRGH
background

8VLQJWKH6DEEDWKIHDWXUH
'HVLJQHGIRUXVHRQWKH-HZLVK6DEEDWKDQG+ROLGD\VRQVRPHPRGHOV
*($SSOLDQFHVFRP
7RXFKWKH&/($52))SDG
,IWKHRYHQLVFRRNLQJZDLWIRUDUDQGRPGHOD\
SHULRGRIDSSUR[LPDWHO\VHFRQGVWR
PLQXWHXQWLORQO\LVLQWKHGLVSOD\
7RXFKDQGKROGERWKWKH%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7DSWKH'(/$<67$57SDGXQWLOVKGQRUQR
VKGQDSSHDUVLQWKHGLVSOD\
&KRRVHVKGQLQGLFDWLQJWKDWWKHRYHQZLOO
DXWRPDWLFDOO\WXUQRIIDIWHUKRXUVRUQR
VKGQLQGLFDWLQJWKDWWKHRYHQZLOOQRW
DXWRPDWLFDOO\WXUQRIIDIWHUKRXUV
3UHVV67$57ZKHQWKHRSWLRQWKDW\RXZDQWLV
LQWKHGLVSOD\VKGQRUQRVKGQ
127(,IDSRZHURXWDJHRFFXUUHGZKLOHWKHRYHQ
ZDVLQ6DEEDWKWKHRYHQZLOODXWRPDWLFDOO\WXUQRII
DQGVWD\RIIHYHQZKHQWKHSRZHUUHWXUQV7KHRYHQ
FRQWUROPXVWEHUHVHW6RPHPRGHOVZLOOUHVXPH
6DEEDWKPRGHKRZHYHURSHQLQJWKHGRRUZLOO
DFWLYDWHWKHRYHQOLJKW
7KH6DEEDWKIHDWXUHFDQEHXVHGIRUEDNLQJURDVWLQJRQO\,WFDQQRWEHXVHGIRUFRQYHFWLRQEURLOLQJVHOIFOHDQLQJRU'HOD\6WDUW
FRRNLQJ
127(7KHRYHQOLJKWFRPHVRQDXWRPDWLFDOO\RQVRPHPRGHOVZKHQWKHGRRULVRSHQHGDQGJRHVRIIZKHQWKHGRRULVFORVHG7KHEXOEPD\EHUHPRYHG6HH
WKH2YHQ/LJKW5HSODFHPHQWVHFWLRQ2QPRGHOVZLWKDOLJKWVZLWFKRQWKHFRQWUROSDQHOWKHRYHQOLJKWPD\EHWXUQHGRQDQGOHIWRQ
+RZWR6HWIRU5HJXODU%DNLQJ5RDVWLQJ
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKH%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
127(,IEDNHRUEURLODSSHDUVLQWKHGLVSOD\WKH
%52,/+,/2DQG%$.(SDGVZHUHQRWWRXFKHG
DWWKHVDPHWLPH7RXFKWKH&/($52))SDG
DQGEHJLQDJDLQ
7DSWKH'(/$<67$57SDGXQWLO6$EE$W+
DSSHDUVLQWKHGLVSOD\
7RXFKWKH67$57 SDGDQGZLOODSSHDULQWKH
GLVSOD\7KHRYHQLVQRZLQ6DEEDWKPRGH
7RXFKWKH%$.( SDG1RVLJQDOZLOOEHJLYHQ
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUHEHWZHHQ)DQG)1R
VLJQDORUWHPSHUDWXUHZLOOEHJLYHQ7KHUHLVQR
GHIDXOWWHPSHUDWXUH
7RXFKWKH67$57 SDG
$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%$.(SDG
HQWHUWKHQHZWHPSHUDWXUHXVLQJWKHQXPEHUSDGV
DQGWRXFKWKH67$57SDG
127(7KH&/($52))DQG&22.,1*7,0(SDGV
DUHDFWLYHGXULQJWKH6DEEDWKIHDWXUH
+RZWR([LWWKH6DEEDWK)HDWXUH
:KHQWKHGLVSOD\VKRZVWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZVWKHRYHQLV
EDNLQJURDVWLQJ
:KHQWKHGLVSOD\VKRZVWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZV
WKHRYHQLV
EDNLQJURDVWLQJ
+RZWR6HWIRU7LPHG%DNLQJ5RDVWLQJ³,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKH%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
127(,IEDNHRUEURLODSSHDUVLQWKHGLVSOD\WKH
%52,/+,/2DQG%$.(SDGVZHUHQRWWRXFKHG
DWWKHVDPHWLPH7RXFKWKH&/($52))SDG
DQGEHJLQDJDLQ
7DSWKH'(/$<67$57SDGXQWLO6$EE$W+
DSSHDUVLQWKHGLVSOD\
7RXFKWKH67$57 SDGDQGZLOODSSHDULQWKH
GLVSOD\7KHRYHQLVQRZLQ6DEEDWKPRGH
7RXFKWKH&22.,1*7,0(SDG1RVLJQDOZLOO
EHJLYHQ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPHEHWZHHQPLQXWHDQG
KRXUVDQGPLQXWHV
7RXFKWKH67$57 SDG
7RXFKWKH%$.(SDG1RVLJQDOZLOOEHJLYHQ
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUH1RVLJQDORUWHPSHUDWXUHZLOOEH
JLYHQ7KHUHLVQRGHIDXOWWHPSHUDWXUH
7RXFKWKH67$57 SDG
$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%$.(SDG
HQWHUWKHQHZWHPSHUDWXUHXVLQJWKHQXPEHUSDGV
DQGWRXFKWKH67$57SDG
:KHQFRRNLQJLVILQLVKHGWKHGLVSOD\ZLOOFKDQJH
IURPWRDQGZLOODSSHDULQGLFDWLQJWKDW
WKHRYHQKDVWXUQHG2))EXWLVVWLOOVHWLQ6DEEDWK
5HPRYHWKHFRRNHGIRRG
background
'RQRWXVHDVWHHOZRROSDGLWZLOOVFUDWFKWKH
VXUIDFH
7RFOHDQWKHVWDLQOHVVVWHHOVXUIDFHXVHZDUP
VXGV\ZDWHURUDVWDLQOHVVVWHHOFOHDQHURU
SROLVK$OZD\VZLSHWKHVXUIDFHLQWKHGLUHFWLRQ
RIWKHJUDLQ)ROORZWKHFOHDQHULQVWUXFWLRQVIRU
FOHDQLQJWKHVWDLQOHVVVWHHOVXUIDFH
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 
*($SSOLDQFHVFRP
6WDLQOHVV6WHHO6XUIDFHVRQVRPHPRGHOV
%HVXUHDOOFRQWUROVDUHRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJDQ\SDUWRIWKHUDQJH
&RQWURO3DQHO
,IGHVLUHGWKHWRXFKSDGVPD\EHGHDFWLYDWHGEHIRUH
FOHDQLQJ
6HH+RZWR/RFN2XWWKH&RQWUROVLQWKH8VLQJWKH
FORFNNLWFKHQWLPHUDQGFRQWUROORFNRXWVHFWLRQLQWKLV
PDQXDO
&OHDQXSVSODWWHUVZLWKDGDPSFORWK
<RXPD\DOVRXVHDJODVVFOHDQHU
5HPRYHKHDYLHUVRLOZLWKZDUPVRDS\ZDWHU'RQRW
XVHDEUDVLYHVRIDQ\NLQG
5HDFWLYDWHWKHWRXFKSDGVDIWHUFOHDQLQJ
3DLQWHG6XUIDFHV
3DLQWHGVXUIDFHVLQFOXGHWKHVLGHVRIWKHUDQJHDQG
WKHGRRUWRSRIFRQWUROSDQHODQGWKHGUDZHUIURQW
&OHDQWKHVHZLWKVRDSDQGZDWHURUDYLQHJDUDQG
ZDWHUVROXWLRQ
'RQRWXVHFRPPHUFLDORYHQFOHDQHUVFOHDQLQJ
SRZGHUVVWHHOZRRORUKDUVKDEUDVLYHVRQDQ\
SDLQWHGVXUIDFH
+RZWR5HPRYH3URWHFWLYH6KLSSLQJ)LOPDQG3DFNDJLQJ7DSH
&DUHIXOO\JUDVSDFRUQHURIWKHSURWHFWLYHVKLSSLQJ
ILOPZLWK\RXUILQJHUVDQGVORZO\SHHOLWIURPWKH
DSSOLDQFHVXUIDFH'RQRWXVHDQ\VKDUSLWHPVWR
UHPRYHWKHILOP5HPRYHDOORIWKHILOPEHIRUHXVLQJ
WKHDSSOLDQFHIRUWKHILUVWWLPH
7RHQVXUHQRGDPDJHLVGRQHWRWKHILQLVKRIWKH
SURGXFWWKHVDIHVWZD\WRUHPRYHWKHDGKHVLYHIURP
SDFNDJLQJWDSHRQQHZDSSOLDQFHVLVDQDSSOLFDWLRQ
RIDKRXVHKROGOLTXLGGLVKZDVKLQJGHWHUJHQW$SSO\
ZLWKDVRIWFORWKDQGDOORZWRVRDN
127(7KHDGKHVLYHPXVWEHUHPRYHGIURPDOOSDUWV
,WFDQQRWEHUHPRYHGLILWLVEDNHGRQ
&RQWURO.QREV
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\DOVREHZDVKHGZLWKVRDSDQGZDWHU0DNH
VXUHWKHLQVLGHRIWKHNQREVDUHGU\EHIRUHUHSODFLQJ
5HSODFHWKHNQREVLQWKH2)) SRVLWLRQWRHQVXUH
SURSHUSODFHPHQW
3RUFHODLQ(QDPHO&RRNWRSRQVRPHPRGHOV
7KHSRUFHODLQHQDPHOILQLVKLVVWXUG\EXW
EUHDNDEOHLIPLVXVHG7KLVILQLVKLVDFLG
UHVLVWDQW+RZHYHUDQ\DFLGLFIRRGVVSLOOHG
VXFKDVIUXLWMXLFHVWRPDWRRUYLQHJDUVKRXOG
QRWEHSHUPLWWHGWRUHPDLQRQWKHILQLVK
,IDFLGVVSLOORQWKHFRRNWRSZKLOHLWLVKRWXVH
DGU\SDSHUWRZHORUFORWKWRZLSHLWXSULJKW
DZD\:KHQWKHVXUIDFHKDVFRROHGZDVKZLWK
VRDSDQGZDWHU5LQVHZHOO
)RURWKHUVSLOOVVXFKDVIDWVSDWWHULQJVZDVK
ZLWKVRDSDQGZDWHURUFOHDQVLQJSRZGHUV
DIWHUWKHVXUIDFHKDVFRROHG5LQVHZHOO3ROLVK
ZLWKDGU\FORWK
&DUHDQGFOHDQLQJRIWKHUDQJH
,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UDQJHDQGFDQUHVXOWLQGHDWKRUVHULRXVEXUQVWRFKLOGUHQRU
DGXOWV
:$51,1*

background
2YHQ/LJKW5HSODFHPHQWRQVRPHPRGHOV
7RUHPRYH
7XUQWKHJODVVFRYHUFRXQWHUFORFNZLVH
WXUQXQWLOWKHWDEVRIWKHJODVVFRYHUFOHDU
WKHJURRYHVRIWKHVRFNHW:HDULQJODWH[
JORYHVPD\RIIHUDEHWWHUJULS
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEE\SXOOLQJLWVWUDLJKWRXW
7RUHSODFH
8VHDQHZYROWKDORJHQEXOEQRW
WRH[FHHGZDWWV5HSODFHWKHEXOEZLWK
WKHVDPHW\SHRIEXOEWKDWZDVUHPRYHG
<RXUPRGHOZLOOKDYHRQHRIWKHWZRW\SHV
VKRZQRQWKHOHIW7RGHWHUPLQHWKH
FRUUHFWUHSODFHPHQWEXOEFKHFNWKHEXOE
WHUPLQDOV%XOEVZLWKVWUDLJKWSLQ
WHUPLQDOVDUH*EXOEV%XOEVZLWK
ORRSHGWHUPLQDOVDUH*EXOEV'RQRW
LQWHUFKDQJH%HVXUHWKHUHSODFHPHQW
EXOELVUDWHGYROWVRUYROWV127
YROWV
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEIURPLWVSDFNDJLQJ'RQRWWRXFKWKH
EXOEZLWKEDUHILQJHUV2LOIURPVNLQZLOO
GDPDJHWKHEXOEDQGVKRUWHQLWVOLIH
3XVKWKHEXOEVWUDLJKWLQWRWKHUHFHSWDFOH
DOOWKHZD\
3ODFHWKHWDEVRIWKHJODVVFRYHULQWRWKH
JURRYHVRIWKHVRFNHW7XUQWKHJODVVFRYHU
FORFNZLVHWXUQ
)RULPSURYHGOLJKWLQJLQVLGHWKHRYHQ
FOHDQWKHJODVVFRYHUIUHTXHQWO\XVLQJD
ZHWFORWK7KLVVKRXOGEHGRQHZKHQWKH
RYHQLVFRPSOHWHO\FRRO
5HFRQQHFWHOHFWULFDOSRZHUWRWKHRYHQ
*%XOE
6RFNHW
7DE
*ODVVFRYHU
5HFHSWDFOH
8VH
JORYHVRU
FORWK
5HFHSWDFOH
*%XOE
6RFNHW
7DE
*ODVVFRYHU
5HFHSWDFOH
RQVRPHPRGHOV
RQVRPHPRGHOV
6+2&.25%851+$=$5'%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
:$51,1*
%851+$=$5'7KHJODVVFRYHUDQGEXOEVKRXOGEHUHPRYHGZKHQFRRO
7RXFKLQJKRWJODVVZLWKEDUHKDQGVRUDGDPSFORWKFDQFDXVHEXUQV
&$87,21
*($SSOLDQFHVFRP

2YHQ/LJKW5HSODFHPHQW
RQVRPHPRGHOV
7RUHPRYH
7XUQWKHJODVVFRYHUFRXQWHUFORFNZLVH
WXUQXQWLOWKHWDEVRIWKHJODVVFRYHUFOHDU
WKHJURRYHVRIWKHVRFNHW:HDULQJODWH[
JORYHVPD\RIIHUDEHWWHUJULS
5HPRYHWKHEXOEE\WXUQLQJLWFRXQWHU
FORFNZLVH
7RUHSODFH
5HSODFHEXOEZLWKDQHZZDWW
DSSOLDQFHEXOE,QVHUWWKHEXOEDQGWXUQLW
FORFNZLVHXQWLOLWLVWLJKW
3ODFHWKHWDEVRIWKHJODVVFRYHULQWRWKH
JURRYHVRIWKHVRFNHW7XUQWKHJODVV
FRYHUFORFNZLVHWXUQ
)RULPSURYHGOLJKWLQJLQVLGHWKHRYHQFOHDQWKH
JODVVFRYHUIUHTXHQWO\XVLQJDZHWFORWK7KLV
VKRXOGEHGRQHZKHQWKHRYHQLVFRPSOHWHO\
FRRO
5HFRQQHFWHOHFWULFDOSRZHUWRWKHRYHQ

background

7KHGRRULVYHU\KHDY\%HFDUHIXOZKHQUHPRYLQJ
DQGOLIWLQJWKHGRRU
'RQRWOLIWWKHGRRUE\WKHKDQGOH
7RUHPRYHWKHGRRU
)XOO\RSHQWKHGRRU
3XOOWKHKLQJHORFNVGRZQWRZDUGWKHGRRU
IUDPHWRWKHXQORFNHGSRVLWLRQ$WRROVXFKDV
DVPDOOIODWEODGHVFUHZGULYHUPD\EHUHTXLUHG
)LUPO\JUDVSERWKVLGHVRIWKHGRRUDWWKHWRS
&ORVHGRRUWRWKHGRRUUHPRYDOSRVLWLRQZKLFK
LVKDOIZD\EHWZHHQWKHEURLOVWRSSRVLWLRQDQG
IXOO\FORVHG
/LIWGRRUXSDQGRXWXQWLOWKHKLQJHDUPLVFOHDU
RIWKHVORW
7RUHSODFHWKHGRRU
)LUPO\JUDVSERWKVLGHVRIWKHGRRUDWWKHWRS
:LWKWKH
GRRUDWWKHVDPH
DQJOH
DVWKHUHPRYDO
SRVLWLRQVHDWWKH
LQGHQWDWLRQRIWKHKLQJH
DUPLQWRWKHERWWRPHGJH
RIWKHKLQJHVORW7KHQRWFK
LQWKHKLQJHDUPPXVWEHIXOO\VHDWHGLQWRWKH
ERWWRPRIWKHVORW
)XOO\RSHQWKHGRRU,IWKHGRRUZLOOQRWIXOO\
RSHQWKHLQGHQWDWLRQLVQRWVHDWHGFRUUHFWO\LQ
WKHERWWRPHGJHRIWKHVORW
3XVKWKHKLQJHORFNVXSDJDLQVWWKHIURQWIUDPH
RIWKHRYHQFDYLW\WRWKHORFNHGSRVLWLRQ
&ORVHWKHRYHQGRRU
/LIW2II2YHQ'RRURQVRPHPRGHOV
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
7RFOHDQWKHLQVLGHRIWKHGRRU
%HFDXVHWKHDUHDLQVLGHWKHJDVNHWLVFOHDQHG
GXULQJWKHVHOIFOHDQF\FOH\RXGRQRWQHHGWR
FOHDQWKLVE\KDQG
7KHDUHDRXWVLGHWKHJDVNHWDQGWKHGRRUOLQHU
FDQEHFOHDQHGZLWKDVRDSILOOHGRUSODVWLF
VFRXULQJSDGKRWZDWHUDQGGHWHUJHQW5LQVHZHOO
ZLWKDYLQHJDUDQGZDWHUVROXWLRQ
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'RQRWOHWZDWHUGULSLQWR
WKHYHQWRSHQLQJV
,IDQ\VWDLQRQWKHGRRUYHQWWULPLVSHUVLVWHQWXVH
DVRIWDEUDVLYHFOHDQHU
DQGDVSRQJHVFUXEEHUIRUEHVWUHVXOWV
6SLOODJHRIPDULQDGHVIUXLWMXLFHVWRPDWRVDXFHV
DQGEDVWLQJPDWHULDOVFRQWDLQLQJDFLGVPD\
FDXVHGLVFRORUDWLRQDQGVKRXOGEHZLSHGXS
LPPHGLDWHO\:KHQVXUIDFHLVFRROFOHDQDQG
ULQVH
'RQRWXVHRYHQFOHDQHUVFOHDQLQJSRZGHUVRU
KDUVKDEUDVLYHVRQWKHRXWVLGHRIWKHGRRU
&OHDQLQJWKH2YHQ'RRU
5HPRYDOSRVLWLRQ
+LQJH
ORFN
3XOOKLQJHORFNVGRZQWRXQORFN
,QGHQWDWLRQ
%RWWRP
HGJH
RIVORW
+LQJHDUP
6ORW
+LQJH
ORFN
3XVKKLQJHORFNVXSWRORFN
+LQJH
DUP
&DUHDQGFOHDQLQJRIWKHUDQJH
background

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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
,IWKHUDFNEHFRPHVKDUGWRUHPRYHRUUHSODFH
OLJKWO\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
([WHQVLRQ5DFNRQVRPHPRGHOV
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($Q\JUDSKLWHOXEULFDQWZLSHGDZD\
PXVWEHUHSODFHGVHHVWHSVWKURXJK
6KDNHWKHJUDSKLWHOXEULFDQWEHIRUH
RSHQLQJLW6WDUWLQJZLWKWKHOHIWVOLGH
PHFKDQLVPRIWKHUDFNSODFHIRXU
VPDOOGURSVRIOXEULFDQWRQWKHWZR
ERWWRPWUDFNVRIWKHVOLGHFORVHWRWKH
EHDULQJFDUULHUV
5HSHDWIRUWKHULJKWVOLGHPHFKDQLVPRI
WKHUDFN
2SHQDQGFORVHWKHUDFNVHYHUDOWLPHVWR
GLVWULEXWHWKHOXEULFDQW
5HSODFHWKHFDSRQWKHOXEULFDQWDQG
VKDNHLWDJDLQ7XUQWKHUDFNRYHUDQG
UHSHDWVWHSVDQG
&ORVHWKHUDFNWXUQUDFNULJKWVLGHXSDQG
SODFHLQWKHRYHQ6HH([WHQVLRQ5DFNLQ
WKH8VLQJWKHRYHQVHFWLRQ
7ROXEULFDWHWKHSDGGOH
6KDNHOXEULFDQWDQGDSSO\WRWKHPRYLQJSDUWV
RIWKHSDGGOHPHFKDQLVPVDVVKRZQ
*($SSOLDQFHVFRP

background
$OORZWKHFRRNWRSWRFRRO
8VHDVLQJOHHGJHUD]RUEODGHVFUDSHU
DWDSSUR[LPDWHO\DDQJOHDJDLQVW
WKHJODVVVXUIDFHDQGVFUDSHWKHVRLO,W
ZLOOEHQHFHVVDU\WRDSSO\SUHVVXUHWR
WKHUD]RUVFUDSHULQRUGHUWRUHPRYH
WKHUHVLGXH
$IWHUVFUDSLQJZLWKWKHUD]RUVFUDSHU
VSUHDGDIHZGURSVRI&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHURQWKHHQWLUH
EXUQHGUHVLGXHDUHD8VHWKH&(5$0$
%5<7(
&OHDQLQJ3DGWRUHPRYHDQ\
UHPDLQLQJUHVLGXH
)RUDGGLWLRQDOSURWHFWLRQDIWHUDOO
UHVLGXHKDVEHHQUHPRYHGSROLVKWKH
HQWLUHVXUIDFHZLWK&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHUDQGDSDSHU
WRZHO
%XUQHG2Q5HVLGXH
127('$0$*(WR\RXUJODVVVXUIDFHPD\
RFFXULI\RXXVHVFUXESDGVRWKHUWKDQWKRVH
UHFRPPHQGHG
$OORZWKHFRRNWRSWRFRRO
6SUHDGDIHZGURSVRI&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHURQWKHHQWLUH
EXUQHGUHVLGXHDUHD
8VLQJWKHLQFOXGHG&(5$0$%5<7(
&OHDQLQJ3DGIRU&HUDPLF&RRNWRSVUXE
WKHUHVLGXHDUHDDSSO\LQJSUHVVXUHDV
QHHGHG
,IDQ\UHVLGXHUHPDLQVUHSHDW
WKHVWHSVOLVWHGDERYHDVQHHGHG
)RUDGGLWLRQDOSURWHFWLRQDIWHUDOO
UHVLGXHKDVEHHQUHPRYHGSROLVKWKH
HQWLUHVXUIDFHZLWK&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHUDQGDSDSHU
WRZHO
7KH&(5$0$%5<7(
&HUDPLF
&RRNWRS6FUDSHUDQGDOO
UHFRPPHQGHGVXSSOLHVDUH
DYDLODEOHWKURXJKRXU3DUWV
&HQWHU6HHLQVWUXFWLRQVXQGHU´7R
2UGHU3DUWVµVHFWLRQRQQH[WSDJH
127('RQRWXVHDGXOORU
QLFNHGEODGH
+HDY\%XUQHG2Q5HVLGXH
8VHD&(5$0$%5<7(
&OHDQLQJ
3DGIRU&HUDPLF&RRNWRSV
1RUPDO'DLO\8VH&OHDQLQJ
21/<XVH&(5$0$%5<7(
&HUDPLF&RRNWRS
&OHDQHURQWKHJODVVFRRNWRS2WKHUFUHDPV
PD\QRWEHDVHIIHFWLYH
7RPDLQWDLQDQGSURWHFWWKHVXUIDFHRI\RXU
JODVVFRRNWRSIROORZWKHVHVWHSV
%HIRUHXVLQJWKHFRRNWRSIRUWKH
ILUVWWLPHFOHDQLWZLWK&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHU7KLVKHOSV
SURWHFWWKHWRSDQGPDNHVFOHDQXSHDVLHU
'DLO\XVHRI&(5$0$%5<7(
&HUDPLF
&RRNWRS&OHDQHUZLOOKHOSNHHSWKH
FRRNWRSORRNLQJQHZ
6KDNHWKHFOHDQLQJFUHDPZHOO$SSO\D
IHZGURSVRI&(5$0$%5<7(
&HUDPLF
&RRNWRS&OHDQHUGLUHFWO\
WRWKHFRRNWRS
8VHDSDSHUWRZHORU&(5$0$%5<7(
&OHDQLQJ3DGIRU&HUDPLF&RRNWRSVWR
FOHDQWKHHQWLUHFRRNWRSVXUIDFH
8VHDGU\FORWKRUSDSHUWRZHO
WRUHPRYHDOOFOHDQLQJUHVLGXH
1RQHHGWRULQVH
127(,WLVYHU\LPSRUWDQWWKDW\RX'2127
KHDWWKHFRRNWRSXQWLOLWKDVEHHQFOHDQHG
WKRURXJKO\
&OHDQ\RXUFRRNWRSDIWHUHDFK
VSLOO8VH&(5$0$%5<7(
&HUDPLF
&RRNWRS&OHDQHU
&OHDQLQJWKHJODVVFRRNWRS
RQVRPHPRGHOV

background
7RRUGHU&(5$0$%5<7(
&HUDPLF&RRNWRS
&OHDQHUDQGWKHFRRNWRSVFUDSHUSOHDVHFDOO
RXUWROOIUHHQXPEHU
1DWLRQDO3DUWV&HQWHU 
&(5$0$%5<7(
&HUDPLF
&RRNWRS&OHDQHU:;;
&(5$0$%5<7(
&HUDPLF
&RRNWRS6FUDSHU
:;;
.LW:%;
.LWLQFOXGHVFUHDPDQGFRRNWRSVFUDSHU
&(5$0$%5<7(
&OHDQLQJ3DGVIRU
&HUDPLF&RRNWRSV :;;
7XUQRIIDOOVXUIDFHXQLWV5HPRYHKRW
SDQV
:HDULQJDQRYHQPLWW
D8VHDVLQJOHHGJHUD]RU
EODGHVFUDSHU&(5$0$%5<7(
&HUDPLF&RRNWRS6FUDSHU
WRPRYHWKHVSLOOWRDFRRO
DUHDRQWKHFRRNWRS
E5HPRYHWKHVSLOOZLWKSDSHUWRZHOV
$Q\UHPDLQLQJVSLOORYHUVKRXOGEHOHIW
XQWLOWKHVXUIDFHRIWKHFRRNWRSKDV
FRROHG
'RQ·WXVHWKHVXUIDFHXQLWVDJDLQXQWLO
DOORIWKHUHVLGXHKDVEHHQFRPSOHWHO\
UHPRYHG
127(,ISLWWLQJRULQGHQWDWLRQLQWKHJODVV
VXUIDFHKDVDOUHDG\RFFXUUHGWKHFRRNWRS
JODVVZLOOKDYHWREHUHSODFHG
,QWKLVFDVHVHUYLFHZLOOEHQHFHVVDU\
'DPDJHIURP6XJDU\6SLOOVDQG0HOWHG3ODVWLF
6XJDU\VSLOORYHUVVXFKDV
MHOOLHVIXGJHFDQG\V\UXSV
RUPHOWHGSODVWLFVFDQFDXVH
SLWWLQJRIWKHVXUIDFHRI\RXU
FRRNWRSQRWFRYHUHGE\WKH
ZDUUDQW\XQOHVVWKHVSLOOLV
UHPRYHGZKLOHVWLOOKRW6SHFLDO
FDUHVKRXOGEHWDNHQZKHQ
UHPRYLQJKRWVXEVWDQFHV
%HVXUHWRXVHDQHZVKDUS
UD]RUVFUDSHU
'RQRWXVHDGXOORUQLFNHG
EODGH
%HFDUHIXOQRWWRVOLGHSRWVDQGSDQV
DFURVV\RXUFRRNWRS,WZLOOOHDYHPHWDO
PDUNLQJVRQWKHFRRNWRSVXUIDFH
7KHVHPDUNVDUHUHPRYDEOHXVLQJWKH
&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHU
ZLWKWKH&(5$0$%5<7(
&OHDQLQJ3DG
IRU&HUDPLF&RRNWRSV
,ISRWVZLWKDWKLQRYHUOD\RIDOXPLQXP
RUFRSSHUDUHDOORZHGWRERLOGU\WKH
RYHUOD\PD\OHDYHEODFNGLVFRORUDWLRQ
RQWKHFRRNWRS
7KLVVKRXOGEHUHPRYHGLPPHGLDWHO\
EHIRUHKHDWLQJDJDLQRUWKH
GLVFRORUDWLRQPD\EHSHUPDQHQW
127(&DUHIXOO\FKHFNWKHERWWRPRISDQVIRU
URXJKQHVVWKDWZRXOGVFUDWFKWKHFRRNWRS
0HWDO0DUNVDQG6FUDWFKHV
7R2UGHU3DUWV
*ODVVVXUIDFH³SRWHQWLDOIRUSHUPDQHQWGDPDJH
7RFOHDQWKHFRRNWRSVHDODURXQGWKHHGJHV
RIWKHJODVVOD\DZHWFORWKRQLWIRUDIHZ
PLQXWHVWKHQZLSHFOHDQZLWKQRQDEUDVLYH
FOHDQHUV
&RRNWRS6HDO
*($SSOLDQFHVFRP


background
2YHQ+HDWLQJ(OHPHQWV
'RQRWFOHDQWKHEDNHHOHPHQWRUWKHEURLO
HOHPHQW$Q\VRLOZLOOEXUQRIIZKHQWKH
HOHPHQWVDUHKHDWHG
7RFOHDQWKHRYHQIORRUJHQWO\OLIWWKHEDNH
HOHPHQW2QVRPHPRGHOVWKHEDNHHOHPHQWLV
QRWH[SRVHGDQGLVXQGHUWKHRYHQIORRU&OHDQ
ZLWKZDUPVRDS\ZDWHU
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
6WRUDJH'UDZHU5HPRYDO
7RUHPRYHWKHGUDZHU
3XOOWKHGUDZHURXWXQWLOLWVWRSV
/LIWWKHIURQWRIWKHGUDZHUXQWLOWKHVWRSV
FOHDUWKHJXLGHV
5HPRYHWKHGUDZHU
7RUHSODFHWKHGUDZHU
3ODFHWKHGUDZHUUDLOVRQWKHJXLGHV
3XVKWKHGUDZHUEDFNXQWLOLWVWRSV
/LIWWKHIURQWRIWKHGUDZHUDQGSXVKEDFN
XQWLOWKHVWRSVFOHDUWKHJXLGHV
/RZHUWKHIURQWRIWKHGUDZHUDQGSXVK
EDFNXQWLOLWFORVHV
6WRSJXLGH
5DLO

&DUHDQGFOHDQLQJRIWKHUDQJH
2YHQ9HQW
7KHRYHQYHQWLVDERYHWKHOHIWVLGHRIWKHGRRU
7KLVDUHDFRXOGEHFRPHKRWGXULQJRYHQXVH
,WLVQRUPDOIRUVWHDPWRFRPHRXWRI
WKHYHQW
7KHYHQWLVLPSRUWDQWIRUSURSHUDLUFLUFXODWLRQ
1HYHUEORFNWKLVYHQW
3UHVVGRZQDQGSXOORXW
5HPRYDEOH2YHQ)ORRURQVRPHPRGHOV
7RUHPRYHWKHRYHQIORRUIRUHDVLHUFOHDQLQJ
5HPRYHWKHRYHQGRRUXVLQJWKH
LQVWUXFWLRQVLQWKH/LIW2II2YHQ'RRU
VHFWLRQ
3UHVVGRZQDQGSXOORXWWKHUHPRYDEOH
RYHQIORRU
&OHDQWKHRYHQIORRUZLWKZDUPVRDS\
ZDWHU
:KHQUHLQVWDOOLQJWKHRYHQIORRUEHVXUH
WRVOLGHLWDOOWKHZD\WRWKHEDFNRIWKH
RYHQ
,03257$17 $OZD\VUHSODFHWKHUHPRYDEOH
IORRUEHIRUHWKHQH[WXVH
background

7URXEOHVKRRWLQJ7LSV
6DYHWLPHDQGPRQH\5HYLHZWKHFKDUWVRQWKHIROORZLQJ
SDJHVILUVWDQG\RXPD\QRWQHHGWRFDOOIRUVHUYLFH
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
6XUIDFHXQLWVZLOOQRW ,PSURSHUFRRNZDUH 8VHSDQVZKLFKDUHIODWDQGPDWFKWKHGLDPHWHURI
PDLQWDLQDUROOLQJERLO EHLQJXVHG WKHVXUIDFHXQLWVHOHFWHG
RUFRRNLQJLVQRW
,QVRPHDUHDVWKHSRZHU &RYHUSDQZLWKDOLGXQWLOGHVLUHGKHDWLVREWDLQHG
IDVWHQRXJK
YROWDJHPD\EHORZ
6XUIDFHXQLWVGR $IXVHLQ\RXUKRPHPD\EH  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
QRWZRUNSURSHUO\ EORZQRUWKHFLUFXLWEUHDNHU
WULSSHG
&RRNWRSFRQWUROV &KHFNWRVHHWKHFRUUHFWFRQWUROLVVHWIRUWKHVXUIDFH
LPSURSHUO\VHW XQLW\RXDUHXVLQJ
6XUIDFHXQLWVWRSV 7KLVLVQRUPDO7KHXQLW
JORZLQJZKHQWXUQHG LVVWLOORQDQGKRW
WRDORZHUVHWWLQJ
6FUDWFKHVPD\DSSHDU ,QFRUUHFWFOHDQLQJ  6FUDWFKHVDUHQRWUHPRYDEOH7LQ\VFUDWFKHVZLOOEHFRPH
DVFUDFNVRQFRRNWRS PHWKRGVEHLQJXVHG OHVVYLVLEOHLQWLPHDVDUHVXOWRIFOHDQLQJ
JODVVVXUIDFH
&RRNZDUHZLWKURXJKERWWRPV  7RDYRLGVFUDWFKHVXVHWKHUHFRPPHQGHGFOHDQLQJ
EHLQJXVHGRUFRDUVHSDUWLFOHV SURFHGXUHV0DNHVXUHERWWRPVRIFRRNZDUHDUHFOHDQ
VDOWRUVDQGZHUHEHWZHHQ EHIRUHXVHDQGXVHFRRNZDUHZLWKVPRRWKERWWRPV
WKHFRRNZDUHDQGWKHVXUIDFH
RIWKHFRRNWRS
&RRNZDUHKDVEHHQVOLG
DFURVVWKHFRRNWRSVXUIDFH
$UHDVRIGLVFRORUDWLRQ )RRGVSLOORYHUVQRWFOHDQHG 6HHWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQ
RQWKHFRRNWRS EHIRUHQH[WXVH
+RWVXUIDFHRQDPRGHO 7KLVLVQRUPDO7KHVXUIDFHPD\DSSHDUGLVFRORUHG
ZLWKDOLJKWFRORUHGFRRNWRS ZKHQLWLVKRW7KLVLVWHPSRUDU\DQGZLOOGLVDSSHDU
DVWKHJODVVFRROV
3ODVWLFPHOWHGWR +RWFRRNWRSFDPHLQWR 6HHWKH*ODVVVXUIDFH³SRWHQWLDOIRUSHUPDQHQWGDPDJH
WKHVXUIDFH FRQWDFWZLWKSODVWLFSODFHG VHFWLRQLQWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQ
RQWKHKRWFRRNWRS
3LWWLQJRULQGHQWDWLRQ +RWVXJDUPL[WXUHVSLOOHG &DOODTXDOLILHGWHFKQLFLDQIRUUHSODFHPHQW
RIWKHFRRNWRS RQWKHFRRNWRS
)UHTXHQWF\FOLQJ ,PSURSHUFRRNZDUH 8VHRQO\IODWFRRNZDUHWRPLQLPL]HF\FOLQJ
RIIDQGRQRI EHLQJXVHG
VXUIDFHXQLWV
2YHQOLJKWGRHV /LJKWEXOELVORRVH  7LJKWHQRUUHSODFHWKHEXOE
QRWZRUN
2YHQZLOO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
$IXVHLQ\RXUKRPHPD\  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EHEORZQRUWKHFLUFXLW
EUHDNHUWULSSHG
2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHRYHQVHFWLRQ
2YHQWRRKRW $OORZWKHRYHQWRFRROWREHORZORFNLQJWHPSHUDWXUH
%HIRUH<RX&DOO)RU6HUYLFH« *($SSOLDQFHVFRP

background
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
)RRGGRHVQRWEDNH 2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHRYHQ VHFWLRQ
RUURDVWSURSHUO\
5DFNSRVLWLRQLVLQFRUUHFW  6HHWKH8VLQJWKHRYHQVHFWLRQ
RUWKHUDFNLVQRWOHYHO
,QFRUUHFWFRRNZDUHRU  6HHWKH8VLQJWKHRYHQVHFWLRQ
FRRNZDUHRILPSURSHU
VL]HEHLQJXVHG
2YHQWKHUPRVWDWQHHGV 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
DGMXVWPHQW VHFWLRQ
)RRGGRHVQRW 2YHQFRQWUROVLPSURSHUO\VHW  0DNHVXUH\RXWRXFKWKH%52,/+,/2SDG
EURLOSURSHUO\
,PSURSHUUDFNSRVLWLRQ  6HHWKH%URLOLQJ*XLGH
EHLQJXVHG
&RRNZDUHQRWVXLWHG  )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
IRUEURLOLQJ
7KHSUREHLVSOXJJHG 8QSOXJDQGUHPRYHWKHSUREHIURPWKHRYHQ
LQWRWKHRXWOHWLQWKHRYHQ
RQVRPHPRGHOV
,QVRPHDUHDVWKHSRZHU  3UHKHDWWKHEURLOHOHPHQWIRUPLQXWHV
YROWDJHPD\EHORZ
%URLOIRUWKHORQJHVWSHULRGRIWLPHUHFRPPHQGHG
LQWKH%URLOLQJ*XLGH
2YHQWHPSHUDWXUH 2YHQWKHUPRVWDW 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
WRRKRWRUWRRFROG QHHGVDGMXVWPHQW VHFWLRQ
6WRUDJHGUDZHU 5HDUGUDZHUVXSSRUWLV 5HSRVLWLRQWKHGUDZHU6HHWKH6WRUDJH'UDZHU
LVFURRNHG RQWRSRIWKHJXLGHUDLO5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQGFOHDQLQJRIWKH
 UDQJHVHFWLRQ
&KHFNWRPDNHVXUHGUDZHULVSURSHUO\VHDWHGLIUHPRYHG
6WRUDJHGUDZHU 3RZHUFRUGPD\EH  5HSRVLWLRQWKHGUDZHUDQGSRZHUFRUG6HHWKH
ZRQ·WFORVH REVWUXFWLQJGUDZHU6WRUDJH'UDZHU5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQG
LQWKHORZHUEDFNFOHDQLQJRIWKHUDQJHVHFWLRQ
RIWKHUDQJH
5HDUGUDZHUVXSSRUWLV 5HSRVLWLRQWKHGUDZHU6HHWKH6WRUDJH'UDZHU
RQWRSRIWKHJXLGHUDLO5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQGFOHDQLQJRIWKH
 UDQJHVHFWLRQ
2YHQGRRULVFURRNHG 7KHGRRULVRXWRISRVLWLRQ  %HFDXVHWKHRYHQGRRULVUHPRYDEOHLWVRPHWLPHVJHWVRXW
RISRVLWLRQGXULQJLQVWDOODWLRQ
 7RVWUDLJKWHQWKHGRRUSXVKGRZQRQWKHKLJKFRUQHU
&ORFNDQGWLPHUGR 3OXJRQUDQJHLVQRWFRPSOHWHO\  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
QRWZRUN LQVHUWHGLQWKHHOHFWULFDORXWOHW JURXQGHGRXWOHW
$IXVHLQ\RXUKRPH  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
PD\EHEORZQRUWKH
FLUFXLWEUHDNHUWULSSHG
2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHNLWFKHQWLPHUVHFWLRQ
7URXEOHVKRRWLQJ7LSV
%HIRUH<RX&DOO)RU6HUYLFH«

background

*($SSOLDQFHVFRP
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
2YHQZLOOQRWVHOIFOHDQ 7KHRYHQWHPSHUDWXUHLV $OORZWKHUDQJHWRFRRODQGUHVHWWKHFRQWUROV
WRRKLJKWRVHWDVHOIFOHDQ
RSHUDWLRQ
2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHVHOIFOHDQLQJRYHQVHFWLRQ
7KHSUREHLVSOXJJHGLQWR 5HPRYHWKHSUREHIURPWKHRYHQ
WKHRXWOHWLQWKHRYHQ
RQVRPHPRGHOV
´&UDFNOLQJµRU 7KLVLVWKHVRXQGRIWKH 7KLVLVQRUPDO
´SRSSLQJµVRXQG PHWDOKHDWLQJDQGFRROLQJ
GXULQJERWKWKHFRRNLQJDQG
FOHDQLQJIXQFWLRQV
([FHVVLYHVPRNLQJ ([FHVVLYHVRLO 7RXFKWKH&/($52))SDG2SHQWKHZLQGRZVWR
GXULQJDFOHDQF\FOH ULGWKHURRPRIVPRNH:DLWXQWLO/2&.('JRHVRII
 $IWHUWKHRYHQFRROVZLSHXSWKHH[FHVVVRLODQGUHVHW
WKHFOHDQF\FOH
2YHQGRRUZLOOQRW 2YHQWRRKRW $OORZWKHRYHQWRFRROEHORZORFNLQJWHPSHUDWXUH
RSHQDIWHUDFOHDQF\FOH
2YHQQRWFOHDQDIWHUD 2YHQFRQWUROVQRWSURSHUO\VHW  6HHWKH8VLQJWKHVHOIFOHDQLQJRYHQVHFWLRQ
FOHDQF\FOH
2YHQZDVKHDYLO\VRLOHG &OHDQXSKHDY\VSLOORYHUVEHIRUHVWDUWLQJWKHFOHDQ
F\FOH+HDYLO\VRLOHGRYHQVPD\QHHGWREHFOHDQHGDJDLQ
´/2&.('µIODVKHV 7KHVHOIFOHDQF\FOHKDVEHHQ &ORVHWKHRYHQGRRU
LQWKHGLVSOD\ VHOHFWHGEXWWKHGRRULVQRW
FORVHG
´/2&.('µLVRQ 7KHRYHQGRRULVORFNHG 7RXFKWKH&/($52))SDG$OORZWKHRYHQWRFRRO
ZKHQ\RXZDQW EHFDXVHWKHWHPSHUDWXUH
WRFRRN LQVLGHWKHRYHQKDVQRW
GURSSHGEHORZWKH
ORFNLQJWHPSHUDWXUH
´)³µDQGDQXPEHU <RXKDYHDIXQFWLRQHUURUFRGH'LVFRQQHFWDOOSRZHUWRWKHUDQJHIRUDWOHDVW
RUOHWWHUIODVK VHFRQGVDQGWKHQUHFRQQHFWSRZHU,IWKHIXQFWLRQ
LQWKHGLVSOD\ HUURUFRGHUHSHDWVFDOOIRUVHUYLFH
&RQWUROVLJQDOVDIWHU <RXIRUJRWWRHQWHUD 7RXFKWKH%$.(SDGDQGGHVLUHGWHPSHUDWXUHRU
HQWHULQJFRRNLQJWLPH EDNHWHPSHUDWXUHRU WKH6(/)&/($1SDGDQGGHVLUHGFOHDQWLPH
RUVWDUWWLPH FOHDQLQJWLPH
'LVSOD\JRHVEODQN $IXVHLQ\RXUKRPHPD\EH  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLW
EUHDNHUWULSSHG
7KHFORFNLVLQWKH 6HHWKH6SHFLDOIHDWXUHVRI\RXURYHQFRQWUROVHFWLRQ
EODFNRXWPRGH
background
7URXEOHVKRRWLQJ7LSV
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
'LVSOD\IODVKHV 3RZHUIDLOXUH 5HVHWWKHFORFN
8QDEOHWRJHWWKH 2YHQFRQWUROSDGVZHUH7KH%52,/+,/2DQG%$.(SDGVPXVWEHWRXFKHGDW
GLVSOD\WRVKRZ´6)µ QRWWRXFKHGSURSHUO\ WKHVDPHWLPHDQGKHOGIRUVHFRQGV
´3UREHµDSSHDUVLQ 7KLVLVUHPLQGLQJ\RXWR (QWHUDSUREHWHPSHUDWXUH
WKHGLVSOD\ HQWHUDSUREHWHPSHUDWXUH
RQVRPHPRGHOV DIWHUSOXJJLQJLQWKHSUREH
3RZHURXWDJH 3RZHURXWDJHRUVXUJH 5HVHWWKHFORFN,IWKHRYHQZDVLQXVH\RXPXVWUHVHW
FORFNIODVKHV LWE\WRXFKLQJWKH&/($52))SDGVHWWLQJWKHFORFN
DQGUHVHWWLQJDQ\FRRNLQJIXQFWLRQ
6WHDPIURPWKHYHQW :KHQXVLQJWKHRYHQV 7KLVLVQRUPDO
LWLVQRUPDOWRVHHVWHDP
FRPLQJRXWRIWKHRYHQ
YHQWV$VWKHQXPEHURIUDFNV
RUDPRXQWRIIRRGEHLQJ
FRRNHGLQFUHDVHVWKHDPRXQW
RIYLVLEOHVWHDPZLOOLQFUHDVH
´%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 RYHQVHFWLRQ
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 $FRQYHFWLRQIDQPD\ 7KLVLVQRUPDO7KHIDQLVGHVLJQHGWRRSHUDWHLQWHUPLWWHQWO\
RQVRPHPRGHOV DXWRPDWLFDOO\WXUQRQ WRPD[LPL]HFRRNLQJHYHQQHVV
DQGRII
7KHFRQYHFWLRQIDQZLOORSHUDWHGXULQJSUHKHDW
RIWKHEDNHF\FOH7KHIDQZLOOWXUQRIIDIWHUWKHRYHQ
LVKHDWHGWRWKHVHWWHPSHUDWXUH7KLVLVQRUPDO
$FRROLQJIDQPD\ 7KLVLVQRUPDORQVRPHPRGHOV7KHFRROLQJIDQZLOOWXUQRIIDQG
DXWRPDWLFDOO\WXUQRQDQGRII RQWRFRROLQWHUQDOSDUWV,WPD\UXQDIWHUWKHRYHQLV
WXUQHGRII
2YHQUDFNVDUH 7KHVKLQ\VLOYHUFRORUHG $SSO\DVPDOODPRXQWRIYHJHWDEOHRLOWRDSDSHU
GLIILFXOWWRVOLGH UDFNVZHUHFOHDQHGLQD  WRZHODQGZLSHWKHHGJHVRIWKHRYHQUDFNVZLWK
VHOIFOHDQF\FOH WKHSDSHUWRZHO'RQRWVSUD\ZLWK3DP
RURWKHU
OXEULFDQWVSUD\V
'UDZHUGRHVQRWVOLGH 7KHGUDZHULVRXW )XOO\H[WHQGWKHGUDZHUDQGSXVKLWDOOWKHZD\LQ
VPRRWKO\RUGUDJV RIDOLJQPHQW 6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ
'UDZHULVRYHUORDGHGRU 5HGXFHZHLJKW5HGLVWULEXWHGUDZHUFRQWHQWV
ORDGLVXQEDODQFHG

%HIRUH<RX&DOO)RU6HUYLFH«
background

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
$FFHVVRULHV
*($SSOLDQFHVFRP
/RRNLQJ)RU6RPHWKLQJ0RUH"1RWDOODFFHVVRULHVDUHDYDLODEOHIRUDOOPRGHOV
<RXFDQILQGWKHVHDFFHVVRULHVDQGPDQ\PRUHDW*($SSOLDQFHVFRP86
RUZZZ*($SSOLDQFHVFD&DQDGDRUFDOO86RU&DQDGD
GXULQJQRUPDOEXVLQHVVKRXUV+DYH\RXUPRGHOQXPEHUUHDG\
([SHULHQFHWKHVHRWKHUJUHDWSURGXFWVWRNHHS\RXUNLWFKHQORRNLQJJUHDW
*HWWKHPRVWRXWRI\RXU%URLOHU3DQ1RWIRUXVHZLWK%URLOHU'UDZHUPRGHOV
8VH\RXUSDQDQGJULGFRYHUWREURLOKDPEXUJHUVVHDIRRGVWHDNVYHJHWDEOHVEDFRQFKRSVDQGVRPXFKPRUH7KHSDQEHORZFDWFKHV
WKHH[FHVVIDWVDQGRLOV
*HQXLQH*(3DUW
(DV\7R&OHDQ
2QH<HDU:DUUDQW\
/LPLWHG7LPH2IIHU)UHH6KLSSLQJ
:KHQ\RXRUGHU\RXUEURLOHUSDQZLWKLQGD\VRISXUFKDVLQJ\RXU*(FRRNLQJSURGXFW
6PDOO /DUJH ;/
863DUW :%; :%; :%;
'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 ([WHQVLRQ5DFN

.QREV
2YHQ5DFNV
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BBBBBB
RU
:;;*&6
:;;
:;;
30;
&HUDPLF
&RRNWRS
&OHDQLQJ.LW
,QFOXGHVFOHDQHU
VFUDSHUDQGSDG
&HUDPLF&RRNWRS
&OHDQLQJ:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH3ROLVK
:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH
&OHDQHU

,I\RXUPRGHOLQFOXGHGDQH[WHQVLRQUDFN\RXFDQLQFUHDVHWKH
IXQFWLRQDOLW\RI\RXUUDQJHZ
KHQ\RXSXUFKDVHDGGLWLRQDOH[WHQVLRQUDFNV9LVLW
ZZZJHDSSOLDQFHSDUWVFRPRUFDOODQGRUGHUSDUWQXPEHU:%73OHDVHQRWHH[WHQVLRQUDFNVGRQRWILWDOOPRGHOUDQJHV
background

1RWHV
background
*((OHFWULF5DQJH:DUUDQW\
*($SSOLDQFHVFRP
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\
'DPDJHWRWKHJODVVFRRNWRSFDXVHGE\XVHRIFOHDQHUV
RWKHUWKDQWKHUHFRPPHQGHGFOHDQLQJFUHDPVDQGSDGV
'DPDJHWRWKHJODVVFRRNWRSFDXVHGE\KDUGHQHGVSLOOV
RIVXJDU\PDWHULDOVRUPHOWHGSODVWLFWKDWDUHQRWFOHDQHG
DFFRUGLQJWRWKHGLUHFWLRQVLQWKH2ZQHU·V0DQXDO
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
XVHZLWKLQWKH86$,IWKHSURGXFWLVORFDWHGLQDQDUHDZKHUHVHUYLFHE\D*($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$XWKRUL]HG*(6HUYLFHORFDWLRQIRU
VHUYLFH,Q$ODVNDWKHZDUUDQW\H[FOXGHVWKHFRVWRIVKLSSLQJRUVHUYLFHFDOOVWR\RXUKRPH
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHV7KLVZDUUDQW\JLYHV
\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURPVWDWHWRVWDWH7RNQRZZKDW\RXU
OHJDOULJKWVDUHFRQVXOW\RXUORFDORUVWDWHFRQVXPHUDIIDLUVRIILFHRU\RXUVWDWH·V$WWRUQH\*HQHUDO
:DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUH
WHFKQLFLDQ7RVFKHGXOH
VHUYLFHYLVLWXVRQOLQHDW*($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
)RU7KH3HULRG2I *(:LOO3URYLGH
2QH<HDU $Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS
)URPWKHGDWHRIWKH 'XULQJWKLVOLPLWHGRQH\HDUZDUUDQW\*(ZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGLQKRPH
RULJLQDOSXUFKDVH VHUYLFHWRUHSODFHWKHGHIHFWLYHSDUW
)RU3URILOH0RGHOV )RU3URILOH0RGHOV
)LYH<HDUV $UHSODFHPHQWJODVVFRRNWRSLILWVKRXOGFUDFNGXHWRWKHUPDOVKRFNGLVFRORURULIWKHSDWWHUQ
)URPWKHGDWHRIWKH ZHDUVRII
RULJLQDOSXUFKDVH $UHSODFHPHQWUDGLDQWVXUIDFHHOHPHQWLILWVKRXOGEXUQRXW
'XULQJWKLVOLPLWHGDGGLWRQDOIRXU\HDUZDUUDQW\\RXZLOOEHUHVSRQVLEOHIRUDQ\ODERURU
LQKRPHVHUYLFH

background

&RQVXPHU6XSSRUW
*($SSOLDQFHV:HEVLWH
*($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\
DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOV
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH
6FKHGXOH6HUYLFH *($SSOLDQFHVFRP
([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW
\RXUFRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV
5HDO/LIH'HVLJQ6WXGLR *($SSOLDQFHVFRP
*(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\
SHRSOHRIDOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQG
PHQWDODELOLWLHVDQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQ
LGHDVIRUSHRSOHZLWKGLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO7''
*($&
([WHQGHG:DUUDQWLHV *($SSOLDQFHVFRP
3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\
LVVWLOOLQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV
*(&RQVXPHU+RPH6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV
3DUWVDQG$FFHVVRULHV *($SSOLDQFHVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV
9,6$0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG2UGHURQOLQHWRGD\KRXUVHYHU\GD\RUE\SKRQHDW
GXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJ
JHQHUDOO\VKRXOGEHUHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHU
VHUYLFLQJPD\FDXVHXQVDIHRSHUDWLRQ
&RQWDFW8V *($SSOLDQFHVFRP
,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOV
LQFOXGLQJ\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWHU<RXU$SSOLDQFH *($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH
<RXPD\DOVRPDLOLQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO
background
63*(
*($SSOLDQFHVFRP
(VFULEDORVQ~PHURVGHPRGHOR\GHVHULHDTXt
0RGHORBBBBBBBBBBBBBBB
6HULHBBBBBBBBBBBBBBBBB
3XHGHHQFRQWUDUORVHQXQDHWLTXHWDXELFDGDGHWUiV
GHOFDMyQRGHWUiVGHODSXHUWDGHOKRUQRLQIHULRUHQ
HOIUHQWHGHOPDUFRGHODFRFLQD
4XLFN6HW9
4XLFN6HW9,
0DQXDOGHO
3URSLHWDULR
&RFLQDV
,QVWUXFFLRQHVGH6HJXULGDG ²
,QVWUXFFLRQHVGH2SHUDFLyQ
+RUQR
7HPSRUL]DGRUGHOD&RFLQD 
$MXVWHGHOWHUPRVWDWRGHOKRUQR
$VDGR*XtDGHDVDGR 
$XWROLPSLH]D
)XQFLRQHVSDUD3UREDU\&DOHQWDU
&DUDFWHUtVWLFDVHVSHFLDOHV
&RQWUROHV
)XQFLyQ6DEEDWK 
+RUQHDGRRURVWL]DGR
+RUQHDGR\URVWL]DGRFRQWHPSRUL]DGRU
+RUQRGHFRQYHFFLyQ
3UHFDOHQWDPLHQWR
6RQGD
7HPSRUL]DGRUGHFRFLQD 
8QLGDGHVGHVXSHUILFLH²
ÈUHDSDUD&DOHQWDU
(VWXIDGH9LGULR5DGLDQWH
4XHPDGRUGHO3XHQWH
6HOHFFLRQDUWLSRVGHXWHQVLOLRV
&XLGDGR\OLPSLH]D
%DQGHMDV
&DMyQGHDOPDFHQDPLHQWR
(OHPHQWRVFDOHQWDGRUHVGHOKRUQR
(VWXIDGHYLGULR
/X]
3DQHOGHFRQWURO
3DSHOGHDOXPLQLR
3HULOODVGHFRQWURO 
3LVRGHOKRUQR
3XHUWDGHOKRUQRGHVPRQWDEOH
6XSHUILFLHV
9HQWLODFLyQ
&RQVHMRVSDUDODLGHQWLILFDFLyQ
\VROXFLyQGHSUREOHPDV

$FFHVRULRV
$SR\RDOFOLHQWH
$SR\RDOFOLHQWH
*DUDQWtD
,PSUHVRHQ
SDSHOUHFLFODGR
HOpFWULFDVLQGHSHQGLHQWHVHPSRWUDEOHV\HQFDVWUDEOHV
(Q&DQDGi
ZZZ*($SSOLDQFHVFD
,PSUHVRHQORV(VWDGRV8QLGRV
background
/HDWRGDVODVLQVWUXFFLRQHVGHVHJXULGDGDQWHVGHXWLOL]DUHVWHSURGXFWR1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHJHQHUDUXQ
LQFHQGLRXQDGHVFDUJDHOpFWULFDOHVLRQHVFRUSRUDOHVRODPXHUWH
127,),&$&,Ï1,03257$17('(6(*85,'$'
/DOH\GH&DOLIRUQLDVREUHDJXDVSRWDEOHV\Wy[LFRVH[LJHTXHHO*REHUQDGRUGH&DOLIRUQLDSXEOLTXHXQDOLVWDGHVXVWDQFLDVTXHVHJ~Q
HOHVWDGRSURYRTXHQFiQFHUGHIHFWRVFRQJpQLWRVXRWURVGDxRVUHSURGXFWLYRV\H[LJHDODVHPSUHVDVTXHDGYLHUWDQDORVFOLHQWHV
VREUHODH[SRVLFLyQSRWHQFLDODGLFKDVVXVWDQFLDV
/DDLVODFLyQGHILEUDGHYLGULRGHORVKRUQRVDXWROLPSLDQWHVHPLWHXQDSHTXHxDFDQWLGDGGHPRQy[LGRGHFDUERQRGXUDQWH
HOFLFORGHOLPSLH]D/DH[SRVLFLyQSXHGHPLQLPL]DUVHYHQWLODQGRFRQXQDYHQWDQDDELHUWDRXVDQGRXQDFDPSDQDRYHQWLODGRU
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(68862
$'9(57(1&,$
$'9(57(1&,$
',6326,7,92$17,92/&$'85$6
3DUDUHGXFLUHOULHVJRGHYROFDU
ODFRFLQDpVWDGHEHVXMHWDUVH
PHGLDQWHXQVRSRUWHDQWL
YROFDGXUDVFRQXQDDGHFXDGD
LQVWDODFLyQ9HUODVLQVWUXFFLRQHVGH
LQVWDODFLyQHQYLDGDVFRQHOVRSRUWH
SDUDREWHQHUGHWDOOHVFRPSOHWRV
DQWHVGHLQLFLDUODLQVWDODFLyQ
3DUD&RFLQDV6LQ$SR\R\
'HVOL]DEOHVV
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
6LODFRFLQDHVH[SXOVDGDGHODSDUHGSRUDOJXQDUD]yQVLHPSUHUHSLWDHVWH
SURFHGLPLHQWRDILQGHYHULILFDUTXHHVWpDVHJXUDGRGHIRUPDFRUUHFWDFRQXQ
VRSRUWHDQWLYROFDGXUDV
1XQFDTXLWHODVSDWDVGHQLYHODFLyQSRUFRPSOHWR\DTXHODFRFLQDQR
TXHGDUiELHQVXMHWDDOGLVSRVLWLYRDQWLYROFDGXUDV
&RFLQDV(PSRWUDEOHV
3DUDFRQWURODUVLHOVRSRUWHHVWiLQVWDODGR\FRQHFWDGRFRUUHFWDPHQWH
GHVOLFHODFRFLQDKDFLDDGHODQWHFRQILUPHTXHHOVRSRUWHDQWLYROFDGXUDV
HVWpDGKHULGRGHIRUPDVHJXUDDODSDUWHWUDVHUDGHODFRFLQD\GHVOLFH
HVWD~OWLPDKDFLDDWUiVGHPRGRTXHHOVRSRUWHDQWLYROFDGXUDVVHGHVOLFH
SRUGHEDMRGHOPRVWUDGRUREORTXHGHPDGHUDDGMXQWRDODSDUHGWUDVHUD
6LXVWHGQRUHFLELyXQVRSRUWHDQWLYROFDGXUDVFRQVXFRPSUDOODPHDO
SDUDUHFLELUXQRVLQFRVWRDOJXQRHQ&DQDGiOODPHDO
3DUDFRQVXOWDULQVWUXFFLRQHVGHLQVWDODFLyQGHOVRSRUWH
YLVLWH*($SSOLDQFHVFRPHQ&DQDGi*($SSOLDQFHVFD
Un niño o adulto pueden volcar la cocina y morir.
Verifique que el soporte anti-volcaduras se haya
instalado y ajustado correctamente.
Verifique que el soporte anti-volcaduras se haya
instalado y ajustado correctamente.
No utilice la cocina sin que el soporte anti-volcaduras
esté colocado y ajustado.
Si estas instrucciones no se siguen, como resultado se podrá
producir la muerte o quemaduras graves de niños y adultos.
Riesgo de Volcaduras
ADVERTENCIA
Pared Trasera
Horno
Soporte
Anti-Volcaduras
Base o Bloque de
Madera Negra
&RFLQDV6LQ$SR\R\'HVOL]DEOHV
&RFLQDV(PSRWUDEOHV
6RSRUWH$QWL
9ROFDGXUDV
3DWD1LYHODGRUD
background
8VHHVWHDSDUDWRVyORFRQHOREMHWLYRSDUDHOTXHIXHFUHDGR
FRPRVHGHVFULEHHQHVWH0DQXDOGHO3URSLHWDULR
$VHJ~UHVHGHTXHXQWpFQLFRFDOLILFDGRUHDOLFHXQDFRUUHFWD
LQVWDODFLyQ\SXHVWDDWLHUUDGHODUWHIDFWRGHDFXHUGRFRQODV
LQVWUXFFLRQHVGHLQVWDODFLyQSURYLVWDV
1RLQWHQWHUHSDUDURFDPELDUQLQJXQDSLH]DGHVXFRFLQDD
PHQRVTXHHVWpHVSHFtILFDPHQWHUHFRPHQGDGRHQHVWHPDQXDO
&XDOTXLHURWURVHUYLFLRGHEHUHDOL]DUORXQWpFQLFRFDOLILFDGR
$QWHVGHUHDOL]DUFXDOTXLHUFODVHGHUHSDUDFLyQGHVHQFKXIHOD
FRFLQDRGHVFRQHFWHHOVXPLQLVWURHOpFWULFRGHVGHHOSDQHOGH
GLVWULEXFLyQGRPpVWLFRTXLWDQGRHOIXVLEOHRGHVFRQHFWDQGRHO
LQWHUUXSWRUGHFLUFXLWRV
1RGHMHDORVQLxRVVRORVpVWRVQRGHEHQTXHGDUVRORVRVLQ
DWHQFLyQHQXQiUHDGRQGHXQDSDUDWRHVWpHQXVR1XQFDGHEH
SHUPLWLUVHTXHVHVXEDQVLHQWHQRSDUHQHQFXDOTXLHUSDUWHGH
HVWHDSDUDWR
35(&$8&,211RDOPDFHQHHOHPHQWRVGHLQWHUpV
SDUDQLxRVVREUHXQDFRFLQDRHQODSURWHFFLyQWUDVHUDGH
XQDFRFLQDORVQLxRVTXHVHWUHSDQDODFRFLQDSDUDDOFDQ]DU
HOHPHQWRVSXHGHQUHVXOWDUJUDYHPHQWHKHULGRV
6yORXVHDJDUUDGHUDVVHFDVODVDJDUUDGHUDVK~PHGDVR
PRMDGDVFRORFDGDVHQVXSHUILFLHVFDOLHQWHVSXHGHQSURYRFDU
TXHPDGXUDVGHYDSRU1RSHUPLWDTXHODVDJDUUDGHUDVHQWUHQ
HQFRQWDFWRFRQXQLGDGHVGHVXSHUILFLHRORVHOHPHQWRV
FDOHQWDGRUHVFDOLHQWHV1RXWLOLFHWRDOODV
XRWUDVWHODVJUXHVDVHQOXJDUGHXQDDJDUUDGHUD
1XQFDXVHVXHOHFWURGRPpVWLFRSDUDFDOHQWDUODKDELWDFLyQ
1RWRTXHODVXQLGDGHVGHVXSHUILFLHORVHOHPHQWRVFDOHQWDGRUHV
RODVXSHUILFLHLQWHULRUGHOKRUQR(VWDVVXSHUILFLHVSXHGHQHVWDU
ORVXILFLHQWHPHQWHFDOLHQWHVSDUDTXHPDUD~QFXDQGRWHQJDQ
XQFRORURVFXUR'XUDQWH\GHVSXpVGHOXVRQRWRTXHRGHMHTXH
VXYHVWLPHQWDXRWURVPDWHULDOHVLQIODPDEOHVHQWUHQHQFRQWDFWR
FRQXQLGDGHVGHVXSHUILFLHiUHDVFHUFDQDVDODVXQLGDGHVGH
VXSHUILFLHRFXDOTXLHUiUHDLQWHULRUGHOKRUQRGHMHSDVDUXQ
WLHPSRSUXGHQFLDOSDUDTXHVHHQIUtHQ2WUDVVXSHUILFLHVGHO
DSDUDWRSXHGHQFDOHQWDUVHORVXILFLHQWHFRPRSDUDSURYRFDU
TXHPDGXUDV/DVVXSHUILFLHVSRWHQFLDOPHQWHFDOLHQWHVLQFOX\HQ
ODHVWXIDODViUHDVRULHQWDGDVKDFLDODHVWXIDODDEHUWXUDGH
YHQWLODFLyQGHOKRUQRODVVXSHUILFLHVFHUFDQDVDODDEHUWXUD\ODV
KHQGLGXUDVXELFDGDVDOUHGHGRUGHODSXHUWDGHOKRUQR
1RFDOLHQWHUHFLSLHQWHVFHUUDGRVGHDOLPHQWRV3RGUtDKDEHUXQD
DFXPXODFLyQGHSUHVLyQHQHOUHFLSLHQWH\pVWHSRGUtDH[SORWDU
SURYRFDQGROHVLRQHV
1RXWLOLFHSDSHOGHDOXPLQLRSDUDUHYHVWLUODVEDQGHMDVFROHFWRUDV
RQLQJXQDSDUWHGHOKRUQRFRQH[FHSFLyQGHORGHVFULSWRHQHVWH
PDQXDO8QXVRLQDGHFXDGRSXHGHSURYRFDUGDxRVDODFRFLQD\
XQDGHVFDUJDHOpFWULFDRXQULHVJRGHLQFHQGLR
7UDWHGHQRUD\DURJROSHDUODVSXHUWDVHVWXIDVRSDQHOHV
GHFRQWUROGHYLGULR6LORKDFHSRGUtDURPSHUVHHOYLGULR1R
FRFLQHVLXQSURGXFWRWLHQHXQYLGULRURWR3XHGHSURYRFDUVHXQD
GHVFDUJDXQLQFHQGLRRKHULGDV
&RFLQHFDUQHVGHUHV\GHDYHSRUFRPSOHWR/DVFDUQHVGH
UHVKDVWDDOFDQ]DUXQDWHPSHUDWXUDLQWHUQDGHSRUORPHQRV
)&\ODVFDUQHVGHDYHDXQDWHPSHUDWXUDLQWHUQDGH
SRUORPHQRV)&/DFRFFLyQDHVWDVWHPSHUDWXUDV
JHQHUDOPHQWHSURWHJHGHHQIHUPHGDGHVWUDQVPLWLGDVSRUORV
DOLPHQWRV
1RDOPDFHQHRXWLOLFHPDWHULDOHVLQIODPDEOHVGHQWURGHXQKRUQR
RFHUFDGHODHVWXIDWDOHVFRPRSDSHOSOiVWLFRDJDUUDGHUDV
WHODVUHFXEULPLHQWRVGHSDUHGFRUWLQDV\JDVROLQDXRWURV
YDSRUHV\OtTXLGRVLQIODPDEOHV
1XQFDXVHYHVWLPHQWDVKROJDGDVRDPSOLDVPLHQWUDVXWLOLFHHO
DSDUDWR(VWDVYHVWLPHQWDVSXHGHQSUHQGHUVHIXHJRVLHQWUDQ
HQFRQWDFWRFRQVXSHUILFLHVFDOLHQWHVSURYRFDQGRTXHPDGXUDV
JUDYHV
1RSHUPLWDTXHODJUDVDGHODFRFFLyQXRWURVPDWHULDOHV
LQIODPDEOHVVHDFXPXOHQGHQWURGHODFRFLQDRHQVXFHUFDQtD/D
JUDVDGHQWURGHOKRUQRRVREUHODHVWXIDSXHGHHQFHQGHUVH
/LPSLHODVFDPSDQDVGHYHQWLODFLyQFRQIUHFXHQFLD1RGHEH
SHUPLWLUVHODDFXPXODFLyQGHJUDVDHQODFDPSDQDRHQHOILOWUR
*($SSOLDQFHVFRP
1RXWLOLFHDJXDHQLQFHQGLRVGHJUDVD1XQFDOHYDQWHXQDVDUWpQ
HQOODPDV$SDJXHORVFRQWUROHV$SDJXHXQDVDUWpQHQOODPDV
VREUHXQDXQLGDGGHVXSHUILFLHFXEULHQGRODVDUWpQSRUFRPSOHWR
FRQXQDWDSDTXHDMXVWHELHQXQDSODQFKDSDUDJDOOHWDVRXQD
EDQGHMDSODQD8WLOLFHXQTXtPLFRVHFRPXOWLXVRRXQH[WLQWRUGH
LQFHQGLRVGHHVSXPD
6LKD\XQLQFHQGLRHQHOKRUQRGXUDQWHHOKRUQHDGRDSiJXHOR
FHUUDQGRODSXHUWDGHOKRUQR\DSDJDQGRHOFRQWURORXVDQGRXQ
TXtPLFRVHFRPXOWLXVRRXQH[WLQWRUGHLQFHQGLRVGHHVSXPD
6LKD\XQLQFHQGLRHQHOKRUQRGXUDQWHODDXWROLPSLH]D
DSDJXHHOKRUQR\HVSHUHDTXHHOLQFHQGLRVHFRQVXPD1R
DEUDODSXHUWDGHOKRUQRDODIXHU]D(OLQJUHVRGHDLUHIUHVFRD
WHPSHUDWXUDVGHDXWROLPSLH]DSXHGHSURYRFDUXQDH[SORVLyQ
GHOODPDVGHVGHHOKRUQR1RVHJXLUHVWDLQVWUXFFLyQSXHGH
SURYRFDUTXHPDGXUDVJUDYHV
,16758&&,21(6*(1(5$/(6'(6(*85,'$'
$'9(57(1&,$
0$17(1*$/260$7(5,$/(6
,1)/$0$%/(6$/(-$'26'(/$&2&,1$
$'9(57(1&,$
(1&$62'(,1&(1',26,*$/26
6,*8,(17(63$6263$5$(9,7$5
/$3523$*$&,Ï1'(/)8(*2
$'9(57(1&,$
background
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(68862
1XQFDGHMHODVXQLGDGHVGHVXSHUILFLHVLQDWHQFLyQ
HQFRQILJXUDFLRQHVGHFDORUPHGLDRDOWD/RVDOLPHQWRVTXH
KLHUYHQ\VHGHUUDPDQSXHGHQSURYRFDUKXPR\GHUUDPHV
JUDVRVRVTXHSXHGHQSUHQGHUVHIXHJR
1XQFDGHMHDFHLWHVLQDWHQFLyQPLHQWUDVIUtH6LVHGHMD
FDOHQWDUPiVDOOiGHOSXQWRGHKXPHRHODFHLWHSXHGH
HQFHQGHUVHSURYRFDQGRXQLQFHQGLRTXHSRGUtDSURSDJDUVH
DORVJDELQHWHVFHUFDQRV8WLOLFHXQWHUPyPHWURSDUDJUDVD
FXDQGRVHDSRVLEOHSDUDFRQWURODUODWHPSHUDWXUDGHODFHLWH
3DUDHYLWDUHOGHUUDPHGHDFHLWH\XQLQFHQGLRXWLOLFHXQD
FDQWLGDGPtQLPDGHDFHLWHFXDQGRIUtDHQVDUWHQHVSRFR
SURIXQGDV\HYLWHODFRFFLyQGHDOLPHQWRVFRQJHODGRVFRQ
XQDFDQWLGDGH[FHVLYDGHKLHOR
8WLOLFHHOWDPDxRGHUHFLSLHQWHDGHFXDGR(OLMDUHFLSLHQWHV
FRQEDVHVSODQDVORVXILFLHQWHPHQWHJUDQGHVSDUDFXEULU
HOHOHPHQWRFDOHQWDGRUGHVXSHUILFLH/DXWLOL]DFLyQGH
UHFLSLHQWHVPiVSHTXHxRVGHMDUiH[SXHVWDXQDSRUFLyQGH
ODXQLGDGGHVXSHUILFLHDOFRQWDFWRGLUHFWRORTXHSXHGH
SURYRFDUHOHQFHQGLGRGHVXVYHVWLPHQWDV
8QDUHODFLyQDGHFXDGDGHOUHFLSLHQWHFRQODXQLGDG
GHVXSHUILFLHWDPELpQPHMRUDUiODHILFLHQFLD
6yORFLHUWRVWLSRVGHUHFLSLHQWHVGHYLGULRYLGULRFHUiPLFR
FHUiPLFDXRWURVUHFLSLHQWHVYLGULDGRVSXHGHQXWLOL]DUVH
VREUHODHVWXIDRWURVSXHGHQURPSHUVHGHELGRDOFDPELR
UHSHQWLQRGHWHPSHUDWXUD
3DUDPLQLPL]DUODSRVLELOLGDGGHTXHPDGXUDV
HOHQFHQGLGRGHPDWHULDOHVLQIODPDEOHV\ORVGHUUDPHV
ODPDQLMDGHORVUHFLSLHQWHVGHEHQJLUDUVHKDFLDHOFHQWURGH
ODFRFLQDVLQH[WHQGHUVHVREUHQLQJXQDXQLGDG
GHVXSHUILFLHFHUFDQD
6LIODPEHDDOLPHQWRVEDMRODFDPSDQDHQFLHQGD
HOYHQWLODGRU
6LVHSURGXFHXQFRUWHGHOX]HQXQDFRFLQDHOpFWULFD
PLHQWUDVODXQLGDGVXSHUILFLDOHVWiHQ21(QFHQGLGROD
XQLGDGVHYROYHUiDHQFHQGHUFXDQGRUHJUHVHODOX](QFDVR
GHIDOWDGHFRUULHQWHVLQRVHJLUDQWRGDVODVSHULOODVGHOD
XQLGDGGHVXSHUILFLDODODSRVLFLyQ2))$SDJDGRVHSRGUiQ
LQFHQGLDUDUWtFXORVHQRFHUFDGHODHVWXIDORFXDOSRGUi
SURGXFLUOHVLRQHVJUDYHVRODPXHUWH
7HQJDFXLGDGRDOWRFDUODHVWXID/DVXSHUILFLHGHYLGULRGHOD
HVWXIDUHWHQGUiFDORUGHVSXpVGHTXHORVFRQWUROHVVHKD\DQ
DSDJDGR
1RFRFLQHVREUHXQDHVWXIDURWD6LODHVWXIDVHURPSHODV
VROXFLRQHVGHOLPSLH]D\ORVGHUUDPHVSXHGHQSHQHWUDU
HQODHVWXIDURWD\FUHDUXQULHVJRGHGHVFDUJDHOpFWULFD
&RPXQtTXHVHFRQXQWpFQLFRFDOLILFDGRGHLQPHGLDWR
(YLWHUD\DUODHVWXIDGHYLGULR/DHVWXIDSXHGHUD\DUVHFRQ
HOHPHQWRVWDOHVFRPRFXFKLOORVLQVWUXPHQWRVILORVRVDQLOORVX
RWUDVMR\DV\UHPDFKHVGHODURSD
1RFRORTXHRDOPDFHQHHOHPHQWRVTXHSXHGHQGHUUHWLUVHR
SUHQGHUVHIXHJRVREUHODHVWXIDGHYLGULRD~QFXDQGRQROD
HVWpXVDQGR6LODHVWXIDVHHQFLHQGHHQIRUPDDFFLGHQWDO
SXHGHQSUHQGHUVHIXHJR(OFDORUSURYHQLHQWHGHODHVWXIDR
GHODYHQWLODFLyQGHOKRUQRWDPELpQSXHGHSUHQGHUORVIXHJR
D~QVLHODSDUDWRHVWiDSDJDGR
8VHHOOLPSLDGRUGHHVWXIDVFHUiPLFDV&(5$0$%5<7(
\ODHVSRQMLOODGHOLPSLH]D&(5$0$%5<7(
SDUDOLPSLDU
ODHVWXID(VSHUHKDVWDTXHODHVWXIDVHHQIUtH\ODOX]
LQGLFDGRUDVHDSDJXHDQWHVGHOLPSLDU8QDHVSRQMD
RXQSDxRK~PHGRVVREUHXQDVXSHUILFLHFDOLHQWHSXHGHQ
SURYRFDUTXHPDGXUDVGHYDSRU$OJXQRVOLPSLDGRUHVSXHGHQ
SURGXFLUKXPRVWy[LFRVVLVHORVDSOLFDDXQDVXSHUILFLH
FDOLHQWH127$/RVGHUUDPHVGHD]~FDUVRQODH[FHSFLyQ
eVWRVGHEHQTXLWDUVHPLHQWUDVHVWiQFDOLHQWHVXWLOL]DQGRXQD
DJDUUDGHUD\XQUDVSDGRU3DUDLQVWUXFFLRQHVGHWDOODGDVYHU
ODVHFFLyQ&yPROLPSLDU
ODHVWXIDGHYLGULR
/HD\FXPSODFRQWRGDVODVLQVWUXFFLRQHV\DGYHUWHQFLDVGHOD
HWLTXHWDGHODFUHPDGHOLPSLH]D
1RVXPHUMDRUHPRMHODVXQLGDGHVGHVXSHUILFLH
GHVPRQWDEOHV1RODVFRORTXHHQHOODYDYDMLOODV
1RFRORTXHODVXQLGDGHVGHVXSHUILFLHGHQWURGHOKRUQR
FXDQGRUHDOLFHODDXWROLPSLH]D6LORKDFHSXHGHQOOHJDUD
IDOODUSURYRFDQGRXQSHOLJURGHTXHPDGXUDVRGHLQFHQGLR
3DUDHYLWDUODSRVLELOLGDGGHXQDTXHPDGXUDRGHVFDUJD
HOpFWULFDVLHPSUHYHULILTXHTXHORVFRQWUROHVGHWRGDV
ODVXQLGDGHVGHVXSHUILFLHVHHQFXHQWUHQHQODSRVLFLyQ2))
DSDJDGR\TXHWRGDVODVERELQDVHVWpQIUtDVDQWHV
GHOHYDQWDURTXLWDUXQDXQLGDGGHVXSHUILFLHGHERELQDV
$VHJ~UHVHGHTXHODVEDQGHMDVFROHFWRUDVQRHVWpQFXELHUWDV
\VHHQFXHQWUHQHQVXOXJDU6XDXVHQFLDGXUDQWHODFRFFLyQ
SRGUtDGDxDUODVSLH]DV\HOFDEOHDGRGHODFRFLQD
1RXVHSDSHOGHDOXPLQLRSDUDFXEULUFDFHURODVHQOD
SDUWHLQIHULRU(OSDSHOSXHGHDWUDSDUHOFDORURGHUUHWLUVH
RFDVLRQDQGRGDxRVVREUHHOSURGXFWR\ULHVJRGHGHVFDUJD
HOpFWULFDRLQFHQGLR
,16758&&,21(6'(6(*85,'$''(/$(678)$
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/$
(678)$5$',$17(DOJXQRVPRGHORV
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/$
(678)$'(%2%,1$6
DOJXQRVPRGHORV
$'9(57(1&,$
background
*($SSOLDQFHVFRP
0DQWpQJDVHDOHMDGRGHODFRFLQDFXDQGRDEUD
ODSXHUWDGHOKRUQR(ODLUH\HOYDSRUFDOLHQWHVTXHVDOHQGHOD
FRFLQDSXHGHQSURYRFDUTXHPDGXUDVHQPDQRVURVWUR\R
RMRV
0DQWHQJDVLQREVWUXFFLRQHVODYHQWLODFLyQGHOKRUQR
0DQWHQJDHOKRUQROLEUHGHDFXPXODFLRQHVGHJUDVD
/DJUDVDGHQWURGHOKRUQRSXHGHSUHQGHUVHIXHJR
6LHPSUHFRORTXHODVEDQGHMDVGHOKRUQRHQODSRVLFLyQ
GHVHDGDPLHQWUDVHOKRUQRHVWpIUtR6LODEDQGHMDGHEH
TXLWDUVHFXDQGRHOKRUQRWRGDYtDHVWiFDOLHQWHQRSHUPLWD
TXHODDJDUUDGHUDWRTXHHOHOHPHQWRFDOHQWDGRUGHOKRUQR
&XDQGRXWLOLFHEROVDVGHFRFFLyQRGHDVDGRHQHOKRUQRVLJD
ODVLQVWUXFFLRQHVGHOIDEULFDQWH
7LUHGHODEDQGHMDGHOKRUQRKDVWDODSRVLFLyQGHWRSH
GHGHWHQFLyQFXDQGRFDUJXHRGHVFDUJXHDOLPHQWRV
GHOKRUQR(VWRD\XGDDHYLWDUTXHPDGXUDVSRUWRFDU
VXSHUILFLHVFDOLHQWHVGHODSXHUWD\ODVSDUHGHVGHOKRUQR
1RGHMHSURGXFWRVFRPRSDSHOXWHQVLOLRVGHFRFLQD
RDOLPHQWRVHQHOKRUQRFXDQGRQRORHVWpXVDQGR
/RVHOHPHQWRVJXDUGDGRVHQHOKRUQRSXHGHQSUHQGHUVH
IXHJR
1RXVHSDSHOGHDOXPLQLRSDUDFXEULUHOIRQGRGHOKRUQR(O
DOXPLQLRSXHGHDWUDSDUHOFDORURGHUUHWLUVHORFXDOSXHGH
GDxDUHOSURGXFWR\SURYRFDUULHVJRGHGHVFDUJDHOpFWULFDR
XQLQFHQGLR
/DFDUDFWHUtVWLFDGHDXWROLPSLH]DIXQFLRQDHQHOKRUQRDWHPSHUDWXUDVORVXILFLHQWHPHQWHHOHYDGDVFRPRSDUDTXHPDUORV
UHVWRVGHDOLPHQWRVTXHTXHGDURQGHQWURGHOKRUQR6LJDHVWDVLQVWUXFFLRQHVSDUDXQDRSHUDFLyQVHJXUD
$QWHVGHLQLFLDUHOFLFORGHDXWROLPSLH]DTXLWHODVROODV
EDQGHMDVGHOKRUQRGHPHWDOEULOODQWH\RWURVXWHQVLOLRV
GHOKRUQR6yORSXHGHQGHMDUVHHQHOKRUQRODVEDQGHMDV
UHYHVWLGDVGHSRUFHODQDJULVRQHJUDV1RXWLOLFHODDXWR
OLPSLH]DSDUDOLPSLDURWUDVSLH]DVFRPREDQGHMDVGHJRWHR
EULOODQWHVRWD]RQHV
$QWHVGHXWLOL]DUHOFLFORGHDXWROLPSLH]DOLPSLHODJUDVD\ORV
GHUUDPHVGHDOLPHQWRVGHOKRUQR8QDFDQWLGDGH[FHVLYDGH
JUDVDSXHGHHQFHQGHUVHJHQHUDQGRGDxRVSRUHOKXPRHQ
VXKRJDU
6LHOPRGRGHDXWROLPSLH]DQRIXQFLRQDDSDJXHHOKRUQR
\GHVFRQHFWHHOVXPLQLVWURGHHQHUJtD/ODPHDXQWpFQLFR
FDOLILFDGRSDUDVROLFLWDUHODUUHJOR
1ROLPSLHODHPSDFDGXUDGHODSXHUWD/DHPSDFDGXUDGH
ODSXHUWDHVHVHQFLDOSDUDXQEXHQVHOODGR'HEHWHQHUVH
FXLGDGRGHQRUHIUHJDUGDxDURPRYHUODHPSDFDGXUD
1RXWLOLFHOLPSLDGRUHVGHKRUQR1RGHEHXWLOL]DUVHQLQJ~Q
OLPSLDGRUFRPHUFLDORUHYHVWLPLHQWRSURWHFWRUGHQLQJXQD
FODVHGHQWURRDOUHGHGRUGHQLQJXQDSLH]DGHOKRUQR
(OREMHWLYRGHOFDMyQFDOHQWDGRUHVPDQWHQHUDOLPHQWRV
FRFLGRVFDOLHQWHVDODWHPSHUDWXUDGHVHUYLFLR3RUGHEDMRGH
ORV)&SXHGHSURGXFLUVHFUHFLPLHQWRGHEDFWHULDVHQ
ORVDOLPHQWRV1RFRORTXHDOLPHQWRVIUtRV
HQHOFDMyQFDOHQWDGRU1RFDOLHQWHDOLPHQWRVSRUPiV
GHKRUDV1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDU
HQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV
1RGHMHSURGXFWRVGHSDSHOSOiVWLFRVFRPLGDHQODWDGD
RPDWHULDOHVFRPEXVWLEOHVHQHOFDMyQ3XHGHQSUHQGHUVH
IXHJR
1RWRTXHHOHOHPHQWRFDOHQWDGRURODVXSHUILFLHLQWHUQDGHO
FDMyQ(VWDVVXSHUILFLHVSXHGHQHVWDUORVXILFLHQWHPHQWH
FDOLHQWHVFRPRSDUDSURYRFDUTXHPDGXUDV
7HQJDFXLGDGRDODEULUHOFDMyQ$EUDXQSRFRHOFDMyQ\GHMH
VDOLUHODLUHFDOLHQWH\HOYDSRUDQWHVGHTXLWDURYROYHUD
FRORFDUORVDOLPHQWRV(ODLUH\HOYDSRUFDOLHQWHVTXHVDOHQ
SXHGHQSURYRFDUTXHPDGXUDVHQPDQRVURVWUR\RRMRV
1RXVHSDSHOGHDOXPLQLRSDUDFXEULUHOFDMyQLQIHULRU(OSDSHO
DWUDSDUiHQFDORUGHOIRQGR\DOWHUDUiHOIXQFLRQDPLHQWR
GHOKRUQR(OSDSHOVHSRGUiGHUUHWLU\GDxDUGHIRUPD
SHUPDQHQWHODSDUWHLQIHULRUGHOFDMyQ&XDOTXLHUGDxRSRU
XVRLQDGHFXDGRGHOSDSHOGHDOXPLQLRQRHVWDUiFXELHUWRSRU
ODJDUDQWtDGHOSURGXFWR
,16758&&,21(6'(6(*85,'$''(/+2512
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/
+2512$872/,03,$17(DOJXQRVPRGHORV
$'9(57(1&,$
&$-Ï1&$/(17$'25&$-Ï1'(/+2512
,1)(5,25,16758&&,21(6'(6(*85,'$'
$'9(57(1&,$
DOJXQRVPRGHORV
background
8VRGHXQLGDGHVGHODVXSHUILFLH
5,(6*2'(,1&(1',21XQFDSLHUGDGHYLVWDODFRFLQDFXDQGRODHVWXIDHVWp
HQODVFRQILJXUDFLRQHVPHGLRRDOWR0DQWHQJDORVtWHPVLQIODPDEOHVDOHMDGRV
GHODHVWXID$SDJXHWRGRVORVFRQWUROHVFXDQGRILQDOLFHODFRFFLyQ6LQRVH
VLJXHQHVWDVLQVWUXFFLRQHVVHSRGUiSURGXFLULQFHQGLRVOHVLRQHVJUDYHVRODPXHUWH
(VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO
&yPR&RQILJXUDU
8QLGDGHV6XSHUILFLDOHV'REOHV
\7ULSOHV\3HULOODVGH&RQWURO
HQDOJXQRVPRGHORV
/DXQLGDGGHVXSHUILFLHSRVHHRWDPDxRV
GHFRFFLyQTXHVHSXHGHQVHOHFFLRQDUGH
PRGRTXHSXHGDHQOD]DUHOWDPDxRGHOD
XQLGDGDOWDPDxRGHOXWHQVLOLRTXHHVWpXVDQGR
7DQWRHQ2))$SDJDGR
FRPRHQ+,$OWRHOFRQWURO
VHDMXVWDHQODSRVLFLyQ(V
SRVLEOHTXHHVFXFKHOHYHV
VRQLGRVGHDMXVWHGXUDQWH
ODFRFFLyQLQGLFDQGRTXHHO
FRQWUROHVWiPDQWHQLHQGRVX
FRQILJXUDFLyQGHVHDGD
$VHJ~UHVHGHJLUDUODSHULOOD
GHFRQWUROD2))$SDJDGR
FXDQGRILQDOLFHODFRFFLyQ
0RGHORVFRQXQHOHPHQWRVXSHUILFLDO
GH$QLOOR'REOH~QLFDPHQWH
$'9(57(1&,=$
3UHVLRQHODSHULOODKDFLDDGHQWUR\JLUH
HQFXDOTXLHUDGHODVGLUHFFLRQHVKDVWDOD
FRQILJXUDFLyQTXHGHVHH
8QDOX]LQGLFDGRUDGHGHVXSHUILFLHHQ21
(QFHQGLGREULOODUiFXDQGRXQDXQLGDG
VXSHUILFLDOHVWpHQFHQGLGD
3DUDVXSHUILFLHVGHYLGULRGHODHVWXID
8QDOX]LQGLFDGRUDGH(678)$&$/,(17(
VHHQFHQGHUiFXDQGRODXQLGDGHVWpFDOLHQWH
DOWDFW
SHUPDQHFHUiHQFHQGLGDLQFOXVROXHJRGH
TXHODXQLGDGHVWpDSDJDGD
3HUPDQHFHUiHQFHQGLGDKDVWDTXHODXQLGDG
VHHQIUtHDDSUR[LPDGDPHQWH)
Melt
Rear
8
7
6
54
3
2
9
1
/DFRQILJXUDFLyQ0HOW'HUUHWLUHQDOJXQRV
PRGHORVGHUUHWLUiFKRFRODWHRPDQWHFD
/DFRQILJXUDFLyQ6LPPHU+HUYRU/HQWRHQ
DOJXQRVPRGHORVKHUYLUiVDOVDVDIXHJROHQWR
0RGHORVFRQXQHOHPHQWRVXSHUILFLDO
GH$QLOOR7ULSOH~QLFDPHQWH
background
8VRGHOÈUHDSDUD&DOHQWDU
5,(6*2'((19(1(1$0,(172&21&20,'$
6HSXHGHQGHVDUUROODUEDFWHULDVFXDQGROD
FRPLGDHVWpDXQDWHPSHUDWXUDLQIHULRUDORV

6LHPSUHFRPLHQFHFRQFRPLGDFDOLHQWH1R
XVHFRQILJXUDFLRQHVHQ:$50&DOLHQWH
SDUDFDOHQGDUFRPLGDIUtD
1RXVHODFRQILJXUDFLyQ:$50&DOHQWDU
GXUDQWHPiVGHKRUDV
6LQRVHVLJXHQHVWDVLQVWUXFFLRQHVVHSRGUiQ
SURGXFLUHQIHUPHGDGHVJHQHUDGDVHQOD
FRPLGD
:$50,1*=21(ÈUHDSDUD&DOHQWDUXELFDGD
HQODSDUWHFHQWUDOWUDVHUDGHODVXSHUILFLHGH
YLGULRPDQWHQGUiODFRPLGDFDOLHQWH\FRFLGDD
ODWHPSHUDWXUDSDUDVHUYLU6LHPSUHFRPLHQFH
FRQFRPLGDFDOLHQWH1RXVHODIXQFLyQSDUD
FDOHQWDUFRPLGDIUtD&RORFDUFRPLGDTXHQR
HVWiFRFLQDGDRIUtDHQHOÈUHDSDUD&DOHQWDU
SRGUtDSURGXFLUHQIHUPHGDGHVGHVDUUROODGDV
SRUEDFWHULDVHQODFRPLGD
3DUDXVDUODIXQFLyQ:$50,1*=21(ÈUHD
SDUD&DOHQWDU
3UHVLRQHODWHFOD:$50,1*=21(21
2))(QFHQGLGR$SDJDGRGHOÈUHDSDUD
&DOHQWDU
3UHVLRQHODWHFODEDMRPHGLRR
DOWRSDUDVHOHFFLRQDUODFRQILJXUDFLyQGH
FRQWUROGHVHDGD
3UHVLRQHODWHFOD67$57,QLFLDU(QOD
SDQWDOODGHFRQWUROVHYLVXDOL]DUi
:$50(5+27210iV&DOLHQWH$FWLYDGR
3DUDDSDJDUODIXQFLyQ:$50,1*=21(
ÈUHDSDUD&DOHQWDU
3UHVLRQHODWHFOD:$50,1*=21(21
2))(QFHQGLGR$SDJDGRGHOÈUHDSDUD
&DOHQWDU
127$/DWHFOD&/($52))%RUUDU$SDJDU
QRDSDJDUiODIXQFLyQ:$50,1*=21(
ÈUHDSDUD&DOHQWDU
3DUDREWHQHUPHMRUHVUHVXOWDGRVWRGDVODV
FRPLGDVHQHOÈUHDSDUD&DOHQWDUGHEHUtDQ
HVWDUFXELHUWDVSRUXQDWDSDRSDSHOGH
DOXPLQLR$OFDOHQWDUSDVWHOHVRSDQHVODWDSD
VHGHEHUiYHQWLODUSDUDGHMDUTXHODKXPHGDG
VDOJD
8VHODFRQILJXUDFLyQPiVEDMDSDUDSDQHV\
PDVDV8VHXQDFRQILJXUDFLyQPHGLDSDUD
YHUGXUDVVDOVDVJXLVRVVRSDVGHFUHPD
PDQWHFD\FKRFRODWH8VHODFRQILJXUDFLyQPiV
DOWDSDUDVRSDVOtTXLGDV\EHELGDVFDOLHQWHV
(VWDVFRQILJXUDFLRQHVLQLFLDOHVVXJHULGDVVRQ
SDUDUHIHUHQFLD~QLFDPHQWH/DWHPSHUDWXUD
WLSR\FDQWLGDGGHFRPLGDHOWLSRGHROOD\HO
WLHPSRDIHFWDUiQODFDOLGDGGHODFRPLGD
6LHPSUHXVHODVPDQLMDVGHODVROODVRJXDQWHV
SDUDKRUQRDOUHWLUDUFRPLGDGHOÈUHDSDUD
&DOHQWDU\DTXHORVXWHQVLOLRV\SODWRVHVWDUiQ
FDOLHQWHV
127$(OFDOHQWDGRUVXSHUILFLDOHPLWLUiXQEULOOR
URMRDOLJXDOTXHORVHOHPHQWRVGHFRFFLyQ
0RGHORVFRQXQTXHPDGRUGHOSXHQWH
:DUPLQJ=RQH
*($SSOLDQFHVFRP
(VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO
8VRGHO4XHPDGRUGHO3XHQWHHQDOJXQRVPRGHORV
3DUDXVDUHOTXHPDGRUGHOSXHQWHJLUH
ODSHULOODGHFRQWUROIURQWDOL]TXLHUGDDODV
FRQILJXUDFLRQHVGHO48(0$'25'(/38(17(
3DUDXQXVRFRPSOHWRGHODXQLGDGVXSHUILFLDO
GHOSXHQWHWDPELpQJLUHODXQLGDGVXSHUILFLDO
WUDVHUDL]TXLHUGD
3DUDXVDUVyORODXQLGDGVXSHUILFLDOIURQWDOJLUH
ODSHULOODGHFRQWURODODVFRQILJXUDFLRQHVGHO
48(0$'25)5217$/
$'9(57(1&,$
WARMING
ZONE
ON/OFF
background
/LPLWDGRUGH7HPSHUDWXUDHQ(VWXIDVGH9LGULR5DGLDQWH
&DGDXQLGDGGHVXSHUILFLHUDGLDQWHFXHQWDFRQ
XQOLPLWDGRUGHWHPSHUDWXUD
(OOLPLWDGRUGHWHPSHUDWXUDHYLWDTXHODHVWXIDGH
YLGULRVHFDOLHQWHHQH[FHVR
(OOLPLWDGRUGHWHPSHUDWXUDSRGUiDSDJDUODV
XQLGDGHVVXSHUILFLDOHVSRUFLFORVGXUDQWHXQ
WLHPSRVL
ODROODKLHUYHKDVWDVHFDUVH
HOIRQGRGHODROODQRHVSODQR
ODROODHVWiIXHUDGHOFHQWUR
QRKD\ROODHQODXQLGDG
8VRGHXQLGDGHVGHODVXSHUILFLH
&RQVHMRVSDUD3URGXFWRV(QODWDGRVHQHO+RJDU
$VHJ~UHVHTXHHOSURGXFWRHQODWDGRVH
HQFXHQWUHVREUHODXQLGDGVXSHUILFLDO
$VHJ~UHVHGHTXHHOSURGXFWRHQODWDGRVHD
SODQRHQVXSDUWHLQIHULRU
3DUDHYLWDUTXHPDGRUDVGHYDSRURFDORU
WHQJDFXLGDGRDOHQODWDUHOSURGXFWR
8VHUHFHWDV\SURFHGLPLHQWRVGHIXHQWHV
FRQILDEOHV(VWRVVHHQFXHQWUDQGLVSRQLEOHVD
WUDYpVGHIDEULFDQWHVFRPR%DOO\.HUU\HO
'HSDUWPHQWRI$JULFXOWXUH([WHQVLRQ6HUYLFH
6HUYLFLRGHO'HSDUWDPHQWRGH$JULFXOWXUD
(OXVRGHHQODWDGRVFHUUDGRVDEDxRPDUtDFRQ
IRQGRVRQGHDGRVSRGUiQH[WHQGHUHOWLHPSR
UHTXHULGRSDUDWUDHUHODJXDDOSXQWRGHKHUYRU
3DUD0RGHORVFRQ(VWXIDGH9LGULR5DGLDQWH
/DHVWXIDUDGLDQWHFXHQWDFRQXQLGDGHV
FDOHQWDGRUDVGHEDMRGHXQDVXSHUILFLHOLVDGH
YLGULR
127$8QOLJHURRORUHVQRUPDOFXDQGR
XQDHVWXIDQXHYDVHXWLOL]DSRUSULPHUDYH]
(VSURYRFDGRSRUHOFDOHQWDPLHQWRGHSLH]DV
QXHYDV\PDWHULDOHVDLVODQWHV\GHVDSDUHFHUiHQ
SRFRWLHPSR
127$(QPRGHORVFRQHVWXIDVGHYLGULR
GHFRORUFODURHVQRUPDOTXHODV]RQDV
GHFRFFLyQFDPELHQGHFRORUFXDQGRHVWiQ
FDOLHQWHVRHQIULiQGRVH(VWRHVWHPSRUDO\
GHVDSDUHFHUiDPHGLGDTXHHOYLGULRVHHQIUtH
DWHPSHUDWXUDDPELHQWH
/DXQLGDGVXSHUILFLDOVHJXLUiXQFLFORGH
HQFHQGLGR\DSDJDGRSDUDPDQWHQHUVX
FRQILJXUDFLyQGHFRQWUROVHOHFFLRQDGD
(VVHJXURFRORFDUXWHQVLOLRVFDOLHQWHVHQOD
VXSHUILFLHGHYLGULRLQFOXVRFXDQGRODHVWXID
HVWpIUtD
$XQTXHODVXQLGDGHVGHVXSHUILFLHVHKD\DQ
DSDJDGRODHVWXIDGHYLGULRUHWLHQHVXILFLHQWH
FDORUSDUDFRQWLQXDUODFRFFLyQ3DUDHYLWDUOD
VREUHFRFFLyQTXLWHODVROODVGHODVXQLGDGHVGH
VXSHUILFLHFXDQGRORVDOLPHQWRVHVWpQFRFLGRV
1RFRORTXHQDGDVREUHODXQLGDGGHVXSHUILFLH
KDVWDTXHVHKD\DHQIULDGRSRUFRPSOHWR
/DVPDQFKDVGHDJXDGHSyVLWRVPLQHUDOHV
SXHGHQTXLWDUVHXWLOL]DQGRFUHPDOLPSLDGRUD
RYLQDJUHEODQFRVLQGLOXLU
(OXVRGHOLPSLDGRUGHYHQWDQDVSXHGHGHMDU
XQDSHOtFXODLULGLVFHQWHVREUHODHVWXID
/DFUHPDOLPSLDGRUDTXLWDUiHVWD
GHFRORUDFLyQ
1RDOPDFHQHHOHPHQWRVSHVDGRVVREUH
ODHVWXID6LFDHQVREUHODHVWXIDSRGUtDQ
SURYRFDUGDxRV
1RXWLOLFHODVXSHUILFLHFRPRXQDWDEODSDUD
FRUWDU
1XQFDFRFLQHGLUHFWDPHQWHVREUHHO
YLGULR6LHPSUHXWLOLFHUHFLSLHQWHVGH
FRFFLyQ
6LHPSUHFRORTXHHOUHFLSLHQWHHQHO
FHQWURGHODXQLGDGGHVXSHUILFLH
VREUHODTXHHVWiFRFLQDQGR
1RGHVOLFHORVUHFLSLHQWHVGHFRFFLyQDWUDYpVGHOFRQWURO
\ODVXSHUILFLHGHODHVWXIDSRUTXHSXHGHUD\DUHOYLGULR
(OYLGULRHVUHVLVWHQWHDORVUD\RQHVSHURQRDSUXHEDGH
ORVPLVPRV
background
&yPRVHOHFFLRQDUWLSRVGHXWHQVLOLRVSDUD
PRGHORVGHHVWXIDGHYLGULRUDGLDQWH *($SSOLDQFHVFRP
$FHURLQR[LGDEOH
5HFRPHQGDGR
$OXPLQLR
6HUHFRPLHQGDGHFDSDJUXHVD
%XHQDFRQGXFWLYLGDG/RVUHVLGXRVGHDOXPLQLR
DYHFHVSDUHFHQUD\RQHVVREUHODHVWXIDSHUR
SXHGHQTXLWDUVHVLVHORVOLPSLDGHLQPHGLDWR
'HELGRDVXEDMRSXQWRGHIXVLyQQRGHEH
XWLOL]DUVHDOXPLQLRGHFDSDILQD
%DVHGHFREUH
5HFRPHQGDGR
(OFREUHSXHGHGHMDUUHVLGXRVTXHSXHGHQ
SDUHFHUUD\RQHV/RVUHVLGXRVSXHGHQ
HOLPLQDUVHVLHPSUH\FXDQGRODHVWXID
VHOLPSLHGHLQPHGLDWR6LQHPEDUJRQR
SHUPLWDTXHHVWDVROODVKLHUYDQHQVHFR
(OPHWDOVREUHFDOHQWDGRSXHGHDGKHULUVH
DODVHVWXIDVGHYLGULR6LQRVHHOLPLQDGH
LQPHGLDWRXQDROODFRQODEDVHGHFREUH
VREUHFDOHQWDGRGHMDUiXQUHVLGXRTXH
PDQFKDUiODHVWXIDHQIRUPDSHUPDQHQWH
(VPDOWHGHSRUFHODQDVREUHKLHUUR
IXQGLGR
6HUHFRPLHQGDVLODEDVHGHODROODVHHQFXHQWUD
UHYHVWLGD
(VPDOWHGHSRUFHODQDVREUHDFHUR
1RVHUHFRPLHQGD
&DOHQWDUUHFLSLHQWHVYDFtRVSXHGHSURYRFDU
GDxRVSHUPDQHQWHVDOYLGULRGHODVHVWXIDV(O
HVPDOWHSXHGHGHUUHWLUVH\DGKHULUVHDODHVWXID
FHUiPLFD
9LGULRFHUiPLFR
1RVHUHFRPLHQGD
'HVHPSHxRSREUH5D\DODVXSHUILFLH
&HUiPLFD
1RVHUHFRPLHQGD
'HVHPSHxRSREUH3XHGHUD\DUODVXSHUILFLH
+LHUURIXQGLGR
1RVHUHFRPLHQGDDPHQRVTXHVHHQFXHQWUH
HVSHFtILFDPHQWHGLVHxDGRSDUDHVWXIDVGHYLGULR
3REUHFRQGXFWLYLGDG\OHQWLWXGSDUDDEVRUEHUHO
FDORU5D\DODVXSHUILFLHGHODHVWXID
/DVLJXLHQWHLQIRUPDFLyQORD\XGDUiDHOHJLUORVUHFLSLHQWHVGHFRFFLyQTXHEULQGDQXQEXHQGHVHPSHxR
HQHVWXIDVGHYLGULR9HUHOIROOHWRVREUHUHFLSLHQWHVSDUDXVDUFRQHVWXIDVGHLQGXFFLyQ
127$6LJDWRGDVODVUHFRPHQGDFLRQHVGHOIDEULFDQWHGHUHFLSLHQWHVFXDQGRXWLOLFHFXDOTXLHUFODVH
GHUHFLSLHQWHGHFRFFLyQVREUHODHVWXIDFHUiPLFD
3DUDPHMRUHVUHVXOWDGRV
&RORTXHVyORUHFLSLHQWHVVHFRVVREUHORV
HOHPHQWRVGHVXSHUILFLH1RFRORTXHWDSDV
VREUHORVHOHPHQWRVGHVXSHUILFLHHQ
HVSHFLDOWDSDVPRMDGDV
1RXVHZRNVFRQDQLOORVGHVRSRUWH
(VWDFODVHGHZRNQRVHFDOLHQWDVREUH
HOHPHQWRVGHVXSHUILFLHGHYLGULR
5HFRPHQGDPRVHOXVRGHZRNVGH
EDVHSODQDVRODPHQWH6HHQFXHQWUDQ
GLVSRQLEOHVHQVXQHJRFLRPLQRULVWDORFDO
/DEDVHGHOZRNGHEHWHQHUHOPLVPR
GLiPHWURTXHHOHOHPHQWRGHVXSHUILFLH
SDUDDVHJXUDUXQFRQWDFWRDGHFXDGR
$OJXQRVSURFHGLPLHQWRVGHFRFFLyQ
HVSHFLDOHVUHTXLHUHQUHFLSLHQWHV
GHFRFFLyQHVSHFtILFRVFRPRROODV
DSUHVLyQIUHLGRUDVHWF7RGRVORV
UHFLSLHQWHVGHFRFFLyQGHEHQWHQHUEDVHV
SODQDV\VHUGHOWDPDxRFRUUHFWR
1RSHUPLWDTXHORVDOLPHQWRVKLHUYDQHQ
VHFR\DTXHORVUHFLSLHQWHVGHFRFFLyQ
SXHGHQDGKHULUVHDODVXSHUILFLHGH
FRFFLyQSURYRFDQGRGDxRVSHUPDQHQWHV
DODHVWXID
1RFRORTXHUHFLSLHQWHVPRMDGRV
VREUHODHVWXIDGHYLGULR
1RXVHZRNVFRQDQLOORVGH
VRSRUWHVREUHODHVWXIDGHYLGULR
8WLOLFHZRNVGHEDVHSODQDVREUH
ODHVWXIDGHYLGULR
9HULILTXHTXHORVUHFLSLHQWHV
WHQJDQEDVHVSODQDVXWLOL]DQGR
XQDUHJOD
1RVHUHFRPLHQGDQUHFLSLHQWHVFRQ
EDVHVUHGRQGHDGDVFXUYDGDVFRQ
UHERUGHVRWRUFHGXUDV
background
(VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO
8VRGHORVFRQWUROHVGHOKRUQR
7HFOD$VDU$OWR%DMR
3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQDVDU/HD
ODVHFFLyQ&yPR&RQILJXUDUHO+RUQRSDUD$VDU
7HFODGH+RUQHDGR
3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQKRUQHDU
/HDODVHFFLyQ&yPR&RQILJXUDUHO+RUQRSDUD
+RUQHDU
7HFODGH+251($'2325&219(&&,Ï1
8VHXQYHQWLODGRUSDUDKDFHUFLUFXODUDLUHHQHO
KRUQR/HDODVHFFLyQVREUH8VRGHOKRUQRSRU
FRQYHFFLyQ
7HFODGH7RVWDGRSRU&RQYHFFLyQHQDOJXQRV
PRGHORV
7RXFKWRURDVWODUJHWHQGHUFXWVRIPHDW
6HHWKH8VLQJWKHFRQYHFWLRQRYHQVHFWLRQ
7HFOD:$50&DOHQWDU
3UHVLRQHSDUDPDQWHQHUFDOLHQWHVODVFRPLGDV
\DFRFLQDGDV/HDODVHFFLyQ&yPR&RQILJXUDUHO
+RUQRSDUD&DOHQWDU
7HFOD352%(6RQGD
3UHVLRQHDOXVDUODVRQGDSDUDFRFLQDUGHIRUPD
DXWRPiWLFDHQODWHPSHUDWXUDGHFRPLGDLQWHUQD
GHVHDGD&RQVXOWHODVHFFLyQ8VRGHOD6RQGD
7HFOD6(/)&/($1$XWR/LPSLH]D
3UHVLRQHODDXWROLPSLH]DGHOKRUQR&RQVXOWHOD
VHFFLyQ8VRGHO+RUQRFRQ$XWR/LPSLH]D
7HFODGH7LHPSRGH&RFFLyQ
3UHVLRQHSDUDFDQFHODU72'$6ODVRSHUDFLRQHV
GHOKRUQRH[FHSWRHOUHORM\HOWHPSRUL]DGRU
7HFODGH3UXHEDHQDOJXQRVPRGHORV
3UHVLRQHSDUDVHOHFFLRQDUXQDPELHQWHFiOLGR
TXHVHD~WLOSDUDODHOHYDFLyQGHSURGXFWRV
IHUPHQWDGRVDEDVHGHOHYDGXUD
7HFOD:$50,1*=21(ÈUHDSDUD&DOHQWDU
3UHVLRQHHVWDWHFODSDUDPDQWHQHUFDOLHQWHVODV
FRPLGDV\DFRFLQDGDV&RQVXOWHODVHFFLyQGH
8VRGHOÈUHDSDUD&DOHQWDU
7HFOD29(1/,*+7/X]GHO+RUQR
3UHVLRQHSDUDHQFHQGHURDSDJDUODVOXFHVGHO
KRUQR
7HFOD7,0(5212))(QFHQGHU$SDJDU
7HPSRUL]DGRU
127$$OFRQILJXUDUORVWLHPSRVVyORVHUHDOL]DQ
DMXVWHVGHKRUDV\PLQXWRV(OWLHPSRPtQLPRTXH
VHSXHGHFRQILJXUDUHVGHXQPLQXWR
3UHVLRQHSDUDFRQILJXUDUHOWHPSRUL]DGRU
GHODFRFLQD&RQVXOWHODVHFFLyQGH8VRGHO
7HPSRUL]DGRUGHOD&RFLQD
7HFOD&22.,1*7,0(7LHPSRGH&RFFLyQ
127$$OFRQILJXUDUORVWLHPSRVVyORVHUHDOL]DQ
DMXVWHVGHKRUDV\PLQXWRV(OWLHPSRPtQLPRTXH
VHSXHGHFRQILJXUDUHVGHXQPLQXWR
3UHVLRQHHVWD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
/X]GHO+RUQR(QFHQGLGD$SDJDGD
7RXFKWKLVSDGWRVHWWKHRYHQWRVWDUW
DXWRPDWLFDOO\DWDWLPH\RXVHW
7HFOD%RUUDU$SDJDU
(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
OLPSLH]DDXWRPiWLFD
&RQVXOWHODVHFFLyQ3DUDFRQILJXUDUHOUHORM
6LVXKRUQRIXHFRQILJXUDGRSDUDXQ
IXQFLRQDPLHQWRSRUWLHPSR\VHSURGXFH
XQFRUWHGHFRUULHQWHHOUHORM\ODVIXQFLRQHV
SURJUDPDGDVVHUiQUHLQLFLDGDV/DKRUDGHOGtD
WLWLODUiHQODSDQWDOODFXDQGRKD\DKDELGRXQ
FRUWHGHFRUULHQWH
%/248(2'(/&21752/
/DVWHFODVGHFRQWUROVHSRGUiQEORTXHDUGH
PRGRTXHQRVHSXHGDQDFWLYDUVLVHSUHVLRQHV
&RQVXOWHODVHFFLyQ&yPR%ORTXHDUORV
&RQWUROHV
7HFOD3522)3UXHED
3UHVLRQHHVWDWHFODSDUDHOHYDUSURGXFWRV
IHUPHQWDGRVDEDVHGHOHYDGXUD&RQVXOWHOD
VHFFLyQ&yPR&RQILJXUDUHO+RUQRSDUD5HDOL]DU
3UXHEDV

KITCHEN
TIMER
ON/OFF
WARMING
ZONE
ON/OFF
background
3DUD3URJUDPDUHO&RQWDGRUGH7LHPSR
3UHVLRQHODWHFOD.,7&+(17,0(5212))
7HPSRUL]DGRUGHOD&RFLQD(QFHQGLGR
$SDJDGR

3UHVLRQHODVWHFODVQXPpULFDVKDVWDTXHOD
FDQWLGDGGHWLHPSRTXHGHVHDDSDUH]FDHQ
ODSDQWDOOD3RUHMHPSORSDUDSURJUDPDU
KRUDV\PLQXWRVWRTXH\HQHVH
RUGHQ6LFRPHWHXQHUURUSUHVLRQHODWHFOD
.,7&+(17,0(5212))
7HPSRUL]DGRU
GHOD&RFLQD(QFHQGLGR$SDJDGR
\
YXHOYDDFRPHQ]DU
3UHVLRQHODWHFOD67$57,QLFLDU
/XHJRGHSUHVLRQDUODWHFOD67$57,QLFLDU6(7
&RQILJXUDFLyQGHVDSDUHFHHVWROHLQGLFDTXH
HOWLHPSRHVWiHQFXHQWDUHJUHVLYDDXQTXHOD
SDQWDOODQRFDPELDKDVWDTXHKD\DSDVDGRXQ
PLQXWR/RVVHJXQGRVQRVHPRVWUDUiQHQOD
SDQWDOODKDVWDTXHVHUHDOLFHODFXHQWDUHJUHVLYD
GHO~OWLPRPLQXWR

&XDQGRHOFRQWDGRUGHODFRFLQDOOHJXHD
HOFRQWUROKDUiSLWLGRVDJXGRVVHJXLGRVGH
XQSLWLGRDJXGRFDGDVHJXQGRVKDVWDTXH
VHSUHVLRQHODWHFOD
.,7&+(17,0(521
2))
7HPSRUL]DGRUGHOD&RFLQD
(QFHQGLGR$SDJDGR
(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
(O7HPSRUL]DGRUGHOD&RFLQDFXHQWD
HQKRUDV\PLQXWRV
(O7HPSRUL]DGRUGHOD&RFLQDQR
FRQWURODODVRSHUDFLRQHVGHOKRUQR/D
FRQILJXUDFLyQPi[LPDGHO7HPSRUL]DGRU
GHOD&RFLQDHVGHKRUDV\PLQXWRV
3DUD5HLQLFLDUHO7HPSRUL]DGRUGHOD&RFLQD
&yPR%ORTXHDUORV&RQWUROHV
3DUD&RQILJXUDUHO5HORM
6LODSDQWDOODD~QPXHVWUDHOWLHPSRUHVWDQWHOD
SXHGHFDPELDUSUHVLRQDQGRODWHFOD
.,7&+(1
7,0(5212))
7HPSRUL]DGRUGHOD&RFLQD
(QFHQGLGR$SDJDGR
\OXHJRSUHVLRQDQGRODV
WHFODVQXPpULFDVKDVWDTXHHOWLHPSRTXHGHVHD
DSDUH]FDHQODSDQWDOOD
6LHOWLHPSRUHVWDQWHQRVHHQFXHQWUDHQOD
SDQWDOODUHORMLQLFLRGHPRUDGRRWLHPSRGH
FRFFLyQDSDUHFHQHQODSDQWDOODUHFXHUGHHO
WLHPSRUHVWDQWHSUHVLRQDQGRODWHFOD
.,7&+(1
7,0(5212))
7HPSRUL]DGRUGHOD&RFLQD
(QFHQGLGR$SDJDGR
\OXHJRSUHVLRQDQGRODV
WHFODVQXPpULFDVSDUDLQJUHVDUHOQXHYRWLHPSR
TXHGHVHH
&RQWURO/RFNRXW%ORTXHRGHO&RQWUROOH
SHUPLWLUiEORTXHDUODVWHFODVWiFWLOHVGHPRGR
TXHQRVHSXHGDQDFWLYDUDOVHUWRFDGDV
3DUD
EORTXHDUGHVEORTXHDUORVFRQWUROHV
0DQWHQJDSUHVLRQDGDVODVWHFODV\DO
PLVPRWLHPSRGXUDQWHVHJXQGRV/D
SDQWDOODPRVWUDUi/2&21%ORTXHR
(QFHQGLGR
3DUDGHVEORTXHDUHOFRQWUROPDQWHQJD
SUHVLRQDGDVODVWHFODV\DOPLVPR
WLHPSRGXUDQWHVHJXQGRV/DSDQWDOOD
PRVWUDUi/2&2))%ORTXHR$SDJDGR
&XDQGRHVWDIXQFLyQHVWpHQFHQGLGDODVWHFODV
WiFWLOHVQRUHVSRQGHUiQH[FHSWRODWHFOD&OHDU
2II%RUUDU$SDJDU
/RVDMXVWHVVHJXDUGDUiQHQODPHPRULD
OXHJRGHXQFRUWHGHFRUULHQWH
(OUHORMVHGHEHUiFRQILJXUDUHQODKRUD
FRUUHFWDGHOGtDSDUDTXHODVIXQFLRQHV'HOD\
6WDUW,QLFLR'HPRUDGRIXQFLRQHQGHIRUPD
DGHFXDGD/DKRUDGHOGtDQRVHSXHGHFDPELDU
GXUDQWHXQDFRFFLyQGHPRUDGDRGXUDQWHHO
FLFORGHDXWROLPSLH]D
3UHVLRQHODWHFOD&ORFN5HORM
3UHVLRQHODVWHFODVQXPpULFDVKDVWDTXHOD
KRUDFRUUHFWDGHOGtDDSDUH]FDHQOD
SDQWDOOD6LODVWHFODVQXPpULFDVQRVH
WRFDQGHQWURGHXQPLQXWROXHJRGHKDEHU
WRFDGRODWHFOD&/2&.5HORMODSDQWDOOD
YXHOYHDODFRQILJXUDFLyQRULJLQDO6LHVWR
VXFHGHSUHVLRQHODWHFOD&/2&.5HORM\
YXHOYDDLQJUHVDUODKRUDGHOGtD
3UHVLRQH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&/2&.5HORM
/DKRUDGHOGtDDSDUHFHKDVWDTXHRWUDWHFOD
HVSUHVLRQDGD3DUDFDPELDUHOIRUPDWRGHOD
KRUDRDSDJDUODSDQWDOODGHOUHORMFRQVXOWHOD
VHFFLyQ6SHFLDO)HDWXUHV)XQFLRQHV(VSHFLDOHV
3DUD&DQFHODUHO7HPSRUL]DGRUGHOD&RFLQD
7RXFKWKH.,7&+(17,0(5212))SDGWZLFH
8VRGHOUHORMWHPSRUL]DGRUGHODFRFLQD
\EORTXHRGHOFRQWURO *($SSOLDQFHVFRP

KITCHEN
TIMER
ON/OFF
KITCHEN
TIMER
ON/OFF
background
*UDVSKHUH

&yPRXVDUHOKRUQR
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHODVEDQGHMDVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR
/DVEDQGHMDVWLHQHQWRSHVGHPRGRTXH
FXDQGRVHODVFRORFDFRUUHFWDPHQWHHQORV
VRSRUWHVVHGHWHQGUiQDQWHVGHVDOLUVHGHOWRGR
\QRVHYROFDUiQ
&XDQGRFRORTXHRTXLWHUHFLSLHQWHVGHFRFFLyQ
WLUHGHODEDQGHMDKDVWDTXHVHGHWHQJD
(QDOJXQRVPRGHORVHOHOHPHQWRFDOHQWDGRU
SDUDKRUQHDGRVHHQFXHQWUDGHEDMRGHOSLVRGHO
KRUQR1XQFDFRORTXHXWHQVLOLRVGHFRFLQD
SLHGUDVSDUDSL]]DQLRWURVDUWtFXORVHQHO
SLVRGHOKRUQR
3DUDTXLWDUXQDEDQGHMDWLUHGHHOODLQFOLQHHO
H[WUHPRIURQWDOKDFLDDUULED\ViTXHOD
3DUDYROYHUDFRORFDUODGHSRVLWHHOH[WUHPR
GHODEDQGHMDWRSHVGHGHWHQFLyQVREUHHO
VRSRUWHLQFOLQHHOIUHQWHKDFLDDUULED\SUHVLRQH
ODEDQGHMDKDFLDDGHQWUR
&XDQGRXWLOLFHODEDQGHMDHQODSRVLFLyQPiV
EDMD$QHFHVLWDUiWHQHUFXLGDGRFXDQGROD
TXLWH5HFRPHQGDPRVTXHGHVOLFHODEDQGHMD
YDULDVSXOJDGDV\OXHJRXWLOL]DQGRGRV
DJDUUDGHUDVODTXLWHVRVWHQLHQGRGHDPERV
ODGRV/DEDQGHMDVHHQFXHQWUDPX\DEDMR\
XVWHGSXHGHTXHPDUVHVLFRORFDODPDQRHQOD
PLWDGGHODEDQGHMD\WLUDKDFLDDIXHUD7HQJD
PXFKRFXLGDGRGHQRTXHPDUVHODPDQRFRQOD
SXHUWDFXDQGRXWLOLFHODEDQGHMDHQODSRVLFLyQ
PiVEDMD$
/DFDQWLGDGGHSRVLFLRQHV
GHODEDQGHMDSXHGHYDULDUHQ
UHODFLyQDOPRGHOR
35(&$8&,Ï1
3DUULOODGHH[WHQVLyQHQDOJXQRVPRGHORV
&XDQGRFRORTXHRTXLWHUHFLSLHQWHV
GHFRFFLyQVLHPSUHWLUHGHODSDUULOODKDFLD
DIXHUDGHVGHHOULHOIURQWDOVXSHULRUKDVWD
DOFDQ]DUODSRVLFLyQGHDSHUWXUDWRWDO
1RH[WLHQGDODSDUULOODUiSLGDPHQWH/RV
DOLPHQWRVSXHGHQGHVOL]DUVHGHVGHHOIUHQWH
GHODSDUULOOD
3DUDTXLWDUODSDUULOOD
$VHJ~UHVHGHLQWURGXFLUODSDUULOODKDVWDHO
IRQGRGHOKRUQRGHPRGRTXHODVSDOHWDV
ODWHUDOHVGHODUPD]yQGHODSDUULOODVH
GHVHQJDQFKHQGHODFDYLGDG
'HVOLFHODSDUULOODKDFLDXVWHGKDVWDTXH
OOHJXHDOWRSHSRVLFLyQGHWHQLGDGHO
VRSRUWHGHODSDUULOOD
,QFOLQHHOH[WUHPRIURQWDOKDFLDDUULED\
TXtWHOR
127$&XDQGRPDQLSXOHODSDUULOODGH
H[WHQVLyQQRSHUPLWDTXHODSRUFLyQ
GHVOL]DEOHVHDEUD(VWRSXHGHGDxDUORV
GHVOL]DGRUHV
3DUDYROYHUDFRORFDUODSDUULOOD
7RPHILUPHPHQWHDPERVODGRVGHO
DUPD]yQGHODSDUULOOD\ODSDUULOOD
GHVOL]DEOH
&RORTXHHOH[WUHPRFXUYRGHOHVWDQWHHQOD
SRVLFLyQGHVHDGDLQFOLQHHOIUHQWHKDFLD
DUULED\SUHVLRQHODSDUULOODKDFLDDGHQWUR
35(&$8&,Ï1
1XQFDXWLOLFHODSDUULOODFXDQGRVXDUPD]yQ
QRVHHQFXHQWUDFRPSOHWDPHQWHLQWURGXFLGR
HQHOKRUQR\WUDEDGRHQVXSRVLFLyQ
&XDQGRODSDUULOODVHHQFXHQWUDELHQLQVWDODGD
\WUDEDGDHQVXOXJDUODVSDOHWDVODWHUDOHVGH
EORTXHRGHODUPD]yQGHODSDUULOODVHWUDEDUiQ
HQVXOXJDUHQORVVRSRUWHVGHOKRUQR6L
ODVSDOHWDVODWHUDOHVQRVHWUDEDURQHQVX
SRVLFLyQUHSLWDORVSDVRVDQWHULRUHV\YHULILTXH
TXHODVSDOHWDVODWHUDOHVVHKD\DQOLPSLDGR
\OXEULFDGRFRUUHFWDPHQWH9HU3DUULOODGH
H[WHQVLyQHQODVHFFLyQ&XLGDGR\OLPSLH]D
5LHOIURQWDO
VXSHULRU
3RVLFLyQGH
DSHUWXUDWRWDO
1XQFDFRORTXHXWHQVLOLRVGH
FRFLQDSLHGUDVSDUDSL]]DQLRWURV
DUWtFXORVHQHOSLVRGHOKRUQR
$QWHVGHFRPHQ]DU«
background
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRRURVWL]DGR
3UHVLRQHHOERWyQ%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVKDVWD
TXHDSDUH]FDODWHPSHUDWXUDGHVHDGD
3UHVLRQHHOERWyQ67$57LQLFLDU
(OKRUQRVHLQLFLDUiDXWRPiWLFDPHQWH/D
SDQWDOODPRVWUDUi3U(PLHQWUDVUHDOL]DHO
SUHFDOHQWDPLHQWR&XDQGRHOKRUQRDOFDQ]DOD
WHPSHUDWXUDVHOHFFLRQDGDHOFRQWUROGHOKRUQR
HPLWLUiYDULRVSLWLGRV\ODSDQWDOODPRVWUDUiOD
WHPSHUDWXUDGHOKRUQR
127$ 8VWHGHVFXFKDUiHOYHQWLODGRU
GHFRQYHFFLyQHQDOJXQRVPRGHORVPLHQWUDVHO
KRUQRUHDOL]DHOSUHFDOHQWDPLHQWR
(OYHQWLODGRUVHGHWHQGUiFXDQGRHOKRUQRVH
KD\DSUHFDOHQWDGR\ODSDQWDOODPRVWUDUiOD
WHPSHUDWXUDFRQILJXUDGD(VWRHVQRUPDO
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRGXUDQWHHO
FLFOR%$.(KRUQHDUSUHVLRQHHOERWyQ%$.(
\OXHJRODVDOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDU
ODQXHYDWHPSHUDWXUD
9HULILTXHHOQLYHOGHFRFFLyQGHORVDOLPHQWRV
FXDQGRKD\DDOFDQ]DGRHOWLHPSRPtQLPR
LQGLFDGRHQODUHFHWD&RFtQHORVPiVVLIXHVH
QHFHVDULR
3UHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGRFXDQGRVHKD\DILQDOL]DGRHO
KRUQHDGR\OXHJRTXLWHORVDOLPHQWRVGHO
KRUQR
3UHFDOHQWDPLHQWR\FRORFDFLyQGHUHFLSLHQWH
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXH
ODVEDQGHMDVHQODSRVLFLyQGHVHDGDDQWHVGH
HQFHQGHUHOKRUQR
3UHFDOLHQWHGHOKRUQRVLDVtORLQGLFDODUHFHWD
(OSUHFDOHQWDPLHQWRHVQHFHVDULRSDUDREWHQHU
EXHQRVUHVXOWDGRVFXDQGRKRUQHHSDVWHOHV
JDOOHWDVSDVWHOLWRV\SDQHV
6LYDDKRUQHDUFXDWURFDSDVGHSDVWHODOPLVPR
WLHPSRFRORTXHGRVFDSDVHQODEDQGHMD&\GRV
FDSDVHQODEDQGHMD('LVWULEX\DORVUHFLSLHQWHV
GHPRGRTXHQRTXHGHQGLUHFWDPHQWHXQR
HQFLPDGHORWUR
/RVUHVXOWDGRVGHKRUQHDGRVHUiQPHMRUHVVL
ORVDOLPHQWRVVHFHQWUDQELHQGHQWURGHOKRUQR
(OSDVWHO´$QJHOIRRGµHVODH[FHSFLyQ\GHEH
FRORFDUVHHQODEDQGHMDLQIHULRUGHOKRUQRSRVLFLyQ
$6LJDODVLQVWUXFFLRQHVGHOSDTXHWHGHDOLPHQWRV
SUHHPSDTXHWDGRVRFRQJHODGRVSDUDODXELFDFLyQ
GHORVUHFLSLHQWHV/RVUHFLSLHQWHVQRGHEHQWRFDUVH
HQWUHVtRWRFDUODVSDUHGHVGHOKRUQR6LQHFHVLWD
XWLOL]DUGRVEDQGHMDVGLVWULEX\DORVUHFLSLHQWHVGH
PRGRTXHQRTXHGHQGLUHFWDPHQWHXQRHQFLPD
GHORWUR'HMHDSUR[LPDGDPHQWH
øsFPHQWUH
UHFLSLHQWHV\GHVGHHOIUHQWHSDUWHWUDVHUD\ODGRVGH
ODVSDUHGHVGHOKRUQR
*($SSOLDQFHVFRP
3DSHOGHDOXPLQLR
1RXVHSDSHOGHDOXPLQLRSDUDFXEULUHOIRQGR
GHOKRUQR(ODOXPLQLRDWUDSDUiHOFDORUHQOD
SDUWHLQIHULRU\DOWHUDUiHOIXQFLRQDPLHQWRGHO
KRUQR(ODOXPLQLRVHSXHGHGHUUHWLU\GDxDU
GHIRUPDSHUPDQHQWHHOIRQGRGHOKRUQR
&XDOTXLHUGDxRSRUXVRLQDGHFXDGRGHO
DOXPLQLRQRHVWDUiFXELHUWRSRUODJDUDQWtDGHO
SURGXFWR
(ODOXPLQLRVHSXHGHXVDUSDUDUHWHQHUGHUUDPHV
FRORFDQGRXQDKRMDHQHOHVWDQWHLQIHULRUYDULDV
SXOJDGDVSRUGHEDMRGHODFRPLGD1RXVH
PiVDOXPLQLRTXHHOQHFHVDULR\QXQFDFXEUD
WRWDOPHQWHXQHVWDQWHGHOKRUQRFRQSDSHOGH
DOXPLQLR0DQWHQJDHODOXPLQLRSRUORPHQRVD
XQDSXOJDGD\PHGLDGHODVSDUHGHVGHOKRUQR
SDUDHYLWDUXQDPDODFLUFXODFLyQGHOFDORU

*XtDSDUD'RUDU
&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
background

&yPRXVDUHOKRUQR
&yPRFRQILJXUDUHOKRUQRSDUDDVDU
6LVXFRFLQDHVWiFRQHFWDGDDYROWLRV
SXHGHQDVDUVHILOHWHVMXJRVRVSUHFDOHQWDQGRHO
DVDGRU\FRORFDQGRODEDQGHMDGHOKRUQRHQ
XQDSRVLFLyQPiVHOHYDGD
8WLOLFH/2%URLODVDUEDMRSDUDFRFLQDUSRU
FRPSOHWRDOLPHQWRVFRPRDYHVRFRUWHV
JUXHVRVGHFDUQHVLQGRUDUORVGHPiV
&RORTXHODFDUQHRSHVFDGRVREUHXQD
DVDGHUDGHQWURGHXQDUHMLOODGLVHxDGD
SDUDDVDU
6LJDODVSRVLFLRQHVGHODVEDQGHMDV
VXJHULGDVHQOD*XtDGHDVDGR
3UHVLRQHHOERWyQ%52,/+,/2DVDUDOWR
EDMRXQDYH]SDUDFRQILJXUDU+,%URLO
DVDUDOWR
3DUDFDPELDUD/2%URLODVDUEDMR
SUHVLRQHHOERWyQ%52,/+,/2DVDUDOWR
EDMRGHQXHYR
3UHVLRQHHOERWyQ67$57LQLFLDU
&XDQGRKD\DILQDOL]DGRGHDVDUSUHVLRQH
HOERWyQ&/($52))ERUUDUDSDJDGR
(OWDPDxRSHVRJURVRU
WHPSHUDWXUDLQLFLDO\
HOSXQWRGHFRFFLyQSUHIHULGR
DIHFWDUiQORVWLHPSRV
GHDVDGR(VWDJXtDHVWi
EDVDGDHQFDUQHVD
WHPSHUDWXUDGHUHIULJHUDGRU
(O0LQLVWHULRGH$JULFXOWXUDGH
ORV((88DILUPD´ODFDUQHGH
UHVMXJRVDHVSRSXODUSHURGHEH
VDEHUVHTXHDOFRFLQDUODDVyOR
)&DOJXQRVRUJDQLVPRV
TXHSURYRFDQLQWR[LFDFLyQ
DOLPHQWDULDSXHGHQVREUHYLYLUµ
)XHQWH6DIH)RRG%RRN<RXU
.LWFKHQ*XLGH86'$5HY
-XQLR
*XtDGHDVDGR
1LYHO 3RVLFLyQ
$OLPHQWR GHFRFFLyQ 7LSRRJURVRU GHODEDQGHMD &RPHQWDULRV
&DUQHGHUHV -XJRVD )LOHWHV² (R)ORVDOLPHQWRV (VGLItFLOFRFLQDUILOHWHVGHPHQRV
)& *URVRUGHµFP GHEHQHVWDUµDµ GHODµFPGHJURVRU\TXH
>FPDFP@GHO TXHGHQMXJRVRV6HFRFLQDQ
HOHPHQWRGHDVDGR SRUFRPSOHWRDQWHVGHGRUDUVH
FRFLQDQSRUFRPSOHWR
$SXQWR )LOHWHV² (ORVDOLPHQWRVGHEHQ 3DUDHYLWDUTXHODFDUQD
)& µDµFPD HVWDUGHµDµ VHHQURVTXHFRUWHODJUDVDDVH
FPGHJURVRU >FPDFP@GHO HQURVTXHLQWHUYDORVGHµFP
HOHPHQWRGHDVDGR
 
 %LHQFRFLGD )LOHWHV² 'R(ORVDOLPHQWRV
)& µDµFPD GHEHQHVWDUGHµDµ 
FPGHJURVRUR >FPDFP@GHO 
SDWWLHVGHFDUQHSLFDGD HOHPHQWRGHDVDGR
3ROOR 3HFKXJDVLQKXHVR &ORVDOLPHQWRVGHEHQ $VDUVREUHHOODGRGHODSLHO
HVWDUGHµDµ SULPHUR
>FPDFP@GHO
HOHPHQWRGHDVDGR

3HFKXJDFRQKXHVR &ORVDOLPHQWRVGHEHQ
HVWDUGHµDµ
>FPDFP@GHO
HOHPHQWRGHDVDGR
)LOHWHVGH µDµFPD 'R(ORVDOLPHQWRV 0DQLSXOH\JLUHFRQ
SHVFDGR FPGHJURVRU GHEHQHVWDUµDµ PXFKRFXLGDGR
>FPDFP@GHO
HOHPHQWRGHDVDGR
&KXOHWDV %LHQFRFLGD µFP 'ORVDOLPHQWRVGHEHQ 3DUDHYLWDUTXHODFDUQDGHFHUGR
)& GHJURVRU HVWDUGHµDµ VHHQURVTXHFRUWH
>FPDFP@GHO ODJUDVDDLQWHUYDORV 
 HOHPHQWRGHDVDGR GHµFP
'HMHODSXHUWDDELHUWDHQODSRVLFLyQ
GHGHWHQFLyQGHDVDGR/DSXHUWD
TXHGDDELHUWD\D~QDVtVH
PDQWLHQHODWHPSHUDWXUDDGHFXDGD
HQHOKRUQR
3UHFDOLHQWHODDVDGHUDGXUDQWHPLQXWRVSDUDPHMRUDUHOGHVHPSHxR
6LVXFRFLQDHVWiFRQHFWDGDDYROWLRVORVELVWHFVYXHOWD\YXHOWDVHSXHGHQDVDU
SUHFDOHQWDQGRHODVDGRU\SRVLFLRQDQGRHOHVWDQWHGHOKRUQRXQDSRVLFLyQPiVDUULED
background

&yPRDMXVWDUHOWHUPRVWDWR
3UHVLRQHORVERWRQHV%52,/+,/2DVDU
DOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRKDVWDTXHHQODSDQWDOODSXHGD
YHUVH6)
3UHVLRQHODWHFOD%$.(+RUQHDU(QOD
SDQWDOODVHPXHVWUDXQQ~PHUR
/DWHPSHUDWXUDGHOKRUQRSXHGHVXELUVH
HQ)&REDMDUVHHQ)
&3UHVLRQHODVDOPRKDGLOODVQXPpULFDV
GHODPLVPDPDQHUDHQTXHODVOHH3RU
HMHPSORSDUDFDPELDUODWHPSHUDWXUDGHO
KRUQR)&SUHVLRQH\
3UHVLRQHODWHFOD%$.(+RUQHDU
QXHYDPHQWHSDUDDOWHUQDUHQWUH
LQFUHPHQWDU\UHGXFLUODWHPSHUDWXUDGHO
KRUQR
&XDQGRKD\DILQDOL]DGRHODMXVWHSUHVLRQH
HOERWyQ67$57LQLFLDUSDUDYROYHUDOD
SDQWDOODGHODKRUD8WLOLFHHOKRUQRGHOD
PDQHUDQRUPDO
£$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHGPLVPR *($SSOLDQFHVFRP
(VSRVLEOHTXHVXQXHYRKRUQRFRFLQHGHPDQHUDGLIHUHQWHDODTXHXVWHGVHHQFXHQWUDDFRVWXPEUDGR8WLOtFHORGXUDQWH
DOJXQDVVHPDQDVSDUDIDPLOLDUL]DUVHFRQVXVIXQFLRQHV6LOXHJRGHHVWHSHUtRGRFRQVLGHUDTXHODWHPSHUDWXUDGHOKRUQR
HVGHPDVLDGREDMDRGHPDVLDGRDOWDXVWHGSXHGHUHJXODUHOWHUPRVWDWR
1RXWLOLFHWHUPyPHWURVFRPRORVTXHVHYHQGHQHQODVWLHQGDVSDUDYHULILFDUODFRQILJXUDFLyQGHWHPSHUDWXUDGHOKRUQR
(VRVWHUPyPHWURVSXHGHQYDULDUHQWUH²JUDGRV
127$(VWHDMXVWHVyORDIHFWDODVWHPSHUDWXUDVGHKRUQHDGR\URVWL]DGRQRDIHFWDODVWHPSHUDWXUDVGHDVDGRR
GHDXWROLPSLH]D(ODMXVWHVHFRQVHUYDUiHQODPHPRULDD~QGHVSXpVGHXQFRUWHGHHQHUJtD
£(OWLSRGHPDUJDULQDXWLOL]DGRPRGLILFDHOKRUQHDGR
/DPD\RUtDGHODVUHFHWDVGHKRUQHDGRLQFOX\HQSURGXFWRVGHDOWRFRQWHQLGRJUDVRWDOHVFRPRODPDQWHFDRODPDUJDULQD
GHJUDVD6LVHUHGXFHHOFRQWHQLGRGHJUDVDHOUHVXOWDGRILQDOSXHGHVHUGLIHUHQWHDOHVSHUDGR
6LVHXWLOL]DQSURGXFWRVGHEDMRFRQWHQLGRJUDVRHQWRUWDVSDVWHOHVPDVDVJDOOHWDVRGXOFHVODUHFHWDSXHGHIUDFDVDU$
PHQRUFRQWHQLGRJUDVRPD\RUHVGLIHUHQFLDVHQHOUHVXOWDGRILQDO
/DVQRUPDVIHGHUDOHVH[LJHQTXHORVSURGXFWRVFRQGHQRPLQDFLyQGH´PDUJDULQDµWHQJDQXQFRQWHQLGRJUDVRGHDOPHQRV
HQUHODFLyQDOSHVR/RVSURGXFWRVGHEDMRFRQWHQLGRJUDVRFRQWLHQHQPHQRVJUDVD\PiVDJXD(OHOHYDGRFRQWHQLGRGHKXPHGDG
GHHVWRVSURGXFWRVDIHFWDODWH[WXUD\HOVDERUGHORVDOLPHQWRVKRUQHDGRV3DUDREWHQHUORVPHMRUHVUHVXOWDGRVFRQVXVUHFHWDV
WUDGLFLRQDOHVIDYRULWDVXWLOLFHPDUJDULQDXRWURVSURGXFWRVFRQXQFRQWHQLGRGHSRUORPHQRVGHDFHLWHYHJHWDO
background
&yPRXVDUHOKRUQRGHFRQYHFFLyQHQDOJXQRVPRGHORV

'HELGRDTXHHODLUHFDOLHQWHFLUFXODHQIRUPD
SDUHMDHQWRGRHOKRUQRORVDOLPHQWRVSXHGHQ
KRUQHDUVHFRQH[FHOHQWHVUHVXOWDGRVXVDQGR
EDQGHMDVP~OWLSOHV
(OKRUQHDGRFRQEDQGHMDVP~OWLSOHVSXHGH
LQFUHPHQWDUXQSRFRORVWLHPSRVGHFRFFLyQ
GHDOJXQRVDOLPHQWRVSHURHOUHVXOWDGRWRWDO
HVHODKRUURGHWLHPSR/DVJDOOHWDVPXIILQV
EL]FRFKRV\RWURVSDQHVUiSLGRVORJUDQ
UHVXOWDGRVPX\EXHQRVFRQHOKRUQHDGRFRQ
EDQGHMDVP~OWLSOHV
&XDQGRKRUQHHFRQEDQGHMDVFRORTXHXQD
HQODVHJXQGD%SRVLFLyQRWUDHQODFXDUWD'
SRVLFLyQ\ODWHUFHUDHQODVH[WD)SRVLFLyQ
3DUDKRUQHDGRFRQGRVEDQGHMDVFRORTXH
XQDHQODVHJXQGD%SRVLFLyQ&RORTXHODRWUD
EDQGHMDHQODTXLWD(SRVLFLyQ
+RUQHDGRSRUFRQYHFFLyQFRQEDQGHMDVP~OWLSOHV
3RVLFLyQGHEDQGHMDVP~OWLSOHV
&XDQGRUHDOLFHXQKRUQHDGRSRUFRQYHFFLyQ
FRQVyOREDQGHMDFRORTXHORVDOLPHQWRVHQHO
FHQWURGHOKRUQR
+RUQHDGRSRUFRQYHFFLyQFRQEDQGHMDHQDOJXQRVPRGHORV
)XQFLRQDPLHQWRGHOYHQWLODGRUGHFRQYHFFLyQ
(QXQKRUQRGHFRQYHFFLyQXQYHQWLODGRU
KDFHFLUFXODUDLUHFDOLHQWHVREUHSRUGHEDMR\
DOUHGHGRUGHORVDOLPHQWRV
(VWDFLUFXODFLyQGHDLUHFDOLHQWHVHGLVWULEX\HGH
PDQHUDSDUHMDDWUDYpVGHODFDYLGDGGHOKRUQR
&RPRUHVXOWDGRORVDOLPHQWRVVHFRFLQDQ\
GRUDQHQIRUPDSDUHMDDPHQXGRHQPHQRV
WLHPSR
127$(QDOJXQRVPRGHORVHOYHQWLODGRUIXH
GLVHxDGRSDUDJLUDUHQDPEDVGLUHFFLRQHVFRQ
XQDSDXVDLQWHUPHGLD(VWRHVQRUPDO
(OYHQWLODGRUGHFRQYHFFLyQVHDSDJDFXDQGR
VHDEUHODSXHUWDGHKRUQR12'(-(ODSXHUWD
DELHUWDGXUDQWHSHUtRGRVSURORQJDGRVPLHQWUDV
XWLOL]DODFRFFLyQSRUFRQYHFFLyQ\DTXHSXHGH
DFRUWDUODYLGD~WLOGHOHOHPHQWRFDOHQWDGRUGH
FRQYHFFLyQ
5HMLOOD
$VDGHUD
%XHQRSDUDJUDQGHVFRUWHVGHFDUQHWLHUQD
VLQFXEULU
(OYHQWLODGRUGHFRQYHFFLyQKDFHFLUFXODU
HODLUHFDOLHQWHHQIRUPDSDUHMDVREUH\
DOUHGHGRUGHORVDOLPHQWRV/DVFDUQHVGHUHV
\GHDYHVHGRUDQSRUFRPSOHWRFRPRVLVH
KXELHVHQFRFLQDGRFRQXQURVWL]DGRUJLUDWRULR
(ODLUHFDOLHQWHVHOODORVMXJRVUiSLGDPHQWH
SDUDORJUDUXQSURGXFWRMXJRVR\WLHUQR
PLHQWUDVDOPLVPRWLHPSRVHFUHDXQDULFD
FDSDH[WHUQDPDUUyQGRUDGD
&XDQGRHVWpURVWL]DQGRSRUFRQYHFFLyQUHVXOWD
LPSRUWDQWHTXHXWLOLFHODDVDGHUD
\ODSDUULOODSDUDPHMRUHVUHVXOWDGRVGH
URVWL]DGRSRUFRQYHFFLyQ/DDVDGHUD
VHXWLOL]DSDUDUHWHQHUORVGHUUDPHV
GHJUDVD\ODSDUULOODVHXVDSDUDSUHYHQLU
VDOSLFDGXUDVGHJUDVD
5RVWL]DGRSRUFRQYHFFLyQHQDOJXQRVPRGHORV
background

3UHVLRQHODWHFOD&219(&7,21%$.(
+RUQHDGRSRU&RQYHFFLyQHQDOJXQRV
PRGHORVXQDYHFHVSDUDKRUQHDUSRU
FRQYHFFLyQFRQP~OWLSOHVSDUULOODV
&RQVXOWHODVHFFLyQGH+RUQHDGRSRU
&RQYHFFLyQFRQ0~OWLSOHV3DUULOODV
3UHVLRQHODWHFOD&219(&7,21%$.(
+RUQHDGRSRU&RQYHFFLyQXQDYH]SDUD
KRUQHDUSRUFRQYHFFLyQGRVSDUULOOD
&RQVXOWHODVHFFLyQGH+RUQHDGRSRU
&RQYHFFLyQFRQ3DUULOOD
3UHVLRQHHOERWyQ&219(&7,2152$67
URVWL]DGRSRUFRQYHFFLyQSDUDURVWL]DGR
SRUFRQYHFFLyQHQDOJXQRVPRGHORV
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
127$6LOD)XQFLyQGH&RQYHUVLyQ$XWR5HFLSH
VHHQFXHQWUDDFWLYDGDDXWRPiWLFDPHQWH
UHGXFLUiODWHPSHUDWXUDGHKRUQHDGRUHJXODUHQ
DSUR[LPDGDPHQWH)KDVWDODWHPSHUDWXUD
GHFRQYHFFLyQDSURSLDGDHQHOPRGRGH
KRUQHDGRSRUFRQYHFFLyQ/HD&RQYHUVLyQFRQ
$XWR5HFLSHHQODVHFFLyQGH&DUDFWHUtVWLFDV
(VSHFLDOHV
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRSUHVLRQH
HOERWyQ&219(&7,21%$.(KRUQHDGRSRU
FRQYHFFLyQR&219(&7,2152$67DVDGRSRU
FRQYHFFLyQ\OXHJRODVDOPRKDGLOODVQXPpULFDV
SDUDFRQILJXUDUODQXHYDWHPSHUDWXUD
&XDQGRHOKRUQRFRPLHQ]DDFDOHQWDUSRGUi
YHUVHODWHPSHUDWXUDFDPELDQWHFRPHQ]DQGR
D)&&XDQGRHOKRUQRDOFDQ]DOD
WHPSHUDWXUDFRQILJXUDGDVRQDUiQSLWLGRV
3UHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGRFXDQGRKD\DILQDOL]DGR
0LHQWUDVFRFLQHSRUFRQYHFFLyQVHRLUi
XQYHQWLODGRU(OYHQWLODGRUVHGHWHQGUi
FXDQGRVHDEUDODSXHUWDSHURHOFDORU
QRVHDSDJDUi
'XUDQWHHOKRUQHDGRSXHGHQHVFXFKDUVH
FKDVTXLGRVSURYHQLHQWHVGHOKRUQR
(VWRHVQRUPDO
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRRURVWL]DGRSRUFRQYHFFLyQ
*($SSOLDQFHVFRP
5HFLSLHQWHVSDUDFRFFLyQSRUFRQYHFFLyQ
$QWHVGHXWLOL]DUHOKRUQRGHFRQYHFFLyQYHULILTXH
TXHVXVHOHPHQWRVGHFRFFLyQGHMHQHVSDFLR
VXILFLHQWHSDUDODFLUFXODFLyQGHDLUHHQHOKRUQR
6LYDDKRUQHDUFRQYDULRVUHFLSLHQWHVGHMHXQ
HVSDFLRHQWUHHOORV$GHPiVDVHJ~UHVHGHTXH
ORVUHFLSLHQWHVQRVHWRTXHQHQWUHVtRWRTXHQODV
SDUHGHVGHOKRUQR
3DSHO\SOiVWLFR
/RVUHFLSLHQWHVGHSDSHO\SOiVWLFRUHVLVWHQWHV
DOFDORUUHFRPHQGDGRVSDUDXWLOL]DUHQ
KRUQHDGRQRUPDOWDPELpQSXHGHQXWLOL]DUVH
SDUDKRUQHDGRSRUFRQYHFFLyQSHURQRGHEHQ
XWLOL]DUVHDWHPSHUDWXUDVPiVHOHYDGDVTXHOD
WHPSHUDWXUDUHFRPHQGDGDSRUHOIDEULFDQWH
GHORVHOHPHQWRVGHFRFFLyQ7DPELpQSXHGHQ
XWLOL]DUVHHOHPHQWRVGHFRFFLyQSOiVWLFRV
UHVLVWHQWHVDWHPSHUDWXUDVGH)&
0HWDO\YLGULR
&XDOTXLHUWLSRGHUHFLSLHQWHGHFRFFLyQIXQFLRQD
HQVXKRUQRGHFRQYHFFLyQVLQHPEDUJR
ORVUHFLSLHQWHVGHPHWDOVHFDOLHQWDQPiV
UiSLGDPHQWH\VHUHFRPLHQGDQSDUDKRUQHDGR
SRUFRQYHFFLyQ
/DVEDQGHMDVRVFXUDVRFRQDFDEDGRPDWH
KRUQHDQDOLPHQWRVPiVUiSLGRTXHODV
EULOODQWHV
/RVUHFLSLHQWHVGHYLGULRRFHUiPLFDFRFLQDQ
PiVGHVSDFLR
3DUDUHFHWDVFRPRSROORKRUQHDGRXWLOLFHXQ
UHFLSLHQWHFRQODGRVEDMRV(ODLUHFDOLHQWHQRSXHGH
FLUFXODUELHQDOUHGHGRUGHORVDOLPHQWRVHQXQ
UHFLSLHQWHGHODGRVDOWRV
&XDQGRKRUQHHJDOOHWDVREWHQGUi
PHMRUHVUHVXOWDGRVVLXVDXQD
SODQFKDSODQDSDUDJDOOHWDVHQ
OXJDUGHXQUHFLSLHQWHGHODGRV
EDMRV
OR
background
&yPRXVDUODVRQGDHQDOJXQRVPRGHORV
,QWURGX]FDODVRQGDSRUFRPSOHWRHQORV
DOLPHQWRV
(QFKXIHODVRQGDGHQWURGHODERFDGHVDOLGD
GHOKRUQR9HULILTXHTXHHVWpLQWURGXFLGDKDVWD
HOIRQGR&LHUUHODSXHUWDGHOKRUQR9HULILTXH
TXHHOFDEOHGHODVRQGDQRWRTXHHOHOHPHQWR
DVDGRU
3UHVLRQHHOERWyQ352%(VRQGD
/DSDQWDOODPRVWUDUi
´6HW3UREHµ
7HPSHUDWXUDGHOD6RQGD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDV
SDUDFRQILJXUDUODWHPSHUDWXUDLQWHUQD
GHVHDGDGHORVDOLPHQWRVRGHODFDUQH/D
WHPSHUDWXUDLQWHUQDPi[LPDDODTXHSXHGHQ
FRQILJXUDUVHORVDOLPHQWRVHV)&
3UHVLRQHODWHFOD%$.(+RUQHDUR
&219(&7,21&RQYHFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
/DSDQWDOODGHVWHOODUiVLODVRQGDVHHQFXHQWUD
HQFKXIDGDGHQWURGHODERFDGHVDOLGD\XVWHGQRKD
FRQILJXUDGRXQDWHPSHUDWXUDGHVRQGD
\SUHVLRQDGRHOERWyQ67$57LQLFLDU
3UHVLRQHODWHFOD352%(6RQGDSDUDUHFRUGDUOD
WHPSHUDWXUDGHODVRQGDRODWHFOD%$.(+RUQHDU
R&219(&7,21&RQYHFFLyQSDUDUHFRUGDUOD
WHPSHUDWXUDGHOKRUQR3DUDODWHPSHUDWXUDGH
ODVRQGDOXHJR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ORV
DOLPHQWRVDOFDQ]DODFLIUDTXHXVWHGKD
FRQILJXUDGRODVRQGD\HOKRUQRVHDSDJDQ\
ORVFRQWUROHVGHOKRUQRFRPLHQ]DQDGHVWHOODU
3DUDGHWHQHUHOGHVWHOORSUHVLRQHHOERWyQ
&/($52))ERUUDUDSDJDGR8WLOLFHJXDQWHV
GHFRFLQDSDUDTXLWDUODVRQGDGHORVDOLPHQWRV
1RXWLOLFHSLQ]DVSDUDTXLWDUODSRUTXHSRGUtDQ
GDxDUOD
6LODVRQGDVHTXLWDGHOKRUQRPLHQWUDV
VHHVWDEDFRFLQDQGRHOKRUQRQRVHDSDJDUi
DXWRPiWLFDPHQWH
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRGXUDQWHHO
FLFORGHKRUQHDGRURVWL]DGRSUHVLRQHHOERWyQ%$.(
KRUQHDUR&219(&7,21FRQYHFFLyQ\OXHJRODV
DOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDUODQXHYD
WHPSHUDWXUD
3XHGHXWLOL]DUHOWHPSRUL]DGRUGHFRFLQDDXQTXH
QRSXHGHQXVDUVHRSHUDFLRQHV
GHOKRUQRFRQWHPSRUL]DGRUPLHQWUDVVHXWLOLFHOD
VRQGD

3DUDHYLWDUTXHPDGXUDVQRGHVHQFKXIHODVRQGDGH
ODERFDGHVDOLGDGHOKRUQRKDVWDTXHpVWHVHKD\D
HQIULDGR
(OXVRGHVRQGDVGLVWLQWDVDODVSURYLVWDVFRQHVWH
SURGXFWRSXHGHSURYRFDUOHVGDxRVDODVPLVPDVRDO
FRQWUROGHOKRUQR
8WLOLFHODVPDQLMDVGHODVRQGD\HOHQFKXIHFXDQGR
ODVLQWURGX]FD\TXLWHGHORVDOLPHQWRV\GHODERFD
GHVDOLGD
3DUDHYLWDUGDxRVDODVRQGDQRXWLOLFHSLQ]DVSDUD
WLUDUGHOFDEOHFXDQGRORTXLWH
3DUDQRURPSHUODVRQGDYHULILTXHTXHORV
DOLPHQWRVHVWpQWRWDOPHQWHGHVFRQJHODGRVDQWHV
GHLQWURGXFLUOD
'HVSXpVGHSUHSDUDUODFDUQH\FRORFDUODHQXQ
SRVDIXHQWHVRVREUHODUHMLOODGHODDVDGHUDVLJDHVWDV
LQVWUXFFLRQHVSDUDXQDFRORFDFLyQDGHFXDGDGHOD
VRQGD
,QWURGX]FDODVRQGDFRPSOHWDPHQWHHQODFDUQH1R
GHEHWRFDUKXHVRJUDVDRFDUWtODJR
127$1RLQVHUWDUSRUFRPSOHWRODVRQGDGHQWURGHOD
FDUQHSXHGHSURYRFDUXQSREUHGHVHPSHxRGHFRFFLyQ
SRUTXHODVRQGDGHWHFWDUiHODLUHGHOKRUQR\QROD
WHPSHUDWXUDGHORVDOLPHQWRV
1XQFDGHMHODVRQGDGHQWURGHOKRUQRGXUDQWHXQ
FLFORGHDXWROLPSLH]DRGHDVDGR
1RJXDUGHODVRQGDGHQWURGHOKRUQR
3DUDDVDGRVVLQKXHVRLQWURGX]FDODVRQGDGHQWUR
GHODSDUWHPiVFDUQRVD3DUDMDPyQRFRUGHURFRQ
KXHVRLQWURGX]FDODVRQGDHQHOFHQWURGHOP~VFXOR
JUDQGHPiVEDMR
,QWURGX]FDODVRQGDHQHOFHQWURGHSODWRVWDOHV
FRPRSDQGHFDUQHRHVWRIDGRV
,QWURGX]FDODVRQGDGHQWURGHODSDUWHPiVFDUQRVD
GHOPXVORLQWHUQRGHVGHDEDMR\HQIRUPDSDUDOHODD
ODSDWDGHXQSDYRHQWHUR
127$1RVHSRGUiQXWLOL]DUODVFRQILJXUDFLRQHVGH
DXWROLPSLH]DQLGHDVDGRVLODVRQGDGHWHPSHUDWXUD
VHHQFXHQWUDHQFKXIDGD
/DVRQGDGHWHPSHUDWXUDFXHQWD
FRQXQDVRQGDVLPLODUDXQSLQFKR
HQXQH[WUHPR\XQHQFKXIHHQHO
RWURH[WUHPRTXHVHLQWURGXFHHQ
ODERFDGHVDOLGDGHOKRUQR
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRURVWL]DGRFXDQGRXVDODVRQGD
HQDOJXQRVPRGHORV
OR
(QFKXIH
&DEOH
0DQLMDV
6RQGD
(QPXFKRVDOLPHQWRVHVSHFLDOPHQWHDVDGRV\FDUQHVGHDYHODWHPSHUDWXUDLQWHUQDGHORVDOLPHQWRVHVODPHMRUSUXHEDSDUD
YHULILFDUHOJUDGRGHFRFFLyQ0HGLDQWHODVRQGDGHWHPSHUDWXUDVHHYLWDWHQHUTXHDGLYLQDUHOJUDGRGHFRFFLyQ
\VHORJUDHOSXQWRGHFRFFLyQH[DFWR
/HD\TXLWHODHWLTXHWD

35(&$8&,Ï1
background
&yPRXWLOL]DUODVFDUDFWHUtVWLFDVGHKRUQHDGR
\URVWL]DGRFRQWHPSRUL]DGRU *($SSOLDQFHVFRP
&yPRFRQILJXUDUXQLQLFLRLQPHGLDWR\XQDSDJDGRDXWRPiWLFR
(OKRUQRVHHQFLHQGHLQPHGLDWDPHQWH
\FRFLQDORVDOLPHQWRVGXUDQWHXQSHUtRGRGH
WLHPSRVHOHFFLRQDGR$OILQDOL]DUHOWLHPSRGH
FRFFLyQHOKRUQRVHDSDJDDXWRPiWLFDPHQWH
3UHVLRQHHOERWyQ%$.(KRUQHDUR
&219(&7,21%$.(+RUQHDGRSRU
&RQYHFFLyQ

3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHODWHFOD67$57,QLFLDU
3UHVLRQHHOERWyQ&22.,1*7,0(WLHPSR
GHFRFFLyQ
127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR
SXHGHQHFHVLWDUDJUHJDUWLHPSRDGLFLRQDO
DOWLHPSRGHFRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
(OWLHPSRGHFRFFLyQPtQLPRTXHXVWHG
SXHGHFRQILJXUDUHVPLQXWR
/DWHPSHUDWXUDGHOKRUQRTXHKD
FRQILJXUDGR\HOWLHPSRGHFRFFLyQ
LQJUHVDGRDSDUHFHUiQHQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDU
(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FRFLQDQGRGXUDQWHOD
FDQWLGDGGHWLHPSRFRQILJXUDGD\OXHJR
GHDSDJDUiGHIRUPDDXWRPiWLFDDPHQRV
TXHODIXQFLyQ:$50&DOHQWDUKD\DVLGR
FRQILJXUDGD/HDODVHFFLyQ&yPR&RQILJXUDUHO
+RUQRSDUD&DOHQWDU

6LIXHUDQHFHVDULRSUHVLRQHHOERWyQ
&/($52))ERUUDUDSDJDGRSDUDERUUDU
ODSDQWDOOD4XLWHORVDOLPHQWRVGHOKRUQR
5HFXHUGHDXQTXHHOKRUQRVHDSDJD
DXWRPiWLFDPHQWHORVDOLPHQWRVTXHVH
GHMHQHQHOKRUQRVHJXLUiQFRFLQiQGRVH
GHVSXpVGHDSDJDGRHOPLVPR
&yPRFRQILJXUDUXQLQLFLRUHWDUGDGR\XQDSDJDGRDXWRPiWLFR
(OKRUQRVHHQFHQGHUiHQHOKRUDULRTXH
XVWHGKD\DFRQILJXUDGRFRFLQDUiDOLPHQWRV
GXUDQWHXQSHUtRGRGHWLHPSRHVSHFtILFR
\OXHJRVHDSDJDUiDXWRPiWLFDPHQWH
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUD
FRUUHFWD
3UHVLRQHODWHFOD'(/$<67$57,QLFLR
5HWUDVDGR
3UHVLRQHODVDOPRKDGLOODVQXPpULFDV
SDUDFRQILJXUDUODWHPSHUDWXUDGHVHDGD
GHOKRUQR
3UHVLRQHODWHFOD67$57,QLFLDU

3UHVLRQHODWHFOD%$.(+RUQHDUR
&219(&7,21%$.(+RUQHDGRSRU
&RQYHFFLyQXRWUDIXQFLyQGHFRFFLyQGHVHDGD

7RTXHORVODVWHFODVQXPpULFDVSDUD
SURJUDPDUODWHPSHUDWXUDGHOKRUQRGHVHDGD
3UHVLRQHODWHFOD67$57,QLFLDU
3UHVLRQHODWHFOD&22.,1*7,0(7LHPSR
GH&RFFLyQ
127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR
SXHGHQHFHVLWDUDJUHJDUWLHPSRDGLFLRQDODO
WLHPSRGHFRFFLyQ

3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
(OWLHPSRGHFRFFLyQPtQLPRTXHXVWHG
SXHGHFRQILJXUDUHVPLQXWR
/DWHPSHUDWXUDGHOKRUQRTXHKD
FRQILJXUDGR\HOWLHPSRGHFRFFLyQ
LQJUHVDGRDSDUHFHUiQHQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDU
127$6LGHVHDYHULILFDUORVKRUDULRVTXH
KDFRQILJXUDGRSUHVLRQHHOERWyQ'(/$<
67$57LQLFLRUHWDUGDGRSDUDFRQWURODUOD
KRUDGHLQLFLRFRQILJXUDGDRSUHVLRQHHO
ERWyQ&22.,1*7,0(7LHPSRGH&RFFLyQ
SDUDYHULILFDUODH[WHQVLyQGHFRFFLyQTXHKD
FRQILJXUDGR
&XDQGRHOKRUQRVHHQFLHQGH21HQ
HOKRUDULRTXHKDFRQILJXUDGRODSDQWDOOD
PRVWUDUiODFXHQWDUHJUHVLYDGHOWLHPSR
GHFRFFLyQ\ODQXHYDWHPSHUDWXUD
FRPHQ]DQGRHQ)&/DSDQWDOOD
GHWHPSHUDWXUDFRPHQ]DUiDFDPELDU
FXDQGRODWHPSHUDWXUDGHOKRUQROOHJXHD
ORV)>&@&XDQGRHOKRUQRDOFDQ]DOD
WHPSHUDWXUDFRQILJXUDGDVRQDUiQSLWLGRV
(OKRUQRVHJXLUiFRFLQDQGRGXUDQWHXQ
SHUtRGRGHWLHPSRGHWHUPLQDGR\OXHJR
VHDSDJDUiDXWRPiWLFDPHQWHDPHQRV
TXHODIXQFLyQ:$50&DOHQWDUKD\DVLGR
FRQILJXUDGD/HDODVHFFLyQ&yPR&RQILJXUDUHO
+RUQRSDUD&DOHQWDU
6LIXHUDQHFHVDULRSUHVLRQHHOERWyQ
&/($52))ERUUDUDSDJDGRSDUD
ERUUDUODSDQWDOOD4XLWHORVDOLPHQWRV
GHOKRUQR5HFXHUGHDXQTXHHOKRUQRVH
DSDJDDXWRPiWLFDPHQWHORVDOLPHQWRV
TXHVHGHMHQHQHOKRUQRVHJXLUiQ
FRFLQiQGRVHGHVSXpVGHDSDJDGR
HOPLVPR
127$/RVDOLPHQWRVTXHVHHFKDQDSHUGHUFRQIDFLOLGDG³FRPROHFKHKXHYRVSHVFDGRUHOOHQRVFDUQHGHDYH\FHUGR³QRGHEHQGHMDUVH
UHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHSURPXHYHHOFUHFLPLHQWRGHEDFWHULDVGDxLQDV
9HULILTXHTXHODOX]GHOKRUQRHVWpDSDJDGDSRUTXHHOFDORUSURYHQLHQWHGHODERPELOODSXHGHDFHOHUDUHOFUHFLPLHQWRGHEDFWHULDV

OR
OR
background
8VRGHOKRUQRFRQDXWROLPSLH]D
&yPRFRQILJXUDUHOKRUQRSDUDXQDDXWROLPSLH]D
/DVSXHUWDGHOKRUQRGHEHHVWDUFHUUDGDV\WRGRV
ORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRV
SDUDTXHHOFLFORIXQFLRQHHQIRUPDDGHFXDGD
3UHVLRQHHOERWyQ6(/)&/($1DXWROLPSLH]D
6HUHFRPLHQGDXQFLFORGHKRUDVSDUDOLPSLDU
GHUUDPHVSHTXHxRV\FRQWHQLGRV6HUHFRPLHQGD
XQFLFORGHDXWROLPSLH]DGHKRUDVSDUDXQ
KRUQRPiVVXFLR
6LQHFHVLWDXQFLFORGLIHUHQWHGHRKRUDVXWLOLFH
ODVDOPRKDGLOODVQXPpULFDVHLQJUHVHHOWLHPSRGH
OLPSLH]DGHVHDGR
(OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUHKRUDV
\KRUDVGHDFXHUGRFRQHOJUDGRGHVXFLHGDGGHO
KRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
/DVSXHUWDVGHOKRUQRVXSHULRUHLQIHULRUVHEORTXHDQ
DXWRPiWLFDPHQWH/RVHOHPHQWRVGHODHVWXIDWDPELpQ
VHEORTXHDQGXUDQWHODOLPSLH]D/DSDQWDOODPRVWUDUi
HOWLHPSRGHOLPSLH]DUHVWDQWH1RSRGUiQDEULUVH
ODVSXHUWDVGHOKRUQRRXWLOL]DUODHVWXIDKDVWDTXHOD
WHPSHUDWXUDGHVFLHQGDSRUGHEDMRGHODWHPSHUDWXUD
GHEORTXHR\VHDSDJXH/2&.('%ORTXHDGRGHOD
SDQWDOODGHFRQWURO
6LXVWHGFRQILJXUDHOFLFORGHOLPSLH]D\VHROYLGD
GHFHUUDUODVSXHUWDVGHOKRUQRGHVWHOODUi/2&.('
%ORTXHDGR\ODSDODEUDGRRUSXHUWDDSDUHFHUiHQ
ODSDQWDOOD
3DUDGHWHQHUHOFLFORGHOLPSLH]DSUHVLRQHHOERWyQ
&/($52))ERUUDUDSDJDGR&XDQGRVHDSDJD
/2&.('%ORTXHDGRSXHUWDEORTXHDGDLQGLFDQGR
TXHODWHPSHUDWXUDGHORVKRUQRVKDGHVFHQGLGRSRU
GHEDMRGHODWHPSHUDWXUDGHEORTXHRXVWHGSRGUi
DEULUODVSXHUWDV
/LPSLHFRQXQSDxRORVGHVHFKRV
UHEHOGHVDFXPXODGRVHQHOSLVRGHO
KRUQR
$QWHVGHXQFLFORGH$XWR/LPSLH]D
3(/,*52'(,1&(1',2/LPSLHODJUDVD\ODVXFLHGDG
UHEHOGHGHOSLVRGHOKRUQRDQWHVGHODDXWROLPSLH]D
1RKDFHUORSXHGHSURYRFDUXQLQFHQGLRHQHOKRUQR
5HFRPHQGDPRVYHQWLODUVXFRFLQDFRQXQDYHQWDQD
DELHUWDRXWLOL]DQGRXQYHQWLODGRURFDPSDQD
GXUDQWHHOSULPHUFLFORGHDXWROLPSLH]D
4XLWHODDVDGHUDUHMLOODVRQGDWRGRVORVUHFLSLHQWHV
GHFRFFLyQ\FXDOTXLHUWUR]RGHSDSHOGHDOXPLQLRGHO
KRUQR
127$6
6LHOKRUQRVHHQFXHQWUDHTXLSDGRFRQSDUULOODV
SDUDKRUQREULOORVDV\GHFRORUSODWHDGRVH
UHFRPLHQGDUHWLUDUODVPLVPDVDQWHVGHFRPHQ]DU
FRQHOFLFORGHDXWROLPSLH]D3RGUiQSHUPDQHFHU
HQHOKRUQRGXUDQWHHOFLFORGHDXWROLPSLH]DSHUR
VHRVFXUHFHUiQSHUGHUiQVXOXVWUH\VHUiGLItFLO
GHVOL]DUODV
6LVXKRUQRHVWiHTXLSDGRFRQEDQGHMDVUHYHVWLGDV
GHSRUFHODQDJULVSXHGHQGHMDUVHGHQWURGHOKRUQR
GXUDQWHHOFLFORGHDXWROLPSLH]D
/DVXFLHGDGXELFDGDHQHOPDUFRIURQWDOGHODFRFLQD
\IXHUDGHODMXQWDGHODSXHUWDGHEHUiOLPSLDUVH
DPDQR/LPSLHHVWDViUHDVFRQDJXDFDOLHQWH
HVSRQMLOODVGHODQDGHDFHURHPEHELGDVHQMDEyQR
OLPSLDGRUHVWDOHVFRPR6RIW6FUXE
(QMXDJXHELHQ
FRQDJXDOLPSLD\VHTXH
1ROLPSLHODMXQWD(OPDWHULDOGHILEUDGHYLGULRGH
ODMXQWDGHODSXHUWDGHOKRUQRQRUHVLVWHSURGXFWRV
DEUDVLYRV(VHVHQFLDOTXHODMXQWDVHPDQWHQJD
LQWDFWD6LXVWHGQRWDTXHHVWiGHVJDVWDGD
UHHPSOiFHOD
9HULILTXHTXHODWDSDGHODERPELOODGHOX]GHOKRUQR
HVWpHQVXOXJDU\TXHODOX]GHOKRUQRHVWpDSDJDGD
,03257$17(/DVHPDQDFLRQHVSURGXFLGDVSRU
HOFLFORGHDXWROLPSLH]DGHFXDOTXLHUKRUQRDIHFWDQ
ODVDOXGGHDOJXQDVDYHVGHPDQHUDQRWRULD3URFXUH
OOHYDUVXVDYHVDRWUDKDELWDFLyQELHQYHQWLODGD
0RGHORVFDQDGLHQVHVVRODPHQWH
/DVXQLGDGHVGHVXSHUILFLHVHGHVDFWLYDQ
DXWRPiWLFDPHQWHGXUDQWHHOFLFORGHDXWROLPSLH]D
9HULILTXHTXHWRGRVORVFRQWUROHVGHXQLGDGHV
GHVXSHUILFLHHVWpQDSDJDGRVHQWRGRPRPHQWR
GXUDQWHHOFLFORGHDXWROLPSLH]D&XDOTXLHUXQLGDG
GHVXSHUILFLHFRQILJXUDGDHQXQDSRVLFLyQ´RQµ
HQFHQGLGRPLHQWUDVIXQFLRQDHOFLFORGHDXWR
OLPSLH]DVHDFFLRQDUiDXWRPiWLFDPHQWHGHVSXpVGH
WHUPLQDGRHOFLFOR\SXHGHSURYRFDUHOHQFHQGLGR
GHXQDXQLGDGGHVXSHUILFLH\TXHGDUVLQDWHQFLyQ
(VSHUHKDVWDTXHWHUPLQHHOFLFORGHDXWROLPSLH]D
SDUD
FRQILJXUDU\XVDUODVXQLGDGHVGHVXSHUILFLH
$'9(57(1&,$

background

*($SSOLDQFHVFRP
&yPRFRQILJXUDUXQLQLFLRUHWDUGDGRGHOLPSLH]D
3UHVLRQHHOERWyQ'(/$<67$57LQLFLR
UHWDUGDGR
0HGLDQWHODVDOPRKDGLOODVQXPpULFDV
LQJUHVHODKRUDHQTXHGHVHDLQLFLDU
HOFLFORGHOLPSLH]D
3UHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ6(/)&/($1DXWR
OLPSLH]D
6LHVQHFHVDULRXQWLHPSRGLIHUHQWHDO
SUHFRQILJXUDGRXWLOLFHODVWHFODV
QXPpULFDVHLQJUHVHHO1XHYRWLHPSR
GHVHDGR
(OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUH
KRUDV\KRUDVGHDFXHUGRFRQHOJUDGRGH
VXFLHGDGGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
/DSXHUWDGHOKRUQRVHFLHUUDDXWRPiWLFDPHQWH
/RVHOHPHQWRVGHODHVWXIDWDPELpQVH
EORTXHDQGXUDQWHODDXWROLPSLH]D/DSDQWDOOD
PRVWUDUiODKRUDGHLQLFLR
1RSRGUiQDEULUVHODVSXHUWDVGHOKRUQRR
XWLOL]DUVHODHVWXIDKDVWDTXHODWHPSHUDWXUD
GHVFLHQGDSRUGHEDMRGHODWHPSHUDWXUDGH
EORTXHR\VHDSDJXH/2&.(''225 SXHUWD
EORTXHDGDGHODSDQWDOODGHFRQWURO
/DVSXHUWDVGHOKRUQRGHEHHVWDUFHUUDGDV\WRGRVORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRVSDUDTXHHOFLFOR
IXQFLRQHHQIRUPDDGHFXDGD
'HVSXpVGHXQFLFORGHOLPSLH]D
(VSRVLEOHTXHREVHUYHDOJXQDVFHQL]DVEODQFDV
HQHOKRUQR/tPSLHODVFRQXQSDxRK~PHGR
GHVSXpVGHTXHHOKRUQRVHHQIUtH
6LODVPDQFKDVEODQFDVSHUPDQHFHQ
UHPXpYDODVFRQXQHVWURSDMRGHDFHUROOHQR
GHMDEyQ\HQMXDJXHJHQHURVDPHQWHFRQXQD
PH]FODGHYLQDJUH\DJXD(VWRVGHSyVLWRV
VRQXVXDOPHQWHUHVLGXRVGHVDOTXHHOFLFORGH
OLPSLH]DQRSXHGHHOLPLQDU
6LHOKRUQRQRTXHGDOLPSLRGHVSXpVGHXQFLFOR
GHOLPSLH]DUHSLWDHOFLFOR

8VWHGQRSXHGHFRQILJXUDUHOKRUQR
SDUDFRFFLyQKDVWDTXHHOKRUQRHVWpOR
VXILFLHQWHPHQWHIUtRFRPRSDUDTXHODSXHUWD
VHGHVEORTXHH

0LHQWUDVHOKRUQRHVWpHQDXWROLPSLH]D
XVWHGSXHGHSUHVLRQDUHOERWyQ5(/2-SDUD
PRVWUDUHQSDQWDOODODKRUDGHOGtD3DUD
YROYHUDODFXHQWDUHJUHVLYDGHOLPSLH]D
SUHVLRQHHOERWyQ$872/,03,(=$
3DUULOODVHVWiQGDU
6LUHVXOWDGLItFLOGHVOL]DUODVSDVHDFHLWHGH
FRFFLyQFRQXQSDxRHQVXVFRVWDGRVODWHUDOHV
\HQORVVRSRUWHVGHODVSDUULOODVGHOKRUQR
3DUULOODGHH[WHQVLyQ
6LGHVOL]DUODPLVPDUHVXOWDGLItFLOYHU3DUULOODGH
H[WHQVLyQHQODVHFFLyQ&XLGDGR\OLPSLH]D1R
URFtHODSDUULOODGHH[WHQVLyQFRQSXOYHUL]DGRU
SDUDFRFFLyQXRWURVOXEULFDQWHVHQVSUD\
6LUHVXOWDGLItFLOTXLWDUODRFRORFDUODSDVHDFHLWH
GHFRFFLyQFRQXQSDxRHQORVVRSRUWHVGHODV
SDUULOODVGHOKRUQR1RSDVHDFHLWHGHFRFFLyQ
HQORVGHVOL]DGRUHV
127$/XHJRGHOSULPHUFLFORGHOLPSLH]D
DXWRPiWLFDODVVXSHUILFLHVGHDFHURLQR[LGDEOH
JULVFDPELDUiQGHFRORUHQORVHVWDQWHV
H[WHQVLEOHVHVPDOWDGRV(VWRHVQRUPDO1RVH
UHFRPLHQGDODOLPSLH]DDXWRPiWLFDGHHVWDQWHV
H[WHQVLEOHVGHQtTXHO\DTXHWRGRHOHVWDQWH
SHUGHUiFRORUGHELGRDODVWHPSHUDWXUDVGHOD
OLPSLH]DDXWRPiWLFD
background
8VRGHODVIXQFLRQHVSDUDUHDOL]DUSUXHEDV\FDOHQWDU

/DFDUDFWHUtVWLFDGHOHXGDGRPDQWLHQHXQPHGLRFDOLHQWH~WLOSDUDOHXGDUSURGXFWRVFRQOHYDGXUD
&yPRFRQILJXUDUHOKRUQRSDUDOHXGDUHQDOJXQRVPRGHORV
&RORTXHODPDVDFXELHUWDHQXQUHFLSLHQWH
GHQWURGHOKRUQRHQODVEDQGHMDV%R&
127$3DUDPHMRUHVUHVXOWDGRVFXEUDODPDVDFRQ
XQSDxRRXQHQYROWRULRSOiVWLFRHQPDQWHFDGRHO
SOiVWLFRSXHGHFRORFDUVHGHEDMRGHOUHFLSLHQWHSDUD
TXHHOYHQWLODGRUGHOKRUQRQRORGHVSODFH
3UHVLRQHHOERWyQ3522)OHXGDU\OXHJRHO
ERWyQ67$57LQLFLDU
(QODSDQWDOODSRGUiYHUVH3U)OHXGDU
/DOX]LQWHUQDGHOKRUQRVHHQFLHQGH\FRQWLQ~D
HQFHQGLGDGXUDQWHHOOHXGDGR
/DFDUDFWHUtVWLFDGHOHXGDGRDXWRPiWLFDPHQWH
EULQGDODWHPSHUDWXUDySWLPDSDUDHOSURFHVR
GHOHXGDGR\SRUORWDQWRQRH[LVWHXQDMXVWHGH
WHPSHUDWXUD
&RQILJXUHHOWHPSRUL]DGRUSDUDHOWLHPSR
GHOHXGDGRPtQLPR
&XDQGRKD\DILQDOL]DGRGHOHXGDUSUHVLRQH
HOERWyQ&/($52))ERUUDUDSDJDGR
3DUDHYLWDUEDMDUODWHPSHUDWXUDGHOKRUQR
\SURORQJDUHOWLHPSRGHOHXGDGRQRDEUDOD
SXHUWDGHOKRUQRLQQHFHVDULDPHQWH
9HULILTXHDQWHVGHWLHPSRORVSURGXFWRV
SDQLILFDGRVSDUDTXHQROHXGHQGHPiV
127$6
1RXWLOLFHHOPRGROHXGDUSDUDFDOHQWDU
DOLPHQWRVRSDUDPDQWHQHUORVFDOLHQWHV
/DWHPSHUDWXUDGHOHXGDGRGHOKRUQRQRHV
ORVXILFLHQWHPHQWHFDOLHQWHSDUDFRQVHUYDU
DOLPHQWRVDWHPSHUDWXUDVVHJXUDV8VHOD
FDUDFWHUtVWLFD:$50FDOLHQWHSDUDPDQWHQHU
ORVDOLPHQWRVFDOLHQWHV
(OOHXGDGRQRIXQFLRQDFXDQGRHOKRUQRWLHQH
XQDWHPSHUDWXUDPD\RUD)&(QOD
SDQWDOODSRGUiYHUVH´+27µFDOLHQWH
(QDOJXQRVPRGHORV
&yPR&RQILJXUDU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0Ò/7,3/(
325&219(&&,Ï1(13$55,//$R
'25$'2325&219(&&,Ï1
3UHVLRQHODVWHFODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
3UHVLRQHODWHFOD&22.,1*7,0(
7HPSRUL]DGRUGH&RFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUD
FRQILJXUDUHOSHUtRGRGHWLHPSRGHFRFFLyQ
GHVHDGR
3UHVLRQHODWHFOD:$50&DOHQWDU
3UHVLRQHODWHFOD67$57,QLFLDU
3DUDTXHËWHPV'XURVTXHGHQ&URFDQWHV

&RORTXHFRPLGDHQSODWRVRFDFHURODVHQOD
SDUWHLQIHULRU

3DUDREWHQHUPHMRUHVUHVXOWDGRVFRORTXH
ODVFRPLGDVHQXQDVRODFDSD1RODV
DPRQWRQH

1RODVFXEUD

&RQWUROHVLHVWiQFURFDQWHVOXHJRGHHQWUH
\PLQXWRV$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GHODSXHUWD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DOJXQDV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
/RVHQYDVHVWDSDV\HQYROWRULRVGHSOiVWLFRVH
GHUUHWLUiQVLVHFRORFDQHQHOKRUQR(VSRVLEOH
TXHHOSOiVWLFRGHUUHWLGRQRVHSXHGDUHWLUDU\
HVWRQRHVWiFXELHUWRSRUODJDUDQWtD
35(&$8&,Ï1
background
&DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR *($SSOLDQFHVFRP
6HOHFFLyQGHWHPSHUDWXUDHQ)DKUHQKHLWR&HOVLXV
6XFRQWUROGHKRUQRHVWiFRQILJXUDGRSDUDXWLOL]DU
ODVVHOHFFLRQHVGHWHPSHUDWXUD)DKUHQKHLWSHUR
SXHGHPRGLILFDUVHSDUDXVDUVHOHFFLRQHVHQ
&HOVLXV
3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUGHOKRUQRDOPLVPR
WLHPSRKDVWDTXHHQODSDQWDOODSXHGDYHUVH
6)
3UHVLRQHORVERWRQHV&22.,1*7,0(WLHPSR
GHFRFFLyQ\%52,/+,/2DVDUDOWREDMRDO
PLVPRWLHPSR(QODSDQWDOODSRGUiYHUVH)
)DKUHQKHLW
3UHVLRQHORVERWRQHV&22.,1*7,0(WLHPSR
GHFRFFLyQ\%52,/+,/2DVDUDOWREDMRGH
QXHYRDOPLVPRWLHPSR(QODSDQWDOODSRGUi
YHUVH&&HOVLXV
3UHVLRQHHOERWyQ67$57LQLFLDU
6HxDOHVVRQRUDVDOILQDOL]DUXQFLFORFRQWHPSRUL]DGRU
$OILQDOL]DUXQFLFORFRQWHPSRUL]DGRUVHHVFXFKDQ
SLWLGRVFRUWRVVHJXLGRVSRUXQSLWLGRFDGD
VHJXQGRVKDVWDTXHVHSUHVLRQHHOERWyQ&/($5
2))ERUUDUDSDJDGR(VWHSLWLGRFRQWLQXRGH
VHJXQGRVSXHGHFDQFHODUVH
3DUDFDQFHODUHOSLWLGRFRQWLQXRGHVHJXQGRV
3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO
PLVPRWLHPSRKDVWDTXHHQODSDQWDOOD
SXHGDYHUVH6)
3UHVLRQHHOERWyQ.,7&+(17,0(5
7HPSRUL]DGRUGHOD&RFLQD/DSDQWDOOD
PXHVWUD&217,%((3SLWLGRFRQWLQXR
3UHVLRQHHOERWyQ.,7&+(17,0(5
7HPSRUL]DGRUGHOD&RFLQDGHQXHYR/D
SDQWDOODPXHVWUD6,1*/(%((3SLWLGR~QLFR
(VWRFDQFHODHOSLWLGRFDGDVHJXQGRV
3UHVLRQHHOERWyQ67$57LQLFLDU
/RVQXHYRVFRQWUROHVFRQERWRQHVGHWRTXHFXHQWDQFRQFDUDFWHUtVWLFDVDGLFLRQDOHV/DVVLJXLHQWHVVRQODVFDUDFWHUtVWLFDV
\ODPDQHUDHQTXHXVWHGSXHGHDFWLYDUODV
/RVPRGRVGHFDUDFWHUtVWLFDVHVSHFLDOHVVyORSXHGHQDFWLYDUVHPLHQWUDVODSDQWDOODPXHVWUDODKRUD6HFRQVHUYDQHQOD
PHPRULDGHORVFRQWUROHVKDVWDTXHVHUHSLWDQORVSDVRV
3DUDLQJUHVDUXQDIXQFLyQHVSHFLDOSDUDFDGDKRUQRSULPHURGHEHUiSUHVLRQDUODVWHFODV%52,/+,/2$VDU$OWR%DMRDO
PLVPRWLHPSR
&XDQGRODSDQWDOODPXHVWUDVXRSFLyQSUHVLRQHHOERWyQ67$57LQLFLDU/DVFDUDFWHUtVWLFDVHVSHFLDOHVVHFRQVHUYDUiQHQOD
PHPRULDGHVSXpVGHXQFRUWHGHHQHUJtDFRQH[FHSFLyQGHO6DEEDWKTXHGHEHUHFRQILJXUDUVH

background
&DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR

&RQYHUVLyQ$XWRPiWLFDGH5HFHWDV
HQDOJXQRVPRGHORV
$OXVDUHOKRUQHDGRSRUFRQYHFFLyQODIXQFLyQGH
&RQYHUVLyQ$XWR5HFLSH
SRGUiDXWRPiWLFDPHQWH
FRQYHUWLUWHPSHUDWXUDVGHKRUQHDGRUHJXODU
LQJUHVDGDVDWHPSHUDWXUDVGHKRUQHDGRSRU
FRQYHFFLyQ/DSDQWDOODPRVWUDUiODWHPSHUDWXUD
FRQYHUWLGDUHGXFLGD3RUHMHPSORVLXVWHGLQJUHVD
XQDWHPSHUDWXUDUHJXODUGHSDUDXQDUHFHWD\
SUHVLRQDODWHFOD67$57,QLFLDUODSDQWDOODPRVWUDUi
&21&RQYHUWLU\ODWHPSHUDWXUDFRQYHUWLGDGH)
3DUDDFWLYDURGHVDFWLYDUODIXQFLyQ
3UHVLRQHORVERWRQHV%$.(KRUQHDU\%52,/
+,/2DVDUDOWREDMRGHOKRUQRDOPLVPR
WLHPSRKDVWDTXHHQODSDQWDOODSXHGDYHUVH
6)
3UHVLRQHODWHFOD&219(&7,21%$.(
+RUQHDGRSRU&RQYHFFLyQKDVWDTXHOD
SDQWDOODPXHVWUH&2121&RQYHUVLyQ
(QFHQGLGDR&212))&RQYHUVLyQ$SDJDGD
VHJ~QVHGHVHH
3UHVLRQHHOERWyQ67$57LQLFLDU
KRUDVKRUDVREORTXHRGHOUHORM
6XVFRQWUROHVHVWiQFRQILJXUDGRVSDUDXVDUXQUHORM
GHKRUDV
6LSUHILHUHWHQHUXQUHORMGHHVWLORPLOLWDUGHKRUDV
RDQXODUODYLVXDOL]DFLyQGHOUHORMVLJDORVVLJXLHQWHV
SDVRV
3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUGHOKRUQRDOPLVPR
WLHPSRKDVWDTXHHQODSDQWDOODSXHGDYHUVH
6)
3UHVLRQHHOERWyQ&/2&.UHORMXQDYH](QOD
SDQWDOODSRGUiYHUVHKU6LHVWDHVODRSFLyQ
TXHGHVHDSUHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ&/2&.UHORMGHQXHYRSDUD
FDPELDUDOUHORMHVWLORPLOLWDUGHKRUDV(QOD
SDQWDOODSRGUiYHUVHKU6LHVWDHVODRSFLyQTXH
GHVHDSUHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ&/2&.UHORMGHQXHYRSDUDDQXODU
ODYLVXDOL]DFLyQGHOUHORM(QODSDQWDOODSRGUiYHUVH
2))DSDJDGR6LHVWDHVODRSFLyQTXHGHVHD
SUHVLRQHHOERWyQ67$57LQLFLDU
127$6LHOUHORMVHHQFXHQWUDHQHOPRGRVLQ
YLVXDOL]DFLyQXVWHGQRSRGUiXWLOL]DUODIXQFLyQGH
LQLFLRUHWDUGDGR
$SDJDGROXHJRGHKRUDV
&RQHVWDRSFLyQHQFDVRGHGHMDUVHHOKRUQRHQFHQGLGR
DFFLGHQWDOPHQWHHOFRQWUROORDSDJDHQIRUPD
DXWRPiWLFDOXHJRGHKRUDVGXUDQWHIXQFLRQHVGH
KRUQHDGRRGHVSXpVGHKRUDVGXUDQWHODIXQFLyQGH
DVDGR
6LGHVHDDSDJDU2))HVWDIXQFLyQVLJDORVSDVRV
VLJXLHQWHV
3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWREDMR\
%$.(KRUQHDUGHOKRUQRDOPLVPRWLHPSRKDVWD
TXHHQODSDQWDOODSXHGDYHUVH6)
3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR
KDVWDTXHDSDUH]FDQRVKGQQRDSDJDGRHQOD
SDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDUSDUDDFWLYDUOD
FDUDFWHUtVWLFDGHQRDSDJDGR\GHMDUHOFRQWURO
FRQILJXUDGRHQHVWHPRGRGHFDUDFWHUtVWLFDV
HVSHFLDOHV
background
&yPRXVDUODIXQFLyQ6DEEDWK
'LVHxDGDSDUDXWLOL]DUVHGXUDQWHHO6DEEDWKXRWUDV)LHVWDV-XGtDVHQDOJXQRVPRGHORV
*($SSOLDQFHVFRP

3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR
6LHOKRUQRHVWiFRFLQDQGRHVSHUHXQSHUtRGR
DOHDWRULRGHDSUR[LPDGDPHQWHVHJXQGRVD
PLQXWRKDVWDTXHVyORDSDUH]FDHQODSDQWDOOD
3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR
KDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR
KDVWDTXHVKGQRQRVKGQDSDUH]FDQHQOD
SDQWDOOD
(OLMDVKGQLQGLFDQGRTXHHOKRUQRVHDSDJDUi
DXWRPiWLFDPHQWHGHVSXpVGHKRUDVRQR
VKGQLQGLFDQGRTXHHOKRUQRQRVHDSDJDUi
DXWRPiWLFDPHQWHGHVSXpVGHKRUDV
3UHVLRQH67$57LQLFLDUFXDQGRODRSFLyQGHVHDGD
DSDUHFHHQODSDQWDOODVKGQRQRVKGQ
127$(QFDVRGHFRUWHGHHQHUJtDFRQODIXQFLyQ
GH6DEEDWKDFWLYDGDGLFKDIXQFLyQVHDSDJDUi
DXWRPiWLFDPHQWHD~QFXDQGRYXHOYDODHQHUJtD(O
FRQWUROGHOKRUQRGHEHYROYHUDFRQILJXUDUVH$OJXQRV
PRGHORVFRQWLQXDUiQHOPRGR6DEEDWKVLQHPEDUJRVL
VHDEUHODSXHUWDVHDFWLYDUiODOX]GHOKRUQR
/DIXQFLyQ6DEEDWKVRODPHQWHSXHGHXWLOL]DUVHSDUDKRUQHDUURVWL]DU1RHVSRVLEOHXWLOL]DUODSDUDFRQYHFFLyQDVDGRDXWROLPSLH]DRFRFFLyQFRQ
LQLFLRUHWDUGDGR
127$/DOX]LQWHULRUGHOKRUQRVHHQFLHQGHDXWRPiWLFDPHQWHHQDOJXQRVPRGHORVFXDQGRVHDEUHODSXHUWD\VHDSDJDFXDQGRVHODFLHUUD3XHGH
TXLWDUVHODERPELOODGHOX]9HUODVHFFLyQGH5HHPSOD]RGHERPELOODGHOX](QORVPRGHORVFRQLQWHUUXSWRUGHOX]HQHOSDQHOGHFRQWUROODOX]GHO
KRUQRSXHGHHQFHQGHUVH\GHMDUVHDVt
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWD\TXH
HOKRUQRHVWpDSDJDGR
3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR
KDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
127$6LHQODSDQWDOODDSDUHFHQ%DNHKRUQHDUR
%URLODVDUORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUQRVHSUHVLRQDURQDOPLVPR
WLHPSR3UHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGR\FRPLHQFHGHQXHYR
3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR
KDVWDTXHDSDUH]FD6$EE$W+HQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDU\DSDUHFHUiHQ
ODSDQWDOOD
(OKRUQRVHHQFXHQWUDDKRUDHQHO
PRGR6DEiWLFR
3UHVLRQHHOERWyQ%$.(KRUQHDU1RVHGDUiXQD
VHxDO
0HGLDQWHODVDOPRKDGLOODVQXPpULFDVLQJUHVHOD
WHPSHUDWXUDGHVHDGDHQWUH)&\)
&1RVHGDUiQLQJXQDVHxDORWHPSHUDWXUD
1RKD\XQDWHPSHUDWXUDSUHGHWHUPLQDGD
3UHVLRQHHOERWyQ67$57LQLFLDU
'HVSXpVGHXQSHUtRGRDOHDWRULRGH
DSUR[LPDGDPHQWHVHJXQGRVDPLQXWR
DSDUHFHUiHQODSDQWDOODLQGLFDQGRTXHHOKRUQR
HVWiKRUQHDQGRURVWL]DQGR6LQRDSDUHFHHQ
ODSDQWDOODFRPLHQFHGHQXHYRHQHOSDVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQHHOERWyQ
%$.(KRUQHDULQJUHVHODQXHYDWHPSHUDWXUDXVDQGR
ODVDOPRKDGLOODVQXPpULFDV\SUHVLRQHHOERWyQ67$57
LQLFLDU
127$/RVERWRQHV&/($52))ERUUDUDSDJDGR\
&22.,1*7,0(WLHPSRGHFRFFLyQVHHQFXHQWUDQ
DFWLYRVGXUDQWHODIXQFLyQ6DEEDWK
&yPRGHVDFWLYDUODIXQFLyQ6DEEDWK
&XDQGRODSDQWDOODPXHVWUD
HOKRUQRHVWiFRQILJXUDGRSDUD
6DEEDWK&XDQGRODSDQWDOOD
PXHVWUDHOKRUQRHVWi
KRUQHDQGRURVWL]DQGR
&yPRFRQILJXUDUKRUQHDGRURVWL]DGRFRQWHPSRUL]DGRU,QLFLRLQPHGLDWR
\DSDJDGRDXWRPiWLFR
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWD
\TXHHOKRUQRHVWpDSDJDGR
3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR
KDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
127$6LHQODSDQWDOODDSDUHFHQ%DNHKRUQHDUR
%URLODVDUORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUQRVHSUHVLRQDURQDOPLVPR
WLHPSR3UHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGR\FRPLHQFHGHQXHYR
3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR
KDVWDTXHDSDUH]FD6$EE$W+HQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDU\DSDUHFHUiHQ
ODSDQWDOOD(OKRUQRHVWiDKRUDHQHOPRGR
6DEEDWK
3UHVLRQHHOERWyQ&22.,1*7,0(WLHPSRGH
FRFFLyQ1RVHGDUiXQDVHxDO
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHVHDGRGHFRFFLyQHQWUH
PLQXWR\KRUDV\PLQXWRV
3UHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ%$.(KRUQHDU1RVHGDUiXQD
VHxDO
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGD1RVHGDUi
QLQJXQDVHxDORWHPSHUDWXUD1RKD\XQD
WHPSHUDWXUDSUHGHWHUPLQDGD
3UHVLRQHHOERWyQ67$57LQLFLDU
'HVSXpVGHXQSHUtRGRDOHDWRULRGH
DSUR[LPDGDPHQWHVHJXQGRVDPLQXWR
DSDUHFHUiHQODSDQWDOODLQGLFDQGRTXHHOKRUQR
HVWiKRUQHDQGRURVWL]DQGR6LQRDSDUHFHHQ
ODSDQWDOODFRPLHQFHGHQXHYRHQHOSDVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQHHOERWyQ
%$.(KRUQHDULQJUHVHODQXHYDWHPSHUDWXUDXVDQGR
ODVDOPRKDGLOODVQXPpULFDV\SUHVLRQHHOERWyQ67$57
LQLFLDU
&XDQGRVHKD\DWHUPLQDGRODFRFFLyQODSDQWDOOD
FDPELDUiGHD\DSDUHFHUiLQGLFDQGRTXH
HOKRUQRVHKDDSDJDGR2))SHURVLJXHFRQILJXUDGRHQ
6DEEDWK5HWLUHORVDOLPHQWRVGHOKRUQR
&XDQGRODSDQWDOODPXHVWUD
HOKRUQRHVWiFRQILJXUDGRSDUD
6DEEDWK&XDQGRODSDQWDOOD
PXHVWUDHOKRUQRHVWi
KRUQHDQGRURVWL]DQGR
background
1RXWLOLFHDOPRKDGLOODVGHDFHURSRUTXHUD\DQ
ODVXSHUILFLH
3DUDOLPSLDUODVXSHUILFLHGHDFHURLQR[LGDEOH
XWLOLFHDJXDWLELDMDERQRVDRXQOLPSLDGRUR
OXVWUDGRUGHDFHURLQR[LGDEOH6LHPSUHOLPSLH
ODVXSHUILFLHHQGLUHFFLyQGHODYHWD6LJDODV
LQVWUXFFLRQHVGHOSURGXFWRSDUDOLPSLDUOD
VXSHUILFLHGHDFHURLQR[LGDEOH
3DUDFRQVXOWDUVREUHODFRPSUDGHOLPSLDGRUHV
ROXVWUDGRUHVGHDSDUDWRVGHDFHURLQR[LGDEOHR
SDUDHQFRQWUDUODXELFDFLyQGHOGLVWULEXLGRUPiV
FHUFDQRDVXGRPLFLOLROODPHDQXHVWURQ~PHUR
JUDWXLWR
&HQWURQDFLRQDOGHUHSXHVWRV

*($SSOLDQFHVFRP
6XSHUILFLHVGHDFHURLQR[LGDEOHHQDOJXQRVPRGHORV
$VHJ~UHVHGHTXHWRGRVORVFRQWUROHVHVWpQDSDJDGRV\TXHODVVXSHUILFLHVHVWpQIUtDVDQWHVGHOLPSLDUFXDOTXLHUSDUWHGHODFRFLQD
6LVHTXLWDODFRFLQDSDUDHIHFWXDUXQDOLPSLH]DUHSDUDFLRQHVR
FXDOTXLHURWUDUD]yQYHULILTXHTXH
HOGLVSRVLWLYRDQWLYROFDGXUDVVHFRORTXHGHPDQHUDDGHFXDGD
FXDQGRYXHOYDDLQVWDODUVHODFRFLQD
6LQRWRPDHVWDSUHFDXFLyQODFRFLQDSXHGHYROFDUVH
\SURYRFDUOHVLRQHV
3DQHOGHFRQWURO
6LDVtORGHVHDSXHGHGHVDFWLYDUORVERWRQHVGHWRTXH
DQWHVGHODOLPSLH]D
9HUODLQIRUPDFLyQVREUH%ORTXHRGHFRQWUROHVHQOD
VHFFLyQ&yPRXVDUHOUHORMHOWHPSRUL]DGRU\HOEORTXHR
GHFRQWUROHVGHHVWHPDQXDO
/LPSLHORVGHUUDPHVFRQXQSDxRK~PHGR
7DPELpQSXHGHXWLOL]DUXQOLPSLDGRUGHYLGULRV
4XLWHVXFLHGDGHVPiVUHEHOGHVFRQDJXDWLELD
MDERQRVD1RXWLOLFHDEUDVLYRVGHQLQJXQDFODVH
9XHOYDDDFWLYDUORVERWRQHVGHWRTXHGHVSXpVGHOD
OLPSLH]D
6XSHUILFLHVSLQWDGDV
/DVVXSHUILFLHVSLQWDGDVLQFOX\HQORVODGRVGHODFRFLQD
\ODSXHUWDODSDUWHVXSHULRUGHOSDQHOGHFRQWURO\HO
IUHQWHGHOFDMyQ/tPSLHODVFRQMDEyQ\DJXDRFRQXQD
VROXFLyQGHDJXD\YLQDJUH
1RXWLOLFHOLPSLDGRUHVGHKRUQRFRPHUFLDOHVSROYRV
OLPSLDGRUHVHVSRQMLOODVGHDFHURRDEUDVLYRVSRWHQWHV
VREUHFXDOTXLHUVXSHUILFLHSLQWDGD
&yPRTXLWDUHOHQYROWRULRGHSURWHFFLyQ\ODFLQWDGHHPEDODMH
&RQFXLGDGRWRPHXQDSXQWDGHOHQYROWRULR
GHSURWHFFLyQFRQVXVGHGRV\OHQWDPHQWHTXtWHORGHOD
VXSHUILFLHGHODSDUDWR1RXVHHOHPHQWRVILORVRVSDUD
TXLWDUHOHQYROWRULR4XLWHWRGRHOHQYROWRULRDQWHVGH
XVDUHODSDUDWRSRUSULPHUDYH]
3DUDDVHJXUDUVHGHQRGDxDUHODFDEDGRGHOSURGXFWR
ODPHMRUIRUPDGHTXLWDUHOSHJDPHQWRGHODFLQWDGH
HPSDTXHGHORVDSDUDWRVQXHYRVFRQVLVWHHQDSOLFDU
GHWHUJHQWHSDUDYDMLOODVOtTXLGR$SOLTXHFRQXQSDxR
VXDYH\GHMHUHPRMDU
127$'HEHUHWLUDUVHHODGKHVLYRGHWRGDVODVSDUWHV
6LVHFDOLHQWDVHUiLPSRVLEOHGHTXLWDU
3HULOODVGHFRQWURO
/DVSHULOODVGHFRQWUROVHSXHGHQUHWLUDUSDUDIDFLOLWDU
ODOLPSLH]D$VHJ~UHVHGHTXHODVSHULOODVHVWpQHQODV
SRVLFLRQHV2))$SDJDGR\HPSXMHODVPLVPDVGHVGH
ORVVRSRUWHVGHIRUPDGHUHFKDSDUDVXOLPSLH]D
9HULILTXHTXHODVSHULOODVHVWpQHQODSRVLFLyQ2))
DSDJDGR\ViTXHODVGHORVYiVWDJRVSDUDODOLPSLH]D
/DVSHULOODVSXHGHQOLPSLDUVHHQHOODYDYDMLOODVR
WDPELpQSXHGHQODYDUVHFRQMDEyQ\DJXD$VHJ~UHVH
GHTXHODSDUWHLQWHUQDGHODVSHULOODVHVWpVHFDDQWHV
GHYROYHUDFRORFDUVH
9XHOYDDFRORFDUODVSHULOODVHQODSRVLFLyQ2))
DSDJDGRSDUDDVHJXUDUXQDFRORFDFLyQ
FRUUHFWD
(VWXIDGHHVPDOWHGHSRUFHODQDHQDOJXQRVPRGHORV
(ODFDEDGRGHHVPDOWHGHSRUFHODQDHV
UHVLVWHQWHSHURSXHGHURPSHUVHVLVHXWLOL]D
LQFRUUHFWDPHQWH(VWHDFDEDGRHVUHVLVWHQWH
DOiFLGR6LQHPEDUJRQRGHEHSHUPLWLUVHTXH
DOJXQRVDOLPHQWRViFLGRVTXH
VHGHUUDPDQFRPRMXJRVGHIUXWDWRPDWHR
YLQDJUHSHUPDQH]FDQHQHODFDEDGR
6LVHGHUUDPDQiFLGRVHQODHVWXIDPLHQWUDVHVWi
FDOLHQWHXWLOLFHXQDWRDOODGHSDSHORXQSDxR
VHFRVSDUDOLPSLDUORHQHOPRPHQWR&XDQGR
ODVXSHUILFLHVHKD\DHQIULDGROLPSLHFRQDJXD
MDERQRVD(QMXDJXHELHQ
(QHOFDVRGHRWURVGHUUDPHVFRPRVDOSLFDGXUDV
GHJUDVDHWFOLPSLHFRQDJXDMDERQRVDRSROYRV
OLPSLDGRUHVFXDQGRODVXSHUILFLHVHKD\DHQIULDGR
(QMXDJXHELHQ3XODFRQXQSDxRVHFR
&XLGDGR\OLPSLH]DGHODFRFLQD
$'9(57(1&,$

background
5HHPSOD]RGHODERPELOODGHOKRUQRHQDOJXQRVPRGHORV
3DUDUHWLUDU
*LUHODFXELHUWDGHYLGULRHQVHQWLGRFRQWUDULR
DODVPDQHFLOODVGHOUHORMGHYXHOWDKDVWD
TXHODVOHQJHWDVGHODFXELHUWDGHYLGULR
OLEHUHQORVVXUFRVGHOSRUWDOiPSDUDV
&RORFDUVHJXDQWHVGHOiWH[SXHGHEULQGDU
XQPHMRUDJDUUH
8WLOL]DQGRJXDQWHVRXQSDxRVHFRUHPXHYD
ODERPELOODMDOiQGRODHQOtQHDUHFWD
3DUDUHHPSOD]DU
8WLOLFHXQDQXHYDERPELOODKDOyJHQDGH
YROWLRVQRH[FHGDYDWLRV
5HHPSODFHODOiPSDUDGHOX]FRQHOPLVPR
WLSRGHOiPSDUDTXHVHUHWLUy(QVXPRGHOR
FRUUHVSRQGHUiXQRGHORVGRVWLSRVTXH
ILJXUDQDODL]TXLHUGD3DUDGHWHUPLQDUFXiO
HVODOiPSDUDFRUUHFWDFRQWUROHODV
WHUPLQDOHVGHODOiPSDUD/DVOiPSDUDVFRQ
WHUPLQDOHVFRQFODYLMDVUHFWDVVRQOiPSDUDV
GH*/DVOiPSDUDVFRQWHUPLQDOHVFRQ
FODYLMDVFRQFXUYDVVRQOiPSDUDVGH*1R
ODVLQWHUFDPELH$VHJ~UHVHDOUHHPSOD]DUOD
OiPSDUDTXHVHDGHYROWVRYROWV
12GHYROWV
8WLOL]DQGRJXDQWHVRXQSDxRVHFRUHPXHYD
ODERPELOODGHVXSDTXHWH1RWRTXHOD
ERPELOODFRQORVGHGRVGHVQXGRV(ODFHLWH
SDUDSLHOGDxDUiODOiPSDUD\DFRUWDUiVX
WLHPSRGHGXUDFLyQ
(PSXMHODERPELOODHQOtQHDUHFWDGHQWURGHO
UHFHSWiFXORKDVWDHOWRSH
&RORTXHODVOHQJHWDVGHODFXELHUWDGH
YLGULRGHQWURGHORVVXUFRVGHO
SRUWDOiPSDUDV*LUHODFXELHUWDGHYLGULRHQ
VHQWLGRGHODVPDQHFLOODVGHOUHORMGH
YXHOWD
3DUDXQDPHMRULOXPLQDFLyQGHQWURGHO
KRUQROLPSLHIUHFXHQWHPHQWHODFXELHUWD
GHYLGULRXWLOL]DQGRXQSDxRK~PHGR(VWR
GHEHUtDKDFHUVHFXDQGRHOKRUQRHVWi
FRPSOHWDPHQWHIUtR
&RQHFWHQXHYDPHQWHHOVXPLQLVWURHOpFWULFR
DOKRUQR
%RPELOOD
GH*
3RUWDOiPSDUD
/HQJHWD
&XELHUWDGHYLGULR
5HFHSWiFXOR
8VH
JXDQWHV
RXQ
SDxR
5HFHSWiFXOR
%RPELOOD
GH*
3RUWDOiPSDUD
/HQJHWD
&XELHUWDGHYLGULR
5HFHSWiFXOR
HQDOJXQDVPRGHORV
HQDOJXQDVPRGHORV

3(/,*52'('(6&$5*$(/e&75,&$248(0$'85$6$QWHVGHUHHPSOD]DUODERPELOOD
GHOKRUQRGHVFRQHFWHODDOLPHQWDFLyQGHHQHUJtDDOKRUQRGHVGHHOSDQHOSULQFLSDO
GHIXVLEOHVRGHOLQWHUUXSWRUGHFLUFXLWRV1RKDFHUORSXHGHSURYRFDUXQDGHVFDUJD
HOpFWULFDRXQDTXHPDGXUD
$'9(57(1&,$
3(/,*52'(48(0$'85$6/DWDSDGHYLGULR\ODOiPSDUDGHOX]VHGHEHUiQUHWLUDUFXDQGR
HVWpQIUtDV7RFDUHOYLGULRFDOLHQWHVLQSURWHFFLyQHQODVPDQRVRFRQXQWUDSRK~PHGR
SXHGHRFDVLRQDUTXHPDGXUDV
35(&$8&,Ï1
*($SSOLDQFHVFRP

5HHPSOD]RGHODERPELOODGHOKRUQR
HQDOJXQRVPRGHORV
9HULILTXHTXHODWDSDGHODOiPSDUD\OD
ERPELOODVHKD\DQHQIULDGRSRUFRPSOHWR
3DUDTXLWDUODWDSD
+DJDJLUDUODOHQWHHQóGHYXHOWDHQ
VHQWLGRDQWLKRUDULRSDUDTXLWDUOD
1RTXLWHQLQJ~QWRUQLOORSDUDVDFDUODWDSD
&RORTXHXQDERPELOODGHYDWLRVRXQD
ERPELOODKDOyJHQDGHGRVHVSLJDVVHJ~Q
FRUUHVSRQGD
3DUDYROYHUDFRORFDUODWDSD
$OLQHHODVOHQJHWDVGHODOHQWHIUHQWHDODV
OHQJHWDVGHODFDUFDVD\JLUHHQVHQWLGR
KRUDULRSDUDWUDEDU
background
&XLGDGR\OLPSLH]DGHODFRFLQD

/DSXHUWDHVPX\SHVDGD7HQJDFXLGDGRDOTXLWDU\
OHYDQWDUODSXHUWD
1ROHYDQWHODSXHUWDGHODPDQLMD
3DUDTXLWDUODSXHUWD
$EUDODSXHUWDSRUFRPSOHWR
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDEDMRHQ
GLUHFFLyQGHOPDUFRGHODSXHUWDKDVWD
GHVWUDEDUODV3XHGHQHFHVLWDUVHXQDKHUUDPLHQWD
FRPRXQGHVWRUQLOODGRUSODQRSHTXHxR
7RPHFRQILUPH]DDPERVODGRVGHODSXHUWDGHOD
SDUWHVXSHULRU
&LHUUHODSXHUWDKDVWDODSRVLFLyQGHUHPRFLyQGH
SXHUWDTXHHVDPLWDGGHFDPLQRHQWUHOD
SRVLFLyQGHDVDGR\ODSXHUWDFHUUDGD
/HYDQWHODSXHUWDKDVWDTXHHOEUD]RGHOD
ELVDJUDKD\DVDOLGRGHODUDQXUD
3DUDYROYHUDFRORFDUODSXHUWD
7RPHFRQILUPH]DDPERVODGRVGHODSXHUWDGHOD
SDUWHVXSHULRU
&RQODSXHUWDHQ
HOPLVPRiQJXOR
GHODSRVLFLyQGH
UHPRFLyQ
LQWURGX]FD
ODPXHVFDGHOEUD]R
GHODELVDJUDGHQWUR
GHOH[WUHPRLQIHULRUGHOD
UDQXUDGHODELVDJUD/D
UDQXUDGHOEUD]RGHOD
ELVDJUDGHEH
HVWDUELHQFRORFDGDHQODSDUWHLQIHULRU
GHODUDQXUD
$EUDODSXHUWDSRUFRPSOHWR6LODSXHUWD
QRVHDEUHSRUFRPSOHWRODPXHVFDQRHVWiELHQ
FRORFDGDHQHOH[WUHPRLQIHULRUGH
ODUDQXUD
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDUULED
FRQWUDHOPDUFRIURQWDOGHODFDYLGDGGHOKRUQR
KDVWDDOFDQ]DUODSRVLFLyQGHEORTXHR
&LHUUHODSXHUWDGHOKRUQR
3XHUWDGHOKRUQRGHVPRQWDEOHHQDOJXQRVPRGHORV
/DMXQWDHVWiGLVHxDGDFRQXQHVSDFLR
HQODSDUWHLQIHULRUSDUDSHUPLWLUXQD
DGHFXDGDFLUFXODFLyQGHDLUH
1RIURWHROLPSLHODMXQWDGHODSXHUWD
SRUTXHWLHQHXQDUHVLVWHQFLDPX\EDMD
DODDEUDVLyQ
6LVHDGYLHUWHTXHODMXQWDHVWi
GHVJDVWDGDUDtGDRGDxDGDRVLVH
KDGHVSOD]DGRGHVXOXJDUVHODGHEH
UHHPSOD]DU
3DUDOLPSLDUODSDUWHLQWHUQDGHODSXHUWD
 'HELGRDTXHHOiUHDTXHVHHQFXHQWUD
GHQWURGHODMXQWDVHOLPSLDGXUDQWHHOFLFORGH
DXWROLPSLH]DQRHVQHFHVDULROLPSLDUODDPDQR
 (OiUHDTXHVHHQFXHQWUDIXHUDGHODMXQWD
\HOEXUOHWHGHODSXHUWDSXHGHQOLPSLDUVHFRQ
XQDHVSRQMLOODSOiVWLFDFRQMDEyQDJXDFDOLHQWH
\GHWHUJHQWH(QMXDJXHELHQFRQXQDVROXFLyQGH
DJXD\YLQDJUH
3DUDOLPSLDUODSDUWHH[WHUQDGHODSXHUWD
 8WLOLFHMDEyQ\DJXDSDUDOLPSLDUFXLGDGRVDPHQWH
ODSDUWHVXSHULRUORVODGRV\HOIUHQWHGHODSXHUWD
GHOKRUQR(QMXDJXHELHQ7DPELpQHVSRVLEOH
XWLOL]DUXQOLPSLDGRUGHYLGULRVSDUDOLPSLDUODSDUWH
H[WHULRUGHODSXHUWD1RSHUPLWDTXHFDLJDDJXD
VREUHODVDEHUWXUDVGHYHQWLODFLyQ
 6LTXHGDDOJXQDPDQFKDSHUVLVWHQWHHQ
ODVHFFLyQGHYHQWLODFLyQGHODSXHUWDXWLOLFH
XQOLPSLDGRUDEUDVLYRVXDYH\XQDHVSRQMDSDUD
REWHQHUORVPHMRUHVUHVXOWDGRV
 /DVVDOSLFDGXUDVGHVDOVDVMXJRVGHIUXWDVVDOVDV
GHWRPDWH\MXJRVGHDOLPHQWRVTXHFRQWLHQHQ
iFLGRVSXHGHQGHFRORUDUODVXSHUILFLHSRUORTXH
VHGHEHHQMXDJDUORVGHLQPHGLDWR&XDQGROD
VXSHUILFLHHVWpIUtDOLPSLH\HQMXDJXH
 1RXWLOLFHOLPSLDGRUHVSDUDKRUQRVSROYRV
OLPSLDGRUHVRDEUDVLYRVSRWHQWHVHQODSDUWH
H[WHUQDGHODSXHUWD
&yPROLPSLDUODSXHUWDGHOKRUQR
3RVLFLyQGHUHPRFLyQ
7UDEDGH
ODELVDJUD
7LUHODVWUDEDVGHODELVDJUDKDFLD
DEDMRSDUDGHVWUDEDU
0XHVFD
([WUHPR
LQIHULRUGH
ODUDQXUD
%UD]RGH
ODELVDJUD
5DQXUD
3UHVLRQHODVWUDEDVGHODELVDJUD
KDFLDDUULEDSDUDEORTXHDU
7UDEDGH
ODELVDJUD
%UD]RGH
ODELVDJUD
background
*($SSOLDQFHVFRP

3DUULOODGHH[WHQVLyQ
HQDOJXQRVPRGHORV
3DUDOXEULFDUORVGHVOL]DGRUHV
127$1RURFtHODSDUULOODGHH[WHQVLyQFRQ
SXOYHUL]DGRUSDUDFRFFLyQXRWURVOXEULFDQWHVHQ
VSUD\
4XLWHODSDUULOODGHOKRUQR9HU3DUULOODGH
H[WHQVLyQHQODVHFFLyQ8VRGHOKRUQR
([WLHQGDSRUFRPSOHWRODSDUULOODVREUHXQD
PHVDRPRVWUDGRUGHHQFLPHUD3XHGH
FRORFDUVHSDSHOGHGLDULRGHEDMRGHODSDUULOOD
SDUDXQDOLPSLH]DVHQFLOOD
6LKD\UHVLGXRVHQODVJXtDVGHGHVOL]DPLHQWR
OtPSLHODVFRQXQDWRDOODGHSDSHO
127$7RGRHOOXEULFDQWHGHJUDILWRHOLPLQDGR
GXUDQWHODOLPSLH]DGHEHYROYHUDFRORFDUVH
VHHVWHSVWKURXJK
$JLWHHOOXEULFDQWHGHJUDILWRDQWHVGHDEULUOR
&RPHQ]DQGRFRQHOPHFDQLVPRGH
GHVOL]DPLHQWRL]TXLHUGRGHODSDUULOODFRORTXH
FXDWURJRWDVGHOXEULFDQWHVREUHODVGRV
JXtDVWUDVHUDVFHUFDQDVDORVFRMLQHWHVGH
DSR\R
5HSLWDHQHOPHFDQLVPRGHOODGRGHUHFKRGH
ODJXtD
$EUD\FLHUUHODJXtDYDULDVYHFHVSDUD
GLVWULEXLUHOOXEULFDQWH
9XHOYDDFRORFDUODWDSDGHOOXEULFDQWH\
DJtWHORQXHYDPHQWH'pYXHOWDODSDUULOOD\
UHSLWDORVSDVRV\
&LHUUHODSDUULOODJLUHODSDUULOODGHMDQGRHO
ODGRGHUHFKRKDFLDDUULED\FROyTXHODHQHO
KRUQR9HU3DUULOODGHH[WHQVLyQHQODVHFFLyQ
8VRGHOKRUQR
3DUDOXEULFDUODSDOHWD
$JLWHHOOXEULFDQWH\DSOLTXHHOPLVPRDODVSDUWHV
PyYLOHVGHORVPHFDQLVPRVGHODVSDOHWDVFRPRVH
PXHVWUD
*XtDODGRGHUHFKRDUULED
/DGRGHUHFKR
*XtDODGRGHUHFKRDUULED
/DGRL]TXLHUGR
%DQGHMDVGHOKRUQR
7RGDVODVEDQGHMDVGHOKRUQRSXHGHQOLPSLDUVHD
PDQRFRQXQOLPSLDGRUDEUDVLYRRXQDHVSRQMLOOD
GHDFHUR'HVSXpVGHOLPSLDUHQMXDJXHODV
EDQGHMDVFRQDJXDOLPSLD\VpTXHODVFRQXQSDxR
OLPSLR/DVEDQGHMDVUHYHVWLGDVGHSRUFHODQDJULV
SXHGHQSHUPDQHFHUHQHOKRUQRGXUDQWHHOFLFOR
GHDXWROLPSLH]DVLQVXIULUGDxRV/DVEDQGHMDVGHO
KRUQRGHQtTXHOSXHGHQSHUPDQHFHUHQHOKRUQR
GXUDQWHHOFLFORGHDXWROLPSLH]DSHURSHUGHUiQHO
OXVWUH\UHVXOWDUiGLItFLOGHVOL]DUODV6HUiQHFHVDULR
HQJUDVDUWRGRVORVH[WUHPRVGHODVEDQGHMDVFRQ
XQDFDSDGHDFHLWHYHJHWDOVXDYHGHVSXpVGH
OLPSLDUODVDPDQRRHQHOKRUQR(VWRD\XGDUiD
PDQWHQHUHOIiFLOGHVOL]DPLHQWRGHODVEDQGHMDV
/DVSDUULOODVGHH[WHQVLyQVHSRGUiQOLPSLDUDPDQR
FRQXQOLPSLDGRUDEUDVLYRRHVWURSDMR'XUDQWHOD
OLPSLH]DHYLWHTXHLQJUHVHDJXDROLPSLDGRUHQODV
EDUUDVGHVOL]DQWHVGHH[WHQVLyQDORVFRVWDGRVGHOD
SDUULOOD
127$1RODODYHHQHOODYDYDMLOODV
6LUHWLUDURUHHPSOD]DUODSDUULOODUHVXOWDGLItFLO
OLPSLHOLJHUDPHQWHORVVRSRUWHVGHODSDUULOODFRQ
DFHLWHGHFRFLQD1RSDVHDFHLWHGHFRFFLyQHQORV
GHVOL]DGRUHV
6LUHVXOWDGLItFLOGHVOL]DUODSDUULOODRVLUHVXOWDGLItFLO
DFFLRQDUODSDOHWDGHEHOXEULFDUVHODSDUULOOD
XWLOL]DQGRHOOXEULFDQWHGHJUDILWRHQYLDGRFRQVX
KRUQR3DUDVROLFLWDUOXEULFDQWHGHJUDILWRDGLFLRQDO
OODPHDQXHVWURFHQWURQDFLRQDOGHUHSXHVWRVDO
FRQODUHIHUHQFLD:%7
background
'HMHHQIULDUODHVWXID
8WLOLFHHOUDVSDGRUGHILOR~QLFRDXQ
iQJXORDSUR[LPDGRGHGHJUHHV
FRQWUDODVXSHUILFLHGHOYLGULR\UDVSHOD
VXFLHGDG3XHGHVHUQHFHVDULRDSOLFDU
SUHVLyQDOUDVSDGRUSDUDTXLWDUOD
VXFLHGDG
'HVSXpVGHXWLOL]DUHOUDVSDGRUFRORTXH
XQDVJRWDVGHOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(
VREUHWRGD
HOiUHDGHVXFLHGDGTXHPDGD8WLOLFHHO
SDxRGHOLPSLH]D&(5$0$%5<7(
SDUD
TXLWDUODVXFLHGDGUHVWDQWH
3DUDSURWHFFLyQDGLFLRQDOGHVSXpVGH
KDEHUTXLWDGRWRGRVORVUHVWRVSXOD
WRGDODVXSHUILFLHFRQOLPSLDGRUGH
HVWXIDVFHUiPLFDV&(5$0$%5<7(
\
XQDWRDOODGHSDSHO
5HVLGXRVSHJDGRV
127$8VWHGSXHGH'$³$5ODVXSHUILFLHGH
YLGULRVLXWLOL]DHVSRQMLOODVTXHQRVHDQODV
UHFRPHQGDGDV
'HMHHQIULDUODHVWXID
&RORTXHXQDVJRWDVGHOOLPSLDGRUGH
HVWXIDVFHUiPLFDV&(5$0$%5<7(
VREUHWRGDHOiUHDGHUHVLGXRVSHJDGRV
8WLOL]DQGRHOSDxRGHOLPSLH]D&(5$0$
%5<7(
SDUDHVWXIDVFHUiPLFDVLQFOXLGR
IURWHHOiUHDVXFLDDSOLFDQGRSUHVLyQ
VHJ~QVHDQHFHVDULR
6LTXHGDQUHVWRVUHSLWDORVSDVRV
LQGLFDGRVFRQDQWHULRULGDG
3DUDSURWHFFLyQDGLFLRQDOGHVSXpVGH
KDEHUTXLWDGRWRGRVORVUHVWRVSXOD
WRGDODVXSHUILFLHFRQOLPSLDGRUGH
HVWXIDVFHUiPLFDV&(5$0$%5<7(
\
XQDWRDOOD
GHSDSHO
(OUDVSDGRUGHHVWXIDVFHUiPLFDV
&(5$0$%5<7(
\WRGRVORV
LQVXPRVUHFRPHQGDGRVVH
HQFXHQWUDQGLVSRQLEOHVHQ
QXHVWUR&HQWURGH5HSXHVWRV
9HULQVWUXFFLRQHVEDMRODVHFFLyQ
´3DUDVROLFLWDUUHSXHVWRVµHQOD
SiJLQDVLJXLHQWH
127$1RXWLOLFHKRMDVGHVDILODGDV
RGDxDGDV
5HVLGXRVSHJDGRVUHEHOGHV
8WLOLFHXQSDxRGHOLPSLH]D&(5$0$
%5<7(
SDUDHVWXIDVFHUiPLFDV
/LPSLH]DQRUPDOGHXVRGLDULR
6Ï/2XWLOLFHHOOLPSLDGRUGHHVWXIDVFHUiPLFDV
&(5$0$%5<7(
HQODHVWXIDGHYLGULR2WUDV
FUHPDVSXHGHQQRVHUWDQHIHFWLYDV
3DUDPDQWHQHU\SURWHJHUODVXSHUILFLHGHVX
HVWXIDGHYLGULRVLJDHVWRVSDVRV
$QWHVGHXVDUODHVWXIDSRUSULPHUDYH]
OtPSLHODFRQHOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(
(VWRD\XGDD
SURWHJHUODHVWXID\KDFHODOLPSLH]DPiV
VHQFLOOD
(OXVRGLDULRGHOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(
D\XGDUiD
TXHODHVWXIDTXHGHFRPRQXHYD
$JLWHELHQODFUHPDGHOLPSLH]D$SOLTXH
XQDVJRWDVGHOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(
GLUHFWDPHQWH
VREUHODHVWXID
8WLOLFHXQDWRDOODGHSDSHORXQSDxRGH
OLPSLH]D&(5$0$%5<7(
SDUDHVWXIDV
FHUiPLFDVSDUDOLPSLDUWRGDODVXSHUILFLH
GHODHVWXID
8VHXQSDxRVHFRRXQDWRDOODGHSDSHO
SDUDTXLWDUORVUHVWRVGHOOLPSLDGRU1R
KDFHIDOWDHQMXDJDU
127$(VPX\LPSRUWDQWHTXH12&$/,(17(
ODHVWXIDKDVWDTXHODKD\DOLPSLDGRSRU
FRPSOHWR
/LPSLHODHVWXIDGHVSXpV
GHFDGDGHUUDPH8WLOLFH
HOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(
&yPROLPSLDUODHVWXIDGHYLGULR
HQDOJXQRVPRGHORV

background

3DUDVROLFLWDUHOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(
\HOUDVSDGRUGH
HVWXIDVOODPHDQXHVWURQ~PHURJUDWXLWR
&HQWURQDFLRQDOGHSLH]DV 
/LPSLDGRUGHHVWXIDVFHUiPLFDV&(5$0$
%5<7(
:;;
5DVSDGRUGHHVWXIDVFHUiPLFDV
&(5$0$%5<7(

:;;
.LW:%;
(ONLWLQFOX\HODFUHPD\HOUDVSDGRUGHHVWXIDV
3DxRVGHOLPSLH]D&(5$0$%5<7(
SDUD
HVWXIDVFHUiPLFDV:;;
$SDJXHWRGDVODVXQLGDGHVGHVXSHUILFLH
4XLWHODVROODVFDOLHQWHV
8WLOL]DQGRXQJXDQWHGHFRFLQD
D8VHXQUDVSDGRUGHILOR~QLFR
UDVSDGRUSDUDHVWXIDVFHUiPLFDV
&(5$0$%5<7(
SDUDGHVSOD]DUHO
GHUUDPHDXQiUHDIUtDGHODHVWXID
E4XLWHHOGHUUDPHFRQWRDOODVGHSDSHO
&XDOTXLHUGHUUDPHUHVWDQWHGHEHGHMDUVH
KDVWDTXHODVXSHUILFLHGHODHVWXIDVHKD\D
HQIULDGR
1RXVHODVXQLGDGHVGHVXSHUILFLHGH
QXHYRKDVWDTXHWRGRVORVUHVWRVVH
KD\DQHOLPLQDGRSRUFRPSOHWR
127$6LODVXSHUILFLHGHYLGULR\DKDVXIULGR
PDUFDVRKHQGLGXUDVHOYLGULRGHODHVWXID
GHEHUiFDPELDUVH(QHVHFDVRVHUiQHFHVDULDOD
DWHQFLyQGHXQWpFQLFR
'DxRVSRUGHUUDPHVD]XFDUDGRV\SOiVWLFRGHUUHWLGR
/RVGHUUDPHVD]XFDUDGRV
FRPRJHODWLQDVGXOFH
FDUDPHORMDUDEHVRSOiVWLFRV
GHUUHWLGRVSXHGHQPDUFDU
ODVXSHUILFLHGHODHVWXIDQR
FXELHUWRSRUODJDUDQWtDD
PHQRVTXHHOGHUUDPHVH
TXLWHPLHQWUDVHVWiFDOLHQWH
'HEHWHQHUVHPXFKRFXLGDGR
DOUHPRYHUVXVWDQFLDV
FDOLHQWHV
$VHJ~UHVHGHXWLOL]DUXQ
UDVSDGRUQXHYR\DILODGR
1RXWLOLFHKRMDVGHVDILODGDVR
GDxDGDV
7HQJDFXLGDGRGHQRGHVOL]DUROODV\
VDUWHQHVDWUDYpVGHVXHVWXID'HMDUi
PDUFDVGHPHWDOVREUHODVXSHUILFLHGHOD
HVWXID
(VWDVPDUFDVSXHGHQTXLWDUVHXWLOL]DQGR
OLPSLDGRUGHHVWXIDVFHUiPLFDV&(5$0$
%5<7(
FRQHOSDxRGHOLPSLH]D&(5$0$
%5<7(
SDUDHVWXIDVFHUiPLFDV
6LVHSHUPLWHTXHROODVFRQXQDFDSDILQD
GHDOXPLQLRRFREUHKLHUYDQHQVHFROD
FDSDSXHGHGHMDUXQDGHFRORUDFLyQ
QHJUDHQODHVWXID
(VWRGHEHTXLWDUVHGHLQPHGLDWRDQWHV
GHFDOHQWDUGHQXHYRRODGHFRORUDFLyQ
SXHGHOOHJDUDVHUSHUPDQHQWH
127$9HULILTXHFRQGHWHQLPLHQWRTXHODEDVH
GHODVROODVQRVHDiVSHUDSDUDQRUD\DUOD
HVWXID
0DUFDVGHPHWDO\UD\RQHV
3DUDVROLFLWDUUHSXHVWRV
6XSHUILFLHGHYLGULRSRVLELOLGDGHVGHGDxRSHUPDQHQWH
3DUDOLPSLDUHOVHOODGRGHODHVWXIDDOUHGHGRU
GHORVERUGHVGHYLGULRFRORTXHXQSDxR
K~PHGRVREUHORVPLVPRVGXUDQWHXQRV
PLQXWRV\OXHJROLPSLHFRQOLPSLDGRUHVQR
DEUDVLYRV
6HOODGRGHODHVWXID
*($SSOLDQFHVFRP
background
5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWR
3DUDTXLWDUHOFDMyQ
7LUHGHOFDMyQKDFLDIXHUDKDVWDTXHVH
GHWHQJD
/HYDQWHHOIUHQWHGHOFDMyQKDVWDTXHODV
WUDEDVVDOJDQGHODVJXtDV
5HWLUHHOFDMyQ
3DUDYROYHUDFRORFDUHOFDMyQ
&RORTXHORVULHOHVGHOFDMyQHQODVJXtDV
(PSXMHHOFDMyQKDVWDTXHVHGHWHQJD
/HYDQWHHOIUHQWHGHOFDMyQ\HPSXMHKDVWD
TXHODVWUDEDVVXSHUHQODVJXtDV
%DMHHOIUHQWHGHOFDMyQ\HPSXMHKDFLDDEDMR
KDVWDTXHFLHUUH
*XtDGHWRSH
5LHO
&XLGDGR\OLPSLH]DGHODFRFLQD
(OHPHQWRVFDOHQWDGRUHVGHOKRUQR
1ROLPSLHHOHOHPHQWRSDUDKRUQHDURHO
HOHPHQWRSDUDDVDU/DVVXFLHGDGHVVH
TXHPDUiQFXDQGRVHFDOLHQWHQORVHOHPHQWRV
3DUDOLPSLDUHOSLVRGHOKRUQRHOHYH
VXDYHPHQWHHOHOHPHQWRDKRUQHDU(QDOJXQRV
PRGHORVHOHOHPHQWRDKRUQHDUQRHVWi
H[SXHVWR\VHHQFXHQWUDGHEDMRGHOSLVRGHO
VXHOR/LPSLHFRQDJXDFDOLHQWH\MDEyQ
/LPSLHFRQXQSDxRORVGHVHFKRV
UHEHOGHVDFXPXODGRVHQHOSLVRGHO
KRUQR

9HQWLODFLyQGHOKRUQR
HQDOJXQRVPRGHORV
/DYHQWLODFLyQGHOKRUQRVHHQFXHQWUDHQFLPD
GHOODGRL]TXLHUGRGHODSXHUWD
(VWDiUHDSXHGHFDOHQWDUVHGXUDQWHHOXVRGHO
KRUQR
5HVXOWDQRUPDOTXHVDOJDYDSRUGHODYHQWLODFLyQ
/DYHQWLODFLyQHVLPSRUWDQWHSDUDORJUDUXQD
DGHFXDGDFLUFXODFLyQGHDLUH1XQFDEORTXHHHVWD
YHQWLODFLyQ
3LVRGHOKRUQRGHVPRQWDEOHHQDOJXQRVPRGHORV
&yPRTXLWDUHOSLVRGHOKRUQRSDUDXQD
OLPSLH]DPiVIiFLO
4XLWHODSXHUWDGHOKRUQRXWLOL]DQGRODV
LQVWUXFFLRQHVGHODVHFFLyQ3XHUWDGHO
KRUQRGHVPRQWDEOH
3UHVLRQHKDFLDDEDMR\TXLWHHOSLVR
GHVPRQWDEOHGHOKRUQR
/LPSLHHOSLVRGHOKRUQRFRQDJXDWLELD
MDERQRVD
&XDQGRYXHOYDDFRORFDUHOSLVRGHOKRUQR
DVHJ~UHVHGHGHVOL]DUORELHQKDVWDOD
SDUWHWUDVHUDGHOKRUQR
,03257$17(6LHPSUHYXHOYDDFRORFDUHOSLVR
GHVPRQWDEOHDQWHVGHOSUy[LPRXVR
3UHVLRQHKDFLDDEDMR\TXLWH
background

&RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV
£$KRUUHWLHPSR\GLQHUR/HDODVWDEODVGHODVVLJXLHQWHV
SiJLQDV\TXL]iVQRQHFHVLWHOODPDUDOVHUYLFLRWpFQLFR
3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU
/DVXQLGDGHVGH 6HHVWiQXWLOL]DQGRUHFLSLHQWHV 8VHUHFLSLHQWHVGHEDVHSODQD\TXHVHDMXVWHQ
VXSHUILFLHQRPDQWLHQHQ
 GHFRFFLyQLQDGHFXDGRV DOGLiPHWURGHODXQLGDGGHVXSHUILFLHHOHJLGD
XQKHUYRUFRQVWDQWHR
(QDOJXQDVUHJLRQHVODHQHUJtD &XEUDHOUHFLSLHQWHFRQXQDWDSDKDVWDREWHQHUHOFDORU
ODFRFFLyQHVOHQWD
YROWDMHSXHGHVHUEDMD GHVHDGR
/RVHOHPHQWRVGH (OIXVLEOHSXHGHKDEHUVH &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
VXSHUILFLHQRIXQFLRQDQ TXHPDGRRHOLQWHUUXSWRUGH GHFLUFXLWRV
ELHQ FLUFXLWRVSXHGHKDEHUVDOWDGR
/RVFRQWUROHVGHODHVWXID 9HULILTXHTXHVHKD\DFRQILJXUDGRHOFRQWUROFRUUHFWR
HVWiQPDOFRQILJXUDGRV SDUDHOHOHPHQWRGHVXSHUILFLHTXHHVWiXWLOL]DQGR
/DXQLGDGGHVXSHUILFLH (VWRHVQRUPDO/DXQLGDGVLJXH
GHMDGHUHVSODQGHFHU HQFHQGLGD\FDOLHQWH
FXDQGRVHFDPELDD
XQDFRQILJXUDFLyQPHQRU
5D\RQHVSXHGHQSDUHFHU
6HHVWiQXVDQGRPpWRGRV
/RVUD\RQHVQRSXHGHQUHPRYHUVH/RVUD\RQHVPiVSHTXHxRV
FRPRURWXUDVHQOD GHOLPSLH]DLQFRUUHFWRV
VHYROYHUiQPHQRVYLVLEOHVFRPRUHVXOWDGRGHODOLPSLH]D
VXSHUILFLHGHYLGULR
6HHVWiQXVDQGRUHFLSLHQWHV 3DUDHYLWDUUD\RQHVXVHORVSURFHGLPLHQWRVGHOLPSLH]D
GHODHVWXID
FRQEDVHViVSHUDVRKD\ UHFRPHQGDGRV9HULILTXHTXHODVEDVHVGHORVUHFLSLHQWHV
SDUWtFXODVJUXHVDVVDORDUHQD HVWpQOLPSLDVDQWHVGHOXVR\XWLOLFHUHFLSLHQWHVFRQEDVHV
HQWUHHOUHFLSLHQWH\ODVXSHUILFLH OLVDV
GHODHVWXID
6HKDGHVOL]DGRXQUHFLSLHQWHD
WUDYpVGHODVXSHUILFLHGHODHVWXID
ÈUHDVGHGHFRORUDFLyQ 1RVHOLPSLDURQORVGHUUDPHV
 
9HUODVHFFLyQ&yPROLPSLDUODHVWXIDGHYLGULR
HQODHVWXID
GHDOLPHQWRVDQWHVGHOXVR
VLJXLHQWH
6XSHUILFLHFDOLHQWHHQ (VWRHVQRUPDO/DVXSHUILFLHSXHGHSDUHFHUGHFRORUDGD
XQPRGHORFRQXQDHVWXID FXDQGRHVWiFDOLHQWH(VWRHVWHPSRUDO\GHVDSDUHFHUi
GHFRORUFODUR DPHGLGDTXHVHHQIUtDHOYLGULR
3OiVWLFRGHUUHWLGR /DHVWXIDFDOLHQWHHQWUy 9HUODVHFFLyQ6XSHUILFLHGHYLGULRSRVLELOLGDGHVGHGDxR
VREUHODVXSHUILFLH HQFRQWDFWRFRQSOiVWLFRSHUPDQHQWHHQODVHFFLyQ&yPROLPSLDUODHVWXID
FRORFDGRVREUHODPLVPD GHYLGULR
0DUFDVRKHQGLGXUDV 6HKDGHUUDPDGRXQDPH]FOD /ODPHDXQWpFQLFRFDOLILFDGRSDUDHOUHHPSOD]R
HQODHVWXID D]XFDUDGDFDOLHQWHHQODHVWXID
/DVXQLGDGHVGHVXSHUILFLH
 6HHVWiQXWLOL]DQGRUHFLSLHQWHV 8VHVyORUHFLSLHQWHVGHEDVHSODQDSDUDPLQLPL]DU
VHHQFLHQGHQ\DSDJDQ
GHFRFFLyQLQDGHFXDGRV HOHQFHQGLGR\DSDJDGR
FRQPXFKDIUHFXHQFLD
/DOX]GHOKRUQR /DERPELOODGHOX]HVWiIORMD $MXVWHRFDPELHODERPELOOD
QRIXQFLRQD
(OKRUQRQRIXQFLRQD (OHQFKXIHGHODFRFLQD 9HULILTXHTXHHOHQFKXIHHOpFWULFRHVWpFRQHFWDGR
QRHVWiLQWURGXFLGRGHOWRGR DXQWRPDFRUULHQWHFRQWHQVLyQ\DGHFXDGDFRQH[LyQ
HQHOWRPDFRUULHQWH DWLHUUD
(OIXVLEOHSXHGHKDEHUVH &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
TXHPDGRRHOLQWHUUXSWRUGH GHFLUFXLWRV
FLUFXLWRVSXHGHKDEHUVDOWDGR
/RVFRQWUROHVGHOKRUQRHVWiQ 9HUODVHFFLyQ&yPRXVDUHOKRUQR
PDOFRQILJXUDGRV
(OKRUQRHVWiPX\FDOLHQWH 'HMHTXHHOKRUQRVHHQIUtHSRUGHEDMR
GHODWHPSHUDWXUDGHEORTXHR
$QWHVGHOODPDUDOVHUYLFLRWpFQLFR« *($SSOLDQFHVFRP
background
&RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV
$QWHVGHOODPDUDOVHUYLFLRWpFQLFR«
3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU
/RVDOLPHQWRVQR /RVFRQWUROHVGHOKRUQRHVWiQ  9HUODVHFFLyQ&yPRXVDUHOKRUQR
VHKRUQHDQRURVWL]DQ PDOFRQILJXUDGRV
FRUUHFWDPHQWH
/DSRVLFLyQGHODEDQGHMDHV  9HUODVHFFLyQ&yPRXVDUHOKRUQR
LQFRUUHFWDRQRHVWiQLYHODGD
6HHVWiQXWLOL]DQGRUHFLSLHQWHV 9HUODVHFFLyQ&yPRXVDUHOKRUQR
GHFRFFLyQLQFRUUHFWRVR
GHWDPDxRLQDSURSLDGR
(OWHUPRVWDWRGHOKRUQRGHEH9HUODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHG
DMXVWDUVHPLVPR
/RVDOLPHQWRVQR /RVFRQWUROHVGHOKRUQRHVWiQ  $VHJ~UHVHGHSUHVLRQDUHOERWyQ%52,/+,/2
VHDVDQGHPDQHUD PDOFRQILJXUDGRV DVDUDOWDEDMD
DGHFXDGD
6HHVWiXVDQGRXQDSRVLFLyQ 9HUOD*XtDGHDVDGR
GHEDQGHMDLQDGHFXDGD
/RVUHFLSLHQWHVQRVRQ  3DUDPHMRUHVUHVXOWDGRVXWLOLFHXQUHFLSLHQWHGLVHxDGR
DGHFXDGRVSDUDDVDU SDUDDVDGR
/DVRQGDHVWiHQFKXIDGD 'HVHQFKXIH\TXLWHODVRQGDGHOKRUQR
GHQWURGHODVDOLGDGHOKRUQR
HQDOJXQRVPRGHORV
(QDOJXQDVUHJLRQHVODHQHUJtD 3UHFDOLHQWHHOHOHPHQWRSDUDDVDUGXUDQWHPLQXWRV
YROWDMHSXHGHVHUEDMD
$VHSRUHOSHUtRGRGHWLHPSRPiVSURORQJDGRTXH
VHUHFRPLHQGHHQOD*XtDGHDVDGR
/DWHPSHUDWXUD (OWHUPRVWDWRGHOKRUQRGHEH 9HUODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHG
GHOKRUQRHVPX\DOWD DMXVWDUVHPLVPR
RPX\EDMD
(OFDMyQGH (OVRSRUWHGHFDMyQWUDVHUR 9XHOYDDFRORFDUHOFDMyQ9HUODVLQVWUXFFLRQHVGH
DOPDFHQDPLHQWR VHHQFXHQWUDVREUHHOULHO5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWRHQODVHFFLyQ
HVWiWRUFLGRGHODJXtD&XLGDGR\OLPSLH]DGHODFRFLQD
9HULILTXHTXHHOFDMyQHVWpELHQFRORFDGRVLVHORTXLWD
(OFDMyQGH (OFDEOHGHHQHUJtDSXHGH  &DPELHODXELFDFLyQGHOFDMyQ\GHOFDEOHGHHQHUJtD
DOPDFHQDPLHQWR HVWDUREVWUX\HQGRHOFDMyQ 9HUODVLQVWUXFFLRQHVGH5HPRFLyQGHOFDMyQGH
QRFLHUUD HQODSDUWHWUDVHUDLQIHULRU DOPDFHQDPLHQWRHQODVHFFLyQ&XLGDGR\OLPSLH]D
GHODFRFLQD GHODFRFLQD
(OVRSRUWHGHFDMyQWUDVHUR 9XHOYDDFRORFDUHOFDMyQ9HUODVLQVWUXFFLRQHVGH
VHHQFXHQWUDVREUHHOULHO5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWRHQODVHFFLyQ
GHODJXtD&XLGDGR\OLPSLH]DGHODFRFLQD
/DSXHUWDGHOKRUQR /DSXHUWDQRHVWiELHQ  'DGRTXHODSXHUWDGHOKRUQRHVGHVPRQWDEOHDYHFHVHVWiWRUFLGD
DOLQHDGD VHGHVHTXLOLEUDGXUDQWHODLQVWDODFLyQ
 3DUDHQGHUH]DUODSXHUWDSUHVLRQHKDFLDDEDMRVREUHODHVTXLQD
VXSHULRU

background

3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU
(OUHORM\HOWHPSRUL]DGRU
(OHQFKXIHGHODFRFLQDQRHVWi
9HULILTXHTXHHOHQFKXIHHOpFWULFRHVWpFRQHFWDGRDXQ
QRIXQFLRQDQ
LQWURGXFLGRGHOWRGRHQHOWRPDFRUULHQWH
WRPDFRUULHQWHFRQWHQVLyQ\DGHFXDGDFRQH[LyQDWLHUUD
(OIXVLEOHSXHGHKDEHUVH &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
TXHPDGRRHOLQWHUUXSWRU GHFLUFXLWRV
GHFLUFXLWRVSXHGHKDEHUVDOWDGR
/RVFRQWUROHVGHOKRUQRHVWiQ 9HUODVHFFLyQ&yPRXVDUHOWHPSRUL]DGRUGHFRFLQD
PDOFRQILJXUDGRV
(OKRUQRQRUHDOL]D /DWHPSHUDWXUDGHOKRUQRHVWi 'HMHTXHODFRFLQDVHHQIUtH\YXHOYDDFRQILJXUDU
ODDXWROLPSLH]D PX\HOHYDGDSDUDFRQILJXUDU ORVFRQWUROHV
ODIXQFLyQGHDXWROLPSLH]D
/RVFRQWUROHVGHOKRUQRHVWiQ 9HUODVHFFLyQ8VRGHOKRUQRFRQDXWROLPSLH]D
PDOFRQILJXUDGRV
/DVRQGDHVWiHQFKXIDGD 4XLWHODVRQGDGHOKRUQR
GHQWURGHODERFDGHVDOLGD
GHOKRUQRHQDOJXQRVPRGHORV
5XLGRGH´FUXMLGRVµ (VHOVRQLGRGHOPHWDO (VWRHVQRUPDO
R´FKDVTXLGRVµ FDOHQWiQGRVH\HQIULiQGRVH
GXUDQWHODVIXQFLRQHV
GHFRFFLyQ\OLPSLH]D
+XPRH[FHVLYR 6XFLHGDGH[FHVLYD 3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR
HQHOKRUQRGXUDQWH $EUDODVYHQWDQDVSDUDTXHVDOJDHOKXPR(VSHUHHO
FLFORGHOLPSLH]D KDVWDTXHVHDSDJXH/2&.(''HVSXpVGHTXH
VHHQIUtHHOKRUQROLPSLHHOH[FHVRGHVXFLHGDG\YXHOYDD
FRQILJXUDUHOFLFORGHOLPSLH]D
/DSXHUWDGHOKRUQR (OKRUQRHVWiPX\FDOLHQWH 'HMHTXHHOKRUQRVHHQIUtHSRUGHEDMR
QRVHDEUHGHVSXpVGHO GHODWHPSHUDWXUDGHEORTXHR
XQFLFORGHOLPSLH]D
(OKRUQRQRHVWiOLPSLR /RVFRQWUROHVGHOKRUQRQRHVWiQ 9HUODVHFFLyQ8VRGHOKRUQRFRQDXWROLPSLH]D
GHVSXpVGHXQFLFOR FRQILJXUDGRVFRUUHFWDPHQWH
GHOLPSLH]D
(OKRUQRHVWDEDPX\VXFLR /LPSLHORVGHUUDPHVPiVUHEHOGHVDQWHVGHLQLFLDUHOFLFOR
GHOLPSLH]D/RVKRUQRVPX\VXFLRVSXHGHQQHFHVLWDUXQD
QXHYDDXWROLPSLH]DRXQDOLPSLH]DPiVSURORQJDGD
/DOX]GHEORTXHR 6HKDVHOHFFLRQDGRHOFLFOR &LHUUHODSXHUWDGHOKRUQR
´/2&.('µGHVWHOOD GHDXWROLPSLH]DSHUR
HQODSDQWDOOD ODSXHUWDQRHVWiFHUUDGD
GHOKRUQR
/DOX]GHEORTXHR /DSXHUWDGHOKRUQR 3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR
´/2&.('µHVWi HVWiEORTXHDGDSRUTXH 'HMHHQIULDUHOKRUQR
HQFHQGLGDFXDQGR ODWHPSHUDWXUDGHQWUR
GHVHDFRFLQDU GHOPLVPRQRKDGHVFHQGLGR
GHEDMRGHODWHPSHUDWXUD
GHEORTXHR
´)³µ\XQQ~PHUR +D\XQFyGLJRGHHUURU 'HVHQFKXIHHOKRUQRSRUORPHQRVVHJXQGRV\OXHJR
ROHWUDGHVWHOODQ GHIXQFLyQ YXHOYDDHQFKXIDUOR6LHOFyGLJRGHHUURUGHIXQFLyQ
HQODSDQWDOOD VHUHSLWHOODPHDOVHUYLFLRWpFQLFR
$QWHVGHOODPDUDOVHUYLFLRWpFQLFR«
*($SSOLDQFHVFRP
background
&RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV
3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU
(OFRQWUROHPLWHXQD 2OYLGyLQJUHVDU 3UHVLRQHHOERWyQ%$.(KRUQHDU\ODWHPSHUDWXUD
VHxDOGHVSXpVGHLQJUHVDU
XQWHPSHUDWXUDGHKRUQHDGR GHVHDGDRHOERWyQ6(/)&/($1DXWROLPSLH]D
XQWLHPSRGHFRFFLyQ RXQKRUDULRGHOLPSLH]D \HOWLHPSRGHOLPSLH]DGHVHDGR
RGHLQLFLR
/DSDQWDOODTXHGD
(OIXVLEOHSXHGHKDEHUVHTXHPDGR
 &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
HQEODQFR RHOLQWHUUXSWRUGHFLUFXLWRV GHFLUFXLWRV
SXHGHKDEHUVDOWDGR
(OUHORMVHHQFXHQWUDHQ 9HUODVHFFLyQGH&DUDFWHUtVWLFDVHVSHFLDOHVGH
HOPRGRVLQYLVXDOL]DFLyQ ORVFRQWUROHVGHOKRUQR
/DSDQWDOODGHVWHOOD &RUWHGHHQHUJtD 5HFRQILJXUHHOUHORM
/DSDQWDOODQR
/RVERWRQHVGHFRQWUROGHOKRUQR
/RVERWRQHV%52,/+,/2DVDUDOWREDMR\%$.(
PXHVWUD´6)µ
QRVHSUHVLRQDURQFRUUHFWDPHQWH
KRUQHDUGHEHQSUHVLRQDUVHDOPLVPRWLHPSR
\VRVWHQHUVHGXUDQWHVHJXQGRV
$SDUHFH´3UREHµ (VWROHUHFXHUGDGHLQJUHVDU ,QJUHVHXQDWHPSHUDWXUDGHVRQGD
VRQGDHQODSDQWDOOD XQDWHPSHUDWXUDGHVRQGD
DOJXQRVPRGHORV GHVSXpVGHHQFKXIDUOD
&RUWHGHHQHUJtD &RUWHGHHQHUJtDRVXELGD 5HFRQILJXUHHOUHORM6LHOKRUQRHVWDEDHQXVRXVWHG
HOUHORMGHVWHOOD GHWHQVLyQ GHEHUHFRQILJXUDUORSUHVLRQDQGRHOERWyQ&/($52))
ERUUDUDSDJDGRFRQILJXUDQGRHOUHORM\
UHFRQILJXUDQGRFXDOTXLHUIXQFLyQGHFRFFLyQ
(PLVLyQGHYDSRU
&XDQGRVHXWLOL]DQ
ORVKRUQRV
(VWRHVQRUPDO
GHVGHODYHQWLODFLyQ
HVQRUPDOYHUXQDHPLVLyQGHYDSRU
GHODYHQWLODFLyQGHOKRUQR$PHGLGD
TXHHOQ~PHURGHEDQGHMDVR
ODFDQWLGDGGHDOLPHQWRVDFRFLQDU
VHLQFUHPHQWDODFDQWLGDGGHYDSRU
YLVLEOHVHHOHYDUi
8QRORUD´TXHPDGRµ (VWRHVQRUPDOHQXQKRUQR 3DUDDFHOHUDUHOSURFHVRFRQILJXUHXQFLFORGH
R´DFHLWRVRµVDOH QXHYR\GHVDSDUHFHFRQ DXWROLPSLH]DGXUDQWHXQPtQLPRGHKRUDV9HU
GHODYHQWLODFLyQ HOWLHPSR 9HUODVHFFLyQ8VRGHOKRUQRFRQDXWROLPSLH]D
2ORUSHQHWUDQWH /DVSULPHUDVYHFHVTXH (VWRHVWHPSRUDO
VHXWLOL]DHOKRUQRHVQRUPDO
VHQWLUXQRORUSURYHQLHQWH
GHODLVODQWHTXHUHFXEUH
ODSDUWHLQWHUQDGHOKRUQR
6HR\HXQYHQWLODGRU 8QYHQWLODGRUGHFRQYHFFLyQ(VWRHVQRUPDO3DUDSRWHQFLDUDOPi[LPRXQDFRFFLyQ
HQDOJXQRVPRGHORV
SXHGHHQFHQGHUVH\DSDJDUVH SDUHMDHOYHQWLODGRUHVWiGLVHxDGRSDUDJLUDUHQDPEDV
DXWRPiWLFDPHQWH GLUHFFLRQHVFRQXQDSDXVDHQWUHHOODV
(OYHQWLODGRUGHFRQYHFFLyQIXQFLRQDGXUDQWHHO
SUHFDOHQWDPLHQWRGHOFLFORGHKRUQHDGR(OYHQWLODGRU
VHDSDJDUiGHVSXpVGHTXHHOKRUQRKD\DDOFDQ]DGR
ODWHPSHUDWXUDFRQILJXUDGD(VWRHVQRUPDO
8QYHQWLODGRUGHUHIULJHUDFLyQ(VWRHVQRUPDO6HHQFHQGHUi\DSDJDUiXQYHQWLODGRU
SXHGHHQFHQGHUVH\DSDJDUVH GHUHIULJHUDFLyQSDUDHQIULDUODVSLH]DVLQWHUQDV3XHGH
DXWRPiWLFDPHQWH IXQFLRQDUD~QGHVSXpVGHTXHHOKRUQRVHKD\DDSDJDGR
5HVXOWDGLItFLOGHVOL]DU /DVSDUULOODVGHFRORU $SOLTXHXQDSHTXHxDFDQWLGDGGHDFHLWHYHJHWDOHQ
ODVEDQGHMDVGHOKRUQR SODWHDGREULOODQWHVHOLPSLDURQ XQDWRDOODGHSDSHO\IURWHORVERUGHVGHODVEDQGHMDV
HQXQFLFORGHDXWROLPSLH]D GHOKRUQR1RURFtHFRQ3DP
XRWUROXEULFDQWHHQVSUD\
(OFDMyQQRVHGHVOL]D (OFDMyQQRHVWiELHQ ([WLHQGDHOFDMyQSRUFRPSOHWR\SUHVLyQHORKDVWD
ELHQRKD\TXHWLUDU DOLQHDGR HOIRQGR9HUODVHFFLyQ&XLGDGR\OLPSLH]DGHODFRFLQD
GHpO
(OFDMyQHVWiPX\FDUJDGR 5HGX]FDHOSHVR5HGLVWULEX\DHOFRQWHQLGRGHOFDMyQ
RODFDUJDQRHVWiHTXLOLEUDGD

$QWHVGHOODPDUDOVHUYLFLRWpFQLFR«
background

$FFHVRULRV *($SSOLDQFHVFRP
¢'HVHDDOJRPiV"1RWRGRVORVDFFHVRULRVVHHQFXHQWUDQGLVSRQLEOHVSDUDWRGRV
ORVPRGHORV
8VWHGSXHGHHQFRQWUDUHVWRVDFFHVRULRV\PXFKRVPiVHQ*($SSOLDQFHVFRPROODPHDO
HQKRUDULRGHWUDEDMRQRUPDO7HQJDOLVWRHOQ~PHURGHPRGHOR
£3UXHEHHVWRVRWURVH[FHOHQWHVSURGXFWRVSDUDTXHVXFRFLQDVHYHDHVWXSHQGD
£$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 $SHOOLGRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'LUHFFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LXGDG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWDGRBBBBBBBBBB &yGLJR3RVWDOBBBBBBBBBBBBBBBBBBBBBBBBB
7HOpIRQRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUUHRHOHFWUyQLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB *LURSRVWDOBBBBBB
3DUDFRQVXOWDUVREUHORVSUHFLRVDFWXDOHVOODPHDO7RGDVODVyUGHQHVFRQWDUMHWDGHFUpGLWRVHGHEHUiQUHDOL]DU
HQIRUPDWHOHIyQLFD
(OHPHQWRVGHVXSHUILFLH\
EDQGHMDVFROHFWRUDV
5HMLOODV &DEH]DOHVRWDSDVGH
TXHPDGRUHVGHVXSHUILFLH
(OHPHQWRVGHOKRUQR %RPELOODVGHOX]
3HULOODV
%DQGHMDVGHOKRUQR
:;;*&6
:;;
:;;
30;
.LWGHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
,QFOX\HOLPSLDGRU
UDVTXHWD\SDxR
7RDOOLWDV
GHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
7RDOOLWDVSDUD
SXOLUDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
/LPSLDGRU
GHDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
R
3DUULOODGHH[WHQVLyQ
6LVXPRGHORLQFOX\HXQDSDUULOODGHH[WHQVLyQSXHGHLQFUHPHQWDUODIXQFLRQDOLGDGGHVXDOFDQFHDODGTXLULUSDUULOODVGHH[WHQVLyQDGLFLRQDOHV9LVLWHZZZJHDSSOLDQFHSDUWV
FRPROODPHDO\RUGHQHODSLH]DQ~PHUR:%76HGHEHWHQHUHQFXHQWDTXHODVSDUULOODVGHH[WHQVLyQQRFRUUHVSRQGHQDWRGRVORVWLSRVGHPRGHORV
background

1RWDV
background

*DUDQWtDGHFRFLQDHOpFWULFDGH*(
*($SSOLDQFHVFRP
9LVLWDVDVXKRJDUSDUDHQVHxDUOHDXVDUHOSURGXFWR
,QVWDODFLyQHQWUHJDRPDQWHQLPLHQWRLQDGHFXDGRV
'DxRRIDOODVGHOSURGXFWRHQFDVRGHDEXVRXVR
LQDGHFXDGRXVRSDUDRWURVSURSyVLWRVTXHQRVHDQHO
DGHFXDGRRXVRFRPHUFLDO
'DxRVDODHVWXIDGHYLGULRSURYRFDGRVSRUHOXVR
GHOLPSLDGRUHVGLVWLQWRVGHODVFUHPDV\SDxRV
UHFRPHQGDGRV
'DxRVDODHVWXIDGHYLGULRSURYRFDGRVSRUGHUUDPHV
HQGXUHFLGRVGHPDWHULDOHVD]XFDUDGRVRSOiVWLFRGHUUHWLGR
TXHQRVHOLPSLDURQGHDFXHUGRFRQ
ODVLQVWUXFFLRQHVGHO0DQXDOGHO3URSLHWDULR
5HHPSOD]RGHIXVLEOHVGRPpVWLFRVRODUHFRQILJXUDFLyQGH
LQWHUUXSWRUHVGHFLUFXLWR
'DxRVDOSURGXFWRSURYRFDGRVSRUDFFLGHQWHVLQFHQGLRV
LQXQGDFLRQHVRIXHU]DPD\RU
'DxRVLQFLGHQWDOHVRUHVXOWDQWHVSURYRFDGRVSRUSRVLEOHV
GHIHFWRVHQHVWHDUWHIDFWR
'DxRVSURYRFDGRVGHVSXpVGHODHQWUHJD
8QSURGXFWRQRDFFHVLEOHSDUDSUHVWDUHOVHUYLFLRWpFQLFR
VROLFLWDGR
*(QRFXEULUi
(VWDJDUDQWtDVHH[WLHQGHDOFRPSUDGRURULJLQDO\FXDOTXLHUGXHxRSRVWHULRUSDUDSURGXFWRVDGTXLULGRVSDUD
XVRGRPpVWLFRGHQWURGHORV((886LHOSURGXFWRVHHQFXHQWUDHQXQDUHJLyQGRQGHQRKD\6HUYLFLR7pFQLFR
DXWRUL]DGRGH*(XVWHGVHUiUHVSRQVDEOHGHOFRVWRGHOYLDMHRXVWHGSXHGHWHQHUTXHOOHYDUHOSURGXFWRDXQ
6HUYLFLR7pFQLFR$XWRUL]DGRGH*(SDUDHIHFWXDUODUHSDUDFLyQ(Q$ODVNDODJDUDQWtDH[FOX\HHOFRVWRGHHQYtRR
YLVLWDVSDUDHIHFWXDUDUUHJORVHQVXKRJDU
$OJXQRVHVWDGRVQRSHUPLWHQODH[FOXVLyQROLPLWDFLyQGHGDxRVLQFLGHQWDOHVRUHVXOWDQWHV(VWDJDUDQWtD
OHRWRUJDGHUHFKRVOHJDOHVHVSHFtILFRV\XVWHGSXHGHFRQWDUFRQRWURVGHUHFKRVTXHSXHGHQYDULDUGHHVWDGRD
HVWDGR3DUDFRQRFHUVXVGHUHFKRVOHJDOHVFRQVXOWHDVXRILFLQDGHOFRQVXPLGRUORFDORHVWDWDO
RDO)LVFDO*HQHUDOGHVXHVWDGR
*DUDQWH*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
7RGRVORVVHUYLFLRVWpFQLFRVGHJDUDQWtDVRQRWRUJDGRVSRUQXHVWURV
&HQWURVGH6HUYLFLRGH)iEULFDRXQWpFQLFRDXWRUL]DGRSRU
&XVWRPHU&DUH
3DUDSURJUDPDUHOVHUYLFLRWpFQLFRYLVtWHQRVRQOLQH
HQ*($SSOLDQFHVFRPROODPHDO*(&$5(6
7HQJDHOQ~PHURGHVHULH\GHPRGHORDPDQRFXDQGROODPHSDUD
VROLFLWDUXQVHUYLFLRWpFQLFR
$EURFKHVXUHFLERDTXt
6HQHFHVLWDXQDSUXHED
GHODIHFKDGHFRPSUDRULJLQDOSDUD
REWHQHUVHUYLFLRWpFQLFRFXELHUWRSRU
ODJDUDQWtD
(;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFR\H[FOXVLYRUHFXUVRHVODUHSDUDFLyQGHOSURGXFWRFRPR
VHHVWDEOHFHHQODSUHVHQWH*DUDQWtD/LPLWDGD/DVJDUDQWtDVLPSOtFLWDVLQFOX\HQGRJDUDQWtDVGHFRPHUFLDELOLGDG
\DSWLWXGSDUDXQREMHWLYRSDUWLFXODUVHHQFXHQWUDQOLPLWDGDVDXQDxRRDOSHUtRGRPiVFRUWRSHUPLWLGRSRUODOH\
3RUHOSHUtRGRGH *(RWRUJDUi
8QDxR
'HVGHODIHFKDGH
FRPSUDRULJLQDO
&XDOTXLHUSLH]DGHODFRFLQDTXHIDOOHGHELGRDXQGHIHFWRGHORVPDWHULDOHVRPDQRGHREUD
'XUDQWHHVWDJDUDQWtDOLPLWDGDGHXQDxR*(WDPELpQRIUHFHHQIRUPDJUDWXLWDODPDQRGH
REUD\WUDEDMRVHQHOKRJDUSDUDUHHPSOD]DUODSLH]DGHIHFWXRVD
3DUDORV0RGHORV3URILOH 3DUDORV0RGHORV3URILOH
&LQFR$xRV (OUHHPSOD]RGHXQDHVWXIDGHYLGULRVLVHDJULHWDGHELGRDXQFKRTXHWpUPLFR
'HVGHODIHFKD RVLHOSDWUyQVHGHVJDVWD
GHODFRPSUDRULJLQDO (OUHHPSOD]RGHODXQLGDGGHODVXSHUILFLHUDGLDQWHVLVHTXHPDUD
'XUDQWHHVWDJDUDQWtDOLPLWDGDDGLFLRQDOGHFXDWURDxRVXVWHGVHUiUHVSRQVDEOHSRU
SRUFXDOTXLHUWUDEDMRRUHSDUDFLyQHQHOKRJDU
background
3iJLQD:HEGH*($SSOLDQFHV *($SSOLDQFHVFRP
¢7LHQHDOJXQDSUHJXQWDVREUHVXHOHFWURGRPpVWLFR"£3UXHEHODSiJLQD:HEGH*($SSOLDQFHVKRUDVDOGtD
FXDOTXLHUGtDGHODxR3DUDPD\RUFRQYHQLHQFLD\VHUYLFLRPiVUiSLGR\DSXHGHGHVFDUJDUORV0DQXDOHV
GHORV3URSLHWDULRVSHGLUSLH]DVRLQFOXVRKDFHUXQDFLWDHQOtQHDSDUDTXHYHQJDQDUHDOL]DUXQDUHSDUDFLyQ
6ROLFLWHXQDUHSDUDFLyQ *($SSOLDQFHVFRP
(OVHUYLFLRGHH[SHUWRV*(HVWiDWDQVyORXQSDVRGHVXSXHUWD£(QWUHHQOtQHD\VROLFLWHVXUHSDUDFLyQFXDQGR
OHYHQJDFXDOTXLHUGtDGHODxR2OODPHDO*(&$5(6GXUDQWHKRUDVQRUPDOHVGHRILFLQD
5HDO/LIH'HVLJQ6WXGLR(VWXGLRGHGLVHxRSDUDODYLGDUHDO
*($SSOLDQFHVFRP
*(DSR\DHOFRQFHSWRGH'LVHxR8QLYHUVDO³SURGXFWRVVHUYLFLRV\DPELHQWHVTXHSXHGHQXVDUJHQWHGHWRGDV
ODVHGDGHVWDPDxRV\FDSDFLGDGHV5HFRQRFHPRVODQHFHVLGDGGHGLVHxDUSDUDXQDJUDQJDPDGHKDELOLGDGHV
\GLILFXOWDGHVItVLFDV\PHQWDOHV3DUDPiVGHWDOOHVFREUHODVDSOLFDFLRQHVGH*('LVHxR8QLYHUVDOLQFOX\HQGR
LGHDVGHGLVHxRSDUDODFRFLQDSDUDSHUVRQDVFRQGLVFDSDFLGDGHVPLUHQXHVWUDSiJLQD:HEKR\PLVPR
3DUDSHUVRQDVFRQGLILFXOWDGHVDXGLWLYDVIDYRUGHOODPDUDO7''*($&
*DUDQWtDVDPSOLDGDV *($SSOLDQFHVFRP
&RPSUHXQDJDUDQWtDDPSOLDGD\REWHQJDGHWDOOHVVREUHGHVFXHQWRVHVSHFLDOHVGLVSRQLEOHVPLHQWUDVVXJDUDQWtD
HVWiD~QDFWLYD3XHGHFRPSUDUODHQOtQHDHQFXDOTXLHUPRPHQWRROODPDUDOGXUDQWHKRUDV
QRUPDOHVGHRILFLQD*(&RQVXPHU+RPH6HUYLFHVHVWDUiD~QDKtFXDQGRVXJDUDQWtDWHUPLQH
3LH]DV\DFFHVRULRV *($SSOLDQFHVFRP
$TXHOORVLQGLYLGXRVFRQODFDOLILFDFLyQQHFHVDULDSDUDUHSDUDUVXVSURSLRVHOHFWURGRPpVWLFRVSXHGHQ
SHGLUTXHVHOHVPDQGHQODVSLH]DVRDFFHVRULRVGLUHFWDPHQWHDVXVKRJDUHVDFHSWDPRVODVWDUMHWDV
9,6$0DVWHU&DUG\'LVFRYHU+DJDVXSHGLGRHQOtQHDKR\KRUDVFDGDGtDROODPDUSRUWHOpIRQR
DOGXUDQWHKRUDVQRUPDOHVGHRILFLQD
/DVLQVWUXFFLRQHVGHVFULWDVHQHVWHPDQXDOFXEUHQORVSURFHGLPLHQWRVDVHJXLUSRUFXDOTXLHUXVXDULR&XDOTXLHU
RWUDUHSDUDFLyQGHEHUtDSRUUHJODJHQHUDOUHIHULUVHDSHUVRQDOFDOLILFDGRDXWRUL]DGR'HEHHMHUFHUVHSUHFDXFLyQ
\DTXHODVUHSDUDFLRQHVLQFRUUHFWDVSXHGHQFDXVDUFRQGLFLRQHVGHIXQFLRQDPLHQWRLQVHJXUDV
3yQJDVHHQFRQWDFWRFRQQRVRWURV *($SSOLDQFHVFRP
6LQRHVWiVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLEHGH*(SyQJDVHHQFRQWDFWRFRQQRVRWURVHQQXHVWUDSiJLQD
:HELQGLFDQGRWRGRVORVGHWDOOHVDVtFRPRVXQ~PHURGHWHOpIRQRRHVFUtEDQRVD
*HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWUHVXHOHFWURGRPpVWLFR *($SSOLDQFHVFRP
£5HJLVWUHVXQXHYRHOHFWURGRPpVWLFRHQOtQHD³FXDQGRXVWHGSUHILHUD(OUHJLVWUDUVXSURGXFWRDWLHPSR
OHSURSRUFLRQDUiVLVXUJLHUDODQHFHVLGDGXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVUiSLGREDMRORVWpUPLQRV
GHVXJDUDQWtD7DPELpQSXHGHHQYLDUVXWDUMHWDGHUHJLVWURSUHLPSUHVDTXHVHLQFOX\HHQHOPDWHULDOGH
HPEDODMH
$SR\RDOFOLHQWH


Specifications

GE - General Electric JSP42DN3WW Questions and Answers


#1 What is the status of my part return/credit?

Parts and accessories may be returned for credit up to 90
days from the date the part or accessory was shipped to you
from our warehouse. Returns need at least one billing cycle
(30 days) to be processed before your account can be
credited.
- 30 Day Return Policy Items may be returned within 30 days
from the date they were shipped from our warehouse without
a restocking fee.
- 31-90 Day Return Policy Items may be returned within 31-90
days from the date they were shipped from our warehouse. A
$15 restocking fee will be charged.
- Over 90 Day Return Policy Items that were shipped more
than 90 days ago cannot be returned.

#2 Where should returned, damaged, or unneeded parts and accessories be shipped?

In order to return damaged or unneeded parts, you need to
complete
the online returns process and get a Return Materials
Authorization
(RMA) number. Through this process, you will be given
instructions
on how to return the item, including the return shipping
address. A
RMA number is required for a return and must be visible on
the return
package or the return will not be processed.

#3 How do I return a part or accessory and get a replacement?

Returning a Part
- If you ordered a part online that you would like to return,
please start
by requesting a Return Materials Authorization (RMA). Once
you
complete and submit the return form, you will receive a
confirmation
email within approximately 20 minutes. Print the shipping
label
included in the email and attach to the outside of your
package. The
label contains the RMA number and correct warehouse
address for
your return. To receive credit for returned part and
accessories, all
items must be in sellable condition. Please allow one billing
cycle for
your refund to be processed.
Parts and accessories
- May be returned for credit within 30 days from the date the
part or
accessory was shipped to you from our warehouse. The part
or
accessory may be returned for a $15 re-stocking fee between
31 and
90 days from shipment. After 90 days the part or accessory
may not
be returned.
Return Shipping
- We do not cover the cost of return shipping, but if the
reason for the
return is determined to be our error, we will refund the
shipping cost
of your original order.
Did not Order Online?
- If the part you would like to return was not ordered online,
please
call 1-800-477-6186 for assistance, Hours of operation:
Monday -
Friday, 9:00 am to 6:00 pm Eastern Time.
Need to Exchange?
- If you're looking to exchange a part or accessory you
purchased,
complete the returns process for the current item and place a
new
order for the item you need.

Questions and Answers

Related Products