GE - General Electric PB978STSS GE Profile 30" Free-Standing Double Oven Range

Product's Documents

Below are documents related to this product, you can read online or download:
User Manual Installation Instruction
  • Installation Instructions - (English) Download
Specification
PB978STSS photo

User Manual

This is the main product document for model PB978STSS.

The file format is pdf, 92 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
1H[W6WHS&RQWURO
2ZQHU·V0DQXDO
5DQJHV
6DIHW\,QVWUXFWLRQV²
2SHUDWLQJ,QVWUXFWLRQV
.LWFKHQ7LPHU
2YHQ²
$GMXVW2YHQ7KHUPRVWDW
%DNLQJRU5RDVWLQJ
%URLOLQJ%URLOLQJ*XLGH
&RQWUROV
&RQYHFWLRQ2YHQ
3L]]D
3UHKHDWLQJ
3UREH
6DEEDWK)HDWXUH
6HOI&OHDQLQJ

6ORZ&RRNDQG:DUPLQJ)HDWXUHV

6SHFLDO)HDWXUHV
6WHDP&OHDQ
7LPHG%DNLQJDQG5RDVWLQJ
:DUPLQJ'UDZHU
6XUIDFH8QLWV²
&RRNZDUH
*ODVV&RRNWRS
:DUPLQJ=RQH
&DUHDQG&OHDQLQJ
$OXPLQXP)RLO
&RQWURO3DQHO
*ODVV&RRNWRS
/LIW2II2YHQ'RRU
/LJKW
2YHQ)ORRU
2YHQ+HDWLQJ(OHPHQWV
5DFNV
5HPRYDEOH:DUPLQJ'UDZHU'UDZHU3DQ

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*
:$51,1*
7RUHGXFHWKHULVNRIWLSSLQJWKH
UDQJHWKHUDQJHPXVWEHVHFXUHG
E\DSURSHUO\LQVWDOOHGDQWLWLS
EUDFNHW6HHLQVWDOODWLRQLQVWUXFWLRQV
VKLSSHGZLWKWKHEUDFNHWIRU
FRPSOHWHGHWDLOVEHIRUHDWWHPSWLQJ
WRLQVWDOO
)RU)UHHVWDQGLQJDQG6OLGH,Q
5DQJHV
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHG
DQGHQJDJHGSURSHUO\ORRN
XQGHUQHDWKWKHUDQJHWRVHHWKDW
WKHUHDUOHYHOLQJOHJLVHQJDJHG
LQWKHEUDFNHW2QVRPHPRGHOVWKHVWRUDJHGUDZHURUNLFNSDQHOFDQEH
UHPRYHGIRUHDV\LQVSHFWLRQ,IYLVXDOLQVSHFWLRQLVQRWSRVVLEOHVOLGHWKH
UDQJHIRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHIORRU
RUZDOODQGVOLGHWKHUDQJHEDFNVRWKHUHDUOHYHOLQJOHJLVXQGHUWKHDQWLWLS
EUDFNHW
,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\VUHSHDWWKLV
SURFHGXUHWRYHULI\WKHUDQJHLVSURSHUO\VHFXUHGE\WKHDQWLWLSEUDFNHW
1HYHUFRPSOHWHO\UHPRYHWKHOHYHOLQJOHJVRUWKHUDQJHZLOOQRWEHVHFXUHG
WRWKHDQWLWLSGHYLFHSURSHUO\
)RU'URS,Q5DQJHV
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\VOLGHWKHUDQJH
IRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHUHDURIWKH
UDQJHDQGVOLGHWKHUDQJHEDFNVRWKDWWKHDQWLWLSEUDFNHWVOLGHVMXVWXQGHU
WKHFRXQWHUWRSRUZRRGEORFNDWWDFKHGWRWKHUHDUZDOO
,I\RXGLGQRWUHFHLYHDQDQWLWLSEUDFNHWZLWK\RXUSXUFKDVHFDOO
WRUHFHLYHRQHDWQRFRVWLQ&DQDGDFDOO
)RULQVWDOODWLRQLQVWUXFWLRQVRIWKHEUDFNHWYLVLW*($SSOLDQFHVFRPLQ
&DQDGD*($SSOLDQFHVFD
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
Rear Wall
Oven
Anti-Tip
Bracket
Countertop or
Wood Block
)UHHVWDQGLQJDQG6OLGH,Q5DQJHV
'URS,Q5DQJHV
$QWL7LS
%UDFNHW
/HYHOLQJ/HJ
background
8VHWKLVDSSOLDQFHIRULWVLQWHQGHGSXUSRVHDVGHVFULEHGLQWKLV
2ZQHU·V0DQXDO
%HVXUH\RXUDSSOLDQFHLVSURSHUO\LQVWDOOHGDQGJURXQGHGE\D
TXDOLILHGLQVWDOOHULQDFFRUGDQFHZLWKWKHSURYLGHGLQVWDOODWLRQ
LQVWUXFWLRQV
'RQRWDWWHPSWWRUHSDLURUUHSODFHDQ\SDUWRI\RXUUDQJHXQOHVV
LWLVVSHFLILFDOO\UHFRPPHQGHGLQWKLVPDQXDO$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$ZHWVSRQJHRUFORWKRQD
KRWVXUIDFHFDQFDXVHVWHDPEXUQV6RPHFOHDQHUV
FDQSURGXFHQR[LRXVIXPHVLIDSSOLHGWRDKRWVXUIDFH
127(6XJDUVSLOOVDUHDQH[FHSWLRQ7KH\VKRXOGEH
VFUDSHGRIIZKLOHVWLOOKRWXVLQJDQRYHQPLWWDQGD
VFUDSHU6HHWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQIRU
GHWDLOHGLQVWUXFWLRQV
5HDGDQGIROORZDOOLQVWUXFWLRQVDQGZDUQLQJVRQWKH
FOHDQLQJFUHDPODEHO
'RQRWXVHDOXPLQXPIRLOWROLQHGULSSDQV)RLOFDQWUDS
KHDWRUPHOWUHVXOWLQJLQGDPDJHWRWKHSURGXFWDQGD
VKRFNRUILUHKD]DUG
'RQRWLPPHUVHRUVRDNWKHUHPRYDEOHVXUIDFHXQLWV
'RQRWSXWWKHPLQDGLVKZDVKHU'RQRWVHOIFOHDQWKH
VXUIDFHXQLWVLQDQRYHQ'RLQJVRPD\FDXVHWKHPWR
IDLOSUHVHQWLQJDEXUQRUILUHKD]DUG
7RDYRLGWKHSRVVLELOLW\RIDEXUQRUHOHFWULFVKRFNDOZD\V
EHFHUWDLQWKDWWKHFRQWUROVIRUDOOVXUIDFHXQLWVDUHDWWKH
2))SRVLWLRQDQGDOOFRLOVDUHFRROEHIRUHDWWHPSWLQJWROLIW
RUUHPRYHDFRLOVXUIDFHXQLW
%HVXUHWKHGULSSDQVDUHQRWFRYHUHGDQGDUHLQSODFH
7KHLUDEVHQFHGXULQJFRRNLQJFRXOGGDPDJHUDQJH
SDUWVDQGZLULQJ
'RQRWXVHDOXPLQXPIRLOWROLQHGULSSDQV)RLOFDQWUDS
KHDWRUPHOWUHVXOWLQJLQGDPDJHWRWKHSURGXFWDQGD
VKRFNRUILUHKD]DUG
&22.7236$)(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/2:(529(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
6XUIDFH8QLW&RRN6HWWLQJV
6LQJOH6XUIDFH8QLW³&RRN6HWWLQJV
0XOWL5LQJ%XUQHUFDQEHGXDORUWULSOHGHSHQGLQJRQPRGHO
7KHSRZHUOHYHOZLWKDIUDFWLRQ
LQGLFDWHVWKHDGGLWLRQDO
KDOIVWHSVHWWLQJ<RXPD\
KHDUFOLFNLQJVRXQGVLQGLFDWLQJ
WKHFRQWUROLVPDLQWDLQLQJ\RXU
GHVLUHGVHWWLQJ
:$51,1*
7KHFRRNWRSRIIHUVSRZHUOHYHOV3RZHU
OHYHOVUDQJHIURP´/µWR+,LQSUHFLVHKDOIVWHS
LQFUHPHQWV)RUH[DPSOHDQG
XSWR+,
3RZHU/HYHO´/µWKHORZHVWVHWWLQJLV
UHFRPPHQGHGIRU´.HHS:DUPµ
7KHSRZHUOHYHOLQFUHDVHVRQHKDOIOHYHOZLWK
HDFKWRXFK
127(:KHQFKDQJLQJIURPDKLJKKHDWVHWWLQJ
WRDORZHUKHDWVHWWLQJWKHVXUIDFHXQLWPD\
VWRSJORZLQJ7KLVLVQRUPDO7KHXQLWLVVWLOORQ
DQGKRW
127(7KLVFRRNWRSKDVDUDSLGKHDWXSIHDWXUH
,IWKHFRRNWRSLVFRROZKHQWXUQHGRQLWZLOO
JORZUHGIRUDVKRUWSHULRGRIWLPHXQWLOWKH
GHVLUHGSRZHUVHWWLQJLVUHDFKHG
7RWXUQRQDVLQJOHVXUIDFHXQLW
7RXFKWKH212))SDGWKHQWRXFKWKH
²SDG
8VHWKH²SDGWRFKRRVHWKHGHVLUHG
SRZHUVHWWLQJ
7RXVHWKH0HOWIHDWXUH
7RXFKWKH212))SDGWKHQWRXFK0(/7
7KHHOHPHQWZLOODXWRPDWLFDOO\VHWWRD
SUHGHWHUPLQHGVHWWLQJDQG´/µZLOOEHGLVSOD\HG
7RWXUQRIIDVLQJOHVXUIDFHXQLWWRXFKWKH21
2))SDGDJDLQ
7RXVHWKH6LPPHUIHDWXUH
7RXFKWKH212))SDGWKHQWRXFK6,00(5
7KHHOHPHQWZLOODXWRPDWLFDOO\VHWWRD
SUHGHWHUPLQHGVHWWLQJDQG´µZLOOEHGLVSOD\HG
$GMXVWXVLQJWKH²SDGWRLQFUHDVHRU
GHFUHDVHWKHVLPPHUUDWH
7RXFKWKH212))SDGIRUWKHULJKWIURQW
VXUIDFHXQLW
8VHWKH²SDGWRVHWWKHGHVLUHGSRZHU
VHWWLQJ
7RXFKWKH%851(56,=(SDGDVQHHGHGWR
VHOHFWWKHGHVLUHGEXUQHUVL]H
7KHOLJKWQH[WWRWKH%851(56,=(SDG
LQGLFDWHVZKLFKVL]HWKHVXUIDFHXQLWLVRQ
7RWXUQWKHVXUIDFHXQLWRIIWRXFKWKH212))
SDG
6HHSDJHIRUDGGLWLRQDOLQIRUPDWLRQ
background
*($SSOLDQFHVFRP
8VLQJWKH:DUPLQJ=RQHRQVRPHPRGHOV
7KH:$50,1*=21(LVORFDWHGLQWKHEDFN
FHQWHURIWKHJODVVVXUIDFH
7RXVHWKH:$50,1*=21(
7RXFKWKH:$50,1*=21(212))SDG
7RVHOHFWWKHGHVLUHGFRQWUROVHWWLQJWRXFK
WKH6(/(&7SDGRQFHIRU/2WZLFHIRU0('
RUWKUHHWLPHVIRU+,
7RWXUQRIIWKH:$50,1*=21(
7RXFKWKH:$50,1*=21(212))SDG
)RUEHVWUHVXOWVDOOIRRGVRQWKH:$50,1*
=21(VKRXOGEHFRYHUHGZLWKDOLGRUDOXPLQXP
IRLO
$OZD\VXVHSRWKROGHUVRURYHQPLWWVZKHQ
UHPRYLQJIRRGIURPWKH:$50,1*=21(DV
FRRNZDUHZLOOEHKRW
'RQRWXVHSODVWLFZUDSWRFRYHUIRRG3ODVWLF
PD\PHOWRQWRWKHVXUIDFHDQGEHYHU\
GLIILFXOWWRFOHDQ
8VHRQO\FRRNZDUHUHFRPPHQGHGIRUWRSRI
UDQJHFRRNLQJ
WARMING ZONE
SELECT
ON
OFF
)22'32,621+$=$5'%DFWHULDPD\JURZLQIRRGDWWHPSHUDWXUHVEHORZ)
$OZD\VVWDUWZLWKKRWIRRG'RQRWXVHZDUPVHWWLQJVWRKHDWFROGIRRG
'RQRWZDUPIRRGIRUPRUHWKDQKRXUV
)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQIRRGERUQHLOOQHVV
:$51,1*
background
7HPSHUDWXUH/LPLWHURQ5DGLDQW*ODVV&RRNWRSV
(YHU\UDGLDQWVXUIDFHXQLWKDVDWHPSHUDWXUH
OLPLWHU
7KHWHPSHUDWXUHOLPLWHUSURWHFWVWKHJODVV
FRRNWRSIURPJHWWLQJWRRKRW
7KHWHPSHUDWXUHOLPLWHUPD\F\FOHWKHVXUIDFH
XQLWVRIIIRUDWLPHLI
WKHSDQERLOVGU\
WKHSDQERWWRPLVQRWIODW
WKHSDQLVRIIFHQWHU
WKHUHLVQRSDQRQWKHXQLW
8VLQJWKHVXUIDFHXQLWV
+RPH&DQQLQJ7LSV
%HVXUHWKHFDQQHULVFHQWHUHGRYHUWKHVXUIDFH
XQLW
0DNHVXUHWKHFDQQHULVIODWRQWKHERWWRP
7RSUHYHQWEXUQVIURPVWHDPRUKHDWXVH
FDXWLRQZKHQFDQQLQJ
8VHUHFLSHVDQGSURFHGXUHVIURPUHSXWDEOH
VRXUFHV7KHVHDUHDYDLODEOHIURP
PDQXIDFWXUHUVVXFKDV%DOO
DQG.HUU
DQGWKH
'HSDUWPHQWRI$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&22.3DG
8VHVDIDQWRFLUFXODWHDLULQWKHRYHQ6HHWKH
8VLQJWKHFRQYHFWLRQRYHQVHFWLRQ
:$503DG
7RXFKWRNHHSFRRNHGIRRGVZDUP
6HHWKH+RZWR6HWWKH2YHQIRU:DUPLQJVHFWLRQ
6/2:&22.3DG
7RXFKIRUORQJKRXUVRIXQDWWHQGHGFRRNLQJ
6HHWKH+RZWR6HWWKH2YHQIRU6ORZ&RRN
VHFWLRQ
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
67($0&/($13DG
7RXFKWKLVSDGIRUHDVLHUFOHDQLQJRIOLJKWVRLOLQJ
RIIWKHRYHQFDYLW\RUGRRU6HHWKH8VLQJVWHDP
FOHDQVHFWLRQ
&/($52))3DG
7RXFKWRFDQFHO$//RYHQRSHUDWLRQVH[FHSWWKH
FORFNDQGWLPHU
67$573DG
0XVWEHWRXFKHGWRVWDUWDQ\FRRNLQJRUFOHDQLQJ
IXQFWLRQ
3,==$3DG
7RXFKWKH3,==$SDG
7RXFKWKHQXPEHUSDGVWRVHOHFWIRUIUR]HQRU
IRUIUHVKSL]]D
7RXFKWKHQXPEHUSDGVWRVHWWKHEDNLQJ
WHPSHUDWXUH
7RXFKWKH67$57SDG
%DNLQJWLPHLVGHWHUPLQHGE\SDFNDJHGLUHFWLRQV
3ODFHSL]]DRQWRSUDFNSRVLWLRQRIXSSHURYHQ
:KHQXVLQJDPHWDOWUD\XVHWKHORZHUUDFN
SRVLWLRQ
29(1/,*+73DG
7RXFKWRWXUQWKHRYHQOLJKWVRQRURII
7,0(5212))3DGV
7RXFKWRVHWWKHNLWFKHQWLPHU
6HHWKH8VLQJWKH.LWFKHQ7LPHUVHFWLRQ
&22.7,0(7,0(3DG
7RXFKWKLVSDGDQGWKHQWRXFKWKHQXPEHUSDGV
WRVHWWKHDPRXQWRIWLPH\RXZDQW\RXUIRRG
WRFRRN7KHRYHQZLOOVKXWRIIZKHQWKHFRRNLQJ
WLPHKDVUXQRXW
'(/$<67$573DG
7RXFKWKLVSDGWRVHWWKHRYHQWRVWDUW
DXWRPDWLFDOO\DWDWLPH\RXVHW
&/2&.3DG
127(:KHQVHWWLQJWLPHV\RXDUHVHWWLQJKRXUV
DQGPLQXWHVRQO\7KHORZHVWWLPH\RXFDQVHWLV
RQHPLQXWH
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
:$50,1*'5$:(5SDG
7KHZDUPLQJGUDZHUZLOONHHSKRWFRRNHG
IRRGVDWVHUYLQJWHPSHUDWXUH$OZD\VVWDUWZLWK
KRWIRRG6HHWKH8VLQJWKHZDUPLQJGUDZHU
VHFWLRQ
&21752//2&.287RU5$1*(/2&.287
7KHFRQWUROSDGVFDQEHORFNHGVRWKH\FDQQRW
EHDFWLYDWHGZKHQWRXFKHG&RQWURO/RFNRXW
6RPHPRGHOVKDYH5DQJH/RFNRXWZKLFKZLOO
DOVRWXUQRIIWKHVXUIDFHXQLWV6HHWKH+RZWR
/RFN2XWWKH&RQWUROVVHFWLRQ

background
7R6HWWKH.LWFKHQ7LPHU
7RXFKWKH7,0(521SDG
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7,0(52))SDGDQG
EHJLQDJDLQ
7RXFKWKH67$57SDG
$IWHUWRXFKLQJWKH67$57SDG6(7
GLVDSSHDUVWKLVWHOOV\RXWKHWLPHLVFRXQWLQJ
GRZQDOWKRXJKWKHGLVSOD\GRHVQRWFKDQJH
XQWLORQHPLQXWHKDVSDVVHG6HFRQGVZLOOQRW
EHVKRZQLQWKHGLVSOD\XQWLOWKHODVWPLQXWHLV
FRXQWLQJGRZQ
:KHQWKHNLWFKHQWLPHUUHDFKHVWKH
FRQWUROZLOOEHHSWLPHVIROORZHGE\RQH
EHHSHYHU\VHFRQGVXQWLOWKH7,0(52))
SDGLVWRXFKHG
7KHVHFRQGWRQHFDQEHFDQFHOOHGE\
IROORZLQJWKHVWHSVLQWKH6SHFLDOIHDWXUHVRI
\RXURYHQFRQWUROVHFWLRQXQGHU7RQHVDWWKH
(QGRID7LPHG&\FOH
7KH.LWFKHQ7LPHULVLQKRXUVDQG
PLQXWHV
7KH.LWFKHQ7LPHUGRHVQRWFRQWURORYHQ
RSHUDWLRQV7KHPD[LPXPVHWWLQJRQWKH
.LWFKHQ7LPHULVKRXUVDQGPLQXWHV
7R5HVHWWKH.LWFKHQ7LPHU
+RZWR/RFN2XWWKH&RQWUROV
7R6HWWKH&ORFN
,IWKHGLVSOD\LVVWLOOVKRZLQJWKHWLPHUHPDLQLQJ
\RXPD\FKDQJHLWE\WRXFKLQJWKH7,0(521
SDGWKHQWRXFKLQJWKHQXPEHUSDGVVRWKDWWKH
WLPH\RXZDQWDSSHDUVLQWKHGLVSOD\
,IWKHUHPDLQLQJWLPHLVQRWLQWKHGLVSOD\FORFN
GHOD\VWDUWRUFRRNLQJWLPHDUHLQWKHGLVSOD\
UHFDOOWKHUHPDLQLQJWLPHE\WRXFKLQJWKH
7,0(521 SDGDQGWKHQWRXFKWKHQXPEHU
SDGVWRHQWHUWKHQHZWLPH\RXZDQW
&RQWURO/RFNRXWRU5DQJH/RFNRXWZLOODOORZ
\RXWRORFNRXWWKHWRXFKSDGVVRWKH\FDQQRW
EHDFWLYDWHGZKHQWRXFKHG6RPHPRGHOV
KDYH5DQJH/RFNRXWZKLFKZLOODOVRGLVDEOHWKH
VXUIDFHXQLWV0DNHVXUHDOOVXUIDFHXQLWFRQWUROV
DUHWXUQHGRIIZKHQXVLQJ5DQJH/RFNRXW$Q\
VXUIDFHXQLWWKDWLVVHWWRDQ´RQµSRVLWLRQZKLOH
WKH5DQJH/RFNRXWLVHQDEOHGZLOODXWRPDWLFDOO\
FRPHRQDIWHUWKH5DQJH/RFNRXWLVGLVDEOHG
7RORFNXQORFNWKHFRQWUROV
7RXFKDQGKROGWKH&RQWURO/RFNRXWRU
5DQJH/RFNRXWSDGIRUVHFRQGV7KH
RYHQGLVSOD\ZLOOVKRZ´/RF2Q/RFµ
7RXQORFNWKHFRQWUROWRXFKDQGKROGWKH
&RQWURO/RFNRXWRU5DQJH/RFNRXWSDG
IRUVHFRQGV7KHRYHQGLVSOD\ZLOOVKRZ
´/RF2))/RFµ
: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$57SDGXQWLOWKHWLPHRIGD\
VKRZVLQWKHGLVSOD\7KLVHQWHUVWKHWLPH
DQGVWDUWVWKHFORFN
7RFKHFNWKHWLPHRIGD\ZKHQWKHGLVSOD\LV
VKRZLQJRWKHULQIRUPDWLRQWRXFKWKH&/2&.
SDG7KHWLPHRIGD\VKRZVXQWLODQRWKHUSDG
LVWRXFKHG7RFKDQJHWKHWLPHIRUPDWRUWXUQ
RIIWKHFORFNGLVSOD\VHHWKH6SHFLDO)HDWXUHV
VHFWLRQ
7R&DQFHOWKH.LWFKHQ7LPHU
7RXFKWKH7,0(52))SDG
8VLQJWKHFORFNNLWFKHQWLPHUDQGFRQWUROORFNRXW *($SSOLDQFHVFRP
OR

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$57 SDG
7KHRYHQZLOOVWDUWDXWRPDWLFDOO\7KHGLVSOD\ZLOO
VKRZWKHFKDQJLQJWHPSHUDWXUHVWDUWLQJDWÛ)
7KHWHPSHUDWXUHGLVSOD\ZLOOVWDUWWRFKDQJHRQFH
WKHRYHQWHPSHUDWXUHUHDFKHVÛ):KHQWKH
RYHQUHDFKHVWKHVHOHFWHGWHPSHUDWXUHWKHRYHQ
FRQWUROZLOOEHHSVHYHUDOWLPHVDQGWKHGLVSOD\ZLOO
VKRZWKHRYHQWHPSHUDWXUH
127( <RXPD\KHDUWKHFRQYHFWLRQIDQRQ
VRPHPRGHOVZKLOHWKHRYHQLVSUHKHDWLQJ7KH
IDQZLOOVWRSDIWHUWKHRYHQLVSUHKHDWHGDQG
WKHGLVSOD\VKRZV\RXUVHWWHPSHUDWXUH7KLVLV
QRUPDO
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJWKH%$.(
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,/+,/2SDG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
)RUGRXEOHRYHQVXVHUDFNSRVLWLRQ$IRUWKHVPDOOHUUDFNSRVLWLRQRYHQ
,I\RXUUDQJHLVFRQQHFWHGWRYROWVUDUHVWHDNVPD\EHEURLOHGE\SUHKHDWLQJWKH
EURLOHUDQGSRVLWLRQLQJWKHRYHQUDFNRQHSRVLWLRQKLJKHU

background
7R$GMXVWWKH7KHUPRVWDW
7RXFKWKH%52,/+,/2DQG%$.(SDGVDW
WKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV6)
7RXFKWKH%$.( SDG$QXPEHUVKRZVLQ
WKHGLVSOD\
'RXEOH2YHQV7RDGMXVWWKHXSSHURYHQ
WKHUPRVWDWWRXFKWKHXSSHURYHQ%$.(
SDG7RDGMXVWWKHORZHURYHQWKHUPRVWDW
WRXFKWKHORZHURYHQ%$.(SDG
7KHRYHQWHPSHUDWXUHFDQEHDGMXVWHGXS
WR)KRWWHURU)FRROHU7RXFK
WKHQXPEHUSDGVWKHVDPHZD\\RXUHDG
WKHP)RUH[DPSOHWRFKDQJHWKHRYHQ
WHPSHUDWXUH)WRXFKDQG
7RXFKWKH%$.(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
0XOWLUDFNSRVLWLRQ
:KHQFRQYHFWLRQEDNLQJZLWKRQO\UDFNSODFH
WKHIRRGVRWKDWLWLVFHQWHUHGLQWKHRYHQ
5DFN&RQYHFWLRQ%DNLQJ
7KHFRQYHFWLRQRYHQFRPHVZLWKRQH
FRQYHFWLRQFRRNPRGHDQGFDQEHXVHG
IRU0XOWL5DFN&RQYHFWLRQ%DNLQJRU5DFN
&RQYHFWLRQ%DNLQJ
&RQYHFWLRQ&RRN
&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127OHDYHWKHGRRURSHQ
IRUORQJSHULRGVRIWLPHZKLOHXVLQJFRQYHFWLRQ
FRRNLQJRU\RXPD\VKRUWHQWKHOLIHRIWKH
FRQYHFWLRQKHDWLQJHOHPHQW

7RXFKWKH&219(&7,21&22.SDGIRU
FRQYHFWLRQFRRNLQJ
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&22.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&/($52))SDGZKHQILQLVKHG
<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWK
FRQYHFWLRQ7KHIDQZLOOVWRSZKHQWKHGRRULV
RSHQHGEXWWKHKHDWZLOOQRWWXUQRII
<RXPD\KHDUWKHRYHQFOLFNLQJGXULQJ
EDNLQJ7KLVLVQRUPDO
+RZWR6HWWKH2YHQIRU&RQYHFWLRQ%DNLQJ

background

8VLQJWKHSL]]DIHDWXUH
RQVRPHPRGHOV
&RRNZDUHIRU&RQYHFWLRQ&RRNLQJ
%HIRUHXVLQJ\RXUFRQYHFWLRQRYHQFKHFNWRVHH
LI\RXUFRRNZDUHOHDYHVURRPIRUDLUFLUFXODWLRQ
LQWKHRYHQ,I\RXDUHEDNLQJZLWKVHYHUDOSDQV
OHDYHVSDFHEHWZHHQWKHP$OVREHVXUHWKH
SDQVGRQRWWRXFKHDFKRWKHURUWKHZDOOVRIWKH
RYHQ
3DSHUDQG3ODVWLF
+HDWUHVLVWDQWSDSHUDQGSODVWLFFRQWDLQHUVWKDW
DUHUHFRPPHQGHGIRUXVHLQUHJXODU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
$Q\W\SHRIFRRNZDUHZLOOZRUNLQ\RXU
FRQYHFWLRQRYHQKRZHYHUPHWDOSDQVKHDWWKH
IDVWHVWDQGDUHUHFRPPHQGHGIRUFRQYHFWLRQ
EDNLQJ
'DUNHQHGRUPDWWHILQLVKHGSDQVZLOOEDNH
IDVWHUWKDQVKLQ\SDQV
*ODVVRUFHUDPLFSDQVFRRNPRUHVORZO\
)RUUHFLSHVOLNHRYHQEDNHGFKLFNHQXVHDSDQ
ZLWKORZVLGHV+RWDLUFDQQRWFLUFXODWHZHOO
DURXQGIRRGLQDSDQZLWKKLJKVLGHV
:KHQEDNLQJFRRNLHV\RXZLOOJHW
WKHEHVWUHVXOWVLI\RXXVHDIODW
FRRNLHVKHHWLQVWHDGRIDSDQZLWK
ORZVLGHV
*($SSOLDQFHVFRP
+RZWR6HWWKH8SSHU2YHQ)RU3L]]D
$GMXVWUDFNSRVLWLRQIRUW\SHRISL]]DWUD\EHLQJXVHG
VHHFKDUW
7RXFKWKH3,==$SDG
7RXFKWKHQXPEHUSDGVWRVHOHFWIRUIUR]HQRU
IRUIUHVKSL]]D
7RXFKWKHQXPEHUSDGVWRVHWWKHEDNLQJ
WHPSHUDWXUH
7RXFKWKH67$57 SDG
%DNLQJWLPHLVGHWHUPLQHGE\SDFNDJHGLUHFWLRQV
7\SHRI3L]]D7UD\ 5DFN3RVLWLRQ
7UD\VXSSOLHGZLWKIUHVKSL]]D %
3L]]DSODFHGGLUHFWO\RQUDFN %
0HWDOWUD\ $
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7HPS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67$57SDG
7RXFKWKH%$.(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(&7,21SDG
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
&$87,21

background
8VLQJWKHWLPHGEDNLQJ
DQGURDVWLQJIHDWXUHVRQVRPHPRGHOV
*($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&22.
SDGRURWKHUGHVLUHGFRRNLQJIXQFWLRQ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH67$57 SDG
7RXFKWKH&22.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$57 SDG
7KHRYHQZLOOWXUQ21DQGWKHGLVSOD\ZLOOVKRZ
WKHFRRNLQJWLPHFRXQWGRZQDQGWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)7KHWHPSHUDWXUH
GLVSOD\ZLOOVWDUWWRFKDQJHRQFHWKHRYHQ
WHPSHUDWXUHUHDFKHV):KHQWKHRYHQ
UHDFKHVWKHWHPSHUDWXUH\RXVHWEHHSVZLOO
VRXQG
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKHVHW
DPRXQWRIWLPHWKHQWXUQRIIDXWRPDWLFDOO\
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&22.
SDGRURWKHUGHVLUHGFRRNLQJIXQFWLRQ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
7RXFKWKH&22.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\
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VORZFRRNDQGZDUPLQJIHDWXUHV
+RZWR6HWWKH2YHQ)RU6ORZ&RRN
6ORZ&RRNLVGHVLJQHGIRUORQJKRXUVRIXQDWWHQGHG
FRRNLQJ
7RXFKWKH6/2:&22.SDG
7RXFKWKHQXPEHUSDGWRVHOHFWWKHGHVLUHG
VHWWLQJIRU3RXOWU\RUIRU0HDWV8VH0HDWV
LI\RXDUHXQVXUHZKLFKVHWWLQJWRXVH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHFRRNLQJWLPHPXVW
EHDWOHDVWKRXUVXSWRKRXUVPLQXWHV
7RXFKWKH67$57 SDG
127(,IDSRZHURXWDJHRFFXUVZKLOHWKHRYHQLVLQ
6ORZ&RRNWKHUDQJHZLOOVKXWRII
5DFN )RRG 7LPH
)RRG 4XDQWLW\ 3RVLWLRQ 6HWWLQJ +RXUV &RPPHQWV
%HHI
&KXFN5RDVW ²
øOEV & 0HDWV +,²KUV $GGFXSOLTXLG
/2²KUV
%HHI5LEV
ø²OEV & 0HDWV +,²KUV 3ODFHULEVLQDVLQJOHOD\HU
/2²KUV
3RXOWU\
:KROH&KLFNHQ OEV & 3RXOWU\ +,²KUV $GGFXSOLTXLG
/2²KUV
&KLFNHQ3LHFHV SLHFHV & 3RXOWU\ +,²KUV %HVWVXEPHUJHGXQGHUDVDXFH
DSSUR[OEV /2²KUV WRSUHYHQWVXUIDFHGU\LQJ
3RUN
%RQHOHVV%ODGH ²OEV & 0HDWV +,²KUV $GG²FXSOLTXLG
5RDVW /2²KUV
&RXQWU\6W\OH
ø²OEV & 0HDWV +,²KUV 3ODFHULEVLQDVLQJOHOD\HU
3RUN5LEV /2²KUV
3RUN&KRSV ²OEV & 0HDWV +,²KUV 3ODFHFKRSVLQDVLQJOHOD\HU
/2²KUV
6RXS
9HJHWDEOH%HHI TXDUWV & 0HDWV +,²KUV 0DNHVXUHEHHIFKXQNV
6RXS /2²KUV DUHVXEPHUJHG
&KLOL TXDUWV & 0HDWV +,²KUV 6XEPHUJHEHDQV
/2²KUV WRSUHYHQWVXUIDFHGU\LQJ
6ORZ&RRN*XLGH
*XLGHOLQH7LSV
7KHVORZFRRNSURJUDPXVHVDFRPSOH[VHULHVRI
WHPSHUDWXUHF\FOLQJWRREWDLQWKHEHVWUHVXOWV)RUWKLV
UHDVRQLWLVUHFRPPHQGHGWKDWWKHVORZFRRNSURJUDP
EHDOORZHGWRUXQZLWKRXWFDQFHOOLQJRUUHVWDUWLQJ
5HVWDUWLQJWKHVORZFRRNIHDWXUHZKLOHLWLVLQSURJUHVV
PD\UHVXOWLQRYHUFRRNHGPHDW
)RUMXLF\DQGWHQGHUPHDWFKRRVHFXWVRIPHDWVXFK
DVFKXFNURDVWRUDERQHOHVVEODGHURDVW/HDQHUFXWV
RIPHDWVXFKDVWRSURXQGDUHGULHUDQGPD\QHHG
DGGLWLRQDOOLTXLG
8VHRQO\JODVVDQGFHUDPLFGLVKHV0HWDOSRWVDQGSDQV
WHQGWRWUDQVIHUWKHKHDWLQWRWKHIRRGVWRRTXLFNO\
0DWFKWKHTXDQWLW\RIIRRGWRWKHVL]HSDQ)LOOWKHSDQ
DERXWIXOOIRUEHVWUHVXOWV7RRODUJHDSRWDOORZVWKH
VWHDPWRHVFDSHFDXVLQJIRRGVWRGU\RXW
$OZD\VFRYHUWKHSRWZLWKDOLGRUDOXPLQXPIRLO
$ZLGHUDQJHRIUHFLSHVPD\EHXVHGLQWKHVORZFRRN
IHDWXUH)RUEHVWUHVXOWVVRPHDGMXVWPHQWVPD\QHHGWR
EHPDGH)RUVPDOOHUVL]HGUHFLSHVEHJLQFKHFNLQJ
DWPLQLPXPWLPH)RUODUJHUHFLSHVRUZKHQGRXEOLQJ
UHFLSHVIRRGVPD\EHFRRNHGIRUORQJHUSHULRGVRIWLPH
:KHQWKHVORZFRRNIHDWXUHFRPSOHWHVWKHRYHQZLOO
DXWRPDWLFDOO\VZLWFKWR´ZDUPµPRGH,IDGGLWLRQDOVORZ
FRRNWLPHLVGHVLUHGWKLVZDUPPRGHPD\EHXVHGWR
REWDLQWKHH[WUDWLPH
)22'32,621+$=$5'%DFWHULDPD\JURZLQIRRGDWWHPSHUDWXUHVEHORZ)
 $OZD\VVWDUWZLWKKRWIRRG'RQRWXVHZDUPVHWWLQJVWRKHDWFROGIRRG
 'RQRWZDUPIRRGIRUPRUHWKDQKRXUV
)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQIRRGERUQHLOOQHVV
:$51,1*
+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:$50IHDWXUHWRXFKWKH:$50
SDGDQGWKHQWKH67$57SDG
7RXVHWKH:$50IHDWXUHDIWHU7LPHG%DNLQJ
IROORZWKHVHVWHSV
7RXFKWKHEDNHPRGHRIFRRNLQJ
7RXFKWKHQXPEHUSDGVWRVHWWKHRYHQ
WHPSHUDWXUH
7RXFKWKH&22.7,0(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH
7RXFKWKH:$50SDG
7RXFKWKH67$57SDG
127(3ODVWLFFRQWDLQHUVOLGVRUSODVWLFZUDSZLOO
PHOWLISODFHGLQWKHRYHQ0HOWHGSODVWLFPD\
QRWEHUHPRYDEOHDQGLVQRWFRYHUHGXQGHU\RXU
ZDUUDQW\

background
7R8VHWKH:DUPLQJ'UDZHU
7RXFKWKH:$50,1*'5$:(5212))SDG
´6HW:DUPLQJ'UDZHUµEHJLQVWREOLQN7RXFK
WKH:$50,1*'5$:(56(77,1*SDGWRVHWWKH
ZDUPLQJGUDZHUWR´+,µ´67'µRU´/2µ
7RFDQFHOWRXFKWKH:$50,1*'5$:(521
2))SDG
127(7RXFKLQJWKH&/($52))SDGGRHVQRW
WXUQRIIWKHZDUPLQJGUDZHU
:KHQ8VLQJWKH:DUPLQJ'UDZHU
7KHZDUPLQJGUDZHUZLOONHHSKRWFRRNHG
IRRGVZDUP$OZD\VVWDUWZLWKKRWIRRG'R
QRWXVHWRKHDWFROGIRRGRWKHUWKDQFULVSLQJ
FUDFNHUVFKLSVRUGU\FHUHDO
'RQRWOLQHWKHZDUPLQJGUDZHURUSDQ
ZLWKDOXPLQXPIRLO)RLOLVDQH[FHOOHQWKHDW
LQVXODWRUDQGZLOOWUDSKHDWEHQHDWKLW7KLV
ZLOOXSVHWWKHSHUIRUPDQFHRIWKHGUDZHUDQG
FRXOGGDPDJHWKHLQWHULRUILQLVK
$OORZDSSUR[LPDWHO\PLQXWHVIRUWKH
ZDUPLQJGUDZHUWRSUHKHDW
'RQRWSXWOLTXLGRUZDWHULQWKHZDUPLQJ
GUDZHU
$OOIRRGVSODFHGLQWKHZDUPLQJGUDZHU
VKRXOGEHFRYHUHGZLWKDOLGRUDOXPLQXP
IRLO:KHQZDUPLQJSDVWULHVRUEUHDGVWKH
FRYHUVKRXOGEHYHQWHGWRDOORZPRLVWXUHWR
HVFDSH
)RRGVKRXOGEHNHSWKRWLQLWVFRRNLQJ
FRQWDLQHURUWUDQVIHUUHGWRDKHDWVDIH
VHUYLQJGLVK
127(3ODVWLFFRQWDLQHUVRUSODVWLFZUDSZLOO
PHOWLILQGLUHFWFRQWDFWZLWKWKHGUDZHUSDQ
RUDKRWXWHQVLO0HOWHGSODVWLFPD\QRWEH
UHPRYDEOHDQGLVQRWFRYHUHGXQGHU\RXU
ZDUUDQW\
5HPRYHVHUYLQJVSRRQVHWFEHIRUHSODFLQJ
FRQWDLQHUVLQZDUPLQJGUDZHU
7R&ULVS6WDOH,WHPV
3ODFHIRRGLQORZVLGHGGLVKHVRUSDQV
3UHKHDWRQ/2VHWWLQJ
&KHFNFULVSQHVVDIWHUPLQXWHV$GGWLPHDV
QHHGHG
7R:DUP6HUYLQJ%RZOVDQG3ODWHV
'LVKHVZLOOEHKRW8VHSRWKROGHUVRUPLWWVZKHQ
UHPRYLQJKRWGLVKHV
7RZDUPVHUYLQJERZOVDQGSODWHVVHWWKHFRQWURO
RQ/2
8VHRQO\KHDWVDIHGLVKHV
,I\RXZDQWWRKHDWILQHFKLQDSOHDVHFKHFN
ZLWKWKHPDQXIDFWXUHURIWKHGLVKHVIRUWKHLU
PD[LPXPKHDWWROHUDQFH
<RXPD\ZDUPHPSW\VHUYLQJGLVKHVZKLOH
SUHKHDWLQJWKHGUDZHU
7HPSHUDWXUH6HOHFWLRQ&KDUW
7RNHHSVHYHUDOGLIIHUHQWIRRGVKRWVHWWKHFRQWUROWR
WKHIRRGQHHGLQJWKHKLJKHVWVHWWLQJ
7KHWHPSHUDWXUHW\SHDQGDPRXQWRIIRRGDQG
WKHWLPHKHOGZLOODIIHFWWKHTXDOLW\RIWKHIRRG
5HSHDWHGRSHQLQJRIWKHGUDZHUDOORZV
WKHKRWDLUWRHVFDSHDQGWKHIRRGWRFRRO
:LWKODUJHORDGVLWPD\EHQHFHVVDU\
WRXVHDKLJKHUZDUPLQJGUDZHUVHWWLQJDQG
FRYHUVRPHRIWKHFRRNHGIRRGLWHPV

'RQRWXVHSODVWLFFRQWDLQHUVRUSODVWLFZUDS
)RRG7\SH &RQWURO6HWWLQJ
&DVVHUROH 67'
&KLOL +,
3L]]D 67'
3RWDWRHVEDNHG +,
7RUWLOOD&KLSV /2
:DIIOHV /2
)22'32,621+$=$5'%DFWHULDPD\JURZLQIRRGDWWHPSHUDWXUHVEHORZ)
$OZD\VVWDUWZLWKKRWIRRG'RQRWXVHZDUPVHWWLQJVWRKHDWFROGIRRG
'RQRWZDUPIRRGIRUPRUHWKDQKRXUV
)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQIRRGERUQHLOOQHVV
7KHZDUPLQJGUDZHUZLOONHHSKRWFRRNHGIRRGVDWVHUYLQJWHPSHUDWXUH$OZD\VVWDUWZLWKKRWIRRG
'RQRWXVHWRKHDWFROGIRRGRWKHUWKDQFULVSLQJFUDFNHUVFKLSVRUGU\FHUHDO
8VLQJWKHZDUPLQJGUDZHURQVRPHPRGHOV *($SSOLDQFHVFRP
:$51,1*
&$87,21

background

8VLQJWKHVHOIFOHDQLQJRYHQ
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
%HIRUHD6HOI&OHDQ&\FOH
),5(+$=$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$177KHKHDOWKRIVRPHELUGVLVH[WUHPHO\
VHQVLWLYHWRWKHIXPHVJLYHQRIIGXULQJWKHVHOI
FOHDQLQJF\FOHRIDQ\UDQJH0RYHELUGVWRDQRWKHU
ZHOOYHQWLODWHGURRP
'RXEOH2YHQDQG&DQDGLDQ0RGHOV2QO\
7KHVXUIDFHXQLWVDUHDXWRPDWLFDOO\GLVDEOHGGXULQJ
WKHVHOIFOHDQF\FOH0DNHVXUHWKDWDOOVXUIDFH
XQLWFRQWUROVDUHWXUQHGRIIDWDOOWLPHVGXULQJWKH
VHOIFOHDQF\FOH$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GRRUVPXVWEHFORVHGDQGDOOFRQWUROVVHW
FRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
7RXFKWKH6(/)&/($1SDG
,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$57 SDG
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&.(''225
JRHVRIILQWKHFRQWUROGLVSOD\
7KHZRUG/2&.(''225 ZLOOIODVKDQGWKH
ZRUG'225ZLOO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&.(''225 JRHVRIILQGLFDWLQJWKH
RYHQKDVFRROHGEHORZWKHORFNLQJWHPSHUDWXUH
\RXZLOOEHDEOHWRRSHQWKHGRRU
'RXEOH2YHQV
<RXFDQVHWDFOHDQF\FOHLQERWKRYHQVDWWKH
VDPHWLPHKRZHYHUWKH\ZLOOQRWVHOIFOHDQDWWKH
VDPHWLPH7KHODVWRYHQVHWZLOODXWRPDWLFDOO\
GHOD\LWVVWDUWXQWLOWKHHQGRIWKHILUVWRYHQ·VFOHDQ
F\FOH
:KHQDQRYHQLVVHWWRVHOIFOHDQERWKRYHQGRRUV
ZLOOORFNDQGWKHFRRNWRSFRQWUROVZLOOORFNRXW7KH
RYHQVDQGFRRNWRSFDQQRWEHXVHGZKHQDQRYHQ
LVVHWWRVHOIFOHDQ
:$51,1*
background
*($SSOLDQFHVFRP
$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$57 SDG
7RXFKWKH6(/)&/($1SDG
8VH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$57 SDG
7KHRYHQGRRUORFNVDXWRPDWLFDOO\,WZLOOQRW
EHSRVVLEOHWRRSHQWKHRYHQGRRUXQWLOWKH
WHPSHUDWXUHGURSVEHORZWKHORFNWHPSHUDWXUH
DQG/2&.(''225
JRHVRIILQWKHFRQWURO
GLVSOD\
7KHRYHQGRRUVPXVWEHFORVHGDQGDOOFRQWUROVVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\

background

8VLQJ6WHDP&OHDQ
RQVRPHPRGHOV
5HPRYHUDFNVDQGDFFHVVRULHVIURPWKH
RYHQFDYLW\'RQRWSODFHFRRNZDUHRU
RWKHULWHPVLQWKHRYHQGXULQJWKH6WHDP
&OHDQF\FOH
3RXUFXSR]URRPWHPSHUDWXUHZDWHU
RQWRWKHUHFHVVHGDUHDRIWKHRYHQERWWRP
'RQRWDGGFOHDQLQJVROXWLRQVRUFKHPLFDOV
RIDQ\NLQGWRWKHZDWHU2QO\DGGZDWHU
ZKHQXVLQJWKH6WHDP&OHDQF\FOH'RQRW
DGGZDWHUZKHQXVLQJWKH6HOI&OHDQF\FOH
&ORVHWKHGRRU
3UHVVWKH6WHDP&OHDQSDGWKHQSUHVV
6WDUW
7KHRYHQGRRUORFNVDXWRPDWLFDOO\$
PLQXWHF\FOHZLOOEHJLQWRFRXQWGRZQ
RQWKHGLVSOD\,WZLOOQRWEHSRVVLEOHWR
RSHQWKHRYHQGRRUXQWLOWKHF\FOHHQGVRU
\RXSUHVVWKH&OHDU2IISDGDQGWKHGRRU
XQORFNV
:KHQWKH6WHDP&OHDQF\FOHLVFRPSOHWH
WKHGRRUZLOOXQORFNWKHRYHQFRQWUROZLOO
EHHSDQGWKH6WHDP&OHDQOLJKWZLOOEOLQN
3UHVVWKH&OHDU2IISDGDQGRSHQWKHGRRU
7KHRYHQERWWRPDQGUHPDLQLQJZDWHUZLOO
VWLOOEHYHU\ZDUPDWWKHHQGRIWKHF\FOH
7KLVLVQRUPDO

5HPRYHVRLOVXVLQJDVFUXEEUXVKRUQ\ORQ
VFRXULQJSDG$VRDSILOOHGVWHHOZRROSDG
PD\EHXVHGRQO\RQWKHSRUFHODLQRYHQ
LQWHULRU7KHXVHRIDEUDVLYHSDGVZLOO
VFUDWFKWKHGRRUJODVV'RQRWZLSHVRLORU
ZDWHURQWRWKHGRRUJDVNHW
5HPRYHDQ\UHPDLQLQJZDWHUZLWKDGU\
FORWKRUVSRQJH

/HDYHWKHGRRURSHQWRDLUGU\
,03257$17127(6
 ,IDVWHDPFOHDQF\FOHLVLQLWLDWHGZLWKRXW
ZDWHUSUHVVWKH&OHDU2IISDGWRHQGWKH
F\FOH:DLWIRUWKHUDQJHWRFRROWRURRP
WHPSHUDWXUHEHIRUHSRXULQJZDWHULQWRWKH
UHFHVVHGDUHDDQGLQLWLDWLQJDQRWKHUVWHDP
F\FOH
 'RQRWRSHQWKHGRRUGXULQJWKH6WHDP
&OHDQF\FOH$QHUURUEHHSZLOOVRXQGXSRQ
RSHQLQJWKHGRRU
 3UHVV&OHDU2IISDGDWDQ\WLPHWRHQGWKH
F\FOH
 ,IPLQHUDOGHSRVLWVUHPDLQLQWKHRYHQ
ERWWRPDIWHUFOHDQLQJXVHDFORWKRUVSRQJH
VRDNHGLQYLQHJDUWRUHPRYHWKHP
 6RPHZDWHUPD\GULSIURPWKHERWWRPRI
WKHRYHQGRRU,IWKLVKDSSHQVZLSHLWXSDW
WKHHQGRIWKHF\FOH
 7KHGRRUJDVNHWPD\EHZHWZKHQWKH
6WHDP&OHDQF\FOHILQLVKHV7KLVLVQRUPDO
'RQRWFOHDQWKHJDVNHW
 ,IVRLOVWLOOUHPDLQVDIWHUFOHDQLQJWKHRYHQ
VHHWKH&DUHDQGFOHDQLQJRIWKHUDQJH
VHFWLRQRIWKH2ZQHU·V0DQXDOIRUDGGLWLRQDO
RSWLRQV
7R%HJLQ6WHDP&OHDQ&\FOH
'XULQJWKHVWHDPFOHDQF\FOH
WKHRYHQERWWRPEHFRPHVKRW
HQRXJKWRFDXVHEXUQV:DLW
XQWLOWKHF\FOHLVRYHUPLQXWHVEHIRUHZLSLQJWKH
LQVLGHVXUIDFHVRIWKHRYHQ)DLOXUHWRGRVRPD\UHVXOW
LQEXUQV
7KH6WHDP&OHDQF\FOHPDNHVLWHDVLHUWRFOHDQOLJKWVRLOLQJ
RIIWKHVWDQGDUGFOHDQSRUFHODLQRYHQLQWHULRU
7KHUDQJHVKRXOGEHDWURRPWHPSHUDWXUHEHIRUHEHJLQQLQJ
WKH6WHDP&OHDQF\FOH,IWKHRYHQLVWRRKRW´KRWµZLOO
DSSHDURQWKHGLVSOD\DQGWKHF\FOHZLOOQRWDFWLYDWHXQWLOWKH
RYHQFRROVGRZQ
7 K H 6WHDP&OHDQF\FOHSHUIRUPVEHVWRQQHZVSLOOV
RUVRLOV%XUQHGRQIRRGLVPRUHGLIILFXOWWRUHPRYH
&$87,21
3RXURXQFHVRIZDWHURQWRWKH
RYHQIORRU
background
6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO *($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XSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7RXFKWKH&22.7,0(DQG%52,/+,/2
SDGVDWWKHVDPHWLPH7KHGLVSOD\ZLOOVKRZ
))DKUHQKHLW
7RXFKWKH&22.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&/($52))SDGLVWRXFKHG7KLV
FRQWLQXDOVHFRQGEHHSPD\EHFDQFHOOHG
7RFDQFHOWKHVHFRQGEHHS
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH%52,/SDG7KHGLVSOD\VKRZV
&21%((3FRQWLQXRXVEHHS7RXFKWKH
%52,/SDGDJDLQ7KHGLVSOD\VKRZV%((3
7KLVFDQFHOVWKHRQHEHHSHYHU\VHFRQGV
7RXFKWKH67$57 SDG
<RXUQHZWRXFKSDGFRQWUROKDVDGGLWLRQDOIHDWXUHVWKDW\RXPD\FKRRVHWRXVH7KHIROORZLQJDUHWKHIHDWXUHVDQGKRZ
\RXPD\DFWLYDWHWKHP
7KHVSHFLDOIHDWXUHPRGHVFDQRQO\EHDFWLYDWHGZKLOHWKHGLVSOD\LVVKRZLQJWKHWLPHRIGD\7KH\UHPDLQLQWKHFRQWURO·V
PHPRU\XQWLOWKHVWHSVDUHUHSHDWHG
7RHQWHUDVSHFLDOIHDWXUHIRUHLWKHURYHQ\RXPXVWILUVWWRXFKWKHXSSHURYHQ%52,/+,/2DQG%$.(SDGVDWWKHVDPH
WLPH7KHORZHURYHQ%52,/+,/2DQG%$.(SDGVZLOOQRWDFWLYDWHVSHFLDOIHDWXUHV
:KHQWKHGLVSOD\VKRZV\RXUFKRLFHWRXFKWKH67$57SDG7KHVSHFLDOIHDWXUHVZLOOUHPDLQLQPHPRU\DIWHUDSRZHU
IDLOXUHH[FHSWIRUWKH6DEEDWKIHDWXUHZKLFKZLOOKDYHWREHUHVHW
7RQH9ROXPH
7KLVIHDWXUHDOORZV\RXWRDGMXVWWKHWRQH
YROXPHVWRDPRUHDFFHSWDEOHYROXPH7KHUH
DUHWKUHHSRVVLEOHYROXPHOHYHOV
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&22.7,0(SDG7KHGLVSOD\ZLOO
VKRZ67'%((37KLVLVWKHPLGGOHYROXPH
OHYHO
7RXFKWKH&22.7,0(SDGDJDLQ7KLV
FKDQJHVWKHYROXPHOHYHOHDFKWLPHWKH
SDGLVWRXFKHGDQGDWRQHZLOOVRXQGWR
SURYLGHDQLQGLFDWLRQRIWKHYROXPHOHYHO
&KRRVHWKHGHVLUHGVRXQGOHYHO/2%((3
67'%((3+,%((3RU2))
7RXFKWKH67$57SDGWRDFWLYDWHWKHOHYHO
VKRZQ

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QRWVKRZWKHFRQYHUWHGWHPSHUDWXUH,WZLOO
DOZD\VVKRZWKHWHPSHUDWXUHHQWHUHG
7RDFWLYDWHRUGHDFWLYDWHWKHIHDWXUH
7RXFKWKHXSSHURYHQ%$.(DQG%52,/
+,/2SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&219(&7,21&22.SDGXQWLO
WKHGLVSOD\VKRZV&2121&RQYHUVLRQ
2QRU&212))&RQYHUVLRQ2IIDV
GHVLUHG
7RXFKWKH67$57 SDG
+RXU+RXURU&ORFN%ODFNRXW
<RXUFRQWUROLVVHWWRXVHDKRXUFORFN
,I\RXZRXOGSUHIHUWRKDYHDKRXUPLOLWDU\
WLPHFORFNRUEODFNRXWWKHFORFNGLVSOD\IROORZ
WKHVWHSVEHORZ
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&/2&.SDGRQFH7KHGLVSOD\
ZLOOVKRZK ,IWKLVLVWKHFKRLFH\RX
ZDQWWRXFKWKH67$57 SDG
7RXFKWKH&/2&. SDGDJDLQWRFKDQJHWRWKH
KRXUPLOLWDU\WLPHFORFN7KHGLVSOD\ZLOO
VKRZK,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$57SDG
127(,IWKHFORFNLVLQWKHEODFNRXWPRGH\RX
ZLOOQRWEHDEOHWRXVHWKH'HOD\6WDUWIXQFWLRQ
+RXU6KXWGRZQ
:LWKWKLVIHDWXUHVKRXOG\RXIRUJHW
DQGOHDYHWKHRYHQRQWKHFRQWUROZLOO
DXWRPDWLFDOO\WXUQRIIWKHRYHQDIWHU
KRXUVGXULQJEDNLQJIXQFWLRQVRUDIWHU
KRXUVGXULQJDEURLOIXQFWLRQ
,I\RXZLVKWRWXUQ2)) WKLVIHDWXUHIROORZ
WKHVWHSVEHORZ
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(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$57SDGWRDFWLYDWHWKHQR
VKXWRIIDQGOHDYHWKHFRQWUROVHWLQWKLV
VSHFLDOIHDWXUHVPRGH
background

8VLQJWKH6DEEDWKIHDWXUH
XSSHUDQGORZHURYHQV
'HVLJQHGIRUXVHRQWKH-HZLVK6DEEDWKDQG+ROLGD\VRQVRPHPRGHOV
*($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RUQR
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$57ZKHQWKHRSWLRQWKDW\RXZDQWLV
LQWKHGLVSOD\VKGQRUQRVKGQ
127(,IDSRZHURXWDJHRFFXUUHGZKLOHWKHRYHQ
ZDVLQ6DEEDWKWKHRYHQZLOODXWRPDWLFDOO\WXUQRII
DQGVWD\RIIHYHQZKHQWKHSRZHUUHWXUQV7KHRYHQ
FRQWUROPXVWEHUHVHW6RPHPRGHOVZLOOUHVXPH
6DEEDWKPRGHKRZHYHURSHQLQJWKHGRRUZLOO
DFWLYDWHWKHRYHQOLJKW
7KH6DEEDWKIHDWXUHFDQEHXVHGIRUEDNLQJURDVWLQJRQO\,WFDQQRWEHXVHGIRUFRQYHFWLRQEURLOLQJVHOIFOHDQLQJRU'HOD\6WDUW
FRRNLQJ
127(7KHRYHQOLJKWFRPHVRQDXWRPDWLFDOO\RQVRPHPRGHOVZKHQWKHGRRULVRSHQHGDQGJRHVRIIZKHQWKHGRRULVFORVHG7KHEXOEPD\EHUHPRYHG6HH
WKH2YHQ/LJKW5HSODFHPHQWVHFWLRQ2QPRGHOVZLWKDOLJKWVZLWFKRQWKHFRQWUROSDQHOWKHRYHQOLJKWPD\EHWXUQHGRQDQGOHIWRQ
+RZWR6HWIRU5HJXODU%DNLQJ5RDVWLQJ
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKHXSSHURYHQ%52,/+,
/2DQG%$.( 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$57 SDGXQWLO6$EE$W+
DSSHDUVLQWKHGLVSOD\
7RXFKWKH67$57SDGDQGZLOODSSHDULQWKH
GLVSOD\7KHRYHQLVQRZLQ6DEEDWKPRGH
7RXFKWKH%$.(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$57SDGRQWKHFRUUHVSRQGLQJ
RYHQ
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWHZLOODSSHDULQWKH
GLVSOD\LQGLFDWLQJ WKDWWKHRYHQLVEDNLQJ
URDVWLQJ,IGRHVQ·WDSSHDULQWKHGLVSOD\
VWDUWDJDLQDW6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH%$.(SDG
HQWHUWKHQHZWHPSHUDWXUHXVLQJWKHQXPEHUSDGV
DQGWRXFKWKH67$57SDG
127(7KH&/($52))DQG&22.7,0(SDGV
DUHDFWLYHGXULQJWKH6DEEDWKIHDWXUH
+RZWR([LWWKH6DEEDWK)HDWXUH
:KHQWKHGLVSOD\VKRZVWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZVWKHRYHQLV
EDNLQJURDVWLQJ
+RZWR6HWIRU7LPHG%DNLQJ
127(7KLVSURFHGXUHPXVWWDNHSODFH%()25(WKH
6DEEDWKEHJLQVWREHDEOHWRXVHWKH7LPHG%DNH
IHDWXUHGXULQJWKH6DEEDWKWKHXQLWVKRXOG127EH
SXWLQWR6DEEDWKPRGHGXULQJD7LPH%DNH
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKHXSSHURYHQ%52,/+,
/2DQG%$.( 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
3UHVVWKH%52,/+,/2SDGWRFKDQJHWKH
EHHSHUVHWWLQJWRE((3WKHGHIDXOWVHWWLQJLV
&RQWLQXRXV%HHSZKLFKVKRZVLQWKHGLVSOD\DV
&RQE((3
3UHVVWKH67$57SDGWRVDYHWKHFKDQJHV
3UHVVWKH%$.(SDG
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUH
3UHVVWKH67$57 SDGRQWKHFRUUHVSRQGLQJ
RYHQ
3UHVV&22.7,0()25WKHFRUUHVSRQGLQJRYHQ
3UHVVWKHQXPEHUSDGVWRVHWWKHGHVLUHGOHQJWK
RIFRRNLQJWLPHEHWZHHQPLQXWHDQGKRXUV
DQGPLQXWHV
3UHVVWKH67$57SDG
3UHVVWKH&/2&.SDGWRGLVSOD\WKHFXUUHQW
WLPHRIGD\7KLVLVWRGLVSOD\WKHWLPHRIGD\
LQVWHDGRIWKHFRXQWGRZQFRRNWLPHU7KHRYHQ
ZLOORSHUDWHDWWKHVHWWHPSHUDWXUHIRUWKHVHW
DPRXQWRIWLPHDQGWKHQLWZLOOVKXWRII$WWKH
WLPHWKHRYHQVKXWVRIIWKHEHHSHUZLOOEHHS
WLPHV
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
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
*($SSOLDQFHVFRP

/LIW2II8SSHU2YHQ'RRURQVRPHPRGHOV
7RUHPRYHWKHGRRU
)XOO\RSHQWKHGRRU
/LIWXSRQWKHKLQJHORFNWRZDUGWKHRYHQ
IUDPHXQWLOWKH\VWRS
&ORVHWKHGRRUWRGHJUHHV\RXZLOOIHHO
WKHGRRUVWRS7KHKLQJHORFNZLOOFRQWDFW
WKHRYHQIUDPH
2QERWKVLGHVRIWKHGRRUSUHVVGRZQRQ
WKHUHOHDVHEXWWRQVRQHDFKKLQJH
/LIWGRRUXSXQWLOLWLVFOHDURIWKHKLQJH
3XOORQKLQJHDUPVVOLJKWO\WRUHOLHYH
SUHVVXUHRQWKHORFNLQJWDEV
3XVKWKHKLQJHORFNVGRZQRQWRWKHKLQJH
3XVKWKHKLQJHVLQWRZDUGWKHXQLWVRWKH\
DUHFORVHG
7RUHSODFHWKHGRRU
3XOOWKHKLQJHVGRZQDZD\IURPWKHRYHQ
IUDPHWRWKHIXOO\RSHQSRVLWLRQ
/LIWXSRQWKHKLQJHORFNVWRZDUGWKHRYHQ
IUDPHXQWLOWKH\VWRS
7KHKLQJHVZLOOUHOHDVHWRWKHGHJUHH
SRVLWLRQ7KHKLQJHORFNVZLOOFRQWDFWWKH
RYHQIUDPH
6OLGHWKHGRRUEDFNRQWRWKHKLQJHV0DNH
VXUHWKHEXWWRQVSRSEDFNRXW
)XOO\RSHQWKHGRRU
3XVKWKHKLQJHORFNVGRZQRQWRWKHKLQJH
&ORVHWKHRYHQGRRU
2YHQ
IUDPH
'RRU
IUDPH
5HOHDVH
EXWWRQV
3XOOGRZQ
3XVKLQ

background

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
)ODWUDFN
+DQGOHV
)RUGRXEOHRYHQVXVHWKHUDFNZLWKWKH
WZRIURQWKDQGOHVLQWKHXSSHURYHQ
)RUGRXEOHRYHQVXVHWKHUDFN
ZLWKRXWWKHWZRIURQWKDQGOHVLQ
WKHORZHU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($Q\JUDSKLWHOXEULFDQWZLSHGDZD\
PXVWEHUHSODFHGVHHVWHSVWKURXJK
6KDNHWKHJUDSKLWHOXEULFDQWEHIRUH
RSHQLQJLW6WDUWLQJZLWKWKHOHIWVOLGH
PHFKDQLVPRIWKHUDFNSODFHIRXU
VPDOOGURSVRIOXEULFDQWRQWKHWZR
ERWWRPWUDFNVRIWKHVOLGHFORVHWRWKH
EHDULQJFDUULHUV
5HSHDWIRUWKHULJKWVOLGHPHFKDQLVPRI
WKHUDFN
2SHQDQGFORVHWKHUDFNVHYHUDOWLPHVWR
GLVWULEXWHWKHOXEULFDQW
5HSODFHWKHFDSRQWKHOXEULFDQWDQG
VKDNHLWDJDLQ7XUQWKHUDFNRYHUDQG
UHSHDWVWHSVDQG
&ORVHWKHUDFNWXUQUDFNULJKWVLGHXSDQG
SODFHLQWKHRYHQ6HH([WHQVLRQ5DFNLQ
WKH8VLQJWKHRYHQVHFWLRQ
7ROXEULFDWHWKHSDGGOH
6KDNHOXEULFDQWDQGDSSO\WRWKHPRYLQJSDUWV
RIWKHSDGGOHPHFKDQLVPVDVVKRZQ
&DUHDQGFOHDQLQJRIWKHUDQJH
background
*($SSOLDQFHVFRP
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RQVRPHPRGHOV
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
2YHQ9HQWRQ5DGLDQW*ODVV&RRNWRSV
$OOPRGHOVKDYHDQRYHQYHQWORFDWHGEHKLQGWKH
ULJKWUHDUVXUIDFHXQLW2QGRXEOHRYHQVWKHUHLVDQ
DGGLWLRQDORYHQYHQWIRUWKHXSSHURYHQEHKLQGWKH
OHIWUHDUVXUIDFHXQLW
7KLVDUHDFRXOGEHFRPHKRWGXULQJRYHQXVH
,WLVQRUPDOIRUVWHDPWRFRPHRXWRIWKHYHQWDQG
PRLVWXUHPD\FROOHFWXQGHUQHDWKLWZKHQWKHRYHQ
LVLQXVH
7KHYHQWLVLPSRUWDQWIRUSURSHUDLUFLUFXODWLRQ1HYHU
EORFNWKLVYHQW
5HPRYDEOH:DUPLQJ'UDZHU'UDZHU3DQRQVRPHPRGHOV
127($OORZZDUPLQJGUDZHUWRFRROEHIRUH
UHPRYLQJSDQ
127(:LSHVSLOOVSURPSWO\DIWHUHDFKXVH
1HYHUSODFHXVHRUVHOIFOHDQWKHGUDZHUSDQ
LQWKHXSSHURYHQ
:DUPLQJGUDZHUKDVDUHPRYDEOHSDQIRU
HDV\FOHDQLQJ&OHDQZLWKKRWVRDS\ZDWHU
DQGDVSRQJHRUGLVKWRZHO'U\ZLWKD
FOHDQFORWK5HSODFHWKHSDQLQWKHZDUPLQJ
GUDZHU
127()RUPRGHOVZLWKDQHOHFWULF
ZDUPLQJGUDZHUEHIRUHSHUIRUPLQJ
DQ\DGMXVWPHQWVFOHDQLQJRUVHUYLFH
GLVFRQQHFWWKHUDQJHHOHFWULFDOSRZHU
VXSSO\DWWKHKRXVHKROGGLVWULEXWLRQSDQHO
E\UHPRYLQJWKHIXVHRUVZLWFKLQJRIIWKH
FLUFXLWEUHDNHU0DNHVXUHWKHGUDZHU
KHDWLQJHOHPHQWLVFRRO

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
)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
%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

*($SSOLDQFHVFRP
7RRUGHU&(5$0$%5<7(
&HUDPLF&RRNWRS
&OHDQHUDQG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
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 $OORZWKHRYHQWRFRROWREHORZORFNLQJWHPSHUDWXUH
%HIRUH<RX&DOO)RU6HUYLFH«

background

3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
)RRGGRHVQRWEDNH 2YHQFRQWUROVLPSURSHUO\VHW  6HHWKH8VLQJWKHRYHQ VHFWLRQ
RUURDVWSURSHUO\
5DFNSRVLWLRQLVLQFRUUHFW  6HHWKH8VLQJWKHRYHQVHFWLRQ
RUWKHUDFNLVQRWOHYHO
,QFRUUHFWFRRNZDUHRU  6HHWKH8VLQJWKHRYHQVHFWLRQ
FRRNZDUHRILPSURSHU
VL]HEHLQJXVHG
2YHQWKHUPRVWDWQHHGV 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
DGMXVWPHQW VHFWLRQ
)RRGGRHVQRW 2YHQFRQWUROVLPSURSHUO\VHW  0DNHVXUH\RXWRXFKWKH%52,/+,/2SDG
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$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
WRRKRWRUWRRFROG QHHGVDGMXVWPHQW VHFWLRQ
6WRUDJHGUDZHU 5HDUGUDZHUVXSSRUWLV 5HSRVLWLRQWKHGUDZHU6HHWKH6WRUDJH'UDZHU
LVFURRNHG RQWRSRIWKHJXLGHUDLO5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQGFOHDQLQJRIWKH
 UDQJHVHFWLRQ
&KHFNWRPDNHVXUHGUDZHULVSURSHUO\VHDWHG
LIUHPRYHG
6WRUDJHGUDZHU 3RZHUFRUGPD\EH  5HSRVLWLRQWKHGUDZHUDQGSRZHUFRUG6HHWKH
ZRQ·WFORVH REVWUXFWLQJGUDZHU6WRUDJH'UDZHU5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQG
LQWKHORZHUEDFNFOHDQLQJRIWKHUDQJHVHFWLRQ
RIWKHUDQJH
5HDUGUDZHUVXSSRUWLV 5HSRVLWLRQWKHGUDZHU6HHWKH6WRUDJH'UDZHU
RQWRSRIWKHJXLGHUDLO5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQGFOHDQLQJRIWKH
 UDQJHVHFWLRQ
2YHQGRRULVFURRNHG 7KHGRRULVRXWRISRVLWLRQ  %HFDXVHWKHRYHQGRRULVUHPRYDEOHLWVRPHWLPHVJHWVRXW
RISRVLWLRQGXULQJLQVWDOODWLRQ
 7RVWUDLJKWHQWKHGRRUSXVKGRZQRQWKHKLJKFRUQHU
*($SSOLDQFHVFRP
background
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
&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
$IXVHLQ\RXUKRPH 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
PD\EHEORZQRUWKH
FLUFXLWEUHDNHUWULSSHG
2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHNLWFKHQWLPHUVHFWLRQ
2YHQZLOOQRWVHOIFOHDQ 7KHRYHQWHPSHUDWXUHLV $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&/($52))SDG2SHQWKHZLQGRZVWR
GXULQJDFOHDQF\FOH ULGWKHURRPRIVPRNH:DLWXQWLO/2&.(''225 
JRHVRII$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RYHQRU8VLQJVWHDPFOHDQVHFWLRQ
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
7URXEOHVKRRWLQJ7LSV
%HIRUH<RX&DOO)RU6HUYLFH«

background
*($SSOLDQFHVFRP

3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
&RQWUROVLJQDOVDIWHU <RXIRUJRWWRHQWHUD 7RXFKWKH%$.(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 $IXVHLQ\RXUKRPHPD\EH 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLW
EUHDNHUWULSSHG
7KHFORFNLVLQWKH 6HHWKH6SHFLDOIHDWXUHVRI\RXURYHQFRQWUROVHFWLRQ
EODFNRXWPRGH
'LVSOD\IODVKHV 3RZHUIDLOXUH 5HVHWWKHFORFN
8QDEOHWRJHWWKH 2YHQFRQWUROSDGVZHUH7KH%52,/+,/2DQG%$.(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
$FRROLQJIDQPD\ 7KLVLVQRUPDORQVRPHPRGHOV7KHFRROLQJIDQZLOOWXUQRIIDQG
DXWRPDWLFDOO\WXUQRQDQGRII RQWRFRROLQWHUQDOSDUWV,WPD\UXQDIWHUWKHRYHQLV
WXUQHGRII
background
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
2YHQUDFNVDUH 7KHVKLQ\VLOYHUFRORUHG $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
:DUPLQJGUDZHU $IXVHLQ\RXUKRPHPD\EH 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
ZLOOQRWZRUN EORZQRUWKHFLUFXLWEUHDNHU
WULSSHG
&RQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHZDUPLQJGUDZHUVHFWLRQ
([FHVVLYHFRQGHQVDWLRQ /LTXLGLQGUDZHU 5HPRYHOLTXLG
LQWKHGUDZHU
8QFRYHUHGIRRGV &RYHUIRRGZLWKOLGRUDOXPLQXPIRLO
7HPSHUDWXUHVHWWLQJWRRKLJK 5HGXFHWHPSHUDWXUHVHWWLQJ
)RRGGULHVRXWLQWKH 0RLVWXUHHVFDSLQJ &RYHUIRRGZLWKOLGRUDOXPLQXPIRLO
ZDUPLQJGUDZHU
'UDZHUQRWIXOO\FORVHG 3XVKGUDZHULQXQWLOODWFKHQJDJHV
:DWHUUHPDLQLQJRQ 7KLVLVQRUPDO 5HPRYHDQ\UHPDLQLQJZDWHUZLWKDGU\FORWKRUVSRQJH
RYHQIORRUDIWHU6WHDP
&OHDQF\FOH
2YHQZLOOQRWVWHDP 'LVSOD\IODVKHV+27 $OORZWKHRYHQWRFRROWRURRPWHPSHUDWXUHDQGUHVHWWKH
FOHDQ FRQWUROV
2YHQFRQWUROVLPSURSHUO\VH
W 6HHWKH8VLQJ6WHDP&OHDQVHFWLRQ
2YHQGRRULVQRWFORVHG 0DNHVXUH\RXFORVHWKHGRRUWRVWDUWVWHDPFOHDQF\FOH

7URXEOHVKRRWLQJ7LSV
%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FRRNWRSLI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
GEAppliances.com
Mini-Guide
49-80630 02-11 GE
Ranges
Induction Self-Cleaning
Convection
IMPORTANT SAFETY INFORMATION.
READ ALL INSTRUCTIONS BEFORE USING.
WARNING!
For your safety, the information in this manual must be
followed to minimize the risk of fire, explosion, electric shock,
or to prevent property damage, personal injury, or loss of life.
This unit has been tested and found to comply with the
limits for a class B digital device, pursuant to Part 18
of the FCC rules. These limits are designed to provide
reasonable protection against harmful interference in
a residential installation. This unit generates, uses and
can radiate radio frequency energy and, if not installed
and used in accordance with the instructions, may cause
harmful interference to radio communications. However,
there is no guarantee that interference will not occur in
a particular installation. If this unit does cause harmful
interference to radio or television reception, which can
be determined by turning the unit off and on, the user is
encouraged to try to correct the interference by one or
more of the following measures:
• Reorient or relocate the receiving antennae.
Increase the distance between the unit and receiver.
Connect the unit into an outlet or a circuit different from
that to which the receiver is connected.
CAUTION!
Persons with a pacemaker or similar medical device
should exercise caution when using or standing
near an induction unit while it is in operation. The
electromagnetic field may affect the working of the
pacemaker or similar medical device. It is advisable to
consult your doctor or the pacemaker manufacturer
about your particular situation.
Using the cooktop.
Inductioncoilsundertheglasscookingsurfaceproduce
amagneticfieldthatgeneratesheatinferrousmetals
thatareincloseproximity.Theglasscookingsurfaceis
notheateddirectlysinceitisnotaferrousmetal,butthe
glassmayeventuallybecomehotfromthepan.Induction
surfacecoilsaremoreefficientandwillheatmuchfaster
thanconventionalelectricandgascookingsurfacecooking
products.
CAUTION:
Theinductioncookingelementsmayappeartobecoolwhile
turnedONandaftertheyhavebeenturnedOFF.Theglass
surfacemaybeHOTfromresidualheattransferredfromthe
cookwareandburnsmayoccur.
DONOTTOUCHHOTCOOKWAREorPANSdirectlywithhands.
Alwaysusemittsorpotholderstoprotecthandsfromburns.
DONOTSLIDEcookwareacrossthecooktopsurface.Doing
somaypermanentlydamagetheappearanceoftheceramic
cooktop.
How Induction Surface Cooking Works
background
Youmustuseaferrouspanwhenusingtheinductioncoilson
this range. The warming zone is not an induction coil and will
workwithanytypeofcookware.Youcanverifyyourpanis
ferrous if a magnet sticks to it. Quality cookware with heavy
bottomsmadeofcastiron,magneticstainlesssteeland
enameled steel work best. For best results, use pans with flat
bottoms.Woksthatdonothaveflatbottomsinclosecontactto
the glass surface will not work. Some pans are made especially
forinductioncooking.
What Type of Pans Are Required?
Alowhummingnoiseisnormalwhenusinginductioncoils,
especiallyonhigherpowersettings.Heavyenamelcast-iron
potsproducelessnoisethanlightweightsteelpans.Theamount
ofcontentinthepanscanalsoaffectnoiselevel.Pansthat
completelycoverthegraphicsontheglasswillproduceless
noise.Watertrappedunderpanscanboil,causingthecookware
tovibrateorslideontheglasssurface.
Cookware “Noise”
Pan Size and Shape
Theinductioncoilsrequireaminimumpansizeinorderfortheelementtoturnon.
Inorderfortheinductioncoiltocorrectlydetermineifthepanislargeenough,itis
importantthatthepanbecenteredwithinthecirculargraphicsmarkedonthe
glasscookingsurface.Theminimumpansizethatwillworkforeachinductioncoil
isshownontheright.Pansthatarenotferrousoraretoosmallwillnotallowthe
inductioncoiltoturnon,andthepowerleveldisplayforthatcoillocationwillflash
for30secondsandthenturnoff.Ifapanisremovedfromtheinductioncoilfor
morethan30seconds,thepowerwillbeshutoff.Squarepanswillwork,although
roundpansthatmatchtheinductioncoilsizesworkbest.Cookwarelargerthan
thecooktopglassgraphicswillwork.Forbestresults,matchthepansizewith
thenearest-sizegraphicsontheglasscookingsurface.
Useaflat-bottomedwok.Useagriddle.Useflat-bottomedpans.
Boost Mode and Power
Sharing
PowerSharingisactivatedwhen
bothelementsinthesamecooking
zoneareactivatedandoneelement
issetforBoost(H).Theelement
thatisnotsetforBoostwillchange
toalowerpowerlevel.Thisis
calledPowerSharing.WhenBoost
operationiscomplete(10minutes),
theotherelementmayberesetto
anypowerlevel.Bothelementscan
operatesimultaneouslyatnormal
powerlevelsettingsof“L”to9.
4burnercooktopswithright-andleft-side(2)
inductiongenerators
Usetheminimumsizepanshownforeachcookingelement.
5-3/4”Min.Dia.
PanSize
LR
5-3/4”Min.Dia.
PanSize
LF
4-3/4”Min.
Dia.PanSize
RR
8”Min.Dia.
PanSize
RF
Using the cooktop. (cont.)
Problem Possible Causes What To Do
Surface units do Improper cookware being used. • Wrongpantype.Useamagnettocheckthatcookwareis
not work properly or induction-compatible.Useaflatinduction-capablepanthatmeets
flashing power setting theminimumsizefortheelementbeingused.SeethePansizeand
shapesection.
Pan is too small. • Pansizeisbelowtheminimumsizefortheelement.SeethePan size
and shapesection.
Pan not positioned correctly. • Centerthepaninthecookingzone.
Pan detection/sizing Pan is improperly placed. • Makesurethepaniscenteredonthecorrespondingsurfaceelement.
not working properly
Cooktop control improperly set. • Checktoseethatthecontrolissetproperly.
Surface unit setting Power sharing. • Checktoseeifpowerwasbeingsharedbetweentwoelements.See
changed or turned Boost ModeandPower Sharing section.
off unexpectedly
High cooktop temperature. • Allowtheinternalfantocoolthecooktop.
Before you call for service…
IMPORTANT NOTE FOR RIGHT
SIDE POWER SHARING
The elements on the right side share one
generator. Both elements can operate at
any non-Boost (level L to 9) power level
at the same time. When the large 11”
element is set for “H” or Boost, the smaller
element is automatically shut off and
cannot be activated. After 10 minutes,
Boost (H) will revert to power level 9.
At that time, the smaller element may be
activated and set for any power level.
background
GEAppliances.com
Mini guía
49-80630 02-11 GE
Cocinas
autolimpiantes de convección e inducción
INFORMACIÓN IMPORTANTE DE SEGURIDAD.
LEA TODAS LAS INSTRUCCIONES ANTES DE SU USO.
¡ADVERTENCIA!
Para su seguridad, la información de este manual debe
seguirse al pie de la letra a fin de minimizar el riesgo de
incendio o explosión, descarga eléctrica, o para prevenir
daños, lesiones personales o la muerte.
Esta unidad se ha puesto a prueba y se ha determinado
que cumple con los límites de un dispositivo digital de clase
B, de conformidad con la Parte 18 de las normas de la FCC.
Estos límites están diseñados para brindar una protección
razonable contra interferencia dañina dentro de una
instalación residencial. Esta unidad genera, utiliza y puede
irradiar energía de frecuencia de radio y, si no se instala y
usa de acuerdo con las instrucciones, puede provocar una
interferencia dañina a las comunicaciones de radio. Sin
embargo, no hay garantía de que no haya interferencia
en una instalación determinada. Si la unidad provoca
interferencia nociva a la recepción de radio y televisión,
lo que puede determinarse encendiendo y apagando la
unidad, el usuario puede corregir la interferencia a través
de una o más de las siguientes medidas:
• Reoriente o cambie la posición de las antenas
receptoras.
Incremente la distancia entre la unidad y el receptor.
Conecte la unidad a un tomacorriente o un circuito
diferente del que está usando el receptor.
¡PRECAUCIÓN!
Las personas que utilicen un marcapasos o un
dispositivo médico similar deben tener cuidado cuando
utilicen y se encuentren cerca de una unidad por
inducción. El campo electromagnético puede afectar
el funcionamiento del marcapasos o del dispositivo
médico similar. Es recomendable consultar a su médico
o al fabricante del marcapasos sobre su situación
particular.
Cómo usar la estufa.
Las bobinas de inducción ubicadas debajo de la superficie de
cocción de vidrio producen un campo magnético que genera
calor en metales ferrosos que se encuentran muy cerca. La
superficie de cocción de vidrio no se calienta directamente ya
que no es un metal ferroso, pero el vidrio puede calentarse
por estar en contacto con el recipiente de cocción. Las
bobinas de la superficie de inducción son más eficientes
y se calientan con más rapidez que las cocinas eléctricas
o a gas con superficies de cocción convencionales.
PRECAUCIÓN:
Los elementos de cocción por inducción pueden parecer
fríos cuando están encendidos (ON) y después de haber sido
apagados (OFF). La superficie de vidrio puede estar CALIENTE
debido a calor residual transferido del recipiente de cocción y
pueden provocarse quemaduras.
NO TOQUE RECIPIENTES DE COCCIÓN CALIENTES directamente
con sus manos. Siempre use guantes de cocina o agarraderas
para proteger las manos de quemaduras.
NO DESLICE recipientes de cocción a través de la superficie de
la estufa. Hacerlo puede dañar permanentemente la apariencia
de la estufa de cerámica.
Cómo funciona la superficie de cocción por inducción
background
Deben utilizarse recipientes ferrosos cuando se usen las bobinas
de inducción de esta cocina. La zona de calentamiento no es una
bobina de inducción y funciona con cualquier clase de recipiente
de cocción. Usted puede verificar si su recipiente es ferroso si
un imán se adhiere a él. Los recipientes de cocción de calidad
con bases pesadas hechas de hierro fundido, acero inoxidable
magnético y acero esmaltado funcionan mejor. Para mejores
resultados, utilice recipientes con bases planas. Los woks que no
poseen bases planas en contacto con la superficie de vidrio no
funcionan. Algunos recipientes están fabricados especialmente
para cocción por inducción.
¿Qué clase de recipientes debe usarse?
“Ruidos” de los recipientes de cocción
Un zumbido bajo es normal cuando se utilizan bobinas de inducción, especialmente en configuraciones de energía mayores. Los
recipientes pesados de hierro fundido esmaltado producen menos ruido que los recipientes de acero liviano. La cantidad de contenido
dentro de los recipientes también puede modificar el nivel de ruido. Los recipientes que cubren por completo el gráfico del vidrio
producen menos ruido. El agua que queda atrapada debajo de los recipientes puede hervir, lo que puede provocar que los recipientes
vibren o se deslicen sobre la superficie de vidrio.
Tamaño y forma de los recipientes
Las bobinas de inducción requieren un tamaño mínimo de recipiente para que el elemento se
encienda. Para que la bobina de inducción pueda determinar correctamente si el recipiente es
lo suficientemente grande, resulta importante que el recipiente se centre dentro de los gráficos
circulares marcados en la superficie de cocción de vidrio. El tamaño mínimo de recipiente que
funcionará en cada bobina de inducción se indica a la derecha. Los recipientes no ferrosos y
demasiado pequeños no permitirán el accionamiento de la bobina de inducción y la pantalla del nivel
de energía de la ubicación de esa bobina destellará durante 30 segundos y luego se apagará. Si un
recipiente se retira de la bobina de inducción por más de 30 segundos, la energía se desactivará.
Pueden utilizarse recipientes cuadrados, aunque funcionan mejor los redondos que se ajustan a los
tamaños de las bobinas de inducción. Los recipientes de cocción de mayor tamaño que los gráficos
de vidrio de la estufa funcionarán. Para mejores resultados, ajuste el tamaño del recipiente con los
gráficos de tamaño más cercano que se encuentran sobre la superficie de cocción de vidrio.
Utilice un wok
de base plana.
Utilice una plancha.Utilice recipientes
de base plana.
Modo impulso (Boost) y distribución de energía
Los anafes de cinco quemadores están divididos en 3 zonas.
Los lados derecho e izquierdo tienen zonas de cocción
separadas y el elemento central grande es otra zona de
cocción individual. La distribución de energía se activa cuando
ambos elementos de la misma zona de cocción se activan y
un elemento se configura para Impulso (H). El elemento que
no esté configurado para Impulso cambiará a un nivel de
energía más bajo. Esto se denomina distribución de energía.
Cuando la operación de impulso haya finalizado (10 minutos),
el otro elemento puede reconfigurarse para cualquier nivel
de energía. Ambos elementos pueden funcionar de manera
simultánea a niveles de energía normales de “L” a 9.
Estufas de 4 quemadores con generadores
de inducción de lados derecho e izquierdo
(2) Utilice el recipiente de tamaño mínimo
ilustrado para cada elemento de cocción.
Recipiente
de 5-3/4”
de diámetro
mínimo IT
Recipiente
de 5-3/4”
de diámetro
mínimo IF
Recipiente
de 4-3/4”
de diámetro
mínimo DT
Recipiente
de 8”
de diámetro
mínimo DF
Cómo usar la estufa. (cont.)
Problema Causas posibles Qué hacer
Las unidades de Se están utilizando recipientes Recipiente incorrecto. Use un imán para verificar que el recipiente sea
superficie no funcionan de cocción inadecuados. compatible con la inducción. Use un recipiente plano con capacidad
bien o destella de inducción que cumpla con el tamaño mínimo para el elemento
la configuración que se está usando. Ver la sección Tamaño y forma de los recipientes.
de energía
El recipiente es muy pequeño. El tamaño del recipiente es menor al tamaño mínimo para el elemento.
Ver la sección Tamaño y forma de los recipientes.
El recipiente no está bien colocado. Centre el recipiente en la zona de cocción.
La detección/medición El recipiente está mal colocado. Verifique que el recipiente esté centrado en el elemento de superficie
de recipientes no está correspondiente.
funcionando de manera
El control de la estufa está Verifique que el control esté bien configurado.
adecuada
mal configurado.
La configuración de la Distribución de energía. Verifique si se está compartiendo la energía entre dos elementos.
unidad de superficie Ver la sección Modo impulso (Boost) y distribución de energía.
cambió o se apagó
Temperatura elevada de Permita que el ventilador interno enfríe la estufa.
de repente
la estufa.
Antes de llamar al servicio técnico…
Distribucion de erergia en el lado derecho
Los anafes de cinco quemadores están divididos en 3 zonas. Los
lados derecho e izquierdo tienen zonas de cocción separadas y
el elemento central grande es otra zona de cocción individual.
La distribución de energía se activa cuando ambos elementos
de la misma zona de cocción se activan y un elemento se
configura para Impulso (H). El elemento que no esté configurado
para Impulso cambiará a un nivel de energía más bajo. Esto
se denomina distribución de energía. Cuando la operación de
impulso haya finalizado (10 minutos), el otro elemento puede
reconfigurarse para cualquier nivel de energía. Ambos elementos
pueden funcionar de manera simultánea a niveles de energía
normales de “L” a 9.
background
*(
*($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
&RQWUROGHO
6LJXLHQWH3DVR,
0DQXDOGHO
3URSLHWDULR
&RFLQDV
,QVWUXFFLRQHVGH6HJXULGDG ²
,QVWUXFFLRQHVGH2SHUDFLyQ
+RUQR
$MXVWHGHOWHUPRVWDWRGHOKRUQR
$VDGR*XtDGHDVDGR
$XWROLPSLH]D
&DMyQFDOHQWDGRU

&DUDFWHUtVWLFDVGHFRFFLyQOHQWDFDOHQWDPLHQWR
\OHXGDGR

&DUDFWHUtVWLFDVHVSHFLDOHV
&RQWUROHV
)XQFLyQ6DEEDWK 
+RUQHDGRRURVWL]DGR
+RUQHDGR\URVWL]DGRFRQWHPSRUL]DGRU
+RUQRGHFRQYHFFLyQ
3L]]D
3UHFDOHQWDPLHQWR
6RQGD
7HPSRUL]DGRUGHFRFLQD 
8QLGDGHVGHVXSHUILFLH²
4XHPDGRUGHO3XHQWH
6HOHFFLRQDUWLSRVGHXWHQVLOLRV
=RQDGHFDOHQWDPLHQWR
&XLGDGR\OLPSLH]D
%DQGHMDV
&DMyQFDOHQWDGRUGHVPRQWDEOH5HFLSLHQWH
GHOFDMyQGHOKRUQR

&DMyQGHDOPDFHQDPLHQWR
(OHPHQWRVFDOHQWDGRUHVGHOKRUQR
(VWXIDGHYLGULR
/X]
3DQHOGHFRQWURO
3DSHOGHDOXPLQLR
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
$QWHVGHLQLFLDUHOFLFORGHDXWROLPSLH]DTXLWHODVROODV
EDQGHMDVGHOKRUQRGHPHWDOEULOODQWH\RWURVXWHQVLOLRV
GHOKRUQR6yORSXHGHQGHMDUVHHQHOKRUQRODVEDQGHMDV
UHYHVWLGDVGHSRUFHODQDJULVRQHJUR1RXWLOLFHODDXWR
OLPSLH]DSDUDOLPSLDURWUDVSLH]DVFRPREDQGHMDVFROHFWRUDV
RWD]RQHV
$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
$'9(57(1&,=$
&RQILJXUDFLRQHVGHFRFFLyQGHODVXQLGDGHVGHVXSHUILFLH
8QLGDGGHVXSHUILFLH~QLFD³&RQILJXUDFLRQHVGHFRFFLyQ
4XHPDGRUGHDQLOORVP~OWLSOHV
SXHGHVHUGREOHRWULSOHGHSHQGLHQGRGHO
PRGHOR
(OQLYHOGHHQHUJtDFRQ
XQDIUDFFLyQLQGLFDOD
FRQILJXUDFLyQDGLFLRQDOGH
PHGLRSDVR8VWHGSXHGHRtU
FKDVTXLGRVTXHLQGLFDQTXHHO
FRQWUROHVWiPDQWHQLHQGRVX
FRQILJXUDFLyQGHVHDGD
/DHVWXIDRIUHFHQLYHOHVGHHQHUJtD
/RVQLYHOHVGHHQHUJtDYDQGHVGH´/µEDMD
KDVWD´+,µDOWDHQSUHFLVRVDXPHQWRVGH
PHGLRSDVR3RUHMHPSOR\
KDVWD+,
6HUHFRPLHQGDHOQLYHOGHHQHUJtDGH´/µ
ODFRQILJXUDFLyQPiVEDMDSDUD´PDQWHQHU
FDOLHQWHµ
(OQLYHOGHHQHUJtDDXPHQWDGHDPHGLRQLYHO
FRQFDGDWRTXH
127$&XDQGRVHFDPELDGHXQDFRQILJXUDFLyQ
GHFDORUDOWDDXQDEDMDODXQLGDGGHVXSHUILFLH
SXHGHGHMDUGHUHVSODQGHFHU(VWRHVQRUPDO/D
XQLGDGVLJXHHQFHQGLGD\FDOLHQWH
127$(VWDHVWXIDFXHQWDFRQXQDFDUDFWHUtVWLFD
GHFDOHQWDPLHQWRUiSLGR6LODHVWXIDHVWiIUtD
FXDQGRVHODHQFLHQGHUHVSODQGHFHUiGXUDQWH
XQSHUtRGRFRUWRKDVWDTXHVHDOFDQFHOD
FRQILJXUDFLyQGHHQHUJtDGHVHDGD
3DUDHQFHQGHUXQDXQLGDGGHVXSHUILFLH~QLFD
3UHVLRQHHOERWyQ212))HQFHQGLGR
DSDJDGROXHJRSUHVLRQHHOERWyQ²
8WLOLFHHOERWyQ²SDUDHOHJLUOD
FRQILJXUDFLyQGHHQHUJtDGHVHDGD
3DUDXWLOL]DUODFDUDFWHUtVWLFD´0HOWµGHUUHWLU
3UHVLRQHHOERWyQ212))HQFHQGLGRDSDJDGR
OXHJRSUHVLRQH0(/7GHUUHWLU(OHOHPHQWR
DXWRPiWLFDPHQWHTXHGDUiHQXQDFRQILJXUDFLyQ
SUHGHWHUPLQDGD\SRGUiYHUVH´/µ
3DUDDSDJDUXQDXQLGDGGHVXSHUILFLH~QLFD
SUHVLRQHHOERWyQ212))HQFHQGLGR
DSDJDGRGHQXHYR
3DUDXWLOL]DUODFDUDFWHUtVWLFD´6LPPHUµIXHJR
OHQWR
3UHVLRQHHOERWyQ212))HQFHQGLGR
DSDJDGROXHJRSUHVLRQH6,00(5IXHJROHQWR
(OHOHPHQWRDXWRPiWLFDPHQWHTXHGDUiHQXQD
FRQILJXUDFLyQSUHGHWHUPLQDGD\SRGUiYHUVH
´µ$MXVWHXWLOL]DQGRHOERWyQ²SDUDVXELUR
EDMDUHOQLYHOGHIXHJROHQWR
3UHVLRQHHOERWyQ212))HQFHQGLGR
DSDJDGRSDUDODXQLGDGGHVXSHUILFLH
IURQWDOGHUHFKD
8WLOLFHHOERWyQ²SDUDHOHJLUOD
FRQILJXUDFLyQGHHQHUJtDGHVHDGD
3UHVLRQHHOERWyQ%851(56,=(WDPDxR
GHTXHPDGRUSDUDVHOHFFLRQDUHOWDPDxR
GHTXHPDGRUGHVHDGRGHVHDGR
/DOX]XELFDGDDOODGRGHOERWyQ%851(56,=(
WDPDxRGHTXHPDGRULQGLFDHOWDPDxRGHOD
XQLGDGGHVXSHUILFLH
3DUDDSDJDU2))ODXQLGDGGHVXSHUILFLH
SUHVLRQHHOERWyQ212))HQFHQGLGR
DSDJDGR
9HUODSiJLQDSDUDLQIRUPDFLyQDGLFLRQDO
background
*($SSOLDQFHVFRP
&yPRXVDUOD]RQDGHFDOHQWDPLHQWRHQDOJXQRVPRGHORV
/D=21$'(&$/(17$0,(172VHHQFXHQWUD
HQODSDUWHWUDVHUDFHQWUDOGHODVXSHUILFLHGH
YLGULR
3DUDXWLOL]DUOD=21$'(&$/(17$0,(172
3UHVLRQHODWHFOD:$50,1*=21(21
2))]RQDGHFDOHQWDPLHQWRHQFHQGLGR
DSDJDGR
3DUDVHOHFFLRQDUODFRQILJXUDFLyQGH
FRQWUROGHVHDGDSUHVLRQHHOERWyQ6(/(&7
VHOHFFLRQDUXQDYH]SDUD/2EDMDGRV
YHFHVSDUD0('PHGLDRWUHVYHFHVSDUD
+,DOWD
3DUDDSDJDUOD=21$'(&$/(17$0,(172
3UHVLRQHODWHFOD:$50,1*=21(212))
]RQDGHFDOHQWDPLHQWRHQFHQGLGRDSDJDGR
3DUDPHMRUHVUHVXOWDGRVWRGRV
ORVDOLPHQWRVGHOD=21$'(&$/(17$0,(172
GHEHQFXEULUVHFRQ
XQDWDSDRFRQSDSHOGHDOXPLQLR
6LHPSUHXWLOLFHDJDUUDGHUDVRJXDQWHVGH
FRFLQDFXDQGRTXLWHDOLPHQWRVGHOD=21$
'(&$/(17$0,(172\DTXHORVUHFLSLHQWHV
HVWDUiQFDOLHQWHV
1RXWLOLFHHQYROWRULRVSOiVWLFRVSDUDFXEULU
DOLPHQWRV(OSOiVWLFRSXHGHGHUUHWLUVHHQOD
VXSHUILFLH\VHUiPX\GLItFLOOLPSLDUOR
8WLOLFHVyORUHFLSLHQWHVGHFRFLQD
UHFRPHQGDGRVSDUDFRFFLyQVREUHHVWXIDV
WARMING ZONE
SELECT
ON
OFF
5,(6*2'(,172;,&$&,Ï1$/,0(17$5,$3RUGHEDMRGHORV)&SXHGH
SURGXFLUVHFUHFLPLHQWRGHEDFWHULDVHQORVDOLPHQWRV
6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1RXWLOLFHFRQILJXUDFLRQHV
GHPDQWHQHUFDOLHQWHSDUDFDOHQWDUDOLPHQWRVIUtRV
1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV
1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDVSRU
ORVDOLPHQWRV
$'9(57(1&,$
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&RFFLyQSRU&RQYHFFLyQ
8VHXQYHQWLODGRUSDUDKDFHUFLUFXODUDLUHHQHO
KRUQR/HDODVHFFLyQVREUH8VRGHOKRUQRSRU
FRQYHFFLyQ
7HFOD:$50&DOHQWDU
3UHVLRQHSDUDPDQWHQHUFDOLHQWHVODVFRPLGDV
\DFRFLQDGDV/HDODVHFFLyQ&yPR&RQILJXUDUHO
+RUQRSDUD&DOHQWDU
7HFOD6/2:&22.&RFFLyQ/HQWD
3UHVLRQHSDUDODUJDVKRUDVGHFRFFLyQVLQVX
SUHVHQFLD/HDODVHFFLyQ&yPR&RQILJXUDUHO
+RUQRSDUDXQD&RFFLyQ/HQWD
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67($0&/($1/LPSLH]DDO9DSRU
3UHVLRQHHVWDWHFODSDUDXQDOLPSLH]DIiFLOGH
VXFLHGDGOHYHGHODFDYLGDGGHOKRUQRRODSXHUWD
&RQVXOWHODVHFFLyQ8VRGH/LPSLH]DDO9DSRU
7HFODGH7LHPSRGH&RFFLyQ
3UHVLRQHSDUDFDQFHODU72'$6ODVRSHUDFLRQHV
GHOKRUQRH[FHSWRHOUHORM\HOWHPSRUL]DGRU
7HFODGH3UXHEDHQDOJXQRVPRGHORV
3UHVLRQHSDUDVHOHFFLRQDUXQDPELHQWHFiOLGR
TXHVHD~WLOSDUDODHOHYDFLyQGHSURGXFWRV
IHUPHQWDGRVDEDVHGHOHYDGXUD
%RWyQ3,==$
3UHVLRQHODDOPRKDGLOOD3,==$
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUDVHOHFFLRQDU
SDUDSL]]DFRQJHODGD\SDUDSL]]DIUHVFD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHKRUQHDGR
3UHVLRQHHOERWyQ67$57LQLFLDU
(OWLHPSRGHKRUQHDGRHVWiGHWHUPLQDGRSRU
ODVLQVWUXFFLRQHVGHOSDTXHWH
&RORTXHODSL]]DHQODSRVLFLyQGHEDQGHMDVXSHULRU
GHOKRUQRVXSHULRU&XDQGRXWLOLFHXQUHFLSLHQWHGH
PHWDOXWLOLFHODSRVLFLyQGHEDQGHMDLQIHULRU
7HFOD29(1/,*+7/X]GHO+RUQR
3UHVLRQHSDUDHQFHQGHURDSDJDUODVOXFHVGHO
KRUQR
7HFODV7,0(5212))(QFHQGHU$SDJDU
7HPSRUL]DGRU
3UHVLRQHSDUDFRQILJXUDUHOWHPSRUL]DGRU
GHODFRFLQD&RQVXOWHODVHFFLyQGH8VRGHO
7HPSRUL]DGRUGHOD&RFLQD
7HFOD&22.7,0(7HPSRUL]DGRUGHO
&RFFLyQ
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
127$$OFRQILJXUDUORVWLHPSRVVyORVHUHDOL]DQ
DMXVWHVGHKRUDV\PLQXWRV(OWLHPSRPtQLPRTXH
VHSXHGHFRQILJXUDUHVGHXQPLQXWR
(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
7HFODGHO&$-Ï1&$/(17$'25
(OFDMyQFDOHQWDGRUPDQWHQGUiODVFRPLGDV
FDOLHQWHV\FRFLQDGDVHQODWHPSHUDWXUDSDUD
VHUYLU6LHPSUHFRPLHQFHFRQFRPLGDFDOLHQWH
&RQVXOWHODVHFFLyQGH8VRGHOFDMyQFDOHQWDGRU
%/248(2'(/&21752/R%/248(2'(/$
&2&,1$
/DVWHFODVGHFRQWUROVHSRGUiQEORTXHDUGH
PRGRTXHQRVHSXHGDQDFWLYDUVLVHSUHVLRQHV
%ORTXHRGHO&RQWURO$OJXQRVPRGHORVFXHQWDQ
FRQ5DQJH/RFNRXW%ORTXHRGHOD&RFLQDTXH
WDPELpQDSDJDUiODVXQLGDGHVVXSHUILFLDOHV
&RQVXOWHODVHFFLyQ&yPR%ORTXHDUORV
&RQWUROHV

background
3DUD3URJUDPDUHO&RQWDGRUGH7LHPSR
3UHVLRQHODWHFOD7,0(5217HPSRUL]DGRU
(QFHQGLGR

3UHVLRQHODVWHFODVQXPpULFDVKDVWDTXHOD
FDQWLGDGGHWLHPSRTXHGHVHDDSDUH]FDHQ
ODSDQWDOOD3RUHMHPSORSDUDSURJUDPDU
KRUDV\PLQXWRVWRTXH\HQHVH
RUGHQ6LFRPHWHXQHUURUSUHVLRQHODWHFOD
7,0(52))7HPSRUL]DGRU$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WHFOD7,0(52))7HPSRUL]DGRU
$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7,0(521
7HPSRUL]DGRU(QFHQGLGR\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7,0(521
7HPSRUL]DGRU(QFHQGLGR\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
$OJXQRVPRGHORVFXHQWDQFRQ5DQJH/RFNRXW
%ORTXHRGHOD&RFLQDTXHWDPELpQDSDJDUi
ODVXQLGDGHVVXSHUILFLDOHV$VHJ~UHVHGHTXH
WRGRVORVFRQWUROHVGHODXQLGDGVXSHUILFLDOHVWpQ
DSDJDGRVDOXVDU5DQJH/RFNRXW%ORTXHRGH
OD&RFLQD&XDOTXLHUXQLGDGVXSHUILFLDOTXH
HVWpFRQILJXUDGDHQODSRVLFLyQ´HQFHQGLGRµ
PLHQWUDVTXH5DQJH/RFNRXW%ORTXHRGHOD
&RFLQDHVWpDFWLYDGRVHHQFHQGHUiGHIRUPD
DXWRPiWLFDXQDYH]TXH5DQJH/RFNRXW
%ORTXHRGHOD&RFLQDHVWpGHVDFWLYDGR
3DUDEORTXHDUGHVEORTXHDUORVFRQWUROHV
0DQWHQJDSUHVLRQDGDODWHFOD&RQWURO
/RFNRXW%ORTXHRGHO&RQWUROR5DQJH
/RFNRXW%ORTXHRGHOD&RFLQDSRU
VHJXQGRV/DSDQWDOODGHOKRUQRPRVWUDUi
´/RF2Q/RF´%ORTXHR(QFHQGLGR

3DUDGHVEORTXHDUHOFRQWUROPDQWHQJD
SUHVLRQDGDODWHFOD&RQWURO/RFNRXW%ORTXHR
GHO&RQWUROR5DQJH/RFNRXW%ORTXHRGHOD
&RFLQDSRUVHJXQGRV/DSDQWDOODGHOKRUQR
PRVWUDUi´/RF2))/RF´%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
3UHVLRQHODWHFOD7,0(52))7HPSRUL]DGRU
$SDJDGR
8VRGHOUHORMWHPSRUL]DGRUGHODFRFLQD
\EORTXHRGHOFRQWURO *($SSOLDQFHVFRP

OR
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 GHEHQHVWDUµDµ GHODµFPGHJURVRU\TXH
>FPDFP@GHO TXHGHQMXJRVRV6HFRFLQDQ
HOHPHQWRGHDVDGR SRUFRPSOHWRDQWHVGHGRUDUVH
FRFLQDQSRUFRPSOHWR
$SXQWR )LOHWHV² (ORVDOLPHQWRVGHEHQ 3DUDHYLWDUTXHODFDUQD
)& µDµFPD HVWDUGHµDµ VHHQURVTXHFRUWHODJUDVDDVH
FPGHJURVRU >FPDFP@GHO HQURVTXHLQWHUYDORVGHµFP
HOHPHQWRGHDVDGR
 
 %LHQFRFLGD )LOHWHV² 'R(ORVDOLPHQWRV
)& µDµFPD GHEHQHVWDUGHµDµ 
FPGHJURVRUR >FPDFP@GHO
SDWWLHVGHFDUQHSLFDGD HOHPHQWRGHDVDGR
3ROOR 3HFKXJDVLQKXHVR &ORVDOLPHQWRVGHEHQ $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 'ORVDOLPHQWRVGHEHQ 3DUDHYLWDUTXHODFDUQD
GHFHUGR )& 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
8WLOLFHODSRVLFLyQGHEDQGHMD$SDUDHOKRUQRPiVSHTXHxRFRQSRVLFLyQGHEDQGHMDV
background

&yPRDMXVWDUHOWHUPRVWDWR
3UHVLRQHORVERWRQHV%52,/+,/2DVDU
DOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRKDVWDTXHHQODSDQWDOODSXHGD
YHUVH6)
3UHVLRQHODWHFOD%$.(+RUQHDU(QOD
SDQWDOODVHPXHVWUDXQQ~PHUR
+RUQRV'REOHV3DUDDMXVWDUHOWHUPRVWDWR
GHOKRUQRVXSHULRUSUHVLRQHODWHFOD%$.(
+RUQHDUGHOKRUQRVXSHULRU3DUDDMXVWDU
HOWHUPRVWDWRGHOKRUQRLQIHULRUSUHVLRQHOD
WHFOD%$.(+RUQHDUGHOKRUQRLQIHULRU
/DWHPSHUDWXUDGHOKRUQRSXHGHVXELUVH
HQ)&REDMDUVHHQ)
&3UHVLRQHODVDOPRKDGLOODVQXPpULFDV
GHODPLVPDPDQHUDHQTXHODVOHH3RU
HMHPSORSDUDFDPELDUODWHPSHUDWXUDGHO
KRUQR)&SUHVLRQH\
3UHVLRQHODWHFOD%$.(+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
(OKRUQRGHFRQYHFFLyQYLHQHFRQXQPRGR
GHFRFFLyQSRUFRQYHFFLyQ\SXHGHXWLOL]DUVH
SDUDKRUQHDGRSRUFRQYHFFLyQGHEDQGHMD
XKRUQHDGRSRUFRQYHFFLyQFRQEDQGHMDV
P~OWLSOHV
&RFFLyQSRUFRQYHFFLyQ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
3UHVLRQHODWHFOD&219(&7,21&22.
&RFFLyQSRU&RQYHFFLyQSDUDXWLOL]DUHVWD
IXQFLyQ
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&22.\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&/($52))ERUUDU
DSDJDGRFXDQGRKD\DILQDOL]DGR
0LHQWUDVFRFLQHSRUFRQYHFFLyQVHRLUi
XQYHQWLODGRU(OYHQWLODGRUVHGHWHQGUi
FXDQGRVHDEUDODSXHUWDSHURHOFDORU
QRVHDSDJDUi
'XUDQWHHOKRUQHDGRSXHGHQHVFXFKDUVH
FKDVTXLGRVSURYHQLHQWHVGHOKRUQR
(VWRHVQRUPDO
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRSRUFRQYHFFLyQ
background
&RQODIXQFLyQGHODSL]]DHQDOJXQRVPRGHORV

*($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
&yPRFRQILJXUDUHOKRUQRVXSHULRUSDUDSL]]DHQDOJXQRVPRGHORV
$MXVWHODSRVLFLyQGHODEDQGHMDSDUDHOWLSRGH
UHFLSLHQWHSDUDSL]]DTXHVHHVWiXVDQGRYHUWDEOD
3UHVLRQHHOERWyQ3,==$
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
VHOHFFLRQDUSDUDSL]]DFRQJHODGD\SDUD
SL]]DIUHVFD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHKRUQHDGR
3UHVLRQHHOERWyQ67$57LQLFLDU
(OWLHPSRGHKRUQHDGRHVWiGHWHUPLQDGR
SRUODVLQVWUXFFLRQHVGHOSDTXHWH
7LSRGHUHFLSLHQWH 3RVLFLyQGH
GHSL]]D ODEDQGHMD
5HFLSLHQWHFRQSL]]DIUHVFD %
3L]]DFRORFDGDGLUHFWDPHQWH %
VREUHODEDQGHMD
5HFLSLHQWHGHPHWDO $
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7HPS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67$57,QLFLDU
3UHVLRQHODWHFOD%$.(+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$1RLQVHUWDUSRUFRPSOHWRODVRQGDGHQWURGHOD
FDUQHSXHGHSURYRFDUXQSREUHGHVHPSHxRGHFRFFLyQ
SRUTXHODVRQGDGHWHFWDUiHODLUHGHOKRUQR\QROD
WHPSHUDWXUDGHORVDOLPHQWRV
1XQFDGHMHODVRQGDGHQWURGHOKRUQRGXUDQWHXQ
FLFORGHDXWROLPSLH]DRGHDVDGR
1RJXDUGHODVRQGDGHQWURGHOKRUQR
3DUDDVDGRVVLQKXHVRLQWURGX]FDODVRQGDGHQWUR
GHODSDUWHPiVFDUQRVD3DUDMDPyQRFRUGHURFRQ
KXHVRLQWURGX]FDODVRQGDHQHOFHQWURGHOP~VFXOR
JUDQGHPiVEDMR
,QWURGX]FDODVRQGDHQHOFHQWURGHSODWRVWDOHV
FRPRSDQGHFDUQHRHVWRIDGRV
,QWURGX]FDODVRQGDGHQWURGHODSDUWHPiVFDUQRVD
GHOPXVORLQWHUQRGHVGHDEDMR\HQIRUPDSDUDOHODD
ODSDWDGHXQSDYRHQWHUR
127$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
(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(&$8&,Ï1
OR
background
&yPRXWLOL]DUODVFDUDFWHUtVWLFDVGHKRUQHDGR
\URVWL]DGRFRQWHPSRUL]DGRUHQDOJXQRVPRGHORV *($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&219(&7,21&22.
+RUQHDGRSRU&RQYHFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGDGHO
KRUQR
3UHVLRQHODWHFOD67$57,QLFLDU
3UHVLRQHHOERWyQ&22.7,0(WLHPSRGH
FRFFLyQ
127$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

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&219(&7,21&22.
+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$57,QLFLDU
3UHVLRQHODWHFOD&22.7,0(
7HPSRUL]DGRUGH&RFFLyQ
127$
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.
7,0(WLHPSRGHFRFFLyQ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
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GHODVIXQFLRQHVGHFRFFLyQOHQWD\FDOHQWDU
&RQILJXUDFLyQGHO+RUQRSDUDXQD&RFFLyQ/HQWD
/DFRFFLyQOHQWDHVWiGLVHxDGDSDUDSHUtRGRV
SURORQJDGRVGHFRFFLyQVLQDWHQFLyQ

3UHVLRQHHOERWyQ6/2:&22.FRFFLyQOHQWD
/DSDQWDOODPRVWUDUi3RXOWU\$YH3DUD
FDPELDUD0HDWV&DUQHVSUHVLRQHODWHFOD
6/2:&22.&RFFLyQ/HQWDQXHYDPHQWH
3DUDXQDFRQILJXUDFLyQFRUUHFWDSUHVLRQHOD
*XtDGH&RFFLyQ/HQWD8VH0HDWV&DUQHVVL
QRHVWiVHJXURGHTXpFRQILJXUDFLyQXVDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR(O
WLHPSRGHFRFFLyQGHEHVHUGHSRUORPHQRV
KRUDVKDVWDXQPi[LPRKRUDV
PLQXWRV
3UHVLRQHHOERWyQ67$57LQLFLDU
127$6LRFXUUHXQFRUWHGHHQHUJtDGXUDQWH
ODFRFFLyQOHQWDODFRFLQDVHDSDJDUi
3RVLFLyQ &RQILJ
GHOD GHORV 7LHPSR
$OLPHQWR &DQWLGDG EDQGHMD DOLPHQWRV +RUDV &RPHQWDULRV
&DUQHGHUHV 
$VDGRGHFXDUWR ²
øOEV & &DUQHV +,DOWD $JUHJXHWD]DGHOtTXLGR
GHODQWHUR ²NJ ²KUV
/2EDMD
²KUV
&RVWLOODV
ø²OEV & &DUQHV +,DOWD &RORTXHODVFRVWLOODVHQ
²NJ ²KUV XQDVRODFDSD
/2EDMD
²KUV
&DUQHGHDYH
3ROORHQWHUR OEVNJ & &DUQH +,DOWD $JUHJXHWD]DGHOtTXLGR
GHDYH ²KUV
/2EDMD
²KUV
7UR]RVGHSROOR WUR]RV & &DUQH +,DOWD 0HMRUFRORTXHEDMRXQDVDOVD
DSUR[OEV GHDYH ²KUV SDUDTXHQRVHVHTXH
>NJ@ /2EDMD
²KUV
&HUGR
$VDGRGHSDOHWD ²OEV & &DUQHV +,DOWD $JUHJXH²WD]DGHOtTXLGR
VLQKXHVR ²NJ ²KUV
/2EDMD
²KUV
&KXOHWDVGHFHUGR
ø²OEV & &DUQHV +,DOWD &RORTXHODVFRVWLOODVHQ
HVWLORGHFDPSR ²NJ ²KUV XQDVRODFDSD
 /2EDMD
²KUV
&KXOHWDVGHFHUGR ²OEV & &DUQHV +,DOWD &RORTXHODVFKXOHWDVHQ
²NJ ²KUV XQDVRODFDSD
/2EDMD
²KUV
6RSD
6RSDGHFDUQH FXDUWRV & &DUQHV +,DOWD $VHJ~UHVHGHTXHORVWUR]RV
YHJHWDO GHJDOyQ ²KUV GHFDUQHHVWpQVXPHUJLGRV
OLWHUV /2EDMD
²KUV
&KLOH FXDUWRV & &DUQHV +,DOWD 6XPHUMDORVIULMROHVSDUDTXH
GHJDOyQ ²KUV QRVHVHTXHQ
OLWHUV /2EDMD
²KUV
*XtDGHFRFFLyQOHQWD
(OSURJUDPDGHFRFFLyQOHQWDXWLOL]DXQDVHULH
FRPSOHMDGHFLFORVGHWHPSHUDWXUDSDUDREWHQHUORV
PHMRUHVUHVXOWDGRV3RUHVWDUD]yQVHUHFRPLHQGD
TXHHOSURJUDPDGHFRFFLyQOHQWDIXQFLRQHVLQ
FDQFHODFLRQHVQLUHLQLFLDFLRQHV6LVHUHLQLFLDOD
FDUDFWHUtVWLFDGHFRFFLyQOHQWDPLHQWUDVVHHQFXHQWUD
HQSURJUHVRODFDUQHSXHGHFRFLQDUVHGHPiV
3DUDFDUQHMXJRVD\WLHUQDHOLMDFRUWHVGHFDUQHFRPR
DVDGR
GHFXDUWRGHODQWHURRXQDVDGRGHSDOHWD
VLQKXHVR/RVFRUWHVGHFDUQHPiVPDJURVFRPR
HOFXDUWRWUDVHURVXSHULRUVRQPiVVHFRV\SXHGHQ
QHFHVLWDUOtTXLGRDGLFLRQDO
8WLOLFHVyORSODWRVGHYLGULRRFHUiPLFD/DVROODV\
VDUWHQHV
GHPHWDOWLHQGHQDWUDQVIHULUHOFDORUDORV
DOLPHQWRVGHPDVLDGRUiSLGR
$MXVWHODFDQWLGDGGHDOLPHQWRVDOWDPDxRGHO
UHFLSLHQWH
/OHQHHOUHFLSLHQWHKDVWDôSDUDPHMRUHV
UHVXOWDGRV8QDROODPX\JUDQGHGHMDHVFDSDUHO
YDSRUORTXHVHFDORVDOLPHQWRV
6LHPSUHFXEUDODROODFRQXQDWDSDRFRQSDSHOGH
DOXPLQLR
3XHGHXVDUVHXQDJDPDPiVDPSOLDGHUHFHWDV
FRQODFDUDFWHUtVWLFDGHFRFFLyQOHQWD3DUDPHMRUHV
UHVXOWDGRVGHEHQUHDOL]DUVHDOJXQRVDMXVWHV3DUD
UHFHWDVGHWDPDxRVPiVSHTXHxRVFRPLHQFHD
FRQWURODUHQHOWLHPSRPtQLPR3DUDUHFHWDVPiV
JUDQGHVRFXDQGRGREOHODVFDQWLGDGHVGHODV
UHFHWDVORVDOLPHQWRVSXHGHQFRFLQDUVHSRUSHUtRGRV
PiVSURORQJDGRV
&XDQGRODFDUDFWHUtVWLFDGHFRFFLyQOHQWDILQDOL]DHO
KRUQR
FDPELDDXWRPiWLFDPHQWHHOPRGR´ZDUPµ
PDQWHQHUFDOLHQWH6LVHGHVHDWLHPSRDGLFLRQDOSDUD
FRFFLyQOHQWDHVWHPRGRGHPDQWHQHUFDOLHQWHSXHGH
XWLOL]DUVHSDUDREWHQHUWLHPSRH[WUD
5,(6*2'(,172;,&$&,Ï1$/,0(17$5,$3RUGHEDMRGHORV)&SXHGHSURGXFLUVH
FUHFLPLHQWRGHEDFWHULDVHQORVDOLPHQWRV
6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1RXWLOLFHFRQILJXUDFLRQHVGHPDQWHQHUFDOLHQWH
SDUDFDOHQWDUDOLPHQWRVIUtRV
1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV
1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV

$'9(57(1&,$
&yPRFRQILJXUDUHOKRUQRSDUDPDQWHQHUFDOLHQWH
/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XWLOL]DUODFDUDFWHUtVWLFD:$50FDOLHQWH
GHVSXpVGHKRUQHDGRSRUWHPSRUL]DGRUVLJD
HVWRVSDVRV
3UHVLRQHHOPRGRKRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
3UHVLRQHHOERWyQ&22.7,0(WLHPSRGH
FRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
3UHVLRQHHOERWyQ:$50FDOLHQWH
3UHVLRQHHOERWyQ67$57LQLFLDU
127$/RVUHFLSLHQWHVRWDSDVGHSOiVWLFRR
HQYROWRULRVSOiVWLFRVVHGHUUHWLUiQVLVHORVFRORFD
GHQWURGHOKRUQR(VSRVLEOHTXHQRSXHGDTXLWDU
HOSOiVWLFRGHUUHWLGR\HVWRQRHVWiFXELHUWRSRUOD
JDUDQWtD
background

5,(6*2'(,172;,&$&,Ï1$/,0(17$5,$3RUGHEDMRGHORV)&SXHGHSURGXFLUVHFUHFLPLHQWRGH
EDFWHULDVHQORVDOLPHQWRV
6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1RXWLOLFHFRQILJXUDFLRQHVGHPDQWHQHU
FDOLHQWHSDUDFDOHQWDUDOLPHQWRVIUtRV
1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV
1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV
$'9(57(1&,$
(OFDMyQFDOHQWDGRUPDQWHQGUiDOLPHQWRVFDOLHQWHV\FRFLGRVDXQDWHPSHUDWXUDGHVHUYLFLR6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1ROR
XVHSDUDFDOHQWDUDOLPHQWRVIUtRVFRQH[FHSFLyQGHVHFDUJDOOHWDVSDSLWDV\FHUHDO
&XDQGRXVHHOFDMyQFDOHQWDGRU
(OFDMyQFDOHQWDGRUPDQWHQGUiDOLPHQWRVFDOLHQWHV
\FRFLGRVDXQDWHPSHUDWXUDGHVHUYLFLR6LHPSUHHPSLHFH
FRQDOLPHQWRVFDOLHQWHV1RORXVHSDUDFDOHQWDUDOLPHQWRV
IUtRVFRQH[FHSFLyQGHVHFDUJDOOHWDVSDSLWDV\FHUHDO
1RUHFXEUDHOFDMyQFDOHQWDGRURUHFLSLHQWHGHFRFFLyQFRQ
SDSHOPHWiOLFR(OSDSHOPHWiOLFRHVXQH[FHOHQWHDLVODQWH
GHFDORU\DWUDSDUiHOFDORUGHEDMRGHpO(VWRDOWHUDUiHO
GHVHPSHxRGHOFDMyQ\SRGUtDGDxDUHODFDEDGRLQWHULRU
3HUPLWDTXHHOFDMyQFDOHQWDGRUVHSUHFDOLHQWHGXUDQWH
DSUR[LPDGDPHQWHPLQXWRV
1RFRORTXHOtTXLGRRDJXDHQHOFDMyQFDOHQWDGRU
7RGRVORVDOLPHQWRVTXHVHFRORTXHQHQHOFDMyQ
FDOHQWDGRU
GHEHQFXEULUVHFRQXQDWDSDRSDSHOPHWiOLFR
&XDQGRFDOLHQWHSDVWHOLWRV\SDQHVODWDSDGHEHFRQWDU
FRQXQDYHQWLODFLyQSDUDSHUPLWLUODVDOLGDGHKXPHGDG
/RVDOLPHQWRVGHEHQPDQWHQHUVHHQVXUHFLSLHQWHFDOLHQWH
R
WUDVSDVDUVHDXQSODWRGHVHUYLFLRUHVLVWHQWHDOFDORU
127$/RVUHFLSLHQWHVSOiVWLFRVRORVHQYROWRULRVSOiVWLFRVVH
GHUULWHQVLHQWUDQHQFRQWDFWRGLUHFWRFRQHOFDMyQUHFLSLHQWH
GHFRFFLyQRXWHQVLOLRFDOLHQWH(OSOiVWLFRGHUUHWLGRQRSXHGH
UHPRYHUVH\HVWRQRVHHQFXHQWUDFXELHUWRSRUODJDUDQWtD
4XLWHODVFXFKDUDVGHVHUYLFLRHWFDQWHVGHFRORFDU
UHFLSLHQWHVHQHOFDMyQFDOHQWDGRU
7DEODGHVHOHFFLyQGHWHPSHUDWXUD
3DUDPDQWHQHUFDOLHQWHVGLIHUHQWHVWLSRVGHDOLPHQWRV
HVWDEOH]FDHOFRQWUROFRQODFRQILJXUDFLyQPiVHOHYDGD
/DWHPSHUDWXUDWLSRFDQWLGDGGHDOLPHQWRV\
HOWLHPSRHQTXHVHPDQWHQJDQGHQWURGHOKRUQR
DIHFWDQODFDOLGDGGHORVDOLPHQWRV
$ODEULUHOFDMyQHQIRUPDUHLWHUDGDHODLUHFDOLHQWHVH
HVFDSDUi
\ORVDOLPHQWRVVHHQIULDUiQ
&RQJUDQGHVFDUJDVSXHGHVHUQHFHVDULRXWLOL]DUXQD
FRQILJXUDFLyQ
GHOFDMyQFDOHQWDGRUPiVHOHYDGD\
FXEULUDOJXQRVGHORVDOLPHQWRVFRFLGRV

1RXWLOLFHUHFLSLHQWHVRHQYROWRULRVSOiVWLFRV
&RQILJXUDFLyQ
7LSRGHDOLPHQWR GHFRQWURO
&KLOH +,
(VWRIDGR 0('
3DSDVDOKRUQR +,
3L]]D 0('
7RWRSRV /2
:DIOHV /2
3DUDYROYHUFUXMLHQWHVSURGXFWRVQRIUHVFRV
&RORTXHORVDOLPHQWRVHQSODWRVREDQGHMDV
GHODGRVEDMRV
3UHFDOLHQWHHQODFRQILJXUDFLyQ/2
'HVSXpVGHPLQXWRVYHULILTXHVLHVWiQFUXMLHQWHV
$JUHJXHWLHPSRVLIXHVHQHFHVDULR
3DUDFDOHQWDUWD]RQHV\SODWRVGHVHUYLFLR
/RVSODWRVHVWDUiQFDOLHQWHV8WLOLFHDJDUUDGHUDV
RJXDQWHVFXDQGRTXLWHSODWRVFDOLHQWHV
3DUDFDOHQWDUWD]RQHV\SODWRVGHVHUYLFLRFRQILJXUHHO
FRQWUROHQ/2
8WLOLFHVyORUHFLSLHQWHVUHVLVWHQWHVDOFDORU
6LGHVHDFDOHQWDUSRUFHODQDILQDFRQVXOWH
DO
IDEULFDQWHGHODYDMLOODVREUHVXWROHUDQFLDPi[LPDDO
FDORU
8VWHGSXHGHFDOHQWDUSODWRVGHVHUYLFLRYDFtRVPLHQWUDV
SUHFDOLHQWD
HOFDMyQ
35(&$8&,Ï1
&yPRXVDUHOFDMyQFDOHQWDGRUHQDOJXQRVPRGHORV *($SSOLDQFHVFRP
&yPRXVDUHOFDMyQFDOHQWDGRU
3UHVLRQHODWHFOD:$50,1*'5$:(5212))
(QFHQGLGR$SDJDGRGHO&DMyQ&DOHQWDGRU´6HW
:DUPLQJ'UDZHUµ&RQILJXUDFLyQGHO&DMyQ
&DOHQWDGRUFRPLHQ]DDWLWLODU3UHVLRQHODWHFODGH
:$50,1*'5$:(56(77,1*&RQILJXUDFLyQGHO
&DMyQ&DOHQWDGRUSDUDFRQILJXUDUHOPLVPRHQ
´+,µ$OWR´67'µR´/2µ
3DUDFDQFHODUSUHVLRQHHOERWyQ:$50,1*
'5$:(5FDMyQFDOHQWDGRU
127$3UHVLRQDUHOERWyQ&/($52))ERUUDU
DSDJDGRQRDSDJDHOFDMyQFDOHQWDGRU
background
8VRGHOKRUQRFRQDXWROLPSLH]D
&yPRFRQILJXUDUHOKRUQRSDUDXQDDXWROLPSLH]D
/DVSXHUWDV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&.(''225
SXHUWD
EORTXHDGDGHODSDQWDOODGHFRQWURO
/DSDODEUD/2&.(''225
3XHUWDEORTXHDGD
WLWLODUi\ODSDODEUD'2253XHUWDDSDUHFHUiVL
FRQILJXUDHOFLFORGHOLPSLH]D\ROYLGDFHUUDUODSXHUWD
GHOKRUQR
6LXVWHGFRQILJXUDHOFLFORGHOLPSLH]D\VHROYLGDGH
FHUUDU
ODVSXHUWDVGHOKRUQRGHVWHOODUi/2&.('
'225
SXHUWDEORTXHDGD\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&.(''225
SXHUWDEORTXHDGDLQGLFDQGR
TXHODWHPSHUDWXUDGHORVKRUQRVKDGHVFHQGLGRSRU
GHEDMRGHODWHPSHUDWXUDGHEORTXHRXVWHGSRGUi
DEULUODVSXHUWDV
+RUQRVGREOHV
8VWHGSXHGHFRQILJXUDUXQFLFORGHOLPSLH]DHQ
DPERVKRUQRVDOPLVPRWLHPSRVLQHPEDUJRQR
HIHFWXDUiQODDXWROLPSLH]DDOPLVPRWLHPSR(O
~OWLPRKRUQRHQFRQILJXUDUVHUHWDUGDUiVXLQLFLR
DXWRPiWLFDPHQWHKDVWDODILQDOL]DFLyQGHOFLFORGH
OLPSLH]DGHOSULPHUKRUQR
&XDQGRVHFRQILJXUHXQKRUQRSDUDODDXWROLPSLH]D
ODVGRVSXHUWDVGHOKRUQR\ORVFRQWUROHVGHODHVWXID
VHEORTXHDUiQ/RVKRUQRV\ODHVWXIDQRSXHGHQ
XVDUVHFXDQGRXQKRUQRHVWiFRQILJXUDGRSDUD
ODDXWROLPSLH]D
/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
+RUQRGREOH\PRGHORV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
0HGLDQWHODVDOPRKDGLOODVQXPpULFDV
LQJUHVHODKRUDHQTXHGHVHDLQLFLDU
HOFLFORGHOLPSLH]D
(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
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$/XHJRGHOSULPHUFLFORGHOLPSLH]DDXWRPiWLFDODV
VXSHUILFLHVGHDFHURLQR[LGDEOHJULVFDPELDUiQGHFRORUHQ
ORVHVWDQWHVH[WHQVLEOHVHVPDOWDGRV(VWRHVQRUPDO1RVH
UHFRPLHQGDODOLPSLH]DDXWRPiWLFDGHHVWDQWHVH[WHQVLEOHV
GHQtTXHO\DTXHWRGRHOHVWDQWHSHUGHUiFRORUGHELGRDODV
WHPSHUDWXUDVGHODOLPSLH]DDXWRPiWLFD
background

8VRGHOD/LPSLH]DDO9DSRU
HQDOJXQRVPRGHORV
5HWLUHORVHVWDQWHV\DFFHVRULRVGHOD
FDYLGDGGHOKRUQR1RFRORTXHXWHQVLOLRVX
RWURVDUWtFXORVHQHOKRUQRGXUDQWHHO&LFOR
GH/LPSLH]DDO9DSRU
9LHUWDWD]DR]GHDJXDDWHPSHUDWXUD
DPELHQWHHQHOiUHDLQWHUPHGLDGHOIRQGR
GHOKRUQR1RDJUHJXHVROXFLRQHVGH
OLPSLH]DQLTXtPLFRVGHQLQJ~QWLSRDO
DJXD6yORDJUHJXHDJXDDOXVDUHOFLFOR
6WHDP&OHDQ/LPSLH]DDO9DSRU6yOR
DJUHJXHDJXDDOXVDUHOFLFOR6HOI&OHDQ
$XWR/LPSLH]D
&LHUUHODSXHUWD
3UHVLRQHODWHFOD6WHDP&OHDQ/LPSLH]DDO
9DSRUOXHJRSUHVLRQH6WDUW,QLFLDU
/DSXHUWDGHOKRUQRVHFLHUUD
DXWRPiWLFDPHQWH8QFLFORGHPLQXWRV
FRPHQ]DUiODFXHQWDUHJUHVLYDHQOD
SDQWDOOD1RVHUiSRVLEOHDEULUODSXHUWDGHO
KRUQRKDVWDTXHHOFLFORILQDOLFHRKDVWD
TXHXVWHGSUHVLRQHODWHFOD&OHDU2II
%RUUDU$SDJDU\TXHODSXHUWDVH
GHVEORTXHH
&XDQGRHOFLFOR6WHDP&OHDQ/LPSLH]DDO
9DSRUHVWpFRPSOHWRODSXHUWDGH
GHVEORTXHDUiHOFRQWUROGHOKRUQRHPLWLUi
XQSLWLGR\ODOX]GH/LPSLH]DDO9DSRU
WLWLODUi3UHVLRQHODWHFOD&OHDU2II%RUUDU
$SDJDU\DEUDODSXHUWD
(OIRQGRGHOKRUQR\HODJXDUHVWDQWHD~Q
HVWDUiQPX\FDOLHQWHVDOILQDOGHOFLFOR(VWR
HVQRUPDO
5HWLUHODVXFLHGDGIUHJDQGRFRQXQFHSLOOR
RDOPRKDGLOODGHQ\ORQ6HSRGUiXVDUXQD
DOPRKDGLOODGHHVWURSDMRFRQMDEyQVyORHQ
HOLQWHULRUGHOKRUQRGHSRUFHODQD(OXVRGH
DOPRKDGLOODVDEUDVLYDVUD\DUiHOYLGULRGH
ODSXHUWD1ROLPSLHODVXFLHGDGQLHODJXD
GHODMXQWDGHODSXHUWD
5HWLUHHODJXDUHVWDQWHFRQXQDHVSRQMDR
WHODVHFD
'HMHODSXHUWDDELHUWDSDUDTXHVHVHTXH
FRQHODLUH
127$6,03257$17(6
 6LXQFLFORGHOLPSLH]DDOYDSRUHVLQLFLDGR
VLQDJXDSUHVLRQHODWHFOD&OHDU2II
%RUUDU$SDJDUSDUDILQDOL]DUGLFKRFLFOR
(VSHUHDTXHODFRFLQDUHDOLFHODFRFFLyQD
WHPSHUDWXUDDPELHQWHDQWHVGHYHUWHUDJXD
HQHODJXDLQWHUPHGLDHLQLFLDURWURFLFORGH
YDSRU
 1RDEUDODSXHUWDGXUDQWHHOFLFOR6WHDP
&OHDQ/LPSLH]DDO9DSRU8QSLWLGRGHHUURU
VRQDUiDODEULUODSXHUWD
 3UHVLRQHODWHFOD&OHDU2II%RUUDU$SDJDU
HQFXDOTXLHUPRPHQWRSDUDILQDOL]DUHOFLFOR
 6LSHUPDQHFHQGHSyVLWRVPLQHUDOHVHQHO
IRQGRGHOKRUQROXHJRGHODOLPSLH]DXVH
XQDWHODRHVSRQMDPRMDGDHQYLQDJUHSDUD
HOLPLQDU
 (VSRVLEOHTXHJRWHHDOJRGHDJXDGHVGHOD
SDUWHLQIHULRUGHODSXHUWDGHOKRUQR6LHVWR
VXFHGHOLPSLHODPLVPDDOILQDOL]DUHOFLFOR
 /DMXQWDGHODSXHUWDSRGUiHVWDUPRMDGD
FXDQGRHOFLFOR6WHDP&OHDQ/LPSLH]DDO
9DSRUILQDOLFH(VWRHVQRUPDO1ROLPSLHOD
MXQWD
 6LD~QSHUPDQHFHVXFLHGDGOXHJRGHOD
OLPSLH]DGHOKRUQRFRQVXOWHODVHFFLyQGH
&XLGDGR\OLPSLH]DGHODFRFLQDHQHO0DQXDO
GHO3URSLHWDULRSDUDDFFHGHUDRSFLRQHV
DGLFLRQDOHV
3DUD&RPHQ]DUHO&LFORGH/LPSLH]DDO9DSRU
'XUDQWHHOFLFORGH
OLPSLH]DDOYDSRU
HOIRQGRGHOKRUQR
VHYXHOYHORVXILFLHQWHPHQWHFDOLHQWHFRPRSDUD
RFDVLRQDUTXHPDGXUDV(VSHUHKDVWDTXHHOFLFORHVWp
WHUPLQDGRPLQXWRVDQWHVGHOLPSLDUODVVXSHUILFLHV
LQWHULRUHVGHOKRUQR6LHVWRQRVHFXPSOHVHSRGUi
VXIULUTXHPDGXUDV
(OFLFOR6WHDP&OHDQ/LPSLH]DDO9DSRUIDFLOLWDODOLPSLH]D
GHVXFLHGDGOHYHGHOLQWHULRUGHOKRUQRGHSRUFHODQDGH
OLPSLH]DHVWiQGDU
/DFRFLQDHVWDUiDWHPSHUDWXUDDPELHQWHDQWHVGHFRPHQ]DU
HOFLFOR6WHDP&OHDQ/LPSLH]DDO9DSRU6LHOKRUQRHVWi
GHPDVLDGRFDOLHQWHHQODSDQWDOODVHREVHUYDUi´FDOLHQWHµ\
HOFLFORQRVHDFWLYDUiKDVWDTXHHOKRUQRVHHQIUtH
(OFLFOR6WHDP&OHDQ/LPSLH]DDO9DSRUIXQFLRQDPHMRUHQ
QXHYRVGHUUDPHVRVXFLHGDGHV/DFRPLGDTXHPDGDHVPiV
GLItFLOGHHOLPLQDU
35(&$8&,Ï1
9LHUWDRQ]DVGHDJXDHQHOSLVR
GHOKRUQR
background
&DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR *($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VXSHULRUDO
PLVPRWLHPSRKDVWDTXHHQODSDQWDOOD
SXHGDYHUVH6)
3UHVLRQHORVERWRQHV&22.7,0(WLHPSRGH
FRFFLyQ\%52,/+,/2DVDUDOWREDMRDO
PLVPRWLHPSR(QODSDQWDOODSRGUiYHUVH)
)DKUHQKHLW
3UHVLRQHORVERWRQHV&22.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%52,/DVDU/DSDQWDOOD
PXHVWUD&217,%((3SLWLGRFRQWLQXR
3UHVLRQHHOERWyQ%52,/DVDUGHQXHYR/D
SDQWDOODPXHVWUD6,1*/(%((3SLWLGR~QLFR
(VWRFDQFHODHOSLWLGRFDGDVHJXQGRV
3UHVLRQHHOERWyQ67$57LQLFLDU
/RVQXHYRVFRQWUROHVFRQERWRQHVGHWRTXHFXHQWDQFRQFDUDFWHUtVWLFDVDGLFLRQDOHV/DVVLJXLHQWHVVRQODVFDUDFWHUtVWLFDV
\ODPDQHUDHQTXHXVWHGSXHGHDFWLYDUODV
/RVPRGRVGHFDUDFWHUtVWLFDVHVSHFLDOHVVyORSXHGHQDFWLYDUVHPLHQWUDVODSDQWDOODPXHVWUDODKRUD6HFRQVHUYDQHQOD
PHPRULDGHORVFRQWUROHVKDVWDTXHVHUHSLWDQORVSDVRV
3DUDLQJUHVDUXQDFDUDFWHUtVWLFDHVSHFLDOHQXQRGHORVGRVKRUQRVXVWHGGHEHSULPHURSUHVLRQDUORVERWRQHV%52,/+,
/2DVDUDOWREDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDOPLVPRWLHPSR/RVERWRQHV%52,/+,/2DVDUDOWREDMR\%$.(
KRUQHDUGHOKRUQRLQIHULRUQRDFWLYDQFDUDFWHUtVWLFDVHVSHFLDOHV
&XDQGRODSDQWDOODPXHVWUDVXRSFLyQSUHVLRQHHOERWyQ67$57LQLFLDU/DVFDUDFWHUtVWLFDVHVSHFLDOHVVHFRQVHUYDUiQHQOD
PHPRULDGHVSXpVGHXQFRUWHGHHQHUJtDFRQH[FHSFLyQGHO6DEEDWKTXHGHEHUHFRQILJXUDUVH

9ROXPHQGHOWRQR
(VWDFDUDFWHUtVWLFDSHUPLWHUHJXODUHOYROXPHQGH
ORVWRQRVSDUDORJUDUXQYROXPHQPiVDFHSWDEOH
([LVWHQWUHVQLYHOHVGHYROXPHQGLIHUHQWHV
3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO
PLVPRWLHPSRKDVWDTXHHQODSDQWDOODSXHGD
YHUVH6)
3UHVLRQHHOERWyQ&22.7,0(WLHPSRGH
FRFFLyQ(QODSDQWDOODSRGUiYHUVH
67'%((3
3,7,'267'(VWHHVHOQLYHOGHYROXPHQPHGLR
7RXFKWKH&22.7,0(SDGDJDLQ7KLV
FKDQJHVWKHYROXPHOHYHOHDFKWLPHWKH
SDGLVWRXFKHGDQGDWRQHZLOOVRXQGWR
SURYLGHDQLQGLFDWLRQRIWKHYROXPHOHYHO
&KRRVHWKHGHVLUHGVRXQGOHYHO/2%((3
67'%((3+,%((3RU2))
3UHVLRQHHOERWyQ67$57LQLFLDUSDUDDFWLYDUHO
QLYHOHOHJLGR
background
&DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR

&RQYHUVLyQ$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QRPRVWUDUiODWHPSHUDWXUD
FRQYHUWLGD6LHPSUHPRVWUDUiODWHPSHUDWXUD
LQJUHVDGD
3DUDDFWLYDURGHVDFWLYDUODIXQFLyQ
3UHVLRQHORVERWRQHV%$.(KRUQHDU\%52,/
+,/2DVDUDOWREDMRGHOKRUQRVXSHULRUDO
PLVPRWLHPSRKDVWDTXHHQODSDQWDOODSXHGD
YHUVH6)
3UHVLRQHODWHFOD&219(&7,21&22.&RFFLyQ
SRU&RQYHFFLyQKDVWDTXHODSDQWDOODPXHVWUH
&2121&RQYHUVLyQ(QFHQGLGDR&212))
&RQYHUVLyQ$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VXSHULRU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VXSHULRU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$57LQLFLDUSDUDDFWLYDU
ODFDUDFWHUtVWLFDGHQRDSDJDGR\GHMDUHO
FRQWUROFRQILJXUDGRHQHVWHPRGRGH
FDUDFWHUtVWLFDVHVSHFLDOHV
background
&yPRXVDUODIXQFLyQ6DEEDWK
KRUQRVVXSHULRUHLQIHULRU
'LVHxDGDSDUDXWLOL]DUVHGXUDQWHHO6DEEDWKXRWUDV)LHVWDV-XGtDVHQDOJXQRVPRGHORV
*($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VKGQDSDUH]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$57LQLFLDUHQHOKRUQR
FRUUHVSRQGLHQWH
'HVSXpVGHXQSHUtRGRDOHDWRULRGH
DSUR[LPDGDPHQWHVHJXQGRVDPLQXWR
DSDUHFHUiHQODSDQWDOODLQGLFDQGRTXHHOKRUQR
HVWiKRUQHDQGRURVWL]DQGR6LQRDSDUHFHHQ
ODSDQWDOODFRPLHQFHGHQXHYRHQHOSDVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQHHOERWyQ
%$.(KRUQHDULQJUHVHODQXHYDWHPSHUDWXUDXVDQGR
ODVDOPRKDGLOODVQXPpULFDV\SUHVLRQHHOERWyQ67$57
LQLFLDU
127$/RVERWRQHV&/($52))ERUUDUDSDJDGR\
&22.7,0(WLHPSRGHFRFFLyQVHHQFXHQWUDQDFWLYRV
GXUDQWHODIXQFLyQ6DEEDWK
&yPRGHVDFWLYDUODIXQFLyQ6DEEDWK
&XDQGRODSDQWDOODPXHVWUD
HOKRUQRHVWiFRQILJXUDGRSDUD
6DEEDWK&XDQGRODSDQWDOOD
PXHVWUDHOKRUQRHVWi
KRUQHDQGRURVWL]DQGR
&yPRSRQHUVHSDUDFRFFLyQFDOFXODGD
127$(VWHSURFHGLPLHQWRGHEHOOHYDUVHDFDER$17(6
GHTXHFRPLHQFHHO6DEEDWKSDUDSRGHUXWLOL]DUOD
FDUDFWHUtVWLFDGHKRUQHDGRFRQWHPSRUL]DGRUGXUDQWH
HO6DEEDWKODXQLGDG12GHEHFRORFDUVHHQHOPRGR
6DEEDWKGXUDQWHXQKRUQHDGRFRQWHPSRUL]DGRU
3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(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%52,/+,/2DVDUDOWREDMR
SDUDFDPELDUODFRQILJXUDFLyQGHOSLWLGRDE((3OD
FRQILJXUDFLyQSUHGHWHUPLQDGDHVSLWLGRFRQWLQXR
TXHVHYLVXDOL]DHQODSDQWDOODFRPR&RQE((3
3UHVLRQHHOERWyQ67$57LQLFLDUSDUDJXDUGDUORV
FDPELRV
3UHVLRQHHOERWyQ%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGD
3UHVLRQHHOERWyQ67$57LQLFLDUHQHOKRUQR
FRUUHVSRQGLHQWH
3UHVLRQH&22.7,0(WLHPSRGHFRFFLyQSDUDHO
KRUQRFRUUHVSRQGLHQWH
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHVHDGRGHFRFFLyQHQWUH
PLQXWR\KRUDV\PLQXWRV
3UHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ&/2&.UHORMSDUDSRGHU
YLVXDOL]DUODKRUDDFWXDO(VWRHVSDUDSRGHU
YLVXDOL]DUODKRUDDFWXDOHQOXJDUGHODFXHQWD
UHJUHVLYDGHOWHPSRUL]DGRUGHFRFFLyQ(OKRUQR
IXQFLRQDUiDODWHPSHUDWXUDFRQILJXUDGDSDUDOD
FDQWLGDGGHWLHPSRFRQILJXUDGD\GHVSXpVVH
DSDJDUi(QHOPRPHQWRHQTXHHOKRUQRVH
DSDJDHOSLWLGRVRQDUiYHFHV
background
1RXWLOLFHDOPRKDGLOODVGHDFHURSRUTXHUD\DQ
ODVXSHUILFLH
3DUDOLPSLDUODVXSHUILFLHGHDFHURLQR[LGDEOH
XWLOLFHDJXDWLELDMDERQRVDRXQOLPSLDGRUR
OXVWUDGRUGHDFHURLQR[LGDEOH6LHPSUHOLPSLH
ODVXSHUILFLHHQGLUHFFLyQGHODYHWD6LJDODV
LQVWUXFFLRQHVGHOSURGXFWRSDUDOLPSLDUOD
VXSHUILFLHGHDFHURLQR[LGDEOH
3DUDFRQVXOWDUVREUHODFRPSUDGHOLPSLDGRUHV
ROXVWUDGRUHVGHDSDUDWRVGHDFHURLQR[LGDEOHR
SDUDHQFRQWUDUODXELFDFLyQGHOGLVWULEXLGRUPiV
FHUFDQRDVXGRPLFLOLROODPHDQXHVWURQ~PHUR
JUDWXLWR
&HQWURQDFLRQDOGHUHSXHVWRV

*($SSOLDQFHVFRP
6XSHUILFLHVGHDFHURLQR[LGDEOHHQDOJXQRVPRGHORV
$VHJ~UHVHGHTXHWRGRVORVFRQWUROHVHVWpQDSDJDGRV\TXHODVVXSHUILFLHVHVWpQIUtDVDQWHVGHOLPSLDUFXDOTXLHUSDUWHGHODFRFLQD
6LVHTXLWDODFRFLQDSDUDHIHFWXDUXQDOLPSLH]DUHSDUDFLRQHVR
FXDOTXLHURWUDUD]yQYHULILTXHTXH
HOGLVSRVLWLYRDQWLYROFDGXUDVVHFRORTXHGHPDQHUDDGHFXDGD
FXDQGRYXHOYDDLQVWDODUVHODFRFLQD
6LQRWRPDHVWDSUHFDXFLyQODFRFLQDSXHGHYROFDUVH
\SURYRFDUOHVLRQHV
3DQHOGHFRQWURO
6LDVtORGHVHDSXHGHGHVDFWLYDUORVERWRQHVGHWRTXH
DQWHVGHODOLPSLH]D
9HUODLQIRUPDFLyQVREUH%ORTXHRGHFRQWUROHVHQOD
VHFFLyQ&yPRXVDUHOUHORMHOWHPSRUL]DGRU\HOEORTXHR
GHFRQWUROHVGHHVWHPDQXDO
/LPSLHORVGHUUDPHVFRQXQSDxRK~PHGR
7DPELpQSXHGHXWLOL]DUXQOLPSLDGRUGHYLGULRV
4XLWHVXFLHGDGHVPiVUHEHOGHVFRQDJXDWLELD
MDERQRVD1RXWLOLFHDEUDVLYRVGHQLQJXQDFODVH
9XHOYDDDFWLYDUORVERWRQHVGHWRTXHGHVSXpVGHOD
OLPSLH]D
6XSHUILFLHVSLQWDGDV
/DVVXSHUILFLHVSLQWDGDVLQFOX\HQORVODGRVGHODFRFLQD
\ODSXHUWDODSDUWHVXSHULRUGHOSDQHOGHFRQWURO\HO
IUHQWHGHOFDMyQ/tPSLHODVFRQMDEyQ\DJXDRFRQXQD
VROXFLyQGHDJXD\YLQDJUH
1RXWLOLFHOLPSLDGRUHVGHKRUQRFRPHUFLDOHVSROYRV
OLPSLDGRUHVHVSRQMLOODVGHDFHURRDEUDVLYRVSRWHQWHV
VREUHFXDOTXLHUVXSHUILFLHSLQWDGD
&yPRTXLWDUHOHQYROWRULRGHSURWHFFLyQ\ODFLQWDGHHPEDODMH
&RQFXLGDGRWRPHXQDSXQWDGHOHQYROWRULR
GHSURWHFFLyQFRQVXVGHGRV\OHQWDPHQWHTXtWHORGHOD
VXSHUILFLHGHODSDUDWR1RXVHHOHPHQWRVILORVRVSDUD
TXLWDUHOHQYROWRULR4XLWHWRGRHOHQYROWRULRDQWHVGH
XVDUHODSDUDWRSRUSULPHUDYH]
3DUDDVHJXUDUVHGHQRGDxDUHODFDEDGRGHOSURGXFWR
ODPHMRUIRUPDGHTXLWDUHOSHJDPHQWRGHODFLQWDGH
HPSDTXHGHORVDSDUDWRVQXHYRVFRQVLVWHHQDSOLFDU
GHWHUJHQWHSDUDYDMLOODVOtTXLGR$SOLTXHFRQXQSDxR
VXDYH\GHMHUHPRMDU
127$'HEHUHWLUDUVHHODGKHVLYRGHWRGDVODVSDUWHV
6LVHFDOLHQWDVHUiLPSRVLEOHGHTXLWDU
(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]DUOD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
3XHUWDGHOKRUQRVXSHULRUGHVPRQWDEOHHQDOJXQRVPRGHORV
3DUDTXLWDUODSXHUWD
$EUDODSXHUWDSRUFRPSOHWR
/HYDQWHODWUDEDGHODELVDJUDKDFLDHOPDUFR
GHOKRUQRKDVWDTXHVHGHWHQJD
&LHUUHODSXHUWDHQJUDGRVVHVHQWLUiHO
WRSHGHODSXHUWD/DWUDEDGHODELVDJUD
KDUiFRQWDFWRFRQHOPDUFRGHOKRUQR
6REUHDPERVODGRVGHODSXHUWDSUHVLRQH
KDFLDDEDMRVREUHORVERWRQHVGHOLEHUDFLyQ
GHFDGDELVDJUD
/HYDQWHODSXHUWDKDFLDDUULEDKDVWDTXHVH
VDOJDGHODELVDJUD
7LUHGHORVEUD]RVGHODELVDJUDVXDYHPHQWH
SDUDOLEHUDUSUHVLyQVREUHODVOHQJHWDVGH
EORTXHR
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDEDMR
GHQWURGHODELVDJUD
3UHVLRQHODVELVDJUDVKDFLDODXQLGDGSDUD
TXHVHFLHUUHQ
3DUDYROYHUDFRORFDUODSXHUWD
7LUHGHODVELVDJUDVKDFLDDEDMRHQVHQWLGR
FRQWUDULRGHOPDUFRGHOKRUQRKDVWDDOFDQ]DU
ODSRVLFLyQDELHUWDWRWDO
/HYDQWHODVWUDEDVGHODELVDJUDKDFLD
HOPDUFRGHOKRUQRKDVWDTXHVHGHWHQJDQ
/DVELVDJUDVVHOLEHUDQHQODSRVLFLyQ
GHJUDGRV/DVWUDEDVGHODELVDJUDKDUiQ
FRQWDFWRFRQHOPDUFRGHOKRUQR
'HVOLFHODSXHUWDGHQWURGHODVELVDJUDV
$VHJ~UHVHGHTXHORVERWRQHVYXHOYDQD
VDOLU
$EUDODSXHUWDSRUFRPSOHWR
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDEDMR
GHQWURGHODELVDJUD
&LHUUHODSXHUWDGHOKRUQR
0DUFR
GHO
KRUQR
0DUFR
GHOD
SXHUWD
%RWRQHVGH
OLEHUDFLyQ
7LUHKDFLD
DEDMR
3UHVLRQH
KDFLD
DGHQWUR
*($SSOLDQFHVFRP

background
&XLGDGR\OLPSLH]DGHODFRFLQD

3DUULOODGHH[WHQVLyQ
HQDOJXQRVPRGHORV
3DUDOXEULFDUORVGHVOL]DGRUHV
127$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
$JLWHHOOXEULFDQWH\DSOLTXHHOPLVPRDODVSDUWHV
PyYLOHVGHORVPHFDQLVPRVGHODVSDOHWDVFRPRVH
PXHVWUD
*XtDODGRGHUHFKRDUULED
/DGRGHUHFKR
*XtDODGRGHUHFKRDUULED
/DGRL]TXLHUGR
%DQGHMDVGHOKRUQR
7RGDVODVEDQGHMDVGHOKRUQRSXHGHQOLPSLDUVHD
PDQRFRQXQOLPSLDGRUDEUDVLYRRXQDHVSRQMLOOD
GHDFHUR'HVSXpVGHOLPSLDUHQMXDJXHODV
EDQGHMDVFRQDJXDOLPSLD\VpTXHODVFRQXQSDxR
OLPSLR/DVEDQGHMDVUHYHVWLGDVGHSRUFHODQDJULV
SXHGHQSHUPDQHFHUHQHOKRUQRGXUDQWHHOFLFOR
GHDXWROLPSLH]DVLQVXIULUGDxRV/DVEDQGHMDVGHO
KRUQRGHQtTXHOSXHGHQSHUPDQHFHUHQHOKRUQR
GXUDQWHHOFLFORGHDXWROLPSLH]DSHURSHUGHUiQHO
OXVWUH\UHVXOWDUiGLItFLOGHVOL]DUODV6HUiQHFHVDULR
HQJUDVDUWRGRVORVH[WUHPRVGHODVEDQGHMDVFRQ
XQDFDSDGHDFHLWHYHJHWDOVXDYHGHVSXpVGH
OLPSLDUODVDPDQRRHQHOKRUQR(VWRD\XGDUiD
PDQWHQHUHOIiFLOGHVOL]DPLHQWRGHODVEDQGHMDV
%DQGHMDSODQD
0DQLMDV
3DUDKRUQRVGREOHVXVHODSDULOODFRQ
ODVGRVPDQLMDVIURQWDOHVHQHOKRUQR
VXSHULRU
3DUDKRUQRVGREOHVXVHODSDULOODVLQ
ODVGRVPDQLMDVIURQWDOHVHQHOKRUQR
LQIHULRU
/DVSDUULOODVGHH[WHQVLyQVHSRGUiQOLPSLDUDPDQR
FRQXQOLPSLDGRUDEUDVLYRRHVWURSDMR'XUDQWHOD
OLPSLH]DHYLWHTXHLQJUHVHDJXDROLPSLDGRUHQODV
EDUUDVGHVOL]DQWHVGHH[WHQVLyQDORVFRVWDGRVGHOD
SDUULOOD
127$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
5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWRHQDOJXQRVPRGHORV
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
&DMyQFDOHQWDGRUGHVPRQWDEOH2OODGHO&DMyQHQDOJXQRVPRGHORV
127$'HMHTXHHOFDMyQFDOHQWDGRUVHHQIUtHQ
DQWHVGHTXLWDUHOUHFLSLHQWH
127$/LPSLHORVGHUUDPHVUiSLGDPHQWH
GHVSXpVGHFDGDXVR
1XQFDFRORTXHXWLOLFHROLPSLHPHGLDQWHOD
FDUDFWHUtVWLFDGHDXWROLPSLH]DHOUHFLSLHQWH
GHOFDMyQHQHOKRUQRVXSHULRU
(OFDMyQFDOHQWDGRUFXHQWDQFRQXQ
UHFLSLHQWHGHVPRQWDEOHSDUDXQDOLPSLH]D
IiFLO/LPSLHFRQDJXDMDERQRVDFDOLHQWH\
XQDHVSRQMDRUHSDVDGRU6HTXHFRQXQSDxR
VXDYH\OLPSLR9XHOYDDFRORFDUHOUHFLSLHQWH
HQHOFDMyQFDOHQWDGRURHOFDMyQGHOKRUQR
LQIHULRU
127$(QORVPRGHORVFRQFDMyQFDOHQWDGRU
HOpFWULFRDQWHVGHUHDOL]DUFXDOTXLHUFODVH
GHDMXVWHOLPSLH]DRUHSDUDFLyQGHVFRQHFWH
ODFRQH[LyQHOpFWULFDGHODFRFLQDGHVGHHO
SDQHOGHGLVWULEXFLyQGRPpVWLFRTXLWDQGR
HOIXVLEOHRGHVFRQHFWDQGRHOLQWHUUXSWRU
GHFLUFXLWRV9HULILTXHTXHHOHOHPHQWR
FDOHQWDGRUGHOFDMyQHVWpIUtR
9HQWLODFLyQGHOKRUQRHQHVWXIDVGHYLGULRUDGLDQWHV
7RGRVORVPRGHORVFXHQWDQFRQXQDYHQWLODFLyQSDUD
KRUQRXELFDGDGHWUiVGHODXQLGDGVXSHUILFLDOWUDVHUD
GHUHFKD(QKRUQRVGREOHVKD\XQDYHQWLODFLyQGH
KRUQRDGLFLRQDOSDUDHOKRUQRVXSHULRUGHWUiVGHOD
XQLGDGVXSHUILFLDOWUDVHUDL]TXLHUGD
(VWDiUHDSXHGHFDOHQWDUVHGXUDQWHHOXVRGHO
KRUQR
(VQRUPDOTXHVDOJDYDSRUGHODYHQWLODFLyQ
\SXHGHMXQWDUVHKXPHGDGGHEDMRGHODPLVPD
FXDQGRHOKRUQRHVWiHQXVR
/DYHQWLODFLyQHVLPSRUWDQWHSDUDORJUDUXQD
DGHFXDGDFLUFXODFLyQGHDLUH1XQFDEORTXHHHVWD
YHQWLODFLyQ
*($SSOLDQFHVFRP

(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
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VHUiQHFHVDULD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
&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
$QWHVGHOODPDUDOVHUYLFLRWpFQLFR«

background

*($SSOLDQFHVFRP
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
&RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV
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&.(''225 '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
$QWHVGHOODPDUDOVHUYLFLRWpFQLFR«

background

*($SSOLDQFHVFRP
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
background
3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU
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
1RIXQFLRQDQHOFDMyQ (OIXVLEOHSXHGHKDEHUVH &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
FDOHQWDGRU TXHPDGRRHOLQWHUUXSWRUGH GHFLUFXLWRV
FLUFXLWRVSXHGHKDEHUVDOWDGR
/RVFRQWUROHVHVWiQPDO 9HUODVHFFLyQ&yPRXVDUHOFDMyQFDOHQWDGRU
FRQILJXUDGRV
&RQGHQVDFLyQH[FHVLYD /tTXLGRHQHOFDMyQ 4XLWHHOOtTXLGR
HQHOFDMyQ
$OLPHQWRVVLQFXEULU &XEUDORVDOLPHQWRVFRQXQDWDSDRFRQSDSHO
GHDOXPLQLR
/DFRQILJXUDFLyQGH 5HGX]FDODFRQILJXUDFLyQGHODWHPSHUDWXUD
WHPSHUDWXUDHVWiPX\DOWD
/RVDOLPHQWRVVHVHFDQ /DKXPHGDGVHHVFDSD &XEUDORVDOLPHQWRVFRQXQDWDSDRFRQSDSHO
HQHOFDMyQFDOHQWDGRU GHDOXPLQLR
(OFDMyQQRHVWiWRWDOPHQWH 3UHVLRQHHOFDMyQKDFLDDGHQWURKDVWDTXHHOVXMHWDGRU
FHUUDGR HQJDQFKH

&RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV
$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 $SHOOLGRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'LUHFFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LXGDG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWDGRBBBBBBBBBB &yGLJR3RVWDOBBBBBBBBBBBBBBBBBBBBBBBBB
7HOpIRQRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUUHRHOHFWUyQLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB *LURSRVWDOBBBBBB
3DUDFRQVXOWDUVREUHORVSUHFLRVDFWXDOHVOODPHDO7RGDVODVyUGHQHVFRQWDUMHWDGHFUpGLWRVHGHEHUiQUHDOL]DU
HQIRUPDWHOHIyQLFD
(OHPHQWRVGHVXSHUILFLH\
EDQGHMDVFROHFWRUDV
5HMLOODV &DEH]DOHVRWDSDVGH
TXHPDGRUHVGHVXSHUILFLH
(OHPHQWRVGHOKRUQR %RPELOODVGHOX]
3HULOODV
%DQGHMDVGHOKRUQR
:;;*&6
:;;
:;;
30;
.LWGHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
,QFOX\HOLPSLDGRU
UDVTXHWD\SDxR
7RDOOLWDV
GHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
7RDOOLWDVSDUD
SXOLUDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
/LPSLDGRU
GHDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
R
3DUULOODGHH[WHQVLyQ
6LVXPRGHORLQFOX\HXQDSDUULOODGHH[WHQVLyQSXHGHLQFUHPHQWDUODIXQFLRQDOLGDGGHVXDOFDQFHDODGTXLULUSDUULOODVGHH[WHQVLyQDGLFLRQDOHV9LVLWHZZZJHDSSOLDQFHSDUWV
FRPROODPHDO\RUGHQHODSLH]DQ~PHUR:%76HGHEHWHQHUHQFXHQWDTXHODVSDUULOODVGHH[WHQVLyQQRFRUUHVSRQGHQDWRGRVORVWLSRVGHPRGHORV
background

1RWDV
background

*DUDQWtDGHFRFLQDHOpFWULFDGH*(
*($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 PB978STSS Questions and Answers

Questions and Answers

Related Products