GE PSA1200RBB Profile Advantium 120 Above-the-Cooktop Oven

Product's Documents

Below are documents related to this product, you can read online or download:
User Manual Installation Instruction
  • Installation Instructions - (English) Download
Other Documents Specification
PSA1200RBB photo

User Manual

This is the main product document for model PSA1200RBB.

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

background
$GYDQWLXP
2YHQ
0)/*(
36$
36$
&6$
2ZQHU·V0DQXDO
*($SSOLDQFHVFRP
$GYDQWLXP
&RRNLQJFRQWUROV
*HWWLQJWRNQRZWKH$GYDQWLXP
2YHQIHDWXUHV
6DIHW\ ²
6SHHGFRRNLQJ
&RRNLQJWLSV
&XVWRPVSHHGFRRN
0\5HFLSHV 
3RZHUOHYHO
6SHHGFRRNFRRNZDUH
6SHHGFRRNVDIHFRRNZDUH
7KLQJVWKDWDUHQRUPDO
8VLQJWKHSUHVHW
VSHHGFRRNPHQX
2WKHU&RRNLQJ)XQFWLRQV
%URLOLQJDQGWRDVWLQJ
&RQYHFWLRQEDNLQJ
:DUPLQJDQGSURRILQJ
0LFURZDYLQJ
&RRNE\WLPH
&RRNLQJWLSV
'HIURVWE\IRRGW\SH
'HIURVWE\WLPH
'HIURVWLQJWLSV
0LFUR6HFV
0\5HFLSHV
0LFURZDYHSRZHUOHYHOV
0LFURZDYHVDIHFRRNZDUH
3UHFDXWLRQVWRDYRLGSRVVLEOH
H[SRVXUHWRH[FHVVLYH
PLFURZDYHHQHUJ\
6HQVRUFRRNLQJ
7KLQJVWKDWDUHQRUPDO
8VLQJSUHVHW
PLFURZDYHVHOHFWLRQV
2WKHU)HDWXUHV
$XWRPDWLFIDQV
$XWRPDWLF1LJKW/LJKW
$XWR&RQYHUVLRQ
%HHSHUYROXPH
&RQWUROORFNRXW
&ORFN
&RRNLQJ&RPSOHWH
'HOD\6WDUW
'LVSOD\212))
+HOS
5HPLQGHU
5HSHDWODVW
5HVXPHIHDWXUH
6XUIDFH/LJKW
7HPSHUDWXUH8QLWV
7LPHU
7XUQWDEOH2Q2II
9HQW)DQ
&DUHDQG&OHDQLQJ
&OHDQLQJWKHLQVLGH
&OHDQLQJWKHRXWVLGH
&RRNLQJWUD\VDQG
ZLUHRYHQUDFN
5HPRYDEOHWXUQWDEOH
5HSODFLQJWKHFDYLW\OLJKW
5HSODFLQJWKHVXUIDFHOLJKW
7URXEOHVKRRWLQJ
3UREOHP6ROYHU 
&RQVXPHU6XSSRUW
&RQVXPHU6XSSRUW %DFN&RYHU
:DUUDQW\
*(3URILOHDQG&DIH
:ULWHWKHPRGHODQGVHULDOQXPEHUVKHUH
0RGHOBBBBBBBBBBBBBBBBBBBBBBBBBBB
6HULDOBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LQGWKHVHQXPEHUVRQDODEHOLQVLGH
WKHRYHQ
background
35(&$87,21672$92,'3266,%/((;32685(
72(;&(66,9(0,&52:$9((1(5*<
D 'R1RW$WWHPSWWRRSHUDWHWKLVRYHQZLWKWKH
GRRURSHQVLQFHRSHQGRRURSHUDWLRQFDQUHVXOW
LQKDUPIXOH[SRVXUHWRPLFURZDYHHQHUJ\,W
LVLPSRUWDQWQRWWRGHIHDWRUWDPSHUZLWKWKH
VDIHW\LQWHUORFNV
E 'R1RW3ODFH DQ\REMHFWEHWZHHQWKHRYHQ
IURQWIDFHDQGWKHGRRURUDOORZVRLORUFOHDQHU
UHVLGXHWRDFFXPXODWHRQVHDOLQJVXUIDFHV
F 'R1RW2SHUDWHWKHRYHQLILWLVGDPDJHG
,WLVSDUWLFXODUO\LPSRUWDQWWKDWWKHRYHQGRRU
FORVHSURSHUO\DQGWKDWWKHUHLVQRGDPDJHWR
WKH
 GRRUEHQW
 KLQJHVDQGODWFKHVEURNHQRUORRVHQHG
 GRRUVHDOVDQGVHDOLQJVXUIDFHV
G 7KH2YHQ6KRXOG1RWEHDGMXVWHGRUUHSDLUHG
E\DQ\RQHH[FHSWSURSHUO\TXDOLILHGVHUYLFH
SHUVRQQHO
$GYDQWLXP2YHQ
,03257$176$)(7<,16758&7,216
5($'$//,16758&7,216%()25(86,1*
6$9(7+(6(,16758&7,216
:$51,1*
7RUHGXFHWKHULVNRIEXUQVHOHFWULFVKRFNILUHLQMXU\WRSHUVRQVRUH[SRVXUHWRH[FHVVLYH
PLFURZDYHHQHUJ\
:KHQXVLQJHOHFWULFDODSSOLDQFHVEDVLFVDIHW\SUHFDXWLRQVVKRXOGEHIROORZHGLQFOXGLQJWKHIROORZLQJ
5HDGDOOLQVWUXFWLRQVEHIRUHXVLQJ
WKLVDSSOLDQFH:KHQXVLQJHOHFWULFDO
DSSOLDQFHVEDVLFVDIHW\SUHFDXWLRQVVKRXOGEH
IROORZHGLQFOXGLQJWKHIROORZLQJ
5HDGDQGIROORZWKHVSHFLILFSUHFDXWLRQVLQWKH
3UHFDXWLRQVWR$YRLG3RVVLEOH([SRVXUHWR([FHVVLYH
0LFURZDYH(QHUJ\VHFWLRQDERYH
7KLVDSSOLDQFHPXVWEHJURXQGHG&RQQHFWRQO\
WRDSURSHUO\JURXQGHGRXWOHW6HHWKH*URXQGLQJ
,QVWUXFWLRQVVHFWLRQRQSDJH
7KLVPLFURZDYHRYHQLV8/OLVWHGIRULQVWDOODWLRQRYHU
ERWKJDVOHVVWKDQ%78DQGHOHFWULFUDQJHV
7KLVRYHUWKHUDQJHRYHQLVGHVLJQHGIRUXVHRYHU
UDQJHVQRZLGHUWKDQs,WPD\EHLQVWDOOHGRYHU
ERWKJDVDQGHOHFWULFFRRNLQJHTXLSPHQW
'RQRWRSHUDWHWKLVDSSOLDQFHLILWKDVDGDPDJHG
SRZHUFRUGRUSOXJLILWLVQRWZRUNLQJSURSHUO\RULI
LWKDVEHHQGDPDJHGRUGURSSHG,IWKHSRZHUFRUG
LVGDPDJHGLWPXVWEHUHSODFHGE\*HQHUDO(OHFWULF
6HUYLFHRUDQDXWKRUL]HGVHUYLFHDJHQWXVLQJDSRZHU
FRUGDYDLODEOHIURP*HQHUDO(OHFWULF
7RUHGXFHWKHULVNRIILUHLQWKHRYHQFDYLW\
³'RQRWRYHUFRRNIRRG&DUHIXOO\DWWHQGDSSOLDQFH
ZKHQSDSHUSODVWLFRURWKHUFRPEXVWLEOHPDWHULDOV
DUHSODFHGLQVLGHWKHRYHQZKLOHFRRNLQJ
³5HPRYHZLUHWZLVWWLHVDQGPHWDOKDQGOHVIURP
SDSHURUSODVWLFFRQWDLQHUVEHIRUHSODFLQJWKHPLQ
WKHRYHQ
³'RQRWXVHWKHRYHQIRUVWRUDJHSXUSRVHV'RQRW
OHDYHSDSHUSURGXFWVFRRNLQJXWHQVLOVRUIRRGLQWKH
RYHQZKHQQRWLQXVH
³'RQRWSRSSRSFRUQLQ\RXUPLFURZDYHRYHQXQOHVV
LQDVSHFLDOPLFURZDYHSRSFRUQDFFHVVRU\RUXQOHVV
\RXXVHSRSFRUQODEHOHGIRUXVHLQPLFURZDYHRYHQV
³,IPDWHULDOVLQVLGHWKHRYHQLJQLWHNHHSWKHRYHQGRRU
FORVHGWXUQWKHRYHQRIIDQGGLVFRQQHFWWKHSRZHU
FRUGRUVKXWRIISRZHUDWWKHIXVHRUFLUFXLWEUHDNHU
SDQHO,IWKHGRRULVRSHQHGWKHILUHPD\VSUHDG
³'RQRWXVHWKH6HQVRU)HDWXUHVWZLFHLQVXFFHVVLRQ
RQWKHVDPHIRRGSRUWLRQ,IIRRGLVXQGHUFRRNHG
DIWHUWKHILUVWFRXQWGRZQXVH&22.%<7,0(IRU
DGGLWLRQDOFRRNLQJWLPH
³'RQRWXVHWKHRYHQWRGU\QHZVSDSHU
background
%HVXUH\RXUDSSOLDQFHLVSURSHUO\LQVWDOOHG
DQGJURXQGHGE\DTXDOLILHGWHFKQLFLDQLQ
DFFRUGDQFHZLWKWKHSURYLGHGLQVWDOODWLRQ
LQVWUXFWLRQV
,QVWDOORUORFDWHWKLVDSSOLDQFHRQO\
LQDFFRUGDQFHZLWKWKHSURYLGHGLQVWDOODWLRQ
LQVWUXFWLRQV
6RPHSURGXFWVVXFKDVZKROHHJJVDQG
VHDOHGFRQWDLQHUV³IRUH[DPSOHFORVHG
MDUV³DUHDEOHWRH[SORGHDQGVKRXOGQRWEH
KHDWHGLQWKLVRYHQ6XFKXVHRIWKHRYHQ
FRXOGUHVXOWLQLQMXU\
'RQRWPRXQWWKLVDSSOLDQFHRYHUDVLQN
7KLVRYHQLVQRWDSSURYHGRUWHVWHGIRU
PDULQHXVH
7KLVRYHQLV8/OLVWHGIRUVWDQGDUGZDOO
LQVWDOODWLRQDERYHLQFKHV
'RQRWRSHUDWHWKLVDSSOLDQFHLILWKDV
EHHQGDPDJHGRUGURSSHG
$VZLWKDQ\DSSOLDQFHFORVHVXSHUYLVLRQ
LVQHFHVVDU\ZKHQXVHGE\FKLOGUHQ
8VHWKLVDSSOLDQFHRQO\IRULWVLQWHQGHGXVH
DVGHVFULEHGLQWKLVPDQXDO
'RQRWXVHFRUURVLYHFKHPLFDOVRUYDSRUV
LQWKLVDSSOLDQFH
7KLVRYHQLVVSHFLILFDOO\GHVLJQHGWRKHDW
GU\RUFRRNIRRGDQGLVQRWLQWHQGHGIRU
ODERUDWRU\RULQGXVWULDOXVH
7KLVDSSOLDQFHPXVWRQO\EHVHUYLFHGE\
TXDOLILHGVHUYLFHSHUVRQQHO&RQWDFWQHDUHVW
DXWKRUL]HGVHUYLFHIDFLOLW\IRUH[DPLQDWLRQ
UHSDLURUDGMXVWPHQW
'RQRWFRYHURUEORFNDQ\RSHQLQJVRQWKH
DSSOLDQFH
'RQRWVWRUHWKLVDSSOLDQFHRXWGRRUV
'RQRWXVHWKLVSURGXFWQHDUZDWHU³
IRUH[DPSOHLQDZHWEDVHPHQWQHDUD
VZLPPLQJSRROQHDUDVLQNRULQVLPLODU
ORFDWLRQV
6HHGRRUVXUIDFHFOHDQLQJLQVWUXFWLRQVLQWKH
&DUHDQG&OHDQLQJRIWKH2YHQVHFWLRQ
RIWKLVPDQXDO
,IPDWHULDOVLQVLGHWKHRYHQLJQLWHNHHSWKH
RYHQGRRUFORVHGWXUQWKHRYHQRIIDQG
VKXWRIISRZHUDWWKHIXVHRUFLUFXLWEUHDNHU
SDQHO,IWKHGRRULVRSHQHGWKHILUHPD\
VSUHDG
7KHZLUHRYHQUDFNVKRXOGQRWEHXVHGIRU
VSHHGFRRNRUPLFURZDYHFRRNLQJWRSUHYHQW
DUFLQJ
'RQRWFRYHUUDFNVRUDQ\RWKHUSDUWRI
WKHRYHQZLWKPHWDOIRLO7KLVZLOOFDXVH
RYHUKHDWLQJRIWKHRYHQ
2YHUVL]HGIRRGVRURYHUVL]HGPHWDOXWHQVLOV
VKRXOGQRWEHXVHGLQRYHQDVWKH\PD\
FUHDWHDILUHRUULVNRIHOHFWULFVKRFN
'RQRWXVHSDSHUSURGXFWVZKHQDSSOLDQFHV
LVRSHUDWHGLQPRGHVRWKHUWKDQPLFURZDYH
,03257$176$)(7<,16758&7,216
$GYDQWLXP2YHQ
6$9(7+(6(,16758&7,216
,03257$176$)(7<,16758&7,216
5($'$//,16758&7,216%()25(86,1*
background
7KHUPRPHWHU³'RQRWXVHUHJXODUFRRNLQJ
RURYHQWKHUPRPHWHUVZKHQFRRNLQJE\
PLFURZDYH7KHPHWDODQGPHUFXU\LQWKHVH
WKHUPRPHWHUVFRXOGFDXVHDUFLQJDQG
SRVVLEOHGDPDJHWRWKHRYHQ'RQRWXVHD
WKHUPRPHWHULQIRRG\RXDUHPLFURZDYLQJ
XQOHVVWKHWKHUPRPHWHULVGHVLJQHGRU
UHFRPPHQGHGIRUXVHLQWKHPLFURZDYH
RYHQ
'RQRWFOHDQZLWKPHWDOVFRXULQJSDGV
3LHFHVFDQEXUQRIIWKHSDGDQGWRXFK
HOHFWULFDOSDUWVLQYROYLQJULVNRIHOHFWULF
VKRFN
'RQRWVWRUHDQ\PDWHULDOVRWKHUWKDQRXU
UHFRPPHQGHGDFFHVVRULHVLQWKLVRYHQ
ZKHQQRWLQXVH
'RQRWOHWFRUGKDQJRYHUHGJHRIWDEOHRU
FRXQWHU
.HHSSRZHUFRUGDZD\IURPKHDWHG
VXUIDFHV
'RQRWLPPHUVHSRZHUFRUGRUSOXJLQ
ZDWHU
'RQRWRSHUDWHWKHRYHQZLWKRXW
WKHWXUQWDEOHLQSODFH7KHWXUQWDEOHPXVW
EHXQUHVWULFWHGVRLWFDQWXUQ
'XULQJDQGDIWHUXVHGRQRWWRXFKRU
OHWFORWKLQJRURWKHUIODPPDEOHPDWHULDOV
FRQWDFWDQ\LQWHULRUDUHDRIWKHRYHQ
DOORZVXIILFLHQWWLPHIRUFRROLQJILUVW
3RWHQWLDOO\KRWVXUIDFHVLQFOXGHWKH
RYHQGRRUIORRUZDOOVRYHQUDFNDQG
WXUQWDEOH
,WLVLPSRUWDQWWRNHHSWKHDUHDFOHDQZKHUH
WKHGRRUVHDOVDJDLQVWWKHPLFURZDYH8VH
RQO\PLOGQRQDEUDVLYHGHWHUJHQWVDSSOLHG
ZLWKDFOHDQVSRQJHRUVRIWFORWK5LQVHZHOO
'RQRWVWRUHDQ\WKLQJGLUHFWO\RQWRSRI
WKHPLFURZDYHRYHQVXUIDFHZKHQWKH
PLFURZDYHRYHQLVLQRSHUDWLRQ
.HHSWKHRYHQIUHHIURPJUHDVHEXLOGXS
3HU86'$FRRNPHDWWRDQ,17(51$/
WHPSHUDWXUHRIDWOHDVW)DQG
SRXOWU\WRDQ,17(51$/WHPSHUDWXUH
RIDWOHDVW)&RRNLQJWRWKHVH
WHPSHUDWXUHVXVXDOO\SURWHFWVDJDLQVW
IRRGERUQHLOOQHVV)RUPRUHLQIRUPDWLRQ
VHHZZZIRRGVDIHW\JRY
$UFLQJLVWKHPLFURZDYHWHUPIRUVSDUNV
LQWKHRYHQ$UFLQJLVFDXVHGE\
0HWDORUIRLOWRXFKLQJWKHVLGHRI
WKHRYHQ
)RLOQRWPROGHGWRIRRGXSWXUQHGHGJHV
DFWOLNHDQWHQQDV
8VHIRLORQO\DVUHFRPPHQGHGLQ
WKLVPDQXDO
0HWDOVXFKDVWZLVWWLHVSRXOWU\SLQV
RUJROGULPPHGGLVKHVLQWKHRYHQ
0HWDOFRRNZDUHRUWKHZLUHRYHQ
UDFNXVHGGXULQJHLWKHUVSHHGFRRNRU
PLFURZDYHFRRNLQJH[FHSWIRUWKHSDQV
SURYLGHGZLWKWKHRYHQ
5HF\FOHGSDSHUWRZHOVFRQWDLQLQJVPDOO
PHWDOSLHFHVEHLQJXVHGLQWKHRYHQ
$5&,1*
$UFLQJFDQRFFXUGXULQJERWKVSHHGFRRNLQJDQGPLFURZDYHFRRNLQJ,I\RXVHHDUFLQJ
SUHVVWKH&/($52))SDGDQGFRUUHFWWKHSUREOHP
6$9(7+(6(,16758&7,216
'RQRWVWRUHUDFNLQ
PLFURZDYH5DFNLV
21/<WREHXVHGIRU
&RQYHFWLRQ%DNH
:DUPDQG3URRI
,03257$176$)(7<,16758&7,216
$GYDQWLXP2YHQ
,03257$176$)(7<,16758&7,216
5($'$//,16758&7,216%()25(86,1*
background
6$9(7+(6(,16758&7,216
:KHQPLFURZDYLQJSODFHDOOIRRGVDQG
FRQWDLQHUVRQWKHFOHDUJODVVWUD\
'RQRWSRSSRSFRUQLQ\RXURYHQXQOHVVLQ
DVSHFLDOPLFURZDYHSRSFRUQDFFHVVRU\RU
XQOHVV\RXXVHSRSFRUQODEHOHGIRUXVHLQ
PLFURZDYHRYHQV
'RQRWERLOHJJVLQWKLVRYHQ3UHVVXUHZLOO
EXLOGXSLQVLGHHJJ\RONDQGZLOOFDXVHLWWR
EXUVWSRVVLEO\UHVXOWLQJLQLQMXU\
'RQRWRSHUDWHRYHQZLWKRXWIRRGLQVLGH
7KLVPD\FDXVHGDPDJHWRWKHRYHQ,W
LQFUHDVHVWKHKHDWDURXQGWKHPDJQHWURQ
DQGFDQVKRUWHQWKHOLIHRIWKHRYHQ
)RRGVZLWKXQEURNHQRXWHU´VNLQµ
VXFKDVSRWDWRHVKRWGRJVVDXVDJHV
WRPDWRHVDSSOHVFKLFNHQOLYHUVDQGRWKHU
JLEOHWVDQGHJJ\RONVVKRXOGEHSLHUFHGWR
DOORZVWHDPWRHVFDSHGXULQJFRRNLQJ
'RQ·WGHIURVWIUR]HQEHYHUDJHVLQ
QDUURZQHFNHGERWWOHVHVSHFLDOO\
FDUERQDWHGEHYHUDJHV(YHQLIWKH
FRQWDLQHULVRSHQSUHVVXUHFDQEXLOGXS
7KLVFDQFDXVHWKHFRQWDLQHUWREXUVW
SRVVLEO\UHVXOWLQJLQLQMXU\
)RRGVFRRNHGLQOLTXLGVVXFKDV
SDVWDPD\WHQGWRERLOPRUHUDSLGO\
WKDQIRRGVFRQWDLQLQJOHVVPRLVWXUH
6KRXOGWKLVRFFXUUHIHUWRWKH&DUH
DQG&OHDQLQJRIWKHRYHQ VHFWLRQIRU
LQVWUXFWLRQVRQKRZWRFOHDQWKH
LQVLGHRIWKHRYHQ
+RWIRRGVDQGVWHDPFDQFDXVH
EXUQV%HFDUHIXOZKHQRSHQLQJDQ\
FRQWDLQHUVRIKRWIRRGLQFOXGLQJSRSFRUQ
EDJVFRRNLQJSRXFKHVDQGER[HV
7RSUHYHQWSRVVLEOHLQMXU\GLUHFWVWHDP
DZD\IURPKDQGVDQGIDFH
'RQRWRYHUFRRNSRWDWRHV7KH\FRXOG
GHK\GUDWHDQGFDWFKILUHFDXVLQJ
GDPDJHWR\RXURYHQ
$YRLGKHDWLQJEDE\IRRGLQJODVVMDUV
HYHQZLWKWKHOLGRII0DNHVXUHDOOLQIDQW
IRRGLVWKRURXJKO\FRRNHG6WLUIRRGWR
GLVWULEXWHWKHKHDWHYHQO\%HFDUHIXOWR
SUHYHQWVFDOGLQJZKHQZDUPLQJIRUPXOD
7KHFRQWDLQHUPD\IHHOFRROHUWKDQWKH
IRUPXODUHDOO\LV$OZD\VWHVWWKHIRUPXOD
EHIRUHIHHGLQJWKHEDE\
'RQRWDWWHPSWWRGHHSIU\LQWKHRYHQ
683(5+($7(':$7(5
/LTXLGVVXFKDVZDWHUFRIIHHRUWHDDUH
DEOHWREHRYHUKHDWHGEH\RQGWKHERLOLQJ
SRLQWZLWKRXWDSSHDULQJWREHERLOLQJ9LVLEOH
EXEEOLQJRUERLOLQJZKHQWKHFRQWDLQHULV
UHPRYHGIURPWKHPLFURZDYHRYHQLVQRW
DOZD\VSUHVHQW7+,6&28/'5(68/7,19(5<
+27/,48,'668''(1/<%2,/,1*29(5
:+(17+(&217$,1(5,6',6785%('25$
632212527+(587(16,/,6,16(57(',172
7+(/,48,'
7RUHGXFHWKHULVNRILQMXU\WRSHUVRQV
³'RQRWRYHUKHDWWKHOLTXLG
³6WLUWKHOLTXLGERWKEHIRUHDQGKDOIZD\
WKURXJKKHDWLQJLW
³'RQRWXVHVWUDLJKWVLGHGFRQWDLQHUV
ZLWKQDUURZQHFNV
³$IWHUKHDWLQJDOORZWKHFRQWDLQHU
WRVWDQGLQWKHPLFURZDYHRYHQIRU
DVKRUWWLPHEHIRUHUHPRYLQJWKH
FRQWDLQHU
³8VHH[WUHPHFDUHZKHQLQVHUWLQJ
DVSRRQRURWKHUXWHQVLOLQWRWKH
FRQWDLQH
U
)22'6
$GYDQWLXP2YHQ
,03257$176$)(7<,16758&7,216
5($'$//,16758&7,216%()25(86,1*
background
:$51,1*
'RQRWXVHWKHZLUHRYHQUDFNIRU
PLFURZDYH
3ODFHIRRGRUPLFURZDYDEOHFRQWDLQHU
GLUHFWO\RQWKHFOHDUJODVVWUD\WRFRRN
\RXUIRRG
8VHRIDPHWDOWUD\GXULQJPLFURZDYH
FRRNLQJZLOOUHVXOWLQLQIHULRUFRRNLQJ
SHUIRUPDQFH
,I\RXDUHQRW
VXUHLIDGLVK
LVPLFURZDYH
VDIHXVHWKLV
WHVW3ODFHERWK
WKHGLVK\RXDUH
WHVWLQJDQGD
JODVVPHDVXULQJ
FXSILOOHGZLWK
FXSRIZDWHULQ
WKHRYHQ6HWWKHPHDVXULQJFXSHLWKHU
LQRUQH[WWRWKHGLVK0LFURZDYH
VHFRQGVDWKLJK,IWKHGLVKKHDWVLW
VKRXOGQRWEHXVHGIRUPLFURZDYLQJ
,IWKHGLVKUHPDLQVFRRODQGRQO\WKH
ZDWHULQWKHFXSKHDWVWKHQWKHGLVK
LVPLFURZDYHVDIH
&$87,21%XUQ5LVN
&RRNZDUHPD\EHFRPHKRWEHFDXVH
RIKHDWWUDQVIHUUHGIURPWKHKHDWHGIRRG
2YHQPLWWVPD\EHQHHGHGWRKDQGOHWKH
FRRNZDUH
8VHIRLORQO\DVGLUHFWHGLQWKLVPDQXDO
:KHQXVLQJIRLOLQWKHRYHQNHHSWKHIRLO
DWOHDVWµDZD\IURPWKHVLGHVRIWKH
RYHQ
,I\RXXVHDPHDWWKHUPRPHWHUZKLOH
FRRNLQJPDNHVXUHLWLVVDIHIRUXVH
LQPLFURZDYHRYHQV
6RPHIRDPWUD\VOLNHWKRVHWKDWPHDW
LVSDFNDJHGRQKDYHDWKLQVWULSRI
PHWDOHPEHGGHGLQWKHERWWRP:KHQ
PLFURZDYHGWKHPHWDOFDQEXUQWKHIORRU
RIWKHRYHQRULJQLWHDSDSHUWRZHO
'RQRWXVHUHF\FOHGSDSHUSURGXFWV
5HF\FOHGSDSHUWRZHOVQDSNLQVDQG
ZD[HGSDSHUFDQFRQWDLQPHWDOIOHFNV
ZKLFKPD\FDXVHDUFLQJRULJQLWH
3DSHUSURGXFWVFRQWDLQLQJQ\ORQRUQ\ORQ
ILODPHQWVVKRXOGEHDYRLGHG
DVWKH\PD\DOVRLJQLWH
3DSHUWRZHOVZD[HGSDSHUDQGSODVWLF
ZUDSFDQEHXVHGWRFRYHUGLVKHVLQ
RUGHUWRUHWDLQPRLVWXUHDQGSUHYHQW
VSDWWHULQJ%HVXUHWRYHQWSODVWLFZUDS
VRVWHDPFDQHVFDSH
1RWDOOSODVWLFZUDSLVVXLWDEOHIRUXVH
LQPLFURZDYHRYHQV&KHFNWKHSDFNDJH
IRUSURSHUXVH
´%RLODEOHµFRRNLQJSRXFKHVDQGWLJKWO\
FORVHGSODVWLFEDJVVKRXOGEHVOLWSLHUFHG
RUYHQWHGDVGLUHFWHGE\SDFNDJH
LQVWUXFWLRQV,IWKH\DUHQRWSODVWLF
FRXOGEXUVWGXULQJRULPPHGLDWHO\DIWHU
FRRNLQJSRVVLEO\UHVXOWLQJLQLQMXU\$OVR
SODVWLFVWRUDJHFRQWDLQHUVVKRXOGEHDW
OHDVWSDUWLDOO\XQFRYHUHGEHFDXVHWKH\
IRUPDWLJKWVHDO:KHQFRRNLQJZLWK
FRQWDLQHUVWLJKWO\FRYHUHGZLWKSODVWLF
ZUDSUHPRYHFRYHULQJFDUHIXOO\DQG
GLUHFWVWHDPDZD\IURPKDQGVDQGIDFH
3ODVWLFFRRNZDUH³3ODVWLFFRRNZDUH
GHVLJQHGIRUPLFURZDYHFRRNLQJLVYHU\
XVHIXOEXWVKRXOGEHXVHGFDUHIXOO\(YHQ
PLFURZDYHVDIHSODVWLFPD\QRWEHDV
WROHUDQWRIRYHUFRRNLQJFRQGLWLRQV
DVJODVVRUFHUDPLFPDWHULDOV3ODVWLF
PD\VRIWHQRUFKDULIVXEMHFWHGWR
VKRUWSHULRGVRIRYHUFRRNLQJ,QORQJHU
H[SRVXUHVWRRYHUFRRNLQJWKHIRRG
DQGFRRNZDUHFRXOGLJQLWH
)ROORZWKHVHJXLGHOLQHV
8VHPLFURZDYHVDIHSODVWLFVRQO\
DQGXVHWKHPLQVWULFWFRPSOLDQFH
ZLWKWKHFRRNZDUHPDQXIDFWXUHU·V
UHFRPPHQGDWLRQV
'RQRWPLFURZDYHHPSW\FRQWDLQHUV
'RQRWSHUPLWFKLOGUHQWRXVHSODVWLF
FRRNZDUHZLWKRXWDGXOWVXSHUYLVLRQ
0LFURZDYH
VDIH
FRRNZDUH
7KHWXUQWDEOHPXVW
DOZD\VEHLQSODFHZKHQ
XVLQJWKHRYHQ
7KHFOHDUJODVVWUD\
VKRXOGDOZD\VEHLQSODFH
ZKHQPLFURZDYLQJ
0DNHVXUHWRXVHVXLWDEOHFRRNZDUHGXULQJPLFURZDYHFRRNLQJ0RVWJODVVFDVVHUROHV
FRRNLQJGLVKHVPHDVXULQJFXSVFXVWDUGFXSVSRWWHU\RUFKLQDGLQQHUZDUHZKLFKGRHVQRW
KDYHPHWDOOLFWULPRUJOD]HZLWKDPHWDOOLFVKHHQFDQEHXVHG6RPHFRRNZDUHLVODEHOHG
´VXLWDEOHIRUPLFURZDYLQJµ
+RZWRWHVWIRUD
PLFURZDYHVDIHGLVK
6$9(7+(6(,16758&7,216
$GYDQWLXP2YHQ
,03257$176$)(7<,16758&7,216
5($'$//,16758&7,216%()25(86,1*
background
6$9(7+(6(,16758&7,216
&$87,21%XUQ5LVN
7KHRYHQDQGGRRUZLOOJHWYHU\KRWZKHQ
FRQYHFWLRQEDNLQJEURLOLQJZDUPLQJRU
WRDVWLQJ
&RRNZDUHZLOOEHFRPHKRW2YHQPLWWV
ZLOOEHQHHGHGWRKDQGOHWKHFRRNZDUH
:$51,1*)LUH5LVN
'RQRWFRYHUGLVKHVRUXVHSODVWLF
FRQWDLQHUVSODVWLFFRRNLQJURDVWLQJ
EDJVSODVWLFZUDSZD[SDSHURUSDSHU
ZKHQEURLOLQJRUWRDVWLQJ
8VHWKHPHWDOWUD\LQWKHVDPHZD\
\RXZRXOGXVHDVKDOORZEDNLQJSDQ
RUEDNLQJWUD\
8VHWKHZLUHRYHQUDFNZKHQFRQYHFWLRQ
EDNLQJRUZDUPLQJ
3ODFHIRRGGLUHFWO\RQWKHPHWDOWUD\V
ZKHQFRRNLQJXQOHVVWKHUHFLSHUHTXLUHV
DGLVK
$Q\RYHQVDIHGLVKFDQEHXVHGLQ
\RXURYHQ3ODFHWKHPGLUHFWO\
RQWKHWUD\V
8VHRIWKHFOHDUJODVVWUD\ZKHQ
FRQYHFWLRQEDNLQJEURLOLQJZDUPLQJ
RUWRDVWLQJZLOOUHVXOWLQLQIHULRUFRRNLQJ
SHUIRUPDQFH
2YHQVDIH
FRRNZDUH
IRU
&RQYHFWLRQ
%DNLQJ
%URLOLQJ
:DUPLQJ
3URRILQJ
7RDVWLQJ
7KHWXUQWDEOHPXVW
DOZD\VEHLQSODFHZKHQ
XVLQJWKHRYHQ
3XWIRRGRURYHQVDIH
FRRNZDUHGLUHFWO\RQWKH
PHWDOWUD\WRFRQYHFWLRQ
EDNHZDUPRUWRDVW
3XWIRRGGLUHFWO\RQWKHPHWDOWUD\RULQWKH
DSSURSULDWHGLVKDQGSODFHRQZLUHRYHQ
UDFNZKHQEDNLQJRUZDUPLQJ
&$87,21%XUQ5LVN
7KHRYHQDQGGRRUZLOOJHWYHU\KRW
ZKHQVSHHGFRRNLQJ
&RRNZDUHZLOOEHFRPHKRW2YHQPLWWV
ZLOOEHQHHGHGWRKDQGOHWKHFRRNZDUH
:$51,1*)LUH5LVN
'RQRWXVHFRYHULQJVFRQWDLQHUV
RUFRRNLQJURDVWLQJEDJVPDGH
RIIRLOSODVWLFZD[RUSDSHUZKHQ
VSHHGFRRNLQJ
'RQRWFRYHUWKHWXUQWDEOHPHWDOWUD\VRU
DQ\SDUWRIWKHRYHQZLWKPHWDOIRLO7KLV
ZLOOFDXVHDUFLQJLQWKHRYHQ
8VHWKHPHWDOWUD\LQWKHVDPHZD\
\RXZRXOGXVHDVKDOORZEDNLQJSDQRU
EDNLQJWUD\
'RQRWXVHWKHZLUHRYHQUDFNIRU
VSHHGFRRN
3ODFHIRRGGLUHFWO\RQWKHPHWDOWUD\V
ZKHQFRRNLQJXQOHVVSURPSWHGE\WKH
RYHQWRGRRWKHUZLVH
$Q\QRQPHWDORYHQVDIHGLVKFDQEH
XVHGLQ\RXURYHQ3ODFHWKHPGLUHFWO\
RQWKHWUD\V
8VHRIWKHFOHDUJODVVWUD\ZKHQ
VSHHGFRRNLQJZLOOUHVXOWLQLQIHULRU
FRRNLQJSHUIRUPDQFHDQGSRVVLEOH
FUDFNLQJRIWKHJODVVWUD\
8VHRQO\WKHPHWDOWUD\VVSHFLILHGIRUXVH
ZLWKWKLVRYHQ2WKHUPHWDOWUD\VDUHQRW
GHVLJQHGIRUXVHZLWKWKLVRYHQDQGZLOO
UHVXOWLQLQIHULRUFRRNLQJSHUIRUPDQFH
'RQRWXVHFRYHULQJVFRQWDLQHUV
RUFRRNLQJURDVWLQJEDJVPDGH
RIIRLOSODVWLFZD[RUSDSHUZKHQ
VSHHGFRRNLQJ
2YHQVDIH
FRRNZDUHIRU
6SHHGFRRNLQJ
7KHWXUQWDEOHPXVW
DOZD\VEHLQSODFH
ZKHQXVLQJWKHRYHQ
3XWIRRGGLUHFWO\RQWKH
PHWDOWUD\WRVSHHGFRRN
FRQYHFWLRQEDNHZDUPRU
WRDVW
$GYDQWLXP2YHQ
,03257$176$)(7<,16758&7,216
5($'$//,16758&7,216%()25(86,1*
background
$GYDQWLXP2YHQ
,03257$176$)(7<,16758&7,216
5($'$//,16758&7,216%()25(86,1*
6$9(7+(6(,16758&7,216
7KLVDSSOLDQFH
PXVWEHJURXQGHG
,QWKHHYHQWRIDQ
HOHFWULFDOVKRUWFLUFXLW
JURXQGLQJUHGXFHV
WKHULVNRIHOHFWULF
VKRFNE\SURYLGLQJ
DQHVFDSHZLUHIRU
WKHHOHFWULFFXUUHQW
7KLVDSSOLDQFHLVHTXLSSHGZLWKDSRZHUFRUG
KDYLQJDJURXQGLQJZLUHZLWKDJURXQGLQJSOXJ
7KHSOXJPXVWEHSOXJJHGLQWRDQRXWOHWWKDWLV
SURSHUO\LQVWDOOHGDQGJURXQGHG
&RQVXOWDTXDOLILHGHOHFWULFLDQRUVHUYLFH
WHFKQLFLDQLIWKHJURXQGLQJLQVWUXFWLRQVDUHQRW
FRPSOHWHO\XQGHUVWRRGRULIGRXEWH[LVWVDVWR
ZKHWKHUWKHDSSOLDQFHLVSURSHUO\JURXQGHG
,IWKHRXWOHWLVDVWDQGDUGSURQJZDOORXWOHW
LWLV\RXUSHUVRQDOUHVSRQVLELOLW\DQGREOLJDWLRQ
WRKDYHLWUHSODFHGZLWKDSURSHUO\JURXQGHG
SURQJZDOORXWOHW
'RQRWXQGHUDQ\FLUFXPVWDQFHVFXWRUUHPRYH
WKHWKLUGJURXQGSURQJIURPWKHSRZHUFRUG
'RQRWXVHDQDGDSWHUSOXJZLWKWKLVDSSOLDQFH
'RQRWXVHDQH[WHQVLRQFRUGZLWKWKLV
DSSOLDQFH,IWKHSRZHUFRUGLVWRRVKRUWKDYH
DTXDOLILHGHOHFWULFLDQRUVHUYLFHWHFKQLFLDQ
LQVWDOODQRXWOHWQHDUWKHDSSOLDQFH
)RUEHVWRSHUDWLRQSOXJWKLVDSSOLDQFHLQWRLWV
RZQHOHFWULFDOFLUFXLWWRSUHYHQWIOLFNHULQJRI
OLJKWVEORZLQJRIIXVHRUWULSSLQJRIFLUFXLW
EUHDNHU
7KHIDQZLOORSHUDWHDXWRPDWLFDOO\XQGHU
FHUWDLQFRQGLWLRQVVHH9HQW)DQVHFWLRQ7DNH
FDUHWRSUHYHQWWKHVWDUWLQJDQGVSUHDGLQJRI
DFFLGHQWDOFRRNLQJILUHVZKLOHWKHYHQWIDQLVLQ
XVH
&OHDQWKHXQGHUVLGHRIWKH$GYDQWLXPRIWHQ
'RQRWDOORZJUHDVHWREXLOGXSRQWKH
$GYDQWLXPRUWKHIDQILOWHUV
,QWKHHYHQWRIDJUHDVHILUHRQWKHVXUIDFH
XQLWVEHORZWKH$GYDQWLXPVPRWKHUD
IODPLQJSDQRQWKHVXUIDFHXQLWE\FRYHULQJ
WKHSDQFRPSOHWHO\ZLWKDOLGDFRRNLHVKHHW
RUDIODWWUD\
8VHFDUHZKHQFOHDQLQJWKHYHQWIDQILOWHUV
&RUURVLYHFOHDQLQJDJHQWVVXFKDVO\H
EDVHGRYHQFOHDQHUVPD\GDPDJHWKH
ILOWHUV
:KHQSUHSDULQJIODPLQJIRRGVXQGHUWKH
$GYDQWLXPWXUQWKHIDQRQ
1HYHUOHDYHVXUIDFHXQLWVEHQHDWK\RXU
$GYDQWLXPXQDWWHQGHGDWKLJKKHDW
VHWWLQJV%RLORYHUVFDXVHVPRNLQJDQG
JUHDV\VSLOORYHUVWKDWPD\LJQLWHDQGVSUHDG
LIWKH$GYDQWLXPYHQWIDQLVRSHUDWLQJ7R
PLQLPL]HDXWRPDWLFIDQRSHUDWLRQXVH
DGHTXDWHVL]HGFRRNZDUHDQGXVHKLJKKHDW
RQVXUIDFHXQLWVRQO\ZKHQQHFHVVDU\
Ensure proper
ground exists
before use.
:$51,1*
,PSURSHUXVHRIWKHJURXQGLQJSOXJFDQUHVXOWLQDULVNRIHOHFWULFVKRFN
*URXQGLQJ
,QVWUXFWLRQV
7KH9HQW)DQ
background
$GYDQWLXP2YHQ
,03257$176$)(7<,16758&7,216
5($'$//,16758&7,216%()25(86,1*
5($'$1')2//2:7+,66$)(7<,1)250$7,21&$5()8//<
6$9(7+(6(,16758&7,216
:$51,1*
0RVWSDFHPDNHUVDUHVKLHOGHGIURPLQWHUIHUHQFHIURPHOHFWURQLFSURGXFWVLQFOXGLQJPLFURZDYHV
+RZHYHUSDWLHQWVZLWKSDFHPDNHUVPD\ZLVKWRFRQVXOWWKHLUSK\VLFLDQVLIWKH\KDYHFRQFHUQV
3$&(0$.(56
)LOOHU3DQHO.LWV
-;:+³:KLWH
-;%/³%ODFN
:KHQUHSODFLQJDµUDQJHKRRGILOOHU
SDQHONLWVILOOLQWKHDGGLWLRQDOZLGWKWR
SURYLGHDFXVWRPEXLOWLQDSSHDUDQFH
)RULQVWDOODWLRQEHWZHHQFDELQHWVRQO\
QRWIRUHQGRIFDELQHWLQVWDOODWLRQ
(DFKNLWFRQWDLQVWZRµZLGHILOOHU
SDQHOV
)LOWHU.LWV
-;'³5HFLUFXODWLQJ&KDUFRDO
)LOWHU.LW
)LOWHUNLWVDUHXVHGZKHQWKHRYHQ
FDQQRWEHYHQWHGWR
WKHRXWVLGH
6HHEDFNFRYHUWRRUGHUE\SKRQHRU
DWJHFRP
$YDLODEOHDWH[WUDFRVWIURP\RXU*(VXSSOLHU
2SWLRQDONLWV
background
*HWWLQJWR.QRZWKH$GYDQWLXP
$GYDQWLXP2YHQ
7KH$GYDQWLXPRYHQXVHV
EUHDNWKURXJK6SHHGFRRNWHFKQRORJ\
WRKDUQHVVWKHSRZHURIOLJKW7KH
$GYDQWLXPRYHQFRRNVWKHRXWVLGH
RIIRRGVPXFKOLNHFRQYHQWLRQDO
UDGLDQWKHDWZKLOHDOVRSHQHWUDWLQJ
WKHVXUIDFHVRWKHLQVLGHFRRNV
VLPXOWDQHRXVO\
:KLOHKDORJHQOLJKWLVWKHSULPDU\
VRXUFHRISRZHUDFHUDPLFKHDWHU
DVVLVWVLQWKHFRRNLQJZLWKD
´PLFURZDYHERRVWµDGGHGLQVRPH
FRRNLQJDOJRULWKPV)RRGFRRNVHYHQO\
DQGIDVWUHWDLQLQJLWVQDWXUDOPRLVWXUH
*HWWLQJWRNQRZ
WKH$GYDQWLXP

7KH$GYDQWLXPRYHQLVFDSDEOHRI
VSHHGFRRNLQJFRQYHFWLRQEDNLQJ
EURLOLQJWRDVWLQJZDUPLQJSURRILQJ
DQGPLFURZDYLQJ7KH6SHHGFRRN
IHDWXUHLVWKHELJJHVWEHQHILWRIWKH
$GYDQWLXPRYHQ
1RSUHKHDWLQJLVUHTXLUHGWR
VSHHGFRRN3ODFHWKHIRRGLQWKH
RYHQDQGVWDUWFRRNLQJLPPHGLDWHO\
7LPHLVVDYHGEHFDXVHWKHUHLVQR
SUHKHDWDQGEHFDXVHVSHHGFRRN
FRRNVIDVWHU
background
2YHQ)HDWXUHV
$GYDQWLXP2YHQ
2YHQ
IHDWXUHV
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
7XUQWDEOH
7KHWXUQWDEOHPXVWDOZD\VEH
LQSODFHRQWKHRYHQIORRUIRUDOO
FRRNLQJ%HVXUHWKHWXUQWDEOHLV
VHDWHGVHFXUHO\RYHUWKHVSLQGOH
LQWKHFHQWHURIWKHRYHQ
0HWDO7UD\
3XWIRRGGLUHFWO\RQWKHPHWDOWUD\DQG
SODFHRQWKHWXUQWDEOHZKHQXVLQJWKH
VSHHGFRRNEURLODQGWRDVW
:LUH2YHQ5DFN
3XWIRRGGLUHFWO\RQDPHWDOWUD\RU
LQDQRYHQVDIHGLVKRQWKHZLUHRYHQ
UDFNRQO\ZKHQFRQYHFWLRQEDNLQJRU
ZDUPLQJ
&OHDU*ODVV7UD\
3ODFHRQWXUQWDEOHZKHQXVLQJPLFURZDYH
IHDWXUHV3ODFHIRRGRUPLFURZDYHVDIH
FRRNZDUHGLUHFWO\RQWUD\
8SSHU+DORJHQ/DPS
&HUDPLF+HDWHU
$:KDORJHQODPSDQG:
FHUDPLFKHDWHUFRRNIRRGIURPDERYHLQ
VSHHGFRRNEURLODQGWRDVW
:LQGRZ
$OORZVIRRGWREHYLHZHGGXULQJ
FRRNLQJ
'RRU+DQGOH
3XOOWRRSHQWKHGRRU
'RRU/DWFKHV
7KHGRRUPXVWEHVHFXUHO\ODWFKHGIRU
WKHRYHQWRRSHUDWH
/RZHU&HUDPLF+HDWHU
2QH:FHUDPLFKHDWHUFRRNVIRRG
IURPWKHERWWRPLQVSHHGFRRNEURLO
DQGWRDVW
&RQWURO3DQHO

7KHSDGVXVHGWRRSHUDWHWKHRYHQ
DUHORFDWHGRQWKHFRQWUROSDQHO
&RQYHFWLRQ6\VWHP

2QH:KHDWLQJHOHPHQWFRRNV
IRRGZLWKDFRQYHFWLRQIDQFLUFXODWLQJ
WKHKRWDLUWKURXJKRXWWKHFDYLW\LQ
FRQYHFWLRQEDNHDQGZDUP

background

&RQWUROV
$GYDQWLXP2YHQ
&RRNLQJ
FRQWUROV
:LWK\RXU$GYDQWLXPRYHQ\RXFDQFRRNZLWKKLJKLQWHQVLW\KDORJHQOLJKWVFHUDPLFKHDWHUVFRQYHFWLRQ
KHDWLQJHOHPHQWDQGRUFRQYHQWLRQDOPLFURZDYHHQHUJ\
6(/(&725',$/
7XUQWRVHOHFW3UHVVWRHQWHU
7XUQWRVHOHFWIRRGSRZHUOHYHORU
WHPSHUDWXUHVHOHFWLRQV$OVRXVHWKHGLDOWR
LQFUHDVHWXUQFORFNZLVHRUGHFUHDVHWXUQ
FRXQWHUFORFNZLVHWLPH6LPSO\SUHVVWKH
EXWWRQWRHQWHUWKHVHOHFWLRQ
%$&.
3UHVVWKLVSDGWRVWHSEDFNRQHRUPRUH
OHYHOVLQWKHSURJUDPPLQJSURFHVV
+(/3
3UHVVWKLVSDGWRILQGRXWPRUHDERXW\RXU
RYHQ·VIHDWXUHV
',63/$<
6KRZVIHDWXUHVHOHFWLRQVDQGLQIRUPDWLRQ
DERXWWKHRYHQZKHQLQXVH
67$573$86(
3UHVVWKLVSDGWRVWDUWRUSDXVHDQ\FRRNLQJ
IXQFWLRQ
&/($52))
3UHVVWKLVSDGWRFDQFHO$//RYHQSURJUDPV
H[FHSWFORFNDXWRQLJKWOLJKWWLPHUYHQWIDQ
DQGVXUIDFHOLJKW
63(('&22.
3UHVVWKLVSDGWRDFFHVVWKHSUHVHW
VSHHGFRRNPHQXRUWRVHW\RXURZQ
VSHHGFRRNSURJUDP
&219%$.(
3UHVVWKLVSDGWRXVHFRQYHFWLRQEDNH
0,&52:$9(
3UHVVWKLVSDGWRDFFHVVWKHPLFURZDYH
PHQXRUWRVHW\RXURZQPLFURZDYH
SURJUDP
6(77,1*6
3UHVVWKLVSDGWRVHWWKHFORFNDQGDFFHVV
7XUQWDEOH2Q2II$XWR&RQYHUVLRQ$XWR
1LJKWOLJKW%HHSHU9ROXPH'LVSOD\2Q2II
5HPLQGHUDQG7HPSHUDWXUH8QLWV
&22.,1*237,216
3UHVVWKLVSDGWRDFFHVV5HSHDW/DVW%URLO
3URRI7RDVW:DUPDQG'HOD\6WDUW
0,&526(&6
6WDUWVWKHPLFURZDYHIRUVHFRQGVRI
FRRNLQJWLPH$QDGGLWLRQDOVHFRQGVLV
DGGHGWRWKHUHPDLQLQJFRRNLQJWLPHHDFK
WLPHWKHSDGLVSUHVVHG
7,0(5212))
3UHVVWKLVSDGWRVHWDPLQXWHDQGVHFRQGV
WLPHU
685)$&(/,*+7
3UHVVWKLVSDGWRWXUQWKHFRRNWRSOLJKWRQ
DQGRII
9(17
3UHVVWKLVSDGWRWXUQWKHYHQWIDQRQDQG
RII
background

6SHHGFRRNLQJ
$GYDQWLXP2YHQ
8VLQJ
VSHHGFRRN
IHDWXUHV
&$87,21%XUQ5LVN
:KHQXVLQJVSHHGFRRNSURJUDPVUHPHPEHUWKDWWKHRYHQGRRUDQGGLVKHV
ZLOOEHYHU\KRW
3ULRUWRWKHILUVWXVHRI\RXURYHQWKHFORFNPXVWEHVHW6HHWKH&ORFNVHFWLRQ
%HIRUH\RXEHJLQPDNHVXUHWKHWXUQWDEOHLVLQSODFH8VHWKHPHWDOWUD\DQG\RXURZQJODVV
RUFHUDPLFFRRNZDUHLIQHHGHG
7KHWXUQWDEOHPXVWDOZD\VEHLQ
SODFHZKHQXVLQJWKHRYHQ
3XWIRRGGLUHFWO\RQWKHPHWDO
WUD\WRVSHHGFRRN
,IWKHGRRULVRSHQHGGXULQJFRRNLQJWKH
RYHQZLOOVWRSDQG3$86(ZLOODSSHDULQWKH
GLVSOD\&ORVHWKHGRRUDQGSUHVVWKH67$57
3$86(SDGWRUHVXPHFRRNLQJ
$WDQ\WLPHGXULQJFRRNLQJ\RXFDQFKDQJH
WLPHRUSRZHUOHYHOVE\VHOHFWLQJ(',7
6SHHGFRRNLQJPHDWVLQWKHRYHQPD\
SURGXFHVPRNH
7RFRRNIRUDGGLWLRQDOWLPHDIWHUDFRRNLQJ
F\FOHKDVEHHQFRPSOHWHGXVHWKH5HVXPH
IHDWXUHDVLQVWUXFWHGRQWKHGLVSOD\
7KLQJVWKDW
DUHQRUPDO
&RRNLQJ7LPHV
:KHQVSHHGFRRNLQJSUHVHWPHQXIRRGV
\RXPD\VHH237,0,=,1*&22.7,0(LQWKH
GLVSOD\VHYHUDOVHFRQGVDIWHU\RXSUHVV
67$573$86(7KHRYHQDXWRPDWLFDOO\
VHQVHVWKHHOHFWULFDOYROWDJHOHYHOLQ\RXU
KRPHDQGDGMXVWVWKHFRRNLQJWLPHXSRU
GRZQIRUSURSHUFRRNLQJ
&RROLQJ)DQV
7KHIDQVZLOOEHRQGXULQJFRRNLQJ$WWKH
HQGRIFRRNLQJWKHIDQVPD\FRQWLQXH
WRUXQIRUDVKRUWWLPHWRFRROLQWHUQDO
FRPSRQHQWV7KHIDQVZLOODXWRPDWLFDOO\
VKXWRIIZKHQWKHLQWHUQDOSDUWVRIWKHRYHQ
KDYHFRROHG7KHVFUHHQZLOOGLVSOD\´2YHQ
LV&RROLQJµ
7KHRYHQYHQWZLOOHPLWZDUPDLUZKLOH
WKHRYHQLVRQ
7KHH[KDXVWIDQPD\FRPHRQ
DXWRPDWLFDOO\LIWKHRYHQEHFRPHVKRW6HH
$XWRPDWLFIDQVHFWLRQ
/LJKWV
:KHQWKHRYHQLVRQOLJKWPD\EHYLVLEOH
DURXQGWKHGRRURURXWHUFDVH
7KHKDORJHQOLJKWVZLOOGLPDQGF\FOH
RQDQGRIIGXULQJDVSHHGFRRNF\FOH
VRPHWLPHVHYHQDWIXOOSRZHUOHYHOV
7KLVLVQRUPDO7KHRYHQVHQVHVWKH
KHDWOHYHODQGDGMXVWVDXWRPDWLFDOO\
2YHQ+HDW
1RSUHKHDWLQJWLPHLVUHTXLUHGGXULQJ
VSHHGFRRNF\FOHV7KHRYHQEHJLQVFRRNLQJ
LPPHGLDWHO\
7KHGRRUDQGLQVLGHRIWKHRYHQZLOOEHYHU\
KRW8VHFDXWLRQZKHQRSHQLQJWKHGRRU
DQGUHPRYLQJIRRG%HFDXWLRXVRIVWHDP
RUYDSRUWKDWPD\HVFDSHIURPDURXQGWKH
GRRU
'RQRWXVHFRRNZDUHRUFRYHULQJVPDGH
RISDSHUSODVWLFRUIRLOZKHQVSHHGFRRNLQJ
:KHQFRRNLQJIRUDQH[WHQGHGSHULRG
RIWLPHWKHRYHQPD\DXWRPDWLFDOO\
UHGXFHWKHSRZHUOHYHOVWRPDLQWDLQ
WKHDSSURSULDWHOHYHORIRYHQKHDW
6RXQGV
&OLFNVDQGDIDQEORZLQJDUHQRUPDO
VRXQGVGXULQJFRRNLQJ7KHHOHFWURQLF
FRQWUROLVWXUQLQJFRPSRQHQWVRQDQGRII
,QWHUIHUHQFH
79UDGLRLQWHUIHUHQFHPLJKWEHQRWLFHG
ZKLOHXVLQJWKHPLFURZDYHVLPLODUWR
WKHLQWHUIHUHQFHFDXVHGE\RWKHUVPDOO
DSSOLDQFHV,WGRHVQRWLQGLFDWHDSUREOHP
ZLWKWKHPLFURZDYH0RYHWKHUDGLRRU79DV
IDUDZD\IURPWKHPLFURZDYHDVSRVVLEOHRU
FKHFNWKHSRVLWLRQRIWKH79UDGLRDQWHQQD
background
$GYDQWLXP2YHQ
6SHHGFRRNLQJ

&RRNLQJ
WLSVIRUEHVW
UHVXOWV
$UUDQJHIRRGRQWKHPHWDOWUD\VDVVKRZQWR
HQVXUHFRQVLVWHQWDQGHYHQEURZQLQJ
)RRGVFDQWRXFKEXWVKRXOGQRWRYHUODS
&LUFXODUSDWWHUQ
([DPSOHELVFXLWVFRRNLHV
6SRNHSDWWHUQ
([DPSOHFUHVFHQWUROOVEUHDGVWLFNV
6LQJOHOD\HU
([DPSOHDSSHWL]HUV
6LGHE\VLGHSDWWHUQ
([DPSOHPHDWVDQGSRXOWU\
)UHVKPHDWFKLFNHQILVKRUVHDIRRGWKDWKDVEHHQIUR]HQVKRXOGEHWKDZHGEHIRUHFRRNLQJ
7KHPLFURZDYHGHIURVWIHDWXUHFDQEHXVHG)RURWKHUIUR]HQSUHSDFNDJHGIRRGVIROORZ
SDFNDJHGLUHFWLRQV
6SHHGFRRN
FRRNZDUH
&$87,21%XUQ5LVN
&RRNZDUHZLOOEHFRPHKRW2YHQPLWWVZLOO
EHQHHGHGWRKDQGOHWKHFRRNZDUH
)ROORZFRRNZDUHVXJJHVWLRQVRQWKHRYHQ
GLVSOD\RULQWKHFRRNERRN
3ODFHIRRGGLUHFWO\RQWKHPHWDOWUD\ZKHQ
FRRNLQJXQOHVVSURPSWHGE\WKHRYHQWR
GRRWKHUZLVH
8VHWKHPHWDOWUD\LQWKHVDPHZD\\RX
ZRXOGXVHDVKDOORZEDNLQJSDQRUEDNLQJ
WUD\
,QDGGLWLRQWRWKHFRRNZDUHSURYLGHG\RX
FDQXVHQRQPHWDOFDVVHUROHGLVKHVSLH
SODWHVDQGRWKHUKHDWVDIHFRRNZDUH
3ODFHWKHPGLUHFWO\RQWKHPHWDOWUD\
%HVXUHWRVHOHFWDVL]HWKDWZLOOURWDWH
HDVLO\
3ODFHWKHPHWDOWUD\RQWKHWXUQWDEOH
3ODFHJODVVRUFHUDPLFFRRNZDUHRQWKH
WUD\
'RQRWXVHFRRNZDUHRUFRYHULQJVPDGH
RISDSHUSODVWLFRUIRLOZKHQFRRNLQJ
GXULQJDVSHHGFRRNF\FOH
background
6SHHGFRRNLQJ
$GYDQWLXP2YHQ

3UHVHW
VSHHGFRRN
PHQXVHOHFWLRQV
7KH$GYDQWLXPLVDOUHDG\SUHVHWWR
FRRNRYHUSRSXODUIRRGV
 3UHVVWKH63(('&22.SDG
,IQRVHOHFWLRQLVPDGHZLWKLQ
VHFRQGVWKHGLVSOD\ZLOOUHYHUW
EDFNWRWKHWLPHRIGD\
 7XUQWKHVHOHFWRUGLDOWRVHOHFW
WKHW\SHRIIRRGFDWHJRU\\RX
ZDQW3UHVVWKHGLDOWRHQWHU
 7XUQWKHVHOHFWRUGLDOWRVHOHFWWKH
VSHFLILFIRRGPHQXVHOHFWLRQ
3UHVVWKHGLDOWRHQWHU
 7XUQWKHVHOHFWRUGLDOWRVHOHFW
DPRXQWVL]HDQGRUGRQHQHVVLI
UHTXLUHGWKHRYHQZLOOSURPSW\RX
3UHVVWKHGLDODIWHUHDFKVHOHFWLRQ
 2QFHWKHGLVSOD\VKRZV
(',76$9(RU67$57SUHVVWKH
67$573$86(SDGRUWKHVHOHFWRU
GLDOWRVWDUWFRRNLQJ
7XUQWKHIRRGRYHUZKHQWKHRYHQ
VLJQDOV7851)22'29(5IRUFHUWDLQ
IRRGV
:KHQWKHRYHQVLJQDOV&+(&.IRU
'21(1(66FKHFNWRVHHLI\RXUIRRGLV
GRQHWR\RXUOLNLQJIRUFHUWDLQIRRGV
7RUHYLHZVHWWLQJVGXULQJFRRNLQJ
SUHVVWKHVHOHFWRUGLDO
,I\RXHQWHUDQXQGHVLUHGVHOHFWLRQDW
DQ\WLPHVLPSO\SUHVVWKH%$&.SDG
DQGUHHQWHUWKHGHVLUHGVHOHFWLRQV
6SHHGFRRNLQJPHDWVLQWKHRYHQPD\
SURGXFHVPRNH
8VLQJWKH
SUHVHW
VSHHGFRRN
PHQX
)RRG&DWHJRU\ 0HQX6HOHFWLRQ
$SSHWL]HUV %DJHO%LWHV
&KHHVH6WLFNV
(JJ5ROOV)UR]HQ
-DODSHxR3RSSHUV
0HDW%DOOV)UR]HQ
1DFKRV
1XWV5RDVWHG
2QLRQ5LQJV
3L]]D5ROOV
6RIW3UHW]HOVIUR]HQ
7DTXLWRVIUR]HQ
%UHDGV %LVFXLWV
%UHDG6WLFNV
&KHHVH%UHDG
&UHVFHQW5ROOV
'LQQHU5ROOV
*DUOLF%UHDG
7H[DV7RDVW
%UHDNIDVW %HOJLDQ:DIIOHV
%UHDNIDVW3L]]D
)UHQFK7RDVW
+DVKEURZQ3DWWLHV
3DQFDNHVIUR]HQ
5ROOVUHIULJHUDWHG
6DXVDJH%LVFXLW
6DXVDJH/LQNV
6DXVDJH3DWWLHV
6WUXGHOIUR]HQ
7XUQRYHUV
:DIIOHVIUR]HQ
)RRG&DWHJRU\ 0HQX6HOHFWLRQ
&KLFNHQ%RQH,Q
%RQHOHVV
)LOOHWIUR]HQ
)LQJHUIUR]HQ
)ULHGIUR]HQ
1XJJHWIUR]HQ
3DWW\IUR]HQ
7HQGHUIUR]HQ
:LQJVIUR]HQ
:KROH
'HVVHUWV %URZQLH0L[
&RRNLHV
3LHIUHVKIUXLW
3LH&UXVW
5ROOVUHIULJHUDWHG
7XUQRYHUV
(QWUHH (JJ5ROOVIUR]HQ
0HDWORDI[
7DTXLWRVIUR]HQ
0HDWV )LOHW0LJQRQ
+DPEXUJHU
/DPE&KRSV
3RUN&KRSV
5LEH\H6WHDN
6LUORLQ6WHDN
6WULS6WHDN
7%RQH6WHDN
7HQGHUORLQ
3L]]D 'HOL)UHVK
)UR]HQ3L]]D
8VH3UHFRRNHG&UXVW
3RWDWRHV %DNHG3RWDWR
+DVKEURZQ3DWWLHV
)UR]HQ)ULHV
)UR]HQ1XJJHW
6ZHHW3RWDWR<DP
)RRG&DWHJRU\ 0HQX6HOHFWLRQ
6DQGZLFK &RUQ'RJIUR]HQ
&UHVFHQW5ROO+RW'RJ
*ULOOHG6DQGZLFK
3RFNHW6DQGZLFK
6HDIRRG &RG)LOOHWV
)LVK6WLFNVIUR]HQ
)UR]HQ%UHDGHG
2UDQJH5RXJK\)LOOHW
6DOPRQ
6KHOOILVK
6ZRUGILVK6WHDNµ
7DODSLD
7XQD6WHDNV
:KLWHILVK&RG
6LGH'LVK &DVVHUROH
5HIULHG%HDQVR]
5RDVWHG$VSDUDJXV
5RDVWHG%HOO3HSSHU
5RDVWHG&KLOLHV
5RDVWHG&RUQ
5RDVWHG*DUOLF
5RDVWHG0L[HG9HJHWDEOHV
6FDOORSHG3RWDWRHV
3HU86'$*XLGHOLQHVFRRNPHDWWRDQ,17(51$/WHPSHUDWXUHRIDWOHDVW)
DQGSRXOWU\WRDQ,17(51$/WHPSHUDWXUHRIDWOHDVW)&RRNLQJWRWKHVH
WHPSHUDWXUHVXVXDOO\SURWHFWVDJDLQVWIRRGERUQHLOOQHVV)RUPRUHLQIRUPDWLRQ
VHHZZZIRRGVDIHW\JRY
background
$GYDQWLXP2YHQ
6SHHGFRRNLQJ

6SHHGFRRN
SRZHUOHYHO
7KH$GYDQWLXPXVHVSRZHUIURPKLJK
LQWHQVLW\KDORJHQODPSVDFHUDPLF
KHDWHUDQGPLFURZDYHVWRFRRNIRRG
IURPWKHWRSERWWRPDQGLQWHULRU
VLPXOWDQHRXVO\WRVHDOLQPRLVWXUHDQG
IODYRU
:KHQXVLQJWKHSUHVHWPHQXIRRGV
WKHSRZHUOHYHOVDUHDOUHDG\VHOHFWHG
IRU\RX+RZHYHUSRZHUOHYHOVFDQ
EHDGMXVWHGZKHQXVLQJSUHVHWPHQX
IRRGVDQG0<5(&,3(
(DFKSRZHUOHYHOJLYHV\RXKDORJHQ
ODPSRUFHUDPLFKHDWHUSRZHUDQG
PLFURZDYHHQHUJ\IRUDFHUWDLQ
SHUFHQWDJHRIWKHWLPH
)RUH[DPSOH
8² 8SSHUKDORJHQODPSDQG
FHUDPLFKHDWHURQ
RIWKHWLPH
/² /RZHUFHUDPLFKHDWHURQ
RIWKHWLPH
0² 0LFURZDYHRQRIWKH
WLPH
127(%HFDUHIXOZKHQDGMXVWLQJ
SRZHUOHYHOVVRWKDW\RXGRQRW
RYHUFRRNRUXQGHUFRRNIRRG
 3UHVVWKH63(('&22.SDGDQG
VHOHFW\RXUIRRGIROORZLQVWUXFWLRQV
IURP8VLQJWKHSUHVHWVSHHGFRRN
PHQX
 :KHQGLVSOD\VKRZV(',76$9(RU
67$57WXUQWKHGLDOWRVHOHFW(',7
,I\RXGRQRWZDQWWRFKDQJHRQH
RIWKHVHWWLQJVMXVWSUHVVWKHGLDOWR
PRYHWRWKHQH[WVHOHFWLRQ
 3UHVVWKHGLDOLI\RXGRQRWZDQWWR
DGMXVWFRRNLQJWLPH
 7XUQWKHGLDOFORFNZLVHWRLQFUHDVH
RUFRXQWHUFORFNZLVHWRGHFUHDVH
WKHXSSHUSRZHUOHYHO3UHVVWKH
GLDOWRHQWHU
 7XUQWKHGLDOWRFKDQJHWKHORZHU
SRZHUOHYHO3UHVVWKHGLDOWRHQWHU
 7XUQWKHGLDOWRFKDQJHWKH
PLFURZDYHSRZHUOHYHO3UHVVWKH
GLDOWRHQWHU
1RWHWKDWWKHXSSHUDQGORZHUOHYHO
VHWWLQJVOLPLWWKHPLFURZDYHSRZHU
OHYHO)RUH[DPSOHLIWKHXSSHURU
ORZHUSRZHUOHYHOLVVHWWRDWKH
PLFURZDYHFDQEHVHWQRKLJKHU
WKDQD

3UHVVWKH67$573$86(
SDG
RUWKH
VHOHFWRUGLDOWRVWDUWFRRNLQJ
86HOHFWDKLJKHUVHWWLQJIRUWKLQ
IRRGVUHTXLULQJDJROGHQEURZQ
WRSH[DPSOHILVKILOOHWVWRDVW
ERQHOHVVFKLFNHQEUHDVWV6HOHFW
DORZHUVHWWLQJIRUWKLFNHUIRRGV
DQGIRRGVZLWKKLJKVXJDURUIDW
FRQWHQWH[DPSOHPXIILQVURDVWV
FDVVHUROHVRUWKDWUHTXLUHDORQJHU
FRRNWLPH
/6HOHFWDKLJKHUVHWWLQJIRUWKLFNRU
GHQVHIRRGVWKDWPD\QRWFRRN
TXLFNO\LQWKHFHQWHUH[DPSOH
VWHDNVFDVVHUROHV6HOHFWDORZHU
VHWWLQJIRUWKLQIRRGVH[DPSOH
FRRNLHV
06HOHFWDKLJKHUVHWWLQJWRVKRUWHQ
FRRNLQJWLPHIRUGHQVHRUKHDY\
IRRGVH[DPSOHFDVVHUROHVZKROH
FKLFNHQ6HOHFWDORZHUVHWWLQJIRU
GHOLFDWHIRRGVH[DPSOHEUHDGV
RUIRRGVUHTXLULQJORQJHUFRRN
WLPHVIRUWHQGHUUHVXOWVH[DPSOH
VWHZSRWURDVW
)ROORZWKHVHJHQHUDOJXLGHOLQHVZKHQVHOHFWLQJWKHEHVW8 / DQG0 VHWWLQJV
IRU\RXUIDYRULWHUHFLSHV
background

6SHHGFRRNLQJ
$GYDQWLXP2YHQ
0\5HFLSH
&XVWRP
VSHHGFRRNLQJ
7KH$GYDQWLXPJLYHV\RXWKHIOH[LELOLW\
WRFRRN\RXUIDYRULWHGLVKHV
,I\RXZDQWWRFRRNDIRRGLWHPWKDWLV
QRWDPRQJWKHSUHVHWVHOHFWLRQVXVH
0\5HFLSHWRFXVWRPVSHHGFRRN
 3UHVVWKH63(('&22.SDGDQG
VHOHFW0<5(&,3(3UHVVWKHGLDOWR
HQWHU6HOHFW1(:5(&,3(
,IQRHQWULHVDUHPDGHZLWKLQ
VHFRQGVWKHGLVSOD\ZLOOUHYHUW
EDFNWRWKHWLPHRIGD\
 7XUQWKHVHOHFWRUGLDOWRVHOHFW
WKHFRRNLQJWLPH3UHVVWKHGLDO
WRHQWHU
7KHGLVSOD\ZLOOSURPSW\RXWR
VHOHFWWKHSRZHUOHYHOV
 7XUQWKHGLDOWRVHOHFWWKHXSSHU
SRZHUOHYHO7XUQWKHGLDOFORFNZLVH
WRLQFUHDVHRUFRXQWHUFORFNZLVHWR
GHFUHDVHWKHXSSHUSRZHUOHYHO
3UHVVWKHGLDOWRHQWHU
 7XUQWKHGLDOWRVHOHFWWKHORZHU
SRZHUOHYHO3UHVVWKHGLDOWRHQWHU
 7XUQWKHGLDOWRVHOHFWWKH
PLFURZDYHSRZHUOHYHO3UHVVWKH
GLDOWRHQWHU
 3UHVVWKH67$573$86(SDGRU
SUHVVWKHVHOHFWRUGLDOWRVWDUW
FRRNLQJ
)RUSRZHUOHYHODQGFRRNLQJWLPH
VXJJHVWLRQVXVH\RXUFRRNLQJJXLGH
FRRNERRNDQGWKHSUHVHWVSHHGFRRN
PHQXVHOHFWLRQV
background
6SHHGFRRNLQJ
$GYDQWLXP2YHQ

0\5HFLSH³
WRHQWHU
DQGVDYH
$GGDQGVDYHXSWRRI\RXURZQ
6SHHGFRRNRUPLFURZDYHUHFLSHVRU
SUHVHW6SHHGFRRNPHQXUHFLSHVDV
DIDYRULWHUHFLSH2QFHLW·VGRQH\RX
FDQTXLFNO\UHFDOO\RXUIDYRULWHVR
WKDW\RXUIRRGFRRNVMXVWWKHZD\\RX
ZDQWLWHYHU\WLPH
 3UHVVWKH63(('&22.RU
0,&52:$9(SDG
 7XUQWKHGLDOWRVHOHFW0<5(&,3(
3UHVVWKHGLDOWRHQWHU
 7XUQWKHGLDOXQWLO1(:5(&,3(
DSSHDUV3UHVVWKHGLDOWRHQWHU
 (17(5&22.7,0(DSSHDUV7XUQ
WKHGLDOWRVHOHFWWKHFRRNLQJWLPH
3UHVVWKHGLDOWRHQWHU
7KHGLVSOD\ZLOOSURPSW\RXWR
VHOHFWWKHSRZHUOHYHOV
 7XUQWKHGLDOFORFNZLVHWRLQFUHDVH
RUFRXQWHUFORFNZLVHWRGHFUHDVH
WKHSRZHUOHYHOV3UHVVWKHGLDOWR
HQWHU
)RUSRZHUOHYHODQGFRRNLQJWLPH
VXJJHVWLRQVXVH\RXUFRRNLQJJXLGH
RUFRRNERRN
 6HOHFW6$9(IURPWKHVXPPDU\
VFUHHQ
 63(//7+()22'1$0(
DSSHDUV7XUQWKHGLDOWR
WKHILUVWOHWWHURI\RXUIRRG
GHVFULSWLRQDQGSUHVVWKHGLDOWR
HQWHU&RQWLQXHWKLVSURFHVVWRVSHOO
WKHUHVWRIWKHIRRGQDPH3UHVV
WKH67$573$86(SDGWRVDYHWKH
UHFLSHDQGLWVQDPH
7RILQGDQGXVHVWRUHGUHFLSHV
 3UHVVWKH63(('&22.RU
0,&52:$9(SDG
 7XUQWKHGLDOWRVHOHFW0<5(&,3(
 7KHUHFLSHQDPHV\RXHQWHUHGZLOO
DSSHDU

7XUQGLDOXQWLOWKHUHFLSH\RXZDQW
LVGLVSOD\HGDQGSUHVVWKHGLDOWR
HQWHU
 3UHVVWKH67$573$86(SDGRU
SUHVVWKHVHOHFWRUGLDOWRVWDUW
FRRNLQJ
0\5HFLSH³
WRILQG
DQGXVH
background

6SHHGFRRNLQJ
$GYDQWLXP2YHQ
0\5HFLSH³
WRDGMXVW
RUFKDQJH
7RDGMXVWRUFKDQJHVWRUHGUHFLSHV
 3UHVVWKH63(('&22.RU
0,&52:$9(SDG
 7XUQWKHGLDOWRVHOHFW0<5(&,3(
 7XUQWKHGLDOWRWKHUHFLSH\RX
ZDQWWRFKDQJH3UHVVWKHGLDO
WRHQWHU&XUUHQWVHWWLQJVDSSHDU
 6HOHFW(',7
 7XUQWKHGLDOWRDGMXVWWKHFRRNLQJ
WLPHDQGSUHVVWKHGLDOWRHQWHU
 7XUQWKHGLDOWRFKDQJHWKHSRZHU
OHYHOVDQGSUHVVWKHGLDOWRHQWHU
HDFKSRZHUOHYHO
 7XUQWKHGLDOWRFKDQJHWKHUHFLSH
QDPH3UHVVWKHGLDOWRHQWHU
HDFKOHWWHUFKDQJH
 3UHVVWKH67$573$86(SDGWR
VDYHWKHUHYLVHGUHFLSH
)RUSRZHUOHYHODQGFRRNLQJWLPH
VXJJHVWLRQVXVH\RXUFRRNLQJJXLGH
RUFRRNERRN
7RGHOHWHVWRUHGUHFLSHV
 3UHVVWKH63(('&22.RU
0,&52:$9(SDG
 7XUQWKHGLDOWRVHOHFW0<5(&,3(
 6HOHFWWKHUHFLSH\RXZRXOGOLNHWR
GHOHWH

7XUQWKHGLDOWRVHOHFW'(/(7(
0\5HFLSH³
WRGHOHWH
background
&RQYHFWLRQEDNLQJ
$GYDQWLXP2YHQ

 3UHVV&219%$.(SDG
 7XUQWKHGLDOWRVHWWKHWHPSHUDWXUH
DQGSUHVVWKHGLDOWRHQWHU
 3UHVVWKHGLDOWRHQWHUDQGFRQILUP
WKHVHOHFWLRQ
7RVWDUWLPPHGLDWHO\ZLWKRXWVHWWLQJ
DFRRNWLPHVHOHFW67$57RUSUHVVWKH
67$573$86(SDG
7RVHWDFRRNWLPH
 7XUQWKHGLDODQGVHOHFW&22.7,0(
 7XUQWKHGLDOWRVHWWKHFRRNWLPH
DQGSUHVVWKHGLDOWRHQWHU
 7RVWDUWWKHFRRNWLPHLPPHGLDWHO\
SODFHWKHIRRGLQWKHRYHQDQGVHOHFW
67$57&22.7,0(7KHQSUHVVWKH
GLDORUWKH67$573$86(SDGWRVWDUW
7KHFRRNWLPHZLOOLPPHGLDWHO\VWDUW
WRFRXQWGRZQ
7RVWDUWFRRNWLPHDIWHUSUHKHDWVHOHFW
67$5735(+($77KHRYHQZLOOVLJQDO
RQFHWKHRYHQUHDFKHVWKHFRRNLQJ
WHPSHUDWXUH3ODFHWKHIRRGLQWKHRYHQ
DQGSUHVVWKH67$573$86(SDG7KH
FRRNWLPHZLOOEHJLQWRFRXQWGRZQ
,IWKHRYHQGRRULVRSHQHGGXULQJ
FRRNLQJ´3DXVHµZLOODSSHDULQWKH
GLVSOD\&ORVHWKHGRRUDQGSUHVV67$57
3$86(SDG
&RRNWLPHVDUHVKRZQLQKRXUVDQG
PLQXWHVDQGFDQEHVHWWRDPD[LPXP
RIKRXUVPLQXWHV7LPHFDQEH
FKDQJHGGXULQJFRRNLQJE\WXUQLQJWKH
GLDO
+RZWR
&RQYHFWLRQ
%DNH
 0HWDOSDQVDUHUHFRPPHQGHG
IRUDOOW\SHVRIEDNHGSURGXFWV
EXWHVSHFLDOO\ZKHUHEURZQLQJLV
LPSRUWDQW
 'DUNRUGXOOILQLVKPHWDOSDQVDUH
EHVWIRUEUHDGVDQGSLHVEHFDXVH
WKH\DEVRUEKHDWDQGSURGXFH
FULVSHUFUXVW
 6KLQ\DOXPLQXPSDQVDUHEHWWHU
IRUFDNHVFRRNLHVRUPXIILQV
EHFDXVHWKH\UHIOHFWKHDWDQGKHOS
SURGXFHDOLJKWWHQGHUFUXVW
 *ODVVRUJODVVFHUDPLFFDVVHUROH
RUEDNLQJGLVKHVDUHEHVWVXLWHG
IRUHJJDQGFKHHVHUHFLSHVGXHWR
WKHFOHDQDELOLW\RIJODVV
 :KHQEDNLQJRQRQHOHYHOXVHWKH
ORZHUOHYHO7KHWRSFOLSVDUHWR
RQO\EHXVHGLQWZROHYHOEDNLQJ
&RRNLQJ7LSV
IRU&RQYHFWLRQ
%DNLQJ
&RQYHFWLRQ
%DNLQJ
&RQYHFWLRQEDNLQJDOORZV\RXWRFRRNIRRGV
WKHVDPHZD\DVDFRQYHQWLRQDORYHQXVLQJDQ
HOHPHQWWRKHDWWKHDLULQVLGHWKHRYHQ$Q\RYHQ
WHPSHUDWXUHIURP)WR)PD\EHVHW
$IDQJHQWO\FLUFXODWHVKHDWHGDLUWKURXJKRXWWKH
RYHQRYHUDQGDURXQGWKHIRRG%HFDXVHWKH
KHDWHGDLULVNHSWFRQVWDQWO\PRYLQJVRPHIRRGV
FRRNVOLJKWO\IDVWHUWKDQLQUHJXODURYHQFRRNLQJ
%HIRUH\RXEHJLQPDNHVXUHWKHPHWDOUDFNLV
LQSODFH%RWKUDFNVPD\EHXVHGIRUWZROHYHO
FRRNLQJ
&$87,21%XUQ5LVN
:KHQEDNLQJUHPHPEHUWKDWWKHRYHQGRRUDQG
GLVKHVZLOOEHYHU\KRW
3HU86'$*XLGHOLQHVFRRNPHDWWRDQ,17(51$/
WHPSHUDWXUHRIDWOHDVW)DQGSRXOWU\WRDQ
,17(51$/WHPSHUDWXUHRIDWOHDVW)&RRNLQJWR
WKHVHWHPSHUDWXUHVXVXDOO\SURWHFWVDJDLQVWIRRGERUQH
LOOQHVV)RUPRUHLQIRUPDWLRQVHHZZZIRRGVDIHW\JRY
3XWIRRGGLUHFWO\RQWKHPHWDOWUD\RULQWKH
DSSURSULDWHGLVKDQGSODFHRQZLUHRYHQUDFN
ZKHQEDNLQJRUZDUPLQJ
background
%URLODQGWRDVWXVHWKHXSSHUODPSVDQGORZHUKHDWHU
WREURLORUWRDVWIRRGVLPLODUWRDFRQYHQWLRQDORYHQ
%HIRUH\RXEHJLQPDNHVXUHWKHWXUQWDEOHLVLQSODFH
8VHWKHPHWDOWUD\ZKHQWRDVWLQJDQGZKHQEURLOLQJ
&$87,21%XUQ5LVN
:KHQEURLOLQJRUWRDVWLQJUHPHPEHUWKDWWKHRYHQ
FDYLW\WKHRYHQGRRUDQGGLVKHVZLOOEHYHU\KRW
%URLOLQJDQG7RDVWLQJ
$GYDQWLXP2YHQ

 3UHVVWKH&22.,1*237,216SDG
 7XUQWKHGLDOWR%52,/DQGSUHVVWR
HQWHU
 3ODFHWKHIRRGLQWKHRYHQDQGVHOHFW
67$57RUSUHVVWKH67$573$86(SDG
WRVWDUW
,IWKHRYHQGRRULVRSHQHGGXULQJFRRNLQJ
´3DXVHµZLOODSSHDULQWKHGLVSOD\&ORVH
WKHGRRUDQGSUHVVWKH67$573$86(SDG
+RZWR
%URLO
%URLOLQJ
DQG
7RDVWLQJ
7KHWXUQWDEOHPXVW
DOZD\VEHLQSODFHZKHQ
XVLQJWKHRYHQ
3XWIRRGGLUHFWO\RQWKHPHWDO
WUD\
 %URLOLQJWLPHVPD\EHVKRUWHULQ
WKH$GYDQWLXPRYHQEHFDXVHRI
WKHXVHRIKDORJHQODPSV0DNH
VXUHWRPRQLWRUIRRGFORVHO\WRJHW
WKHGHVLUHGUHVXOWV
 )RUEHVWUHVXOWVZKHQEURLOLQJ
SODFHIRRGGLUHFWO\RQWKHPHWDO
WUD\
 %URLOLQJPHDWVLQWKHRYHQPD\
SURGXFHVPRNH
 ,ISUHKHDWLQJWKHRYHQWREURLO
PHDWSUHKHDWZLWKWKHPHWDOWUD\
LQWKHRYHQDQGSODFHIRRGRQWKH
KRWPHWDOWUD\IRUEHVWVHDULQJRI
PHDW
 )RUEHVWSHUIRUPDQFHSUHKHDWWKH
RYHQIRUPLQXWHVZKHQEURLOLQJ
PHDW&KLFNHQSHUIRUPVEHVWZLWK
QRSUHKHDWLQJ
 )RRGVVKRXOGEHWXUQHGKDOIZD\
WKURXJKEURLOLQJWLPH
 5HPRYHWKLQQHUSLHFHVDVQHHGHG
WRSUHYHQWRYHUFRRNLQJDQGGU\LQJ
&RRNLQJ
7LSVIRU
%URLOLQJ
 )RUEHVWUHVXOWVZKHQWRDVWLQJXVH
WKHPHWDOWUD\
 1RWXUQLQJLVQHFHVVDU\IRUPRVW
IRRGV
 :KHQWRDVWLQJQXWVVWLUKDOIZD\
WKURXJKWKHFRRNLQJWLPH
 7RDVWWKLFNHUSLHFHVDORQJHUWLPH
WKLQQHUSLHFHVDVKRUWHUWLPH
&RRNLQJ
7LSVIRU
7RDVWLQJ
+RZWR
7RDVW
 3UHVVWKH&22.,1*237,216SDG
 7XUQWKHGLDOWR72$67DQGSUHVVWR
HQWHU
 7XUQWKHGLDOWRVHWWKHWRDVWWLPH
SODFHWKHIRRGLQWKHRYHQDQGVHOHFW
67$57RUSUHVVWKH67$573$86(SDG
WRVWDUW
,IWKHRYHQGRRULVRSHQHGGXULQJFRRNLQJ
´3DXVHµZLOODSSHDULQWKHGLVSOD\&ORVH
WKHGRRUDQGSUHVVWKH67$573$86(SDG
background

:DUPLQJDQG3URRILQJ
$GYDQWLXP2YHQ
7LSVIRU&ULVS)RRGV
/HDYHIRRGXQFRYHUHG
'RQRWXVHSODVWLFFRQWDLQHUV
RUSODVWLFZUDS
3UHKHDWLQJLVQRWQHFHVVDU\
H[FHSWIRUFULVSLQJVWDOHLWHPV
6HH7R&ULVS6WDOH,WHPV
)RRG7\SH 0RLVWXUH6HWWLQJ
&DVVHUROHV 02,67
&KLOL6RXS 02,67
3DQFDNHVZDIIOHV 02,67
3L]]D &5,63
3RWDWRHVEDNHG &5,63
&KLSV&UDFNHUV &5,63
7HPSHUDWXUHDQG0RLVWXUH6HOHFWLRQ&KDUW
:DUPLQJ
7KH:$50IHDWXUHZLOONHHSKRW
FRRNHGIRRGVDWVHUYLQJWHPSHUDWXUH
$OZD\VVWDUWZLWKKRWIRRG8VH
FRRNZDUHDQGXWHQVLOVWKDWFDQ
ZLWKVWDQGWHPSHUDWXUHVXSWR)
 3UHVVWKH&22.,1*237,216SDG
 7XUQWKHGLDOWRVHOHFW:$503UHVV
WKHGLDOWRHQWHU
 7XUQWKHGLDOWRVHOHFWWKHOHYHORI
PRLVWXUH\RXZDQW6HHWKHFKDUW
DQGWLSVEHORZ3UHVVWKHGLDOWR
HQWHU
 6HOHFW67$57RUSUHVVWKH67$57
3$86(SDGWRVWDUW7KHRYHQ
VWDUWVZDUPLQJLPPHGLDWHO\DQG
VKRZVWKHDPRXQWRIZDUPLQJ
WLPHWRFRPSOHWH
,IWKHRYHQGRRULVRSHQHGGXULQJ
ZDUPLQJ´3DXVHµZLOODSSHDULQWKH
GLVSOD\&ORVHWKHGRRUDQGSUHVVWKH
67$573$86(SDG
7R&ULVS6WDOH,WHPV
6HOHFWWKH&5,63VHWWLQJ3UHKHDW
WKHRYHQIRUPLQXWHV
127(2QO\SUHKHDWZKHQFULVSLQJ
VWDOHLWHPV
3ODFHIRRGRUGLVKHVGLUHFWO\RQWKH
PHWDOWUD\
&KHFNFULVSQHVVDIWHUPLQXWHV
$GGWLPHDVQHHGHG
7KHSURRILQJIHDWXUHDXWRPDWLFDOO\
SURYLGHVDQDSSURSULDWHWHPSHUDWXUH
IRUWKHSURRILQJSURFHVVDQGWKHUHIRUH
GRHVQRWKDYHDWHPSHUDWXUH
DGMXVWPHQW

3UHVVWKH&22.,1*237,216SDG
 7XUQWKHGLDOWRVHOHFW3522)DQG
SUHVVWRHQWHU
 6HOHFW67$57RUSUHVVWKH67$57
3$86(SDGWRVWDUW7KHRYHQ
VWDUWVSURRILQJLPPHGLDWHO\DQG
VKRZVWKHDPRXQWRISURRILQJ
WLPHWRFRPSOHWH
&KHFNEUHDGSURGXFWVHDUO\WR
DYRLGRYHUSURRILQJ
7RDYRLGORZHULQJWKHRYHQ
WHPSHUDWXUHDQGOHQJWKHQLQJ
SURRILQJWLPHGRQRWRSHQWKH
RYHQGRRUXQQHFHVVDULO\
127(6
'RQRWXVHWKHSURRILQJPRGH
IRUZDUPLQJIRRGRUNHHSLQJ
IRRGKRW7KHSURRILQJRYHQ
WHPSHUDWXUHLVQRWKRWHQRXJKWR
KROGIRRGVDWVDIHWHPSHUDWXUHV
8VHWKH:$50IHDWXUHWRNHHS
IRRGZDUP
3URRILQJZLOOQRWRSHUDWHLIWKHRYHQ
LVWRRKRW$OORZWKHRYHQWRFRRO
EHIRUHSURRILQJ
3URRILQJ
3XWEUHDGGRXJKLQDERZOEUHDGSDQ
DQGSODFHRQWKHPHWDOWUD\WRSURRI
7KHWXUQWDEOHPXVWDOZD\VEH
LQSODFHZKHQXVLQJWKHRYHQ
3XWIRRGRURYHQVDIHFRRNZDUHGLUHFWO\
RQWKHPHWDOWUD\WRZDUP
7KHWXUQWDEOHPXVWDOZD\VEH
LQSODFHZKHQXVLQJWKHRYHQ
7LSVIRU0RLVW)RRGV
&RYHUIRRGZLWKOLGRUDOXPLQXP
IRLO
'RQRWXVHSODVWLFFRQWDLQHUV
RUSODVWLFZUDS
3UHKHDWLQJLVQRWQHFHVVDU\
background
0LFURZDYLQJ
$GYDQWLXP2YHQ
8VLQJWKH
PLFURZDYH
IHDWXUHV
0DNHVXUHWKHWXUQWDEOHLVLQSODFH8VHWKHFOHDUJODVVWUD\
3ODFHIRRGRUPLFURZDYDEOHFRQWDLQHUGLUHFWO\RQWKHFOHDUJODVVWUD\WRFRRN\RXU
IRRG
&RRN
²%\)RRG7\SH
²%\7LPH
²%\7LPH
'HIURVW
OE4XLFN
%\7LPH
%\)RRG7\SH
%\:HLJKW
0HOW
6RIWHQ
%HYHUDJH
:DWHUR]
&RIIHHR]
7HDR]
0LONR]
+RW&RFRDR]
3RSFRUQ
RUR]
0HOW
%XWWHU
&DUDPHO
&KHHVH
&KRFRODWH&KLSV
0DUVKPDOORZ
6LPPHU
6RIWHQ
%XWWHU
&UHDP&KHHVH
)URVWLQJR]
,FH&UHDP
5HKHDW
²%HYHUDJH
²&DVVHUROH
²&KLFNHQ
²3DVWD
²3L]]D
²3ODWHRI)RRG
²5LFH
²6RXS
²6WHDNV&KRSV
²9HJHWDEOHV
0,&52:$9(35(6(76(/(&7,216
7KHWXUQWDEOHPXVWDOZD\V
EHLQSODFHZKHQXVLQJWKHRYHQ
7KHFOHDUJODVVWUD\VKRXOGDOZD\VEH
LQSODFHZKHQPLFURZDYLQJ
&RRNZDUH
0DNHVXUHWKDWFRRNZDUHLVVXLWDEOHIRU
PLFURZDYLQJ
7KLQJVWKDW
DUHQRUPDO
,QWHUIHUHQFH
79UDGLRLQWHUIHUHQFHPLJKWEH
QRWLFHGZKLOHXVLQJWKHPLFURZDYH
VLPLODUWRWKHLQWHUIHUHQFHFDXVHGE\
RWKHUVPDOODSSOLDQFHV,WGRHVQRWLQGLFDWH
DSUREOHPZLWKWKHPLFURZDYH0RYH
WKHUDGLRRU79DVIDUDZD\IURPWKH
PLFURZDYHDVSRVVLEOHRUFKHFNWKH
SRVLWLRQRIWKH79UDGLRDQWHQQD
2YHQ+HDW
&RRNZDUHPD\EHFRPHKRWEHFDXVHRI
KHDWWUDQVIHUUHGIURPWKHKHDWHGIRRG
2YHQPLWWVPD\EHQHHGHGWRKDQGOH
WKHFRRNZDUH
6WHDPRUYDSRUPD\HVFDSHIURPDURXQG
WKHGRRU
:KHQFRRNLQJEDFRQOD\HUVWULSVRQD
SODWH&RYHUHDFKOD\HUZLWKDSDSHUWRZHO
:KHQFRRNLQJYHJHWDEOHVXVHD
PLFURZDYHVDIHFDVVHUROHRUERZO&RYHU
ZLWKDPLFURZDYHVDIHOLGRUYHQWHGSODVWLF
ZUDS
) R U I U R ] H Q Y H J H WDEOHVIROORZWKHSDFNDJH
LQVWUXFWLRQVIRUDGGLQJZDWHU
)RUIUHVKYHJHWDEOHVDGGWDEOHVSRRQVRI
ZDWHUIRUHDFKVHUYLQJ
&RRNLQJ
WLSV

background
&RRN%\7LPH
8VH&22.%<7,0(WRPLFURZDYHIRRG
WKDWLVQRWLQWKHSUHVHWPLFURZDYH
VHOHFWLRQV
 3UHVVWKH0,&52:$9(SDG
 7XUQWKHGLDOWRVHOHFW&22.%<
7,0(DQGSUHVVWKHGLDOWRHQWHU
 7XUQWKHGLDOWRVHWWKHFRRNWLPH
DQGSUHVVWKHGLDOWRHQWHU
 7XUQWKHGLDOWRVHWWKHSRZHUOHYHO
DQGSUHVVWKHGLDOWRHQWHU
 3UHVVWKHGLDORUWKH67$573$86(
SDGWRVWDUWFRRNLQJ
<RXPD\RSHQWKHGRRUGXULQJ&22.
%<7,0(WRFKHFNWKHIRRG&ORVHWKH
GRRUDQGSUHVV67$573$86(WR
UHVXPHFRRNLQJ
0LFURZDYH
SRZHU
OHYHOV
7KHPLFURZDYHSRZHUOHYHOLV
DXWRPDWLFDOO\VHWRQDOOPLFURZDYH
IHDWXUHVEXW\RXFDQFKDQJHLWIRU
&22.%<7,0(&22.%<7,0(
0,&526(&6DQG'()5267%<7,0(
 )LUVWIROORZGLUHFWLRQVIRU&22.%<
7,0(&22.%<7,0(0,&52
RU'()5267%<7,0(
 6HOHFW67$57RUSUHVVWKH67$57
3$86(SDGWRVWDUW
 3UHVV(',7WRFKDQJHWKHFRRNLQJ
WLPHDQGWKHQWKHPLFURZDYH
SRZHUOHYHO3UHVVWKHGLDOWRHQWHU
FRRNLQJWLPHDQGSRZHUOHYHO
FKDQJHV
+HUHDUHVRPHH[DPSOHVRIXVHVIRU
YDULRXVSRZHUOHYHOV
+LJK)LVKEDFRQYHJHWDEOHV
ERLOLQJOLTXLGV
0HG+LJK*HQWOHFRRNLQJRIPHDW
DQGSRXOWU\EDNLQJFDVVHUROHVDQG
UHKHDWLQJ
0HGLXP6ORZFRRNLQJDQG
WHQGHUL]LQJIRUVWHZVDQGOHVV
WHQGHUFXWVRIPHDW
/RZRU'HIURVWLQJVLPPHULQJ
GHOLFDWHVDXFHV
:DUP.HHSLQJIRRGZDUP
VRIWHQLQJEXWWHU
0LFURZDYLQJ
$GYDQWLXP2YHQ

+RZWR
XVHSUHVHW
PLFURZDYH
VHOHFWLRQV
 3UHVVWKH0,&52:$9(SDG
,IQRVHOHFWLRQLVPDGHZLWKLQ
VHFRQGVWKHGLVSOD\ZLOOUHYHUWEDFNWR
WKHWLPHRIGD\
 7XUQWKHGLDOWRVHOHFW&22.
'()5267%(9(5$*(323&251
0(/75(+($76,00(5DQG
62)7(1
 7XUQWKHGLDOWRILQGWKHIRRG\RX
ZDQWWRFRRNGHIURVWRUUHKHDW
3UHVVWKHGLDOWRHQWHU
 7XUQWKHVHOHFWRUGLDOWRVHOHFWWKH
W\SHDPRXQWZHLJKWDQGRUVL]H
DVSURPSWHGE\WKHRYHQ3UHVVWKH
GLDODIWHUHDFKVHOHFWLRQ

3UHVVWKHGLDORUWKH67$573$86(
SDGWRVWDUWFRRNLQJ
7RUHYLHZVHWWLQJVGXULQJFRRNLQJ
SUHVVWKHVHOHFWRUGLDO
,IWKHGRRULVRSHQHGGXULQJFRRNLQJ
WKHRYHQZLOOVWRSDQG3$86(ZLOO
DSSHDULQWKHGLVSOD\&ORVHWKHGRRU
DQGSUHVV67$573$86(WRUHVXPH
FRRNLQJ
,I\RXHQWHUDQXQGHVLUHGVHOHFWLRQDW
DQ\WLPHVLPSO\SUHVVWKH%$&.SDG
DQGUHHQWHUWKHGHVLUHGVHOHFWLRQV
&RRN%\7LPH

8VH&22.%<7,0(WRPLFURZDYH
IRRGWKDWUHTXLUHVWZRGLIIHUHQWWLPHV
DQGSRZHUOHYHOV
 3UHVVWKH0,&52:$9(SDG
 7XUQWKHGLDOWRVHOHFW&22.DQG
SUHVVWKHGLDOWRHQWHU
 7XUQWKHGLDOWRVHOHFW&22.%<
7,0(DQGSUHVVWKHGLDOWR
HQWHU
 7XUQWKHGLDOWRVHWWKHILUVWWLPH
DQGSUHVVWKHGLDOWRHQWHU5HSHDW
IRUWKHILUVWSRZHUOHYHOWKHVHFRQG
WLPHDQGWKHVHFRQGSRZHUOHYHO
 3UHVVWKHGLDORUWKH67$573$86(
SDGWRVWDUWFRRNLQJ
background
0LFURZDYLQJ
$GYDQWLXP2YHQ

3UHVV0,&526(&6UHSHDWHGO\IRU
VHFRQGLQFUHPHQWVRIPLFURZDYH
FRRNLQJWLPH2YHQVWDUWVLPPHGLDWHO\
7KHSRZHUOHYHOLVDXWRPDWLFDOO\VHWDW
KLJKEXW\RXFDQFKDQJHLWIRUPRUH
IOH[LELOLW\6HH0LFURZDYHSRZHUOHYHOV
VHFWLRQIRULQVWUXFWLRQV
0LFUR
6HFV
6HHWKH0<5(&,3(VHFWLRQVLQWKH
6SHHGFRRNVHFWLRQRIWKLVERRNIRU
LQVWUXFWLRQVRQKRZWRVDYHXVH
FKDQJHRUGHOHWHDPLFURZDYHFXVWRP
UHFLSH
0\
5HFLSHV
'HIURVWLQJ
WLSV
8VH'()5267%<)22'7<3(IRUPHDW
SRXOWU\ILVKDQGEUHDG
8VH'()5267
%<7,0(IRUPRVWRWKHUIUR]HQIRRGV
)RRGVIUR]HQLQSDSHURUSODVWLF
FDQEHGHIURVWHGLQWKH
SDFNDJH
ZKHQXVLQJ'()5267%<7,0(0HDWV
VKRXOGEHWDNHQRXWRIWKHSDFNDJH
ZKHQXVLQJ
'()5267%<)22'
7<3(
&ORVHGSDFNDJHVVKRXOGEH
VOLWSLHUFHGRUYHQWHGDIWHUIRRGKDV
SDUWLDOO\GHIURVWHG3ODVWLFVWRUDJH
FRQWDLQHUVVKRXOGEHSDUWLDOO\
XQFRYHUHG
)DPLO\VL]HSUHSDFNDJHGIUR]HQ
GLQQHUVFDQEHGHIURVWHGDQG
PLFURZDYHG,IWKHIRRGLVLQD
IRLOFRQWDLQHUWUDQVIHULWWRD
PLFURZDYHVDIHGLVK
)RRGVWKDWVSRLOHDVLO\VKRXOGQRW
EHDOORZHGWRVLWRXWIRUPRUHWKDQ
RQHKRXUDIWHUGHIURVWLQJ5RRP
WHPSHUDWXUHSURPRWHVWKHJURZWK
RIKDUPIXOEDFWHULD
:KHQGHIURVWHGIRRGVKRXOGEH
FRROEXWVRIWHQHGLQDOODUHDV
,IVWLOOVOLJKWO\LF\UHWXUQWRWKH
PLFURZDYHYHU\EULHIO\RUOHW
LWVWDQGDIHZPLQXWHV
:KHQGHIURVWLQJRUPRUHSRXQGV
RIJURXQGRUFXEHGPHDWUHPRYH
GHIURVWHGSRUWLRQVDWWKHWXUQ
VLJQDOV
8VH'()5267%<7,0(WRGHIURVWIRUD
VHOHFWHGOHQJWKRIWLPH
 3UHVVWKH0,&52:$9(SDG
 7XUQWKHVHOHFWRUGLDOWR'()5267
3UHVVWKHGLDOWRHQWHU
 7XUQWKHGLDOWR'()5267%<7,0(
3UHVVWKHGLDOWRHQWHU
 7XUQWKHGLDOWRVHOHFWWKHWLPH\RX
ZDQW3UHVVWKHGLDOWRHQWHU
 3UHVVWKHGLDORU67$573$86(SDG
WRVWDUWGHIURVWLQJ
 7XUQWKHIRRGRYHUZKHQWKHRYHQ
VLJQDOV7851)22'29(5
3RZHUOHYHOLVDXWRPDWLFDOO\VHW
DWEXWFDQEHFKDQJHG7RFKDQJH
WKHSRZHUOHYHOVVHH0LFURZDYH
SRZHUOHYHOVIRULQVWUXFWLRQV
<RXFDQGHIURVWVPDOOLWHPVTXLFNO\E\
UDLVLQJWKHSRZHUOHYHODIWHUHQWHULQJ
WKHWLPH3RZHUOHYHOFXWVWKHWRWDO
GHIURVWLQJWLPHLQDERXWKDOISRZHU
OHYHOFXWVWKHWRWDOWLPHWRDERXW
:KHQGHIURVWLQJDWKLJKSRZHU
OHYHOVIRRGZLOOQHHGPRUHIUHTXHQW
DWWHQWLRQWKDQXVXDODQGPD\KDYH
VRPHFRRNLQJ
'HIURVWE\
WLPH
background
0LFURZDYLQJ
$GYDQWLXP2YHQ
'HIURVWE\
IRRGW\SH
'()5267%<)22'7<3(DXWRPDWLFDOO\
VHWVWKHGHIURVWLQJWLPHVDQGSRZHU
OHYHOVWRJLYHHYHQGHIURVWLQJUHVXOWV
IRUPHDWVSRXOWU\DQGILVKZHLJKLQJ
XSWRSRXQGV
 5HPRYHPHDWIURPWKHSDFNDJH
DQGSODFHLWRQDPLFURZDYHVDIH
GLVK%UHDGVKRXOGEHOHIWLQWKH
SDFNDJHZLWKDQ\PHWDOWZLVWWLHV
UHPRYHG
 3UHVVWKH0,&52:$9(SDG
 7XUQWKHGLDOWR'()52673UHVVWKH
GLDOWRHQWHU
 7XUQWKHGLDOWR'()5267%<)22'
7<3(3UHVVWKHGLDOWRHQWHU
 7XUQWKHGLDOWRVHOHFWIRRGW\SH
3UHVVWKHGLDOWRHQWHU
 7XUQWKHGLDOWRWKHIRRGZHLJKW
XVLQJWKH&RQYHUVLRQ*XLGH
DWULJKW)RUH[DPSOHGLDOIRU
SRXQGVSRXQGR]
3UHVVWKHGLDOWRHQWHU
 3UHVVWKHGLDORU67$573$86(SDG
WRVWDUWGHIURVWLQJ
 7XUQWKHIRRGRYHUZKHQWKHRYHQ
VLJQDOV7851)22'29(5
5HPRYHGHIURVWHGPHDWRUVKLHOG
ZDUPDUHDVZLWKVPDOOSLHFHVRI
IRLOIRUHYHQGHIURVWLQJ
$IWHUGHIURVWLQJPRVWPHDWVQHHG
WRVWDQGPLQXWHVWRFRPSOHWH
GHIURVWLQJ/DUJHURDVWVVKRXOG
VWDQGIRUDERXWPLQXWHV
&RQYHUVLRQ*XLGH
,IWKHZHLJKWRIIRRGLVVWDWHGLQSRXQGV
DQGRXQFHVWKHRXQFHVPXVWEH
FRQYHUWHGWRWHQWKVRIDSRXQG
:HLJKWRI)RRG (QWHU)RRG:HLJKW
LQ2XQFHV WHQWKVRIDSRXQG
² 

² 
² 

² 
 
² 
² 

background
0LFURZDYLQJ
$GYDQWLXP2YHQ

7KH$GYDQWLXP·VPLFURZDYHPRGH
IHDWXUHVVHQVRUFRRNLQJDQG
UHKHDWLQJ7KHRYHQDXWRPDWLFDOO\
VHQVHVZKHQIRRGLVGRQHDQGVKXWV
LWVHOIRII³HOLPLQDWLQJWKHQHHGWR
SURJUDPFRRNWLPHVDQGSRZHUOHYHOV
7KHVHQVRUIHDWXUHGHWHFWVWKH
LQFUHDVLQJKXPLGLW\UHOHDVHGGXULQJ
FRRNLQJ7KHRYHQDXWRPDWLFDOO\
DGMXVWVWKHFRRNLQJWLPHWRYDULRXV
W\SHVDQGDPRXQWVRIIRRG
:$51,1*
)LUH5LVN
'RQRWXVHWKHVHQVRUIHDWXUHVWZLFHLQ
VXFFHVVLRQRQWKHVDPHIRRGSRUWLRQ³
LWPD\UHVXOWLQVHYHUHO\RYHUFRRNHGRU
EXUQWIRRG,IIRRGLVXQGHUFRRNHGDIWHU
WKHILUVWFRXQWGRZQXVH&22.%<7,0(
IRUDGGLWLRQDOFRRNLQJWLPH
7KHSURSHUFRQWDLQHUVDQGFRYHUVDUH
HVVHQWLDOIRUEHVWVHQVRUFRRNLQJ
$OZD\VXVHPLFURZDYHVDIH
FRQWDLQHUVDQGFRYHUWKHPZLWKOLGV
RUYHQWHGSODVWLFZUDS
1HYHUXVHWLJKWVHDOLQJSODVWLF
FRQWDLQHUV³WKH\FDQSUHYHQW
VWHDPIURPHVFDSLQJDQGFDXVH
IRRGWRRYHUFRRN
%HVXUHWKHRXWVLGHRIWKHFRRNLQJ
FRQWDLQHUVDQGWKHLQVLGHRIWKH
RYHQDUHGU\EHIRUHSODFLQJIRRG
LQWKHRYHQ%HDGVRIPRLVWXUH
WXUQLQJLQWRVWHDPFDQPLVOHDG
WKHVHQVRU
3RSFRUQDQG3RWDWRHVDUHEHVW
KHDWHGXQFRYHUHG
0LFURZDYH
VHQVRU
FRRNLQJWLSV
&RYHUHG
9HQWHG
'U\RIIGLVKHVVRWKH\GRQ·W
PLVOHDGWKHVHQVRU
 *URXQG0HDW
 3RSFRUQ
3UHSDFNDJHGPLFURZDYH
SRSFRUQR]WRR]
 3RWDWR
 5LFH
 6RXS
 9HJHWDEOHV&DQQHG)UHVK
)UR]HQ
 &KLFNHQ5HKHDW
 3DVWD5HKHDW
 3ODWHRI)RRG5HKHDW
 6RXS5HKHDW
 9HJHWDEOH5HKHDW
 6LPPHU
0,&52:$9(6(1625352*5$06
background
7RXVHDOO
VHQVRU
SURJUDPV
7RXVHWKHVHQVRUIHDWXUHV

3UHVVWKH0,&52:$9(SDG

7XUQWKHGLDOWRVHOHFW&22.%<)22'
ORFDWHGXQGHU&22.5(+($7RU6,00(5

)RU&22.%<)22'DQG5(+($7VHOHFW
DIRRGDQGSUHVVWKHGLDOWRHQWHU)RU
6,00(5VHWWKHWLPHWRVLPPHUDIWHUWKH
VRXSVDXFHRUVWHZKDVFRPHWRDERLO
 3UHVVWKHGLDORUSUHVVWKH67$573$86(
SDGWRVWDUWFRRNLQJ
'RQRWRSHQWKHRYHQGRRUXQWLOWLPHLV
FRXQWLQJGRZQRQWKHGLVSOD\,I\RXRSHQ
WKHGRRUZKLOHVHQVRUFRRNLQJ´6HQVRU(UURU
&ORVHGRRUDQGSUHVV67$57µZLOODSSHDU
&ORVHWKHGRRULPPHGLDWHO\DQGSUHVVWKH
67$573$86(SDGWREHJLQDJDLQ
:$51,1*
)LUH5LVN
'RQRWXVHDVHQVRUIHDWXUHWZLFHLQ
VXFFHVVLRQRQWKHVDPHIRRGSRUWLRQ³LWPD\
UHVXOWLQVHYHUHO\RYHUFRRNHGRUEXUQWIRRG,I
WKHIRRGLVQRWGRQHHQRXJKDWWKHHQGRIWKH
VHQVRUFRRNWLPHXVH&22.%<7,0(LQWKH
PLFURZDYHVHOHFWRUWRFRRNIRUPRUHWLPH
,I\RXKDYHEHHQFRRNLQJDQGWKHRYHQLV
KRWLWPD\LQGLFDWHWKDWLWLVWRRKRWIRU
VHQVRUFRRNLQJ,QWKDWFDVHWKHRYHQZLOO
DXWRPDWLFDOO\FKDQJHWRWLPHFRRNLQJDQG
PD\SURPSWIRUZHLJKWVRUDPRXQWVRI
IRRG
7RVKRUWHQRUOHQJWKHQWKH
FRRNWLPHZDLWXQWLOWKHWLPHFRXQWGRZQ
VKRZVLQWKHGLVSOD\7KHQWXUQWKHGLDOWR
DGGRUVXEWUDFWWLPH
1RWHVDERXWWKH5HKHDWSURJUDP
5HKHDWHGIRRGVPD\KDYHZLGHYDULDWLRQVLQ
WHPSHUDWXUH6RPHDUHDVPD\EHH[WUHPHO\
KRW
,WLVEHVWWRXVH&22.%<7,0(DQG
QRW5(+($7IRUWKHVHIRRGV
%UHDGSURGXFWV
)RRGWKDWPXVWEHUHKHDWHGXQFRYHUHG
)RRGVWKDWQHHGWREHVWLUUHG
RUWXUQHG
)RRGVFDOOLQJIRUDGU\ORRNRUFULVS
VXUIDFHDIWHUUHKHDWLQJ
+RZWRDGMXVWWKHRYHQ·VDXWRPDWLF&22.
%<)22'DQG5(+($7VHWWLQJVIRUDVKRUWHU
RUORQJHUFRRNWLPHQRWDYDLODEOHIRUDOOIRRG
W\SHV
7RUHGXFHWKHDXWRPDWLFFRRNLQJWLPHV
5LJKWDIWHUWKHRYHQVWDUWVWXUQWKHGLDO
FRXQWHUFORFNZLVHXQWLODPLQXV´´VLJQ
RUDGRXEOHPLQXV´´VLJQDSSHDUVDQG
SUHVVWKHGLDOWRHQWHU$PLQXV´´VLJQ
LVDUHGXFWLRQRIFRRNLQJWLPHDQGD
GRXEOHPLQXV´´VLJQLVDUHGXFWLRQRI
FRRNLQJWLPH
7RLQFUHDVHWKHDXWRPDWLFFRRNLQJWLPHV
5LJKWDIWHUWKHRYHQVWDUWVWXUQWKHGLDO
FORFNZLVHXQWLODSOXV´´VLJQRUDGRXEOH
SOXV´´VLJQDSSHDUVDQGSUHVVWKHGLDOWR
HQWHU$SOXV´´VLJQLVDLQFUHDVHRI
FRRNLQJWLPHDQGDGRXEOHSOXV´´VLJQLV
DLQFUHDVHRIFRRNLQJWLPH
0LFURZDYLQJDQG2WKHU$GYDQWLXP)HDWXUHV
$GYDQWLXP2YHQ

&RRNLQJ
&RPSOHWH
7RUHPLQG\RXWKDW\RXKDYHIRRG
LQWKHRYHQWKHRYHQZLOOGLVSOD\WKHFRRNLQJ
PRGHDQG&22.,1*&203/(7(DQGEHHS
RQFHDPLQXWHXQWLO\RXHLWKHURSHQWKHRYHQ
GRRURUSUHVVWKH&/($52))SDG
5HSHDWODVW
 3UHVV&22.,1*237,216DQGVHOHFW
5(3($7/$67
 7KHODVWFRRNLQJF\FOHZLOOEHGLVSOD\HG
 3UHVVWKH67$573$86(SDGRUWKHVHOHFWRU
GLDOWRVWDUWFRRNLQJ
8VHWKLVWLPHVDYLQJIHDWXUHIRUFRRNLQJ
UHSHWLWLYHLWHPVOLNHFRRNLHVRUDSSHWL]HUV7KLV
IHDWXUHZLOOUHSHDWWKHODVWFRRNLQJF\FOHXVHG
LQFOXGLQJWLPHWHPSHUDWXUHSRZHUOHYHOVDQG
WXUQWDEOHVHWWLQJV
127(7KHODVWSURJUDPXVHGLVVWRUHGIRUWZR
KRXUV
background
2WKHU$GYDQWLXP)HDWXUHV
$GYDQWLXP2YHQ

8VHWKLVIHDWXUHWRDGMXVWWKHYROXPHRIWKH
EHHSHU<RXFDQHYHQWXUQLWRII
3UHVVWKH6(77,1*6SDGWXUQWKHGLDOWR
VHOHFW%((3(592/80(SUHVVWKHGLDOWR
HQWHU6HOHFWWKHEHHSHUYROXPHSUHVVWKH
GLDOWRHQWHU
%HHSHU
9ROXPH
5HPLQGHU
8VHWKLVIHDWXUHWRVHWDQDODUPEHHSWR
VRXQGDWDVSHFLILFWLPHRIGD\
3UHVVWKH6(77,1*6SDGWXUQWKHGLDOWR
VHOHFW5(0,1'(5DQGSUHVVWKHGLDOWRHQWHU
 6HOHFW6(75(0,1'(5DQGSUHVVWKHGLDOWR
HQWHU
 7XUQWKHGLDOWRVHWWKHWLPHKRXUDQG
PLQXWHVSUHVVWKHGLDOWRHQWHU127(
6HWWLQJWKHKRXUVVHW$030
7RWXUQRIIWKH5HPLQGHUSUHVVWKH6(77,1*6
SDGWXUQWKHGLDOWRVHOHFW5(0,1'(5DQG
SUHVVWKHGLDOWRHQWHU7XUQWKHGLDOWRVHOHFW
&/($55(0,1'(5DQGSUHVVWKHGLDOWRHQWHU
7RFKHFNWKH5HPLQGHUWLPHSUHVVWKH
6(77,1*6SDGWXUQWKHGLDOWRVHOHFW
5(0,1'(5DQGSUHVVWKHGLDOWRHQWHU7XUQ
WKHGLDOWRVHOHFW5(9,(:5(0,1'(5DQG
SUHVVWKHGLDOWRHQWHU7KHGLVSOD\ZLOOVKRZ
WKH5HPLQGHUWLPH
7KHFORFNPXVWEHVHWEHIRUH\RXFDQXVH
\RXURYHQIRUWKHILUVWWLPH:KHQVHWWLQJWKH
FORFNWLPHIRUWKHILUVWWLPHJRGLUHFWO\WRVWHS
WZR
7RFKDQJHWKHFORFNWLPHSUHVVWKH
6(77,1*6SDGDQGWXUQWKHGLDOWR&/2&.
6(77,1*66HOHFW6(77,0(
7XUQWKHGLDOWRVHWKRXUV3UHVVWKHGLDOWR
HQWHU1RWH6HWWLQJKRXUVVHWV$030
7XUQWKHGLDOWRVHWPLQXWHV3UHVVWKHGLDO
WRHQWHU
&ORFN
$XWR
&RQYHUVLRQ
$XWRFRQYHUVLRQDXWRPDWLFDOO\UHGXFHVWKH
FRQYHFWLRQEDNLQJWHPSHUDWXUH<RXVWLOO
LQSXWWKHUHFLSHWHPSHUDWXUHDQGWKHRYHQ
FRQWUROGRHVWKHUHVW
7RFKDQJHWKHVHWWLQJSUHVVWKH6(77,1*6
SDGDQGWXUQWKHGLDOWR$872&219(56,21
3UHVVWKHGLDOWRHQWHU7XUQWKHGLDOWR
FKDQJHWKHVHWWLQJWR&219(56,2121RU
&219(56,212))3UHVVWKHGLDOWRHQWHU
'LVSOD\
2Q2II
8VHWKLVIHDWXUHWRWXUQ\RXUFORFNGLVSOD\RQ
RURII
3UHVVWKH6(77,1*6SDGWXUQWKHGLDOWR
VHOHFW',63/$<212))7XUQWKHGLDOWR
VHOHFW&/2&.',63/$<21RU&/2&.',63/$<
2))3UHVVWKHGLDOWRHQWHU
5HVXPH
IHDWXUH
 ,I\RXUIRRGQHHGVWRFRRNDELWORQJHU
\RXFDQUHVWDUWWKHRYHQE\SUHVVLQJWKH
67$573$86(SDGRUVHOHFWRUGLDO
 5(680(&22.,1* ZLOOEHGLVSOD\HGDQG
WKHRYHQZLOOUHVWDUWLPPHGLDWHO\DW
RIWKHRULJLQDOWLPH
7KHSURJUDPVWD\VLQPHPRU\IRUPLQXWHV
$IWHUWKDW\RXZLOOQHHGWREHJLQWKH
SURJUDPDJDLQ
background

2WKHU$GYDQWLXP)HDWXUHV
$GYDQWLXP2YHQ
$XWR1LJKW
/LJKW
8VHWKLVIHDWXUHWRVHWWKHVXUIDFHOLJKWWR
FRPHRQDQGJRRIIDWDFHUWDLQWLPH
3UHVVWKH6(77,1*6SDGWXUQWKHGLDOWR
VHOHFW$8721,*+7/,*+7DQGSUHVVWKH
GLDOWRHQWHU
6HOHFW6(7217,0(DQGSUHVVWKHGLDOWR
HQWHU
7XUQWKHGLDOWRVHWRQWLPHKRXUDQG
PLQXWHVSUHVVWKHGLDOWRHQWHU7XUQWKH
GLDOWRVHWRIIWLPHKRXUDQGPLQXWHVSUHVV
WKHGLDOWRHQWHU1RWH6HWWLQJWKHKRXUV
VHWV$030
7RGLVDEOHWKH$XWR1LJKW/LJKWIHDWXUHSUHVV
WKH6(77,1*6SDGWXUQWKHGLDOWRVHOHFW
$8721,*+7/,*+7DQGSUHVVWKHGLDOWR
HQWHU7XUQWKHGLDOWRVHOHFW'($&7,9$7(DQG
SUHVVWKHGLDOWRHQWHU
7RFKHFNWKH$XWR1LJKW/LJKWRQDQGRII
WLPHVSUHVVWKH6(77,1*6SDGWXUQWKHGLDO
WRVHOHFW$8721,*+7/,*+7DQGSUHVVWKH
GLDOWRHQWHU7XUQWKHGLDOWRVHOHFW5(9,(:
212))7,0(6DQGSUHVVWKHGLDOWRHQWHU
7KHGLVSOD\ZLOOVKRZWKHRQDQGRIIWLPHIRU
WKH$XWR1LJKWOLJKW
1RWH
$XWR1LJKW/LJKWZLOOWXUQRQWKHVXUIDFH
OLJKWWRWKHQLJKWVHWWLQJZKHQWKHFORFN
WLPHPDWFKHVWKH$XWR1LJKW/LJKWRQWLPH
HYHQLIWKHVXUIDFHOLJKWLVRQWKHEULJKW
VHWWLQJ
$XWR1LJKW/LJKWZLOODOZD\VWXUQWKH
VXUIDFHOLJKWRIIZKHQWKHFORFNWLPH
PDWFKHVWKH$XWR1LJKW/LJKWRIIWLPHLIWKH
VXUIDFHOLJKWLVWXUQHGRQ
7HPSHUDWXUH
8QLWV
7RFKDQJHWHPSHUDWXUHXQLWVSUHVVWKH
6(77,1*6SDGDQGVHOHFW7(03(5$785(
81,767XUQWKHGLDOWRVHOHFW)RU&DQGSUHVV
WKHGLDOWRHQWHU
'HOD\6WDUW
8VHWKLVIHDWXUHWRGHOD\ZKHQWKHRYHQZLOO
VWDUWFRRNLQJLQ&219%$.(&22.%<7,0(
&22.%<7,0('()5267%<7,0(RU
'()5267%<:(,*+7
3UHVVWKH&22.,1*237,216SDG
7XUQWKHGLDOWRVHOHFW'(/$<67$57DQG
SUHVVWKHGLDOWRHQWHU
7XUQWKHGLDOWRVHWWKHVWDUWWLPHKRXU
DQGPLQXWHVSUHVVWKHGLDOWRHQWHU
127(6HWWLQJWKHKRXUVVHWV$030
6HWWKHFRRNLQJPRGH
7KHRYHQZLOOVWDUWWKHSURJUDPPHGFRRNLQJ
PRGHZKHQWKHFORFNWLPHDQGWKHGHOD\
VWDUWWLPHDUHWKHVDPH
7XUQWDEOH
2Q2))
8VHWKLVIHDWXUHWRNHHSWKHWXUQWDEOHIURP
WXUQLQJZKHQXVLQJDGLVKLVWRRODUJHWR
URWDWHLQWKHFDYLW\
78517$%/(212))LVQRWDSHUPDQHQW
VHWWLQJ
3UHVVWKH6(77,1*6SDGWXUQWKHGLDOWR
VHOHFW78517$%/(212))DQGSUHVVWKHGLDO
WRHQWHU7XUQWKHGLDOWRVHOHFW78517$%/(
21RU78517$%/(2))SUHVVWKHGLDOWR
HQWHU
1RWH
7KHWXUQWDEOHZLOOQRWWXUQRIILQ6SHHGFRRN
%URLO7RDVWRU0LFURZDYH6HQVRUPRGHV
$FRRNLQJF\FOHPXVWEHVWDUWHGZLWKLQ
PLQXWHVRIWXUQLQJWKHWXUQDEOHRIIRUWKH
WXUQWDEOHZLOOUHVHWWRWKHRQVHWWLQJ
7KHWXUQWDEOHZLOODOVRUHPDLQRIIIRU
FRRNLQJF\FOHVVWDUWHGZLWKLQPLQXWHVRI
WKHHQGRIDQ\FRRNLQJF\FOHIRUZKLFKWKH
WXUQWDEOHZDVRII
background
+HOS
8VHWKLVIHDWXUHWRILQGRXWPRUHDERXW
\RXURYHQDQGLWVIHDWXUHV
 3UHVVWKH+(/3SDG
 7XUQWKHGLDOWRVHOHFWWKHIHDWXUH
QDPH3UHVVWKHGLDOWRHQWHU
7KHGLVSOD\ZLOOVKRZDGHVFULSWLRQ
IRUWKHSURJUDP\RXKDYHFKRVHQ
8VHWKHGLDOWRVFUROOXSRUGRZQWR
UHDGWKHGHVFULSWLRQ
$GGLQJ7LPH
$XWR&RQYHUVLRQ
$XWR1LJKW/LJKW
%DFN
%HHSHU9ROXPH
%HYHUDJH
%URLO
&OHDU2II
&ORFN
&RQWURO/RFNRXW
&RQY%DNH
&RRNE\)RRG7\SH
&RRNE\7LPH
&RRNE\7LPH
&RRNLQJ2SWLRQV
'HIURVW
'HIURVWE\)RRG
'HIURVWE\7LPH
'HIURVWE\:HLJKW
'HOD\6WDUW
'LVSOD\212))
(GLW
+HOS
0HOW
0LFUR6HFV
0LFURZDYH
0\5HFLSHV
3URRI
5HKHDW
5HPLQGHU
5HSHDW/DVW
5HVXPH
6HQVRU&RRNLQJ
6LPPHU
6RIWHQ
6SHHG&RRN
6WDUW3$86(
7HPSHUDWXUH8QLWV
7LPHU2Q2II
7XUQWDEOH212))
7RDVW
:DUP
)HDWXUHVIRXQGLQWKH+(/3IXQFWLRQ
2WKHU$GYDQWLXP)HDWXUHV
$GYDQWLXP2YHQ
8VHWKLVIHDWXUHDQ\WLPH\RXQHHGD
JHQHUDOSXUSRVHWLPHU,WFDQHYHQEH
XVHGZKLOHFRRNLQJLQWKHRYHQ
 3UHVVWKH7,0(5SDG
 7XUQWKHGLDOWRVHOHFWWKHPLQXWHV
3UHVVWKHGLDOWRHQWHU
 7XUQWKHGLDOWRVHOHFWWKHVHFRQGV
3UHVVWKHGLDOWRHQWHU
7RFDQFHOSUHVVWKH7,0(5SDG
7LPHU
&RROLQJIDQVDXWRPDWLFDOO\WXUQRQ
DVUHTXLUHGWRNHHSWKHLQWHUQDO
RYHQFRPSRQHQWVDQGFRQWUROIURP
RYHUKHDWLQJ
7KHYHQWIDQPD\FRPHRQ
DXWRPDWLFDOO\LIWKHRYHQJHWVWRRKRW
HYHQLIWKHRYHQLVQ·WUXQQLQJ7KH
VFUHHQZLOOGLVSOD\´1RUPDO2SHUDWLRQ
)DQLVRQGXHWRKLJKKHDW)DQZLOO
VKXWRIIDXWRPDWLFDOO\µ
$XWRPDWLF
IDQV
<RXPD\ORFNWKHFRQWUROSDQHO
WRSUHYHQWWKHRYHQIURPEHLQJ
DFFLGHQWDOO\VWDUWHGGXULQJFOHDQLQJRU
EHLQJXVHGE\FKLOGUHQ
3UHVVDQGKROG&/($52))IRU
VHFRQGVWRORFNDQGXQORFN
:KHQWKHFRQWUROSDQHOLVORFNHG
&21752/,6/2&.('ZLOOEHGLVSOD\HG
EULHIO\DQ\WLPHDSDGRUGLDOLV
SUHVVHG
&RQWURO
ORFNRXW

background
&DUHDQG&OHDQLQJ
$GYDQWLXP2YHQ

&OHDQWKHLQVLGHRIWKHRYHQRIWHQIRU
SURSHUKHDWLQJSHUIRUPDQFH
6RPHVSDWWHUVFDQEHUHPRYHGZLWK
DSDSHUWRZHORWKHUVPD\UHTXLUH
DZDUPVRDS\FORWK5HPRYHJUHDV\
VSDWWHUVZLWKDVXGV\FORWKWKHQ
ULQVHZLWKDGDPSFORWK
,IWKHGLUWDQGVSDWWHUGRQRWFRPHRII
HDVLO\ZLWKDZDUPVXGV\FORWKSODFH
DPHGLXPVL]HGERZOIXOORIZDWHULQ
WKHXQLWRQWKHPHWDOWUD\DQGSUHVVWKH
63(('&22.SDG6HOHFW0<5(&,3(DQG
VHWIRUPLQXWHVDW8 / 0 
7KLVVKRXOGORRVHQWKHGLUWLQWKHRYHQ
VRWKDWLWFDQEHUHPRYHGZLWKDZDUP
VXGV\FORWK
,I\RXQRWLFH\HOORZLQJRQWKHPHWDO
LQVLGHWKHRYHQWKDWFDQQRWEH
UHPRYHGZLWKDZDUPVXGV\FORWKXVH
DVWDLQOHVVVWHHOFOHDQHUWKDWUHPRYHV
KHDWGLVFRORUDWLRQDQGRUWDUQLVKLQJ
<RXFDQWKHQFOHDQWKHLQVLGHRIWKH
RYHQDV\RXQRUPDOO\GR
'RQRWXVHDEUDVLYHFOHDQHUVRUVKDUS
XWHQVLOVRQRYHQZDOOV
1HYHUXVHDFRPPHUFLDORYHQFOHDQHU
RQDQ\SDUWRI\RXURYHQ
'RQRWFOHDQWKHLQVLGHRIWKHRYHQ
ZLWKPHWDOVFRXULQJSDGV3LHFHVFDQ
EUHDNRIIWKHSDGLQVLGHWKHRYHQ
FDXVLQJHOHFWULFDOVKRFNDVZHOODV
GDPDJLQJWKHLQVLGHVXUIDFHILQLVKRI
WKHRYHQ
%HFHUWDLQWKHRYHQFRQWUROLVWXUQHG
RIIDQGWKHRYHQLVZDUPRUFRROWR
WKHWRXFKEHIRUHFOHDQLQJDQ\SDUWRI
WKLVRYHQ
+RZWRFOHDQ
WKHLQVLGHRI
WKHRYHQ
8VHWROLJKW\RXUFRRNWRS
3UHVVWKH685)$&(/,*+7SDGWR
FKDQJHIURPEULJKWWRQLJKWWRRII
6XUIDFH
/LJKW
7KHYHQWIDQUHPRYHVVWHDPDQG
RWKHUYDSRUVIURPVXUIDFHFRRNLQJ
3UHVVWKH9(17)$1SDGWRFKDQJH
IURPKLJKWRPHGLXPWRORZWRRII
7KHYHQWIDQPD\FRPHRQ
DXWRPDWLFDOO\LIWKHRYHQJHWVWRRKRW
HYHQLIWKHRYHQLVQ·WUXQQLQJ7KH
VFUHHQZLOOGLVSOD\´1RUPDO2SHUDWLRQ
)DQLVRQGXHWRKLJKKHDW)DQZLOO
VKXWRIIDXWRPDWLFDOO\µ
9HQW)DQ
background
&RRNLQJWUD\V
DQGZLUH
RYHQUDFN
7RSUHYHQWEUHDNDJHDOORZWKHWUD\VWR
FRROFRPSOHWHO\EHIRUHFOHDQLQJ:DVK
FDUHIXOO\LQKRWVXGV\ZDWHURULQWKH
GLVKZDVKHU
'RQRWXVHDEUDVLYHVWRFOHDQWKHJODVV
WUD\RUZLUHRYHQUDFNDVWKH\PD\
GDPDJHWKHILQLVK
$SODVWLFVFUXEELQJSDGPD\EHXVHG
WRFOHDQWKHPHWDOWUD\V
0HWDOWUD\
:LUHRYHQUDFN
&OHDUJODVVWUD\
&DUHDQG&OHDQLQJ
$GYDQWLXP2YHQ

7KHDUHDXQGHUQHDWKWKHWXUQWDEOHVKRXOG
EHFOHDQHGIUHTXHQWO\WRDYRLGRGRUVDQG
VPRNLQJGXULQJDFRRNLQJF\FOH
7KHWXUQWDEOHFDQEHEURNHQLIGURSSHG
:DVKFDUHIXOO\LQZDUPVXGV\ZDWHU
'U\FRPSOHWHO\DQGUHSODFH
7RUHSODFHWKHWXUQWDEOHSODFHLWV
FHQWHURYHUWKHVSLQGOHLQWKHFHQWHURI
WKHRYHQDQGWXUQLWXQWLOLWVHDWVLQWR
SODFH
'RQRWXVHWKHRYHQZLWKRXWWKH
WXUQWDEOHLQSODFH
5HPRYDEOH
WXUQWDEOH
7XUQWDEOH
background
:HUHFRPPHQGDJDLQVWXVLQJ
FOHDQHUVZLWKDPPRQLDRUDOFRKRO
DVWKH\FDQGDPDJHWKHDSSHDUDQFH
RIWKHRYHQ,I\RXFKRRVHWRXVHD
FRPPRQKRXVHKROGFOHDQHUILUVW
DSSO\WKHFOHDQHUGLUHFWO\WRDFOHDQ
FORWKWKHQZLSHWKHVRLOHGDUHD
&DVH
&OHDQWKHRXWVLGHRIWKHPLFURZDYH
ZLWKDVXGV\FORWK5LQVHDQGWKHQGU\
:LSHWKHZLQGRZFOHDQZLWKDGDPS
FORWK
&RQWURO3DQHO
:LSHZLWKDGDPSFORWK'U\
WKRURXJKO\'RQRWXVHFOHDQLQJ
VSUD\VODUJHDPRXQWVRIVRDSDQG
ZDWHUDEUDVLYHVRUVKDUSREMHFWVRQ
WKHSDQHOWKH\FDQGDPDJHLW6RPH
SDSHUWRZHOVFDQDOVRVFUDWFKWKH
FRQWUROSDQHO
6WDLQOHVV6WHHO6XUIDFHV
RQVRPHPRGHOV
7KHVWDLQOHVVVWHHOSDQHOFDQEH
FOHDQHGZLWK6WDLQOHVV6WHHO0DJLFRU
DVLPLODUSURGXFWXVLQJDFOHDQVRIW
FORWK$SSO\VWDLQOHVVFOHDQHUFDUHIXOO\
DYRLGLQJWKHVXUURXQGLQJSODVWLFRU
JODVVSDUWV'RQRWXVHDSSOLDQFHZD[
SROLVKEOHDFKRUSURGXFWVFRQWDLQLQJ
FKORULQHRQVWDLQOHVVVWHHO
3ODVWLF&RORU3DQHOV
RQVRPHPRGHOV
8VHDFOHDQVRIWOLJKWO\GDPSHQHG
FORWKWKHQGU\WKRURXJKO\
'RRU6HDO
,W·VLPSRUWDQWWRNHHSWKHDUHD
FOHDQZKHUHWKHGRRUVHDOVDJDLQVW
WKHRYHQ8VHRQO\PLOGQRQDEUDVLYH
GHWHUJHQWVDSSOLHGZLWKDFOHDQ
VSRQJHRUVRIWFORWK5LQVHZHOO
%RWWRP
&OHDQRIIWKHJUHDVHDQGGXVWRQWKH
ERWWRPRIWHQ8VHDVROXWLRQRIZDUP
ZDWHUDQGGHWHUJHQW
+RZWRFOHDQ
WKHRXWVLGHRI
WKHRYHQ
&DUHDQG&OHDQLQJ
$GYDQWLXP2YHQ
'RQRWUHPRYHWKHPLFDVKHHW
7RFOHDQWKHPLFDVKHHW $OORZWKH
RYHQWRFRROFRPSOHWHO\:LSHFOHDQ
ZLWKDZDUPVRDS\FORWK
0LFDVKHHW

0LFD6KHHW
background
&DUHDQG&OHDQLQJ
$GYDQWLXP2YHQ

5HSODFLQJWKH
VXUIDFHOLJKW
7RUHSODFHWKHVXUIDFHOLJKWILUVW
GLVFRQQHFWWKHSRZHUDWWKHPDLQIXVH
RUFLUFXLWEUHDNHUSDQHORUXQSOXJWKH
RYHQ
5HPRYHWKHVFUHZIURPWKHVLGHRI
WKHOLJKWFRPSDUWPHQWFRYHUDQGORZHU
WKHFRYHUXQWLOLWVWRSV
%HVXUHWKHEXOEWREHUHSODFHGLV
FRROEHIRUHUHPRYLQJ*HQWO\SXOOWKH
EXOEIURPWKHUHFHSWDFOH
5HSODFHZLWKDYROWZDWW
KDORJHQEXOE2UGHU:%;
IURP\RXU*(VXSSOLHU
5DLVHWKHOLJKWFRYHUDQGUHSODFH
WKHVFUHZ&RQQHFWHOHFWULFDOSRZHUWR
WKHRYHQ
7KHPHWDOILOWHUVWUDSJUHDVH
UHOHDVHGE\IRRGVRQWKHFRRNWRS
7KH\DOVRSUHYHQWIODPHVIURP
IRRGVRQWKHFRRNWRSIURP
GDPDJLQJWKHLQVLGHRIWKHRYHQ
)RUWKLVUHDVRQWKHILOWHUVPXVW
DOZD\VEHLQSODFHZKHQWKHKRRG
LVXVHG7KHYHQWILOWHUVVKRXOG
EHFOHDQHGRQFHDPRQWKRUDV
QHHGHG
7RUHPRYHVOLGHWKHPWRWKHUHDU
XVLQJWKHWDEV3XOOGRZQDQGRXW
7RFOHDQWKHYHQWILOWHUVVRDNWKHP
DQGWKHQVZLVKDURXQGLQKRWZDWHU
DQGGHWHUJHQW'RQ·WXVHDPPRQLD
RUDPPRQLDSURGXFWVEHFDXVH
WKH\ZLOOGDUNHQWKHPHWDO/LJKW
EUXVKLQJFDQEHXVHGWRUHPRYH
HPEHGGHGGLUW
5LQVHVKDNHDQGOHWGU\EHIRUH
UHSODFLQJ
7RUHSODFHVOLGHWKHILOWHUVLQWRWKH
IUDPHVORWVRQWKHEDFNRIHDFK
RSHQLQJ3UHVVXSDQGWRWKHIURQW
WRORFNLQWRSODFH
5HPRYLQJ
DQGFOHDQLQJ
WKHILOWHUV
5HSODFLQJWKH
RYHQFDYLW\
ODPS
'LVFRQQHFWSRZHUDWWKHPDLQIXVH
RUFLUFXLWEUHDNHUSDQHO
5HPRYHWKHWRSJULOOE\UHPRYLQJ
WKHWZRVFUHZVWKDWKROGLWLQSODFH
5HPRYHFKDUFRDOILOWHULISUHVHQW
6OLGHWKHILOWHUWRZDUGWKHOHIWDQG
SXOOWRZDUGWKHIURQWWRUHPRYH
127(&KDUFRDOILOWHULVDQRSWLRQDO
NLW\RXPD\QRWKDYHRQH
5HPRYHWKHVFUHZKROGLQJWKHODPS
VKLHOGLQSODFH
3XOOWKHODPSVKLHOGRXW3XOOWKH
OLJKWEXOERXWDQGUHSODFHZLWKWKH
99ZDWWKDORJHQEXOE
2UGHU:%;IURP\RXU*(
VXSSOLHU
5HWXUQWKHODPSDQGODPSVKLHOGWR
RULJLQDOSRVLWLRQDQGUHSODFHVFUHZ
DQGFKDUFRDOILOWHU
5HSODFHWKHJULOODQGVFUHZV
5HFRQQHFWSRZHUWRWKHRYHQ
5HPRYHVFUHZ
background

&DUHDQG&OHDQLQJ
$GYDQWLXP2YHQ
7RLQVWDOODQHZILOWHU
5HPRYHSODVWLFDQGRWKHURXWHU
ZUDSSLQJIURPWKHQHZILOWHU
5HPRYHWKHWRSJULOOE\UHPRYLQJ
WKHWZRVFUHZVWKDWKROGLWLQSODFH
,QVHUWWKHILOWHULQWRWKHWRSRSHQLQJ
RIWKHRYHQDVVKRZQ
,WZLOOUHVWDWDQDQJOHRQWZREDFN
VXSSRUWWDEVDQGLQIURQWE\WZR
WDEV
5HSODFHWKHJULOODQGWZRVFUHZV
7RUHPRYHWKHILOWHUUHSHDWVWHS
DERYHUHPRYHWKHILOWHUDQGUHSHDW
VWHS
,IWKHPRGHOLVQRWYHQWHGWRWKH
RXWVLGHWKHDLUZLOOEHUHFLUFXODWHG
WKURXJKDGLVSRVDEOHFKDUFRDOILOWHU
WKDWKHOSVUHPRYHVPRNHDQGRGRUV
7KHFKDUFRDOILOWHUFDQQRWEHFOHDQHG
,WPXVWEHUHSODFHG2UGHU3DUW1R
-;':%;IURP\RXU*(
VXSSOLHU
7KHFKDUFRDOILOWHUVKRXOGEHUHSODFHG
ZKHQLWLVQRWLFHDEO\GLUW\
RUGLVFRORUHGXVXDOO\DIWHUWR
PRQWKVGHSHQGLQJRQXVDJH
&KDUFRDO
ILOWHU-;'
RSWLRQDONLW
7RLQVWDOO
WKHFKDUFRDO
ILOWHU
background
7URXEOHVKRRWLQJ
$GYDQWLXP2YHQ

3UREOHP 3RVVLEOH&DXVHV :KDW7R'R([SODQDWLRQ
/,*+76
/LJKWGXULQJD 7KLVLVQRUPDO  7KLVLVQRUPDO7KHRYHQVHQVHVWKH
VSHHGFRRNF\FOH 3RZHUOHYHOKDVEHHQ KHDWOHYHODQGDGMXVWVDXWRPDWLFDOO\
GLPVDQGF\FOHVRQ DXWRPDWLFDOO\UHGXFHG
DQGRIIHYHQDWIXOO EHFDXVHWKHRYHQLVKRW
SRZHUOHYHOV
/LJKWYLVLEOHDURXQG 7KLVLVQRUPDO  :KHQWKHRYHQLVRQOLJKWPD\
WKHGRRUDQGRXWHU EHYLVLEOHDURXQGWKHGRRUDQG
FDVHZKLOH RXWHUFDVH
VSHHGFRRNLQJ
)$1
)DQFRQWLQXHVWRUXQ 7KHRYHQLVFRROLQJ  7KHIDQZLOODXWRPDWLFDOO\VKXWRIIDIWHU
FRRNLQJVWRSV ZKHQWKHLQWHUQDOSDUWVRIWKHRYHQ
KDYHFRROHG
2YHQYHQWHPLWVZDUP 7KLVLVQRUPDO
DLUZKLOHRYHQLVRQ
9HQWIDQFRPHVRQ 7KLVLVQRUPDO  ,IWKHFRRNWRSRURYHQJHWVKRW
DXWRPDWLFDOO\ZKHQ HQRXJKWKHYHQWIDQFRPHVRQ
RYHQQRWLQXVH VHH$XWRPDWLF)DQVHFWLRQ
)DQFRPHVRQ 7KLVLVQRUPDO  ,IWKHPLFURZDYHLVXVHGDIWHU
DXWRPDWLFDOO\ZKHQ VSHHGFRRNDQGWKHRYHQVHQVHV
XVLQJWKHPLFURZDYH WKDWLWLVWRRKRWWKHYHQWIDQFRPHV
RQWRFRROWKHRYHQ
7KHRYHQPDNHV &OLFNVDQGIDQVEORZLQJ  7KHVHVRXQGVDUHQRUPDO
XQXVXDOVRXQGV DUHQRUPDO7KHUHOD\
ZKLOHFRRNLQJ ERDUGLVWXUQLQJWKH
FRPSRQHQWVRQDQGRII
)DQVRXQGFKDQJHV 7KLVLVQRUPDO  )DQPD\WXUQRQRURIIGXULQJ
ZKLOHFRRNLQJ  FRRNLQJWRPDLQWDLQFRRNLQJ
WHPSHUDWXUH
&22.,1*
6PRNHFRPHVRXWRI )RRGLVKLJKLQIDW  6PRNHLVQRUPDOZKHQFRRNLQJKLJKWKH
RYHQZKHQ FRQWHQW$HURVROVSUD\ IDWIRRGV8VHYHJHWDEOHRLORUROLYH
WKHGRRULVRSHQHG XVHGRQWKHSDQV RLORQWKHPHDWLWVHOILQVWHDGRI
FRDWLQJWKHHQWLUHSDQ
)RRGLVQRWIXOO\ 3URJUDPPHGWLPHV  ,QFUHDVHRUGHFUHDVHWLPHIRU
FRRNHGRUEURZQHG PD\QRWPDWFKWKHVL]H GRQHQHVVRUDGMXVWWKHXSSHURU
DWWKHHQGRID RUDPRXQWRIIRRG\RX ORZHUODPSVIRUEURZQLQJ
FRRNLQJSURJUDP DUHFRRNLQJ
2YHQKDVWXUQHGRII 7KHPD[LPXPFRRNLQJ 7KLVLVQRUPDO7KHFRQWUROZLOO
LQ:DUP3URRIRU WLPHRIPLQXWHVKDV DXWRPDWLFDOO\WXUQRIIWKHRYHQDQG
&RQYHFWLRQ%DNH EHHQUHDFKHG LQGLFDWHWKDWFRRNLQJLVFRPSOHWH
ZKHQWKHPD[LPXPFRRNLQJWLPHLV
UHDFKHG7KHFRRNLQJWLPHLVQRWDOZD\V
GLVSOD\HG

$FRRNLQJWLPHZDVVHWIRU 7KLVLVQRUPDO7KHFRQWUROZLOODXWR
&RQYHFWLRQ%DNHWRVWDUW PDWLFDOO\WXUQRIIWKHRYHQDIWHURQHKRXU
DIWHUSUHKHDWDQGWKHGRRU DQGLGLFDWHWKDWFRRNLQJLVFRPSOHWHLIWKH
ZDVQRWRSHQHGDWWKHHQG GRRULVQRWRSHQHGDIWHUSUHKHDW
RISUHKHDW
4XHVWLRQV"
8VHWKLV
SUREOHP
VROYHU
background
4XHVWLRQV"
8VHWKLV
SUREOHP
VROYHU
$GYDQWLXP2YHQ
7URXEOHVKRRWLQJ

3UREOHP 3RVVLEOH&DXVHV :KDW7R'R([SODQDWLRQ
',63/$<
7KHGLVSOD\LVEODQN 7KHGLVSOD\KDV  &KHFNWKH6(77,1*6PHQXIRUFORFN
EHHQWXUQHGRII GLVSOD\VHWWLQJV7XUQWKHGLVSOD\RQ
´&RQWURO3DQHO 7KHFRQWUROKDV  3UHVVDQGKROG&/($52))IRUDERXW
/2&.('µDSSHDUV EHHQORFNHG VHFRQGVWRXQORFNWKHFRQWURO
LQGLVSOD\ 6HH2WKHU)HDWXUHV6HFWLRQ
&RQWUROGLVSOD\LV &ORFNLVQRWVHW  )ROORZSURPSWVWRVHWWKHFORFN
OLJKWHG\HWRYHQ
'RRUQRWVHFXUHO\FORVHG  2SHQWKHGRRUDQGFORVHVHFXUHO\
ZLOOQRWVWDUW
67$573$86(SDG  )ROORZSURPSWV
QRWSUHVVHGDIWHUHQWHULQJ
FRRNLQJVHOHFWLRQ
'HOD\6WDUWZDV  3UHVV&/($52))DQGUHVHW
DFFLGHQWDOO\VHW
2YHQLVLQ'(020RGH  8QSOXJWKHRYHQIRUPLQXWHSOXJ
WKHRYHQEDFNLQWRWKHZDOO'2127VHW
WKHRYHQFORFNSUHVVDQGKROGWKH+(/3
DQG67$573$86(SDGVIRUVHFRQGV
7KHFRQWUROVKRXOGH[LW'(02PRGH
6HWFORFNDQGFRQWLQXH
&/($52))ZDVSUHVVHG  5HVHWFRRNLQJSURJUDPDQGSUHVV
DFFLGHQWDOO\ 67$573$86(
27+(5352%/(06
7KHGRRUDQGLQVLGH 7KHRYHQ  7KLVLVQRUPDO
RIWKHRYHQIHHOVKRW SURGXFHVLQWHQVHKHDW  8VHRYHQPLWWVWRUHPRYHIRRGZKHQ
LQDVPDOOVSDFH ZKHQUHDG\
)ORRURIWKHRYHQLV 7KHFRRNWRSOLJKWLV  7KLVLVQRUPDO
ZDUPHYHQZKHQ ORFDWHGEHORZWKHRYHQ
WKHRYHQKDVQRW IORRU:KHQWKHOLJKW
EHHQXVHG LVRQWKHKHDWLWSURGXFHV
PD\PDNHWKHRYHQIORRU
JHWZDUP
2YHQZLOOQRWVWDUW $IXVHLQ\RXUKRPH  5HSODFHIXVHRUUHVHWFLUFXLWEUHDNHU
PD\EHEORZQRUWKH
FLUFXLWEUHDNHUWULSSHG
3RZHUVXUJH  8QSOXJWKHRYHQWKHQSOXJLWEDFNLQ
3OXJQRWIXOO\LQVHUWHG  0DNHVXUHWKHSOXJRQWKHRYHQLV
LQWRZDOORXWOHW IXOO\LQVHUWHGLQWRZDOORXWOHW
*ODVVPLFURZDYH  $OLJQWKHSURWUXVLRQVRQWKHERWWRPRI
WUD\GRHVQRWORFN WKHJODVVPLFURZDYHWUD\ZLWKWKH
LQWRFHQWHUKXE LQGHQWDWLRQLQWKHWXUQWDEOH7KLVILWLV
QRWWLJKWVRPHPRYHPHQWLVQRUPDO
background

$GYDQWLXP2YHQ:DUUDQW\
$GYDQWLXP2YHQ
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUH
WHFKQLFLDQ
7RVFKHGXOHVHUYLFHRQOLQHFRQWDFWXVDW*($SSOLDQFHVFRP
RUFDOO*(&$5(63OHDVHKDYHVHULDODQG
PRGHOQXPEHUVDYDLODEOHZKHQFDOOLQJIRUVHUYLFH
:KDW*(:LOO1RW&RYHU
6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZ
WRXVHWKHSURGXFW
,PSURSHULQVWDOODWLRQGHOLYHU\RU
PDLQWHQDQFH
3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHG
VHUYLFH
)DLOXUHRIWKHSURGXFWRUGDPDJHWR
WKHSURGXFWLILWLVDEXVHGPLVXVHGIRU
H[DPSOHFDYLW\DUFLQJIURPZLUHUDFN
RUPHWDOIRLORUXVHGIRURWKHUWKDQWKH
LQWHQGHGSXUSRVHRUXVHGFRPPHUFLDOO\
5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJ
RIFLUFXLWEUHDNHUV
5HSODFHPHQWRIWKHFRRNWRSOLJKWEXOEV
'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQW
ILUHIORRGVRUDFWVRI*RG
,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHG
E\SRVVLEOHGHIHFWVZLWKWKLVDSSOLDQFH
'DPDJHFDXVHGDIWHUGHOLYHU\
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWV
SXUFKDVHGIRUKRPHXVHZLWKLQWKH86$,IWKHSURGXFWLVORFDWHGLQDQDUHDZKHUHVHUYLFHE\
D*($XWKRUL]HG6HUYLFHULVQRWDYDLODEOH\RXPD\EHUHVSRQVLEOHIRUDWULSFKDUJHRU\RXPD\
EHUHTXLUHGWREULQJWKHSURGXFWWRDQ$XWKRUL]HG*(6HUYLFH/RFDWLRQIRUVHUYLFH,Q$ODVND
WKHZDUUDQW\H[FOXGHVWKHVHUYLFHFDOOVWR\RXUKRPH
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHV
7KLVZDUUDQW\JLYHV\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\
IURPVWDWHWRVWDWH7RNQRZZKDW\RXUOHJDOULJKWVDUHFRQVXOW\RXUORFDORUVWDWHFRQVXPHU
DIIDLUVRIILFHRU\RXUVWDWH·V$WWRUQH\*HQHUDO
:DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
)RU7KH3HULRG2I *(:LOO5HSODFH
2QH<HDU $Q\SDUWRIWKHRYHQZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRU
)URPWKHGDWHRIWKH ZRUNPDQVKLS'XULQJWKLVOLPLWHGRQH\HDUZDUUDQW\*(ZLOODOVR
RULJLQDOSXUFKDVH SURYLGHIUHHRIFKDUJHDOOODERUDQGUHODWHGVHUYLFHFRVWVWR
UHSODFHWKHGHIHFWLYHSDUW
)LYH<HDUV 7KHPDJQHWURQWXEHLIWKHPDJQHWURQWXEHIDLOVGXHWRD
)URPWKHGDWHRIWKH
GHIHFWLQPDWHULDOVRUZRUNPDQVKLS'XULQJWKLVILYH\HDUOLPLWHG
RULJLQDOSXUFKDVH
ZDUUDQW\\RXZLOOEHUHVSRQVLEOHIRUDQ\ODERURULQKRPHVHUYLFHFRVWV
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDO
SXUFKDVHGDWHLVQHHGHG
WRREWDLQVHUYLFHXQGHU
WKHZDUUDQW\
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFW
UHSDLUDVSURYLGHGLQWKLV/LPLWHG:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKH
LPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\RUILWQHVVIRUDSDUWLFXODUSXUSRVHDUHOLPLWHG
WRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
background
3ULQWHGLQ.RUHD
&RQVXPHU6XSSRUW
*($SSOLDQFHV:HEVLWH *($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHDQ\GD\RIWKH\HDU
)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOVRUGHUSDUWVRUHYHQ
VFKHGXOHVHUYLFHRQOLQH
6FKHGXOH6HUYLFH *($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:HEVLWH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:HEVLWHZLWKDOOWKHGHWDLOV
LQFOXGLQJ\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWHU<RXU$SSOLDQFH *($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH<RXPD\DOVRPDLO
LQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO
background
+RUQR$GYDQWLXP
36$
36$
&6$
0DQXDOGHO
8VXDULR
*($SSOLDQFHVFRP
$GYDQWLXP
&RQWUROHVGH&RFLPLHQWR
&RQRFLHQGRVX+RUQR$GYDQWLXP
&DUDFWHUtVWLFDVGHO+RUQR
6HJXULGDG ²
&RFLPLHQWR5iSLGR
&RQVHMRVGH&RFLPLHQWR
&RFLPLHQWRUiSLGRSHUVRQDOL]DGR
0LV5HFHWDV
1LYHOGH3RWHQFLD
5HFLSLHQWHVSDUDFRFLPLHQWRUiSLGR
5HFLSLHQWHVVHJXURV
SDUDFRFLPLHQWRUiSLGR
/RTXHHVQRUPDO
8VRGHOPHQ~SUHGHWHUPLQDGRGH
FRFLPLHQWRUiSLGR
2WUDVIXQFLRQHVGH
FRFLPLHQWR
$VDU\WRVWDU
+RUQHDUFRQFRQYHFFLy
&DOHQWDU\IHUPHQWDU
&RFLQDUHQHO0LFURRQGD
&RFLQDUFRQWLHPSR
&RQVHMRVGHFRFLPLHQWR
'HVFRQJHODUSRUWLSRGHFRPLGD
'HVFRQJHODUFRQWLHPSR
&RQVHMRVGHGHVFRQJHODFLyQ
0LFURVHJXQGRV
0LV5HFHWDV
1LYHOHVGHSRWHQFLDGHPLFURRQGD
3UHFDXFLRQHVSDUDHYLWDU
XQDSRVLEOHH[SRVLFLyQD
H[FHVLYDHQHUJtDGHPLFURRQGD
&RFLPLHQWRFRQVHQVRU 
/RTXHHVQRUPDO
8VRGHVHOHFFLRQHVSUHGHWHU
PLQDGDVGHPLFURRQGD
2WUDVFDUDFWHUtVWLFDV
9HQWLODGRUDXWRPiWLFR
/X]QRFWXUQDDXWRPiWLFD
&RQYHUVLyQDXWRPiWLFD
9ROXPHQGHOSLWR
%ORTXHRGHOFRQWURO
5HORM
&RFLPLHQWRFRPSOHWR
,QLFLRUHWDUGDGR
3DQWDOOD212))
$\XGD
5HFRUGDWRULR
5HSLWHOD~OWLPDIXQFLyQ
5HDQXGDODIXQFLyQ
/X]GHODVXSHUILFLH
8QLGDGHVGHWHPSHUDWXUD
&URQyPHWUR
3ODWRJLUDWRULR2Q2II
9HQWLODGRUGHOUHVSLUDGRU
&XLGDGR\/LPSLH]D
/LPSLH]DGHOLQWHULRU
/LPSLH]DGHOH[WHULRU
%DQGHMDVGHFRFLPLHQWR
\SDUULOODGHDODPEUHGHOKRUQR
3ODWRJLUDWRULRUHPRYLEOH
&yPRUHHPSOD]DUODOX]GH
ODFDYLGDG
&yPRUHHPSOD]DUODOX]
GHVXSHUILFLH
%~VTXHGDGH3UREOHPDV
6ROXFLRQDGRUGH3UREOHPDV
6RSRUWHSDUDHO&OLHQWH
6RSRUWHSDUD
HOFOLHQWH&XELHUWD7UDVHUD
*DUDQWtD
$QRWHDTXtHOQ~PHURGHPRGHOR\VHULH
0RGHORBBBBBBBBBBBBBBBBBBBBBBBBBB
6HULH BBBBBBBBBBBBBBBBBBBBBBBBBBB
(QFRQWUDUiHVWRVQ~PHURVHQOD
HWLTXHWDDGHQWURGHOKRUQR
*(3URILOHDQG&DIH
0)/*(
background
35(&$8&,21(648('(%(7(1(53$5$(9,7$581$326,%/(
(;326,&,Ï1$81$(;&(6,9$(1(5*Ë$'(0,&5221'$
D 1RWUDWHGHRSHUDUHVWHKRUQRFRQODSXHUWD
DELHUWD\DTXHHOIXQFLRQDPLHQWRFRQ
ODSXHUWDDELHUWDSXHGHUHVXOWDUHQXQD
H[SRVLFLyQGDxLQDGHHQHUJtDGHPLFURRQGD
(VLPSRUWDQWHTXHQDGLHDOWHUHQLMXHJXH
FRQORVFLHUUHVGHVHJXULGDG
E 1RFRORTXHQLQJ~QREMHWRHQWUHODSDUWH
IURQWDOGHOKRUQR\ODSXHUWDWDPSRFR
SHUPLWDTXHVHDFXPXOHQHQODVVXSHUILFLHV
GHVHOORUHVLGXRVGHVXFLRRGHOLPSLDGRUHV
F 1RRSHUHHOKRUQRVLHVWiGDxDGR(V
SDUWLFXODUPHQWHLPSRUWDQWHTXHODSXHUWD
GHOKRUQRFLHUUHDGHFXDGDPHQWH\TXHQR
H[LVWDGDxRHQ
 /DSXHUWDGREODGD
%LVDJUDV\DOGDEDVTXHEUDGDVRIORMDV
6HOORVGHODSXHUWD\VXSHUILFLHVGHVHOOR
G (OKRUQRQRGHEHVHUDMXVWDGRRUHSDUDGR
SRUFXDOTXLHUSHUVRQDDH[FHSFLyQGHO
SHUVRQDOGHVHUYLFLRFDOLILFDGR
*8$5'((67$6,16758&&,21(6
+RUQR$GYDQWLXP
,16758&&,21(6,03257$17(6'(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
$'9(57(1&,$3DUDUHGXFLUHOULHVJRGHTXHPDGXUDVGHVFDUJDVHOpFWULFDVLQFHQGLROHVLRQHVD
SHUVRQDVRXQDH[SRVLFLyQH[FHVLYDDHQHUJtDGHPLFURRQGDV
&XDQGRVHXVHQDSDUDWRVHOpFWULFRVVLHPSUHGHEHQVHJXLUVHSUHFDXFLRQHVEiVLFDVGHVHJXULGDGLQFOX\HQGRODV
VLJXLHQWHV
/HDWRGDVODVLQVWUXFFLRQHVDQWHVGHXWLOL]DU
HVWHDSDUDWR$OXWLOL]DUDSDUDWRVHOpFWULFRV
VHGHEHQVHJXLUSUHFDXFLRQHVEiVLFDVGH
VHJXULGDGLQFOX\HQGRODVVLJXLHQWHV
/HD\VLJDODVSUHFDXFLRQHVHVSHFtILFDVGHODVHFFLyQ
3UHFDXFLRQHVSDUDHYLWDUXQDSRVLEOHH[SRVLFLyQD
H[FHVLYDHQHUJtDGHPLFURRQGDV
(VWHDSDUDWRGHEHFRQWDUFRQXQDFRQH[LyQDWLHUUD
&RQHFWHVyORDXQWRPDFRUULHQWHFRQDGHFXDGD
FRQH[LyQDWLHUUD9HUODVHFFLyQ,QVWUXFFLRQHVGH
FRQH[LyQDWLHUUDGHODSiJLQD
(VWHKRUQRGHPLFURRQGDVVHHQFXHQWUDDSUREDGR
SRU8/SDUDODLQVWDODFLyQVREUHFRFLQDVDJDV
PHQRVGH%78\HOpFWULFDV
(VWHKRUQRSDUDXVDUVREUHODHVWXIDHVWiGLVHxDGR
SDUDXVDUVHVREUHHVWXIDVGHXQDQFKRQRVXSHULRU
Dµ3XHGHLQVWDODUVHVREUHHTXLSDPLHQWRVGH
FRFFLyQDJDV\HOpFWULFRV
1RXWLOLFHHVWHDSDUDWRVLWLHQHHOFDEOHHOpFWULFRRHO
HQFKXIHGDxDGRVVLQRIXQFLRQDELHQRVLKDVXIULGR
XQDDYHUtDRXQDFDtGD6LVHGDxDHOFDEOHHOpFWULFR
GHEHUHHPSOD]DUORHO6HUYLFLR7pFQLFRGH*HQHUDO
(OHFWULFRXQDJHQWHGHVHUYLFLRDXWRUL]DGRXWLOL]DQGR
XQFDEOHHOpFWULFRGH*HQHUDO(OHFWULF
3DUDUHGXFLUHOULHVJRGHLQFHQGLRHQODFDYLGDGGHO
KRUQR
³1RFRFLQHGHPiVORVDOLPHQWRV3UHVWHDWHQFLyQDO
DSDUDWRFXDQGRVHFRORTXHQSDSHOSOiVWLFRXRWURV
PDWHULDOHVFRPEXVWLEOHVGHQWURGHOKRUQRGXUDQWHOD
FRFFLyQ
³4XLWHORVJDQFKLWRVGHDODPEUH\ODVPDQLMDVGH
PHWDOGHORVUHFLSLHQWHVGHSDSHORGHSOiVWLFRDQWHV
GHFRORFDUORVHQHOKRUQR
³1RXWLOLFHHOKRUQRSDUDDOPDFHQDUHOHPHQWRV1R
GHMHSURGXFWRVGHSDSHOXWHQVLOLRVGHFRFLQDR
DOLPHQWRVHQHOKRUQRFXDQGRQRORHVWpXVDQGR
³1RFRFLQHSDORPLWDVGHPDt]HQHOKRUQRGH
PLFURRQGDVDPHQRVTXHFXHQWHFRQXQDFFHVRULR
HVSHFLDOSDUDPLFURRQGDVRTXHXWLOLFHSDORPLWDVGH
PDt]HVSHFLDOHVSDUDKRUQRVGHPLFURRQGDV
³6LORVPDWHULDOHVXELFDGRVGHQWURGHOKRUQRVH
SUHQGHQIXHJRPDQWHQJDFHUUDGDODSXHUWDGHO
KRUQRDSiJXHOR\GHVFRQHFWHHOFDEOHHOpFWULFR
RFRUWHODHQHUJtDGHVGHHOSDQHOGHIXVLEOHVRGHO
LQWHUUXSWRUGHFLUFXLWRV6LVHDEUHODSXHUWDHOIXHJR
SXHGHSURSDJDUVH
³1RXWLOLFHODVIXQFLRQHVGHOVHQVRUGRVYHFHV
VHJXLGDVHQODPLVPDSRUFLyQGHFRPLGD6LORV
DOLPHQWRVQRVHFRFLQDURQGHVSXpVGHODSULPHUD
FXHQWDUHJUHVLYDXWLOLFH&22.%<7,0(FRFLQDUSRU
WLHPSRSDUDREWHQHUWLHPSRGHFRFFLyQDGLFLRQDO
³1RXVHHOKRUQRSDUDVHFDUSHULyGLFRV
background
$VHJ~UHVHTXHVXDSDUDWRHVWp
GHELGDPHQWHLQVWDODGR\SXHVWRDWLHUUDSRU
XQWpFQLFRFDOLILFDGRGHDFXHUGRFRQODV
LQVWUXFFLRQHVGHLQVWDODFLyQVXPLQLVWUDGDV
,QVWDOH\FRORTXHHVWHDSDUDWRGHDFXHUGR
FRQODV,QVWUXFFLRQHVGH,QVWDODFLyQ
VXPLQLVWUDGDV
$OJXQRVSURGXFWRVFRPRKXHYRVHQWHURV
\UHFLSLHQWHVVHOODGRV²SRUHMHPSORERWHV
VHOODGRV²SXHGHQH[SORWDU\QRGHEHQ
FDOHQWDUVHHQHVWHKRUQR6LORXWLOL]DGHHVWD
PDQHUDSXHGHUHVXOWDUHQXQDOHVLyQ
1RPRQWHHVWHDSDUDWRDUULEDGHOIUHJDGHUR
(VWHKRUQRQRHVWiDSUREDGRQLSUREDGR
SDUDXVRPDULQR
(VWHKRUQRHVWiDSUREDGR8/SDUDXQD
LQVWDODFLyQGHSDUHGHVWiQGDUDUULEDGH
SXOJ
1RRSHUHHVWHDSDUDWRVLHVWiGDxDGRRVLOR
KDQGHMDGRFDHU
&RPRFRQFXDOTXLHURWURDSDUDWRVH
UHTXLHUHXQDFHUFDQDVXSHUYLVLyQFXDQGR
VHDXWLOL]DGRSRUQLxRV
8WLOLFHHVWHDSDUDWRVyORSDUDORVILQHV
GHVFULWRVHQHVWHPDQXDO
1RXWLOLFHTXtPLFRVFRUURVLYRVRYDSRUHVHQ
HVWHDSDUDWR
(VWHKRUQRHVWiHVSHFtILFDPHQWHGLVHxDGR
SDUDFDOHQWDUGHVKLGUDWDU\FRFLQDU
DOLPHQWRVQRVHGLVHxySDUDXVRHQ
ODERUDWRULRVRSDUDXVRLQGXVWULDO
(VWHDSDUDWRVyORGHEHVHUUHSDUDGRSRU
SHUVRQDOGHVHUYLFLRFDOLILFDGR&RQWDFWH
DODHPSUHVDGHVHUYLFLRDXWRUL]DGDSDUD
ODUHYLVLyQUHSDUDFLyQRDMXVWHGHHVWH
DSDUDWR
1RFXEUDQLEORTXHHQLQJXQDDEHUWXUD
GHODSDUDWR
1RJXDUGHHVWHDSDUDWRHQHOH[WHULRU1R
ORXWLOLFHFHUFDGHODJXD²SRUHMHPSORHQXQ
VyWDQRPRMDGRFHUFDGHXQDSLVFLQDFHUFD
GHXQJULIRRHQXELFDFLRQHVVLPLODUHV
9HDODVLQVWUXFFLRQHVGHOLPSLH]DGHOD
VXSHUILFLHGHODSXHUWDHQODVHFFLyQGH
&XLGDGR\/LPSLH]DGHO+RUQRHQHVWH
PDQXDO
6LDJDUUDQIXHJRORVPDWHULDOHVDGHQWUR
GHOKRUQRPDQWHQJDODSXHUWDGHOKRUQR
FHUUDGDDSDJXHHOKRUQR\DSDJXHHO
IXVLEOHRLQWHUUXSWRUDXWRPiWLFRGHOSDQHO6L
DEUHODSXHUWDHOIXHJRVHSXHGHSURSDJDU
3DUDHYLWDUFKLVSDVQRVHGHEHXWLOL]DU
ODSDUULOODGHDODPEUHGHOKRUQRSDUD
HOFRFLPLHQWRUiSLGRRFRFLPLHQWRFRQ
PLFURRQGD
1RFXEUDODVSDUULOODVXRWUDSDUWHGHO
KRUQRFRQSDSHOPHWiOLFR(VWRSXHGH
VREUHFDOHQWDUHOKRUQR
1RGHEHQXWLOL]DUVHDOLPHQWRVRXWHQVLOLRV
PHWiOLFRVGHJUDQGHVGLPHQVLRQHVHQHVWH
KRUQRSRUTXHSXHGHQFUHDUXQLQFHQGLRR
XQULHVJRGHGHVFDUJDHOpFWULFD
1RXWLOLFHSURGXFWRVGHSDSHOFXDQGRHO
DSDUDWRVHXWLOL]DHQPRGRVGLIHUHQWHVDO
PLFURRQGDV
35(&$8&,21(6'(6(*85,'$'
*8$5'((67$6,16758&&,21(6
+RUQR$GYDQWLXP
,16758&&,21(6,03257$17(6'(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
background
6$9(7+(6(,16758&7,216
7HUPyPHWUR³1RXWLOLFHWHUPyPHWURV
FRPXQHVGHFRFLQDXKRUQRFXDQGR
FRFLQHPHGLDQWHHOPLFURRQGDV(O
PHWDO\PHUFXULRGHHVWRVWHUPyPHWURV
SXHGHQSURYRFDUXQDIRUPDFLyQGHDUFR
HOpFWULFR\JHQHUDUSRVLEOHVGDxRVDO
KRUQR1RXWLOLFHXQWHUPyPHWURHQORV
DOLPHQWRVTXHFRORFDHQHOPLFURRQGDVD
PHQRVTXHHOWHUPyPHWURHVWpGLVHxDGR
RUHFRPHQGDGRSDUDXVDUVHHQHOKRUQR
GHPLFURRQGDV
1ROLPSLHFRQHVSRQMLOODVGHPHWDO
3XHGHQGHVSUHQGHUVHSHGD]RVGHOD
HVSRQMLOOD\WRFDUSDUWHVHOpFWULFDV
SURYRFDQGRXQULHVJRGHGHVFDUJD
HOpFWULFD
1RDOPDFHQHPDWHULDOHVTXHQRVHDQ
QXHVWURVDFFHVRULRVUHFRPHQGDGRVHQ
HVWHKRUQRFXDQGRQRVHHQFXHQWUHHQ
XVR
1RSHUPLWDTXHHOFDEOHHOpFWULFR
FXHOJXHVREUHHOERUGHGHODPHVDRGHO
PRVWUDGRUGHHQFLPHUD
0DQWHQJDHOFDEOHDOHMDGRGHVXSHUILFLHV
FDOLHQWHV
1RVXPHUMDHOFDEOHHOpFWULFRRHO
HQFKXIHHQDJXD
1RKDJDIXQFLRQDUHOKRUQRVLQHOSODWR
JLUDWRULRHQVXOXJDU(OSODWRJLUDWRULR
QRGHEHWHQHUQLQJXQDFODVHGHEORTXHR
SDUDTXHSXHGDJLUDU
'XUDQWH\GHVSXpVGHOXVRQRWRTXH
RGHMHTXHVXYHVWLPHQWDXRWURV
PDWHULDOHVLQIODPDEOHVHQWUHQHQ
FRQWDFWRFRQFXDOTXLHUiUHDLQWHULRUGHO
KRUQRGHMHSDVDUXQWLHPSRSUXGHQFLDO
SDUDTXHVHHQIUtHQ
/DVSRWHQFLDOHVVXSHUILFLHVFDOLHQWHV
LQFOX\HQODSXHUWDHOSLVRODVSDUHGHV\
ODSDUULOODGHOKRUQR\HOSODWRJLUDWRULR
(VLPSRUWDQWHPDQWHQHUOLPSLDHO
iUHDGRQGHODSXHUWDVHVHOODFRQWUD
HOPLFURRQGDV6yORXVHGHWHUJHQWHV
VXDYHVQRDEUDVLYRVDSOLFDGRVFRQ
XQDHVSRQMDOLPSLDRXQSDxRVXDYH
(QMXDJXHELHQ
1RDOPDFHQHQLQJ~QHOHPHQWR
GLUHFWDPHQWHVREUHODVXSHUILFLHGHO
KRUQRGHPLFURRQGDVFXDQGRpVWHVH
HQFXHQWUHHQIXQFLRQDPLHQWR
0DQWHQJDHOKRUQROLEUHGH
DFXPXODFLRQHVGHJUDVD
(QFXPSOLPLHQWRFRQ86'$FRFLQH
ODFDUQHGHUHVKDVWDDOFDQ]DUXQD
WHPSHUDWXUD,17(51$GHSRUORPHQRV
)\ODVFDUQHVGHDYHDXQD
WHPSHUDWXUD,17(51$GHSRUORPHQRV
)/DFRFFLyQDHVWDVWHPSHUDWXUDV
JHQHUDOPHQWHSURWHJHGHHQIHUPHGDGHV
WUDQVPLWLGDVSRUORVDOLPHQWRV3DUDPiV
LQIRUPDFLyQFRQVXOWHZZZIRRGVDIHW\
JRY
,03257$176$)(7<,16758&7,216
)RUPDFLyQGHDUFRHVHOWpUPLQRGH
PLFURRQGDVXWLOL]DGRSDUDFKLVSDVHQHO
KRUQR/DVFKLVSDVSXHGHQVHUFDXVDGDV
SRU
&RQWDFWRGHPHWDORDOXPLQLRHQORV
ODGRVGHOKRUQR
$OXPLQLRQRPROGHDGRDODOLPHQWRODV
RULOODVTXHQRHVWiQGREODGDVDFW~DQ
FRPRDQWHQDV
8WLOLFHHODOXPLQLRGHODPDQHUDHQTXHVH
UHFRPLHQGDHQHVWHPDQXDO
0HWDOHVFRPRDPDUUHVJUDSDVHQDYHV
RSODWRVFRQRULOODVGHRURFRORFDGRVHQ
HOKRUQR
/RVUHFLSLHQWHVGHPHWDORODSDUULOODGH
DODPEUHGHOKRUQRXWLOL]DGDGXUDQWHHO
FRFLPLHQWRUiSLGRRHOGHPLFURRQGDFRQ
H[FHSFLyQGHODVSDQDVVXPLQLVWUDGDV
FRQHOKRUQR
7RDOODVGHSDSHOUHFLFODGDVTXH
FRQWHQJDQSHTXHxRVSHGD]RVGHPHWDO
XWLOL]DGRVHQHOKRUQR
)250$&,Ï1'(
$5&2
(ODUFRSXHGHRFXUULUGXUDQWHHOFRFLPLHQWRUiSLGR\HOGHPLFURRQGDV6LREVHUYD
FKLVSDVSUHVLRQHODWHFOD&/($52))\FRUULMDHOSUREOHPD
1RJXDUGHODSDUULOOD
HQHOPLFURRQGD
/DSDUULOOD6Ï/2
GHEHXWLOL]DUVHSDUD
+RUQHDUFRQ
&RQYHFFLyQ&DOHQWDU
\)HUPHQWDU
+RUQR$GYDQWLXP
,16758&&,21(6,03257$17(6'(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
background
*8$5'((67$6,16758&&,21(6
$OFRFLQDUFRQPLFURRQGDFRORTXHORV
DOLPHQWRV\UHFLSLHQWHVVREUHODEDQGHMD
GHYLGULRFODUR
1RKDJDSDORPLWDVGHPDt]HQHOKRUQR
PLFURRQGDDPHQRVGHTXHXWLOLFHXQ
DFFHVRULRHVSHFLDOSDUDKDFHUORRTXH
XWLOLFHXQRPDUFDGRSDUDKRUQRPLFURRQGD
1RKLHUYDKXHYRVHQHVWHKRUQR/DSUHVLyQ
TXHVHDFXPXODDGHQWURGHOD\HPDGHO
KXHYRKDUiTXHH[SORWHUHVXOWDQGRHQXQD
SRVLEOHOHVLyQ
1RRSHUHHOKRUQRVLQDOLPHQWRVDGHQWUR
\DTXHORSXHGHGDxDU,QFUHPHQWDHOFDORU
DOUHGHGRUGHOPDJQHWUyQ\DFRUWDODYLGD
GHOKRUQR
$OLPHQWRVFRQODSLHOH[WHUQDLQWDFWDFRPR
ODVSDSDVVDOFKLFKDVHPEXWLGRVWRPDWHV
PDQ]DQDVKtJDGRVGHSROOR\RWURV
PHQXGRV\ODV\HPDVGHKXHYRGHEHQVHU
SLQFKDGDVSDUDSHUPLWLUTXHHOYDSRUVDOJD
GXUDQWHHOFRFLPLHQWR
1RGHVFRQJHOHEHELGDVFRQJHODGDV
FRQFXHOORVGHERWHOODVHVWUHFKRV
HVSHFLDOPHQWHEHELGDVFDUERQDWDGDV
$XQTXHHOUHFLSLHQWHHVWpDELHUWROD
SUHVLyQVHSXHGHDFXPXODU(VWRSXHGH
FDXVDUTXHHOUHFLSLHQWHH[SORWHGDQGR
FRPRUHVXOWDGRXQDSRVLEOHOHVLyQ
/RVDOLPHQWRVTXHVHFRFLQDQHQ
OtTXLGRFRPRODSDVWDWLHQGHQDKHUYLU
PiVUiSLGRTXHORVDOLPHQWRVTXH
FRQWLHQHQPHQRVKXPHGDG6LHVWR
RFXUUHYHDODVHFFLyQGH&XLGDGR
\/LPSLH]DGHO+RUQRSDUDYHUODV
LQVWUXFFLRQHVGHFyPROLPSLDUHOLQWHULRU
GHOKRUQR
/RVDOLPHQWRVFDOLHQWHV\HOYDSRU
SXHGHQFDXVDUTXHPDGXUDV7HQJD
FXLGDGRDODEULUFXDOTXLHUUHFLSLHQWHGH
FRPLGDFDOLHQWHLQFOX\HQGREROVDVGH
SDORPLWDVGHPDt]EROVDVGHFRFLPLHQWR
\FDMDV3DUDHYLWDUXQDSRVLEOHOHVLyQ
GLULMDHOYDSRUOHMRVGHVXVPDQRV\FDUD
1RFRFLQHGHPDVLDGRODVSDSDV6H
SXHGHQGHVKLGUDWDU\DJDUUDUIXHJR
FDXVDQGRGDxRDOKRUQR
(YLWHFDOHQWDUDOLPHQWRVSDUDEHEpV
HQERWHVGHYLGULRDXQTXHHVWpQ
GHVWDSDGRV$VHJ~UHVHTXHWRGDFRPLGD
SDUDEHEpVHFRFLQHSRUFRPSOHWR
0H]FOHODFRPLGDSDUDGLVWULEXLUHO
FDORUGHIRUPDSDUHMD6HDFXLGDGRVR\
HYLWHKHUYLUODIRUPXODDOPRPHQWRGH
FDOHQWDUOD(OUHFLSLHQWHVHSXHGHVHQWLU
PiVIUtRGHORTXHODIRUPXODUHDOPHQWH
HVWi6LHPSUHSUXHEHODIRUPXODDQWHVGH
DOLPHQWDUDOEHEp
1RWUDWHGHIUHLUHQHOKRUQR
$*8$62%5(&$/(17$'$
/RVOtTXLGRVFRPRHODJXDFDIpRWpSXHGHQ
FDOHQWDUVHDUULEDGHOSXQWRGHKHUYRUVLQTXH
DSDUHQWHQTXHHVWiQKLUYLHQGR1RVLHPSUH
H[LVWHQEXUEXMDVYLVLEOHVRKHUYRUFXDQGRUHWLUD
HOUHFLSLHQWHGHOKRUQRPLFURRQGD(67238('(
5(68/7$5(1/Ë48,'2608<&$/,(17(6
48(+,(59(15(3(17,1$0(17(&8$1'2
6(08(9((/5(&,3,(17(2,1752'8&(81$
&8&+$5$8275287(16,/,2(1(//Ë48,'2
3DUDUHGXFLUHOULHVJRGHXQDOHVLyQ
SHUVRQDO
³1RVREUHFDOLHQWHHOOtTXLGR
³0XHYDHOOtTXLGRDQWHV\DODPLWDGGHO
FDOHQWDPLHQWR
³1RXWLOLFHUHFLSLHQWHVUHFWRVFRQ
FXHOORVDQJRVWRV
³'HVSXpVGHFDOHQWDUSHUPLWDTXH
HOUHFLSLHQWHGHVFDQVHHQHOKRUQR
PLFURRQGDSRUXQSHUtRGRFRUWRGH
WLHPSRDQWHVGHUHWLUDUHOUHFLSLHQWH
³7HQJDPXFKRFXLGDGRFXDQGRLQVHUWH
XQDFXFKDUDXRWURXWHQVLOLRDGHQWUR
GHOUHFLSLHQWH
+RUQR$GYDQWLXP
,16758&&,21(6,03257$17(6'(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
$/,0(1726
background
£$'9(57(1&,$
1RXWLOLFHODSDUULOODGHDODPEUHGHO
KRUQRSDUDFRFLQDUFRQPLFURRQGD
3DUDFRFLQDUVXVDOLPHQWRVFRORTXHHO
UHFLSLHQWHSDUDPLFURRQGDGLUHFWDPHQWH
VREUHODEDQGHMDGHYLGULRFODUR
(OXVRGHODEDQGHMDGHPHWDOGXUDQWH
HOFRFLPLHQWRFRQPLFURRQGDGDUiFRPR
UHVXOWDGRXQUHQGLPLHQWRGHFRFLPLHQWR
LQIHULRU
6LQRHVWiVHJXURTXHHOSODWRHV
VHJXURSDUD
HOPLFURRQGD
UHDOLFHOD
VLJXLHQWH
SUXHED&RORTXH
HQHOKRUQRHO
SODWRTXHGHVHD
SUREDU\XQD
WD]DPHGLGRUD
GHYLGULROOHQDGH
DJXD&RORTXHODWD]DPHGLGRUDHQFLPDR
FHUFDGHOSODWR&RFLQHHQHOPLFURRQGDV
GHVHJXQGRVHQKLJKDOWR6LHO
SODWRVHFDOLHQWDpVWHQRGHEHXVDUVHHQ
HOPLFURRQGD
6LHOSODWRVHPDQWLHQHIUtR\VyORVH
FDOLHQWDHODJXDGHODWD]DHQWRQFHVHO
SODWRSXHGHXVDUVHHQHOPLFURRQGD
35(&$8&,Ï1
5LHVJRGHIXHJR
/RVUHFLSLHQWHVVHSXHGHQFDOHQWDU
GHELGRDOFDORUWUDQVIHULGRSRUORV
DOLPHQWRVFDOLHQWHV'HEHXWLOL]DU
JXDQWHVSDUDPDQLSXODUORVUHFLSLHQWHV
8WLOtFHORFRPRVHLQGLFDHQHVWHPDQXDO
DOXWLOL]DUORHQHOKRUQRPDQWpQJDORDµ
GHGLVWDQFLDGHORVODGRVGHOKRUQR
6LXWLOL]DXQWHUPyPHWURSDUDFDUQHDO
FRFLQDUDVHJ~UHVHTXHVHDVHJXURSDUD
XVRHQHOPLFURRQGD
$OJXQDVEDQGHMDVGHHVSXPDGH
SROLHVWLUHQRFRPRORVTXHVHXWLOL]DQSDUD
HPSDFDUFDUQHWLHQHQXQDFDSDILQDGH
PHWDOLQFUXVWDGDHQODSDUWHGHDEDMR$O
XWLOL]DUODVHQHOPLFURRQGDHOPHWDOSXHGH
TXHPDUHOSLVRGHOKRUQRRLQFHQGLDUHO
SDSHOWRDOOD
1RXWLOLFHSURGXFWRVGHSDSHOUHFLFODGRV
/DVWRDOODVGHSDSHOVHUYLOOHWDV\SDSHO
HQFHUDGRUHFLFODGRVSXHGHQFRQWHQHU
SHGD]RVGHPHWDOTXHJHQHUHQFKLVSDV
\VHHQFLHQGDQ6HGHEHHYLWDUXWLOL]DU
SURGXFWRVGHSDSHOTXHFRQWHQJDQQ\ORQ
RILODPHQWRVGHQ\ORQ\DTXHVHSXHGHQ
HQFHQGHU
6HSXHGHXWLOL]DUSDSHOWRDOODSDSHO
HQFHUDGRRHQYROWRULRSOiVWLFRSDUD
FXEULUORVSODWRV\DVtUHWHQHUODKXPHGDG
\HYLWDUVDOSLFDGXUDV$VHJ~UHVHGH
YHQWLODUODHQYROWXUDSOiVWLFDSDUDTXH
SXHGDHVFDSDUHOYDSRU
1RWRGDVODVHQYROWXUDVSOiVWLFDVVRQ
FRQYHQLHQWHVSDUDHOKRUQRPLFURRQGD
5HYLVHHOHPSDTXHSDUDXWLOL]DUOR
DGHFXDGDPHQWH
/DVEROVDVGHFRFLPLHQWRSDUDKHUYLU
\ODVEROVDVSOiVWLFDVKHUPpWLFDV
GHEHQFRUWDUVHSLQFKDUVHRYHQWLODUVH
VLJXLHQGRODVLQVWUXFFLRQHVGHOSDTXHWH
6LQRVHKDFHHOSOiVWLFRSXHGH
H[SORWDUGXUDQWHRLQPHGLDWDPHQWH
GHVSXpVGHOFRFLPLHQWRUHVXOWDQGR
HQXQDSRVLEOHOHVLyQ$VtPLVPRORV
UHFLSLHQWHVGHSOiVWLFRGHEHQHVWDU
SDUFLDOPHQWHDELHUWRV\DTXHIRUPDQ
XQVHOORKHUPpWLFR&XDQGRFRFLQHFRQ
UHFLSLHQWHVTXHHVWpQKHUPpWLFDPHQWH
VHOODGRVSRUXQDFXELHUWDGHSOiVWLFR
UHWLUHFXLGDGRVDPHQWHODFXELHUWD\GLULMD
HOYDSRUOHMRVGHVXVPDQRV\FDUD
5HFLSLHQWHV
GHFRFLQD
VHJXURVSDUD
HOPLFURRQGD
&XDQGRXWLOLFHHOKRUQRHO
SODWRJLUDWRULRVLHPSUH
GHEHHVWDUFRORFDGRHQ
VXOXJDU
&XDQGRFRFLQH
HQHOPLFURRQGDOD
EDQGHMDGHYLGULRFODUR
VLHPSUHGHEHHVWDU
FRORFDGDHQVXOXJDU
&XDQGRFRFLQHHQHOPLFURRQGDVHJ~UHVHTXHWRGRVORVUHFLSLHQWHVVHDQFRQYHQLHQWHVSDUDGLFKR
XVR3XHGHXWLOL]DUODPD\RUtDGHODVFDFHURODVGHYLGULRSODWRVGHFRFLPLHQWRWD]DVPHGLGRUDVWD]DV
SDUDQDWLOODVSODWRVGHFHUiPLFDRGHFKLQDTXHQRWHQJDQERUGHVGHPHWDORGHYLGULRFRQXQEULOOR
PHWiOLFR$OJXQRVUHFLSLHQWHVHVWiQPDUFDGDV´DSURSLDGRSDUDPLFURRQGDµ
&yPRSUREDUVLHOSODWR
HVVHJXURSDUDHO
PLFURRQGDV
*8$5'((67$6,16758&&,21(6
+RUQR$GYDQWLXP
,16758&&,21(6,03257$17(6'(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
background
*8$5'((67$6,16758&&,21(6
35(&$8&,Ï1
5LHVJRGHTXHPDGXUDV
(OKRUQR\ODSXHUWDVHFDOHQWDUiQDO
KRUQHDUFRQFRQYHFFLyQDVDUFDOHQWDU
RWRVWDU
/RVUHFLSLHQWHVVHFDOHQWDUiQ
1HFHVLWDUiJXDQWHVSDUDPDQLSXODUORV
UHFLSLHQWHV
35(&$8&,Ï1
5LHVJRGHIXHJR
$ODVDURWRVWDUQRFXEUDORVSODWRVQL
ORVUHFLSLHQWHVSOiVWLFRVEROVDVSOiVWLFDV
SDUDFRFLQDUURVWL]DUHQYROWXUDV
SOiVWLFDVSDSHOHQFHUDGRQLSDSHO
8WLOLFHODEDQGHMDGHPHWDOGHODPLVPD
PDQHUDHQTXHXVDUtDXQDSDQD
SDUDKRUQHDUEDMDRXQDEDQGHMDSDUD
KRUQHDU
8WLOLFHODSDULOODGHDODPEUHGHOKRUQR
FXDQGRKRUQHHFRQFRQYHFFLyQRSDUD
FDOHQWDU
&XDQGRFRFLQHFRORTXHODFRPLGD
GLUHFWDPHQWHVREUHODVEDQGHMDVGH
PHWDODPHQRVGHTXHODUHFHWDUHTXLHUD
XQSODWR
(QHVWHKRUQRSXHGHXWLOL]DU
FXDOTXLHUSODWRVHJXURSDUDHOKRUQR
&ROyTXHORGLUHFWDPHQWHVREUHODV
EDQGHMDV
6LXWLOL]DODEDQGHMDGHYLGULRFODUR
FXDQGRKRUQHHFRQFRQYHFFLyQDVH
FDOLHQWHRWRVWHREWHQGUiUHVXOWDGRV
LQIHULRUHVHQHOUHQGLPLHQWRGHFRFLPLHQWR
5HFLSLHQWHV
VHJXURV
SDUDHO
KRUQRSDUD
+RUQHDUFRQ
&RQYHFFLyQ
$VDU
&DOHQWDU
)HUPHQWDU\
7RVWDU
&XDQGRXWLOLFHHOKRUQRHO
SODWRJLUDWRULRVLHPSUH
GHEHHVWDUFRORFDGRHQVX
OXJDU
3DUDKRUQHDUFRQ
FRQYHFFLyQFDOHQWDUR
WRVWDUFRORTXHODFRPLGD
GLUHFWDPHQWHHQODEDQGHMD
GHPHWDO
3DUDQLYHOHVGHKRUQHDURFDOHQWDUFRORTXH
ODFRPLGDGLUHFWDPHQWHVREUHODEDQGHMDGH
PHWDORHQHOSODWRDSURSLDGR\FROyTXHOR
HQODSDUULOODGHDODPEUHGHOKRUQR
5HFLSLHQWHV
GHFRFLQD
VHJXURVSDUD
HOPLFURRQGD
FRQWLQXDFLyQ
5HFLSLHQWHVSOiVWLFRV²/RVUHFLSLHQWHV
SOiVWLFRVGLVHxDGRVSDUDPLFURRQGDVRQ
PX\~WLOHVSHURGHEHQVHUXWLOL]DGRV
FXLGDGRVDPHQWH$XQORVUHFLSLHQWHV
SOiVWLFRVTXHVRQVHJXURVSDUDHO
PLFURRQGDSXHGHQQRVHUWDQWROHUDQWHV
DFRQGLFLRQHVGHVREUHFRFLPLHQWR
FRPRHOYLGULRRPDWHULDOHVGHFHUiPLFD
\VHSXHGHQDEODQGDURFDUERQL]DUVL
VHVRPHWHQDSHUtRGRVFRUWRVGHVREUH
FRFLPLHQWR(QH[SRVLFLRQHVPiVODUJDV
GHVREUHFRFLPLHQWRVHSXHGHLQFHQGLDU
ODFRPLGD\HOUHFLSLHQWH
6LJDORVVLJXLHQWHVFRQVHMRV
6RODPHQWHXWLOLFHSOiVWLFRVVHJXURV
SDUDHOPLFURRQGD\XWLOtFHORVHQ
HVWULFWRFXPSOLPLHQWRFRQODV
UHFRPHQGDFLRQHVGHOIDEULFDQWHGHO
UHFLSLHQWH
1RFRFLQHHQHOPLFURRQGDFRQORV
UHFLSLHQWHVYDFtRV
1RSHUPLWDTXHORVQLxRVXWLOLFHQ
UHFLSLHQWHVSOiVWLFRVVLQODVXSHUYLVLyQ
GHXQDGXOWR
+RUQR$GYDQWLXP
,16758&&,21(6,03257$17(6'(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
background
+RUQR$GYDQWLXP
,16758&&,21(6,03257$17(6'(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
*8$5'((67$6,16758&&,21(6
35(&$8&,Ï1
5LHVJRGHTXHPDGXUDV
(OKRUQR\ODSXHUWDVHFDOHQWDUiQ
FXDQGRXWLOL]DHOFRFLPLHQWRUiSLGR
/RVUHFLSLHQWHVVHFDOHQWDUiQ
1HFHVLWDUiJXDQWHVSDUDPDQLSXODUORV
35(&$8&,Ï1
5LHVJRGHIXHJR
&XDQGRFRFLQHUiSLGRQRXWLOLFH
FXELHUWDVUHFLSLHQWHVREROVDVSDUD
FRFLQDUURVWL]DUIDEULFDGDVGHDOXPLQLR
SOiVWLFRFHUDRSDSHO
1RFXEUDFRQDOXPLQLRHOSODWRJLUDWRULR
ODVEDQGHMDVGHPHWDOQLQLQJXQDSDUWH
GHOKRUQR(VWRFDXVDUiFKLVSDVHQ
HOKRUQR
8WLOLFHODEDQGHMDGHPHWDOGHOD
PLVPDPDQHUDHQTXHXWLOL]DUtDXQDSDQD
SDUDKRUQHDUSODQDRXQDEDQGHMDSDUD
KRUQHDU
1RXWLOLFHODUHMLOODGHDODPEUHGHO
KRUQRSDUDFRFLQDUUiSLGR
&XDQGRFRFLQHFRORTXHODFRPLGD
GLUHFWDPHQWHHQODVEDQGHMDVGHPHWDOD
PHQRVTXHHOKRUQROHLQGLTXHTXHKDJD
ORFRQWUDULR
3XHGHXWLOL]DUHQVXKRUQRFXDOTXLHU
SODWRTXHQRVHDGHPHWDO\TXH
VHDVHJXURHQHOKRUQR&ROyTXHORV
GLUHFWDPHQWHVREUHODVEDQGHMDV
6LXWLOL]DODEDQGHMDGHYLGULRFODUR
FXDQGRFRFLQHUiSLGRREWHQGUiUHVXOWDGRV
GHFRFLPLHQWRLQIHULRUHV\SRVLEOHPHQWH
UDMDUiODEDQGHMDGHYLGULR
8WLOLFHODVEDQGHMDVGHPHWDO
HVSHFLILFDGDVSDUDXVRHQHVWHKRUQR
/DVRWUDVEDQGHMDVGHPHWDOQRHVWiQ
GLVHxDGDVSDUDHVWHKRUQR\GDUiQ
UHVXOWDGRVGHFRFLPLHQWRLQIHULRUHV
5HFLSLHQWRV
VHJXURVSDUD
HOKRUQRSDUD
FRFLPLHQWR
UiSLGR
&XDQGRXWLOLFHHOKRUQRHO
SODWRJLUDWRULRVLHPSUH
GHEHHVWDUFRORFDGRHQ
VXOXJDU
3DUDFRFLQDU
UiSLGRFRQYHFFLyQ
KRUQHDUFDOHQWDUR
WRVWDUFRORTXHODFRPLGD
GLUHFWDPHQWHHQOD
EDQGHMDGHPHWDO
7VWHDSDUDWRGHEH
FRQWDUFRQXQD
FRQH[LyQDWLHUUD
(QFDVRGHXQ
FRUWRFLUFXLWROD
FRQH[LyQDWLHUUD
UHGXFHHOULHVJR
GHXQDGHVFDUJD
HOpFWULFDDOEULQGDU
XQFDEOHGHHVFDSHSDUDODFRUULHQWHHOpFWULFD
(VWHDSDUDWRVHHQFXHQWUDHTXLSDGRFRQ
XQFDEOHHOpFWULFRTXHFRQWLHQHXQFDEOHGH
FRQH[LyQDWLHUUDFRQXQHQFKXIHGHFRQH[LyQ
DWLHUUD(OHQFKXIHGHEHFRQHFWDUVHHQXQ
WRPDFRUULHQWHFRQDGHFXDGDLQVWDODFLyQ\
FRQH[LyQDWLHUUD
&RQVXOWHDXQHOHFWULFLVWDRWpFQLFR
FDOLILFDGRVLQRFRPSUHQGHSRUFRPSOHWRODV
LQVWUXFFLRQHVGHFRQH[LyQDWLHUUDRVLQR
VDEHVLHODSDUDWRFXHQWDFRQXQDDGHFXDGD
FRQH[LyQDWLHUUD
3DUDHOXVRGHHVWHDSDUDWRHVVX
UHVSRQVDELOLGDG\REOLJDFLyQFDPELDUXQ
WRPDFRUULHQWHGHSDUHGHVWiQGDUGHFODYLMDV
SRUXQRGHFODYLMDVFRQDGHFXDGDFRQH[LyQ
DWLHUUD
%DMRQLQJXQDFLUFXQVWDQFLDFRUWHRTXLWHOD
FODYLMDDWLHUUDGHOFDEOHHOpFWULFR
1RXWLOLFHXQHQFKXIHDGDSWDGRUFRQHVWH
DSDUDWR
1RXWLOLFHXQFDEOHGHH[WHQVLyQFRQHVWH
DSDUDWR6LHOFDEOHHOpFWULFRHVGHPDVLDGR
FRUWRVROLFLWHDXQHOHFWULFLVWDRWpFQLFR
FDOLILFDGRODLQVWDODFLyQGHXQWRPDFRUULHQWH
FHUFDGHODSDUDWR
3DUDXQPHMRUIXQFLRQDPLHQWRHQFKXIHHVWH
DSDUDWRHQVXSURSLRFLUFXLWRHOpFWULFRSDUD
HYLWDUTXHODVOXFHVSDUSDGHHQTXHHOIXVLEOH
VHTXHPHRTXHHOLQWHUUXSWRUGHFLUFXLWRV
VDOWH
£$'9(57(1&,$
(OXVRLQDGHFXDGRGHOHQFKXIHGHFRQH[LyQDWLHUUDSXHGHSURYRFDUXQULHVJRGHGHVFDUJD
HOpFWULFD
,QVWUXFFLRQHV
GHFRQH[LyQD
WLHUUD
Asegúrese de contar
con una conexión a
tierra adecuada antes
de usar.
background
+RUQR$GYDQWLXP
,16758&&,21(6,03257$17(6'(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
(OYHQWLODGRUIXQFLRQDDXWRPiWLFDPHQWHHQ
FLHUWDVFRQGLFLRQHVYHUODVHFFLyQ9HQWLODGRU
(YLWHHOLQLFLR\SURSDJDFLyQGHLQFHQGLRV
DFFLGHQWDOHVGHFRFFLyQPLHQWUDVHOYHQWLODGRU
VHHQFXHQWUDHQXVR
/LPSLHDPHQXGRODSDUWHLQIHULRUGHO
PLFURRQGDV1RSHUPLWDTXHODJUDVDVH
DFXPXOHHQHOPLFURRQGDVRHQORVILOWURVGHO
YHQWLODGRU
(QFDVRGHXQLQFHQGLRGHJUDVDHQODV
XQLGDGHVGHVXSHUILFLHGHEDMRGHOKRUQRGH
PLFURRQGDVDSDJXHHOUHFLSLHQWHHQOODPDV
VREUHODXQLGDGGHVXSHUILFLHFXEULHQGRHO
UHFLSLHQWHSRUFRPSOHWRFRQXQDWDSDXQD
SODQFKDSDUDJDOOHWDVRXQDEDQGHMDSODQD
7HQJDFXLGDGRDOOLPSLDUORVILOWURVGHO
YHQWLODGRU/RVDJHQWHVGHOLPSLH]D
FRUURVLYRVFRPRORVOLPSLDGRUHVGHKRUQR
EDVDGRVHQOHMtDSXHGHQGDxDUORVILOWURV
6LIODPEHDDOLPHQWRVGHEDMRGHOKRUQRGH
PLFURRQGDVHQFLHQGDHOYHQWLODGRU
1XQFDGHMHXQLGDGHVGHVXSHUILFLH
GHVDWHQGLGDVGHEDMRGHVXKRUQRGH
PLFURRQGDVHQFRQILJXUDFLRQHVGH
FDORUDOWDV/RVDOLPHQWRVTXHKLHUYHQ
\VHGHUUDPDQSXHGHQSURYRFDUKXPR
\GHUUDPHVJUDVRVRVTXHSXHGHQ
SUHQGHUVHIXHJR\SURSDJDUVHVLHO
YHQWLODGRUGHOPLFURRQGDVVHHQFXHQWUD
HQIXQFLRQDPLHQWR3DUDPLQLPL]DUHO
IXQFLRQDPLHQWRGHOYHQWLODGRUDXWRPiWLFR
XWLOLFHUHFLSLHQWHVGHFRFFLyQGHOWDPDxR
DGHFXDGR\XVHFDORUDOWRHQODVXQLGDGHV
GHVXSHUILFLHVyORFXDQGRVHDQHFHVDULR
(OYHQWLODGRU
5($'$1')2//2:7+,66$)(7<,1)250$7,21&$5()8//<
*8$5'((67$6,16758&&,21(6
$'9(57(1&,$
/DPD\RUtDGHORDVPDUFDSDVRVHVWiQSURWHJLGRVFRQWUDODLQWHUIHUHQFLDGHDSDUDWRV
HOHFWUyQLFRVLQFOX\HQGRORVPLFURRQGDV6LQHPEDUJRFXDQGRWHQJDQDOJXQDGXGDORVSDFLHQWHV
FRQPDUFDSDVRVGHEHQFRQVXWDUFRQVXPpGLFR
0$5&$3$626
.LWVGHSDQHOHVGHUHOOHQR
-;:+³%ODQFR
-;%/³1HJUR
$OFRORFDUXQH[WUDFWRUGHHVWXID
GHµORVNLWVGHSDQHOHVUHOOHQDQ
HODQFKRDGLFLRQDOSDUDGDUOHXQD
DSDULHQFLDHPSRWUDGDSHUVRQDOL]DGD
6RODPHQWHSDUDXQDLQVWDODFLyQ
HQWUHORVJDELQHWHVQRVRQSDUD
LQVWDODFLRQHVDOILQDOGHORVJDELQHWHV
&DGDNLWFRQWLHQHGRVSDQHOHVGH
UHOOHQRGHµGHDQFKR
.LWVGH)LOWURV
-;'³.LWGH)LOWURGH&DUEyQSDUD
5HFLUFXODFLyQW
/RVNLWVGHILOWURVVRQXWLOL]DGRVFXDQGR
HOKRUQRQRSXHGHVHUYHQWLODGRKDFLD
HOH[WHULRU
9HDODFXELHUWDWUDVHUDSDUDRUGHQDU
SRUWHOpIRQRRHQ*($SSOLDQFHVFRP
'LVSRQLEOHHQVXGLVWULEXLGRU*(DXQFRVWRDGLFLRQDO
.LWVRSFLRQDOHV
background
&RQRFLHQGRVX+RUQR$GYDQWLXP
+RUQR$GYDQWLXP
(OKRUQR$GYDQWLXPXWLOL]D
WHFQRORJtDDYDQ]DGDGH&RFLPLHQWR
UiSLGRSDUDDSURYHFKDUODHQHUJtDGH
ODOX](OKRUQR$GYDQWLXPFRFLQDHO
H[WHULRUGHORVDOLPHQWRVPX\SDUHFLGR
DOFDORUUDGLDQWHFRQYHQFLRQDODO
PLVPRWLHPSRHQTXHSHQHWUDOD
VXSHUILFLHSDUDFRFLQDUHOLQWHULRU
VLPXOWiQHDPHQWH
/DOX]KDOyJHQDHVODIXHQWH
SULPDULDGHHQHUJtDXQVLVWHPD
GHFRQYHFFLyQ\XQFDOHQWDGRUGH
FHUiPLFDD\XGDQDOFRFLPLHQWRFRQ
XQ´UHIXHU]RGHPLFURRQGDµDJUHJDGR
HQDOJXQRVDOJRULWPRVGHFRFLPLHQWR
/RVDOLPHQWRVVHFRFLQDQSDUHMRV
\UiSLGRDOPLVPRWLHPSRHQTXH
UHWLHQHQVXKXPHGDGQDWXUDO
&RQRFLHQGRVX
KRUQR$GYDQWLXP

(OKRUQR$GYDQWLXPHVFDSD]
GHFRFLQDUUiSLGRKRUQHDUFRQ
FRQYHFFLyQDVDUWRVWDUFDOHQWDU
IHUPHQWDU\FRFLQDUFRQPLFURRQGD
/DIXQFLyQGHFRFLPLHQWRUiSLGRHVHO
PD\RUEHQHILFLRGHOKRUQR$GYDQWLXP
3DUDFRFLQDUUiSLGRQRVHUHTXLHUH
SUHFDOHQWDU&RORTXHORVDOLPHQWRV
HQHOKRUQR\FRPLHQFHDFRFLQDU
LQPHGLDWDPHQWH6HDKRUUDWLHPSR\D
TXHQRSUHFDOLHQWD\GHELGRDTXHpVWH
FRFLQDPiVUiSLGR
background
&DUDFWHUtVWLFDVGHO+RUQR
+RUQR$GYDQWLXP
&DUDFHUtVWLFDV
GHOKRUQR
$WUDYpVGHHVWHPDQXDOODVFDUDFWHUtVWLFDV\DSDULHQFLDSXHGHQYDULDUGHODVGHVXPRGHOR
3ODWR*LUDWRULR
3DUDWRGRVORVWLSRVGHFRFLPLHQWRHO
SODWRJLUDWRULRVLHPSUHGHEHHVWDUHQVX
OXJDUHQHOSLVRGHOKRUQR$VHJ~UHVHGH
TXHHVWpFRORFDGRVHJXURVREUHHOHMHHQ
HOFHQWURGHOKRUQR
%DQGHMDGH0HWDO
$OFRFLQDUUiSLGRDVDU\WRVWDUFRORTXH
ORVDOLPHQWRVGLUHFWDPHQWHHQOD
EDQGHMDGHPHWDO\FRORTXHHOSODWR
JLUDWRULR
3DUULOODGH$ODPEUHGHO+RUQR
$OKRUQHDUFRQFRQYHFFLyQRFDOHQWDU
FRORTXHORVDOLPHQWRVGLUHFWDPHQWHHQ
ODEDQGHMDGHPHWDORSODWRVHJXURSDUD
HOKRUQRVREUHODSDULOODGHDODPEUHGHO
KRUQR
%DQGHMDGH9LGULR&ODUR
&RORTXHHOSODWRJLUDWRULRFXDQGRXWLOLFH
ODVIXQFLRQHVGHPLFURRQGD&RORTXH
ORVDOLPHQWRVRHOUHFLSLHQWHVHJXUR
SDUDPLFURRQGDVGLUHFWDPHQWHHQOD
EDQGHMD
/iPSDUDV+DOyJHQD6XSHULRU\
&DOHQWDGRU&HUiPLFR
8QDOiPSDUDKDOyJHQDGH:\XQ
FDOHQWDGRUFHUiPLFRGH:FRFLQDQ
ODFRPLGDGHVGHDUULEDDOFRFLQDUUiSLGR
DVDU\WRVWDU
9HQWDQD
3HUPLWHTXHVHYHDODFRPLGDGXUDQWHOD
FRFFLyQ
0DQLOOHWDGHOD3XHUWD
+DOHSDUDDEULUODSXHUWD
$OGDEDVGHOD3XHUWD
3DUDTXHHOKRUQRIXQFLRQHODSXHUWD
GHEHHVWDUFHUUDGDFRQODDOGDED
&DOHQWDGRUGH&HUiPLFD,QIHULRU
8QFDOHQWDGRUGHFHUiPLFDGH:
FRFLQDORVDOLPHQWRVSRUODSDUWH
GHDEDMRDOFRFLQDUUiSLGRDVDURWRVWDU
3DQHOGH&RQWURO
/DVWHFODVXWLOL]DGDVSDUDRSHUDU
HOKRUQRHVWiQXELFDGDVHQHOSDQHO
GHFRQWURO
6LVWHPDGH&RQYHFFLyQ
8QHOHPHQWRGHFDOHQWDPLHQWR
GH:FRFLQDORVDOLPHQWRV
FRQXQYHQWLODGRUGHFRQYHFFLyQ
KDFLHQGRFLUFXODUHODLUHFDOLHQWHD
WUDYpVGHODFDYLGDGSDUDKRUQHDUFRQ
FRQYHFFLyQ\FDOHQWDU

background

&RQWUROHV
+RUQR$GYDQWLXP
&RQWUROHVGH
&RFLPLHQWR
&RQVXKRUQRDGYDQWLXPXVWHGSRGUiFRFLQDUFRQOXFHVKDOyJHQDVGHDOWDLQWHQVLGDGFDOHQWDGRUHVGHFHUiPLFD
HOHPHQWRGHFDOHQWDPLHQWRGHFRQYHFFLyQ\RFRQHQHUJtDGHPLFURRQGDFRQYHQFLRQDO
6(/(&725',$/GLDOVHOHFWRU
*LUHSDUDVHOHFFLRQDU3UHVLRQHSDUDLQJUHVDU
*LUHSDUDVHOHFFLRQDUDOLPHQWRVQLYHOGH
HQHUJtDRVHOHFFLRQHVGHWHPSHUDWXUD
7DPELpQXWLOLFHHOGLDOSDUDDXPHQWDUJLUH
HQVHQWLGRGHODVDJXMDVGHOUHORMRGLVPLQXLU
JLUHHQVHQWLGRFRQWUDULRDODVDJXMDVGHO
UHORMHOWLHPSR6LPSOHPHQWHSUHVLRQHHO
ERWyQSDUDLQJUHVDUODVHOHFFLyQ
%$&.UHJUHVR
3UHVLRQHHVWHERWyQSDUDUHWURFHGHUXQRR
PiVQLYHOHVGHOSURFHVRGHSURJUDPDFLyQ
+(/3D\XGD
3UHVLRQHHVWHERWyQSDUDDYHULJXDUPiV
VREUHODVIXQFLRQHVGHOKRUQR
',63/$<SDQWDOOD
0XHVWUDODVVHOHFFLRQHVGHODVIXQFLRQHV
HLQIRUPDFLyQVREUHHOKRUQRFXDQGRVH
HQFXHQWUDHQXVR
67$573$86(LQLFLRSDXVD
3UHVLRQHHVWDWHFODSDUDLQLFLDURGHWHQHU
FXDOTXLHUIXQFLyQGHFRFLPLHQWR
&/($52))ERUUDUDSDJDU
3UHVLRQHHVWDWHFODSDUDFDQFHODU72'26
ORVSURJUDPDVGHOKRUQRFRQH[FHSFLyQ
GHOUHORMODOX]DXWRPiWLFDQRFWXUQDHO
FURQyPHWURHOYHQWLODGRUGHOUHVSLUDGRU\OD
OX]GHVXSHUILFLH
63(('&22.FRFLPLHQWRUiSLGR
3UHVLRQHHVWHERWyQSDUDDFFHGHUDOPHQ~
SUHGHWHUPLQDGRGHFRFFLyQUiSLGDRSDUD
FRQILJXUDUVXSURSLRSURJUDPDGHFRFFLyQ
&219%$.(KRUQHDUFRQFRQYHFFLyQ
3UHVLRQHHVWDWHFODSDUDKRUQHDUFRQ
FRQYHFFLyQ
0,&52:$9(PLFURRQGD
3UHVLRQHHVWDWHFODSDUDDFFHVDUHOPHQ~
GHOPLFURRQGDRSDUDDMXVWDUVXSURSLR
SURJUDPDGHPLFURRQGD
6(77,1*6DMXVWHV
3UHVLRQHHVWDWHFODSDUDSURJUDPDUHO
UHORM\DFFHVDUDOSODWRJLUDWRULRRQRII
FRQYHUVLyQDXWRPiWLFDOX]QRFWXUQD
DXWRPiWLFDYROXPHQGHOSLWRSDQWDOODRQRII
UHFRUGDWRULR\XQLGDGHVGHWHPSHUDWXUD
&22.,1*237,216RSFLRQHVGHFRF
3UHVLRQHHVWHERWyQSDUDDFFHGHUDUHSHWLUHO
~OWLPRDVDUOHXGDUWRVWDUFDOHQWDUHLQLFLR
UHWDUGDGR
0,&526(&6PLFURVHJXQGRV
,QLFLDHOPLFURRQGDVGXUDQWHVHJXQGRV
GHFRFFLyQ6HDJUHJDQVHJXQGRV
DGLFLRQDOHVDOWLHPSRGHFRFFLyQUHVWDQWH
FDGDYH]TXHVHSUHVLRQDHOERWyQ
7,0(5212))FURQyPHWURRQRII
3UHVLRQHHVWDWHFODSDUDSURJUDPDUHO
FURQyPHWURSDUDPLQXWRV\VHJXQGRV
685)$&(/,*+7OX]GHODVXSHUILFLH
3UHVLRQHHVWDWHFODSDUDHQFHQGHU\
DSDJDUODOX]GHODSODQFKD
9(17YHQWLODGRU
3UHVLRQHHVWDWHFODSDUDHQFHQGHU\
DSDJDUHOYHQWLODGRUGHOUHVSLUDGRU
background
7LHPSRVGHFRFLPLHQWR
$OFRFLQDUUiSLGRFRQHOPHQ~
SUHGHWHUPLQDGRGHDOLPHQWRVSRGUi
YHUHQODSDQWDOOD237,0,=,1*&22.
7,0(RSWLPL]DQGRHOWLHPSRGH
FRFLPLHQWRYDULRVVHJXQGRVGHVSXpVGH
SUHVLRQDU67$53$86((OKRUQRGHWHFWD
DXWRPiWLFDPHQWHHOQLYHOGHOYROWDMH
HOpFWULFRGHVXFDVD\DMXVWDHOWLHPSRGH
FRFLPLHQWRKDFLDDUULEDRKDFLDDEDMRSDUD
XQFRFLPLHQWRDGHFXDGR
9HQWLODGRUHVGH(QIULDPLHQWR
/RVYHQWLODGRUHVVHHQFHQGHUiQGXUDQWH
HOFRFLPLHQWR$OILQDOpVWRVFRQWLQXDUiQ
GXUDQWHXQWLHPSRFRUWRSDUDHQIULDUORV
FRPSRQHQWHVLQWHUQRV/RVYHQWLODGRUHV
VHDSDJDUiQDXWRPiWLFDPHQWHFXDQGR
ODVSLH]DVLQWHUQDVGHOKRUQRHVWpQIUtDV
/DSDQWDOODPRVWUDUi´2YHQLV&RROLQJµHO
KRUQRVHHVWiHQIULDQGR
0LHQWUDVHOKRUQRHVWpHQFHQGLGRHO
UHVSLUDGRUHPLWLUiXQDLUHFDOLHQWH
&XDQGRHOKRUQRHVWiFDOLHQWHHOYHQWLODGRU
GHHVFDSHVHHQFLHQGHDXWRPiWLFDPHQWH
9HDODVHFFLyQGHO9HQWLODGRU$XWRPiWLFR
/XFHV
&XDQGRHOKRUQRHVWiHQFHQGLGRODOX]
HVWDUiYLVLEOHDOUHGHGRUGHODSXHUWDRGH
ODFDMDH[WHULRU
/DVOXFHVKDOyJHQDVVHRSDFDUiQ\VH
HQFHQGHUiQ\DSDJDUiQGXUDQWHHOFLFORGH
FRFLPLHQWRUiSLGRDOJXQDVYHFHVDQLYHOHV
GHSRWHQFLDFRPSOHWD(VWRHVQRUPDO(O
KRUQRGHWHFWDHOQLYHOGHFDORU\VHDMXVWD
DXWRPiWLFDPHQWH
&DORUGHO+RUQR
/RVFLFORVGHFRFLPLHQWRUiSLGRQR
UHTXLHUHQXQWLHPSRGHSUHFDOHQWDPLHQWR
(OKRUQRFRPLHQ]DDFRFLQDU
LQPHGLDWDPHQWH
/DSXHUWD\HOLQWHULRUGHOKRUQRHVWDUiQ
PX\FDOLHQWHV7HQJDFXLGDGRDODEULU
ODSXHUWD\UHWLUDUORVDOLPHQWRV7HQJD
FXLGDGRGHOYDSRUTXHVHSXHGHVDOLU
DOUHGHGRUGHODSXHUWD
&XDQGRFRFLQHUiSLGRQRXWLOLFHUHFLSLHQWHV
QLFXELHUWDVKHFKDVGHSDSHOSOiVWLFRR
DOXPLQLR
&XDQGRFRFLQHSRUXQSHUtGRODUJR
GHWLHPSRHOKRUQRSXHGHUHGXFLU
DXWRPiWLFDPHQWHORVQLYHOHVGHSRWHQFLD
SDUDPDQWHQHUHOQLYHODSURSLDGRGHFDORU
HQHOKRUQR
6RQLGRV
(VQRUPDOHVFXFKDUGXUDQWHHOFRFLPLHQWR
FKDVTXLGRV\HOVRSODGRUGHOYHQWLODGRU(O
FRQWUROHOHFWUyQLFRHQFLHQGH\DSDJDORV
FRPSRQHQWHV
,QWHUIHUHQFLD
6HSXHGHREVHUYDULQWHUIHUHQFLDGH79
UDGLRFXDQGRXWLOL]DHOPLFURRQGDVLPLODUD
ODLQWHUIHUHQFLDFDXVDGDSRURWURVDSDUDWRV
SHTXHxRV(VWRQRLQGLFDXQSUREOHPDFRQHO
PLFURRQGD0XHYDHOUDGLRROD79ORPiVOHMRV
SRVLEOHGHOPLFURRQGDRUHYLVHODSRVLFLyQGH
ODDQWHQDGHOD79UDGLR

&RFLPLHQWR5iSLGR
+RUQR$GYDQWLXP
8VRGHODV
IXQFLRQHVGH
FRFLPLHQWR
UiSLGR
35(&$8&,Ï15LHVJRGHTXHPDGXUDV
&XDQGRXWLOLFHORVSURJUDPDVGHFRFLPLHQWRUiSLGRUHFXHUGHTXHHOKRUQRODSXHUWD\ORV
SODWRVHVWDUiQPX\FDOLHQWHV
'HEHSURJUDPDUHOUHORMDQWHVGHXWLOL]DUVXKRUQRSRUSULPHUDYH]9HDODVHFFLyQ5HORM
$QWHVGHFRPHQ]DUDVHJ~UHVHTXHHOSODWRJLUDWRULRHVWpHQVXOXJDU8WLOLFHODEDQGHMD
GHPHWDORODEDQGHMDGHPHWDOSDUDDVDU\VXSURSLRUHFLSLHQWHGHYLGULRRFHUiPLFDVLHV
QHFHVDULR
(OSODWRJLUDWRULRGHEHHVWDU
FRORFDGRHQVXOXJDUVLHPSUHTXH
XWLOL]DHOKRUQR
3DUDFRFLQDUUjSLGRFRORTXHORV
DOLPHQWRVGLUHFWDPHQWHHQOD
EDQGHMDGHPHWDO
(OKRUQRVHGHWHQGUiVLDEUHODSXHUWD
GXUDQWHHOFRFLPLHQWR\DSDUHFHUi3$86(
HQODSDQWDOOD3DUDUHDQXGDUHOFRFLPLHQWR
FLHUUHODSXHUWH\SUHVLRQH67$573$86(
6HOHFFLRQH(',7SDUDFDPELDUHOWLHPSRRORV
QLYHOHVGHSRWHQFLDHQFXDOTXLHUPRPHQWR
GXUDQWHHOFRFLPLHQWR
6HSURGXFHKXPRDOFRFLQDUUiSLGRFDUQHV
HQHOKRUQR
3DUDFRFLQDUXQWLHPSRDGLFLRQDOGHVSXpV
GHTXHWHUPLQyHOFLFORGHFRFLPLHQWRXWLOLFH
ODIXQFLyQSDUD5HDQXGDUFRPRVHOHLQGLFD
HQODSDQWDOOD
/RTXHHV
QRUPDO
background
+RUQR$GYDQWLXP
&RFLPLHQWR5iSLGR

&RQVHMRV
SDUDPHMRUHV
UHVXOWDGRVGH
FRFLPLHQWR
UiSLGR
'LVSRQJDORVDOLPHQWRVVREUHODVEDQGHMDV
PHWiOLFDVFRPRVHLQGLFDSDUDDVHJXUDUXQ
GRUDGRFRQVLVWHQWH\SDUHMR
/RVDOLPHQWRVSXHGHQWRFDUVHSHURQRGHEHQ
HVWDUPRQWDGRVXQRVVREUHRWURV
3DWUyQFLUFXODU
(MHPSORELVFRFKRVJDOOHWDV
3DWUyQGHUD\R
(MHPSORFURLVVDQWVSDOLWRVGHSDQ
8QDFDSD
(MHPSORDSHULWLYRV
3DWUyQODGRDODGR
(MHPSORFDUQHV\SROORV
/DFDUQHSROORSHVFDGRRPDULVFRVIUHVFRVTXHHVWiQFRQJHODGRVGHEHQGHVFRQJHODUVH
DQWHVGHFRFLQDUORV3XHGHXWLOL]DUODIXQFLyQGHGHVFRQJHODFLyQGHOPLFURRQGD6LJDODV
LQVWUXFFLRQHVGHOSDTXHWHSDUDRWURVDOLPHQWRVFRQJHODGRVHPSDFDGRV
5HFLSLHQWRV
SDUD
FRFLPLHQWR
UiSLGR
35(&$8&,Ï1
5LHVJRGHTXHPDGXUDV
/RVUHFLSLHQWVVHFDOHQWDUiQ
1HFHVLWDUiJXDQWHVSDUDPDQLSXODUORV
UHFLSLHQWHV
6LJDODVVXJHUHQFLDVSDUDHOUHFLSLHQWHTXH
DSDUHFHQHQODSDQWDOODGHOKRUQRRHQHO
/LEURGH5HFHWDV
&XDQGRFRFLQHFRORTXHORVDOLPHQWRV
GLUHFWDPHQWHHQODEDQGHMDGHPHWDORHQ
ODEDQGHMDGHPHWDOSDUDDVDUDPHQRV
GHTXHHOKRUQROHLQGLTXHORFRQWUDULR
8WLOLFHODEDQGHMDGHPHWDOGHODPLVPD
PDQHUDHQTXHXWLOL]DUtDXQDSDQD
SDUDKRUQHDUEDMDRXQDEDQGHMDSDUD
KRUQHDU
$GHPDVGHORVXWHQVLOLRV
VXPLQLVWUDGRVXVWHGSXHGHXWLOL]DUSODWRV
GHFDFHURODVTXHQRVHDQGHPHWDOSODWRV
SDUDWDUWDV\RWURVUHFLSLHQWHVVHJXURV
SDUDHOFDORU&ROyTXHORVGLUHFWDPHQWHHQ
ODEDQGHMDGHPHWDO
$VHJ~UHVHGHVHOHFFLRQDUXQWDPDxR
TXHURWHIiFLOPHQWH
&RORTXHODEDQGHMDGHPHWDOROD
EDQGHMDGHPHWDOSDUDDVDUHQHOSODWR
JLUDWRULR&RORTXHHOUHFLSLHQWHGHYLGULRR
FHUiPLFDHQODEDQGHMD
&XDQGRFRFLQHUiSLGRQRXWLOLFH
UHFLSLHQWHVQLFXELHUWDVKHFKDVGHSDSHO
SOiVWLFRRDOXPLQLR
background
&RFLPLHQWR5iSLGR
$GYDQWLXP2YHQ

6HOHFFLRQHV
GHOPHQ~
SUHGHWHUPLQDGRGH
FRFLPLHQWRUiSLGR
(O$GYDQWLXPHVWiSUHFRQILJXUDGR
SDUDFRFLQDUPiVGHFRPLGDV
SRSXODUHV
 3UHVLRQHODWHFOD63(('&22.
6LQRVHKDFHQLQJXQDVHOHFFLyQHQ
VHJXQGRVODSDQWDOODUHJUHVDUi
DODKRUDGHOGtD
 *LUHHOGLDOVHOHFWRUSDUD
VHOHFFLRQDUODFDWHJRUtDGHOWLSR
GHDOLPHQWRTXHGHVHD3UHVLRQH
HOGLDOSDUDVHOHFFLRQDU
 *LUHHOGLDOVHOHFWRUSDUD
VHOHFFLRQDUHODOLPHQWRHVSHFtILFR
VHOHFFLyQGHPHQ~3UHVLRQHHOGLDO
SDUDVHOHFFLRQDU
*LUHHOGLDOVHOHFWRUSDUDVHOHFFLRQDU
ODFDQWLGDGWDPDxR\RFRFLPLHQWR
VLORUHTXLHUHHOKRUQROHLQGLFDUi
3UHVLRQHHOGLDOGHVSXpVGHFDGD
VHOHFFLyQ
8QDYH]TXHODSDQWDOODPXHVWUH
(',7HGLWDU6$9(JXDUGDUR
67$57LQLFLDUSUHVLRQHODWHFOD
67$573$86(RHOGLDOVHOHFWRUSDUD
FRPHQ]DUDFRFLQDU
9ROWHHODFRPLGDFXDQGRHOKRUQR
OHLQGLTXH7851)22'29(5SDUD
FLHUWRWLSRGHFRPLGD
&XDQGRHOKRUQRLQGLTXH&+(&.
IRU'21(1(66UHYLVHSDUDYHUVLOD
FRPLGDHVWiFRFLQDGDDVXJXVWRSDUD
FLHUWRVDOLPHQWRV
6LGHVHDUHYLVDUORVDMXVWHVGXUDQWHHO
FRFRPLHQWRSUHVLRQHHOGLDOVHOHFWRU
6LHQWUyXQDVHOHFFLyQQRGHVHDGD
VLPSOHPHQWHSUHVLRQHHQFXDOTXLHU
PRPHQWRODWHFOD%$&.\YXHOYDD
HQWUDUODVVHOHFFLRQHVGHVHDGDV
6HSXHGHSURGXFLUKXPRFXDQGR
FRFLQDUiSLGRFDUQHHQHOKRUQR
8WLOLFHHOPHQ~
SUHGHWHUPLQDGR
GHFRFLPLHQWR
UiSLGR
&DWHJRUtD$OLPHQWR6HOHFFLyQGHO0HQ~
$SHULWLYRV %RFDGLOORVGH%DJHO
3DOLWRVGH4XHVR
5ROORVFRQJHODGRV
-DODSHxR3RSSHUV
%ROLWDVGH&DUQHFRQJ
1DFKRV
1XHFHV5RVWL]DGDV
$URVGH&HEROOD
5ROORVGH3L]]D
3UHW]HOV6XDYHVFRQJ
7DTXLWRVFRQJHODGRV
3DQHV %LVFRFKRV
3DOLWRVGH3DQ
3DQGH4XHVR
5ROORV
5ROORVSDUDODFHQD
3DQGHDMR
7RVWDGDV7H[DQDV
'HVD\XPR :DIIOHV%HOJDV
3L]]DGH'HVD\XQR
7RVWDGDVDOD)UDQFHVD
7RUWLWDVGH3DSD
3DQTXHTXHV
FRQJHODGRV
5ROORVUHIULJHUDGRV
%LVFRFKRFRQ6DOFKLFKD
&KRUL]RV
7RUWLWDVGH6DOFKLFKD
6WUXGHOFRQJHODGRV
(PSDQDGDV
:DIIOHVFRQJHODGRV
&DWHJRUtD$OLPHQWR6HOHFFLyQGHO0HQ~
3ROOR &RQKXHVR
6LQ+XHVR
)LOHWHFRQJHODGR
'HGRVFRQJHODGR
)ULWRFRQJHODGR
1XJJHWFRQJHODGR
7RUWLWDFRQJHODGR
7LHUQRFRQJHODGR
$ODVFRQJHODGR
(QWHUR
3RVWUHV 0H]FODGH%URZQLH
*DOOHWDV
7DUWDVIUXWDIUHVFD
&XELHUWDSDUD7DUWDV
5ROORVUHIULJHUDGRV
(PSDQDGDV
(QWUDGDV 5ROORVFRQJHODGRV
3DQGHFDUQH[
7DTXLWRVFRQJHODGRV
&DUQHV )LOHW0LJQRQ
+DPEXUJXHVDV
&KXOHWDVGH&RUGHUR
&KXOHWDVGH&HUGR
5LEH\H6WHDN
6LUORLQ6WHDN
6WULS6WHDN
7%RQH6WHDN
7HQGHUORLQ
3L]]D 'HOL)UHVFD
3L]]D&RQJHODGD
8WLOLFHFRUWH]DSUHFRFLGD
3DSDV 3DSDKRUQHDGD
7RUWLWDVGHSDSD
3DSDVFRQJHODGDV
1XJHWWVFRQJHODGRV
&DPRWH-tFDPD
&DWHJRUtD$OLPHQWR6HOHFFLyQGHO0HQ~
6DQGZLFK %DQGHULOODVFRQJHODGRV
5ROORGH+RW'RJ
6DQGZLFKDOD3DUULOOD
6DQGZLFKUHOOHQR
0DULVFRV )LOHWHVGH%DFDODR
3DOLWRVGHSHVFDGRFRQJ
(PSDQL]DGRFRQJHODGR
)LOHWHGHSHVFDGRUHORM
6DOPyQ
0DULVFRV
6WHDNGH3HVFDGR(VSDGDµ
7DODSLD
6WHDNVGH$W~Q
3HVFDGREODQFR%DFDODR
*XDUQLFLyQ &DFHUROD
)ULMROHV)ULWRVR]
(VSiUUDJRVURVWL]DGRV
3LPHQWyQURVWL]DGR
&KLOHVURVWL]DGRV
0Dt]URVWL]DGR
$MRURVWL]DGR
9HJHWDOHVPL[WRVURVWL]DGRV
(VFDORSDVGHSDSDV
'HDFXHUGRFRQOD*XtDGHOD86'$VHGHEHFRFLQDUODFDUQHDXQDWHPSHUDWXUD
,17(51$GHSRUORPHQRV)\HOSROORDXQDWHPSUHDWXUD,17(51$GHSRU
ORPHQRV)&RFLQDUDHVWDVWHPSHUDWXUDVJHQHUDOPHQWHSURWHJHFRQWUD
HIHUPHGDGHVSURGXFLGDVSRUORVDOLPHQWRV3DUDPiVLQIRUPDFLyQYLVLWHOD
SDJLQDZZZIRRGVDIHW\JRY
background
+RUQR$GYDQWLXP
&RFLPLHQWR5iSLGR

1LYHOHVGH
SRWHQFLDGH
FRFLPLHQWR
UiSLGR
(O$GYDQWLXPXWLOL]DHQHUJtDGH
ODVOiPSDUDVKDOyJHQDVGHDOWD
LQWHQVLGDGGHOFDOHQWDGRUGHFHUiPLFD
\GHPLFURRQGDVSDUDFRFLQDU
VLPXOWiQHDPHQWHORVDOLPHQWRV
SRUDUULEDDEDMR\HQHOLQWHULRU\VHOODU
ODKXPHGDG\HOVDERU
&XDQGRXWLOLFHHOPHQ~SUHGHWHUPLQDGR
GHDOLPHQWRVORVQLYHOHVGHSRWHQFLD
\DHVWiQVHOHFFLRQDGRVSDUDXVWHG6LQ
HPEDUJRHVWRVVHSXHGHQDMXVWDUDO
XWLOL]DUHOPHQ~SUHGHWHUPLQDGRGH
DOLPHQWRV\0<5(&,3(PLUHFHWD
&DGDQLYHOGHSRWHQFLDOHRIUHFH
HQHUJtDGHODOiPSDUDKDOyJHQDRGHO
FDOHQWDGRUGHFHUiPLFD\GHPLFURRQGD
GXUDQWHFLHUWRSRUFHQWDMHGHWLHPSRROH
RIUHFHFDOHQWDPLHQWRSDUDHOVLVWHPDGH
FRQYHFFLyQ
3RUHMHPSOR
8² /iPSDUDKDOyJHQDVXSHULRU\
&DOHQWDGRU&HUiPLFR
HQFHQGLGDHOGHOWLHPSR
/² &DOHQWDGRUGHFHUiPLFD
LQIHULRUHQFHQGLGRHOGHO
WLHPSR
0² 0LFURRQGDHQFHQGLGRHO
GHOWLHPSR
127$7HQJDFXLGDGRDODMXVWDUORV
QLYHOHVGHSRWHQFLDGHPDQHUDTXHQR
FRFLQHORVDOLPHQWRVGHPDVLDGRRPX\
SRFR
 3UHVLRQHODWHFOD63(('&22.\
VHOHFFLRQHVXFRPLGDVLJDODV
LQVWUXFFLRQHVGHXVRGHOPHQ~
SUHGHWHUPLQDGRGHFRFLPLHQWR
UiSLGR
 &XDQGRODSDQWDOODPXHVWUH
(',76$9(R67$57JLUHHOGLDO
SDUDVHOHFFLRQDU(',7HGLWDU
6LQRGHVHDFDPELDUQLQJXQRGH
ORVDMXVWHVVLPSOHPHQWHSUHVLRQH
HOGLDO\SDVHDODVLJXLHQWHVHOHFFLyQ
 3UHVLRQHHOGLDOVLQRGHVHDDMXVWDUHO
WLHPSRGHFRFLPLHQWR
 *LUHHOGLDOHQGLUHFFLyQGHODV
PDQHFLOODVGHUHORMSDUDDXPHQWDUR
DOFRQWUDULRSDUDGLVPLQXLUHOQLYHOGH
SRWHQFLDVXSHULRU3UHVLRQHHOGLDO
SDUDVHOHFFLRQDU
 *LUHHOGLDOSDUDFDPELDUHOQLYHO
GHSRWHQFLDLQIHULRU3UHVLRQHHOGLDO
SDUDVHOHFFLRQDU
 *LUHHOGLDOSDUDFDPELDUHOQLYHOGH
SRWHQFLDGHPLFURRQGD3UHVLRQHHO
GLDOSDUDVHOHFFLRQDU
1RWHTXHODVHOHFFLyQGHQLYHOHV
VXSHULRUHLQIHULRUOLPLWDQHOQLYHOGH
SRWHQFLDGHPLFURRQGD3RUHMHPSOR
VLHOQLYHOGHSRWHQFLDVXSHULRUR
LQIHULRUVHDMXVWDDHOPLFURRQGDQR
VHSRGUiDMXVWDUPiVDOWRTXH

3UHVLRQHODWHFOD67$573$86(R
HOGLDOVHOHFWRUSDUDFRPHQ]DUD
FRFLQDU
86HOHFFLRQHXQDMXVWHPiVDOWR
SDUDDOLPHQWRVGHOJDGRVTXH
UHTXLHUHQXQFDIpGRUDGRHQOD
SDUWHGHDUULEDSRUHMHPSORILOHWHV
GHSHVFDGRWRVWDGDVSHFKXJDV
GHSROORGHVKXHVDGDV6HOHFFLRQH
XQDMXVWHPiVEDMRSDUDDOLPHQWRV
JUXHVRVRFRQPXFKRFRQWHQLGRGH
D]~FDURJUDVDSRUHMHPSORPXIILQV
URVWL]DGRVFDFHURODVRTXHUHTXLHUDQ
XQWLHPSRGHFRFLPLHQWRPiVODUJR
/6HOHFFLRQHXQDMXVWHPiVDOWR
SDUDDOLPHQWRVJUXHVRVRGHQVRVTXH
QRUHTXLHUHQXQFRFLPLHQWRUiSLGR
HQHOFHQWURSRUHMHPSORVWHDNV
FDFHURODV6HOHFFLRQHXQDMXVWHPiV
EDMRSDUDDOLPHQWRVGHOJDGRVSRU
HMHPSORJDOOHWDV
06HOHFFLRQHXQDMXVWHPiVDOWR
SDUDDFRUWDUHOWLHPSRGHFRFLPLHQWR
SDUDDOLPHQWRVGHQVRVRSHVDGRV
SRUHMHPSORFDFHURODVSROORV
HQWHURV6HOHFFLRQHXQDMXVWHPiV
EDMRSDUDDOLPHQWRVGHOLFDGRVSRU
HMHPSORSDQHVRDOLPHQWRVTXH
UHTXLHUHQXQSHUtRGRGHFRFLPLHQWR
PiVODUJRSDUDREWHQHUUHVXOWDGRV
VXDYHVSRUHMHPSORVWHDNVFDUQH
SDUDDVDU
6LJDHVWDVJXtDVJHQHUDOHVFXDQGRVHOHFFLRQHORVPHMRUHVDMXVWHVGH8/\0 
SDUDVXVUHFHWDVIDYRULWDV
background

&RFLPLHQWR5iSLGR
+RUQR$GYDQWLXP
0L5HFHWD
FRFLPLHQWR
UiSLGR
SHUVRQDOL]DGR
(O$GYDQWLXPOHRIUHFHIOH[LELOLGDG
DOFRFLQDUVXVSODWRVIDYRULWRV
6LGHVHDFRFLQDUXQDFRPLGDTXHQRVH
HQFXHQWUDHQWUHQXHVWUDVVHOHFFLRQHV
SUHGHWHUPLQDGDXWLOLFH0\5HFLSHSDUD
SHUVRQDOL]DUHOFRFLPLHQWRUiSLGR
 3UHVLRQHODWHFOD63(('&22.\
VHOHFFLRQH0<5(&,3(PLUHFHWD
/XHJRSUHVLRQHHOGLDOSDUD
VHOHFFLRQDU6HOHFFLRQH1(:
5(&,3(UHFHWDQXHYD
6LQRUHDOL]DQLQJXQDHQWUDGD
GXUDQWHVHJXQGRVODSDQWDOOD
UHJUHVDUiDODKRUDGHOGtD
 *LUHHOGLDOVHOHFWRUSDUD
VHOHFFLRQDUHOWLHPSRGH
FRFLPLHQWR3UHVLRQHHOGLDOSDUD
VHOHFFLRQDU
/DSDQWDOODOHLQGLFDUiTXHGHEH
VHOHFFLRQDUHOQLYHORQLYHOHVGH
SRWHQFLD
 *LUHHOGLDOSDUDVHOHFFLRQDUHO
QLYHOGHSRWHQFLDVXSHULRU*LUHHO
GLDOHQGLUHFFLyQGHODVPDQHFLOODV
GHOUHORMSDUDDXPHQWDURHQ
GLUHFFLyQFRQWUDULDSDUDGLVPLQXLUHO
QLYHOGHSRWHQFLDVXSHULRU3UHVLRQH
HOGLDOSDUDVHOHFFLRQDU
 *LUHHOGLDOSDUDVHOHFFLRQDUHOQLYHO
GHSRWHQFLDLQIHULRU3UHVLRQHSDUD
VHOHFFLRQDU
 *LUHHOGLDOSDUDVHOHFFLRQDUHO
QLYHOGHSRWHQFLDGHPLFURRQGD
3UHVLRQHSDUDVHOHFFLRQDU
 3UHVLRQHODWHFOD67$573$86(
RSUHVLRQHHOGLDOVHOHFWRUSDUD
FRPHQ]DUDFRFLQDU
3DUDVXJHUHQFLDVVREUHHOQLYHOGH
SRWHQFLDRWLHPSRGHFRFLPLHQWR
XWLOLFHODJXtDGHFRFLPLHQWROLEURGH
UHFHWDVRODVVHOHFFLRQHVGHOPHQ~
SUHGHWHUPLQDGRGHFRFLPLHQWRUiSLGR
background
&RFLPLHQWR5iSLGR
+RUQR$GYDQWLXP

0L5HFHWD
SDUDHQWUDU
\VDOYDU
$JUHJD\JXDUGDKDVWDGHVXV
UHFHWDVSDUDFRFLPLHQWRUiSLGRR
PLFURRQGDRODVUHFHWDVGHOPHQ~
SUHGHWHUPLQDGRGHFRFLPLHQWRUiSLGR
FRPRXQDUHFHWDIDYRULWD8QDYH]
UHDOL]DGDSXHGHOODPDUUiSLGDPHQWH
\HQFXDOTXLHUPRPHQWRVXUHFHWD
IDYRULWDSDUDFRFLQDUODFRPLGDFRPR
DXVWHGOHJXVWD
 3UHVLRQHODWHFOD63(('&22.R
0,&52:$9(
 *LUHHOGLDOSDUDVHOHFFLRQDU0<
5(&,3(PLUHFHWD3UHVLRQHHOGLDO
SDUDVHOHFFLRQDU
 *LUHHOGLDOKDVWDTXHDSDUH]FD
1(:5(&,3(QXHYDUHFHWD
3UHVLRQHHOGLDOSDUDVHOHFFLRQDU
 $SDUHFHUi(17(5&22.7,0(HQWUH
HOWLHPSRGHFRFLPLHQWR*LUHHO
GLDOSDUDHVFRJHUHOWLHPSRGH
FRFLPLHQWR3UHVLRQHHOGLDOSDUD
VHOHFFLRQDU
/DSDQWDOODOHLQGLFDUiTXHGHEH
VHOHFFLRQDUORVQLYHOHVGHSRWHQFLD
 *LUHHOGLDOHQGLUHFFLyQGHODV
PDQHFLOODVGHUHORMSDUDDXPHQWDU
RDOFRQWUDULRSDUDGLVPLQXLUHO
QLYHOGHSRWHQFLDVXSHULRU3UHVLRQH
HOGLDOSDUDVHOHFFLRQDU
8WLOLFHODJXtDGHFRFLPLHQWRROLEUR
GHUHFHWDVSDUDYHUVXJHUHQFLDVGHO
QLYHOGHSRWHQFLD\GHOWLHPSRGH
FRFLPLHQWR
 6HOHFFLRQH6$9(JXDUGDUGHO
UHVXPHQGHODSDQWDOOD
 $SDUHFHUi63(//7+()22'
1$0(GHOHWUHHHOQRPEUHGH
ODFRPLGD*LUHHOGLDOKDVWDOD
SULPHUDOHWUDGHODGHVFULSFLyQGH
VXFRPLGD\SUHVLRQHHOGLDOSDUD
VHOHFFLRQDU&RQWLQ~HHVWHSURFHVR
KDVWDGHOHWUHDUHOUHVWRGHO
QRPEUH3UHVLRQHODWHFOD67$57
3$86(SDUDJXDUGDUODUHFHWD\
VXQRPEUH
3DUDHQFRQWUDU\XWLOL]DUODVUHFHWDV
JXDUGDGDV
 3UHVLRQHODWHFOD63(('&22.R
0,&52:$9(
 *LUHHOGLDOSDUDVHOHFFLRQDU0<
5(&,3(PLUHFHWD
 $SDUHFHUiQHQODSDQWDOODORV
QRPEUHVGHODVUHFHWDVTXHKD
JXDUGDGR
 *LUHHOGLDOKDVWDTXHDSDUH]FD
ODUHFHWDTXHGHVHD\SUHVLRQHHO
GLDOSDUDVHOHFFLRQDU
 3UHVLRQHODWHFOD67$573$86(
RHOGLDOVHOHFWRUSDUDFRPHQ]DUHO
FRFLPLHQWR
0L5HFHWD
HQFRQWUDU\
XWLOL]DU
background

&RFLPLHQWR5iSLGR
+RUQR$GYDQWLXP
0L5HFHWD
SDUDDMXVWDU
RFDPELDU
3DUDHOLPLQDUODVUHFHWDVJXDUGDGDV
 3UHVLRQHODWHFOD63(('&22.R
0,&52:$9(
 *LUHHOGLDOSDUDVHOHFFLRQDU0<
5(&,3(PLUHFHWD
 6HOHFFLRQHODUHFHWDTXHGHVHD
HOLPLQDU
 *LUHHOGLDOSDUDVHOHFFLRQDU
'(/(7(HOLPLQDU
0L5HFHWD
SDUD
HOLPLQDU
3DUDDMXVWDURFDPELDUODVUHFHWDV
JXDUGDGDV
 3UHVLRQHORVERWRQHV63(('&22.
FRFFLyQUiSLGDR0,&52:$9(
PLFURRQGDV
 *LUHHOGLDOSDUDVHOHFFLRQDU0<
5(&,3(PLUHFHWD
 *LUHHOGLDOKDVWDODUHFHWDTXH
GHVHDFDPELDU3UHVLRQHHOGLDO
SDUDLQJUHVDU$SDUHFHUiQODV
FRQILJXUDFLRQHVDFWXDOHV
 (OLMD(',7HGLWDU
 *LUHHOGLDOSDUDDMXVWDUHOWLHPSR
GHFRFFLyQ\SUHVLRQHHOGLDOSDUD
LQJUHVDU
 *LUHHOGLDOSDUDFDPELDUORV
QLYHOHVGHHQHUJtD\SUHVLRQHHO
GLDOSDUDLQJUHVDUFDGDQLYHOGH
HQHUJtD
 *LUHHOGLDOSDUDFDPELDUHO
QRPEUHGHODUHFHWD3UHVLRQHHO
GLDOSDUDLQJUHVDUFDGDFDPELRGH
OHWUD
 3UHVLRQHHOERWyQ67$573$86(
LQLFLDUSDXVDSDUDJXDUGDUOD
UHFHWDPRGLILFDGD
3DUDQLYHOGHHQHUJtD\VXJHUHQFLDVGH
WLHPSRGHFRFFLyQXWLOLFHVXJXtDGH
FRFFLyQRUHFHWDULR
background
+RUQHDUFRQ&RQYHFFLyQ
+RUQR$GYDQWLXP

&yPRVH
+RUQHDFRQ
&RQYHFFLyQ
 6HUHFRPLHQGDQSDQDVGHPHWDO
SDUDWRGRVORVWLSRVGHSURGXFWRV
KRUQHDGRVSHURHVSHFLDOPHQWH
FXDQGRHVLPSRUWDQWHGRUDU
 /DVSDQDVGHPHWDORVFXUDVR
FRQDFDEDGRPDWHVRQPHMRUHV
SDUDSDQHV\WDUWDOHWDV\DTXH
DEVRUEHQHOFDORU\SURGXFHQ
FRUWH]DVPiVFUXMLHQWHV
 /DVSDQDVGHDOXPLQLREULOODQWH
VRQPHMRUHVSDUDSDVWHOHV
JDOOHWDVRPXIILQV\DTXHUHIOHMDQ
HOFDORU\D\XGDQDSURGXFLUXQD
FRUWH]DOLJHUDPHQWHVXDYH
 /DVFDFHURODVGHYLGULRRGH
DOHDFLyQGHFHUiPLFD\YLGULRRORV
SODWRVSDUDKRUQHDUVRQPHMRUHV
SDUDUHFHWDVFRQKXHYR\TXHVR
GHELGRDODIiFLOOLPSLH]DGHOYLGULR
 $OKRUQHDUHQXQVRORQLYHO
XWLOLFHHOLQIHULRU/RVVXMHWDGRUHV
VXSHULRUHVVyORGHEHQXWLOL]DUVH
SDUDKRUQHDUHQORVGRVQLYHOHV
&RQVHMRVGH
FRFLPLHQWRSDUD
KRUQHDUFRQ
FRQYHFFLyQ
+RUQHDU
FRQ
&RQYHFFLyQ
+RUQHDUFRQFRQYHFFLyQOHSHUPLWHFRFLQDU
ORVDOLPHQWRVGHODPLVPDPDQHUDTXHXQ
KRUQRFRQYHQFLRQDOXWLOL]DXQHOHPHQWRSDUD
FDOHQWDUHODLUHDGHQWURGHOKRUQR6HSXHGH
SURJUDPDUFXDOTXLHUWHPSHUDWXUDHQWUH)
D)
(OYHQWLODGRUFLUFXODVXDYHPHQWHHODLUH
FDOLHQWHDWUDYpVGHOKRUQRVREUH\DOUHGHGRU
GHORVDOLPHQWRV'HELGRDTXHHODLUHFDOLHQWH
VHPDQWLHQHHQFRQVWDQWHPRYLPLHQWR
DOJXQRVDOLPHQWRVVHFRFLQDQXQSRFR
PiVUiSLGRDGLIHUHQFLDGHORVKRUQRVGH
FRFLPLHQWRUHJXODU
$QWHVGHFRPHQ]DUDVHJ~UHVHTXHODSDUULOOD
GHPHWDOHVWpHQVXOXJDU6HSXHGHQ
XWLOL]DUDPEDVSDUULOODVHQORVGRVQLYHOHVGH
FRFLPLHQWR
35(&$8&,Ï1
5,(6*2'(48(0$'85$6
&XDQGRKRUQHHUHFXHUGHTXHHOKRUQRODSXHUWD\
ORVSODWRVHVWiQPX\FDOLHQWHV
'HDFXHUGRFRQOD86'$FRFLQHODFDUQHDXQD
WHPSHUDWXUD,17(51$GHSRUORPHQRV)HOSROOR
DXQDWHPSUHDWXUD,17(51$GHSRUORPHQRV)
&RFLQDUDHVWDVWHPSHUDWXUDVJHQHUDOPHQWHSURWHJH
FRQWUDHQIHUPHGDGHVSURGXFLGDVSRUORVDOLPHQWRV
3DUDPiVLQIRUPDFLyQYLVLWHODSiJLQDZZZIRRGVDIHW\
JRY
&XDQGRKRUQHHRFDOLHQWHHQORVGRVQLYHOHV
FRORTXHHODOLPHQWRHQODEDQGHMDGHPHWDORHQ
HOSODWRDSURSLDGR\FROyTXHORVREUHODSDUULOOD
GHDODPEUHGHOKRUQR
 3UHVLRQHHOERWyQ&219%$.(
KRUQHDUSRUFRQYHFFLyQ
 *LUHHOGLDOSDUDFRQILJXUDUOD
WHPSHUDWXUD\SUHVLRQHHOGLDOSDUD
LQJUHVDU
 3UHVLRQHHOGLDOSDUDLQJUHVDU\
FRQILUPDUODVHOHFFLyQ
3DUDLQLFLDUGHLQPHGLDWRVLQFRQILJXUDU
XQWLHPSRGHFRFFLyQVHOHFFLRQH67$57
LQLFLDURSUHVLRQHHOERWyQ67$573$86(
LQLFLDUSDXVD
3DUDFRQILJXUDUXQWLHPSRGHFRFFLyQ
 *LUHHOGLDO\VHOHFFLRQH&22.7,0(
WLHPSRGHFRFFLyQ
 *LUHHOGLDOSDUDFRQILJXUDUHOWLHPSR
GHFRFFLyQ\SUHVLRQHHOGLDOSDUD
LQJUHVDU
 3DUDLQLFLDUHOWLHPSRGHFRFFLyQGH
LQPHGLDWRFRORTXHORVDOLPHQWRVHQ
HOKRUQR\VHOHFFLRQH67$57&22.
7,0(LQLFLDUWLHPSRGHFRFFLyQ
/XHJRSUHVLRQHHOGLDORHOERWyQ
67$573$86(LQLFLDUSDXVDSDUD
LQLFLDU(OWLHPSRGHFRFFLyQLQLFLDUi
GHLQPHGLDWRODFXHQWDUHJUHVLYD
3DUDLQLFLDUHOWLHPSRGHFRFFLyQ
GHVSXpVGHOSUHFDOHQWDPLHQWR
VHOHFFLRQH67$5735(+($7LQLFLDU
SUHFDOHQWDPLHQWR(OKRUQRHPLWLUiXQD
VHxDOFXDQGRDOFDQFHODWHPSHUDWXUD
GHFRFFLyQ&RORTXHORVDOLPHQWRVHQHO
KRUQR\SUHVLRQHHOERWyQ67$573$86(
LQLFLDUSDXVD(OWLHPSRGHFRFFLyQ
LQLFLDUiODFXHQWDUHJUHVLYD
6LODSXHUWDGHOKRUQRVHDEUHGXUDQWHOD
FRFFLyQ´3DXVHµSDXVDDSDUHFHUiHQ
ODSDQWDOOD&LHUUHODSXHUWD\SUHVLRQHHO
ERWyQ67$573$86(LQLFLDUSDXVD
/RVWLHPSRVGHFRFFLyQVHPXHVWUDQHQ
KRUDV\PLQXWRV\SXHGHQFRQILJXUDUVH
KDVWDXQPi[LPRGHKRUDVPLQXWRV
(OWLHPSRSXHGHFDPELDUVHGXUDQWHOD
FRFFLyQJLUDQGRHOGLDO
background
$VDU\WRVWDUXWLOL]DQODVOiPSDUDVVXSHULRUHV
\HOFDOHQWDGRULQIHULRUSDUDDVDURWRVWDUORV
DOLPHQWRVVLPLODUDOKRUQRFRQYHQFLRQDO
$QWHVGHFRPHQ]DUDVHJ~UHVHTXHHOSODWR
JLUDWRULRHVWpHQVXOXJDU$OWRVWDUXWLOLFHOD
EDQGHMDGHPHWDO\DODVDUXWLOLFHODEDQGHMD
GHPHWDORODEDQGHMDGHPHWDOSDUDDVDU
35(&$8&,Ï1
5LHVJRGHTXHPDGXUDV
$ODVDURWRVWDUUHFXHUGHTXHODFDYLGDGGHOKRUQR
ODSXHUWDGHOKRUQR\SODWRVYDDVHUPX\FDOLHQWH
$VDU\7RVWDU
+RUQR$GYDQWLXP

 3UHVLRQHHOERWyQ&22.,1*237,216
RSFLRQHVGHFRFFLyQ
 *LUHHOGLDOD%52,/DVDU\SUHVLRQH
SDUDLQJUHVDU
 &RORTXHORVDOLPHQWRVHQHOKRUQR\
VHOHFFLRQH67$57LQLFLDURSUHVLRQH
HOERWyQ67$573$86(LQLFLDUSDXVD
SDUDLQLFLDU
6LODSXHUWDGHOKRUQRVHDEUHGXUDQWHOD
FRFFLyQ´3DXVHµSDXVDDSDUHFHUiHQ
ODSDQWDOOD&LHUUHODSXHUWD\SUHVLRQHHO
ERWyQ67$573$86(LQLFLDUSDXVD
&yPRDVDU
$VDU\
7RVWDU
&XDQGRXWLOLFHHOKRUQRHO
SODWRJLUDWRULRGHEHHVWDU
VLHPSUHHQVXOXJDU
&RORTXHORVDOLPHQWRV
GLUHFWDPHQWH
 /RVWLHPSRVGHDVDUSXHGHQVHU
PiVFRUWRVHQHOKRUQR$GYDQWLXP
\DTXHXWLOL]DOiPSDUDVKDOyJHQDV
$VHJ~UHVHGHPRQLWRUHDUGHFHUFD
ORVDOLPHQWRVSDUDREWHQHUORV
UHVXOWDGRVGHVHDGRV
 3DUDPHMRUHVUHVXOWDGRVDO
DVDUFRORTXHORVDOLPHQWRV
GLUHFWDPHQWHHQODEDQGHMDGH
PHWDOSDUDDVDU
 6HSURGXFHKXPRDODVDUFDUQHHQ
HOKRUQR
 6LSUHFDOLHQWDHOKRUQRSDUDDVDU
FDUQHSUHFDOLHQWHFRQODEDQGHMD
GHPHWDOSDUDDVDUHQHOKRUQR
\SDUDXQDPHMRUEUDVDHQOD
FDUQHFROyTXHODVREUHODEDQGHMD
FDOLHQWH
 3DUDXQPHMRUUHQGLPLHQWR
FXDQGRDVHFDUQHSUHFDOLHQWH
HOKRUQRGXUDQWHPLQXWRV(O
SROORWLHQHPHMRUHVUHVXOWDGRVVLQ
SUHFDOHQWDUHOKRUQR
 6HGHEHQYROWHDUORVDOLPHQWRVD
ODPLWDGGHOWLHPSRGHDVDGR
 5HWLUHODVSLH]DVPiVILQDVSDUD
HYLWDUTXHVHFRFLQHQGHPDVLDGR\
TXHVHVHTXHQ
&RQVHMRVGH
FRFLPLHQWR
SDUDDVDU
 8WLOLFHODEDQGHMDGHPHWDOSDUD
PHMRUHVUHVXOWDGRVDOWRVWDU
 1RQHFHVLWDGDUOHYXHOWDDOD
PD\RUtDGHORVDOLPHQWRVV
 $OWRVWDUQXHYHVP~HYDORVDOD
PLWDGGHOWLHPSRGHFRFLPLHQWR
 7XHVWHODVSLH]DVPiVJUXHVDVSRU
PiVWLHPSRODVSLH]DVGHOJDGDV
PHQRVWLHPSR
&RQVHMRVGH
FRFLPLHQWR
SDUDWRVWDU
&yPR
WRVWDU
 3UHVLRQHHOERWyQ&22.,1*237,216
RSFLRQHVGHFRFFLyQ
 *LUHHOGLDOD72$67WRVWDU\SUHVLRQH
SDUDLQJUHVDU
 *LUHHOGLDOSDUDFRQILJXUDUHOWLHPSR
GHWRVWDGRFRORTXHORVDOLPHQWRVHQ
HOKRUQR\VHOHFFLRQH67$57LQLFLDU
RSUHVLRQHHOERWyQ67$573$86(
LQLFLDUSDXVDSDUDLQLFLDU
6LODSXHUWDGHOKRUQRVHDEUHGXUDQWHOD
FRFFLyQ´3DXVHµSDXVDDSDUHFHUiHQ
ODSDQWDOOD&LHUUHODSXHUWD\SUHVLRQHHO
ERWyQ67$573$86(LQLFLDUSDXVD
background

&DOHQWDU\)HUPHQWDU
+RUQR$GYDQWLXP
&RQVHMRVSDUDDOLPHQWRVFUXMLHQWHV
1RFXEUDORVDOLPHQWRV
1RXWLOLFHUHFLSLHQWHVSOiVWLFRVQL
HQYROWRULRVSOiVWLFRV
1RHVQHFHVDULRSUHFDOHQWDUDPHQRV
TXHGHVHHKDFHUFUXMLHQWHDOLPHQWRV
YLHMRV9HD+DFHUFUXMLHQWHORV
DOLPHQWRVYLHMRV
7LSRGH&RPLGD $MXVWHGH+XPHGDG
&DFHURODV +~PHGR
&KLOL6RSD +~PHGR
3DQTXHTXHVZDIIOHV +~PHGR
3L]]D &UXMLHQWH
3DSDVKRUQHDGDV &UXMLHQWH
3DSDOLQDV*DOOHWDV &UXMLHQWH
&XDGURGH6HOHFFLyQGH7HPSHUDWXUD\+XPHGDG
&DOHQWDU
/DIXQFLyQ:$50PDQWHQGUi
FDOLHQWHODVFRPLGDVFRFLQDGDVD
WHPSHUDWXUDVGHVHUYLFLR6LHPSUH
FRPLHQFHFRQODFRPLGDFDOLHQWH8WLOLFH
UHFLSLHQWHV\XWHQVLOLRVTXHSXHGDQ
VRSRUWDUWHPSHUDWXUDVKDVWD)
 3UHVLRQHODRSFLyQ&22.,1*
237,216RSFLRQHVGHFRFLPLHQWR
 *LUHHOGLDOSDUDVHOHFFLRQDU:$50
3UHVLRQHHOGLDOSDUDVHOHFFLRQDU
 *LUHHOGLDOSDUDVHOHFFLRQDUHOQLYHO
GHKXPHGDGTXHGHVHD9HDHO
FXDGUR\FRQVHMRVDFRQWLQXDFLyQ
3UHVLRQHHOGLDOSDUDVHOHFFLRQDU
 6HOHFFLRQH67$57LQLFLDURSUHVLRQH
HOERWyQ67$573$86(LQLFLDU
SDXVDSDUDLQLFLDU(OKRUQR
FRPLHQ]DDFDOHQWDUGHLQPHGLDWR
HLQGLFDODFDQWLGDGGHWLHPSR
GHFDOHQWDPLHQWRTXHVHGHEH
FRPSOHWDU
6LODSXHUWDGHOKRUQRVHDEUHGXUDQWH
HOFDOHQWDPLHQWR´3DXVHµSDXVD
DSDUHFHUiHQODSDQWDOOD&LHUUHOD
SXHUWD\SUHVLRQHHOERWyQ67$573$86(
LQLFLDUSDXVD
3DUDKDFHUFUXMLHQWHORVDOLPHQWRV
YLHMRV
6HOHFFLRQHHODMXVWHGH&5,63
3UHFDOLHQWHHOKRUQRGXUDQWH
PLQXWRV
127$6yORSUHFDOLHQWHFXDQGR
GHVHHKDFHUFUXMLHQWHORVDOLPHQWRV
YLHMRV
&RORTXHODFRPLGDRORVSODWRV
GLUHFWDPHQWHHQODEDQGHMDGH
PHWDO
5HYLVHSDUDYHUVLHVWiFUXMLHQWH
GHVSXpVGHPLQXWRV6LHV
QHFHVDULRDJUHJXHPiVWLHPSR
/DIXQFLyQSDUDIHUPHQWDUVXPLQLVWUD
DXWRPiWLFDPHQWHODWHPSHUDWXUD
DSURSLDGDSDUDHOSURFHVRGH
IHUPHQWDFLyQSRUORWDQWRQRQHFHVLWD
DMXVWDUODWHPSHUDWXUD
 3UHVLRQHODRSFLyQ&22.,1*
237,216RSFLRQHVGHFRFLPLHQWR
 *LUHHOGLDOSDUDVHOHFFLRQDU3522)
OHXGDU\SUHVLRQHSDUDLQJUHVDU
 6HOHFFLRQH67$57LQLFLDURSUHVLRQH
HOERWyQ67$573$86(LQLFLDU
SDXVDSDUDLQLFLDU(OKRUQR
FRPLHQ]DDOHXGDUGHLQPHGLDWR
HLQGLFDODFDQWLGDGGHWLHPSRGH
OHXGDGRTXHVHGHEHFRPSOHWDU
3DUDHYLWDUEDMDUODWHPSHUDWXUD
GHOKRUQR\SURORQJDUHOWLHPSRGH
IHUPHQWDFLyQQRDEUDODSXHUWDGHO
KRUQRVLQQHFHVLGDG
5HYLVHORVSURGXFWRVGHSDQDQWHV
SDUDHYLWDUVREUHIHUPHQWDUORV
127$6
1RXWLOLFHHOPRGRGHIHUPHQWDFLyQ
SDUDFDOHQWDUDOLPHQWRVRSDUD
PDQWHQHUFDOLHQWHODFRPLGD/D
WHPSHUDWXUDGHIHUPHQWDFLyQQR
HVORVXILFLHQWHPHQWHFDOLHQWHSDUD
PDQWHQHUODFRPLGDDWHPSHUDWXUDV
VHJXUDV8WLOLFHODIXQFLyQ:$50
SDUDPDQWHQHUODFRPLGDFDOLHQWH
/DIXQFLyQGHIHUPHQWDFLyQQR
RSHUDUiVLHOKRUQRHVWiGHPDVLDGR
FDOLHQWH3HUPLWDTXHHOKRUQRVH
HQIUtHDQWHVGHIHUPHQWDU
)HUPHQWDU
3DUDIHUPHQWDUFRORTXHODPDVDHQXQ
WD]yQSDQDSDUDSDQ\FROyTXHODHQOD
EDQGHMDGHPHWDO
&XDQGRXWLOLFHHOKRUQRHOSODWRJLUDWRULR
GHEHHVWDUVLHPSUHHQVXOXJDU
3DUDFDOHQWDUFRORTXHORVDOLPHQWRV
RHOUHFLSLHQWHVHJXURSDUDHOKRUQR
GLUHFWDPHQWHHQODEDQGHMDGHPHWDO
&XDQGRXWLOLFHHOKRUQRHOSODWRJLUDWRULR
GHEHHVWDUVLHPSUHHQVXOXJDU
&RQVHMRVSDUDDOLPHQWRVK~PHGRV
&XEUDORVDOLPHQWRVFRQXQDWDSDR
FRQSDSHOGHDOXPLQLR
1RXWLOLFHUHFLSLHQWHVSOiVWLFRVQL
HQYROWRULRVSOiVWLFRV
1RHVQHFHVDULRSUHFDOHQWDU
background
&RFLQDQGRHQHO0LFURRQGD
+RUQR$GYDQWLXP
8VRGHODV
IXQFLRQHVGH
PLFURRQGD
$VHJ~UHVHTXHHOSODWRJLUDWRULRHVWpHQVXOXJDU8WLOLFHODEDQGHMDGHYLGULRFODUR
&RORTXHORVDOLPHQWRVRHOUHFLSLHQWHSDUDPLFURRQGDVGLUHFWDPHQWHHQODEDQGHMD
GHYLGULRFODURSDUDFRFLQDUORVDOLPHQWRV
&RFLPLHQWR
²3RUWLSRGHFRPLGD
²3RUWLHPSR
²3RUWLHPSR\
'HVFRQJHODFLyQ
OEUiSLGR
3RUWLHPSR
3RUWLSRGHFRPLGD
3RUSHVR
'HUUHWLU
$EODQGDU
%HELGDV
$JXDR]
&DIpR]
7pR]
/HFKHR]
&RFRDFDOLHQWHR]
3DORPLWDVGH0Dt]
DR]
'HUUHWWLU
0DQWHTXLOOD
&DUDPHOR
4XHVR
&KLVSDVGH
&KRFRODWH
0DODYDYLVFRV
&RFLPLHQWR/HQWR
$EODQGDU
0DQWHTXLOOD
4XHVR&UHPD
*ODVHDGRVR]
+HODGR
5HFDOHQWDU
²%HELGDV
²&DFHURODV
²3ROOR
²3DVWD
²3L]]D
²3ODWRGHFRPLGD
²$UUR]
²6RSD
²)LOHWHV&KXOHWDV
²9HJHWDOHV
6(/(&&,21(635('(7(50,1$'$63$5$(/0,&5221'$6
&XDQGRXWLOLFHHOKRUQRHOSODWRJLUDWRULR
GHEHHVWDUVLHPSUHHQVXOXJDU
&XDQGRFRFLQHHQHOPLFURRQGDVOD
EDQGHMDGHYLGULRFODURVLHPSUHGHEH
HVWDUHQVXOXJDU
5HFLSLHQWHVGHFRFLPLHQWR
$VHJ~UHVHTXHWRGRVORVUHFLSLHQWHVVHDQ
DGHFXDGRVSDUDFRFLQDUHQPLFURRQGDV
/RTXHHV
QRUPDO
,QWHUIHUHQFLD
6HSXHGHREVHUYDULQWHUIHUHQFLDGH79
UDGLRFXDQGRXWLOL]DHOPLFURRQGDVLPLODUD
ODLQWHUIHUHQFLDFDXVDGDSRURWURVDSDUDWRV
SHTXHxRV(VWRQRLQGLFDXQSUREOHPDFRQ
HOPLFURRQGD0XHYDHOUDGLRROD79OR
PiVOHMRVSRVLEOHGHOPLFURRQGDRUHYLVHOD
SRVLFLyQGHODDQWHQDGHOD79UDGLR
&DORUGHO+RUQR
/RVUHFLSLHQWHVVHSXHGHQFDOHQWDU
GHELGRDODWUDQVIHUHQFLDGHFDORUGHORV
DOLPHQWRVFDOLHQWHV8WLOLFHJXDQWHVSDUD
PDQLSXODUORV
(OYDSRUVHSXHGHVDOLUDOUHGHGRUGHOD
SXHUWD
&XDQGRFRFLQHWRFLQRFRORTXHODWLUDVHQ
FDSDVVREUHHOSODWR&XEUDFDGDFDSD
FRQSDSHOWRDOOD
&XDQGRFRFLQHYHJHWDOHVXWLOLFH
XQDFDFHURODRWD]yQVHJXURSDUDHO
PLFURRQGDV&~EUDORVFRQXQDWDSDVHJXUR
SDUDHOPLFURRQGDVRFRQXQHQYROWRULR
SOiVWLFRYHQWLODGR
3DUDYHJHWDOHVFRQJHODGRVDJUHJXH
DJXDGHDFXHUGRFRQODVLQVWUXFFLRQHVGHO
SDTXHWH
3DUDYHJHWDOHVIUHVFRVDJUpJXHOH
FXFKDUDGDVGHDJXDDFDGDSRUFLyQ
&RQVHMRV
GH
FRFLPLHQWR

background
&RFLPLHQWR
FRQWLHPSR
8WLOLFH&2&,1$5&217,(032SDUD
FRFLQDUHQHOPLFURRQGDDOLPHQWRVTXH
QRVHHQFXHQWUDQHQODVVHOHFFLRQHV
SUHGHWHUPLQDGDVGHOPLFURRQGDV
 3UHVLRQHODWHFOD0,&52:$9(
 3UHVLRQHHOGLDOSDUDVHOHFFLRQDU
&2&,1$5&217,(032\OXHJR
SUHVLyQHORSDUDVHOHFFLRQDU

*LUHHOGLDOSDUDDMXVWDUHOWLHPSRGH
FRFLPLHQWR\OXHJRSUHVLyQHORSDUD
VHOHFFLRQDU
 *LUHHOGLDOSDUDDMXVWDUHOQLYHOGH
SRWHQFLDOXHJRSUHVLyQHORSDUD
VHOHFFLRQDU
 3UHVLRQHHOGLDORODWHFOD67$573$86(
SDUDFRPHQ]DUDFRFLQDU
3XHGHDEULUODSXHUWDGXUDQWHHO
&2&,0,(172&217,(032SDUDUHYLVDUOD
FRPLGD&LHUUHODSXHUWD\SUHVLRQH67$57
3$86(SDUDUHDQXGDUHOFRFLPLHQWR
1LYHOHVGH
SRWHQFLDGH
PLFURRQGD
(OQLYHOGHHQHUJtDGHOPLFURRQGDVVH
FRQILJXUDDXWRPiWLFDPHQWHHQWRGDV
ODVIXQFLRQHVGHOPLFURRQGDVSHURXVWHG
SXHGHFDPELDUORSRU&22.%<7,0(
FRFLQDUSRUWLHPSR&22.%<7,0(
FRFLQDUSRUWLHPSR0,&52
6(&PLFURVHJ\'()5267%<7,0(
GHVFRQJHODUSRUWLHPSR
 3ULPHURVLJDODVLQVWUXFFLRQHVSDUD
&22.%<7,0(FRFLQDUSRUWLHPSR
&22.%<7,0(FRFLQDUSRU
WLHPSR0,&52PLFUR\
'()5267%<7,0(GHVFRQJHODUSRU
WLHPSR
 6HOHFFLRQH67$57LQLFLDURSUHVLRQH
HOERWyQ67$573$86(LQLFLDUSDXVD
SDUDLQLFLDU
 3UHVLRQH(',7HGLWDUSDUDFDPELDU
HOWLHPSRGHFRFFLyQ\OXHJRHOQLYHO
GHHQHUJtDGHOPLFURRQGDV3UHVLRQH
HOGLDOSDUDLQJUHVDUHOWLHPSRGH
FRFFLyQ\ORVFDPELRVDOQLYHOGH
HQHUJtD
/RVVLJXLHQWHVVRQDOJXQRVHMHPSORV
GHGLIHUHQWHVQLYHOHVGHHQHUJtD
+LJKDOWR3HVFDGRWRFLQR
YHJHWDOHVOtTXLGRVHQKHUYRU
0HG+LJKPHGDOWR&RFFLyQVXDYH
GHFDUQHGHUHV\GHDYHKRUQHDGRGH
HVWRIDGRV\UHFDOHQWDPLHQWR
0HGLXPPHGLR3DUDFRFFLyQOHQWD
\SDUDWLHUQL]DUHVWRIDGRV\FRUWHVGH
FDUQHPHQRVWLHUQRV
/RZDEDMRy'HVFRQJHODUKHUYLU
DIXHJROHQWRVDOVDVGHOLFDGDV
:DUPWLELR0DQWHQHUDOLPHQWRV
FDOLHQWHVDEODQGDUPDQWHTXLOOD
&RFLQDQGRHQHO0LFURRQGD
+RUQR$GYDQWLXP

&yPRXWLOL]DU
ODVVHOHFFLRQHV
SUHGHWHUPLQDGDV
GHPLFURRQGD
 3UHVLRQHODWHFOD0,&52:$9(
6LQRKDFHQLQJXQDVHOHFFLyQHQ
VHJXQGRVODSDQWDOODUHJUHVDUiDOD
KRUDGHOGtD
 *LUHHOGLDOSDUDVHOHFFLRQDU&22.
FRFLQDU'()5267GHVFRQJHODU
%(9(5$*(EHELGD323&251
SDORPLWDVGHPDt]0(/7GHUUHWLU
5(+($7UHFDOHQWDU6,00(5IXHJR
OHQWR\62)7(1DEODQGDU
 *LUHHOGLDOSDUDHQFRQWUDUODFRPLGD
TXHGHVHDFRFLQDUGHVFRQJHODU
RUHFDOHQWDU3UHVLRQHHOGLDOSDUD
VHOHFFLRQDU
 *LUHHOGLDOVHOHFWRUSDUDVHOHFFLRQDUHO
WLSRFDQWLGDGSHVR\RWDPDxRFRPR
OHLQGLTXHHOKRUQR3UHVLRQHHOGLDO
GHVSXpVGHFDGDVHOHFFLyQ
 3UHVLRQHHOGLDORHOERWyQ67$573$86(
LQLFLDUSDXVDSDUDLQLFLDUODFRFFLyQ
3UHVLRQHHOGLDOVHOHFWRUSDUDUHYLVDUORV
DMXVWHVGXUDQWHHOFRFLPLHQWR
6LDEUHODSXHUWDGXUDQWHHOFRFLPLHQWR
HOKRUQRVHGHWHQGUi\ODSDQWDOOD
PRVWUDUi3$86(&LHUUHODSXHUWD\
SUHVLRQH67$573$86(SDUDUHDQXGDU
HOFRFLPLHQWR
6LHQWUyXQDVHOHFFLyQQRGHVHDGD
VLPSOHPHQWHSUHVLRQHHQFXDOTXLHU
PRPHQWRODWHFOD%$&.\YXHOWDD
LQWURGXFLUODVVHOHFFLRQHVGHVHDGDV
&RFLPLHQWRFRQ
WLHPSR\
8WLOLFH&22.%<7,0(&2&,1$5
&217,(032<SDUDFRFLQDUFRQ
PLFURRQGDORVDOLPHQWRVTXHUHTXLHUHQ
GRVGLIHUHQWHVWLHPSRV\QLYHOHVGH
SRWHQFLD
 3UHVLRQHODWHFOD0,&52:$9(
 *LUHHOGLDOSDUDVHOHFFLRQDU&22.\
SUHVLyQHORSDUDVHOHFFLRQDU
 *LUHHOGLDOSDUDVHOHFFLRQDUHO&22.
%<7,0(&RFLPLHQWRFRQWLHPSR
\\SUHVLyQHORSDUDVHOHFFLRQDU
 *LUHHOGLDOSDUDDMXVWDUHOHU
WLHPSR\SUHVLyQHORSDUDVHOHFFLRQDU
5HSLWDSDUDHOHUQLYHOGHSRWHQFLDHO
GRWLHPSR\HOGRQLYHOGHSRWHQFLD
 3UHVLRQHHOGLDORODWHFOD67$57
3$86(SDUDFRPHQ]DUDFRFLQDU
background
&RFLQDQGRHQHO0LFURRQG
+RUQR$GYDQWLXP

3UHVLRQH0,&526(&6UHSHWtGDPHQWH
SDUDLQFUHPHQWDUVHJXQGRVHO
WLHPSRGHFRFLPLHQWRHQHOPLFURRQGDV
(OKRUQRDUUDQFDLQPHGLDWDPHQWH
(OQLYHOGHSRWHQFLDVHDMXVWD
DXWRPiWLFDPHQWHHQDOWRSHURORSXHGH
FDPELDUSDUDPD\RUIOH[LELOLGDG9HDODV
LQVWUXFFLRQHVHQODVHFFLyQ1LYHOHVGH
3RWHQFLDGHO0LFURRQGDV
0LFUR
VHJXQGRV
9HDODVVHFFLRQHVGH0<5(&,3(0LV
5HFHWDVHQODVHFFLyQGH&RFLPLHQWR
5iSLGRGHHVWHOLEURSDUDYHUODV
LQVWUXFFLRQHVGHFyPRJXDUGDU
XVDUFDPELDURHOLPLQDUXQDUHFHWD
SHUVRQDOL]DGDGHOPLFURRQGD
0LV5HFHWDV
&RQVHMRVSDUD
GHVFRQJHODU
8WLOLFH'(6&21*(/$53257,32'(
&20,'$SDUDFDUQHSROORSHVFDGR\SDQ
8WLOLFH'(6&21*(/$5&217,(032SDUD
ODPD\RUtDGHODVFRPLGDVFRQJHODGDV

/DVFRPLGDVFRQJHODGDVHQSDSHO
RSOiVWLFRSXHGHQGHVFRQJHODUVH
HQHOHPSDTXHFXDQGRXWLOL]D
'(6&21*(/$&,Ï1&217,(032
&XDQGRXWLOL]D'(6&21*(/$&,Ï1
3257,32'(&20,'$GHEHUUHWLUDUOD
FDUQHGHOHPSDTXH/RVHPSDTXHV
FHUUDGRVGHEHQUDQXUDUVH
SLQFKDUVHRYHQWLODUVHGHVSXpVGH
TXHODFRPLGDHVWpSDUFLDOPHQWH
GHVFRQJHODGD/RVUHFLSLHQWHV
SOiVWLFRVGHEHQHVWDUSDUFLDOPHQWH
GHVWDSDGRV

/DVFHQDVIDPLOLDUDVFRQJHODGDV
SUHHPSDFDGDVSXHGHQ
GHVFRQJHODUVH\FRFLQDUVHHQHO
PLFURRQGDV6LODFRPLGDHVWiHQXQ
UHFLSLHQWHGHDOXPLQLRWUDQVILpUDODD
XQSODWRVHJXURSDUDHOPLFRRQGDV
/DVFRPLGDVTXHVHDUUXLQDQ
IiFLOPHQWHQRGHEHQSHUPDQHFHU
DIXHUDSRUPiVGHXQDKRUD
GHVSXHVGHGHVFRQJHODUOD/D
WHPSHUDWXUDDPELHQWHSURPXHYHHO
FUHFLPLHQWRGHEDFWHUtDVGDxLQDV
$OGHVFRQJHODUVHODFRPLGDGHEH
HVWDUIUtDSHURVXDYHHQWRGDVODV
iUHDV6LWRGDYtDWLHQHXQSRFRGH
KLHORUHJUpVHODEUHYHPHQWHDO
PLFURRQGDVRGpMHODGHVFDQVDUXQ
SDUGHPLQXWRV
$OGHVFRQJHODURPiVOLEUDVGH
FDUQHPROLGDRHQFXERVUHWLUHODV
SRUFLRQHVGHVFRQJHODGDVFXDQGR
VHOHLQGLTXHTXHGHEHYROWHDUOR
8WLOLFHOD'(6&21*(/$&,Ï1&21
7,(032SDUDGHVFRQJHODUGXUDQWH
XQWLHPSRVHOHFFLRQDGR
 3UHVLRQHODWHFOD0,&52:$9(
 *LUHHOGLDOVHOHFWRUD'()5267
3UHVLRQHHOGLDOSDUDVHOHFFLRQDU
 *LUHHOGLDOVHOHFWRUD'()5267
%<7,0(3UHVLRQHHOGLDOSDUD
VHOHFFLRQDU
 *LUHHOGLDOVHOHFWRUSDUD
VHOHFFLRQDUHOWLHPSRTXHGHVHD
3UHVLRQHHOGLDOSDUDVHOHFFLRQDU
 3UHVLRQHHOGLDORODWHFOD
67$573$86(SDUDFRPHQ]DUD
GHVFRQJHODU
 9ROWHHODFRPLGDFXDQGRHOKRUQR
OHLQGLTXH7851)22'29(5
(OQLYHOGHSRWHQFLDVHDMXVWH
DXWRPiWLFDPHQWHHQSHURORSXHGH
FDPELDU3DUDFDPELDUORVQLYHOHV
GHSRWHQFLDYHDODVLQVWUXFFLRQHVGH
1LYHOHVGH3RWHQFLDGHO0LFURRQGD
8VWHGSXHGHGHVFRQJHODUUiSLGDPHQWH
SHTXHxDVFDQWLGDGHVGHDOLPHQWRV
DOHOHYDUHOQLYHOGHSRWHQFLDGHVSXpV
GHHQWUDUHOWLHPSR(OQLYHOGH
SRWHQFLDDFRUWDHOWLHPSRWRWDOGH
GHVFRQJHODFLyQDODPLWDGHOQLYHOGH
SRWHQFLDDFRUWDHOWLHPSRWRWDOHQ
DSUR[LPDGDPHQWH$OGHVFRQJHODUHQ
QLYHOHVGHSRWHQFLDDOWRVORVDOLPHQWRV
QHFHVLWDUiQXQDIUHFXHQWHDWHQFLyQPiV
GHODXVXDO\pVWRVVHSXHGHQFRFLQDUXQ
SRFR
'HVFRJHODFLyQ
FRQWLHPSR
background
&RFLQDQGRHQHO0LFURRQGD
+RUQR$GYDQWLXP
'HVFRQJHODUSRU
WLSRGHFRPLGD
'(6&21*(/$53257,32'(
&20,'$DMXVWDDXWRPiWLFDPHQWH
ORVWLHPSRV\QLYHOHVGHSRWHQFLDGH
GHVFRQJHODFLyQSDUDGDUUHVXOWDGRV
PiVSDUHMRVDODVFDUQHVSROOR\
SHVFDGRTXHSHVDQKDVWDOLEUDV
 5HWLUHODFDUQHGHOHPSDTXH\
FROyTXHODHQXQSODWRVHJXUR
SDUDHOPLFURRQGDV(OSDQGHEH
SHUPDQHFHUHQHOHPSDTXHSHUR
UHWLUHORVDPDUUHVGHPHWDO
 3UHVLRQHODWHFOD0,&52:$9(
 *LUHHOGLDOD'()52673UHVLRQHHO
GLDOSDUDVHOHFFLRQDU
 *LUHHOGLDOSDUD'(6&21*(/$5
3257,32'(&20,'$3UHVLRQHHO
GLDOSDUDVHOHFFLRQDU
 3UHVLRQHHOGLDOSDUDHVFRJHUUHO
WLSRGHFRPLGD3UHVLRQHHOGLDO
SDUDVHOHFFLRQDU
 *LUHHOGLDODOSHVRGHODFRPLGD
XWLOLFHOD*XtDGH&RQYHUVLyQGHOD
GHUHFKD3RUHMHPSORGLDOSDUD
OLEUDVOLEUDRQ]DV3UHVLRQH
HOGLDOSDUDVHOHFFLRQDU
 3UHVLRQHHOGLDORODWHFOD
67$573$86(SDUDFRPHQ]DUD
GHVFRQJHODU
 9ROWHHODFRPLGDFXDQGRHOKRUQR
OHLQGLTXH7851)22'29(5
3DUDXQDGHVFRQJHODFLyQSDUHMD
UHWLUHODFDUQHGHVFRQJHODGDR
IRUUHODViUHDVWLELDVFRQSHTXHxRV
SHGD]RVGHDOXPLQLR
'HVSXpVGHGHVFRQJHODUODPD\RUtD
GHODVFDUQHVQHFHVLWDQGHVFDQVDU
PLQXWRVSDUDFRPSOHWDUOD
GHVFRQJHODFLyQ/RVURVWL]DGRV
JUDQGHVGHEHQGHVFDQVDU
DSUR[LGDPHQWHPLQXWRV
*XtDGH&RQYHUVLyQ
6LHOSHVRGHODFRPLGDHVWiHQOLEUDV\
RQ]DVODVRQ]DVGHEHQVHUFRQYHUWLGDV
DODGpFLPDSDUWHGHXQDOLEUD
:HLJKWRI)RRG (QWHU)RRG:HLJKW
LQ2XQFHV WHQWKVRIDSRXQG
² 

² 
² 

² 
 
² 
² 

background
&RFLQDQGRHQHO0LFURRQGD
+RUQR$GYDQWLXP

(OPRGRGHPLFURRQGDGHOKRUQR
$GYDQWLXPWLHQHXQVHQVRUGH
FRFLPLHQWR\UHFDOHQWDPLHQWR(OKRUQR
GHWHFWDDXWRPiWLFDPHQWHVLODFRPLGD
HVWiFRFLQDGD\VHDSDJDHOVROR
HOLPLQDQGRODQHFHVLGDGGHSURJUDPDU
WLHPSRVGHFRFLPLHQWR\QLYHOHVGH
SRWHQFLD
/DVIXQFLRQHVFRQVHQVRUGHWHFWDQ
ODKXPHGDGFUHFLHQWHOLEHUDGD
GXUDQWHHOFRFLPLHQWR(OKRUQR
DMXVWDDXWRPiWLFDPHQWHHOWLHPSR
GHFRFLPLHQWRSDUDYDULRVWLSRV\
FDQWLGDGHVGHFRPLGD
$'9(57(1&,$
5LHVJRGHIXHJR
1RXWLOLFHODVIXQFLRQHVFRQVHQVRUGRV
YHFHVFRQVHFXWLYDVHQODPLVPDSRUFLyQ
GHFRPLGD²VHSXHGHVREUHFRFLQDUR
TXHPDU6LODFRPLGDHVWiFUXGDGHVSXpV
GHWHUPLQDUHOSULPHUWLHPSRXWLOLFH
7,0(&22.FRFLPLHQWRFRQWLHPSRSDUD
DJUHJDUWLHPSRDGLFLRQDOGHFRFLPLHQWR
/RVUHFLSLHQWHV\FXELHUWDVDGHFXDGDV
VRQHVHQFLDOHVSDUDXQPHMRU
FRFLPLHQWRFRQVHQVRU
6LHPSUHXWLOLFHUHFLSLHQWHVVHJXURV
SDUDHOPLFURRQGDV\F~EUDORVFRQ
WDSDGHUDVRHQYROWXUDSOiVWLFD
YHQWLODGD1XQFDXWLOLFHFXELHUWDV
SOiVWLFDVKHUPpWLFDV²\DTXHHYLWDQ
TXHODKXPHGDGVDOJD\VHSXHGH
VREUHFRFLQDUODFRPLGD
$QWHVGHFRORFDUODFRPLGDDGHQWUR
GHOKRUQRDVHJ~UHVHGHTXHHOH[WHULRU
GHORVUHFLSLHQWHV\TXHHOLQWHULRU
GHOKRUQRHVWpQVHFRV/DVJRWDVGH
KXPHGDGTXHVHFRQYLHUWHQHQYDSRU
SXHGHQHQJDxDUDOVHQVRU
/DVSDORPLWDVGHPDt]\ODVSDSDV
VHFDOLHQWDQPHMRUGHVWDSDGDV
&RQVHMRVSDUD
HOFRFLPLHQWR
FRQVHQVRUGHO
PLFURRQGD
&XELHUWD
9HQWLODGD
6HTXHORVSODWRVSDUDTXH
QRVHHTXLYRTXHHOVHQVRU
 &DUQHPROLGD
 3DORPLWDVGH0Dt]
3DORPLWDVGHPDt]HQSDTXHWHSDUD
HOPLFURRQGDVR]DR]
 3DSD
 $UUR]
 6RSD
 9HJHWDOHVHQODWDGRVIUHVFRV
FRQJHODGRV
 5HFDOHQWDUSROOR
 5HFDOHQWDUSDVWD
 5HFDOHQWDUXQSODWRGHFRPLGD
 5HFDOHQWDUVRSD
 5HFDOHQWDUYHJHWDOHV
 5HFDOHQWDUYHJHWDOHV
 &RFLPLHQWROHQWR
352*5$0$6'(6(1625'(/0,&5221'$
background
3DUDXVDUWRGRV
ORVSURJUDPDV
FRQVHQVRU
3DUDXVDUWRGDVODVIXQFLRQHVFRQ
VHQVRU
 3UHVLRQHHOERWyQ0,&52:$9(
PLFURRQGDV

*LUHHOGLDOSDUDVHOHFFLRQDU&22.
%<)22'FRFLQDUSRUDOLPHQWR
XELFDGRGHEDMRGH&22.5(+($7
UHFDOHQWDUR6,00(5IXHJROHQWR

*DUD&22.%<)22'FRFLQDUSRU
DOLPHQWR\5(+($7UHFDOHQWDU
VHOHFFLRQHXQDOLPHQWR\SUHVLRQH
HOGLDOSDUDLQJUHVDU3DUD6,00(5
IXHJROHQWRFRQILJXUHHOWLHPSR
SDUDFRFFLyQDIXHJROHQWRGHVSXpV
GHTXHODVRSDVDOVDRHVWRIDGR
KD\DDOFDQ]DGRHOKHUYRU
 3UHVLRQHHOGLDORHOERWyQ67$57
3$86(LQLFLDUSDXVDSDUDLQLFLDUOD
FRFFLyQ
1RDEUDODSXHUWDGHOKRUQRKDVWD
TXHFRPLHQFHODFXHQWDUHJUHVLYDHQ
ODSDQWDOOD6LXVWHGDEUHODSXHUWD
PLHQWUDVVHUHDOL]DODFRFFLyQSRUVHQVRU
DSDUHFHUiHQODSDQWDOOD´6HQVRU(UURU
&ORVHGRRUDQGSUHVV67$57µ(UURUGH
VHQVRU²&LHUUHODSXHUWD\SUHVLRQH
67$57&LHUUHODSXHUWDGHLQPHGLDWR\
SUHVLRQHHOERWyQ67$573$86(LQLFLDU
SDXVDSDUDUHFRPHQ]DU
$'9(57(1&,$
5LHVJRGH)XHJR
1RXWOLFHODIXQFWLyQFRQVHQVRUGRV
YHFHVFRQVHFXWLYDVHQODPLVPDSRUFLyQ
GHFRPLGDODFRPLGDSXHGHUHVXOWDU
VHULDPHQWHFRFLQDGDRTXHPDGD6LOH
IDOWDFRFLPLHQWRDODFRPLGDDOILQDOGHO
WLHPSRGHFRFLPLHQWRFRQVHQVRUXWOLFH
&22.%<7,0(FRFLPLHQWRFRQWLHPSRHQ
HOVHOHFWRUGHOPLFURRQGDSDUDFRFLQDUOD
PiVWLHPSR
6LXVWHGKDHVWDGRFRFLQDQGR\HO
KRUQRHVWiFDOLHQWHSXHGHLQGLFDU
TXHVHHQFXHQWUDPX\FDOLHQWHSDUD
FRFLQDUSRUVHQVRU(QHVHFDVRHO
KRUQRFDPELDUiDXWRPiWLFDPHQWH
DFRFFLyQSRUWLHPSR\SXHGH
SUHJXQWDUVREUHHOSHVRROD
FDQWLGDGGHDOLPHQWRV
3DUDDFRUWDURSURORQJDUHOWLHPSR
GHFRFFLyQHVSHUHDTXHODFXHQWD
UHJUHVLYDDSDUH]FDHQODSDQWDOOD
/XHJRJLUHHOGLDOSDUDDJUHJDUR
UHVWDUWLHPSR
1RWDVVREUHHOSURJUDPD5HKHDW
UHFDOHQWDU
/RVDOLPHQWRVUHFDOHQWDGRVSXHGHQ
WHQHUDPSOLDVYDULDFLRQHVGH
WHPSHUDWXUD$OJXQDViUHDVSXHGHQ
HVWDUH[WUHPDGDPHQWHFDOLHQWHV
(VPHMRUXWLOL]DU&22.%<7,0(FRFLQDU
SRUWLHPSR\QR5(+($7UHFDOHQWDU
FRQHVWRVDOLPHQWRV
3URGXFWRVSDQLILFDGRV
$OLPHQWRVTXHGHEHQUHFDOHQWDUVH
VLQWDSD
$OLPHQWRVTXHGHEHQPH]FODUVHR
JLUDUVH
$OLPHQWRVTXHGHEHQTXHGDUFRQ
DVSHFWRRVXSHUILFLHVFUXMLHQWHV
GHVSXpVGHUHFDOHQWDUVH
&yPRDMXVWDUODVFRQILJXUDFLRQHV
DXWRPiWLFDVGHOKRUQR&22.%<
)22'FRFLQDUSRUDOLPHQWR\5(+($7
UHFDOHQWDUSDUDREWHQHUXQWLHPSRGH
FRFFLyQPD\RURPHQRUQRGLVSRQLEOH
HQWRGRVORVWLSRVGHDOLPHQWRV
3DUDUHGXFLUORVWLHPSRVGHFRFFLyQ
DXWRPiWLFRV'HVSXpVGHTXHHOKRUQR
VHDFFLRQDJLUHHOGLDOHQVHQWLGR
FRQWUDULRDODVDJXMDVGHOUHORMKDVWD
TXHDSDUH]FDXQVLJQRPHQRV´´RXQ
VLJQRPHQRVGREOH´´\SUHVLRQHHOGLDO
SDUDLQJUHVDU8QVLJQRPHQRV´´HV
XQDUHGXFFLyQGHOGHOWLHPSRGH
FRFFLyQ\XQVLJQRPHQRVGREOH´´HV
XQDUHGXFFLyQGHOGHOWLHPSRGH
FRFFLyQ
3DUDDXPHQWDUORVWLHPSRVGHFRFFLyQ
DXWRPiWLFRV'HVSXpVGHTXHHOKRUQR
VHDFFLRQDJLUHHOGLDOHQVHQWLGRGHODV
DJXMDVGHOUHORMKDVWDTXHDSDUH]FDXQ
VLJQRPiV´´RXQVLJQRPiVGREOH
´´\SUHVLRQHHOGLDOSDUDLQJUHVDU8Q
VLJQRPiV´´HVXQDXPHQWRGHO
GHOWLHPSRGHFRFFLyQ\XQVLJQRPiV
GREOH´´HVXQDXPHQWRGHOGHO
WLHPSRGH
FRFFLyQ
&RFLQDQGRHQHO0LFURRQGD\2WUDV)XQFLRQHV$GYDQWLXP
+RUQR$GYDQWLXP

&RFLPLHQWR
FRPSOHWR
3DUDUHFRUGDUOHTXHKD\DOLPHQWRV
HQHOKRUQRHQODSDQWDOODSRGUi
YHUVHHOPRGRGHFRFFLyQ\&22.,1*
&203/(7(FRFFLyQFRPSOHWD\VHRLUi
XQSLWLGRXQDYH]SRUPLQXWRKDVWD
TXHVHDEUDODSXHUWDGHOKRUQRRVH
SUHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGR
background
'HEHSURJUDPDUHOUHORMDQWHVGHXWLOL]DUHOKRUQR
SRUSULPHUDYH]&XDQGRSURJUDPHHOUHORMSRU
SULPHUDYH]YD\DGLUHFWDPHQWHDOSDVRGRV

3DUDFDPELDUODKRUDGHOUHORMSUHVLRQHOD
WHFOD6(77,1*6\JLUHHOGLDOD&/2&.6(77,1*6
DMXVWHVGHOUHORM6HOHFFLRQH6(77,0(ODKRUD
 *LUHHOGLDOSDUDDMXVWDUODKRUD3UHVLyQH
ORSDUDVHOHFFLRQDU1RWD6HSURJUDPD$0
30
 *LUHHOGLDOSDUDDMXVWDUORVPLQXWRV3UHVLRQH
HOGLDOSDUDVHOHFFLRQDU
2WUDV)XQFLRQHV$GYDQWLXP
+RUQR$GYDQWLXP

&ORFN
UHORM
$XWR
&RQYHUVLRQ
FRQYHUVLyQ
DXWRPiWLFD
/DFRQYHUVLyQDXWRPiWLFDUHGXFH
DXWRPiWLFDPHQWHODWHPSHUDWXUDGHKRUQHDU
FRQFRQYHFFLyQ6LHPSUHGHEHLQWURGXFLUOD
WHPSHUDWXUDGHODUHFHWD\HOKRUQRKDUiHOUHVWR
3DUDFDPELDUHODMXVWHSUHVLyQHODWHFOD
6(77,1*6\JLUHHOGLDOD$872&219(56,21
3UHVLRQHHOGLDOSDUDVHOHFFLRQDU*LUHHOGLDO
SDUDFDPELDUORVDMXVWHVD&219(56,2121
RU&219(56,212))&RQYHUVLyQHQFHQGLGR
RDSDJDGR3UHVLRQHHOGLDOSDUDVHOHFFLRQDU
'LVSOD\
2Q2II
SDQWDOOD
2Q2II
8WLOLFHHVWDIXQFLyQSDUDHQFHQGHURDSDJDUOD
SDQWDOODGHOUHORM
3UHVLRQHODWHFOD6(77,1*6JLUHHOGLDOSDUD
VHOHFFLRQDU',63/$<212))SDQWDOODHQFHQGLGD
DSDJDGD*LUHHOGLDOSDUDVHOHFFLRQDU&/2&.
',63/$<21RU&/2&.',63/$<2)HOUHORMGHOD
SDQWDOODHQFHQGLGRRDSDJDGR3UHVLRQHHOGLDO
SDUDVHOHFFLRQDU
%HHSHU
9ROXPH
YRXPHQGHO
SLWR
5HPLQGHU
UHFRUGDWRULR
8WLOLFHHVWDFDUDFWHUtVWLFDSDUDDMXVWDUHOYROXPHQ
GHOSLWLGR8VWHGWDPELpQSXHGHGHVDFWLYDUOD
3UHVLRQHHOERWyQ6(77,1*6FRQILJXUDFLRQHV
JLUHHOGLDOSDUDVHOHFFLRQDU%((3(592/80(
YROXPHQGHOSLWLGRSUHVLRQHHOGLDOSDUD
LQJUHVDU6HOHFFLRQHHOYROXPHQGHOSLWLGR
SUHVLRQHHOGLDOSDUDLQJUHVDU
8WLOLFHHVWDIXQFLyQSDUDFRQILJXUDUHO
DFFLRQDPLHQWRGHOVRQLGRGHXQDDODUPDHQXQ
PRPHQWRHVSHFtILFRGHOGtD
 3UHVLRQHHOERWyQ6(77,1*6FRQILJXUDFLRQHVJLUH
HOGLDOSDUDVHOHFFLRQDU5(0,1'(5UHFRUGDWRULR\
SUHVLRQHHOGLDOSDUDLQJUHVDU
 6HOHFFLRQH6(75(0,1'(5FRQILJXUDU
UHFRUGDWRULR\SUHVLRQHHOGLDOSDUDLQJUHVDU
 *LUHHOGLDOSDUDFRQILJXUDUODKRUD\PLQXWRV
\SUHVLRQHHOGLDOSDUDLQJUHVDU127$/D
FRQILJXUDFLyQGHKRUDVHKDFHHQ$030
3DUDGHVDFWLYDUHOUHFRUGDWRULRSUHVLRQHHOERWyQ
6(77,1*6FRQILJXUDFLRQHVJLUHHOGLDOSDUD
VHOHFFLRQDU5(0,1'(5UHFRUGDWRULR\SUHVLRQHHO
GLDOSDUDLQJUHVDU*LUHHOGLDOSDUDVHOHFFLRQDU&/($5
5(0,1'(5ERUUDUUHFRUGDWRULR\SUHVLRQHHOGLDOSDUD
LQJUHVDU
3DUDGHVDFWLYDUODKRUDGHOUHFRUGDWRULRSUHVLRQHHO
ERWyQ6(77,1*6FRQILJXUDFLRQHVJLUHHOGLDOSDUD
VHOHFFLRQDU5(0,1'(5UHFRUGDWRULR\SUHVLRQHHOGLDO
SDUDLQJUHVDU*LUHHOGLDOSDUDVHOHFFLRQDU5(9,(:
5(0,1'(5UHYLVDUUHFRUGDWRULR\SUHVLRQHHOGLDOSDUD
LQJUHVDU/DSDQWDOODPRVWUDUi
5HSLWDOD
~OWLPD
IXQFLyQ
8WLOLFHHVWDIXQFLyQSDUDDKRUUDUWLHPSRSDUD
DOLPHQWRVTXHFRFLQDUHSHWLGDVYHFHVFRPR
JDOOHWDV\DSHULWLYRV
127$(O~OWLPRSURJUDPDTXHXWLOL]yVHJXDUGD
GXUDQWHGRVKRUDV
3UHVLRQH&22.,1*237,216RSFLRQHVGH
FRFLPLHQWR\VHOHFFLRQH5(3($7/$67UHSLWDHO
~OWLPR
 /DSDQWDOODPRVWUDUiHO~OWLPRDOLPHQWRTXH
SUHDMXVWy
 3UHVLRQHODWHFOD67$573$86(RHOGLDO
VHOHFWRUSDUDFRPHQ]DUDFRFLQDU
)XQFLyQ
SDUD
5HDQXGDU
 6LQHFHVLWDFRFLQDUODFRPLGDSRUPiVWLHPSR
XVWHGSXHGHUHLQLFLDUHOKRUQRDOSUHVLRQDUOD
WHFOD67$573$8(RHOGLDOVHOHFWRU
 /DSDQWDOODPRVWUDUi5(680(&22.,1*
UHDQXGDUHOFRFLPLHQWR\HOKRUQRYROYHUiD
LQLFLDUDXWRPiWLFDPHQWHDOGHOWLHPSR
RULJLQDO
(OSURJUDPDSHUPDQHFHHQPHPRULDGXUDQWH
PLQXWRV'HVSXpVQHFHVLWDUiSURJUDPDU
GHQXHYR9HDODVHFFLyQGH8VRGHOPHQ~
SUHGHWHUPLQDGRGHFRFLPLHQWRUiSLGR
background
2WUDV)XQFLRQHV$GYDQWLXP
+RUQR$GYDQWLXP

8WLOLFHHVWDIXQFLyQSDUDFRQILJXUDUTXHODOX]
GHVXSHUILFLHVHHQFLHQGD\DSDJXHDXQDKRUD
GHWHUPLQDGD
 3UHVLRQHHOERWyQ6(77,1*6FRQILJXUDFLRQHV
JLUHHOGLDOSDUDVHOHFFLRQDU$8721,*+7/,*+7
OX]QRFWXUQDDXWRPiWLFD\SUHVLRQHHOGLDO
SDUDLQJUHVDU
 6HOHFFLRQH6(7217,0(FRQILJXUDUSDUDKRUD
\SUHVLRQHHOGLDOSDUDLQJUHVDU
 *LUHHOGLDOSDUDFRQILJXUDUODKRUD\PLQXWRV
\SUHVLRQHHOGLDOSDUDLQJUHVDU*LUHHOGLDO
SDUDGHVDFWLYDUODFRQILJXUDFLyQGHKRUD\
PLQXWRV\SUHVLRQHHOGLDOSDUDLQJUHVDU1RWD
/DFRQILJXUDFLyQGHKRUDVHKDFHHQ$030
3DUDGHVDFWLYDUODOX]QRFWXUQDDXWRPiWLFDHQ
IRUPDSHUPDQHQWHSUHVLRQHHOERWyQ6(77,1*6
FRQILJXUDFLRQHVJLUHHOGLDOSDUDVHOHFFLRQDU
$8721,*+7/,*+7OX]QRFWXUQDDXWRPiWLFD\
SUHVLRQHHOGLDOSDUDLQJUHVDU*LUHHOGLDOSDUD
VHOHFFLRQDU'($&7,9$7(GHVDFWLYDU\SUHVLRQHHO
GLDOSDUDLQJUHVDU
3DUDGHVDFWLYDUODOX]QRFWXUQDDXWRPiWLFDHQ
IRUPDSHUPDQHQWHSUHVLRQHHOERWyQ6(77,1*6
FRQILJXUDFLRQHVJLUHHOGLDOSDUDVHOHFFLRQDU
$8721,*+7/,*+7OX]QRFWXUQDDXWRPiWLFD\
SUHVLRQHHOGLDOSDUDLQJUHVDU*LUHHOGLDOSDUD
VHOHFFLRQDU5(9,(:212))7,0(6UHYLVDU
KRUDHQFHQGLGRDSDJDGR\SUHVLRQHHOGLDO
SDUDLQJUHVDU/DSDQWDOODPRVWUDUiODKRUD
GHHQFHQGLGR\DSDJDGRGHODOX]QRFWXUQD
DXWRPiWLFD
1RWD
6LVHSUHVLRQDHOERWyQ685)$&(/,*+7OX]GH
VXSHUILFLHPLHQWUDVVHHQFXHQWUDHQFHQGLGDOD
OX]QRFWXUQDDXWRPiWLFDODOX]GHVXSHUILFLHVH
TXLWDGHODOX]QRFWXUQDDXWRPiWLFDSRUHVDYH]
(OERWyQ685)$&(/,*+7OX]GHVXSHUILFLHGHEH
SUHVLRQDUVHSDUDDSDJDUODOX]GHVXSHUILFLH/D
OX]QRFWXUQDDXWRPiWLFDVHHQFHQGHUiGHQXHYR
HQHOSUy[LPRKRUDULRSURJUDPDGR
6LODOX]GHVXSHUILFLH\DVHHQFXHQWUDHQFHQGLGD
FXDQGRODOX]QRFWXUQDDXWRPiWLFDVHHQFXHQWUD
SURJUDPDGDSDUDHQFHQGHUVHODOX]GHVXSHUILFLH
QRXWLOL]DUiODVFRQILJXUDFLRQHVGHODOX]QRFWXUQD
DXWRPiWLFD(OERWyQ685)$&(/,*+7OX]GH
VXSHUILFLHGHEHSUHVLRQDUVHSDUDDSDJDUOD
OX]GHVXSHUILFLH/DOX]QRFWXUQDDXWRPiWLFD
VHHQFHQGHUiGHQXHYRHQHOSUy[LPRKRUDULR
SURJUDPDGR
3DUDFDPELDUODVXQLGDGHVGHWHPSHUDWXUD
SUHVLRQHHOERWyQ6(77,1*6FRQILJXUDFLRQHV\
VHOHFFLRQH7(03(5$785(81,76XQLGDGHVGH
WHPSHUDWXUD*LUHHOGLDOSDUDVHOHFFLRQDU)R&\
SUHVLRQHHOGLDOSDUDLQJUHVDU
'HOD\6WDUW
LQLFLR
UHWDUGDGR
8WLOLFHHVWDIXQFLyQGHUHWDUGRFXDQGRHOKRUQR
FRPLHQ]DDFRFLQDUHQ&219%$.(KRUQHDUSRU
FRQYHFFLyQ&22.%<7,0(FRFLQDUSRUWLHPSR
&22.%<7,0(FRFLQDUSRUWLHPSR
'()5267%<7,0(GHVFRQJHODUSRUWLHPSRR
'()5267%<:(,*+7GHVFRQJHODUSRUSHVR
3UHVLRQHHOERWyQ&22.,1*237,216RSFLRQHV
GHFRFFLyQ
*LUHHOGLDOSDUDVHOHFFLRQDU'(/$<67$57
LQLFLR
UHWDUGDGR\SUHVLRQHHOGLDOSDUDLQJUHVDU
*LUHHOGLDOSDUDFRQILJXUDUODKRUD\PLQXWRV
GHODKRUDGHLQLFLR\SUHVLRQHHOGLDOSDUD
LQJUHVDU127$/DFRQILJXUDFLyQGHKRUDVH
KDFHHQ$030
&RQILJXUHHOPRGRGHFRFFLyQ
(OKRUQRFRPHQ]DUiHOPRGRGHFRFFLyQ
SURJUDPDGRFXDQGRODKRUDDFWXDO\ODKRUDGH
LQLFLRUHWDUGDGRVHDQODPLVPD
$XWR1LJKW
/LJKW
OX]QRFWXUQD
DXWRPiWLFD
7HPSHUDWXUH
8QLWV
XQLGDGHVGH
WHPSHUDWXUD
7XUQWDEOH
2Q2))
SODWR
JLUDWRULR2Q
2II
8WLOLFHHVWDIXQFLyQSDUDHYLWDUTXHHOSODWR
JLUDWRULRJLUHFXDQGRXVDXQSODWRGHPDVLDGR
JUDQGHSDUDSRGHUJLUDUHQODFDYLGDG
3UHVLRQHHOERWyQ6(77,1*6FRQILJXUDFLRQHV
JLUHHOGLDOSDUDVHOHFFLRQDU78517$%/(212))
SODWRJLUDWRULRHQFHQGLGRDSDJDGR\SUHVLRQH
HOGLDOSDUDLQJUHVDU*LUHHOGLDOSDUDVHOHFFLRQDU
78517$%/(21SODWRJLUDWRULRHQFHQGLGRR
78517$%/(2))SODWRJLUDWRULRDSDJDGR\OXHJR
SUHVLRQHHOGLDOSDUDLQJUHVDU
127$
(OSODWRJLUDWRULRQRVHGHVDFWLYDHQORVPRGRV
FRFFLyQUiSLGDDVDUWRVWDURVHQVRUGH
PLFURRQGDV
6LVHVHOHFFLRQD78517$%/(2))SODWRJLUDWRULR
DSDJDGRGXUDQWHODFRFFLyQHOSODWRJLUDWRULR
VHGHVDFWLYDUiKDVWDHOILQDOGHHVWHFLFORGH
FRFFLyQ(OSODWRJLUDWRULRYROYHUiDIXQFLRQDU
HQHOSUy[LPRFLFORGHFRFFLyQ\VLVHXWLOL]DOD
IXQFLyQ5(680(UHDQXGDU
6LVHVHOHFFLRQD78517$%/(2))SODWRJLUDWRULR
DSDJDGRDQWHVGHFRPHQ]DUDFRFLQDUHO
SODWRJLUDWRULRSHUPDQHFHUiGHVDFWLYDGR
SDUDFXDOTXLHUFRFFLyQTXHVHLQLFLHHQORV
SUy[LPRVPLQXWRV'HVSXpVGHORVPLQXWRV
HOSODWRJLUDWRULRYROYHUiDXWRPiWLFDPHQWHD
78517$%/(21SODWRJLUDWRULRHQFHQGLGR
background
+HOS
D\XGD
8WLOLFHHVWDIXQFLyQSDUDVDEHUPiV
DFHUFDGHVXKRUQR\VXVIXQFLRQHV
 3UHVLRQHODWHFOD+(/3
 *LUHHOGLDOSDUDHVFRJHUHO
QRPEUHGHODIXQFLyQ3UHVLRQHHO
GLDOSDUDVHOHFFLRQDU
/DSDQWDOODOHPRVWUDUiXQD
GHVFULSFLyQGHOSURJUDPDTXH
VHOHFFLRQy
$JUHJDUWLHPSR
&RQYHUVLyQ$XWRPiWLFD
/X]1RFWXUQD$XWRPiWLFD
5HJUHVVR
9ROXPHQGHO3LWR
%HELGDV
$VDU
%RUUDU$SDJDU
5HORM
%ORTXHRGHO&RQWURO
+RUQHDUFRQ&RQYHFFLyQ
&RFLQDU
&RFLQDUSRU7LSRGH
&RPLGD
&RFLQDUFRQ7LHPSR
&RFLQDUFRQ7LHPSR\
2SFLRQHVGHFRFLPLHQWR
'HVFRQJHODFLyQ
'HVFRQJSRU&RPLGD
'HVFRQJFRQ7LHPSR
'HVFRQJSRU3HVR
,QLFLRGHPRUDGR
3DQWDOOD212))
(GLWDU
$\XGD
'HUUHWLU
0LFUR6HJV
0LFURRQGD
0LV5HFHWDV
)HUPHQWDU
5HFDOHQWDU
5HFRUGDWRULR
5HSHWLUHO~OWLPR
5HDQXGDU
&RFLPLHQWRFRQVHQVRU
&RFLPLHQWROHQWR
$EODQGDU
&RFLPLHQWRUiSLGR
,QLFLR3$86$
8QLGDGHVGHWHPSHUDWXUD
&URQyPHWUR2Q2II
7RVWDU
3ODWR*LUDWRULR212))
&DOHQWDU
&DUDFWHUtVWLFDVTXHHQFRQWUDUiHQODIXQFLyQ+(/3D\XGD

8WLOLFHHVWDIXQFLyQFDGDYH]TXH
QHFHVLWHXQFURQyPHWUR/DSXHGH
XWLOL]DUPLHQWUDVFRFLQDHQHOKRUQR
 3UHVLRQHODWHFOD7,0(5
 *LUHHOGLDOSDUDHVFRJHUORV
PLQXWRV3UHVLyQHORSDUD
VHOHFFLRQDU
 *LUHHOGLDOSDUDHVFRJHUORV
VHJXQGRV3UHVLyQHORSDUD
VHOHFFLRQDU
7LPHU
FURQyPHWUR
/RVYHQWLODGRUHVGHHQIULDPLHQWRVH
HQFLHQGHQDXWRPiWLFDPHQWHSDUD
HYLWDUHOVREUHFDOHQWDPLHQWRGHORV
FRPSRQHQWHVLQWHUQRVGHOKRUQR\GHO
FRQWURO
/RVYHQWLODGRUHVVHDSDJDUiQ
DXWRPiWLFDPHQWHFXDQGRVHHQIUtHQ
ODVSLH]DVLQWHUQDV8QRRPiVSXHGHQ
SHUPDQHFHUHQFHQGLGRVGXUDQWH
PLQXWRVRPiVGHVSXpVGHTXHHO
FRQWUROGHOKRUQRVHKD\DDSDJDGR
(OYHQWLODGRUGHOUHVSLUDGRUVHSXHGH
HQFHQGHUDXWRPiWLFDPHQWHVLHO
KRUQRVHFDOLHQWDGHPDVLDGRD~Q
FXDQGRQRHVWpIXQFLRQDQGR/D
SDQWDOODPRVWUDUi´1RUPDO2SHUDWLRQ
)DQLVRQGXHWRKLJKKHDW)DQZLOO
VKXWRIIDXWRPDWLFDOO\µ2SHUDFLyQ
1RUPDO(OYHQWLODGRUHVWiHQFHQGLGR
GHELGRDOFDORUDOWR(OYHQWLODGRUVH
DSDJDUiDXWRPiWLFDPHQWH
$XWRPDWLFIDQV
YHQWLODGRUHV
DXWRPiWLFRV
3XHGHEORTXHDUHOSDQHOGHFRQWURO
SDUDHYLWDUTXHHQFLHQGDQHOKRUQR
DFFLGHQWDOPHQWHGXUDQWHODOLPSLH]DR
SDUDTXHQRORXWLOLFHQORVQLxRV
3UHVLRQH\VRVWHQJDGXUDQWH
VHJXQGRDODWHFOD&/($52))SDUD
EORTXHDU\GHVEORTXHDU
&XDQGRHOSDQHOGHFRQWUROHVWi
EORTXHDGRFDGDYH]TXHSUHVLRQD
XQDWHFODRHOGLDOVHPRVWUDUiHQOD
SDQWDOOD&21752/,6/2&.('FRQWURO
HVWiEORTXHDGR
&RQWURO
ORFNRXW
EORTXHR
GHOFRQWURO
2WUDV)XQFLRQHV$GYDQWLXP
+RUQR$GYDQWLXP
background
&XLGDGR\/LPSLH]D
+RUQR$GYDQWLXP

/LPSLHHOLQWHULRUGHOKRUQR
IUHFXHQWHPHQWHSDUDTXHSXHGD
FDOHQWDUDGHFXDGDPHQWH
$OJXQDVVDOSLFDGXUDVSXHGHQVHU
UHPRYLGDVFRQSDSHOWRDOODRWUDV
UHTXLHUHQXQSDxRWLELRMDERQRVR
5HPXHYDODVVDOSLFDGXUDVGHJUDVDFRQ
XQSDxRMDERQRVROXHJRHQMXDJXHFRQ
XQSDxRK~PHGR
6LHOVXFLR\ODVVDOSLFDGXUDVQR
VDOHQIiFLOPHQWHFRQXQSDxRWLELR
MDERQRVRFRORTXHXQWD]yQPHGLDQR
OOHQRGHDJXDDGHQWURGHODXQLGDG
VREUHODEDQGHMDGHPHWDO\SUHVLRQHOD
WHFOD63(('&22.6HOHFFLRQH0<
5(&,3(6\DMXVWHPLQXWRVD8 / 
0 (VWRGHEHDIORMDUHOVXFLRDGHQWUR
GHOKRUQRGHPDQHUDTXHORSXHGD
UHPRYHUFRQXQSDxRWLELRMDERQRVR
6LREVHUYDXQDPDULOOHQWDPLHQWR
HQHOPHWDODGHQWURGHOKRUQRTXHQR
SXHGHVHUUHPRYLGRFRQXQSDxRWLELR
MDERQRVRXWLOLFHXQOLPSLDGRUSDUD
DFHURLQR[LGDEOHTXHUHPXHYHOD
GHFRORUDFLyQSRUFDORU\RPDQFKDV
3XHGHOLPSLDUHOLQWHULRUGHOKRUQRFRPR
ORKDUtDQRUPDOPHQWH
1RXWLOLFHOLPSLDGRUHVDEUDVLYRV
QLXWHQVLOLRVILORVRVHQODVSDUHGHV
GHOKRUQR
1XQFDXWLOLFHOLPSLDGRUHVFRPHUFLDOHV
SDUDKRUQRVHQQLQJXQDSDUWHGH
VXKRUQR
1ROLPSLHHOLQWHULRUGHOKRUQRFRQ
HVWURSDMRVGHPHWDO6HSXHGHQ
TXHEUDUSHGD]RVGHOHVWURSDMRDGHQWUR
GHOKRUQRFDXVDQGRXQWRTXHHOpFWULFR
DVtFRPRGDxRDODFDEDGRGHOD
VXSHUILFLHLQWHULRUGHOKRUQR
$QWHVGHOLPSLDUFXDOTXLHUSDUWH
GHOKRUQRDVHJ~UHVHTXHHOFRQWUROGHO
KRUQRHVWpDSDJDGR\TXHHVWpIUtRR
WLELRDOWDFWR
&yPROLPSLDU
HOLQWHULRUGHO
KRUQR
6HXWLOL]DSDUDLOXPLQDUODSODQFKD
3UHVLRQHODWHFOD685)$&(/,*+7OX]
GHVXSHUILFLHSDUDFDPELDUGHOX]
QRFWXUQDDOX]DSDJDGD
6XUIDFH/LJKW
OX]GHVXSHUILFLH
(OUHVSLUDGRUGHOYHQWLODGRUUHWLUD
ORVYDSRUHVGHODVXSHUILFLHGH
FRFLPLHQWR
3UHVLRQHODWHFOD9(17)$1SDUD
FDPELDUGHDOWRDPHGLRDEDMR
DDSDJDGR
(OYHQWLODGRUGHOUHVSLUDGRUVHSXHGH
HQFHQGHUDXWRPiWLFDPHQWHVLHO
KRUQRVHFDOLHQWDGHPDVLDGRD~Q
FXDQGRQRHVWpIXQFLRQDQGR/D
SDQWDOODPRVWUDUi´1RUPDO2SHUDWLRQ
)DQLVRQGXHWRKLJKKHDW)DQZLOO
VKXWRIIDXWRPDWLFDOO\µ2SHUDFLyQ
1RUPDO(OYHQWLODGRUHVWiHQFHQGLGR
GHELGRDOFDORUDOWR(OYHQWLODGRUVH
DSDJDUiDXWRPiWLFDPHQWH
9HQW)DQ
YHQWLODGRUGHO
UHVSLUDGRU
background
%DQGHMDVGH
FRFLPLHQWR\
SDUULOODGHDODPEUH
GHOKRUQR
3DUDHYLWDUTXHVHTXLHEUHQ
SHUPLWDTXHODVEDQGHMDVVHHQIUtHQ
FRPSOHWDPHQWHDQWHVGHOLPSLDUODV
/DYHFRQFXLGDGRHQDJXDFDOLHQWH
MDERQRVDRHQODODYDGRUDGHSODWRV
1RXWLOLFHDEUDVLYRVSDUDOLPSLDUOD
EDQGHMDGHYLGULRQLODSDUULOODGH
DODPEUHGHOKRUQR\DTXHVHSXHGH
GDxDUHODFDEDGR
6HGHEHXWLOL]DUXQHVWURSDMRSOiVWLFR
SDUDOLPSLDUODVEDQGHMDVGHPHWDO
%DQGHMDGHPHWDO
3DUULOODGHDODPEUHGHOKRUQR
%DQGHMDGHYLGULRFODUR

(OiUHDGHEDMRGHOSODWRJLUDWRULRGHEH
OLPSLDUVHIUHFXHQWHPHQWHSDUDHYLWDU
RORURV\KXPRGXUDQWHHOFLFORGH
FRFLPLHQWR
(OSODWRJLUDWRULRVHSXHGHTXHEUDU
VLORGHMDFDHU/iYHORFRQFXLGDGRHQ
DJXDWLELD\MDERQRVD6pTXHORELHQ\
FROyTXHORHQVXOXJDU
3DUDFRORFDUHOSODWRJLUDWRULRFRORTXH
HOFHQWURVREUHHOHMHHQHOFHQWURGHO
KRUQR\JtUHORKDVWDTXHHVWpFRORFDGR
HQVXOXJDU
1RXWLOLFHHOKRUQRVLQHO
SODWRJLUDWRULRHQVXOXJDU
3ODWRJLUDWRULR
UHPRYLEOH
3ODWRJLUDWRULR
&XLGDGR\/LPSLH]D
+RUQR$GYDQWLXP
3DUDOLPSLDUODOiPLQDGHPLFD
3HUPLWDTXHHOKRUQRVHHQIUtH
FRPSOHWDPHQWH/LPSLHFRQXQSDxR
WLELRMDERQRVR
/iPLQDGHPLFD
0LFD6KHHW
background
&XLGDGR\/LPSLH]D
+RUQR$GYDQWLXP

&yPR
UHHPSOD]DU
ODOX]GH
VXSHUILFLH
3DUDFDPELDUODOX]GHVXSHUILFLH
SULPHURGHVFRQHFWHODHQHUJLD
HQHOIXVLEOHSULQFLSDORSDQHOGHO
LQWHUUXSWRUDXWRPiWLFR
5HWLUHHOWRUQLOORGHOLQWHULRUGHOD
FXELHUWDGHOFRPSDUWLPLHQWRGHOD
OX]\EiMHODKDVWDTXHVHGHWHQJD
$QWHVGHUHWLUDUHOERPELOORTXHYD
DFDPELDUDVHJ~UHVHTXHHVWpIUtR
+iOHORVXDYHPHQWHGHOUHFHSWiFXOR
&iPELHORSRUXQERPELOORKDOyJHQR
GHYROWLRVZDWWV2UGHQH
HOERPELOOR:%;GHVX
GLVWULEXLGRU*(
/HYDQWHODFXELHUWD\FRORTXHHO
WRUQLOOR&RQHFWHODHOHFWULFLGDGDO
KRUQR
5HWLUHHOWRUQLOOR
1RUHFRPHQGDPRVHOXVRGH
OLPSLDGRUHVFRQDPRQtDFRRDOFRKRO
\DTXHSXHGHQGDxDUODDSDULHQFLD
GHOKRUQR6LHVFRJHXWLOL]DUXQ
OLPSLDGRUFDVHURFRP~QDSOLTXH
SULPHURHOOLPSLDGRUGLUHFWDPHQWH
HQHOSDxRGHOLPSLH]DOXHJROLPSLHHO
iUHDVXFLD
&DMD
/LPSLHHOH[WHULRUGHOPLFURRQGDFRQ
XQSDxRMDERQRVR(QMXDJXH\VHTXH
/LPSLHHOYLGULRFRQXQSDxRK~PHGD
3DQHOGH&RQWURO
/LPSLHFRQXQSDxRK~PHGR6HTXH
FRPSOHWDPHQWH1RXWLOLFHOLPSLDGRUHV
HQHVSUD\JUDQGHVFDQWLGDGHVGH
MDEyQ\DJXDDEUDVLYRVXREMHWRV
ILORVRVHQHOSDQHOHVWRVORSXHGHQ
GDxDU$OJXQRVWLSRVGHSDSHOWRDOOD
WDPELpQSXHGHQUD\DUHOSDQHOGH
FRQWURO
6XSHUILFLHVGH$FHUR,QR[LGDEOH
HQDOJXQRVPRGHORV
3XHGHOLPSLDUHOSDQHOGHDFHUR
LQR[LGDEOHFRQ6WDLQOHVV6WHHO0DJLF
RXQSURGXFWRVLPLODUFRQXQSDxR
OLPSLR\VXDYH$SOLTXHFRQFXLGDGR
HOOLPSLDGRUGHDFHURLQR[LGDEOH
HYLWHODVSLH]DVSOiVWLFDV\GH
YLGULRGHDOUHGHGRU1RXWLOLFHHQHO
DFHURLQR[LGDEOHFHUDSDUDDSDUDWRV
SDVWDVEODQTXHDGRUHVRSURGXFWRV
TXHFRQWHQJDQFORUR
3DQHOHV3OiVWLFRVGH&RORU
HQDOJXQRVPRGHORV
8WLOLFHXQSDxROLPSLRVXDYH
OLJHUDPHQWHKXPHGHFLGROXHJRVHTXH
FRPSOHWDPHQWH
6HOORGHOD3XHUWD
(VLPSRUWDQWHPDQWHQHUOLPSLDHO
iUHDGRQGHVHOODODSXHUWDFRQHO
KRUQR8WLOLFHGHWHUJHQWHVVXDYHV
QRDEUDVLYRVDSOLFDGRVFRQXQSDxRR
HVSRQMD(QMXDJXHELHQ
3DUWH,QIHULRU
/LPSLHUHJXODUPHQWHODJUDVD\HO
SROYRGHODSDUWHGHDEDMR8WLOLFHXQD
VROXFLyQGHDJXDWLELDFRQGHWHUJHQWH
&yPROLPSLDUHO
H[WHULRUGHOKRUQR
background
/RVILOWURVGHPHWDODWUDSDQODJUDVD
TXHVXHOWDQORVDOLPHQWRVHQOD
SODQFKD7DPELpQHYLWDQTXHODV
OODPDVGHORVDOLPHQWRVHQODSODQFKD
GDxHQHOLQWHULRUGHOKRUQR
3RUHVWDUD]yQORVILOWURVGHEHQHVWDU
FRORFDGRVHQVXOXJDUVLHPSUHTXH
XWLOL]DHOH[WUDFWRU/RVILOWURVGHO
UHVSLUDGRUGHEHQOLPSLDUVHXQDYH]DO
PHVRFXDQGRVHDQHFHVDULR
3DUDUHWLUDUORVXWLOLFHODVRUHMHWDVSDUD
GHVOL]DUORVKDFLDODSDUWHGHDWUiV
+DOHKDFLDDEDMR\KDFLDDIXHUD
3DUDOLPSLDUORVILOWURVGHOUHVSLUDGRU
UHPyMHORV\OXHJRVDF~GDORVHQDJXD
FDOLHQWH\MDEyQ1RXWLOLFHDPRQtDFR
QLSURGXFWRVFRQDPRQtDFR\DTXH
SXHGHQRVFXUHFHUHOPHWDO/RSXHGH
FHSLOODUVXDYHPHQWHSDUDUHPRYHU
HOVXFLRSHJDGR
$QWHVGHFRORFDUORVHQMXiJXHORV
VDF~GDORV\GpMHORVVHFDU
3DUDFRORFDUORVGHVOLFHORVILOWURV
DGHQWURGHODVUDQXUDVGHOPDUFRHQ
ODSDUWHGHDWUiVGHFDGDDEHUWXUD
3UHVLRQHKDFLDDUULED\KDFLDHOIUHQWH
SDUDFHUUDUORVHQVXOXJDU
5HWLUR\
OLPSLH]DGH
ORVILOWURV

&XLGDGR\/LPSLH]D
+RUQR$GYDQWLXP
3DUDLQVWDODUXQILOWURQXHYR
5HWLUHGHOILOWURQXHYRHOSOiVWLFR\HO
RWURHQYROWRULRH[WHULRU
5HWLUHODSDUULOODVXSHULRUSDUDHVR
GHEHUHWLUDUORVGRVWRUQLOORVTXHOD
VRVWLHQHQHQVXOXJDU
,QVHUWHHOILOWURDGHQWURGHOD
DEHUWXUDVXSHULRUGHOKRUQRFRPR
VHPXHVWUD
'HVFDQVDUiHQXQiQJXORVREUHODV
GRVRUHMHWDVGHVRSRUWHWUDVHUDV\
SRUHOIUHQWHSRUGRVRUHMHWDV
&RORTXHODSDUULOOD\ORVGRVWRUQLOORV
3DUDUHWLUDUHOILOWURUHSLWDHOSDVR
DQWHULRUUHWLUHHOILOWUR\UHSLWDHOSDVR
VWHS
3DUDLQVWDODUHO
ILOWURGHFDUEyQ
&yPR
UHHPSOD]DU
ODOX]GHOD
FDYLGDG
'HVFRQHFWHODHQHUJtDHQHOIXVLEOH
SULQFLSDORSDQHOGHOLQWHUUXSWRU
DXWRPiWLFR
5HWLUHODSDUULOODVXSHULRUUHWLUHORVGRV
WRUQLOORVTXHODVRVWLHQHQHQVXOXJDU
5HWLUHHOILOWURGHFDUEyQVLORWLHQH
'HVOtFHORKDFLDODL]TXLHUGD\KiOHOR
KDFLDHOIUHQWHSDUDUHWLUDUOR127$(O
ILOWURGHFDUEyQHVXQNLWRSFLRQDOQR
HVQHFHVDULRWHQHUOR
5HWLUHHOWRUQLOORTXHVRVWLHQHHO
SURWHFWRUGHODOiPSDUDHQVXOXJDU
6DTXHHOSURWHFWRUGHODOiPSDUD
+DOHHOERPELOORDIXHUD\FiPELHOR
SRUXQDOiPSDUDGHKRUQRGH
99:2UGHQHHOERPELOOR
:%;GHVXGLVWULEXLGRU*(
5HJUHVHODOiPSDUD\HOSURWHFWRUDVX
SRVLFLyQRULJLQDO\FRORTXHHOWRUQLOOR\
HOILOWURGHFDUEyQ
&RORTXHODSDUULOOD\ORVWRUQLOORV
5HFRQHFWHODHQHUJtDDOKRUQR
6LHOPRGHORQRHVWiYHQWLODGRKDFLDHO
H[WHULRUHODLUHUHFLUFXODUiDWUDYpVGHO
ILOWURGHFDUEyQGHVHFKDEOHHOFXDOD\XGD
DUHWLUDUHOKXPR\ORVRORUHV
(OILOWURGHFDUEyQQRVHSXHGHOLPSLDU
GHEHVHUFDPELDGR2UGHQHOD3LH]D1R
-;':%;GHVXGLVWULEXLGRU
*(
(OILOWURGHFDUEyQGHEHFDPELDUVH
FXDQGRORYHDVXFLRRGHFRORUDGR
JHQHUDOPHQWHGHDPHVHV
GHSHQGLHQGRGHOXVR
)LOWURGHFDUEyQ
-;'NLW
RSFLRQDO
background
&RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV
+RUQR$GYDQWLXP

¢3UHJXQWDV"
8WLOLFHHVWH
VROXFLRQDGRU
GHSUREOHPDV
3UREOHPD &DXVDV3RVLEOHV 4XpVHGHEHKDFHU([SOLFDFLyQ
/8&(6
 (VWRHVQRUPDO(OKRUQRGHWHFWDHOQLYHO
GHFDORU\VHDMXVWDDXWRPiWLFDPHQWH


/X]YLVLEOHDOUHGHGRU (VWRHVQRUPDO  &XDQGRHOKRUQRHVWiHQFHQGLGRKD\
GHODSXHUWD\GHOD XQDOX]YLVLEOHDOUHGHGRUGHODSXHUWD
FDMDH[WHULRUDOFRFLQDU \GHODFDMDH[WHULRU
UiSLGR
9(17,/$'25
(OYHQWLODGRUFRQWLQ~D (OKRUQRVHHVWiHQIULDQGR  (OYHQWLODGRUVHDSDJDUi
IXQFLRQDQGRGHVSXpV DXWRPiWLFDPHQWHODVSLH]DVLQWHUQDVGHO
GHWHUPLQDUGHFRFLQDU KRUQRVHKD\DQHQIULDGR
(OUHVSLUDGRUGHOKRUQR (VWRHVQRUPDO
HPLWHXQDLUHFDOLHQWH 
PLHQWUDVHOKRUQR 
HVWiHQFHQGLGR
(OYHQWLODGRUGHO (VWRHVQRUPDO  ,6LODSODQFKDRHOKRUQRVHFDOLHQWDQHO
UHVSLUDGRUVHHQFLHQGH YHQWLODGRUGHOUHVSLUDGRUVHHQFLHQGH
DXWRPiWLFDPHQWH 9HDODVHFFLyQ9HQWLODGRUHO
FXDQGRKRUQRQR HO$XWRPiWLFR
HVWiHQVR
(OYHQWLODGRUVHHQFLHQ (VWRHVQRUPDO  6LVHXWLOL]DHOKRUQRGHVSXpVGH
HQFLHQGH FRFLPLHQWRUiSLGRHOKRUQRHVWi
DXWRPiWLFDPHQWH GHPDVLDGRFDOLHQWHHOVHXWLOL]DHOVH
GHWHFWDUiTXHFXDQGR GHOUHVSLUDGRUVHHQFHQGHUiSDUD
YHQWLODGRUPLFURQGD IULDUHOKRUQR
(OKRUQRKDFHVRQLGRV &KDVTXLGRV\HOYHQWLODGRU  (VWRVVRQLGRVVRQQRUPDOHV
LQXVXDOHVDOFRFLQDU VRSODQGRVRQVRQLGRV
QRUPDOHV(OUHOpGHOWDEOHUR
HVWiHQFHQGLHQGR\ 
DSDJDQGRORVFRPSRQHQWHV
(OVRQLGRGHOYHQWLODGRU (VWRHVQRUPDO  (OYHQWLODGRUVHHQFLHQGH\DSDJD
FDPELDDOFRFLQDU GXUDQWHHOFRFLPLHQWRSDUDPDQWHQHU
ODWHPSHUDWXUD
&2&,0,(172
6DOHKXPRGHOKRUQR /DFRPLGDWLHQHDOWRFRQWH  (OKXPRHVQRUPDODOFRFLQDUFRPLGDV
FXDQGRVHDEUHOD QLGRGHJUDVD6HXWLOL]y FRQPXFKDJUDVD8WLOLFHDFHLWH
SXHUWD HVSUD\HQODVSDQDV YHJHWDORGHROLYDHQODFDUQHHQOXJDU
GHFXEULUWRGDODSDQD
$OILQDOGHOSURJUDPD /RVWLHPSRVSURJUDPDGRV  $XPHQWHRGLVPLQX\DHOWLHPSRSDUD
GHFRFLPLHQWROD QRFRQFXHUGDQFRQHO FRFLQDURDMXVWHODVOiPSDUDVVXSHULRU
FRPLGDQRHVWi WDPDxRQLODFDQWLGDGGH HFRPSOHWDPHQWHLQIHULRUSDUDGRUDU
FRFLGDQLGRUDGD FRPLGDTXHYDDFRFLQDU 
(VWRHVQRUPDO(OQLYHOGH
SRWHQFLDKDVLGRUHGXFLGR
DXWRPiWLFDPHQWH
\DTXHHOKRUQRHVWi
FDOLHQWH
6HRSDFDODOX]GXUDQWH
XQFLFORGHFRFLPLHQWR
UiSLGR\VHHQFLHQGH\
DSDJDD~QHQQLYHOHV
GHSRWHQFLDFRPSOHWD
background
¢3UHJXQWDV"
8WLOLFHHVWH
VROXFLRQDGRU
GHSUREOHPDV
+RUQR$GYDQWLXP
&RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV

3UREOHPD &DXVDV3RVLEOHV 4XpVHGHEHKDFHU([SOLFDFLyQ
',63/$<
/DSDQWDOODHVWiHQ /DSDQWDOODHVWiDSDJDGD 5HYLVHHOPHQ~GH6(77,1*6SDUDORV
EODQFR DMXVWHVGHOUHORM(QFLHQGDODSDQWDOOD
$SDUHFHHQODSDQWDOOD (OFRQWUROHVWiEORTXHDGR  3UHVLRQH\VRVWHQJD&/($52))´&RQWURO
3DQHO GXUDQWHVHJXQGRVSDUDGHVEORTXHDU
/2&.('µ HOFRQWURO9HDODVHFFLyQ2WUDV
)XQFLRQHV
(OUHORMQRHVWiSURJUDPDGR  6LJDODVLQVWUXFFLRQHVSDUDSURJUDPDU
HOUHORM
/DSXHUWDQRHVWiFHUUDGD  $EUDODSXHUWD\FLpUUHODVHJXUD
1RVHSUHVLRQyODWHFOD 6LJDODVLQVWUXFFLRQHV
67$573$86(GHVSXpVGH
VHOHFFLRQDUHOFRFLPLHQWR
6HVHOHFFLRQyDFFLGHQWDOPHQWH 3UHVLRQH&/($52))\YXHOYDD
PHQWHHO,QLFLR'HPRUDGR DMXVWDU
(OKRUQRHVWiHQHOPRGR  'HVHQFKXIHHOKRUQRSRUPLQXWROXHJR
GHGHPRVWUDFLyQ HQFK~IHORHQODSDUHG12SURJUDPHHO
UHORM3UHVLRQH\VRVWHQJDGXUDQWH
VHJXQGRVODVWHFODV+(/3\67$573$86(
(OFRQWUROGHEHVDOLUGHOPRGRGH

GHPRQVWUDFLyQ3URJUDPHHOUHORM\
FRQWLQ~H
6HSUHVLRQyDFFLGHQWDOPHQWH 5HDMXVWHHOSURJUDPDGHFRFLPLHQWR
&/($52)) \SUHVLRQH67$573$86(
27526352%/(0$6
/DSXHUWD\HOLQWHULRU (OKRUQRSURGXFHXQFDORU  (VWRHVQRUPDO
GHOKRUQRVHVLHQWHQ LQWHQVRHQHVSDFLRV  &XDQGRODFRPLGDHVWpOLVWDXWLOLFH
FDOLHQWH SHTXHxRV JXDQWHVSDUDUHWLUDUOD
(OSLVRGHOKRUQRHVWi /DOX]GHODSODQFKDHVWi  (VWRHVQRUPDO
WLELRD~QFXDQGRQR XELFDGDGHEDMRGHOSLVR
KDVLGRXWLOL]DGR GHOKRUQR&XDQGRVHHQ
FLHQGHHOFDORUTXHSURGXFH
SXHGHFDOHQWDUHOSLVRGHO
KRUQR
(OKRUQRQRDUUDQFD 6HSXGRKDEHUTXHPDGR &DPELHHOIXVLEOHRUHDMXVWHHOLQWHUUXSWRU
XQIXVLEOHRGLVSDUDGRHO DXWRPiWLFR
LQWHUUXSWRUDXWRPiWLFRGH 
VXFDVD
6REUHYROWDMH  'HVHQFKXIHHOKRUQR\HQFK~IHORGH
QXHYR
(OHQFKXIHQRHVWi  $VHJ~UHVHTXHHOHQFKXIHGHOKRUQR
FRPSOHWDPHQWHLQVHUWDGR HVWpFRPSOHWDPHQWHLQVHUWDGRHQHO
HQHOHQFKXIHGHODSDUHG HQFKXIHGHODSDUHG
/DEDQGHMDGHYLGULR  $OLQHHORVVDOLHQWHVHQODSDUWHGHDEDMR
GHOPLFURRQGDQRVH GHODEDQGHMDGHYLGULRSDUDHOPLFURRGD
WUDEDHQHOHMHFHQWUDO FRQODVLQGHQWDFLRQHVHQHOSODWR
JLUDWRULR(VWHDMXVWHQRTXHGD
DSUHWDGRHVQRUPDODOJRGHPRYLPLHQWR
/DSDQWDOOD
GHOFRQWUROHVWi
HQFHQGLGDSHURHO
KRUQRQRDUUDQFD
background
1RWD
+RUQR$GYDQWLXP

background

*DUDQWtDGHO+RUQR$GYDQWLXP
+RUQR$GYDQWLXP
7RGRHOVHUYLFLRGHJDUDQWtDVHVXPLQLVWUDSRUPHGLRGH
QXHVWURV&HQWURVGH6HUYLFLRGH)iEULFDRXQWpFQLFRDXWRUL]DGR
SRU&XVWRPHU&DUH3DUDSURJUDPDUXQVHUYLFLRHQOtQHD
YLVtWHQRVHQ*($SSOLDQFHVFRPROODPHD*(&$5(6
&XDQGRVROLFLWHVHUYLFLRSRUIDYRUWHQJDGLVSRQLEOH
HOQ~PHURGHVHULH\PRGHOR
/RTXH*(QRFXEUH
9LDMHVGHVHUYLFLRDVXFDVDSDUDHQVHxDUOHD
XWLOL]DUHOSURGXFWR
,QVWDODFLyQHQWUHJDRPDQWHQLPLHQWR
LQDGHFXDGRV
3URGXFWRQRDFFHVLEOHSDUDGDUOHHOVHUYLFLR
UHTXHULGR
)DOODHQHOSURGXFWRVLpVWHHVPDOWUDWDGR
PDOXVDGRSRUHMHPSORFKLVSDVHQOD
FDYLGDGGHODSDUULOODGHDODPEUHRPHWDO
DOXPLQLRRVLHVXWLOL]DGRSDUDRWURILQ
TXHQRVHDHOSUHWHQGLGRRVLVHXWLOL]D
FRPHUFLDOPHQWH
 &DPELRGHORVIXVLEOHVGHODFDVDRUHDMXVWH
GHOLQWHUUXSWRUDXWRPiWLFR
 &DPELRGHORVERPELOORVGHODSODQFKD
 'DxRDOSURGXFWRFDXVDGRSRUDFFLGHQWH
IXHJRLQXQGDFLRQHVRFDVRIRUWXLWR
 'DxRLQFLGHQWDORFRQVHFXHQWHFDXVDGR
SRUSRVLEOHVGHIHFWRVFRQHVWHDSDUDWR
 'DxRFDXVDGRGHVSXpVGHODHQWUHJD
(VWDJDUDQWtDVHH[WLHQGHDOFRPSUDGRURULJLQDO\FXDOTXLHUGXHxRSRVWHULRUSDUDSURGXFWRV
FRPSUDGRVSDUDXVRGRPpVWLFRGHQWURGHORV(8$6LHOSURGXFWRVHHQFXHQWUDHQXQDUHJLyQ
GRQGHQRKD\6HUYLFLR7pFQLFRDXWRUL]DGRGH*(XVWHGVHUiUHVSRQVDEOHGHOFRVWRGHOYLDMH
RVHOHVROLFLWDUiTXHOOHYHHOSURGXFWRDXQ6HUYLFLR7pFQLFR$XWRUL]DGRGH*((Q$ODVNDOD
JDUDQWtDH[FOX\HHOFRVWRGHHQYtRRYLVLWDVGHVHUYLFLRHQVXKRJDU
$OJXQRVHVWDGRVQRSHUPLWHQODH[FOXVLyQROLPLWDFLyQGHGDxRVLQFLGHQWDOHVRFRQVHFXHQWHV
(VWDJDUDQWtDOHRWRUJDGHUHFKRVOHJDOHVHVSHFtILFRV\WDPELpQSXHGHFRQWDUFRQRWURV
GHUHFKRVTXHYDUtDQGHHVWDGRDHVWDGR3DUDFRQRFHUVXVGHUHFKRVOHJDOHVFRQVXOWHDOD
RILFLQDORFDOGHOFRQVXPLGRURGHVXHVWDGRRDO)LVFDO*HQHUDOGHVXHVWDGR
*DUDQWH*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
3DUDHO3HUtRGRGH *(&DPELDUi
(QJUDSHDTXtVXUHFLER
3DUDTXHODJDUDQWtDFXEUD
ORVVHUYLFLRVVHQHFHVLWD
HOFRPSUREDQWHRULJLQDOGH
ODIHFKDGHFRPSUD
(;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFR\H[FOXVLYRGHUHFKRHVUHSDUDUHO
SURGXFWRFRPRVHHVWDEOHFHHQHVWD*DUDQWtD/LPLWDGD&XDOTXLHUJDUDQWtDLPSOtFLWD
LQFOX\HQGRODVJDUDQWtDVLPSOtFLWDVGHFRPHUFLDOL]DFLyQRDGHFXDFLyQSDUDXQ
SURSyVLWRHVSHFtILFRHVWiOLPLWDGDDXQDxRRHOSHUtRGRPiVFRUWRTXHSHUPLWHOD
OH\
&XDOTXLHUSLH]DGHOKRUQRTXHIDOOHGHELGRDGHIHFWRVHQORVPDWHULDOHV
RHQODIDEULFDFLyQ'XUDQWHHVWDJDUDQWtDOLPLWDGDGHXQDxR*(
ELpQVXPLQLVWUDUiVLQFRVWRDOJXQRWRGDPDQRGHREUD\VHUYLFLRV
UHODFLRQDGRVFRQHOFDPELRGHODSLH]DGHIHFWXRVD
8Q$xR
'HODIHFKDGHOD
WDPFRPSUDRULJLQD
&LQFR$xRV
'HODIHFKDGHODFRPSUD
RULJLQDO
(OWXERGHOPDJQHWUyQVLHVWHIDOODGHELGRDGHIHFWRVHQORVPDWHULDOHV
RHQODIDEULFDFLyQ'XUDQWHHVWDJDUDQWtDOLPLWDGDGHFLQFRDxRVXVWHG
FRPSUDRULJLQDO
VHUiUHVSRQVDEOHGHWRGDPDQRGHREUD\FRVWRVGHVHYLFLR
HQVXFDVD
background
3ULQWHGLQ.RUHD
6RSRUWHDOFRQVXPLGRU
3iJLQD:HEGH*($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ELHQKRUDVDOGtD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''*($&
3LH]DV\DFFHVRULRV *($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 *($SSOLDQFHVFRP
6LQRHVWiVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLEHGH*(SyQJDVHHQFRQWDFWRFRQQRVRWURVHQQXHVWUDSiJLQD
:HELQGLFDQGRWRGRVORVGHWDOOHVDVtFRPRVXQ~PHURGHWHOpIRQRRHVFUtEDQRVD
*HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($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SUHLPSUHVDTXHVHLQFOX\HHQHOPDWHULDO
GHHPEDODMH
*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

Specifications

GE - General Electric PSA1200RBB Questions and Answers

Questions and Answers

Related Products