warning - cloudfront.net

)UHH6WDQGLQJ6OLGH,QDQG'URS,Q(OHFWULF
5DQJHV
*($SSOLDQFHVFRP
6DIHW\,QVWUXFWLRQV ²
2SHUDWLQJ,QVWUXFWLRQV
.LWFKHQ7LPHU 2YHQ²
$GMXVW2YHQ7KHUPRVWDW %DNLQJRU5RDVWLQJ %URLOLQJ%URLOLQJ*XLGH &RQWUROV
&RQYHFWLRQ2YHQ²
/RZHU2YHQ'UDZHU 3UHKHDWLQJ 3UREH 6DEEDWK)HDWXUH 6HOI&OHDQLQJ
6ORZ&RRN:DUPLQJDQG3URRILQJ)HDWXUHV
6SHFLDO)HDWXUHV
7LPHG%DNLQJDQG5RDVWLQJ :DUPLQJ'UDZHU 6XUIDFH8QLWV ²
&RRNZDUH *ULGGOH
.QRE&RQWUROOHG0RGHOV
7RXFK3DG&RQWUROOHG0RGHOV
2ZQHU·V0DQXDO
4XLFN6HW9
4XLFN6HW9,DQG
1H[W6WHS&RQWURO
&DUHDQG&OHDQLQJ
&RQWURO.QREV
&RQWURO3DQHO
*ODVV&RRNWRS
/LIW2II2YHQ'RRU
/LJKW
2YHQ)ORRU 2YHQ+HDWLQJ(OHPHQWV 5DFNV
5HPRYDEOH:DUPLQJ'UDZHU/RZHU2YHQ'UDZHU3DQ
6WRUDJH'UDZHU
6XUIDFHV
9HQW
7URXEOHVKRRWLQJ7LSV ²
$FFHVVRULHV
&RQVXPHU6XSSRUW
&RQVXPHU6XSSRUW
:DUUDQW\
:ULWHWKHPRGHODQGVHULDO
QXPEHUVKHUH
0RGHOBBBBBBBBBBBBBBBB
6HULDO BBBBBBBBBBBBBBBB
,Q&DQDGD
ZZZ*($SSOLDQFHVFD
3ULQWHGLQWKH8QLWHG6WDWHV
<RXFDQILQGWKHPRQDODEHO
EHKLQGWKHGUDZHURUEHKLQGWKH
ORZHURYHQGRRURQWKHIURQWRI
WKHUDQJHIUDPH
3ULQWHGRQ
5HF\FOHG3DSHU
*(
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
:$51,1*
5HDGDOOVDIHW\LQVWUXFWLRQVEHIRUHXVLQJWKHSURGXFW)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQILUHHOHFWULFVKRFN
VHULRXVLQMXU\RUGHDWK
$17,7,3'(9,&(
7RUHGXFHWKHULVNRIWLSSLQJWKH
UDQJHWKHUDQJHPXVWEHVHFXUHG
E\DSURSHUO\LQVWDOOHGDQWLWLS
Tip-Over Hazard
EUDFNHW6HHLQVWDOODWLRQLQVWUXFWLRQV
A child or adult can tip the range and be killed.
VKLSSHGZLWKWKHEUDFNHWIRU
Verify the anti-tip bracket has been properly installed
FRPSOHWHGHWDLOVEHIRUHDWWHPSWLQJ
and engaged.
WRLQVWDOO
Ensure the anti-tip bracket is re-engaged when the range
is moved.
)RU)UHHVWDQGLQJDQG6OLGH,Q
Do not operate the range without the anti-tip bracket in
5DQJHV
place and engaged.
Failure to follow these instructions can result in death or 7RFKHFNLIWKHEUDFNHWLVLQVWDOOHG
serious burns to children or adults.
DQGHQJDJHGSURSHUO\ORRN
XQGHUQHDWKWKHUDQJHWRVHHWKDW
WKHUHDUOHYHOLQJOHJLVHQJDJHGLQWKHEUDFNHW2QVRPHPRGHOVWKH
$QWL7LS
VWRUDJHGUDZHURUNLFNSDQHOFDQEHUHPRYHGIRUHDV\LQVSHFWLRQ,IYLVXDO
%UDFNHW
LQVSHFWLRQLVQRWSRVVLEOHVOLGHWKHUDQJHIRUZDUGFRQILUPWKHDQWLWLS
EUDFNHWLVVHFXUHO\DWWDFKHGWRWKHIORRURUZDOODQGVOLGHWKHUDQJHEDFNVR
WKHUHDUOHYHOLQJOHJLVXQGHUWKHDQWLWLSEUDFNHW
/HYHOLQJ/HJ
,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\VUHSHDWWKLV
)UHHVWDQGLQJDQG6OLGH,Q5DQJHV
SURFHGXUHWRYHULI\WKHUDQJHLVSURSHUO\VHFXUHGE\WKHDQWLWLSEUDFNHW
1HYHUFRPSOHWHO\UHPRYHWKHOHYHOLQJOHJVRUWKHUDQJHZLOOQRWEHVHFXUHG
WRWKHDQWLWLSGHYLFHSURSHUO\
Countertop or
Wood Block
)RU'URS,Q5DQJHV
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\VOLGHWKHUDQJH
IRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHUHDURIWKH
UDQJHDQGVOLGHWKHUDQJHEDFNVRWKDWWKHDQWLWLSEUDFNHWVOLGHVMXVWXQGHU
WKHFRXQWHUWRSRUZRRGEORFNDWWDFKHGWRWKHUHDUZDOO
Anti-Tip
Bracket
,I\RXGLGQRWUHFHLYHDQDQWLWLSEUDFNHWZLWK\RXUSXUFKDVHFDOO
)RULQVWDOODWLRQLQVWUXFWLRQVRIWKHEUDFNHWYLVLW
Oven
ZZZ*($SSOLDQFHVFD
Rear Wall
WARNING
'URS,Q5DQJHV
:$51,1*
,03257$176$)(7<127,&(
7KH&DOLIRUQLD6DIH'ULQNLQJ:DWHUDQG7R[LF(QIRUFHPHQW$FWUHTXLUHVWKH*RYHUQRURI&DOLIRUQLDWRSXEOLVKDOLVWRIVXEVWDQFHV
NQRZQWRWKHVWDWHWRFDXVHFDQFHUELUWKGHIHFWVRURWKHUUHSURGXFWLYHKDUPDQGUHTXLUHVEXVLQHVVHVWRZDUQFXVWRPHUVRISRWHQWLDO
H[SRVXUHWRVXFKVXEVWDQFHV
7KHILEHUJODVVLQVXODWLRQLQVHOIFOHDQRYHQVJLYHVRIIDYHU\VPDOODPRXQWRIFDUERQPRQR[LGHGXULQJWKHFOHDQLQJF\FOH([SRVXUHFDQ
EHPLQLPL]HGE\YHQWLQJZLWKDQRSHQZLQGRZRUXVLQJDYHQWLODWLRQIDQRUKRRG
*($SSOLDQFHVFRP
:$51,1*
*(1(5$/6$)(7<,16758&7,216
„8VHWKLVDSSOLDQFHIRULWVLQWHQGHGSXUSRVHDVGHVFULEHGLQWKLV
2ZQHU·V0DQXDO
„%HVXUH\RXUDSSOLDQFHLVSURSHUO\LQVWDOOHGDQGJURXQGHGE\D
TXDOLILHGLQVWDOOHULQDFFRUGDQFHZLWKWKHSURYLGHGLQVWDOODWLRQ
LQVWUXFWLRQV
„
'RQRWDWWHPSWWRUHSDLURUUHSODFHDQ\SDUWRI\RXUUDQJHXQOHVV
LWLVVSHFLILFDOO\UHFRPPHQGHGLQWKLVPDQXDO$OORWKHUVHUYLFLQJ
VKRXOGEHWUDQVIHUUHGWRDTXDOLILHGWHFKQLFLDQ
„%HIRUHSHUIRUPLQJDQ\VHUYLFHXQSOXJWKHUDQJHRUGLVFRQQHFW
WKHSRZHUVXSSO\DWWKHKRXVHKROGGLVWULEXWLRQSDQHOE\
UHPRYLQJWKHIXVHRUVZLWFKLQJRIIWKHFLUFXLWEUHDNHU
„'RQRWOHDYHFKLOGUHQDORQH³FKLOGUHQVKRXOGQRWEHOHIWDORQH
RUXQDWWHQGHGLQDQDUHDZKHUHDQDSSOLDQFHLVLQXVH7KH\
VKRXOGQHYHUEHDOORZHGWRFOLPEVLWRUVWDQGRQDQ\SDUWRIWKH
DSSOLDQFH
&$87,21
„
'RQRWVWRUHLWHPVRILQWHUHVWWRFKLOGUHQ
DERYHDUDQJHRURQWKHEDFNJXDUGRIDUDQJH³FKLOGUHQFOLPELQJ
RQWKHUDQJHWRUHDFKLWHPVFRXOGEHVHULRXVO\LQMXUHG
„8VHRQO\GU\SRWKROGHUV³PRLVWRUGDPSSRWKROGHUVRQKRW
VXUIDFHVPD\UHVXOWLQEXUQVIURPVWHDP'RQRWOHWSRWKROGHUV
WRXFKKRWVXUIDFHXQLWVRUKHDWLQJHOHPHQWV'RQRWXVHDWRZHO
RURWKHUEXON\FORWKLQSODFHRISRWKROGHUV
:$51,1*
„
1HYHUXVH\RXUDSSOLDQFHIRUZDUPLQJRUKHDWLQJWKHURRP
„'RQRWWRXFKWKHVXUIDFHXQLWVWKHKHDWLQJHOHPHQWVRUWKH
LQWHULRUVXUIDFHRIWKHRYHQ7KHVHVXUIDFHVPD\EHKRWHQRXJK
WREXUQHYHQWKRXJKWKH\DUHGDUNLQFRORU'XULQJDQGDIWHUXVH
GRQRWWRXFKRUOHWFORWKLQJRURWKHUIODPPDEOHPDWHULDOVFRQWDFW
WKHVXUIDFHXQLWVDUHDVQHDUE\WKHVXUIDFHXQLWVRUDQ\LQWHULRU
DUHDRIWKHRYHQDOORZVXIILFLHQWWLPHIRUFRROLQJILUVW2WKHU
VXUIDFHVRIWKHDSSOLDQFHPD\EHFRPHKRWHQRXJKWRFDXVH
EXUQV3RWHQWLDOO\KRWVXUIDFHVLQFOXGHWKHFRRNWRSDUHDVIDFLQJ
WKHFRRNWRSRYHQYHQWRSHQLQJVXUIDFHVQHDUWKHRSHQLQJDQG
FUHYLFHVDURXQGWKHRYHQGRRU
„'RQRWKHDWXQRSHQHGIRRGFRQWDLQHUV3UHVVXUHFRXOGEXLOGXS
DQGWKHFRQWDLQHUFRXOGEXUVWFDXVLQJDQLQMXU\
„$YRLGVFUDWFKLQJRULPSDFWLQJJODVVGRRUVFRRNWRSVRUFRQWURO
SDQHOV'RLQJVRPD\OHDGWRJODVVEUHDNDJH'RQRWFRRNRQD
SURGXFWZLWKEURNHQJODVV6KRFNILUHRUFXWVPD\RFFXU
„&RRNPHDWDQGSRXOWU\WKRURXJKO\³PHDWWRDWOHDVWDQLQWHUQDO
WHPSHUDWXUHRIƒ)DQGSRXOWU\WRDWOHDVWDQLQWHUQDO
WHPSHUDWXUHRIƒ)&RRNLQJWRWKHVHWHPSHUDWXUHVXVXDOO\
SURWHFWVDJDLQVWIRRGERUQHLOOQHVV
.((3)/$00$%/(0$7(5,$/6$:$<)520
7+(5$1*(
„'RQRWVWRUHRUXVHIODPPDEOHPDWHULDOVLQDQRYHQRUQHDU
WKHFRRNWRSLQFOXGLQJSDSHUSODVWLFSRWKROGHUVOLQHQVZDOO
FRYHULQJVFXUWDLQVGUDSHVDQGJDVROLQHRURWKHUIODPPDEOH
YDSRUVDQGOLTXLGV
„1HYHUZHDUORRVHILWWLQJRUKDQJLQJJDUPHQWVZKLOHXVLQJ
WKHDSSOLDQFH7KHVHJDUPHQWVPD\LJQLWHLIWKH\FRQWDFWKRW
VXUIDFHVFDXVLQJVHYHUHEXUQV
:$51,1*
„
'RQRWOHWFRRNLQJJUHDVHRURWKHUIODPPDEOHPDWHULDOV
DFFXPXODWHLQRUQHDUWKHUDQJH*UHDVHLQWKHRYHQRURQWKH
FRRNWRSPD\LJQLWH
„
&OHDQYHQWLODWLQJKRRGVIUHTXHQWO\*UHDVHVKRXOGQRWEH
DOORZHGWRDFFXPXODWHRQWKHKRRGRUILOWHU
,17+((9(172)$),5(7$.(7+()2//2:,1*
67(367235(9(177+(),5()520635($',1*
„'RQRWXVHZDWHURQJUHDVHILUHV1HYHUSLFNXSDIODPLQJSDQ
7XUQWKHFRQWUROVRII6PRWKHUDIODPLQJSDQRQDVXUIDFH
XQLWE\FRYHULQJWKHSDQFRPSOHWHO\ZLWKDZHOOILWWLQJOLG
FRRNLHVKHHWRUIODWWUD\8VHDPXOWLSXUSRVHGU\FKHPLFDORU
IRDPW\SHILUHH[WLQJXLVKHU
„
,IWKHUHLVDILUHLQWKHRYHQGXULQJVHOIFOHDQWXUQWKHRYHQ
RIIDQGZDLWIRUWKHILUHWRJRRXW'RQRWIRUFHWKHGRRU
RSHQ,QWURGXFWLRQRIIUHVKDLUDWVHOIFOHDQWHPSHUDWXUHV
PD\OHDGWRDEXUVWRIIODPHIURPWKHRYHQ)DLOXUHWRIROORZ
WKLVLQVWUXFWLRQPD\UHVXOWLQVHYHUHEXUQV
„,IWKHUHLVDILUHLQWKHRYHQGXULQJEDNLQJVPRWKHUWKHILUHE\
FORVLQJWKHRYHQGRRUDQGWXUQLQJWKHRYHQRIIRUE\XVLQJD
PXOWLSXUSRVHGU\FKHPLFDORUIRDPW\SHILUHH[WLQJXLVKHU
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
:$51,1*
&22.7236$)(7<,16758&7,216
„1HYHUOHDYHWKHVXUIDFHXQLWVXQDWWHQGHGDWPHGLXPRU
KLJKKHDWVHWWLQJV%RLORYHUVFDXVHVPRNLQJDQGJUHDV\
VSLOORYHUVWKDWPD\FDWFKRQILUH
„1HYHUOHDYHRLOXQDWWHQGHGZKLOHIU\LQJ,IDOORZHGWR
KHDWEH\RQGLWVVPRNLQJSRLQWRLOPD\LJQLWHUHVXOWLQJ
LQILUHWKDWPD\VSUHDGWRVXUURXQGLQJFDELQHWV8VHD
GHHSIDWWKHUPRPHWHUZKHQHYHUSRVVLEOHWRPRQLWRURLO
WHPSHUDWXUH
UHVXOWLQLJQLWLRQRIFORWKLQJ3URSHUUHODWLRQVKLSRI
FRRNZDUHWRVXUIDFHXQLWZLOODOVRLPSURYHHIILFLHQF\
„2QO\FHUWDLQW\SHVRIJODVVJODVVFHUDPLFHDUWKHQZDUH
RURWKHUJOD]HGFRQWDLQHUVDUHVXLWDEOHIRUFRRNWRS
VHUYLFHRWKHUVPD\EUHDNEHFDXVHRIWKHVXGGHQ
FKDQJHLQWHPSHUDWXUH
„7RPLQLPL]HWKHSRVVLELOLW\RIEXUQVLJQLWLRQRI
IODPPDEOHPDWHULDOVDQGVSLOODJHWKHKDQGOHRID
FRQWDLQHUVKRXOGEHWXUQHGWRZDUGWKHFHQWHURIWKH
„7RDYRLGRLOVSLOORYHUDQGILUHXVHDPLQLPXPDPRXQWRI
UDQJHZLWKRXWH[WHQGLQJRYHUQHDUE\VXUIDFHXQLWV
RLOZKHQVKDOORZSDQIU\LQJDQGDYRLGFRRNLQJIUR]HQ
IRRGVZLWKH[FHVVLYHDPRXQWVRILFH
„:KHQSUHSDULQJIODPLQJIRRGVXQGHUDKRRGWXUQWKH
IDQRQ
„
8VHSURSHUSDQVL]H³VHOHFWFRRNZDUHKDYLQJIODW
ERWWRPVODUJHHQRXJKWRFRYHUWKHVXUIDFHKHDWLQJ
HOHPHQW7KHXVHRIXQGHUVL]HGFRRNZDUHZLOOH[SRVH
DSRUWLRQRIWKHVXUIDFHXQLWWRGLUHFWFRQWDFWDQGPD\
:$51,1*
5$',$17&22.7236$)(7<,16758&7,216
VRPHPRGHOV
„8VHFDUHZKHQWRXFKLQJWKHFRRNWRS7KHJODVVVXUIDFH
RIWKHFRRNWRSZLOOUHWDLQKHDWDIWHUWKHFRQWUROVKDYH
EHHQWXUQHGRII
„'RQRWFRRNRQDEURNHQFRRNWRS,IJODVVFRRNWRS
VKRXOGEUHDNFOHDQLQJVROXWLRQVDQGVSLOORYHUV
PD\SHQHWUDWHWKHEURNHQFRRNWRSDQGFUHDWHD
ULVNRIHOHFWULFVKRFN&RQWDFWDTXDOLILHGWHFKQLFLDQ
LPPHGLDWHO\
„$YRLGVFUDWFKLQJWKHJODVVFRRNWRS7KHFRRNWRSFDQEH
VFUDWFKHGZLWKLWHPVVXFKDVNQLYHVVKDUSLQVWUXPHQWV
ULQJVRURWKHUMHZHOU\DQGULYHWVRQFORWKLQJ
„'RQRWSODFHRUVWRUHLWHPVWKDWFDQPHOWRUFDWFKILUH
RQWKHJODVVFRRNWRSHYHQZKHQLWLVQRWEHLQJXVHG,I
WKHFRRNWRSLVLQDGYHUWHQWO\WXUQHGRQWKH\PD\LJQLWH
+HDWIURPWKHFRRNWRSRURYHQYHQWDIWHULWLVWXUQHGRII
:$51,1*
„8VH&(5$0$%5<7(FHUDPLF&RRNWRS&OHDQHUDQG
&(5$0$%5<7(&OHDQLQJ3DGWRFOHDQWKHFRRNWRS
:DLWXQWLOWKHFRRNWRSFRROVDQGWKHLQGLFDWRUOLJKW
JRHVRXWEHIRUHFOHDQLQJ$ZHWVSRQJHRUFORWKRQD
KRWVXUIDFHFDQFDXVHVWHDPEXUQV6RPHFOHDQHUV
FDQSURGXFHQR[LRXVIXPHVLIDSSOLHGWRDKRWVXUIDFH
127(6XJDUVSLOOVDUHDQH[FHSWLRQ7KH\VKRXOGEH
VFUDSHGRIIZKLOHVWLOOKRWXVLQJDQRYHQPLWWDQGD
VFUDSHU6HHWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQIRU
GHWDLOHGLQVWUXFWLRQV
„5HDGDQGIROORZDOOLQVWUXFWLRQVDQGZDUQLQJVRQ
WKHFOHDQLQJFUHDPODEHO
&2,/&22.7236$)(7<,16758&7,216VRPHPRGHOV
„'RQRWLPPHUVHRUVRDNWKHUHPRYDEOHVXUIDFHXQLWV
'RQRWSXWWKHPLQDGLVKZDVKHU'RQRWVHOIFOHDQWKH
VXUIDFHXQLWVLQDQRYHQ'RLQJVRPD\FDXVHWKHPWR
IDLOSUHVHQWLQJDEXUQRUILUHKD]DUG
„7RDYRLGWKHSRVVLELOLW\RIDEXUQRUHOHFWULFVKRFNDOZD\V
EHFHUWDLQWKDWWKHFRQWUROVIRUDOOVXUIDFHXQLWVDUHDWWKH
2))SRVLWLRQDQGDOOFRLOVDUHFRROEHIRUHDWWHPSWLQJWROLIW
RUUHPRYHDFRLOVXUIDFHXQLW
PD\FDXVHWKHPWRLJQLWHDOVR
„%HVXUHWKHGULSSDQVDUHQRWFRYHUHGDQGDUHLQSODFH
7KHLUDEVHQFHGXULQJFRRNLQJFRXOGGDPDJHUDQJH
SDUWVDQGZLULQJ
„'RQRWXVHDOXPLQXPIRLOWROLQHGULSSDQV)RLOFDQWUDS
KHDWRUPHOWUHVXOWLQJLQGDPDJHWRWKHSURGXFWDQGD
VKRFNRUILUHKD]DUG
*($SSOLDQFHVFRP
:$51,1*
29(16$)(7<,16758&7,216
„6WDQGDZD\IURPWKHUDQJHZKHQRSHQLQJWKHRYHQ
GRRU+RWDLURUVWHDPZKLFKHVFDSHVFDQFDXVHEXUQV
WRKDQGVIDFHDQGRUH\HV
„.HHSWKHRYHQYHQWXQREVWUXFWHG
„.HHSWKHRYHQIUHHIURPJUHDVHEXLOGXS*UHDVHLQWKH
RYHQPD\LJQLWH
„3ODFHRYHQUDFNVLQGHVLUHGORFDWLRQZKLOHRYHQLVFRRO
,IUDFNPXVWEHPRYHGZKLOHRYHQLVKRWGRQRWOHWSRW
KROGHUFRQWDFWKRWKHDWLQJHOHPHQWLQRYHQ
„:KHQXVLQJFRRNLQJRUURDVWLQJEDJVLQWKHRYHQIROORZ
WKHPDQXIDFWXUHU·VGLUHFWLRQV
:$51,1*
„3XOOWKHRYHQUDFNWRWKHVWRSORFNSRVLWLRQZKHQ
ORDGLQJDQGXQORDGLQJIRRGIURPWKHRYHQ7KLVKHOSV
SUHYHQWEXUQVIURPWRXFKLQJKRWVXUIDFHVRIWKHGRRU
DQGRYHQZDOOV
„'RQRWOHDYHLWHPVVXFKDVSDSHUFRRNLQJXWHQVLOVRU
IRRGLQWKHRYHQZKHQQRWLQXVH,WHPVVWRUHGLQDQ
RYHQFDQLJQLWH
„'RQRWXVHDOXPLQXPIRLOWROLQHWKHRYHQERWWRP
)RLOFDQWUDSKHDWRUPHOWUHVXOWLQJLQGDPDJHWRWKH
SURGXFWDQGDVKRFNRUILUHKD]DUG
6(/)&/($1,1*29(16$)(7<,16758&7,216
6RPHPRGHOV
7KHVHOIFOHDQLQJIHDWXUHRSHUDWHVWKHRYHQDWWHPSHUDWXUHVKLJKHQRXJKWREXUQDZD\IRRGVRLOVLQWKHRYHQ
)ROORZWKHVHLQVWUXFWLRQVIRUVDIHRSHUDWLRQ
„%HIRUHRSHUDWLQJWKHVHOIFOHDQF\FOHUHPRYHSDQV
VKLQ\PHWDORYHQUDFNVDQGRWKHUXWHQVLOVIURPWKH
RYHQ2QO\JUD\SRUFHODLQFRDWHGRYHQUDFNVPD\EH
OHIWLQWKHRYHQ'RQRWXVHVHOIFOHDQWRFOHDQRWKHU
SDUWVVXFKDVGULSSDQVRUERZOV
„%HIRUHRSHUDWLQJWKHVHOIFOHDQF\FOHZLSHJUHDVHDQG
IRRGVRLOVIURPWKHRYHQ([FHVVLYHDPRXQWRIJUHDVH
PD\LJQLWHOHDGLQJWRVPRNHGDPDJHWR\RXUKRPH
:$51,1*
„,IWKHVHOIFOHDQLQJPRGHPDOIXQFWLRQVWXUQWKHRYHQRII
DQGGLVFRQQHFWWKHSRZHUVXSSO\+DYHLWVHUYLFHGE\D
TXDOLILHGWHFKQLFLDQ
„'RQRWFOHDQWKHGRRUJDVNHW7KHGRRUJDVNHWLV
HVVHQWLDOIRUDJRRGVHDO&DUHVKRXOGEHWDNHQQRWWR
UXEGDPDJHRUPRYHWKHJDVNHW
„'RQRWXVHRYHQFOHDQHUV1RFRPPHUFLDORYHQFOHDQHU
RURYHQOLQHUSURWHFWLYHFRDWLQJRIDQ\NLQGVKRXOGEH
XVHGLQRUDURXQGDQ\SDUWRIWKHRYHQ
:$50,1*'5$:(5/2:(529(1'5$:(56$)(7<
,16758&7,216VRPHPRGHOV
„7KHSXUSRVHRIWKHZDUPLQJGUDZHULVWRKROGKRW
FRRNHGIRRGVDWVHUYLQJWHPSHUDWXUH%DFWHULDZLOOJURZ
LQIRRGZKLOHLWLVEHORZƒ)'RQRWSXWFROGIRRG
LQZDUPLQJGUDZHU'RQRWKHDWIRRGIRUPRUHWKDQ
KRXUV)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQ
IRRGERUQHLOOQHVV
„'RQRWOHDYHSDSHUSURGXFWVSODVWLFVFDQQHGIRRGRU
FRPEXVWLEOHPDWHULDOVLQWKHGUDZHU7KH\PD\LJQLWH
„'RQRWWRXFKWKHKHDWLQJHOHPHQWRUWKHLQWHULRUVXUIDFH
RIWKHGUDZHU7KHVHVXUIDFHVPD\EHKRWHQRXJKWR
FDXVHEXUQV
„8VHFDUHZKHQRSHQLQJWKHGUDZHU2SHQWKHGUDZHUD
FUDFNDQGOHWKRWDLURUVWHDPHVFDSHEHIRUHUHPRYLQJ
RUUHSODFLQJIRRG+RWDLURUVWHDPWKDWHVFDSHVFDQ
FDXVHEXUQVWRKDQGVIDFHDQGRUH\HV
„'RQRWXVHDOXPLQXPIRLOWROLQHWKHORZHUGUDZHU7KH
IRLOZLOOWUDSKHDWEHORZDQGXSVHWWKHSHUIRUPDQFH
RIWKHRYHQ)RLOFDQPHOWDQGSHUPDQHQWO\GDPDJH
WKHGUDZHUERWWRP'DPDJHIURPLPSURSHUXVHRI
DOXPLQXPIRLOLVQRWFRYHUHGE\WKHSURGXFWZDUUDQW\
)RUPRGHOVZLWKDJODVVFRRNWRS
),5(+$=$5'1HYHUOHDYHWKHUDQJHXQDWWHQGHGZLWKWKHFRRNWRSRQPHGLXPRUKLJK
VHWWLQJV.HHSIODPPDEOHLWHPVDZD\IURPWKHFRRNWRS7XUQRIIDOOFRQWUROVZKHQGRQH
FRRNLQJ)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVFDQUHVXOWLQILUHVHULRXVLQMXU\RUGHDWK
127(7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
:$51,1*
$ERXWWKHUDGLDQWVXUIDFHXQLWV
7KHUDGLDQWFRRNWRSIHDWXUHVKHDWLQJXQLWV
EHQHDWKDVPRRWKJODVVVXUIDFH
1HYHUFRRNGLUHFWO\RQWKHJODVV
$OZD\VXVHFRRNZDUH
&RRNWRSWHPSHUDWXUHVLQFUHDVHZLWKWKH
QXPEHURIVXUIDFHXQLWVWKDWDUHRQ:LWKRU
XQLWVWXUQHGRQVXUIDFHWHPSHUDWXUHVDUHKLJK
$OZD\VXVHFDXWLRQZKHQWRXFKLQJWKHFRRNWRS
$QLQGLFDWRUOLJKWZLOOFRPHRQZKHQWKH
VXUIDFHXQLWLVWXUQHGRQ
7KHDSSURSULDWH+27685)$&( LQGLFDWRU
OLJKWZLOOJORZZKHQLWVFRUUHVSRQGLQJUDGLDQW
HOHPHQWLVWXUQHGRQDQGZLOOUHPDLQRQXQWLO
WKHVXUIDFHKDVFRROHGEHORZƒ)
$OZD\VSODFHWKHSDQLQWKHFHQWHU
RIWKHVXUIDFHXQLW\RXDUHFRRNLQJRQ
127(
+RWVXUIDFHLQGLFDWRUOLJKWZLOO
„6WD\RQHYHQDIWHUWKHXQLWLVWXUQHGRII
„*ORZEULJKWO\XQWLOWKHXQLWKDVFRROHG
EHORZƒ)
'RQRWVOLGHFRRNZDUHDFURVVWKH
FRQWURORUFRRNWRSVXUIDFHEHFDXVH
LWFDQVFUDWFKWKHJODVV7KHJODVVLV
VFUDWFKUHVLVWDQWQRWVFUDWFKSURRI
127($VOLJKWRGRULVQRUPDOZKHQDQHZ
FRRNWRSLVXVHGIRUWKHILUVWWLPH,WLVFDXVHG
E\WKHKHDWLQJRIQHZSDUWVDQGLQVXODWLQJ
PDWHULDOVDQGZLOOGLVDSSHDULQDVKRUWWLPH
127(2QPRGHOVZLWKOLJKWFRORUHGJODVV
FRRNWRSVLWLVQRUPDOIRUWKHFRRNLQJ]RQHVWR
FKDQJHFRORUZKHQKRWRUFRROLQJGRZQ7KLVLV
WHPSRUDU\DQGZLOOGLVDSSHDUDVWKHJODVVFRROV
WRURRPWHPSHUDWXUH
,WLVVDIHWRSODFHKRWFRRNZDUHIURPWKHRYHQ
RUVXUIDFHRQWKHJODVVFRRNWRSZKHQWKH
VXUIDFHLVFRRO
(YHQDIWHUWKHVXUIDFHXQLWVDUHWXUQHGRIIWKH
JODVVFRRNWRSUHWDLQVHQRXJKKHDWWRFRQWLQXH
FRRNLQJ7RDYRLGRYHUFRRNLQJUHPRYHSDQV
IURPWKHVXUIDFHXQLWVZKHQWKHIRRGLVFRRNHG
$YRLGSODFLQJDQ\WKLQJRQWKHVXUIDFHXQLWXQWLO
LWKDVFRROHGFRPSOHWHO\
„:DWHUVWDLQVPLQHUDOGHSRVLWVDUHUHPRYDEOH
XVLQJWKHFOHDQLQJFUHDPRUIXOOVWUHQJWK
ZKLWHYLQHJDU
„8VHRIZLQGRZFOHDQHUPD\OHDYHDQ
LULGHVFHQWILOPRQWKHFRRNWRS7KHFOHDQLQJ
FUHDPZLOOUHPRYHWKLVGLVFRORUDWLRQ
„'RQ·WVWRUHKHDY\LWHPVDERYHWKHFRRNWRS,I
WKH\GURSRQWRWKHFRRNWRSWKH\FDQFDXVH
GDPDJH
„'RQRWXVHWKHVXUIDFHDVDFXWWLQJERDUG
6HOHFWLQJW\SHVRIFRRNZDUH
IRUJODVVFRRNWRSPRGHOVRQQRQLQGXFWLRQPRGHOV
*($SSOLDQFHVFRP
7KHIROORZLQJLQIRUPDWLRQZLOOKHOS\RXFKRRVHFRRNZDUHZKLFKZLOOJLYHJRRGSHUIRUPDQFHRQJODVVFRRNWRSV6HHLQVHUW
IRUFRRNZDUHWRXVHZLWKLQGXFWLRQFRRNWRSV
&KHFNSDQVIRUIODWERWWRPVE\
XVLQJDVWUDLJKWHGJH
6WDLQOHVV6WHHO
3RUFHODLQ(QDPHORQ&DVW,URQ
UHFRPPHQGHG
UHFRPPHQGHGLIERWWRPRISDQLVFRDWHG
$OXPLQXP
3RUFHODLQ(QDPHORQ6WHHO
KHDY\ZHLJKWUHFRPPHQGHG
*RRGFRQGXFWLYLW\$OXPLQXPUHVLGXHV
VRPHWLPHVDSSHDUDVVFUDWFKHVRQWKHFRRNWRS
EXWFDQEHUHPRYHGLIFOHDQHGLPPHGLDWHO\
%HFDXVHRILWVORZPHOWLQJSRLQWWKLQZHLJKW
DOXPLQXPVKRXOGQRW
EHXVHG
QRWUHFRPPHQGHG
+HDWLQJHPSW\SDQVFDQFDXVHSHUPDQHQW
GDPDJHWRFRRNWRSJODVV7KHHQDPHOFDQPHOW
DQGERQGWRWKHFHUDPLFFRRNWRS
&RSSHU%RWWRP
UHFRPPHQGHG
&RSSHUPD\OHDYHUHVLGXHVZKLFKFDQDSSHDU
DVVFUDWFKHV7KHUHVLGXHVFDQEHUHPRYHGDV
ORQJDVWKHFRRNWRSLVFOHDQHGLPPHGLDWHO\
+RZHYHUGRQRWOHWWKHVHSRWVERLOGU\
2YHUKHDWHGPHWDOFDQERQGWRJODVVFRRNWRSV
$QRYHUKHDWHGFRSSHUERWWRPSRWZLOOOHDYHD
UHVLGXHWKDWZLOOSHUPDQHQWO\VWDLQWKHFRRNWRS
LIQRWUHPRYHGLPPHGLDWHO\
3DQVZLWKURXQGHGFXUYHG
ULGJHGRUZDUSHGERWWRPVDUHQRW
UHFRPPHQGHG
*ODVVFHUDPLF
QRWUHFRPPHQGHG
3RRUSHUIRUPDQFH:LOOVFUDWFKWKHVXUIDFH
6WRQHZDUH
QRWUHFRPPHQGHG
3RRUSHUIRUPDQFH0D\VFUDWFKWKHVXUIDFH
&DVW,URQ
QRWUHFRPPHQGHG³XQOHVVGHVLJQHGVSHFLILFDOO\
IRUJODVVFRRNWRSV
3RRUFRQGXFWLYLW\DQGVORZWRDEVRUEKHDW:LOO
VFUDWFKWKHFRRNWRSVXUIDFH
127()ROORZDOOFRRNZDUHPDQXIDFWXUHU·VUHFRPPHQGDWLRQVZKHQXVLQJDQ\W\SHRIFRRNZDUHRQ
WKHFHUDPLFFRRNWRS
)RU%HVW5HVXOWV
„3ODFHRQO\GU\SDQVRQWKHVXUIDFH
HOHPHQWV'RQRWSODFHOLGVRQWKHVXUIDFH
HOHPHQWVSDUWLFXODUO\ZHWOLGV
'RQRWSODFHZHWSDQV
RQWKHJODVVFRRNWRS
'RQRWXVHZRNVZLWKVXSSRUW
ULQJVRQWKHJODVVFRRNWRS
8VHIODWERWWRPHGZRNV
RQWKHJODVVFRRNWRS
„'RQRWXVHZRNVWKDWKDYHVXSSRUWULQJV
7KLVW\SHRIZRNZLOOQRWKHDWRQJODVV
VXUIDFHHOHPHQWV
„$YRLGDOORZLQJIRRGVWRERLOGU\DVVRPH
FRRNZDUHPD\VWLFNWRWKHFRRNLQJ
VXUIDFHFDXVLQJSHUPDQHQWGDPDJHWR
WKHFRRNWRS
„:HUHFRPPHQGWKDW\RXXVHRQO\DIODW
ERWWRPHGZRN7KH\DUHDYDLODEOHDW\RXU
ORFDOUHWDLOVWRUH7KHERWWRP
RIWKHZRNVKRXOGKDYHWKHVDPHGLDPHWHU
DVWKHVXUIDFHHOHPHQW
WRHQVXUHSURSHUFRQWDFW
„6RPHVSHFLDOFRRNLQJSURFHGXUHVUHTXLUH
VSHFLILFFRRNZDUHVXFKDVSUHVVXUH
FRRNHUVGHHSIDWIU\HUVHWF$OOFRRNZDUH
PXVWKDYHIODWERWWRPVDQGEHWKHFRUUHFW
VL]H
8VLQJWKHVXUIDFHXQLWV³7RXFKSDGFRQWUROOHGPRGHOV
6XUIDFH8QLW&RRN6HWWLQJV
7KHFRRNWRSRIIHUVSRZHUOHYHOV3RZHU
OHYHOVUDQJHIURP´/µWR+,LQSUHFLVHKDOIVWHS
LQFUHPHQWV)RUH[DPSOHDQG
XSWR+,
7KHSRZHUOHYHOZLWKDIUDFWLRQ
LQGLFDWHVWKHDGGLWLRQDOKDOIVWHS
VHWWLQJ<RXPD\KHDUFOLFNLQJ
VRXQGVLQGLFDWLQJWKHFRQWUROLV
PDLQWDLQLQJ\RXUGHVLUHGVHWWLQJ
3RZHU/HYHO´/µWKHORZHVWVHWWLQJLV
UHFRPPHQGHGIRU´.HHS:DUPµ
7KHSRZHUOHYHOLQFUHDVHVRQHKDOIOHYHOZLWK
HDFKWRXFK
127(:KHQFKDQJLQJIURPDKLJKKHDWVHWWLQJ
WRDORZHUKHDWVHWWLQJWKHVXUIDFHXQLWPD\VWRS
JORZLQJ7KLVLVQRUPDO7KHXQLWLVVWLOORQDQGKRW
127(7KLVFRRNWRSKDVDUDSLGKHDWXSIHDWXUH
,IWKHFRRNWRSLVFRROZKHQWXUQHGRQLWZLOOJORZ
UHGIRUDVKRUWSHULRGRIWLPHXQWLOWKHGHVLUHG
SRZHUVHWWLQJLVUHDFKHG
6LQJOH6XUIDFH8QLW³&RRN6HWWLQJV
7RWXUQRQDVLQJOHVXUIDFHXQLW
7RXFKWKH212))SDGWKHQWRXFKWKH
²SDG
8VHWKH²SDGWRFKRRVHWKHGHVLUHG
SRZHUVHWWLQJ
7RXVHWKH6LPPHUIHDWXUH
7RXFKWKH212))SDGWKHQWRXFK6,00(5
7KHHOHPHQWZLOODXWRPDWLFDOO\VHWWRD
SUHGHWHUPLQHGVHWWLQJDQG´µZLOOEHGLVSOD\HG
$GMXVWXVLQJWKH²SDGWRLQFUHDVHRU
GHFUHDVHWKHVLPPHUUDWH
7RXVHWKH0HOWIHDWXUH
7RXFKWKH212))SDGWKHQWRXFK0(/7
7KHHOHPHQWZLOODXWRPDWLFDOO\VHWWRD
SUHGHWHUPLQHGVHWWLQJDQG´/µZLOOEHGLVSOD\HG
7RWXUQRIIDVLQJOHVXUIDFHXQLWWRXFKWKH21
2))SDGDJDLQ
0XOWL5LQJ%XUQHUFDQEHGXDORUWULSOHGHSHQGLQJRQPRGHO
7RXFKWKH212))SDGIRUWKHULJKWIURQW
VXUIDFHXQLW
8VHWKH²SDGWRVHWWKHGHVLUHGSRZHU
VHWWLQJ
7RXFKWKH%851(56,=(SDGDVQHHGHGWR
VHOHFWWKHGHVLUHGEXUQHUVL]H
7KHOLJKWQH[WWRWKH%851(56,=(SDGLQGLFDWHV
ZKLFKVL]HWKHVXUIDFHXQLWLVRQ
7RWXUQWKHVXUIDFHXQLWRIIWRXFKWKH212))
SDG
6HHSDJHIRUDGGLWLRQDOLQIRUPDWLRQ
*($SSOLDQFHVFRP
:$51,1*
) 22'32,621+$=$5'%DFWHULDPD\JURZLQIRRGDWWHPSHUDWXUHVEHORZƒ)
‡$OZD\VVWDUWZLWKKRWIRRG'RQRWXVHZDUPVHWWLQJVWRKHDWFROGIRRG
‡'RQRWZDUPIRRGIRUPRUHWKDQKRXUV
)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQIRRGERUQHLOOQHVV
8VLQJWKH:DUPLQJ=RQHRQVRPHPRGHOV
WARMING ZONE
SELECT
ON
OFF
=21(VKRXOGEHFRYHUHGZLWKDOLGRUDOXPLQXP
IRLO
$OZD\VXVHSRWKROGHUVRURYHQPLWWVZKHQ
7RXVHWKH:$50,1*=21(
UHPRYLQJIRRGIURPWKH:$50,1*=21(DV
7RXFKWKH:$50,1*=21(212))SDG
FRRNZDUHZLOOEHKRW
7RVHOHFWWKHGHVLUHGFRQWUROVHWWLQJWRXFK
„'RQRWXVHSODVWLFZUDSWRFRYHUIRRG3ODVWLF
WKH6(/(&7SDGRQFHIRU/2WZLFHIRU0('
PD\PHOWRQWRWKHVXUIDFHDQGEHYHU\
RUWKUHHWLPHVIRU+,
GLIILFXOWWRFOHDQ
7RWXUQRIIWKH:$50,1*=21(
„8VHRQO\FRRNZDUHUHFRPPHQGHGIRUWRSRI
7RXFKWKH:$50,1*=21(212))SDG
UDQJHFRRNLQJ
)RUEHVWUHVXOWVDOOIRRGVRQWKH:$50,1*
7KH:$50,1*=21(LVORFDWHGLQWKHEDFN
FHQWHURIWKHJODVVVXUIDFH
8VLQJWKH:DUPLQJ=RQHRQVRPHPRGHOV
7KH:$50,1*=21(LVORFDWHGLQWKHEDFN
FHQWHURIWKHJODVVVXUIDFH
7RXVHWKH:$50,1*=21(
7RXFKWKH:$50,1*=21(212))SDG
7RXFKWKH/20('RU+,SDGWR
VHOHFWWKHGHVLUHGFRQWUROVHWWLQJ
7RXFKWKH67$57SDG´:$50(5+2721µ
ZLOOEHLQWKHFRQWUROGLVSOD\
$OZD\VXVHSRWKROGHUVRURYHQPLWWVZKHQ
UHPRYLQJIRRGIURPWKH:$50,1*=21(DV
FRRNZDUHZLOOEHKRW
„'RQRWXVHSODVWLFZUDSWRFRYHUIRRG3ODVWLF
PD\PHOWRQWRWKHVXUIDFHDQGEHYHU\GLIILFXOW
WRFOHDQ
„8VHRQO\FRRNZDUHUHFRPPHQGHGIRUWRSRI
UDQJHFRRNLQJ
7RWXUQRIIWKH:$50,1*=21(
7RXFKWKH:$50,1*=21(212))SDG
127(7KH&/($52))SDGZLOOQRWWXUQRIIWKH
:$50,1*=21(
)RUEHVWUHVXOWVDOOIRRGVRQWKH:$50,1*
=21(VKRXOGEHFRYHUHGZLWKDOLGRUDOXPLQXP
IRLO
8VLQJWKHVXUIDFHXQLWV³.QREFRQWUROOHGPRGHOV
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
+RZWR6HW
3XVKWKHNQRELQDQGWXUQLQHLWKHUGLUHFWLRQWR
WKHVHWWLQJ\RXZDQW
)RUJODVVFRRNWRSVXUIDFHV
$+27&22.723LQGLFDWRUOLJKWRQWKH
FRRNWRSZLOOJORZZKHQDQ\UDGLDQWHOHPHQW
LVWXUQHGRQ,WZLOOUHPDLQRQXQWLOWKHVXUIDFH
LVFRROHGWRDSSUR[LPDWHO\ƒ)
$WERWK2)) DQG+, WKHFRQWUROFOLFNV
LQWRSRVLWLRQ<RXPD\KHDUVOLJKW
FOLFNLQJVRXQGVGXULQJFRRNLQJ
LQGLFDWLQJWKHFRQWUROLVPDLQWDLQLQJ
\RXUGHVLUHGVHWWLQJ
%HVXUH\RXWXUQWKHFRQWURONQRE
WR2))ZKHQ\RXILQLVKFRRNLQJ
,QGLFDWRUOLJKWZLOO
„&RPHRQZKHQWKHXQLWLVWXUQHGRQRUKRW
WRWKHWRXFK
„6WD\RQHYHQDIWHUWKHXQLWLVWXUQHGRII
„*ORZXQWLOWKHXQLWLVFRROHGWR
DSSUR[LPDWHO\ƒ)
'XDODQG7ULSOH6XUIDFH8QLWVDQG&RQWURO.QREVRQVRPHPRGHOV
7KHVXUIDFHXQLWKDVRUFRRNLQJVL]HV
WRVHOHFWIURPVR\RXFDQPDWFKWKHVL]H
RIWKHXQLWWRWKHVL]HRIWKHFRRNZDUH\RXDUH
XVLQJ
0RGHOVZLWKD7ULSOH6XUIDFH8QLWRQO\
2QVRPHPRGHOV
0RGHOVZLWKD7ULSOH6XUIDFH8QLWRQO\
2QVRPHPRGHOV
7HPSHUDWXUH/LPLWHU
(YHU\UDGLDQWVXUIDFHXQLWKDVDWHPSHUDWXUH
OLPLWHU
7KHWHPSHUDWXUHOLPLWHUPD\F\FOHWKHXQLWVRII
PRUHIUHTXHQWO\IRUDWLPHLI
7KHWHPSHUDWXUHOLPLWHUSURWHFWVWKHJODVV
FRRNWRSIURPJHWWLQJWRRKRW,WLVQRUPDOIRULW
WRF\FOHZKHQWKHFRRNWRSLVLQXVH
„7KHSDQERLOVGU\
„7KHSDQERWWRPLVQRWIODW
„7KHSDQLVRIIFHQWHU
„7KHUHLVQRSDQRQWKHXQLW
*($SSOLDQFHVFRP
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
0RGHOVZLWKD%ULGJH%XUQHURQO\
8VLQJWKH%ULGJH%XUQHURQVRPHPRGHOV
7RXVHWKHEULGJHEXUQHUWXUQWKHOHIWIURQW
FRQWURONQREWRWKH%5,'*(%851(5VHWWLQJV
)RUIXOOEULGJHVXUIDFHXQLWRSHUDWLRQDOVRWXUQ
RQWKHOHIWUHDUVXUIDFHXQLW
7RXVHRQO\WKHIURQWVXUIDFHXQLWWXUQWKH
FRQWURONQREWRWKH)5217%851(5VHWWLQJV
+RPH&DQQLQJ7LSV
%HVXUHWKHFDQQHULVFHQWHUHGRYHUWKHVXUIDFH
XQLW
0DNHVXUHWKHFDQQHULVIODWRQWKHERWWRP
7RSUHYHQWEXUQVIURPVWHDPRUKHDW
XVHFDXWLRQZKHQFDQQLQJ
8VHUHFLSHVDQGSURFHGXUHVIURPUHSXWDEOH
VRXUFHV7KHVHDUHDYDLODEOHIURP
PDQXIDFWXUHUVVXFKDV%DOODQG.HUUDQGWKH
'HSDUWPHQWRI$JULFXOWXUH([WHQVLRQ6HUYLFH
)ODWERWWRPHGFDQQHUVDUHUHFRPPHQGHG8VH
RIZDWHUEDWKFDQQHUVZLWKULSSOHGERWWRPV
PD\H[WHQGWKHWLPHUHTXLUHG
WREULQJWKHZDWHUWRDERLO
:RN&RRNLQJ
:HUHFRPPHQGWKDW\RXXVHRQO\DIODW
ERWWRPHGZRN7KH\DUHDYDLODEOHDW\RXUORFDO
UHWDLOVWRUH
'RQRWXVHURXQGERWWRPZRNV<RXFRXOGEH
VHULRXVO\EXUQHGLIWKHZRNWLSSHGRYHU
'RQRWXVHZRNVWKDWKDYHVXSSRUWULQJV
8VHRQO\IODWERWWRPHGZRNV
8VLQJWKHJULGGOH
&$87,21
%851+$=$5'*ULGGOHVXUIDFHVPD\EHKRWHQRXJKWRFDXVHEXUQVGXULQJDQGDIWHUXVH
3ODFHDQGUHPRYHWKHJULGGOHZKHQLWLVFRRODQGDOOVXUIDFHXQLWVDUHRII8VHRYHQPLWWVLI
\RXZLOOWRXFKWKHJULGGOHZKLOHKRW)DLOXUHWRGRVRFDQUHVXOWLQEXUQV
%HIRUHXVLQJWKLVFRRNZDUHIRUWKHILUVWWLPH
ZDVKLWWRPDNHVXUHLWLVFOHDQ7KHQVHDVRQ
LWOLJKWO\UXEELQJFRRNLQJRLORQWRWKHQRQVWLFN
VXUIDFH
*ULGGOH&RQWURORQVRPHPRGHOV
GRIDDLE CONTROL
ON
OFF
7RXVHWKHJULGGOHFRQWURO
7RXFKWKH212))SDGWRDFWLYDWHWKH
JULGGOH´µZLOODSSHDULQWKHGLVSOD\
8VHWKH²SDGWRFKRRVHWKHGHVLUHG
SRZHUVHWWLQJ7KHGHIDXOWLV7KH
JULGGOHRIIHUVQLQHSRZHUOHYHOV3RZHU
OHYHOVUDQJHIURPWRLQ
LQFUHPHQWV
2QFHWKHGHVLUHGVHWWLQJKDVEHHQFKRVHQ
´3U(µZLOOEHGLVSOD\HGXQWLOWKHGHVLUHG
WHPSHUDWXUHKDVEHHQUHDFKHG
7RWXUQWKHJULGGOHXQLWRIIWRXFKWKH21
2))SDG
127(8VHRQO\ZLWKWKHJULGGOHFRQWURO
WRDYRLGGHJUDGLQJWKHQRQVWLFNFRDWLQJ
+RZWRSODFHWKHJULGGOH
,03257$17$OZD\VSODFHDQGXVH\RXUJULGGOH
DWWKHGHVLJQDWHGORFDWLRQRQWKHFRRNWRS
,03257$17127(6
„&OHDQWKHJULGGOHZLWKDVSRQJHDQGPLOG
GHWHUJHQWLQZDUPZDWHU'2127XVHEOXHRU
JUHHQVFUXEELQJSDGVRUVWHHOZRRO
„$YRLGFRRNLQJH[WUHPHO\JUHDV\IRRGVDQGEH
FDUHIXORIJUHDVHVSLOORYHUZKLOHFRRNLQJ
„1HYHUSODFHRUVWRUHDQ\LWHPVRQWKHJULGGOH
HYHQZKHQLWLVQRWLQXVH7KHJULGGOHFDQ
EHFRPHKHDWHGZKHQXVLQJWKHVXUURXQGLQJ
VXUIDFHXQLWV
„$YRLGXVLQJPHWDOXWHQVLOVZLWKVKDUSSRLQWV
RUURXJKHGJHVZKLFKPLJKWGDPDJHWKH
JULGGOH'RQRWFXWIRRGVRQWKHJULGGOH
„'RQRWXVHFRRNZDUHDVDVWRUDJHFRQWDLQHU
IRUIRRGRURLO3HUPDQHQWVWDLQLQJDQGRU
FUD]HOLQHVFRXOGUHVXOW
0RVWJULGGOHGIRRGVUHTXLUHFRRNLQJ
RQDSUHKHDWHGVXUIDFH3UHKHDWJULGGOH
DFFRUGLQJWRWKHJXLGHEHORZWKHQVZLWFK
WRWKHGHVLUHGFRRNVHWWLQJ
7\SHRI)RRG
3DQFDNHV
+DPEXUJHUV
)ULHG(JJV
%DFRQ
+RW6DQGZLFKHV
VXFKDV
*ULOOHG&KHHVH
3UHKHDW
6HWWLQJ &RRN6HWWLQJ
1RQH
127(*ULGGOHVHWWLQJVPD\QHHGWREHDGMXVWHG
LIJULGGOHLVXVHGIRUDQH[WHQGHGWLPH6HWWLQJLVDQ
DSSUR[LPDWHFRRNLQJWHPSHUDWXUHDQGZLOOYDU\
ZLWKTXDQWLW\RIIRRG
127(7KHQRQVWLFNFRDWLQJZLOOGHJUDGHZKHQ
H[SRVHGWRWHPSHUDWXUHVRYHUƒ)8VH
RQO\ZLWKWKHJULGGOHFRQWURODQGRQO\DWWKH
GHVLJQDWHGORFDWLRQRQWKHFRRNWRS'RQRWXVH
WKHJULGGOHWREURLOIRRGLQWKHRYHQ'RQRWFOHDQ
WKHJULGGOHXVLQJWKHVHOIFOHDQPRGHLQWKHRYHQ
7KHJULGGOHFRQWUROSUHYHQWVRYHUKHDWLQJWKH
QRQVWLFNFRDWLQJ$WWHPSHUDWXUHVRYHUƒ)
WKHQRQVWLFNSURSHUWLHVSHUPDQHQWO\GHJUDGH
DQGPD\SURGXFHIXPHVKDUPIXOWRELUGV
127(<RXUJULGGOHZLOOGLVFRORURYHUWLPHZLWK
XVH
127('RQRWFOHDQWKHJULGGOHLQWKHVHOI
FOHDQLQJRYHQ
127($OZD\VDOORZWKHFRRNZDUHWRFRRO
EHIRUHLPPHUVLQJLQZDWHU
*($SSOLDQFHVFRP
3UHSDULQJ4XDOLW\6WHDN(DV\DV
%ULQJVWHDNWRURRPWHPSHUDWXUH
127($OZD\VXVHVDIHIRRGSUDFWLFHVZKHQKDQGOLQJPHDW
6HDVRQERWKVLGHVWRWDVWHDQGFRDWZLWKROLYHRLORUVLPLODU
3UHKHDWWKHRYHQWR%$.(DWƒZLWKWKHRYHQUDFNLQFHQWHUSRVLWLRQ´&µ
3ODFH\RXUJULGGOHRQWKHGHVLJQDWHGDUHDRIWKHFRRNWRSDQGWKHQSUHKHDWWKHJULGGOH
WRƒ)
&$87,217KHJULGGOHZLOOEH9(5<+278VHRYHQPLWWV
6HDUVWHDNRQHDFKVLGHIRUPLQXWHVRUXQWLOWKHGHVLUHGEURZQLQJLVDFKLHYHG
127(7KHUHZLOOEH´VPRNHµHQVXUHWKHUHLVSURSHUYHQWLODWLRQ
,QVHUWWKHPHDWSUREHWKDWFDPHZLWK\RXUUDQJHLQWRWKHFHQWHURIWKHVWHDNPDNLQJVXUHWKDWWKHWLS
RIWKHSUREHLVLQWKHFHQWHURIWKHVWHDN
3OXJWKHSUREHLQWRWKHRXWOHWORFDWHGRQWKHXSSHUIURQWVLGHRIWKHRYHQVOLGHWKHUDFNEDFNLQWRWKH
RYHQDQGFORVHWKHGRRU
3UHVV352%(RQ\RXUFRQWUROHQWHUWKHGHVLUHGLQWHUQDOWHPSDQGSUHVV67$57
$OORZVWHDNWRILQLVKFRRNLQJLQWKHRYHQ7KHUDQJHFRQWUROZLOOEHHSDQGWXUQRIIZKHQ
WKHVWHDNUHDFKHVWKHGHVLUHGLQWHUQDOWHPSHUDWXUH
127(6
„$IWHUVHDULQJ\RXUVWHDNFRXOGSRVVLEO\DOUHDG\EHDWWKHGHVLUHGWHPSHUDWXUHGHSHQGLQJRQVL]H
FXWDQGGHVLUHGGRQHQHVV
„)RUWKLQQHUVWHDNVLWPD\QRWEHSRVVLEOHWRDFKLHYHD5DUHRU0HGLXP5DUHGRQHQHVV
%\ILUVWVHDULQJ\RXUPHDWZLWKDYHU\KLJKKHDW\RXDUHFUHDWLQJDEURZQLQJUHDFWLRQNQRZQDVWKH0DLOODUG5HDFWLRQ
7KLVUHDFWLRQXQORFNVWKHIXOOHUPRUHLQWHQVHIODYRUIURPWKHPHDWZKLFKRFFXUVZKHQFRRNLQJPHDWDWDKLJKKHDW
8VLQJWKHRYHQFRQWUROV
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO6HHWKHFRQWUROSDQHOEHORZWKDWPDWFKHV
\RXUPRGHO
%52,/+,/23DG
3522)3DG
7RXFKWKH%52,/+,/2SDGRQFHIRU+,%URLO
7RFKDQJHWR/2%URLOWRXFKWKH%52,/+,/2SDGDJDLQ
7RXFKWKH67$57SDG
:KHQEURLOLQJLVILQLVKHGWRXFKWKH&/($52))SDG
7RXFKWRUDLVH\HDVWOHDYHQHGSURGXFWV
6HHWKH+RZWR6HWWKH2YHQIRU3URRILQJVHFWLRQ
%$.(3DG
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHGRYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
:KHQEDNLQJLVILQLVKHGWRXFKWKH&/($52))SDG
:$503DG
7RXFKWRNHHSFRRNHGIRRGVZDUP
6HHWKH+RZWR6HWWKH8SSHU2YHQIRU:DUPLQJVHFWLRQ
6/2:&22.3DG
7RXFKIRUORQJKRXUVRIXQDWWHQGHGFRRNLQJ
6HHWKH+RZWR6HWWKH/RZHU2YHQIRU6ORZ&RRNVHFWLRQ
&219(&7,21&22.3DG
352%(3DG
7RXFKWKH&219(&7,21&22.&219(&7,21%$.(RU
&219(&7,2152$67SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHGRYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
:KHQFRRNLQJLVILQLVKHGWRXFKWKH&/($52))SDG
7RXFKZKHQXVLQJWKHSUREHWRFRRNIRRG
6HHWKH8VLQJWKH3UREHVHFWLRQ
3,==$3DG
7RXFKWKH3,==$SDG
7RXFKWKHQXPEHUSDGVWRVHOHFWIRUIUR]HQRUIRUIUHVKSL]]D
7RXFKWKHQXPEHUSDGVWRVHWWKHEDNLQJWHPSHUDWXUH
7RXFKWKH67$57SDG
%DNLQJWLPHLVGHWHUPLQHGE\SDFNDJHGLUHFWLRQV
3ODFHSL]]DRQWRSUDFNSRVLWLRQRIXSSHURYHQ:KHQXVLQJDPHWDO
WUD\XVHWKHORZHUUDFNSRVLWLRQ
6(/)&/($13DG
7RXFKWRVHOIFOHDQWKHRYHQ
6HHWKH8VLQJWKH6HOI&OHDQLQJ8SSHUDQG/RZHU2YHQVVHFWLRQ
&/($52))3DG
7RXFKWRFDQFHO$//RYHQRSHUDWLRQVH[FHSWWKHFORFNDQGWLPHU
*($SSOLDQFHVFRP
67$573DG
&21752//2&.2873DG
0XVWEHWRXFKHGWRVWDUWDQ\FRRNLQJRUFOHDQLQJIXQFWLRQ
<RXUFRQWUROZLOODOORZ\RXWRORFNRXWWKHWRXFKSDGVDQGWKH
FRRNWRSVRWKH\FDQQRWEHDFWLYDWHGZKHQWRXFKHG
7RORFNWKHFRQWUROVDQGFRRNWRS
7RXFKDQGKROGWKH&21752//2&.287SDGIRUVHFRQGV
7KHRYHQGLVSOD\ZLOOVKRZ´RQ/RFRQµ
7RXQORFNWKHFRQWUROV
7RXFKDQGKROGWKH&21752//2&.287SDGIRUVHFRQGV
7KH&21752//2&.287PRGHDIIHFWVDOOWRXFKSDGV
1RWRXFKSDGVZLOOZRUNZKHQWKLVIHDWXUHLVDFWLYDWHG
29(1/,*+73DG
7RXFKWRWXUQWKHRYHQOLJKWVRQRURII
7,0(5212))3DGV.,7&+(17,0(53DG
7RXFKWRVHWWKHNLWFKHQWLPHU
6HHWKH8VLQJWKH.LWFKHQ7LPHUVHFWLRQ
&22.7,0(&22.,1*7,0(3DG
7RXFKWKLVSDGDQGWKHQWRXFKWKHQXPEHUSDGVWRVHWWKH
DPRXQWRIWLPH\RXZDQW\RXUIRRGWRFRRN7KHRYHQZLOOVKXWRII
ZKHQWKHFRRNLQJWLPHKDVUXQRXW
'(/$<67$573DG
8VHDORQJZLWKWKH&22.7,0(RU6(/)&/($1SDGVWRVHW
WKHRYHQWRVWDUWDQGVWRSDXWRPDWLFDOO\DWDWLPH\RXVHW
&/2&.3DG
127(:KHQVHWWLQJWLPHV\RXDUHVHWWLQJKRXUVDQGPLQXWHVRQO\
7KHORZHVWWLPH\RXFDQVHWLVRQHPLQXWH
7RXFKWKH&/2&.SDG
7RXFKWKHQXPEHUSDGV
7RXFKWKH67$57SDG
7KHFORFNPXVWEHVHWWRWKHFRUUHFWWLPHRIGD\IRUWKHDXWRPDWLF
RYHQWLPLQJIXQFWLRQVWRZRUNSURSHUO\7KHWLPHRIGD\FDQQRWEH
FKDQJHGGXULQJDWLPHGEDNLQJRUVHOIFOHDQLQJF\FOH
,I\RXURYHQZDVVHWIRUDWLPHGRYHQRSHUDWLRQDQGDSRZHU
RXWDJHRFFXUUHGWKHFORFNDQGDOOSURJUDPPHGIXQFWLRQVPXVW
EHUHVHW7KHWLPHRIGD\ZLOOIODVKLQWKHGLVSOD\ZKHQWKHUHKDV
EHHQDSRZHURXWDJH
:$50,1*'5$:(5
7KHZDUPLQJGUDZHUZLOONHHSKRWFRRNHGIRRGVDWVHUYLQJ
WHPSHUDWXUH$OZD\VVWDUWZLWKKRWIRRG
7RXFKWKH:$50,1*'5$:(5SDG´:$50(521µDQG´µ
DUHOLWRQWKHGLVSOD\DQG´6HWµEHJLQVWREOLQN2QWKHQXPEHU
SDGVWRXFKIRU/RZIRU0HGLXPRUIRU+LJK7KHGLVSOD\´µ
FKDQJHVFRUUHVSRQGLQJWRWKHQXPEHUSDGVHOHFWHG7KHZDUPLQJ
GUDZHUVWDUWVDXWRPDWLFDOO\DIWHU\RXWRXFKRU´:$50(5
21µDQGWKHQXPEHUUHPDLQOLW´6HWµVWRSVEOLQNLQJ2QVRPH
PRGHOVSUHVV67$57
2QVRPHPRGHOV²WRJJOHEHWZHHQVHWWLQJVE\WRXFKLQJWKH
:$50,1*'5$:(5SDG
7RFDQFHOWRXFKWKH:$50,1*'5$:(5SDG
127(7RXFKLQJWKH&/($52))SDGGRHVQRWWXUQRIIWKH
ZDUPLQJGUDZHU
:$50,1*=21(
7RXFKWRNHHSKRWFRRNHGIRRGZDUP6HHWKH8VLQJWKH:DUPLQJ
=RQHVHFWLRQ
8VLQJWKHRYHQ
7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQRQWKHRYHQ
%HIRUH\RXEHJLQ«
7KHUDFNVKDYHVWRSVVRWKDWZKHQSODFHG
FRUUHFWO\RQWKHVXSSRUWVWKH\ZLOOVWRSEHIRUH
FRPLQJFRPSOHWHO\RXWDQGZLOO
QRWWLOW
:KHQSODFLQJDQGUHPRYLQJFRRNZDUH
SXOOWKHUDFNRXWXQWLOLWVWRSV
2QVRPHPRGHOVWKHEDNHKHDWLQJHOHPHQWLV
XQGHUWKHRYHQIORRU'RQRWSODFHIRRGVRQWKH
RYHQERWWRPIRUFRRNLQJ
7RUHPRYHDUDFNSXOOLWWRZDUG\RX
WLOWWKHIURQWHQGXSDQGSXOOLWRXW
7KHQXPEHURIUDFNSRVLWLRQVPD\
YDU\E\PRGHO
7RUHSODFHSODFHWKHHQGRIWKHUDFN
VWRSORFNVRQWKHVXSSRUWWLOWXSWKHIURQWDQG
SXVKWKHUDFNLQ
&$87,21
:KHQ\RXDUHXVLQJDUDFNLQWKHORZHVWSRVLWLRQ
$\RXZLOOQHHGWRXVHFDXWLRQZKHQSXOOLQJ
WKHUDFNRXW:HUHFRPPHQGWKDW\RXSXOOWKH
UDFNRXWVHYHUDOLQFKHVDQGWKHQXVLQJWZRSRW
KROGHUVSXOOWKHUDFNRXWE\KROGLQJWKHVLGHVRI
LW7KHUDFNLVORZDQG\RXFRXOGEHEXUQHGLI\RX
SODFH\RXUKDQGLQWKHPLGGOHRIWKHUDFNDQG
SXOODOOWKHZD\RXW%HYHU\FDUHIXOQRWWREXUQ
\RXUKDQGRQWKHGRRUZKHQXVLQJWKHUDFNLQ
WKHORZHVWSRVLWLRQ$
$OXPLQXP)RLO
'RQRWXVHDOXPLQXPIRLOWROLQHRYHQ
ERWWRPV7KHIRLOZLOOWUDSKHDWEHORZDQG
XSVHWWKHSHUIRUPDQFHRIWKHRYHQ)RLOFDQ
PHOWDQGSHUPDQHQWO\GDPDJHWKHRYHQ
ERWWRP'DPDJHIURPLPSURSHUXVHRI
DOXPLQXPIRLOLVQRWFRYHUHGE\WKHSURGXFW
ZDUUDQW\
)RLOPD\EHXVHGWRFDWFKVSLOOVE\SODFLQJD
VKHHWRQDORZHUUDFNVHYHUDOLQFKHVEHORZ
WKHIRRG'RQRWXVHPRUHIRLOWKDQQHFHVVDU\
DQGQHYHUHQWLUHO\FRYHUDQRYHQUDFNZLWK
DOXPLQXPIRLO.HHSIRLODWOHDVWµIURP
RYHQZDOOVWRSUHYHQWSRRUKHDWFLUFXODWLRQ
*($SSOLDQFHVFRP
7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQRQWKHRYHQ
3UHKHDWLQJDQG3DQ3ODFHPHQW
7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKH
GHVLUHGSRVLWLRQEHIRUH\RXWXUQRQWKHRYHQ
3UHKHDWWKHRYHQLIWKHUHFLSHFDOOVIRULW3UHKHDWLQJ
LVQHFHVVDU\IRUJRRGUHVXOWVZKHQEDNLQJFDNHV
FRRNLHVSDVWULHVDQGEUHDGV
'RQRWSODFHIRRGVGLUHFWO\RQWKH
RYHQIORRU
,IEDNLQJIRXUFDNHOD\HUVDWWKHVDPHWLPHSODFH
WZROD\HUVRQUDFN&DQGWZROD\HUVRQUDFN(
6WDJJHUSDQVRQWKHUDFNVRRQHLVQRWGLUHFWO\
DERYHWKHRWKHU
%DNLQJUHVXOWVZLOOEHEHWWHULIIRRGLVFHQWHUHGLQ
WKHRYHQDVPXFKDVSRVVLEOH$QJHOIRRGFDNHLV
WKHH[FHSWLRQDQGVKRXOGEHSODFHGRQWKHERWWRP
RYHQUDFNSRVLWLRQ$)ROORZSDFNDJHGLUHFWLRQVRQ
SUHSDFNDJHGDQGIUR]HQIRRGVIRUSDQSODFHPHQW
3DQVVKRXOGQRWWRXFKHDFKRWKHURUWKHZDOOVRI
WKHRYHQ,I\RXQHHGWRXVHWZRUDFNVVWDJJHUWKH
SDQVVRRQHLVQRWGLUHFWO\DERYHWKHRWKHU/HDYH
DSSUR[LPDWHO\øsEHWZHHQSDQVDQGIURPWKH
IURQWEDFNDQGVLGHVRIRYHQZDOO
+RZWR6HWWKH2YHQIRU%DNLQJRU5RDVWLQJ
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVXQWLOWKHGHVLUHG
WHPSHUDWXUHLVGLVSOD\HG
7RXFKWKH67$57SDG
7KHRYHQZLOOVWDUWDXWRPDWLFDOO\7KHGLVSOD\ZLOO
VKRZ3U(ZKLOHSUHKHDWLQJ:KHQWKHRYHQUHDFKHV
WKHVHOHFWHGWHPSHUDWXUHWKHRYHQFRQWUROZLOOEHHS
VHYHUDOWLPHVDQGWKHGLVSOD\ZLOOVKRZWKHRYHQ
WHPSHUDWXUH
127( <RXZLOOKHDUWKHFRQYHFWLRQIDQRQ
VRPHPRGHOVZKLOHWKHRYHQLVSUHKHDWLQJ7KH
IDQZLOOVWRSDIWHUWKHRYHQLVSUHKHDWHGDQG
WKHGLVSOD\VKRZV\RXUVHWWHPSHUDWXUH7KLVLV
QRUPDO
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJWKH%$.(
F\FOHWRXFKWKH%$.(SDGDQGWKHQWKHQXPEHUSDGV
WRJHWWKHQHZWHPSHUDWXUH
&KHFNIRRGIRUGRQHQHVVDWWKHPLQLPXPWLPH
RQWKHUHFLSH&RRNORQJHULIQHFHVVDU\
7RXFKWKH&/($52))SDGZKHQEDNLQJLV
ILQLVKHGDQGWKHQUHPRYHWKHIRRGIURPWKH
RYHQ
8VLQJWKHRYHQ
+RZWR6HWWKH2YHQIRU%URLOLQJ
,I\RXUUDQJHLVFRQQHFWHGWRYROWVUDUH
VWHDNVPD\EHEURLOHGE\SUHKHDWLQJWKH
EURLOHUDQGSRVLWLRQLQJWKHRYHQUDFNRQH
SRVLWLRQKLJKHU
8VH/2%URLO WRFRRNIRRGVVXFKDVSRXOWU\
RUWKLFNFXWVRIPHDWWKRURXJKO\ZLWKRXW
RYHUEURZQLQJWKHP
/HDYHWKHGRRURSHQWRWKHEURLOVWRS
SRVLWLRQ7KHGRRUVWD\VRSHQE\
LWVHOI\HWWKHSURSHUWHPSHUDWXUHLV
PDLQWDLQHGLQWKHRYHQ
3ODFHWKHPHDWRUILVKRQDEURLOHUJULGLQD
EURLOHUSDQGHVLJQHGIRUEURLOLQJ
7RXFKWKH%52,/+,/2SDGRQFHIRU+,
%URLO
7RFKDQJHWR/2%URLOWRXFKWKH
%52,/+,/2SDGDJDLQ
7RXFKWKH67$57SDG
:KHQEURLOLQJLVILQLVKHGWRXFKWKH
&/($52))SDG
)ROORZVXJJHVWHGUDFNSRVLWLRQVLQWKH
%URLOLQJ*XLGH
%URLOLQJ*XLGH
7KHVL]HZHLJKWWKLFNQHVV
VWDUWLQJWHPSHUDWXUH
DQG\RXUSUHIHUHQFH
RIGRQHQHVVZLOODIIHFW
EURLOLQJWLPHV7KLVJXLGH
LVEDVHGRQPHDWVDW
UHIULJHUDWRUWHPSHUDWXUH
‚7KH86'HSDUWPHQWRI
$JULFXOWXUHVD\V´5DUHEHHILV
SRSXODUEXW\RXVKRXOGNQRZWKDW
FRRNLQJLWWRRQO\ƒ)PHDQV
VRPHIRRGSRLVRQLQJRUJDQLVPV
PD\VXUYLYHµ6RXUFH6DIH)RRG
%RRN<RXU.LWFKHQ*XLGH86'$
5HY-XQH
3UHKHDWWKHEURLOHUIRUPLQXWHVWRLPSURYHSHUIRUPDQFH
)RRG
'RQHQHVV
7\SHRU
7KLFNQHVV
5DFN3RVLWLRQ
%HHI
5DUHƒ)
0HGLXPƒ)
:HOO'RQHƒ)
6WHDNV²
sWKLFN
6WHDNV²
sWRsWKLFN
6WHDNV²
sWRsWKLFN
RU*URXQG%HHI3DWWLHV
(RU)IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
(IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
'RU(IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
6WHDNVOHVVWKDQs
WKLFNDUHGLIILFXOWWR
FRRNUDUH7KH\FRRN
WKURXJKEHIRUH
EURZQLQJ
7RSUHYHQWFXUOLQJRI
PHDWVODVKIDWDWs
LQWHUYDOV
&KLFNHQ
%UHDVWERQHOHVV
%UHDVWERQHLQ
&IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
&IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
%URLOVNLQVLGHGRZQ
ILUVW
)LVK)LOOHWV
sWRsWKLFN
'RU(IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
+DQGOHDQGWXUQYHU\
FDUHIXOO\
3RUN&KRSV
:HOO'RQHƒ)
sWKLFN
'IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
7RSUHYHQWFXUOLQJRI
PHDWVODVKIDWDWs
LQWHUYDOV
8VHUDFNSRVLWLRQ$IRUWKHVPDOOHUUDFNSRVLWLRQRYHQ
&RPPHQWV
8VLQJWKHWLPHGEDNLQJDQGURDVWLQJIHDWXUHVRQVRPHPRGHOV
*($SSOLDQFHVFRP
127()RRGVWKDWVSRLOHDVLO\³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³VKRXOGQRWEHDOORZHGWRVLWIRUPRUH
WKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD
%HVXUHWKDWWKHRYHQOLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRNIRUD
VHOHFWHGOHQJWKRIWLPH$WWKHHQGRIWKHFRRNLQJ
WLPHWKHRYHQZLOOWXUQRIIDXWRPDWLFDOO\
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVWRVHW
WKHGHVLUHGRYHQWHPSHUDWXUH
7RXFKWKH&22.7,0(SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRI
WKHFRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHPLQLPXP
FRRNLQJWLPH\RXFDQVHWLVPLQXWH
7KHRYHQWHPSHUDWXUHWKDW\RXVHWDQG
WKHFRRNLQJWLPHWKDW\RXHQWHUHGZLOOEH
LQWKHGLVSOD\
7RXFKWKH67$57SDG
127($QDWWHQWLRQWRQHZLOOVRXQGLI\RXDUHXVLQJ
WLPHGEDNLQJDQGGRQRWWRXFKWKH67$57SDG
7KHRYHQZLOOWXUQ21DQGWKHGLVSOD\ZLOOVKRZ
WKHFRRNLQJWLPHFRXQWGRZQDQGWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDWƒ)7KHWHPSHUDWXUH
GLVSOD\ZLOOVWDUWWRFKDQJHRQFHWKHRYHQ
WHPSHUDWXUHUHDFKHVƒ):KHQWKHRYHQ
UHDFKHVWKHWHPSHUDWXUH\RXVHWEHHSVZLOO
VRXQG
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKHVHW
DPRXQWRIWLPHWKHQWXUQRIIDXWRPDWLFDOO\
XQOHVVWKH:$50IHDWXUHZDVVHW6HHWKH+RZ
WR6HWWKH8SSHU2YHQIRU:DUPLQJVHFWLRQ
7RXFKWKH&/($52))SDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\5HPRYHWKHIRRGIURP
WKHRYHQ5HPHPEHUHYHQWKRXJKWKH
RYHQWXUQVRIIDXWRPDWLFDOO\IRRGOHIWLQ
WKHRYHQZLOOFRQWLQXHFRRNLQJDIWHUWKH
RYHQWXUQVRII
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQDWWKHWLPHRIGD\\RXVHW
FRRNIRUDVSHFLILFOHQJWKRIWLPHDQGWKHQWXUQ
RIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH&22.7,0(SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRI
WKHFRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHPLQLPXP
FRRNLQJWLPH\RXFDQVHWLVPLQXWH
7KHRYHQWHPSHUDWXUHWKDW\RXVHWDQG
WKHFRRNLQJWLPHWKDW\RXHQWHUHGZLOOEH
LQWKHGLVSOD\
7RXFKWKH'(/$<67$57SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHWLPHRI
GD\\RXZDQWWKHRYHQWRWXUQRQDQG
VWDUWFRRNLQJ
127($QDWWHQWLRQWRQHZLOOVRXQGLI\RXDUH
XVLQJWLPHGEDNLQJDQGGRQRWWRXFKWKH67$57
SDG
127(,I\RXZRXOGOLNHWRFKHFNWKHWLPHV
\RXKDYHVHWWRXFKWKH'(/$<67$57SDGWR
FKHFNWKHVWDUWWLPH\RXKDYHVHWRUWRXFKWKH
&22.7,0(SDGWRFKHFNWKHOHQJWKRIFRRNLQJ
WLPH\RXKDYHVHW
:KHQWKHRYHQWXUQV21DWWKHWLPHRIGD\
\RXVHWWKHGLVSOD\ZLOOVKRZWKHFRRNLQJWLPH
FRXQWGRZQDQGWKHFKDQJLQJWHPSHUDWXUH
VWDUWLQJDWƒ)7KHWHPSHUDWXUHGLVSOD\ZLOO
VWDUWWRFKDQJHRQFHWKHRYHQWHPSHUDWXUH
UHDFKHVƒ):KHQWKHRYHQUHDFKHVWKH
WHPSHUDWXUH\RXVHWEHHSVZLOOVRXQG
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKHVHW
DPRXQWRIWLPHWKHQWXUQRIIDXWRPDWLFDOO\
7RXFKWKH&/($52))SDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\5HPRYHWKHIRRG
IURPWKHRYHQ5HPHPEHUHYHQWKRXJK
WKHRYHQWXUQVRIIDXWRPDWLFDOO\IRRGOHIW
LQWKHRYHQZLOOFRQWLQXHFRRNLQJDIWHUWKH
RYHQWXUQVRII
7RXFKWKH67$57SDG
8VLQJWKHSUREHRQVRPHPRGHOV
)RUPDQ\IRRGVHVSHFLDOO\URDVWVDQGSRXOWU\LQWHUQDOIRRGWHPSHUDWXUHLVWKHEHVWWHVWIRUGRQHQHVV7KHWHPSHUDWXUH
SUREHWDNHVWKHJXHVVZRUNRXWRIURDVWLQJE\FRRNLQJIRRGVWRWKHH[DFWGRQHQHVV\RXZDQW
7RSUHYHQWEXUQVGRQRWXQSOXJWKHSUREHIURP
WKHRYHQRXWOHWXQWLOWKHRYHQKDVFRROHG
&$87,21
8VHRISUREHVRWKHUWKDQWKHRQHSURYLGHGZLWK
WKLVSURGXFWPD\UHVXOWLQGDPDJHWRWKHSUREH
RURYHQFRQWURO
7KHWHPSHUDWXUHSUREHKDVD
VNHZHUOLNHSUREHDWRQHHQGDQG
DSOXJDWWKHRWKHUHQGWKDWJRHV
LQWRWKHRXWOHWLQWKHRYHQ
8VHWKHKDQGOHVRIWKHSUREHDQGSOXJZKHQ
LQVHUWLQJDQGUHPRYLQJWKHPIURPWKHIRRGDQG
RXWOHW
„7RDYRLGGDPDJLQJ\RXUSUREHGRQRWXVH
WRQJVWRSXOORQWKHFDEOHZKHQUHPRYLQJLW
„7RDYRLGEUHDNLQJWKHSUREHPDNHVXUHIRRG
LVFRPSOHWHO\GHIURVWHGEHIRUHLQVHUWLQJ
$IWHUSUHSDULQJWKHPHDWDQGSODFLQJLWRQ
DWULYHWRUDEURLOHUSDQJULGIROORZWKHVH
GLUHFWLRQVIRUSURSHUSUREHSODFHPHQW
,QVHUWWKHSUREHFRPSOHWHO\LQWRWKHPHDW,W
VKRXOGQRWWRXFKERQHIDWRUJULVWOH
127()DLOXUHWRIXOO\LQVHUWWKHSUREHLQWRWKH
PHDWPD\UHVXOWLQSRRUFRRNLQJSHUIRUPDQFH
EHFDXVHWKHSUREHZLOOVHQVHWKHRYHQDLUYVWKH
IRRGWHPSHUDWXUH
3OXJ
&DEOH
+DQGOHV
3UREH
5HDGDQGUHPRYHODEHO
„1HYHUOHDYH\RXUSUREHLQVLGHWKHRYHQ
GXULQJDVHOIFOHDQLQJRUEURLOF\FOH
„'RQRWVWRUHWKHSUREHLQWKHRYHQ
)RUURDVWVZLWKQRERQHLQVHUWWKHSUREHLQWR
WKHPHDWLHVWSDUWRIWKHURDVW)RUERQHLQKDP
RUODPELQVHUWWKHSUREHLQWRWKHFHQWHURIWKH
ORZHVWODUJHPXVFOH
,QVHUWWKHSUREHLQWRWKHFHQWHURIGLVKHVVXFK
DVPHDWORDIRUFDVVHUROHV
,QVHUWWKHSUREHLQWRWKHPHDWLHVWSDUWRIWKH
LQQHUWKLJKIURPEHORZDQGSDUDOOHOWRWKHOHJRI
DZKROHWXUNH\
127(6HOIFOHDQDQG%URLOVHWWLQJVZLOOQRWZRUN
LIWKHWHPSHUDWXUHSUREHLVSOXJJHGLQ
+RZWR6HWWKH2YHQ)RU%DNLQJ5RDVWLQJ:KHQ8VLQJWKH3UREH
RQVRPHPRGHOV
,QVHUWWKHSUREHIXOO\LQWRWKHIRRG
3OXJWKHSUREHLQWRWKHRXWOHWLQWKHRYHQ
0DNHVXUHLW·VSXVKHGDOOWKHZD\LQ&ORVH
WKHRYHQGRRU0DNHVXUHWKHSUREHFDEOH
LVQRWWRXFKLQJWKHEURLOHOHPHQW
7RXFKWKH352%(SDG'LVSOD\ZLOOVKRZ
´6HW3UREHµ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
LQWHUQDOIRRGRUPHDWWHPSHUDWXUH7KH
PD[LPXPLQWHUQDOWHPSHUDWXUHIRUWKH
IRRGWKDW\RXFDQVHWLVž)
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
7KHGLVSOD\ZLOOIODVKLIWKHSUREHLVLQVHUWHG
LQWRWKHRXWOHWDQG\RXKDYHQRWVHWDSUREH
WHPSHUDWXUHDQGWRXFKHGWKH67$57SDG
$IWHUWKHLQWHUQDOWHPSHUDWXUHRIWKHIRRG
UHDFKHVƒ)WKHFKDQJLQJLQWHUQDO
WHPSHUDWXUHZLOOEHVKRZQLQWKHGLVSOD\
:KHQWKHLQWHUQDOWHPSHUDWXUHRIWKHIRRG
UHDFKHVWKHQXPEHU\RXKDYHVHWWKH
SUREHDQGWKHRYHQWXUQRIIDQGWKHRYHQ
FRQWUROVLJQDOV7RVWRSWKHVLJQDOWRXFK
WKH&/($52))SDG8VHKRWSDGVWR
UHPRYHWKHSUREHIURPWKHIRRG'RQRW
XVHWRQJVWRSXOORQLW³WKH\PLJKW
GDPDJHLW
„,IWKHSUREHLVUHPRYHGIURPWKHRYHQ
ZKLOHSUREHFRRNLQJWKHRYHQZLOOQRW
DXWRPDWLFDOO\WXUQRII
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJWKH
%DNH5RDVWF\FOHWRXFKWKH%$.(SDGDQGWKHQ
WKHQXPEHUSDGVWRVHWWKHQHZWHPSHUDWXUH
„<RXFDQXVHWKH.LWFKHQ7LPHUHYHQWKRXJK
\RXFDQQRWXVHWLPHGRYHQRSHUDWLRQVZKLOH
XVLQJWKHSUREH
8VLQJWKHNLWFKHQWLPHU
*($SSOLDQFHVFRP
7R6HWWKH.LWFKHQ7LPHU
RQVRPHPRGHOV
RQVRPHPRGHOV
7KH.LWFKHQ7LPHULVLQKRXUVDQG
PLQXWHV
7KH.LWFKHQ7LPHUGRHVQRWFRQWURO
RYHQRSHUDWLRQV7KHPD[LPXP
VHWWLQJRQWKH.LWFKHQ7LPHULV
KRXUVDQGPLQXWHV
7RXFKWKH.,7&+(17,0(5212))RU
7,0(521SDGGHSHQGLQJRQPRGHO
7RXFKWKHQXPEHUSDGVXQWLOWKH
DPRXQWRIWLPH\RXZDQWVKRZV
LQWKHGLVSOD\)RUH[DPSOHWRVHW
KRXUVDQGPLQXWHVWRXFK DQG LQWKDWRUGHU,I\RXPDNHD
PLVWDNHWRXFKWKH.,7&+(17,0(5
212))RU7,0(52))SDGGHSHQGLQJ
RQPRGHODQGEHJLQDJDLQ
7RXFKWKH67$57SDG
$IWHUWRXFKLQJWKH67$57SDG6(7
GLVDSSHDUVWKLVWHOOV\RXWKHWLPHLV
FRXQWLQJGRZQDOWKRXJKWKHGLVSOD\GRHV
QRWFKDQJHXQWLORQHPLQXWHKDVSDVVHG
6HFRQGVZLOOQRWEHVKRZQLQWKHGLVSOD\
XQWLOWKHODVWPLQXWHLVFRXQWLQJGRZQ
:KHQWKHNLWFKHQWLPHUUHDFKHV
WKHFRQWUROZLOOEHHSWLPHVIROORZHG
E\RQHEHHSHYHU\VHFRQGVXQWLO
WKH.,7&+(17,0(5212))RU7,0(5
2))SDGGHSHQGLQJRQPRGHOLV
WRXFKHG
7KHVHFRQGWRQHFDQEHFDQFHOOHGE\
IROORZLQJWKHVWHSVLQWKH6SHFLDOIHDWXUHV
RI\RXURYHQFRQWUROVHFWLRQXQGHU7RQHV
DWWKH(QGRID7LPHG&\FOH
7R5HVHWWKH.LWFKHQ7LPHU
,IWKHGLVSOD\LVVWLOOVKRZLQJWKHWLPH
UHPDLQLQJ\RXPD\FKDQJHLWE\
WRXFKLQJWKH.,7&+(17,0(5212))RU
7,0(521SDGGHSHQGLQJRQPRGHOWKHQ
WRXFKWKHQXPEHUSDGVXQWLOWKHWLPH\RX
ZDQWDSSHDUVLQWKHGLVSOD\
,IWKHUHPDLQLQJWLPHLVQRWLQWKHGLVSOD\
FORFNGHOD\VWDUWRUFRRNLQJWLPHDUHLQ
WKHGLVSOD\UHFDOOWKHUHPDLQLQJWLPHE\
WRXFKLQJWKH.,7&+(17,0(5212))RU
7,0(521SDGGHSHQGLQJRQPRGHODQG
WKHQWRXFKLQJWKHQXPEHUSDGVWRHQWHU
WKHQHZWLPH\RXZDQW
7R&DQFHOWKH.LWFKHQ7LPHU
RQVRPHPRGHOV
7RXFKWKH.,7&+(17,0(5212))RU
7,0(521SDGGHSHQGLQJRQPRGHOWZLFH
RUWRXFK7,0(52))
RQVRPHPRGHOV
$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
<RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWREHFRPH
PRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW\RXUVHOI
'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ7KHVH
WKHUPRPHWHUVPD\YDU\²GHJUHHV
127(7KLVDGMXVWPHQWZLOORQO\DIIHFWEDNLQJDQGURDVWLQJWHPSHUDWXUHVLWZLOOQRWDIIHFWEURLOLQJRUVHOIFOHDQLQJ
WHPSHUDWXUHV7KHDGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\DIWHUDSRZHUIDLOXUH
7R$GMXVWWKH7KHUPRVWDW
7RXFKWKH%52,/+,/2DQG%$.(SDGVDW
WKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV6)
7RXFKWKH%$.(SDG$WZRGLJLWQXPEHU
VKRZVLQWKHGLVSOD\
7RXFK%$.(DJDLQWRDOWHUQDWHEHWZHHQ
LQFUHDVLQJDQGGHFUHDVLQJWKHRYHQ
WHPSHUDWXUH
RQVRPHPRGHOV
7RDGMXVWWKHXSSHURYHQWKHUPRVWDW
WRXFKWKHXSSHURYHQ%$.(SDG7RDGMXVW
WKHORZHURYHQWKHUPRVWDWWRXFKWKH
ORZHURYHQ%$.(SDG
7KHRYHQWHPSHUDWXUHFDQEHDGMXVWHGXS
WRž)KRWWHURUž)FRROHU7RXFK
WKHQXPEHUSDGVWKHVDPHZD\\RXUHDG
WKHP)RUH[DPSOHWRFKDQJHWKHRYHQ
WHPSHUDWXUHž)WRXFKDQG
:KHQ\RXKDYHPDGHWKHDGMXVWPHQW
WRXFKWKH67$57SDGWRJREDFNWRWKHWLPH
RIGD\GLVSOD\8VH\RXURYHQDV\RXZRXOG
QRUPDOO\
RQVRPHPRGHOV
7KHW\SHRIPDUJDULQHZLOODIIHFWEDNLQJSHUIRUPDQFH
0RVWUHFLSHVIRUEDNLQJKDYHEHHQGHYHORSHGXVLQJKLJKIDWSURGXFWVVXFKDVEXWWHURUPDUJDULQHIDW,I\RX
GHFUHDVHWKHIDWWKHUHFLSHPD\QRWJLYHWKHVDPHUHVXOWVDVZLWKDKLJKHUIDWSURGXFW
5HFLSHIDLOXUHFDQUHVXOWLIFDNHVSLHVSDVWULHVFRRNLHVRUFDQGLHVDUHPDGHZLWKORZIDWVSUHDGV7KHORZHUWKHIDW
FRQWHQWRIDVSUHDGSURGXFWWKHPRUHQRWLFHDEOHWKHVHGLIIHUHQFHVEHFRPH
)HGHUDOVWDQGDUGVUHTXLUHSURGXFWVODEHOHG´PDUJDULQHµWRFRQWDLQDWOHDVWIDWE\ZHLJKW/RZIDWVSUHDGVRQWKHRWKHUKDQG
FRQWDLQOHVVIDWDQGPRUHZDWHU7KHKLJKPRLVWXUHFRQWHQWRIWKHVHVSUHDGVDIIHFWVWKHWH[WXUHDQGIODYRURIEDNHGJRRGV)RUEHVW
UHVXOWVZLWK\RXUROGIDYRULWHUHFLSHVXVHPDUJDULQHEXWWHURUVWLFNVSUHDGVFRQWDLQLQJDWOHDVWYHJHWDEOHRLO
8VLQJWKHFRQYHFWLRQRYHQRQVRPHPRGHOV
*($SSOLDQFHVFRP
&RQYHFWLRQ&RRNRQVRPHPRGHOV
7KHFRQYHFWLRQRYHQFRPHVZLWKRQH
FRQYHFWLRQFRRNPRGHDQGFDQEHXVHG
IRU5DFN&RQYHFWLRQ%DNLQJRU0XOWL5DFN
&RQYHFWLRQ%DNLQJ
&RQYHFWLRQ)DQ2SHUDWLRQ
,QDFRQYHFWLRQRYHQDIDQFLUFXODWHVKRWDLU
RYHUXQGHUDQGDURXQGWKHIRRG
7KLVFLUFXODWLQJKRWDLULVHYHQO\GLVWULEXWHG
WKURXJKRXWWKHRYHQFDYLW\$VDUHVXOWIRRGVDUH
HYHQO\FRRNHGDQGEURZQHG³RIWHQLQOHVVWLPH
ZLWKFRQYHFWLRQKHDW
127(7RPD[LPL]HFRRNLQJHYHQQHVVWKHIDQ
LVGHVLJQHGWRURWDWHLQERWKGLUHFWLRQVZLWKD
SDXVHLQEHWZHHQ7KLVLVQRUPDO
7KHFRQYHFWLRQIDQVKXWVRIIZKHQWKHRYHQ
GRRULVRSHQHG'2127OHDYHWKHGRRURSHQ
IRUORQJSHULRGVRIWLPHZKLOHXVLQJFRQYHFWLRQ
FRRNLQJRU\RXPD\VKRUWHQWKHOLIHRIWKH
FRQYHFWLRQKHDWLQJHOHPHQW
0XOWL5DFN&RQYHFWLRQ%DNLQJ
%HFDXVHKHDWHGDLULVFLUFXODWHGHYHQO\
WKURXJKRXWWKHRYHQIRRGVFDQEHEDNHGZLWK
H[FHOOHQWUHVXOWVXVLQJPXOWLSOHUDFNV
0XOWLUDFNSRVLWLRQ
0XOWLUDFNEDNLQJPD\LQFUHDVHFRRNWLPHV
VOLJKWO\IRUVRPHIRRGVEXWWKHRYHUDOOUHVXOW
LVWLPHVDYHG&RRNLHVPXIILQVELVFXLWVDQG
RWKHUTXLFNEUHDGVJLYHYHU\JRRGUHVXOWVZLWK
PXOWLUDFNEDNLQJ
:KHQEDNLQJRQUDFNVSODFHRQHUDFNLQWKH
VHFRQG%SRVLWLRQDQRWKHUUDFNLQWKHIRXUWK
'SRVLWLRQDQGWKHWKLUGUDFNLQWKHVL[WK)
SRVLWLRQ
)RUWZRUDFNEDNLQJSODFHRQHUDFN
LQWKHVHFRQG%UDFNSRVLWLRQ3ODFH
WKHRWKHUUDFNLQWKHILIWK(UDFNSRVLWLRQ
5DFN&RQYHFWLRQ%DNLQJ
:KHQFRQYHFWLRQEDNLQJZLWKRQO\UDFNSODFH
WKHIRRGVRWKDWLWLVFHQWHUHGLQWKHRYHQ
$GDSWLQJ5HFLSHV«
<RXFDQXVH\RXUIDYRULWHUHFLSHV
LQWKHFRQYHFWLRQRYHQ
„8VHSDQVL]HUHFRPPHQGHG
„
6RPHSDFNDJHLQVWUXFWLRQVIRUIUR]HQ
FDVVHUROHVRUPDLQGLVKHVKDYHEHHQ
GHYHORSHGXVLQJFRPPHUFLDOFRQYHFWLRQ
RYHQV)RUEHVWUHVXOWVLQWKLVRYHQSUHKHDW
WKHRYHQDQGXVHWKHWHPSHUDWXUHRQWKH
SDFNDJH
8VLQJWKHFRQYHFWLRQRYHQRQVRPHPRGHOV
&RQYHFWLRQ5RDVWRQVRPHPRGHOV
*ULG
„*RRGIRUODUJHWHQGHUFXWVRIPHDW
XQFRYHUHG
%URLOHUSDQ
7KHFRQYHFWLRQIDQFLUFXODWHVWKHKHDWHGDLU
HYHQO\RYHUDQGDURXQGWKHIRRG0HDWDQG
SRXOWU\DUHEURZQHGRQDOOVLGHVDVLIWKH\ZHUH
FRRNHGRQDURWLVVHULH7KHKHDWHGDLUVHDOVLQ
MXLFHVTXLFNO\IRUDPRLVWDQGWHQGHUSURGXFW
ZKLOHDWWKHVDPHWLPHFUHDWLQJDULFKJROGHQ
EURZQH[WHULRU
:KHQ\RXDUHFRQYHFWLRQURDVWLQJLWLV
LPSRUWDQWWKDW\RXXVHDEURLOHUSDQDQGJULG
IRUEHVWFRQYHFWLRQURDVWLQJUHVXOWV7KHSDQLV
XVHGWRFDWFKJUHDVHVSLOOV
DQGWKHJULGLVXVHGWRSUHYHQWJUHDVHVSDWWHUV
+RZWR6HWWKH2YHQIRU&RQYHFWLRQ%DNLQJRU5RDVWLQJ
RQVRPHPRGHOV
25
RQVRPHPRGHOV
7RXFKWKH&219(&7,21&22.RU
&219(&7,21%$.(SDGRQFHIRUPXOWLUDFN
FRQYHFWLRQEDNLQJ7KLVPRGHLVXVHGIRU
FRRNLQJIRRGLWHPVRQPRUHWKDQRQHUDFN
LHRUPRUHUDFNVDWWKHVDPHWLPHLQ
FRQYHFWLRQEDNH6HHWKH0XOWL5DFN
&RQYHFWLRQ%DNLQJVHFWLRQIRUPRUH
LQIRUPDWLRQ
7 RXFKWKH&219(&7,21&22.RU
&219(&7,21%$.(SDGWZLFHIRURQHUDFN
FRQYHFWLRQEDNLQJ7KLVPRGHLVXVHGIRU
FRRNLQJIRRGLWHPVRQRQO\RQHUDFNLQ
FRQYHFWLRQEDNH
7RXFKWKH&219(&7,2152$67SDGIRU
FRQYHFWLRQURDVWLQJRQVRPHPRGHOV
7RXFKWKHQXPEHUSDGVWRVHW
WKHRYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
127(,IWKH$XWR5HFLSHŒ&RQYHUVLRQ)HDWXUH
LVRQLWZLOODXWRPDWLFDOO\UHGXFHWKHVHWUHJXODU
EDNLQJWHPSHUDWXUHE\ƒ)WRWKHDSSURSULDWH
FRQYHFWLRQWHPSHUDWXUHLQFRQYHFWLRQEDNH
PRGH6HH$XWR5HFLSHŒ&RQYHUVLRQLQWKH
6SHFLDO)HDWXUHVVHFWLRQ
7RFKDQJHWKHRYHQWHPSHUDWXUHWRXFK
WKH&219(&7,21&22.&219(&7,21%$.(RU
&219(&7,2152$67SDGDQGWKHQWKHQXPEHU
SDGVWRVHWWKHQHZWHPSHUDWXUH
:KHQWKHRYHQVWDUWVWRKHDWWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDWƒ)ZLOOEHGLVSOD\HG
:KHQRYHQUHDFKHVWKHWHPSHUDWXUH\RXVHW
EHHSVZLOOVRXQG
7RXFK&/($52))SDGZKHQILQLVKHG
„<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWK
FRQYHFWLRQ7KHIDQZLOOVWRSZKHQWKHGRRULV
RSHQHGEXWWKHKHDWZLOOQRWWXUQRII
„<RXPD\KHDUWKHRYHQFOLFNLQJGXULQJEDNLQJ
7KLVLVQRUPDO
„,QFRQYHFWLRQEDNHPRGHVIRUPD[LPXP
FRRNLQJHYHQQHVVWKHIDQLVGHVLJQHGWRURWDWH
LQERWKGLUHFWLRQVZLWKDSDXVHLQEHWZHHQ
7KLVLVQRUPDO
&RRNZDUHIRU&RQYHFWLRQ&RRNLQJ
:KHQEDNLQJFRRNLHV\RXZLOOJHW
WKHEHVWUHVXOWVLI\RXXVHDIODW
FRRNLHVKHHWLQVWHDGRIDSDQZLWK
ORZVLGHV
%HIRUHXVLQJ\RXUFRQYHFWLRQRYHQFKHFNWRVHH
LI\RXUFRRNZDUHOHDYHVURRPIRUDLUFLUFXODWLRQ
LQWKHRYHQ,I\RXDUHEDNLQJZLWKVHYHUDOSDQV
OHDYHVSDFHEHWZHHQWKHP$OVREHVXUHWKH
SDQVGRQRWWRXFKHDFKRWKHURUWKHZDOOVRIWKH
RYHQ
3DSHUDQG3ODVWLF
+HDWUHVLVWDQWSDSHUDQGSODVWLFFRQWDLQHUVWKDW
DUHUHFRPPHQGHGIRUXVHLQUHJXODUEDNLQJFDQ
DOVREHXVHGIRUFRQYHFWLRQEDNLQJEXWVKRXOG
QRWEHXVHGDWWHPSHUDWXUHVKLJKHUWKDQWKH
WHPSHUDWXUHUHFRPPHQGHGE\WKHFRRNZDUH
PDQXIDFWXUHU3ODVWLFFRRNZDUHWKDWLVKHDW
UHVLVWDQWWRWHPSHUDWXUHVRIƒ)FDQDOVREH
XVHG
0HWDODQG*ODVV
$Q\W\SHRIFRRNZDUHZLOOZRUNLQ\RXU
FRQYHFWLRQRYHQKRZHYHUPHWDOSDQVKHDWWKH
IDVWHVWDQGDUHUHFRPPHQGHGIRUFRQYHFWLRQ
EDNLQJ
„'DUNHQHGRUPDWWHILQLVKHGSDQVZLOOEDNH
IDVWHUWKDQVKLQ\SDQV
„*ODVVRUFHUDPLFSDQVFRRNPRUHVORZO\
)RUUHFLSHVOLNHRYHQEDNHGFKLFNHQXVHDSDQ
ZLWKORZVLGHV+RWDLUFDQQRWFLUFXODWHZHOO
DURXQGIRRGLQDSDQZLWKKLJKVLGHV
8VLQJWKHWLPHGIHDWXUHV
IRUFRQYHFWLRQFRRNLQJRQVRPHPRGHOV
*($SSOLDQFHVFRP
<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWKWKHVHIHDWXUHV7KHIDQZLOOVWRSZKHQWKHGRRULVRSHQHGEXWWKHKHDWZLOOQRWWXUQ
RII
127()RRGVWKDWVSRLOHDVLO\³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³VKRXOGQRWEHDOORZHGWRVLWIRUPRUH
WKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD%HVXUHWKDWWKHRYHQ
OLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
3UHVVGHVLUHGFRQYHFWLRQIXQFWLRQ3URFHHGWRVWHS
RI+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF
6WRSLQ8VLQJWKHWLPHGEDNLQJDQGURDVWLQJ
IHDWXUHVVHFWLRQ
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
3UHVVGHVLUHGFRQYHFWLRQIXQFWLRQ3URFHHGWRVWHS
RI+RZWR6HWD'HOD\6WDUWDQG$XWRPDWLF6WRS
LQ8VLQJWKHWLPHGEDNLQJDQGURDVWLQJIHDWXUHV
VHFWLRQ
8VLQJWKHFRQYHFWLRQRYHQRQVRPHPRGHOV
+RZWR6HWWKH2YHQIRU&RQYHFWLRQ5RDVWLQJZKHQ8VLQJWKH3UREH
&$87,21
)RUEHVWUHVXOWVZKHQURDVWLQJ
ODUJHWXUNH\VDQGURDVWVZH
UHFRPPHQGXVLQJWKHSUREH
LQFOXGHGLQWKHFRQYHFWLRQRYHQ
7RSUHYHQW
EXUQVGRQRWXQSOXJWKHSUREHIURPWKH
RYHQRXWOHWXQWLOWKHRYHQKDVFRROHG
3ODFHWKHRYHQUDFNLQWKHSRVLWLRQ
WKDWFHQWHUVWKHIRRGEHWZHHQWKHWRS
DQGERWWRPRIWKHRYHQ,QVHUWWKH
SUREHLQWRWKHPHDW0DNHVXUHLWLV
SXVKHGDOOWKHZD\LQ
3OXJWKHSUREHLQWRWKHRXWOHW
LQWKHRYHQ0DNHVXUHLWLVSXVKHG
DOOWKHZD\LQ&ORVHWKHRYHQGRRU
7RXFKWKH352%(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKH
GHVLUHGLQWHUQDOPHDWWHPSHUDWXUH
127(7KHPD[LPXPLQWHUQDOWHPSHUDWXUH
IRUWKHIRRGWKDW\RXFDQVHWLVƒ)
7RFKDQJHWKHRYHQWHPSHUDWXUH
GXULQJWKH&RQYHFWLRQ5RDVWF\FOH
WRXFKWKH&219(&7,21&22.
SDGDQGWKHQWRXFKWKHQXPEHU
SDGVWRVHWWKHQHZGHVLUHG
WHPSHUDWXUH
:KHQWKHLQWHUQDOWHPSHUDWXUHRIWKH
PHDWUHDFKHVWKHQXPEHU\RXKDYH
VHWWKHSUREHDQGWKHRYHQWXUQRII
DQGWKHRYHQFRQWUROVLJQDOV7RVWRS
WKHVLJQDOWRXFKWKH&/($52))SDG
8VHKRWSDGVWRUHPRYHWKHSUREH
IURPWKHIRRG'RQRWXVHWRQJVWRSXOO
RQLW³WKH\PLJKWGDPDJHLW
127(,IWKHSUREHLVUHPRYHGIURPWKH
RYHQZKLOHSUREHFRRNLQJWKHRYHQZLOOQRW
DXWRPDWLFDOO\WXUQRII
127(6
„<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWK
WKLVIHDWXUH7KHIDQZLOOVWRSZKHQWKH
GRRULVRSHQHGEXWWKHKHDWZLOOQRWWXUQ
RII
7RXFKWKH&219(&7,21&22.SDG
„<RXFDQXVHWKH.LWFKHQ7LPHUHYHQ
WKRXJK\RXFDQQRWXVHWLPHGRYHQ
RSHUDWLRQV
7RXFKWKHQXPEHUSDGVWRVHWWKH
GHVLUHGRYHQWHPSHUDWXUH
„
1HYHUOHDYH\RXUSUREHLQVLGHWKHRYHQ
GXULQJDVHOIFOHDQLQJF\FOH
7KHGLVSOD\ZLOOIODVK352%(DQGWKHRYHQ
FRQWUROZLOOVLJQDOLIWKHSUREHLVLQVHUWHG
LQWRWKHRXWOHWDQG\RXKDYHQRWVHWDSUREH
WHPSHUDWXUHDQGSUHVVHGWKH67$57SDG
7RXFKWKH67$57SDG
„
'RQRWVWRUHWKHSUREHLQWKHRYHQ
„
3UREHLVQRWIRUXVHLQ%URLORU6HOI&OHDQ
IXQFWLRQV
„
)DQRQO\URWDWHVLQRQHGLUHFWLRQ
:KHQWKHRYHQVWDUWVWRKHDWWKHZRUG
/2ZLOOEHLQWKHGLVSOD\
$IWHUWKHLQWHUQDOWHPSHUDWXUHRIWKHPHDW
UHDFKHVƒ)WKHFKDQJLQJLQWHUQDO
WHPSHUDWXUHZLOOEHVKRZQLQWKHGLVSOD\
&RQYHFWLRQ5RDVWLQJ*XLGH
0HDW
%HHI
3RUN
/DPE
3RXOWU\
5LE5RDVWWROEV
5DUH
%RQH,QDQG%RQHOHVV
0HGLXP
%HHI7HQGHUORLQWROEV 5DUH
%HHI7HQGHUORLQWROEV 5DUH
%RQH,Q%RQHOHVVWROEV %RQH,QWROEV
0HGLXP
%RQHOHVVWROEV
0HGLXP
:KROH&KLFNHQWROEV
7XUNH\:KROH
8QVWXIIHGWROEV
8QVWXIIHGWROEV
7XUNH\%UHDVWWROEV
2YHQ7HPS
,QWHUQDO7HPS
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ²ƒ)
ƒ²ƒ)
ƒ)
6WXIIHGELUGVJHQHUDOO\UHTXLUH²PLQXWHVDGGLWLRQDOURDVWLQJWLPH6KLHOGOHJVDQGEUHDVWZLWKIRLOWR
SUHYHQWRYHUEURZQLQJDQGGU\LQJRIVNLQ
8VLQJWKHVORZFRRNSL]]DZDUPLQJ
DQGSURRILQJIHDWXUHV
:$51,1*
*($SSOLDQFHVFRP
)RRG3RLVRQ+D]DUG%DFWHULDPD\JURZLQIRRGDWWHPSHUDWXUHVEHORZƒ)
‡$OZD\VVWDUWZLWKKRWIRRG'RQRWXVHZDUPVHWWLQJVWRKHDWFROGIRRG
‡'RQRWZDUPIRRGIRUPRUHWKDQKRXUV
)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQIRRGERUQHLOOQHVV
+RZWR6HWWKH/RZHU2YHQ)RU6ORZ&RRN
6ORZ&RRNLVGHVLJQHGIRUORQJKRXUVRIXQDWWHQGHG
FRRNLQJ
7RXFKWKH6/2:&22.SDG
7RXFKWKHQXPEHUSDGVWRVHOHFWWKHGHVLUHG
VHWWLQJ²IRU3RXOWU\RUIRU0HDWV8VH
0HDWVLI\RXDUHXQVXUHZKLFKVHWWLQJWRXVH
6ORZ&RRN*XLGH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHFRRNLQJWLPHPXVW
EHDWOHDVWKRXUVXSWRKRXUVPLQXWHV
7RXFKWKH67$57SDG
127(,IDSRZHURXWDJHRFFXUVZKLOHWKHRYHQ
LVLQ6ORZ&RRNWKHUDQJHZLOOVKXWRII
*XLGHOLQH7LSV
5DFN
)RRG
7LPH
)RRG
4XDQWLW\ 3RVLWLRQ 6HWWLQJ +RXUV &RPPHQWV
%HHI
&KXFN5RDVW
²øOEV
&
0HDWV +,²KUV $GGFXSOLTXLG
/2²KUV
%HHI5LEV
ø²OEV
&
0HDWV +,²KUV 3ODFHULEVLQDVLQJOHOD\HU
/2²KUV
3RXOWU\
:KROH&KLFNHQ
OEV
&
3RXOWU\ +,²KUV $GGFXSOLTXLG
/2²KUV
&KLFNHQ3LHFHV SLHFHV
&
3RXOWU\ +,²KUV %HVWVXEPHUJHGXQGHUD
VDXFH
DSSUR[OEV
/2²KUV WRSUHYHQWVXUIDFHGU\LQJ
3RUN
%RQHOHVV%ODGH ²OEV
&
0HDWV +,²KUV $GG²FXSOLTXLG
5RDVW
/2²KUV
&RXQWU\6W\OH ø²OEV
&
0HDWV +,²KUV 3ODFHULEVLQDVLQJOHOD\HU
3RUN5LEV
/2²KUV
3RUN&KRSV
²OEV
&
0HDWV +,²KUV 3ODFHFKRSVLQDVLQJOH
OD\HU
/2²KUV
6RXS
9HJHWDEOH%HHI TXDUWV
&
0HDWV +,²KUV 0DNHVXUHEHHIFKXQNV
6RXS
/2²KUV DUHVXEPHUJHG
&KLOL
TXDUWV
&
0HDWV +,²KUV 6XEPHUJHEHDQV
/2²KUV WRSUHYHQWVXUIDFHGU\LQJ
„7KHVORZFRRNSURJUDPXVHVDFRPSOH[VHULHVRI
WHPSHUDWXUHF\FOLQJWRREWDLQWKHEHVWUHVXOWV)RUWKLV
UHDVRQLWLVUHFRPPHQGHGWKDWWKHVORZFRRNSURJUDP
EHDOORZHGWRUXQZLWKRXWFDQFHOOLQJRUUHVWDUWLQJ
5HVWDUWLQJWKHVORZFRRNIHDWXUHZKLOHLWLVLQSURJUHVV
PD\UHVXOWLQRYHUFRRNHGPHDW
„)RUMXLF\DQGWHQGHUPHDWFKRRVHFXWVRIPHDWVXFK
DVFKXFNURDVWRUDERQHOHVVEODGHURDVW/HDQHUFXWV
RIPHDWVXFKDVWRSURXQGDUHGULHUDQGPD\QHHG
DGGLWLRQDOOLTXLG
„8VHRQO\JODVVDQGFHUDPLFGLVKHV0HWDOSRWVDQG
SDQVWHQGWRWUDQVIHUWKHKHDWLQWRWKHIRRGVWRR
TXLFNO\
„0DWFKWKHTXDQWLW\RIIRRGWRWKHVL]HSDQ)LOOWKHSDQ
DERXWIXOOIRUEHVWUHVXOWV7RRODUJHDSRWDOORZVWKH
VWHDPWRHVFDSHFDXVLQJIRRGVWRGU\RXW
„$OZD\VFRYHUWKHSRWZLWKDOLGRUDOXPLQXPIRLO
„$ZLGHUDQJHRIUHFLSHVPD\EHXVHGLQWKHVORZFRRN
IHDWXUH)RUEHVWUHVXOWVVRPHDGMXVWPHQWVPD\QHHG
WREHPDGH)RUVPDOOHUVL]HGUHFLSHVEHJLQFKHFNLQJ
DWPLQLPXPWLPH)RUODUJHUHFLSHVRUZKHQGRXEOLQJ
UHFLSHVIRRGVPD\EHFRRNHGIRUORQJHUSHULRGVRI
WLPH
„:KHQWKHVORZFRRNIHDWXUHFRPSOHWHVWKHRYHQZLOO
DXWRPDWLFDOO\VZLWFKWR´ZDUPµPRGH,IDGGLWLRQDOVORZ
FRRNWLPHLVGHVLUHGWKLVZDUPPRGHPD\EHXVHGWR
REWDLQWKHH[WUDWLPH
+RZWR6HWWKH8SSHU2YHQ)RU3L]]D
$GMXVWUDFNSRVLWLRQIRUW\SHRISL]]DWUD\EHLQJXVHG
VHHFKDUW
7RXFKWKH3,==$SDG
7RXFKWKHQXPEHUSDGVWRVHOHFWIRUIUHVKRU
IRUIUR]HQSL]]D
%DNLQJWLPHLVGHWHUPLQHGE\SDFNDJHGLUHFWLRQV
7\SHRI3L]]D7UD\
7UD\VXSSOLHGZLWKIUHVKSL]]D
3L]]DSODFHGGLUHFWO\RQUDFN
0HWDOWUD\
5DFN3RVLWLRQ
%
%
$
7RXFKWKHQXPEHUSDGVWRVHWWKHEDNLQJ
WHPSHUDWXUH
7RXFKWKH67$57SDG
8VLQJWKHVORZFRRNSL]]DZDUPLQJDQGSURRILQJIHDWXUHV
+RZWR6HWWKH8SSHU2YHQ)RU:DUPLQJ
7KH:$50IHDWXUHNHHSVFRRNHGIRRGVKRW
7KLVIHDWXUHLVQRWGHVLJQHGWRUHKHDWFROGIRRG
7RXVHWKH:$50IHDWXUHWRXFKWKH:$50
SDGDQGWKHQWKH67$57SDG
127(3ODVWLFFRQWDLQHUVOLGVRUSODVWLFZUDSZLOO
PHOWLISODFHGLQWKHRYHQ0HOWHGSODVWLFPD\
QRWEHUHPRYDEOHDQGLVQRWFRYHUHGXQGHU\RXU
ZDUUDQW\
7RXVHWKH:$50IHDWXUHDIWHU7LPHG%DNLQJ
IROORZWKHVHVWHSV
7RXFKWKHEDNHPRGHRIFRRNLQJ
7RXFKWKHQXPEHUSDGVWRVHW
WKHRYHQWHPSHUDWXUH
7RXFKWKH&22.7,0(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH
7RXFKWKH:$50SDG
7RXFKWKH67$57SDG
+RZWR6HWWKH2YHQ)RU3URRILQJRQVRPHPRGHOV
7KHSURRILQJIHDWXUHPDLQWDLQVDZDUPHQYLURQPHQWXVHIXOIRUULVLQJ\HDVWOHDYHQHG
SURGXFWV
3ODFHWKHFRYHUHGGRXJKLQDGLVK
LQWKHRYHQRQUDFN%RU&
127()RUEHVWUHVXOWVFRYHUWKHGRXJKZLWKD
FORWKRUZLWKJUHDVHGSODVWLFZUDSWKHSODVWLF
PD\QHHGWREHDQFKRUHGXQGHUQHDWKWKH
FRQWDLQHUVRWKHRYHQIDQZLOOQRWEORZLWRII
7RXFKWKH3522) SDGDQGWKHQWKH
67$57SDG
7KHGLVSOD\ZLOOUHDG3U)SURRI
RQVRPHPRGHOV
7KHRYHQLQWHULRUOLJKWWXUQVRQDQGUHPDLQVRQ
GXULQJSURRILQJ
7KHSURRILQJIHDWXUHDXWRPDWLFDOO\SURYLGHVWKH
RSWLPXPWHPSHUDWXUHIRUWKHSURRILQJSURFHVV
DQGWKHUHIRUHGRHVQRWKDYHDWHPSHUDWXUH
DGMXVWPHQW
6HWWKH7LPHUIRUWKHPLQLPXPSURRIWLPH
RQVRPHPRGHOV
:KHQSURRILQJLVILQLVKHGWRXFKWKH
&/($52))SDG
„7RDYRLGORZHULQJWKHRYHQWHPSHUDWXUHDQG
OHQJWKHQLQJSURRILQJWLPHGRQRWRSHQWKH
RYHQGRRUXQQHFHVVDULO\
„&KHFNEUHDGSURGXFWVHDUO\WRDYRLG
RYHUSURRILQJ
127(6
„'RQRWXVHWKHSURRILQJPRGHIRUZDUPLQJ
IRRGRUNHHSLQJIRRGKRW7KHSURRILQJRYHQ
WHPSHUDWXUHLVQRWKRWHQRXJKWRKROGIRRGV
DWVDIHWHPSHUDWXUHV8VHWKH:$50IHDWXUH
WRNHHSIRRGZDUP
„3URRILQJZLOOQRWRSHUDWHZKHQRYHQLVDERYH
ƒ)´+27µZLOOVKRZLQWKHGLVSOD\
8VLQJWKHVHOIFOHDQLQJXSSHUDQGORZHURYHQV
*($SSOLDQFHVFRP
%HIRUHD&OHDQ&\FOH
:$51,1*
),5(+$=$5':LSHJUHDVHDQGKHDY\VRLOIURPWKH
RYHQERWWRPEHIRUHVHOIFOHDQLQJ)DLOXUHWRGRVRPD\
UHVXOWLQDQRYHQILUH
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
:HUHFRPPHQGYHQWLQJ\RXUNLWFKHQZLWKDQRSHQ
ZLQGRZRUXVLQJDYHQWLODWLRQIDQRUKRRGGXULQJWKH
ILUVWVHOIFOHDQF\FOH
5HPRYHDQ\EURLOHUSDQEURLOHUJULGSUREHDOO
FRRNZDUHDQGDQ\DOXPLQXPIRLOIURPWKHRYHQ
127(
„,I\RXURYHQLVHTXLSSHGZLWKVKLQ\VLOYHUFRORUHG
RYHQUDFNVUHPRYHWKHPEHIRUH\RXEHJLQWKH
VHOIFOHDQF\FOH
„7KHVKLQ\VLOYHUFRORUHGRYHQUDFNVRQVRPH
PRGHOVFDQEHVHOIFOHDQHGEXWWKH\ZLOOGDUNHQ
ORVHWKHLUOXVWHUDQGEHFRPHKDUGWRVOLGH
„,I\RXURYHQLVHTXLSSHGZLWKJUD\SRUFHODLQ
FRDWHGRYHQUDFNVWKH\PD\EHOHIWLQWKHRYHQ
GXULQJWKHVHOIFOHDQF\FOH
'RQRWFOHDQWKHJDVNHW7KHILEHUJODVVPDWHULDORI
WKHRYHQGRRUJDVNHWFDQQRWZLWKVWDQGDEUDVLRQ,WLV
HVVHQWLDOIRUWKHJDVNHWWRUHPDLQLQWDFW,I\RXQRWLFH
LWEHFRPLQJZRUQRUIUD\HGUHSODFHLW
0DNHVXUHWKHRYHQOLJKWEXOEFRYHULVLQSODFHDQG
WKHRYHQOLJKWLVRII
,03257$177KHKHDOWKRIVRPHELUGVLVH[WUHPHO\
VHQVLWLYHWRWKHIXPHVJLYHQRIIGXULQJWKHVHOI
FOHDQLQJF\FOHRIDQ\UDQJH0RYHELUGVWRDQRWKHU
ZHOOYHQWLODWHGURRP
'RXEOH2YHQDQG&DQDGLDQ0RGHOV2QO\
7KHVXUIDFHXQLWVDUHDXWRPDWLFDOO\GLVDEOHGGXULQJ
WKHVHOIFOHDQF\FOH0DNHVXUHWKDWDOOVXUIDFH
XQLWFRQWUROVDUHWXUQHGRIIDWDOOWLPHVGXULQJWKH
VHOIFOHDQF\FOH$Q\VXUIDFHXQLWWKDWLVVHWWRDQ
´RQµSRVLWLRQZKLOHWKHVHOIFOHDQF\FOHLVRSHUDWLQJ
ZLOODXWRPDWLFDOO\FRPHRQDIWHUWKHVHOIFOHDQF\FOH
LVILQLVKHGDQGFRXOGUHVXOWLQDQ´RQµXQDWWHQGHG
VXUIDFHXQLW:DLWXQWLOWKHVHOIFOHDQF\FOHLVILQLVKHG
WRVHWDQGXVHWKHVXUIDFHXQLWV
6RLORQWKHIURQWIUDPHRIWKHUDQJHDQGRXWVLGH
WKHJDVNHWRQWKHGRRUZLOOQHHGWREHFOHDQHGE\
KDQG&OHDQWKHVHDUHDVZLWKKRWZDWHUVRDSILOOHG
VWHHOZRROSDGVRUFOHDQVHUVVXFKDV6RIW6FUXE
5LQVHZHOOZLWKFOHDQZDWHUDQGGU\
+RZWR6HWWKH2YHQIRU&OHDQLQJ
7KHRYHQGRRUVPXVWEHFORVHGDQGDOOFRQWUROVVHW
FRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
7RXFKWKH6(/)&/($1SDG
$KRXUVHOIFOHDQWLPHLVUHFRPPHQGHGIRU
XVHZKHQFOHDQLQJVPDOOFRQWDLQHGVSLOOV$
VHOIFOHDQWLPHRIKRXUVLVUHFRPPHQGHGIRU
DGLUWLHURYHQ
,IDWLPHRWKHUWKDQKRXUVRUKRXUVLV
QHHGHGXVHWKHQXPEHU SDGVDQGHQWHUWKH
GHVLUHGFOHDQWLPH
<RXFDQFKDQJHWKHFOHDQWLPHWRDQ\WLPHEHWZHHQ
KRXUVDQGKRXUVGHSHQGLQJRQKRZGLUW\\RXU
RYHQLV
7RXFKWKH67$57SDG
7KHXSSHUDQGORZHURYHQGRRUVORFNDXWRPDWLFDOO\
7KHFRRNWRSHOHPHQWVDUHDOVRORFNHGRXWGXULQJ
VHOIFOHDQ7KHGLVSOD\ZLOOVKRZWKHFOHDQWLPH
UHPDLQLQJ,WZLOOQRWEHSRVVLEOHWRRSHQWKHRYHQ
GRRUVRUXVHWKHFRRNWRSXQWLOWKHWHPSHUDWXUHGURSV
EHORZWKHORFNWHPSHUDWXUHDQG/2&.(''225 JRHVRIILQWKHFRQWUROGLVSOD\
:KHQ/2&.(''225
WRRSHQWKHGRRUV
JRHVRII\RXZLOOEHDEOH
„7KHZRUG/2&.(''225 ZLOOIODVKDQGWKH
ZRUGGRRUZLOOGLVSOD\LI\RXVHWWKHFOHDQF\FOH
DQGIRUJHWWRFORVHWKHRYHQGRRUV
„7RVWRSDFOHDQF\FOHWRXFKWKH&/($52))SDG
:KHQ/2&.(''225 JRHVRIILQGLFDWLQJWKH
RYHQVKDYHFRROHGEHORZWKHORFNLQJWHPSHUDWXUH
\RXZLOOEHDEOHWRRSHQWKHGRRUV
'RXEOH2YHQV
„<RXFDQVHWDFOHDQF\FOHLQERWKRYHQVDWWKH
VDPHWLPHKRZHYHUWKH\ZLOOQRWVHOIFOHDQDWWKH
VDPHWLPH7KHODVWRYHQVHWZLOODXWRPDWLFDOO\
GHOD\LWVVWDUWXQWLOWKHHQGRIWKHILUVWRYHQ·VFOHDQ
F\FOH
„:KHQDQRYHQLVVHWWRVHOIFOHDQERWKRYHQGRRUV
ZLOOORFNDQGWKHFRRNWRSFRQWUROVZLOOORFNRXW7KH
RYHQVDQGFRRNWRSFDQQRWEHXVHGZKHQDQRYHQ
LVVHWWRVHOIFOHDQ
8VLQJWKHVHOIFOHDQLQJXSSHUDQGORZHURYHQV
7KHRYHQGRRUVPXVWEHFORVHGDQGDOOFRQWUROVVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
+RZWR'HOD\WKH6WDUWRI&OHDQLQJ
7RXFKWKH6(/)&/($1SDG
$KRXUVHOIFOHDQWLPHLV
UHFRPPHQGHGIRUXVHZKHQFOHDQLQJ
VPDOOFRQWDLQHGVSLOOV$VHOIFOHDQ
WLPHRIKRXUVLVUHFRPPHQGHGIRUD
GLUWLHURYHQ
,IDWLPHRWKHUWKDQKRXUVRUKRXUV
LVQHHGHGXVHWKHQXPEHU SDGVDQG
HQWHUWKHGHVLUHGFOHDQWLPH
<RXFDQFKDQJHWKHFOHDQWLPHWRDQ\WLPH
EHWZHHQKRXUVDQGKRXUVGHSHQGLQJ
RQKRZGLUW\\RXURYHQLV
7RXFKWKH67$57SDG
7KHXSSHUDQGORZHURYHQGRRUVORFN
DXWRPDWLFDOO\7KHFRRNWRSHOHPHQWVDUH
DOVRORFNHGRXWGXULQJVHOIFOHDQ7KH
GLVSOD\ZLOOVKRZWKHVWDUWWLPH,WZLOOQRW
EHSRVVLEOHWRRSHQWKHRYHQGRRUVRUXVH
WKHFRRNWRSXQWLOWKHWHPSHUDWXUHGURSV
EHORZWKHORFNWHPSHUDWXUHDQG/2&.('
'225 JRHVRIILQWKHFRQWUROGLVSOD\
:KHQ/2&.(''225 JRHVRII\RXZLOO
EHDEOHWRRSHQWKHGRRUV
7RXFKWKH'(/$<67$57SDG
8VLQJWKHQXPEHUSDGVHQWHUWKH
WLPHRIGD\\RXZDQWWKHFOHDQF\FOH
WRVWDUW
$IWHUD&OHDQ&\FOH
<RXPD\QRWLFHVRPHZKLWHDVKLQWKH
RYHQ:LSHLWXSZLWKDGDPSFORWKDIWHU
WKHRYHQFRROV
„<RXFDQQRWVHWWKHRYHQIRUFRRNLQJRU
DQRWKHUVHOIFOHDQF\FOHXQWLOWKHRYHQLV
FRROHQRXJKIRUWKHGRRUWRXQORFN
,IZKLWHVSRWVUHPDLQUHPRYHWKHPZLWK
DVRDSILOOHGVWHHOZRROSDGDQGULQVH
WKRURXJKO\ZLWKDYLQHJDUDQGZDWHU
PL[WXUH
„:KLOHWKHRYHQLVVHOIFOHDQLQJ\RX
FDQWRXFKWKH&/2&.SDGWRGLVSOD\
WKHWLPHRIGD\7RUHWXUQWRWKHFOHDQ
FRXQWGRZQWRXFKWKH6(/)&/($1SDG
7KHVHGHSRVLWVDUHXVXDOO\DVDOWUHVLGXH
WKDWFDQQRWEHUHPRYHGE\WKHFOHDQF\FOH
„,IWKHUDFNVEHFRPHKDUGWRVOLGHDSSO\
DVPDOODPRXQWRIFRRNLQJRLOWRDSDSHU
WRZHODQGZLSHWKHHGJHVRIWKHRYHQ
UDFNVZLWKWKHSDSHUWRZHO
,IWKHRYHQLVQRWFOHDQDIWHURQHFOHDQ
F\FOHUHSHDWWKHF\FOH
6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO
*($SSOLDQFHVFRP
<RXUQHZWRXFKSDGFRQWUROKDVDGGLWLRQDOIHDWXUHVWKDW\RXPD\FKRRVHWRXVH7KHIROORZLQJDUHWKHIHDWXUHVDQGKRZ
\RXPD\DFWLYDWHWKHP
7KHVSHFLDOIHDWXUHPRGHVFDQRQO\EHDFWLYDWHGZKLOHWKHGLVSOD\LVVKRZLQJWKHWLPHRIGD\7KH\UHPDLQLQWKHFRQWURO·V
PHPRU\XQWLOWKHVWHSVDUHUHSHDWHG
7RHQWHUDVSHFLDOIHDWXUHIRUHLWKHURYHQ\RXPXVWILUVWWRXFKWKHXSSHURYHQ%52,/+,/2DQG%$.(SDGVDWWKHVDPH
WLPH7KHORZHURYHQ%52,/+,/2DQG%$.(SDGVZLOOQRWDFWLYDWHVSHFLDOIHDWXUHV
:KHQWKHGLVSOD\VKRZV\RXUFKRLFHWRXFKWKH67$57SDG7KHVSHFLDOIHDWXUHVZLOOUHPDLQLQPHPRU\DIWHUDSRZHU
IDLOXUHH[FHSWIRUWKH6DEEDWKIHDWXUHZKLFKZLOOKDYHWREHUHVHW
+RXU6KXWGRZQ
:LWKWKLVIHDWXUHVKRXOG\RXIRUJHWDQGOHDYH
WKHRYHQRQWKHFRQWUROZLOODXWRPDWLFDOO\
WXUQRIIWKHRYHQDIWHUKRXUVGXULQJEDNLQJ
IXQFWLRQVRUDIWHUKRXUVGXULQJDEURLO
IXQFWLRQ
7RXFKWKH'(/$<67$57SDGXQWLOQRVKGQ
QRVKXWRIIDSSHDUVLQWKHGLVSOD\
7RXFKWKH67$57SDGWRDFWLYDWHWKHQR
VKXWRIIDQGOHDYHWKHFRQWUROVHWLQWKLV
VSHFLDOIHDWXUHVPRGH
,I\RXZLVKWRWXUQ2)) WKLVIHDWXUHIROORZWKH
VWHSVEHORZ
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
)DKUHQKHLWRU&HOVLXV7HPSHUDWXUH6HOHFWLRQ
<RXURYHQFRQWUROLVVHWWRXVHWKH)DKUHQKHLW
WHPSHUDWXUHVHOHFWLRQVEXW\RXPD\FKDQJH
WKLVWRXVHWKH&HOVLXVVHOHFWLRQV
7RXFKWKH&22.7,0(DQG%52,/+,/2
SDGVDWWKHVDPHWLPH7KHGLVSOD\ZLOO
VKRZ))DKUHQKHLW
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&22.7,0(DQG%52,/+,/2
SDGVDJDLQDWWKHVDPHWLPH7KHGLVSOD\
ZLOOVKRZ&&HOVLXV
7RXFKWKH67$57SDG
7RQHVDWWKH(QGRID7LPHG&\FOH
$WWKHHQGRIDWLPHGF\FOHVKRUWEHHSVZLOO
VRXQGIROORZHGE\RQHEHHSHYHU\VHFRQGV
XQWLOWKH&/($52))SDGLVWRXFKHG7KLV
FRQWLQXDOVHFRQGEHHSPD\EHFDQFHOOHG
7RFDQFHOWKHVHFRQGEHHS
RQVRPHPRGHOV
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
25
7RXFKWKH.,7&+(17,0(5212))SDG
7KHGLVSOD\VKRZV&21%((3FRQWLQXDO
EHHS7RXFKWKH.,7&+(17,0(5212))
SDGDJDLQ7KHGLVSOD\VKRZV%((37KLV
FDQFHOVWKHRQHEHHSHYHU\VHFRQGV
7RXFKWKH67$57SDG
7RXFKWKH%52,/SDG7KHGLVSOD\VKRZV
&217,%((3FRQWLQXRXVEHHS7RXFKWKH
%52,/SDGDJDLQ7KHGLVSOD\VKRZV
6,1*/(%((37KLVFDQFHOVWKHRQHEHHS
HYHU\VHFRQGV
RQVRPHPRGHOV
6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO
7RQH9ROXPHRQVRPHPRGHOV
7RXFKWKH&22.7,0(SDGDJDLQ7KH
GLVSOD\ZLOOVKRZ%((37KLVLVWKH
TXLHWHVWYROXPHOHYHO
7KLVIHDWXUHDOORZV\RXWRDGMXVWWKHWRQH
YROXPHVWRDPRUHDFFHSWDEOHYROXPH7KHUH
DUHWKUHHSRVVLEOHYROXPHOHYHOV
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
)RUHDFKWLPHWKHOHYHOLVFKDQJHGDWRQH
ZLOOVRXQGWRSURYLGHDQLQGLFDWLRQRIWKH
YROXPHOHYHO
7RXFKWKH&22.7,0(SDG7KHGLVSOD\ZLOO
VKRZ%((37KLVLVWKHPLGGOHYROXPH
OHYHO
&KRRVHWKHGHVLUHGVRXQGOHYHO%((3
%((3%((3
7RXFKWKH67$57SDGWRDFWLYDWHWKHOHYHO
VKRZQ
7RXFKWKH&22.7,0(SDGDJDLQ7KH
GLVSOD\ZLOOVKRZ%((37KLVLVWKHORXGHVW
YROXPHOHYHO
+RXU+RXURU&ORFN%ODFNRXW
<RXUFRQWUROLVVHWWRXVHDKRXUFORFN
,I\RXZRXOGSUHIHUWRKDYHDKRXUPLOLWDU\
WLPHFORFNRUEODFNRXWWKHFORFNGLVSOD\IROORZ
WKHVWHSVEHORZ
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&/2&.SDGRQFH7KHGLVSOD\
ZLOOVKRZKU ,IWKLVLVWKHFKRLFH\RX
ZDQWWRXFKWKH67$57SDG
7RXFKWKH&/2&.SDGDJDLQWRFKDQJHWRWKH
KRXUPLOLWDU\WLPHFORFN7KHGLVSOD\ZLOO
VKRZKU,IWKLVLVWKHFKRLFH\RXZDQWWRXFK
WKH67$57SDG
7RXFKWKH&/2&.SDGDJDLQWREODFNRXWWKH
FORFNGLVSOD\7KHGLVSOD\ZLOOVKRZ2)) ,IWKLVLV
WKHFKRLFH\RXZDQWWRXFKWKH67$57SDG
127(,IWKHFORFNLVLQWKHEODFNRXWPRGH\RX
ZLOOQRWEHDEOHWRXVHWKH'HOD\6WDUWIXQFWLRQ
$XWR5HFLSHŒ&RQYHUVLRQRQVRPHPRGHOV
:KHQXVLQJFRQYHFWLRQEDNHWKH$XWR5HFLSHŒ
&RQYHUVLRQIHDWXUHZLOODXWRPDWLFDOO\FRQYHUW
HQWHUHGUHJXODUEDNLQJWHPSHUDWXUHVWR
FRQYHFWLRQEDNLQJWHPSHUDWXUHV
7KLVIHDWXUHLVDFWLYDWHGVRWKDWWKHGLVSOD\
ZLOOVKRZWKHDFWXDOFRQYHUWHGUHGXFHG
WHPSHUDWXUH)RUH[DPSOHLI\RXHQWHUDUHJXODU
UHFLSHWHPSHUDWXUHRIƒ)DQGWRXFKWKH
67$57SDGWKHGLVSOD\ZLOOVKRZ&21DQGWKH
FRQYHUWHGWHPSHUDWXUHRIƒ)
7RGHDFWLYDWHWKHIHDWXUH
7RXFKWKHXSSHURYHQ%$.(DQG%52,/
+,/2SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&219(&7,21&22.SDG7KH
GLVSOD\ZLOOVKRZ&21217RXFKWKH
&219(&7,21&22.SDGDJDLQ7KH
GLVSOD\ZLOOVKRZ&212))
7RXFKWKH67$57SDG
7RUHDFWLYDWHWKHIHDWXUHUHSHDWVWHSV²
DERYHEXWWRXFKWKH67$57SDGZKHQ&2121
LVLQWKHGLVSOD\
BAKE
+
BROIL
COOKING
TIME
START
HI/LO
&RRNDQG+ROGRQVRPHPRGHOV
<RXUQHZFRQWUROKDVDFRRNDQGKROGIHDWXUH
WKDWNHHSVFRRNHGIRRGVZDUPIRUXSWR
KRXUVDIWHUWKHFRRNLQJIXQFWLRQLVILQLVKHG
7RDFWLYDWHWKLVIHDWXUHIROORZWKHVWHSVEHORZ
7RXFKWKH%$.(DQG%52,/+,/2SDGVDW
WKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV6)
7RXFKWKH&22.,1*7,0(SDG7KH
GLVSOD\ZLOOVKRZ+OG2))
7RXFKWKH&22.,1*7,0(SDGDJDLQWR
DFWLYDWHWKHIHDWXUH7KHGLVSOD\ZLOOVKRZ
+OG21
7RXFKWKH67$57SDGWRDFWLYDWHWKHFRRN
DQGKROGIHDWXUHDQGOHDYHWKHFRQWUROVHW
LQWKLVVSHFLDOIHDWXUHVPRGH
8VLQJWKH6DEEDWKIHDWXUHXSSHUDQGORZHURYHQV
'HVLJQHGIRUXVHRQWKH-HZLVK6DEEDWKDQG+ROLGD\VRQVRPHPRGHOV
*($SSOLDQFHVFRP
7KH6DEEDWKIHDWXUHFDQEHXVHGIRUEDNLQJURDVWLQJRQO\,WFDQQRWEHXVHGIRUFRQYHFWLRQEURLOLQJVHOIFOHDQLQJRU
'HOD\6WDUWFRRNLQJ
127(7KHRYHQOLJKWFRPHVRQDXWRPDWLFDOO\RQVRPHPRGHOVZKHQWKHGRRULVRSHQHGDQGJRHVRIIZKHQWKHGRRULVFORVHG7KHEXOEPD\EHUHPRYHG6HH
WKH2YHQ/LJKW5HSODFHPHQWVHFWLRQ2QPRGHOVZLWKDOLJKWVZLWFKRQWKHFRQWUROSDQHOWKHRYHQOLJKWPD\EHWXUQHGRQDQGOHIWRQ
+RZWR6HWIRU5HJXODU%DNLQJ5RDVWLQJ
:KHQWKHGLVSOD\VKRZVŠWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZVŠWKHRYHQLV
EDNLQJURDVWLQJ
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKHXSSHURYHQ%52,/+,
/2DQG%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
127(,IEDNHRUEURLODSSHDUVLQWKHGLVSOD\WKH
%52,/+,/2DQG%$.(SDGVZHUHQRWWRXFKHG
DWWKHVDPHWLPH7RXFKWKH&/($52))SDG
DQGEHJLQDJDLQ
7DSWKH'(/$<67$57SDGXQWLO6$EE$W+
DSSHDUVLQWKHGLVSOD\
7RXFKWKH67$57SDGDQGŠZLOODSSHDULQWKH
GLVSOD\%RWKRYHQVDUHQRZLQ6DEEDWKPRGH
7RXFKWKH%$.(SDGRQWKHXSSHURUORZHU
RYHQ1RVLJQDOZLOOEHJLYHQ
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUHEHWZHHQƒ)DQGƒ)1R
VLJQDORUWHPSHUDWXUHZLOOEHJLYHQ7KHUHLVQR
GHIDXOWWHPSHUDWXUH
7RXFKWKH67$57SDGRQWKHFRUUHVSRQGLQJ
RYHQ
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWHŠZLOODSSHDULQWKH
GLVSOD\LQGLFDWLQJ WKDWWKHRYHQLVEDNLQJ
URDVWLQJ,IŠGRHVQ·WDSSHDULQWKHGLVSOD\
VWDUWDJDLQDW6WHS
7REDNHLQWKHRWKHURYHQVWDUWDW6WHSRQ
VRPHPRGHOV
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH%$.(SDG
HQWHUWKHQHZWHPSHUDWXUHXVLQJWKHQXPEHUSDGV
DQGWRXFKWKH67$57SDG
127(7KH&/($52))DQG&22.7,0(SDGVDUH
DFWLYHGXULQJWKH6DEEDWKIHDWXUH
+RZWR6HWIRU7LPHG%DNLQJ5RDVWLQJ³,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
:KHQWKHGLVSOD\VKRZVWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZVWKHRYHQLV
EDNLQJURDVWLQJ
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKHXSSHURYHQ%52,/+,
/2DQG%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
127(,IEDNHRUEURLODSSHDUVLQWKHGLVSOD\WKH
%52,/+,/2DQG%$.(SDGVZHUHQRWWRXFKHG
DWWKHVDPHWLPH7RXFKWKH&/($52))SDG
DQGEHJLQDJDLQ
7DSWKH'(/$<67$57SDGXQWLO6$EE$W+
DSSHDUVLQWKHGLVSOD\
7RXFKWKH67$57SDGDQGŠZLOODSSHDULQWKH
GLVSOD\%RWKRYHQVDUHQRZLQ6DEEDWKPRGH
7RXFKWKH&22.7,0(SDGRQWKHXSSHURU
ORZHURYHQ1RVLJQDOZLOOEHJLYHQ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPHEHWZHHQPLQXWHDQG
KRXUVDQGPLQXWHV
7RXFKWKH67$57SDG
7RXFKWKH%$.(SDG1RVLJQDOZLOOEHJLYHQ
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUH1RVLJQDORUWHPSHUDWXUHZLOOEH
JLYHQ7KHUHLVQRGHIDXOWWHPSHUDWXUH
7RXFKWKH67$57SDGRQWKHFRUUHVSRQGLQJ
RYHQ
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWHŠZLOODSSHDULQWKH
GLVSOD\LQGLFDWLQJWKDWWKHRYHQLVEDNLQJ
URDVWLQJ,IŠGRHVQ·WDSSHDULQWKHGLVSOD\
VWDUWDJDLQDW6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH%$.(SDG
HQWHUWKHQHZWHPSHUDWXUHXVLQJWKHQXPEHUSDGV
DQGWRXFKWKHELSDG
:KHQFRRNLQJLVILQLVKHGWKHGLVSOD\ZLOOFKDQJH
IURPŠWRŠDQGZLOODSSHDULQGLFDWLQJWKDW
WKHRYHQKDVWXUQHG2))EXWLVVWLOOVHWLQ6DEEDWK
5HPRYHWKHFRRNHGIRRG
+RZWR([LWWKH6DEEDWK)HDWXUH
7RXFKWKH&/($52))SDG
,IWKHRYHQLVFRRNLQJZDLWIRUDUDQGRPGHOD\
SHULRGRIDSSUR[LPDWHO\VHFRQGVWR
PLQXWHXQWLORQO\ŠLVLQWKHGLVSOD\
7RXFKDQGKROGERWKWKH%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7DSWKH'(/$<67$57SDGXQWLOVKGQRUQR
VKGQDSSHDUVLQWKHGLVSOD\
&KRRVHVKGQLQGLFDWLQJWKDWWKHRYHQZLOO
DXWRPDWLFDOO\WXUQRIIDIWHUKRXUVRUQR
VKGQLQGLFDWLQJWKDWWKHRYHQZLOOQRW
DXWRPDWLFDOO\WXUQRIIDIWHUKRXUV
3UHVV67$57ZKHQWKHRSWLRQWKDW\RXZDQWLV
LQWKHGLVSOD\VKGQRUQRVKGQ
127(,IDSRZHURXWDJHRFFXUUHGZKLOHWKHRYHQ
ZDVLQ6DEEDWKWKHRYHQZLOODXWRPDWLFDOO\WXUQRII
DQGVWD\RIIHYHQZKHQWKHSRZHUUHWXUQV7KHRYHQ
FRQWUROPXVWEHUHVHW6RPHPRGHOVZLOOUHVXPH
6DEEDWKPRGHKRZHYHURSHQLQJWKHGRRUZLOO
DFWLYDWHWKHRYHQOLJKW
8VLQJWKHZDUPLQJGUDZHURQVRPHPRGHOV
)22'32,621+$=$5'%DFWHULDPD\JURZLQIRRGDWWHPSHUDWXUHVEHORZƒ)
‡$OZD\VVWDUWZLWKKRWIRRG'RQRWXVHZDUPVHWWLQJVWRKHDWFROGIRRG
‡'RQRWZDUPIRRGIRUPRUHWKDQKRXUV
)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQIRRGERUQHLOOQHVV
7KHZDUPLQJGUDZHUZLOONHHSKRWFRRNHGIRRGVDWVHUYLQJWHPSHUDWXUH$OZD\VVWDUWZLWKKRWIRRG
'RQRWXVHWRKHDWFROGIRRGRWKHUWKDQFULVSLQJFUDFNHUVFKLSVRUGU\FHUHDO
:$51,1*
WARMING DRAWER
7R8VHWKH:DUPLQJ'UDZHU
3XVKDQGWXUQWKHFRQWURONQREWRDQ\
GHVLUHGVHWWLQJ
QXPEHUSDGVHOHFWHG7KHZDUPLQJGUDZHU
VWDUWVDXWRPDWLFDOO\DIWHU\RXWRXFKRU
´:$50(521µDQGWKHQXPEHUUHPDLQOLW´6HWµ
VWRSVEOLQNLQJ2QVRPHPRGHOVSUHVV67$57
2QVRPHPRGHOV²WRJJOHEHWZHHQVHWWLQJVE\
WRXFKLQJWKH:$50,1*'5$:(5SDG
7RFDQFHOWRXFKWKH:$50,1*'5$:(5SDG
127(7RXFKLQJWKH&/($52))SDGGRHVQRW
WXUQRIIWKHZDUPLQJGUDZHU
7KHZDUPLQJGUDZHUZLOONHHSKRWFRRNHG
IRRGVDWVHUYLQJWHPSHUDWXUH$OZD\VVWDUWZLWK
KRWIRRG
7RXFKWKH:$50,1*'5$:(5SDG´:$50(5
21µDQG´µDUHOLWRQWKHGLVSOD\DQG´6HWµ
EHJLQVWREOLQN2QWKHQXPEHUSDGVWRXFK
IRU/RZIRU0HGLXPRUIRU+LJK7KH
GLVSOD\´µFKDQJHVFRUUHVSRQGLQJWRWKH
:KHQ8VLQJWKH:DUPLQJ'UDZHU
7KHZDUPLQJGUDZHUZLOONHHSKRWFRRNHG
IRRGVZDUP$OZD\VVWDUWZLWKKRWIRRG'R
QRWXVHWRKHDWFROGIRRGRWKHUWKDQFULVSLQJ
FUDFNHUVFKLSVRUGU\FHUHDO
'RQRWOLQHWKHZDUPLQJGUDZHURUSDQ
ZLWKDOXPLQXPIRLO)RLOLVDQH[FHOOHQWKHDW
LQVXODWRUDQGZLOOWUDSKHDWEHQHDWKLW7KLV
ZLOOXSVHWWKHSHUIRUPDQFHRIWKHGUDZHU
DQGFRXOGGDPDJHWKHLQWHULRUILQLVK
$OORZDSSUR[LPDWHO\PLQXWHVIRUWKH
ZDUPLQJGUDZHUWRSUHKHDW
„'RQRWSXWOLTXLGRUZDWHULQWKHZDUPLQJ
GUDZHU
„$OOIRRGVSODFHGLQWKHZDUPLQJGUDZHU
VKRXOGEHFRYHUHGZLWKDOLGRUDOXPLQXP
IRLO:KHQZDUPLQJSDVWULHVRUEUHDGVWKH
FRYHUVKRXOGEHYHQWHGWRDOORZPRLVWXUHWR
HVFDSH
„)RRGVKRXOGEHNHSWKRWLQLWVFRRNLQJ
FRQWDLQHURUWUDQVIHUUHGWRDKHDWVDIH
VHUYLQJGLVK
127(3ODVWLFFRQWDLQHUVRUSODVWLFZUDSZLOOPHOW
LILQGLUHFWFRQWDFWZLWKWKHGUDZHUSDQRUDKRW
XWHQVLO0HOWHGSODVWLFPD\QRWEHUHPRYDEOHDQG
LVQRWFRYHUHGXQGHU\RXUZDUUDQW\
„5HPRYHVHUYLQJVSRRQVHWFEHIRUHSODFLQJ
FRQWDLQHUVLQZDUPLQJGUDZHU
7HPSHUDWXUH6HOHFWLRQ&KDUW
7RNHHSVHYHUDOGLIIHUHQWIRRGVKRWVHWWKH
FRQWUROWRWKHIRRGQHHGLQJWKHKLJKHVWVHWWLQJ
„7KHWHPSHUDWXUHW\SHDQGDPRXQWRIIRRG
DQGWKHWLPHKHOGZLOODIIHFWWKHTXDOLW\RI
WKHIRRG
„5HSHDWHGRSHQLQJRIWKHGUDZHUDOORZV
WKHKRWDLUWRHVFDSHDQGWKHIRRGWRFRRO
„:LWKODUJHORDGVLWPD\EHQHFHVVDU\
WRXVHDKLJKHUZDUPLQJGUDZHUVHWWLQJ
DQGFRYHUVRPHRIWKHFRRNHGIRRGLWHPV
„'
RQRWXVHSODVWLFFRQWDLQHUVRUSODVWLFZUDS
)RRG7\SH
&DVVHUROH
&KLOL
3L]]D
3RWDWRHVEDNHG
7RUWLOOD&KLSV
:DIIOHV
&RQWURO6HWWLQJ
0('
+,
0('
+,
/2
/2
7R&ULVS6WDOH,WHPV
„3ODFHIRRGLQORZVLGHGGLVKHVRUSDQV
„3UHKHDWRQ/2VHWWLQJ
„&KHFNFULVSQHVVDIWHUPLQXWHV$GGWLPH
DVQHHGHG
7R:DUP6HUYLQJ%RZOVDQG3ODWHV
&$87,21
'LVKHVZLOOEHKRW8VHSRWKROGHUVRUPLWWV
ZKHQUHPRYLQJKRWGLVKHV
7RZDUPVHUYLQJERZOVDQGSODWHVVHWWKH
FRQWURORQ/2
„8VHRQO\KHDWVDIHGLVKHV
„,I\RXZDQWWRKHDWILQHFKLQDSOHDVHFKHFN
ZLWKWKHPDQXIDFWXUHURIWKHGLVKHVIRU
WKHLUPD[LPXPKHDWWROHUDQFH
„<RXPD\ZDUPHPSW\VHUYLQJGLVKHV
ZKLOHSUHKHDWLQJWKHGUDZHU
8VLQJWKHORZHURYHQGUDZHURQVRPHPRGHOV
*($SSOLDQFHVFRP
7KHORZHURYHQGUDZHUPD\EHXVHGWREDNHIRRGVXVLQJWKHVDPHWLPHVDQGWHPSHUDWXUHVDVDVWDQGDUGRYHQ)RRGV
LGHDOIRUEDNLQJLQWKHORZHURYHQGUDZHULQFOXGHSL]]DIUR]HQIRRGVFDVVHUROHVELVFXLWVUROOVDQGPDQ\GHVVHUWV
7R8VHWKH/RZHU2YHQ'UDZHU
3XVKLQDQGWXUQWKHORZHURYHQGUDZHU
NQREWRDQ\GHVLUHGVHWWLQJ
$OORZWKHORZHURYHQGUDZHUWRSUHKHDW
„7KH21VLJQDOOLJKWLVORFDWHGDERYHWKH
NQREDQGJORZVZKHQWKHNQRELVLQWKH
21SRVLWLRQ,WUHPDLQV21XQWLOWKHNQRELV
PRYHGWRWKH2))SRVLWLRQ
„7KH´+HDWLQJµVLJQDOOLJKWLVORFDWHGEHORZWKH
NQREDQGJORZVZKHQWKHKHDWLQJHOHPHQWV
DUHDFWLYH3UHKHDWLVFRPSOHWHDIWHUWKH
´+HDWLQJµVLJQDOKDVWXUQHGRIIIRUWKHILUVW
WLPHDIWHUWKHNQRELVWXUQHGRQ
127(6
„$OZD\VXVHWKHLQFOXGHGGUDZHUUDFNZKHQ
XVLQJWKHORZHURYHQGUDZHU
„7KHORZHURYHQGUDZHUFDQQRWEHXVHGGXULQJ
DVHOIFOHDQF\FOHRIWKHXSSHURYHQ
„'RQRWSXWIRRGIRLORUFRRNZDUHGLUHFWO\RQ
WKHERWWRPRIWKHORZHURYHQGUDZHU$OZD\V
XVHWKHLQFOXGHGGUDZHUUDFN
„,IIRRGVUHTXLUHDFRYHUXVHRQO\IRLORUOLGV
DEOHWRZLWKVWDQGEDNLQJWHPSHUDWXUHV'R
QRWXVHSODVWLF
„0D[LPXPKHLJKWRIIRRGVWKDWFDQEHEDNHG
LQWKHORZHURYHQGUDZHULV s
„'RQRWSXWOLTXLGRUZDWHULQWKHORZHURYHQ
GUDZHU
„1HYHUSODFHSODVWLFVSDSHUFDQQHGIRRGV
RUFRPEXVWLEOHPDWHULDOLQWKHORZHURYHQ
GUDZHU
3XVKLQDQGWXUQWKHORZHURYHQ
GUDZHUNQREWRDQ\GHVLUHGVHWWLQJ
7KHORZHURYHQGUDZHUXVHVOHVVHQHUJ\WKDQWKHXSSHURYHQ
$OORZWKHIROORZLQJDSSUR[LPDWHWLPHVIRUSUHKHDWLQJ
'HVLUHG/RZHU
2YHQ7HPSHUDWXUH
3UHKHDW
7LPH
:$50
PLQXWHV
ƒ)
PLQXWHV
ƒ)
PLQXWHV
:KHQ8VLQJWKH/RZHU2YHQ'UDZHU:DUP6HWWLQJ
7KH:$506(77,1*RIWKHORZHURYHQGUDZHU
FDQEHXVHGWRNHHSKRWFRRNHGIRRGVDWVHUYLQJ
WHPSHUDWXUHV$OZD\VVWDUWZLWKKRWIRRG'RQRW
XVHWKH:$506(77,1*WRKHDWFROGIRRGRWKHU
WKDQFULVSLQJFUDFNHUVFKLSVRUGU\FHUHDO
3XVKLQDQGWXUQWKHFRQWURONQREWRWKHZDUP
VHWWLQJ
127(7KHEHJLQQLQJWHPSHUDWXUHRIWKH
IRRGWKHDPRXQWRIIRRGWKHW\SHRIIRRGWKH
FRQWDLQHUDQGWKHDPRXQWRIWLPHWKHIRRGLV
LQWKHGUDZHUZLOODIIHFWWKHTXDOLW\DQGHQGLQJ
WHPSHUDWXUHRIWKHIRRG
&DUHDQGFOHDQLQJRIWKHUDQJH
%HVXUHDOOFRQWUROVDUHRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJDQ\SDUWRIWKHUDQJH
:$51,1*
,I\RXUUDQJHLVUHPRYHGIRUFOHDQLQJVHUYLFLQJRUDQ\UHDVRQEH
VXUHWKHDQWLWLSGHYLFHLVUHHQJDJHGSURSHUO\ZKHQWKHUDQJHLV
UHSODFHG)DLOXUHWRWDNHWKLVSUHFDXWLRQFRXOGUHVXOWLQWLSSLQJRI
WKHUDQJHDQGFDXVHLQMXU\
+RZWR5HPRYH3URWHFWLYH6KLSSLQJ)LOPDQG3DFNDJLQJ7DSH
&DUHIXOO\JUDVSDFRUQHURIWKHSURWHFWLYHVKLSSLQJ
ILOPZLWK\RXUILQJHUVDQGVORZO\SHHOLWIURPWKH
DSSOLDQFHVXUIDFH'RQRWXVHDQ\VKDUSLWHPVWR
UHPRYHWKHILOP5HPRYHDOORIWKHILOPEHIRUHXVLQJ
WKHDSSOLDQFHIRUWKHILUVWWLPH
7RHQVXUHQRGDPDJHLVGRQHWRWKHILQLVKRIWKH
SURGXFWWKHVDIHVWZD\WRUHPRYHWKHDGKHVLYHIURP
SDFNDJLQJWDSHRQQHZDSSOLDQFHVLVDQDSSOLFDWLRQ
RIDKRXVHKROGOLTXLGGLVKZDVKLQJGHWHUJHQW$SSO\
ZLWKDVRIWFORWKDQGDOORZWRVRDN
127(7KHDGKHVLYHPXVWEHUHPRYHGIURPDOOSDUWV
,WFDQQRWEHUHPRYHGLILWLVEDNHGRQ
&RQWURO.QREV
7KHFRQWURONQREVPD\EHUHPRYHGIRUHDVLHU
FOHDQLQJ
0DNHVXUHWKHNQREVDUHLQWKH2))SRVLWLRQVDQG
SXOOWKHPVWUDLJKWRIIWKHVWHPVIRUFOHDQLQJ
7KHNQREVFDQEHFOHDQHGLQDGLVKZDVKHURUWKH\
PD\DOVREHZDVKHGZLWKVRDSDQGZDWHU0DNH
VXUHWKHLQVLGHRIWKHNQREVDUHGU\EHIRUHUHSODFLQJ
5HSODFHWKHNQREVLQWKH2)) SRVLWLRQWRHQVXUH
SURSHUSODFHPHQW
&RQWURO3DQHO
,IGHVLUHGWKHWRXFKSDGVPD\EHGHDFWLYDWHGEHIRUH
FOHDQLQJ
6HHWKH&RQWURO/RFNRXWLQIRUPDWLRQLQWKH8VLQJWKH
FORFNNLWFKHQWLPHUDQGFRQWUROORFNRXWVHFWLRQLQWKLV
PDQXDO
&OHDQXSVSODWWHUVZLWKDGDPSFORWK
<RXPD\DOVRXVHDJODVVFOHDQHU
5HPRYHKHDYLHUVRLOZLWKZDUPVRDS\ZDWHU'RQRW
XVHDEUDVLYHVRIDQ\NLQG
5HDFWLYDWHWKHWRXFKSDGVDIWHUFOHDQLQJ
3DLQWHG6XUIDFHV
3DLQWHGVXUIDFHVLQFOXGHWKHVLGHVRIWKHUDQJHDQG
WKHGRRUWRSRIFRQWUROSDQHODQGWKHGUDZHUIURQW
&OHDQWKHVHZLWKVRDSDQGZDWHURUDYLQHJDUDQG
ZDWHUVROXWLRQ
'RQRWXVHFRPPHUFLDORYHQFOHDQHUVFOHDQLQJ
SRZGHUVVWHHOZRRORUKDUVKDEUDVLYHVRQDQ\
SDLQWHGVXUIDFH
6WDLQOHVV6WHHO6XUIDFHVRQVRPHPRGHOV
'RQRWXVHDVWHHOZRROSDGLWZLOOVFUDWFKWKH
VXUIDFH
7RFOHDQWKHVWDLQOHVVVWHHOVXUIDFHXVHZDUP
VXGV\ZDWHURUDVWDLQOHVVVWHHOFOHDQHURU
SROLVK$OZD\VZLSHWKHVXUIDFHLQWKHGLUHFWLRQ
RIWKHJUDLQ)ROORZWKHFOHDQHULQVWUXFWLRQVIRU
FOHDQLQJWKHVWDLQOHVVVWHHOVXUIDFH
7RLQTXLUHDERXWSXUFKDVLQJVWDLQOHVVVWHHO
DSSOLDQFHFOHDQHURUSROLVKRUWRILQGWKH
ORFDWLRQRIDGHDOHUQHDUHVW\RXSOHDVHFDOORXU
WROOIUHHQXPEHU
1DWLRQDO3DUWV&HQWHU
*($SSOLDQFHVFRP
3RUFHODLQ(QDPHO&RRNWRSRQVRPHPRGHOV
7KHSRUFHODLQHQDPHOILQLVKLVVWXUG\EXW
EUHDNDEOHLIPLVXVHG7KLVILQLVKLVDFLG
UHVLVWDQW+RZHYHUDQ\DFLGLFIRRGVVSLOOHG
VXFKDVIUXLWMXLFHVWRPDWRRUYLQHJDUVKRXOG
QRWEHSHUPLWWHGWRUHPDLQRQWKHILQLVK
,IDFLGVVSLOORQWKHFRRNWRSZKLOHLWLVKRWXVH
DGU\SDSHUWRZHORUFORWKWRZLSHLWXSULJKW
DZD\:KHQWKHVXUIDFHKDVFRROHGZDVKZLWK
VRDSDQGZDWHU5LQVHZHOO
)RURWKHUVSLOOVVXFKDVIDWVSDWWHULQJVZDVK
ZLWKVRDSDQGZDWHURUFOHDQVLQJSRZGHUV
DIWHUWKHVXUIDFHKDVFRROHG5LQVHZHOO3ROLVK
ZLWKDGU\FORWK
*($SSOLDQFHVFRP
&OHDQLQJWKH2YHQ'RRU
7RFOHDQWKHLQVLGHRIWKHGRRU
„%HFDXVHWKHDUHDLQVLGHWKHJDVNHWLVFOHDQHG
GXULQJWKHVHOIFOHDQF\FOH
\RXGRQRWQHHGWRFOHDQWKLVE\KDQG
7KHJDVNHWLVGHVLJQHGZLWKDJDS
DWWKHERWWRPWRDOORZIRUSURSHUDLU
FLUFXODWLRQ
'RQRWUXERUFOHDQWKHGRRUJDVNHW³LW
KDVDQH[WUHPHO\ORZUHVLVWDQFHWR
DEUDVLRQ
,I\RXQRWLFHWKHJDVNHWEHFRPLQJ
ZRUQIUD\HGRUGDPDJHGLQDQ\ZD\
RULILWKDVEHFRPHGLVSODFHGRQWKH
GRRU\RXVKRXOGKDYHLWUHSODFHG
„
7KHDUHDRXWVLGHWKHJDVNHWDQGWKHGRRUOLQHU
FDQEHFOHDQHGZLWKDVRDSILOOHG
RUSODVWLFVFRXULQJSDGKRWZDWHUDQG
GHWHUJHQW5LQVHZHOOZLWKDYLQHJDU
DQGZDWHUVROXWLRQ
7RFOHDQWKHRXWVLGHRIWKHGRRU
„
,IDQ\VWDLQRQWKHGRRUYHQWWULPLVSHUVLVWHQW
XVHDVRIWDEUDVLYHFOHDQHU
DQGDVSRQJHVFUXEEHUIRUEHVWUHVXOWV
„
6SLOODJHRIPDULQDGHVIUXLWMXLFHVWRPDWR
VDXFHVDQGEDVWLQJPDWHULDOVFRQWDLQLQJDFLGV
PD\FDXVHGLVFRORUDWLRQDQGVKRXOG
EHZLSHGXSLPPHGLDWHO\:KHQVXUIDFHLV
FRROFOHDQDQGULQVH
„
'RQRWXVHRYHQFOHDQHUVFOHDQLQJSRZGHUVRU
KDUVKDEUDVLYHVRQWKHRXWVLGHRIWKHGRRU
„
8VHVRDSDQGZDWHUWRWKRURXJKO\FOHDQWKHWRS
VLGHVDQGIURQWRIWKHRYHQGRRU5LQVHZHOO<RX
PD\DOVRXVHDJODVVFOHDQHUWRFOHDQWKHJODVV
RQWKHRXWVLGHRIWKHGRRU'RQRWOHWZDWHUGULS
LQWRWKHYHQWRSHQLQJV
/LIW2II2YHQ'RRURQVRPHPRGHOV
7KHGRRULVYHU\KHDY\%HFDUHIXOZKHQUHPRYLQJ
DQGOLIWLQJWKHGRRU
'RQRWOLIWWKHGRRUE\WKHKDQGOH
7RUHPRYHWKHGRRU
6ORW
+LQJH
ORFN
3XOOKLQJHORFNVGRZQWRXQORFN
)XOO\RSHQWKHGRRU
3XOOWKHKLQJHORFNVGRZQWRZDUGWKHGRRU
IUDPHWRWKHXQORFNHGSRVLWLRQ$WRROVXFKDV
DVPDOOIODWEODGHVFUHZGULYHUPD\EHUHTXLUHG
)LUPO\JUDVSERWKVLGHVRIWKHGRRU
DWWKHWRS
&ORVHGRRUWRWKHGRRUUHPRYDOSRVLWLRQZKLFK
LVKDOIZD\EHWZHHQWKHEURLOVWRSSRVLWLRQDQG
IXOO\FORVHG
/LIWGRRUXSDQGRXWXQWLOWKHKLQJHDUP
LVFOHDURIWKHVORW
7RUHSODFHWKHGRRU
5HPRYDOSRVLWLRQ
)LUPO\JUDVSERWKVLGHVRIWKHGRRU
DWWKHWRS
:LWKWKHGRRUDW %RWWRP
+LQJHDUP
WKHVDPHDQJOH HGJHRI
VORW
DVWKHUHPRYDO
SRVLWLRQVHDW
WKHLQGHQWDWLRQ
RIWKHKLQJHDUP
,QGHQWDWLRQ
LQWRWKHERWWRP
HGJHRIWKH
KLQJHVORW7KH
QRWFKLQWKHKLQJHDUPPXVWEHIXOO\VHDWHG
LQWRWKHERWWRPRIWKHVORW
)XOO\RSHQWKHGRRU,IWKHGRRUZLOOQRWIXOO\
RSHQWKHLQGHQWDWLRQLVQRWVHDWHGFRUUHFWO\LQ
WKHERWWRPHGJHRIWKHVORW
3XVKWKHKLQJHORFNVXSDJDLQVWWKHIURQWIUDPH
RIWKHRYHQFDYLW\WRWKHORFNHGSRVLWLRQ
+LQJH
ORFN
+LQJH
DUP
3XVKKLQJHORFNVXSWRORFN
&ORVHWKHRYHQGRRU
&DUHDQGFOHDQLQJRIWKHUDQJH
/LIW2II8SSHU2YHQ'RRURQVRPHPRGHOV
7RUHPRYHWKHGRRU
2YHQ
IUDPH
)XOO\RSHQWKHGRRU
/LIWXSRQWKHKLQJHORFNWRZDUGWKHRYHQ
IUDPHXQWLOWKH\VWRS
&ORVHWKHGRRUWRGHJUHHV\RXZLOOIHHO
WKHGRRUVWRS7KHKLQJHORFNZLOOFRQWDFW
WKHRYHQIUDPH
2QERWKVLGHVRIWKHGRRUSUHVVGRZQRQ
WKHUHOHDVHEXWWRQVRQHDFKKLQJH
/LIWGRRUXSXQWLOLWLVFOHDURIWKHKLQJH
3XOORQKLQJHDUPVVOLJKWO\WRUHOLHYH
SUHVVXUHRQWKHORFNLQJWDEV
3XVKWKHKLQJHORFNVGRZQRQWRWKHKLQJH
'RRU
IUDPH
5HOHDVH
EXWWRQV
7RUHSODFHWKHGRRU
3XOOWKHKLQJHVGRZQDZD\IURPWKHRYHQ
IUDPHWRWKHIXOO\RSHQSRVLWLRQ
/LIWXSRQWKHKLQJHORFNVWRZDUGWKHRYHQ
IUDPHXQWLOWKH\VWRS
7KHKLQJHVZLOOUHOHDVHWRWKHGHJUHH
SRVLWLRQ7KHKLQJHORFNVZLOOFRQWDFWWKH
RYHQIUDPH
6OLGHWKHGRRUEDFNRQWRWKHKLQJHV0DNH
VXUHWKHEXWWRQVSRSEDFNRXW
)XOO\RSHQWKHGRRU
3XVKWKHKLQJHORFNVGRZQRQWRWKHKLQJH
&ORVHWKHRYHQGRRU
3XVKWKHKLQJHVLQWRZDUGWKHXQLWVRWKH\
DUHFORVHG
3XVKLQ
3XOOGRZQ
)ODWUDFN
+DQGOHV
8VHWKHUDFNZLWKWKHWZRIURQW
KDQGOHVLQWKHXSSHURYHQ
8VHWKHUDFNZLWKRXWWKHWZRIURQW
KDQGOHVLQWKHORZHURYHQ
2YHQ5DFNV
$OORYHQUDFNVPD\EHFOHDQHGE\KDQGZLWKDQ
DEUDVLYHFOHDQHURUVWHHOZRRO$IWHUFOHDQLQJ
ULQVHWKHUDFNVZLWKFOHDQZDWHUDQGGU\ZLWKD
FOHDQFORWK*UD\SRUFHODLQFRDWHGRYHQUDFNV
PD\UHPDLQLQWKHRYHQGXULQJWKHVHOIFOHDQLQJ
F\FOHZLWKRXWEHLQJGDPDJHG7KHQLFNHOSODWHG
RYHQUDFNVPD\UHPDLQLQWKHRYHQGXULQJWKH
VHOIFOHDQLQJF\FOHEXWWKH\ZLOOORVHWKHLUOXVWHU
DQGEHFRPHKDUGWRVOLGH,WZLOOEHQHFHVVDU\
WRJUHDVHDOORYHQUDFNVLGHHGJHVZLWKDOLJKW
FRDWLQJRIYHJHWDEOHRLODIWHUFOHDQLQJWKHPE\
KDQGRULQWKHRYHQ7KLVZLOOKHOSPDLQWDLQWKH
HDVHRIVOLGLQJWKHUDFNVLQDQGRXWRIWKHRYHQ
*($SSOLDQFHVFRP
5HPRYDEOH2YHQ)ORRURQVRPHPRGHOV
7RUHPRYHWKHRYHQIORRU
&OHDQWKHRYHQIORRUZLWKZDUPVRDS\
ZDWHU
5HPRYHWKHRYHQGRRUXVLQJWKH
LQVWUXFWLRQVLQWKH/LIW2II2YHQ'RRU
VHFWLRQ
3UHVVGRZQDQGSXOORXWWKHUHPRYDEOH
RYHQIORRU
:KHQUHLQVWDOOLQJWKHRYHQIORRUEHVXUHWR
VOLGHLWDOOWKHZD\WRWKHEDFNRIWKHRYHQ
,03257$17 $OZD\VUHSODFHWKHUHPRYDEOH
IORRUEHIRUHWKHQH[WXVH
3UHVVGRZQDQGSXOORXW
2YHQ9HQWRQ5DGLDQW*ODVV&RRNWRSV
7KHRYHQYHQWLVORFDWHGEHKLQGWKHULJKWUHDUVXUIDFH
XQLW2QGRXEOHRYHQVWKHXSSHURYHQYHQWLVEHKLQG
WKHOHIWUHDUVXUIDFHXQLW
,WLVQRUPDOIRUVWHDPWRFRPHRXWRIWKHYHQWDQG
PRLVWXUHPD\FROOHFWXQGHUQHDWKLWZKHQWKHRYHQ
LVLQXVH
2QGRXEOHRYHQVWKHXSSHURYHQYHQWLVEHKLQGWKH
OHIWUHDUVXUIDFHXQLW
7KHYHQWLVLPSRUWDQWIRUSURSHUDLUFLUFXODWLRQ1HYHU
EORFNWKLVYHQW
7KLVDUHDFRXOGEHFRPHKRWGXULQJRYHQXVH
2YHQ9HQWRQVRPHPRGHOV
7KHRYHQYHQWLVDERYHWKHOHIWVLGHRIWKHGRRU
7KLVDUHDFRXOGEHFRPHKRWGXULQJRYHQXVH
,WLVQRUPDOIRUVWHDPWRFRPHRXWRI
WKHYHQW
7KHYHQWLVLPSRUWDQWIRUSURSHUDLUFLUFXODWLRQ
1HYHUEORFNWKLVYHQW
6WRUDJH'UDZHU5HPRYDORQVRPHPRGHOV
7RUHPRYHWKHGUDZHU
5DLO
6WRSJXLGH
7RUHSODFHWKHGUDZHU
3XOOWKHGUDZHURXWXQWLOLWVWRSV
3ODFHWKHGUDZHUUDLOVRQWKHJXLGHV
/LIWWKHIURQWRIWKHGUDZHUXQWLO
WKHVWRSVFOHDUWKHJXLGHV
5HPRYHWKHGUDZHU
3XVKWKHGUDZHUEDFNXQWLOLWVWRSV
/LIWWKHIURQWRIWKHGUDZHUDQGSXVKEDFN
XQWLOWKHVWRSVFOHDUWKHJXLGHV
/RZHUWKHIURQWRIWKHGUDZHUDQGSXVK
EDFNXQWLOLWFORVHV
5HPRYDEOH:DUPLQJ'UDZHU/RZHU2YHQ'UDZHU3DQRQVRPHPRGHOV
127()RUPRGHOVZLWKDQHOHFWULF
ZDUPLQJGUDZHURUORZHURYHQGUDZHU
EHIRUHSHUIRUPLQJDQ\DGMXVWPHQWV
FOHDQLQJRUVHUYLFHGLVFRQQHFWWKHUDQJH
HOHFWULFDOSRZHUVXSSO\DWWKHKRXVHKROG
GLVWULEXWLRQSDQHOE\UHPRYLQJWKHIXVHRU
VZLWFKLQJRIIWKHFLUFXLWEUHDNHU0DNHVXUH
WKHGUDZHUKHDWLQJHOHPHQWLVFRRO
„1HYHUSODFHXVHRUVHOIFOHDQWKHGUDZHUSDQ
LQWKHXSSHURYHQ
„:DUPLQJGUDZHURUORZHURYHQGUDZHUKDVD
UHPRYDEOHSDQIRUHDV\FOHDQLQJ&OHDQZLWK
KRWVRDS\ZDWHUDQGDVSRQJHRUGLVKWRZHO
'U\ZLWKDFOHDQFORWK5HSODFHWKHSDQLQWKH
ZDUPLQJGUDZHURUORZHURYHQGUDZHU
127($OORZZDUPLQJGUDZHURUORZHURYHQ
GUDZHUWRFRROEHIRUHUHPRYLQJSDQ
127(:LSHVSLOOVSURPSWO\DIWHUHDFKXVH
&DUHDQGFOHDQLQJRIWKHUDQJH
:$51,1*
6+2&.25%851+$=$5'%HIRUHUHSODFLQJRYHQOLJKWEXOEGLVFRQQHFW
WKHHOHFWULFDOSRZHUWRWKHUDQJHDWWKHPDLQIXVHRUFLUFXLWEUHDNHUSDQHO
)DLOXUHWRGRVRPD\UHVXOWLQHOHFWULFVKRFNRUEXUQ
&$87,21
%851+$=$5'7KHJODVVFRYHUDQGEXOEVKRXOGEHUHPRYHGZKHQFRRO
7RXFKLQJKRWJODVVZLWKEDUHKDQGVRUDGDPSFORWKFDQFDXVHEXUQV
6RFNHW
5HFHSWDFOH
2YHQ/LJKW5HSODFHPHQWRQVRPHPRGHOV
7RUHPRYH
7XUQWKHJODVVFRYHUFRXQWHUFORFNZLVH
WXUQXQWLOWKHWDEVRIWKHJODVVFRYHUFOHDU
WKHJURRYHVRIWKHVRFNHW:HDULQJODWH[
JORYHVPD\RIIHUDEHWWHUJULS
*%XOE
7DE
*ODVVFRYHU
RQVRPHPRGHOV
6RFNHW
5HFHSWDFOH
5HFHSWDFOH
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEE\SXOOLQJLWVWUDLJKWRXW
7RUHSODFH
8VHDQHZYROWKDORJHQEXOEQRW
WRH[FHHGZDWWV5HSODFHWKHEXOEZLWK
WKHVDPHW\SHRIEXOEWKDWZDVUHPRYHG
<RXUPRGHOZLOOKDYHRQHRIWKHWZRW\SHV
VKRZQRQWKHOHIW7RGHWHUPLQHWKH
FRUUHFWUHSODFHPHQWEXOEFKHFNWKHEXOE
WHUPLQDOV%XOEVZLWKVWUDLJKWSLQ
WHUPLQDOVDUH*EXOEV%XOEVZLWK
ORRSHGWHUPLQDOVDUH*EXOEV'RQRW
LQWHUFKDQJH%HVXUHWKHUHSODFHPHQW
EXOELVUDWHGYROWVRUYROWV127
YROWV
8VH
JORYHVRU
FORWK
3XVKWKHEXOEVWUDLJKWLQWRWKHUHFHSWDFOH
DOOWKHZD\
3ODFHWKHWDEVRIWKHJODVVFRYHULQWRWKH
JURRYHVRIWKHVRFNHW7XUQWKHJODVVFRYHU
FORFNZLVHWXUQ
)RULPSURYHGOLJKWLQJLQVLGHWKHRYHQ
FOHDQWKHJODVVFRYHUIUHTXHQWO\XVLQJD
ZHWFORWK7KLVVKRXOGEHGRQHZKHQWKH
RYHQLVFRPSOHWHO\FRRO
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEIURPLWVSDFNDJLQJ'RQRWWRXFKWKH
EXOEZLWKEDUHILQJHUV2LOIURPVNLQZLOO
GDPDJHWKHEXOEDQGVKRUWHQLWVOLIH
*%XOE
5HFRQQHFWHOHFWULFDOSRZHUWRWKHRYHQ
7DE
*ODVVFRYHU
RQVRPHPRGHOV
2YHQ/LJKW5HSODFHPHQWRQVRPHPRGHOV
%HVXUHWROHWWKHOLJKWFRYHUDQGEXOEFRRO
FRPSOHWHO\
7RUHPRYHWKHFRYHU
+ROGDKDQGXQGHUWKHFRYHUVRLWGRHVQ·W
IDOOZKHQUHOHDVHG:LWKILQJHUVRIWKH
VDPHKDQGILUPO\SXVKEDFNWKHZLUH
FRYHUKROGHU/LIWRIIWKHFRYHU
:LUHFRYHUKROGHU
'RQRWUHPRYHDQ\VFUHZVWRUHPRYHWKHFRYHU
5HSODFHEXOEZLWKDZDWWDSSOLDQFH
EXOE
7RUHSODFHWKHFRYHU
3ODFHLWLQWRJURRYHRIWKHOLJKWUHFHSWDFOH
3XOOZLUHIRUZDUGWRWKHFHQWHURIWKH
FRYHUXQWLOLWVQDSVLQWRSODFH
&RQQHFWHOHFWULFDOSRZHUWRWKHUDQJH
*($SSOLDQFHVFRP
:$51,1*
6+2&.25%851+$=$5'%HIRUHUHSODFLQJRYHQOLJKWEXOEGLVFRQQHFWWKHHOHFWULFDO
SRZHUWRWKHUDQJHDWWKHPDLQIXVHRUFLUFXLWEUHDNHUSDQHO)DLOXUHWRGRVRPD\UHVXOW
LQHOHFWULFVKRFNRUEXUQ
2YHQ/LJKW5HSODFHPHQWRQVRPHPRGHOV
%HVXUHWROHWWKHOLJKWFRYHUDQGEXOEFRRO
FRPSOHWHO\
7RUHPRYHWKHFRYHU
7RUHSODFHWKHFRYHU
/LQHXSWDEVRIOHQVLQIURQWRIWDEVRQ
KRXVLQJDQGURWDWHFORFNZLVHWRHQJDJH
7ZLVWOHQVFRXQWHUFORFNZLVHDERXWD
TXDUWHUWXUQWRUHPRYH
'RQRWUHPRYHDQ\VFUHZVWRUHPRYHWKHFRYHU
5HSODFHEXOEZLWKDZDWWDSSOLDQFH
EXOERUWZRSURQJKDORJHQEXOEDV
DSSURSULDWH
2YHQ+HDWLQJ(OHPHQWVRQVRPHPRGHOV
'RQRWFOHDQWKHEDNHHOHPHQWRUWKHEURLO
HOHPHQW$Q\VRLOZLOOEXUQRIIZKHQWKH
HOHPHQWVDUHKHDWHG
7RFOHDQWKHRYHQIORRUJHQWO\OLIWWKHEDNH
HOHPHQW&OHDQZLWKZDUPVRDS\ZDWHU
2YHQ+HDWLQJ(OHPHQWVRQVRPHPRGHOV
'RQRWFOHDQWKHEURLOHOHPHQW$Q\VRLOZLOOEXUQ
RIIZKHQWKHHOHPHQWLVKHDWHG&OHDQWKHRYHQ
IORRUZLWKZDUPVRDS\ZDWHU
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
2QVRPHPRGHOVWKHEDNHHOHPHQWLVQRW
H[SRVHGDQGLVXQGHUWKHRYHQIORRU,IVSLOORYHUV
UHVLGXHRUDVKDFFXPXODWHRQWKHRYHQIORRU
ZLSHXSEHIRUHVHOIFOHDQLQJ
,IWKHHOHPHQWLVDERYHWKHRYHQIORRUJHQWO\OLIW
WKHEDNHHOHPHQWDQGFOHDQZLWKZDUPVRDS\
ZDWHU
&OHDQLQJWKHJODVVFRRNWRSRQVRPHPRGHOV
1RUPDO'DLO\8VH&OHDQLQJ
21/<XVH&(5$0$%5<7(Š&HUDPLF&RRNWRS
&OHDQHURQWKHJODVVFRRNWRS2WKHUFUHDPV
PD\QRWEHDVHIIHFWLYH
7RPDLQWDLQDQGSURWHFWWKHVXUIDFHRI\RXU
JODVVFRRNWRSIROORZWKHVHVWHSV
&OHDQ\RXUFRRNWRSDIWHU
HDFKVSLOO8VH&(5$0$
%5<7(&HUDPLF&RRNWRS
&OHDQHU
%HIRUHXVLQJWKHFRRNWRSIRUWKHILUVWWLPH
FOHDQLWZLWK&(5$0$%5<7(Š&HUDPLF
&RRNWRS&OHDQHU7KLVKHOSVSURWHFWWKH
WRSDQGPDNHVFOHDQXSHDVLHU
'DLO\XVHRI&(5$0$%5<7(Š&HUDPLF
&RRNWRS&OHDQHUZLOOKHOSNHHSWKH
FRRNWRSORRNLQJQHZ
IHZGURSVRI&(5$0$%5<7(Š&HUDPLF
&RRNWRS&OHDQHUGLUHFWO\WRWKHFRRNWRS
8VHDSDSHUWRZHORU&(5$0$%5<7(Š
&OHDQLQJ3DGIRU&HUDPLF&RRNWRSVWR
FOHDQWKHHQWLUHFRRNWRSVXUIDFH
8VHDGU\FORWKRUSDSHUWRZHOWR
UHPRYHDOOFOHDQLQJUHVLGXH1RQHHGWR
ULQVH
127(,WLVYHU\LPSRUWDQWWKDW\RX'2127
KHDWWKHFRRNWRSXQWLOLWKDVEHHQFOHDQHG
WKRURXJKO\
6KDNHWKHFOHDQLQJFUHDPZHOO$SSO\D
%XUQHG2Q5HVLGXH
127('$0$*(WR\RXUJODVVVXUIDFHPD\
RFFXULI\RXXVHVFUXESDGVRWKHUWKDQWKRVH
UHFRPPHQGHG
$OORZWKHFRRNWRSWRFRRO
8VHD&(5$0$%5<7(&OHDQLQJ
3DGIRU&HUDPLF&RRNWRSV
6SUHDGDIHZGURSVRI&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHURQWKHHQWLUH
EXUQHGUHVLGXHDUHD
,IDQ\UHVLGXHUHPDLQVUHSHDW
WKHVWHSVOLVWHGDERYHDVQHHGHG
)RUDGGLWLRQDOSURWHFWLRQDIWHUDOO
UHVLGXHKDVEHHQUHPRYHGSROLVKWKH
HQWLUHVXUIDFHZLWK&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHUDQGDSDSHU
WRZHO
8VLQJWKHLQFOXGHG&(5$0$%5<7(
&OHDQLQJ3DGIRU&HUDPLF&RRNWRSVUXE
WKHUHVLGXHDUHDDSSO\LQJSUHVVXUHDV
QHHGHG
+HDY\%XUQHG2Q5HVLGXH
$OORZWKHFRRNWRSWRFRRO
7KH&(5$0$%5<7(&HUDPLF
&RRNWRS6FUDSHUDQGDOO
UHFRPPHQGHGVXSSOLHVDUH
DYDLODEOHWKURXJKRXU3DUWV
&HQWHU6HHLQVWUXFWLRQVXQGHU´7R
2UGHU3DUWVµVHFWLRQRQQH[WSDJH
127('RQRWXVHDGXOORU
QLFNHGEODGH
8VHDVLQJOHHGJHUD]RUEODGHVFUDSHU
DWDSSUR[LPDWHO\DƒDQJOHDJDLQVW
WKHJODVVVXUIDFHDQGVFUDSHWKHVRLO,W
ZLOOEHQHFHVVDU\WRDSSO\SUHVVXUHWR
WKHUD]RUVFUDSHULQRUGHUWRUHPRYH
WKHUHVLGXH
$IWHUVFUDSLQJZLWKWKHUD]RUVFUDSHU
VSUHDGDIHZGURSVRI&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHURQWKHHQWLUH
EXUQHGUHVLGXHDUHD8VHWKH&(5$0$
%5<7(&OHDQLQJ3DGWRUHPRYHDQ\
UHPDLQLQJUHVLGXH
)RUDGGLWLRQDOSURWHFWLRQDIWHUDOO
UHVLGXHKDVEHHQUHPRYHGSROLVKWKH
HQWLUHVXUIDFHZLWK&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHUDQGDSDSHU
WRZHO
*($SSOLDQFHVFRP
0HWDO0DUNVDQG6FUDWFKHV
7KLVVKRXOGEHUHPRYHGLPPHGLDWHO\
%HFDUHIXOQRWWRVOLGHSRWVDQGSDQV
EHIRUHKHDWLQJDJDLQRUWKH
DFURVV\RXUFRRNWRS,WZLOOOHDYHPHWDO
GLVFRORUDWLRQPD\EHSHUPDQHQW
PDUNLQJVRQWKHFRRNWRSVXUIDFH
7KHVHPDUNVDUHUHPRYDEOHXVLQJWKH
127(&DUHIXOO\FKHFNWKHERWWRPRISDQVIRU
&(5$0$%5<7(Š&HUDPLF&RRNWRS&OHDQHU URXJKQHVVWKDWZRXOGVFUDWFKWKHFRRNWRS
ZLWKWKH&(5$0$%5<7(Š&OHDQLQJ3DG
IRU&HUDPLF&RRNWRSV
,ISRWVZLWKDWKLQRYHUOD\RIDOXPLQXP
RUFRSSHUDUHDOORZHGWRERLOGU\WKH
RYHUOD\PD\OHDYHEODFNGLVFRORUDWLRQ
RQWKHFRRNWRS
&RRNWRS6HDO
7RFOHDQWKHFRRNWRSVHDODURXQGWKHHGJHV
RIWKHJODVVOD\DZHWFORWKRQLWIRUDIHZ
PLQXWHVWKHQZLSHFOHDQZLWKQRQDEUDVLYH
FOHDQHUV
*ODVVVXUIDFH³SRWHQWLDOIRUSHUPDQHQWGDPDJH
6XJDU\VSLOORYHUVVXFK
DVMHOOLHVIXGJHFDQG\
V\UXSVRUPHOWHGSODVWLFV
FDQFDXVHSLWWLQJRIWKH
VXUIDFHRI\RXUFRRNWRSQRW
FRYHUHGE\WKHZDUUDQW\
XQOHVVWKHVSLOOLVUHPRYHG
ZKLOHVWLOOKRW6SHFLDOFDUH
VKRXOGEHWDNHQZKHQ
UHPRYLQJKRWVXEVWDQFHV
'DPDJHIURP6XJDU\6SLOOVDQG0HOWHG3ODVWLF
7XUQRIIDOOVXUIDFHXQLWV5HPRYHKRW
SDQV
:HDULQJDQRYHQPLWW
D8VHDVLQJOHHGJHUD]RUEODGH
VFUDSHU&(5$0$%5<7(Š&HUDPLF
&RRNWRS6FUDSHUWRPRYHWKHVSLOOWR
DFRRODUHDRQWKHFRRNWRS
E5HPRYHWKHVSLOOZLWKSDSHUWRZHOV
%HVXUHWRXVHDQHZVKDUS
UD]RUVFUDSHU
$Q\UHPDLQLQJVSLOORYHUVKRXOGEHOHIW
XQWLOWKHVXUIDFHRIWKHFRRNWRSKDV
FRROHG
'RQ·WXVHWKHVXUIDFHXQLWVDJDLQXQWLO
DOORIWKHUHVLGXHKDVEHHQFRPSOHWHO\
UHPRYHG
127(,ISLWWLQJRULQGHQWDWLRQLQWKHJODVV
VXUIDFHKDVDOUHDG\RFFXUUHGWKHFRRNWRS
JODVVZLOOKDYHWREHUHSODFHG
,QWKLVFDVHVHUYLFHZLOOEHQHFHVVDU\
'RQRWXVHDGXOORUQLFNHG
EODGH
7R2UGHU3DUWV
7RRUGHU&(5$0$%5<7(&HUDPLF&RRNWRS
&OHDQHUDQGWKHFRRNWRSVFUDSHUSOHDVHFDOO
RXUWROOIUHHQXPEHU
1DWLRQDO3DUWV&HQWHU
Š
&(5$0$%5<7( &HUDPLF
&RRNWRS&OHDQHU :;;
&(5$0$%5<7(&HUDPLF
&RRNWRS6FUDSHU:;;
.LW :%;
.LWLQFOXGHVFUHDPDQGFRRNWRSVFUDSHU
&(5$0$%5<7(Š&OHDQLQJ3DGVIRU
&HUDPLF&RRNWRSV :;;
%HIRUH<RX&DOO)RU6HUYLFH«
7URXEOHVKRRWLQJ7LSV
6DYHWLPHDQGPRQH\5HYLHZWKHFKDUWVRQWKHIROORZLQJ
SDJHVILUVWDQG\RXPD\QRWQHHGWRFDOOIRUVHUYLFH
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
6XUIDFHXQLWVZLOOQRW
PDLQWDLQDUROOLQJERLO
RUFRRNLQJLVQRW
IDVWHQRXJK
,PSURSHUFRRNZDUH
EHLQJXVHG
‡ 8VHSDQVZKLFKDUHIODWDQGPDWFKWKHGLDPHWHURI
WKHVXUIDFHXQLWVHOHFWHG
,QVRPHDUHDVWKHSRZHU
YROWDJHPD\EHORZ
‡ &RYHUSDQZLWKDOLGXQWLOGHVLUHGKHDWLVREWDLQHG
6XUIDFHXQLWVGR
QRWZRUNSURSHUO\
$IXVHLQ\RXUKRPHPD\EH
EORZQRUWKHFLUFXLWEUHDNHU
WULSSHG
‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
&RRNWRSFRQWUROV
LPSURSHUO\VHW
‡ &KHFNWRVHHWKHFRUUHFWFRQWUROLVVHWIRUWKHVXUIDFH
XQLW\RXDUHXVLQJ
6XUIDFHXQLWVWRSV
JORZLQJZKHQWXUQHG
WRDORZHUVHWWLQJ
7KLVLVQRUPDO7KHXQLW
LVVWLOORQDQGKRW
6FUDWFKHVPD\DSSHDU
DVFUDFNVRQFRRNWRS
JODVVVXUIDFH
,QFRUUHFWFOHDQLQJ
PHWKRGVEHLQJXVHG
‡ 6FUDWFKHVDUHQRWUHPRYDEOH7LQ\VFUDWFKHVZLOOEHFRPH
OHVVYLVLEOHLQWLPHDVDUHVXOWRIFOHDQLQJ
&RRNZDUHZLWKURXJKERWWRPV ‡ 7RDYRLGVFUDWFKHVXVHWKHUHFRPPHQGHGFOHDQLQJ
EHLQJXVHGRUFRDUVHSDUWLFOHV SURFHGXUHV0DNHVXUHERWWRPVRIFRRNZDUHDUHFOHDQ
VDOWRUVDQGZHUHEHWZHHQ
EHIRUHXVHDQGXVHFRRNZDUHZLWKVPRRWKERWWRPV
WKHFRRNZDUHDQGWKHVXUIDFH
RIWKHFRRNWRS
&RRNZDUHKDVEHHQVOLG
DFURVVWKHFRRNWRSVXUIDFH
$UHDVRIGLVFRORUDWLRQ )RRGVSLOORYHUVQRWFOHDQHG
RQWKHFRRNWRS
EHIRUHQH[WXVH
‡ 6HHWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQ
+RWVXUIDFHRQDPRGHO
‡ 7KLVLVQRUPDO7KHVXUIDFHPD\DSSHDUGLVFRORUHG
ZLWKDOLJKWFRORUHGFRRNWRS ZKHQLWLVKRW7KLVLVWHPSRUDU\DQGZLOOGLVDSSHDU
DVWKHJODVVFRROV
3ODVWLFPHOWHGWR
WKHVXUIDFH
+RWFRRNWRSFDPHLQWR
FRQWDFWZLWKSODVWLFSODFHG
RQWKHKRWFRRNWRS
‡ 6HHWKH*ODVVVXUIDFH³SRWHQWLDOIRUSHUPDQHQWGDPDJH
VHFWLRQLQWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQ
3LWWLQJRULQGHQWDWLRQ +RWVXJDUPL[WXUHVSLOOHG
RIWKHFRRNWRS
RQWKHFRRNWRS
‡ &DOODTXDOLILHGWHFKQLFLDQIRUUHSODFHPHQW
)UHTXHQWF\FOLQJ
RIIDQGRQRI
VXUIDFHXQLWV
,PSURSHUFRRNZDUH
EHLQJXVHG
‡ 8VHRQO\IODWFRRNZDUHWRPLQLPL]HF\FOLQJ
2YHQOLJKWGRHV
QRWZRUN
/LJKWEXOELVORRVH
‡ 7LJKWHQRUUHSODFHWKHEXOE
2YHQZLOOQRWZRUN
3OXJRQUDQJHLVQRWFRPSOHWHO\ ‡ 0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
LQVHUWHGLQWKHHOHFWULFDORXWOHW JURXQGHGRXWOHW
$IXVHLQ\RXUKRPHPD\
EHEORZQRUWKHFLUFXLW
EUHDNHUWULSSHG
2YHQFRQWUROVLPSURSHUO\VHW ‡ 6HHWKH8VLQJWKHRYHQVHFWLRQ
2YHQWRRKRW
‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
‡ $OORZWKHRYHQWRFRROWREHORZORFNLQJWHPSHUDWXUH
*($SSOLDQFHVFRP
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
)RRGGRHVQRWEDNH
RUURDVWSURSHUO\
2YHQFRQWUROVLPSURSHUO\VHW
‡ 6HHWKH8VLQJWKHRYHQVHFWLRQ
5DFNSRVLWLRQLVLQFRUUHFW
RUWKHUDFNLVQRWOHYHO
‡ 6HHWKH8VLQJWKHRYHQVHFWLRQ
,QFRUUHFWFRRNZDUHRU
FRRNZDUHRILPSURSHU
VL]HEHLQJXVHG
‡ 6HHWKH8VLQJWKHRYHQVHFWLRQ
2YHQWKHUPRVWDWQHHGV
DGMXVWPHQW
‡ 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
VHFWLRQ
)RRGGRHVQRW
EURLOSURSHUO\
2YHQFRQWUROVLPSURSHUO\VHW
‡ 0DNHVXUH\RXWRXFKWKH%52,/+,/2SDG
,PSURSHUUDFNSRVLWLRQ
EHLQJXVHG
‡ 6HHWKH%URLOLQJ*XLGH
&RRNZDUHQRWVXLWHG
IRUEURLOLQJ
‡ )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
7KHSUREHLVSOXJJHG
LQWRWKHRXWOHWLQWKHRYHQ
RQVRPHPRGHOV
‡ 8QSOXJDQGUHPRYHWKHSUREHIURPWKHRYHQ
‡ 3UHKHDWWKHEURLOHOHPHQWIRUPLQXWHV
,QVRPHDUHDVWKHSRZHU
YROWDJHPD\EHORZ
‡ %URLOIRUWKHORQJHVWSHULRGRIWLPHUHFRPPHQGHG
LQWKH%URLOLQJ*XLGH
2YHQWHPSHUDWXUH
WRRKRWRUWRRFROG
2YHQWKHUPRVWDW
QHHGVDGMXVWPHQW
‡ 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
VHFWLRQ
6WRUDJHGUDZHU
LVFURRNHG
5HDUGUDZHUVXSSRUWLV
RQWRSRIWKHJXLGHUDLO
‡ 5HSRVLWLRQWKHGUDZHU6HHWKH6WRUDJH'UDZHU
5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQGFOHDQLQJRIWKH
UDQJHVHFWLRQ
‡ &KHFNWRPDNHVXUHGUDZHULVSURSHUO\VHDWHG
LIUHPRYHG
6WRUDJHGUDZHU
ZRQ·WFORVH
3RZHUFRUGPD\EH
REVWUXFWLQJGUDZHU
LQWKHORZHUEDFN
RIWKHUDQJH
‡ 5HSRVLWLRQWKHGUDZHUDQGSRZHUFRUG6HHWKH
6WRUDJH'UDZHU5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQG
FOHDQLQJRIWKHUDQJHVHFWLRQ
5HDUGUDZHUVXSSRUWLV
RQWRSRIWKHJXLGHUDLO
‡ 5HSRVLWLRQWKHGUDZHU6HHWKH6WRUDJH'UDZHU
5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQGFOHDQLQJRIWKH
UDQJHVHFWLRQ
2YHQGRRULVFURRNHG
7KHGRRULVRXWRISRVLWLRQ
‡ %HFDXVHWKHRYHQGRRULVUHPRYDEOHLWVRPHWLPHVJHWVRXW
RISRVLWLRQGXULQJLQVWDOODWLRQ7RVWUDLJKWHQWKHGRRUSXVK
GRZQRQWKHKLJKFRUQHU
%HIRUH<RX&DOO)RU6HUYLFH«
7URXEOHVKRRWLQJ7LSV
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
&ORFNDQGWLPHUGR
QRWZRUN
3OXJRQUDQJHLVQRWFRPSOHWHO\ ‡ 0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
LQVHUWHGLQWKHHOHFWULFDORXWOHW JURXQGHGRXWOHW
$IXVHLQ\RXUKRPH
PD\EHEORZQRUWKH
FLUFXLWEUHDNHUWULSSHG
2YHQFRQWUROVLPSURSHUO\VHW ‡ 6HHWKH8VLQJWKHNLWFKHQWLPHUVHFWLRQ
‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
2YHQZLOOQRWVHOIFOHDQ 7KHRYHQWHPSHUDWXUHLV
WRRKLJKWRVHWDVHOIFOHDQ
RSHUDWLRQ
‡ $OORZWKHUDQJHWRFRRODQGUHVHWWKHFRQWUROV
2YHQFRQWUROVLPSURSHUO\VHW
‡ 6HHWKH8VLQJWKHVHOIFOHDQLQJXSSHUDQGORZHURYHQV VHFWLRQ
7KHSUREHLVSOXJJHGLQWR
WKHRXWOHWLQWKHRYHQ
RQVRPHPRGHOV
‡ 5HPRYHWKHSUREHIURPWKHRYHQ
´&UDFNOLQJµRU
´SRSSLQJµVRXQG
7KLVLVWKHVRXQGRIWKH
‡ 7KLVLVQRUPDO
PHWDOKHDWLQJDQGFRROLQJ
GXULQJERWKWKHFRRNLQJDQG
FOHDQLQJIXQFWLRQV
([FHVVLYHVPRNLQJ
GXULQJDFOHDQF\FOH
([FHVVLYHVRLO
‡ 7RXFKWKH&/($52))SDG2SHQWKHZLQGRZVWR
ULGWKHURRPRIVPRNH:DLWXQWLO/2&.(''225 JRHVRII$IWHUWKHRYHQFRROVZLSHXSWKH
H[FHVVVRLODQGUHVHWWKHFOHDQF\FOH
2YHQGRRUZLOOQRW
RSHQDIWHUDFOHDQF\FOH
2YHQWRRKRW
‡ $OORZWKHRYHQWRFRROEHORZORFNLQJWHPSHUDWXUH
2YHQQRWFOHDQDIWHUD
FOHDQF\FOH
2YHQFRQWUROVQRWSURSHUO\VHW ‡ 6HHWKH8VLQJWKHVHOIFOHDQLQJXSSHUDQGORZHURYHQV
VHFWLRQ
2YHQZDVKHDYLO\VRLOHG
´/2&.('µIODVKHV
LQWKHGLVSOD\
7KHVHOIFOHDQF\FOHKDVEHHQ ‡ &ORVHWKHRYHQGRRU
VHOHFWHGEXWWKHGRRULVQRW FORVHG
´/2&.('µLVRQ
ZKHQ\RXZDQW
WRFRRN
7KHRYHQGRRULVORFNHG
EHFDXVHWKHWHPSHUDWXUH
LQVLGHWKHRYHQKDVQRW
GURSSHGEHORZWKH
ORFNLQJWHPSHUDWXUH
´)³µDQGDQXPEHU
RUOHWWHUIODVK
LQWKHGLVSOD\
<RXKDYHDIXQFWLRQHUURUFRGH‡ 'LVFRQQHFWDOOSRZHUWRWKHUDQJHIRUDWOHDVW
VHFRQGVDQGWKHQUHFRQQHFWSRZHU,IWKHIXQFWLRQ
HUURUFRGHUHSHDWVFDOOIRUVHUYLFH
‡ &OHDQXSKHDY\VSLOORYHUVEHIRUHVWDUWLQJWKHFOHDQ
F\FOH+HDYLO\VRLOHGRYHQVPD\QHHGWRVHOIFOHDQ
DJDLQRUIRUDORQJHUSHULRGRIWLPH
‡ 7RXFKWKH&/($52))SDG$OORZWKHRYHQWRFRRO
3UREOHP
*($SSOLDQFHVFRP
3RVVLEOH&DXVHV
:KDW7R'R
5DQJH/RFNHGRU/2& 7KHFRQWUROVKDYH
2QDSSHDUVLQWKHRYHQ EHHQORFNHG
GLVSOD\RU/&DSSHDUV
LQWKHVXUIDFHGLVSOD\
‡ 6HHWKH&RQWURO/RFNRXWVHFWLRQWRXQORFN
&RQWUROVLJQDOVDIWHU
HQWHULQJFRRNLQJWLPH
RUVWDUWWLPH
<RXIRUJRWWRHQWHUD
EDNHWHPSHUDWXUHRU
FOHDQLQJWLPH
‡ 7RXFKWKH%$.(SDGDQGGHVLUHGWHPSHUDWXUHRU
WKH6(/)&/($1SDGDQGGHVLUHGFOHDQWLPH
'LVSOD\JRHVEODQN
$IXVHLQ\RXUKRPHPD\EH
EORZQRUWKHFLUFXLW
EUHDNHUWULSSHG
‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
7KHFORFNLVLQWKH
EODFNRXWPRGH
‡ 6HHWKH6SHFLDOIHDWXUHVRI\RXURYHQFRQWUROVHFWLRQ
'LVSOD\IODVKHV
3RZHUIDLOXUH
‡ 5HVHWWKHFORFN
8QDEOHWRJHWWKH
GLVSOD\WRVKRZ´6)µ
2YHQFRQWUROSDGVZHUH
QRWWRXFKHGSURSHUO\
‡ 7KH%52,/+,/2DQG%$.(SDGVPXVWEHWRXFKHGDW
WKHVDPHWLPHDQGKHOGIRUVHFRQGV
´3UREHµDSSHDUVLQ
WKHGLVSOD\
RQVRPHPRGHOV
7KLVLVUHPLQGLQJ\RXWR
HQWHUDSUREHWHPSHUDWXUH
DIWHUSOXJJLQJLQWKHSUREH
‡ (QWHUDSUREHWHPSHUDWXUH
3RZHURXWDJH
FORFNIODVKHV
3RZHURXWDJHRUVXUJH
‡ 5HVHWWKHFORFN,IWKHRYHQZDVLQXVH\RXPXVWUHVHW
LWE\WRXFKLQJWKH&/($52))SDGVHWWLQJWKHFORFN
DQGUHVHWWLQJDQ\FRRNLQJIXQFWLRQ
6WHDPIURPWKHYHQW
:KHQXVLQJWKHRYHQV
‡ 7KLVLVQRUPDO
LWLVQRUPDOWRVHHVWHDP
FRPLQJRXWRIWKHRYHQ
YHQWV$VWKHQXPEHURIUDFNV
RUDPRXQWRIIRRGEHLQJ
FRRNHGLQFUHDVHVWKHDPRXQW
RIYLVLEOHVWHDPZLOOLQFUHDVH
´%XUQLQJµRU´RLO\µ
RGRUHPLWWLQJIURP
WKHYHQW
7KLVLVQRUPDOLQDQHZRYHQ ‡ 7RVSHHGWKHSURFHVVVHWDVHOIFOHDQF\FOHIRUD
DQGZLOOGLVDSSHDULQWLPH PLQLPXPRIKRXUV6HHWKH8VLQJWKHVHOIFOHDQLQJ
XSSHUDQGORZHURYHQVVHFWLRQ
6WURQJRGRU
$QRGRUIURPWKHLQVXODWLRQ ‡ 7KLVLVWHPSRUDU\
DURXQGWKHLQVLGHRIWKHRYHQ
LVQRUPDOIRUWKHILUVWIHZ
WLPHVWKHRYHQLVXVHG
)DQQRLVH
$FRQYHFWLRQIDQPD\
DXWRPDWLFDOO\WXUQRQ
DQGRII
‡ 7KLVLVQRUPDO7RPD[LPL]HFRRNLQJHYHQQHVV
WKHIDQLVGHVLJQHGWRRSHUDWHLQERWKGLUHFWLRQV
ZLWKDSDXVHLQEHWZHHQ
‡ 7KHFRQYHFWLRQIDQZLOORSHUDWHGXULQJSUHKHDW
RIWKHEDNHF\FOH7KHIDQZLOOWXUQRIIDIWHUWKHRYHQ
LVKHDWHGWRWKHVHWWHPSHUDWXUH7KLVLVQRUPDO
$FRROLQJIDQPD\
‡ 7KLVLVQRUPDO7KHFRROLQJIDQZLOOWXUQRIIDQGRQ
DXWRPDWLFDOO\WXUQRQDQGRII WRFRROLQWHUQDOSDUWV,WPD\UXQDIWHUWKHRYHQLVWXUQHGRII
%HIRUH<RX&DOO)RU6HUYLFH«
7URXEOHVKRRWLQJ7LSV
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
2YHQUDFNVDUH
GLIILFXOWWRVOLGH
VHOIFOHDQF\FOH
7KHVKLQ\VLOYHUFRORUHG
UDFNVZHUHFOHDQHGLQD
‡$SSO\DVPDOODPRXQWRIYHJHWDEOHRLOWRDSDSHU
WRZHODQGZLSHWKHHGJHVRIWKHRYHQUDFNVZLWK WKHSDSHUWRZHO'RQRWVSUD\ZLWK3DPŠRURWKHU OXEULFDQWVSUD\V
'UDZHUGRHVQRWVOLGH 7KHGUDZHULVRXW
VPRRWKO\RUGUDJV
RIDOLJQPHQW
‡ )XOO\H[WHQGWKHGUDZHUDQGSXVKLWDOOWKHZD\LQ
6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ
'UDZHULVRYHUORDGHGRU
ORDGLVXQEDODQFHG
‡ 5HGXFHZHLJKW5HGLVWULEXWHGUDZHUFRQWHQWV
:DUPLQJGUDZHURU
ORZHURYHQGUDZHU
ZLOOQRWZRUN
$IXVHLQ\RXUKRPHPD\EH ‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLWEUHDNHU
WULSSHG
&RQWUROVLPSURSHUO\VHW
([FHVVLYHFRQGHQVDWLRQ /LTXLGLQGUDZHU
LQWKHGUDZHU
8QFRYHUHGIRRGV
‡ 6HHWKH8VLQJWKHZDUPLQJGUDZHUVHFWLRQ
‡ 5HPRYHOLTXLG
‡ &RYHUIRRGZLWKOLGRUDOXPLQXPIRLO
7HPSHUDWXUHVHWWLQJWRRKLJK ‡ 5HGXFHWHPSHUDWXUHVHWWLQJ
)RRGGULHVRXWLQWKH
ZDUPLQJGUDZHU
0RLVWXUHHVFDSLQJ
‡ &RYHUIRRGZLWKOLGRUDOXPLQXPIRLO
'UDZHUQRWIXOO\FORVHG
‡ 3XVKGUDZHULQXQWLOODWFKHQJDJHV
*ULGGOHLVQRWKRW
HQRXJK
*ULGGOHRYHUORDGHG
‡ 7XUQJULGGOHRII
*ULGGOHUHPRYHGIURPEXUQHUV ‡ 7RXFKDQG²WRJHWKHUIRUVHFRQGV
GXULQJRSHUDWLRQ
$IWHUWKHEHHSUHVWDUWWKHJULGGOH
1RWHV
*($SSOLDQFHVFRP
$FFHVVRULHV
/RRNLQJ)RU6RPHWKLQJ0RUH"
<RXFDQILQGWKHVHDFFHVVRULHVDQGPDQ\PRUHDW*($SSOLDQFHVFRP86
RUZZZ*($SSOLDQFHVFD&DQDGDRUFDOO86RU&DQDGDGXULQJ
QRUPDOEXVLQHVVKRXUV+DYH\RXUPRGHOQXPEHUUHDG\
*UDWHV
6XUIDFH%XUQHU+HDGVDQG&DSV
.QREV
6XUIDFH(OHPHQWVDQG'ULS3DQV
RU
2YHQ5DFNV
2YHQ(OHPHQWV
/LJKW%XOEV
([SHULHQFHWKHVHRWKHUJUHDWSURGXFWVWRNHHS\RXUNLWFKHQORRNLQJJUHDW
&HUDPLF
&RRNWRS
&OHDQLQJ.LW
,QFOXGHVFOHDQHU
VFUDSHUDQGSDG
&HUDPLF&RRNWRS
&OHDQLQJ:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH3ROLVK
:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH
&OHDQHU
:;;*&6
:;;
:;;
30;
*HWWKHPRVWRXWRI\RXU%URLOHU3DQ1RWIRUXVHZLWK%URLOHU'UDZHUPRGHOV
8VH\RXUSDQDQGJULGFRYHUWREURLOKDPEXUJHUVVHDIRRGVWHDNVYHJHWDEOHVEDFRQFKRSVDQGVRPXFKPRUH
7KHSDQEHORZFDWFKHVWKHH[FHVVIDWVDQGRLOV
‡*HQXLQH*(3DUW
‡(DV\7R&OHDQ
‡2QH<HDU:DUUDQW\
/LPLWHG7LPH2IIHU)UHH6KLSSLQJ
:KHQ\RXRUGHU\RXUEURLOHUSDQZLWKLQGD\VRISXUFKDVLQJ\RXU*(FRRNLQJSURGXFW
863DUW
'LPHQVLRQV
6PDOO
:%;
µ:[µ+[µ'
/DUJH
:%;
µ:[µ+[µ'
;/
:%;
µ:[µ+[µ'
7KHODUJHVWDQGDUGEURLOSDQGRHVQRWILWLQµµUDQJHV
7KH;/SDQGRHVQRWILWLQµZDOORYHQVµGURSLQVRUµµUDQJHV
7RSODFH\RXURUGHUFDOO86&DQDGDRUPDLOWKLVIRUPWR
,QWKH86*(3DUWV32%R[0HPSKLV71,Q&DQDGD*(3DUWV)DFWRU\/DQH0RQFWRQ1%(&0
4XDQWLW\BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB %URLOHU3DQ2UGHU)RUP
3DUW1XPEHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0RGHO1XPEHUBBBBBBBBBBBBBB 6HULDO1XPEHU BBBBBBBBBBBBBBBBBB %UDQG BBBBBBBBBBBBBBB 'DWHRI3XUFKDVHBBBBBBBBBB
)LUVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB /DVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$GGUHVVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LW\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6WDWHBBBBBBBBBBB =LS&RGHBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3KRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (0DLOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB
0RQH\2UGHUBBBBBB
&DOOLQWKH86RULQ&DQDGDIRUFXUUHQWSULFLQJ$OOFUHGLWFDUGRUGHUVPXVWEHFDOOHGLQ
*((OHFWULF5DQJH:DUUDQW\
*($SSOLDQFHVFRP
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUHŠWHFKQLFLDQ7RVFKHGXOHVHUYLFH
YLVLWXVRQOLQHDW*($SSOLDQFHVFRPRUFDOO*(&$5(6
3OHDVHKDYHVHULDOQXPEHUDQGPRGHOQXPEHU
DYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQVHUYLFH
XQGHUWKHZDUUDQW\
)RU7KH3HULRG2I *(:LOO3URYLGH
2QH<HDU
)URPWKHGDWHRIWKH
RULJLQDOSXUFKDVH
$Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS
'XULQJWKLVOLPLWHGRQH\HDUZDUUDQW\*(ZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERU
DQGLQKRPHVHUYLFHWRUHSODFHWKHGHIHFWLYHSDUW
:KDW*(:LOO1RW&RYHU
„6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVH
WKHSURGXFW
„,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
„3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
„'DPDJHWRWKHJODVVFRRNWRSFDXVHGE\XVHRIFOHDQHUV
RWKHUWKDQWKHUHFRPPHQGHGFOHDQLQJFUHDPVDQGSDGV
„5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV
„'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGVRU
DFWVRI*RG
„,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
„'DPDJHFDXVHGDIWHUGHOLYHU\
„3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
„'DPDJHWRWKHJODVVFRRNWRSFDXVHGE\KDUGHQHGVSLOOV
RIVXJDU\PDWHULDOVRUPHOWHGSODVWLFWKDWDUHQRWFOHDQHG
DFFRUGLQJWRWKHGLUHFWLRQVLQWKH2ZQHU·V0DQXDO
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHGLQWKLV/LPLWHG:DUUDQW\$Q\
LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\RUILWQHVVIRUDSDUWLFXODUSXUSRVHDUHOLPLWHGWRRQH\HDU
RUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGIRUKRPH
XVHZLWKLQWKH86$,IWKHSURGXFWLVORFDWHGLQDQDUHDZKHUHVHUYLFHE\D*($XWKRUL]HG6HUYLFHULVQRWDYDLODEOH\RX
PD\EHUHVSRQVLEOHIRUDWULSFKDUJHRU\RXPD\EHUHTXLUHGWREULQJWKHSURGXFWWRDQ$XWKRUL]HG*(6HUYLFHORFDWLRQIRU
VHUYLFH,Q$ODVNDWKHZDUUDQW\H[FOXGHVWKHFRVWRIVKLSSLQJRUVHUYLFHFDOOVWR\RXUKRPH
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHV7KLVZDUUDQW\JLYHV
\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURPVWDWHWRVWDWH7RNQRZZKDW\RXU
OHJDOULJKWVDUHFRQVXOW\RXUORFDORUVWDWHFRQVXPHUDIIDLUVRIILFHRU\RXUVWDWH·V$WWRUQH\*HQHUDO
:DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
&RQVXPHU6XSSRUW
*($SSOLDQFHV:HEVLWH
*($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\
DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOV
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH
6FKHGXOH6HUYLFH
*($SSOLDQFHVFRP
([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW
\RXUFRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV
5HDO/LIH'HVLJQ6WXGLR
*($SSOLDQFHVFRP
*(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\
SHRSOHRIDOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQG
PHQWDODELOLWLHVDQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQ
LGHDVIRUSHRSOHZLWKGLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO7''
*($&
([WHQGHG:DUUDQWLHV
*($SSOLDQFHVFRP
3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\
LVVWLOOLQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV
*(&RQVXPHU+RPH6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV
3DUWVDQG$FFHVVRULHV
*($SSOLDQFHVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV
9,6$0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG2UGHURQOLQHWRGD\KRXUVHYHU\GD\RUE\SKRQHDW
GXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJJHQHUDOO\
VKRXOGEHUHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHUVHUYLFLQJPD\
FDXVHXQVDIHRSHUDWLRQ
&RQWDFW8V
*($SSOLDQFHVFRP
,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOV
LQFOXGLQJ\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWHU<RXU$SSOLDQFH
*($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRU
HQKDQFHGFRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH
<RXPD\DOVRPDLOLQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO
(Q&DQDGi
ZZZ*($SSOLDQFHVFD
HOpFWULFDVLQGHSHQGLHQWHVHPSRWUDEOHV\HQFDVWUDEOHV
&RFLQDV
*($SSOLDQFHVFRP
,QVWUXFFLRQHVGH6HJXULGDG ²
,QVWUXFFLRQHVGH2SHUDFLyQ
+RUQR ²
$MXVWHGHOWHUPRVWDWRGHOKRUQR $VDGR*XtDGHDVDGR $XWROLPSLH]D &DMyQFDOHQWDGRU &DMyQGHOKRUQRLQIHULRU &DUDFWHUtVWLFDVGHFRFFLyQOHQWDFDOHQWDPLHQWR
\OHXGDGR &DUDFWHUtVWLFDVHVSHFLDOHV &RQWUROHV )XQFLyQ6DEEDWK +RUQHDGRRURVWL]DGR +RUQHDGR\URVWL]DGRFRQWHPSRUL]DGRU +RUQRGHFRQYHFFLyQ ²
3UHFDOHQWDPLHQWR 6RQGD 7HPSRUL]DGRUGHFRFLQD 8QLGDGHVGHVXSHUILFLH ²
0RGHORVFRQWURODGRVSRUERWRQHVGHWRTXH 0RGHORVFRQWURODGRVSRUSHULOOD 3ODQFKD 5HFLSLHQWHVGHFRFFLyQ 0DQXDOGHO
3URSLHWDULR
&RQWURO4XLFN6HW9
4XLFN6HW9,\
1H[W6WHS
&XLGDGR\OLPSLH]D
%DQGHMDV &DMyQFDOHQWDGRUGHVPRQWDEOH5HFLSLHQWH
GHOFDMyQGHOKRUQRLQIHULRU &DMyQGHDOPDFHQDPLHQWR (OHPHQWRVFDOHQWDGRUHVGHOKRUQR (VWXIDGHYLGULR /X] 3DQHOGHFRQWURO 3HULOODVGHFRQWURO 3LVRGHOKRUQR 3XHUWDGHOKRUQRGHVPRQWDEOH 6XSHUILFLHV 9HQWLODFLyQ &RQVHMRVSDUDODLGHQWLILFDFLyQ
\VROXFLyQGHSUREOHPDV ²
$FFHVRULRV $SR\RDOFOLHQWH
$SR\RDOFOLHQWH *DUDQWtD (VFULEDORVQ~PHURVGHPRGHOR\GHVHULHDTXt
0RGHORBBBBBBBBBBBBBBB
6HULHBBBBBBBBBBBBBBBBB
3XHGHHQFRQWUDUORVHQXQDHWLTXHWDXELFDGD
GHWUiVGHOFDMyQRGHWUiVGHODSXHUWDGHOKRUQR
LQIHULRUHQHOIUHQWHGHOPDUFRGHODFRFLQD
,PSUHVRHQ
SDSHOUHFLFODGR
*(
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(68862
$'9(57(1&,$
/HDWRGDVODVLQVWUXFFLRQHVGHVHJXULGDGDQWHVGHXWLOL]DUHVWHSURGXFWR1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHJHQHUDUXQ
LQFHQGLRXQDGHVFDUJDHOpFWULFDOHVLRQHVFRUSRUDOHVRODPXHUWH
',6326,7,92$17,92/&$'85$6
3DUDUHGXFLUHOULHVJRGHYROFDUODFRFLQDpVWDGHEHVXMHWDUVHPHGLDQWHXQ
VRSRUWHDQWLYROFDGXUDVFRQXQDDGHFXDGDLQVWDODFLyQ9HUODVLQVWUXFFLRQHV
GHLQVWDODFLyQHQYLDGDVFRQHOVRSRUWHSDUDREWHQHUGHWDOOHVFRPSOHWRVDQWHV
GHLQLFLDUODLQVWDODFLyQ
3DUDFRFLQDVLQGHSHQGLHQWHV
3DUDYHULILFDUTXHHOVRSRUWHVHKD\DLQVWDODGR\VXMHWDGRFRUUHFWDPHQWH
TXLWHHOFDMyQGHDOPDFHQDPLHQWRRSDQHOGHSURWHFFLyQ\PLUHGHEDMRGHOD
FRFLQDSDUDFRQWURODUTXHODSDWDGHQLYHODFLyQVHHQFXHQWUHHQJDQFKDGDDO
VRSRUWH(QORVPRGHORVVLQFDMyQGHDOPDFHQDPLHQWRRSDQHOGHSURWHFFLyQ
LQFOLQHODFRFLQDKDFLDDGHODQWHFRQPXFKRFXLGDGR(OVRSRUWHGHEHGHWHQHU
ODFRFLQDGHQWURGHODVSXOJDGDV6LQRORKDFHHOVRSRUWHGHEHUHLQVWDODUVH
6LODFRFLQDVHVHSDUDGHODSDUHGSRUFXDOTXLHUPRWLYRVLHPSUHUHSLWDHVWH
SURFHGLPLHQWRSDUDYHULILFDUTXHODFRFLQDHVWpELHQVXMHWDPHGLDQWHHO
VRSRUWHDQWLYROFDGXUDV
1XQFDTXLWHODVSDWDVGHQLYHODFLyQSRUFRPSOHWR\DTXHODFRFLQDQR
TXHGDUiELHQVXMHWDDOGLVSRVLWLYRDQWLYROFDGXUDV
&RFLQDVHPSRWUDEOHV
3DUDYHULILFDUTXHHOVRSRUWHVHKD\DLQVWDODGR\VXMHWDGRFRUUHFWDPHQWH
TXLWHHOFDMyQGHDOPDFHQDPLHQWRRHOSDQHOGHSURWHFFLyQ\PLUHGHEDMR
GHODFRFLQDSDUDFRQWURODUTXHODSDWDGHQLYHODFLyQVHHQFXHQWUH
HQJDQFKDGDDOVRSRUWH
&RFLQDVHQFDVWUDEOHV
3DUDYHULILFDUVLHOVRSRUWHVHKDLQVWDODGR\VXMHWDGRFRUUHFWDPHQWHEDMHOD
SXHUWDGHOKRUQR\FRQFXLGDGRDSOLTXHXQDSUHVLyQPHGLDVREUHHOH[WUHPR
GHODPDQLMDKDVWDTXHVHGHWHFWHPRYLPLHQWRGHODFRFLQD6LJDSUHVLRQDQGR
KDVWDTXHHOVRSRUWHDQWLYROFDGXUDVVHDFFLRQH\HOPRYLPLHQWRVHGHWHQJD
8QSHTXHxRPRYLPLHQWRUHVXOWDDFHSWDEOHHQODSDUWHWUDVHUDGHODSDUWH
VXSHULRUGHODFRFLQDSHURGHEHVHUHVWDEOH\QRLQFOLQDUVHXQDYH]TXH
VHHQJDQFKHHOVRSRUWHDQWLYROFDGXUDV6LQRORKDFHHOVRSRUWHGHEH
UHLQVWDODUVH
6LXVWHGQRUHFLELyXQVRSRUWHDQWLYROFDGXUDVFRQVXFRPSUDOODPHDO
SDUDUHFLELUXQRVLQFRVWRDOJXQRHQ&DQDGiOODPHDO
3DUDFRQVXOWDULQVWUXFFLRQHVGHLQVWDODFLyQGHOVRSRUWHYLVLWH
*($SSOLDQFHVFRPHQ&DQDGi*($SSOLDQFHVFD
$'9(57(1&,$
127,),&$&,Ï1,03257$17('(6(*85,'$'
/DOH\GH&DOLIRUQLDVREUHDJXDVSRWDEOHV\Wy[LFRVH[LJHTXHHO*REHUQDGRUGH&DOLIRUQLDSXEOLTXHXQDOLVWDGHVXVWDQFLDVTXHVHJ~Q
HOHVWDGRSURYRTXHQFiQFHUGHIHFWRVFRQJpQLWRVXRWURVGDxRVUHSURGXFWLYRV\H[LJHDODVHPSUHVDVTXHDGYLHUWDQDORVFOLHQWHV
VREUHODH[SRVLFLyQSRWHQFLDODGLFKDVVXVWDQFLDV
/DDLVODFLyQGHILEUDGHYLGULRGHORVKRUQRVDXWROLPSLDQWHVHPLWHXQDSHTXHxDFDQWLGDGGHPRQy[LGRGHFDUERQRGXUDQWH
HOFLFORGHOLPSLH]D/DH[SRVLFLyQSXHGHPLQLPL]DUVHYHQWLODQGRFRQXQDYHQWDQDDELHUWDRXVDQGRXQDFDPSDQDRYHQWLODGRU
*($SSOLDQFHVFRP
$'9(57(1&,$
,16758&&,21(6*(1(5$/(6'(6(*85,'$'
„8VHHVWHDSDUDWRVyORFRQHOREMHWLYRSDUDHOTXHIXHFUHDGR
FRPRVHGHVFULEHHQHVWH0DQXDOGHO3URSLHWDULR
„$VHJ~UHVHGHTXHXQWpFQLFRFDOLILFDGRUHDOLFHXQDFRUUHFWD
LQVWDODFLyQ\SXHVWDDWLHUUDGHODUWHIDFWRGHDFXHUGRFRQODV
LQVWUXFFLRQHVGHLQVWDODFLyQSURYLVWDV
„
1RLQWHQWHUHSDUDURFDPELDUQLQJXQDSLH]DGHVXFRFLQD
DPHQRVTXHHVWpHVSHFtILFDPHQWHUHFRPHQGDGRHQHVWH
PDQXDO&XDOTXLHURWURVHUYLFLRGHEHUHDOL]DUORXQWpFQLFR
FDOLILFDGR
„
$QWHVGHUHDOL]DUFXDOTXLHUFODVHGHUHSDUDFLyQGHVHQFKXIHOD
FRFLQDRGHVFRQHFWHHOVXPLQLVWURHOpFWULFRGHVGHHOSDQHOGH
GLVWULEXFLyQGRPpVWLFRTXLWDQGRHOIXVLEOHRGHVFRQHFWDQGRHO
LQWHUUXSWRUGHFLUFXLWRV
„
1RGHMHDORVQLxRVVRORVpVWRVQRGHEHQTXHGDUVRORVRVLQ
DWHQFLyQHQXQiUHDGRQGHXQDSDUDWRHVWpHQXVR1XQFD
GHEHSHUPLWLUVHTXHVHVXEDQVLHQWHQRSDUHQHQFXDOTXLHU
SDUWHGHHVWHDSDUDWR
35(&$8&,21
„
1RDOPDFHQHHOHPHQWRVGHLQWHUpV
SDUDQLxRVVREUHXQDFRFLQDRHQODSURWHFFLyQWUDVHUDGH
XQDFRFLQDORVQLxRVTXHVHWUHSDQDODFRFLQDSDUDDOFDQ]DU
HOHPHQWRVSXHGHQUHVXOWDUJUDYHPHQWHKHULGRV
„
6yORXVHDJDUUDGHUDVVHFDVODVDJDUUDGHUDVK~PHGDVR
PRMDGDVFRORFDGDVHQVXSHUILFLHVFDOLHQWHVSXHGHQSURYRFDU
TXHPDGXUDVGHYDSRU1RSHUPLWDTXHODVDJDUUDGHUDVHQWUHQ
HQFRQWDFWRFRQXQLGDGHVGHVXSHUILFLHRORVHOHPHQWRV
FDOHQWDGRUHVFDOLHQWHV1RXWLOLFHWRDOODVXRWUDVWHODVJUXHVDV
HQOXJDUGHXQDDJDUUDGHUD
„
1XQFDXVHVXHOHFWURGRPpVWLFRSDUDFDOHQWDUODKDELWDFLyQ
$'9(57(1&,$
0$17(1*$/260$7(5,$/(6,1)/$0$%/(6
$/(-$'26'(/$&2&,1$
„1RDOPDFHQHRXWLOLFHPDWHULDOHVLQIODPDEOHVGHQWURGHXQKRUQR
RFHUFDGHODHVWXIDWDOHVFRPRSDSHOSOiVWLFRDJDUUDGHUDV
WHODVUHFXEULPLHQWRVGHSDUHGFRUWLQDV\JDVROLQDXRWURV
YDSRUHV\OtTXLGRVLQIODPDEOHV
„1XQFDXVHYHVWLPHQWDVKROJDGDVRDPSOLDVPLHQWUDVXWLOLFHHO
DSDUDWR(VWDVYHVWLPHQWDVSXHGHQSUHQGHUVHIXHJRVLHQWUDQ
HQFRQWDFWRFRQVXSHUILFLHVFDOLHQWHVSURYRFDQGRTXHPDGXUDV
JUDYHV
$'9(57(1&,$
„1RWRTXHODVXQLGDGHVGHVXSHUILFLHORVHOHPHQWRVFDOHQWDGRUHV
RODVXSHUILFLHLQWHULRUGHOKRUQR(VWDVVXSHUILFLHVSXHGHQHVWDU
ORVXILFLHQWHPHQWHFDOLHQWHVSDUDTXHPDUD~QFXDQGRWHQJDQ
XQFRORURVFXUR'XUDQWH\GHVSXpVGHOXVRQRWRTXHRGHMHTXH
VXYHVWLPHQWDXRWURVPDWHULDOHVLQIODPDEOHVHQWUHQHQFRQWDFWR
FRQXQLGDGHVGHVXSHUILFLHiUHDVFHUFDQDVDODVXQLGDGHVGH
VXSHUILFLH
RFXDOTXLHUiUHDLQWHULRUGHOKRUQRGHMHSDVDUXQWLHPSR
SUXGHQFLDOSDUDTXHVHHQIUtHQ2WUDVVXSHUILFLHVGHODSDUDWR
SXHGHQFDOHQWDUVHORVXILFLHQWHFRPRSDUDSURYRFDU
TXHPDGXUDV/DVVXSHUILFLHVSRWHQFLDOPHQWHFDOLHQWHVLQFOX\HQ
ODHVWXIDODViUHDVRULHQWDGDVKDFLDODHVWXIDODDEHUWXUDGH
YHQWLODFLyQGHOKRUQRODVVXSHUILFLHVFHUFDQDVDODDEHUWXUD\ODV
KHQGLGXUDVXELFDGDVDOUHGHGRUGHODSXHUWDGHOKRUQR
„1RFDOLHQWHUHFLSLHQWHVFHUUDGRVGHDOLPHQWRV3RGUtDKDEHUXQD
DFXPXODFLyQGHSUHVLyQHQHOUHFLSLHQWH\pVWHSRGUtDH[SORWDU
SURYRFDQGROHVLRQHV
„
1RXWLOLFHSDSHOGHDOXPLQLRSDUDUHYHVWLUODVEDQGHMDVFROHFWRUDV
RQLQJXQDSDUWHGHOKRUQRFRQH[FHSFLyQGHORGHVFULSWRHQHVWH
PDQXDO8QXVRLQDGHFXDGRSXHGHSURYRFDUGDxRVDODFRFLQD\
XQDGHVFDUJDHOpFWULFDRXQULHVJRGHLQFHQGLR
„
7UDWHGHQRUD\DURJROSHDUODVSXHUWDVHVWXIDVRSDQHOHV
GHFRQWUROGHYLGULR6LORKDFHSRGUtDURPSHUVHHOYLGULR1R
FRFLQHVLXQSURGXFWRWLHQHXQYLGULRURWR3XHGHSURYRFDUVH
XQDGHVFDUJDXQLQFHQGLRRKHULGDV
„
&RFLQHFDUQHVGHUHV\GHDYHSRUFRPSOHWR/DVFDUQHVGH
UHVKDVWDDOFDQ]DUXQDWHPSHUDWXUDLQWHUQDGHSRUORPHQRV
ƒ)ƒ&\ODVFDUQHVGHDYHDXQDWHPSHUDWXUDLQWHUQDGH
SRUORPHQRVƒ)ƒ&/DFRFFLyQDHVWDVWHPSHUDWXUDV
JHQHUDOPHQWHSURWHJHGHHQIHUPHGDGHVWUDQVPLWLGDVSRUORV
DOLPHQWRV
„
1RSHUPLWDTXHODJUDVDGHODFRFFLyQXRWURVPDWHULDOHV
LQIODPDEOHVVHDFXPXOHQGHQWURGHODFRFLQDRHQVXFHUFDQtD
/DJUDVDGHQWURGHOKRUQRRVREUHODHVWXIDSXHGHHQFHQGHUVH
„
/LPSLHODVFDPSDQDVGHYHQWLODFLyQFRQIUHFXHQFLD1RGHEH
SHUPLWLUVHODDFXPXODFLyQGHJUDVDHQODFDPSDQDRHQHO
ILOWUR
(1&$62'(,1&(1',26,*$/26
6,*8,(17(63$6263$5$(9,7$5
/$3523$*$&,Ï1'(/)8(*2
„1RXWLOLFHDJXDHQLQFHQGLRVGHJUDVD1XQFDOHYDQWHXQDVDUWpQ
HQOODPDV$SDJXHORVFRQWUROHV$SDJXHXQDVDUWpQHQOODPDV
VREUHXQDXQLGDGGHVXSHUILFLHFXEULHQGRODVDUWpQSRUFRPSOHWR
FRQXQDWDSDTXHDMXVWHELHQXQDSODQFKDSDUDJDOOHWDVRXQD
EDQGHMDSODQD8WLOLFHXQTXtPLFRVHFRPXOWLXVRRXQH[WLQWRUGH
LQFHQGLRVGHHVSXPD
„6LKD\XQLQFHQGLRHQHOKRUQRGXUDQWHHOKRUQHDGRDSiJXHOR
FHUUDQGRODSXHUWDGHOKRUQR\DSDJDQGRHOFRQWURORXVDQGRXQ
TXtPLFRVHFRPXOWLXVRRXQH[WLQWRUGHLQFHQGLRVGHHVSXPD
„
6LKD\XQLQFHQGLRHQHOKRUQRGXUDQWHODDXWROLPSLH]D
DSDJXHHOKRUQR\HVSHUHDTXHHOLQFHQGLRVHFRQVXPD1R
DEUDODSXHUWDGHOKRUQRDODIXHU]D(OLQJUHVRGHDLUHIUHVFRD
WHPSHUDWXUDVGHDXWROLPSLH]DSXHGHSURYRFDUXQDH[SORVLyQ
GHOODPDVGHVGHHOKRUQR1RVHJXLUHVWDLQVWUXFFLyQSXHGH
SURYRFDUTXHPDGXUDVJUDYHV
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(68862
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/$(678)$
„1XQFDGHMHODVXQLGDGHVGHVXSHUILFLHVLQDWHQFLyQ
HQFRQILJXUDFLRQHVGHFDORUPHGLDRDOWD/RVDOLPHQWRVTXH
KLHUYHQ\VHGHUUDPDQSXHGHQSURYRFDUKXPR\GHUUDPHV
JUDVRVRVTXHSXHGHQSUHQGHUVHIXHJR
„1XQFDGHMHDFHLWHVLQDWHQFLyQPLHQWUDVIUtH6LVHGHMD
FDOHQWDUPiVDOOiGHOSXQWRGHKXPHRHODFHLWHSXHGH
HQFHQGHUVHSURYRFDQGRXQLQFHQGLRTXHSRGUtDSURSDJDUVH
DORVJDELQHWHVFHUFDQRV8WLOLFHXQWHUPyPHWURSDUDJUDVD
FXDQGRVHDSRVLEOHSDUDFRQWURODUODWHPSHUDWXUDGHODFHLWH
„3DUDHYLWDUHOGHUUDPHGHDFHLWH\XQLQFHQGLRXWLOLFHXQD
FDQWLGDGPtQLPDGHDFHLWHFXDQGRIUtDHQVDUWHQHVSRFR
SURIXQGDV\HYLWHODFRFFLyQGHDOLPHQWRVFRQJHODGRVFRQ
XQDFDQWLGDGH[FHVLYDGHKLHOR
„8WLOLFHHOWDPDxRGHUHFLSLHQWHDGHFXDGR(OLMDUHFLSLHQWHV
FRQEDVHVSODQDVORVXILFLHQWHPHQWHJUDQGHVSDUDFXEULU
HOHOHPHQWRFDOHQWDGRUGHVXSHUILFLH/DXWLOL]DFLyQGH
UHFLSLHQWHVPiVSHTXHxRVGHMDUiH[SXHVWDXQDSRUFLyQGH
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/$
(678)$5$',$17(DOJXQRVPRGHORV
„7HQJDFXLGDGRDOWRFDUODHVWXID/DVXSHUILFLHGHYLGULRGHOD
HVWXIDUHWHQGUiFDORUGHVSXpVGHTXHORVFRQWUROHVVHKD\DQ
DSDJDGR
„1RFRFLQHVREUHXQDHVWXIDURWD6LODHVWXIDVHURPSH
ODVVROXFLRQHVGHOLPSLH]D\ORVGHUUDPHVSXHGHQSHQHWUDU
HQODHVWXIDURWD\FUHDUXQULHVJRGHGHVFDUJDHOpFWULFD
&RPXQtTXHVHFRQXQWpFQLFRFDOLILFDGRGHLQPHGLDWR
„(YLWHUD\DUODHVWXIDGHYLGULR/DHVWXIDSXHGHUD\DUVHFRQ
HOHPHQWRVWDOHVFRPRFXFKLOORVLQVWUXPHQWRVILORVRVDQLOORVX
RWUDVMR\DV\UHPDFKHVGHODURSD
„
1RFRORTXHRDOPDFHQHHOHPHQWRVTXHSXHGHQGHUUHWLUVHR
SUHQGHUVHIXHJRVREUHODHVWXIDGHYLGULRD~QFXDQGRQROD
HVWpXVDQGR6LODHVWXIDVHHQFLHQGHHQIRUPDDFFLGHQWDO
SXHGHQSUHQGHUVHIXHJR(OFDORUSURYHQLHQWHGHODHVWXIDR
GHODYHQWLODFLyQGHOKRUQRWDPELpQSXHGHSUHQGHUORVIXHJR
D~QVLHODSDUDWRHVWiDSDJDGR
$'9(57(1&,$
„8VHHOOLPSLDGRUGHHVWXIDVFHUiPLFDV&(5$0$%5<7(Š
\ODHVSRQMLOODGHOLPSLH]D&(5$0$%5<7(ŠSDUDOLPSLDU
ODHVWXID(VSHUHKDVWDTXHODHVWXIDVHHQIUtH\ODOX]
LQGLFDGRUDVHDSDJXHDQWHVGHOLPSLDU8QDHVSRQMD
RXQSDxRK~PHGRVVREUHXQDVXSHUILFLHFDOLHQWHSXHGHQ
SURYRFDUTXHPDGXUDVGHYDSRU$OJXQRVOLPSLDGRUHVSXHGHQ
SURGXFLUKXPRVWy[LFRVVLVHORVDSOLFDDXQDVXSHUILFLH
FDOLHQWH127$/RVGHUUDPHVGHD]~FDUVRQODH[FHSFLyQ
eVWRVGHEHQTXLWDUVHPLHQWUDVHVWiQFDOLHQWHVXWLOL]DQGRXQD
DJDUUDGHUD\XQUDVSDGRU3DUDLQVWUXFFLRQHVGHWDOODGDVYHU
ODVHFFLyQ&yPROLPSLDUODHVWXIDGHYLGULR
„/HD\FXPSODFRQWRGDVODVLQVWUXFFLRQHV\DGYHUWHQFLDVGHOD
HWLTXHWDGHODFUHPDGHOLPSLH]D
,16758&&,21(6'(6(*85,'$''(/$
(678)$'(%2%,1$6DOJXQRVPRGHORV
„1RVXPHUMDRUHPRMHODVXQLGDGHVGHVXSHUILFLH
GHVPRQWDEOHV1RODVFRORTXHHQHOODYDYDMLOODV1RFRORTXH
ODVXQLGDGHVGHVXSHUILFLHGHQWURGHOKRUQRFXDQGRUHDOLFHOD
DXWROLPSLH]D6LORKDFHSXHGHQOOHJDUDIDOODUSURYRFDQGR
XQSHOLJURGHTXHPDGXUDVRGHLQFHQGLR
„3DUDHYLWDUODSRVLELOLGDGGHXQDTXHPDGXUDRGHVFDUJD
HOpFWULFDVLHPSUHYHULILTXHTXHORVFRQWUROHVGHWRGDV
ODVXQLGDGHVGHVXSHUILFLHVHHQFXHQWUHQHQODSRVLFLyQ2))
DSDJDGR\TXHWRGDVODVERELQDVHVWpQIUtDVDQWHV
GHOHYDQWDURTXLWDUXQDXQLGDGGHVXSHUILFLHGHERELQDV
ODXQLGDGGHVXSHUILFLHDOFRQWDFWRGLUHFWRORTXHSXHGH
SURYRFDUHOHQFHQGLGRGHVXVYHVWLPHQWDV8QDUHODFLyQ
DGHFXDGDGHOUHFLSLHQWHFRQODXQLGDGGHVXSHUILFLHWDPELpQ
PHMRUDUiODHILFLHQFLD
„6yORFLHUWRVWLSRVGHUHFLSLHQWHVGHYLGULRYLGULRFHUiPLFR
FHUiPLFDXRWURVUHFLSLHQWHVYLGULDGRVSXHGHQXWLOL]DUVH
VREUHODHVWXIDRWURVSXHGHQURPSHUVHGHELGRDOFDPELR
UHSHQWLQRGHWHPSHUDWXUD
„3DUDPLQLPL]DUODSRVLELOLGDGGHTXHPDGXUDVHOHQFHQGLGR
GHPDWHULDOHVLQIODPDEOHV\ORVGHUUDPHVODPDQLMDGHORV
UHFLSLHQWHVGHEHQJLUDUVHKDFLDHOFHQWURGHODFRFLQDVLQ
H[WHQGHUVHVREUHQLQJXQDXQLGDGGHVXSHUILFLHFHUFDQD
„6LIODPEHDDOLPHQWRVEDMRODFDPSDQDHQFLHQGD
HOYHQWLODGRU
„
$VHJ~UHVHGHTXHODVEDQGHMDVFROHFWRUDVQRHVWpQ
FXELHUWDV\VHHQFXHQWUHQHQVXOXJDU6XDXVHQFLDGXUDQWH
ODFRFFLyQSRGUtDGDxDUODVSLH]DV\HOFDEOHDGRGHOD
FRFLQD
*($SSOLDQFHVFRP
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/+2512
„0DQWpQJDVHDOHMDGRGHODFRFLQDFXDQGRDEUD
ODSXHUWDGHOKRUQR(ODLUH\HOYDSRUFDOLHQWHVTXHVDOHQGHOD
FRFLQDSXHGHQSURYRFDUTXHPDGXUDVHQPDQRVURVWUR\R
RMRV
„0DQWHQJDVLQREVWUXFFLRQHVODYHQWLODFLyQGHOKRUQR
„0DQWHQJDHOKRUQROLEUHGHDFXPXODFLRQHVGHJUDVD
/DJUDVDGHQWURGHOKRUQRSXHGHSUHQGHUVHIXHJR
„6LHPSUHFRORTXHODVEDQGHMDVGHOKRUQRHQODSRVLFLyQ
GHVHDGDPLHQWUDVHOKRUQRHVWpIUtR6LODEDQGHMDGHEH
TXLWDUVHFXDQGRHOKRUQRWRGDYtDHVWiFDOLHQWHQRSHUPLWD
TXHODDJDUUDGHUDWRTXHHOHOHPHQWRFDOHQWDGRUGHOKRUQR
$'9(57(1&,$
„&XDQGRXWLOLFHEROVDVGHFRFFLyQRGHDVDGRHQHOKRUQRVLJD
ODVLQVWUXFFLRQHVGHOIDEULFDQWH
„7LUHGHODEDQGHMDGHOKRUQRKDVWDODSRVLFLyQGHWRSH
GHGHWHQFLyQFXDQGRFDUJXHRGHVFDUJXHDOLPHQWRVGHO
KRUQR(VWRD\XGDDHYLWDUTXHPDGXUDVSRUWRFDUVXSHUILFLHV
FDOLHQWHVGHODSXHUWD\ODVSDUHGHVGHOKRUQR
„1RGHMHSURGXFWRVFRPRSDSHOXWHQVLOLRVGHFRFLQD
RDOLPHQWRVHQHOKRUQRFXDQGRQRORHVWpXVDQGR/RV
HOHPHQWRVJXDUGDGRVHQHOKRUQRSXHGHQSUHQGHUVHIXHJR
„1RXWLOLFHSDSHOGHDOXPLQLRSDUDUHYHVWLUHOSLVRGHOKRUQR
(OSDSHOGHDOXPLQLRSXHGHDWUDSDURUHIOHMDUHOFDORU
SURYRFDQGRXQDGHVFDUJDHOpFWULFDRXQSHOLJURGHLQFHQGLR
,16758&&,21(6'(6(*85,'$''(/
+2512$872/,03,$17(DOJXQRVPRGHORV
/DFDUDFWHUtVWLFDGHDXWROLPSLH]DIXQFLRQDHQHOKRUQRDWHPSHUDWXUDVORVXILFLHQWHPHQWHHOHYDGDVFRPRSDUDTXHPDUORV
UHVWRVGHDOLPHQWRVTXHTXHGDURQGHQWURGHOKRUQR6LJDHVWDVLQVWUXFFLRQHVSDUDXQDRSHUDFLyQVHJXUD
„$QWHVGHLQLFLDUHOFLFORGHDXWROLPSLH]DTXLWHODVROODV
EDQGHMDVGHOKRUQRGHPHWDOEULOODQWH\RWURVXWHQVLOLRV
GHOKRUQR6yORSXHGHQGHMDUVHHQHOKRUQRODVEDQGHMDV
UHYHVWLGDVGHSRUFHODQDJULV1RXWLOLFHODDXWROLPSLH]DSDUD
OLPSLDURWUDVSLH]DVFRPREDQGHMDVFROHFWRUDV
RWD]RQHV
„$QWHVGHXWLOL]DUHOFLFORGHDXWROLPSLH]DOLPSLHODJUDVD\ORV
GHUUDPHVGHDOLPHQWRVGHOKRUQR8QDFDQWLGDGH[FHVLYDGH
JUDVDSXHGHHQFHQGHUVHJHQHUDQGR
GDxRVSRUHOKXPRHQVXKRJDU
$'9(57(1&,$
„6LHOPRGRGHDXWROLPSLH]DQRIXQFLRQDDSDJXH
HOKRUQR\GHVFRQHFWHHOVXPLQLVWURGHHQHUJtD/ODPH
DXQWpFQLFRFDOLILFDGRSDUDVROLFLWDUHODUUHJOR
„1ROLPSLHODHPSDFDGXUDGHODSXHUWD/DHPSDFDGXUDGH
ODSXHUWDHVHVHQFLDOSDUDXQEXHQVHOODGR'HEHWHQHUVH
FXLGDGRGHQRUHIUHJDUGDxDURPRYHUODHPSDFDGXUD
„1RXWLOLFHOLPSLDGRUHVGHKRUQR1RGHEHXWLOL]DUVHQLQJ~Q
OLPSLDGRUFRPHUFLDORUHYHVWLPLHQWRSURWHFWRUGHQLQJXQD
FODVHGHQWURRDOUHGHGRUGHQLQJXQDSLH]DGHOKRUQR
&$-Ï1&$/(17$'25&$-Ï1'(/+2512
,1)(5,25,16758&&,21(6'(6(*85,'$'
DOJXQRVPRGHORV „7HQJDFXLGDGRDODEULUHOFDMyQ$EUDXQSRFRHOFDMyQ
\GHMHVDOLUHODLUHFDOLHQWH\HOYDSRUDQWHVGHTXLWDURYROYHU
FRFLGRVFDOLHQWHVDODWHPSHUDWXUDGHVHUYLFLR3RUGHEDMRGH
DFRORFDUORVDOLPHQWRV(ODLUH\HOYDSRUFDOLHQWHVTXHVDOHQ
ORVƒ)ƒ&SXHGHSURGXFLUVHFUHFLPLHQWRGHEDFWHULDVHQ
SXHGHQSURYRFDUTXHPDGXUDVHQPDQRVURVWUR\RRMRV
ORVDOLPHQWRV1RFRORTXHDOLPHQWRVIUtRV
HQHOFDMyQFDOHQWDGRU1RFDOLHQWHDOLPHQWRVSRUPiV
„1RXWLOLFHSDSHOGHDOXPLQLRSDUDUHYHVWLUHOFDMyQFDOHQWDGRU
GHKRUDV1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDU
(OSDSHOPHWiOLFRHVXQH[FHOHQWHDLVODQWH
HQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV
GHFDORU\DWUDSDUiHOFDORUGHEDMRGHpO(VWRDOWHUDUi
HOGHVHPSHxRGHOFDMyQ\SRWHQFLDOPHQWHSRGUtDSURYRFDUXQ
„1RGHMHSURGXFWRVGHSDSHOSOiVWLFRVFRPLGDHQODWDGD
ULHVJRGHLQFHQGLR
RPDWHULDOHVFRPEXVWLEOHVHQHOFDMyQ3XHGHQSUHQGHUVH
IXHJR
„1RWRTXHHOHOHPHQWRFDOHQWDGRURODVXSHUILFLH
LQWHUQDGHOFDMyQ(VWDVVXSHUILFLHVSXHGHQHVWDU
ORVXILFLHQWHPHQWHFDOLHQWHVFRPRSDUDSURYRFDU
TXHPDGXUDV
„(OREMHWLYRGHOFDMyQFDOHQWDGRUHVPDQWHQHUDOLPHQWRV
(OHFFLyQGHORVWLSRVGHUHFLSLHQWHVGHFRFFLyQ
SDUDPRGHORVGHHVWXIDGHYLGULRPRGHORVVLQLQGXFFLyQ
*($SSOLDQFHVFRP
/DVLJXLHQWHLQIRUPDFLyQORD\XGDUiDHOHJLUORVUHFLSLHQWHVGHFRFFLyQTXHEULQGDQXQEXHQGHVHPSHxR
HQHVWXIDVGHYLGULR9HUHOIROOHWRVREUHUHFLSLHQWHVSDUDXVDUFRQHVWXIDVGHLQGXFFLyQ
$FHURLQR[LGDEOH
5HFRPHQGDGR
$OXPLQLR
9HULILTXHTXHORVUHFLSLHQWHVWHQJDQ
EDVHVSODQDVXWLOL]DQGRXQDUHJOD
6HUHFRPLHQGDGHFDSDJUXHVD
%XHQDFRQGXFWLYLGDG/RVUHVLGXRVGHDOXPLQLRD
YHFHVSDUHFHQUD\RQHVVREUH
ODHVWXIDSHURSXHGHQTXLWDUVHVLVHORVOLPSLDGH
LQPHGLDWR'HELGRDVXEDMRSXQWRGHIXVLyQQR
GHEHXWLOL]DUVHDOXPLQLRGHFDSDILQD
%DVHGHFREUH
5HFRPHQGDGR
(OFREUHSXHGHGHMDUUHVLGXRVTXHSXHGHQ
SDUHFHUUD\RQHV/RVUHVLGXRVSXHGHQHOLPLQDUVH
VLHPSUH\FXDQGRODHVWXID
VHOLPSLHGHLQPHGLDWR6LQHPEDUJRQRSHUPLWD
TXHHVWDVROODVKLHUYDQHQVHFR(OPHWDO
VREUHFDOHQWDGRSXHGHDGKHULUVHDODVHVWXIDV
GHYLGULR6LQRVHHOLPLQDGHLQPHGLDWRXQDROOD
FRQODEDVHGHFREUHVREUHFDOHQWDGRGHMDUi
XQUHVLGXRTXHPDQFKDUiODHVWXIDHQIRUPD
SHUPDQHQWH
1RVHUHFRPLHQGDQUHFLSLHQWHVFRQ
EDVHVUHGRQGHDGDVFXUYDGDVFRQ
UHERUGHVRWRUFHGXUDV
(VPDOWHGHSRUFHODQDVREUHKLHUUR
IXQGLGR
6HUHFRPLHQGDVLODEDVHGHODROOD
VHHQFXHQWUDUHYHVWLGD
(VPDOWHGHSRUFHODQDVREUHDFHUR
1RVHUHFRPLHQGD
&DOHQWDUUHFLSLHQWHVYDFtRVSXHGHSURYRFDU
GDxRVSHUPDQHQWHVDOYLGULRGHODVHVWXIDV(O
HVPDOWHSXHGHGHUUHWLUVH\DGKHULUVH
DODHVWXIDFHUiPLFD
9LGULRFHUiPLFR
1RVHUHFRPLHQGD
'HVHPSHxRSREUH5D\DODVXSHUILFLH
&HUiPLFD
1RVHUHFRPLHQGD
'HVHPSHxRSREUH3XHGHUD\DUODVXSHUILFLH
+LHUURIXQGLGR
1RVHUHFRPLHQGDDPHQRVTXHVHHQFXHQWUH
HVSHFtILFDPHQWHGLVHxDGRSDUDHVWXIDVGHYLGULR
3REUHFRQGXFWLYLGDG\OHQWLWXGSDUDDEVRUEHUHO
FDORU5D\DODVXSHUILFLHGHODHVWXID
127$6LJDWRGDVODVUHFRPHQGDFLRQHVGHOIDEULFDQWHGHUHFLSLHQWHVFXDQGRXWLOLFHFXDOTXLHUFODVHGH
UHFLSLHQWHGHFRFFLyQVREUHODHVWXIDFHUiPLFD
3DUDPHMRUHVUHVXOWDGRV
„&RORTXHVyORUHFLSLHQWHVVHFRV
VREUHORVHOHPHQWRVGHVXSHUILFLH1R
FRORTXHWDSDVVREUHORVHOHPHQWRVGH
VXSHUILFLHHQHVSHFLDOWDSDVPRMDGDV
1RFRORTXHUHFLSLHQWHVPRMDGRV
VREUHODHVWXIDGHYLGULR
1RXVHZRNVFRQDQLOORVGH
VRSRUWHVREUHODHVWXIDGHYLGULR
8WLOLFHZRNVGHEDVHSODQDVREUH
ODHVWXIDGHYLGULR
„1RXVHZRNVFRQDQLOORVGHVRSRUWH
(VWDFODVHGHZRNQRVHFDOLHQWDVREUH
HOHPHQWRVGHVXSHUILFLHGHYLGULR
„5HFRPHQGDPRVHOXVRGHZRNVGHEDVH
SODQDVRODPHQWH6HHQFXHQWUDQGLVSRQLEOHV
HQVXQHJRFLRPLQRULVWDORFDO/DEDVHGHO
ZRNGHEHWHQHUHOPLVPRGLiPHWURTXHHO
HOHPHQWRGHVXSHUILFLHSDUDDVHJXUDUXQ
FRQWDFWRDGHFXDGR
„$OJXQRVSURFHGLPLHQWRVGHFRFFLyQ
HVSHFLDOHVUHTXLHUHQUHFLSLHQWHVGHFRFFLyQ
HVSHFtILFRVFRPRROODVDSUHVLyQIUHLGRUDV
HWF7RGRVORVUHFLSLHQWHVGHFRFFLyQGHEHQ
WHQHUEDVHVSODQDV\VHUGHOWDPDxR
FRUUHFWR
„1RSHUPLWDTXHORVDOLPHQWRVKLHUYDQHQ
VHFR\DTXHORVUHFLSLHQWHVGHFRFFLyQ
SXHGHQDGKHULUVHDODVXSHUILFLHGHFRFFLyQ
SURYRFDQGRGDxRVSHUPDQHQWHVDOD
HVWXID
&yPRXVDUODVXQLGDGHVGHVXSHUILFLH³
0RGHORVFRQWURODGRVSRUERWRQHVGHWRTXH
&RQILJXUDFLRQHVGHFRFFLyQGHODVXQLGDGHVGHVXSHUILFLH
(OQLYHOGHHQHUJtDFRQXQD
IUDFFLyQLQGLFDODFRQILJXUDFLyQ
DGLFLRQDOGHPHGLRSDVR8VWHG
SXHGHRtUFKDVTXLGRVTXHLQGLFDQ
TXHHOFRQWUROHVWiPDQWHQLHQGRVX
FRQILJXUDFLyQGHVHDGD
/DHVWXIDRIUHFHQLYHOHVGHHQHUJtD
/RVQLYHOHVGHHQHUJtDYDQGHVGH´/µEDMD
KDVWD´+,µDOWDHQSUHFLVRVDXPHQWRVGHPHGLR
SDVR3RUHMHPSOR\KDVWD+,
127$&XDQGRVHFDPELDGHXQDFRQILJXUDFLyQ
GHFDORUDOWDDXQDEDMDODXQLGDGGHVXSHUILFLH
SXHGHGHMDUGHUHVSODQGHFHU(VWRHVQRUPDO/D
XQLGDGVLJXHHQFHQGLGD\FDOLHQWH
6HUHFRPLHQGDHOQLYHOGHHQHUJtDGH´/µ
ODFRQILJXUDFLyQPiVEDMDSDUD´PDQWHQHU
FDOLHQWHµ
127$(VWDHVWXIDFXHQWDFRQXQDFDUDFWHUtVWLFD
GHFDOHQWDPLHQWRUiSLGR6LODHVWXIDHVWiIUtD
FXDQGRVHODHQFLHQGHUHVSODQGHFHUiGXUDQWH
XQSHUtRGRFRUWRKDVWDTXHVHDOFDQFHOD
FRQILJXUDFLyQGHHQHUJtDGHVHDGD
(OQLYHOGHHQHUJtDDXPHQWDGHDPHGLRQLYHO
FRQFDGDWRTXH
8QLGDGGHVXSHUILFLH~QLFD³&RQILJXUDFLRQHVGHFRFFLyQ
3DUDHQFHQGHUXQDXQLGDGGHVXSHUILFLH~QLFD
3UHVLRQHHOERWyQ212))HQFHQGLGR
DSDJDGROXHJRSUHVLRQHHOERWyQ²
8WLOLFHHOERWyQ²SDUDHOHJLU
ODFRQILJXUDFLyQGHHQHUJtDGHVHDGD
3DUDXWLOL]DUODFDUDFWHUtVWLFD´0HOWµGHUUHWLU
3UHVLRQHHOERWyQ212))HQFHQGLGR
DSDJDGROXHJRSUHVLRQH0(/7GHUUHWLU(O
HOHPHQWRDXWRPiWLFDPHQWHTXHGDUiHQXQD
FRQILJXUDFLyQSUHGHWHUPLQDGD\SRGUiYHUVH
´/µ
3DUDXWLOL]DUODFDUDFWHUtVWLFD´6LPPHUµIXHJR
OHQWR
3UHVLRQHHOERWyQ212))HQFHQGLGR
DSDJDGROXHJRSUHVLRQH6,00(5IXHJROHQWR
(OHOHPHQWRDXWRPiWLFDPHQWHTXHGDUiHQXQD
FRQILJXUDFLyQSUHGHWHUPLQDGD\SRGUiYHUVH
´µ$MXVWHXWLOL]DQGRHOERWyQ²SDUDVXELUR
EDMDUHOQLYHOGHIXHJROHQWR
3DUDDSDJDUXQDXQLGDGGHVXSHUILFLH~QLFD
SUHVLRQHHOERWyQ212))HQFHQGLGR
DSDJDGRGHQXHYR
4XHPDGRUGHDQLOORVP~OWLSOHVSXHGHVHUGREOHRWULSOHGHSHQGLHQGRGHOPRGHOR
3UHVLRQHHOERWyQ212))HQFHQGLGR
DSDJDGRSDUDODXQLGDGGHVXSHUILFLH
IURQWDOGHUHFKD
8WLOLFHHOERWyQ²SDUDHOHJLU
ODFRQILJXUDFLyQGHHQHUJtDGHVHDGD
3UHVLRQHHOERWyQ%851(56,=(WDPDxRGH
TXHPDGRUSDUDVHOHFFLRQDUHOWDPDxRGH
TXHPDGRUGHVHDGR
/DOX]XELFDGDDOODGRGHOERWyQ%851(56,=(
WDPDxRGHTXHPDGRULQGLFD
HOWDPDxRGHODXQLGDGGHVXSHUILFLH
3DUDDSDJDU2))ODXQLGDGGHVXSHUILFLH
SUHVLRQHHOERWyQ212))HQFHQGLGRDSDJDGR
9HUODSiJLQDSDUDLQIRUPDFLyQDGLFLRQDO
*($SSOLDQFHVFRP
$'9(57(1&,$
5,(6*2'(,172;,&$&,Ï1$/,0(17$5,$3RUGHEDMRGHORV
ƒ)ƒ&SXHGHSURGXFLUVHFUHFLPLHQWRGHEDFWHULDVHQORVDOLPHQWRV
‡6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1RXWLOLFHFRQILJXUDFLRQHV
GHPDQWHQHUFDOLHQWHSDUDFDOHQWDUDOLPHQWRVIUtRV
‡1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV
1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDVSRU
ORVDOLPHQWRV
&yPRXVDUOD]RQDGHFDOHQWDPLHQWRHQDOJXQRVPRGHORV
WARMING ZONE
SELECT
ON
OFF
/D=21$'(&$/(17$0,(172
VHHQFXHQWUDHQODSDUWHWUDVHUDFHQWUDO
GHODVXSHUILFLHGHYLGULR
3DUDXWLOL]DUOD=21$'(&$/(17$0,(172
3UHVLRQHODWHFOD:$50,1*=21(212))
]RQDGHFDOHQWDPLHQWRHQFHQGLGR
DSDJDGR
3DUDVHOHFFLRQDUODFRQILJXUDFLyQ
GHFRQWUROGHVHDGDSUHVLRQHHOERWyQ
6(/(&7VHOHFFLRQDUXQDYH]SDUD/2
EDMDGRVYHFHVSDUD0('PHGLDRWUHV
YHFHVSDUD+,DOWD
3DUDDSDJDUOD=21$'(&$/(17$0,(172
3UHVLRQHODWHFOD:$50,1*=21(212))
]RQDGHFDOHQWDPLHQWRHQFHQGLGRDSDJDGR
3DUDPHMRUHVUHVXOWDGRVWRGRVORVDOLPHQWRV
GHOD=21$'(&$/(17$0,(172GHEHQ
FXEULUVHFRQXQDWDSDRFRQSDSHOGHDOXPLQLR
6LHPSUHXWLOLFHDJDUUDGHUDVRJXDQWHVGH
FRFLQDFXDQGRTXLWHDOLPHQWRVGHOD=21$
'(&$/(17$0,(172\DTXHORVUHFLSLHQWHV
HVWDUiQFDOLHQWHV
„1RXWLOLFHHQYROWRULRVSOiVWLFRVSDUDFXEULU
DOLPHQWRV(OSOiVWLFRSXHGHGHUUHWLUVHHQOD
VXSHUILFLH\VHUiPX\GLItFLOOLPSLDUOR
„8WLOLFHVyORUHFLSLHQWHVGHFRFLQD
UHFRPHQGDGRVSDUDFRFFLyQVREUHHVWXIDV
&yPRXVDUOD]RQDGHFDOHQWDPLHQWRHQDOJXQRVPRGHORV
/D=21$'(&$/(17$0,(172
VHHQFXHQWUDHQODSDUWHWUDVHUDFHQWUDO
GHODVXSHUILFLHGHYLGULR
3DUDXWLOL]DUOD=21$'(&$/(17$0,(172
3UHVLRQHODWHFOD:$50,1*=21(212))
]RQDGHFDOHQWDPLHQWRHQFHQGLGR
DSDJDGR
3UHVLRQHORVERWRQHV/2EDMD0('
PHGLDR+,DOWDSDUDVHOHFFLRQDUOD
FRQILJXUDFLyQGHFRQWUROGHVHDGD
3UHVLRQHHOERWyQ67$57LQLFLDU
(QODSDQWDOODGHFRQWURODSDUHFHUi
´:$50(5+2721µFDOHQWDGRUHQFHQGLGR
3DUDDSDJDUOD=21$'(&$/(17$0,(172
127$(OERWyQ&/($52))ERUUDUDSDJDGRQR
DSDJDOD=21$'(&$/(17$0,(172
3DUDPHMRUHVUHVXOWDGRVWRGRVORVDOLPHQWRVGH
OD=21$'(&$/(17$0,(172GHEHQFXEULUVH
FRQXQDWDSDRFRQSDSHOGHDOXPLQLR
6LHPSUHXWLOLFHDJDUUDGHUDVRJXDQWHVGH
FRFLQDFXDQGRTXLWHDOLPHQWRVGHOD=21$
'(&$/(17$0,(172\DTXHORVUHFLSLHQWHV
HVWDUiQFDOLHQWHV
„1RXWLOLFHHQYROWRULRVSOiVWLFRVSDUDFXEULU
DOLPHQWRV(OSOiVWLFRSXHGHGHUUHWLUVHHQOD
VXSHUILFLH\VHUiPX\GLItFLOOLPSLDUOR
„8WLOLFHVyORUHFLSLHQWHVGHFRFLQD
UHFRPHQGDGRVSDUDFRFFLyQVREUHHVWXIDV
3UHVLRQHODWHFOD:$50,1*=21(212))
]RQDGHFDOHQWDPLHQWRHQFHQGLGRDSDJDGR
&yPRXVDUODVXQLGDGHVGHVXSHUILFLH³
0RGHORVFRQWURODGRVSRUSHULOODV
$ORODUJRGHHVWHPDQXDOODVFDUDFWHUtVWLFDV\DSDULHQFLDSXHGHQVHUGLIHUHQWHVDODVGHVXPRGHOR
&yPRXWLOL]DUOR
3UHVLRQHODSHULOODKDFLDDGHQWUR\JtUHOD
HQODGLUHFFLyQGHODFRQILJXUDFLyQTXHGHVHH
3DUDVXSHUILFLHVGHHVWXIDGHYLGULR
(Q2))DSDJDGR\+,DOWDHOFRQWURO
VHWUDEDHQVXSRVLFLyQFRQXQ´FOLFµ
8VWHGSXHGHRtUOLJHURVFKDVTXLGRV
GXUDQWHODFRFFLyQTXHLQGLFDQTXH
HOFRQWUROHVWiPDQWHQLHQGRVX
FRQILJXUDFLyQGHVHDGD
$VHJ~UHVHGHJLUDUODSHULOODGHFRQWURO
D2))DSDJDGRFXDQGRWHUPLQHGH
FRFLQDU
/DOX]LQGLFDGRUD+27&22.723HVWXID
FDOLHQWHVREUHODHVWXIDUHVSODQGHFHUi
FXDQGRVHHQFLHQGDFXDOTXLHUHOHPHQWR
UDGLDQWH3HUPDQHFHUiHQFHQGLGDKDVWD
TXHODVXSHUILFLHEDMHODWHPSHUDWXUDKDVWD
DSUR[LPDGDPHQWHƒ)ƒ&
/DOX]LQGLFDGRUD
„6HDFFLRQDUiFXDQGRODXQLGDG
VHHQFLHQGDRHVWpFDOLHQWHDOWDFWR
„4XHGDUiHQFHQGLGDDXQTXHVHKD\D
DSDJDGRODXQLGDG
„5HVSODQGHFHUiKDVWDTXHODXQLGDGEDMHOD
WHPSHUDWXUDKDVWDDSUR[LPDGDPHQWHƒ)
ƒ&
8QLGDGHVGHVXSHUILFLHGREOHV\WULSOHV\SHULOODVGHFRQWUROHQDOJXQRVPRGHORV
/DXQLGDGGHVXSHUILFLHFXHQWDFRQR
WDPDxRVGHFRFFLyQGLIHUHQWHVSDUDSRGHU
DGHFXDUHOWDPDxRGHODXQLGDGDOWDPDxR
GHOUHFLSLHQWHGHFRFFLyQ
(QDOJXQRVPRGHORV
0RGHORVFRQVyORXQDXQLGDGGH
VXSHUILFLHWULSOH
(QDOJXQRVPRGHORV
0RGHORVFRQVyORXQDXQLGDGGH
VXSHUILFLHWULSOH
/LPLWDGRUGHWHPSHUDWXUD
7RGDVODVXQLGDGHVGHVXSHUILFLHUDGLDQWHV
FXHQWDQFRQXQOLPLWDGRUGHWHPSHUDWXUD
(OOLPLWDGRUGHWHPSHUDWXUDHYLWDTXH
ODHVWXIDGHYLGULRVHFDOLHQWHGHPDVLDGR
(VQRUPDOTXHVHHQFLHQGD\DSDJXH
FXDQGRODHVWXIDHVWiHQXVR
(OOLPLWDGRUGHWHPSHUDWXUDSXHGHDSDJDU
ODVXQLGDGHVPiVIUHFXHQWHPHQWHGXUDQWH
XQWLHPSRVL
„(OUHFLSLHQWHKLHUYHHQVHFR
„/DEDVHGHOUHFLSLHQWHQRHVSODQD
„(OUHFLSLHQWHQRHVWiFHQWUDGR
„1RKD\XQUHFLSLHQWHHQODXQLGDG
*($SSOLDQFHVFRP
$ORODUJRGHHVWHPDQXDOODVFDUDFWHUtVWLFDV\DSDULHQFLDSXHGHQVHUGLIHUHQWHVDODVGHVXPRGHOR
0RGHORVFRQXQVRORTXHPDGRUSXHQWH
&yPRXVDUHOTXHPDGRUSXHQWHHQDOJXQRVPRGHORV
3DUDXWLOL]DUHOTXHPDGRUSXHQWHJLUH
ODSHULOODGHFRQWUROIURQWDOL]TXLHUGD
DODVFRQILJXUDFLRQHV%5,'*(%851(5
TXHPDGRUSXHQWH
3DUDXQIXQFLRQDPLHQWRWRWDOGHODXQLGDGGH
VXSHUILFLHSXHQWHWDPELpQHQFLHQGD
ODXQLGDGGHVXSHUILFLHWUDVHUDL]TXLHUGD
3DUDXWLOL]DUVyORODXQLGDGGHVXSHUILFLHIURQWDO
JLUHODSHULOODGHFRQWURODODVFRQILJXUDFLRQHV
)5217%851(5TXHPDGRUIURQWDO
&RQVHMRVSDUDUHDOL]DUFRQVHUYDVHQFDVD
$VHJ~UHVHGHTXHODROODVHHQFXHQWUHFHQWUDGD
VREUHODXQLGDGGHVXSHUILFLH
9HULILTXHTXHODROODWHQJDXQDEDVHSODQD
3DUDHYLWDUTXHPDGXUDVGHYDSRURFDORU
WHQJDFXLGDGRDOUHDOL]DUFRQVHUYDV
8WLOLFHUHFHWDV\SURFHGLPLHQWRVSURYHQLHQWHV
GHIXHQWHVFRQILDEOHV)DEULFDQWHVFRPR%DOOŠ
DQG.HUUŠ\
HO6HUYLFLRGH([WHQVLyQGHO'HSDUWDPHQWRGH
$JULFXOWXUDORVSRQHQDVXDOFDQFH
6HUHFRPLHQGDQROODVSDUDFRQVHUYDV
FRQEDVHVSODQDV(OXVRGHROODVSDUD
FRQVHUYDVFRQEDxRGHPDUtDFRQEDVHV
RQGHDGDVSXHGHSURORQJDUHOWLHPSRUHTXHULGR
SDUDKHUYLUHODJXD
&RFFLyQHQZRN
5HFRPHQGDPRVHOXVRGHZRNVGHEDVHSODQD
VRODPHQWH6HHQFXHQWUDQGLVSRQLEOHVHQVX
QHJRFLRPLQRULVWDORFDO
1RXWLOLFHZRNVFRQEDVHVUHGRQGDV8VWHG
SRGUtDVXIULUJUDYHVTXHPDGXUDVVLHOZRNVH
YXHOFD
1RXVHZRNVFRQDQLOORVGHVRSRUWH
8WLOLFHVyORZRNVGHEDVHSODQD
&yPRXVDUODSODQFKD
35(&$8&,Ï1
3(/,*52'(48(0$'85$6/DVVXSHUILFLHVGHODSODQFKDSXHGHQHVWDUOR
VXILFLHQWHPHQWHFDOLHQWHVFRPRSDUDSURYRFDUTXHPDGXUDVGXUDQWH
\GHVSXpVGHOXVR&RORTXH\TXLWHODSODQFKDFXDQGRHVWpIUtD\WRGDVODV
XQLGDGHVGHVXSHUILFLHHVWpQDSDJDGDV8WLOLFHDJDUUDGHUDVVLWRFD
ODSODQFKDFXDQGRHVWiFDOLHQWH1RKDFHUORSXHGHSURYRFDUTXHPDGXUDV
$QWHVGHXWLOL]DUHVWHUHFLSLHQWHGHFRFFLyQ
SRUSULPHUDYH]OiYHORSDUDDVHJXUDUVHGH
TXHHVWpOLPSLR/XHJRF~UHOROLJHUDPHQWH
IURWDQGRDFHLWHGHFRFFLyQVREUHODVXSHUILFLH
DQWLDGKHUHQWH
&RQWUROGHODSODQFKDHQDOJXQRVPRGHORV
3DUDXWLOL]DUHOFRQWUROGHODSODQFKD
GRIDDLE CONTROL
ON
OFF
3UHVLRQHHOERWyQ212))HQFHQGLGR
DSDJDGRSDUDDFWLYDUODSODQFKD´µ
DSDUHFHUiHQODSDQWDOOD
8WLOLFHHOERWyQ²SDUDHOHJLU
ODFRQILJXUDFLyQGHHQHUJtDGHVHDGD/D
SUHGHWHUPLQDGDHVGH
/DSODQFKDFXHQWDFRQQXHYHQLYHOHVGH
HQHUJtD/RVQLYHOHVGHHQHUJtDYDQGHVGH
DHQDXPHQWRVGH
8QDYH]TXHVHKDVHOHFFLRQDGR
ODFRQILJXUDFLyQGHVHDGDDSDUHFHUi´3U(µ
KDVWDTXHODWHPSHUDWXUDGHVHDGDVH
KD\DDOFDQ]DGR
3DUDDSDJDU2))ODSODQFKDSUHVLRQHHO
ERWyQ212))HQFHQGLGRDSDJDGR
127$8WLOLFHVyORFRQHOFRQWUROGHODSODQFKD
SDUDQRDUUXLQDUHOUHYHVWLPLHQWRDQWLDGKHUHQWH
/DPD\RUtDGHORVDOLPHQWRVSDUDSODQFKD
UHTXLHUHQXQDFRFFLyQVREUHXQDVXSHUILFLH
SUHFDOHQWDGD3UHFDOLHQWHODSODQFKD
GHDFXHUGRFRQODVLJXLHQWHJXtDOXHJRFDPELH
DODFRQILJXUDFLyQGHFRFFLyQGHVHDGD
7LSRGH
DOLPHQWR
3DQTXHTXHV
+DPEXUJXHVDV
+XHYRVIULWRV
7RFLQR
6iQGZLFKHV
FDOLHQWHV
FRPRTXHVR
DVDGR
&RQILJXUDFLyQGH &RQILJXUDFLyQ
SUHFDOHQWDPLHQWR GHFRFFLyQ
ƒ)ƒ&
ƒ)ƒ&
1LQJXQD
127$4XL]iVGHEDQDMXVWDUVHODVFRQILJXUDFLRQHV
GHODSODQFKDVLpVWDVHXWLOL]DGXUDQWHXQSHUtRGR
SURORQJDGR/DFRQILJXUDFLyQHVXQDWHPSHUDWXUD
GHFRFFLyQDSUR[LPDGD\YDUtDFRQODFDQWLGDG
GHDOLPHQWRV
&yPRFRORFDUODSODQFKD
,03257$17(6LHPSUHFRORTXH\XWLOLFH
ODSODQFKDHQODXELFDFLyQGHVLJQDGDVREUHOD
HVWXID
127$6,03257$17(6
„/LPSLHODSODQFKDFRQXQDHVSRQMD\
GHWHUJHQWHVXDYHHQDJXDWLELD12XWLOLFH
HVSRQMLOODVGHIUHJDUD]XOHVRYHUGHVRODQDGH
DFHUR
„1RFRFLQHDOLPHQWRVH[WUHPDGDPHQWH
JUDVRVRV\WHQJDFXLGDGRFRQORVGHUUDPHV
GHJUDVDPLHQWUDVFRFLQD
„1XQFDFRORTXHRDOPDFHQHHOHPHQWRVVREUH
ODSODQFKDD~QFXDQGRQRHVWpHQXVR/D
SODQFKDSXHGHFDOHQWDUVHFXDQGRVHXWLOL]DQ
ODVXQLGDGHVGHVXSHUILFLHFHUFDQDV
„1RXVHXWHQVLOLRVPHWiOLFRVFRQSXQWDV
DILODGDVRERUGHViVSHURVSRUTXHSXHGHQ
GDxDUODSODQFKD1RFRUWHDOLPHQWRVVREUHOD
SODQFKD
„1RXVHUHFLSLHQWHVGHFRFFLyQSDUDHO
DOPDFHQDPLHQWRGHDOLPHQWRVRDFHLWH
3XHGHQSURYRFDUVHPDQFKDV\RJULHWDV
SHUPDQHQWHV
127$(OUHYHVWLPLHQWRDQWLDGKHUHQWH
VHGHJUDGDUiVLORH[SRQHDWHPSHUDWXUDV
VXSHULRUHVDƒ)ƒ&8WLOtFHORVyORFRQ
HOFRQWUROGHODSODQFKD\VyORHQODXELFDFLyQ
GHVLJQDGDVREUHODHVWXID1RXWLOLFHODSODQFKD
SDUDDVDUDOLPHQWRVHQHOKRUQR1ROLPSLH
ODSODQFKDXWLOL]DQGRHOPRGRDXWROLPSLDQWH
HQHOKRUQR(OFRQWUROGHODSODQFKDHYLWD
HOVREUHFDOHQWDPLHQWRGHOUHYHVWLPLHQWR
DQWLDGKHUHQWH$WHPSHUDWXUDVVXSHULRUHVD
ƒ)ƒ&ODVSURSLHGDGHVDQWLDGKHUHQWHV
VHGHJUDGDQHQIRUPDSHUPDQHQWH\SXHGHQ
SURGXFLUKXPRVGDxLQRVSDUDODVDYHV
127$/DSODQFKDLUiSHUGLHQGRHOFRORUFRQ
HOWLHPSRGHELGRDOXVR
127$1ROLPSLHODSODQFKDHQHOKRUQRDXWR
OLPSLDQWH
127$6LHPSUHHVSHUHDTXHHOUHFLSLHQWH
GHFRFFLyQVHHQIUtHDQWHVGHVXPHUJLUOR
HQDJXD
*($SSOLDQFHVFRP
&yPRSUHSDUDUXQILOHWHGHFDOLGDG
WDQIiFLOFRPR
/OHYHHOILOHWHDWHPSHUDWXUDDPELHQWH
127$6LHPSUHXWLOLFHSUiFWLFDVVHJXUDVHQHOPDQHMRGHODFDUQH
&RQGLPHQWHDPERVODGRVDVXJXVWR\UHFXEUDFRQDFHLWHGHROLYDRVLPLODU
3UHSDUH
3UHFDOLHQWHHOKRUQRHQ%$.(KRUQHDUDƒƒ)FRQODEDQGHMDGHOKRUQRHQODSRVLFLyQ
FHQWUDO´&µ
&RORTXHODSODQFKDHQHOiUHDGHVLJQDGDGHODHVWXID\OXHJRSUHFDOLHQWHODSODQFKD
Dƒ)ƒ&
35(&$8&,Ï1/DSODQFKDHVWDUi08<&$/,(17(8WLOLFHDJDUUDGHUDV
6HOOHHOILOHWHGHFDGDODGRGXUDQWHPLQXWRVRKDVWDDOFDQ]DUHOGRUDGRGHVHDGR
127$6HSURGXFLUi´KXPRµDVHJ~UHVHGHTXHKD\DXQDYHQWLODFLyQDGHFXDGD
&RFLQH
,QWURGX]FDODVRQGDGHFDUQHSURYLVWDFRQVXFRFLQDGHQWURGHOFHQWURGHOILOHWHYHULILFDQGRTXHOD
SXQWDGHODVRQGDVHHQFXHQWUHHQHOFHQWURGHOILOHWH
,QWURGX]FDODVRQGDHQODERFDGHVDOLGDXELFDGDHQHOODGRIURQWDOVXSHULRUGHOKRUQR
GHVOLFHODEDQGHMDGHQWURGHOKRUQR\FLHUUDODSXHUWD
3UHVLRQH352%(VRQGDHQVXFRQWUROLQJUHVHODWHPSHUDWXUDLQWHUQDGHVHDGD\SUHVLRQH67$57
LQLFLDU
'LVIUXWH
'HMHTXHHOILOHWHWHUPLQHGHFRFLQDUVHHQHOKRUQR(OFRQWUROGHODFRFLQDHPLWLUiXQSLWLGR
\VHDSDJDUiFXDQGRHOILOHWHDOFDQFHODWHPSHUDWXUDLQWHUQDGHVHDGD
127$6
„'HVSXpVGHOVHOODGRVXILOHWHSXHGHKDOODUVHHQODWHPSHUDWXUDGHVHDGDGHSHQGLHQGR
GHOWDPDxRFRUWH\JUDGRGHFRFFLyQGHVHDGR
„3DUDILOHWHVPiVILQRVSXHGHQRVHUSRVLEOHDOFDQ]DUORVJUDGRVGHFRFFLyQMXJRVRRSRFRFRFLGR
$OUHDOL]DUHOVHOODGRGHVXFDUQHFRQXQFDORUPX\DOWRVHHVWiFUHDQGRXQDUHDFFLyQFRQRFLGDFRPR
OD5HDFFLyQ0DLOODUG(VWDUHDFFLyQEORTXHDHOVDERUPiVSURQXQFLDGRHLQWHQVRGHODFDUQHTXHRFXUUHFXDQGRVH
FRFLQDFDUQHDXQDWHPSHUDWXUDHOHYDGD
&yPRXVDUORVFRQWUROHVGHOKRUQR
$ORODUJRGHHVWHPDQXDOODVFDUDFWHUtVWLFDV\DSDULHQFLDSXHGHQVHUGLIHUHQWHVDODVGHVXPRGHOR
%XVTXHHOSDQHOGHFRQWUROTXHFRUUHVSRQGHDVXPRGHOR
%RWyQ%52,/+,/2DVDUDOWREDMR
%RWyQ3,==$
3UHVLRQHHOERWyQ%52,/+,/2DVDUDOWREDMRXQDYH]SDUD
+,%URLODVDUDOWR
3DUDFDPELDUD/2%URLODVDUEDMRSUHVLRQHHOERWyQ%52,/+,/2
DVDUDOWREDMRGHQXHYR
3UHVLRQHHOERWyQ67$57LQLFLDU
&XDQGRKD\DILQDOL]DGRGHDVDUSUHVLRQHHOERWyQ&/($52))
ERUUDUDSDJDGR
3UHVLRQHODDOPRKDGLOOD3,==$
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUDVHOHFFLRQDU
SDUDSL]]DFRQJHODGD\SDUDSL]]DIUHVFD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDU
ODWHPSHUDWXUDGHKRUQHDGR
3UHVLRQHHOERWyQ67$57LQLFLDU
(OWLHPSRGHKRUQHDGRHVWiGHWHUPLQDGRSRU
ODVLQVWUXFFLRQHVGHOSDTXHWH
%RWyQ%$.(KRUQHDU
3UHVLRQHHOERWyQ%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDU
ODWHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
&XDQGRKD\DILQDOL]DGRGHKRUQHDUSUHVLRQHHOERWyQ&/($52))
ERUUDUDSDJDGR
%RWyQ&219(&7,21&22.FRFFLyQSRUFRQYHFFLyQ
3UHVLRQHHOERWyQ&219(&7,21&22.FRFFLyQSRUFRQYHFFLyQ
&219(&7,21%$.(KRUQHDGRSRUFRQYHFFLyQ
R&219(&7,2152$67URVWL]DGRSRUFRQYHFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDU
ODWHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
&XDQGRKD\DILQDOL]DGRODFRFFLyQSUHVLRQHHOERWyQ&/($52))
ERUUDUDSDJDGR
&RORTXHODSL]]DHQODSRVLFLyQGHEDQGHMDVXSHULRU
GHOKRUQRVXSHULRU&XDQGRXWLOLFHXQUHFLSLHQWHGHPHWDO
XWLOLFHODSRVLFLyQGHEDQGHMDLQIHULRU
%RWyQ3522)OHXGDU
3UHVLRQHSDUDOHYDUSURGXFWRVFRQOHYDGXUD
9HUODVHFFLyQ&yPRFRQILJXUDUHOKRUQRSDUDOHXGDU
%RWyQ:$50FDOHQWDU
3UHVLRQHSDUDPDQWHQHUFDOLHQWHVORVDOLPHQWRVFRFLQDGRV
9HUODVHFFLyQ&yPRFRQILJXUDUHOKRUQRVXSHULRUSDUDPDQWHQHU
FDOLHQWH
%RWyQ6/2:&22.FRFFLyQOHQWD
3UHVLRQHSDUDREWHQHUYDULDVKRUDVGHFRFFLyQVLQDWHQFLyQ
9HUODVHFFLyQ&yPRFRQILJXUDUHOKRUQRLQIHULRUSDUD
FRFFLyQOHQWD
%RWyQ352%(VRQGD
3UHVLRQHFXDQGRXWLOLFHODVRQGDSDUDFRFLQDU
9HUODVHFFLyQ&yPRXVDUODVRQGD
*($SSOLDQFHVFRP
%RWyQ6(/)&/($1DXWROLPSLH]D
%RWyQ&21752//2&.287EORTXHRGHFRQWURO
3UHVLRQHSDUDODDXWROLPSLH]DGHOKRUQR
9HUODVHFFLyQ&yPRXVDUORVKRUQRVDXWROLPSLDQWHVVXSHULRU
HLQIHULRU
6XFRQWUROOHSHUPLWLUiEORTXHDUORVERWRQHVGHWRTXH
\ODHVWXIDSDUDTXHQRSXHGDQDFWLYDUVHDOSUHVLRQDUODV
3DUDEORTXHDUORVFRQWUROHV\ODHVWXID
3UHVLRQH\VRVWHQJDHOERWyQ&21752//2&.287EORTXHR
GHFRQWUROGXUDQWHVHJXQGRV
(QODSDQWDOODGHOKRUQRSRGUiYHUVH´RQ/RFRQµ
EORTXHRDFWLYDGR
3DUDGHVEORTXHDUORVFRQWUROHV
3UHVLRQH\VRVWHQJDHOERWyQ&21752//2&.287EORTXHR
GHFRQWUROGXUDQWHVHJXQGRV
(OPRGR&21752//2&.287EORTXHRGHFRQWURODIHFWDWRGRVORV
ERWRQHVGHWRTXH&XDQGRHVWDFDUDFWHUtVWLFDHVWiDFWLYDGDQR
IXQFLRQDUiQLQJ~QERWyQGHWRTXH
%RWyQ&/($52))ERUUDUDSDJDU
3UHVLRQHSDUDFDQFHODU72'$6ODVRSHUDFLRQHVGHOKRUQR
FRQH[FHSFLyQGHOUHORM\HOWHPSRUL]DGRU
%RWyQ67$57LQLFLDU
'HEHSUHVLRQDUVHSDUDLQLFLDUFXDOTXLHUIXQFLyQGHFRFFLyQ
RGHOLPSLH]D
%RWyQ29(1/,*+7OX]GHOKRUQR
7RTXHHVWHERWyQSDUDDSDJDURHQFHQGHUODVOXFHVGHOKRUQR
%RWRQHV7,0(5212))WHPSRUL]DGRUHQFHQGLGR
DSDJDGR%RWyQ.,7&+(17,0(5WHPSRUL]DGRUGHOD
FRFLQD
3UHVLRQHSDUDFRQILJXUDUHOWHPSRUL]DGRUGHODFRFLQD
9HUODVHFFLyQ&yPRXVDUHOWHPSRUL]DGRUGHODFRFLQD
%RWyQ&22.7,0(&22.,1*7,0(WLHPSRGHFRFFLyQ
3UHVLRQHHVWHERWyQ\OXHJRSUHVLRQHODVDOPRKDGLOODVQXPpULFDV
SDUDFRQILJXUDUHOWLHPSRGHFRFFLyQTXHGHVHDSDUDVXV
DOLPHQWRV(OKRUQRVHDSDJDUiFXDQGRVHKD\DWHUPLQDGRHO
WLHPSRGHFRFFLyQ
%RWyQ'(/$<67$57LQLFLRUHWDUGDGR
8WLOtFHORMXQWRDORVERWRQHV&22.7,0(WLHPSRGHFRFFLyQ
R6(/)&/($1DXWROLPSLH]DSDUDFRQILJXUDUHOLQLFLR\DSDJDGR
DXWRPiWLFRGHOKRUQRHQHOWLHPSRHVWDEOHFLGR
%RWyQ&/2&.UHORM
127$&XDQGRFRQILJXUHORVWLHPSRVVHFRQILJXUDQVyOR
ODVKRUDV\ORVPLQXWRV/DPHQRUFDQWLGDGGHWLHPSRTXH
VHSXHGHFRQILJXUDUHVXQPLQXWR
3UHVLRQHHOERWyQ&/2&.UHORM
3UHVLRQHODVDOPRKDGLOODVQXPpULFDV
3UHVLRQHHOERWyQ67$57LQLFLDU
(OUHORMGHEHHVWDUFRQILJXUDGRHQODKRUDFRUUHFWDSDUDTXH
ODVIXQFLRQHVFRQWHPSRUL]DGRUGHOKRUQRIXQFLRQHQ
DGHFXDGDPHQWH/DKRUDQRSXHGHPRGLILFDUVHGXUDQWH
ORVFLFORVGHKRUQHDGRFRQWHPSRUL]DGRURGHDXWROLPSLH]D
:$50,1*'5$:(5FDMyQGHFDOHQWDPLHQWR
(OFDMyQFDOHQWDGRUPDQWHQGUiDOLPHQWRVFDOLHQWHV\FRFLGRV
DXQDWHPSHUDWXUDGHVHUYLFLR6LHPSUHHPSLHFHFRQDOLPHQWRV
FDOLHQWHV
3UHVLRQHHOERWyQ:$50,1*'5$:(5FDMyQFDOHQWDGRU
´:$50(521µFDOLHQWHHQFHQGLGR\´µVHHQFLHQGHQHQ
ODSDQWDOOD\´6HWµFRQILJXUDFLyQFRPLHQ]DDGHVWHOODU(QODV
DOPRKDGLOODVQXPpULFDVSUHVLRQHSDUD%DMRSDUD0HGLR
RSDUD$OWR/DSDQWDOOD´µFDPELDGHDFXHUGRFRQ
ODDOPRKDGLOODQXPpULFDVHOHFFLRQDGD(OFDMyQFDOHQWDGRU
VHLQLFLDDXWRPiWLFDPHQWHGHVSXpVGHSUHVLRQDUR
´:$50(521µFDOLHQWHHQFHQGLGR\HOQ~PHURSHUPDQHFHQ
HQFHQGLGRV´6HWµFRQILJXUDFLyQGHMDGHGHVWHOODU(QDOJXQRV
PRGHORVSUHVLRQH67$57LQLFLDU
(QDOJXQRVPRGHORV²DOWHUQHHQWUHFRQILJXUDFLRQHVSUHVLRQDQGR
HOERWyQ:$50,1*'5$:(5FDMyQFDOHQWDGRU
3DUDFDQFHODUSUHVLRQHHOERWyQ:$50,1*'5$:(5FDMyQ
FDOHQWDGRU
127$3UHVLRQDUHOERWyQ&/($52))ERUUDUDSDJDGR
QRDSDJDHOFDMyQFDOHQWDGRU
=21$'(&$/(17$0,(172
3UHVLRQHSDUDPDQWHQHUFDOLHQWHVORVDOLPHQWRVFRFLQDGRV9HUOD
VHFFLyQ&yPRXVDUOD]RQDGHFDOHQWDPLHQWR
6LVXKRUQRIXHFRQILJXUDGRSDUDXQDRSHUDFLyQGHKRUQR
WHPSRUL]DGD\RFXUULyXQFRUWHGHHQHUJtDHOpFWULFDHOUHORM\WRGDV
ODVIXQFLRQHVSURJUDPDGDVGHEHUiQUHFRQILJXUDUVH
/DKRUDGHVWHOODUiHQODSDQWDOODFXDQGRKD\DRFXUULGR
XQFRUWHGHHQHUJtD
&yPRXVDUHOKRUQR
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHODVEDQGHMDVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR
$QWHVGHFRPHQ]DU«
/DVEDQGHMDVWLHQHQWRSHVGHPRGRTXH
FXDQGRVHODVFRORFDFRUUHFWDPHQWHHQORV
VRSRUWHVVHGHWHQGUiQDQWHVGHVDOLUVHGHOWRGR
\QRVHYROFDUiQ
&XDQGRFRORTXHRTXLWHUHFLSLHQWHVGHFRFFLyQ
WLUHGHODEDQGHMDKDVWDTXHVHGHWHQJD
(QDOJXQRVPRGHORVHOHOHPHQWRFDOHQWDGRU
SDUDKRUQHDGRVHHQFXHQWUDGHEDMRGHOSLVR
GHOKRUQR1RFRORTXHDOLPHQWRVHQHOSLVRGHO
KRUQR
/DFDQWLGDGGHSRVLFLRQHVGHOD
EDQGHMDSXHGHYDULDUHQUHODFLyQ
DOPRGHOR
3DUDTXLWDUXQDEDQGHMDWLUHGHHOODLQFOLQHHO
H[WUHPRIURQWDOKDFLDDUULED\ViTXHOD
3DUDYROYHUDFRORFDUODGHSRVLWHHOH[WUHPR
GHODEDQGHMDWRSHVGHGHWHQFLyQVREUHHO
VRSRUWHLQFOLQHHOIUHQWHKDFLDDUULED\SUHVLRQH
ODEDQGHMDKDFLDDGHQWUR
35(&$8&,Ï1
&XDQGRXWLOLFHODEDQGHMDHQODSRVLFLyQPiV
EDMD$QHFHVLWDUiWHQHUFXLGDGRFXDQGROD
TXLWH5HFRPHQGDPRVTXHGHVOLFHODEDQGHMD
YDULDVSXOJDGDV\OXHJRXWLOL]DQGRGRV
DJDUUDGHUDVODTXLWHVRVWHQLHQGRGHDPERV
ODGRV/DEDQGHMDVHHQFXHQWUDPX\DEDMR\
XVWHGSXHGHTXHPDUVHVLFRORFDODPDQRHQOD
PLWDGGHODEDQGHMD\WLUDKDFLDDIXHUD7HQJD
PXFKRFXLGDGRGHQRTXHPDUVHODPDQRFRQOD
SXHUWDFXDQGRXWLOLFHODEDQGHMDHQODSRVLFLyQ
PiVEDMD$
3DSHOGHDOXPLQLR
1RXVHSDSHOGHDOXPLQLRSDUDFXEULUHOIRQGR
GHOKRUQR(ODOXPLQLRDWUDSDUiHOFDORUHQOD
SDUWHLQIHULRU\DOWHUDUiHOIXQFLRQDPLHQWRGHO
KRUQR(ODOXPLQLRVHSXHGHGHUUHWLU\GDxDU
GHIRUPDSHUPDQHQWHHOIRQGRGHOKRUQR
&XDOTXLHUGDxRSRUXVRLQDGHFXDGRGHO
DOXPLQLRQRHVWDUiFXELHUWRSRUODJDUDQWtDGHO
SURGXFWR
(ODOXPLQLRVHSXHGHXVDUSDUDUHWHQHU
GHUUDPHVFRORFDQGRXQDKRMDHQHOHVWDQWH
LQIHULRUYDULDVSXOJDGDVSRUGHEDMRGHOD
FRPLGD1RXVHPiVDOXPLQLRTXHHOQHFHVDULR
\QXQFDFXEUDWRWDOPHQWHXQHVWDQWHGHO
KRUQRFRQSDSHOGHDOXPLQLR0DQWHQJDHO
DOXPLQLRSRUORPHQRVDXQDSXOJDGD\PHGLD
GHODVSDUHGHVGHOKRUQRSDUDHYLWDUXQDPDOD
FLUFXODFLyQGHOFDORU
*($SSOLDQFHVFRP
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHODVEDQGHMDVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR
3UHFDOHQWDPLHQWR\FRORFDFLyQGHUHFLSLHQWH
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHODV
EDQGHMDVHQODSRVLFLyQGHVHDGDDQWHVGH
HQFHQGHUHOKRUQR
1RFRORTXHDOLPHQWRVGLUHFWDPHQWH
VREUHHOSLVRGHOKRUQR
3UHFDOLHQWHGHOKRUQRVLDVtORLQGLFDODUHFHWD
(OSUHFDOHQWDPLHQWRHVQHFHVDULRSDUDREWHQHU
EXHQRVUHVXOWDGRVFXDQGRKRUQHHSDVWHOHVJDOOHWDV
SDVWHOLWRV\SDQHV
6LYDDKRUQHDUFXDWURFDSDVGHSDVWHODOPLVPR
WLHPSRFRORTXHGRVFDSDVHQODEDQGHMD&\GRV
FDSDVHQODEDQGHMD('LVWULEX\DORVUHFLSLHQWHV
GHPRGRTXHQRTXHGHQGLUHFWDPHQWHXQR
HQFLPDGHORWUR
/RVUHVXOWDGRVGHKRUQHDGRVHUiQPHMRUHVVL
ORVDOLPHQWRVVHFHQWUDQELHQGHQWURGHOKRUQR
(OSDVWHO´$QJHOIRRGµHVODH[FHSFLyQ\GHEH
FRORFDUVHHQODEDQGHMDLQIHULRUGHOKRUQRSRVLFLyQ
$6LJDODVLQVWUXFFLRQHVGHOSDTXHWHGHDOLPHQWRV
SUHHPSDTXHWDGRVRFRQJHODGRVSDUDODXELFDFLyQ
GHORVUHFLSLHQWHV/RVUHFLSLHQWHVQRGHEHQWRFDUVH
HQWUHVtRWRFDUODVSDUHGHVGHOKRUQR6LQHFHVLWD
XWLOL]DUGRVEDQGHMDVGLVWULEX\DORVUHFLSLHQWHVGH
PRGRTXHQRTXHGHQGLUHFWDPHQWHXQRHQFLPD
GHORWUR'HMHDSUR[LPDGDPHQWHøsFPHQWUH
UHFLSLHQWHV\GHVGHHOIUHQWHSDUWHWUDVHUD\ODGRVGH
ODVSDUHGHVGHOKRUQR
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRRURVWL]DGR
3UHVLRQHHOERWyQ%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVKDVWDTXH
DSDUH]FDODWHPSHUDWXUDGHVHDGD
3UHVLRQHHOERWyQ67$57LQLFLDU
(OKRUQRVHLQLFLDUiDXWRPiWLFDPHQWH/DSDQWDOOD
PRVWUDUi3U(PLHQWUDVUHDOL]DHOSUHFDOHQWDPLHQWR
&XDQGRHOKRUQRDOFDQ]DODWHPSHUDWXUD
VHOHFFLRQDGDHOFRQWUROGHOKRUQRHPLWLUiYDULRV
SLWLGRV\ODSDQWDOODPRVWUDUiODWHPSHUDWXUDGHO
KRUQR
127$ 8VWHGHVFXFKDUiHOYHQWLODGRU
GHFRQYHFFLyQHQDOJXQRVPRGHORVPLHQWUDV
HOKRUQRUHDOL]DHOSUHFDOHQWDPLHQWR
(OYHQWLODGRUVHGHWHQGUiFXDQGRHOKRUQRVH
KD\DSUHFDOHQWDGR\ODSDQWDOODPRVWUDUiOD
WHPSHUDWXUDFRQILJXUDGD(VWRHVQRUPDO
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRGXUDQWHHO
FLFOR%$.(KRUQHDUSUHVLRQHHOERWyQ%$.(
\OXHJRODVDOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDU
ODQXHYDWHPSHUDWXUD
9HULILTXHHOQLYHOGHFRFFLyQGHORVDOLPHQWRV
FXDQGRKD\DDOFDQ]DGRHOWLHPSRPtQLPR
LQGLFDGRHQODUHFHWD&RFtQHORVPiVVLIXHVH
QHFHVDULR
3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR
FXDQGRVHKD\DILQDOL]DGRHOKRUQHDGR\OXHJR
TXLWHORVDOLPHQWRVGHOKRUQR
&yPRXVDUHOKRUQR
&yPRFRQILJXUDUHOKRUQRSDUDDVDU
6LVXFRFLQDHVWiFRQHFWDGDDYROWLRV
SXHGHQDVDUVHILOHWHVMXJRVRVSUHFDOHQWDQGRHO
DVDGRU\FRORFDQGRODEDQGHMDGHOKRUQRHQ
XQDSRVLFLyQPiVHOHYDGD
8WLOLFH/2%URLODVDUEDMRSDUDFRFLQDUSRU
FRPSOHWRDOLPHQWRVFRPRDYHVRFRUWHV
JUXHVRVGHFDUQHVLQGRUDUORVGHPiV
'HMHODSXHUWDDELHUWDHQODSRVLFLyQ
GHGHWHQFLyQGHDVDGR/DSXHUWD
TXHGDDELHUWD\D~QDVtVH
PDQWLHQHODWHPSHUDWXUDDGHFXDGD
HQHOKRUQR
&RORTXHODFDUQHRSHVFDGRVREUHXQD
DVDGHUDGHQWURGHXQDUHMLOODGLVHxDGD
SDUDDVDU
3UHVLRQHHOERWyQ%52,/+,/2DVDUDOWR
EDMRXQDYH]SDUDFRQILJXUDU+,%URLO
DVDUDOWR
3DUDFDPELDUD/2%URLODVDUEDMR
SUHVLRQHHOERWyQ%52,/+,/2DVDUDOWR
EDMRGHQXHYR
3UHVLRQHHOERWyQ67$57LQLFLDU
&XDQGRKD\DILQDOL]DGRGHDVDUSUHVLRQH
HOERWyQ&/($52))ERUUDUDSDJDGR
6LJDODVSRVLFLRQHVGHODVEDQGHMDV
VXJHULGDVHQOD*XtDGHDVDGR
*XtDGHDVDGR
(OWDPDxRSHVRJURVRU
WHPSHUDWXUDLQLFLDO\
HOSXQWRGHFRFFLyQSUHIHULGR
DIHFWDUiQORVWLHPSRV
GHDVDGR(VWDJXtDHVWi
EDVDGDHQFDUQHVD
WHPSHUDWXUDGHUHIULJHUDGRU
‚(O0LQLVWHULRGH$JULFXOWXUDGH
ORV((88DILUPD´ODFDUQHGH
UHVMXJRVDHVSRSXODUSHURGHEH
VDEHUVHTXHDOFRFLQDUODDVyOR
ƒ)ƒ&DOJXQRVRUJDQLVPRV
TXHSURYRFDQLQWR[LFDFLyQ
DOLPHQWDULDSXHGHQVREUHYLYLUµ
)XHQWH6DIH)RRG%RRN<RXU
.LWFKHQ*XLGH86'$5HY
-XQLR
$OLPHQWR
&DUQHGHUHV
1LYHOGH
FRFFLyQ
7LSRRJURVRU
3RVLFLyQGHOD
EDQGHMD
-XJRVD
ƒ)ƒ&
)LOHWHV²*URVRUGH
sFP
(R)ORVDOLPHQWRV
GHEHQHVWDUsDs
>FPDFP@GHO
HOHPHQWRGHDVDGR
$SXQWR
ƒ)ƒ&
)LOHWHVsDs
FPDFPGH
JURVRUHOHPHQWRGH
DVDGR
(ORVDOLPHQWRV
GHEHQHVWDUGHs
Ds>FPD
FP@GHO
%LHQFRFLGD
ƒ)ƒ&
)LOHWHV²sDs 'R(ORVDOLPHQWRV
FPDFPGH
GHEHQHVWDUGHs
JURVRURSDWWLHVGH Ds>FPD
FDUQHSLFDGD
FP@GHOHOHPHQWRGH
DVDGR
3ROOR
)LOHWHVGH
SHVFDGR
&KXOHWDVGH
FHUGR
%LHQFRFLGD
ƒ)ƒ&
&RPHQWDULRV
(VGLItFLOFRFLQDUILOHWHVGHPHQRVGH
ODsFPGHJURVRU\TXHTXHGHQ
MXJRVRV6HFRFLQDQSRUFRPSOHWR
DQWHVGHGRUDUVH
3DUDHYLWDUTXHODFDUQDVH
HQURVTXHFRUWHODJUDVDDLQWHUYDORV
GHsFP
3HFKXJDVLQKXHVR
&ORVDOLPHQWRV
GHEHHVWDUGHsD
s>FPD
FP@GHOHOHPHQWRGH
DVDGR
$VDUVREUHHOODGRGHODSLHOSULPHUR
3HFKXJDFRQ
KXHVR
&ORVDOLPHQWRV
GHEHQHVWDUGHs
Ds>FPD
FP@GHOHOHPHQWRGH
DVDGR
sDsFPD
FPGHJURVRU
'R(ORVDOLPHQWRV
GHEHQHVWDUsDs
>FPDFP@
GHOHOHPHQWRGH
DVDGR
0DQLSXOH\JLUHFRQPXFKRFXLGDGR
sFPGH
JURVRU
'ORVDOLPHQWRV
GHEHQHVWDUGHsD
s>FPD
FP@GHOHOHPHQWRGH
DVDGR
3DUDHYLWDUTXHODFDUQDVHHQURVTXH
FRUWHODJUDVDDLQWHUYDORVGHs
FP
8WLOLFHODSRVLFLyQGHEDQGHMD$SDUDHOKRUQRPiVSHTXHxRFRQSRVLFLyQGHEDQGHMDV
&yPRXWLOL]DUODVFDUDFWHUtVWLFDVGHKRUQHDGR
\URVWL]DGRFRQWHPSRUL]DGRUHQDOJXQRVPRGHORV
*($SSOLDQFHVFRP
127$/RVDOLPHQWRVTXHVHHFKDQDSHUGHUFRQIDFLOLGDG³FRPROHFKHKXHYRVSHVFDGRUHOOHQRVFDUQHGHDYH\FHUGR³QRGHEHQ
GHMDUVHUHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHSURPXHYHHOFUHFLPLHQWRGHEDFWHULDV
GDxLQDV9HULILTXHTXHODOX]GHOKRUQRHVWpDSDJDGDSRUTXHHOFDORUSURYHQLHQWHGHODERPELOODSXHGHDFHOHUDU
HOFUHFLPLHQWRGHEDFWHULDV
&yPRFRQILJXUDUXQLQLFLRLQPHGLDWR\XQDSDJDGRDXWRPiWLFR
(OKRUQRVHHQFLHQGHLQPHGLDWDPHQWH
\FRFLQDORVDOLPHQWRVGXUDQWHXQSHUtRGRGH
WLHPSRVHOHFFLRQDGR$OILQDOL]DUHOWLHPSRGH
FRFFLyQHOKRUQRVHDSDJDDXWRPiWLFDPHQWH
3UHVLRQHHOERWyQ%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGDGHO
KRUQR
3UHVLRQHHOERWyQ&22.7,0(WLHPSRGH
FRFFLyQ
127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR
SXHGHQHFHVLWDUDJUHJDUWLHPSRDGLFLRQDO
DOWLHPSRGHFRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
(OWLHPSRGHFRFFLyQPtQLPRTXHXVWHG
SXHGHFRQILJXUDUHVPLQXWR
/DWHPSHUDWXUDGHOKRUQRTXHKD
FRQILJXUDGR\HOWLHPSRGHFRFFLyQ
LQJUHVDGRDSDUHFHUiQHQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDU
127$6RQDUiXQWRQRGHDWHQFLyQVLXVWHGHVWi
XWLOL]DQGRKRUQHDGRFRQWHPSRUL]DGRU\QR
SUHVLRQDHOERWyQ67$57LQLFLDU
(OKRUQRVHHQFHQGHUi21\ODSDQWDOOD
PRVWUDUiODFXHQWDUHJUHVLYDGHOWLHPSR
GHFRFFLyQ\HOFDPELRGHWHPSHUDWXUD
TXHFRPLHQ]DHQƒ)ƒ&/DSDQWDOODGH
WHPSHUDWXUDFRPHQ]DUiDFDPELDUFXDQGR
ODWHPSHUDWXUDGHOKRUQROOHJXHDORVƒ)
>ƒ&@&XDQGRHOKRUQRDOFDQ]DODWHPSHUDWXUD
FRQILJXUDGDVRQDUiQSLWLGRV
(OKRUQRFRQWLQXDUiFRFLQDQGRSRUHOWLHPSR
SURJUDPDGROXHJRVHDSDJDUiGHPDQHUD
DXWRPiWLFDDPHQRVTXHVHFRQILJXUHOD
FDUDFWHUtVWLFD:$50FDOHQWDU9HUODVHFFLyQ
&yPRFRQILJXUDUHOKRUQRVXSHULRUSDUD
PDQWHQHUFDOLHQWH
6LIXHUDQHFHVDULRSUHVLRQHHOERWyQ
&/($52))ERUUDUDSDJDGRSDUDERUUDU
ODSDQWDOOD4XLWHORVDOLPHQWRVGHOKRUQR
5HFXHUGHDXQTXHHOKRUQRVHDSDJD
DXWRPiWLFDPHQWHORVDOLPHQWRVTXHVH
GHMHQHQHOKRUQRVHJXLUiQFRFLQiQGRVH
GHVSXpVGHDSDJDGRHOPLVPR
&yPRFRQILJXUDUXQLQLFLRUHWDUGDGR\XQDSDJDGRDXWRPiWLFR
(OKRUQRVHHQFHQGHUiHQHOKRUDULRTXHXVWHG
KD\DFRQILJXUDGRFRFLQDUiDOLPHQWRVGXUDQWH
XQSHUtRGRGHWLHPSRHVSHFtILFR\OXHJRVH
DSDJDUiDXWRPiWLFDPHQWH
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUD
FRUUHFWD
3UHVLRQHHOERWyQ%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGDGHO
KRUQR
3UHVLRQHHOERWyQ&22.7,0(WLHPSRGH
FRFFLyQ
127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR
SXHGHQHFHVLWDUDJUHJDUWLHPSRDGLFLRQDO
DOWLHPSRGHFRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
(OWLHPSRGHFRFFLyQPtQLPRTXHXVWHG
SXHGHFRQILJXUDUHVPLQXWR
/DWHPSHUDWXUDGHOKRUQRTXHKD
FRQILJXUDGR\HOWLHPSRGHFRFFLyQ
LQJUHVDGRDSDUHFHUiQHQODSDQWDOOD
3UHVLRQHHOERWyQ'(/$<67$57LQLFLR
UHWDUGDGR
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODKRUDHQTXHGHVHDTXHHO
KRUQRVHHQFLHQGD\FRPLHQFHODFRFFLyQ
3UHVLRQHHOERWyQ67$57LQLFLDU
127$6RQDUiXQWRQRGHDWHQFLyQVLXVWHGHVWi
XWLOL]DQGRKRUQHDGRFRQWHPSRUL]DGRU\QR
SUHVLRQDHOERWyQ67$57LQLFLDU
127$6LGHVHDYHULILFDUORVKRUDULRVTXH
KDFRQILJXUDGRSUHVLRQHHOERWyQ'(/$<67$57
LQLFLRUHWDUGDGRSDUDFRQWURODUODKRUDGHLQLFLR
FRQILJXUDGDRSUHVLRQHHOERWyQ&22.7,0(
WLHPSRGHFRFFLyQSDUDYHULILFDUODH[WHQVLyQGH
FRFFLyQTXHKDFRQILJXUDGR
&XDQGRHOKRUQRVHHQFLHQGH21HQHOKRUDULR
TXHKDFRQILJXUDGRODSDQWDOODPRVWUDUiOD
FXHQWDUHJUHVLYDGHOWLHPSRGHFRFFLyQ\OD
QXHYDWHPSHUDWXUDFRPHQ]DQGRHQƒ)
ƒ&/DSDQWDOODGHWHPSHUDWXUDFRPHQ]DUi
DFDPELDUFXDQGRODWHPSHUDWXUDGHOKRUQR
OOHJXHDORVƒ)>ƒ&@&XDQGRHOKRUQR
DOFDQ]DODWHPSHUDWXUDFRQILJXUDGDVRQDUiQ
SLWLGRV
(OKRUQRVHJXLUiFRFLQDQGRGXUDQWHXQSHUtRGR
GHWLHPSRGHWHUPLQDGR\OXHJRVHDSDJDUi
DXWRPiWLFDPHQWH
6LIXHUDQHFHVDULRSUHVLRQHHOERWyQ
&/($52))ERUUDUDSDJDGRSDUDERUUDU
ODSDQWDOOD4XLWHORVDOLPHQWRVGHOKRUQR
5HFXHUGHDXQTXHHOKRUQRVHDSDJD
DXWRPiWLFDPHQWHORVDOLPHQWRVTXHVH
GHMHQHQHOKRUQRVHJXLUiQFRFLQiQGRVH
GHVSXpVGHDSDJDGRHOPLVPR
&yPRXVDUODVRQGDHQDOJXQRVPRGHORV
(QPXFKRVDOLPHQWRVHVSHFLDOPHQWHDVDGRV\FDUQHVGHDYHODWHPSHUDWXUDLQWHUQDGHORVDOLPHQWRVHVODPHMRUSUXHEDSDUD
YHULILFDUHOJUDGRGHFRFFLyQ0HGLDQWHODVRQGDGHWHPSHUDWXUDVHHYLWDWHQHUTXHDGLYLQDUHOJUDGRGHFRFFLyQ
\VHORJUDHOSXQWRGHFRFFLyQH[DFWR
35(&$8&,Ï1
3DUDHYLWDUTXHPDGXUDVQRGHVHQFKXIHODVRQGDGHOD
ERFDGHVDOLGDGHOKRUQRKDVWDTXHpVWH
VHKD\DHQIULDGR
(OXVRGHVRQGDVGLVWLQWDVDODVSURYLVWDV
FRQHVWHSURGXFWRSXHGHSURYRFDUOHVGDxRV
DODVPLVPDVRDOFRQWUROGHOKRUQR
/DVRQGDGHWHPSHUDWXUDFXHQWD
FRQXQDVRQGDVLPLODUDXQSLQFKR
HQXQH[WUHPR\XQHQFKXIHHQHO
RWURH[WUHPRTXHVHLQWURGXFHHQ
ODERFDGHVDOLGDGHOKRUQR
8WLOLFHODVPDQLMDVGHODVRQGD\HOHQFKXIHFXDQGR
ODVLQWURGX]FD\TXLWHGHORVDOLPHQWRV
\GHODERFDGHVDOLGD
„
3DUDHYLWDUGDxRVDODVRQGDQRXWLOLFHSLQ]DVSDUD
WLUDUGHOFDEOHFXDQGRORTXLWH
„
3DUDQRURPSHUODVRQGDYHULILTXHTXH
ORVDOLPHQWRVHVWpQWRWDOPHQWHGHVFRQJHODGRV
DQWHVGHLQWURGXFLUOD
'HVSXpVGHSUHSDUDUODFDUQH\FRORFDUOD
HQXQSRVDIXHQWHVRVREUHODUHMLOODGHODDVDGHUDVLJD
HVWDVLQVWUXFFLRQHVSDUDXQDFRORFDFLyQDGHFXDGD
GHODVRQGD
,QWURGX]FDODVRQGDFRPSOHWDPHQWHHQODFDUQH
1RGHEHWRFDUKXHVRJUDVDRFDUWtODJR
(QFKXIH
&DEOH
0DQLMDV 6RQGD
/HD\TXLWHODHWLTXHWD
„
1XQFDGHMHODVRQGDGHQWURGHOKRUQRGXUDQWHXQ
FLFORGHDXWROLPSLH]DRGHDVDGR
„
1RJXDUGHODVRQGDGHQWURGHOKRUQR
3DUDDVDGRVVLQKXHVRLQWURGX]FDODVRQGDGHQWUR
GHODSDUWHPiVFDUQRVD3DUDMDPyQ
RFRUGHURFRQKXHVRLQWURGX]FDODVRQGD
HQHOFHQWURGHOP~VFXORJUDQGHPiVEDMR
,QWURGX]FDODVRQGDHQHOFHQWURGHSODWRVWDOHV
FRPRSDQGHFDUQHRHVWRIDGRV
,QWURGX]FDODVRQGDGHQWURGHODSDUWHPiVFDUQRVD
GHOPXVORLQWHUQRGHVGHDEDMR\HQIRUPDSDUDOHODD
ODSDWDGHXQSDYRHQWHUR
127$1RVHSRGUiQXWLOL]DUODVFRQILJXUDFLRQHVGH
DXWROLPSLH]DQLGHDVDGRVLODVRQGD
GHWHPSHUDWXUDVHHQFXHQWUDHQFKXIDGD
127$1RLQVHUWDUSRUFRPSOHWRODVRQGDGHQWURGHOD
FDUQHSXHGHSURYRFDUXQSREUHGHVHPSHxRGHFRFFLyQ
SRUTXHODVRQGDGHWHFWDUiHODLUHGHOKRUQR\QROD
WHPSHUDWXUDGHORVDOLPHQWRV
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRURVWL]DGRFXDQGRXVDODVRQGD
HQDOJXQRVPRGHORV
,QWURGX]FDODVRQGDSRUFRPSOHWRHQORV
DOLPHQWRV
(QFKXIHODVRQGDGHQWURGHODERFDGHVDOLGD
GHOKRUQR9HULILTXHTXHHVWpLQWURGXFLGDKDVWD
HOIRQGR&LHUUHODSXHUWDGHOKRUQR9HULILTXH
TXHHOFDEOHGHODVRQGDQRWRTXHHOHOHPHQWR
DVDGRU
3UHVLRQHHOERWyQ352%(VRQGD/DSDQWDOOD
PRVWUDUi´6HW3UREHµVRQGDFRQILJXUDGD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDLQWHUQDGHVHDGDGH
ORVDOLPHQWRVRGHODFDUQH/DWHPSHUDWXUD
LQWHUQDPi[LPDDODTXHSXHGHQFRQILJXUDUVH
ORVDOLPHQWRVHVž)ƒ&
3UHVLRQHHOERWyQ%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
/DSDQWDOODGHVWHOODUiVLODVRQGDVHHQFXHQWUD
HQFKXIDGDGHQWURGHODERFDGHVDOLGD\XVWHGQRKD
FRQILJXUDGRXQDWHPSHUDWXUDGHVRQGD
\SUHVLRQDGRHOERWyQ67$57LQLFLDU
'HVSXpVGHTXHODWHPSHUDWXUDLQWHUQDGHORV
DOLPHQWRVDOFDQFHORVƒ)ƒ&ODWHPSHUDWXUD
LQWHUQDFDPELDQWHSRGUiYHUVHHQODSDQWDOOD
&XDQGRODWHPSHUDWXUDLQWHUQDGHORV
DOLPHQWRVDOFDQ]DODFLIUDTXHXVWHGKD
FRQILJXUDGRODVRQGD\HOKRUQRVHDSDJDQ\
ORVFRQWUROHVGHOKRUQRFRPLHQ]DQDGHVWHOODU
3DUDGHWHQHUHOGHVWHOORSUHVLRQHHOERWyQ
&/($52))ERUUDUFVD]DSDJDGR8WLOLFH
JXDQWHVGHFRFLQDSDUDTXLWDUODVRQGDGHORV
DOLPHQWRV1RXWLOLFHSLQ]DVSDUDTXLWDUOD
SRUTXHSRGUtDQGDxDUOD
„6LODVRQGDVHTXLWDGHOKRUQRPLHQWUDVVH
HVWDEDFRFLQDQGRHOKRUQRQRVHDSDJDUi
DXWRPiWLFDPHQWH
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRGXUDQWHHO
FLFORGHKRUQHDGRURVWL]DGRSUHVLRQHHOERWyQ%$.(
KRUQHDU\OXHJRODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODQXHYDWHPSHUDWXUD
„3XHGHXWLOL]DUHOWHPSRUL]DGRUGHFRFLQDDXQTXH
QRSXHGHQXVDUVHRSHUDFLRQHVGHOKRUQRFRQ
WHPSRUL]DGRUPLHQWUDVVHXWLOLFHODVRQGD
&yPRXVDUHOWHPSRUL]DGRUGHFRFLQD
*($SSOLDQFHVFRP
&yPRFRQILJXUDUHOWHPSRUL]DGRUGHFRFLQD
HQDOJXQRVPRGHORV
HQDOJXQRVPRGHORV
(OWHPSRUL]DGRUGHFRFLQDXWLOL]DKRUDV
\PLQXWRV
(OWHPSRUL]DGRUGHFRFLQDQR
FRQWURODODVRSHUDFLRQHVGHOKRUQR
/DFRQILJXUDFLyQPiVDOWDGHO
WHPSRUL]DGRUGHFRFLQDHVGH
KRUDV\PLQXWRV
3UHVLRQHORVERWRQHV.,7&+(17,0(521
2))WHPSRUL]DGRUGHFRFLQDHQFHQGLGR
DSDJDGRR7,0(521WHPSRUL]DGRU
HQFHQGLGRGHSHQGLHQGRGHOPRGHOR
7RTXHODVDOPRKDGLOODVQXPpULFDVKDVWD
TXHDSDUH]FDHQODSDQWDOODHOWLHPSRTXH
GHVHD3RUHMHPSORSDUDFRQILJXUDU
KRUDV\PLQXWRVSUHVLRQH\HQ
HVHRUGHQ6LFRPHWHXQHUURUSUHVLRQHHO
ERWyQ.,7&+(17,0(5212))
WHPSRUL]DGRUGHFRFLQDHQFHQGLGR
DSDJDGRR7,0(52))WHPSRUL]DGRU
DSDJDGRGHSHQGLHQGRGHOPRGHOR\
FRPLHQFHGHQXHYR
3UHVLRQHHOERWyQ67$57LQLFLDU
'HVSXpVGHSUHVLRQDUHOERWyQ67$57LQLFLDU
6(7GHVDSDUHFHHVWROHLQGLFDTXHKD\XQD
FXHQWDUHJUHVLYDDXQTXHODSDQWDOODQR
FDPELDKDVWDTXHKD\DSDVDGRXQPLQXWR/RV
VHJXQGRVQRSRGUiQYHUVHHQODSDQWDOODKDVWD
DOFDQ]DUODFXHQWDUHJUHVLYDGHO~OWLPRPLQXWR
&XDQGRHOWHPSRUL]DGRUDOFDQ]D
HOFRQWUROVRQDUiYHFHVVHJXLGRGH
XQSLWLGRFDGDVHJXQGRVKDVWDTXHVH
SUHVLRQHHOERWyQ.,7&+(17,0(5212))
WHPSRUL]DGRUFRFLQDHQFHQGLGRDSDJDGR
R7,0(52))WHPSRUL]DGRUDSDJDGR
GHSHQGLHQGRGHOPRGHOR
(OWRQRGHVHJXQGRVSXHGHFDQFHODUVH
VLJXLHQGRORVSDVRVLQFOXLGRVHQODVHFFLyQ
&DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHO
KRUQREDMR´6HxDOHVVRQRUDVDOILQDOL]DUXQFLFOR
FRQWHPSRUL]DGRUµ
&yPRUHFRQILJXUDUHOWHPSRUL]DGRUGHFRFLQD
6LODSDQWDOODWRGDYtDPXHVWUDHOWLHPSR
UHVWDQWHXVWHGSXHGHFDPELDUORSUHVLRQDQGRHO
ERWyQ.,7&+(17,0(5212))WHPSRUL]DGRU
FRFLQDHQFHQGLGRDSDJDGRR7,0(521
WHPSRUL]DGRUHQFHQGLGRGHSHQGLHQGR
GHOPRGHOROXHJRSUHVLRQHODVDOPRKDGLOODV
QXPpULFDVKDVWDTXHDSDUH]FDHQODSDQWDOODHO
WLHPSRTXHGHVHH
6LHOWLHPSRUHVWDQWHQRDSDUHFHHQ
ODSDQWDOODHQODSDQWDOODDSDUHFHQHOUHORM
HOLQLFLRUHWDUGDGR\HOWLHPSRGHFRFFLyQ
pVWHDSDUHFHUiSUHVLRQDQGRHOERWyQ
.,7&+(17,0(5212))WHPSRUL]DGRU
FRFLQDHQFHQGLGRDSDJDGRR7,0(521
WHPSRUL]DGRUHQFHQGLGRGHSHQGLHQGR
GHOPRGHOR\OXHJRSUHVLRQDQGR
ODVDOPRKDGLOODVQXPpULFDVSDUDLQJUHVDU
HOQXHYRWLHPSRTXHGHVHH
&yPRFDQFHODUHOWHPSRUL]DGRUGHFRFLQD
HQDOJXQRVPRGHORV
3UHVLRQHORVERWRQHV.,7&+(17,0(5212))
WHPSRUL]DGRUGHFRFLQDHQFHQGLGRDSDJDGR
R7,0(521WHPSRUL]DGRUHQFHQGLGR
GHSHQGLHQGRGHOPRGHORGRVYHFHVRSUHVLRQH
7,0(52))WHPSRUL]DGRUDSDJDGR
HQDOJXQRVPRGHORV
£$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHGPLVPR
(VSRVLEOHTXHVXQXHYRKRUQRFRFLQHGHPDQHUDGLIHUHQWHDODTXHXVWHGVHHQFXHQWUDDFRVWXPEUDGR
8WLOtFHORGXUDQWHDOJXQDVVHPDQDVSDUDIDPLOLDUL]DUVHFRQVXVIXQFLRQHV6LOXHJRGHHVWHSHUtRGRFRQVLGHUD
TXHODWHPSHUDWXUDGHOKRUQRHVGHPDVLDGREDMDRGHPDVLDGRDOWDXVWHGSXHGHUHJXODUHOWHUPRVWDWR
1RXWLOLFHWHUPyPHWURVFRPRORVTXHVHYHQGHQHQODVWLHQGDVSDUDYHULILFDUODFRQILJXUDFLyQGHWHPSHUDWXUD
GHOKRUQR(VRVWHUPyPHWURVSXHGHQYDULDUHQWUH²JUDGRV
127$(VWHDMXVWHVyORDIHFWDODVWHPSHUDWXUDVGHKRUQHDGR\URVWL]DGRQRDIHFWDODVWHPSHUDWXUDVGHDVDGR
RGHDXWROLPSLH]D(ODMXVWHVHFRQVHUYDUiHQODPHPRULDD~QGHVSXpVGHXQFRUWHGHHQHUJtD
&yPRDMXVWDUHOWHUPRVWDWR
3UHVLRQHORVERWRQHV%52,/+,/2DVDU
DOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRKDVWDTXHHQODSDQWDOODSXHGD
YHUVH6)
3UHVLRQHHOERWyQ%$.(KRUQHDU(QOD
SDQWDOODVHYHUiXQQ~PHURGHGRVGtJLWRV
HQDOJXQRVPRGHORV
3UHVLRQH%$.(KRUQHDUGHQXHYRSDUD
DOWHUQDUHQWUHVXELU\EDMDUODWHPSHUDWXUD
GHOKRUQR
3DUDDMXVWDUHOWHUPRVWDWRGHOKRUQR
VXSHULRUSUHVLRQHHOERWyQ%$.(KRUQHDU
GHOKRUQRVXSHULRU3DUDDMXVWDUHO
WHUPRVWDWRGHOKRUQRLQIHULRUSUHVLRQHHO
ERWyQ%$.(KRUQHDUGHOKRUQRLQIHULRU
/DWHPSHUDWXUDGHOKRUQRSXHGHVXELUVH
HQž)ƒ&REDMDUVHHQž)
ƒ&3UHVLRQHODVDOPRKDGLOODVQXPpULFDV
GHODPLVPDPDQHUDHQTXHODVOHH3RU
HMHPSORSDUDFDPELDUODWHPSHUDWXUDGHO
KRUQRž)ƒ&SUHVLRQH\
HQDOJXQRVPRGHORV
&XDQGRKD\DILQDOL]DGRHODMXVWHSUHVLRQH
HOERWyQ67$57LQLFLDUSDUDYROYHUDOD
SDQWDOODGHODKRUD8WLOLFHHOKRUQRGHOD
PDQHUDQRUPDO
£(OWLSRGHPDUJDULQDXWLOL]DGRPRGLILFDHOKRUQHDGR
/DPD\RUtDGHODVUHFHWDVGHKRUQHDGRLQFOX\HQSURGXFWRVGHDOWRFRQWHQLGRJUDVRWDOHVFRPRODPDQWHFD
RODPDUJDULQDGHJUDVD6LVHUHGXFHHOFRQWHQLGRGHJUDVDHOUHVXOWDGRILQDOSXHGHVHUGLIHUHQWH
DOHVSHUDGR
6LVHXWLOL]DQSURGXFWRVGHEDMRFRQWHQLGRJUDVRHQWRUWDVSDVWHOHVPDVDVJDOOHWDVRGXOFHVODUHFHWDSXHGHIUDFDVDU$
PHQRUFRQWHQLGRJUDVRPD\RUHVGLIHUHQFLDVHQHOUHVXOWDGRILQDO
/DVQRUPDVIHGHUDOHVH[LJHQTXHORVSURGXFWRVFRQGHQRPLQDFLyQGH´PDUJDULQDµWHQJDQXQFRQWHQLGRJUDVRGHDOPHQRV
HQUHODFLyQDOSHVR/RVSURGXFWRVGHEDMRFRQWHQLGRJUDVRFRQWLHQHQPHQRVJUDVD\PiVDJXD(OHOHYDGRFRQWHQLGRGHKXPHGDG
GHHVWRVSURGXFWRVDIHFWDODWH[WXUD\HOVDERUGHORVDOLPHQWRVKRUQHDGRV3DUDREWHQHUORVPHMRUHVUHVXOWDGRVFRQVXVUHFHWDV
WUDGLFLRQDOHVIDYRULWDVXWLOLFHPDUJDULQDXRWURVSURGXFWRVFRQXQFRQWHQLGRGHSRUORPHQRVGHDFHLWHYHJHWDO
&yPRXVDUHOKRUQRGHFRQYHFFLyQHQDOJXQRVPRGHORV
*($SSOLDQFHVFRP
&RFFLyQSRUFRQYHFFLyQHQDOJXQRVPRGHORV
(OKRUQRGHFRQYHFFLyQYLHQHFRQXQPRGR
GHFRFFLyQSRUFRQYHFFLyQ\SXHGHXWLOL]DUVH
SDUDKRUQHDGRSRUFRQYHFFLyQGHEDQGHMD
XKRUQHDGRSRUFRQYHFFLyQFRQEDQGHMDV
P~OWLSOHV
)XQFLRQDPLHQWRGHOYHQWLODGRUGHFRQYHFFLyQ
(QXQKRUQRGHFRQYHFFLyQXQYHQWLODGRU
KDFHFLUFXODUDLUHFDOLHQWHVREUHSRUGHEDMR\
DOUHGHGRUGHORVDOLPHQWRV
(VWDFLUFXODFLyQGHDLUHFDOLHQWHVHGLVWULEX\H
GHPDQHUDSDUHMDDWUDYpVGHODFDYLGDGGHO
KRUQR&RPRUHVXOWDGRORVDOLPHQWRVVHFRFLQDQ
\GRUDQHQIRUPDSDUHMDDPHQXGRHQPHQRV
WLHPSR
127$3DUDSRWHQFLDUDOPi[LPRXQDFRFFLyQ
SDUHMDHOYHQWLODGRUHVWiGLVHxDGRSDUDJLUDUHQ
DPEDVGLUHFFLRQHVFRQXQDSDXVDHQWUHHOODV
(VWRHVQRUPDO
(OYHQWLODGRUGHFRQYHFFLyQVHDSDJDFXDQGR
VHDEUHODSXHUWDGHKRUQR12'(-(ODSXHUWD
DELHUWDGXUDQWHSHUtRGRVSURORQJDGRVPLHQWUDV
XWLOL]DODFRFFLyQSRUFRQYHFFLyQ\DTXHSXHGH
DFRUWDUODYLGD~WLOGHOHOHPHQWRFDOHQWDGRUGH
FRQYHFFLyQ
+RUQHDGRSRUFRQYHFFLyQFRQEDQGHMDVP~OWLSOHV
3RVLFLyQGHEDQGHMDVP~OWLSOHV
'HELGRDTXHHODLUHFDOLHQWHFLUFXODHQIRUPD
SDUHMDHQWRGRHOKRUQRORVDOLPHQWRVSXHGHQ
KRUQHDUVHFRQH[FHOHQWHVUHVXOWDGRVXVDQGR
EDQGHMDVP~OWLSOHV
(OKRUQHDGRFRQEDQGHMDVP~OWLSOHVSXHGH
LQFUHPHQWDUXQSRFRORVWLHPSRVGHFRFFLyQ
GHDOJXQRVDOLPHQWRVSHURHOUHVXOWDGRWRWDO
HVHODKRUURGHWLHPSR/DVJDOOHWDVPXIILQV
EL]FRFKRV\RWURVSDQHVUiSLGRVORJUDQ
UHVXOWDGRVPX\EXHQRVFRQHOKRUQHDGRFRQ
EDQGHMDVP~OWLSOHV
&XDQGRKRUQHHFRQEDQGHMDVFRORTXHXQD
HQODVHJXQGD%SRVLFLyQRWUDHQODFXDUWD'
SRVLFLyQ\ODWHUFHUDHQODVH[WD)SRVLFLyQ
3DUDKRUQHDGRFRQGRVEDQGHMDVFRORTXH
XQDHQODVHJXQGD%SRVLFLyQ&RORTXHODRWUD
EDQGHMDHQODTXLWD(SRVLFLyQ
+RUQHDGRSRUFRQYHFFLyQFRQEDQGHMD
&XDQGRUHDOLFHXQKRUQHDGRSRUFRQYHFFLyQ
FRQVyOREDQGHMDFRORTXHORVDOLPHQWRVHQHO
FHQWURGHOKRUQR
&yPRDGDSWDUUHFHWDV«
8VWHGSXHGHXWLOL]DUVXVUHFHWDVIDYRULWDVHQHO
KRUQRGHFRQYHFFLyQ
„
8WLOLFHHOWDPDxRGHUHFLSLHQWH
UHFRPHQGDGR
„
$OJXQDVLQVWUXFFLRQHVHQSDTXHWHVGH
HVWRIDGRVFRQJHODGRVRSODWRVSULQFLSDOHV
KDQVLGRGHVDUUROODGRVXWLOL]DQGRKRUQRV
GHFRQYHFFLyQFRPHUFLDOHV3DUDPHMRUHV
UHVXOWDGRVSUHFDOLHQWHHOKRUQR\XWLOLFH
ODWHPSHUDWXUDSDUDKRUQHDGRFRP~Q
LQGLFDGDHQHOSDTXHWH
&yPRXVDUHOKRUQRGHFRQYHFFLyQHQDOJXQRVPRGHORV
5RVWL]DGRSRUFRQYHFFLyQHQDOJXQRVPRGHORV
5HMLOOD
„%XHQRSDUDJUDQGHVFRUWHVGHFDUQHWLHUQD
VLQFXEULU
(OYHQWLODGRUGHFRQYHFFLyQKDFHFLUFXODU
HODLUHFDOLHQWHHQIRUPDSDUHMDVREUH\
DOUHGHGRUGHORVDOLPHQWRV/DVFDUQHVGHUHV
\GHDYHVHGRUDQSRUFRPSOHWRFRPRVLVH
KXELHVHQFRFLQDGRFRQXQURVWL]DGRUJLUDWRULR
(ODLUHFDOLHQWHVHOODORVMXJRVUiSLGDPHQWH
SDUDORJUDUXQSURGXFWRMXJRVR\WLHUQR
PLHQWUDVDOPLVPRWLHPSRVHFUHDXQDULFD
FDSDH[WHUQDPDUUyQGRUDGD
$VDGHUD
&XDQGRHVWpURVWL]DQGRSRUFRQYHFFLyQUHVXOWD
LPSRUWDQWHTXHXWLOLFHODDVDGHUD\ODSDUULOOD
SDUDPHMRUHVUHVXOWDGRVGHURVWL]DGRSRU
FRQYHFFLyQ/DDVDGHUDVHXWLOL]DSDUDUHWHQHU
ORVGHUUDPHVGHJUDVD\ODSDUULOODVHXVDSDUD
SUHYHQLUVDOSLFDGXUDVGHJUDVD
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRRURVWL]DGRSRUFRQYHFFLyQ
HQDOJXQRVPRGHORV
25
HQDOJXQRVPRGHORV
3UHVLRQHHOERWyQ&219(&7,21&22.
FRFFLyQSRUFRQYHFFLyQR&219(&7,21
%$.(KRUQHDGRSRUFRQYHFFLyQXQDYH]
SDUDKRUQHDGRSRUFRQYHFFLyQGHEDQGHMDV
P~OWLSOHV(VWHPRGRVHXWLOL]DSDUDFRFLQDU
DOLPHQWRVHQPiVGHXQDEDQGHMDHVGHFLU
RPiVEDQGHMDVDOPLVPRWLHPSRHQ
KRUQHDGRSRUFRQYHFFLyQ3DUDPiV
LQIRUPDFLyQYHUODVHFFLyQ+RUQHDGRSRU
FRQYHFFLyQFRQEDQGHMDVP~OWLSOHV
3
UHVLRQHHOERWyQ&219(&7,21&22.
FRFFLyQSRUFRQYHFFLyQR&219(&7,21%$.(
KRUQHDGRSRUFRQYHFFLyQGRVYHFHVSDUD
KRUQHDGRSRUFRQYHFFLyQHQXQDEDQGHMD
(VWHPRGRVHXWLOL]DSDUDFRFLQDUDOLPHQWRV
HQVyORXQDEDQGHMDHQKRUQHDGRSRU
FRQYHFFLyQ
3UHVLRQHHOERWyQ&219(&7,2152$67
URVWL]DGRSRUFRQYHFFLyQSDUDURVWL]DGR
SRUFRQYHFFLyQHQDOJXQRVPRGHORV
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
127$6LODFDUDFWHUtVWLFDGH&RQYHUVLyQ
$XWRPiWLFDGH5HFHWDVŒVHHQFXHQWUDDFWLYDGD
UHGXFLUiHQIRUPDDXWRPiWLFDODWHPSHUDWXUDGH
KRUQHDGRUHJXODUFRQILJXUDGDHQƒ)ƒ&
KDVWDODWHPSHUDWXUDGHFRQYHFFLyQDSURSLDGD
HQHOPRGRGHKRUQHDGRSRUFRQYHFFLyQ9HU
OD&RQYHUVLyQ$XWRPiWLFDGH5HFHWDVŒHQOD
VHFFLyQGH&DUDFWHUtVWLFDVHVSHFLDOHV
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQR
SUHVLRQHHOERWyQ&219(&7,21&22.FRFFLyQ
SRUFRQYHFFLyQ&219(&7,21%$.(KRUQHDGR
SRUFRQYHFFLyQR&219(&7,2152$67DVDGR
SRUFRQYHFFLyQ\OXHJRODVDOPRKDGLOODV
QXPpULFDVSDUDFRQILJXUDUODQXHYD
WHPSHUDWXUD
&XDQGRHOKRUQRFRPLHQ]DDFDOHQWDUSRGUi
YHUVHODWHPSHUDWXUDFDPELDQWHFRPHQ]DQGR
Dƒ)ƒ&&XDQGRHOKRUQRDOFDQ]DOD
WHPSHUDWXUDFRQILJXUDGDVRQDUiQSLWLGRV
3UHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGRFXDQGRKD\DILQDOL]DGR
„0LHQWUDVFRFLQHSRUFRQYHFFLyQVHRLUi
XQYHQWLODGRU(OYHQWLODGRUVHGHWHQGUi
FXDQGRVHDEUDODSXHUWDSHURHOFDORU
QRVHDSDJDUi
„'XUDQWHHOKRUQHDGRSXHGHQHVFXFKDUVH
FKDVTXLGRVSURYHQLHQWHVGHOKRUQR
(VWRHVQRUPDO
„(QORVPRGRVGHKRUQHDGRSRUFRQYHFFLyQ
\SDUDSRWHQFLDUDOPi[LPRXQDFRFFLyQ
SDUHMDHOYHQWLODGRUHVWiGLVHxDGRSDUDJLUDU
HQDPEDVGLUHFFLRQHVFRQXQDSDXVDHQWUH
HOODV(VWRHVQRUPDO
*($SSOLDQFHVFRP
5HFLSLHQWHVSDUDFRFFLyQSRUFRQYHFFLyQ
&XDQGRKRUQHHJDOOHWDVREWHQGUi
PHMRUHVUHVXOWDGRVVLXVDXQD
SODQFKDSODQDSDUDJDOOHWDVHQ
OXJDUGHXQUHFLSLHQWHGHODGRV
EDMRV
$QWHVGHXWLOL]DUHOKRUQRGHFRQYHFFLyQ
YHULILTXHTXHVXVHOHPHQWRVGHFRFFLyQGHMHQ
HVSDFLRVXILFLHQWHSDUDODFLUFXODFLyQGHDLUHHQ
HOKRUQR6LYDDKRUQHDUFRQYDULRVUHFLSLHQWHV
GHMHXQHVSDFLRHQWUHHOORV$GHPiVDVHJ~UHVH
GHTXHORVUHFLSLHQWHVQRVHWRTXHQHQWUHVtR
WRTXHQODVSDUHGHVGHOKRUQR
3DSHO\SOiVWLFR
/RVUHFLSLHQWHVGHSDSHO\SOiVWLFRUHVLVWHQWHV
DOFDORUUHFRPHQGDGRVSDUDXWLOL]DUHQ
KRUQHDGRQRUPDOWDPELpQSXHGHQXWLOL]DUVH
SDUDKRUQHDGRSRUFRQYHFFLyQSHURQRGHEHQ
XWLOL]DUVHDWHPSHUDWXUDVPiVHOHYDGDVTXH
ODWHPSHUDWXUDUHFRPHQGDGDSRUHOIDEULFDQWH
GHORVHOHPHQWRVGHFRFFLyQ7DPELpQSXHGHQ
XWLOL]DUVHHOHPHQWRVGHFRFFLyQSOiVWLFRV
UHVLVWHQWHVDWHPSHUDWXUDVGHƒ)ƒ&
0HWDO\YLGULR
&XDOTXLHUWLSRGHUHFLSLHQWHGHFRFFLyQIXQFLRQD
HQVXKRUQRGHFRQYHFFLyQVLQHPEDUJR
ORVUHFLSLHQWHVGHPHWDOVHFDOLHQWDQPiV
UiSLGDPHQWH\VHUHFRPLHQGDQSDUDKRUQHDGR
SRUFRQYHFFLyQ
„/DVEDQGHMDVRVFXUDVRFRQDFDEDGRPDWH
KRUQHDQDOLPHQWRVPiVUiSLGRTXHODV
EULOODQWHV
„/RVUHFLSLHQWHVGHYLGULRRFHUiPLFDFRFLQDQ
PiVGHVSDFLR
3DUDUHFHWDVFRPRSROORKRUQHDGRXWLOLFHXQ
UHFLSLHQWHFRQODGRVEDMRV(ODLUHFDOLHQWHQR
SXHGHFLUFXODUELHQDOUHGHGRUGHORVDOLPHQWRV
HQXQUHFLSLHQWHGHODGRVDOWRV
&yPRXVDUODVFDUDFWHUtVWLFDVFRQWHPSRUL]DGRU
SDUDFRFFLyQSRUFRQYHFFLyQHQDOJXQRVPRGHORV
0LHQWUDVFRFLQHFRQHVWDVFDUDFWHUtVWLFDVVHHVFXFKDUiXQYHQWLODGRU(OYHQWLODGRUVHGHWHQGUiFXDQGRVHDEUDODSXHUWDSHURHOFDORU
QRVHDSDJDUi
127$/RVDOLPHQWRVTXHVHHFKDQDSHUGHUFRQIDFLOLGDG³FRPROHFKHKXHYRVSHVFDGRUHOOHQRVFDUQHGHDYH\FHUGR³
QRGHEHQGHMDUVHUHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHSURPXHYH
HOFUHFLPLHQWRGHEDFWHULDVGDxLQDV9HULILTXHTXHODOX]GHOKRUQRHVWpDSDJDGDSRUTXHHOFDORUSURYHQLHQWH
GHODERPELOODSXHGHDFHOHUDUHOFUHFLPLHQWRGHEDFWHULDV
&yPRFRQILJXUDUXQLQLFLRLQPHGLDWR\XQDSDJDGRDXWRPiWLFR
3UHVLRQHODIXQFLyQGHFRQYHFFLyQGHVHDGD
&RQWLQ~HFRQHOSDVRGH&yPRFRQILJXUDUXQ
LQLFLRLQPHGLDWR\XQDSDJDGRDXWRPiWLFRGH
ODVHFFLyQ&yPRXWLOL]DUODVFDUDFWHUtVWLFDVGH
KRUQHDGR\URVWL]DGRFRQWHPSRUL]DGRU
&yPRFRQILJXUDUXQLQLFLRUHWDUGDGR\XQDSDJDGRDXWRPiWLFR
3UHVLRQHODIXQFLyQGHFRQYHFFLyQGHVHDGD
&RQWLQ~HFRQHOSDVRGH&yPRFRQILJXUDUXQ
LQLFLRUHWDUGDGR\XQDSDJDGRDXWRPiWLFRGH
ODVHFFLyQ&yPRXWLOL]DUODVFDUDFWHUtVWLFDVGH
KRUQHDGR\URVWL]DGRFRQWHPSRUL]DGRU
&yPRXVDUHOKRUQRGHFRQYHFFLyQHQDOJXQRVPRGHORV
&yPRFRQILJXUDUHOKRUQRSDUDURVWL]DGRSRUFRQYHFFLyQFXDQGR
VHXVDODVRQGD
3DUDPHMRUHVUHVXOWDGRVFXDQGR
URVWLFHSDYRV\DVDGRVJUDQGHV
UHFRPHQGDPRVHOXVRGHODVRQGD
LQFOXLGDHQHOKRUQRGHFRQYHFFLyQ
35(&$8&,Ï1
3UHVLRQHHOERWyQ67$57LQLFLDU
3DUDHYLWDUTXHPDGXUDVQRGHVHQFKXIH
ODVRQGDGHODERFDGHVDOLGDGHOKRUQRKDVWDTXH
pVWHVHKD\DHQIULDGR
&RORTXHODEDQGHMDGHOKRUQRHQODSRVLFLyQ
TXHFHQWUDORVDOLPHQWRVHQWUHODSDUWH
VXSHULRUHLQIHULRUGHOKRUQR,QWURGX]FDOD
VRQGDHQODFDUQH$VHJ~UHVHGHTXHKD\D
HQWUDGRSRUFRPSOHWR
&XDQGRHOKRUQRFRPLHQ]DDFDOHQWDUODSDODEUD
/2EDMDDSDUHFHUiHQODSDQWDOOD
'HVSXpVGHTXHODWHPSHUDWXUDLQWHUQDGHODFDUQH
DOFDQFHORVƒ)ƒ&ODWHPSHUDWXUDLQWHUQD
FDPELDQWHSRGUiYHUVHHQODSDQWDOOD
&XDQGRODWHPSHUDWXUDLQWHUQDGHODFDUQH
DOFDQ]DODFLIUDTXHXVWHGKDFRQILJXUDGROD
VRQGD\HOKRUQRVHDSDJDQ\ORVFRQWUROHV
GHOKRUQRGHVWHOODQ3DUDGHWHQHUHOGHVWHOOR
SUHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGR8WLOLFHJXDQWHVGHFRFLQDSDUD
TXLWDUODVRQGDGHORVDOLPHQWRV1RXWLOLFH
SLQ]DVSDUDTXLWDUODSRUTXHSRGUtDQGDxDUOD
(QFKXIHODVRQGDGHQWURGHODERFDGHVDOLGD
GHOKRUQR9HULILTXHTXHHVWpLQWURGXFLGD
KDVWDHOIRQGR&LHUUHODSXHUWDGHOKRUQR
3UHVLRQHHOERWyQ352%(VRQGD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDLQWHUQDGHVHDGD
GHODFDUQH
127$/DWHPSHUDWXUDLQWHUQDPi[LPDDODTXH
SXHGHQFRQILJXUDUVHORVDOLPHQWRVHVž)ƒ&
3UHVLRQHHOERWyQ&219(&7,21&22.
FRFFLyQSRUFRQYHFFLyQ
3DUDFDPELDUODWHPSHUDWXUDGHO
KRUQRGXUDQWHHOFLFORGHURVWL]DGR
SRUFRQYHFFLyQSUHVLRQHHOERWyQ
&219(&7,21&22.FRFFLyQSRU
FRQYHFFLyQ\OXHJRSUHVLRQHODV
DOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODQXHYDWHPSHUDWXUD
GHVHDGD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGDGHO
KRUQR
/DSDQWDOODGHVWHOODUi352%(VRQGD
\HOFRQWUROGHOKRUQRLQGLFDUiVLODVRQGD
VHHQFXHQWUDHQFKXIDGDGHQWURGHODERFD
GHVDOLGD\VLXVWHGQRKDFRQILJXUDGR
XQDWHPSHUDWXUDGHVRQGD\SUHVLRQDGR
HOERWyQ67$57LQLFLDU
127$6LODVRQGDVHTXLWDGHOKRUQRPLHQWUDV
VHHVWDEDFRFLQDQGRHOKRUQRQRVHDSDJDUi
DXWRPiWLFDPHQWH
127$6
„0LHQWUDVFRFLQHFRQHVWDFDUDFWHUtVWLFD
VHHVFXFKDUiXQYHQWLODGRU(OYHQWLODGRU
VHGHWHQGUiFXDQGRVHDEUDODSXHUWDSHURHO
FDORUQRVHDSDJDUi
„3XHGHXVDUVHHOWHPSRUL]DGRUGHODFRFLQD
DXQTXHQRSXHGHQXWLOL]DUVHODVRSHUDFLRQHVGH
KRUQRFRQWHPSRUL]DGRU
„
1XQFDGHMHODVRQGDGHQWURGHOKRUQRGXUDQWH
XQFLFORGHDXWROLPSLH]D
„
1RJXDUGHODVRQGDGHQWURGHOKRUQR
„
/DVRQGDQRGHEHXWLOL]DUVHHQODVIXQFLRQHVGH
DVDGR\GHDXWROLPSLH]D
„
(OYHQWLODGRUVyORJLUDHQXQDGLUHFFLyQ
*XtDGHURVWL]DGRSRUFRQYHFFLyQ
&DUQH
7HPSKRUQR 7HPSLQWHUQDO
&DUQH
GHUHV
$VDGRGHFRVWLOODDOEV>DNJ@ -XJRVD
&RQ\VLQKXHVR
$SXQWR
6RORPLOORGHFDUQHGHUHV
-XJRVD
DOEV>DNJ@
6RORPLOORGHFDUQHGHUHV
-XJRVD
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
&HUGR
&RQKXHVRVLQKXHVR
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ²ƒ)ƒ²ƒ&
ƒ²ƒ)ƒ²ƒ&
ƒ)ƒ&
DOEV>DNJ@
DOEV>DNJ@
&RUGHUR &RQKXHVRDOEV>DNJ@
6LQKXHVRDOEV>DNJ@
&DUQH 3ROORHQWHURDOEV>DNJ@
GHDYH
3DYRHQWHUR
6LQUHOOHQRDOEV>DNJ@
6LQUHOOHQRDOEV>DNJ@
3HFKXJDGHSDYRDOEV>DNJ@
$SXQWR
$SXQWR
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
/DVDYHVUHOOHQDVJHQHUDOPHQWHUHTXLHUHQ²PLQXWRVGHWLHPSRDGLFLRQDOHVGHURVWL]DGR&XEUDODVSDWDV
\ODSHFKXJDFRQSDSHOPHWiOLFRSDUDHYLWDUTXHODFDUQHVHRVFXUH]FDGHPDVLDGRRVHVHTXH
&yPRXVDUODVFDUDFWHUtVWLFDVGHFRFFLyQOHQWD
SL]]DFDOHQWDPLHQWR\OHXGDGR
$'9(57(1&,$
*($SSOLDQFHVFRP
5,(6*2'(,172;,&$&,Ï1$/,0(17$5,$3RUGHEDMRGHORVƒ)ƒ&SXHGHSURGXFLUVH
FUHFLPLHQWRGHEDFWHULDVHQORVDOLPHQWRV
‡6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1RXWLOLFHFRQILJXUDFLRQHV
GHPDQWHQHUFDOLHQWHSDUDFDOHQWDUDOLPHQWRVIUtRV
‡1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV
1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDV
SRUORVDOLPHQWRV
&yPRFRQILJXUDUHOKRUQRLQIHULRUSDUDFRFFLyQOHQWD
/DFRFFLyQOHQWDHVWiGLVHxDGDSDUDSHUtRGRV
SURORQJDGRVGHFRFFLyQVLQDWHQFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR(O
WLHPSRGHFRFFLyQGHEHVHUGHSRUORPHQRV
KRUDVKDVWDXQPi[LPRKRUDV
PLQXWRV
3UHVLRQHHOERWyQ6/2:&22.FRFFLyQ
OHQWD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
VHOHFFLRQDUODFRQILJXUDFLyQGHVHDGDSDUD
FDUQHGHDYH\SDUDFDUQHV8WLOLFH
&DUQHVVLQRVDEHELHQTXpFRQILJXUDFLyQ
XWLOL]DU
3UHVLRQHHOERWyQ67$57LQLFLDU
127$6LRFXUUHXQFRUWHGHHQHUJtDGXUDQWH
ODFRFFLyQOHQWDODFRFLQDVHDSDJDUi
*XtDGHFRFFLyQOHQWD
$OLPHQWR
&DQWLGDG
&DUQHGHUHV
$VDGRGH
FXDUWR
GHODQWHUR
&RQVHMRVVREUHODJXtD
3RVLFLyQ
GHOD
EDQGHMD
&RQILJ
GHORV
DOLPHQWRV
7LHPSR+RUDV
&RPHQWDULRV
²øOEV
²NJ
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
&RVWLOODV
ø²OEV
²NJ
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
&RORTXHODVFRVWLOODV
HQXQDVRODFDSD
&DUQHGHDYH
3ROORHQWHUR
OEV
NJ
&
&DUQHGH +,DOWD²KUV
DYH
/2EDMD²KUV
$JUHJXHWD]DGH
OtTXLGR
7UR]RVGHSROOR
WUR]RV
DSUR[
OEV>NJ@
&
&DUQHGH +,DOWD²KUV
DYH
/2EDMD²KUV
0HMRUFRORTXHEDMR
XQDVDOVDSDUDTXH
QRVHVHTXH
&HUGR
$VDGRGH
SDOHWDVLQ
KXHVR
²OEV
²NJ
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
$JUHJXH²WD]D
GHOtTXLGR
&KXOHWDVGH
FHUGRHVWLORGH
FDPSR
ø²OEV
²NJ
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
&RORTXHODVFRVWLOODV
HQXQDVRODFDSD
&KXOHWDVGH
FHUGR
²OEV
²NJ
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
&RORTXHODVFRVWLOODV
HQXQDVRODFDSD
6RSD
6RSDGHFDUQH
YHJHWDO
FXDUWRV
GHJDOyQ
OLWHUV
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
$VHJ~UHVHGHTXHORV
WUR]RVGHFDUQHHVWpQ
VXPHUJLGRV
&KLOH
FXDUWRV
GHJDOyQ
OLWHUV
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
6XPHUMDORVIULMROHV
SDUDTXHQRVH
VHTXHQ
$JUHJXHWD]DGH
OtTXLGR
„(OSURJUDPDGHFRFFLyQOHQWDXWLOL]D
XQDVHULHFRPSOHMDGHFLFORVGHWHPSHUDWXUD
SDUDREWHQHUORVPHMRUHVUHVXOWDGRV
3RUHVWDUD]yQVHUHFRPLHQGDTXH
HOSURJUDPDGHFRFFLyQOHQWDIXQFLRQH
VLQFDQFHODFLRQHVQLUHLQLFLDFLRQHV6L
VHUHLQLFLDODFDUDFWHUtVWLFDGHFRFFLyQ
OHQWDPLHQWUDVVHHQFXHQWUDHQSURJUHVR
ODFDUQHSXHGHFRFLQDUVHGHPiV
„3DUDFDUQHMXJRVD\WLHUQDHOLMDFRUWHV
GHFDUQHFRPRDVDGRGHFXDUWRGHODQWHUR
RXQDVDGRGHSDOHWDVLQKXHVR/RVFRUWHV
GHFDUQHPiVPDJURVFRPRHOFXDUWR
WUDVHURVXSHULRUVRQPiVVHFRV\SXHGHQ
QHFHVLWDUOtTXLGRDGLFLRQDO
„8WLOLFHVyORSODWRVGHYLGULRRFHUiPLFD
/DVROODV\VDUWHQHVGHPHWDOWLHQGHQ
DWUDQVIHULUHOFDORUDORVDOLPHQWRV
GHPDVLDGRUiSLGR
„$MXVWHODFDQWLGDGGHDOLPHQWRVDOWDPDxR
GHOUHFLSLHQWH/OHQHHOUHFLSLHQWHKDVWDô
SDUDPHMRUHVUHVXOWDGRV8QDROODPX\
JUDQGHGHMDHVFDSDUHOYDSRUORTXHVHFD
ORVDOLPHQWRV
„6LHPSUHFXEUDODROODFRQXQDWDSDRFRQ
SDSHOGHDOXPLQLR
„3XHGHXVDUVHXQDJDPDPiVDPSOLD
GHUHFHWDVFRQODFDUDFWHUtVWLFDGHFRFFLyQ
OHQWD3DUDPHMRUHVUHVXOWDGRVGHEHQ
UHDOL]DUVHDOJXQRVDMXVWHV3DUDUHFHWDV
GHWDPDxRVPiVSHTXHxRVFRPLHQFH
DFRQWURODUHQHOWLHPSRPtQLPR3DUD
UHFHWDVPiVJUDQGHVRFXDQGRGREOH
ODVFDQWLGDGHVGHODVUHFHWDVORVDOLPHQWRV
SXHGHQFRFLQDUVHSRUSHUtRGRVPiV
SURORQJDGRV
„&XDQGRODFDUDFWHUtVWLFDGHFRFFLyQOHQWD
ILQDOL]DHOKRUQRFDPELDDXWRPiWLFDPHQWH
HOPRGR´ZDUPµPDQWHQHUFDOLHQWH6LVH
GHVHDWLHPSRDGLFLRQDOSDUDFRFFLyQOHQWD
HVWHPRGRGHPDQWHQHUFDOLHQWHSXHGH
XWLOL]DUVHSDUDREWHQHUWLHPSRH[WUD
&yPRXVDUODVFDUDFWHUtVWLFDVGHFRFFLyQOHQWD
SL]]DFDOHQWDPLHQWR\OHXGDGRFRQW
&yPRFRQILJXUDUHOKRUQRVXSHULRUSDUDSL]]D
$MXVWHODSRVLFLyQGHODEDQGHMDSDUDHOWLSRGH
UHFLSLHQWHSDUDSL]]DTXHVHHVWiXVDQGRYHU
WDEOD
3UHVLRQHHOERWyQ3,==$
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
VHOHFFLRQDUSDUDSL]]DIUHVFD\SDUDSL]]D
FRQJHODGD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHKRUQHDGR
3UHVLRQHHOERWyQ67$57LQLFLDU
(OWLHPSRGHKRUQHDGRHVWiGHWHUPLQDGR
SRUODVLQVWUXFFLRQHVGHOSDTXHWH
7LSRGHUHFLSLHQWH
GHSL]]D
3RVLFLyQGH
ODEDQGHMD
5HFLSLHQWHFRQSL]]DIUHVFD
3L]]DFRORFDGDGLUHFWDPHQWH
VREUHODEDQGHMD
5HFLSLHQWHGHPHWDO
%
%
$
&yPRFRQILJXUDUHOKRUQRVXSHULRUSDUDPDQWHQHUFDOLHQWH
/DFDUDFWHUtVWLFD:$50FDOLHQWHPDQWLHQH
FDOLHQWHVORVDOLPHQWRVFRFLGRV
(VWDFDUDFWHUtVWLFDQRHVWiGLVHxDGDSDUD
UHFDOHQWDUDOLPHQWRVIUtRV
3DUDXWLOL]DUODFDUDFWHUtVWLFD:$50FDOLHQWH
SUHVLRQHHOERWyQ:$50\OXHJRHOERWyQ67$57
LQLFLDU
3DUDXWLOL]DUODFDUDFWHUtVWLFD:$50FDOLHQWH
GHVSXpVGHKRUQHDGRSRUWHPSRUL]DGRUVLJD
HVWRVSDVRV
3UHVLRQHHOPRGRKRUQHDU
3UHVLRQHHOERWyQ&22.7,0(
WLHPSRGHFRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
3UHVLRQHHOERWyQ:$50FDOLHQWH
3UHVLRQHHOERWyQ67$57LQLFLDU
127$/RVUHFLSLHQWHVWDSDVRHQYROWRULRVSOiVWLFRV
VHGHUUHWLUiQVLVHORVFRORFDHQHOKRUQR(OSOiVWLFR
GHUUHWLGRQRSXHGHUHPRYHUVH\HVWRQRVH
HQFXHQWUDFXELHUWRSRUODJDUDQWtD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
&yPRFRQILJXUDUHOKRUQRSDUDOHXGDUHQDOJXQRVPRGHORV
/DFDUDFWHUtVWLFDGHOHXGDGRPDQWLHQHXQPHGLRFDOLHQWH~WLOSDUDOHXGDUSURGXFWRVFRQOHYDGXUD
&RORTXHODPDVDFXELHUWDHQXQUHFLSLHQWH
GHQWURGHOKRUQRHQODVEDQGHMDV%R&
127$3DUDPHMRUHVUHVXOWDGRVFXEUDODPDVDFRQ
XQSDxRRXQHQYROWRULRSOiVWLFRHQPDQWHFDGRHO
SOiVWLFRSXHGHFRORFDUVHGHEDMRGHOUHFLSLHQWHSDUD
TXHHOYHQWLODGRUGHOKRUQRQRORGHVSODFH
3UHVLRQHHOERWyQ3522)OHXGDU\OXHJRHO
ERWyQ67$57LQLFLDU
(QODSDQWDOODSRGUiYHUVH3U)OHXGDU
/DOX]LQWHUQDGHOKRUQRVHHQFLHQGH\FRQWLQ~D
HQFHQGLGDGXUDQWHHOOHXGDGR
(QDOJXQRVPRGHORV
/DFDUDFWHUtVWLFDGHOHXGDGRDXWRPiWLFDPHQWH
EULQGDODWHPSHUDWXUDySWLPDSDUDHOSURFHVR
GHOHXGDGR\SRUORWDQWRQRH[LVWHXQDMXVWHGH
WHPSHUDWXUD
&RQILJXUHHOWHPSRUL]DGRUSDUDHOWLHPSR
GHOHXGDGRPtQLPR
(QDOJXQRVPRGHORV
&XDQGRKD\DILQDOL]DGRGHOHXGDUSUHVLRQH
HOERWyQ&/($52))ERUUDUDSDJDGR
„3DUDHYLWDUEDMDUODWHPSHUDWXUDGHOKRUQR
\SURORQJDUHOWLHPSRGHOHXGDGRQRDEUDOD
SXHUWDGHOKRUQRLQQHFHVDULDPHQWH
„9HULILTXHDQWHVGHWLHPSRORVSURGXFWRV
SDQLILFDGRVSDUDTXHQROHXGHQGHPiV
127$6
„1RXWLOLFHHOPRGROHXGDUSDUDFDOHQWDU
DOLPHQWRVRSDUDPDQWHQHUORVFDOLHQWHV
/DWHPSHUDWXUDGHOHXGDGRGHOKRUQRQRHV
ORVXILFLHQWHPHQWHFDOLHQWHSDUDFRQVHUYDU
DOLPHQWRVDWHPSHUDWXUDVVHJXUDV8VHOD
FDUDFWHUtVWLFD:$50FDOLHQWHSDUDPDQWHQHU
ORVDOLPHQWRVFDOLHQWHV
„(OOHXGDGRQRIXQFLRQDFXDQGRHOKRUQRWLHQH
XQDWHPSHUDWXUDPD\RUDƒ)ƒ&(QOD
SDQWDOODSRGUiYHUVH´+27µFDOLHQWH
&yPRXVDUORVKRUQRVDXWROLPSLDQWHV
VXSHULRUHLQIHULRU
*($SSOLDQFHVFRP
$QWHVGHXQFLFORGHOLPSLH]D
$'9(57(1&,$
3(/,*52'(,1&(1',2/LPSLHODJUDVD\
ODVXFLHGDGUHEHOGHGHOSLVRGHOKRUQRDQWHV
GHODDXWROLPSLH]D1RKDFHUORSXHGHSURYRFDU
XQLQFHQGLRHQHOKRUQR
/LPSLHFRQXQSDxRORVGHVHFKRV
UHEHOGHVDFXPXODGRVHQHOSLVRGHO
KRUQR
1ROLPSLHODMXQWD(OPDWHULDOGHILEUDGHYLGULRGH
ODMXQWDGHODSXHUWDGHOKRUQRQRUHVLVWHSURGXFWRV
DEUDVLYRV(VHVHQFLDOTXHODMXQWDVHPDQWHQJDLQWDFWD
6LXVWHGQRWDTXHHVWiGHVJDVWDGDUHHPSOiFHOD
9HULILTXHTXHODWDSDGHODERPELOODGHOX]
GHOKRUQRHVWpHQVXOXJDU\TXHODOX]GHOKRUQRHVWp
DSDJDGD
5HFRPHQGDPRVYHQWLODUVXFRFLQDFRQ
XQDYHQWDQDDELHUWDRXWLOL]DQGRXQYHQWLODGRU
RFDPSDQDGXUDQWHHOSULPHUFLFORGH
DXWROLPSLH]D
,03257$17(/DVHPDQDFLRQHVSURGXFLGDVSRU
HOFLFORGHDXWROLPSLH]DGHFXDOTXLHUKRUQRDIHFWDQ
ODVDOXGGHDOJXQDVDYHVGHPDQHUDQRWRULD3URFXUH
OOHYDUVXVDYHVDRWUDKDELWDFLyQELHQYHQWLODGD
4XLWHODDVDGHUDUHMLOODVRQGDWRGRV
ORVUHFLSLHQWHVGHFRFFLyQ\FXDOTXLHUWUR]R
GHSDSHOGHDOXPLQLRGHOKRUQR
+RUQRGREOH\PRGHORVFDQDGLHQVHVVRODPHQWH
/DVXQLGDGHVGHVXSHUILFLHVHGHVDFWLYDQ
DXWRPiWLFDPHQWHGXUDQWHHOFLFORGH
DXWROLPSLH]D9HULILTXHTXHWRGRVORVFRQWUROHV
GHXQLGDGHVGHVXSHUILFLHHVWpQDSDJDGRV
HQWRGRPRPHQWRGXUDQWHHOFLFORGHDXWROLPSLH]D
&XDOTXLHUXQLGDGGHVXSHUILFLHFRQILJXUDGD
HQXQDSRVLFLyQ´RQµHQFHQGLGRPLHQWUDV
IXQFLRQDHOFLFORGHDXWROLPSLH]DVHDFFLRQDUi
DXWRPiWLFDPHQWHGHVSXpVGHWHUPLQDGRHOFLFOR
\SXHGHSURYRFDUHOHQFHQGLGRGHXQDXQLGDG
GHVXSHUILFLH\TXHGDUVLQDWHQFLyQ(VSHUHKDVWDTXH
WHUPLQHHOFLFORGHDXWROLPSLH]DSDUDFRQILJXUDU\XVDU
ODVXQLGDGHVGHVXSHUILFLH
127$6
„6LVXKRUQRHVWiHTXLSDGRFRQEDQGHMDV
SDUDKRUQRSODWHDGDVEULOODQWHVTXtWHODV
DQWHVGHFRPHQ]DUHOFLFORGHDXWROLPSLH]D
„/DVEDQGHMDVSDUDKRUQRSODWHDGDVEULOODQWHV
HQDOJXQRVPRGHORVSXHGHQGHMDUVHGXUDQWH
ODDXWROLPSLH]DSHURVHRVFXUHFHUiQSHUGHUiQHO
EULOOR\VHUiGLItFLOGHVOL]DUODV
„6LVXKRUQRHVWiHTXLSDGRFRQEDQGHMDVUHYHVWLGDV
GHSRUFHODQDJULVSXHGHQGHMDUVHGHQWURGHOKRUQR
GXUDQWHHOFLFORGHDXWROLPSLH]D
/DVXFLHGDGXELFDGDHQHOPDUFRIURQWDOGH
ODFRFLQD\IXHUDGHODMXQWDGHODSXHUWDGHEHUi
OLPSLDUVHDPDQR/LPSLHHVWDViUHDVFRQDJXDFDOLHQWH
HVSRQMLOODVGHODQDGHDFHURHPEHELGDVHQMDEyQR
OLPSLDGRUHVWDOHVFRPR6RIW6FUXEŠ(QMXDJXHELHQFRQ
DJXDOLPSLD\VHTXH
&yPRFRQILJXUDUHOKRUQRSDUDXQDDXWROLPSLH]D
/DVSXHUWDVGHOKRUQRGHEHHVWDUFHUUDGDV\WRGRV
ORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRV
SDUDTXHHOFLFORIXQFLRQHHQIRUPDDGHFXDGD
3UHVLRQHHOERWyQ6(/)&/($1DXWROLPSLH]D
6HUHFRPLHQGDXQFLFORGHKRUDVSDUDOLPSLDU
GHUUDPHVSHTXHxRV\FRQWHQLGRV6HUHFRPLHQGD
XQFLFORGHDXWROLPSLH]DGHKRUDVSDUDXQ
KRUQRPiVVXFLR
6LQHFHVLWDXQFLFORGLIHUHQWHGHRKRUDVXWLOLFH
ODVDOPRKDGLOODVQXPpULFDVHLQJUHVHHOWLHPSRGH
OLPSLH]DGHVHDGR
(OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUHKRUDV
\KRUDVGHDFXHUGRFRQHOJUDGRGHVXFLHGDGGHO
KRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
/DVSXHUWDVGHOKRUQRVXSHULRUHLQIHULRUVHEORTXHDQ
DXWRPiWLFDPHQWH/RVHOHPHQWRVGHODHVWXIDWDPELpQ
VHEORTXHDQGXUDQWHODOLPSLH]D/DSDQWDOODPRVWUDUi
HOWLHPSRGHOLPSLH]DUHVWDQWH1RSRGUiQDEULUVH
ODVSXHUWDVGHOKRUQRRXWLOL]DUODHVWXIDKDVWDTXHOD
WHPSHUDWXUDGHVFLHQGDSRUGHEDMRGHODWHPSHUDWXUD
GHEORTXHR\VHDSDJXH/2&.(''225 SXHUWD
EORTXHDGDGHODSDQWDOODGHFRQWURO
&XDQGRVHDSDJXH/2&.(''225 SXHUWDEORTXHDGDXVWHGSRGUiDEULUODVSXHUWDV
„6LXVWHGFRQILJXUDHOFLFORGHOLPSLH]D\VHROYLGDGH
FHUUDUODVSXHUWDVGHOKRUQRGHVWHOODUi/2&.('
'225 SXHUWDEORTXHDGD\ODSDODEUDGRRU
SXHUWDDSDUHFHUiHQODSDQWDOOD
„3DUDGHWHQHUHOFLFORGHOLPSLH]DSUHVLRQH
HOERWyQ&/($52))ERUUDUDSDJDGR
&XDQGRVHDSDJD/2&.(''225 SXHUWD
EORTXHDGDLQGLFDQGRTXHODWHPSHUDWXUD
GHORVKRUQRVKDGHVFHQGLGRSRUGHEDMRGH
ODWHPSHUDWXUDGHEORTXHRXVWHGSRGUiDEULU
ODVSXHUWDV
+RUQRVGREOHV
„8VWHGSXHGHFRQILJXUDUXQFLFORGHOLPSLH]DHQ
DPERVKRUQRVDOPLVPRWLHPSRVLQHPEDUJRQR
HIHFWXDUiQODDXWROLPSLH]DDOPLVPRWLHPSR(O
~OWLPRKRUQRHQFRQILJXUDUVHUHWDUGDUiVXLQLFLR
DXWRPiWLFDPHQWHKDVWDODILQDOL]DFLyQGHOFLFORGH
OLPSLH]DGHOSULPHUKRUQR
„&XDQGRVHFRQILJXUHXQKRUQRSDUDODDXWROLPSLH]D
ODVGRVSXHUWDVGHOKRUQR\ORVFRQWUROHVGHODHVWXID
VHEORTXHDUiQ/RVKRUQRV\ODHVWXIDQRSXHGHQ
XVDUVHFXDQGRXQKRUQRHVWiFRQILJXUDGRSDUD
ODDXWROLPSLH]D
&yPRXVDUORVKRUQRVDXWROLPSLDQWHVVXSHULRUHLQIHULRU
/DVSXHUWDVGHOKRUQRGHEHHVWDUFHUUDGDV\WRGRVORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRVSDUDTXHHOFLFOR
IXQFLRQHHQIRUPDDGHFXDGD
&yPRFRQILJXUDUXQLQLFLRUHWDUGDGRGHOLPSLH]D
3UHVLRQHHOERWyQ6(/)&/($1
DXWROLPSLH]D
6HUHFRPLHQGDXQFLFORGHKRUDVSDUD
OLPSLDUGHUUDPHVSHTXHxRV\FRQWHQLGRV
6HUHFRPLHQGDXQFLFORGHDXWROLPSLH]D
GHKRUDVSDUDXQKRUQRPiVVXFLR
6LQHFHVLWDXQFLFORGLIHUHQWHGHR
KRUDVXWLOLFHODVDOPRKDGLOODVQXPpULFDVH
LQJUHVHHOWLHPSRGHOLPSLH]DGHVHDGR
(OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUH
KRUDV\KRUDVGHDFXHUGRFRQHOJUDGRGH
VXFLHGDGGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
/DVSXHUWDVGHOKRUQRVXSHULRUHLQIHULRUVH
EORTXHDQDXWRPiWLFDPHQWH/RVHOHPHQWRVGH
ODHVWXIDWDPELpQVHEORTXHDQGXUDQWHODDXWR
OLPSLH]D/DSDQWDOODPRVWUDUiODKRUDGHLQLFLR
1RSRGUiQDEULUVHODVSXHUWDVGHOKRUQRR
XWLOL]DUVHODHVWXIDKDVWDTXHODWHPSHUDWXUD
GHVFLHQGDSRUGHEDMRGHODWHPSHUDWXUDGH
EORTXHR\VHDSDJXH/2&.(''225 SXHUWD
EORTXHDGDGHODSDQWDOODGHFRQWURO
&XDQGRVHDSDJXH/2&.(''225 SXHUWD
EORTXHDGDXVWHGSRGUiDEULUODVSXHUWDV
3UHVLRQHHOERWyQ'(/$<67$57LQLFLR
UHWDUGDGR
0HGLDQWHODVDOPRKDGLOODVQXPpULFDV
LQJUHVHODKRUDHQTXHGHVHDLQLFLDU
HOFLFORGHOLPSLH]D
'HVSXpVGHXQFLFORGHOLPSLH]D
3XHGHQTXHGDUFHQL]DVEODQFDVHQHOKRUQR
„1RSXHGHFRQILJXUDUVHHOKRUQRSDUDFRFLQDU
/tPSLHODVFRQXQSDxRK~PHGRGHVSXpVGHTXH
RSDUDRWURFLFORGHDXWROLPSLH]DKDVWDTXH
VHHQIUtHHOKRUQR
pVWHVHHQFXHQWUHORVXILFLHQWHPHQWHIUtR
SDUDTXHVHGHVWUDEHODSXHUWD
6LTXHGDQPDQFKDVEODQFDVTXtWHODVFRQXQD
HVSRQMLOODGHODQDGHDFHURHPEHELGDHQMDEyQ
„0LHQWUDVHOKRUQRVHHQFXHQWUDHQHOSURFHVR
\HQMXDJXHELHQFRQXQDPH]FODGHYLQDJUH\
GHDXWROLPSLH]DXVWHGSXHGHSUHVLRQDU
DJXD
HOERWyQ&/2&.UHORMSDUDTXHVHYHDOD
KRUD3DUDYROYHUDODFXHQWDUHJUHVLYDGH
(QJHQHUDOHVWRVGHSyVLWRVVRQUHVWRVGHVDO
OLPSLH]DSUHVLRQHHOERWyQ6(/)&/($1
TXHQRSXHGHQHOLPLQDUVHGXUDQWHHOFLFORGH
DXWROLPSLH]D
OLPSLH]D
„6LUHVXOWDGLItFLOGHVOL]DUODVEDQGHMDVFRORTXH
6LHOKRUQRQRTXHGDOLPSLRGHVSXpVGHXQFLFOR
XQDSHTXHxDFDQWLGDGGHDFHLWHGHFRFLQD
GHOLPSLH]DUHStWDOR
HQXQDWRDOODGHSDSHO\IURWHORVH[WUHPRV
GHODVEDQGHMDV
&DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR
*($SSOLDQFHVFRP
/RVQXHYRVFRQWUROHVFRQERWRQHVGHWRTXHFXHQWDQFRQFDUDFWHUtVWLFDVDGLFLRQDOHV/DVVLJXLHQWHVVRQODV
FDUDFWHUtVWLFDV\ODPDQHUDHQTXHXVWHGSXHGHDFWLYDUODV
/RVPRGRVGHFDUDFWHUtVWLFDVHVSHFLDOHVVyORSXHGHQDFWLYDUVHPLHQWUDVODSDQWDOODPXHVWUDODKRUD6HFRQVHUYDQ
HQODPHPRULDGHORVFRQWUROHVKDVWDTXHVHUHSLWDQORVSDVRV
3DUDLQJUHVDUXQDFDUDFWHUtVWLFDHVSHFLDOHQXQRGHORVGRVKRUQRVXVWHGGHEHSULPHURSUHVLRQDUORVERWRQHV
%52,/+,/2DVDUDOWREDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDOPLVPRWLHPSR/RVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUGHOKRUQRLQIHULRUQRDFWLYDQFDUDFWHUtVWLFDVHVSHFLDOHV
&XDQGRODSDQWDOODPXHVWUDVXRSFLyQSUHVLRQHHOERWyQ67$57LQLFLDU/DVFDUDFWHUtVWLFDVHVSHFLDOHVVH
FRQVHUYDUiQHQODPHPRULDGHVSXpVGHXQFRUWHGHHQHUJtDFRQH[FHSFLyQGHO6DEEDWKTXHGHEHUHFRQILJXUDUVH
$SDJDGROXHJRGHKRUDV
&RQHVWDRSFLyQHQFDVRGHGHMDUVHHOKRUQR
HQFHQGLGRDFFLGHQWDOPHQWHHOFRQWUROORDSDJD
HQIRUPDDXWRPiWLFDOXHJRGHKRUDVGXUDQWH
IXQFLRQHVGHKRUQHDGRRGHVSXpVGHKRUDV
GXUDQWHODIXQFLyQGHDVDGR
3UHVLRQHHOERWyQ'(/$<67$57LQLFLR
UHWDUGDGRKDVWDTXHDSDUH]FDQRVKGQ
QRDSDJDGRHQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDUSDUD
DFWLYDUODFDUDFWHUtVWLFDGHQRDSDJDGR\
GHMDUHOFRQWUROFRQILJXUDGRHQHVWHPRGR
GHFDUDFWHUtVWLFDVHVSHFLDOHV
6LGHVHDDSDJDU2))HVWDIXQFLyQVLJDORV
SDVRVVLJXLHQWHV
3UHVLRQHORVERWRQHV%52,/+,/2DVDU
DOWREDMR\%$.(KRUQHDUGHOKRUQR
VXSHULRUDOPLVPRWLHPSRKDVWDTXHHQOD
SDQWDOODSXHGDYHUVH6)
6HOHFFLyQGHWHPSHUDWXUDHQ)DKUHQKHLWR&HOVLXV
6XFRQWUROGHKRUQRHVWiFRQILJXUDGRSDUD
XWLOL]DUODVVHOHFFLRQHVGHWHPSHUDWXUD
)DKUHQKHLWSHURSXHGHPRGLILFDUVHSDUDXVDU
VHOHFFLRQHVHQ&HOVLXV
3UHVLRQHORVERWRQHV%52,/+,/2DVDU
DOWREDMR\%$.(KRUQHDUGHOKRUQR
VXSHULRUDOPLVPRWLHPSRKDVWDTXHHQOD
SDQWDOODSXHGDYHUVH6)
3UHVLRQHORVERWRQHV&22.7,0(WLHPSR
GHFRFFLyQ\%52,/+,/2DVDUDOWREDMR
DOPLVPRWLHPSR(QODSDQWDOODSRGUi
YHUVH))DKUHQKHLW
3UHVLRQHORVERWRQHV&22.7,0(WLHPSR
GHFRFFLyQ\%52,/+,/2DVDUDOWREDMR
GHQXHYRDOPLVPRWLHPSR(QODSDQWDOOD
SRGUiYHUVH&&HOVLXV
3UHVLRQHHOERWyQ67$57LQLFLDU
6HxDOHVVRQRUDVDOILQDOL]DUXQFLFORFRQWHPSRUL]DGRU
$OILQDOL]DUXQFLFORFRQWHPSRUL]DGRUVH
HVFXFKDQSLWLGRVFRUWRVVHJXLGRVSRUXQ
SLWLGRFDGDVHJXQGRVKDVWDTXHVHSUHVLRQH
HOERWyQ&/($52))ERUUDUDSDJDGR(VWH
SLWLGRFRQWLQXR
GHVHJXQGRVSXHGHFDQFHODUVH
3DUDFDQFHODUHOSLWLGRFRQWLQXRGHVHJXQGRV
(QDOJXQRVPRGHORV
3UHVLRQHORVERWRQHV%52,/+,/2DVDU
DOWREDMR\%$.(KRUQHDUGHOKRUQR
VXSHULRUDOPLVPRWLHPSRKDVWDTXHHQOD
SDQWDOODSXHGDYHUVH6)
2
3UHVLRQHHOERWyQ.,7&+(17,0(5212))
WHPSRUL]DGRUGHODFRFLQDHQFHQGLGR
DSDJDGR/DSDQWDOODPXHVWUD&21
%((3SLWLGRFRQWLQXR3UHVLRQHHOERWyQ
.,7&+(17,0(5212))WHPSRUL]DGRUGH
ODFRFLQDHQFHQGLGRDSDJDGRGHQXHYR
/DSDQWDOODPXHVWUD%((3SLWLGR(VWR
FDQFHODHOSLWLGRFDGDVHJXQGRV
3UHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ%52,/DVDU/DSDQWDOOD
PXHVWUD&217,%((3SLWLGRFRQWLQXR
3UHVLRQHHOERWyQ%52,/DVDUGHQXHYR/D
SDQWDOODPXHVWUD6,1*/(%((3SLWLGR
~QLFR(VWRFDQFHODHOSLWLGRFDGD
VHJXQGRV
(QDOJXQRVPRGHORV
&DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR
9ROXPHQGHOWRQRHQDOJXQRVPRGHORV
(VWDFDUDFWHUtVWLFDSHUPLWHUHJXODUHOYROXPHQ
GHORVWRQRVSDUDORJUDUXQYROXPHQPiVDFHSWDEOH
([LVWHQWUHVQLYHOHVGHYROXPHQGLIHUHQWHV
3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO
PLVPRWLHPSRKDVWDTXHHQODSDQWDOODSXHGD
YHUVH6)
3UHVLRQHHOERWyQ&22.7,0(WLHPSR
GHFRFFLyQ(QODSDQWDOODSRGUiYHUVH%((3
SLWLGR(VWHHVHOQLYHOGHYROXPHQPHGLR
3UHVLRQHHOERWyQ&22.7,0(WLHPSR
GHFRFFLyQGHQXHYR(QODSDQWDOODSRGUi
YHUVH%((3SLWLGR(VWHHVHOQLYHOGH
YROXPHQPiVDOWR
3UHVLRQHHOERWyQ&22.7,0(WLHPSR
GHFRFFLyQGHQXHYR(QODSDQWDOODSRGUi
YHUVH%((3SLWLGR(VWHHVHOQLYHO
GHYROXPHQPiVEDMR
&DGDYH]TXHVHPRGLILFDHOQLYHOGHYROXPHQ
VHHVFXFKDXQHMHPSORGHOYROXPHQGHODVHxDO
VRQRUD
6HOHFFLRQHHOQLYHOGHYROXPHQGHVHDGR
%((3%((3%((3
3UHVLRQHHOERWyQ67$57LQLFLDUSDUDDFWLYDUHO
QLYHOHOHJLGR
KRUDVKRUDVREORTXHRGHOUHORM
6XVFRQWUROHVHVWiQFRQILJXUDGRVSDUDXVDUXQUHORM
GHKRUDV
6LSUHILHUHWHQHUXQUHORMGHHVWLORPLOLWDUGHKRUDV
RDQXODUODYLVXDOL]DFLyQGHOUHORMVLJDORVVLJXLHQWHV
SDVRV
3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO
PLVPRWLHPSRKDVWDTXHHQODSDQWDOODSXHGD
YHUVH6)
3UHVLRQHHOERWyQ&/2&.UHORMXQDYH](QOD
SDQWDOODSRGUiYHUVHKU6LHVWDHVODRSFLyQ
TXHGHVHDSUHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ&/2&.UHORMGHQXHYRSDUD
FDPELDUDOUHORMHVWLORPLOLWDUGHKRUDV(QOD
SDQWDOODSRGUiYHUVHKU6LHVWDHVODRSFLyQTXH
GHVHDSUHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ&/2&.UHORMGHQXHYRSDUDDQXODU
ODYLVXDOL]DFLyQGHOUHORM(QODSDQWDOODSRGUiYHUVH
2))DSDJDGR6LHVWDHVODRSFLyQTXHGHVHD
SUHVLRQHHOERWyQ67$57LQLFLDU
127$6LHOUHORMVHHQFXHQWUDHQHOPRGRVLQ
YLVXDOL]DFLyQXVWHGQRSRGUiXWLOL]DUODIXQFLyQGH
LQLFLRUHWDUGDGR
&RQYHUVLyQ$XWRPiWLFDGH5HFHWDVŒHQDOJXQRVPRGHORV
&XDQGRVHXWLOL]DHOKRUQHDGRSRUFRQYHFFLyQOD
IXQFLyQGH$XWR5HFLSHŒ&RQYHUVLRQ&RQYHUVLyQ
DXWRPiWLFDGHUHFHWDVUHHPSOD]DDXWRPiWLFDPHQWH
ODVWHPSHUDWXUDVGHKRUQHDGRWUDGLFLRQDOHVLQJUHVDGDV
SRUODVWHPSHUDWXUDVGHKRUQHDGRSRUFRQYHFFLyQ
(VWDFDUDFWHUtVWLFDVHDFWLYDSDUDTXHODSDQWDOOD
PXHVWUHODWHPSHUDWXUDFRQYHUWLGDUHDOUHGXFLGD
3RUHMHPSORVLVHLQJUHVDXQDWHPSHUDWXUDGHUHFHWD
WUDGLFLRQDOGHƒ)ƒ&\VHSUHVLRQDHOERWyQ
67$57LQLFLDUODSDQWDOODPRVWUDUiODOH\HQGD&21
FRQYHUVLyQ\OXHJRODWHPSHUDWXUDFRQYHUWLGDD
ƒ)ƒ&
3DUDGHVDFWLYDUODIXQFLyQ
3UHVLRQHORVERWRQHV%$.(KRUQHDU
\%52,/+,/2DVDUDOWREDMRGHOKRUQR
VXSHULRUDOPLVPRWLHPSRKDVWDTXH
HQODSDQWDOODSXHGDYHUVH6)
3UHVLRQHHOERWyQ&219(&7,21&22.FRFFLyQ
SRUFRQYHFFLyQ(QODSDQWDOODSRGUiYHUVH
&2121FRQYHUVLyQDFWLYDGD3UHVLRQHHO
ERWyQ&219(&7,21&22.FRFFLyQSRU
FRQYHFFLyQGHQXHYR(QODSDQWDOODSRGUi
YHUVH&212))FRQYHUVLyQGHVDFWLYDGD
3UHVLRQHHOERWyQ67$57LQLFLDU
3DUDUHDFWLYDUHVWDFDUDFWHUtVWLFDUHSLWD
ORVSDVRVGH²SHURSUHVLRQHHOERWyQ
67$57LQLFLDUFXDQGRHQODSDQWDOODDSDUH]FD
&2121FRQYHUVLyQDFWLYDGD
BAKE
+
BROIL
COOKING
TIME
START
HI/LO
&RFLQDU\PDQWHQHUFDOLHQWHHQDOJXQRVPRGHORV
6XQXHYRFRQWUROSRVHHXQDFDUDFWHUtVWLFDGHFRFLQDU
\HVSHUDUTXHPDQWLHQHFDOLHQWHVORVDOLPHQWRV
FRFLGRVKDVWDKRUDVGHVSXpVGHILQDOL]DGD
ODIXQFLyQGHFRFFLyQ
3DUDDFWLYDUHVWDFDUDFWHUtVWLFDVLJDORVVLJXLHQWHV
SDVRV
3UHVLRQHORVERWRQHV%$.(KRUQHDU\%52,/
+,/2DVDUDOWREDMRDOPLVPRWLHPSRKDVWD
TXHHQODSDQWDOODSXHGDYHUVH6)
3UHVLRQHHOERWyQ&22.,1*7,0(WLHPSRGH
FRFFLyQ(QODSDQWDOODSRGUiYHUVH+OG2))
PDQWHQHUDSDJDGR
3UHVLRQHHOERWyQ&22.,1*7,0(WLHPSRGH
FRFFLyQGHQXHYRSDUDDFWLYDUHVWD
FDUDFWHUtVWLFD(QODSDQWDOODSRGUiYHUVH+OG
21PDQWHQHUHQFHQGLGR
3UHVLRQHHOERWyQ67$57LQLFLDUSDUDDFWLYDUOD
FDUDFWHUtVWLFDFRFLQDU\PDQWHQHU\GHMDUHO
FRQWUROFRQILJXUDGRHQHVWHPRGRGH
FDUDFWHUtVWLFDVHVSHFLDOHV
&yPRXVDUODIXQFLyQ6DEEDWKKRUQRVVXSHULRUHLQIHULRU
'LVHxDGDSDUDXWLOL]DUVHGXUDQWHHO6DEEDWKXRWUDV)LHVWDV-XGtDVHQDOJXQRVPRGHORV
*($SSOLDQFHVFRP
/DIXQFLyQ6DEEDWKVRODPHQWHSXHGHXWLOL]DUVHSDUDKRUQHDUURVWL]DU1RHVSRVLEOHXWLOL]DUODSDUDFRQYHFFLyQDVDGRDXWROLPSLH]DRFRFFLyQFRQ
LQLFLRUHWDUGDGR
127$/DOX]LQWHULRUGHOKRUQRVHHQFLHQGHDXWRPiWLFDPHQWHHQDOJXQRVPRGHORVFXDQGRVHDEUHODSXHUWD\VHDSDJDFXDQGRVHODFLHUUD3XHGH
TXLWDUVHODERPELOODGHOX]9HUODVHFFLyQGH5HHPSOD]RGHERPELOODGHOX](QORVPRGHORVFRQLQWHUUXSWRUGHOX]HQHOSDQHOGHFRQWUROODOX]GHO
KRUQRSXHGHHQFHQGHUVH\GHMDUVHDVt
&yPRFRQILJXUDUKRUQHDGRURVWL]DGRFRPXQHV
&XDQGRODSDQWDOODPXHVWUDŠ
HOKRUQRHVWiFRQILJXUDGRSDUD
6DEEDWK&XDQGRODSDQWDOOD
PXHVWUDŠHOKRUQRHVWi
KRUQHDQGRURVWL]DQGR
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWD
\TXHHOKRUQRHVWpDSDJDGR
3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR
KDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
127$6LHQODSDQWDOODDSDUHFHQ%DNHKRUQHDUR
%URLODVDUORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUQRVHSUHVLRQDURQDOPLVPR
WLHPSR3UHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGR\FRPLHQFHGHQXHYR
3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR
KDVWDTXHDSDUH]FD6$EE$W+HQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDU\ŠDSDUHFHUiHQ
ODSDQWDOOD$PERVKRUQRVVHHQFXHQWUDQDKRUDHQ
HOPRGR6DEEDWK
3UHVLRQHHOERWyQ%$.(KRUQHDUHQHOKRUQR
VXSHULRURLQIHULRU1RVHGDUiXQDVHxDO
0HGLDQWHODVDOPRKDGLOODVQXPpULFDVLQJUHVHOD
WHPSHUDWXUDGHVHDGDHQWUHƒ)ƒ&\ƒ)
ƒ&1RVHGDUiQLQJXQDVHxDORWHPSHUDWXUD
1RKD\XQDWHPSHUDWXUDSUHGHWHUPLQDGD
3UHVLRQHHOERWyQ67$57LQLFLDUHQHOKRUQR
FRUUHVSRQGLHQWH
'HVSXpVGHXQSHUtRGRDOHDWRULRGH
DSUR[LPDGDPHQWHVHJXQGRVDPLQXWRŠ
DSDUHFHUiHQODSDQWDOODLQGLFDQGRTXHHOKRUQR
HVWiKRUQHDQGRURVWL]DQGR6LŠQRDSDUHFHHQ
ODSDQWDOODFRPLHQFHGHQXHYRHQHOSDVR
3DUDKRUQHDUHQHORWURKRUQRFRPLHQFHHQHOSDVR
HQDOJXQRVPRGHORV
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQHHOERWyQ
%$.(KRUQHDULQJUHVHODQXHYDWHPSHUDWXUDXVDQGR
ODVDOPRKDGLOODVQXPpULFDV\SUHVLRQHHOERWyQ67$57
LQLFLDU
127$/RVERWRQHV&/($52))ERUUDUDSDJDGR
\&22.7,0(WLHPSRGHFRFFLyQVHHQFXHQWUDQDFWLYRV
GXUDQWHODIXQFLyQ6DEEDWK
&yPRFRQILJXUDUKRUQHDGRURVWL]DGRFRQWHPSRUL]DGRU,QLFLRLQPHGLDWR
\DSDJDGRDXWRPiWLFR
&XDQGRODSDQWDOODPXHVWUD
HOKRUQRHVWiFRQILJXUDGRSDUD
6DEEDWK&XDQGRODSDQWDOOD
PXHVWUDHOKRUQRHVWi
KRUQHDQGRURVWL]DQGR
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWD
\TXHHOKRUQRHVWpDSDJDGR
3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR
KDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
127$6LHQODSDQWDOODDSDUHFHQ%DNHKRUQHDUR
%URLODVDUORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUQRVHSUHVLRQDURQDOPLVPR
WLHPSR3UHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGR\FRPLHQFHGHQXHYR
3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR
KDVWDTXHDSDUH]FD6$EE$W+HQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDU\ŠDSDUHFHUiHQ
ODSDQWDOOD$PERVKRUQRVVHHQFXHQWUDQDKRUDHQ
HOPRGR6DEEDWK
3UHVLRQHHOERWyQ&22.7,0(WLHPSRGHFRFFLyQ
HQHOKRUQRVXSHULRURLQIHULRU1RVHGDUiXQD
VHxDO
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHVHDGRGHFRFFLyQHQWUH
PLQXWR\KRUDV\PLQXWRV
3UHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ%$.(KRUQHDU1RVHGDUiXQD
VHxDO
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGD1RVHGDUi
QLQJXQDVHxDORWHPSHUDWXUD1RKD\XQD
WHPSHUDWXUDSUHGHWHUPLQDGD
3UHVLRQHHOERWyQ67$57LQLFLDUHQHOKRUQR
FRUUHVSRQGLHQWH
'HVSXpVGHXQSHUtRGRDOHDWRULRGH
DSUR[LPDGDPHQWHVHJXQGRVDPLQXWRŠ
DSDUHFHUiHQODSDQWDOODLQGLFDQGRTXHHOKRUQR
HVWiKRUQHDQGRURVWL]DQGR6LŠQRDSDUHFHHQ
ODSDQWDOODFRPLHQFHGHQXHYRHQHOSDVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQHHOERWyQ
%$.(KRUQHDULQJUHVHODQXHYDWHPSHUDWXUDXVDQGR
ODVDOPRKDGLOODVQXPpULFDV\SUHVLRQHHOERWyQ67$57
LQLFLDU
&XDQGRVHKD\DWHUPLQDGRODFRFFLyQODSDQWDOOD
FDPELDUiGHŠDŠ\DSDUHFHUiLQGLFDQGRTXH
HOKRUQRVHKDDSDJDGR2))SHURVLJXHFRQILJXUDGRHQ
6DEEDWK5HWLUHORVDOLPHQWRVGHOKRUQR
&yPRGHVDFWLYDUODIXQFLyQ6DEEDWK
3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR
6LHOKRUQRHVWiFRFLQDQGRHVSHUHXQSHUtRGR
DOHDWRULRGHDSUR[LPDGDPHQWHVHJXQGRVD
PLQXWRKDVWDTXHVyORŠDSDUH]FDHQODSDQWDOOD
3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR
KDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR
KDVWDTXHVKGQRQRVKGQDSDUH]FDQHQOD
SDQWDOOD
(OLMDVKGQLQGLFDQGRTXHHOKRUQRVHDSDJDUi
DXWRPiWLFDPHQWHGHVSXpVGHKRUDVRQR
VKGQLQGLFDQGRTXHHOKRUQRQRVHDSDJDUi
DXWRPiWLFDPHQWHGHVSXpVGHKRUDV
3UHVLRQH67$57LQLFLDUFXDQGRODRSFLyQGHVHDGD
DSDUHFHHQODSDQWDOODVKGQRQRVKGQ
127$(QFDVRGHFRUWHGHHQHUJtDFRQODIXQFLyQ
GH6DEEDWKDFWLYDGDGLFKDIXQFLyQVHDSDJDUi
DXWRPiWLFDPHQWHD~QFXDQGRYXHOYDODHQHUJtD
(OFRQWUROGHOKRUQRGHEHYROYHUDFRQILJXUDUVH$OJXQRV
PRGHORVFRQWLQXDUiQHOPRGR6DEEDWKVLQHPEDUJR
VLVHDEUHODSXHUWDVHDFWLYDUiODOX]GHOKRUQR
&yPRXVDUHOFDMyQFDOHQWDGRUHQDOJXQRVPRGHORV
$'9(57(1&,$
5,(6*2'(,172;,&$&,Ï1$/,0(17$5,$3RUGHEDMRGHORVƒ)ƒ&SXHGHSURGXFLUVHFUHFLPLHQWR
GHEDFWHULDVHQORVDOLPHQWRV
‡6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1RXWLOLFHFRQILJXUDFLRQHVGHPDQWHQHU
FDOLHQWHSDUDFDOHQWDUDOLPHQWRVIUtRV
‡1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV
1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV
(OFDMyQFDOHQWDGRUPDQWHQGUiDOLPHQWRVFDOLHQWHV\FRFLGRVDXQDWHPSHUDWXUDGHVHUYLFLR6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1R
ORXVHSDUDFDOHQWDUDOLPHQWRVIUtRVFRQH[FHSFLyQGHVHFDUJDOOHWDVSDSLWDV\FHUHDO
WARMING DRAWER
&yPRXVDUHOFDMyQFDOHQWDGRU
3UHVLRQH\JLUHODSHULOODGHFRQWURODODFRQILJXUDFLyQ
GHVHDGD
(OFDMyQFDOHQWDGRUPDQWHQGUiDOLPHQWRVFDOLHQWHV\FRFLGRV
DXQDWHPSHUDWXUDGHVHUYLFLR6LHPSUHHPSLHFHFRQ
DOLPHQWRVFDOLHQWHV
3UHVLRQHHOERWyQ:$50,1*'5$:(5FDMyQFDOHQWDGRU
´:$50(521µFDOLHQWHHQFHQGLGR\´µVHHQFLHQGHQHQ
ODSDQWDOOD\´6HWµFRQILJXUDFLyQFRPLHQ]DDGHVWHOODU(Q
ODVDOPRKDGLOODVQXPpULFDVSUHVLRQHSDUD%DMRSDUD
0HGLRRSDUD$OWR/DSDQWDOOD´µFDPELDGHDFXHUGRFRQ
ODDOPRKDGLOODQXPpULFDVHOHFFLRQDGD(OFDMyQFDOHQWDGRUVH
LQLFLDDXWRPiWLFDPHQWHGHVSXpVGHSUHVLRQDUR
´:$50(521µFDOLHQWHHQFHQGLGR\HOQ~PHURSHUPDQHFHQ
HQFHQGLGRV´6HWµFRQILJXUDFLyQGHMDGHGHVWHOODU(QDOJXQRV
PRGHORVSUHVLRQH67$57LQLFLDU
(QDOJXQRVPRGHORV²DOWHUQHHQWUHFRQILJXUDFLRQHV
SUHVLRQDQGRHOERWyQ:$50,1*'5$:(5FDMyQFDOHQWDGRU
3DUDFDQFHODUSUHVLRQHHOERWyQ:$50,1*'5$:(5FDMyQ
FDOHQWDGRU
127$3UHVLRQDUHOERWyQ&/($52))ERUUDUDSDJDGRQR
DSDJDHOFDMyQFDOHQWDGRU
&XDQGRXVHHOFDMyQFDOHQWDGRU
(OFDMyQFDOHQWDGRUPDQWHQGUiDOLPHQWRVFDOLHQWHV
\FRFLGRVDXQDWHPSHUDWXUDGHVHUYLFLR6LHPSUHHPSLHFH
FRQDOLPHQWRVFDOLHQWHV1RORXVHSDUDFDOHQWDUDOLPHQWRV
IUtRVFRQH[FHSFLyQGHVHFDUJDOOHWDVSDSLWDV\FHUHDO
1RUHFXEUDHOFDMyQFDOHQWDGRURUHFLSLHQWHGHFRFFLyQFRQ
SDSHOPHWiOLFR(OSDSHOPHWiOLFRHVXQH[FHOHQWHDLVODQWH
GHFDORU\DWUDSDUiHOFDORUGHEDMRGHpO(VWRDOWHUDUiHO
GHVHPSHxRGHOFDMyQ\SRGUtDGDxDUHODFDEDGRLQWHULRU
3HUPLWDTXHHOFDMyQFDOHQWDGRUVHSUHFDOLHQWHGXUDQWH
DSUR[LPDGDPHQWHPLQXWRV
„1RFRORTXHOtTXLGRRDJXDHQHOFDMyQFDOHQWDGRU
„7RGRVORVDOLPHQWRVTXHVHFRORTXHQHQHOFDMyQ
FDOHQWDGRUGHEHQFXEULUVHFRQXQDWDSDRSDSHOPHWiOLFR
&XDQGRFDOLHQWHSDVWHOLWRV\SDQHVODWDSDGHEHFRQWDU
FRQXQDYHQWLODFLyQSDUDSHUPLWLUODVDOLGDGHKXPHGDG
„/RVDOLPHQWRVGHEHQPDQWHQHUVHHQVXUHFLSLHQWHFDOLHQWH
RWUDVSDVDUVHDXQSODWRGHVHUYLFLRUHVLVWHQWHDOFDORU
127$/RVUHFLSLHQWHVSOiVWLFRVRORVHQYROWRULRVSOiVWLFRVVH
GHUULWHQVLHQWUDQHQFRQWDFWRGLUHFWRFRQHOFDMyQUHFLSLHQWH
GHFRFFLyQRXWHQVLOLRFDOLHQWH(OSOiVWLFRGHUUHWLGRQRSXHGH
UHPRYHUVH\HVWRQRVHHQFXHQWUDFXELHUWRSRUODJDUDQWtD
„4XLWHODVFXFKDUDVGHVHUYLFLRHWFDQWHVGHFRORFDU
UHFLSLHQWHVHQHOFDMyQFDOHQWDGRU
7DEODGHVHOHFFLyQGHWHPSHUDWXUD
3DUDPDQWHQHUFDOLHQWHVGLIHUHQWHVWLSRVGHDOLPHQWRV
HVWDEOH]FDHOFRQWUROFRQODFRQILJXUDFLyQPiVHOHYDGD
„/DWHPSHUDWXUDWLSRFDQWLGDGGHDOLPHQWRV\
HOWLHPSRHQTXHVHPDQWHQJDQGHQWURGHOKRUQR
DIHFWDQODFDOLGDGGHORVDOLPHQWRV
„$ODEULUHOFDMyQHQIRUPDUHLWHUDGDHODLUHFDOLHQWH
VHHVFDSDUi\ORVDOLPHQWRVVHHQIULDUiQ
„&RQJUDQGHVFDUJDVSXHGHVHUQHFHVDULRXWLOL]DU
XQDFRQILJXUDFLyQGHOFDMyQFDOHQWDGRUPiV
HOHYDGD\FXEULUDOJXQRVGHORVDOLPHQWRVFRFLGRV
„1
RXWLOLFHUHFLSLHQWHVRHQYROWRULRVSOiVWLFRV
7LSRGHDOLPHQWR
&KLOH
(VWRIDGR
3DSDVDOKRUQR
3L]]D
7RWRSRV
:DIOHV
&RQILJXUDFLyQ
GHFRQWURO
+,
0('
+,
0('
/2
/2
3DUDYROYHUFUXMLHQWHVSURGXFWRVQRIUHVFRV
„&RORTXHORVDOLPHQWRVHQSODWRVREDQGHMDVGHODGRV
EDMRV
„3UHFDOLHQWHHQODFRQILJXUDFLyQ/2
„'HVSXpVGHPLQXWRVYHULILTXHVLHVWiQFUXMLHQWHV
$JUHJXHWLHPSRVLIXHVHQHFHVDULR
3DUDFDOHQWDUWD]RQHV\SODWRVGHVHUYLFLR
35(&$8&,Ï1
/RVSODWRVHVWDUiQFDOLHQWHV8WLOLFHDJDUUDGHUDVRJXDQWHV
FXDQGRTXLWHSODWRVFDOLHQWHV
3DUDFDOHQWDUWD]RQHV\SODWRVGHVHUYLFLRFRQILJXUHHO
FRQWUROHQ/2
„8WLOLFHVyORUHFLSLHQWHVUHVLVWHQWHVDOFDORU
„6LGHVHDFDOHQWDUSRUFHODQDILQDFRQVXOWHDOIDEULFDQWH
GHODYDMLOODVREUHVXWROHUDQFLDPi[LPDDOFDORU
„8VWHGSXHGHFDOHQWDUSODWRVGHVHUYLFLRYDFtRVPLHQWUDV
SUHFDOLHQWDHOFDMyQ
&yPRXVDUHOFDMyQGHOKRUQRLQIHULRUHQDOJXQRVPRGHORV
*($SSOLDQFHVFRP
(OFDMyQGHOKRUQRLQIHULRUSXHGHXVDUVHSDUDKRUQHDUDOLPHQWRVXWLOL]DQGRORVPLVPRVWLHPSRV\WHPSHUDWXUDV
GHXQKRUQRFRP~Q/RVDOLPHQWRVLGHDOHVSDUDKRUQHDUHQHOFDMyQGHOKRUQRLQIHULRUVRQSL]]DDOLPHQWRV
FRQJHODGRVHVWRIDGRVJDOOHWDVEROOLWRVGXOFHV\XQDYDULHGDGGHSRVWUHV
3DUDXVDUHOFDMyQGHOKRUQRLQIHULRU
3UHVLRQH\JLUHODSHULOODGHOFDMyQGHOKRUQR
LQIHULRUDODFRQILJXUDFLyQGHVHDGD
'HMHTXHHOFDMyQGHOKRUQRLQIHULRU
VHSUHFDOLHQWH
„/DOX]GHVHxDOL]DFLyQGHHQFHQGLGR21
VHHQFXHQWUDVREUHODSHULOOD\UHVSODQGHFH
FXDQGRODSHULOODHVWiHQODSRVLFLyQ21
3HUPDQHFHHQFHQGLGDKDVWDTXHODSHULOODVH
PXHYHDODSRVLFLyQ2))DSDJDGR
„/DOX]GHVHxDOL]DFLyQGH´+HDWLQJµ
FDOHQWDPLHQWRVHHQFXHQWUDGHEDMR
GHODSHULOOD\UHVSODQGHFHFXDQGRORV
HOHPHQWRVGHFDOHQWDPLHQWRHVWiQDFWLYRV(O
SUHFDOHQWDPLHQWRVHKDFRPSOHWDGRGHVSXpV
GHTXHODVHxDO´+HDWLQJµVHDSDJDSRUSULPHUD
YH]GHVSXpVGHKDEHUHQFHQGLGRODSHULOOD
3UHVLRQH\JLUHODSHULOODGHOFDMyQ
GHOKRUQRLQIHULRUDODFRQILJXUDFLyQ
GHVHDGD
127$6
„6LHPSUHXWLOLFHODEDQGHMDGHOFDMyQFXDQGR
KDJDXVRGHOFDMyQGHOKRUQRLQIHULRU
„(OFDMyQGHOKRUQRLQIHULRUQRSXHGHXWLOL]DUVH
GXUDQWHXQFLFORGHDXWROLPSLH]DGHOKRUQR
VXSHULRU
„1RFRORTXHDOLPHQWRVSDSHOGHDOXPLQLR
RXWHQVLOLRVGHFRFLQDHQHOSLVRGHOFDMyQGHO
KRUQRLQIHULRU6LHPSUHXWLOLFHODEDQGHMDGHO
FDMyQLQFOXLGD
„6LORVDOLPHQWRVUHTXLHUHQXQDWDSDVyORXWLOLFH
SDSHOGHDOXPLQLRRWDSDVTXHVRSRUWHQODV
WHPSHUDWXUDVGHKRUQHDGR1RXWLOLFHSOiVWLFR
„/DDOWXUDPi[LPDGHORVDOLPHQWRVTXHSXHGHQ
KRUQHDUVHHQHOFDMyQGHOKRUQRLQIHULRUHVòs
FP
„1RFRORTXHOtTXLGRRDJXDHQHOFDMyQGHOKRUQR
LQIHULRU
„1XQFDFRORTXHSOiVWLFRVSDSHODOLPHQWRV
HQODWDGRVRPDWHULDOFRPEXVWLEOHHQHOFDMyQGHO
KRUQRLQIHULRU
(OFDMyQGHOKRUQRLQIHULRUXWLOL]DPHQRVHQHUJtDTXHHOKRUQRVXSHULRU
'HMHSDVDUORVVLJXLHQWHVWLHPSRVDSUR[LPDGRVSDUDHOSUHFDOHQWDPLHQWR
7HPSHUDWXUDGHVHDGD
GHOKRUQRLQIHULRU
7LHPSRGH
SUHFDOHQWDPLHQWR
7LELD
PLQXWRV
ƒ)ƒ&
PLQXWRV
ƒ)ƒ&
PLQXWRV
&XDQGRXWLOLFHODFRQILJXUDFLyQGHPDQWHQHUFDOLHQWH
GHOFDMyQGHOKRUQRLQIHULRU
/DFRQILJXUDFLyQ:$50PDQWHQHUFDOLHQWHGHO
FDMyQGHOKRUQRLQIHULRUSXHGHXWLOL]DUVHSDUD
PDQWHQHUFDOLHQWHVDOLPHQWRVDWHPSHUDWXUDVGH
VHUYLFLR6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV
1RODXVHSDUDFDOHQWDUDOLPHQWRVIUtRVFRQ
H[FHSFLyQGHVHFDUJDOOHWDVSDSLWDV\FHUHDO
127$/DWHPSHUDWXUDLQLFLDOGHORVDOLPHQWRV
ODFDQWLGDG\HOWLSRGHDOLPHQWRVHOUHFLSLHQWH\
HOWLHPSRHQTXHORVDOLPHQWRVHVWiQHQHOFDMyQ
DIHFWDUiQODFDOLGDG\ODWHPSHUDWXUDILQDOGHOD
FRPLGD
3UHVLRQH\JLUHODSHULOODGHFRQWURODOD
FRQILJXUDFLyQ:$50PDQWHQHUFDOLHQWH
&XLGDGR\OLPSLH]DGHODFRFLQD
$VHJ~UHVHGHTXHWRGRVORVFRQWUROHVHVWpQDSDJDGRV\TXHODVVXSHUILFLHVHVWpQIUtDVDQWHVGHOLPSLDUFXDOTXLHUSDUWHGHODFRFLQD
$'9(57(1&,$
6LVHTXLWDODFRFLQDSDUDHIHFWXDUXQDOLPSLH]DUHSDUDFLRQHVR
FXDOTXLHURWUDUD]yQYHULILTXHTXH
HOGLVSRVLWLYRDQWLYROFDGXUDVVHFRORTXHGHPDQHUDDGHFXDGD
FXDQGRYXHOYDDLQVWDODUVHODFRFLQD
6LQRWRPDHVWDSUHFDXFLyQODFRFLQDSXHGHYROFDUVH
\SURYRFDUOHVLRQHV
&yPRTXLWDUHOHQYROWRULRGHSURWHFFLyQ\ODFLQWDGHHPEDODMH
&RQFXLGDGRWRPHXQDSXQWDGHOHQYROWRULR
GHSURWHFFLyQFRQVXVGHGRV\OHQWDPHQWHTXtWHORGHOD
VXSHUILFLHGHODSDUDWR1RXVHHOHPHQWRVILORVRVSDUD
TXLWDUHOHQYROWRULR4XLWHWRGR
HOHQYROWRULRDQWHVGHXVDUHODSDUDWRSRU
SULPHUDYH]
3DUDDVHJXUDUVHGHQRGDxDUHODFDEDGRGHOSURGXFWR
ODPHMRUIRUPDGHTXLWDUHOSHJDPHQWRGHODFLQWDGH
HPSDTXHGHORVDSDUDWRVQXHYRVFRQVLVWHHQDSOLFDU
GHWHUJHQWHSDUDYDMLOODVOtTXLGR$SOLTXHFRQXQSDxR
VXDYH\GHMHUHPRMDU
127$'HEHUHWLUDUVHHODGKHVLYRGHWRGDV
ODVSDUWHV6LVHFDOLHQWDVHUiLPSRVLEOHGHTXLWDU
3HULOODVGHFRQWURO
3DUDXQDOLPSLH]DPiVVHQFLOODODVSHULOODV
GHFRQWUROSXHGHQTXLWDUVH
9HULILTXHTXHODVSHULOODVHVWpQHQODSRVLFLyQ
2))DSDJDGR\ViTXHODVGHORVYiVWDJRVSDUD
ODOLPSLH]D
/DVSHULOODVSXHGHQOLPSLDUVHHQHOODYDYDMLOODV
RWDPELpQSXHGHQODYDUVHFRQMDEyQ\DJXD$VHJ~UHVH
GHTXHODSDUWHLQWHUQDGHODVSHULOODVHVWpVHFDDQWHV
GHYROYHUDFRORFDUVH
9XHOYDDFRORFDUODVSHULOODVHQODSRVLFLyQ2))
DSDJDGRSDUDDVHJXUDUXQDFRORFDFLyQFRUUHFWD
3DQHOGHFRQWURO
6LDVtORGHVHDSXHGHGHVDFWLYDUORVERWRQHVGHWRTXH
DQWHVGHODOLPSLH]D
9HUODLQIRUPDFLyQVREUH%ORTXHRGHFRQWUROHVHQOD
VHFFLyQ&yPRXVDUHOUHORMHOWHPSRUL]DGRU\HOEORTXHR
GHFRQWUROHVGHHVWHPDQXDO
/LPSLHORVGHUUDPHVFRQXQSDxRK~PHGR
7DPELpQSXHGHXWLOL]DUXQOLPSLDGRUGHYLGULRV
4XLWHVXFLHGDGHVPiVUHEHOGHVFRQDJXDWLELD
MDERQRVD1RXWLOLFHDEUDVLYRVGHQLQJXQDFODVH
9XHOYDDDFWLYDUORVERWRQHVGHWRTXHGHVSXpVGHOD
OLPSLH]D
6XSHUILFLHVSLQWDGDV
/DVVXSHUILFLHVSLQWDGDVLQFOX\HQORVODGRVGH
ODFRFLQD\ODSXHUWDODSDUWHVXSHULRUGHOSDQHO
GHFRQWURO\HOIUHQWHGHOFDMyQ/tPSLHODVFRQMDEyQ\
DJXDRFRQXQDVROXFLyQGHDJXD\YLQDJUH
1RXWLOLFHOLPSLDGRUHVGHKRUQRFRPHUFLDOHVSROYRV
OLPSLDGRUHVHVSRQMLOODVGHDFHURRDEUDVLYRVSRWHQWHV
VREUHFXDOTXLHUVXSHUILFLHSLQWDGD
6XSHUILFLHVGHDFHURLQR[LGDEOHHQDOJXQRVPRGHORV
1RXWLOLFHDOPRKDGLOODVGHDFHURSRUTXHUD\DQOD
VXSHUILFLH
3DUDOLPSLDUODVXSHUILFLHGHDFHURLQR[LGDEOH
XWLOLFHDJXDWLELDMDERQRVDRXQOLPSLDGRUR
OXVWUDGRUGHDFHURLQR[LGDEOH6LHPSUHOLPSLHOD
VXSHUILFLHHQGLUHFFLyQGHODYHWD6LJD
ODVLQVWUXFFLRQHVGHOSURGXFWRSDUDOLPSLDU
ODVXSHUILFLHGHDFHURLQR[LGDEOH
3DUDFRQVXOWDUVREUHODFRPSUD
GHOLPSLDGRUHVROXVWUDGRUHVGHDSDUDWRV
GHDFHURLQR[LGDEOHRSDUDHQFRQWUDUODXELFDFLyQ
GHOGLVWULEXLGRUPiVFHUFDQRDVXGRPLFLOLROODPH
DQXHVWURQ~PHURJUDWXLWR
&HQWURQDFLRQDOGHUHSXHVWRV *($SSOLDQFHVFRP
(VWXIDGHHVPDOWHGHSRUFHODQDHQDOJXQRVPRGHORV
(ODFDEDGRGHHVPDOWHGHSRUFHODQDHV
UHVLVWHQWHSHURSXHGHURPSHUVHVLVHXWLOL]D
LQFRUUHFWDPHQWH(VWHDFDEDGRHVUHVLVWHQWH
DOiFLGR6LQHPEDUJRQRGHEHSHUPLWLUVHTXH
DOJXQRVDOLPHQWRViFLGRVTXHVHGHUUDPDQFRPR
MXJRVGHIUXWDWRPDWHRYLQDJUHSHUPDQH]FDQHQ
HODFDEDGR
6LVHGHUUDPDQiFLGRVHQODHVWXIDPLHQWUDVHVWi
FDOLHQWHXWLOLFHXQDWRDOODGHSDSHORXQSDxR
VHFRVSDUDOLPSLDUORHQHOPRPHQWR&XDQGR
ODVXSHUILFLHVHKD\DHQIULDGROLPSLHFRQDJXD
MDERQRVD(QMXDJXHELHQ
(QHOFDVRGHRWURVGHUUDPHVFRPRVDOSLFDGXUDV
GHJUDVDHWFOLPSLHFRQDJXDMDERQRVDRSROYRV
OLPSLDGRUHVFXDQGRODVXSHUILFLHVHKD\DHQIULDGR
(QMXDJXHELHQ3XODFRQXQSDxRVHFR
*($SSOLDQFHVFRP
&yPROLPSLDUODSXHUWDGHOKRUQR
3DUDOLPSLDUODSDUWHLQWHUQDGHODSXHUWD
„'HELGRDTXHHOiUHDTXHVHHQFXHQWUDGHQWUR
GHODMXQWDVHOLPSLDGXUDQWHHOFLFORGH
DXWROLPSLH]DQRHVQHFHVDULROLPSLDUODDPDQR
/DMXQWDHVWiGLVHxDGDFRQXQHVSDFLR
HQODSDUWHLQIHULRUSDUDSHUPLWLUXQD
DGHFXDGDFLUFXODFLyQGHDLUH
1RIURWHROLPSLHODMXQWDGHODSXHUWD
SRUTXHWLHQHXQDUHVLVWHQFLDPX\EDMD
DODDEUDVLyQ
6LVHDGYLHUWHTXHODMXQWDHVWi
GHVJDVWDGDUDtGDRGDxDGDRVLVH
KDGHVSOD]DGRGHVXOXJDUVHODGHEH
UHHPSOD]DU
„
(OiUHDTXHVHHQFXHQWUDIXHUDGHODMXQWD\HO
EXUOHWHGHODSXHUWDSXHGHQOLPSLDUVHFRQXQD
HVSRQMLOODSOiVWLFDFRQMDEyQDJXDFDOLHQWH\
GHWHUJHQWH(QMXDJXHELHQFRQXQDVROXFLyQGH
DJXD\YLQDJUH
3DUDOLPSLDUODSDUWHH[WHUQDGHODSXHUWD
„
8WLOLFHMDEyQ\DJXDSDUDOLPSLDUFXLGDGRVDPHQWH
ODSDUWHVXSHULRUORVODGRV\HOIUHQWHGHODSXHUWD
GHOKRUQR(QMXDJXHELHQ7DPELpQHVSRVLEOH
XWLOL]DUXQOLPSLDGRUGHYLGULRVSDUDOLPSLDUODSDUWH
H[WHULRUGHODSXHUWD1RSHUPLWDTXHFDLJDDJXD
VREUHODVDEHUWXUDVGHYHQWLODFLyQ
„
6LTXHGDDOJXQDPDQFKDSHUVLVWHQWHHQODVHFFLyQ
GHYHQWLODFLyQGHODSXHUWDXWLOLFHXQOLPSLDGRU
DEUDVLYRVXDYH\XQDHVSRQMDSDUDREWHQHUORV
PHMRUHVUHVXOWDGRV
„
/DVVDOSLFDGXUDVGHVDOVDVMXJRVGHIUXWDVVDOVDV
GHWRPDWH\MXJRVGHDOLPHQWRVTXHFRQWLHQHQ
iFLGRVSXHGHQGHFRORUDUODVXSHUILFLHSRUORTXH
VHGHEHHQMXDJDUORVGHLQPHGLDWR&XDQGROD
VXSHUILFLHHVWpIUtDOLPSLH\HQMXDJXH
„
1RXWLOLFHOLPSLDGRUHVSDUDKRUQRVSROYRV
OLPSLDGRUHVRDEUDVLYRVSRWHQWHVHQODSDUWH
H[WHUQDGHODSXHUWD
3XHUWDGHOKRUQRGHVPRQWDEOHHQDOJXQRVPRGHORV
/DSXHUWDHVPX\SHVDGD7HQJDFXLGDGRDOTXLWDU\
OHYDQWDUODSXHUWD
1ROHYDQWHODSXHUWDGHODPDQLMD
3DUDTXLWDUODSXHUWD
5DQXUD
7UDEDGH
ODELVDJUD
7LUHODVWUDEDVGHODELVDJUDKDFLD
DEDMRSDUDGHVWUDEDU
$EUDODSXHUWDSRUFRPSOHWR
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDEDMRHQ
GLUHFFLyQGHOPDUFRGHODSXHUWDKDVWD
GHVWUDEDUODV3XHGHQHFHVLWDUVHXQDKHUUDPLHQWD
FRPRXQGHVWRUQLOODGRUSODQRSHTXHxR
7RPHFRQILUPH]DDPERVODGRVGHODSXHUWDGHOD
SDUWHVXSHULRU
&LHUUHODSXHUWDKDVWDODSRVLFLyQGHUHPRFLyQ
GHSXHUWDTXHHVDPLWDGGHFDPLQRHQWUH
ODSRVLFLyQGHDVDGR\ODSXHUWDFHUUDGD
/HYDQWHODSXHUWDKDVWDTXHHOEUD]R
GHODELVDJUDKD\DVDOLGRGHODUDQXUD
3DUDYROYHUDFRORFDUODSXHUWD
7RPHFRQILUPH]DDPERVODGRVGHODSXHUWDGHOD
SDUWHVXSHULRU
&RQODSXHUWDHQ ([WUHPR
%UD]RGH
ODELVDJUD
HOPLVPRiQJXOR LQIHULRUGH
GHODSRVLFLyQGH ODUDQXUD
UHPRFLyQ
LQWURGX]FDODPXHVFDGHO
EUD]RGHODELVDJUDGHQWUR
GHOH[WUHPRLQIHULRUGHOD
0XHVFD
UDQXUDGHODELVDJUD/D
UDQXUDGHOEUD]RGHOD
ELVDJUDGHEHHVWDUELHQ
FRORFDGDHQODSDUWHLQIHULRUGHODUDQXUD
$EUDODSXHUWDSRUFRPSOHWR6LODSXHUWD
QRVHDEUHSRUFRPSOHWRODPXHVFDQRHVWiELHQ
FRORFDGDHQHOH[WUHPRLQIHULRUGH
ODUDQXUD
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDUULED
FRQWUDHOPDUFRIURQWDOGHODFDYLGDGGHOKRUQR
KDVWDDOFDQ]DUODSRVLFLyQGHEORTXHR
7UDEDGH
ODELVDJUD
%UD]RGH
ODELVDJUD
3RVLFLyQGHUHPRFLyQ
3UHVLRQHODVWUDEDVGHODELVDJUD
KDFLDDUULEDSDUDEORTXHDU
&LHUUHODSXHUWDGHOKRUQR
&XLGDGR\OLPSLH]DGHODFRFLQD
3XHUWDGHOKRUQRVXSHULRUGHVPRQWDEOHHQDOJXQRVPRGHORV
3DUDTXLWDUODSXHUWD
0DUFR
GHO
KRUQR
$EUDODSXHUWDSRUFRPSOHWR
/HYDQWHODWUDEDGHODELVDJUDKDFLDHOPDUFR
GHOKRUQRKDVWDTXHVHGHWHQJD
&LHUUHODSXHUWDHQJUDGRVVHVHQWLUiHO
WRSHGHODSXHUWD/DWUDEDGHODELVDJUD
KDUiFRQWDFWRFRQHOPDUFRGHOKRUQR
6REUHDPERVODGRVGHODSXHUWDSUHVLRQH
KDFLDDEDMRVREUHORVERWRQHVGHOLEHUDFLyQ
GHFDGDELVDJUD
/HYDQWHODSXHUWDKDFLDDUULEDKDVWDTXHVH
VDOJDGHODELVDJUD
0DUFRGH
ODSXHUWD
%RWRQHVGH
OLEHUDFLyQ
7LUHGHORVEUD]RVGHODELVDJUDVXDYHPHQWH
SDUDOLEHUDUSUHVLyQVREUHODVOHQJHWDVGH
EORTXHR
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDEDMR
GHQWURGHODELVDJUD
3UHVLRQHODVELVDJUDVKDFLDODXQLGDGSDUD
TXHVHFLHUUHQ
3DUDYROYHUDFRORFDUODSXHUWD
7LUHGHODVELVDJUDVKDFLDDEDMRHQVHQWLGR
FRQWUDULRGHOPDUFRGHOKRUQRKDVWDDOFDQ]DU
ODSRVLFLyQDELHUWDWRWDO
/HYDQWHODVWUDEDVGHODELVDJUDKDFLD
HOPDUFRGHOKRUQRKDVWDTXHVHGHWHQJDQ
/DVELVDJUDVVHOLEHUDQHQODSRVLFLyQGH
JUDGRV/DVWUDEDVGHODELVDJUDKDUiQ
FRQWDFWRFRQHOPDUFRGHOKRUQR
'HVOLFHODSXHUWDGHQWURGHODVELVDJUDV
$VHJ~UHVHGHTXHORVERWRQHVYXHOYDQ
DVDOLU
$EUDODSXHUWDSRUFRPSOHWR
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDEDMR
GHQWURGHODELVDJUD
&LHUUHODSXHUWDGHOKRUQR
3UHVLRQHKDFLD
DGHQWUR
7LUHKDFLD
DEDMR
%DQGHMDSODQD
%DQGHMDVGHOKRUQR
7RGDVODVEDQGHMDVGHOKRUQRSXHGHQOLPSLDUVHD
PDQRFRQXQOLPSLDGRUDEUDVLYRRXQDHVSRQMLOOD
GHDFHUR'HVSXpVGHOLPSLDUHQMXDJXHODV
0DQLMDV
8WLOLFHODEDQGHMDGHODVGRVPDQLMDV EDQGHMDVFRQDJXDOLPSLD\VpTXHODVFRQXQSDxR
OLPSLR/DVEDQGHMDVUHYHVWLGDVGHSRUFHODQDJULV
IURQWDOHVHQHOKRUQRVXSHULRU
SXHGHQSHUPDQHFHUHQHOKRUQRGXUDQWHHOFLFOR
GHDXWROLPSLH]DVLQVXIULUGDxRV/DVEDQGHMDVGHO
8WLOLFHODEDQGHMDVLQODVGRVPDQLMDV
IURQWDOHVHQHOKRUQRLQIHULRU
KRUQRGHQtTXHOSXHGHQSHUPDQHFHUHQHOKRUQR
GXUDQWHHOFLFORGHDXWROLPSLH]DSHURSHUGHUiQHO
OXVWUH\UHVXOWDUiGLItFLOGHVOL]DUODV6HUiQHFHVDULR
HQJUDVDUWRGRVORVH[WUHPRVGHODVEDQGHMDVFRQ
XQDFDSDGHDFHLWHYHJHWDOVXDYHGHVSXpVGH
OLPSLDUODVDPDQRRHQHOKRUQR(VWRD\XGDUi
DPDQWHQHUHOIiFLOGHVOL]DPLHQWRGHODVEDQGHMDV
*($SSOLDQFHVFRP
3LVRGHOKRUQRGHVPRQWDEOHHQDOJXQRVPRGHORV
/LPSLHHOSLVRGHOKRUQRFRQDJXDWLELD
MDERQRVD
&XDQGRYXHOYDDFRORFDUHOSLVRGHOKRUQR
DVHJ~UHVHGHGHVOL]DUORELHQKDVWDODSDUWH
WUDVHUDGHOKRUQR
,03257$17( 6LHPSUHYXHOYDDFRORFDU
HOSLVRGHVPRQWDEOHDQWHVGHOSUy[LPRXVR
3DUDTXLWDUHOSLVRGHOKRUQR
4XLWHODSXHUWDGHOKRUQRXWLOL]DQGR
ODVLQVWUXFFLRQHVGHODVHFFLyQ3XHUWDGHO
KRUQRGHVPRQWDEOH
3UHVLRQHKDFLDDEDMR\TXLWHHOSLVR
GHOKRUQRGHVPRQWDEOH
3UHVLRQHKDFLDDEDMR\TXLWH
9HQWLODFLyQGHOKRUQRHQHVWXIDVGHYLGULRUDGLDQWHV
/DYHQWLODFLyQGHOKRUQRVHHQFXHQWUDGHWUiVGHOD
XQLGDGGHVXSHUILFLHWUDVHUDGHUHFKD(QORVKRUQRV
GREOHVODYHQWLODFLyQGHOKRUQRVXSHULRUVHHQFXHQWUD
GHWUiVGHODXQLGDGGHVXSHUILFLHWUDVHUDL]TXLHUGD
(QORVKRUQRVGREOHVODYHQWLODFLyQGHOKRUQRVXSHULRU
VHHQFXHQWUDGHWUiVGHODXQLGDGGHVXSHUILFLHWUDVHUD
L]TXLHUGD
(VWDiUHDSXHGHFDOHQWDUVHGXUDQWHHOXVRGHOKRUQR
(VQRUPDOTXHVDOJDYDSRUGHODYHQWLODFLyQ\SXHGH
MXQWDUVHKXPHGDGGHEDMRGHODPLVPDFXDQGRHOKRUQR
HVWiHQXVR
/DYHQWLODFLyQHVLPSRUWDQWHSDUDORJUDUXQDDGHFXDGD
FLUFXODFLyQGHDLUH1XQFDEORTXHHHVWDYHQWLODFLyQ
9HQWLODFLyQGHOKRUQRHQDOJXQRVPRGHORV
/DYHQWLODFLyQGHOKRUQRVHHQFXHQWUDHQFLPD
GHOODGRL]TXLHUGRGHODSXHUWD
(VWDiUHDSXHGHFDOHQWDUVHGXUDQWHHOXVRGHO
KRUQR
5HVXOWDQRUPDOTXHVDOJDYDSRUGHODYHQWLODFLyQ
/DYHQWLODFLyQHVLPSRUWDQWHSDUDORJUDUXQD
DGHFXDGDFLUFXODFLyQGHDLUH1XQFDEORTXHHHVWD
YHQWLODFLyQ
5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWRHQDOJXQRVPRGHORV
5LHO
*XtDGHWRSH
3DUDTXLWDUHOFDMyQ
7LUHGHOFDMyQKDFLDIXHUDKDVWDTXH
VHGHWHQJD
/HYDQWHHOIUHQWHGHOFDMyQKDVWDTXH
ODVWUDEDVVDOJDQGHODVJXtDV
5HWLUHHOFDMyQ
3DUDYROYHUDFRORFDUHOFDMyQ
&RORTXHORVULHOHVGHOFDMyQHQODVJXtDV
(PSXMHHOFDMyQKDVWDTXHVHGHWHQJD
/HYDQWHHOIUHQWHGHOFDMyQ\HPSXMHKDVWD
TXHODVWUDEDVVXSHUHQODVJXtDV
%DMHHOIUHQWHGHOFDMyQ\HPSXMHKDFLDDEDMR
KDVWDTXHFLHUUH
&DMyQFDOHQWDGRUGHVPRQWDEOH5HFLSLHQWHGHOFDMyQ
GHOKRUQRLQIHULRUHQDOJXQRVPRGHORV
127$(QORVPRGHORVFRQFDMyQFDOHQWDGRU
HOpFWULFRRFDMyQGHKRUQRLQIHULRUDQWHVGH
UHDOL]DUFXDOTXLHUFODVHGHDMXVWHOLPSLH]DR
UHSDUDFLyQGHVFRQHFWHODFRQH[LyQHOpFWULFDGHOD
FRFLQDGHVGHHOSDQHOGHGLVWULEXFLyQGRPpVWLFR
TXLWDQGRHOIXVLEOHRGHVFRQHFWDQGRHOLQWHUUXSWRU
GHFLUFXLWRV9HULILTXHTXHHOHOHPHQWRFDOHQWDGRU
GHOFDMyQHVWpIUtR
127$'HMHTXHHOFDMyQFDOHQWDGRURHOFDMyQ
GHOKRUQRLQIHULRUVHHQIUtHQDQWHVGHTXLWDUHO
UHFLSLHQWH
127$/LPSLHORVGHUUDPHVUiSLGDPHQWH
GHVSXpVGHFDGDXVR
„1XQFDFRORTXHXWLOLFHROLPSLHPHGLDQWHOD
FDUDFWHUtVWLFDGHDXWROLPSLH]DHOUHFLSLHQWH
GHOFDMyQHQHOKRUQRVXSHULRU
„(OFDMyQFDOHQWDGRURHOFDMyQGHOKRUQR
LQIHULRUFXHQWDQFRQXQUHFLSLHQWH
GHVPRQWDEOHSDUDXQDOLPSLH]DIiFLO/LPSLH
FRQDJXDMDERQRVDFDOLHQWH\XQDHVSRQMD
RUHSDVDGRU6HTXHFRQXQSDxRVXDYH\
OLPSLR9XHOYDDFRORFDUHOUHFLSLHQWHHQHO
FDMyQFDOHQWDGRURHOFDMyQGHOKRUQRLQIHULRU
&XLGDGR\OLPSLH]DGHODFRFLQD
$'9(57(1&,$
35(&$8&,Ï1
5HFHSWiFXOR
3RUWDOiPSDUD
%RPELOOD
GH*
/HQJHWD
&XELHUWDGHYLGULR
HQDOJXQDVPRGHORV
5HFHSWiFXOR
3RUWDOiPSDUD
%RPELOOD
GH*
/HQJHWD
&XELHUWDGHYLGULR
3(/,*52'('(6&$5*$(/e&75,&$248(0$'85$6$QWHVGHUHHPSOD]DU
ODERPELOODGHOKRUQRGHVFRQHFWHODDOLPHQWDFLyQGHHQHUJtDDOKRUQRGHVGH
HOSDQHOSULQFLSDOGHIXVLEOHVRGHOLQWHUUXSWRUGHFLUFXLWRV1RKDFHUORSXHGHSURYRFDU
XQDGHVFDUJDHOpFWULFDRXQDTXHPDGXUD
3(/,*52'(48(0$'85$6/DWDSDGHYLGULR\ODOiPSDUDGHOX]VHGHEHUiQUHWLUDU
FXDQGRHVWpQIUtDV7RFDUHOYLGULRFDOLHQWHVLQSURWHFFLyQHQODVPDQRV
RFRQXQWUDSRK~PHGRSXHGHRFDVLRQDUTXHPDGXUDV
5HHPSOD]RGHODERPELOODGHOKRUQRHQDOJXQRVPRGHORV
3DUDUHWLUDU
*LUHODFXELHUWDGHYLGULRHQVHQWLGRFRQWUDULR
DODVPDQHFLOODVGHOUHORMGHYXHOWDKDVWD
TXHODVOHQJHWDVGHODFXELHUWDGHYLGULR
OLEHUHQORVVXUFRVGHOSRUWDOiPSDUDV
&RORFDUVHJXDQWHVGHOiWH[SXHGHEULQGDU
XQPHMRUDJDUUH
8WLOL]DQGRJXDQWHVRXQSDxRVHFRUHPXHYD
ODERPELOODMDOiQGRODHQOtQHDUHFWD
3DUDUHHPSOD]DU
8WLOLFHXQDQXHYDERPELOODKDOyJHQD
GHYROWLRVQRH[FHGDYDWLRV
5HHPSODFHODOiPSDUDGHOX]FRQHOPLVPR
WLSRGHOiPSDUDTXHVHUHWLUy(QVXPRGHOR
FRUUHVSRQGHUiXQRGHORVGRVWLSRVTXH
ILJXUDQDODL]TXLHUGD3DUDGHWHUPLQDUFXiO
HVODOiPSDUDFRUUHFWDFRQWUROHODV
WHUPLQDOHVGHODOiPSDUD/DVOiPSDUDVFRQ
WHUPLQDOHVFRQFODYLMDVUHFWDVVRQOiPSDUDV
GH*/DVOiPSDUDVFRQWHUPLQDOHVFRQ
FODYLMDVFRQFXUYDVVRQOiPSDUDVGH*1R
ODVLQWHUFDPELH$VHJ~UHVHDOUHHPSOD]DUOD
OiPSDUDTXHVHDGHYROWVRYROWV
12GHYROWV
8WLOL]DQGRJXDQWHVRXQSDxRVHFRUHPXHYD
ODERPELOODGHVXSDTXHWH1RWRTXHOD
ERPELOODFRQORVGHGRVGHVQXGRV(ODFHLWH
SDUDSLHOGDxDUiODOiPSDUD\DFRUWDUiVX
WLHPSRGHGXUDFLyQ
5HFHSWiFXOR
8VH
JXDQWHVR
XQSDxR
(PSXMHODERPELOODHQOtQHDUHFWDGHQWURGHO
UHFHSWiFXORKDVWDHOWRSH
&RORTXHODVOHQJHWDVGHODFXELHUWD
GHYLGULRGHQWURGHORVVXUFRVGHO
SRUWDOiPSDUDV*LUHODFXELHUWDGHYLGULR
HQVHQWLGRGHODVPDQHFLOODVGHOUHORM
GHYXHOWD
3DUDXQDPHMRULOXPLQDFLyQGHQWURGHO
KRUQROLPSLHIUHFXHQWHPHQWHODFXELHUWD
GHYLGULRXWLOL]DQGRXQSDxRK~PHGR(VWR
GHEHUtDKDFHUVHFXDQGRHOKRUQRHVWi
FRPSOHWDPHQWHIUtR
&RQHFWHQXHYDPHQWHHOVXPLQLVWURHOpFWULFR
DOKRUQR
HQDOJXQDVPRGHORV
5HHPSOD]RGHODERPELOODGHOKRUQRHQDOJXQRVPRGHORV
9HULILTXHTXHODWDSDGHODOiPSDUD\ODERPELOOD
VHKD\DQHQIULDGRSRUFRPSOHWR
6RSRUWHGHODWDSDGHFDEOHV
3DUDTXLWDUODWDSD
&RORTXHXQDPDQRGHEDMRGHODWDSDSDUD
TXHQRVHFDLJDFXDQGRODOLEHUHQ&RQORV
GHGRVGHODPLVPDPDQRSUHVLRQH
ILUPHPHQWHVREUHHOVRSRUWHGHODWDSDGH
ORVFDEOHV/HYDQWH\TXLWHODWDSD
1RTXLWHQLQJ~QWRUQLOORSDUDVDFDUODWDSD
5HHPSODFHODERPELOODFRQXQDXQLGDGGH
YDWLRV
3DUDYROYHUDFRORFDUODWDSD
&ROyTXHODGHQWURGHODUDQXUDGHO
UHFHSWiFXORGHODERPELOOD7LUHGHOFDEOH
KDFLDDGHODQWHHQGLUHFFLyQGHOFHQWURGHOD
WDSDKDVWDTXHVHWUDEHHQVXOXJDU
&RQHFWHODHQHUJtDHOpFWULFDKDFLDODFRFLQD
*($SSOLDQFHVFRP
$'9(57(1&,$
3(/,*52'('(6&$5*$(/e&75,&$248(0$'85$6$QWHVGHUHHPSOD]DU
ODERPELOODGHOKRUQRGHVFRQHFWHODDOLPHQWDFLyQGHHQHUJtDDOKRUQRGHVGHHOSDQHO
SULQFLSDOGHIXVLEOHVRGHOLQWHUUXSWRUGHFLUFXLWRV1RKDFHUORSXHGHSURYRFDUXQD
GHVFDUJDHOpFWULFDRXQDTXHPDGXUD
5HHPSOD]RGHODERPELOODGHOKRUQRHQDOJXQRVPRGHORV
9HULILTXHTXHODWDSDGHODOiPSDUD
\ODERPELOODVHKD\DQHQIULDGRSRUFRPSOHWR
3DUDTXLWDUODWDSD
+DJDJLUDUODOHQWHHQóGHYXHOWD
HQVHQWLGRDQWLKRUDULRSDUDTXLWDUOD
3DUDYROYHUDFRORFDUODWDSD
$OLQHHODVOHQJHWDVGHODOHQWHIUHQWHDODV
OHQJHWDVGHODFDUFDVD\JLUHHQVHQWLGR
KRUDULRSDUDWUDEDU
1RTXLWHQLQJ~QWRUQLOORSDUDVDFDUODWDSD
&RORTXHXQDERPELOODGHYDWLRV
RXQDERPELOODKDOyJHQDGHGRVHVSLJDV
VHJ~QFRUUHVSRQGD
(OHPHQWRVFDOHQWDGRUHVGHOKRUQRHQDOJXQRVPRGHORV
1ROLPSLHHOHOHPHQWRSDUDKRUQHDUR
HOHOHPHQWRSDUDDVDU/DVVXFLHGDGHV
VHTXHPDUiQFXDQGRVHFDOLHQWHQ
ORVHOHPHQWRV
3DUDOLPSLDUHOSLVRGHOKRUQROHYDQWHFRQ
FXLGDGRHOHOHPHQWRSDUDKRUQHDU/LPSLHFRQ
DJXDWLELDMDERQRVD
(OHPHQWRVFDOHQWDGRUHVGHOKRUQRHQDOJXQRVPRGHORV
1ROLPSLHHOHOHPHQWRSDUDDVDU/DV
VXFLHGDGHVVHTXHPDUiQFXDQGRVHFDOLHQWH
HOHOHPHQWR/LPSLHHOSLVRGHOKRUQRFRQDJXD
WLELDMDERQRVD
/LPSLHFRQXQSDxRORVGHVHFKRV
UHEHOGHVDFXPXODGRVHQHOSLVRGHO
KRUQR
(QDOJXQRVPRGHORVHOHOHPHQWRSDUDKRUQHDU
QRVHHQFXHQWUDH[SXHVWR\VHKDOODGHEDMR
GHOSLVRGHOKRUQR6LVHDFXPXODQGHUUDPHV
UHVLGXRVRFHQL]DVVREUHHOSLVRGHOKRUQR
OtPSLHORVDQWHVGHHIHFWXDUODDXWROLPSLH]D
6LHOHOHPHQWRVHHQFXHQWUDVREUHHOSLVR
GHOKRUQROHYDQWHFRQFXLGDGRHOHOHPHQWR
SDUDKRUQHDU\OLPSLHFRQDJXDWLELDMDERQRVD
&yPROLPSLDUODHVWXIDGHYLGULRHQDOJXQRVPRGHORV
/LPSLH]DQRUPDOGHXVRGLDULR
6Ï/2XWLOLFHHOOLPSLDGRUGHHVWXIDVFHUiPLFDV
&(5$0$%5<7(ŠHQODHVWXIDGHYLGULR2WUDV
FUHPDVSXHGHQQRVHUWDQHIHFWLYDV
3DUDPDQWHQHU\SURWHJHUODVXSHUILFLHGHVX
HVWXIDGHYLGULRVLJDHVWRVSDVRV
/LPSLHODHVWXIDGHVSXpV
GHFDGDGHUUDPH8WLOLFH
HOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(Š
$QWHVGHXVDUODHVWXIDSRUSULPHUDYH]
OtPSLHODFRQHOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(Š(VWRD\XGDD
SURWHJHUODHVWXID\KDFHODOLPSLH]DPiV
VHQFLOOD
(OXVRGLDULRGHOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(ŠD\XGDUiD
TXHODHVWXIDTXHGHFRPRQXHYD
XQDVJRWDVGHOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(ŠGLUHFWDPHQWH
VREUHODHVWXID
8WLOLFHXQDWRDOODGHSDSHORXQSDxRGH
OLPSLH]D&(5$0$%5<7(ŠSDUDHVWXIDV
FHUiPLFDVSDUDOLPSLDUWRGDODVXSHUILFLH
GHODHVWXID
8VHXQSDxRVHFRRXQDWRDOODGHSDSHO
SDUDTXLWDUORVUHVWRVGHOOLPSLDGRU1R
KDFHIDOWDHQMXDJDU
127$(VPX\LPSRUWDQWHTXH12&$/,(17(
ODHVWXIDKDVWDTXHODKD\DOLPSLDGRSRU
FRPSOHWR
$JLWHELHQODFUHPDGHOLPSLH]D$SOLTXH
5HVLGXRVSHJDGRV
127$8VWHGSXHGH'$³$5ODVXSHUILFLHGH
YLGULRVLXWLOL]DHVSRQMLOODVTXHQRVHDQODV
UHFRPHQGDGDV
'HMHHQIULDUODHVWXID
8WLOLFHXQSDxRGHOLPSLH]D
&(5$0$%5<7(ŠSDUDHVWXIDV
FHUiPLFDV
&RORTXHXQDVJRWDVGHOOLPSLDGRUGH
HVWXIDVFHUiPLFDV&(5$0$%5<7(Š
VREUHWRGDHOiUHDGHUHVLGXRVSHJDGRV
8WLOL]DQGRHOSDxRGHOLPSLH]D&(5$0$
%5<7(ŠSDUDHVWXIDVFHUiPLFDVLQFOXLGR
IURWHHOiUHDVXFLDDSOLFDQGRSUHVLyQ
VHJ~QVHDQHFHVDULR
6LTXHGDQUHVWRVUHSLWDORVSDVRV
5HVLGXRVSHJDGRVUHEHOGHV
'HMHHQIULDUODHVWXID
(OUDVSDGRUGHHVWXIDVFHUiPLFDV
&(5$0$%5<7(Š\WRGRVORV
LQVXPRVUHFRPHQGDGRVVH
HQFXHQWUDQGLVSRQLEOHVHQ
QXHVWUR&HQWURGH5HSXHVWRV
9HULQVWUXFFLRQHVEDMRODVHFFLyQ
´3DUDVROLFLWDUUHSXHVWRVµHQOD
SiJLQDVLJXLHQWH
127$1RXWLOLFHKRMDVGHVDILODGDV
RGDxDGDV
8WLOLFHHOUDVSDGRUGHILOR~QLFR
DXQiQJXORDSUR[LPDGRGHGHJUHHV
FRQWUDODVXSHUILFLHGHOYLGULR\UDVSHOD
VXFLHGDG3XHGHVHUQHFHVDULRDSOLFDU
SUHVLyQDOUDVSDGRUSDUDTXLWDUOD
VXFLHGDG
'HVSXpVGHXWLOL]DUHOUDVSDGRUFRORTXH
XQDVJRWDVGHOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(ŠVREUHWRGD
HOiUHDGHVXFLHGDGTXHPDGD8WLOLFHHO
SDxRGHOLPSLH]D&(5$0$%5<7(ŠSDUD
TXLWDUODVXFLHGDGUHVWDQWH
3DUDSURWHFFLyQDGLFLRQDOGHVSXpVGH
KDEHUTXLWDGRWRGRVORVUHVWRVSXOD
WRGDODVXSHUILFLHFRQOLPSLDGRUGH
HVWXIDVFHUiPLFDV&(5$0$%5<7(Š\
XQDWRDOODGHSDSHO
LQGLFDGRVFRQDQWHULRULGDG
3DUDSURWHFFLyQDGLFLRQDOGHVSXpVGH
KDEHUTXLWDGRWRGRVORVUHVWRVSXOD
WRGDODVXSHUILFLHFRQOLPSLDGRUGH
HVWXIDVFHUiPLFDV&(5$0$%5<7(Š\
XQDWRDOODGHSDSHO
*($SSOLDQFHVFRP
0DUFDVGHPHWDO\UD\RQHV
7HQJDFXLGDGRGHQRGHVOL]DUROODV\
VDUWHQHVDWUDYpVGHVXHVWXID'HMDUi
PDUFDVGHPHWDOVREUHODVXSHUILFLHGHOD
HVWXID
(VWDVPDUFDVSXHGHQTXLWDUVHXWLOL]DQGR
OLPSLDGRUGHHVWXIDVFHUiPLFDV&(5$0$
%5<7(ŠFRQHOSDxRGHOLPSLH]D&(5$0$
%5<7(ŠSDUDHVWXIDVFHUiPLFDV
6LVHSHUPLWHTXHROODVFRQXQDFDSDILQD
GHDOXPLQLRRFREUHKLHUYDQHQVHFROD
FDSDSXHGHGHMDUXQDGHFRORUDFLyQQHJUD
HQODHVWXID
(VWRGHEHTXLWDUVHGHLQPHGLDWRDQWHV
GHFDOHQWDUGHQXHYRRODGHFRORUDFLyQ
SXHGHOOHJDUDVHUSHUPDQHQWH
127$9HULILTXHFRQGHWHQLPLHQWRTXHODEDVH
GHODVROODVQRVHDiVSHUDSDUDQRUD\DUOD
HVWXID
6HOODGRGHODHVWXID
3DUDOLPSLDUHOVHOODGRGHODHVWXIDDOUHGHGRU
GHORVERUGHVGHYLGULRFRORTXHXQSDxR
K~PHGRVREUHORVPLVPRVGXUDQWHXQRV
PLQXWRV\OXHJROLPSLHFRQOLPSLDGRUHVQR
DEUDVLYRV
6XSHUILFLHGHYLGULRSRVLELOLGDGHVGHGDxRSHUPDQHQWH
/RVGHUUDPHVD]XFDUDGRV
FRPRJHODWLQDVGXOFH
FDUDPHORMDUDEHVRSOiVWLFRV
GHUUHWLGRVSXHGHQPDUFDU
ODVXSHUILFLHGHODHVWXID
QRFXELHUWRSRUODJDUDQWtD
DPHQRVTXHHOGHUUDPHVH
TXLWHPLHQWUDVHVWiFDOLHQWH
'HEHWHQHUVHPXFKRFXLGDGR
DOUHPRYHUVXVWDQFLDV
FDOLHQWHV
$VHJ~UHVHGHXWLOL]DU
XQUDVSDGRUQXHYR\DILODGR
1RXWLOLFHKRMDVGHVDILODGDV
RGDxDGDV
'DxRVSRUGHUUDPHVD]XFDUDGRV\SOiVWLFRGHUUHWLGR
$
SDJXHWRGDVODVXQLGDGHVGHVXSHUILFLH
4XLWHODVROODVFDOLHQWHV
8WLOL]DQGRXQJXDQWHGHFRFLQD
D8VHXQUDVSDGRUGHILOR~QLFRUDVSDGRU
SDUDHVWXIDVFHUiPLFDV&(5$0$
%5<7(ŠSDUDGHVSOD]DUHOGHUUDPHD
XQiUHDIUtDGHODHVWXID
E4XLWHHOGHUUDPHFRQWRDOODVGHSDSHO
&XDOTXLHUGHUUDPHUHVWDQWHGHEHGHMDUVH
KDVWDTXHODVXSHUILFLHGHODHVWXIDVHKD\D
HQIULDGR
1RXVHODVXQLGDGHVGHVXSHUILFLH
GHQXHYRKDVWDTXHWRGRVORVUHVWRVVH
KD\DQHOLPLQDGRSRUFRPSOHWR
127$6LODVXSHUILFLHGHYLGULR\DKDVXIULGR
PDUFDVRKHQGLGXUDVHOYLGULRGHODHVWXID
GHEHUiFDPELDUVH(QHVHFDVRVHUiQHFHVDULDOD
DWHQFLyQGHXQWpFQLFR
3DUDVROLFLWDUUHSXHVWRV
3DUDVROLFLWDUHOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(Š\HOUDVSDGRUGH
HVWXIDVOODPHDQXHVWURQ~PHURJUDWXLWR
&HQWURQDFLRQDOGHSLH]DV /LPSLDGRUGHHVWXIDVFHUiPLFDV&(5$0$
%5<7(Š :;;
5DVSDGRUGHHVWXIDVFHUiPLFDV
&(5$0$%5<7(Š :;;
.LW :%;
(ONLWLQFOX\HODFUHPD\HOUDVSDGRUGHHVWXIDV
3DxRVGHOLPSLH]D&(5$0$%5<7(ŠSDUD
HVWXIDVFHUiPLFDV :;;
$QWHVGHOODPDUDOVHUYLFLRWpFQLFR«
&RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV
£$KRUUHWLHPSR\GLQHUR/HDODVWDEODVGHODVVLJXLHQWHV
SiJLQDV\TXL]iVQRQHFHVLWHOODPDUDOVHUYLFLRWpFQLFR
3UREOHPD
&DXVDVSRVLEOHV
4XpKDFHU
/DVXQLGDGHVGH
VXSHUILFLHQRPDQWLHQHQ
XQKHUYRUFRQVWDQWHR
ODFRFFLyQHVOHQWD 6HHVWiQXWLOL]DQGRUHFLSLHQWHV
GHFRFFLyQLQDGHFXDGRV
‡8VHUHFLSLHQWHVGHEDVHSODQD\TXHVHDMXVWHQ
DOGLiPHWURGHODXQLGDGGHVXSHUILFLHHOHJLGD
(QDOJXQDVUHJLRQHVODHQHUJtD
YROWDMHSXHGHVHUEDMD
‡&XEUDHOUHFLSLHQWHFRQXQDWDSDKDVWDREWHQHUHOFDORU
GHVHDGR
/RVHOHPHQWRVGH
(OIXVLEOHSXHGHKDEHUVH
VXSHUILFLHQRIXQFLRQDQ TXHPDGRRHOLQWHUUXSWRUGH
ELHQ
FLUFXLWRVSXHGHKDEHUVDOWDGR
‡&DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
GHFLUFXLWRV
‡9HULILTXHTXHVHKD\DFRQILJXUDGRHOFRQWUROFRUUHFWR
SDUDHOHOHPHQWRGHVXSHUILFLHTXHHVWiXWLOL]DQGR
/RVFRQWUROHVGHODHVWXID
HVWiQPDOFRQILJXUDGRV
/DXQLGDGGHVXSHUILFLH (VWRHVQRUPDO/DXQLGDGVLJXH
GHMDGHUHVSODQGHFHU
HQFHQGLGD\FDOLHQWH
FXDQGRVHFDPELDD
XQDFRQILJXUDFLyQPHQRU
5D\RQHVSXHGHQSDUHFHU
FRPRURWXUDVHQOD
VXSHUILFLHGHYLGULR
GHODHVWXID
6HHVWiQXVDQGRPpWRGRV
GHOLPSLH]DLQFRUUHFWRV
‡/RVUD\RQHVQRSXHGHQUHPRYHUVH/RVUD\RQHVPiVSHTXHxRV
VHYROYHUiQPHQRVYLVLEOHVFRPRUHVXOWDGRGHODOLPSLH]D
6HHVWiQXVDQGRUHFLSLHQWHV
FRQEDVHViVSHUDVRKD\
SDUWtFXODVJUXHVDVVDORDUHQD
HQWUHHOUHFLSLHQWH\ODVXSHUILFLH
GHODHVWXID
‡3DUDHYLWDUUD\RQHVXVHORVSURFHGLPLHQWRVGHOLPSLH]D
UHFRPHQGDGRV9HULILTXHTXHODVEDVHVGHORVUHFLSLHQWHV
HVWpQOLPSLDVDQWHVGHOXVR\XWLOLFHUHFLSLHQWHVFRQEDVHV
OLVDV
6HKDGHVOL]DGRXQUHFLSLHQWHD
WUDYpVGHODVXSHUILFLHGHODHVWXID
ÈUHDVGHGHFRORUDFLyQ
HQODHVWXID
1RVHOLPSLDURQORVGHUUDPHV
GHDOLPHQWRVDQWHVGHOXVR
VLJXLHQWH
6XSHUILFLHFDOLHQWHHQ
XQPRGHORFRQXQDHVWXID
GHFRORUFODUR
‡9HUODVHFFLyQ&yPROLPSLDUODHVWXIDGHYLGULR
3OiVWLFRGHUUHWLGR
VREUHODVXSHUILFLH
/DHVWXIDFDOLHQWHHQWUy
HQFRQWDFWRFRQSOiVWLFR
FRORFDGRVREUHODPLVPD
‡9HUODVHFFLyQ6XSHUILFLHGHYLGULRSRVLELOLGDGHVGHGDxR
SHUPDQHQWHHQODVHFFLyQ&yPROLPSLDUODHVWXID
GHYLGULR
‡(VWRHVQRUPDO/DVXSHUILFLHSXHGHSDUHFHUGHFRORUDGD
FXDQGRHVWiFDOLHQWH(VWRHVWHPSRUDO\GHVDSDUHFHUi
DPHGLGDTXHVHHQIUtDHOYLGULR
0DUFDVRKHQGLGXUDV 6HKDGHUUDPDGRXQDPH]FOD
HQODHVWXID
D]XFDUDGDFDOLHQWHHQODHVWXID
‡/ODPHDXQWpFQLFRFDOLILFDGRSDUDHOUHHPSOD]R
/DVXQLGDGHVGHVXSHUILFLH 6HHVWiQXWLOL]DQGRUHFLSLHQWHV
VHHQFLHQGHQ\DSDJDQ
GHFRFFLyQLQDGHFXDGRV
FRQPXFKDIUHFXHQFLD
‡8VHVyORUHFLSLHQWHVGHEDVHSODQDSDUDPLQLPL]DU
HOHQFHQGLGR\DSDJDGR
/DOX]GHOKRUQR
QRIXQFLRQD
/DERPELOODGHOX]HVWiIORMD
‡$MXVWHRFDPELHODERPELOOD
(OKRUQRQRIXQFLRQD
(OHQFKXIHGHODFRFLQD
QRHVWiLQWURGXFLGRGHOWRGR
HQHOWRPDFRUULHQWH
(OIXVLEOHSXHGHKDEHUVH
TXHPDGRRHOLQWHUUXSWRUGH
FLUFXLWRVSXHGHKDEHUVDOWDGR
/RVFRQWUROHVGHOKRUQRHVWiQ
PDOFRQILJXUDGRV
(OKRUQRHVWiPX\FDOLHQWH
‡9HULILTXHTXHHOHQFKXIHHOpFWULFRHVWpFRQHFWDGR
DXQWRPDFRUULHQWHFRQWHQVLyQ\DGHFXDGDFRQH[LyQ
DWLHUUD
‡&DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
GHFLUFXLWRV
‡9HUODVHFFLyQ&yPRXVDUHOKRUQR
‡'HMHTXHHOKRUQRVHHQIUtHSRUGHEDMR
GHODWHPSHUDWXUDGHEORTXHR
*($SSOLDQFHVFRP
3UREOHPD
&DXVDVSRVLEOHV
/RVDOLPHQWRVQR
VHKRUQHDQRURVWL]DQ
FRUUHFWDPHQWH
/RVFRQWUROHVGHOKRUQRHVWiQ ‡ 9HUODVHFFLyQ&yPRXVDUHOKRUQR
PDOFRQILJXUDGRV
6HHVWiQXWLOL]DQGRUHFLSLHQWHV ‡ 9HUODVHFFLyQ&yPRXVDUHOKRUQR
GHFRFFLyQLQFRUUHFWRVR
GHWDPDxRLQDSURSLDGR
(OWHUPRVWDWRGHOKRUQRGHEH‡ 9HUODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHG
DMXVWDUVH
PLVPR
/RVDOLPHQWRVQR
VHDVDQGHPDQHUD
DGHFXDGD
/RVFRQWUROHVGHOKRUQRHVWiQ ‡ $VHJ~UHVHGHSUHVLRQDUHOERWyQ%52,/+,/2
PDOFRQILJXUDGRV
DVDUDOWDEDMD
6HHVWiXVDQGRXQDSRVLFLyQ
GHEDQGHMDLQDGHFXDGD
‡ 9HUOD*XtDGHDVDGR
/RVUHFLSLHQWHVQRVRQ
DGHFXDGRVSDUDDVDU
‡ 3DUDPHMRUHVUHVXOWDGRVXWLOLFHXQUHFLSLHQWHGLVHxDGR
SDUDDVDGR
/DVRQGDHVWiHQFKXIDGD
GHQWURGHODVDOLGDGHOKRUQR
HQDOJXQRVPRGHORV
‡ 'HVHQFKXIH\TXLWHODVRQGDGHOKRUQR
(QDOJXQDVUHJLRQHVODHQHUJtD ‡ 3UHFDOLHQWHHOHOHPHQWRSDUDDVDUGXUDQWHPLQXWRV
YROWDMHSXHGHVHUEDMD
‡ $VHSRUHOSHUtRGRGHWLHPSRPiVSURORQJDGRTXH
VHUHFRPLHQGHHQOD*XtDGHDVDGR
/DSRVLFLyQGHODEDQGHMDHV
LQFRUUHFWDRQRHVWiQLYHODGD
4XpKDFHU
‡ 9HUODVHFFLyQ&yPRXVDUHOKRUQR
/DWHPSHUDWXUD
(OWHUPRVWDWRGHOKRUQRGHEH ‡ 9HUODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHG
GHOKRUQRHVPX\DOWD DMXVWDUVH
PLVPR
RPX\EDMD
(OFDMyQGH
DOPDFHQDPLHQWR
HVWiWRUFLGR
(OVRSRUWHGHFDMyQWUDVHUR ‡ 9XHOYDDFRORFDUHOFDMyQ9HUODVLQVWUXFFLRQHVGH
VHHQFXHQWUDVREUHHOULHO
5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWRHQODVHFFLyQ
GHODJXtD
&XLGDGR\OLPSLH]DGHODFRFLQD
‡ 9HULILTXHTXHHOFDMyQHVWpELHQFRORFDGRVLVHORTXLWD
(OFDMyQGH
DOPDFHQDPLHQWR
QRFLHUUD
(OFDEOHGHHQHUJtDSXHGH
HVWDUREVWUX\HQGRHOFDMyQ
HQODSDUWHWUDVHUDLQIHULRU
GHODFRFLQD
‡ &DPELHODXELFDFLyQGHOFDMyQ\GHOFDEOHGHHQHUJtD
9HUODVLQVWUXFFLRQHVGH5HPRFLyQGHOFDMyQGH
DOPDFHQDPLHQWRHQODVHFFLyQ&XLGDGR\OLPSLH]D
GHODFRFLQD
(OVRSRUWHGHFDMyQWUDVHUR
VHHQFXHQWUDVREUHHOULHO
GHODJXtD
‡ 9XHOYDDFRORFDUHOFDMyQ9HUODVLQVWUXFFLRQHVGH
5HPRFLyQGHOFDMyQGHDOPDFHQDPLHQWRHQODVHFFLyQ
&XLGDGR\OLPSLH]DGHODFRFLQD
/DSXHUWDGHOKRUQR
DOLQHDGD
/DSXHUWDQRHVWiELHQ
‡ 'DGRTXHODSXHUWDGHOKRUQRHVGHVPRQWDEOHDYHFHVHVWiWRUFLGD
VHGHVHTXLOLEUDGXUDQWHODLQVWDODFLyQ3DUDHQGHUH]DUODSXHUWD
SUHVLRQHKDFLDDEDMRVREUHODHVTXLQDVXSHULRU
$QWHVGHOODPDUDOVHUYLFLRWpFQLFR«
&RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV
3UREOHPD
&DXVDVSRVLEOHV
4XpKDFHU
(OUHORM\HOWHPSRUL]DGRU (OHQFKXIHGHODFRFLQDQRHVWi
‡ 9HULILTXHTXHHOHQFKXIHHOpFWULFRHVWpFRQHFWDGRDXQ
QRIXQFLRQDQ
LQWURGXFLGRGHOWRGRHQHOWRPDFRUULHQWH WRPDFRUULHQWHFRQWHQVLyQ\DGHFXDGDFRQH[LyQDWLHUUD
(OIXVLEOHSXHGHKDEHUVH
‡ &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
TXHPDGRRHOLQWHUUXSWRU
GHFLUFXLWRV
GHFLUFXLWRVSXHGHKDEHUVDOWDGR
/RVFRQWUROHVGHOKRUQRHVWiQ‡ 9HUODVHFFLyQ&yPRXVDUHOWHPSRUL]DGRUGHFRFLQD
PDOFRQILJXUDGRV
(OKRUQRQRUHDOL]D
ODDXWROLPSLH]D
/DWHPSHUDWXUDGHOKRUQRHVWi ‡ 'HMHTXHODFRFLQDVHHQIUtH\YXHOYDDFRQILJXUDU
PX\HOHYDGDSDUDFRQILJXUDU ORVFRQWUROHV
ODIXQFLyQGHDXWROLPSLH]D
/RVFRQWUROHVGHOKRUQRHVWiQ ‡ 9HUODVHFFLyQ&yPRXWLOL]DUORVKRUQRVDXWROLPSLDQWHV
PDOFRQILJXUDGRV
VXSHULRUHLQWHULRU
/DVRQGDHVWiHQFKXIDGD
‡ 4XLWHODVRQGDGHOKRUQR
GHQWURGHODERFDGHVDOLGD
GHOKRUQRHQDOJXQRVPRGHORV
5XLGRGH´FUXMLGRVµ
R´FKDVTXLGRVµ
(VHOVRQLGRGHOPHWDO
FDOHQWiQGRVH\HQIULiQGRVH
GXUDQWHODVIXQFLRQHV
GHFRFFLyQ\OLPSLH]D
‡ (VWRHVQRUPDO
+XPRH[FHVLYR
HQHOKRUQRGXUDQWH
HOFLFORGHOLPSLH]D
6XFLHGDGH[FHVLYD
‡ 3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR
$EUDODVYHQWDQDVSDUDTXHVDOJDHOKXPR(VSHUH
KDVWDTXHVHDSDJXH/2&.(''225 'HVSXpV
GHTXHVHHQIUtHHOKRUQROLPSLHHOH[FHVRGHVXFLHGDG
\YXHOYDDFRQILJXUDUHOFLFORGHOLPSLH]D
/DSXHUWDGHOKRUQR
QRVHDEUHGHVSXpVGHO
XQFLFORGHOLPSLH]D
(OKRUQRHVWiPX\FDOLHQWH
‡ 'HMHTXHHOKRUQRVHHQIUtHSRUGHEDMR
GHODWHPSHUDWXUDGHEORTXHR
(OKRUQRQRHVWiOLPSLR
GHVSXpVGHXQFLFOR
GHOLPSLH]D
/RVFRQWUROHVGHOKRUQRQRHVWiQ ‡ 9HUODVHFFLyQ&yPRXWLOL]DUORVKRUQRVDXWROLPSLDQWHV
FRQILJXUDGRVFRUUHFWDPHQWH VXSHULRUHLQIHULRU
/DOX]GHEORTXHR
´/2&.('µGHVWHOOD
HQODSDQWDOOD
GHOKRUQR
6HKDVHOHFFLRQDGRHOFLFOR ‡ &LHUUHODSXHUWDGHOKRUQR
GHDXWROLPSLH]DSHUR
ODSXHUWDQRHVWiFHUUDGD
/DOX]GHEORTXHR
´/2&.('µHVWi
HQFHQGLGDFXDQGR
GHVHDFRFLQDU
/DSXHUWDGHOKRUQR
HVWiEORTXHDGDSRUTXH
ODWHPSHUDWXUDGHQWUR
GHOPLVPRQRKDGHVFHQGLGR
GHEDMRGHODWHPSHUDWXUD
GHEORTXHR
‡ 3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR
'HMHHQIULDUHOKRUQR
´)³µ\XQQ~PHUR
ROHWUDGHVWHOODQ
HQODSDQWDOOD
+D\XQFyGLJRGHHUURU
GHIXQFLyQ
‡ 'HVHQFKXIHHOKRUQRSRUORPHQRVVHJXQGRV\OXHJR
YXHOYDDHQFKXIDUOR6LHOFyGLJRGHHUURUGHIXQFLyQ
VHUHSLWHOODPHDOVHUYLFLRWpFQLFR
(OKRUQRHVWDEDPX\VXFLR
‡ /LPSLHORVGHUUDPHVPiVUHEHOGHVDQWHVGHLQLFLDU
HOFLFORGHOLPSLH]D/RVKRUQRVPX\VXFLRVSXHGHQ
QHFHVLWDUXQDQXHYDDXWROLPSLH]DRXQDOLPSLH]D
PiVSURORQJDGD
*($SSOLDQFHVFRP
3UREOHPD
&DXVDVSRVLEOHV
4XpKDFHU
$SDUHFH´5DQJH/RFNHGµ
FRFLQDEORTXHDGDR
´/2&2QµEORTXHR
DFWLYDGRHQODSDQWDOOD
GHOKRUQRR´/&µHQOD
SDQWDOODGHVXSHUILFLH
(OFRQWUROHPLWHXQD
VHxDOGHVSXpVGHLQJUHVDU
XQWLHPSRGHFRFFLyQ
RGHLQLFLR
/DSDQWDOODTXHGD
HQEODQFR
/DSDQWDOODGHVWHOOD
/DSDQWDOODQR
PXHVWUD´6)µ
$SDUHFH´3UREHµ
VRQGDHQODSDQWDOOD
DOJXQRVPRGHORV
&RUWHGHHQHUJtD
HOUHORMGHVWHOOD
(PLVLyQGHYDSRU
GHVGHODYHQWLODFLyQ
8QRORUD´TXHPDGRµ
R´DFHLWRVRµVDOH
GHODYHQWLODFLyQ
2ORUSHQHWUDQWH
6HR\HXQYHQWLODGRU
/RVFRQWUROHVVHKDQ
EORTXHDGR
‡9HUODVHFFLyQ%ORTXHRGHFRQWUROSDUDGHVEORTXHDUORV
2OYLGyLQJUHVDU
XQWHPSHUDWXUDGHKRUQHDGR
RXQKRUDULRGHOLPSLH]D
‡3UHVLRQHHOERWyQ%$.(KRUQHDU\ODWHPSHUDWXUD
GHVHDGDRHOERWyQ6(/)&/($1DXWROLPSLH]D
\HOWLHPSRGHOLPSLH]DGHVHDGR
(OIXVLEOHSXHGHKDEHUVHTXHPDGR
RHOLQWHUUXSWRUGHFLUFXLWRV
SXHGHKDEHUVDOWDGR
(OUHORMVHHQFXHQWUDHQ
HOPRGRVLQYLVXDOL]DFLyQ
&RUWHGHHQHUJtD
/RVERWRQHVGHFRQWUROGHOKRUQR
QRVHSUHVLRQDURQFRUUHFWDPHQWH
(VWROHUHFXHUGDGHLQJUHVDU
XQDWHPSHUDWXUDGHVRQGD
GHVSXpVGHHQFKXIDUOD
&RUWHGHHQHUJtDRVXELGD
GHWHQVLyQ
&XDQGRVHXWLOL]DQORVKRUQRV
HVQRUPDOYHUXQDHPLVLyQGHYDSRU
GHODYHQWLODFLyQGHOKRUQR$PHGLGD
TXHHOQ~PHURGHEDQGHMDVR
ODFDQWLGDGGHDOLPHQWRVDFRFLQDU
VHLQFUHPHQWDODFDQWLGDGGHYDSRU
YLVLEOHVHHOHYDUi
(VWRHVQRUPDOHQXQKRUQR
QXHYR\GHVDSDUHFHFRQ
HOWLHPSR
/DVSULPHUDVYHFHVTXH
VHXWLOL]DHOKRUQRHVQRUPDO
VHQWLUXQRORUSURYHQLHQWH
GHODLVODQWHTXHUHFXEUH
ODSDUWHLQWHUQDGHOKRUQR
8QYHQWLODGRUGHFRQYHFFLyQ
SXHGHHQFHQGHUVH\DSDJDUVH
DXWRPiWLFDPHQWH
8QYHQWLODGRUGHUHIULJHUDFLyQ
SXHGHHQFHQGHUVH\DSDJDUVH
DXWRPiWLFDPHQWH
‡&DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
GHFLUFXLWRV
‡9HUODVHFFLyQGH&DUDFWHUtVWLFDVHVSHFLDOHVGH
ORVFRQWUROHVGHOKRUQR
‡5HFRQILJXUHHOUHORM
‡/RVERWRQHV%52,/+,/2DVDUDOWREDMR\%$.(
KRUQHDUGHEHQSUHVLRQDUVHDOPLVPRWLHPSR
\VRVWHQHUVHGXUDQWHVHJXQGRV
‡,QJUHVHXQDWHPSHUDWXUDGHVRQGD
‡5HFRQILJXUHHOUHORM6LHOKRUQRHVWDEDHQXVRXVWHG
GHEHUHFRQILJXUDUORSUHVLRQDQGRHOERWyQ&/($52))
ERUUDUDSDJDGRFRQILJXUDQGRHOUHORM\
UHFRQILJXUDQGRFXDOTXLHUIXQFLyQGHFRFFLyQ
‡(VWRHVQRUPDO
‡3DUDDFHOHUDUHOSURFHVRFRQILJXUHXQFLFORGH
DXWROLPSLH]DGXUDQWHXQPtQLPRGHKRUDV9HU
ODVHFFLyQ&yPRXWLOL]DUORVKRUQRVDXWROLPSLDQWHV
VXSHULRUHLQIHULRU
‡(VWRHVWHPSRUDO
‡(VWRHVQRUPDO3DUDSRWHQFLDUDOPi[LPRXQDFRFFLyQ
SDUHMDHOYHQWLODGRUHVWiGLVHxDGRSDUDJLUDUHQDPEDV
GLUHFFLRQHVFRQXQDSDXVDHQWUHHOODV
‡(OYHQWLODGRUGHFRQYHFFLyQIXQFLRQDGXUDQWHHO
SUHFDOHQWDPLHQWRGHOFLFORGHKRUQHDGR(OYHQWLODGRU
VHDSDJDUiGHVSXpVGHTXHHOKRUQRKD\DDOFDQ]DGR
ODWHPSHUDWXUDFRQILJXUDGD(VWRHVQRUPDO
‡(VWRHVQRUPDO6HHQFHQGHUi\DSDJDUiXQYHQWLODGRU
GHUHIULJHUDFLyQSDUDHQIULDUODVSLH]DVLQWHUQDV3XHGH
IXQFLRQDUD~QGHVSXpVGHTXHHOKRUQRVHKD\D
DSDJDGR
$QWHVGHOODPDUDOVHUYLFLRWpFQLFR«
&RQVHMRVSDUDLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV
3UREOHPD
&DXVDVSRVLEOHV
4XpKDFHU
5HVXOWDGLItFLOGHVOL]DU
ODVEDQGHMDVGHOKRUQR
/DVEDQGHMDVFRORUSODWD
EULOODQWHVVHOLPSLDURQHQ
XQFLFORGHDXWROLPSLH]D
‡$SOLTXHXQDSHTXHxDFDQWLGDGGHDFHLWHYHJHWDOHQ
XQDWRDOODGHSDSHO\IURWHORVERUGHVGHODVEDQGHMDV
GHOKRUQR1RURFtHFRQ3DPŠXRWUROXEULFDQWH
HQVSUD\
(OFDMyQQRVHGHVOL]D
ELHQRKD\TXHWLUDU
GHpO
(OFDMyQQRHVWiELHQ
DOLQHDGR
‡ ([WLHQGDHOFDMyQSRUFRPSOHWR\SUHVLyQHORKDVWD
HOIRQGR9HUODVHFFLyQ&XLGDGR\OLPSLH]DGHODFRFLQD
(OFDMyQHVWiPX\FDUJDGR ‡ 5HGX]FDHOSHVR5HGLVWULEX\DHOFRQWHQLGRGHOFDMyQ
RODFDUJDQRHVWiHTXLOLEUDGD
1RIXQFLRQDQHOFDMyQ (OIXVLEOHSXHGHKDEHUVH
‡ &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOLQWHUUXSWRU
FDOHQWDGRURHOFDMyQ TXHPDGRRHOLQWHUUXSWRUGH GHFLUFXLWRV
GHOKRUQRLQIHULRU
FLUFXLWRVSXHGHKDEHUVDOWDGR
/RVFRQWUROHVHVWiQPDO
FRQILJXUDGRV
&RQGHQVDFLyQH[FHVLYD /tTXLGRHQHOFDMyQ
HQHOFDMyQ
$OLPHQWRVVLQFXEULU
/DFRQILJXUDFLyQGH
WHPSHUDWXUDHVWiPX\DOWD
‡ 9HUODVHFFLyQ&yPRXVDUHOFDMyQFDOHQWDGRU
‡ 4XLWHHOOtTXLGR
‡ &XEUDORVDOLPHQWRVFRQXQDWDSDRFRQSDSHO
GHDOXPLQLR
‡ 5HGX]FDODFRQILJXUDFLyQGHODWHPSHUDWXUD
/RVDOLPHQWRVVHVHFDQ /DKXPHGDGVHHVFDSD
HQHOFDMyQFDOHQWDGRU ‡ &XEUDORVDOLPHQWRVFRQXQDWDSDRFRQSDSHO
GHDOXPLQLR
(OFDMyQQRHVWiWRWDOPHQWH
FHUUDGR
‡ 3UHVLRQHHOFDMyQKDFLDDGHQWURKDVWDTXHHOVXMHWDGRU
HQJDQFKH
/DSODQFKDQRHVWi
ORVXILFLHQWHPHQWH
FDOLHQWH
/DSODQFKDHVWiVREUHFDUJDGD ‡ $SDJXHODSODQFKD
/DSODQFKDVHTXLWyGH
‡ 3UHVLRQH\²DOPLVPRWLHPSRGXUDQWHVHJXQGRV
ORVTXHPDGRUHVGXUDQWH
'HVSXpVGHOSLWLGRYXHOYDDHQFHQGHUODSODQFKD
HOIXQFLRQDPLHQWR
1RWDV
*($SSOLDQFHVFRP
$FFHVRULRV
¢'HVHDDOJRPiV"
8VWHGSXHGHHQFRQWUDUHVWRVDFFHVRULRV\PXFKRVPiVHQ*($SSOLDQFHVFRPROODPHDO
HQKRUDULRGHWUDEDMRQRUPDO7HQJDOLVWRHOQ~PHURGHPRGHOR
5HMLOODV
&DEH]DOHVRWDSDVGH
TXHPDGRUHVGHVXSHUILFLH
3HULOODV
(OHPHQWRVGHVXSHUILFLH\
EDQGHMDVFROHFWRUDV
R
%DQGHMDVGHOKRUQR
(OHPHQWRVGHOKRUQR
%RPELOODVGHOX]
£3UXHEHHVWRVRWURVH[FHOHQWHVSURGXFWRVSDUDTXHVXFRFLQDVHYHDHVWXSHQGD
.LWGHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
,QFOX\HOLPSLDGRU
UDVTXHWD\SDxR
7RDOOLWDV
GHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
7RDOOLWDVSDUD
SXOLUDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
/LPSLDGRU
GHDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
:;;*&6
:;;
:;;
30;
£$SURYHFKHDOPi[LPRVXEDQGHMDSDUDDVDU1RSDUDXVDUFRQPRGHORVGHFDMyQDVDGRU
£8WLOLFHVXEDQGHMD\WDSDGHUHMLOODSDUDDVDUKDPEXUJXHVDVIUXWRVGHPDUILOHWHVYHJHWDOHVSDQFHWD
FRVWLOODV\PXFKRPiV/DEDQGHMDLQIHULRUUHWLHQHHOH[FHVRGHJUDVDV\DFHLWHV
‡3LH]D*(JHQXLQD
‡)iFLOGHOLPSLDU
‡*DUDQWtDGHXQDxR
£2IHUWDGHWLHPSROLPLWDGR£(QYtRVLQFDUJR
&XDQGRVROLFLWHODEDQGHMDSDUDDVDUGHQWURGHORVGtDVGHKDEHUDGTXLULGRVXSURGXFWRGHFRFLQD*(
1ƒGHSLH]D
'LPHQVLRQHV
3HTXHxD
:%;
µ$[µ$[µ3
*UDQGH
:%;
µ$[µ$[µ3
([WUDJUDQGH
:%;
µ$[µ$[µ3
/DEDQGHMDSDUDDVDUJUDQGHHVWiQGDUQRHQWUDHQFRFLQDVGHSXOJDGDV
/DEDQGHMDH[WUDJUDQGHQRHQWUDHQKRUQRVGHSDUHGHVGHSXOJDGDVHPSRWUDGDVGHSXOJDGDVRFRFLQDVGHSXOJDGDV
/ODPHDORXWLOLFHHVWHIRUPXODULRSDUDHQYLDUVXVROLFLWXGSRUFRUUHR
*(3DUWV32%R[0HPSKLV71
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)RUPXODULRGHVROLFLWXGGHODEDQGHMDSDUDDVDU
&DQWLGDG BBBBBBBBBBBBBBBBBBB 1~PHURGHSLH]DBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1~PHURGHPRGHORBBBBBBBBBBBB 1~PHURGHVHULH BBBBBBBBBBBBBBBB 0DUFDBBBBBBBBBBBBBB )HFKDGHFRPSUDBBBBBBBBB
1RPEUH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $SHOOLGRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'LUHFFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LXGDG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWDGRBBBBBBBBBB &yGLJR3RVWDOBBBBBBBBBBBBBBBBBBBBBBBBB
7HOpIRQRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUUHRHOHFWUyQLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB
*LURSRVWDOBBBBBB
3DUDFRQVXOWDUVREUHORVSUHFLRVDFWXDOHVOODPHDO7RGDVODVyUGHQHVFRQWDUMHWDGHFUpGLWRVHGHEHUiQUHDOL]DU
HQIRUPDWHOHIyQLFD
*DUDQWtDGHFRFLQDHOpFWULFDGH*(
7RGRVORVVHUYLFLRVWpFQLFRVGHJDUDQWtDVRQRWRUJDGRVSRU
QXHVWURV&HQWURVGH6HUYLFLRGH)iEULFDRXQWpFQLFRDXWRUL]DGR
SRU&XVWRPHU&DUHŠ3DUDSURJUDPDUHOVHUYLFLRWpFQLFR
YLVtWHQRVRQOLQHHQ*($SSOLDQFHVFRPROODPHDO*(&$5(6
7HQJDHOQ~PHURGHVHULH\GHPRGHORDPDQR
FXDQGROODPHSDUDVROLFLWDUXQVHUYLFLRWpFQLFR
*($SSOLDQFHVFRP
$EURFKHVXUHFLERDTXt
6HQHFHVLWDXQDSUXHED
GHODIHFKDGHFRPSUDRULJLQDO
SDUDREWHQHUVHUYLFLRWpFQLFR
FXELHUWRSRUODJDUDQWtD
3RUHOSHUtRGRGH *(RWRUJDUi
8QDxR
'HVGHODIHFKDGH
FRPSUDRULJLQDO
&XDOTXLHUSLH]DGHODFRFLQDTXHIDOOHGHELGRDXQGHIHFWRGHORVPDWHULDOHVRPDQRGHREUD
'XUDQWHHVWDJDUDQWtDOLPLWDGDGHXQDxR*(WDPELpQRIUHFHHQIRUPDJUDWXLWDODPDQR
GHREUD\WUDEDMRVHQHOKRJDUSDUDUHHPSOD]DUODSLH]DGHIHFWXRVD
*(QRFXEULUi
„9LVLWDVDVXKRJDUSDUDHQVHxDUOHDXVDUHOSURGXFWR
„,QVWDODFLyQHQWUHJDRPDQWHQLPLHQWRLQDGHFXDGRV
„)DOODVGHOSURGXFWRGHELGRDDEXVRXVRLQGHELGRXVR
GLIHUHQWHSDUDHOTXHIXHGLVHxDGRRXVRFRPHUFLDO
„'DxRVDODHVWXIDGHYLGULRSURYRFDGRVSRUHOXVR
GHOLPSLDGRUHVGLVWLQWRVGHODVFUHPDV\SDxRV
UHFRPHQGDGRV
„'DxRVDODHVWXIDGHYLGULRSURYRFDGRVSRUGHUUDPHV
HQGXUHFLGRVGHPDWHULDOHVD]XFDUDGRVRSOiVWLFR
GHUUHWLGRTXHQRVHOLPSLDURQGHDFXHUGRFRQ
ODVLQVWUXFFLRQHVGHO0DQXDOGHO3URSLHWDULR
„5HHPSOD]RGHIXVLEOHVGRPpVWLFRVRODUHFRQILJXUDFLyQ
GHLQWHUUXSWRUHVGHFLUFXLWR
„'DxRVDOSURGXFWRSURYRFDGRVSRUDFFLGHQWHV
LQFHQGLRVLQXQGDFLRQHVRIXHU]DPD\RU
„'DxRVLQFLGHQWDOHVRUHVXOWDQWHVSURYRFDGRVSRU
SRVLEOHVGHIHFWRVHQHVWHDUWHIDFWR
„'DxRVSURYRFDGRVGHVSXpVGHODHQWUHJD
„8QSURGXFWRQRDFFHVLEOHSDUDSUHVWDUHOVHUYLFLR
WpFQLFRVROLFLWDGR
(;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFR\H[FOXVLYRUHFXUVRHVODUHSDUDFLyQGHOSURGXFWRFRPR
VHHVWDEOHFHHQODSUHVHQWH*DUDQWtD/LPLWDGD/DVJDUDQWtDVLPSOtFLWDVLQFOX\HQGRJDUDQWtDVGHFRPHUFLDELOLGDG
\DSWLWXGSDUDXQREMHWLYRSDUWLFXODUVHHQFXHQWUDQOLPLWDGDVDXQDxRRDOSHUtRGRPiVFRUWRSHUPLWLGRSRUODOH\
(VWDJDUDQWtDVHH[WLHQGHDOFRPSUDGRURULJLQDO\FXDOTXLHUGXHxRSRVWHULRUSDUDSURGXFWRVDGTXLULGRV
SDUDXVRGRPpVWLFRGHQWURGHORV((886LHOSURGXFWRVHHQFXHQWUDHQXQDUHJLyQGRQGHQRKD\6HUYLFLR
7pFQLFRDXWRUL]DGRGH*(XVWHGVHUiUHVSRQVDEOHGHOFRVWRGHOYLDMHRXVWHGSXHGHWHQHUTXHOOHYDUHO
SURGXFWRDXQ6HUYLFLR7pFQLFR$XWRUL]DGRGH*(SDUDHIHFWXDUODUHSDUDFLyQ(Q$ODVNDODJDUDQWtDH[FOX\H
HOFRVWRGHHQYtRRYLVLWDVSDUDHIHFWXDUDUUHJORVHQVXKRJDU
$OJXQRVHVWDGRVQRSHUPLWHQODH[FOXVLyQROLPLWDFLyQGHGDxRVLQFLGHQWDOHVRUHVXOWDQWHV(VWDJDUDQWtD
OHRWRUJDGHUHFKRVOHJDOHVHVSHFtILFRV\XVWHGSXHGHFRQWDUFRQRWURVGHUHFKRVTXHSXHGHQYDULDUGH
HVWDGRDHVWDGR3DUDFRQRFHUVXVGHUHFKRVOHJDOHVFRQVXOWHDVXRILFLQDGHOFRQVXPLGRUORFDORHVWDWDO
RDO)LVFDO*HQHUDOGHVXHVWDGR
*DUDQWH*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
$SR\RDOFOLHQWH
3iJLQD:HEGH*($SSOLDQFHV
*($SSOLDQFHVFRP
¢7LHQHDOJXQDSUHJXQWDVREUHVXHOHFWURGRPpVWLFR"£3UXHEHODSiJLQD:HEGH*($SSOLDQFHVKRUDVDOGtD
FXDOTXLHUGtDGHODxR3DUDPD\RUFRQYHQLHQFLD\VHUYLFLRPiVUiSLGR\DSXHGHGHVFDUJDUORV0DQXDOHV
GHORV3URSLHWDULRVSHGLUSLH]DVRLQFOXVRKDFHUXQDFLWDHQOtQHDSDUDTXHYHQJDQDUHDOL]DUXQDUHSDUDFLyQ
6ROLFLWHXQDUHSDUDFLyQ
*($SSOLDQFHVFRP
(OVHUYLFLRGHH[SHUWRV*(HVWiDWDQVyORXQSDVRGHVXSXHUWD£(QWUHHQOtQHD\VROLFLWHVXUHSDUDFLyQFXDQGR
OHYHQJDFXDOTXLHUGtDGHODxR2OODPHDO*(&$5(6GXUDQWHKRUDVQRUPDOHVGHRILFLQD
5HDO/LIH'HVLJQ6WXGLR(VWXGLRGHGLVHxRSDUDODYLGDUHDO
*($SSOLDQFHVFRP
*(DSR\DHOFRQFHSWRGH'LVHxR8QLYHUVDO³SURGXFWRVVHUYLFLRV\DPELHQWHVTXHSXHGHQXVDUJHQWHGHWRGDV
ODVHGDGHVWDPDxRV\FDSDFLGDGHV5HFRQRFHPRVODQHFHVLGDGGHGLVHxDUSDUDXQDJUDQJDPDGHKDELOLGDGHV
\GLILFXOWDGHVItVLFDV\PHQWDOHV3DUDPiVGHWDOOHVFREUHODVDSOLFDFLRQHVGH*('LVHxR8QLYHUVDOLQFOX\HQGR
LGHDVGHGLVHxRSDUDODFRFLQDSDUDSHUVRQDVFRQGLVFDSDFLGDGHVPLUHQXHVWUDSiJLQD:HEKR\PLVPR
3DUDSHUVRQDVFRQGLILFXOWDGHVDXGLWLYDVIDYRUGHOODPDUDO7''*($&
*DUDQWtDVDPSOLDGDV
*($SSOLDQFHVFRP
&RPSUHXQDJDUDQWtDDPSOLDGD\REWHQJDGHWDOOHVVREUHGHVFXHQWRVHVSHFLDOHVGLVSRQLEOHVPLHQWUDVVXJDUDQWtD
HVWiD~QDFWLYD3XHGHFRPSUDUODHQOtQHDHQFXDOTXLHUPRPHQWRROODPDUDOGXUDQWHKRUDV
QRUPDOHVGHRILFLQD*(&RQVXPHU+RPH6HUYLFHVHVWDUiD~QDKtFXDQGRVXJDUDQWtDWHUPLQH
3LH]DV\DFFHVRULRV
*($SSOLDQFHVFRP
$TXHOORVLQGLYLGXRVFRQODFDOLILFDFLyQQHFHVDULDSDUDUHSDUDUVXVSURSLRVHOHFWURGRPpVWLFRVSXHGHQ
SHGLUTXHVHOHVPDQGHQODVSLH]DVRDFFHVRULRVGLUHFWDPHQWHDVXVKRJDUHVDFHSWDPRVODVWDUMHWDV
9,6$0DVWHU&DUG\'LVFRYHU+DJDVXSHGLGRHQOtQHDKR\KRUDVFDGDGtDROODPDUSRUWHOpIRQR
DOGXUDQWHKRUDVQRUPDOHVGHRILFLQD
/DVLQVWUXFFLRQHVGHVFULWDVHQHVWHPDQXDOFXEUHQORVSURFHGLPLHQWRVDVHJXLUSRUFXDOTXLHUXVXDULR&XDOTXLHU
RWUDUHSDUDFLyQGHEHUtDSRUUHJODJHQHUDOUHIHULUVHDSHUVRQDOFDOLILFDGRDXWRUL]DGR'HEHHMHUFHUVHSUHFDXFLyQ
\DTXHODVUHSDUDFLRQHVLQFRUUHFWDVSXHGHQFDXVDUFRQGLFLRQHVGHIXQFLRQDPLHQWRLQVHJXUDV
3yQJDVHHQFRQWDFWRFRQQRVRWURV
*($SSOLDQFHVFRP
6LQRHVWiVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLEHGH*(SyQJDVHHQFRQWDFWRFRQQRVRWURVHQQXHVWUDSiJLQD
:HELQGLFDQGRWRGRVORVGHWDOOHVDVtFRPRVXQ~PHURGHWHOpIRQRRHVFUtEDQRVD
*HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWUHVXHOHFWURGRPpVWLFR
*($SSOLDQFHVFRP
£5HJLVWUHVXQXHYRHOHFWURGRPpVWLFRHQOtQHD³FXDQGRXVWHGSUHILHUD(OUHJLVWUDUVXSURGXFWRDWLHPSR
OHSURSRUFLRQDUiVLVXUJLHUDODQHFHVLGDGXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVUiSLGREDMRORVWpUPLQRV
GHVXJDUDQWtD7DPELpQSXHGHHQYLDUVXWDUMHWDGHUHJLVWURSUHLPSUHVDTXHVHLQFOX\HHQHOPDWHULDOGH
HPEDODMH
GEAppliances.com
Induction Self-Cleaning Convection
Ranges
Mini-Guide
PHB925
IMPORTANT SAFETY INFORMATION.
READ ALL INSTRUCTIONS BEFORE USING.
WARNING!
For your safety, the information in this manual must be
followed to minimize the risk of fire, explosion, electric shock,
or to prevent property damage, personal injury, or loss of life.
This unit has been tested and found to comply with the
limits for a class B digital device, pursuant to Part 18
of the FCC rules. These limits are designed to provide
reasonable protection against harmful interference in
a residential installation. This unit generates, uses and
can radiate radio frequency energy and, if not installed
and used in accordance with the instructions, may cause
harmful interference to radio communications. However,
there is no guarantee that interference will not occur in
a particular installation. If this unit does cause harmful
interference to radio or television reception, which can
be determined by turning the unit off and on, the user is
encouraged to try to correct the interference by one or
more of the following measures:
• Reorient or relocate the receiving antennae.
• Increase the distance between the unit and receiver.
• Connect the unit into an outlet or a circuit different from
that to which the receiver is connected.
CAUTION!
Persons with a pacemaker or similar medical device
should exercise caution when using or standing
near an induction unit while it is in operation. The
electromagnetic field may affect the working of the
pacemaker or similar medical device. It is advisable to
consult your doctor or the pacemaker manufacturer
about your particular situation.
Using the cooktop.
How Induction Surface Cooking Works
Induction coils under the glass cooking surface produce
a magnetic field that generates heat in ferrous metals
that are in close proximity. The glass cooking surface is
not heated directly since it is not a ferrous metal, but the
glass may eventually become hot from the pan. Induction
surface coils are more efficient and will heat much faster
than conventional electric and gas cooking surface cooking
products.
CAUTION:
• The induction cooking elements may appear to be cool while
turned ON and after they have been turned OFF. The glass
surface may be HOT from residual heat transferred from the
cookware and burns may occur.
• DO NOT TOUCH HOT COOKWARE or PANS directly with hands.
Always use mitts or pot holders to protect hands from burns.
• DO NOT SLIDE cookware across the cooktop surface. Doing
so may permanently damage the appearance of the ceramic
cooktop.
49-80564-1
08-10 GE
Using the cooktop. (cont.)
What Type of Pans Are Required?
You must use a ferrous pan when using the induction coils on this range. The warming zone is not an induction coil and will
work with any type of cookware. You can verify your pan is
ferrous if a magnet sticks to it. Quality cookware with heavy
bottoms made of cast iron, magnetic stainless steel and
enameled steel work best. For best results, use pans with flat
bottoms. Woks that do not have flat bottoms in close contact to
the glass surface will not work. Some pans are made especially
for induction cooking.
Use flat-bottomed pans.
Use a griddle.
Use a flat-bottomed wok.
Pan Size and Shape
The induction coils require a minimum pan size in order for the element to turn on. In order for the induction coil to correctly determine if the pan is large enough, it is
important that the pan be centered within the circular graphics marked on the glass cooking surface. The minimum pan size that will work for each induction coil is shown on the right. Pans that are not ferrous or are too small will not allow the
induction coil to turn on, and the power level display for that coil location will flash
for 30 seconds and then turn off. If a pan is removed from the induction coil for
more than 30 seconds, the power will be shut off. Square pans will work, although
round pans that match the induction coil sizes work best. Cookware larger than the cooktop glass graphics will work. For best results, match the pan size with the nearest-size graphics on the glass cooking surface.
Boost Mode and Power
Sharing
Power Sharing is activated when
both elements in the same cooking
zone are activated and one element
is set for Boost (H). The element
that is not set for Boost will change
to a lower power level. This is
called Power Sharing. When Boost
operation is complete (10 minutes),
the other element may be reset to
any power level. Both elements can
operate simultaneously at normal
power level settings of “L” to 9.
IMPORTANT NOTE FOR RIGHT
SIDE POWER SHARING
The elements on the right side share one
generator. Both elements can operate at
any non-Boost (level L to 9) power level
at the same time. When the large 11”
element is set for “H” or Boost, the smaller
element is automatically shut off and
cannot be activated. After 10 minutes,
Boost (H) will revert to power level 9.
At that time, the smaller element may be
activated and set for any power level.
5-3/4” Min. Dia. Pan Size
LR
5-3/4” Min. Dia. Pan Size
LF
4-3/4” Min.
Dia. Pan Size
RR
7” Min. Dia. Pan Size
RF
4 burner cooktops with right- and left-side (2) induction generators
Use the minimum size pan shown for each cooking element.
Cookware “Noise”
A low humming noise is normal when using induction coils,
especially on higher power settings. Heavy enamel cast-iron
pots produce less noise than lightweight steel pans. The amount
of content in the pans can also affect noise level. Pans that
completely cover the graphics on the glass will produce less
noise. Water trapped under pans can boil, causing the cookware
to vibrate or slide on the glass surface.
Before you call for service…
Problem
Possible Causes
What To Do
Surface units do
Improper cookware being used. • Wrong pan type. Use a magnet to check that cookware is
not work properly or induction-compatible. Use a flat induction-capable pan that meets
flashing power setting the minimum size for the element being used. See the Pan size and
shape section.
Pan is too small.
• Pan size is below the minimum size for the element. See the Pan size
and shape section.
Pan not positioned correctly. • Center the pan in the cooking zone.
Pan detection/sizing not working properly
Pan is improperly placed. • Make sure the pan is centered on the corresponding surface element.
Cooktop control improperly set. • Check to see that the control is set properly.
Surface unit setting changed or turned
off unexpectedly
Power sharing.
High cooktop temperature. • Check to see if power was being shared between two elements. See
Boost Mode and Power Sharing section.
• Allow the internal fan to cool the cooktop.
GEAppliances.com
Cocinas
Mini guía
PHB925
autolimpiantes de convección e inducción
INFORMACIÓN IMPORTANTE DE SEGURIDAD.
LEA TODAS LAS INSTRUCCIONES ANTES DE SU USO.
¡ADVERTENCIA!
Para su seguridad, la información de este manual debe
seguirse al pie de la letra a fin de minimizar el riesgo de
incendio o explosión, descarga eléctrica, o para prevenir
daños, lesiones personales o la muerte.
Esta unidad se ha puesto a prueba y se ha determinado
que cumple con los límites de un dispositivo digital de clase
B, de conformidad con la Parte 18 de las normas de la FCC.
Estos límites están diseñados para brindar una protección
razonable contra interferencia dañina dentro de una
instalación residencial. Esta unidad genera, utiliza y puede
irradiar energía de frecuencia de radio y, si no se instala y
usa de acuerdo con las instrucciones, puede provocar una
interferencia dañina a las comunicaciones de radio. Sin
embargo, no hay garantía de que no haya interferencia
en una instalación determinada. Si la unidad provoca
interferencia nociva a la recepción de radio y televisión,
lo que puede determinarse encendiendo y apagando la
unidad, el usuario puede corregir la interferencia a través
de una o más de las siguientes medidas:
• Reoriente o cambie la posición de las antenas
receptoras.
• Incremente la distancia entre la unidad y el receptor.
• Conecte la unidad a un tomacorriente o un circuito
diferente del que está usando el receptor.
¡PRECAUCIÓN!
Las personas que utilicen un marcapasos o un
dispositivo médico similar deben tener cuidado cuando
utilicen y se encuentren cerca de una unidad por
inducción. El campo electromagnético puede afectar
el funcionamiento del marcapasos o del dispositivo
médico similar. Es recomendable consultar a su médico
o al fabricante del marcapasos sobre su situación
particular.
Cómo usar la estufa.
Cómo funciona la superficie de cocción por inducción
Las bobinas de inducción ubicadas debajo de la superficie de
cocción de vidrio producen un campo magnético que genera
calor en metales ferrosos que se encuentran muy cerca. La
superficie de cocción de vidrio no se calienta directamente ya
que no es un metal ferroso, pero el vidrio puede calentarse
por estar en contacto con el recipiente de cocción. Las
bobinas de la superficie de inducción son más eficientes
y se calientan con más rapidez que las cocinas eléctricas
o a gas con superficies de cocción convencionales.
PRECAUCIÓN:
• Los elementos de cocción por inducción pueden parecer
fríos cuando están encendidos (ON) y después de haber sido
apagados (OFF). La superficie de vidrio puede estar CALIENTE
debido a calor residual transferido del recipiente de cocción y
pueden provocarse quemaduras.
• NO TOQUE RECIPIENTES DE COCCIÓN CALIENTES directamente
con sus manos. Siempre use guantes de cocina o agarraderas
para proteger las manos de quemaduras.
• NO DESLICE recipientes de cocción a través de la superficie de
la estufa. Hacerlo puede dañar permanentemente la apariencia
de la estufa de cerámica.
49-80564-1
08-10 GE
Cómo usar la estufa. (cont.)
¿Qué clase de recipientes debe usarse?
Deben utilizarse recipientes ferrosos cuando se usen las bobinas
de inducción de esta cocina. La zona de calentamiento no es una
bobina de inducción y funciona con cualquier clase de recipiente
de cocción. Usted puede verificar si su recipiente es ferroso si
un imán se adhiere a él. Los recipientes de cocción de calidad
con bases pesadas hechas de hierro fundido, acero inoxidable
magnético y acero esmaltado funcionan mejor. Para mejores
resultados, utilice recipientes con bases planas. Los woks que no
poseen bases planas en contacto con la superficie de vidrio no
funcionan. Algunos recipientes están fabricados especialmente
para cocción por inducción.
Utilice recipientes
de base plana.
Utilice una plancha.
Utilice un wok
de base plana.
Tamaño y forma de los recipientes
Las bobinas de inducción requieren un tamaño mínimo de recipiente para que el elemento se
encienda. Para que la bobina de inducción pueda determinar correctamente si el recipiente es
lo suficientemente grande, resulta importante que el recipiente se centre dentro de los gráficos
circulares marcados en la superficie de cocción de vidrio. El tamaño mínimo de recipiente que
funcionará en cada bobina de inducción se indica a la derecha. Los recipientes no ferrosos y
demasiado pequeños no permitirán el accionamiento de la bobina de inducción y la pantalla del nivel
de energía de la ubicación de esa bobina destellará durante 30 segundos y luego se apagará. Si un
recipiente se retira de la bobina de inducción por más de 30 segundos, la energía se desactivará.
Pueden utilizarse recipientes cuadrados, aunque funcionan mejor los redondos que se ajustan a los
tamaños de las bobinas de inducción. Los recipientes de cocción de mayor tamaño que los gráficos
de vidrio de la estufa funcionarán. Para mejores resultados, ajuste el tamaño del recipiente con los
gráficos de tamaño más cercano que se encuentran sobre la superficie de cocción de vidrio.
Modo impulso (Boost) y distribución de energía
Los anafes de cinco quemadores están divididos en 3 zonas.
Los lados derecho e izquierdo tienen zonas de cocción
separadas y el elemento central grande es otra zona de
cocción individual. La distribución de energía se activa cuando
ambos elementos de la misma zona de cocción se activan y
un elemento se configura para Impulso (H). El elemento que
no esté configurado para Impulso cambiará a un nivel de
energía más bajo. Esto se denomina distribución de energía.
Cuando la operación de impulso haya finalizado (10 minutos),
el otro elemento puede reconfigurarse para cualquier nivel
de energía. Ambos elementos pueden funcionar de manera
simultánea a niveles de energía normales de “L” a 9.
Recipiente
de 5-3/4”
de diámetro
mínimo IT
Recipiente
de 5-3/4”
de diámetro
mínimo IF
Recipiente
de 4-3/4”
de diámetro
mínimo DT
Recipiente
de 7”
de diámetro
mínimo DF
Estufas de 4 quemadores con generadores
de inducción de lados derecho e izquierdo
(2) Utilice el recipiente de tamaño mínimo
ilustrado para cada elemento de cocción.
Distribucion de erergia en el lado derecho
Los anafes de cinco quemadores están divididos en 3 zonas. Los
lados derecho e izquierdo tienen zonas de cocción separadas y
el elemento central grande es otra zona de cocción individual.
La distribución de energía se activa cuando ambos elementos
de la misma zona de cocción se activan y un elemento se
configura para Impulso (H). El elemento que no esté configurado
para Impulso cambiará a un nivel de energía más bajo. Esto
se denomina distribución de energía. Cuando la operación de
impulso haya finalizado (10 minutos), el otro elemento puede
reconfigurarse para cualquier nivel de energía. Ambos elementos
pueden funcionar de manera simultánea a niveles de energía
normales de “L” a 9.
“Ruidos” de los recipientes de cocción
Un zumbido bajo es normal cuando se utilizan bobinas de inducción, especialmente en configuraciones de energía mayores. Los
recipientes pesados de hierro fundido esmaltado producen menos ruido que los recipientes de acero liviano. La cantidad de contenido
dentro de los recipientes también puede modificar el nivel de ruido. Los recipientes que cubren por completo el gráfico del vidrio
producen menos ruido. El agua que queda atrapada debajo de los recipientes puede hervir, lo que puede provocar que los recipientes
vibren o se deslicen sobre la superficie de vidrio.
Antes de llamar al servicio técnico…
Problema
Causas posibles
Qué hacer
Las unidades de Se están utilizando recipientes • Recipiente incorrecto. Use un imán para verificar que el recipiente sea
superficie no funcionan de cocción inadecuados. compatible con la inducción. Use un recipiente plano con capacidad
bien o destella de inducción que cumpla con el tamaño mínimo para el elemento
la configuración que se está usando. Ver la sección Tamaño y forma de los recipientes.
de energía
El recipiente es muy pequeño. • El tamaño del recipiente es menor al tamaño mínimo para el elemento.
Ver la sección Tamaño y forma de los recipientes.
El recipiente no está bien colocado. • Centre el recipiente en la zona de cocción.
La detección/medición El recipiente está mal colocado. • Verifique que el recipiente esté centrado en el elemento de superficie
de recipientes no está correspondiente.
funcionando de manera El control de la estufa está • Verifique que el control esté bien configurado.
adecuada
mal configurado.
La configuración de la Distribución de energía.
• Verifique si se está compartiendo la energía entre dos elementos.
unidad de superficie Ver la sección Modo impulso (Boost) y distribución de energía.
cambió o se apagó Temperatura elevada de • Permita que el ventilador interno enfríe la estufa.
de repente
la estufa.