*($SSOLDQFHV FRP 6HOI &OHDQLQJ *DV 5DQJHV 6DIHW\ ,QVWUXFWLRQV ² 2SHUDWLQJ ,QVWUXFWLRQV $OXPLQXP )RLO &ORFN DQG 7LPHU 2YHQ ² %DNLQJ DQG 5RDVWLQJ %URLOLQJ %URLOLQJ *XLGH &RQWURO /RFNRXW &RQYHFWLRQ /LJKWV 2YHQ &RQ
,03257$17 6$)(7< ,1)250$7,21 5($' $// ,16758&7,216 %()25( 86,1* :$51,1* ,I WKH LQIRUPDWLRQ LQ WKLV PDQXDO LV QRW IROORZHG H[DFWO\ D ILUH RU H[SORVLRQ PD\ UHVXOW FDXVLQJ SURSHUW\ GDPDJH SHUVRQDO LQMXU\ RU GHDWK 'R QRW VWRUH RU XVH JDVROLQH RU RWKHU IODPPDEOH YDSRUV DQG OLTXLGV LQ WKH YLFLQLW\ RI WKLV RU DQ\ RWKHU DSSOLDQFH :+$7 72 '2 ,) <28 60(// *$6 ■ 'R QRW WU\ WR OLJKW DQ\ DSSOLDQFH ■ 'R QRW WRXFK DQ\ HOHFWULFDO VZLWFK GR QRW XVH DQ\ SKRQH LQ \RXU EXLOGLQJ ■ ,PPHGLDWHO\ FDOO \RXU JDV V
,03257$17 6$)(7< ,1)250$7,21 5($' $// ,16758&7,216 %()25( 86,1* *($SSOLDQFHV FRP :$51,1* *(1(5$/ 6$)(7< ,16758&7,216 :$51,1* 1(9(5 XVH WKLV DSSOLDQFH DV D VSDFH KHDWHU WR KHDW RU ZDUP WKH URRP 'RLQJ VR PD\ UHVXOW LQ FDUERQ PRQR[LGH SRLVRQLQJ DQG RYHUKHDWLQJ RI WKH RYHQ ■ 8VH WKLV DSSOLDQFH IRU LWV LQWHQGHG SXUSRVH DV GHVFULEHG LQ WKLV RZQHU·V PDQXDO ■ 'R QRW OHDYH FKLOGUHQ DORQH RU XQDWWHQGHG LQ DQ DUHD ZKHUH DQ DSSOLDQFH LV LQ XVH 7KH\ VKRXOG QHYHU EH DOORZHG WR FOLPE VLW RU VWDQG RQ DQ\
,03257$17 6$)(7< ,1)250$7,21 5($' $// ,16758&7,216 %()25( 86,1* :$51,1* .((3 )/$00$%/( 0$7(5,$/6 $:$< )520 7+( 5$1*( ■ 'R QRW VWRUH RU XVH IODPPDEOH PDWHULDOV LQ DQ RYHQ RU QHDU WKH FRRNWRS LQFOXGLQJ SDSHU SODVWLF SRW KROGHUV OLQHQV ZDOO FRYHULQJV FXUWDLQV GUDSHV DQG JDVROLQH RU RWKHU IODPPDEOH YDSRUV DQG OLTXLGV ■ 1HYHU ZHDU ORRVH ILWWLQJ RU KDQJLQJ JDUPHQWV ZKLOH XVLQJ WKH DSSOLDQFH $YRLG VWRULQJ FRPPRQO\ XVHG LWHPV LQ FDELQHWHV DERYH WKH UDQJH DQG EH FDUHIXO ZKHQ UHDFKLQJ RYHU WKH UD
,03257$17 6$)(7< ,1)250$7,21 5($' $// ,16758&7,216 %()25( 86,1* *($SSOLDQFHV FRP :$51,1* 29(1 6$)(7< ,16758&7,216 :$51,1* 1(9(5 FRYHU DQ\ VORWV KROHV RU ■ 3XOO WKH RYHQ UDFN WR WKH VWRS ORFN SRVLWLRQ ZKHQ ORDGLQJ DQG XQORDGLQJ IRRG IURP WKH RYHQ 7KLV KHOSV SDVVDJHV LQ WKH RYHQ ERWWRP RU FRYHU DQ HQWLUH UDFN ZLWK SUHYHQW EXUQV IURP WRXFKLQJ KRW VXUIDFHV RI WKH GRRU PDWHULDOV VXFK DV DOXPLQXP IRLO 'RLQJ VR EORFNV DLU IORZ DQG RYHQ ZDOOV WKURXJK WKH RYHQ DQG PD\ FDXVH FDUERQ PRQL[LGH SRLVR
8VLQJ WKH JDV VXUIDFH EXUQHUV 7KURXJKRXW WKLV PDQXDO IHDWXUHV DQG DSSHDUDQFH PD\ YDU\ IURP \RXU PRGHO %HIRUH /LJKWLQJ D *DV %XUQHU $IWHU /LJKWLQJ D *DV %XUQHU 0DNH VXUH DOO EXUQHUV DUH LQ SODFH 0DNH VXUH DOO JUDWHV RQ WKH UDQJH DUH SURSHUO\ SODFHG EHIRUH XVLQJ DQ\ EXUQHU ,I \RXU UDQJH KDV WKH *DV &RQWURO /RFNRXW IHDWXUH PDNH VXUH LW LV GLVDEOHG EHIRUH DWWHPSWLQJ WR OLJKW WKH VXUIDFH EXUQHUV 'R QRW RSHUDWH WKH EXUQHU IRU DQ H[WHQGHG SHULRG RI WLPH ZLWKRXW FRRNZDUH RQ WKH JUDWH 7
*($SSOLDQFHV FRP +RZ WR 6HOHFW )ODPH 6L]H :$51,1* )ODPHV WKDW DUH QRW FRYHUHG E\ FRRNZDUH PD\ SUHVHQW D ULVN RI EXUQV RU FORWKLQJ LJQLWRQ 1HYHU OHW IODPHV H[WHQG EH\RQG WKH VLGHV RI WKH FRRNZDUH :DWFK WKH IODPH QRW WKH NQRE DV \RX DGMXVW KHDW :KHQ IDVW KHDWLQJ LV GHVLUHG WKH IODPH VL]H RQ D JDV EXUQHU VKRXOG PDWFK WKH FRRNZDUH \RX DUH XVLQJ )ODPHV ODUJHU WKDQ WKH ERWWRP RI WKH FRRNZDUH ZLOO QRW UHVXOW LQ IDVWHU KHDWLQJ DQG PD\ EH KD]DUGRXV 7RS RI 5DQJH &RRNZDUH $OXPLQXP 0HGLXP ZH
VLQJ WKH JULGGOH RQ VRPH PRGHOV
8VLQJ WKH ORZHU RYHQ 7KURXJKRXW WKLV PDQXDO IHDWXUHV DQG DSSHDUDQFH PD\ YDU\ IURP \RXU PRGHO HOLD 3 SEC )HDWXUHV DSSHDUDQFH DQG SDG ORFDWLRQV PD\ YDU\ 2YHQ &RQWURO &ORFN 7LPHU DQG )HDWXUHV %DNH 3DG 'HOD\ 6WDUW 3DG 7RXFK WR VHOHFW WKH EDNH IXQFWLRQ VH DORQJ ZLWK &RRNLQJ 7LPH RU 6HOI &OHDQ SDGV 8 WR VHW WKH RYHQ WR VWDUW DQG VWRS DXWRPDWLFDOO\ DW D WLPH \RX VHW &RQYHFWLRQ %DNH 3DG RQ VRPH PRGHOV 7RXFK WR VHOHFW EDNLQJ ZLWK WKH FRQYHFWLRQ IXQFWLRQ &RQYHFWLRQ 5RDVW 3DG RQ VRPH PRGHO
8VLQJ WKH RYHQV 7R DYRLG SRVVLEOH EXUQV SODFH WKH UDFNV LQ WKH GHVLUHG SRVLWLRQ EHIRUH \RX WXUQ WKH RYHQ RQ %HIRUH \RX EHJLQ« 7KH UDFNV KDYH VWRS ORFNV VR WKDW ZKHQ SODFHG FRUUHFWO\ RQ WKH UDFN VXSSRUWV $ WKURXJK & WKH\ ZLOO VWRS EHIRUH FRPLQJ FRPSOHWHO\ RXW DQG ZLOO QRW WLOW :KHQ SODFLQJ DQG UHPRYLQJ FRRNZDUH SXOO WKH UDFN RXW WR WKH EXPS RQ WKH UDFN VXSSRUW 7KH RYHQ KDV VKHOI SRVLWLRQV ,W DOVR KDV D VSHFLDO ORZ VKHOI SRVLWLRQ 5 IRU H[WUD ODUJH LWHPV VXFK DV D ODUJH WXUNH\ &$8
8VLQJ WKH ORZHU RYHQ *($SSOLDQFHV FRP ,I \RXU PRGHO KDV D GRRU ODWFK GR QRW ORFN WKH RYHQ GRRU ZLWK WKH ODWFK GXULQJ EDNLQJ RU URDVWLQJ 7KH ODWFK LV XVHG IRU VHOI FOHDQLQJ RQO\ +RZ WR 6HW WKH /RZHU 2YHQ IRU %DNLQJ RU 5RDVWLQJ
8VLQJ WKH XSSHU RYHQ 7R XVH WKH XSSHU RYHQ 3XVK LQ DQG WXUQ WKH XSSHU RYHQ NQRE WR DQ\ GHVLUHG VHWWLQJ $OORZ WKH XSSHU RYHQ WR SUHKHDW 7KH XSSHU RYHQ VLJQDO OLJKW LV ORFDWHG RQ WKH XSSHU OHIW VLGH RI WKH NQRE DQG JORZV ZKHQ WKH NQRE LV LQ WKH 21 SRVLWLRQ ,W UHPDLQV 21 XQWLO WKH NQRE LV PRYHG WR WKH 2)) SRVLWLRQ 3XVK LQ DQG WXUQ WKH XSSHU RYHQ NQRE WR DQ\ GHVLUHG VHWWLQJ 7KH +HDWLQJ VLJQDO OLJKW LV ORFDWHG RQ WKH XSSHU ULJKW VLGH RI WKH NQRE DQG JORZV ZKHQ WKH KHDWLQJ HOHPHQW
*($SSOLDQFHV FRP %URLOLQJ *XLGH 3UHKHDW RYHQ IRU PLQXWHV 7KH VL]H ZHLJKW WKLFNQHVV VWDUWLQJ WHPSHUDWXUH DQG \RXU SUHIHUHQFH RI GRQHQHVV ZLOO DIIHFW EURLOLQJ WLPHV 7KLV JXLGH LV EDVHG RQ PHDWV DW UHIULJHUDWRU WHPSHUDWXUH )RRG 'RQHQHVV %HHI 5DUH 0HGLXP 5DUH Û Û) 7KH 8 6 'HSDUWPHQW RI $JULFXOWXUH VD\V ´5DUH EHHI LV SRSXODU EXW \RX VKRXOG NQRZ WKDW FRRNLQJ LW WR RQO\ ) PHDQV VRPH IRRG SRLVRQLQJ RUJDQLVPV PD\ VXUYLYH µ 6RXUFH 6DIH )RRG %RRN
8VLQJ WKH FORFN DQG WLPHU 1RW DOO IHDWXUHV DUH RQ DOO PRGHOV 7R 6HW WKH &ORFN 0DNH VXUH WKH FORFN LV VHW WR WKH FRUUHFW WLPH RI GD\ 7KH FORFN PXVW EH VHW WR WKH FRUUHFW WLPH RI GD\ IRU WKH DXWRPDWLF RYHQ WLPLQJ IXQFWLRQV WR ZRUN SURSHUO\ 7KH WLPH RI GD\ FDQQRW EH FKDQJHG GXULQJ D WLPHG EDNLQJ RU VHOI FOHDQLQJ F\FOH 7RXFK WKH &ORFN SDG 7RXFK WKH QXPEHU SDGV 7RXFK WKH QXPEHU SDGV WKH VDPH ZD\ \RX UHDG WKHP )RU H[DPSOH WR VHW WRXFK WKH QXPEHU SDGV DQG LQ WKDW RUGHU
8VLQJ WKH WLPHG EDNLQJ DQG URDVWLQJ IHDWXUHV ORZHU RYHQ RQO\ *($SSOLDQFHV FRP 127( )RRGV WKDW VSRLO HDVLO\³VXFK DV PLON HJJV ILVK VWXIILQJV SRXOWU\ DQG SRUN³VKRXOG QRW EH DOORZHG WR VLW IRU PRUH WKDQ KRXU EHIRUH RU DIWHU FRRNLQJ 5RRP WHPSHUDWXUH SURPRWHV WKH JURZWK RI KDUPIXO EDFWHULD %H VXUH WKDW WKH RYHQ OLJKW LV RII EHFDXVH KHDW IURP WKH EXOE ZLOO VSHHG KDUPIXO EDFWHULD JURZWK +RZ WR 6HW DQ ,PPHGLDWH 6WDUW DQG $XWRPDWLF 6WRS 7KH XSSHU RYHQ ZLOO WXUQ RQ LPPHGLDWHO\ DQG FRRN IRU D VHOH
8VLQJ WKH SUREH ORZHU RYHQ RQO\ &$87,21 7R SUHYHQW EXUQV GR QRW XQSOXJ WKH SUREH IURP WKH RYHQ RXWOHW XQWLO WKH RYHQ KDV FRROHG 'R QRW VWRUH WKH SUREH LQ WKH RYHQ ,I \RXU PRGHO KDV D GRRU ODWFK GR QRW ORFN WKH RYHQ GRRU ZLWK WKH ODWFK ZKLOH FRRNLQJ ZLWK WKH SUREH 7KH ODWFK LV XVHG IRU VHOI FOHDQLQJ RQO\ )RU PDQ\ IRRGV HVSHFLDOO\ URDVWV DQG SRXOWU\ LQWHUQDO IRRG WHPSHUDWXUH LV WKH EHVW WHVW IRU GRQHQHVV 7KH WHPSHUDWXUH SUREH WDNHV WKH JXHVVZRUN RXW RI FRRNLQJ IRRGV WR WKH H[DFW GRQHQHVV \R
8VLQJ WKH FRQYHFWLRQ ORZHU RYHQ RQ VRPH PRGHOV *($SSOLDQFHV FRP 7KH FRQYHFWLRQ RYHQ IDQ VKXWV RII ZKHQ WKH RYHQ GRRU LV RSHQHG '2 127 OHDYH WKH GRRU RSHQ IRU ORQJ SHULRGV RI WLPH ZKLOH XVLQJ FRQYHFWLRQ FRRNLQJ ,Q D FRQYHFWLRQ RYHQ D IDQ FLUFXODWHV KRW DLU RYHU XQGHU DQG DURXQG WKH IRRG 7KLV FLUFXODWLQJ KRW DLU LV HYHQO\ GLVWULEXWHG WKURXJKRXW WKH RYHQ FDYLW\ $V D UHVXOW IRRGV DUH HYHQO\ FRRNHG DQG EURZQHG³RIWHQ LQ OHVV WLPH WKDQ ZLWK UHJXODU KHDW 7R KHOS \RX XQGHUVWDQG WKH GLIIHUHQFH
8VLQJ WKH FRQYHFWLRQ ORZHU RYHQ RQ VRPH PRGHOV &RRNZDUH IRU &RQYHFWLRQ &RRNLQJ %HIRUH XVLQJ \RXU FRQYHFWLRQ RYHQ FKHFN WR VHH LI \RXU FRRNZDUH OHDYHV URRP IRU DLU FLUFXODWLRQ LQ WKH RYHQ ,I \RX DUH EDNLQJ ZLWK VHYHUDO SDQV OHDYH VSDFH EHWZHHQ WKHP $OVR EH VXUH WKH SDQV GR QRW WRXFK HDFK RWKHU RU WKH ZDOOV RI WKH RYHQ 3DSHU DQG 3ODVWLF +HDW UHVLVWDQW SDSHU DQG SODVWLF FRQWDLQHUV WKDW DUH UHFRPPHQGHG IRU XVH LQ UHJXODU RYHQV FDQ EH XVHG LQ FRQYHFWLRQ RYHQV 3ODVWLF FRRNZDUH WKDW LV KHDW UHV
*($SSOLDQFHV FRP +RZ WR 6HW WKH /RZHU 2YHQ IRU &RQYHFWLRQ 5RDVWLQJ :KHQ 8VLQJ WKH 3UREH RQ VRPH PRGHOV )RU EHVW UHVXOWV ZKHQ URDVWLQJ ODUJH WXUNH\V DQG URDVWV ZH UHFRPPHQG XVLQJ WKH SUREH LQFOXGHG LQ WKH FRQYHFWLRQ RYHQ 7KH GLVSOD\ ZLOO IODVK 352%( DQG WKH RYHQ FRQWURO ZLOO VLJQDO LI WKH SUREH LV LQVHUWHG LQWR WKH RXWOHW DQG \RX KDYH QRW VHW D SUREH WHPSHUDWXUH DQG WRXFKHG WKH 6WDUW SDG 3ODFH WKH UDFN LQ WKH UDFN SRVLWLRQ $ ,QVHUW WKH SUREH FRPSOHWHO\ LQWR WKH IRRG &$87,21 7R
8VLQJ WKH FRQYHFWLRQ ORZHU RYHQ RQ VRPH PRGHOV &RQYHFWLRQ 5RDVWLQJ *XLGH 6XJJHVWHG 6HWWLQJV 0HDWV %HHI 3RUN /DPE 3RXOWU\ 5LE 5RDVW OEV %RQH LQ DQG %RQHOHVV 5DUH 0HGLXP 5DUH 5DUH %HHI 7HQGHUORLQ OEV %HHI 7HQGHUORLQ OEV %RQH ,Q %RQHOHVV OEV %RQH ,Q OEV 0HGLXP %RQHOHVV OEV 0HGLXP :KROH &KLFNHQ OEV 7XUNH\ :KROH 8QVWXIIHG WR OEV 8QVWXIIHG WR OEV 7XUNH\ %UHDVW WR OEV 2YHQ 7HPS Û) Û) Û) Û) Û) Û) Û) Û) Û)
8VLQJ WKH ORZHU RYHQ WLPHG FRQYHFWLRQ EDNLQJ IHDWXUHV RQ VRPH PRGHOV *($SSOLDQFHV FRP +RZ WR 6HW D 'HOD\HG 6WDUW DQG $XWRPDWLF 6WRS 7KH ORZHU RYHQ ZLOO WXUQ RQ DW WKH WLPH RI GD\ \RX VHW FRRN IRU D VSHFLILF OHQJWK RI WLPH DQG WKHQ WXUQ RII DXWRPDWLFDOO\ 0DNH VXUH WKH FORFN VKRZV WKH FRUUHFW WLPH RI GD\ 7RXFK WKH &RQYHFWLRQ %DNH SDG 7RXFK WKH QXPEHU SDGV WR VHW WKH GHVLUHG RYHQ WHPSHUDWXUH 7RXFK WKH &RRNLQJ 7LPH SDG 127( ,I \RXU UHFLSH UHTXLUHV SUHKHDWLQJ \RX PD\ QHHG WR DGG DG
6SHFLDO IHDWXUHV RI \RXU ORZHU RYHQ FRQWURO
*($SSOLDQFHV FRP +RXU +RXU RU &ORFN %ODFNRXW
8VLQJ WKH 6DEEDWK IHDWXUH ORZHU RYHQ RQO\ 'HVLJQHG IRU XVH RQ WKH -HZLVK 6DEEDWK DQG +ROLGD\V 7KH 6DEEDWK IHDWXUH FDQ EH XVHG IRU EDNLQJ URDVWLQJ LQ WKH XSSHU DQG ORZHU RYHQ RU EDNLQJ GUDZHU RQ VRPH PRGHOV ,W FDQQRW EH XVHG IRU FRQYHFWLRQ EURLOLQJ VHOI FOHDQLQJ RU GHOD\ VWDUW FRRNLQJ &(57,),(' 127( 7KH RYHQ OLJKW FRPHV RQ DXWRPDWLFDOO\ RQ VRPH PRGHOV ZKHQ WKH GRRU LV RSHQHG DQG JRHV 6$%%$7+ K RII ZKHQ WKH GRRU LV FORVHG 7KH EXOE PD\ EH UHPRYHG 6HH WKH 2YHQ /LJKW 5HSODFHPHQW VHFWLRQ 2Q
5HPRYH DQG UHSODFH IXOO H[WHQVLRQ UDFNV RQ VRPH PRGHOV *($SSOLDQFHV FRP &$87,21 7R DYRLG EXUQV SODFH WKH UDFNV LQ WKH FRUUHFW SRVLWLRQ EHIRUH WXUQLQJ RQ WKH RYHQ 0DNH VXUH IUDPH LV IXOO\ LQVHUWHG LQ WKH RYHQ WR ORFN LW LQ SODFH ([WHQVLRQ 5DFN 8SSHU )URQW 5DLO )XOO\ 2SHQ 3RVLWLRQ :KHQ SODFLQJ DQG UHPRYLQJ FRRNZDUH DOZD\V SXOO WKH UDFN RXW E\ LWV XSSHU IURQW UDLO WR LWV IXOO\ RSHQ SRVLWLRQ 127( 'R QRW H[WHQG WKH UDFN TXLFNO\ )RRG PD\ VOLGH RII WKH IURQW RI WKH UDFN 7R UHPRYH WKH UDFN
$GMXVW WKH ORZHU DQG XSSHU RYHQ WKHUPRVWDWV³'R LW \RXUVHOI
8VLQJ WKH VHOI FOHDQLQJ XSSHU DQG ORZHU RYHQV *($SSOLDQFHV FRP 7KH RYHQ GRRU PXVW EH FORVHG DQG DOO FRQWUROV VHW FRUUHFWO\ IRU WKH F\FOH WR ZRUN SURSHUO\ %HIRUH D &OHDQ &\FOH )RU WKH ILUVW VHOI FOHDQ F\FOH ZH UHFRPPHQG YHQWLQJ \RXU NLWFKHQ ZLWK DQ RSHQ ZLQGRZ RU XVLQJ D YHQWLODWLRQ IDQ RU KRRG :LSH XS KHDY\ VRLO RQ WKH RYHQ ERWWRP '2 127 KDQG FOHDQ JDVNHW '2 KDQG FOHDQ LQVLGH GRRU IUDPH DQG JODVV '2 KDQG FOHDQ RYHQ IUDPH VSRQJH 'R QRW FOHDQ WKH JDVNHW 7KH ILEHUJODVV PDWHULDO RI W
8VLQJ WKH VHOI FOHDQLQJ XSSHU DQG ORZHU RYHQV 7KH RYHQ GRRU PXVW EH FORVHG DQG DOO FRQWUROV VHW FRUUHFWO\ IRU WKH F\FOH WR ZRUN SURSHUO\ +RZ WR 6HW WKH /RZHU 2YHQ IRU &OHDQLQJ 7RXFK WKH 6HOI &OHDQ SDG 8VLQJ WKH QXPEHU SDGV HQWHU WKH GHVLUHG FOHDQ WLPH LI D WLPH RWKHU WKDQ KRXUV LV QHHGHG &OHDQ F\FOH WLPH LV QRUPDOO\ KRXUV
*($SSOLDQFHV FRP %H VXUH HOHFWULFDO SRZHU LV RII DQG DOO VXUIDFHV DUH FRRO EHIRUH FOHDQLQJ DQ\ SDUW RI WKH UDQJH :$51,1* ,I \RXU UDQJH LV UHPRYHG IRU FOHDQLQJ VHUYLFLQJ RU DQ\ UHDVRQ EH VXUH WKH DQWL WLS GHYLFH LV UHHQJDJHG SURSHUO\ ZKHQ WKH UDQJH LV UHSODFHG )DLOXUH WR WDNH WKLV SUHFDXWLRQ FRXOG UHVXOW LQ WLSSLQJ RI WKH UDQJH DQG FDXVH LQMXU\ 7R FKHFN LI WKH EUDFNHW LV LQVWDOOHG DQG HQJDJHG SURSHUO\ FDUHIXOO\ WLS WKH UDQJH IRUZDUG 7KH EUDFNHW VKRXOG VWRS WKH UDQJH ZLWKLQ LQFKHV ,I LW GR
&DUH DQG FOHDQLQJ RI WKH UDQJH %XUQHU &DSV %DVHV DQG +HDGV %HIRUH UHPRYLQJ WKH EXUQHU FDSV DQG KHDGV RQ VRPH PRGHOV UHPHPEHU WKHLU VL]H DQG ORFDWLRQ 5HSODFH WKHP LQ WKH VDPH ORFDWLRQ DIWHU FOHDQLQJ 127( 'R QRW XVH VWHHO ZRRO RU VFRXULQJ SRZGHUV WR FOHDQ WKH EXUQHU SDUWV %XUQHU FDSV %XUQHU FDS LV SURSHUO\ VHDWHG %XUQHU FDS LV 127 SURSHUO\ VHDWHG %XUQHU KHDGV RQ VRPH PRGHOV 7KH EXUQHU KHDGV RQ VRPH PRGHOV DUH UHPRYDEOH 6LPSO\ OLIW WKHP RII WKH UDQJH IRU FOHDQLQJ 7UL ULQJ KHDG RQ
*($SSOLDQFHV FRP /RGJH 5HYHUVLEOH &DVW ,URQ *ULGGOH RQ VRPH PRGHOV ■ 5LQVH ZLWK KRW ZDWHU GR QRW XVH VRDS DQG GU\ WKRURXJKO\ ■ %HIRUH FRRNLQJ SUHSDUH WKH VXUIDFH ZLWK FRRNLQJ VSUD\ RU YHJHWDEOH RLO ■ $IWHU FRRNLQJ FOHDQ WKH JULGGOH ZLWK D VWLII EUXVK DQG KRW ZDWHU 8VLQJ VRDS LV QRW UHFRPPHQGHG DQG KDUVK GHWHUJHQWV VKRXOG QHYHU EH XVHG ■ 7RZHO GU\ LPPHGLDWHO\ DQG DSSO\ D OLJKW FRDW RI FRRNLQJ VSUD\ RU YHJHWDEOH RLO ZKLOH WKH JULGGOH LV VWLOO ZDUP ■ 6WRUH LQ D FRRO GU\ SODFH ■ 'R QRW
&DUH DQG FOHDQLQJ RI WKH UDQJH %XUQHU *UDWHV IRU 0RGHO &*6 2QO\ $SSHDUDQFH PD\ YDU\ 7KH JUDWHV PD\ EH FOHDQHG LQ D GLVKZDVKHU 2XWVLGH *UDWH &HQWHU *UDWH 2XWVLGH *UDWH
*($SSOLDQFHV FRP 2YHQ $LU 9HQWV 1HYHU EORFN WKH YHQWV DLU RSHQLQJV RI WKH UDQJH 7KH\ SURYLGH WKH DLU LQOHW DQG RXWOHW WKDW DUH QHFHVVDU\ IRU WKH UDQJH WR RSHUDWH SURSHUO\ ZLWK FRUUHFW FRPEXVWLRQ $LU RSHQLQJV DUH ORFDWHG DW WKH UHDU RI WKH FRRNWRS DW WKH WRS DQG ERWWRP RI WKH RYHQ GRRU DQG DW WKH ERWWRP RI WKH UDQJH 9HQW DSSHDUDQFH DQG ORFDWLRQ YDU\ 8SSHU &RQWURO 3DQHO 2Q PRGHOV VR HTXLSSHG ORFN RXW WKH WRXFK SDGV EHIRUH FOHDQLQJ Gas/Control 6HH WKH *DV &RQWURO /RFNRXW LQIRUPDWLRQ LQ
&DUH DQG FOHDQLQJ RI WKH UDQJH 2YHQ %RWWRP 7KH RYHQ ERWWRP KDV D SRUFHODLQ HQDPHO ILQLVK 7R PDNH FOHDQLQJ HDVLHU SURWHFW WKH RYHQ ERWWRP IURP H[FHVVLYH VSLOORYHUV E\ SODFLQJ D FRRNLH VKHHW RQ WKH UDFN EHORZ WKH UDFN \RX DUH FRRNLQJ RQ 7KLV LV SDUWLFXODUO\ LPSRUWDQW ZKHQ EDNLQJ D IUXLW SLH RU RWKHU IRRGV ZLWK D KLJK DFLG FRQWHQW +RW IUXLW ILOOLQJV RU RWKHU IRRGV WKDW DUH KLJKO\ DFLGLF VXFK DV WRPDWRHV VDXHUNUDXW DQG VDXFHV ZLWK YLQHJDU RU OHPRQ MXLFH PD\ FDXVH SLWWLQJ DQG GDPDJH WR WKH SRUF
*($SSOLDQFHV FRP 2YHQ 5DFNV $OO RYHQ UDFNV PD\ EH FOHDQHG E\ KDQG ZLWK DQ DEUDVLYH FOHDQHU RU VWHHO ZRRO $IWHU FOHDQLQJ ULQVH WKH UDFNV ZLWK FOHDQ ZDWHU DQG GU\ ZLWK D FOHDQ FORWK *UD\ SRUFHODLQ FRDWHG RYHQ UDFNV PD\ UHPDLQ LQ WKH RYHQ GXULQJ WKH VHOI FOHDQLQJ F\FOH ZLWKRXW EHLQJ GDPDJHG 7KH QLFNHO SODWHG RYHQ UDFNV PD\ UHPDLQ LQ WKH RYHQ GXULQJ WKH VHOI FOHDQLQJ F\FOH EXW WKH\ ZLOO ORVH WKHLU OXVWHU DQG EHFRPH KDUG WR VOLGH ,W ZLOO EH QHFHVVDU\ WR JUHDVH DOO RYHQ UDFN VLGH HGJHV ZLWK D
&DUH DQG FOHDQLQJ RI WKH UDQJH &OHDQLQJ WKH 'RRU 7R FOHDQ WKH LQVLGH RI WKH GRRU ■ 'R QRW DOORZ H[FHVV ZDWHU WR UXQ LQWR DQ\ KROHV RU VORWV LQ WKH GRRU 7KH JDVNHW LV GHVLJQHG ZLWK D JDS DW WKH ERWWRP WR DOORZ IRU SURSHU DLU FLUFXODWLRQ 'R QRW UXE RU FOHDQ WKH GRRU JDVNHW³LW KDV DQ H[WUHPHO\ ORZ UHVLVWDQFH WR DEUDVLRQ ,I \RX QRWLFH WKH JDVNHW EHFRPLQJ ZRUQ IUD\HG RU GDPDJHG LQ DQ\ ZD\ RU LI LW KDV EHFRPH GLVSODFHG RQ WKH GRRU \RX VKRXOG KDYH LW UHSODFHG ■ :LSH GLVK ZDVKLQJ GHWHUJHQW R
*($SSOLDQFHV FRP :$51,1* 6KRFN RU %XUQ +D]DUG %HIRUH UHSODFLQJ RYHQ OLJKW EXOE GLVFRQQHFW WKH HOHFWULFDO SRZHU WR WKH UDQJH DW WKH PDLQ IXVH RU FLUFXLW EUHDNHU SDQHO )DLOXUH WR GR VR PD\ UHVXOW LQ HOHFWULF VKRFN RU EXUQ 2YHQ /LJKW 5HSODFHPHQW RQ VRPH PRGHOV %H VXUH WR OHW WKH OLJKW FRYHU DQG EXOE FRRO FRPSOHWHO\ 7R UHPRYH WKH FRYHU 7R UHSODFH WKH FRYHU /LQH XS WDEV RI OHQV LQ IURQW RI WDEV RQ KRXVLQJ DQG URWDWH FORFNZLVH WR HQJDJH 7ZLVW OHQV FRXQWHUFORFNZLVH DERXW D TXDUWHU WXU
,QVWDOODWLRQ ,QVWUXFWLRQV 5DQJH ,I \RX KDYH TXHVWLRQV FDOO *( &$5(6 RU YLVLW RXU :HEVLWH DW *($SSOLDQFHV FRP ,Q WKH &RPPRQZHDOWK RI 0DVVDFKXVHWWV )25 <285 6$)(7< 7KLV SURGXFW PXVW EH LQVWDOOHG E\ D OLFHQVHG SOXPEHU RU JDV ILWWHU :KHQ XVLQJ EDOO W\SH JDV VKXW RII YDOYHV WKH\ VKDOO EH WKH 7 KDQGOH W\SH $ IOH[LEOH JDV FRQQHFWRU ZKHQ XVHG PXVW QRW H[FHHG IHHW 'R QRW VWRUH RU XVH FRPEXVWLEOH PDWHULDOV JDVROLQH RU RWKHU IODPPDEOH YDSRUV DQG OLTXLGV LQ WKH YLFLQ
,QVWDOODWLRQ ,QVWUXFWLRQV $YRLG SODFLQJ FDELQHWV DERYH WKH UDQJH 7R UHGXFH WKH KD]DUG FDXVHG E\ UHDFKLQJ RYHU WKH RSHQ IODPHV RI RSHUDWLQJ EXUQHUV LQVWDOO D YHQWLODWLRQ KRRG RYHU WKH UDQJH WKDW SURMHFWV IRUZDUG DW OHDVW ´ EH\RQG WKH IURQW RI WKH FDELQHWV :$51,1* ,167$//$7,21 6$)(7< ,16758&7,216 7KH YHQWLODWLQJ KRRG PXVW EH FRQVWUXFWHG RI VKHHW PHWDO QRW OHVV WKDQ ´ WKLFN ,QVWDOO DERYH WKH FRRNWRS ZLWK D FOHDUDQFH RI QRW OHVV WKDQ ´ EHWZHHQ WKH KRRG DQG WKH XQGHUVLGH RI WKH FRP
,QVWDOODWLRQ ,QVWUXFWLRQV ',0(16,216 $1' &/($5$1&( 3URYLGH DGHTXDWH FOHDUDQFHV EHWZHHQ WKH UDQJH DQG DGMDFHQW FRPEXVWLEOH VXUIDFHV 7KHVH GLPHQVLRQV PXVW EH PHW IRU VDIH XVH RI \RXU UDQJH 7KH ORFDWLRQ RI WKH HOHFWULFDO RXWOHW DQG SLSH RSHQLQJ VHH *DV 3LSH DQG (OHFWULF 2XWOHW /RFDWLRQV PD\ EH DGMXVWHG WR PHHW VSHFLILF UHTXLUHPHQWV 7KH UDQJH PD\ EH SODFHG ZLWK s FOHDUDQFH IOXVK DW WKH EDFN ZDOO 6RPH PRGHOV ZLOO QRW ILW IOXVK )RU LVODQG LQVWDOODWLRQ 0RGHO &*6 PDLQWDLQ LQ PLQLPXP IURP FX
,QVWDOODWLRQ ,QVWUXFWLRQV /2&$7,21 'R QRW ORFDWH WKH UDQJH ZKHUH LW PD\ EH VXEMHFW WR VWURQJ GUDIWV $Q\ RSHQLQJV LQ WKH IORRU RU ZDOO EHKLQG WKH UDQJH VKRXOG EH VHDOHG 0DNH VXUH WKH RSHQLQJV DURXQG WKH EDVH RI WKH UDQJH WKDW VXSSO\ IUHVK DLU IRU FRPEXVWLRQ DQG YHQWLODWLRQ DUH QRW REVWUXFWHG E\ FDUSHWLQJ RU ZRRGZRUN
,QVWDOODWLRQ ,QVWUXFWLRQV 3529,'( $'(48$7( *$6 6833/< &211(&7 7+( 5$1*( 72 *$6
,QVWDOODWLRQ ,QVWUXFWLRQV *$6 3,3( $1' (/(&75,&$/ 287/(7 /2&$7,216 5HFRPPHQGHG DUHD IRU 9 RXWOHW RQ UHDU ZDOO DQG DUHD IRU WKURXJK WKH ZDOO FRQQHFWLRQ RI SLSH VWXE DQG VKXW RII YDOYH &$87,21 7R SUHYHQW GUDIWV IURP DIIHFWLQJ EXUQHU RSHUDWLRQ VHDO DOO RSHQLQJV LQ IORRU DQG ZDOO 5HFRPPHQGHG DUHD IRU WKURXJK WKH IORRU FRQQHFWLRQ RI SLSH VWXE DQG VKXW RII YDOYH
,QVWDOODWLRQ ,QVWUXFWLRQV )/(;,%/( &211(&725 +22.
,QVWDOODWLRQ ,QVWUXFWLRQV (/(&75,&$/ &211(&7,216 (OHFWULFDO 5HTXLUHPHQWV YROW +HUW] SURSHUO\ JURXQGHG GHGLFDWHG FLUFXLW SURWHFWHG E\ D DPS RU DPS FLUFXLW EUHDNHU RU WLPH GHOD\ IXVH 1RWH 8VH RI DXWRPDWLF ZLUHOHVV RU ZLUHG H[WHUQDO VZLWFKHV WKDW VKXW RII SRZHU WR WKH DSSOLDQFH DUH QRW UHFRPPHQGHG IRU WKLV SURGXFW *URXQGLQJ :$51,1* 6KRFN +D]DUG 7KLV DSSOLDQFH PXVW EH SURSHUO\ JURXQGHG )DLOXUH WR GR VR FDQ UHVXOW LQ HOHFWULF VKRFN (QVXUH SURSHU JURXQG H[LVWV EHIRUH XVH 7
,QVWDOODWLRQ ,QVWUXFWLRQV 6($/ 7+( 23(1,1*6 $66(0%/( 685)$&( %851(56 &217 6HDO DQ\ RSHQLQJV LQ WKH ZDOO EHKLQG WKH UDQJH DQG LQ WKH IORRU XQGHU WKH UDQJH ZKHQ KRRNXSV DUH FRPSOHWHG $66(0%/( 685)$&( %851(56 $ %XUQHU +HDGV RQ VRPH PRGHOV RQ VRPH PRGHOV )URQW RI UDQJH 3ODFH EXUQHU KHDGV RYHU WKH HOHFWURGHV RQ WKH FRRNWRS LQ WKH FRUUHFW ORFDWLRQV DFFRUGLQJ WR WKHLU VL]H 7KHUH LV RQH VPDOO RQH PHGLXP RQH ODUJH DQG RQ VRPH PRGHOV RQH H[WUD ODUJH )URQW RI UDQJH EXUQHU KHDG %
,QVWDOODWLRQ ,QVWUXFWLRQV $'-867 %52,/ $1' 29(1 %851(5 &+(&. ,*1,7,21 2) 685)$&( $,5 $'-8670(17 6+877(56 ,) 1(&(66$5< %851(56 2SHUDWLRQ RI DOO FRRNWRS DQG RYHQ EXUQHUV VKRXOG EH FKHFNHG DIWHU WKH UDQJH DQG JDV VXSSO\ OLQHV KDYH EHHQ FDUHIXOO\ FKHFNHG IRU OHDNV $LU DGMXVWPHQW VKXWWHUV IRU WKH WRS DQG ERWWRP EXUQHUV UHJXODWH WKH IORZ RI DLU WR WKH IODPHV (OHFWULF ,JQLWLRQ 0RGHOV 6HOHFW D WRS EXUQHU NQRE DQG VLPXOWDQHRXVO\ SXVK LQ DQG WXUQ WR /,7( SRVLWLRQ
,QVWDOODWLRQ ,QVWUXFWLRQV ,167$//,1* 7+( $17, 7,3 '(9,&( $'-867 %52,/ $1' 29(1 %851(5 $,5 $'-8670(17 6+877(56 ,) 1(&(66$5< &217 :$51,1* $17, 7,3 '(9,&( $OO UDQJHV FDQ WLS %8516 RU RWKHU 6(5,286 ,1-85,(6 FDQ UHVXOW 2YHQ ERWWRP ,167$// DQG &+(&.
%HIRUH \RX FDOO IRU VHUYLFH« 7URXEOHVKRRWLQJ 7LSV 6DYH WLPH DQG PRQH\ 5HYLHZ WKH FKDUWV RQ WKH IROORZLQJ SDJHV ILUVW DQG \RX PD\ QRW QHHG WR FDOO IRU VHUYLFH 3UREOHP 3RVVLEOH &DXVHV :KDW 7R 'R 3OXJ RQ UDQJH LV QRW FRPSOHWHO\ LQVHUWHG LQ WKH HOHFWULFDO RXWOHW 0DNH VXUH HOHFWULFDO SOXJ LV SOXJJHG LQWR D OLYH SURSHUO\ JURXQGHG RXWOHW %XUQHU VOLWV RQ WKH VLGH RI WKH EXUQHU PD\ EH FORJJHG 5HPRYH WKH EXUQHUV DQG FOHDQ WKHP &KHFN WKH HOHFWURGH DUHD IRU EXUQHG RQ IRRG RU JUHDVH
*($SSOLDQFHV FRP 3UREOHP 3RVVLEOH &DXVHV :KDW 7R 'R %XUQHUV GR QRW OLJKW FRQW $ IXVH LQ \RXU KRPH PD\ EH EORZQ RU WKH FLUFXLW EUHDNHU WULSSHG 5HSODFH WKH IXVH RU UHVHW WKH FLUFXLW EUHDNHU %XUQHU SDUWV QRW UHSODFHG FRUUHFWO\ 6HH WKH &DUH DQG FOHDQLQJ RI WKH UDQJH VHFWLRQ *DV &RQWURO /RFNRXW RU &RQWURO /RFNRXW IHDWXUH LV DFWLYDWHG ,I /2& 21 DSSHDUV LQ WKH GLVSOD\ WKH UDQJH FRQWURO LV ORFNHG 7XUQ WKLV IHDWXUH RII WR XVH WKH UDQJH 6HH WKH *DV &RQ
%HIRUH \RX FDOO IRU VHUYLFH« 7URXEOHVKRRWLQJ 7LSV 3UREOHP 3RVVLEOH &DXVHV :KDW 7R 'R ([FHVVLYH VPRNLQJ ([FHVVLYH VRLO 7RXFK WKH &OHDU 2II SDG RU WXUQ WKH XSSHU RYHQ NQRE WR WKH 2)) SRVLWLRQ DQG SUHVV WKH &OHDU 2II SDG 2SHQ WKH ZLQGRZV WR ULG WKH URRP RI VPRNH :DLW XQWLO WKH /2&.(' '225 OLJKW JRHV RII :LSH XS WKH H[FHVV VRLO DQG UHVHW WKH FOHDQ F\FOH 2YHQ GRRU ZLOO QRW RSHQ DIWHU D FOHDQ F\FOH 2YHQ WRR KRW $OORZ WKH RYHQ WR FRRO EHORZ ORFNLQ
*($SSOLDQFHV FRP 3UREOHP 3RVVLEOH &DXVHV :KDW 7R 'R /2& VKRZV LQ WKH GLVSOD\ 7KH *DV &RQWURO /RFNRXW IHDWXUH %H VXUH WKH VXUIDFH EXUQHU FRQWUROV DUH WXUQHG 2)) LV DFWLYDWHG 7XUQ WKLV IHDWXUH RII WR XVH WKH UDQJH 6HH WKH *DV &RQWURO /RFNRXW VHFWLRQ 'LVSOD\ JRHV EODQN $ IXVH LQ \RXU KRPH PD\ EH EORZQ RU WKH FLUFXLW EUHDNHU WULSSHG 5HSODFH WKH IXVH RU UHVHW WKH FLUFXLW EUHDNHU 7KH FORFN LV LQ WKH EODFNRXW PRGH 6HH WKH 6SHFLDO IHDWXUHV RI \RXU RYHQ FR
$FFHVVRULHV /RRNLQJ )RU 6RPHWKLQJ 0RUH" 1RW DOO DFFHVVRULHV DUH DYDLODEOH IRU DOO PRGHOV
*( *DV 5DQJH :DUUDQW\ )RU FXVWRPHUV LQ WKH 8QLWHG 6WDWHV $OO ZDUUDQW\ VHUYLFH SURYLGHG E\ RXU )DFWRU\ 6HUYLFH &HQWHUV RU DQ DXWKRUL]HG &XVWRPHU &DUH WHFKQLFLDQ 7R VFKHGXOH VHUYLFH YLVLW XV RQ OLQH DW *($SSOLDQFHV FRP RU FDOO *( &$5(6 3OHDVH KDYH VHULDO QXPEHU DQG PRGHO QXPEHU DYDLOD EOH ZKHQ FDOOLQJ IRU VHUYLFH 6WDSOH \RXU UHFHLSW KHUH 3URRI RI WKH RULJLQDO SXUFKDVH GDWH LV QHHGHG WR REWDLQ VHUYLFH XQGHU WKH ZDUUDQW\ )RU 7KH 3HULRG 2I *( :LOO 5HSODFH 2QH
*( *DV 5DQJH :DUUDQW\ )RU FXVWRPHUV LQ &DQDGD $OO ZDUUDQW\ VHUYLFH SURYLGHG E\ RXU )DFWRU\ 6HUYLFH &HQWHUV RU DQ DXWKRUL]HG &XVWRPHU &DUH WHFKQLFLDQ )RU VHUYLFH FDOO 3OHDVH KDYH VHULDO QXPEHU DQG PRGHO QXPEHU DYDLODEOH ZKHQ FDOOLQJ IRU VHUYLFH 6WDSOH \RXU UHFHLSW KHUH 3URRI RI WKH RULJLQDO SXUFKDVH GDWH LV QHHGHG WR REWDLQ VHUYLFH XQGHU WKH ZDUUDQW\ )RU 7KH 3HULRG 2I 0DEH :LOO 5HSODFH 2QH
&RQVXPHU 6XSSRUW *( $SSOLDQFHV :HEVLWH ,Q WKH 8 6 *($SSOLDQFHV FRP +DYH D TXHVWLRQ RU QHHG DVVLVWDQFH ZLWK \RXU DSSOLDQFH" 7U\ WKH *( $SSOLDQFHV :HEVLWH KRXUV D GD\ DQ\ GD\ RI WKH \HDU )RU JUHDWHU FRQYHQLHQFH DQG IDVWHU VHUYLFH \RX FDQ QRZ GRZQORDG 2ZQHU·V 0DQXDOV RUGHU SDUWV RU HYHQ VFKHGXOH VHUYLFH RQ OLQH ,Q &DQDGD ZZZ *($SSOLDQFHV FD 6FKHGXOH 6HUYLFH ,Q WKH 8 6 *($SSOLDQFHV FRP ([SHUW *( UHSDLU VHUYLFH LV RQO\ RQH VWHS DZD\ IURP \RXU GRRU *HW RQ OLQH DQG VFKHGXOH \RXU VHUYLFH
&RFLQDV D *DV FRQ )XQFLyQ GH $XWR /LPSLH]D *($SSOLDQFHV FRP ,QVWUXFFLRQHV GH VHJXULGDG ² ,QVWUXFFLRQHV GH )XQFLRQDPLHQWR 3DSHO GH $OXPLQLR 5HORM \ 7HPSRUL]DGRU +RUQR ² +RUQHDGR \ 'RUDGR $VDGR *XtD SDUD $VDU %ORTXHR GHO &RQWURO &RQYHFFLyQ ² &RQWURO GHO +RUQR
,1)250$&,Ï1 ,03257$17( '( 6(*85,'$' /($ 72'$6 /$6 ,16758&&,21(6 $17(6 '( 86$5 $'9(57(1&,$ 6L OD LQIRUPDFLyQ GH HVWH PDQXDO QR VH VLJXH H[DFWDPHQWH VH SRGUi SURGXFLU XQ LQFHQGLR R H[SORVLyQ RFDVLRQDQGR GDxRV VREUH OD SURSLHGDG OHVLRQHV R OD PXHUWH 1R JXDUGH QL XVH JDVROLQD X RWURV YDSRUHV LQIODPDEOHV \ OtTXLGRV FHUFD GH HVWH QL GH RWURV HOHFWURGRPpVWLFRV 48e '(%( +$&(5 6, +8(/( *$6 ■ 1R LQWHQWH LOXPLQDU QLQJ~Q HOHFWURGRPpVWLFR ■ 1R WRTXH QLQJ~Q LQWHUUXSWRU HOpFWULFR QR XVH WHOpIRQRV HQ VX HG
*($SSOLDQFHV FRP $'9(57(1&,$ ,16758&&,21(6 *(1(5$/(6 '( 6(*85,'$' ■ 1R GHMH D ORV QLxRV VRORV R IXHUD GH VX UDGLR GH DWHQFLyQ HQ HO iUHD GRQGH HO HOHFWURGRPpVWLFR VH HQFXHQWUH HQ XVR 1XQFD VH OHV GHEHUi SHUPLWLU 181&$ XVH HVWH HOHFWURGRPpVWLFR SDUD FDOHQWDU HO WUHSDU VHQWDUVH R SDUDUVH VREUH QLQJXQD SDUWH GHO DPELHQWH &RPR FRQVHFXHQFLD GH HVWR VH SRGUi HOHFWURGRPpVWLFR SURGXFLU HQYHQHQDPLHQWR FRQ PRQy[LGR GH FDUERQR \ HO VREUHFDOHQWDPLHQWR GHO KRUQR ■ 1R JXDUGH DUWtFXORV GH LQWHUpV SDUD OR
,1)250$&,Ï1 ,03257$17( '( 6(*85,'$' /($ 72'$6 /$6 ,16758&&,21(6 $17(6 '( 86$5 $'9(57(1&,$ 0$17(1*$ /26 0$7(5,$/(6 ,1)/$0$%/(6 $/(-$'26 '( /$ &2&,1$ /D URSD TXH VH HQFXHQWUH FHUFD GH ORV TXHPDGRUHV R ■ 1R JXDUGH QL XVH PDWHULDOHV LQIODPDEOHV HQ XQ KRUQR VXSHUILFLHV FDOLHQWHV VH SRGUi HQFHQGHU RFDVLRQDQGR R FHUFD GH OD SDUWH VXSHULRU GH OD FRFLQD LQFOX\HQGR TXHPDGXUDV JUDYHV SDSHO SOiVWLFR VRVWHQHGRUHV GH ROODV WUDSRV FREHUWRUHV GH SDUHG FRUWLQDV SDxRV \ JDVROLQD X RWURV YDSRUHV \ ■ 1R SHU
*($SSOLDQFHV FRP $'9(57(1&,$ ,16758&&,21(6 '( 6(*85,'$' $'9(57(1&,$ 181&$ FXEUD QLQJXQD UDQXUD DJXMHURV R SDVDMHV HQ HO IRQGR GHO KRUQR QL FXEUD XQ HVWDQWH HQWHUR FRQ PDWHULDOHV WDOHV FRPR SDSHO GH DOXPLQLR +DFHU HVWR EORTXHD HO IOXMR GH DLUH D WUDYpV GHO KRUQR \ SXHGH RFDVLRQDU HQYHQHQDPLHQWR FRQ PRQy[LGR GH FDUERQR /RV UHFXEULPLHQWRV GH DOXPLQLR WDPELpQ SXHGHQ DWUDSDU HO FDORU FDXVDQGR ULHVJR GH LQFHQGLR ■ 0DQWpQJDVH DOHMDGR GH OD FRFLQD DO DEULU OD SXHUWD GHO KRUQR (O DLUH FDOLHQW
&yPR XVDU ORV TXHPDGRUHV VXSHUILFLDOHV GH JDV (V SRVLEOH TXH ODV IXQFLRQHV \ DSDULHQFLDV YDUtHQ FRQ UHODFLyQ D VX PRGHOR D OR ODUJR GHO PDQXDO $QWHV GH (QFHQGHU XQ 4XHPDGRU GH *DV /XHJR GH (QFHQGHU XQ 4XHPDGRU GH *DV $VHJ~UHVH GH TXH WRGRV ORV TXHPDGRUHV HVWpQ HQ VX OXJDU $VHJ~UHVH GH TXH WRGDV ODV SDUULOODV GH OD FRFLQD HVWpQ FRUUHFWDPHQWH XELFDGDV DQWHV GH XVDU XQ TXHPDGRU 6L VX FRFLQD FXHQWD FRQ OD IXQFLyQ %ORTXHR GHO &RQWURO GH *DV DVHJ~UHVH GH TXH HVWp GHVKDELOLWDGD DQWHV GH LQWH
*($SSOLDQFHV FRP &yPR 6HOHFFLRQDU HO 7DPDxR GH OD /ODPD $'9(57(1&,$ /DV OODPDV GHO TXHPDGRU TXH QR HVWiQ FXELHUWDV SRU HO XWHQVLOLR GH FRFLQD SXHGHQ SUHVHQWDU XQ ULHVJR GH TXHPDGXUDV R LQFHQGLR GH WHODV 1XQFD SHUPLWD TXH ODV OODPDV VH H[WLHQGDQ PiV DOOi GH ORV FRVWDGRV GHO XWHQVLOLR 2EVHUYH OD OODPD QR OD SHULOOD D PHGLGD TXH UHGXFH HO FDORU &XDQGR VH GHVHH FDOHQWDU GH IRUPD UiSLGD HO WDPDxR GH OD OODPD GH XQ TXHPDGRU GH JDV GHEHUi VHU HTXLYDOHQWH FRQ HO XWHQVLOLR GH FRFLQD TXH HVWp
8VR GH OD SODQFKD HQ DOJXQRV PRGHORV 6X SODQFKD FXELHUWD \ DQWLDGKHUHQWH R SODQFKD SUHVD]RQDGD HQ DOJXQRV PRGHORV EULQGD XQD VXSHUILFLH GH FRFFLyQ H[WUD JUDQGH SDUD FDUQHV SDQTXHTXHV X RWUDV FRPLGDV QRUPDOPHQWH SUHSDUDGDV HQ XQD ROOD R VDUWpQ SDUD IUHtU 127$ 6X SODQFKD VH GHVFRORUDUi FRQ HO SDVR GHO WLHPSR D PHGLGD TXH VH VD]RQH FRQ HO XVR &yPR ,QVHUWDU OD 3ODQFKD $QWLDGKHUHQWH \ 5HYHUVLEOH /D SODQFKD VyOR VH SXHGH XVDU FRQ HO TXHPDGRU FHQWUDO 3DUD LQVHUWDU OD SODQFKD UHWLUH OD SDUULOOD
8VR GH ORV FRQWUROHV GHO KRUQR (V SRVLEOH TXH ODV IXQFLRQHV \ DSDULHQFLDV YDUtHQ FRQ UHODFLyQ D VX PRGHOR D OR ODUJR GHO PDQXDO *($SSOLDQFHV FRP HOLD 3 SEC /DV IXQFLRQHV DSDULHQFLD \ XELFDFLRQHV GH ODV WHFODV SXHGHQ YDULDU &RQWURO GHO +RUQR 5HORM 7HPSRUL]DGRU \ )XQFLRQHV HQ 0RGHORV &*6 7HFOD GH +RUQHDGR 3UHVLRQH SDUD VHOHFFLRQDU OD IXQFLyQ KRUQHDU 7HFOD GH +RUQHDGR SRU &RQYHFFLyQ 3UHVLRQH SDUD VHOHFFLRQDU KRUQHDU FRQ OD IXQFLyQ GH FRQYHFFLyQ 7HFOD GH 7RVWDGR SRU &RQYHFFLyQ 3UHVLRQ
8VR GHO +RUQRV 3DUD HYLWDU SRVLEOHV TXHPDGXUDV FRORTXH ORV HVWDQWHV HQ OD SRVLFLyQ GHVHDGD DQWHV GH HQFHQGHU HO KRUQR $QWHV GH FRPHQ]DU« /RV HVWDQWHV SRVHHQ EORTXHDGRUHV GH PRGR TXH DO FRORFDUORV FRUUHFWDPHQWH VREUH ORV VRSRUWHV $ D & VH GHWHQGUiQ DQWHV GH VDOLUVH FRPSOHWDPHQWH \ QR VH LQFOLQDUiQ $O FRORFDU \ UHWLUDU XWHQVLOLRV GH FRFLQD HPSXMH HO HVWDQWH KDFLD DIXHUD GHO WRSH VREUH HO VRSRUWH GHO HVWDQWH (O KRUQR WLHQH SRVLFLRQHV GH HVWDQWHV 7DPELpQ FXHQWD FRQ XQD SRVLFLyQ HVSHFLDO GHO
8VR GHO KRUQR LQIHULRU *($SSOLDQFHV FRP 6L VX PRGHOR FXHQWD FRQ XQD WUDED SDUD SXHUWD QR EORTXHH OD SXHUWD FRQ OD WUDED GXUDQWH HO KRUQHDGR R WRVWDGR /D WUDED VH XVD SDUD OD IXQFLyQ GH DXWR OLPSLH]D ~QLFDPHQWH &yPR &RQILJXUDU HO +RUQR ,QIHULRU SDUD +RUQHDGR R 'RUDGR 6X KRUQR QR HVWi GLVHxDGR SDUD OD FRFFLyQ FRQ OD SXHUWD DELHUWD 3UHVLRQH OD WHFOD %DNH +RUQHDU (O KRUQR FXHQWD FRQ XQD SRVLFLyQ HVSHFLDO SDUD HVWDQWH EDMR 5 MXVWR VREUH OD SDUWH LQIHULRU GHO KRUQR 8VH HVWD SRVLFLyQ FXDQGR
8VR GHO KRUQR VXSHULRU 3DUD XVDU HO KRUQR VXSHULRU 3UHVLRQH KDFLD DGHQWUR \ JLUH OD SHULOOD GHO KRUQR VXSHULRU KDFLD FXDOTXLHU FRQILJXUDFLyQ GHVHDGD 3HUPLWD TXH HO KRUQR VXSHULRU VH SUHFDOLHQWH 3XVK LQ DQG WXUQ WKH XSSHU RYHQ NQRE WR DQ\ GHVLUHG VHWWLQJ /D OX] GH OD VHxDO GHO KRUQR VXSHULRU HVWi XELFDGD HQ HO ODGR VXSHULRU L]TXLHUGR GH OD SHULOOD \ EULOOD FXDQGR OD SHULOOD HVWi HQ OD SRVLFLyQ 21 (QFHQGLGR 3HUPDQHFH HQ 21 (QFHQGLGR KDVWD TXH OD SHULOOD HV PRYLGD D OD SRVLFLyQ 2))
8VR GHO KRUQR VXSHULRU *($SSOLDQFHV FRP *XtD SDUD $VDU (O WDPDxR SHVR JURVRU WHPSHUDWXUD LQLFLDO \ VX SUHIHUHQFLD GH SUHSDUDFLyQ DIHFWDUiQ ORV WLHPSRV GHO DVDGR (VWD JXtD HVWi EDVDGD HQ FDUQHV D WHPSHUDWXUD GH UHIULJHUDGRU 3RVLFLyQ GHO (VWDQWH 3UHSDUDGD %LIH -XJRVR $ SXQWR -XJRVR ) ) %LVWHFV ² µ GH JURVRU *LUDWRULR 3ODQR $ $ SXQWR ) %LVWHFV ² ô D µ GH JURVRU *LUDWRULR 3ODQR $ &RFLGR ) %LVWHFV ² ô D µ GH JURVRU *LUDWRULR 3ODQR $
8VR GHO UHORM \ HO WHPSRUL]DGRU 1R WRGDV ODV IXQFLRQHV FRUUHVSRQGHQ D WRGRV ORV PRGHORV 3DUD &RQILJXUDU HO 5HORM $VHJ~UHVH TXH HO UHORM PDUTXH OD KRUD FRUUHFWD GHO GtD (O UHORM VH GHEHUi FRQILJXUDU HQ OD KRUD FRUUHFWD GHO GtD SDUD TXH ODV IXQFLRQHV DXWRPiWLFDV GHO WHPSRUL]DGRU GHO KRUQR IXQFLRQHQ GH IRUPD DGHFXDGD /D KRUD GHO GtD QR VH SXHGH FDPELDU GXUDQWH XQ KRUQHDGR SRU WLHPSR R HO FLFOR GH DXWR OLPSLH]D 3UHVLRQH OD WHFOD &ORFN 5HORM 3UHVLRQH ODV WHFODV QXPpULFDV 3UHVLRQH ODV WHF
8VR GH ODV IXQFLRQHV GH KRUQHDGR \ GRUDGR SRU WLHPSR VyOR HO KRUQR LQIHULRU *($SSOLDQFHV FRP 127$ /DV FRPLGDV TXH VH HFKDQ D SHUGHU UiSLGDPHQWH WDOHV FRPR OHFKH KXHYRV SHVFDGR UHOOHQRV DYH \ FHUGR QR VH GHEHUiQ GHMDU UHSRVDU SRU PiV GH KRUD DQWHV \ GHVSXpV GH OD FRFFLyQ /D WHPSHUDWXUD DPELHQWH HVWLPXOD HO GHVDUUROOR GH EDFWHULDV QRFLYDV $VHJ~UHVH GH TXH OD OX] GHO KRUQR HVWp DSDJDGD \D TXH HO FDORU GH OD OiPSDUD DFHOHUDUi HO FUHFLPLHQWR GH EDFWHULDV QRFLYDV &yPR &RQILJXUDU XQ ,QLFLR
8VR GH OD VRQGD VyOR HO KRUQR LQIHULRU 35(&$8&,Ï1 3DUD HYLWDU TXHPDGXUDV QR GHVHQFKXIH OD VRQGD GHVGH HO HQFKXIH GHO KRUQR KDVWD TXH HVWH ~OWLPR VH KD\D HQIULDGR 1R JXDUGH OD VRQGD GHQWUR GHO KRUQR 6L VX PRGHOR FXHQWD FRQ XQD WUDED SDUD SXHUWD QR EORTXHH OD SXHUWD FRQ OD WUDED GXUDQWH OD FRFFLyQ FRQ OD VRQGD /D WUDED VH XVD SDUD OD IXQFLyQ GH DXWR OLPSLH]D ~QLFDPHQWH 3DUD PXFKDV FRPLGDV HVSHFLDOPHQWH FRPLGDV WRVWDGDV \ DYH OD WHPSHUDWXUD LQWHUQD GH OD FRPLGD HV OD PHMRU SUXHED GH TXH HV
8VR GHO KRUQR LQIHULRU SRU FRQYHFFLyQ HQ DOJXQRV PRGHORV *($SSOLDQFHV FRP (O YHQWLODGRU SRU FRQYHFFLyQ VH DSDJD FXDQGR OD SXHUWD GHO KRUQR VH DEUH 12 GHMH OD SXHUWD DELHUWD GXUDQWH SHUtRGRV SURORQJDGRV GH WLHPSR PLHQWUDV XVD OD FRFFLyQ SRU FRQYHFFLyQ 3DUD D\XGDUOH D HQWHQGHU OD GLIHUHQFLD HQWUH HO KRUQHDGR \ HO WRVWDGR SRU FRQYHFFLyQ \ HO KRUQHDGR \ WRVWDGR WUDGLFLRQDO DTXt ILJXUDQ DOJXQDV SDXWDV JHQHUDOHV +RUQHDGR SRU &RQYHFFLyQ (Q XQ KRUQR SRU FRQYHFFLyQ XQ YHQWLODGRU KDFH FLUFXODU DLUH
8VR GHO KRUQR LQIHULRU SRU FRQYHFFLyQ *($SSOLDQFHV FRP 8WHQVLOLRV GH &RFLQD SDUD &RFFLyQ SRU &RQYHFFLyQ $QWHV GH XVDU HO KRUQR SRU FRQYHFFLyQ FRQWUROH TXH VX XWHQVLOLR GH FRFLQD GHMH HVSDFLR SDUD OD FLUFXODFLyQ GH DLUH HQ HO KRUQR 6L KRUQHDUi FRQ YDULDV ROODV GHMH HVSDFLR HQWUH ODV PLVPDV $GHPiV DVHJ~UHVH GH TXH ODV ROODV QR VH WRTXHQ HQWUH Vt \ TXH QR WRTXHQ ODV SDUHGHV GHO KRUQR 3DSHO \ 3OiVWLFR (O SDSHO UHVLVWHQWH DO FDORU \ ORV HQYDVHV GH SOiVWLFR TXH VH UHFRPLHQGDQ SDUD XVR FRQ KRUQ
*($SSOLDQFHV FRP &yPR &RQILJXUDU HO +RUQR %DMR SDUD 7RVWDU SRU &RQYHFFLyQ &XDQGR VH 8VD OD 6RQGD HQ DOJXQRV PRGHORV 3DUD REWHQHU PHMRUHV UHVXOWDGRV DO WRVWDU SDYRV JUDQGHV \ WRVWDGRV UHFRPHQGDPRV HO XVR GH OD VRQGD LQFOXLGD HQ HO KRUQR SRU FRQYHFFLyQ /D SDQWDOOD KDUi TXH WLWLOH OD SDODEUD 352%( 6RQGD \ HO FRQWURO GHO KRUQR GDUi OD VHxDO VL OD VRQGD HV HQFKXIDGD HQ HO HQFKXIH GH HQWUDGD \ QR VH FRQILJXUy OD WHPSHUDWXUD GH OD VRQGD \ VH WRFy OD WHFOD 6WDUW ,QLFLR &RORTXH HO HVWDQWH H
8VR GHO KRUQR LQIHULRU SRU FRQYHFFLyQ HQ DOJXQRV PRGHORV *XtD GH 7RVWDGR SRU &RQYHFFLyQ &RQILJXUDFLRQHV 6XJHULGDV &DUQHV %LIH $VDGR GH &RVWLOOD D OE -XJRVR 'HVKXHVDGD \ &RQ +XHVRV $ 3XQWR %LIH GH /RPR D OE -XJRVR %LIH GH /RPR D OE -XJRVR &HUGR &RQ +XHVRV 'HVKXHVDGD D /EV &RUGHUR &RQ +XHVRV D /EV $ 3XQWR 'HVKXHVDGD D OE $ 3XQWR $YH 3ROOR (QWHUR D OE 3DYR (QWHUR 6LQ 5HOOHQR D OE 6LQ 5HOOHQR D OE 3HFKXJD GH 3DYR D OE 7HPSHUDWXUD GHO +
8VR GH ODV IXQFLRQHV GH KRUQHDGR SRU FRQYHFFLyQ SRU WLHPSR HQ HO KRUQR LQIHULRU HQ DOJXQRV PRGHORV *($SSOLDQFHV FRP &yPR &RQILJXUDU XQ ,QLFLR 5HWUDVDGR \ 'HWHQFLyQ $XWRPiWLFD (O KRUQR VXSHULRU VH HQFHQGHUi HQ HO KRUDULR GHO GtD TXH FRQILJXUH FRFLQDUi GXUDQWH XQ SHUtRGR GH WLHPSR HVSHFtILFR \ OXHJR VH DSDJDUi DXWRPiWLFDPHQWH $VHJ~UHVH TXH HO UHORM PDUTXH OD KRUD FRUUHFWD GHO GtD 3UHVLRQH OD WHFOD &RQYHFWLRQ %DNH +RUQHDU SRU &RQYHFFLyQ 3UHVLRQH ODV WHFODV QXPpULFDV SDUD SURJUDPDU OD W
)XQFLRQHV HVSHFLDOHV HQ HO FRQWURO GHO KRUQR EDMR 6X QXHYR FRQWURO GH WHFODV WiFWLOHV FXHQWD FRQ IXQFLRQHV DGLFLRQDOHV TXH SXHGH HOHJLU XVDU /DV VLJXLHQWHV VRQ ODV IXQFLRQHV \ FyPR ODV SXHGH DFWLYDU /RV PRGRV GH IXQFLRQHV HVSHFLDOHV VyOR SXHGHQ VHU DFWLYDGRV PLHQWUDV TXH OD SDQWDOOD HVWi PRVWUDQGR OD KRUD GHO GtD 3HUPDQHFHQ HQ OD PHPRULD GHO FRQWURO KDVWD TXH VH UHSLWHQ ORV SDVRV &XDQGR OD SDQWDOOD PXHVWUH VX HOHFFLyQ SUHVLRQH OD WHFOD 6WDUW ,QLFLDU /DV IXQFLRQHV HVSHFLDOHV SHUPDQHFHUiQ HQ OD P
*($SSOLDQFHV FRP +RUDV +RUDV R $SDJDGR 6X FRQWURO HVWi FRQILJXUDGR SDUD VHU XVDGR HQ XQ UHORM GH KRUDV 6L SUHILHUH XWLOL]DU XQ UHORM FRQ KRUDULR PLOLWDU GH KRUDV R DSDJDU OD SDQWDOOD GHO UHORM VLJD ORV VLJXLHQWHV SDVRV 3UHVLRQH ODV WHFODV %DNH DQG :DUP +RUQHDU \ &DOHQWDU DO PLVPR WLHPSR GXUDQWH VHJXQGRV KDVWD TXH OD SDQWDOOD PXHVWUH 6) 3UHVLRQH OD WHFOD &ORFN 5HORM XQD YH] /D SDQWDOOD PRVWUDUi KU KRUDV 6L pVWD HV OD RSFLyQ TXH GHVHD SUHVLRQH OD WHFOD 6WDU
8VR GHO 0RGR 6DEiWLFR VyOR HO KRUQR LQIHULRU 'LVHxDGR SDUD XVDU HQ HO 'HVFDQVR -XGtR \ )HULDGRV /D IXQFLyQ 6DEEDWK 6DEiWLFR VH SXHGH XVDU SDUD KRUQHDU DVDU HQ HO KRUQR VXSHULRU H LQIHULRU R HQ HO FDMyQ FDOHQWDGRU HQ &(57,),(' DOJXQRV PRGHORV 1R VH SXHGH XVDU SDUD OD FRFFLyQ SRU FRQYHFFLyQ DVDU DXWR OLPSLH]D R 'HOD\ 6WDUW ,QLFLR 5HWUDVDGR 6$%%$7+ K 127$ /D OX] GHO KRUQR VH HQFLHQGH GH IRUPD DXWRPiWLFD HQ DOJXQRV PRGHORV FXDQGR OD SXHUWD VH DEUH \ VH DSDJD FXDQGR 02'( OD SXHUWD VH FL
5HWLUH \ UHHPSODFH ORV HVWDQWHV WRWDOPHQWH H[WHQVLEOHV RQ VRPH PRGHOV *($SSOLDQFHV FRP 3UHFDXFLyQ 3DUD HYLWDU TXHPDGXUDV FRORTXH ORV HVWDQWHV HQ OD SRVLFLyQ FRUUHFWD DQWHV GH HQFHQGHU HO KRUQR $VHJ~UHVH GH TXH OD HVWUXFWXUD HVWp FRPSOHWDPHQWH LQVHUWDGD HQ HO KRUQR GH PRGR TXH TXHGH EORTXHDGD (VWDQWH ([WHQVLEOH 3RVLFLyQ 7RWDOPHQWH $ELHUWD (VWDQWH )URQWDO 6XSHULRU $O FRORFDU \ UHWLUDU XWHQVLOLRV VLHPSUH HPSXMH HO HVWDQWH KDFLD DIXHUD GHVGH VX ULHO IURQWDO VXSHULRU KDVWD OD SRVLFL
$MXVWH ORV WHUPRVWDWRV VXSHULRU H LQIHULRU £+iJDOR XVWHG PLVPR (V SRVLEOH TXH HQFXHQWUH TXH VX KRUQR QXHYR FRFLQD GH IRUPD GLIHUHQWH DO TXH UHHPSOD]y 8VH VX KRUQR QXHYR GXUDQWH DOJXQDV VHPDQDV SDUD IDPLOLDUL]DUVH FRQ HO PLVPR 6L D~Q SLHQVD TXH VX KRUQR QXHYR HVWi GHPDVLDGR FDOLHQWH R GHPDVLDGR IUtR SRGUi DMXVWDU HO WHUPRVWDWR XVWHG PLVPR 1R XVH WHUPyPHWURV WDOHV FRPR ORV TXH VH YHQGHQ HQ ODV WLHQGDV SDUD FRQWURODU OD WHPSHUDWXUD GHO KRUQR (VWRV WHUPyPHWURV SXHGHQ YDULDU HQWUH \ JUDGRV 1
8VR GH ORV KRUQRV GH DXWR OLPSLH]D VXSHULRU H LQIHULRU *($SSOLDQFHV FRP /D SXHUWD GHO KRUQR GHEHUi HVWDU FHUUDGD \ WRGRV ORV FRQWUROHV FRQILJXUDGRV GH IRUPD FRUUHFWD SDUD TXH HO FLFOR IXQFLRQH DGHFXDGDPHQWH $QWHV GH XQ &LFOR GH /LPSLH]D /LPSLH FXDOTXLHU VXFLHGDG LPSRUWDQWH VREUH HO IRQGR GHO KRUQR 12 OLPSLH OD MXQWD PDQXDOPHQWH +$*$ XQD OLPSLH]D PDQXDO GHQWUR GH OD SXHUWD \ GHO YLGULR +$*$ XQD OLPSLH]D PDQXDO GH OD HVWUXFWXUD GHO KRUQR 3DUD HO SULPHU FLFOR GH OLPSLH]D UHFRPHQGDPRV
8VR GH ORV KRUQRV GH DXWR OLPSLH]D VXSHULRU H LQIHULRU /D SXHUWD GHO KRUQR GHEHUi HVWDU FHUUDGD \ WRGRV ORV FRQWUROHV FRQILJXUDGRV GH IRUPD FRUUHFWD SDUD TXH HO FLFOR IXQFLRQH DGHFXDGDPHQWH &yPR 3URJUDPDU OD /LPSLH]D GHO +RUQR ,QIHULRU 127$6 ■ /RV TXHPDGRUHV VXSHUILFLDOHV VH GHEHUiQ DSDJDU DQWHV GH OD KRUD GH LQLFLR GH OD DXWR OLPSLH]D ■ 1R HV SRVLEOH UHDOL]DU OD DXWR OLPSLH]D GH DPERV KRUQRV DO PLVPR WLHPSR ■ /RV TXHPDGRUHV GH OD FRFLQD \ HO KRUQR TXH QR HVWpQ HQ HO PRGR GH DXWR OLPSLH]D
*($SSOLDQFHV FRP $VHJ~UHVH GH TXH OD FRUULHQWH HOpFWULFD HVWp DSDJDGD \ TXH WRGDV ODV VXSHUILFLHV HVWpQ IUtDV DQWHV GH OLPSLDU FXDOTXLHU SDUWH GH OD FRFLQD $'9(57(1&,$ 6L OD FRFLQD HV UHWLUDGD SDUD VX OLPSLH]D VHUYLFLR WpFQLFR R FXDOTXLHU RWUD UD]yQ DVHJ~UHVH GH TXH HO GLVSRVLWLYR DQWL YROFDGXUDV YXHOYD D VHU FRORFDGR GH IRUPD FRUUHFWD FXDQGR OD FRFLQD VHD LQVWDODGD QXHYDPHQWH 6L QR VH WLHQH HVWD SUHFDXFLyQ VH SRGUi RFDVLRQDU OD FDtGD GH OD FRFLQD \ SURYRFDU OHVLRQHV 3DUD FRQWURODU TXH HO VR
&XLGDGR \ OLPSLH]D GH OD FRFLQD 7DSDV %DVHV \ &DEH]DV GH 4XHPDGRUHV $QWHV GH UHWLUDU ODV WDSDV \ FDEH]DV GH ORV TXHPDGRUHV HQ DOJXQRV PRGHORV UHFXHUGH VX WDPDxR \ XELFDFLyQ 5HHPSODFH ORV PLVPRV HQ OD PLVPD XELFDFLyQ OXHJR GH OD OLPSLH]D 127$ 1R XVH HVWURSDMRV QL SROYRV SDUD IUHJDU SDUD OLPSLDU ODV SDUWHV GHO TXHPDGRU 7DSDV GH ORV 4XHPDGRUHV /D WDSD GHO TXHPDGRU HVWi FRUUHFWDPHQWH FRORFDGD /D WDSD GHO TXHPDGRU 12 HVWi FRUUHFWDPHQWH FRORFDGD &DEH]DV GHO TXHPDGRU HQ DOJXQRV PRGHORV
*($SSOLDQFHV FRP /RGJH 5HYHUVLEOH \ 3ODQFKDV SDUD &KHI GH +LHUUR )RUMDGR HQ DOJXQRV PRGHORV ■ (QMXDJXH FRQ DJXD FDOLHQWH QR XVH MDEyQ \ VHTXH WRWDOPHQWH ■ $QWHV GH FRFLQDU SUHSDUH OD VXSHUILFLH FRQ HVSUD\ GH FRFLQD R DFHLWH YHJHWDO ■ /XHJR GH FRFLQDU OLPSLH OD SODQFKD FRQ XQ FHSLOOR GXUR \ DJXD FDOLHQWH 1R VH UHFRPLHQGD HO XVR GH MDEyQ \ QXQFD VH GHEHQ XVDU GHWHUJHQWHV SRWHQWHV ■ 6HTXH FRQ XQD WRDOOD GH IRUPD LQPHGLDWD \ DSOLTXH XQD FDSD VXDYH GH HVSUD\ GH FRFLQD R DFHLWH YHJHWDO PLHQ
&XLGDGR \ OLPSLH]D GH OD FRFLQD 3DUULOODV GH 4XHPDGRUHV SDUD HO 0RGHOR &*6 ÒQLFDPHQWH /D DSDULHQFLD SXHGH YDULDU /DV SDUULOODV VH SXHGHQ OLPSLDU HQ XQ ODYDYDMLOODV 6X FRFLQD FXHQWD FRQ WUHV SDUULOODV GREOHV GH WLSR SURIHVLRQDO (VWDV SDUULOODV SRVHHQ SRVLFLRQHV HVSHFtILFDV 3DUD XQD Pi[LPD HVWDELOLGDG HVWDV SDUULOODV VyOR GHEHUtDQ VHU XVDGDV HQ VXV SRVLFLRQHV FRUUHVSRQGLHQWHV 3DUD PD\RU FRQYHQLHQFLD ORV ODGRV LQIHULRUHV GH ODV SDUULOODV ODWHUDOHV FXHQWDQ FRQ OD PDUFD ´2876,'(µ $IXHUD
*($SSOLDQFHV FRP 6XSHUILFLH GH OD 3DUWH 6XSHULRU GH OD &RFLQD $ ILQ GH HYLWDU GDxRV VREUH OD VXSHUILFLH HVPDOWDGD GH SRUFHODQD VREUH OD SDUWH VXSHULRU GH OD FRFLQD \ SDUD HYLWDU TXH TXHGH VLQ EULOOR OLPSLH ORV GHUUDPHV GH LQPHGLDWR /D FRPLGD FRQ PXFKR iFLGR WRPDWHV FKXFUXW MXJRV GH IUXWD HWF R ODV FRPLGDV FRQ DOWR FRQWHQLGR GH D]~FDU SXHGHQ GHMDU XQ HVSDFLR VLQ EULOOR VL QR VH OLPSLDQ &XDQGR OD VXSHUILFLH HVWp IUtD ODYH \ HQMXDJXH 3DUD RWURV GHUUDPHV WDOHV FRPR VDOSLFDGXUDV GH JUDVD O
&XLGDGR \ OLPSLH]D GH OD FRFLQD 3DUWH ,QIHULRU GHO +RUQR /D SDUWH LQIHULRU GHO KRUQR SRVHH XQ DFDEDGR GH SRUFHODQD HVPDOWDGD 3DUD IDFLOLWDU OD OLPSLH]D SURWHMD HO IRQGR GHO KRUQR GH GHUUDPHV H[FHVLYRV FRORFDQGR XQD KRMD GH JDOOHWDV HQ HO HVWDQWH TXH HVWi GHEDMR GHO HVWDQWH VREUH HO FXDO HVWi FRFLQDQGR (VWR HV SDUWLFXODUPHQWH LPSRUWDQWH DO KRUQHDU XQD WDUWD GH IUXWD X RWUDV FRPLGDV FRQ DOWR FRQWHQLGR GH iFLGR /RV UHOOHQRV GH IUXWD FDOLHQWH X RWUDV FRPLGDV FRQ DOWR FRQWHQLGR 5DQXUD %ORTXHR G
*($SSOLDQFHV FRP (VWDQWHV GHO +RUQR 7RGDV ODV SDUULOODV GHO KRUQR VH SRGUiQ OLPSLDU D PDQR FRQ XQ OLPSLDGRU DEUDVLYR R YLUXWD /XHJR GH OD OLPSLH]D HQMXDJXH ODV SDUULOODV FRQ DJXD OLPSLD \ VHTXH FRQ XQD WHOD OLPSLD /DV SDUULOODV GHO KRUQR JULVHV \ FXELHUWDV GH SRUFHODQD SRGUiQ SHUPDQHFHU HQ HO KRUQR GXUDQWH HO FLFOR GH DXWR OLPSLH]D VLQ VXIULU QLQJ~Q WLSR GH GDxRV /DV SDUULOODV GHO KRUQR GH QtTXHO SRGUiQ SHUPDQHFHU HQ HO PLVPR GXUDQWH HO FLFOR GH DXWR OLPSLH]D SHUR SHUGHUiQ VX OXVWUH \ VHU
&XLGDGR \ OLPSLH]D GH OD FRFLQD /LPSLH]D GH OD 3XHUWD /D MXQWD HVWi GLVHxDGD FRQ XQ HVSDFLR HQ OD SDUWH LQIHULRU SDUD SHUPLWLU OD FLUFXODFLyQ GH DLUH DGHFXDGD 1R IURWH QL OLPSLH OD MXQWD GH OD SXHUWD SRVHH XQD UHVLVWHQFLD H[WUHPDGDPHQWH EDMD D OD DEUDVLyQ 6L REVHUYD TXH OD MXQWD VH YXHOYH FDOLHQWH VH GHVKLODFKD R GDxD GH FXDOTXLHU IRUPD \ VL TXHGy IXHUD GH OD SXHUWD GHEHUi UHHPSOD]DU OD PLVPD 3DUD OLPSLDU HO LQWHULRU GH OD SXHUWD 3DUD OLPSLDU HO H[WHULRU GH OD SXHUWD ■ 1R SHUPLWD TXH
*($SSOLDQFHV FRP $'9(57(1&,$ 5LHVJR GH 'HVFDUJD (OpFWULFD R ,QFHQGLR $QWHV GH UHHPSOD]DU OD OiPSDUD GH OX] GHO KRUQR GHVFRQHFWH OD FRQH[LyQ HOpFWULFD GHO KRUQR GHO IXVLEOH SULQFLSDO R GHO SDQHO GHO GLV\XQWRU 6L HVWR QR VH FXPSOH VH SRGUi SURGXFLU XQD GHVFDUJD HOpFWULFD R LQFHQGLR 5HHPSOD]R GH OD /X] GHO +RUQR HQ DOJXQRV PRGHORV $VHJ~UHVH GH GHMDU TXH OD WDSD GH OD OX] \ OD OiPSDUD VH HQIUtHQ FRPSOHWDPHQWH 3DUD UHWLUDU OD WDSD 'REOH ORV FULVWDOHV HQ GLUHFFLyQ FRQWUDULD D ODV DJXMDV G
,QVWUXFFLRQHV GH ,QVWDODFLyQ &RFLQD $QWH FXDOTXLHU GXGD OODPH DO *( &$5(6 R YLVLWH QXHVWUR VLWLR ZHE HQ *($SSOLDQFHV FRP 3$5$ 68 6(*85,'$' (Q HO &RPPRQZHDOWK GH 0DVVDFKXVHWWV (VWH SURGXFWR GHEH VHU LQVWDODGR SRU XQ SORPHUR OLFHQFLDGR R XQ PHFiQLFR JDVLVWD $O XVDU YiOYXODV GH FLHUUH GH JDV WLSR EDOyQ GHEHUiQ VHU GHO WLSR GH PDQLMD 7 $O XVDU XQ FRQHFWRU GH JDV IOH[LEOH QR GHEHUi H[FHGHU ORV SLHV 1R JXDUGH QL XVH PDWHULDOHV FRPEXVWLEOHV JDVROLQD X RWURV YDSRUHV LQI
,QVWUXFFLRQHV GH ,QVWDODFLyQ (YLWH XVDU JDELQHWHV VREUH OD FRFLQD 3DUD UHGXFLU HO ULHVJR RFDVLRQDGR SRU OD H[WHQVLyQ GH ODV OODPDV DELHUWDV GH ORV TXHPDGRUHV HQ IXQFLRQDPLHQWR LQVWDOH XQD FDPSDQD GH YHQWLODFLyQ VREUH OD FRFLQD TXH VH SUR\HFWH KDFLD DGHODQWH SRU OR PHQRV D µ GHO IUHQWH GH ORV JDELQHWHV /D FDPSDQD GH YHQWLODFLyQ GHEHUi HVWDU FRQVWUXLGD GH XQD OiPLQD GH PHWDO GH QR PHQRV GH µ GH JURVRU ,QVWDOH VREUH OD SDUWH VXSHULRU GH OD FRFLQD GHMDQGR XQ HVSDFLR GH QR PHQRV GH óµ
,QVWUXFFLRQHV GH ,QVWDODFLyQ ',0(16,21(6 < (63$&,26 'HMH HO HVSDFLR DGHFXDGR HQWUH OD FRFLQD \ ODV VXSHUILFLHV FRPEXVWLEOHV DG\DFHQWHV (VWDV GLPHQVLRQHV VH GHEHUiQ FXPSOLU SDUD XQ XVR VHJXUR GH VX FRFLQD /D XELFDFLyQ GHO WRPDFRUULHQWH GH HOHFWULFLGDG \ OD DEHUWXUD GH OD WXEHUtD FRQVXOWH 8ELFDFLRQHV GHO *DV \ HO 7RPDFRUULHQWH (OpFWULFR VH SRGUiQ DMXVWDU SDUD FXPSOLU FRQ ORV UHTXLVLWRV HVSHFtILFRV /D FRFLQD VH GHEHUi XELFDU FRQ XQ HVSDFLR QLYHODGR GH µ FRQ UHODFLyQ D OD SDUHG WUDVHUD $OJXQRV PRGHOR
,QVWUXFFLRQHV GH ,QVWDODFLyQ 8%,&$&,Ï1 1R XELTXH OD FRFLQD GRQGH SXHGD KDEHU FRUULHQWHV GH DLUH IXHUWHV &XDOTXLHU DEHUWXUD HQ HO SLVR R OD SDUHG GHWUiV GH OD FRFLQD GHEHUiQ HVWDU VHOODGDV $VHJ~UHVH GH TXH ODV DEHUWXUDV DOUHGHGRU GH OD EDVH GH OD FRFLQD TXH EULQGDQ DLUH IUHVFR SDUD OD FRPEXVWLyQ \ YHQWLODFLyQ QR HVWpQ REVWUXLGDV SRU DOIRPEUDV QL SLH]DV GH FDUSLQWHUtD 6X FRFLQD DO LJXDO TXH PXFKRV RWURV DUWtFXORV GHO KRJDU HV SHVDGD \ VH SXHGH FRORFDU VREUH UHYHVWLPLHQWRV GH SLVR VXDYHV WDOHV FRPR DOI
,QVWUXFFLRQHV GH ,QVWDODFLyQ %5,1'( (/ 680,1,6752 '( *$6 &21(&7( /$ &2&,1$ $/ *$6 6X FRFLQD IXH GLVHxDGD SDUD IXQFLRQDU HQ XQD SUHVLyQ GH FROXPQD GH DJXD GH µ FRQ JDV QDWXUDO R VL VH GHVHD XVDU FRQ JDV /3 SURSDQR \ EXWDQR XQD FROXPQD GH DJXD GH µ &LHUUH OD YiOYXOD SULQFLSDO GH VXPLQLVWUR GH JDV DQWHV GH GHVFRQHFWDU VX YLHMD FRFLQD \ GHMH OD PLVPD DSDJDGD KDVWD TXH OD QXHYD FRQH[LyQ VH KD\D FRPSOHWDGR 1R ROYLGH YROYHU D HQFHQGHU HO SLORWR HQ RWURV HOHFWURGRPpVWLFRV D JDV FXDQGR YXHO
,QVWUXFFLRQHV GH ,QVWDODFLyQ 8%,&$&,21(6 '( /$ 78%(5Ë$ '( *$6 < '(/ 720$&255,(17( (/e&75,&2 ÈUHD UHFRPHQGDGD SDUD WRPDFRUULHQWH GH 9 HQ OD SDUHG WUDVHUD \ iUHD SDUD OD FRQH[LyQ GHO WXER GH HVFDSH \ OD YiOYXOD GH VHJXULGDG D WUDYpV GH OD SDUHG 35(&$8&,Ï1 3DUD HYLWDU TXH XQD FRUULHQWH GH DLUH DIHFWH HO IXQFLRQDPLHQWR GHO TXHPDGRU VHOOH WRGDV ODV DEHUWXUD HQ OD SDUHG \ HO SLVR ÈUHD UHFRPHQGDGD SDUD FRQH[LyQ D WUDYpV GHO SLVR GHO WXER GH HVFDSH \ OD YiOYXOD GH VHJXULGDG
,QVWUXFFLRQHV GH ,QVWDODFLyQ &21(;,Ï1 '(/ &21(&725 )/(;,%/( 7XEHUtD GH JDV GHVGH HO SLVR 7XEHUtD GH JDV GHVGH OD SDUHG )OXMR GHO *DV HQ OD &RFLQD )OXMR GHO *DV HQ OD &RFLQD 5HJXODGRU GH SUHVLyQ 5HJXODGRU GH SUHVLyQ $GDSWDGRU 7XEHUtD GH JDV GH òµ R ôµ &RQHFWRU IOH[LEOH SLHV Pi[ &RQHFWRU IOH[LEOH SLHV Pi[ $GDSWDGRU $GDSWDGRU $GDSWDGRU 9iOYXOD GH FLHUUH GH JDV 9iOYXOD GH FLHUUH GH JDV 7XEHUtD GH JDV GH òµ R ôµ ,QVWDODGRU ,QIRUPH DO FRQVXPLGRU VREUH OD XELFDFLyQ GH OD YiO
,QVWUXFFLRQHV GH ,QVWDODFLyQ &21(;,21(6 (/e&75,&$6 5HTXLVLWRV (OpFWULFRV &LUFXLWR HVSHFtILFR GH YROWLRV +HUW] FRUUHFWDPHQWH FRQHFWDGR D WLHUUD SRU XQ GLV\XQWRU GH R DPSHUHV R IXVLEOH GH UHWUDVR 1RWD 1R VH UHFRPLHQGD SDUD HVWH SURGXFWR HO XVR GH LQWHUUXSWRUHV DXWRPiWLFRV LQDOiPEULFRV R FRQ FDEOHDGR H[WHUQR TXH DSDJDQ OD FRUULHQWH GHO HOHFWURGRPpVWLFR &RQH[LyQ D 7LHUUD $'9(57(1&,$ 5LHVJR GH 'HVFDUJD (VWH HOHFWURGRPpVWLFR GHEHUi HVWDU FRQHFWDGR D WLHUUD GH IRUPD DGHFXDGD 6L QR
,QVWUXFFLRQHV GH ,QVWDODFLyQ 6(//$'2 '( $%(5785$6 (16$0%/( /26 48(0$'25(6 683(5),&,$/(6 &217 6HOOH FXDOTXLHU DEHUWXUD HQ OD SDUHG GHWUiV GH OD FRFLQD \ HQ HO SLVR GHEDMR GH OD FRFLQD FXDQGR ODV FRQH[LRQHV VH KD\DQ FRPSOHWDGR (16$0%/( /26 48(0$'25(6 683(5),&,$/(6 $ &DEH]DV GHO TXHPDGRU HQ DOJXQRV PRGHORV RQ VRPH PRGHOV &RORTXH ODV FDEH]DV GH ORV TXHPDGRUHV VREUH ORV HOHFWURGRV HQ OD SDUWH VXSHULRU GH OD FRFLQD HQ ODV XELFDFLRQHV HQ DOJXQRV PRGHORV FRUUHFWDV GH )UHQWH
,QVWUXFFLRQHV GH ,QVWDODFLyQ &21752/( (/ (1&(1','2 '( /26 &21752/( (/ (1&(1','2 '( /26 48(0$'25(6 683(5),&,$/(6 48(0$'25(6 '(/ +2512 (O IXQFLRQDPLHQWR GH WRGRV ORV TXHPDGRUHV GHO KRUQR \ SDUWH VXSHULRU GH OD FRFLQD VH GHEHQ FRQWURODU XQD YH] TXH OD FRFLQD \ ODV OtQHDV GH VXPLQLVWUR GH JDV KD\DQ VLGR FXLGDGRVDPHQWH FRQWURODGDV SDUD YHULILFDU TXH QR KD\D SpUGLGDV (O KRUQR VH GLVHxy SDUD IXQFLRQDU GH IRUPD VLOHQFLRVD \ DXWRPiWLFD 3DUD XWLOL]DU HO KRUQR SUHVLRQH OD WHFOD %DNH +RUQHDU \ OX
,QVWUXFFLRQHV GH ,QVWDODFLyQ $-867( (/ 2%785$'25 '( $-867( $-867( (/ 2%785$'25 '( $-867( '( $,5( '(/ 48(0$'25 3$5$ $6$5 < 3$5$ +2512 6, (6 1(&(6$5,2 '( $,5( '(/ 48(0$'25 3$5$ $6$5 < 3$5$ +2512 6, (6 1(&(6$5,2 &217 /RV REWXUDGRUHV GH DMXVWH GH DLUH SDUD ORV TXHPDGRUHV GH OD SDUWH VXSHULRU H LQIHULRU UHJXODQ HO IOXMR GH DLUH GH ODV OODPDV 2EWXUDGRU GH DMXVWH GH DLUH 3DUWH ,QIHULRU GHO +RUQR )ORMR 3DUD UHWLUDU OD SDUWH LQIHULRU GHO KRUQR $ 5HWLUH ORV WRUQLOORV TXH VRVWLHQHQ OD SDUWH W
,QVWUXFFLRQHV GH ,QVWDODFLyQ ,167$/$&,Ï1 '(/ ',6326,7,92 $17, &8$1'2 72'$6 /$6 &21(;,21(6 6( +$<$1 &203/(7$'2 $'9(57(1&,$ ',6326,7,92 $17, 92/&$'85$6 $VHJ~UHVH GH TXH WRGRV ORV FRQWUROHV TXHGHQ HQ OD SRVLFLyQ GH DSDJDGR $VHJ~UHVH GH TXH HO IOXMR GH OD FRPEXVWLyQ \ HO DLUH GH YHQWLODFLyQ D OD FRFLQD HVWpQ GHVREVWUXLGRV 92/&$'85$6 7RGDV ODV FRFLQDV SXHGHQ VXIULU FDtGDV 6H SXHGHQ SURGXFLU 48(0$'85$6 \ RWUDV /(6,21(6 *5$9(6 ,167$/( \ &21752/( HO VRSRUWH DQWL YROFDGXUDV VLJX
$QWHV GH 6ROLFLWDU HO 6HUYLFLR 7pFQLFR« *($SSOLDQFHV FRP &RQVHMRV SDUD OD 6ROXFLyQ GH 3UREOHPDV £$KRUUH WLHPSR \ GLQHUR 3ULPHUR UHYLVH ORV FXDGURV TXH DSDUHFHQ HQ ODV VLJXLHQWHV SiJLQDV \ HV SRVLEOH TXH QR QHFHVLWH VROLFLWDU UHSDUDFLRQHV 3UREOHPD &DXVDV 3RVLEOHV 4Xp +DFHU /RV TXHPDGRUHV QR VH HQFLHQGHQ R QR TXHPDQ GH IRUPD SDUHMD (O TXHPDGRU IURQWDO GHUH FKR HVWi GLVHxDGR SDUD TXH VXV OODPDV VHDQ XQ SRFR PiV SHTXHxDV HQWUH ODV SRVLFLRQHV GH ODV \ ODV HQ SXQWR (VWR HV QRUPDO (O
$QWHV GH 6ROLFLWDU HO 6HUYLFLR 7pFQLFR« &RQVHMRV SDUD OD 6ROXFLyQ GH 3UREOHPDV 3UREOHPD &DXVDV 3RVLEOHV /RV TXHPDGRUHV QR VH (V SRVLEOH TXH XQ IXVLEOH GH VX HQFLHQGHQ FRQW KRJDU VH KD\D TXHPDGR R TXH HO GLV\XQWRU VH KD\D GHVFRQHFWDGR /DV SLH]DV GHO TXHPDGRU QR IXHU RQ UHHPSOD]DGDV FRUUHFWDPHQ 6H DFWLYy OD IXQFLyQ GH *DV &RQWURO /RFNRXW %ORTXHR GHO &RQWURO GH *DV /D FRPLGD QR DVD GH IRUPD FRUUHFWD HQ HO KRUQR VXSHULRU 4Xp +DFHU 5HHPSODFH HO IXVLEOH R UHLQLFLH HO GLV\XQWRU /HD OD VHFFL
$QWHV GH 6ROLFLWDU HO 6HUYLFLR 7pFQLFR« &RQVHMRV SDUD OD 6ROXFLyQ GH 3UREOHPDV 3UREOHPD &DXVDV 3RVLEOHV 4Xp +DFHU ([FHVR GH KXPR +D\ H[FHVR GH VXFLHGDG 3UHVLRQH OD WHFOD &OHDU 2II %RUUDU $SDJDU R JLUH OD SHULOOD GHO KRUQR VXSHULRU D OD SRVLFLyQ 2)) $SDJDGR \ SUHVLRQH OD WHFOD &OHDU 2II %RUUDU $SDJDU $EUD ODV YHQWDQDV SDUD OLEHUDU HO KXPR HQ OD KDELWDFLyQ (VSHUH KDVWD TXH OD OX] /2&.(' '225 3XHUWD 7UDEDGD GHVDSDUH]FD /LPSLH HO H[FHVR GH VXFLHGDG \ UHLQLFLH HO FLFOR GH OLPSLH]D /
3UREOHPD *($SSOLDQFHV FRP &DXVDV 3RVLEOHV 4Xp +DFHU /2& %ORTXHR DSDUHFH 6H DFWLYy OD IXQFLyQ *DV &RQWURO HQ OD SDQWDOOD /RFNRXW %ORTXHR GHO &RQWURO GH *DV $VHJ~UHVH GH TXH ORV FRQWUROHV GH OD VXSHUILFLH HVWpQ HQ 2)) $SDJDGR $SDJXH HVWD IXQFLyQ SDUD XVDU OD FRFLQD &RQVXOWH OD VHFFLyQ %ORTXHR GHO &RQWURO GH *DV /D SDQWDOOD TXHGD HQ EODQFR (V SRVLEOH TXH XQ IXVLEOH GH VX KRJDU VH KD\D TXHPDGR R TXH HO GLV\XQWRU VH KD\D GHVFRQHFWDGR 5HHPSODFH HO IXVLEOH R UHLQLFLH HO GLV\XQWRU (
$FFHVRULRV ¢%XVFD $OJR 0iV" 1RW DOO DFFHVVRULHV DUH DYDLODEOH IRU DOO PRGHOV 3XHGH HQFRQWUDU HVWRV DFFHVRULRV \ PXFKR PiV HQ *($SSOLDQFH3DUWV FRP (( 88 R HQ ZZZ *($SSOLDQFHV FD &DQDGi R OODPDQGR DO (( 88 R DO &DQDGi GXUDQWH HO KRUDULR FRPHUFLDO KDELWXDO 7HQJD D PDQR VX Q~PHUR GH PRGHOR 3DUULOODV &DEH]DOHV R WDSDV GH TXHPDGRUHV GH VXSHUILFLH 3HULOODV (OHPHQWRV GH VXSHUILFLH \ EDQGHMDV FROHFWRUDV R 3ODQFKD (VWDQWHV GHO +RUQR (OHPHQWRV GHO KRUQR /iPS
127$6 *($SSOLDQFHV FRP
*DUDQWtD GH OD &RFLQD D *DV GH *( )RU FXVWRPHUV LQ WKH 8QLWHG 6WDWHV 7RGR HO VHUYLFLR GH JDUDQWtD HV SURYLVWR SRU QXHVWURV &HQWURV GH 6HUYLFLR $EURFKH VX UHFLER DTXt 3DUD GH )DEULFDFLyQ R XQ WpFQLFR DXWRUL]DGR GH 6HUYLFLR DO &OLHQWH &XVWRPHU DFFHGHU DO VHUYLFLR WpFQLFR &DUH 3XHGH SURJUDPDU XQD FRQVXOWD DO VHUYLFLR WpFQLFR D WUDYpV GHO GH DFXHUGR FRQ OD JDUDQWtD ,QWHUQHW ODV GHO GtD YLVLWiQGRQRV HQ *($SSOLDQFHV FRP R OODPDQGR GHEHUi FRQWDU FRQ OD SUXHED DO *( &$5(6
*DUDQWtD GH OD &RFLQD D *DV GH *( 3DUD FOLHQWHV HQ &DQDGi 7RGR HO VHUYLFLR GH JDUDQWtD HV SURYLVWR SRU QXHVWURV &HQWURV GH 6HUYLFLR GH )DEULFDFLyQ R XQ WpFQLFR DXWRUL]DGR GH 6HUYLFLR DO &OLHQWH &XVWRPHU &DUH 3DUD VROLFLWDU HO VHUYLFLR WpFQLFR OODPH DO &XDQGR OODPH SDUD VROLFLWDU HO VHUYLFLR WHQJD ORV Q~PHURV GH VHULH \ PRGHOR GLVSRQLEOHV $EURFKH VX UHFLER DTXt 3DUD DFFHGHU DO VHUYLFLR WpFQLFR GH DFXHUGR FRQ OD JDUDQWtD GHEHUi FRQWDU FRQ OD SUXHED GH OD IHFKD RULJLQDO GH
6RSRUWH DO &OLHQWH 6LWLR :HE GH (OHFWURGRPpVWLFRV GH *( (Q (( 88 *($SSOLDQFHV FRP ¢'HVHD UHDOL]DU XQD FRQVXOWD R QHFHVLWD D\XGD FRQ VX HOHFWURGRPpVWLFR" £,QWHQWH D WUDYpV GHO 6LWLR :HE GH (OHFWURGRPpVWLFRV GH *( ODV KRUDV GHO GtD FXDOTXLHU GtD GHO DxR 3DUD PD\RU FRQYHQLHQFLD \ XQ VHUYLFLR PiV UiSLGR DKRUD SXHGH GHVFDUJDU HO 0DQXDO GHO 3URSLHWDULR RUGHQDU SLH]DV R LQFOXVR SURJUDPDU HO VHUYLFLR WpFQLFR D WUDYpV GH ,QWHUQHW (Q &DQDGi ZZZ *($SSOLDQFHV FD 6HUYLFLR 3URJUDPDGR (Q (( 88 *($