2 5HFRUWDGRUD \ FRUWDERUGHV GH µ \ µ 5HFRUWDGRUD GH KHEUDV 0RGHOR 1R \ ³ \ VXSHULRUHV 0DQXDO GHO RSHUDGRU 2SHUDWRU·V 0DQXDO 3DUD REWHQHU XQD YHUVLyQ JUDWLV GH HVWH PDQXDO HQ HVSDxRO HVFULED D OD GLUHFFLyQ LQGLFDGD PiV DEDMR $VHJ~UHVH GH LQGLFDU HO PRGHOR \ HO Q~PHUR GH VHULH GH VX SURGXFWR 7KH 7RUR &RPSDQ\ $WWQ 3DUWV 'HSW /\QGDOH $YH 6 %ORRPLQJWRQ 01 ,QJOpV (1 (VSDxRO (6
,PSRUWDQWHV LQVWUXFFLRQHV GH VHJXULGDG (YLWDU ORV DUUDQTXHV DFFLGHQWDOHV³1R WUDQVSRUWH XQ DSDUDWR HQFKXIDGR FRQ HO GHGR HQ HO LQWHUUXSWRU $O HQFKXIDUOR FHUFLyUHVH GH TXH HO LQWHUUXSWRU HVWp DSDJDGR 1R PDOWUDWDU HO FDEOH HOpFWULFR³1XQFD WUDQVSRUWH HO DSDUDWR WLUDQGR GHO FDEOH HOpFWULFR QL WLUH GH pVWH SDUD GHVHQFKXIDUOR GHO HQFKXIH 0DQWHQJD HO FDEOH DOHMDGR GHO FDORU HO DFHLWH \ ORV ERUGHV DILODGRV $GYHUWHQFLD ³ 3DUD UHGXFLU HO ULHVJR GH 0DQWHQHU HO JXDUGDKLHUED FRORFDGR \ HQ SHUIHFWR HVWDGR LQ
5HDOL]DU HO PDQWHQLPLHQWR GHO DSDUDWR³3DUD FDPELDU ORV DFFHVRULRV VLJD ODV LQVWUXFFLRQHV SHUWLQHQWHV ,QVSHFFLRQH SHULyGLFDPHQWH HO DSDUDWR \ VL GHWHFWD DOJ~Q GDxR VROLFLWH VX UHSDUDFLyQ DO &RQFHVLRQDULR GH 6HUYLFLR 7RUR $XWRUL]DGR ,QVSHFFLRQH SHULyGLFDPHQWH HO FDEOH GH H[WHQVLyQ \ UHHPSOiFHOR VL HVWXYLHUD GDxDGR 0DQWHQJD ORV PDQLOODUHV VHFRV OLPSLRV \ VLQ JUDVD QL DFHLWH (O DSDUDWR QR QHFHVLWD OXEULILFDQWH H[WHQVLyQ GH PHQRU WDPDxR FDXVDUi FDtGDV GH WHQVLyQ TXH SURGXFLUiQ SpUGLGDV GH SRWHQFLD \
0RQWDMH 0RQWDMH GHO DVD GH VRSRUWH ,QVWDOH HO DVD GH VRSRUWH FRQ HO ODGR OLVR GLULJLGR KDFLD HO PDQLOODU VXSHULRU 6XMpWHOD FRQ XQ SHUQR \ XQD WXHUFD GH PDULSRVD 0RGHOR ,QVWDODFLyQ GHO JXDUGDKLHUED &8,'$'2 'HEDMR GHO JXDUGDKLHUED HVWi LQVWDODGD XQD FXFKLOOD PX\ DILODGD SDUD FRUWDU OD WDQ]D GH FRUWH D PHGLGD TXH pVWD DYDQ]D DXWRPiWLFDPHQWH (VWD FXFKLOOD SRGUtD SURGXFLUOH FRUWHV \ FDXVDUOH OHVLRQHV 7HQJD FXLGDGR GH QR FRUWDUVH PLHQWUDV PDQLSXOD HO JXDUGDKLHUED (YLWH OD FXFKLOOD
&8,'$'2 6L QR LQVWDOD SHUIHFWDPHQWH OD ERELQD \ OD WDSD HO DSDUDWR SRGUtD H[SXOVDUORV PLHQWUDV HVWi HQ IXQFLRQDPLHQWR FDXVDQGR OHVLRQHV DO RSHUDULR R D ORV FLUFXQGDQWHV &RQH[LyQ D XQD WRPD GH DOLPHQWDFLyQ $'9(57(1&,$ &RPSUXHEH TXH KD LQVWDODGR SHUIHFWDPHQWH OD ERELQD \ OD WDSD FRQ ODV GRV OHQJHWDV GH FLHUUH \ OD WDSD FRUUHFWDPHQWH LQVWDODGDV HQ VX DORMDPLHQWR 6L QR HQFDMD FRPSOHWDPHQWH HO FDEOH GH H[WHQVLyQ HQ OD WRPD HO HQFKXIH IORMR SRGUtD SURGXFLU XQ VREUHFDOHQWDPLHQWR \ FDXVDU XQ LQFHQGLR
5HFRUWH ~QLFDPHQWH FXDQGR OD KLHUED \ OD PDOH]D HVWpQ VHFDV 0XHYD OHQWDPHQWH HO DSDUDWR GHQWUR \ IXHUD GHO iUHD GH FRUWH &RUWH OD KLHUED GH PiV GH FP µ \ ODV PDODV KLHUEDV SHTXHxDV GHVGH DUULED KDFLD DEDMR SRFR D SRFR 1R IXHUFH HO DSDUDWR 'HMH TXH VHD OD SXQWD GH OD WDQ]D GH Q\ORQ OD TXH UHDOLFH HO FRUWH HVSHFLDOPHQWH D OR ODUJR GH PXURV 'HVSXpV GH FDGD XVR VDTXH SDUWH GH OD WDQ]D SDUD LPSHGLU TXH pVWD VH UHWUDLJD GHQWUR GHO FDEH]DO FRUWDGRU &RUWH GH ORV ERUGLOORV P
&8,'$'2 3DUD LPSHGLU TXH OD WDQ]D VH HQUHGH Gp VRODPHQWH XQ JROSHFLWR SDUD DODUJDUOD 6L VH SUHFLVD GH WDQ]D DGLFLRQDO HVSHUH XQRV VHJXQGRV DQWHV GH YROYHU D GDU XQ JROSHFLWR DO FDEH]DO GHO DSDUDWR 1R GHMH TXH OD WDQ]D GH FRUWH VH GHVJDVWH GH PRGR TXH TXHGH GHPDVLDGR FRUWD (Q OD PHGLGD SRVLEOH PDQWHQJD OD ORQJLWXG GH OD WDQ]D GH FRUWH D SOHQR GLiPHWUR GH FRUWH 6L QR VH DYDQ]D OD WDQ]D RFDVLRQDOPHQWH VH GHVJDVWDUi KDVWD HO RMDO &XDQGR HO DSDUDWR VH GHWHQJD OD WDQ]D WHQGHUi D UHODMD
1RWD (O DSDUDWR QR IXQFLRQDUi FRUUHFWDPHQWH VL OD WDQ]D GH FRUWH VH KD HQUROODGR HQ OD GLUHFFLyQ LQFRUUHFWD VL VREUHVDOH PiV GH PP µ R VL VH HQUROOD PiV DOOi GH ORV H[WUHPRV GH OD ERELQD 'HVHQUROOH XQ Pi[LPR GH FP µ GH WDQ]D GH FRUWH GH OD ERELQD WDQWR QXHYD FRPR UHERELQDGD 6XMHWH OD WDQ]D GH FRUWH \ OD ERELQD SDUD TXH QR VH GHVKDJD HO HPERELQDGR 6XMHWDQGR OD ERELQD \ OD WDQ]D GH FRUWH SDUD HYLWDU TXH pVWD VH GHVHQUROOH FRORTXH OD WDSD HQ OD ERELQD 5HYLVH \ DSULHWH WRGRV ORV VXMH
/D SURPHVD GH 7RUR *DUDQWtD WRWDO GH GRV DxRV SDUD XVR UHVLGHQFLDO 3DUD (VWDGRV 8QLGRV &DQDGi \ 0p[LFR 7RUR &RPSDQ\ \ VX ILOLDO 7RUR :DUUDQW\ &RPSDQ\ FRQIRUPH D XQ DFXHUGR FRQMXQWR JDUDQWL]DQ HVWH SURGXFWR SRU GRV DxRV FRQWUD GHIHFWRV HQ PDWHULDO R PDQR GH REUD 3DUD REWHQHU XQ UHHPSOD]R R OD UHSDUDFLyQ D RSFLyQ QXHVWUD GHYXHOYD WRGD OD XQLGDG DO YHQGHGRU FRQ FRUUHR SDJDGR SRU DQWLFLSDGR VyOR ORV FOLHQWHV HQ (( 88 SXHGHQ GHYROYHU VX XQLGDG FRQ HO FRPSUREDQWH GH FRPSUD D FXDOTXLHU &RQFHVLRQDULR