GEAppliances.com
Owner’s Manual &
Installation Instructions
Operating Instructions
PP989
Care and Cleaning
Installation Instructions
Consumer Support
Write the model and serial
numbers here:
Model # __________________
Serial # ___________________
Find these numbers on a label
under the cooktop, on the side
of the vent chamberꢀ
49-80635 05-11 GE
,03257$17ꢀ6$)(7<ꢀ,1)250$7,21ꢁ
5($'ꢀ$//ꢀ,16758&7,216ꢀ%()25(ꢀ86,1*ꢁꢀ
*($SSOLDQFHVꢁFRP
:$51,1*
ꢁ,1ꢀ7+(ꢀ(9(17ꢀ2)ꢀ$ꢀ),5(ꢂꢀ7$.(ꢀ7+(ꢀ)2//2:,1*ꢀ
67(36ꢀ72ꢀ35(9(17ꢀ7+(ꢀ),5(ꢀ)520ꢀ635($',1*ꢃ
■ꢁꢁ'RꢁQRWꢁXVHꢁZDWHUꢁRQꢁJUHDVHꢁILUHVꢂꢁ1HYHUꢁSLFNꢁXSꢁDꢁ
IODPLQJꢁSDQꢂꢁ7XUQꢁWKHꢁFRQWUROVꢁRIIꢂꢁ6PRWKHUꢁDꢁIODPLQJꢁ
SDQꢁRQꢁDꢁVXUIDFHꢁXQLWꢁE\ꢁFRYHULQJꢁWKHꢁSDQꢁFRPSOHWHO\ꢁ
ZLWKꢁDꢁZHOOꢊILWWLQJꢁOLGꢃꢁFRRNLHꢁVKHHWꢁRUꢁIODWꢁWUD\ꢂꢁ8VHꢁ
DꢁPXOWLꢊSXUSRVHꢁGU\ꢁFKHPLFDOꢁRUꢁIRDPꢊW\SHꢁILUHꢁ
H[WLQJXLVKHUꢂ
:$51,1*
ꢁ5$',$17ꢀ&22.723ꢀ6$)(7<ꢀ,16758&7,216
■ꢁꢁ1HYHUꢁOHDYHꢁWKHꢁVXUIDFHꢁXQLWVꢁXQDWWHQGHGꢁDWꢁPHGLXPꢁRUꢁ ■ $YRLGꢁVFUDWFKLQJꢁRUꢁLPSDFWLQJꢁWKHꢁJODVVꢁFRRNWRSꢂꢁ'RLQJꢁ
KLJKꢁKHDWꢁVHWWLQJVꢂꢁ%RLORYHUVꢁFDXVHꢁVPRNLQJꢁDQGꢁJUHDV\ꢁ
VSLOORYHUVꢁWKDWꢁPD\ꢁFDWFKꢁRQꢁILUHꢂ
VRꢁPD\ꢁOHDGꢁWRꢁEURNHQꢁJODVVꢂꢁ7KHꢁFRRNWRSꢁFDQꢁEHꢁ
VFUDWFKHGꢁZLWKꢁLWHPVꢁVXFKꢁDVꢁNQLYHVꢃꢁVKDUSꢁLQVWUXPHQWVꢃꢁ
ULQJVꢁRUꢁRWKHUꢁMHZHOU\ꢃꢁDQGꢁULYHWVꢁRQꢁFORWKLQJꢂꢁ
■ꢁꢁ1HYHUꢁOHDYHꢁRLOꢁXQDWWHQGHGꢁZKLOHꢁIU\LQJꢂꢁꢁ,IꢁDOORZHGꢁWRꢁ
KHDWꢁEH\RQGꢁLWVꢁVPRNLQJꢁSRLQWꢃꢁRLOꢁPD\ꢁLJQLWHꢁUHVXOWLQJꢁ
LQꢁILUHꢁWKDWꢁPD\ꢁVSUHDGꢁWRꢁVXUURXQGLQJꢁFDELQHWVꢂꢁꢁ8VHꢁDꢁ
GHHSꢁIDWꢁWKHUPRPHWHUꢁZKHQHYHUꢁSRVVLEOHꢁWRꢁPRQLWRUꢁRLOꢁ
WHPSHUDWXUHꢂ
■ꢁꢁ'RꢁQRWꢁFRRNꢁRQꢁDꢁEURNHQꢁFRRNWRSꢂꢁ,IꢁJODVVꢁFRRNWRSꢁ
VKRXOGꢁEUHDNꢃꢁFOHDQLQJꢁVROXWLRQVꢁDQGꢁVSLOORYHUVꢁ
PD\ꢁSHQHWUDWHꢁWKHꢁEURNHQꢁFRRNWRSꢁDQGꢁFUHDWHꢁDꢁ
ULVNꢁRIꢁHOHFWULFꢁVKRFNꢂꢁ&RQWDFWꢁDꢁTXDOLILHGꢁWHFKQLFLDQꢁ
LPPHGLDWHO\ꢂ
■ 7RꢁDYRLGꢁRLOꢁVSLOORYHUꢁDQGꢁILUHꢃꢁXVHꢁDꢁPLQLPXPꢁDPRXQWꢁRIꢁ
RLOꢁZKHQꢁVKDOORZꢁSDQꢊIU\LQJꢁDQGꢁDYRLGꢁFRRNLQJꢁIUR]HQꢁ
IRRGVꢁZLWKꢁH[FHVVLYHꢁDPRXQWVꢁRIꢁLFHꢂꢁ
■ 'RꢁQRWꢁSODFHꢁRUꢁVWRUHꢁLWHPVꢁWKDWꢁFDQꢁPHOWꢁRUꢁFDWFKꢁILUHꢁ
RQꢁWKHꢁJODVVꢁFRRNWRSꢃꢁHYHQꢁZKHQꢁLWꢁLVꢁQRWꢁEHLQJꢁXVHGꢂꢁ,Iꢁ
WKHꢁFRRNWRSꢁLVꢁLQDGYHUWHQWO\ꢁWXUQHGꢁRQꢃꢁWKH\ꢁPD\ꢁLJQLWHꢂꢁ
+HDWꢁIURPꢁWKHꢁFRRNWRSꢁDIWHUꢁLWꢁLVꢁWXUQHGꢁRIIꢁPD\ꢁFDXVHꢁ
WKHPꢁWRꢁLJQLWHꢁDOVRꢂ
■ 8VHꢁSURSHUꢁSDQꢁVL]H³VHOHFWꢁFRRNZDUHꢁKDYLQJꢁIODWꢁ
ERWWRPVꢁODUJHꢁHQRXJKꢁWRꢁFRYHUꢁWKHꢁVXUIDFHꢁKHDWLQJꢁ
HOHPHQWꢂꢁ7KHꢁXVHꢁRIꢁXQGHUVL]HGꢁFRRNZDUHꢁZLOOꢁH[SRVHꢁ
DꢁSRUWLRQꢁRIꢁWKHꢁVXUIDFHꢁXQLWꢁWRꢁGLUHFWꢁFRQWDFWꢁDQGꢁPD\ꢁ
UHVXOWꢁLQꢁLJQLWLRQꢁRIꢁFORWKLQJꢂꢁꢁ3URSHUꢁUHODWLRQVKLSꢁRIꢁ
FRRNZDUHꢁWRꢁVXUIDFHꢁXQLWꢁZLOOꢁDOVRꢁLPSURYHꢁHIILFLHQF\ꢂ
Š
■ 8VHꢁ&(5$0$ꢁ%5<7( ꢁFHUDPLFꢁ&RRNWRSꢁ&OHDQHUꢁDQGꢁ
Š
&(5$0$ꢁ%5<7( ꢁ&OHDQLQJꢁ3DGꢁWRꢁFOHDQꢁWKHꢁFRRNWRSꢂꢁ
:DLWꢁXQWLOꢁWKHꢁFRRNWRSꢁFRROVꢁDQGꢁWKHꢁLQGLFDWRUꢁOLJKWꢁJRHVꢁ
RXWꢁEHIRUHꢁFOHDQLQJꢂꢁ$ꢁZHWꢁVSRQJHꢁRUꢁFORWKꢁRQꢁDꢁKRWꢁ
VXUIDFHꢁFDQꢁFDXVHꢁVWHDPꢁEXUQVꢂꢁ6RPHꢁFOHDQHUVꢁFDQꢁ
SURGXFHꢁQR[LRXVꢁIXPHVꢁLIꢁDSSOLHGꢁWRꢁDꢁKRWꢁVXUIDFHꢂꢁ1RWHꢄꢁ
6XJDUꢁVSLOOVꢁDUHꢁDQꢁH[FHSWLRQꢂꢁ7KH\ꢁVKRXOGꢁEHꢁVFUDSHGꢁ
RIIꢁZKLOHꢁVWLOOꢁKRWꢁXVLQJꢁDQꢁRYHQꢁPLWWꢁDQGꢁDꢁVFUDSHUꢂꢁ6HHꢁ
WKHꢁ&OHDQLQJꢁWKHꢁJODVVꢁFRRNWRSꢁVHFWLRQꢁIRUꢁGHWDLOHGꢁ
LQVWUXFWLRQVꢂꢁ
■ꢁꢁ2QO\ꢁFHUWDLQꢁW\SHVꢁRIꢁJODVVꢃꢁJODVVꢌFHUDPLFꢃꢁHDUWKHQZDUHꢁ
RUꢁRWKHUꢁJOD]HGꢁFRQWDLQHUVꢁDUHꢁVXLWDEOHꢁIRUꢁFRRNWRSꢁ
VHUYLFHꢅꢁRWKHUVꢁPD\ꢁEUHDNꢁEHFDXVHꢁRIꢁWKHꢁVXGGHQꢁ
FKDQJHꢁLQꢁWHPSHUDWXUHꢂ
■ꢁꢁ7RꢁPLQLPL]HꢁWKHꢁSRVVLELOLW\ꢁRIꢁEXUQVꢃꢁLJQLWLRQꢁRIꢁ
IODPPDEOHꢁPDWHULDOVꢁDQGꢁVSLOODJHꢃꢁWKHꢁKDQGOHꢁRIꢁDꢁ
FRQWDLQHUꢁVKRXOGꢁEHꢁWXUQHGꢁWRZDUGꢁWKHꢁFHQWHUꢁRIꢁWKHꢁ
UDQJHꢁZLWKRXWꢁH[WHQGLQJꢁRYHUꢁQHDUE\ꢁVXUIDFHꢁXQLWVꢂ
■ꢁꢁ5HDGꢁDQGꢁIROORZꢁDOOꢁLQVWUXFWLRQVꢁDQGꢁZDUQLQJVꢁRQꢁWKHꢁ
FOHDQLQJꢁFUHDPꢁODEHOꢂ
■ :KHQꢁSUHSDULQJꢁIODPLQJꢁIRRGVꢁXQGHUꢁDꢁKRRGꢃꢁWXUQꢁWKHꢁ
IDQꢁRQꢂ
■ꢁ8ꢁ VHꢁFDUHꢁZKHQꢁWRXFKLQJꢁWKHꢁFRRNWRSꢂꢁ7KHꢁJODVVꢁVXUIDFHꢁ
RIꢁWKHꢁFRRNWRSꢁZLOOꢁUHWDLQꢁKHDWꢁDIWHUꢁWKHꢁFRQWUROVꢁKDYHꢁ
EHHQꢁWXUQHGꢁRIIꢂ
ꢋ
)HDWXUHVꢀRIꢀ<RXUꢀ&RRNWRSꢁ
7KURXJKRXWꢀWKLVꢀPDQXDOꢂꢀIHDWXUHVꢀDQGꢀDSSHDUDQFHꢀPD\ꢀYDU\ꢀIURPꢀ\RXUꢀPRGHOꢁ
)HDWXUHꢀ,QGH[ꢀꢄ)HDWXUHVꢀDQGꢀDSSHDUDQFHꢀPD\ꢀYDU\ꢅ
/HIWꢀ5HDUꢀ6XUIDFHꢀ8QLW
%ULGJHꢀ6XUIDFHꢀ8QLW
/HIWꢀ)URQWꢀ6XUIDFHꢀ8QLW
9HQWꢀ*ULOOH
9HQWꢀ)LOWHUꢀꢄEHORZꢀWKHꢀYHQWꢀJULOOHꢅ
5LJKWꢀ5HDUꢀ6XUIDFHꢀ8QLW
'XDOꢀ6XUIDFHꢀ8QLW
0RGHOꢀDQGꢀ6HULDOꢀ1XPEHUꢀ/DEHOꢀꢄXQGHUꢀWKHꢀFRRNWRSꢂ
ꢀ
RQꢀWKHꢀULJKWꢀVLGHꢀRIꢀWKHꢀYHQWꢀFKDPEHUꢅ
/HIWꢀ5HDUꢀ6XUIDFHꢀ8QLWꢀ&RQWURO
/HIWꢀ)URQWꢀ6XUIDFHꢀ8QLWꢀ&RQWURO
/HIWꢀ6LGHꢀ+RWꢀ6XUIDFHꢀ,QGLFDWRUꢀ/LJKWVꢀꢄRQHꢀIRUꢀHDFKꢀVXUIDFHꢀXQLWꢅ
9HQWꢀ)DQꢀ6SHHGꢀ&RQWURO
&RQWUROꢀ/RFNꢀ.QRE
5LJKWꢀ6LGHꢀ+RWꢀ6XUIDFHꢀ,QGLFDWRUꢀ/LJKWVꢀꢄRQHꢀIRUꢀHDFKꢀVXUIDFHꢀXQLWꢅ
'XDOꢀ6XUIDFHꢀ8QLWꢀ&RQWURO
5LJKWꢀ5HDUꢀ6XUIDFHꢀ8QLWꢀ&RQWURO
6XUIDFHꢀ8QLWꢀ2Qꢀ,QGLFDWRUꢀ/LJKW
ꢍ
8VLQJꢀWKHꢀVXUIDFHꢀXQLWVꢁꢀ
*($SSOLDQFHVꢁFRP
5DGLDQWꢀ6XUIDFHꢀ8QLWV
7KHꢁFRQWUROꢁIRUꢁWKHꢁUDGLDQWꢁVXUIDFHꢁXQLWꢁFDQꢁ
EHꢁVHWꢁDQ\ZKHUHꢁEHWZHHQꢁ/2ꢁꢁDQGꢁ+,ꢁIRUꢁDQꢁ
XQOLPLWHGꢁQXPEHUꢁRIꢁKHDWꢁVHWWLQJVꢂꢁ:LWKꢁWKHꢁ
LQILQLWHꢁVZLWFKꢁWKHꢁFRLOꢁF\FOHVꢁRQꢁDQGꢁRIIꢁWRꢁ
PDLQWDLQꢁ\RXUꢁVHOHFWHGꢁFRQWUROꢁVHWWLQJꢂ
7KHꢁVXUIDFHꢁXQLWꢁ21ꢁLQGLFDWRUꢁOLJKWꢁZLOOꢁJORZꢁ
ZKHQꢁDQ\ꢁVXUIDFHꢁXQLWꢁLVꢁRQꢂ
7KHꢀ+27ꢀVXUIDFHꢀ LQGLFDWRUꢁOLJKWꢁZLOOꢁJORZꢁZKHQꢁ
WKHꢁJODVVꢁVXUIDFHꢁLVꢁKRWꢁDQGꢁZLOOꢁUHPDLQꢁRQꢁXQWLOꢁ
WKHꢁVXUIDFHꢁKDVꢁFRROHGꢂꢁ
7RꢁEULQJꢁOLTXLGVꢁWRꢁDꢁERLOꢁIDVWHUꢃꢁXVHꢁDꢁOLGꢁWRꢁ
FRYHUꢁWKHꢁSDQꢂ
7KHꢁFRQWUROꢁNQREꢁPXVWꢁEHꢁSXVKHGꢁGRZQꢁDQGꢁ
WXUQHGꢁIURPꢁWKHꢁ2))ꢁꢁSRVLWLRQꢂꢁ:KHQꢁWKHꢁ
FRQWUROꢁNQREVꢁDUHꢁLQꢁDQ\ꢁSRVLWLRQꢁRWKHUꢁWKDQꢁRIIꢃꢁ
WKH\ꢁPD\ꢁEHꢁWXUQHGꢁZLWKRXWꢁSXVKLQJꢁGRZQꢂ
%HꢀVXUHꢀ\RXꢀWXUQꢀWKHꢀFRQWUROꢀNQREꢀ
WRꢀ2))ꢀZKHQꢀ\RXꢀILQLVKꢀFRRNLQJꢁꢀ
%HꢁVXUHꢁ\RXꢁWXUQꢁWKHꢁFRQWUROꢁNQREꢁRIIꢁZKHQꢁ\RXꢁ
ILQLVKꢁFRRNLQJꢂꢁ<RXꢁZLOOꢁIHHOꢁDꢁFOLFNꢁDWꢁWKHꢁ2))ꢁ
SRVLWLRQꢂ
$ERXWꢀWKHꢀUDGLDQWꢀVXUIDFHꢀXQLWV«
SURFACE
COOKING
7KHꢁUDGLDQWꢁFRRNWRSꢁIHDWXUHVꢁKHDWLQJꢁXQLWVꢁ
EHQHDWKꢁDꢁVPRRWKꢁJODVVꢁVXUIDFHꢂ
■ꢁꢀ:DWHUꢀVWDLQVꢀꢄPLQHUDOꢀGHSRVLWVꢅꢀDUHꢀUHPRYDEOHꢀ
XVLQJꢀWKHꢀFOHDQLQJꢀFUHDPꢀRUꢀIXOOꢀVWUHQJWKꢀ
ZKLWHꢀYLQHJDUꢁ
127(ꢂꢀ$ꢀVOLJKWꢀRGRUꢀLVꢀQRUPDOꢀZKHQꢀDꢀQHZꢀ
FRRNWRSꢀLVꢀXVHGꢀIRUꢀWKHꢀILUVWꢀWLPHꢁꢀ,WꢀLVꢀFDXVHGꢀ
E\ꢀWKHꢀKHDWLQJꢀRIꢀQHZꢀSDUWVꢀDQGꢀLQVXODWLQJꢀ
PDWHULDOVꢀDQGꢀZLOOꢀGLVDSSHDUꢀLQꢀDꢀVKRUWꢀWLPHꢁꢀ
■ꢀꢀ8VHꢀRIꢀZLQGRZꢀFOHDQHUꢀPD\ꢀOHDYHꢀDQꢀ
LULGHVFHQWꢀILOPꢀRQꢀWKHꢀFRRNWRSꢁꢀ7KHꢀFOHDQLQJꢀ
FUHDPꢀZLOOꢀUHPRYHꢀWKLVꢀGLVFRORUDWLRQꢁ
1HYHUꢁFRRNꢁGLUHFWO\ꢁRQꢁWKHꢁJODVVꢂꢁ
$OZD\VꢁXVHꢁFRRNZDUHꢂ
■ꢀꢀ'RQ·WꢀVWRUHꢀKHDY\ꢀLWHPVꢀDERYHꢀWKHꢀFRRNWRSꢁꢀ,Iꢀ
WKH\ꢀGURSꢀRQWRꢀWKHꢀFRRNWRSꢂꢀWKH\ꢀFDQꢀFDXVHꢀ
GDPDJHꢁ
127(ꢂꢀ2QꢀPRGHOVꢀZLWKꢀOLJKWꢀFRORUHGꢀJODVVꢀ
FRRNWRSVꢂꢀLWꢀLVꢀQRUPDOꢀIRUꢀWKHꢀFRRNLQJꢀ]RQHVꢀWRꢀ
FKDQJHꢀFRORUꢀZKHQꢀKRWꢀRUꢀFRROLQJꢀGRZQꢁꢀ7KLVꢀLVꢀ
WHPSRUDU\ꢀDQGꢀZLOOꢀGLVDSSHDUꢀDVꢀWKHꢀJODVVꢀFRROVꢀ
WRꢀURRPꢀWHPSHUDWXUHꢁ
■ꢀꢀ'RꢀQRWꢀXVHꢀWKHꢀVXUIDFHꢀDVꢀDꢀFXWWLQJꢀERDUGꢁ
OFF CENTER
7KHꢁVXUIDFHꢁXQLWꢁZLOOꢁF\FOHꢁRQꢁDQGꢁRIIꢁWRꢁ
PDLQWDLQꢁ\RXUꢁVHOHFWHGꢁFRQWUROꢁVHWWLQJꢂꢁ
,WꢁLVꢁVDIHꢁWRꢁSODFHꢁKRWꢁFRRNZDUHꢁIURPꢁWKHꢁRYHQꢁ
RUꢁVXUIDFHꢁRQꢁWKHꢁJODVVꢁVXUIDFHꢁZKHQꢁWKHꢁ
VXUIDFHꢁLVꢁFRROꢂꢁ
$OZD\VꢁSODFHꢁWKHꢁSDQꢁLQꢁWKHꢁFHQWHUꢁꢁ
RIꢁWKHꢁVXUIDFHꢁXQLWꢁ\RXꢁDUHꢁFRRNLQJꢁRQꢂ
(YHQꢁDIWHUꢁWKHꢁVXUIDFHꢁXQLWVꢁDUHꢁWXUQHGꢁRIIꢃꢁWKHꢁ
JODVVꢁFRRNWRSꢁUHWDLQVꢁHQRXJKꢁKHDWꢁWRꢁFRQWLQXHꢁ
FRRNLQJꢂꢁ7RꢁDYRLGꢁRYHUꢊFRRNLQJꢃꢁUHPRYHꢁSDQVꢁ
IURPꢁWKHꢁVXUIDFHꢁXQLWVꢁZKHQꢁWKHꢁIRRGꢁLVꢁFRRNHGꢂꢁ
$YRLGꢁSODFLQJꢁDQ\WKLQJꢁRQꢁWKHꢁVXUIDFHꢁXQLWꢁXQWLOꢁꢁ
LWꢁKDVꢁFRROHGꢁFRPSOHWHO\ꢂ
DRAGGING
'RꢁQRWꢁVOLGHꢁFRRNZDUHꢁDFURVVꢁWKHꢁ
FRRNWRSꢁEHFDXVHꢁLWꢁFDQꢁVFUDWFKꢁWKHꢁ
JODVVꢂꢁ7KHꢁJODVVꢁLVꢁVFUDWFKꢊUHVLVWDQWꢃꢁ
QRWꢁVFUDWFKSURRIꢂ
ꢎ
8VLQJꢀWKHꢀVXUIDFHꢀXQLWVꢁ
'XDOꢀ6XUIDFHꢀ8QLW
7KHꢁULJKWꢁIURQWꢁVXUIDFHꢁXQLWꢁKDVꢁꢀꢁFRRNLQJꢁVL]HVꢁ
WRꢁVHOHFWꢁIURPꢁVRꢁ\RXꢁFDQꢁPDWFKꢁWKHꢁVL]HꢁRIꢁWKHꢁ
XQLWꢁWRꢁWKHꢁVL]HꢁRIꢁWKHꢁFRRNZDUHꢁ\RXꢁDUHꢁXVLQJꢂꢁ
7RꢁXVHꢁWKHꢁVPDOOꢁꢏꢇꢊLQFKꢑꢁVXUIDFHꢁXQLWꢃꢁWXUQꢁWKHꢁ
NQREꢁFRXQWHUFORFNZLVHꢁWRꢁ ꢁDQGꢁVHOHFWꢁWKHꢁ
GHVLUHGꢁVHWWLQJꢂꢁ7KHꢁXQLWꢁZLOOꢁRQO\ꢁKHDWꢁWKHꢁDUHDꢁ
LQVLGHꢁWKHꢁVPDOOHUꢁFLUFOHꢂ
7RꢁXVHꢁWKHꢁODUJHꢁꢏꢐꢊLQFKꢑꢁVXUIDFHꢁXQLWꢃꢁWXUQꢁWKHꢁ
ꢁ
NQREꢁFORFNZLVHꢁWRꢁ
DQGꢁVHOHFWꢁWKHꢁGHVLUHGꢁ
VHWWLQJꢂꢁ7KHꢁXQLWꢁZLOOꢁKHDWꢁWKHꢁHQWLUHꢁDUHDꢁ
FRQWDLQHGꢁE\ꢁWKHꢁODUJHUꢁFLUFOHꢂ
6PDOOꢁꢇꢒꢁ
VXUIDFHꢁXQLWꢁ
VHWWLQJ
/DUJHꢁꢐꢒꢁꢁ
VXUIDFHꢁXQLWꢁVHWWLQJ
%ULGJHꢀ6XUIDFHꢀ8QLW
0DNHꢁVXUHꢁWKHꢁSDQꢁUHVWVꢁIODWꢁRQꢁWKHꢁJODVVꢁ
FRRNWRSꢁDQGꢁLWꢁLVꢁQRWꢁUHVWLQJꢁRQꢁWKHꢁWULPꢂꢁ,Iꢁ\RXꢁ
QRWLFHꢁSRRUꢁFRRNLQJꢁSHUIRUPDQFHꢃꢁPRYHꢁWKHꢁ
SDQꢁWRꢁPDNHꢁVXUHꢁLWꢁLVꢁIODWꢁRQꢁWKHꢁFRRNWRSꢂ
&KRRVHꢁSDQVꢁWKDWꢁPDWFKꢁWKHꢁFLUFOHꢌEULGJHꢁDUHDꢁ
DVꢁFORVHO\ꢁDVꢁSRVVLEOHꢂ
7RꢁXVHꢁRQO\ꢁWKHꢁIURQWꢁVXUIDFHꢁXQLWꢃꢁWXUQꢁWKHꢁ
EXUQHUꢁNQREꢁWRꢁ DQGꢁVHOHFWꢁWKHꢁGHVLUHGꢁ
ꢁ
7RꢁXVHꢁWKHꢁEULGJHꢁEXUQHUꢃꢁWXUQꢁWKHꢁEXUQHUꢁNQREꢁ
VHWWLQJꢂꢁ7KHꢁXQLWꢁZLOOꢁRQO\ꢁKHDWꢁWKHꢁIURQWꢁVXUIDFHꢁ
WRꢁ DQGꢁVHOHFWꢁWKHꢁGHVLUHGꢁVHWWLQJꢂꢁ7KHꢁXQLWꢁZLOOꢁ EXUQHUꢂ
ꢁ
)URQWꢁ
%XUQHUꢁ
RQO\
KHDWꢁWKHꢁIURQWꢁVXUIDFHꢁEXUQHUꢁDQGꢁWKHꢁEULGJHꢂ
)URQWꢁ
%XUQHUꢁDQGꢁ
%ULGJH
<RXꢀFDQꢀFUHDWHꢀDQꢀREORQJꢀKHDWHGꢀDUHDꢀE\ꢀXVLQJꢀ
WKHꢀOHIWꢀUHDUꢀXQLWꢀLQꢀDGGLWLRQꢀWRꢀWKHꢀIURQWꢀXQLWꢀ
EULGJHꢀFRPELQDWLRQꢁ
6XUIDFHꢀ(OHPHQWVꢀ&\FOHꢀ2QꢀDQGꢀ2II
6XUIDFHꢁHOHPHQWVꢁZLOOꢁF\FOHꢁRQꢁDQGꢁRIIꢁWRꢁ
PDLQWDLQꢁWKHꢁWHPSHUDWXUHꢁ\RXꢁKDYHꢁVHOHFWHGꢂ
7KHꢁWHPSHUDWXUHꢁOLPLWHUꢁPD\ꢁF\FOHꢁWKHꢁ
HOHPHQWVꢁRIIꢁZKLOHꢁFRRNLQJꢁLIꢄ
■ꢀ7KHꢀSDQꢀERLOVꢀGU\
■ꢀ7KHꢀSDQꢀERWWRPꢀLVꢀQRWꢀIODWꢁ
■ꢀ7KHꢀSDQꢀLVꢀRIIꢆFHQWHUꢁ
$OOꢁUDGLDQWꢁVXUIDFHꢁHOHPHQWVꢁKDYHꢁDꢁ
WHPSHUDWXUHꢁOLPLWHUꢁWKDWꢁSURWHFWVꢁWKHꢁJODVVꢁ
FRRNWRSꢁIURPꢁJHWWLQJꢁWRRꢁKRWꢂ
■ꢀ7KHUHꢀLVꢀQRꢀSDQꢀRQꢀWKHꢀHOHPHQWꢁ
7HPSHUDWXUHꢀ/LPLWHU
(YHU\ꢁUDGLDQWꢁVXUIDFHꢁXQLWꢁKDVꢁDꢁWHPSHUDWXUHꢁ
OLPLWHUꢂꢁ
7KHꢁWHPSHUDWXUHꢁOLPLWHUꢁPD\ꢁF\FOHꢁWKHꢁXQLWVꢁRIIꢁ
IRUꢁDꢁWLPHꢁLIꢄ
■ꢀ7KHꢀFRRNWRSꢀLVꢀRQꢀZKLOHꢀFRRNLQJꢁ
■ꢀ7KHꢀSDQꢀERLOVꢀGU\ꢁ
■ꢀ7KHꢀSDQꢀERWWRPꢀLVꢀQRWꢀIODWꢁ
■ꢀ7KHꢀSDQꢀLVꢀRIIꢆFHQWHUꢁ
7KHꢁWHPSHUDWXUHꢁOLPLWHUꢁSURWHFWVꢁWKHꢁJODVVꢁ
FRRNWRSꢁIURPꢁJHWWLQJꢁWRRꢁKRWꢂ
■ꢀ7KHUHꢀLVꢀQRꢀSDQꢀRQꢀWKHꢀXQLWꢁ
&RQWUROꢀ/RFNꢄ2XWꢀIRUꢀ6XUIDFHꢀ8QLWV
7RꢁDFWLYDWHꢁFRQWUROꢁORFNꢊRXWꢃꢁWXUQꢁWKHꢁ&RQWUROꢁ
/RFNꢁNQREꢁWRꢁ/2&.ꢂꢁ7KLVꢁZLOOꢁSUHYHQWꢁVXUIDFHꢁ
XQLWVꢁIURPꢁKHDWLQJꢂꢁ$QꢁLQGLFDWRUꢁOLJKWꢁZLOOꢁJORZꢁ
WRꢁVKRZꢁWKDWꢁWKH\ꢁDUHꢁORFNHGꢂꢁ7KHꢁGRZQGUDIWꢁ
IDQꢁZLOOꢁUHPDLQꢁRSHUDEOHꢁZLWKꢁFRQWUROꢁORFNRXWꢁ
HQJDJHGꢂꢁ
,QꢁWKHꢁORFNHGꢁSRVLWLRQꢃꢁWKHꢁFRRNWRSꢁZLOOꢁSURGXFHꢁ
DQꢁDXGLEOHꢁVRXQGꢁLIꢁDQ\ꢁVXUIDFHꢁXQLWꢁFRQWUROꢁ
NQREꢁLVꢁHQJDJHGꢁRUꢁPRYHGꢁWRꢁDꢁSRVLWLRQꢁRWKHUꢁ
WKDQꢁ2))ꢂꢁ
+RZꢀWRꢀ2SHUDWHꢀWKHꢀ9HQWꢀ6\VWHP
7KHꢁEXLOWꢊLQꢁYHQWꢁV\VWHPꢁKHOSVꢁUHPRYHꢁFRRNLQJꢁ &RQWLQXRXVꢁXVHꢁRIꢁWKHꢁYHQWꢁV\VWHPꢁZKLOHꢁ
YDSRUVꢃꢁRGRUVꢁDQGꢁVPRNHꢁIURPꢁIRRGVꢁSUHSDUHGꢁ FRRNLQJꢁKHOSVꢁNHHSꢁWKHꢁNLWFKHQꢁFRPIRUWDEOHꢁ
RQꢁWKHꢁFRRNWRSꢂꢁ
DQGꢁOHVVꢁKXPLGꢃꢁUHGXFLQJꢁFRRNLQJꢁRGRUVꢁ
DQGꢁVRLOLQJꢁPRLVWXUHꢁWKDWꢁQRUPDOO\ꢁFUHDWHVꢁDꢁ
IUHTXHQWꢁQHHGꢁIRUꢁFOHDQLQJꢂ
7RꢁRSHUDWHꢁWKHꢁGRZQGUDIWꢁYHQWꢁV\VWHPꢃꢁWXUQꢁ
WKHꢁYHQWꢁIDQꢁVSHHGꢁFRQWUROꢁNQREꢁWRꢁ+,ꢃꢀ0('ꢁ
RUꢁ/2ꢃꢁDVꢁQHHGHGꢂ
ꢇ
6HOHFWLQJꢀW\SHVꢀRIꢀFRRNZDUHꢀꢀ
IRUꢀJODVVꢀFRRNWRSꢀPRGHOVꢁꢀꢄRQꢀQRQꢆLQGXFWLRQꢀPRGHOVꢅ
ꢁ
*($SSOLDQFHVꢁFRPꢀ
7KHꢀIROORZLQJꢀLQIRUPDWLRQꢀZLOOꢀKHOSꢀ\RXꢀFKRRVHꢀFRRNZDUHꢀZKLFKꢀZLOOꢀJLYHꢀJRRGꢀSHUIRUPDQFHꢀRQꢀJODVVꢀFRRNWRSVꢁꢀ6HHꢀLQVHUWꢀ
IRUꢀFRRNZDUHꢀWRꢀXVHꢀZLWKꢀLQGXFWLRQꢀFRRNWRSVꢁ
6WDLQOHVVꢀ6WHHOꢂꢀ
3RUFHODLQꢀ(QDPHOꢀRQꢀ&DVWꢀ,URQꢂꢀ
UHFRPPHQGHG
UHFRPPHQGHGꢀLIꢀERWWRPꢀRIꢀSDQꢀLVꢀFRDWHG
$OXPLQXPꢂꢀ
KHDY\ꢀZHLJKWꢀUHFRPPHQGHG
3RUFHODLQꢀ(QDPHOꢀRQꢀ6WHHOꢂꢀ
QRWꢀUHFRPPHQGHG
*RRGꢁFRQGXFWLYLW\ꢂꢁ$OXPLQXPꢁUHVLGXHVꢁ
+HDWLQJꢁHPSW\ꢁSDQVꢁFDQꢁFDXVHꢁSHUPDQHQWꢁ
VRPHWLPHVꢁDSSHDUꢁDVꢁVFUDWFKHVꢁRQꢁWKHꢁFRRNWRSꢁ GDPDJHꢁWRꢁFRRNWRSꢁJODVVꢂꢁ7KHꢁHQDPHOꢁFDQꢁPHOWꢁ
&KHFNꢁSDQVꢁIRUꢁIODWꢁERWWRPVꢁE\ꢁ
XVLQJꢁDꢁVWUDLJKWꢁHGJHꢂ
EXWꢁFDQꢁEHꢁUHPRYHGꢁLIꢁFOHDQHGꢁLPPHGLDWHO\ꢂꢁ
%HFDXVHꢁRIꢁLWVꢁORZꢁPHOWLQJꢁSRLQWꢃꢁWKLQꢁZHLJKWꢁ
DOXPLQXPꢁVKRXOGꢁQRWꢁꢁ
DQGꢁERQGꢁWRꢁWKHꢁFHUDPLFꢁFRRNWRSꢂ
EHꢁXVHGꢂ
*ODVVꢄFHUDPLFꢂꢀ
QRWꢀUHFRPPHQGHG
3RRUꢁSHUIRUPDQFHꢂꢁ:LOOꢁVFUDWFKꢁWKHꢁVXUIDFHꢂꢁ
&RSSHUꢀ%RWWRPꢂ
UHFRPPHQGHG
&RSSHUꢁPD\ꢁOHDYHꢁUHVLGXHVꢁZKLFKꢁFDQꢁDSSHDUꢁ
DVꢁVFUDWFKHVꢂꢁ7KHꢁUHVLGXHVꢁFDQꢁEHꢁUHPRYHGꢃꢁDVꢁ
ORQJꢁDVꢁWKHꢁFRRNWRSꢁLVꢁFOHDQHGꢁLPPHGLDWHO\ꢂꢁ
+RZHYHUꢃꢁGRꢁQRWꢁOHWꢁWKHVHꢁSRWVꢁERLOꢁGU\ꢂꢁ
2YHUKHDWHGꢁPHWDOꢁFDQꢁERQGꢁWRꢁJODVVꢁFRRNWRSVꢂꢁ
$QꢁRYHUKHDWHGꢁFRSSHUꢁERWWRPꢁSRWꢁZLOOꢁOHDYHꢁDꢁ
UHVLGXHꢁWKDWꢁZLOOꢁSHUPDQHQWO\ꢁVWDLQꢁWKHꢁFRRNWRSꢁ
LIꢁQRWꢁUHPRYHGꢁLPPHGLDWHO\ꢂ
6WRQHZDUHꢂꢀ
QRWꢀUHFRPPHQGHG
3RRUꢁSHUIRUPDQFHꢂꢁ0D\ꢁVFUDWFKꢁWKHꢁVXUIDFHꢂ
&DVWꢀ,URQꢂꢀ
QRWꢀUHFRPPHQGHG³XQOHVVꢀGHVLJQHGꢀVSHFLILFDOO\ꢀ
IRUꢀJODVVꢀFRRNWRSVꢀ
3RRUꢁFRQGXFWLYLW\ꢁDQGꢁVORZꢁWRꢁDEVRUEꢁKHDWꢂꢁ:LOOꢁ
VFUDWFKꢁWKHꢁFRRNWRSꢁVXUIDFHꢂ
3DQVꢀZLWKꢀURXQGHGꢂꢀFXUYHGꢂꢀ
ULGJHGꢀRUꢀZDUSHGꢀERWWRPVꢀDUHꢀQRWꢀ
UHFRPPHQGHGꢁ
127(ꢂꢀ)ROORZꢀDOOꢀFRRNZDUHꢀPDQXIDFWXUHU·VꢀUHFRPPHQGDWLRQVꢀZKHQꢀXVLQJꢀDQ\ꢀW\SHꢀRIꢀFRRNZDUHꢀRQꢀ
WKHꢀFHUDPLFꢀFRRNWRSꢁ
)RUꢀ%HVWꢀ5HVXOWV
„ꢁꢁ3ODFHꢁRQO\ꢁGU\ꢁSDQVꢁRQꢁWKHꢁVXUIDFHꢁ
HOHPHQWVꢂꢁ'RꢁQRWꢁSODFHꢁOLGVꢁRQꢁWKHꢁVXUIDFHꢁ
HOHPHQWVꢃꢁSDUWLFXODUO\ꢁZHWꢁOLGVꢂ
„ꢁꢁ$YRLGꢁDOORZLQJꢁIRRGVꢁWRꢁERLOꢁGU\ꢁDVꢁVRPHꢁ
FRRNZDUHꢁPD\ꢁVWLFNꢁWRꢁWKHꢁFRRNLQJꢁ
VXUIDFHꢃꢁFDXVLQJꢁSHUPDQHQWꢁGDPDJHꢁWRꢁ
WKHꢁFRRNWRSꢂ
„ꢁꢁ'RꢁQRWꢁXVHꢁZRNVꢁWKDWꢁKDYHꢁVXSSRUWꢁULQJVꢂꢁ
7KLVꢁW\SHꢁRIꢁZRNꢁZLOOꢁQRWꢁKHDWꢁRQꢁJODVVꢁ
VXUIDFHꢁHOHPHQWVꢂ
'RꢀQRWꢀSODFHꢀZHWꢀSDQVꢀꢀ
RQꢀWKHꢀJODVVꢀFRRNWRSꢁ
„ꢁꢁ:HꢁUHFRPPHQGꢁWKDWꢁ\RXꢁXVHꢁRQO\ꢁDꢁIODWꢊ
ERWWRPHGꢁZRNꢂꢁ7KH\ꢁDUHꢁDYDLODEOHꢁDWꢁ\RXUꢁ
ORFDOꢁUHWDLOꢁVWRUHꢂꢁ7KHꢁERWWRPꢁRIꢁWKHꢁZRNꢁ
VKRXOGꢁKDYHꢁWKHꢁVDPHꢁGLDPHWHUꢁDVꢁWKHꢁ
VXUIDFHꢁHOHPHQWꢁWRꢁHQVXUHꢁSURSHUꢁFRQWDFWꢂ
'RꢀQRWꢀXVHꢀZRNVꢀZLWKꢀVXSSRUWꢀꢀ
ULQJVꢀRQꢀWKHꢀJODVVꢀFRRNWRSꢁ
„ꢁꢁ6RPHꢁVSHFLDOꢁFRRNLQJꢁSURFHGXUHVꢁUHTXLUHꢁ
VSHFLILFꢁFRRNZDUHꢁVXFKꢁDVꢁSUHVVXUHꢁ
FRRNHUVꢃꢁGHHSꢊIDWꢁIU\HUVꢃꢁHWFꢂꢁ$OOꢁFRRNZDUHꢁ
PXVWꢁKDYHꢁIODWꢁERWWRPVꢁDQGꢁEHꢁWKHꢁFRUUHFWꢁ
VL]Hꢂ
8VHꢀIODWꢆERWWRPHGꢀZRNVꢀꢀ
RQꢀWKHꢀJODVVꢀFRRNWRSꢁ
ꢓ
&DUHꢀDQGꢀFOHDQLQJꢀRIꢀWKHꢀFRRNWRSꢁ
%HꢀVXUHꢀHOHFWULFDOꢀSRZHUꢀLVꢀRIIꢀDQGꢀDOOꢀVXUIDFHVꢀDUHꢀFRROꢀEHIRUHꢀFOHDQLQJꢀDQ\ꢀSDUWꢀRIꢀWKHꢀFRRNWRSꢁ
+RZꢀWRꢀ5HPRYHꢀ3URWHFWLYHꢀ6KLSSLQJꢀ)LOPꢀDQGꢀ3DFNDJLQJꢀ7DSH
&DUHIXOO\ꢁJUDVSꢁDꢁFRUQHUꢁRIꢁWKHꢁSURWHFWLYHꢁ
VKLSSLQJꢁILOPꢁZLWKꢁ\RXUꢁILQJHUVꢁDQGꢁVORZO\ꢁSHHOꢁ
LWꢁIURPꢁWKHꢁDSSOLDQFHꢁVXUIDFHꢂꢁ'RꢁQRWꢁXVHꢁDQ\ꢁ
VKDUSꢁLWHPVꢁWRꢁUHPRYHꢁWKHꢁILOPꢂꢁ5HPRYHꢁDOOꢁRIꢁ
WKHꢁILOPꢁEHIRUHꢁXVLQJꢁWKHꢁDSSOLDQFHꢁIRUꢁWKHꢁILUVWꢁ
WLPHꢂ
7RꢁDVVXUHꢁQRꢁGDPDJHꢁLVꢁGRQHꢁWRꢁWKHꢁILQLVKꢁ
RIꢁWKHꢁSURGXFWꢃꢁWKHꢁVDIHVWꢁZD\ꢁWRꢁUHPRYHꢁ
WKHꢁDGKHVLYHꢁIURPꢁSDFNDJLQJꢁWDSHꢁRQꢁQHZꢁ
DSSOLDQFHVꢁLVꢁDQꢁDSSOLFDWLRQꢁRIꢁDꢁKRXVHKROGꢁ
OLTXLGꢁGLVKZDVKLQJꢁGHWHUJHQWꢂꢁ$SSO\ꢁZLWKꢁDꢁVRIWꢁ
FORWKꢁDQGꢁDOORZꢁWRꢁVRDNꢂ
127(ꢂꢀ7KHꢀDGKHVLYHꢀPXVWꢀEHꢀUHPRYHGꢀIURPꢀDOOꢀ
SDUWVꢁꢀ,WꢀFDQQRWꢀEHꢀUHPRYHGꢀLIꢀLWꢀLVꢀEDNHGꢀRQꢁ
9HQWꢀ*ULOOH
%HIRUHꢀFOHDQLQJꢀWKHꢀYHQWꢀJULOOHꢃꢀEHꢀVXUHꢀWKHꢀ
H[KDXVWꢀEORZHUꢀLVꢀWXUQHGꢀRIIꢁ
8VHꢁGLVKZDVKLQJꢁOLTXLGꢁIRUꢁFOHDQLQJꢂ
'RꢁQRWꢁXVHꢁDEUDVLYHꢁFOHDQHUVꢂꢁ7KH\ꢁZLOOꢁGDPDJHꢁ
WKHꢁYHQWꢁJULOOH·VꢁILQLVKꢂ
7RꢀFOHDQꢀWKHꢀYHQWꢀJULOOHꢃꢁUHPRYHꢁLWꢁIURPꢁWKHꢁ
FRRNWRSꢁE\ꢁOLIWLQJꢁLWꢁXSꢁDQGꢁRIIꢂꢁ:LSHꢁZLWKꢁDꢁ
GDPSꢁFORWKꢂꢁ,IꢁQHFHVVDU\ꢃꢁWKHꢁYHQWꢁJULOOHꢁFDQꢁEHꢁ
ZDVKHGꢁLQꢁWKHꢁVLQNꢂꢁ
'RꢁQRWꢁFOHDQꢁWKHꢁYHQWꢁJULOOHꢁLQꢁWKHꢁGLVKZDVKHUꢂ
9HQWꢀ)LOWHUꢀDQGꢀ&KDPEHU
7KHꢁILOWHUꢁLVꢁKHOGꢁLQꢁSODFHꢁDWꢁDQꢁDQJOHꢁZLWKꢁDꢁ
KROGꢁEXPSꢂꢁ/LIWꢁWKHꢁILOWHUꢁXSꢁDQGꢁRXWꢁRIꢁWKHꢁ
YHQWꢁRSHQLQJꢁGLDJRQDOO\ꢂ
'RꢀQRWꢀRSHUDWHꢀWKHꢀYHQWꢀZLWKRXWꢀWKHꢀILOWHUꢀ
LQꢀSODFHꢁ
7RꢀFOHDQꢀWKHꢀILOWHUꢃꢀVZLVKꢁLWꢁLQꢁKRWꢃꢁVRDS\ꢁZDWHUꢂꢁ
5LQVHꢁZHOOꢁDQGꢁGU\ꢁWKRURXJKO\ꢂ
'RꢀQRWꢀRSHUDWHꢀWKHꢀYHQWꢀZLWKRXWꢀWKHꢀILOWHUꢀ
LQꢀSODFHꢁ
9HQWꢁ)LOWHU
9HQWꢁ
&KDPEHU
:KHQꢁUHSODFLQJꢁWKHꢁILOWHUꢃꢁPDNHꢁVXUHꢁLWꢁUHVWVꢃꢁDWꢁDQꢁ
DQJOHꢃꢁRQꢁWKHꢁVXSSRUWVꢁLQꢁWKHꢁYHQWꢁRSHQLQJꢂꢁ
5HPRYHꢁDQGꢁUHSODFHꢁWKHꢁILOWHUꢁGLDJRQDOO\ꢁWKURXJKꢁWKHꢁ
YHQWꢁRSHQLQJꢂ
7RꢀFOHDQꢀWKHꢀYHQWꢀFKDPEHUꢃꢀXVHꢁKRWꢃꢁVRDS\ꢁ
ZDWHUꢂꢁ5LQVHꢁZLWKꢁFOHDQꢁZDWHUꢁDQGꢁGU\ꢁ
WKRURXJKO\ꢂꢁ'RꢁQRWꢁXVHꢁDEUDVLYHꢁFOHDQHUVꢅꢁWKH\ꢁ
ZLOOꢁGDPDJHꢁWKHꢁILQLVKꢂꢁ5HSODFHꢁWKHꢁILOWHUꢁDIWHUꢁLWꢁ
LVꢁFOHDQHGꢁDQGꢁGU\ꢂ
7RꢁRUGHUꢁILOWHUVꢁSOHDVHꢁFDOOꢁRXUꢁWROOꢊIUHHꢁQXPEHUꢄ
1DWLRQDOꢀ3DUWVꢀ&HQWHUꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢅꢆꢆꢁꢇꢈꢇꢁꢈꢆꢆꢈꢀꢀ
)LOWHUꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢉꢀ:%ꢆꢈ;ꢊꢆꢇꢋꢊꢀ
&RQWUROꢀ.QREV
6KDSHGꢁDUHD
7KHꢁFRQWUROꢁNQREVꢁPD\ꢁEHꢁUHPRYHGꢁIRUꢁHDVLHUꢁ
FOHDQLQJꢂ
7RꢀFOHDQꢀWKHꢀNQREVꢃꢁSODFHꢁWKHPꢁLQꢁDꢁ
GLVKZDVKHUꢁRUꢁZDVKꢁZLWKꢁVRDSꢁDQGꢁZDWHUꢂꢁ5LQVHꢁ
ZLWKꢁFOHDQꢁZDWHUꢂꢁ0DNHꢁVXUHꢁWKHꢁLQVLGHVꢁRIꢁNQREVꢁ
DUHꢁGU\ꢁEHIRUHꢁUHSODFLQJꢂ
0DNHꢁVXUHꢁWKHꢁNQREVꢁDUHꢁLQꢁWKHꢁ2))ꢁSRVLWLRQVꢁ
DQGꢁSXOOꢁWKHPꢁVWUDLJKWꢁRIIꢁWKHꢁVWHPVꢁIRUꢁ
FOHDQLQJꢂ
5HSODFHꢁWKHꢁNQREVꢁLQꢁWKHꢁ2)) ꢁSRVLWLRQꢁWRꢁ
HQVXUHꢁSURSHUꢁSODFHPHQWꢂ
6WDLQOHVVꢀ6WHHOꢀ6XUIDFHVꢀꢄRQꢀVRPHꢀPRGHOVꢅ
'RꢀQRWꢀXVHꢀDꢀVWHHOꢀZRROꢀSDGꢌꢀLWꢀZLOOꢀVFUDWFKꢀWKHꢀ 7RꢁLQTXLUHꢁDERXWꢁSXUFKDVLQJꢁVWDLQOHVVꢁVWHHOꢁ
VXUIDFHꢁ
DSSOLDQFHꢁFOHDQHUꢁRUꢁSROLVKꢃꢁRUꢁWRꢁILQGꢁWKHꢁ
ORFDWLRQꢁRIꢁDꢁGHDOHUꢁQHDUHVWꢁ\RXꢃꢁSOHDVHꢁFDOOꢁRXUꢁ
WROOꢊIUHHꢁQXPEHUꢄ
7RꢀFOHDQꢀWKHꢀVWDLQOHVVꢀVWHHOꢀVXUIDFHꢃꢀXVHꢁZDUPꢁ
VXGV\ꢁZDWHUꢁRUꢁDꢁVWDLQOHVVꢁVWHHOꢁFOHDQHUꢁRUꢁ
SROLVKꢂꢁ$OZD\VꢁZLSHꢁWKHꢁVXUIDFHꢁLQꢁWKHꢁGLUHFWLRQꢁ
RIꢁWKHꢁJUDLQꢂꢁ)ROORZꢁWKHꢁFOHDQHUꢁLQVWUXFWLRQVꢁIRUꢁ
FOHDQLQJꢁWKHꢁVWDLQOHVVꢁVWHHOꢁVXUIDFHꢂ
1DWLRQDOꢀ3DUWVꢀ&HQWHUꢀ
*($SSOLDQFHVꢁFRPꢀ
ꢊꢁꢅꢆꢆꢁꢇꢈꢇꢁꢈꢆꢆꢈ
ꢉ
&OHDQLQJꢀWKHꢀJODVVꢀFRRNWRSꢁꢀ
*($SSOLDQFHVꢁFRP
1RUPDOꢀ'DLO\ꢀ8VHꢀ&OHDQLQJ
Š
21/<ꢁXVHꢁ&(5$0$ꢁ%5<7( ꢁ&HUDPLFꢁ&RRNWRSꢁ
ꢁꢁꢁ6KDNHꢁWKHꢁFOHDQLQJꢁFUHDPꢁZHOOꢂꢁ
&OHDQHUꢁRQꢁWKHꢁJODVVꢁFRRNWRSꢂꢁ2WKHUꢁFUHDPVꢁ
PD\ꢁQRWꢁEHꢁDVꢁHIIHFWLYHꢂ
$SSO\ꢁDꢁIHZꢁGURSVꢁRIꢁ&(5$0$ꢁꢁ
%5<7( ꢁ&HUDPLFꢁ&RRNWRSꢁ&OHDQHUꢁGLUHFWO\ꢁ
Š
WRꢁWKHꢁFRRNWRSꢂ
7RꢁPDLQWDLQꢁDQGꢁSURWHFWꢁWKHꢁVXUIDFHꢁRIꢁ\RXUꢁ
JODVVꢁFRRNWRSꢃꢁIROORZꢁWKHVHꢁVWHSVꢄ
ꢁꢁꢁ8VHꢁDꢁSDSHUꢁWRZHOꢁRUꢁ&(5$0$ꢁ
Š
%5<7( ꢁ&OHDQLQJꢁ3DGꢁIRUꢁ&HUDPLFꢁ
ꢁꢁꢁ%HIRUHꢁXVLQJꢁWKHꢁFRRNWRSꢁIRUꢁWKHꢁ
ILUVWꢁWLPHꢃꢁFOHDQꢁLWꢁZLWKꢁ&(5$0$ꢁ%5<7( ꢁ
&RRNWRSVꢁWRꢁFOHDQꢁWKHꢁHQWLUHꢁFRRNWRSꢁ
VXUIDFHꢂ
Š
&HUDPLFꢁ&RRNWRSꢁ&OHDQHUꢂꢁ7KLVꢁKHOSVꢁ
SURWHFWꢁWKHꢁWRSꢁDQGꢁPDNHVꢁFOHDQꢊXSꢁ
HDVLHUꢂ
ꢁꢁꢁ8VHꢁDꢁGU\ꢁFORWKꢁRUꢁSDSHUꢁWRZHOꢁ
WRꢁUHPRYHꢁDOOꢁFOHDQLQJꢁUHVLGXHꢂꢁꢁ
1RꢁQHHGꢁWRꢁULQVHꢂ
&OHDQꢀ\RXUꢀFRRNWRSꢀ
DIWHUꢀHDFKꢀVSLOOꢂꢀ8VHꢀ
Š
&(5$0$ꢀ%5<7( ꢀ&HUDPLFꢀ
Š
ꢁꢁꢁ'DLO\ꢁXVHꢁRIꢁ&(5$0$ꢁ%5<7( ꢁ&HUDPLFꢁ
&RRNWRSꢀ&OHDQHUꢂ
127(ꢂꢀ,WꢀLVꢀYHU\ꢀLPSRUWDQWꢀWKDWꢀ\RXꢀ'2ꢀ127ꢀ
KHDWꢀWKHꢀFRRNWRSꢀXQWLOꢀLWꢀKDVꢀEHHQꢀFOHDQHGꢀ
WKRURXJKO\ꢁ
&RRNWRSꢁ&OHDQHUꢁZLOOꢁKHOSꢁNHHSꢁWKHꢁ
FRRNWRSꢁORRNLQJꢁQHZꢂ
%XUQHGꢄ2Qꢀ5HVLGXH
ꢁꢁꢁ,IꢁDQ\ꢁUHVLGXHꢁUHPDLQVꢃꢁUHSHDWꢁWKHꢁVWHSVꢁ
OLVWHGꢁDERYHꢁDVꢁQHHGHGꢂ
:$51,1*ꢂꢀ'$0$*(ꢀWRꢀ\RXUꢀ
JODVVꢀVXUIDFHꢀPD\ꢀRFFXUꢀLIꢀ\RXꢀXVHꢀVFUXEꢀ
SDGVꢀRWKHUꢀWKDQꢀWKHꢀSDGꢀLQFOXGHGꢀꢀ
ZLWKꢀ\RXUꢀFRRNWRSꢁ
ꢁꢁꢁ)RUꢁDGGLWLRQDOꢁSURWHFWLRQꢃꢁDIWHUꢁDOOꢁ
UHVLGXHꢁKDVꢁEHHQꢁUHPRYHGꢃꢁSROLVKꢁWKHꢁ
Š
HQWLUHꢁVXUIDFHꢁZLWKꢁ&(5$0$ꢁ%5<7( ꢁ
ꢁꢁꢁ$OORZꢁWKHꢁFRRNWRSꢁWRꢁFRROꢂ
&HUDPLFꢁ&RRNWRSꢁ&OHDQHUꢁDQGꢁDꢁSDSHUꢁ
WRZHOꢂ
Š
ꢁꢁꢁ6SUHDGꢁDꢁIHZꢁGURSVꢁRIꢁ&(5$0$ꢁ%5<7( ꢁ
Š
8VHꢁDꢁ&(5$0$ꢁ%5<7( ꢁ&OHDQLQJꢁ
&HUDPLFꢁ&RRNWRSꢁ&OHDQHUꢁWRꢁWKHꢁHQWLUHꢁ
EXUQHGꢁUHVLGXHꢁDUHDꢂ
3DGꢁIRUꢁ&HUDPLFꢁ&RRNWRSVꢁRUꢁDꢁ
Š
6FRWFKꢊ%ULWH ꢁ0XOWLꢊ3XUSRVHꢁ1Rꢁ
6FUDWFKꢁEOXHꢁVFUXEꢁSDGꢂ
Š
ꢁꢁꢁ8VLQJꢁWKHꢁLQFOXGHGꢁ&(5$0$ꢁ%5<7( ꢁ
&OHDQLQJꢁ3DGꢁIRUꢁ&HUDPLFꢁ&RRNWRSVꢃꢁUXEꢁ
WKHꢁUHVLGXHꢁDUHDꢃꢁDSSO\LQJꢁSUHVVXUHꢁDVꢁ
QHHGHGꢂ
+HDY\ꢃꢀ%XUQHGꢄ2Qꢀ5HVLGXH
ꢁꢁꢁ$IWHUꢁVFUDSLQJꢁZLWKꢁWKHꢁUD]RUꢁ
VFUDSHUꢃꢁVSUHDGꢁDꢁIHZꢁGURSVꢁRIꢁ
&(5$0$ꢁ%5<7( ꢁ&HUDPLFꢁ&RRNWRSꢁ&OHDQHUꢁ
ꢁꢁꢁ$OORZꢁWKHꢁFRRNWRSꢁWRꢁFRROꢂ
ꢁꢁꢁ8VHꢁDꢁVLQJOHꢊHGJHꢁUD]RUꢁEODGHꢁVFUDSHUꢁ
DWꢁDSSUR[LPDWHO\ꢁDꢁꢍꢎƒꢁDQJOHꢁDJDLQVWꢁ
WKHꢁJODVVꢁVXUIDFHꢁDQGꢁVFUDSHꢁWKHꢁVRLOꢂꢁ,Wꢁ
ZLOOꢁEHꢁQHFHVVDU\ꢁWRꢁDSSO\ꢁSUHVVXUHꢁWRꢁ
WKHꢁUD]RUꢁVFUDSHUꢁLQꢁRUGHUꢁWRꢁUHPRYHꢁ
WKHꢁUHVLGXHꢂ
Š
WRꢁWKHꢁHQWLUHꢁEXUQHGꢁUHVLGXHꢁDUHDꢂꢁ8VHꢁWKHꢁ
Š
&(5$0$ꢁ%5<7( ꢁ&OHDQLQJꢁ3DGꢁWRꢁ
UHPRYHꢁDQ\ꢁUHPDLQLQJꢁUHVLGXHꢂ
Š
ꢁꢁꢁ)RUꢁDGGLWLRQDOꢁSURWHFWLRQꢃꢁDIWHUꢁDOOꢁ
UHVLGXHꢁKDVꢁEHHQꢁUHPRYHGꢃꢁSROLVKꢁWKHꢁ
HQWLUHꢁVXUIDFHꢁZLWKꢁ&(5$0$ꢁ%5<7( ꢁ
7KHꢁ&(5$0$ꢁ%5<7( ꢁ&HUDPLFꢁ
&RRNWRSꢁ6FUDSHUꢁDQGꢁDOOꢁ
UHFRPPHQGHGꢁVXSSOLHVꢁDUHꢁ
DYDLODEOHꢁWKURXJKꢁRXUꢁ3DUWVꢁ
&HQWHUꢂꢁ6HHꢁLQVWUXFWLRQVꢁXQGHUꢁ´7Rꢁ
2UGHUꢁ3DUWVµꢁVHFWLRQꢁRQꢁQH[WꢁSDJHꢂ
Š
&HUDPLFꢁ&RRNWRSꢁ&OHDQHUꢁDQGꢁDꢁSDSHUꢁ
WRZHOꢂ
127(ꢁꢁ'RꢁQRWꢁXVHꢁDꢁGXOOꢁRUꢁQLFNHGꢁ
EODGHꢂ
ꢐ
&OHDQLQJꢀWKHꢀJODVVꢀFRRNWRSꢁꢀ
0HWDOꢁ0DUNVꢁDQGꢁ6FUDWFKHV
ꢁꢁꢁ%ꢁ HꢁFDUHIXOꢁQRWꢁWRꢁVOLGHꢁSRWVꢁDQGꢁSDQVꢁ
DFURVVꢁ\RXUꢁFRRNWRSꢂꢁ,WꢁZLOOꢁOHDYHꢁPHWDOꢁ
PDUNLQJVꢁRQꢁWKHꢁFRRNWRSꢁVXUIDFHꢂ
ꢁꢁꢁꢁ,IꢁSRWVꢁZLWKꢁDꢁWKLQꢁRYHUOD\ꢁRIꢁDOXPLQXPꢁ
RUꢁFRSSHUꢁDUHꢁDOORZHGꢁꢁ
WRꢁERLOꢁGU\ꢃꢁWKHꢁRYHUOD\ꢁPD\ꢁOHDYHꢁEODFNꢁ
GLVFRORUDWLRQꢁRQꢁWKHꢁFRRNWRSꢂ
7KHVHꢁPDUNVꢁDUHꢁUHPRYDEOHꢁXVLQJꢁꢁ
Š
WKHꢁ&(5$0$ꢁ%5<7( ꢁ&HUDPLFꢁ&RRNWRSꢁ
7KLVꢁVKRXOGꢁEHꢁUHPRYHGꢁLPPHGLDWHO\ꢁ
EHIRUHꢁKHDWLQJꢁDJDLQꢁRUꢁWKHꢁ
GLVFRORUDWLRQꢁPD\ꢁEHꢁSHUPDQHQWꢂ
&OHDQHUꢁZLWKꢁWKHꢁꢁ
Š
&(5$0$ꢁ%5<7( ꢁ&OHDQLQJꢁ3DGꢁ
IRUꢁ&HUDPLFꢁ&RRNWRSVꢂ
:$51,1*ꢂꢀ&DUHIXOO\ꢀFKHFNꢀ
WKHꢀERWWRPꢀRIꢀSDQVꢀIRUꢀURXJKQHVVꢀWKDWꢀZRXOGꢀ
VFUDWFKꢀWKHꢀFRRNWRSꢁ
*ODVVꢀVXUIDFH³SRWHQWLDOꢀIRUꢀSHUPDQHQWꢀGDPDJHꢁꢀ
'DPDJHꢀIURPꢀ6XJDU\ꢀ6SLOOVꢀDQGꢀ0HOWHGꢀ3ODVWLF
2XUꢀWHVWLQJꢀVKRZVꢀWKDWꢀꢀ
LIꢀ\RXꢀDUHꢀFRRNLQJꢀKLJKꢀ
VXJDUꢀPL[WXUHVꢀVXFKꢀDVꢀꢀ
MHOO\ꢀRUꢀIXGJHꢀDQGꢀKDYHꢀꢀ
DꢀVSLOORYHUꢃꢀLWꢀFDQꢀFDXVHꢀ
SHUPDQHQWꢀGDPDJHꢀWRꢀWKHꢀ
JODVVꢀVXUIDFHꢀXQOHVVꢀWKHꢀ
VSLOORYHUꢀLVꢀLPPHGLDWHO\ꢀ
UHPRYHGꢂ
ꢁ ꢁ7XUQꢁRIIꢁDOOꢁVXUIDFHꢁXQLWVꢂꢁ5HPRYHꢁKRWꢁ
SDQVꢂ
ꢁ ꢁ$Q\ꢁUHPDLQLQJꢁVSLOORYHUꢁVKRXOGꢁEHꢁOHIWꢁ
XQWLOꢁWKHꢁVXUIDFHꢁRIꢁWKHꢁFRRNWRSꢁKDVꢁ
FRROHGꢂ
ꢁ ꢁ:HDULQJꢁDQꢁRYHQꢁPLWWꢄ
Dꢂꢁꢁꢁ8VHꢁDꢁVLQJOHꢊHGJHꢁUD]RUꢁEODGHꢁ
ꢁ ꢁ'RQ·WꢁXVHꢁWKHꢁVXUIDFHꢁXQLWVꢁDJDLQꢁXQWLOꢁ
DOOꢁRIꢁWKHꢁUHVLGXHꢁKDVꢁEHHQꢁFRPSOHWHO\ꢁ
UHPRYHGꢂ
Š
VFUDSHUꢁꢏ&(5$0$ꢁ%5<7( ꢁ&HUDPLFꢁ
&RRNWRSꢁ6FUDSHUꢑꢁWRꢁPRYHꢁWKHꢁVSLOOꢁWRꢁ
DꢁFRROꢁDUHDꢁRQꢁWKHꢁFRRNWRSꢂ
127(ꢂꢀ,IꢀSLWWLQJꢀRUꢀLQGHQWDWLRQꢀLQꢀWKHꢀJODVVꢀ
VXUIDFHꢀKDVꢀDOUHDG\ꢀRFFXUUHGꢂꢀWKHꢀFRRNWRSꢀ
JODVVꢀZLOOꢀKDYHꢀWRꢀEHꢀUHSODFHGꢁꢀ,QꢀWKLVꢀFDVHꢂꢀ
VHUYLFHꢀZLOOꢀEHꢀQHFHVVDU\ꢁ
ꢁ
Eꢂꢁꢁꢁ5HPRYHꢁWKHꢁVSLOOꢁZLWKꢁSDSHUꢁWRZHOVꢂ
7Rꢀ2UGHUꢀ3DUWV
7RꢁRUGHUꢁ&(5$0$ꢁ%5<7( ꢁ&HUDPLFꢁ&RRNWRSꢁ
&OHDQHUꢁDQGꢁWKHꢁFRRNWRSꢁVFUDSHUꢃꢁSOHDVHꢁFDOOꢁ
RXUꢁWROOꢊIUHHꢁQXPEHUꢄ
Š
1DWLRQDOꢀ3DUWVꢀ&HQWHUꢁ
ꢉꢈꢈꢂꢇꢀꢇꢂꢀꢈꢈꢀ
Š
&(5$0$ꢀ%5<7( ꢀ
&HUDPLFꢀ&RRNWRSꢀ&OHDQHUꢁꢂ ꢂ ꢔꢁ:;ꢆꢈ;ꢋꢈꢈ
Š
&(5$0$ꢀ%5<7( ꢀ
&HUDPLFꢀ&RRNWRSꢀ6FUDSHUꢁꢂ ꢂ ꢔꢁ:;ꢆꢈ;ꢈꢋꢈꢀ
.LWꢁꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂꢔꢁ:%ꢇꢍ;ꢎꢈꢀꢓ
ꢄ.LWꢀLQFOXGHVꢀFUHDPꢀDQGꢀUD]RUꢀVFUDSHUꢅ
Š
&(5$0$ꢀ%5<7( ꢀ&OHDQLQJꢀ3DGVꢀIRUꢀ
&HUDPLFꢀ&RRNWRSVꢁꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂꢔ:;ꢆꢈ;ꢋꢎꢈ
ꢆꢈ
,QVWDOODWLRQꢀꢁ
5DGLDQW
ꢁ
,QVWUXFWLRQVꢁ
'RZQGUDIWꢁ&RRNWRS
,Iꢀ\RXꢀKDYHꢀTXHVWLRQVꢃꢀFDOOꢀꢄꢅꢅꢂ*(ꢂ&$5(6ꢀꢆꢄꢅꢅꢂꢇꢈꢉꢂꢉꢊꢈꢊꢋꢀRUꢀYLVLWꢀRXUꢀ:HEVLWHꢀDWꢁꢀ*($SSOLDQFHVꢂFRP
%()25(ꢀ<28ꢀ%(*,1
,03257$17ꢀ6$)(7<ꢀ,16758&7,216
5HDGꢀWKHVHꢀLQVWUXFWLRQVꢀFRPSOHWHO\ꢀDQGꢀFDUHIXOO\ꢂ
ꢁ:$51,1*ꢀ ꢀ72ꢀ5('8&(ꢀ7+(ꢀ5,6.ꢀ
²
2)ꢀ),5(ꢃꢀ(/(&75,&ꢀ6+2&.ꢀ25ꢀ,1-85<ꢀ72ꢀ
3(56216ꢃꢀ2%6(59(ꢀ7+(ꢀ)2//2:,1*ꢁ
‡ꢀꢀ,03257$17ꢀ ꢁ6DYHꢁWKHVHꢁLQVWUXFWLRQVꢁ
²
IRUꢁORFDOꢁLQVSHFWRU·VꢁXVHꢂ
ꢁ
ꢁ
ꢁꢁ,QVWDOODWLRQꢁZRUNꢁDQGꢁHOHFWULFDOꢁZLULQJꢁPXVWꢁEHꢁ
GRQHꢁE\ꢁTXDOLILHGꢁSHUVRQꢏVꢑꢁLQꢁDFFRUGDQFHꢁZLWKꢁ
DOOꢁDSSOLFDEOHꢁFRGHVꢁDQGꢁVWDQGDUGVꢃꢁLQFOXGLQJꢁ
ILUHꢊUDWHGꢁFRQVWUXFWLRQꢂ
$
‡
ꢀꢀ,03257$17ꢀ ꢁ2EVHUYHꢁDOOꢁJRYHUQLQJꢁ
²
FRGHVꢁDQGꢁRUGLQDQFHVꢂ
‡ꢁꢁ1RWHꢀWRꢀ,QVWDOOHUꢀ²ꢀ%HꢁVXUHꢁWRꢁOHDYHꢁWKHVHꢁ
LQVWUXFWLRQVꢁZLWKꢁWKHꢁ&RQVXPHUꢂ
ꢁ6XIILFLHQWꢁDLUꢁLVꢁQHHGHGꢁIRUꢁSURSHUꢁFRPEXVWLRQꢁ
ꢁ
%
DQGꢁH[KDXVWLQJꢁRIꢁJDVHVꢁWKURXJKꢁWKHꢁIOXHꢁ
ꢏFKLPQH\ꢑꢁRIꢁIXHOꢁEXUQLQJꢁHTXLSPHQWꢁWRꢁ
SUHYHQWꢁEDFNꢁGUDIWLQJꢂꢁ)ROORZꢁWKHꢁKHDWLQJꢁ
HTXLSPHQWꢁPDQXIDFWXUHU·VꢁJXLGHOLQHVꢁDQGꢁ
VDIHW\ꢁVWDQGDUGVꢁVXFKꢁDVꢁWKRVHꢁSXEOLVKHGꢁE\ꢁꢁ
WKHꢁ1DWLRQDOꢁ)LUHꢁ3URWHFWLRQꢁ$VVRFLDWLRQꢁꢏ1)3$ꢑꢃꢁ
DQGꢁWKHꢁ$PHULFDQꢁ6RFLHW\ꢁIRUꢁ+HDWLQJꢃꢁ
‡ꢁꢀ1RWHꢀWRꢀ&RQVXPHUꢀ²ꢀ.HHSꢁWKHVHꢁLQVWUXFWLRQVꢁIRUꢁ
IXWXUHꢁUHIHUHQFHꢂ
‡ꢁꢁ8QOHVVꢁYHU\ꢁNQRZOHGJHDEOHꢁLQꢁWKHꢁLQVWDOODWLRQꢁRIꢁ
WKLVꢁSURGXFWꢃꢁHQJDJHꢁDꢁSURIHVVLRQDOꢁLQVWDOOHUꢂ
‡ꢁꢁ3URSHUꢁLQVWDOODWLRQꢁLVꢁWKHꢁUHVSRQVLELOLW\ꢁRIꢁWKHꢁ
LQVWDOOHUꢂꢁ
5HIULJHUDWLRQꢁDQGꢁ$LUꢁ&RQGLWLRQLQJꢁ(QJLQHHUVꢁ
ꢏ$6+5$(ꢑꢃꢁDQGꢁWKHꢁORFDOꢁFRGHꢁDXWKRULWLHVꢂ
‡ꢁꢁ3URGXFWꢁIDLOXUHꢁGXHꢁWRꢁLPSURSHUꢁLQVWDOODWLRQꢁLVꢁQRWꢁ
FRYHUHGꢁXQGHUꢁWKHꢁ:DUUDQW\ꢂ
ꢁ
ꢁ
ꢁ:KHQꢁFXWWLQJꢁRUꢁGULOOLQJꢁLQWRꢁZDOOꢁRUꢁFHLOLQJꢃꢁGRꢁ
ꢁ
&
QRWꢁGDPDJHꢁHOHFWULFDOꢁZLULQJꢁDQGꢁRWKHUꢁKLGGHQꢁ
XWLOLWLHVꢂ
ꢁ'XFWHGꢁIDQVꢁPXVWꢁDOZD\VꢁEHꢁYHQWHGꢁWRꢁWKHꢁ
ꢁ
ꢁ ꢀ:$51,1*ꢀ ꢁ%HIRUHꢁEHJLQQLQJꢁWKHꢁ
'
²
RXWGRRUVꢂ
LQVWDOODWLRQꢃꢁVZLWFKꢁSRZHUꢁRIIꢁDWꢁWKHꢁVHUYLFHꢁꢁ
SDQHOꢁDQGꢁORFNꢁWKHꢁVHUYLFHꢁGLVFRQQHFWLQJꢁPHDQVꢁ
WRꢁSUHYHQWꢁSRZHUꢁIURPꢁEHLQJꢁVZLWFKHGꢁRQꢁ
DFFLGHQWDOO\ꢂꢁ:KHQꢁWKHꢁVHUYLFHꢁGLVFRQQHFWLQJꢁ
PHDQVꢁFDQQRWꢁEHꢁORFNHGꢃꢁVHFXUHO\ꢁIDVWHQꢁDꢁ
SURPLQHQWꢁZDUQLQJꢁGHYLFHꢃꢁVXFKꢁDVꢁDꢁWDJꢃꢁWRꢁꢁ
WKHꢁVHUYLFHꢁSDQHOꢂ
ꢁ ‡ꢁꢁ7KLVꢁXQLWꢁPXVWꢁEHꢁSURSHUO\ꢁJURXQGHGꢂ
ꢁ ꢀ:$51,1*ꢀ ꢀ72ꢀ5('8&(ꢀ7+(ꢀ5,6.ꢀ2)ꢀ
²
),5(ꢃꢀ86(ꢀ21/<ꢀ0(7$/ꢀ'8&7:25.ꢂ
ꢆꢆ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
813$&.,1*ꢀ<285ꢀ&22.723
3$576ꢀ,1&/8'('ꢀꢆ3$&.('ꢀ%(/2:ꢀ7+(ꢀ&22.723ꢋ
‡ꢁ %ORZHUꢁDVVHPEO\
‡ꢁ ꢁꢏꢐꢑꢁ6KHHWꢁPHWDOꢁVFUHZVꢁ
ꢏꢉꢊꢆꢉꢁ[ꢁꢋꢌꢉꢒꢑ
‡ꢁ 9HQWꢁILOWHU
‡ꢁ %ORZHUꢁSOHQXP
‡ꢁ &OHDQLQJꢁFUHDP
‡ꢁ ꢁ)RDPꢁJDVNHWꢁWDSHꢁꢏꢐꢁIWꢂꢁUROOꢑ
‡ꢁ 9HQWꢁJULOOH
‡ꢁ ꢁꢏꢍꢑꢁ1XWVꢁꢏꢆꢈꢊꢋꢀꢁNHSVꢁ²ꢁQXWVꢁZLWKꢁ
ORFNꢁZDVKHUVꢁDWWDFKHGꢑ
‡ꢁ ꢁ6FUXEꢁVSRQJHꢁRUꢁVFUDSHUꢁ
ꢏRQꢁVRPHꢁPRGHOVꢑ
&KHFNꢁWRꢁEHꢁVXUHꢁWKDWꢁDOOꢁSDFNLQJꢁPDWHULDOVꢁꢁ
DQGꢁWDSHꢁKDYHꢁEHHQꢁUHPRYHGꢂꢁ7KLVꢁZLOOꢁLQFOXGHꢁ
WDSHꢁRQꢁFRQWUROꢁNQREVꢁꢏLIꢁDSSOLFDEOHꢑꢃꢁDGKHVLYHꢁ
WDSHꢃꢁZLUHꢁWLHVꢃꢁFDUGERDUGꢁDQGꢁSURWHFWLYHꢁ
SODVWLFꢂꢁ)DLOXUHꢁWRꢁUHPRYHꢁWKHVHꢁPDWHULDOVꢁFRXOGꢁ
UHVXOWꢁLQꢁGDPDJHꢁWRꢁWKHꢁDSSOLDQFHꢁRQFHꢁWKHꢁ
DSSOLDQFHꢁKDVꢁEHHQꢁWXUQHGꢁRQꢁDQGꢁVXUIDFHVꢁ
KDYHꢁKHDWHGꢂ
9HQWꢁ*ULOOH
ꢁ&$87,21ꢁꢀ
'2ꢀ127ꢀ/,)7ꢀ
)520ꢀ9(17ꢀ
23(1,1*ꢀ25ꢀ
%803ꢀ*/$66
6KHHWꢁ0HWDOꢁ
6FUHZVꢁꢏꢐꢑꢁꢏꢉꢊꢆꢉꢁ
[ꢁꢋꢌꢉꢒꢑ
6FUXEꢁ6SRQJH
)RDPꢁ*DVNHWꢁ7DSH
&OHDQLQJꢁ&UHDP
ꢀ&$87,21ꢁꢀ*/$66ꢀ,6ꢀ)5$*,/(ꢀ'2ꢀ127ꢀ
%803ꢀ('*(ꢀ2)ꢀ*/$66ꢀ'85,1*ꢀ
,167$//$7,21
%ORZHUꢁ
3OHQXP
9HQWꢁꢁ
)LOWHU
%ORZHUꢁ$VVHPEO\ꢁDQGꢁꢏꢍꢑꢁ0RXQWLQJꢁꢁ
1XWVꢁꢏꢆꢈꢊꢋꢀꢁNHSVꢁ²ꢁQXWVꢁZLWKꢁORFNꢁ
ZDVKHUVꢁDWWDFKHGꢑ
ꢆꢀ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
35(3$5$7,21
722/6ꢀ$1'ꢀ0$7(5,$/6ꢀꢀ
<28ꢀ:,//ꢀ1(('
‡ꢁ 6DZ
(/(&75,&$/ꢀ5(48,5(0(176
7KLVꢁDSSOLDQFHꢁPXVWꢁEHꢁVXSSOLHGꢁZLWKꢁWKHꢁSURSHUꢁYROWDJHꢁ
DQGꢁIUHTXHQF\ꢃꢁDVꢁOLVWHGꢁLQꢁWKHVHꢁ,QVWDOODWLRQꢁ,QVWUXFWLRQVꢃꢁ
DQGꢁFRQQHFWHGꢁWRꢁDQꢁLQGLYLGXDOꢃꢁSURSHUO\ꢁJURXQGHGꢁEUDQFKꢁ
FLUFXLWꢃꢁSURWHFWHGꢁE\ꢁDꢁꢍꢈꢊDPSꢁFLUFXLWꢁEUHDNHUꢁRUꢁWLPHꢁGHOD\ꢁ
IXVHVꢂꢁ
‡ꢁ )ODWꢊEODGHꢁVFUHZGULYHU
‡ꢁ (OHFWULFLDQ·VꢁSOLHUV
‡ꢁ 'XFWꢁWDSH
$OOꢁZLUHꢁFRQQHFWLRQVꢁPXVWꢁEHꢁPDGHꢁLQꢁDFFRUGDQFHꢁZLWKꢁ
ORFDOꢁFRGHVꢁDQGꢁSURSHUO\ꢁLQVXODWHGꢂꢁ&KHFNꢁZLWKꢁ\RXUꢁORFDOꢁ
XWLOLW\ꢁIRUꢁJRYHUQLQJꢁHOHFWULFDOꢁFRGHVꢁDQGꢁRUGLQDQFHVꢂꢁ,QꢁWKHꢁ
DEVHQFHꢁRIꢁORFDOꢁHOHFWULFDOꢁFRGHVꢃꢁWKHꢁ1DWLRQDOꢁ(OHFWULFDOꢁ
&RGHꢃꢁ$16,ꢌ1)3$ꢁ1Rꢂꢁꢓꢈꢁ²ꢁ/DWHVWꢁ(GLWLRQꢃꢁJRYHUQLQJꢁHOHFWULFꢁ
UDQJHꢁLQVWDOODWLRQVꢃꢁPXVWꢁEHꢁIROORZHGꢂꢁ
‡ꢁ ꢁ0HDVXULQJꢁWDSHꢁRUꢁVFDOH
‡ꢁ &DUSHQWHU·VꢁVTXDUH
‡ꢁ ꢓꢌꢆꢇꢒꢁZUHQFKꢁRUꢁVRFNHWꢁVHW
‡ꢁ 'ULOOꢁDQGꢁGULOOꢁELW
$ꢁFRS\ꢁRIꢁWKHꢁ1DWLRQDOꢁ(OHFWULFDOꢁ&RGHꢁFDQꢁEHꢁREWDLQHGꢁE\ꢁ
ZULWLQJꢁWRꢄꢁ
‡ꢁ 6KHHWꢁPHWDOꢁVFUHZV
‡ꢁ -XQFWLRQꢁER[ꢕ
1DWLRQDOꢁ)LUHꢁ3URWHFWLRQꢁ$VVRFLDWLRQꢁ
%DWWHU\PDUFKꢁ3DUNꢁ
4XLQF\ꢃꢁ0$ꢁꢈꢀꢀꢇꢈ
‡ꢁ ꢋꢌꢍꢒꢁIOH[LEOHꢁFRQGXLWꢕ
‡ꢁ (OHFWULFDOꢁZLUHꢁSHUꢁORFDOꢁFRGHꢕ
‡ꢁ :LUHꢁQXWVꢕ
(IIHFWLYHꢁ-DQXDU\ꢁꢆꢃꢁꢆꢐꢐꢇꢃꢁWKHꢁ1DWLRQDOꢁ(OHFWULFDOꢁ&RGHꢁ
UHTXLUHVꢁWKDWꢁQHZꢃꢁEXWꢁQRWꢁH[LVWLQJꢃꢁFRQVWUXFWLRQꢁXWLOL]HꢁDꢁ
IRXUꢊFRQGXFWRUꢁFRQQHFWLRQꢁWRꢁDQꢁHOHFWULFꢁUDQJHꢂꢁ:KHQꢁ
LQVWDOOLQJꢁDQꢁHOHFWULFꢁUDQJHꢁLQꢁQHZꢁFRQVWUXFWLRQꢃꢁIROORZꢁ
WKHꢁLQVWUXFWLRQVꢁLQꢁ1(:ꢁ&216758&7,21ꢁ$1'ꢁ)285ꢊ
&21'8&725ꢁ%5$1&+ꢁ&,5&8,7ꢁ&211(&7,21ꢂ
‡ꢁ 'XFWZRUN
ꢌꢀ127(ꢁꢁ(OHFWULFDOꢁLQVWDOODWLRQꢁNLWꢁ-;&.ꢉꢐꢁPD\ꢁEHꢁ
RUGHUHGꢁVHSDUDWHO\ꢁDQGꢁLQFOXGHVꢁDOOꢁWKHꢁSDUWVꢁ
QHFHVVDU\ꢁWRꢁFRQQHFWꢁWKHꢁFRRNWRSꢁWRꢁW\SLFDOꢁ
URXJKꢊLQꢁZLULQJꢂ
<RXꢁPXVWꢁXVHꢁDꢁWKUHHꢊZLUHꢃꢁVLQJOHꢊSKDVHꢁ$&ꢁꢀꢈꢉ<ꢌꢆꢀꢈꢁ9ROWꢁ
RUꢁꢀꢍꢈꢌꢆꢀꢈꢁ9ROWꢃꢁꢇꢈꢁ+HUW]ꢁHOHFWULFDOꢁV\VWHPꢁZLWKꢁVHSDUDWHꢁ
JURXQGꢂꢁ,Iꢁ\RXꢁFRQQHFWꢁWRꢁDOXPLQXPꢁZLULQJꢃꢁSURSHUO\ꢁ
LQVWDOOHGꢁFRQQHFWRUVꢁDSSURYHGꢁIRUꢁXVHꢁZLWKꢁDOXPLQXPꢁ
ZLULQJꢁPXVWꢁEHꢁXVHGꢂ
&ꢁ $87,21ꢁꢀ)25ꢀ3(5621$/ꢀ6$)(7<ꢃꢀ
5(029(ꢀ+286(ꢀ)86(ꢀ25ꢀ23(1ꢀ&,5&8,7ꢀ
%5($.(5ꢀ%()25(ꢀ35(3$5,1*ꢀ-81&7,21ꢀ%2;ꢂ
ꢈꢅꢍꢀ&22.723ꢀꢆ',0(16,216ꢀ)25ꢀ5()(5(1&(ꢀ21/<ꢋ
8QLWꢀVKRZQꢀIXOO\ꢀDVVHPEOHGꢂ
ꢀꢀꢓøꢆꢇµ
ꢀꢐꢓøꢉµ
ꢏꢋꢈµꢀ66ꢑ
ꢏꢀꢀꢐøꢆꢇµꢀ66ꢑ
ꢀꢋøꢆꢇµ
ꢏꢀꢆøꢍµꢀ66ꢑ
ꢀꢀµ
ꢀꢈꢆøꢀµ
ꢀꢉꢋøꢍµ
8QLWꢀPXVWꢀEHꢀYHQWHGꢀWRꢀWKHꢀRXWVLGHꢎ
ꢆꢋ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
&$%,1(7ꢁ35(3$5$7,21
ꢉ
ꢏ
ꢀ35(3$5,1*ꢀ)25ꢀ,167$//$7,21
ꢀ35(3$5,1*ꢀ7+(ꢀ%$6(ꢀ&$%,1(7
7KLVꢁFRRNWRSꢁLVꢁGHVLJQHGꢁWRꢁILWꢁHDVLO\ꢁLQWRꢁDꢁYDULHW\ꢁꢁ
RIꢁFDELQHWVꢂꢁ+RZHYHUꢃꢁVRPHꢁFDELQHWVꢁPD\ꢁUHTXLUHꢁ
PRGLILFDWLRQVꢂ
3RVLWLRQLQJꢀWKHꢀFRRNWRS
7KHꢁFRRNWRSꢁLVꢁGHVLJQHGꢁWRꢁORRNꢁEHVWꢁZKHQꢁFHQWHUHGꢁLQꢁDꢁ
FDELQHWꢁDWꢁOHDVWꢁꢋꢈꢒꢁZLGHꢂ
3UHSDULQJꢀDꢀFDELQHWꢀWKDWꢀLVꢀDJDLQVWꢀDꢀZDOO
7KHꢁH[KDXVWꢁYHQWꢁEHQHDWKꢁWKHꢁFRRNWRSꢁPXVWꢁEHꢁORFDWHGꢁ
EHWZHHQꢁZDOOꢁVWXGVꢁRUꢁIORRUꢁMRLVWVꢁVRꢁWKDWꢁWKHꢁGXFWZRUNꢁPD\ꢁ
EHꢁLQVWDOOHGꢁSURSHUO\ꢂ
,QꢁVRPHꢁFDELQHWVꢃꢁWKHꢁVLGHVꢁPD\ꢁQHHGꢁWRꢁEHꢁVFRRSHGꢁRUꢁFXWꢁ
GRZQꢁꢎꢋøꢍµꢁDVꢁVKRZQꢃꢁDQGꢁWKHꢁFRUQHUꢁEUDFHVꢁUHPRYHGꢁLQꢁ
RUGHUꢁWRꢁDFFRPPRGDWHꢁWKHꢁXQLWꢂ
,QꢁꢓꢎꢁFPꢁDQGꢁꢐꢈꢁFPꢁIUDPHOHVVꢁ(XURSHDQꢁFDELQHWVꢃꢁꢁ
WKHꢁEDFNꢁSDQHOꢁPD\ꢁQHHGꢁWRꢁEHꢁFXWꢁGRZQꢁꢎꢋøꢍµꢁWRꢁ
DFFRPPRGDWHꢁWKHꢁXQLWꢂ
$WꢁOHDVWꢁꢇµꢁPXVWꢁEHꢁDOORZHGꢁEHWZHHQꢁVLGHꢁHGJHVꢁRIꢁWKHꢁ
FRRNWRSꢁDQGꢁDGMDFHQWꢁZDOOVꢂ
ꢆꢋꢒꢁPD[ꢂꢁꢁ
GHSWKꢁRIꢁ
XQSURWHFWHGꢁ
3UHSDULQJꢀDꢀSHQLQVXODꢀRUꢀLVODQGꢐW\SHꢀFDELQHW
,QꢁDꢁSHQLQVXODꢁRUꢁLVODQGꢊW\SHꢁFDELQHWꢃꢁWKHꢁVLGHVꢁPD\ꢁQHHGꢁWRꢁ
EHꢁVFRRSHGꢁRUꢁFXWꢁGRZQꢃꢁDQGꢁWKHꢁFRUQHUꢁEUDFHVꢁUHPRYHGꢁLQꢁ
RUGHUꢁWRꢁDFFRPPRGDWHꢁWKHꢁXQLWꢂ
RYHUKHDGꢁꢁ
FDELQHWV
ꢆꢎꢒꢁPLQꢂꢁKHLJKWꢁꢁ
ꢋꢈꢒꢁPLQꢂꢁ
IURPꢁFRXQWHUWRSꢁꢁ
WRꢁQHDUHVWꢁFDELQHWꢁ
RQꢁHLWKHUꢁVLGHꢁRIꢁꢁ
WKHꢁXQLW
FOHDUDQFHꢁIURPꢁ
FRXQWHUWRSꢁꢁ
WRꢁXQSURWHFWHGꢁ
RYHUKHDGꢁVXUIDFH
ꢎꢋøꢍµꢁ$SSUR[ꢂꢁ
ꢁIRUꢁ(XURSHDQꢁ
ꢁFDELQHWV
ꢎꢋøꢍ
$SSUR[ꢂ
µꢁ
ꢇꢒꢁPLQꢂꢁꢁ
FOHDUDQFHꢁ
IURPꢁFXWRXWꢁ
WRꢁVLGHꢁZDOOV
$YRLGꢁSODFLQJꢁFDELQHWVꢁDERYHꢁWKHꢁFRRNWRSꢁXQLWꢃꢁLIꢁSRVVLEOHꢃꢁꢁ
LQꢁRUGHUꢁWRꢁUHGXFHꢁWKHꢁKD]DUGVꢁFDXVHGꢁE\ꢁUHDFKLQJꢁRYHUꢁ
KHDWHGꢁVXUIDFHꢁXQLWVꢂꢁ,IꢁFDELQHWVꢁDUHꢁSODFHGꢁRYHUꢁWKHꢁ
FRRNWRSꢃꢁWKHꢁULVNVꢁFDQꢁEHꢁUHGXFHGꢁE\ꢁLQVWDOOLQJꢁDꢁUDQJHꢁ
KRRGꢁWKDWꢁSURMHFWVꢁKRUL]RQWDOO\ꢁDꢁPLQLPXPꢁRIꢁꢎꢁLQFKHVꢁ
EH\RQGꢁWKHꢁERWWRPꢁRIꢁWKHꢁFDELQHWVꢂ
ꢈ
ꢁ5ꢁ 28*+ꢀ35(3$5$7,21ꢀ
2)ꢀ-81&7,21ꢀ%2;
&ꢁ $87,21ꢁꢀ)25ꢀ3(5621$/ꢀ6$)(7<ꢃꢀ
5(029(ꢀ+286(ꢀ)86(ꢀ25ꢀ23(1ꢀ&,5&8,7ꢀ
%5($.(5ꢀ%()25(ꢀ35(3$5,1*ꢀ-81&7,21ꢀ
%2;ꢂ
,IꢁFDELQHWU\ꢁLVꢁXVHGꢁDERYHꢁWKHꢁFRRNWRSꢃꢁDOORZꢁDꢁPLQLPXPꢁ
ꢋꢈꢒꢁFOHDUDQFHꢁEHWZHHQꢁWKHꢁFRRNLQJꢁVXUIDFHꢁDQGꢁWKHꢁERWWRPꢁ
RIꢁDQ\ꢁXQSURWHFWHGꢁFDELQHWꢂ
,QVWDOOꢁDQꢁDSSURYHGꢁMXQFWLRQꢁER[ꢁZLWKLQꢁVKDGHGꢁDUHDꢁ
VKRZQꢁLQꢁGLDJUDPꢂꢁ-XQFWLRQꢁER[ꢁPXVWꢁEHꢁDWꢁOHDVWꢁꢆꢈꢆøꢀµ
EHORZꢁWRSꢁRIꢁFDELQHWꢂ
ꢁ
,IꢁWKHꢁFOHDUDQFHꢁEHWZHHQꢁWKHꢁFRRNWRSꢁDQGꢁWKHꢁFDELQHWU\ꢁLVꢁ
OHVVꢁWKDQꢁꢋꢈꢒꢃꢁWKHꢁFDELQHWꢁERWWRPꢁPXVWꢁEHꢁSURWHFWHGꢁZLWKꢁ
IODPHꢁUHWDUGDQWꢁPLOOERDUGꢁDWꢁOHDVWꢁꢆꢌꢍꢒꢁWKLFNꢃꢁFRYHUHGꢁZLWKꢁ
ꢀꢉꢁJDXJHꢁVKHHWꢁVWHHOꢁRUꢁꢈꢂꢈꢀꢈꢒꢁWKLFNꢁFRSSHUꢂꢁ&OHDUDQFHꢁ
EHWZHHQꢁWKHꢁFRRNWRSꢁDQGꢁWKHꢁSURWHFWHGꢁFDELQHWU\ꢁ0867ꢀ
1(9(5ꢀ%(ꢀ/(66ꢀ7+$1ꢀꢉꢇµꢂ
5XQꢁFRQGXFWRUVꢁIURPꢁUHVLGHQFHꢁZLULQJꢁWRꢁMXQFWLRQꢁER[ꢁ
DFFRUGLQJꢁWRꢁORFDOꢁHOHFWULFDOꢁFRGHVꢂꢁ
&ꢁ
ꢁ /
ꢐꢒ
ꢍꢒ
ꢆꢈꢆøꢀµ
(;&(37,21ꢁꢁ,QVWDOODWLRQꢁRIꢁDꢁOLVWHGꢁPLFURZDYHꢁRYHQꢁRUꢁ
FRRNLQJꢁDSSOLDQFHꢁRYHUꢁWKHꢁFRRNWRSꢁVKDOOꢁFRQIRUPꢁWRꢁWKHꢁ
LQVWDOODWLRQꢁLQVWUXFWLRQVꢁSDFNHGꢁZLWKꢁWKDWꢁDSSOLDQFHꢂ
ꢆꢇꢒ
ꢀꢈµ
$ꢁꢆꢎꢒꢁPLQLPXPꢁPXVWꢁEHꢁNHSWꢁIURPꢁWKHꢁVLGHꢁHGJHꢁRIꢁWKHꢁ
FRRNWRSꢁWRꢁWKHꢁERWWRPꢁRIꢁDQ\ꢁFDELQHWꢁQRWꢁGLUHFWO\ꢁDERYHꢁWKHꢁ
FRRNWRSꢂꢁ,IꢁWKHꢁFOHDUDQFHꢁLVꢁOHVVꢁWKDQꢁꢆꢎꢒꢃꢁDGMDFHQWꢁFDELQHWVꢁ
VKRXOGꢁEHꢁDWꢁOHDVWꢁꢇꢒꢁIURPꢁWKHꢁVLGHꢁHGJHꢁRIꢁWKHꢁFRRNWRSꢂ
ꢆꢍ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
&$%,1(7ꢀ35(3$5$7,21ꢀ&872876
ꢇ
ꢑ
ꢀ35(3$5,1*ꢀ)25ꢀ'8&7:25.
ꢀ35(3$5,1*ꢀ7+(ꢀ&2817(5723
ꢁ ꢁ7KHꢁFRXQWHUWRSꢁPXVWꢁKDYHꢁDꢁGHHSꢁIODWꢁVXUIDFHꢁꢁ
WRꢁDFFRPPRGDWHꢁWKHꢁFRRNWRSꢁDQGꢁWKHꢁYHQWꢂꢁ
&RXQWHUWRSVꢁZLWKꢁDꢁUROOHGꢁIURQWꢁHGJHꢁDQGꢁ
EDFNVSODVKꢁPD\ꢁQRWꢁSURYLGHꢁWKHꢁIODWꢁVXUIDFHꢁꢁ
DUHDꢁUHTXLUHGꢂꢁ
127(ꢁꢀ'XFWZRUNꢀ0867ꢀEHꢀYHQWHGꢀWRꢀRXWVLGHꢂꢀ'2ꢀ127ꢀYHQWꢀ
LQWRꢀDꢀZDOOꢃꢀFHLOLQJꢃꢀFUDZOVSDFHꢃꢀDWWLFꢀRUꢀDQ\ꢀFRQFHDOHGꢀ
VSDFHꢂ
&XWꢁKROHꢁLQꢁFDELQHWꢁZDOOꢁRUꢁIORRUꢁDVꢁDSSURSULDWHꢁIRUꢁ\RXUꢁ
LQVWDOODWLRQꢂꢁ0DNHꢁVXUHꢁH[KDXVWꢁGXFWꢁLVꢁORFDWHGꢁEHWZHHQꢁZDOOꢁ
VWXGVꢁRUꢁIORRUꢁMRLVWVꢂ
ꢀꢎµꢁPLQꢂꢁIODWꢁVXUIDFHꢁDUHDꢁUHTXLUHG
127(ꢁꢀ:KHQꢀFXWWLQJꢀRUꢀGULOOLQJꢀLQWRꢀZDOOꢀRUꢀFHLOLQJꢃꢀGRꢀQRWꢀ
GDPDJHꢀHOHFWULFDOꢀZLULQJꢀDQGꢀRWKHUꢀKLGGHQꢀXWLOLWLHVꢂ
ꢐꢆøꢉµ
ꢇꢆøꢉµ
ꢆꢉꢋøꢍµ
&OHDUDQFHꢁEHWZHHQꢁLQVLGHꢁIURQWꢁRIꢁFDELQHWꢁDQGꢁ
UHDUꢁRIꢁFRXQWHUWRSꢁFXWRXWꢁPXVWꢁEHꢁꢀꢈꢎøꢉµꢁLQꢁRUGHUꢁWRꢁ
DFFRPPRGDWHꢁFRRNWRSꢁGHSWKꢂ
ꢆꢈꢆøꢉµ
ꢀꢈꢎøꢉ
µ
ꢆꢓøꢉµꢁPLQꢂ
ꢀꢋøꢉµꢁPLQꢂ
'RZQZDUGꢁ9HQWLQJ
5HDUꢁ:DOOꢁ9HQWLQJ
ꢒ
ꢀꢀ%/2:(5ꢀ72ꢀ'8&7:25.ꢀ$/,*10(17
$ꢁꢆꢌꢀꢒꢁZLGHꢁIODWꢁDUHDꢁLVꢁUHTXLUHGꢁDURXQGꢁWKHꢁHGJHꢁ
RIꢁRSHQLQJꢁIRUꢁVXSSRUWꢁRIꢁWKHꢁXQLWꢂꢁ7KHꢁFRRNWRSꢁ
XQLWꢁPXVWꢁEHꢁOHYHOꢁDQGꢁVLWꢁVTXDUHO\ꢁLQWRꢁFRXQWHUWRSꢁ
RSHQLQJꢂ
,QꢁJHQHUDOꢃꢁWKHꢁXVHꢁRIꢁIOH[LEOHꢁGXFWLQJꢁLVꢁGLVFRXUDJHGꢁEHFDXVHꢁ
LWꢁFDQꢁFDXVHꢁVHYHUHO\ꢁUHVWULFWHGꢁDLUIORZꢂꢁ+RZHYHUꢃꢁLIꢁWKHꢁ
EORZHUꢁRXWOHWꢁDQGꢁWKHꢁIORRUꢁRUꢁZDOOꢁGXFWꢁORFDWLRQꢁGRꢁ127ꢁDOLJQꢁ
ZHOOꢃꢁWKHQꢁIOH[LEOHꢁ0(7$/ꢁGXFWLQJꢁFDQꢁEHꢁXVHGꢁWRꢁDGDSWꢁWRꢁDQꢁ
RIIVHWꢂꢁ*RRGꢁDOLJQPHQWꢁZLWKRXWꢁXVHꢁRIꢁIOH[LEOHꢁGXFWLQJꢁLVꢁEHVWꢂ
&DUHIXOO\ꢁFXWꢁFRXQWHUWRSꢁRSHQLQJꢁDFFRUGLQJꢁWRꢁWKHꢁ
GLPHQVLRQVꢁVKRZQꢁLQꢁWKHꢁLOOXVWUDWLRQꢂꢁ%HꢁVXUHꢁWKDWꢁ
WKHꢁRSHQLQJꢁLVꢁFXWꢁVTXDUHO\ꢃꢁZLWKꢁVLGHVꢁSDUDOOHOꢁWRꢁ
HDFKꢁRWKHUꢁDQGꢁWKHꢁUHDUꢁH[DFWO\ꢁSHUSHQGLFXODUꢁWRꢁ
WKHꢁVLGHVꢂ
127(ꢁ
‡ꢁꢁ'RꢁQRWꢁH[FHHGꢁWKHꢁPD[LPXPꢁUHFRPPHQGHGꢁRIIVHWꢁRIꢁꢇꢒꢂ
‡ꢁꢁ'RꢁQRWꢁDOORZꢁWKHꢁIOH[LEOHꢁGXFWLQJꢁWRꢁNLQNꢁRUꢁFROODSVHꢂ
‡ꢁꢁ'RꢁVWUHWFKꢁWKHꢁIOH[LEOHꢁGXFWLQJꢁDVꢁPXFKꢁDVꢁSRVVLEOHꢁWRꢁ
HOLPLQDWHꢁDVꢁPXFKꢁRIꢁWKHꢁFRUUXJDWLRQꢁDVꢁSRVVLEOHꢂ
ꢀꢈꢎøꢉµ
ꢀꢎꢒ
ꢇµꢁ0D[ꢂꢁ
&HQWHUOLQHꢁꢁ
WRꢁ&HQWHUOLQHꢁ
2IIVHW
ꢀꢉꢓøꢉµ
ꢆꢓøꢉµꢁPLQꢂ
%DFNꢁ9HQWLQJꢁꢁ
%RWWRPꢁ9HQWLQJ
ꢏ5HTXLUHVꢁꢋꢆøꢍµꢁ[ꢁꢆꢈꢒꢑ
$ꢁꢋꢆøꢍµꢁ[ꢁꢆꢈꢒꢁUHFWDQJOHꢁWRꢁꢇµꢁURXQGꢁWUDQVLWLRQꢁGXFWꢁLVꢁDYDLODEOHꢁDWꢁ
\RXUꢁORFDOꢁEXLOGLQJꢁVXSSO\ꢁVWRUHꢂ
127(ꢁꢀ,OOXVWUDWLRQVꢀDUHꢀIRUꢀSODQQLQJꢀSXUSRVHVꢀRQO\
ꢂ
ꢆꢎ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
'8&7:25.ꢀ&$/&8/$7,216
ꢁꢁ
ꢁ
(TXLYDOHQWꢁ
/HQJWKꢕꢁ[ꢁ
1XPEHUꢁ
8VHGꢁꢁ ꢁ
(TXLYDOHQWꢁ
/HQJWK
ꢁ
ꢁ'XFWꢁ3LHFHVꢁ ꢁ
&DOFXODWHꢀ7RWDOꢀ(TXLYDOHQWꢀ'XFWZRUNꢀ/HQJWK
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢎµꢁURXQGꢁ
ꢁꢁ
ꢁ
(TXLYDOHQWꢁ
/HQJWKꢕꢁ[ꢁꢁ
1XPEHUꢁ
8VHGꢁꢁ ꢁ
(TXLYDOHQWꢁ
/HQJWK
WRꢁꢋꢆøꢍµꢁ[ꢁꢆꢈµꢁ
WUDQVLWLRQꢁ
ꢁ'XFWꢁ3LHFHVꢁ ꢁ
ꢐꢈƒꢁHOERZꢁ
ꢋꢓꢁIWꢂꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑꢁ ꢁ
ꢁ
IWꢂ
ꢁꢁ
ꢁꢁ
ꢎꢒꢁURXQGꢁ
VWUDLJKWꢁ
‚
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢇµꢁURXQGꢁ
ꢀꢂꢓꢁIWꢂꢁ ꢁ[ꢁ ꢏꢁꢁꢁIWꢂꢑ ꢁ ꢁ
ꢁ
ꢁ
ꢁ
IWꢂ
WRꢁꢋꢆøꢍµꢁ[ꢁꢆꢈµꢁ
WUDQVLWLRQꢁ
ꢐꢈƒꢁHOERZꢁ
ꢁꢁ
ꢁꢁ
ꢇµꢁURXQGꢁ
VWUDLJKWꢁ
‚
ꢆꢁIWꢂꢁ
ꢆꢁIWꢂꢁ
ꢁ[ꢁ ꢏꢁꢁꢁIWꢂꢑ ꢁ ꢁ
IWꢂ
IWꢂ
ꢍꢁIWꢂꢁ
ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑꢁ ꢁ
ꢁ
ꢁ
IWꢂ
IWꢂ
ꢋꢆøꢍµꢁ[ꢁꢆꢈµꢁ
WRꢁꢇµꢁURXQGꢁ
WUDQVLWLRQꢁ
ꢁꢁ
ꢁꢁ
ꢋꢆøꢍµꢁ[ꢁꢆꢈµꢁ
VWUDLJKWꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
‚ꢁ
ꢁ[ꢁ ꢏꢁ ꢁꢁIWꢂꢑ ꢁ
ꢀꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑꢁ ꢁ
ꢁꢁ
ꢁꢁ
ꢎµꢃꢁꢐꢈƒꢁ
HOERZꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢋꢆøꢍµꢁ[ꢁꢆꢈµꢁ
WRꢁꢇꢒURXQGꢁ
WUDQVLWLRQꢁꢁ
ꢐꢈƒꢁHOERZꢁ
ꢋꢓꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑꢁ ꢁ
ꢆꢀꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑꢁ ꢁ
ꢁ
ꢁ
ꢁ
ꢁ
IWꢂ
IWꢂ
IWꢂ
IWꢂ
ꢁ
ꢁꢁ
ꢁꢁ
ꢇµꢃꢁꢐꢈƒꢁ
HOERZꢁ
ꢍꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑ ꢁ
ꢁ
IWꢂ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
7DSHUHGꢁꢎµꢁꢁ
URXQGꢁWRꢁꢁꢁ
ꢇµꢀURXQG
ꢁꢁ
ꢁꢁ
ꢎµꢃꢁꢍꢎƒꢁ
HOERZꢁ
ꢁꢁ
ꢆꢉꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑ ꢁ
ꢁ
WUDQVLWLRQꢁꢁ
ꢇꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑ ꢁ
ꢁ
ꢁ
ꢁ
ꢁ
ꢁ
IWꢂ
IWꢂ
IWꢂ
IWꢂ
IWꢂ
ꢁꢁ
ꢁꢁ
ꢇµꢃꢁꢍꢎƒꢁ
HOERZꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢎµꢁURXQGꢁFROODUꢁ
WRꢁꢇµꢁURXQGꢁ
WUDQVLWLRQꢁꢁ
ꢁꢁ
ꢓꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑ ꢁ
ꢁ
ꢆꢋꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑ ꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
)OH[LEOHꢁ
PHWDOꢁRIIVHWꢁ
DGDSWHUꢁ
ꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢎµꢁURXQGꢁ
ZDOOꢁFDSꢁ
ZLWKꢁGDPSHUꢁ
ꢁꢁ
ꢋꢍꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑ ꢁ
ꢁ
ꢁ
IWꢂ
IWꢂ
ꢉꢍꢁIWꢂꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑꢁ ꢁ
ꢀꢍꢁIWꢂꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑꢁ ꢁ
ꢀꢍꢁIWꢂꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑꢁ ꢁ
ꢁꢁ
ꢁꢁ
ꢋꢆøꢍµꢁ[ꢁꢆꢈµꢁ
ꢐꢈƒꢁHOERZꢁ
ꢆꢍꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑꢁ ꢁ
ꢉꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑꢁ ꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢇµꢁURXQGꢁ
ZDOOꢁFDSꢁꢁ
ZLWKꢁGDPSHUꢁ
ꢁꢁ
ꢁꢁ
ꢋꢆøꢍµꢁ[ꢁꢆꢈµꢁ
ꢍꢎƒꢁHOERZꢁ
ꢋꢆøꢍµꢁ[ꢁꢆꢈµꢁ
ZDOOꢁFDSꢁ
ZLWKꢁGDPSHUꢁ
ꢁ
ꢁ
IWꢂ
IWꢂ
ꢁꢁ
ꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢋꢆøꢍµꢁ[ꢁꢆꢈµꢁ
ꢐꢈƒꢁIODWꢁHOERZ
ꢁꢁ
ꢁ
ꢋꢋꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑ ꢁ
ꢁꢁ
ꢁꢁ
ꢇꢒꢁURXQGꢁ
URRIꢁFDSꢁ
ꢋꢋꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑꢁ ꢁ
ꢁ6XEWRWDOꢁ&ROXPQꢁꢀꢁ ꢁ
ꢁ
ꢁ
IWꢂ
IWꢂ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢎµꢁURXQGꢁ
WRꢁꢋꢆøꢍµꢁ[ꢁꢆꢈµꢁ
WUDQVLWLRQꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁ
ꢁ
ꢁ
ꢁ
ꢋꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑꢁ ꢁ
ꢁ
IWꢂ
ꢁ6XEWRWDOꢁ&ROXPQꢁꢆꢁ ꢁ
ꢁ
ꢁ
IWꢂ
IWꢂ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢇµꢁURXQGꢁ
WRꢁꢋꢆøꢍµꢁ[ꢁꢆꢈµꢁ
WUDQVLWLRQꢁ
727$/ꢀ'8&7:25.ꢀ ꢁ
ꢀꢁIWꢂꢁꢁ ꢁ[ꢁ ꢏꢁ ꢁ ꢁ ꢁ ꢑꢁ ꢁ
ꢁ6XEWRWDOꢁ&ROXPQꢁꢆꢁ ꢁ
ꢁ
ꢁ
IWꢂ
IWꢂ
ꢁꢁ
ꢁ
6KRXOGꢀQRWꢀH[FHHGꢀꢊꢆꢆꢀIHHWꢁ
ꢁ ꢁ,IꢁIOH[LEOHꢁPHWDOꢁGXFWLQJꢁLVꢁXVHGꢃꢁDOOꢁWKHꢁHTXLYDOHQWꢁ
IHHWꢁYDOXHVꢁLQꢁWKHꢁWDEOHꢁVKRXOGꢁEHꢁGRXEOHGꢂꢁ7KHꢁ
IOH[LEOHꢁPHWDOꢁGXFWꢁVKRXOGꢁEHꢁVWUDLJKWꢁDQGꢁVPRRWKꢁ
DQGꢁH[WHQGHGꢁDVꢁPXFKꢁDVꢁSRVVLEOHꢂ
ꢁ ꢁꢕꢁ(TXLYDOHQWꢁOHQJWKVꢁRIꢁGXFWꢁSLHFHVꢁDUHꢁEDVHGꢁRQꢁDFWXDOꢁ
WHVWVꢁDQGꢁUHIOHFWꢁUHTXLUHPHQWVꢁIRUꢁJRRGꢁYHQWLQJꢁ
SHUIRUPDQFHꢁZLWKꢁDQ\ꢁGRZQGUDIWꢁFRRNWRSꢂ
ꢁ ꢁ‚ꢁ0HDVXUHꢁDQGꢁOLVWꢁIHHWꢁRIꢁVWUDLJKWꢁGXFWꢁXVHGꢂꢁ&RXQWꢁDQGꢁ
OLVWꢁWKHꢁTXDQWLW\ꢁRIꢁDOOꢁRWKHUꢁGXFWꢁSLHFHVꢁIRUꢁWKHꢁ´1XPEHUꢁ
8VHGµꢁRIꢁHDFKꢁW\SHꢂ
ꢁ 'ꢁ 2ꢀ127ꢀXVHꢀIOH[LEOHꢀSODVWLFꢀGXFWLQJꢂ
ꢁ ꢁ9HQWꢁLQVWDOODWLRQꢁVKRXOGꢁQRWꢁH[FHHGꢁꢆꢈꢈꢁIHHWꢁꢁ
HTXLYDOHQWꢁOHQJWKꢂꢁ
ꢁ ,03257$17ꢁ
ꢁ ꢁ)RUꢁPD[LPXPꢁHIILFLHQF\ꢃꢁXVHꢁWKHꢁVKRUWHVWꢁDQGꢁVWUDLJKWHVWꢁ
GXFWꢁUXQꢁSRVVLEOHꢃꢁZLWKꢁDVꢁIHZꢁILWWLQJVꢁDVꢁSRVVLEOHꢂꢁ)RUꢀ
VDWLVIDFWRU\ꢀSHUIRUPDQFHꢃꢀWKHꢀGXFWꢀUXQꢀVKRXOGꢀQRWꢀ
H[FHHGꢀꢏꢅꢅꢀIHHWꢀHTXLYDOHQWꢀOHQJWKꢂ
ꢁ ꢁ9HQWLQJꢁSHUIRUPDQFHꢁLVꢁLPSURYHGꢁE\ꢁXVLQJꢁODUJHUꢁꢁ
GLDPHWHUꢁGXFWꢂ
ꢆꢇ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
(;+$867ꢀ%/2:(5ꢀ5$7,1*6
(;+$867ꢀ%/2:(5ꢀ6$)(7<ꢀ:$51,1*
6XIILFLHQWꢁDLUꢁLVꢁQHHGHGꢁIRUꢁSURSHUꢁFRPEXVWLRQꢁDQGꢁH[KDXVWLQJꢁRIꢁJDVHVꢁWKURXJKꢁWKHꢁIOXHꢁꢏFKLPQH\ꢑꢁRIꢁ
RWKHUꢁIXHOꢁEXUQLQJꢁHTXLSPHQWꢁWRꢁSUHYHQWꢁEDFNꢁGUDIWLQJꢂꢁ)ROORZꢁWKHꢁKHDWLQJꢁHTXLSPHQWꢁPDQXIDFWXUHU·Vꢁ
JXLGHOLQHVꢁDQGꢁVDIHW\ꢁVWDQGDUGVꢁVXFKꢁDVꢁWKRVHꢁSXEOLVKHGꢁE\ꢁWKHꢁ1DWLRQDOꢁ)LUHꢁ3URWHFWLRQꢁ$VVRFLDWLRQꢁ
ꢏ1)3$ꢑꢃꢁWKHꢁ$PHULFDQꢁ6RFLHW\ꢁIRUꢁ+HDWLQJꢃꢁ5HIULJHUDWLRQꢁDQGꢁ$LUꢁ&RQGLWLRQLQJꢁ(QJLQHHUVꢁꢏ$6+5$(ꢑꢁDQGꢁ
ORFDOꢁFRGHꢁDXWKRULWLHVꢂ
ꢆꢓ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
'8&7:25.ꢀ,167$//$7,21
ꢆ1RWHꢁꢀ)RUꢀSODQQLQJꢀSXUSRVHVꢀRQO\ꢂꢋ
ꢊ
237,21$/ꢀ,167$//$7,21ꢁꢀꢀ
ꢀ,167$//,1*ꢀ7+(ꢀ'8&7:25.
8VHꢁJDOYDQL]HGꢁRUꢁDOXPLQXPꢁGXFWꢁLQꢁꢇꢒꢁURXQGꢁRUꢁꢋꢆøꢍµꢁ
[ꢁꢆꢈꢒꢁVL]HꢃꢁRUꢁDꢁFRPELQDWLRQꢁRIꢁERWKꢂ
5($5ꢀ:$//ꢀ9(17,1*
ꢎµꢁURXQGꢁGXFWꢁPD\ꢁEHꢁXVHGꢁRQꢁ6+257ꢁ'8&7ꢁUXQVꢃꢁ
EXWꢁEHVWꢁUHVXOWVꢁZLOOꢁEHꢁREWDLQHGꢁXVLQJꢁꢋꢆøꢍµꢁ[ꢁꢆꢈµꢀ
RUꢁꢇµꢀURXQGꢁGXFWLQJꢂ
39&ꢁGXFWꢁVKRXOGꢁEHꢁXVHGꢁLIꢁLQVWDOOLQJꢁXQGHUꢁDꢁSRXUHGꢁ
FRQFUHWHꢁVODEꢂ
127(ꢁꢀ/RFDOꢁEXLOGLQJꢁFRGHꢁPXVWꢁEHꢁIROORZHGꢁLQꢁ
VSHFLI\LQJꢁDSSURYHGꢁW\SHꢁDQGꢁVFKHGXOHꢁRIꢁ$//ꢁꢁ
GXFWꢁXVHGꢂ
$OZD\VꢁXVHꢁDQꢁDSSURSULDWHꢁURRIꢁRUꢁZDOOꢁFDSꢁZLWKꢁ
GDPSHUꢂꢁ/DXQGU\ꢊW\SHꢁZDOOꢁFDSVꢁVKRXOGꢁ1(9(5ꢁꢁ
EHꢁXVHGꢂ
,QVLGHꢁ:DOOꢁWRꢁ5RRI
'LUHFWꢁWRꢁ2XWVLGH
7KURXJKꢁ&DELQHWꢁ7RHꢁ6SDFH
%HWZHHQꢁ)ORRUꢁ-RLVW
5HDUꢁ:DOOꢁ9HQWLQJ
'RZQZDUGꢁ9HQWLQJ
7RꢁFRQYHUWꢁEORZHUꢁH[KDXVWꢁGLUHFWLRQꢃꢁUHPRYHꢁIRXUꢁ
QXWVꢁEHKLQGꢁWKHꢁILOWHUꢁZKLFKꢁKROGꢁEORZHUꢁDQGꢁZLUHꢁ
ILQJHUꢁJXDUGꢂ
,QVWDOOꢁGXFWZRUNꢃꢁPDNLQJꢁPDOHꢊIHPDOHꢁFRQQHFWLRQVꢁ
LQꢁWKHꢁGLUHFWLRQꢁRIꢁDLUIORZꢁDVꢁVKRZQꢂꢁ6HFXUHꢁDOOꢁMRLQWVꢁ
ZLWKꢁVKHHWꢁPHWDOꢁVFUHZVꢁDQGꢁGXFWꢁWDSHꢁWRꢁDVVXUHꢁDQꢁ
DLUWLJKWꢁVHDOꢂ
5RWDWHꢁEORZHUꢁDQGꢁUHLQVWDOOꢁWRꢁYHQWꢁFKDPEHUꢃꢁDVꢁ
VKRZQꢁDERYHꢂꢁ5HWLJKWHQꢁQXWVꢃꢁEXWꢁGRꢁQRWꢁRYHUWLJKWHQꢂ
'XFWꢁ7DSHꢁ2YHUꢁ6HDPꢁ
DQGꢁ6FUHZ
$LUꢁ)ORZ
6FUHZ
8VHꢁWKHꢁVKRUWHVWꢁDQGꢁVWUDLJKWHVWꢁGXFWꢁUXQꢁSRVVLEOHꢂꢁ
)RUꢁVDWLVIDFWRU\ꢁSHUIRUPDQFHꢃꢁWKHꢁGXFWꢁUXQꢁVKRXOGꢁ
QRWꢁH[FHHGꢁꢆꢈꢈꢁIHHWꢁHTXLYDOHQWꢁOHQJWKꢂꢁ5HIHUꢁWRꢁWKHꢁ
´'8&7:25.ꢁ&$/&8/$7,216µꢁFKDUWꢁIRUꢁHTXLYDOHQWꢁ
OHQJWKVꢂꢁ8VHꢁWKLVꢁFKDUWꢁWRꢁFDOFXODWHꢁWKHꢁWRWDOꢁ
HTXLYDOHQWꢁOHQJWKꢁRIꢁWKHꢁGXFWZRUNꢂ
ꢆꢉ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
813$&.,1*ꢀ7+(ꢀ&22.723ꢓ,167$//,1*ꢀ7+(ꢀ*$6.(7
ꢄ
ꢀ,167$//,1*ꢀ7+(ꢀ)2$0ꢀ*$6.(7
)RDPꢀ*DVNHWꢀ,QVWDOODWLRQꢀ1RWHVꢁ
'RꢁQRWꢁLQVWDOOꢁWKHꢁFRRNWRSꢁLQWRꢁWKHꢁFRXQWHUWRSꢁ
ZLWKRXWꢁLQVWDOOLQJꢁWKHꢁIRDPꢁJDVNHWꢁDVꢁVKRZQꢂꢁꢁ
,WꢁSURWHFWVꢁWKHꢁERWWRPꢁHGJHꢁRIꢁWKHꢁJODVVꢁIURPꢁWKHꢁ
FRXQWHUWRSꢁDQGꢁVHDOVꢁWKHꢁFRRNWRSꢁDJDLQVWꢁVSLOOVꢂ
‡ꢁꢁ7KHꢁIRDPꢁJDVNHWꢁWDSHꢁVKRXOGꢁEHꢁLQVWDOOHGꢁZLWKLQꢁ
ꢆꢌꢉµꢁRIꢁWKHꢁHGJHꢁRIꢁWKHꢁJODVVꢂꢁ'RꢁQRWꢁVWUHWFKꢁRUꢁ
WZLVWꢁWKHꢁIRDPꢁJDVNHWꢁWDSHꢂ
&ꢀ $87,21ꢁꢁ)DLOXUHꢁWRꢁLQVWDOOꢁIRDPꢁ
JDVNHWꢁWDSHꢁJUHDWO\ꢁLQFUHDVHVꢁWKHꢁSRWHQWLDOꢁꢁ
RIꢁEUHDNLQJꢁWKHꢁFRRNWRSꢁJODVVꢁZKHQꢁLQVWDOOLQJꢃꢁ
5HPRYHꢁWKHꢁFRRNWRSꢁDORQJꢁZLWKꢁLWVꢁVKLSSLQJꢁSDGꢁ
IURPꢁWKHꢁVKLSSLQJꢁER[ꢂꢁ5HPRYHꢁWKHꢁVKLSSLQJꢁEORFNꢁ
IURPꢁWKHꢁGRZQGUDIWꢁYHQWꢁRSHQLQJꢁDQGꢁSODFHꢁLWꢁXQGHUꢁ
WKHꢁVKLSSLQJꢁSDGꢁWRꢁSURYLGHꢁOHYHOꢁVXSSRUWꢂ
Š
HVSHFLDOO\ꢁLQꢁ&RULDQ ꢁRUꢁJUDQLWHꢁFRXQWHUWRSVꢂ
‡ꢁꢁ8VHꢁFDUHꢁQRWꢁWRꢁVWUHWFKꢁWKHꢁIRDPꢁJDVNHWꢁWDSHꢁ
ZKLOHꢁLWꢁLVꢁLQVWDOOHGꢁRUꢁLWꢁZLOOꢁQRWꢁVWD\ꢁLQꢁSODFHꢂ
‡ꢁꢁ'RꢁQRWꢁSODFHꢁIRDPꢁJDVNHWꢁWDSHꢁRYHUꢁWKHꢁPHWDOꢁ
IODQJHVꢂ
‡ꢁꢁ%XWWꢁWKHꢁIRDPꢁJDVNHWꢁWDSHꢁHQGVꢁWRJHWKHUꢁDWꢁHDFKꢁ
FRUQHUꢁZLWKRXWꢁRYHUODSSLQJꢂ
‡ꢁꢁ7ULPꢁWKHꢁIRDPꢁJDVNHWꢁWDSHꢁWRꢁOHQJWKꢁZLWKRXWꢁ
VWUHWFKLQJꢂ
&HQWHUꢁYHQWꢁVKLSSLQJꢁEORFNꢁ²ꢁ
SODFHꢁXQGHUꢁWKHꢁVKLSSLQJꢁSDGꢁWRꢁ
SURYLGHꢁOHYHOꢁVXSSRUW
‡ꢁꢁ0LWUHꢁFXWꢁRXWVLGHꢁFRUQHUVꢁRIꢁIRDPꢁJDVNHWꢁWDSHꢁ
VOLJKWO\ꢁLIꢁQHFHVVDU\ꢁIRUꢁDSSHDUDQFHꢂ
&ꢁ $87,21ꢁꢀ*/$66ꢀ,6ꢀ)5$*,/(ꢂꢀ
'2ꢀ127ꢀ%803ꢀ('*(ꢀ2)ꢀ*/$66ꢀ'85,1*ꢀ
,167$//$7,21ꢂ
/RFDWHꢁWKHꢁIRDPꢁJDVNHWꢁWDSHꢁLQFOXGHGꢁZLWKꢁꢁ
\RXUꢁFRRNWRSꢂ
)RDPꢁ
*DVNHWꢁ
7DSH
8QGHUVLGHꢁꢁ
RIꢁ*ODVV
ꢆøꢉµꢁPD[ꢂꢁ
WRꢁ*ODVVµꢁ
(GJH
3HHOꢁRIIꢁWKHꢁZKLWHꢁEDFNLQJꢁWRꢁLQVWDOOꢁWKHꢁIRDPꢁJDVNHWꢁ
WDSHꢁRQꢁWKHꢁERWWRPꢁVLGHꢁRIꢁWKHꢁFRRNWRSꢁJODVVꢁDVꢁ
VKRZQꢂ
‡ꢁ'RꢁQRWꢁVFUDWFKꢁWKHꢁJODVVꢁZKLOHꢁFXWWLQJꢁWKHꢁIRDPꢁ
JDVNHWꢁWDSHꢂ
1RWHꢁꢁ2QꢁVWDLQOHVVꢁVWHHOꢁPRGHOꢁ33ꢐꢉꢐ6ꢃꢁDSSO\ꢁWKHꢁ
IRDPꢁWDSHꢁDURXQGꢁWKHꢁRXWHUꢁHGJHꢁRIꢁWKHꢁJODVVꢁRQO\ꢁ
RQꢁWKHꢁVLGHVꢁDQGꢁUHDUꢁRIꢁWKHꢁXQLWꢂ
ꢆꢐ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
,167$//,1*ꢀ7+(ꢀ&22.723
ꢔ
ꢏꢅ
ꢀ,167$//,1*ꢀ7+(ꢀ&22.723
ꢀ&+(&.,1*ꢀ)25ꢀ)/$71(66
,QVSHFWꢁWKHꢁFRRNWRSꢁJODVVꢁIRUꢁURFNLQJꢁRUꢁXQHYHQꢁ
JDSꢁRQꢁDOOꢁIRXUꢁVLGHVꢁDWꢁWKHꢁFRXQWHUWRSꢁVXUIDFHꢂꢁꢁ
'RꢁQRWꢁDWWHPSWꢁWRꢁIRUFHꢁWKHꢁJODVVꢁWRꢁPHHWꢁꢁ
WKHꢁFRXQWHUWRSꢂ
ꢀ&$87,21ꢁꢀ
'2ꢀ127ꢀ/,)7ꢀ
)520ꢀ9(17ꢀ
23(1,1*ꢂꢀ
&KHFNꢁIRUꢁ
XQHYHQꢁJDSV
/LIWꢁWKHꢁFRRNWRSꢁE\ꢁWKHꢁJODVVꢁVLGHꢁHGJHVꢁDVꢁVKRZQꢂ
127(ꢁꢁ'RꢁQRWꢁXVHꢁWKHꢁJODVVꢁWRSꢁYHQWꢁRSHQLQJꢁWRꢁOLIWꢁ
RUꢁPRYHꢁWKHꢁFRRNWRSꢁLQWRꢁSRVLWLRQꢂ
ꢁꢁ,167$//,1*ꢀ7+(ꢀ237,21$/ꢀ
,167$//$7,21ꢀ%5$&.(76
ꢏꢏ
127(ꢁꢁ&KHFNꢁIRUꢁJODVVꢁIODWQHVVꢁLQꢁ6WHSꢁꢆꢈꢁEHIRUHꢁ
LQVWDOOLQJꢁRSWLRQDOꢁLQVWDOODWLRQꢁEUDFNHWVꢂ
2SWLRQDOꢁLQVWDOODWLRQꢁ
EUDFNHWꢁDQGꢁ
WKXPEVFUHZꢁꢏQRWꢁ
LQFOXGHGꢑ
&RXQWHUWRS
&RRNWRS
/RZHUꢁWKHꢁFRRNWRSꢁLQWRꢁWKHꢁFRXQWHUWRSꢁRSHQLQJꢃꢁ
JXLGLQJꢁLWꢁLQWRꢁSRVLWLRQꢂꢁ*ODVVꢁLVꢁIUDJLOH³GRꢁQRWꢁDOORZꢁ
LWꢁWRꢁGURSꢁRQWRꢁWKHꢁFRXQWHUWRSꢂꢁ6XSSRUWꢁIURPꢁWKHꢁ
XQGHUVLGHꢁDQGꢁORZHUꢁVORZO\ꢂ
6FUHZVꢁVXSSOLHGꢁ
ZLWKꢁFRRNWRS
7KXPEVFUHZ
&DUHIXOO\ꢁUHPRYHꢁ\RXUꢁILQJHUVꢁRQHꢁFRUQHUꢁDWꢁDꢁWLPHꢁ
WRꢁORZHUꢁWKHꢁFRRNWRSꢁLQWRꢁSRVLWLRQꢂ
7RꢁRUGHUꢁRSWLRQDOꢁLQVWDOODWLRQꢁEUDFNHWVꢌWKXPEVFUHZVꢃꢁ
FDOOꢁWKHꢁ1DWLRQDOꢁ3DUWVꢁ&HQWHUꢁDWꢁꢉꢈꢈꢂꢇꢀꢇꢂꢀꢈꢈꢀꢂꢁꢁ
2UGHUꢁWZRꢁRIꢁHDFKꢁSDUWꢄꢁꢁ:%ꢈꢀ;ꢆꢆꢋꢋꢆꢁ%UDFNHWꢁ
:%ꢈꢆ;ꢆꢈꢋꢎꢋꢁ6FUHZ
127(ꢁꢀ'RꢀQRWꢁXVHꢁ6LOLFRQHꢁ579ꢁRUꢁFDXONꢁWRꢁERQGꢁ
FRRNWRSꢁJODVVꢁWRꢁFRXQWHUWRSꢂ
7RꢁLQVWDOOꢁRSWLRQDOꢁLQVWDOODWLRQꢁEUDFNHWVꢄ
5HPRYHꢁꢀꢁVFUHZVꢁRQꢁERWKꢁVLGHVꢁXQGHUꢁFRRNWRSꢂ
$OLJQꢁRSWLRQDOꢁLQVWDOODWLRQꢁEUDFNHWꢁXQGHUꢁFRRNWRSꢁꢁ
DQGꢁUHLQVWDOOꢁVFUHZVꢁWKURXJKꢁWKHꢁVORWꢁLQꢁWKHꢁEUDFNHWꢂꢁ
'RꢁWKLVꢁRQꢁERWKꢁVLGHVꢁRIꢁWKHꢁFRRNWRSꢂ
7KUHDGꢁWKHꢁWKXPEVFUHZꢁWKURXJKꢁWKHꢁKROHꢁ
LQꢁWKHꢁEUDFNHWꢁDQGꢁWLJKWHQꢁWRꢁVHFXUHꢁWKHꢁFRRNWRSꢁꢁ
WRꢁWKHꢁFRXQWHUWRSꢂꢁ5HSHDWꢁRQꢁWKHꢁRWKHUꢁVLGHꢂ
,03257$17ꢁꢁ7XUQꢁWKXPEVFUHZꢁXQWLOꢁLWꢁWRXFKHVꢁ
WKHꢁERWWRPꢁRIꢁWKHꢁFRXQWHUWRSꢂꢁ'RꢁQRWꢁRYHUWLJKWHQꢂꢁ
ꢀꢈ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
,167$//,1*ꢀ7+(ꢀ&22.723
ꢀꢀ,167$//,1*ꢀ7+(ꢀ%/2:(5ꢀ3/(180ꢀ
72ꢀ7+(ꢀ&22.723
ꢏꢉ
ꢀꢀ,167$//,1*ꢀ7+(ꢀ%/2:(5ꢀꢀ
72ꢀ7+(ꢀ3/(180
ꢏꢈ
6OLGHꢁWKHꢁSOHQXPꢃꢁZLWKꢁWKHꢁEORZHUꢁRSHQLQJꢁRQꢁWKHꢁ
OHIWꢃꢁLQWRꢁWKHꢁRSHQLQJꢁLQꢁWKHꢁERWWRPꢁRIꢁWKHꢁFRRNWRSꢂꢁ
3XVKꢁXSꢁRQꢁWKHꢁSOHQXPꢁXQWLOꢁWKHꢁVWRSVꢁRQꢁWKHꢁ
SOHQXPꢁFRQWDFWꢁWKHꢁERWWRPꢁRIꢁWKHꢁFRRNWRSꢃꢁDQGꢁ
VQDSꢁWKHꢁSOHQXPꢁLQWRꢁSODFHꢂꢁꢏ<RXꢁPD\ꢁKDYHꢁWRꢁPRYHꢁ
2ULHQWꢁWKHꢁEORZHUꢁGLVFKDUJHꢁRSHQLQJꢁWRꢁPDWFKꢁWKHꢁ
GXFWZRUNꢁLQꢁ6WHSVꢁꢇꢁDQGꢁꢓꢂꢁ6OLGHꢁWKHꢁIRXUꢁWKUHDGHGꢁ
VWXGVꢁRQꢁWKHꢁVLGHꢁRIꢁWKHꢁEORZHUꢁKRXVLQJꢁLQWRꢁWKHꢁ
IRXUꢁKROHVꢁRQꢁWKHꢁVLGHꢁRIꢁWKHꢁSOHQXPꢂ
127(ꢁꢀ6HHꢁ6WHSꢁꢆꢍꢁIRUꢁLQVWDOOLQJꢁWKHꢁWUDQVLWLRQꢁ
GXFWꢁWRꢁWKHꢁEORZHUꢂꢁ,WꢁPD\ꢁEHꢁHDVLHUꢁWRꢁLQVWDOOꢁWKHꢁ
WUDQVLWLRQꢁGXFWꢁWRꢁWKHꢁEORZHUꢁEHIRUHꢁLQVWDOOLQJꢁWKHꢁ
EORZHUꢁWRꢁWKHꢁSOHQXPꢂ
WKHꢁSOHQXPꢁEDFNꢁDQGꢁIRUWKꢁWRꢁZRUNꢁLWꢁLQWRꢁSODFHꢂ
ꢑ
,QVWDOOꢀꢉꢀVFUHZV
,QVWDOOꢀꢇꢀVFUHZV
6HFXUHꢁWKHꢁSOHQXPꢁWRꢁWKHꢁERWWRPꢁRIꢁWKHꢁFRRNWRSꢃꢁꢁ
RQꢁHDFKꢁVLGHꢃꢁXVLQJꢁWKHꢁIRXUꢁꢏꢍꢑꢁVFUHZVꢁSURYLGHGꢂꢁ
)XUWKHUꢁVHFXUHꢁWKHꢁSOHQXPꢁWRꢁWKHꢁFRRNWRSꢃꢁIURPꢁꢁ
WKHꢁWRSꢁVLGHꢃꢁXVLQJꢁWKHꢁWZRꢁVFUHZVꢁꢏꢀꢑꢁSURYLGHGꢂ
)URPꢁWKHꢁYHQWꢁRSHQLQJꢁLQꢁWKHꢁWRSꢁRIꢁWKHꢁFRRNWRSꢃꢁ
IDVWHQꢁWKHꢁEORZHUꢁDVVHPEO\ꢁVHFXUHO\ꢁWRꢁWKHꢁSOHQXPꢁ
ZLWKꢁIRXUꢁꢏꢍꢑꢁQXWVꢂ
ꢍꢁ1XWVꢁꢁ
ꢏꢓꢌꢆꢇꢒꢁ
VRFNHWꢁ
UHTXLUHGꢑ
ꢀꢆ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
,167$//,1*ꢀ7+(ꢀ&22.723
%/2:(5ꢀ(/(&75,&$/ꢀ
ꢏꢒ
ꢏꢇ
ꢀꢀ$77$&+,1*ꢀ$ꢀ%/2:(5ꢀꢀ
75$16,7,21ꢀ'8&7
ꢁꢀ
&211(&7,216ꢀꢆFRQWꢂꢋ
8VHꢁDꢁEORZHUꢁWUDQVLWLRQꢁGXFWꢁIRUꢁDOOꢁGRZQZDUGꢁ
GXFWꢁLQVWDOODWLRQVꢁWRꢁFRQQHFWꢁWRꢁꢇꢒꢁURXQGꢁVWDQGDUGꢁ
GXFWZRUNꢂꢁ7KLVꢁꢋꢆøꢍµꢁ[ꢁꢆꢈµꢁUHFWDQJOHꢁWRꢁꢇꢒꢁURXQGꢁ
WUDQVLWLRQꢁGXFWꢁLVꢁDYDLODEOHꢁDWꢁ\RXUꢁORFDOꢁEXLOGLQJꢁ
VXSSO\ꢁVWRUHꢂ
‡ꢁ ꢁ&RQQHFWꢁWKHꢁꢎꢊSLQꢁSOXJꢁRQꢁWKHꢁEORZHUꢁDVVHPEO\ꢁWRꢁ
WKHꢁPDWFKLQJꢁꢎꢊSLQꢁUHFHSWDFOHꢁRQꢁWKHꢁERWWRPꢁRIꢁWKHꢁ
ZLUHꢁHQFORVXUHꢂ
‡ꢁ
6FUHZꢁ
ꢏRQꢁRWKHUꢁ
VLGHꢑ
ꢎꢊSLQꢁ
FRQQHFWRUV
6FUHZV
5HPRYHꢁWKHꢁFDUGERDUGꢁSDFNLQJꢁLQꢁWKHꢁEORZHUꢁRXWOHWꢂ
ꢁ)ROGꢁDOOꢁZLUHVꢁLQWRꢁWKHꢁHOHFWULFDOꢁHQFORVXUHꢂꢁ6HFXUHꢁWKHꢁ
HQFORVXUHꢁZLWKꢁWKHꢁVFUHZVꢁUHPRYHGꢁHDUOLHUꢃꢁPDNLQJꢁ
VXUHꢁWKDWꢁQRꢁZLUHVꢁDUHꢁWUDSSHGꢂ
,QVWDOOꢁWKHꢁWUDQVLWLRQꢁGXFWꢁWRꢁWKHꢁEORZHUꢁRXWOHWꢂꢁ6HFXUHꢁ
DOOꢁMRLQWVꢁZLWKꢁGXFWꢁWDSHꢁWRꢁDVVXUHꢁDQꢁDLUWLJKWꢁVHDOꢂ
ꢎꢊSLQꢁ
FRQQHFWRUV
ꢏꢑ
ꢀ&211(&7,1*ꢀ7+(ꢀ'8&7:25.
(OHFWULFDOꢁ
HQFORVXUH
&RQQHFWꢁWKHꢁGXFWZRUNꢁSUHSDUHGꢁLQꢁ6WHSVꢁꢎꢁDQGꢁꢇꢁWRꢁ
WKHꢁEORZHUꢁWUDQVLWLRQꢁGXFWꢂ
ꢁ)OH[LEOHꢁꢁꢁ
ꢁFRQGXLW
ꢏꢒ
ꢁ%ꢁ /2:(5ꢀ(/(&75,&$/ꢀ
&211(&7,216
‡ꢁ /ꢁ RRVHQꢁWKHꢁWZRꢁVFUHZVꢁDQGꢁUHPRYHꢁDQGꢁGLVFDUGꢁ
WKHꢁVKHHWꢁPHWDOꢁVWUDSꢁFRYHULQJꢁWKHꢁꢎꢊSLQꢁFRQQHFWRUꢁ
RQꢁWKHꢁFRRNWRSꢁERWWRPꢂꢁ6DYHꢁWKHꢁVFUHZVꢁIRUꢁ
UHLQVWDOODWLRQꢁODWHUꢂ
5HPRYHꢁVFUHZVꢁ
DQGꢁGLVFDUGꢁ
VWUDS
ꢀꢀ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
(/(&75,&$/ꢀ&211(&7,216
%()25(ꢀ0$.,1*ꢀ(/(&75,&$/ꢀ
&211(&7,216
1RWHꢀWRꢀ(OHFWULFLDQꢁꢀ7KHꢁSRZHUꢁOHDGVꢁVXSSOLHGꢁZLWKꢁWKLVꢁ
DSSOLDQFHꢁDUHꢁ8/ꢊUHFRJQL]HGꢁIRUꢁFRQQHFWLRQꢁWRꢁODUJHꢁ
JDXJHꢁKRXVHKROGꢁZLULQJꢂꢁ
ꢏꢊ
ꢏꢄ
ꢀ,167$//ꢀꢈꢓꢇꢍꢀ)/(;,%/(ꢀ&21'8,7
5HPRYHꢁWKHꢁVFUHZVꢁKROGLQJꢁꢁ
WKHꢁZLUHꢁFRPSDUWPHQWꢁFRYHUꢁꢁ
DQGꢁUHPRYHꢁWKHꢁFRYHUꢂ
7KHꢁLQVXODWLRQꢁRIꢁWKHVHꢁOHDGVꢁLVꢁUDWHGꢁDWꢁWHPSHUDWXUHVꢁ
PXFKꢁKLJKHUꢁWKDQꢁWKHꢁWHPSHUDWXUHꢁUDWLQJꢁRIꢁKRXVHKROGꢁ
ZLULQJꢂꢁ7KHꢁFXUUHQWꢁFDUU\LQJꢁFDSDFLW\ꢁRIꢁDꢁFRQGXFWRUꢁLVꢁ
JRYHUQHGꢁE\ꢁWKHꢁZLUHꢁJDXJHꢁDQGꢁDOVRꢁWKHꢁWHPSHUDWXUHꢁ
UDWLQJꢁRIꢁWKHꢁLQVXODWLRQꢁDURXQGꢁWKHꢁZLUHꢂ
3RZHUꢁ6XSSO\ꢁ
/HDGV
$QWLꢊ6KRUWꢁ
%XVKLQJ
)HHGꢁWKHꢁSRZHUꢁꢁ
VXSSO\ꢁOHDGVꢁꢁ
&RQGXLW
WKURXJKꢁWKHꢁꢁ
$OXPLQXPꢀ:LULQJꢀ²ꢀ :$51,1*ꢁꢀ
,03523(5ꢀ&211(&7,21ꢀ2)ꢀ$/80,180ꢀ+286(ꢀ
:,5,1*ꢀ72ꢀ7+(ꢀ&233(5ꢀ/($'6ꢀ&$1ꢀ5(68/7ꢀ,1ꢀ
6(5,286ꢀ352%/(06ꢂ
$WWDFKꢁFRSSHUꢁZLUHVꢁWRꢁDOXPLQXPꢁZLULQJꢁXVLQJꢁVSHFLDOꢁ
FRQQHFWRUVꢁGHVLJQHGꢁDQGꢁ8/ꢊOLVWHGꢁIRUꢁMRLQLQJꢁFRSSHUꢁ
WRꢁDOXPLQXPꢂꢁ)ROORZꢁWKHꢁFRQQHFWRUꢁPDQXIDFWXUHU·Vꢁ
UHFRPPHQGHGꢁSURFHGXUHꢁFORVHO\ꢂ
FRQGXLWꢅꢁEHꢁVXUHꢁWRꢁ
OHDYHꢁHQRXJKꢁOHQJWKꢁ
WRꢁSURSHUO\ꢁFRQQHFWꢁ
WKHVHꢁOHDGVꢁWRꢁWKHꢁ
FRRNWRSꢁSRZHUꢁOHDGVꢂ
7KUHDGꢁWKHꢁOHDGVꢁ
WKURXJKꢁDQꢁDQWLꢊꢁ
VKRUWꢁEXVKLQJꢁDQGꢁ
ILUPO\ꢁVHDWꢁWKHꢁ
EXVKLQJꢁLQꢁWKHꢁHQGꢁꢁ
RIꢁWKHꢁFRQGXLWꢂ
%XVKLQJꢁꢏ)XOO\ꢁ6HDWHGꢑ
6HUYLFHꢀ/RRSꢀ²ꢁ/HDYHꢁDꢁORRSꢁLQꢁWKHꢁZLUHVꢁWRꢁWKHꢁFRRNWRSꢁ
VRꢁWKDWꢁWKHꢁFRRNWRSꢁFDQꢁEHꢁOLIWHGꢁꢆꢀꢁLQFKHVꢁZLWKRXWꢁ
KDYLQJꢁWRꢁGLVFRQQHFWꢁWKHꢁZLULQJꢂ
)HHGꢁWKHꢁOHDGVꢁ
WKURXJKꢁWKHꢁKROHꢁꢁ
LQꢁWKHꢁZLUHꢁ
(/(&75,&$/ꢀ5(48,5(0(176ꢌ
FRPSDUWPHQWꢂ
0RGHOꢀꢕꢀ
9ROWDJHꢀ
)UHTXHQF\ꢀ .:
$VꢁORFDOꢁFRGHVꢁꢁ
SHUPLWꢁSXUFKDVHꢁꢁ
DꢁOLVWHGꢁFRQGXLWꢁ
FRQQHFWRUꢁVXLWDEOHꢁ
IRUꢁWKHꢁVL]HꢁFRQGXLWꢂꢁ
,QVHUWꢁWKHꢁFRQGXLWꢁ
WKURXJKꢁWKHꢁ
33ꢐꢉꢐꢁ
ꢁ
ꢆꢀꢈꢌꢀꢍꢈ9ꢁ
ꢆꢀꢈꢌꢀꢈꢉ9ꢁ
ꢇꢈ+]ꢁ
ꢇꢈ+]ꢁ
ꢐꢂꢆ.:
ꢇꢂꢐ.:
ꢕꢁ)RUꢁUHIHUHQFHꢁRQO\ꢂꢁ9HULI\ꢁZLWKꢁSURGXFWꢁUDWLQJꢁSODWHꢂ
FRQQHFWRUꢁDQGꢁꢁ
DWWDFKꢁLWꢁWRꢁWKHꢁꢁ
FRYHUꢂꢁ$OORZꢁꢁ
HQRXJKꢁVODFNꢁWRꢁ
HDVLO\ꢁDWWDFKꢁWKHꢁ
ZLUHVꢁWRꢁWKHꢁꢁ
5DWLQJꢁ3ODWH
FRRNWRSꢂ
&RQGXLWꢁꢁ
&RQQHFWRU
1RWHꢁꢀ'RꢁQRWꢁLQVWDOOꢁ
WKHꢁFRRNWRSꢁZLWKRXWꢁ
DꢁOLVWHGꢁFRQGXLWꢁ
&RQGXLW
&RYHU
(OHFWULFDOꢁLQVWDOODWLRQꢁNLWꢁ-;&.ꢄꢔꢁPD\ꢁEHꢁRUGHUHGꢁ
VHSDUDWHO\ꢁDQGꢁLQFOXGHVꢁDOOꢁWKHꢁSDUWVꢁQHFHVVDU\ꢁWRꢁ
FRQQHFWꢁWKHꢁFRRNWRSꢁWRꢁW\SLFDOꢁURXJKꢊLQꢁZLULQJꢂ
FRQQHFWRUꢂꢁ7KHꢁ
FRQGXLWꢁFRQQHFWRUꢁ
VKRXOGꢁEHꢁLQVWDOOHGꢁ
EHIRUHꢁUHLQVWDOOLQJꢁꢁ
WKHꢁZLULQJꢁFRYHUꢂ
:KHQꢁFRPSOHWHꢃꢁ
UHLQVWDOOꢁWKHꢁZLUHꢁ
FRPSDUWPHQWꢁFRYHUꢂ
ꢀꢋ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
(/(&75,&$/ꢀ&211(&7,216
ꢏꢔ ꢀꢀ0$.,1*ꢀ(/(&75,&$/ꢀ&211(&7,216
(IIHFWLYHꢁ-DQXDU\ꢁꢆꢃꢁꢆꢐꢐꢇꢃꢁWKHꢁ1DWLRQDOꢁꢁ
ꢏꢔ ꢀꢀ0$.,1*ꢀ(/(&75,&$/ꢀ&211(&7,216ꢀ
ꢆFRQWꢂꢋ
(OHFWULFDOꢁ&RGHꢁUHTXLUHVꢁWKDWꢁQHZꢃꢁEXWꢁQRWꢁꢁ
H[LVWLQJꢃꢁFRQVWUXFWLRQꢁXWLOL]HꢁDꢁIRXUꢊFRQGXFWRUꢁ
FRQQHFWLRQꢁWRꢁDQꢁHOHFWULFꢁUDQJHꢂꢁ:KHQꢁLQVWDOOLQJꢁꢁ
DQꢁHOHFWULFꢁUDQJHꢁLQꢁQHZꢁFRQVWUXFWLRQꢃꢁIROORZꢁWKHꢁ
LQVWUXFWLRQVꢁLQꢁ1(:ꢁ&216758&7,21ꢁ$1'ꢁ)285ꢊ
&21'8&725ꢁ%5$1&+ꢁ&,5&8,7ꢁ&211(&7,21ꢂ
7KUHHꢐFRQGXFWRUꢀEUDQFKꢀFLUFXLWꢀFRQQHFWLRQ
‡ꢁ:KHQꢁLQVWDOOLQJꢁLQꢁH[LVWLQJꢁFRQVWUXFWLRQꢁEXLOWꢁꢁ
SULRUꢁWRꢁ-DQXDU\ꢁꢆꢃꢁꢆꢐꢐꢇꢃꢁDQGꢁLIꢁSHUPLWWHGꢁE\ꢁꢁ
ORFDOꢁFRGHVꢄ
ꢈꢐ&RQGXFWRUꢀ%UDQFKꢀ&LUFXLW
:KHQꢁFRQQHFWLQJꢁFRRNWRSꢁWRꢁDꢁꢋꢊFRQGXFWRUꢁꢁ
FLUFXLWꢃꢁFRQQHFWꢁWKHꢁUHGꢁOHDGVꢁRIꢁWKHꢁFRRNWRSꢁDQGꢁ
WKHꢁSRZHUꢁVXSSO\ꢁWRꢁWKHꢁEUDQFKꢁFLUFXLWꢁUHGꢁOHDGꢅꢁ
FRQQHFWꢁWKHꢁEODFNꢁOHDGVꢁWRꢁHDFKꢁRWKHUꢂꢁ&RQQHFWꢁꢁ
WKHꢁJUHHQꢁDQGꢁZKLWHꢁOHDGVꢁRIꢁWKHꢁFRRNWRSꢁWRꢁWKHꢁ
SRZHUꢁVXSSO\ꢁDQGꢁEUDQFKꢁFLUFXLWꢁQHXWUDOꢁOHDGVꢃꢁ
ZKLFKꢁDUHꢁZKLWHꢁRUꢁJUD\ꢂ
<RXꢁPXVWꢁXVHꢁDꢁWKUHHꢊZLUHꢃꢁVLQJOHꢊSKDVHꢁꢁ
$&ꢁꢀꢈꢉ<ꢌꢆꢀꢈꢁ9ROWꢁRUꢁꢀꢍꢈꢌꢆꢀꢈꢁ9ROWꢃꢁꢇꢈꢁ+HUW]ꢁ
HOHFWULFDOꢁV\VWHPꢁZLWKꢁVHSDUDWHꢁJURXQGꢂꢁꢁ
,Iꢁ\RXꢁFRQQHFWꢁWRꢁDOXPLQXPꢁZLULQJꢃꢁSURSHUO\ꢁ
LQVWDOOHGꢁFRQQHFWRUVꢁDSSURYHGꢁIRUꢁXVHꢁZLWKꢁ
DOXPLQXPꢁZLULQJꢁPXVWꢁEHꢁXVHGꢂ
1HZꢀFRQVWUXFWLRQꢀDQGꢀIRXUꢐFRQGXFWRUꢀEUDQFKꢀ
FLUFXLWꢀFRQQHFWLRQ
‡ꢁ:KHQꢁLQVWDOOLQJꢁLQꢁQHZꢁFRQVWUXFWLRQꢃꢁRU
‡ꢁ:KHQꢁLQVWDOOLQJꢁLQꢁDꢁPRELOHꢁKRPHꢃꢁRU
‡ꢁ:KHQꢁORFDOꢁFRGHVꢁGRꢁQRWꢁSHUPLWꢁJURXQGLQJꢁ
WKURXJKꢁQHXWUDOꢄ
ꢇꢐ&RQGXFWRUꢀ%UDQFKꢀ&LUFXLW
:KHQꢁFRQQHFWLQJꢁWKHꢁFRRNWRSꢁWRꢁDꢁꢍꢊFRQGXFWRUꢁ
FLUFXLWꢃꢁFRQQHFWꢁWKHꢁUHGꢁOHDGVꢁRIꢁWKHꢁFRRNWRSꢁDQGꢁ
WKHꢁSRZHUꢁVXSSO\ꢁWRꢁWKHꢁEUDQFKꢁFLUFXLWꢁUHGꢁOHDGꢅꢁ
FRQQHFWꢁWKHꢁEODFNꢁOHDGVꢁWRꢁHDFKꢁRWKHUꢂꢁ&RQQHFWꢁꢁ
WKHꢁFRRNWRSꢁZKLWHꢁOHDGꢁWRꢁWKHꢁSRZHUꢁVXSSO\ꢁDQGꢁ
EUDQFKꢁFLUFXLWꢁQHXWUDOꢁOHDGVꢃꢁZKLFKꢁDUHꢁZKLWHꢁRUꢁ
JUD\ꢂꢁ*URXQGꢁWKHꢁXQLWꢁE\ꢁFRQQHFWLQJꢁWKHꢁJUHHQꢁ
FRQGXFWRUꢁRIꢁWKHꢁFRRNWRSꢁWRꢁWKHꢁEDUHꢁRUꢁJUHHQꢁꢁ
OHDGVꢁRIꢁWKHꢁSRZHUꢁVXSSO\ꢁDQGꢁEUDQFKꢁFLUFXLWꢁ
ꢏJURXQGꢁOHDGVꢑꢂ
ꢀꢍ
,QVWDOODWLRQꢀ,QVWUXFWLRQV
),1$/ꢀ$66(0%/<
ꢉꢅ
ꢀ
ꢀ,167$//ꢀ'2:1'5$)7ꢀ),/7(5ꢀ$1'ꢀ
9(17ꢀ*5,//(
'RꢀQRWꢀRSHUDWHꢀWKHꢀYHQWꢀZLWKRXWꢀWKHꢀILOWHUꢀꢀ
LQꢀSODFHꢂ
‡ꢁ ꢁ3ODFHꢁWKHꢁILOWHUꢁGLDJRQDOO\ꢁWKURXJKꢁWKHꢁYHQWꢁ
RSHQLQJꢂ
9HQWꢁ)LOWHU
9HQWꢁꢁ
&KDPEHU
‡ꢁ 0ꢁ DNHꢁVXUHꢁLWꢁUHVWVꢃꢁDWꢁDQꢁDQJOHꢃꢁRQꢁWKHꢁVXSSRUWVꢁ
LQꢁWKHꢁYHQWꢁRSHQLQJꢂ
‡ꢁ &ꢁ DUHIXOO\ꢁSODFHꢁWKHꢁYHQWꢁJULOOHꢁRQWRꢁWKHꢁ
GRZQGUDIWꢁRSHQLQJꢂ
&+(&.ꢀ23(5$7,21ꢀ2)ꢀ'2:1'5$)7
‡ꢁ 7ꢁ XUQꢁWKHꢁYHQWꢁIDQꢁVSHHGꢁFRQWUROꢁWRꢁ+,ꢃꢁ0('ꢁ
DQGꢁ/2ꢁWRꢁPDNHꢁVXUHꢁDOOꢁVSHHGVꢁRSHUDWHꢁFRUUHFWO\ꢂ
ꢀꢎ
ꢁ
%HIRUHꢀ\RXꢀFDOOꢀIRUꢀVHUYLFH«
7URXEOHVKRRWLQJꢀ7LSV³6DYHꢀWLPHꢀDQGꢀPRQH\ꢇꢀ5HYLHZꢀWKLVꢀFKDUWꢀILUVWꢀDQGꢀ\RXꢀPD\ꢀQRWꢀQHHGꢀWRꢀFDOOꢀIRUꢀVHUYLFHꢁ
3UREOHPꢀ
3RVVLEOHꢀ&DXVHVꢀ
:KDWꢀ7Rꢀ'R
:DWHUꢀZRQ·WꢀERLOꢁ
ꢁ
ꢁ
‡ꢁ &RYHUꢁSDQꢁZLWKꢁDꢁOLGꢂ
ꢁ
‡ꢁ 7XUQꢁWKHꢁGRZQGUDIWꢁIDQꢁ2))ꢁXQWLOꢁWKHꢁZDWHUꢁEHJLQVꢁWRꢁERLOꢂ
6XUIDFHꢀXQLWVꢀZLOOꢀQRWꢀ ,PSURSHUꢀFRRNZDUHꢀꢀꢁ
PDLQWDLQꢀDꢀUROOLQJꢀERLOꢀ EHLQJꢀXVHGꢂꢁ
RUꢀFRRNLQJꢀLVꢀVORZ
‡ꢁ3DQꢁERWWRPVꢁVKRXOGꢁEHꢁIODWꢃꢁIDLUO\ꢁKHDY\ZHLJKWꢁDQGꢁꢁ
ꢁ WKHꢁVDPHꢁGLDPHWHUꢁDVꢁWKHꢁVXUIDFHꢁXQLWꢁVHOHFWHGꢂ
6XUIDFHꢀXQLWVꢀGRꢀ
$ꢀIXVHꢀLQꢀ\RXUꢀKRPHꢀPD\ꢁꢁꢁ ‡ꢁ 5HSODFHꢁWKHꢁIXVHꢁRUꢁUHVHWꢁWKHꢁFLUFXLWꢁEUHDNHUꢂ
EHꢀEORZQꢀRUꢀWKHꢀFLUFXLWꢀꢀ
EUHDNHUꢀWULSSHGꢂ
QRWꢀZRUNꢀSURSHUO\ꢀ
ꢁ
ꢁ
ꢁ
&RRNWRSꢀFRQWUROVꢀꢁ
LPSURSHUO\ꢀVHWꢂꢁ
‡ꢁ&KHFNꢁWRꢁVHHꢁWKHꢁFRUUHFWꢁFRQWUROꢁLVꢁVHWꢁIRUꢁWKHꢁVXUIDFH
ꢁ XQLWꢁ\RXꢁDUHꢁXVLQJꢂ
7LQ\ꢀVFUDWFKHVꢀRUꢀPHWDOꢀ ,QFRUUHFWꢀFOHDQLQJꢀꢁ
PDUNVꢀꢍPD\ꢀDSSHDUꢀDVꢀꢀ PHWKRGVꢀEHLQJꢀXVHGꢂ
FUDFNVꢎꢀRUꢀDEUDVLRQVꢀRQ
‡ꢁ6HHꢁWKHꢁ&OHDQLQJꢁWKHꢁJODVVꢁFRRNWRSꢁVHFWLRQꢂ
ꢀ
&RRNZDUHꢀZLWKꢀURXJKꢁꢁ
ERWWRPVꢀEHLQJꢀXVHGꢀRUꢀꢁ
FRDUVHꢀSDUWLFOHVꢀꢆVDOWꢀꢁ
RUꢀVDQGꢋꢀZHUHꢀEHWZHHQꢁꢁ
WKHꢀFRRNZDUHꢀDQGꢀWKHꢁ
VXUIDFHꢀRIꢀWKHꢀFRRNWRSꢂ
‡ꢁ %HꢁVXUHꢁFRRNZDUHꢁERWWRPVꢁDQGꢁFRRNZDUHꢁDUHꢁFOHDQꢁ
ꢁ EHIRUHꢁXVHꢂꢁ8VHꢁFRRNZDUHꢁZLWKꢁVPRRWKꢁERWWRPVꢂꢁ7LQ\
ꢁ VFUDWFKHVꢁDUHꢁQRWꢁUHPRYDEOHꢁEXWꢁZLOOꢁEHFRPHꢁOHVVꢁ
ꢁ YLVLEOHꢁLQꢁWLPHꢁDVꢁDꢁUHVXOWꢁRIꢁFOHDQLQJꢂ
ꢁ
UDGLDQWꢀFRRNWRSꢀJODVV
ꢀ
VXUIDFH
ꢀ
ꢁ
ꢁ
ꢁ
ꢁ
ꢁ
&RRNZDUHꢀKDVꢀEHHQꢀVOLGꢀ
DFURVVꢀWKHꢀFRRNWRSꢀVXUIDFHꢂ
$UHDVꢀRIꢀGLVFRORUDWLRQꢀꢀ ,PSURSHUꢀFRRNZDUHꢀꢁ
‡ꢁ0DUNVꢁIURPꢁDOXPLQXPꢁDQGꢁFRSSHUꢁSDQVꢁDVꢁZHOOꢁDVꢁ
ꢁ PLQHUDOꢁGHSRVLWVꢁIURPꢁZDWHUꢁRUꢁIRRGꢁFDQꢁEHꢁUHPRYHGꢁ
ꢁ ZLWKꢁWKHꢁFOHDQLQJꢁFUHDPꢂ
RUꢀGDUNꢀVWUHDNVꢀRQꢀWKHꢀꢀ EHLQJꢀXVHGꢂꢁ
FRRNWRSꢁ
ꢁ
ꢁ
ꢁ
+RWꢀVXUIDFHꢀRQꢀDꢀPRGHOꢁ ‡ꢁ 7KLVꢁLVꢁQRUPDOꢂꢁ7KHꢁVXUIDFHꢁPD\ꢁDSSHDUꢁGLVFRORUHGꢁZKHQꢁLWꢁLVꢁ
ZLWKꢀDꢀOLJKWꢐFRORUHGꢀFRRNWRSꢂꢁ KRWꢂꢁ7KLVꢁLVꢁWHPSRUDU\ꢁDQGꢁZLOOꢁGLVDSSHDUꢁDVꢁWKHꢁJODVVꢁFRROVꢂ
ꢁ
ꢁ
)RRGꢀVSLOORYHUVꢀQRWꢀꢁ
‡ꢁ6HHꢁWKHꢁ&OHDQLQJꢁWKHꢁJODVVꢁFRRNWRSꢁVHFWLRQꢂ
‡ꢁ8VHꢁUHFRPPHQGHGꢁFOHDQLQJꢁSURFHGXUHVꢂ
FOHDQHGꢀEHIRUHꢀQH[WꢀXVHꢂ
ꢁ
ꢁ
,QFRUUHFWꢀFOHDQLQJꢁ
PHWKRGVꢀEHLQJꢀXVHGꢂ
+RWꢀVXJDUꢀPL[WXUHVꢁ
RUꢀSODVWLFꢀPHOWHGꢁ
WRꢀWKHꢀVXUIDFHꢁ
+RWꢀFRRNWRSꢀFDPHꢀLQWRꢁ ‡ꢁ6HHꢁWKHꢁ*ODVVꢁVXUIDFHꢁ³SRWHQWLDOꢁIRUꢁSHUPDHQWꢁGDPDJH
FRQWDFWꢀZLWKꢀWKHVHꢁ
ꢁ VHFWLRQꢁLQꢁWKHꢁ&OHDQLQJꢁWKHꢁJODVVꢁFRRNWRSꢁVHFWLRQꢂ
VXEVWDQFHVꢂ
3LWWLQJꢀꢍRUꢀLQGHQWDWLRQꢎꢁ +RWꢀVXJDUꢀPL[WXUHꢁ
‡ꢁ &DOOꢁDꢁTXDOLILHGꢁWHFKQLFLDQꢁIRUꢁUHSODFHPHQWꢂ
ꢁ
RIꢀWKHꢀFRRNWRSꢁ
VSLOOHGꢀRUꢀSODVWLFꢀPHOWHGꢁ
ꢁ
RQꢀWKHꢀFRRNWRSꢂ
&RRNWRSꢀPDNLQJꢀDQꢀ
DXGLEOHꢀVRXQGꢀ
&RRNWRSꢀLVꢀORFNHGꢂꢁ
ꢁ
‡ꢁ&KHFNꢁWRꢁEHꢁVXUHꢁWKHꢁ&RQWUROꢁ/RFNꢁNQREꢁLVꢁWXUQHGꢁ
ꢁ WRꢁ81/2&.ꢂ
)UHTXHQWꢀF\FOLQJꢀꢀ
RIIꢀDQGꢀRQꢀRIꢀ
VXUIDFHꢀXQLWV
,PSURSHUꢀFRRNZDUHꢀꢁ
EHLQJꢀXVHGꢂ
‡ꢁ8VHꢁRQO\ꢁIODWꢁFRRNZDUHꢁWRꢁPLQLPL]HꢁF\FOLQJꢂ
&RRNWRSꢀIHHOVꢀKRWꢀ
ꢁ
,PSURSHUꢀFRRNZDUHꢁꢁꢁ
EHLQJꢀXVHGꢂꢁ
‡ꢁ7KHꢁJODVVꢁFRRNWRSꢁVXUIDFHꢁPD\ꢁVHHPꢁKRWWHUꢁWKDQꢁ\RX
ꢁ DUHꢁXVHGꢁWRꢂꢁ7KLVꢁLVꢁQRUPDOꢂꢁ8VHꢁSDQVꢁZKLFKꢁDUHꢁDEVROXWHO\ꢁIODWꢂ
&RQWUROꢀNQREꢀZLOOꢀ
&RRNWRSꢀFRQWUROVꢀꢁ
‡ꢁ:KHQꢁWKHꢁNQREꢁLVꢁLQꢁWKHꢁ2))ꢁSRVLWLRQꢃꢁLWꢁPXVWꢁEHꢁSXVKHG
ꢁ GRZQꢁEHIRUHꢁLWꢁFDQꢁEHꢁWXUQHGꢂꢁ:KHQꢁWKHꢁNQREꢁLVꢁLQꢁDQ\ꢁ
ꢁ RWKHUꢁSRVLWLRQꢃꢁLWꢁFDQꢁEHꢁWXUQHGꢁZLWKRXWꢁEHLQJꢁSXVKHGꢁLQꢂ
QRWꢀWXUQꢀ
LPSURSHUO\ꢀVHWꢂꢁ
ꢁ
ꢁ
3RRUꢀYHQWLQJꢀ
&ORJJHGꢀILOWHUꢂꢁ
‡ꢁ&OHDQꢁILOWHUꢁSHUꢁLQVWUXFWLRQVꢂ
ꢁ
ꢁ
+RXVHꢀWRRꢀDLUWLJKWꢂꢁ
:DOOꢀFDSꢀREVWUXFWHGꢂꢁ
‡ꢁ2SHQꢁDꢁZLQGRZꢁVOLJKWO\ꢁWRꢁSURYLGHꢁIUHVKꢁDLUꢁVRXUFHꢂ
‡ꢁ5HPRYHꢁEORFNDJHꢁIURPꢁH[WHULRUꢁZDOOꢁFDSꢂ
ꢁ
ꢁ
:DOOꢀFDSꢀGDPSHUꢀGRRUꢁ
VWXFNꢂꢁ
‡ꢁ&KHFNꢁH[WHULRUꢁZDOOꢁFDSꢁGDPSHUꢁGRRUꢁIRUꢁIUHHꢁꢁꢁ
ꢁ PRYHPHQWꢁRUꢁREVWUXFWLRQꢂ
ꢁ
ꢁ
ꢁ
ꢀ
'XFWꢀOHQJWKꢀH[FHHGVꢁ
UHFRPPHQGHGꢀꢏꢅꢅꢀꢀ
HTXLYDOHQWꢀIRRWꢀPD[LPXPꢂ
‡ꢁ5HGXFHꢁQXPEHUꢁRIꢁHOERZVꢁWRꢁVLPSOLI\ꢁGXFWꢁUXQꢂ
ꢁꢀꢇ
1RWHVꢁꢀ
*($SSOLDQFHVꢁFRP
ꢀꢓ
ꢁ
1RWHVꢁ
ꢁꢀꢉ
ꢁ
*(ꢀ(OHFWULFꢀ&RRNWRSꢀ:DUUDQW\ꢁ
$OOꢀZDUUDQW\ꢀVHUYLFHꢀSURYLGHGꢀE\ꢀRXUꢀ)DFWRU\ꢀ6HUYLFHꢀ
6WDSOHꢀ\RXUꢀUHFHLSWꢀKHUHꢁꢀꢀ
3URRIꢀRIꢀWKHꢀRULJLQDOꢀSXUFKDVHꢀ
GDWHꢀLVꢀQHHGHGꢀWRꢀREWDLQꢀVHUYLFHꢀ
XQGHUꢀWKHꢀZDUUDQW\ꢁ
Š
&HQWHUVꢂꢀRUꢀDQꢀDXWKRUL]HGꢀ&XVWRPHUꢀ&DUH ꢀWHFKQLFLDQꢁꢀ
7RꢀVFKHGXOHꢀVHUYLFHꢂꢀRQꢆOLQHꢂꢀYLVLWꢀXVꢀDWꢀ*($SSOLDQFHVꢁFRPꢂꢀ
RUꢀFDOOꢀꢈꢉꢉꢁ*(ꢁ&$5(6ꢀꢄꢈꢉꢉꢁꢊꢋꢌꢁꢌꢍꢋꢍꢅꢁꢀ3OHDVHꢀKDYHꢀVHULDOꢀ
QXPEHUꢀDQGꢀPRGHOꢀQXPEHUꢀDYDLODꢀEOHꢀZKHQꢀFDOOLQJꢀIRUꢀVHUYLFHꢁ
ꢀ)RUꢀ7KHꢀ3HULRGꢀ2Iꢂꢀ *(ꢀ:LOOꢀ5HSODFHꢂ
2QHꢀ<HDUꢁ
)URPꢀWKHꢀGDWHꢀRIꢀWKHꢁ
RULJLQDOꢀSXUFKDVHꢁ
$Q\ꢀSDUWꢀRIꢁWKHꢁFRRNWRSꢁZKLFKꢁIDLOVꢁGXHꢁWRꢁDꢁGHIHFWꢁLQꢁPDWHULDOVꢁRUꢁZRUNPDQVKLSꢂꢁ'XULQJꢁWKLV
OLPLWHGꢀRQHꢄ\HDUꢀZDUUDQW\ꢃꢁ*(ꢁZLOOꢁDOVRꢁSURYLGHꢃꢁIUHHꢀRIꢀFKDUJHꢃꢁDOOꢁODERUꢁDQGꢁLQꢊKRPHꢁVHUYLFHꢁWR
UHSODFHꢁWKHꢁGHIHFWLYHꢁSDUWꢂ
)LYHꢀ<HDUVꢁ
)URPꢀWKHꢀGDWHꢀRIꢀWKHꢁ
$ꢀUHSODFHPHQWꢀJODVVꢀFRRNWRSꢁLIꢁLWꢁVKRXOGꢄꢁFUDFNꢁGXHꢁWRꢁWKHUPDOꢁVKRFNꢅꢁGLVFRORUꢅꢁRUꢁLIꢁWKH
SDWWHUQꢁZHDUVꢁRIIꢂꢁ
RULJLQDOꢀSXUFKDVH
ꢁ
$ꢀUHSODFHPHQWꢀUDGLDQWꢀVXUIDFHꢀXQLWꢁLIꢁLWꢁVKRXOGꢁEXUQꢁRXWꢂ
ꢁ
ꢁ
'XULQJꢁWKLVꢁOLPLWHGꢀDGGLWLRQDOꢀIRXUꢄ\HDUꢀZDUUDQW\ꢃꢁ\RXꢁZLOOꢁEHꢁUHVSRQVLEOHꢁIRUꢁDQ\ꢁODERUꢁRUꢁ
LQꢊKRPHꢁVHUYLFHꢂ
ꢀ:KDWꢀ*(ꢀ:LOOꢀ1RWꢀ&RYHUꢂ
■ꢀ6HUYLFHꢀWULSVꢀWRꢀ\RXUꢀKRPHꢀWRꢀWHDFKꢀ\RXꢀKRZꢀWRꢀXVHꢀ
■ꢀ5HSODFHPHQWꢀRIꢀKRXVHꢀIXVHVꢀRUꢀUHVHWWLQJꢀRIꢀFLUFXLWꢀEUHDNHUVꢁ
WKHꢀSURGXFWꢁ
■ꢀ'DPDJHꢀWRꢀWKHꢀSURGXFWꢀFDXVHGꢀE\ꢀDFFLGHQWꢃꢀILUHꢃꢀIORRGVꢀRUꢀ
■ꢀ,PSURSHUꢀLQVWDOODWLRQꢃꢀGHOLYHU\ꢀRUꢀPDLQWHQDQFHꢁ
DFWVꢀRIꢀ*RGꢁ
■3URGXFWꢀGDPDJHꢀRUꢀIDLOXUHꢀRIꢀWKHꢀSURGXFWꢀLIꢀLWꢀLVꢀDEXVHGꢃꢀ
PLVXVHGꢃꢀPRGLILHGꢃꢀXVHGꢀIRUꢀRWKHUꢀWKDQꢀWKHꢀLQWHQGHGꢀ
SXUSRVHꢃꢀRUꢀXVHGꢀFRPPHUFLDOO\ꢁ
■ꢀ,QFLGHQWDOꢀRUꢀFRQVHTXHQWLDOꢀGDPDJHꢀFDXVHGꢀE\ꢀSRVVLEOHꢀ
GHIHFWVꢀZLWKꢀWKLVꢀDSSOLDQFHꢁ
■ꢀ'DPDJHꢀFDXVHGꢀDIWHUꢀGHOLYHU\ꢁ
■ꢀ'DPDJHꢀWRꢀWKHꢀJODVVꢀFRRNWRSꢀFDXVHGꢀE\ꢀXVHꢀRIꢀFOHDQHUVꢀ
RWKHUꢀWKDQꢀWKHꢀUHFRPPHQGHGꢀFOHDQLQJꢀFUHDPVꢀDQGꢀSDGVꢁ
■ꢀ3URGXFWꢀQRWꢀDFFHVVLEOHꢀWRꢀSURYLGHꢀUHTXLUHGꢀVHUYLFHꢁ
■ꢀ'DPDJHꢀWRꢀWKHꢀJODVVꢀFRRNWRSꢀFDXVHGꢀE\ꢀKDUGHQHGꢀVSLOOVꢀ
RIꢀVXJDU\ꢀPDWHULDOVꢀRUꢀPHOWHGꢀSODVWLFꢀWKDWꢀDUHꢀQRWꢀFOHDQHGꢀ
DFFRUGLQJꢀWRꢀWKHꢀGLUHFWLRQVꢀLQꢀWKHꢀ2ZQHU·Vꢀ0DQXDOꢁ
(;&/86,21ꢀ2)ꢀ,03/,('ꢀ:$55$17,(6³<RXUꢀVROHꢀDQGꢀH[FOXVLYHꢀUHPHG\ꢀLVꢀSURGXFWꢀUHSDLUꢀDVꢀSURYLGHGꢀLQꢀ
WKLVꢀ/LPLWHGꢀ:DUUDQW\ꢁꢀ$Q\ꢀLPSOLHGꢀZDUUDQWLHVꢃꢀLQFOXGLQJꢀWKHꢀLPSOLHGꢀZDUUDQWLHVꢀRIꢀPHUFKDQWDELOLW\ꢀRUꢀ
ILWQHVVꢀIRUꢀDꢀSDUWLFXODUꢀSXUSRVHꢃꢀDUHꢀOLPLWHGꢀWRꢀRQHꢀ\HDUꢀRUꢀWKHꢀVKRUWHVWꢀSHULRGꢀDOORZHGꢀE\ꢀODZꢁ
7KLVꢀZDUUDQW\ꢀLVꢀH[WHQGHGꢀWRꢀWKHꢀRULJLQDOꢀSXUFKDVHUꢀDQGꢀDQ\ꢀVXFFHHGLQJꢀRZQHUꢀIRUꢀSURGXFWVꢀSXUFKDVHGꢀIRUꢀKRPHꢀ
XVHꢀZLWKLQꢀWKHꢀ86$ꢁꢀ,IꢀWKHꢀSURGXFWꢀLVꢀORFDWHGꢀLQꢀDQꢀDUHDꢀZKHUHꢀVHUYLFHꢀE\ꢀDꢀ*(ꢀ$XWKRUL]HGꢀ6HUYLFHUꢀLVꢀꢀ
QRWꢀDYDLODEOHꢂꢀ\RXꢀPD\ꢀEHꢀUHVSRQVLEOHꢀIRUꢀDꢀWULSꢀFKDUJHꢀRUꢀ\RXꢀPD\ꢀEHꢀUHTXLUHGꢀWRꢀEULQJꢀWKHꢀSURGXFWꢀWRꢀDQꢀ
$XWKRUL]HGꢀ*(ꢀ6HUYLFHꢀ/RFDWLRQꢀIRUꢀVHUYLFHꢁꢀ,Qꢀ$ODVNDꢂꢀWKHꢀZDUUDQW\ꢀH[FOXGHVꢀWKHꢀFRVWꢀRIꢀVKLSSLQJꢀRUꢀꢀ
VHUYLFHꢀFDOOVꢀWRꢀ\RXUꢀKRPHꢁ
6RPHꢀVWDWHVꢀGRꢀQRWꢀDOORZꢀWKHꢀH[FOXVLRQꢀRUꢀOLPLWDWLRQꢀRIꢀLQFLGHQWDOꢀRUꢀFRQVHTXHQWLDOꢀGDPDJHVꢁꢀ7KLVꢀZDUUDQW\ꢀJLYHVꢀ
\RXꢀVSHFLILFꢀOHJDOꢀULJKWVꢂꢀDQGꢀ\RXꢀPD\ꢀDOVRꢀKDYHꢀRWKHUꢀULJKWVꢀZKLFKꢀYDU\ꢀIURPꢀVWDWHꢀWRꢀVWDWHꢁꢀ7RꢀNQRZꢀZKDWꢀ\RXUꢀ
OHJDOꢀULJKWVꢀDUHꢂꢀFRQVXOWꢀ\RXUꢀORFDOꢀRUꢀVWDWHꢀFRQVXPHUꢀDIIDLUVꢀRIILFHꢀRUꢀ\RXUꢀVWDWH·Vꢀ$WWRUQH\ꢀ*HQHUDOꢁ
:DUUDQWRUꢂꢀ*HQHUDOꢀ(OHFWULFꢀ&RPSDQ\ꢁꢀ/RXLVYLOOHꢃꢀ.<ꢀꢏꢆꢈꢈꢋ
ꢀꢐ
&RQVXPHUꢀ6XSSRUWꢁꢀ
*(ꢀ$SSOLDQFHVꢀ:HEVLWHꢀ
*($SSOLDQFHVꢁFRP
+DYHꢁDꢁTXHVWLRQꢁRUꢁQHHGꢁDVVLVWDQFHꢁZLWKꢁ\RXUꢁDSSOLDQFH"ꢁ7U\ꢁWKHꢁ*(ꢁ$SSOLDQFHVꢁ:HEVLWHꢁꢀꢍꢁKRXUVꢁDꢁGD\ꢃꢁꢁ
DQ\ꢁGD\ꢁRIꢁWKHꢁ\HDUꢖꢁ)RUꢁJUHDWHUꢁFRQYHQLHQFHꢁDQGꢁIDVWHUꢁVHUYLFHꢃꢁ\RXꢁFDQꢁQRZꢁGRZQORDGꢁ2ZQHU·Vꢁ0DQXDOVꢃꢁ
RUGHUꢁSDUWVꢁRUꢁHYHQꢁVFKHGXOHꢁVHUYLFHꢁRQꢊOLQHꢂꢁ
6FKHGXOHꢀ6HUYLFHꢀ
*($SSOLDQFHVꢁFRP
([SHUWꢁ*(ꢁUHSDLUꢁVHUYLFHꢁLVꢁRQO\ꢁRQHꢁVWHSꢁDZD\ꢁIURPꢁ\RXUꢁGRRUꢂꢁ*HWꢁRQꢊOLQHꢁDQGꢁVFKHGXOHꢁ\RXUꢁVHUYLFHꢁDWꢁꢁ
\RXUꢁFRQYHQLHQFHꢁDQ\ꢁGD\ꢁRIꢁWKHꢁ\HDUꢖꢁ2UꢁFDOOꢁꢉꢈꢈꢂ*(ꢂ&$5(6ꢁꢏꢉꢈꢈꢂꢍꢋꢀꢂꢀꢓꢋꢓꢑꢁGXULQJꢁQRUPDOꢁEXVLQHVVꢁKRXUVꢂ
5HDOꢀ/LIHꢀ'HVLJQꢀ6WXGLRꢀ
*($SSOLDQFHVꢁFRP
*(ꢁVXSSRUWVꢁWKHꢁ8QLYHUVDOꢁ'HVLJQꢁFRQFHSW³SURGXFWVꢃꢁVHUYLFHVꢁDQGꢁHQYLURQPHQWVꢁWKDWꢁFDQꢁEHꢁXVHGꢁE\ꢁꢁ
SHRSOHꢁRIꢁDOOꢁDJHVꢃꢁVL]HVꢁDQGꢁFDSDELOLWLHVꢂꢁ:HꢁUHFRJQL]HꢁWKHꢁQHHGꢁWRꢁGHVLJQꢁIRUꢁDꢁZLGHꢁUDQJHꢁRIꢁSK\VLFDOꢁDQGꢁ
PHQWDOꢁDELOLWLHVꢁDQGꢁLPSDLUPHQWVꢂꢁ)RUꢁGHWDLOVꢁRIꢁ*(·Vꢁ8QLYHUVDOꢁ'HVLJQꢁDSSOLFDWLRQVꢃꢁLQFOXGLQJꢁNLWFKHQꢁGHVLJQꢁ
LGHDVꢁIRUꢁSHRSOHꢁZLWKꢁGLVDELOLWLHVꢃꢁFKHFNꢁRXWꢁRXUꢁ:HEVLWHꢁWRGD\ꢂꢁ)RUꢁWKHꢁKHDULQJꢁLPSDLUHGꢃꢁSOHDVHꢁFDOOꢁꢉꢈꢈꢂ7''ꢂ
*($&ꢁꢏꢉꢈꢈꢂꢉꢋꢋꢂꢍꢋꢀꢀꢑꢂꢁ
([WHQGHGꢀ:DUUDQWLHVꢀ
*($SSOLDQFHVꢁFRP
3XUFKDVHꢁDꢁ*(ꢁH[WHQGHGꢁZDUUDQW\ꢁDQGꢁOHDUQꢁDERXWꢁVSHFLDOꢁGLVFRXQWVꢁWKDWꢁDUHꢁDYDLODEOHꢁZKLOHꢁ\RXUꢁZDUUDQW\ꢁ
LVꢁVWLOOꢁLQꢁHIIHFWꢂꢁ<RXꢁFDQꢁSXUFKDVHꢁLWꢁRQꢊOLQHꢁDQ\WLPHꢃꢁRUꢁFDOOꢁꢉꢈꢈꢂꢇꢀꢇꢂꢀꢀꢀꢍꢁGXULQJꢁQRUPDOꢁEXVLQHVVꢁKRXUVꢂꢁꢁ
*(ꢁ&RQVXPHUꢁ+RPHꢁ6HUYLFHVꢁZLOOꢁVWLOOꢁEHꢁWKHUHꢁDIWHUꢁ\RXUꢁZDUUDQW\ꢁH[SLUHVꢂ
3DUWVꢀDQGꢀ$FFHVVRULHVꢀꢀ
*($SSOLDQFHVꢁFRP
,QGLYLGXDOVꢁTXDOLILHGꢁWRꢁVHUYLFHꢁWKHLUꢁRZQꢁDSSOLDQFHVꢁFDQꢁKDYHꢁSDUWVꢁRUꢁDFFHVVRULHVꢁVHQWꢁGLUHFWO\ꢁWRꢁWKHLUꢁKRPHVꢁ
ꢏ9,6$ꢃꢁ0DVWHU&DUGꢁDQGꢁ'LVFRYHUꢁFDUGVꢁDUHꢁDFFHSWHGꢑꢂꢁ2UGHUꢁRQꢊOLQHꢁWRGD\ꢃꢁꢀꢍꢁKRXUVꢁHYHU\ꢁGD\ꢁRUꢁE\ꢁSKRQHꢁꢁ
DWꢁꢉꢈꢈꢂꢇꢀꢇꢂꢀꢈꢈꢀꢁGXULQJꢁQRUPDOꢁEXVLQHVVꢁKRXUVꢂ
,QVWUXFWLRQVꢀFRQWDLQHGꢀLQꢀWKLVꢀPDQXDOꢀFRYHUꢀSURFHGXUHVꢀWRꢀEHꢀSHUIRUPHGꢀE\ꢀDQ\ꢀXVHUꢁꢀ2WKHUꢀVHUYLFLQJꢀ
JHQHUDOO\ꢀVKRXOGꢀEHꢀUHIHUUHGꢀWRꢀTXDOLILHGꢀVHUYLFHꢀSHUVRQQHOꢁꢀ&DXWLRQꢀPXVWꢀEHꢀH[HUFLVHGꢃꢀVLQFHꢀLPSURSHUꢀ
VHUYLFLQJꢀPD\ꢀFDXVHꢀXQVDIHꢀRSHUDWLRQꢁꢀ
&RQWDFWꢀ8Vꢀ ꢀ
*($SSOLDQFHVꢁFRP
,Iꢁ\RXꢁDUHꢁQRWꢁVDWLVILHGꢁZLWKꢁWKHꢁVHUYLFHꢁ\RXꢁUHFHLYHꢁIURPꢁ*(ꢃꢁFRQWDFWꢁXVꢁRQꢁRXUꢁ:HEVLWHꢁZLWKꢁDOOꢁWKHꢁGHWDLOVꢁ
LQFOXGLQJꢁ\RXUꢁSKRQHꢁQXPEHUꢃꢁRUꢁZULWHꢁWRꢄꢁꢁ ꢁ*HQHUDOꢁ0DQDJHUꢃꢁ&XVWRPHUꢁ5HODWLRQVꢁ
*(ꢁ$SSOLDQFHVꢃꢁ$SSOLDQFHꢁ3DUNꢁ
/RXLVYLOOHꢃꢁ.<ꢁꢍꢈꢀꢀꢎ
5HJLVWHUꢀ<RXUꢀ$SSOLDQFHꢀ
*($SSOLDQFHVꢁFRP
5HJLVWHUꢀ\RXUꢀQHZꢀDSSOLDQFHꢀRQꢄOLQH³DWꢀ\RXUꢀFRQYHQLHQFHꢐꢁ7LPHO\ꢁSURGXFWꢁUHJLVWUDWLRQꢁZLOOꢁDOORZꢁIRUꢁHQKDQFHGꢁ
FRPPXQLFDWLRQꢁDQGꢁSURPSWꢁVHUYLFHꢁXQGHUꢁWKHꢁWHUPVꢁRIꢁ\RXUꢁZDUUDQW\ꢃꢁVKRXOGꢁWKHꢁQHHGꢁDULVHꢂꢁ<RXꢁPD\ꢁDOVRꢁPDLOꢁ
LQꢁWKHꢁSUHꢊSULQWHGꢁUHJLVWUDWLRQꢁFDUGꢁLQFOXGHGꢁLQꢁWKHꢁSDFNLQJꢁPDWHULDOꢂ
3ULQWHGꢀLQꢀWKHꢀ8QLWHGꢀ6WDWHV
GEAppliances.com
Manual del propietario
e Instrucciones
Instrucciones de operación
de instalación
PP989
Cuidado y limpieza
Instrucciones de instalación
Apoyo al consumidor
Escriba el número de modelo y
de serie aquí:
Modelo # ___________________
Serie # _____________________
Encuentre estos números en una
etiqueta debajo de la estufa, en el lado
de la cámara de ventilación.
49-80635 05-11 GE
,16758&&,21(6ꢀ'(ꢀ6(*85,'$'ꢀ,03257$17(6ꢁ
/($ꢀ72'$6ꢀ/$6ꢀ,16758&&,21(6ꢀ$17(6ꢀ'(ꢀ86$5ꢁ
$'9(57(1&,$
/HDꢁWRGDVꢁODVꢁLQVWUXFFLRQHVꢁGHꢁVHJXULGDGꢁDQWHVꢁGHꢁXWLOL]DUꢁHVWHꢁSURGXFWRꢃꢁ1RꢁVHJXLUꢁHVWDVꢁLQVWUXFFLRQHVꢁSXHGHJHQHUDUꢁXQꢁ
LQFHQGLRꢂꢁXQDꢁGHVFDUJDꢁHOpFWULFDꢂꢁOHVLRQHVꢁFRUSRUDOHVꢁRꢁODꢁPXHUWHꢃꢁ
ꢀ,16758&&,21(6ꢀ*(1(5$/(6ꢀ'(ꢀ6(*85,'$'
$'9(57(1&,$
■ꢁꢁ8VHꢁHVWHꢁDSDUDWRꢁVyORꢁFRQꢁHOꢁREMHWLYRꢁSDUDꢁHOꢁTXHꢁ
IXHꢁFUHDGRꢂFRPRꢁVHꢁGHVFULEHꢁHQꢁHVWHꢁ0DQXDOꢁGHOꢁ
3URSLHWDULRꢃ
1RꢁXWLOLFHꢁWRDOODVꢁXꢁRWUDVꢁWHODVꢁJUXHVDVꢁHQꢁOXJDUꢁGHꢁXQDꢁ
DJDUUDGHUDꢃ
■ 1XQFDꢁXVHꢁVXꢁHOHFWURGRPpVWLFRꢁSDUDꢁFDOHQWDUꢁODꢁ
■ꢁꢁ$VHJ~UHVHꢁGHꢁTXHꢁXQꢁWpFQLFRꢁFDOLILFDGRꢁUHDOLFHꢁXQDꢁ
FRUUHFWDLQVWDODFLyQꢁ\ꢁSXHVWDꢁDꢁWLHUUDꢁGHOꢁDUWHIDFWRꢁGHꢁ
DFXHUGRꢁFRQꢁODVꢁLQVWUXFFLRQHVꢁGHꢁLQVWDODFLyQꢁSURYLVWDVꢃ
KDELWDFLyQꢃ
■ꢁ1ꢁ RꢁWRTXHꢁODVꢁXQLGDGHVꢁGHꢁVXSHUILFLHꢂꢁORVꢁ
HOHPHQWRVFDOHQWDGRUHVꢁRꢁODꢁVXSHUILFLHꢁLQWHULRUꢁGHOꢁ
KRUQRꢃꢁ(VWDVVXSHUILFLHVꢁSXHGHQꢁHVWDUꢁORꢁVXILFLHQWHPHQWHꢁ
FDOLHQWHVꢁSDUDTXHPDUꢁD~QꢁFXDQGRꢁWHQJDQꢁXQꢁFRORUꢁ
RVFXURꢃꢁ'XUDQWHꢁ\GHVSXpVꢁGHOꢁXVRꢂꢁQRꢁWRTXHꢁRꢁGHMHꢁTXHꢁ
VXꢁYHVWLPHQWDꢁXꢁRWURVPDWHULDOHVꢁLQIODPDEOHVꢁHQWUHQꢁHQꢁ
FRQWDFWRꢁFRQꢁXQLGDGHVꢁGHꢁVXSHUILFLHꢂꢁiUHDVꢁFHUFDQDVꢁ
DꢁODVꢁXQLGDGHVꢁGHꢁVXSHUILFLHꢁRꢁFXDOTXLHUꢁiUHDꢁLQWHULRUꢁ
GHOꢁKRUQRꢄꢁGHMHꢁSDVDUꢁXQꢁWLHPSRSUXGHQFLDOꢁSDUDꢁTXHꢁVHꢁ
HQIUtHQꢃꢁ2WUDVꢁVXSHUILFLHVꢁGHOꢁDSDUDWRSXHGHQꢁFDOHQWDUVHꢁ
ORꢁVXILFLHQWHꢁFRPRꢁSDUDꢁSURYRFDUTXHPDGXUDVꢃꢁ/DVꢁ
VXSHUILFLHVꢁSRWHQFLDOPHQWHꢁFDOLHQWHVLQFOX\HQꢁODꢁHVWXIDꢂꢁ
ODVꢁiUHDVꢁRULHQWDGDVꢁKDFLDꢁODꢁHVWXIDꢂꢁODꢁDEHUWXUDꢁGHꢁ
YHQWLODFLyQꢁGHOꢁKRUQRꢂꢁODVꢁVXSHUILFLHVꢁFHUFDQDVDꢁODꢁ
DEHUWXUDꢁ\ꢁODVꢁKHQGLGXUDVꢁXELFDGDVꢁDOUHGHGRUꢁGHꢁ
ODSXHUWDꢁGHOꢁKRUQRꢃꢁ
■ 1RꢁLQWHQWHꢁUHSDUDUꢁRꢁFDPELDUꢁQLQJXQDꢁSLH]DꢁGHꢁ
VXꢁFRFLQDꢁDꢁPHQRVꢁTXHꢁHVWpꢁHVSHFtILFDPHQWHꢁ
UHFRPHQGDGRꢁHQꢁHVWHPDQXDOꢃꢁ&XDOTXLHUꢁRWURꢁVHUYLFLRꢁ
GHEHꢁUHDOL]DUORꢁXQꢁWpFQLFRFDOLILFDGRꢃꢁꢁ
■ $QWHVꢁGHꢁUHDOL]DUꢁFXDOTXLHUꢁFODVHꢁGHꢁUHSDUDFLyQꢂꢁ
GHVHQFKXIHꢁODꢁFRFLQDꢁRꢁGHVFRQHFWHꢁHOꢁVXPLQLVWURꢁ
HOpFWULFRGHVGHꢁHOꢁSDQHOꢁGHꢁGLVWULEXFLyQꢁGRPpVWLFRꢁ
TXLWDQGRꢁHOꢁIXVLEOHRꢁGHVFRQHFWDQGRꢁHOꢁLQWHUUXSWRUꢁGHꢁ
FLUFXLWRVꢃ
■ 1RꢁGHMHꢁDꢁORVꢁQLxRVꢁVRORVꢄꢁpVWRVꢁQRꢁGHEHQꢁTXHGDUꢁVRORVꢁ
RꢁVLQDWHQFLyQꢁHQꢁXQꢁiUHDꢁGRQGHꢁXQꢁDSDUDWRꢁHVWpꢁHQꢁXVRꢃꢁ
1XQFDGHEHꢁSHUPLWLUVHꢁTXHꢁVHꢁVXEDQꢂꢁVLHQWHQꢁRꢁSDUHQꢁHQꢁ
FXDOTXLHUSDUWHꢁGHꢁHVWHꢁDSDUDWRꢃ
■ꢁꢁ1RꢁFDOLHQWHꢁUHFLSLHQWHVꢁFHUUDGRVꢁGHꢁDOLPHQWRVꢃꢁ3RGUtDꢁ
KDEHUXQDꢁDFXPXODFLyQꢁGHꢁSUHVLyQꢁHQꢁHOꢁUHFLSLHQWHꢁ\ꢁ
pVWHꢁSRGUtDH[SORWDUꢂꢁSURYRFDQGRꢁOHVLRQHVꢃ
■
35(&$8&,21ꢀꢁ1RꢁDOPDFHQHꢁHOHPHQWRVꢁ
GHꢁLQWHUpVꢁSDUDꢁQLxRVꢁVREUHꢁXQDꢁFRFLQDꢁRꢁHQꢁODꢁ
SURWHFFLyQWUDVHUDꢁGHꢁXQDꢁFRFLQDꢅꢁORVꢁQLxRVꢁTXHꢁVHꢁ
WUHSDQꢁDꢁODꢁFRFLQDSDUDꢁDOFDQ]DUꢁHOHPHQWRVꢁSXHGHQꢁ
UHVXOWDUꢁJUDYHPHQWHꢁKHULGRVꢃ
■ꢁꢁ&RFLQHꢁFDUQHVꢁGHꢁUHVꢁ\ꢁGHꢁDYHꢁSRUꢁFRPSOHWRꢅꢁ/DVꢁ
FDUQHVꢁGHꢁUHVꢁKDVWDꢁDOFDQ]DUꢁXQDꢁWHPSHUDWXUDꢁLQWHUQDꢁ
GHꢁSRUꢁORꢁPHQRVꢁꢆꢇꢈƒ)ꢁꢉꢊꢆƒ&ꢋꢁ\ꢁODVꢁFDUQHVꢁGHꢁDYHꢁDꢁ
XQDWHPSHUDWXUDꢁLQWHUQDꢁGHꢁSRUꢁORꢁPHQRVꢁꢆꢌꢈƒ)ꢁꢉꢌꢀƒ&ꢋꢃꢁ
/DꢁFRFFLyQꢁDꢁHVWDVꢁWHPSHUDWXUDVꢁJHQHUDOPHQWHꢁSURWHJHꢁ
GHꢁHQIHUPHGDGHVꢁWUDQVPLWLGDVꢁSRUꢁORVꢁDOLPHQWRVꢃ
■ 6yORꢁXVHꢁDJDUUDGHUDVꢁVHFDVꢅꢁODVꢁDJDUUDGHUDVꢁK~PHGDVꢁ
RꢁPRMDGDVꢁFRORFDGDVꢁHQꢁVXSHUILFLHVꢁFDOLHQWHVꢁ
SXHGHQSURYRFDUꢁTXHPDGXUDVꢁGHꢁYDSRUꢃꢁ1RꢁSHUPLWDꢁ
TXHꢁODVDJDUUDGHUDVꢁHQWUHQꢁHQꢁFRQWDFWRꢁFRQꢁXQLGDGHVꢁ
GHꢁVXSHUILFLHRꢁORVꢁHOHPHQWRVꢁFDOHQWDGRUHVꢁFDOLHQWHVꢃꢁ
ꢀ0$17(1*$ꢀ/26ꢀ0$7(5,$/(6ꢀ,1)/$0$%/(6ꢀ
$/(-$'26ꢀ'(ꢀ/$ꢀ(678)$ꢁ
$'9(57(1&,$
■ 1RꢁSHUPLWDꢁTXHꢁODꢁJUDVDꢁGHꢁODꢁFRFFLyQꢁXꢁRWURVꢁ
PDWHULDOHVLQIODPDEOHVꢁVHꢁDFXPXOHQꢁGHQWURꢁGHꢁODꢁFRFLQDꢁ
RꢁHQꢁVXFHUFDQtDꢃꢁ/DꢁJUDVDꢁGHQWURꢁGHOꢁKRUQRꢁRꢁVREUHꢁODꢁ
HVWXIDꢁSXHGHꢁHQFHQGHUVHꢃ
■ꢁꢁ1RꢁDOPDFHQHꢁRꢁXWLOLFHꢁPDWHULDOHVꢁLQIODPDEOHVꢁGHQWURꢁ
GHꢁXQꢁKRUQRꢁRꢁFHUFDꢁGHꢁODꢁHVWXIDꢂꢁWDOHVꢁFRPRꢁSDSHOꢂꢁ
SOiVWLFRꢂDJDUUDGHUDVꢂꢁWHODVꢂꢁUHFXEULPLHQWRVꢁGHꢁ
SDUHGꢂꢁFRUWLQDVꢁ\ꢁJDVROLQDꢁXꢁRWURVꢁYDSRUHVꢁ\ꢁOtTXLGRVꢁ
LQIODPDEOHVꢃ
■ /LPSLHꢁODVꢁFDPSDQDVꢁGHꢁYHQWLODFLyQꢁFRQꢁIUHFXHQFLDꢃꢁ
1RꢁGHEHꢁSHUPLWLUVHꢁODꢁDFXPXODFLyQꢁGHꢁJUDVDꢁHQꢁODꢁ
FDPSDQDRꢁHQꢁHOꢁILOWURꢃ
■ꢁꢁ1XQFDꢁXVHꢁYHVWLPHQWDVꢁKROJDGDVꢁRꢁDPSOLDVꢁPLHQWUDVꢁ
XWLOLFHHOꢁDSDUDWRꢃꢁ(VWDVꢁYHVWLPHQWDVꢁSXHGHQꢁSUHQGHUVHꢁ
IXHJRꢁVLHQWUDQꢁHQꢁFRQWDFWRꢁFRQꢁVXSHUILFLHVꢁFDOLHQWHVꢂꢁ
SURYRFDQGRTXHPDGXUDVꢁJUDYHVꢃ
ꢀ
*8$5'(ꢀ(67$6ꢀ,16758&&,21(6
,16758&&,21(6ꢀ'(ꢀ6(*85,'$'ꢀ,03257$17(6ꢁ
/($ꢀ72'$6ꢀ/$6ꢀ,16758&&,21(6ꢀ$17(6ꢀ'(ꢀ86$5ꢁꢁ
*($SSOLDQFHVꢁFRP
$'9(57(1&,$
ꢁ
(1ꢀ&$62ꢀ'(ꢀ,1&(1',2ꢂꢀ6,*$ꢀ/26ꢀ6,*8,(17(6ꢀ
3$626ꢀ3$5$ꢀ(9,7$5ꢀ/$ꢀ3523$*$&,Ï1ꢀ'(/ꢀ)8(*2ꢃ
■ꢁꢁ1RꢁXWLOLFHꢁDJXDꢁHQꢁLQFHQGLRVꢁGHꢁJUDVDꢃꢁ1XQFDꢁOHYDQWHꢁ
XQDVDUWpQꢁHQꢁOODPDVꢃꢁ$SDJXHꢁORVꢁFRQWUROHVꢃꢁ$SDJXHꢁ
XQDꢁVDUWpQHQꢁOODPDVꢁVREUHꢁXQDꢁXQLGDGꢁGHꢁVXSHUILFLHꢁ
FXEULHQGRꢁODꢁVDUWpQꢁSRUꢁFRPSOHWRꢁFRQꢁXQDꢁWDSDꢁTXHꢁ
DMXVWHꢁELHQꢂꢁXQDꢁSODQFKDꢁSDUDꢁJDOOHWDVꢁRꢁXQDꢁEDQGHMDꢁ
SODQDꢃꢁ8WLOLFHꢁXQꢁTXtPLFRꢁVHFRꢁPXOWLXVRꢁRꢁXQꢁH[WLQWRUꢁGHꢁ
LQFHQGLRVꢁGHꢁHVSXPDꢃ
ꢁ,16758&&,21(6ꢁ'(ꢁ6(*85,'$'ꢁ'(ꢁ/$ꢁ(678)$ꢁꢁꢁ
5$',$17(
$'9(57(1&,$
■ꢁ1ꢁ XQFDꢁGHMHꢁODVꢁXQLGDGHVꢁGHꢁVXSHUILFLHꢁVLQꢁDWHQFLyQꢁHQꢁ
FRQILJXUDFLRQHVꢁGHꢁFDORUꢁPHGLDꢁRꢁDOWDꢃꢁ/RVꢁDOLPHQWRVTXHꢁ
KLHUYHQꢁ\ꢁVHꢁGHUUDPDQꢁSXHGHQꢁSURYRFDUꢁKXPRꢁ
■ꢁꢁ7HQJDꢁFXLGDGRꢁDOꢁWRFDUꢁODꢁHVWXIDꢃꢁ/DꢁVXSHUILFLHꢁGHꢁ
YLGULRGHꢁODꢁHVWXIDꢁUHWHQGUiꢁFDORUꢁGHVSXpVꢁGHꢁTXHꢁORVꢁ
FRQWUROHVVHꢁKD\DQꢁDSDJDGRꢃ
\GHUUDPHVꢁJUDVRVRVꢁTXHꢁSXHGHQꢁSUHQGHUVHꢁIXHJRꢃ
■ (YLWHꢁUD\DUꢁRꢁJROSHDUꢁODꢁHVWXIDꢁGHꢁYLGULRꢃꢁ(VWRꢁSRGUtDꢁ
URPSHUꢁHOꢁYLGULRꢃꢁ/DꢁHVWXIDꢁSXHGHꢁVXIULUꢁUD\RQHVꢁ
FRQꢁDUWtFXORVꢁWDOHVꢁFRPRꢁFXFKLOORVꢂꢁLQVWUXPHQWRVꢁ
SXQWHDJXGRVꢂꢁDQLOORVꢁXꢁRWUDVꢁMR\DVꢁ\ꢁDEURMRVꢁGHꢁ
YHVWLPHQWDVꢃ
■ꢁ1ꢁ XQFDꢁGHMHꢁDFHLWHꢁVLQꢁDWHQFLyQꢁPLHQWUDVꢁIUtHꢃꢁ6LꢁVHꢁ
GHMDFDOHQWDUꢁPiVꢁDOOiꢁGHOꢁSXQWRꢁGHꢁKXPHRꢂꢁHOꢁDFHLWHꢁ
SXHGHHQFHQGHUVHꢂꢁSURYRFDQGRꢁXQꢁLQFHQGLRꢁTXHꢁ
SRGUtDSURSDJDUVHꢁDꢁORVꢁJDELQHWHVꢁFHUFDQRVꢃꢁ8WLOLFHꢁ
XQWHUPyPHWURꢁSDUDꢁJUDVDꢁFXDQGRꢁVHDꢁSRVLEOHꢁ
SDUDFRQWURODUꢁODꢁWHPSHUDWXUDꢁGHOꢁDFHLWHꢃ
■ꢁꢁ$QWHVꢁGHꢁXWLOL]DUꢁHOꢁFLFORꢁGHꢁDXWRꢏOLPSLH]DꢂꢁOLPSLHꢁODꢁ
JUDVD\ꢁORVꢁGHUUDPHVꢁGHꢁDOLPHQWRVꢁGHOꢁKRUQRꢃꢁ8QDꢁ
FDQWLGDGH[FHVLYDꢁGHꢁJUDVDꢁSXHGHꢁHQFHQGHUVHꢂꢁ
JHQHUDQGRꢁGDxRVꢁSRUꢁHOꢁKXPRꢁHQꢁVXꢁKRJDUꢃ
■ 3DUDꢁHYLWDUꢁHOꢁGHUUDPHꢁGHꢁDFHLWHꢁ\ꢁXQꢁLQFHQGLRꢂꢁXWLOLFHꢁ
XQDFDQWLGDGꢁPtQLPDꢁGHꢁDFHLWHꢁFXDQGRꢁIUtDꢁHQꢁVDUWHQHVꢁ
SRFRSURIXQGDVꢁ\ꢁHYLWHꢁODꢁFRFFLyQꢁGHꢁDOLPHQWRVꢁ
FRQJHODGRVFRQꢁXQDꢁFDQWLGDGꢁH[FHVLYDꢁGHꢁKLHORꢃꢁ
■
1RꢁFRORTXHꢁRꢁDOPDFHQHꢁHOHPHQWRVꢁTXHꢁSXHGHQꢁ
GHUUHWLUVHRꢁSUHQGHUVHꢁIXHJRꢁVREUHꢁODꢁHVWXIDꢁGHꢁYLGULRꢂꢁ
D~QꢁFXDQGRQRꢁODꢁHVWpꢁXVDQGRꢃꢁ6LꢁODꢁHVWXIDꢁVHꢁHQFLHQGHꢁ
HQꢁIRUPDDFFLGHQWDOꢂꢁSXHGHQꢁSUHQGHUVHꢁIXHJRꢃꢁ(OꢁFDORUꢁ
SURYHQLHQWHGHꢁODꢁHVWXIDꢁRꢁGHꢁODꢁYHQWLODFLyQꢁGHOꢁKRUQRꢁ
WDPELpQꢁSXHGHSUHQGHUORVꢁIXHJRꢂꢁD~QꢁVLꢁHOꢁDSDUDWRꢁHVWiꢁ
DSDJDGRꢃ
■ 8WLOLFHꢁHOꢁWDPDxRꢁGHꢁUHFLSLHQWHꢁDGHFXDGRꢅꢁ(OLMDꢁ
UHFLSLHQWHVFRQꢁEDVHVꢁSODQDVꢁORꢁVXILFLHQWHPHQWHꢁJUDQGHVꢁ
SDUDꢁFXEULUHOꢁHOHPHQWRꢁFDOHQWDGRUꢁGHꢁVXSHUILFLHꢃꢁ/Dꢁ
XWLOL]DFLyQꢁGHUHFLSLHQWHVꢁPiVꢁSHTXHxRVꢁGHMDUiꢁH[SXHVWDꢁ
XQDꢁSRUFLyQGHꢁODꢁXQLGDGꢁGHꢁVXSHUILFLHꢁDOꢁFRQWDFWRꢁ
GLUHFWRꢂꢁORꢁTXHSXHGHꢁSURYRFDUꢁHOꢁHQFHQGLGRꢁGHꢁVXVꢁ
YHVWLPHQWDVꢃꢁ8QDꢁUHODFLyQꢁDGHFXDGDꢁGHOꢁUHFLSLHQWHꢁFRQꢁ
ODꢁXQLGDGꢁGHꢁVXSHUILFLHꢁWDPELpQꢁPHMRUDUiꢁODꢁHILFLHQFLDꢃ
■ 8VHꢁHOꢁOLPSLDGRUꢁGHꢁHVWXIDVꢁFHUiPLFDVꢁ&(5$0$ꢁ
%5<7(Š\ꢁODꢁHVSRQMLOODꢁGHꢁOLPSLH]Dꢁ&(5$0$ꢁ%5<7(ŠSDUDꢁ
OLPSLDUꢁODꢁHVWXIDꢃꢁ(VSHUHꢁKDVWDꢁTXHꢁODꢁHVWXIDꢁVHꢁHQIUtHꢁ
\ꢁODꢁOX]LQGLFDGRUDꢁVHꢁDSDJXHꢁDQWHVꢁGHꢁOLPSLDUꢃꢁ8QDꢁ
HVSRQMDꢁRꢁXQꢁSDxRꢁK~PHGRVꢁVREUHꢁXQDꢁVXSHUILFLHꢁ
FDOLHQWHꢁSXHGHQSURYRFDUꢁTXHPDGXUDVꢁGHꢁYDSRUꢃꢁ
$OJXQRVꢁOLPSLDGRUHVSXHGHQꢁSURGXFLUꢁKXPRVꢁWy[LFRVꢁ
VLꢁVHꢁORVꢁDSOLFDꢁDꢁXQDVXSHUILFLHꢁFDOLHQWHꢃꢁ127$ꢂꢁ/RVꢁ
GHUUDPHVꢁGHꢁD]~FDUꢁVRQꢁODꢁH[FHSFLyQꢃꢁeVWRVꢁGHEHQꢁ
TXLWDUVHꢁPLHQWUDVꢁHVWiQFDOLHQWHVꢁXWLOL]DQGRꢁXQDꢁ
DJDUUDGHUDꢁ\ꢁXQꢁUDVSDGRUꢃꢁ3DUDLQVWUXFFLRQHVꢁGHWDOODGDVꢂꢁ
YHUꢁODꢁVHFFLyQꢁ&yPRꢁOLPSLDUꢁODꢁHVWXIDꢁGHꢁYLGULRꢃ
■ꢁꢁ6yORꢁFLHUWRVꢁWLSRVꢁGHꢁUHFLSLHQWHVꢁGHꢁYLGULRꢂꢁYLGULRꢎ
FHUiPLFRꢂFHUiPLFDꢂꢁXꢁRWURVꢁUHFLSLHQWHVꢁYLGULDGRVꢁ
SXHGHQꢁXWLOL]DUVHVREUHꢁODꢁHVWXIDꢄꢁRWURVꢁSXHGHQꢁURPSHUVHꢁ
GHELGRꢁDOꢁFDPELRUHSHQWLQRꢁGHꢁWHPSHUDWXUDꢃ
■ꢁꢁ3DUDꢁPLQLPL]DUꢁODꢁSRVLELOLGDGꢁGHꢁTXHPDGXUDVꢂꢁHOꢁ
HQFHQGLGRꢁGHꢁPDWHULDOHVꢁLQIODPDEOHVꢁ\ꢁORVꢁGHUUDPHVꢂꢁ
ODꢁPDQLMDꢁGHꢁORVꢁUHFLSLHQWHVꢁGHEHQꢁJLUDUVHꢁKDFLDꢁHOꢁ
FHQWURGHꢁODꢁFRFLQDꢁVLQꢁH[WHQGHUVHꢁVREUHꢁQLQJXQDꢁXQLGDGꢁ
GHꢁVXSHUILFLHꢁFHUFDQDꢃ
■ꢁꢁ/HDꢁ\ꢁFXPSODꢁFRQꢁWRGDVꢁODVꢁLQVWUXFFLRQHVꢁ\ꢁ
■
6LꢁIODPEHDꢁDOLPHQWRVꢁEDMRꢁODꢁFDPSDQDꢂꢁHQFLHQGDꢁHOꢁYHQWLODGRUꢃ
DGYHUWHQFLDVGHꢁODꢁHWLTXHWDꢁGHꢁODꢁFUHPDꢁGHꢁOLPSLH]Dꢃ
ꢍ
&DUDFWHUtVWLFDVꢀGHꢀVXꢀHVWXIDꢁ
$ꢀWUDYpVꢀGHꢀHVWHꢀPDQXDOꢂꢀODVꢀFDUDFWHUtVWLFDVꢀ\ꢀODꢀDSDULHQFLDꢀSRGUtDQꢀYDULDUꢀGHꢀDFXHUGRꢀFRQꢀVXꢀPRGHORꢁ
ËQGLFHꢀGHꢀFDUDFWHUtVWLFDVꢀꢄODVꢀFDUDFWHUtVWLFDVꢀ\ꢀODꢀDSDULHQFLDꢀSRGUtDQꢀYDULDUꢀGHꢀDFXHUGRꢀFRQꢀVXꢀPRGHORꢅ
8QLGDGꢀGHꢀVXSHUILFLHꢀSRVWHULRUꢀL]TXLHUGD
8QLGDGꢀGHꢀVXSHUILFLHꢀGHꢀSXHQWH
8QLGDGꢀGHꢀVXSHUILFLHꢀIURQWDOꢀL]TXLHUGD
3DUULOODꢀGHꢀYHQWLODFLyQ
)LOWURꢀGHꢀYHQWLODFLyQꢀꢄGHEDMRꢀGHꢀODꢀSDUULOODꢀGHꢀYHQWLODFLyQꢅ
8QLGDGꢀGHꢀVXSHUILFLHꢀSRVWHULRUꢀGHUHFKD
8QLGDGꢀGHꢀVXSHUILFLHꢀGREOH
(WLTXHWDꢀFRQꢀORVꢀQ~PHURVꢀGHꢀPRGHORꢀ\ꢀVHULHꢀꢄGHEDMRꢀGHꢀODꢀHVWXIDꢂꢀ
ꢀ
HQꢀHOꢀODGRꢀGHUHFKRꢀGHꢀODꢀFiPDUDꢀGHꢀYHQWLODFLyQꢅ
&RQWUROꢀGHꢀODꢀXQLGDGꢀGHꢀVXSHUILFLHꢀSRVWHULRUꢀL]TXLHUGD
&RQWUROꢀGHꢀODꢀXQLGDGꢀGHꢀVXSHUILFLHꢀIURQWDOꢀL]TXLHUGD
ꢀ/XFHVꢀLQGLFDGRUDVꢀGHꢀTXHꢀODꢀVXSHUILFLHꢀHVWiꢀFDOLHQWHꢀGHOꢀODGRꢀ
L]TXLHUGRꢀꢄXQDꢀSRUꢀFDGDꢀXQLGDGꢀGHꢀVXSHUILFLHꢅ
&RQWUROꢀGHꢀYHORFLGDGꢀGHOꢀYHQWLODGRUꢀGHꢀYHQWLODFLyQ
3HULOODꢀGHꢀEORTXHRꢀGHꢀFRQWURO
/XFHVꢀLQGLFDGRUDVꢀGHꢀTXHꢀODꢀVXSHUILFLHꢀHVWiꢀFDOLHQWHꢀGHOꢀODGRꢀGHUHFKRꢀꢄXQDꢀSRUꢀFDGDꢀ
ꢀ
XQLGDGꢀGHꢀVXSHUILFLHꢅ
&RQWUROꢀGHꢀXQLGDGꢀGHꢀVXSHUILFLHꢀGREOH
&RQWUROꢀGHꢀXQLGDGꢀGHꢀVXSHUILFLHꢀSRVWHULRUꢀGHUHFKD
/X]ꢀLQGLFDGRUDꢀHQFHQGLGDꢀGHꢀODꢀXQLGDGꢀGHꢀVXSHUILFLH
ꢐ
&yPRꢀXVDUꢀODVꢀXQLGDGHVꢀGHꢀVXSHUILFLHꢁꢀ
*($SSOLDQFHVꢁFRP
8QLGDGHVꢀGHꢀVXSHUILFLHꢀUDGLDQWHV
(OꢁFRQWUROꢁGHꢁODꢁXQLGDGꢁGHꢁVXSHUILFLHꢁUDGLDQWHꢁ
SXHGHꢁFRORFDUVHꢁHQꢁFXDOTXLHUꢁOXJDUꢁHQWUHꢁ/2ꢁꢉ%DMRꢋꢁ
\ꢁ+,ꢁꢉ$OWRꢋꢁSDUDꢁXQꢁQ~PHURꢁGHꢁVHOHFFLRQHVꢁGHꢁ
FDOHQWDPLHQWRꢁLOLPLWDGRꢃꢁ&RQꢁHOꢁLQWHUUXSWRUꢁLQILQLWRꢁHOꢁ
HPERELQDGRꢁKDFHꢁFLFORꢁHQWUHꢁHQFHQGLGRꢁ\ꢁDSDJDGRꢁ
SDUDꢁPDQWHQHUꢁFRQWUROꢁGHꢁVXꢁVHOHFFLyQꢃ
/DꢁOX]ꢁLQGLFDGRUDꢁGHꢁODꢁXQLGDGꢁGHꢁVXSHUILFLHꢁEULOODUiꢁ
FXDQGRꢁFXDOTXLHUDꢁGHꢁODVꢁXQLGDGHVꢁGHꢁVXSHUILFLHꢁ
HVWpQꢁHQFHQGLGDVꢁ21ꢁꢉ(QFHQGLGRꢋꢃ
(OꢀOX]ꢀLQGLFDGRUDꢀGHꢀ+27ꢀ685)$&(ꢀꢃ6XSHUILFLHꢀ
&DOLHQWHꢄꢀEULOODUiQꢀFXDQGRꢀODꢀVXSHUILFLHꢀGHꢀYLGULRꢀHVWpꢀ
FDOLHQWHꢀ\ꢀSHUPDQHFHUiꢀDVtꢀKDVWDꢀTXHꢀODꢀPLVPDꢀVHꢀ
KD\DꢀHQIULDGRꢁ
3DUDꢁKHUYLUꢁOtTXLGRVꢂꢁXVHꢁXQDꢁROODꢁRꢁVDUWpQꢁTXHꢁWHQJDꢁ
WDSDꢃ
(OꢁERWyQꢁGHꢁFRQWUROꢁGHEHꢁHPSXMDUVHꢁKDFLDꢁDEDMRꢁ\ꢁ
PRYLGRꢁGHVGHꢁODꢁSRVLFLyQꢁ2))ꢁꢉ$SDJDGRꢋꢃꢁ&XDQGRꢁORVꢁ
ERWRQHVꢁGHꢁFRQWUROꢁHVWiQꢁHQꢁFXDOTXLHUꢁSRVLFLyQꢁTXHꢁ
QRꢁVHDꢁ$3$*$'2ꢂꢁSXHGHQꢁPRYHUVHꢁVLQꢁSUHVLRQDUORVꢃ
&HUFLyUHVHꢁGHꢁJLUDUꢁHOꢁERWyQꢁGHꢁ
FRQWUROꢁDꢁDSDJDGRꢁꢉ2))ꢋꢁFXDQGRꢁ
WHUPLQHꢁGHꢁFRFLQDUꢃ
&HUFLyUHVHꢁGHꢁJLUDUꢁHOꢁERWyQꢁGHꢁFRQWUROꢁDꢁODꢁSRVLFLyQꢁ
DSDJDGRꢁFXDQGRꢁWHUPLQHꢁGHꢁFRFLQDUꢃꢁ8VWHGꢁVHQWLUiꢁ
XQꢁFOLFꢁHQꢁODꢁSRVLFLyQꢁ2))ꢃ
$FHUFDꢀGHꢀODVꢀXQLGDGHVꢀGHꢀVXSHUILFLHꢀUDGLDQWHV«
COCINE SOBRE
LA SUPERFICIE
/DꢁHVWXIDꢁUDGLDQWHꢁWLHQHꢁXQLGDGHVꢁFDOHQWDGRUDVꢁSRUꢁ
GHEDMRꢁGHꢁXQDꢁVXSHUILFLHꢁVXDYHꢁGHꢁYLGULRꢃꢁ
■ꢁꢀ/DVꢀPDQFKDVꢀGHꢀDJXDꢀꢄGHSyVLWRVꢀGHꢀPLQHUDOHVꢅꢀ
VHꢀUHPXHYHQꢀXVDQGRꢀXQDꢀFUHPDꢀGHꢀOLPSLH]DꢀRꢀ
YLQDJUHꢀEODQFRꢀSXURꢁꢀ
127$ꢂꢀ8QꢀRORUꢀOLJHURꢀHVꢀQRUPDOꢀFXDQGRꢀXQDꢀHVWXIDꢀ
QXHYDꢀHVꢀXVDGDꢀSRUꢀSULPHUDꢀYH]ꢁꢀ(VWRꢀHVꢀFDXVDGRꢀSRUꢀ ■ꢀꢀ(OꢀXVRꢀGHꢀOLPSLDGRUꢀGHꢀYHQWDQDVꢀSRGUtDꢀGHMDUꢀXQDꢀ
HOꢀFDOHQWDPLHQWRꢀGHꢀODVꢀSDUWHVꢀQXHYDVꢀ\ꢀORVꢀPDWHULDOHVꢀ
GHꢀDLVODPLHQWRꢀ\ꢀGHVDSDUHFHUiꢀHQꢀFRUWRꢀWLHPSRꢁ
SHOtFXODꢀLULGLVFHQWHꢀVREUHꢀODꢀHVWXIDꢁꢀ/DꢀFUHPDꢀGHꢀ
OLPSLH]DꢀUHPRYHUiꢀHVWDꢀGHFRORUDFLyQꢁꢀ
1XQFDꢁFRFLQHꢁGLUHFWDPHQWHꢁVREUHꢁ
HOꢁYLGULRꢃꢁ6LHPSUHꢁXVHꢁSLH]DVꢁGHꢁ
FRFLQDꢃ
127$ꢂꢀ(QꢀDOJXQRVꢀPRGHORVꢀGHꢀHVWXIDVꢀFRQꢀYLGULRVꢀFRQꢀ ■ꢀꢀ1RꢀDOPDFHQHꢀDUWtFXORVꢀSHVDGRVꢀVREUHꢀODꢀHVWXIDꢁꢀ
FRORUHVꢀOLJHURVꢂꢀHVꢀQRUPDOꢀTXHꢀODꢀ]RQDꢀGHꢀFRFLQDGRꢀ
FDPELHꢀGHꢀFRORUꢀFXDQGRꢀVHꢀFDOLHQWDꢀRꢀFXDQGRꢀVHꢀ
HQIUtDꢁꢀ(VWRꢀHVꢀWHPSRUDOꢀ\ꢀGHVDSDUHFHUiꢀFRQIRUPHꢀHOꢀ
YLGULRꢀVHꢀHQIUtDꢀDꢀWHPSHUDWXUDꢀDPELHQWHꢁꢁ
6LꢀVHꢀFDHQꢀVREUHꢀODꢀHVWXIDꢂꢀSRGUtDQꢀGDxDUODꢁꢀ
■ꢀꢀ1RꢀXVHꢀODꢀVXSHUILFLHꢀFRPRꢀWDEODꢀGHꢀFRUWHꢁ
NO EN
CENTRO
/DꢁXQLGDGꢁGHꢁVXSHUILFLHꢁKDUiꢁFLFORꢁHQWUHꢁHQFHQGLGRꢁ
\ꢁDSDJDGRꢁSDUDꢁPDQWHQHUꢁORVꢁFRQWUROHVꢁGHꢁVXꢁ
VHOHFFLyQꢃꢁ
(VꢁVHJXURꢁFRORFDUꢁXQDꢁSLH]DꢁGHꢁFRFLQDꢁFDOLHQWHꢁGHOꢁ
KRUQRꢁRꢁGHꢁODꢁVXSHUILFLHꢁVREUHꢁODꢁVXSHUILFLHꢁGHꢁYLGULRꢁ
FXDQGRꢁODꢁVXSHUILFLHꢁHVWiꢁIUtDꢃꢁ
6LHPSUHꢁFRORTXHꢁODꢁVDUWpQꢁHQꢁHOꢁ
FHQWURꢁGHꢁODꢁXQLGDGꢁGHꢁVXSHUILFLHꢁHQꢁ
ODꢁTXHꢁHVWiꢁFRFLQDQGRꢃꢁ
$~QꢁGHVSXpVꢁGHꢁTXHꢁODVꢁXQLGDGHVꢁGHꢁVXSHUILFLHꢁ
VRQꢁDSDJDGDVꢂꢁODꢁHVWXIDꢁGHꢁYLGULRꢁUHWLHQHꢁVXILFLHQWHꢁ
FDORUꢁSDUDꢁFRQWLQXDUꢁFRFLQDQGRꢃꢁ3DUDꢁHYLWDUꢁ
FRFLQDUꢁH[FHVLYDPHQWHꢂꢁUHPXHYDꢁODVꢁVDUWHQHVꢁ
GHꢁODVꢁXQLGDGHVꢁGHꢁVXSHUILFLHꢁFXDQGRꢁODꢁFRPLGDꢁ
VHꢁKD\DꢁFRFLQDGRꢃꢁ(YLWHꢁFRORFDUꢁQLQJ~QꢁREMHWRꢁ
VREUHꢁODꢁVXSHUILFLHꢁKDVWDꢁTXHꢁVHꢁKD\DꢁHQIULDGRꢁ
FRPSOHWDPHQWHꢃ
DESLICE
1RꢁGHVOLFHꢁVDUWHQHVꢁHQFLPDꢁGHꢁODꢁ
VXSHUILFLHꢁGHꢁODꢁHVWXIDꢁSRUTXHꢁHVWRꢁ
SRGUtDꢁUDVJXxDUꢁHOꢁYLGULRꢃꢁ(OꢁYLGULRꢁꢁ
HVꢁUHVLVWHQWHꢂꢁSHURꢁQRꢁHVꢁDꢁSUXHEDꢁ
GHꢁUDVJXxRVꢃ
ꢑ
&yPRꢀXVDUꢀODVꢀXQLGDGHVꢀGHꢀVXSHUILFLHꢁ
8QLGDGꢀGHꢀVXSHUILFLHꢀGREOH
/DꢀXQLGDGꢀGHꢀVXSHUILFLHꢀIURQWDOꢀGHUHFKDꢀWLHQHꢀ
GRVꢀWDPDxRVꢀSDUDꢀFRFLQDUꢀHQWUHꢀORVꢀTXHꢀXVWHGꢀ
SXHGHꢀHVFRJHUꢀ\ꢀDVtꢀSRGUiꢀFRPELQDUꢀHOꢀWDPDxRꢀ
FRUUHFWRꢀGHꢀODꢀVDUWpQꢀTXHꢀVHꢀHQFXHQWUHꢀXVDQGRꢀ
FRQꢀODꢀXQLGDGꢀGHꢀVXSHUILFLHꢀDSURSLDGDꢁꢀ
3DUDꢁXVDUꢁODꢁXQLGDGꢁGHꢁVXSHUILFLHꢁSHTXHxDꢁꢉꢇꢓꢋꢂꢁ
JLUHꢁHOꢁERWyQꢁHQꢁGLUHFFLyQꢁFRQWUDULDꢁDꢁODVꢁDJXMDVꢁ
GHOꢁUHORMꢁ ꢁ\ꢁVHOHFFLRQHꢁHOꢁDMXVWHꢁGHVHDGRꢃꢁ/Dꢁ
XQLGDGꢁFDOHQWDUiꢁVRODPHQWHꢁHOꢁiUHDꢁFRQWHQLGDꢁ
HQꢁHOꢁFtUFXORꢁSHTXHxRꢃꢁ
3DUDꢁXVDUꢁXQDꢁXQLGDGꢁGHꢁVXSHUILFLHꢁJUDQGHꢁꢉꢒꢓꢋꢂꢁ
JLUHꢁHOꢁERWyQꢁHQꢁGLUHFFLyQꢁGHꢁODVꢁDJXMDVꢁGHOꢁUHORMꢁ
ꢁ
KDFLDꢁ \ꢁVHOHFFLRQHꢁHOꢁDMXVWHꢁGHVHDGRꢃꢁ/Dꢁ
XQLGDGꢁFDOHQWDUiꢁHOꢁiUHDꢁFRPSOHWDꢁFRQWHQLGDꢁ
HQꢁHOꢁFtUFXORꢁJUDQGHꢃ
6HOHFFLyQꢁꢁ
GHꢁODꢁXQLGDGꢁ
GHꢁVXSHUILFLHꢁ
SHTXHxDꢁGHꢁꢇꢓ
6HOHFFLyQꢁGHꢁODꢁ
XQLGDGꢁGHꢁVXSHUILFLHꢁ
JUDQGHꢁGHꢁꢒꢓ
8QLGDGꢀGHꢀVXSHUILFLHꢀGHꢀSXHQWH
&HUFLyUHVHꢁGHꢁTXHꢁODꢁVDUWpQꢁGHVFDQVDꢁGHꢁPDQHUDꢁ (VFRMDꢁVDUWHQHVꢁTXHꢁKDJDQꢁMXHJRꢁFRQꢁHOꢁiUHDꢁ
SODQDꢁVREUHꢁODꢁHVWXIDꢁGHꢁYLGULRꢁ\ꢁGHꢁTXHꢁQRꢁHVWiꢁ
GHVFDQVDQGRꢁHQꢁORVꢁH[WUHPRVꢃꢁ6LꢁXVWHGꢁQRWDꢁSRFRꢁ
UHQGLPLHQWRꢁGHꢁFRFFLyQꢂꢁPXHYDꢁODꢁVDUWpQꢁSDUDꢁ
FHUFLRUDUVHꢁGHꢁTXHꢁHVWiꢁDSR\DGDꢁGHꢁPDQHUDꢁ
SODQDꢁVREUHꢁODꢁHVWXIDꢃ
3DUDꢁXVDUꢁHOꢁTXHPDGRUꢁGHꢁSXHQWHꢂꢁJLUHꢁHOꢁERWyQꢁ
GHOꢁTXHPDGRUꢁKDFLDꢁ ꢁ\ꢁVHOHFFLRQHꢁHOꢁDMXVWHꢁ
GHVHDGRꢃꢁ/DꢁXQLGDGꢁFDOHQWDUiꢁODꢁVXSHUILFLHꢁIURQWDOꢁ
\ꢁHOꢁSXHQWHꢃ
FLUFXODUꢎSXHQWHꢁWDQWRꢁFRPRꢁVHDꢁSRVLEOHꢃ
3DUDꢁXVDUꢁVRODPHQWHꢁODꢁXQLGDGꢁGHꢁVXSHUILFLHꢁ
IURQWDOꢂꢁJLUHꢁHOꢁERWyQꢁGHOꢁTXHPDGRUꢁKDFLD
ꢁ
ꢁ
\ꢁVHOHFFLRQHꢁHOꢁDMXVWHꢁGHVHDGRꢃꢁ/DꢁXQLGDGꢁ
FDOHQWDUiꢁHOꢁTXHPDGRUꢁGHꢁVXSHUILFLHꢁIURQWDOꢃ
8VWHGꢁSXHGHꢁFUHDUꢁXQꢁiUHDꢁGHꢁFDOHQWDPLHQWRꢁ
REORQJDꢁXVDQGRꢁODꢁFRPELQDFLyQꢁGHꢁODꢁXQLGDGꢁ
SRVWHULRUꢁL]TXLHUGDꢁ\ꢁHOꢁSXHQWHꢁGHꢁODꢁXQLGDGꢁ
IURQWDOꢃ
4XHPDGRUꢁ
IURQWDOꢁ
VRODPHQWH
4XHPDGRUꢁ
IURQWDOꢁ\ꢁ
SXHQWH
/RVꢀHOHPHQWRVꢀGHꢀVXSHUILFLHꢀVHꢀHQFLHQGHQꢀ\ꢀDSDJDQ
/RVꢁHOHPHQWRVꢁGHꢁVXSHUILFLHꢁVHꢁHQFLHQGHQꢁ\ꢁ
DSDJDQꢁSDUDꢁPDQWHQHUꢁODꢁWHPSHUDWXUDꢁTXHꢁ
XVWHGꢁKDꢁVHOHFFLRQDGRꢃꢁ
7RGRVꢁORVꢁHOHPHQWRVꢁGHꢁVXSHUILFLHꢁFXHQWDQꢁFRQꢁ
XQꢁOLPLWDGRUꢁGHꢁWHPSHUDWXUDꢁTXHꢁSURWHJHꢁODꢁ
HVWXIDꢁGHꢁYLGULRꢁGHꢁFDOHQWDUVHꢁGHPDVLDGRꢃꢁ
(OꢁOLPLWDGRUꢁGHꢁWHPSHUDWXUDꢁSXHGHꢁDSDJDUꢁORVꢁ
HOHPHQWRVꢁGXUDQWHꢁODꢁFRFFLyQꢁVLꢅ
■ꢀ(OꢀUHFLSLHQWHꢀKLHUYHꢀHQꢀVHFRꢁ
■ꢀ/DꢀEDVHꢀGHOꢀUHFLSLHQWHꢀQRꢀHVꢀSODQDꢁ
■ꢀ(OꢀUHFLSLHQWHꢀQRꢀHVWiꢀFHQWUDGRꢁꢀ
■ꢀ1RꢀKD\ꢀXQꢀUHFLSLHQWHꢀHQꢀHOꢀHOHPHQWRꢁꢀ
/LPLWDGRUꢀGHꢀWHPSHUDWXUD
&DGDꢁXQLGDGꢁGHꢁVXSHUILFLHꢁUDGLDQWHꢁWLHQHꢁXQꢁ
OLPLWDGRUꢁGHꢁWHPSHUDWXUDꢃꢁ
(OꢁOLPLWDGRUꢁGHꢁWHPSHUDWXUDꢁSURWHJHꢁODꢁHVWXIDꢁ
GHꢁYLGULRꢁGHꢁFDOHQWDUVHꢁGHPDVLDGRꢃ
(OꢁOLPLWDGRUꢁGHꢁWHPSHUDWXUDꢁSRGUtDꢁKDFHUꢁTXHꢁODꢁ
XQLGDGꢁHQWUHꢁHQꢁFLFORꢁDSDJDGRꢁVLꢅ
■ꢀꢀ/DꢀHVWXIDꢀHVWiꢀHQFHQGLGDꢀPLHQWUDVꢀVHꢀFRFLQDꢁ
■ꢀ/DꢀVDUWpQꢀKLHUYHꢀYDFtDꢁ
■ꢀ(OꢀIRQGRꢀGHꢀODꢀVDUWpQꢀQRꢀHVꢀSODQRꢁ
■ꢀ/DꢀVDUWpQꢀQRꢀHVWiꢀFHQWUDGDꢁ
■ꢀ1RꢀKD\ꢀVDUWpQꢀVREUHꢀODꢀXQLGDGꢁ
%ORTXHRꢀGHꢀFRQWUROꢀGHꢀODVꢀXQLGDGHVꢀGHꢀVXSHUILFLH
3DUDꢁDFWLYDUꢁHOꢁEORTXHRꢁGHꢁFRQWUROꢂꢁJLUHꢁODꢁ
SHULOODꢁ&RQWUROꢁ/RFNꢁꢉ%ORTXHRꢁGHꢁFRQWUROꢋꢁDꢁ
/2&.ꢀꢃ%ORTXHRꢄꢁꢁ(VWRꢁQRꢁSHUPLWLUiꢁTXHꢁODVꢁ
XQLGDGHVꢁGHꢁVXSHUILFLHꢁVHꢁFDOLHQWHQꢃꢁ8QDꢁOX]ꢁ
LQGLFDGRUDꢁVHꢁHQFHQGHUiꢁSDUDꢁGHPRVWUDUꢁTXHꢁ
HVWiQꢁEORTXHDGDVꢃꢁ(OꢁYHQWLODGRUꢁGHꢁFRUULHQWHꢁ
GHVFHQGHQWHꢁSHUPDQHFHUiꢁRSHUDEOHꢁFRQꢁHOꢁ
EORTXHRꢁGHꢁFRQWUROꢁDFWLYDGRꢃꢁ
(QꢁODꢁSRVLFLyQꢁEORTXHDGDꢂꢁODꢁHVWXIDꢁSURGXFLUiꢁ
XQꢁVRQLGRꢁDXGLEOHꢁVLꢁFXDOTXLHUꢁSHULOODꢁGHꢁFRQWUROꢁ
GHꢁXQLGDGꢁGHꢁVXSHUILFLHꢁVHꢁDFWLYDꢁRꢁJLUDꢁDꢁRWUDꢁ
SRVLFLyQꢁTXHꢁQRꢁVHDꢁ2))ꢀꢃ$SDJDGRꢄꢃꢁ
&yPRꢀRSHUDUꢀHOꢀVLVWHPDꢀGHꢀYHQWLODFLyQ
(OꢁVLVWHPDꢁGHꢁYHQWLODFLyQꢁLQFRUSRUDGRꢁD\XGDꢁDꢁ
(OꢁXVRꢁFRQWLQXRꢁGHOꢁVLVWHPDꢁGHꢁYHQWLODFLyQꢁ
UHPRYHUꢁORVꢁYDSRUHVꢁGHꢁODꢁFRFLQDꢂꢁORVꢁRORUHVꢁ\ꢁHOꢁ PLHQWUDVꢁFRFLQDꢁD\XGDꢁDꢁPDQWHQHUꢁODꢁFRFLQDꢁ
KXPRꢁGHꢁODVꢁFRPLGDVꢁSUHSDUDGDVꢁHQꢁODꢁHVWXIDꢃ
3DUDꢁRSHUDUꢁHOꢁVLVWHPDꢁGHꢁYHQWLODFLyQꢁGHꢁ
DLUHꢁGHVFHQGHQWHꢁꢉGRZQGUDIWꢋꢂꢁJLUHꢁHOꢁERWyQꢁ
GHꢁFRQWUROꢁGHꢁODꢁYHORFLGDGꢁGHOꢁYHQWLODGRUꢁGHꢁ
YHQWLODFLyQꢁDꢁ+,ꢁꢉ$OWRꢋꢂꢁ0('ꢁꢉ0HGLRꢋꢁRꢁ/2ꢁꢉ%DMRꢋꢂꢁ
VHJ~QꢁVHDꢁQHFHVDULRꢃ
FyPRGDꢁ\ꢁPHQRVꢁK~PHGDꢂꢁUHGXFLHQGRꢁ
ORVꢁRORUHVꢁGHꢁFRFLQDꢁ\ꢁODꢁKXPHGDGꢁTXHꢁ
QRUPDOPHQWHꢁFUHDꢁODꢁQHFHVLGDGꢁIUHFXHQWHꢁGHꢁ
OLPSLH]Dꢃꢁ
ꢇ
(OHFFLyQꢀGHꢀORVꢀWLSRVꢀGHꢀUHFLSLHQWHVꢀGHꢀFRFFLyQꢀꢀ
SDUDꢀPRGHORVꢀGHꢀHVWXIDꢀGHꢀYLGULRꢁꢀꢄPRGHORVꢀVLQꢀLQGXFFLyQꢅꢀ
*($SSOLDQFHVꢁFRP
/DꢀVLJXLHQWHꢀLQIRUPDFLyQꢀORꢀD\XGDUiꢀDꢀHOHJLUꢀORVꢀUHFLSLHQWHVꢀGHꢀFRFFLyQꢀTXHꢀEULQGDQꢀXQꢀEXHQꢀGHVHPSHxRꢀHQꢀHVWXIDVꢀ
GHꢀYLGULRꢁꢀ9HUꢀHOꢀIROOHWRꢀVREUHꢀUHFLSLHQWHVꢀSDUDꢀXVDUꢀFRQꢀHVWXIDVꢀGHꢀLQGXFFLyQꢁ
$FHURꢀLQR[LGDEOHꢂ
5HFRPHQGDGDV
9LGULRꢅ&HUiPLFDꢂ
ÒWLOHVꢂꢀSHURꢀQRꢀVRQꢀUHFRPHQGDGDV
5HQGLPLHQWRꢁSREUHꢃꢁ3RGUtDQꢁUD\DUꢁODꢁVXSHUILFLHꢃꢁ
$OXPLQLRꢂ
3HVRꢀSHVDGRꢀUHFRPHQGDGDV
(VPDOWHꢀGHꢀSRUFHODQDꢀVREUHꢀDFHURꢂ
1RꢀVHꢀUHFRPLHQGD
%XHQDꢁFRQGXFWLYLGDGꢃꢁ5HVLGXRVꢁGHꢁDOXPLQLRꢁ
DꢁYHFHVꢁSDUHFHQꢁUDVJXxDGXUDVꢁHQꢁODꢁHVWXIDꢂꢁ
SHURꢁSXHGHQꢁUHPRYHUVHꢁVLꢁVHꢁOLPSLDQꢁ
LQPHGLDWDPHQWHꢃꢁ'HELGRꢁDꢁVXꢁEDMRꢁSXQWRꢁGHꢁ
IXVLyQꢂꢁHOꢁDOXPLQLRꢁGHꢁSHVRꢁOLJHURꢁQRꢁGHEHꢁ
XVDUVHꢃꢁ
&DOHQWDUꢁUHFLSLHQWHVꢁYDFtRVꢁSXHGHꢁSURYRFDUꢁ
GDxRVꢁSHUPDQHQWHVꢁDOꢁYLGULRꢁGHꢁODVꢁHVWXIDVꢃ
(OꢁHVPDOWHꢁSXHGHꢁGHUUHWLUVHꢁ\ꢁDGKHULUVHꢁDꢁODꢁ
HVWXIDꢁFHUiPLFDꢃ
9HULILTXHꢁTXHꢁORVꢁUHFLSLHQWHVꢁ
WHQJDQEDVHVꢁSODQDVꢁXWLOL]DQGRꢁXQDꢁ
UHJODꢃꢁ
&HUiPLFDꢂꢀ
1RꢀVHꢀUHFRPLHQGD
)RQGRꢀGHꢀFREUHꢂ
5HFRPHQGDGDV
'HVHPSHxRꢁSREUHꢃꢁ5D\DꢁODꢁVXSHUILFLHꢃ
(OꢁFREUHꢁSRGUtDꢁGHMDUꢁUHVLGXRVꢁTXHꢁSXHGHQꢁ
OXFLUꢁFRPRꢁUDVJXxDGXUDVꢃꢁ/RVꢁUHVLGXRVꢁVHꢁ
SXHGHQꢁUHPRYHUꢁVLHPSUHꢁTXHꢁVHꢁOLPSLHꢁODꢁ
LQPHGLDWDPHQWHꢃꢁ6LQꢁHPEDUJRꢂꢁQRꢁGHMHꢁTXHꢁ
HVWDVꢁVDUWHQHVꢁGHꢁFREUHꢁKLHUYDQꢁHQꢁVHFRꢃꢁ(Oꢁ
PHWDOꢁVREUHFDOHQWDGRꢁGHꢁSXHGHꢁIXQGLUꢁFRQꢁ
ODVꢁHVWXIDVꢁGHꢁYLGULRꢃꢁ8QDꢁVDUWpQꢁGHꢁIRQGRꢁGHꢁ
FREUHꢁVREUHFDOHQWDGDꢁGHMDUiꢁUHVLGXRVꢁTXHꢁVHꢁ
FRQYHUWLUiQꢁHQꢁPDQFKDVꢁSHUPDQHQWHVꢁVREUHꢁODꢁ
HVWXIDꢁVLꢁQRꢁVHꢁUHPXHYHQꢁLQPHGLDWDPHQWHꢃꢁ
9LGULRꢅFHUiPLFRꢂ
1RꢀVHꢀUHFRPLHQGD
'HVHPSHxRꢁSREUHꢃꢁ3XHGHꢁUD\DUꢁODꢁ
VXSHUILFLHꢃ
+LHUURꢀIXQGLGRꢂꢀ
1RꢀVHꢀUHFRPLHQGDꢂꢀDꢀPHQRVꢀTXHꢀVHꢀHQFXHQWUHꢀ
HVSHFtILFDPHQWHꢀGLVHxDGRSDUDꢀHVWXIDVꢀGHꢀYLGULR
3REUHꢁFRQGXFWLYLGDGꢁ\ꢁOHQWLWXGꢁ
SDUDDEVRUEHUꢁHOꢁFDORUꢃꢁ5D\DꢁODꢁ
VXSHUILFLHꢁGHꢁODꢁHVWXIDꢃ
(VPDOWHꢀGHꢀSRUFHODQDꢀVREUHꢀ
KLHUURIXQGLGRꢂꢀ
6HꢀUHFRPLHQGDꢀVLꢀODꢀEDVHꢀGHꢀODꢀROODꢀVHꢀHQFXHQWUDꢀ
UHYHVWLGD
1RꢁVHꢁUHFRPLHQGDQꢁUHFLSLHQWHVꢁ
FRQEDVHVꢁUHGRQGHDGDVꢂꢁFXUYDGDVꢂꢁ
FRQUHERUGHVꢁRꢁWRUFHGXUDVꢃ
127$ꢂꢀ6LJDꢀWRGDVꢀODVꢀUHFRPHQGDFLRQHVꢀGHOꢀIDEULFDQWHꢀGHꢀUHFLSLHQWHVꢀFXDQGRꢀXWLOLFHꢀFXDOTXLHUFODVHꢀ
GHꢀUHFLSLHQWHꢀGHꢀFRFFLyQꢀVREUHꢀODꢀHVWXIDꢀFHUiPLFDꢁ
3DUDꢀPHMRUHVꢀUHVXOWDGRV
IUHLGRUDVꢂꢁHWFꢃꢁ7RGRVꢁORVꢁUHFLSLHQWHVꢁGHꢁ
FRFFLyQꢁGHEHQꢁWHQHUꢁEDVHVꢁSODQDVꢁ\ꢁVHUꢁ
GHOꢁWDPDxRFRUUHFWRꢃ
„ꢁꢁ&RORTXHꢁVyORꢁUHFLSLHQWHVꢁVHFRVꢁVREUHꢁORVꢁ
HOHPHQWRVꢁGHꢁVXSHUILFLHꢃꢁ1RFRORTXHꢁWDSDVꢁ
VREUHꢁORVꢁHOHPHQWRVꢁGHVXSHUILFLHꢂꢁHQꢁ
HVSHFLDOꢁWDSDVꢁPRMDGDVꢃ
„ꢁꢁ1RꢁSHUPLWDꢁTXHꢁORVꢁDOLPHQWRVꢁKLHUYDQHQꢁ
VHFRꢁ\DꢁTXHꢁORVꢁUHFLSLHQWHVꢁGHFRFFLyQꢁ
SXHGHQꢁDGKHULUVHꢁDꢁODVXSHUILFLHꢁGHꢁ
FRFFLyQꢂꢁSURYRFDQGRGDxRVꢁSHUPDQHQWHVꢁ
DꢁODꢁHVWXIDꢃꢁ
1RꢀFRORTXHꢀUHFLSLHQWHVꢀPRMDGRVꢀ
VREUHODꢀHVWXIDꢀGHꢀYLGULRꢁ
„ꢁꢁ1RꢁXVHꢁZRNVꢁFRQꢁDQLOORVꢁGHꢁVRSRUWHꢃ
(VWDꢁFODVHꢁGHꢁZRNꢁQRꢁVHꢁFDOLHQWDꢁ
VREUHHOHPHQWRVꢁGHꢁVXSHUILFLHꢁGHꢁYLGULRꢃ
„ꢁꢁ5HFRPHQGDPRVꢁHOꢁXVRꢁGHꢁZRNVꢁ
GHEDVHꢁSODQDꢁVRODPHQWHꢃꢁ6Hꢁ
HQFXHQWUDQGLVSRQLEOHVꢁHQꢁVXꢁQHJRFLRꢁ
PLQRULVWDORFDOꢃꢁ/DꢁEDVHꢁGHOꢁZRNꢁGHEHꢁ
WHQHUꢁHOꢁPLVPRꢁGLiPHWURꢁTXHꢁHOꢁHOHPHQWRꢁ
GHꢁVXSHUILFLHꢁSDUDꢁDVHJXUDUꢁXQFRQWDFWRꢁ
DGHFXDGRꢃ
1RꢀXVHꢀZRNVꢀFRQꢀDQLOORVꢀGHꢀ
VRSRUWHVREUHꢀODꢀHVWXIDꢀGHꢀYLGULRꢁ
„ꢁꢁ$OJXQRVꢁSURFHGLPLHQWRVꢁGHꢁ
8WLOLFHꢀZRNVꢀGHꢀEDVHꢀSODQDꢀVREUHꢀODꢀ
HVWXIDꢀGHꢀYLGULRꢁ
FRFFLyQHVSHFLDOHVꢁUHTXLHUHQꢁUHFLSLHQWHVꢁGHꢁ
FRFFLyQꢁHVSHFtILFRVꢂꢁFRPRꢁROODVꢁDꢁSUHVLyQꢂꢁ
ꢊ
&XLGDGRꢀ\ꢀOLPSLH]DꢀGHꢀODꢀHVWXIDꢁ
&HUFLyUHVHꢀGHꢀTXHꢀHOꢀVXPLQLVWURꢀHOpFWULFRꢀHVWpꢀVXVSHQGLGRꢀ\ꢀTXHꢀWRGDVꢀODVꢀVXSHUILFLHVꢀHVWiQꢀIUtDVꢀDQWHVꢀGHꢀOLPSLDUꢀ
FXDOTXLHUꢀSDUWHꢀGHꢀODꢀHVWXIDꢁꢀ
&yPRꢀTXLWDUꢀHOꢀHQYROWRULRꢀGHꢀSURWHFFLyQꢀ\ꢀODꢀFLQWDꢀGHꢀHPEDODMH
&RQꢁFXLGDGRꢁWRPHꢁXQDꢁSXQWDꢁGHOꢁHQYROWRULRꢁGHꢁSURWHFFLyQꢁ 3DUDꢁDVHJXUDUVHꢁGHꢁQRꢁGDxDUꢁHOꢁDFDEDGRꢁGHOꢁSURGXFWRꢂꢁ
FRQꢁVXVꢁGHGRVꢁ\ꢁOHQWDPHQWHꢁTXtWHORꢁGHꢁODꢁVXSHUILFLHꢁ
GHOꢁDUWHIDFWRꢃꢁ1RꢁXVHꢁHOHPHQWRVꢁILORVRVꢁSDUDꢁTXLWDUꢁHOꢁ
HQYROWRULRꢃꢁꢁ4XLWHꢁWRGRꢁHOꢁHQYROWRULRꢁDQWHVꢁGHꢁXVDUꢁHOꢁ
DUWHIDFWRꢁSRUꢁSULPHUDꢁYH]ꢃꢁ
ODꢁPHMRUꢁIRUPDꢁGHꢁTXLWDUꢁHOꢁSHJDPHQWRꢁGHꢁODꢁFLQWDꢁGHꢁ
HPSDTXHꢁGHꢁORVꢁDSDUDWRVꢁQXHYRVꢁFRQVLVWHꢁHQꢁDSOLFDUꢁ
GHWHUJHQWHꢁSDUDꢁYDMLOODVꢁOtTXLGRꢃꢁ$SOLTXHꢁFRQꢁXQꢁSDxRꢁ
VXDYHꢁ\ꢁGHMHꢁUHPRMDUꢃ
127$ꢂꢀ'HEHꢀUHWLUDUVHꢀHOꢀDGKHVLYRꢀGHꢀWRGDVꢀODVꢀSDUWHVꢁꢀ6LꢀVHꢀ
FDOLHQWDꢂꢀVHUiꢀLPSRVLEOHꢀGHꢀTXLWDUꢁꢀ
5HMLOODꢀGHꢀYHQWLODFLyQ
$QWHVꢀGHꢀOLPSLDUꢀODꢀUHMLOODꢀGHꢀYHQWLODFLyQꢆꢀDVHJ~UHVHꢀGHꢀTXHꢀ
HOꢀYHQWLODGRUꢀGHꢀVDOLGDꢀHVWpꢀDSDJDGRꢁꢀ
ODYDUVHꢁHQꢁHOꢁIUHJDGHURꢃꢁ8WLOLFHꢁOtTXLGRꢁGHꢁODYDSODWRVꢁSDUDꢁODYDUꢃꢁꢁ
1RꢁXWLOLFHꢁOLPSLDGRUHVꢁDEUDVLYRVꢃꢁ'DxDUiQꢁHOꢁDFDEDGRꢁGHꢁODꢁUHMLOODꢁ
GHꢁYHQWLODFLyQꢃꢁ1RꢁODYHꢁODꢁUHMLOODꢁGHꢁYHQWLODFLyQꢁHQꢁHOꢁODYDSODWRVꢃꢁ
3DUDꢀOLPSLDUꢀODꢀUHMLOODꢀGHꢀYHQWLODFLyQꢆꢀTXtWHODꢁGHꢁODꢁHVWXIDꢁ
OHYDQWiQGRODꢁKDFLDꢁDUULEDꢁ\ꢁDIXHUDꢃꢁꢁ/tPSLHODꢁFRQꢁXQꢁSDxRꢁ
K~PHGRꢃꢁꢁ6LꢁIXHUDꢁQHFHVDULRꢂꢁODꢁUHMLOODꢁGHꢁYHQWLODFLyQꢁSXHGHꢁ
&iPDUDꢀ\ꢀILOWURꢀGHꢀYHQWLODFLyQ
(OꢁILOWURꢁHVꢁVRVWHQLGRꢁHQꢁVXꢁOXJDUꢁHQꢁXQꢁiQJXORꢁFRQꢁXQDꢁ
SURWXEHUDQFLDꢁGHꢁWRSHꢃꢁ/HYDQWHꢁHOꢁILOWURꢁ\ꢁH[WUiLJDORꢁGHꢁODꢁ
DEHUWXUDꢁGHꢁYHQWLODFLyQꢁGLDJRQDOPHQWHꢃꢁ
1RꢀRSHUHꢀODꢀYHQWLODFLyQꢀVLQꢀHOꢀILOWURꢀHQꢀVXꢀOXJDUꢁ
3DUDꢀOLPSLDUꢀHOꢀILOWURꢆꢁDJtWHORꢁHQꢁDJXDꢁFDOLHQWHꢁ\ꢁ
HQMDERQDGDꢃꢁ(QMXiJXHORꢁELHQꢁ\ꢁVpTXHORꢁFRPSOHWDPHQWHꢃꢁ
1RꢀRSHUHꢀODꢀYHQWLODFLyQꢀVLQꢀHOꢀILOWURꢀHQꢀVXꢀOXJDUꢁ
)LOWURꢁGHꢁ
YHQWLODFLyQ
&iPDUDꢁGHꢁ
YHQWLODFLyQ
&XDQGRꢁVHꢁHQFXHQWUHꢁUHHPSOD]DQGRꢁHOꢁILOWURꢂꢁFHUFLyUHVHꢁGHꢁ
TXHꢁGHVFDQVHꢂꢁHQꢁXQꢁiQJXORꢂꢁHQꢁORVꢁVRSRUWHVꢁHQꢁODꢁDEHUWXUDꢁ
GHꢁYHQWLODFLyQꢃ
5HPXHYDꢁ\ꢁUHHPSODFHꢁHOꢁILOWURꢁGLDJRQDOPHQWHꢁDꢁ
WUDYpVꢁGHꢁODꢁDEHUWXUDꢁGHꢁYHQWLODFLyQꢃ
3DUDꢀOLPSLDUꢀODꢀFiPDUDꢀGHꢀYHQWLODFLyQꢆꢁXVHꢁDJXDꢁFDOLHQWHꢁ\ꢁ
HQMDERQDGDꢃꢁ(QMXDJXHꢁFRQꢁDJXDꢁOLPSLDꢁ\ꢁVHTXHꢁELHQꢃꢁ1RꢁXVHꢁ
OLPSLDGRUHVꢁDEUDVLYRVꢄꢁGDxDUiQꢁHOꢁDFDEDGRꢃꢁ5HHPSODFHꢁHOꢁILOWURꢁ
GHVSXpVꢁGHꢁTXHꢁORꢁOLPSLHꢁ\ꢁORꢁVHTXHꢃ
3DUDꢁRUGHQDUꢁILOWURVꢂꢁSRUꢁIDYRUꢁOOiPHQRVꢁJUDWXLWDPHQWHꢁ
DOꢁQ~PHURꢅ
&HQWURꢀGHꢀSDUWHVꢀQDFLRQDOꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢇꢈꢈꢁꢉꢊꢉꢁꢊꢈꢈꢊ
)LOWURꢀꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢋꢀ:%ꢈꢊ;ꢌꢈꢉꢍꢌ
%RWRQHVꢀGHꢀFRQWURO
ÈUHDꢁVRPEUHDGD
/DVꢁSHULOODVꢁGHꢁFRQWUROꢁSXHGHQꢁTXLWDUVHꢁSDUDꢁ
OLPSLDUVHꢃ
3DUDꢀOLPSLDUꢀODVꢀSHULOODVꢆꢀFROyTXHORVꢁHQꢁXQꢁ
ODYDSODWRVꢁRꢁUHDOLFHꢁODꢁOLPSLH]DꢁFRQꢁDJXDꢁ\ꢁMDEyQꢃꢁ
(QMXDJXHꢁFRQꢁDJXDꢁOLPSLDꢃꢁ$VHJ~UHVHꢁTXHꢁORVꢁ
LQWHULRUHVꢁGHꢁODVꢁSHULOODVꢁHVWpQꢁVHFRVꢁDQWHVꢁGHꢁYROYHUꢁ
3DUDꢁOLPSLDUꢁODVꢁSHULOODVꢂꢁFHUFLyUHVHꢁGHꢁTXHꢁHVWpQꢁHQꢁ
ODꢁSRVLFLyQꢁGHꢁ2))ꢁꢉ$SDJDGRꢋꢁ+DOHꢁFDGDꢁSHULOODꢁKDFLDꢁ
DꢁFRORFDUODVꢃ
IXHUDꢁGHOꢁYiVWDJRꢃ
&XDQGRꢁUHHPSODFHꢁODVꢁSHULOODVꢂꢁUHYLVHꢁTXHꢁHVWpQꢁHQꢁ
ODꢁSRVLFLyQꢁGHꢁ2))ꢁꢉ$SDJDGRꢋꢁSDUDꢁJDUDQWL]DUꢁODꢁ
FRORFDFLyQꢁFRUUHFWDꢃ
6XSHUILFLHVꢀGHꢀ$FHURꢀ,QR[LGDEOHꢀꢃHQꢀDOJXQRVꢀPRGHORVꢄ
1RꢀXVHꢀYLUXWDVꢀGHꢀDFHURꢎꢀpVWDVꢀGDxDUiQꢀODꢀVXSHUILFLHꢁ
3DUDꢁFRQVXOWDUꢁVREUHꢁODꢁFRPSUDꢁGHꢁOLPSLDGRUHVꢁRꢁOXVWUDGRUHVꢁGHꢁ
DSDUDWRVꢁGHꢁDFHURꢁLQR[LGDEOHꢂꢁRꢁSDUDꢁHQFRQWUDUꢁODꢁXELFDFLyQꢁGHOꢁ
GLVWULEXLGRUꢁPiVꢁFHUFDQRꢂꢁOODPHꢁDꢁQXHVWURꢁQ~PHURꢁJUDWXLWRꢅ
3DUDꢀOLPSLDUꢀODꢀVXSHUILFLHꢀGHꢀDFHURꢀLQR[LGDEOHꢆꢀXVHꢁDJXDꢁWLELDꢁ
FRQꢁMDEyQꢁRꢁXQꢁOLPSLDGRUꢁRꢁSXOLGRUꢁSDUDꢁDFHURꢁLQR[LGDEOHꢃꢁ
6LHPSUHꢁOLPSLHꢁODꢁVXSHUILFLHꢁHQꢁODꢁGLUHFFLyQꢁGHOꢁYHWHDGRꢃꢁ6LJDꢁODVꢁ
LQVWUXFFLRQHVꢁGHOꢁOLPSLDGRUꢁSDUDꢁOLPSLDUꢁꢁ
&HQWURꢀGHꢀSDUWHVꢀQDFLRQDOꢀꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢌꢁꢇꢈꢈꢁꢉꢊꢉꢁꢊꢈꢈꢊ
*($SSOLDQFHVꢁFRPꢀ
ODꢁVXSHUILFLHꢁGHꢁDFHURꢁLQR[LGDEOHꢃ
ꢌ
&yPRꢀOLPSLDUꢀODꢀHVWXIDꢀGHꢀYLGULRꢁꢀ
*($SSOLDQFHVꢁFRPꢀ
/LPSLH]DꢀGHꢀXVRꢀQRUPDOꢀGLDULR
62/$0(17(ꢁXVHꢁOLPSLDGRUꢁGHꢁHVWXIDVꢁGHꢁ
FHUiPLFDꢁ&(5$0$ꢁ%5<7( ꢁHQꢁVXꢁHVWXIDꢁGHꢁ
YLGULRꢃꢁ2WUDVꢁFUHPDVꢁSRGUtDQꢁQRꢁVHUꢁHIHFWLYDVꢃꢁ
ꢁꢁꢁ8VHꢁXQDꢁWRDOODꢁGHꢁSDSHOꢁRꢁXQDꢁDOPRKDGLOODꢁ
GHꢁOLPSLDUꢁHVWXIDVꢁGHꢁFHUiPLFDꢁ&(5$0$ꢁ
%5<7( SDUDꢁOLPSLDUꢁODꢁVXSHUILFLHꢁHQWHUDꢁ
Š
Šꢁ
GHꢁODꢁHVWXIDꢃ
3DUDꢁPDQWHQHUꢁ\ꢁSURWHJHUꢁODꢁVXSHUILFLHꢁꢁ
GHꢁVXꢁHVWXIDꢁGHꢁYLGULRꢂꢁVLJDꢁHVWDVꢁLQVWUXFFLRQHVꢅ
ꢁꢁꢁ8VHꢁXQꢁWUDSRꢁVHFRꢁRꢁXQDꢁWRDOODꢁGHꢁSDSHOꢁ
SDUDꢁUHPRYHUꢁORVꢁUHVLGXRVꢁGHꢁODꢁ
OLPSLH]Dꢃꢁ1RꢁQHFHVLWDꢁHQMXDJDUꢃꢁ
ꢁꢁꢁ$QWHVꢁGHꢁXVDUꢁODꢁHVWXIDꢁSRUꢁSULPHUDꢁYH]ꢂꢁ
OtPSLHODꢁFRQꢁOLPSLDGRUꢁGHꢁHVWXIDVꢁGHꢁ
Š
127$ꢂꢀ(VꢀPX\ꢀLPSRUWDQWHꢀTXHꢀXVWHGꢀ12ꢀ
&$/,(17(ꢀODꢀHVWXIDꢀKDVWDꢀTXHꢀODꢀKD\Dꢀ
OLPSLDGRꢀFRPSOHWDPHQWHꢁ
FHUiPLFDꢁ&(5$0$ꢁ%5<7( ꢃꢁ(VWRꢁD\XGDꢁDꢁ
SURWHJHUꢁODꢁSDUWHꢁVXSHULRUꢁ\ꢁKDFHꢁTXHꢁODꢁ
OLPSLH]DꢁVHDꢁPiVꢁIiFLOꢃ
/LPSLHꢁVXꢁHVWXIDꢁGHVSXpVꢁꢁ
GHꢁFDGDꢁGHUUDPHꢂꢁ8VHꢁHOꢁ
OLPSLDGRUꢁGHꢁHVWXIDVꢁGHꢁ
ꢁꢁꢁ(OꢁXVRꢁGLDULRꢁGHOꢁOLPSLDGRUꢁGHꢁHVWXIDVꢁGHꢁ
FHUiPLFDꢁ&(5$0$ꢁ%5<7( ꢁD\XGDUiꢁDꢁ
PDQWHQHUꢁODꢁHVWXIDꢁOXFLHQGRꢁFRPRꢁQXHYDꢃꢁ
Š
Š
FHUiPLFDꢁ&(5$0$ꢁ%5<7( ꢂ
ꢁꢁꢁ5HPXHYDꢁODꢁFUHPDꢁGHꢁOLPSLH]DꢁELHQꢃꢁ
$SOLTXHꢁXQDVꢁJRWDVꢁGHꢁOLPSLDGRUꢁGHꢁ
Š
HVWXIDVꢁGHꢁFHUiPLFDꢁ&(5$0$ꢁ%5<7( ꢁ
GLUHFWDPHQWHꢁVREUHꢁODꢁHVWXIDꢃ
5HVLGXRꢀTXHPDGRꢀHQFLPDꢀGHꢀODꢀVXSHUILFLH
ꢁꢁꢁ6LꢁFXDOTXLHUꢁUHVLGXRꢁSHUPDQHFHꢂꢁUHSLWDꢁ
ORVꢁSDVRVꢁHQXPHUDGRVꢁDQWHULRUPHQWHꢁ
VHJ~QꢁVHDꢁQHFHVDULRꢃꢁ
ꢀ$'9(57(1&,$ꢂꢀ'$³2ꢀDꢀ
VXꢀVXSHUILFLHꢀGHꢀYLGULRꢀSRGUtDꢀRFXUULUꢀVLꢀXVWHGꢀ
XVDꢀDOPRKDGLOODVꢀSDUDꢀUHVWUHJDUꢀTXHꢀQRꢀVHDQꢀ
ODVꢀLQFOXLGDVꢀFRQꢀVXꢀHVWXIDꢁ
ꢁꢁꢁ3DUDꢁSURWHFFLyQꢁDGLFLRQDOꢂꢁGHVSXpVꢁGHꢁ
TXHꢁWRGRꢁHOꢁUHVLGXRꢁKD\DꢁVLGRꢁUHPRYLGRꢂꢁ
SXODꢁODꢁVXSHUILFLHꢁHQWHUDꢁFRQꢁODꢁFUHPDꢁ
OLPSLDGRUDꢁGHꢁHVWXIDVꢁGHꢁFHUiPLFDꢁ
ꢁꢁꢁ3HUPLWDꢁTXHꢁODꢁHVWXIDꢁVHꢁHQIUtHꢃ
ꢁꢁꢁ5LHJXHꢁDOJXQDVꢁJRWDVꢁGHOꢁOLPSLDGRUꢁGHꢁ
8VHꢁXQDꢁDOPRKDGLOODꢁGHꢁOLPSLDUꢁ
HVWXIDVꢁGHꢁFHUiPLFDꢁ&(5$0$ꢁ
Š
Š
&(5$0$ꢁ%5<7( ꢁ\ꢁFRQꢁXQDꢁWRDOODꢁGHꢁ
HVWXIDVꢁGHꢁFHUiPLFDꢁ&(5$0$ꢁ%5<7( ꢁ
Š
%5<7( ꢁRꢁXQDꢁDOPRKDGLOODꢁ
SDSHOꢃ
HQꢁHOꢁiUHDꢁHQWHUDꢁGRQGHꢁVHꢁHQFXHQWUDꢁHOꢁ
UHVLGXRꢁTXHPDGRꢃ
GHꢁUHVWUHJDUꢁD]XOꢁVXDYHꢁ
PXOWLSURSyVLWRVꢁ6FRWFKꢏ%ULWH ꢃꢁ
Š
ꢁꢁꢁ8VDQGRꢁODꢁDOPRKDGLOODꢁGHꢁOLPSLDUꢁ
HVWXIDVꢁGHꢁFHUiPLFDꢁ&(5$0$ꢁ%5<7( ꢁ
Š
LQFOXLGDꢂꢁUHVWULHJXHꢁHOꢁiUHDꢁGHꢁUHVLGXRꢂꢁ
DSOLFDQGRꢁSUHVLyQꢁGRQGHꢁVHDꢁQHFHVDULRꢃꢁ
5HVLGXRꢀTXHPDGRꢀSHVDGRꢀHQFLPDꢀGHꢀODꢀVXSHUILFLH
OLPSLDUꢁHVWXIDVꢁGHꢁFHUiPLFDꢁ&(5$0$ꢁ
%5<7( ꢁSDUDꢁUHPRYHUꢁORVꢁUHVLGXRVꢁ
UHVWDQWHVꢃ
ꢁꢁꢁ3HUPLWDꢁTXHꢁODꢁHVWXIDꢁVHꢁHQIUtHꢃ
Š
ꢁꢁꢁ8VHꢁXQꢁUDVSDGRUꢁGHꢁQDYDMDꢁ~QLFDꢁDꢁ
DSUR[LPDGDPHQWHꢁXQꢁiQJXORꢁGHꢁꢐꢑžꢁ
FRQWUDꢁODꢁVXSHUILFLHꢁGHꢁYLGULRꢁꢁ
\ꢁUDVSHꢁHOꢁVXFLRꢃꢁ6HUiꢁQHFHVDULRꢁDSOLFDUꢁ
SUHVLyQꢁDOꢁUDVSDGRUꢁSDUDꢁUHPRYHUꢁHOꢁ
UHVLGXRꢃꢁ
ꢁꢁꢁ3DUDꢁSURWHFFLyQꢁDGLFLRQDOꢂꢁGHVSXpVꢁGHꢁ
TXHꢁWRGRꢁHOꢁUHVLGXRꢁKD\DꢁVLGRꢁUHPRYLGRꢂꢁ
SXODꢁODꢁVXSHUILFLHꢁHQWHUDꢁFRQꢁHOꢁ
OLPSLDGRUꢁGHꢁHVWXIDVꢁGHꢁFHUiPLFDꢁ
(OꢁUDVSDGRUꢁGHꢁHVWXIDVꢁGHꢁ
Š
Š
FHUiPLFDꢁ&(5$0$ꢁ%5<7( ꢁ\ꢁWRGRVꢁ
&(5$0$ꢁ%5<7( ꢁ\ꢁFRQꢁXQDꢁWRDOODꢁGHꢁ
ꢁꢁꢁ'HVSXpVꢁGHꢁUDVSDUꢁFRQꢁHOꢁ
ORVꢁDFFHVRULRVꢁUHFRPHQGDGRVꢁ
HVWiQꢁGLVSRQLEOHVꢁDꢁWUDYpVꢁGHꢁ
QXHVWURꢁ&HQWURꢁGHꢁSDUWHVꢃꢁ9HUꢁ
ODVꢁLQVWUXFFLRQHVꢁEDMRꢁODꢁVHFFLyQꢁ
´3DUDꢁRUGHQDUꢁSDUWHVµꢁHQꢁODꢁ
SUy[LPDꢁSiJLQDꢃꢁ
SDSHOꢃꢁ
UDVSDGRUꢂꢁDSOLTXHꢁDOJXQDVꢁJRWDVꢁGHꢁ
OLPSLDGRUꢁGHꢁHVWXIDVꢁGHꢁFHUiPLFDꢁ
Š
&(5$0$ꢁ%5<7( ꢁHQꢁHOꢁiUHDꢁHQWHUDꢁGHOꢁ
UHVLGXRꢁTXHPDGRꢃꢁ8VHꢁODꢁDOPRKDGLOODꢁGHꢁ
127$ꢀꢁ1RꢁXVHꢁXQDꢁQDYDMDꢁERWDꢁRꢁ
PHOODGDꢃ
ꢒ
&yPRꢀOLPSLDUꢀHOꢀYLGULRꢀGHꢀODꢀHVWXIDꢁꢀ
0DUFDVꢀPHWiOLFDVꢀ\ꢀUDVJXxDGXUDV
(VWDVꢁGHEHUtDQꢁUHPRYHUVHꢁLQPHGLDWDPHQWHꢁ
DQWHVꢁGHꢁFDOHQWDUꢁODꢁHVWXIDꢁGHꢁQXHYRꢁ
RꢁODꢁGHFRORUDFLyQꢁVHꢁFRQYHUWLUiꢁHQꢁ
GHFRORUDFLRQHVꢁSHUPDQHQWHVꢃꢁ
ꢁꢁꢁꢁ7HQJDꢁFXLGDGRꢁGHꢁQRꢁGHVOL]DUꢁROODVꢁRꢁ
VDUWHQHVꢁDꢁWUDYpVꢁGHꢁVXꢁHVWXIDꢃꢁ(OODVꢁ
GHMDUiQꢁPDUFDVꢁVREUHꢁODꢁVXSHUILFLHꢁGHꢁ
VXꢁHVWXIDꢃꢁ
ꢁ(VWDVꢁPDUFDVꢁVRQꢁUHPRYLEOHVꢁXVDQGRꢁ
HOꢁOLPSLDGRUꢁGHꢁHVWXIDVꢁGHꢁFHUiPLFDꢁ
&(5$0$ꢁ%5<7( ꢁFRQꢁODꢁDOPRKDGLOODꢁGHꢁ
$'9(57(1&,$ꢂꢀ&RQꢀ
PXFKRꢀFXLGDGRꢀLQVSHFFLRQHꢀHOꢀIRQGRꢀGHꢀODVꢀ
VDUWHQHVꢀHQꢀE~VTXHGDꢀGHꢀSURWXEHUDQFLDVꢀTXHꢀ
SXHGDQꢀUDVJXxDUꢀODꢀHVWXIDꢁꢀ
Š
OLPSLDUꢁHVWXIDVꢁGHꢁFHUiPLFDꢁ&(5$0$ꢁ
Š
%5<7( ꢃ
ꢁꢁꢁꢁ6LꢁSHUPLWHꢁTXHꢁROODVꢁFRQꢁFXELHUWDVꢁILQDVꢁ
GHꢁDOXPLQLRꢁRꢁGHꢁFREUHꢁKLHUYDQꢁHQꢁ
VHFRꢂꢁODꢁFXELHUWDꢁSRGUtDꢁGHMDUꢁ
GHFRORUDFLRQHVꢁQHJUDVꢁVREUHꢁODꢁHVWXIDꢃꢁ
6XSHUILFLHꢀGHꢀYLGULR³SRWHQFLDOꢀGHꢀGDxRꢀSHUPDQHQWHꢁ
'DxRꢀGHꢀGHUUDPHVꢀGHꢀD]~FDUꢀ\ꢀSOiVWLFRꢀGHUUHWLGR
1XHVWUDVꢁSUXHEDVꢁ
PXHVWUDQꢁTXHꢁVLꢁ
GHMDUVHꢁKDVWDꢁTXHꢁODꢁHVWXIDꢁVHꢁKD\Dꢁ
HQIULDGRꢃ
XVWHGꢁHVWiꢁFRFLQDQGRꢁ
FRQꢁPH]FODVꢁGHꢁDOWDꢁ
FRQFHQWUDFLyQꢁGHꢁD]~FDUꢃꢁ
WDOHVꢁFRPRꢁMDOHDꢁRꢁ
FDUDPHORꢁ\ꢁRFXUUHꢁXQꢁ
GHUUDPHꢃꢁSXHGHꢁFDXVDUꢁ
GDxRꢁSHUPDQHQWHꢁDꢁODꢁ
VXSHUILFLHꢁGHꢁYLGULRꢁGHꢁꢁ
ODꢁHVWXIDꢁDꢁQRꢁVHUꢁ
ꢁ ꢁ$SDJXHꢁWRGDVꢁODVꢁXQLGDGHVꢁGHꢁ
VXSHUILFLHꢃꢁ5HPXHYDꢁODVꢁVDUWHQHVꢁ
FDOLHQWHVꢃ
ꢁ ꢁ1RꢁXVHꢁODVꢁXQLGDGHVꢁGHꢁ
VXSHUILFLHꢁGHꢁQXHYRꢁKDVWDꢁTXHꢁWRGRVꢁORVꢁ
UHVLGXRVꢁKD\DQꢁVLGRꢁFRPSOHWDPHQWHꢁ
UHPRYLGRVꢃꢁ
ꢁ ꢁ8VDQGRꢁXQꢁJXDQWHꢁGHꢁKRUQRVꢅ
Dꢂꢁꢁꢁ8VHꢁXQꢁUDVSDGRUꢁGHꢁQDYDMDꢁꢁ~QLFDꢁ
ꢉ5DVSDGRUꢁGHꢁHVWXIDVꢁGHꢁFHUiPLFDꢁ
Š
127$ꢂꢁ6Lꢀ\DꢀKDQꢀRFXUULGRꢀKHQGLGXUDVꢀRꢀ
LQGHQWDFLRQHVꢀHQꢀODꢀVXSHUILFLHꢀGHꢀYLGULRꢂꢀ
HOꢀYLGULRꢀGHꢀODꢀHVWXIDꢀWHQGUiꢀTXHꢀVHUꢀ
UHHPSOD]DGRꢁꢀ(QꢀHVWHꢀFDVRꢂꢀVHUiꢀQHFHVDULRꢀ
GDUOHꢀVHUYLFLRꢀDꢀODꢀHVWXIDꢁ
&(5$0$ꢁ%5<7( ꢋꢁSDUDꢁUHPRYHUꢁHOꢁ
GHUUDPHꢁDꢁXQꢁiUHDꢁIUtDꢁHQꢁODꢁHVWXIDꢃꢁ
TXHꢁVHDꢁUHPRYLGDꢁ
LQPHGLDWDPHQWHꢂ
ꢁ
Eꢂꢁꢁꢁ5HPXHYDꢁHOꢁGHUUDPHꢁFRQꢁWRDOODVꢁGHꢁ
SDSHOꢃ
ꢁ ꢁ&XDOTXLHUꢁUHVWRꢁGHOꢁGHUUDPHꢁGHEHꢁ
3DUDꢀRUGHQDUꢀSDUWHV
3DUDꢁRUGHQDUꢁHOꢁOLPSLDGRUꢁGHꢁHVWXIDVꢁGHꢁ
Š
FHUiPLFDꢁ&(5$0$ꢁ%5<7( ꢁ\ꢁHOꢁUDVSDGRUꢁ
SDUDꢁHVWXIDVꢂꢁSRUꢁIDYRUꢁOOiPHQRVꢁ
JUDWXLWDPHQWHꢁDOꢁQ~PHURꢅ
&HQWURꢀGHꢀSDUWHVꢀQDFLRQDOꢀ ꢀꢇꢈꢈꢁꢉꢊꢉꢁꢊꢈꢈꢊ
(OꢀOLPSLDGRUꢀGHꢀꢀ
HVWXIDVꢀGHꢀFHUiPLFDꢀꢀ
Š
&(5$0$ꢀ%5<7( ꢀꢁꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢆꢀ:;ꢇꢈ;ꢉꢈꢈ
5DVSDGRUꢁGHꢁHVWXIDVꢁꢁ
GHꢁFHUiPLFDꢁꢁ
Š
&(5$0$ꢁ%5<7( ꢁꢁꢁꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢆꢀ:;ꢇꢈ;ꢈꢉꢈꢊ
.LWꢁꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃꢆꢀ:%ꢋꢌ;ꢍꢈꢊꢎ
ꢄ(Oꢀ.LWꢀLQFOX\HꢀODꢀFUHPDꢀ\ꢀHOꢀUDVSDGRUꢅ
$OPRKDGLOODꢀGHꢀOLPSLDUꢀHVWXIDVꢀGHꢀ
Š
FHUiPLFDꢀ&(5$0$ꢀ%5<7( ꢀꢁ ꢁꢆ:;ꢇꢈ;ꢉꢍꢈ
ꢆꢈ
,QVWUXFFLRQHVꢁꢁꢁ (VWXIDꢁUDGLDQWHꢁGHꢁ
GHꢁLQVWDODFLyQꢁ YHQWLODFLyQꢁGHVFHQGHQWHꢁ
6LꢁWLHQHꢁDOJXQDꢁSUHJXQWDꢃꢁOODPHꢁDOꢁꢄꢅꢅꢂ*(ꢂ&$5(6ꢁꢆꢄꢅꢅꢂꢇꢈꢉꢂꢉꢊꢈꢊꢋꢁRꢁYLVLWHꢁQXHVWURꢁVLWLRꢁHQꢁODꢁ:HEꢀꢁ*($SSOLDQFHVꢂFRP
,16758&&,21(6ꢁ,03257$17(6ꢁ'(ꢁ
$17(6ꢁ'(ꢁ&20(1=$5
6(*85,'$'
/HDꢁHVWDVꢁLQVWUXFFLRQHVꢁFRPSOHWDꢁ\ꢁ
FXLGDGRVDPHQWHꢂ
ꢁ$'9(57(1&,$ꢁ ꢁ3$5$ꢁ5('8&,5ꢁ(/ꢁ
²
5,(6*2ꢁ'(ꢁ,1&(1',26ꢃꢁ'(6&$5*$6ꢁ
‡ꢁꢁ,03257$17(ꢁ ꢁ*XDUGHꢁHVWDVꢁ
²
(/e&75,&$6ꢁ2ꢁ/(6,21(6ꢁ3(5621$/(6ꢃꢁ
2%6(59(ꢁ/2ꢁ6,*8,(17(ꢀ
LQVWUXFFLRQHVꢁSDUDꢁVHUꢁXVDGDVꢁSRUꢁHOꢁLQVSHFWRUꢁ
HOpFWULFRꢃꢁ
ꢁ
ꢁ
ꢁꢁ(OꢁWUDEDMRꢁGHꢁLQVWDODFLyQꢁ\ꢁHOꢁDODPEUDGRꢁ
HOpFWULFRꢁGHEHꢁKDFHUORꢁXQDꢁSHUVRQDꢉVꢋꢁ
FDOLILFDGDꢁFRQIRUPHꢁDꢁWRGRVꢁORVꢁFyGLJRVꢁꢁ
\ꢁHVWiQGDUHVꢁDSOLFDEOHVꢂꢁLQFOX\HQGRꢁXQDꢁ
FRQVWUXFFLyQꢁDSUREDGDꢁSRUꢁHOꢁLQVSHFWRUꢁGHꢁ
LQFHQGLRVꢃ
$
%
‡
ꢁꢁ,03257$17(ꢁ ꢁ2EVHUYHꢁWRGRVꢁORVꢁ
²
FyGLJRVꢁ\ꢁRUGHQDQ]DVꢁDSOLFDEOHVꢃ
‡ꢁꢁ1RWDꢁDOꢁLQVWDODGRUꢁ²ꢁ&HUFLyUHVHꢁGHꢁGHMDUꢁHVWDVꢁ
LQVWUXFFLRQHVꢁFRQꢁHOꢁ&RQVXPLGRUꢃ
‡ꢁꢁ1RWDꢁDOꢁFRQVXPLGRUꢁ²ꢁ*XDUGHꢁHVWDVꢁ
ꢁ6XILFLHQWHꢁDLUHꢁHVꢁQHFHVDULRꢁSDUDꢁXQDꢁ
ꢁ
LQVWUXFFLRQHVꢁSDUDꢁUHIHUHQFLDꢁIXWXUDꢃ
FRPEXVWLyQꢁDSURSLDGDꢁ\ꢁSDUDꢁGHVKDFHUVHꢁGHꢁ
ORVꢁJDVHVꢁDꢁWUDYpVꢁGHꢁXQDꢁVDOLGDꢁGHꢁKXPRꢁ
ꢉFKLPHQHDꢋꢁGHꢁHTXLSRVꢁTXHꢁTXHPDQꢁ
‡ꢁ$ꢁQRꢁVHUꢁTXHꢁXVWHGꢁVHDꢁXQDꢁSHUVRQDꢁPX\ꢁELHQꢁ
HQWUHQDGDꢁHQꢁODꢁLQVWDODFLyQꢁGHꢁHVWHꢁSURGXFWRꢂꢁ
EXVTXHꢁODꢁD\XGDꢁGHꢁXQꢁLQVWDODGRUꢁSURIHVLRQDOꢃ
FRPEXVWLEOHVꢁSDUDꢁSUHYHQLUꢁUHWURDOLPHQWDFLyQꢃꢁ
6LJDꢁODVꢁUHFRPHQGDFLRQHVꢁGHOꢁIDEULFDQWHꢁꢁ
GHOꢁHTXLSRꢁGHꢁFDOHQWDPLHQWRꢁ\ꢁORVꢁHVWiQGDUHVꢁ
GHꢁVHJXULGDGꢁWDOHVꢁFRPRꢁORVꢁSXEOLFDGRVꢁSRUꢁODꢁ
$VRFLDFLyQꢁQDFLRQDOꢁGHꢁSURWHFFLyQꢁGHꢁ
LQFHQGLRVꢁꢉ1)3$ꢋꢂꢁ\ꢁODꢁ6RFLHGDGꢁDPHULFDQDꢁGHꢁ
LQJHQLHURVꢁGHꢁFDOHIDFFLyQꢂꢁDFRQGLFLRQDGRUHVꢁ
GHꢁDLUHꢁ\ꢁUHIULJHUDFLyQꢁꢉ$6+5$(ꢋꢂꢁ\ꢁORVꢁFyGLJRVꢁꢁ
GHꢁODVꢁDXWRULGDGHVꢁORFDOHVꢃ
‡ꢁꢁ/DꢁLQVWDODFLyQꢁDSURSLDGDꢁHVꢁODꢁUHVSRQVDELOLGDGꢁ
GHOꢁLQVWDODGRUꢃ
‡ꢁꢁ6LꢁHVWHꢁSURGXFWRꢁIDOODꢁSRUꢁXQDꢁLQVWDODFLyQꢁ
LQDSURSLDGDꢂꢁODꢁ*DUDQWtDꢁQRꢁFXEULUiꢁHVWHꢁ
SURGXFWRꢃ
ꢁ ꢁ$'9(57(1&,$ꢁ ꢁ$QWHVꢁGHꢁFRPHQ]DUꢁODꢁ
ꢁ
ꢁ
ꢁ&XDQGRꢁVHꢁHQFXHQWUHꢁFRUWDQGRꢁRꢁWDODGUDQGRꢁ
ꢁ
²
&
LQVWDODFLyQꢃꢁGHVFRQHFWHꢁHOꢁLQWHUUXSWRUꢁGHꢁ
VXPLQLVWURꢁHOpFWULFRꢁHQꢁHOꢁSDQHOꢁGHꢁVHUYLFLRꢁ\ꢁ
FLHUUHꢁHOꢁPHFDQLVPRꢁGHꢁVHJXULGDGꢁSDUDꢁHYLWDUꢁꢁ
TXHꢁDOJXLHQꢁORꢁFRQHFWHꢁDFFLGHQWDOPHQWHꢂꢁꢁ
&XDQGRꢁQRꢁH[LVWDꢁXQꢁGLVSRVLWLYRꢁGHꢁFLHUUHꢁGHꢁ
VHJXULGDGꢃꢁDPDUUHꢁXQꢁDYLVRꢁYLVLEOHꢃꢁFRPRꢁXQDꢁ
HWLTXHWDꢁDOꢁSDQHOꢁGHꢁVHUYLFLRꢁKDFLHQGRꢁODꢁ
DGYHUWHQFLDꢂꢁ
HQꢁODꢁSDUHGꢁRꢁHQꢁHOꢁWHFKRꢂꢁQRꢁGDxHꢁORVꢁ
DODPEUDGRVꢁHOpFWULFRVꢁXꢁRWUDVꢁXWLOLGDGHVꢁ
HVFRQGLGDVꢃ
ꢁ/RVꢁYHQWLODGRUHVꢁFRQHFWDGRVꢁDꢁFRQGXFWRVꢁ
ꢁ
'
GHEHQꢁVLHPSUHꢁHVWDUꢁYHQWLODGRVꢁKDFLDꢁHOꢁ
H[WHULRUꢃ
ꢁ‡ꢁꢁ/DꢁXQLGDGꢁGHEHꢁHVWDUꢁFRQHFWDGDꢁDꢁWLHUUDꢁ
DSURSLDGDPHQWHꢃꢁ
ꢁ ꢁ$'9(57(1&,$ꢁ ꢁ3$5$ꢁ5('8&,5ꢁ(/ꢁ
²
5,(6*2ꢁ'(ꢁ,1&(1',26ꢃꢁ62/$0(17(ꢁ86(ꢁ
&21'8&726ꢁ0(7È/,&26ꢂ
ꢆꢆ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
'(6(03$&$1'2ꢁ68ꢁ(678)$
3$57(6ꢁ,1&/8,'$6ꢁꢆ(03$&$'$6ꢁ'(%$-2ꢁ'(ꢁ/$ꢁ(678)$ꢋ
‡ꢁ (QVDPEODGXUDꢁGHOꢁVRSODGRU
‡ꢁ 7RUQLOORVꢁGHꢁSODQFKDꢁ
‡ꢁ )LOWURꢁGHOꢁYHQWLODGRU
‡ꢁ &UHPDꢁGHꢁOLPSLH]D
ꢁ PHWiOLFDꢁꢉꢒꢋꢁꢉꢌꢏꢆꢌꢁ[ꢁꢍꢎꢌꢓꢋ
‡ꢁ &iPDUDꢁGHOꢁVRSODGRU
‡ꢁ ꢁ&LQWDꢁGHꢁMXQWDꢁGHꢁHVSXPDꢁꢉUROORꢁ
GHꢁꢒꢁSLHVꢋ
‡ꢁ 5HMLOODꢁGHꢁYHQWLODFLyQ
‡ꢁ ꢁ7XHUFDVꢁꢉꢐꢋꢁꢉꢆꢈꢏꢍꢀꢁWXHUFDVꢁ²ꢁ
FRQꢁVXVꢁDUDQGHODVꢁGHꢁFLHUUHꢁ
SHJDGDVꢋ
‡ꢁ ꢁ(VSRQMDꢁGHꢁUHVWULHJXHꢁRꢁ
UDVSDGRUꢁꢉHQꢁDOJXQRVꢁPRGHORVꢋ
$VHJ~UHVHꢁTXHꢁWRGRVꢁORVꢁPDWHULDOHVꢁꢁ
GHꢁHPSDTXHꢁ\ꢁFLQWDVꢁVHꢁKD\DQꢁUHWLUDGRꢃꢁ(VWRꢁ
LQFOX\HꢁFLQWDVꢁVREUHꢁODVꢁSHULOODVꢁGHꢁFRQWUROꢁꢉVLꢁ
FRUUHVSRQGHꢋꢂꢁFLQWDꢁDGKHVLYDꢂꢁFLQWDVꢁGHꢁDMXVWHꢂꢁ
FDUWyQꢁ\ꢁSOiVWLFRꢁSURWHFWRUꢃꢁ6LꢁHVWRVꢁPDWHULDOHVꢁ
QRꢁVHꢁUHWLUDQꢁVHꢁSXHGHꢁSURGXFLUꢁFRPRꢁUHVXOWDGRꢁ
XQꢁGDxRꢁVREUHꢁHOꢁHOHFWURGRPpVWLFRꢂꢁXQDꢁYH]ꢁ
TXHꢁHOꢁPLVPRꢁIXHꢁHQFHQGLGRꢁ\ꢁODVꢁVXSHUILFLHVꢁVHꢁ
FDOLHQWDQꢃ
5HMLOODꢁGHꢁYHQWLODFLyQ
ꢁꢁꢁꢁꢁꢁ35(&$8&,Ï1ꢀꢁ
12ꢁ/(9$17(ꢁ325ꢁꢁ
/$ꢁ$%(5785$ꢁ'(ꢁ
9(17,/$&,Ï1ꢁ2ꢁ
7RUQLOORVꢁGHꢁSODQFKDꢁ
(VSRQMDꢁGHꢁUHVWULHJXHꢁꢁ
RꢁUDVSDGRUꢁꢁ
ꢉHQꢁDOJXQRVꢁPRGHORVꢋ
PHWiOLFDꢁꢉꢒꢋꢁꢁ
ꢉꢌꢏꢆꢌꢁ[ꢁꢍꢎꢌꢓꢋ
&UHPDꢁGHꢁOLPSLH]Dꢁ
ꢉ:;ꢆꢈ;ꢍꢈꢈꢋ
&LQWDꢁGHꢁMXQWDꢁGHꢁHVSXPDꢁꢁ
ꢉUROORꢁGHꢁꢒꢁSLHVꢋ
&+248(ꢁ(/ꢁ9,'5,2ꢃ
35(&$8&,Ï1ꢀꢁ(/ꢁ9,'5,2ꢁ(6ꢁ)5È*,/ꢃ
12ꢁ&+248(ꢁ/$ꢁ(648,1$6ꢁ'(/ꢁ9,'5,2ꢁ
'85$17(ꢁ/$ꢁ,167$/$&,Ï1ꢃ
(QVDPEODGXUDꢁGHOꢁVRSODGRUꢁꢁ
\ꢁWXHUFDVꢁGHꢁPRQWDMHꢁꢉꢐꢋꢁ
ꢉꢆꢈꢏꢍꢀꢁWXHUFDV³FRQꢁVXVꢁDUDQGHODVꢁꢁ
GHꢁFLHUUHꢁSHJDGDVꢋ
3OHQRꢁGHOꢁ
VRSODGRU
)LOWURꢁGHOꢁ
YHQWLODGRU
ꢆꢀ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
35(3$5$&,Ï1
+(55$0,(17$6ꢁ48(ꢁ1(&(6,7$5È
‡ꢁ 6LHUUD
5(48,6,726ꢁ(/e&75,&26
(VWHꢁHOHFWURGRPpVWLFRꢁGHEHꢁVXSOLUVHꢁFRQꢁHOꢁYROWDMHꢁ\ꢁꢁ
ODꢁIUHFXHQFLDꢁDSURSLDGRVꢂꢁFRQIRUPHꢁVHꢁLQGLFDꢁHQꢁHVWDVꢁ
,QVWUXFFLRQHVꢁGHꢁ,QVWDODFLyQꢂꢁ\ꢁGHEHꢁVHUꢁFRQHFWDGRꢁDꢁXQꢁUDPRꢁ
HOpFWULFRꢁFRQHFWDGRꢁDSURSLDGDPHQWHꢁDꢁWLHUUDꢂꢁSURWHJLGRꢁ
SRUꢁXQꢁLQWHUUXSWRUꢁGHꢁFLUFXLWRꢁGHꢁꢐꢈꢁDPSHULRVꢁRꢁIXVLEOHVꢁGHꢁ
GLODWDFLyQꢁGHꢁWLHPSRꢃꢁ
‡ꢁ 'HVWRUQLOODGRUꢁSODQR
‡ꢁ $OLFDWHVꢁGHꢁHOHFWULFLVWD
‡ꢁ &LQWDꢁDGKHVLYDꢁGHꢁFRQGXFWRV
‡ꢁ ꢁ&LQWDꢁPpWULFDꢁRꢁHVFDOD
‡ꢁ (VFXDGUDꢁGHꢁFDUSLQWHUR
‡ꢁ /ODYHꢁGHꢁꢊꢎꢆꢇꢓꢁRꢁMXHJRꢁGHꢁFXERV
‡ꢁ 7DODGUDGRUDꢁ\ꢁEURFD
‡ꢁ 7RUQLOORVꢁSDUDꢁKRMDVꢁPHWiOLFDV
‡ꢁ &DMDꢁGHꢁXQLyQꢔ
7RGDVꢁODVꢁFRQH[LRQHVꢁGHꢁDODPEUHVꢁGHEHQꢁKDFHUVHꢁ
GHꢁDFXHUGRꢁFRQꢁORVꢁFyGLJRVꢁORFDOHVꢁ\ꢁGHEHQꢁHVWDUꢁ
DSURSLDGDPHQWHꢁDLVODGDVꢃꢁ3yQJDVHꢁHQꢁFRQWDFWRꢁFRQꢁODꢁ
FRPSDxtDꢁGHꢁXWLOLGDGHVꢁORFDOꢁSDUDꢁORVꢁFyGLJRVꢁHOpFWULFRVꢁ
\ꢁRUGHQDQ]DVꢁGHꢁVXꢁJRELHUQRꢃꢁ(QꢁODꢁDXVHQFLDꢁGHꢁFyGLJRVꢁ
HOpFWULFRVꢁORFDOHVꢂꢁHOꢁ1DWLRQDOꢁ(OHFWULFDOꢁ&RGHꢂꢁ$16,ꢎ1)3$ꢁ1Rꢃꢁ
ꢊꢈꢁ²ꢁHQꢁVXꢁPiVꢁUHFLHQWHꢁHGLFLyQꢂꢁTXHꢁJRELHUQDꢁODꢁLQVWDODFLyQꢁ
GHꢁHVWXIDVꢁHOpFWULFDVꢂꢁGHEHQꢁVHJXLUVHꢃꢁ
8VWHGꢁSXHGHꢁREWHQHUꢁXQDꢁFRSLDꢁGHOꢁ1DWLRQDOꢁ(OHFWULFDOꢁ&RGHꢁ
HVFULELHQGRꢁDꢅ
1DWLRQDOꢁ)LUHꢁ3URWHFWLRQꢁ$VVRFLDWLRQꢁ
%DWWHU\PDUFKꢁ3DUNꢁ
4XLQF\ꢂꢁ0$ꢁꢈꢀꢀꢇꢈ
‡ꢁ &RQGXFWRꢁIOH[LEOHꢁGHꢁꢍꢎꢐꢓꢔ
‡ꢁ ꢁ&DEOHꢁHOpFWULFRꢁGHꢁDFXHUGRꢁFRQꢁORVꢁFyGLJRVꢁ
ORFDOHVꢔ
‡ꢁ 7XHUFDꢁVHꢁDODPEUHꢔ
‡ꢁ &RQGXFWRVꢁ
(IHFWLYRꢁHOꢁꢆꢁGHꢁHQHURꢁGHꢁꢆꢒꢒꢇꢂꢁHOꢁ1DWLRQDOꢁ(OHFWULFDOꢁ
&RGHꢁUHTXLHUHꢁTXHꢁODVꢁFRQVWUXFFLRQHVꢁQXHYDVꢂꢁSHURꢁQRꢁ
\DꢁH[LVWHQWHVꢂꢁXWLOLFHQꢁFRQH[LRQHVꢁGHꢁFXDWURꢁFRQGXFWRUHVꢁ
SDUDꢁHVWXIDVꢁHOpFWULFRVꢃꢁ&XDQGRꢁVHꢁHQFXHQWUHꢁLQVWDODQGRꢁ
XQDꢁHVWXIDꢁHOpFWULFDꢁHQꢁXQDꢁFRQVWUXFFLyQꢁQXHYDꢂꢁVLJDꢁODVꢁ
LQVWUXFFLRQHVꢁHQꢁ&216758&&,Ï1ꢁ18(9$ꢁ<ꢁ&21(;,Ï1ꢁ'(ꢁ
5$0$/ꢁ'(ꢁ&,5&8,72ꢁ'(ꢁ&8$752ꢁ&21'8&725(6ꢃ
ꢔꢁ127$ꢀꢁ(Oꢁ.LWꢁGHꢁLQVWDODFLyQꢁHOpFWULFDꢁ-;&.ꢌꢒꢁ
SXHGHꢁRUGHQDUVHꢁSRUꢁVHSDUDGRꢁHꢁLQFOX\HꢁWRGDVꢁODVꢁ
SDUWHVꢁQHFHVDULDVꢁSDUDꢁFRQHFWDUꢁODꢁHVWXIDꢁDꢁXQꢁ
DODPEUDGRꢁWtSLFRꢃ
8VWHGꢁGHEHꢁXVDUꢁXQꢁVLVWHPDꢁHOpFWULFRꢁGHꢁFDEOHVꢁGHꢁWUHVꢁ
DODPEUHVꢂꢁGHꢁIDVHꢁVHQFLOODꢁ$&ꢁꢀꢈꢌ<ꢎꢆꢀꢈꢁYROWLRVꢁRꢁꢀꢐꢈꢎꢆꢀꢈꢁ
YROWLRVꢂꢁꢇꢈꢁ+HUW]ꢁFRQꢁFRQH[LyQꢁDꢁWLHUUDꢁSRUꢁVHSDUDGRꢃꢁ6LꢁXVWHGꢁ
FRQHFWDꢁDꢁDODPEUHVꢁGHꢁDOXPLQLRꢂꢁGHEHꢁXVDUꢁFRQHFWDGRUDVꢁ
DSUREDGRVꢁSDUDꢁHOꢁXVRꢁFRQꢁDODPEUDGRꢁGHꢁDOXPLQLRꢃꢁ
3ꢁ 5(&$8&,Ï1ꢀꢁ3$5$ꢁ68ꢁ6(*85,'$'ꢁ
3(5621$/ꢃꢁ5(08(9$ꢁ(/ꢁ)86,%/(ꢁ'(ꢁ/$ꢁ&$6$ꢁ2ꢁ
(/ꢁ,17(5583725ꢁ'(ꢁ&,5&8,72ꢁ$17(6ꢁ'(ꢁ
&20(1=$5ꢁ/$ꢁ,167$/$&,Ï1ꢂ
(678)$ꢁ'(ꢁꢈꢅꢌꢁꢆ',0(16,21(6ꢁ3$5$ꢁ5()(5(1&,$ꢁ62/$0(17(ꢋ
/DꢁXQLGDGꢁVHꢁPXHVWUDꢁWRWDOPHQWHꢁHQVDPEODGDꢂ
ꢀꢒꢊøꢌꢓ
ꢉꢍꢈꢓꢁ66ꢋ
ꢀꢀꢊøꢆꢇꢓ
ꢉꢀꢀꢒøꢆꢇꢓꢁ66ꢋ
ꢀꢍøꢆꢇꢓ
ꢉꢀꢆøꢐꢓꢁ66ꢋ
ꢀꢀꢓ
ꢀꢈꢆøꢀꢓ
ꢀꢌꢍøꢐꢓ
/DꢁXQLGDGꢁGHEHꢁWHQHUꢁYHQWLODFLyQꢁKDFLDꢁHOꢁH[WHULRUꢍ
ꢆꢍ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
35(3$5$&,Ï1ꢁ'(/ꢁ*$%,1(7(
ꢀ
ꢁ
35(3$5$&,Ï1ꢁ3$5$ꢁ/$ꢁ,167$/$&,Ï1
ꢁꢁ35(3$5$&,Ï1ꢁ'(/ꢁ*$%,1(7(ꢁ'(ꢁ/$ꢁ
%$6(
ꢆ
3RVLFLyQꢁGHꢁVXꢁHVWXID
(VWDꢁHVWXIDꢁHVWiꢁGLVHxDGDꢁSDUDꢁDMXVWDUꢁIiFLOPHQWHꢁHQꢁXQDꢁ
YDULHGDGꢁGHꢁJDELQHWHVꢃꢁ6LQꢁHPEDUJRꢂꢁDOJXQRVꢁJDELQHWHVꢁSRGUtDQꢁ
UHTXHULUꢁPRGLILFDFLRQHVꢃꢁ
/DꢁHVWXIDꢁHVWiꢁGLVHxDGDꢁSDUDꢁOXFLUꢁPHMRUꢁFXDQGRꢁHVWiꢁFHQWUDGDꢁ
HQꢁXQꢁJDELQHWHꢁGHꢁSRUꢁORꢁPHQRVꢁꢍꢈꢓꢁGHꢁDQFKRꢃꢁ
/DꢁYHQWDQLOODꢁGHꢁHVFDSHꢁGHEDMRꢁGHꢁODꢁHVWXIDꢁGHEHꢁHVWDUꢁ
ORFDOL]DGDꢁHQWUHꢁORVꢁEDMDQWHVꢁGHꢁODꢁSDUHGꢁRꢁHQWUHꢁODVꢁYLJDVꢁGHOꢁ
SLVRꢁGHꢁIRUPDꢁTXHꢁHOꢁWUDEDMRꢁGHꢁWXERVꢁSXHGDꢁVHUꢁLQVWDODGRꢁ
DSURSLDGDPHQWHꢃꢁ
3RUꢁORꢁPHQRVꢁꢇꢓꢁVHꢁGHEHQꢁGHMDUꢁHQWUHꢁORVꢁH[WUHPRVꢁODWHUDOHVꢁGHꢁ
ODꢁHVWXIDꢁ\ꢁODVꢁSDUHGHVꢁDG\DFHQWHVꢃꢁ
3UHSDUDQGRꢁXQꢁJDELQHWHꢁTXHꢁDMXVWHꢁFRQWUDꢁODꢁSDUHG
(QꢁDOJXQRVꢁJDELQHWHVꢂꢁORVꢁODGRVꢁSRGUtDQꢁQHFHVLWDUꢁVHUꢁUHEDMDGRVꢁ
RꢁFRUWDGRVꢁꢑꢍøꢐꢓꢁFRPRꢁVHꢁPXHVWUDꢁHQꢁODꢁILJXUDꢂꢁ\ꢁODVꢁDEUD]DGHUDVꢁ
GHꢁODVꢁHVTXLQDVꢁUHPRYLGDVꢁSDUDꢁDFRPRGDUꢁODꢁXQLGDGꢃ
(QꢁJDELQHWHVꢁHXURSHRVꢁVLQꢁIRUPDꢁGHꢁꢊꢑꢁFPꢁ\ꢁꢒꢈꢁFPꢂꢁHOꢁSDQHOꢁ
SRVWHULRUꢁSRGUtDꢁQHFHVLWDUꢁVHUꢁUHEDMDGRꢁKDVWDꢁꢑꢍøꢐꢓꢁSDUDꢁ
DFRPRGDUꢁODꢁXQLGDGꢃꢁ
/Dꢁ
SURIXQGLGDGꢁ
$OWXUDꢁPtQLPDꢁGHꢁꢆꢑꢓꢁ
GHVGHꢁODꢁHQFLPHUDꢁ
KDVWDꢁHOꢁJDELQHWHꢁ
PiVꢁFHUFDQRꢁHQꢁ
FXDOTXLHUDꢁGHꢁORVꢁ
ODGRVꢁꢁ
GHOꢁiUHDꢁ
HOHYDGDꢁGHꢁ
ORVꢁJDELQHWHVꢁ
GHEHꢁVHUꢁGHꢁ
XQꢁPi[LPRꢁ
GHꢁꢆꢍꢓ
7ROHUDQFLDꢁPtQLPDꢁ
GHꢁꢍꢈꢓꢁDꢁSDUWLUꢁGHꢁꢁ
ODꢁHQFLPHUDꢁKDVWDꢁꢁ
ODꢁVXSHUILFLHꢁ
3UHSDUDQGRꢁXQꢁJDELQHWHꢁWLSRꢁSHQtQVXODꢁRꢁWLSRꢁLVOD
(QꢁJDELQHWHVꢁWLSRꢁSHQtQVXODꢁRꢁLVODꢂꢁORVꢁODGRVꢁSRGUtDQꢁQHFHVLWDUꢁ
VHUꢁUHEDMDGRVꢁRꢁFRUWDGRVꢂꢁ\ꢁODVꢁDEUD]DGHUDVꢁGHꢁODVꢁHVTXLQDVꢁ
UHPRYLGDVꢁSDUDꢁDFRPRGDUꢁODꢁXQLGDGꢃ
HOHYDGDꢁꢁ
QRꢁSURWHJLGDꢃ
GHꢁODꢁXQLGDGꢃ
3DUDꢁ
JDELQHWHVꢁ
HXURSHRVꢁ
7ROHUDQFLDꢁ
PtQLPDꢁGHꢁꢇꢓꢁDꢁ
SDUWLUꢁꢁ
GHOꢁFRUWHꢁKDVWDꢁꢁ
ORVꢁODGRVꢁGHꢁꢁ
ODVꢁSDUHGHVꢃꢁ
DSUR[ꢃꢁꢑꢍøꢐꢓ
$SUR[LPDGDPHQWHꢁ
ꢑꢍøꢐꢓꢁ
ꢆꢆøꢀꢓꢁPLQꢃ
(YLWHꢁFRORFDUꢁJDELQHWHVꢁHQFLPDꢁGHꢁODꢁXQLGDGꢂꢁVLꢁHVꢁSRVLEOHꢂꢁ
SDUDꢁUHGXFLUꢁORVꢁSHOLJURVꢁFDXVDGRVꢁSRUꢁWHQHUꢁTXHꢁLQWHQWDUꢁ
DOFDQ]DUꢁXQLGDGHVꢁGHꢁVXSHUILFLHꢁFDOHQWDGDVꢃꢁ6LꢁORVꢁJDELQHWHVꢁ
HVWiQꢁFRORFDGRVꢁHQFLPDꢁGHꢁODꢁHVWXIDꢂꢁORVꢁULHVJRVꢁVHꢁSXHGHQꢁ
UHGXFLUꢁLQVWDODQGRꢁXQDꢁFDSXFKDꢁGHꢁHVWXIDꢁTXHꢁSUR\HFWHꢁ
KRUL]RQWDOPHQWHꢁXQꢁPtQLPRꢁGHꢁꢑꢁSXOJDGDVꢁPiVꢁDOOiꢁGHOꢁIRQGRꢁ
GHꢁORVꢁJDELQHWHVꢃ
6LꢁVHꢁXVDQꢁJDELQHWHUtDVꢁHQFLPDꢁGHꢁODꢁHVWXIDꢂꢁGHMHꢁXQDꢁ
WROHUDQFLDꢁPtQLPDꢁGHꢁꢍꢈꢓꢁHQWUHꢁODꢁVXSHUILFLHꢁGHꢁFRFLQDꢁ\ꢁHOꢁ
IRQGRꢁGHꢁFXDOTXLHUꢁJDELQHWHꢁQRꢁSURWHJLGRꢃꢁ
6LꢁODꢁWROHUDQFLDꢁHQWUHꢁODꢁHVWXIDꢁ\ꢁODꢁJDELQHWHUtDꢁHVꢁPHQRUꢁGHꢁ
ꢍꢈꢓꢂꢁHOꢁJDELQHWHꢁGHEHꢁSURWHJHUVHꢁFRQꢁXQDꢁSODQFKDꢁUHWDUGDQWHꢁ
GHꢁOODPDVꢁGHꢁSRUꢁORꢁPHQRVꢁꢆꢎꢐꢓꢁGHꢁJUXHVRꢂꢁFXELHUWDꢁFRQꢁXQDꢁ
SODQFKDꢁPHWiOLFDꢁGHꢁDFHURꢁFDOLEUHꢁꢀꢌꢁRꢁFRQꢁXQDꢁSDQFKDꢁGHꢁ
FREUHꢁGHꢁꢈꢃꢈꢀꢈꢓꢃꢁ/DꢁWROHUDQFLDꢁHQWUHꢁODꢁHVWXIDꢁ\ꢁODꢁJDELQHWHUtDꢁ
SURWHJLGDꢁ181&$ꢁ'(%(ꢁ6(5ꢁ0(125ꢁ'(ꢁꢉꢇꢌꢂ
ꢍ
ꢁꢁ35(3$5$&,Ï1ꢁ5È3,'$ꢁ'(ꢁ81$ꢁ&$-$ꢁ
'(ꢁ81,Ï1
3ꢁ 5(&$8&,Ï1ꢀꢁ3$5$ꢁ6(*85,'$'ꢁ3(5621$/ꢃꢁ
5(08(9$ꢁ(/ꢁ)86,%/(ꢁ'(ꢁ/$ꢁ&$6$ꢁ2ꢁ$%5$ꢁ(/ꢁ,17(5583725ꢁ
'(ꢁ&,5&8,72ꢁ$17(6ꢁ'(ꢁ35(3$5$5ꢁ/$ꢁ&$-$ꢁ'(ꢁ81,Ï1ꢂ
,QVWDOHꢁXQDꢁFDMDꢁGHꢁXQLyQꢁDSUREDGDꢁGHQWURꢁGHOꢁiUHDꢁVRPEUDGDꢁ
HQꢁHOꢁGLDJUDPDꢁTXHꢁVHꢁPXHVWUDꢁHQꢁODꢁLOXVWUDFLyQꢃꢁ/DꢁFDMDꢁGHꢁXQLyQꢁ
SXHGHꢁHVWDUꢁDꢁSRUꢁORꢁPHQRVꢁꢆꢈꢆøꢀꢓꢁGHOꢁJDELQHWHꢁVXSHULRUꢃꢁ
3DVHꢁORVꢁFRQGXFWRUHVꢁGHVGHꢁHOꢁDODPEUDGRꢁGHꢁODꢁUHVLGHQFLDꢁKDVWDꢁODꢁ
FDMDꢁGHꢁXQLyQꢁGHꢁDFXHUGRꢁFRQꢁORVꢁFyGLJRVꢁHOpFWULFRVꢃ
&ꢁ
ꢁ /
ꢒꢓ
ꢐꢓ
(;&(3&,Ï1ꢀꢁ/DꢁLQVWDODFLyQꢁGHꢁXQꢁKRUQRꢁGHꢁPLFURRQGDVꢁ
HVSHFLILFDGRꢁRꢁGHꢁXQꢁHOHFWURGRPpVWLFRꢁGHꢁFRFLQDꢁVREUHꢁXQDꢁ
HVWXIDꢁGHEHꢁFRQIRUPDUVHꢁDꢁODVꢁLQVWUXFFLRQHVꢁGHꢁLQVWDODFLyQꢁ
HPSDFDGDVꢁFRQꢁHVHꢁHOHFWURGRPpVWLFRꢃꢁ
ꢆꢈꢆøꢀꢓ
ꢆꢇꢓ
ꢀꢈꢓ
ꢆꢑꢓꢁPtQLPDVꢁGHEHQꢁGHMDUVHꢁDꢁSDUWLUꢁGHꢁFDGDꢁODGRꢁGHꢁ
H[WUHPRꢁGHꢁODꢁHVWXIDꢁKDVWDꢁHOꢁIRQGRꢁGHꢁFXDOTXLHUꢁJDELQHWHꢁ
QRꢁGLUHFWDPHQWHꢁFRORFDGRꢁVREUHꢁODꢁHVWXIDꢃꢁ6LꢁODꢁWROHUDQFLDꢁHVꢁ
PHQRUꢁGHꢁꢆꢑꢓꢂꢁORVꢁJDELQHWHVꢁDG\DFHQWHVꢁGHEHQꢁVHUꢁGHꢁSRUꢁORꢁ
PHQRVꢁꢇꢓꢁGHVGHꢁHOꢁODGRꢁH[WUHPRꢁGHꢁODꢁHVWXIDꢃ
ꢆꢐ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
&257(6ꢁ'(ꢁ35(3$5$&,Ï1ꢁ'(/ꢁ*$%,1(7(
ꢁ35(3$5$1'2ꢁ/$ꢁ(1&,0(5$
ꢐ
ꢑ
ꢁꢁ35(3$5$&,21(6ꢁ3$5$ꢁ/26ꢁ&21'8&726
ꢁ ꢁ/DꢁHQFLPHUDꢁGHEHꢁWHQHUꢁXQDꢁVXSHUILFLHꢁSODQDꢁ
SURIXQGDꢁSDUDꢁDFRPRGDUꢁODꢁHVWXIDꢁ\ꢁODꢁ
YHQWLODFLyQꢃꢁ/DVꢁHQFLPHUDVꢁFRQꢁXQꢁH[WUHPRꢁ
IURQWDOꢁURGDGRꢁ\ꢁ´EDFNVSODVKµꢁSXHGHꢁQRꢁ
SURSRUFLRQDUꢁHOꢁiUHDꢁGHꢁVXSHUILFLHꢁSODQDꢁ
127$ꢀꢁ(OꢁWUDEDMRꢁGHꢁFRQGXFWRVꢁ'(%(ꢁWHQHUꢁYHQWLODFLyQꢁKDFLDꢁHOꢁ
H[WHULRUꢂꢁ12ꢁ9(17,/(ꢁKDFLDꢁODVꢁSDUHGHVꢃꢁWHFKRꢃꢁHVTXLQDVꢃꢁiWLFRVꢁRꢁ
FXDOTXLHUꢁRWURꢁOXJDUꢁFHUUDGRꢂꢁ
&RUWHꢁXQꢁDJXMHURꢁHQꢁODꢁSDUHGꢁGHOꢁJDELQHWHꢁRꢁHQꢁHOꢁSLVRꢁGHOꢁJDELQHWHꢁ
VHJ~QꢁVHDꢁDSURSLDGRꢁSDUDꢁVXꢁLQVWDODFLyQꢃꢁ&HUFLyUHVHꢁGHꢁTXHꢁORVꢁ
WXERVꢁGHꢁHVFDSHꢁHVWiQꢁORFDOL]DGRVꢁHQWUHꢁORVꢁEDMDQWHVꢁGHꢁODꢁSDUHGꢁRꢁ
ODVꢁYLJDVꢁGHOꢁSLVRꢃ
UHTXHULGDꢃꢁ
ÈUHDꢁGHꢁVXSHUILFLHꢁSODQDꢁGHꢁ
XQꢁPtQLPRꢁUHTXHULGRꢁGHꢁꢀꢑꢓ
127$ꢀꢁ&XDQGRꢁVHꢁHQFXHQWUHꢁFRUWDQGRꢁRꢁWDODGUDQGRꢁHQꢁODꢁSDUHGꢁRꢁ
HQꢁHOꢁWHFKRꢃꢁQRꢁGDxHꢁORVꢁDODPEUDGRVꢁHOpFWULFRVꢁXꢁRWUDVꢁXWLOLGDGHVꢁ
HVFRQGLGDVꢂ
ꢒꢆøꢌꢓ
ꢇꢆøꢌꢓ
ꢆꢌꢍøꢐꢓ
ꢆꢈꢆøꢌꢓ
ꢁ
/DꢁWROHUDQFLDꢁHQWUHꢁHOꢁIUHQWHꢁLQWHUQRꢁGHOꢁJDELQHWHꢁ
\ꢁODꢁSDUWHꢁSRVWHULRUꢁGHOꢁFRUWHꢁHQꢁODꢁHQFLPHUDꢁGHEHꢁ
VHUꢁGHꢁꢀꢈꢑøꢌꢓꢁSDUDꢁSRGHUꢁDFRPRGDUꢁODꢁSURIXQGLGDGꢁ
GHꢁODꢁHVWXIDꢃꢁ
9HQWLODFLyQꢁGHꢁODꢁSDUHGꢁSRVWHULRU
9HQWLODFLyQꢁYHUWLFDO
ꢀꢈꢑøꢌꢓ
ꢆꢊøꢌꢓꢁ0tQꢃ
ꢀꢍøꢌꢓꢁ0tQꢃ
ꢇ
ꢁꢁ$/,1($&,Ï1ꢁ'(ꢁ/26ꢁ&21'8&726ꢁ'(/ꢁ623/$'25
(QꢁJHQHUDOꢂꢁQRꢁLQVWDPRVꢁDOꢁXVRꢁGHꢁFRQGXFWRVꢁIOH[LEOHVꢁSRUTXHꢁpVWHꢁ
SXHGHꢁFDXVDUꢁVHYHUDVꢁUHVWULFFLRQHVꢁGHOꢁIOXMRꢁGHꢁDLUHꢃꢁ6LQꢁHPEDUJRꢂꢁꢁ
VLꢁODꢁVDOLGDꢁGHOꢁVRSODGRUꢁ\ꢁODꢁORFDOL]DFLyQꢁHQꢁODꢁSDUHGꢁRꢁHQꢁHOꢁSLVRꢁ12ꢁ
UHSUHVHQWDꢁXQꢁSUREOHPDꢁGHꢁDOLQHDFLyQꢂꢁHQWRQFHVꢁXVWHGꢁSXHGHꢁXVDUꢁ
FRQGXFWRVꢁIOH[LEOHVꢁ0(7È/,&26ꢁSDUDꢁDGDSWDUꢁODꢁFRPSHQVDFLyQꢃꢁ
8QꢁEXHQꢁFHQWUDPLHQWRꢁVLQꢁQHFHVLGDGꢁGHꢁFRQGXFWRVꢁIOH[LEOHVꢁHVꢁORꢁ
SUHIHULGRꢃ
8QꢁiUHDꢁSODQDꢁGHꢁꢆꢎꢀꢓꢁGHꢁDQFKRꢁVHꢁUHTXLHUHꢁ
DOUHGHGRUꢁGHOꢁH[WUHPRꢁGHꢁODꢁDEHUWXUDꢁSDUDꢁ
VRSRUWDUꢁODꢁXQLGDGꢃꢁ/DꢁXQLGDGꢁGHEHꢁVHUꢁQLYHODGDꢁ\ꢁ
VHQWDUVHꢁGHUHFKDꢁHQꢁODꢁDEHUWXUDꢁGHꢁODꢁHQFLPHUDꢃꢁ
&RQꢁFXLGDGRꢁFRUWHꢁODꢁDEHUWXUDꢁGHꢁODꢁHQFLPHUDꢁ
GHꢁDFXHUGRꢁFRQꢁODVꢁGLPHQVLRQHVꢁPRVWUDGDVꢁHQꢁ
ODꢁLOXVWUDFLyQꢃꢁ&HUFLyUHVHꢁGHꢁTXHꢁODꢁDEHUWXUDꢁHVꢁ
FRUWDGDꢁGHUHFKDꢂꢁFRQꢁORVꢁODGRVꢁSDUDOHORVꢁHQWUHꢁꢁ
Vtꢁ\ꢁFRQꢁODꢁSDUWHꢁSRVWHULRUꢁH[DFWDPHQWHꢁ
SHUSHQGLFXODUꢁDꢁORVꢁODGRVꢃ
127$ꢀ
‡ꢁ1RꢁH[FHGDꢁODꢁDGDSWDFLyQꢁPi[LPDꢁUHFRPHQGDGDꢁGHꢁꢇꢓꢃ
‡ꢁꢁ1RꢁSHUPLWDꢁTXHꢁHOꢁFRQGXFWRꢁIOH[LEOHꢁVHꢁGREOHꢁRꢁTXHꢁFRODSVHꢃꢁ
‡ꢁꢁ$ODUJXHꢁHOꢁFRQGXFWRꢁIOH[LEOHꢁWDQWRꢁFRPRꢁVHDꢁSRVLEOHꢁSDUDꢁHYLWDUꢁꢁ
ODꢁFRUUXJDFLyQꢁWDQWRꢁFRPRꢁVHDꢁSRVLEOHꢃꢁ
ꢀꢈꢑøꢌꢓ
ꢇꢓꢁ0i[LPDVꢁ
GHVGHꢁODꢁOtQHDꢁ
FHQWUDOꢁKDVWDꢁODꢁ
OtQHDꢁꢁ
FHQWUDOꢁGHꢁ
FHQWUDPLHQWR
ꢁꢀꢌꢊøꢌꢓ
ꢀꢑꢓ
ꢆꢊøꢌꢓꢁ0tQꢃ
9HQWLODFLyQꢁGHꢁIRQGR
9HQWLODFLyQꢁWUDVHUDꢁ
ꢉ5HTXLHUHꢁꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓ
ꢋ
8QꢁUHFWiQJXORꢁGHꢁꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓꢁDꢁXQDꢁWUDQVLFLyQꢁGHꢁFRQGXFWRꢁUHGRQGRꢁ
GHꢁꢇꢓꢁHVWiꢁGLVSRQLEOHꢁHQꢁVXꢁWLHQGDꢁGHꢁVXPLQLVWURVꢁSDUDꢁFRQVWUXFFLyQꢁ
ORFDOꢃ
127$ꢀꢁ/DVꢁLOXVWUDFLRQHVꢁVRQꢁVLPSOHPHQWHꢁSDUDꢁTXHꢁXVWHGꢁ
SODQLILTXHꢂ
ꢆꢑ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
&È/&8/26ꢁ'(ꢁ/26ꢁ&21'8&726
ꢁꢁ
ꢁ
/RQJLWXGꢁ1~PHURꢁ
HTXLYDOHQWHꢔꢁ[ꢁ XVDGRꢁ ꢁ
/RQJLWXGꢁ
HTXLYDOHQWH
ꢁ
ꢁ3LH]DVꢁGHꢁFRQGXFWRꢁ
&DOFXOHꢁODꢁORQJLWXGꢁGHꢁFRQGXFWRꢁHTXLYDOHQWHꢁWRWDO
ꢁ
ꢁ
/RQJLWXGꢁ1~PHURꢁ
HTXLYDOHQWHꢔꢁ[ꢁꢁ XVDGRꢁꢁꢁꢁ ꢁ HTXLYDOHQWH
/RQJLWXGꢁ
ꢁꢁ
ꢁ ꢁ
ꢁꢁ
ꢁ ꢁ
5HGRQGRꢁGHꢁ
3LH]DVꢁGHꢁFRQGXFWRꢁ
ꢑꢓꢁDꢁWUDQVLFLyQ
GHꢁꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓꢁ
ꢁꢁ 5HGRQGRVꢁ
ꢁꢁ
&RGRꢁGHꢁꢒꢈƒ
ꢁ
ꢍꢊꢁ3LHVꢁ ꢁ[ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋꢁ ꢁ
ꢁ
3LHV
‚
UHFWRVꢁGHꢁꢑꢓꢁ ꢀꢂꢊꢁ3LHVꢁ ꢁ[ꢁ
ꢉꢁꢁꢁ3LHVꢋ ꢁ ꢁ
ꢁ
ꢁ
ꢁ
3LHV
3LHV
3LHV
ꢁꢁ
ꢁ ꢁ
ꢁꢁ
ꢁ ꢁ
5HGRQGRꢁGHꢁ
ꢇꢓꢁDꢁWUDQVLFLyQ
GHꢁꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓꢁ
ꢁꢁ
ꢁꢁ
5HGRQGRVꢁ
UHFWRVꢁGHꢁꢇꢓꢁ ꢆꢁ3LHVꢁ ꢁ[ꢁ
‚
ꢉꢁꢁꢁ3LHVꢋ ꢁ ꢁ
&RGRꢁGHꢁꢒꢈƒ
ꢁ
ꢐꢁ3LHVꢁ ꢁ[ꢁ
ꢀꢁ3LHVꢁ ꢁ[ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋꢁ ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋꢁ ꢁ
ꢁ
ꢁ
3LHV
3LHV
ꢁꢁ
ꢁꢁ
5HFWRꢁ
ꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓꢁ
ꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓꢁ
DꢁWUDQVLFLyQ
UHGRQGDꢁGHꢁꢇꢓ
‚ꢁ
ꢁꢁ
ꢁꢁ
ꢁ ꢁ
ꢆꢁ3LHVꢁ ꢁ[ꢁ
ꢉꢁ ꢁꢁ3LHVꢋ ꢁ
ꢁ
ꢁꢁ
ꢁꢁ
&RGRꢁGHꢁꢁ
ꢑꢓꢂꢁꢒꢈƒꢁ
ꢍꢊꢁ3LHVꢁꢁ ꢁ[ꢁ
ꢆꢀꢁ3LHVꢁꢁ ꢁ[ꢁ
ꢆꢌꢁ3LHVꢁꢁ ꢁ[ꢁ
ꢊꢁ3LHVꢁꢁ ꢁ[ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋꢁꢁꢁꢁ ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋꢁꢁꢁꢁ ꢁ
ꢁ
ꢁ
ꢁ
ꢁ
3LHV
3LHV
3LHV
3LHV
ꢁ ꢁ
ꢁ ꢁ
ꢁ ꢁ
ꢁ ꢁ
ꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓꢁ
DꢁWUDQVLFLyQꢁ
ꢁꢁ
ꢁꢁ
&RGRꢁGHꢁ
ꢇꢓꢂꢁꢒꢈƒꢁ
UHGRQGDꢁGHꢁꢇꢓꢁ
&RGRꢁGHꢁꢒꢈ
ꢁꢁ
ꢁ
ꢐꢁ3LHVꢁ ꢁ[ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋ ꢁ
ꢁ
ꢁ3LHV
ꢁꢁ
ꢁꢁ
&RGRꢁGHꢁꢁ
ꢑꢓꢂꢁꢐꢑƒꢁ
ꢁꢁ
ꢁ ꢁ
ꢁ ꢁ
ꢁ ꢁ
5HGRQGRꢁGHꢁꢑꢓ
FRQYHUJHQWHꢁꢁ
DꢁWUDQVLFLyQ
ꢁꢁꢁꢁꢁꢁꢁꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋ ꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
&RGRꢁGHꢁ
ꢇꢓꢂꢁꢐꢑƒꢁ
UHGRQGDꢁGHꢁꢇꢓꢁꢁ
ꢇꢁ3LHVꢁ ꢁ[ꢁ
ꢆꢍꢁ3LHVꢁ ꢁ[ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋ ꢁ
ꢁ
ꢁ
3LHV
3LHV
ꢁꢁꢁꢁꢁꢁꢁꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋ ꢁ
ꢁꢁ
ꢁ ꢁ
ꢁ ꢁ
&XHOORꢁUHGRQGRꢁ
GHꢁꢑꢓꢁDꢁWUDQVLFLyQꢁ
UHGRQGDꢁGHꢁꢇꢓ
ꢁꢁ
ꢁꢁ
ꢁꢁ
$GDSWDGRUꢁGHꢁ
HQFHQWUDPLHQWRꢁꢁ
GHꢁPHWDOꢁIOH[LEOH
ꢁꢁ
ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋ ꢁ
ꢁꢁꢁꢁꢁꢁꢁꢁ
ꢁ
ꢍꢐꢁ3LHVꢁꢁ ꢁ[ꢁ
ꢆꢐꢁ3LHVꢁꢁ ꢁ[ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋ ꢁ
ꢁ
ꢁ
3LHV
3LHV
ꢁꢁ
ꢁ ꢁ
ꢁ ꢁ
ꢁ ꢁ
7DSDꢁUHGRQGDꢁ
GHꢁSDUHGꢁGHꢁꢑꢓꢁꢁ
FRQꢁUHJXODGRUꢁꢁ
ꢁꢁ
ꢁꢁ
&RGRꢁGHꢁꢒꢈƒꢁꢁꢁ
ꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋꢁꢁꢁꢁ ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋꢁꢁꢁꢁ ꢁ
GHꢁWLUR
ꢁ
ꢌꢐꢁ3LHVꢁ ꢁ[ꢁ
ꢀꢐꢁ3LHVꢁ ꢁ[ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋꢁ ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋꢁ ꢁ
ꢁ
3LHV
ꢁꢁ
ꢁ ꢁ
ꢁ ꢁ
ꢁ ꢁ
7DSDꢁUHGRQGDꢁ
GHꢁSDUHGꢁGHꢁꢇꢓꢁꢁ
FRQꢁUHJXODGRUꢁꢁ
ꢁꢁ
ꢁꢁ
&RGRꢁGHꢁꢐꢑƒꢁꢁꢁ
ꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓꢁ
ꢌꢁ3LHVꢁ ꢁ[ꢁ
ꢍꢍꢁ3LHVꢁ ꢁ[ꢁ
ꢁ
ꢁ
3LHV
3LHV
GHꢁWLUR
ꢁ
ꢁ
ꢁ
3LHV
3LHV
ꢁꢁ
ꢁꢁ
&RGRꢁSODQRꢁGHꢁ
ꢒꢈƒꢁꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓ
ꢁꢁ
ꢁ
ꢁ ꢁ
7DSDꢁGHꢁSDUHGꢁ
ꢁꢁꢁꢁꢁꢁꢁꢁ
ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋ ꢁ
GHꢁꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓꢁFRQꢁ
UHJXODGRUꢁGHꢁWLUR
ꢁ
ꢀꢐꢁ3LHVꢁ ꢁ[ꢁ
ꢍꢍꢁ3LHVꢁ ꢁ[ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋꢁ ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋꢁ ꢁ
ꢁꢁ
ꢁ ꢁ
ꢁ ꢁ
5HGRQGRVꢁGHꢁ
ꢑꢓꢁDꢁWUDQVLFLyQꢁꢁꢁꢁ
GHꢁꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓ
ꢁꢁ
ꢁ ꢁ
7DSDꢁGHꢁWHFKRꢁ
UHGRQGDꢁGHꢁꢇꢓ
ꢁ
ꢍꢁ3LHVꢁꢁ ꢁ[ꢁ
ꢀꢁ3LHVꢁ ꢁ[ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋꢁꢁꢁꢁ ꢁ
ꢉꢁ ꢁ ꢁ ꢁ ꢋꢁꢁꢁꢁ ꢁ
ꢁ
3LHV
ꢁ
ꢁ
ꢁ
3LHV
3LHV
ꢁꢁ
ꢁ ꢁ
ꢁꢁ
5HGRQGRVꢁGHꢁꢇꢓ
DꢁWUDQVLFLyQꢁGHꢁ
ꢁꢁ
ꢁꢁ
ꢁꢁ
ꢁ
ꢁ
&ROXPQDꢁVXEWRWDOꢁꢀꢁ ꢁ
&ROXPQDꢁVXEWRWDOꢁꢆꢁ ꢁ
&21'8&726ꢁ727$/(6ꢁ ꢁ
ꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓ
ꢁ
ꢁ
ꢁ
3LHV
3LHV
ꢁ
ꢁ
ꢁ
ꢁ
3LHV
3LHV
ꢁꢁ
ꢁ
ꢁ&ROXPQDꢁVXEWRWDOꢁꢆꢁꢁꢁ ꢁ
ꢁ ꢔꢁ /DVꢁORQJLWXGHVꢁHTXLYDOHQWHVꢁGHꢁODVꢁSLH]DVꢁGHꢁꢁ
FRQGXFWRꢁHVWiQꢁEDVDGDVꢁHQꢁSUXHEDVꢁUHDOHVꢁ\ꢁꢁ
1RꢁGHEHꢁH[FHGHUꢁORVꢁꢎꢅꢅꢁSLHVꢂ
ꢁ ꢁ6LꢁVHꢁXWLOL]DꢁXQꢁFRQGXFWRꢁGHꢁYHQWLODFLyQꢁPHWiOLFRꢂꢁVHꢁGHEHUiQꢁ
GXSOLFDUꢁWRGRVꢁORVꢁYDORUHVꢁHQꢁSLHVꢁHTXLYDOHQWHVꢁHQꢁODꢁWDEODꢃꢁ(Oꢁ
FRQGXFWRꢁPHWiOLFRꢁIOH[LEOHꢁGHEHUiꢁVHUꢁUHFWRꢂꢁOLVRꢁ\ꢁVHꢁGHEHUiꢁ
H[WHQGHUꢁORꢁPi[LPRꢁSRVLEOHꢃ
UHIOHMDQꢁORVꢁUHTXLVLWRVꢁSDUDꢁXQꢁEXHQꢁUHQGLPLHQWRꢁꢁ
GHꢁYHQWLODFLyQꢁFRQꢁFXDOTXLHUꢁHVWXIDꢁGHꢁIOXMRꢁGHꢁꢁ
DLUHꢁGHVFHQGHQWHꢃꢁ
ꢁ ꢁ‚0LGDꢁ\ꢁOLVWHꢁORVꢁSLHVꢁGHꢁORVꢁFRQGXFWRVꢁUHFWRVꢁXVDGRVꢃꢁꢁ
&XHQWHꢁ\ꢁOLVWHꢁODꢁFDQWLGDGꢁGHꢁWRGRVꢁORVꢁRWURVꢁSHGD]RVꢁGHꢁ
FRQGXFWRꢁSDUDꢁHOꢁ´1~PHURꢁXVDGRµꢁGHꢁFDGDꢁWLSRꢃ
ꢁ ꢁ12ꢁ86(ꢁFRQGXFWRVꢁGHꢁSOiVWLFRꢁIOH[LEOHVꢂ
ꢁ ꢁ/DꢁLQVWDODFLyQꢁGHꢁODꢁYHQWLODFLyQꢁQRꢁGHEHꢁH[FHGHUꢁODꢁORQJLWXGꢁ
HTXLYDOHQWHꢁDꢁꢆꢈꢈꢁSLHVꢃꢁ
ꢁ ,03257$17(ꢀ
ꢁ ꢁ3DUDꢁHILFLHQFLDꢁPi[LPDꢂꢁXVHꢁODꢁSRUFLyQꢁGHꢁFRQGXFWRꢁPiVꢁꢁ
FRUWDꢁ\ꢁPiVꢁUHFWDꢁSRVLEOHꢂꢁFRQꢁODꢁPHQRUꢁFDQWLGDGꢁGHꢁ
DFFHVRULRVꢁSRVLEOHꢃꢁ3DUDꢁXQꢁUHQGLPLHQWRꢁVDWLVIDFWRULRꢃꢁHOꢁ
FRQGXFWRꢁQRꢁGHEHꢁH[FHGHUꢁꢎꢅꢅꢁSLHVꢁGHꢁORQJLWXGꢁHTXLYDOHQWHꢂꢁ
ꢁ ꢁ(OꢁUHQGLPLHQWRꢁGHꢁODꢁYHQWLODFLyQꢁHVꢁPHMRUDGDꢁXVDQGRꢁ
FRQGXFWRVꢁGHꢁPD\RUꢁGLiPHWURꢃ
ꢆꢇ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
5$1*26ꢁ'(/ꢁ623/$'25ꢁ'(ꢁ(6&$3(
$'9(57(1&,$ꢁ'(ꢁ6(*85,'$'ꢁ'(/ꢁ623/$'25ꢁ'(ꢁ(6&$3(
6XILFLHQWHꢁDLUHꢁHVꢁQHFHVDULRꢁSDUDꢁXQDꢁFRPEXVWLyQꢁDSURSLDGDꢁ\ꢁSDUDꢁGHVKDFHUVHꢁGHꢁORVꢁJDVHVꢁDꢁWUDYpVꢁGHꢁXQDꢁ
VDOLGDꢁGHꢁKXPRꢁꢉFKLPHQHDꢋꢁGHꢁHTXLSRVꢁTXHꢁTXHPDQꢁFRPEXVWLEOHVꢁSDUDꢁSUHYHQLUꢁUHWURDOLPHQWDFLyQꢃꢁ6LJDꢁODVꢁ
UHFRPHQGDFLRQHVꢁGHOꢁIDEULFDQWHꢁGHOꢁHTXLSRꢁGHꢁFDOHQWDPLHQWRꢁ\ꢁORVꢁHVWiQGDUHVꢁGHꢁVHJXULGDGꢁWDOHVꢁFRPRꢁORVꢁ
SXEOLFDGRVꢁSRUꢁODꢁ$VRFLDFLyQꢁQDFLRQDOꢁGHꢁSURWHFFLyQꢁGHꢁLQFHQGLRVꢁꢉ1)3$ꢋꢂꢁ\ꢁODꢁ6RFLHGDGꢁDPHULFDQDꢁGHꢁLQJHQLHURVꢁꢁ
GHꢁFDOHIDFFLyQꢂꢁDFRQGLFLRQDGRUHVꢁGHꢁDLUHꢁ\ꢁUHIULJHUDFLyQꢁꢉ$6+5$(ꢋꢂꢁ\ꢁORVꢁFyGLJRVꢁGHꢁODVꢁDXWRULGDGHVꢁORFDOHVꢃ
ꢆꢊ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
,167$/$&,Ï1ꢁ'(ꢁ/26ꢁ&21'8&726
ꢆ1RWDꢀꢁ6RODPHQWHꢁFRQꢁHOꢁSURSyVLWRꢁGHꢁSODQLILFDFLyQꢂꢋ
,167$/$&,Ï1ꢁ23&,21$/ꢀꢁ9(17,/$&,Ï1ꢁ
ꢊ
ꢁ
&Ï02ꢁ,167$/$5ꢁ/26ꢁ&21'8&726
325ꢁ/$ꢁ3$5('ꢁ3267(5,25
8VHꢁFRQGXFWRVꢁGHꢁDOXPLQLRꢁRꢁJDOYDQL]DGRVꢁHQꢁꢇꢓꢁꢁ
Rꢁꢍꢆøꢐꢓꢁ[ꢁꢆꢈꢓꢁHQꢁWDPDxRꢂꢁRꢁXQDꢁFRPELQDFLyQꢁGHꢁ
DPERVꢃꢁ
3DUDꢁFRUULHQWHVꢁGHꢁ&21'8&72ꢁ&2572ꢁVHꢁSXHGHꢁ
XWLOL]DUꢁHOꢁFRQGXFWRꢁFLUFXODUꢁGHꢁꢑꢁSXOJDGDVꢁSHURꢁ
ORVꢁPHMRUHVꢁUHVXOWDGRVꢁVHꢁREWHQGUiQꢁFRQꢁXQRꢁGHꢁ
ꢍꢂꢀꢑꢁSXOJDGDVꢁ[ꢁꢆꢈꢁSXOJDGDVꢁRꢁFRQꢁXQꢁVLVWHPDꢁGHꢁ
FRQGXFWRVꢁFLUFXODUHVꢁGHꢁꢇꢁSXOJDGDVꢃ
&RQGXFWRVꢁGHꢁ39&ꢁVHꢁGHEHQꢁXVDUꢁVLꢁVHꢁHVWiQꢁ
LQVWDODQGRꢁEDMRꢁXQDꢁFDSDꢁGHꢁFRQFUHWRꢁYDFLDGRꢃꢁ
127$ꢀꢁ/RVꢁFyGLJRVꢁGHꢁFRQVWUXFFLyQꢁORFDOHVꢁVHꢁ
GHEHQꢁREHGHFHUꢁHQꢁHVSHFLILFDUꢁHOꢁWLSRꢁDSUREDGRꢁ\ꢁODꢁ
SODQLILFDFLyQꢁGHꢁ72'26ꢁORVꢁFRQGXFWRVꢁXVDGRVꢃ
6LHPSUHꢁXVHꢁXQDꢁWDSDꢁFRQꢁUHJXODGRUꢁGHꢁWLURꢁ
GHꢁWHFKRꢁRꢁGHꢁSDUHGꢃꢁ/DVꢁWDSDVꢁGHꢁSDUHGꢁSDUDꢁ
HOHFWURGRPpVWLFRVꢁGHꢁODYDQGHUtDꢁQRꢁVHꢁGHEHQꢁXVDUꢁ
181&$ꢃ
'LUHFWDPHQWHꢁꢁ
KDFLDꢁHOꢁH[WHULRU
(QꢁHOꢁLQWHULRUꢁGHꢁODꢁSDUHGꢁꢁ
KDFLDꢁHOꢁWHFKR
$ꢁWUDYpVꢁGHOꢁHVSDFLRꢁꢁ
GHꢁODꢁEDVHꢁGHOꢁJDELQHWH
(QWUHꢁODVꢁYLJDVꢁGHOꢁSLVR
9HQWLODFLyQꢁSRUꢁODꢁSDUHGꢁSRVWHULRU
9HQWLODFLyQꢁGHVFHQGHQWH
3DUDꢁFRQYHUWLUꢁODꢁGLUHFFLyQꢁGHOꢁVRSODGRUꢁGHꢁHVFDSHꢂꢁ
UHPXHYDꢁODVꢁFXDWURꢁWXHUFDVꢁGHWUiVꢁGHOꢁILOWURꢁTXHꢁ
VRVWLHQHꢁHOꢁVRSODGRUꢁ\ꢁHOꢁSURWHFWRUꢁGHꢁDODPEUHꢃ
,QVWDOHꢁHOꢁWUDEDMRꢁGHꢁFRQGXFWRVꢂꢁKDFLHQGRꢁTXHꢁ
ODꢁGLUHFFLyQꢁGHꢁODVꢁFRQH[LRQHVꢁYD\DꢁGHꢁPDFKRꢁDꢁ
KHPEUDꢁSDUDꢁHOꢁIOXMRꢁGHꢁDLUHꢂꢁFRPRꢁVHꢁPXHVWUDꢃꢁ
$VHJXUHꢁWRGDVꢁODVꢁMXQWDVꢁFRQꢁORVꢁWRUQLOORVꢁSDUDꢁ
SODQFKDVꢁPHWiOLFDVꢁ\ꢁFRQꢁFLQWDꢁDGKHVLYDꢁGHꢁ
FRQGXFWRVꢁSDUDꢁDVHJXUDUꢁODꢁKHUPHWLFLGDGꢃ
5RWHꢁHOꢁVRSODGRUꢁ\ꢁUHLQVWDOHꢁDꢁODꢁFiPDUDꢁGHꢁ
YHQWLODFLyQꢂꢁFRPRꢁVHꢁPXHVWUDꢁHQFLPDꢃꢁ$SULHWHꢁGHꢁ
QXHYRꢁODVꢁWXHUFDVꢂꢁSHURꢁQRꢁODVꢁDSULHWHꢁGHPDVLDGRꢃ
3DUDꢁHILFLHQFLDꢁPi[LPDꢂꢁXVHꢁODꢁSRUFLyQꢁGHꢁFRQGXFWRꢁ
PiVꢁFRUWDꢁ\ꢁPiVꢁUHFWDꢁSRVLEOHꢂꢁFRQꢁODꢁPHQRUꢁ
FDQWLGDGꢁGHꢁDFFHVRULRVꢁSRVLEOHꢃꢁ
&LQWDꢁDGKHVLYDꢁGHꢁ
FRQGXFWRVꢁVREUHꢁODꢁMXQWDꢁ
\ꢁHOꢁWRUQLOOR
)OXMRꢁGHOꢁDLUH
7RUQLOOR
3DUDꢁXQꢁUHQGLPLHQWRꢁVDWLVIDFWRULRꢂꢁHOꢁFRQGXFWRꢁQRꢁ
GHEHꢁH[FHGHUꢁꢆꢈꢈꢁSLHVꢁGHꢁORQJLWXGꢁHTXLYDOHQWHꢃꢁ
5HILpUDVHꢁDOꢁFXDGURꢁGHꢁORVꢁ´&È/&8/26ꢁ'(ꢁ/$ꢁ
78%(5t$µꢁSDUDꢁORQJLWXGHVꢁHTXLYDOHQWHVꢃꢁ8VHꢁHOꢁ
FXDGURꢁSDUDꢁFDOFXODUꢁODꢁORQJLWXGꢁHTXLYDOHQWHꢁWRWDOꢁꢁ
GHꢁORVꢁFRQGXFWRVꢃꢁ
ꢆꢌ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
&Ï02ꢁ'(6(03$&$5ꢁ/$ꢁ(678)$ꢁꢏꢁ,167$/$5ꢁ/$ꢁ-817$
ꢌ
ꢁꢁ&Ï02ꢁ,167$/$5ꢁ/$ꢁ-817$ꢁ'(ꢁ
(6380$
1RWDVꢁVREUHꢁODꢁLQVWDODFLyQꢁGHꢁODꢁMXQWDꢁ
GHꢁHVSXPDꢀ
1RꢁLQVWDOHꢁODꢁHVWXIDꢁHQꢁODꢁHQFLPHUDꢁVLQꢁꢁ
‡ꢁꢁ/DꢁFLQWDꢁGHꢁMXQWDꢁGHꢁHVSXPDꢁGHEHUtDꢁVHUꢁLQVWDODGDꢁ
GHQWURꢁGHꢁꢆꢎꢌꢓꢁGHOꢁH[WUHPRꢁGHOꢁYLGULRꢃꢁ1RꢁDODUJXHꢁ
RꢁGREOHꢁODꢁFLQWDꢁGHꢁMXQWDꢁGHꢁHVSXPDꢃ
KDEHUꢁLQVWDODGRꢁODꢁMXQWDꢁGHꢁHVSXPDꢁFRPRꢁVHꢁ
PXHVWUDꢂꢁ(VWDꢁSURWHJHꢁHOꢁH[WUHPRꢁLQIHULRUꢁGHOꢁYLGULRꢁ
GHꢁODꢁHQFLPHUDꢁ\ꢁVHOODꢁODꢁHVWXIDꢁFRQWUDꢁGHUUDPHVꢃ
3ꢁ 5(&$8&,Ï1ꢀꢁ1RꢁLQVWDODUꢁODꢁFLQWDꢁGHꢁ
MXQWDꢁGHꢁHVSXPDꢁDXPHQWDꢁHOꢁSRWHQFLDꢁGHꢁTXHꢁ
HOꢁYLGULRꢁGHꢁODꢁHVWXIDꢁVHꢁURPSDꢁFXDQGRꢁVHꢁHVWpꢁ
LQVWDODQGRꢂꢁHVSHFLDOPHQWHꢁHQꢁHQFLPHUDVꢁ
5HPXHYDꢁODꢁHVWXIDꢁMXQWRꢁDꢁVXVꢁDOPRKDGLOODVꢁꢁ
GHꢁHPSDTXHꢁGHꢁODꢁFDMDꢁGHꢁHQYtRꢃꢁ5HPXHYDꢁHOꢁEORTXHꢁ
GHꢁHQYtRꢁGHꢁODꢁDEHUWXUDꢁGHꢁYHQWLODFLyQꢁGHVFHQGHQWHꢁ
ꢉGRZQGUDIWꢋꢁ\ꢁFROyTXHODꢁGHEDMRꢁGHꢁODꢁDOPRKDGLOODꢁGHꢁ
HQYtRꢁSDUDꢁSURSRUFLRQDUꢁDSR\RꢁGHꢁQLYHOꢃꢁ
Š
&RULDQ ꢁRꢁGHꢁJUDQLWRꢃꢁ
‡ꢁꢁ8VHꢁFXLGDGRꢁH[WUHPRꢁGHꢁQRꢁDODUJDUꢁODꢁFLQWDꢁ
GHꢁMXQWDꢁGHꢁHVSXPDꢁPLHQWUDVꢁODꢁLQVWDODꢁRꢁQRꢁ
SHUPDQHFHUiꢁHQꢁVXꢁOXJDUꢃ
‡ꢁꢁ1RꢁFRORTXHꢁODꢁFLQWDꢁGHꢁMXQWDꢁGHꢁHVSXPDꢁVREUHꢁORVꢁ
ERUGHVꢁPHWiOLFRVꢃ
‡ꢁꢁ(PSDOPHꢁORVꢁH[WUHPRVꢁGHꢁODꢁFLQWDꢁGHꢁMXQWDꢁGHꢁ
HVSXPDꢁHQꢁFDGDꢁHVTXLQDꢁVLQꢁTXHꢁXQDꢁTXHGHꢁ
HQFLPDꢁGHꢁODꢁRWUDꢃ
&HQWUHꢁHOꢁEORTXHꢁGHꢁHQYtRꢁGHꢁ
ODꢁYHQWLODFLyQꢁGHEDMRꢁGHꢁODꢁ
DOPRKDGLOODꢁGHꢁHQYtRꢁSDUDꢁ
SURSRUFLRQDUꢁDSR\RꢁGHꢁQLYHOꢃꢁ
‡ꢁꢁ&XEUDꢁWRGRꢁHOꢁPDUFRꢁFRQꢁODꢁFLQWDꢁGHꢁMXQWDꢁGHꢁ
HVSXPDꢁVLQꢁDODUJDUODꢃ
‡ꢁꢁ&RUWHꢁODVꢁHVTXLQDVꢁH[WHUQDVꢁGHꢁODꢁFLQWDꢁGHꢁMXQWDꢁ
GHꢁHVSXPDꢁOLJHUDPHQWHꢁVLꢁIXHUDꢁQHFHVDULRꢁSDUDꢁ
TXHꢁOX]FDꢁELHQꢃꢁ
3ꢁ 5(&$8&,Ï1ꢀꢁ(/ꢁ9,'5,2ꢁ(6ꢁ)5È*,/ꢂꢁ
12ꢁ*2/3((ꢁ/26ꢁ(;75(026ꢁ'(/ꢁ9,'5,2ꢁ
'85$17(ꢁ/$ꢁ,167$/$&,Ï1ꢂꢁ
/RFDOLFHꢁODꢁFLQWDꢁGHꢁMXQWDꢁGHꢁHVSXPDꢁLQFOXLGDꢁFRQꢁVXꢁ
HVWXIDꢃꢁ
/DGRꢁLQIHULRUꢁ
&LQWDꢁGHꢁ
GHOꢁYLGULR
MXQWDꢁGHꢁ
HVSXPD
ꢆøꢌꢓꢁPi[LPRꢁDOꢁ
H[WUHPRꢁGHOꢁYLGULRꢁ
ꢁ3HOHꢁODꢁSDUWHꢁSRVWHULRUꢁEODQFDꢁSDUDꢁLQVWDODUꢁꢁ
ODꢁFLQWDꢁGHꢁODꢁMXQWDꢁGHꢁHVSXPDꢁHQꢁHOꢁODGRꢁGHOꢁIRQGRꢁ
GHOꢁYLGULRꢁGHꢁODꢁHVWXIDꢁFRPRꢁVHꢁPXHVWUDꢃ
‡ꢁ1RꢁUDVJXxHꢁHOꢁYLGULRꢁPLHQWUDVꢁFRUWDꢁODꢁFLQWDꢁ
GHꢁMXQWDꢁGHꢁHVSXPDꢃ
1RWDꢀꢁ(QꢁHOꢁPRGHORꢁGHꢁDFHURꢁLQR[LGDEOHꢁ33ꢒꢌꢒ6ꢂꢁ
DSOLTXHꢁODꢁFLQWDꢁGHꢁHVSXPDꢁ~QLFDPHQWHꢁDOUHGHGRUꢁ
GHOꢁERUGHꢁH[WHULRUꢁGHOꢁYLGULRꢁHQꢁORVꢁODGRVꢁ\ꢁSDUWHꢁ
SRVWHULRUꢁGHꢁODꢁXQLGDGꢃ
ꢆꢒ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
&Ï02ꢁ,167$/$5ꢁ/$ꢁ(678)$
ꢒ
ꢁ&Ï02ꢁ,167$/$5ꢁ/$ꢁ(678)$
ꢆꢈ ꢁꢁ&Ï02ꢁ,163(&&,21$5ꢁ/2ꢁ3/$12
,QVSHFFLRQHꢁHOꢁYLGULRꢁGHꢁODꢁHVWXIDꢁHQꢁEXVFDꢁGHꢁ
URFDVꢁRꢁEUHFKDVꢁFRQꢁSURWXEHUDQFLDVꢁHQꢁWRGRVꢁORVꢁ
ODGRVꢁGHꢁODꢁVXSHUILFLHꢁGHꢁODꢁHQFLPHUDꢃꢁ1RꢁLQWHQWHꢁ
IRU]DUꢁHOꢁYLGULRꢁDꢁPROGHDUVHꢁDꢁODꢁHQFLPHUDꢃꢁ
ꢁ
ꢁ
12ꢁ/(9$17(ꢁ325ꢁ
/$ꢁ$%(5785$ꢁ'(ꢁ
9(17,/$&,Ï1ꢂ
/HYDQWHꢁODꢁHVWXIDꢁSRUꢁORVꢁH[WUHPRVꢁGHOꢁODGRꢁGHOꢁYLGULRꢁ
FRPRꢁVHꢁPXHVWUDꢃ
,QVSHFFLRQHꢁHQꢁ
EXVFDꢁGHꢁEUHFKDV
127$ꢀꢁ1RꢁXVHꢁODꢁDEHUWXUDꢁGHꢁYHQWLODFLyQꢁSDUDꢁ
OHYDQWDUꢁRꢁPRYHUꢁODꢁHVWXIDꢁGHꢁSRVLFLyQꢃ
ꢁ&ꢁ Ï02ꢁ&2/2&$5ꢁ/26ꢁ623257(6ꢁ'(ꢁ
,167$/$&,Ï1ꢁ23&,21$/(6
ꢆꢆ
127$ꢀꢁ9HULILTXHꢁTXHꢁHOꢁYLGULRꢁHVWpꢁSODQRꢁHQꢁHOꢁSDVRꢁꢒꢁDQWHVꢁ
GHꢁFRORFDUꢁORVꢁVRSRUWHVꢁGHꢁLQVWDODFLyQꢁRSFLRQDOHVꢃꢁ
6RSRUWHꢁGHꢁLQVWDODFLyQꢁ
RSFLRQDOꢁ\ꢁWRUQLOORꢁGHꢁ
DSULHWHꢁPDQXDOꢁꢉQRꢁ
LQFOXLGRꢋ
%DMHꢁODꢁHVWXIDꢁKDFLDꢁODꢁDEHUWXUDꢁHQꢁODꢁHQFLPHUDꢂꢁ
JXLiQGRODꢁKDVWDꢁOOHJDUꢁDꢁVXꢁSRVLFLyQꢃꢁ(OꢁYLGULRꢁHVꢁ
IUiJLO³QRꢁSHUPLWDꢁTXHꢁVHꢁFDLJDꢁVREUHꢁODꢁHQFLPHUDꢃꢁ
$SR\HꢁGHVGHꢁHOꢁODGRꢁLQIHULRUꢁ\ꢁEDMHꢁFRQꢁFXLGDGRꢃ
0RVWUDGRUꢁGHꢁHQFLPHUD
(VWXID
7RUQLOORꢁGHꢁDSULHWHꢁ
PDQXDO
&XLGDGRVDPHQWHꢁUHPXHYDꢁVXVꢁGHGRVꢁGHꢁXQDꢁ
HVTXLQDꢁDꢁODꢁYH]ꢁSDUDꢁEDMDUꢁODꢁHVWXIDꢁKDVWDꢁVXꢁ
SRVLFLyQꢃꢁ
7RUQLOORVꢁSURYLVWRVꢁꢁ
FRQꢁODꢁHVWXID
3DUDꢁVROLFLWDUꢁVRSRUWHVꢁGHꢁLQVWDODFLyQꢁRSFLRQDOHVꢎ
WRUQLOORVꢁGHꢁDSULHWHꢂꢁOODPHꢁDOꢁ&HQWURꢁ1DFLRQDOꢁGHꢁ3LH]DVꢁ
DOꢁꢌꢈꢈꢃꢇꢀꢇꢃꢀꢈꢈꢀꢃ
127$ꢀꢁ1RꢁXVHꢁ579ꢁGHꢁVLOLFRQDꢁRꢁPDVLOODꢁSDUDꢁXQLUꢁHOꢁ
YLGULRꢁGHꢁODꢁHVWXIDꢁDꢁODꢁHQFLPHUDꢃ
6ROLFLWHꢁGRVꢁGHꢁFDGDꢁSLH]Dꢅꢁꢁꢁ:ꢁ %ꢈꢀ;ꢆꢆꢍꢍꢆꢁ6RSRUWHꢁ
:%ꢈꢆ;ꢆꢈꢍꢑꢍꢁ7RUQLOOR
3DUDꢁFRORFDUꢁVRSRUWHVꢁGHꢁLQVWDODFLyQꢁRSFLRQDOHVꢅ
4XLWHꢁORVꢁꢀꢁWRUQLOORVꢁDꢁDPERVꢁODGRVꢁEDMRꢁODꢁHVWXIDꢃꢁ
$OLQHHꢁHOꢁVRSRUWHꢁGHꢁLQVWDODFLyQꢁRSFLRQDOꢁEDMRꢁODꢁ
HVWXIDꢁ\ꢁUHLQVWDOHꢁORVꢁWRUQLOORVꢁDꢁWUDYpVꢁGHꢁODꢁUDQXUDꢁGHOꢁ
VRSRUWHꢃꢁ
+DJDꢁHVWRꢁHQꢁDPERVꢁODGRVꢁGHꢁODꢁHVWXIDꢃꢁ
,QWURGX]FDꢁHOꢁWRUQLOORꢁGHꢁDSULHWHꢁDꢁWUDYpVꢁGHOꢁRULILFLRꢁ
GHOꢁVRSRUWHꢁ\ꢁDMXVWHꢁSDUDꢁILMDUꢁODꢁHVWXIDꢁDOꢁPRVWUDGRUꢁ
GHꢁHQFLPHUDꢃꢁ5HSLWDꢁHQꢁHOꢁRWURꢁODGRꢃ
,03257$17(ꢀꢁ*LUHꢁHOꢁWRUQLOORꢁGHꢁDSULHWHꢁKDVWDꢁTXHꢁ
WRTXHꢁODꢁSDUWHꢁLQIHULRUꢁGHꢁODꢁHVWXIDꢃꢁꢁ1RꢁDMXVWHꢁGHꢁPiVꢃꢁ
ꢀꢈ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
&Ï02ꢁ,167$/$5ꢁ/$ꢁ(678)$
ꢁꢁ&Ï02ꢁ,167$/$5ꢁ/$ꢁ&È0$5$ꢁ'(/ꢁ
623/$'25
ꢁꢁ&Ï02ꢁ,167$/$5ꢁ/$ꢁ&È0$5$ꢁ'(/ꢁ
623/$'25ꢁ'(ꢁ/$ꢁ(678)$
ꢆꢍ
ꢆꢀ
2ULHQWHꢁODꢁDEHUWXUDꢁGHꢁGHVFDUJDꢁGHOꢁVRSODGRUꢁ
KDVWDꢁTXHꢁLJXDOHꢁHOꢁFRQGXFWRꢁHQꢁORVꢁ3DVRVꢁꢇꢁ\ꢁꢊꢃꢁ
'HVOLFHꢁODVꢁFXDWURꢁWDFKXHODVꢁURVFDGDVꢁHQꢁHOꢁODGRꢁGHOꢁ
DORMDPLHQWRꢁGHOꢁVRSODGRUꢁHQꢁORVꢁFXDWURꢁDJXMHURVꢁHQꢁ
HOꢁODGRꢁGHꢁODꢁFiPDUDꢃꢁ
'HVOLFHꢁODꢁFiPDUDꢂꢁFRQꢁODꢁDEHUWXUDꢁGHOꢁVRSODGRUꢁGHOꢁODGRꢁ
L]TXLHUGRꢂꢁHQꢁODꢁDEHUWXUDꢁHQꢁHOꢁIRQGRꢁGHꢁODꢁHVWXIDꢃꢁ(PSXMHꢁ
ODꢁFiPDUDꢁKDVWDꢁTXHꢁVHꢁGHWHQJDꢁFXDQGRꢁODꢁFiPDUDꢁKDJDꢁ
FRQWDFWRꢁFRQꢁHOꢁIRQGRꢁGHꢁODꢁHVWXIDꢂꢁ\ꢁODꢁFiPDUDꢁHQFDMHꢁ
HQꢁVXꢁOXJDUꢃꢁꢉ(VꢁSRVLEOHꢁTXHꢁXVWHGꢁWHQJDꢁTXHꢁPRYHUꢁODꢁ
FiPDUDꢁKDFLDꢁDGHODQWHꢁ\ꢁKDFLDꢁDWUiVꢁSDUDꢁHQFRQWUDUꢁVXꢁ
OXJDUꢁH[DFWRꢃꢋ
127$ꢀꢁ9HUꢁHOꢁ3DVRꢁꢆꢐꢁSDUDꢁODꢁLQVWDODFLyQꢁGHOꢁ
FRQGXFWRꢁGHꢁWUDQVLFLyQꢁGHOꢁVRSODGRUꢃꢁ(VꢁSRVLEOHꢁTXHꢁ
VHDꢁPiVꢁIiFLOꢁLQVWDODUꢁHOꢁFRQGXFWRꢁGHꢁWUDQVLFLyQꢁDOꢁ
VRSODGRUꢁDQWHVꢁGHꢁLQVWDODUꢁHOꢁVRSODGRUꢁDꢁODꢁFiPDUDꢃꢁ
,QVWDOHꢁꢀꢁWRUQLOORV
,QVWDOHꢁꢐꢁWRUQLOORV
$VHJXUHꢁODꢁFiPDUDꢁDOꢁIRQGRꢁGHꢁODꢁHVWXIDꢂꢁꢁ
HQꢁFDGDꢁODGRꢂꢁXVDQGRꢁORVꢁFXDWURꢁꢉꢐꢋꢁWRUQLOORVꢁ
SURSRUFLRQDGRVꢃꢁ/XHJRꢁDVHJXUHꢁODꢁFiPDUDꢁDꢁODꢁHVWXIDꢂꢁ
DꢁSDUWLUꢁGHOꢁODGRꢁVXSHULRUꢂꢁXVDQGRꢁORVꢁGRVꢁꢉꢀꢋꢁWRUQLOORVꢁ
SURSRUFLRQDGRVꢃ
$ꢁSDUWLUꢁGHꢁODꢁDEHUWXUDꢁGHꢁYHQWLODFLyQꢁHQꢁODꢁSDUWHꢁ
VXSHULRUꢁGHꢁODꢁHVWXIDꢂꢁDSULHWHꢁODꢁHQVDPEODGXUDꢁGHOꢁ
VRSODGRUꢁGHꢁPDQHUDꢁILUPHꢁDꢁODꢁFiPDUDꢁFRQꢁFXDWURꢁ
ꢉꢐꢋꢁWXHUFDVꢃꢁ
ꢐꢁWXHUFDVꢁꢁ
ꢉVHꢁQHFHVLWDꢁ
XQꢁFXERꢁGHꢁ
WXHUFDVꢁGHꢁ
ꢊꢎꢆꢇꢓꢁꢋ
ꢀꢆ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
&Ï02ꢁ3(*$5ꢁ81$ꢁ75$16,&,Ï1ꢁ'(ꢁ623/$'25ꢁ
ꢁ&ꢁ Ï02ꢁ3(*$5ꢁ81$ꢁ75$16,&,Ï1ꢁ'(ꢁ
623/$'25ꢁ
ꢆꢐ
ꢁꢁ&21(;,21(6ꢁ(/e&75,&$6ꢁꢁ
'(/ꢁ623/$'25ꢁꢆFRQWꢂꢋ
ꢆꢇ
8VHꢁXQꢁFRQGXFWRꢁGHꢁWUDQVLFLyQꢁGHꢁVRSODGRUꢁSDUDꢁ
WRGDVꢁODVꢁLQVWDODFLRQHVꢁGHꢁFRQGXFWRVꢁGHꢁIOXMRꢁGHꢁDLUHꢁ
GHVFHQGHQWHꢁSDUDꢁFRQHFWDUꢁODVꢁSLH]DVꢁGHꢁFRQGXFWRꢁ
GHꢁꢇꢓꢁUHGRQGDVꢃꢁ(VWHꢁFRQGXFWRꢁUHFWiQJXORꢁGHꢁꢍꢆøꢐꢓꢁ
[ꢁꢆꢈꢓꢁDꢁFRQGXFWRꢁGHꢁꢇꢓꢁUHGRQGRꢁGHꢁWUDQVLFLyQꢁHVWiꢁ
GLVSRQLEOHꢁHQꢁVXꢁIHUUHWHUtDꢁORFDOꢃ
‡ꢁ ꢁ&RQHFWHꢁHOꢁWDSyQꢁGHꢁꢑꢁSDVDGRUHVꢁHQꢁODꢁ
HQVDPEODGXUDꢁSDUDꢁFRPELQDUꢁFRQꢁHOꢁUHFHSWiFXORꢁ
GHꢁꢑꢁSDVDGRUHVꢁHQꢁHOꢁIRQGRꢁGHOꢁDORMDPLHQWRꢁ
DODPEUDGRꢃꢁ
‡ꢁ
7RUQLOORꢁꢉHQꢁꢁ
HOꢁRWURꢁODGRꢋ
&RQHFWRUHVꢁꢁ
GHꢁꢑꢁSDVDQWHV
7RUQLOORV
5HPXHYDꢁODꢁHPSDTXHWDGXUDꢁGHꢁFDUWyQꢁHQꢁODꢁVDOLGDꢁ
GHOꢁVRSODGRUꢃ
ꢁ'REOHꢁWRGRVꢁORVꢁDODPEUHVꢁHQꢁHOꢁDORMDPLHQWRꢁHOpFWULFRꢃꢁ
$VHJXUHꢁHOꢁDORMDPLHQWRꢁFRQꢁORVꢁWRUQLOORVꢁUHPRYLGRVꢁ
DQWHULRUPHQWHꢂꢁFHUFLRUiQGRVHꢁGHꢁTXHꢁQRꢁTXHGDURQꢁ
DODPEUHVꢁDWUDSDGRVꢃꢁ
,QVWDOHꢁHOꢁFRQGXFWRꢁGHꢁWUDQVLFLyQꢁDꢁODꢁVDOLGDꢁꢁ
GHOꢁVRSODGRUꢃꢁ$VHJXUHꢁWRGDꢁODVꢁMXQWDVꢁFRQꢁꢁ
FLQWDꢁDGKHVLYDꢁGHꢁFRQGXFWRꢁSDUDꢁDVHJXUDUꢁ
KHUPHWLFLGDGꢃ
&RQHFWRUHVꢁGHꢁ
ꢑꢁSDVDQWHV
$ORMDPLHQWRꢁ
HOpFWULFR
ꢁꢁ&Ï02ꢁ&21(&7$5ꢁ/26ꢁ&21'8&726
&RQHFWHꢁHOꢁFRQGXFWRꢁSUHSDUDGRꢁHQꢁORVꢁ3DVRVꢁꢑꢁ\ꢁꢇꢁꢁ
DOꢁFRQGXFWRꢁGHꢁWUDQVLFLyQꢁGHOꢁVRSODGRUꢃꢁ
ꢆꢑ
&RQGXFWRꢁ
IOH[LEOH
ꢁꢁ&21(;,21(6ꢁ(/e&75,&$6ꢁꢁ
'(/ꢁ623/$'25
ꢆꢇ
‡ꢁ
$
IORMHꢁORVꢁWRUQLOORVꢁ\ꢁUHPXHYDꢁ\ꢁGHVFDUWHꢁHOꢁWLUDQWHꢁ
PHWiOLFRꢁTXHꢁFXEUHꢁHOꢁFRQHFWDGRUꢁGHꢁꢑꢁSDVDGRUHVꢃꢁ
*XDUGHꢁORVꢁWRUQLOORVꢁSDUDꢁODꢁUHLQVWDODFLyQꢁPiVꢁ
WDUGHꢃꢁ
4XLWHꢁORVꢁWRUQLOORVꢁ
\ꢁGHVFDUWHꢁODꢁFLQWDꢁ
ꢁꢀꢀ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
&21(;,21(6ꢁ(/e&75,&$6
ꢁꢁ$17(6ꢁ'(ꢁ+$&(5ꢁ&21(;,21(6ꢁ
(/e&75,&$6
ꢆꢊ
ꢆꢌ
ꢁ,ꢁ167$/(ꢁ81ꢁ&21'8&72ꢁ)/(;,%/(ꢁ
'(ꢁꢈꢏꢇꢌꢁ
1RWDꢁDOꢁHOHFWULFLVWDꢀꢁ/RVꢁFRQGXFWRUHVꢁSURSRUFLRQDGRVꢁFRQꢁ
HVWHꢁHOHFWURGRPpVWLFRꢁVRQꢁUHFRQRFLGRVꢁSRUꢁODꢁ8/ꢁSDUDꢁ
FRQH[LRQHVꢁHOpFWULFDVꢁUHVLGHQFLDOHVꢁGHꢁFDOLEUHVꢁDOWRVꢃꢁ
5HPXHYDꢁORVꢁWRUQLOORVꢁTXHꢁVRVWLHQHQꢁ
ODꢁFXELHUWDꢁGHOꢁFRPSDUWLPLHQWRꢁGHOꢁ
DODPEUHꢁ\ꢁUHPXHYDꢁODꢁFXELHUWDꢃ
(OꢁDLVODPLHQWRꢁGHꢁHVWRVꢁFRQGXFWRUHVꢁHVꢁFRQVLGHUDGRꢁDꢁ
WHPSHUDWXUDVꢁPXFKRꢁPD\RUHVꢁTXHꢁODVꢁHVSHUDGDVꢁHQꢁ
UHVLGHQFLDVꢃꢁ/DꢁFDSDFLGDGꢁGHꢁFDUJDꢁDFWXDOꢁGHꢁXQꢁFRQGXFWRUꢁ
HVꢁGHWHUPLQDGRꢁSRUꢁHOꢁFDOLEUHꢁGHOꢁFDEOHꢁ\ꢁWDPELpQꢁSRUꢁODꢁ
WHPSHUDWXUDꢁFRQVLGHUDGDꢁGHOꢁDLVODPLHQWRꢁDOUHGHGRUꢁGHOꢁ
FDEOHꢃꢁ
$OLPHQWHꢁORVꢁFRQGXFWRUHVꢁ
&RQGXFWR
%XVKLQJꢁDQWLꢏ
FRUWRFLUFXLWR
&RQGXFWRUHVꢁꢁ
SDUDꢁHOꢁVXPLQLVWURꢁ
HOpFWULFRꢁDꢁWUDYpVꢁGHOꢁ
FRQGXFWRꢄꢁFHUFLyUHVHꢁ
GHꢁGHMDUꢁVXILFLHQWHꢁ
ORQJLWXGꢁSDUDꢁFRQHFWDUꢁ
DSURSLDGDPHQWHꢁHVWRVꢁ
FRQGXFWRUHVꢁꢁ
$ODPEUHꢁGHꢁDOXPLQLRꢁ²ꢁ
$'9(57(1&,$ꢀꢁ
GHOꢁVXPLQLVWURꢁ
HOpFWULFR
81$ꢁ&21(;,Ï1ꢁ'(/ꢁ$/$0%5(ꢁ'(ꢁ$/80,1,2ꢁ5(6,'(1&,$/ꢁ
,1$3523,$'$ꢁ$ꢁ&21'8&725(6ꢁ'(ꢁ&2%5(ꢁ38('(ꢁ
5(68/7$5ꢁ(1ꢁ352%/(0$6ꢁ6(5,26ꢂ
8QDꢁORVꢁDODPEUHVꢁGHꢁDOXPLQLRꢁ\ꢁORVꢁDODPEUHVꢁGHꢁFREUHꢁ
XVDQGRꢁFRQHFWDGRUHVꢁHVSHFLDOPHQWHꢁGLVHxDGRVꢁ\ꢁ
UHFRQRFLGRVꢁSRUꢁ8/ꢁSDUDꢁXQLUꢁFREUHꢁ\ꢁDOXPLQLRꢃꢁ6LJDꢁHOꢁ
SURFHGLPLHQWRꢁUHFRPHQGDGRꢁSRUꢁHOꢁIDEULFDQWHꢁGHꢁORVꢁ
FRQHFWDGRUHVꢁPX\ꢁGHꢁFHUFDꢃꢁ
2QGDꢁGHꢁVHUYLFLRꢁ²ꢁ'HMHꢁXQDꢁRQGDꢁHQꢁHOꢁDODPEUHꢁGHꢁODꢁHVWXIDꢁ
GHꢁIRUPDꢁWDOꢁTXHꢁODꢁHVWXIDꢁSXHGDꢁVHUꢁOHYDQWDGDꢁꢆꢀꢁSXOJDGDVꢁ
VLQꢁWHQHUꢁTXHꢁGHVFRQHFWDUVHꢁGHOꢁDODPEUDGRꢃ
DꢁORVꢁFRQGXFWRUHVꢁ
HOpFWULFRVꢁGHꢁODꢁHVWXIDꢃꢁ
(QYXHOYDꢁORVꢁꢁ
FRQGXFWRUHVꢁDꢁꢁ
WUDYpVꢁGHOꢁEXVKLQJꢁꢁ
RꢁFRMLQHWHꢁDQWLꢏ
%XVKLQJꢁꢉDVHQWDGRꢁFRPSOHWDPHQWHꢋ
FRUWRFLUFXLWRVꢁ\ꢁDVLHQWHꢁ
ILUPHPHQWHꢁHOꢁEXVKLQJꢁHQꢁ
HOꢁH[WUHPRꢁGHOꢁFRQGXFWRꢃꢁ
$OLPHQWHꢁORVꢁFRQGXFWRUHVꢁ
DꢁWUDYpVꢁGHOꢁDJXMHURꢁHQꢁ
HOꢁFRPSDUWLPLHQWRꢁGHꢁ
DODPEUHꢃꢁ
&RQIRUPHꢁORꢁSHUPLWDQꢁ
ORVꢁFyGLJRVꢁORFDOHVꢂꢁ
FRPSUHꢁXQꢁFRQHFWDGRUꢁ
GHꢁFRQGXFWRꢁDSURSLDGRꢁ
SDUDꢁHOꢁWDPDxRꢁGHOꢁ
FRQGXFWRꢃꢁ,QVHUWHꢁHOꢁ
FRQGXFWRꢁDꢁWUDYpVꢁGHOꢁ
FRQHFWDGRUꢁ\ꢁSpJXHORꢁ
DꢁODꢁFXELHUWDꢃꢁ'HMHꢁXQꢁ
KXHOJRꢁVXILFLHQWHꢁSDUDꢁ
SRGHUꢁSHJDUꢁORVꢁFDEOHVꢁ
IiFLOPHQWHꢁFRQꢁORVꢁFDEOHVꢁ
GHꢁODꢁHVWXIDꢃꢁ
5(48,6,726ꢁ(/e&75,&26ꢐ
ꢕꢁ0RGHORꢁꢁ
9ROWDMHꢁ
)UHFXHQFLDꢁ
.:
33ꢒꢌꢒꢁ
ꢁ
ꢆꢀꢈꢎꢀꢐꢈ9ꢁ
ꢆꢀꢈꢎꢀꢈꢌ9ꢁ
ꢇꢈ+]ꢁ
ꢇꢈ+]ꢁ
ꢒꢃꢆ.:
ꢇꢃꢒ.:
ꢔꢁ3DUDꢁUHIHUHQFLDꢁVRODPHQWHꢃꢁ9HULILTXHꢁFRQꢁODꢁSODWRꢁGHꢁ
HVSHFLILFDFLyQꢁGHOꢁSURGXFWRꢃꢁ
3ODWRꢁGHꢁ
HVSHFLILFDFLyQ
1RWDꢀꢁ1Rꢁ,QVWDOHꢁODꢁHVWXIDꢁ
VLQꢁXQꢁFRQHFWDGRUꢁGHꢁ
FRQGXFWRꢁFHUWLILFDGRꢃꢁ(Oꢁ
FRQHFWDGRUꢁGHꢁFRQGXFWRꢁ
GHEHUtDꢁLQVWDODUVHꢁDQWHVꢁ
GHꢁUHLQVWDODUꢁODꢁFXELHUWDꢁ
GHꢁFDEOHVꢃꢁ
(Oꢁ.LWꢁGHꢁLQVWDODFLyQꢁHOpFWULFDꢁ-;&.ꢄꢑꢁSXHGHꢁRUGHQDUVHꢁ
SRUꢁVHSDUDGRꢁHꢁLQFOX\HꢁWRGDVꢁODVꢁSDUWHVꢁQHFHVDULDVꢁSDUDꢁ
FRQHFWDUꢁODꢁHVWXIDꢁDꢁXQꢁDODPEUDGRꢁWtSLFRꢃ
&RQHFWDGRUꢁꢁ
GHꢁFRQGXFWR
&RQGXFWR
&XELHUWD
&XDQGRꢁKD\Dꢁ
FRPSOHWDGRꢁꢁ
HOꢁSURFHVRꢂꢁUHLQVWDOHꢁꢁ
ODꢁFXELHUWDꢁGHOꢁ
FRPSDUWLPLHQWRꢁꢁ
GHꢁORVꢁFDEOHVꢃꢁ
ꢀꢍ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
&21(;,21(6ꢁ(/e&75,&$6
ꢁꢁ&Ï02ꢁ+$&(5ꢁ/$6ꢁ&21(;,21(6ꢁ
(/e&75,&$6
ꢁꢁ&Ï02ꢁ+$&(5ꢁ/$6ꢁ&21(;,21(6ꢁ
ꢆꢒ
ꢆꢒ
(/e&75,&$6ꢁꢆFRQWꢂꢋ
(IHFWLYRꢁHOꢁꢆꢁGHꢁHQHURꢁGHꢁꢆꢒꢒꢇꢂꢁHOꢁ1DWLRQDOꢁ(OHFWULFDOꢁ
&RGHꢁUHTXLHUHꢁODVꢁFRQVWUXFFLRQHVꢁQXHYDVꢂꢁSHURꢁQRꢁ\Dꢁ
H[LVWHQWHVꢂꢁXWLOLFHQꢁFRQH[LRQHVꢁGHꢁFXDWURꢁFRQGXFWRUHVꢁ
SDUDꢁHVWXIDVꢁHOpFWULFRVꢃꢁ&XDQGRꢁVHꢁHQFXHQWUHꢁLQVWDODQGRꢁ
XQDꢁHVWXIDꢁHOpFWULFDꢁHQꢁXQDꢁFRQVWUXFFLyQꢁQXHYDꢂꢁVLJDꢁODVꢁ
LQVWUXFFLRQHVꢁHQꢁ&216758&&,Ï1ꢁ18(9$ꢁ<ꢁ&21(;,Ï1ꢁ'(ꢁ
5$0$/ꢁ'(ꢁ&,5&8,72ꢁ'(ꢁ&8$752ꢁ&21'8&725(6ꢃ
&RQH[LyQꢁGHꢁUDPDOꢁGHꢁFLUFXLWRꢁGHꢁWUHVꢁ
FRQGXFWRUHV
‡ꢁ&XDQGRꢁVHꢁHQFXHQWUHꢁLQVWDODQGRꢁHQꢁXQDꢁ
FRQVWUXFFLyQꢁH[LVWHQWHꢁFRQVWUXLGDꢁDQWHVꢁGHOꢁꢆꢁGHꢁ
HQHURꢁGHꢁꢆꢒꢒꢇꢂꢁ\ꢁVLꢁDVtꢁORꢁSHUPLWHQꢁORVꢁFyGLJRVꢁ
ORFDOHVꢅꢁ
&RQH[LyQꢁGHꢁUDPDOꢁGHꢁFLUFXLWRꢁGHꢁꢈꢁFRQGXFWRUHV
8VWHGꢁGHEHꢁXVDUꢁXQꢁVLVWHPDꢁHOpFWULFRꢁGHꢁFDEOHVꢁGHꢁWUHVꢁ
DODPEUHVꢂꢁGHꢁIDVHꢁVHQFLOODꢁ$&ꢁꢀꢈꢌ<ꢎꢆꢀꢈꢁYROWLRꢁRꢁꢀꢐꢈꢎꢆꢀꢈꢁ
YROWLRꢂꢁꢇꢈꢁ+HUW]ꢁFRQꢁWLHUUDꢁSRUꢁVHSDUDGRꢃꢁ6LꢁXVWHGꢁFRQHFWDꢁ
DꢁDODPEUHVꢁGHꢁDOXPLQLRꢂꢁXVWHGꢁGHEHꢁXVDUꢁFRQHFWDGRUHVꢁ
DSUREDGRVꢁSDUDꢁHOꢁXVRꢁFRQꢁDODPEUDGRꢁGHꢁDOXPLQLRꢃꢁ
&XDQGRꢁFRQHFWHꢁODꢁHVWXIDꢁDꢁXQꢁFLUFXLWRꢁꢁ
GHꢁꢍꢁFRQGXFWRUHVꢂꢁFRQHFWHꢁORVꢁFRQGXFWRUHVꢁURMRVꢁ
GHꢁODꢁHVWXIDꢁ\ꢁHOꢁVXPLQLVWURꢁHOpFWULFRꢁDOꢁFRQGXFWRUꢁ
URMRꢁGHOꢁUDPDOꢁGHOꢁFLUFXLWRꢄꢁFRQHFWHꢁORVꢁFRQGXFWRUHVꢁ
QHJURVꢁHQWUHꢁVtꢃꢁ&RQHFWHꢁORVꢁFRQGXFWRUHVꢁYHUGHVꢁ
\ꢁEODQFRVꢁGHꢁODꢁHVWXIDꢁDOꢁVXPLQLVWURꢁHOpFWULFRꢁ\ꢁ
DꢁORVꢁFRQGXFWRUHVꢁQHXWURVꢁGHOꢁUDPDOꢁGHOꢁFLUFXLWRꢁ
HOpFWULFRꢂꢁTXHꢁVRQꢁEODQFRVꢁRꢁJULVHVꢃꢁ
&RQVWUXFFLRQHVꢁQXHYDVꢁ\ꢁFRQH[LyQꢁGHꢁFLUFXLWRꢁGHꢁUDPDOꢁ
GHꢁFXDWURꢁFRQGXFWRUHV
‡ꢁꢁ&XDQGRꢁLQVWDOHꢁXQDꢁFRQVWUXFFLyQꢁQXHYDꢂꢁR
‡ꢁꢁ&XDQGRꢁLQVWDOHꢁXQDꢁFDVDꢁPyYLOꢂꢁRꢁ
‡ꢁꢁ&XDQGRꢁORVꢁFyGLJRVꢁORFDOHVꢁQRꢁSHUPLWDQꢁFRQH[LyQꢁDꢁ
WLHUUDꢁDꢁWUDYpVꢁGHOꢁQHXWURꢅ
&LUFXLWRꢁGHꢁUDPDOꢁGHꢁꢇꢁFRQGXFWRUHV
&XDQGRꢁFRQHFWHꢁODꢁHVWXIDꢁDꢁXQꢁFLUFXLWRꢁGHꢁFXDWURꢁ
FRQGXFWRUHVꢁRꢁILODPHQWRVꢂꢁFRQHFWHꢁORVꢁFRQGXFWRUHVꢁURMRVꢁ
GHꢁODꢁHVWXIDꢁ\ꢁHOꢁVXPLQLVWURꢁHOpFWULFRꢁDOꢁFRQGXFWRUꢁURMRꢁGHOꢁ
UDPDOꢁGHOꢁFLUFXLWRꢄꢁFRQHFWHꢁORVꢁFRQHFWDGRUHVꢁQHJURVꢁHQWUHꢁ
Vtꢃꢁ&RQHFWHꢁHOꢁFRQGXFWRUꢁEODQFRꢁGHꢁODꢁHVWXIDꢁDOꢁVXPLQLVWURꢁ
HOpFWULFRꢁ\ꢁDꢁORVꢁFRQGXFWRUHVꢁQHXWURVꢁGHOꢁUDPDOꢁGHOꢁ
FLUFXLWRꢂꢁORVꢁTXHꢁVRQꢁEODQFRVꢁRꢁJULVHVꢃꢁ&RQHFWHꢁDꢁWLHUUDꢁODꢁ
XQLGDGꢁFRQHFWDQGRꢁHOꢁFRQGXFWRUꢁYHUGHꢁGHꢁODꢁHVWXIDꢁDꢁORVꢁ
FRQGXFWRUHVꢁSHODGRVꢁRꢁYHUGHVꢁGHOꢁVXPLQLVWURꢁHOpFWULFRꢁ\ꢁ
GHOꢁUDPDOꢁGHꢁFLUFXLWRꢁꢉFRQGXFWRUHVꢁGHꢁFRQH[LyQꢁDꢁWLHUUDꢋꢃ
ꢀꢐ
,QVWUXFFLRQHVꢁGHꢁLQVWDODFLyQ
(16$0%/$-(ꢁ),1$/
ꢀꢈ
ꢁ
ꢁ&Ï02ꢁ,167$/$5ꢁ(/ꢁ),/752ꢁ'(ꢁ)/8-2ꢁ
'2:1'5$)7ꢁ<ꢁ/$ꢁ3$55,//$ꢁ'(ꢁ
9(17,/$&,Ï1ꢁ
1RꢁRSHUHꢁODꢁYHQWLODFLyQꢁVLQꢁHOꢁILOWURꢁHQꢁꢁ
VXꢁOXJDUꢂ
‡ꢁ ꢁ&RORTXHꢁHOꢁILOWURꢁGLDJRQDOPHQWHꢁDꢁWUDYpVꢁ
GHꢁODꢁDEHUWXUDꢁGHꢁYHQWLODFLyQꢃ
)LOWURꢁGHꢁ
YHQWLODFLyQ
&iPDUDꢁGHꢁ
YHQWLODFLyQ
‡ꢁ &ꢁ HUFLyUHVHꢁGHꢁTXHꢁHOꢁILOWURꢁGHVFDQVHꢂꢁHQꢁXQꢁ
iQJXORꢂꢁHQꢁORVꢁVRSRUWHVꢁGHꢁODꢁDEHUWXUDꢁGHꢁ
YHQWLODFLyQꢃ
‡ꢁ &ꢁ XLGDGRVDPHQWHꢁFRORTXHꢁODꢁSDUULOODꢁGHꢁ
YHQWLODFLyQꢁHQꢁODꢁDEHUWXUDꢁGHꢁYHQWLODFLyQꢁꢁ
GHꢁDLUHꢁGHVFHQGHQWHꢁꢉGRZQGUDIWꢋꢃꢁ
,163(&&,21(ꢁ/$ꢁ23(5$&,Ï1ꢁ'(ꢁ
9(17,/$&,Ï1ꢁ'(ꢁ$,5(ꢁ'(6&(1'(17(ꢁ
ꢆ'2:1'5$)7ꢋ
‡ꢁ *ꢁ LUHꢁHOꢁFRQWUROꢁGHꢁYHORFLGDGꢁGHOꢁYHQWLODGRUꢁGHꢁ
YHQWLODFLyQꢁDꢁODꢁSRVLFLyQꢁ+,ꢁꢉ$OWRꢋꢂꢁ0('ꢁꢉ0HGLRꢋꢁ
\ꢁ/2ꢁꢉ%DMRꢋꢂꢁSDUDꢁFHUFLRUDUVHꢁGHꢁTXHꢁWRGDVꢁODVꢁ
YHORFLGDGHVꢁRSHUDQꢁFRUUHFWDPHQWHꢃ
ꢀꢑ
ꢁ
$QWHVꢀGHꢀOODPDUꢀSDUDꢀVROLFLWDUꢀVHUYLFLR«
,GHDVꢀVREUHꢀODꢀLGHQWLILFDFLyQꢀ\ꢀVROXFLyQꢀGHꢀSUREOHPDVꢀ²ꢀ£$KRUUHꢀWLHPSRꢀ\ꢀGLQHURꢏꢀ5HYLVHꢀHVWDꢀWDEODꢀSULPHURꢀ\ꢀHVꢀSRVLEOHꢀTXHꢀQRꢀQHFHVLWHꢀ
OODPDUQRVꢀHQꢀEXVFDꢀGHꢀVHUYLFLRꢁꢀ
3UREOHPDꢀ
&DXVDVꢀSRVLEOHVꢀ
4XpꢀKDFHU
(OꢀDJXDꢀQRꢀKLHUYHꢁ
ꢁ
‡ꢁ&XEUDꢁODꢁVDUWpQꢁFRQꢁXQDꢁWDSDꢃ
ꢁ
ꢁ
ꢁ
ꢁ
‡ꢁ$SDJXHꢁHOꢁYHQWLODGRUꢁꢉ3RVLFLyQꢁ2))ꢋꢁKDVWDꢁTXHꢁHOꢁDJXDꢁꢁꢁ
FRPLHQFHꢁDꢁKHUYLUꢃ
ꢁ
/DVꢀXQLGDGHVꢀGHꢀVXSHUILFLHꢁ ,QVWUXPHQWRVꢁGHꢁFRFLQDꢁꢁ ‡ꢁ/RVꢁIRQGRVꢁGHꢁODVꢁVDUWHQHVꢁGHEHUtDQꢁVHUꢁSODQRVꢂꢁGHꢁSHVRꢁ
QRꢀVHꢀPDQWLHQHQꢀKLUYLHQGRꢁꢁ LQDSURSLDGRVꢁVLHQGRꢁꢁ
ꢁ FRQVLGHUDEOHꢁ\ꢁGHOꢁPLVPRꢁGLiPHWURꢁTXHꢁODꢁVXSHUILFLHꢁGHꢁ
ꢁ FRFLQDꢁVHOHFFLRQDGDꢃ
RꢀODꢀFRFFLyQꢀHVꢀOHQWDꢁ
XVDGRVꢂꢁ
/DVꢀXQLGDGHVꢀGHꢀꢀꢁ
8QꢁIXVLEOHꢁHQꢁVXꢁFDVDꢁꢁ
‡ꢁ5HHPSODFHꢁHOꢁIXVLEOHꢁRꢁUHDMXVWHꢁHOꢁLQWHUUXSWRUꢁGHꢁFLUFXLWRVꢃ
VXSHUILFLHꢀQRꢀIXQFLRQDQꢁ SRGUtDꢁKDEHUVHꢁYRODGRꢁꢁ
DSURSLDGDPHQWHꢁ
ꢁ
RꢁHOꢁLQWHUUXSWRUꢁGHꢁFLUFXLWRꢁ
VHꢁDWHUUL]yꢂ
ꢁ
/RVꢁFRQWUROHVꢁGHꢁODꢁꢁ
‡ꢁ,QVSHFFLRQHꢁTXHꢁHOꢁFRQWUROꢁFRUUHFWRꢁKD\DꢁVLGRꢁ
ꢁ
HVWXIDꢁHVWiQꢁFRORFDGRVꢁꢁ ꢁ VHOHFFLRQDGRꢁSDUDꢁODꢁXQLGDGꢁGHꢁVXSHUILFLHꢁTXHꢁXVWHGꢁꢁ ꢁ
ꢁ
LQDSURSLDGDPHQWHꢂꢁ
ꢁ
VHOHFFLRQyꢃ
5DVJXxRVꢁGLPLQXWRVꢁRꢁꢁ 0pWRGRVꢁGHꢁOLPSLH]Dꢁꢁ
PDUFDVꢀGHꢀPHWDOꢀꢃSRGUtDQꢁꢁ LQFRUUHFWRVꢁVLHQGRꢁXVDGRVꢃ
SDUHFHUꢀJULHWDVꢄꢀRꢁ
‡ꢁ9HUꢁODꢁVHFFLyQꢁ&yPRꢀOLPSLDUꢀHOꢀYLGULRꢀGHꢀODꢀHVWXIDꢃ
ꢁ
6DUWHQHVꢁFRQꢁHOꢁIRQGRꢁꢁ
‡ꢁ&HUFLyUHVHꢁGHꢁTXHꢁORVꢁIRQGRVꢁGHꢁODVꢁVDUWHQHVꢁ\ꢁTXHꢁODVꢁ
DEUDVLRQHVꢀVREUHꢀOD
ꢀꢁ
iVSHURꢁHVWiQꢁVLHQGRꢁXVDGDVꢁꢁ VDUWHQHVꢁPLVPDVꢁHVWpQꢁOLPSLDVꢁDQWHVꢁGHꢁXVDUꢃꢁ8VHꢁ
RꢁKXERꢁSDUWtFXODVꢁJUXHVDVꢁꢁ ꢁ VDUWHQHVꢁFRQꢁIRQGRVꢁVXDYHVꢃꢁ/DVꢁUDVJDGXUDVꢁGLPLQXWDVꢁ
ꢆVDOꢁRꢁDUHQDꢋꢁHQWUHꢁODꢁVDUWpQꢁꢁ QRꢁVRQꢁUHPRYLEOHVꢁSHURꢁVHꢁFRQYLHUWHQꢁHQꢁPiVꢁ\ꢁPiVꢁ
\ꢁODꢁVXSHUILFLHꢁGHꢁODꢁHVWXIDꢂꢁ ꢁ SHTXHxDVꢁDOꢁVHUꢁOLPSLDGDVꢁ\ꢁDOꢁSDVDUꢁHOꢁWLHPSRꢃ
VXSHUILFLHꢀGHꢀYLGULRꢀ
ꢁ
GHꢀODꢀHVWXIDꢀUDGLDQWH
ꢁ
ꢁ
ꢁ
ꢁ
ꢁ
/DꢁVDUWpQꢁVHꢁKDꢁGHVOL]DGRꢁ
DꢁWUDYpVꢁGHꢁODꢁVXSHUILFLHꢁ
GHꢁODꢁHVWXIDꢂ
ÈUHDVꢀGHꢀGHFRORUDFLyQꢁꢁꢁ 6DUWHQHVꢁLQDSURSLDGDVꢁꢁ ‡ꢁ/DVꢁPDUFDVꢁGHꢁVDUWHQHVꢁGHꢁDOXPLQLRꢁ\ꢁGHꢁFREUHꢂꢁDVtꢁꢁ
RꢀUD\DVꢀRVFXUDVꢀHQꢀODꢀꢁ VLHQGRꢁXVDGDVꢂꢁ
ꢁ FRPRꢁORVꢁGHSyVLWRVꢁPLQHUDOHVꢁGHOꢁDJXDꢁ\ꢁGHꢁORVꢁDOLPHQWRVꢁ
ꢁ SXHGHQꢁUHPRYHUVHꢁXVDQGRꢁODꢁFUHPDꢁGHꢁOLPSLH]Dꢃ
HVWXIDꢁ
ꢁ
ꢁ
ꢁ
ꢁ
6XSHUILFLHVꢁFDOLHQWHVꢁHQꢁꢁ ‡ꢁ(VWRꢁHVꢁQRUPDOꢃꢁ/DꢁVXSHUILFLHꢁSRGUtDꢁSDUHFHUꢁGHFRORUDGDꢁ
XQꢁPRGHORꢁFRQꢁXQDꢁHVWXIDꢁꢁ FXDQGRꢁHVWiꢁFDOLHQWHꢃꢁ(VWRꢁHVꢁWHPSRUDOꢁ\ꢁGHVDSDUHFHUiQꢁ
GHꢁFRORUꢁSiOLGRꢂꢁ
ꢁ FRQIRUPHꢁHOꢁYLGULRꢁVHꢁHQIUtDꢃ
ꢁ
ꢁ
ꢁ
'HUUDPHVꢁGHꢁFRPLGDꢁTXHꢁꢁꢁ‡ꢁ/HDꢁODꢁVHFFLyQꢁGHꢁ/LPSLH]DꢀGHꢀODꢀFRFLQDꢀGHꢀYLGULRꢃ
QRꢁVHꢁOLPSLDURQꢁKDVWDꢁ
HOꢁVLJXLHQWHꢁXVRꢂ
ꢁ
ꢁ
8VRꢁGHꢁPpWRGRVꢁꢁ
LQFRUUHFWRVꢁGHꢁOLPSLH]Dꢃ
‡ꢁ8VHꢁORVꢁSURFHGLPLHQWRVꢁGHꢁOLPSLH]DꢁUHFRPHQGDGRVꢃꢁ
0H]FODVꢀGHꢀD]~FDUꢀFDOLHQWHꢀꢁ /DꢁVDUWpQꢁFDOLHQWHꢁVHꢁSXVRꢁ‡ꢁ&RQVXOWHꢁODꢁVHFFLyQꢁ6XSHUILFLHꢀGHꢀYLGULR³SRWHQFLDOꢀGHꢀGDxRꢁ
RꢀSOiVWLFRꢀVHꢀGHUULWLyꢀVREUHꢀꢁ HQꢁFRQWDFWRꢁFRQꢁHVWDVꢁꢁ
ꢁ SHUPDQHQWHꢁHQꢁODꢁVHFFLyQꢁ&yPRꢀOLPSLDUꢀODꢀFXELHUWDꢀGHꢀYLGULRꢁ
ꢁ GHꢀODꢀHVWXIDꢁꢁ
ODꢀVXSHUILFLHꢁ
VXVWDQFLDVꢂꢁ
ꢀꢇ
ꢁ
3UREOHPDꢀ
&DXVDVꢀSRVLEOHVꢀ
4XpꢀKDFHU
3LFDGXUDꢀꢃRꢀKHQGLGXUDꢄꢁ 0H]FODꢁGHꢁD]~FDUꢁFDOLHQWHꢁꢁ‡ꢁ/ODPHꢁDꢁXQꢁWpFQLFRꢁFDOLILFDGRꢁSDUDꢁVXꢁUHHPSOD]Rꢃ
GHꢀODꢀFRFLQDꢁ
ꢁ
GHUUDPDGDꢁRꢁSOiVWLFRꢁꢁ
GHUUHWLGRꢁHQꢁODꢁFRFLQDꢂ
ꢁ
/DꢀFRFLQDꢀHPLWHꢀꢁ
XQꢀVRQLGRꢀTXHꢀVHꢀSXHGHꢀꢁ ꢁ
HVFXFKDU
/DꢁFRFLQDꢁHVWiꢁEORTXHDGDꢂꢁ‡ꢁ$VHJ~UHVHꢁGHꢁTXHꢁHOꢁ6HOHFWRUꢁGHꢁ&RQWUROꢁGHꢁ%ORTXHRꢁꢉ&RQWUROꢁ
ꢁ /RFNꢁ6HOHFWRUꢋꢁHVWpꢁHQꢁ81/2&.ꢁꢉ'HVEORTXHRꢋꢃ
&LFORVꢀHQWUHꢀDSDJDGRꢀꢁꢁ 6DUWHQHVꢁLQDSURSLDGDVꢁꢁ ‡ꢁ8VHꢁVRODPHQWHꢁSLH]DVꢁGHꢁFRFLQDꢁSODQDVꢁSDUDꢁPLQLPL]DUꢁꢁ
\ꢀHQFHQGLGRꢀHQꢀODVꢀꢁ
XQLGDGHVꢀGHꢀVXSHUILFLH
VLHQGRꢁXVDGDVꢂꢁ
ꢁ ORVꢁFLFORVꢃꢁ
/DꢀHVWXIDꢀVHꢀVLHQWHꢁꢁ
6DUWHQHVꢁLQDSURSLDGDVꢁꢁ ‡ꢁ/DꢁVXSHUILFLHꢁGHꢁYLGULRꢁGHꢁODꢁHVWXIDꢁSRGUtDꢁSDUHFHUꢁPiVꢁ
FDOLHQWHꢁ
VLHQGRꢁXVDGDVꢂꢁ
ꢁ FDOLHQWHꢁGHꢁORꢁTXHꢁXVWHGꢁDFRVWXPEUDꢁDꢁH[SHULPHQWDUꢃꢁ(VWRꢁꢁ
HVꢁQRUPDOꢃꢁ8VHꢁVDUWHQHVꢁTXHꢁVHDQꢁDEVROXWDPHQWHꢁSODQDVꢃ
ꢁ
ꢁ
ꢁ
ꢁ
(OꢀERWyQꢀGHꢀFRQWUROꢀꢁ
QRꢀJLUDꢁ
ꢁ
ꢁ
/RVꢁFRQWUROHVꢁGHꢁODꢁꢁꢁ
‡ꢁ&XDQGRꢁHOꢁERWyQꢁHVWiꢁHQꢁODꢁSRVLFLyQꢁ2))ꢁꢉDSDJDGRꢋꢂꢁ
HVWXIDꢁHVWiQꢁDMXVWDGRVꢁ ꢁ HOꢁERWyQꢁGHEHꢁHPSXMDUVHꢁKDFLDꢁDEDMRꢁDQWHVꢁGHꢁVHUꢁJLUDGRꢃꢁ
LQDSURSLDGDPHQWHꢂꢁ
ꢁ
ꢁ &XDQGRꢁHOꢁERWyQꢁHVWiꢁHQꢁFXDOTXLHUꢁRWUDꢁSRVLFLyQꢂꢁSXHGHꢁꢁ
JLUDUVHꢁVLQꢁHPSXMDUVHꢃ
9HQWLODFLyQꢀGHILFLHQWHꢁ )LOWURꢁWDSDGRꢂꢁ
‡ꢁ/LPSLHꢁHOꢁILOWURꢁFRQIRUPHꢁDꢁODVꢁLQVWUXFFLRQHVꢃ
ꢁ
ꢁ
/DꢁFDVDꢁGHPDVLDGRꢁꢁ
FHUUDGDꢂꢁ
‡ꢁ$EUDꢁXQDꢁYHQWDQDꢁOHYHPHQWHꢁSDUDꢁSURSRUFLRQDUꢁ
ꢁ XQDꢁIXHQWHꢁGHꢁDLUHꢃ
ꢁ
ꢁ
/DꢁWDSDꢁGHꢁODꢁSDUHGꢁꢁ
HVWiꢁREVWUXLGDꢂ
‡ꢁ5HPXHYDꢁHOꢁEORTXHRꢁGHꢁODꢁWDSDꢁGHꢁODꢁSDUHGꢁH[WHULRUꢃ
ꢁ
ꢁ
ꢁ
/DꢁWDSDꢁGHOꢁUHJXODGRUꢁGHꢁꢁ ‡ꢁ,QVSHFFLRQHꢁODꢁWDSDꢁGHꢁODꢁSDUHGꢁH[WHULRUꢁGHOꢁUHJXODGRUꢁꢁꢁ
WLURꢁGHꢁODꢁSDUHꢁHVWiꢁꢁ
ꢁ GHꢁWLURꢁSDUDꢁPRYLPLHQWRꢁOLEUHꢁXꢁREVWUXFFLyQꢃꢁ
DWDVFDGDꢂꢁ
ꢁ
ꢁ
ꢁ
/DꢁORQJLWXGꢁGHOꢁFRQGXFWRꢁꢁ ‡ꢁ5HGX]FDꢁHOꢁQ~PHURꢁGHꢁFRGRVꢁSDUDꢁVLPSOLILFDUꢁ
H[FHGHꢁHOꢁPi[LPRꢁGHꢁꢎꢅꢅꢁꢁ ꢁ ODꢁWUD\HFWRULDꢁGHOꢁFRQGXFWRꢃ
SLHVꢁUHFRPHQGDGRꢂ
ꢀꢊ
1RWDVꢃ
ꢀꢌ
ꢁ
*DUDQWtDꢀGHꢀ*(ꢀSDUDꢀVXꢀHVWXIDꢀGHꢀFXELHUWDꢀHOpFWULFRꢁ
7RGRVꢀORVꢀVHUYLFLRVꢀGHꢀJDUDQWtDꢀORVꢀSURSRUFLRQDQꢀQXHVWURVꢀ
3HJXHꢀDTXtꢀVXꢀUHFLERꢁꢀꢀ
&HQWURVꢀGHꢀ5HSDUDFLyQꢀGHꢀ)iEULFDꢀRꢀQXHVWURVꢀWpFQLFRVꢀ&XVWRPHUꢀ
6HꢀUHTXLHUHꢀIDFLOLWDUꢀSUXHEDꢀꢀ
GHꢀODꢀIHFKDꢀGHꢀFRPSUDꢀRULJLQDOꢀꢀ
SDUDꢀREWHQHUꢀXQꢀVHUYLFLRꢀꢀ
EDMRꢀODꢀJDUDQWtDꢁ
Š
&DUH ꢀDXWRUL]DGRVꢁꢀ3DUDꢀFRQFHUWDUꢀXQDꢀFLWDꢀGHꢀUHSDUDFLyQꢂꢀHQꢀ
OtQHDꢂꢀYLVtWHQRVꢀHQꢀ*($SSOLDQFHVꢁFRPꢂꢀRꢀOODPHꢀDOꢀꢐꢈꢈꢁ*(ꢁ&$5(6ꢀ
ꢄꢐꢈꢈꢁꢌꢉꢊꢁꢊꢎꢉꢎꢅꢁꢀ&XDQGRꢀOODPHꢀSDUDꢀVROLFLWDUꢀVHUYLFLRꢂꢀSRUꢀIDYRUꢀWHQJDꢀ
DꢀPDQRꢀHOꢀQ~PHURꢀGHꢀVHULHꢀ\ꢀHOꢀQ~PHURꢀGHꢀPRGHORꢁ
ꢀ3RUꢀHOꢀSHUtRGRꢀGHꢂꢀ *(ꢀUHHPSOD]DUiꢂ
8QꢀDxRꢁ
$ꢀSDUWLUꢀGHꢀODꢀIHFKDꢁꢁ
GHꢀODꢀFRPSUDꢀRULJLQDOꢁ
&XDOTXLHUꢀSDUWHꢀGHꢁODꢁHVWXIDꢁDꢁJDVꢁTXHꢁIDOOHꢁGHELGRꢁDꢁGHIHFWRVꢁHQꢁORVꢁPDWHULDOHVꢁ
RꢁHQꢁODꢁIDEULFDFLyQꢃꢁ'XUDQWHꢁHVWDꢁJDUDQWtDꢀOLPLWDGDꢀGHꢀXQꢀDxRꢂꢁ*(ꢁWDPELpQꢁSURSRUFLRQiꢂꢁVLQꢁ
FRVWRꢀDOJXQRꢂꢁWRGDꢁODꢁPDQRꢁGHꢁREUDꢁ\ꢁORVꢁVHUYLFLRVꢁLQWHUQRVꢁSDUDꢁUHHPSOD]DUꢁSDUWHVꢁGHIHFWXRVDVꢃ
&LQFRꢀDxRVꢁ
$ꢀSDUWLUꢀGHꢀODꢀIHFKDꢀꢁ
8QDꢀHVWXIDꢀGHꢀYLGULRꢀGHꢀUHHPSOD]RꢁVLꢁHVꢁTXHꢅꢁODꢁUXSWXUDꢁVHꢁGHEHꢁDꢁXQꢁJROSHꢁWpUPLFRꢄꢁODꢁꢁ
GHFRORUDFLyQꢄꢁRꢁVLꢁHOꢁPROGHꢁVHꢁGHVJDVWDꢃ
GHꢀODꢀFRPSUDꢀRULJLQDO
ꢁ
8QDꢀXQLGDGꢀGHꢀVXSHUILFLHꢀUDGLDQWHꢁVLꢁVHꢁTXHPDꢃ
ꢁ
ꢁ
'XUDQWHꢁHVWDꢁJDUDQWtDꢀDGLFLRQDOꢀOLPLWDGDꢀGHꢀFXDWURꢀDxRVꢂꢁXVWHGꢁVHUiꢁUHVSRQVDEOHꢁGHꢁFXDOTXLHUꢁꢁ
ODERUꢁRꢁVHUYLFLRꢁHQꢁFDVDꢃꢁ
ꢀ/RꢀTXHꢀQRꢀHVWiꢀFXELHUWRꢀSRUꢀ*(ꢂ
■ꢁ9LDMHVꢁGHꢁVHUYLFLRꢁDꢁVXꢁFDVDꢁSDUDꢁPRVWUDUOHꢁFyPRꢁ
IXQFLRQDꢁHOꢁHTXLSRꢂ
■ꢁ5HHPSOD]RꢁGHꢁIXVLEOHVꢁGHꢁODꢁFDVDꢁRꢁUHDMXVWHꢁGHOꢁVLVWHPDꢁGHꢁ
FLUFXLWRVꢂ
■ꢁ,QVWDODFLyQꢃꢁHQWUHJDꢁRꢁPDQWHQLPLHQWRꢁLQDSURSULDGDꢂ
■ꢁ'DxRꢁDOꢁSURGXFWRꢁFDXVDGRꢁSRUꢁDFFLGHQWHVꢃꢁLQFHQGLRVꢃꢁ
LQXQGDFLRQHVꢁRꢁDFWRVꢁGHꢁODꢁQDWXUDOH]DꢁGHꢁIXHU]DꢁPD\RUꢂ
■ꢁ'DxRꢁRꢁIDOODVꢁGHOꢁSURGXFWRꢁHQꢁFDVRꢁGHꢁDEXVRꢃꢁXVRꢁ
LQDGHFXDGRꢃꢁPRGLILFDFLyQꢃꢁXVRꢁSDUDꢁRWURVꢁSURSyVLWRVꢁTXHꢁ
QRꢁVHDQꢁHOꢁDGHFXDGRꢃꢁRꢁXVRꢁFRPHUFLDOꢂ
■ꢁ'DxRVꢁLQFLGHQWDOHVꢁRꢁFRQVHFXHQFLDOHVꢁFDXVDGRVꢁSRUꢁ
GHIHFWRVꢁSRVLEOHVꢁFRQꢁHVWHꢁDSDUDWRꢂ
■ꢁ'DxRꢁDꢁODꢁHVWXIDꢁGHꢁYLGULRꢁFDXVDGRꢁSRUꢁHOꢁXVRꢁGHꢁ
OLPSLDGRUHVꢁGLIHUHQWHVꢁDꢁODVꢁFUHPDVꢁ\ꢁDOPRKDGLOODVꢁ
UHFRPHQGDGDVꢂ
■ꢁ'DxRVꢁFDXVDGRVꢁGHVSXpVꢁGHꢁODꢁHQWUHJDꢂ
■ꢁ3URGXFWRꢁQRꢁDFFHVLEOHꢁSDUDꢁIDFLOLWDUꢁHOꢁVHUYLFLRꢁUHTXHULGRꢂ
■ꢁ'DxRꢁDꢁODꢁHVWXIDꢁGHꢁYLGULRꢁFDXVDGRꢁSRUꢁGHUUDPHVꢁ
HQGXUHFLGRVꢁGHꢁPDWHULDOHVꢁD]XFDUDGRVꢁRꢁSRUꢁSOiVWLFRꢁ
GHUUHWLGRꢁTXHꢁQRꢁVHDQꢁOLPSLDGRVꢁFRQIRUPHꢁDꢁODVꢁGLUHFFLRQHVꢁ
HQꢁHOꢁ0DQXDOꢁGHOꢁSURSLHWDULRꢂꢁ
(;&/86,Ï1ꢀ'(ꢀ*$5$17Ë$6ꢀ,03/Ë&,7$6³6Xꢀ~QLFRꢀ\ꢀH[FOXVLYRꢀGHUHFKRꢀHVꢀODꢀUHSDUDFLyQꢀGHOꢀSURGXFWRꢆꢀWDOꢀ\ꢀ
FRPRꢀVHꢀLQGLFDꢀHQꢀHVWDꢀ*DUDQWtDꢀOLPLWDGDꢁꢀ&XDOTXLHUꢀJDUDQWtDꢀLPSOtFLWDꢆꢀLQFOX\HQGRꢀODVꢀJDUDQWtDVꢀLPSOtFLWDVꢀ
GHꢀFRPHUFLDELOLGDGꢀRꢀDGHFXDFLyQꢀSDUDꢀXQꢀILQꢀGHWHUPLQDGRꢆꢀHVWiQꢀOLPLWDGDVꢀDꢀXQꢀDxRꢀRꢀHOꢀSHUtRGRꢀGHꢀ
WLHPSRꢀPiVꢀEUHYHꢀSHUPLWLGRꢀSRUꢀODꢀOH\ꢁ
(VWDꢀJDUDQWtDꢀVHꢀH[WLHQGHꢀDOꢀFRPSUDGRUꢀRULJLQDOꢀ\ꢀFXDOTXLHUꢀFRPSUDGRUꢀSRVWHULRUꢀGHꢀSURGXFWRVꢀFRPSUDGRVꢀSDUDꢀXVRꢀ
UHVLGHQFLDOꢀGHQWURꢀGHVꢀ(VWDGRVꢀ8QLGRVꢁꢀ6LꢀHOꢀSURGXFWRꢀHVWiꢀVLWXDGRꢀHQꢀXQꢀiUHDꢀTXHꢀQRꢀGLVSRQHꢀGHꢀVHUYLFLRꢀSRUꢀSDUWHꢀGHꢀXQꢀ
SURYHHGRUꢀGHꢀVHUYLFLRꢀDXWRUL]DGRꢀGHꢀ*(ꢂꢀSRGUtDꢀWHQHUꢀTXHꢀKDFHUVHꢀFDUJRꢀGHꢀORVꢀFRVWHVꢀGHꢀHQYtRꢀRꢀELHQꢀSRGUtDꢀVROLFLWiUVHOHꢀ
TXHꢀOOHYHꢀHOꢀSURGXFWRꢀDꢀXQDꢀFHQWURꢀGHꢀVHUYLFLRꢀGHꢀ*(ꢀDXWRUL]DGRꢀSDUDꢀUHDOL]DUꢀODꢀUHSDUDFLyQꢁꢀ(Qꢀ$ODVNDꢂꢀODꢀJDUDQWtDꢀH[FOX\Hꢀ
HOꢀFRVWRꢀGHꢀHQYtRꢀRꢀODVꢀYLVLWDVꢀGHꢀVHUYLFLRꢀDꢀVXꢀFDVDꢁ
$OJXQRVꢀHVWDGRVꢀQRꢀSHUPLWHQꢀODꢀH[FOXVLyQꢀRꢀODVꢀOLPLWDFLRQHVꢀGHꢀGDxRVꢀLQFLGHQWDOHVꢀRꢀFRQVHFXHQFLDOHVꢁꢀ(VWDꢀJDUDQWtDꢀGDꢀ
GHUHFKRVꢀOHJDOHVꢀHVSHFtILFRVꢂꢀ\ꢀXVWHGꢀSRGUtDꢀWHQHUꢀRWURVꢀGHUHFKRVꢀTXHꢀYDULDUiQꢀGHꢀHVWDGRꢀDꢀHVWDGRꢁꢀ3DUDꢀVDEHUꢀFXiOHVꢀVRQꢀ
VXVꢀGHUHFKRVꢀOHJDOHVꢂꢀFRQVXOWHꢀDꢀODꢀRILFLQDꢀGHꢀDVXQWRVꢀGHOꢀFRQVXPLGRUꢀORFDOꢀRꢀODꢀRILFLQDꢀGHOꢀ3UXFXUDGRUꢀꢄ$WWRUQH\ꢀ*HQHUDOꢅꢀ
HQꢀVXꢀORFDOLGDGꢁ
*DUDQWHꢂꢀ*HQHUDOꢀ(OHFWULFꢀ&RPSDQ\ꢁꢀ/RXLVYLOOHꢆꢀ.<ꢀꢏꢈꢊꢊꢍ
ꢀꢒ
$SR\RꢀDOꢀFRQVXPLGRUꢁ
3iJLQDꢀ:HEꢀGHꢀ*(ꢀ$SSOLDQFHVꢀ
*($SSOLDQFHVꢁFRP
¢7LHQHꢁDOJXQDꢁSUHJXQWDꢁVREUHꢁVXꢁHOHFWURGRPpVWLFR"ꢁ£3UXHEHꢁODꢁSiJLQDꢁ:HEꢁGHꢁ*(ꢁ$SSOLDQFHVꢁꢀꢐꢁKRUDVꢁDOꢁGtDꢂꢁ
FXDOTXLHUꢁGtDꢁGHOꢁDxRꢖꢁ3DUDꢁPD\RUꢁFRQYHQLHQFLDꢁ\ꢁVHUYLFLRꢁPiVꢁUiSLGRꢂꢁ\DꢁSXHGHꢁGHVFDUJDUꢁORVꢁ0DQXDOHVꢁGHꢁORVꢁ
3URSLHWDULRVꢂꢁSHGLUꢁSLH]DVꢁRꢁLQFOXVRꢁKDFHUꢁXQDꢁFLWDꢁHQꢁOtQHDꢁSDUDꢁTXHꢁYHQJDQꢁDꢁUHDOL]DUꢁXQDꢁUHSDUDFLyQꢃ
6ROLFLWHꢀXQDꢀUHSDUDFLyQꢀ
*($SSOLDQFHVꢁFRP
(OꢁVHUYLFLRꢁGHꢁH[SHUWRVꢁ*(ꢁHVWiꢁDꢁWDQꢁVyORꢁXQꢁSDVRꢁGHꢁVXꢁSXHUWDꢃꢁ£(QWUHꢁHQꢁOtQHDꢁ\ꢁVROLFLWHꢁVXꢁUHSDUDFLyQꢁFXDQGRꢁꢁ
OHꢁYHQJDꢁELHQꢁFXDOTXLHUꢁGtDꢁGHOꢁDxRꢖꢁ2ꢁOODPHꢁDOꢁꢌꢈꢈꢃ*(ꢃ&$5(6ꢁꢉꢌꢈꢈꢃꢐꢍꢀꢃꢀꢊꢍꢊꢋꢁGXUDQWHꢁKRUDVꢁQRUPDOHVꢁGHꢁRILFLQDꢃ
5HDOꢀ/LIHꢀ'HVLJQꢀ6WXGLRꢀꢄ(VWXGLRꢀGHꢀGLVHxRꢀSDUDꢀODꢀYLGDꢀUHDOꢅ
ꢀ
*($SSOLDQFHVꢂFRP
*(ꢁDSR\DꢁHOꢁFRQFHSWRꢁGHꢁ'LVHxRꢁ8QLYHUVDO³SURGXFWRVꢂꢁVHUYLFLRVꢁ\ꢁDPELHQWHVꢁTXHꢁSXHGHQꢁXVDUꢁJHQWHꢁGHꢁWRGDVꢁ
ODVꢁHGDGHVꢂꢁWDPDxRVꢁ\ꢁFDSDFLGDGHVꢃꢁ5HFRQRFHPRVꢁODꢁQHFHVLGDGꢁGHꢁGLVHxDUꢁSDUDꢁXQDꢁJUDQꢁJDPDꢁGHꢁKDELOLGDGHVꢁ
\ꢁGLILFXOWDGHVꢁItVLFDVꢁ\ꢁPHQWDOHVꢃꢁ3DUDꢁPiVꢁGHWDOOHVꢁFREUHꢁODVꢁDSOLFDFLRQHVꢁGHꢁ*(ꢁ'LVHxRꢁ8QLYHUVDOꢂꢁLQFOX\HQGRꢁ
LGHDVꢁGHꢁGLVHxRꢁSDUDꢁODꢁFRFLQDꢁSDUDꢁSHUVRQDVꢁFRQꢁGLVFDSDFLGDGHVꢂꢁPLUHꢁQXHVWUDꢁSiJLQDꢁ:HEꢁKR\ꢁPLVPRꢃꢁ3DUDꢁ
SHUVRQDVꢁFRQꢁGLILFXOWDGHVꢁDXGLWLYDVꢂꢁIDYRUꢁGHꢁOODPDUꢁDOꢁꢌꢈꢈꢃ7''ꢃ*($&ꢁꢉꢌꢈꢈꢃꢌꢍꢍꢃꢐꢍꢀꢀꢋꢃ
*DUDQWtDVꢀDPSOLDGDVꢀ
*($SSOLDQFHVꢁFRP
&RPSUHꢁXQDꢁJDUDQWtDꢁDPSOLDGDꢁ\ꢁREWHQJDꢁGHWDOOHVꢁVREUHꢁGHVFXHQWRVꢁHVSHFLDOHVꢁGLVSRQLEOHVꢁPLHQWUDVꢁVXꢁJDUDQWtDꢁ
HVWiꢁD~QꢁDFWLYDꢃꢁ3XHGHꢁFRPSUDUODꢁHQꢁOtQHDꢁHQꢁFXDOTXLHUꢁPRPHQWRꢂꢁRꢁOODPDUꢁDOꢁꢌꢈꢈꢃꢇꢀꢇꢃꢀꢀꢀꢐꢁGXUDQWHꢁKRUDVꢁ
QRUPDOHVꢁGHꢁRILFLQDꢃꢁ*(ꢁ&RQVXPHUꢁ+RPHꢁ6HUYLFHVꢁHVWDUiꢁD~QꢁDKtꢁFXDQGRꢁVXꢁJDUDQWtDꢁWHUPLQHꢃ
3LH]DVꢀ\ꢀDFFHVRULRVꢀ
*($SSOLDQFHVꢁFRP
$TXHOORVꢁLQGLYLGXRVꢁFRQꢁODꢁFDOLILFDFLyQꢁQHFHVDULDꢁSDUDꢁUHSDUDUꢁVXVꢁSURSLRVꢁHOHFWURGRPpVWLFRVꢁSXHGHQꢁꢁSHGLUꢁTXHꢁ
VHꢁOHVꢁPDQGHQꢁODVꢁSLH]DVꢁRꢁDFFHVRULRVꢁGLUHFWDPHQWHꢁDꢁVXVꢁKRJDUHVꢁꢉDFHSWDPRVꢁODVꢁWDUMHWDVꢁ9,6$ꢂꢁ0DVWHU&DUGꢁ\ꢁ
'LVFRYHUꢋꢃꢁ+DJDꢁVXꢁSHGLGRꢁHQꢁOtQHDꢁKR\ꢂꢁꢀꢐꢁKRUDVꢁFDGDꢁGtDꢁRꢁOODPDUꢁSRUꢁWHOpIRQRꢁDOꢁꢌꢈꢈꢃꢇꢀꢇꢃꢀꢈꢈꢀꢁGXUDQWHꢁKRUDVꢁ
QRUPDOHVꢁGHꢁRILFLQDꢃ
/DVꢁLQVWUXFFLRQHVꢁGHVFULWDVꢁHQꢁHVWHꢁPDQXDOꢁFXEUHQꢁORVꢁSURFHGLPLHQWRVꢁDꢁVHJXLUꢁSRUꢁFXDOTXLHUꢁXVXDULRꢂꢁ
&XDOTXLHUꢁRWUDꢁUHSDUDFLyQꢁGHEHUtDꢃꢁSRUꢁUHJODꢁJHQHUDOꢃꢁUHIHULUVHꢁDꢁSHUVRQDOꢁFDOLILFDGRꢁDXWRUL]DGRꢂꢁ'HEHꢁ
HMHUFHUVHꢁSUHFDXFLyQꢁ\DꢁTXHꢁODVꢁUHSDUDFLRQHVꢁLQFRUUHFWDVꢁSXHGHQꢁFDXVDUꢁFRQGLFLRQHVꢁGHꢁIXQFLRQDPLHQWRꢁ
LQVHJXUDVꢂꢁ
3yQJDVHꢀHQꢀFRQWDFWRꢀFRQꢀQRVRWURVꢀ
*($SSOLDQFHVꢁFRP
6LꢁQRꢁHVWiꢁVDWLVIHFKRꢁFRQꢁHOꢁVHUYLFLRꢁTXHꢁUHFLEHꢁGHꢁ*(ꢂꢁSyQJDVHꢁHQꢁFRQWDFWRꢁFRQꢁQRVRWURVꢁHQꢁQXHVWUDꢁSiJLQDꢁ
:HEꢁLQGLFDQGRꢁWRGRVꢁORVꢁGHWDOOHVꢁDVtꢁFRPRꢁVXꢁQ~PHURꢁGHꢁWHOpIRQRꢁRꢁHVFUtEDQRVꢁDꢅꢁꢁ
*HQHUDOꢁ0DQDJHUꢂꢁ&XVWRPHUꢁ5HODWLRQVꢁ
*(ꢁ$SSOLDQFHVꢂꢁ$SSOLDQFHꢁ3DUNꢁ
/RXLVYLOOHꢂꢁ.<ꢁꢐꢈꢀꢀꢑ
5HJLVWUHꢀVXꢀHOHFWURGRPpVWLFRꢀ
*($SSOLDQFHVꢁFRP
£5HJLVWUHꢁVXꢁQXHYRꢁHOHFWURGRPpVWLFRꢁHQꢁOtQHD³FXDQGRꢁXVWHGꢁSUHILHUDꢍꢁ(OꢁUHJLVWUDUꢁVXꢁSURGXFWRꢁDꢁWLHPSRꢁOHꢁ
SURSRUFLRQDUiꢂꢁVLꢁVXUJLHUDꢁODꢁQHFHVLGDGꢂꢁXQDꢁPHMRUꢁFRPXQLFDFLyQꢁ\ꢁXQꢁVHUYLFLRꢁPiVꢁUiSLGRꢁEDMRꢁORVꢁWpUPLQRVꢁGHꢁ
VXꢁJDUDQWtDꢃꢁ7DPELpQꢁSXHGHꢁHQYLDUꢁVXꢁWDUMHWDꢁGHꢁUHJLVWURꢁSUHꢏLPSUHVDꢁTXHꢁVHꢁLQFOX\HꢁHQꢁHOꢁPDWHULDOꢁꢁ
GHꢁHPEDODMHꢃ
,PSUHVRꢀHQꢀORVꢀ(ꢑ8
|