6DIHW\,QVWUXFWLRQV²2SHUDWLQJ,QVWUXFWLRQV&ORFNDQG7LPHU/RZHU2YHQ'UDZHU 2YHQ
%DNH3DG7RXFKWRVHOHFWWKHEDNHIXQFWLRQ%URLO+L/R3DG7RXFKWRVHOHFWWKHEURLOIXQFWLRQ&RQYHFWLRQ%DNH0XOWL5DFN3DGRQVRPHPRGHOV7R
/RGJH5HYHUVLEOH\3ODQFKDVSDUD&KHIGH+LHUUR)RUMDGRHQDOJXQRVPRGHORV3ODQFKD$QWLDGKHUHQWHHQDOJXQRVPRGHORV (QMXDJXHFRQDJXDFDOL
*($SSOLDQFHVFRP3DUULOODVGH4XHPDGRUHVSDUDHO0RGHOR&*6ÒQLFDPHQWH6XFRFLQDFXHQWDFRQWUHVSDUULOODVGREOHVGHWLSRSURIHVLRQDO(VWDV
9HQWLODFLRQHVGH$LUHGHO+RUQR1XQFDEORTXHHODVYHQWLODFLRQHVDEHUWXUDVGHDLUHGHODFRFLQD/DVPLVPDVEULQGDQODVHQWUDGDV\VDOLGDVGHDLUHTX
3DUWH,QIHULRUGHO+RUQR/DSDUWHLQIHULRUGHOKRUQRSRVHHXQDFDEDGRGHSRUFHODQDHVPDOWDGD3DUDIDFLOLWDUODOLPSLH]DSURWHMDHOIRQGRGHOKRUQR
&XLGDGR\OLPSLH]DGHODFRFLQD/RVHVWDQWHVH[WHQVLEOHVVHSRGUiQOLPSLDUDPDQRFRQXQOLPSLDGRUDEUDVLYRRHVWURSDMR'XUDQWHODOLPSLH]D
/LPSLH]DGHOD3XHUWD3DUDOLPSLDUHOLQWHULRUGHODSXHUWD 1RSHUPLWDTXHHOH[FHGHQWHGHDJXDHQWUHDQLQJ~QDJXMHURRUDQXUDVGHODSXHUWD $
5HHPSOD]RGHOD/X]GHO+RUQRHQDOJXQRVPRGHORV5HHPSOD]RGHOD/X]GHO+RUQRHQDOJXQRVPRGHORV$VHJ~UHVHGHGHMDUTXHODWDSDGHODOX]\ODOiPS
*($SSOLDQFHVFRP2OODGHO&DMyQ([WUDtEOHGHO+RUQR,QIHULRU127$3HUPLWDTXHHOFDMyQGHOKRUQRLQIHULRUVHHQIUtHDQWHVGHUHWLUDUODROOD12
$17(6'(&20(1=$5/HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDPHQWH(VWDFRFLQDVHGHEHUiLQVWDODUGHDFXHUGRFRQORVFyGLJRVORFDOHVR
,QVWUXFFLRQHVGH,QVWDODFLyQ$'9(57(1&,$,16758&&,21(63$5$81$,167$/$&,Ï16(*85$/HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDP
8VLQJWKHXSSHURYHQ *($SSOLDQFHVFRP7RDYRLGSRVVLEOHEXUQVSODFHWKHVKHOYHVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQWKHRYHQRQ%HIRUH\RXEHJ
3DUDJDELQHWHVGHEDMRGHODSDUWHVXSHULRUGHODFRFLQD\ODSDUWHWUDVHUDGHODFRFLQD3DUDJDELQHWHVGHEDMRGHODSDUWHVXSHULRUGHODFRFLQD\OD
,QVWUXFFLRQHVGH,QVWDODFLyQ',0(16,21(6<(63$&,260RGHORV&*6\&*6~QLFDPHQWHøµ3URIXQGLGDGFRQODSXHUWDFHUUDG
,QVWUXFFLRQHVGH,QVWDODFLyQ8%,&$&,Ï11RXELTXHODFRFLQDGRQGHSXHGDKDEHUFRUULHQWHVGHDLUHIXHUWHV&XDOTXLHUDEHUWXUDHQHOSLVRR
6XFRFLQDIXHGLVHxDGDSDUDIXQFLRQDUHQXQDSUHVLyQGHFROXPQDGHDJXDGHµFRQJDVQDWXUDORVLVHGHVHDXVDUFRQJDV/3SURSDQR\EXWDQRXQDF
,QVWUXFFLRQHVGH,QVWDODFLyQ8%,&$&,21(6'(/$78%(5Ë$'(*$6<'(/720$&255,(17((/e&75,&2ÈUHDUHFRPHQGDGDSD
,QVWUXFFLRQHVGH,QVWDODFLyQ5HJXODGRUGHSUHVLyQ)OXMRGHO*DVHQOD&RFLQD&RQHFWRUIOH[LEOHSLHVPi[$GDSWDGRU,QVWDODGRU,QIRUPHDOFRQ
,QVWUXFFLRQHVGH,QVWDODFLyQ&21(;,21(6(/e&75,&$65HTXLVLWRV(OpFWULFRV&LUFXLWRHVSHFtILFRGHYROWLRV+HUW]FRUUHFWDPHQWH
(16$0%/(/2648(0$'25(6683(5),&,$/(6&217'3DUULOODV3DUULOODV6LPSOHV/DVSDUULOODVVLPSOHVVyORVHSXHGHQFRORFDUG
3DUDUHWLUDUODSDUWHLQIHULRUGHOKRUQR$5HWLUHORVWRUQLOORVTXHVRVWLHQHQODSDUWHWUDVHUDGHOIRQGRGHOKRUQR%7RPHHOIRQGRGHOKRUQRGHOD
,QVWUXFFLRQHVGH,QVWDODFLyQ,167$/$&,Ï1'(/',6326,7,92$17,92/&$'85$6&8$1'272'$6/$6&21(;,21(66(+
+RZWR6HWWKH8SSHU2YHQIRU%DNLQJRU5RDVWLQJ<RXURYHQLVQRWGHVLJQHGIRURSHQGRRUFRRNLQJ7RXFKWKH%DNHSDG7RXFKWKHQXPEHUSDGVWRVH
&RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV£$KRUUHWLHPSR\GLQHUR3ULPHURUHYLVHORVFXDGURVTXHDSDUHFHQHQODVVLJXLHQWHVSiJLQDV\HVSRVLEOHTX
&RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV *($SSOLDQFHVFRP3UREOHPD &DXVDV3RVLEOHV 4Xp+DFHU/RVTXHPDGRUHVQRVHHQFLHQGHQFRQW(VSRVLEOHT
&RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV$QWHVGH6ROLFLWDUHO6HUYLFLR7pFQLFR«3UREOHPD &DXVDV3RVLEOHV 4Xp+DFHU([FHVRGHKXPR +D\H[FHVRGH
*($SSOLDQFHVFRP3UREOHPD &DXVDV3RVLEOHV 4Xp+DFHU/DSDQWDOODTXHGDHQEODQFR(VSRVLEOHTXHXQIXVLEOHGHVXKRJDUVHKD\DTXHPDGRRTXHHOGL
$FFHVRULRV¢%XVFD$OJR0iV"1RWDOODFFHVVRULHVDUHDYDLODEOHIRUDOOPRGHOV3XHGHHQFRQWUDUHVWRVDFFHVRULRV\PXFKRPiVHQ*($SSOLDQFHVFRP
127$6 *($SSOLDQFHVFRP
9LDMHVGHOWpFQLFRGHOVHUYLFLRDVXKRJDUSDUDHQVHxDUOHDXVDUHOSURGXFWR ,QVWDODFLyQLQDGHFXDGDHQWUHJDRPDQWHQLPLHQWR 3)DOODVRGDxRVGH
7RGRHOVHUYLFLRGHJDUDQWtDHVSURYLVWRSRUQXHVWURV&HQWURVGH6HUYLFLRGH)DEULFDFLyQRXQWpFQLFRDXWRUL]DGRGH6HUYLFLRDO&OLHQWH&a
6RSRUWHDO&OLHQWH6LWLR:HEGH(OHFWURGRPpVWLFRVGH*( (Q((88*($SSOLDQFHVFRP¢'HVHDUHDOL]DUXQDFRQVXOWDRQHFHVLWDD\XGDFRQVXHOH
2YHQ0RLVWXUH$V\RXURYHQKHDWVXSWKHWHPSHUDWXUHFKDQJHRIWKHDLULQWKHRYHQPD\FDXVHZDWHUGURSOHWVWRIRUPRQWKHGRRUJODVV7KHVHGURSOHWVD
8VLQJWKHXSSHURYHQ7KHRYHQKDVVKHOISRVLWLRQV%URLOLQJJHQHUDOO\VKRXOGWDNHSODFHRQUDFN&RUKLJKHU5DFN5LVIRUURDVWLQJ)RRG'
1RWDOOIHDWXUHVDUHRQDOOPRGHOV7R6HWWKH&ORFN7KHFORFNPXVWEHVHWWRWKHFRUUHFWWLPHRIGD\IRUWKHDXWRPDWLFRYHQWLPLQJIXQFWLRQVWRZR
8VLQJWKHWLPHGEDNLQJDQGURDVWLQJIHDWXUHVXSSHURYHQRQO\,I\RXUPRGHOKDVDGRRUODWFKGRQRWORFNWKHRYHQGRRUZLWKWKHODWFKGXULQJWLPHG
&$87,217RSUHYHQWEXUQVGRQRWXQSOXJWKHSUREHIURPWKHRYHQRXWOHWXQWLOWKHRYHQKDVFRROHG'RQRWVWRUHWKHSUREHLQWKHRYHQ,I\RX
8VLQJWKHFRQYHFWLRQRYHQRQVRPHPRGHOV,I\RXUPRGHOKDVDGRRUODWFKGRQRWORFNWKHRYHQGRRUZLWKWKHODWFKGXULQJFRQYHFWLRQFRRNLQJ7KHO
&RRNZDUHIRU&RQYHFWLRQ&RRNLQJ%HIRUHXVLQJ\RXUFRQYHFWLRQRYHQFKHFNWRVHHLI\RXUFRRNZDUHOHDYHVURRPIRUDLUFLUFXODWLRQLQWKH
,03257$176$)(7<,1)250$7,215($'$//,16758&7,216%()25(86,1*6$9(7+(6(,16758&7,216,03257$176$)(7<127,&(7KH&DOLIRU
+RZWR6HWWKH8SSHU2YHQIRU&RQYHFWLRQ5RDVWLQJZKHQ8VLQJWKH3UREHRQVRPHPRGHOV&RQYHFWLRQ5RDVWLQJ*XLGH6XJJHVWHG6HWWLQJV7KHGLVSO
8VLQJWKHWLPHGFRQYHFWLRQEDNLQJIHDWXUHVRQVRPHPRGHOV *($SSOLDQFHVFRP<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWKWKLVIHDWXUH7KHIDQZLOOV
8VLQJWKHWLPHGFRQYHFWLRQEDNLQJIHDWXUHVRQVRPHPRGHOV+RZWR6HWWKH2YHQ)RU:DUPLQJ7KH:$50IHDWXUHNHHSVFRRNHGIRRGVKRW7KLVIHDWXUHLV
<RXUQHZWRXFKSDGFRQWUROKDVDGGLWLRQDOIHDWXUHVWKDW\RXPD\FKRRVHWRXVH7KHIROORZLQJDUHWKHIHDWXUHVDQGKRZ\RXPD\DFWLYDWHWKHP7KHVS
6SHFLDOIHDWXUHVRI\RXUXSSHURYHQFRQWURO+RXU+RXURU&ORFN%ODFNRXW<RXUFRQWUROLVVHWWRXVHDKRXUFORFN,I\RXZRXOGSUHIHUW
7KH6DEEDWKIHDWXUHFDQEHXVHGIRUEDNLQJURDVWLQJLQWKHXSSHUDQGORZHURYHQRUEDNLQJGUDZHULQVRPHPRGHOV,WFDQQRWEHXVHGIRUFRQYHFWLRQ
8VLQJWKH6DEEDWK)HDWXUH'HVLJQHGIRUXVHRQWKH-HZLVK6DEEDWKDQG+ROLGD\V+RZWR([LWWKH6DEEDWK)HDWXUH7RXFKWKH&OHDU2IISDG
:$51,1*)22'32,621+$=$5'%DFWHULDPD\JURZLQIRRGWHPSHUDWXUHVEHORZ)$OZD\VVWDUWZLWKKRWIRRG'RQRWXVH:$50VHW
:KHQ8VLQJWKH:DUPLQJ'UDZHU7HPSHUDWXUH6HOHFWLRQ&KDUW7R&ULVS6WDOH,WHPV7R:DUP6HUYLQJ%RZOVDQG3ODWHV7KHZDUPLQJGUDZHUZLOONHH
8VLQJWKHORZHURYHQGUDZHURQVRPHPRGHOV *($SSOLDQFHVFRP7R8VHWKH/RZHU2YHQ'UDZHU3XVKLQDQGWXUQWKHORZHURYHQGUDZHUNQREWRD
*($SSOLDQFHVFRP6$9(7+(6(,16758&7,216:$51,1*1(9(5XVHWKLVDSSOLDQFHDVDVSDFHKHDWHUWRKHDWRUZDUPWKHURRP'RLQJVRPD\UHVXOWLQ
3XOOWKH29(1&21752/NQRERIIWKHUDQJHDQGORRNDWWKHEDFNVLGH7RPDNHDQDGMXVWPHQWORRVHQDSSUR[LPDWHO\RQHWXUQEXWGRQRWFRPSOHWHO\
,I\RXUPRGHOKDVDGRRUODWFKQHYHUIRUFHWKHODWFKKDQGOH)RUFLQJWKHKDQGOHZLOOGDPDJHWKHGRRUORFNPHFKDQLVP7KHRYHQGRRUPXVWEHFORVHGDQG
7KHRYHQGRRUPXVWEHFORVHGDQGDOOFRQWUROVVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\+RZWR'HOD\WKH6WDUWRI&OHDQLQJ0DNHVXUHWKHFO
*($SSOLDQFHVFRP%HVXUHHOHFWULFDOSRZHULVRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJDQ\SDUWRIWKHUDQJH:$51,1*,I\RXUUDQJHLVUHPRYHGI
&DUHDQGFOHDQLQJRIWKHUDQJH%XUQHU&DSV%DVHVDQG+HDGV%HIRUHUHPRYLQJWKHEXUQHUFDSVDQGKHDGVRQVRPHPRGHOVUHPHPEHUWKHLUVL]HDQ
*($SSOLDQFHVFRP/RGJH5HYHUVLEOHDQG&KHI·V&DVW,URQ*ULGGOHVRQVRPHPRGHOV1RQVWLFN*ULGGOHRQVRPHPRGHOV 5LQVHZLWKKRWZDWHUGR
%XUQHU*UDWHVIRU0RGHO&*62QO\<RXUUDQJHKDVWKUHHSURIHVVLRQDOVW\OHGRXEOHJUDWHV7KHVHJUDWHVDUHSRVLWLRQVSHFLILF)RUPD[LPXPVWDEL
*($SSOLDQFHVFRP2YHQ$LU9HQWV1HYHUEORFNWKHYHQWVDLURSHQLQJVRIWKHUDQJH7KH\SURYLGHWKHDLULQOHWDQGRXWOHWWKDWDUHQHFHVVDU\IRUWKHUDQJ
2YHQ%RWWRP7KHRYHQERWWRPKDVDSRUFHODLQHQDPHOILQLVK7RPDNHFOHDQLQJHDVLHUSURWHFWWKHRYHQERWWRPIURPH[FHVVLYHVSLOORYHUVE\SODFLQJDFRRN
*($SSOLDQFHVFRP([WHQVLRQUDFNVPD\EHFOHDQHGE\KDQGZLWKDQDEUDVLYHFOHDQHURUVWHHOZRRO'XULQJFOHDQLQJEHFDUHIXOQRWWRDOORZZDWH
,03257$176$)(7<,1)250$7,215($'$//,16758&7,216%()25(86,1*6$9(7+(6(,16758&7,216 'RQRWXVHZDWHURQJUHDVHILUHV1HYH
&OHDQLQJWKH'RRU7RFOHDQWKHLQVLGHRIWKHGRRU 'RQRWDOORZH[FHVVZDWHUWRUXQLQWRDQ\KROHVRUVORWVLQWKHGRRU :LSHGLVKZD
*($SSOLDQFHVFRP2YHQ/LJKW5HSODFHPHQWRQVRPHPRGHOV2YHQ/LJKW5HSODFHPHQWRQVRPHPRGHOV%HVXUHWROHWWKHOLJKWFRYHUDQGEXOEFRROFRPSOHWHO
&DUHDQGFOHDQLQJRIWKHUDQJH *($SSOLDQFHVFRP5HPRYDEOH/RZHU2YHQ'UDZHU3DQ127($OORZORZHURYHQGUDZHUWRFRROEHIRUHUHPRYLQJSDQ
%()25(<28%(*,15HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\,QVWDOODWLRQRIWKLVUDQJHPXVWFRQIRUPZLWKORFDOFRGHVRULQWKHDEVHQFHRIORF
,QVWDOODWLRQ,QVWUXFWLRQV:$51,1*,167$//$7,216$)(7<,16758&7,2165HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\)DLOXUHWRIROORZWKHVHLQVWU
7RFDELQHWVEHORZFRRNWRSDQGDWWKHUDQJHEDFN7RFDELQHWVEHORZFRRNWRSDQGDWWKHUDQJHEDFNµµµ0LQLPXPµ0LQLPXPFOHDUDQFHWRULJKWZDOO0D[L
,QVWDOODWLRQ,QVWUXFWLRQV',0(16,216$1'&/($5$1&(60RGHOV&*6DQG&*6RQO\øµ'HSWKZLWKGRRUFORVHGLQ
,QVWDOODWLRQ,QVWUXFWLRQV/2&$7,21'RQRWORFDWHWKHUDQJHZKHUHLWPD\EHVXEMHFWWRVWURQJGUDIWV$Q\RSHQLQJVLQWKHIORRURUZDOOEHKLQ
<RXUUDQJHLVGHVLJQHGWRRSHUDWHDWDSUHVVXUHRIµRIZDWHUFROXPQRQQDWXUDOJDVRULIGHVLJQHGIRU/3JDVSURSDQHRUEXWDQHµRIZDWHUF
,QVWDOODWLRQ,QVWUXFWLRQV*$63,3($1'(/(&75,&$/287/(7/2&$7,2165HFRPPHQGHGDUHDIRU9RXWOHWRQUHDUZDOODQGDUHDIRUWKURXJ
*($SSOLDQFHVFRP6$9(7+(6(,16758&7,216:$51,1*1(9(5FRYHUDQ\VORWVKROHVRUSDVVDJHVLQWKHRYHQERWWRPRUFRYHUDQHQWLUHUDFNZLWKPDWHU
,QVWDOODWLRQ,QVWUXFWLRQV3UHVVXUHUHJXODWRU*DV)ORZLQWR5DQJH)OH[FRQQHFWRUIWPD[$GDSWHU,QVWDOOHU,QIRUPWKHFRQVXPHURIWKHORFDWLRQRIWKH
,QVWDOODWLRQ,QVWUXFWLRQV(/(&75,&$/&211(&7,216(OHFWULFDO5HTXLUHPHQWVYROW+HUW]SURSHUO\JURXQGHGGHGLFDWHGFLUFXLWSURW
$66(0%/(685)$&(%851(56&217'*UDWHV6LQJOH*UDWHV6LQJOHJUDWHVRQO\ILWRQHZD\/RFDWRUEXPSVQHHGWRIDFHHDFKRWKHU
7RUHPRYHWKHRYHQERWWRP$5HPRYHWKHVFUHZVKROGLQJGRZQUHDURIWKHRYHQERWWRP%*UDVSWKHRYHQERWWRPDWILQJHUVORWVRQHDFKVLGH&/L
,QVWDOODWLRQ,QVWUXFWLRQV,167$//,1*7+($17,7,3'(9,&(:+(1$//+22.836$5(&203/(7('0DNHVXUHDOOFRQWUROVDUHOHIWLQWKHRI
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R 3OXJRQUDQJHLVQRWFRPSOHWHO\ 0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\ LQVHUWH
7URXEOHVKRRWLQJ7LSV3UREOHP 3RVVLEOH&DXVHV :KDW7R'R%XUQHUVGRQRWOLJKW $IXVHLQ\RXUKRPHPD\EH 5HSODFHWKHIXVHRUUHVHWWKHF
*($SSOLDQFHVFRP3UREOHP 3RVVLEOH&DXVHV :KDW7R'R([FHVVLYHVPRNLQJ ([FHVVLYHVRLO 7RXFKWKH&OHDU2II SDG2SHQWKHZLQGRZVW
7URXEOHVKRRWLQJ7LSV%HIRUH\RXFDOOIRUVHUYLFH«3UREOHP 3RVVLEOH&DXVHV :KDW7R'R'LVSOD\JRHVEODQN $IXVHLQ\RXUKRPHPD\EH
$FFHVVRULHV *($SSOLDQFHVFRP/RRNLQJ)RU6RPHWKLQJ0RUH"1RWDOODFFHVVRULHVDUHDYDLODEOHIRUDOOPRGHOV<RXFDQILQGWKHVHDFFHVVRULHV
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO+RZWR/LJKWD*DV6XUIDFH%XUQHU:$51,1*%XUQHUIODPHVWKDWDUHQRWFRYHUHG
127(6 *($SSOLDQFHVFRP
127(6 *($SSOLDQFHVFRP
6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVHWKHSURGXFW ,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH 3URGXFWGDPDJHRUIDLOXUHRIWKH
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUVRUDQDXWKRUL]HG&XVWRPHU&DUHWHFKQLFLDQ)RUVHUYLFHFDOO
&RQVXPHU6XSSRUW*($SSOLDQFHV:HEVLWH ,QWKH86*($SSOLDQFHVFRP+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSO
,QVWUXFFLRQHVGHVHJXULGDG²,QVWUXFFLRQHVGH)XQFLRQDPLHQWR5HORM\7HPSRUL]DGRU&DMyQGHO+RUQR,QIHULRU+
,1)250$&,Ï1,03257$17('(6(*85,'$'/($72'$6/$6,16758&&,21(6$17(6'(86$5*8$5'((67$6,16758&&
*($SSOLDQFHVFRP$'9(57(1&,$181&$XVHHVWHHOHFWURGRPpVWLFRSDUDFDOHQWDUHODPELHQWH&RPRFRQVHFXHQFLDGHHVWRVHSRGUiSURGXFLU
,1)250$&,Ï1,03257$17('(6(*85,'$'/($72'$6/$6,16758&&,21(6$17(6'(86$5 1RXVHDJXDVREUHHOIXHJRGHOD
*($SSOLDQFHVFRP$'9(57(1&,$181&$FXEUDQLQJXQDUDQXUDDJXMHURVRSDVDMHVHQHOIRQGRGHOKRUQRQLFXEUDXQHVWDQWHHQWHURFRQPDWHUL
+RZWR6HOHFW)ODPH6L]H :$51,1*)ODPHVWKDWDUHQRWFRYHUHGE\FRRNZDUHPD\SUHVHQWDULVNRIEXUQVRUFORWKLQJLJQLWLRQ1HYHUOHWIODPHVH[WHQG
(VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO&yPR(QFHQGHUXQ4XHPDGRU6XSHUILFLDOGH*DV$&apo
&yPR6HOHFFLRQDUHO7DPDxRGHOD/ODPD8WHQVLOLRVREUHOD&RFLQD$'9(57(1&,$/DVOODPDVGHOTXHPDGRUTXHQRHVWiQFXELHUWDVSRUHOXWHQ
6XSODQFKDFXELHUWD\DQWLDGKHUHQWHRSODQFKDSUHVD]RQDGDHQDOJXQRVPRGHORVEULQGDXQDVXSHUILFLHGHFRFFLyQH[WUDJUDQGHSDUDFDUQHVSDQTXHTXHV
8VRGHORVFRQWUROHVGHOKRUQR(VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO *($SSOLDQFHVFRP7
7HFODGH+RUQHDGR3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQKRUQHDU7HFOD$VDU$OWR%DMR3UHVLRQHSDUDVHOHFFLRQDUODIXQFLyQDVDU+RUQHDGR0~OWLSOHSRU&
8VRGHO+RUQR6XSHULRU *($SSOLDQFHVFRP3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHORVHVWDQWHVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR$QW
&yPR&RQILJXUDUHO+RUQR6XSHULRUSDUD+RUQHDGRR'RUDGR6XKRUQRQRHVWiGLVHxDGRSDUDODFRFFLyQFRQODSXHUWDDELHUWD3UHVLRQHODWHF
+XPHGDGGHO+RUQR$PHGLGDTXHHOKRUQRVHFDOLHQWHHOFDPELRGHWHPSHUDWXUDHQHODLUHGHOKRUQRSRGUiJHQHUDUODIRUPDFLyQGHJRWDVGHDJXDHQHOYL
8VRGHOKRUQRVXSHULRU*XtDSDUD$VDU(OKRUQRFXHQWDFRQSRVLFLRQHVGHHVWDQWHV*HQHUDOPHQWHVHGHEHUtDDVDUHQHOHVWDQWH&RHQXQRVXSHUL
1RWRGDVODVIXQFLRQHVFRUUHVSRQGHQDWRGRVORVPRGHORV3DUD&RQILJXUDUHO5HORM(OUHORMVHGHEHUiFRQILJXUDUHQODKRUDFRUUHFWDGHOGtDSDUDTXH
<RXUQRQVWLFNFRDWHGJULGGOHRUSUHVHDVRQHGJULGGOHRQVRPHPRGHOVSURYLGHVDQH[WUDODUJHFRRNLQJVXUIDFHIRUPHDWVSDQFDNHVRURWKHUIRRGXVX
8VRGHODVIXQFLRQHVGHKRUQHDGR\GRUDGRSRUWLHPSRKRUQRVXSHULRU~QLFDPHQWH6LVXPRGHORFXHQWDFRQXQDWUDEDSDUDSXHUWDQREORTXHHODSXHUWD
35(&$8&,Ï13DUDHYLWDUTXHPDGXUDVQRGHVHQFKXIHODVRQGDGHVGHHOHQFKXIHGHOKRUQRKDVWDTXHHVWH~OWLPRVHKD\DHQIULDGR1RJXDUGHODV
8VRGHOKRUQRSRUFRQYHFFLyQHQDOJXQRVPRGHORV6LVXPRGHORFXHQWDFRQXQDWUDEDSDUDSXHUWDQREORTXHHODSXHUWDFRQODWUDEDGXUDQWHODFRFFLyQ
8WHQVLOLRVGH&RFLQDSDUD&RFFLyQSRU&RQYHFFLyQ$QWHVGHXVDUHOKRUQRSRUFRQYHFFLyQFRQWUROHTXHVXXWHQVLOLRGHFRFLQDGHMHHVSDFLR
&yPR&RQILJXUDUHO+RUQR6XSHULRUSDUD7RVWDUSRU&RQYHFFLyQ&XDQGRVH8VDOD6RQGDHQDOJXQRVPRGHORV/DSDQWDOODKDUiTXHWLWLOHO
*XtDGH7RVWDGRSRU&RQYHFFLyQ&RQILJXUDFLRQHV6XJHULGDV *($SSOLDQFHVFRP&DUQHV7HPSHUDWXUDGHO+RUQR7HPSHUDWXUD&RQILJXUDGDGH
8VRGHODVIXQFLRQHVGHKRUQHDGRSRUFRQYHFFLyQSRUWLHPSRHQDOJXQRVPRGHORV(VFXFKDUiXQYHQWLODGRUDOFRFLQDUFRQHVWDIXQFLyQ(OPLVPRVHGHWH
*($SSOLDQFHVFRP&yPR3URJUDPDUHO+RUQRSDUD&DOHQWDU/DIXQFLyQ:$50&DOHQWDUPDQWLHQHFDOLHQWHVODVFRPLGDVFRFLQDGDV(VWDIXQFLyQ
6XQXHYRFRQWUROGHWHFODVWiFWLOHVFXHQWDFRQIXQFLRQHVDGLFLRQDOHVTXHSXHGHHOHJLUXVDU/DVVLJXLHQWHVVRQODVIXQFLRQHV\FyPRODVSXHGHDFWLYDU
)XQFLRQHVHVSHFLDOHVHQHOFRQWUROGHOKRUQRVXSHULRU *($SSOLDQFHVFRP+RUDV+RUDVR$SDJDGR6XFRQWUROHVWiFRQILJXUDGRSDUDVHUXVDGRHQXQU
8VLQJWKHRYHQFRQWUROV7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO *($SSOLDQFHVFRP%DNH3DG7RXFKWRVHOHFWWKHEDN
/DIXQFLyQ6DEEDWK6DEiWLFRVHSXHGHXVDUSDUDKRUQHDUDVDUHQHOKRUQRVXSHULRUHLQIHULRURHQHOFDMyQFDOHQWDGRUHQDOJXQRVPRGHORV1RVHSX
*($SSOLDQFHVFRP&yPR6DOLUHO0RGR6DEiWLFR3UHVLRQHODWHFOD&OHDU2II%RUUDU$SDJDU6LHOKRUQRHVWiFRFLQDQGRHVSHUHXQSHUtRGR
$'9(57(1&,$5,(6*2'((19(1(1$0,(172&21&20,'$6HSXHGHQGHVDUUROODUEDFWHULDVFXDQGRODFRPLGDHVWpDXQDWHPSHUDWXUD
$O8VDUHO&DMyQ&DOHQWDGRU&XDGURGH6HOHFFLyQGH7HPSHUDWXUD3DUDTXHORV3URGXFWRV'XURVTXHGHQ&URFDQWHV3DUD&DOHQWDU7D]RQ
8VRGHOFDMyQGHOKRUQREDMRHQDOJXQRVPRGHORV3DUD8VDUHO&DMyQGHO+RUQR,QIHULRU3UHVLRQHKDFLDDGHQWUR\JLUHODSHULOODGHOFDMyQGH
(PSXMHODSHULOOD29(1&21752/&RQWUROGHO+RUQRKDFLDDIXHUD\REVHUYHODSDUWHWUDVHUD3DUDUHDOL]DUXQDMXVWHDIORMHDSUR[LPDGDPHQW
6LVXPRGHORFXHQWDFRQXQDWUDEDQXQFDIXHUFHODPDQLMDGHODWUDED)RU]DUODPDQLMDGDxDUiHOPHFDQLVPRGHEORTXHRGHODSXHUWD/DSXHUWDGHOKRU
/DSXHUWDGHOKRUQRGHEHUiHVWDUFHUUDGD\WRGRVORVFRQWUROHVFRQILJXUDGRVGHIRUPDFRUUHFWDSDUDTXHHOFLFORIXQFLRQHDGHFXDGDPHQWH&RPR5HWU
&XLGDGR\OLPSLH]DGHODFRFLQD$VHJ~UHVHGHTXHODFRUULHQWHHOpFWULFDHVWpDSDJDGD\TXHWRGDVODVVXSHUILFLHVHVWpQIUtDVDQWHVGHOLPSLDUFXD
$QWHVGHUHWLUDUODVWDSDV\FDEH]DVGHORVTXHPDGRUHVHQDOJXQRVPRGHORVUHFXHUGHVXWDPDxR\XELFDFLyQ5HHPSODFHORVPLVPRVHQODPLVPDXELFDF
Comments to this Manuals