ADVERTENCIA

Anuncio
5DQJHV
)UHH6WDQGLQJ6OLGH,QDQG'URS,Q(OHFWULF
*($SSOLDQFHVFRP
6DIHW\,QVWUXFWLRQV ²
2SHUDWLQJ,QVWUXFWLRQV
.LWFKHQ7LPHU 2YHQ $GMXVW2YHQ7KHUPRVWDW %DNLQJRU5RDVWLQJ %URLOLQJ%URLOLQJ*XLGH &RQWUROV &RQYHFWLRQ2YHQ /RZHU2YHQ'UDZHU 3UHKHDWLQJ 3UREH 6DEEDWK)HDWXUH 6HOI&OHDQLQJ 6SHFLDO)HDWXUHV 7LPHG%DNLQJRU5RDVWLQJ 6XUIDFH8QLWV &RRNZDUH *ULGGOH .QRE&RQWUROOHG0RGHOV &DUHDQG&OHDQLQJ
,Q&DQDGD
ZZZ*($SSOLDQFHVFD
3ULQWHGLQ0H[LFR
$QWL7LS'HYLFH 'LPHQVLRQVDQG
&OHDUDQFHV (OHFWULFDO&RQQHFWLRQV ²
/HYHOWKH5DQJH /RFDWLRQ*XLGHOLQHV 6DIHW\,QVWUXFWLRQV 2ZQHU·V
0DQXDO
4XLFN6HW9,
&6
&6
7URXEOHVKRRWLQJ
7LSV ²
$FFHVVRULHV &RQVXPHU6XSSRUW
&RQVXPHU
6XSSRUW %DFN&RYHU
:DUUDQW\IRU&XVWRPHUV
LQ&DQDGD :DUUDQW\IRU&XVWRPHUV
LQWKH86$ &RQWURO.QREV &RQWURO3DQHO *ODVV&RRNWRS /LIW2II2YHQ'RRU /LJKW 2YHQ+HDWLQJ(OHPHQWV 5DFNV 5HPRYDEOH:DUPLQJ'UDZHU
/RZHU2YHQ'UDZHU3DQ 6XUIDFHV )RUD6SDQLVKYHUVLRQRIWKLV
PDQXDOYLVLWRXU:HEVLWHDW
*($SSOLDQFHVFRP
3DUDFRQVXOWDUXQDYHUVLRQ
HQHVSDxROGHHVWHPDQXDO
GHLQVWUXFFLRQHVYLVLWH
QXHVWURVLWLRGHLQWHUQHW
*($SSOLDQFHVFRP
,QVWDOODWLRQ
,QVWUXFWLRQV ²
:ULWHWKHPRGHODQGVHULDO
QXPEHUVKHUH
0RGHOBBBBBBBBBBBBBBBB
6HULDO BBBBBBBBBBBBBBBB
<RXFDQILQGWKHPRQDODEHO
EHKLQGWKHGUDZHURUEHKLQGWKH
ORZHURYHQGRRURQWKHIURQWRI
WKHUDQJHIUDPH
3ULQWHGRQ
5HF\FOHG3DSHU
*(
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
:$51,1*
5HDGDOOVDIHW\LQVWUXFWLRQVEHIRUHXVLQJWKHSURGXFW)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQILUHHOHFWULFVKRFN
VHULRXVLQMXU\RUGHDWK
$17,7,3'(9,&(
7RUHGXFHWKHULVNRIWLSSLQJWKH
UDQJHWKHUDQJHPXVWEHVHFXUHG
E\DSURSHUO\LQVWDOOHGDQWLWLS
Tip-Over Hazard
EUDFNHW6HHLQVWDOODWLRQLQVWUXFWLRQV
A child or adult can tip the range and be killed.
VKLSSHGZLWKWKHEUDFNHWIRU
Verify the anti-tip bracket has been properly installed
FRPSOHWHGHWDLOVEHIRUHDWWHPSWLQJ
so the foot is secure in the anti-tip bracket.
WRLQVWDOO
Ensure the anti-tip bracket is re-engaged when the range
is moved so the foot is secure into the bracket.
)RU)UHHVWDQGLQJDQG6OLGH,Q
Do not operate the range without the anti-tip bracket in
5DQJHV
place and engaged.
Failure to follow these instructions can result in death or 7RFKHFNLIWKHEUDFNHWLVLQVWDOOHG
serious burns to children or adults.
DQGHQJDJHGSURSHUO\ORRN
XQGHUQHDWKWKHUDQJHWRVHHWKDW
WKHUHDUOHYHOLQJOHJLVHQJDJHGLQWKHEUDFNHW2QVRPHPRGHOVWKH
$QWL7LS
VWRUDJHGUDZHURUNLFNSDQHOFDQEHUHPRYHGIRUHDV\LQVSHFWLRQ,IYLVXDO
%UDFNHW
LQVSHFWLRQLVQRWSRVVLEOHVOLGHWKHUDQJHIRUZDUGFRQILUPWKHDQWLWLS
EUDFNHWLVVHFXUHO\DWWDFKHGWRWKHIORRURUZDOODQGVOLGHWKHUDQJHEDFNVR
WKHUHDUOHYHOLQJOHJLVXQGHUWKHDQWLWLSEUDFNHW
/HYHOLQJ/HJ
,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\VUHSHDWWKLV
)UHHVWDQGLQJDQG6OLGH,Q5DQJHV
SURFHGXUHWRYHULI\WKHUDQJHLVSURSHUO\VHFXUHGE\WKHDQWLWLSEUDFNHW
1HYHUFRPSOHWHO\UHPRYHWKHOHYHOLQJOHJVRUWKHUDQJHZLOOQRWEHVHFXUHG
WRWKHDQWLWLSGHYLFHSURSHUO\
Countertop or
Wood Block
)RU'URS,Q5DQJHV
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\VOLGHWKHUDQJH
IRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHUHDURIWKH
UDQJHDQGVOLGHWKHUDQJHEDFNVRWKDWWKHDQWLWLSEUDFNHWVOLGHVMXVWXQGHU
WKHFRXQWHUWRSRUZRRGEORFNDWWDFKHGWRWKHUHDUZDOO
Anti-Tip
Bracket
,I\RXGLGQRWUHFHLYHDQDQWLWLSEUDFNHWZLWK\RXUSXUFKDVHFDOO
)RULQVWDOODWLRQLQVWUXFWLRQVRIWKHEUDFNHWYLVLW
Oven
ZZZ*($SSOLDQFHVFD
Rear Wall
WARNING
'URS,Q5DQJHV
:$51,1*
,03257$176$)(7<127,&(
7KH&DOLIRUQLD6DIH'ULQNLQJ:DWHUDQG7R[LF(QIRUFHPHQW$FWUHTXLUHVWKH*RYHUQRURI&DOLIRUQLDWRSXEOLVKDOLVWRIVXEVWDQFHV
NQRZQWRWKHVWDWHWRFDXVHFDQFHUELUWKGHIHFWVRURWKHUUHSURGXFWLYHKDUPDQGUHTXLUHVEXVLQHVVHVWRZDUQFXVWRPHUVRISRWHQWLDO
H[SRVXUHWRVXFKVXEVWDQFHV
7KHILEHUJODVVLQVXODWLRQLQVHOIFOHDQRYHQVJLYHVRIIDYHU\VPDOODPRXQWRIFDUERQPRQR[LGHGXULQJWKHFOHDQLQJF\FOH([SRVXUHFDQ
EHPLQLPL]HGE\YHQWLQJZLWKDQRSHQZLQGRZRUXVLQJDYHQWLODWLRQIDQRUKRRG
*($SSOLDQFHVFRP
:$51,1*
*(1(5$/6$)(7<,16758&7,216
„8VHWKLVDSSOLDQFHIRULWVLQWHQGHGSXUSRVHDVGHVFULEHGLQWKLV
2ZQHU·V0DQXDO
„%HVXUH\RXUDSSOLDQFHLVSURSHUO\LQVWDOOHGDQGJURXQGHGE\D
TXDOLILHGLQVWDOOHULQDFFRUGDQFHZLWKWKHSURYLGHGLQVWDOODWLRQ
LQVWUXFWLRQV
„
'RQRWDWWHPSWWRUHSDLURUUHSODFHDQ\SDUWRI\RXUUDQJHXQOHVV
LWLVVSHFLILFDOO\UHFRPPHQGHGLQWKLVPDQXDO$OORWKHUVHUYLFLQJ
VKRXOGEHWUDQVIHUUHGWRDTXDOLILHGWHFKQLFLDQ
„%HIRUHSHUIRUPLQJDQ\VHUYLFHXQSOXJWKHUDQJHRUGLVFRQQHFW
WKHSRZHUVXSSO\DWWKHKRXVHKROGGLVWULEXWLRQSDQHOE\
UHPRYLQJWKHIXVHRUVZLWFKLQJRIIWKHFLUFXLWEUHDNHU
„'RQRWOHDYHFKLOGUHQDORQH³FKLOGUHQVKRXOGQRWEHOHIWDORQH
RUXQDWWHQGHGLQDQDUHDZKHUHDQDSSOLDQFHLVLQXVH7KH\
VKRXOGQHYHUEHDOORZHGWRFOLPEVLWRUVWDQGRQDQ\SDUWRIWKH
DSSOLDQFH
&$87,21
„
1HYHUXVH\RXUDSSOLDQFHIRUZDUPLQJRUKHDWLQJWKHURRP
„'RQRWWRXFKWKHVXUIDFHXQLWVWKHKHDWLQJHOHPHQWVRUWKH
LQWHULRUVXUIDFHRIWKHRYHQ7KHVHVXUIDFHVPD\EHKRWHQRXJK
WREXUQHYHQWKRXJKWKH\DUHGDUNLQFRORU'XULQJDQGDIWHUXVH
GRQRWWRXFKRUOHWFORWKLQJRURWKHUIODPPDEOHPDWHULDOVFRQWDFW
WKHVXUIDFHXQLWVDUHDVQHDUE\WKHVXUIDFHXQLWVRUDQ\LQWHULRU
DUHDRIWKHRYHQDOORZVXIILFLHQWWLPHIRUFRROLQJILUVW2WKHU
VXUIDFHVRIWKHDSSOLDQFHPD\EHFRPHKRWHQRXJKWRFDXVH
EXUQV3RWHQWLDOO\KRWVXUIDFHVLQFOXGHWKHFRRNWRSDUHDVIDFLQJ
WKHFRRNWRSRYHQYHQWRSHQLQJVXUIDFHVQHDUWKHRSHQLQJDQG
FUHYLFHVDURXQGWKHRYHQGRRU
„'RQRWKHDWXQRSHQHGIRRGFRQWDLQHUV3UHVVXUHFRXOGEXLOGXS
DQGWKHFRQWDLQHUFRXOGEXUVWFDXVLQJDQLQMXU\
„$YRLGVFUDWFKLQJRULPSDFWLQJJODVVGRRUVFRRNWRSVRUFRQWURO
SDQHOV'RLQJVRPD\OHDGWRJODVVEUHDNDJH'RQRWFRRNRQD
SURGXFWZLWKEURNHQJODVV6KRFNILUHRUFXWVPD\RFFXU
„
'RQRWVWRUHLWHPVRILQWHUHVWWRFKLOGUHQ
DERYHDUDQJHRURQWKHEDFNJXDUGRIDUDQJH³FKLOGUHQFOLPELQJ
RQWKHUDQJHWRUHDFKLWHPVFRXOGEHVHULRXVO\LQMXUHG
„&RRNPHDWDQGSRXOWU\WKRURXJKO\³PHDWWRDWOHDVWDQLQWHUQDO
WHPSHUDWXUHRIƒ)DQGSRXOWU\WRDWOHDVWDQLQWHUQDO
WHPSHUDWXUHRIƒ)&RRNLQJWRWKHVHWHPSHUDWXUHVXVXDOO\
SURWHFWVDJDLQVWIRRGERUQHLOOQHVV
„8VHRQO\GU\SRWKROGHUV³PRLVWRUGDPSSRWKROGHUVRQKRW
VXUIDFHVPD\UHVXOWLQEXUQVIURPVWHDP'RQRWOHWSRWKROGHUV
WRXFKKRWVXUIDFHXQLWVRUKHDWLQJHOHPHQWV'RQRWXVHDWRZHO
RURWKHUEXON\FORWKLQSODFHRISRWKROGHUV
„'RQRWXVHDOXPLQXPIRLOWROLQHGULSSDQVRUDQ\ZKHUHLQWKH
RYHQH[FHSWDVGHVFULEHGLQWKLVPDQXDO)RLOFDQWUDSKHDW
RUPHOWUHVXOWLQJLQGDPDJHWRWKHSURGXFWDQGDVKRFNRUILUH
KD]DUG
:$51,1*
.((3)/$00$%/(0$7(5,$/6$:$<)520
7+(5$1*(
„'RQRWVWRUHRUXVHIODPPDEOHPDWHULDOVLQDQRYHQRUQHDU
WKHFRRNWRSLQFOXGLQJSDSHUSODVWLFSRWKROGHUVOLQHQVZDOO
FRYHULQJVFXUWDLQVGUDSHVDQGJDVROLQHRURWKHUIODPPDEOH
YDSRUVDQGOLTXLGV
„1HYHUZHDUORRVHILWWLQJRUKDQJLQJJDUPHQWVZKLOHXVLQJ
WKHDSSOLDQFH7KHVHJDUPHQWVPD\LJQLWHLIWKH\FRQWDFWKRW
VXUIDFHVFDXVLQJVHYHUHEXUQV
:$51,1*
„
'RQRWOHWFRRNLQJJUHDVHRURWKHUIODPPDEOHPDWHULDOV
DFFXPXODWHLQRUQHDUWKHUDQJH*UHDVHLQWKHRYHQRURQWKH
FRRNWRSPD\LJQLWH
„
&OHDQYHQWLODWLQJKRRGVIUHTXHQWO\*UHDVHVKRXOGQRWEH
DOORZHGWRDFFXPXODWHRQWKHKRRGRUILOWHU
,17+((9(172)$),5(7$.(7+()2//2:,1*
67(367235(9(177+(),5()520635($',1*
„'RQRWXVHZDWHURQJUHDVHILUHV1HYHUSLFNXSDIODPLQJSDQ
7XUQWKHFRQWUROVRII6PRWKHUDIODPLQJSDQRQDVXUIDFH
XQLWE\FRYHULQJWKHSDQFRPSOHWHO\ZLWKDZHOOILWWLQJOLG
FRRNLHVKHHWRUIODWWUD\8VHDPXOWLSXUSRVHGU\FKHPLFDORU
IRDPW\SHILUHH[WLQJXLVKHU
„
,IWKHUHLVDILUHLQWKHRYHQGXULQJVHOIFOHDQWXUQWKHRYHQ
RIIDQGZDLWIRUWKHILUHWRJRRXW'RQRWIRUFHWKHGRRU
RSHQ,QWURGXFWLRQRIIUHVKDLUDWVHOIFOHDQWHPSHUDWXUHV
PD\OHDGWRDEXUVWRIIODPHIURPWKHRYHQ)DLOXUHWRIROORZ
WKLVLQVWUXFWLRQPD\UHVXOWLQVHYHUHEXUQV
„,IWKHUHLVDILUHLQWKHRYHQGXULQJEDNLQJVPRWKHUWKHILUHE\
FORVLQJWKHRYHQGRRUDQGWXUQLQJWKHRYHQRIIRUE\XVLQJD
PXOWLSXUSRVHGU\FKHPLFDORUIRDPW\SHILUHH[WLQJXLVKHU
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
:$51,1*
&22.7236$)(7<,16758&7,216
„1HYHUOHDYHWKHVXUIDFHXQLWVXQDWWHQGHGDWPHGLXPRU
KLJKKHDWVHWWLQJV%RLORYHUVFDXVHVPRNLQJDQGJUHDV\
VSLOORYHUVWKDWPD\FDWFKRQILUH
„1HYHUOHDYHRLOXQDWWHQGHGZKLOHIU\LQJ,IDOORZHGWR
KHDWEH\RQGLWVVPRNLQJSRLQWRLOPD\LJQLWHUHVXOWLQJ
LQILUHWKDWPD\VSUHDGWRVXUURXQGLQJFDELQHWV8VHD
GHHSIDWWKHUPRPHWHUZKHQHYHUSRVVLEOHWRPRQLWRURLO
WHPSHUDWXUH
„2QO\FHUWDLQW\SHVRIJODVVJODVVFHUDPLFHDUWKHQZDUH
RURWKHUJOD]HGFRQWDLQHUVDUHVXLWDEOHIRUFRRNWRS
VHUYLFHRWKHUVPD\EUHDNEHFDXVHRIWKHVXGGHQ
FKDQJHLQWHPSHUDWXUH
„7RPLQLPL]HWKHSRVVLELOLW\RIEXUQVLJQLWLRQRI
IODPPDEOHPDWHULDOVDQGVSLOODJHWKHKDQGOHRID
FRQWDLQHUVKRXOGEHWXUQHGWRZDUGWKHFHQWHURIWKH
UDQJHZLWKRXWH[WHQGLQJRYHUQHDUE\VXUIDFHXQLWV
„7RDYRLGRLOVSLOORYHUDQGILUHXVHDPLQLPXPDPRXQWRI „:KHQSUHSDULQJIODPLQJIRRGVXQGHUDKRRGWXUQWKH
IDQRQ
RLOZKHQVKDOORZSDQIU\LQJDQGDYRLGFRRNLQJIUR]HQ
IRRGVZLWKH[FHVVLYHDPRXQWVRILFH
„,ISRZHULVORVWWRDQHOHFWULFFRRNWRSZKLOHDVXUIDFH
XQLWLV21WKHVXUIDFHXQLWZLOOWXUQEDFNRQDVVRRQDV
„
8VHSURSHUSDQVL]H³VHOHFWFRRNZDUHKDYLQJIODW
SRZHULVUHVWRUHG,QWKHHYHQWRISRZHUORVVIDLOXUH
ERWWRPVODUJHHQRXJKWRFRYHUWKHVXUIDFHKHDWLQJ
WRWXUQDOOVXUIDFHXQLWNQREVWRWKH2))SRVLWLRQPD\
HOHPHQW7KHXVHRIXQGHUVL]HGFRRNZDUHZLOOH[SRVH
UHVXOWLQLJQLWLRQRILWHPVRQRUQHDUWKHFRRNWRSOHDGLQJ
DSRUWLRQRIWKHVXUIDFHXQLWWRGLUHFWFRQWDFWDQGPD\
WRVHULRXVLQMXU\RUGHDWK
UHVXOWLQLJQLWLRQRIFORWKLQJ3URSHUUHODWLRQVKLSRI
FRRNZDUHWRVXUIDFHXQLWZLOODOVRLPSURYHHIILFLHQF\
:$51,1*
5$',$17&22.7236$)(7<,16758&7,216
VRPHPRGHOV
„8VHFDUHZKHQWRXFKLQJWKHFRRNWRS7KHJODVVVXUIDFH
RIWKHFRRNWRSZLOOUHWDLQKHDWDIWHUWKHFRQWUROVKDYH
EHHQWXUQHGRII
„'RQRWFRRNRQDEURNHQFRRNWRS,IJODVVFRRNWRS
VKRXOGEUHDNFOHDQLQJVROXWLRQVDQGVSLOORYHUV
PD\SHQHWUDWHWKHEURNHQFRRNWRSDQGFUHDWHD
ULVNRIHOHFWULFVKRFN&RQWDFWDTXDOLILHGWHFKQLFLDQ
LPPHGLDWHO\
„$YRLGVFUDWFKLQJWKHJODVVFRRNWRS7KHFRRNWRSFDQEH
VFUDWFKHGZLWKLWHPVVXFKDVNQLYHVVKDUSLQVWUXPHQWV
ULQJVRURWKHUMHZHOU\DQGULYHWVRQFORWKLQJ
„'RQRWSODFHRUVWRUHLWHPVWKDWFDQPHOWRUFDWFKILUH
RQWKHJODVVFRRNWRSHYHQZKHQLWLVQRWEHLQJXVHG,I
WKHFRRNWRSLVLQDGYHUWHQWO\WXUQHGRQWKH\PD\LJQLWH
+HDWIURPWKHFRRNWRSRURYHQYHQWDIWHULWLVWXUQHGRII
:$51,1*
„8VH&(5$0$%5<7(FHUDPLF&RRNWRS&OHDQHUDQG
&(5$0$%5<7(&OHDQLQJ3DGWRFOHDQWKHFRRNWRS
:DLWXQWLOWKHFRRNWRSFRROVDQGWKHLQGLFDWRUOLJKW
JRHVRXWEHIRUHFOHDQLQJ$ZHWVSRQJHRUFORWKRQD
KRWVXUIDFHFDQFDXVHVWHDPEXUQV6RPHFOHDQHUV
FDQSURGXFHQR[LRXVIXPHVLIDSSOLHGWRDKRWVXUIDFH
127(6XJDUVSLOOVDUHDQH[FHSWLRQ7KH\VKRXOGEH
VFUDSHGRIIZKLOHVWLOOKRWXVLQJDQRYHQPLWWDQGD
VFUDSHU6HHWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQIRU
GHWDLOHGLQVWUXFWLRQV
„5HDGDQGIROORZDOOLQVWUXFWLRQVDQGZDUQLQJVRQ
WKHFOHDQLQJFUHDPODEHO
&2,/&22.7236$)(7<,16758&7,216VRPHPRGHOV
„'RQRWLPPHUVHRUVRDNWKHUHPRYDEOHVXUIDFHXQLWV
'RQRWSXWWKHPLQDGLVKZDVKHU'RQRWVHOIFOHDQWKH
VXUIDFHXQLWVLQDQRYHQ'RLQJVRPD\FDXVHWKHPWR
IDLOSUHVHQWLQJDEXUQRUILUHKD]DUG
„7RDYRLGWKHSRVVLELOLW\RIDEXUQRUHOHFWULFVKRFNDOZD\V
EHFHUWDLQWKDWWKHFRQWUROVIRUDOOVXUIDFHXQLWVDUHDWWKH
2))SRVLWLRQDQGDOOFRLOVDUHFRROEHIRUHDWWHPSWLQJWROLIW
RUUHPRYHDFRLOVXUIDFHXQLW
PD\FDXVHWKHPWRLJQLWHDOVR
„%HVXUHWKHGULSSDQVDUHQRWFRYHUHGDQGDUHLQSODFH
7KHLUDEVHQFHGXULQJFRRNLQJFRXOGGDPDJHUDQJH
SDUWVDQGZLULQJ
„'RQRWXVHDOXPLQXPIRLOWROLQHGULSSDQV)RLOFDQWUDS
KHDWRUPHOWUHVXOWLQJLQGDPDJHWRWKHSURGXFWDQGD
VKRFNRUILUHKD]DUG
*($SSOLDQFHVFRP
:$51,1*
29(16$)(7<,16758&7,216
„6WDQGDZD\IURPWKHUDQJHZKHQRSHQLQJWKHRYHQ
GRRU+RWDLURUVWHDPZKLFKHVFDSHVFDQFDXVHEXUQV
WRKDQGVIDFHDQGRUH\HV
„.HHSWKHRYHQYHQWXQREVWUXFWHG
„.HHSWKHRYHQIUHHIURPJUHDVHEXLOGXS*UHDVHLQWKH
RYHQPD\LJQLWH
„3ODFHRYHQUDFNVLQGHVLUHGORFDWLRQZKLOHRYHQLVFRRO
,IUDFNPXVWEHPRYHGZKLOHRYHQLVKRWGRQRWOHWSRW
KROGHUFRQWDFWKRWKHDWLQJHOHPHQWLQRYHQ
„:KHQXVLQJFRRNLQJRUURDVWLQJEDJVLQWKHRYHQIROORZ
WKHPDQXIDFWXUHU·VGLUHFWLRQV
:$51,1*
„3XOOWKHRYHQUDFNWRWKHVWRSORFNSRVLWLRQZKHQ
ORDGLQJDQGXQORDGLQJIRRGIURPWKHRYHQ7KLVKHOSV
SUHYHQWEXUQVIURPWRXFKLQJKRWVXUIDFHVRIWKHGRRU
DQGRYHQZDOOV
„'RQRWOHDYHLWHPVVXFKDVSDSHUFRRNLQJXWHQVLOVRU
IRRGLQWKHRYHQZKHQQRWLQXVH,WHPVVWRUHGLQDQ
RYHQFDQLJQLWH
„'RQRWXVHDOXPLQXPIRLOWROLQHWKHRYHQERWWRP
)RLOFDQWUDSKHDWRUPHOWUHVXOWLQJLQGDPDJHWRWKH
SURGXFWDQGDVKRFNRUILUHKD]DUG
6(/)&/($1,1*29(16$)(7<,16758&7,216
6RPHPRGHOV
7KHVHOIFOHDQLQJIHDWXUHRSHUDWHVWKHRYHQDWWHPSHUDWXUHVKLJKHQRXJKWREXUQDZD\IRRGVRLOVLQWKHRYHQ
)ROORZWKHVHLQVWUXFWLRQVIRUVDIHRSHUDWLRQ
„%HIRUHRSHUDWLQJWKHVHOIFOHDQF\FOHUHPRYHSDQV
VKLQ\PHWDORYHQUDFNVDQGRWKHUXWHQVLOVIURPWKH
RYHQ2QO\JUD\RUEODFNSRUFHODLQFRDWHGRYHQUDFNV
DQGGULSSDQVPD\EHOHIWLQWKHRYHQ'RQRWXVH
VHOIFOHDQWRFOHDQRWKHUSDUWVVXFKDVVKLQ\GULSSDQV
RUERZOV
„%HIRUHRSHUDWLQJWKHVHOIFOHDQF\FOHZLSHJUHDVHDQG
IRRGVRLOVIURPWKHRYHQ([FHVVLYHDPRXQWRIJUHDVH
PD\LJQLWHOHDGLQJWRVPRNHGDPDJHWR\RXUKRPH
:$51,1*
„,IWKHVHOIFOHDQLQJPRGHPDOIXQFWLRQVWXUQWKHRYHQRII
DQGGLVFRQQHFWWKHSRZHUVXSSO\+DYHLWVHUYLFHGE\D
TXDOLILHGWHFKQLFLDQ
„'RQRWFOHDQWKHGRRUJDVNHW7KHGRRUJDVNHWLV
HVVHQWLDOIRUDJRRGVHDO&DUHVKRXOGEHWDNHQQRWWR
UXEGDPDJHRUPRYHWKHJDVNHW
„'RQRWXVHRYHQFOHDQHUV1RFRPPHUFLDORYHQFOHDQHU
RURYHQOLQHUSURWHFWLYHFRDWLQJRIDQ\NLQGVKRXOGEH
XVHGLQRUDURXQGDQ\SDUWRIWKHRYHQ
:$50,1*'5$:(5/2:(529(1'5$:(56$)(7<
,16758&7,216VRPHPRGHOV
„7KHSXUSRVHRIWKHZDUPLQJGUDZHULVWRKROGKRW
FRRNHGIRRGVDWVHUYLQJWHPSHUDWXUH%DFWHULDZLOOJURZ
LQIRRGZKLOHLWLVEHORZƒ)'RQRWSXWFROGIRRG
LQZDUPLQJGUDZHU'RQRWKHDWIRRGIRUPRUHWKDQ
KRXUV)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQ
IRRGERUQHLOOQHVV
„'RQRWOHDYHSDSHUSURGXFWVSODVWLFVFDQQHGIRRGRU
FRPEXVWLEOHPDWHULDOVLQWKHGUDZHU7KH\PD\LJQLWH
„'RQRWWRXFKWKHKHDWLQJHOHPHQWRUWKHLQWHULRUVXUIDFH
RIWKHGUDZHU7KHVHVXUIDFHVPD\EHKRWHQRXJKWR
FDXVHEXUQV
„8VHFDUHZKHQRSHQLQJWKHGUDZHU2SHQWKHGUDZHUD
FUDFNDQGOHWKRWDLURUVWHDPHVFDSHEHIRUHUHPRYLQJ
RUUHSODFLQJIRRG+RWDLURUVWHDPWKDWHVFDSHVFDQ
FDXVHEXUQVWRKDQGVIDFHDQGRUH\HV
„'RQRWXVHDOXPLQXPIRLOWROLQHWKHORZHUGUDZHU7KH
IRLOZLOOWUDSKHDWEHORZDQGXSVHWWKHSHUIRUPDQFH
RIWKHRYHQ)RLOFDQPHOWDQGSHUPDQHQWO\GDPDJH
WKHGUDZHUERWWRP'DPDJHIURPLPSURSHUXVHRI
DOXPLQXPIRLOLVQRWFRYHUHGE\WKHSURGXFWZDUUDQW\
)RUPRGHOVZLWKDJODVVFRRNWRS
),5(+$=$5'1HYHUOHDYHWKHUDQJHXQDWWHQGHGZLWKWKHFRRNWRSRQPHGLXPRUKLJK
VHWWLQJV.HHSIODPPDEOHLWHPVDZD\IURPWKHFRRNWRS7XUQRIIDOOFRQWUROVZKHQGRQH
FRRNLQJ)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVFDQUHVXOWLQILUHVHULRXVLQMXU\RUGHDWK
127(7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
:$51,1*
$ERXWWKHUDGLDQWVXUIDFHXQLWV
7KHUDGLDQWFRRNWRSIHDWXUHVKHDWLQJXQLWV
EHQHDWKDVPRRWKJODVVVXUIDFH
1HYHUFRRNGLUHFWO\RQWKHJODVV
$OZD\VXVHFRRNZDUH
&RRNWRSWHPSHUDWXUHVLQFUHDVHZLWKWKH
QXPEHURIVXUIDFHXQLWVWKDWDUHRQ:LWKRU
XQLWVWXUQHGRQVXUIDFHWHPSHUDWXUHVDUHKLJK
$OZD\VXVHFDXWLRQZKHQWRXFKLQJWKHFRRNWRS
$QLQGLFDWRUOLJKWZLOOFRPHRQZKHQWKH
VXUIDFHXQLWLVWXUQHGRQ
7KHDSSURSULDWH+27685)$&( LQGLFDWRU
OLJKWZLOOJORZZKHQLWVFRUUHVSRQGLQJUDGLDQW
HOHPHQWLVWXUQHGRQDQGZLOOUHPDLQRQXQWLO
WKHVXUIDFHKDVFRROHGEHORZƒ)
$OZD\VSODFHWKHSDQLQWKHFHQWHU
RIWKHVXUIDFHXQLW\RXDUHFRRNLQJRQ
127(
+RWVXUIDFHLQGLFDWRUOLJKWZLOO
„6WD\RQHYHQDIWHUWKHXQLWLVWXUQHGRII
„*ORZEULJKWO\XQWLOWKHXQLWKDVFRROHG
EHORZƒ)
'RQRWVOLGHFRRNZDUHDFURVVWKH
FRQWURORUFRRNWRSVXUIDFHEHFDXVH
LWFDQVFUDWFKWKHJODVV7KHJODVVLV
VFUDWFKUHVLVWDQWQRWVFUDWFKSURRI
127($VOLJKWRGRULVQRUPDOZKHQDQHZ
FRRNWRSLVXVHGIRUWKHILUVWWLPH,WLVFDXVHG
E\WKHKHDWLQJRIQHZSDUWVDQGLQVXODWLQJ
PDWHULDOVDQGZLOOGLVDSSHDULQDVKRUWWLPH
127(2QPRGHOVZLWKOLJKWFRORUHGJODVV
FRRNWRSVLWLVQRUPDOIRUWKHFRRNLQJ]RQHVWR
FKDQJHFRORUZKHQKRWRUFRROLQJGRZQ7KLVLV
WHPSRUDU\DQGZLOOGLVDSSHDUDVWKHJODVVFRROV
WRURRPWHPSHUDWXUH
,WLVVDIHWRSODFHKRWFRRNZDUHIURPWKHRYHQ
RUVXUIDFHRQWKHJODVVFRRNWRSZKHQWKH
VXUIDFHLVFRRO
(YHQDIWHUWKHVXUIDFHXQLWVDUHWXUQHGRIIWKH
JODVVFRRNWRSUHWDLQVHQRXJKKHDWWRFRQWLQXH
FRRNLQJ7RDYRLGRYHUFRRNLQJUHPRYHSDQV
IURPWKHVXUIDFHXQLWVZKHQWKHIRRGLVFRRNHG
$YRLGSODFLQJDQ\WKLQJRQWKHVXUIDFHXQLWXQWLO
LWKDVFRROHGFRPSOHWHO\
„:DWHUVWDLQVPLQHUDOGHSRVLWVDUHUHPRYDEOH
XVLQJWKHFOHDQLQJFUHDPRUIXOOVWUHQJWK
ZKLWHYLQHJDU
„8VHRIZLQGRZFOHDQHUPD\OHDYHDQ
LULGHVFHQWILOPRQWKHFRRNWRS7KHFOHDQLQJ
FUHDPZLOOUHPRYHWKLVGLVFRORUDWLRQ
„'RQ·WVWRUHKHDY\LWHPVDERYHWKHFRRNWRS,I
WKH\GURSRQWRWKHFRRNWRSWKH\FDQFDXVH
GDPDJH
„'RQRWXVHWKHVXUIDFHDVDFXWWLQJERDUG
6HOHFWLQJW\SHVRIFRRNZDUH
IRUJODVVFRRNWRSPRGHOVRQQRQLQGXFWLRQPRGHOV
*($SSOLDQFHVFRP
7KHIROORZLQJLQIRUPDWLRQZLOOKHOS\RXFKRRVHFRRNZDUHZKLFKZLOOJLYHJRRGSHUIRUPDQFHRQJODVVFRRNWRSV6HHLQVHUW
IRUFRRNZDUHWRXVHZLWKLQGXFWLRQFRRNWRSV
&KHFNSDQVIRUIODWERWWRPVE\
XVLQJDVWUDLJKWHGJH
6WDLQOHVV6WHHO
3RUFHODLQ(QDPHORQ&DVW,URQ
UHFRPPHQGHG
UHFRPPHQGHGLIERWWRPRISDQLVFRDWHG
$OXPLQXP
3RUFHODLQ(QDPHORQ6WHHO
KHDY\ZHLJKWUHFRPPHQGHG
*RRGFRQGXFWLYLW\$OXPLQXPUHVLGXHV
VRPHWLPHVDSSHDUDVVFUDWFKHVRQWKHFRRNWRS
EXWFDQEHUHPRYHGLIFOHDQHGLPPHGLDWHO\
%HFDXVHRILWVORZPHOWLQJSRLQWWKLQZHLJKW
DOXPLQXPVKRXOGQRW
EHXVHG
QRWUHFRPPHQGHG
+HDWLQJHPSW\SDQVFDQFDXVHSHUPDQHQW
GDPDJHWRFRRNWRSJODVV7KHHQDPHOFDQPHOW
DQGERQGWRWKHFHUDPLFFRRNWRS
&RSSHU%RWWRP
UHFRPPHQGHG
&RSSHUPD\OHDYHUHVLGXHVZKLFKFDQDSSHDU
DVVFUDWFKHV7KHUHVLGXHVFDQEHUHPRYHGDV
ORQJDVWKHFRRNWRSLVFOHDQHGLPPHGLDWHO\
+RZHYHUGRQRWOHWWKHVHSRWVERLOGU\
2YHUKHDWHGPHWDOFDQERQGWRJODVVFRRNWRSV
$QRYHUKHDWHGFRSSHUERWWRPSRWZLOOOHDYHD
UHVLGXHWKDWZLOOSHUPDQHQWO\VWDLQWKHFRRNWRS
LIQRWUHPRYHGLPPHGLDWHO\
3DQVZLWKURXQGHGFXUYHG
ULGJHGRUZDUSHGERWWRPVDUHQRW
UHFRPPHQGHG
*ODVVFHUDPLF
QRWUHFRPPHQGHG
3RRUSHUIRUPDQFH:LOOVFUDWFKWKHVXUIDFH
6WRQHZDUH
QRWUHFRPPHQGHG
3RRUSHUIRUPDQFH0D\VFUDWFKWKHVXUIDFH
&DVW,URQ
QRWUHFRPPHQGHG³XQOHVVGHVLJQHGVSHFLILFDOO\
IRUJODVVFRRNWRSV
3RRUFRQGXFWLYLW\DQGVORZWRDEVRUEKHDW:LOO
VFUDWFKWKHFRRNWRSVXUIDFH
127()ROORZDOOFRRNZDUHPDQXIDFWXUHU·VUHFRPPHQGDWLRQVZKHQXVLQJDQ\W\SHRIFRRNZDUHRQ
WKHFHUDPLFFRRNWRS
)RU%HVW5HVXOWV
„3ODFHRQO\GU\SDQVRQWKHVXUIDFH
HOHPHQWV'RQRWSODFHOLGVRQWKHVXUIDFH
HOHPHQWVSDUWLFXODUO\ZHWOLGV
'RQRWSODFHZHWSDQV
RQWKHJODVVFRRNWRS
'RQRWXVHZRNVZLWKVXSSRUW
ULQJVRQWKHJODVVFRRNWRS
8VHIODWERWWRPHGZRNV
RQWKHJODVVFRRNWRS
„'RQRWXVHZRNVWKDWKDYHVXSSRUWULQJV
7KLVW\SHRIZRNZLOOQRWKHDWRQJODVV
VXUIDFHHOHPHQWV
„$YRLGDOORZLQJIRRGVWRERLOGU\DVVRPH
FRRNZDUHPD\VWLFNWRWKHFRRNLQJ
VXUIDFHFDXVLQJSHUPDQHQWGDPDJHWR
WKHFRRNWRS
„:HUHFRPPHQGWKDW\RXXVHRQO\DIODW
ERWWRPHGZRN7KH\DUHDYDLODEOHDW\RXU
ORFDOUHWDLOVWRUH7KHERWWRP
RIWKHZRNVKRXOGKDYHWKHVDPHGLDPHWHU
DVWKHVXUIDFHHOHPHQW
WRHQVXUHSURSHUFRQWDFW
„6RPHVSHFLDOFRRNLQJSURFHGXUHVUHTXLUH
VSHFLILFFRRNZDUHVXFKDVSUHVVXUH
FRRNHUVGHHSIDWIU\HUVHWF$OOFRRNZDUH
PXVWKDYHIODWERWWRPVDQGEHWKHFRUUHFW
VL]H
8VLQJWKHVXUIDFHXQLWV³.QREFRQWUROOHGPRGHOV
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
+RZWR6HW
3XVKWKHNQRELQDQGWXUQLQHLWKHUGLUHFWLRQWR
WKHVHWWLQJ\RXZDQW
)RUJODVVFRRNWRSVXUIDFHV
$+27&22.723LQGLFDWRUOLJKWRQWKH
FRRNWRSZLOOJORZZKHQDQ\UDGLDQWHOHPHQW
LVWXUQHGRQ,WZLOOUHPDLQRQXQWLOWKHVXUIDFH
LVFRROHGWRDSSUR[LPDWHO\ƒ)
$WERWK2)) DQG+, WKHFRQWUROFOLFNV
LQWRSRVLWLRQ<RXPD\KHDUVOLJKW
FOLFNLQJVRXQGVGXULQJFRRNLQJ
LQGLFDWLQJWKHFRQWUROLVPDLQWDLQLQJ
\RXUGHVLUHGVHWWLQJ
%HVXUH\RXWXUQWKHFRQWURONQRE
WR2))ZKHQ\RXILQLVKFRRNLQJ
,QGLFDWRUOLJKWZLOO
„&RPHRQZKHQWKHXQLWLVWXUQHGRQRUKRW
WRWKHWRXFK
„6WD\RQHYHQDIWHUWKHXQLWLVWXUQHGRII
„*ORZXQWLOWKHXQLWLVFRROHGWR
DSSUR[LPDWHO\ƒ)
'XDODQG7ULSOH6XUIDFH8QLWVDQG&RQWURO.QREVRQVRPHPRGHOV
7KHVXUIDFHXQLWKDVRUFRRNLQJVL]HV
WRVHOHFWIURPVR\RXFDQPDWFKWKHVL]H
RIWKHXQLWWRWKHVL]HRIWKHFRRNZDUH\RXDUH
XVLQJ
0RGHOVZLWKD7ULSOH6XUIDFH8QLWRQO\
2QVRPHPRGHOV
0RGHOVZLWKD7ULSOH6XUIDFH8QLWRQO\
2QVRPHPRGHOV
7HPSHUDWXUH/LPLWHU
(YHU\UDGLDQWVXUIDFHXQLWKDVDWHPSHUDWXUH
OLPLWHU
7KHWHPSHUDWXUHOLPLWHUPD\F\FOHWKHXQLWVRII
PRUHIUHTXHQWO\IRUDWLPHLI
7KHWHPSHUDWXUHOLPLWHUSURWHFWVWKHJODVV
FRRNWRSIURPJHWWLQJWRRKRW,WLVQRUPDOIRULW
WRF\FOHZKHQWKHFRRNWRSLVLQXVH
„7KHSDQERLOVGU\
„7KHSDQERWWRPLVQRWIODW
„7KHSDQLVRIIFHQWHU
„7KHUHLVQRSDQRQWKHXQLW
*($SSOLDQFHVFRP
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
8VLQJWKH&22.:$50=RQH
*8,'(
6(77,1* )22'
/RZ
0HGLXP
%XWWHU
0HGLXP
0HGLXP
+LJK
+LJK
%UHDG3DVWULHV
&KRFRODWH
6DXFHV6WHZV
&UHDP6RXSV
9HJHWDEOHV
6RXSVOLTXLG
7HDRU&RIIHH
7KH*XLGHLVIRUUHIHUHQFHRQO\
DQGWKH6(77,1*WKDW\RXQHHG
ZLOOGHSHQGRQWKHDPRXQW
DQGW\SHRIIRRGWKHVWDUWLQJ
WHPSHUDWXUHRIWKHIRRGDQGWKH
OHQJWKRIWKHKROGLQJWLPH
7KH&22.:$50=21(ORFDWHGLQWKHEDFN
FHQWHURIWKHJODVVVXUIDFHZLOONHHSKRW
FRRNHGIRRGDWVHUYLQJWHPSHUDWXUH$OZD\V
VWDUWZLWKKRWIRRG'RQRWXVHWRKHDWFROG
IRRG3ODFLQJXQFRRNHGRUFROGIRRGRQWKH
&22.:$50=21(FRXOGUHVXOWLQIRRGERUQH
LOOQHVV
3XVKDQGWXUQWKHFRQWURONQREWRDQ\GHVLUHG
VHWWLQJ
)RUEHVWUHVXOWVDOOIRRGVRQWKH
&22.:$50=21(VKRXOGEHFRYHUHG
ZLWKDOLGRUDOXPLQXPIRLO:KHQZDUPLQJ
SDVWULHVRUEUHDGVWKHFRYHUVKRXOGEHYHQWHG
WRDOORZPRLVWXUHWRHVFDSH
$OZD\VXVHSRWKROGHUVRURYHQPLWWVZKHQ
UHPRYLQJIRRGIURPWKH&22.:$50=21(DV
FRRNZDUHDQGSODWHVZLOOEHKRW
&$87,21'RQRWZDUPIRRGRQ
WKH&22.:$50=21(IRUPRUHWKDQWZR
KRXUV
127(7KHVXUIDFHFRRNZDUP]RQHZLOOQRW
JORZUHGOLNHWKHFRRNLQJHOHPHQWV
$+27VXUIDFHLQGLFDWRUOLJKWZLOOJORZZKHQWKH
JODVVVXUIDFHLVKRWDQGZLOOUHPDLQRQXQWLOWKH
VXUIDFHLVFRROHQRXJKWRWRXFK/RZHUVHWWLQJV
PD\QRWKHDWWKHJODVVVXUIDFHHQRXJKWRFDXVH
WKH+27VXUIDFHLQGLFDWRUOLJKWWRFRPHRQ
$&22.:$50=21(LQGLFDWRUOLJKWZLOOJORZ
ZKHQWKHXQLWLVRQ
■'RQRWXVHSODVWLFZUDSWRFRYHUIRRG3ODVWLF
PD\PHOWRQWRWKHVXUIDFHDQGEHYHU\
GLIILFXOWWRFOHDQ
■8VHRQO\FRRNZDUHUHFRPPHQGHGIRUWRSRI
UDQJHFRRNLQJ
+RPH&DQQLQJ7LSV
%HVXUHWKHFDQQHULVFHQWHUHGRYHUWKHVXUIDFH
XQLW
0DNHVXUHWKHFDQQHULVIODWRQWKHERWWRP
7RSUHYHQWEXUQVIURPVWHDPRUKHDW
XVHFDXWLRQZKHQFDQQLQJ
8VHUHFLSHVDQGSURFHGXUHVIURPUHSXWDEOH
VRXUFHV7KHVHDUHDYDLODEOHIURP
PDQXIDFWXUHUVVXFKDV%DOODQG.HUUDQGWKH
'HSDUWPHQWRI$JULFXOWXUH([WHQVLRQ6HUYLFH
)ODWERWWRPHGFDQQHUVDUHUHFRPPHQGHG8VH
RIZDWHUEDWKFDQQHUVZLWKULSSOHGERWWRPV
PD\H[WHQGWKHWLPHUHTXLUHG
WREULQJWKHZDWHUWRDERLO
:RN&RRNLQJ
:HUHFRPPHQGWKDW\RXXVHRQO\DIODW
ERWWRPHGZRN7KH\DUHDYDLODEOHDW\RXUORFDO
UHWDLOVWRUH
'RQRWXVHURXQGERWWRPZRNV<RXFRXOGEH
VHULRXVO\EXUQHGLIWKHZRNWLSSHGRYHU
'RQRWXVHZRNVWKDWKDYHVXSSRUWULQJV
8VHRQO\IODWERWWRPHGZRNV
8VLQJWKHJULGGOH0RGHO&6RQO\
&$87,21
%851+$=$5'*ULGGOHVXUIDFHVPD\EHKRWHQRXJKWRFDXVHEXUQVGXULQJDQGDIWHUXVH
3ODFHDQGUHPRYHWKHJULGGOHZKHQLWLVFRRODQGDOOVXUIDFHXQLWVDUHRII8VHRYHQPLWWVLI
\RXZLOOWRXFKWKHJULGGOHZKLOHKRW)DLOXUHWRGRVRFDQUHVXOWLQEXUQV
%HIRUHXVLQJWKLVFRRNZDUHIRUWKHILUVWWLPH
ZDVKLWWRPDNHVXUHLWLVFOHDQ7KHQVHDVRQ
LWOLJKWO\UXEELQJFRRNLQJRLORQWRWKHQRQVWLFN
VXUIDFH
8VLQJWKH*ULGGOH
0RVWJULGGOHGIRRGVUHTXLUHFRRNLQJ
RQDSUHKHDWHGVXUIDFH3UHKHDWJULGGOH
DFFRUGLQJWRWKHJXLGHEHORZWKHQVZLWFK
WRWKHGHVLUHGFRRNVHWWLQJ
7RWXUQRQWKHVXUIDFHXQLWVIRUWKHHQWLUH
JULGGOHWXUQWKHNQREFORFNZLVH
7RWXUQRQWKHVXUIDFHXQLWIRUWKHEDFN
KDOIRIWKHJULGGOHWXUQWKHNQRE
FRXQWHUFORFNZLVH
7\SHRI)RRG
:DUPLQJ
7RUWLOODV
3DQFDNHV
+DPEXUJHUV
)ULHG(JJV
%DFRQ
%UHDNIDVW
6DXVDJH/LQNV
+RW6DQGZLFKHV
VXFKDV
*ULOOHG&KHHVH
3UHKHDW
6HWWLQJ
DQG7LPH
PLQ
PLQ
PLQ
PLQ
1RQH
PLQ
PLQ
&RRN6HWWLQJ
127(*ULGGOHVHWWLQJVPD\QHHGWREHDGMXVWHG
LIJULGGOHLVXVHGIRUDQH[WHQGHGWLPH
+RZWRSODFHWKHJULGGOH
,03257$17$OZD\VSODFHDQGXVH\RXUJULGGOH
DWWKHGHVLJQDWHGORFDWLRQRQWKHFRRNWRS
,03257$17127(6
„&OHDQWKHJULGGOHZLWKDVSRQJHDQGPLOG
GHWHUJHQWLQZDUPZDWHU'2127XVHEOXHRU
JUHHQVFUXEELQJSDGVRUVWHHOZRRO
„$YRLGFRRNLQJH[WUHPHO\JUHDV\IRRGVDQGEH
FDUHIXORIJUHDVHVSLOORYHUZKLOHFRRNLQJ
„1HYHUSODFHRUVWRUHDQ\LWHPVRQWKHJULGGOH
HYHQZKHQLWLVQRWLQXVH7KHJULGGOHFDQ
EHFRPHKHDWHGZKHQXVLQJWKHVXUURXQGLQJ
VXUIDFHXQLWV
„$YRLGXVLQJPHWDOXWHQVLOVZLWKVKDUSSRLQWV
RUURXJKHGJHVZKLFKPLJKWGDPDJHWKH
JULGGOH'RQRWFXWIRRGVRQWKHJULGGOH
„'RQRWXVHFRRNZDUHDVDVWRUDJHFRQWDLQHU
IRUIRRGRURLO3HUPDQHQWVWDLQLQJDQGRU
FUD]HOLQHVFRXOGUHVXOW
127(7KHQRQVWLFNFRDWLQJZLOOGHJUDGHZKHQ
H[SRVHGWRWHPSHUDWXUHVRYHUƒ)8VH
RQO\ZLWKWKHJULGGOHFRQWURODQGRQO\DWWKH
GHVLJQDWHGORFDWLRQRQWKHFRRNWRS'RQRWXVH
WKHJULGGOHWREURLOIRRGLQWKHRYHQ'RQRWFOHDQ
WKHJULGGOHXVLQJWKHVHOIFOHDQPRGHLQWKHRYHQ
7KHJULGGOHFRQWUROSUHYHQWVRYHUKHDWLQJWKH
QRQVWLFNFRDWLQJ$WWHPSHUDWXUHVRYHUƒ)
WKHQRQVWLFNSURSHUWLHVSHUPDQHQWO\GHJUDGH
DQGPD\SURGXFHIXPHVKDUPIXOWRELUGV
127(<RXUJULGGOHZLOOGLVFRORURYHUWLPHZLWK
XVH
127('RQRWFOHDQWKHJULGGOHLQWKHVHOI
FOHDQLQJRYHQ
127($OZD\VDOORZWKHFRRNZDUHWRFRRO
EHIRUHLPPHUVLQJLQZDWHU
*($SSOLDQFHVFRP
3UHSDULQJ4XDOLW\6WHDN(DV\DV
%ULQJVWHDNWRURRPWHPSHUDWXUH
127($OZD\VXVHVDIHIRRGSUDFWLFHVZKHQKDQGOLQJPHDW
6HDVRQERWKVLGHVWRWDVWHDQGFRDWZLWKROLYHRLORUVLPLODU
3UHKHDWWKHRYHQWR%$.(DWƒZLWKWKHRYHQUDFNLQFHQWHUSRVLWLRQ´&µ
3ODFH\RXUJULGGOHRQWKHGHVLJQDWHGDUHDRIWKHFRRNWRSDQGWKHQSUHKHDWWKHJULGGOH
WRƒ)
&$87,217KHJULGGOHZLOOEH9(5<+278VHRYHQPLWWV
6HDUVWHDNRQHDFKVLGHIRUPLQXWHVRUXQWLOWKHGHVLUHGEURZQLQJLVDFKLHYHG
127(7KHUHZLOOEH´VPRNHµHQVXUHWKHUHLVSURSHUYHQWLODWLRQ
,QVHUWWKHPHDWSUREHWKDWFDPHZLWK\RXUUDQJHLQWRWKHFHQWHURIWKHVWHDNPDNLQJVXUHWKDWWKHWLS
RIWKHSUREHLVLQWKHFHQWHURIWKHVWHDN
3OXJWKHSUREHLQWRWKHRXWOHWORFDWHGRQWKHXSSHUIURQWVLGHRIWKHRYHQVOLGHWKHUDFNEDFNLQWRWKH
RYHQDQGFORVHWKHGRRU
3UHVV352%(RQ\RXUFRQWUROHQWHUWKHGHVLUHGLQWHUQDOWHPSDQGSUHVV67$57
$OORZVWHDNWRILQLVKFRRNLQJLQWKHRYHQ7KHUDQJHFRQWUROZLOOEHHSDQGWXUQRIIZKHQ
WKHVWHDNUHDFKHVWKHGHVLUHGLQWHUQDOWHPSHUDWXUH
127(6
„$IWHUVHDULQJ\RXUVWHDNFRXOGSRVVLEO\DOUHDG\EHDWWKHGHVLUHGWHPSHUDWXUHGHSHQGLQJRQVL]H
FXWDQGGHVLUHGGRQHQHVV
„)RUWKLQQHUVWHDNVLWPD\QRWEHSRVVLEOHWRDFKLHYHD5DUHRU0HGLXP5DUHGRQHQHVV
%\ILUVWVHDULQJ\RXUPHDWZLWKDYHU\KLJKKHDW\RXDUHFUHDWLQJDEURZQLQJUHDFWLRQNQRZQDVWKH0DLOODUG5HDFWLRQ
7KLVUHDFWLRQXQORFNVWKHIXOOHUPRUHLQWHQVHIODYRUIURPWKHPHDWZKLFKRFFXUVZKHQFRRNLQJPHDWDWDKLJKKHDW
8VLQJWKHRYHQFRQWUROV
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO6HHWKHFRQWUROSDQHOEHORZWKDWPDWFKHV
\RXUPRGHO
RANGE
LOCKOUT
PUSH/START
%52,/+,/23DG
352%(3DG0RGHO&6RQO\
7RXFKWKH%52,/+,/2SDGRQFHIRU+,%URLO
7RFKDQJHWR/2%URLOWRXFKWKH%52,/+,/2SDGDJDLQ
7RXFKWKH67$57SDG
:KHQEURLOLQJLVILQLVKHGWRXFKWKH&/($52))SDG
7RXFKZKHQXVLQJWKHSUREHWRFRRNIRRG
6HHWKH8VLQJWKH3UREHVHFWLRQ
%$.(3DG
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHGRYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
:KHQEDNLQJLVILQLVKHGWRXFKWKH&/($52))SDG
&219(&7,21&22.3DG
7RXFKWKH&219(&7,21&22.&219(&7,21%$.(RU
&219(&7,2152$67SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHGRYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
:KHQFRRNLQJLVILQLVKHGWRXFKWKH&/($52))SDG
6(/)&/($13DG
7RXFKWRVHOIFOHDQWKHRYHQ
6HHWKH8VLQJWKH6HOI&OHDQLQJ8SSHUDQG/RZHU2YHQVVHFWLRQ
&/($52))3DG
7RXFKWRFDQFHO$//RYHQRSHUDWLRQVH[FHSWWKHFORFNDQGWLPHU
*($SSOLDQFHVFRP
67$573DG
5$1*(/2&.2873DG
0XVWEHWRXFKHGWRVWDUWDQ\FRRNLQJRUFOHDQLQJIXQFWLRQ
<RXUFRQWUROZLOODOORZ\RXWRORFNRXWWKHWRXFKSDGVDQGWKH
FRRNWRSVRWKH\FDQQRWEHDFWLYDWHGZKHQWRXFKHG
7RXFKWKH5$1*(/2&.287SDGDQGWKHQWKH67$57SDGWRORFN
DQGXQORFNWKHVXUIDFHXQLWVRYHQEXUQHUVDQGFRQWUROSDQHOVR
WKH\FDQQRWEHDFWLYDWHG
29(1/,*+73DG
7RXFKWRWXUQWKHRYHQOLJKWVRQRURII
7,0(5212))3DGV.,7&+(17,0(53DG
7RXFKWRVHWWKHNLWFKHQWLPHU
6HHWKH8VLQJWKH.LWFKHQ7LPHUVHFWLRQ
&22.7,0(&22.,1*7,0(3DG
7RXFKWKLVSDGDQGWKHQWRXFKWKHQXPEHUSDGVWRVHWWKH
DPRXQWRIWLPH\RXZDQW\RXUIRRGWRFRRN7KHRYHQZLOOVKXWRII
ZKHQWKHFRRNLQJWLPHKDVUXQRXW
'(/$<67$573DG
8VHDORQJZLWKWKH&22.7,0(RU6(/)&/($1SDGVWRVHW
WKHRYHQWRVWDUWDQGVWRSDXWRPDWLFDOO\DWDWLPH\RXVHW
&/2&.3DG
127(:KHQVHWWLQJWLPHV\RXDUHVHWWLQJKRXUVDQGPLQXWHVRQO\
7KHORZHVWWLPH\RXFDQVHWLVRQHPLQXWH
7RXFKWKH&/2&.SDG
7RXFKWKHQXPEHUSDGV
7RXFKWKH67$57SDG
7KHFORFNPXVWEHVHWWRWKHFRUUHFWWLPHRIGD\IRUWKHDXWRPDWLF
RYHQWLPLQJIXQFWLRQVWRZRUNSURSHUO\7KHWLPHRIGD\FDQQRWEH
FKDQJHGGXULQJDWLPHGEDNLQJRUVHOIFOHDQLQJF\FOH
,I\RXURYHQZDVVHWIRUDWLPHGRYHQRSHUDWLRQDQGDSRZHU
RXWDJHRFFXUUHGWKHFORFNDQGDOOSURJUDPPHGIXQFWLRQVPXVW
EHUHVHW7KHWLPHRIGD\ZLOOIODVKLQWKHGLVSOD\ZKHQWKHUHKDV
EHHQDSRZHURXWDJH
8VLQJWKHRYHQ
7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQRQWKHRYHQ
%HIRUH\RXEHJLQ«
7KHUDFNVKDYHVWRSVVRWKDWZKHQSODFHG
FRUUHFWO\RQWKHVXSSRUWVWKH\ZLOOVWRSEHIRUH
FRPLQJFRPSOHWHO\RXWDQGZLOO
QRWWLOW
:KHQSODFLQJDQGUHPRYLQJFRRNZDUH
SXOOWKHUDFNRXWXQWLOLWVWRSV
2QVRPHPRGHOVWKHEDNHKHDWLQJHOHPHQWLV
XQGHUWKHRYHQIORRU'RQRWSODFHIRRGVRQWKH
RYHQERWWRPIRUFRRNLQJ
7RUHPRYHDUDFNSXOOLWWRZDUG\RX
WLOWWKHIURQWHQGXSDQGSXOOLWRXW
7KHQXPEHURIUDFNSRVLWLRQVPD\
YDU\E\PRGHO
7RUHSODFHSODFHWKHHQGRIWKHUDFN
VWRSORFNVRQWKHVXSSRUWWLOWXSWKHIURQWDQG
SXVKWKHUDFNLQ
&$87,21
:KHQ\RXDUHXVLQJDUDFNLQWKHORZHVWSRVLWLRQ
$\RXZLOOQHHGWRXVHFDXWLRQZKHQSXOOLQJ
WKHUDFNRXW:HUHFRPPHQGWKDW\RXSXOOWKH
UDFNRXWVHYHUDOLQFKHVDQGWKHQXVLQJWZRSRW
KROGHUVSXOOWKHUDFNRXWE\KROGLQJWKHVLGHVRI
LW7KHUDFNLVORZDQG\RXFRXOGEHEXUQHGLI\RX
SODFH\RXUKDQGLQWKHPLGGOHRIWKHUDFNDQG
SXOODOOWKHZD\RXW%HYHU\FDUHIXOQRWWREXUQ
\RXUKDQGRQWKHGRRUZKHQXVLQJWKHUDFNLQ
WKHORZHVWSRVLWLRQ$
$OXPLQXP)RLO
'RQRWXVHDOXPLQXPIRLOWROLQHRYHQ
ERWWRPV7KHIRLOZLOOWUDSKHDWEHORZDQG
XSVHWWKHSHUIRUPDQFHRIWKHRYHQ)RLOFDQ
PHOWDQGSHUPDQHQWO\GDPDJHWKHRYHQ
ERWWRP'DPDJHIURPLPSURSHUXVHRI
DOXPLQXPIRLOLVQRWFRYHUHGE\WKHSURGXFW
ZDUUDQW\
)RLOPD\EHXVHGWRFDWFKVSLOOVE\SODFLQJD
VKHHWRQDORZHUUDFNVHYHUDOLQFKHVEHORZ
WKHIRRG'RQRWXVHPRUHIRLOWKDQQHFHVVDU\
DQGQHYHUHQWLUHO\FRYHUDQRYHQUDFNZLWK
DOXPLQXPIRLO.HHSIRLODWOHDVWµIURP
RYHQZDOOVWRSUHYHQWSRRUKHDWFLUFXODWLRQ
*($SSOLDQFHVFRP
7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQRQWKHRYHQ
3UHKHDWLQJDQG3DQ3ODFHPHQW
7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKH
GHVLUHGSRVLWLRQEHIRUH\RXWXUQRQWKHRYHQ
3UHKHDWWKHRYHQLIWKHUHFLSHFDOOVIRULW3UHKHDWLQJ
LVQHFHVVDU\IRUJRRGUHVXOWVZKHQEDNLQJFDNHV
FRRNLHVSDVWULHVDQGEUHDGV
'RQRWSODFHIRRGVGLUHFWO\RQWKH
RYHQIORRU
,IEDNLQJIRXUFDNHOD\HUVDWWKHVDPHWLPHSODFH
WZROD\HUVRQUDFN&DQGWZROD\HUVRQUDFN(
6WDJJHUSDQVRQWKHUDFNVRRQHLVQRWGLUHFWO\
DERYHWKHRWKHU
%DNLQJUHVXOWVZLOOEHEHWWHULIIRRGLVFHQWHUHGLQ
WKHRYHQDVPXFKDVSRVVLEOH$QJHOIRRGFDNHLV
WKHH[FHSWLRQDQGVKRXOGEHSODFHGRQWKHERWWRP
RYHQUDFNSRVLWLRQ$)ROORZSDFNDJHGLUHFWLRQVRQ
SUHSDFNDJHGDQGIUR]HQIRRGVIRUSDQSODFHPHQW
3DQVVKRXOGQRWWRXFKHDFKRWKHURUWKHZDOOVRI
WKHRYHQ,I\RXQHHGWRXVHWZRUDFNVVWDJJHUWKH
SDQVVRRQHLVQRWGLUHFWO\DERYHWKHRWKHU/HDYH
DSSUR[LPDWHO\øsEHWZHHQSDQVDQGIURPWKH
IURQWEDFNDQGVLGHVRIRYHQZDOO
+RZWR6HWWKH2YHQIRU%DNLQJRU5RDVWLQJ
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVXQWLOWKHGHVLUHG
WHPSHUDWXUHLVGLVSOD\HG
7RXFKWKH67$57SDG
7KHRYHQZLOOVWDUWDXWRPDWLFDOO\7KHZRUG21DQG
ƒZLOOEHGLVSOD\HG:KHQWKHRYHQUHDFKHVWKH
VHOHFWHGWHPSHUDWXUHWKHRYHQFRQWUROZLOOEHHS
VHYHUDOWLPHVDQGWKHGLVSOD\ZLOOVKRZWKHRYHQ
WHPSHUDWXUH
127( <RXZLOOKHDUWKHFRQYHFWLRQIDQRQ
VRPHPRGHOVZKLOHWKHRYHQLVSUHKHDWLQJ7KH
IDQZLOOVWRSDIWHUWKHRYHQLVSUHKHDWHGDQG
WKHGLVSOD\VKRZV\RXUVHWWHPSHUDWXUH7KLVLV
QRUPDO
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJWKH%$.(
F\FOHWRXFKWKH%$.(SDGDQGWKHQWKHQXPEHUSDGV
WRJHWWKHQHZWHPSHUDWXUH
&KHFNIRRGIRUGRQHQHVVDWWKHPLQLPXPWLPH
RQWKHUHFLSH&RRNORQJHULIQHFHVVDU\
7RXFKWKH&/($52))SDGZKHQEDNLQJLV
ILQLVKHGDQGWKHQUHPRYHWKHIRRGIURPWKH
RYHQ
8VLQJWKHRYHQ
+RZWR6HWWKH2YHQIRU%URLOLQJ
,I\RXUUDQJHLVFRQQHFWHGWRYROWVUDUH
VWHDNVPD\EHEURLOHGE\SUHKHDWLQJWKH
EURLOHUDQGSRVLWLRQLQJWKHRYHQUDFNRQH
SRVLWLRQKLJKHU
8VH/2%URLO WRFRRNIRRGVVXFKDVSRXOWU\
RUWKLFNFXWVRIPHDWWKRURXJKO\ZLWKRXW
RYHUEURZQLQJWKHP
&ORVHWKHGRRU$OZD\VEURLOZLWKWKH
GRRUFORVHG
127(%URLOZLOOQRWZRUNLIWKH
WHPSHUDWXUHSUREHLVSOXJJHGLQ
3ODFHWKHPHDWRUILVKRQDEURLOHUJULGLQD
EURLOHUSDQGHVLJQHGIRUEURLOLQJ
7RXFKWKH%52,/+,/2SDGRQFHIRU+,
%URLO
7RFKDQJHWR/2%URLOWRXFKWKH
%52,/+,/2SDGDJDLQ
7RXFKWKH67$57SDG
:KHQEURLOLQJLVILQLVKHGWRXFKWKH
&/($52))SDG
)ROORZVXJJHVWHGUDFNSRVLWLRQVLQWKH
%URLOLQJ*XLGH
%URLOLQJ*XLGH
7KHVL]HZHLJKWWKLFNQHVV
VWDUWLQJWHPSHUDWXUH
DQG\RXUSUHIHUHQFH
RIGRQHQHVVZLOODIIHFW
EURLOLQJWLPHV7KLVJXLGH
LVEDVHGRQPHDWVDW
UHIULJHUDWRUWHPSHUDWXUH
‚7KH86'HSDUWPHQWRI
$JULFXOWXUHVD\V´5DUHEHHILV
SRSXODUEXW\RXVKRXOGNQRZWKDW
FRRNLQJLWWRRQO\ƒ)PHDQV
VRPHIRRGSRLVRQLQJRUJDQLVPV
PD\VXUYLYHµ6RXUFH6DIH)RRG
%RRN<RXU.LWFKHQ*XLGH86'$
5HY-XQH
3UHKHDWWKHEURLOHUIRUPLQXWHVWRLPSURYHSHUIRUPDQFH
)RRG
'RQHQHVV
7\SHRU
7KLFNQHVV
5DFN3RVLWLRQ
%HHI
5DUHƒ)
0HGLXPƒ)
:HOO'RQHƒ)
6WHDNV²
sWKLFN
6WHDNV²
sWRsWKLFN
6WHDNV²
sWRsWKLFN
RU*URXQG%HHI3DWWLHV
(RU)IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
(IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
'RU(IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
6WHDNVOHVVWKDQs
WKLFNDUHGLIILFXOWWR
FRRNUDUH7KH\FRRN
WKURXJKEHIRUH
EURZQLQJ
7RSUHYHQWFXUOLQJRI
PHDWVODVKIDWDWs
LQWHUYDOV
&KLFNHQ
%UHDVWERQHOHVV
%UHDVWERQHLQ
&IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
&IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
%URLOVNLQVLGHGRZQ
ILUVW
)LVK)LOOHWV
sWRsWKLFN
'RU(IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
+DQGOHDQGWXUQYHU\
FDUHIXOO\
3RUN&KRSV
:HOO'RQHƒ)
sWKLFN
'IRRGVKRXOGEHs
WRsIURPEURLOHOHPHQW
7RSUHYHQWFXUOLQJRI
PHDWVODVKIDWDWs
LQWHUYDOV
8VHUDFNSRVLWLRQ$IRUWKHVPDOOHUUDFNSRVLWLRQRYHQ
&RPPHQWV
8VLQJWKHWLPHGEDNLQJDQGURDVWLQJIHDWXUHV8SSHU2YHQ2QO\
RQVRPHPRGHOV
*($SSOLDQFHVFRP
127()RRGVWKDWVSRLOHDVLO\³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³VKRXOGQRWEHDOORZHGWRVLWIRUPRUH
WKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD
%HVXUHWKDWWKHRYHQOLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRNIRUD
VHOHFWHGOHQJWKRIWLPH$WWKHHQGRIWKHFRRNLQJ
WLPHWKHRYHQZLOOWXUQRIIDXWRPDWLFDOO\
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVWRVHW
WKHGHVLUHGRYHQWHPSHUDWXUH
7RXFKWKH&22.7,0(SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRI
WKHFRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHPLQLPXP
FRRNLQJWLPH\RXFDQVHWLVPLQXWH
7KHRYHQWHPSHUDWXUHWKDW\RXVHWDQG
WKHFRRNLQJWLPHWKDW\RXHQWHUHGZLOOEH
LQWKHGLVSOD\
7RXFKWKH67$57SDG
127($QDWWHQWLRQWRQHZLOOVRXQGLI\RXDUHXVLQJ
WLPHGEDNLQJDQGGRQRWWRXFKWKH67$57SDG
7KHRYHQZLOOWXUQ21DQGWKHGLVSOD\ZLOOVKRZ
WKHFRRNLQJWLPHFRXQWGRZQDQGWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDWƒ)7KHWHPSHUDWXUH
GLVSOD\ZLOOVWDUWWRFKDQJHRQFHWKHRYHQ
WHPSHUDWXUHUHDFKHVƒ):KHQWKHRYHQ
UHDFKHVWKHWHPSHUDWXUH\RXVHWEHHSVZLOO
VRXQG
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKHVHW
DPRXQWRIWLPHWKHQWXUQRIIDXWRPDWLFDOO\
XQOHVVWKH:$50IHDWXUHZDVVHW6HHWKH+RZ
WR6HWWKH8SSHU2YHQIRU:DUPLQJVHFWLRQ
7RXFKWKH&/($52))SDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\5HPRYHWKHIRRGIURP
WKHRYHQ5HPHPEHUHYHQWKRXJKWKH
RYHQWXUQVRIIDXWRPDWLFDOO\IRRGOHIWLQ
WKHRYHQZLOOFRQWLQXHFRRNLQJDIWHUWKH
RYHQWXUQVRII
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQDWWKHWLPHRIGD\\RXVHW
FRRNIRUDVSHFLILFOHQJWKRIWLPHDQGWKHQWXUQ
RIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH&22.7,0(SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRI
WKHFRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHPLQLPXP
FRRNLQJWLPH\RXFDQVHWLVPLQXWH
7KHRYHQWHPSHUDWXUHWKDW\RXVHWDQG
WKHFRRNLQJWLPHWKDW\RXHQWHUHGZLOOEH
LQWKHGLVSOD\
7RXFKWKH'(/$<67$57SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHWLPHRI
GD\\RXZDQWWKHRYHQWRWXUQRQDQG
VWDUWFRRNLQJ
127($QDWWHQWLRQWRQHZLOOVRXQGLI\RXDUH
XVLQJWLPHGEDNLQJDQGGRQRWWRXFKWKH67$57
SDG
127(,I\RXZRXOGOLNHWRFKHFNWKHWLPHV
\RXKDYHVHWWRXFKWKH'(/$<67$57SDGWR
FKHFNWKHVWDUWWLPH\RXKDYHVHWRUWRXFKWKH
&22.7,0(SDGWRFKHFNWKHOHQJWKRIFRRNLQJ
WLPH\RXKDYHVHW
:KHQWKHRYHQWXUQV21DWWKHWLPHRIGD\
\RXVHWWKHGLVSOD\ZLOOVKRZWKHFRRNLQJWLPH
FRXQWGRZQDQGWKHFKDQJLQJWHPSHUDWXUH
VWDUWLQJDWƒ)7KHWHPSHUDWXUHGLVSOD\ZLOO
VWDUWWRFKDQJHRQFHWKHRYHQWHPSHUDWXUH
UHDFKHVƒ):KHQWKHRYHQUHDFKHVWKH
WHPSHUDWXUH\RXVHWEHHSVZLOOVRXQG
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKHVHW
DPRXQWRIWLPHWKHQWXUQRIIDXWRPDWLFDOO\
7RXFKWKH&/($52))SDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\5HPRYHWKHIRRG
IURPWKHRYHQ5HPHPEHUHYHQWKRXJK
WKHRYHQWXUQVRIIDXWRPDWLFDOO\IRRGOHIW
LQWKHRYHQZLOOFRQWLQXHFRRNLQJDIWHUWKH
RYHQWXUQVRII
7RXFKWKH67$57SDG
8VLQJWKHSUREH0RGHO&6RQO\
)RUPDQ\IRRGVHVSHFLDOO\URDVWVDQGSRXOWU\LQWHUQDOIRRGWHPSHUDWXUHLVWKHEHVWWHVWIRUGRQHQHVV7KHWHPSHUDWXUH
SUREHWDNHVWKHJXHVVZRUNRXWRIURDVWLQJE\FRRNLQJIRRGVWRWKHH[DFWGRQHQHVV\RXZDQW
7RSUHYHQWEXUQVGRQRWXQSOXJWKHSUREHIURP
WKHRYHQRXWOHWXQWLOWKHRYHQKDVFRROHG
&$87,21
8VHRISUREHVRWKHUWKDQWKHRQHSURYLGHGZLWK
WKLVSURGXFWPD\UHVXOWLQGDPDJHWRWKHSUREH
RURYHQFRQWURO
7KHWHPSHUDWXUHSUREHKDVD
VNHZHUOLNHSUREHDWRQHHQGDQG
DSOXJDWWKHRWKHUHQGWKDWJRHV
LQWRWKHRXWOHWLQWKHRYHQ
8VHWKHKDQGOHVRIWKHSUREHDQGSOXJZKHQ
LQVHUWLQJDQGUHPRYLQJWKHPIURPWKHIRRGDQG
RXWOHW
„7RDYRLGGDPDJLQJ\RXUSUREHGRQRWXVH
WRQJVWRSXOORQWKHFDEOHZKHQUHPRYLQJLW
„7RDYRLGEUHDNLQJWKHSUREHPDNHVXUHIRRG
LVFRPSOHWHO\GHIURVWHGEHIRUHLQVHUWLQJ
$IWHUSUHSDULQJWKHPHDWDQGSODFLQJLWRQ
DWULYHWRUDEURLOHUSDQJULGIROORZWKHVH
GLUHFWLRQVIRUSURSHUSUREHSODFHPHQW
,QVHUWWKHSUREHFRPSOHWHO\LQWRWKHPHDW,W
VKRXOGQRWWRXFKERQHIDWRUJULVWOH
127()DLOXUHWRIXOO\LQVHUWWKHSUREHLQWRWKH
PHDWPD\UHVXOWLQSRRUFRRNLQJSHUIRUPDQFH
EHFDXVHWKHSUREHZLOOVHQVHWKHRYHQDLUYVWKH
IRRGWHPSHUDWXUH
3OXJ
&DEOH
+DQGOHV
3UREH
5HDGDQGUHPRYHODEHO
„1HYHUOHDYH\RXUSUREHLQVLGHWKHRYHQ
GXULQJDVHOIFOHDQLQJRUEURLOF\FOH
„'RQRWVWRUHWKHSUREHLQWKHRYHQ
)RUURDVWVZLWKQRERQHLQVHUWWKHSUREHLQWR
WKHPHDWLHVWSDUWRIWKHURDVW)RUERQHLQKDP
RUODPELQVHUWWKHSUREHLQWRWKHFHQWHURIWKH
ORZHVWODUJHPXVFOH
,QVHUWWKHSUREHLQWRWKHFHQWHURIGLVKHVVXFK
DVPHDWORDIRUFDVVHUROHV
,QVHUWWKHSUREHLQWRWKHPHDWLHVWSDUWRIWKH
LQQHUWKLJKIURPEHORZDQGSDUDOOHOWRWKHOHJRI
DZKROHWXUNH\
127(6HOIFOHDQDQG%URLOVHWWLQJVZLOOQRWZRUN
LIWKHWHPSHUDWXUHSUREHLVSOXJJHGLQ
+RZWR6HWWKH2YHQ)RU%DNLQJ5RDVWLQJ:KHQ8VLQJWKH3UREH
RQVRPHPRGHOV
,QVHUWWKHSUREHIXOO\LQWRWKHIRRG
3OXJWKHSUREHLQWRWKHRXWOHWLQWKHRYHQ
0DNHVXUHLW·VSXVKHGDOOWKHZD\LQ&ORVH
WKHRYHQGRRU0DNHVXUHWKHSUREHFDEOH
LVQRWWRXFKLQJWKHEURLOHOHPHQW
7RXFKWKH352%(SDG'LVSOD\ZLOOVKRZ
´6HW3UREHµ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
LQWHUQDOIRRGRUPHDWWHPSHUDWXUH7KH
PD[LPXPLQWHUQDOWHPSHUDWXUHIRUWKH
IRRGWKDW\RXFDQVHWLVž)
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
7KHGLVSOD\ZLOOIODVKLIWKHSUREHLVLQVHUWHG
LQWRWKHRXWOHWDQG\RXKDYHQRWVHWDSUREH
WHPSHUDWXUHDQGWRXFKHGWKH67$57SDG
$IWHUWKHLQWHUQDOWHPSHUDWXUHRIWKHIRRG
UHDFKHVƒ)WKHFKDQJLQJLQWHUQDO
WHPSHUDWXUHZLOOEHVKRZQLQWKHGLVSOD\
:KHQWKHLQWHUQDOWHPSHUDWXUHRIWKHIRRG
UHDFKHVWKHQXPEHU\RXKDYHVHWWKH
SUREHDQGWKHRYHQWXUQRIIDQGWKHRYHQ
FRQWUROVLJQDOV7RVWRSWKHVLJQDOWRXFK
WKH&/($52))SDG8VHKRWSDGVWR
UHPRYHWKHSUREHIURPWKHIRRG'RQRW
XVHWRQJVWRSXOORQLW³WKH\PLJKW
GDPDJHLW
„,IWKHSUREHLVUHPRYHGIURPWKHRYHQ
ZKLOHSUREHFRRNLQJWKHRYHQZLOOQRW
DXWRPDWLFDOO\WXUQRII
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJWKH
%DNH5RDVWF\FOHWRXFKWKH%$.(SDGDQGWKHQ
WKHQXPEHUSDGVWRVHWWKHQHZWHPSHUDWXUH
„<RXFDQXVHWKH.LWFKHQ7LPHUHYHQWKRXJK
\RXFDQQRWXVHWLPHGRYHQRSHUDWLRQVZKLOH
XVLQJWKHSUREH
8VLQJWKHNLWFKHQWLPHU
*($SSOLDQFHVFRP
7R6HWWKH.LWFKHQ7LPHU
RQVRPHPRGHOV
RQVRPHPRGHOV
7KH.LWFKHQ7LPHULVLQKRXUVDQG
PLQXWHV
7KH.LWFKHQ7LPHUGRHVQRWFRQWURO
RYHQRSHUDWLRQV7KHPD[LPXP
VHWWLQJRQWKH.LWFKHQ7LPHULV
KRXUVDQGPLQXWHV
7RXFKWKH.,7&+(17,0(5212))RU
7,0(521SDGGHSHQGLQJRQPRGHO
7RXFKWKHQXPEHUSDGVXQWLOWKH
DPRXQWRIWLPH\RXZDQWVKRZV
LQWKHGLVSOD\)RUH[DPSOHWRVHW
KRXUVDQGPLQXWHVWRXFK DQG LQWKDWRUGHU,I\RXPDNHD
PLVWDNHWRXFKWKH.,7&+(17,0(5
212))RU7,0(52))SDGGHSHQGLQJ
RQPRGHODQGEHJLQDJDLQ
7RXFKWKH67$57SDG
$IWHUWRXFKLQJWKH67$57SDG6(7
GLVDSSHDUVWKLVWHOOV\RXWKHWLPHLV
FRXQWLQJGRZQDOWKRXJKWKHGLVSOD\GRHV
QRWFKDQJHXQWLORQHPLQXWHKDVSDVVHG
6HFRQGVZLOOQRWEHVKRZQLQWKHGLVSOD\
XQWLOWKHODVWPLQXWHLVFRXQWLQJGRZQ
:KHQWKHNLWFKHQWLPHUUHDFKHV
WKHFRQWUROZLOOEHHSWLPHVIROORZHG
E\RQHEHHSHYHU\VHFRQGVXQWLO
WKH.,7&+(17,0(5212))RU7,0(5
2))SDGGHSHQGLQJRQPRGHOLV
WRXFKHG
7KHVHFRQGWRQHFDQEHFDQFHOOHGE\
IROORZLQJWKHVWHSVLQWKH6SHFLDOIHDWXUHV
RI\RXURYHQFRQWUROVHFWLRQXQGHU7RQHV
DWWKH(QGRID7LPHG&\FOH
7R5HVHWWKH.LWFKHQ7LPHU
,IWKHGLVSOD\LVVWLOOVKRZLQJWKHWLPH
UHPDLQLQJ\RXPD\FKDQJHLWE\
WRXFKLQJWKH.,7&+(17,0(5212))RU
7,0(521SDGGHSHQGLQJRQPRGHOWKHQ
WRXFKWKHQXPEHUSDGVXQWLOWKHWLPH\RX
ZDQWDSSHDUVLQWKHGLVSOD\
,IWKHUHPDLQLQJWLPHLVQRWLQWKHGLVSOD\
FORFNGHOD\VWDUWRUFRRNLQJWLPHDUHLQ
WKHGLVSOD\UHFDOOWKHUHPDLQLQJWLPHE\
WRXFKLQJWKH.,7&+(17,0(5212))RU
7,0(521SDGGHSHQGLQJRQPRGHODQG
WKHQWRXFKLQJWKHQXPEHUSDGVWRHQWHU
WKHQHZWLPH\RXZDQW
7R&DQFHOWKH.LWFKHQ7LPHU
RQVRPHPRGHOV
7RXFKWKH.,7&+(17,0(5212))RU
7,0(521SDGGHSHQGLQJRQPRGHOWZLFH
RUWRXFK7,0(52))
RQVRPHPRGHOV
$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
<RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWREHFRPH
PRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW\RXUVHOI
'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ7KHVH
WKHUPRPHWHUVPD\YDU\²GHJUHHV
127(7KLVDGMXVWPHQWZLOORQO\DIIHFWEDNLQJDQGURDVWLQJWHPSHUDWXUHVLWZLOOQRWDIIHFWEURLOLQJRUVHOIFOHDQLQJ
WHPSHUDWXUHV7KHDGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\DIWHUDSRZHUIDLOXUH
7R$GMXVWWKH7KHUPRVWDW
7RXFKWKH%52,/+,/2DQG%$.(SDGVDW
WKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV6)
7RXFKWKH%$.(SDG$WZRGLJLWQXPEHU
VKRZVLQWKHGLVSOD\
7RXFK%$.(DJDLQWRDOWHUQDWHEHWZHHQ
LQFUHDVLQJDQGGHFUHDVLQJWKHRYHQ
WHPSHUDWXUH
RQVRPHPRGHOV
7RDGMXVWWKHXSSHURYHQWKHUPRVWDW
WRXFKWKHXSSHURYHQ%$.(SDG7RDGMXVW
WKHORZHURYHQWKHUPRVWDWWRXFKWKH
ORZHURYHQ%$.(SDG
7KHRYHQWHPSHUDWXUHFDQEHDGMXVWHGXS
WRž)KRWWHURUž)FRROHU7RXFK
WKHQXPEHUSDGVWKHVDPHZD\\RXUHDG
WKHP)RUH[DPSOHWRFKDQJHWKHRYHQ
WHPSHUDWXUHž)WRXFKDQG
:KHQ\RXKDYHPDGHWKHDGMXVWPHQW
WRXFKWKH67$57SDGWRJREDFNWRWKHWLPH
RIGD\GLVSOD\8VH\RXURYHQDV\RXZRXOG
QRUPDOO\
RQVRPHPRGHOV
7KHW\SHRIPDUJDULQHZLOODIIHFWEDNLQJSHUIRUPDQFH
0RVWUHFLSHVIRUEDNLQJKDYHEHHQGHYHORSHGXVLQJKLJKIDWSURGXFWVVXFKDVEXWWHURUPDUJDULQHIDW,I\RX
GHFUHDVHWKHIDWWKHUHFLSHPD\QRWJLYHWKHVDPHUHVXOWVDVZLWKDKLJKHUIDWSURGXFW
5HFLSHIDLOXUHFDQUHVXOWLIFDNHVSLHVSDVWULHVFRRNLHVRUFDQGLHVDUHPDGHZLWKORZIDWVSUHDGV7KHORZHUWKHIDW
FRQWHQWRIDVSUHDGSURGXFWWKHPRUHQRWLFHDEOHWKHVHGLIIHUHQFHVEHFRPH
)HGHUDOVWDQGDUGVUHTXLUHSURGXFWVODEHOHG´PDUJDULQHµWRFRQWDLQDWOHDVWIDWE\ZHLJKW/RZIDWVSUHDGVRQWKHRWKHUKDQG
FRQWDLQOHVVIDWDQGPRUHZDWHU7KHKLJKPRLVWXUHFRQWHQWRIWKHVHVSUHDGVDIIHFWVWKHWH[WXUHDQGIODYRURIEDNHGJRRGV)RUEHVW
UHVXOWVZLWK\RXUROGIDYRULWHUHFLSHVXVHPDUJDULQHEXWWHURUVWLFNVSUHDGVFRQWDLQLQJDWOHDVWYHJHWDEOHRLO
8VLQJWKHFRQYHFWLRQRYHQ
*($SSOLDQFHVFRP
&RQYHFWLRQ&RRNRQVRPHPRGHOV
7KHFRQYHFWLRQRYHQFRPHVZLWKRQH
FRQYHFWLRQFRRNPRGHDQGFDQEHXVHG
IRU5DFN&RQYHFWLRQ%DNLQJRU0XOWL5DFN
&RQYHFWLRQ%DNLQJ
&RQYHFWLRQ)DQ2SHUDWLRQ
,QDFRQYHFWLRQRYHQDIDQFLUFXODWHVKRWDLU
RYHUXQGHUDQGDURXQGWKHIRRG
7KLVFLUFXODWLQJKRWDLULVHYHQO\GLVWULEXWHG
WKURXJKRXWWKHRYHQFDYLW\$VDUHVXOWIRRGVDUH
HYHQO\FRRNHGDQGEURZQHG³RIWHQLQOHVVWLPH
ZLWKFRQYHFWLRQKHDW
127(7RPD[LPL]HFRRNLQJHYHQQHVVWKHIDQ
LVGHVLJQHGWRURWDWHLQERWKGLUHFWLRQVZLWKD
SDXVHLQEHWZHHQ7KLVLVQRUPDO
7KHFRQYHFWLRQIDQVKXWVRIIZKHQWKHRYHQ
GRRULVRSHQHG'2127OHDYHWKHGRRURSHQ
IRUORQJSHULRGVRIWLPHZKLOHXVLQJFRQYHFWLRQ
FRRNLQJRU\RXPD\VKRUWHQWKHOLIHRIWKH
FRQYHFWLRQKHDWLQJHOHPHQW
0XOWL5DFN&RQYHFWLRQ%DNLQJ
%HFDXVHKHDWHGDLULVFLUFXODWHGHYHQO\
WKURXJKRXWWKHRYHQIRRGVFDQEHEDNHGZLWK
H[FHOOHQWUHVXOWVXVLQJPXOWLSOHUDFNV
0XOWLUDFNSRVLWLRQ
0XOWLUDFNEDNLQJPD\LQFUHDVHFRRNWLPHV
VOLJKWO\IRUVRPHIRRGVEXWWKHRYHUDOOUHVXOW
LVWLPHVDYHG&RRNLHVPXIILQVELVFXLWVDQG
RWKHUTXLFNEUHDGVJLYHYHU\JRRGUHVXOWVZLWK
PXOWLUDFNEDNLQJ
:KHQEDNLQJRQUDFNVSODFHRQHUDFNLQWKH
VHFRQG%SRVLWLRQDQRWKHUUDFNLQWKHIRXUWK
'SRVLWLRQDQGWKHWKLUGUDFNLQWKHVL[WK)
SRVLWLRQ
)RUWZRUDFNEDNLQJSODFHRQHUDFN
LQWKHVHFRQG%UDFNSRVLWLRQ3ODFH
WKHRWKHUUDFNLQWKHILIWK(UDFNSRVLWLRQ
5DFN&RQYHFWLRQ%DNLQJ
:KHQFRQYHFWLRQEDNLQJZLWKRQO\UDFNSODFH
WKHIRRGVRWKDWLWLVFHQWHUHGLQWKHRYHQ
$GDSWLQJ5HFLSHV«
<RXFDQXVH\RXUIDYRULWHUHFLSHV
LQWKHFRQYHFWLRQRYHQ
„8VHSDQVL]HUHFRPPHQGHG
„
6RPHSDFNDJHLQVWUXFWLRQVIRUIUR]HQ
FDVVHUROHVRUPDLQGLVKHVKDYHEHHQ
GHYHORSHGXVLQJFRPPHUFLDOFRQYHFWLRQ
RYHQV)RUEHVWUHVXOWVLQWKLVRYHQSUHKHDW
WKHRYHQDQGXVHWKHWHPSHUDWXUHRQWKH
SDFNDJH
8VLQJWKHFRQYHFWLRQRYHQ
&RQYHFWLRQ5RDVWRQVRPHPRGHOV
*ULG
„*RRGIRUODUJHWHQGHUFXWVRIPHDW
XQFRYHUHG
%URLOHUSDQ
7KHFRQYHFWLRQIDQFLUFXODWHVWKHKHDWHGDLU
HYHQO\RYHUDQGDURXQGWKHIRRG0HDWDQG
SRXOWU\DUHEURZQHGRQDOOVLGHVDVLIWKH\ZHUH
FRRNHGRQDURWLVVHULH7KHKHDWHGDLUVHDOVLQ
MXLFHVTXLFNO\IRUDPRLVWDQGWHQGHUSURGXFW
ZKLOHDWWKHVDPHWLPHFUHDWLQJDULFKJROGHQ
EURZQH[WHULRU
:KHQ\RXDUHFRQYHFWLRQURDVWLQJLWLV
LPSRUWDQWWKDW\RXXVHDEURLOHUSDQDQGJULG
IRUEHVWFRQYHFWLRQURDVWLQJUHVXOWV7KHSDQLV
XVHGWRFDWFKJUHDVHVSLOOV
DQGWKHJULGLVXVHGWRSUHYHQWJUHDVHVSDWWHUV
+RZWR6HWWKH2YHQIRU&RQYHFWLRQ%DNLQJRU5RDVWLQJ
RQVRPHPRGHOV
25
RQVRPHPRGHOV
7RXFKWKH&219(&7,21&22.RU
&219(&7,21%$.(SDGRQFHIRUPXOWLUDFN
FRQYHFWLRQEDNLQJ7KLVPRGHLVXVHGIRU
FRRNLQJIRRGLWHPVRQPRUHWKDQRQHUDFN
LHRUPRUHUDFNVDWWKHVDPHWLPHLQ
FRQYHFWLRQEDNH6HHWKH0XOWL5DFN
&RQYHFWLRQ%DNLQJVHFWLRQIRUPRUH
LQIRUPDWLRQ
7 RXFKWKH&219(&7,21&22.RU
&219(&7,21%$.(SDGWZLFHIRURQHUDFN
FRQYHFWLRQEDNLQJ7KLVPRGHLVXVHGIRU
FRRNLQJIRRGLWHPVRQRQO\RQHUDFNLQ
FRQYHFWLRQEDNH
7RXFKWKH&219(&7,2152$67SDGIRU
FRQYHFWLRQURDVWLQJRQVRPHPRGHOV
7RXFKWKHQXPEHUSDGVWRVHW
WKHRYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
127(,IWKH$XWR5HFLSHŒ&RQYHUVLRQ)HDWXUH
LVRQLWZLOODXWRPDWLFDOO\UHGXFHWKHVHWUHJXODU
EDNLQJWHPSHUDWXUHE\ƒ)WRWKHDSSURSULDWH
FRQYHFWLRQWHPSHUDWXUHLQFRQYHFWLRQEDNH
PRGH6HH$XWR5HFLSHŒ&RQYHUVLRQLQWKH
6SHFLDO)HDWXUHVVHFWLRQ
7RFKDQJHWKHRYHQWHPSHUDWXUHWRXFK
WKH&219(&7,21&22.&219(&7,21%$.(RU
&219(&7,2152$67SDGDQGWKHQWKHQXPEHU
SDGVWRVHWWKHQHZWHPSHUDWXUH
:KHQWKHRYHQVWDUWVWRKHDWWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDWƒ)ZLOOEHGLVSOD\HG
:KHQRYHQUHDFKHVWKHWHPSHUDWXUH\RXVHW
EHHSVZLOOVRXQG
7RXFK&/($52))SDGZKHQILQLVKHG
„<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWK
FRQYHFWLRQ7KHIDQZLOOVWRSZKHQWKHGRRULV
RSHQHGEXWWKHKHDWZLOOQRWWXUQRII
„<RXPD\KHDUWKHRYHQFOLFNLQJGXULQJEDNLQJ
7KLVLVQRUPDO
„,QFRQYHFWLRQEDNHPRGHVIRUPD[LPXP
FRRNLQJHYHQQHVVWKHIDQLVGHVLJQHGWRURWDWH
LQERWKGLUHFWLRQVZLWKDSDXVHLQEHWZHHQ
7KLVLVQRUPDO
&RRNZDUHIRU&RQYHFWLRQ&RRNLQJ
:KHQEDNLQJFRRNLHV\RXZLOOJHW
WKHEHVWUHVXOWVLI\RXXVHDIODW
FRRNLHVKHHWLQVWHDGRIDSDQZLWK
ORZVLGHV
%HIRUHXVLQJ\RXUFRQYHFWLRQRYHQFKHFNWRVHH
LI\RXUFRRNZDUHOHDYHVURRPIRUDLUFLUFXODWLRQ
LQWKHRYHQ,I\RXDUHEDNLQJZLWKVHYHUDOSDQV
OHDYHVSDFHEHWZHHQWKHP$OVREHVXUHWKH
SDQVGRQRWWRXFKHDFKRWKHURUWKHZDOOVRIWKH
RYHQ
3DSHUDQG3ODVWLF
+HDWUHVLVWDQWSDSHUDQGSODVWLFFRQWDLQHUVWKDW
DUHUHFRPPHQGHGIRUXVHLQUHJXODUEDNLQJFDQ
DOVREHXVHGIRUFRQYHFWLRQEDNLQJEXWVKRXOG
QRWEHXVHGDWWHPSHUDWXUHVKLJKHUWKDQWKH
WHPSHUDWXUHUHFRPPHQGHGE\WKHFRRNZDUH
PDQXIDFWXUHU3ODVWLFFRRNZDUHWKDWLVKHDW
UHVLVWDQWWRWHPSHUDWXUHVRIƒ)FDQDOVREH
XVHG
0HWDODQG*ODVV
$Q\W\SHRIFRRNZDUHZLOOZRUNLQ\RXU
FRQYHFWLRQRYHQKRZHYHUPHWDOSDQVKHDWWKH
IDVWHVWDQGDUHUHFRPPHQGHGIRUFRQYHFWLRQ
EDNLQJ
„'DUNHQHGRUPDWWHILQLVKHGSDQVZLOOEDNH
IDVWHUWKDQVKLQ\SDQV
„*ODVVRUFHUDPLFSDQVFRRNPRUHVORZO\
)RUUHFLSHVOLNHRYHQEDNHGFKLFNHQXVHDSDQ
ZLWKORZVLGHV+RWDLUFDQQRWFLUFXODWHZHOO
DURXQGIRRGLQDSDQZLWKKLJKVLGHV
8VLQJWKHWLPHGFRQYHFWLRQ
EDNLQJIHDWXUHVXSSHURYHQRQO\
*($SSOLDQFHVFRP
<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWKWKLVIHDWXUH7KHIDQZLOOVWRSZKHQWKHGRRULVRSHQHGEXWWKHKHDWZLOOQRW
WXUQRII
127()RRGVWKDWVSRLOHDVLO\²VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN²VKRXOGQRWEHDOORZHGWRVLWIRU
PRUHWKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD%HVXUH
WKDWWKHRYHQOLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
7KHXSSHURYHQZLOOWXUQRQLPPHGLDWHO\DQG
FRRNIRUDVHOHFWHGOHQJWKRIWLPH$WWKHHQG
RIWKHFRRNLQJWLPHWKHRYHQZLOOWXUQRII
DXWRPDWLFDOO\
7RXFKWKH&219(&7,21%$.(08/7,
5$&.SDGRQFHIRUPXOWLUDFNFRQYHFWLRQ
EDNLQJ7KLVPRGHLVXVHGIRUFRRNLQJIRRG
LWHPVRQPRUHWKDQRQHUDFNLHRU
PRUHUDFNVDWWKHVDPHWLPHLQFRQYHFWLRQ
EDNH6HHWKH0XOWL5DFN%DNLQJVHFWLRQIRU
PRUHLQIRUPDWLRQ7RXFKWKH&219(&7,21
%$.(08/7,5$&.SDGWZLFHIRURQHUDFN
FRQYHFWLRQEDNLQJ7KLVPRGHLVXVHGIRU
FRRNLQJIRRGLWHPVRQRQO\RQHUDFNLQ
FRQYHFWLRQEDNH
7RXFKWKH&219(&7,2152$67SDG
IRUFRQYHFWLRQURDVWLQJ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH&22.,1*7,0(SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRI
WKHFRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHPLQLPXP
FRRNLQJWLPH\RXFDQVHWLVPLQXWH
7KHRYHQWHPSHUDWXUHWKDW\RXVHWDQGWKH
FRRNLQJWLPHWKDW\RXHQWHUHGZLOOEHLQWKH
GLVSOD\
7RXFKWKH67$57SDG
7KHGLVSOD\VKRZVWKHRYHQWHPSHUDWXUHWKDW
\RXVHWDQGWKHFRRNLQJWLPHFRXQWGRZQ7KH
GLVSOD\VWDUWVFKDQJLQJRQFHWKHWHPSHUDWXUH
UHDFKHVƒ)
$WWKHHQGRIWLPHGFRQYHFWLRQEDNHWKH
RYHQZLOOWXUQRII7KHHQGRIF\FOHWRQHZLOO
VRXQG7RXFKWKH&/($52))SDGWRFOHDU
WKHGLVSOD\LIQHFHVVDU\
5HPRYHWKHIRRGIURPWKHRYHQ
5HPHPEHUIRRGVWKDWDUHOHIWLQWKHRYHQ
FRQWLQXHFRRNLQJDIWHUWKHFRQWUROVDUHRII
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
<RXFDQVHWWKHXSSHURYHQFRQWUROWRGHOD\VWDUW
WKHRYHQFRRNIRUDVSHFLILFOHQJWKRIWLPHDQG
WKHQWXUQRIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\
7RXFKWKH&219(&7,21%$.(08/7,
5$&.SDGRQFHIRUPXOWLUDFNFRQYHFWLRQ
EDNLQJ7KLVPRGHLVXVHGIRUFRRNLQJIRRG
LWHPVRQPRUHWKDQRQHUDFNLHRU
PRUHUDFNVDWWKHVDPHWLPHLQ
FRQYHFWLRQEDNH6HHWKH0XOWL5DFN
%DNLQJVHFWLRQIRUPRUHLQIRUPDWLRQ
7RXFKWKH&219(&7,21%$.(08/7,
5$&.SDGWZLFHIRURQHUDFNFRQYHFWLRQ
EDNLQJ7KLVPRGHLVXVHGIRUFRRNLQJIRRG
LWHPVRQRQO\RQHUDFNLQFRQYHFWLRQEDNH
7 RXFKWKH&219(&7,2152$67SDGIRU
FRQYHFWLRQURDVWLQJ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH&22.,1*7,0(SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRI
WKHFRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
FRRNLQJWLPH
7RXFKWKH'(/$<67$57SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHWLPHRI
GD\\RXZDQWWKHRYHQWRWXUQRQDQG
VWDUWFRRNLQJ
,I\RXZRXOGOLNHWRFKHFNWKHWLPHV\RXKDYH
VHWWRXFKWKH'(/$<67$57SDGWRFKHFNWKH
VWDUWWLPH\RXKDYHVHWRUWRXFKWKH&22.,1*
7,0(SDGWRFKHFNWKHOHQJWKRIFRRNLQJWLPH
\RXKDYHVHW
7RXFKWKH67$57SDG
127($QDWWHQWLRQWRQHZLOOVRXQGLI\RXDUH
XVLQJWLPHGEDNLQJDQGGRQRWWRXFKWKH67$57
SDGDIWHUHQWHULQJWKHEDNLQJWHPSHUDWXUH
:KHQWKHRYHQWXUQVRQDWWKHWLPHRIGD\\RX
KDYHVHWWKHGLVSOD\ZLOOVKRZWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDWƒ)DQGWKHFRRNLQJ
WLPHFRXQWGRZQ
$WWKHHQGRIWLPHGFRQYHFWLRQEDNHWKHRYHQ
ZLOOWXUQRII7KHHQGRIF\FOHWRQHZLOOVRXQG
7RXFKWKH&/($52))SDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\:KHQEDNLQJLV
ILQLVKHGUHPRYHWKHIRRGIURPWKHRYHQ
5HPHPEHUHYHQWKRXJKWKHRYHQVKXWV
RIIDXWRPDWLFDOO\IRRGVFRQWLQXHFRRNLQJ
DIWHUWKHFRQWUROVDUHRII
8VLQJWKHFRQYHFWLRQRYHQ0RGHO&6RQO\
+RZWR6HWWKH2YHQIRU&RQYHFWLRQ5RDVWLQJZKHQ8VLQJWKH3UREH
7RSUHYHQW
EXUQVGRQRW
XQSOXJWKH
SUREHIURPWKHRYHQRXWOHWXQWLOWKHRYHQ
KDVFRROHG
&$87,21
)RUEHVWUHVXOWVZKHQURDVWLQJ
ODUJHWXUNH\VDQGURDVWVZH
UHFRPPHQGXVLQJWKHSUREH
LQFOXGHGLQWKHFRQYHFWLRQRYHQ
3ODFHWKHRYHQUDFNLQWKHSRVLWLRQ
WKDWFHQWHUVWKHIRRGEHWZHHQWKHWRS
DQGERWWRPRIWKHRYHQ,QVHUWWKH
SUREHLQWRWKHPHDW0DNHVXUHLWLV
SXVKHGDOOWKHZD\LQ
3OXJWKHSUREHLQWRWKHRXWOHWLQWKH
RYHQ0DNHVXUHLWLVSXVKHGDOOWKH
ZD\LQ&ORVHWKHRYHQGRRU
7RXFKWKH352%(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKH
GHVLUHGLQWHUQDOPHDWWHPSHUDWXUH
127(7KHPD[LPXPLQWHUQDOWHPSHUDWXUH
IRUWKHIRRGWKDW\RXFDQVHWLVƒ)
7RFKDQJHWKHRYHQWHPSHUDWXUH
GXULQJWKH&RQYHFWLRQ5RDVWF\FOH
WRXFKWKH&219(&7,21&22.
SDGDQGWKHQWRXFKWKHQXPEHU
SDGVWRVHWWKHQHZGHVLUHG
WHPSHUDWXUH
:KHQWKHLQWHUQDOWHPSHUDWXUHRIWKH
PHDWUHDFKHVWKHQXPEHU\RXKDYH
VHWWKHSUREHDQGWKHRYHQWXUQRII
DQGWKHRYHQFRQWUROVLJQDOV7RVWRS
WKHVLJQDOWRXFKWKH&/($52))SDG
8VHKRWSDGVWRUHPRYHWKHSUREH
IURPWKHIRRG'RQRWXVHWRQJVWRSXOO
RQLW³WKH\PLJKWGDPDJHLW
127(,IWKHSUREHLVUHPRYHGIURPWKH
RYHQZKLOHSUREHFRRNLQJWKHRYHQZLOOQRW
DXWRPDWLFDOO\WXUQRII
127(6
„<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWK
WKLVIHDWXUH7KHIDQZLOOVWRSZKHQWKH
GRRULVRSHQHGEXWWKHKHDWZLOOQRWWXUQ
RII
7RXFKWKH&219(&7,21&22.SDG
„<RXFDQXVHWKH.LWFKHQ7LPHUHYHQ
WKRXJK\RXFDQQRWXVHWLPHGRYHQ
RSHUDWLRQV
7RXFKWKHQXPEHUSDGVWRVHWWKH
GHVLUHGRYHQWHPSHUDWXUH
„
1HYHUOHDYH\RXUSUREHLQVLGHWKHRYHQ
GXULQJDVHOIFOHDQLQJF\FOH
7KHGLVSOD\ZLOOIODVK352%(DQGWKHRYHQ
FRQWUROZLOOVLJQDOLIWKHSUREHLVLQVHUWHG
LQWRWKHRXWOHWDQG\RXKDYHQRWVHWDSUREH
WHPSHUDWXUHDQGSUHVVHGWKH67$57SDG
7RXFKWKH67$57SDG
„
'RQRWVWRUHWKHSUREHLQWKHRYHQ
„
3UREHLVQRWIRUXVHLQ%URLORU6HOI&OHDQ
IXQFWLRQV
„
)DQRQO\URWDWHVLQRQHGLUHFWLRQ
:KHQWKHRYHQVWDUWVWRKHDWWKHZRUG
/2ZLOOEHLQWKHGLVSOD\
$IWHUWKHLQWHUQDOWHPSHUDWXUHRIWKHPHDW
UHDFKHVƒ)WKHFKDQJLQJLQWHUQDO
WHPSHUDWXUHZLOOEHVKRZQLQWKHGLVSOD\
&RQYHFWLRQ5RDVWLQJ*XLGH
0HDW
%HHI
3RUN
/DPE
3RXOWU\
5LE5RDVWWROEV
5DUH
%RQH,QDQG%RQHOHVV
0HGLXP
%HHI7HQGHUORLQWROEV 5DUH
%HHI7HQGHUORLQWROEV 5DUH
%RQH,Q%RQHOHVVWROEV %RQH,QWROEV
0HGLXP
%RQHOHVVWROEV
0HGLXP
:KROH&KLFNHQWROEV
7XUNH\:KROH
8QVWXIIHGWROEV
8QVWXIIHGWROEV
7XUNH\%UHDVWWROEV
2YHQ7HPS
,QWHUQDO7HPS
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ)
ƒ²ƒ)
ƒ²ƒ)
ƒ)
6WXIIHGELUGVJHQHUDOO\UHTXLUH²PLQXWHVDGGLWLRQDOURDVWLQJWLPH6KLHOGOHJVDQGEUHDVWZLWKIRLOWR
SUHYHQWRYHUEURZQLQJDQGGU\LQJRIVNLQ
6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO
*($SSOLDQFHVFRP
<RXUQHZWRXFKSDGFRQWUROKDVDGGLWLRQDOIHDWXUHVWKDW\RXPD\FKRRVHWRXVH7KHIROORZLQJDUHWKHIHDWXUHVDQGKRZ
\RXPD\DFWLYDWHWKHP
7KHVSHFLDOIHDWXUHPRGHVFDQRQO\EHDFWLYDWHGZKLOHWKHGLVSOD\LVVKRZLQJWKHWLPHRIGD\7KH\UHPDLQLQWKHFRQWURO·V
PHPRU\XQWLOWKHVWHSVDUHUHSHDWHG
7RHQWHUDVSHFLDOIHDWXUHIRUHLWKHURYHQ\RXPXVWILUVWWRXFKWKHXSSHURYHQ%52,/+,/2DQG%$.(SDGVDWWKHVDPH
WLPH7KHORZHURYHQ%52,/+,/2DQG%$.(SDGVZLOOQRWDFWLYDWHVSHFLDOIHDWXUHV
:KHQWKHGLVSOD\VKRZV\RXUFKRLFHWRXFKWKH67$57SDG7KHVSHFLDOIHDWXUHVZLOOUHPDLQLQPHPRU\DIWHUDSRZHU
IDLOXUHH[FHSWIRUWKH6DEEDWKIHDWXUHZKLFKZLOOKDYHWREHUHVHW
+RXU6KXWGRZQ
:LWKWKLVIHDWXUHVKRXOG\RXIRUJHWDQGOHDYH
WKHRYHQRQWKHFRQWUROZLOODXWRPDWLFDOO\
WXUQRIIWKHRYHQDIWHUKRXUVGXULQJEDNLQJ
IXQFWLRQVRUDIWHUKRXUVGXULQJDEURLO
IXQFWLRQ
7RXFKWKH'(/$<67$57SDGXQWLOQRVKGQ
QRVKXWRIIDSSHDUVLQWKHGLVSOD\
7RXFKWKH67$57SDGWRDFWLYDWHWKHQR
VKXWRIIDQGOHDYHWKHFRQWUROVHWLQWKLV
VSHFLDOIHDWXUHVPRGH
,I\RXZLVKWRWXUQ2)) WKLVIHDWXUHIROORZWKH
VWHSVEHORZ
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
)DKUHQKHLWRU&HOVLXV7HPSHUDWXUH6HOHFWLRQ
<RXURYHQFRQWUROLVVHWWRXVHWKH)DKUHQKHLW
WHPSHUDWXUHVHOHFWLRQVEXW\RXPD\FKDQJH
WKLVWRXVHWKH&HOVLXVVHOHFWLRQV
7RXFKWKH&22.7,0(DQG%52,/+,/2
SDGVDWWKHVDPHWLPH7KHGLVSOD\ZLOO
VKRZ))DKUHQKHLW
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&22.7,0(DQG%52,/+,/2
SDGVDJDLQDWWKHVDPHWLPH7KHGLVSOD\
ZLOOVKRZ&&HOVLXV
7RXFKWKH67$57SDG
7RQHVDWWKH(QGRID7LPHG&\FOH
$WWKHHQGRIDWLPHGF\FOHVKRUWEHHSVZLOO
VRXQGIROORZHGE\RQHEHHSHYHU\VHFRQGV
XQWLOWKH&/($52))SDGLVWRXFKHG7KLV
FRQWLQXDOVHFRQGEHHSPD\EHFDQFHOOHG
7RFDQFHOWKHVHFRQGEHHS
RQVRPHPRGHOV
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
25
7RXFKWKH.,7&+(17,0(5212))SDG
7KHGLVSOD\VKRZV&21%((3FRQWLQXDO
EHHS7RXFKWKH.,7&+(17,0(5212))
SDGDJDLQ7KHGLVSOD\VKRZV%((37KLV
FDQFHOVWKHRQHEHHSHYHU\VHFRQGV
7RXFKWKH67$57SDG
7RXFKWKH%52,/SDG7KHGLVSOD\VKRZV
&217,%((3FRQWLQXRXVEHHS7RXFKWKH
%52,/SDGDJDLQ7KHGLVSOD\VKRZV
6,1*/(%((37KLVFDQFHOVWKHRQHEHHS
HYHU\VHFRQGV
RQVRPHPRGHOV
6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO
7RQH9ROXPHRQVRPHPRGHOV
7KLVIHDWXUHDOORZV\RXWRDGMXVWWKHWRQH
YROXPHVWRDPRUHDFFHSWDEOHYROXPH7KHUH
DUHWKUHHSRVVLEOHYROXPHOHYHOV
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&22.7,0(SDG7KHGLVSOD\ZLOO
VKRZ%((37KLVLVWKHPLGGOHYROXPH
OHYHO
7RXFKWKH&22.7,0(SDGDJDLQ7KH
GLVSOD\ZLOOVKRZ%((37KLVLVWKHORXGHVW
YROXPHOHYHO
7RXFKWKH&22.7,0(SDGDJDLQ7KH
GLVSOD\ZLOOVKRZ%((37KLVLVWKH
TXLHWHVWYROXPHOHYHO
)RUHDFKWLPHWKHOHYHOLVFKDQJHGDWRQH
ZLOOVRXQGWRSURYLGHDQLQGLFDWLRQRIWKH
YROXPHOHYHO
&KRRVHWKHGHVLUHGVRXQGOHYHO%((3
%((3%((3
7RXFKWKH67$57SDGWRDFWLYDWHWKHOHYHO
VKRZQ
+RXU+RXURU&ORFN%ODFNRXW
<RXUFRQWUROLVVHWWRXVHDKRXUFORFN
,I\RXZRXOGSUHIHUWRKDYHDKRXUPLOLWDU\
WLPHFORFNRUEODFNRXWWKHFORFNGLVSOD\IROORZ
WKHVWHSVEHORZ
7RXFKWKHXSSHURYHQ%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&/2&.SDGRQFH7KHGLVSOD\
ZLOOVKRZKU ,IWKLVLVWKHFKRLFH\RX
ZDQWWRXFKWKH67$57SDG
7RXFKWKH&/2&.SDGDJDLQWRFKDQJHWRWKH
KRXUPLOLWDU\WLPHFORFN7KHGLVSOD\ZLOO
VKRZKU,IWKLVLVWKHFKRLFH\RXZDQWWRXFK
WKH67$57SDG
7RXFKWKH&/2&.SDGDJDLQWREODFNRXWWKH
FORFNGLVSOD\7KHGLVSOD\ZLOOVKRZ2)) ,IWKLVLV
WKHFKRLFH\RXZDQWWRXFKWKH67$57SDG
127(,IWKHFORFNLVLQWKHEODFNRXWPRGH\RX
ZLOOQRWEHDEOHWRXVHWKH'HOD\6WDUWIXQFWLRQ
*($SSOLDQFHVFRP
$XWR5HFLSHŒ&RQYHUVLRQ
<RXFDQXVH\RXUIDYRULWHUHFLSHVLQWKH
FRQYHFWLRQRYHQ
:KHQXVLQJ&RQYHFWLRQ%DNHWKHRYHQFDQ
DXWRPDWLFDOO\FRQYHUWWKHRYHQWHPSHUDWXUH
IURPUHJXODUEDNLQJWR&RQYHFWLRQ%DNH
WHPSHUDWXUHV
7RDFWLYDWHWKHIHDWXUH
7RXFKWKHORZHURYHQ:DUPDQG%DNH
SDGDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7RXFKWKH&RQYHFWLRQ%DNHSDG7KH
GLVSOD\ZLOOVKRZ&RQ2II7RXFKWKH
&RQYHFWLRQ%DNHSDGDJDLQ7KHGLVSOD\
ZLOOVKRZ&RQ2Q
7RXFKWKH6WDUWSDG
8VLQJWKHQXPEHUSDGVHQWHUWKH
WHPSHUDWXUHUHFRPPHQGHGLQWKHUHFLSH
7RXFKWKH6WDUW SDG
7KHGLVSOD\ZLOOVKRZWKHDFWXDO
FRQYHUWHGUHGXFHGWHPSHUDWXUH)RU
H[DPSOHLI\RXHQWHUDUHJXODUUHFLSH
WHPSHUDWXUHRIÛ)Û&DQGWRXFK
WKH6WDUWSDGWKHGLVSOD\ZLOOVKRZ&21
DQGWKHFRQYHUWHGWHPSHUDWXUHRIÛ)
Û&
127(7KLVIHDWXUHRQO\FRQYHUWVFRRNLQJ
WHPSHUDWXUHVQRWFRRNLQJWLPHV
:KHQFRQYHFWLRQURDVWLQJWKHRYHQ
WHPSHUDWXUHZLOOQRWDXWRFRQYHUW
7RXFKWKH&OHDU2II SDGZKHQEDNLQJLV
ILQLVKHG
■ 8VHSDQVL]HUHFRPPHQGHGLQWKHUHFLSH
■ 6RPHSDFNDJHLQVWUXFWLRQVIRUIUR]HQ
FDVVHUROHVPDLQGLVKHVRUEDNHGJRRGV
KDYHEHHQGHYHORSHGXVLQJFRPPHUFLDO
FRQYHFWLRQRYHQV)RUEHVWUHVXOWVLQ
WKLVRYHQSUHKHDWWKHRYHQDQGXVHWKH
WHPSHUDWXUHIRUUHJXODUEDNLQJRQWKH
SDFNDJH
7RGHDFWLYDWHWKHIHDWXUH
7RXFKWKHORZHURYHQ:DUPDQG%DNH
SDGDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7RXFKWKH&RQYHFWLRQ%DNHSDG7KH
GLVSOD\ZLOOVKRZ&RQ2Q7RXFKWKH
&RQYHFWLRQ%DNHSDGDJDLQ7KHGLVSOD\
ZLOOVKRZ&RQ2II
7RXFKWKH6WDUWSDG
5DQJH/RFNRXW
<RXUFRQWUROZLOODOORZ\RXWRORFNRXWWKH
VXUIDFHXQLWVRYHQEXUQHUVDQGFRQWUROSDQHOVR
WKH\FDQQRWEHDFWLYDWHG
:KHQWKLVIHDWXUHLVRQDQGWKHWRXFKSDGVDUH
WRXFKHGWKHFRQWUROZLOOEHHSDQGWKHGLVSOD\
ZLOOVKRZ/2&
7RORFNXQORFNWKHFRQWUROV
■ 7KHFRQWUROORFNRXWPRGHDIIHFWVDOO
FRQWUROV1RFRQWUROVZLOOZRUNZKHQWKLV
IHDWXUHLVDFWLYDWHG
7XUQDOOVXUIDFHXQLWVRII
7RXFKWKH5$1*(/2&.287SDGDQG
WKHQWKH67$57SDG
7RXQORFNWKHFRQWUROWRXFKWKH5$1*(
/2&.287SDGDQGWKHQWKH67$57SDG
■ 7KHDGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\
DIWHUDSRZHUIDLOXUH
8VLQJWKH6DEEDWKIHDWXUHXSSHUDQGORZHURYHQV
'HVLJQHGIRUXVHRQWKH-HZLVK6DEEDWKDQG+ROLGD\VRQVRPHPRGHOV
7KH6DEEDWKIHDWXUHFDQEHXVHGIRUEDNLQJURDVWLQJRQO\,WFDQQRWEHXVHGIRUFRQYHFWLRQEURLOLQJVHOIFOHDQLQJRU
'HOD\6WDUWFRRNLQJ
127(7KHRYHQOLJKWFRPHVRQDXWRPDWLFDOO\RQVRPHPRGHOVZKHQWKHGRRULVRSHQHGDQGJRHVRIIZKHQWKHGRRULVFORVHG7KHEXOEPD\EHUHPRYHG6HH
WKH2YHQ/LJKW5HSODFHPHQWVHFWLRQ2QPRGHOVZLWKDOLJKWVZLWFKRQWKHFRQWUROSDQHOWKHRYHQOLJKWPD\EHWXUQHGRQDQGOHIWRQ
+RZWR6HWIRU5HJXODU%DNLQJ5RDVWLQJ
:KHQWKHGLVSOD\VKRZVŠWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZVŠWKHRYHQLV
EDNLQJURDVWLQJ
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKHXSSHURYHQ%52,/+,
/2DQG%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
127(,IEDNHRUEURLODSSHDUVLQWKHGLVSOD\WKH
%52,/+,/2DQG%$.(SDGVZHUHQRWWRXFKHG
DWWKHVDPHWLPH7RXFKWKH&/($52))SDG
DQGEHJLQDJDLQ
7DSWKH'(/$<67$57SDGXQWLO6$EE$W+
DSSHDUVLQWKHGLVSOD\
7RXFKWKH67$57SDGDQGŠZLOODSSHDULQWKH
GLVSOD\%RWKRYHQVDUHQRZLQ6DEEDWKPRGH
7RXFKWKH%$.(SDGRQWKHXSSHURUORZHU
RYHQ1RVLJQDOZLOOEHJLYHQ
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUHEHWZHHQƒ)DQGƒ)1R
VLJQDORUWHPSHUDWXUHZLOOEHJLYHQ7KHUHLVQR
GHIDXOWWHPSHUDWXUH
7RXFKWKH67$57SDGRQWKHFRUUHVSRQGLQJ
RYHQ
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWHŠZLOODSSHDULQWKH
GLVSOD\LQGLFDWLQJ WKDWWKHRYHQLVEDNLQJ
URDVWLQJ,IŠGRHVQ·WDSSHDULQWKHGLVSOD\
VWDUWDJDLQDW6WHS
7REDNHLQWKHRWKHURYHQVWDUWDW6WHSRQ
VRPHPRGHOV
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH%$.(SDG
HQWHUWKHQHZWHPSHUDWXUHXVLQJWKHQXPEHUSDGV
DQGWRXFKWKH67$57SDG
127(7KH&/($52))DQG&22.7,0(SDGVDUH
DFWLYHGXULQJWKH6DEEDWKIHDWXUH
+RZWR6HWIRU7LPHG%DNLQJ5RDVWLQJ³,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
:KHQWKHGLVSOD\VKRZVWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZVWKHRYHQLV
EDNLQJURDVWLQJ
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKHXSSHURYHQ%52,/+,
/2DQG%$.(SDGVDWWKHVDPHWLPHXQWLOWKH
GLVSOD\VKRZV6)
127(,IEDNHRUEURLODSSHDUVLQWKHGLVSOD\WKH
%52,/+,/2DQG%$.(SDGVZHUHQRWWRXFKHG
DWWKHVDPHWLPH7RXFKWKH&/($52))SDG
DQGEHJLQDJDLQ
7DSWKH'(/$<67$57SDGXQWLO6$EE$W+
DSSHDUVLQWKHGLVSOD\
7RXFKWKH67$57SDGDQGŠZLOODSSHDULQWKH
GLVSOD\%RWKRYHQVDUHQRZLQ6DEEDWKPRGH
7RXFKWKH&22.7,0(SDGRQWKHXSSHURU
ORZHURYHQ1RVLJQDOZLOOEHJLYHQ
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPHEHWZHHQPLQXWHDQG
KRXUVDQGPLQXWHV
7RXFKWKH67$57SDG
7RXFKWKH%$.(SDG1RVLJQDOZLOOEHJLYHQ
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUH1RVLJQDORUWHPSHUDWXUHZLOOEH
JLYHQ7KHUHLVQRGHIDXOWWHPSHUDWXUH
7RXFKWKH67$57SDGRQWKHFRUUHVSRQGLQJ
RYHQ
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWHŠZLOODSSHDULQWKH
GLVSOD\LQGLFDWLQJWKDWWKHRYHQLVEDNLQJ
URDVWLQJ,IŠGRHVQ·WDSSHDULQWKHGLVSOD\
VWDUWDJDLQDW6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH%$.(SDG
HQWHUWKHQHZWHPSHUDWXUHXVLQJWKHQXPEHUSDGV
DQGWRXFKWKHELSDG
:KHQFRRNLQJLVILQLVKHGWKHGLVSOD\ZLOOFKDQJH
IURPŠWRŠDQGZLOODSSHDULQGLFDWLQJWKDW
WKHRYHQKDVWXUQHG2))EXWLVVWLOOVHWLQ6DEEDWK
5HPRYHWKHFRRNHGIRRG
+RZWR([LWWKH6DEEDWK)HDWXUH
7RXFKWKH&/($52))SDG
,IWKHRYHQLVFRRNLQJZDLWIRUDUDQGRPGHOD\
SHULRGRIDSSUR[LPDWHO\VHFRQGVWR
PLQXWHXQWLORQO\ŠLVLQWKHGLVSOD\
7RXFKDQGKROGERWKWKH%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7DSWKH'(/$<67$57SDGXQWLOVKGQRUQR
VKGQDSSHDUVLQWKHGLVSOD\
&KRRVHVKGQLQGLFDWLQJWKDWWKHRYHQZLOO
DXWRPDWLFDOO\WXUQRIIDIWHUKRXUVRUQR
VKGQLQGLFDWLQJWKDWWKHRYHQZLOOQRW
DXWRPDWLFDOO\WXUQRIIDIWHUKRXUV
3UHVV67$57ZKHQWKHRSWLRQWKDW\RXZDQWLV
LQWKHGLVSOD\VKGQRUQRVKGQ
127(,IDSRZHURXWDJHRFFXUUHGZKLOHWKHRYHQ
ZDVLQ6DEEDWKWKHRYHQZLOODXWRPDWLFDOO\WXUQRII
DQGVWD\RIIHYHQZKHQWKHSRZHUUHWXUQV7KHRYHQ
FRQWUROPXVWEHUHVHW6RPHPRGHOVZLOOUHVXPH
6DEEDWKPRGHKRZHYHURSHQLQJWKHGRRUZLOO
DFWLYDWHWKHRYHQOLJKW
8VLQJWKHVHOIFOHDQLQJXSSHURYHQ
*($SSOLDQFHVFRP
%HIRUHD&OHDQ&\FOH
:$51,1*
),5(+$=$5':LSHJUHDVHDQGKHDY\VRLOIURPWKH
RYHQERWWRPEHIRUHVHOIFOHDQLQJ)DLOXUHWRGRVRPD\
UHVXOWLQDQRYHQILUH
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
:HUHFRPPHQGYHQWLQJ\RXUNLWFKHQZLWKDQRSHQ
ZLQGRZRUXVLQJDYHQWLODWLRQIDQRUKRRGGXULQJWKH
ILUVWVHOIFOHDQF\FOH
5HPRYHDQ\EURLOHUSDQEURLOHUJULGSUREHDOO
FRRNZDUHDQGDQ\DOXPLQXPIRLOIURPWKHRYHQ
'RQRWFOHDQWKHJDVNHW7KHILEHUJODVVPDWHULDORI
WKHRYHQGRRUJDVNHWFDQQRWZLWKVWDQGDEUDVLRQ,WLV
HVVHQWLDOIRUWKHJDVNHWWRUHPDLQLQWDFW,I\RXQRWLFH
LWEHFRPLQJZRUQRUIUD\HGUHSODFHLW
0DNHVXUHWKHRYHQOLJKWEXOEFRYHULVLQSODFHDQG
WKHRYHQOLJKWLVRII
,03257$177KHKHDOWKRIVRPHELUGVLVH[WUHPHO\
VHQVLWLYHWRWKHIXPHVJLYHQRIIGXULQJWKHVHOI
FOHDQLQJF\FOHRIDQ\UDQJH0RYHELUGVWRDQRWKHU
ZHOOYHQWLODWHGURRP
127(
„,I\RXURYHQLVHTXLSSHGZLWKVKLQ\VLOYHUFRORUHG
RYHQUDFNVUHPRYHWKHPEHIRUH\RXEHJLQWKH
VHOIFOHDQF\FOH
„7KHVKLQ\VLOYHUFRORUHGRYHQUDFNVRQVRPH
PRGHOVFDQEHVHOIFOHDQHGEXWWKH\ZLOOGDUNHQ
ORVHWKHLUOXVWHUDQGEHFRPHKDUGWRVOLGH
„,I\RXURYHQLVHTXLSSHGZLWKJUD\SRUFHODLQ
FRDWHGRYHQUDFNVWKH\PD\EHOHIWLQWKHRYHQ
GXULQJWKHVHOIFOHDQF\FOH
6RLORQWKHIURQWIUDPHRIWKHUDQJHDQGRXWVLGH
WKHJDVNHWRQWKHGRRUZLOOQHHGWREHFOHDQHGE\
KDQG&OHDQWKHVHDUHDVZLWKKRWZDWHUVRDSILOOHG
VWHHOZRROSDGVRUFOHDQVHUVVXFKDV6RIW6FUXE
5LQVHZHOOZLWKFOHDQZDWHUDQGGU\
+RZWR6HWWKH2YHQIRU&OHDQLQJ
7KHRYHQGRRUVPXVWEHFORVHGDQGDOOFRQWUROVVHW
FRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
7RXFKWKH6(/)&/($1SDG
$KRXUVHOIFOHDQWLPHLVUHFRPPHQGHGIRU
XVHZKHQFOHDQLQJVPDOOFRQWDLQHGVSLOOV$
VHOIFOHDQWLPHRIKRXUVLVUHFRPPHQGHGIRU
DGLUWLHURYHQ
,IDWLPHRWKHUWKDQKRXUVRUKRXUVLV
QHHGHGXVHWKHQXPEHU SDGVDQGHQWHUWKH
GHVLUHGFOHDQWLPH
<RXFDQFKDQJHWKHFOHDQWLPHWRDQ\WLPHEHWZHHQ
KRXUVDQGKRXUVGHSHQGLQJRQKRZGLUW\\RXU
RYHQLV
7RXFKWKH67$57SDG
7KHXSSHUDQGORZHURYHQGRRUVORFNDXWRPDWLFDOO\
7KHFRRNWRSHOHPHQWVDUHDOVRORFNHGRXWGXULQJ
VHOIFOHDQ7KHGLVSOD\ZLOOVKRZWKHFOHDQWLPH
UHPDLQLQJ,WZLOOQRWEHSRVVLEOHWRRSHQWKHRYHQ
GRRUVRUXVHWKHFRRNWRSXQWLOWKHWHPSHUDWXUHGURSV
EHORZWKHORFNWHPSHUDWXUHDQG/2&.(''225 JRHVRIILQWKHFRQWUROGLVSOD\
:KHQ/2&.(''225
WRRSHQWKHGRRUV
JRHVRII\RXZLOOEHDEOH
„7KHZRUG/2&.(''225 ZLOOIODVKDQGWKH
ZRUGGRRUZLOOGLVSOD\LI\RXVHWWKHFOHDQF\FOH
DQGIRUJHWWRFORVHWKHRYHQGRRUV
„7RVWRSDFOHDQF\FOHWRXFKWKH&/($52))SDG
:KHQ/2&.(''225 JRHVRIILQGLFDWLQJWKH
RYHQVKDYHFRROHGEHORZWKHORFNLQJWHPSHUDWXUH
\RXZLOOEHDEOHWRRSHQWKHGRRUV
'RXEOH2YHQV
„<RXFDQVHWDFOHDQF\FOHLQERWKRYHQVDWWKH
VDPHWLPHKRZHYHUWKH\ZLOOQRWVHOIFOHDQDWWKH
VDPHWLPH7KHODVWRYHQVHWZLOODXWRPDWLFDOO\
GHOD\LWVVWDUWXQWLOWKHHQGRIWKHILUVWRYHQ·VFOHDQ
F\FOH
„:KHQDQRYHQLVVHWWRVHOIFOHDQERWKRYHQGRRUV
ZLOOORFNDQGWKHFRRNWRSFRQWUROVZLOOORFNRXW7KH
RYHQVDQGFRRNWRSFDQQRWEHXVHGZKHQDQRYHQ
LVVHWWRVHOIFOHDQ
8VLQJWKHVHOIFOHDQLQJXSSHURYHQ
7KHRYHQGRRUVPXVWEHFORVHGDQGDOOFRQWUROVVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
+RZWR'HOD\WKH6WDUWRI&OHDQLQJ
7RXFKWKH6(/)&/($1SDG
$KRXUVHOIFOHDQWLPHLV
UHFRPPHQGHGIRUXVHZKHQFOHDQLQJ
VPDOOFRQWDLQHGVSLOOV$VHOIFOHDQ
WLPHRIKRXUVLVUHFRPPHQGHGIRUD
GLUWLHURYHQ
,IDWLPHRWKHUWKDQKRXUVRUKRXUV
LVQHHGHGXVHWKHQXPEHU SDGVDQG
HQWHUWKHGHVLUHGFOHDQWLPH
<RXFDQFKDQJHWKHFOHDQWLPHWRDQ\WLPH
EHWZHHQKRXUVDQGKRXUVGHSHQGLQJ
RQKRZGLUW\\RXURYHQLV
7RXFKWKH67$57SDG
7KHXSSHUDQGORZHURYHQGRRUVORFN
DXWRPDWLFDOO\7KHFRRNWRSHOHPHQWVDUH
DOVRORFNHGRXWGXULQJVHOIFOHDQ7KH
GLVSOD\ZLOOVKRZWKHVWDUWWLPH,WZLOOQRW
EHSRVVLEOHWRRSHQWKHRYHQGRRUVRUXVH
WKHFRRNWRSXQWLOWKHWHPSHUDWXUHGURSV
EHORZWKHORFNWHPSHUDWXUHDQG/2&.('
'225 JRHVRIILQWKHFRQWUROGLVSOD\
:KHQ/2&.(''225 JRHVRII\RXZLOO
EHDEOHWRRSHQWKHGRRUV
7RXFKWKH'(/$<67$57SDG
8VLQJWKHQXPEHUSDGVHQWHUWKH
WLPHRIGD\\RXZDQWWKHFOHDQF\FOH
WRVWDUW
$IWHUD&OHDQ&\FOH
<RXPD\QRWLFHVRPHZKLWHDVKLQWKH
RYHQ:LSHLWXSZLWKDGDPSFORWKDIWHU
WKHRYHQFRROV
„<RXFDQQRWVHWWKHRYHQIRUFRRNLQJRU
DQRWKHUVHOIFOHDQF\FOHXQWLOWKHRYHQLV
FRROHQRXJKIRUWKHGRRUWRXQORFN
,IZKLWHVSRWVUHPDLQUHPRYHWKHPZLWK
DVRDSILOOHGVWHHOZRROSDGDQGULQVH
WKRURXJKO\ZLWKDYLQHJDUDQGZDWHU
PL[WXUH
„:KLOHWKHRYHQLVVHOIFOHDQLQJ\RX
FDQWRXFKWKH&/2&.SDGWRGLVSOD\
WKHWLPHRIGD\7RUHWXUQWRWKHFOHDQ
FRXQWGRZQWRXFKWKH6(/)&/($1SDG
7KHVHGHSRVLWVDUHXVXDOO\DVDOWUHVLGXH
WKDWFDQQRWEHUHPRYHGE\WKHFOHDQF\FOH
„,IWKHUDFNVEHFRPHKDUGWRVOLGHDSSO\
DVPDOODPRXQWRIFRRNLQJRLOWRDSDSHU
WRZHODQGZLSHWKHHGJHVRIWKHRYHQ
UDFNVZLWKWKHSDSHUWRZHO
,IWKHRYHQLVQRWFOHDQDIWHURQHFOHDQ
F\FOHUHSHDWWKHF\FOH
8VLQJWKHORZHURYHQGUDZHU0RGHO&6RQO\
*($SSOLDQFHVFRP
7KHORZHURYHQGUDZHUPD\EHXVHGWREDNHIRRGVXVLQJWKHVDPHWLPHVDQGWHPSHUDWXUHVDVDVWDQGDUGRYHQ
)RRGVLGHDOIRUEDNLQJLQWKHORZHURYHQGUDZHULQFOXGHSL]]DIUR]HQIRRGVFDVVHUROHVELVFXLWVUROOVDQGPDQ\GHVVHUWV
7R8VHWKH/RZHU2YHQ'UDZHU
3XVKLQDQGWXUQWKHORZHURYHQGUDZHU
NQREWRDQ\GHVLUHGVHWWLQJ
■7KHORZHURYHQGUDZHUFDQQRWEHXVHG
GXULQJDVHOIFOHDQF\FOHRIWKHXSSHURYHQ
$OORZWKHORZHURYHQGUDZHUWRSUHKHDW
■'RQRWSXWIRRGIRLORUFRRNZDUHGLUHFWO\RQ
WKHERWWRPRIWKHORZHURYHQGUDZHU$OZD\V
XVHWKHLQFOXGHGGUDZHUUDFN
■7KH21VLJQDOOLJKWLVORFDWHGRQWKHXSSHU
ULJKWVLGHRIWKHNQREDQGJORZVZKHQWKH
NQRELVLQWKH21SRVLWLRQ,WUHPDLQV21XQWLO
WKHNQRELVPRYHGWRWKH2))SRVLWLRQ
■ 7KH´+HDWLQJµVLJQDOOLJKWLVORFDWHGEHORZ
WKH21VLJQDOOLJKWDQGJORZVZKHQWKH
KHDWLQJHOHPHQWVDUHDFWLYH3UHKHDWLV
FRPSOHWHDIWHUWKH´+HDWLQJµVLJQDOKDV
WXUQHGRIIIRUWKHILUVWWLPHZLWKHDFKXVH
127(6
3XVKLQDQGWXUQWKHORZHURYHQ
GUDZHUNQREWRDQ\GHVLUHG
VHWWLQJ
■$OZD\VXVHWKHLQFOXGHGGUDZHUUDFNZKHQ
XVLQJWKH/RZHU2YHQ'UDZHU
■,IIRRGVUHTXLUHDFRYHUXVHRQO\IRLORUOLGV
DEOHWRZLWKVWDQGEDNLQJWHPSHUDWXUHV
'RQRWXVHSODVWLF
■0D[LPXPKHLJKWRIIRRGVWKDWFDQEHSODFHG
LQWKHORZHURYHQGUDZHULVs
■'RQRWSXWOLTXLGRUZDWHULQWKHORZHURYHQ
GUDZHU
■1HYHUSODFHSODVWLFVSDSHUFDQQHGIRRGV
RUFRPEXVWLEOHPDWHULDOLQWKHORZHURYHQ
GUDZHU
7KHORZHURYHQGUDZHUXVHVOHVVHQHUJ\WKDQWKHXSSHURYHQ
$OORZWKHIROORZLQJDSSUR[LPDWHWLPHVIRUSUHKHDWLQJ
'HVLUHG/RZHU
2YHQ7HPSHUDWXUH
3UHKHDW
7LPH
:$50
PLQXWHV
ƒ)
PLQXWHV
ƒ)
PLQXWHV
$GMXVWWKHORZHURYHQWKHUPRVWDW³'RLW\RXUVHOI
<RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWR
EHFRPHPRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW
\RXUVHOI
'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ7KHVH
WKHUPRPHWHUVPD\YDU\²GHJUHHV
127(7KLVDGMXVWPHQWZLOOQRWDIIHFWWKHEURLOLQJWHPSHUDWXUHV
TO
TO
KE
MA
HOT TER T
OVEN
UR
N
D
I SK
T OVEN TEMPER
JUS
A
AD N SCREWS AND R TUR
OT E
TO OSE
AT
E
LO
AP
H
PR O
TC
X. 10 F PER NO
˚
MA
KE
OVEN COOLER TUR
IS K
ND
%DFNRI/RZHU2YHQ.QRE
$SSHDUDQFHPD\YDU\
3XOOWKH29(1&21752/NQRERIIWKH
UDQJHDQGORRNDWWKHEDFNVLGH7RPDNH
DQDGMXVWPHQWORRVHQDSSUR[LPDWHO\RQH
WXUQEXWGRQRWFRPSOHWHO\UHPRYHWKH
WZRVFUHZVRQWKHEDFNRIWKHNQRE
:LWKWKHEDFNRIWKHNQREIDFLQJ\RXKROG
WKHRXWHUHGJHRIWKHNQREZLWKRQHKDQG
DQGWXUQWKHIURQWRIWKHNQREZLWKWKH
RWKHUKDQG
7RUDLVHWKHRYHQWHPSHUDWXUHPRYHWKH
WRSVFUHZWRZDUGWKHULJKW<RX·OOKHDUD
FOLFNIRUHDFKQRWFK\RXPRYHWKHNQRE
7RORZHUWKHWHPSHUDWXUHPRYHWKHWRS
VFUHZWRZDUGWKHOHIW
(DFKFOLFNZLOOFKDQJHWKHRYHQWHPSHUDWXUH
DSSUR[LPDWHO\ƒ)5DQJHLV“ƒ)IURP
WKHDUURZ:HVXJJHVWWKDW\RXPDNHWKH
DGMXVWPHQWRQHFOLFNIURPWKHRULJLQDOVHWWLQJ
DQGFKHFNRYHQSHUIRUPDQFHEHIRUHPDNLQJ
DQ\DGGLWLRQDODGMXVWPHQWV
$IWHUWKHDGMXVWPHQWLVPDGHUHWLJKWHQ
VFUHZVVRWKH\DUHVQXJEXWEHFDUHIXOQRW
WRRYHUWLJKWHQ
5HLQVWDOONQRERQUDQJHDQGFKHFN
SHUIRUPDQFH
&DUHDQGFOHDQLQJRIWKHUDQJH
%HVXUHHOHFWULFDO
SRZHULVRIIDQGDOO
VXUIDFHVDUHFRRO
EHIRUHFOHDQLQJ
DQ\SDUWRIWKH
UDQJH
WARNING
Tip-Over Hazard
A child or adult can tip the range and be killed.
Verify the anti-tip bracket has been properly installed
so the foot is secure in the anti-tip bracket.
Ensure the anti-tip bracket is re-engaged when the range
is moved so the foot is secure into the bracket.
Do not operate the range without the anti-tip bracket in
place and engaged.
Failure to follow these instructions can result in death or
serious burns to children or adults.
+RZWR5HPRYH3URWHFWLYH6KLSSLQJ)LOPDQG3DFNDJLQJ7DSH
&DUHIXOO\JUDVSDFRUQHURIWKHSURWHFWLYHVKLSSLQJ
ILOPZLWK\RXUILQJHUVDQGVORZO\SHHOLWIURPWKH
DSSOLDQFHVXUIDFH'RQRWXVHDQ\VKDUSLWHPVWR
UHPRYHWKHILOP5HPRYHDOORIWKHILOPEHIRUHXVLQJ
WKHDSSOLDQFHIRUWKHILUVWWLPH
7RHQVXUHQRGDPDJHLVGRQHWRWKHILQLVKRIWKH
SURGXFWWKHVDIHVWZD\WRUHPRYHWKHDGKHVLYHIURP
SDFNDJLQJWDSHRQQHZDSSOLDQFHVLVDQDSSOLFDWLRQ
RIDKRXVHKROGOLTXLGGLVKZDVKLQJGHWHUJHQW$SSO\
ZLWKDVRIWFORWKDQGDOORZWRVRDN
127(7KHDGKHVLYHPXVWEHUHPRYHGIURPDOOSDUWV
,WFDQQRWEHUHPRYHGLILWLVEDNHGRQ
&RQWURO.QREV
7KHFRQWURONQREVPD\EHUHPRYHGIRUHDVLHU
FOHDQLQJ
0DNHVXUHWKHNQREVDUHLQWKH2))SRVLWLRQVDQG
SXOOWKHPVWUDLJKWRIIWKHVWHPVIRUFOHDQLQJ
7KHNQREVFDQEHFOHDQHGLQDGLVKZDVKHURUWKH\
PD\DOVREHZDVKHGZLWKVRDSDQGZDWHU0DNH
VXUHWKHLQVLGHRIWKHNQREVDUHGU\EHIRUHUHSODFLQJ
5HSODFHWKHNQREVLQWKH2)) SRVLWLRQWRHQVXUH
SURSHUSODFHPHQW
&RQWURO3DQHO
,IGHVLUHGWKHWRXFKSDGVPD\EHGHDFWLYDWHGEHIRUH
FOHDQLQJ
6HHWKH&RQWURO/RFNRXWLQIRUPDWLRQLQWKH8VLQJWKH
FORFNNLWFKHQWLPHUDQGFRQWUROORFNRXWVHFWLRQLQWKLV
PDQXDO
&OHDQXSVSODWWHUVZLWKDGDPSFORWK
<RXPD\DOVRXVHDJODVVFOHDQHU
5HPRYHKHDYLHUVRLOZLWKZDUPVRDS\ZDWHU'RQRW
XVHDEUDVLYHVRIDQ\NLQG
5HDFWLYDWHWKHWRXFKSDGVDIWHUFOHDQLQJ
3DLQWHG6XUIDFHV
3DLQWHGVXUIDFHVLQFOXGHWKHVLGHVRIWKHUDQJHDQG
WKHGRRUWRSRIFRQWUROSDQHODQGWKHGUDZHUIURQW
&OHDQWKHVHZLWKVRDSDQGZDWHURUDYLQHJDUDQG
ZDWHUVROXWLRQ
'RQRWXVHFRPPHUFLDORYHQFOHDQHUVFOHDQLQJ
SRZGHUVVWHHOZRRORUKDUVKDEUDVLYHVRQDQ\
SDLQWHGVXUIDFH
6WDLQOHVV6WHHO6XUIDFHVRQVRPHPRGHOV
'RQRWXVHDVWHHOZRROSDGLWZLOOVFUDWFKWKH
VXUIDFH
7RFOHDQWKHVWDLQOHVVVWHHOVXUIDFHXVHZDUP
VXGV\ZDWHURUDVWDLQOHVVVWHHOFOHDQHURU
SROLVK$OZD\VZLSHWKHVXUIDFHLQWKHGLUHFWLRQ
RIWKHJUDLQ)ROORZWKHFOHDQHULQVWUXFWLRQVIRU
FOHDQLQJWKHVWDLQOHVVVWHHOVXUIDFH
7RLQTXLUHDERXWSXUFKDVLQJVWDLQOHVVVWHHO
DSSOLDQFHFOHDQHURUSROLVKRUWRILQGWKH
ORFDWLRQRIDGHDOHUQHDUHVW\RXSOHDVHFDOORXU
WROOIUHHQXPEHU
1DWLRQDO3DUWV&HQWHU
*($SSOLDQFHVFRP
3RUFHODLQ(QDPHO&RRNWRSRQVRPHPRGHOV
7KHSRUFHODLQHQDPHOILQLVKLVVWXUG\EXW
EUHDNDEOHLIPLVXVHG7KLVILQLVKLVDFLG
UHVLVWDQW+RZHYHUDQ\DFLGLFIRRGVVSLOOHG
VXFKDVIUXLWMXLFHVWRPDWRRUYLQHJDUVKRXOG
QRWEHSHUPLWWHGWRUHPDLQRQWKHILQLVK
,IDFLGVVSLOORQWKHFRRNWRSZKLOHLWLVKRWXVH
DGU\SDSHUWRZHORUFORWKWRZLSHLWXSULJKW
DZD\:KHQWKHVXUIDFHKDVFRROHGZDVKZLWK
VRDSDQGZDWHU5LQVHZHOO
)RURWKHUVSLOOVVXFKDVIDWVSDWWHULQJVZDVK
ZLWKVRDSDQGZDWHURUFOHDQVLQJSRZGHUV
DIWHUWKHVXUIDFHKDVFRROHG5LQVHZHOO3ROLVK
ZLWKDGU\FORWK
*($SSOLDQFHVFRP
&OHDQLQJWKH2YHQ'RRU
7RFOHDQWKHLQVLGHRIWKHGRRU
„%HFDXVHWKHDUHDLQVLGHWKHJDVNHWLVFOHDQHG
GXULQJWKHVHOIFOHDQF\FOH
\RXGRQRWQHHGWRFOHDQWKLVE\KDQG
7KHJDVNHWLVGHVLJQHGZLWKDJDS
DWWKHERWWRPWRDOORZIRUSURSHUDLU
FLUFXODWLRQ
'RQRWUXERUFOHDQWKHGRRUJDVNHW³LW
KDVDQH[WUHPHO\ORZUHVLVWDQFHWR
DEUDVLRQ
,I\RXQRWLFHWKHJDVNHWEHFRPLQJ
ZRUQIUD\HGRUGDPDJHGLQDQ\ZD\
RULILWKDVEHFRPHGLVSODFHGRQWKH
GRRU\RXVKRXOGKDYHLWUHSODFHG
„
7KHDUHDRXWVLGHWKHJDVNHWDQGWKHGRRUOLQHU
FDQEHFOHDQHGZLWKDVRDSILOOHG
RUSODVWLFVFRXULQJSDGKRWZDWHUDQG
GHWHUJHQW5LQVHZHOOZLWKDYLQHJDU
DQGZDWHUVROXWLRQ
7RFOHDQWKHRXWVLGHRIWKHGRRU
„
,IDQ\VWDLQRQWKHGRRUYHQWWULPLVSHUVLVWHQW
XVHDVRIWDEUDVLYHFOHDQHU
DQGDVSRQJHVFUXEEHUIRUEHVWUHVXOWV
„
6SLOODJHRIPDULQDGHVIUXLWMXLFHVWRPDWR
VDXFHVDQGEDVWLQJPDWHULDOVFRQWDLQLQJDFLGV
PD\FDXVHGLVFRORUDWLRQDQGVKRXOG
EHZLSHGXSLPPHGLDWHO\:KHQVXUIDFHLV
FRROFOHDQDQGULQVH
„
'RQRWXVHRYHQFOHDQHUVFOHDQLQJSRZGHUVRU
KDUVKDEUDVLYHVRQWKHRXWVLGHRIWKHGRRU
„
8VHVRDSDQGZDWHUWRWKRURXJKO\FOHDQWKHWRS
VLGHVDQGIURQWRIWKHRYHQGRRU5LQVHZHOO<RX
PD\DOVRXVHDJODVVFOHDQHUWRFOHDQWKHJODVV
RQWKHRXWVLGHRIWKHGRRU'RQRWOHWZDWHUGULS
LQWRWKHYHQWRSHQLQJV
/LIW2II2YHQ'RRURQVRPHPRGHOV
7KHGRRULVYHU\KHDY\%HFDUHIXOZKHQUHPRYLQJ
DQGOLIWLQJWKHGRRU
'RQRWOLIWWKHGRRUE\WKHKDQGOH
7RUHPRYHWKHGRRU
6ORW
+LQJH
ORFN
3XOOKLQJHORFNVGRZQWRXQORFN
)XOO\RSHQWKHGRRU
3XOOWKHKLQJHORFNVGRZQWRZDUGWKHGRRU
IUDPHWRWKHXQORFNHGSRVLWLRQ$WRROVXFKDV
DVPDOOIODWEODGHVFUHZGULYHUPD\EHUHTXLUHG
)LUPO\JUDVSERWKVLGHVRIWKHGRRU
DWWKHWRS
&ORVHGRRUWRWKHGRRUUHPRYDOSRVLWLRQZKLFK
LVKDOIZD\EHWZHHQWKHEURLOVWRSSRVLWLRQDQG
IXOO\FORVHG
/LIWGRRUXSDQGRXWXQWLOWKHKLQJHDUP
LVFOHDURIWKHVORW
7RUHSODFHWKHGRRU
5HPRYDOSRVLWLRQ
)LUPO\JUDVSERWKVLGHVRIWKHGRRU
DWWKHWRS
:LWKWKHGRRUDW %RWWRP
+LQJHDUP
WKHVDPHDQJOH HGJHRI
VORW
DVWKHUHPRYDO
SRVLWLRQVHDW
WKHLQGHQWDWLRQ
RIWKHKLQJHDUP
,QGHQWDWLRQ
LQWRWKHERWWRP
HGJHRIWKH
KLQJHVORW7KH
QRWFKLQWKHKLQJHDUPPXVWEHIXOO\VHDWHG
LQWRWKHERWWRPRIWKHVORW
)XOO\RSHQWKHGRRU,IWKHGRRUZLOOQRWIXOO\
RSHQWKHLQGHQWDWLRQLVQRWVHDWHGFRUUHFWO\LQ
WKHERWWRPHGJHRIWKHVORW
3XVKWKHKLQJHORFNVXSDJDLQVWWKHIURQWIUDPH
RIWKHRYHQFDYLW\WRWKHORFNHGSRVLWLRQ
+LQJH
ORFN
+LQJH
DUP
3XVKKLQJHORFNVXSWRORFN
&ORVHWKHRYHQGRRU
&DUHDQGFOHDQLQJRIWKHUDQJH
2YHQ5DFNV
8VHWKHUDFNZLWKRXWWKHWZRIURQW
KDQGOHVLQWKHORZHURYHQ
$OORYHQUDFNVPD\EHFOHDQHGE\KDQGZLWKDQ
DEUDVLYHFOHDQHURUVWHHOZRRO$IWHUFOHDQLQJ
ULQVHWKHUDFNVZLWKFOHDQZDWHUDQGGU\ZLWKD
FOHDQFORWK*UD\SRUFHODLQFRDWHGRYHQUDFNV
PD\UHPDLQLQWKHRYHQGXULQJWKHVHOIFOHDQLQJ
F\FOHZLWKRXWEHLQJGDPDJHG7KHQLFNHOSODWHG
RYHQUDFNVPD\UHPDLQLQWKHRYHQGXULQJWKH
VHOIFOHDQLQJF\FOHEXWWKH\ZLOOORVHWKHLUOXVWHU
DQGEHFRPHKDUGWRVOLGH,WZLOOEHQHFHVVDU\
WRJUHDVHDOORYHQUDFNVLGHHGJHVZLWKDOLJKW
FRDWLQJRIYHJHWDEOHRLODIWHUFOHDQLQJWKHPE\
KDQGRULQWKHRYHQ7KLVZLOOKHOSPDLQWDLQWKH
HDVHRIVOLGLQJWKHUDFNVLQDQGRXWRIWKHRYHQ
/RGJHŠ&DVW,URQ*ULGGOH0RGHO&6RQO\
5LQVHZLWKKRWZDWHUGRQRWXVHVRDSDQG *ULGGOH3UHFDXWLRQV
GU\WKRURXJKO\
■,IVRPHWKLQJKDVVSLOOHGXQGHUWKHJULGGOH
%HIRUHFRRNLQJSUHSDUHWKHVXUIDFHZLWK
LWVKRXOGEHFOHDQHGXSDVVRRQDVSRVVLEOH
FRRNLQJVSUD\RUYHJHWDEOHRLO
WRSUHYHQW´EDNHGRQµIRRGVRLO6HHWKH
&OHDQLQJWKHJODVVFRRNWRSVHFWLRQ
$IWHUFRRNLQJFOHDQWKHJULGGOHZLWKDVWLII
EUXVKDQGKRWZDWHU8VLQJVRDSLVQRW
■'RQRWDOORZJUHDVHWRDFFXPXODWHXQGHU
UHFRPPHQGHGDQGKDUVKGHWHUJHQWV
WKHJULGGOHDVLWFDQEHDILUHKD]DUG&OHDQ
VKRXOGQHYHUEHXVHG
XQGHUWKHJULGGOHDVVRRQDVLWLVFRRO6HHWKH
&OHDQLQJWKHJODVVFRRNWRSVHFWLRQ
7RZHOGU\LPPHGLDWHO\DQGDSSO\DOLJKW
FRDWRIFRRNLQJVSUD\RUYHJHWDEOHRLO
■'RQRWSODFH\RXUJULGGOHLQWKHPLFURZDYH
ZKLOHWKHJULGGOHLVVWLOOZDUP
RYHQ
6WRUHLQDFRROGU\SODFH
■$OZD\VWXUQRIIDOOVXUIDFHXQLWVEHIRUH
UHPRYLQJWKHJULGGOH8VHFDXWLRQZKHQ
'RQRWZDVKLQDGLVKZDVKHU
KDQGOLQJDKRWJULGGOH
*($SSOLDQFHVFRP
2YHQ$LU9HQWV
1HYHUEORFNWKHYHQWVDLURSHQLQJVRIWKH
UDQJH7KH\SURYLGHWKHDLULQOHWDQGRXWOHWWKDW
DUHQHFHVVDU\IRUWKHUDQJHWRRSHUDWHSURSHUO\
9HQWDSSHDUDQFHDQGORFDWLRQ
YDU\
$LURSHQLQJVDUHORFDWHGDWWKHUHDURIWKH
FRRNWRSDWWKHWRSDQGERWWRPRIWKHRYHQ
GRRUDQGDWWKHERWWRPRIWKHUDQJHXQGHUWKH
ORZHURYHQGUDZHU
5HPRYDEOH:DUPLQJ'UDZHU/RZHU2YHQ'UDZHU3DQ0RGHO&6RQO\
127()RUPRGHOVZLWKDQHOHFWULF
ZDUPLQJGUDZHURUORZHURYHQGUDZHU
EHIRUHSHUIRUPLQJDQ\DGMXVWPHQWV
FOHDQLQJRUVHUYLFHGLVFRQQHFWWKHUDQJH
HOHFWULFDOSRZHUVXSSO\DWWKHKRXVHKROG
GLVWULEXWLRQSDQHOE\UHPRYLQJWKHIXVHRU
VZLWFKLQJRIIWKHFLUFXLWEUHDNHU0DNHVXUH
WKHGUDZHUKHDWLQJHOHPHQWLVFRRO
„1HYHUSODFHXVHRUVHOIFOHDQWKHGUDZHUSDQ
LQWKHXSSHURYHQ
„:DUPLQJGUDZHURUORZHURYHQGUDZHUKDVD
UHPRYDEOHSDQIRUHDV\FOHDQLQJ&OHDQZLWK
KRWVRDS\ZDWHUDQGDVSRQJHRUGLVKWRZHO
'U\ZLWKDFOHDQFORWK5HSODFHWKHSDQLQWKH
ZDUPLQJGUDZHURUORZHURYHQGUDZHU
127($OORZZDUPLQJGUDZHURUORZHURYHQ
GUDZHUWRFRROEHIRUHUHPRYLQJSDQ
127(:LSHVSLOOVSURPSWO\DIWHUHDFKXVH
5HPRYDEOH'UDZHU0RGHO&6RQO\
127()RUPRGHOVZLWKDQHOHFWULFZDUPLQJ
GUDZHUEHIRUHSHUIRUPLQJDQ\DGMXVWPHQWV
FOHDQLQJRUVHUYLFHGLVFRQQHFWWKHUDQJH
HOHFWULFDOSRZHUVXSSO\DWWKHKRXVHKROG
GLVWULEXWLRQSDQHOE\UHPRYLQJWKHIXVHRU
VZLWFKLQJRIIWKHFLUFXLWEUHDNHU0DNHVXUH
WKHZDUPLQJGUDZHUKHDWLQJHOHPHQWLVFRRO
3UHVVWKHOHIWUDLOUHOHDVHXSDQGSUHVVWKH
ULJKWUDLOUHOHDVHGRZQZKLOHSXOOLQJWKH
GUDZHUIRUZDUGDQGIUHH
7RUHSODFHWKHGUDZHU
3ODFHWKHOHIWGUDZHUUDLODURXQGWKHLQQHU
OHIWUDLOJXLGHDQGVOLGHLWLQVOLJKWO\WR
KRRNLW
0RVWFOHDQLQJFDQEHGRQHZLWKWKHGUDZHULQ
SODFH+RZHYHUWKHGUDZHUPD\EHUHPRYHGLI
IXUWKHUFOHDQLQJLVQHHGHG8VHVRDSDQGZDUP
ZDWHUWRWKRURXJKO\FOHDQ
3ODFHWKHULJKWGUDZHUUDLODURXQGWKHLQQHU
ULJKWUDLOJXLGHDQGVOLGHLWLQVOLJKWO\WR
KRRNLW
7RUHPRYHWKHGUDZHU
6OLGHWKHGUDZHUDOOWKHZD\LQ
3XOOWKHGUDZHUVWUDLJKWRXWXQWLO
LWVWRSV
&DUHDQGFOHDQLQJRIWKHUDQJH
2YHQ/LJKW5HSODFHPHQW
%HVXUHWROHWWKHOLJKWFRYHUDQGEXOEFRRO
FRPSOHWHO\
7RUHPRYHWKHFRYHU
7RUHSODFHWKHFRYHU
+ROGDKDQGXQGHUWKHFRYHUVRLWGRHVQ·W
IDOOZKHQUHOHDVHG:LWKILQJHUVRIWKH
VDPHKDQGILUPO\SXVKEDFNWKHZLUH
FRYHUKROGHU/LIWRIIWKHFRYHU
:LUHFRYHUKROGHU
'RQRWUHPRYHDQ\VFUHZVWRUHPRYHWKHFRYHU
3ODFHLWLQWRJURRYHRIWKHOLJKWUHFHSWDFOH
3XOOZLUHIRUZDUGWRWKHFHQWHURIWKH
FRYHUXQWLOLWVQDSVLQWRSODFH
&RQQHFWHOHFWULFDOSRZHUWRWKHUDQJH
5HSODFHEXOEZLWKDZDWWDSSOLDQFH
EXOE
:$51,1*
6+2&.25%851+$=$5'%HIRUHUHSODFLQJRYHQOLJKWEXOEGLVFRQQHFWWKHHOHFWULFDO
SRZHUWRWKHUDQJHDWWKHPDLQIXVHRUFLUFXLWEUHDNHUSDQHO)DLOXUHWRGRVRPD\UHVXOW
LQHOHFWULFVKRFNRUEXUQ
2YHQ+HDWLQJ(OHPHQWV
'RQRWFOHDQWKHEDNHHOHPHQWRUWKHEURLO
HOHPHQW$Q\VRLOZLOOEXUQRIIZKHQWKH
HOHPHQWVDUHKHDWHG
7RFOHDQWKHRYHQIORRUJHQWO\OLIWWKHEDNH
HOHPHQW&OHDQZLWKZDUPVRDS\ZDWHU
&OHDQLQJWKHJODVVFRRNWRS
*($SSOLDQFHVFRP
1RUPDO'DLO\8VH&OHDQLQJ
21/<XVH&(5$0$%5<7(Š&HUDPLF&RRNWRS
&OHDQHURQWKHJODVVFRRNWRS2WKHUFUHDPV
PD\QRWEHDVHIIHFWLYH
7RPDLQWDLQDQGSURWHFWWKHVXUIDFHRI\RXU
JODVVFRRNWRSIROORZWKHVHVWHSV
&OHDQ\RXUFRRNWRSDIWHU
HDFKVSLOO8VH&(5$0$
%5<7(&HUDPLF&RRNWRS
&OHDQHU
%HIRUHXVLQJWKHFRRNWRSIRUWKHILUVWWLPH
FOHDQLWZLWK&(5$0$%5<7(Š&HUDPLF
&RRNWRS&OHDQHU7KLVKHOSVSURWHFWWKH
WRSDQGPDNHVFOHDQXSHDVLHU
'DLO\XVHRI&(5$0$%5<7( &HUDPLF
&RRNWRS&OHDQHUZLOOKHOSNHHSWKH
FRRNWRSORRNLQJQHZ
Š
IHZGURSVRI&(5$0$%5<7(Š&HUDPLF
&RRNWRS&OHDQHUGLUHFWO\WRWKHFRRNWRS
8VHDSDSHUWRZHORU&(5$0$%5<7(Š
&OHDQLQJ3DGIRU&HUDPLF&RRNWRSVWR
FOHDQWKHHQWLUHFRRNWRSVXUIDFH
8VHDGU\FORWKRUSDSHUWRZHOWR
UHPRYHDOOFOHDQLQJUHVLGXH1RQHHGWR
ULQVH
127(,WLVYHU\LPSRUWDQWWKDW\RX'2127
KHDWWKHFRRNWRSXQWLOLWKDVEHHQFOHDQHG
WKRURXJKO\
6KDNHWKHFOHDQLQJFUHDPZHOO$SSO\D
%XUQHG2Q5HVLGXH
127('$0$*(WR\RXUJODVVVXUIDFHPD\
RFFXULI\RXXVHVFUXESDGVRWKHUWKDQWKRVH
UHFRPPHQGHG
$OORZWKHFRRNWRSWRFRRO
8VHD&(5$0$%5<7(&OHDQLQJ
3DGIRU&HUDPLF&RRNWRSV
6SUHDGDIHZGURSVRI&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHURQWKHHQWLUH
EXUQHGUHVLGXHDUHD
,IDQ\UHVLGXHUHPDLQVUHSHDW
WKHVWHSVOLVWHGDERYHDVQHHGHG
)RUDGGLWLRQDOSURWHFWLRQDIWHUDOO
UHVLGXHKDVEHHQUHPRYHGSROLVKWKH
HQWLUHVXUIDFHZLWK&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHUDQGDSDSHU
WRZHO
8VLQJWKHLQFOXGHG&(5$0$%5<7(
&OHDQLQJ3DGIRU&HUDPLF&RRNWRSVUXE
WKHUHVLGXHDUHDDSSO\LQJSUHVVXUHDV
QHHGHG
+HDY\%XUQHG2Q5HVLGXH
$OORZWKHFRRNWRSWRFRRO
7KH&(5$0$%5<7(&HUDPLF
&RRNWRS6FUDSHUDQGDOO
UHFRPPHQGHGVXSSOLHVDUH
DYDLODEOHWKURXJKRXU3DUWV
&HQWHU6HHLQVWUXFWLRQVXQGHU´7R
2UGHU3DUWVµVHFWLRQRQQH[WSDJH
127('RQRWXVHDGXOORU
QLFNHGEODGH
8VHDVLQJOHHGJHUD]RUEODGHVFUDSHU
DWDSSUR[LPDWHO\DƒDQJOHDJDLQVW
WKHJODVVVXUIDFHDQGVFUDSHWKHVRLO,W
ZLOOEHQHFHVVDU\WRDSSO\SUHVVXUHWR
WKHUD]RUVFUDSHULQRUGHUWRUHPRYH
WKHUHVLGXH
)RUDGGLWLRQDOSURWHFWLRQDIWHUDOO
UHVLGXHKDVEHHQUHPRYHGSROLVKWKH
HQWLUHVXUIDFHZLWK&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHUDQGDSDSHU
WRZHO
$IWHUVFUDSLQJZLWKWKHUD]RUVFUDSHU
VSUHDGDIHZGURSVRI&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHURQWKHHQWLUH
EXUQHGUHVLGXHDUHD8VHWKH&(5$0$
%5<7(&OHDQLQJ3DGWRUHPRYHDQ\
UHPDLQLQJUHVLGXH
&OHDQLQJWKHJODVVFRRNWRS
0HWDO0DUNVDQG6FUDWFKHV
7KLVVKRXOGEHUHPRYHGLPPHGLDWHO\
%HFDUHIXOQRWWRVOLGHSRWVDQGSDQV
EHIRUHKHDWLQJDJDLQRUWKH
DFURVV\RXUFRRNWRS,WZLOOOHDYHPHWDO
GLVFRORUDWLRQPD\EHSHUPDQHQW
PDUNLQJVRQWKHFRRNWRSVXUIDFH
7KHVHPDUNVDUHUHPRYDEOHXVLQJWKH
127(&DUHIXOO\FKHFNWKHERWWRPRISDQVIRU
&(5$0$%5<7(Š&HUDPLF&RRNWRS&OHDQHU URXJKQHVVWKDWZRXOGVFUDWFKWKHFRRNWRS
ZLWKWKH&(5$0$%5<7(Š&OHDQLQJ3DG
IRU&HUDPLF&RRNWRSV
,ISRWVZLWKDWKLQRYHUOD\RIDOXPLQXP
RUFRSSHUDUHDOORZHGWRERLOGU\WKH
RYHUOD\PD\OHDYHEODFNGLVFRORUDWLRQ
RQWKHFRRNWRS
&RRNWRS6HDO
7RFOHDQWKHFRRNWRSVHDODURXQGWKHHGJHV
RIWKHJODVVOD\DZHWFORWKRQLWIRUDIHZ
PLQXWHVWKHQZLSHFOHDQZLWKQRQDEUDVLYH
FOHDQHUV
*ODVVVXUIDFH³SRWHQWLDOIRUSHUPDQHQWGDPDJH
6XJDU\VSLOORYHUVVXFK
DVMHOOLHVIXGJHFDQG\
V\UXSVRUPHOWHGSODVWLFV
FDQFDXVHSLWWLQJRIWKH
VXUIDFHRI\RXUFRRNWRSQRW
FRYHUHGE\WKHZDUUDQW\
XQOHVVWKHVSLOOLVUHPRYHG
ZKLOHVWLOOKRW6SHFLDOFDUH
VKRXOGEHWDNHQZKHQ
UHPRYLQJKRWVXEVWDQFHV
'DPDJHIURP6XJDU\6SLOOVDQG0HOWHG3ODVWLF
7XUQRIIDOOVXUIDFHXQLWV5HPRYHKRW
SDQV
:HDULQJDQRYHQPLWW
D8VHDVLQJOHHGJHUD]RUEODGH
VFUDSHU&(5$0$%5<7(Š&HUDPLF
&RRNWRS6FUDSHUWRPRYHWKHVSLOOWR
DFRRODUHDRQWKHFRRNWRS
E5HPRYHWKHVSLOOZLWKSDSHUWRZHOV
%HVXUHWRXVHDQHZVKDUS
UD]RUVFUDSHU
$Q\UHPDLQLQJVSLOORYHUVKRXOGEHOHIW
XQWLOWKHVXUIDFHRIWKHFRRNWRSKDV
FRROHG
'RQ·WXVHWKHVXUIDFHXQLWVDJDLQXQWLO
DOORIWKHUHVLGXHKDVEHHQFRPSOHWHO\
UHPRYHG
127(,ISLWWLQJRULQGHQWDWLRQLQWKHJODVV
VXUIDFHKDVDOUHDG\RFFXUUHGWKHFRRNWRS
JODVVZLOOKDYHWREHUHSODFHG
,QWKLVFDVHVHUYLFHZLOOEHQHFHVVDU\
'RQRWXVHDGXOORUQLFNHG
EODGH
7R2UGHU3DUWV
7RRUGHU&(5$0$%5<7(&HUDPLF&RRNWRS
&OHDQHUDQGWKHFRRNWRSVFUDSHUSOHDVHFDOO
RXUWROOIUHHQXPEHU
1DWLRQDO3DUWV&HQWHU
Š
&(5$0$%5<7( &HUDPLF
&RRNWRS&OHDQHU :;;
&(5$0$%5<7(&HUDPLF
&RRNWRS6FUDSHU:;;
.LW :%;
.LWLQFOXGHVFUHDPDQGFRRNWRSVFUDSHU
&(5$0$%5<7(Š&OHDQLQJ3DGVIRU
&HUDPLF&RRNWRSV :;;
,QVWDOODWLRQ
,QVWUXFWLRQV
)UHH6WDQGLQJ
(OHFWULF5DQJHV
4XHVWLRQV"&DOO*(&$5(6RUYLVLWRXU:HEVLWHDW*($SSOLDQFHVFRP
%()25(<28%(*,1
)25<2856$)(7<
%HVXUH\RXUDSSOLDQFHLVSURSHUO\LQVWDOOHG
DQGJURXQGHGE\DTXDOLILHGWHFKQLFLDQ
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
,03257$17
‡ ³6DYHWKHVHLQVWUXFWLRQV
IRUORFDOLQVSHFWRU·VXVH
0DNHVXUHWKHFDELQHWVDQGZDOOFRYHULQJVDURXQG
WKHUDQJHFDQZLWKVWDQGWKHWHPSHUDWXUHVXSWRƒ)
JHQHUDWHGE\WKHUDQJH
,03257$17
‡ ³2EVHUYHDOOJRYHUQLQJ
FRGHVDQGRUGLQDQFHV
‡ 1RWHWR,QVWDOOHU²%HVXUHWROHDYHWKHVH
LQVWUXFWLRQVZLWKWKH&RQVXPHU
‡ 1RWHWR&RQVXPHU².HHSWKHVHLQVWUXFWLRQVIRU
IXWXUHUHIHUHQFH
‡ 6NLOOOHYHO²,QVWDOODWLRQRIWKLVDSSOLDQFHUHTXLUHV
EDVLFPHFKDQLFDOVNLOOV
‡ &RPSOHWLRQWLPH²WRKRXUV
‡ 3URSHULQVWDOODWLRQLVWKHUHVSRQVLELOLW\
RIWKHLQVWDOOHU
‡ 3URGXFWIDLOXUHGXHWRLPSURSHULQVWDOODWLRQLVQRW
FRYHUHGXQGHUWKH:DUUDQW\
$17,7,3'(9,&(
WARNING
Tip-Over Hazard
A child or adult can tip the range and be killed.
Verify the anti-tip bracket has been properly installed
and engaged.
Ensure the anti-tip bracket is re-engaged when the range
is moved.
Do not operate the range without the anti-tip bracket in
place and engaged.
Failure to follow these instructions can result in death or
serious burns to children or adults.
,I\RXGLGQRWUHFHLYHDQDQWLWLSEUDFNHWZLWK
\RXUSXUFKDVHFDOOWRUHFHLYHRQH
DWQRFRVW,Q&DQDGDFDOO)RU
LQVWDOODWLRQLQVWUXFWLRQVIRUWKHEUDFNHWYLVLW
ZZZ*($SSOLDQFHVFRPLQ&DQDGD
ZZZ*($SSOLDQFHVFD
:$51,1*³7KLVDSSOLDQFHPXVWEH
SURSHUO\JURXQGHG
)25<2856$)(7<
:$51,1*
³%HIRUHEHJLQQLQJWKH
LQVWDOODWLRQVZLWFKSRZHURIIDWVHUYLFHSDQHODQGORFN
WKHVHUYLFHGLVFRQQHFWLQJPHDQVWRSUHYHQWSRZHU
IURPEHLQJVZLWFKHGRQDFFLGHQWDOO\:KHQWKHVHUYLFH
GLVFRQQHFWLQJPHDQVFDQQRWEHORFNHGVHFXUHO\
IDVWHQDSURPLQHQWZDUQLQJGHYLFHVXFKDVDWDJ
WRWKHVHUYLFHSDQHO
$OOURXJKLQDQGVSDFLQJGLPHQVLRQVPXVWEHPHWIRU
VDIHXVHRI\RXUUDQJH(OHFWULFLW\WRWKHUDQJHFDQEH
GLVFRQQHFWHGDWWKHRXWOHWZLWKRXWPRYLQJWKHUDQJH
LIWKHRXWOHWLVLQWKHSUHIHUUHGORFDWLRQUHPRYHORZHU
GUDZHU
7RUHGXFHWKHULVNRIEXUQVRUILUHZKHQUHDFKLQJRYHU
KRWVXUIDFHHOHPHQWVFDELQHWVWRUDJHVSDFHDERYH
WKHFRRNWRSVKRXOGEHDYRLGHG,IFDELQHWVWRUDJH
VSDFHLVWREHSURYLGHGDERYHWKHFRRNWRSWKHULVN
FDQEHUHGXFHGE\LQVWDOOLQJDUDQJHKRRGWKDWVWLFNV
RXWDWOHDVWsEH\RQGWKHIURQWRIWKHFDELQHWV
&DELQHWVLQVWDOOHGDERYHDFRRNWRSPXVWEHQRGHHSHU
WKDQs
,QVWDOODWLRQ,QVWUXFWLRQV
35(3$5(72,167$//7+(5$1*(
0$7(5,$/6<280$<1(('
35(3$5(7+(23(1,1*
7LQ6QLSV
/DJ%ROWV
$QFKRU6OHHYHV
)RU$QWL7LS%UDFNHW0RXQWHGRQ&RQFUHWH)ORRUV2QO\
8/$SSURYHG$03
6TXHH]H&RQQHFWRU
)RU&RQGXLW
,QVWDOODWLRQV2QO\
:LUH&RUG 25 :LUH&RUG
¶/RQJ
¶/RQJ
722/6<28:,//1(('
'ULOOZLWKs%LW
$OORZøsVSDFLQJIURPWKHUDQJHWRDGMDFHQW
YHUWLFDOZDOOVDERYHWKHFRRNWRSVXUIDFH
$OORZsPLQLPXPFOHDUDQFHEHWZHHQWKH
VXUIDFHXQLWVDQGWKHERWWRPRIXQSURWHFWHG
ZRRGRUPHWDOWRSFDELQHWDQGsPLQLPXP
EHWZHHQWKHFRXQWHUWRSDQGDGMDFHQWFDELQHW
ERWWRP
(;&(37,21,QVWDOODWLRQRIDOLVWHGPLFURZDYH
RYHQRUFRRNLQJDSSOLDQFHRYHUWKHFRRNWRS
VKDOOFRQIRUPWRWKHLQVWDOODWLRQLQVWUXFWLRQV
SDFNHGZLWKWKDWDSSOLDQFH
,IFDELQHWVWRUDJHLVLQVWDOOHGUHGXFHWKHULVNE\
LQVWDOOLQJDUDQJHKRRGWKDWSURMHFWVKRUL]RQWDOO\
DPLQRIsEH\RQGWKHERWWRPRIWKHFDELQHWV
0DNHVXUHWKHZDOOFRYHULQJFRXQWHUWRSVDQG
FDELQHWVDURXQGWKHUDQJHFDQZLWKVWDQGKHDW
JHQHUDWHGE\WKHUDQJHRYHQRUFRRNWRSXS
WRƒ)
6DIHW\*ODVVHV
1RWOHVV
WKDQWKH
ZLGWKRIWKH
UDQJH
+RRG
s0LQ
$GMXVWDEOH:UHQFK
7DSH0HDVXUH
3OLHUV
s1XW'ULYHU
3KLOOLSV6FUHZGULYHU
s s
0LQ 0LQ
3HQFLO
:DOO
øs
0LQ
/HYHO
:DOO
,QVWDOOWKH
RXWOHWER[
RQHLWKHU
VLGHRIWKH&/
)ODW%ODGH6FUHZGULYHU
3$576,1&/8'('
$QWL7LS%UDFNHW.LW
5(029(6+,33,1*0$7(5,$/6
/RFDWHWKHRXWOHWER[
ZLWKLQHLWKHUVKDGHG
DUHD
5HPRYHSDFNDJLQJPDWHULDOV)DLOXUHWR
UHPRYHSDFNDJLQJPDWHULDOVFRXOGUHVXOW
LQGDPDJHWRWKHDSSOLDQFH
øs
2XWOHW
ER[
&RIUDQJH
/
s
øs
øs
s
)ORRU
&RUG
øs
)ORRULQJXQGHUWKHUDQJH
<RXUUDQJHOLNHPDQ\RWKHUKRXVHKROGLWHPV
LVKHDY\DQGFDQVHWWOHLQWRVRIWIORRUFRYHULQJV
VXFKDVFXVKLRQHGYLQ\ORUFDUSHWLQJ
:KHQPRYLQJWKHUDQJHRQWKLVW\SHRIIORRULQJ
LWVKRXOGEHLQVWDOOHGRQDsWKLFNVKHHW
RISO\ZRRGRUVLPLODUPDWHULDODVIROORZV
:KHQWKHIORRUFRYHULQJHQGVDWWKHIURQW
RIWKHUDQJHWKHDUHDWKDWWKHUDQJHZLOOUHVW
RQVKRXOGEHEXLOWXSZLWKSO\ZRRGWRWKHVDPH
OHYHORUKLJKHUWKDQWKHIORRUFRYHULQJ7KLVZLOO
DOORZWKHUDQJHWREHPRYHGIRUFOHDQLQJRU
VHUYLFLQJ
,QVWDOODWLRQ,QVWUXFWLRQV
(/(&75,&$/&211(&7,216
$//1(:&216758&7,216
02%,/(+20(6$1'
,167$//$7,216:+(5(
/2&$/&2'(6'2127$//2:
*5281',1*7+528*+
1(875$/
(/(&75,&$/5(48,5(0(176
&$87,21
)RUSHUVRQDOVDIHW\GR
QRWXVHDQH[WHQVLRQFRUGZLWKWKLVDSSOLDQFH
5HPRYHKRXVHIXVHRURSHQFLUFXLWEUHDNHUEHIRUH
EHJLQQLQJLQVWDOODWLRQ
7KLVDSSOLDQFHPXVWEHVXSSOLHGZLWKWKHSURSHU
YROWDJHDQGIUHTXHQF\DQGFRQQHFWHGWRDQ
LQGLYLGXDOSURSHUO\JURXQGHGEUDQFKFLUFXLW
SURWHFWHGE\DFLUFXLWEUHDNHURUIXVHKDYLQJ
DPSHUDJHDVVSHFLILHGRQWKHUDWLQJSODWH7KH
UDWLQJSODWHLVORFDWHGEHKLQGWKHRYHQGUDZHU
RQWKHRYHQIUDPH
8VHRQO\DFRQGXFWRURUDFRQGXFWRU8/OLVWHG
UDQJHFRUG7KHVHFRUGVPD\EHSURYLGHGZLWKULQJ
WHUPLQDOVRQZLUHDQGDVWUDLQUHOLHIGHYLFH
$UDQJHFRUGUDWHGDWDPSVZLWK
PLQLPXPYROWUDQJHLVUHTXLUHG$DPSUDQJH
FRUGLVQRWUHFRPPHQGHGEXWLIXVHGLWVKRXOG
EHPDUNHGIRUXVHZLWKQRPLQDOøsGLDPHWHU
FRQQHFWLRQRSHQLQJV&DUHVKRXOGEHWDNHQ
WRFHQWHUWKHFDEOHDQGVWUDLQUHOLHIZLWKLQ
WKHNQRFNRXWKROHWRNHHSWKHHGJHIURP
GDPDJLQJWKHFDEOH
/RFDWLRQRI
PRGHOUDWLQJ
SODWH
:HUHFRPPHQG\RXKDYHWKHHOHFWULFDOZLULQJ
DQGKRRNXSRI\RXUUDQJHFRQQHFWHGE\DTXDOLILHG
HOHFWULFLDQ$IWHULQVWDOODWLRQKDYHWKHHOHFWULFLDQ
VKRZ\RXZKHUH\RXUPDLQUDQJHGLVFRQQHFW
LVORFDWHG
‡%HFDXVHUDQJHWHUPLQDOVDUHQRWDFFHVVLEOH
DIWHUUDQJHLVLQSRVLWLRQIOH[LEOHVHUYLFHFRQGXLW
RUFRUGPXVWEHXVHG
&KHFNZLWK\RXUORFDOXWLOLWLHVIRUHOHFWULFDOFRGHV
ZKLFKDSSO\LQ\RXUDUHD)DLOXUHWRZLUH\RXURYHQ
DFFRUGLQJWRJRYHUQLQJFRGHVFRXOGUHVXOWLQD
KD]DUGRXVFRQGLWLRQ,IWKHUHDUHQRORFDOFRGHV
\RXUUDQJHPXVWEHZLUHGDQGIXVHGWRPHHW
WKHUHTXLUHPHQWVRIWKH1DWLRQDO(OHFWULFDO&RGH
$16,1)3$1R³/DWHVW(GLWLRQ<RXFDQJHW
DFRS\E\ZULWLQJ
‡2QVRPHPRGHOVDILOWHUFDSDFLWRUPD\EH
FRQQHFWHGEHWZHHQWKHEODFNDQGZKLWHOHDGV
RQWKHMXQFWLRQEORFN
127(,IFRQGXLWLVEHLQJXVHGJRWR6WHS'DQG
WKHQWR6WHSRU
1DWLRQDO)LUH3URWHFWLRQ$VVRFLDWLRQ
%DWWHU\PDUFK3DUN
4XLQF\0$
(IIHFWLYH-DQXDU\WKH1DWLRQDO(OHFWULFDO
&RGHUHTXLUHVWKDWQHZFRQVWUXFWLRQQRWH[LVWLQJ
XWLOL]HDFRQGXFWRUFRQQHFWLRQWRDQHOHFWULF
UDQJH
:KHQLQVWDOOLQJDQHOHFWULFUDQJHLQQHZ
FRQVWUXFWLRQIROORZ6WHSVDQGIRUZLUH
FRQQHFWLRQ
<RXPXVWXVHDZLUHVLQJOHSKDVH$&<
9ROWRU9ROW+HUW]HOHFWULFDOV\VWHP,I
\RXFRQQHFWWRDOXPLQXPZLULQJSURSHUO\LQVWDOOHG
FRQQHFWRUVDSSURYHGIRUXVHZLWKDOXPLQXPZLULQJ
PXVWEHXVHG
,IWKHHOHFWULFDOVHUYLFHSURYLGHGGRHVQRWPHHW
WKHDERYHVSHFLILFDWLRQVKDYHDOLFHQVHGHOHFWULFLDQ
LQVWDOODQDSSURYHGRXWOHW
,QVWDOODWLRQ,QVWUXFWLRQV
32:(5&25'$1'675$,15(/,()
,167$//$7,21
& )RUSRZHUFRUGLQVWDOODWLRQVRQO\
VHHWKHQH[WVWHSLIXVLQJFRQGXLWDVVHPEOH
WKHVWUDLQUHOLHILQWKHKROH,QVHUWWKHSRZHU
FRUGWKURXJKWKHVWUDLQUHOLHIDQGWLJKWHQ
$OORZHQRXJKVODFNWRHDVLO\DWWDFKWKHFRUG
WHUPLQDOVWRWKHWHUPLQDOEORFN,IWDEVDUH
SUHVHQWDWWKHHQGRIWKHZLQJHGVWUDLQUHOLHI
WKH\FDQEHUHPRYHGIRUEHWWHUILW
127('RQRWLQVWDOOWKHSRZHUFRUG
ZLWKRXWDVWUDLQUHOLHI7KHVWUDLQUHOLHI
EUDFNHWVKRXOGEHLQVWDOOHGEHIRUH
UHLQVWDOOLQJWKHUHDUUDQJHZLULQJFRYHU
$ 5HPRYHWKHZLUHFRYHURQWKHORZHUEDFN
RIWKHUDQJHE\UHPRYLQJWZRVFUHZVXVLQJ
DsQXWGULYHU
'
RQRWGLVFDUGWKHVHVFUHZV
VFUHZVWR
UHPRYHZLUH
FRYHU
7HUPLQDOEORFN
5HWDLQLQJ
WDE
6WUDLQUHOLHI
%DFNRIUDQJH
:LUHFRYHU
3RZHUFRUG
%UDFNHW
6NLSWR6WHSRU
% 5HPRYHWKHNQRFNRXWULQJøsORFDWHG
RQEUDFNHWGLUHFWO\EHORZWKHWHUPLQDOEORFN
7RUHPRYHWKHNQRFNRXWXVHDSDLURISOLHUV
WREHQGWKHNQRFNRXWULQJDZD\IURP
WKHEUDFNHWDQGWZLVWXQWLOULQJLVUHPRYHG
' )RUFRQGXLWLQVWDOODWLRQVRQO\SXUFKDVHD
VTXHH]HFRQQHFWRUPDWFKLQJWKHGLDPHWHURI
\RXUFRQGXLWDQGDVVHPEOHLWLQWKHKROH,QVHUW
WKHFRQGXLWWKURXJKWKHVTXHH]HFRQQHFWRUDQG
WLJKWHQ$OORZHQRXJKVODFNWRHDVLO\DWWDFKWKH
ZLUHVWRWKHWHUPLQDOEORFN
127('RQRWLQVWDOOWKHFRQGXLWZLWKRXWD
VTXHH]HFRQQHFWRU7KHVTXHH]HFRQQHFWRU
VKRXOGEHLQVWDOOHGEHIRUHUHLQVWDOOLQJWKHUHDU
UDQJHZLULQJFRYHU
7HUPLQDOEORFN
DSSHDUDQFHPD\
YDU\
7HUPLQDO
EORFN
.QRFNRXWULQJ
LQEUDFNHW
.QRFNRXWULQJ
UHPRYHG
6TXHH]H
FRQQHFWRU
&RQGXLW
6NLSWR6WHSRU
%UDFNHW
,QVWDOODWLRQ,QVWUXFWLRQV
(/(&75,&$/&211(&7,216&217
:,5(32:(5&25',167$//$7,21
:,5(32:(5&25',167$//$7,21
:$51,1*7KHQHXWUDORUJURXQG
:$51,1*7KHQHXWUDOZLUHRIWKHVXSSO\
ZLUHRIWKHSRZHUFRUGPXVWEHFRQQHFWHG
WRWKHQHXWUDOWHUPLQDOORFDWHGLQWKHFHQWHU
RIWKHWHUPLQDOEORFN7KHSRZHUOHDGVPXVW
EHFRQQHFWHGWRWKHORZHUOHIWDQGWKHORZHU
ULJKWWHUPLQDOVRIWKHWHUPLQDOEORFN
FLUFXLWPXVWEHFRQQHFWHGWRWKHQHXWUDO
WHUPLQDOORFDWHGLQWKHORZHUFHQWHURIWKH
WHUPLQDOEORFN7KHSRZHUOHDGVPXVWEH
FRQQHFWHGWRWKHORZHUOHIWDQGWKHORZHUULJKW
WHUPLQDOVRIWKHWHUPLQDOEORFN7KHWK
JURXQGLQJOHDGPXVWEHFRQQHFWHGWRWKHIUDPH
RIWKHUDQJHZLWKWKHJURXQGSODWHDQGWKH
JURXQGVFUHZ
$ 5HPRYHWKHORZHUWHUPLQDOVFUHZVIURP
WKHWHUPLQDOEORFN,QVHUWWKHWHUPLQDOVFUHZV
WKURXJKHDFKSRZHUFRUGWHUPLQDOULQJDQG
LQWRWKHORZHUWHUPLQDOVRIWKHWHUPLQDOEORFN
%HFHUWDLQWKDWWKHFHQWHUZLUHZKLWHQHXWUDO
LVFRQQHFWHGWRWKHFHQWHUORZHUSRVLWLRQRI
WKHWHUPLQDOEORFN7LJKWHQVFUHZVVHFXUHO\
LQWRWKHWHUPLQDOEORFN
'2127UHPRYHWKHJURXQGVWUDS
FRQQHFWLRQ
$ 5HPRYHWKHORZHUWHUPLQDOVFUHZVIURPWKH
WHUPLQDOEORFN5HPRYHWKHJURXQGVFUHZDQG
JURXQGSODWHDQGUHWDLQWKHP
XWDQGGLVFDUGWKHJURXQGVWUDS
% &
'2127',6&$5'$1<6&5(:6
& ,QVHUWWKHRQHJURXQGVFUHZLQWRWKHSRZHUFRUG
JURXQGZLUHWHUPLQDOULQJWKURXJKWKHJURXQG
SODWHDQGLQWRWKHIUDPHRIWKHUDQJH
' ,QVHUWWKHWHUPLQDOVFUHZVUHPRYHGHDUOLHU
WKURXJKHDFKSRZHUFRUGWHUPLQDOULQJDQGLQWR
WKHORZHUWHUPLQDOVRIWKHWHUPLQDOEORFN%H
FHUWDLQWKDWWKHFHQWHUZLUHZKLWHQHXWUDOLV
FRQQHFWHGWRWKHFHQWHUORZHUSRVLWLRQRIWKH
WHUPLQDOEORFN7LJKWHQVFUHZVVHFXUHO\LQWRWKH
WHUPLQDOEORFN
7HUPLQDO
EORFN
DSSHDUDQFH
PD\YDU\
1HXWUDO
WHUPLQDO
*URXQGSODWH
%HIRUH
*URXQGVWUDS
*URXQG
VWUDS
RU
7HUPLQDO
EORFN
*URXQGVWUDS
3RZHUFRUG
$IWHU
% 6NLSWR6WHSDQGSURFHHGZLWK
WKHLQVWDOODWLRQ
7HUPLQDO
EORFN
1HXWUDO
WHUPLQDO
1HXWUDO
WHUPLQDO
*URXQGSODWH
JURXQGLQJ
WRUDQJH
*URXQG
VFUHZ
( 6NLSWR6WHSDQGSURFHHGZLWKWKHLQVWDOODWLRQ
,QVWDOODWLRQ,QVWUXFWLRQV
:,5(&21'8,7,167$//$7,21
:,5(&21'8,7,167$//$7,21
$ /RRVHQWKHORZHUWHUPLQDOVFUHZVIURP
WKHWHUPLQDOEORFN,QVHUWWKHFHQWHUEDUHZLUH
ZKLWHQHXWUDOWLSWKURXJKWKHERWWRPFHQWHU
WHUPLQDOEORFNRSHQLQJ2QFHUWDLQPRGHOV
WKHZLUHZLOOQHHGWREHLQVHUWHGWKURXJK
WKHJURXQGVWUDSRSHQLQJDQGWKHQLQWRWKH
ERWWRPFHQWHUEORFNRSHQLQJ,QVHUWWKHWZRVLGH
EDUHZLUHWLSVLQWRWKHORZHUOHIWDQGWKHORZHU
ULJKWWHUPLQDOEORFNRSHQLQJV7LJKWHQWKHVFUHZV
XQWLOWKHZLUHLVILUPO\VHFXUHDSSUR[LPDWHO\
LQFKOEV
$ /RRVHQWKHWKUHHORZHUWHUPLQDOVFUHZVIURP
WKHWHUPLQDOEORFN5HPRYHWKHJURXQGVFUHZ
DQGJURXQGSODWHDQGUHWDLQWKHP&XWDQG
GLVFDUGWKHJURXQGVWUDS'2127',6&$5'
$1<6&5(:6
% ,QVHUWWKHJURXQGEDUHZLUHWLSEHWZHHQWKHUDQJH
IUDPHDQGWKHJURXQGSODWHUHPRYHGHDUOLHUDQG
VHFXUHLWLQSODFHZLWKWKHJURXQGVFUHZUHPRYHG
HDUOLHU,QVHUWWKHEDUHZLUHZKLWHQHXWUDOWLS
WKURXJKWKHERWWRPFHQWHURIWKHWHUPLQDOEORFN
RSHQLQJ,QVHUWWKHWZRVLGHEDUHZLUHWLSVLQWR
WKHORZHUOHIWDQGWKHORZHUULJKWWHUPLQDOEORFN
RSHQLQJV7LJKWHQWKHVFUHZVXQWLOWKHZLUHLVILUPO\
VHFXUHDSSUR[LPDWHO\LQFKOEV
127($/80,180:,5,1*
$OXPLQXPEXLOGLQJZLUHPD\EHXVHGEXWLW
PXVWEHUDWHGIRUWKHFRUUHFWDPSHUDJHDQG
YROWDJHWRPDNHFRQQHFWLRQ&RQQHFWZLUHV
DFFRUGLQJWRWKLV6WHSRU6WHSGHSHQGLQJ
RQQXPEHURIZLUHV
%HIRUH
*URXQGVWUDS
RU
7HUPLQDO
EORFN
7HUPLQDO
EORFN
*URXQGVWUDS
:LUHWLSV
$IWHU
%UDFNHW
7HUPLQDO
EORFN
:LUHWLSV
&RQGXLW
:LUHXVHGORFDWLRQDQGHQFORVXUHRIVSOLFHV
HWFPXVWFRQIRUPWRJRRGZLULQJSUDFWLFHV
DQGORFDOFRGHV
1HXWUDO
WHUPLQDO
*URXQGSODWH
JURXQGLQJ
WRUDQJH
*URXQG
VFUHZ
% 6NLSWR6WHSDQGSURFHHGZLWKWKH
LQVWDOODWLRQ
%UDFNHW
:LUHXVHGORFDWLRQDQGHQFORVXUHRIVSOLFHV
HWFPXVWFRQIRUPWRJRRGZLULQJSUDFWLFHV
DQGORFDOFRGHV
& 3URFHHGWR6WHS
,QVWDOODWLRQ,QVWUXFWLRQV
,167$//7+(5$1*(
5(3/$&(7+(:,5(&29(5
/(9(/7+(5$1*(
5HSODFHWKHZLUHFRYHURQWKHUDQJHEDFNE\
VOLGLQJLWVULJKWHGJHXQGHUWKHUHWDLQLQJWDE
DQGUHSODFLQJWKHWZRVFUHZVUHPRYHGHDUOLHU
0DNHVXUHWKDWQRZLUHVDUHSLQFKHGEHWZHHQWKH
FRYHUDQGWKHUDQJHEDFN
VFUHZV
WRUHSODFH
ZLUHFRYHU
$ ,QVWDOOWKHRYHQUDFNVLQWKHRYHQDQGSRVLWLRQ
WKHUDQJHZKHUHLWZLOOEHLQVWDOOHG
% &KHFNIRUOHYHOQHVVE\
SODFLQJDVSLULWOHYHORUD
6SLULWOHYHO
FXSSDUWLDOO\ILOOHGZLWK
ZDWHURQRQHRIWKHRYHQ
UDFNV,IXVLQJDVSLULWOHYHO
WDNHWZRUHDGLQJV³ZLWK
WKHOHYHOSODFHGGLDJRQDOO\
ILUVWLQRQHGLUHFWLRQDQGWKHQWKHRWKHU
& 7KHUHDUOHYHOLQJOHJVPXVWEHDGMXVWHGSULRU
WRPRYLQJWKHUDQJHLQWRSRVLWLRQ7KH\FDQ
EHDGMXVWHGIURPWKHERWWRPDWWKHEDFN
RIWKHUDQJH
5HWDLQLQJ
WDE
:LUH
FRYHU
%DFNRIUDQJH
$GMXVWIURP
WKHERWWRP
EDFNRIUDQJH
ZDUPLQJ
GUDZHUPRGHOV
$17,7,3'(9,&(,167$//$7,21
WARNING
Tip-Over Hazard
• A child or adult can tip the range and be killed.
• Install the anti-tip bracket to the wall or floor.
• Engage the range to the anti-tip bracket by sliding the
range back such that the foot is engaged.
• Re-engage the anti-tip bracket if the range is moved.
• Failure to do so can result in death or serious burns
to children or adults.
5DLVH
UDQJH
/HJ
OHYHOHU
/RZHU
UDQJH
%DFNRIUDQJH
' 8VHDQRSHQHQGRUDGMXVWDEOHZUHQFKWR
DGMXVWWKHOHYHOLQJOHJVXQWLOWKHUDQJHLVOHYHO
( 5HSODFHWKHGUDZHURUSDQHO
) $IWHUWKHUDQJHLVOHYHOVOLGHWKHUDQJHDZD\
IURPWKHZDOOVRWKDWWKH$QWL7LSGHYLFHFDQEH
LQVWDOOHG
7RUHGXFHWKHULVNRIWLSSLQJWKHUDQJHWKHUDQJH
PXVWEHVHFXUHGE\DSURSHUO\LQVWDOOHGDQWLWLS
EUDFNHW6HHLQVWDOODWLRQLQVWUXFWLRQVVKLSSHGZLWKWKH
EUDFNHWIRUFRPSOHWHGHWDLOVEHIRUHDWWHPSWLQJWR
LQVWDOO
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHG
SURSHUO\ORRNXQGHUQHDWKWKHUDQJHWRVHHWKDWWKH
UHDUOHYHOLQJOHJLVHQJDJHGLQWKHEUDFNHW2QVRPH
PRGHOVWKHVWRUDJHGUDZHURUNLFNSDQHOFDQEH
UHPRYHGIRUHDVLHULQVSHFWLRQ,IYLVXDOLQVSHFWLRQ
LVQRWSRVVLEOHVOLGHWKHUDQJHIRUZDUGFRQILUPWKH
DQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHIORRURU
ZDOODQGVOLGHWKHUDQJHEDFNVRWKHOHYHOLQJOHJLV
XQGHUWKHDQWLWLSEUDFNHW,IWKHUDQJHLVSXOOHGIURP
WKHZDOOIRUDQ\UHDVRQDOZD\VUHSHDWWKLVSURFHGXUH
WRYHULI\WKHUDQJHLVSURSHUO\VHFXUHGE\WKHDQWLWLS
EUDFNHW
,QVWDOODWLRQ,QVWUXFWLRQV
),1$/,167$//$7,21&+(&./,67
23(5$7,21&+(&./,67
‡&KHFNWRPDNHVXUHWKHFLUFXLWEUHDNHULVFORVHG
5(6(7RUWKHFLUFXLWIXVHVDUHUHSODFHG
‡7XUQRQRQHRIWKHVXUIDFHXQLWVWRREVHUYHWKDW
WKHHOHPHQWJORZVZLWKLQVHFRQGV7XUQWKH
XQLWRIIZKHQJORZLVGHWHFWHG,IWKHJORZLVQRW
GHWHFWHGZLWKLQWKHWLPHOLPLWUHFKHFNWKHUDQJH
ZLULQJFRQQHFWLRQV,IFKDQJHLVUHTXLUHGUHWHVW
DJDLQ,IQRFKDQJHLVUHTXLUHGKDYHEXLOGLQJ
ZLULQJFKHFNHGIRUSURSHUFRQQHFWLRQVDQG
YROWDJH
‡%HVXUHSRZHULVLQVHUYLFHWRWKHEXLOGLQJ
‡1RWHRQVRPHPRGHOV,IWKHFORFNIODVKHV
´E$GµDQGWKHQ´/LQ(µZLWKDORXGWRQHWKH
QHXWUDOFRQQHFWLRQWRWKHUDQJHLVQRWZLUHG
FRUUHFWO\&KHFNWKHWHUPLQDOEORFNFRQQHFWLRQV
DQGRUKRXVHZLULQJWRFRUUHFW
‡&KHFNWRPDNHVXUHWKH&ORFNRQPRGHOV
VRHTXLSSHGGLVSOD\LVHQHUJL]HG,IDVHULHV
RIKRUL]RQWDOUHGOLQHVDSSHDULQWKHGLVSOD\
GLVFRQQHFWSRZHULPPHGLDWHO\5HFKHFNWKH
UDQJHZLULQJFRQQHFWLRQV,IFKDQJHLVPDGH
WRFRQQHFWLRQVUHWHVWDJDLQ,IQRFKDQJHLV
UHTXLUHGKDYHEXLOGLQJZLULQJFKHFNHGIRUSURSHU
FRQQHFWLRQVDQGYROWDJH,WLVUHFRPPHQGHGWKDW
WKHFORFNEHFKDQJHGLIWKHUHGOLQHVDSSHDU
‡&KHFNWREHVXUHWKDWDOOSDFNLQJPDWHULDOV
DQGWDSHKDYHEHHQUHPRYHG7KLVZLOOLQFOXGH
WDSHRQPHWDOSDQHOXQGHUFRQWURONQREV
LIDSSOLFDEOHDGKHVLYHWDSHZLUHWLHVFDUGERDUG
DQGSURWHFWLYHSODVWLF)DLOXUHWRUHPRYHWKHVH
PDWHULDOVFRXOGUHVXOWLQGDPDJHWRWKHDSSOLDQFH
RQFHWKHDSSOLDQFHKDVEHHQWXUQHGRQDQG
VXUIDFHVKDYHKHDWHG
‡%HVXUHDOOUDQJHFRQWUROVDUHLQWKH2))SRVLWLRQ
EHIRUHOHDYLQJWKHUDQJH
‡&KHFNWRPDNHVXUHWKDWWKHUHDUOHYHOLQJOHJ
LVIXOO\LQVHUWHGLQWRWKH$QWL7LSEUDFNHWDQG
WKDWWKHEUDFNHWLVVHFXUHO\LQVWDOOHG
7URXEOHVKRRWLQJWLSV
3UREOHP
3RVVLEOH&DXVHV
*($SSOLDQFHVFRP
:KDW7R'R
6XUIDFHXQLWVZLOOQRW ,PSURSHUFRRNZDUH
PDLQWDLQDUROOLQJERLO EHLQJXVHG
RUFRRNLQJLVQRW
IDVWHQRXJK
‡ 8VHSDQVZKLFKDUHIODWDQGPDWFKWKHGLDPHWHU
RIWKHVXUIDFHXQLWVHOHFWHG
6XUIDFHXQLWVGRQRW
ZRUNSURSHUO\
&RRNWRSFRQWUROV
LPSURSHUO\VHW
‡ &KHFNWRVHHWKHFRUUHFWFRQWUROLVVHWIRUWKHVXUIDFH
XQLW\RXDUHXVLQJ
$IXVHLQ\RXUKRPHPD\EH ‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLWEUHDNHU WULSSHG
6FUDWFKHVPD\DSSHDU
DVFUDFNVRQFRRNWRS
JODVVVXUIDFH
,QFRUUHFWFOHDQLQJ
PHWKRGVEHLQJXVHG
&RRNZDUHZLWKURXJKERWWRPV
EHLQJXVHGRUFRDUVHSDUWLFOHV
VDOWRUVDQGZHUHEHWZHHQ
WKHFRRNZDUHDQGWKHVXUIDFH
RIWKHFRRNWRS
&RRNZDUHKDVEHHQVOLG
DFURVVWKHFRRNWRSVXUIDFH
‡ 6FUDWFKHVDUHQRWUHPRYDEOH7LQ\VFUDWFKHVZLOOEHFRPH
OHVVYLVLEOHLQWLPHDVDUHVXOWRIFOHDQLQJ
‡ 7RDYRLGVFUDWFKHVXVHWKHUHFRPPHQGHGFOHDQLQJ
SURFHGXUHV0DNHVXUHERWWRPVRIFRRNZDUHDUHFOHDQ
EHIRUHXVHDQGXVHFRRNZDUHZLWKVPRRWKERWWRPV
$UHDVRIGLVFRORUDWLRQ )RRGVSLOORYHUVQRWFOHDQHG
RQWKHFRRNWRS
EHIRUHQH[WXVH
‡ 6HHWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQ
+RWVXUIDFHRQDPRGHO
ZLWKDOLJKWFRORUHGJODVV
FRRNWRS
‡ 7KLVLVQRUPDO7KHVXUIDFHPD\DSSHDUGLVFRORUHG
ZKHQLWLVKRW7KLVLVWHPSRUDU\DQGZLOOGLVDSSHDU
DVWKHJODVVFRROV
3ODVWLFPHOWHGWR
WKHVXUIDFH
+RWFRRNWRSFDPHLQWR
FRQWDFWZLWKSODVWLFSODFHG
RQWKHKRWFRRNWRS
‡ 6HHWKH*ODVVVXUIDFH³SRWHQWLDOIRUSHUPDQHQWGDPDJH
VHFWLRQLQWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQ
3LWWLQJRULQGHQWDWLRQ +RWVXJDUPL[WXUHVSLOOHG
RIWKHFRRNWRS
RQWKHFRRNWRS
‡ &DOODTXDOLILHGWHFKQLFLDQIRUUHSODFHPHQW
)UHTXHQWF\FOLQJ
RIIDQGRQRI
VXUIDFHXQLWV
‡ 8VHRQO\IODWFRRNZDUHWRPLQLPL]HF\FOLQJ
,PSURSHUFRRNZDUH
EHLQJXVHG
&RQWUROVLJQDOVDIWHU
<RXIRUJRWWRHQWHU
HQWHULQJFRRNLQJWLPH DEDNHWHPSHUDWXUH
RUGHOD\VWDUW
RUFOHDQLQJWLPH
‡ 3UHVVWKH%$.(SDGDQGGHVLUHGWHPSHUDWXUH
RUWKH6(/)&/($1SDGDQGGHVLUHGFOHDQWLPH
)RRGGRHVQRWEDNH
RUURDVWSURSHUO\
2YHQFRQWUROVLPSURSHUO\VHW
‡ 6HHWKH8VLQJWKHXSSHURYHQVHFWLRQ
5DFNSRVLWLRQLVLQFRUUHFW
RUWKHUDFNLVQRWOHYHO
‡ 6HHWKH8VLQJWKHXSSHURYHQVHFWLRQ
,QFRUUHFWFRRNZDUHRU
FRRNZDUHRILPSURSHU
VL]HEHLQJXVHG
‡ 6HHWKH8VLQJWKHXSSHURYHQVHFWLRQ
2YHQWKHUPRVWDWQHHGV
DGMXVWPHQW
‡ 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
VHFWLRQ
´&ORVH'RRUµVFUROOV
LQWKHGLVSOD\ZKHQ
%52,/LVVHW
7KHGLVSOD\ZLOODOZD\V
DXWRPDWLFDOO\UHPLQG\RXWR
FORVHWKHGRRU
‡7KLVLVDQRUPDOUHPLQGHUWRFORVHWKHGRRUZKHQ
EURLOLQJ
7URXEOHVKRRWLQJWLSV
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
)RRGGRHVQRW
EURLOSURSHUO\
LQWKHXSSHURYHQ
2YHQFRQWUROVLPSURSHUO\VHW
‡ 0DNHVXUH\RXWRXFKWKH%52,/+,/2SDG
2YHQGRRUQRWFORVHG
‡ 6HHWKH8VLQJWKHXSSHURYHQVHFWLRQ
,PSURSHUUDFNSRVLWLRQ
EHLQJXVHG
‡ 6HHWKH%URLOLQJ*XLGH
)RRGEHLQJFRRNHGLQ
DKRWSDQ
‡ )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
0DNHVXUHLWLVFRRO
&RRNZDUHQRWVXLWHG
IRUEURLOLQJ
‡ )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
2YHQERWWRPQRWVHFXUHO\
VHDWHGLQSRVLWLRQ
‡ 6HHWKH,QVWDOODWLRQ,QVWUXFWLRQV
8SSHURYHQWHPSHUDWXUH 2YHQWKHUPRVWDW
WRRKRWRUWRRFROG
QHHGVDGMXVWPHQW
‡ 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
VHFWLRQ
&ORFNDQGWLPHU
GRQRWZRUN
3OXJRQUDQJHLVQRWFRPSOHWHO\
LQVHUWHGLQWKHHOHFWULFDORXWOHW
‡ 0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYH
SURSHUO\JURXQGHGRXWOHW
$IXVHLQ\RXUKRPHPD\EH
EORZQRUWKHFLUFXLWEUHDNHU
WULSSHG
‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
2YHQFRQWUROVLPSURSHUO\VHW
‡ 6HHWKH8VLQJWKHFORFNDQGWLPHUVHFWLRQ
8SSHURYHQOLJKW
GRHVQRWZRUN
/LJKWEXOELVORRVHRUGHIHFWLYH
‡7LJKWHQRUUHSODFHWKHEXOE
3OXJRQUDQJHLVQRWFRPSOHWHO\
LQVHUWHGLQWKHHOHFWULFDORXWOHW
‡0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYH
SURSHUO\JURXQGHGRXWOHW
8SSHURYHQZLOOQRW
VHOIFOHDQ
7KHRYHQWHPSHUDWXUHLVWRR
‡$OORZWKHUDQJHWRFRROWRURRPWHPSHUDWXUHDQG
KLJKWRVHWDVHOIFOHDQRSHUDWLRQ UHVHWWKHFRQWUROV
2YHQFRQWUROVLPSURSHUO\VHW
‡6HHWKH8VLQJWKHVHOIFOHDQLQJXSSHURYHQVHFWLRQ
´&UDFNOLQJµRU
´SRSSLQJµVRXQG
7KLVLVWKHVRXQGRIWKH
PHWDOKHDWLQJDQGFRROLQJ
GXULQJERWKWKHFRRNLQJ
DQGFOHDQLQJIXQFWLRQV
‡ 7KLVLVQRUPDO
([FHVVLYHVPRNLQJ
([FHVVLYHVRLO
‡ 7RXFKWKH&/($52)) SDG2SHQWKHZLQGRZVWRULGWKH
URRPRIVPRNH:DLWXQWLOWKH/2&.(''225 OLJKWJRHVRII
:LSHXSWKHH[FHVVVRLODQGUHVHWWKHFOHDQF\FOH
2YHQGRRUZLOOQRWRSHQ
DIWHUDFOHDQF\FOH
2YHQWRRKRW
‡ $OORZWKHRYHQWRFRROEHORZORFNLQJWHPSHUDWXUH
2YHQQRWFOHDQDIWHU
DFOHDQF\FOH
2YHQFRQWUROVQRWSURSHUO\VHW
‡ 6HHWKH8VLQJWKHVHOIFOHDQLQJXSSHURYHQVHFWLRQ
2YHQZDVKHDYLO\VRLOHG
‡ &OHDQXSKHDY\VSLOORYHUVEHIRUHVWDUWLQJWKHFOHDQF\FOH
+HDYLO\VRLOHGRYHQVPD\QHHGWRVHOIFOHDQDJDLQRU
IRUDORQJHUSHULRGRIWLPH
´/2&.'225µIODVKHV
LQWKHGLVSOD\
7KHVHOIFOHDQF\FOHKDVEHHQ
‡ &ORVHWKHRYHQGRRU
VHOHFWHGEXWWKHGRRULVQRWFORVHG
/2&.(''225OLJKW
LVRQZKHQ\RXZDQW
WRFRRN
7KHRYHQGRRULVORFNHG
EHFDXVHWKHWHPSHUDWXUH
LQVLGHWKHRYHQKDVQRW
GURSSHGEHORZWKHORFNLQJ
WHPSHUDWXUH
‡ 7RXFKWKH&/($52))SDG$OORZWKHRYHQWRFRRO
*($SSOLDQFHVFRP
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
´)³µDQGDQXPEHURU
OHWWHUIODVKLQWKHGLVSOD\
<RXKDYHDIXQFWLRQHUURUFRGH
‡ 7RXFKWKH&/($52))SDG$OORZWKHRYHQWRFRROIRU
RQHKRXU3XWWKHRYHQEDFNLQWRRSHUDWLRQ
,IWKHIXQFWLRQFRGHUHSHDWV
‡ 'LVFRQQHFWDOOSRZHUWRWKHUDQJHIRUPLQXWHV
DQGWKHQUHFRQQHFWSRZHU,IWKHIXQFWLRQHUURUFRGH
UHSHDWVFDOOIRUVHUYLFH
´3UREHµDSSHDUVLQ
WKHGLVSOD\
7KLVLVUHPLQGLQJ\RXWRHQWHU
DSUREHWHPSHUDWXUHDIWHU
SOXJJLQJLQWKHSUREH
‡ (QWHUDSUREHWHPSHUDWXUH
'LVSOD\JRHVEODQN
$IXVHLQ\RXUKRPHPD\EH
EORZQRUWKHFLUFXLWEUHDNHU
WULSSHG
‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
7KHFORFNLVLQWKH
EODFNRXWPRGH
‡ 6HHWKH6SHFLDOIHDWXUHVRI\RXUXSSHURYHQFRQWUROVHFWLRQ
'LVSOD\IODVKHV
3RZHUIDLOXUH
‡ 5HVHWWKHFORFN
8QDEOHWRJHWWKH
GLVSOD\WRVKRZ´6)µ
2YHQFRQWUROSDGVZHUH
QRWSUHVVHGSURSHUO\
‡ 7KH%$.(DQG%52,/+,/2SDGVPXVWEHWRXFKHGDW
WKHVDPHWLPHDQGKHOGIRUVHFRQGV
3RZHURXWDJH
FORFNIODVKHV
3RZHURXWDJHRUVXUJH
‡ 5HVHWWKHFORFN,IWKHRYHQZDVLQXVH\RXPXVWUHVHW
LWE\WRXFKLQJWKH&/($52))SDGVHWWLQJWKHFORFN
DQGUHVHWWLQJDQ\FRRNLQJIXQFWLRQ
´%XUQLQJµRU´RLO\µ
RGRUHPLWWLQJIURP
WKHYHQW
7KLVLVQRUPDOLQDQHZRYHQ
DQGZLOOGLVDSSHDULQWLPH
‡ 7RVSHHGWKHSURFHVVVHWDVHOIFOHDQF\FOHIRUD
PLQLPXPRIKRXUV6HHWKH8VLQJWKHVHOIFOHDQLQJ
XSSHURYHQVHFWLRQ
6WURQJRGRU
$QRGRUIURPWKHLQVXODWLRQ
DURXQGWKHLQVLGHRIWKHRYHQ
LVQRUPDOIRUWKHILUVWIHZWLPHV
WKHRYHQLVXVHG
‡ 7KLVLVWHPSRUDU\
/2&DSSHDUVLQ
WKHGLVSOD\
7KH5DQJH/RFNRXWIHDWXUH
LVDFWLYDWHG
‡ %HVXUHWKHVXUIDFHXQLWFRQWUROVDUHWXUQHG2))
7XUQWKLVIHDWXUHRIIWRXVHWKHUDQJH
6HHWKH5DQJH/RFNRXWVHFWLRQ
)DQQRLVH
7KHFRQYHFWLRQIDQPD\WXUQ
RQDQGRIIDXWRPDWLFDOO\
‡ 7KLVLVQRUPDO7RPD[LPL]HFRRNLQJHYHQQHVV
WKHIDQLVGHVLJQHGWRRSHUDWHLQERWKGLUHFWLRQV
ZLWKDSDXVHLQEHWZHHQ
&RQYHFWLRQIDQ
QRWZRUNLQJ
3UHKHDWWHPSHUDWXUH
QRWUHDFKHG
‡ )DQZLOOVWDUWDXWRPDWLFDOO\RQFHWKHSUHKHDW
WHPSHUDWXUHLVUHDFKHG
'UDZHUGRHVQRWVOLGH
VPRRWKO\RUGUDJV
7KHGUDZHULVRXWRIDOLJQPHQW
‡ )XOO\H[WHQGWKHGUDZHUDQGSXVKLWDOOWKHZD\LQ
6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ
'UDZHULVRYHUORDGHGRUORDG
LVXQEDODQFHG
‡ 5HGXFHZHLJKW5HGLVWULEXWHGUDZHUFRQWHQWV
/RZHURYHQGUDZHU
ZLOOQRWZRUN
$IXVHLQ\RXUKRPHPD\EH
‡ 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLWEUHDNHUWULSSHG
7KHXSSHURYHQLVVHOIFOHDQLQJ
‡ :DLWIRUWKHVHOIFOHDQF\FOHWRILQLVKDQGWKHRYHQ
WRFRRO
&RQWUROVLPSURSHUO\VHW
‡ 6HHWKH/RZHURYHQGUDZHUVHFWLRQ
([FHVVLYHFRQGHQVDWLRQ
LQWKHGUDZHU
/LTXLGLQGUDZHU
‡ 5HPRYHOLTXLG
8QFRYHUHGIRRGV
‡ &RYHUIRRGZLWKOLGRUDOXPLQXPIRLO
7HPSHUDWXUHVHWWLQJWRRKLJK
‡ 5HGXFHWHPSHUDWXUHVHWWLQJ
)RRGGULHVRXWLQWKH
ORZHURYHQGUDZHU
0RLVWXUHHVFDSLQJ
‡ &RYHUIRRGZLWKOLGRUDOXPLQXPIRLO
2YHQGUDZHUQRWIXOO\FORVHG
‡ 3XVKGUDZHULQXQWLOODWFKHQJDJHV
1RWHV
*($SSOLDQFHVFRP
$FFHVVRULHV
/RRNLQJ)RU6RPHWKLQJ0RUH"1RWDOODFFHVVRULHVDUHDYDLODEOHIRUDOOPRGHOV
<RXFDQILQGWKHVHDFFHVVRULHVDQGPDQ\PRUHDW*($SSOLDQFHVFRP86
RUZZZ*($SSOLDQFHVFD&DQDGDRUFDOO86RU&DQDGD
GXULQJQRUPDOEXVLQHVVKRXUV+DYH\RXUPRGHOQXPEHUUHDG\
*UDWHV
6XUIDFH%XUQHU+HDGVDQG&DSV
.QREV
6XUIDFH(OHPHQWVDQG'ULS
3DQV
RU
2YHQ5DFNV
2YHQ(OHPHQWV
/LJKW%XOEV
([SHULHQFHWKHVHRWKHUJUHDWSURGXFWVWRNHHS\RXUNLWFKHQORRNLQJJUHDW
&HUDPLF&RRNWRS
&OHDQLQJ.LW
,QFOXGHVFOHDQHU
VFUDSHUDQGSDG
&HUDPLF&RRNWRS
&OHDQLQJ:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH3ROLVK
:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH
&OHDQHU
:;;*&6
:;;
:;;
30;
*HWWKHPRVWRXWRI\RXU%URLOHU3DQ1RWIRUXVHZLWK%URLOHU'UDZHUPRGHOV
8VH\RXUSDQDQGJULGFRYHUWREURLOKDPEXUJHUVVHDIRRGVWHDNVYHJHWDEOHVEDFRQFKRSVDQGVRPXFK
PRUH7KHSDQEHORZFDWFKHVWKHH[FHVVIDWVDQGRLOV
‡*HQXLQH*(3DUW
‡(DV\7R&OHDQ
‡2QH<HDU:DUUDQW\
/LPLWHG7LPH2IIHU)UHH6KLSSLQJ
:KHQ\RXRUGHU\RXUEURLOHUSDQZLWKLQGD\VRISXUFKDVLQJ\RXU*(FRRNLQJSURGXFW
863DUW
'LPHQVLRQV
6PDOO
:%;
µ:[µ+[µ'
/DUJH
:%;
µ:[µ+[µ'
;/
:%;
µ:[µ+[µ'
7KHODUJHVWDQGDUGEURLOSDQGRHVQRWILWLQµµUDQJHV
7KH;/SDQGRHVQRWILWLQµZDOORYHQVµGURSLQVRUµµUDQJHV
7RSODFH\RXURUGHUFDOO86&DQDGDRUPDLOWKLVIRUPWR
,QWKH86*(3DUWV32%R[0HPSKLV71,Q&DQDGD*(3DUWV)DFWRU\/DQH0RQFWRQ1%(&0
✁
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
4XDQWLW\BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB %URLOHU3DQ2UGHU)RUP
3DUW1XPEHUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0RGHO1XPEHUBBBBBBBBBBBBBB 6HULDO1XPEHU BBBBBBBBBBBBBBBBBB %UDQG BBBBBBBBBBBBBBB 'DWHRI3XUFKDVHBBBBBBBBBB
)LUVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB /DVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$GGUHVVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LW\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6WDWHBBBBBBBBBBB =LS&RGHBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3KRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (0DLOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBBB 0RQH\2UGHU
&DOOLQWKH86RULQ&DQDGDIRUFXUUHQWSULFLQJ$OOFUHGLWFDUGRUGHUVPXVWEHFDOOHGLQ
1RWHV
1RWHV *($SSOLDQFHVFRP
*((OHFWULF5DQJH:DUUDQW\)RUFXVWRPHUVLQWKH8QLWHG6WDWHV
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUHŠWHFKQLFLDQ7RVFKHGXOH
VHUYLFHYLVLWXVRQOLQHDW*($SSOLDQFHVFRPRUFDOO
*(&$5(63OHDVHKDYHVHULDOQXPEHU
DQGPRGHOQXPEHUDYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQVHUYLFH
XQGHUWKHZDUUDQW\
)RU7KH3HULRG2I
*(:LOO5HSODFH
2QH<HDU
)URPWKHGDWHRIWKH
RULJLQDOSXUFKDVH
$Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS'XULQJWKLV
OLPLWHGRQH\HDUZDUUDQW\*(ZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGLQKRPHVHUYLFH
WRUHSODFHWKHGHIHFWLYHSDUW
)LYH<HDUV
)URPWKHGDWHRIWKH
RULJLQDOSXUFKDVH
$UHSODFHPHQWJODVVFRRNWRSLILWVKRXOGFUDFNGXHWRWKHUPDOVKRFNGLVFRORUFUDFNDWWKH
UXEEHUVHDOEHWZHHQWKHJODVVFRRNWRSDQGWKHSRUFHODLQHGJHRULIWKHSDWWHUQZHDUVRII
$UHSODFHPHQWUDGLDQWVXUIDFHXQLWLILWVKRXOGEXUQRXW
'XULQJWKLVOLPLWHGDGGLWLRQDOIRXU\HDUZDUUDQW\\RXZLOOEHUHVSRQVLEOHIRUDQ\ODERURU
LQKRPHVHUYLFH
:KDW*(:LOO1RW&RYHU
■6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVH
WKHSURGXFW
■'DPDJHWRWKHJODVVFRRNWRSFDXVHGE\XVHRIFOHDQHUV
RWKHUWKDQWKHUHFRPPHQGHGFOHDQLQJFUHDPV
■,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
■5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV
■3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
■'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGV
RUDFWVRI*RG
■'DPDJHWRWKHJODVVFRRNWRSFDXVHGE\KDUGHQHG
VSLOOVRIVXJDU\PDWHULDOVRUPHOWHGSODVWLFWKDW
DUHQRWFOHDQHGDFFRUGLQJWRWKHGLUHFWLRQVLQ
WKH2ZQHU·V0DQXDO
■,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
■'DPDJHFDXVHGDIWHUGHOLYHU\
■3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHGLQWKLV/LPLWHG
:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\RUILWQHVVIRUDSDUWLFXODUSXUSRVH
DUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGIRUKRPHXVH
ZLWKLQWKH86$,IWKHSURGXFWLVORFDWHGLQDQDUHDZKHUHVHUYLFHE\D*($XWKRUL]HG6HUYLFHULVQRWDYDLODEOH\RXPD\
EHUHVSRQVLEOHIRUDWULSFKDUJHRU\RXPD\EHUHTXLUHGWREULQJWKHSURGXFWWRDQ$XWKRUL]HG*(6HUYLFHORFDWLRQIRU
VHUYLFH,Q$ODVNDWKHZDUUDQW\H[FOXGHVWKHFRVWRIVKLSSLQJRUVHUYLFHFDOOVWR\RXUKRPH
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHV7KLVZDUUDQW\JLYHV
\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURPVWDWHWRVWDWH7RNQRZZKDW\RXU
OHJDOULJKWVDUHFRQVXOW\RXUORFDORUVWDWHFRQVXPHUDIIDLUVRIILFHRU\RXUVWDWH·V$WWRUQH\*HQHUDO
:DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
*((OHFWULF5DQJH:DUUDQW\)RUFXVWRPHUVLQ&DQDGD
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWUHV
RUDQDXWKRUL]HG&XVWRPHU&DUHŠWHFKQLFLDQ7RVFKHGXOH
VHUYLFHYLVLWXVRQOLQHDWZZZ*($SSOLDQFHVFDRUFDOO
3OHDVHKDYHVHULDOQXPEHUDQGPRGHO
QXPEHUDYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQVHUYLFH
XQGHUWKHZDUUDQW\
)RU7KH3HULRG2I
0DEH:LOO5HSODFH
2QH<HDU
)URPWKHGDWHRIWKH
RULJLQDOSXUFKDVH
$Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS'XULQJWKLV
OLPLWHGRQH\HDUZDUUDQW\0DEHZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGLQKRPHVHUYLFH
WRUHSODFHWKHGHIHFWLYHSDUW
)LYH<HDUV
)URPWKHGDWHRIWKH
RULJLQDOSXUFKDVH
$UHSODFHPHQWJODVVFRRNWRSLILWVKRXOGFUDFNGXHWRWKHUPDOVKRFNGLVFRORUFUDFNDWWKH
UXEEHUVHDOEHWZHHQWKHJODVVFRRNWRSDQGWKHSRUFHODLQHGJHRULIWKHSDWWHUQZHDUVRII
$UHSODFHPHQWUDGLDQWVXUIDFHXQLWLILWVKRXOGEXUQRXW
'XULQJWKLVOLPLWHGDGGLWLRQDOIRXU\HDUZDUUDQW\\RXZLOOEHUHVSRQVLEOHIRUDQ\ODERURU
LQKRPHVHUYLFH
:KDW0DEH:LOO1RW&RYHU
■6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVH
WKHSURGXFW
■'DPDJHWRWKHJODVVFRRNWRSFDXVHGE\XVHRIFOHDQHUV
RWKHUWKDQWKHUHFRPPHQGHGFOHDQLQJFUHDPV
■,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
■5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV
■3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
■'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGV
RUDFWVRI*RG
■'DPDJHWRWKHJODVVFRRNWRSFDXVHGE\KDUGHQHG
VSLOOVRIVXJDU\PDWHULDOVRUPHOWHGSODVWLFWKDW
DUHQRWFOHDQHGDFFRUGLQJWRWKHGLUHFWLRQVLQWKH
2ZQHU·V0DQXDO
■,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
■'DPDJHFDXVHGDIWHUGHOLYHU\
■3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHGLQWKLV/LPLWHG
:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\RUILWQHVVIRUDSDUWLFXODU
SXUSRVHDUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGLQ&DQDGD
IRUKRPHXVHZLWKLQ&DQDGD,QKRPHZDUUDQW\VHUYLFHZLOOEHSURYLGHGLQDUHDVZKHUHLWLVDYDLODEOHDQGGHHPHG
UHDVRQDEOHE\0DEHWRSURYLGH
6RPHSURYLQFHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHVVRWKHDERYH
H[FOXVLRQPD\QRWDSSO\WR\RX7KLVZDUUDQW\JLYHV\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWV
ZKLFKYDU\IURPSURYLQFHWRSURYLQFH7RNQRZZKDW\RXUOHJDOULJKWVDUHLQ\RXUSURYLQFHFRQVXOW\RXUORFDORU
SURYLQFLDOFRQVXPHUDIIDLUVRIILFH
:DUUDQWRU0DEH&DQDGD,QF
%XUOLQJWRQ2QWDULR
&RQVXPHU6XSSRUW
*($SSOLDQFHV:HEVLWH
,QWKH86*($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\DQ\GD\
RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOVRUGHUSDUWVRUHYHQ
VFKHGXOHVHUYLFHRQOLQH,Q&DQDGDZZZ*($SSOLDQFHVFD
6FKHGXOH6HUYLFH
,QWKH86*($SSOLDQFHVFRP
([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW\RXU
FRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV
,Q&DQDGDFDOO
5HDO/LIH'HVLJQ6WXGLR
,QWKH86*($SSOLDQFHVFRP
*(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\SHRSOHRI
DOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQGPHQWDODELOLWLHV
DQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQLGHDVIRUSHRSOHZLWK
GLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO7''*($&
,Q&DQDGDFRQWDFW 0DQDJHU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
([WHQGHG:DUUDQWLHV
,QWKH86*($SSOLDQFHVFRP
3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\LVVWLOO
LQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV*(&RQVXPHU+RPH
6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV,Q&DQDGDFDOO
3DUWVDQG$FFHVVRULHV
,QWKH86*($SSOLDQFHVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV
9,6$0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG2UGHURQOLQHWRGD\KRXUVHYHU\GD\RUE\SKRQHDW
GXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJJHQHUDOO\VKRXOGEH
UHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHUVHUYLFLQJPD\FDXVHXQVDIHRSHUDWLRQ
&XVWRPHUVLQ&DQDGDVKRXOGFRQVXOWWKH\HOORZSDJHVIRUWKHQHDUHVW0DEHVHUYLFHFHQWHURUFDOO
&RQWDFW8V
,QWKH86*($SSOLDQFHVFRP
,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOVLQFOXGLQJ
\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
,Q&DQDGDZZZ*($SSOLDQFHVFDRUZULWHWR 'LUHFWRU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
5HJLVWHU<RXU$SSOLDQFH
,QWKH86*($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH<RXPD\DOVRPDLO
LQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO,Q&DQDGDZZZ*($SSOLDQFHVFD
3ULQWHGLQ0H[LFR
7KLVERRNLVSULQWHGRQUHF\FOHGSDSHU
HOpFWULFDVLQGHSHQGLHQWHVHPSRWUDEOHV\HQFDVWUDEOHV
&RFLQDV
*($SSOLDQFHVFRP
,QVWUXFFLRQHVGH
6HJXULGDG ²
,QVWUXFFLRQHVGH
)XQFLRQDPLHQWR
7HPSRUL]DGRUGHOD&RFLQD +RUQR $MXVWHGHO7HUPRVWDWR
GHO+RUQR +RUQHDGRR'RUDGR $VDGR*XtDSDUD$VDU &RQWUROHV +RUQRGH&RQYHFFLyQ &DMyQ,QIHULRUGHO+RUQR 3UHFDOHQWDPLHQWR 6RQGD 0RGR6DEiWLFR $XWR/LPSLH]D )XQFLRQHV(VSHFLDOHV +RUQHDGRR$VDGRSRU7LHPSR
8QLGDGHVGHOD6XSHUILFLH 8WHQVLOLR 3ODQFKD 0RGRV&RQWURODGRV
FRQ3HULOODV ,QVWUXFFLRQHVGH
,QVWDODFLyQ ²
0DQXDOGHO
3URSLHWDULR
'LVSRVLWLYR$QWL9ROFDGXUDV
'LPHQVLRQHV\'HVSHMH &RQH[LRQHV(OpFWULFDV ²
1LYHODFLyQGHOD&RFLQD 3DXWDVGH8ELFDFLyQ ,QVWUXFFLRQHVGH6HJXULGDG 4XLFN6HW9,
&6
&6
&RQVHMRVSDUD6ROXFLRQDU
3UREOHPDV ²
$FFHVVRULRV 6RSRUWHDO&OLHQWH
6RSRUWHDO&OLHQWH &RQWUDWDSD
*DUDQWtDSDUD&OLHQWHVHQ
&DQDGi *DUDQWtDSDUD&OLHQWHV
HQ((88 &XLGDGR\/LPSLH]D
3HULOODVGH&RQWURO 3DQHOGH&RQWURO &RFLQDGH9LGULR /HYDQWHOD3XHUWD
GHO+RUQR /X] (OHPHQWRVGH&DOHQWDPLHQWRGHO
+RUQR (VWDQWHV &DMyQGH&DOHQWDPLHQWR
([WUDtEOH2OODGHO&DOyQGHO
+RUQR,QIHULRU 6XSHUILFLHV (VFULEDORVQ~PHURVGHPRGHOR\GHVHULHDTXt
0RGHORBBBBBBBBBBBBBBB
6HULHBBBBBBBBBBBBBBBBB
(Q&DQDGi
ZZZ*($SSOLDQFHVFD
3XHGHHQFRQWUDUORVHQXQDHWLTXHWDXELFDGD
GHWUiVGHOFDMyQRGHWUiVGHODSXHUWDGHOKRUQR
LQIHULRUHQHOIUHQWHGHOPDUFRGHODFRFLQD
,PSUHVRHQ
SDSHOUHFLFODGR
*(
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(68862
$'9(57(1&,$
/HDWRGDVODVLQVWUXFFLRQHVGHVHJXULGDGDQWHVGHXWLOL]DUHVWHSURGXFWR1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHJHQHUDUXQ
LQFHQGLRXQDGHVFDUJDHOpFWULFDOHVLRQHVFRUSRUDOHVRODPXHUWH
',6326,7,92$17,92/&$'85$6
ADVERTENCIA
Pared Trasera
$ILQGHUHGXFLUHOULHVJRGHFDtGD
GHODFRFLQDpVWDGHEHUiHVWDU
Riesgo de Volcaduras
DVHJXUDGDSRUXQVRSRUWHDQWL
Un niño o adulto pueden volcar la cocina y morir.
YROFDGXUDVFRUUHFWDPHQWHLQVWDODGR
Verifique que el soporte anti-volcaduras haya sido
&RQVXOWHODVLQVWUXFFLRQHVGH
instalado correctamente de tal manera que la pata
LQVWDODFLyQSURYLVWDVFRQHOVRSRUWH
niveladora se sujete en el soporte anti-volcaduras.
SDUDDFFHGHUDGHWDOOHVFRPSOHWRV
Asegúrese de que el soporte anti-volcaduras sea
DQWHVGHLQWHQWDUUHDOL]DUOD
reajustado cuando mueva la estufa de tal manera que
LQVWDODFLyQ
la pata niveladora se sujete en el soporte anti-volcaduras.
No utilice la cocina sin que el soporte anti-volcaduras
3DUD&RFLQD6LQ$SR\R\
esté colocado y ajustado.
Si estas instrucciones no se siguen, como resultado se podrá 'HVOL]DEOHV
producir la muerte o quemaduras graves de niños y adultos. 3DUDFRQWURODUVLHOVRSRUWHHV
LQVWDODGR\DMXVWDGRGHIRUPD
DSURSLDGDPLUHTXHGHEDMRGHODFRFLQDODSDWDQLYHODGRUDWUDVHUDHVWp
6RSRUWH$QWL
9ROFDGXUDV
DMXVWDGDDOVRSRUWH(QDOJXQRVPRGHORVHOFDMyQGHDOPDFHQDPLHQWRR
HOSDQHOGHSURWHFFLyQVHSXHGHQUHWLUDUSDUDXQDIiFLOLQVSHFFLyQ6LQR
HVSRVLEOHUHDOL]DUXQDLQVSHFFLyQYLVXDOGHVOLFHODFRFLQDKDFLDDGHODQWH
FRQILUPHTXHHOVRSRUWHDQWLYROFDGXUDVHVWpDMXVWDGRGHIRUPDVHJXUD
3DWD
1LYHODGRUD
DOSLVRRODSDUHG\GHVOLFHODFRFLQDKDFLDDWUiVGHPRGRTXHODSDWD
QLYHODGRUDWUDVHUDVHHQFXHQWUHGHEDMRGHOVRSRUWHDQWLYROFDGXUDV
&RFLQDV6LQ$SR\R\'HVOL]DEOHV
(QFDVRGHTXHODFRFLQDVHDHPSXMDGDGHODSDUHGSRUDOJXQDUD]yQ
VLHPSUHUHSLWDHVWHSURFHGLPLHQWRSDUDYHULILFDUTXHODFRFLQDHVWp
Base o Bloque de
Madera Negra
FRUUHFWDPHQWHDVHJXUDGDSRUHOVRSRUWHDQWLYROFDGXUDV
1XQFDUHWLUHFRPSOHWDPHQWHODVSDWDVQLYHODGRUDV\DTXHODFRFLQDQR
HVWDUiDVHJXUDGDGHIRUPDDGHFXDGDDOGLVSRVLWLYRDQWLYROFDGXUDV
3DUD&RFLQDV(PSRWUDEOHV
Soporte
3$5$FRQWURODUVLHOVRSRUWHHVWiLQVWDODGR\DMXVWDGRFRUUHFWDPHQWH
Anti-Volcaduras
GHVOLFHODFRFLQDKDFLDDGHODQWHFRQILUPHTXHHOVRSRUWHDQWLYROFDGXUDV
Horno
HVWpDMXVWDGRGHIRUPDVHJXUDDODSDUWHWUDVHUDGHODFRFLQD\GHVOLFH
HVWD~OWLPDKDFLDDWUiVGHPRGRTXHHOVRSRUWHDQWLYROFDGXUDVVHGHVOLFH
SRUGHEDMRGHOPRVWUDGRUREORTXHGHPDGHUDDGKHULGRDODSDUHGWUDVHUD
6LQRUHFLELyXQVRSRUWHDQWLYROFDGXUDVFRQVXFRPSUDOODPHDO
3DUDDFFHGHUDLQVWUXFFLRQHVVREUHHOVRSRUWHYLVLWH
&RFLQDV(PSRWUDEOHV
ZZZ*($SSOLDQFHVFD
$'9(57(1&,$
127,),&$&,Ï1,03257$17('(6(*85,'$'
/DOH\GH&DOLIRUQLDVREUHDJXDVSRWDEOHV\Wy[LFRVH[LJHTXHHO*REHUQDGRUGH&DOLIRUQLDSXEOLTXHXQDOLVWDGHVXVWDQFLDVTXHVHJ~Q
HOHVWDGRSURYRTXHQFiQFHUGHIHFWRVFRQJpQLWRVXRWURVGDxRVUHSURGXFWLYRV\H[LJHDODVHPSUHVDVTXHDGYLHUWDQDORVFOLHQWHV
VREUHODH[SRVLFLyQSRWHQFLDODGLFKDVVXVWDQFLDV
/DDLVODFLyQGHILEUDGHYLGULRGHORVKRUQRVDXWROLPSLDQWHVHPLWHXQDSHTXHxDFDQWLGDGGHPRQy[LGRGHFDUERQRGXUDQWH
HOFLFORGHOLPSLH]D/DH[SRVLFLyQSXHGHPLQLPL]DUVHYHQWLODQGRFRQXQDYHQWDQDDELHUWDRXVDQGRXQDFDPSDQDRYHQWLODGRU
*($SSOLDQFHVFRP
$'9(57(1&,$
,16758&&,21(6*(1(5$/(6'(6(*85,'$'
„8VHHVWHDSDUDWRVyORFRQHOREMHWLYRSDUDHOTXHIXHFUHDGR
FRPRVHGHVFULEHHQHVWH0DQXDOGHO3URSLHWDULR
„$VHJ~UHVHGHTXHXQWpFQLFRFDOLILFDGRUHDOLFHXQDFRUUHFWD
LQVWDODFLyQ\SXHVWDDWLHUUDGHODUWHIDFWRGHDFXHUGRFRQODV
LQVWUXFFLRQHVGHLQVWDODFLyQSURYLVWDV
„
1RLQWHQWHUHSDUDURFDPELDUQLQJXQDSLH]DGHVXFRFLQD
DPHQRVTXHHVWpHVSHFtILFDPHQWHUHFRPHQGDGRHQHVWH
PDQXDO&XDOTXLHURWURVHUYLFLRGHEHUHDOL]DUORXQWpFQLFR
FDOLILFDGR
„
$QWHVGHUHDOL]DUFXDOTXLHUFODVHGHUHSDUDFLyQGHVHQFKXIHOD
FRFLQDRGHVFRQHFWHHOVXPLQLVWURHOpFWULFRGHVGHHOSDQHOGH
GLVWULEXFLyQGRPpVWLFRTXLWDQGRHOIXVLEOHRGHVFRQHFWDQGRHO
LQWHUUXSWRUGHFLUFXLWRV
„
1RGHMHDORVQLxRVVRORVpVWRVQRGHEHQTXHGDUVRORVRVLQ
DWHQFLyQHQXQiUHDGRQGHXQDSDUDWRHVWpHQXVR1XQFD
GHEHSHUPLWLUVHTXHVHVXEDQVLHQWHQRSDUHQHQFXDOTXLHU
SDUWHGHHVWHDSDUDWR
35(&$8&,21
„
1RDOPDFHQHHOHPHQWRVGHLQWHUpV
SDUDQLxRVVREUHXQDFRFLQDRHQODSURWHFFLyQWUDVHUDGH
XQDFRFLQDORVQLxRVTXHVHWUHSDQDODFRFLQDSDUDDOFDQ]DU
HOHPHQWRVSXHGHQUHVXOWDUJUDYHPHQWHKHULGRV
„
6yORXVHDJDUUDGHUDVVHFDVODVDJDUUDGHUDVK~PHGDVR
PRMDGDVFRORFDGDVHQVXSHUILFLHVFDOLHQWHVSXHGHQSURYRFDU
TXHPDGXUDVGHYDSRU1RSHUPLWDTXHODVDJDUUDGHUDVHQWUHQ
HQFRQWDFWRFRQXQLGDGHVGHVXSHUILFLHRORVHOHPHQWRV
FDOHQWDGRUHVFDOLHQWHV1RXWLOLFHWRDOODVXRWUDVWHODVJUXHVDV
HQOXJDUGHXQDDJDUUDGHUD
„
1XQFDXVHVXHOHFWURGRPpVWLFRSDUDFDOHQWDUODKDELWDFLyQ
„
1RWRTXHODVXQLGDGHVGHVXSHUILFLHORVHOHPHQWRV
FDOHQWDGRUHVRODVXSHUILFLHLQWHULRUGHOKRUQR(VWDVVXSHUILFLHV
SXHGHQHVWDUORVXILFLHQWHPHQWHFDOLHQWHVSDUDTXHPDUD~Q
FXDQGRWHQJDQXQFRORURVFXUR'XUDQWH\GHVSXpVGHOXVRQR
WRTXHRGHMHTXHVXYHVWLPHQWDXRWURVPDWHULDOHVLQIODPDEOHV
$'9(57(1&,$
0$17(1*$/260$7(5,$/(6,1)/$0$%/(6
$/(-$'26'(/$&2&,1$
„1RDOPDFHQHRXWLOLFHPDWHULDOHVLQIODPDEOHVGHQWURGHXQKRUQR
RFHUFDGHODHVWXIDWDOHVFRPRSDSHOSOiVWLFRDJDUUDGHUDVWHODV
UHFXEULPLHQWRVGHSDUHGFRUWLQDV\JDVROLQDXRWURVYDSRUHV\
OtTXLGRVLQIODPDEOHV
„1XQFDXVHYHVWLPHQWDVKROJDGDVRDPSOLDVPLHQWUDVXWLOLFHHO
DSDUDWR(VWDVYHVWLPHQWDVSXHGHQSUHQGHUVHIXHJRVLHQWUDQHQ
FRQWDFWRFRQVXSHUILFLHVFDOLHQWHVSURYRFDQGRTXHPDGXUDVJUDYHV
$'9(57(1&,$
HQWUHQHQFRQWDFWRFRQXQLGDGHVGHVXSHUILFLHiUHDVFHUFDQDV
DODVXQLGDGHVGHVXSHUILFLHRFXDOTXLHUiUHDLQWHULRUGHOKRUQR
GHMHSDVDUXQWLHPSRSUXGHQFLDOSDUDTXHVHHQIUtHQ2WUDV
VXSHUILFLHVGHODSDUDWRSXHGHQFDOHQWDUVHORVXILFLHQWHFRPR
SDUDSURYRFDUTXHPDGXUDV/DVVXSHUILFLHVSRWHQFLDOPHQWH
FDOLHQWHVLQFOX\HQODHVWXIDODViUHDVRULHQWDGDVKDFLDOD
HVWXIDODDEHUWXUDGHYHQWLODFLyQGHOKRUQRODVVXSHUILFLHV
FHUFDQDVDODDEHUWXUD\ODVKHQGLGXUDVXELFDGDVDOUHGHGRUGH
ODSXHUWDGHOKRUQR
„
1RFDOLHQWHUHFLSLHQWHVFHUUDGRVGHDOLPHQWRV3RGUtDKDEHU
XQDDFXPXODFLyQGHSUHVLyQHQHOUHFLSLHQWH\pVWHSRGUtD
H[SORWDUSURYRFDQGROHVLRQHV
„
1RXWLOLFHSDSHOGHDOXPLQLRSDUDUHYHVWLUODVEDQGHMDVFROHFWRUDV
RQLQJXQDSDUWHGHOKRUQRFRQH[FHSFLyQGHORGHVFULSWRHQHVWH
PDQXDO8QXVRLQDGHFXDGRSXHGHSURYRFDUGDxRVDODFRFLQD\
XQDGHVFDUJDHOpFWULFDRXQULHVJRGHLQFHQGLR
„
7UDWHGHQRUD\DURJROSHDUODVSXHUWDVHVWXIDVRSDQHOHV
GHFRQWUROGHYLGULR6LORKDFHSRGUtDURPSHUVHHOYLGULR1R
FRFLQHVLXQSURGXFWRWLHQHXQYLGULRURWR3XHGHSURYRFDUVH
XQDGHVFDUJDXQLQFHQGLRRKHULGDV
„
&RFLQHFDUQHVGHUHV\GHDYHSRUFRPSOHWR/DVFDUQHVGH
UHVKDVWDDOFDQ]DUXQDWHPSHUDWXUDLQWHUQDGHSRUORPHQRV
ƒ)ƒ&\ODVFDUQHVGHDYHDXQDWHPSHUDWXUDLQWHUQDGH
SRUORPHQRVƒ)ƒ&/DFRFFLyQDHVWDVWHPSHUDWXUDV
JHQHUDOPHQWHSURWHJHGHHQIHUPHGDGHVWUDQVPLWLGDVSRUORV
DOLPHQWRV
„
1RXVHSDSHOGHDOXPLQLRSDUDFXEULUFXEHWDVGHJRWHRR
FXDOTXLHUSDUWHGHOKRUQRH[FHSWRFRPRVHGHVFULEHHQ
HVWHPDQXDO(OSDSHOGHDOXPLQLRSXHGHDWUDSDUHOFDORUR
GHUUHWLUVHRFDVLRQDQGRGDxRVVREUHHOSURGXFWR\HOULHVJRGH
LQFHQGLR
„
1RSHUPLWDTXHODJUDVDGHODFRFFLyQXRWURVPDWHULDOHV
LQIODPDEOHVVHDFXPXOHQGHQWURGHODFRFLQDRHQVXFHUFDQtD/D
JUDVDGHQWURGHOKRUQRRVREUHODHVWXIDSXHGHHQFHQGHUVH
„
/LPSLHODVFDPSDQDVGHYHQWLODFLyQFRQIUHFXHQFLD1RGHEH
SHUPLWLUVHODDFXPXODFLyQGHJUDVDHQODFDPSDQDRHQHOILOWUR
(1&$62'(,1&(1',26,*$/26
6,*8,(17(63$6263$5$(9,7$5
/$3523$*$&,Ï1'(/)8(*2
„1RXWLOLFHDJXDHQLQFHQGLRVGHJUDVD1XQFDOHYDQWHXQDVDUWpQHQ
OODPDV$SDJXHORVFRQWUROHV$SDJXHXQDVDUWpQHQOODPDVVREUH
XQDXQLGDGGHVXSHUILFLHFXEULHQGRODVDUWpQSRUFRPSOHWRFRQ
XQDWDSDTXHDMXVWHELHQXQDSODQFKDSDUDJDOOHWDVRXQDEDQGHMD
SODQD8WLOLFHXQTXtPLFRVHFRPXOWLXVRRXQH[WLQWRUGHLQFHQGLRVGH
HVSXPD
„6LKD\XQLQFHQGLRHQHOKRUQRGXUDQWHHOKRUQHDGRDSiJXHOR
FHUUDQGRODSXHUWDGHOKRUQR\DSDJDQGRHOFRQWURORXVDQGRXQ
TXtPLFRVHFRPXOWLXVRRXQH[WLQWRUGHLQFHQGLRVGHHVSXPD
„
6LKD\XQLQFHQGLRHQHOKRUQRGXUDQWHODDXWROLPSLH]DDSDJXHHO
KRUQR\HVSHUHDTXHHOLQFHQGLRVHFRQVXPD1RDEUDODSXHUWD
GHOKRUQRDODIXHU]D(OLQJUHVRGHDLUHIUHVFRDWHPSHUDWXUDVGH
DXWROLPSLH]DSXHGHSURYRFDUXQDH[SORVLyQGHOODPDVGHVGHHO
KRUQR1RVHJXLUHVWDLQVWUXFFLyQSXHGHSURYRFDUTXHPDGXUDV
JUDYHV
,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(68862
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/$(678)$
„1XQFDGHMHODVXQLGDGHVGHVXSHUILFLHVLQDWHQFLyQ
HQFRQILJXUDFLRQHVGHFDORUPHGLDRDOWD/RVDOLPHQWRVTXH
KLHUYHQ\VHGHUUDPDQSXHGHQSURYRFDUKXPR\GHUUDPHV
JUDVRVRVTXHSXHGHQSUHQGHUVHIXHJR
„1XQFDGHMHDFHLWHVLQDWHQFLyQPLHQWUDVIUtH6LVHGHMD
FDOHQWDUPiVDOOiGHOSXQWRGHKXPHRHODFHLWHSXHGH
HQFHQGHUVHSURYRFDQGRXQLQFHQGLRTXHSRGUtDSURSDJDUVH
DORVJDELQHWHVFHUFDQRV8WLOLFHXQWHUPyPHWURSDUDJUDVD
FXDQGRVHDSRVLEOHSDUDFRQWURODUODWHPSHUDWXUDGHODFHLWH
„3DUDHYLWDUHOGHUUDPHGHDFHLWH\XQLQFHQGLRXWLOLFHXQD
FDQWLGDGPtQLPDGHDFHLWHFXDQGRIUtDHQVDUWHQHVSRFR
SURIXQGDV\HYLWHODFRFFLyQGHDOLPHQWRVFRQJHODGRVFRQ
XQDFDQWLGDGH[FHVLYDGHKLHOR
„8WLOLFHHOWDPDxRGHUHFLSLHQWHDGHFXDGR(OLMDUHFLSLHQWHV
FRQEDVHVSODQDVORVXILFLHQWHPHQWHJUDQGHVSDUDFXEULU
HOHOHPHQWRFDOHQWDGRUGHVXSHUILFLH/DXWLOL]DFLyQGH
UHFLSLHQWHVPiVSHTXHxRVGHMDUiH[SXHVWDXQDSRUFLyQGH
ODXQLGDGGHVXSHUILFLHDOFRQWDFWRGLUHFWRORTXHSXHGH
SURYRFDUHOHQFHQGLGRGHVXVYHVWLPHQWDV8QDUHODFLyQ
DGHFXDGDGHOUHFLSLHQWHFRQODXQLGDGGHVXSHUILFLHWDPELpQ
PHMRUDUiODHILFLHQFLD
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/$
(678)$5$',$17(DOJXQRVPRGHORV
„7HQJDFXLGDGRDOWRFDUODHVWXID/DVXSHUILFLHGHYLGULRGHOD
HVWXIDUHWHQGUiFDORUGHVSXpVGHTXHORVFRQWUROHVVHKD\DQ
DSDJDGR
„1RFRFLQHVREUHXQDHVWXIDURWD6LODHVWXIDVHURPSH
ODVVROXFLRQHVGHOLPSLH]D\ORVGHUUDPHVSXHGHQSHQHWUDU
HQODHVWXIDURWD\FUHDUXQULHVJRGHGHVFDUJDHOpFWULFD
&RPXQtTXHVHFRQXQWpFQLFRFDOLILFDGRGHLQPHGLDWR
„(YLWHUD\DUODHVWXIDGHYLGULR/DHVWXIDSXHGHUD\DUVHFRQ
HOHPHQWRVWDOHVFRPRFXFKLOORVLQVWUXPHQWRVILORVRVDQLOORVX
RWUDVMR\DV\UHPDFKHVGHODURSD
„
1RFRORTXHRDOPDFHQHHOHPHQWRVTXHSXHGHQGHUUHWLUVHR
SUHQGHUVHIXHJRVREUHODHVWXIDGHYLGULRD~QFXDQGRQROD
HVWpXVDQGR6LODHVWXIDVHHQFLHQGHHQIRUPDDFFLGHQWDO
SXHGHQSUHQGHUVHIXHJR(OFDORUSURYHQLHQWHGHODHVWXIDR
GHODYHQWLODFLyQGHOKRUQRWDPELpQSXHGHSUHQGHUORVIXHJR
D~QVLHODSDUDWRHVWiDSDJDGR
$'9(57(1&,$
„8VHHOOLPSLDGRUGHHVWXIDVFHUiPLFDV&(5$0$%5<7(Š
\ODHVSRQMLOODGHOLPSLH]D&(5$0$%5<7(ŠSDUDOLPSLDU
ODHVWXID(VSHUHKDVWDTXHODHVWXIDVHHQIUtH\ODOX]
LQGLFDGRUDVHDSDJXHDQWHVGHOLPSLDU8QDHVSRQMD
RXQSDxRK~PHGRVVREUHXQDVXSHUILFLHFDOLHQWHSXHGHQ
SURYRFDUTXHPDGXUDVGHYDSRU$OJXQRVOLPSLDGRUHVSXHGHQ
SURGXFLUKXPRVWy[LFRVVLVHORVDSOLFDDXQDVXSHUILFLH
FDOLHQWH127$/RVGHUUDPHVGHD]~FDUVRQODH[FHSFLyQ
eVWRVGHEHQTXLWDUVHPLHQWUDVHVWiQFDOLHQWHVXWLOL]DQGRXQD
DJDUUDGHUD\XQUDVSDGRU3DUDLQVWUXFFLRQHVGHWDOODGDVYHU
ODVHFFLyQ&yPROLPSLDUODHVWXIDGHYLGULR
„/HD\FXPSODFRQWRGDVODVLQVWUXFFLRQHV\DGYHUWHQFLDVGHOD
HWLTXHWDGHODFUHPDGHOLPSLH]D
,16758&&,21(6'(6(*85,'$''(/$
(678)$'(%2%,1$6DOJXQRVPRGHORV
„1RVXPHUMDRUHPRMHODVXQLGDGHVGHVXSHUILFLH
GHVPRQWDEOHV1RODVFRORTXHHQHOODYDYDMLOODV1RFRORTXH
ODVXQLGDGHVGHVXSHUILFLHGHQWURGHOKRUQRFXDQGRUHDOLFHOD
DXWROLPSLH]D6LORKDFHSXHGHQOOHJDUDIDOODUSURYRFDQGR
XQSHOLJURGHTXHPDGXUDVRGHLQFHQGLR
„3DUDHYLWDUODSRVLELOLGDGGHXQDTXHPDGXUDRGHVFDUJD
HOpFWULFDVLHPSUHYHULILTXHTXHORVFRQWUROHVGHWRGDV
„6yORFLHUWRVWLSRVGHUHFLSLHQWHVGHYLGULRYLGULRFHUiPLFR
FHUiPLFDXRWURVUHFLSLHQWHVYLGULDGRVSXHGHQXWLOL]DUVH
VREUHODHVWXIDRWURVSXHGHQURPSHUVHGHELGRDOFDPELR
UHSHQWLQRGHWHPSHUDWXUD
„3DUDPLQLPL]DUODSRVLELOLGDGGHTXHPDGXUDVHOHQFHQGLGR
GHPDWHULDOHVLQIODPDEOHV\ORVGHUUDPHVODPDQLMDGHORV
UHFLSLHQWHVGHEHQJLUDUVHKDFLDHOFHQWURGHODFRFLQDVLQ
H[WHQGHUVHVREUHQLQJXQDXQLGDGGHVXSHUILFLHFHUFDQD
„6LIODPEHDDOLPHQWRVEDMRODFDPSDQDHQFLHQGD
HOYHQWLODGRU
„6LVHSURGXFHXQFRUWHGHFRUULHQWHHQXQDFRFLQDHOpFWULFD
PLHQWUDVODXQLGDGGHODVXSHUILFLHHVWiHQ21(QFHQGLGR
ODXQLGDGVHYROYHUiDHQFHQGHUFXDQGRUHJUHVHODFRUULHQWH
(QFDVRGHIDOWDGHFRUULHQWHVLQRVHJLUDQWRGDVODVSHULOODV
GHODXQLGDGGHODVXSHUILFLHDODSRVLFLyQ2))$SDJDGRVH
SRGUiQLQFHQGLDUDUWtFXORVHQRFHUFDGHODFRFLQDORFXDO
SRGUiSURGXFLUOHVLRQHVJUDYHVRODPXHUWH
ODVXQLGDGHVGHVXSHUILFLHVHHQFXHQWUHQHQODSRVLFLyQ2))
DSDJDGR\TXHWRGDVODVERELQDVHVWpQIUtDVDQWHV
GHOHYDQWDURTXLWDUXQDXQLGDGGHVXSHUILFLHGHERELQDV
„$VHJ~UHVHGHTXHODVEDQGHMDVFROHFWRUDVQRHVWpQFXELHUWDV
\VHHQFXHQWUHQHQVXOXJDU6XDXVHQFLDGXUDQWHODFRFFLyQ
SRGUtDGDxDUODVSLH]DV\HOFDEOHDGRGHODFRFLQD
*($SSOLDQFHVFRP
$'9(57(1&,$
,16758&&,21(6'(6(*85,'$''(/+2512
„0DQWpQJDVHDOHMDGRGHODFRFLQDFXDQGRDEUD
ODSXHUWDGHOKRUQR(ODLUH\HOYDSRUFDOLHQWHVTXHVDOHQGHOD
FRFLQDSXHGHQSURYRFDUTXHPDGXUDVHQPDQRVURVWUR\R
RMRV
„0DQWHQJDVLQREVWUXFFLRQHVODYHQWLODFLyQGHOKRUQR
„0DQWHQJDHOKRUQROLEUHGHDFXPXODFLRQHVGHJUDVD
/DJUDVDGHQWURGHOKRUQRSXHGHSUHQGHUVHIXHJR
„6LHPSUHFRORTXHODVEDQGHMDVGHOKRUQRHQODSRVLFLyQ
GHVHDGDPLHQWUDVHOKRUQRHVWpIUtR6LODEDQGHMDGHEH
TXLWDUVHFXDQGRHOKRUQRWRGDYtDHVWiFDOLHQWHQRSHUPLWD
TXHODDJDUUDGHUDWRTXHHOHOHPHQWRFDOHQWDGRUGHOKRUQR
$'9(57(1&,$
„&XDQGRXWLOLFHEROVDVGHFRFFLyQRGHDVDGRHQHOKRUQRVLJD
ODVLQVWUXFFLRQHVGHOIDEULFDQWH
„7LUHGHODEDQGHMDGHOKRUQRKDVWDODSRVLFLyQGHWRSH
GHGHWHQFLyQFXDQGRFDUJXHRGHVFDUJXHDOLPHQWRVGHO
KRUQR(VWRD\XGDDHYLWDUTXHPDGXUDVSRUWRFDUVXSHUILFLHV
FDOLHQWHVGHODSXHUWD\ODVSDUHGHVGHOKRUQR
„1RGHMHSURGXFWRVFRPRSDSHOXWHQVLOLRVGHFRFLQD
RDOLPHQWRVHQHOKRUQRFXDQGRQRORHVWpXVDQGR/RV
HOHPHQWRVJXDUGDGRVHQHOKRUQRSXHGHQSUHQGHUVHIXHJR
„1RXWLOLFHSDSHOGHDOXPLQLRSDUDUHYHVWLUHOSLVRGHOKRUQR
(OSDSHOGHDOXPLQLRSXHGHDWUDSDURUHIOHMDUHOFDORU
SURYRFDQGRXQDGHVFDUJDHOpFWULFDRXQSHOLJURGHLQFHQGLR
,16758&&,21(6'(6(*85,'$''(/
+2512$872/,03,$17(DOJXQRVPRGHORV
/DFDUDFWHUtVWLFDGHDXWROLPSLH]DIXQFLRQDHQHOKRUQRDWHPSHUDWXUDVORVXILFLHQWHPHQWHHOHYDGDVFRPRSDUDTXHPDUORV
UHVWRVGHDOLPHQWRVTXHTXHGDURQGHQWURGHOKRUQR6LJDHVWDVLQVWUXFFLRQHVSDUDXQDRSHUDFLyQVHJXUD
„$QWHVGHLQLFLDOHOFLFORGHDXWROLPSLH]DUHPXHYDORVVDUWHQHV
SDUUROODVGHPHWDOEULOODQWH\RWURVXWHQVLOLRVGHOKRUQR
VRORSXHGHQGHMDUVHHQHOKRUQRODVSDUULOODVUHYHVWLGDVGH
SRUFHODQDJULVRQHJUD1RXWLOLFHODDXWROLPSLH]DSDUD
OLPSLDURWUDVSLH]DVFRPREDQGHMDVEULOODQWHVRFKDURODV
„$QWHVGHXWLOL]DUHOFLFORGHDXWROLPSLH]DOLPSLHODJUDVD\ORV
GHUUDPHVGHDOLPHQWRVGHOKRUQR8QDFDQWLGDGH[FHVLYDGH
JUDVDSXHGHHQFHQGHUVHJHQHUDQGR
GDxRVSRUHOKXPRHQVXKRJDU
$'9(57(1&,$
„6LHOPRGRGHDXWROLPSLH]DQRIXQFLRQDDSDJXH
HOKRUQR\GHVFRQHFWHHOVXPLQLVWURGHHQHUJtD/ODPH
DXQWpFQLFRFDOLILFDGRSDUDVROLFLWDUHODUUHJOR
„1ROLPSLHODHPSDFDGXUDGHODSXHUWD/DHPSDFDGXUDGH
ODSXHUWDHVHVHQFLDOSDUDXQEXHQVHOODGR'HEHWHQHUVH
FXLGDGRGHQRUHIUHJDUGDxDURPRYHUODHPSDFDGXUD
„1RXWLOLFHOLPSLDGRUHVGHKRUQR1RGHEHXWLOL]DUVHQLQJ~Q
OLPSLDGRUFRPHUFLDORUHYHVWLPLHQWRSURWHFWRUGHQLQJXQD
FODVHGHQWURRDOUHGHGRUGHQLQJXQDSLH]DGHOKRUQR
&$-Ï1&$/(17$'25&$-Ï1'(/+2512
,1)(5,25,16758&&,21(6'(6(*85,'$'
DOJXQRVPRGHORV „7HQJDFXLGDGRDODEULUHOFDMyQ$EUDXQSRFRHOFDMyQ
\GHMHVDOLUHODLUHFDOLHQWH\HOYDSRUDQWHVGHTXLWDURYROYHU
FRFLGRVFDOLHQWHVDODWHPSHUDWXUDGHVHUYLFLR3RUGHEDMRGH
DFRORFDUORVDOLPHQWRV(ODLUH\HOYDSRUFDOLHQWHVTXHVDOHQ
ORVƒ)ƒ&SXHGHSURGXFLUVHFUHFLPLHQWRGHEDFWHULDVHQ
SXHGHQSURYRFDUTXHPDGXUDVHQPDQRVURVWUR\RRMRV
ORVDOLPHQWRV1RFRORTXHDOLPHQWRVIUtRV
HQHOFDMyQFDOHQWDGRU1RFDOLHQWHDOLPHQWRVSRUPiV
„1RXWLOLFHSDSHOGHDOXPLQLRSDUDUHYHVWLUHOFDMyQFDOHQWDGRU
GHKRUDV1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDU
(OSDSHOPHWiOLFRHVXQH[FHOHQWHDLVODQWH
HQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV
GHFDORU\DWUDSDUiHOFDORUGHEDMRGHpO(VWRDOWHUDUi
HOGHVHPSHxRGHOFDMyQ\SRWHQFLDOPHQWHSRGUtDSURYRFDUXQ
„1RGHMHSURGXFWRVGHSDSHOSOiVWLFRVFRPLGDHQODWDGD
ULHVJRGHLQFHQGLR
RPDWHULDOHVFRPEXVWLEOHVHQHOFDMyQ3XHGHQSUHQGHUVH
IXHJR
„1RWRTXHHOHOHPHQWRFDOHQWDGRURODVXSHUILFLH
LQWHUQDGHOFDMyQ(VWDVVXSHUILFLHVSXHGHQHVWDU
ORVXILFLHQWHPHQWHFDOLHQWHVFRPRSDUDSURYRFDU
TXHPDGXUDV
„(OREMHWLYRGHOFDMyQFDOHQWDGRUHVPDQWHQHUDOLPHQWRV
(QPRGHORVFRQFRFLQDGHYLGULR
$'9(57(1&,$5,(6*2'(,1&(1',21XQFDSLHUGDGHYLVWDODFRFLQDFXDQGRODSDUWHVXSHULRU
HVWpHQODVFRQILJXUDFLRQHVPHGLRRDOWR0DQWHQJDFXDOTXLHUDUWtFXORLQIODPDEOHDOHMDGRGHODFRFLQD
$SDJXHWRGRVORVFRQWUROHVFXDQGRILQDOLFHODFRFFLyQ6LQRVHVLJXHQHVWDVLQVWUXFFLRQHVVHSRGUiQSURGXFLU
LQFHQGLRVOHVLRQHVJUDYHVRODPXHUWH
127$(VSRVLEOHTXHODVIXQFLRQHV\DSDULHQFLDVYDUtHQFRQUHODFLyQDVXPRGHORDORODUJRGHOPDQXDO
$FHUFDGHODVXQLGDGHVGHVXSHUILFLHUDGLDQWHV
/DFRFLQDUDGLDQWHFXHQWDFRQXQLGDGHVGH
FDOHQWDPLHQWRGHEDMRGHXQDVXSHUILFLHGH
YLGULRSDUHMD
1XQFDFRFLQHGLUHFWDPHQWHVREUHHO
YLGULR6LHPSUHXVHXWHQVLOLRV
/DVWHPSHUDWXUDVGHODFRFLQDVHLQFUHPHQWDQ
FRQHOQ~PHURGHXQLGDGHVGHVXSHUILFLHTXH
VHHQFXHQWUDQHQFHQGLGDV&RQRXQLGDGHV
HQFHQGLGDVODVWHPSHUDWXUDVGHODVVXSHUILFLH
VRQDOWDV6LHPSUHWHQJDFXLGDGRDOWRFDUOD
FRFLQD
8QDOX]LQGLFDGRUDVHHQFHQGHUiFXDQGROD
XQLGDGHVGHODVXSHUILFLHVHDHQFHQGLGD
6LHPSUHFRORTXHODROODHQHOFHQWUR
GHODXQLGDGHVGHODVXSHUILFLHVREUH
ODFXDOHVWiFRFLQDQGR
/DOX]LQGLFDGRUDGH+27685)$&(6XSHUILFLH
&DOLHQWHDGHFXDGDEULOODUiFXDQGRVX
FRUUHVSRQGLHQWHHOHPHQWRUDGLDQWHVHD
HQFHQGLGR\SHUPDQHFHUiHQFHQGLGDKDVWD
TXHODWHPSHUDWXUDGHODVXSHUILFLHVHDLQIHULRU
DORVž)
127$
/DOX]LQGLFDGRUDGHODVXSHUILFLH
1RGHVOLFHHOXWHQVLOLRVREUHOD
VXSHUILFLHGHODFRFLQDRGHOFRQWURO
\DTXHVHSRGUiUD\DUHOYLGULR(O
YLGULRHVUHVLVWHQWHDUD\RQHVQRHV
DSUXHEDGHUD\RQHV
„3HUPDQHFHUiHQFHQGLGDLQFOXVROXHJRGHTXH
ODXQLGDGHVWpDSDJDGD
„%ULOODUiKDVWDTXHODWHPSHUDWXUDGHODXQLGDG
VHDLQIHULRUDORVž)
127$8QOHYHRORUHVQRUPDOFXDQGRXQD
FRFLQDQXHYDHVXVDGDSRUSULPHUDYH](VWR
HVRFDVLRQDGRSRUHOFDOHQWDPLHQWRGHSDUWHV
QXHYDV\PDWHULDOHVDLVODQWHV\GHVDSDUHFHUi
HQXQSHUtRGREUHYH
127$(QPRGHORVGHFRFLQDVGHYLGULRFRQ
FRORUHVFODURVHVQRUPDOTXHODViUHDVGH
FRFFLyQFDPELHQGHFRORUDOFDOHQWDUVHR
HQIULDUVH(VWRHVWHPSRUDULR\GHVDSDUHFHUiD
PHGLGDTXHHOYLGULRVHHQIUtHKDVWDOOHJDUDOD
WHPSHUDWXUDDPELHQWH
(VVHJXURFRORFDUXWHQVLOLRVFDOLHQWHVHQHO
KRUQRRHQODVXSHUILFLHGHYLGULRFXDQGROD
VXSHUILFLHHVWpIUtD
,QFOXVRGHVSXpVGHTXHODVXQLGDGHVGHOD
VXSHUILFLHVHDQDSDJDGDVODFRFLQDGHYLGULR
SHUPDQHFHORVXILFLHQWHPHQWHFDOLHQWHFRPR
SDUDFRQWLQXDUFDOHQWDQGR$ILQGHHYLWDU
VREUHFDOHQWDPLHQWRVUHWLUHODVROODVGHODV
XQLGDGHVGHODVXSHUILFLHFXDQGRVHFRFLQHOD
FRPLGD(YLWHXELFDUFXDOTXLHUREMHWRVREUHOD
XQLGDGHVGHODVXSHUILFLHKDVWDTXHVHKD\D
HQIULDGRFRPSOHWDPHQWH
„/DVPDQFKDVGHDJXDGHSyVLWRVPLQHUDOHV
VHSXHGHQHOLPLQDUXWLOL]DQGRODFUHPD
OLPSLDGRUDRYLQDJUHEODQFRVLQGLOXLU
„(OXVRGHXQOLPSLDGRUGHYHQWDQDVSRGUi
GHMDUXQDSHOtFXODLULGLVFHQWHVREUHOD
FRFLQD/DFUHPDOLPSLDGRUHOLPLQDUiHVWD
GHVFRORUDFLyQ
„1RJXDUGHQLQJ~QDUWtFXORSHVDGRVREUHOD
FRFLQD6LVHDSR\DQVREUHODFRFLQDSRGUiQ
RFDVLRQDUGDxRV
„1RXWLOLFHODVXSHUILFLHFRPRWDEODSDUDFRUWDU
(OHFFLyQGHORVWLSRVGHUHFLSLHQWHVGHFRFFLyQ
SDUDPRGHORVGHHVWXIDGHYLGULRPRGHORVVLQLQGXFFLyQ
*($SSOLDQFHVFRP
/DVLJXLHQWHLQIRUPDFLyQORD\XGDUiDHOHJLUORVUHFLSLHQWHVGHFRFFLyQTXHEULQGDQXQEXHQGHVHPSHxR
HQHVWXIDVGHYLGULR9HUHOIROOHWRVREUHUHFLSLHQWHVSDUDXVDUFRQHVWXIDVGHLQGXFFLyQ
$FHURLQR[LGDEOH
5HFRPHQGDGR
$OXPLQLR
9HULILTXHTXHORVUHFLSLHQWHVWHQJDQ
EDVHVSODQDVXWLOL]DQGRXQDUHJOD
6HUHFRPLHQGDGHFDSDJUXHVD
%XHQDFRQGXFWLYLGDG/RVUHVLGXRVGHDOXPLQLRD
YHFHVSDUHFHQUD\RQHVVREUH
ODHVWXIDSHURSXHGHQTXLWDUVHVLVHORVOLPSLDGH
LQPHGLDWR'HELGRDVXEDMRSXQWRGHIXVLyQQR
GHEHXWLOL]DUVHDOXPLQLRGHFDSDILQD
%DVHGHFREUH
5HFRPHQGDGR
(OFREUHSXHGHGHMDUUHVLGXRVTXHSXHGHQ
SDUHFHUUD\RQHV/RVUHVLGXRVSXHGHQHOLPLQDUVH
VLHPSUH\FXDQGRODHVWXID
VHOLPSLHGHLQPHGLDWR6LQHPEDUJRQRSHUPLWD
TXHHVWDVROODVKLHUYDQHQVHFR(OPHWDO
VREUHFDOHQWDGRSXHGHDGKHULUVHDODVHVWXIDV
GHYLGULR6LQRVHHOLPLQDGHLQPHGLDWRXQDROOD
FRQODEDVHGHFREUHVREUHFDOHQWDGRGHMDUi
XQUHVLGXRTXHPDQFKDUiODHVWXIDHQIRUPD
SHUPDQHQWH
1RVHUHFRPLHQGDQUHFLSLHQWHVFRQ
EDVHVUHGRQGHDGDVFXUYDGDVFRQ
UHERUGHVRWRUFHGXUDV
(VPDOWHGHSRUFHODQDVREUHKLHUUR
IXQGLGR
6HUHFRPLHQGDVLODEDVHGHODROOD
VHHQFXHQWUDUHYHVWLGD
(VPDOWHGHSRUFHODQDVREUHDFHUR
1RVHUHFRPLHQGD
&DOHQWDUUHFLSLHQWHVYDFtRVSXHGHSURYRFDU
GDxRVSHUPDQHQWHVDOYLGULRGHODVHVWXIDV(O
HVPDOWHSXHGHGHUUHWLUVH\DGKHULUVH
DODHVWXIDFHUiPLFD
9LGULRFHUiPLFR
1RVHUHFRPLHQGD
'HVHPSHxRSREUH5D\DODVXSHUILFLH
&HUiPLFD
1RVHUHFRPLHQGD
'HVHPSHxRSREUH3XHGHUD\DUODVXSHUILFLH
+LHUURIXQGLGR
1RVHUHFRPLHQGDDPHQRVTXHVHHQFXHQWUH
HVSHFtILFDPHQWHGLVHxDGRSDUDHVWXIDVGHYLGULR
3REUHFRQGXFWLYLGDG\OHQWLWXGSDUDDEVRUEHUHO
FDORU5D\DODVXSHUILFLHGHODHVWXID
127$6LJDWRGDVODVUHFRPHQGDFLRQHVGHOIDEULFDQWHGHUHFLSLHQWHVFXDQGRXWLOLFHFXDOTXLHUFODVHGH
UHFLSLHQWHGHFRFFLyQVREUHODHVWXIDFHUiPLFD
3DUDPHMRUHVUHVXOWDGRV
„&RORTXHVyORUHFLSLHQWHVVHFRV
VREUHORVHOHPHQWRVGHVXSHUILFLH1R
FRORTXHWDSDVVREUHORVHOHPHQWRVGH
VXSHUILFLHHQHVSHFLDOWDSDVPRMDGDV
1RFRORTXHUHFLSLHQWHVPRMDGRV
VREUHODHVWXIDGHYLGULR
1RXVHZRNVFRQDQLOORVGH
VRSRUWHVREUHODHVWXIDGHYLGULR
8WLOLFHZRNVGHEDVHSODQDVREUH
ODHVWXIDGHYLGULR
„1RXVHZRNVFRQDQLOORVGHVRSRUWH
(VWDFODVHGHZRNQRVHFDOLHQWDVREUH
HOHPHQWRVGHVXSHUILFLHGHYLGULR
„5HFRPHQGDPRVHOXVRGHZRNVGHEDVH
SODQDVRODPHQWH6HHQFXHQWUDQGLVSRQLEOHV
HQVXQHJRFLRPLQRULVWDORFDO/DEDVHGHO
ZRNGHEHWHQHUHOPLVPRGLiPHWURTXHHO
HOHPHQWRGHVXSHUILFLHSDUDDVHJXUDUXQ
FRQWDFWRDGHFXDGR
„$OJXQRVSURFHGLPLHQWRVGHFRFFLyQ
HVSHFLDOHVUHTXLHUHQUHFLSLHQWHVGHFRFFLyQ
HVSHFtILFRVFRPRROODVDSUHVLyQIUHLGRUDV
HWF7RGRVORVUHFLSLHQWHVGHFRFFLyQGHEHQ
WHQHUEDVHVSODQDV\VHUGHOWDPDxR
FRUUHFWR
„1RSHUPLWDTXHORVDOLPHQWRVKLHUYDQHQ
VHFR\DTXHORVUHFLSLHQWHVGHFRFFLyQ
SXHGHQDGKHULUVHDODVXSHUILFLHGHFRFFLyQ
SURYRFDQGRGDxRVSHUPDQHQWHVDOD
HVWXID
&yPRXVDUODVXQLGDGHVGHVXSHUILFLH³
0RGHORVFRQWURODGRVSRUSHULOODV
$ORODUJRGHHVWHPDQXDOODVFDUDFWHUtVWLFDV\DSDULHQFLDSXHGHQVHUGLIHUHQWHVDODVGHVXPRGHOR
&yPRXWLOL]DUOR
3UHVLRQHODSHULOODKDFLDDGHQWUR\JtUHOD
HQODGLUHFFLyQGHODFRQILJXUDFLyQTXHGHVHH
3DUDVXSHUILFLHVGHHVWXIDGHYLGULR
(Q2))DSDJDGR\+,DOWDHOFRQWURO
VHWUDEDHQVXSRVLFLyQFRQXQ´FOLFµ
8VWHGSXHGHRtUOLJHURVFKDVTXLGRV
GXUDQWHODFRFFLyQTXHLQGLFDQTXH
HOFRQWUROHVWiPDQWHQLHQGRVX
FRQILJXUDFLyQGHVHDGD
$VHJ~UHVHGHJLUDUODSHULOODGHFRQWURO
D2))DSDJDGRFXDQGRWHUPLQHGH
FRFLQDU
/DOX]LQGLFDGRUD+27&22.723HVWXID
FDOLHQWHVREUHODHVWXIDUHVSODQGHFHUi
FXDQGRVHHQFLHQGDFXDOTXLHUHOHPHQWR
UDGLDQWH3HUPDQHFHUiHQFHQGLGDKDVWD
TXHODVXSHUILFLHEDMHODWHPSHUDWXUDKDVWD
DSUR[LPDGDPHQWHƒ)ƒ&
/DOX]LQGLFDGRUD
„6HDFFLRQDUiFXDQGRODXQLGDG
VHHQFLHQGDRHVWpFDOLHQWHDOWDFWR
„4XHGDUiHQFHQGLGDDXQTXHVHKD\D
DSDJDGRODXQLGDG
„5HVSODQGHFHUiKDVWDTXHODXQLGDGEDMHOD
WHPSHUDWXUDKDVWDDSUR[LPDGDPHQWHƒ)
ƒ&
8QLGDGHVGHVXSHUILFLHGREOHV\WULSOHV\SHULOODVGHFRQWUROHQDOJXQRVPRGHORV
/DXQLGDGGHVXSHUILFLHFXHQWDFRQR
WDPDxRVGHFRFFLyQGLIHUHQWHVSDUDSRGHU
DGHFXDUHOWDPDxRGHODXQLGDGDOWDPDxR
GHOUHFLSLHQWHGHFRFFLyQ
(QDOJXQRVPRGHORV
0RGHORVFRQVyORXQDXQLGDGGH
VXSHUILFLHWULSOH
(QDOJXQRVPRGHORV
0RGHORVFRQVyORXQDXQLGDGGH
VXSHUILFLHWULSOH
/LPLWDGRUGHWHPSHUDWXUD
7RGDVODVXQLGDGHVGHVXSHUILFLHUDGLDQWHV
FXHQWDQFRQXQOLPLWDGRUGHWHPSHUDWXUD
(OOLPLWDGRUGHWHPSHUDWXUDHYLWDTXH
ODHVWXIDGHYLGULRVHFDOLHQWHGHPDVLDGR
(VQRUPDOTXHVHHQFLHQGD\DSDJXH
FXDQGRODHVWXIDHVWiHQXVR
(OOLPLWDGRUGHWHPSHUDWXUDSXHGHDSDJDU
ODVXQLGDGHVPiVIUHFXHQWHPHQWHGXUDQWH
XQWLHPSRVL
„(OUHFLSLHQWHKLHUYHHQVHFR
„/DEDVHGHOUHFLSLHQWHQRHVSODQD
„(OUHFLSLHQWHQRHVWiFHQWUDGR
„1RKD\XQUHFLSLHQWHHQODXQLGDG
*($SSOLDQFHVFRP
$ORODUJRGHHVWHPDQXDOODVFDUDFWHUtVWLFDV\DSDULHQFLDSXHGHQVHUGLIHUHQWHVDODVGHVXPRGHOR
8VRGH&22.:$50=21(ÈUHDSDUD&DOHQWDU
*8Ë$
&21),*85$&,Ï1
%DMD
0HGLR
0HGLR
0HGLR
$OWR
$OWR
&20,'$
3DQ3DVWHOHV
&KRFRODWH
0DQWHFD
6DOVDV*XLVRV
6RSDVGH&UHPD
9HUGXUDV
6RSDVOtTXLGR
7pR&DIp
/DJXtDHVVyORSDUDVX
UHIHUHQFLD\OD&21),*85$&,Ï1
TXHQHFHVLWHGHSHQGHUiGHOD
FDQWLGDG\HOWLSRGHFRPLGDOD
WHPSHUDWXUDLQLFLDOGHODFRPLGD
\ODGXUDFLyQGHOWLHPSRGH
HVSHUD
&22.:$50=21(ÈUHDSDUD&DOHQWDU
XELFDGDHQODSDUWHFHQWUDOWUDVHUDGHOD
VXSHUILFLHGHYLGULRPDQWHQGUiODFRPLGD
FDOLHQWH\FRFLGDDODWHPSHUDWXUDSDUDVHUYLU
6LHPSUHFRPLHQFHFRQFRPLGDFDOLHQWH1RXVH
ODIXQFLyQSDUDFDOHQWDUFRPLGDIUtD&RORFDU
FRPLGDTXHQRHVWiFRFLQDGDRIUtDHQHOÈUHD
SDUD&DOHQWDUSRGUtDSURGXFLUHQIHUPHGDGHV
GHVDUUROODGDVSRUEDFWHULDVHQODFRPLGD
3UHVLRQH\JLUHODSHULOODGHFRQWUROKDFLD
FXDOTXLHUFRQILJXUDFLyQGHVHDGD
3DUDREWHQHUPHMRUHVUHVXOWDGRVWRGDVODV
FRPLGDVHQHOÈUHDSDUD&DOHQWDUGHEHUtDQ
HVWDUFXELHUWDVSRUXQDWDSDRSDSHOGH
DOXPLQLR$OFDOHQWDUSDVWHOHVRSDQHVODWDSD
VHGHEHUiYHQWLODUSDUDGHMDUTXHODKXPHGDG
VDOJD
6LHPSUHXVHODVPDQLMDVGHODVROODVRJXDQWHV
SDUDKRUQRDOUHWLUDUFRPLGDGHOÈUHDSDUD
&DOHQWDU\DTXHORVXWHQVLOLRV\SODWRVHVWDUiQ
FDOLHQWHV
35(&$8&,Ï11RFDOLHQWH
FRPLGDHQHOÈUHDSDUD&DOHQWDUSRUPiV
GHGRVKRUDV
127$/DVXSHUILFLHGHOiUHDSDUDFDOHQWDUQR
SURGXFLUiXQEULOORURMRFRPRHOSURGXFLGRSRU
ORVHOHPHQWRVGHFRFFLyQ
(OOX]LQGLFDGRUDGHVXSHUILFLH&$/,(17(EULOODUi
FXDQGRODVXSHUILFLHGHYLGULRHVWpFDOLHQWH\
SHUPDQHFHUiDVtKDVWDTXHODPLVPDVHKD\D
HQIULDGRORVXILFLHQWHFRPRSDUDVHUWRFDGD
(VSRVLEOHTXHODVFRQILJXUDFLRQHVLQIHULRUHV
QRFDOLHQWHQODVXSHUILFLHGHYLGULRORVXILFLHQWH
FRPRSDUDKDFHUTXHODOX]LQGLFDGRUDGHOD
VXSHUILFLH&$/,(17(VHHQFLHQGD
8QDOX]LQGLFDGRUDGHOÈUHDGH&DOHQWDPLHQWR
EULOODUiFXDQGRVHHQFLHQGDODXQLGDG
■1RXVHXQHQYROWRULRSOiVWLFRSDUDFXEULUOD
FRPLGD(VSRVLEOHTXHHOSOiVWLFRVHGHUULWD
VREUHODVXSHUILFLH\TXHVHDPX\GLItFLO
OLPSLDUHOPLVPR
■8VHVyORXWHQVLOLRVUHFRPHQGDGRVSDUDOD
FRFFLyQVREUHODFRFLQD
&RQVHMRVSDUDUHDOL]DUFRQVHUYDVHQFDVD
$VHJ~UHVHGHTXHODROODVHHQFXHQWUHFHQWUDGD
VREUHODXQLGDGGHVXSHUILFLH
9HULILTXHTXHODROODWHQJDXQDEDVHSODQD
3DUDHYLWDUTXHPDGXUDVGHYDSRURFDORU
WHQJDFXLGDGRDOUHDOL]DUFRQVHUYDV
8WLOLFHUHFHWDV\SURFHGLPLHQWRVSURYHQLHQWHV
GHIXHQWHVFRQILDEOHV)DEULFDQWHVFRPR%DOOŠ
DQG.HUUŠ\
HO6HUYLFLRGH([WHQVLyQGHO'HSDUWDPHQWRGH
$JULFXOWXUDORVSRQHQDVXDOFDQFH
6HUHFRPLHQGDQROODVSDUDFRQVHUYDV
FRQEDVHVSODQDV(OXVRGHROODVSDUD
FRQVHUYDVFRQEDxRGHPDUtDFRQEDVHV
RQGHDGDVSXHGHSURORQJDUHOWLHPSRUHTXHULGR
SDUDKHUYLUHODJXD
&RFFLyQHQZRN
5HFRPHQGDPRVHOXVRGHZRNVGHEDVHSODQD
VRODPHQWH6HHQFXHQWUDQGLVSRQLEOHVHQVX
QHJRFLRPLQRULVWDORFDO
1RXWLOLFHZRNVFRQEDVHVUHGRQGDV8VWHG
SRGUtDVXIULUJUDYHVTXHPDGXUDVVLHOZRNVH
YXHOFD
1RXVHZRNVFRQDQLOORVGHVRSRUWH
8WLOLFHVyORZRNVGHEDVHSODQD
&yPRXVDUODSODQFKD0RGHOR&6~QLFDPHQWH
35(&$8&,Ï1
3(/,*52'(48(0$'85$6/DVVXSHUILFLHVGHODSODQFKDSXHGHQHVWDUOR
VXILFLHQWHPHQWHFDOLHQWHVFRPRSDUDSURYRFDUTXHPDGXUDVGXUDQWH
\GHVSXpVGHOXVR&RORTXH\TXLWHODSODQFKDFXDQGRHVWpIUtD\WRGDVODV
XQLGDGHVGHVXSHUILFLHHVWpQDSDJDGDV8WLOLFHDJDUUDGHUDVVLWRFD
ODSODQFKDFXDQGRHVWiFDOLHQWH1RKDFHUORSXHGHSURYRFDUTXHPDGXUDV
$QWHVGHXWLOL]DUHVWHUHFLSLHQWHGHFRFFLyQ
SRUSULPHUDYH]OiYHORSDUDDVHJXUDUVHGH
TXHHVWpOLPSLR/XHJRF~UHOROLJHUDPHQWH
IURWDQGRDFHLWHGHFRFFLyQVREUHODVXSHUILFLH
DQWLDGKHUHQWH
8VRGHOD3ODQFKD
/DPD\RUtDGHODVFRPLGDVDODSODQFKD
UHTXLHUHQXQDFRFFLyQHQXQDVXSHUILFLH
SUHFDOHQWDGD3UHFDOLHQWHODSODQFKDGH
DFXHUGRFRQODVLJXLHQWHJXtD\OXHJRFDPELH
DODFRQILJXUDFLyQGHFRFFLyQGHVHDGD
7LSR
GH
&RPLGD
3DUDHQFHQGHUODVXQLGDGHVGHODVXSHUILFLHGH WRGDODSODQFKDJLUHODSHULOODHQGLUHFFLyQGH ODVDJXMDVGHOUHORM
3DUDHQFHQGHUODXQLGDGGHODVXSHUILFLHGHOD
PLWDGGHODSODQFKDJLUHODSHULOODHQGLUHFFLyQ FRQWUDULDDODVDJXMDVGHOUHORM
&RQILJXUDFLyQGH
3UHFDOHQWDPLHQWR
\7HPSRUL]DGRU
&yPR&DOHQWDU
7RUWLOODV
PLQ
3DQTXHTXHV
PLQ
+DPEXUJXHVDV
PLQ
+XHYRV)ULWRV
PLQ
7RFLQR
1LQJXQR
'HVD\XQR
(PEXWLGRV
PLQ
6iQGZLFKHV
&DOLHQWHV
PLQ
7DOHVFRPRFRQ
4XHVRDOD
3ODQFKD
&RQILJXUDFLyQ
GH&RFFLyQ
127$(VSRVLEOHTXHVHDQHFHVDULRDMXVWDUODV
FRQILJXUDFLRQHVGHODSODQFKDVLVHXVDUiSRUXQSHUtRGR
SURORQJDGR
&yPRFRORFDUODSODQFKD
,03257$17(6LHPSUHFRORTXH\XWLOLFH
ODSODQFKDHQODXELFDFLyQGHVLJQDGDVREUHOD
HVWXID
127$6,03257$17(6
„/LPSLHODSODQFKDFRQXQDHVSRQMD\
GHWHUJHQWHVXDYHHQDJXDWLELD12XWLOLFH
HVSRQMLOODVGHIUHJDUD]XOHVRYHUGHVRODQDGH
DFHUR
„1RFRFLQHDOLPHQWRVH[WUHPDGDPHQWH
JUDVRVRV\WHQJDFXLGDGRFRQORVGHUUDPHV
GHJUDVDPLHQWUDVFRFLQD
„1XQFDFRORTXHRDOPDFHQHHOHPHQWRVVREUH
ODSODQFKDD~QFXDQGRQRHVWpHQXVR/D
SODQFKDSXHGHFDOHQWDUVHFXDQGRVHXWLOL]DQ
ODVXQLGDGHVGHVXSHUILFLHFHUFDQDV
„1RXVHXWHQVLOLRVPHWiOLFRVFRQSXQWDV
DILODGDVRERUGHViVSHURVSRUTXHSXHGHQ
GDxDUODSODQFKD1RFRUWHDOLPHQWRVVREUHOD
SODQFKD
„1RXVHUHFLSLHQWHVGHFRFFLyQSDUDHO
DOPDFHQDPLHQWRGHDOLPHQWRVRDFHLWH
3XHGHQSURYRFDUVHPDQFKDV\RJULHWDV
SHUPDQHQWHV
127$(OUHYHVWLPLHQWRDQWLDGKHUHQWH
VHGHJUDGDUiVLORH[SRQHDWHPSHUDWXUDV
VXSHULRUHVDƒ)ƒ&8WLOtFHORVyORFRQ
HOFRQWUROGHODSODQFKD\VyORHQODXELFDFLyQ
GHVLJQDGDVREUHODHVWXID1RXWLOLFHODSODQFKD
SDUDDVDUDOLPHQWRVHQHOKRUQR1ROLPSLH
ODSODQFKDXWLOL]DQGRHOPRGRDXWROLPSLDQWH
HQHOKRUQR(OFRQWUROGHODSODQFKDHYLWD
HOVREUHFDOHQWDPLHQWRGHOUHYHVWLPLHQWR
DQWLDGKHUHQWH$WHPSHUDWXUDVVXSHULRUHVD
ƒ)ƒ&ODVSURSLHGDGHVDQWLDGKHUHQWHV
VHGHJUDGDQHQIRUPDSHUPDQHQWH\SXHGHQ
SURGXFLUKXPRVGDxLQRVSDUDODVDYHV
127$/DSODQFKDLUiSHUGLHQGRHOFRORUFRQ
HOWLHPSRGHELGRDOXVR
127$1ROLPSLHODSODQFKDHQHOKRUQRDXWR
OLPSLDQWH
127$6LHPSUHHVSHUHDTXHHOUHFLSLHQWH
GHFRFFLyQVHHQIUtHDQWHVGHVXPHUJLUOR
HQDJXD
*($SSOLDQFHVFRP
&yPRSUHSDUDUXQILOHWHGHFDOLGDG
WDQIiFLOFRPR
/OHYHHOILOHWHDWHPSHUDWXUDDPELHQWH
127$6LHPSUHXWLOLFHSUiFWLFDVVHJXUDVHQHOPDQHMRGHODFDUQH
&RQGLPHQWHDPERVODGRVDVXJXVWR\UHFXEUDFRQDFHLWHGHROLYDRVLPLODU
3UHSDUH
3UHFDOLHQWHHOKRUQRHQ%$.(KRUQHDUDƒƒ)FRQODEDQGHMDGHOKRUQRHQODSRVLFLyQ
FHQWUDO´&µ
&RORTXHODSODQFKDHQHOiUHDGHVLJQDGDGHODHVWXID\OXHJRSUHFDOLHQWHODSODQFKD
Dƒ)ƒ&
35(&$8&,Ï1/DSODQFKDHVWDUi08<&$/,(17(8WLOLFHDJDUUDGHUDV
6HOOHHOILOHWHGHFDGDODGRGXUDQWHPLQXWRVRKDVWDDOFDQ]DUHOGRUDGRGHVHDGR
127$6HSURGXFLUi´KXPRµDVHJ~UHVHGHTXHKD\DXQDYHQWLODFLyQDGHFXDGD
&RFLQH
,QWURGX]FDODVRQGDGHFDUQHSURYLVWDFRQVXFRFLQDGHQWURGHOFHQWURGHOILOHWHYHULILFDQGRTXHOD
SXQWDGHODVRQGDVHHQFXHQWUHHQHOFHQWURGHOILOHWH
,QWURGX]FDODVRQGDHQODERFDGHVDOLGDXELFDGDHQHOODGRIURQWDOVXSHULRUGHOKRUQR
GHVOLFHODEDQGHMDGHQWURGHOKRUQR\FLHUUDODSXHUWD
3UHVLRQH352%(VRQGDHQVXFRQWUROLQJUHVHODWHPSHUDWXUDLQWHUQDGHVHDGD\SUHVLRQH67$57
LQLFLDU
'LVIUXWH
'HMHTXHHOILOHWHWHUPLQHGHFRFLQDUVHHQHOKRUQR(OFRQWUROGHODFRFLQDHPLWLUiXQSLWLGR
\VHDSDJDUiFXDQGRHOILOHWHDOFDQFHODWHPSHUDWXUDLQWHUQDGHVHDGD
127$6
„'HVSXpVGHOVHOODGRVXILOHWHSXHGHKDOODUVHHQODWHPSHUDWXUDGHVHDGDGHSHQGLHQGR
GHOWDPDxRFRUWH\JUDGRGHFRFFLyQGHVHDGR
„3DUDILOHWHVPiVILQRVSXHGHQRVHUSRVLEOHDOFDQ]DUORVJUDGRVGHFRFFLyQMXJRVRRSRFRFRFLGR
$OUHDOL]DUHOVHOODGRGHVXFDUQHFRQXQFDORUPX\DOWRVHHVWiFUHDQGRXQDUHDFFLyQFRQRFLGDFRPR
OD5HDFFLyQ0DLOODUG(VWDUHDFFLyQEORTXHDHOVDERUPiVSURQXQFLDGRHLQWHQVRGHODFDUQHTXHRFXUUHFXDQGRVH
FRFLQDFDUQHDXQDWHPSHUDWXUDHOHYDGD
&yPRXVDUORVFRQWUROHVGHOKRUQR
$ORODUJRGHHVWHPDQXDOODVFDUDFWHUtVWLFDV\DSDULHQFLDSXHGHQVHUGLIHUHQWHVDODVGHVXPRGHOR
%XVTXHHOSDQHOGHFRQWUROTXHFRUUHVSRQGHDVXPRGHOR
RANGE
LOCKOUT
PUSH/START
%RWyQ%52,/+,/2DVDUDOWREDMR
%RWyQ352%(PRGHOR&6~QLFDPHQWH
3UHVLRQHHOERWyQ%52,/+,/2DVDUDOWREDMRXQDYH]SDUD
+,%URLODVDUDOWR
3DUDFDPELDUD/2%URLODVDUEDMRSUHVLRQHHOERWyQ%52,/+,/2
DVDUDOWREDMRGHQXHYR
3UHVLRQHHOERWyQ67$57LQLFLDU
&XDQGRKD\DILQDOL]DGRGHDVDUSUHVLRQHHOERWyQ&/($52))
ERUUDUDSDJDGR
3UHVLRQHFXDQGRXWLOLFHODVRQGDSDUDFRFLQDU
9HUODVHFFLyQ&yPRXVDUODVRQGD
%RWyQ%$.(KRUQHDU
7HFOD%255$5$3$*$5
3UHVLRQHHOERWyQ%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDU
ODWHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
&XDQGRKD\DILQDOL]DGRGHKRUQHDUSUHVLRQHHOERWyQ&/($52))
ERUUDUDSDJDGR
3UHVLRQHSDUDFDQFHODU72'$6ODVRSHUDFLRQHVGHOKRUQRH[FHSWR
HOUHORM\HOWHPSRUL]DGRU
%RWyQ&219(&7,21&22.FRFFLyQSRUFRQYHFFLyQ
3UHVLRQHHOERWyQ&219(&7,21&22.FRFFLyQSRUFRQYHFFLyQ
&219(&7,21%$.(KRUQHDGRSRUFRQYHFFLyQ
R&219(&7,2152$67URVWL]DGRSRUFRQYHFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDU
ODWHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
&XDQGRKD\DILQDOL]DGRODFRFFLyQSUHVLRQHHOERWyQ&/($52))
ERUUDUDSDJDGR
7HFOD6(/)&/($1$XWR/LPSLH]D
3UHVLRQHSDUDDSOLFDUODDXWROLPSLH]DGHOKRUQR
/HDODVHFFLyQ8VRGHORV+RUQRV6XSHULRUH,QIHULRUFRQ$XWR
/LPSLH]D
*($SSOLDQFHVFRP
%RWyQ6(/)&/($1DXWROLPSLH]D
7HFOD5$1*(/2&.287%ORTXHRGHOD&RFLQD
3UHVLRQHSDUDODDXWROLPSLH]DGHOKRUQR
9HUODVHFFLyQ&yPRXVDUORVKRUQRVDXWROLPSLDQWHVVXSHULRU
HLQIHULRU
6XFRQWUROOHSHUPLWLUiEORTXHDUODVWHFODVWiFWLOHV\ODFRFLQDGH
PRGRTXHQRVHSXHGDQDFWLYDUDOVHUWRFDGDV
3UHVLRQHODWHFOD5$1*(/2&.287%ORTXHRGHOD&RFLQD\OXHJR
SUHVLRQHODWHFOD67$57,QLFLDUSDUDEORTXHDU\GHVEORTXHDUODV
XQLGDGHVGHODVXSHUILFLHTXHPDGRUHVGHOKRUQR\HOSDQHOGH
FRQWUROGHPRGRTXHQRSXHGDQVHUDFWLYDGDV
%RWyQ&/($52))ERUUDUDSDJDU
3UHVLRQHSDUDFDQFHODU72'$6ODVRSHUDFLRQHVGHOKRUQR
FRQH[FHSFLyQGHOUHORM\HOWHPSRUL]DGRU
%RWyQ67$57LQLFLDU
'HEHSUHVLRQDUVHSDUDLQLFLDUFXDOTXLHUIXQFLyQGHFRFFLyQ
RGHOLPSLH]D
%RWyQ29(1/,*+7OX]GHOKRUQR
7RTXHHVWHERWyQSDUDDSDJDURHQFHQGHUODVOXFHVGHOKRUQR
%RWRQHV7,0(5212))WHPSRUL]DGRUHQFHQGLGR
DSDJDGR%RWyQ.,7&+(17,0(5WHPSRUL]DGRUGHOD
FRFLQD
3UHVLRQHSDUDFRQILJXUDUHOWHPSRUL]DGRUGHODFRFLQD
9HUODVHFFLyQ&yPRXVDUHOWHPSRUL]DGRUGHODFRFLQD
%RWyQ&22.7,0(&22.,1*7,0(WLHPSRGHFRFFLyQ
3UHVLRQHHVWHERWyQ\OXHJRSUHVLRQHODVDOPRKDGLOODVQXPpULFDV
SDUDFRQILJXUDUHOWLHPSRGHFRFFLyQTXHGHVHDSDUDVXV
DOLPHQWRV(OKRUQRVHDSDJDUiFXDQGRVHKD\DWHUPLQDGRHO
WLHPSRGHFRFFLyQ
%RWyQ'(/$<67$57LQLFLRUHWDUGDGR
8WLOtFHORMXQWRDORVERWRQHV&22.7,0(WLHPSRGHFRFFLyQ
R6(/)&/($1DXWROLPSLH]DSDUDFRQILJXUDUHOLQLFLR\DSDJDGR
DXWRPiWLFRGHOKRUQRHQHOWLHPSRHVWDEOHFLGR
%RWyQ&/2&.UHORM
127$&XDQGRFRQILJXUHORVWLHPSRVVHFRQILJXUDQVyOR
ODVKRUDV\ORVPLQXWRV/DPHQRUFDQWLGDGGHWLHPSRTXH
VHSXHGHFRQILJXUDUHVXQPLQXWR
3UHVLRQHHOERWyQ&/2&.UHORM
3UHVLRQHODVDOPRKDGLOODVQXPpULFDV
3UHVLRQHHOERWyQ67$57LQLFLDU
(OUHORMGHEHHVWDUFRQILJXUDGRHQODKRUDFRUUHFWDSDUDTXH
ODVIXQFLRQHVFRQWHPSRUL]DGRUGHOKRUQRIXQFLRQHQ
DGHFXDGDPHQWH/DKRUDQRSXHGHPRGLILFDUVHGXUDQWH
ORVFLFORVGHKRUQHDGRFRQWHPSRUL]DGRURGHDXWROLPSLH]D
6LVXKRUQRIXHFRQILJXUDGRSDUDXQDRSHUDFLyQGHKRUQR
WHPSRUL]DGD\RFXUULyXQFRUWHGHHQHUJtDHOpFWULFDHOUHORM\WRGDV
ODVIXQFLRQHVSURJUDPDGDVGHEHUiQUHFRQILJXUDUVH
/DKRUDGHVWHOODUiHQODSDQWDOODFXDQGRKD\DRFXUULGR
XQFRUWHGHHQHUJtD
&yPRXVDUHOKRUQR
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHODVEDQGHMDVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR
$QWHVGHFRPHQ]DU«
/DVEDQGHMDVWLHQHQWRSHVGHPRGRTXH
FXDQGRVHODVFRORFDFRUUHFWDPHQWHHQORV
VRSRUWHVVHGHWHQGUiQDQWHVGHVDOLUVHGHOWRGR
\QRVHYROFDUiQ
&XDQGRFRORTXHRTXLWHUHFLSLHQWHVGHFRFFLyQ
WLUHGHODEDQGHMDKDVWDTXHVHGHWHQJD
(QDOJXQRVPRGHORVHOHOHPHQWRFDOHQWDGRU
SDUDKRUQHDGRVHHQFXHQWUDGHEDMRGHOSLVR
GHOKRUQR1RFRORTXHDOLPHQWRVHQHOSLVRGHO
KRUQR
/DFDQWLGDGGHSRVLFLRQHVGHOD
EDQGHMDSXHGHYDULDUHQUHODFLyQ
DOPRGHOR
3DUDTXLWDUXQDEDQGHMDWLUHGHHOODLQFOLQHHO
H[WUHPRIURQWDOKDFLDDUULED\ViTXHOD
3DUDYROYHUDFRORFDUODGHSRVLWHHOH[WUHPR
GHODEDQGHMDWRSHVGHGHWHQFLyQVREUHHO
VRSRUWHLQFOLQHHOIUHQWHKDFLDDUULED\SUHVLRQH
ODEDQGHMDKDFLDDGHQWUR
35(&$8&,Ï1
&XDQGRXWLOLFHODEDQGHMDHQODSRVLFLyQPiV
EDMD$QHFHVLWDUiWHQHUFXLGDGRFXDQGROD
TXLWH5HFRPHQGDPRVTXHGHVOLFHODEDQGHMD
YDULDVSXOJDGDV\OXHJRXWLOL]DQGRGRV
DJDUUDGHUDVODTXLWHVRVWHQLHQGRGHDPERV
ODGRV/DEDQGHMDVHHQFXHQWUDPX\DEDMR\
XVWHGSXHGHTXHPDUVHVLFRORFDODPDQRHQOD
PLWDGGHODEDQGHMD\WLUDKDFLDDIXHUD7HQJD
PXFKRFXLGDGRGHQRTXHPDUVHODPDQRFRQOD
SXHUWDFXDQGRXWLOLFHODEDQGHMDHQODSRVLFLyQ
PiVEDMD$
3DSHOGHDOXPLQLR
1RXVHSDSHOGHDOXPLQLRSDUDFXEULUHOIRQGR
GHOKRUQR(ODOXPLQLRDWUDSDUiHOFDORUHQOD
SDUWHLQIHULRU\DOWHUDUiHOIXQFLRQDPLHQWRGHO
KRUQR(ODOXPLQLRVHSXHGHGHUUHWLU\GDxDU
GHIRUPDSHUPDQHQWHHOIRQGRGHOKRUQR
&XDOTXLHUGDxRSRUXVRLQDGHFXDGRGHO
DOXPLQLRQRHVWDUiFXELHUWRSRUODJDUDQWtDGHO
SURGXFWR
(ODOXPLQLRVHSXHGHXVDUSDUDUHWHQHU
GHUUDPHVFRORFDQGRXQDKRMDHQHOHVWDQWH
LQIHULRUYDULDVSXOJDGDVSRUGHEDMRGHOD
FRPLGD1RXVHPiVDOXPLQLRTXHHOQHFHVDULR
\QXQFDFXEUDWRWDOPHQWHXQHVWDQWHGHO
KRUQRFRQSDSHOGHDOXPLQLR0DQWHQJDHO
DOXPLQLRSRUORPHQRVDXQDSXOJDGD\PHGLD
GHODVSDUHGHVGHOKRUQRSDUDHYLWDUXQDPDOD
FLUFXODFLyQGHOFDORU
*($SSOLDQFHVFRP
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHODVEDQGHMDVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR
3UHFDOHQWDPLHQWR\FRORFDFLyQGHUHFLSLHQWH
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHODV
EDQGHMDVHQODSRVLFLyQGHVHDGDDQWHVGH
HQFHQGHUHOKRUQR
1RFRORTXHDOLPHQWRVGLUHFWDPHQWH
VREUHHOSLVRGHOKRUQR
3UHFDOLHQWHGHOKRUQRVLDVtORLQGLFDODUHFHWD
(OSUHFDOHQWDPLHQWRHVQHFHVDULRSDUDREWHQHU
EXHQRVUHVXOWDGRVFXDQGRKRUQHHSDVWHOHVJDOOHWDV
SDVWHOLWRV\SDQHV
6LYDDKRUQHDUFXDWURFDSDVGHSDVWHODOPLVPR
WLHPSRFRORTXHGRVFDSDVHQODEDQGHMD&\GRV
FDSDVHQODEDQGHMD('LVWULEX\DORVUHFLSLHQWHV
GHPRGRTXHQRTXHGHQGLUHFWDPHQWHXQR
HQFLPDGHORWUR
/RVUHVXOWDGRVGHKRUQHDGRVHUiQPHMRUHVVL
ORVDOLPHQWRVVHFHQWUDQELHQGHQWURGHOKRUQR
(OSDVWHO´$QJHOIRRGµHVODH[FHSFLyQ\GHEH
FRORFDUVHHQODEDQGHMDLQIHULRUGHOKRUQRSRVLFLyQ
$6LJDODVLQVWUXFFLRQHVGHOSDTXHWHGHDOLPHQWRV
SUHHPSDTXHWDGRVRFRQJHODGRVSDUDODXELFDFLyQ
GHORVUHFLSLHQWHV/RVUHFLSLHQWHVQRGHEHQWRFDUVH
HQWUHVtRWRFDUODVSDUHGHVGHOKRUQR6LQHFHVLWD
XWLOL]DUGRVEDQGHMDVGLVWULEX\DORVUHFLSLHQWHVGH
PRGRTXHQRTXHGHQGLUHFWDPHQWHXQRHQFLPD
GHORWUR'HMHDSUR[LPDGDPHQWHøsFPHQWUH
UHFLSLHQWHV\GHVGHHOIUHQWHSDUWHWUDVHUD\ODGRVGH
ODVSDUHGHVGHOKRUQR
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRRURVWL]DGR
3UHVLRQHHOERWyQ%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVKDVWDTXH
DSDUH]FDODWHPSHUDWXUDGHVHDGD
3UHVLRQHHOERWyQ67$57LQLFLDU
(OKRUQRVHLQLFLDUiGHLQPHGLDWR$SDUHFHUiOD
SDODEUD21(QFHQGLGR\ž&XDQGRHOKRUQR
DOFDQFHODWHPSHUDWXUDVHOHFFLRQDGDHOFRQWUROGHO
KRUQRHPLWLUiYDULRVSLWLGRV\ODSDQWDOODPRVWUDUiOD
WHPSHUDWXUDGHOKRUQR
127$ 8VWHGHVFXFKDUiHOYHQWLODGRU
GHFRQYHFFLyQHQDOJXQRVPRGHORVPLHQWUDV
HOKRUQRUHDOL]DHOSUHFDOHQWDPLHQWR
(OYHQWLODGRUVHGHWHQGUiFXDQGRHOKRUQRVH
KD\DSUHFDOHQWDGR\ODSDQWDOODPRVWUDUiOD
WHPSHUDWXUDFRQILJXUDGD(VWRHVQRUPDO
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRGXUDQWHHO
FLFOR%$.(KRUQHDUSUHVLRQHHOERWyQ%$.(
\OXHJRODVDOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDU
ODQXHYDWHPSHUDWXUD
9HULILTXHHOQLYHOGHFRFFLyQGHORVDOLPHQWRV
FXDQGRKD\DDOFDQ]DGRHOWLHPSRPtQLPR
LQGLFDGRHQODUHFHWD&RFtQHORVPiVVLIXHVH
QHFHVDULR
3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR
FXDQGRVHKD\DILQDOL]DGRHOKRUQHDGR\OXHJR
TXLWHORVDOLPHQWRVGHOKRUQR
&yPRXVDUHOKRUQR
&yPRFRQILJXUDUHOKRUQRSDUDDVDU
6LVXFRFLQDHVWiFRQHFWDGDDYROWLRV
SXHGHQDVDUVHILOHWHVMXJRVRVSUHFDOHQWDQGRHO
DVDGRU\FRORFDQGRODEDQGHMDGHOKRUQRHQ
XQDSRVLFLyQPiVHOHYDGD
8WLOLFH/2%URLODVDUEDMRSDUDFRFLQDUSRU
FRPSOHWRDOLPHQWRVFRPRDYHVRFRUWHV
JUXHVRVGHFDUQHVLQGRUDUORVGHPiV
&LHUUHODSXHUWD6LHPSUHDVHFRQOD
SXHUWDFHUUDGD
127$/DIXQFLyQSDUDDVDU
QRIXQFLRQDUiVLODVRQGDGH
WHPSHUDWXUDHVWiHQFKXIDGD
&RORTXHODFDUQHRSHVFDGRVREUHXQD
DVDGHUDGHQWURGHXQDUHMLOODGLVHxDGD
SDUDDVDU
3UHVLRQHHOERWyQ%52,/+,/2DVDUDOWR
EDMRXQDYH]SDUDFRQILJXUDU+,%URLO
DVDUDOWR
3DUDFDPELDUD/2%URLODVDUEDMR
SUHVLRQHHOERWyQ%52,/+,/2DVDUDOWR
EDMRGHQXHYR
3UHVLRQHHOERWyQ67$57LQLFLDU
&XDQGRKD\DILQDOL]DGRGHDVDUSUHVLRQH
HOERWyQ&/($52))ERUUDUDSDJDGR
6LJDODVSRVLFLRQHVGHODVEDQGHMDV
VXJHULGDVHQOD*XtDGHDVDGR
*XtDGHDVDGR
(OWDPDxRSHVRJURVRU
WHPSHUDWXUDLQLFLDO\
HOSXQWRGHFRFFLyQSUHIHULGR
DIHFWDUiQORVWLHPSRV
GHDVDGR(VWDJXtDHVWi
EDVDGDHQFDUQHVD
WHPSHUDWXUDGHUHIULJHUDGRU
‚(O0LQLVWHULRGH$JULFXOWXUDGH
ORV((88DILUPD´ODFDUQHGH
UHVMXJRVDHVSRSXODUSHURGHEH
VDEHUVHTXHDOFRFLQDUODDVyOR
ƒ)ƒ&DOJXQRVRUJDQLVPRV
TXHSURYRFDQLQWR[LFDFLyQ
DOLPHQWDULDSXHGHQVREUHYLYLUµ
)XHQWH6DIH)RRG%RRN<RXU
.LWFKHQ*XLGH86'$5HY
-XQLR
$OLPHQWR
&DUQHGHUHV
1LYHOGH
FRFFLyQ
7LSRRJURVRU
3RVLFLyQGHOD
EDQGHMD
-XJRVD
ƒ)ƒ&
)LOHWHV²*URVRUGH
sFP
(R)ORVDOLPHQWRV
GHEHQHVWDUsDs
>FPDFP@GHO
HOHPHQWRGHDVDGR
$SXQWR
ƒ)ƒ&
)LOHWHVsDs
FPDFPGH
JURVRUHOHPHQWRGH
DVDGR
(ORVDOLPHQWRV
GHEHQHVWDUGHs
Ds>FPD
FP@GHO
%LHQFRFLGD
ƒ)ƒ&
)LOHWHV²sDs 'R(ORVDOLPHQWRV
FPDFPGH
GHEHQHVWDUGHs
JURVRURSDWWLHVGH Ds>FPD
FDUQHSLFDGD
FP@GHOHOHPHQWRGH
DVDGR
3ROOR
)LOHWHVGH
SHVFDGR
&KXOHWDVGH
FHUGR
%LHQFRFLGD
ƒ)ƒ&
&RPHQWDULRV
(VGLItFLOFRFLQDUILOHWHVGHPHQRVGH
ODsFPGHJURVRU\TXHTXHGHQ
MXJRVRV6HFRFLQDQSRUFRPSOHWR
DQWHVGHGRUDUVH
3DUDHYLWDUTXHODFDUQDVH
HQURVTXHFRUWHODJUDVDDLQWHUYDORV
GHsFP
3HFKXJDVLQKXHVR
&ORVDOLPHQWRV
GHEHHVWDUGHsD
s>FPD
FP@GHOHOHPHQWRGH
DVDGR
$VDUVREUHHOODGRGHODSLHOSULPHUR
3HFKXJDFRQ
KXHVR
&ORVDOLPHQWRV
GHEHQHVWDUGHs
Ds>FPD
FP@GHOHOHPHQWRGH
DVDGR
sDsFPD
FPGHJURVRU
'R(ORVDOLPHQWRV
GHEHQHVWDUsDs
>FPDFP@
GHOHOHPHQWRGH
DVDGR
0DQLSXOH\JLUHFRQPXFKRFXLGDGR
sFPGH
JURVRU
'ORVDOLPHQWRV
GHEHQHVWDUGHsD
s>FPD
FP@GHOHOHPHQWRGH
DVDGR
3DUDHYLWDUTXHODFDUQDVHHQURVTXH
FRUWHODJUDVDDLQWHUYDORVGHs
FP
8WLOLFHODSRVLFLyQGHEDQGHMD$SDUDHOKRUQRPiVSHTXHxRFRQSRVLFLyQGHEDQGHMDV
&yPRXWLOL]DUODVFDUDFWHUtVWLFDVGHKRUQHDGR\URVWL]DGR
FRQWHPSRUL]DGRU6yORHOKRUQR6XSHULRUHQDOJXQRVPRGHORV
*($SSOLDQFHVFRP
127$/RVDOLPHQWRVTXHVHHFKDQDSHUGHUFRQIDFLOLGDG³FRPROHFKHKXHYRVSHVFDGRUHOOHQRVFDUQHGHDYH\FHUGR³QRGHEHQ
GHMDUVHUHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHSURPXHYHHOFUHFLPLHQWRGHEDFWHULDV
GDxLQDV9HULILTXHTXHODOX]GHOKRUQRHVWpDSDJDGDSRUTXHHOFDORUSURYHQLHQWHGHODERPELOODSXHGHDFHOHUDU
HOFUHFLPLHQWRGHEDFWHULDV
&yPRFRQILJXUDUXQLQLFLRLQPHGLDWR\XQDSDJDGRDXWRPiWLFR
(OKRUQRVHHQFLHQGHLQPHGLDWDPHQWH
\FRFLQDORVDOLPHQWRVGXUDQWHXQSHUtRGRGH
WLHPSRVHOHFFLRQDGR$OILQDOL]DUHOWLHPSRGH
FRFFLyQHOKRUQRVHDSDJDDXWRPiWLFDPHQWH
3UHVLRQHHOERWyQ%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGDGHO
KRUQR
3UHVLRQHHOERWyQ&22.7,0(WLHPSRGH
FRFFLyQ
127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR
SXHGHQHFHVLWDUDJUHJDUWLHPSRDGLFLRQDO
DOWLHPSRGHFRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
(OWLHPSRGHFRFFLyQPtQLPRTXHXVWHG
SXHGHFRQILJXUDUHVPLQXWR
/DWHPSHUDWXUDGHOKRUQRTXHKD
FRQILJXUDGR\HOWLHPSRGHFRFFLyQ
LQJUHVDGRDSDUHFHUiQHQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDU
127$6RQDUiXQWRQRGHDWHQFLyQVLXVWHGHVWi
XWLOL]DQGRKRUQHDGRFRQWHPSRUL]DGRU\QR
SUHVLRQDHOERWyQ67$57LQLFLDU
(OKRUQRVHHQFHQGHUi21\ODSDQWDOOD
PRVWUDUiODFXHQWDUHJUHVLYDGHOWLHPSR
GHFRFFLyQ\HOFDPELRGHWHPSHUDWXUD
TXHFRPLHQ]DHQƒ)ƒ&/DSDQWDOODGH
WHPSHUDWXUDFRPHQ]DUiDFDPELDUFXDQGR
ODWHPSHUDWXUDGHOKRUQROOHJXHDORVƒ)
>ƒ&@&XDQGRHOKRUQRDOFDQ]DODWHPSHUDWXUD
FRQILJXUDGDVRQDUiQSLWLGRV
(OKRUQRFRQWLQXDUiFRFLQDQGRSRUHOWLHPSR
SURJUDPDGROXHJRVHDSDJDUiGHPDQHUD
DXWRPiWLFDDPHQRVTXHVHFRQILJXUHOD
FDUDFWHUtVWLFD:$50FDOHQWDU9HUODVHFFLyQ
&yPRFRQILJXUDUHOKRUQRVXSHULRUSDUD
PDQWHQHUFDOLHQWH
6LIXHUDQHFHVDULRSUHVLRQHHOERWyQ
&/($52))ERUUDUDSDJDGRSDUDERUUDU
ODSDQWDOOD4XLWHORVDOLPHQWRVGHOKRUQR
5HFXHUGHDXQTXHHOKRUQRVHDSDJD
DXWRPiWLFDPHQWHORVDOLPHQWRVTXHVH
GHMHQHQHOKRUQRVHJXLUiQFRFLQiQGRVH
GHVSXpVGHDSDJDGRHOPLVPR
&yPRFRQILJXUDUXQLQLFLRUHWDUGDGR\XQDSDJDGRDXWRPiWLFR
(OKRUQRVHHQFHQGHUiHQHOKRUDULRTXHXVWHG
KD\DFRQILJXUDGRFRFLQDUiDOLPHQWRVGXUDQWH
XQSHUtRGRGHWLHPSRHVSHFtILFR\OXHJRVH
DSDJDUiDXWRPiWLFDPHQWH
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUD
FRUUHFWD
3UHVLRQHHOERWyQ%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGDGHO
KRUQR
3UHVLRQHHOERWyQ&22.7,0(WLHPSRGH
FRFFLyQ
127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR
SXHGHQHFHVLWDUDJUHJDUWLHPSRDGLFLRQDO
DOWLHPSRGHFRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
(OWLHPSRGHFRFFLyQPtQLPRTXHXVWHG
SXHGHFRQILJXUDUHVPLQXWR
/DWHPSHUDWXUDGHOKRUQRTXHKD
FRQILJXUDGR\HOWLHPSRGHFRFFLyQ
LQJUHVDGRDSDUHFHUiQHQODSDQWDOOD
3UHVLRQHHOERWyQ'(/$<67$57LQLFLR
UHWDUGDGR
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODKRUDHQTXHGHVHDTXHHO
KRUQRVHHQFLHQGD\FRPLHQFHODFRFFLyQ
3UHVLRQHHOERWyQ67$57LQLFLDU
127$6RQDUiXQWRQRGHDWHQFLyQVLXVWHGHVWi
XWLOL]DQGRKRUQHDGRFRQWHPSRUL]DGRU\QR
SUHVLRQDHOERWyQ67$57LQLFLDU
127$6LGHVHDYHULILFDUORVKRUDULRVTXH
KDFRQILJXUDGRSUHVLRQHHOERWyQ'(/$<67$57
LQLFLRUHWDUGDGRSDUDFRQWURODUODKRUDGHLQLFLR
FRQILJXUDGDRSUHVLRQHHOERWyQ&22.7,0(
WLHPSRGHFRFFLyQSDUDYHULILFDUODH[WHQVLyQGH
FRFFLyQTXHKDFRQILJXUDGR
&XDQGRHOKRUQRVHHQFLHQGH21HQHOKRUDULR
TXHKDFRQILJXUDGRODSDQWDOODPRVWUDUiOD
FXHQWDUHJUHVLYDGHOWLHPSRGHFRFFLyQ\OD
QXHYDWHPSHUDWXUDFRPHQ]DQGRHQƒ)
ƒ&/DSDQWDOODGHWHPSHUDWXUDFRPHQ]DUi
DFDPELDUFXDQGRODWHPSHUDWXUDGHOKRUQR
OOHJXHDORVƒ)>ƒ&@&XDQGRHOKRUQR
DOFDQ]DODWHPSHUDWXUDFRQILJXUDGDVRQDUiQ
SLWLGRV
(OKRUQRVHJXLUiFRFLQDQGRGXUDQWHXQSHUtRGR
GHWLHPSRGHWHUPLQDGR\OXHJRVHDSDJDUi
DXWRPiWLFDPHQWH
6LIXHUDQHFHVDULRSUHVLRQHHOERWyQ
&/($52))ERUUDUDSDJDGRSDUDERUUDU
ODSDQWDOOD4XLWHORVDOLPHQWRVGHOKRUQR
5HFXHUGHDXQTXHHOKRUQRVHDSDJD
DXWRPiWLFDPHQWHORVDOLPHQWRVTXHVH
GHMHQHQHOKRUQRVHJXLUiQFRFLQiQGRVH
GHVSXpVGHDSDJDGRHOPLVPR
&yPRXVDUODVRQGD0RGHOR&6~QLFDPHQWH
(QPXFKRVDOLPHQWRVHVSHFLDOPHQWHDVDGRV\FDUQHVGHDYHODWHPSHUDWXUDLQWHUQDGHORVDOLPHQWRVHVODPHMRUSUXHEDSDUD
YHULILFDUHOJUDGRGHFRFFLyQ0HGLDQWHODVRQGDGHWHPSHUDWXUDVHHYLWDWHQHUTXHDGLYLQDUHOJUDGRGHFRFFLyQ
\VHORJUDHOSXQWRGHFRFFLyQH[DFWR
35(&$8&,Ï1
3DUDHYLWDUTXHPDGXUDVQRGHVHQFKXIHODVRQGDGHOD
ERFDGHVDOLGDGHOKRUQRKDVWDTXHpVWH
VHKD\DHQIULDGR
(OXVRGHVRQGDVGLVWLQWDVDODVSURYLVWDV
FRQHVWHSURGXFWRSXHGHSURYRFDUOHVGDxRV
DODVPLVPDVRDOFRQWUROGHOKRUQR
/DVRQGDGHWHPSHUDWXUDFXHQWD
FRQXQDVRQGDVLPLODUDXQSLQFKR
HQXQH[WUHPR\XQHQFKXIHHQHO
RWURH[WUHPRTXHVHLQWURGXFHHQ
ODERFDGHVDOLGDGHOKRUQR
8WLOLFHODVPDQLMDVGHODVRQGD\HOHQFKXIHFXDQGR
ODVLQWURGX]FD\TXLWHGHORVDOLPHQWRV
\GHODERFDGHVDOLGD
„
3DUDHYLWDUGDxRVDODVRQGDQRXWLOLFHSLQ]DVSDUD
WLUDUGHOFDEOHFXDQGRORTXLWH
„
3DUDQRURPSHUODVRQGDYHULILTXHTXH
ORVDOLPHQWRVHVWpQWRWDOPHQWHGHVFRQJHODGRV
DQWHVGHLQWURGXFLUOD
'HVSXpVGHSUHSDUDUODFDUQH\FRORFDUOD
HQXQSRVDIXHQWHVRVREUHODUHMLOODGHODDVDGHUDVLJD
HVWDVLQVWUXFFLRQHVSDUDXQDFRORFDFLyQDGHFXDGD
GHODVRQGD
,QWURGX]FDODVRQGDFRPSOHWDPHQWHHQODFDUQH
1RGHEHWRFDUKXHVRJUDVDRFDUWtODJR
(QFKXIH
&DEOH
0DQLMDV 6RQGD
/HD\TXLWHODHWLTXHWD
„
1XQFDGHMHODVRQGDGHQWURGHOKRUQRGXUDQWHXQ
FLFORGHDXWROLPSLH]DRGHDVDGR
„
1RJXDUGHODVRQGDGHQWURGHOKRUQR
3DUDDVDGRVVLQKXHVRLQWURGX]FDODVRQGDGHQWUR
GHODSDUWHPiVFDUQRVD3DUDMDPyQ
RFRUGHURFRQKXHVRLQWURGX]FDODVRQGD
HQHOFHQWURGHOP~VFXORJUDQGHPiVEDMR
,QWURGX]FDODVRQGDHQHOFHQWURGHSODWRVWDOHV
FRPRSDQGHFDUQHRHVWRIDGRV
,QWURGX]FDODVRQGDGHQWURGHODSDUWHPiVFDUQRVD
GHOPXVORLQWHUQRGHVGHDEDMR\HQIRUPDSDUDOHODD
ODSDWDGHXQSDYRHQWHUR
127$1RVHSRGUiQXWLOL]DUODVFRQILJXUDFLRQHVGH
DXWROLPSLH]DQLGHDVDGRVLODVRQGD
GHWHPSHUDWXUDVHHQFXHQWUDHQFKXIDGD
127$1RLQVHUWDUSRUFRPSOHWRODVRQGDGHQWURGHOD
FDUQHSXHGHSURYRFDUXQSREUHGHVHPSHxRGHFRFFLyQ
SRUTXHODVRQGDGHWHFWDUiHODLUHGHOKRUQR\QROD
WHPSHUDWXUDGHORVDOLPHQWRV
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRURVWL]DGRFXDQGRXVDODVRQGD
HQDOJXQRVPRGHORV
,QWURGX]FDODVRQGDSRUFRPSOHWRHQORV
DOLPHQWRV
(QFKXIHODVRQGDGHQWURGHODERFDGHVDOLGD
GHOKRUQR9HULILTXHTXHHVWpLQWURGXFLGDKDVWD
HOIRQGR&LHUUHODSXHUWDGHOKRUQR9HULILTXH
TXHHOFDEOHGHODVRQGDQRWRTXHHOHOHPHQWR
DVDGRU
3UHVLRQHHOERWyQ352%(VRQGD/DSDQWDOOD
PRVWUDUi´6HW3UREHµVRQGDFRQILJXUDGD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDLQWHUQDGHVHDGDGH
ORVDOLPHQWRVRGHODFDUQH/DWHPSHUDWXUD
LQWHUQDPi[LPDDODTXHSXHGHQFRQILJXUDUVH
ORVDOLPHQWRVHVž)ƒ&
3UHVLRQHHOERWyQ%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
/DSDQWDOODGHVWHOODUiVLODVRQGDVHHQFXHQWUD
HQFKXIDGDGHQWURGHODERFDGHVDOLGD\XVWHGQRKD
FRQILJXUDGRXQDWHPSHUDWXUDGHVRQGD
\SUHVLRQDGRHOERWyQ67$57LQLFLDU
'HVSXpVGHTXHODWHPSHUDWXUDLQWHUQDGHORV
DOLPHQWRVDOFDQFHORVƒ)ƒ&ODWHPSHUDWXUD
LQWHUQDFDPELDQWHSRGUiYHUVHHQODSDQWDOOD
&XDQGRODWHPSHUDWXUDLQWHUQDGHORV
DOLPHQWRVDOFDQ]DODFLIUDTXHXVWHGKD
FRQILJXUDGRODVRQGD\HOKRUQRVHDSDJDQ\
ORVFRQWUROHVGHOKRUQRFRPLHQ]DQDGHVWHOODU
3DUDGHWHQHUHOGHVWHOORSUHVLRQHHOERWyQ
&/($52))ERUUDUFVD]DSDJDGR8WLOLFH
JXDQWHVGHFRFLQDSDUDTXLWDUODVRQGDGHORV
DOLPHQWRV1RXWLOLFHSLQ]DVSDUDTXLWDUOD
SRUTXHSRGUtDQGDxDUOD
„6LODVRQGDVHTXLWDGHOKRUQRPLHQWUDVVH
HVWDEDFRFLQDQGRHOKRUQRQRVHDSDJDUi
DXWRPiWLFDPHQWH
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRGXUDQWHHO
FLFORGHKRUQHDGRURVWL]DGRSUHVLRQHHOERWyQ%$.(
KRUQHDU\OXHJRODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODQXHYDWHPSHUDWXUD
„3XHGHXWLOL]DUHOWHPSRUL]DGRUGHFRFLQDDXQTXH
QRSXHGHQXVDUVHRSHUDFLRQHVGHOKRUQRFRQ
WHPSRUL]DGRUPLHQWUDVVHXWLOLFHODVRQGD
&yPRXVDUHOWHPSRUL]DGRUGHFRFLQD
*($SSOLDQFHVFRP
&yPRFRQILJXUDUHOWHPSRUL]DGRUGHFRFLQD
HQDOJXQRVPRGHORV
HQDOJXQRVPRGHORV
(OWHPSRUL]DGRUGHFRFLQDXWLOL]DKRUDV
\PLQXWRV
(OWHPSRUL]DGRUGHFRFLQDQR
FRQWURODODVRSHUDFLRQHVGHOKRUQR
/DFRQILJXUDFLyQPiVDOWDGHO
WHPSRUL]DGRUGHFRFLQDHVGH
KRUDV\PLQXWRV
3UHVLRQHORVERWRQHV.,7&+(17,0(521
2))WHPSRUL]DGRUGHFRFLQDHQFHQGLGR
DSDJDGRR7,0(521WHPSRUL]DGRU
HQFHQGLGRGHSHQGLHQGRGHOPRGHOR
7RTXHODVDOPRKDGLOODVQXPpULFDVKDVWD
TXHDSDUH]FDHQODSDQWDOODHOWLHPSRTXH
GHVHD3RUHMHPSORSDUDFRQILJXUDU
KRUDV\PLQXWRVSUHVLRQH\HQ
HVHRUGHQ6LFRPHWHXQHUURUSUHVLRQHHO
ERWyQ.,7&+(17,0(5212))
WHPSRUL]DGRUGHFRFLQDHQFHQGLGR
DSDJDGRR7,0(52))WHPSRUL]DGRU
DSDJDGRGHSHQGLHQGRGHOPRGHOR\
FRPLHQFHGHQXHYR
3UHVLRQHHOERWyQ67$57LQLFLDU
'HVSXpVGHSUHVLRQDUHOERWyQ67$57LQLFLDU
6(7GHVDSDUHFHHVWROHLQGLFDTXHKD\XQD
FXHQWDUHJUHVLYDDXQTXHODSDQWDOODQR
FDPELDKDVWDTXHKD\DSDVDGRXQPLQXWR/RV
VHJXQGRVQRSRGUiQYHUVHHQODSDQWDOODKDVWD
DOFDQ]DUODFXHQWDUHJUHVLYDGHO~OWLPRPLQXWR
&XDQGRHOWHPSRUL]DGRUDOFDQ]D
HOFRQWUROVRQDUiYHFHVVHJXLGRGH
XQSLWLGRFDGDVHJXQGRVKDVWDTXHVH
SUHVLRQHHOERWyQ.,7&+(17,0(5212))
WHPSRUL]DGRUFRFLQDHQFHQGLGRDSDJDGR
R7,0(52))WHPSRUL]DGRUDSDJDGR
GHSHQGLHQGRGHOPRGHOR
(OWRQRGHVHJXQGRVSXHGHFDQFHODUVH
VLJXLHQGRORVSDVRVLQFOXLGRVHQODVHFFLyQ
&DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHO
KRUQREDMR´6HxDOHVVRQRUDVDOILQDOL]DUXQFLFOR
FRQWHPSRUL]DGRUµ
&yPRUHFRQILJXUDUHOWHPSRUL]DGRUGHFRFLQD
6LODSDQWDOODWRGDYtDPXHVWUDHOWLHPSR
UHVWDQWHXVWHGSXHGHFDPELDUORSUHVLRQDQGRHO
ERWyQ.,7&+(17,0(5212))WHPSRUL]DGRU
FRFLQDHQFHQGLGRDSDJDGRR7,0(521
WHPSRUL]DGRUHQFHQGLGRGHSHQGLHQGR
GHOPRGHOROXHJRSUHVLRQHODVDOPRKDGLOODV
QXPpULFDVKDVWDTXHDSDUH]FDHQODSDQWDOODHO
WLHPSRTXHGHVHH
6LHOWLHPSRUHVWDQWHQRDSDUHFHHQ
ODSDQWDOODHQODSDQWDOODDSDUHFHQHOUHORM
HOLQLFLRUHWDUGDGR\HOWLHPSRGHFRFFLyQ
pVWHDSDUHFHUiSUHVLRQDQGRHOERWyQ
.,7&+(17,0(5212))WHPSRUL]DGRU
FRFLQDHQFHQGLGRDSDJDGRR7,0(521
WHPSRUL]DGRUHQFHQGLGRGHSHQGLHQGR
GHOPRGHOR\OXHJRSUHVLRQDQGR
ODVDOPRKDGLOODVQXPpULFDVSDUDLQJUHVDU
HOQXHYRWLHPSRTXHGHVHH
&yPRFDQFHODUHOWHPSRUL]DGRUGHFRFLQD
HQDOJXQRVPRGHORV
3UHVLRQHORVERWRQHV.,7&+(17,0(5212))
WHPSRUL]DGRUGHFRFLQDHQFHQGLGRDSDJDGR
R7,0(521WHPSRUL]DGRUHQFHQGLGR
GHSHQGLHQGRGHOPRGHORGRVYHFHVRSUHVLRQH
7,0(52))WHPSRUL]DGRUDSDJDGR
HQDOJXQRVPRGHORV
£$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHGPLVPR
(VSRVLEOHTXHVXQXHYRKRUQRFRFLQHGHPDQHUDGLIHUHQWHDODTXHXVWHGVHHQFXHQWUDDFRVWXPEUDGR
8WLOtFHORGXUDQWHDOJXQDVVHPDQDVSDUDIDPLOLDUL]DUVHFRQVXVIXQFLRQHV6LOXHJRGHHVWHSHUtRGRFRQVLGHUD
TXHODWHPSHUDWXUDGHOKRUQRHVGHPDVLDGREDMDRGHPDVLDGRDOWDXVWHGSXHGHUHJXODUHOWHUPRVWDWR
1RXWLOLFHWHUPyPHWURVFRPRORVTXHVHYHQGHQHQODVWLHQGDVSDUDYHULILFDUODFRQILJXUDFLyQGHWHPSHUDWXUD
GHOKRUQR(VRVWHUPyPHWURVSXHGHQYDULDUHQWUH²JUDGRV
127$(VWHDMXVWHVyORDIHFWDODVWHPSHUDWXUDVGHKRUQHDGR\URVWL]DGRQRDIHFWDODVWHPSHUDWXUDVGHDVDGR
RGHDXWROLPSLH]D(ODMXVWHVHFRQVHUYDUiHQODPHPRULDD~QGHVSXpVGHXQFRUWHGHHQHUJtD
&yPRDMXVWDUHOWHUPRVWDWR
3UHVLRQHORVERWRQHV%52,/+,/2DVDU
DOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRKDVWDTXHHQODSDQWDOODSXHGD
YHUVH6)
3UHVLRQHHOERWyQ%$.(KRUQHDU(QOD
SDQWDOODVHYHUiXQQ~PHURGHGRVGtJLWRV
HQDOJXQRVPRGHORV
3UHVLRQH%$.(KRUQHDUGHQXHYRSDUD
DOWHUQDUHQWUHVXELU\EDMDUODWHPSHUDWXUD
GHOKRUQR
3DUDDMXVWDUHOWHUPRVWDWRGHOKRUQR
VXSHULRUSUHVLRQHHOERWyQ%$.(KRUQHDU
GHOKRUQRVXSHULRU3DUDDMXVWDUHO
WHUPRVWDWRGHOKRUQRLQIHULRUSUHVLRQHHO
ERWyQ%$.(KRUQHDUGHOKRUQRLQIHULRU
/DWHPSHUDWXUDGHOKRUQRSXHGHVXELUVH
HQž)ƒ&REDMDUVHHQž)
ƒ&3UHVLRQHODVDOPRKDGLOODVQXPpULFDV
GHODPLVPDPDQHUDHQTXHODVOHH3RU
HMHPSORSDUDFDPELDUODWHPSHUDWXUDGHO
KRUQRž)ƒ&SUHVLRQH\
HQDOJXQRVPRGHORV
&XDQGRKD\DILQDOL]DGRHODMXVWHSUHVLRQH
HOERWyQ67$57LQLFLDUSDUDYROYHUDOD
SDQWDOODGHODKRUD8WLOLFHHOKRUQRGHOD
PDQHUDQRUPDO
£(OWLSRGHPDUJDULQDXWLOL]DGRPRGLILFDHOKRUQHDGR
/DPD\RUtDGHODVUHFHWDVGHKRUQHDGRLQFOX\HQSURGXFWRVGHDOWRFRQWHQLGRJUDVRWDOHVFRPRODPDQWHFD
RODPDUJDULQDGHJUDVD6LVHUHGXFHHOFRQWHQLGRGHJUDVDHOUHVXOWDGRILQDOSXHGHVHUGLIHUHQWH
DOHVSHUDGR
6LVHXWLOL]DQSURGXFWRVGHEDMRFRQWHQLGRJUDVRHQWRUWDVSDVWHOHVPDVDVJDOOHWDVRGXOFHVODUHFHWDSXHGHIUDFDVDU$
PHQRUFRQWHQLGRJUDVRPD\RUHVGLIHUHQFLDVHQHOUHVXOWDGRILQDO
/DVQRUPDVIHGHUDOHVH[LJHQTXHORVSURGXFWRVFRQGHQRPLQDFLyQGH´PDUJDULQDµWHQJDQXQFRQWHQLGRJUDVRGHDOPHQRV
HQUHODFLyQDOSHVR/RVSURGXFWRVGHEDMRFRQWHQLGRJUDVRFRQWLHQHQPHQRVJUDVD\PiVDJXD(OHOHYDGRFRQWHQLGRGHKXPHGDG
GHHVWRVSURGXFWRVDIHFWDODWH[WXUD\HOVDERUGHORVDOLPHQWRVKRUQHDGRV3DUDREWHQHUORVPHMRUHVUHVXOWDGRVFRQVXVUHFHWDV
WUDGLFLRQDOHVIDYRULWDVXWLOLFHPDUJDULQDXRWURVSURGXFWRVFRQXQFRQWHQLGRGHSRUORPHQRVGHDFHLWHYHJHWDO
&yPRXVDUHOKRUQRGHFRQYHFFLyQ
*($SSOLDQFHVFRP
&RFFLyQSRUFRQYHFFLyQHQDOJXQRVPRGHORV
(OKRUQRGHFRQYHFFLyQYLHQHFRQXQPRGR
GHFRFFLyQSRUFRQYHFFLyQ\SXHGHXWLOL]DUVH
SDUDKRUQHDGRSRUFRQYHFFLyQGHEDQGHMD
XKRUQHDGRSRUFRQYHFFLyQFRQEDQGHMDV
P~OWLSOHV
)XQFLRQDPLHQWRGHOYHQWLODGRUGHFRQYHFFLyQ
(QXQKRUQRGHFRQYHFFLyQXQYHQWLODGRU
KDFHFLUFXODUDLUHFDOLHQWHVREUHSRUGHEDMR\
DOUHGHGRUGHORVDOLPHQWRV
(VWDFLUFXODFLyQGHDLUHFDOLHQWHVHGLVWULEX\H
GHPDQHUDSDUHMDDWUDYpVGHODFDYLGDGGHO
KRUQR&RPRUHVXOWDGRORVDOLPHQWRVVHFRFLQDQ
\GRUDQHQIRUPDSDUHMDDPHQXGRHQPHQRV
WLHPSR
127$3DUDSRWHQFLDUDOPi[LPRXQDFRFFLyQ
SDUHMDHOYHQWLODGRUHVWiGLVHxDGRSDUDJLUDUHQ
DPEDVGLUHFFLRQHVFRQXQDSDXVDHQWUHHOODV
(VWRHVQRUPDO
(OYHQWLODGRUGHFRQYHFFLyQVHDSDJDFXDQGR
VHDEUHODSXHUWDGHKRUQR12'(-(ODSXHUWD
DELHUWDGXUDQWHSHUtRGRVSURORQJDGRVPLHQWUDV
XWLOL]DODFRFFLyQSRUFRQYHFFLyQ\DTXHSXHGH
DFRUWDUODYLGD~WLOGHOHOHPHQWRFDOHQWDGRUGH
FRQYHFFLyQ
+RUQHDGRSRUFRQYHFFLyQFRQEDQGHMDVP~OWLSOHV
3RVLFLyQGHEDQGHMDVP~OWLSOHV
'HELGRDTXHHODLUHFDOLHQWHFLUFXODHQIRUPD
SDUHMDHQWRGRHOKRUQRORVDOLPHQWRVSXHGHQ
KRUQHDUVHFRQH[FHOHQWHVUHVXOWDGRVXVDQGR
EDQGHMDVP~OWLSOHV
(OKRUQHDGRFRQEDQGHMDVP~OWLSOHVSXHGH
LQFUHPHQWDUXQSRFRORVWLHPSRVGHFRFFLyQ
GHDOJXQRVDOLPHQWRVSHURHOUHVXOWDGRWRWDO
HVHODKRUURGHWLHPSR/DVJDOOHWDVPXIILQV
EL]FRFKRV\RWURVSDQHVUiSLGRVORJUDQ
UHVXOWDGRVPX\EXHQRVFRQHOKRUQHDGRFRQ
EDQGHMDVP~OWLSOHV
&XDQGRKRUQHHFRQEDQGHMDVFRORTXHXQD
HQODVHJXQGD%SRVLFLyQRWUDHQODFXDUWD'
SRVLFLyQ\ODWHUFHUDHQODVH[WD)SRVLFLyQ
3DUDKRUQHDGRFRQGRVEDQGHMDVFRORTXH
XQDHQODVHJXQGD%SRVLFLyQ&RORTXHODRWUD
EDQGHMDHQODTXLWD(SRVLFLyQ
+RUQHDGRSRUFRQYHFFLyQFRQEDQGHMD
&XDQGRUHDOLFHXQKRUQHDGRSRUFRQYHFFLyQ
FRQVyOREDQGHMDFRORTXHORVDOLPHQWRVHQHO
FHQWURGHOKRUQR
&yPRDGDSWDUUHFHWDV«
8VWHGSXHGHXWLOL]DUVXVUHFHWDVIDYRULWDVHQHO
KRUQRGHFRQYHFFLyQ
„
8WLOLFHHOWDPDxRGHUHFLSLHQWH
UHFRPHQGDGR
„
$OJXQDVLQVWUXFFLRQHVHQSDTXHWHVGH
HVWRIDGRVFRQJHODGRVRSODWRVSULQFLSDOHV
KDQVLGRGHVDUUROODGRVXWLOL]DQGRKRUQRV
GHFRQYHFFLyQFRPHUFLDOHV3DUDPHMRUHV
UHVXOWDGRVSUHFDOLHQWHHOKRUQR\XWLOLFH
ODWHPSHUDWXUDSDUDKRUQHDGRFRP~Q
LQGLFDGDHQHOSDTXHWH
&yPRXVDUHOKRUQRGHFRQYHFFLyQ
5RVWL]DGRSRUFRQYHFFLyQHQDOJXQRVPRGHORV
5HMLOOD
„%XHQRSDUDJUDQGHVFRUWHVGHFDUQHWLHUQD
VLQFXEULU
(OYHQWLODGRUGHFRQYHFFLyQKDFHFLUFXODU
HODLUHFDOLHQWHHQIRUPDSDUHMDVREUH\
DOUHGHGRUGHORVDOLPHQWRV/DVFDUQHVGHUHV
\GHDYHVHGRUDQSRUFRPSOHWRFRPRVLVH
KXELHVHQFRFLQDGRFRQXQURVWL]DGRUJLUDWRULR
(ODLUHFDOLHQWHVHOODORVMXJRVUiSLGDPHQWHSDUD
ORJUDUXQSURGXFWRMXJRVR\WLHUQRPLHQWUDVDO
$VDGHUD
PLVPRWLHPSRVHFUHDXQDULFDFDSDH[WHUQD
PDUUyQGRUDGD
&XDQGRHVWpURVWL]DQGRSRUFRQYHFFLyQUHVXOWD
LPSRUWDQWHTXHXWLOLFHODDVDGHUD\ODSDUULOOD
SDUDPHMRUHVUHVXOWDGRVGHURVWL]DGRSRU
FRQYHFFLyQ/DDVDGHUDVHXWLOL]DSDUDUHWHQHU
ORVGHUUDPHVGHJUDVD\ODSDUULOODVHXVDSDUD
SUHYHQLUVDOSLFDGXUDVGHJUDVD
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRRURVWL]DGRSRUFRQYHFFLyQ
HQDOJXQRVPRGHORV
25
HQDOJXQRVPRGHORV
3UHVLRQHHOERWyQ&219(&7,21&22.
FRFFLyQSRUFRQYHFFLyQR&219(&7,21%$.(
KRUQHDGRSRUFRQYHFFLyQXQDYH]SDUD
KRUQHDGRSRUFRQYHFFLyQGHEDQGHMDV
P~OWLSOHV(VWHPRGRVHXWLOL]DSDUDFRFLQDU
DOLPHQWRVHQPiVGHXQDEDQGHMDHVGHFLU
RPiVEDQGHMDVDOPLVPRWLHPSRHQ
KRUQHDGRSRUFRQYHFFLyQ3DUDPiV
LQIRUPDFLyQYHUODVHFFLyQ+RUQHDGRSRU
FRQYHFFLyQFRQEDQGHMDVP~OWLSOHV
3
UHVLRQHHOERWyQ&219(&7,21&22.
FRFFLyQSRUFRQYHFFLyQR&219(&7,21%$.(
KRUQHDGRSRUFRQYHFFLyQGRVYHFHVSDUD
KRUQHDGRSRUFRQYHFFLyQHQXQDEDQGHMD
(VWHPRGRVHXWLOL]DSDUDFRFLQDUDOLPHQWRV
HQVyORXQDEDQGHMDHQKRUQHDGRSRU
FRQYHFFLyQ
3UHVLRQHHOERWyQ&219(&7,2152$67
URVWL]DGRSRUFRQYHFFLyQSDUDURVWL]DGR
SRUFRQYHFFLyQHQDOJXQRVPRGHORV
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
127$6LODFDUDFWHUtVWLFDGH&RQYHUVLyQ
$XWRPiWLFDGH5HFHWDVŒVHHQFXHQWUDDFWLYDGD
UHGXFLUiHQIRUPDDXWRPiWLFDODWHPSHUDWXUDGH
KRUQHDGRUHJXODUFRQILJXUDGDHQƒ)ƒ&
KDVWDODWHPSHUDWXUDGHFRQYHFFLyQDSURSLDGD
HQHOPRGRGHKRUQHDGRSRUFRQYHFFLyQ9HUOD
&RQYHUVLyQ$XWRPiWLFDGH5HFHWDVŒHQODVHFFLyQ
GH&DUDFWHUtVWLFDVHVSHFLDOHV
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQRSUHVLRQH
HOERWyQ&219(&7,21&22.FRFFLyQSRU
FRQYHFFLyQ&219(&7,21%$.(KRUQHDGRSRU
FRQYHFFLyQR&219(&7,2152$67DVDGRSRU
FRQYHFFLyQ\OXHJRODVDOPRKDGLOODVQXPpULFDV
SDUDFRQILJXUDUODQXHYDWHPSHUDWXUD
&XDQGRHOKRUQRFRPLHQ]DDFDOHQWDUSRGUi
YHUVHODWHPSHUDWXUDFDPELDQWHFRPHQ]DQGR
Dƒ)ƒ&&XDQGRHOKRUQRDOFDQ]DOD
WHPSHUDWXUDFRQILJXUDGDVRQDUiQSLWLGRV
3UHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGRFXDQGRKD\DILQDOL]DGR
„0LHQWUDVFRFLQHSRUFRQYHFFLyQVHRLUi
XQYHQWLODGRU(OYHQWLODGRUVHGHWHQGUi
FXDQGRVHDEUDODSXHUWDSHURHOFDORU
QRVHDSDJDUi
„'XUDQWHHOKRUQHDGRSXHGHQHVFXFKDUVH
FKDVTXLGRVSURYHQLHQWHVGHOKRUQR
(VWRHVQRUPDO
„(QORVPRGRVGHKRUQHDGRSRUFRQYHFFLyQ\
SDUDSRWHQFLDUDOPi[LPRXQDFRFFLyQSDUHMD
HOYHQWLODGRUHVWiGLVHxDGRSDUDJLUDUHQ
DPEDVGLUHFFLRQHVFRQXQDSDXVDHQWUHHOODV
(VWRHVQRUPDO
5HFLSLHQWHVSDUDFRFFLyQSRUFRQYHFFLyQ
&XDQGRKRUQHHJDOOHWDVREWHQGUi
PHMRUHVUHVXOWDGRVVLXVDXQD
SODQFKDSODQDSDUDJDOOHWDVHQ
OXJDUGHXQUHFLSLHQWHGHODGRV
EDMRV
$QWHVGHXWLOL]DUHOKRUQRGHFRQYHFFLyQ
YHULILTXHTXHVXVHOHPHQWRVGHFRFFLyQGHMHQ
HVSDFLRVXILFLHQWHSDUDODFLUFXODFLyQGHDLUHHQ
HOKRUQR6LYDDKRUQHDUFRQYDULRVUHFLSLHQWHV
GHMHXQHVSDFLRHQWUHHOORV$GHPiVDVHJ~UHVH
GHTXHORVUHFLSLHQWHVQRVHWRTXHQHQWUHVtR
WRTXHQODVSDUHGHVGHOKRUQR
3DSHO\SOiVWLFR
/RVUHFLSLHQWHVGHSDSHO\SOiVWLFRUHVLVWHQWHV
DOFDORUUHFRPHQGDGRVSDUDXWLOL]DUHQ
KRUQHDGRQRUPDOWDPELpQSXHGHQXWLOL]DUVH
SDUDKRUQHDGRSRUFRQYHFFLyQSHURQRGHEHQ
XWLOL]DUVHDWHPSHUDWXUDVPiVHOHYDGDVTXH
ODWHPSHUDWXUDUHFRPHQGDGDSRUHOIDEULFDQWH
GHORVHOHPHQWRVGHFRFFLyQ7DPELpQSXHGHQ
XWLOL]DUVHHOHPHQWRVGHFRFFLyQSOiVWLFRV
UHVLVWHQWHVDWHPSHUDWXUDVGHƒ)ƒ&
0HWDO\YLGULR
&XDOTXLHUWLSRGHUHFLSLHQWHGHFRFFLyQIXQFLRQD
HQVXKRUQRGHFRQYHFFLyQVLQHPEDUJR
ORVUHFLSLHQWHVGHPHWDOVHFDOLHQWDQPiV
UiSLGDPHQWH\VHUHFRPLHQGDQSDUDKRUQHDGR
SRUFRQYHFFLyQ
„/DVEDQGHMDVRVFXUDVRFRQDFDEDGRPDWH
KRUQHDQDOLPHQWRVPiVUiSLGRTXHODV
EULOODQWHV
„/RVUHFLSLHQWHVGHYLGULRRFHUiPLFDFRFLQDQ
PiVGHVSDFLR
3DUDUHFHWDVFRPRSROORKRUQHDGRXWLOLFHXQ
UHFLSLHQWHFRQODGRVEDMRV(ODLUHFDOLHQWHQR
SXHGHFLUFXODUELHQDOUHGHGRUGHORVDOLPHQWRV
HQXQUHFLSLHQWHGHODGRVDOWRV
8VRGHODVIXQFLRQHVGHKRUQHDGRSRUFRQYHFFLyQ
FRQWHPSRUL]DGRUKRUQRVXSHULRU~QLFDPHQWH
*($SSOLDQFHVFRP
(VFXFKDUiXQYHQWLODGRUDOFRFLQDUFRQHVWDIXQFLyQ(OPLVPRVHGHWHQGUiFXDQGRVHDEUDODSXHUWDSHURHOFDOHQWDGRUQRVH
DSDJDUi
127$/DVFRPLGDVTXHVHHFKDQDSHUGHUUiSLGDPHQWHWDOHVFRPROHFKHKXHYRVSHVFDGRUHOOHQRVDYH\FHUGRQRVHGHEHUiQ
GHMDUUHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHHVWLPXODHOGHVDUUROORGHEDFWHULDV
QRFLYDV$VHJ~UHVHGHTXHODOX]GHOKRUQRHVWpDSDJDGD\DTXHHOFDORUGHODOiPSDUDDFHOHUDUiHOFUHFLPLHQWRGHEDFWHULDV
QRFLYDV
&yPR&RQILJXUDUXQ,QLFLR,QPHGLDWR\'HWHQFLyQ$XWRPiWLFD
(OKRUQRVXSHULRUVHHQFHQGHUiGHIRUPDLQPHGLDWD\
VHFRFLQDUiSRUXQSHUtRGRGHWLHPSRVHOHFFLRQDGR
$OILQDOGHOWLHPSRGHFRFFLyQHOKRUQRVHDSDJDUi
DXWRPiWLFDPHQWH
3UHVLRQHODWHFOD&219(&7,21%$.(08/7,
5$&.(VWDQWHGH+RUQHDGRSRU&RQYHFFLyQ
0XOWLXQDYH]SDUDXQKRUQHDGRSRUFRQYHFFLyQ
FRQP~OWLSOHVHVWDQWHV(VWHPRGRVHXWLOL]DSDUD
FRFLQDUFRPLGDVHQPiVGHXQDSDUULOODHVGHFLU
RPiVSDUULOODVDOPLVPRWLHPSRGXUDQWHHO
KRUQHDGRSRUFRQYHFFLyQ3DUDPiVLQIRUPDFLyQ
OHDODVHFFLyQ+RUQHDGRFRQ&RQYHFFLyQFRQ
0~OWLSOHVHVWDQWHV3UHVLRQHODWHFOD&219(&7,21
%$.(08/7,5$&.(VWDQWHGH+RUQHDGRSRU
&RQYHFFLyQ0XOWLGRVYHFHVSDUDXQKRUQHDGR
SRUFRQYHFFLyQFRQXQHVWDQWH(VWHPRGRVHXWLOL]D
SDUDFRFLQDUFRPLGDVFRQXQVRORHVWDQWHHQHO
KRUQHDGRSRUFRQYHFFLyQ
3UHVLRQHODWHFODGH&219(&7,2152$67$VDGR
SRU&RQYHFFLyQSDUDDVDUSRUFRQYHFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUDSURJUDPDU
ODWHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHODWHFOD&22.,1*7,0(
7(0325,=$'25'(&2&&,Ï1
127$6LVXUHFHWDUHTXLHUHFDOHQWDUHQIRUPDSUHYLD
HVSRVLEOHTXHQHFHVLWHDJUHJDUWLHPSRDGLFLRQDO
VREUHODGXUDFLyQGHOWLHPSRGHFRFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU
HOSHUtRGRGHWLHPSRGHFRFFLyQGHVHDGR(O
WLHPSRPtQLPRGHFRFFLyQTXHSXHGH
FRQILJXUDUHVPLQXWR
/DWHPSHUDWXUDGHOKRUQRTXHFRQILJXUH\HOWLHPSR
GHFRFFLyQTXHLQJUHVyDSDUHFHUiQHQODSDQWDOOD
3UHVLRQHODWHFOD67$57,QLFLDU
/DSDQWDOODPXHVWUDODWHPSHUDWXUDGHOKRUQRTXH
FRQILJXUyRODFXHQWDUHJUHVLYDGHODFRFFLyQSRU
WLHPSR/DSDQWDOODFRPLHQ]DDFDPELDUXQDYH]TXH
ODWHPSHUDWXUDOOHJDDORVž)
$OILQDOL]DUHOKRUQHDGRSRUFRQYHFFLyQFRQ
WHPSRUL]DGRUHOKRUQRVHDSDJDUi6RQDUiHO
WRQRGHILQGHFLFOR3UHVLRQHODWHFOD&/($52))
/LPSLDU$SDJDUSDUDDSDJDUODSDQWDOODGH
VHUQHFHVDULR
5HWLUHODFRPLGDGHOKRUQR5HFXHUGHTXHODV
FRPLGDVTXHVHGHMDQHQHOKRUQRFRQWLQ~DQ
FRFLQiQGRVHOXHJRGHTXHORVFRQWUROHVVH
KD\DQDSDJDGR
&yPR&RQILJXUDUXQ,QLFLR5HWUDVDGR\'HWHQFLyQ$XWRPiWLFD
3XHGHSURJUDPDUHOFRQWUROGHOKRUQRVXSHULRUSDUD
GHPRUDULQLFLDUHOKRUQRFRFLQDUGXUDQWHXQSHUtRGR
GHWLHPSRHVSHFtILFR\OXHJRDSDJDUVHGHIRUPD
DXWRPiWLFD
$VHJ~UHVHTXHHOUHORMPDUTXHODKRUDFRUUHFWDGHOGtD
3UHVLRQHODWHFOD&219(&7,21%$.(08/7,
5$&.(VWDQWHGH+RUQHDGRSRU&RQYHFFLyQ
0XOWLXQDYH]SDUDXQKRUQHDGRSRU
FRQYHFFLyQFRQP~OWLSOHVHVWDQWHV(VWHPRGRVH
XWLOL]DSDUDFRFLQDUFRPLGDVHQPiVGHXQD
SDUULOODHVGHFLURPiVSDUULOODVDOPLVPR
WLHPSRGXUDQWHHOKRUQHDGRSRUFRQYHFFLyQ3DUD
PiVLQIRUPDFLyQOHDODVHFFLyQ+RUQHDGRFRQ
&RQYHFFLyQFRQ0~OWLSOHVHVWDQWHV
3UHVLRQHODWHFOD&219(&7,21%$.(08/7,
5$&.(VWDQWHGH+RUQHDGRSRU&RQYHFFLyQ
0XOWLGRVYHFHVSDUDXQKRUQHDGRSRU
FRQYHFFLyQFRQXQHVWDQWH(VWHPRGRVHXWLOL]D
SDUDFRFLQDUFRPLGDVFRQXQVRORHVWDQWHHQHO
KRUQHDGRSRUFRQYHFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUDSURJUDPDUOD
WHPSHUDWXUDGHVHDGDGHOKRUQR
3UHVLRQHODWHFOD&22.,1*7,0(7HPSRUL]DGRU
GH&RFFLyQ
127$6LVXUHFHWDUHTXLHUHFDOHQWDUHQIRUPDSUHYLD
HVSRVLEOHTXHQHFHVLWHDJUHJDUWLHPSRDGLFLRQDO
VREUHODGXUDFLyQGHOWLHPSRGHFRFFLyQ
3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDUHO
SHUtRGRGHWLHPSRGHFRFFLyQGHVHDGR
3UHVLRQHODWHFOD'(/$<67$57'HPRUDU
,QLFLR
3UHVLRQHODVWHFODVQXPpULFDVSDUDFRQILJXUDU
ODKRUDGHOGtDHQTXHGHVHDTXHHOKRUQRVH
HQFLHQGD\FRPLHQFHDFRFLQDU
6LGHVHDFRQWURODUORVKRUDULRVTXHFRQILJXUy
SUHVLRQHODWHFODGH'(/$<67$57,QLFLR'HPRUDGR
SDUDFRQWURODUODKRUDGHLQLFLRTXHFRQILJXUyR
SUHVLRQHODWHFOD&22.,1*7,0(7LHPSRGH&RFFLyQ
SDUDFRQWURODUHOSHUtRGRGHWLHPSRGHFRFFLyQTXH
SURJUDPy
3UHVLRQHODWHFOD67$57,QLFLDU
127$8QWRQRGHDWHQFLyQVRQDUiVLHVWiXVDQGR
HOKRUQHDGRSRUWLHPSR\QRSUHVLRQDODWHFOD
67$57,QLFLDUXQDYH]LQJUHVDGDODWHPSHUDWXUDGHO
KRUQHDGR
&XDQGRHOKRUQRVHHQFLHQGDHQODKRUDGHOGtD
TXHFRQILJXUyODSDQWDOODPRVWUDUiHOFDPELRGH
WHPSHUDWXUDFRPHQ]DQGRHQž)\ODFXHQWD
UHJUHVLYDGHOWLHPSRGHFRFFLyQ
$OILQDOL]DUHOKRUQHDGRSRUFRQYHFFLyQFRQ
WHPSRUL]DGRUHOKRUQRVHDSDJDUi6RQDUiHOWRQR
GHILQGHFLFOR
3UHVLRQHODWHFOD&/($52))%RUUDU$SDJDU
SDUDDSDJDUODSDQWDOODVLHVQHFHVDULR8QD
YH]ILQDOL]DGRHOKRUQHDGRUHWLUHODFRPLGDGHO
KRUQR5HFXHUGHTXHDXQTXHHOKRUQRVH
DSDJXHGHIRUPDDXWRPiWLFDODVFRPLGDV
FRQWLQ~DQFRFLQiQGRVHXQDYH]TXHORV
FRQWUROHVHVWpQDSDJDGRV
&yPRXVDUHOKRUQRGHFRQYHFFLyQ0RGHOR&6~QLFDPHQWH
&yPRFRQILJXUDUHOKRUQRSDUDURVWL]DGRSRUFRQYHFFLyQFXDQGR
VHXVDODVRQGD
3DUDPHMRUHVUHVXOWDGRVFXDQGR
URVWLFHSDYRV\DVDGRVJUDQGHV
UHFRPHQGDPRVHOXVRGHODVRQGD
LQFOXLGDHQHOKRUQRGHFRQYHFFLyQ
35(&$8&,Ï1
3UHVLRQHHOERWyQ67$57LQLFLDU
3DUDHYLWDUTXHPDGXUDVQRGHVHQFKXIH
ODVRQGDGHODERFDGHVDOLGDGHOKRUQRKDVWDTXH
pVWHVHKD\DHQIULDGR
&RORTXHODEDQGHMDGHOKRUQRHQODSRVLFLyQ
TXHFHQWUDORVDOLPHQWRVHQWUHODSDUWH
VXSHULRUHLQIHULRUGHOKRUQR,QWURGX]FDOD
VRQGDHQODFDUQH$VHJ~UHVHGHTXHKD\D
HQWUDGRSRUFRPSOHWR
&XDQGRHOKRUQRFRPLHQ]DDFDOHQWDUODSDODEUD
/2EDMDDSDUHFHUiHQODSDQWDOOD
'HVSXpVGHTXHODWHPSHUDWXUDLQWHUQDGHODFDUQH
DOFDQFHORVƒ)ƒ&ODWHPSHUDWXUDLQWHUQD
FDPELDQWHSRGUiYHUVHHQODSDQWDOOD
&XDQGRODWHPSHUDWXUDLQWHUQDGHODFDUQH
DOFDQ]DODFLIUDTXHXVWHGKDFRQILJXUDGROD
VRQGD\HOKRUQRVHDSDJDQ\ORVFRQWUROHV
GHOKRUQRGHVWHOODQ3DUDGHWHQHUHOGHVWHOOR
SUHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGR8WLOLFHJXDQWHVGHFRFLQDSDUD
TXLWDUODVRQGDGHORVDOLPHQWRV1RXWLOLFH
SLQ]DVSDUDTXLWDUODSRUTXHSRGUtDQGDxDUOD
(QFKXIHODVRQGDGHQWURGHODERFDGHVDOLGD
GHOKRUQR9HULILTXHTXHHVWpLQWURGXFLGD
KDVWDHOIRQGR&LHUUHODSXHUWDGHOKRUQR
3UHVLRQHHOERWyQ352%(VRQGD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDLQWHUQDGHVHDGD
GHODFDUQH
127$/DWHPSHUDWXUDLQWHUQDPi[LPDDODTXH
SXHGHQFRQILJXUDUVHORVDOLPHQWRVHVž)ƒ&
3UHVLRQHHOERWyQ&219(&7,21&22.
FRFFLyQSRUFRQYHFFLyQ
3DUDFDPELDUODWHPSHUDWXUDGHO
KRUQRGXUDQWHHOFLFORGHURVWL]DGR
SRUFRQYHFFLyQSUHVLRQHHOERWyQ
&219(&7,21&22.FRFFLyQSRU
FRQYHFFLyQ\OXHJRSUHVLRQHODV
DOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODQXHYDWHPSHUDWXUD
GHVHDGD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGDGHO
KRUQR
/DSDQWDOODGHVWHOODUi352%(VRQGD
\HOFRQWUROGHOKRUQRLQGLFDUiVLODVRQGD
VHHQFXHQWUDHQFKXIDGDGHQWURGHODERFD
GHVDOLGD\VLXVWHGQRKDFRQILJXUDGR
XQDWHPSHUDWXUDGHVRQGD\SUHVLRQDGR
HOERWyQ67$57LQLFLDU
127$6LODVRQGDVHTXLWDGHOKRUQRPLHQWUDV
VHHVWDEDFRFLQDQGRHOKRUQRQRVHDSDJDUi
DXWRPiWLFDPHQWH
127$6
„0LHQWUDVFRFLQHFRQHVWDFDUDFWHUtVWLFD
VHHVFXFKDUiXQYHQWLODGRU(OYHQWLODGRU
VHGHWHQGUiFXDQGRVHDEUDODSXHUWDSHURHO
FDORUQRVHDSDJDUi
„3XHGHXVDUVHHOWHPSRUL]DGRUGHODFRFLQD
DXQTXHQRSXHGHQXWLOL]DUVHODVRSHUDFLRQHVGH
KRUQRFRQWHPSRUL]DGRU
„
1XQFDGHMHODVRQGDGHQWURGHOKRUQRGXUDQWH
XQFLFORGHDXWROLPSLH]D
„
1RJXDUGHODVRQGDGHQWURGHOKRUQR
„
/DVRQGDQRGHEHXWLOL]DUVHHQODVIXQFLRQHVGH
DVDGR\GHDXWROLPSLH]D
„
(OYHQWLODGRUVyORJLUDHQXQDGLUHFFLyQ
*XtDGHURVWL]DGRSRUFRQYHFFLyQ
&DUQH
7HPSKRUQR 7HPSLQWHUQDO
&DUQH
GHUHV
$VDGRGHFRVWLOODDOEV>DNJ@ -XJRVD
&RQ\VLQKXHVR
$SXQWR
6RORPLOORGHFDUQHGHUHV
-XJRVD
DOEV>DNJ@
6RORPLOORGHFDUQHGHUHV
-XJRVD
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
&HUGR
&RQKXHVRVLQKXHVR
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
ƒ²ƒ)ƒ²ƒ&
ƒ²ƒ)ƒ²ƒ&
ƒ)ƒ&
DOEV>DNJ@
DOEV>DNJ@
&RUGHUR &RQKXHVRDOEV>DNJ@
6LQKXHVRDOEV>DNJ@
&DUQH 3ROORHQWHURDOEV>DNJ@
GHDYH
3DYRHQWHUR
6LQUHOOHQRDOEV>DNJ@
6LQUHOOHQRDOEV>DNJ@
3HFKXJDGHSDYRDOEV>DNJ@
$SXQWR
$SXQWR
ƒ)ƒ&
ƒ)ƒ&
ƒ)ƒ&
/DVDYHVUHOOHQDVJHQHUDOPHQWHUHTXLHUHQ²PLQXWRVGHWLHPSRDGLFLRQDOHVGHURVWL]DGR&XEUDODVSDWDV
\ODSHFKXJDFRQSDSHOPHWiOLFRSDUDHYLWDUTXHODFDUQHVHRVFXUH]FDGHPDVLDGRRVHVHTXH
&DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR
*($SSOLDQFHVFRP
/RVQXHYRVFRQWUROHVFRQERWRQHVGHWRTXHFXHQWDQFRQFDUDFWHUtVWLFDVDGLFLRQDOHV/DVVLJXLHQWHVVRQODV
FDUDFWHUtVWLFDV\ODPDQHUDHQTXHXVWHGSXHGHDFWLYDUODV
/RVPRGRVGHFDUDFWHUtVWLFDVHVSHFLDOHVVyORSXHGHQDFWLYDUVHPLHQWUDVODSDQWDOODPXHVWUDODKRUD6HFRQVHUYDQ
HQODPHPRULDGHORVFRQWUROHVKDVWDTXHVHUHSLWDQORVSDVRV
3DUDLQJUHVDUXQDFDUDFWHUtVWLFDHVSHFLDOHQXQRGHORVGRVKRUQRVXVWHGGHEHSULPHURSUHVLRQDUORVERWRQHV
%52,/+,/2DVDUDOWREDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDOPLVPRWLHPSR/RVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUGHOKRUQRLQIHULRUQRDFWLYDQFDUDFWHUtVWLFDVHVSHFLDOHV
&XDQGRODSDQWDOODPXHVWUDVXRSFLyQSUHVLRQHHOERWyQ67$57LQLFLDU/DVFDUDFWHUtVWLFDVHVSHFLDOHVVH
FRQVHUYDUiQHQODPHPRULDGHVSXpVGHXQFRUWHGHHQHUJtDFRQH[FHSFLyQGHO6DEEDWKTXHGHEHUHFRQILJXUDUVH
$SDJDGROXHJRGHKRUDV
&RQHVWDRSFLyQHQFDVRGHGHMDUVHHOKRUQR
HQFHQGLGRDFFLGHQWDOPHQWHHOFRQWUROORDSDJD
HQIRUPDDXWRPiWLFDOXHJRGHKRUDVGXUDQWH
IXQFLRQHVGHKRUQHDGRRGHVSXpVGHKRUDV
GXUDQWHODIXQFLyQGHDVDGR
3UHVLRQHHOERWyQ'(/$<67$57LQLFLR
UHWDUGDGRKDVWDTXHDSDUH]FDQRVKGQ
QRDSDJDGRHQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDUSDUD
DFWLYDUODFDUDFWHUtVWLFDGHQRDSDJDGR\
GHMDUHOFRQWUROFRQILJXUDGRHQHVWHPRGR
GHFDUDFWHUtVWLFDVHVSHFLDOHV
6LGHVHDDSDJDU2))HVWDIXQFLyQVLJDORV
SDVRVVLJXLHQWHV
3UHVLRQHORVERWRQHV%52,/+,/2DVDU
DOWREDMR\%$.(KRUQHDUGHOKRUQR
VXSHULRUDOPLVPRWLHPSRKDVWDTXHHQOD
SDQWDOODSXHGDYHUVH6)
6HOHFFLyQGHWHPSHUDWXUDHQ)DKUHQKHLWR&HOVLXV
6XFRQWUROGHKRUQRHVWiFRQILJXUDGRSDUD
XWLOL]DUODVVHOHFFLRQHVGHWHPSHUDWXUD
)DKUHQKHLWSHURSXHGHPRGLILFDUVHSDUDXVDU
VHOHFFLRQHVHQ&HOVLXV
3UHVLRQHORVERWRQHV%52,/+,/2DVDU
DOWREDMR\%$.(KRUQHDUGHOKRUQR
VXSHULRUDOPLVPRWLHPSRKDVWDTXHHQOD
SDQWDOODSXHGDYHUVH6)
3UHVLRQHORVERWRQHV&22.7,0(WLHPSR
GHFRFFLyQ\%52,/+,/2DVDUDOWREDMR
DOPLVPRWLHPSR(QODSDQWDOODSRGUi
YHUVH))DKUHQKHLW
3UHVLRQHORVERWRQHV&22.7,0(WLHPSR
GHFRFFLyQ\%52,/+,/2DVDUDOWREDMR
GHQXHYRDOPLVPRWLHPSR(QODSDQWDOOD
SRGUiYHUVH&&HOVLXV
3UHVLRQHHOERWyQ67$57LQLFLDU
6HxDOHVVRQRUDVDOILQDOL]DUXQFLFORFRQWHPSRUL]DGRU
$OILQDOL]DUXQFLFORFRQWHPSRUL]DGRUVH
HVFXFKDQSLWLGRVFRUWRVVHJXLGRVSRUXQ
SLWLGRFDGDVHJXQGRVKDVWDTXHVHSUHVLRQH
HOERWyQ&/($52))ERUUDUDSDJDGR(VWH
SLWLGRFRQWLQXR
GHVHJXQGRVSXHGHFDQFHODUVH
3DUDFDQFHODUHOSLWLGRFRQWLQXRGHVHJXQGRV
(QDOJXQRVPRGHORV
3UHVLRQHORVERWRQHV%52,/+,/2DVDU
DOWREDMR\%$.(KRUQHDUGHOKRUQR
VXSHULRUDOPLVPRWLHPSRKDVWDTXHHQOD
SDQWDOODSXHGDYHUVH6)
2
3UHVLRQHHOERWyQ.,7&+(17,0(5212))
WHPSRUL]DGRUGHODFRFLQDHQFHQGLGR
DSDJDGR/DSDQWDOODPXHVWUD&21
%((3SLWLGRFRQWLQXR3UHVLRQHHOERWyQ
.,7&+(17,0(5212))WHPSRUL]DGRUGH
ODFRFLQDHQFHQGLGRDSDJDGRGHQXHYR
/DSDQWDOODPXHVWUD%((3SLWLGR(VWR
FDQFHODHOSLWLGRFDGDVHJXQGRV
3UHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ%52,/DVDU/DSDQWDOOD
PXHVWUD&217,%((3SLWLGRFRQWLQXR
3UHVLRQHHOERWyQ%52,/DVDUGHQXHYR/D
SDQWDOODPXHVWUD6,1*/(%((3SLWLGR
~QLFR(VWRFDQFHODHOSLWLGRFDGD
VHJXQGRV
(QDOJXQRVPRGHORV
&DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWUROHVGHOKRUQR
9ROXPHQGHOWRQRHQDOJXQRVPRGHORV
(VWDFDUDFWHUtVWLFDSHUPLWHUHJXODUHOYROXPHQ
GHORVWRQRVSDUDORJUDUXQYROXPHQPiVDFHSWDEOH
([LVWHQWUHVQLYHOHVGHYROXPHQGLIHUHQWHV
3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO
PLVPRWLHPSRKDVWDTXHHQODSDQWDOODSXHGD
YHUVH6)
3UHVLRQHHOERWyQ&22.7,0(WLHPSR
GHFRFFLyQ(QODSDQWDOODSRGUiYHUVH%((3
SLWLGR(VWHHVHOQLYHOGHYROXPHQPHGLR
3UHVLRQHHOERWyQ&22.7,0(WLHPSR
GHFRFFLyQGHQXHYR(QODSDQWDOODSRGUi
YHUVH%((3SLWLGR(VWHHVHOQLYHOGH
YROXPHQPiVDOWR
3UHVLRQHHOERWyQ&22.7,0(WLHPSR
GHFRFFLyQGHQXHYR(QODSDQWDOODSRGUi
YHUVH%((3SLWLGR(VWHHVHOQLYHO
GHYROXPHQPiVEDMR
&DGDYH]TXHVHPRGLILFDHOQLYHOGHYROXPHQ
VHHVFXFKDXQHMHPSORGHOYROXPHQGHODVHxDO
VRQRUD
6HOHFFLRQHHOQLYHOGHYROXPHQGHVHDGR
%((3%((3%((3
3UHVLRQHHOERWyQ67$57LQLFLDUSDUDDFWLYDUHO
QLYHOHOHJLGR
KRUDVKRUDVREORTXHRGHOUHORM
6XVFRQWUROHVHVWiQFRQILJXUDGRVSDUDXVDUXQUHORM
GHKRUDV
6LSUHILHUHWHQHUXQUHORMGHHVWLORPLOLWDUGHKRUDV
RDQXODUODYLVXDOL]DFLyQGHOUHORMVLJDORVVLJXLHQWHV
SDVRV
3UHVLRQHORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUGHOKRUQRVXSHULRUDO
PLVPRWLHPSRKDVWDTXHHQODSDQWDOODSXHGD
YHUVH6)
3UHVLRQHHOERWyQ&/2&.UHORMXQDYH](QOD
SDQWDOODSRGUiYHUVHKU6LHVWDHVODRSFLyQ
TXHGHVHDSUHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ&/2&.UHORMGHQXHYRSDUD
FDPELDUDOUHORMHVWLORPLOLWDUGHKRUDV(QOD
SDQWDOODSRGUiYHUVHKU6LHVWDHVODRSFLyQTXH
GHVHDSUHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ&/2&.UHORMGHQXHYRSDUDDQXODU
ODYLVXDOL]DFLyQGHOUHORM(QODSDQWDOODSRGUiYHUVH
2))DSDJDGR6LHVWDHVODRSFLyQTXHGHVHD
SUHVLRQHHOERWyQ67$57LQLFLDU
127$6LHOUHORMVHHQFXHQWUDHQHOPRGRVLQ
YLVXDOL]DFLyQXVWHGQRSRGUiXWLOL]DUODIXQFLyQGH
LQLFLRUHWDUGDGR
)XQFLRQHVHVSHFLDOHVGHOFRQWUROGHVXKRUQR
*($SSOLDQFHVFRP
&RQYHUVLyQGH$XWR5HFLSH
3XHGHXVDUVXVUHFHWDVIDYRULWDVHQHOKRUQR
SRUFRQYHFFLyQ
$OXVDU&219(&7,21%$.(+RUQHDGRSRU
&RQYHFFLyQHOKRUQRFRQYHUWLUiGHIRUPD
DXWRPiWLFDODWHPSHUDWXUDGHOKRUQRGHO
KRUQHDGRUHJXODUDODVWHPSHUDWXUDVGH
+RUQHDGRSRU&RQYHFFLyQ
3DUDDFWLYDUODIXQFLyQ
3UHVLRQHODVWHFODV:DUP&DOHQWDU\
%DNH+RUQHDUDOPLVPRWLHPSRKDVWD
TXHODSDQWDOODPXHVWUH6)
3UHVLRQHODWHFOD&RQYHFWLRQ%DNH
+RUQHDUSRU&RQYHFFLyQ/DSDQWDOOD
PRVWUDUi&RQ2II&RQYHFFLyQ
$SDJDGD3UHVLRQHODWHFOD&RQYHFWLRQ
%DNH+RUQHDUSRU&RQYHFFLyQ
QXHYDPHQWH/DSDQWDOODPRVWUDUi&RQ
2Q&RQYHFFLyQ(QFHQGLGD
3UHVLRQHODWHFOD6WDUW,QLFLDU
127$(VWDIXQFLyQVyORFRQYLHUWHODV
WHPSHUDWXUDVGHFRFFLyQ\QRORVWLHPSRV
GHFRFFLyQ$ODVDUSRUFRQYHFFLyQOD
WHPSHUDWXUDGHOKRUQRQRVHDXWRFRQYHUWLUi
3UHVLRQHODWHFOD&OHDU2II%RUUDU
$SDJDUFXDQGRODFRFFLyQHVWp
FRPSOHWD
■ 8VHHOWDPDxRGHROODUHFRPHQGDGRHQOD
UHFHWD
■ $OJXQDVLQVWUXFFLRQHVGHOSDTXHWHSDUD
FD]XHODVFRQJHODGDVSODWRVSULQFLSDOHVR
SURGXFWRVKRUQHDGRVIXHURQGHVDUUROODGDV
XWLOL]DQGRKRUQRVSRUFRQYHFFLyQ
FRPHUFLDOHV3DUDPHMRUHVUHVXOWDGRVFRQ
HVWHKRUQRSUHFDOLHQWHHOPLVPR\XVHOD
WHPSHUDWXUDSDUDXQKRUQHDGRUHJXODUTXH
ILJXUDHQHOSDTXHWH
3DUDGHVDFWLYDUODIXQFLyQ
3UHVLRQHODVWHFODV:DUP&DOHQWDU\
%DNH+RUQHDUDOPLVPRWLHPSRKDVWD
TXHODSDQWDOODPXHVWUH6)
8WLOL]DQGRODVWHFODVQXPpULFDVLQJUHVHOD
73UHVLRQHODWHFOD&RQYHFWLRQ%DNH
WHPSHUDWXUDUHFRPHQGDGDHQODUHFHWD
+RUQHDUSRU&RQYHFFLyQ/DSDQWDOOD
3UHVLRQHODWHFOD6WDUW,QLFLDU
PRVWUDUi&RQ2Q&RQYHFFLyQ
(QFHQGLGD3UHVLRQHODWHFOD&RQYHFWLRQ
/DSDQWDOODPRVWUDUiODWHPSHUDWXUDUHDO
%DNH+RUQHDUSRU&RQYHFFLyQ
FRQYHUWLGDUHGXFLGD3RUHMHPSORVLVH
QXHYDPHQWH/DSDQWDOODPRVWUDUi&RQ
LQJUHVDODWHPSHUDWXUDUHJXODUGHXQD
2II&RQYHFFLyQ$SDJDGD
UHFHWDGHž)ž&\VHSUHVLRQDOD
WHFOD6WDUW,QLFLDUODSDQWDOODPRVWUDUi
3UHVLRQHODWHFOD6WDUW,QLFLDU
&21\ODWHPSHUDWXUDFRQYHUWLGDGHž
)ž&
%ORTXHRGHOD&RFLQD
6XFRQWUROOHSHUPLWLUiEORTXHDUODVXQLGDGHV
GHODVXSHUILFLHORVTXHPDGRUHVGHOKRUQR\HO
SDQHOGHFRQWUROGHPRGRTXHQRSXHGDQVHU
DFWLYDGRV
3DUDEORTXHDUGHVEORTXHDUORVFRQWUROHV
$SDJXHWRGRVORVTXHPDGRUHVGHOD
VXSHUILFLH
3UHVLRQHODWHFOD5$1*(/2&.287
%ORTXHRGHOD&RFLQD\OXHJRODWHFOD
67$57,QLFLDU
&XDQGRHVWDIXQFLyQHVWpDFWLYDGD\ODVWHFODV
WiFWLOHVVHDQSUHVLRQDGDVHOFRQWUROHPLWLUiXQ
SLWLGR\ODSDQWDOODPRVWUDUi/2&%ORTXHR
■ (OPRGRGHEORTXHRGHFRQWURODIHFWDWRGRV
ORVFRQWUROHV1LQJ~QFRQWUROIXQFLRQDUi
FXDQGRHVWDIXQFLyQHVWpDFWLYDGD
■ /RVDMXVWHVVHJXDUGDUiQHQODPHPRULD
OXHJRGHXQFRUWHGHFRUULHQWH
3DUDGHVEORTXHDUHOFRQWUROSUHVLRQHOD
WHFOD5$1*(/2&.287%ORTXHDUHO
&RQWURO\OXHJRSUHVLRQHODWHFOD67$57
,QLFLDU
&yPRXVDUODIXQFLyQ6DEEDWKKRUQRVVXSHULRUHLQIHULRU
'LVHxDGDSDUDXWLOL]DUVHGXUDQWHHO6DEEDWKXRWUDV)LHVWDV-XGtDVHQDOJXQRVPRGHORV
*($SSOLDQFHVFRP
/DIXQFLyQ6DEEDWKVRODPHQWHSXHGHXWLOL]DUVHSDUDKRUQHDUURVWL]DU1RHVSRVLEOHXWLOL]DUODSDUDFRQYHFFLyQDVDGRDXWROLPSLH]DRFRFFLyQFRQ
LQLFLRUHWDUGDGR
127$/DOX]LQWHULRUGHOKRUQRVHHQFLHQGHDXWRPiWLFDPHQWHHQDOJXQRVPRGHORVFXDQGRVHDEUHODSXHUWD\VHDSDJDFXDQGRVHODFLHUUD3XHGH
TXLWDUVHODERPELOODGHOX]9HUODVHFFLyQGH5HHPSOD]RGHERPELOODGHOX](QORVPRGHORVFRQLQWHUUXSWRUGHOX]HQHOSDQHOGHFRQWUROODOX]GHO
KRUQRSXHGHHQFHQGHUVH\GHMDUVHDVt
&yPRFRQILJXUDUKRUQHDGRURVWL]DGRFRPXQHV
&XDQGRODSDQWDOODPXHVWUDŠ
HOKRUQRHVWiFRQILJXUDGRSDUD
6DEEDWK&XDQGRODSDQWDOOD
PXHVWUDŠHOKRUQRHVWi
KRUQHDQGRURVWL]DQGR
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWD
\TXHHOKRUQRHVWpDSDJDGR
3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR
KDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
127$6LHQODSDQWDOODDSDUHFHQ%DNHKRUQHDUR
%URLODVDUORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUQRVHSUHVLRQDURQDOPLVPR
WLHPSR3UHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGR\FRPLHQFHGHQXHYR
3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR
KDVWDTXHDSDUH]FD6$EE$W+HQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDU\ŠDSDUHFHUiHQ
ODSDQWDOOD$PERVKRUQRVVHHQFXHQWUDQDKRUDHQ
HOPRGR6DEEDWK
3UHVLRQHHOERWyQ%$.(KRUQHDUHQHOKRUQR
VXSHULRURLQIHULRU1RVHGDUiXQDVHxDO
0HGLDQWHODVDOPRKDGLOODVQXPpULFDVLQJUHVHOD
WHPSHUDWXUDGHVHDGDHQWUHƒ)ƒ&\ƒ)
ƒ&1RVHGDUiQLQJXQDVHxDORWHPSHUDWXUD
1RKD\XQDWHPSHUDWXUDSUHGHWHUPLQDGD
3UHVLRQHHOERWyQ67$57LQLFLDUHQHOKRUQR
FRUUHVSRQGLHQWH
'HVSXpVGHXQSHUtRGRDOHDWRULRGH
DSUR[LPDGDPHQWHVHJXQGRVDPLQXWRŠ
DSDUHFHUiHQODSDQWDOODLQGLFDQGRTXHHOKRUQR
HVWiKRUQHDQGRURVWL]DQGR6LŠQRDSDUHFHHQ
ODSDQWDOODFRPLHQFHGHQXHYRHQHOSDVR
3DUDKRUQHDUHQHORWURKRUQRFRPLHQFHHQHOSDVR
HQDOJXQRVPRGHORV
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQHHOERWyQ
%$.(KRUQHDULQJUHVHODQXHYDWHPSHUDWXUDXVDQGR
ODVDOPRKDGLOODVQXPpULFDV\SUHVLRQHHOERWyQ67$57
LQLFLDU
127$/RVERWRQHV&/($52))ERUUDUDSDJDGR
\&22.7,0(WLHPSRGHFRFFLyQVHHQFXHQWUDQDFWLYRV
GXUDQWHODIXQFLyQ6DEEDWK
&yPRFRQILJXUDUKRUQHDGRURVWL]DGRFRQWHPSRUL]DGRU,QLFLRLQPHGLDWR
\DSDJDGRDXWRPiWLFR
&XDQGRODSDQWDOODPXHVWUD
HOKRUQRHVWiFRQILJXUDGRSDUD
6DEEDWK&XDQGRODSDQWDOOD
PXHVWUDHOKRUQRHVWi
KRUQHDQGRURVWL]DQGR
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWD
\TXHHOKRUQRHVWpDSDJDGR
3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR
KDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
127$6LHQODSDQWDOODDSDUHFHQ%DNHKRUQHDUR
%URLODVDUORVERWRQHV%52,/+,/2DVDUDOWR
EDMR\%$.(KRUQHDUQRVHSUHVLRQDURQDOPLVPR
WLHPSR3UHVLRQHHOERWyQ&/($52))ERUUDU
DSDJDGR\FRPLHQFHGHQXHYR
3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR
KDVWDTXHDSDUH]FD6$EE$W+HQODSDQWDOOD
3UHVLRQHHOERWyQ67$57LQLFLDU\ŠDSDUHFHUiHQ
ODSDQWDOOD$PERVKRUQRVVHHQFXHQWUDQDKRUDHQ
HOPRGR6DEEDWK
3UHVLRQHHOERWyQ&22.7,0(WLHPSRGHFRFFLyQ
HQHOKRUQRVXSHULRURLQIHULRU1RVHGDUiXQD
VHxDO
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHVHDGRGHFRFFLyQHQWUH
PLQXWR\KRUDV\PLQXWRV
3UHVLRQHHOERWyQ67$57LQLFLDU
3UHVLRQHHOERWyQ%$.(KRUQHDU1RVHGDUiXQD
VHxDO
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGD1RVHGDUi
QLQJXQDVHxDORWHPSHUDWXUD1RKD\XQD
WHPSHUDWXUDSUHGHWHUPLQDGD
3UHVLRQHHOERWyQ67$57LQLFLDUHQHOKRUQR
FRUUHVSRQGLHQWH
'HVSXpVGHXQSHUtRGRDOHDWRULRGH
DSUR[LPDGDPHQWHVHJXQGRVDPLQXWRŠ
DSDUHFHUiHQODSDQWDOODLQGLFDQGRTXHHOKRUQR
HVWiKRUQHDQGRURVWL]DQGR6LŠQRDSDUHFHHQ
ODSDQWDOODFRPLHQFHGHQXHYRHQHOSDVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQHHOERWyQ
%$.(KRUQHDULQJUHVHODQXHYDWHPSHUDWXUDXVDQGR
ODVDOPRKDGLOODVQXPpULFDV\SUHVLRQHHOERWyQ67$57
LQLFLDU
&XDQGRVHKD\DWHUPLQDGRODFRFFLyQODSDQWDOOD
FDPELDUiGHŠDŠ\DSDUHFHUiLQGLFDQGRTXH
HOKRUQRVHKDDSDJDGR2))SHURVLJXHFRQILJXUDGRHQ
6DEEDWK5HWLUHORVDOLPHQWRVGHOKRUQR
&yPRGHVDFWLYDUODIXQFLyQ6DEEDWK
3UHVLRQHHOERWyQ&/($52))ERUUDUDSDJDGR
6LHOKRUQRHVWiFRFLQDQGRHVSHUHXQSHUtRGR
DOHDWRULRGHDSUR[LPDGDPHQWHVHJXQGRVD
PLQXWRKDVWDTXHVyORŠDSDUH]FDHQODSDQWDOOD
3UHVLRQH\VRVWHQJDORVERWRQHV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPRWLHPSR
KDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
3UHVLRQHHOERWyQ'(/$<67$57LQLFLRUHWDUGDGR
KDVWDTXHVKGQRQRVKGQDSDUH]FDQHQOD
SDQWDOOD
(OLMDVKGQLQGLFDQGRTXHHOKRUQRVHDSDJDUi
DXWRPiWLFDPHQWHGHVSXpVGHKRUDVRQR
VKGQLQGLFDQGRTXHHOKRUQRQRVHDSDJDUi
DXWRPiWLFDPHQWHGHVSXpVGHKRUDV
3UHVLRQH67$57LQLFLDUFXDQGRODRSFLyQGHVHDGD
DSDUHFHHQODSDQWDOODVKGQRQRVKGQ
127$(QFDVRGHFRUWHGHHQHUJtDFRQODIXQFLyQ
GH6DEEDWKDFWLYDGDGLFKDIXQFLyQVHDSDJDUi
DXWRPiWLFDPHQWHD~QFXDQGRYXHOYDODHQHUJtD
(OFRQWUROGHOKRUQRGHEHYROYHUDFRQILJXUDUVH$OJXQRV
PRGHORVFRQWLQXDUiQHOPRGR6DEEDWKVLQHPEDUJR
VLVHDEUHODSXHUWDVHDFWLYDUiODOX]GHOKRUQR
&yPRXVDUORVKRUQRDXWROLPSLDQWHVVXSHULRU
*($SSOLDQFHVFRP
$QWHVGHXQFLFORGHOLPSLH]D
$'9(57(1&,$
3(/,*52'(,1&(1',2/LPSLHODJUDVD\
ODVXFLHGDGUHEHOGHGHOSLVRGHOKRUQRDQWHV
GHODDXWROLPSLH]D1RKDFHUORSXHGHSURYRFDU
XQLQFHQGLRHQHOKRUQR
/LPSLHFRQXQSDxRORVGHVHFKRV
UHEHOGHVDFXPXODGRVHQHOSLVRGHO
KRUQR
5HFRPHQGDPRVYHQWLODUVXFRFLQDFRQ
XQDYHQWDQDDELHUWDRXWLOL]DQGRXQYHQWLODGRU
RFDPSDQDGXUDQWHHOSULPHUFLFORGH
DXWROLPSLH]D
1ROLPSLHODMXQWD(OPDWHULDOGHILEUDGHYLGULRGH
ODMXQWDGHODSXHUWDGHOKRUQRQRUHVLVWHSURGXFWRV
DEUDVLYRV(VHVHQFLDOTXHODMXQWDVHPDQWHQJDLQWDFWD
6LXVWHGQRWDTXHHVWiGHVJDVWDGDUHHPSOiFHOD
9HULILTXHTXHODWDSDGHODERPELOODGHOX]
GHOKRUQRHVWpHQVXOXJDU\TXHODOX]GHOKRUQRHVWp
DSDJDGD
,03257$17(/DVHPDQDFLRQHVSURGXFLGDVSRU
HOFLFORGHDXWROLPSLH]DGHFXDOTXLHUKRUQRDIHFWDQ
ODVDOXGGHDOJXQDVDYHVGHPDQHUDQRWRULD3URFXUH
OOHYDUVXVDYHVDRWUDKDELWDFLyQELHQYHQWLODGD
4XLWHODDVDGHUDUHMLOODVRQGDWRGRV
ORVUHFLSLHQWHVGHFRFFLyQ\FXDOTXLHUWUR]R
GHSDSHOGHDOXPLQLRGHOKRUQR
127$6
„6LVXKRUQRHVWiHTXLSDGRFRQEDQGHMDV
SDUDKRUQRSODWHDGDVEULOODQWHVTXtWHODV
DQWHVGHFRPHQ]DUHOFLFORGHDXWROLPSLH]D
„/DVEDQGHMDVSDUDKRUQRSODWHDGDVEULOODQWHV
HQDOJXQRVPRGHORVSXHGHQGHMDUVHGXUDQWH
ODDXWROLPSLH]DSHURVHRVFXUHFHUiQSHUGHUiQHO
EULOOR\VHUiGLItFLOGHVOL]DUODV
„6LVXKRUQRHVWiHTXLSDGRFRQEDQGHMDVUHYHVWLGDV
GHSRUFHODQDJULVSXHGHQGHMDUVHGHQWURGHOKRUQR
GXUDQWHHOFLFORGHDXWROLPSLH]D
/DVXFLHGDGXELFDGDHQHOPDUFRIURQWDOGH
ODFRFLQD\IXHUDGHODMXQWDGHODSXHUWDGHEHUi
OLPSLDUVHDPDQR/LPSLHHVWDViUHDVFRQDJXDFDOLHQWH
HVSRQMLOODVGHODQDGHDFHURHPEHELGDVHQMDEyQR
OLPSLDGRUHVWDOHVFRPR6RIW6FUXEŠ(QMXDJXHELHQFRQ
DJXDOLPSLD\VHTXH
&yPRFRQILJXUDUHOKRUQRSDUDXQDDXWROLPSLH]D
/DVSXHUWDVGHOKRUQRGHEHHVWDUFHUUDGDV\WRGRV
ORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRV
SDUDTXHHOFLFORIXQFLRQHHQIRUPDDGHFXDGD
3UHVLRQHHOERWyQ6(/)&/($1DXWROLPSLH]D
6HUHFRPLHQGDXQFLFORGHKRUDVSDUDOLPSLDU
GHUUDPHVSHTXHxRV\FRQWHQLGRV6HUHFRPLHQGD
XQFLFORGHDXWROLPSLH]DGHKRUDVSDUDXQ
KRUQRPiVVXFLR
6LQHFHVLWDXQFLFORGLIHUHQWHGHRKRUDVXWLOLFH
ODVDOPRKDGLOODVQXPpULFDVHLQJUHVHHOWLHPSRGH
OLPSLH]DGHVHDGR
(OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUHKRUDV
\KRUDVGHDFXHUGRFRQHOJUDGRGHVXFLHGDGGHO
KRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
/DVSXHUWDVGHOKRUQRVXSHULRUHLQIHULRUVHEORTXHDQ
DXWRPiWLFDPHQWH/RVHOHPHQWRVGHODHVWXIDWDPELpQ
VHEORTXHDQGXUDQWHODOLPSLH]D/DSDQWDOODPRVWUDUi
HOWLHPSRGHOLPSLH]DUHVWDQWH1RSRGUiQDEULUVH
ODVSXHUWDVGHOKRUQRRXWLOL]DUODHVWXIDKDVWDTXHOD
WHPSHUDWXUDGHVFLHQGDSRUGHEDMRGHODWHPSHUDWXUD
GHEORTXHR\VHDSDJXH/2&.(''225 SXHUWD
EORTXHDGDGHODSDQWDOODGHFRQWURO
&XDQGRVHDSDJXH/2&.(''225 SXHUWDEORTXHDGDXVWHGSRGUiDEULUODVSXHUWDV
„6LXVWHGFRQILJXUDHOFLFORGHOLPSLH]D\VHROYLGDGH
FHUUDUODVSXHUWDVGHOKRUQRGHVWHOODUi/2&.('
'225 SXHUWDEORTXHDGD\ODSDODEUDGRRU
SXHUWDDSDUHFHUiHQODSDQWDOOD
„3DUDGHWHQHUHOFLFORGHOLPSLH]DSUHVLRQH
HOERWyQ&/($52))ERUUDUDSDJDGR
&XDQGRVHDSDJD/2&.(''225 SXHUWD
EORTXHDGDLQGLFDQGRTXHODWHPSHUDWXUD
GHORVKRUQRVKDGHVFHQGLGRSRUGHEDMRGH
ODWHPSHUDWXUDGHEORTXHRXVWHGSRGUiDEULU
ODVSXHUWDV
+RUQRVGREOHV
„8VWHGSXHGHFRQILJXUDUXQFLFORGHOLPSLH]DHQ
DPERVKRUQRVDOPLVPRWLHPSRVLQHPEDUJRQR
HIHFWXDUiQODDXWROLPSLH]DDOPLVPRWLHPSR(O
~OWLPRKRUQRHQFRQILJXUDUVHUHWDUGDUiVXLQLFLR
DXWRPiWLFDPHQWHKDVWDODILQDOL]DFLyQGHOFLFORGH
OLPSLH]DGHOSULPHUKRUQR
„&XDQGRVHFRQILJXUHXQKRUQRSDUDODDXWROLPSLH]D
ODVGRVSXHUWDVGHOKRUQR\ORVFRQWUROHVGHODHVWXID
VHEORTXHDUiQ/RVKRUQRV\ODHVWXIDQRSXHGHQ
XVDUVHFXDQGRXQKRUQRHVWiFRQILJXUDGRSDUD
ODDXWROLPSLH]D
&yPRXVDUORVKRUQRDXWROLPSLDQWHVVXSHULRU
/DVSXHUWDVGHOKRUQRGHEHHVWDUFHUUDGDV\WRGRVORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRVSDUDTXHHOFLFOR
IXQFLRQHHQIRUPDDGHFXDGD
&yPRFRQILJXUDUXQLQLFLRUHWDUGDGRGHOLPSLH]D
3UHVLRQHHOERWyQ6(/)&/($1
DXWROLPSLH]D
6HUHFRPLHQGDXQFLFORGHKRUDVSDUD
OLPSLDUGHUUDPHVSHTXHxRV\FRQWHQLGRV
6HUHFRPLHQGDXQFLFORGHDXWROLPSLH]D
GHKRUDVSDUDXQKRUQRPiVVXFLR
6LQHFHVLWDXQFLFORGLIHUHQWHGHR
KRUDVXWLOLFHODVDOPRKDGLOODVQXPpULFDVH
LQJUHVHHOWLHPSRGHOLPSLH]DGHVHDGR
(OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUH
KRUDV\KRUDVGHDFXHUGRFRQHOJUDGRGH
VXFLHGDGGHOKRUQR
3UHVLRQHHOERWyQ67$57LQLFLDU
/DVSXHUWDVGHOKRUQRVXSHULRUHLQIHULRUVH
EORTXHDQDXWRPiWLFDPHQWH/RVHOHPHQWRVGH
ODHVWXIDWDPELpQVHEORTXHDQGXUDQWHODDXWR
OLPSLH]D/DSDQWDOODPRVWUDUiODKRUDGHLQLFLR
1RSRGUiQDEULUVHODVSXHUWDVGHOKRUQRR
XWLOL]DUVHODHVWXIDKDVWDTXHODWHPSHUDWXUD
GHVFLHQGDSRUGHEDMRGHODWHPSHUDWXUDGH
EORTXHR\VHDSDJXH/2&.(''225 SXHUWD
EORTXHDGDGHODSDQWDOODGHFRQWURO
&XDQGRVHDSDJXH/2&.(''225 SXHUWD
EORTXHDGDXVWHGSRGUiDEULUODVSXHUWDV
3UHVLRQHHOERWyQ'(/$<67$57LQLFLR
UHWDUGDGR
0HGLDQWHODVDOPRKDGLOODVQXPpULFDV
LQJUHVHODKRUDHQTXHGHVHDLQLFLDU
HOFLFORGHOLPSLH]D
'HVSXpVGHXQFLFORGHOLPSLH]D
3XHGHQTXHGDUFHQL]DVEODQFDVHQHOKRUQR
„1RSXHGHFRQILJXUDUVHHOKRUQRSDUDFRFLQDU
/tPSLHODVFRQXQSDxRK~PHGRGHVSXpVGHTXH
RSDUDRWURFLFORGHDXWROLPSLH]DKDVWDTXH
VHHQIUtHHOKRUQR
pVWHVHHQFXHQWUHORVXILFLHQWHPHQWHIUtR
SDUDTXHVHGHVWUDEHODSXHUWD
6LTXHGDQPDQFKDVEODQFDVTXtWHODVFRQXQD
HVSRQMLOODGHODQDGHDFHURHPEHELGDHQMDEyQ
„0LHQWUDVHOKRUQRVHHQFXHQWUDHQHOSURFHVR
\HQMXDJXHELHQFRQXQDPH]FODGHYLQDJUH\
GHDXWROLPSLH]DXVWHGSXHGHSUHVLRQDU
DJXD
HOERWyQ&/2&.UHORMSDUDTXHVHYHDOD
KRUD3DUDYROYHUDODFXHQWDUHJUHVLYDGH
(QJHQHUDOHVWRVGHSyVLWRVVRQUHVWRVGHVDO
OLPSLH]DSUHVLRQHHOERWyQ6(/)&/($1
TXHQRSXHGHQHOLPLQDUVHGXUDQWHHOFLFORGH
DXWROLPSLH]D
OLPSLH]D
„6LUHVXOWDGLItFLOGHVOL]DUODVEDQGHMDVFRORTXH
6LHOKRUQRQRTXHGDOLPSLRGHVSXpVGHXQFLFOR
XQDSHTXHxDFDQWLGDGGHDFHLWHGHFRFLQD
GHOLPSLH]DUHStWDOR
HQXQDWRDOODGHSDSHO\IURWHORVH[WUHPRV
GHODVEDQGHMDV
8VRGHOFDMyQGHOKRUQRLQIHULRU0RGHOR&6~QLFDPHQWH
*($SSOLDQFHVFRP
(OFDMyQGHOKRUQRLQIHULRUVHSXHGHXVDUSDUDKRUQHDUFRPLGDVXVDQGRORVPLVPRVWLHPSRV\WHPSHUDWXUDVTXHHQ
XQKRUQRQRUPDO/DVFRPLGDVLGHDOHVSDUDKRUQHDUHQHOFDMyQGHOKRUQRLQIHULRULQFOX\HQSL]]DFRPLGDVFRQJHODGDV
FD]XHODVJDOOHWDVDUUROODGRV\PXFKRVSRVWUHV
3DUD8VDUHO&DMyQGHO+RUQR,QIHULRU
3UHVLRQHKDFLDDGHQWUR\JLUHODSHULOODGHO
FDMyQGHOKRUQRLQIHULRUKDFLDFXDOTXLHU
FRQILJXUDFLyQGHVHDGD
3HUPLWDTXHHOFDMyQGHOKRUQRLQIHULRUVH
SUHFDOLHQWH
3UHVLRQHKDFLDDGHQWUR\JLUHOD
SHULOODGHOFDMyQGHOKRUQRLQIHULRU
KDFLDFXDOTXLHUFRQILJXUDFLyQ
GHVHDGD
■/DOX]GHODVHxDO21(QFHQGLGRHVWi
XELFDGDHQHOODGRGHUHFKRVXSHULRUGHOD
SHULOOD\EULOODFXDQGRODSHULOODHVWiHQOD
SRVLFLyQ21(QFHQGLGR3HUPDQHFHHQ21
(QFHQGLGRKDVWDTXHODSHULOODHVPRYLGDD
ODSRVLFLyQ2))$SDJDGR
■ /DVHxDOOXPLQRVD´+HDWLQJµ&DOHQWDUHVWi
XELFDGDGHEDMRGHODVHxDOOXPLQRVD21
(QFHQGHU\EULOODFXDQGRORVHOHPHQWRV
GHFDOHQWDPLHQWRHVWiQDFWLYRV(O
SUHFDOHQWDPLHQWRHVWiFRPSOHWROXHJRGH
TXHODVHxDO´+HDWLQJµ&DOHQWDUVHKD\D
DSDJDGRSRUSULPHUDYH]HQFDGDXVR
127$
■6LHPSUHXVHHOHVWDQWHGHOFDMyQLQFOXLGRDO
XVDUHO&DMyQGHO+RUQR,QIHULRU
■(OFDMyQGHOKRUQRLQIHULRUQRVHSXHGHXVDU
GXUDQWHXQFLFORGHDXWROLPSLH]DGHOKRUQR
VXSHULRU
■1RFRORTXHFRPLGDSDSHOGHDOXPLQLRQL
XWHQVLOLRVGHFRFLQDGLUHFWDPHQWHHQHO
IRQGRGHOFDMyQGHOKRUQRLQIHULRU6LHPSUH
XVHHOHVWDQWHGHOFDMyQLQFOXLGR
■6LODVFRPLGDVUHTXLHUHQHVWDUFXELHUWDVXVH
VyORSDSHOGHDOXPLQLRRWDSDVTXHUHVLVWDQ
ODVWHPSHUDWXUDVGHKRUQHDGR1RXVH
SOiVWLFR
■/DDOWXUDPi[LPDGHODVFRPLGDVTXHVH
SXHGHQXELFDUHQHOFDMyQGHOKRUQRLQIHULRU
HVGHµ
■1RFRORTXHOtTXLGRQLDJXDHQHOFDMyQGHO
KRUQRLQIHULRU
■1XQFDFRORTXHSOiVWLFRVSDSHOFRPLGDV
HQODWDGDVRPDWHULDOHVFRPEXVWLEOHVHQHO
FDMyQGHOKRUQRLQIHULRU
(OFDMyQGHOKRUQRLQIHULRUXWLOL]DPHQRVHQHUJtDTXHHOKRUQRVXSHULRU
3HUPLWDORVVLJXLHQWHVWLHPSRVDSUR[LPDGRVSDUDSUHFDOHQWDU
7HPSHUDWXUDGHO+RUQR
,QIHULRU'HVHDGD
7LHPSRGH
3UHFDOHQWDPLHQWR
&$/,(17(
PLQXWRV
ƒ)
PLQXWRV
ƒ)
PLQXWRV
$MXVWHHOWHUPRVWDWRGHOKRUQRLQIHULRU£+iJDORXVWHGPLVPR
(VSRVLEOHTXHHQFXHQWUHTXHVXKRUQRQXHYRFRFLQDGHIRUPDGLIHUHQWHDOTXHUHHPSOD]y8VHVXKRUQRQXHYR
GXUDQWHDOJXQDVVHPDQDVSDUDIDPLOLDUL]DUVHFRQHOPLVPR6LD~QSLHQVDTXHVXKRUQRQXHYRHVGHPDVLDGRFDOLHQWHR
GHPDVLDGRIUtRSRGUiDMXVWDUHOWHUPRVWDWRXVWHGPLVPR
1RXVHWHUPyPHWURVWDOHVFRPRORVTXHVHHQFXHQWUDQHQWLHQGDVSDUDFRQWURODUODWHPSHUDWXUDGHOKRUQR(VWRV
WHUPyPHWURVSXHGHQYDULDUHQWUH\JUDGRV
127$(VWHDMXVWHQRDIHFWDUiODVWHPSHUDWXUDVGHDVDGR
HOT TER T
OVEN
URN
KE
DI
MA
SK
T OVEN TEMPER
TO
JUS
A
AD N SCREWS AND R TUR
OT E
TO OSE
AT
E
LO
TO
AP
H
PR O
TC
X. 10 F PER NO
˚
MA
KE
OVEN COOLER TUR
IS K
ND
3DUWH7UDVHUDGHOD3HULOODGHO
+RUQR,QIHULRU/DDSDULHQFLDSXHGH
YDULDU
(PSXMHODSHULOOD29(1&21752/&RQWURO
GHO+RUQRIXHUDGHODFRFLQD\REVHUYHOD
SDUWHWUDVHUD3DUDUHDOL]DUXQDMXVWHDIORMH
DSUR[LPDGDPHQWHXQJLURSHURVLQTXLWDU
FRPSOHWDPHQWHORVGRVWRUQLOORVHQOD
SDUWHWUDVHUDGHODSHULOOD
&RQODSDUWHWUDVHUDGHOWRUQLOORKDFLD
XVWHGVRVWHQJDHOH[WUHPRH[WHULRUGHOD
SHULOODFRQXQDPDQR\JLUHHOIUHQWHGHOD
PLVPDFRQODRWUD
3DUDHOHYDUODWHPSHUDWXUDGHOKRUQR
PXHYDHOWRUQLOORVXSHULRUKDFLDODGHUHFKD
(VFXFKDUiXQVRQLGRGHFOLFSRUFDGD
DEHUWXUDTXHPXHYDODSHULOOD
3DUDEDMDUODWHPSHUDWXUDPXHYDHO
WRUQLOORVXSHULRUKDFLDODL]TXLHUGD
&DGDFOLFFDPELDUiODWHPSHUDWXUDGHOKRUQRHQ
DSUR[LPDGDPHQWHž)(OUDQJRHVGHž)
GHVGHODIOHFKD6XJHULPRVTXHKDJDHODMXVWH
GHDXQFOLFGHVGHODFRQILJXUDFLyQRULJLQDO\
TXHFRQWUROHHOUHQGLPLHQWRGHOKRUQRDQWHVGH
KDFHUFXDOTXLHUDMXVWHDGLFLRQDO
8QDYH]UHDOL]DGRHODMXVWHYXHOYDD
DMXVWDUHOWRUQLOORGHPRGRTXHHVWpILUPH
SHURWHQJDFXLGDGRGHQRDMXVWDUORHQ
H[FHVR
9XHOYDDLQVWDODUODSHULOODHQODFRFLQD\
FRQWUROHHOUHQGLPLHQWR
&XLGDGR\OLPSLH]DGHODFRFLQD
$VHJ~UHVHGHTXHWRGRV
ORVFRQWUROHVHVWpQ
DSDJDGRV\TXHODV
VXSHUILFLHVHVWpQIUtDV
DQWHVGHOLPSLDUFXDOTXLHU
SDUWHGHODFRFLQD
ADVERTENCIA
Riesgo de Volcaduras
Un niño o adulto pueden volcar la cocina y morir.
Verifique que el soporte anti-volcaduras haya sido
instalado correctamente de tal manera que la pata
niveladora se sujete en el soporte anti-volcaduras.
Asegúrese de que el soporte anti-volcaduras sea
reajustado cuando mueva la estufa de tal manera que
la pata niveladora se sujete en el soporte anti-volcaduras.
No utilice la cocina sin que el soporte anti-volcaduras
esté colocado y ajustado.
Si estas instrucciones no se siguen, como resultado se podrá
producir la muerte o quemaduras graves de niños y adultos.
&yPRTXLWDUHOHQYROWRULRGHSURWHFFLyQ\ODFLQWDGHHPEDODMH
&RQFXLGDGRWRPHXQDSXQWDGHOHQYROWRULR
GHSURWHFFLyQFRQVXVGHGRV\OHQWDPHQWHTXtWHORGHOD
VXSHUILFLHGHODSDUDWR1RXVHHOHPHQWRVILORVRVSDUD
TXLWDUHOHQYROWRULR4XLWHWRGRHOHQYROWRULRDQWHVGH
XVDUHODSDUDWRSRUSULPHUDYH]
3DUDDVHJXUDUVHGHQRGDxDUHODFDEDGRGHOSURGXFWR
ODPHMRUIRUPDGHTXLWDUHOSHJDPHQWRGHODFLQWDGH
HPSDTXHGHORVDSDUDWRVQXHYRVFRQVLVWHHQDSOLFDU
GHWHUJHQWHSDUDYDMLOODVOtTXLGR$SOLTXHFRQXQSDxR
VXDYH\GHMHUHPRMDU
127$'HEHUHWLUDUVHHODGKHVLYRGHWRGDVODVSDUWHV
6LVHFDOLHQWDVHUiLPSRVLEOHGHTXLWDU
3HULOODVGHFRQWURO
3DUDXQDOLPSLH]DPiVVHQFLOODODVSHULOODV
GHFRQWUROSXHGHQTXLWDUVH
9HULILTXHTXHODVSHULOODVHVWpQHQODSRVLFLyQ2))
DSDJDGR\ViTXHODVGHORVYiVWDJRVSDUDODOLPSLH]D
/DVSHULOODVSXHGHQOLPSLDUVHHQHOODYDYDMLOODV
RWDPELpQSXHGHQODYDUVHFRQMDEyQ\DJXD$VHJ~UHVH
GHTXHODSDUWHLQWHUQDGHODVSHULOODVHVWpVHFDDQWHV
GHYROYHUDFRORFDUVH
9XHOYDDFRORFDUODVSHULOODVHQODSRVLFLyQ2))
DSDJDGRSDUDDVHJXUDUXQDFRORFDFLyQFRUUHFWD
3DQHOGHFRQWURO
6LDVtORGHVHDSXHGHGHVDFWLYDUORVERWRQHVGHWRTXH
DQWHVGHODOLPSLH]D
9HUODLQIRUPDFLyQVREUH%ORTXHRGHFRQWUROHVHQOD
VHFFLyQ&yPRXVDUHOUHORMHOWHPSRUL]DGRU\HOEORTXHR
GHFRQWUROHVGHHVWHPDQXDO
/LPSLHORVGHUUDPHVFRQXQSDxRK~PHGR
7DPELpQSXHGHXWLOL]DUXQOLPSLDGRUGHYLGULRV
4XLWHVXFLHGDGHVPiVUHEHOGHVFRQDJXDWLELD
MDERQRVD1RXWLOLFHDEUDVLYRVGHQLQJXQDFODVH
9XHOYDDDFWLYDUORVERWRQHVGHWRTXHGHVSXpVGHOD
OLPSLH]D
6XSHUILFLHVSLQWDGDV
/DVVXSHUILFLHVSLQWDGDVLQFOX\HQORVODGRVGH
ODFRFLQD\ODSXHUWDODSDUWHVXSHULRUGHOSDQHO
GHFRQWURO\HOIUHQWHGHOFDMyQ/tPSLHODVFRQMDEyQ\
DJXDRFRQXQDVROXFLyQGHDJXD\YLQDJUH
1RXWLOLFHOLPSLDGRUHVGHKRUQRFRPHUFLDOHVSROYRV
OLPSLDGRUHVHVSRQMLOODVGHDFHURRDEUDVLYRVSRWHQWHV
VREUHFXDOTXLHUVXSHUILFLHSLQWDGD
6XSHUILFLHVGHDFHURLQR[LGDEOHHQDOJXQRVPRGHORV
1RXWLOLFHDOPRKDGLOODVGHDFHURSRUTXHUD\DQOD
VXSHUILFLH
3DUDOLPSLDUODVXSHUILFLHGHDFHURLQR[LGDEOH
XWLOLFHDJXDWLELDMDERQRVDRXQOLPSLDGRUR
OXVWUDGRUGHDFHURLQR[LGDEOH6LHPSUHOLPSLH
ODVXSHUILFLHHQGLUHFFLyQGHODYHWD6LJDODV
LQVWUXFFLRQHVGHOSURGXFWRSDUDOLPSLDUOD
VXSHUILFLHGHDFHURLQR[LGDEOH
3DUDFRQVXOWDUVREUHODFRPSUDGHOLPSLDGRUHV
ROXVWUDGRUHVGHDSDUDWRVGHDFHURLQR[LGDEOHR
SDUDHQFRQWUDUODXELFDFLyQGHOGLVWULEXLGRUPiV
FHUFDQRDVXGRPLFLOLROODPHDQXHVWURQ~PHUR
JUDWXLWR
&HQWURQDFLRQDOGHUHSXHVWRV *($SSOLDQFHVFRP
(VWXIDGHHVPDOWHGHSRUFHODQDHQDOJXQRVPRGHORV
(ODFDEDGRGHHVPDOWHGHSRUFHODQDHVUHVLVWHQWH
SHURSXHGHURPSHUVHVLVHXWLOL]DLQFRUUHFWDPHQWH
(VWHDFDEDGRHVUHVLVWHQWHDOiFLGR6LQHPEDUJR
QRGHEHSHUPLWLUVHTXHDOJXQRVDOLPHQWRViFLGRV
TXHVHGHUUDPDQFRPRMXJRVGHIUXWDWRPDWHR
YLQDJUHSHUPDQH]FDQHQHODFDEDGR
6LVHGHUUDPDQiFLGRVHQODHVWXIDPLHQWUDVHVWi
FDOLHQWHXWLOLFHXQDWRDOODGHSDSHORXQSDxR
VHFRVSDUDOLPSLDUORHQHOPRPHQWR&XDQGR
ODVXSHUILFLHVHKD\DHQIULDGROLPSLHFRQDJXD
MDERQRVD(QMXDJXHELHQ
(QHOFDVRGHRWURVGHUUDPHVFRPRVDOSLFDGXUDV
GHJUDVDHWFOLPSLHFRQDJXDMDERQRVDRSROYRV
OLPSLDGRUHVFXDQGRODVXSHUILFLHVHKD\DHQIULDGR
(QMXDJXHELHQ3XODFRQXQSDxRVHFR
*($SSOLDQFHVFRP
&yPROLPSLDUODSXHUWDGHOKRUQR
3DUDOLPSLDUODSDUWHLQWHUQDGHODSXHUWD
„'HELGRDTXHHOiUHDTXHVHHQFXHQWUDGHQWUR
GHODMXQWDVHOLPSLDGXUDQWHHOFLFORGH
DXWROLPSLH]DQRHVQHFHVDULROLPSLDUODDPDQR
/DMXQWDHVWiGLVHxDGDFRQXQHVSDFLR
HQODSDUWHLQIHULRUSDUDSHUPLWLUXQD
DGHFXDGDFLUFXODFLyQGHDLUH
1RIURWHROLPSLHODMXQWDGHODSXHUWD
SRUTXHWLHQHXQDUHVLVWHQFLDPX\EDMD
DODDEUDVLyQ
6LVHDGYLHUWHTXHODMXQWDHVWi
GHVJDVWDGDUDtGDRGDxDGDRVLVH
KDGHVSOD]DGRGHVXOXJDUVHODGHEH
UHHPSOD]DU
„
(OiUHDTXHVHHQFXHQWUDIXHUDGHODMXQWD\HO
EXUOHWHGHODSXHUWDSXHGHQOLPSLDUVHFRQXQD
HVSRQMLOODSOiVWLFDFRQMDEyQDJXDFDOLHQWH\
GHWHUJHQWH(QMXDJXHELHQFRQXQDVROXFLyQGH
DJXD\YLQDJUH
3DUDOLPSLDUODSDUWHH[WHUQDGHODSXHUWD
„
8WLOLFHMDEyQ\DJXDSDUDOLPSLDUFXLGDGRVDPHQWH
ODSDUWHVXSHULRUORVODGRV\HOIUHQWHGHODSXHUWD
GHOKRUQR(QMXDJXHELHQ7DPELpQHVSRVLEOH
XWLOL]DUXQOLPSLDGRUGHYLGULRVSDUDOLPSLDUODSDUWH
H[WHULRUGHODSXHUWD1RSHUPLWDTXHFDLJDDJXD
VREUHODVDEHUWXUDVGHYHQWLODFLyQ
„
6LTXHGDDOJXQDPDQFKDSHUVLVWHQWHHQODVHFFLyQ
GHYHQWLODFLyQGHODSXHUWDXWLOLFHXQOLPSLDGRU
DEUDVLYRVXDYH\XQDHVSRQMDSDUDREWHQHUORV
PHMRUHVUHVXOWDGRV
„
/DVVDOSLFDGXUDVGHVDOVDVMXJRVGHIUXWDVVDOVDV
GHWRPDWH\MXJRVGHDOLPHQWRVTXHFRQWLHQHQ
iFLGRVSXHGHQGHFRORUDUODVXSHUILFLHSRUORTXH
VHGHEHHQMXDJDUORVGHLQPHGLDWR&XDQGROD
VXSHUILFLHHVWpIUtDOLPSLH\HQMXDJXH
„
1RXWLOLFHOLPSLDGRUHVSDUDKRUQRVSROYRV
OLPSLDGRUHVRDEUDVLYRVSRWHQWHVHQODSDUWH
H[WHUQDGHODSXHUWD
3XHUWDGHOKRUQRGHVPRQWDEOHHQDOJXQRVPRGHORV
/DSXHUWDHVPX\SHVDGD7HQJDFXLGDGRDOTXLWDU\
OHYDQWDUODSXHUWD
1ROHYDQWHODSXHUWDGHODPDQLMD
3DUDTXLWDUODSXHUWD
5DQXUD
7UDEDGH
ODELVDJUD
7LUHODVWUDEDVGHODELVDJUDKDFLD
DEDMRSDUDGHVWUDEDU
$EUDODSXHUWDSRUFRPSOHWR
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDEDMRHQ
GLUHFFLyQGHOPDUFRGHODSXHUWDKDVWD
GHVWUDEDUODV3XHGHQHFHVLWDUVHXQDKHUUDPLHQWD
FRPRXQGHVWRUQLOODGRUSODQRSHTXHxR
7RPHFRQILUPH]DDPERVODGRVGHODSXHUWDGHOD
SDUWHVXSHULRU
&LHUUHODSXHUWDKDVWDODSRVLFLyQGHUHPRFLyQ
GHSXHUWDTXHHVDPLWDGGHFDPLQRHQWUH
ODSRVLFLyQGHDVDGR\ODSXHUWDFHUUDGD
/HYDQWHODSXHUWDKDVWDTXHHOEUD]R
GHODELVDJUDKD\DVDOLGRGHODUDQXUD
3DUDYROYHUDFRORFDUODSXHUWD
7RPHFRQILUPH]DDPERVODGRVGHODSXHUWDGHOD
SDUWHVXSHULRU
&RQODSXHUWDHQ ([WUHPR
%UD]RGH
ODELVDJUD
HOPLVPRiQJXOR LQIHULRUGH
GHODSRVLFLyQGH ODUDQXUD
UHPRFLyQ
LQWURGX]FDODPXHVFDGHO
EUD]RGHODELVDJUDGHQWUR
GHOH[WUHPRLQIHULRUGHOD
0XHVFD
UDQXUDGHODELVDJUD/D
UDQXUDGHOEUD]RGHOD
ELVDJUDGHEHHVWDUELHQ
FRORFDGDHQODSDUWHLQIHULRUGHODUDQXUD
$EUDODSXHUWDSRUFRPSOHWR6LODSXHUWD
QRVHDEUHSRUFRPSOHWRODPXHVFDQRHVWiELHQ
FRORFDGDHQHOH[WUHPRLQIHULRUGH
ODUDQXUD
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLDDUULED
FRQWUDHOPDUFRIURQWDOGHODFDYLGDGGHOKRUQR
KDVWDDOFDQ]DUODSRVLFLyQGHEORTXHR
7UDEDGH
ODELVDJUD
%UD]RGH
ODELVDJUD
3RVLFLyQGHUHPRFLyQ
3UHVLRQHODVWUDEDVGHODELVDJUD
KDFLDDUULEDSDUDEORTXHDU
&LHUUHODSXHUWDGHOKRUQR
&XLGDGR\OLPSLH]DGHODFRFLQD
%DQGHMDVGHOKRUQR
7RGDVODVEDQGHMDVGHOKRUQRSXHGHQOLPSLDUVHD
PDQRFRQXQOLPSLDGRUDEUDVLYRRXQDHVSRQMLOOD
8WLOLFHODEDQGHMDVLQODVGRVPDQLMDV
GHDFHUR'HVSXpVGHOLPSLDUHQMXDJXHODV
IURQWDOHVHQHOKRUQRLQIHULRU
EDQGHMDVFRQDJXDOLPSLD\VpTXHODVFRQXQSDxR
OLPSLR/DVEDQGHMDVUHYHVWLGDVGHSRUFHODQDJULV
SXHGHQSHUPDQHFHUHQHOKRUQRGXUDQWHHOFLFOR
GHDXWROLPSLH]DVLQVXIULUGDxRV/DVEDQGHMDVGHO
KRUQRGHQtTXHOSXHGHQSHUPDQHFHUHQHOKRUQR
GXUDQWHHOFLFORGHDXWROLPSLH]DSHURSHUGHUiQHO
OXVWUH\UHVXOWDUiGLItFLOGHVOL]DUODV6HUiQHFHVDULR
HQJUDVDUWRGRVORVH[WUHPRVGHODVEDQGHMDVFRQ
XQDFDSDGHDFHLWHYHJHWDOVXDYHGHVSXpVGH
OLPSLDUODVDPDQRRHQHOKRUQR(VWRD\XGDUi
DPDQWHQHUHOIiFLOGHVOL]DPLHQWRGHODVEDQGHMDV
3ODQFKDGH+LHUUR)RUMDGR/RGJHŠPRGHOR&6~QLFDPHQWH
(QMXDJXHFRQDJXDFDOLHQWHQRXVHMDEyQ
\VHTXHWRWDOPHQWH
$
QWHVGHFRFLQDUSUHSDUHODVXSHUILFLHFRQ
HVSUD\GHFRFLQDRDFHLWHYHJHWDO
/XHJRGHFRFLQDUOLPSLHODSODQFKDFRQXQ
FHSLOORGXUR\DJXDFDOLHQWH1RVH
UHFRPLHQGDHOXVRGHMDEyQ\QXQFDVH
GHEHQXVDUGHWHUJHQWHVSRWHQWHV
6HTXHFRQXQDWRDOODGHIRUPDLQPHGLDWD
\DSOLTXHXQDFDSDVXDYHGHHVSUD\GH
FRFLQDRDFHLWHYHJHWDOPLHQWUDVOD
SODQFKDD~QHVWiFDOLHQWH
*XDUGHHQXQOXJDUIUtR\VHFR
1RODYHHQHOODYDYDMLOODV
3UHFDXFLRQHVGHOD3ODQFKD
■6LDOJRVHGHUUDPyGHEDMRGHODSODQFKDVH
GHEHUiOLPSLDUWDQSURQWRFRPRVHDSRVLEOH
SDUDHYLWDUVXFLHGDGGHFRPLGD´KRUQHDGDµ
/HDODVHFFLyQGH/LPSLH]DGHODFRFLQDGH
YLGULR
■1RSHUPLWDTXHVHDFXPXOHJUDVDGHEDMR
GHODSODQFKD\DTXHSXHGHKDEHUULHVJR
GHLQFHQGLR/LPSLHODSDUWHLQIHULRUGHOD
SODQFKDWDQSURQWRFRPRHVWpIUtD/HDOD
VHFFLyQGH/LPSLH]DGHODFRFLQDGHYLGULR
■1RFRORTXHODSODQFKDHQHOKRUQR
PLFURRQGDV
■6LHPSUHDSDJXHORVTXHPDGRUHV
VXSHUILFLDOHVDQWHVGHUHWLUDUODSODQFKD
'HEHUiWHQHUFXLGDGRDOVRVWHQHUXQD
SODQFKDFDOLHQWH
*($SSOLDQFHVFRP
2YHQ$LU9HQWV
1HYHUEORFNWKHYHQWVDLURSHQLQJVRIWKH
UDQJH7KH\SURYLGHWKHDLULQOHWDQGRXWOHWWKDW
DUHQHFHVVDU\IRUWKHUDQJHWRRSHUDWHSURSHUO\
9HQWDSSHDUDQFHDQGORFDWLRQ
YDU\
$LURSHQLQJVDUHORFDWHGDWWKHUHDURIWKH
FRRNWRSDWWKHWRSDQGERWWRPRIWKHRYHQ
GRRUDQGDWWKHERWWRPRIWKHUDQJHXQGHUWKH
ORZHURYHQGUDZHU
&DMyQFDOHQWDGRUGHVPRQWDEOH5HFLSLHQWHGHOFDMyQ
GHOKRUQRLQIHULRUPRGHOR&6~QLFDPHQWH
127$(QORVPRGHORVFRQFDMyQFDOHQWDGRU
HOpFWULFRRFDMyQGHKRUQRLQIHULRUDQWHVGH
UHDOL]DUFXDOTXLHUFODVHGHDMXVWHOLPSLH]DR
UHSDUDFLyQGHVFRQHFWHODFRQH[LyQHOpFWULFDGHOD
FRFLQDGHVGHHOSDQHOGHGLVWULEXFLyQGRPpVWLFR
TXLWDQGRHOIXVLEOHRGHVFRQHFWDQGRHOLQWHUUXSWRU
GHFLUFXLWRV9HULILTXHTXHHOHOHPHQWRFDOHQWDGRU
GHOFDMyQHVWpIUtR
127$'HMHTXHHOFDMyQFDOHQWDGRURHOFDMyQ
GHOKRUQRLQIHULRUVHHQIUtHQDQWHVGHTXLWDUHO
UHFLSLHQWH
127$/LPSLHORVGHUUDPHVUiSLGDPHQWH
GHVSXpVGHFDGDXVR
„1XQFDFRORTXHXWLOLFHROLPSLHPHGLDQWHOD
FDUDFWHUtVWLFDGHDXWROLPSLH]DHOUHFLSLHQWH
GHOFDMyQHQHOKRUQRVXSHULRU
„(OFDMyQFDOHQWDGRURHOFDMyQGHOKRUQR
LQIHULRUFXHQWDQFRQXQUHFLSLHQWH
GHVPRQWDEOHSDUDXQDOLPSLH]DIiFLO/LPSLH
FRQDJXDMDERQRVDFDOLHQWH\XQDHVSRQMD
RUHSDVDGRU6HTXHFRQXQSDxRVXDYH\
OLPSLR9XHOYDDFRORFDUHOUHFLSLHQWHHQHO
FDMyQFDOHQWDGRURHOFDMyQGHOKRUQRLQIHULRU
&DMyQ([WUDtEOHPRGHOR&6~QLFDPHQWH
127$3DUDPRGHORVFRQXQFDMyQGH
FDOHQWDPLHQWRHOpFWULFRDQWHVGHUHDOL]DU
FXDOTXLHUDMXVWHOLPSLH]DRVHUYLFLRWpFQLFR
GHVFRQHFWHHOVXPLQLVWURGHFRUULHQWH
HOpFWULFDGHODFRFLQDGHVGHHOSDQHOGH
GLVWULEXFLyQGHOKRJDUUHWLUDQGRHOIXVLEOH
RDSDJDQGRHOGLV\XQWRU$VHJ~UHVHGH
TXHHOHOHPHQWRGHFDOHIDFFLyQGHOFDMyQ
FDOHQWDGRUHVWpIUtR
3UHVLRQHHOOLEHUDGRUGHOULHOL]TXLHUGR
KDFLDDUULED\SUHVLRQHHOGHUHFKRKDFLD
DEDMRPLHQWUDVHPSXMDHOFDMyQKDFLD
DGHODQWH\OROLEHUD
3DUDUHHPSOD]DUHOFDMyQ
&RORTXHHOULHOGHOFDMyQL]TXLHUGR
DOUHGHGRUGHODJXtDGHOULHOLQWHULRU
L]TXLHUGR\GHVOLFHHOPLVPROHQWDPHQWH
SDUDHQJDQFKDUOR
/DPD\RUSDUWHGHODOLPSLH]DVHSXHGHUHDOL]DU
FRQHOFDMyQHQVXOXJDU6LQHPEDUJRHOFDMyQ
SXHGHVHUUHWLUDGRVLHVQHFHVDULRFRQWLQXDU
FRQODOLPSLH]D8VHDJXDFDOLHQWH\MDEyQSDUD
OLPSLDUDIRQGR
&RORTXHHOULHOGHOFDMyQGHUHFKRDOUHGHGRU
GHODJXtDGHOULHOLQWHULRUGHUHFKR\GHVOLFH
HOPLVPROHQWDPHQWHSDUDHQJDQFKDUOR
3DUDUHWLUDUHOFDMyQ
'HVOLFHHOFDMyQWRWDOPHQWHKDVWDDGHQWUR
(PSXMHHOFDMyQKDFLDDIXHUDKDVWDTXH
VHGHWHQJD
&XLGDGR\OLPSLH]DGHODFRFLQD
5HHPSOD]RGHODERPELOODGHOKRUQR
9HULILTXHTXHODWDSDGHODOiPSDUD\ODERPELOOD
VHKD\DQHQIULDGRSRUFRPSOHWR
3DUDTXLWDUODWDSD
&RORTXHXQDPDQRGHEDMRGHODWDSDSDUD
TXHQRVHFDLJDFXDQGRODOLEHUHQ&RQORV
GHGRVGHODPLVPDPDQRSUHVLRQH
ILUPHPHQWHVREUHHOVRSRUWHGHODWDSDGH
ORVFDEOHV/HYDQWH\TXLWHODWDSD
1RTXLWHQLQJ~QWRUQLOORSDUDVDFDUODWDSD
5HHPSODFHODERPELOODFRQXQDXQLGDGGH
YDWLRV
6RSRUWHGHODWDSDGHFDEOHV
$'9(57(1&,$
3DUDYROYHUDFRORFDUODWDSD
&ROyTXHODGHQWURGHODUDQXUDGHO
UHFHSWiFXORGHODERPELOOD7LUHGHOFDEOH
KDFLDDGHODQWHHQGLUHFFLyQGHOFHQWURGHOD
WDSDKDVWDTXHVHWUDEHHQVXOXJDU
&RQHFWHODHQHUJtDHOpFWULFDKDFLDODFRFLQD
3(/,*52'('(6&$5*$(/e&75,&$248(0$'85$6$QWHVGHUHHPSOD]DU
ODERPELOODGHOKRUQRGHVFRQHFWHODDOLPHQWDFLyQGHHQHUJtDDOKRUQRGHVGHHOSDQHO
SULQFLSDOGHIXVLEOHVRGHOLQWHUUXSWRUGHFLUFXLWRV1RKDFHUORSXHGHSURYRFDUXQD
GHVFDUJDHOpFWULFDRXQDTXHPDGXUD
(OHPHQWRVFDOHQWDGRUHVGHOKRUQR
1ROLPSLHHOHOHPHQWRSDUDKRUQHDUR
HOHOHPHQWRSDUDDVDU/DVVXFLHGDGHV
VHTXHPDUiQFXDQGRVHFDOLHQWHQ
ORVHOHPHQWRV
3DUDOLPSLDUHOSLVRGHOKRUQROHYDQWHFRQ
FXLGDGRHOHOHPHQWRSDUDKRUQHDU/LPSLHFRQ
DJXDWLELDMDERQRVD
&yPROLPSLDUODHVWXIDGHYLGULR
*($SSOLDQFHVFRP
/LPSLH]DQRUPDOGHXVRGLDULR
6Ï/2XWLOLFHHOOLPSLDGRUGHHVWXIDVFHUiPLFDV
&(5$0$%5<7(ŠHQODHVWXIDGHYLGULR2WUDV
FUHPDVSXHGHQQRVHUWDQHIHFWLYDV
3DUDPDQWHQHU\SURWHJHUODVXSHUILFLHGHVX
HVWXIDGHYLGULRVLJDHVWRVSDVRV
/LPSLHODHVWXIDGHVSXpV
GHFDGDGHUUDPH8WLOLFH
HOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(Š
$QWHVGHXVDUODHVWXIDSRUSULPHUDYH]
OtPSLHODFRQHOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(Š(VWRD\XGDD
SURWHJHUODHVWXID\KDFHODOLPSLH]DPiV
VHQFLOOD
(OXVRGLDULRGHOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(ŠD\XGDUiD
TXHODHVWXIDTXHGHFRPRQXHYD
XQDVJRWDVGHOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(ŠGLUHFWDPHQWH
VREUHODHVWXID
8WLOLFHXQDWRDOODGHSDSHORXQSDxRGH
OLPSLH]D&(5$0$%5<7(ŠSDUDHVWXIDV
FHUiPLFDVSDUDOLPSLDUWRGDODVXSHUILFLH
GHODHVWXID
8VHXQSDxRVHFRRXQDWRDOODGHSDSHO
SDUDTXLWDUORVUHVWRVGHOOLPSLDGRU1R
KDFHIDOWDHQMXDJDU
127$(VPX\LPSRUWDQWHTXH12&$/,(17(
ODHVWXIDKDVWDTXHODKD\DOLPSLDGRSRU
FRPSOHWR
$JLWHELHQODFUHPDGHOLPSLH]D$SOLTXH
5HVLGXRVSHJDGRV
127$8VWHGSXHGH'$³$5ODVXSHUILFLHGH
YLGULRVLXWLOL]DHVSRQMLOODVTXHQRVHDQODV
UHFRPHQGDGDV
'HMHHQIULDUODHVWXID
8WLOLFHXQSDxRGHOLPSLH]D
&(5$0$%5<7(ŠSDUDHVWXIDV
FHUiPLFDV
&RORTXHXQDVJRWDVGHOOLPSLDGRUGH
HVWXIDVFHUiPLFDV&(5$0$%5<7(Š
VREUHWRGDHOiUHDGHUHVLGXRVSHJDGRV
LQGLFDGRVFRQDQWHULRULGDG
3DUDSURWHFFLyQDGLFLRQDOGHVSXpVGH
KDEHUTXLWDGRWRGRVORVUHVWRVSXOD
WRGDODVXSHUILFLHFRQOLPSLDGRUGH
HVWXIDVFHUiPLFDV&(5$0$%5<7(Š\
XQDWRDOODGHSDSHO
8WLOL]DQGRHOSDxRGHOLPSLH]D&(5$0$
%5<7(ŠSDUDHVWXIDVFHUiPLFDVLQFOXLGR
IURWHHOiUHDVXFLDDSOLFDQGRSUHVLyQ
VHJ~QVHDQHFHVDULR
6LTXHGDQUHVWRVUHSLWDORVSDVRV
5HVLGXRVSHJDGRVUHEHOGHV
'HMHHQIULDUODHVWXID
(OUDVSDGRUGHHVWXIDVFHUiPLFDV
&(5$0$%5<7(Š\WRGRVORV
LQVXPRVUHFRPHQGDGRVVH
HQFXHQWUDQGLVSRQLEOHVHQ
QXHVWUR&HQWURGH5HSXHVWRV
9HULQVWUXFFLRQHVEDMRODVHFFLyQ
´3DUDVROLFLWDUUHSXHVWRVµHQOD
SiJLQDVLJXLHQWH
127$1RXWLOLFHKRMDVGHVDILODGDV
RGDxDGDV
8WLOLFHHOUDVSDGRUGHILOR~QLFR
DXQiQJXORDSUR[LPDGRGHGHJUHHV
FRQWUDODVXSHUILFLHGHOYLGULR\UDVSHOD
VXFLHGDG3XHGHVHUQHFHVDULRDSOLFDU
SUHVLyQDOUDVSDGRUSDUDTXLWDUOD
VXFLHGDG
'HVSXpVGHXWLOL]DUHOUDVSDGRUFRORTXH
XQDVJRWDVGHOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(ŠVREUHWRGD
HOiUHDGHVXFLHGDGTXHPDGD8WLOLFHHO
SDxRGHOLPSLH]D&(5$0$%5<7(ŠSDUD
TXLWDUODVXFLHGDGUHVWDQWH
3DUDSURWHFFLyQDGLFLRQDOGHVSXpVGH
KDEHUTXLWDGRWRGRVORVUHVWRVSXOD
WRGDODVXSHUILFLHFRQOLPSLDGRUGH
HVWXIDVFHUiPLFDV&(5$0$%5<7(Š\
XQDWRDOODGHSDSHO
&yPROLPSLDUODHVWXIDGHYLGULR
0DUFDVGHPHWDO\UD\RQHV
7HQJDFXLGDGRGHQRGHVOL]DUROODV\
VDUWHQHVDWUDYpVGHVXHVWXID'HMDUi
PDUFDVGHPHWDOVREUHODVXSHUILFLHGHOD
HVWXID
(VWDVPDUFDVSXHGHQTXLWDUVHXWLOL]DQGR
OLPSLDGRUGHHVWXIDVFHUiPLFDV&(5$0$
%5<7(ŠFRQHOSDxRGHOLPSLH]D&(5$0$
%5<7(ŠSDUDHVWXIDVFHUiPLFDV
6LVHSHUPLWHTXHROODVFRQXQDFDSDILQD
GHDOXPLQLRRFREUHKLHUYDQHQVHFROD
FDSDSXHGHGHMDUXQDGHFRORUDFLyQQHJUD
HQODHVWXID
(VWRGHEHTXLWDUVHGHLQPHGLDWRDQWHV
GHFDOHQWDUGHQXHYRRODGHFRORUDFLyQ
SXHGHOOHJDUDVHUSHUPDQHQWH
127$9HULILTXHFRQGHWHQLPLHQWRTXHODEDVH
GHODVROODVQRVHDiVSHUDSDUDQRUD\DUOD
HVWXID
6HOODGRGHODHVWXID
3DUDOLPSLDUHOVHOODGRGHODHVWXIDDOUHGHGRU
GHORVERUGHVGHYLGULRFRORTXHXQSDxR
K~PHGRVREUHORVPLVPRVGXUDQWHXQRV
PLQXWRV\OXHJROLPSLHFRQOLPSLDGRUHVQR
DEUDVLYRV
6XSHUILFLHGHYLGULRSRVLELOLGDGHVGHGDxRSHUPDQHQWH
/RVGHUUDPHVD]XFDUDGRV
FRPRJHODWLQDVGXOFH
FDUDPHORMDUDEHVRSOiVWLFRV
GHUUHWLGRVSXHGHQPDUFDU
ODVXSHUILFLHGHODHVWXID
QRFXELHUWRSRUODJDUDQWtD
DPHQRVTXHHOGHUUDPHVH
TXLWHPLHQWUDVHVWiFDOLHQWH
'HEHWHQHUVHPXFKRFXLGDGR
DOUHPRYHUVXVWDQFLDV
FDOLHQWHV
$VHJ~UHVHGHXWLOL]DU
XQUDVSDGRUQXHYR\DILODGR
1RXWLOLFHKRMDVGHVDILODGDV
RGDxDGDV
'DxRVSRUGHUUDPHVD]XFDUDGRV\SOiVWLFRGHUUHWLGR
$
SDJXHWRGDVODVXQLGDGHVGHVXSHUILFLH
4XLWHODVROODVFDOLHQWHV
8WLOL]DQGRXQJXDQWHGHFRFLQD
D8VHXQUDVSDGRUGHILOR~QLFRUDVSDGRU
SDUDHVWXIDVFHUiPLFDV&(5$0$
%5<7(ŠSDUDGHVSOD]DUHOGHUUDPHD
XQiUHDIUtDGHODHVWXID
E4XLWHHOGHUUDPHFRQWRDOODVGHSDSHO
3DUDVROLFLWDUUHSXHVWRV
3DUDVROLFLWDUHOOLPSLDGRUGHHVWXIDV
FHUiPLFDV&(5$0$%5<7(Š\HOUDVSDGRUGH
HVWXIDVOODPHDQXHVWURQ~PHURJUDWXLWR
&HQWURQDFLRQDOGHSLH]DV /LPSLDGRUGHHVWXIDVFHUiPLFDV&(5$0$
%5<7(Š :;;
5DVSDGRUGHHVWXIDVFHUiPLFDV
&(5$0$%5<7(Š :;;
.LW :%;
(ONLWLQFOX\HODFUHPD\HOUDVSDGRUGHHVWXIDV
3DxRVGHOLPSLH]D&(5$0$%5<7(ŠSDUD
HVWXIDVFHUiPLFDV :;;
&XDOTXLHUGHUUDPHUHVWDQWHGHEHGHMDUVH
KDVWDTXHODVXSHUILFLHGHODHVWXIDVHKD\D
HQIULDGR
1RXVHODVXQLGDGHVGHVXSHUILFLH
GHQXHYRKDVWDTXHWRGRVORVUHVWRVVH
KD\DQHOLPLQDGRSRUFRPSOHWR
127$6LODVXSHUILFLHGHYLGULR\DKDVXIULGR
PDUFDVRKHQGLGXUDVHOYLGULRGHODHVWXID
GHEHUiFDPELDUVH(QHVHFDVRVHUiQHFHVDULDOD
DWHQFLyQGHXQWpFQLFR
,QVWUXFFLRQHV
GH,QVWDODFLyQ
&RFLQDV(OpFWULFDV
FRQ$SR\R,QGHSHQGLHQWH
¢3UHJXQWDV"/ODPHD*(&$5(6RYLVLWHQXHVWURVLWLRZHEHQ*($SSOLDQFHVFRP
$17(6'(&20(1=$5
3$5$686(*85,'$'
/HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\
DWHQWDPHQWH
‡ ³&RQVHUYHHVWDV
$VHJ~UHVHGHTXHXQWpFQLFRFDOLILFDGRLQVWDOH\FRQHFWH
DWLHUUDGHIRUPDDGHFXDGDHOHOHFWURGRPpVWLFR
$VHJ~UHVHGHTXHORVJDELQHWHV\ORVUHYHVWLPLHQWRVGH
SDUHGDOUHGHGRUGHODFRFLQDSXHGDQUHVLVWLUHOFDORUGH
KDVWDž)JHQHUDGRSRUODFRFLQD
,03257$17(
,03257$17(
LQVWUXFFLRQHVSDUDXVRGHOLQVSHFWRUORFDO
‡ ³&XPSODFRQWRGRVORV
FyGLJRV\RUGHQDQ]DVJXEHUQDPHQWDOHV
‡ 1RWDSDUDHO,QVWDODGRU²$VHJ~UHVHGHTXHHO
&RQVXPLGRUFRQVHUYHHVWDVLQVWUXFFLRQHV
‡ 1RWDSDUDHO&RPSUDGRU²&RQVHUYHHVWDV
LQVWUXFFLRQHVSDUDUHIHUHQFLDIXWXUD
‡ 1LYHOGHKDELOLGDG²/DLQVWDODFLyQGHHVWH
HOHFWURGRPpVWLFRUHTXLHUHXQQLYHOEiVLFRGH
KDELOLGDGHVPHFiQLFDV
‡ 7LHPSRGHLQVWDODFLyQ²$SUR[LPDGDPHQWHHQWUH\
KRUDV
‡ /DFRUUHFWDLQVWDODFLyQGHOSURGXFWRHV
UHVSRQVDELOLGDGGHOLQVWDODGRU
‡ 6LVHSURGXFHQIDOODVHQHOSURGXFWRGHELGRDXQD
LQVWDODFLyQLQDGHFXDGDOD*DUDQWtDQRFXEULUiODV
PLVPDV
³(VWHHOHFWURGRPpVWLFR
GHEHUiHVWDUFRQHFWDGRDWLHUUDGHIRUPDDGHFXDGD
0HFDQLVPRSDUDHYLWDUODLQFOLQDFLyQGHODSDUDWR
ADVERTENCIA
Riesgo de Volcaduras
Un niño o adulto pueden volcar la cocina y morir.
Verifique que el soporte anti-volcaduras se haya
instalado y ajustado correctamente.
Asegurese de que el soporte anti volcaduras sea
reinstalado cuando se mueva la cocina.
No utilice la cocina sin que el soporte anti-volcaduras
esté colocado y ajustado.
Si estas instrucciones no se siguen, como resultado se podrá
producir la muerte o quemaduras graves de niños y adultos.
6LXVWHGQRUHFLELRXQVRSRUWHDQWLYROWHRFRQVX
FRPSUDOODPHDOSDUDUHFLELUXQRVLQ
FRVWRHQ&DQDGiOODPHDOSDUDODV
LQVWUXFLRQHVGHLQVWDODFLRQGHOVRSRUWHYLVLWH
ZZZ*($SSOLDQFHVFRPHQ&DQDGi
ZZZ*($SSOLDQFHVFD
$'9(57(1&,$
6LVXFRFLQDQRFXHQWDFRQXQVRSRUWHDQWLYROWHROODPHDO
SDUDUHFLELUXQRVLQFRVWR
3$5$686(*85,'$'
$'9(57(1&,$
³$QWHVGHFRPHQ]DU
FRQODLQVWDODFLyQDSDJXHHOLQWHUUXSWRUGHOSDQHOGHO
VHUYLFLR\EORTXHHHOVXPLQLVWURGHOVHUYLFLRDILQGHHYLWDU
TXHODFRUULHQWHVHDFWLYHHQIRUPDDFFLGHQWDO&XDQGRHO
VXPLQLVWURGHOVHUYLFLRQRSXHGDVHUEORTXHDGRDMXVWHGH
IRUPDVHJXUDXQGLVSRVLWLYRGHDGYHUWHQFLDYLVLEOHWDOFRPR
XQDHWLTXHWDDOSDQHOGHOVHUYLFLR
3DUDXQXVRVHJXURGHODFRFLQDVHGHEHUiFXPSOLU
FRQWRGDVODVGLPHQVLRQHVGHHVSDFLR\RFXOWDV/D
HOHFWULFLGDGGHODFRFLQDSXHGHVHUGHVFRQHFWDGDGHVGHHO
WRPDFRUULHQWHVLQPRYHUODFRFLQDVLODILFKDVHHQFXHQWUD
HQODXELFDFLyQSUHIHULGDUHWLUHHOFDMyQLQIHULRU
$ILQGHHOLPLQDUHOULHVJRGHTXHPDGXUDVRLQFHQGLRV
DODOFDQ]DUVXSHUILFLHVFDOLHQWHVQRVHGHEHUiXVDUHO
HVSDFLRGHDOPDFHQDPLHQWRGHOJDELQHWHXELFDGRVREUHOD
FRFLQD6LVHGHEHUiEULQGDUHVSDFLRGHDOPDFHQDPLHQWR
GHOJDELQHWHVREUHODFRFLQDHOULHVJRSXHGHVHUUHGXFLGR
LQVWDODQGRXQDFDPSDQDTXHVREUHVDOJDSRUORPHQRV
µPiVDOOiGHOIUHQWHGHORVJDELQHWHV/RVJDELQHWHV
LQVWDODGRVVREUHXQDFRFLQDQRGHEHUiQSRVHHUXQD
SURIXQGLGDGVXSHULRUDODVµ
,QVWUXFFLRQHVGH,QVWDODFLyQ
35(3È5(6(3$5$,167$/$5/$&2&,1$
0$7(5,$/(648(38('(1(&(6,7$5
&RUWDGRUGH$FHUR
7LUDIRQGRV
&DVTXLOORVGH
$QFODMH
3DUD6RSRUWH$QWL9ROFDGXUDV0RQWDGRHQ3LVRVGH&RQFUHWR
ÒQLFDPHQWH
$03$SUREDGRSRU8/
&DEOHGH
&DEOHGH
&RQH[LyQGH3UHVLyQ
$ODPEUHVGHµ 2 $ODPEUHVGHµ 6yORSDUD,QVWDODFLRQHV
GH/RQJLWXG
GH/RQJLWXG
GH&RQGXFWRV
+(55$0,(17$61(&(6$5,$6
7DODGURFRQµ%W
35(3È5(6(3$5$5($/,=$5/$
$3(5785$
'
HMHXQHVSDFLRGHòµHQWUHODFRFLQD\ODVSDUHGHV
YHUWLFDOHVDG\DFHQWHVVREUHODVXSHUILFLHGHODHVWXID
'HMHXQHVSDFLRGHSRUORPHQRVµHQWUHODV
XQLGDGHVGHODVXSHUILFLH\ODSDUWHLQIHULRUGHO
JDELQHWHVXSHULRUGHPDGHUDRPHWDOVLQSURWHFFLyQ
\XQHVSDFLRGHSRUORPHQRVµHQWUHODPHVDGD\
ODSDUWHLQIHULRUGHOJDELQHWHDG\DFHQWH
(;&(3&,Ï1/DLQVWDODFLyQGHXQKRUQRPLFURRQGDV
RHOHFWURGRPpVWLFRGHFRFFLyQTXHILJXUHQHQODOLVWD
VREUHODSDUWHVXSHULRUGHODFRFLQDGHEHUiFXPSOLU
FRQODVLQVWUXFFLRQHVGHLQVWDODFLyQSURYLVWDVFRQHO
HOHFWURGRPpVWLFR
,'HKDEHUXQJDELQHWHGHDOPDFHQDPLHQWRHOULHVJR
VHSXHGHUHGXFLULQVWDODQGRXQDFDPSDQDGHVDOLGD
GHDLUHFRQSUR\HFFLyQKRUL]RQWDODµFP
FRPRPtQLPRGHVGHODSDUWHLQIHULRUGHORVJDELQHWHV
$VHJ~UHVHGHTXHHOUHYHVWLPLHQWRGHSDUHGORV
PRVWUDGRUHV\JDELQHWHVDOUHGHGRUGHODFRFLQDSXHGD
UHVLVWLUHOFDORUGHKDVWDž)JHQHUDGRSRUHOKRUQRR
ODHVWXID
*DIDVGH6HJXULGDG
&DPSDQD
0tQGHµ
/ODYH$MXVWDEOH
0tQ 0LQGH
GHµ µ
&LQWDPpWULFD
8ELTXHODFDMDGHVDOLGD
GHQWURGHFDGDiUHD
VRPEUHDGD
3DUHG
/iSL]
3LQ]DV
0tQGH
òµ
3DUHG
1LYHO
/ODYHGH7XHUFDVGHóµ
'HVWRUQLOODGRU3KLOOLSV
,QVWDOHODFDMD
GHVDOLGDD
FDGDODGRGH
OD&/
'HVWRUQLOODGRUFRQ
&DEH]D3ODQD
3$57(6,1&/8,'$6
.LWGHO6RSRUWH$QWL9ROFDGXUDVW
5(7,5(/260$7(5,$/(6'(/(19Ë2
1RPHQRV
TXHHODQFKR
GHODFRFLQD
5HTXLUHORVPDWHULDOHVGHOHPEDODMH6LQRVH
UHWLUDQORVPDWHULDOHVGHOHPEDODMHVHSRGUiQ
SURGXFLUGDxRVVREUHHOHOHFWURGRPpVWLFR
øs
&GHOD&RFLQD
/
s
&DMDGH
VDOLGD
øs
øs
&DMDGHVDOLGD
s
3LVR
øs
3LVRGHEDMRGHODHVWXID
6XFRFLQDDOLJXDOTXHPXFKRVRWURVDUWtFXORV
GHOKRJDUHVSHVDGD\VHSXHGHFRORFDUVREUH
UHYHVWLPLHQWRVGHSLVRVXDYHVWDOHVFRPRDOIRPEUDVR
YLQLORDFROFKRQDGR
$OPRYHUODFRFLQDHQHVWHWLSRGHSLVRVHGHEHUtD
LQVWDODUHQXQDKRMDJUXHVDGHFRQWUDFKDSDGRGHóµR
PDWHULDOVLPLODUGHOVLJXLHQWHPRGR
&XDQGRHOUHYHVWLPLHQWRGHOSLVRILQDOL]DIUHQWHDOD
FRFLQDHOiUHDGRQGHODFRFLQDVHDSR\DUiGHEHUi
VHUGHFRQWUDFKDSDGRDOPLVPRQLYHORPiVDOWRTXH
HOUHYHVWLPLHQWRGHOSLVR(VWRSHUPLWLUiTXHODFRFLQD
SXHGDVHUPRYLGDSDUDVXOLPSLH]DRUHSDUDFLRQHV
WpFQLFDV
,QVWUXFFLRQHVGH,QVWDODFLyQ
&21(;,21(6(/e&75,&$6
72'$6/$6&216758&&,21(6
18(9$6&$6$652'$17(6
(,167$/$&,21(6'21'(
/26&Ï',*26/2&$/(612
3(50,7$1/$,167$/$&,Ï1$
7,(55$$75$9e6'(/&$%/(
1(8752
5(48,6,726(/e&75,&26
35(&$8&,Ï1
3DUDVXVHJXULGDG
SHUVRQDOQRXVHSURORQJDGRUHVFRQHVWH
HOHFWURGRPpVWLFR5HWLUHHOIXVLEOHGHOKRJDURDEUDHO
GLV\XQWRUDQWHVGHFRPHQ]DUODLQVWDODFLyQ
(VWHHOHFWURGRPpVWLFRGHEHUiVHUVXPLQLVWUDGRFRQOD
IUHFXHQFLD\HOYROWDMHDGHFXDGRV\VHUFRQHFWDGRDXQ
FLUFXLWRGHULYDGRLQGLYLGXDOFRUUHFWDPHQWHFRQHFWDGR
DWLHUUDSURWHJLGRSRUXQGLV\XQWRURIXVLEOHFRQHO
DPSHUDMHTXHILJXUDHQODHWLTXHWDGHFDUDFWHUtVWLFDV
WpFQLFDV/DSODFDGHFDOLILFDFLyQHVWiXELFDGDGHWUiV
GHOFDMyQGHOKRUQRHQODHVWUXFWXUDGHOKRUQR
8VHVRORXQFDEOHGHFRFLQDGHFRQGXFWRUHVR
GHFRQGXFWRUHVGHODOLVWDGH8/(VWRVFDEOHV
SRGUiQVHUSURYLVWRVFRQWHUPLQDOHVDQLOODGDVHQ
HOFDEOH\XQGLVSRVLWLYRGHDPRUWLJXDGRUHVGH
UHIXHU]R
6HUHTXLHUHHOXVRGHXQFDEOHSDUDODFRFLQDGH
DPSHUHVFRQXQUDQJRPtQLPRGH
YROWLRV1RVHUHFRPLHQGDHOXVRGHXQFDEOHGH
DPSHUHVSDUDODFRFLQDSHURVLVHXVDVHGHEHUi
LQGLFDUTXHHVSDUDXVRFRQDEHUWXUDVGHFRQH[LyQ
GHXQGLiPHWURQRPLQDOGHµ6HGHEHUi
FHQWUDUHOFDEOH\HOVXMHWDFDEOHVFRQHODJXMHUR
FLHJRSDUDHYLWDUTXHHOH[WUHPRGDxHHOFDEOH
8ELFDFLyQGH
ODSODFDGH
FDOLILFDFLyQGHO
PRGHOR
/HUHFRPHQGDPRVTXHHOFDEOHHOpFWULFR\HOJDQFKRGH
VXHVWXIDVHDQFRQHFWDGRVSRUXQHOHFWULFLVWDFDOLILFDGR
/XHJRGHODLQVWDODFLyQSLGDDOHOHFWULFLVWDTXHOH
PXHVWUHGyQGHVHHQFXHQWUDODGHVFRQH[LyQSULQFLSDOGH
VXHVWXID
‡'HELGRDTXHODVWHUPLQDOHVGHODFRFLQDQR
HVWiQDFFHVLEOHVOXHJRGHTXHODFRFLQDHVWpHQ
SRVLFLyQVHGHEHUiXVDUXQFRQGXFWRURFDEOH
IOH[LEOHGHVHUYLFLR
&RQVXOWHDORVVHUYLFLRVORFDOHVVREUHTXpFyGLJRV
HOpFWULFRVVHDSOLFDQHQVXiUHD6LHOFDEOHDGRGHO
KRUQRHVFXPSOHFRQORVFyGLJRVJXEHUQDPHQWDOHVVH
SRGUiSURGXFLUXQDFRQGLFLyQULHVJRVD(QFDVRGHQR
KDEHUFyGLJRVORFDOHVHOFDEOH\HOIXVLEOHGHVXFRFLQD
GHEHUiQFXPSOLUFRQORVUHTXLVLWRVGHO&yGLJR1DFLRQDO
GH(OHFWULFLGDG$16,1)3$1R³ÒOWLPD(GLFLyQ
3XHGHVROLFLWDUXQDFRSLDHVFULELHQGRD
127$6LVHHVWiXVDQGRXQFRQGXFWRUYD\DDO
3DVR'\OXHJRDO3DVRR
‡(QDOJXQRVPRGHORVVHSRGUiFRQHFWDUXQ
FDSDFLWRUFRQILOWURHQWUHORVFDEOHVQHJUR\
EODQFRHQODFDMDGHHPSDOPHV
1DWLRQDO)LUH3URWHFWLRQ$VVRFLDWLRQ
$VRFLDFLyQ1DFLRQDOGH3URWHFFLyQ&RQWUD,QFHQGLRV
%DWWHU\PDUFK3DUN
4XLQF\0$
'HVGHHOGHHQHURGHHO&yGLJR1DFLRQDOGH
(OHFWULFLGDGUHTXLHUHTXHODVFRQVWUXFFLRQHVQXHYDV
QRH[LVWHQWHVD~QXWLOLFHQXQDFRQH[LyQGHFDEOHV
SDUDXQDFRFLQDHOpFWULFD
$OLQVWDODUXQDFRFLQDHOpFWULFDHQXQDFRQVWUXFFLyQ
QXHYDVLJDORV3DVRV\SDUDXQDFRQH[LyQGH
FDEOHV
'HEHUiXVDUXQVLVWHPDHOpFWULFDGHFDEOHVFRQIDVH
VLPSOHGH$&<9ROWLRVR9ROWLRV
+HUW]6LODFRQHFWDDXQFDEOHDGRGHDOXPLQLRVH
GHEHUiQXVDUFRQHFWRUHVLQVWDODGRVFRUUHFWDPHQWH\
DSUREDGRVSDUDXVRFRQFDEOHDGRGHDOXPLQLR
6LHOVHUYLFLRHOpFWULFRSURYLVWRQRFXPSOHFRQODV
HVSHFLILFDFLRQHVDQWHULRUHVVHUHFRPLHQGDTXHXQ
HOHFWULFLVWDPDWULFXODGRLQVWDOHXQWRPDFRUULHQWH
DSUREDGR
,QVWUXFFLRQHVGH,QVWDODFLyQ
,167$/$&,Ï1'(/&$%/('(
&255,(17(<'(/$0257,*8$'25
&215()8(5=2
& 6yORSDUDLQVWDODFLRQHVGHFDEOHVGHFRUULHQWH
$ 5HWLUHHOFXEUHFDEOHVHQODSDUWHWUDVHUDGHOD
FRFLQDUHWLUDQGRGRVWRUQLOORVFRQXQDOODYHGH
WXHUFDVGHóµ
1
RGHVFDUWHHVWRVWRUQLOORV
WRUQLOORVSDUD
UHHPSOD]DUHO
FXEUHFDEOHV
6LXVDUiXQFRQGXFWRFRQVXOWHHOVLJXLHQWHSDVR
HQVDPEOHHODPRUWLJXDGRUGHUHIXHU]RHQHO
DJXMHUR,QVHUWHHOFDEOHGHFRUULHQWHDWUDYpVGHO
DPRUWLJXDGRUGHUHIXHU]R\DMXVWHHOPLVPR
3HUPLWDTXHTXHGHORVXILFLHQWHPHQWHIORMRFRPR
SDUDDMXVWDUODVWHUPLQDOHVGHORVFDEOHVDOEORTXH
WHUPLQDOFRQIDFLOLGDG6LKD\OHQJHWDVSUHVHQWHV
HQHOH[WUHPRGHODPRUWLJXDGRUGHUHIXHU]RVH
SRGUiQUHWLUDUSDUDXQPHMRUHQFDMH
127$1RLQVWDOHHOFDEOHGHFRUULHQWHVLQ
XQDPRUWLJXDGRUGHUHIXHU]R(OVRSRUWHGHO
DPRUWLJXDGRUGHUHIXHU]RGHEHUtDVHULQVWDODGR
DQWHVGHYROYHUDLQVWDODUHOFXEUHFDEOHVWUDVHUR
GHODFRFLQD
%ORTXH
WHUPLQDO
/HQJHWDGH
UHWHQFLyQ
$PRUWLJXDGRUGH
UHIXHU]R
3DUWHWUDVHUDGHOD
FRFLQD
&XEUHFDEOHV
&DEOHGHFRUULHQWH
% 5HWLUHHODQLOORGHH[SXOVLyQµXELFDGRHQHO
VRSRUWHGLUHFWDPHQWHGHEDMRGHOEORTXHWHUPLQDO
3DUDUHWLUDUHODQLOORGHH[SXOVLyQXWLOLFHXQDOLFDWH
SDUDWRUFHU\DOHMDUHOPLVPRGHOVRSRUWHKDVWD
KDEHUORUHWLUDGR
6RSRUWH
6LJDDOSDVRR
' 3DUDLQVWDODFLRQHVHQFRQGXFWRVDGTXLHUDXQ
%ORTXHWHUPLQDO
HODVSHFWRSXHGH
YDULDU
FRQHFWRUGHSUHVLyQTXHFRLQFLGDFRQHOGLiPHWURGH
VXFRQGXFWR\HQVDPEOHHOPLVPRHQHODJXMHUR
,QVHUWHHOFRQGXFWRDWUDYpVGHOFRQHFWRUGHSUHVLyQ\
DMXVWHHOPLVPR3HUPLWHTXHTXHGHOR
VXILFLHQWHPHQWHIORMRFRPRSDUDDMXVWDUORVFDEOHVDO
EORTXHWHUPLQDOFRQIDFLOLGDG
127$1RLQVWDOHHOWXERVLQXQFRQHFWRUGHSUHVLyQ
(OFRQHFWRUGHSUHVLyQGHEHUtDVHULQVWDODGRDQWHVGH
YROYHUDLQVWDODUHOFXEUHFDEOHVWUDVHURGHODFRFLQD
%ORTXH
WHUPLQDO
$QLOORGHH[SXOVLRQ
HQHOVRSRUWH
$QLOORGH
H[SXOVLyQ
UHWLUDGR
&RQHFWRUGH
SUHVLyQ
&RQGXFWR
6LJDDOSDVRR
6RSRUWH
,QVWUXFFLRQHVGH,QVWDODFLyQ
&21(;,21(6(/e&75,&$6&RQW
,167$/$&,Ï1'(/&$%/('(
&255,(17('(&$%/(6
,167$/$&,Ï1'(/&$%/('(
&255,(17('(&$%/(6
(OFDEOHQHXWURGHO
$'9(57(1&,$
FLUFXLWRGHVXPLQLVWURGHEHUiVHUFRQHFWDGRDOD
$'9(57(1&,$(OFDEOHQHXWURRGH
FRQH[LyQDWLHUUDGHOFDEOHGHFRUULHQWHGHEHUi
VHUFRQHFWDGRDODWHUPLQDOQHXWUDOXELFDGD
HQHOFHQWURGHOEORTXHWHUPLQDO/RVFDEOHV
GHFRUULHQWHGHEHUiQVHUFRQHFWDGRVDODV
WHUPLQDOHVLQIHULRUL]TXLHUGDHLQIHULRUGHUHFKD
GHOEORTXHWHUPLQDO
WHUPLQDOQHXWUDXELFDGDHQHOFHQWURLQIHULRUGHO
EORTXHWHUPLQDO/RVFDEOHVGHFRUULHQWHGHEHUiQVHU
FRQHFWDGRVDODVWHUPLQDOHVLQIHULRUL]TXLHUGDH
LQIHULRUGHUHFKDGHOEORTXHWHUPLQDO(OWRFDEOHGH
FRQH[LyQDWLHUUDGHEHUiVHUFRQHFWDGRDOD
HVWUXFWXUDGHODFRFLQDFRQODSODFDGHFRQH[LyQD
WLHUUD\HOWRUQLOORGHFRQH[LyQDWLHUUD
$ 5HWLUHORVWRUQLOORVGHODWHUPLQDOLQIHULRUGHO
EORTXHWHUPLQDO,QVHUWHORVWRUQLOORV
WHUPLQDOHVDWUDYpVGHFDGDDQLOORWHUPLQDOGHO
FDEOHGHFRUULHQWH\HQODVWHUPLQDOHV
LQIHULRUHVGHOEORTXHWHUPLQDO$VHJ~UHVHGH
TXHHOFDEOHFHQWUDOEODQFRQHXWURHVWp
FRQHFWDGRDODSRVLFLyQLQIHULRUFHQWUDOGHO
EORTXHWHUPLQDO$MXVWHORVWRUQLOORVGHIRUPD
VHJXUDDOEORTXHWHUPLQDO
12UHWLUHODFRQH[LyQGHODFLQWDGHFRQH[LyQ
DWLHUUD
$ 5HWLUHORVWRUQLOORVGHODWHUPLQDOLQIHULRUGHOEORTXH
WHUPLQDO5HWLUHHOWRUQLOORGHFRQH[LyQDWLHUUD\ODSODFD
GHFRQH[LyQDWLHUUD\UHWHQJDORVPLVPRV
RUWH\GHVFDUWHODWLUDGHFRQH[LyQDWLHUUD12
% &
'(6&$57(1,1*Ò17251,//2
& ,QVHUWHHOWRUQLOORGHFRQH[LyQDWLHUUDHQHODQLOOR
WHUPLQDOGHOFDEOHGHFRUULHQWHFRQFRQH[LyQDWLHUUDD
WUDYpVGHODSODFDGHFRQH[LyQDWLHUUD\HQODHVWUXFWXUD
GHODFRFLQD
' ,QVHUWHORVWRUQLOORVWHUPLQDOHVUHWLUDGRVSUHYLDPHQWH
DWUDYpVGHFDGDDQLOORWHUPLQDOGHOFDEOHGHFRUULHQWH\
HQODVWHUPLQDOHVLQIHULRUHVGHOEORTXHWHUPLQDO
$VHJ~UHVHGHTXHHOFDEOHFHQWUDOEODQFRQHXWURHVWp
FRQHFWDGRDODSRVLFLyQLQIHULRUFHQWUDOGHOEORTXH
WHUPLQDO$MXVWHORVWRUQLOORVGHIRUPDVHJXUDDOEORTXH
WHUPLQDO
%ORTXH
WHUPLQDO
HODVSHFWR
SXHGHYDULDU
3ODFDGH
FRQH[LyQD
WLHUUD
$QWHV
7HUPLQDO
QHXWUDO
&LQWDGHFRQH[LyQD
WLHUUD
RU
%ORTXH
WHUPLQDO
&LQWDGH
FRQH[LyQ
DWLHUUD
&LQWDGHFRQH[LyQDWLHUUD
'HVSXpV
&DEOHGH
FRUULHQWH
%ORTXH
WHUPLQDO
% 6LJDDO3DVR\SURFHGDFRQODLQVWDODFLyQ
7HUPLQDO
QHXWUDO
7HUPLQDO
QHXWUDO
3ODFDGH
FRQH[LyQ
DWLHUUD
FRQH[LyQD
WLHUUDGHOD
FRFLQD
7RUQLOORGH
FRQH[LyQD
WLHUUD
( 6LJDDO3DVR\SURFHGDFRQODLQVWDODFLyQ
,QVWUXFFLRQHVGH,QVWDODFLyQ
,167$/$&,Ï1'(/&21'8&72'(
&$%/(6
,167$/$&,Ï1'(/&21'8&72'(
&$%/(6
$ $IORMHORVWRUQLOORVGHODWHUPLQDOLQIHULRUGHO
EORTXHWHUPLQDO,QVHUWHODSXQWDGHOFDEOH
FHQWUDOGHVFXELHUWREODQFRQHXWURDWUDYpVGH
ODDEHUWXUDGHOEORTXHWHUPLQDOGHODSDUWH
FHQWUDOLQIHULRU(QFLHUWRVPRGHORVHOFDEOH
GHEHUiVHULQVHUWDGRDWUDYpVGHODDEHUWXUDGH
ODFLQWDGHFRQH[LyQDWLHUUD\OXHJRHQOD
DEHUWXUDGHOEORTXHFHQWUDOLQIHULRU,QVHUWHODV
GRVSXQWDVGHORVFDEOHVGHVFXELHUWRVODWHUDOHV
HQODVDEHUWXUDVGHOEORTXHWHUPLQDOLQIHULRU
L]TXLHUGDHLQIHULRUGHUHFKD$MXVWHORVWRUQLOORV
KDVWDTXHHOFDEOHHVWpILUPHDSUR[LPDGDPHQWH
SXOJDGDVOEV
$ $IORMHORVWRUQLOORVGHODWHUPLQDOLQIHULRUGHO
EORTXHWHUPLQDO5HWLUHHOWRUQLOORGHFRQH[LyQD
WLHUUD\ODSODFDGHFRQH[LyQDWLHUUD\UHWHQJDORV
PLVPRV&RUWH\GHVFDUWHODWLUDGHFRQH[LyQD
WLHUUD12'(6&$57(1,1*Ò17251,//2
% ,QVHUWHHOFDEOHGHVFXELHUWRGHFRQH[LyQDWLHUUD
HQWUHHOPDUFRGHODFRFLQD\ODSODFDGHFRQH[LyQ
DWLHUUDUHWLUDGDSUHYLDPHQWH\DVHJXUHHOPLVPR
FRQHOWRUQLOORGHFRQH[LyQDWLHUUDUHWLUDGR
SUHYLDPHQWH,QVHUWHODSXQWDGHOFDEOH
GHVFXELHUWREODQFRQHXWURDWUDYpVGHODSDUWH
FHQWUDOLQIHULRUGHODDEHUWXUDGHOEORTXHWHUPLQDO
,QVHUWHODVGRVSXQWDVGHORVFDEOHVGHVFXELHUWRV
ODWHUDOHVHQODVDEHUWXUDVGHOEORTXHWHUPLQDO
LQIHULRUL]TXLHUGRHLQIHULRUGHUHFKR$MXVWHORV
WRUQLOORVKDVWDTXHHOFDEOHHVWpILUPH
DSUR[LPDGDPHQWHSXOJDGDVOEV
127$&$%/($'2'($/80,1,2
6HSRGUiXVDUXQFDEOHGHDOXPLQLRSDUD
FRQVWUXFFLyQSHURVHGHEHUiFDOLILFDUHO
DPSHUDMH\YROWDMHFRUUHFWRSDUDKDFHUOD
FRQH[LyQ&RQHFWHORVFDEOHVVLJXLHQGRORV
3DVRV\GHSHQGLHQGRGHODFDQWLGDGGH
FDEOHV
$QWHV
&LQWDGH
FRQH[LyQDWLHUUD
3XQWDVGH
FDEOHV
RU
%ORTXH
WHUPLQDO
%ORTXH
WHUPLQDO
6RSRUWH
&LQWDGHFRQH[LyQD
WLHUUD
'HVSXpV
%ORTXH
WHUPLQDO
&RQGXFWR
3XQWDVGH
FDEOHV
(OFDEOHXVDGRODXELFDFLyQ\FLHUUHGH
HPSDOPHVHWFGHEHUiFXPSOLUFRQODV
SUiFWLFDVFRUUHFWDVGHLQVWDODFLyQGHFDEOHV
\FRQORVFyGLJRVORFDOHV
7HUPLQDO
QHXWUDO
3ODFDGH
FRQH[LyQ
DWLHUUD
FRQH[LyQD
WLHUUDGHOD
FRFLQD
7RUQLOORGH
FRQH[LyQ
DWLHUUD
% 6LJDDO3DVR\SURFHGDFRQODLQVWDODFLyQ
6RSRUWH
(OFDEOHXVDGRODXELFDFLyQ\FLHUUHGH
HPSDOPHVHWFGHEHUiQFXPSOLUFRQODV
SUiFWLFDVFRUUHFWDVGHLQVWDODFLyQGHFDEOHV
\FRQORVFyGLJRVORFDOHV
& 3URFHGDDO3DVR
,QVWUXFFLRQHVGH,QVWDODFLyQ
,167$/(/$&2&,1$
5((03/$&((/&8%5(&$%/(6
1,9(/$&,Ï1'(/$&2&,1$
5
HHPSODFHHOFXEUHFDEOHVHQODSDUWHWUDVHUDGHOD
FRFLQDGHVOL]DQGRVXH[WUHPRGHUHFKRGHEDMRGH
ODOHQJHWDGHUHWHQFLyQ\UHHPSOD]DQGRORVGRV
WRUQLOORVUHWLUDGRVSUHYLDPHQWH$VHJ~UHVHGHTXHQR
KD\DWRUFHGXUDVGHFDEOHVHQWUHODWDSD\ODSDUWH
WUDVHUDGHODFRFLQD
WRUQLOORV
SDUD
UHHPSOD]DU
HOFXEUH
FDEOHV
$ ,QVWDOHORVHVWDQWHVSDUDKRUQRHQHOKRUQR\
SRVLFLRQHODFRFLQDHQHOOXJDUGRQGHVHUiLQVWDODGD
% &RQWUROHODQLYHODFLyQ
XELFDQGRXQQLYHOGHEXUEXMD
RXQDWD]DSDUFLDOPHQWHOOHQD 6SLULWOHYHO
GHDJXDHQXQRGHORV
HVWDQWHVGHOKRUQR6LXVDUi
XQQLYHOGHEXUEXMDKDJDGRV
OHFWXUDVFRQHOQLYHOXELFDGR
GHIRUPDGLDJRQDOSULPHURHQ
XQDGLUHFFLyQ\OXHJRHQODRWUD
& $ILQGHFRORFDUODFRFLQDHQVXSRVLFLyQODVSDWDV
QLYHODGRUDVWUDVHUDVGHEHUiQVHUDMXVWDGDV6H
SRGUiQDMXVWDUGHVGHODSDUWHWUDVHUDHQODSDUWH
LQIHULRUGHODFRFLQD
/HQJHWDGH
UHWHQFLyQ
&XEUH
FDEOHV
$MXVWHGHVGHOD
SDUWHLQIHULRU
WUDVHUDGHOD
FRFLQDPRGHORV
FRQFDMyQ
FDOHQWDGRU
3DUWHWUDVHUDGHODFRFLQD
,167$/$&,Ï1'(',6326,7,92$17,
92/&$'85$6
6XEDOD
FRFLQD
1LYHODGRU
GHSDWDV
%DMHOD
FRFLQD
3DUWHWUDVHUDGHODFRFLQD
ADVERTENCIA
Riesgo de Caída
• Un niño o adulto pueden volcar la cocina y morir.
• Instale el soporte anti-volcaduras sobre la pared o el piso.
• Asegúrese la estufa al soporte anti-volcaduras deslizando
la unidad hacia atras de tal manera que la pata niveladora
sea enganchada.
• Vuelva a adherir el soporte anti-volcaduras si la estufa
se mueve de lugar.
• Si esto no se hace, se podrá producir la muerte o
quemaduras graves en niños o adultos.
' 8VHXQDOODYHGHWXHUFDVRDMXVWDEOHSDUDDMXVWDUODV
SDWDVQLYHODGRUDVKDVWDTXHODFRFLQDHVWpQLYHODGD
( 5HHPSODFHHOFDMyQRHOSDQHO
) /XHJRGHTXHODFRFLQDHVWpQLYHODGDDOHMHODFRFLQD
GHODSDUHGGHPRGRTXHVHSXHGDLQVWDODUHO
GLVSRVLWLYRDQWLYROFDGXUDV
3DUDUHGXFLUHOULHVJRGHLQFOLQDUODFRFLQDHVWDGHEH
HVWDUDVHJXUDGDFRQXQVRSRUWHDQWLYROFDGXUDV
DSURSLDGDPHQWHLQVWDODGR/HDODVLQVWUXFFLRQHVGH
LQVWDODFLRQLQFOXLGDVFRQHOVRSRUWHSDUDXQGHWDOOH
FRPSOHWRDQWHVGHFRPHQ]DUODLQVWDODFLyQ
3DUDUHYLVDUVLHOVRSRUWHHVLQVWDODGR\DMXVWDGRGH
IRUPDDSURSLDGDPLUHTXHGHEDMRGHODFRFLQDODSDWD
QLYHODGRUDWUDVHUDHVWpDMXVWDGDDOVRSRUWH(QDOJXQRV
PRGHORVHOFDMyQGHDOPDFHQDPLHQWRRHOSDQHOGH
SURWHFFLyQVHSXHGHQUHWLUDUSDUDXQDIiFLOLQVSHFFLyQ
6LQRHVSRVLEOHUHDOL]DUXQDLQVSHFFLyQYLVXDOGHVOLFH
ODFRFLQDKDFLDDGHODQWHFRQILUPHTXHHOVRSRUWHDQWL
YROFDGXUDVHVWpDMXVWDGRGHIRUPDVHJXUDDOSLVRROD
SDUHG\GHVOLFHODFRFLQDKDFLDDWUiVGHPRGRTXHOD
SDWDQLYHODGRUDWUDVHUDVHHQFXHQWUHGHEDMRGHOVRSRUWH
DQWLYROFDGXUDV6LODFRFLQDHVH[SXOVDGDGHODSDUHG
SRUDOJXQDUD]yQVLHPSUHUHSLWDHVWHSURFHGLPLHQWRD
ILQGHYHULILFDUTXHHVWpDVHJXUDGRGHIRUPDFRUUHFWD
FRQXQVRSRUWHDQWLYROFDGXUDV1XQFDHOLPLQH
FRPSOHWDPHQWHODVSDWDVQLYHODGRUDV\DTXHGHVHUDVt
ODFRFLQDQRHVWDUiDGHFXDGDPHQWHDVHJXUDGDSRUHO
GLVSRVLWLYRDQWLYROFDGXUDV
,QVWUXFFLRQHVGH,QVWDODFLyQ
/,67$'(&21752/),1$/'(/$
,167$/$&,Ï1
/,67$'(&21752/'(
)81&,21$0,(172
‡$VHJ~UHVHGHTXHHOGLV\XQWRUHVWpFHUUDGR
5(,1,&,2RTXHORVIXVLEOHVGHOFLUFXLWRVHDQ
UHHPSOD]DGRV
‡(QFLHQGDXQDGHODVXQLGDGHVGHODVXSHUILFLH\
REVHUYHTXHHOHOHPHQWREULOOHGHQWURGHORV
VHJXQGRV$SDJXHODXQLGDGFXDQGRVHGHWHFWHHO
EULOOR6LQRVHGHWHFWDHOEULOORGHQWURGHOWLHPSR
OtPLWHYXHOYDDFRQWURODUODVFRQH[LRQHVGHORV
FDEOHVGHODFRFLQD6LVHUHTXLHUHXQFDPELR
YXHOYDDKDFHUODSUXHED6LQRVHUHTXLHUHXQ
FDPELRVROLFLWHTXHVHFRQWUROHQODVFRQH[LRQHV\
HOYROWDMHGHOFDEOHDGRGHODHGLILFDFLyQ
‡$VHJ~UHVHGHTXHKD\DFRUULHQWHHQHOHGLILFLR
‡2EVHUYHHQDOJXQRVPRGHORV6LHOUHORMWLWLOD
´E$Gµ\OXHJR´OLQHµFRQXQWRQRDOWRODFRQH[LyQ
QHXWUDDODFRFLQDQRVHFDEOHyFRUUHFWDPHQWH
&RQWUROHODVFRQH[LRQHVGHOEORTXHWHUPLQDO\RHO
FDEOHDGRGHOKRJDUSDUDFRUUHJLUHOSUREOHPD
‡$VHJ~UHVHGHTXHODSDQWDOODGHO5HORMHQ
PRGHORVHTXLSDGRVGHHVWHPRGRHVWpDFWLYDGD
6LDSDUHFHXQDVHULHGHOtQHDVKRUL]RQWDOHVHQOD
SDQWDOODGHVFRQHFWHHOHQFHQGLGRGHLQPHGLDWR
9XHOYDDFRQWURODUODVFRQH[LRQHVGHOFDEOHDGR
GHODFRFLQD6LVHUHTXLHUHXQFDPELRHQODV
FRQH[LRQHVYXHOYDDKDFHUODSUXHED6LQRVH
UHTXLHUHXQFDPELRVROLFLWHTXHVHFRQWUROHQ
ODVFRQH[LRQHV\HOYROWDMHGHOFDEOHDGRGHOD
HGLILFDFLyQ6HUHFRPLHQGDHOFDPELRGHOUHORMVL
DSDUHFHQODVOtQHDVURMDV
‡$VHJ~UHVHTXHWRGRVORVPDWHULDOHVGHHPEDODMH
\FLQWDVVHKD\DQUHWLUDGR(VWRLQFOX\HFLQWDV
VREUHHOSDQHOPHWiOLFRGHEDMRGHODVSHULOODVGH
FRQWUROVLFRUUHVSRQGHFLQWDDGKHVLYDFLQWDV
GHDMXVWHFDUWyQ\SOiVWLFRSURWHFWRU6LHVWRV
PDWHULDOHVQRVHUHWLUDQVHSRGUiSURGXFLUFRPR
UHVXOWDGRXQGDxRVREUHHOHOHFWURGRPpVWLFRXQD
YH]TXHHOPLVPRIXHHQFHQGLGR\ODVVXSHUILFLHV
HVWpQFDOLHQWHV
‡$VHJ~UHVHGHTXHODSDWDQLYHODGRUDWUDVHUDVHD
FRPSOHWDPHQWHLQVHUWDGDHQHOVRSRUWH$QWL
9ROFDGXUDV\TXHHOVRSRUWHVHKD\DLQVWDODGRGH
IRUPDVHJXUD
‡$VHJ~UHVHGHTXHWRGRVORVFRQWUROHVGHODFRFLQD
VHHQFXHQWUHQHQODSRVLFLyQ2))$SDJDGRDQWHV
GHDOHMDUVHGHODFRFLQD
&RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV
*($SSOLDQFHVFRP
3UREOHPD
&DXVDV3RVLEOHV
4Xp+DFHU
/DVXQLGDGHVGHODVX
SHUILFLHQRPDQWLHQHQXQ
KHUYRUIXHUWHRODFRFFLyQ
QRHVORVXILFLHQWHPHQWH
UiSLGD
6HXVyXWHQVLOLRVLQDGHFXDGRV
‡
8VHROODVSDQDV\TXHFRLQFLGDQFRQHOGLiPHWURGH
ODXQLGDGHVGHODVXSHUILFLHVHOHFFLRQDGD
/DVXQLGDGHVGHODVXSHUIL /RVFRQWUROHVGHOKRUQRIXHURQ
FLHQRIXQFLRQDQGHIRUPD FRQILJXUDGRVGHIRUPDLQFRU
FRUUHFWD
UHFWD
‡
$VHJ~UHVHGHTXHHOFRQWUROFRUUHFWRHVWpFRQ
ILJXUDGRSDUDODXQLGDGGHODVXSHUILFLHTXHHVWi
XVDQGR
‡
5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU
5D\RQHVSRGUiQDSDUHFHU 8VRGHPpWRGRVLQFRUUHFWRVGH
FRPRILVXUDVHQODVXSHU OLPSLH]D
ILFLHGHYLGULRGHODHVWXID
‡
/RVUD\RQHVQRVHSXHGHQUHWLUDU/DVUD\DV
SHTXHxDVVHUiQPHQRVYLVLEOHVFRQHOWLHPSRFRPR
UHVXOWDGRGHODOLPSLH]D
6HXVDURQXWHQVLOLRVFRQSDUWHV
LQIHULRUHViVSHUDVRSDUWtFX
ODViVSHUDVVDORDUHQDHQWUH
HOXWHQVLOLR\ODVXSHUILFLHGHOD
FRFLQD
‡
$ILQGHHYLWDUUD\RQHVVLJDORVSURFHGLPLHQWRVGH
OLPSLH]DUHFRPHQGDGRV$VHJ~UHVHGHTXHODVSDUWHV
LQIHULRUHVGHODVFDFHURODVHVWpQOLPSLDVDQWHVGHVX
XVR\XVHFDFHURODVFRQIRQGRVSDUHMRV
$UHDVGHGHVFRORUDFLyQHQ 'HUUDPHVGHFRPLGDTXHQRVH
ODHVWXID
OLPSLDURQKDVWDHOVLJXLHQWHXVR
‡
/HDODVHFFLyQGH/LPSLH]DGHODFRFLQDGHYLGULR
6XSHUILFLHFDOLHQWHHQXQPRGHOR
FRQXQDHVWXIDGHYLGULRFRQXQ
FRORUOHYH
‡
(VWRHVQRUPDO/DVXSHUILFLHSRGUiDSDUHFHUGHVFRORU
LGDFXDQGRHVWpFDOLHQWH(VWRHVWHPSRUDULR\GHVDSD
UHFHUiDPHGLGDTXHHOYLGULRVHHQIUtH
3ODVWLFGHUUHWLGRVREUHOD
VXSHUILFLH
/DHVWXIDFDOLHQWHHQWUyHQFRQ
WDFWRFRQSOiVWLFRXELFDGRHQOD
HVWXIDFDOLHQWH
‡
&RQVXOWHODVHFFLyQ6XSHUILFLHGHYLGULR²SRVLEOH
GDxRSHUPDQHQWHHQODVHFFLyQ/LPSLH]DGHOD
HVWXIDGHYLGULR
3LFDGXUDVRKHQGLGXUDV
HQODHVWXID
0H]FODFRQD]~FDUFDOLHQWHGHU
UDPDGDHQODHVWXID
‡
/ODPHDXQWpFQLFRFDOLILFDGRSDUDVXUHHPSOD]R
&LFORGHHQFHQGLGR\
DSDJDGRIUHFXHQWHGHODV
XQLGDGHVGHODVXSHUILFLH
6HXVyXWHQVLOLRVLQDGHFXDGRV
‡
8VHVyORROODVSODQDVSDUDPLQLPL]DUORVFLFORV
(VSRVLEOHTXHXQIXVLEOHGHVX
KRJDUVHKD\DTXHPDGRRTXHHO
GLV\XQWRUVHKD\DGHVFRQHFWDGR
/DFDFHURODIXHGHVOL]DGDVREUH
ODVXSHUILFLHGHODFRFLQD
(OFRQWUROGDODVHxDOOXHJR 2OYLGyLQJUHVDUXQDWHPSHUDWXUD ‡
GHLQJUHVDUHOWLHPSRGH
GHKRUQHDGRRWLHPSRGHOLPS
FRFFLyQRHOWLHPSRGH
LH]D
LQLFLR
3UHVLRQHODWHFOD%$.(+RUQHDU\ODWHPSHUDWXUD
GHVHDGDRODWHFOD6(/)&/($1$XWR/LPSLH]D\HO
WLHPSRGHOLPSLH]DGHVHDGR
/DFRPLGDQRKRUQHDQL
GRUDFRUUHFWDPHQWH
&RQWUROHVGHOKRUQRFRQILJXUDGRV ‡
GHIRUPDLQFRUUHFWD
/HDODVHFFLyQVREUH8VRGHOKRUQRVXSHULRU
/DSRVLFLyQGHOHVWDQWHHVLQFRU
UHFWDRHOHVWDQWHQRHVWiQLYH
ODGR
‡
/HDODVHFFLyQVREUH8VRGHOKRUQRVXSHULRU
8VRGHXQDFDFHURODLQFRUUHFWD
RGHXQDFDFHURODGHWDPDxR
LQFRUUHFWR
‡
/HDODVHFFLyQVREUH8VRGHOKRUQRVXSHULRU
´&HUUDUODSXHUWDµDWUDYLH
VDODSDQWDOODFXDQGRVH
FRQILJXUH%52,/$VDU
(OWHUPRVWDWRGHOKRUQRGHEHVHU ‡
DMXVWDGR
/HDODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQR£+i
JDORXVWHGPLVPR
/DSDQWDOODVLHPSUHOHUHFRUGDUi
GHIRUPDDXWRPiWLFDTXHFLHUUH
ODSXHUWD
(VXQUHFRUGDWRULRQRUPDOSDUDFHUUDUODSXHUWDDO
DVDU
‡
&RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV
3UREOHPD
&DXVDV3RVLEOHV
4Xp+DFHU
/DFRPLGDQRDVDGH
&RQWUROHVGHOKRUQRFRQILJXUDGRV ‡
IRUPDFRUUHFWDHQHOKRUQR GHIRUPDLQFRUUHFWD
VXSHULRU
/DSXHUWDGHOKRUQRQRVHFHUUy
‡
FRUUHFWDPHQWH
$VHJ~UHVHGHSUHVLRQDUODWHFOD%52,/+,/2$VDU
$OWR%DMR
/HDODVHFFLyQVREUH8VRGHOKRUQRVXSHULRU
6HXVyXQDSRVLFLyQLQFRUUHFWD
GHOHVWDQWH
‡
/HDOD*XtDSDUD$VDU
6HFRFLQyFRPLGDHQXQDROOD
FDOLHQWH
‡
3DUDXQPHMRUUHVXOWDGRXVHXQDROODGLVHxDGDSDUD
DVDU$VHJ~UHVHGHTXHHVWpIUtD
8WHQVLOLRGHFRFLQDLQDGHFXDGR
SDUDDVDU
‡
3DUDXQPHMRUUHVXOWDGRXVHXQDROODGLVHxDGDSDUD
DVDU
(OIRQGRGHOKRUQRQRHVWi
FRUUHFWDPHQWHDMXVWDGRHQVX
SRVLFLyQ
‡
/HDODV,QVWUXFFLRQHVGH,QVWDODFLyQ
7HPSHUDWXUDGHOKRUQRVX (OWHUPRVWDWRGHOKRUQRGHEHVHU ‡
SHULRUGHPDVLDGRFDOLHQWH DMXVWDGR
RGHPDVLDGRIUtD
/HDODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQR£+i
JDORXVWHGPLVPR
(OUHORM\HOWHPSRUL]DGRU
QRIXQFLRQDQ
/DOX]GHOKRUQRQRIXQ
FLRQD
(OKRUQRVXSHULRUQRUH
DOL]DODDXWROLPSLH]D
(OHQFKXIHHQODFRFLQDQRHVWi
FRPSOHWDPHQWHLQVHUWDGRHQHO
WRPDFRUULHQWHHOpFWULFR
‡
$VHJ~UHVHGHTXHHOFDEOHGHHOHFWULFLGDGHVWpHQFKX
IDGRHQXQWRPDFRUULHQWHFRUUHFWDPHQWHFRQHFWDGRD
WLHUUD
(VSRVLEOHTXHXQIXVLEOHGHVX
KRJDUVHKD\DTXHPDGRRTXHHO
GLV\XQWRUVHKD\DGHVFRQHFWDGR
‡
5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU
&RQWUROHVGHOKRUQRFRQILJXUDGRV ‡
GHIRUPDLQFRUUHFWD
/HDODVHFFLyQ8VRGHOUHORM\GHOWHPSRUL]DGRU
/DOiPSDUDHVWiIORMDRSUHVHQWD
GHIHFWRV
‡
$MXVWHRUHHPSODFHODOiPSDUD
(OHQFKXIHHQODFRFLQDQRHVWi
FRPSOHWDPHQWHLQVHUWDGRHQHO
WRPDFRUULHQWHHOpFWULFR
‡
$VHJ~UHVHGHTXHHOFDEOHGHHOHFWULFLGDGHVWp
HQFKXIDGRHQXQWRPDFRUULHQWHFRUUHFWDPHQWH
FRQHFWDGRDWLHUUD
/DWHPSHUDWXUDGHOKRUQRHV
‡
GHPDVLDGRFDOLHQWHFRPRSDUD
FRQILJXUDUXQIXQFLRQDPLHQWRGH
DXWROLPSLH]D
(VSHUHDTXHODFRFLQDVHHQIUtHDWHPSHUDWXUD
DPELHQWH\UHLQLFLHORVFRQWUROHV
&RQWUROHVGHOKRUQRFRQILJXUDGRV ‡
GHIRUPDLQFRUUHFWD
/HDODVHFFLyQ8VRGHOKRUQRVXSHULRUFRQIXQFLyQ
GHDXWROLPSLH]D
6RQLGRGH´FKLVSRUURWHRµR eVWHHVHOVRQLGRGHPHWDO
‡
´WUDTXHRµ
FDOHQWiQGRVHRHQIULiQGRVH
GXUDQWHODVIXQFLRQHVGHFRFFLyQ
\OLPSLH]D
(VWRHVQRUPDO
([FHVRGHKXPR
‡
3UHVLRQHODWHFOD&/($52))%RUUDU$SDJDU$EUD
ODVYHQWDQDVSDUDOLEHUDUHOKXPRHQODKDELWDFLyQ
(VSHUHKDVWDTXHODOX]/2&.(''2253XHUWD7UD
EDGDGHVDSDUH]FD/LPSLHHOH[FHVRGHVXFLHGDG\
UHLQLFLHHOFLFORGHOLPSLH]D
‡
/HDODVHFFLyQ8VRGHOKRUQRVXSHULRUFRQIXQFLyQ
GHDXWROLPSLH]D
+D\H[FHVRGHVXFLHGDG
/DSXHUWDGHOKRUQRQRVH /RVFRQWUROHVGHOKRUQRQRHVWiQ
DEULUiOXHJRGHXQFLFORGH FRUUHFWDPHQWHFRQILJXUDGRV
OLPSLH]D
(OKRUQRHVWDEDGHPD
VLDGRVXFLR
(OKRUQRHVWDEDGHPDVLDGRVXFLR ‡
/LPSLHGHUUDPHVH[FHVLYRVDQWHVGHLQLFLDUHOFLFOR
GHOLPSLH]D(VSRVLEOHTXHVHDQHFHVDULRXVDUDXWR
OLPSLH]DQXHYDPHQWHHQKRUQRVFRQPXFKDVXFLH
GDGRSRUSHUtRGRVGHWLHPSRPiVSURORQJDGRV
&RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV
*($SSOLDQFHVFRP
3UREOHPD
&DXVDV3RVLEOHV
4Xp+DFHU
´/2&.'225µ3XHUWD7UD
EDGDWLWLODHQODSDQWDOOD
(OFLFORGHDXWROLPSLH]DIXHVH
‡
OHFFLRQDGRSHURODSXHUWDQRHVWi
FHUUDGD
&LHUUHODSXHUWDGHOKRUQR
/DOX]GH/2&.(''225
3XHUWD%ORTXHDGDHVWi
HQFHQGLGDFXDQGRGHVHD
FRFLQDU
/DSXHUWDGHOKRUQRHVWiEOR
TXHDGDGHELGRDTXHODWHP
SHUDWXUDLQWHULRUGHOKRUQR
QRGHVFHQGLySRUGHEDMRGHOD
WHPSHUDWXUDGHEORTXHR
‡
3UHVLRQHODWHFOD&/($52))%RUUDU$SDJDU'HMH
TXHHOKRUQRVHHQIUtH
´)²\XQQ~PHURROHWUDµ
WLWLODHQODSDQWDOOD
7LHQHXQFyGLJRGHHUURUGH
IXQFLyQ
‡
3UHVLRQHODWHFOD&/($52))%RUUDU$SDJDU
3HUPLWDTXHHOKRUQRVHHQIUtHGXUDQWHXQDKRUD
&RORTXHHOKRUQRQXHYDPHQWHHQIXQFLRQDPLHQWR
6LHOFyGLJRGHIXQFLyQVHUHSLWH
‡
'HVFRQHFWHWRWDOPHQWHODFRUULHQWHGHOKRUQRSRU
PLQXWRV\OXHJRYXHOYDDFRQHFWDUODPLVPD6LHO
FyGLJRGHHUURUGHIXQFLyQVHUHSLWHOODPHDOVHUYL
FLRWpFQLFR
´3UREHµ6RQGDDSDUHFHHQ (VWROHHVWiUHFRUGDQGRTXHLQ
‡
ODSDQWDOOD
JUHVHXQDWHPSHUDWXUDGHVRQGD
OXHJRGHHQFKXIDUODVRQGD
,QJUHVHXQDWHPSHUDWXUDGHVRQGD
/DSDQWDOODTXHGDHQ
EODQFR
(VSRVLEOHTXHXQIXVLEOHGHVX
KRJDUVHKD\DTXHPDGRRTXHHO
GLV\XQWRUVHKD\DGHVFRQHFWDGR
‡
5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU
(OUHORMHVWiHQHOPRGRRVFXUR
‡
/HDODVHFFLyQ)XQFLRQHVHVSHFLDOHVGHOFRQWUROGHO
KRUQRVXSHULRU
&RUWHGHFRUULHQWH
‡
5HLQLFLHHOUHORM
1RVHORJUDTXHODSDQWDOOD /DVWHFODVGHOFRQWUROGHOKRUQR
PXHVWUH´6)µ
QRVHSUHVLRQDURQGHIRUPD
DGHFXDGD
‡
/DVWHFODV%$.(+RUQHDU\%52,/+,/2$VDU$OWR
%DMRVHGHEHUiQSUHVLRQDUDOPLVPRWLHPSR\PDQ
WHQHUSRUVHJXQGRV
&RUWHGHFRUULHQWHHOUHORM
WLWLOD
&RUWHRH[FHVRGHFRUULHQWH
‡
5HLQLFLHHOUHORM6LHOKRUQRHVWXYRHQXVRGHEHUi
UHLQLFLDUHOPLVPRSUHVLRQDQGRODWHFOD&/($52))
%RUUDU$SDJDUFRQILJXUDQGRHOUHORM\UHLQLFLDQGR
FXDOTXLHUIXQFLyQGHFRFFLyQ
2ORUD´TXHPDGRµR
´DFHLWHµGHVGHODYHQWL
ODFLyQ
(VWRHVQRUPDOHQXQKRUQR
QXHYR\GHVDSDUHFHUiFRQHO
WLHPSR
‡
3DUDDFHOHUDUHOSURFHVRFRQILJXUHXQFLFORGHDXWR
OLPSLH]DSRUXQPtQLPRGHKRUDV/HDODVHFFLyQ
KRUQRVXSHULRUFRQIXQFLyQGHDXWROLPSLH]D
2ORUIXHUWH
8QRORUHQODDLVODFLyQDOUHGHGRU
GHOLQWHULRUGHOKRUQRHVQRUPDO
GHVGHODVSULPHUDVYHFHVHQTXH
HOKRUQRHVXVDGR
‡
(VWRHVWHPSRUDULR
(QODSDQWDOODVHYLVXDOL]D
/2&%ORTXHR
6HDFWLYyODIXQFLyQ5DQJH/RFN
RXW%ORTXHRGHOD&RFLQD
‡
$VHJ~UHVHGHTXHORVFRQWUROHVGHODVXSHUILFLH
HVWpQHQ2))$SDJDGR$SDJXHHVWDIXQFLyQSDUD
XVDUODFRFLQD&RQVXOWHODIXQFLyQ5DQJH/RFNRXW
%ORTXHRGHOD&RFLQD
5XLGRGHOYHQWLODGRU
(OYHQWLODGRUGHFRQYHFFLyQVH
SXHGHHQFHQGHURDSDJDUGH
IRUPDDXWRPiWLFD
‡
(VWRHVQRUPDO$ILQGHPD[LPL]DUXQDFRFFLyQ
SDUHMDHOYHQWLODGRUIXHGLVHxDGRSDUDURWDUHQ
DPEDVGLUHFFLRQHVFRQXQDSDXVDLQWHUPHGLD
(OYHQWLODGRUGHFRQYHF
FLyQQRIXQFLRQD
1RVHDOFDQ]yODWHPSHUDWXUDGH
SUHFDOHQWDPLHQWR
‡
(OYHQWLODGRUVHLQLFLDUiGHIRUPDDXWRPiWLFDXQD
YH]TXHVHOOHJXHDODWHPSHUDWXUDGHSUHFDOHQ
WDPLHQWR
(OFDMyQQRVHGHVOL]DGH
IRUPDSDUHMDVHDUUDVWUD
(OFDMyQHVWiGHVDOLQHDGR
‡
([WLHQGDWRWDOPHQWHHOFDMyQ\HPSXMHHOPLVPR
WRWDOPHQWHKDFLDDGHQWUR&RQVXOWHODVHFFLyQ&XL
GDGR\OLPSLH]DGHODFRFLQD
(OFDMyQHVWiVREUHFDUJDGRROD
FDUJDHVWiGHVEDODQFHDGD
‡
5HGX]FDHOSHVR5HGLVWULEX\DORVFRQWHQLGRVGHO
FDMyQ
/DSDQWDOODWLWLOD
&RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV
3UREOHPD
&DXVDV3RVLEOHV
4Xp+DFHU
(OFDMyQGHOKRUQRLQIHULRU
QRIXQFLRQD
(VSRVLEOHTXHXQIXVLEOHGHVX
KRJDUVHKD\DTXHPDGRRTXHHO
GLV\XQWRUVHKD\DGHVFRQHFWDGR
‡
(OKRUQRVXSHULRUHVWiUHDOL]DQGR ‡
ODDXWROLPSLH]D
(VSHUHDTXHHOFLFORGHDXWROLPSLH]DILQDOLFH\TXH
HOKRUQRVHHQIUtH
/RVFRQWUROHVHVWiQFRQILJXUDGRV ‡
GHIRUPDLQFRUUHFWD
&RQVXOWHODVHFFLyQ&DMyQGHOKRUQRLQIHULRU
&RQGHQVDFLyQH[FHVLYDHQ /tTXLGRHQHOFDMyQ
HOFDMyQ
&RPLGDVQRFXELHUWDV
/DFRPLGDVHVHFDHQHO
FDMyQGHOKRUQRLQIHULRU
5HHPSODFHHOIXVLEOHRUHLQLFLHHOGLV\XQWRU
‡
5HWLUHHOOtTXLGR
‡
&XEUDODFRPLGDFRQXQDWDSDRSDSHOGHDOXPLQLR
/DFRQILJXUDFLyQGHWHPSHUDWXUD ‡
HVGHPDVLDGRDOWD
5HGX]FDODFRQILJXUDFLyQGHWHPSHUDWXUD
(VFDSHGHKXPHGDG
‡
&XEUDODFRPLGDFRQXQDWDSDRSDSHOGHDOXPLQLR
(OFDMyQQRHVWiWRWDOPHQWHFHU
UDGR
‡
(PSXMHHOFDMyQKDFLDDGHQWURKDVWDTXHODWUDED
TXHDMXVWH
$FFHVRULRV
*($SSOLDQFHVFRP
¢'HVHDDOJRPiV"1RWRGRVORVDFFHVRULRVVHHQFXHQWUDQGLVSRQLEOHVSDUDWRGRVORV
PRGHORV
8VWHGSXHGHHQFRQWUDUHVWRVDFFHVRULRV\PXFKRVPiVHQ*($SSOLDQFHVFRPROODPHDO
HQKRUDULRGHWUDEDMRQRUPDO7HQJDOLVWRHOQ~PHURGHPRGHOR
5HMLOODV
&DEH]DOHVRWDSDVGH
TXHPDGRUHVGHVXSHUILFLH
3HULOODV
(OHPHQWRVGHVXSHUILFLH\
EDQGHMDVFROHFWRUDV
R
%DQGHMDVGHOKRUQR
(OHPHQWRVGHOKRUQR
%RPELOODVGHOX]
£3UXHEHHVWRVRWURVH[FHOHQWHVSURGXFWRVSDUDTXHVXFRFLQDVHYHDHVWXSHQGD
.LWGHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
,QFOX\HOLPSLDGRU
UDVTXHWD\SDxR
7RDOOLWDV
GHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
7RDOOLWDVSDUD
SXOLUDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
/LPSLDGRU
GHDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
:;;*&6
:;;
:;;
30;
£$SURYHFKHDOPi[LPRVXEDQGHMDSDUDDVDU1RSDUDXVDUFRQPRGHORVGHFDMyQDVDGRU
£8WLOLFHVXEDQGHMD\WDSDGHUHMLOODSDUDDVDUKDPEXUJXHVDVIUXWRVGHPDUILOHWHVYHJHWDOHVSDQFHWD
FRVWLOODV\PXFKRPiV/DEDQGHMDLQIHULRUUHWLHQHHOH[FHVRGHJUDVDV\DFHLWHV
‡3LH]D*(JHQXLQD
‡)iFLOGHOLPSLDU
‡*DUDQWtDGHXQDxR
£2IHUWDGHWLHPSROLPLWDGR£(QYtRVLQFDUJR
&XDQGRVROLFLWHODEDQGHMDSDUDDVDUGHQWURGHORVGtDVGHKDEHUDGTXLULGRVXSURGXFWRGHFRFLQD*(
1ƒGHSLH]D
'LPHQVLRQHV
3HTXHxD
:%;
µ$[µ$[µ3
*UDQGH
:%;
µ$[µ$[µ3
([WUDJUDQGH
:%;
µ$[µ$[µ3
/DEDQGHMDSDUDDVDUJUDQGHHVWiQGDUQRHQWUDHQFRFLQDVGHSXOJDGDV
/DEDQGHMDH[WUDJUDQGHQRHQWUDHQKRUQRVGHSDUHGHVGHSXOJDGDVHPSRWUDGDVGHSXOJDGDVRFRFLQDVGHSXOJDGDV
/ODPHDORXWLOLFHHVWHIRUPXODULRSDUDHQYLDUVXVROLFLWXGSRUFRUUHR
*(3DUWV32%R[0HPSKLV71
✁
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)RUPXODULRGHVROLFLWXGGHODEDQGHMDSDUDDVDU
&DQWLGDG BBBBBBBBBBBBBBBBBBB 1~PHURGHSLH]DBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1~PHURGHPRGHORBBBBBBBBBBBB 1~PHURGHVHULH BBBBBBBBBBBBBBBB 0DUFDBBBBBBBBBBBBBB )HFKDGHFRPSUDBBBBBBBBB
1RPEUH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $SHOOLGRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'LUHFFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LXGDG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWDGRBBBBBBBBBB &yGLJR3RVWDOBBBBBBBBBBBBBBBBBBBBBBBBB
7HOpIRQRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUUHRHOHFWUyQLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB
*LURSRVWDOBBBBBB
3DUDFRQVXOWDUVREUHORVSUHFLRVDFWXDOHVOODPHDO7RGDVODVyUGHQHVFRQWDUMHWDGHFUpGLWRVHGHEHUiQUHDOL]DU
HQIRUPDWHOHIyQLFD
1RWDV
1RWDV *($SSOLDQFHVFRP
*DUDQWtDGHOD&RFLQD(OpFWULFDGH*(3DUDFOLHQWHVHQ(VWDGRV8QLGRV
7RGRHOVHUYLFLRGHJDUDQWtDHVSURYLVWRSRUQXHVWURV&HQWURVGH6HUYLFLR
GH)DEULFDFLyQRXQWpFQLFRDXWRUL]DGRGH6HUYLFLRDO&OLHQWH&XVWRPHU
&DUHŠ3DUDSURJUDPDUXQDYLVLWDGHOVHUYLFLRWpFQLFRYLVtWHQRVHQ
*($SSOLDQFHVFRPROOiPHQRVDO*(&$5(6&XDQGR
OODPHSDUDVROLFLWDUHOVHUYLFLRWHQJDORVQ~PHURVGHVHULH\PRGHOR
GLVSRQLEOHV
$EURFKHVXUHFLERDTXt3DUD
DFFHGHUDOVHUYLFLRWpFQLFRGH
DFXHUGRFRQODJDUDQWtDGHEHUi
FRQWDUFRQODSUXHEDGHOD
IHFKDRULJLQDOGHFRPSUD
3RUHO3HUtRGRGH
*(5HHPSOD]DUi
8Q$xR
'HVGHODIHFKDGH
ODFRPSUDRULJLQDO
&XDOTXLHUSDUWHGHODFRFLQDTXHIDOOHGHELGRDXQGHIHFWRHQORVPDWHULDOHVRODIDEULFDFLyQ
'XUDQWHHVWDJDUDQWtDOLPLWDGDGHXQDxR*(WDPELpQSURYHHUiVLQFRVWRWRGRHOWUDEDMR\HOVHUYLFLRHQ
HOKRJDUUHODFLRQDGRFRQHOUHHPSOD]RGHODSDUWHTXHSUHVHQWHGHIHFWRV
&LQFR$xRV
'HVGHODIHFKDGH
ODFRPSUDRULJLQDO
(OUHHPSOD]RGHXQDFRFLQDGHYLGULRVLVHUDMDUDGHELGRDFXHVWLRQHVWpUPLFDVGHVFRORUDFLyQILVXUDHQ
HOVHOORGHJRPDHQWUHODHVWXIDGHYLGULR\HOH[WUHPRGHSRUFHODQDRVLHOSDWUyQVHJDVWD
(OUHHPSOD]RGHODXQLGDGGHVXSHUILFLHUDGLDQWHVLVHTXHPDUD
'XUDQWHHVWDJDUDQWtDOLPLWDGDDGLFLRQDOGHFXDWURDxRVXVWHGVHUiUHVSRQVDEOHSRUFXDOTXLHUWUDEDMRR
UHSDUDFLyQHQHOKRJDU
4Xp1R&XEULUi*(
■9LDMHVGHOWpFQLFRGHOVHUYLFLRDVXKRJDUSDUDHQVHxDUOH
VREUHFyPRXVDUHOSURGXFWR
■,QVWDODFLyQLQDGHFXDGDHQWUHJDRPDQWHQLPLHQWR
■)DOODVRGDxRVGHOSURGXFWRHQFDVRGHDEXVRXVR
LQDGHFXDGRRXVRSDUDSURSyVLWRVGLIHUHQWHVDORULJLQDOR
XVRFRPHUFLDO
■'DxRVREUHODFRFLQDGHYLGULRRFDVLRQDGRSRUGHUUDPHV
KDELWXDOHVGHPDWHULDOHVD]XFDUDGRVRSOiVWLFRVGHUUHWLGRV
TXHQRVHOLPSLHQGHDFXHUGRFRQODVLQVWUXFFLRQHVTXH
ILJXUDQHQHO0DQXDOGHO3URSLHWDULR
■'DxRVREUHODFRFLQDGHYLGULRRFDVLRQDGRSRUHOXVR
GHOLPSLDGRUHVTXHQRVHDQODVFUHPDVGHOLPSLH]D
UHFRPHQGDGDV
■5HHPSOD]RGHIXVLEOHVGHODFDVDRUHLQLFLRGHGLV\XQWRUHV
■'DxRVRFDVLRQDGRVVREUHHOSURGXFWRSRUDFFLGHQWH
LQFHQGLRLQXQGDFLRQHVRFDWiVWURIHVQDWXUDOHV
■'DxRVFRQVHFXHQWHVRLQFLGHQWDOHVFDXVDGRVSRUSRVLEOHV
GHIHFWRVGHHVWHSURGXFWR
■'DxRFDXVDGRGHVSXpVGHODHQWUHJD
■3URGXFWRQRDFFHVLEOHSDUDEULQGDUHOVHUYLFLRUHTXHULGR
(;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFD\H[FOXVLYDDOWHUQDWLYDHVODUHSDUDFLyQGHOSURGXFWRFRPRVHLQGLFDHQ
OD*DUDQWtD/LPLWDGD/DVJDUDQWtDVLPSOtFLWDVLQFOX\HQGRJDUDQWtDVLPSOtFLWDVGHFRPHUFLDELOLGDGRFRQYHQLHQFLDVREUHXQ
SURSyVLWRSDUWLFXODUVHOLPLWDQDXQDxRRDOSHUtRGRPiVFRUWRSHUPLWLGRSRUODOH\
(VWDJDUDQWtDVHH[WLHQGHDOFRPSUDGRURULJLQDO\DFXDOTXLHUGXHxRVXEVLJXLHQWHGHSURGXFWRVFRPSUDGRVSDUDXVR
KRJDUHxRGHQWURGH((886LHOSURGXFWRVHHQFXHQWUDHQXQiUHDGRQGHQRVHHQFXHQWUDGLVSRQLEOHHOVHUYLFLRWpFQLFR
GHXQ3URYHHGRUGH6HUYLFLRVGH*($XWRUL]DGRXVWHGVHUiUHVSRQVDEOHSRUHOFRVWRGHXQYLDMHRVHSRGUiUHTXHULUTXH
WUDLJDHOSURGXFWRDXQD8ELFDFLyQGHO6HUYLFLR7pFQLFRGH*($XWRUL]DGRSDUDUHFLELUHOVHUYLFLR(Q$ODVNDODJDUDQWtD
H[FOX\HHOFRVWRGHHQYtRROODPDGDVGHOVHUYLFLRDVXKRJDU
$OJXQRVHVWDGRVQRSHUPLWHQODH[FOXVLyQROLPLWDFLyQGHGDxRVIRUWXLWRVRFRQVHFXHQWHV(VWDJDUDQWtDOHGD
GHUHFKRVOHJDOHVHVSHFtILFRV\HVSRVLEOHTXHWHQJDRWURVGHUHFKRVOHJDOHVTXHYDUtDQHQWUHXQHVWDGR\RWUR3DUD
FRQRFHUFXiOHVVRQVXVGHUHFKRVOHJDOHVFRQVXOWHDODRILFLQDGHDVXQWRVGHOFRQVXPLGRUORFDORHVWDWDORDO)LVFDO
GHVX(VWDGR
:DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
*DUDQWtDGHOD&RFLQD(OpFWULFDGH*(3DUDFOLHQWHVHQ&DQDGi
*DUDQWtDGHOD&RFLQD(OpFWULFDGH*(3DUDFOLHQWHVHQ&DQDGi
7RGRHOVHUYLFLRGHJDUDQWtDHVSURYLVWRSRUQXHVWURV&HQWURVGH
6HUYLFLRGH)DEULFDFLyQRXQWpFQLFRDXWRUL]DGRGH6HUYLFLRDO
&OLHQWH3DUDVROLFLWDUHOVHUYLFLRYLVtWHQRVHQZZZ*($SSOLDQFHV
FDROOiPHQRVDO&XDQGROODPHSDUDVROLFLWDUHO
VHUYLFLRWHQJDORVQ~PHURVGHVHULH\PRGHORGLVSRQLEOHV
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQVHUYLFH
XQGHUWKHZDUUDQW\
3RUHO3HUtRGRGH
0DEH5HHPSOD]DUi
8Q$xR
'HVGHODIHFKDGH
ODFRPSUDRULJLQDO
&XDOTXLHUSDUWHGHODFRFLQDTXHIDOOHGHELGRDXQGHIHFWRHQORVPDWHULDOHVRODIDEULFDFLyQ
'XUDQWHHVWDJDUDQWtDOLPLWDGDGHXQDxR0DEHWDPELpQSURYHHUiVLQFRVWRWRGRHOWUDEDMR\HOVHUYLFLRHQ
HOKRJDUUHODFLRQDGRFRQHOUHHPSOD]RGHODSDUWHTXHSUHVHQWHGHIHFWRV
&LQFR$xRV
'HVGHODIHFKDGH
ODFRPSUDRULJLQDO
(OUHHPSOD]RGHXQDFRFLQDGHYLGULRVLVHUDMDUDGHELGRDFXHVWLRQHVWpUPLFDVGHVFRORUDFLyQILVXUDHQ
HOVHOORGHJRPDHQWUHODHVWXIDGHYLGULR\HOH[WUHPRGHSRUFHODQDRVLHOSDWUyQVHJDVWD
(OUHHPSOD]RGHODXQLGDGGHVXSHUILFLHUDGLDQWHVLVHTXHPDUD
'XUDQWHHVWDJDUDQWtDOLPLWDGDDGLFLRQDOGHFXDWURDxRVXVWHGVHUiUHVSRQVDEOHSRUFXDOTXLHUWUDEDMRR
UHSDUDFLyQHQHOKRJDU
4Xp1R&XEULUi0DEH
■9LDMHVGHOWpFQLFRGHOVHUYLFLRDVXKRJDUSDUDHQVHxDUOH
VREUHFyPRXVDUHOSURGXFWR
■,QVWDODFLyQHQWUHJDRPDQWHQLPLHQWRLQDGHFXDGRV
■)DOODVRGDxRVGHOSURGXFWRHQFDVRGHDEXVRXVR
LQDGHFXDGRRXVRSDUDSURSyVLWRVGLIHUHQWHVDORULJLQDOR
XVRFRPHUFLDO
■'DxRVREUHODFRFLQDGHYLGULRRFDVLRQDGRSRUGHUUDPHV
KDELWXDOHVGHPDWHULDOHVD]XFDUDGRVRSOiVWLFRVGHUUHWLGRV
TXHQRVHOLPSLHQGHDFXHUGRFRQODVLQVWUXFFLRQHVTXH
ILJXUDQHQHO0DQXDOGHO3URSLHWDULR
■'DxRVREUHODFRFLQDGHYLGULRRFDVLRQDGRSRUHOXVR
GHOLPSLDGRUHVTXHQRVHDQODVFUHPDVGHOLPSLH]D
UHFRPHQGDGDV
■5HHPSOD]RGHIXVLEOHVGHODFDVDRUHLQLFLRGHGLV\XQWRUHV
■'DxRVRFDVLRQDGRVVREUHHOSURGXFWRSRUDFFLGHQWH
LQFHQGLRLQXQGDFLRQHVRFDWiVWURIHVQDWXUDOHV
■'DxRVFRQVHFXHQWHVRLQFLGHQWDOHVFDXVDGRVSRUSRVLEOHV
GHIHFWRVGHHVWHSURGXFWR
■'DxRFDXVDGRGHVSXpVGHODHQWUHJD
■3URGXFWRQRDFFHVLEOHSDUDEULQGDUHOVHUYLFLRUHTXHULGR
(;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFD\H[FOXVLYDDOWHUQDWLYDHVODUHSDUDFLyQGHOSURGXFWRFRPRVHLQGLFD
HQOD*DUDQWtD/LPLWDGD/DV*DUDQWtDV,PSOtFLWDVLQFOX\HQGRJDUDQWtDVLPSOtFLWDVGHFRPHUFLDELOLGDGRFRQYHQLHQFLD
VREUHXQSURSyVLWRSDUWLFXODUVHOLPLWDQDXQDxRRDOSHUtRGRPiVFRUWRSHUPLWLGRSRUODOH\
(VWDJDUDQWtDVHH[WLHQGHDOFRPSUDGRURULJLQDO\DFXDOTXLHUGXHxRVXEVLJXLHQWHGHSURGXFWRVFRPSUDGRVSDUD
XVRKRJDUHxRGHQWURGH&DQDGi(OVHUYLFLRWpFQLFRKRJDUHxRGHODJDUDQWtDVHUiEULQGDGRHQiUHDVGRQGH0DEHVH
HQFXHQWUHGLVSRQLEOH\ORFRQVLGHUHDSURSLDGR
$OJXQDVSURYLQFLDVQRSHUPLWHQODH[FOXVLyQROLPLWDFLyQGHGDxRVLQFLGHQWDOHVRFRQVHFXHQWHVGHPRGRTXHHV
SRVLEOHTXHGLFKDH[FOXVLyQROLPLWDFLyQQRVHDSOLTXHDXVWHG(VWDJDUDQWtDOHGDGHUHFKRVOHJDOHVHVSHFtILFRV\HV
SRVLEOHTXHWHQJDRWURVGHUHFKRVOHJDOHVTXHYDUtDQHQWUHXQDSURYLQFLD\RWUD3DUDVDEHUFXiOHVVRQVXVGHUHFKRV
OHJDOHVHQVXSURYLQFLDFRQVXOWHHQODRILFLQDGHSURWHFFLyQDOFRQVXPLGRUGHVXSDtVRSURYLQFLD
*DUDQWH0DEH&DQDGD,QF
%XUOLQJWRQ2QWDULR
$SR\RDOFOLHQWH
3iJLQD:HEGH*($SSOLDQFHV
*($SSOLDQFHVFRP
¢7LHQHDOJXQDSUHJXQWDVREUHVXHOHFWURGRPpVWLFR"£3UXHEHODSiJLQD:HEGH*($SSOLDQFHVKRUDVDOGtD
FXDOTXLHUGtDGHODxR3DUDPD\RUFRQYHQLHQFLD\VHUYLFLRPiVUiSLGR\DSXHGHGHVFDUJDUORV0DQXDOHV
GHORV3URSLHWDULRVSHGLUSLH]DVRLQFOXVRKDFHUXQDFLWDHQOtQHDSDUDTXHYHQJDQDUHDOL]DUXQDUHSDUDFLyQ
6ROLFLWHXQDUHSDUDFLyQ
*($SSOLDQFHVFRP
(OVHUYLFLRGHH[SHUWRV*(HVWiDWDQVyORXQSDVRGHVXSXHUWD£(QWUHHQOtQHD\VROLFLWHVXUHSDUDFLyQFXDQGR
OHYHQJDFXDOTXLHUGtDGHODxR2OODPHDO*(&$5(6GXUDQWHKRUDVQRUPDOHVGHRILFLQD
5HDO/LIH'HVLJQ6WXGLR(VWXGLRGHGLVHxRSDUDODYLGDUHDO
*($SSOLDQFHVFRP
*(DSR\DHOFRQFHSWRGH'LVHxR8QLYHUVDO³SURGXFWRVVHUYLFLRV\DPELHQWHVTXHSXHGHQXVDUJHQWHGHWRGDV
ODVHGDGHVWDPDxRV\FDSDFLGDGHV5HFRQRFHPRVODQHFHVLGDGGHGLVHxDUSDUDXQDJUDQJDPDGHKDELOLGDGHV
\GLILFXOWDGHVItVLFDV\PHQWDOHV3DUDPiVGHWDOOHVFREUHODVDSOLFDFLRQHVGH*('LVHxR8QLYHUVDOLQFOX\HQGR
LGHDVGHGLVHxRSDUDODFRFLQDSDUDSHUVRQDVFRQGLVFDSDFLGDGHVPLUHQXHVWUDSiJLQD:HEKR\PLVPR
3DUDSHUVRQDVFRQGLILFXOWDGHVDXGLWLYDVIDYRUGHOODPDUDO7''*($&
*DUDQWtDVDPSOLDGDV
*($SSOLDQFHVFRP
&RPSUHXQDJDUDQWtDDPSOLDGD\REWHQJDGHWDOOHVVREUHGHVFXHQWRVHVSHFLDOHVGLVSRQLEOHVPLHQWUDVVXJDUDQWtD
HVWiD~QDFWLYD3XHGHFRPSUDUODHQOtQHDHQFXDOTXLHUPRPHQWRROODPDUDOGXUDQWHKRUDV
QRUPDOHVGHRILFLQD*(&RQVXPHU+RPH6HUYLFHVHVWDUiD~QDKtFXDQGRVXJDUDQWtDWHUPLQH
3LH]DV\DFFHVRULRV
*($SSOLDQFHVFRP
$TXHOORVLQGLYLGXRVFRQODFDOLILFDFLyQQHFHVDULDSDUDUHSDUDUVXVSURSLRVHOHFWURGRPpVWLFRVSXHGHQ
SHGLUTXHVHOHVPDQGHQODVSLH]DVRDFFHVRULRVGLUHFWDPHQWHDVXVKRJDUHVDFHSWDPRVODVWDUMHWDV
9,6$0DVWHU&DUG\'LVFRYHU+DJDVXSHGLGRHQOtQHDKR\KRUDVFDGDGtDROODPDUSRUWHOpIRQR
DOGXUDQWHKRUDVQRUPDOHVGHRILFLQD
/DVLQVWUXFFLRQHVGHVFULWDVHQHVWHPDQXDOFXEUHQORVSURFHGLPLHQWRVDVHJXLUSRUFXDOTXLHUXVXDULR&XDOTXLHU
RWUDUHSDUDFLyQGHEHUtDSRUUHJODJHQHUDOUHIHULUVHDSHUVRQDOFDOLILFDGRDXWRUL]DGR'HEHHMHUFHUVHSUHFDXFLyQ
\DTXHODVUHSDUDFLRQHVLQFRUUHFWDVSXHGHQFDXVDUFRQGLFLRQHVGHIXQFLRQDPLHQWRLQVHJXUDV
3yQJDVHHQFRQWDFWRFRQQRVRWURV
*($SSOLDQFHVFRP
6LQRHVWiVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLEHGH*(SyQJDVHHQFRQWDFWRFRQQRVRWURVHQQXHVWUDSiJLQD
:HELQGLFDQGRWRGRVORVGHWDOOHVDVtFRPRVXQ~PHURGHWHOpIRQRRHVFUtEDQRVD
*HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWUHVXHOHFWURGRPpVWLFR
*($SSOLDQFHVFRP
£5HJLVWUHVXQXHYRHOHFWURGRPpVWLFRHQOtQHD³FXDQGRXVWHGSUHILHUD(OUHJLVWUDUVXSURGXFWRDWLHPSR
OHSURSRUFLRQDUiVLVXUJLHUDODQHFHVLGDGXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVUiSLGREDMRORVWpUPLQRV
GHVXJDUDQWtD7DPELpQSXHGHHQYLDUVXWDUMHWDGHUHJLVWURSUHLPSUHVDTXHVHLQFOX\HHQHOPDWHULDOGH
HPEDODMH
Descargar