ZZZꢃJUDFREDE\ꢃFRP
6QXJ5LGH ꢀꢁꢂ
5HDGꢅWKLVꢅPDQXDOꢅꢅ
.((3ꢅ,16758&7,216ꢅ)25ꢅ)8785(ꢅ86(ꢆ
(YHQꢅLIꢅXVLQJꢅWKLVꢅLQIDQWꢅUHVWUDLQWꢅVHHPVꢅHDV\ꢅWRꢅILJXUHꢅRXWꢅRQꢅꢅ
\RXUꢅRZQꢇꢅLWꢅLVꢅYHU\ꢅLPSRUWDQWꢅWRꢅ5($'ꢇꢅ81'(567$1'ꢅꢅ
$1'ꢅ)2//2:ꢅ7+(ꢅ2:1(5¶6ꢅ0$18$/ꢆꢅ
)DLOXUHꢅWRꢅSURSHUO\ꢅXVHꢅWKLVꢅLQIDQWꢅUHVWUDLQWꢅLQFUHDVHVꢅWKHꢅULVNꢅRIꢅ
VHULRXVꢅLQMXU\ꢅRUꢅGHDWKꢅLQꢅDꢅVXGGHQꢅVWRSꢅRUꢅFUDVKꢆ
ꢀꢁꢂꢃꢂꢀ*UDFRꢀꢀꢀ3'ꢀꢀꢁꢂꢃꢄ%ꢀꢀꢀꢀꢀꢄꢅꢃꢂꢀꢀꢀꢀꢀ86
ꢌꢆꢈꢅ &KRRVLQJꢅDQꢅ$SSURSULDWHꢅ9HKLFOHꢅ6HDWꢅ/RFDWLRQꢅ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆꢋꢂꢊꢄꢄꢅ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢁꢂꢃꢀ 9HKLFOHꢀ6HDWꢀ5HTXLUHPHQWVꢀꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢄꢅꢀ
ꢁꢂꢄꢀ 9HKLFOHꢀ6HDWꢀ%HOWꢀ5HTXLUHPHQWVꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢄꢆꢀ
ꢁꢂꢄꢂꢃꢀ816$)(ꢀ9HKLFOHꢀ%HOWꢀ6\VWHPVꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢄꢇꢀ
ꢁꢂꢄꢂꢄꢀ6$)(ꢀ9HKLFOHꢀ%HOWꢀ6\VWHPVꢀ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢈꢉꢀ
ꢁꢂꢈꢀ /$7&+ꢀ/RFDWLRQVꢀꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢈꢈ
ꢂꢆꢈꢅ +RZꢅWRꢅ,QVWDOOꢅWKHꢅ,QIDQWꢅ5HVWUDLQWꢎ%DVHꢅ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆꢄꢄꢊꢉꢈ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢅꢂꢃꢀ ,QVWDOOLQJꢀWKHꢀ,QIDQWꢀ5HVWUDLQWꢀ:LWKRXWꢀ%DVHꢀꢀ
8VLQJꢀ9HKLFOHꢀ%HOWꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢈꢊꢀ
ꢅꢂꢄꢀ ,QVWDOOLQJꢀWKHꢀ,QIDQWꢀ5HVWUDLQWꢀDQGꢀ%DVHꢀꢀ
8VLQJꢀ9HKLFOHꢀ%HOWꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢈꢋꢀ
ꢀ
ꢀ
ꢅꢂꢈꢀ 8VLQJꢀ/$7&+ꢀWRꢀ,QVWDOOꢀ%DVHꢀꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢈꢅ
ꢀ
ꢅꢂꢊꢀ 5HFOLQLQJꢀ,QIDQWꢀ5HVWUDLQWꢌ%DVHꢀꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢈꢇ
ꢍꢆꢈꢅ $GGLWLRQDOꢅ,QIRUPDWLRQ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆꢉꢋꢊꢉꢄ
ꢀ
ꢀ
ꢀ
ꢆꢂꢃꢀ $LUSODQHꢀ8VHꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢊꢄ
ꢆꢂꢄꢀ 6WRULQJꢀ/$7&+ꢀꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢊꢄ
ꢆꢂꢈꢀ &OHDQLQJꢀDQGꢀ0DLQWHQDQFHꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢂ ꢊꢈ
5HSODFHPHQWꢅ3DUWVꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢉꢍ
ꢈ
1RꢀLQIDQWꢀUHVWUDLQWꢀFDQꢀJXDUDQWHHꢀSURWHFWLRQꢀIURPꢀLQMXU\ꢀLQꢀHYHU\ꢀꢀ
VLWXDWLRQꢆꢀ+RZHYHUꢏꢀSURSHUꢀXVHꢀRIꢀWKLVꢀLQIDQWꢀUHVWUDLQWꢀUHGXFHVꢀWKHꢀ
ULVNꢀRIꢀVHULRXVꢀLQMXU\ꢀRUꢀGHDWKꢀWRꢀ\RXUꢀFKLOGꢆ
)DLOXUHꢀWRꢀSURSHUO\ꢀXVHꢀWKLVꢀLQIDQWꢀUHVWUDLQWꢀLQFUHDVHVꢀWKHꢀULVNꢀRIꢀ
VHULRXVꢀLQMXU\ꢀRUꢀGHDWKꢀLQꢀDꢀVKDUSꢀWXUQꢏꢀVXGGHQꢀVWRSꢀRUꢀFUDVKꢆꢀ
<RXUꢀFKLOG¶VꢀVDIHW\ꢀGHSHQGVꢀRQꢀ\RXꢀLQVWDOOLQJꢀDQGꢀXVLQJꢀWKLVꢀLQIDQWꢀ
UHVWUDLQWꢀFRUUHFWO\ꢆ
(YHQꢀLIꢀXVLQJꢀWKLVꢀLQIDQWꢀUHVWUDLQWꢀVHHPVꢀHDV\ꢀWRꢀILJXUHꢀRXWꢀRQꢀ\RXUꢀ
RZQꢏꢀLWꢀLVꢀYHU\ꢀLPSRUWDQWꢀWRꢀ5($'ꢏꢀ81'(567$1'ꢀ$1'ꢀ)2//2:ꢀ
7+(ꢀ2:1(5¶6ꢀ0$18$/ꢆꢀ
7KHꢀPDQXDOꢀLVꢀORFDWHGꢀLQꢀWKHꢀEDVHꢆ
<RXꢀPXVWꢀDOVRꢀUHDGꢀ\RXUꢀYHKLFOHꢀRZQHU¶VꢀPDQXDOꢆ
ꢋ
<RXUꢅFKLOG¶VꢅVDIHW\ꢅGHSHQGVꢅRQꢏ
ꢃꢆꢀ&KRRVLQJꢅDꢅVXLWDEOHꢅORFDWLRQꢅLQꢅ\RXUꢅYHKLFOHꢆꢀ6RPHꢀVHDWLQJꢀSRVLꢐ
WLRQVꢏꢀVXFKꢀDVꢀWKRVHꢀHTXLSSHGꢀZLWKꢀDLUꢀEDJVꢏꢀPD\ꢀQRWꢀEHꢀVDIHꢀORFDWLRQVꢀIRUꢀ
WKLVꢀLQIDQWꢀUHVWUDLQWꢆ
ꢁꢆꢀ,QVHUWLQJꢅWKHꢅKDUQHVVꢅVWUDSVꢀLQꢀWKHꢀSURSHUꢀVORWVꢀIRUꢀ\RXUꢀFKLOGꢆ
ꢈꢆꢀ3URSHUO\ꢅVHFXULQJꢅ\RXUꢅFKLOGꢅLQꢀWKHꢀLQIDQWꢀUHVWUDLQWꢆ
ꢋꢆꢀ3ODFLQJꢅLQIDQWꢅUHVWUDLQWꢎEDVHꢅLQꢅDꢅUHDUꢊIDFLQJꢅSRVLWLRQꢆ
ꢄꢆꢀ3URSHUO\ꢅURXWLQJꢅWKHꢅYHKLFOHꢅVHDWꢅEHOWꢅRUꢅ/$7&+ꢆ
ꢇꢆꢀ3URSHUO\ꢅUHFOLQLQJꢀWKHꢀLQIDQWꢀUHVWUDLQWꢆ
ꢉꢆꢀ3URSHUO\ꢅVHFXULQJꢅWKHꢅLQIDQWꢅUHVWUDLQWꢅLQꢅWKHꢅYHKLFOHꢀXVLQJꢀDꢀVHDWꢀ
EHOWꢀGHVLJQHGꢀWRꢀUHVWUDLQꢀDQꢀLQIDQWꢀUHVWUDLQWꢀRUꢀE\ꢀXVLQJꢀ/$7&+ꢆꢀ0DQ\ꢀVHDWꢀ
EHOWVꢀDUHꢀ127ꢀVDIHꢀWRꢀXVHꢀZLWKꢀLQIDQWꢀUHVWUDLQWVꢏꢀHYHQꢀWKRXJKꢀWKH\ꢀFDQꢀ
HDVLO\ꢀEHꢀWKUHDGHGꢀWKURXJKꢀWKHꢀLQIDQWꢀUHVWUDLQWꢑ
ꢄ
0RGHOꢅ1XPEHUꢏ
0DQXIDFWXUHGꢅLQꢏ
3XUFKDVHꢅ'DWHꢏ
ꢋꢆꢀꢅꢅ5HJLVWHUꢅ<RXUꢅ,QIDQWꢅ5HVWUDLQW
3OHDVHꢀILOOꢀLQꢀWKHꢀDERYHꢀLQIRUPDWLRQꢆꢀ7KHꢅPRGHOꢅQXPEHUꢅDQGꢅ
PDQXIDFWXUHGꢅLQꢅꢐGDWHꢑꢀFDQꢀEHꢀIRXQGꢀRQꢀDꢀODEHOꢀRQꢀWKHꢀXQGHUVLGHꢀ
RIꢀ\RXUꢀLQIDQWꢀUHVWUDLQWꢆꢀ)LOOꢀRXWꢀWKHꢀSUHSDLGꢀUHJLVWUDWLRQꢀSRVWFDUGꢀ
DWWDFKHGꢀWRꢀWKHꢀVHDWꢀFRYHUꢀDQGꢀPDLOꢀLWꢀWRGD\ꢆ
&KLOGꢀUHVWUDLQWVꢀFRXOGꢀEHꢀUHFDOOHGꢀIRUꢀVDIHW\ꢀUHDVRQVꢆꢀ<RXꢀPXVWꢀꢀ
UHJLVWHUꢀWKLVꢀUHVWUDLQWꢀWRꢀEHꢀUHDFKHGꢀLQꢀDꢀUHFDOOꢆꢀ6HQGꢅ\RXUꢅQDPHꢇꢅ
DGGUHVVꢅDQGꢅWKHꢅUHVWUDLQWꢒVꢅPRGHOꢅQXPEHUꢅDQGꢅPDQXIDFWXUHGꢅ
LQꢅꢐGDWHꢑꢅWRꢏ
ꢀ
ꢀ
ꢀ
*UDFRꢀ&KLOGUHQ¶Vꢀ3URGXFWVꢀ,QFꢆꢀ
ꢃꢄꢂꢀ2DNODQGVꢀ%OYGꢆꢀ
([WRQꢏꢀ3$ꢀꢃꢎꢈꢋꢃꢀ
RUꢀFDOOꢀꢃꢐꢊꢂꢂꢐꢈꢋꢄꢐꢋꢃꢂꢎ
RUꢀUHJLVWHUꢀRQOLQHꢀDWꢀꢀ
ꢀ
KWWSꢒꢅꢅZZZꢆJUDFREDE\ꢆFRPꢅFDUVHDWUHJLVWUDWLRQ
ꢋꢆꢋꢅꢅ)RUꢅ5HFDOOꢅ,QIRUPDWLRQ
Ćꢀ &DOOꢀWKHꢀ8ꢆ6ꢆꢀ*RYHUQPHQW¶Vꢀ9HKLFOHꢀ6DIHW\ꢀ+RWOLQH
DWꢀꢃꢐꢊꢊꢊꢐꢈꢁꢉꢐꢋꢁꢈꢇꢀꢌ77<ꢒꢃꢐꢊꢂꢂꢐꢋꢁꢋꢐꢎꢃꢄꢈꢍꢏꢀꢀ
RUꢀJRꢀWRꢀKWWSꢒꢅꢅZZZꢆ1+76$ꢆJRY
Ćꢀ *UDFRꢒꢀꢃꢐꢊꢂꢂꢐꢈꢋꢄꢐꢋꢃꢂꢎꢀRUꢀZZZꢆJUDFREDE\ꢆFRP
ꢇ
ꢋꢆꢄꢅꢅ,Iꢅ<RXꢅ1HHGꢅ+HOS
,QꢀWKHꢀ8ꢆ6ꢆ$ꢏꢀSOHDVHꢀFRQWDFWꢀRXUꢀ&XVWRPHUꢀ6HUYLFHꢀ'HSDUWPHQWꢀ
ZLWKꢀDQ\ꢀTXHVWLRQVꢀ\RXꢀPD\ꢀKDYHꢀFRQFHUQLQJꢀSDUWVꢏꢀXVHꢏꢀRUꢀꢀ
PDLQWHQDQFHꢆꢀ:KHQꢀ\RXꢀFRQWDFWꢀXVꢏꢀSOHDVHꢀKDYHꢀ\RXUꢀSURGXFW¶Vꢀ
PRGHOꢅQXPEHUꢅDQGꢅPDQXIDFWXUHGꢅLQꢅꢐGDWHꢑꢀUHDG\ꢀVRꢀWKDWꢀZHꢀ
PD\ꢀKHOSꢀ\RXꢀHIILFLHQWO\ꢆꢀ7KHVHꢀQXPEHUVꢀFDQꢀEHꢀIRXQGꢀRQꢀDꢀVWLFNHUꢀ
RQꢀWKHꢀXQGHUVLGHꢀRIꢀ\RXUꢀLQIDQWꢀUHVWUDLQWꢆ
ꢀꢊꢍꢈꢈꢊꢄꢉꢁꢊꢉꢀꢈꢃꢅRUꢅZZZꢆJUDFREDE\ꢆFRP
ꢉ
ꢄꢆꢀꢅ:DUQLQJVꢅIRUꢅ8VHꢅDVꢅ,QIDQWꢅ5HVWUDLQW
Ćꢀ '2ꢅ127ꢅ,167$//ꢅ25ꢅ86(ꢅ7+,6ꢅ,1)$17ꢅ5(675$,17ꢅ$1'ꢅ
%$6(ꢅ817,/ꢅ<28ꢅ5($'ꢅ$1'ꢅ81'(567$1'ꢅ7+(ꢅꢅ
,16758&7,216ꢅ,1ꢅ7+,6ꢅ0$18$/ꢅ$1'ꢅ,1ꢅ<285ꢅ9(+,&/(ꢅ
2:1(5¶6ꢅ0$18$/ꢆꢀ'2ꢀ127ꢀOHWꢀRWKHUVꢀLQVWDOOꢀRUꢀXVHꢀWKHꢀ
LQIDQWꢀUHVWUDLQWꢀXQOHVVꢀWKH\ꢀXQGHUVWDQGꢀKRZꢀWRꢀXVHꢀLWꢆ
Ćꢀ )$,/85(ꢅ72ꢅ3523(5/<ꢅ86(ꢅ7+,6ꢅ,1)$17ꢅ5(675$,17ꢅ$1'ꢅ
%$6(ꢅ,1&5($6(6ꢅ7+(ꢅ5,6.ꢅ2)ꢅ6(5,286ꢅ,1-85<ꢅ25ꢅ
'($7+ꢅ,1ꢅ$ꢅ68''(1ꢅ6723ꢅ25ꢅ&5$6+ꢆꢀ<RXUꢀFKLOGꢀFDQꢀEHꢀ
LQMXUHGꢀLQꢀDꢀYHKLFOHꢀHYHQꢀLIꢀ\RXꢀDUHꢀQRWꢀLQꢀDꢀFUDVKꢆꢀ6XGGHQꢀꢀ
EUDNLQJꢀDQGꢀVKDUSꢀWXUQVꢀFDQꢀLQMXUHꢀ\RXUꢀFKLOGꢀLIꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀ
LVꢀQRWꢀSURSHUO\ꢀLQVWDOOHGꢀRUꢀLIꢀ\RXUꢀFKLOGꢀLVꢀQRWꢀSURSHUO\ꢀVHFXUHGꢀLQꢀ
WKHꢀLQIDQWꢀUHVWUDLQWꢆ
Ćꢀ 3/$&(ꢅ7+,6ꢅ,1)$17ꢅ5(675$,17ꢅ,1ꢅ$ꢅ5($5ꢊ)$&,1*ꢅ
326,7,21ꢅZKHQꢀXVLQJꢀLWꢀLQꢀWKHꢀYHKLFOHꢆ
Ćꢀ '2ꢅ127ꢅ3/$&(ꢅ7+,6ꢅ,1)$17ꢅ5(675$,17ꢅ,1ꢅ$ꢅ9(+,&/(ꢅ
6($7,1*ꢅ/2&$7,21ꢅ7+$7ꢅ+$6ꢅ$ꢅ)5217ꢅ
$,5ꢅ%$*ꢆꢀ,IꢀWKHꢀDLUꢀEDJꢀLQIODWHVꢏꢀLWꢀFDQꢀKLWꢀWKHꢀ
LQIDQWꢀUHVWUDLQWꢀZLWKꢀJUHDWꢀIRUFHꢀDQGꢀFDXVHꢀ
VHULRXVꢀLQMXU\ꢀRUꢀGHDWKꢀWRꢀ\RXUꢀFKLOGꢆꢀ&KHFNꢀ
YHKLFOHꢀRZQHU¶VꢀPDQXDOꢀIRUꢀLQIRUPDWLRQꢀDERXWꢀ
VLGHꢀDLUꢀEDJVꢀDQGꢀLQIDQWꢀUHVWUDLQWꢀLQVWDOODWLRQꢆ
ꢊ
Ćꢀ 620(ꢅ63(&,$/ꢅ1(('6ꢅ&+,/'5(1ꢏꢀVXFKꢀDVꢀSUHꢐWHUPꢀEDELHVꢀRUꢀ
WKRVHꢀZKRꢀKDYHꢀWHVWHGꢀSRVLWLYHꢀIRUꢀSRVLWLRQDOꢀDSQHDꢏꢀPD\ꢀEHꢀDWꢀ
LQFUHDVHGꢀULVNꢀRIꢀVXIIHULQJꢀEUHDWKLQJꢀRUꢀRWKHUꢀGLIILFXOWLHVꢀLQꢀDQꢀLQIDQWꢀ
UHVWUDLQWꢆꢀ,Iꢀ\RXUꢀFKLOGꢀKDVꢀVSHFLDOꢀQHHGVꢏꢀZHꢀUHFRPPHQGꢀWKDWꢀ\RXꢀKDYHꢀ
\RXUꢀSK\VLFLDQꢀRUꢀKRVSLWDOꢀVWDIIꢀHYDOXDWHꢀ\RXUꢀFKLOGꢀDQGꢀꢀ
UHFRPPHQGꢀWKHꢀSURSHUꢀLQIDQWꢀUHVWUDLQWꢀRUꢀFDUꢀEHGꢀEHIRUHꢀXVLQJꢀꢀ
WKLVꢀSURGXFWꢆ
Ćꢀ $FFRUGLQJꢀWRꢀDFFLGHQWꢀVWDWLVWLFVꢏꢀ&+,/'5(1ꢅ$5(ꢅ6$)(5ꢅ
:+(1ꢅ3523(5/<ꢅ5(675$,1('ꢅ,1ꢅ5($5ꢅ9(+,&/(ꢅ6($7,1*ꢅ
326,7,216ꢇꢅ5$7+(5ꢅ7+$1ꢅ)5217ꢅ6($7,1*ꢅ326,7,216ꢆꢀ)RUꢀDꢀ
YHKLFOHꢀZLWKꢀDꢀIURQWꢀSDVVHQJHUꢀDLUꢀEDJꢏꢀUHIHUꢀWRꢀ\RXUꢀYHKLFOHꢀRZQHU¶Vꢀ
PDQXDOꢀDVꢀZHOOꢀDVꢀWKHVHꢀLQVWUXFWLRQVꢀIRUꢀLQIDQWꢀUHVWUDLQWꢀLQVWDOODWLRQꢆ
Ćꢀ 1(9(5ꢅ/($9(ꢅ<285ꢅ&+,/'ꢅ81$77(1'('ꢆ
Ćꢀ 1(9(5ꢅ/($9(ꢅ$1ꢅ,1)$17ꢅ5(675$,17ꢅ$1'ꢅ%$6(ꢅ816(&85('ꢅ
,1ꢅ<285ꢅ9(+,&/(ꢆꢀ$QꢀXQVHFXUHGꢀLQIDQWꢀUHVWUDLQWꢀRUꢀEDVHꢀFDQꢀEHꢀ
WKURZQꢀDURXQGꢀDQGꢀPD\ꢀLQMXUHꢀRFFXSDQWVꢀLQꢀDꢀVKDUSꢀWXUQꢏꢀVXGGHQꢀꢀ
VWRSꢀRUꢀFUDVKꢆꢀ5HPRYHꢀLWꢀRUꢀPDNHꢀVXUHꢀWKDWꢀLWꢀLVꢀVHFXUHO\ꢀEHOWHGꢀLQꢀꢀ
WKHꢀYHKLFOHꢆꢀ,IꢀQRWꢀXVLQJꢀ/$7&+ꢇꢅPDNHꢀVXUHꢀXQVHFXUHGꢀ/$7&+ꢀ
FRQQHFWRUVꢀDUHꢀSURSHUO\ꢀVWRUHGꢀRQꢀEDVHꢆ
Ćꢀ 5(3/$&(ꢅ7+(ꢅ,1)$17ꢅ5(675$,17ꢅ$1'ꢅ
%$6(ꢅ$)7(5ꢅ$1ꢅꢅ
$&&,'(17ꢅ2)ꢅ$1<ꢅ.,1'ꢆꢀ$QꢀDFFLGHQWꢀFDQꢀ
FDXVHꢀGDPDJHꢀWRꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀWKDWꢀ\RXꢀ
PD\ꢀQRWꢀEHꢀDEOHꢀWRꢀVHHꢆ
Ćꢀ 6723ꢅ86,1*ꢅ,1)$17ꢅ5(675$,17ꢅ$1'ꢅ
%$6(ꢅ$1'ꢅ7+52:ꢅ,7ꢅ$:$<ꢀDIWHUꢀWKHꢀGDWHꢀ
PROGHGꢀLQWRꢀWKHꢀXQGHUVLGHꢀRIꢀWKHꢀLQIDQWꢀ
UHVWUDLQWꢆꢀ³'2ꢀ127ꢀXVHꢀWKLVꢀFDUꢀVHDWꢀDIWHUꢀ'HFHPEHUꢀꢌ<HDUꢍ´
ꢎ
Ćꢀ '2ꢅ127ꢅ02',)<ꢅ<285ꢅ,1)$17ꢅ5(675$,17ꢅ$1'ꢅ%$6(ꢀRUꢀXVHꢀ
DQ\ꢀDFFHVVRULHVꢀRUꢀSDUWVꢀVXSSOLHGꢀE\ꢀRWKHUꢀPDQXIDFWXUHUVꢆ
Ćꢀ 1(9(5ꢅ86(ꢅ,1)$17ꢅ5(675$,17ꢅ$1'ꢅ%$6(ꢅ,)ꢅ,7ꢅ+$6ꢅ
'$0$*('ꢅ25ꢅ0,66,1*ꢅ3$576ꢆꢀ'2ꢀ127ꢀXVHꢀDꢀFXWꢏꢀIUD\HGꢀRUꢀ
GDPDJHGꢀLQIDQWꢀUHVWUDLQWꢀKDUQHVVꢏꢀYHKLFOHꢀVHDWꢀEHOWꢀRUꢀ/$7&+ꢀEHOWꢆ
Ćꢀ 7+(ꢅ,1)$17ꢅ5(675$,17ꢅ&$1ꢅ%(&20(ꢅ9(5<ꢅ+27ꢅ,)ꢅ/()7ꢅ,1ꢅ
7+(ꢅ681ꢆꢀ$OZD\VꢀWRXFKꢀWKHꢀVXUIDFHꢀRIꢀDQ\ꢀPHWDOꢀRUꢀSODVWLFꢀSDUWVꢀ
EHIRUHꢀSXWWLQJꢀ\RXUꢀFKLOGꢀLQꢀWKHꢀLQIDQWꢀUHVWUDLQWꢆ
Ćꢀ 7+,6ꢅ,1)$17ꢅ5(675$,17ꢅ&21)2506ꢀWRꢀDOOꢀDSSOLFDEOHꢀ)HGHUDOꢀ
0RWRUꢀ9HKLFOHꢀ6DIHW\ꢀ6WDQGDUGVꢀDQGꢀLVꢀFHUWLILHGꢀIRUꢀXVHꢀLQꢀPRWRUꢀꢀ
YHKLFOHVꢀDQGꢀDLUFUDIWꢆ
ꢄꢆꢋꢅ:DUQLQJꢅIRUꢅ8VHꢅ:LWKꢅDꢅ6WUROOHU
Ćꢀ 86(ꢅ21/<ꢅ:,7+ꢅ6752//(56ꢅ7+$7ꢅ$5(ꢅ3$57ꢅ2)ꢅ7+(ꢅ*5$&2ꢅ
75$9(/ꢅ6<67(0ꢆꢅ5HIHUꢀWRꢀVWUROOHUꢀRZQHU¶VꢀPDQXDOꢀIRUꢀGHWDLOVꢀDERXWꢀ
KRZꢀWRꢀDWWDFKꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀWRꢀ\RXUꢀVWUROOHUꢆꢀ,Iꢀ\RXꢀGRꢀQRWꢀKDYHꢀDQꢀ
RZQHU¶VꢀPDQXDOꢏꢀSOHDVHꢀFDOOꢀWROOꢐIUHHꢏꢀꢃꢐꢊꢂꢂꢐꢈꢋꢄꢐꢋꢃꢂꢎꢀWRꢀREWDLQꢀRQHꢏꢀRUꢀ
YLVLWꢀRXUꢀZHEVLWHꢀDWꢀZZZꢆJUDFREDE\ꢆFRPꢆ
Ćꢀ 1HYHUꢀXVHꢀDꢀ*UDFRꢀLQIDQWꢀUHVWUDLQWꢀZLWKꢀRWKHUꢀPDQXIDFWXUHU¶VꢀVWUROOHUVꢏꢀ
DVꢀWKLVꢀPD\ꢀUHVXOWꢀLQꢀVHULRXVꢀLQMXU\ꢀRUꢀGHDWKꢆꢀ
ꢃꢂ
ꢄꢆꢄꢅ$GGLWLRQDOꢅ:DUQLQJVꢅIRUꢅ8VHꢅDVꢅ&DUULHU
Ćꢅ )$//ꢅ+$=$5'ꢏꢅ&KLOG¶VꢀPRYHPHQWVꢀFDQꢀVOLGHꢀFDUULHUꢆ
ꢀ 1(9(5ꢀSODFHꢀFDUULHUꢀQHDUꢀHGJHVꢀRIꢀFRXQWHUWRSVꢏꢀWDEOHVꢀRUꢀRWKHUꢀ
KLJKꢀVXUIDFHVꢆꢀ$OZD\VꢀVWD\ꢀZLWKLQꢀDUPVꢀUHDFKꢀZKHQHYHUꢀFDUULHUꢀLVꢀꢀ
QRWꢀRQꢀIORRUꢅJURXQGꢆ
ꢀ %(ꢅ685(ꢀKDQGOHꢀORFNVꢀLQWRꢀSRVLWLRQꢀEHIRUHꢀOLIWLQJꢀFDUULHUꢆ
ꢀ 1(9(5ꢀSODFHꢀFDUULHUꢀRQꢀWKHꢀWRSꢀRIꢀDꢀVKRSSLQJꢀFDUWꢆ
Ćꢅ 68))2&$7,21ꢅ+$=$5'ꢏꢅ,QIDQWꢀFDUULHUꢀFDQꢀUROOꢀRYHUꢀRQꢀVRIWꢀ
VXUIDFHVꢀDQGꢀVXIIRFDWHꢀFKLOGꢆꢀ1HYHUꢀSODFHꢀFDUULHUꢀRQꢀEHGVꢏꢀVRIDVꢀꢀ
RUꢀRWKHUꢀVRIWꢀVXUIDFHVꢆ
Ćꢅ 675$1*8/$7,21ꢅ+$=$5'ꢏꢅ&KLOGꢀFDQꢀVWUDQJOHꢀLQꢀORRVHꢀUHVWUDLQWꢀ
VWUDSVꢆꢀ$OZD\VꢀXVHꢀKDUQHVVꢆꢀ1HYHUꢀOHDYHꢀFKLOGꢀLQꢀFDUULHUꢀZKHQꢀVWUDSVꢀ
DUHꢀORRVHꢀRUꢀXQGRQHꢆ
ꢀ .((3ꢅ675,1*6ꢅ$1'ꢅ&25'6ꢅ$:$<ꢅ)520ꢅ&+,/'ꢆꢀ6WULQJVꢀDQGꢀ
FRUGVꢀFDQꢀFDXVHꢀVWUDQJXODWLRQꢆ
'2ꢅ127ꢀSODFHꢀFDUULHUꢀQHDUꢀDꢀZLQGRZꢀZKHUHꢀFRUGVꢀIURPꢀEOLQGVꢀRUꢀ
GUDSHVꢀFDQꢀVWUDQJOHꢀDꢀFKLOGꢆ
'2ꢅ127ꢀKDQJꢀVWULQJVꢀRQꢀRUꢀRYHUꢀWKHꢀFDUULHUꢆ
'2ꢅ127ꢀSODFHꢀLWHPVꢀZLWKꢀDꢀVWULQJꢀDURXQGꢀDꢀFKLOG¶VꢀQHFNꢏꢀVXFKꢀDVꢀ
KRRGꢀVWULQJVꢏꢀSDFLILHUꢀFRUGVꢏꢀHWFꢆ
'2ꢅ127ꢀDWWDFKꢀVWULQJVꢀWRꢀWR\Vꢆ
ꢃꢃ
ꢄꢆꢉꢅ+HLJKWꢅDQGꢅ:HLJKWꢅ/LPLWV
72ꢅ$92,'ꢅ6(5,286ꢅ,1-85<ꢅ25ꢅ'($7+ꢅ'2ꢅ127ꢅ86(ꢅ7+(ꢅ
,1)$17ꢅ5(675$,17ꢅ:,7+ꢅ$ꢅ&+,/'ꢅ/$5*(5ꢅ25ꢅ60$//(5ꢅ7+$1ꢅ
7+(ꢅ:(,*+7ꢅ$1'ꢅ+(,*+7ꢅ5$1*(ꢅ/,67('ꢅ%(/2:ꢆ
<RXUꢀFKLOGꢀ0867ꢀPHHWꢀWKHꢀIROORZLQJꢀUHTXLUHPHQWVꢒ
Ćꢀ :(,*+7ꢒꢀꢉꢊꢄꢈꢅOEVꢆꢅꢐꢀꢆꢍꢊꢀꢄꢆꢌꢅNJꢑ
ꢅ ꢅ
ꢅ
$1'
Ćꢀ +(,*+7ꢒꢀꢄꢈꢅLQFKHVꢅꢐꢂꢌꢆꢋꢅFPꢑꢅRUꢅOHVVꢅLQꢅKHLJKWꢆ
ꢅ ,03257$17ꢏꢅ0$.(ꢅ685(ꢅWKH
WRSꢀRIꢀWKHꢀFKLOGVꢓꢀKHDGꢀLVꢀDWꢀOHDVWꢀꢃꢔꢀꢀ
EHORZꢀWKHꢀWRSꢀRIꢀWKHꢀLQIDQWꢀUHVWUDLQWꢆꢀ
ꢀꢓ
ꢃꢁ
)5217ꢅ9,(:
+DQGOH
+DUQHVVꢀ
VORWV
+DQGOH
DGMXVWPHQW
EXWWRQ
+DUQHVVꢀ
FOLS
:DLVWꢀ
VORWV
+DUQHVVꢀ
6WUDS
+DUQHVVꢀꢀ
EXFNOHꢀWRQJXHV
9HKLFOHꢀ
EHOWꢀ
KRRN
&URWFK
VORWV
+DUQHVVꢀꢀ
EXFNOH
+DUQHVVꢀ
DGMXVWPHQWꢀ
VWUDS
+DUQHVVꢀꢀ
DGMXVWPHQWꢀ
EXWWRQ
ꢃꢈ
5($5ꢅ9,(:
&DQRS\
5HOHDVHꢀKDQGOH
+DUQHVVꢀ
VORWV
+DUQHVVꢀVWRUDJHꢀ
IRUꢀDꢀVPDOOHUꢀ
FKLOG
$QFKRUꢀꢀ
&OLS
+DUQHVVꢀꢀ
DGMXVWPHQWꢀVWUDS
0HWDOꢀ
MXQFWLRQꢀ
SODWH
/RFNLQJꢀFOLSꢀ
VWRUDJHꢕꢕ
&URWFKꢀEXFNOHꢀ
DQFKRUꢀFOLS
7KHꢀORFNLQJꢀFOLSꢀLVꢀVWRUHGꢀRQꢀWKHꢀERWWRPꢀRIꢀꢀ
WKHꢀLQIDQWꢀUHVWUDLQWꢆꢀ<RXꢀZLOOꢀQHHGꢀWRꢀXVHꢀLWꢀꢀ
ZLWKꢀFHUWDLQꢀW\SHVꢀRIꢀYHKLFOHꢀVHDWꢀEHOWVꢆ
ꢔꢔ/RFNLQJꢅ
ꢅꢅꢅ&OLS
ꢃꢋ
%$6(
/$7&+ꢀ
FRQQHFWRU
/$7&+ꢀVWRUDJHꢀEDUVꢀ
ꢌXQGHUQHDWKꢍ
2ZQHUVꢀPDQXDO
VWRUDJH
/HYHOꢀ
LQGLFDWRU
/$7&+ꢀ
DGMXVWPHQWꢀEHOW
9HKLFOHꢀEHOWꢀꢀ
ꢅꢀ/$7&+ꢀSDWK
$GMXVWDEOHꢀ
)RRWꢀKDQGOH
$GMXVWDEOHꢀ)RRW
8QLWHGꢀ6WDWHVꢀ)HGHUDOꢀ0RWRUꢀ9HKLFOHꢀ6DIHW\ꢀ6WDQGDUGVꢀKDYHꢀGHILQHGꢀDꢀ
QHZꢀV\VWHPꢀIRUꢀLQVWDOOLQJꢀFDUꢀVHDWVꢀLQꢀYHKLFOHVꢆꢀ7KHꢀV\VWHPꢀLVꢀFDOOHGꢀ
/$7&+ꢆ
/$7&+ꢅPD\ꢅEHꢅXVHGꢅ,1ꢅ3/$&(ꢅRIꢅYHKLFOHꢅEHOWꢅ21/<ꢅLIꢅYHKLFOHꢅLVꢅ
HTXLSSHGꢅZLWKꢅ/$7&+ꢅDQFKRUꢅSRLQWVꢆꢅ3OHDVHꢅUHIHUꢅWRꢅYHKLFOHꢅRZQHU¶Vꢅ
PDQXDOꢅIRUꢅ/$7&+ꢅORFDWLRQVꢆ
ꢃꢄ
ꢉꢆꢀꢅ$GMXVWLQJꢅ+DQGOH
ꢃꢆꢀꢀ 3UHVVꢀKDQGOHꢀDGMXVWPHQWꢀEXWWRQVꢀRQꢀERWKꢀ
VLGHVꢀRIꢀKDQGOHꢀ ꢆ
ꢁꢆꢀꢀ 5RWDWHꢀKDQGOHꢀXQWLOꢀLWꢀFOLFNVꢀLQWRꢀDQ\ꢀRIꢀWKHꢀ
ꢄꢀSRVLWLRQVꢒ
ꢀ
3RVLWLRQꢀ$ꢏꢅ0867ꢅEHꢀXVHGꢀ
ꢀꢀꢀꢀꢀꢀꢀꢀꢀZKHQꢀFDUU\LQJꢀE\ꢀKDQGOHꢏꢀ
ꢀ
ꢀ
3RVLWLRQꢀ%ꢇ&ꢇꢅ'ꢏꢅDUHꢀFRQYHQLHQFHꢀ
SRVLWLRQVꢏꢀ
&DUU\LQJ
$
ꢀ
ꢀ
%
ꢀ
ꢀ
3RVLWLRQꢀ(ꢏꢅLVꢀWKHꢀVLWWLQJꢀSRVLWLRQꢏꢀ
&
1(9(5ꢀXVHꢀSRVLWLRQꢀ%ꢅRUꢅ&ꢀLQꢀ
WKHꢀYHKLFOHꢆ
'
ꢀ
%27+ꢀKDQGOHꢀDGMXVWPHQWꢀ
EXWWRQVꢀPXVWꢀSRSꢀRXWꢀWRꢀORFNꢀꢀ
KDQGOHꢀLQꢀSODFHꢀꢆ
(
6LWWLQJ
ꢈꢆꢀꢀ 3XVKꢅDQGꢅSXOOꢅRQꢅWKHꢅKDQGOHꢅWRꢅ
EHꢅVXUHꢅLWꢅLVꢅORFNHGꢅILUPO\ꢅLQꢅ
SRVLWLRQꢆ
ꢉꢆꢋꢅ5HPRYLQJꢅDQGꢅ$WWDFKLQJꢅ,QIDQWꢅ5HVWUDLQW
7RꢀUHPRYHꢏꢀVTXHH]HꢀUHOHDVHꢀKDQGOHꢀDWꢀEDFNꢀRIꢀ
LQIDQWꢀUHVWUDLQWꢀDQGꢀOLIWꢀRXWꢀRIꢀEDVHꢀDVꢀVKRZQꢀ ꢆ
7RꢀSXWꢀLQIDQWꢀUHVWUDLQWꢀLQꢀEDVHꢏꢀSXVKꢀLQIDQWꢀ
UHVWUDLQWꢀGRZQꢀXQWLOꢀLWꢀFOLFNVꢀLQWRꢀEDVHꢆꢀ3XOOꢅXSꢅ
RQꢅLQIDQWꢅUHVWUDLQWꢅWRꢅEHꢅVXUHꢅLWꢅLVꢅODWFKHGꢅ
ILUPO\ꢅLQWRꢅEDVHꢆ
ꢃꢇ
ꢉꢆꢄꢅ$WWDFKLQJꢅ&DQRS\
ꢃꢆꢀ ,QIDQWꢀUHVWUDLQWꢀFRPHVꢀZLWKꢀIRXUꢀ
ꢌWZRꢀRQꢀFHUWDLQꢀPRGHOVꢍꢀLGHQWLFDOꢀ
FDQRS\ꢀVXSSRUWꢀSDUWVꢆ
ꢀ
7KUHDGꢀRQHꢀFDQRS\ꢀVXSSRUWꢀꢀ
FRPSOHWHO\ꢀWKURXJKꢀVHZQꢀꢀ
WXQQHOꢀꢆ
ꢁꢆꢀ 6OLGHꢀVWUDLJKWꢀHQGꢀRIꢀDꢀꢀ
VHFRQGꢀVXSSRUWꢀLQWRꢀꢀ
WKHꢀVWUDLJKWꢀHQGꢀRIꢀWKHꢀꢀ
ILUVWꢀVXSSRUWꢀꢆ
ꢈꢆꢀ 2QꢀPRGHOVꢀZLWKꢀIRXUꢀFDQRS\ꢀVXSSRUWVꢏꢀꢀ
UHSHDWꢀVWHSVꢀRQHꢀDQGꢀWZRꢀIRUꢀWKHꢀꢀ
RWKHUꢀFDQRS\ꢀWXQQHOꢆꢀ7KHꢀFDQRS\ꢀꢀ
25
VKRXOGꢀDSSHDUꢀDVꢀVKRZQꢀ ꢆ
ꢋꢆꢀ $WWDFKꢀFDQRS\ꢀLQꢀWKHꢀDUHDVꢀEHWZHHQꢀꢀ
WKHꢀLQIDQWꢀUHVWUDLQWꢀDQGꢀWKHꢀEDVHꢀRIꢀꢀ
WKHꢀKDQGOHꢀꢆ
ꢀ
7RꢀUHPRYHꢀWKHꢀFDQRS\ꢏꢀUHYHUVHꢀWKHꢀ
VWHSVꢆ
ꢃꢉ
ꢉꢆꢉꢅ+HDGꢅ6XSSRUWꢅꢐRQꢅFHUWDLQꢅPRGHOVꢇꢅVW\OHVꢅYDU\ꢑ
7RꢀSUHYHQWꢀHMHFWLRQꢀLQꢀVXGGHQꢀVWRSꢀRUꢀFUDVKꢍꢀVKRXOGHUꢀVWUDSVꢀPXVWꢀ
EHꢀWKUHDGHGꢀWKURXJKꢀVORWVꢀDQGꢀSURSHUO\ꢀSRVLWLRQQHGꢀRQꢀVKRXOGHUVꢂꢀ
2QO\ꢀXVHꢀKHDGꢀVXSSRUWꢀZLWKꢀERWWRPꢀꢄꢀVHWVꢀRIꢀKDUQHVVꢀVORWVꢂ
6RPHꢀLQIDQWVꢀPD\ꢀQHHGꢀH[WUDꢀVXSSRUWꢀWRꢀNHHSꢀWKHLUꢀ
KHDGꢀDQGꢀERG\ꢀLQꢀDꢀFRPIRUWDEOHꢀSRVLWLRQꢆꢀ
7KUHDGꢀWKHꢀKDUQHVVꢀWKURXJKꢀWKHꢀRSHQLQJVꢀꢀ
LQꢀWKHꢀKHDGꢀVXSSRUWꢀDVꢀVKRZQꢀ ꢆ
7KUHDGꢀWKHꢀKDUQHVVꢀWKURXJKꢀWKHꢀRSHQLQJVꢀLQꢀꢀ
WKHꢀERG\ꢀVXSSRUWꢀDVꢀVKRZQꢀ ꢆ
,Iꢀ\RXUꢀPRGHOꢀGRHVꢀQRWꢀLQFOXGHꢀDꢀꢀ
KHDGꢀVXSSRUWꢏꢀ\RXꢀPD\ꢀZDQWꢀWRꢀꢀ
XVHꢀDꢀUROOHGꢀWRZHOꢀRUꢀDꢀEODQNHWꢀꢀ
IRUꢀVXSSRUWꢀ ꢆꢀ0$.(ꢅ685(ꢅ7+$7ꢅ
127+,1*ꢅ,17(5)(5(6ꢅ:,7+ꢅ7+(ꢅ
+$51(66ꢆꢅ+DUQHVVꢀPXVWꢀVWLOOꢀ
EHꢀIODWꢀDQGꢀVQXJꢀDJDLQVWꢀ\RXUꢀFKLOG¶Vꢀ
VKRXOGHUVꢆ
ꢃꢊ
ꢉꢆꢁꢅ&ROGꢅ:HDWKHUꢅ%RRWꢅꢐRQꢅFHUWDLQꢅPRGHOVꢇꢅVW\OHVꢅYDU\ꢑ
6RPHꢀPRGHOVꢀFRPHꢀZLWKꢀDꢀFROGꢀꢀ
ZHDWKHUꢀERRWꢆꢀ7RꢀXVHꢏꢀZUDSꢀHODVWLFꢀ
DURXQGꢀERWWRPꢀRIꢀVHDWꢀDQGꢀDWWDFKꢀꢀ
ERWKꢀHODVWLFꢀORRSVꢀDURXQGꢀYHKLFOHꢀEHOWꢀ
KRRNVꢀDVꢀVKRZQꢀ ꢆ
ꢉꢆꢌꢅ+DUQHVVꢅ&RYHUVꢅꢐRQꢅFHUWDLQꢅPRGHOVꢇꢅVW\OHVꢅYDU\ꢑ
7RꢀSUHYHQWꢀHMHFWLRQꢀLQꢀVXGGHQꢀVWRSꢀRUꢀFUDVKꢍ
ꢀ$OZD\VꢀPDNHꢀVXUHꢀVKRXOGHUꢀVWUDSVꢀDUHꢀ
WKUHDGHGꢀWKURXJKꢀVORWVꢀDQGꢀSURSHUO\ꢀꢀ
SRVLWLRQHGꢀRQꢀVKRXOGHUVꢂ
ꢀ0DNHꢀVXUHꢀWKDWꢀKDUQHVVꢀFRYHUVꢀGRꢀQRWꢀ
LQWHUIHUHꢀZLWKꢀSODFHPHQWꢀRIꢀWKHꢀFKHVWꢀFOLSꢀDWꢀ
DUPSLWꢀOHYHOꢂ
ꢃꢎ
ꢁꢆꢀꢅ3RVLWLRQLQJꢅ+DUQHVVꢅ6WUDSV
)$,/85(ꢅ72ꢅ3523(5/<ꢅ$'-867ꢅ7+(ꢅ+$51(66ꢅ675$36ꢅ
)25ꢅ<285ꢅ&+,/'ꢅ,1&5($6(6ꢅ7+(ꢅ5,6.ꢅ2)ꢅ6(5,286ꢅ
,1-85<ꢅ25ꢅ'($7+ꢅ,1ꢅ7+(ꢅ(9(17ꢅ2)ꢅ$ꢅ6+$53ꢅ7851ꢇꢅ
68''(1ꢅ6723ꢅ25ꢅ&5$6+ꢆꢀ7KHꢀKDUQHVVꢀVWUDSVꢀPXVWꢀEHꢀ
SURSHUO\ꢀDGMXVWHGꢀWRꢀILWꢀ\RXUꢀFKLOGꢀDFFRUGLQJꢀWRꢀWKHꢀIROORZLQJꢀ
LQVWUXFWLRQVꢆ
ꢃꢆꢀꢀ 5HPRYHꢀLQIDQWꢀUHVWUDLQWꢀIURPꢀEDVHꢀDQGꢀꢀ
URWDWHꢀKDQGOHꢀGRZQꢀWRꢀVLWWLQJꢀSRVLWLRQꢆꢀꢀ
6HHꢀꢅ³ꢉꢆꢀꢅ$GMXVWLQJꢅ+DQGOH´ꢀDQGꢀ³ꢉꢆꢋꢅ
5HPRYLQJꢅDQGꢅ$WWDFKLQJꢅ,QIDQWꢅ
5HVWUDLQW´ꢏꢀSDJHꢆꢀꢃꢇꢆ
ꢁꢆꢀ 3ODFHꢀ\RXUꢀFKLOGꢀLQꢀWKHꢀLQIDQWꢀꢀ
UHVWUDLQWꢀDVꢀVKRZQꢀLQꢀꢏꢀQRWꢀ ꢆꢀ
ꢀ
3ODFHꢀWKHꢀKDUQHVVꢀVWUDSVꢀꢀ
DURXQGꢀ\RXUꢀFKLOGꢆ
ꢈꢆꢀꢀ 'HWHUPLQHꢀZKLFKꢀSDLUꢀRIꢀKDUQHVVꢀVORWVꢀ
DUHꢀHYHQꢅZLWKꢅRUꢅMXVWꢅEHORZꢅ\RXUꢅ
FKLOG¶VꢅVKRXOGHUVꢅꢆ
ꢋꢆꢀ ,IꢀWKHꢀKDUQHVVꢀVWUDSVꢀPXVWꢀEHꢀDGMXVWHGꢒꢀ
UHPRYHꢀFKLOGꢀIURPꢀLQIDQWꢀUHVWUDLQWꢀDQGꢀ
PRYHꢀKDUQHVVꢀVWUDSVꢀWRꢀWKHꢀSURSHUꢀꢀ
KDUQHVVꢀVORWVꢀE\ꢀGRLQJꢀWKHꢀIROORZLQJꢒ
8VHꢀKDUQHVVꢀVORWVꢀꢀ
HYHQꢀZLWKꢀRUꢀMXVWꢀEHORZꢀꢀ
FKLOG¶VꢀVKRXOGHUV
ꢁꢂ
ꢀ
ꢀ
ꢀ
$ꢆꢀ3XVKꢀWKHꢀKDUQHVVꢀDGMXVWPHQWꢀEXWWRQꢀ
ꢀꢀꢀꢀXQGHUꢀWKHꢀVHDWꢀIODSꢆꢀ3XOOꢀWKHꢀVKRXOGHUꢀ
ꢀꢀꢀꢀVWUDSVꢀRXWꢀWRꢀORRVHQꢀWKHꢀKDUQHVVꢀ ꢆ
%ꢆꢀ)URPꢀEHKLQGꢀVHDWꢏꢀUHPRYHꢀWKHꢀHQGVꢀꢀ
ꢀꢀꢀꢀRIꢀWKHꢀWZRꢀVKRXOGHUꢀVWUDSVꢀIURPꢀWKHꢀ
ꢀꢀꢀꢀPHWDOꢀMXQFWLRQꢀSODWHꢀꢆꢀ
&ꢆꢀ)URPꢀIURQWꢏꢀSXOOꢀVWUDSVꢀWKURXJKꢀWKHꢀꢀ
ꢀꢀꢀꢀKDUQHVVꢀVORWVꢀDQGꢀWKHQꢀUHLQVHUWꢀWKHPꢀꢀ
ꢀꢀꢀꢀWKURXJKꢀWKHꢀDSSURSULDWHꢀVORWVꢆꢀ%RWKꢀꢀ
ꢀꢀꢀꢀKDUQHVVꢀVWUDSVꢀPXVWꢀEHꢀWKURXJKꢀWKHꢀꢀ
ꢀꢀꢀꢀVDPHꢀVHWꢀRIꢀVORWVꢀLQꢀWKHꢀVHDWꢀDQGꢀSDGꢆ
+DUQHVVꢀDGMXVWPHQWꢀꢀ
EXWWRQ
ꢀ
ꢀ
'ꢆꢀ)URPꢀEHKLQGꢀVHDWꢏꢀSXVKꢀERWKꢀVKRXOGHUꢀꢀ
ꢀꢀꢀꢀVWUDSVꢀ81'(5ꢀULEVꢀDQGꢀRXWꢀWKHꢀERWWRPꢀꢆ
5LEV
(ꢆꢀ'HSHQGLQJꢀRQꢀWKHꢀVL]HꢀRIꢀ\RXUꢀFKLOGꢏꢀ\RXꢀꢀ
ꢀꢀꢀꢀPD\ꢀQHHGꢀWRꢀDGMXVWꢀWKHꢀKDUQHVVꢀVWUDSVꢏꢀ
ꢀꢀꢀꢀFURWFKꢀVWUDSꢀEXFNOHꢀRUꢀZDLVWꢀVWUDSVꢀDVꢀꢀ
ꢀꢀꢀꢀVKRZQꢀRQꢀSDJHVꢀꢁꢁꢐꢁꢋꢀWRꢀJHWꢀDꢀVQXJꢀILWꢀIRUꢀ
ꢀꢀꢀꢀ\RXUꢀFKLOGꢆꢀ0$.(ꢅ685(ꢀWKDWꢀ\RXꢀXVH
ꢀꢀꢀꢀWKHꢀVDPHꢀVHWVꢀRIꢀVORWVꢀVRꢀWKDWꢀWKH\ꢀDUHꢀHYHQꢆ
ꢀ
ꢀꢀꢀꢀ5HDVVHPEOHꢀWKHꢀVWUDSꢀHQGVꢀRQWRꢀWKHꢀPHWDOꢀꢀ
ꢀꢀꢀꢀMXQFWLRQꢀSODWHꢀꢆꢀ
ꢄꢆꢀ 6$)(7<ꢅ&+(&.ꢏ
ꢀ
Dꢍꢀ&+(&.ꢀWKDWꢀVWUDSVꢀDUHꢀQRWꢀWZLVWHGꢀLQꢀIURQWꢀ
RUꢀEDFNꢖ
0HWDOꢀMXQFWLRQꢀ
SODWH
ꢀ
Eꢍꢀ&+(&.ꢀWKDWꢀVWUDSVꢀDUHꢀVHFXUHꢀE\ꢀSXOOLQJꢀRQꢀ
KDUQHVVꢀVWUDSVꢀIURPꢀWKHꢀIURQWꢀRIꢀWKHꢀVHDWꢆ
ꢁꢃ
ꢅ 6KRXOGHUꢅ6WUDSVꢅIRUꢅDꢅ60$//(5ꢅ%DE\ꢏ
ꢅ
8VHꢀWKHꢀORZHUꢀꢁꢀVHWVꢀRIꢀKDUQHVVꢀVORWVꢀꢀꢌLIꢀWKH\ꢀDUHꢀHYHQꢀZLWKꢀRUꢀMXVWꢀ
EHORZꢀ\RXUꢀFKLOG¶VꢀVKRXOGHUVꢍꢀDQGꢀWKHꢀXSSHUꢀVWUDSꢀORRSVꢀꢆꢀ7KHꢀHQGVꢀ
RIꢀWKHꢀVWUDSVꢀPXVWꢀKDQJꢀLQꢀIURQWꢀRIꢀWKHꢀPHWDOꢀMXQFWLRQꢀSODWHꢀDVꢀVKRZQꢀ
LQꢀꢏꢀQRWꢀDVꢀVKRZQꢀLQꢀꢆ
ꢀ
ꢀ
ꢀ
ꢀ
&+(&.ꢀWKDWꢀWKHꢀORRSVꢀDUHꢀFRPSOHWHO\ꢀ
ZLWKLQꢀMXQFWLRQꢀSODWHꢀVORWVꢀꢆ
&+(&.ꢀWKDWꢀVWUDSVꢀDUHꢀVHFXUHꢀE\ꢀSXOOLQJꢀ
RQꢀWKHPꢆ
ꢅ 6KRXOGHUꢅ6WUDSVꢅIRUꢅDꢅ/$5*(5ꢅ%DE\ꢏ
ꢀ
8VHꢀWRSꢀꢁꢀVHWVꢀRIꢀKDUQHVVꢀVORWVꢀꢀDQGꢀWKHꢀHQGꢀVWUDSꢀORRSVꢀꢀꢌLIꢀWKH\ꢀ
DUHꢀHYHQꢀZLWKꢀRUꢀMXVWꢀEHORZꢀ\RXUꢀFKLOG¶VꢀVKRXOGHUVꢍꢆ
ꢅ
&+(&.ꢀWKDWꢀWKHꢀORRSVꢀDUHꢀ
FRPSOHWHO\ꢀZLWKLQꢀMXQFWLRQꢀꢀ
SODWHꢀVORWVꢀꢆ
ꢀ
&+(&.ꢀWKDWꢀVWUDSVꢀ
DUHꢀVHFXUHꢀE\ꢀSXOOLQJꢀꢀ
RQꢀWKHPꢆ
ꢀ
ꢁꢁ
ꢅ 7Rꢅ6KRUWHQꢅ:DLVWꢅ6WUDSVꢅIRUꢅDꢅ
60$//(5ꢅ%DE\ꢏ
ꢅ
7KHꢀOHQJWKꢀRIꢀWKHꢀZDLVWꢀVWUDSꢀFDQꢀEHꢀVKRUWHQHGꢀIXUWKHUꢀE\ꢀSXVKLQJꢀ
DVLGHꢀWKHꢀVPDOOꢀWDEꢀWKDWꢀKROGVꢀWKHꢀDQFKRUꢀFOLSVꢀLQꢀSODFHꢀDQGꢀSXOOꢀWKHꢀ
DQFKRUꢀFOLSVꢀRXWꢀRIꢀWKHLUꢀLQGHQWDWLRQVꢀꢀꢆꢀ0RYHꢀWKHꢀDQFKRUꢀFOLSꢀWRꢀWKHꢀ
VHFRQGꢀRUꢀWKLUGꢀORRSꢀLQꢀWKHꢀVWUDSꢀ ꢀGHSHQGLQJꢀRQꢀWKHꢀFKLOGꢓVꢀVL]Hꢆꢀ
&+(&.ꢀWKDWꢀDQFKRUꢀFOLSVꢀDUHꢀWKUHDGHGꢀSURSHUO\ꢆꢀ7KHꢀHQGVꢀRIꢀWKHꢀ
VWUDSVꢀVKRXOGꢀEHꢀLQVHUWHGꢀLQWRꢀWKHꢀVORWꢀDVꢀVKRZQꢀLQꢀSLFWXUHꢀ¡ꢆꢀ
6QDSꢀDQFKRUꢀFOLSꢀLQWRꢀWKHꢀVHDWꢀLQGHQWDWLRQVꢆꢀ5HSHDWꢀRQꢀRWKHUꢀVLGHꢆ
ꢀ
&+(&.ꢀWKDWꢀVWUDSVꢀDUHꢀVHFXUHꢀE\ꢀSXOOLQJꢀRQꢀWKHPꢀIURPꢀWKHꢀIURQWꢀRIꢀ
WKHꢀVHDWꢆ
Slot
¡
ꢅ 7Rꢅ/HQJWKHQꢅ:DLVWꢅ6WUDSVꢅIRUꢅDꢅ/$5*(5ꢅ%DE\ꢏ
ꢀ
5HPRYHꢀWKHꢀDQFKRUꢀFOLSꢀIURPꢀWKHꢀVHDWꢀꢆꢀ0RYHꢀWKHꢀDQFKRUꢀFOLSꢀWRꢀWKHꢀ
HQGꢀRIꢀWKHꢀVWUDSꢆꢀ&+(&.ꢀWKDWꢀWKHꢀDQFKRUꢀFOLSVꢀDUHꢀWKUHDGHGꢀSURSHUO\ꢀ
¢ꢆꢀ6QDSꢀDQFKRUꢀFOLSVꢀ
EDFNꢀLQWRꢀVHDWꢀDVꢀꢀ
VKRZQꢀLQꢀ ꢆꢀ5HSHDWꢀ
RQꢀRWKHUꢀVLGHꢆ
¢
ꢀ
&+(&.ꢀWKDWꢀVWUDSVꢀDUHꢀ
VHFXUHꢀE\ꢀSXOOLQJꢀRQꢀꢀ
WKHPꢀIURPꢀWKHꢀIURQWꢀRIꢀWKHꢀVHDWꢆ
ꢁꢈ
ꢁꢆꢋꢅꢅ7Rꢅ$GMXVWꢅ&URWFK
ꢅꢅ6WUDSꢅ%XFNOHꢅ3RVLWLRQꢏ
)25ꢅ/2:ꢅ%,57+ꢅ:(,*+7ꢅ,1)$176ꢅꢅ
ꢐ0,1,080ꢅ:(,*+7ꢅ,6ꢅꢉꢅ/%ꢆꢑꢅꢏ
Ćꢀꢀꢀ 7XUQꢀLQIDQWꢀUHVWUDLQWꢀRYHUꢀDQGꢀ
UHPRYHꢀDQFKRUꢀFOLSꢀE\ꢀSXVKLQJꢀFOLSꢀ
WKURXJKꢀWKHꢀIRUZDUGꢀFURWFKꢀVORWꢀꢀ
DQGꢀVHDWꢀSDGꢀDQGꢀꢀUHLQVHUWLQJꢀ
5HDUꢀVORW
)URQWꢀVORW
8VHꢀFURWFKꢀVWUDSꢀꢀ
FORVHVWꢀWRꢀFKLOG
WKURXJKꢀWKHꢀIURQWꢀRIꢀVHDWꢀSDGꢀLQWRꢀ
WKHꢀUHDUꢀFURWFKꢀVORWꢀ ꢆꢀ
ꢀ
)ROORZꢀSDJHVꢀꢁꢁꢐꢁꢈꢀWRꢀFKDQJHꢀWKHꢀ
KDUQHVVꢀDQGꢀZDLVWꢀVWUDSꢀORFDWLRQVꢆ
Ćꢀꢀ )RUꢀ/RZꢀ%LUWKꢀ:HLJKWꢀ,QIDQWVꢏꢀꢀ
VKRXOGHUꢀVWUDSVꢀVKRXOGꢀEHꢀLQꢀWKHꢀ
ORZHVWꢀVHWꢀRIꢀKDUQHVVꢀVORWVꢀDQGꢀꢀ
WKHꢀXSSHUꢀVWUDSꢀORRSVꢏꢀSOXVꢖ
ꢀꢀ :DLVWꢀVWUDSVꢀVKRXOGꢀEHꢀLQꢀWKHꢀWKLUGꢀ
VHWꢀRIꢀORRSVꢆ
)25ꢅ/$5*(5ꢅ%$%,(6ꢏ
Ćꢀꢀꢀ 7XUQꢀLQIDQWꢀUHVWUDLQWꢀRYHUꢀDQGꢀ
UHPRYHꢀDQFKRUꢀFOLSꢀE\ꢀSXVKLQJꢀFOLSꢀ
WKURXJKꢀWKHꢀUHDUꢀFURWFKꢀVORWꢀDQGꢀ
VHDWꢀSDGꢀDQGꢀUHLQVHUWLQJꢀWKURXJKꢀ
WKHꢀIURQWꢀRIꢀVHDWꢀSDGꢀLQWRꢀWKHꢀIURQWꢀ
FURWFKꢀVORWꢆꢀ
ꢁꢋ
ꢁꢆꢄꢅ6HFXULQJꢅ&KLOGꢅLQꢅ,QIDQWꢅ5HVWUDLQW
)DLOXUHꢀWRꢀSURSHUO\ꢀVHFXUHꢀ\RXUꢀFKLOGꢀLQꢀWKHꢀLQIDQWꢀUHVWUDLQWꢅFDUULHUꢀ
LQFUHDVHVꢀWKHꢀULVNꢀRIꢀVHULRXVꢀLQMXU\ꢀRUꢀGHDWKꢀIURPꢀVXIIRFDWLRQꢀRUꢀIDOOVꢏꢀ
RUꢀLQꢀWKHꢀHYHQWꢀRIꢀDꢀVXGGHQꢀVWRSꢀRUꢀFUDVKꢆꢀ(YHQꢀZKHQꢀꢀ
XVHGꢀRQO\ꢀDVꢀDꢀFDUULHUꢏꢀPDNHꢀVXUHꢀWKHꢀKDUQHVVꢀVWUDSVꢀDUHꢀꢀ
SURSHUO\ꢀVHFXUHGꢆ
ꢃꢆꢀꢀ 0RYHꢀLQIDQWꢀUHVWUDLQWꢀKDQGOHꢀWRꢀVLWWLQJꢀSRVLWLRQꢀꢌVHHꢀSDJHꢀꢃꢇꢍꢆ
ꢁꢆꢀ 2SHQꢀKDUQHVVꢀFOLSꢀE\ꢀ
VTXHH]LQJꢀERWKꢀVLGHVꢀDQGꢀ
XQEXFNOHꢀDVꢀVKRZQꢀꢆ
ꢀ
ꢈꢆꢀꢀ 3ODFHꢀ\RXUꢀFKLOGꢀLQꢀWKHꢀLQIDQWꢀꢀ
UHVWUDLQWꢀDVꢀVKRZQꢀLQꢀꢏꢀQRWꢀ ꢆꢀ
3ODFHꢀWKHꢀKDUQHVVꢀVWUDSVꢀꢀ
DURXQGꢀ\RXUꢀFKLOGꢆ
ꢋꢆꢀꢀ ,QVHUWꢀWKHꢀWZRꢀEXFNOHꢀWRQJXHVꢀLQWRꢀWKHꢀKDUQHVVꢀEXFNOHꢀRQꢀWKHꢀFURWFKꢀ
VWUDSꢆꢀ0DNHꢅVXUHꢅWKDWꢅ\RXꢅKHDUꢅHDFKꢅWRQJXHꢅFOLFNꢅLQWRꢅWKHꢅEXFNOHꢆ
ꢀ
'2ꢅ127ꢅXVHꢅWKHꢅLQIDQWꢅUHVWUDLQWꢅLIꢅWKHꢅEXFNOHꢅWRQJXHVꢅGRꢅQRWꢅ
ODWFKꢅLQꢅSODFHꢆꢅ&DOOꢅ*UDFRꢅDWꢅꢀꢊꢍꢈꢈꢊꢄꢉꢁꢊꢉꢀꢈꢃꢆ
ꢁꢄ
ꢄꢆꢀꢀ 6QDSꢀKDUQHVVꢀFOLSꢀSLHFHVꢀWRJHWKHUꢀꢆꢀ
ꢇꢆꢀꢀ 3XOOꢀRQꢀKDUQHVVꢀDGMXVWPHQWꢀVWUDSꢀWRꢀꢀ
WLJKWHQꢀVWUDSVꢀDVꢀVKRZQꢀꢆꢀ&+(&.ꢀWKDWꢀ
ERWKꢀVWUDSVꢀDUHꢀIODWꢀDQGꢀVQXJꢀRQꢀꢀ
VKRXOGHUVꢀDQGꢀWKLJKVꢆꢀ
ꢉꢆꢀꢀ 3RVLWLRQꢀKDUQHVVꢀFOLSꢀLQꢀPLGGOHꢀRIꢀFKHVWꢏꢀ
OHYHOꢀZLWKꢀDUPSLWVꢀDQGꢀDZD\ꢀIURPꢀWKHꢀ
QHFNꢀꢆꢀ
ꢊꢆꢀ6$)(7<ꢅ&+(&.ꢏ
ꢅ
Dꢍꢀ0$.(ꢅ685(ꢅWKHꢀWRSꢀRIꢀWKHꢀFKLOGVꢓꢀ
KHDGꢀLVꢀDWꢀOHDVWꢀꢃꢔꢀEHORZꢀWKHꢀWRSꢀRIꢀWKHꢀLQIDQWꢀUHVWUDLQWꢆꢀ
ꢀ
ꢀ
Eꢍꢀ&+(&.ꢀWKDWꢀKDUQHVVꢀVWUDSVꢀDUHꢀQRWꢀWZLVWHGꢆ
Fꢍꢀ&+(&.ꢀWKDWꢀWKHꢀKDUQHVVꢀLVꢀVQXJꢆꢀ<RXꢀVKRXOGꢀ
QRWꢀEHꢀDEOHꢀWRꢀSLQFKꢀWKHꢀKDUQHVVꢀLIꢀLWꢀ
LVꢀVQXJꢆꢀ$ꢀVQXJꢀVWUDSꢀVKRXOGꢀQRWꢀDOORZꢀDQ\ꢀ
VODFNꢆꢀ,WꢀOLHVꢀLQꢀDꢀUHODWLYHO\ꢀVWUDLJKWꢀOLQHꢀZLWKRXWꢀ
VDJJLQJꢆꢀ,WꢀGRHVꢀQRWꢀSUHVVꢀRQꢀWKHꢀFKLOG¶VꢀIOHVKꢀ
RUꢀSXVKꢀWKHꢀFKLOG¶VꢀERG\ꢀLQWRꢀDQꢀXQQDWXUDOꢀꢀ
SRVLWLRQꢀꢆ
ꢁꢇ
ꢌꢆꢀꢅ9HKLFOHꢅ6HDWꢅ5HTXLUHPHQWV
,03523(5ꢅ3/$&(0(17ꢅ2)ꢅ7+(ꢅ,1)$17ꢅ5(675$,17ꢅ
,1&5($6(6ꢅ7+(ꢅ5,6.ꢅ2)ꢅ6(5,286ꢅ,1-85<ꢅ25ꢅ'($7+ꢆꢅ
6RPHꢀVHDWLQJꢀSRVLWLRQVꢀLQꢀ\RXUꢀYHKLFOHꢀPD\ꢀQRWꢀEHꢀVDIHꢀIRUꢀWKLVꢀ
LQIDQWꢀUHVWUDLQWꢆꢀ6RPHꢀYHKLFOHVꢀGRꢀQRWꢀKDYHꢀDQ\ꢀVHDWLQJꢀSRVLꢐ
WLRQVꢀWKDWꢀFDQꢀEHꢀXVHGꢀVDIHO\ꢀZLWKꢀWKHꢀLQIDQWꢀUHVWUDLQWꢆꢀ,Iꢀ\RXꢀDUHꢀ
QRWꢀVXUHꢀZKHUHꢀWRꢀSODFHꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀLQꢀ\RXUꢀYHKLFOHꢏꢀꢀ
FRQVXOWꢀ\RXUꢀYHKLFOHꢀRZQHU¶VꢀPDQXDOꢀRUꢀFDOOꢀ*UDFRꢀDWꢀꢀ
ꢃꢐꢊꢂꢂꢐꢈꢋꢄꢐꢋꢃꢂꢎꢆ
Ćꢀ :KHQHYHUꢅSRVVLEOHꢇꢅVHFXUHꢅWKHꢅ
LQIDQWꢅUHVWUDLQWꢅLQꢅWKHꢅFHQWHUꢅꢅ
SRVLWLRQꢅRIꢅWKHꢅVHDWꢅGLUHFWO\ꢅ
EHKLQGꢅWKHꢅIURQWꢅVHDWVꢀ ꢆꢀ,Iꢀ\RXꢀ
ZDQWꢀWRꢀXVHꢀ/$7&+ꢏꢀFKHFNꢀ\RXUꢀ
YHKLFOHꢀRZQHU¶VꢀPDQXDOꢀIRUꢀꢀ
/$7&+ꢀORFDWLRQVꢆ
Ćꢀ 1(9(5ꢅSODFHꢅWKLVꢅLQIDQWꢅUHVWUDLQWꢅ
LQꢅDꢅYHKLFOHꢅVHDWLQJꢅORFDWLRQꢅWKDWꢅ ꢅ
KDVꢅDꢅIURQWꢅDLUꢅEDJꢅ ꢆꢀ6HHꢀ
³ꢄꢆꢀꢅ:DUQLQJVꢅIRUꢅ8VHꢅDVꢅ,QIDQWꢅ
5HVWUDLQW´ꢏꢀSDJHꢀꢊꢆ
ꢁꢉ
Ćꢀ 7KHꢅ9(+,&/(ꢅVHDWꢅPXVWꢅIDFHꢅIRUZDUGꢆ
Ćꢀ '2ꢅ127ꢀXVHꢅLQIDQWꢅUHVWUDLQWꢅRQꢅYHKLFOHꢅVHDWVꢅZLWKꢅVHDWꢅEDFNVꢅWKDWꢅ
ZLOOꢅQRWꢅORFNꢅLQꢅDQꢅXSULJKWꢅSRVLWLRQꢆꢀ'2ꢅ127ꢀXVHꢀVHDWVꢀWKDWꢀFDQꢀIROGꢀ
GRZQꢀZLWKRXWꢀKDYLQJꢀWRꢀUHOHDVHꢀDꢀORFNꢀRUꢀODWFKꢀRIꢀVRPHꢀNLQGꢆꢀ7KHVHꢀ
VHDWVꢀFDQꢀIO\ꢀIRUZDUGꢀDQGꢀVWULNHꢀWKHꢀFKLOGꢀLQꢀDꢀVXGGHQꢀVWRSꢀRUꢀFUDVKꢆ
ꢌꢆꢋꢅ9HKLFOHꢅ6HDWꢅ%HOWꢅ5HTXLUHPHQWV
0$1<ꢅ6($7ꢅ%(/7ꢅ6<67(06ꢅ$5(ꢅ127ꢅ6$)(ꢅ72ꢅ86(ꢅ:,7+ꢅ7+(ꢅ
,1)$17ꢅ5(675$,17ꢆꢅ7+(ꢅ9(+,&/(ꢅ6($7ꢅ%(/7ꢅ0867ꢅ%(ꢅ
'(6,*1('ꢅ72ꢅ+2/'ꢅ7+(ꢅ,1)$17ꢅ5(675$,17ꢅ7,*+7/<ꢅ$7ꢅꢅ
$//ꢅ7,0(6ꢆ
3D\ꢀFDUHIXOꢀDWWHQWLRQꢀWRꢀWKHVHꢀV\VWHPVꢖꢀVRPHꢀRIꢀWKHꢀVHDWꢀEHOWVꢀWKDWꢀDUHꢀ
QRWꢀVDIHꢀWRꢀXVHꢀORRNꢀYHU\ꢀPXFKꢀOLNHꢀVHDWꢀEHOWVꢀWKDWꢀDUHꢀVDIHꢀWRꢀXVHꢆꢀ,Iꢀ
\RXꢀDUHꢀXQVXUHꢏꢀFRQVXOWꢀ\RXUꢀYHKLFOHꢀRZQHU¶VꢀPDQXDOꢀRUꢀFDOOꢀ*UDFRꢀ
DWꢀꢃꢐꢊꢂꢂꢐꢈꢋꢄꢐꢋꢃꢂꢎꢆ
ꢁꢊ
ꢌꢆꢋꢆꢀꢅ816$)(ꢅ9HKLFOHꢅ%HOWꢅ6\VWHPV
/$7&+ꢅFDQꢀEHꢀXVHGꢅ,1ꢅ3/$&(ꢅ2)ꢅWKHꢀYHKLFOHꢀEHOWꢅV\VWHPꢆꢅ3OHDVHꢀUHIHUꢀ
WRꢀYHKLFOHꢀRZQHU¶VꢀPDQXDOꢀIRUꢅ/$7&+ꢀORFDWLRQVꢆ
'2ꢅ127ꢀXVHꢀDQ\ꢀRIꢀWKHꢀIROORZLQJꢀV\VWHPVꢀWRꢀVHFXUHꢀWKHꢀLQIDQWꢀUHVWUDLQWꢆ
Ćꢀ /DSꢅ%HOWVꢅZLWKꢅ(PHUJHQF\ꢅ/RFNLQJꢅ5HWUDFWRUꢅꢐ(/5ꢑ
7KLVꢀODSꢀEHOWꢀVWD\VꢀORRVHꢀDQGꢀFDQꢀPRYHꢀXQWLOꢀLWꢀORFNVꢀꢀ
LQꢀDꢀFUDVKꢀRUꢀVXGGHQꢀVWRSꢆꢀ
Ćꢅ &RPELQDWLRQꢅ/DSꢎ6KRXOGHUꢅ%HOWꢅZLWKꢅ5HWUDFWRU
(DFKꢀVWUDSꢀKDVꢀDꢀUHWUDFWRUꢀDWꢀRQHꢀHQGꢀDQGꢀLVꢀDWWDFKHGꢀWRꢀ
WKHꢀODWFKꢀSODWHꢀDWꢀWKHꢀRWKHUꢀHQGꢆꢀ
Ćꢅ 3DVVLYHꢅ5HVWUDLQWꢅꢊꢅ/DSꢅ%HOWꢅZLWKꢅ
0RWRUL]HGꢅ6KRXOGHUꢅ%HOW
Ćꢅ 3DVVLYHꢅ5HVWUDLQWꢅꢊꢅ/DSꢅRUꢅ
6KRXOGHUꢅ%HOWꢅ0RXQWHGꢅRQꢅ'RRU
ꢅ '2ꢅ127ꢀXVHꢀYHKLFOHꢀEHOWVꢀWKDWꢀꢀ
DUHꢀDWWDFKHGꢀWRꢀWKHꢀGRRUꢀLQꢀDQ\ꢀZD\ꢀꢀ
RUꢀWKDWꢀPRYHꢀDORQJꢀDꢀWUDFNꢀWRꢀꢀ
DXWRPDWLFDOO\ꢀVXUURXQGꢀWKHꢀꢀ
ꢀ
SDVVHQJHUꢀZKHQꢀWKHꢀGRRUꢀLVꢀFORVHGꢆꢀ
Ćꢅ /DSꢅ%HOWVꢅ)RUZDUGꢅRIꢅ6HDWꢅ&UHDVH
ꢁꢎ
ꢌꢆꢋꢆꢋꢅ6$)(ꢅ9HKLFOHꢅ%HOWꢅ6\VWHPV
7+(ꢅ)2//2:,1*ꢅ%(/7ꢅ6<67(06ꢅ&$1ꢅ%(ꢅ86('ꢅ:,7+ꢅ<285ꢅ
,1)$17ꢅ5(675$,17ꢇꢅ,)ꢀWKHꢀVHDWꢀORFDWLRQꢀPHHWVꢀDOOꢀRWKHUꢀUHTXLUHPHQWVꢀ
RIꢀWKHVHꢀLQVWUXFWLRQVꢀDQGꢀWKRVHꢀLQꢀ\RXUꢀYHKLFOHꢀRZQHUꢓVꢀPDQXDOꢆꢀ/$7&+ꢀ
FDQꢀEHꢀXVHGꢀLQꢀSODFHꢀRIꢀWKHꢀYHKLFOHꢀEHOWꢀV\VWHPꢆꢀ3OHDVHꢀUHIHUꢀWRꢀYHKLFOHꢀ
RZQHU¶VꢀPDQXDOꢀIRUꢅ/$7&+ꢀORFDWLRQVꢆꢀ
:KHQꢀXVLQJꢀLQIDQWꢀUHVWUDLQWꢀZLWKRXWꢀWKHꢀEDVHꢏꢀDGMXVWꢀWKHꢀEHOWꢀDVꢀ
GHVFULEHGꢀLQꢀWKLVꢀVHFWLRQꢀIRUꢀWKHVHꢀW\SHVꢀRIꢀYHKLFOHꢀVHDWꢀEHOWVꢆꢀ
6RPHꢀYHKLFOHꢀODSꢅVKRXOGHUꢀVHDWꢀEHOWVꢀKDYHꢀDꢀSODVWLFꢀEXWWRQꢀRQꢀWKHꢀEHOWꢆꢀ
'RꢀQRWꢀDOORZꢀWKHꢀEXWWRQꢀWRꢀLQWHUIHUHꢀZLWKꢀWKHꢀEHOWꢀURXWLQJꢀWKURXJKꢀWKHꢀꢀ
YHKLFOHꢀEHOWꢀSDWKꢀZKHQꢀLQVWDOOLQJꢀWKHꢀVHDWꢀDORQHꢀRUꢀZKHQꢀLQVWDOOLQJꢀWKHꢀ
VHDWꢀDQGꢀWKHꢀEDVHꢆ
Ćꢅ /DSꢅ%HOWVꢅꢊꢅ0DQXDOO\ꢅ$GMXVWHG
:KHQꢀEXFNOHGꢏꢀWKHꢀEHOWꢀLVꢀꢀ
WLJKWHQHGꢀPDQXDOO\ꢀE\ꢀSXOOLQJꢀRQꢀ
WKHꢀH[FHVVꢀEHOWꢀZKLOHꢀSXVKLQJꢀ
GRZQꢀKDUGꢀRQꢀWKHꢀLQIDQWꢀUHVWUDLQWꢆ
ꢈꢂ
Ćꢅ /DSꢅ%HOWVꢅZLWKꢅ$XWRPDWLFꢅ
/RFNLQJꢅ5HWUDFWRUꢅꢐ$/5ꢑ
7KHꢀDXWRPDWLFꢀORFNLQJꢀUHWUDFWRUꢀ
ZLOOꢀQRWꢀSHUPLWꢀWKHꢀODSꢀEHOWꢀWRꢀ
OHQJWKHQꢀRQFHꢀLWꢀLVꢀEXFNOHGꢆꢀ
7LJKWHQꢀWKHꢀEHOWꢀE\ꢀIHHGLQJꢀꢀ
WKHꢀEHOWꢀEDFNꢀLQWRꢀWKHꢀUHWUDFWRUꢀ
ZKLOHꢀSXVKLQJꢀGRZQꢀKDUGꢀRQꢀWKHꢀ
LQIDQWꢀUHVWUDLQWꢆ
Ćꢅ &RPELQDWLRQꢅ/DSꢎ6KRXOGHUꢅ%HOWꢅ 2QFHꢀLWꢀLVꢀEXFNOHGꢏꢀWKLVꢀW\SHꢀRIꢀꢀ
EHOWꢀKDVꢀDꢀODWFKꢀSODWHꢀWKDWꢀZLOOꢀQRWꢀ
DOORZꢀWKHꢀODSꢀSRUWLRQꢀRIꢀWKHꢀEHOWꢀWRꢀ
ORRVHQꢆꢀ%HOWꢀLVꢀWLJKWHQHGꢀE\ꢀSXOOLQJꢀ
KDUGꢀRQꢀWKHꢀVKRXOGHUꢀSRUWLRQꢀRIꢀWKHꢀ
YHKLFOHꢀEHOWꢀZKLOHꢀSXVKLQJꢀGRZQꢀ
KDUGꢀRQꢀWKHꢀLQIDQWꢀUHVWUDLQWꢆ
ZLWKꢅ/RFNLQJꢅ/DWFKꢅ3ODWH
Ćꢅ &RPELQDWLRQꢅ/DSꢎ6KRXOGHUꢅ 7KLVꢀEHOWꢀKDVꢀDꢀODWFKꢀSODWHꢀWKDWꢀVOLGHVꢀ
IUHHO\ꢀDORQJꢀWKHꢀEHOWꢆ
%HOWꢅZLWKꢅ6OLGLQJꢅ/DWFKꢅ
3ODWH
7KLVꢀEHOWꢀ0867ꢀEHꢀFRQYHUWHGꢀWRꢀSUHYHQWꢀ
PRYHPHQWꢀRIꢀWKHꢀODSꢀSRUWLRQꢀRIꢀWKHꢀEHOWꢆꢀ
<RXꢀPXVWꢀXVHꢀDꢀORFNLQJꢅFOLSꢅꢌSURYLGHGꢀ
ZLWKꢀWKHꢀLQIDQWꢀUHVWUDLQWꢍꢀZKHQꢀXVLQJꢀWKHꢀ
LQIDQWꢀUHVWUDLQWꢀZLWKRXWꢅWKHꢅEDVHꢀXQOHVVꢀ
\RXUꢀYHKLFOHꢓVꢀVHDWꢀEHOWꢀFDQꢀEHꢀꢀ
FRQYHUWHGꢀLQꢀDQRWKHUꢀZD\ꢀDVꢀGHVFULEHGꢀ
LQꢀ\RXUꢀYHKLFOHꢀRZQHUꢓVꢀPDQXDOꢆ
/RFNLQJꢀFOLS
ꢈꢃ
ꢃꢅꢁꢀLQFKꢀ
ꢌꢃꢀFPꢍ
7Rꢅ,QVWDOOꢅ/RFNLQJꢅ&OLSꢅZLWKꢅ,QIDQWꢅ
5HVWUDLQWꢏꢅꢅ
ꢃꢆꢀꢀ 7LJKWHQꢀWKHꢀEXFNOHGꢀEHOWꢀE\ꢀꢀ
SXVKLQJꢀGRZQꢀKDUGꢀRQꢀWKHꢀLQIDQWꢀ
UHVWUDLQWꢀDQGꢀSXOOLQJꢀKDUGꢀRQꢀWKHꢀ
VKRXOGHUꢀEHOWꢆ
ꢁꢆꢀꢀ :KLOHꢀSXVKLQJꢀGRZQꢀRQꢀLQIDQWꢀ
UHVWUDLQWꢏꢀSLQFKꢀWKHꢀWZRꢀVWUDSVꢀ
WRJHWKHUꢀEHKLQGꢀWKHꢀEXFNOHꢀ
WRQJXHꢆꢀ8QEXFNOHꢀWKHꢀEHOWꢀꢀ
ZLWKRXWꢀDOORZLQJꢀLWꢀWRꢀVOLSꢆ
ꢈꢆꢀ &RQQHFWꢀODSꢀDQGꢀVKRXOGHUꢀEHOWVꢀꢀ
ZLWKꢀORFNLQJꢀFOLSꢀDVꢀVKRZQꢀꢀ
DQGꢀꢆ
ꢋꢆꢀ 5HEXFNOHꢀEHOWꢆꢀ&KHFNꢀWKDWꢀODSꢀEHOWꢀ
GRHVꢀQRWꢀPRYHꢀE\ꢀSXOOLQJꢀDQGꢀꢀ
SXVKLQJꢀKDUGꢀRQꢀLQIDQWꢀUHVWUDLQWꢆꢀꢀ
,IꢀEHOWꢀORRVHQVꢀRUꢀOHQJWKHQVꢏꢀꢀ
UHSHDWꢀSURFHGXUHꢆ
/RFNLQJꢀFOLSꢀJRHVꢀKHUHꢏꢀꢀ
ꢃꢅꢁꢀLQFKꢀꢌꢃꢀFPꢍꢀIURPꢀWKHꢀEXFNOH
ꢈꢁ
ꢌꢆꢄꢅ/$7&+ꢅ/RFDWLRQV
1HZHUꢀYHKLFOHVꢀPD\ꢀKDYHꢀRQHꢀRUꢀPRUHꢀVHDWLQJꢀSRVLWLRQVꢀZLWKꢀ/$7&+ꢀ
DQFKRUDJHꢀV\VWHPVꢆꢀ,IꢀYHKLFOHꢀLVꢀHTXLSSHGꢀZLWKꢀ/$7&+ꢏꢀWKHꢀYHKLFOHꢀORZHUꢀ
DQFKRUꢀSRLQWVꢀPD\ꢀEHꢀYLVLEOHꢀDWꢀWKHꢀYHKLFOHꢀVHDWꢀFUHDVHꢆꢀ,IꢀQRWꢀYLVLEOHꢏꢀWKH\ꢀ
PD\ꢀEHꢀPDUNHGꢀZLWKꢀWKHꢀV\PEROꢀꢀꢀꢀꢀꢆꢀꢀ
ꢀ
6HHꢅ\RXUꢅYHKLFOHꢅRZQHU¶VꢅPDQXDOꢅIRUꢅH[DFWꢅORFDWLRQVꢇꢅDQFKRUꢅꢅ
LGHQWLILFDWLRQꢇꢅDQGꢅUHTXLUHPHQWVꢅIRUꢅXVHꢅZLWKꢅDQꢅLQIDQWꢅUHVWUDLQWꢆ
/$7&+ꢀLVꢀGHILQHGꢀDVꢀDQFKRUDJHVꢀꢁꢊꢂPPꢀꢌꢃꢃꢀLQFKHVꢍꢀEHWZHHQꢀDQFKRUꢀ
SRLQWVꢆꢀ*UDFRꢀGRHVꢀQRWꢀUHFRPPHQGꢀXVLQJꢀWKHꢀ/$7&+ꢀV\VWHPꢀLQꢀWKHꢀ
FHQWHUꢀSRVLWLRQꢀLIꢀWKHꢀVSDFLQJꢀLVꢀJUHDWHUꢀWKDQꢀꢁꢊꢂꢀPPꢀꢌꢃꢃꢀLQFKHVꢍꢀXQOHVVꢀ
UHFRPPHQGHGꢀLQꢀ\RXUꢀYHKLFOHꢀRZQHU¶VꢀPDQXDOꢆ
7\SLFDOꢀVHDWꢀLQꢀDꢀSDVVHQJHUꢀYHKLFOHꢆꢀꢀ
2WKHUꢀYHKLFOHꢀW\SHVꢀPD\ꢀKDYHꢀ
GLIIHUHQWꢀ/$7&+ꢀORFDWLRQVꢀRUꢀ
GLIIHUHQWꢀPDUNLQJVꢆ
9HKLFOHꢅ/RZHUꢅ
$QFKRUꢅ3RLQWV
9HKLFOH
6HDWꢅ&UHDVH
:KHQꢀXVLQJꢀWKHꢀ/$7&+ꢀV\VWHP¶VꢀORZHUꢀDQFKRUDJHꢀEHOWꢀWRꢀVHFXUHꢀWKHꢀ
FKLOGꢀUHVWUDLQWꢏꢀEXFNOHꢀWKHꢀXQXVHGꢀYHKLFOH¶VꢀODSꢅVKRXOGHUꢀEHOWꢀEHKLQGꢀꢀ
WKHꢀFKLOGꢀUHVWUDLQWꢀWRꢀSUHYHQWꢀWKHꢀFKLOGꢀIURPꢀEHFRPLQJꢀHQWDQJOHGꢀLQꢀWKHꢀ
ODSꢅVKRXOGHUꢀEHOWꢆ
ꢈꢈ
<RXꢀPXVWꢀFDUHIXOO\ꢀIROORZꢀWKHꢀLQVWUXFWLRQVꢀSURYLGHGꢀE\ꢀ\RXUꢀꢀ
YHKLFOHꢀPDQXIDFWXUHUꢏꢀLQꢀDGGLWLRQꢀWRꢀWKHꢀLQIRUPDWLRQꢀLQꢀWKLVꢀꢀ
PDQXDOꢆꢀ%HIRUHꢀSURFHHGLQJꢀEHꢀVXUHꢀ\RXꢀKDYHꢀUHDGꢀDQGꢀꢀ
XQGHUVWRRGꢀVHFWLRQꢀꢇꢏꢀ³&KRRVLQJꢀDQꢀ$SSURSULDWHꢀ9HKLFOHꢀ6HDWꢀ
/RFDWLRQ´ꢀRQꢀSDJHVꢀꢁꢉꢐꢈꢁꢆꢀ
5HIHUꢀWRꢀ\RXUꢀYHKLFOHꢀRZQHU¶VꢀPDQXDOꢀDQGꢀWKHꢀLQVWUXFWLRQVꢀꢀ
LQꢀ³ꢇꢆꢁꢆꢁꢀ6$)(ꢀ9HKLFOHꢀ%HOWꢀ6\VWHPV´ꢏꢀSDJHꢀꢈꢂꢐꢈꢁꢏꢀRQꢀWLJKWHQLQJꢀ
\RXUꢀYHKLFOHꢀEHOWꢀZKHQꢀXVLQJꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀZLWKRXWꢀEDVHꢆꢀ
0DNHꢀVXUHꢀWKHꢀEXFNOHꢀWRQJXHꢀJRHVꢀLQWRꢀWKHꢀ
FRUUHFWꢀEXFNOHꢀ ꢆꢀ7KHꢅVHDWꢅEHOWꢅVKRXOGꢅQRWꢅ
EHꢅWZLVWHGꢅRUꢅWXUQHGꢆ
,IꢀDꢀIURQWꢀSDVVHQJHUꢀVHDWꢀLVꢀXVHGꢀꢌVHHꢀDLUꢀEDJꢀZDUQLQJꢏꢀSDJHꢀꢊꢍꢏꢀ
VOLGHꢀWKHꢀYHKLFOHꢀVHDWꢀUHDUZDUGꢀDVꢀIDUꢀDVꢀSRVVLEOHꢀIURPꢀWKHꢀꢀ
GDVKERDUGꢆꢀ,IꢀDꢀUHDUꢀVHDWꢀLVꢀXVHGꢏꢀPDNHꢀVXUHꢀWKHꢀVHDWꢀLQꢀIURQWꢀꢀ
RIꢀLWꢀLVꢀPRYHGꢀIRUZDUGꢀHQRXJKꢀDQGꢀLVꢀXSULJKWꢀHQRXJKꢀꢀ
WRꢀDOORZꢀURRPꢀIRUꢀWKHꢀLQIDQWꢀUHVWUDLQWꢆ
ꢂꢆꢀꢅ,QVWDOOLQJꢅWKHꢅ,QIDQWꢅ5HVWUDLQWꢅ:LWKRXWꢅ%DVH
ꢅꢅꢅꢅꢅ8VLQJꢅ9HKLFOHꢅ%HOW
ꢃꢆꢀꢀ 3ODFHꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀZLWKRXWꢀEDVHꢀLQꢀDꢀUHDUꢐIDFLQJꢀ
SRVLWLRQꢀLQꢀDꢀYHKLFOHꢀVHDWꢆ
ꢁꢆꢀꢀ 7KUHDGꢀWKHꢀYHKLFOHꢀEHOWꢀXQGHUꢀERWKꢀYHKLFOHꢀEHOWꢀKRRNVꢒ
/DSꢀ%HOW
/DSꢅ6KRXOGHUꢀ
%HOW
ꢈꢆꢀꢀ %XFNOHꢀWKHꢀYHKLFOHꢀEHOWꢆꢀ
ꢈꢋ
ꢋꢆꢀꢀ 7LJKWHQꢀWKHꢀYHKLFOHꢀVHDWꢀEHOWꢆꢀꢀ7RꢀFUHDWHꢀꢀ
DꢀVHFXUHꢀLQVWDOODWLRQꢏꢀSXVKꢀGRZQꢀꢀ
KDUGꢀZLWKꢀ\RXUꢀIUHHꢀKDQGꢀRQꢀWKHꢀꢀ
LQIDQWꢀUHVWUDLQWꢀꢀDQGꢀSXOOꢀDQGꢀWLJKWHQꢀ
WKHꢀYHKLFOHꢀEHOWꢆ
ꢄꢆꢀ &KHFNꢀFDUVHDWꢀLVꢀOHYHOꢒꢀ5HGꢀOHYHOꢀꢀ
OLQHꢀRQꢀWKHꢀZDUQLQJꢀODEHOꢀ
0867ꢀEHꢀOHYHOꢀZLWKꢀWKHꢀJURXQGꢀꢆ
ꢇꢆꢀ 7HVWꢀLQIDQWꢀUHVWUDLQWꢀIRUꢀVHFXUHꢀLQVWDOODWLRQꢀ
DVꢀGHVFULEHGꢀLQꢀLQIDQWꢀUHVWUDLQWꢀ³)LQDOꢅ
6DIHW\ꢅ&KHFN´ꢅSDJHꢅꢉꢀꢆ
DEATH or SERIOUS INJURY can occur,
Red line must be le
vel with ground
ꢂꢆꢋꢅ,QVWDOOLQJꢅWKHꢅ,QIDQWꢅ5HVWUDLQWꢅꢅ
ꢅꢅꢅꢅꢅꢅDQGꢅ%DVHꢅ8VLQJꢅ9HKLFOHꢅ%HOW
ꢃꢆꢀꢀ 0DNHꢀVXUHꢀYHKLFOHꢀLVꢀRQꢀOHYHOꢀJURXQGꢀ
ꢀVRꢀWKDWꢀWKHꢀOHYHOꢀLQGLFDWRUꢀRQꢀEDVHꢀ
FDQꢀEHꢀXVHGꢀWRꢀSURSHUO\ꢀUHFOLQHꢀWKHꢀꢀ
LQIDQWꢀUHVWUDLQWꢆ
ꢀ
3ODFHꢀWKHꢀEDVHꢀLQꢀDꢀUHDUꢐIDFLQJꢀSRVLWLRQꢀꢀ
RQꢀDꢀYHKLFOHꢀVHDWꢆ
ꢈꢄ
ꢁꢆꢀꢀ 7KUHDGꢀWKHꢀYHKLFOHꢀEHOWꢀWKURXJKꢀWKHꢀKROHVꢀRQꢀHLWKHUꢀVLGHꢀRIꢀWKHꢀEDVHꢆ
/DSꢅ6KRXOGHUꢀ
/DSꢀ%HOW
%HOW
ꢈꢆꢀ %XFNOHꢀWKHꢀYHKLFOHꢀEHOWꢆꢀ7RꢀFUHDWHꢀDꢀVHFXUHꢀ
LQVWDOODWLRQꢏꢀZKLOHꢀSXVKLQJꢀGRZQꢀRQꢀWKHꢀEDVHꢏꢀ
SXOOꢀWKHꢀIUHHꢀHQGꢀRIꢀWKHꢀODSꢀEHOWꢀRUꢀWKHꢀVKRXOGHUꢀ
SRUWLRQꢀRIꢀWKHꢀODSꢅVKRXOGHUꢀEHOWꢀWRꢀWLJKWHQꢀ
ꢆ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
$IWHUꢀLQVWDOOLQJꢎꢀ&+(&.ꢀWKDWꢀWKHꢀEDVHꢀLVꢀQRW
WLSSLQJꢀRQꢀVHDWꢀDVꢀVKRZQꢀ ꢀꢂꢀ,IꢀLWꢀLVꢀWLSSLQJꢎ
WU\ꢀLQVWDOOLQJꢀEDVHꢀLQꢀDQRWKHUꢀVHDWLQJꢀꢀ
ORFDWLRQꢀRUꢀXVHꢀ/$7&+ꢀꢏLIꢀDYDLODEOHꢐꢀWRꢀ
LQVWDOOꢀEDVHꢂ
ꢋꢆꢀ &KHFNꢀWKDWꢀWKHꢀEDVHꢀLVꢀOHYHOꢏꢀDGMXVWꢀꢀ
WKHꢀIRRWꢀLIꢀQHFHVVDU\ꢏꢀVHHꢀSDJHꢀꢈꢎꢐꢋꢂꢆ
ꢄꢆꢀꢀ &KHFNꢀWKDWꢀEHOWꢀGRHVꢀQRWꢀPRYHꢀE\ꢀSXOOLQJꢀꢀ
DQGꢀSXVKLQJꢀKDUGꢀRQꢀEDVHꢆꢀ,IꢀEHOWꢀORRVHQVꢀꢀ
RUꢀOHQJWKHQVꢏꢀUHSHDWꢀSURFHGXUHꢆ
ꢇꢆꢀꢀ 7HVWꢀEDVHꢀIRUꢀVHFXUHꢀLQVWDOODWLRQꢀ
DVꢀGHVFULEHGꢀLQꢀLQIDQWꢀUHVWUDLQWꢀꢀ
³)LQDOꢅ6DIHW\ꢅ&KHFN´ꢅSDJHꢅꢉꢀꢆ
ꢈꢇ
ꢉꢆꢀ 3XVKꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀGRZQꢀLQWRꢀWKHꢀEDVHꢀ
DQGꢀPDNHꢀVXUHꢀWKDWꢀ\RXꢀKHDUꢀDꢀ³FOLFN´ꢀꢆꢀ
3XOOꢀXSꢀRQꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀWRꢀEHꢀVXUHꢀLWꢀꢀ
LVꢀODWFKHGꢀVHFXUHO\ꢀLQWRꢀWKHꢀEDVHꢆꢀ
ꢀ
,IꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀGRHVꢀQRWꢀVHFXUHO\ꢀODWFKꢀ
LQWRꢀWKHꢀEDVHꢏꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀSURYLGHVꢀ
12ꢀSURWHFWLRQꢀIRUꢀ\RXUꢀFKLOGꢆꢀ'2ꢅ127ꢀXVHꢀ
WKHꢀLQIDQWꢀUHVWUDLQWꢅEDVHꢀLIꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀ
GRHVꢀQRWꢀVHFXUHO\ꢀODWFKꢀLQWRꢀWKHꢀEDVHꢆ
ꢊꢆꢀ 7HVWꢀLQIDQWꢀUHVWUDLQWꢀIRUꢀVHFXUHꢀ
LQVWDOODWLRQꢀDVꢀGHVFULEHGꢀLQꢀLQIDQWꢀꢀ
UHVWUDLQWꢀ³)LQDOꢅ6DIHW\ꢅ&KHFN´ꢅSDJHꢅꢉꢀꢆ
ꢂꢆꢄꢅ8VLQJꢅ/$7&+ꢅWRꢅLQVWDOOꢅ%DVH
ꢀꢀꢃꢆꢀ 0$.(ꢅ685(ꢀYHKLFOHꢀLVꢀRQꢀOHYHOꢀJURXQGꢆ
ꢅ
ꢀ
ꢀ
ꢀ
)RUꢀHDVHꢀRIꢀLQVWDOODWLRQꢏꢀH[WHQGꢀ/$7&+ WRꢀLWVꢀꢀ
PD[LPXPꢀOHQJWKꢀDQGꢀUHPRYHꢀIURPꢀVWRUDJHꢀꢀ
EDUVꢆ
ꢀꢀꢁꢆꢀ 3RVLWLRQꢀEDVHꢀLQꢀYHKLFOHꢀVHDWꢀDVꢀVKRZQꢆ
ꢀꢀꢈꢆꢀ 0DNHꢀVXUHꢀ/$7&+ꢀLVꢀWKURXJKꢀYHKLFOHꢅ/$7&+ꢀ
ꢀ
EHOWꢀSDWKꢀQRUPDOO\ꢀXVHGꢀIRUꢀYHKLFOHꢀVHDWꢀEHOWꢀ ꢆꢀꢀ
ꢀ
%HOWꢅPXVWꢅOD\ꢅIODWꢅDQGꢅQRWꢅEHꢅWZLVWHGꢆ
ꢅꢅꢋꢆꢅ +RRNꢀFRQQHFWRUVꢀWRꢀYHKLFOHꢀORZHUꢀDQFKRUVꢆꢀꢀ ꢀ
ꢀ
ꢀ
3XOOꢀILUPO\ꢀRQꢀFRQQHFWRUVꢀWRꢀEHꢀVXUHꢀWKH\ꢀDUHꢀ
DWWDFKHGꢀꢆ
ꢈꢉ
ꢀꢀꢄꢆꢀ 7LJKWHQꢅ/$7&+ꢀE\ꢀSXVKLQJꢀGRZQꢀKDUGꢀRQꢀEDVHꢀ
DQGꢀSXOOLQJꢀWKHꢀDGMXVWPHQWꢀEHOWꢀꢆꢀꢀ
ꢀꢀꢇꢆꢀ 1(9(5ꢀSXWꢀWZRꢀ/$7&+ꢀFRQQHFWRUVꢀRQꢀRQHꢀ
ꢀ
ꢀ
ꢀ
YHKLFOHꢀ/$7&+ꢀDQFKRUꢀXQOHVVꢀVSHFLILFDOO\ꢀ
DOORZHGꢀE\ꢀWKHꢀYHKLFOHꢀPDQXIDFWXUHUꢀ ꢆꢀꢀ
ꢀꢀꢉꢆꢀ &KHFNꢀWKDWꢀWKHꢀEDVHꢀLVꢀOHYHOꢏꢀDGMXVWꢀIRRWꢀ
LIꢀQHFHVVDU\ꢏꢀVHHꢀSDJHꢀꢈꢎꢐꢋꢂꢆ
ꢀꢀꢊꢆꢀꢀ7HVWꢀLQIDQWꢀUHVWUDLQWꢀIRUꢀVHFXUHꢀLQVWDOODWLRQꢀDVꢀꢀ
ꢀ
ꢀ
ꢅ
GHVFULEHGꢀLQꢀLQIDQWꢀUHVWUDLQWꢀ³)LQDOꢅ6DIHW\ꢅ
&KHFN´ꢅSDJHꢅꢉꢀꢆ
ꢀꢀꢎꢆꢀ &KHFNꢀWKDWꢀWKHꢅ/$7&+ꢀVWD\VꢀWLJKWꢀDQGꢀGRHVꢀQRWꢀ
ꢀ
ꢀ
ꢀ
VOLSꢀIURPꢀWKHꢀWLJKWHQHGꢀSRVLWLRQꢆꢀ,IꢀLWꢀGRHVꢀQRWꢀVWD\ꢀꢀ
WLJKWꢏꢀWU\ꢀDQRWKHUꢀVHDWLQJꢀSRVLWLRQꢀRUꢀFRQWDFWꢀꢀ
*UDFRꢀDWꢀꢃꢐꢊꢂꢂꢐꢈꢋꢄꢐꢋꢃꢂꢎꢆ
ꢀꢃꢂꢆꢀ7RꢀUHPRYHꢀ/$7&+ꢏꢀSXVKꢀEXWWRQꢀZKLOHꢀ
ꢀ
SXOOLQJꢀRQꢀWKHꢀ/$7&+ꢀEHOWꢀDVꢀVKRZQꢀ ꢆ
ꢈꢊ
ꢂꢆꢉꢅ5HFOLQLQJꢅ,QIDQWꢅ5HVWUDLQWꢎ%DVH
)DLOXUHꢀWRꢀSURSHUO\ꢀUHFOLQHꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀꢀ
RQꢀWKHꢀYHKLFOHꢀVHDWꢀLQFUHDVHVꢀWKHꢀULVNꢀRIꢀVHULRXVꢀꢀ
LQMXU\ꢀRUꢀGHDWKꢆ
,IꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀLVꢀWRRꢀXSULJKWꢏꢀDꢀFKLOG¶VꢀKHDGꢀꢀ
PD\ꢀGURSꢀIRUZDUGꢀDQGꢀFDXVHꢀEUHDWKLQJꢀSUREOHPVꢆ
,IꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀLVꢀWRRꢀUHFOLQHGꢏꢀDꢀFUDVKꢀFRXOGꢀ
SXWꢀWRRꢀPXFKꢀIRUFHꢀRQꢀDꢀFKLOG¶VꢀQHFNꢀDQGꢀVKRXOGHUVꢆ
7KHꢀLQIDQWꢀUHVWUDLQWꢀPXVWꢀEHꢀSURSHUO\ꢀUHFOLQHGꢀꢀ
DFFRUGLQJꢀWRꢀWKHꢀIROORZLQJꢀLQVWUXFWLRQVꢆ
)RUꢀ\RXUꢀFKLOG¶VꢀVDIHW\ꢏꢀLWꢀLVꢀLPSRUWDQWꢀWKDWꢀ\RXUꢀLQIDQWꢀUHVWUDLQWꢅEDVHꢀEHꢀ
SURSHUO\ꢀUHFOLQHGꢆꢀ7KHUHꢀDUHꢀOHYHOꢀLQGLFDWRUVꢀORFDWHGꢀRQꢀ\RXUꢀLQIDQWꢀ
UHVWUDLQWꢀDQGꢀEDVHꢆ
86,1*ꢅ,1)$17ꢅ6($7ꢅ$1'ꢅ%$6(ꢅ72*(7+(5ꢏ
ꢃꢍꢀOHYHOꢀLQGLFDWRUꢀ ꢀRQꢀWKHꢀEDVH
:KHQꢀUHDGLQJꢀWKHꢀOHYHOꢀLQGLFDWRUꢀRQꢀEDVHꢏꢀ
correct
YLHZꢀLWꢀGLUHFWO\ꢀIURPꢀVLGHꢀRUꢀWRSꢀRIꢀWKHꢀLQGLFDWRUꢆꢀ
correcto
incorrect
incorrecto
²ꢀ,IꢀWKHꢀLQGLFDWRUꢀVKRZVꢀRQO\ꢀ*5((1ꢎ
ꢀꢀꢀꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀLVꢀSURSHUO\ꢀOHYHOHGꢂꢀ
²ꢀ,IꢀDQ\ꢀ5('ꢀLVꢀVKRZLQJꢀLQꢀWKHꢀOHYHO
ꢀꢀꢀꢀLQGLFDWRUꢎꢀDGMXVWꢀWKHꢀUHFOLQHꢂ
DEATH or SERIOUS INJURY can occur,
86,1*ꢅ,1)$17ꢅ6($7ꢅ21/<ꢏ
ꢁꢍꢀꢀUHGꢀOHYHOꢀOLQHꢀꢀRQꢀZDUQLQJꢀ
ꢀ
ꢀ
ODEHOꢀRQꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀꢀ
0867ꢀEHꢀOHYHOꢀZLWKꢀWKHꢀJURXQG
ꢈꢎ
7Rꢅ$GMXVWꢅ5HFOLQHꢅRQꢅ%DVHꢏ
7RꢀUDLVHꢀUHFOLQHꢀRQꢀEDVHꢒꢀ3XOOꢀKDQGOHꢀRXWꢀꢀ
DQGꢀSXVKꢀGRZQꢀDVꢀVKRZQꢀWRꢀRQHꢀRIꢀWKHꢀꢀ
ꢈꢀSRVLWLRQVꢀꢆꢀ
7RꢀORZHUꢀUHFOLQHꢀRQꢀEDVHꢒꢀSXOOꢀKDQGOHꢀRXWꢀDQGꢀXSꢀ
XQWLOꢀLWꢀLVꢀLQꢀWKHꢀGHVLUHGꢀSRVLWLRQꢀꢆꢀ
7KHUHꢀDUHꢀꢈꢀUHFOLQHꢀRSWLRQVꢆꢀꢀꢀ
<RXꢀFDQꢀLGHQWLI\ꢀWKHPꢀE\ꢀWKHꢀꢀ
QXPEHUVꢀꢃꢀWKURXJKꢀꢈꢀLQꢀWKHꢀꢀ
ZLQGRZꢀRQꢀWKHꢀIURQWꢀRIꢀWKHꢀIRRWꢆ
,IꢀWKHUHꢀLVꢀUHGꢀLQꢀWKHꢀOHYHOꢀLQGLFDWRUꢀZKHQꢀWKHꢀIRRWꢀ
LVꢀFRPSOHWHO\ꢀH[WHQGHGꢀSODFHꢀDꢀUROOHGꢀWRZHOꢀ
XQGHUꢀWKHꢀIRRWꢀꢀXQWLOꢀ21/<ꢀ*5((1ꢀVKRZVꢆ
7Rꢅ$GMXVWꢅ5HFOLQHꢅRQꢅ,QIDQWꢅ5HVWUDLQWꢅꢅ
:,7+287ꢅ%DVHꢏ
:KHQꢀXVLQJꢀRQO\ꢀWKHꢀLQIDQWꢀUHVWUDLQWꢏꢀ&+(&.ꢀ
LQIDQWꢀUHVWUDLQWꢀLVꢀOHYHOꢀZLWKꢀWKHꢀJURXQGꢆꢀ5HGꢀꢀ
OHYHOꢀOLQHꢀRQꢀWKHꢀZDUQLQJꢀODEHOꢀꢌVHHꢀVWHSꢀꢀRQꢀ
SJꢀꢈꢄꢍꢀ0867ꢀEHꢀOHYHOꢀZLWKꢀWKHꢀJURXQGꢆꢀ
,IꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀLVꢀUHVWLQJꢀRQꢀWKHꢀYHKLFOHꢀVHDWꢀ
DQGꢀLVꢀVWLOOꢀQRWꢀOHYHOꢀWKHQꢀSODFHꢀDꢀUROOHGꢀWRZHOꢀXQGHUꢀ
WKHꢀLQIDQWꢀUHVWUDLQWꢀꢆ
5HDGMXVWꢀWKHꢀYHKLFOHꢀVHDWꢀEHOWꢀDVꢀQHFHVVDU\ꢀꢀ
WRꢀVHFXUHꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀILUPO\ꢀLQꢀWKHꢀꢀ
YHKLFOHꢀVHDWꢆ
ꢋꢂ
)LQDOꢅ6DIHW\ꢅ&KHFNꢏꢅ(YHU\ꢅWLPHꢅ\RXꢅGULYHꢅZLWKꢅ
\RXUꢅFKLOGꢇ
386+ꢀ'2:1ꢀRQꢀWKHꢀWRSꢀRIꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀ
VORZO\ꢀEXWꢀILUPO\ꢀWRꢀPDNHꢀVXUHꢀWKHꢀYHKLFOHꢀEHOWꢀꢀ
GRHVꢀQRWꢀOHQJWKHQꢀDWꢀDOOꢀDQGꢀWKDWꢀWKHꢀYHKLFOHꢀꢀ
EHOWꢀRUꢀ/$7&+ꢀLVꢀIDVWHQHGꢀVHFXUHO\ꢀDURXQGꢀWKHꢀLQIDQWꢀ
UHVWUDLQWꢅEDVHꢀ ꢆ
+ROGLQJꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀ RUꢀEDVHꢀ ꢀQHDUꢀ
ꢀ
WKHꢀYHKLFOHꢀEHOWꢀSDWKꢏꢀ7:,67ꢀ$1'ꢀ38//ꢀWKHꢀLQIDQWꢀ
UHVWUDLQWꢀIRUZDUGꢀDQGꢀWRꢀERWKꢀVLGHVꢀWRꢀPDNHꢀVXUHꢀ
WKHꢀYHKLFOHꢀEHOWꢀRUꢀ/$7&+ꢀGRHVꢀQRWꢀOHQJWKHQꢀRUꢀ
ORRVHQꢀDQGꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀGRHVꢀQRWꢀHDVLO\ꢀ
PRYHꢆꢀ7KHꢀLQIDQWꢀUHVWUDLQWꢀVKRXOGꢀQRWꢀPRYHꢀVLGHꢀꢀ
WRꢀVLGHꢀRUꢀIRUZDUGꢀPRUHꢀWKDQꢀꢃꢀLQFKꢀꢌꢁꢆꢄꢀFPꢍꢆ
ꢋꢃ
ꢍꢆꢀꢅ$LUSODQHꢅ8VH
:KHQꢀLQVWDOOLQJꢀLQꢀDQꢀDLUSODQHꢀXVLQJꢀWKHꢀ
EDVHꢏꢀLQVWDOOꢀWKHꢀVDPHꢀZD\ꢀDVꢀLQꢀDQꢀꢀ
DXWRPRELOHꢀZLWKꢀDꢀODSꢀRQO\ꢀEHOWꢆꢀ,IꢀXVLQJꢀWKHꢀ
LQIDQWꢀUHVWUDLQWꢀRQO\ꢏꢀLQVWDOOꢀLWꢀIROORZLQJꢀWKHꢀ
VDPHꢀLQVWUXFWLRQVꢀDVꢀDQꢀDXWRPRELOHꢆꢀ1RWLI\ꢀ
WKHꢀDLUOLQHꢀDKHDGꢀRIꢀWLPHꢀWKDWꢀ\RXꢀLQWHQGꢀWRꢀEULQJꢀWKHꢀVHDWꢀRQꢀERDUGꢆ
8VHꢀRQO\ꢀLQꢀIRUZDUGꢐIDFLQJꢀDLUFUDIWꢀVHDWꢆꢀ)ROORZꢀWKHꢀIOLJKWꢀꢀ
DWWHQGDQWVꢀLQVWUXFWLRQVꢀDERXWꢀLQIDQWꢀUHVWUDLQWꢀSODFHPHQWꢆꢀꢀ
'RꢀQRWꢀXVHꢀWKLVꢀLQIDQWꢀUHVWUDLQWꢀLIꢀWKHꢀDLUSODQHꢀVHDWꢀEHOWꢀGRHVꢀꢀ
QRWꢀKROGꢀWKHꢀLQIDQWꢀUHVWUDLQWꢀVHFXUHO\ꢆ
ꢍꢆꢋꢅ6WRULQJꢅ/$7&+
ꢃꢆꢀꢀ )RUꢀHDVHꢀRIꢀVWRULQJꢏꢀH[WHQGꢀ
ꢅ ꢅ
ꢅ ꢅ
/$7&+ WRꢀLWVꢀPD[LPXPꢀOHQJWKꢆ
ꢁꢆꢀꢀ /RFDWHꢀWKHꢀVWRUDJHꢀEDUVꢀRQꢀꢀ
ꢀ ꢀ ꢀERWWRPꢀRIꢀLQIDQWꢀUHVWUDLQWꢀEDVHꢀꢆ
ꢈꢆꢀꢀ )DVWHQꢀFRQQHFWRUꢀꢌZLWKRXWꢀ
ꢀ ꢀ DGMXVWPHQWꢀEHOWꢍꢀRQWRꢀVWRUDJHꢀEDUꢆ
ꢋꢆꢀꢀ 5HSHDWꢀVWHSꢀꢈꢀIRUꢀFRQQHFWRUꢀ
6WRUDJHꢀEDUV
ꢀꢀ ꢀ ZLWKꢀDGMXVWPHQWꢀEHOWꢆꢀ$IWHUꢀꢀ
ꢀ ꢀ IDVWHQLQJꢀRQWRꢀVWRUDJHꢀEDUꢏꢀ
ꢀ ꢀ SXOOꢀRQꢀDGMXVWPHQWꢀEHOWꢀWRꢀPDNHꢀ
ꢀ
ꢀꢀ
ꢀ ꢀꢀꢀꢀꢀꢀVXUHꢀ/$7&+ꢀLVꢀVHFXUHO\ꢀIDVWHQHGꢆ
ꢄꢆꢀꢀ /$7&+ꢀVWRUDJHꢀVKRXOGꢀORRNꢀ
ꢀ ꢀ ꢀOLNHꢀWKLVꢀZKHQꢀFRPSOHWHꢀꢆ
ꢀ
8QGHUVLGHꢀRIꢀEDVH
ꢋꢁ
ꢍꢆꢄꢅ&OHDQLQJꢅDQGꢅ0DLQWHQDQFHꢅ
ꢀ
ꢀ72ꢅ5(029(ꢅDQGꢀ
ZDVKꢀLQIDQWꢀUHVWUDLQWꢀSDGꢇꢀ
IROORZꢀLQVWUXFWLRQVꢀLQꢀ³ꢁꢆꢀꢅ
3RVLWLRQLQJꢅ+DUQHVVꢅ6WUDSV´ꢏꢀ
SDJHVꢀꢁꢂꢐꢁꢈꢀWRꢀUHPRYHꢀWKHꢀꢀ
KDUQHVVꢀVWUDSVꢀIURPꢀWKHꢀPHWDOꢀ
MXQFWLRQꢀSODWHꢆꢀ3XVKꢀDVLGHꢀWKHꢀ
VPDOOꢀWDEꢀWKDWꢀKROGVꢀWKHꢀDQFKRUꢀ
FOLSVꢀLQꢀSODFHꢀ ꢀDQGꢀSXOOꢀWKHꢀ
DQFKRUꢀFOLSVꢀRXWꢀRIꢀWKHLUꢀꢀ
LQGHQWDWLRQVꢆꢀ5HPRYHꢀWKHꢀ
DQFKRUꢀFOLSVꢀIURPꢀWKHꢀKDUQHVVꢀꢀ
VWUDSVꢀDQGꢀSXVKꢀVWUDSVꢀWKURXJKꢀꢀ
VHDWꢀVORWVꢀ ꢆꢀ
2QFHꢀVHDWꢀSDGꢀKDVꢀEHHQꢀUHPRYHGꢀSXWꢀDQFKRUꢀꢀ
FOLSVꢀEDFNꢀRQꢀWKHꢀKDUQHVVꢀVWUDSVꢀVRꢀWKH\ꢀGRꢀꢀ
QRWꢀJHWꢀPLVSODFHGꢆ
&DUHIXOO\ꢀUHPRYHꢀWKHꢀVHDWꢀSDGꢆꢀ0DFKLQHꢀZDVKꢀRQꢀꢀ
GHOLFDWHꢀF\FOHꢀDQGꢀGULSꢐGU\ꢆꢀ'2ꢀ127ꢀ86(ꢀ%/($&+ꢆꢀ
5HYHUVHꢀVWHSVꢀWRꢀUHLQVWDOOꢀVHDWꢀSDGꢆꢀ&KHFNꢀWKDWꢀ
KDUQHVVꢀV\VWHPꢀLVꢀQRWꢀWZLVWHGꢏꢀDQGꢀSXOOꢀRQꢀKDUQHVVꢀ
V\VWHPꢀWRꢀEHꢀVXUHꢀKDUQHVVꢀLVꢀVHFXUHO\ꢀUHLQVWDOOHGꢆ
ꢋꢈ
ꢀ
ꢀ,1)$17ꢅ5(675$,17ꢅ0(7$/ꢅ$1'ꢅ3/$67,&ꢅ3$576ꢀPD\ꢀEHꢀFOHDQHGꢀ
E\ꢀZLSLQJꢀZLWKꢀDꢀPLOGꢀVRDSꢀDQGꢀZDWHUꢀVROXWLRQꢆꢀ'2ꢀ127ꢀ86(ꢀ%/($&+ꢀ
25ꢀ'(7(5*(17ꢀZKLFKꢀPD\ꢀZHDNHQꢀSODVWLFꢀSDUWVꢆ
ꢀ
ꢀ+$51(66ꢅ675$36ꢀPD\ꢀEHꢀVSRWꢀFOHDQHGꢀRUꢀUHSODFHGꢆꢀ'2ꢀ127ꢀ
,00(56(ꢀ7+(ꢀ+$51(66ꢀ675$36ꢀ,1ꢀ:$7(5ꢆꢀ1(9(5ꢀLURQꢀWKHꢀKDUQHVVꢀ
VWUDSVꢏꢀGRLQJꢀVRꢀPD\ꢀZHDNHQꢀWKHꢀKDUQHVVꢀVWUDSVꢆ
ꢀ
ꢀ,)ꢅ+$51(66ꢅ675$36ꢅKDYHꢀFXWVꢏꢀDUHꢀIUD\LQJꢀRUꢀEHFRPHꢀEDGO\ꢀWZLVWHGꢏꢀ\RXꢀ
PXVWꢀUHSODFHꢀWKHꢀVWUDSVꢆ
ꢀ
ꢀ%8&./(ꢀPD\ꢀEHꢀFOHDQHGꢀZLWKꢀDꢀGDPSꢀFORWKꢆ
ꢀ
ꢀ'2ꢅ127ꢅ/8%5,&$7(ꢀWKHꢀEXFNOHꢆ
ꢀ
ꢀ'2ꢅ127ꢅ86(ꢅ,1)$17ꢅ5(675$,17ꢅZLWKRXWꢀVHDWꢀSDGꢆ
ꢀ
ꢀ&217,18286ꢅ86(ꢅ2)ꢅ,1)$17ꢅ5(675$,17ꢅ0$<ꢅ&$86(ꢅ
'$0$*(ꢅ72ꢅ9(+,&/(ꢅ6($7ꢆꢀ8VHꢀDQꢀLQIDQWꢀUHVWUDLQWꢀPDWꢏꢀWRZHOꢀ
RUꢀWKLQꢀEODQNHWꢀWRꢀSURWHFWꢀXSKROVWHU\ꢆ
ꢀ
ꢀ1(9(5ꢅ86(ꢅ$ꢅ6(&21'ꢊ+$1'ꢅ,1)$17ꢅ5(675$,17ꢅ$1'ꢅ%$6(ꢀ
RUꢀDQꢀLQIDQWꢀUHVWUDLQWꢀZKRVHꢀKLVWRU\ꢀ\RXꢀGRꢀQRWꢀNQRZꢆ
ꢋꢋ
127(6
ꢋꢄ
127(6
ꢋꢇ
127(6
ꢋꢉ
7RꢅSXUFKDVHꢅSDUWVꢅRUꢅDFFHVVRULHVꢅRUꢅIRUꢅZDUUDQW\ꢅꢅ
LQIRUPDWLRQꢅLQꢅWKHꢅ8QLWHGꢅ6WDWHVꢇꢀ
SOHDVHꢀFRQWDFWꢀXVꢀDWꢀWKHꢀIROORZLQJꢒ
ZZZꢆJUDFREDE\ꢆFRP
RU
ꢀꢊꢍꢈꢈꢊꢄꢉꢁꢊꢉꢀꢈꢃ
ꢋꢊ
ZZZꢃJUDFREDE\ꢃFRP
6QXJ5LGH ꢀꢁꢂ
/HDꢅHVWHꢅPDQXDOꢅ
*8$5'(ꢅ(67$6ꢅ,16758&&,21(6ꢅ3$5$ꢅ862ꢅ)87852ꢆ
$ꢅSHVDUꢅGHꢅTXHꢅHOꢅXVRꢅGHꢅHVWHꢅVLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅEHEpVꢅ
SDUH]FDꢅIiFLOꢅGHꢅGHVFLIUDUꢇꢅHVꢅPX\ꢅLPSRUWDQWHꢅ/((5ꢇꢅ(17(1'(5ꢅ<ꢅ
6(*8,5ꢅ(/ꢅ0$18$/ꢅ'(/ꢅ'8(f2ꢆꢅ
1RꢅXVDUꢅGHELGDPHQWHꢅHVWHꢅVLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅEHEpVꢅ
DXPHQWDꢅHOꢅULHVJRꢅGHꢅOHVLRQHVꢅVHULDVꢅRꢅPXHUWHꢅHQꢅXQDꢅSDUDGDꢅ
UHSHQWLQDꢅRꢅDFFLGHQWHꢆ
ꢀꢁꢂꢃꢂꢀ*UDFRꢀꢀꢀ3'ꢀꢀꢁꢂꢃꢄ%ꢀꢀꢀꢀꢀꢄꢅꢃꢂꢀꢀꢀꢀꢀ86
ꢀꢆꢈꢅ $GYHUWHQFLDVꢅDꢅSDGUHVꢅ\ꢅRWURVꢅGXHxRVꢅꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆꢉꢊꢁ
ꢋꢆꢈꢅ ,QIRUPDFLyQꢅVREUHꢅHOꢅUHJLVWURꢅꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆꢌꢊꢂ
ꢀ
ꢀ
ꢀ
ꢁꢆꢃꢀ 5HJLVWURꢀGHꢀVXꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpV ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢇ
ꢁꢆꢁꢀ ,QIRUPDFLyQꢀVREUHꢀHOꢀUHWLURꢀGHꢀSURGXFWRVꢀGHOꢀPHUFDGRꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢇ
ꢁꢆꢈꢀ 6LꢀQHFHVLWDꢀD\XGDꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢉ
ꢄꢆꢈꢅ ,QIRUPDFLyQꢅLPSRUWDQWHꢅꢅ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆꢍꢊꢀꢋ
ꢀ
ꢈꢆꢃꢀ ꢀ$GYHUWHQFLDVꢀSDUDꢀHOꢀXVRꢀFRPRꢀVLVWHPDꢀGHꢀꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢊ
ꢀ
ꢀ
ꢈꢆꢁꢀ $GYHUWHQFLDVꢀSDUDꢀHOꢀXVRꢀFRQꢀXQꢀFRFKHFLWR ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢃꢂ
ꢈꢆꢈꢀ ꢀ$GYHUWHQFLDVꢀDGLFLRQDOHVꢀSDUDꢀHOꢀXVRꢀꢀ
FRPRꢀWUDQVSRUWDGRUꢀꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢃꢃ
ꢀ
ꢈꢆꢋꢀ /LPLWDFLRQHVꢀGHꢀSHVRꢀ\ꢀDOWXUDꢀꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢆꢀꢃꢁ
ꢉꢆꢈꢅꢅ )XQFLRQHVꢅ\ꢅFRPSRQHQWHVꢅꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆꢀꢄꢊꢀꢃ
ꢀ
ꢋꢆꢃꢀ $MXVWHꢀGHꢀODꢀPDQLMDꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢃꢇ
ꢋꢆꢁꢀ &yPRꢀVDFDUꢀ\ꢀVXMHWDUꢀHOꢀVLVWHPDꢀGHꢀꢀ
ꢀ
ꢀ
ꢀ
VHJXULGDGꢀSDUDꢀEHEpꢀ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢃꢇ
ꢀ
ꢀ
ꢀ
ꢀ
ꢋꢆꢈꢀ &RORFDFLyQꢀGHꢀODꢀFDSRWDꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢃꢉ
ꢋꢆꢋꢀ $SR\DFDEH]DVꢀꢌHQꢀFLHUWRVꢀPRGHORVꢍꢀꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢃꢊ
ꢋꢆꢄꢀ %RWDꢀSDUDꢀWLHPSRꢀIUtRꢀꢌHQꢀFLHUWRVꢀPRGHORVꢍꢀꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢃꢎ
ꢋꢆꢇꢀ )XQGDVꢀGHOꢀDUQpVꢀꢌHQꢀFLHUWRVꢀPRGHORVꢍ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢃꢎ
ꢁꢆꢈꢅꢅ 8VRꢅGHOꢅVLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅEHEpVꢅ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆꢋꢈꢊꢋꢁ
ꢀ
ꢀ
ꢄꢆꢃꢀ &RORFDFLyQꢀGHꢀODVꢀFRUUHDVꢀGHOꢀDUQpVꢀꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢁꢂ
ꢄꢆꢁꢀ ꢀ3DUDꢀDMXVWDUꢀODꢀSRVLFLyQꢀGHꢀODꢀKHELOODꢀGHꢀODꢀFRUUHDꢀꢀ
GHꢀODꢀHQWUHSLHUQDꢀ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢁꢋ
ꢀ
ꢄꢆꢈꢀ 6XMHWDUꢀHOꢀQLxRꢀHQꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢁꢄ
ꢁ
ꢌꢆꢈꢅ ꢅ&yPRꢅHOHJLUꢅXQꢅOXJDUꢅDSURSLDGRꢅSDUDꢅHOꢅDVLHQWRꢅꢅ
GHOꢅYHKtFXORꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆꢋꢂꢊꢄꢄ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢇꢆꢃꢀ 5HTXLVLWRVꢀGHOꢀDVLHQWRꢀGHOꢀYHKtFXORꢀꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢁꢉ
ꢇꢆꢁꢀ 5HTXLVLWRVꢀGHOꢀFLQWXUyQꢀGHꢀVHJXULGDGꢀGHOꢀYHKtFXORꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢁꢊ
ꢇꢆꢁꢆꢃꢀ 6LVWHPDVꢀ3(/,*52626ꢀGHꢀFLQWXURQHVꢀGHꢀYHKtFXORVꢀꢆ ꢆ ꢆ ꢆ ꢆ ꢁꢎ
ꢇꢆꢁꢆꢁꢀ 6LVWHPDVꢀ6(*8526ꢀGHꢀFLQWXURQHVꢀGHꢀYHKtFXORVꢀꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢈꢂ
ꢇꢆꢈꢀ 8ELFDFLRQHVꢀGHOꢀ/$7&+ꢀꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢈꢈ
ꢂꢆꢈꢅ ,QVWDODFLyQꢅGHOꢅVLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅEHEpVꢎEDVH ꢆ ꢆ ꢆ ꢆ ꢆꢄꢄꢊꢉꢈ
ꢀ
ꢉꢆꢃꢀ ꢀ,QVWDODFLyQꢀGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢏꢀꢀ
VLQꢀODꢀEDVHꢀFRQꢀHOꢀFLQWXUyQꢀGHOꢀYHKtFXORꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢈꢋ
ꢀ
ꢉꢆꢁꢀ ꢀ,QVWDODFLyQꢀGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀꢀ
\ꢀODꢀEDVHꢀXVDQGRꢀHOꢀFLQWXUyQꢀGHOꢀYHKtFXORꢀꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢈꢄ
ꢀ
ꢀ
ꢉꢆꢈꢀ 8WLOL]DFLyQꢀGHOꢀ/$7&+ꢀSDUDꢀLQVWDODUꢀODꢀEDVHꢀꢀꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢈꢉ
ꢉꢆꢋꢀ ,QFOLQDFLyQꢀGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢅEDVHꢆꢆ ꢆ ꢆ ꢆ ꢆ ꢈꢎ
ꢍꢆꢈꢅ ,QIRUPDFLyQꢅDGLFLRQDOꢅ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆꢉꢋꢊꢉꢄ
ꢀ
ꢀ
ꢀ
ꢊꢆꢃꢀ 8VRꢀHQꢀDHURQDYHVꢀ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢋꢁ
ꢊꢆꢁꢀ $OPDFHQDPLHQWRꢀGHOꢀ/$7&+ꢀ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢋꢁ
ꢊꢆꢈꢀ /LPSLH]Dꢀ\ꢀPDQWHQLPLHQWRꢀꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢋꢈ
3LH]DVꢅGHꢅUHSXHVWRꢅꢅꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢆ ꢉꢍ
ꢈ
1LQJ~QꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀSXHGHꢀJDUDQWL]DUꢀODꢀ
SURWHFFLyQꢀFRQWUDꢀODVꢀOHVLRQHVꢀHQꢀWRGDVꢀODVꢀVLWXDFLRQHVꢆꢀ6LQꢀ
HPEDUJRꢏꢀHOꢀXVRꢀDSURSLDGRꢀGHꢀHVWHꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀ
EHEpVꢀUHGXFHꢀHOꢀULHVJRꢀGHꢀOHVLRQHVꢀVHULDVꢀRꢀODꢀPXHUWHꢀDꢀVXꢀQLxRꢆ
1RꢀXVDUꢀGHELGDPHQWHꢀHVWHꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀ
DXPHQWDꢀHOꢀULHVJRꢀGHꢀOHVLRQHVꢀVHULDVꢀRꢀODꢀPXHUWHꢀHQꢀXQDꢀFXUYDꢀ
FHUUDGDꢏꢀSDUDGDꢀUHSHQWLQDꢀRꢀDFFLGHQWHꢆꢀ
/DꢀVHJXULGDGꢀGHꢀVXꢀQLxRꢀGHSHQGHꢀGHꢀTXHꢀXVWHGꢀLQVWDOHꢀ\ꢀXVHꢀHVWHꢀ
VLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀFRUUHFWDPHQWHꢆ
$ꢀSHVDUꢀGHꢀTXHꢀHOꢀXVRꢀGHꢀHVWHꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀ
SDUH]FDꢀIiFLOꢀGHꢀGHVFLIUDUꢏꢀHVꢀPX\ꢀLPSRUWDQWHꢀ/((5ꢏꢀ(17(1'(5ꢀ
<ꢀ6(*8,5ꢀ(/ꢀ0$18$/ꢀ'(/ꢀ'8(f2ꢆꢀ
(OꢀPDQXDOꢀVHꢀHQFXHQWUDꢀHQꢀODꢀEDVHꢆ
7DPELpQꢀGHEHꢀOHHUꢀHOꢀPDQXDOꢀGHOꢀGXHxRꢀGHꢀVXꢀYHKtFXORꢆ
ꢋ
/DꢅVHJXULGDGꢅGHꢅVXꢅQLxRꢅGHSHQGHꢅGHꢅTXHꢏ
ꢃꢆꢀ(OLMDꢅXQꢅOXJDUꢅDSURSLDGRꢅHQꢅVXꢅYHKtFXORꢆꢀ$OJXQDVꢀSRVLFLRQHVꢀGHOꢀ
DVLHQWRꢏꢀWDOHVꢀFRPRꢀDTXHOODVꢀHTXLSDGDVꢀFRQꢀEROVDVꢀGHꢀDLUHꢏꢀSRGUtDQꢀVHUꢀ
OXJDUHVꢀSHOLJURVRVꢀSDUDꢀHVWHꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆ
ꢁꢆꢀ,QWURGX]FDꢅODVꢅFRUUHDVꢅGHꢅDUQpVꢀHQꢀODVꢀUDQXUDVꢀDGHFXDGDVꢀSDUDꢀ
VXꢀQLxRꢆ
ꢈꢆꢀ$VHJXUHꢅGHELGDPHQWHꢅDꢅVXꢅQLxRꢀHQꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀ
SDUDꢀEHEpVꢆ
ꢋꢆꢀ3RQJDꢅHOꢅVLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅEHEpVꢎEDVHꢅHQꢅODꢅSRVLFLyQꢅ
PLUDQGRꢅKDFLDꢅDWUiVꢆ
ꢄꢆꢀ3DVHꢅGHELGDPHQWHꢅHOꢅFLQWXUyQꢅGHꢅVHJXULGDGꢅGHOꢅYHKtFXORꢅRꢅ/$7&+ꢆ
ꢇꢆꢀ5HFOLQHꢅGHELGDPHQWHꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆ
ꢉꢆꢀ$VHJXUHꢅGHELGDPHQWHꢅHOꢅVLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅEHEpVꢅHQꢅHOꢅ
YHKtFXORꢀXVDQGRꢀXQꢀFLQWXUyQꢀGHOꢀDVLHQWRꢀGLVHxDGRꢀSDUDꢀVXMHWDUꢀXQꢀ
VLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀRꢀXVDQGRꢀHOꢀ/$7&+ꢆꢀ0XFKRVꢀFLQWXURQHVꢀ
GHꢀVHJXULGDGꢀ12ꢀVRQꢀVHJXURVꢀSDUDꢀXVDUꢀFRQꢀVLVWHPDVꢀGHꢀVHJXULGDGꢀSDUDꢀ
EHEpVꢏꢀDꢀSHVDUꢀGHꢀTXHꢀVHꢀSXHGHQꢀFRORFDUꢀIiFLOPHQWHꢀDꢀWUDYpVꢀGHOꢀVLVWHPDꢀ
GHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆ
ꢄ
1~PHURꢅGHꢅPRGHORꢏ
)DEULFDGRꢅHQꢏ
)HFKDꢅGHꢅFRPSUDꢏ
ꢋꢆꢀꢅꢅ5HJLVWURꢅGHꢅVXꢅVLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅEHEpV
3RUꢀIDYRUꢏꢀFRPSOHWHꢀODꢀLQIRUPDFLyQꢀTXHꢀVHꢀVROLFLWDꢀPiVꢀDUULEDꢆꢀ(Oꢀ
Q~PHURꢅGHꢅPRGHORꢅ\ꢅODꢅIHFKDꢅGHꢅIDEULFDFLyQꢀVHꢀSXHGHQꢀHQFRQWUDUꢀ
HQꢀXQDꢀHWLTXHWDꢀXELFDGDꢀHQꢀODꢀSDUWHꢀLQIHULRUꢀGHꢀVXꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢆꢀ/OHQHꢀODꢀWDUMHWDꢀSRVWDOꢀGHꢀUHJLVWURꢀSUHSDJDGDꢀ
TXHꢀVHꢀHQFXHQWUDꢀHQꢀODꢀIXQGDꢀGHOꢀDVLHQWRꢀ\ꢀHQYtHODꢀKR\ꢀPLVPRꢆ
/RVꢀVLVWHPDVꢀGHꢀVHJXULGDGꢀSDUDꢀQLxRVꢀSRGUiQꢀVHUꢀUHWLUDGRVꢀGHOꢀ
PHUFDGRꢀSRUꢀSUREOHPDVꢀGHꢀVHJXULGDGꢆꢀ'HEHꢀUHJLVWUDUꢀHVWHꢀVLVWHPDꢀ
SDUDꢀTXHꢀORꢀSRGDPRVꢀFRQWDFWDUꢀHQꢀGLFKRꢀFDVRꢆꢅ(QYtHꢅVXꢅQRPEUHꢇꢅ
GLUHFFLyQꢅ\ꢅHOꢅQ~PHURꢅGHOꢅPRGHORꢅGHOꢅVLVWHPDꢅ\ꢅODꢅIHFKDꢅGHꢅ
IDEULFDFLyQꢅDꢏ
ꢀ
ꢀ
ꢀ
*UDFRꢀ&KLOGUHQ¶Vꢀ3URGXFWVꢀ,QFꢆꢀ
ꢃꢄꢂꢀ2DNODQGVꢀ%OYGꢆꢀ
([WRQꢏꢀ3$ꢀꢃꢎꢈꢋꢃꢀ
RꢀOODPHꢀDOꢀꢃꢐꢊꢂꢂꢐꢈꢋꢄꢐꢋꢃꢂꢎ
RꢀUHJtVWUHORꢀHQꢀOtQHDꢀHQꢀꢀ
ꢀ
KWWSꢒꢅꢅZZZꢆJUDFREDE\ꢆFRPꢅFDUVHDWUHJLVWUDWLRQ
ꢋꢆꢋꢅꢅꢅ3DUDꢅREWHQHUꢅLQIRUPDFLyQꢅVREUHꢅHOꢅUHWLURꢅGHꢅ
SURGXFWRVꢅGHOꢅPHUFDGR
Ćꢀ /ODPHꢀDꢀODꢀOtQHDꢀJUDWXLWDꢀGHꢀLQIRUPDFLyQꢀGHꢀVHJXULGDGꢀGHꢀ
YHKtFXORVꢀGHOꢀ*RELHUQRꢀGHꢀ((ꢆ88ꢆꢀDOꢀꢃꢐꢊꢊꢊꢐꢈꢁꢉꢐꢋꢁꢈꢇꢀꢀ
ꢌ77<ꢒꢀꢃꢐꢊꢂꢂꢐꢋꢁꢋꢐꢎꢃꢄꢈꢍꢏꢀRꢀYLVLWHꢀKWWSꢒꢅꢅZZZꢆ1+76$ꢆJRY
Ćꢀ *UDFRꢒꢀꢃꢐꢊꢂꢂꢐꢈꢋꢄꢐꢋꢃꢂꢎꢀRꢀZZZꢆJUDFREDE\ꢆFRP
ꢇ
ꢋꢆꢄꢅꢅ6LꢅQHFHVLWDꢅD\XGD
(QꢀORVꢀ((ꢆ88ꢆꢏꢀSRUꢀIDYRUꢏꢀFRPXQtTXHVHꢀFRQꢀQXHVWURꢀ'HSDUWDPHQWRꢀGHꢀ
6HUYLFLRꢀDOꢀ&OLHQWHꢀFRQꢀFXDOTXLHUꢀSUHJXQWDꢀTXHꢀSXGLHUDꢀWHQHUꢀVREUHꢀ
SLH]DVꢏꢀXVRꢀRꢀPDQWHQLPLHQWRꢆꢀ&XDQGRꢀVHꢀSRQJDꢀHQꢀFRQWDFWRꢀFRQꢀ
QRVRWURVꢏꢀSRUꢀIDYRUꢀWHQJDꢀOLVWRꢀHOꢅQ~PHURꢅGHꢅPRGHORꢅ\ꢅODꢅIHFKDꢅGHꢅ
IDEULFDFLyQꢀSDUDꢀTXHꢀORꢀSRGDPRVꢀD\XGDUꢀPiVꢀHILFLHQWHPHQWHꢆꢀ(VWRVꢀ
Q~PHURVꢀSXHGHQꢀHQFRQWUDUVHꢀHQꢀXQDꢀHWLTXHWDꢀXELFDGDꢀHQꢀODꢀSDUWHꢀ
LQIHULRUꢀGHꢀVXꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆ
ꢀꢊꢍꢈꢈꢊꢄꢉꢁꢊꢉꢀꢈꢃꢅRꢅZZZꢆJUDFREDE\ꢆFRP
ꢉ
ꢄꢆꢀꢅꢅ$GYHUWHQFLDVꢅSDUDꢅHOꢅXVRꢅFRPRꢅVLVWHPDꢅGHꢅ
VHJXULGDGꢅSDUDꢅEHEpV
Ćꢀ 12ꢅ,167$/(ꢅ2ꢅ86(ꢅ(67(ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ
%(%e6ꢅ<ꢅ%$6(ꢅ+$67$ꢅ48(ꢅ+$<$ꢅ/(Ë'2ꢅ<ꢅ(17(1','2ꢅ/$6ꢅ
,16758&&,21(6ꢅ(1ꢅ(67(ꢅ0$18$/ꢅ<ꢅ(1ꢅ(/ꢅ0$18$/ꢅ'(/ꢅ
'8(f2ꢅ'(ꢅ68ꢅ9(+Ë&8/2ꢆꢅ12ꢀGHMHꢀTXHꢀRWURVꢀLQVWDOHQꢀRꢀXVHQꢀ
HOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀDꢀPHQRVꢀTXHꢀHQWLHQGDQꢀ
FyPRꢀXVDUORꢆ
Ćꢀ 12ꢅ86$5ꢅ'(%,'$0(17(ꢅ(67(ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ
3$5$ꢅ%(%e6ꢅ<ꢅ%$6(ꢅ$80(17$ꢅ(/ꢅ5,(6*2ꢅ'(ꢅ/(6,21(6ꢅ
6(5,$6ꢅ2ꢅ/$ꢅ08(57(ꢅ(1ꢅ81$ꢅ3$5$'$ꢅ5(3(17,1$ꢅ2ꢅ
$&&,'(17(ꢆꢀ6XꢀQLxRꢀSXHGHꢀVXIULUꢀXQDꢀOHVLyQꢀHQꢀXQꢀYHKtFXORꢀ
DXQTXHꢀQRꢀVXIUDꢀXQꢀDFFLGHQWHꢆꢀ8QDꢀIUHQDGDꢀUHSHQWLQDꢀRꢀXQDꢀFXUYDꢀ
FHUUDGDꢀSXHGHꢀOHVLRQDUꢀDꢀVXꢀQLxRꢀVLꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀ
EHEpVꢀQRꢀHVWiꢀGHELGDPHQWHꢀLQVWDODGRꢀRꢀVLꢀHOꢀQLxRꢀQRꢀHVWiꢀ
GHELGDPHQWHꢀVXMHWDGRꢀHQꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆ
Ćꢀ 321*$ꢅ(67(ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢅ(1ꢅ
/$ꢅ326,&,Ï1ꢅ0,5$1'2ꢅ+$&,$ꢅ$75È6ꢀFXDQGRꢀORꢀXVDꢀHQꢀ
HOꢀYHKtFXORꢆ
Ćꢀ 12ꢅ321*$ꢅ(67(ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢅ
(1ꢅ81ꢅ$6,(172ꢅ'(/ꢅ9(+Ë&8/2ꢅ(48,3$'2ꢅ&21ꢅ81$ꢅ
%2/6$ꢅ'(ꢅ$,5(ꢅ'(/$17(5$ꢆꢅ6LꢀODꢀEROVDꢀ
GHꢀDLUHꢀVHꢀLQIODꢏꢀSXHGHꢀJROSHDUꢀDOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢀFRQꢀPXFKDꢀIXHU]Dꢀ\ꢀ
FDXVDUꢀOHVLRQHVꢀVHULDVꢀRꢀODꢀPXHUWHꢀGHꢀVXꢀ
QLxRꢆꢀ&RQVXOWHꢀHOꢀPDQXDOꢀGHOꢀGXHxRꢀGHOꢀ
YHKtFXORꢀSDUDꢀREWHQHUꢀLQIRUPDFLyQꢀVREUHꢀODVꢀ
EROVDVꢀGHꢀDLUHꢀODWHUDOHVꢀ\ꢀODꢀLQVWDODFLyQꢀGHOꢀ
VLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆ
ꢊ
Ćꢀ $/*8126ꢅ1,f26ꢅ&21ꢅ1(&(6,'$'(6ꢅ(63(&,$/(6ꢇꢀWDOHVꢀFRPRꢀ
EHEpVꢀTXHꢀQDFHQꢀDQWHVꢀGHꢀWLHPSRꢀRꢀTXLHQHVꢀVXIUHQꢀGHꢀDSQHDꢀGHꢀ
SRVLFLyQꢏꢀSRGUtDQꢀVXIULUꢀPiVꢀULHVJRꢀGHꢀVXIULUꢀSUREOHPDVꢀUHVSLUDWRULRVꢀXꢀ
RWUDVꢀGLILFXOWDGHVꢀHQꢀXQꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆꢀ6LꢀVXꢀQLxRꢀ
WLHQHꢀQHFHVLGDGHVꢀHVSHFLDOHVꢏꢀUHFRPHQGDPRVꢀTXHꢀVXꢀPpGLFRꢀRꢀ
SHUVRQDOꢀGHOꢀKRVSLWDOꢀHYDO~HꢀDꢀVXꢀQLxRꢀ\ꢀUHFRPLHQGHꢀHOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢀDGHFXDGRꢀSDUDꢀVXꢀEHEpꢀRꢀFDPDꢀSDUDꢀHOꢀ
DXWRPyYLOꢀDGHFXDGRꢀDQWHVꢀGHꢀXVDUꢀHVWHꢀSURGXFWRꢆ
Ćꢀ 6HJ~QꢀODVꢀHVWDGtVWLFDVꢀGHꢀDFFLGHQWHVꢏꢀ/26ꢅ1,f26ꢅ(67È1ꢅ0È6ꢅ
6(*8526ꢅ&8$1'2ꢅ(67È1ꢅ'(%,'$0(17(ꢅ68-(7$'26ꢅ(1ꢅ/26ꢅ
$6,(1726ꢅ75$6(526ꢅ'(/ꢅ9(+Ë&8/2ꢅ(1ꢅ/8*$5ꢅ'(ꢅ$ꢅ/26ꢅ
$6,(1726ꢅ'(/$17(526ꢆꢅ(QꢀHOꢀFDVRꢀGHꢀXQꢀYHKtFXORꢀFRQꢀXQDꢀEROVDꢀ
GHꢀDLUHꢀSDUDꢀHOꢀSDVDMHURꢀGHODQWHURꢏꢀFRQVXOWHꢀHOꢀPDQXDOꢀGHOꢀGXHxRꢀGHꢀVXꢀ
YHKtFXORꢀDVtꢀFRPRꢀHVWDVꢀLQVWUXFFLRQHVꢀSDUDꢀODꢀLQVWDODFLyQꢀGHOꢀVLVWHPDꢀ
GHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆ
Ćꢀ 181&$ꢅ'(-(ꢅ$ꢅ68ꢅ1,f2ꢅ62/2ꢆ
Ćꢀ 181&$ꢅ'(-(ꢅ81ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢅ<ꢅ/$ꢅ
%$6(ꢅ6,1ꢅ68-(7$5ꢅ(1ꢅ68ꢅ9(+Ë&8/2ꢆꢀ8QꢀVLVWHPDꢀGHꢀVHJXULGDGꢀ
SDUDꢀEHEpVꢀRꢀEDVHꢀVLQꢀVXMHWDUꢀSXHGHꢀVHUꢀDUURMDGRꢀ\ꢀSRGUtDQꢀOHVLRQDUꢀDꢀ
ORVꢀRFXSDQWHVꢀHQꢀXQDꢀFXUYDꢀFHUUDGDꢏꢀSDUDGDꢀUHSHQWLQDꢀRꢀDFFLGHQWHꢆꢀ
6iTXHORꢀRꢀDVHJ~UHVHꢀGHꢀTXHꢀHVWpꢀGHELGDPHQWHꢀVXMHWDGRꢀHQꢀHOꢀ
YHKtFXORꢆꢀ6LꢀQRꢀXVDꢀHOꢀ/$7&+ꢏꢀDVHJ~UHVHꢀTXHꢀORVꢀFRQHFWRUHVꢀGHOꢅ
/$7&+ꢅTXHꢀQRꢀHVWpQꢀHQJDQFKDGRVꢀHVWpQꢀ
GHELGDPHQWHꢀDOPDFHQDGRVꢀHQꢀODꢀEDVHꢆ
Ćꢀ &$0%,(ꢅ(/ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ
3$5$ꢅ%(%e6ꢅ<ꢅ/$ꢅ%$6(ꢅ'(638e6ꢅ'(ꢅ
81ꢅ$&&,'(17(ꢅ'(ꢅ&8$/48,(5ꢅ7,32ꢆꢀ8Qꢀ
DFFLGHQWHꢀSXHGHꢀFDXVDUꢀGDxRꢀDOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢀTXHꢀSRGUtDꢀVHUꢀ
LPSRVLEOHꢀGHꢀYHUꢆ
Ćꢀ '(-(ꢅ'(ꢅ86$5ꢅ(/ꢅ6,67(0$ꢅ'(ꢅ
6(*85,'$'ꢅ3$5$ꢅ1,f26ꢅ<ꢅ/$ꢅ%$6(ꢅ<ꢅ7Ë5(/2ꢀGHVSXpVꢀGHꢀODꢀ
IHFKDꢀLQGLFDGDꢀHQꢀODꢀSDUWHꢀLQIHULRUꢀGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀQLxRVꢆꢀ
³12ꢀXVHꢀHVWHꢀDVLHQWRꢀGHꢀVHJXULGDGꢀSDUDꢀDXWRPyYLOꢀGHVSXpVꢀGHꢀ
GLFLHPEUHꢀGHOꢀꢌDxRꢍ´
ꢎ
Ćꢀ 12ꢅ02',),48(ꢅ68ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢅ<ꢅ/$ꢅ
%$6(ꢀQLꢀXVHꢀQLQJ~QꢀDFFHVRULRꢀRꢀUHSXHVWRꢀSURYLVWRꢀSRUꢀRWURꢀIDEULFDQWHꢆ
Ćꢀ 181&$ꢅ86(ꢅ(/ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢅ<ꢅ/$ꢅ
%$6(ꢅ6,ꢅ+$1ꢅ5(68/7$'2ꢅ'$f$'26ꢅ2ꢅ/(ꢅ)$/7$1ꢅ3,(=$6ꢆꢅ12ꢀ
XVHꢀXQꢀDUQpVꢀGHꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢏꢀFLQWXUyQꢀGHOꢀDVLHQWRꢀ
GHOꢀYHKtFXORꢀRꢀFLQWXUyQꢀGHOꢀ/$7&+ꢀURWRVꢏꢀGHVKLODFKDGRVꢀRꢀGDxDGRVꢆ
Ćꢀ (/ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢅ38('(ꢅ$/&$1=$5ꢅ
$/7$6ꢅ7(03(5$785$6ꢅ6,ꢅ/2ꢅ48('$ꢅ(1ꢅ(/ꢅ62/ꢆꢅ7RTXHꢀVLHPSUHꢀ
ODꢀVXSHUILFLHꢀGHꢀFXDOTXLHUꢀSLH]DꢀGHꢀPHWDOꢀRꢀGHꢀSOiVWLFRꢀDQWHVꢀGHꢀSRQHUꢀ
DꢀVXꢀQLxRꢀHQꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆ
Ćꢀ (67(ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢅ&803/(ꢀFRQꢀWRGDVꢀ
ODVꢀ1RUPDVꢀ)HGHUDOHVꢀGHꢀ6HJXULGDGꢀSDUDꢀ9HKtFXORVꢀ$XWRPRWRUꢀ\ꢀKDꢀ
VLGRꢀFHUWLILFDGRꢀSDUDꢀHOꢀXVRꢀHQꢀYHKtFXORVꢀDXWRPRWRUꢀ\ꢀDHURQDYHVꢆ
ꢄꢆꢋꢅ$GYHUWHQFLDVꢅSDUDꢅHOꢅXVRꢅFRQꢅXQꢅFRFKHFLWR
Ćꢀ 86$5ꢅ62/$0(17(ꢅ&21ꢅ&2&+(&,726ꢅ48(ꢅ621ꢅ3$57(ꢅ'(/ꢅ
6,67(0$ꢅ'(ꢅ9,$-(6ꢅ*5$&2ꢆꢅ&RQVXOWHꢀHOꢀPDQXDOꢀGHOꢀGXHxRꢀGHOꢀ
FRFKHFLWRꢀSDUDꢀREWHQHUꢀPiVꢀLQIRUPDFLyQꢀVREUHꢀFyPRꢀHIHFWXDUꢀODꢀ
FRQH[LyQꢀGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀDꢀVXꢀFRFKHFLWRꢆꢀ6LꢀQRꢀ
WLHQHꢀXQꢀPDQXDOꢀGHOꢀGXHxRꢏꢀSRUꢀIDYRUꢀOODPHꢀJUDWLVꢀDOꢀꢃꢐꢊꢂꢂꢐꢈꢋꢄꢐꢋꢃꢂꢎꢀ
SDUDꢀREWHQHUꢀXQRꢏꢀRꢀYLVLWHꢀQXHVWURꢀVLWLRꢀ:HEꢏꢀZZZꢆJUDFREDE\ꢆFRPꢆ
Ćꢀ 1XQFDꢀXVHꢀXQꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀ*UDFRꢀFRQꢀORVꢀ
FRFKHFLWRVꢀGHꢀRWURVꢀIDEULFDQWHVꢏꢀ\DꢀTXHꢀSRGUtDꢀUHVXOWDUꢀHQꢀXQDꢀOHVLyQꢀ
VHULDꢀRꢀODꢀPXHUWHꢆꢀꢀ
ꢃꢂ
ꢄꢆꢄꢅꢅ$GYHUWHQFLDVꢅDGLFLRQDOHVꢅSDUDꢅHOꢅXVRꢅFRPRꢅ
WUDQVSRUWDGRU
Ćꢀ 3(/,*52ꢅ'(ꢅ&$Ë'$ꢏꢀ/RVꢀPRYLPLHQWRVꢀGHOꢀQLxRꢀSXHGHQꢀPRYHUꢀHOꢀ
WUDQVSRUWDGRUꢆ
ꢀ 181&$ꢅSRQJDꢀHOꢀWUDQVSRUWDGRUꢀFHUFDꢀGHꢀORVꢀERUGHVꢀGHꢀPHVDGDVꢏꢀ
PHVDVꢀXꢀRWUDVꢀVXSHUILFLHVꢀDOWDVꢆꢀ0DQWpQJDVHꢀVLHPSUHꢀFHUFDꢀFXDQGRꢀHOꢀ
WUDQVSRUWDGRUꢀQRꢀHVWpꢀHQꢀHOꢀSLVRꢅWLHUUDꢆ
ꢀ $QWHVꢀGHꢀOHYDQWDUꢀHOꢀWUDQVSRUWDGRUꢏꢀ$6(*Ó5(6(ꢀTXHꢀODVꢀPDQLMDVꢀ
HVWpQꢀWUDEDMDGDVꢀHQꢀSRVLFLyQꢆ
ꢀ 1RꢀSRQJDꢀ181&$ꢀHOꢀWUDQVSRUWDGRUꢀDUULEDꢀGHꢀXQꢀFDUULWRꢀGHꢀFRPSUDVꢆ
Ćꢀ 3(/,*52ꢅ'(ꢅ$6),;,$ꢏꢅ(QꢀVXSHUILFLHVꢀEODQGDVꢏꢀHOꢀWUDQVSRUWDGRUꢀSDUDꢀ
EHEpꢀSXHGHꢀGDUVHꢀODꢀYXHOWDꢀ\ꢀDVIL[LDUꢀDOꢀQLxRꢆꢀ1XQFDꢀSRQJDꢀHOꢀ
WUDQVSRUWDGRUꢀVREUHꢀXQDꢀFDPDꢏꢀVRIiꢀXꢀRWUDꢀVXSHUILFLHꢀEODQGDꢆ
Ćꢀ 3(/,*52ꢅ'(ꢅ(675$1*8/$&,Ï1ꢏꢅ(OꢀQLxRꢀSXHGHꢀHVWUDQJXODUVHꢀFRQꢀ
ODVꢀFRUUHDVꢀGHꢀVHJXULGDGꢀVXHOWDVꢆꢀ8VHꢀVLHPSUHꢀHOꢀDUQpVꢆꢀ1XQFDꢀGHMHꢀDOꢀ
QLxRꢀHQꢀHOꢀWUDQVSRUWDGRUꢀFXDQGRꢀODVꢀFRUUHDVꢀHVWpQꢀVXHOWDVꢀRꢀVLQꢀDWDUꢆꢀ
*8$5'(ꢅ/26ꢅ&25'21(6ꢅ<ꢅ&8(5'$6ꢅ)8(5$ꢅ'(/ꢅ$/&$1&(ꢅ
'(/ꢅ1,f2ꢆꢀ/RVꢀFRUGRQHVꢀ\ꢀFXHUGDVꢀSXHGHQꢀFDXVDUꢀODꢀHVWUDQJXODFLyQꢆ
12ꢀFRORTXHꢀHOꢀWUDQVSRUWDGRUꢀFHUFDꢀGHꢀXQDꢀYHQWDQDꢀGRQGHꢀORVꢀ
FRUGRQHVꢀGHꢀODVꢀFRUWLQDVꢀRꢀSHUVLDQDVꢀSXHGDQꢀHVWUDQJXODUꢀDOꢀQLxRꢆ
12ꢅFXHOJXHꢀFRUGRQHVꢀVREUHꢀRꢀHQFLPDꢀGHOꢀWUDQVSRUWDGRUꢆ
12ꢅFRORTXHꢀDUWtFXORVꢀFRQꢀXQꢀFRUGyQꢀDOUHGHGRUꢀGHOꢀFXHOORꢀGHOꢀQLxRꢏꢀ
WDOHVꢀFRPRꢀFRUGRQHVꢀGHꢀFDSXFKDꢏꢀFRUGyQꢀGHOꢀFKXSHWHꢏꢀHWFꢆ
12ꢅSRQJDꢀFRUGRQHVꢀDꢀORVꢀMXJXHWHVꢆ
ꢃꢃ
ꢄꢆꢉꢅ/LPLWDFLRQHVꢅGHꢅSHVRꢅ\ꢅDOWXUD
3$5$ꢅ(9,7$5ꢅ6(5,$6ꢅ/(6,21(6ꢅ2ꢅ/$ꢅ08(57(ꢅ12ꢅ86(ꢅ(/ꢅ
6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢅ&21ꢅ81ꢅ1,f2ꢅ0È6ꢅ
*5$1'(ꢅ2ꢅ0È6ꢅ$/72ꢅ48(ꢅ/$ꢅ$/785$ꢅ<ꢅ3(62ꢅ48(ꢅ6(ꢅ/,67$1ꢅ
$ꢅ&217,18$&,Ï1ꢆ
6XꢀQLxRꢀ'(%(ꢀFXPSOLUꢀORVꢀVLJXLHQWHVꢀUHTXLVLWRVꢒ
Ćꢀ3(62ꢒꢀꢉꢅDꢅꢄꢈꢅOLEUDVꢅꢐꢀꢆꢍꢊꢀꢄꢆꢌꢅNJꢑ
ꢀꢀ ꢀ
<
Ćꢀ$/785$ꢒꢀꢄꢈꢅSXOJDGDVꢅꢐꢂꢌꢆꢋꢅFPꢑꢅRꢅPHQRVꢅGHꢅDOWXUDꢆ
ꢀ ,03257$17(ꢏꢅ7(1*$ꢅ/$ꢅ
6(*85,'$'ꢀGHꢀTXHꢀODꢀSDUWHꢀGHꢀ
DUULEDꢀGHꢀODꢀFDEH]DꢀGHOꢀQLxRꢀHVWpꢀ
SRUꢀORꢀPHQRVꢀꢃꢀSXOJDGDꢀSRUꢀGHEDMRꢀ
GHꢀODꢀSDUWHꢀGHꢀDUULEDꢀGHOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpꢆꢀ
ꢀꢓ
ꢃꢁ
9,67$ꢅ'(/$17(5$
0DQLMD
5DQXUDVꢀSDUDꢀꢀ
HOꢀDUQpV
%RWyQꢀGHꢀ
DMXVWHꢀGHꢀODꢀ
PDQLMD
7UDEDꢀGHOꢀ
DUQpV
5DQXUDVꢀGHꢀ
ODꢀFLQWXUD
&RUUHDꢀ
GHOꢀDUQpV
/HQJXDVꢀGHꢀODꢀ
KHELOODꢀGHOꢀDUQpV
*DQFKRꢀGHOꢀ
FLQWXUyQꢀGHOꢀ
YHKtFXOR
5DQXUDVꢀꢀ
GHꢀODꢀꢀ
HQWUHSLHUQD
+HELOODꢀ
GHOꢀDUQpV
%RWyQꢀGHꢀ
DMXVWHꢀGHOꢀ
DUQpV
&RUUHDꢀGHꢀ
DMXVWHꢀGHOꢀ
DUQpV
ꢃꢈ
9,67$ꢅ75$6(5$
&DSRWD
0DQLMDꢀGHꢀꢀ
OLEHUDFLyQ
5DQXUDVꢀ
SDUDꢀHOꢀ
DUQpV
$OPDFHQDPLHQWRꢀ
GHOꢀDUQpVꢀSDUDꢀXQꢀ
QLxRꢀPiVꢀSHTXHxR
3UHVLOODꢀGHꢀ
DQFODMH
&RUUHDꢀGHꢀDMXVWHꢀꢀ
GHOꢀDUQpV
3ODFDꢀGHꢀ
XQLyQꢀGHꢀ
PHWDO
$OPDFHQDPLHQWRꢀ
GHꢀODꢀWUDEDꢀGHꢀ
VHJXULGDGꢕꢕ
3UHVLOODꢀGHꢀDQFODMHꢀGHꢀ
ODꢀKHELOODꢀGHꢀODꢀ
HQWUHSLHUQD
/DꢀWUDEDꢀGHꢀVHJXULGDGꢀVHꢀJXDUGDꢀHQꢀHOꢀIRQGRꢀ
GHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆꢀ
1HFHVLWDUiꢀXVDUORꢀFRQꢀFLHUWRVꢀWLSRVꢀGHꢀ
FLQWXURQHVꢀGHꢀVHJXULGDGꢀGHꢀDXWRPyYLOHVꢆ
ꢔꢔꢅ7UDEDꢅGHꢅ
VHJXULGDG
ꢃꢋ
%$6(
&RQH[LyQꢀGHOꢀ
/$7&+
%DUUDVꢀGHꢀDOPDFHQDPLHQWRꢀꢀ
GHOꢀ/$7&+ꢀꢌDEDMRꢍ
$OPDFHQDPLHQWRꢀGHOꢀ
PDQXDOꢀGHOꢀGXHxR
,QGLFDGRUꢀꢀ
GHOꢀQLYHO
&RUUHDꢀGHꢀDMXVWHꢀ
GHOꢀ/$7&+
&LQWXUyQꢀGHOꢀ
YHKtFXORꢅSDVRꢀ
GHOꢀ/$7&+
0DQLMDꢀGHOꢀ
SLHꢀDMXVWDEOH
3LHꢀDMXVWDEOH
/DVꢀ1RUPDVꢀ)HGHUDOHVꢀSDUDꢀ6HJXULGDGꢀGHꢀ$XWRPyYLOHVꢀGHꢀ(VWDGRVꢀ
8QLGRVꢀKDQꢀGHWHUPLQDGRꢀXQꢀQXHYRꢀVLVWHPDꢀGHꢀLQVWDODFLyQꢀGHꢀDVLHQWRVꢀGHꢀ
VHJXULGDGꢀHQꢀORVꢀYHKtFXORVꢆꢀ(OꢀVLVWHPDꢀVHꢀGHQRPLQDꢀ/$7&+ꢆ
(Oꢅ/$7&+ꢅGHEHꢅXVDUVHꢅ62/$0(17(ꢅ(1ꢅ/8*$5ꢅGHOꢅFLQWXUyQꢅGHOꢅ
YHKtFXORꢅ62/$0(17(ꢅVLꢅHOꢅYHKtFXORꢅHVWiꢅHTXLSDGRꢅFRQꢅSXQWRVꢅGHꢅ
DQFODMHꢅ/$7&+ꢆꢅ3RUꢅIDYRUꢇꢅFRQVXOWHꢅHOꢅPDQXDOꢅGHOꢅGXHxRꢅGHOꢅYHKtFXORꢅ
SDUDꢅLGHQWLILFDUꢅODVꢅXELFDFLRQHVꢅGHOꢅ/$7&+ꢆ
ꢃꢄ
ꢉꢆꢀꢅ$MXVWHꢅGHꢅODꢅPDQLMD
ꢃꢆꢀ $SULHWHꢀORVꢀERWRQHVꢀGHꢀDMXVWHꢀGHꢀODꢀPDQLMDꢀ
HQꢀDPERVꢀFRVWDGRVꢀGHꢀODꢀPDQLMDꢀ ꢆ
ꢁꢆꢀ *LUHꢀODꢀPDQLMDꢀKDVWDꢀTXHꢀVHꢀWUDEHꢀHQꢀXQDꢀ
GHꢀODVꢀꢄꢀSRVLFLRQHVꢒ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
3RVLFLyQꢅ$ꢏꢅ'(%(ꢀXVDUVHꢀFXDQGRꢀORꢀ
WUDQVSRUWDꢀGHꢀODꢀPDQLMDꢏꢀ
7UDQVSRUWH
$
3RVLFLyQꢀ%ꢇꢅ&ꢇꢅ'ꢏꢀVRQꢀSRVLFLRQHVꢀ
GHꢀFRQYHQLHQFLDꢏꢀ
%
&
3RVLFLyQꢅ(ꢏꢅVHꢀHQFXHQWUDꢀHQꢀODꢀ
SRVLFLyQꢀVHQWDGRꢏꢀ
'
181&$ꢀXVHꢀODꢀSRVLFLyQꢀ%ꢅRꢅ&ꢀHQꢀ
HOꢀYHKtFXORꢆ
$0%26ꢅERWRQHVꢀGHꢀDMXVWHꢀGHꢀODꢀ
PDQLMDꢀGHEHQꢀVDOWDUꢀSDUDꢀWUDEDUꢀODꢀ
PDQLMDꢀHQꢀVXꢀOXJDUꢀꢆ
(
6HQWDGR
ꢈꢆꢀ (PSXMHꢅ\ꢅWLUHꢅGHꢅODꢅPDQLMDꢅSDUDꢅDVHJXUDUVHꢅTXHꢅHVWpꢅ
ILUPHPHQWHꢅWUDEDGDꢅHQꢅVXꢅOXJDUꢆ
ꢉꢆꢋꢅꢅ&yPRꢅVDFDUꢅ\ꢅVXMHWDUꢅHOꢅVLVWHPDꢅ
GHꢅVHJXULGDGꢅSDUDꢅEHEp
3DUDꢀVDFDUORꢏꢀDSULHWHꢀODꢀPDQLMDꢀGHꢀOLEHUDFLyQꢀHQꢀ
ODꢀSDUWHꢀWUDVHUDꢀGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀ\ꢀ
OHYiQWHORꢀGHꢀODꢀEDVHꢀFRPRꢀVHꢀLQGLFDꢀ ꢆ
3DUDꢀSRQHUꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀ
HQꢀODꢀEDVHꢏꢀHPSXMHꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀ
SDUDꢀEHEpVꢀKDFLDꢀDEDMRꢀKDVWDꢀTXHꢀVHꢀWUDEHꢀHQꢀ
ODꢀEDVHꢆꢅ7LUHꢅKDFLDꢅDUULEDꢅGHOꢅVLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅEHEpVꢅSDUDꢅ
DVHJXUDUVHꢅTXHꢅHVWpꢅWUDEDGRꢅILUPHPHQWHꢅHQꢅODꢅEDVHꢆ
ꢃꢇ
ꢉꢆꢄꢅ&RORFDFLyQꢅGHꢅODꢅFDSRWD
ꢃꢆꢀ (OꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀ
EHEpVꢀYLHQHꢀFRQꢀFXDWURꢀꢌGRVꢀHQꢀ
FLHUWRVꢀPRGHORVꢍꢀSLH]DVꢀLGpQWLFDVꢀ
GHꢀVRSRUWHꢀGHꢀODꢀFDSRWDꢆ
ꢀ
3DVHꢀXQꢀVRSRUWHꢀGHꢀODꢀFDSRWDꢀ
FRPSOHWDPHQWHꢀDꢀWUDYpVꢀGHOꢀW~QHOꢀ
FRVLGRꢀꢆ
ꢁꢆꢀ 'HVOLFHꢀHOꢀH[WUHPRꢀUHFWRꢀGHOꢀ
VHJXQGRꢀVRSRUWHꢀHQꢀHOꢀ
H[WUHPRꢀUHFWRꢀGHOꢀSULPHUꢀ
VRSRUWHꢀꢆ
ꢈꢆꢀ (QꢀPRGHORVꢀFRQꢀFXDWURꢀVRSRUWHVꢀGHꢀODꢀ
FDSRWDꢏꢀUHSLWDꢀORVꢀSDVRVꢀXQRꢀ\ꢀGRVꢀSDUDꢀ
HOꢀRWURꢀW~QHOꢀGHꢀODꢀFDSRWDꢆꢀ/DꢀFDSRWDꢀ
2
GHEHUiꢀDSDUHFHUꢀFRPRꢀVHꢀLQGLFDꢀ ꢆꢀ
ꢋꢆꢀ 6XMHWHꢀODꢀFDSRWDꢀHQꢀORVꢀOXJDUHVꢀHQWUHꢀHOꢀ
VLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀ\ꢀODꢀ
EDVHꢀGHꢀODꢀPDQLMDꢀꢆ
ꢀ
3DUDꢀVDFDUꢀODꢀFDSRWDꢏꢀLQYLHUWDꢀORVꢀSDVRVꢆ
ꢃꢉ
ꢉꢆꢉꢅ$SR\DFDEH]DVꢅꢐHQꢅFLHUWRVꢅPRGHORVꢇꢅORVꢅHVWLORVꢅYDUtDQꢑ
3DUDꢀSUHYHQLUꢀODꢀH\HFFLyQꢀHQꢀXQꢀDFFLGHQWHꢀRꢀSDUDGDꢀUHSHQWLQDꢍꢀODVꢀ
FRUUHDVꢀGHꢀORVꢀKRPEURVꢀGHEHQꢀSDVDUꢀDꢀWUDYpVꢀGHꢀODVꢀUDQXUDVꢀ\ꢀ
HVWDUꢀGHELGDPHQWHꢀFRORFDGDVꢀHQꢀORVꢀKRPEURVꢂꢀ6RODPHQWHꢀXVHꢀHOꢀ
DSR\DFDEH]DVꢀFRQꢀORVꢀꢄꢀMXHJRVꢀGHꢀUDQXUDVꢀGHOꢀDUQpVꢀGHꢀDEDMRꢂ
$OJXQRVꢀEHEpVꢀQHFHVLWDQꢀDSR\RꢀDGLFLRQDOꢀSDUDꢀ
PDQWHQHUꢀODꢀFDEH]Dꢀ\ꢀHOꢀFXHUSRꢀHQꢀXQDꢀSRVLFLyQꢀ
FyPRGDꢆꢀ
3DVHꢀHOꢀDUQpVꢀDꢀWUDYpVꢀGHꢀODVꢀDEHUWXUDVꢀHQꢀHOꢀ
DSR\DFDEH]DVꢀFRPRꢀVHꢀLQGLFDꢀ ꢆ
3DVHꢀHOꢀDUQpVꢀDꢀWUDYpVꢀGHꢀODVꢀDEHUWXUDVꢀHQꢀꢀ
HOꢀDSR\DꢀGHOꢀFXHUSRꢀFRPRꢀVHꢀLQGLFDꢀ ꢆ
6LꢀVXꢀPRGHORꢀQRꢀLQFOX\HꢀXQꢀDSR\DFDEH]DVꢏꢀꢀ
SXHGHꢀXVDUꢀXQDꢀWRDOODꢀHQUROODGDꢀRꢀXQDꢀꢀ
PDQWDꢀFRPRꢀDSR\Rꢀ ꢆꢀ$6(*Ó5(6(ꢅ
48(ꢅ1$'$ꢅ,17(5),(5$ꢅ&21ꢅ(/ꢅ
$51e6ꢆꢀ(OꢀDUQpVꢀGHEHꢀTXHGDUꢀSODQRꢀ
\ꢀDMXVWDGRꢀVREUHꢀORVꢀKRPEURVꢀGHꢀꢀ
VXꢀQLxRꢆ
ꢃꢊ
ꢉꢆꢁꢅꢅ%RWDꢅSDUDꢅWLHPSRꢅIUtRꢅꢐHQꢅFLHUWRVꢅPRGHORVꢇꢅꢅ
ORVꢅHVWLORVꢅYDUtDQꢑ
$OJXQRVꢀPRGHORVꢀYLHQHQꢀFRQꢀXQDꢀERWDꢀ
SDUDꢀWLHPSRꢀIUtRꢆꢀ3DUDꢀXVDUODꢏꢀSRQJDꢀHOꢀ
HOiVWLFRꢀDOUHGHGRUꢀGHOꢀIRQGRꢀGHOꢀDVLHQWRꢀ
\ꢀFRORTXHꢀORVꢀGRVꢀQXGRVꢀHOiVWLFRVꢀ
DOUHGHGRUꢀGHꢀORVꢀJDQFKRVꢀGHOꢀFLQWXUyQꢀ
GHOꢀYHKtFXORꢀFRPRꢀVHꢀLQGLFDꢀ ꢆ
ꢉꢆꢌꢅꢅ)XQGDVꢅGHOꢅDUQpVꢅꢐHQꢅFLHUWRVꢅPRGHORVꢇꢅꢅ
ORVꢅHVWLORVꢅYDUtDQꢑ
3DUDꢀSUHYHQLUꢀODꢀH\HFFLyQꢀHQꢀXQꢀDFFLGHQWHꢀRꢀ
SDUDGDꢀUHSHQWLQDꢍ
ꢀ$VHJ~UHVHꢀVLHPSUHꢀTXHꢀODVꢀFRUUHDVꢀGHOꢀ
KRPEURꢀSDVDQꢀSRUꢀODVꢀUDQXUDVꢀ\ꢀHVWiQꢀ
GHELGDPHQWHꢀLQVWDODGDVꢀHQꢀORVꢀKRPEURVꢂ
ꢀ$VHJ~UHVHꢀGHꢀTXHꢀODVꢀIXQGDVꢀGHOꢀDUQpVꢀQRꢀ
LQWHUILHUDQꢀFRQꢀODꢀFRORFDFLyQꢀGHꢀODꢀSUHVLOODꢀ
GHOꢀSHFKRꢀDꢀODꢀDOWXUDꢀGHꢀODVꢀD[LODVꢂ
ꢃꢎ
ꢁꢆꢀꢅ&RORFDFLyQꢅGHꢅODVꢅFRUUHDVꢅGHOꢅDUQpV
12ꢅ$-867$5ꢅ'(%,'$0(17(ꢅ/$6ꢅ&255($6ꢅ'(/ꢅ$51e6ꢅ
'(/ꢅ1,f2ꢅ$80(17$ꢅ(/ꢅ5,(6*2ꢅ'(ꢅ68)5,5ꢅ/(6,21(6ꢅ
6(5,$6ꢅ2ꢅ/$ꢅ08(57(ꢅ(1ꢅ&$62ꢅ'(ꢅ81$ꢅ&859$ꢅ
&(55$'$ꢇꢅ3$5$'$ꢅ5(3(17,1$ꢅ2ꢅ$&&,'(17(ꢆꢀ/DVꢀ
FRUUHDVꢀGHOꢀDUQpVꢀGHEHQꢀHVWDUꢀGHELGDPHQWHꢀDMXVWDGDVꢀVHJ~QꢀHOꢀ
FDOFHꢀGHꢀVXꢀQLxRꢀGHꢀDFXHUGRꢀDꢀODVꢀVLJXLHQWHVꢀLQVWUXFFLRQHVꢆ
ꢃꢆꢀ 6DTXHꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀ
GHꢀODꢀEDVHꢀ\ꢀJLUHꢀODꢀPDQLMDꢀKDFLDꢀDEDMRꢀ
KDVWDꢀODꢀSRVLFLyQꢀGHꢀVHQWDGRꢆꢀ9HUꢀ³ꢉꢆꢀꢅ
&yPRꢅDMXVWDUꢅODꢅPDQLMD´ꢅ\ꢀ³ꢉꢆꢋꢅ&yPRꢅ
VDFDUꢅ\ꢅVXMHWDUꢅHOꢅVLVWHPDꢅGHꢅVHJXULGDGꢅ
SDUDꢅEHEp´ꢏꢀSiJLQDꢀꢃꢇꢆ
ꢁꢆꢀ &RORTXHꢀVXꢀQLxRꢀHQꢀHOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢀFRPRꢀVHꢀLQGLFDꢀꢀ
HQꢀꢏꢅQRꢅHQꢅ ꢆꢀ3RQJDꢀODVꢀFRUUHDVꢀGHOꢀ
DUQpVꢀDOUHGHGRUꢀGHꢀVXꢀQLxRꢆ
ꢈꢆꢀ 'HWHUPLQHꢀTXpꢀSDUꢀGHꢀUDQXUDVꢀGHOꢀꢀ
DUQpVꢀHVWiQꢅSDUHMDVꢅRꢅDSHQDVꢅSRUꢅ
GHEDMRꢅGHꢅORVꢅKRPEURVꢅGHꢅVXꢅꢅ
QLxRꢀ ꢆ
ꢋꢆꢀ 6LꢀVHꢀGHEHQꢀDMXVWDUꢀODVꢀFRUUHDVꢀGHOꢀ
DUQpVꢒꢀVDTXHꢀDOꢀQLxRꢀGHOꢀVLVWHPDꢀꢀ
GHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀ\ꢀPXHYDꢀ
ODVꢀFRUUHDVꢀGHOꢀDUQpVꢀDꢀODVꢀUDQXUDVꢀ
FRUUHFWDVꢀGHOꢀDUQpVꢀKDFLHQGRꢀꢀ
ORꢀVLJXLHQWHꢒ
8VHꢀODVꢀUDQXUDVꢀGHOꢀDUQpVꢀ
DꢀODꢀDOWXUDꢀRꢀDSHQDVꢀSRUꢀ
GHEDMRꢀGHꢀORVꢀKRPEURVꢀꢀ
GHOꢀQLxR
ꢁꢂ
ꢀ
ꢀ
ꢀ
$ꢆꢀꢀ(PSXMHꢀHOꢀERWyQꢀGHꢀDMXVWHꢀGHOꢀDUQpVꢀ
GHEDMRꢀGHꢀODꢀDOHWDꢀGHOꢀDVLHQWRꢆꢀ7LUHꢀODVꢀ
FRUUHDVꢀGHꢀORVꢀKRPEURVꢀSDUDꢀDIORMDUꢀHOꢀ
DUQpVꢀ ꢆ
%ꢆꢀꢀ'HVGHꢀGHWUiVꢀGHOꢀDVLHQWRꢏꢀVDTXHꢀORVꢀ
H[WUHPRVꢀGHꢀODVꢀGRVꢀFRUUHDVꢀGHꢀORVꢀ
KRPEURVꢀGHꢀODꢀSODFDꢀGHꢀXQLyQꢀGHꢀꢀ
PHWDOꢀꢆꢀ
%RWyQꢀGHꢀDMXVWHꢀꢀ
GHOꢀDUQpV
&ꢆꢀꢀ'HVGHꢀDGHODQWHꢏꢀSDVHꢀODVꢀFRUUHDVꢀDꢀ
WUDYpVꢀGHꢀODVꢀUDQXUDVꢀGHOꢀDUQpVꢀ\ꢀOXHJRꢀ
YXHOYDꢀDꢀFRORFDUODVꢀDꢀWUDYpVꢀGHꢀODVꢀ
UDQXUDVꢀDSURSLDGDVꢆꢀ/DVꢀGRVꢀFRUUHDVꢀGHOꢀ
DUQpVꢀGHEHQꢀSDVDUꢀDꢀWUDYpVꢀGHOꢀPLVPRꢀꢀ
MXHJRꢀGHꢀUDQXUDVꢀHQꢀHOꢀDVLHQWRꢀ\ꢀDOPRKDGLOODꢆ
&RVWLOODV
ꢀ
ꢀ
'ꢆꢀꢀ'HVGHꢀGHWUiVꢀGHOꢀDVLHQWRꢏꢀWLUHꢀDPEDVꢀ
FRUUHDVꢀGHꢀORVꢀKRPEURVꢀ'(%$-2ꢀGHꢀODVꢀ
FRVWLOODVꢀSDUDꢀTXHꢀVDOJDQꢀKDFLDꢀHOꢀIRQGRꢀꢆ
(ꢆꢀꢀ6HJ~QꢀHOꢀWDPDxRꢀGHꢀVXꢀQLxRꢏꢀSRGUtDꢀVHUꢀ
QHFHVDULRꢀDMXVWDUꢀODVꢀFRUUHDVꢀGHOꢀDUQpVꢏꢀODꢀ
KHELOODꢀGHꢀODꢀFRUUHDꢀGHꢀODꢀHQWUHSLHUQDꢀRꢀODVꢀ
FRUUHDVꢀGHꢀODꢀFLQWXUDꢀFRPRꢀVHꢀLQGLFDꢀHQꢀODVꢀ
SiJLQDVꢀꢁꢁꢀDꢀꢁꢋꢀSDUDꢀORJUDUꢀXQꢀFDOFHꢀ
DMXVWDGRꢀHQꢀVXꢀQLxRꢆꢀ7(1*$ꢅ/$ꢅ
3ODFDꢀGHꢀXQLyQꢀ
GHꢀPHWDO
6(*85,'$'ꢀGHꢀTXHꢀXVDꢀORVꢀPLVPRVꢀMXHJRVꢀ
GHꢀUDQXUDVꢀSDUDꢀTXHꢀHVWpQꢀSDUHMDVꢆ
9XHOYDꢀDꢀDUPDUꢀORVꢀH[WUHPRVꢀGHꢀODVꢀFRUUHDVꢀ
VREUHꢀODꢀSODFDꢀGHꢀXQLyQꢀGHꢀPHWDOꢀꢆꢀ
ꢁꢆꢅ9(5,),&$&,Ï1ꢅ'(ꢅ6(*85,'$'ꢏ
ꢀ
Dꢍꢀꢅ9(5,),48(ꢀTXHꢀODVꢀFRUUHDVꢀGHOꢀDUQpVꢀQRꢀ
HVWpQꢀGREODGDVꢀDGHODQWHꢀRꢀDWUiVꢖ
ꢀ
Eꢍꢀ9ꢀ (5,),48(ꢀTXHꢀODVꢀFRUUHDVꢀHVWpQꢀ
DVHJXUDGDVꢀWLUDQGRꢀGHꢀODVꢀFRUUHDVꢀGHOꢀꢀ
DUQpVꢀGHVGHꢀHOꢀIUHQWHꢀGHOꢀDVLHQWRꢆ
ꢁꢃ
ꢅ &RUUHDVꢅSDUDꢅORVꢅKRPEURVꢅSDUDꢅXQꢅ
EHEpꢅ0È6ꢅ3(48(f2ꢏ
ꢀ
8VHꢀORVꢀꢁꢀMXHJRVꢀGHꢀUDQXUDVꢀLQIHULRUHVꢀGHOꢀDUQpVꢀꢀꢌVLꢀHVWiQꢀSDUHMDVꢀ
RꢀDSHQDVꢀGHEDMRꢀGHꢀORVꢀKRPEURVꢀGHꢀVXꢀQLxRꢍꢀ\ꢀORVꢀQXGRVꢀVXSHULRUHVꢀ
GHꢀODꢀFRUUHDꢀ ꢆꢀ/RVꢀH[WUHPRVꢀGHꢀODVꢀFRUUHDVꢀGHEHQꢀTXHGDUꢀDOꢀIUHQWHꢀ
GHꢀODꢀSODFDꢀGHꢀXQLyQꢀGHꢀPHWDOꢀFRPRꢀVHꢀLQGLFDꢀHQꢀ ꢏꢀQRꢀFRPRꢀVHꢀ
LQGLFDꢀHQꢀ ꢆ
ꢀ
9(5,),48(ꢅTXHꢀORVꢀQXGRVꢀHVWpQꢀ
FRPSOHWDPHQWHꢀGHQWURꢀGHꢀODVꢀUDQXUDVꢀꢀ
GHꢀODꢀSODFDꢀGHꢀXQLyQꢀꢆ
ꢀ
9(5,),48(ꢅTXHꢀODVꢀFRUUHDVꢀHVWiQꢀ
DVHJXUDGDVꢀWLUDQGRꢀGHꢀODVꢀPLVPDVꢆꢀ
ꢅ &RUUHDVꢅSDUDꢅORVꢅKRPEURVꢅ
SDUDꢅXQꢅEHEpꢅ0È6ꢅ*5$1'(ꢏ
ꢀ
8VHꢀORVꢀꢁꢀMXHJRVꢀGHꢀUDQXUDVꢀVXSHULRUHVꢀGHOꢀDUQpVꢀꢀ\ꢀORVꢀQXGRVꢀGHOꢀ
H[WUHPRꢀGHꢀODꢀFRUUHDꢀꢀꢌVLꢀHVWiQꢀSDUHMDVꢀRꢀDSHQDVꢀGHEDMRꢀGHꢀORVꢀ
KRPEURVꢀGHꢀVXꢀQLxRꢍꢆ
ꢀ
9(5,),48(ꢅTXHꢀ
ORVꢀQXGRVꢀHVWpQꢀꢀ
FRPSOHWDPHQWHꢀGHQWURꢀꢀ
GHꢀODVꢀUDQXUDVꢀGHꢀODꢀꢀ
SODFDꢀGHꢀXQLyQꢀꢆ
ꢀ
9(5,),48(ꢀTXHꢀODVꢀ
FRUUHDVꢀHVWiQꢀDVHJXUDGDVꢀꢀ
WLUDQGRꢀGHꢀODVꢀPLVPDVꢆꢀ
ꢁꢁ
ꢅ &yPRꢅDFRUWDUꢅODVꢅFRUUHDVꢅSDUDꢅODꢅFLQWXUDꢅSDUDꢅ
XQꢅEHEpꢅ0È6ꢅ3(48(f2ꢏ
ꢀ
/DꢀORQJLWXGꢀGHꢀODꢀFRUUHDꢀSDUDꢀODꢀFLQWXUDꢀVHꢀSXHGHꢀDFRUWDUꢀPiVꢀ
DSDUWDQGRꢀODꢀSHTXHxDꢀOHQJHWDꢀTXHꢀPDQWLHQHꢀODVꢀSUHVLOODVꢀGHꢀDQFODMHꢀ
HQꢀVXꢀOXJDUꢀ\ꢀWLUDQGRꢀGHꢀODVꢀSUHVLOODVꢀKDFLDꢀDIXHUDꢀGHꢀVXVꢀKHQGLGXUDVꢀ
ꢆꢀ0XHYDꢀODꢀSUHVLOODꢀGHꢀDQFODMHꢀDOꢀVHJXQGRꢀRꢀWHUFHUꢀQXGRꢀGHꢀODꢀFRUUHDꢀ
ꢀVHJ~QꢀHOꢀWDPDxRꢀGHꢀVXꢀQLxRꢆꢀ9(5,),48(ꢀTXHꢀODVꢀSUHVLOODVꢀGHꢀ
DQFODMHꢀHVWpQꢀGHELGDPHQWHꢀFRORFDGDVꢆꢀ/RVꢀH[WUHPRVꢀGHꢀODVꢀFRUUHDVꢀ
GHEHQꢀLQVHUWDUVHꢀHQꢀODꢀUDQXUDꢀFRPRꢀVHꢀLQGLFDꢀHQꢀHOꢀGLEXMRꢀ¡ꢆꢀ7UDEHꢀODꢀ
SUHVLOODꢀGHꢀDQFODMHꢀHQꢀODVꢀKHQGLGXUDVꢀGHOꢀDVLHQWRꢆꢀ5HSLWDꢀHOꢀ
SURFHGLPLHQWRꢀGHOꢀRWURꢀODGRꢆ
ꢀ
9(5,),48(ꢅTXHꢀODVꢀFRUUHDVꢀHVWpQꢀDVHJXUDGDVꢀWLUDQGRꢀGHꢀODVꢀPLVPDVꢀ
GHVGHꢀHOꢀIUHQWHꢀGHOꢀDVLHQWRꢆ
Ranura
¡
ꢅ &yPRꢅDODUJDUꢅODVꢅFRUUHDVꢅSDUDꢅODꢅFLQWXUDꢅSDUDꢅ
XQꢅQLxRꢅ0È6ꢅ*5$1'(ꢏ
ꢀ
6DTXHꢀODꢀSUHVLOODꢀGHꢀDQFODMHꢀGHOꢀDVLHQWRꢀꢆꢀ0XHYDꢀODꢀSUHVLOODꢀGHꢀDQFODMHꢀ
KDVWDꢀHOꢀILQDOꢀGHꢀODꢀFRUUHDꢆꢀ9(5,),48(ꢀTXHꢀODVꢀSUHVLOODVꢀGHꢀDQFODMHꢀ
HVWpQꢀGHELGDPHQWHꢀFRORFDGDVꢀ¢ꢆꢀ7UDEHꢀODVꢀSUHVLOODVꢀGHꢀDQFODMHꢀHQꢀHOꢀ
DVLHQWRꢀFRPRꢀVHꢀLQGLFDꢀꢀ
HQꢀ ꢆꢀ5HSLWDꢀHOꢀ
SURFHGLPLHQWRꢀGHOꢀꢀ
RWURꢀODGRꢆ
¢
ꢅ
9(5,),48(ꢅTXHꢀODVꢀ
FRUUHDVꢀHVWpQꢀDVHJXUDGDVꢀꢀ
WLUDQGRꢀGHꢀODVꢀPLVPDVꢀGHVGHꢀꢀ
HOꢀIUHQWHꢀGHOꢀDVLHQWRꢆ
ꢁꢈ
ꢁꢆꢋꢅꢅ3DUDꢅDMXVWDUꢅODꢅSRVLFLyQꢅGHꢅ
ODꢅKHELOODꢅGHꢅODꢅFRUUHDꢅGHꢅODꢅ
HQWUHSLHUQDꢏ
3$5$ꢅ%(%e6ꢅ&21ꢅ3(62ꢅ
%$-2ꢅ$/ꢅ1$&(5ꢅꢐ(/ꢅ3(62ꢅ
0Ë1,02ꢅ(6ꢅꢉꢅ/,%5$6ꢑꢏ
5DQXUDꢀꢀ
WUDVHUD
5DQXUDꢀꢀ
GHODQWHUD
Ćꢀ 'HꢀYXHOWDꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀ
SDUDꢀEHEpVꢀ\ꢀVDTXHꢀODꢀSUHVLOODꢀGHꢀ
DQFODMHꢀHPSXMiQGRODꢀDꢀWUDYpVꢀGHꢀODꢀ
UDQXUDꢀGHꢀODꢀHQWUHSLHUQDVꢀꢀ\ꢀODꢀ
DOPRKDGLOODꢀGHOꢀDVLHQWRꢀ\ꢀYROYLHQGRꢀ
DꢀSDVDUODꢀSRUꢀHOꢀIUHQWHꢀGHꢀODꢀ
8VHꢀODꢀFRUUHDꢀGHꢀODꢀ
HQWUHSLHUQDꢀPiVꢀꢀ
FHUFDQDꢀDOꢀQLxR
DOPRKDGLOODꢀGHOꢀDVLHQWRꢀHQꢀODꢀUDQXUDꢀ
GHꢀODꢀHQWUHSLHUQDꢀWUDVHUDꢀ ꢆꢀ
ꢀ
8VHꢀODVꢀLQVWUXFFLRQHVꢀHQꢀODVꢀ
SiJLQDVꢀꢁꢁꢐꢀꢁꢈꢀSDUDꢀFDPELDUꢀODꢀ
XELFDFLyQꢀGHOꢀDUQpVꢀ\ꢀODVꢀFRUUHDVꢀ
GHꢀODꢀFLQWXUDꢆ
Ćꢀ (QꢀHOꢀFDVRꢀGHꢀEHEpVꢀFRQꢀSHVRꢀEDMRꢀ
DOꢀQDFHUꢏꢀODVꢀFRUUHDVꢀGHꢀORVꢀKRPEURVꢀ
GHEHUiQꢀHVWDUꢀHQꢀHOꢀMXHJRꢀPiVꢀEDMRꢀ
GHꢀODVꢀUDQXUDVꢀGHOꢀDUQpVꢀ\ꢀORVꢀQXGRVꢀ
VXSHULRUHVꢀGHꢀODꢀFRUUHDꢀ\ꢀDGHPiVꢏꢀ
ODVꢀFRUUHDVꢀGHꢀODꢀFLQWXUDꢀGHEHQꢀHVWDUꢀ
HQꢀHOꢀWHUFHUꢀMXHJRꢀGHꢀQXGRVꢆ
3$5$ꢅ%(%e6ꢅ0È6ꢅ*5$1'(6ꢏ
Ćꢀ 'HꢀYXHOWDꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀ
SDUDꢀEHEpVꢀ\ꢀVDTXHꢀODꢀSUHVLOODꢀGHꢀ
DQFODMHꢀHPSXMiQGRODꢀDꢀWUDYpVꢀGHꢀODꢀ
UDQXUDꢀGHꢀODꢀHQWUHSLHUQDꢀWUDVHUDꢀ\ꢀODꢀ
DOPRKDGLOODꢀGHOꢀDVLHQWRꢀ\ꢀYROYLHQGRꢀ
DꢀSDVDUODꢀSRUꢀHOꢀIUHQWHꢀGHꢀODꢀ
DOPRKDGLOODꢀGHOꢀDVLHQWRꢀHQꢀODꢀUDQXUDꢀ
GHꢀODꢀHQWUHSLHUQDꢀGHODQWHUDꢆꢀ
ꢁꢋ
ꢁꢆꢄꢅ6XMHWDUꢅHOꢅQLxRꢅHQꢅHOꢅVLVWHPDꢅGHꢅVHJXULGDG
1RꢀDMXVWDUꢀGHELGDPHQWHꢀDꢀVXꢀQLxRꢀHQꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀ
EHEpVꢅWUDQVSRUWDGRUꢀDXPHQWDꢀHOꢀULHVJRꢀGHꢀOHVLRQHVꢀVHULDVꢀRꢀODꢀ
PXHUWHꢀSRUꢀDVIL[LDꢏꢀRꢀFDtGDVꢀRꢀHQꢀFDVRꢀGHꢀXQDꢀSDUDGDꢀUHSHQWLQDꢀRꢀ
DFFLGHQWHꢆꢀ,QFOXVLYHꢀFXDQGRꢀORꢀXVDꢀVRODPHQWHꢀFRPRꢀWUDQVSRUWDGRUꢏꢀ
DVHJ~UHVHꢀTXHꢀODVꢀFRUUHDVꢀGHOꢀDUQpVꢀHVWpQꢀGHELGDPHQWHꢀDMXVWDGDVꢆ
ꢃꢆꢀ 0XHYDꢀODꢀPDQLMDꢀGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀDꢀꢀ
ODꢀSRVLFLyQꢀGHꢀVHQWDGRꢀꢀ
ꢌYHDꢀODꢀSiJLQDꢀꢃꢇꢍꢆ
ꢁꢆꢀ $EUDꢀODꢀWUDEDꢀGHOꢀDUQpVꢀꢀ
DSUHWDQGRꢀDPERVꢀFRVWDGRVꢀꢀ
\ꢀGHVWUDEHꢀODꢀKHELOODꢀFRPRꢀꢀ
VHꢀLQGLFDꢀꢆ
ꢈꢆꢀ &RORTXHꢀVXꢀQLxRꢀHQꢀHOꢀꢀ
VLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀꢀ
EHEpVꢀFRPRꢀVHꢀLQGLFDꢀHQꢀꢏꢀ
QRꢅHQꢀ ꢆꢀ3RQJDꢀODVꢀFRUUHDVꢀ
GHOꢀDUQpVꢀDOUHGHGRUꢀGHꢀVXꢀQLxRꢆ
ꢋꢆꢀ ,QVHUWHꢀODVꢀGRVꢀOHQJXDVꢀGHꢀODꢀ
KHELOODꢀHQꢀODꢀKHELOODꢀGHOꢀDUQpVꢀHQꢀODꢀFRUUHDꢀGHꢀODꢀHQWUHSLHUQDꢆꢀ
$VHJ~UHVHꢅTXHꢅHVFXFKDꢅHOꢅFOLFꢅGHꢅFDGDꢅOHQJXDꢅHQꢅODꢅKHELOODꢆ
ꢀ
12ꢅXVHꢅHOꢅVLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅEHEpVꢅVLꢅODVꢅOHQJXDVꢅ
GHꢅODꢅKHELOODꢅQRꢅVHꢅWUDEDQꢅHQꢅVXꢅOXJDUꢆꢅ/ODPHꢅDꢅ*UDFRꢅDOꢅꢅ
ꢀꢊꢍꢈꢈꢊꢄꢉꢁꢊꢉꢀꢈꢃꢆ
ꢁꢄ
ꢄꢆꢀ 7UDEHꢀODVꢀSDUWHVꢀGHꢀODꢀWUDEDꢀGHOꢀDUQpVꢀꢆꢀ
ꢇꢆꢀ 7LUHꢀGHꢀODꢀFRUUHDꢀGHꢀDMXVWHꢀGHOꢀDUQpVꢀSDUDꢀ
DMXVWDUꢀODVꢀFRUUHDVꢀFRPRꢀVHꢀLQGLFDꢀꢆꢀ
$6(*Ó5(6(ꢀTXHꢀDPEDVꢀFRUUHDVꢀHVWpQꢀ
SODQDVꢀ\ꢀDMXVWDGDVꢀVREUHꢀORVꢀKRPEURVꢀ\ꢀ
ORVꢀPXVORVꢆꢀ
ꢉꢆꢀ &RORTXHꢀODꢀWUDEDꢀGHOꢀDUQpVꢀHQꢀHOꢀPHGLRꢀ
GHOꢀSHFKRꢏꢀDꢀQLYHOꢀFRQꢀODꢀD[LODꢀ\ꢀOHMRVꢀ
GHOꢀFXHOORꢀꢆ
ꢊꢆꢀ 9(5,),&$&,Ï1ꢅ'(ꢅ6(*85,'$'ꢏ
ꢀ
Dꢍꢀ7(1*$ꢅ/$ꢅ6(*85,'$'ꢀGHꢀTXHꢀODꢀ
SDUWHꢀGHꢀDUULEDꢀGHꢀODꢀFDEH]DꢀGHOꢀQLxRꢀHVWpꢀSRUꢀORꢀꢀ
PHQRVꢀꢃꢀSXOJDGDꢀSRUꢀGHEDMRꢀGHꢀODꢀSDUWHꢀGHꢀDUULEDꢀꢀ
GHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆꢀ
ꢀ
ꢀ
Eꢍꢀ9(5,),48(ꢀTXHꢀODVꢀFRUUHDVꢀGHOꢀDUQpVꢀQRꢀ
HVWpQꢀGREODGDVꢆ
Fꢍꢀ9(5,),48(ꢅTXHꢀHOꢀDUQpVꢀHVWpꢀWHQVLRQDGRꢆꢀ
1RꢀGHEHUtDꢀSRGHUꢀDSUHWDUꢀHOꢀDUQpVꢀVLꢀHVWiꢀ
WHQVDꢆꢀ8QDꢀFRUUHDꢀWHQVDꢀQRꢀGHEHUiꢀHVWDUꢀIORMDꢆꢀ
6HꢀPDQWLHQHꢀHQꢀXQDꢀOtQHDꢀFDVLꢀUHFWDꢀVLQꢀ
GREODUVHꢆꢀ1RꢀDSULHWDꢀODꢀFDUQHꢀGHOꢀQLxRꢀQLꢀꢀ
HPSXMDꢀHOꢀFXHUSRꢀGHOꢀQLxRꢀHQꢀXQDꢀSRVLFLyQꢀꢀ
TXHꢀQRꢀVHDꢀQDWXUDOꢀꢆ
ꢁꢇ
ꢌꢆꢀꢅ5HTXLVLWRVꢅGHOꢅDVLHQWRꢅGHOꢅYHKtFXOR
/$ꢅ&2/2&$&,Ï1ꢅ,1$'(&8$'$ꢅ'(/ꢅ6,67(0$ꢅ'(ꢅ
6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢅ$80(17$ꢅ(/ꢅ5,(6*2ꢅ'(ꢅ
68)5,5ꢅ/(6,21(6ꢅ6(5,$6ꢅ2ꢅ/$ꢅ08(57(ꢆꢀ$OJXQDVꢀ
SRVLFLRQHVꢀGHꢀDVLHQWRꢀHQꢀVXꢀYHKtFXORꢀSRGUtDQꢀQRꢀVHUꢀVHJXUDVꢀ
SDUDꢀHVWHꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆꢀ$OJXQRVꢀYHKtFXORVꢀ
QRꢀWLHQHQꢀSRVLFLRQHVꢀGHꢀDVLHQWRꢀTXHꢀSXHGDQꢀXVDUVHꢀVLQꢀSHOLJURꢀ
FRQꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆꢀ6LꢀQRꢀHVWiꢀVHJXURꢀ
GyQGHꢀFRORFDUꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀHQꢀVXꢀ
YHKtFXORꢏꢀFRQVXOWHꢀVXꢀPDQXDOꢀGHOꢀGXHxRꢀGHOꢀYHKtFXORꢀRꢀOODPHꢀDꢀ
*UDFRꢀDOꢀꢃꢐꢊꢂꢂꢐꢈꢋꢄꢐꢋꢃꢂꢎꢆ
Ćꢀ &XDQGRꢅVHDꢅSRVLEOHꢇꢅVXMHWHꢅHOꢅ
VLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅQLxRVꢅ
HQꢅODꢅSRVLFLyQꢅGHꢅDVLHQWRꢅFHQWUDOꢅ
GLUHFWDPHQWHꢅGHWUiVꢅGHꢅORVꢅ
DVLHQWRVꢅGHODQWHURVꢅ ꢆꢀ6LꢀGHVHDꢀ
XVDUꢀHOꢀ/$7&+ꢏꢀFRQVXOWHꢀHOꢀPDQXDOꢀꢀ
GHOꢀGXHxRꢀGHꢀVXꢀYHKtFXORꢀSDUDꢀꢀ
GHWHUPLQDUꢀORVꢀOXJDUHVꢀGHOꢀ/$7&+ꢆ
Ćꢀ 181&$ꢅSRQJDꢅHVWHꢅVLVWHPDꢅGHꢅ
VHJXULGDGꢅSDUDꢅEHEpVꢅHQꢅXQꢅꢅ
DVLHQWRꢅGHOꢅYHKtFXORꢅTXHꢅWHQJDꢅꢅ
LQVWDODGRꢅXQDꢅEROVDꢅGHꢅDLUHꢅꢅ
GHODQWHUDꢅ ꢆꢅ9HDꢀ³ꢄꢆꢀꢅ$GYHUWHQFLDVꢅ
SDUDꢅHOꢅXVRꢅFRPRꢅVLVWHPDꢅGHꢅꢅ
VHJXULGDGꢅSDUDꢅEHEpV´ꢏꢀSiJLQDꢀꢊꢆ
ꢁꢉ
Ćꢀ (OꢅDVLHQWRꢅGHOꢅ9(+Ë&8/2ꢅGHEHꢅHVWDUꢅRULHQWDGRꢅKDFLDꢅDGHODQWHꢆꢅ
Ćꢀ 12ꢅXVHꢅHOꢅVLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅEHEpVꢅHQꢅDVLHQWRVꢅGHOꢅ
YHKtFXORꢅFRQꢅUHVSDOGRVꢅTXHꢅQRꢅWUDEHQꢅHQꢅODꢅSRVLFLyQꢅYHUWLFDOꢆꢅꢅ
12ꢀXVHꢀDVLHQWRVꢀTXHꢀVHꢀSXHGDQꢀSOHJDUꢀVLQꢀWHQHUꢀTXHꢀOLEHUDUꢀXQDꢀWUDEDꢀ
RꢀGLVSRVLWLYRꢀGHꢀDOJ~QꢀWLSRꢆꢀ(VWRVꢀDVLHQWRVꢀSXHGHQꢀGHVSOD]DUVHꢀKDFLDꢀ
DGHODQWHꢀ\ꢀJROSHDUꢀDOꢀQLxRꢀHQꢀXQꢀDFFLGHQWHꢀRꢀSDUDGDꢀUHSHQWLQDꢆ
ꢌꢆꢋꢅ5HTXLVLWRVꢅGHOꢅFLQWXUyQꢅGHꢅVHJXULGDGꢅGHOꢅYHKtFXOR
08&+26ꢅ6,67(0$6ꢅ'(ꢅ&,178521(6ꢅ'(ꢅ6(*85,'$'ꢅ12ꢅ6(ꢅ
38('(1ꢅ86$5ꢅ&21ꢅ&21),$1=$ꢅ&21ꢅ(67(ꢅ6,67(0$ꢅ'(ꢅ
6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢆꢅ(/ꢅ&,1785Ï1ꢅ'(ꢅ6(*85,'$'ꢅ'(/ꢅ
9(+Ë&8/2ꢅ'(%(ꢅ+$%(5ꢅ6,'2ꢅ',6(f$'2ꢅ3$5$ꢅ5(7(1(5ꢅ$/ꢅ
6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢅ'(ꢅ02'2ꢅ$-867$'2ꢅ(1ꢅ
72'2ꢅ020(172ꢆ
3UHVWHꢀPXFKDꢀDWHQFLyQꢀDꢀHVWRVꢀVLVWHPDVꢀ\DꢀTXHꢀPXFKRVꢀGHꢀORVꢀVLVWHPDVꢀ
GHꢀFLQWXURQHVꢀGHꢀVHJXULGDGꢀTXHꢀQRꢀVRQꢀVHJXURVꢀVHꢀSDUHFHQꢀPXFKRꢀDꢀORVꢀ
TXHꢀQRꢀSUHVHQWDQꢀSHOLJURꢆꢀ6LꢀQRꢀHVWiꢀVHJXURꢏꢀFRQVXOWHꢀVXꢀPDQXDOꢀGHOꢀ
GXHxRꢀGHOꢀYHKtFXORꢀRꢀOODPHꢀDꢀ*UDFRꢀDOꢀꢃꢐꢊꢂꢂꢐꢈꢋꢄꢐꢋꢃꢂꢎꢆ
ꢁꢊ
ꢌꢆꢋꢆꢀꢅ6LVWHPDVꢅ3(/,*52626ꢅGHꢅFLQWXURQHVꢅGHꢅYHKtFXORV
(Oꢀ/$7&+ꢅSXHGHꢀXVDUVHꢀ(1ꢅ/8*$5ꢅ'(/ꢀVLVWHPDꢀGHꢀFLQWXURQHVꢀGHOꢀ
YHKtFXORꢆꢀ3RUꢀIDYRUꢏꢀFRQVXOWHꢀHOꢀPDQXDOꢀGHOꢀGXHxRꢀGHOꢀYHKtFXORꢀSDUDꢀ
LGHQWLILFDUꢀODVꢀXELFDFLRQHVꢀGHOꢀ/$7&+ꢆ
12ꢀ86(ꢀQLQJXQRꢀGHꢀORVꢀVLJXLHQWHVꢀVLVWHPDVꢀSDUDꢀVXMHWDUꢀHOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢆ
Ćꢀ &LQWXURQHVꢅGHꢅVHJXULGDGꢅSDUDꢅODꢅIDOGDꢅFRQꢅUHWUDFWRUꢅ
GHꢅWUDEDꢅGHꢅHPHUJHQFLDꢅꢐ(PHUJHQF\ꢅ/RFNLQJꢅ
5HWUDFWRUꢇꢅ(/5ꢑꢅꢅ
(VWHꢀFLQWXUyQꢀGHꢀVHJXULGDGꢀSDUDꢀODꢀIDOGDꢀVHꢀPDQWLHQHꢀ
IORMRꢀ\ꢀSXHGHꢀPRYHUVHꢀKDVWDꢀTXHꢀVHꢀWUDEHꢀHQꢀXQꢀ
DFFLGHQWHꢀRꢀSDUDGDꢀUHSHQWLQDꢆ
Ćꢀ &RPELQDFLyQꢅGHꢅFLQWXUyQꢅSDUDꢅODꢅIDOGDꢅ
\ꢅHOꢅKRPEURꢅFRQꢅUHWUDFWRU
&DGDꢀFRUUHDꢀWLHQHꢀXQꢀUHWUDFWRUꢀHQꢀXQDꢀSXQWDꢀ\ꢀꢀ
HVWiꢀFRQHFWDGDꢀDꢀODꢀSODFDꢀGHꢀVHJXULGDGꢀHQꢀꢀ
ODꢀRWUDꢀSXQWDꢆ
Ćꢀ 6LVWHPDꢅSDVLYRꢅăꢅ&LQWXUyQꢅSDUDꢅODꢅ
IDOGDꢅFRQꢅFLQWXUyQꢅSDUDꢅHOꢅKRPEURꢅ
PRWRUL]DGR
Ćꢀ 6LVWHPDꢅSDVLYRꢅăꢅ&LQWXUyQꢅSDUDꢅHOꢅ
KRPEURꢅRꢅODꢅFLQWXUDꢅPRQWDGRꢅHQꢅꢅ
ODꢅSXHUWD
12ꢀXVHꢀORVꢀFLQWXURQHVꢀGHOꢀYHKtFXORꢀTXHꢀHVWpQꢀ
FRQHFWDGRVꢀDꢀODꢀSXHUWDꢀGHꢀPDQHUDꢀDOJXQDꢀRꢀꢀ
TXHꢀVHꢀPXHYDQꢀDꢀWUDYpVꢀGHꢀXQꢀFDUULOꢀSDUDꢀURGHDUꢀꢀ
DXWRPiWLFDPHQWHꢀDOꢀSDVDMHURꢀFXDQGRꢀVHꢀFLHUUDꢀꢀ
ODꢀSXHUWDꢆꢀ
Ćꢀ &LQWXURQHVꢅGHꢅVHJXULGDGꢅSDUDꢅODꢅIDOGDꢅTXHꢅ
HVWiQꢅPiVꢅDGHODQWHꢅGHOꢅSOLHJXHꢅGHOꢅDVLHQWR
ꢁꢎ
ꢌꢆꢋꢆꢋꢅ6LVWHPDVꢅ6(*8526ꢅGHꢅFLQWXURQHVꢅGHꢅYHKtFXORV
/26ꢅ6,*8,(17(6ꢅ&,178521(6ꢅ'(ꢅ6(*85,'$'ꢅ38('(1ꢅ86$56(ꢅ
&21ꢅ68ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢇꢀ6,ꢅHOꢀDVLHQWRꢀFXPSOHꢀ
FRQꢀWRGRVꢀORVꢀRWURVꢀUHTXLVLWRVꢀGHꢀHVWDVꢀLQVWUXFFLRQHVꢀ\ꢀORVꢀTXHꢀVHꢀLQFOX\HQꢀ
HQꢀVXꢀPDQXDOꢀGHOꢀGXHxRꢀGHOꢀYHKtFXORꢆꢀ(Oꢀ/$7&+ꢀSXHGHꢀXVDUVHꢀHQꢀOXJDUꢀGHOꢀ
VLVWHPDꢀGHꢀFLQWXURQHVꢀGHOꢀYHKtFXORꢆꢀ3RUꢀIDYRUꢏꢀFRQVXOWHꢀHOꢀPDQXDOꢀGHOꢀGXHxRꢀ
GHOꢀYHKtFXORꢀSDUDꢀLGHQWLILFDUꢀODVꢀXELFDFLRQHVꢀGHOꢀ/$7&+ꢆꢀ
&XDQGRꢀXVDꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀVLQꢀODꢀEDVHꢏꢀDMXVWHꢀHOꢀ
FLQWXUyQꢀFRPRꢀVHꢀGHVFULEHꢀHQꢀHVWDꢀVHFFLyQꢀSDUDꢀHVWRVꢀWLSRVꢀGHꢀ
FLQWXURQHVꢀGHOꢀDVLHQWRꢀGHOꢀYHKtFXORꢆꢀ
$OJXQRVꢀFLQWXURQHVꢀGHꢀVHJXULGDGꢀGHꢀORVꢀKRPEURVꢅIDOGDꢀGHꢀFLHUWRVꢀ
YHKtFXORVꢀWLHQHQꢀXQꢀERWyQꢀGHꢀSOiVWLFRꢀHQꢀHOꢀFLQWXUyQꢆꢀ1RꢀGHMHꢀTXHꢀHOꢀ
ERWyQꢀLQWHUILHUDꢀFRQꢀHOꢀSDVRꢀGHOꢀFLQWXUyQꢀDꢀWUDYpVꢀGHꢀODꢀYtDꢀGHOꢀFLQWXUyQꢀ
FXDQGRꢀLQVWDODꢀHOꢀDVLHQWRꢀVRORꢀRꢀFXDQGRꢀLQVWDODꢀODꢀEDVHꢀ\ꢀHOꢀDVLHQWRꢆ
Ćꢅ &LQWXURQHVꢅGHꢅVHJXULGDGꢅSDUDꢅODꢅ &XDQGRꢀHVWiꢀWUDEDGRꢏꢀVHꢀWHQVLRQDꢀ
PDQXDOPHQWHꢀHOꢀFLQWXUyQꢀWLUDQGRꢀ
GHOꢀH[FHVRꢀGHꢀODꢀFRUUHDꢀPLHQWUDVꢀ
VHꢀHPSXMDꢀFRQꢀIXHU]DꢀKDFLDꢀDEDMRꢀ
VREUHꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀ
SDUDꢀEHEpVꢆ
IDOGDꢅăꢅDMXVWDGRꢅPDQXDOPHQWH
ꢈꢂ
Ćꢅ &LQWXURQHVꢅGHꢅVHJXULGDGꢅSDUDꢅ
ODꢅIDOGDꢅFRQꢅUHWUDFWRUꢅGHꢅ
VHJXULGDGꢅDXWRPiWLFRꢅꢐ$/5ꢑ
(OꢀUHWUDFWRUꢀGHꢀVHJXULGDGꢀ
DXWRPiWLFRꢀQRꢀSHUPLWLUiꢀTXHꢀHOꢀ
FLQWXUyQꢀGHꢀVHJXULGDGꢀSDUDꢀODꢀ
IDOGDꢀVHꢀH[WLHQGDꢀXQDꢀYH]ꢀTXHꢀ
HVWiꢀVXMHWDGRꢀHQꢀODꢀKHELOODꢆꢀ$MXVWHꢀ
HOꢀFLQWXUyQꢀSDVDQGRꢀHOꢀFLQWXUyQꢀ
SRUꢀHOꢀUHWUDFWRUꢀPLHQWUDVꢀHPSXMDꢀ
FRQꢀIXHU]DꢀHOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢀKDFLDꢀDEDMRꢆ
Ćꢅ &RPELQDFLyQꢅFLQWXUyQꢅSDUDꢅODꢅ
IDOGDꢅ\ꢅHOꢅKRPEURꢅFRQꢅSODFDꢅGHꢅ
VHJXULGDGꢅFRQꢅWUDED
8QDꢀYH]ꢀTXHꢀHVWpꢀWUDEDGRꢀHQꢀODꢀ
KHELOODꢏꢀHVWHꢀWLSRꢀGHꢀFLQWXUyQꢀWLHQHꢀ
XQDꢀSODFDꢀGHꢀVHJXULGDGꢀTXHꢀQRꢀ
SHUPLWLUiꢀTXHꢀODꢀSDUWHꢀGHOꢀFLQWXUyQꢀ
SDUDꢀODꢀIDOGDꢀVHꢀDIORMHꢆꢀ(OꢀFLQWXUyQꢀ
VHꢀDMXVWDꢀWLUDQGRꢀFRQꢀIXHU]DꢀGHꢀODꢀ
SDUWHꢀGHOꢀKRPEURꢀGHOꢀFLQWXUyQꢀGHOꢀ
YHKtFXORꢀPLHQWUDVꢀHPSXMDꢀFRQꢀ
IXHU]DꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀ
SDUDꢀEHEpVꢀKDFLDꢀDEDMRꢆ
Ćꢅ &RPELQDFLyQꢅFLQWXUyQꢅSDUDꢅ (VWHꢀFLQWXUyQꢀWLHQHꢀXQDꢀSODFDꢀGHꢀ
ODꢅIDOGDꢅ\ꢅHOꢅKRPEURꢅFRQꢅ
SODFDꢅGHꢅVHJXULGDGꢅFRQꢅ
WUDEDꢅPyYLO
VHJXULGDGꢀTXHꢀVHꢀPXHYHꢀOLEUHPHQWHꢀDꢀORꢀ
ODUJRꢀGHOꢀFLQWXUyQꢆ
(VWHꢀFLQWXUyQꢀ'(%(ꢀFRQYHUWLUVHꢀSDUDꢀ
SUHYHQLUꢀHOꢀPRYLPLHQWRꢀGHꢀODꢀSDUWHꢀGHꢀODꢀ
IDOGDꢀGHOꢀFLQWXUyQꢆꢀ'HEHꢀXVDUꢀODꢀWUDEDꢅGHꢅ
VHJXULGDGꢀꢌSURYLVWDꢀFRQꢀHOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢍꢏꢀFXDQGRꢀXVDꢀHOꢀ
VLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀVLQꢅODꢅ
EDVHꢅDꢀPHQRVꢀTXHꢀHOꢀFLQWXUyQꢀGHꢀ
VHJXULGDGꢀGHOꢀDVLHQWRꢀGHꢀVXꢀYHKtFXORꢀ
SXHGDꢀFRQYHUWLUVHꢀGHꢀRWUDꢀPDQHUDꢀFRPRꢀ
VHꢀGHVFULEHꢀHQꢀHOꢀPDQXDOꢀGHOꢀGXHxRꢀGHOꢀ
YHKtFXORꢆ
7UDEDꢀGHꢀVHJXULGDG
ꢈꢃ
ꢃꢅꢁꢀSXOJDGDꢀ
ꢌꢃꢀFPꢍ
3DUDꢅLQVWDODUꢅODꢅWUDEDMDꢅGHꢅ
VHJXULGDGꢅFRQꢅHOꢅVLVWHPDꢅGHꢅ
VHJXULGDGꢅSDUDꢅEHEpVꢏꢅ
ꢃꢆꢀ $MXVWHꢀHOꢀFLQWXUyQꢀWUDEDGRꢀ
HPSXMDQGRꢀFRQꢀIXHU]DꢀHOꢀVLVWHPDꢀ
GHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀKDFLDꢀ
DEDMRꢀ\ꢀWLUDQGRꢀFRQꢀIXHU]DꢀHOꢀ
FLQWXUyQꢀSDUDꢀHOꢀKRPEURꢆ
ꢁꢆꢀ 0LHQWUDVꢀHPSXMDꢀHOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢀKDFLDꢀ
DEDMRꢏꢀDSULHWHꢀODVꢀGRVꢀFRUUHDVꢀ
MXQWDVꢀGHWUiVꢀGHꢀODꢀOHQJXDꢀGHꢀODꢀ
KHELOODꢆꢀ'HVWUDEHꢀHOꢀFLQWXUyQꢀVLQꢀ
SHUPLWLUꢀTXHꢀVHꢀPXHYDꢆ
/DꢀWUDEDꢀGHꢀVHJXULGDGꢀYDꢀDTXtꢏꢀꢀ
DꢀPHGLDꢀꢃꢅꢁꢀꢀSXOJDGDꢀꢌꢃꢀFPꢍꢀ
GHꢀODꢀKHELOOD
ꢈꢆꢀ &RQHFWHꢀHOꢀFLQWXUyQꢀGHꢀVHJXULGDGꢀ
SDUDꢀODꢀIDOGDꢀ\ꢀSDUDꢀHOꢀKRPEURꢀ
FRQꢀODꢀWUDEDꢀGHꢀVHJXULGDGꢀFRPRꢀ
VHꢀLQGLFDꢀꢀ\ꢀꢆ
ꢋꢆꢀ 9XHOYDꢀDꢀSRQHUꢀHOꢀFLQWXUyQꢀHQꢀODꢀ
KHELOODꢆꢀ9HULILTXHꢀTXHꢀHOꢀFLQWXUyQꢀ
GHꢀVHJXULGDGꢀSDUDꢀODꢀIDOGDꢀQRꢀVHꢀ
PXHYHꢀWLUDQGRꢀ\ꢀHPSXMDQGRꢀFRQꢀ
IXHU]DꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀ
SDUDꢀEHEpVꢆꢀ6LꢀHOꢀFLQWXUyQꢀVHꢀ
DIORMDꢀRꢀVHꢀDODUJDꢏꢀUHSLWDꢀHOꢀ
SURFHGLPLHQWRꢆ
ꢈꢁ
ꢌꢆꢄꢅ8ELFDFLRQHVꢅGHOꢅ/$7&+
/RVꢀYHKtFXORVꢀQXHYRVꢀWLHQHQꢀXQRꢀRꢀYDULRVꢀDVLHQWRVꢀHTXLSDGRVꢀFRQꢀ
VLVWHPDVꢀGHꢀDQFODMHꢀ/$7&+ꢆꢀ6LꢀHOꢀYHKtFXORꢀYLHQHꢀHTXLSDGRꢀFRQꢀHOꢀVLVWHPDꢀ
/$7&+ꢏꢀVHꢀSXHGHQꢀYHUꢀORVꢀSXQWRVꢀGHꢀDQFODMHꢀLQIHULRUHVꢀHQꢀHOꢀSOLHJXHꢀGHOꢀ
DVLHQWRꢀGHOꢀYHKtFXORꢆꢀ6LꢀQRꢀHVWiQꢀYLVLEOHVꢏꢀSXHGHQꢀHVWDUꢀPDUFDGRVꢀFRQꢀHOꢀ
VtPERORꢀ
ꢆ
ꢀ
9HDꢅVXꢅPDQXDOꢅGHOꢅGXHxRꢅGHOꢅYHKtFXORꢅSDUDꢅLQIRUPDUVHꢅVREUHꢅODVꢅ
XELFDFLRQHVꢅH[DFWDVꢇꢅODꢅLGHQWLILFDFLyQꢅGHꢅORVꢅDQFODMHVꢅ\ꢅORVꢅ
UHTXLVLWRVꢅGHꢅXVRꢅFRQꢅXQꢅVLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅEHEpVꢆ
(Oꢀ/$7&+ꢀVHꢀGHILQHꢀFRPRꢀDQFODMHVꢀGHꢀꢁꢊꢂꢀPPꢀꢌꢃꢃꢀSXOJDGDVꢍꢀHQWUHꢀORVꢀ
SXQWRVꢀGHꢀDQFODMHꢆꢀ*UDFRꢀQRꢀUHFRPLHQGDꢀXVDUꢀHOꢀVLVWHPDꢅ/$7&+ꢀHQꢀODꢀ
SRVLFLyQꢀFHQWUDOꢀVLꢀHOꢀHVSDFLRꢀHVꢀVXSHULRUꢀDꢀORVꢀꢁꢊꢂꢀPPꢀꢌꢃꢃꢀSXOJDGDVꢍꢀDꢀ
PHQRVꢀTXHꢀVHDꢀODꢀUHFRPHQGDFLyQꢀHQꢀHOꢀPDQXDOꢀGHOꢀGXHxRꢀGHꢀVXꢀYHKtFXORꢆ
8QꢀDVLHQWRꢀWtSLFRꢀGHꢀXQꢀYHKtFXORꢀGHꢀ
SDVDMHURVꢆꢀ2WURVꢀWLSRVꢀGHꢀYHKtFXORVꢀ
SXHGHQꢀWHQHUꢀRWUDVꢀXELFDFLRQHVꢀGHOꢀ
VLVWHPDꢅ/$7&+ꢀRꢀPDUFDVꢀGLIHUHQWHVꢆ
3XQWRꢅGHꢅDQFODMHꢅꢅ
LQIHULRUꢅGHOꢅYHKtFXOR
3OLHJXHꢅGHOꢅꢅ
DVLHQWRꢅGHOꢅYHKtFXOR
&XDQGRꢀXVDꢀHOꢀFLQWXUyQꢀGHꢀVXMHFLyQꢀPiVꢀEDMRꢀGHOꢀVLVWHPDꢀ/$7&+ꢀSDUDꢀ
DVHJXUDUꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀQLxRVꢏꢀWUDEHꢀHOꢀFLQWXUyQꢀSDUDꢀODꢀ
IDOGDꢀ\ꢀHOꢀKRPEURꢀGHOꢀYHKtFXORꢀTXHꢀQRꢀVHꢀXVDꢀGHWUiVꢀGHOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀꢀSDUDꢀSUHYHQLUꢀTXHꢀHOꢀQLxRꢀVHꢀHQUHGHꢀHQꢀHOꢀPLVPRꢆ
ꢈꢈ
'HEHꢀVHJXLUꢀGHWHQLGDPHQWHꢀODVꢀLQVWUXFFLRQHVꢀSURYLVWDVꢀSRUꢀHOꢀ
IDEULFDQWHꢀGHꢀVXꢀYHKtFXORꢏꢀDGHPiVꢀGHꢀODꢀLQIRUPDFLyQꢀGHꢀHVWHꢀ
PDQXDOꢆꢀ$QWHVꢀGHꢀVHJXLUꢏꢀDVHJ~UHVHꢀGHꢀKDEHUꢀOHtGRꢀ\ꢀHQWHQGLGRꢀODꢀ
VHFFLyQꢀꢇꢏꢀ³&yPRꢀHOHJLUꢀXQꢀOXJDUꢀDSURSLDGRꢀSDUDꢀHOꢀDVLHQWRꢀGHOꢀ
YHKtFXOR´ꢀHQꢀODVꢀSiJLQDVꢀꢁꢉꢀDꢀꢈꢁꢆꢀ
&RQVXOWHꢀVXꢀPDQXDOꢀGHOꢀGXHxRꢀGHOꢀYHKtFXORꢀ\ꢀODVꢀLQVWUXFFLRQHVꢀHQꢀ
³ꢇꢆꢁꢆꢁꢀ6LVWHPDVꢀ6(*8526ꢀGHꢀFLQWXURQHVꢀGHꢀYHKtFXORV´ꢏꢀSiJLQDVꢀ
ꢈꢂꢀDꢀꢈꢁꢀVREUHꢀFyPRꢀWHQVLRQDUꢀHOꢀFLQWXUyQꢀGHOꢀYHKtFXORꢀFXDQGRꢀXVDꢀ
HOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀVLQꢀODꢀEDVHꢆ
$VHJ~UHVHꢀTXHꢀODꢀOHQJXDꢀGHꢀODꢀKHELOODꢀSDVHꢀSRUꢀ
ODꢀKHELOODꢀFRUUHFWDꢀꢆꢀ(OꢅFLQWXUyQꢅGHOꢅYHKtFXORꢅ
QRꢅGHEHUiꢅHVWDUꢅGREODGRꢅQLꢅGDUꢅYXHOWDꢆ
6LꢀYDꢀDꢀXVDUꢀHOꢀDVLHQWRꢀGHODQWHURꢀGHOꢀSDVDMHURꢀꢌYHDꢀODꢀDGYHUWHQFLDꢀ
GHꢀODꢀEROVDꢀGHꢀDLUHꢏꢀSiJLQDꢀꢊꢍꢏꢀPXHYDꢀHOꢀDVLHQWRꢀGHOꢀYHKtFXORꢀSDUDꢀ
DWUiVꢀWRGRꢀORꢀSRVLEOHꢀGHVGHꢀHOꢀWDEOHURꢆꢀ6LꢀXVDꢀXQꢀDVLHQWRꢀWUDVHURꢏꢀ
DVHJ~UHVHꢀTXHꢀHOꢀDVLHQWRꢀGHꢀDGHODQWHꢀHVWpꢀORꢀVXILFLHQWHPHQWHꢀ
SRVLEOHꢀ\ꢀHQꢀSRVLFLyQꢀYHUWLFDOꢀSDUDꢀTXHꢀKD\DꢀVXILFLHQWHꢀHVSDFLRꢀSDUDꢀ
HOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆ
ꢂꢆꢀꢅꢅ,QVWDODFLyQꢅGHOꢅVLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅEHEpVꢅ
VLQꢅODꢅEDVHꢅFRQꢅHOꢅFLQWXUyQꢅGHOꢅYHKtFXOR
ꢃꢆꢀ &RORTXHꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀVLQꢀODꢀEDVHꢀ
RULHQWDGRꢀKDFLDꢀDWUiVꢀHQꢀXQꢀDVLHQWRꢀGHOꢀYHKtFXORꢆ
ꢁꢆꢀ 3DVHꢀHOꢀFLQWXUyQꢀGHOꢀYHKtFXORꢀGHEDMRꢀGHꢀDPERVꢀJDQFKRVꢀGHOꢀ
FLQWXUyQꢀGHOꢀYHKtFXORꢒ
&LQWXUyQꢀGHꢀ
ODꢀIDOGD
&LQWXUyQꢀGHOꢀ
KRPEURꢅIDOGD
ꢈꢆꢀ 7UDEHꢀHOꢀFLQWXUyQꢀGHꢀYHKtFXORꢆꢀ
ꢈꢋ
ꢋꢆꢀ $MXVWHꢀHOꢀFLQWXUyQꢀGHꢀVHJXULGDGꢀGHOꢀYHKtFXORꢆꢀ3DUDꢀ
FUHDUꢀXQDꢀLQVWDODFLyQꢀVHJXUDꢏꢀDSULHWHꢀKDFLDꢀDEDMRꢀ
FRQꢀIXHU]DꢀFRQꢀVXꢀPDQRꢀHQꢀHOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢀꢀ\ꢀWLUHꢀ\ꢀDSULHWHꢀHOꢀ
FLQWXUyQꢀGHꢀVHJXULGDGꢀGHOꢀYHKtFXORꢆ
ꢄꢆꢀ 9HULILTXHꢀTXHꢀHOꢀDVLHQWRꢀSDUDꢀDXWRPyYLOꢀHVWpꢀ
QLYHODGRꢒꢀ/DꢀOtQHDꢀGHꢀQLYHOꢀURMDꢀHQꢀODꢀ
HWLTXHWDꢀGHꢀDGYHUWHQFLDꢀ'(%(ꢅHVWDUꢀ
QLYHODGDꢀFRQꢀHOꢀSLVRꢀꢆ
ꢇꢆꢀ 3UXHEHꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀ
EHEpVꢀSDUDꢀGHWHUPLQDUꢀVLꢀODꢀLQVWDODFLyQꢀ
HVWiꢀVHJXUDꢀFRPRꢀVHꢀGHVFULEHꢀHQꢀODꢀ
VHFFLyQꢀ³9HULILFDFLyQꢅILQDOꢅGHꢅ
VHJXULGDG´ꢅGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀ
SDUDꢀEHEpVꢀHQꢀODꢅSiJLQDꢅꢉꢀꢆ
ꢂꢆꢋꢅꢅ,QVWDODFLyQꢅGHOꢅVLVWHPDꢅGHꢅ
VHJXULGDGꢅSDUDꢅEHEpVꢅ\ꢅODꢅEDVHꢅ
XVDQGRꢅHOꢅFLQWXUyQꢅGHOꢅYHKtFXOR
ꢃꢆꢀ $VHJ~UHVHꢀTXHꢀHOꢀYHKtFXORꢀHVWpꢀQLYHODGRꢀꢀ
GHꢀPRGRꢀTXHꢀHOꢀLQGLFDGRUꢀGHꢀQLYHOꢀGHꢀODꢀEDVHꢀ
RꢀODꢀOtQHDꢀURMDꢀGHꢀQLYHOꢀHQꢀODꢀHWLTXHWDꢀGHꢀ
DGYHUWHQFLDꢀGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀꢀ
SDUDꢀEHEpVꢀSXHGDꢀXVDUVHꢀSDUDꢀUHFOLQDUꢀ
DGHFXDGDPHQWHꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀꢀ
SDUDꢀEHEpVꢆ
&RORTXHꢀODꢀEDVHꢀRULHQWDGDꢀKDFLDꢀDWUiVꢀꢀHQꢀ
XQꢀDVLHQWRꢀGHOꢀYHKtFXORꢆ
ꢈꢄ
ꢁꢆꢀ 3DVHꢀHOꢀFLQWXUyQꢀGHOꢀYHKtFXORꢀDꢀWUDYpVꢀGHꢀORVꢀDJXMHURVꢀHQꢀDPERVꢀ
FRVWDGRVꢀGHꢀODꢀEDVHꢆ
&LQWXUyQꢀGHOꢀ
KRPEURꢅIDOGD
&LQWXUyQꢀ
GHꢀODꢀIDOGD
ꢈꢆꢀ 7UDEHꢀHOꢀFLQWXUyQꢀGHꢀYHKtFXORꢆꢀ3DUDꢀFUHDUꢀXQDꢀ
LQVWDODFLyQꢀVHJXUDꢏꢀPLHQWUDVꢀHPSXMDꢀDꢀODꢀ
EDVHꢀKDFLDꢀDEDMRꢏꢀWLUHꢀODꢀSXQWDꢀOLEUHꢀGHOꢀ
FLQWXUyQꢀSDUDꢀODꢀIDOGDꢀRꢀODꢀSDUWHꢀGHOꢀKRPEURꢀ
GHOꢀFLQWXUyQꢀSDUDꢀHOꢀKRPEURꢅIDOGDꢀSDUDꢀ
DSUHWDUORꢀ ꢆꢀ
'HVSXpVꢀGHꢀLQVWDODUODꢏꢀ9(5,),48(ꢅTXHꢀODꢀ
EDVHꢀQRꢀLQFOLQHꢀHOꢀDVLHQWRꢀFRPRꢀVHꢀLQGLFDꢀ ꢆꢀ
6LꢀVHꢀLQFOLQHꢏꢀWUDWHꢀGHꢀLQVWDODUꢀODꢀEDVHꢀHQꢀRWURꢀ
OXJDUꢀGHOꢀDVLHQWRꢀRꢀXVHꢀHOꢀ/$7&+ꢅꢌVLꢀHVWiꢀ
GLVSRQLEOHꢍꢀSDUDꢀLQVWDODUꢀODꢀEDVHꢆ
ꢋꢆꢀꢀ 9HULILTXHꢀTXHꢀODꢀEDVHꢀHVWpꢀQLYHODGDꢏꢀDMXVWHꢀꢀ
HOꢀSLHꢀVLꢀIXHUDꢀQHFHVDULRꢏꢀYHDꢀODVꢀSiJLQDVꢀꢀ
ꢈꢎꢀDꢀꢋꢂꢆ
ꢄꢆꢀ 9HULILTXHꢀTXHꢀDOꢀFLQWXUyQꢀQRꢀVHꢀPXHYHꢀWLUDQGRꢀ
\ꢀHPSXMDQGRꢀFRQꢀIXHU]DꢀODꢀEDVHꢆꢀ6LꢀHOꢀ
FLQWXUyQꢀVHꢀDIORMDꢀRꢀVHꢀDODUJDꢏꢀUHSLWDꢀHOꢀ
SURFHGLPLHQWRꢆ
ꢇꢆꢀ 3UXHEHꢀODꢀEDVHꢀSDUDꢀGHWHUPLQDUꢀVLꢀODꢀLQVWDODFLyQꢀHVWiꢀVHJXUDꢀFRPRꢀ
VHꢀGHVFULEHꢀHQꢀODꢀVHFFLyQꢀ³9HULILFDFLyQꢅILQDOꢅGHꢅVHJXULGDG´ꢅGHOꢀ
VLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀHQꢀODꢀSiJLQDꢅꢉꢀꢆ
ꢈꢇ
ꢉꢆꢀ (PSXMHꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀKDFLDꢀDEDMRꢀ
HQꢀODꢀEDVHꢀ\ꢀDVHJ~UHVHꢀGHꢀTXHꢀHVFXFKDꢀXQꢀ
³FOLF´ꢀꢆꢀ7LUHꢀKDFLDꢀDUULEDꢀGHOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢀSDUDꢀDVHJXUDUVHꢀTXHꢀ
HVWpꢀWUDEDGRꢀDSUHWDGDPHQWHꢀHQꢀODꢀEDVHꢆꢀ
ꢀ
6LꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀQRꢀVHꢀ
WUDEDꢀDSUHWDGDPHQWHꢀHQꢀODꢀEDVHꢏꢀHOꢀVLVWHPDꢀ
GHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀ12ꢀSURSRUFLRQDꢀ
QLQJXQDꢀSURWHFFLyQꢀDꢀVXꢀQLxRꢆꢀ12ꢅXVHꢀODꢀ
EDVHꢅVLVWHPDꢀGHꢀVHJXULGDGꢀVLꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀQRꢀ
HVWiꢀGHELGDPHQWHꢀWUDEDGRꢀHQꢀODꢀEDVHꢆ
ꢊꢆꢀ 3UXHEHꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀSDUDꢀGHWHUPLQDUꢀVLꢀODꢀ
LQVWDODFLyQꢀHVWiꢀVHJXUDꢀFRPRꢀVHꢀGHVFULEHꢀHQꢀODꢀVHFFLyQꢀ
³9HULILFDFLyQꢅILQDOꢅGHꢅVHJXULGDG´ꢀGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀ
EHEpVꢀHQꢀODꢀSiJLQDꢅꢉꢀꢆ
ꢂꢆꢄꢅꢅ8WLOL]DFLyQꢅGHOꢅ/$7&+ꢅSDUDꢅLQVWDODUꢅODꢅEDVH
ꢃꢆꢀ $6(*Ó5(6(ꢅGHꢀTXHꢀHOꢀYHKtFXORꢀHVWpꢀHQꢀXQꢀ
SLVRꢀQLYHODGRꢆꢀ3DUDꢀIDFLOLWDUꢀODꢀLQVWDODFLyQꢏꢀ
H[WLHQGDꢀHOꢅ/$7&+ꢀKDVWDꢀVXꢀPi[LPDꢀORQJLWXGꢀ\ꢀ
ViTXHORꢀGHꢀODVꢀEDUUDVꢀGHꢀDOPDFHQDPLHQWRꢆ
ꢁꢆꢀ 3RQJDꢀODꢀEDVHꢀHQꢀHOꢀDVLHQWRꢀGHOꢀYHKtFXORꢀFRPRꢀ
VHꢀLQGLFDꢆ
ꢈꢆꢀ $VHJ~UHVHꢀGHꢀTXHꢀHOꢀ/$7&+ꢀSDVHꢀSRUꢀODꢀYtDꢀ
GHOꢀFLQWXUyQꢀGHOꢀYHKtFXORꢅ/$7&+ꢀTXHꢀQRUPDOPHQWHꢀVHꢀXVDꢀSDUDꢀHOꢀ
FLQWXUyQꢀGHOꢀDVLHQWRꢀGHOꢀYHKtFXORꢀ ꢆꢀ(OꢅFLQWXUyQꢅGHEHꢅPDQWHQHUVHꢅ
HQꢅSRVLFLyQꢅSODQDꢅVLQꢅGREODUVHꢆ
ꢋꢆꢀ (QJDQFKHꢀORVꢀFRQHFWRUHVꢀDꢀORVꢀDQFODMHVꢀ
LQIHULRUHVꢀGHOꢀYHKtFXORꢆꢀ7LUHꢀILUPHPHQWHꢀGHꢀORVꢀ
FRQHFWRUHVꢀSDUDꢀDVHJXUDUVHꢀGHꢀTXHꢀHVWpQꢀ
HQJDQFKDGRVꢀꢆ
ꢈꢉ
ꢄꢆꢀ $MXVWHꢀHOꢀ/$7&+ꢅHPSXMDQGRꢀFRQꢀIXHU]DꢀKDFLDꢀ
DEDMRꢀVREUHꢀODꢀEDVHꢀ\ꢀWLUDQGRꢀHOꢀFLQWXUyQꢀGHꢀ
DMXVWHꢀꢆꢀ
ꢇꢆꢀ 181&$ꢀVXMHWHꢀGRVꢀFRQHFWRUHVꢅ/$7&+ꢀHQꢀXQꢀ
VRORꢀSXQWRꢀGHꢀDQFODMHꢅ/$7&+ꢀGHOꢀYHKtFXORꢀDꢀ
PHQRVꢀTXHꢀHOꢀIDEULFDQWHꢀORꢀKD\DꢀSHUPLWLGRꢀ
HVSHFtILFDPHQWHꢀ ꢆꢀ
ꢉꢆꢀ 9HULILTXHꢀTXHꢀODꢀEDVHꢀHVWpꢀQLYHODGDꢏꢀDMXVWHꢀHOꢀSLHꢀ
VLꢀIXHUDꢀQHFHVDULRꢏꢀYHDꢀODVꢀSiJLQDVꢀꢈꢎꢀDꢀꢋꢂꢆ
ꢊꢆꢀ 3UXHEHꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀSDUDꢀ
GHWHUPLQDUꢀVLꢀODꢀLQVWDODFLyQꢀHVWiꢀVHJXUDꢀFRPRꢀVHꢀ
GHVFULEHꢀHQꢀODꢀVHFFLyQꢀ³9HULILFDFLyQꢅILQDOꢅGHꢅ
VHJXULGDG´ꢅGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀEHEpVꢀ
QLxRVꢀHQꢀODꢀSiJLQDꢅꢉꢀꢆ
ꢎꢆꢀ 9HULILTXHꢀTXHꢀHOꢅ/$7&+ꢀVHꢀPDQWLHQHꢀDSUHWDGRꢀ\ꢀ
QRꢀVHꢀVXHOWDꢀGHꢀODꢀSRVLFLyQꢀDSUHWDGDꢆꢀ'HꢀQRꢀ
PDQWHQHUVHꢀDSUHWDGRꢏꢀFROyTXHORꢀHQꢀRWURꢀDVLHQWRꢀ
RꢀSyQJDVHꢀHQꢀFRQWDFWRꢀFRQꢀ*UDFRꢀOODPDQGRꢀDOꢀ
ꢃꢐꢊꢂꢂꢐꢈꢋꢄꢐꢋꢃꢂꢎꢆ
ꢃꢂꢆꢀ3DUDꢀVDFDUꢀHOꢀ/$7&+ꢏꢀRSULPDꢀHOꢀERWyQꢀPLHQWUDVꢀ
WLUDꢀGHOꢀFLQWXUyQꢅ/$7&+ꢅFRPRꢀVHꢀLQGLFDꢀ ꢆ
ꢈꢊ
ꢂꢆꢉꢅ,QFOLQDFLyQꢅGHOꢅVLVWHPDꢅGHꢅVHJXULGDGꢅSDUDꢅEHEpVꢎEDVHꢆ
1RꢀLQFOLQDUꢀGHELGDPHQWHꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀꢀ
SDUDꢀEHEpVꢀHQꢀHOꢀDVLHQWRꢀGHOꢀYHKtFXORꢀDXPHQWDꢀHOꢀꢀ
ULHVJRꢀGHꢀOHVLRQHVꢀVHULDVꢀRꢀODꢀPXHUWHꢆ
6LꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀHVWiꢀ
GHPDVLDGRꢀYHUWLFDOꢏꢀODꢀFDEH]DꢀGHOꢀQLxRꢀSRGUtDꢀFDHUꢀ
KDFLDꢀDGHODQWHꢀ\ꢀFDXVDUꢀSUREOHPDVꢀDꢀODꢀUHVSLUDFLyQꢆ
6LꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀHVWiꢀꢀ
GHPDVLDGRꢀLQFOLQDGRꢏꢀXQꢀDFFLGHQWHꢀSRGUtDꢀHMHUFHUꢀ
GHPDVLDGDꢀIXHU]DꢀHQꢀHOꢀFXHOORꢀ\ꢀKRPEURVꢀGHOꢀQLxRꢆ
(OꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀGHEHꢀHVWDUꢀ
GHELGDPHQWHꢀLQFOLQDGRꢀVHJ~QꢀODVꢀVLJXLHQWHVꢀ
LQVWUXFFLRQHVꢆ
(VꢀLPSRUWDQWHꢀTXHꢀVXꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢅEDVHꢀHVWpꢀ
GHELGDPHQWHꢀLQFOLQDGRꢀSDUDꢀPD\RUꢀVHJXULGDGꢀGHꢀVXꢀQLxRꢆꢀ+D\ꢀLQGLFDGRUHVꢀ
GHꢀQLYHOꢀTXHꢀVHꢀHQFXHQWUDQꢀHQꢀODꢀEDVHꢀ\ꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆ
862ꢅ'(ꢅ/$ꢅ%$6(ꢅ<ꢅ'(/ꢅ$6,(172ꢅ3$5$ꢅ%(%e6ꢅ-81726ꢏ
ꢃꢍꢀLQGLFDGRUꢀGHꢀQLYHOꢀꢀHQꢀODꢀEDVH
correct
correcto
incorrect
incorrecto
&XDQGRꢀOHHꢀHOꢀLQGLFDGRUꢀGHOꢀQLYHOꢀHQꢀODꢀEDVHꢏꢀꢀ
YpDORꢀGLUHFWDPHQWHꢀGHVGHꢀHOꢀFRVWDGRꢀRꢀDUULEDꢀꢀ
GHOꢀLQGLFDGRUꢆꢀ
²ꢀꢀ6LꢀHQꢀHOꢀLQGLFDGRUꢀDSDUHFHꢀVRODPHQWHꢅ9(5'(ꢏꢀ
HOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀHVWiꢀGHELGDPHQWHꢀQLYHODGRꢆ
²ꢀꢀ6LꢀHQꢀHOꢀLQGLFDGRUꢀDSDUHFHꢀHOꢀFRORUꢀ52-2ꢏꢀDMXVWHꢀODꢀLQFOLQDFLyQꢆ
862ꢅ'(/ꢅ$6,(172ꢅ3$5$ꢅ%(%eꢅ62/$0(17(ꢏ
ꢁꢍꢀODꢀOtQHDꢀGHꢀQLYHOꢀURMDꢀꢀHQꢀODꢀ
HWLTXHWDꢀGHꢀDGYHUWHQFLDꢀGHOꢀꢀ
VLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀꢀ
EHEpVꢀ'(%(ꢀHVWDUꢀQLYHODGDꢀ
FRQꢀHOꢀSLVRꢆ
ꢈꢎ
3DUDꢅDMXVWDUꢅODꢅLQFOLQDFLyQꢅVREUHꢅODꢅEDVHꢏ
3DUDꢀDMXVWDUꢀODꢀLQFOLQDFLyQꢀGHꢀODꢀEDVHꢀKDFLDꢀ
DUULEDꢒꢀ7LUHꢀODꢀPDQLMDꢀKDFLDꢀDIXHUDꢀ\ꢀHPSXMHꢀ
KDFLDꢀDEDMRꢀFRPRꢀVHꢀLQGLFDꢀKDVWDꢀDOFDQ]DUꢀXQDꢀ
GHꢀODVꢀꢈꢀSRVLFLRQHVꢀꢆꢀ
3DUDꢀDMXVWDUꢀODꢀLQFOLQDFLyQꢀGHꢀODꢀEDVHꢀKDFLDꢀ
DEDMRꢒꢀ7LUHꢀODꢀPDQLMDꢀKDFLDꢀDIXHUDꢀꢀ
\ꢀDUULEDꢀKDVWDꢀTXHꢀDOFDQFHꢀODꢀꢀ
SRVLFLyQꢀGHVHDGDꢀꢆꢀ
+D\ꢀꢈꢀRSFLRQHVꢀGHꢀUHFOLQDFLyQꢆꢀ
3XHGHꢀLGHQWLILFDUODVꢀFRQꢀORVꢀꢀ
Q~PHURVꢀꢃꢀDꢀꢈꢀHQꢀODꢀYHQWDQDꢀDOꢀIUHQWHꢀGHOꢀSLHꢆ
6LꢀDSDUHFHꢀHOꢀFRORUꢀURMRꢀHQꢀHOꢀLQGLFDGRUꢀGHꢀQLYHOꢀ
FXDQGRꢀHOꢀSLHꢀHVWiꢀFRPSOHWDPHQWHꢀH[WHQGLGRꢏꢀ
HQWRQFHVꢀFRORTXHꢀXQDꢀWRDOODꢀHQUROODGDꢀGHEDMRꢀꢀ
GHOꢀSLHꢀꢀKDVWDꢀTXHꢀDSDUH]FDꢀ62/$0(17(ꢀHOꢀ
FRORUꢀ9(5'(ꢆ
3DUDꢅDMXVWDUꢅODꢅLQFOLQDFLyQꢅGHOꢅVLVWHPDꢅGHꢅ
VHJXULGDGꢅ6,1ꢅODꢅEDVHꢏ
&XDQGRꢀVRODPHQWHꢀXVDꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀ
SDUDꢀEHEpVꢏꢀ9(5,),48(ꢀTXHꢀHOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢀHVWpꢀQLYHODGRꢀFRQꢀHOꢀSLVRꢆꢀ/Dꢀ
OtQHDꢀGHꢀQLYHOꢀURMDꢀHQꢀODꢀHWLTXHWDꢀGHꢀDGYHUWHQFLDꢀ
ꢌYHDꢀHOꢀSDVRꢀꢀHQꢀODꢀSiJLQDꢀꢈꢄꢍꢀ'(%(ꢀHVWDUꢀ
QLYHODGDꢀFRQꢀHOꢀSLVRꢆꢀ
6LꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀGHVFDQVDꢀHQꢀHOꢀDVLHQWRꢀ
GHOꢀYHKtFXORꢀ\ꢀWRGDYtDꢀQRꢀHVWiꢀQLYHODGRꢏꢀSRQJDꢀXQDꢀ
WRDOODꢀHQUROODGDꢀGHEDMRꢀGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀ
EHEpVꢀꢆ
9XHOYDꢀDꢀDMXVWDUꢀHOꢀFLQWXUyQꢀGHꢀVHJXULGDGꢀGHOꢀYHKtFXORꢀ
ORꢀQHFHVDULRꢀSDUDꢀVXMHWDUꢀILUPHPHQWHꢀHOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢀDOꢀDVLHQWRꢀGHOꢀYHKtFXORꢆ
ꢋꢂ
9HULILFDFLyQꢅILQDOꢅGHꢅVHJXULGDGꢏꢅ&DGDꢅYH]ꢅTXHꢅ
VDOHꢅHQꢅDXWRPyYLOꢅFRQꢅVXꢅQLxRꢇ
(038-(ꢀ+$&,$ꢀ$%$-2ꢀOHQWDꢀSHURꢀILUPHPHQWHꢀODꢀ
SDUWHꢀGHꢀDUULEDꢀGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀ
SDUDꢀDVHJXUDUVHꢀTXHꢀHOꢀFLQWXUyQꢀGHOꢀYHKtFXORꢀQRꢀVHꢀ
DODUJDꢀ\ꢀTXHꢀHOꢀFLQWXUyQꢀGHOꢀYHKtFXORꢀRꢀHOꢀ/$7&+ꢅHVWpꢀ
VXMHWDGRꢀDSUHWDGDPHQWHꢀDOUHGHGRUꢀGHꢀODꢀEDVHꢅVLVWHPDꢀ
GHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀ ꢆ
0LHQWUDVꢀDJDUUDꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀ
EHEpVꢀ ꢀRꢀODꢀEDVHꢀ ꢀFHUFDꢀGHꢀODꢀYtDꢀGHOꢀFLQWXUyQꢏꢀ
*,5(ꢀ<ꢀ7,5(ꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀ
KDFLDꢀDGHODQWHꢀ\ꢀHQꢀDPERVꢀFRVWDGRVꢀSDUDꢀ
DVHJXUDUVHꢀTXHꢀHOꢀFLQWXUyQꢀGHOꢀYHKtFXORꢀRꢀ/$7&+ꢀ
QRꢀVHꢀDODUJXHꢀQLꢀVHꢀDIORMHꢀ\ꢀTXHꢀQRꢀVHꢀSXHGDꢀ
PRYHUꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀFRQꢀ
IDFLOLGDGꢆꢀ(OꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀQRꢀ
GHEHUiꢀPRYHUVHꢀGHꢀXQꢀODGRꢀDꢀRWURꢀQLꢀKDFLDꢀDGHODQWHꢀ
PiVꢀGHꢀꢃꢀSXOJDGDꢀꢌꢁꢆꢄꢀFPꢍꢆ
ꢋꢃ
ꢍꢆꢀꢅ8VRꢅHQꢅDHURQDYHV
&XDQGRꢀORꢀLQVWDODꢀHQꢀXQDꢀDHURQDYHꢀXVDQGRꢀ
ODꢀEDVHꢏꢀLQVWiOHORꢀGHꢀODꢀPLVPDꢀPDQHUDꢀTXHꢀ
HQꢀXQꢀDXWRPyYLOꢀTXHꢀVRODPHQWHꢀWLHQHꢀHOꢀ
FLQWXUyQꢀSDUDꢀODꢀIDOGDꢆꢀ6LꢀVRODPHQWHꢀXVDꢀHOꢀ
VLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢏꢀLQVWiOHORꢀ
VLJXLHQGRꢀODVꢀPLVPDVꢀLQVWUXFFLRQHVꢀTXHꢀSDUDꢀXQꢀDXWRPyYLOꢆꢀ
1RWLILTXHꢀDꢀODꢀDHUROtQHDꢀFRQꢀDQWLFLSDFLyQꢀTXHꢀSLHQVDꢀWUDQVSRUWDUꢀ
XQDꢀVLOODꢀDꢀERUGRꢆ
ÓVHODꢀVRODPHQWHꢀHQꢀXQꢀDVLHQWRꢀGHꢀODꢀDHURQDYHꢀRULHQWDGRꢀKDFLDꢀ
DGHODQWHꢆꢀ&XPSODꢀODVꢀLQVWUXFFLRQHVꢀGHOꢀSHUVRQDOꢀDꢀERUGRꢀVREUHꢀODꢀ
FRORFDFLyQꢀGHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢆꢀ1RꢀXVHꢀHVWHꢀ
VLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀVLꢀHOꢀFLQWXUyQꢀGHꢀVHJXULGDGꢀGHꢀODꢀ
DHURQDYHꢀQRꢀVXMHWDꢀDSUHWDGDPHQWHꢀDOꢀVLVWHPDꢆ
ꢍꢆꢋꢅ$OPDFHQDPLHQWRꢅGHOꢅ/$7&+
ꢃꢆꢀ 3DUDꢀIDFLOLWDUꢀHOꢀDOPDFHQDPLHQWRꢏꢀꢀ
H[WLHQGDꢀHOꢀ/$7&+ꢀKDVWDꢀHOꢀPi[LPRꢆ
ꢁꢆꢀ 8ELTXHꢀODVꢀEDUUDVꢀGHꢀDOPDFHQDPLHQWRꢀꢀ
HQꢀHOꢀIRQGRꢀGHꢀODꢀEDVHꢀGHOꢀVLVWHPDꢀGHꢀꢀ
VHJXULGDGꢀꢆ
%DUUDVꢀGHꢀꢀ
DOPDFHQDPLHQWR
ꢈꢆꢀ $MXVWHꢀHOꢀFRQHFWRUꢀꢌVLQꢀHOꢀFLQWXUyQꢀGHꢀ
DMXVWHꢍꢀVREUHꢀODꢀEDUUDꢀGHꢀ
DOPDFHQDPLHQWRꢆ
ꢋꢆꢀ 5HSLWDꢀHOꢀSDVRꢀꢈꢀSDUDꢀHOꢀFRQHFWRUꢀFRQꢀ
HOꢀFLQWXUyQꢀGHꢀDMXVWHꢆꢀ'HVSXpVꢀGHꢀ
DMXVWDUORꢀVREUHꢀODꢀEDUUDꢀGHꢀ
DOPDFHQDPLHQWRꢏꢀWLUHꢀHOꢀFLQWXUyQꢀGHꢀ
DMXVWHꢀSDUDꢀDVHJXUDUVHꢀTXHꢀHOꢅ/$7&+ꢀ
HVWpꢀGHELGDPHQWHꢀDMXVWDGRꢆ
3DUWHꢀLQIHULRUꢀGHꢀODꢀEDVH
ꢄꢆꢀ (OꢀDOPDFHQDPLHQWRꢀGHOꢅ/$7&+ꢀ
GHEHUtDꢀWHQHUꢀHVWHꢀDVSHFWRꢀFXDQGRꢀꢀ
HVWpꢀWHUPLQDGRꢀꢆ
ꢋꢁ
ꢍꢆꢄꢅ/LPSLH]Dꢅ\ꢅPDQWHQLPLHQWRꢅ
Ćꢀ 3$5$ꢅ6$&$5ꢀ\ꢀODYDUꢀODꢀ
DOPRKDGLOODꢀGHOꢀVLVWHPDꢀGHꢀ
VHJXULGDGꢀSDUDꢀEHEpVꢏꢀVLJDꢀ
ODVꢀLQVWUXFFLRQHVꢀHQꢀODꢀ
VHFFLyQꢀꢄꢆꢃꢅ³3RVLFLyQꢅGHꢅODVꢅ
FRUUHDVꢅGHOꢅDUQpV´ꢏꢀHQꢀODVꢀ
SiJLQDVꢀꢁꢂꢀDꢀꢁꢈꢀSDUDꢀVDFDUꢀ
ODVꢀFRUUHDVꢀGHOꢀDUQpVꢀGHꢀODꢀ
SODFDꢀGHꢀXQLyQꢀGHꢀPHWDOꢆꢀ
6HSDUHꢀODꢀSHTXHxDꢀOHQJHWDꢀ
TXHꢀPDQWLHQHꢀODVꢀSUHVLOODVꢀGHꢀꢀ
DQFODMHꢀHQꢀVXꢀOXJDUꢀ ꢀ\ꢀVDTXHꢀODVꢀ
SUHVLOODVꢀGHꢀDQFODMHꢀGHꢀVXVꢀKHQGLGXUDVꢆꢀꢀ
6DTXHꢀODVꢀSUHVLOODVꢀGHꢀDQFODMHꢀGHꢀODVꢀꢀ
FRUUHDVꢀGHOꢀDUQpVꢀ\ꢀSDVHꢀODVꢀFRUUHDVꢀꢀ
SRUꢀODVꢀUDQXUDVꢀGHOꢀDVLHQWRꢀ ꢆꢀ
8QDꢀYH]ꢀTXHꢀKDꢀVDFDGRꢀODꢀDOPRKDGLOODꢀGHOꢀ
DVLHQWRꢏꢀSRQJDꢀODVꢀSUHVLOODVꢀGHꢀDQFODMHꢀHQꢀODVꢀ
FRUUHDVꢀGHOꢀDUQpVꢀSDUDꢀTXHꢀQRꢀVHꢀSLHUGDQꢆ
6DTXHꢀFXLGDGRVDPHQWHꢀODꢀDOPRKDGLOODꢀGHOꢀ
DVLHQWRꢆꢀ6HꢀSXHGHꢀODYDUꢀDꢀPiTXLQDꢀSRUꢀ
VHSDUDGRꢀHQꢀHOꢀFLFORꢀGHOLFDGRꢀ\ꢀVHFDUꢀDOꢀDLUHꢆꢀ
12ꢀ86(ꢀ%/$148($'25ꢆꢀ
,QYLHUWDꢀORVꢀSDVRVꢀSDUDꢀYROYHUꢀDꢀLQVWDODUꢀODꢀ
DOPRKDGLOODꢀGHOꢀDVLHQWRꢆꢀ9HULILTXHꢀTXHꢀHOꢀ
VLVWHPDꢀGHOꢀDUQpVꢀQRꢀHVWpꢀGREODGRꢏꢀ\ꢀWLUHꢀGHOꢀ
VLVWHPDꢀGHꢀDUQpVꢀSDUDꢀDVHJXUDUVHꢀTXHꢀHVWpꢀ
GHELGDPHQWHꢀLQVWDODGRꢆ
ꢋꢈ
Ćꢅꢅ/$6ꢅ3,(=$6ꢅ'(ꢅ0(7$/ꢅ<ꢅ'(ꢅ3/È67,&2ꢅ'(/ꢅ6,67(0$ꢅ'(ꢅ
6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢀSXHGHQꢀOLPSLDUVHꢀFRQꢀXQDꢀVROXFLyQꢀGHꢀ
MDEyQꢀVXDYHꢀ\ꢀDJXDꢆꢀ12ꢀ86(ꢀ%/$148($'25ꢀ2ꢀ'(7(5*(17(ꢀSRUTXHꢀ
SRGUtDꢀDIHFWDUꢀDꢀODVꢀSDUWHVꢀGHꢀSOiVWLFRꢆ
Ćꢅꢅ/$6ꢅ&255($6ꢅ'(/ꢅ$51e6ꢅSXHGHQꢀOLPSLDUVHꢀDꢀPDQRꢀRꢀFDPELDUVHꢆꢀ
12ꢀ680(5-$ꢀ/$6ꢀ&255($6ꢀ'(/ꢀ$51e6ꢀ(1ꢀ$*8$ꢆꢀ181&$ꢀSODQFKHꢀ
ODVꢀFRUUHDVꢀGHOꢀDUQpVꢏꢀSRUTXHꢀKDFHUORꢀSRGUtDꢀGHELOLWDUꢀGLFKDVꢀFRUUHDVꢆ
Ćꢅ6,ꢅ/$6ꢅ&255($6ꢅ'(/ꢅ$51e6ꢅWLHQHQꢀFRUWHVꢏꢀHVWiQꢀPX\ꢀGREODGDVꢀRꢀ
GHVKLODFKDGDVꢏꢀGHEHꢀFDPELDUODVꢆ
Ćꢅꢅ/Dꢅ+(%,//$ꢅSXHGHꢀOLPSLDUVHꢀFRQꢀXQꢀWUDSRꢀK~PHGRꢆ
Ćꢅꢅ12ꢅ/8%5,48(ꢀODꢀKHELOODꢆ
Ćꢅꢅ12ꢅ86(ꢅ(/ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢅVLQꢀODꢀ
DOPRKDGLOODꢀGHOꢀDVLHQWRꢆ
Ćꢅꢅ(/ꢅ862ꢅ&217,182ꢅ'(/ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢅ
32'5Ë$ꢅ&$86$5ꢅ'$f26ꢅ$/ꢅ$6,(172ꢅ'(/ꢅ9(+Ë&8/2ꢆꢀ8VHꢀXQDꢀ
HVWHUDꢏꢀWRDOODꢀRꢀPDQWDꢀILQDꢀFRQꢀHOꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀSDUDꢀ
SURWHJHUꢀHOꢀWDSL]DGRꢆ
Ćꢅꢅ181&$ꢅ86(ꢅ81ꢅ6,67(0$ꢅ'(ꢅ6(*85,'$'ꢅ3$5$ꢅ%(%e6ꢅ<ꢅ%$6(ꢅ
86$'2ꢅRꢀXQꢀVLVWHPDꢀGHꢀVHJXULGDGꢀSDUDꢀEHEpVꢀVLꢀQRꢀFRQRFHꢀVXꢀKLVWRULDꢆ
ꢋꢋ
127$6
ꢋꢄ
127$6
ꢋꢇ
127$6
ꢋꢉ
3DUDꢅFRPSUDUꢅSLH]DVꢅRꢅDFFHVRULRVꢅRꢅSDUDꢅREWHQHUꢅ
LQIRUPDFLyQꢅVREUHꢅODꢅJDUDQWtDꢅHQꢅORVꢅ(VWDGRVꢅ8QLGRVꢇꢅ
SRUꢀIDYRUꢀFRPXQtTXHVHꢀFRQꢀQRVRWURVꢀHQꢒ
ZZZꢆJUDFREDE\ꢆFRP
R
ꢀꢊꢍꢈꢈꢊꢄꢉꢁꢊꢉꢀꢈꢃ
ꢋꢊ
|