Amelia World LINSAY F-7HD4CORE TABLET PC User Manual 10 Tablet PC ANDROID

Amelia World Corporation dba LINSAY TABLET PC 10 Tablet PC ANDROID

Contents

User Manual

www.LINSAYdigital.comF-7HD4COREF-7HD4COREF-7HD4COREF-7HD4COREUserUserUserUser ManualManualManualManual7777 ”””” TABLETTABLETTABLETTABLET PCPCPCPC ANDROIDANDROIDANDROIDANDROID
ZZZ/,16$<GLJLWDOFRP)&&)&&)&&)&& &ODVV&ODVV&ODVV&ODVV %%%%1RWH 7KLV HTXLSPHQW KDV EHHQ WHVWHG DQG IRXQG WR FRPSO\ ZLWK WKH OLPLWV IRU D &ODVV % GLJLWDO GHYLFH SXUVXDQW WR SDUW RI WKH )&& 5XOHV 7KHVH OLPLWV DUH GHVLJQHG WR SURYLGH UHDVRQDEOH SURWHFWLRQ DJDLQVW KDUPIXO LQWHUIHUHQFH LQ DUHVLGHQWLDO LQVWDOODWLRQ 7KLV HTXLSPHQW JHQHUDWHV XVHV DQG FDQ UDGLDWH UDGLR IUHTXHQF\ HQHUJ\ DQG LI QRW LQVWDOOHG DQGXVHG LQ DFFRUGDQFH ZLWK WKH LQVWUXFWLRQV PD\ FDXVH KDUPIXO LQWHUIHUHQFH WR UDGLR FRPPXQLFDWLRQV +RZHYHU WKHUH LVQR JXDUDQWHH WKDW LQWHUIHUHQFH ZLOO QRW RFFXU LQ D SDUWLFXODU LQVWDOODWLRQ ,I WKLV HTXLSPHQW GRHV FDXVH KDUPIXOLQWHUIHUHQFH WR UDGLR RU WHOHYLVLRQ UHFHSWLRQ ZKLFK FDQ EH GHWHUPLQHG E\ WXUQLQJ WKH HTXLSPHQW RII DQG RQ WKH XVHU LVHQFRXUDJHG WR WU\ WR FRUUHFW WKH LQWHUIHUHQFH E\ RQH RU PRUH RI WKH IROORZLQJ PHDVXUHV 5HRULHQW RU UHORFDWH WKH UHFHLYLQJ DQWHQQD ,QFUHDVH WKH VHSDUDWLRQ EHWZHHQ WKH HTXLSPHQW DQG UHFHLYHU &RQQHFW WKH HTXLSPHQW LQWR DQ RXWOHW RQ D FLUFXLW GLIIHUHQW IURP WKDW WR ZKLFK WKH UHFHLYHU LV FRQQHFWHG &RQVXOW WKH GHDOHU RU DQ H[SHULHQFHG UDGLR79 WHFKQLFLDQ IRU KHOS127,&( Any FKDQJHV RU PRGLILFDWLRQV this unit QRW H[SUHVVO\ DSSURYHG E\ WKH SDUW\ UHVSRQVLEOH IRU FRPSOLDQFH FRXOG YRLGthe user's DXWKRULW\ WR RSHUDWH WKH HTXLSPHQW 6KLHOGHG LQWHUIDFH FDEOHV DQG $& SRZHU FRUG LI DQ\ PXVW EH XVHG LQ RUGHU WR FRPSO\ ZLWK WKH(PLVVLRQ OLPLWV 7KH PDQXIDFWXUH LV QRW UHVSRQVLEOH IRU DQ\ UDGLR RU 79 LQWHUIHUHQFH FDXVHG E\ XQDXWKRUL]HG PRGLILFDWLRQ WR WKHHTXLSPHQW ,W LV WKH UHVSRQVLELOLWLHV RI WKH XVHU WR FRUUHFW VXFK LQWHUIHUHQFH7KLV GHYLFH FRPSOLHV ZLWK 3DUW  RI WKH )&& 5XOHV 2SHUDWLRQ LV VXEMHFW WR WKH IROORZLQJ WZR FRQGLWLRQV  WKLVGHYLFH PD\ QRW FDXVH KDUPIXO LQWHUIHUHQFH DQG  WKLV GHYLFH PXVW DFFHSW DQ\ LQWHUIHUHQFH UHFHLYHG LQFOXGLQJLQWHUIHUHQFH WKDW PD\ FDXVH XQGHVLUHG RSHUDWLRQ
ZZZ/,16$<GLJLWDOFRP6$)(7<6$)(7<6$)(7<6$)(7< 35(&$87,21635(&$87,21635(&$87,21635(&$87,216x'R QRW VXEMHFW WKH GHYLFH WR VHYHUH LPSDFW RU GURS LW IURP KHLJKWVx'R QRW XVH WKH GHYLFH LQ H[WUHPH KRW RU FROG GXVW\ RU GDPS FRQGLWLRQV 'R QRW H[SRVH LW WR GLUHFW VXQOLJKWx$YRLG XVLQJ WKH GHYLFH QHDU VWURQJ PDJQHWLF ILHOGVx1RUPDO IXQFWLRQLQJ RI WKH SURGXFW PD\ EH GLVWXUEHG E\ (6' ,I VR VLPSO\ UHVHW DQG UHVWDUW WKH GHYLFH IROORZLQJ WKH LQVWUXFWLRQ PDQXDO 'XULQJ ILOHWUDQVPLVVLRQ SOHDVH KDQGOH ZLWK FDUH DQG RSHUDWH LQ D VWDWLFIUHH HQYLURQPHQWx.HHS WKH GHYLFH DZD\ IURP ZDWHU DQG RWKHU OLTXLGV ,Q WKH HYHQW WKDW ZDWHU RU RWKHU OLTXLGV HQWHU WKH GHYLFH SRZHU RII WKH SURGXFW LPPHGLDWHO\ DQGFOHDQ WKH GHYLFHx'R QRW XVH FKHPLFDOV WR FOHDQ WKH GHYLFH LQ RUGHU WR DYRLG FRUURVLRQ &OHDQ LWZLWKDGU\FORWKx'R QRW LQVWDOO WKLV HTXLSPHQW LQ D FRQILQHG VSDFH VXFK DV D ERRN FDVH RU VLPLODU XQLW 7KH YHQWLODWLRQ VKRXOG QRW EH LPSHGHG E\ FRYHULQJ WKHYHQWLODWLRQ RSHQLQJV ZLWK LWHPV VXFK DV QHZVSDSHU WDEOHFORWKV FXUWDLQV HWFx1R QDNHG IODPH VRXUFHV VXFK DV OLJKWHG FDQGOHV VKRXOG EH SODFHG RQ WKH DSSDUDWXVx$WWHQWLRQ VKRXOG EH GUDZQ WR HQYLURQPHQWDO DVSHFWV RI EDWWHU\ GLVSRVDOx8VH WKH DSSDUDWXV LQ PRGHUDWH FOLPDWHVx:H DUH QRW UHVSRQVLEOH IRU GDPDJH RU ORVW GDWD FDXVHG E\ PDOIXQFWLRQ PLVXVH PRGLILFDWLRQ RI WKH GHYLFH RU EDWWHU\ UHSODFHPHQWx'R QRW DWWHPSW WR GLVDVVHPEOH UHSDLU RU PRGLI\ WKH SURGXFW 7KLV ZLOO LQYDOLGDWH WKH ZDUUDQW\x,I WKH GHYLFH ZLOO QRW EH XVHG IRU DQ H[WHQGHG SHULRG RI WLPH SOHDVH FKDUJH WKH EDWWHU\ DW OHDVW RQFH SHU PRQWK WR PDLQWDLQ EDWWHU\ OLIHx&KDUJH WKH EDWWHU\ LI D 7KH EDWWHU\ OHYHO LFRQ GLVSOD\Vx$Q HPSW\ EDWWHU\ E 7KH GHYLFH SRZHUV RII DXWRPDWLFDOO\ ZKHQ UHVWDUWHG F 7KHUH LV QR UHVSRQVH ZKHQ SUHVVLQJ NH\V ZLWK NH\V XQORFNHG DQGEDWWHU\ IXOOx'R QRW LQWHUUXSW WKH FRQQHFWLRQ ZKHQ WKH GHYLFH LV EHLQJ IRUPDWWHG RU WUDQVIHUULQJ ILOHV 2WKHUZLVH GDWD PD\ EH FRUUXSWHG RU ORVWx:KHQ WKH GHYLFH LV XVHG DV D SRUWDEOH +' SOHDVH XVH RQO\ SHU WKH LQVWUXFWLRQV 2WKHUZLVH SHUPDQHQW GDWD ORVV FRXOG RFFXUx3OHDVH XVH DQG LQVWDOO GDWD XVLQJ WKH DWWDFKPHQWVDFFHVVRULHV SURYLGHG DQG RQO\ DFFRUGLQJ WR WKH PDQXIDFWXUHU¶V LQVWUXFWLRQx3OHDVH UHIHU WR WKH LQIRUPDWLRQ RQ WKH ERWWRP RI WKH GHYLFH IRU HOHFWULFDO DQG VDIHW\ LQIRUPDWLRQ EHIRUH LQVWDOOLQJ GDWD RU RSHUDWLQJ WKH GHYLFHx7R UHGXFH WKH ULVN RI ILUH RU HOHFWULF VKRFN GR QRW H[SRVH WKLV GHYLFH WR UDLQ RU PRLVWXUH 7KH GHYLFH VKRXOG QRW EH H[SRVHG WR GULSSLQJ RU VSODVKLQJ1HYHU SODFH REMHFWV ILOOHG ZLWK OLTXLGV VXFK DV YDVHV RQ WKH GHYLFHx7KHUH LV GDQJHU RI H[SORVLRQ LI WKH EDWWHU\ LV UHSODFHG LQFRUUHFWO\ 5HSODFH RQO\ ZLWK WKH VDPH RU HTXLYDOHQW W\SHx7KH EDWWHU\ EDWWHU\ RU EDWWHULHV RU EDWWHU\ SDFN VKRXOG QRW EH H[SRVHG WR H[FHVVLYH KHDW VXFK DV VXQOLJKW ILUH RU WKH OLNHx3OHDVH IROORZ UHVSRQVLEOH SURFHGXUHV IRU EDWWHU\ GLVSRVDOx,I WKH SRZHU DGDSWRU GLVFRQQHFWHG IURP WKH GHYLFH WKH GHYLFH ZLOO UHPDLQ RSHUDEOH DV ORQJ DV WKH EDWWHU\ KDV VXIILFLHQW FKDUJHx7KH SRZHU DGDSWRU LV D &/$66 ,, DSSDUDWXV ZLWK GRXEOH LQVXODWLRQ DQG QR H[WHUQDO JURXQG LV SURYLGHGx6DIHW\ 6\PERO ([SODQDWLRQ
ZZZ/,16$<GLJLWDOFRP7KH OLJKWQLQJ IODVK ZLWK DUURZKHDG V\PERO ZLWKLQ DQ HTXLODWHUDO WULDQJOH LV LQWHQGHG WR DOHUW WKH XVHU WR WKH SUHVHQFH RI QRQLQVXODWHG ³GDQJHURXVYROWDJH´ ZLWKLQ WKH SURGXFW¶V HQFORVXUH WKDW PD\ EH RI VXIILFLHQW PDJQLWXGH WR FRQVWLWXWH D ULVN RI HOHFWULF VKRFN7R UHGXFH WKH ULVN RI HOHFWULF VKRFN GR QRW UHPRYH WKH FRYHU RU EDFN DV WKHUH DUH QR XVHUVHUYLFHDEOH SDUWV LQVLGH 5HIHU VHUYLFLQJ WR TXDOLILHGSHUVRQQHO7KH H[FODPDWLRQ SRLQW ZLWKLQ DQ HTXLODWHUDO WULDQJOH LV LQWHQGHG WR DOHUW WKH XVHU WR WKH SUHVHQFH RI LPSRUWDQW RSHUDWLQJ DQG PDLQWHQDQFH LQVWUXFWLRQV LQWKH OLWHUDWXUH DFFRPSDQ\LQJ WKH GHYLFH&RUUHFW 'LVSRVDO RI WKLV SURGXFW 7KLV PDUNLQJ LQGLFDWHV WKDW WKLV SURGXFW VKRXOG QRW EH GLVSRVHG RI ZLWK RWKHU KRXVHKROG ZDVWH LQWKH (8 7R SUHYHQW SRVVLEOH KDUP WR WKH HQYLURQPHQW RU KXPDQ KHDOWK IURP XQFRQWUROOHG ZDVWH GLVSRVDO UHF\FOH LWUHVSRQVLEO\ WR SURPRWH WKH VXVWDLQDEOH UHXVH RI PDWHULDO UHVRXUFHV 7R GLVSRVH RI \RXU XVHG GHYLFH SOHDVH XVH WKH UHWXUQDQG FROOHFWLRQ V\VWHPV DYDLODEOH LQ \RXU DUHD RU FRQWDFW WKH UHWDLOHU ZKHUH WKH SURGXFW ZDV SXUFKDVHG 7KH\ FDQ WDNH WKLV SURGXFW IRU VDIHHQYLURQPHQWDO UHF\FOLQJ7KLV HTXLSPHQW VKRXOG EH LQVWDOOHG DQG RSHUDWHG ZLWK PLQLPXP GLVWDQFH FP EHWZHHQ WKH UDGLDWRU  \RXU ERG\&( LQ ZKLFK FRXQWULHV ZKHUH WKH SURGXFW PD\ EH XVHG IUHHO\ *HUPDQ\ 8. ,WDO\ 6SDLQ %HOJLXP 1HWKHUODQGV 3RUWXJDO *UHHFH ,UHODQG 'HQPDUN/X[HPERXUJ $XVWULD )LQODQG 6ZHGHQ 1RUZD\ DQG ,FHODQG ,Q )UDQFH H[FHSW WKH FKDQQHO  WKURXJK  ODZ SURKLELWV WKH XVH RI RWKHU FKDQQHOV&DXWLRQV&DXWLRQV&DXWLRQV&DXWLRQV7KH /,16$< &26026 )+'&RUH UHVSHFWV WKH FXUUHQW UHJXODWLRQV IRU OLPLWLQJ WKH RXWSXW YROXPH RI FRQVXPHU DXGLR GHYLFHV WR D VDIH OHYHO %\OLVWHQLQJ WR \RXU GHYLFH ZLWK KHDGSKRQHV RU HDU EXGV DW KLJK YROXPHV \RX UXQ WKH ULVN RI SHUPDQHQW GDPDJH WR \RXU HDUV (YHQ LI \RX JHW XVHG WROLVWHQLQJ DW KLJK YROXPHV DQG LW VHHPV QRUPDO WR \RX \RX VWLOO ULVN WKH SRVVLELOLW\ RI GDPDJLQJ \RXU KHDULQJ 5HGXFH WKH YROXPH RI \RXU GHYLFH WR DUHDVRQDEOH OHYHO WR DYRLG SHUPDQHQW KHDULQJ GDPDJH ,I \RX KHDU ULQJLQJ LQ \RXU HDUV UHGXFH WKH YROXPH RU VKXW RII \RXU GHYLFH 7KLV GHYLFH KDVEHHQ WHVWHG ZLWK WKH VXSSOLHG HDUSKRQHV ,Q RUGHU WR SUHVHUYH \RXU KHDULQJ LW LV DGYLVHG WKDW \RX XVH RQO\ WKH IROORZLQJ KHDGSKRQH PRGHOV WKHHDUSKRQHV VXSSOLHG ZLWK \RXU GHYLFH RU DQ\ RWKHU KHDGSKRQHV WKDW UHVSHFW WKH FXUUHQW UHJXODWLRQV 2WKHU W\SHV RI KHDGSKRQHV PD\ SURGXFH KLJKHUYROXPH OHYHOV $W IXOO SRZHU WKH SURORQJHG OLVWHQLQJ RI WKH ZDON PDQ FDQ GDPDJH WKH HDU RI WKH XVHU0D[LPXP RXWSXW YROWDJH PY'R QRW XVH ZKLOH RSHUDWLQJ D PRWRUL]HG YHKLFOH ,W PD\ FUHDWH D WUDIILF KD]DUG DQG LV LOOHJDO LQ PDQ\ DUHDV<RX VKRXOG XVH H[WUHPH FDXWLRQ RU WHPSRUDULO\ GLVFRQWLQXH XVH LQ SRWHQWLDOO\ KD]DUGRXV VLWXDWLRQV FUHDWHG E\ REVWUXFWHG KHDULQJ(YHQ LI \RXU KHDGSKRQHV RU HDUSKRQHV DUH WKH RSHQDLU W\SH GHVLJQHG WR OHW \RX KHDU RXWVLGH VRXQGV GRQ¶W WXUQ XS WKH YROXPH VR KLJK WKDW \RX FDQ¶WKHDU ZKDW¶V DURXQG \RX6RXQG FDQ EH GHFHLYLQJ 2YHU WLPH \RXU KHDULQJ ³FRPIRUW OHYHO´ DGDSWV WR KLJKHU YROXPHV RI VRXQG :KDW VRXQGV ³QRUPDO´ FDQ DFWXDOO\ EH ORXG DQGKDUPIXO WR \RXU KHDULQJ *XDUG DJDLQVW WKLV E\ VHWWLQJ WKH YROXPH RI \RXU GHYLFH DW D VDIH OHYHO %()25( \RXU KHDULQJ DGDSWV7R HVWDEOLVK D VDIH YROXPH OHYHOD 6WDUW \RXU YROXPH FRQWURO DW D ORZ VHWWLQJE 6ORZO\ LQFUHDVH WKH VRXQG XQWLO \RX FDQ KHDU LW FRPIRUWDEO\ DQG FOHDUO\ DQG ZLWKRXW GLVWRUWLRQ 2QFH \RX KDYH HVWDEOLVKHG D FRPIRUWDEOH VRXQG OHYHOOHDYH LW WKHUH7KLV PDQXDO PD\ QRW UHIOHFW \RXU DFWXDO GHYLFH¶V RSHUDWLRQ $OO LQIRUPDWLRQ LV VXEMHFW WR FKDQJH ZLWKRXW SULRU QRWLILFDWLRQ 3OHDVH IROORZ \RXU DFWXDO GHYLFH¶V RSHUDWLRQDOSURFHGXUHV
ZZZ/,16$<GLJLWDOFRP%XWWRQV%XWWRQV%XWWRQV%XWWRQV  3RUWV3RUWV3RUWV3RUWV
ZZZ/,16$<GLJLWDOFRP ȬŝŚ Ȃ &RQWHQWV&RQWHQWV&RQWHQWV&RQWHQWV*HW*HW*HW*HW VWDUWHGVWDUWHGVWDUWHGVWDUWHG *HW DURXQG 7RXFK  W\SH 8VH WKH ORFN VFUHHQ 0DNH \RXUVHOI DW KRPH &KDQJH WKH ZDOOSDSHU $UUDQJH  ZRUN ZLWK DSSV 8VH IROGHUV $GG ZLGJHWV 7U\ VRPH DSSV )LQG 3HRSOH 0DQDJH \RXU &DOHQGDU 8VH \RXU &DPHUD 9LHZLQJ 3KRWRV 0DQDJH GRZQORDGV 7XQH SHUIRUPDQFH 2SWLPL]H EDWWHU\ OLIH 2SWLPL]H GDWD XVDJH 2SWLPL]H PHPRU\ XVDJH 8VH WKH $SSV VFUHHQ (QWHU  HGLW WH[W 
ZZZ/,16$<GLJLWDOFRP8VH WKH NH\ERDUG %DVLF HGLWLQJ 7LSV  VKRUWFXWV &RQQHFW WR :L)L QHWZRUNV &RQQHFW WR NH\ERDUGV PLFH DQG RWKHU GHYLFHV &RQQHFW WR D :LQGRZV FRPSXWHU YLD 86% 0DQDJH DFFRXQWV $GG RU UHPRYH DFFRXQWV &RQILJXUH DFFRXQW V\QF RSWLRQV &RQILJXUH JHQHUDO V\QF VHWWLQJV &KDQJH DQ DFFRXQW¶V V\QF VHWWLQJV 6HFXUH \RXU WDEOHW 6SHFLDO $WWHQWLRQ $FFHVVRULHV ,QFOXGHG 8VHU 0DQXDO $& 3RZHU &KDUJHU DQG 86% &DEOH IRU GDWD WUDQVIHU
ZZZ/,16$<GLJLWDOFRP*HW*HW*HW*HW 6WDUWHG6WDUWHG6WDUWHG6WDUWHG*HW*HW*HW*HW DURXQGDURXQGDURXQGDURXQG$IWHU \RX HQWHU LQWR WKH V\VWHPV DW WKH ERWWRP RI WKH VFUHHQ \RXOO ILQG WKUHH 1DYLJDWLRQ EXWWRQV 7KH\UHDOZD\V DYDLODEOH 1R PDWWHU ZKDW \RXUH GRLQJ ZLWK \RXU /,16$< &26026 )+'&RUH \RX FDQ DOZD\VJHW EDFN WR WKH PDLQ +RPH VFUHHQ RU UHWXUQ WR SUHYLRXV VFUHHQV,FRQ 1DPH 'HVFULSWLRQ$IWHU D VKRUW WLPH ZLWKRXW JHWWLQJ XVHG WKHVH EXWWRQV PD\ VKULQN WR GRWV RU IDGH DZD\ GHSHQGLQJ RQ WKHFXUUHQW DSS 7R EULQJ WKHP EDFN WRXFK WKHLU ORFDWLRQ7KH $OO $SSV LFRQ LQ WKH ULJKW XSSHU FRUQHU LV SHUPDQHQW 7RXFK LW WR VHH DOO \RXU DSSV DQG ZLGJHWV7KH PLGGOH RI \RXU +RPH VFUHHQ FDQ KROG DSS DQG ZLGJHW LFRQV SOXV IROGHUVz7R RSHQ DQ DSS IROGHUV RU ZLGJHW WRXFK LWV LFRQz7R VHH DGGLWLRQDO +RPH VFUHHQV VZLSH \RXU ILQJHU TXLFNO\ OHIW RU ULJKW%DFN 2SHQ WKH SUHYLRXV VFUHHQ \RXZHUH ZRUNLQJ LQ HYHQ LI LW ZDV LQD GLIIHUHQW DSS 2QFH \RX EDFNXS WR WKH +RPH VFUHHQ \RX FDQ¶WJR EDFN DQ\ IXUWKHU LQ \RXUKLVWRU\+RPH 2SHQ +RPH ,I \RX¶UH YLHZLQJ DOHIW RU ULJKW +RPH VFUHHQ RSHQVWKH FHQWUDO KRPH VFUHHQ5HFHQW $SSV 2SHQV D OLVW RI WKXPEQDLOLPDJHV RI DSSV \RX¶YHZRUNHG ZLWK UHFHQWO\ 7RS RSHQDQ DSS WRXFK LW 7R UHPRYH D
ZZZ/,16$<GLJLWDOFRP$W WKH ERWWRP RI WKH VFUHHQ \RXOO VHH VRPHWKLQJ OLNH WKLV6WDWXV6WDWXV6WDWXV6WDWXV LFRQVLFRQVLFRQVLFRQV RQ WKH OHIW WHOO \RX ZKLFK DSSV KDYH VHQW \RX QRWLILFDWLRQV IRU H[DPSOH WKDW D PHVVDJH KDVDUULYHG RU LWV WLPH IRU D PHHWLQJ6\VWHP6\VWHP6\VWHP6\VWHP LFRQVLFRQVLFRQVLFRQV RQ WKH ULJKW GLVSOD\ WKH FXUUHQW ZLUHOHVV DQG QHWZRUN FRQQHFWLRQ VWUHQJWK EDWWHU\ OHYHO WLPHDQG PRUH7RXFK7RXFK7RXFK7RXFK  W\SHW\SHW\SHW\SH8VH \RXU ILQJHUV WR PDQLSXODWH LFRQV EXWWRQV PHQXV WKH RQVFUHHQ NH\ERDUG DQG RWKHU LWHPV RQ WKH WRXFKVFUHHQ <RX FDQ DOVR FKDQJH WKH VFUHHQV RULHQWDWLRQ7R VHOHFW RU DFWLYDWH VRPHWKLQJ WRXFK LW7R W\SH VRPHWKLQJ VXFK DV D QDPH SDVVZRUG RU VHDUFK WHUPV MXVW WRXFK ZKHUH \RX ZDQW WR W\SH $NH\ERDUG SRSV XS WKDW OHWV \RX W\SH LQWR WKH ILHOG2WKHU FRPPRQ JHVWXUHV LQFOXGHz7RXFK7RXFK7RXFK7RXFK  KROGKROGKROGKROG 7RXFK  KROG DQ LWHP RQ WKH VFUHHQ E\ WRXFKLQJ LW DQG QRW OLIWLQJ \RXU ILQJHU XQWLO DQDFWLRQ RFFXUVz'UDJ'UDJ'UDJ'UDJ 7RXFK  KROG DQ LWHP IRU D PRPHQW DQG WKHQ ZLWKRXW OLIWLQJ \RXU ILQJHU PRYH \RXU ILQJHU RQ WKHVFUHHQ XQWLO \RX UHDFK WKH WDUJHW SRVLWLRQ )RU H[DPSOH \RX FDQ GUDJ WR UHSRVLWLRQ VKRUWFXWV RQ WKH+RPH VFUHHQz6ZLSH6ZLSH6ZLSH6ZLSH RURURURU VOLGHVOLGHVOLGHVOLGH 4XLFNO\ PRYH \RXU ILQJHU DFURVV WKH VXUIDFH RI WKH VFUHHQ ZLWKRXW SDXVLQJ ZKHQ \RXILUVW WRXFK VR \RX GRQW GUDJ VRPHWKLQJ LQVWHDG )RU H[DPSOH \RX FDQ VOLGH D +RPH VFUHHQ OHIW RU ULJKWWR YLHZ WKH RWKHU +RPH VFUHHQVz3LQFK ,Q VRPH DSSV VXFK DV 0DSV %URZVHU DQG *DOOHU\ \RX FDQ ]RRP LQ DQG RXW E\ SODFLQJ WZRILQJHUV RQ WKH VFUHHQ DW RQFH DQG SLQFKLQJ WKHP WRJHWKHU WR ]RRP RXW RU VSUHDGLQJ WKHP DSDUW WR]RRP LQz5RWDWH WKH VFUHHQ 2Q PRVW VFUHHQV WKH RULHQWDWLRQ RI WKH VFUHHQ URWDWHV ZLWK \RXU GHYLFH DV \RX WXUQ LW<RX FDQ FKDQJH WKLV 'LVSOD\ VHWWLQJ5HODWHG5HODWHG5HODWHG5HODWHG VHWWLQJVVHWWLQJVVHWWLQJVVHWWLQJV6HWWLQJV ! 'HYLFH ! 6RXQG6HWWLQJV ! 'HYLFH ! 'LVSOD\
ZZZ/,16$<GLJLWDOFRP8VH8VH8VH8VH WKHWKHWKHWKH ORFNORFNORFNORFN VFUHHQVFUHHQVFUHHQVFUHHQ7R SURWHFW SHUVRQDO LQIRUPDWLRQ \RX FDQ DGMXVW \RXU SKRQHV ORFN VHWWLQJV )URP WKH +RPH RU $OO $SSV VFUHHQ WRXFK WKH 6HWWLQJVLFRQ 6FUROO GRZQ DQG WRXFK 6HFXULW\ 7RXFK 6FUHHQ ORFN 7RXFK WKH W\SH RI ORFN \RXG OLNH WR XVH$IWHU \RX VHW D ORFN KHUH D ORFN VFUHHQ GLVSOD\V ZKHQHYHU \RXU VFUHHQ ZDNHV XS UHTXHVWLQJ WKH SDWWHUQ3,1 RU RWKHU VSHFLILHG NH\,PSRUWDQW,PSRUWDQW,PSRUWDQW,PSRUWDQW 6FUHHQ ORFN RSWLRQV DUH OLVWHG LQ WKH DSSUR[LPDWH RUGHU RI WKH VWUHQJWK RI WKHLU VHFXULW\ VWDUWLQJ ZLWK 1RQH DQG 6OLGHZKLFK SURYLGH QR VHFXULW\ )DFH 8QORFN DQG 3DWWHUQ SURYLGH PLQLPDO VHFXULW\ DOWKRXJK WKH\ FDQ EH PRUH FRQYHQLHQW WKDQWKH VWURQJHU RSWLRQV,I \RXU WDEOHWV SOD\LQJ PXVLF ZKHQ WKH VFUHHQ ORFNV \RX FDQ FRQWLQXH OLVWHQLQJ RU SDXVH WKHVHOHFWLRQ ZLWKRXW XQORFNLQJ0DNH0DNH0DNH0DNH \RXUVHOI\RXUVHOI\RXUVHOI\RXUVHOI DWDWDWDW KRPHKRPHKRPHKRPH&KDQJH&KDQJH&KDQJH&KDQJH WKHWKHWKHWKH ZDOOSDSHUZDOOSDSHUZDOOSDSHUZDOOSDSHU:DOOSDSHUV DUH LPDJHV IURP 2:/ 3OD\HU SLFWXUHV \RX VKRW ZLWK &DPHUD V\QFHG IURP 3LFDVD DQG VR RQVWLOO LPDJHV LQFOXGHG ZLWK WKH V\VWHP DQG OLYH LPDJHV VXFK DV DQ DQLPDWLRQ RU D PDS WKDW FHQWHUV RQ \RXUORFDWLRQ 7KH\ WDNH WKH SODFH RI WKH GHIDXOW EDFNJURXQG IRU \RXU +RPH VFUHHQV 7RXFK  KROG DQ\ZKHUH RQ D +RPH VFUHHQ WKDWV QRW RFFXSLHG $ OLVW RI RSWLRQV DSSHDUV 7RXFK D ZDOOSDSHU VRXUFH2:/2:/2:/2:/ 3OD\HU3OD\HU3OD\HU3OD\HU &KRRVH IURP SLFWXUHV WKDW \RXYH WDNHQ ZLWK &DPHUD RU GRZQORDGHG WR \RXU GHYLFH/LYH/LYH/LYH/LYH :DOOSDSHUV:DOOSDSHUV:DOOSDSHUV:DOOSDSHUV &KRRVH IURP D VFUROOLQJ OLVW RI DQLPDWHG ZDOOSDSHUV:DOOSDSHUV:DOOSDSHUV:DOOSDSHUV:DOOSDSHUV &KRRVH IURP WKXPEQDLOV RI GHIDXOW LPDJHV RU WRXFK D WKXPEQDLO IRU D ODUJHU YHUVLRQ<RX FDQ GRZQORDG DGGLWLRQDO ZDOOSDSHUV IURP $QGURLG 0DUNHW
ZZZ/,16$<GLJLWDOFRP 7R VHW ZDOOSDSHU WRXFK ³VHW ZDOOSDSHU´ XQGHU WKH *DOOHU\ LPDJHV RU 6HW ZDOOSDSHU5HODWHG5HODWHG5HODWHG5HODWHG VHWWLQJVVHWWLQJVVHWWLQJVVHWWLQJV6HWWLQJV ! 'HYLFH ! 'LVSOD\ ! :DOOSDSHU$UUDQJH$UUDQJH$UUDQJH$UUDQJH  ZRUNZRUNZRUNZRUN ZLWKZLWKZLWKZLWK DSSVDSSVDSSVDSSV3UH ,QVWDOOHG $SSOLFDWLRQV  %URZVHU &DOFXODWRU &DOHQGDU &DPHUD &ORFN 'RZQORDGV (PDLO )ODVK*DOOHU\ *PDLO *RRJOH 0XVLF 2:/ 3OD\HU 0DUNHW 6WRUH 6HWWLQJV 6RXQG 5HFRUGHU 6XSHU XVHU DQG9RLFH 6HDUFK7R VHH DOO \RXU DSSV WRXFK WKH $OO $SSV LFRQ RQ DQ\ +RPH VFUHHQ7KH PDLQ $OO $SSV VFUHHQ RSHQV 7KLV LV ZKHUH \RX FDQ VHH DOO \RXU DSSV LQFOXGLQJ WKRVH GRZQORDGHG IURP$QGURLG 0DUNHW <RX FDQ PRYH DSS LFRQV WR DQ\ RI \RXU +RPH VFUHHQV)URP $OO $SSV \RX FDQz0RYH EHWZHHQ VFUHHQV 6ZLSH OHIW RU ULJKWz/DXQFK DQ DSS 7RXFK LWV LFRQz3ODFH DQ DSS LFRQ RQ D +RPH VFUHHQ 7RXFK  KROG WKH DSS LFRQ VOLGH \RXU ILQJHU DQG OLIW \RXU ILQJHU WRGURS WKH LFRQ LQ SODFHz3ODFH DQ DSS LFRQ LQ WKH )DYRULWHV WUD\ 7RXFK KROG  VOLGH WR PRYH RQH RI WKH )DYRULWHV LFRQV RXW RIWKH WUD\ 7KHQ XVH WKH VDPH WHFKQLTXH WR PRYH DQRWKHU RQH LQWR WKH VDPH SRVLWLRQz([SORUH \RXU ZLGJHWV 7RXFK WKH :LGJHWV WDE DW WKH WRS RI DQ\ $OO $SSV VFUHHQz*HW PRUH DSSV 7RXFK WKH 0DUNHW LFRQ7R UHPRYH DQ DSS LFRQ IURP WKH +RPH VFUHHQ WRXFK DQG KROG LW VOLGH \RXU ILQJHU WRZDUG WKH WRS RI WKHVFUHHQ DQG GURS WKH DSS RYHU WKH 5HPRYH LFRQ 1RWH1RWH1RWH1RWH 7KH $OO $SSV LFRQ LQ WKH )DYRULWHV WUD\ LV SHUPDQHQW <RX FDQW PRYH LW8VH8VH8VH8VH IROGHUVIROGHUVIROGHUVIROGHUV<RX FDQ FRPELQH VHYHUDO DSS LFRQV LQ D IROGHU 'URS RQH DSS LFRQ RYHU DQRWKHU RQ D +RPH VFUHHQ DQG WKHWZR LFRQV ZLOO EH FRPELQHG
ZZZ/,16$<GLJLWDOFRP)URP DQ\ +RPH VFUHHQ \RX FDQz2SHQ2SHQ2SHQ2SHQ DDDD IROGHUIROGHUIROGHUIROGHU 7RXFK LW 7KH IROGHU RSHQVz5HQDPH5HQDPH5HQDPH5HQDPH DDDD IROGHUIROGHUIROGHUIROGHU 7RXFK LWV QDPHz0RYH0RYH0RYH0RYH LFRQVLFRQVLFRQVLFRQV DURXQGDURXQGDURXQGDURXQG \RXU\RXU\RXU\RXU +RPH+RPH+RPH+RPH VFUHHQVVFUHHQVVFUHHQVVFUHHQV 7RXFK KROG DQG VOLGH7LSV7LSV7LSV7LSVz7R FDQ VHH D VPDOOHU FROOHFWLRQ RI IUHTXHQWO\ XVHG DSSV WRXFK WKH *RRJOH $SSV IROGHU QHDU WKH ERWWRPRI WKH VFUHHQ $V ZLWK DQ\ IROGHU \RX FDQ FXVWRPL]H LWV FRQWHQWVz$IWHU \RX RSHQ DQ DSS \RX FDQ XVXDOO\ DGMXVW LWV VHWWLQJV E\ FKRRVLQJ LWHPV IURP LWV 0HQX LFRQ QHDU WKHWRS RU ERWWRP RI WKH VFUHHQ $GG$GG$GG$GG ZLGJHWVZLGJHWVZLGJHWVZLGJHWV:LGJHWV DUH OLNH ZLQGRZV LQWR \RXU DSSV 7KH\UH DYDLODEOH IURP DQ $OO $SSV WDE IRU \RX WR PRYH RQWR \RXU+RPH VFUHHQV7R VHH \RXU ZLGJHWV 7RXFK WKH $OO $SSV LFRQ RQ \RXU +RPH VFUHHQ 7RXFK :LGJHWV:LGJHWV:LGJHWV:LGJHWV DW WKH WRS RI WKH VFUHHQ)URP WKH PDLQ :LGJHWV VFUHHQ \RX FDQz0RYH0RYH0RYH0RYH EHWZHHQEHWZHHQEHWZHHQEHWZHHQ VFUHHQVVFUHHQVVFUHHQVVFUHHQV 6ZLSH OHIW RU ULJKWz'UDJ'UDJ'UDJ'UDJ DDDD ZLGJHWZLGJHWZLGJHWZLGJHW WRWRWRWR DDDD+RPH+RPH+RPH+RPH VFUHHQVFUHHQVFUHHQVFUHHQ 7RXFK DQG KROG WKH ZLGJHWV LFRQ VOLGH \RXU ILQJHU ZKHUH \RX ZDQW WRSODFH LW DQG OLIW \RXU ILQJHU<RX PD\ EH DVNHG WR PDNH IXUWKHU FKRLFHV EHIRUH WKH ZLGJHW DFWLYDWHV ,I WKHUH LVQW URRP ZKHUH \RXGURSSHG LW WKH ZLGJHW ZRQW JHW DGGHG WR WKH +RPH VFUHHQ7U\7U\7U\7U\ VRPHVRPHVRPHVRPH DSSVDSSVDSSVDSSV6WDUW6WDUW6WDUW6WDUW *PDLO*PDLO*PDLO*PDLO
ZZZ/,16$<GLJLWDOFRP<RX FDQ XVH *PDLO WR UHDG DQG ZULWH HPDLO IURP DQ\ PRELOH GHYLFH RU EURZVHU $OO \RXU HPDLO LV DOZD\V XS WRGDWH DQG DYDLODEOH QR PDWWHU ZKHUH \RX FKHFN LW IURP%XW *PDLO LV QRW MXVW DERXW HPDLO <RXU *PDLO QDPH DQG SDVVZRUG VLJQV \RX LQWR WR DOO *RRJOH DSSV DQGVHUYLFHV LQFOXGLQJ &DOHQGDU 3HRSOH IRU NHHSLQJ WUDFN RI \RXU FRQWDFWV *RRJOH 5HDGHU IRU NHHSLQJ XS ZLWK\RXU RQOLQH UHDGLQJ DQG PDQ\ PRUHz7R ODXQFK *PDLO WRXFK WKH *PDLO LFRQ RQ D +RPH RU $OO $SSV VFUHHQ7KH ILUVW WLPH \RX ODXQFK *PDLO \RXUH DVNHG WR VLJQ LQ RU FUHDWH DQ DFFRXQW LI \RX GLGQW DOUHDG\ GR VRZKHQ \RX ILUVW VHW XS \RXU GHYLFH 7KHQ *PDLO RSHQV WR WKH ,QER[ )URP KHUH \RX FDQz5HDG HPDLO 7RXFK D PHVVDJH WR UHDG LW 8QUHDG PHVVDJHV DUH EROGz2UJDQL]H HPDLO &KHFN WKH ER[ EHVLGH D PHVVDJH WR VHOHFW LW 7KHQ XVH WKH LFRQV DQG PHQX DORQJ WKHERWWRP RI WKH VFUHHQ WR PDQDJH WKH VHOHFWHG PHVVDJHVz&KDQJH \RXU VHWWLQJV 7RXFK WKH 0HQX LFRQ WR FKDQJH \RXU SUHIHUHQFHV DGG DQ DFFRXQW RU JHW KHOS)LQG)LQG)LQG)LQG 3HRSOH3HRSOH3HRSOH3HRSOH7KH 3HRSOH DSS JLYHV \RX TXLFN DQG HDV\ DFFHVV WR HYHU\RQH \RX ZDQW WR UHDFK :KHQ \RX ILUVW WXUQ RQ\RXU 7DEOHW DQG VLJQ LQWR D *RRJOH $FFRXQW DQ\ H[LVWLQJ FRQWDFWV IURP WKDW DFFRXQW DUH V\QFHG ZLWK \RXU3HRSOH DSS $IWHU WKDW DOO \RXU FRQWDFWV VWD\ LQ V\QF DXWRPDWLFDOO\ ZKHWKHU \RX PDNH FKDQJHV RQ \RXU7DEOHW IURP DQRWKHU GHYLFH RU IURP DQ\ :HE EURZVHU,I \RX EHORQJ WR *RRJOH RU XVH ([FKDQJH \RX FDQ DOVR V\QF WKDW FRQWDFW LQIRUPDWLRQ ZLWK 3HRSOH$OO \RXU 3HRSOH LQIRUPDWLRQ LV DYDLODEOH IURP *PDLO *RRJOH 7DON 0HVVHQJHU 7DEOHW DQG RWKHU DSSV ZKHUHLWV XVHIXO $V \RX DGG FRQWDFWV IURP GLIIHUHQW VRXUFHV WKH\ DUH V\QFHG DXWRPDWLFDOO\ DFURVV DOO WKH SODFHV\RX QHHG WKHPz7R YLHZ \RXU FRQWDFWV WRXFK WKH 3HRSOH LFRQ RQ D +RPH RU $OO $SSV VFUHHQ7KH ILUVW WLPH \RX ODXQFK 3HRSOH \RXUH DVNHG WR VLJQ LQ RU FUHDWH DQ DFFRXQW 7KHQ WKH DSS RSHQV WR WKHPDLQ OLVW RI \RXU FRQWDFWV <RX FDQ YLHZ WKHP LQ WKUHH ZD\V IURP WKH WDEV DW WKH WRS RI WKH VFUHHQ *URXSV$OO DQG )DYRULWHV)URP DQ\ RI WKH PDLQ YLHZV \RX FDQz5HDG GHWDLOV 7RXFK D QDPH WR VHH GHWDLOV IRU D FRQWDFW RU JURXSz(GLW GHWDLOV :KLOH YLHZLQJ D FRQWDFW WRXFK WKH 0HQX LFRQ DQG FKRRVH RSWLRQV WR HGLW RU VKDUHFRQWDFW GHWDLOV DQG VR RQ <RX FDQ DOVR WRXFK WKH VWDU EHVLGH WKH 0HQX LFRQ WR DGG D FRQWDFW WR \RXU
ZZZ/,16$<GLJLWDOFRP)DYRULWHV OLVWz&KDQJH \RXU VHWWLQJV :KLOH YLHZLQJ WKH PDLQ OLVW VFUHHQ WRXFK WKH 0HQX LFRQ WR LPSRUW RU H[SRUWFRQWDFWV FKRRVH GLVSOD\ RSWLRQV IRU WKH *URXSV DQG $OO WDEV DQG DGG RU HGLW DFFRXQWV1R PDWWHU ZKHUH \RX DUH ZLWKLQ 3HRSOH \RX FDQ DOZD\V JHW EDFN WR WKH PDLQ OLVWV E\ WRXFKLQJ WKH LFRQ LQ WKHWRS OHIW FRUQHU RI WKH VFUHHQ0DQDJH0DQDJH0DQDJH0DQDJH \RXU\RXU\RXU\RXU &DOHQGDU&DOHQGDU&DOHQGDU&DOHQGDU7KH &DOHQGDU DSS OHWV \RX YLHZ DQG HGLW \RXU VFKHGXOH:KHQ \RX ILUVW VHW XS \RXU 7DEOHW \RX FRQILJXUHG LW WR XVH DQ H[LVWLQJ *RRJOH $FFRXQW VXFK DV *PDLO RU\RX FUHDWHG D QHZ RQH 7KH ILUVW WLPH \RX RSHQ WKH &DOHQGDU DSSOLFDWLRQ RQ \RXU 7DEOHW LW GLVSOD\V DQ\H[LVWLQJ FDOHQGDU HYHQWV IURP WKDW *RRJOH $FFRXQW RQ WKH ZHE $V \RX HGLW HYHQWV IURP DQ\ PRELOH GHYLFHRU ZHE EURZVHU WKH\ DUH V\QFHG DXWRPDWLFDOO\ DFURVV DOO WKH SODFHV \RX QHHG WKHP7R YLHZ \RXU &DOHQGDU WRXFK RQ D +RPH RU $SS VFUHHQ7R FKDQJH WKH &DOHQGDU YLHZ WRXFK WKH GDWH DW WKH WRS DQG FKRRVH 'D\'D\'D\'D\ :HHN:HHN:HHN:HHN 0RQWK0RQWK0RQWK0RQWK RU $JHQGD$JHQGD$JHQGD$JHQGD6ZLSH WR VFUROO YHUWLFDOO\ RU KRUL]RQWDOO\ ,Q WKH 'D\ RU :HHN YLHZV VSUHDG \RXU ILQJHUV DSDUW RU SLQFK WKHPWRJHWKHU WR ]RRP LQ RU RXW)URP DQ\ RI WKHVH YLHZV \RX FDQz5HDG RU HGLW HYHQW GHWDLOV 7RXFK DQ HYHQW WR YLHZ LWV GHWDLOVz0DQDJH HYHQWV DQG FDOHQGDUV 7RXFK LFRQV DFURVV WKH WRS RU 0HQX WR VHDUFK RU FUHDWH HYHQWV UHWXUQWR WRGD\ RU DGMXVW VHWWLQJV8VH8VH8VH8VH \RXU\RXU\RXU\RXU &DPHUD&DPHUD&DPHUD&DPHUD7KH &DPHUD DSS LV D FRPELQDWLRQ FDPHUD DQG FDPFRUGHU<RX FDQ YLHZ SKRWRV DQG YLGHRV \RX WDNH ZLWK &DPHUD LQ WKH 3OD\ DSS DORQJ ZLWK PRYLHV WKDW \RX UHQW RUGRZQORDG7R WDNH SLFWXUHV DQG YLGHRV ILUVW WRXFK WKH &DPHUD LFRQ RQ D +RPH RU $OO $SSV VFUHHQ:KHQ &DPHUD RSHQV \RX FDQ
ZZZ/,16$<GLJLWDOFRPz7DNH D SLFWXUH 7RXFK WKH EOXH EXWWRQz9LHZ WKH PRVW UHFHQWO\ WDNHQ SLFWXUH 7RXFK WKH WKXPEQDLO QHDU WKH EOXH EXWWRQ<RX FDQ QRZ VKDUH WKH SLFWXUH E\ WRXFKLQJ WKH *PDLO *RRJOH 0HVVHQJHU RU RWKHU LFRQV GLVSOD\HG DORQJRQH VLGH RI WKH LPDJH7R YLHZ WKLV SLFWXUH DQG RWKHUV LQ WKH *DOOHU\ DSS WRXFK WKH SLFWXUH9LHZLQJ9LHZLQJ9LHZLQJ9LHZLQJ 3KRWRV3KRWRV3KRWRV3KRWRV 3KRWRV VKRXOG EH OLVWHG LQ WKXPEQDLO <RX FDQ VOLGH \RXU ILQJHU RQ WKH VFUHHQ OHIW RU ULJKW WREURZVH SKRWRV 7DS D SKRWR WKXPEQDLO WR YLHZ WKH SKRWR LQ IXOO VFUHHQ 7R GLVSOD\ WKHSUHYLRXVQH[W SLFWXUH VOLGH \RXU ILQJHU RQ WKH VFUHHQ KRUL]RQWDOO\ 7R ]RRP LQ RU RXW WKH SLFWXUH SLQFK \RXU ILQJHU RQ WKH SLFWXUH'LVSOD\'LVSOD\'LVSOD\'LVSOD\ 0HQX0HQX0HQX0HQX:KHQ \RX DUH YLHZLQJ WKH SLFWXUH \RX FDQ WDS RQ WKH VFUHHQ RU WKH 0HQX LFRQ WR VKRZ0HQX
ZZZ/,16$<GLJLWDOFRP0DQDJH0DQDJH0DQDJH0DQDJH GRZQORDGVGRZQORDGVGRZQORDGVGRZQORDGV)LOHV DSSV DQG RWKHU LWHPV \RX GRZQORDG IURP *PDLO (PDLO $QGURLG 0DUNHW RU LQ RWKHU ZD\V DUH VWRUHG LQ\RXU GHYLFHV LQWHUQDO VWRUDJH <RX FDQ XVH WKH 'RZQORDGV DSS WR YLHZ UHRSHQ RU GHOHWH ZKDW \RXYHGRZQORDGHG6RPH PRELOH QHWZRUNV UHVWULFW WKH VL]H RI WKH ILOHV \RX FDQ GRZQORDG WR PDQDJH WKH GHPDQGV RQ WKHLUQHWZRUNV RU WR KHOS \RX DYRLG XQH[SHFWHG FKDUJHV :KHQ \RX WU\ WR GRZQORDG DQ RYHUVL]HGILOH ZKHQFRQQHFWHG WR VXFK QHWZRUNV \RX PD\ EH UHTXLUHG WR GHOD\ GRZQORDGLQJ XQWLO \RXU GHYLFH LV FRQQHFWHG WR D:L)L QHWZRUN ZKHQ WKH GRZQORDG ZLOO UHVXPH DXWRPDWLFDOO\ <RX FDQ YLHZ DQG PDQDJH WKHVH TXHXHG ILOHVLQ WKH 'RZQORDGV DSS DV ZHOO'RZQORDGHG ILOHV DUH VWRUHG LQ WKH 'RZQORDG GLUHFWRU\ WKDWV YLVLEOH ZKHQ \RXU GHYLFH LV FRQQHFWHG WR DFRPSXWHU <RX FDQ YLHZ DQG FRS\ ILOHV IURP WKLV GLUHFWRU\2SHQ2SHQ2SHQ2SHQ 'RZQORDGV'RZQORDGV'RZQORDGV'RZQORDGV DQGDQGDQGDQG PDQDJHPDQDJHPDQDJHPDQDJH GRZQORDGHGGRZQORDGHGGRZQORDGHGGRZQORDGHG ILOHVILOHVILOHVILOHVz7RXFK WKH 'RZQORDGV LFRQ IURP D +RPH RU $OO $SSV VFUHHQz7RXFK DQ LWHP WR RSHQ LWz7RXFK KHDGLQJV IRU HDUOLHU GRZQORDGV WR YLHZ WKHPz&KHFN LWHPV \RX ZDQW WR VKDUH 7KHQ WRXFK WKH 6KDUH LFRQ DQG FKRRVH D VKDULQJ PHWKRG IURP WKHOLVWz&KHFN LWHPV \RX ZDQW WR GHOHWH 7KHQ WRXFK WKH 7UDVK LFRQ z$W WKH ERWWRP RI WKH VFUHHQ WRXFK 6RUW E\ VL]H RU 6RUW E\ GDWH WR VZLWFK EDFN DQG IRUWK7XQH7XQH7XQH7XQH SHUIRUPDQFHSHUIRUPDQFHSHUIRUPDQFHSHUIRUPDQFH2SWLPL]H2SWLPL]H2SWLPL]H2SWLPL]H EDWWHU\EDWWHU\EDWWHU\EDWWHU\ OLIHOLIHOLIHOLIH<RX FDQ H[WHQG \RXU EDWWHU\V OLIH EHWZHHQ FKDUJHV E\ WXUQLQJ RII IHDWXUHV WKDW \RX GRQW QHHG <RX FDQ DOVRPRQLWRU KRZ DSSV DQG V\VWHP UHVRXUFHV FRQVXPH EDWWHU\ SRZHU7R DGMXVW WKH VHWWLQJV GHVFULEHG KHUH ILUVW WRXFK WKH 6HWWLQJV LFRQ RQ D +RPH RU $OO $SSV VFUHHQ
ZZZ/,16$<GLJLWDOFRP([WHQG([WHQG([WHQG([WHQG WKHWKHWKHWKH OLIHOLIHOLIHOLIH RIRIRIRI \RXU\RXU\RXU\RXU EDWWHU\EDWWHU\EDWWHU\EDWWHU\zzzz,I \RX DUHQW XVLQJ :L)L RU *36 XVH WKH 6HWWLQJV DSS WR WXUQ WKHP RII 7KH *36 VHWWLQJ LV ORFDWHG LQ6HWWLQJV6HWWLQJV6HWWLQJV6HWWLQJV !!!! 3HUVRQDO3HUVRQDO3HUVRQDO3HUVRQDO !!!! /RFDWLRQ/RFDWLRQ/RFDWLRQ/RFDWLRQ VHUYLFHVVHUYLFHVVHUYLFHVVHUYLFHVz'RQW OHDYH WKH 0DSV RU 1DYLJDWLRQ DSSV RSHQ RQ WKH VFUHHQ ZKHQ \RXUH QRW XVLQJ WKHP 7KH\ XVH*36 DQG WKXV PRUH SRZHU RQO\ ZKHQ WKH\UH UXQQLQJz7XUQ GRZQ VFUHHQ EULJKWQHVV DQG VHW D VKRUWHU 6OHHS WLPHRXW 6HWWLQJV6HWWLQJV6HWWLQJV6HWWLQJV !!!! 'HYLFH'HYLFH'HYLFH'HYLFH !!!! 'LVSOD\'LVSOD\'LVSOD\'LVSOD\z,I \RX GRQW QHHG LW WXUQ RII DXWRPDWLF V\QFLQJ IRU DOO DSSV 6HWWLQJV6HWWLQJV6HWWLQJV6HWWLQJV !!!! 3HUVRQDO3HUVRQDO3HUVRQDO3HUVRQDO !!!! $FFRXQWV$FFRXQWV$FFRXQWV$FFRXQWV  V\QFV\QFV\QFV\QF 1RWHWKDW WKLV PHDQV \RX QHHG WR V\QF PDQXDOO\ WR FROOHFW PHVVDJHV HPDLO DQG RWKHU UHFHQW LQIRUPDWLRQDQG ZRQW UHFHLYH QRWLILFDWLRQV ZKHQ XSGDWHV RFFXUzzzz,I \RX NQRZ \RX ZRQW EH QHDU D PRELOH RU :L)L QHWZRUN IRU D ZKLOH VZLWFK WR $LUSODQH$LUSODQH$LUSODQH$LUSODQH PRGHPRGHPRGHPRGH3UHVV DQG KROG WKH SRZHU VZLWFK XQWLO WKH 7DEOHW RSWLRQV GLDORJ DSSHDUV 7KHQ WRXFK $LUSODQH$LUSODQH$LUSODQH$LUSODQH 0RGH0RGH0RGH0RGH&KHFN&KHFN&KHFN&KHFN EDWWHU\EDWWHU\EDWWHU\EDWWHU\ OHYHOOHYHOOHYHOOHYHO DQGDQGDQGDQG XVDJHXVDJHXVDJHXVDJH GHWDLOVGHWDLOVGHWDLOVGHWDLOVz2SHQ 6HWWLQJV6HWWLQJV6HWWLQJV6HWWLQJV !!!! 'HYLFH'HYLFH'HYLFH'HYLFH !!!! %DWWHU\%DWWHU\%DWWHU\%DWWHU\7KH OLVW DW WKH ERWWRP RI WKH VFUHHQ VKRZV WKH EUHDNGRZQ RI EDWWHU\ XVDJH IRU LQGLYLGXDO DSSV DQG VHUYLFHV7RXFK D JUDSK IRU PRUH GHWDLOV 7KH GHWDLOV VFUHHQ IRU VRPH DSSV LQFOXGHV EXWWRQV WKDW DOORZ \RX WR DGMXVWVHWWLQJV DIIHFWLQJ SRZHU XVDJH RU VWRS WKH DSS FRPSOHWHO\:DUQLQJ:DUQLQJ:DUQLQJ:DUQLQJ,I \RX VWRS VRPH DSSV RU VHUYLFHV \RXU GHYLFH PD\ QRW ZRUN FRUUHFWO\%DWWHU\ VWDWXV FKDUJLQJ GLVFKDUJLQJ DQG OHYHO DV D SHUFHQWDJH RI IXOO\ FKDUJHG DUH GLVSOD\HG DW WKH WRS RIWKH VFUHHQ7KH GLVFKDUJH JUDSK VKRZV EDWWHU\ OHYHO RYHU WLPH VLQFH \RX ODVW FKDUJHG WKH GHYLFH DQG KRZ ORQJ \RXYHEHHQ UXQQLQJ RQ EDWWHU\ SRZHU2SWLPL]H2SWLPL]H2SWLPL]H2SWLPL]H GDWDGDWDGDWDGDWD XVDJHXVDJHXVDJHXVDJH7R7R7R7R DGMXVWDGMXVWDGMXVWDGMXVW WKHWKHWKHWKH VHWWLQJVVHWWLQJVVHWWLQJVVHWWLQJV GHVFULEHGGHVFULEHGGHVFULEHGGHVFULEHG KHUHKHUHKHUHKHUH 7RXFK WKH 6HWWLQJV LFRQ RQ D +RPH RU $OO $SSV VFUHHQ 7RXFK :LUHOHVV:LUHOHVV:LUHOHVV:LUHOHVV  QHWZRUNVQHWZRUNVQHWZRUNVQHWZRUNV !!!!'DWD'DWD'DWD'DWD XVDJHXVDJHXVDJHXVDJH%\ GHIDXOW \RX VHH WKH VHWWLQJV IRU PRELOH GDWD WKDW LV WKH GDWD
ZZZ/,16$<GLJLWDOFRPQHWZRUN RU QHWZRUNV SURYLGHG E\ \RXU FDUULHU,WV SRVVLEOH WR VKRZ :L)L GDWD XVDJH VHWWLQJV LQ D VHSDUDWH WDE 7R GR VR WRXFK WKH 0HQX LFRQ  WKHQ6KRZ6KRZ6KRZ6KRZ :L)L:L)L:L)L:L)L XVDJHXVDJHXVDJHXVDJH1HDU WKH WRS RI WKH VFUHHQ QRWH WKH RQRII VZLWFK IRU PRELOH GDWD 7KH LQVWUXFWLRQV WKDW IROORZ DVVXPH WKDWWKLV VZLWFK LV WXUQHG RQ ,I LWV RII \RX ZRQW EH DEOH WR XVH PRELOH GDWD DW DOO DQG PDQ\ IHDWXUHV RI \RXU7DEOHW DQG DSSV ZRQW ZRUN FRUUHFWO\-XVW EHORZ WKH RQRII VZLWFK QRWH WKH GDWD XVDJH F\FOH 7RXFK LW WR FKRRVH D GLIIHUHQW F\FOH 7KLV GDWH UDQJHLV WKH SHULRG RI WLPH IRU ZKLFK WKH JUDSK GLVSOD\V GDWD XVDJH7KH YHUWLFDO ZKLWH OLQHV RQ WKH JUDSK VKRZ D SHULRG RI WLPH ZLWKLQ WKH GDWD XVDJH F\FOH 7KLV UDQJHGHWHUPLQHV WKH XVDJH DPRXQW GLVSOD\HG MXVW EHORZ WKH JUDSK 'UDJ OLQHV WR FKDQJH WKH SHULRG6HW6HW6HW6HW GDWDGDWDGDWDGDWD XVDJHXVDJHXVDJHXVDJH ZDUQLQJZDUQLQJZDUQLQJZDUQLQJz'UDJ WKH RUDQJH OLQH E\ LWV ULJKW VLGH WR WKH OHYHO ZKHUH \RX ZDQW WR UHFHLYH D ZDUQLQJ:KHQ \RXU GDWD XVDJH UHDFKHV WKLV OHYHO \RXOO UHFHLYH D QRWLILFDWLRQ6HW6HW6HW6HW GDWDGDWDGDWDGDWD XVDJHXVDJHXVDJHXVDJH OLPLWOLPLWOLPLWOLPLW &KHFN 6HW6HW6HW6HW PRELOHPRELOHPRELOHPRELOH GDWDGDWDGDWDGDWD OLPLWOLPLWOLPLWOLPLW$ GLDORJ DSSHDUV WKDW GHVFULEHV WKH OLPLW \RXUH VHWWLQJ 5HDG WKH PHVVDJH ,I \RXUH ZLOOLQJ WR SURFHHG FOLFN 2.7KH UHG OLQH DW WKH WRS RI WKH JUDSK DFWLYDWHV VR \RX FDQ GUDJ LW XS RU GRZQ 'UDJ WKH UHG OLQH E\ LWV ULJKW VLGH WR WKH OLPLW \RX ZDQW WR VHW:KHQ \RXU GDWD XVDJH UHDFKHV WKH OLPLW PRELOH GDWD ZLOO EH WXUQHG RII DXWRPDWLFDOO\ DQG PDQ\ IHDWXUHV RI\RXU 7DEOHW ZRQW ZRUN FRUUHFWO\ <RXOO UHFHLYH D QRWLILFDWLRQ ZKHQ WKLV RFFXUV,PSRUWDQW7KH XVDJH GLVSOD\HG RQ WKH GDWD XVDJH VHWWLQJV VFUHHQ LV PHDVXUHG E\ \RXU /,16$< &26026)+'&RUH 7DEOHW <RXU FDUULHUV GDWD XVDJH DFFRXQWLQJ PD\ GLIIHU 8VDJH LQ H[FHVV RI \RXU FDUULHU SODQV
ZZZ/,16$<GLJLWDOFRPGDWD OLPLWV FDQ UHVXOW LQ VWHHS RYHUDJH FKDUJHV 7KH IHDWXUH GHVFULEHG KHUH FDQ KHOS \RX WUDFN \RXU XVDJHEXW LV QRW JXDUDQWHHG WR SUHYHQW DGGLWLRQDO FKDUJHV )RU EHVW UHVXOWV VHW D FRQVHUYDWLYH OLPLW9LHZ9LHZ9LHZ9LHZ RURURURU UHVWULFWUHVWULFWUHVWULFWUHVWULFW GDWDGDWDGDWDGDWD XVDJHXVDJHXVDJHXVDJH E\E\E\E\ DSSDSSDSSDSS6RPH DSSV WUDQVIHU GDWD LQ WKH EDFNJURXQG WKDW LV ZKHQ \RXUH QRW DFWXDOO\ XVLQJ WKH DSS LW PD\ GRZQORDGGDWD IRU IXWXUH UHIHUHQFH 5HVWULFWLQJ EDFNJURXQG GDWD XVDJH IRU LQGLYLGXDO DSSV FDQ VRPHWLPHV EH D XVHIXOZD\ WR UHGXFH \RXU RYHUDOO GDWD XVDJH +RZHYHU WKLV LV D GUDVWLF PHDVXUH WKDW PD\ DOVR DIIHFW WKH DSSVSHUIRUPDQFH RU FDXVH LW WR PDOIXQFWLRQ &KHFN ZKHWKHU GDWD XVDJH FDQ EH UHVWULFWHG IURP WKH DSSV RZQVHWWLQJV DYDLODEOH IURP ZLWKLQ WKH DSS EHIRUH UHVWULFWLQJ LW KHUH 0DNH VXUH \RXUH YLHZLQJ WKH QHWZRUN IRU ZKLFK \RX ZDQW WR YLHZ RU UHVWULFW DSS GDWD XVDJH 6FUROO GRZQ WR ILQG WKH DSS ZKRVH GDWD XVDJH \RX ZDQW WR YLHZ 7R VHH PRUH GHWDLOV IRU DQ DSS WRXFK LWV QDPH 7R VWRS EDFNJURXQG GDWD XVDJH IRU WKLV DSS FKHFN 5HVWULFW EDFNJURXQG GDWD 5HDG WKH PHVVDJH WKDW DSSHDUV ,I \RXUH ZLOOLQJ WR SURFHHG FOLFN 2.$GYDQFHG$GYDQFHG$GYDQFHG$GYDQFHG GDWDGDWDGDWDGDWD XVDJHXVDJHXVDJHXVDJH VHWWLQJVVHWWLQJVVHWWLQJVVHWWLQJV7ZR RWKHU VHWWLQJV DYDLODEOH IURP WKH 0HQX LFRQ FDQ KDYH GUDPDWLF HIIHFWV EXW PD\ VRPHWLPHV EH XVHIXOz'DWD URDPLQJ FDQ UHVXOW LQ VWHHS DGGLWLRQDO FKDUJHV +RZHYHU LQ VRPH ORFDWLRQV WKLV PD\ EH WKH RQO\ZD\ WR FRQQHFW WR WKH ,QWHUQHWz5HVWULFW EDFNJURXQG GDWD DIIHFWV DOO \RXU DSSV DFURVV DOO DYDLODEOH QHWZRUNV DQG PD\ FDXVH VRPHIHDWXUHV WR VWRS ZRUNLQJ 7KLV LV DQ H[WUHPH VWHS WKDW VKRXOG EH XVHG ZLWK FDXWLRQ2SWLPL]H2SWLPL]H2SWLPL]H2SWLPL]H PHPRU\PHPRU\PHPRU\PHPRU\ XVDJHXVDJHXVDJHXVDJH<RX W\SLFDOO\ GRQW QHHG WR ZRUU\ DERXW PDQDJLQJ DSSV EH\RQG LQVWDOOLQJ RSHQLQJ DQG XVLQJ WKHP %XWWKHUH PD\ EH WLPHV ZKHQ \RX ZDQW WR NQRZ PRUH DERXW ZKDWV KDSSHQLQJ EHKLQG WKH VFHQHV$SSV XVH WZR NLQGV RI PHPRU\ LQWHUQDO VWRUDJH DQG 5$0 7KH\ XVH LQWHUQDO VWRUDJH IRU WKHPVHOYHV DQGDQ\ ILOHV VHWWLQJV DQG RWKHU GDWD WKH\ XVH 7KH\ DOVR XVH 5$0 PHPRU\ GHVLJQHG IRU WHPSRUDU\ VWRUDJHDQG IDVW DFFHVV ZKHQ WKH\UH UXQQLQJ$QGURLG PDQDJHV DQG FDUHIXOO\ JXDUGV WKH SRUWLRQ RI LQWHUQDO VWRUDJH ZKHUH WKH V\VWHP DSSV DQG PRVWGDWD IRU WKRVH DSSV DUH VWRUHG EHFDXVH WKLV DUHD PD\ FRQWDLQ \RXU SULYDWH LQIRUPDWLRQ ,WV QRW SRVVLEOH WRYLHZ WKLV SRUWLRQ RI LQWHUQDO VWRUDJH ZKHQ \RX FRQQHFW \RXU GHYLFH WR D FRPSXWHU ZLWK D 86% FDEOH 7KH
ZZZ/,16$<GLJLWDOFRPRWKHU SRUWLRQ RI LQWHUQDO VWRUDJH ZKHUH PXVLF GRZQORDGHG ILOHV DQG VR RQ DUH VWRUHG UHPDLQV YLVLEOH IRU\RXU FRQYHQLHQFH$QGURLG DOVR PDQDJHV KRZ DSSV XVH 5$0 ,W PD\ FDFKH VRPH WKLQJV \RXYH EHHQ XVLQJ UHFHQWO\ IRUTXLFNHU DFFHVV LI \RX QHHG WKHP DJDLQ EXW LW ZLOO HUDVH WKH FDFKH LI LW QHHGV WKH 5$0 IRU QHZ DFWLYLWLHV <RXDIIHFW WKH ZD\ DSSV XVH LQWHUQDO VWRUDJH GLUHFWO\ DQG LQGLUHFWO\ LQ PDQ\ ZD\V IRU H[DPSOH E\ł ,QVWDOOLQJ RU XQLQVWDOOLQJ DSSVł 'RZQORDGLQJ ILOHV LQ %URZVHU *PDLO DQG RWKHU DSSVł &UHDWLQJ ILOHV IRU H[DPSOH E\ WDNLQJ SLFWXUHVł 'HOHWLQJ GRZQORDGHG ILOHV RU ILOHV \RX FUHDWHGł&RS\LQJ ILOHV EHWZHHQ \RXU GHYLFH DQG D FRPSXWHU YLD 86%<RX UDUHO\ QHHG WR PDQDJH WKH ZD\ DSSV XVH 5$0 %XW \RX FDQ PRQLWRU DSSV 5$0 XVDJH DQG VWRS WKHP LIWKH\ PLVEHKDYH8VH8VH8VH8VH WKHWKHWKHWKH $SSV$SSV$SSV$SSV VFUHHQVFUHHQVFUHHQVFUHHQ7KH $SSV VFUHHQ DOORZV \RX WR DGMXVW VHYHUDO DVSHFWV RI WKH ZD\ \RXU GHYLFH XVHV PHPRU\ 7R YLHZ WKHVHVHWWLQJV )URP D +RPH RU $OO $SSV VFUHHQ WRXFK WKH 6HWWLQJV LFRQ  8QGHU 'HYLFH WRXFK $SSV$SSV$SSV$SSV<RXOO VHH WKUHH WDEV DW WKH WRS RI WKH VFUHHQ HDFK GLVSOD\LQJ D OLVW RI DSSV RU WKHLU FRPSRQHQWVł 'RZQORDGHG'RZQORDGHG'RZQORDGHG'RZQORDGHG 'LVSOD\V DSSV \RXYH GRZQORDGHG IURP 0DUNHW RU RWKHU VRXUFHVł 5XQQLQJ5XQQLQJ5XQQLQJ5XQQLQJ 'LVSOD\V DOO DSSV SURFHVVHV DQG VHUYLFHV WKDW DUH FXUUHQWO\ UXQQLQJ RU WKDW KDYH FDFKHGSURFHVVHV DQG KRZ PXFK 5$0 WKH\ DUH XVLQJ7KH JUDSK DW WKH ERWWRP RI WKH 5XQQLQJ WDE VKRZV WKH WRWDO 5$0 LQ XVH DQG WKH DPRXQW IUHH %HORZ WKHJUDSK WRXFK 6KRZ6KRZ6KRZ6KRZ FDFKHGFDFKHGFDFKHGFDFKHG SURFHVVHVSURFHVVHVSURFHVVHVSURFHVVHV RU 6KRZ6KRZ6KRZ6KRZ UXQQLQJUXQQLQJUXQQLQJUXQQLQJ VHUYLFHVVHUYLFHVVHUYLFHVVHUYLFHV WR VZLWFK EDFN DQG IRUWKł $OO$OO$OO$OO 'LVSOD\V DOO DSSV WKDW FDPH ZLWK $QGURLG DQG DOO DSSV \RX GRZQORDGHG IURP $QGURLG 0DUNHW RU RWKHUVRXUFHV
ZZZ/,16$<GLJLWDOFRP7R VZLWFK WKH RUGHU RI WKH OLVWV GLVSOD\HG LQ WKH 'RZQORDGHG'RZQORDGHG'RZQORDGHG'RZQORDGHG RU $OO$OO$OO$OO WDEV WRXFK 0HQX LFRQ !6RUW6RUW6RUW6RUW E\E\E\E\ QDPHQDPHQDPHQDPHRU 6RUW6RUW6RUW6RUW E\E\E\E\ VL]HVL]HVL]HVL]H7R YLHZ GHWDLOV DERXW DQ DSS RU RWKHU LWHP OLVWHG XQGHU DQ\ WDE WRXFK LWV QDPH 7KH LQIRUPDWLRQ DQG FRQWUROVDYDLODEOH YDU\ DPRQJ GLIIHUHQW W\SHV RI DSSV EXW FRPPRQO\ LQFOXGHł )RUFH)RUFH)RUFH)RUFH VWRSVWRSVWRSVWRS EXWWRQEXWWRQEXWWRQEXWWRQ 6WRSV DQ DSS WKDW LV PLVEHKDYLQJ 6WRSSLQJ DQ DSS SURFHVV RU VHUYLFH PD\ FDXVH\RXU GHYLFH WR VWRS ZRUNLQJ FRUUHFWO\ <RX PD\ QHHG WR UHVWDUW \RXU GHYLFH DIWHU GRLQJ WKLVł 8QLQVWDOO8QLQVWDOO8QLQVWDOO8QLQVWDOO EXWWRQEXWWRQEXWWRQEXWWRQ 'HOHWHV WKH DSS DQG DOO RI LWV GDWD DQG VHWWLQJVł 'LVDEOH'LVDEOH'LVDEOH'LVDEOH EXWWRQEXWWRQEXWWRQEXWWRQ 3UHYHQWV WKH DSS IURP UXQQLQJ EXW GRHV QRW XQLQVWDOO LW 7KLV RSWLRQ LV DYDLODEOH IRU VRPHDSSV DQG VHUYLFHV WKDW FDQW EH XQLQVWDOOHGł &OHDU&OHDU&OHDU&OHDU GDWDGDWDGDWDGDWD EXWWRQEXWWRQEXWWRQEXWWRQ 'HOHWH DQ DSSV VHWWLQJV DQG RWKHU GDWD ZLWKRXW UHPRYLQJ WKH DSS LWVHOIł &OHDU&OHDU&OHDU&OHDU FDFKHFDFKHFDFKHFDFKH ,I WKH DSS VWRUHV GDWD LQ D WHPSRUDU\ DUHD RI WKH WDEOHWV PHPRU\ OLVWV KRZ PXFK LQIRUPDWLRQLV VWRUHG DQG LQFOXGHV D EXWWRQ IRU FOHDULQJ LWł /DXQFK/DXQFK/DXQFK/DXQFK E\E\E\E\ GHIDXOWGHIDXOWGHIDXOWGHIDXOW ,I \RX KDYH FRQILJXUHG DQ DSS WR ODXQFK FHUWDLQ ILOH W\SHV E\ GHIDXOW \RX FDQ FOHDU WKDWVHWWLQJ KHUHł 3HUPLVVLRQV3HUPLVVLRQV3HUPLVVLRQV3HUPLVVLRQV /LVWV WKH NLQGV RI LQIRUPDWLRQ DERXW \RXU WDEOHW DQG GDWD WKH DSS KDV DFFHVV WR(QWHU(QWHU(QWHU(QWHU  HGLWHGLWHGLWHGLW WH[WWH[WWH[WWH[W8VH8VH8VH8VH WKHWKHWKHWKH NH\ERDUGNH\ERDUGNH\ERDUGNH\ERDUG<RX FDQ HQWHU WH[W XVLQJ WKH RQVFUHHQ NH\ERDUG 6RPH DSSV RSHQ LW DXWRPDWLFDOO\ ,Q RWKHUV \RX RSHQ LW E\WRXFKLQJ ZKHUH \RX ZDQW WR W\SH
ZZZ/,16$<GLJLWDOFRP$V \RX W\SH WKH NH\ERDUG GLVSOD\V VXJJHVWLRQV DERYH WKH WRS URZ RI NH\V 7R DFFHSW D VXJJHVWLRQ WRXFK LW%DVLF%DVLF%DVLF%DVLF HGLWLQJHGLWLQJHGLWLQJHGLWLQJł 0RYH WKHWKHWKHWKH LQVHUWLRQLQVHUWLRQLQVHUWLRQLQVHUWLRQ SRLQWSRLQWSRLQWSRLQW 7RXFK ZKHUH \RX ZDQW WR W\SH 7KH FXUVRU EOLQNV LQ WKH QHZ SRVLWLRQ DQG DJUHHQ WDE DSSHDUV EHORZ LW 'UDJ WKH WDE WR PRYH WKH FXUVRUł6HOHFW6HOHFW6HOHFW6HOHFW WH[WWH[WWH[WWH[W 7RXFK  KROG RU GRXEOHWDS ZLWKLQ WKH WH[W7KH QHDUHVW ZRUG KLJKOLJKWV ZLWK D WDE DW HDFK HQG RI WKH VHOHFWLRQ 'UDJ WKH WDEV WR FKDQJH WKH VHOHFWLRQ7KH WDE GLVDSSHDUV DIWHU D IHZ PRPHQWV WR JHW RXW RI \RXU ZD\ 7R PDNH LW UHDSSHDU WRXFK WKH WH[W DJDLQł 'HOHWH'HOHWH'HOHWH'HOHWH WH[WWH[WWH[WWH[W 7RXFK WR GHOHWH VHOHFWHG WH[W RU WKH FKDUDFWHUV EHIRUH WKH FXUVRUł&XW&XW&XW&XW FRS\FRS\FRS\FRS\ SDVWHSDVWHSDVWHSDVWH 6HOHFW WKH WH[W \RX ZDQW WR PDQLSXODWH 7KHQ WRXFK WKH 3DVWH &XW  RU &RS\EXWWRQ 
ZZZ/,16$<GLJLWDOFRP7R PDNH WKH NH\ERDUG JR DZD\ WRXFK 'RQH'RQH'RQH'RQH7LSV7LSV7LSV7LSV  VKRUWFXWVVKRUWFXWVVKRUWFXWVVKRUWFXWVł 7\SH7\SH7\SH7\SH FDSLWDOFDSLWDOFDSLWDOFDSLWDO OHWWHUVOHWWHUVOHWWHUVOHWWHUV 7RXFK WKH 6KLIW NH\ RQFH WR VZLWFK WR FDSLWDO OHWWHUV IRU RQH OHWWHU 2U WRXFK KROG WKH 6KLIW NH\ ZKLOH \RX W\SH :KHQ \RX UHOHDVH WKH NH\ WKH ORZHU FDVH OHWWHUV UHDSSHDUł7XUQ7XUQ7XUQ7XUQ FDSVFDSVFDSVFDSV ORFNORFNORFNORFN RQRQRQRQ 'RXEOHWDS RU WRXFK  KROG WKH 6KLIW NH\  VR LW FKDQJHV WR  7RXFK WKH 6KLIWNH\ DJDLQ WR UHWXUQ WR ORZHUFDVHł 6KRZ6KRZ6KRZ6KRZ QXPEHUVQXPEHUVQXPEHUVQXPEHUV RURURURU V\PEROVV\PEROVV\PEROVV\PEROV 7RXFK WKH " NH\ 7R VHH PRUH FKRLFHV WRXFK WKH   ?  NH\ł 4XLFNO\4XLFNO\4XLFNO\4XLFNO\ DFFHVVDFFHVVDFFHVVDFFHVV FRPPRQFRPPRQFRPPRQFRPPRQ SXQFWXDWLRQSXQFWXDWLRQSXQFWXDWLRQSXQFWXDWLRQ DQGDQGDQGDQG V\PEROVV\PEROVV\PEROVV\PEROV 7RXFK  KROG WKH NH\ WR WKH ULJKW RI WKH VSDFH EDUSHULRG NH\ł 7\SH7\SH7\SH7\SH VSHFLDOVSHFLDOVSHFLDOVSHFLDO FKDUDFWHUVFKDUDFWHUVFKDUDFWHUVFKDUDFWHUV 7RXFK  KROG WKH 6KLIW NH\ ZKLOH \RX WRXFK D NH\ ZLWK D VPDOO JUD\FKDUDFWHU LQ LWV FRUQHU WR HQWHU WKH JUD\ FKDUDFWHU7RXFK  KROG DQ\ NH\ WR VHH DOWHUQDWLYH OHWWHUV V\PEROV RU QXPEHUV ZKLFK \RX FDQ WKHQ WRXFK WR W\SHł &KDQJH&KDQJH&KDQJH&KDQJH LQSXWLQSXWLQSXWLQSXW ODQJXDJHODQJXDJHODQJXDJHODQJXDJH RURURURU NH\ERDUGNH\ERDUGNH\ERDUGNH\ERDUG 7RXFK  KROG WKH NH\ WR WKH OHIW RI WKH VSDFH EDU ZLWK  ,Q WKHORZHUULJKW FRUQHU DQG WKHQ UHOHDVH LW7KH ,QSXW RSWLRQV PHQX DSSHDUV &KRRVH WKH RSWLRQ \RX ZDQW WR DGMXVW5HODWHG5HODWHG5HODWHG5HODWHG VHWWLQJVVHWWLQJVVHWWLQJVVHWWLQJV6HWWLQJV ! 3HUVRQDO ! /DQJXDJH  LQSXW
ZZZ/,16$<GLJLWDOFRP&RQQHFW&RQQHFW&RQQHFW&RQQHFW WRWRWRWR :L)L:L)L:L)L:L)L QHWZRUNVQHWZRUNVQHWZRUNVQHWZRUNV:L)L LV D ZLUHOHVV QHWZRUNLQJ WHFKQRORJ\ WKDW FDQ SURYLGH ,QWHUQHW DFFHVV DW GLVWDQFHV RI XS WR  PHWHUVGHSHQGLQJ RQ WKH :L)L URXWHU DQG \RXU VXUURXQGLQJV7R XVH :L)L \RX FRQQHFW WR D ZLUHOHVV DFFHVVSRLQW RU KRWVSRW 6RPH KRWVSRWV DUH RSHQ DQG\RX FDQ VLPSO\ FRQQHFW WR WKHP 2WKHUV LPSOHPHQWVHFXULW\ IHDWXUHV WKDW UHTXLUH RWKHU VWHSV WR VHW XSVXFK DV GLJLWDO FHUWLILFDWHV RU RWKHU ZD\V WR HQVXUHWKDW RQO\ DXWKRUL]HG XVHUV FDQ FRQQHFW7R H[WHQG WKH OLIH RI \RXU EDWWHU\ EHWZHHQ FKDUJHVWXUQ RII :L)L ZKHQ \RXUH QRW XVLQJ LW <RX FDQ DOVRVHW \RXU GHYLFH WR GLVFRQQHFW DXWRPDWLFDOO\ IURP:L)L QHWZRUNV ZKHQ LWV VOHHSLQJ7XUQ7XUQ7XUQ7XUQ :L)L:L)L:L)L:L)L RQRQRQRQ DQGDQGDQGDQG FRQQHFWFRQQHFWFRQQHFWFRQQHFW WRWRWRWR DDDD:L)L:L)L:L)L:L)LQHWZRUNQHWZRUNQHWZRUNQHWZRUN,I \RXUH DGGLQJ D :L)L QHWZRUN ZKHQ ILUVW VHWWLQJXS \RXU GHYLFH :L)L LV WXUQHG RQ DXWRPDWLFDOO\ 7RXFK WKH 6HWWLQJV LFRQ RQ D +RPH RU $OO $SSV VFUHHQ 7RXFK :LUHOHVV:LUHOHVV:LUHOHVV:LUHOHVV  QHWZRUNVQHWZRUNVQHWZRUNVQHWZRUNV !!!! :L)L:L)L:L)L:L)L 6OLGH WKH :L)L VZLWFK WR WKH 2Q2Q2Q2Q SRVLWLRQ7KH GHYLFH VFDQV IRU DYDLODEOH :L)L QHWZRUNV DQG GLVSOD\V WKH QDPHV RI WKRVH LW ILQGV 6HFXUHG QHWZRUNVDUH LQGLFDWHG ZLWK D /RFN LFRQ ,I WKH GHYLFH ILQGV D QHWZRUN WKDW \RX FRQQHFWHG WR SUHYLRXVO\ LW FRQQHFWV WRLW 7RXFK D QHWZRUN QDPH WR VHH PRUH GHWDLOV RU FRQQHFW WR LW,I WKH QHWZRUN LV VHFXUHG \RXUH SURPSWHG WR HQWHU D SDVVZRUG RU RWKHU FUHGHQWLDOV $VN \RXU QHWZRUNDGPLQLVWUDWRU IRU GHWDLOV7R PRGLI\ D QHWZRUNV VHWWLQJV WRXFK  KROG WKH QHWZRUN QDPH
ZZZ/,16$<GLJLWDOFRP$GG$GG$GG$GG DDDD:L)L:L)L:L)L:L)L QHWZRUNQHWZRUNQHWZRUNQHWZRUN<RX FDQ DGG D :L)L QHWZRUN VR \RXU GHYLFH ZLOO UHPHPEHU LW DORQJ ZLWK DQ\ VHFXULW\ FUHGHQWLDOV DQGFRQQHFW WR LW DXWRPDWLFDOO\ ZKHQ LWV LQ UDQJH <RX PXVW DOVR DGG D :L)L QHWZRUN LI WKH QHWZRUN GRHV QRWEURDGFDVW LWV QDPH 66,' RU WR DGG D :L)L QHWZRUN ZKHQ \RX DUH RXW RI UDQJH7R MRLQ D VHFXUHG QHWZRUN \RX ILUVW QHHG WR OHDUQ VHFXULW\ GHWDLOV IURP WKH QHWZRUNV DGPLQLVWUDWRU 7XUQ RQ :L)L LI LWV QRW DOUHDG\ RQ ,Q WKH :L)L VHWWLQJV VFUHHQ WRXFK $GG$GG$GG$GG 1HWZRUN1HWZRUN1HWZRUN1HWZRUN (QWHU WKH 66,' QDPH RI WKH QHWZRUN ,I QHFHVVDU\ HQWHU VHFXULW\ RU RWKHU QHWZRUN FRQILJXUDWLRQ GHWDLOV 7RXFK 6DYH6DYH6DYH6DYH7KH LQIRUPDWLRQ DERXW WKH QHWZRUN LV VDYHG <RXU GHYLFH ZLOO FRQQHFW WR WKLV QHWZRUN DXWRPDWLFDOO\ WKH QH[WWLPH \RX FRPH ZLWKLQ UDQJH)RUJHW)RUJHW)RUJHW)RUJHW DDDD:L)L:L)L:L)L:L)L QHWZRUNQHWZRUNQHWZRUNQHWZRUN<RX FDQ PDNH WKH GHYLFH IRUJHW DERXW WKH GHWDLOV RI D :L)L QHWZRUN WKDW \RX DGGHG IRU H[DPSOH LI \RXGRQW ZDQW WKH WDEOHW WR FRQQHFW WR LW DXWRPDWLFDOO\ RU LI LWV D QHWZRUN WKDW \RX QR ORQJHU XVH 7XUQ RQ :L)L LI LWV QRW DOUHDG\ RQ ,Q WKH :L)L VHWWLQJV VFUHHQ WRXFK WKH QDPH RI WKH QHWZRUN 7RXFK )RUJHW)RUJHW)RUJHW)RUJHW LQ WKH GLDORJ WKDW RSHQV&RQILJXUH&RQILJXUH&RQILJXUH&RQILJXUH SUR[\SUR[\SUR[\SUR[\ VHWWLQJVVHWWLQJVVHWWLQJVVHWWLQJV IRUIRUIRUIRU DDDD:L)L:L)L:L)L:L)L QHWZRUNQHWZRUNQHWZRUNQHWZRUN6RPH QHWZRUN DGPLQLVWUDWRUV UHTXLUH \RX WR FRQQHFW WR LQWHUQDO RU H[WHUQDO QHWZRUN UHVRXUFHV YLD D SUR[\VHUYHU %\ GHIDXOW WKH :L)L QHWZRUNV \RX DGG DUH QRW FRQILJXUHG WR FRQQHFW YLD D SUR[\ EXW \RX FDQFKDQJH WKDW IRU HDFK :L)L QHWZRUN \RXYH DGGHG3UR[\ VHWWLQJV DUH XVHG E\ %URZVHU EXW PD\ QRW EH XVHG E\ RWKHU DSSV 7RXFK  KROG D QHWZRUN LQ WKH OLVW RI :L)L QHWZRUNV \RXYH DGGHG 7RXFK 0RGLI\0RGLI\0RGLI\0RGLI\ QHWZRUNQHWZRUNQHWZRUNQHWZRUN LQ WKH GLDORJ WKDW RSHQV 6HOHFW 6KRZ6KRZ6KRZ6KRZ DGYDQFHGDGYDQFHGDGYDQFHGDGYDQFHG RSWLRQVRSWLRQVRSWLRQVRSWLRQV
ZZZ/,16$<GLJLWDOFRP ,I WKH QHWZRUN KDV QR SUR[\ VHWWLQJV WRXFK 1RQH1RQH1RQH1RQH XQGHU 3UR[\ 6HWWLQJV WKHQ WRXFK 0DQXDO0DQXDO0DQXDO0DQXDO LQ WKH PHQXWKDW RSHQV (QWHU WKH SUR[\ VHWWLQJV VXSSOLHG E\ \RXU QHWZRUN DGPLQLVWUDWRU 7RXFK 6DYH6DYH6DYH6DYH7KH SUR[\ VHWWLQJV DSSO\ RQO\ WR WKH :L)L QHWZRUN \RX PRGLILHG 7R FKDQJH WKH SUR[\ VHWWLQJV IRU RWKHU:L)L QHWZRUNV PRGLI\ WKHP LQGLYLGXDOO\6HW6HW6HW6HW :L)L:L)L:L)L:L)L QRWLILFDWLRQVQRWLILFDWLRQVQRWLILFDWLRQVQRWLILFDWLRQV GLVFRQQHFWGLVFRQQHFWGLVFRQQHFWGLVFRQQHFW SROLF\SROLF\SROLF\SROLF\ DQGDQGDQGDQG RWKHURWKHURWKHURWKHU DGYDQFHGDGYDQFHGDGYDQFHGDGYDQFHG RSWLRQVRSWLRQVRSWLRQVRSWLRQV7R ZRUN ZLWK DGYDQFHG :L)L VHWWLQJV 7XUQ RQ :L)L LI LWV QRW DOUHDG\ RQ ,Q WKH :L)L VHWWLQJV VFUHHQ WRXFK WKH 0HQX LFRQ DQG FKRRVH $GYDQFHG$GYDQFHG$GYDQFHG$GYDQFHG7KHVH DUH WKH VHWWLQJV \RX FDQ DGMXVWł1HWZRUN1HWZRUN1HWZRUN1HWZRUN QRWLILFDWLRQQRWLILFDWLRQQRWLILFDWLRQQRWLILFDWLRQ %\ GHIDXOW ZKHQ :L)L LV RQ \RX UHFHLYH QRWLILFDWLRQV LQ WKH 6WDWXV EDU ZKHQ \RXUGHYLFH GHWHFWV DQ RSHQ :L)L QHWZRUN 8QFKHFN WKLV RSWLRQ WR WXUQ RII QRWLILFDWLRQVł $YRLG$YRLG$YRLG$YRLG SRRUSRRUSRRUSRRU FRQQHFWLRQVFRQQHFWLRQVFRQQHFWLRQVFRQQHFWLRQV &KHFN WR DXWRPDWLFDOO\ DYRLG XVLQJ QHWZRUNV ZLWK D ORZTXDOLW\ RU LQWHUPLWWHQW,QWHUQHW FRQQHFWLRQł .HHS.HHS.HHS.HHS :L)L:L)L:L)L:L)L GXULQJGXULQJGXULQJGXULQJ VOHHSVOHHSVOHHSVOHHS 7R FRQVHUYH PRELOH GDWD XVDJH \RXU GHYLFH VWD\V FRQQHFWHG WR :L)L ZKHQ WKHVFUHHQ JRHV WR VOHHS7RXFK WKLV RSWLRQ WR FKDQJH WKLV GHIDXOW EHKDYLRU HLWKHU WR VWD\ FRQQHFWHG WR :L)L RQO\ ZKHQ WKH GHYLFH LVFRQQHFWHG WR D FKDUJHU ZKHQ EDWWHU\ OLIH LVQW D SUREOHP RU QHYHU WR VWD\ FRQQHFWHG WR:L)L GXULQJ VOHHS 7KH ODWWHU FKRLFH LV OLNHO\ WR LQFUHDVH PRELOH GDWD XVDJH <RX PD\ ZDQW WR UHYLVLW WKLVVHWWLQJ LI \RX UHFHLYH D QRWLILFDWLRQ WKDW \RXUH DSSURDFKLQJ \RXU VSHFLILHG PRELOH GDWD OLPLWł:L)L:L)L:L)L:L)L IUHTXHQF\IUHTXHQF\IUHTXHQF\IUHTXHQF\ EDQGEDQGEDQGEDQG  *+] %DQG7KLV VFUHHQ DOVR GLVSOD\V WKH IROORZLQJ LQIRUPDWLRQł0$&0$&0$&0$& DGGUHVVDGGUHVVDGGUHVVDGGUHVV 7KH 0HGLD $FFHVV &RQWURO 0$& DGGUHVV RI \RXU GHYLFH ZKHQ FRQQHFWHG WR D :L)LQHWZRUNł,3,3,3,3 DGGUHVVDGGUHVVDGGUHVVDGGUHVV 7KH ,QWHUQHW 3URWRFRO ,3 DGGUHVV DVVLJQHG WR WKH GHYLFH E\ WKH :L)L QHWZRUN \RX DUHFRQQHFWHG WR XQOHVV \RX XVHG WKH ,3 VHWWLQJV WR DVVLJQ LW D VWDWLF ,3 DGGUHVV
ZZZ/,16$<GLJLWDOFRP5HODWHG5HODWHG5HODWHG5HODWHG VHWWLQJVVHWWLQJVVHWWLQJVVHWWLQJV6HWWLQJV ! :LUHOHVV  QHWZRUNV ! :L)L6HWWLQJV ! :LUHOHVV  QHWZRUNV ! 'DWD XVDJH&RQQHFW&RQQHFW&RQQHFW&RQQHFW WRWRWRWR NH\ERDUGVNH\ERDUGVNH\ERDUGVNH\ERDUGV PLFHPLFHPLFHPLFH DQGDQGDQGDQG RWKHURWKHURWKHURWKHU GHYLFHVGHYLFHVGHYLFHVGHYLFHV<RX FDQ FRQQHFW D NH\ERDUG PRXVH RU HYHQ D MR\VWLFN RU RWKHU LQSXW GHYLFH WR \RXU WDEOHW YLD 86% DQG XVHLW MXVW DV \RX ZRXOG ZLWK D 3&<RX PD\ QHHG DQ DGDSWHU WR FRQQHFW WKH NH\ERDUG RU RWKHU GHYLFH WR \RXU WDEOHWV 86% SRUW 7R FRQQHFWPRUH WKDQ RQH 86% GHYLFH DW D WLPH XVH D SRZHUHG 86% KXE WR UHGXFH WKH GUDLQ RQ \RXU WDEOHWV EDWWHU\.H\ERDUGV.H\ERDUGV.H\ERDUGV.H\ERDUGV,Q DGGLWLRQ WR HQWHULQJ WH[W \RX FDQ XVH \RXU NH\ERDUG WR QDYLJDWH \RXU WDEOHWV IHDWXUHVł 8VH WKH DUURZ NH\V WR VHOHFW LWHPV RQ VFUHHQł 3UHVVLQJ 5HWXUQ ZKHQ DQ LWHP LV VHOHFWHG LV HTXLYDOHQW WR WRXFKLQJ WKDW LWHPł 3UHVVLQJ (VFDSH LV HTXLYDOHQW WR WRXFKLQJ %DFNł 3UHVV 7DE RU 6KLIW7DE WR PRYH IURP ILHOG WR ILHOG LQ D IRUP RU RWKHU VFUHHQ ZLWK PXOWLSOH WH[W ILHOGV0LFH0LFH0LFH0LFH:KHQ \RX FRQQHFW D PRXVH WR \RXU WDEOHW DQG PRYH WKH PRXVH DQ DUURZVKDSHG FXUVRU DSSHDUV MXVW DV RQD FRPSXWHUł 8VH WKH PRXVH WR PRYH WKH FXUVRUł &OLFNLQJ SUHVVLQJ DQG GUDJJLQJ ZLWK WKH PRXVH EXWWRQ LV HTXLYDOHQW WR WRXFKLQJ WRXFKLQJ  KROGLQJ DQGGUDJJLQJ ZLWK \RXU ILQJHUł 2QO\ RQH PRXVH EXWWRQ LV VXSSRUWHG2WKHU2WKHU2WKHU2WKHU LQSXWLQSXWLQSXWLQSXW GHYLFHVGHYLFHVGHYLFHVGHYLFHV
ZZZ/,16$<GLJLWDOFRP<RX FDQ RWKHU LQSXW GHYLFHV WR \RXU SKRQH +RZHYHU JDPHV DQG RWKHU DSSV PXVW EH GHVLJQHG WR VXSSRUWDQ\ VSHFLDO IHDWXUHV RI DQ LQSXW GHYLFH VXFK DV GHGLFDWHG EXWWRQV RU RWKHU FRQWUROV WR WDNH IXOO DGYDQWDJH RIWKHP&RQQHFW&RQQHFW&RQQHFW&RQQHFW WRWRWRWR DDDD :LQGRZV:LQGRZV:LQGRZV:LQGRZV FRPSXWHUFRPSXWHUFRPSXWHUFRPSXWHU YLDYLDYLDYLD 86%86%86%86%<RX FDQ XVH D 86% FDEOH WR FRQQHFW \RXU SKRQH WR D :LQGRZV FRPSXWHU DQG WUDQVIHU PXVLF SLFWXUHV DQGRWKHU ILOHV LQ ERWK GLUHFWLRQV:KHQ \RX FRQQHFW \RXU WDEOHW WR WKH 86% SRUW RQ \RXU FRPSXWHU LWV 86% VWRUDJH LV PRXQWHG DV D GULYH DQGDSSHDUV RQ \RXU FRPSXWHU VFUHHQ <RX FDQ QRZ FRS\ ILOHV EDFN DQG IRUWK DV \RX ZRXOG XVLQJ DQ\ RWKHUH[WHUQDO GHYLFH:KHQ \RXUH ILQLVKHG VLPSO\ GLVFRQQHFW WKH WDEOHW E\ XQSOXJJLQJ WKH 86% FDEOH6HWWLQJV ! 'HYLFH ! 6WRUDJH ! 0HQX ! 86% FRPSXWHU FRQQHFWLRQ0DQDJH0DQDJH0DQDJH0DQDJH DFFRXQWVDFFRXQWVDFFRXQWVDFFRXQWV$GG$GG$GG$GG RURURURU UHPRYHUHPRYHUHPRYHUHPRYH DFFRXQWVDFFRXQWVDFFRXQWVDFFRXQWV<RX FDQ XVH PXOWLSOH *RRJOH $FFRXQWV DQG 0LFURVRIW ([FKDQJH $FWLYH6\QF DFFRXQWV RQ \RXU GHYLFH<RX PD\ DOVR EH DEOH WR DGG RWKHU NLQGV RI DFFRXQWV GHSHQGLQJ RQ \RXU DSSV 6RPH \RX FDQ DGG LQ WKH$FFRXQWV  6\QF VFUHHQ DV GHVFULEHG KHUH 2WKHUV \RX DGG XVLQJ DQ DSS WKDW ZRUNV ZLWK WKRVH NLQGV RIDFFRXQWV )RU H[DPSOH \RX FDQ DGG ,0$3 DQG 323 HPDLO DFFRXQWV ZLWK WKH (PDLO DSS7R YLHZ WKH $FFRXQWV  V\QF VHWWLQJV VFUHHQ GHVFULEHG KHUH )URP D +RPH RU $OO $SSV VFUHHQ WRXFK WKH 6HWWLQJV LFRQ  8QGHU 3HUVRQDO WRXFK $FFRXQWV  V\QF$GG$GG$GG$GG DQDQDQDQ DFFRXQWDFFRXQWDFFRXQWDFFRXQW7R DGG VRPH DFFRXQWV \RX PD\ QHHG WR REWDLQ GHWDLOV IURP V\VWHP DGPLQLVWUDWRU DERXW WKH VHUYLFH WR ZKLFKWKH DFFRXQW FRQQHFWV )RU H[DPSOH \RX PD\ QHHG WR NQRZ WKH DFFRXQWV GRPDLQ RU VHUYHU DGGUHVV
ZZZ/,16$<GLJLWDOFRP *R WR 6HWWLQJV ! 3HUVRQDO ! $FFRXQWV  V\QF 7RXFK $GG DFFRXQW 7RXFK WKH NLQG RI DFFRXQW WR DGG )ROORZ WKH RQVFUHHQ VWHSV WR HQWHU LQIRUPDWLRQ DERXW WKH DFFRXQW0RVW DFFRXQWV UHTXLUH D XVHUQDPH DQG SDVVZRUG EXW WKH GHWDLOV GHSHQG RQ WKH NLQG RI DFFRXQW DQG WKHFRQILJXUDWLRQ RI WKH VHUYLFH \RXUH FRQQHFWLQJ WR'HSHQGLQJ RQ WKH NLQG RI DFFRXQW \RX PD\ EH DVNHG WR FRQILJXUH ZKDW NLQGV RI GDWD \RX ZDQW WR V\QFQDPH WKH DFFRXQW DQG RWKHU GHWDLOV:KHQ \RXUH ILQLVKHG WKH DFFRXQW LV DGGHG WR WKH OLVW LQ $FFRXQWV  V\QF 'HSHQGLQJ KRZ \RX FRQILJXUHGWKH DFFRXQW HPDLO FRQWDFWV DQG RWKHU LQIRUPDWLRQ VWDUW V\QFLQJ WR \RXU GHYLFH5HPRYH5HPRYH5HPRYH5HPRYH DQDQDQDQ DFFRXQWDFFRXQWDFFRXQWDFFRXQW<RX FDQ UHPRYH DQ DFFRXQW WR GHOHWH LW DQG DOO LQIRUPDWLRQ DVVRFLDWHG ZLWK LW IURP \RXU GHYLFH LQFOXGLQJ(PDLO FRQWDFWV VHWWLQJV DQG VR RQ *R WR 6HWWLQJV ! 3HUVRQDO ! $FFRXQWV  V\QF 7RXFK WKH DFFRXQW WR GHOHWH 7RXFK 0HQX LFRQ ! 5HPRYH DFFRXQW5HODWHG WRSLFV&RQILJXUH DFFRXQW V\QF RSWLRQV:K\ XVH D *RRJOH $FFRXQW"&RQILJXUH&RQILJXUH&RQILJXUH&RQILJXUH DFFRXQWDFFRXQWDFFRXQWDFFRXQW V\QFV\QFV\QFV\QF RSWLRQVRSWLRQVRSWLRQVRSWLRQV<RX FDQ FRQILJXUH V\QFKURQL]DWLRQ RSWLRQV IRU DQ\ RI \RXU DSSV <RX FDQ DOVR FRQILJXUH ZKDW NLQGV RI GDWD\RX V\QFKURQL]H IRU HDFK DFFRXQW 6RPH DSSV VXFK DV *PDLO DQG &DOHQGDU KDYH VHSDUDWH V\QFKURQL]DWLRQVHWWLQJV WKDW SURYLGH PRUH ILQHJUDLQHG FRQWURO ,Q VXFK FDVHV WKH VHWWLQJV \RX VHOHFW DW WKH DFFRXQW OHYHODUH VWLOO YDOLG)RU VRPH DFFRXQWV V\QFLQJ LV WZRGLUHFWLRQDO FKDQJHV WKDW \RX PDNH WR WKH LQIRUPDWLRQ RQ \RXU GHYLFH DUHPDGH WR WKH FRS\ RI WKDW LQIRUPDWLRQ RQ WKH ZHE <RXU *RRJOH $FFRXQW ZRUNV WKLV ZD\ 2WKHU DFFRXQWVVXSSRUW RQO\ RQHZD\ V\QF WKH LQIRUPDWLRQ RQ \RXU PRELOH GHYLFH LV UHDGRQO\
ZZZ/,16$<GLJLWDOFRP7R YLHZ WKH $FFRXQWV  V\QF VHWWLQJV VFUHHQ GHVFULEHG KHUH )URP D +RPH RU $OO $SSV VFUHHQ WRXFK WKH 6HWWLQJV LFRQ  8QGHU 3HUVRQDO WRXFK $FFRXQWV  V\QF6RPH DSSV DOVR KDYH WKHLU RZQ VHWWLQJV UHODWHG WR V\QFLQJ )RU H[DPSOH WR FRQWURO PHVVDJH V\QFLQJ LQ WKH*PDLO DSS WRXFK 0HQX LFRQ ! /DEHO VHWWLQJV ! 6\QF PHVVDJHV&RQILJXUH&RQILJXUH&RQILJXUH&RQILJXUH JJJJHQHUDOHQHUDOHQHUDOHQHUDO V\QFV\QFV\QFV\QF VHWWLQJVVHWWLQJVVHWWLQJVVHWWLQJV *R WR 6HWWLQJV ! 3HUVRQDO ! $FFRXQWV  V\QF,QGLFDWHV WKDW VRPH RU DOO RI DQ DFFRXQWV LQIRUPDWLRQ LV FRQILJXUHG WR V\QF DXWRPDWLFDOO\,QGLFDWHV WKDW QRQH RI DQ DFFRXQWV LQIRUPDWLRQ LV FRQILJXUHG WR V\QF DXWRPDWLFDOO\ &KHFN RU XQFKHFN 0HQX LFRQ ! $XWRV\QF DSS GDWD WR FRQWURO ZKHWKHU FKDQJHV \RX PDNH WR LQIRUPDWLRQRQ \RXU GHYLFH RU RQ WKH ZHE DUH DXWRPDWLFDOO\ V\QFHG ZLWK HDFK RWKHU,I \RX WXUQ RII $XWRV\QF \RX QHHG WR V\QF PDQXDOO\ WR FROOHFW PHVVDJHV HPDLO DQG RWKHU UHFHQWLQIRUPDWLRQ DQG ZRQW UHFHLYH QRWLILFDWLRQV ZKHQ XSGDWHV RFFXU)RU H[DPSOH ZKHQ WKLV RSWLRQ LV FKHFNHG FKDQJHV WKDW \RX PDNH LQ \RXU 3HRSOH DSS DUH DXWRPDWLFDOO\PDGH WR \RXU *RRJOH FRQWDFWV RQ WKH ZHE,I WKLV RSWLRQ LV QRW FKHFNHG \RX PD\ EH DEOH WR XVH DQ DSSOLFDWLRQV WRROV WR V\QF GDWD PDQXDOO\ <RX FDQDOVR V\QF PDQXDOO\ WR FROOHFW PHVVDJHV HPDLO DQG RWKHU UHFHQW LQIRUPDWLRQ /HDYLQJ $XWRV\QF RII FDQ KHOSH[WHQG \RXU EDWWHU\ OLIH EXW ZLOO SUHYHQW \RX IURP UHFHLYLQJ QRWLILFDWLRQV ZKHQ XSGDWHV RFFXU6\QF LQIRUPDWLRQ PDQXDOO\ *R WR 6HWWLQJV ! 3HUVRQDO ! $FFRXQWV  V\QF 7RXFK WKH DFFRXQW ZKRVH GDWD \RX ZDQW WR V\QF 7RXFK 0HQX LFRQ ! 6\QF QRZ&KDQJH&KDQJH&KDQJH&KDQJH DQDQDQDQ DFFRXQWDFFRXQWDFFRXQWDFFRXQWVVVV V\QFV\QFV\QFV\QF VHWWLQJVVHWWLQJVVHWWLQJVVHWWLQJV *R WR 6HWWLQJV ! 3HUVRQDO ! $FFRXQWV  V\QF 7RXFK WKH DFFRXQW ZKRVH V\QF VHWWLQJV \RX ZDQW WR FKDQJH7KH 6\QF 6HWWLQJV VFUHHQ RSHQV GLVSOD\LQJ D OLVW RI WKH NLQGV RI LQIRUPDWLRQ WKH DFFRXQW FDQ V\QF
ZZZ/,16$<GLJLWDOFRP &KHFN RU XQFKHFN LWHPV DV QHHGHG8QFKHFNLQJ DQ RSWLRQ GRHV QRW UHPRYH WKH LQIRUPDWLRQ IURP \RXU GHYLFH LW VLPSO\ VWRSV LW IURP EHLQJ NHSW LQV\QF ZLWK WKH YHUVLRQ RQ WKH ZHE6HFXUH6HFXUH6HFXUH6HFXUH \RXU\RXU\RXU\RXU WDEOHWWDEOHWWDEOHWWDEOHW6HW VFUHHQ ORFN'HSHQGLQJ KRZ \RX XVH \RXU SKRQH \RX PD\ ZDQW WR VHW VRPH IRUP RI DXWRPDWLF VFUHHQ ORFN WR SUHYHQWXQDXWKRUL]HG DFFHVV ,I D VFUHHQ ORFN KDV EHHQ VHW WKH VFUHHQ ORFNV ZKHQ \RXU SKRQHV GLVSOD\ JRHV WRVOHHS7R DGMXVW \RXU WDEOHW ORFN VHWWLQJV )URP D +RPH RU $OO $SSV VFUHHQ WRXFK WKH 6HWWLQJV LFRQ 7RXFK 3HUVRQDO ! 6HFXULW\ ! 6FUHHQ ORFN 7RXFK WKH W\SH RI ORFN \RX ZDQW DQG IROORZ WKH RQVFUHHQ LQVWUXFWLRQV<RX FDQ FKRRVH DPRQJ WKHVH ORFN RSWLRQV OLVWHG LQ DSSUR[LPDWH RUGHU RI VWUHQJWKz6OLGH SURYLGHV QR SURWHFWLRQ EXW OHWV \RX JHW WR WKH +RPH VFUHHQ TXLFNO\ RU RSHQ &DPHUD DQG VWDUWWDNLQJ SLFWXUHV LPPHGLDWHO\z3DWWHUQ OHWV \RX GUDZ D VLPSOH SDWWHUQ ZLWK \RXU ILQJHU WR XQORFN WKH SKRQHz3DVVZRUG UHTXLUHV IRXU RU PRUH OHWWHUV RU QXPEHUV 7KLV LV WKH PRVW VHFXUH RSWLRQ DV ORQJ DV \RXFUHDWH D VWURQJ SDVVZRUG ,PSRUWDQW )RU EHVW VHFXULW\ VSHFLI\ D SDVVZRUG WKDW LVz$ OHDVW  FKDUDFWHUV ORQJz&RQWDLQV D PL[WXUH RI QXPEHUV OHWWHUV DQG VSHFLDO V\PEROVz'RHVQW FRQWDLQ DQ\ UHFRJQL]DEOH ZRUGV RU SKUDVHV5HODWHG VHWWLQJV6HWWLQJV ! 'HYLFH ! 'LVSOD\ ! 6OHHS6HWWLQJV ! 3HUVRQDO ! 6HFXULW\ ! 0DNH SDWWHUQ YLVLEOH6SHFLDO6SHFLDO6SHFLDO6SHFLDO DWWHQWLRQDWWHQWLRQDWWHQWLRQDWWHQWLRQ˖
ZZZ/,16$<GLJLWDOFRP7KH7KH7KH7KH SRZHUSRZHUSRZHUSRZHU LQSXWLQSXWLQSXWLQSXW LVLVLVLV 9999$$$$ SOHDVHSOHDVHSOHDVHSOHDVH GRGRGRGR QRQRQRQRWWWWXVHXVHXVHXVH RWKHURWKHURWKHURWKHU VSHFVSHFVSHFVSHF:DUUDQW\:DUUDQW\:DUUDQW\:DUUDQW\ 3ROLF\3ROLF\3ROLF\3ROLF\2QH<HDU2QH<HDU2QH<HDU2QH<HDU /LPLWHG/LPLWHG/LPLWHG/LPLWHG :DUUDQW\:DUUDQW\:DUUDQW\:DUUDQW\ RQRQRQRQ 3DUWV3DUWV3DUWV3DUWV DQGDQGDQGDQG /DERU/DERU/DERU/DERU/,16$< SURYLGHV D 21(<($5 /,0,7(' :$55$17< DJDLQVWPDQXIDFWXULQJ GHIHFWV LQ PDWHULDOV DQG ZRUNPDQVKLS WR WKH RULJLQDOSXUFKDVHU RI D QHZ /,16$< SXUFKDVHG IURP DQ DXWKRUL]HG /,16$< 8672//72//72//72// )5((/,16$<+(/3)5((/,16$<+(/3)5((/,16$<+(/3)5((/,16$<+(/3
ZZZ/,16$<GLJLWDOFRPZKLFK EHJLQV RQ WKH GDWH RI SXUFKDVH E\ WKH FXVWRPHU &XVWRPHU LVUHVSRQVLEOH IRU PDLQWDLQLQJ SURRI RI GDWH RI SXUFKDVH DQG PXVW PDNH WKHUHJLVWUDWLRQ RI WKH SURGXFW LQWR RI  GD\V RI WKH SXUFKDVH RQKWWSZZZOLQVD\GLJLWDOFRPUHJLVWUDWLRQSKS WR YDOLGDWH WKH ZDUUDQW\/,16$<V/,16$<V/,16$<V/,16$<V 5HVSRQVLELOLW\5HVSRQVLELOLW\5HVSRQVLELOLW\5HVSRQVLELOLW\/,16$< SXUFKDVHG QHZ IURP DQ DXWKRUL]HG /,16$< 86 UHVHOOHU DQG WKDWDUH XVHG LQ WKH ILIW\  8QLWHG 6WDWHV RU 3XHUWR 5LFR DUH ZDUUDQWHG WR EHIUHH IURP PDQXIDFWXULQJ GHIHFWV LQ PDWHULDOV DQG ZRUNPDQVKLS IRU RQH \HDU IURP WKH GDWH RI WKH RULJLQDO UHWDLO SXUFKDVH /,16$<  OLPLWHGZDUUDQW\ FRYHUV RQO\ WKRVH GHIHFWV ZKLFK DULVH DV D UHVXOW RI QRUPDO XVHRI WKH SURGXFW DQG GR QRW DSSO\ WR DQ\ LPSURSHU RU LQDGHTXDWHPDLQWHQDQFH RU PRGLILFDWLRQ VRIWZDUH LQWHUIDFLQJ PHGLD SDUWV RUVXSSOLHV QRW SURYLGHG RU VXSSRUWHG E\ /,16$< RU RSHUDWLRQ RXWVLGH WKHSURGXFWV VSHFLILFDWLRQV,I /,16$< UHFHLYHV GXULQJ WKH DSSOLFDEOH ZDUUDQW\ SHULRG QRWLFH RI DGHIHFW LQ DQ\ KDUGZDUH SURGXFW ZKLFK LV FRYHUHG E\ /,16$< ZDUUDQW\/,16$< VKDOO HLWKHU UHSDLU RU UHSODFH WKH GHIHFWLYH SURGXFW DW /,16$<RSWLRQ,I /,16$< LV XQDEOH WR UHSDLU RU UHSODFH DV DSSOLFDEOH D GHIHFWLYH SURGXFWZKLFK LV FRYHUHG E\ /,16$< ZDUUDQW\ /,16$< VKDOO ZLWKLQ D UHDVRQDEOH
ZZZ/,16$<GLJLWDOFRPWLPH DIWHU EHLQJ QRWLILHG RI WKH GHIHFW UHIXQG WKH SXUFKDVH SULFH IRU WKHSURGXFW/,16$< VKDOO KDYH QR REOLJDWLRQ WR UHSDLU UHSODFH RU UHIXQG XQWLO WKHFXVWRPHU UHWXUQV WKH GHIHFWLYH SURGXFW WR /,16$<8QLWV VHQW WR /,16$< IRU UHSDLU ZLOO EH UHSDLU RU UHSODFHG ZLWK QHZ RUOLNHQHZ SURGXFW V RI WKH VDPH PRGHO ZLWK WKH VDPH IXQFWLRQDOLW\ DV WKHRULJLQDO XQLW 2ULJLQDO XQLW V ZLOO EH UHWXUQHG RQO\ DW /,16$< GLVFUHWLRQ3OHDVH EDFN XS DOO FRQWHQW DQG ILOHV RQ WKH GHYLFH /,16$< LV QRWUHVSRQVLEOH IRU DQ\ FRQWHQW RQ WKH RULJLQDO XQLW/,16$< OLPLWHG ZDUUDQW\ LV RQO\ YDOLG LQ WKH FRXQWU\ RI SXUFKDVH/,16$< ZLOO QRW YDOLGDWH SXUFKDVHV PDGH YLD WUDGH RU EDUWHU 7KLV SHUWDLQVWR WUDGH RU EDUWHU EHWZHHQ LQGLYLGXDOV RQ VLWHV VXFK DV (%D\ ZKHUH WUDGHRU EDUWHU WUDQVDFWLRQV DUH IDFLOLWDWHG/,16$< GRHV QRW ZDUUDQW GDPDJH LQFXUUHG WR WKH /&' RQ DQ\ XQLW VROG$Q\ PDQXIDFWXUHUV GHIHFW LV DW WKH VROH GLVFUHWLRQ DQG GLVFHUQPHQW RI/,16$< UHSDLU WHFKQLFLDQV DV WKH XQLW ZLOO QHHG WR EH LQ SRVVHVVLRQ RI WKHUHWXUQ DXWKRUL]DWLRQ QXPEHU 5$1 WHFKQLFLDQV IRU D IXOO DQG DFFXUDWH
ZZZ/,16$<GLJLWDOFRPHYDOXDWLRQ WR EH PDGH+RZ+RZ+RZ+RZ WRWRWRWR 2EWDLQ2EWDLQ2EWDLQ2EWDLQ :DUUDQW\:DUUDQW\:DUUDQW\:DUUDQW\ 6HUYLFH6HUYLFH6HUYLFH6HUYLFH7R REWDLQ ZDUUDQW\ VHUYLFH FRQWDFW /,16$< 7HFKQLFDO 6XSSRUW YLD HPDLODW 7HFKQLFDO6XSSRUW#OLQVD\GLJLWDOFRP <RX PXVW SURYLGH WKH PRGHOVHULDO QXPEHU DQG GDWH RI SXUFKDVH /,16$< 7HFKQLFDO 6XSSRUW LVDYDLODEOH IURP $0 WR 30 ($67 7LPH 0RQGD\ WKURXJK )ULGD\3OHDVH QRWH WKDW KROLGD\ KRXUV PD\ YDU\ )RU XS WR GDWH LQIRUPDWLRQSOHDVH YLVLW ZZZ/,16$<GLJLWDOFRP /,16$< UHVHUYHV WKH ULJKW WR DVVHVV DOO ZDUUDQW\ FODLPV DQG WR GHWHUPLQHLI GHIHFWV RU GDPDJHV DUH FRYHUHG E\ WKLV OLPLWHG ZDUUDQW\ ,Q FDVH RI DFODLP WKDW LV QRW FRYHUHG E\ WKLV ZDUUDQW\ \RX ZLOO EH FRQWDFWHG WRGHWHUPLQH ZKHWKHU /,16$< VKRXOG UHSDLU WKH GDPDJH IRU D IHH RU ZKHWKHUWKH SURGXFW VKRXOG EH UHWXUQHG WR \RX DV UHFHLYHG E\ WKH VHUYLFHWHFKQLFLDQ RU VHUYLFH FHQWHU3DUWV DQG VHUYLFH ODERU WKDW DUH /,16$<V UHVSRQVLELOLW\ XQGHU WKLV OLPLWHGZDUUDQW\ ZLOO EH SURYLGHG ZLWKRXW FKDUJH $OO RWKHU VHUYLFH LV DW WKHFXVWRPHUV H[SHQVH /,16$< UHVHUYHV WKH ULJKW WR FKDUJH WKH FXVWRPHUIRU DQ\ VHUYLFH FDOO IRU DQ\WKLQJ QRW FRYHUHG E\ WKLV OLPLWHG ZDUUDQW\
ZZZ/,16$<GLJLWDOFRP%HIRUH \RX DVN IRU ZDUUDQW\ VHUYLFH SOHDVH UHYLHZ \RXU 8VHU 0DQXDO <RXPD\ DYRLG D VHUYLFH FDOO DQG D VHUYLFH FKDUJH3OHDVH UHIHU WR WKH UHYHUVH VLGH RI WKLV SDJH IRU DGGLWLRQDO LQIRUPDWLRQUHJDUGLQJ KRZ WR REWDLQ ZDUUDQW\ VHUYLFH3/($6(3/($6(3/($6(3/($6( '2'2'2'2 127127127127 5(78515(78515(78515(7851 <285<285<285<285 81,781,781,781,7 72727272 /,16$</,16$</,16$</,16$< :,7+287:,7+287:,7+287:,7+287 35,2535,2535,2535,25$87+25,=$7,21$87+25,=$7,21$87+25,=$7,21$87+25,=$7,211RW1RW1RW1RW &RYHUHG&RYHUHG&RYHUHG&RYHUHG7KLV OLPLWHG ZDUUDQW\ GRHV QRW FRYHU WKH IROORZLQJ FRVPHWLF GHIHFWVGDPDJH PDOIXQFWLRQV RU IDLOXUHV UHVXOWLQJ IURP VKLSSLQJ RU WUDQVLWLPSURSHU RU IDXOW\ LQVWDOODWLRQ DEXVH RSHUDWLRQ FRQWUDU\ WR IXUQLVKHGLQVWUXFWLRQV RSHUDWLRQ RQ LQFRUUHFW SRZHU VXSSOLHV SURGXFWV QRW VXSSOLHGE\ /,16$< PRGLILFDWLRQ DOWHUDWLRQ LPSURSHU VHUYLFLQJ RU WDPSHULQJGDPDJH IURP ILUH ZDWHU OLJKWQLQJ SRZHU VXUJHV DEQRUPDO HQYLURQPHQWDOFRQGLWLRQV RU RWKHU DFWV RI QDWXUH QRUPDO ZHDU DQG WHDU XQVDWLVIDFWRU\YLVXDO RU DXGLR SHUIRUPDQFH QRW FDXVHG E\ D PDQXIDFWXULQJ GHIHFW RUGLVSOD\V ZLWK D PLVVLQJ RU XQUHDGDEOH VHULDO QXPEHU7+(5( $5( 12 (;35(66 :$55$17,(6 27+(5 7+$1 7+26(/,67(' 25 '(6&5,%(' $%29( $1< ,03/,(' :$55$17,(6,1&/8',1* $1< ,03/,(' :$55$17< 2) 0(5&+$17$%,/,7< $1'
ZZZ/,16$<GLJLWDOFRP),71(66 )25 $ 3$57,&8/$5 385326( 6+$// %( /,0,7(' ,1'85$7,21 72 7+( 3(5,2' 2) 7,0( 6(7 )257+ $%29( /,16$<6727$/ /,$%,/,7< )25 $1< $1' $// /266(6 $1' '$0$*(65(68/7,1* )520 $1< &$86( :+$762(9(5 ,1&/8',1*/,16$<6 1(*/,*(1&( $//(*(' '$0$*( 25 '()(&7,9(*22'6 :+(7+(5 68&+ '()(&76 $5( ',6&29(5$%/( 25/$7(17 6+$// ,1 12 (9(17 (;&((' 7+( 385&+$6( 35,&( 2)7+( 352'8&7/,16$< 6+$// 127 %( 5(63216,%/( )25 /266 2) 86(&200(5&,$/ /266 /267 5(9(18( 25 /267 352),76 2527+(5 ,1&,'(17$/ 25 &216(48(17,$/ '$0$*(6 620(67$7(6 '2 127 $//2: /,0,7$7,216 21 +2: /21* $1 ,03/,(':$55$17< /$676 25 7+( (;&/86,21 25 /,0,7$7,21 2),1&,'(17$/ 25 &216(48(17,$/ '$0$*(6 62 7+( $%29(/,0,7$7,216 25 (;&/86,216 0$< 127 $33/< 72 <287KLV ZDUUDQW\ JLYHV \RX VSHFLILF OHJDO ULJKWV DQG \RX PD\ DOVR KDYH RWKHUULJKWV ZKLFK YDU\ IURP VWDWH WR VWDWH 7KLV LV WKH RQO\ ZDUUDQW\ DSSOLFDEOHQR RQH LV DXWKRUL]HG WR H[WHQG RU PRGLI\ LW RU WR JUDQW DQ\ RWKHU ZDUUDQW\RQ /,16$<V EHKDOI2ZQHUV2ZQHUV2ZQHUV2ZQHUV 5HVSRQVLELOLW\5HVSRQVLELOLW\5HVSRQVLELOLW\5HVSRQVLELOLW\
ZZZ/,16$<GLJLWDOFRP7R HQVXUH ZDUUDQW\ VHUYLFH NHHS WKH GDWHG ELOO RU VDOHV UHFHLSW DVHYLGHQFH RI WKH SXUFKDVH GDWH DQG ORFDWLRQ 7KLV OLPLWHG ZDUUDQW\ DSSOLHVRQO\ WR RULJLQDO SXUFKDVHU DQG LV QRQWUDQVIHUDEOH:DUUDQW\ VHUYLFH FRQGLWLRQV DUH VXEMHFW WR FKDQJH )RU WKH ODWHVW :DUUDQW\7HUPV DQG &RQGLWLRQV DQG DGGLWLRQDO LQIRUPDWLRQ UHJDUGLQJ /,16$<V/LPLWHG 3URGXFW :DUUDQW\ SOHDVH VHH FRPSOHWH GHWDLOV RQOLQH DWZZZ/,16$<GLJLWDOFRP
ZZZ/,16$<GLJLWDOFRP)+'&25()+'&25()+'&25()+'&25(0DQXDO0DQXDO0DQXDO0DQXDO GHOGHOGHOGHO 8VXDULR8VXDULR8VXDULR8VXDULRŝŝŝŝȄȄȄȄ   
ZZZ/,16$<GLJLWDOFRP35(&$8&,21(635(&$8&,21(635(&$8&,21(635(&$8&,21(6 '('('('( 6(*85,'$'6(*85,'$'6(*85,'$'6(*85,'$'x1R VRPHWHU HO GLVSRVLWLYR D LPSDFWR VHYHUR R FDHU GHVGH DOWXUDVx1R XWLOLFH HO GLVSRVLWLYR HQ FRQGLFLRQHV H[WUHPDV GH FDOLHQWHV R IUtDV K~PHGDV R SROYRULHQWDV 1R H[SRQHU DOD OX] GLUHFWD GHO VROx(YLWH XVDU HO GLVSRVLWLYR FHUFD GH IXHUWHV FDPSRV PDJQpWLFRVx)XQFLRQDPLHQWR QRUPDO GHO SURGXFWR SXHGH VHU SHUWXUEDGR SRU (6' 6L HV DVt VLPSOHPHQWH UHVWDEOHFHU \UHLQLFLDU HO GLVSRVLWLYR VLJXLHQGR HO PDQXDO GH LQVWUXFFLRQHV 'XUDQWH OD WUDQVPLVLyQ GH DUFKLYRV SRU IDYRUPDQHMDU FRQ FXLGDGR \ RSHUDQ HQ XQ HQWRUQR OLEUH GH HVWiWLFDx0DQWHQJD HO GLVSRVLWLYR OHMRV GH DJXD \ RWURV OtTXLGRV (Q FDVR GH TXH LQJUHVH DJXD X RWURV OtTXLGRV HOGLVSRVLWLYR DSDJXH HO SURGXFWR LQPHGLDWDPHQWH \ OLPSLDU HO GLVSRVLWLYRx1R XWLOL]DU SURGXFWRV TXtPLFRV SDUD OLPSLDU HO GLVSRVLWLYR SDUD HYLWDU OD FRUURVLyQ /LPSLDUOR FRQ XQ SDxR VHFRx1R LQVWDOH HVWH HTXLSR HQ XQ HVSDFLR UHGXFLGR FRPR XQ FDVR GH OLEUR R XQLGDG VLPLODU /D YHQWLODFLyQ QR GHEHYHUVH REVWDFXOL]DGD SRU FXEULU ODV DEHUWXUDV GH YHQWLODFLyQ FRQ HOHPHQWRV FRPR SHULyGLFR PDQWHOHV FRUWLQDVHWFx1R KD\ IXHQWHV GH OODPD GHVQXGD WDOHV FRPR YHODV HQFHQGLGDV GHEHQ FRORFDUVH HQ HO DSDUDWRx'HEH SUHVWDUVH DWHQFLyQ D ORV DVSHFWRV PHGLRDPELHQWDOHV GH OD HOLPLQDFLyQ GH OD EDWHUtDx8WLOLFH HO DSDUDWR HQ FOLPDV PRGHUDGRVx1RVRWURV QR VRPRV UHVSRQVDEOHV SRU GDxRV R SpUGLGD GH GDWRV FDXVDGDV SRU PDO IXQFLRQDPLHQWR PDO XVRPRGLILFDFLyQ GH OD EDWHUtD R HO GLVSRVLWLYR GH UHHPSOD]Rx1R LQWHQWH GHVPRQWDU UHSDUDU R PRGLILFDU HO SURGXFWR (VWR LQYDOLGDUi OD JDUDQWtDx6L HO GLVSRVLWLYR QR VH XWLOL]D GXUDQWH XQ SHUtRGR SURORQJDGR GH WLHPSR SRU IDYRU FDUJDU OD EDWHUtD DO PHQRVXQD YH] DO PHV SDUD PDQWHQHU OD YLGD GH OD EDWHUtDx&DUJDU OD EDWHUtD VL D HO LFRQR GH QLYHO GH EDWHUtD PXHVWUD XQD EDWHUtD YDFtD E ORV SRGHUHV GH GLVSRVLWLYRDSDJDGR DXWRPiWLFDPHQWH FXDQGR UHLQLFLH F QR KD\ UHVSXHVWD DO SUHVLRQDU WHFODV FRQ WHFODV GHVEORTXHDGDV\ EDWHUtD FRPSOHWDx1R LQWHUUXPSD OD FRQH[LyQ FXDQGR HO GLVSRVLWLYR HVWi VLHQGR IRUPDWHDGRV R WUDQVIHUHQFLD GH DUFKLYRV 'H ORFRQWUDULR GDWRV SXHGHQ VHU GDxDGRV R SHUGLGRVx&XDQGR HO GLVSRVLWLYR VH XWLOL]D FRPR XQ +' SRUWDEOH XWLOLFH VyOR SRU ODV LQVWUXFFLRQHV 'H OR FRQWUDULR SRGUtDSURGXFLUVH OD SpUGLGD SHUPDQHQWH GH GDWRVx3RU IDYRU XWLOL]DU H LQVWDODU GDWRV XWLOL]DQGR ORV DUFKLYRV DGMXQWRV \ DFFHVRULRV VLHPSUH \ VyOR VHJ~QLQVWUXFFLRQHV GHO IDEULFDQWH &RQVXOWH OD LQIRUPDFLyQ HQ OD SDUWH LQIHULRU GHO GLVSRVLWLYR SDUD HOpFWULFRV HLQIRUPDFLyQ GH VHJXULGDG DQWHV GH LQVWDODU GDWRV R IXQFLRQDPLHQWR GHO GLVSRVLWLYRx3DUD UHGXFLU HO ULHVJR GH LQFHQGLR R GHVFDUJDV HOpFWULFDV QR H[SRQJD HVWH GLVSRVLWLYR D OOXYLD R KXPHGDG (OGLVSRVLWLYR QR GHEH HVWDU H[SXHVWR DO JRWHR R VDOSLFDGXUDV 1R FRORTXH REMHWRV OOHQDGRV GH OtTXLGRV WDOHVFRPR MDUURQHV HQ HO GLVSRVLWLYRx+D\ SHOLJUR GH H[SORVLyQ VL OD EDWHUtD VH UHHPSOD]D LQFRUUHFWDPHQWH 5HHPSOD]DU VyOR FRQ HO WLSR LJXDO RHTXLYDOHQWHx/D EDWHUtD EDWHUtD R SLODV R EDWHUtDV QR GHEH HVWDU H[SXHVWD DO FDORU H[FHVLYR FRPR OD OX] VRODU IXHJR RVLPLODUHVx3RU IDYRU VLJD ORV SURFHGLPLHQWRV UHVSRQVDEOHV SDUD OD HOLPLQDFLyQ GH OD EDWHUtDx6L GHVFRQHFWD HO DGDSWDGRU GH DOLPHQWDFLyQ GHO GLVSRVLWLYR HO GLVSRVLWLYR VHJXLUi VLHQGR RSHUDEOH FRPR ODEDWHUtD WLHQH FDUJD VXILFLHQWH
ZZZ/,16$<GLJLWDOFRPx(O DGDSWDGRU GH DOLPHQWDFLyQ HV XQ DSDUDWR GH FODVH ,, FRQ GREOH DLVODPLHQWR \ QR VH SURSRUFLRQD QLQJ~QWHUUHQR H[WHUQRx([SOLFDFLyQ GHO VtPEROR GH VHJXULGDG (O UHOiPSDJR FRQ HO VtPEROR GH IOHFKD GHQWUR GH XQ WULiQJXOR HTXLOiWHUR SUHWHQGH DOHUWDU DO XVXDULR GH ODSUHVHQFLD GH DLVODGRV QR YROWDMH SHOLJURVR GHQWUR GH OD FDMD GHO SURGXFWR TXH SXHGH VHU GH VXILFLHQWHPDJQLWXG FRPR SDUD HQWUDxDU XQ ULHVJR GH GHVFDUJD HOpFWULFD 3DUD UHGXFLU HO ULHVJR GH GHVFDUJD HOpFWULFD KDFHU QR TXLWDU OD FXELHUWD R SRVWHULRU FRPR DOOt QR HV FRQWLHQHSLH]DV ~WLOHV SDUD HO XVXDULRV 6ROLFLWH D\XGD D SHUVRQDO FDOLILFDGR (O VLJQR GH H[FODPDFLyQ GHQWUR GH XQ WULiQJXOR HTXLOiWHUR SUHWHQGH DOHUWDU DO XVXDULR GH OD SUHVHQFLD GHLPSRUWDQWHV GH IXQFLRQDPLHQWR \ PDQWHQLPLHQWR LQVWUXFFLRQHV HQ OD GRFXPHQWDFLyQ TXH DFRPSDxD DOGLVSRVLWLYR /D FRUUHFWD HOLPLQDFLyQ GH HVWH SURGXFWR (VWH PDUFDGRU LQGLFD TXH HVWH SURGXFWR QR GHEH HOLPLQDUVH GH FRQRWURV UHVLGXRV GRPpVWLFRV HQ OD 8( 3DUD HYLWDU SRVLEOHV GDxRV SDUD HO PHGLR DPELHQWH R OD VDOXG KXPDQD ODHOLPLQDFLyQ LQFRQWURODGD GH UHVLGXRV UHFLFODU UHVSRQVDEOHPHQWH SDUD SURPRYHU OD UHXWLOL]DFLyQ VRVWHQLEOH GHUHFXUVRV PDWHULDOHV 3DUD GHVKDFHUVH GH VX GLVSRVLWLYR XWLOL]DGR SRU IDYRU XWLOLFH ORV VLVWHPDV GH GHYROXFLyQ \FROHFFLyQ GLVSRQLEOHV HQ VX iUHD R SyQJDVH HQ FRQWDFWR FRQ HO GLVWULEXLGRU GRQGH DGTXLULy HO SURGXFWR3XHGHQ WRPDU HVWH SURGXFWR SDUD UHFLFODMH PHGLR DPELHQWH VHJXUR (VWH HTXLSR VH GHEH LQVWDODU \ RSHUDGR D GLVWDQFLD PtQLPD GH  FP HQWUH HO UDGLDGRU  VX FXHUSR &( HQ ORV SDtVHV GRQGH HO SURGXFWR SXHGH VHU XWLOL]DGR OLEUHPHQWH $OHPDQLD 8. ,WDOLD (VSDxD %pOJLFD3DtVHV %DMRV 3RUWXJDO *UHFLD ,UODQGD 'LQDPDUFD /X[HPEXUJR $XVWULD )LQODQGLD 6XHFLD 1RUXHJD H,VODQGLD (Q )UDQFLD H[FHSWR HO FDQDO  D  OD OH\ SURKtEH HO XVR GH RWURV FDQDOHV3UHFDXFLRQHV3UHFDXFLRQHV3UHFDXFLRQHV3UHFDXFLRQHV(VWH SURGXFWR UHVSHWD OD QRUPDWLYD YLJHQWH SDUD OLPLWDU HO YROXPHQ GH VDOLGD GH GLVSRVLWLYRV GH VRQLGR GHFRQVXPLGRU D XQ QLYHO VHJXUR $O HVFXFKDU VX GLVSRVLWLYR FRQ DXULFXODUHV R DXULFXODUHV HQ JUDQGHV YRO~PHQHVFRUUHV HO ULHVJR GH GDxR SHUPDQHQWH D VXV RtGRV ,QFOXVR VL WH DFRVWXPEUDV D HVFXFKDU HQ JUDQGHVYRO~PHQHV \ SDUHFH QRUPDO TXH D~Q FRUUH HO ULHVJR GH OD SRVLELOLGDG GH GDxDU VX DXGLFLyQ 5HGXFLU HO
ZZZ/,16$<GLJLWDOFRPYROXPHQ GHO GLVSRVLWLYR D XQ QLYHO UD]RQDEOH SDUD HYLWDU GDxRV DXGLWLYRV SHUPDQHQWHV 6L HVFXFKD ]XPELGRVHQ ORV RtGRV UHGXFLU HO YROXPHQ R DSDJDU HO GLVSRVLWLYR (VWH GLVSRVLWLYR KD VLGR SUREDGR FRQ ORV DXULFXODUHVVXPLQLVWUDGRV $ ILQ GH SUHVHUYDU VX DXGLHQFLD VH DFRQVHMD TXH XWLOLFH VyOR ORV VLJXLHQWHV PRGHORV GHDXULFXODUHV ORV DXULFXODUHV VXPLQLVWUDGRV FRQ HO GLVSRVLWLYR R FXDOTXLHU RWUR DXULFXODU TXH UHVSHWHQ ODQRUPDWLYD YLJHQWH 2WURV WLSRV GH DXULFXODUHV SXHGHQ SURGXFLU PD\RUHV QLYHOHV GH YROXPHQ $ SOHQD SRWHQFLDOD HVFXFKD SURORQJDGD GHO KRPEUH GH D SLH SXHGH GDxDU HO RtGR GHO XVXDULR0i[LPR YROWDMH GH VDOLGD    PY1R XWLOLFH PLHQWUDV RSHUD XQ YHKtFXOR PRWRUL]DGR 3XHGH FUHDU XQ SHOLJUR GH WUiILFR \ HV LOHJDO HQ PXFKDViUHDV'HEH XVDU H[WUHPD SUHFDXFLyQ R VXVSHQGHU WHPSRUDOPHQWH HO XVR HQ VLWXDFLRQHV SRWHQFLDOPHQWH SHOLJURVDVFUHDGDV SRU OD DXGLHQFLD REVWUXLGR,QFOXVR VL VXV DXGtIRQRV R DXULFXODUHV VRQ GHO WLSR DO DLUH OLEUH GLVHxDGR SDUD KDFHUOH HVFXFKDU IXHUD GHVRQLGRV QR VXELU HO YROXPHQ WDQ DOWR TXH QR SXHGH HVFXFKDU OR TXH HVWi DOUHGHGRU6RQLGR SXHGH VHU SUREOHPiWLFR &RQ HO WLHPSR VX DXGLHQFLD FRQIRUW VH DGDSWD D ORV PD\RUHV YRO~PHQHV GHVRQLGR /R TXH SDUHFH QRUPDO SXHGH VHU UHDOPHQWH IXHUWH \ SHUMXGLFLDO SDUD VX DXGLHQFLD 3URWHJHUVH FRQWUDHVWD HVWDEOHFLHQGR HO YROXPHQ GHO GLVSRVLWLYR D XQ QLYHO VHJXUR DQWHV GH VX DXGLHQFLD VH DGDSWD3DUD HVWDEOHFHU XQ QLYHO GH YROXPHQ VHJXURD LQLFLDU HO FRQWURO GH YROXPHQ HQ XQ YDORU EDMRE OHQWDPHQWH DXPHQWDU HO VRQLGR KDVWD TXH VH SXHGH HVFXFKDU FyPRGDPHQWH \ FODUDPHQWH \ VLQ GLVWRUVLyQ8QD YH] TXH KDQ HVWDEOHFLGR XQ QLYHO VRQRUR FRQIRUWDEOH GHMDUOR DOOt(VWH PDQXDO QR SXHGH UHIOHMDU OD RSHUDFLyQ GHO GLVSRVLWLYR UHDO 7RGD OD LQIRUPDFLyQ HVWi VXMHWD D FDPELRV VLQSUHYLR DYLVR 3RU IDYRU VLJD SURFHGLPLHQWRV RSHUDFLRQDOHV GHO GLVSRVLWLYR UHDO
ZZZ/,16$<GLJLWDOFRP%RWRQHV%RWRQHV%RWRQHV%RWRQHV  3XHUWRV3XHUWRV3XHUWRV3XHUWRV
ZZZ/,16$<GLJLWDOFRP'HVSXpV GH LQWURGXFLU HQ ORV VLVWHPDV HQ OD SDUWH LQIHULRU GH OD SDQWDOOD HQFRQWUDUi WUHV ERWRQHV GHQDYHJDFLyQ 6LHPSUH HVWi GLVSRQLEOH 1R LPSRUWD OR TXH KDFHV FRQ 7DEOHW 3& VLHPSUH SXHGH YROYHU D ODSDQWDOOD GH LQLFLR SULQFLSDO R YROYHU D ODV SDQWDOODV DQWHULRUHV,FRQR 1RPEUH 'HVFULSFLyQ'HVSXpV GH XQ FRUWR WLHPSR VLQ DFRVWXPEUDUVH HVWRV ERWRQHV SXHGHQ UHGXFLU D SXQWRV R GHVDSDUHFHUGHSHQGLHQGR GH OD DSOLFDFLyQ DFWXDO 3DUD WUDHUORV GH UHJUHVR WRTXH VX XELFDFLyQ(O LFRQR GH WRGDV ODV DSOLFDFLRQHV HQ OD HVTXLQD VXSHULRU GHUHFKD HV SHUPDQHQWH 3XOVH SDUD YHUWRGRV ORV ZLGJHWV \ DSSV/D PLWDG GH OD SDQWDOOD GH LQLFLR SXHGH FRQWHQHU DSS \ LFRQRV GH ZLGJHW DGHPiV GH ODV FDUSHWDVz3DUD DEULU XQD DSOLFDFLyQ FDUSHWDV R ZLGJHW SXOVH HQ HO LFRQRz3DUD YHU ODV SDQWDOODV GH LQLFLR DGLFLRQDOHV GHVOL]DU HO GHGR UiSLGDPHQWH D OD L]TXLHUGD R OD GHUHFKD%DFN $EUD OD SDQWDOOD DQWHULRU TXHHVWDEDQ WUDEDMDQGR DXQTXH VHDHQ XQD DSOLFDFLyQ GLIHUHQWH 1RXQD YH] KDVWD OD SDQWDOOD GHLQLFLR SXHGH YROYHU PiV HQ VXKLVWRULD+RPH 2SHQ +RPH 6L HVWi YLHQGR XQDSDQWDOOD L]TXLHUGD R GHUHFKDLQLFLR DEUH OD SDQWDOOD GH LQLFLRFHQWUDO5HFHQW $SSV $EUH XQD OLVWD GH LPiJHQHVHQ PLQLDWXUD GH DSOLFDFLRQHV TXHXVWHG KD WUDEDMDGRUHFLHQWHPHQWH 7RS DEULU XQDDSS WRFDUOR 3DUD TXLWDU XQD
ZZZ/,16$<GLJLWDOFRP(Q OD SDUWH LQIHULRU GH OD SDQWDOOD YHUi DOJR SDUHFLGR D HVWR,FRQRV GH HVWDGR GH OD L]TXLHUGD GHFLUOH TXp DSOLFDFLRQHV KDQ HQYLDGR ODV QRWLILFDFLRQHV SRU HMHPSOR TXHKD OOHJDGR XQ PHQVDMH R HV HO PRPHQWR SDUD XQD UHXQLyQ,FRQRV GHO VLVWHPD VREUH HO GHUHFKR GH PRVWUDU OD LQDOiPEULFD DFWXDO \ IXHU]D GH FRQH[LyQ GH UHG QLYHO GHEDWHUtD WLHPSR \ PiV7RTXH7RTXH7RTXH7RTXH  WLSLDUWLSLDUWLSLDUWLSLDU8WLOLFH ORV GHGRV SDUD PDQLSXODU ORV LFRQRV ERWRQHV PHQ~V HO WHFODGR HQ SDQWDOOD \ RWURV HOHPHQWRV GH ODSDQWDOOD WiFWLO 7DPELpQ SXHGH FDPELDU OD RULHQWDFLyQ GH OD SDQWDOOD3DUD VHOHFFLRQDU R DFWLYDU DOJR WRFDUOR3DUD HVFULELU DOJR FRPR XQ QRPEUH FRQWUDVHxD R WpUPLQRV GH E~VTXHGD VyOR WRTXH GRQGH GHVHH HVFULELU8Q WHFODGR DSDUHFH TXH SHUPLWH HVFULELU HQ HO FDPSR2WKHU FRPPRQ JHVWXUHV LQFOXGHz7RTXH7RTXH7RTXH7RTXH  WLHQHQWLHQHQWLHQHQWLHQHQ 7RTXH  WLHQHQ XQ HOHPHQWR HQ OD SDQWDOOD SRU WRFDUOR \ QR OHYDQWDU HO GHGR KDVWD TXHVH SURGXFH XQD DFFLyQz$UUDVWUDU$UUDVWUDU$UUDVWUDU$UUDVWUDU 7RTXH  PDQWHQJD XQ HOHPHQWR SRU XQ PRPHQWR \ OXHJR VLQ OHYDQWDU HO GHGR PRYHU HO GHGRHQ OD SDQWDOOD KDVWD OOHJDU D OD SRVLFLyQ GH GHVWLQR 3RU HMHPSOR SXHGH DUUDVWUDU D FRORFDU DFFHVRVGLUHFWRV HQ OD SDQWDOOD GH LQLFLRz0RYHU0RYHU0RYHU0RYHU 0RYHUVH UiSLGDPHQWH HO GHGR VREUH OD VXSHUILFLH GH OD SDQWDOOD VLQ GHWHQHUVH FXDQGR WH WRTXHSULPHUR SRU OR WDQWR QR DUUDVWUD DOJR HQ VX OXJDU 3RU HMHPSOR SXHGH GHVOL]DUVH XQD SDQWDOOD GH LQLFLRGH L]TXLHUGD R GHUHFKD YHU ODV RWUDV SDQWDOODV GH LQLFLRz3HOOLVFDU3HOOLVFDU3HOOLVFDU3HOOLVFDU (Q DOJXQDV DSOLFDFLRQHV FRPR PDSDV H[SORUDGRU \ *DOHUtD SXHGH DFHUFDU \ DOHMDU SRUFRORFDU GRV GHGRV HQ OD SDQWDOOD D OD YH] \ DSULHWDQ MXQWRV SDUD DOHMDU R OHV GLIXVLyQ DSDUWH SDUDDFHUFDU OD LPDJHQz5RWDU5RWDU5RWDU5RWDU HOHOHOHO VFUHHQVFUHHQVFUHHQVFUHHQ (Q OD PD\RUtD GH ODV SDQWDOODV OD RULHQWDFLyQ GH OD SDQWDOOD URWD FRQ HO GLVSRVLWLYRFRPR VH FRQYLHUWHQ 3XHGH FDPELDU HVWD FRQILJXUDFLyQ GH YLVXDOL]DFLyQ6HWWLQJV6HWWLQJV6HWWLQJV6HWWLQJV UHODFLRQDGRVUHODFLRQDGRVUHODFLRQDGRVUHODFLRQDGRV6HWWLQJV ! 'HYLFH ! 6RXQG6HWWLQJV ! 'HYLFH ! 'LVSOD\8WLOLFH8WLOLFH8WLOLFH8WLOLFH ODODODOD SDQWDOODSDQWDOODSDQWDOODSDQWDOOD GHGHGHGH EORTXHREORTXHREORTXHREORTXHR
ZZZ/,16$<GLJLWDOFRP3DUD SURWHJHU OD LQIRUPDFLyQ SHUVRQDO SXHGH DMXVWDU OD FRQILJXUDFLyQ GH EORTXHR GH VX WHOpIRQR 'HVGH OD SDQWDOOD GH LQLFLR R WRGDV ODV DSOLFDFLRQHV SXOVH HQ HO LFRQR GH FRQILJXUDFLyQ 'HVSOiFHVH KDFLD DEDMR \ SXOVH HQ VHJXULGDG 7RTXH HO FDQGDGR HQ HO 6FUHHQ 7RTXH HO WLSR GH EORTXHR TXH OH JXVWDUtD XVDU'HVSXpV GH HVWDEOHFHU XQ EORTXHR DTXt XQDSDQWDOOD GH EORTXHR PXHVWUD VLHPSUH OD SDQWDOODGHVSLHUWD VROLFLWDQGR HO SDWUyQ 3,1 R FODYH HVSHFLILFDGR,PSRUWDQWHV RSFLRQHV GH EORTXHR GHSDQWDOOD DSDUHFHQ HQ HO RUGHQ DSUR[LPDGR GH OD IXHU]D GH VX VHJXULGDG FRPHQ]DQGR FRQ QLQJXQR\ GLDSRVLWLYDV TXH QR RIUHFHQ QLQJXQD VHJXULGDG 'HVEORTXHR GH FDUD \ SDWUyQ SURSRUFLRQDQVHJXULGDG PtQLPD DXQTXH SXHGH VHU PiV FRQYHQLHQWHV TXH ODV RSFLRQHV PiV IXHUWHV6L HO HTXLSR 7DEOHW 3& GH WRFDU P~VLFD FXDQGR VH EORTXHD OD SDQWDOOD SXHGH FRQWLQXDU HVFXFKDQGR RSDXVDU OD VHOHFFLyQ VLQ GHVEORTXHDU+DFHUWH+DFHUWH+DFHUWH+DFHUWH HQHQHQHQ FDVDFDVDFDVDFDVD&DPELDU&DPELDU&DPELDU&DPELDU HOHOHOHO ZDOOSDSHUZDOOSDSHUZDOOSDSHUZDOOSDSHU)RQGRV GH SDQWDOOD VRQ LPiJHQHV GH 2:/ 3OD\HU IRWRJUDItDV ILOPDGR FRQ FiPDUD VLQFURQL]DGR GH3LFDVD HWF LPiJHQHV ILMDV LQFOX\HQ FRQ HO VLVWHPD \ YLYHQ LPiJHQHV FRPR XQD DQLPDFLyQ R XQ PDSD TXHVH FHQWUD HQ VX XELFDFLyQ 7RPDQ HO OXJDU GHO IRQGR SUHGHWHUPLQDGR SDUD ODV SDQWDOODV GH LQLFLR 7RTXH  FHOHEUDU HQ FXDOTXLHU OXJDU VREUH XQD SDQWDOOD GH LQLFLR TXH QR HVWi RFXSDGD $SDUHFHUi XQDOLVWD GH RSFLRQHV 7RTXH XQD IXHQWH GH SDSHO WDSL]2:/2:/2:/2:/ 3OD\HU3OD\HU3OD\HU3OD\HU (OHJLU LPiJHQHV TXH KDV WRPDGR FRQ FiPDUD R GHVFDUJDUiQ HQ HO GLVSRVLWLYR/LYH/LYH/LYH/LYH :DOOSDSHUV:DOOSDSHUV:DOOSDSHUV:DOOSDSHUV (OHJLU GH XQD OLVWD GHVSOD]DEOH GH ZDOOSDSHUV DQLPDGRV:DOOSDSHUV:DOOSDSHUV:DOOSDSHUV:DOOSDSHUV (OLMD PLQLDWXUDV GH LPiJHQHV SUHGHWHUPLQDGDV R SXOVH HQ XQD PLQLDWXUD GH XQD YHUVLyQ PiVJUDQGH 3XHGH GHVFDUJDU IRQGRV DGLFLRQDOHV GH $QGURLG 0DUNHW
ZZZ/,16$<GLJLWDOFRP 3DUD HVWDEOHFHU HO SDSHO WDSL] WRTXH HVWDEOHFHU HO SDSHO WDSL] HQ OD LPiJHQHV GH JDOHUtD R HVWDEOHFHU HOSDSHO WDSL]6HWWLQJV6HWWLQJV6HWWLQJV6HWWLQJV 5HODFLRQDGRV5HODFLRQDGRV5HODFLRQDGRV5HODFLRQDGRV6HWWLQJV ! 'HYLFH ! 'LVSOD\ ! :DOOSDSHU2UJDQL]DU2UJDQL]DU2UJDQL]DU2UJDQL]DU  WUDEDMDUWUDEDMDUWUDEDMDUWUDEDMDU FRQFRQFRQFRQ DSOLFDFLRQHVDSOLFDFLRQHVDSOLFDFLRQHVDSOLFDFLRQHV$SOLFDFLRQHV \D ,QVWDODGDV %URZVHU &DOFXODWRU &DOHQGDU &DPHUD &ORFN 'RZQORDGV (PDLO )ODVK*DOOHU\ *PDLO *RRJOH 0XVLF 2:/ 3OD\HU 0DUNHW 6WRUH 6HWWLQJV 6RXQG 5HFRUGHU 6XSHU XVHU DQG9RLFH 6HDUFK3DUD YHU WRGDV VXV DSOLFDFLRQHV SXOVH HQ HO LFRQR GH WRGDV ODV DSOLFDFLRQHV HQ FXDOTXLHU SDQWDOOD GH LQLFLR6H DEUH OD SDQWDOOD SULQFLSDO GH WRGDV ODV DSOLFDFLRQHV (VWR HV GRQGH VH SXHGHQ YHU WRGDV VXV DSOLFDFLRQHVORV GHVFDUJDGRV GH $QGURLG 0DUNHW LQFOXLGRV 3XHGH PRYHU ORV LFRQRV GH DSOLFDFLyQ D FXDOTXLHUD GH ODVSDQWDOODV GH LQLFLR'HVGH WRGDV ODV DSOLFDFLRQHV SXHGHz0RYHUVH HQWUH ODV SDQWDOODV JROSH GH L]TXLHUGD R GHUHFKDz,QLFLDU XQD DSOLFDFLyQ WRFDU VX LFRQRz&RORFDU XQ LFRQR GH DSOLFDFLyQ HQ XQD SDQWDOOD GH LQLFLR 7RXFK  PDQWHQJD HO LFRQR GH DSS GHVOL]DU HOGHGR \ OHYDQWDU HO GHGR SDUD VROWDU HO LFRQR HQ HO OXJDUz&RORFDU XQ LFRQR GH DSS HQ OD EDQGHMD GH )DYRULWRV WRTXH HVSHUD  GLDSRVLWLYD SDUD PRYHU XQR GH ORVLFRQRV GH )DYRULWRV IXHUD GH OD EDQGHMD 8WLOL]DU OD PLVPD WpFQLFD SDUD PRYHU D RWUR HQ OD PLVPDSRVLFLyQz([SORUDU ORV ZLGJHWV SXOVH HQ OD ILFKD GH :LGJHWV HQ OD SDUWH VXSHULRU GH OD SDQWDOOD GH WRGDV ODVDSOLFDFLRQHVz2EWHQHU PiV DSOLFDFLRQHV 3XOVH HQ HO LFRQR GH PHUFDGR3DUD TXLWDU XQ LFRQR GH OD DSS GH OD SDQWDOOD GH LQLFLR WRTXH \ PDQWpQJDOR SXOVDGR GHVOL]DU HO GHGR KDFLDOD SDUWH VXSHULRU GH OD SDQWDOOD \ FRORFDU OD DSS VREUH HO LFRQR GH TXLWDU 1RWH1RWH1RWH1RWH (O LFRQR GH WRGDV ODV DSOLFDFLRQHV HV SHUPDQHQWH8VDU8VDU8VDU8VDU IROGHUVIROGHUVIROGHUVIROGHUV
ZZZ/,16$<GLJLWDOFRP3XHGH FRPELQDU YDULRV LFRQRV GH DSOLFDFLyQ HQ XQD FDUSHWD &RORFDU XQ LFRQR GH DSS VREUH RWUR HQ XQDSDQWDOOD GH LQLFLR \ VH FRPELQDUi ORV GRV LFRQRV'HVGH FXDOTXLHU SDQWDOOD GH LQLFLR SXHGHz+DEULU+DEULU+DEULU+DEULU XQXQXQXQ IROGHUIROGHUIROGHUIROGHU 7RTXH OR 6H KDEUH HO IROGHUz&DPELDU&DPELDU&DPELDU&DPELDU QRPEUHQRPEUHQRPEUHQRPEUH DDDD IROGHUIROGHUIROGHUIROGHU 7RTXH HO QRPEUHz0RYHU0RYHU0RYHU0RYHU LFRQRVLFRQRVLFRQRVLFRQRV HQHQHQHQ HOHOHOHO +RPH+RPH+RPH+RPH VFUHHQVVFUHHQVVFUHHQVVFUHHQV 7RTXH DJXDQWH \ FRUUD7LSV7LSV7LSV7LSVz3DUD YHU XQD FROHFFLyQ PiV SHTXHxD GH DSOLFDFLRQHV GH XVDGDV IUHFXHQWH WRTXH OD FDUSHWD *RRJOH$SSV FHUFD GH OD SDUWH LQIHULRU GH OD SDQWDOOD &RPR FRQ FXDOTXLHU FDUSHWD SXHGH SHUVRQDOL]DU VXFRQWHQLGRz'HVSXpV GH DEULU XQD DSOLFDFLyQ QRUPDOPHQWH SXHGH DMXVWDU VX FRQILJXUDFLyQ VHOHFFLRQDQGRHOHPHQWRV GHVGH HO LFRQR GH PHQ~ FHUFD GH OD SDUWH VXSHULRU R LQIHULRU GH OD SDQWDOOD $JUHJDU$JUHJDU$JUHJDU$JUHJDU ZLGJHWVZLGJHWVZLGJHWVZLGJHWV:LGJHWV VRQ FRPR ZLQGRZV HQ VXV DSOLFDFLRQHV (VWiQ GLVSRQLEOHV GHVGH XQD ILFKD GH WRGDV ODVDSOLFDFLRQHV SDUD SRGHU SDVDU D ODV SDQWDOODV GH LQLFLR3DUD YHU ORV ZLGJHWV 3XOVH HQ HO LFRQR GH WRGDV ODV DSOLFDFLRQHV HQ HO +RPH VFUHHQ 7RTXH :LGJHWV HQ OD SDUWH VXSHULRU GH OD SDQWDOOD'HVGH OD SDQWDOOD SULQFLSDO GH :LGJHWV SXHGHz0RYHU0RYHU0RYHU0RYHU HQWUHHQWUHHQWUHHQWUH VFUHHQVVFUHHQVVFUHHQVVFUHHQV *ROSH GH GHUHFKD R L]TXLHUGDz$UUDVWUH$UUDVWUH$UUDVWUH$UUDVWUH XQXQXQXQ ZLGJHWZLGJHWZLGJHWZLGJHW DDDDXQDXQDXQDXQD SDQWDOODSDQWDOODSDQWDOODSDQWDOOD GHGHGHGH LQLFLRLQLFLRLQLFLRLQLFLR 7RTXH \ PDQWHQJD HO LFRQR GHO ZLGJHW GHVOL]DU HO GHGRGRQGH GHVHD FRORFDUOD \ OHYDQWDU HO GHGR8VWHG SRGUi VROLFLWDUVH D WRPDU GHFLVLRQHV PiV DQWHV GH DFWLYD HO ZLGJHW 6L QR KD\ HVSDFLR GRQGH VH FD\yHO ZLGJHW QR VH KDQ DJUHJDGR D OD SDQWDOOD GH LQLFLR
ZZZ/,16$<GLJLWDOFRP3UXHEH3UXHEH3UXHEH3UXHEH XQDVXQDVXQDVXQDV DSSVDSSVDSSVDSSV(PSH]DU(PSH]DU(PSH]DU(PSH]DU *PDLO*PDLO*PDLO*PDLO3XHGH XWLOL]DU *PDLO SDUD OHHU \ HVFULELU FRUUHR HOHFWUyQLFR GHVGH FXDOTXLHU H[SORUDGRU R GLVSRVLWLYR PyYLO7RGR VX FRUUHR HOHFWUyQLFR HV VLHPSUH DFWXDOL]DGRV \ GLVSRQLEOHV VLQ LPSRUWDU GRQGH FRPSUREDU GHVGH3HUR *PDLO QR HV VyOR GH FRUUHR HOHFWUyQLFR (O QRPEUH GH *PDLO \ OD FRQWUDVHxD WH HQ VLJQRV WRGRV *RRJOHDSSV \ VHUYLFLRV LQFOX\HQGR HO FDOHQGDULR 3HUVRQDV SDUD HO VHJXLPLHQWR GH WXV FRQWDFWRV *RRJOH 5HDGHUSDUD PDQWHQHUVH DO GtD FRQ VX OHFWXUD HQ OtQHD \ PXFKRV PiVz3DUD ODQ]DPLHQWR GH *PDLO SXOVH HQ HO LFRQR GH *PDLO/D SULPHUD YH] TXH LQLFLH *PDLO VH OH SHGLUi TXH LQLFLH VHVLyQ R FUHH XQD FXHQWD VL \D QR KDFHUOR FXDQGRSULPHUR FRQILJXUDU HO GLVSRVLWLYR $ FRQWLQXDFLyQ *PDLO DEUH OD EDQGHMD GH HQWUDGD 'HVGH DTXt SXHGHz/HHU HO FRUUHR HOHFWUyQLFR 7RTXH XQ PHQVDMH SDUD OHHUOR /RV PHQVDMHV QR OHtGRV DSDUHFHQ HQQHJULWDVz2UJDQL]DU HO FRUUHR HOHFWUyQLFR 0DUTXH OD FDVLOOD DO ODGR GH XQ PHQVDMH SDUD VHOHFFLRQDUOR $FRQWLQXDFLyQ XWLOLFH ORV LFRQRV \ PHQ~ HQ OD SDUWH LQIHULRU GH OD SDQWDOOD SDUD JHVWLRQDU ORV PHQVDMHVVHOHFFLRQDGRVz&DPELDU OD FRQILJXUDFLyQ 3XOVH HQ HO LFRQR GH PHQ~ SDUD FDPELDU ODV SUHIHUHQFLDV DJUHJXH XQDFXHQWD X REWHQHU D\XGD)LQG)LQG)LQG)LQG 3HRSOH3HRSOH3HRSOH3HRSOH/D DSS GH SHUVRQDV OH GD UiSLGR \ IiFLO DFFHVR D WRGD SHUVRQD TXH GHVHH DOFDQ]DU 3ULPHUD YH] TXHHQFLHQGD HO HTXLSR 7DEOHW 3& \ ILUPDU XQD FXHQWD GH *RRJOH ORV FRQWDFWRV H[LVWHQWHV GHVGH HVD FXHQWD VHVLQFURQL]DQ FRQ VX DSS GH SHUVRQDV 'HVSXpV GH HVR WRGRV VXV FRQWDFWRV SHUPDQHFHQ VLQFURQL]DGRVDXWRPiWLFDPHQWH VL UHDOL]D FDPELRV HQ 7DEOHW 3& GHVGH RWUR GLVSRVLWLYR R GHVGH FXDOTXLHU QDYHJDGRU:HE6L SHUWHQHFHQ D *RRJOH  R XWLOL]DU ([FKDQJH WDPELpQ SXHGH VLQFURQL]DU OD LQIRUPDFLyQ GH FRQWDFWR FRQ ODJHQWH 6L SHUWHQHFHQ D *RRJOH  R XWLOL]DU ([FKDQJH WDPELpQ SXHGH VLQFURQL]DU OD LQIRUPDFLyQ GH FRQWDFWRFRQ OD JHQWH
ZZZ/,16$<GLJLWDOFRP7RGD OD LQIRUPDFLyQ GH SHUVRQDV HVWi GLVSRQLEOH HQ *PDLO *RRJOH 7DON 0HVVHQJHU 7DEOHW 3& \ RWUDVDSOLFDFLRQHV GRQGH HV ~WLO &RPR DJUHJDU FRQWDFWRV GHVGH GLIHUHQWHV IXHQWHV VH VLQFURQL]DQDXWRPiWLFDPHQWH HQ WRGRV ORV OXJDUHV HQ TXH ORV QHFHVLWHz3DUD YHU WXV FRQWDFWRV SXOVH HO LFRQR GH SHUVRQDV /D SULPHUD YH] TXH LQLFLH SHUVRQDV VH OH SHGLUi TXH LQLFLH VHVLyQ R FUHH XQD FXHQWD $ FRQWLQXDFLyQ OD DSSVH DEUH D OD OLVWD GH FRQWDFWRV SULQFLSDO 3XHGH YHUORV HQ WUHV IRUPDV GH ODV ILFKDV HQ OD SDUWH VXSHULRU GH ODSDQWDOOD JUXSRV WRGRV \ )DYRULWRV'HVGH FXDOTXLHUD GH ODV YLVWDV SULQFLSDOHV SXHGHz/HD ORV GHWDOOHV 3XOVH XQ QRPEUH SDUD YHU GHWDOOHV GH XQ FRQWDFWR R JUXSRz(GLWDU GHWDOOHV 0LHQWUDV YH XQ FRQWDFWR SXOVH HQ HO LFRQR GH PHQ~ HOLMD ODV RSFLRQHV SDUD HGLWDU RFRPSDUWLU GDWRV GH FRQWDFWR \ DVt VXFHVLYDPHQWH 7DPELpQ SXHGH WRFDU OD HVWUHOOD MXQWR DO LFRQR GHPHQ~ SDUD DJUHJDU XQ FRQWDFWR D WX OLVWD GH )DYRULWRVz&DPELDU OD FRQILJXUDFLyQ 0LHQWUDV YH OD SDQWDOOD GH OD OLVWD SULQFLSDO SXOVH HQ HO LFRQR GH PHQ~SDUD LPSRUWDU R H[SRUWDU FRQWDFWRV HOLMD GLVSOD\ RSWLRQV SDUD ORV *URXSV \ $OO WDEV \ DJUHJH R HGLWHFXHQWDV1R LPSRUWD GyQGH VH HQFXHQWUH GHQWUR GH ODV SHUVRQDV TXH SXHGH VLHPSUH YROYHU D ODV OLVWDV SULQFLSDOHVSXOVDQGR HO LFRQR HQ OD HVTXLQD VXSHULRU L]TXLHUGD GH OD SDQWDOOD0DQDJH0DQDJH0DQDJH0DQDJH \RXU\RXU\RXU\RXU &DOHQGDU&DOHQGDU&DOHQGDU&DOHQGDU/D DSOLFDFLyQ GH FDOHQGDULR OH SHUPLWH YHU \ HGLWDU OD SURJUDPDFLyQ&XDQGR OD SULPHUD YH] TXH FRQILJXUD HO HTXLSR 7DEOHW 3& KD FRQILJXUDGR SDUD XWLOL]DU XQD FXHQWD GH*RRJOH FRPR *PDLO R TXH KD FUHDGR XQD QXHYD /D SULPHUD YH] TXH VH DEUD OD DSOLFDFLyQ GH FDOHQGDULRHQ 7DEOHW 3& PXHVWUD ORV HYHQWRV GH FDOHQGDULR H[LVWHQWH GHVGH HVD FXHQWD GH *RRJOH HQ OD ZHE &RPRHGLWDU HYHQWRV GHVGH FXDOTXLHU QDYHJDGRU ZHE R GLVSRVLWLYR PyYLO VH VLQFURQL]DQ DXWRPiWLFDPHQWH HQWRGRV ORV OXJDUHV HQ TXH ORV QHFHVLWH3DUD YHU HO FDOHQGDULR SXOVH3DUD FDPELDU OD YLVWD GH FDOHQGDULR SXOVH OD IHFKD HQ OD SDUWH VXSHULRU \ HOLMD GtD VHPDQD PHV RSURJUDPD'HVOL]DU SDUD GHVSOD]DUVH YHUWLFDO X KRUL]RQWDOPHQWH (Q ODV YLVWDV GtD R VHPDQD GLIXQGLU ORV GHGRVVHSDUDGRV R SHOOL]FD SDUD DFHUFDU R DOHMDU
ZZZ/,16$<GLJLWDOFRP'HVGH FXDOTXLHUD GH HVWDV YLVWDV SXHGHz/HHU R HGLWDU ORV GHWDOOHV GHO HYHQWR 3XOVH HQ XQ HYHQWR SDUD YHU VXV GHWDOOHVz*HVWLyQ GH HYHQWRV \ FDOHQGDULRV ,FRQRV GH WRTXH HQ OD SDUWH VXSHULRU R HO PHQ~ SDUD EXVFDU RFUHDU HYHQWRV UHJUHVR D KR\ R DMXVWDU OD FRQILJXUDFLyQ8VH8VH8VH8VH \RXU\RXU\RXU\RXU &DPHUD&DPHUD&DPHUD&DPHUD/D DSS GH OD FiPDUD HV XQD FiPDUD GH FRPELQDFLyQ \ OD YLGHRFiPDUD3XHGH YHU IRWRV \ YtGHRV TXH JUDEH FRQ OD FiPDUD 3DUD WRPDUIRWRJUDItDV \YtGHRV SULPHURWRTXH HO LFRQR GHFiPDUD&XDQGR VH DEUH ODFiPDUD SXHGHz7RPDU XQDIRWRJUDItDWRTXH HO ERWyQ D]XOz,PDJHQ GH SXQWR GH YLVWD PiV UHFLHQWHPHQWH DGRSWDGR WRFD OD PLQLDWXUD FHUFD HO ERWyQ D]XO$KRUD SXHGH FRPSDUWLU OD LPDJHQ WRFDQGR HO *PDLO *RRJOH  0HVVHQJHU R RWURV LFRQRV TXH DSDUHFHQ D ORODUJR GH XQ ODGR GH OD LPDJHQ
ZZZ/,16$<GLJLWDOFRP3DUD YHU HVWD LPDJHQ \ RWURV HQ OD DSOLFDFLyQ GH OD *DOHUtD SXOVH HQ OD LPDJHQ)RWRV)RWRV)RWRV)RWRV )RWRV GHEHQ DSDUHFHU HQ PLQLDWXUD 3XHGH GHVOL]DU HO GHGR HQ OD SDQWDOOD L]TXLHUGD R GHUHFKD SDUD%URZVH SKRWRV 3XQWHH HQ XQD LPDJHQ HQ PLQLDWXUD SDUD YHU OD IRWR HQ SDQWDOOD FRPSOHWD 3DUD PRVWUDU OD LPDJHQ VLJXLHQWH R DQWHULRU GHVOLFH HO GHGR HQ OD SDQWDOOD KRUL]RQWDOPHQWH 3DUD DFHUFDU R DOHMDU OD LPDJHQ SHOOL]FD HO GHGR VREUH OD LPDJHQ'LVSOD\'LVSOD\'LVSOD\'LVSOD\ 0HQX0HQX0HQX0HQX&XDQGR HVWi YLHQGR OD LPDJHQ SXHGH SXQWHDU HQ OD SDQWDOOD R HQ HO LFRQR GH PHQ~ SDUD PRVWUDU HO PHQ~0DQHMH0DQHMH0DQHMH0DQHMH GRZQORDGVGRZQORDGVGRZQORDGVGRZQORDGV$UFKLYRV DSOLFDFLRQHV \RWURV HOHPHQWRV GH GHVFDUJD GH *PDLO FRUUHR HOHFWUyQLFR$QGURLG 0DUNHW R GH RWUDV PDQHUDV VRQ DOPDFHQDGRV HQDOPDFHQDPLHQWR LQWHUQR GHO GLVSRVLWLYR 3XHGH XWLOL]DU ODDSOLFDFLyQ GH GHVFDUJDV SDUD YHU DEULU R HOLPLQDU OR TXH KDV
ZZZ/,16$<GLJLWDOFRPGHVFDUJDGR$OJXQDV UHGHV PyYLOHV UHVWULQJHQ HO WDPDxR GH ORV DUFKLYRV TXH SXHGH GHVFDUJDU SDUD JHVWLRQDU ODVGHPDQGDV GH VXV UHGHV R SDUD HYLWDU JDVWRV LQHVSHUDGRV &XDQGR VH LQWHQWD GHVFDUJDU XQVREUHGLPHQVLRQDGDDUFKLYR FXDQGR HVWi FRQHFWDGR D GLFKDV UHGHV SXHGH VHU QHFHVDULR UHWUDVDU ODGHVFDUJD KDVWD TXH HO GLVSRVLWLYR HVWi FRQHFWDGR D XQD UHG :L)L FXDQGR OD GHVFDUJD VH UHDQXGDUiDXWRPiWLFDPHQWH 3XHGH YHU \ DGPLQLVWUDU HVWRV DUFKLYRV HQ FROD HQ OD DSOLFDFLyQ GH GHVFDUJDV DVt/RV DUFKLYRV GHVFDUJDGRV VH DOPDFHQDQ HQ HO GLUHFWRULR GH GHVFDUJD TXH HV YLVLEOH FXDQGR HO GLVSRVLWLYRHVWi FRQHFWDGR D XQ RUGHQDGRU 3XHGH YHU \ FRSLDU ORV DUFKLYRV GH HVWH GLUHFWRULR'HVFDUJDV'HVFDUJDV'HVFDUJDV'HVFDUJDV GHGHGHGH DEULUDEULUDEULUDEULU \\\\ JHVWLRQDUJHVWLRQDUJHVWLRQDUJHVWLRQDU ORVORVORVORV DUFKLYRVDUFKLYRVDUFKLYRVDUFKLYRV GHVFDUJDGRVGHVFDUJDGRVGHVFDUJDGRVGHVFDUJDGRVz3XOVH HQ HO LFRQR GH GHVFDUJDVz7RFDU XQ HOHPHQWR SDUD DEULUORz7RFDU ODV SDUWLGDV SDUD ODV GHVFDUJDV DQWHULRUHV D YHUORVz(OHPHQWRV GH YHULILFDFLyQ TXH GHVHH FRPSDUWLU $ FRQWLQXDFLyQ WRTXH HO LFRQR GH 6KDUH \ HOLMD XQPpWRGR GH XVR FRPSDUWLGR GH OD OLVWDz&RPSUXHEH ORV HOHPHQWRV TXH GHVHH HOLPLQDU $ FRQWLQXDFLyQ WRTXH HO LFRQR GH OD 3DSHOHUD z(Q OD SDUWH LQIHULRU GH OD SDQWDOOD WRTXH D RUGHQDU SRU WDPDxR R RUGHQDU SRU IHFKD SDUD DOWHUQDU7XQH7XQH7XQH7XQH SHUIRUPDQFHSHUIRUPDQFHSHUIRUPDQFHSHUIRUPDQFH2SWLPL]H2SWLPL]H2SWLPL]H2SWLPL]H YLGDYLGDYLGDYLGD GHGHGHGH EDWHULDEDWHULDEDWHULDEDWHULD3XHGH DPSOLDU OD YLGD GH OD EDWHUtD HQWUH FDUJDV GHVDFWLYDQGR FDUDFWHUtVWLFDV TXH QR QHFHVLWD 7DPELpQSXHGH VXSHUYLVDU FyPR ORV UHFXUVRV GHO VLVWHPD \ DSOLFDFLRQHV FRQVXPHQ HQHUJtD GH OD EDWHUtD3DUD DMXVWDU OD FRQILJXUDFLyQ GHVFULWD DTXt SULPHUR WRTXH HO LFRQR GH FRQILJXUDFLyQ([WHQGHU([WHQGHU([WHQGHU([WHQGHU ODODODOD YLGDYLGDYLGDYLGD GHGHGHGH ODODODOD EDWHUEDWHUEDWHUEDWHUttttDDDDzzzz6L QR XWLOL]D :L)L R *36 XWLOLFH OD DSOLFDFLyQ GH FRQILJXUDFLyQ SDUD GHVDFWLYDUODV (O YDORU GH *36 VHHQFXHQWUD HQ 6HWWLQJV6HWWLQJV6HWWLQJV6HWWLQJV !!!! 3HUVRQDO3HUVRQDO3HUVRQDO3HUVRQDO !!!! /RFDWLRQ/RFDWLRQ/RFDWLRQ/RFDWLRQ VHUYLFHVVHUYLFHVVHUYLFHVVHUYLFHVz1R GHMH ORV PDSDV R QDYHJDFLyQ DSSV DELHUWDV HQ OD SDQWDOOD FXDQGR QR ORV HVWi XWLOL]DQGR 8VDQ *36
ZZZ/,16$<GLJLWDOFRP\ SRU OR WDQWR PiV SRGHU VyOR FXDQGR VH HVWiQ HMHFXWDQGRz%DMDU HO EULOOR GH SDQWDOOD \ HVWDEOHFHU XQ WLHPSR GH HVSHUD GH VXHxR PiV FRUWR 6HWWLQJV6HWWLQJV6HWWLQJV6HWWLQJV !!!! 'HYLFH'HYLFH'HYLFH'HYLFH !!!!'LVSOD\'LVSOD\'LVSOD\'LVSOD\z6L QR QHFHVLWD GHVDFWLYDU OD VLQFURQL]DFLyQ DXWRPiWLFD SDUD WRGDV ODV DSOLFDFLRQHV 6HWWLQJV6HWWLQJV6HWWLQJV6HWWLQJV !!!!3HUVRQDO3HUVRQDO3HUVRQDO3HUVRQDO !!!! $FFRXQWV$FFRXQWV$FFRXQWV$FFRXQWV  V\QFV\QFV\QFV\QF 7HQJD HQ FXHQWD TXH HVWR VLJQLILFD TXH QHFHVLWD VLQFURQL]DUPDQXDOPHQWH SDUD UHFRSLODU PHQVDMHV FRUUHR HOHFWUyQLFR \ RWUD LQIRUPDFLyQ UHFLHQWH \ QR UHFLEHQRWLILFDFLRQHV FXDQGR VH SURGXFHQ DFWXDOL]DFLRQHVzzzz6L VDEHV TXH QR HVWDU FHUFD GH XQ PyYLO R XQD UHG :L)L SRU XQ WLHPSR FDPELDU D $LUSODQH$LUSODQH$LUSODQH$LUSODQH PRGHPRGHPRGHPRGH3XOVH \ PDQWHQJD SXOVDGR HO LQWHUUXSWRU GH HQFHQGLGR KDVWD TXH DSDUH]FD HO FXDGUR GH GLiORJR GHRSFLRQHV GH 7DEOHW 3& $ FRQWLQXDFLyQ WRTXH $LUSODQH$LUSODQH$LUSODQH$LUSODQH 0RGH0RGH0RGH0RGH&RPSUXHEH&RPSUXHEH&RPSUXHEH&RPSUXHEH ORVORVORVORV GHWDOOHVGHWDOOHVGHWDOOHVGHWDOOHV GHGHGHGH XVRXVRXVRXVR \\\\QLYHOQLYHOQLYHOQLYHO GHGHGHGH EDWHUEDWHUEDWHUEDWHUttttDDDDz2SHQ 6HWWLQJV6HWWLQJV6HWWLQJV6HWWLQJV !!!! 'HYLFH'HYLFH'HYLFH'HYLFH !!!! %DWWHU\%DWWHU\%DWWHU\%DWWHU\/D OLVWD HQ OD SDUWH LQIHULRU GH OD SDQWDOOD PXHVWUD HO GHVJORVH GH XVR GH OD EDWHUtD SDUD DSOLFDFLRQHVLQGLYLGXDOHV \ VHUYLFLRV 7RTXH XQ JUiILFR SDUD REWHQHU PiV GHWDOOHV /D SDQWDOOD GH GHWDOOHV GH DOJXQDVDSSV LQFOX\H ERWRQHV TXH OH SHUPLWHQ DMXVWDU ORV SDUiPHWURV TXH DIHFWDQ HO XVR GH OD HQHUJtD R GHWHQHUFRPSOHWDPHQWH OD DSS:DUQLQJ:DUQLQJ:DUQLQJ:DUQLQJ6L GHMDV GH DOJXQDV DSOLFDFLRQHV R VHUYLFLRV HV SRVLEOH TXH HO GLVSRVLWLYR QR IXQFLRQH FRUUHFWDPHQWH(VWDGR GH OD EDWHUtD FDUJD GHVFDUJD \ QLYHO FRPR XQ SRUFHQWDMH GH FRPSOHWDPHQWH FDUJDGD VHPXHVWUDQ HQ OD SDUWH VXSHULRU GH OD SDQWDOOD(O JUiILFR GH GHVFDUJD PXHVWUD GHO QLYHO GH EDWHUtD FRQ HO WLHPSR \D WH ~OWLPD FDUJDGR HO GLVSRVLWLYR \FXiQWR KDV VLGR IXQFLRQDQGR FRQ EDWHUtD2SWLPL]DU2SWLPL]DU2SWLPL]DU2SWLPL]DU XVRXVRXVRXVR GHGHGHGH GDWDGDWDGDWDGDWD3DUD3DUD3DUD3DUD DMXVWDUDMXVWDUDMXVWDUDMXVWDU ODODODOD FRQILJXUDFLFRQILJXUDFLFRQILJXUDFLFRQILJXUDFLyyyyQQQQ GHVFULWDGHVFULWDGHVFULWDGHVFULWD DTXDTXDTXDTXtttt 3XOVH HQ HO LFRQR GH FRQILJXUDFLyQ 7RTXH :LUHOHVV:LUHOHVV:LUHOHVV:LUHOHVV  QHWZRUNVQHWZRUNVQHWZRUNVQHWZRUNV !!!!'DWD'DWD'DWD'DWD XVDJHXVDJHXVDJHXVDJH
ZZZ/,16$<GLJLWDOFRP'H PDQHUD SUHGHWHUPLQDGD YHUi OD FRQILJXUDFLyQ GH GDWRV PyYLOHV HV GHFLU OD UHG GH GDWRV R UHGHVSURSRUFLRQDGDV SRU WX RSHUDGRUD(V SRVLEOH PRVWUDU OD FRQILJXUDFLyQ GH XVR GH GDWRV GH :L)L HQ XQD ILFKD LQGHSHQGLHQWH 3DUD KDFHUORSXOVH HQ HO LFRQR GHO PHQ~  GHVSXpV 6KRZ6KRZ6KRZ6KRZ :L)L:L)L:L)L:L)L XVDJHXVDJHXVDJHXVDJH&HUFD GH OD SDUWH VXSHULRU GH OD SDQWDOOD WHQJD HQ FXHQWD HO LQWHUUXSWRU RQRII SDUD GDWRV PyYLOHV /DVLQVWUXFFLRQHV TXH VLJXHQ D DVXPDQ TXH HVWH FRQPXWDGRU HVWi HQFHQGLGR 6L HVWi DSDJDGR QR SRGUiXWLOL]DU ORV GDWRV PyYLOHV HQ WRGR \ PXFKDV FDUDFWHUtVWLFDV GH VX 7DEOHW 3& \ DSOLFDFLRQHV QR IXQFLRQDUiQFRUUHFWDPHQWH-XVWR GHEDMR GHO LQWHUUXSWRU RQRII WHQJD HQ FXHQWD HO FLFOR GH XVR GH GDWRV 7RFDUOR HOHJLU XQ FLFOR GLVWLQWR(VWH UDQJR HV HO SHUtRGR GH WLHPSR SDUD TXH HO JUiILFR PXHVWUD HO XVR GH GDWRV/DV OtQHDV EODQFDV YHUWLFDOHV HQ HO JUiILFR PXHVWUDQ XQ SHUtRGR GH WLHPSR GHQWUR GHO FLFOR GH XVR GH GDWRV(VWH UDQJR GHWHUPLQD OD FDQWLGDG GH XVR DSDUHFH MXVWR GHEDMR GHO JUiILFR $UUDVWUH ODV OtQHDV SDUD FDPELDUHO SHUtRGR6HWLDU6HWLDU6HWLDU6HWLDU DYLVRDYLVRDYLVRDYLVR XVRXVRXVRXVR GHGHGHGH GDWDGDWDGDWDGDWD$UUDVWUH OD OtQHD QDUDQMD SRU VX ODGR GHUHFKR KDVWD HO QLYHO GRQGH GHVHH UHFLELU XQD DGYHUWHQFLD &XDQGRHO XVR GH GDWRV DOFDQ]D HVWH QLYHO XVWHG UHFLELUi XQD QRWLILFDFLyQ6HWLDU6HWLDU6HWLDU6HWLDU OLPLWHOLPLWHOLPLWHOLPLWH GHGHGHGH XVRXVRXVRXVR GHGHGHGH GDWDGDWDGDWDGDWD 6HW6HW6HW6HW PRELOHPRELOHPRELOHPRELOH GDWDGDWDGDWDGDWD OLPLWOLPLWOLPLWOLPLW$SDUHFH XQ GLiORJR TXH GHVFULEH HO OtPLWH TXH VH HVWi HVWDEOHFLHQGR /HHU HO PHQVDMH 6L HVWiV GLVSXHVWR D FRQWLQXDU KDJD FOLF HQ $FHSWDU/D OtQHD URMD HQ OD SDUWH VXSHULRU GHO JUiILFR DFWLYD SRU OR TXH VH SXHGH DUUDVWUDU KDFLD DUULED R KDFLD DEDMR $UUDVWUH OD OtQHD URMD SRU VX ODGR GHUHFKR KDVWD HO OtPLWH TXH GHVHD HVWDEOHFHU&XDQGR HO XVR GH GDWRV DOFDQ]D HO OtPLWH GDWRV PyYLOHV VH GHVDFWLYDUi DXWRPiWLFDPHQWH \ PXFKDVFDUDFWHUtVWLFDV GH 7DEOHW 3& QR IXQFLRQHQ FRUUHFWDPHQWH 5HFLELUiV XQD QRWLILFDFLyQ FXDQGR HVWR RFXUUH
ZZZ/,16$<GLJLWDOFRP,PSRUWDQWH(O XVR TXH VH PXHVWUDQ HQ OD SDQWDOOD GH FRQILJXUDFLyQ GH XVR GH GDWRV VH PLGH SRU HO HTXLSR 7DEOHW 3&&RQWDELOLGDG GH XVR GH GDWRV GH OD FRPSDxtD SXHGH GLIHULU 8VR HQ H[FHVR GH ORV OtPLWHV GH GDWRV GHO SODQGH WUDQVSRUWLVWD SXHGH UHVXOWDU HQ FDUJRV H[FHGHQWH HPSLQDGRV /D IXQFLyQ GHVFULWD DTXt SXHGH D\XGDUOH DUHDOL]DU XQ VHJXLPLHQWR GH VX XVR SHUR QR HVWi JDUDQWL]DGD SDUD HYLWDU FDUJRV DGLFLRQDOHV 3DUD REWHQHUPHMRUHV UHVXOWDGRV HVWDEOHFHU XQ OtPLWH GH FRQVHUYDGRU9HU9HU9HU9HU RRRR UHVWULQJLUUHVWULQJLUUHVWULQJLUUHVWULQJLU HOHOHOHO XVRXVRXVRXVR GHGHGHGH GDWRVGDWRVGDWRVGDWRV SRUSRUSRUSRU DSSDSSDSSDSS$OJXQDV DSOLFDFLRQHV GH WUDQVIHUHQFLD GH GDWRV HQ VHJXQGR SODQR HV GHFLU FXDQGR HQ UHDOLGDG QR HVWiXWLOL]DQGR OD DSOLFDFLyQ SXHGH GHVFDUJDU GDWRV SDUD UHIHUHQFLD IXWXUD 5HVWULQJLU HO XVR GH GDWRV GH IRQGRSDUD DSOLFDFLRQHV LQGLYLGXDOHV D YHFHV SXHGH VHU XQD IRUPD ~WLO SDUD UHGXFLU HO XVR GH GDWRV JOREDO 6LQHPEDUJR HVWD HV XQD PHGLGD GUiVWLFD TXH WDPELpQ SXHGH DIHFWDU DO UHQGLPLHQWR GH OD DSOLFDFLyQ R FDXVDUPDO IXQFLRQDPLHQWR &RPSUXHEH VL SXHGH UHVWULQJLUVH XVR GH GDWRV GH OD FRQILJXUDFLyQ GH OD DSOLFDFLyQGLVSRQLEOH HQ OD DSS DQWHV GH UHVWULQJLU DTXt $VHJ~UHVH GH TXH HVWi YLHQGR OD UHG SDUD HO TXH GHVHD YHU R UHVWULQJLU HO XVR GH GDWRV GH DSOLFDFLyQ 'HVSOiFHVH KDFLD DEDMR SDUD EXVFDU OD DSOLFDFLyQ FX\R XVR GH GDWRV TXH GHVHDYHU 3DUD YHU PiV GHWDOOHV GH XQD DSOLFDFLyQ SXOVH HQ VX QRPEUH 3DUD GHWHQHU HO XVR GH GDWRV GH IRQGR SDUD HVWD DSOLFDFLyQ FRPSUREDU GDWRV GH IRQGR GH UHVWULQJLU /HHU HO PHQVDMH TXH DSDUHFH 6L HVWiV GLVSXHVWR D FRQWLQXDU KDJD FOLF HQ $FHSWDU2SFLRQHV2SFLRQHV2SFLRQHV2SFLRQHV GHGHGHGH XVRXVRXVRXVR GHGHGHGH GDWRVGDWRVGDWRVGDWRV DYDQ]DGDDYDQ]DGDDYDQ]DGDDYDQ]DGD'RV RWUDV RSFLRQHV GLVSRQLEOHV GHVGH HO LFRQR GH PHQ~ SXHGHQ WHQHU HIHFWRV GUDPiWLFRV SHUR D YHFHVSXHGHQ VHU ~WLOHVz,WLQHUDQFLD GH GDWRV SXHGH UHVXOWDU HQ FDUJRV DGLFLRQDOHV HPSLQDGRV 6LQ HPEDUJR HQ DOJXQRV OXJDUHVHVWD SXHGH VHU OD ~QLFD IRUPD GH FRQHFWDUVH D ,QWHUQHWz5HVWULQJLU D IRQGR GDWRV DIHFWD D WRGDV ODV DSOLFDFLRQHV D WUDYpV GH WRGDV ODV UHGHV GLVSRQLEOHV \ SXHGHFDXVDU DOJXQDV IXQFLRQHV GHMHQ GH IXQFLRQDU 6H WUDWD GH XQD PHGLGD H[WUHPD TXH GHEH XWLOL]DUVH FRQSUHFDXFLyQ2SWLPL]H2SWLPL]H2SWLPL]H2SWLPL]H XVRXVRXVRXVR GHGHGHGH PHPRULDPHPRULDPHPRULDPHPRULD
ZZZ/,16$<GLJLWDOFRP1RUPDOPHQWH QR HV QHFHVDULR SUHRFXSDUVH DFHUFD GH FyPR DGPLQLVWUDU DSOLFDFLRQHV PiV DOOi GH ODLQVWDODFLyQ DSHUWXUD \ XWLOL]DUORV 3HUR SXHGH KDEHU RFDVLRQHV FXDQGR TXLHUHV VDEHU PiV VREUH OR TXHVXFHGH GHWUiV GH ODV HVFHQDV$SOLFDFLRQHV XWLOL]DQ GRV WLSRV GH PHPRULD PHPRULD 5$0 \ DOPDFHQDPLHQWR LQWHUQR (OORV XVDQDOPDFHQDPLHQWR LQWHUQR SDUD HOORV PLVPRV \ ORV DUFKLYRV FRQILJXUDFLyQ \ RWURV GDWRV TXH XWLOL]DQ 7DPELpQXWLOL]DQ 5$0 PHPRULD GLVHxDGD SDUD DOPDFHQDPLHQWR WHPSRUDO \ DFFHVR UiSLGR FXDQGR VH HVWiQHMHFXWDQGR$QGURLG DGPLQLVWUD \ SURWHJH FXLGDGRVDPHQWH OD SDUWH GH DOPDFHQDPLHQWR LQWHUQR GRQGH HVWiQDOPDFHQDGRV GHO VLVWHPD DSOLFDFLRQHV \ PiV GDWRV SDUD HVWDV DSOLFDFLRQHV \D TXH HVWD ]RQD SXHGHFRQWHQHU VX LQIRUPDFLyQ SULYDGD 1R HV SRVLEOH YHU HVWD SRUFLyQ GH DOPDFHQDPLHQWR LQWHUQR FXDQGR VHFRQHFWD HO GLVSRVLWLYR D XQ RUGHQDGRU FRQ XQ FDEOH 86% /D RWUD SRUFLyQ GH DOPDFHQDPLHQWR LQWHUQR GRQGHVH DOPDFHQDQ P~VLFD DUFKLYRV GHVFDUJDGRV \ DVt VXFHVLYDPHQWH SHUPDQHFH YLVLEOH SDUD VX FRPRGLGDG$QGURLG WDPELpQ DGPLQLVWUD DSOLFDFLRQHV XVDQ 5$0 3XHGHQ DOPDFHQDU HQ FDFKp DOJXQDV FRVDV TXH KDHVWDGR XVDQGR UHFLHQWHPHQWH SDUD XQ DFFHVR PiV UiSLGR VL ORV QHFHVLWD GH QXHYR SHUR ERUUDUi OD FDFKp VLHV QHFHVDULR OD PHPRULD 5$0 SDUD QXHYDV DFWLYLGDGHV $IHFWD DO PRGR HQ DSOLFDFLRQHV XWLOL]DQDOPDFHQDPLHQWR LQWHUQR GLUHFWD H LQGLUHFWDPHQWH GH PXFKDV PDQHUDV SRU HMHPSOR PHGLDQWHł ,QVWDODU R GHVLQVWDODU DSOLFDFLRQHVł 'HVFDUJD GH DUFKLYRV HQ HO H[SORUDGRU *PDLO \ RWUDV DSOLFDFLRQHVł &UHDFLyQ GH DUFKLYRV SRU HMHPSOR SRU WRPDU IRWRJUDItDVł (OLPLQDU DUFKLYRV GHVFDUJDGRV R DUFKLYRV FUHDGRVł &RSLDU DUFKLYRV HQWUH HO GLVSRVLWLYR \ XQ RUGHQDGRU PHGLDQWH 86%5DUD YH] VH QHFHVLWD DGPLQLVWUDU OD IRUPD DSSV XVDQ 5$0 3HUR VH SXHGH FRQWURODU HO XVR GH PHPRULD5$0 GH DSOLFDFLRQHV \ GHWHQHUORV VL DUUHSLQWLHUD8WLOLFH8WLOLFH8WLOLFH8WLOLFH ODODODOD SDQWDOODSDQWDOODSDQWDOODSDQWDOOD GHGHGHGH DSOLFDFLRQHVDSOLFDFLRQHVDSOLFDFLRQHVDSOLFDFLRQHV/D SDQWDOOD GH DSOLFDFLRQHV OH SHUPLWH DMXVWDU YDULRV DVSHFWRV GH OD IRUPD TXH HO GLVSRVLWLYR XWLOL]D ODPHPRULD 3DUD YHU HVWDV RSFLRQHV 'HVGH XQD SDQWDOOD GH LQLFLR R WRGDV ODV DSOLFDFLRQHV SXOVH HQ HO LFRQR GH FRQILJXUDFLyQ  (Q YLUWXG GH GLVSRVLWLYR WiFWLO $SSV
ZZZ/,16$<GLJLWDOFRP9HUiV WUHV ILFKDV HQ OD SDUWH VXSHULRU GH OD SDQWDOOD FDGD PXHVWUD XQD OLVWD GH DSOLFDFLRQHV R VXVFRPSRQHQWHVł 'RZQORDGHG'RZQORDGHG'RZQORDGHG'RZQORDGHG 0XHVWUD DSOLFDFLRQHV TXH KD\D GHVFDUJDGR GH PHUFDGR R GH RWUDV IXHQWHVł 5XQQLQJ5XQQLQJ5XQQLQJ5XQQLQJ 0XHVWUD WRGRV ORV DSSV SURFHVRV \ VHUYLFLRV TXH VH HVWiQ HMHFXWDQGR DFWXDOPHQWH R TXH VHDOPDFHQD HQ FDFKp ORV SURFHVRV \ FXiQWD PHPRULD 5$0 HVWiQ XWLOL]DQGR(O JUiILFR HQ OD SDUWH LQIHULRU GH OD ILFKD GH HMHFXFLyQ PXHVWUD OD 5$0 WRWDO HQ HO XVR \ OD FDQWLGDG OLEUH'HEDMR GHO JUiILFR HQ FDFKp WRTXH PRVWUDU SURFHVRV R 6KRZ GRQGH VH HMHFXWD VHUYLFLRV SDUD DOWHUQDUł $OO$OO$OO$OO 0XHVWUD WRGDV ODV DSOLFDFLRQHV TXH YHQtD FRQ $QGURLG \ WRGDV ODV DSOLFDFLRQHV TXH GHVFDUJy GHVGH HO$QGURLG 0DUNHW R GH RWUDV IXHQWHV3DUD FDPELDU HO RUGHQ GH ODV OLVWDV TXH VH PXHVWUDQ HQ 'RZQORDGHG'RZQORDGHG'RZQORDGHG'RZQORDGHG R $OO$OO$OO$OO WDEV WRTXH 0HQX LFRQ !6RUW6RUW6RUW6RUWE\E\E\E\ QDPHQDPHQDPHQDPH R 6RUW6RUW6RUW6RUW E\E\E\E\ VL]HVL]HVL]HVL]H3DUD YHU GHWDOOHV DFHUFD GH XQD DSOLFDFLyQ X RWUR HOHPHQWR TXH DSDUHFH HQ FXDOTXLHU ILFKD SXOVH HQ VXQRPEUH /D LQIRUPDFLyQ \ ORV FRQWUROHV GLVSRQLEOHV YDUtDQ HQWUH ORV GLIHUHQWHV WLSRV GH DSOLFDFLRQHV SHURKDELWXDOPHQWH LQFOX\HQł )RUFH)RUFH)RUFH)RUFH VWRSVWRSVWRSVWRS EXWWRQEXWWRQEXWWRQEXWWRQ 'HWLHQH XQ DSS TXH HV EXHQD 'HWHQHU XQD DSOLFDFLyQ SURFHVR R VHUYLFLR SXHGHSURYRFDU TXH HO GLVSRVLWLYR GHMH GH IXQFLRQDU FRUUHFWDPHQWH 3XHGH TXH QHFHVLWH UHLQLFLDU HO GLVSRVLWLYRGHVSXpV GH KDFHU HVWRł 8QLQVWDOO8QLQVWDOO8QLQVWDOO8QLQVWDOO EXWWRQEXWWRQEXWWRQEXWWRQ (OLPLQD OD DSS \ WRGRV VXV GDWRV \ FRQILJXUDFLyQł 'LVDEOH'LVDEOH'LVDEOH'LVDEOH EXWWRQEXWWRQEXWWRQEXWWRQ ,PSLGH OD HMHFXFLyQ GH OD DSOLFDFLyQ SHUR QR GHVLQVWDODUOR (VWD RSFLyQ HVWi GLVSRQLEOHSDUD DOJXQDV DSOLFDFLRQHV \ VHUYLFLRV TXH QR VH SXHGH GHVLQVWDODUł &OHDU&OHDU&OHDU&OHDU GDWDGDWDGDWDGDWD EXWWRQEXWWRQEXWWRQEXWWRQ (OLPLQDU FRQILJXUDFLyQ GH XQD DSOLFDFLyQ \ RWURV GDWRV VLQ TXLWDU OD DSOLFDFLyQ SURSLDł &OHDU&OHDU&OHDU&OHDU FDFKHFDFKHFDFKHFDFKH 6L OD DSOLFDFLyQ DOPDFHQD ORV GDWRV HQ XQ iUHD WHPSRUDO GH PHPRULD GH OD SDVWLOOD PXHVWUDFXiQWD LQIRUPDFLyQ VH DOPDFHQD H LQFOX\H XQ ERWyQ SDUD ERUUDUORł /DXQFK/DXQFK/DXQFK/DXQFK E\E\E\E\ GHIDXOWGHIDXOWGHIDXOWGHIDXOW 6L KD FRQILJXUDGR XQD DSOLFDFLyQ SDUD HMHFXWDU GHWHUPLQDGRV WLSRV GH DUFKLYRV SRUGHIHFWR SXHGH GHVDFWLYDU OD FRQILJXUDFLyQ DTXtł 3HUPLVVLRQV3HUPLVVLRQV3HUPLVVLRQV3HUPLVVLRQV (QXPHUD ORV WLSRV GH LQIRUPDFLyQ DFHUFD GH VX WDEOHWD \ OD DSOLFDFLyQ WLHQH DFFHVR D VXVGDWRV(QWUDU(QWUDU(QWUDU(QWUDU  HGLWDUHGLWDUHGLWDUHGLWDU WH[WRWH[WRWH[WRWH[WR
ZZZ/,16$<GLJLWDOFRP8VDU8VDU8VDU8VDU HOHOHOHO WHFODGRWHFODGRWHFODGRWHFODGR3XHGH LQWURGXFLU WH[WR PHGLDQWH HO WHFODGR HQ SDQWDOOD $OJXQDV DSOLFDFLRQHV DEULUOR DXWRPiWLFDPHQWH (QRWURV DEULUOR SRU WRFDU GRQGH GHVHH HVFULELU$ PHGLGD TXH HVFULEH HO WHFODGR PXHVWUD VXJHUHQFLDV SRU HQFLPD GH OD ILOD VXSHULRU GH WHFODV 3DUD DFHSWDUXQD VXJHUHQFLD WRFDUOR%DVLF%DVLF%DVLF%DVLF HGLWLQJHGLWLQJHGLWLQJHGLWLQJł 0RYHU HO SXQWR GH LQVHUFLyQ WRTXH GRQGH GHVHH HVFULELU 3DUSDGHD HO FXUVRU HQ OD QXHYD SRVLFLyQ \ XQDILFKD YHUGH DSDUHFH GHEDMR GH HOOD $UUDVWUH OD WDEXODFLyQ SDUD PRYHU HO FXUVRUł 6HOHFFLRQH WH[WR 7RXFK  PDQWHQJD R SXQWHH GRV YHFHV HQ HO WH[WR'HVWDFD OD SDODEUD PiV FHUFDQD FRQ XQD ILFKD HQ FDGD H[WUHPR GH OD VHOHFFLyQ $UUDVWUH ODV ILFKDV SDUDFDPELDU OD VHOHFFLyQ /D ILFKD GHVDSDUHFH GHVSXpV GH XQRV PRPHQWRV SDUD VDOLU GH VX FDPLQR 3DUD KDFHUTXH UHDSDUH]FD WRTXH HO WH[WR QXHYRł (OLPLQDU WH[WR WRTXH SDUD ERUUDU HO WH[WR VHOHFFLRQDGR R ORV FDUDFWHUHV DQWHV GHO FXUVRUł &RUWDU FRSLDU SHJDU VHOHFFLRQH HO WH[WR TXH GHVHD PDQLSXODU $ FRQWLQXDFLyQ WRTXH OD 3DVWH &XW RU &RS\ ERWRQ 
ZZZ/,16$<GLJLWDOFRP3DUD TXH HO WHFODGR GHVDSDUHFH VHOHFFLRQH 'RQH7LSV7LSV7LSV7LSV  VKRUWFXWVVKRUWFXWVVKRUWFXWVVKRUWFXWVł 7\SH7\SH7\SH7\SH FDSLWDOFDSLWDOFDSLWDOFDSLWDO OHWWHUVOHWWHUVOHWWHUVOHWWHUV 7RTXH HO 6KLIW NH\ YH] SDUD FDPELDU D PD\~VFXODV SDUD XQD FDUWD 2 WRTXH FHOHEUDU HO 6KLIW NH\ PLHQWUDV HVFULEH &XDQGR VXHOWH OD WHFOD UHDSDUHFHQ ODV OHWUDV PLQ~VFXODVł $FWLYDU OD WHFOD %ORT 0D\~V GREOH SXQWHR R WRTXH  PDQWHQJD OD 6KLIW NH\  SDUD TXH FDPELHD 7RTXH HO 6KLIW NH\ SDUD YROYHU D PLQ~VFXODVł 0RVWUDU Q~PHURV R VtPERORV WRTXH HO " NH\ 3DUD YHU PiV RSFLRQHV WRTXH HO   ?  NH\ł $FFHGHU UiSLGDPHQWH D ORV VLJQRV GH SXQWXDFLyQ \ VtPERORV FRPXQHV 7RXFK  PDQWHQJD OD WHFOD D ODGHUHFKD GH OD EDUUD GH HVSDFLR SHUtRGR FODYHł (VFULED FDUDFWHUHV HVSHFLDOHV 7RXFK  PDQWHQJD OD 6KLIW NH\ PLHQWUDV OH WRTXH XQD FODYH FRQ XQSHTXHxR SHUVRQDMH JULV HQ VX HVTXLQD SDUD HQWUDU HQ HO SHUVRQDMH GH FRORU JULV7RTXH  SUHVLRQDGD FXDOTXLHU WHFOD SDUD YHU DOWHUQDWLYDV OHWUDV VtPERORV R Q~PHURV TXH SXHGH OXHJRWRFDV SDUD HVFULELUł &DPELDU HO LGLRPD GH HQWUDGD R WHFODGR 7RXFK  PDQWHQJD OD WHFOD D OD L]TXLHUGD GH OD EDUUD GH HVSDFLRFRQ (Q OD HVTXLQD LQIHULRU GHUHFKD \ D FRQWLQXDFLyQ VXpOWHOD$SDUHFHUi HO PHQ~ GH RSFLRQHV GH HQWUDGD (OLMD OD RSFLyQ TXH GHVHD DMXVWDU6HWWLQJV6HWWLQJV6HWWLQJV6HWWLQJV 5HODFLRQDGRV5HODFLRQDGRV5HODFLRQDGRV5HODFLRQDGRV
ZZZ/,16$<GLJLWDOFRP6HWWLQJV ! 3HUVRQDO ! /DQJXDJH  LQSXW&RQHFWDUVH&RQHFWDUVH&RQHFWDUVH&RQHFWDUVH DDDD UHGHVUHGHVUHGHVUHGHV :L)L:L)L:L)L:L)L:L)L HV XQD WHFQRORJtD GH UHG LQDOiPEULFD TXH SXHGH SURSRUFLRQDU DFFHVR D ,QWHUQHW D GLVWDQFLDV GH KDVWD PHWURV GHSHQGLHQGR GH VX HQWRUQR \ HOHQUXWDGRU :L)L3DUD XWLOL]DU :L)L VH FRQHFWD D XQ SXQWR GHDFFHVR LQDOiPEULFR R ]RQD DFWLYD $OJXQRVSXQWRV GH FRQH[LyQ HVWiQ DELHUWRV \ VLPSOHPHQWHSXHGH FRQHFWDUVH D HOORV 2WURV LPSOHPHQWDQFDUDFWHUtVWLFDV GH VHJXULGDG TXH UHTXLHUHQ RWURVSDVRV SDUD FRQILJXUDU FRPR FHUWLILFDGRV GLJLWDOHV RRWUDV IRUPDV GH JDUDQWL]DU TXH VyOR ORV XVXDULRVDXWRUL]DFLyQ SXHGHQ FRQHFWDUVH3DUD H[WHQGHU OD YLGD GH OD EDWHUtD HQWUH FDUJDVGHVDFWLYDU :L)L FXDQGR QR OR HVWi XWLOL]DQGR7DPELpQ SXHGH GHILQLU HO GLVSRVLWLYR SDUDGHVFRQHFWDUVH DXWRPiWLFDPHQWH UHGHV :L)LFXDQGR HVWi GXUPLHQGR$FWLYDU$FWLYDU$FWLYDU$FWLYDU :L)L:L)L:L)L:L)L \\\\ FRQHFWDUVHFRQHFWDUVHFRQHFWDUVHFRQHFWDUVH DDDD XQDXQDXQDXQD UHGUHGUHGUHG :L)L:L)L:L)L:L)L6L GHVHD DxDGLU XQD UHG :L)L FXDQGR SULPHUR FRQILJXUD HO GLVSRVLWLYR :L)L HVWi DFWLYDGRDXWRPiWLFDPHQWH 7RTXH HO 6HWWLQJV LFRQ 7RTXH :LUHOHVV:LUHOHVV:LUHOHVV:LUHOHVV  QHWZRUNVQHWZRUNVQHWZRUNVQHWZRUNV !!!! :L)L:L)L:L)L:L)L 'HVOLFH HO FRQPXWDGRU GH :L)L D OD SRVLFLyQ 2Q2Q2Q2Q(O GLVSRVLWLYR H[SORUD ODV UHGHV :L)L GLVSRQLEOHV \ PXHVWUD ORV QRPEUHV GH ORV TXH HQFXHQWUD 5HGHVVHJXUDV VH LQGLFDQ FRQ XQ LFRQR GH FDQGDGR 6L HO GLVSRVLWLYR GHWHFWD XQD UHG TXH FRQHFWDGR SUHYLDPHQWHVH FRQHFWD D pO 7RTXH XQ QRPEUH GH UHG SDUD YHU PiV GHWDOOHV R FRQHFWDUVH D HOOD
ZZZ/,16$<GLJLWDOFRP6L OD UHG HVWi SURWHJLGD VH OH SHGLUi TXH LQWURGX]FD XQD FRQWUDVHxD X RWUDV FUHGHQFLDOHV 3LGD DODGPLQLVWUDGRU GH UHG SDUD REWHQHU PiV GHWDOOHV3DUD PRGLILFDU OD FRQILJXUDFLyQ GH OD UHG WRTXH  PDQWHQJD HO QRPEUH GH UHG$JUHJDU$JUHJDU$JUHJDU$JUHJDU XQDXQDXQDXQD UHGUHGUHGUHG :L)L:L)L:L)L:L)L3XHGH DJUHJDU XQD UHG :L)L SDUD TXH WX GLVSRVLWLYR UHFRUGDUOR MXQWR FRQ ODV FUHGHQFLDOHV GH VHJXULGDG \FRQHFWDUVH D HOOD DXWRPiWLFDPHQWH FXDQGR HVWi HQ HO LQWHUYDOR 7DPELpQ GHEH DJUHJDU XQD UHG :L)L VL ODUHG QR HPLWH VX QRPEUH 66,' R SDUD DJUHJDU XQD UHG :L)L FXDQGR HVWp IXHUD GHO UDQJR3DUD XQLUVH D XQD UHG VHJXUD SULPHUR QHFHVLWD DSUHQGHU GHWDOOHV GH VHJXULGDG GHO DGPLQLVWUDGRU GH OD UHG (QFLHQGD :L)L (Q OD SDQWDOOD GH FRQILJXUDFLyQ GH :L)L SXOVH $JUHJDU UHG (VFULED HO 66,' QRPEUH GH OD UHG 6L HV QHFHVDULR LQWURGX]FD OD VHJXULGDG X RWURV GHWDOOHV GHFRQILJXUDFLyQ GH UHG 7RTXH 6DYH6DYH6DYH6DYH6H JXDUGD OD LQIRUPDFLyQ VREUH OD UHG (O GLVSRVLWLYR VH FRQHFWDUi D HVWD UHG DXWRPiWLFDPHQWH OD SUy[LPDYH] TXH YHQJD GHQWUR GHO DOFDQFH2OYLGDU2OYLGDU2OYLGDU2OYLGDU XQDXQDXQDXQD UHGUHGUHGUHG :L)L:L)L:L)L:L)L3XHGH KDFHU TXH HO GLVSRVLWLYR ROYLGDUVH GH ORV GHWDOOHV GH XQD UHG :L)L TXH KD\D DJUHJDGR SRU HMHPSORVL QR GHVHD TXH OD WDEOHWD SDUD FRQHFWDU DXWRPiWLFDPHQWH R VL HV XQD UHG TXH \D QR XWLOLFH (QFLHQGD :L)L (Q OD SDQWDOOD GH FRQILJXUDFLyQ GH :L)L SXOVH HQ HO QRPEUH GH OD UHG 2OYtGHVH GH WRTXH HQ HO FXDGUR GH GLiORJR TXH VH DEUH&RQILJXUDFL&RQILJXUDFL&RQILJXUDFL&RQILJXUDFLyyyyQQQQGHGHGHGH SUR[\SUR[\SUR[\SUR[\ SDUDSDUDSDUDSDUD XQDXQDXQDXQD UHGUHGUHGUHG :L)L:L)L:L)L:L)L$OJXQRV DGPLQLVWUDGRUHV GH UHG UHTXLHUHQ FRQHFWDUVH D UHFXUVRV GH OD UHG LQWHUQD R H[WHUQD D WUDYpV GH XQVHUYLGRU SUR[\ 'H IRUPD SUHGHWHUPLQDGD ODV UHGHV :L)L TXH DJUHJD QR HVWiQ FRQILJXUDGDV SDUDFRQHFWDUVH D WUDYpV GH XQ SUR[\ SHUR SXHGH FDPELDU SDUD FDGD UHG :L)L TXH KD\D DJUHJDGR&RQILJXUDFLyQ GH SUR[\ HV XWLOL]DGRV SRU HO QDYHJDGRU SHUR QR SRGUi VHU XWLOL]DGD SRU RWUDV DSOLFDFLRQHV
ZZZ/,16$<GLJLWDOFRP 7RXFK  HVSHUD XQD UHG HQ OD OLVWD GH UHGHV :L)L TXH KD\D DJUHJDGR 5HG WRXFK PRGLILFDU HQ HO FXDGUR GH GLiORJR TXH VH DEUH 6HOHFFLRQH 0RVWUDU DYDQ]DGDV RSFLRQHV 6L OD UHG QR WLHQH QLQJXQD FRQILJXUDFLyQ GH SUR[\ WRFDU QLQJXQR EDMR FRQILJXUDFLyQ GH 3UR[\ OXHJR WRTXH0DQXDO HQ HO PHQ~ TXH VH DEUH ,QWURGX]FD OD FRQILJXUDFLyQ GHO SUR[\ SURSRUFLRQDGD SRU VX DGPLQLVWUDGRU GH UHG 7RTXH 6DYH6DYH6DYH6DYH/D FRQILJXUDFLyQ GH SUR[\ VyOR VH DSOLFD D OD UHG :L)L TXH KD PRGLILFDGR 3DUD FDPELDU OD FRQILJXUDFLyQ GHSUR[\ SDUD RWUDV UHGHV :L)L PRGLILFDUORV LQGLYLGXDOPHQWH(VWDEOHFHU(VWDEOHFHU(VWDEOHFHU(VWDEOHFHU QRWLILFDFLRQHVQRWLILFDFLRQHVQRWLILFDFLRQHVQRWLILFDFLRQHV GHGHGHGH :L)L:L)L:L)L:L)L GHVFRQHFWHGHVFRQHFWHGHVFRQHFWHGHVFRQHFWH ODODODOD SROSROSROSROttttWLFDWLFDWLFDWLFD \\\\ RWUDVRWUDVRWUDVRWUDV RSFLRQHVRSFLRQHVRSFLRQHVRSFLRQHVDYDQ]DGDVDYDQ]DGDVDYDQ]DGDVDYDQ]DGDV3DUD WUDEDMDU FRQ OD FRQILJXUDFLyQ DYDQ]DGD GH :L)L $FWLYDU :L)L (Q OD SDQWDOOD GH FRQILJXUDFLyQ GH :L)L SXOVH HQ HO LFRQR GH PHQ~ \ HOLMD $GYDQFHG$GYDQFHG$GYDQFHG$GYDQFHG6H WUDWD GH OD FRQILJXUDFLyQ TXH VH SXHGH DMXVWDUł1HWZRUN1HWZRUN1HWZRUN1HWZRUN QRWLILFDWLRQQRWLILFDWLRQQRWLILFDWLRQQRWLILFDWLRQ 'H IRUPD SUHGHWHUPLQDGD FXDQGR :L)L HVWi DFWLYDGR UHFLELUi QRWLILFDFLRQHV HQ ODEDUUD FXDQGR HO GLVSRVLWLYR GHWHFWD XQD UHG :L)L DELHUWD GH (VWDGR 'HVDFWLYH HVWD RSFLyQ SDUD GHVDFWLYDUODV QRWLILFDFLRQHVł $YRLG$YRLG$YRLG$YRLG SRRUSRRUSRRUSRRU FRQQHFWLRQVFRQQHFWLRQVFRQQHFWLRQVFRQQHFWLRQV &RPSUXHEH SDUD DXWRPiWLFDPHQWH HYLWDU HO XVR GH UHGHV FRQ XQD FRQH[LyQ GH,QWHUQHW GH EDMD FDOLGDG R LQWHUPLWHQWHł .HHS.HHS.HHS.HHS :L)L:L)L:L)L:L)L GXULQJGXULQJGXULQJGXULQJ VOHHSVOHHSVOHHSVOHHS 3DUD FRQVHUYDU HO XVR GH GDWRV PyYLOHV HO GLVSRVLWLYR SHUPDQHFH FRQHFWDGR D:L)L FXDQGR OD SDQWDOOD VH YD D GRUPLU3XOVH HQ HVWD RSFLyQ SDUD FDPELDU HVWH FRPSRUWDPLHQWR SUHGHWHUPLQDGR \D VHD SDUD SHUPDQHFHUFRQHFWDGR D :L)L VyOR FXDQGR HO GLVSRVLWLYR HVWi FRQHFWDGR D XQ FDUJDGRU FXDQGR OD EDWHUtD QR HV XQSUREOHPD R QXQFD SDUD SHUPDQHFHU FRQHFWDGR D :L)L GXUDQWH HO VXHxR /D HOHFFLyQ GH HVWH ~OWLPD HVSUREDEOH TXH DXPHQWH HO XVR GH GDWRV PyYLOHV 3XHGH TXH GHVHH UHYLVDU HVWD FRQILJXUDFLyQ VL UHFLEH XQDQRWLILFDFLyQ TXH HVWi DFHUFDQGR VX OtPLWH HVSHFLILFDGR ORV GDWRV PyYLOHV
ZZZ/,16$<GLJLWDOFRPł:L)L:L)L:L)L:L)L IUHTXHQF\IUHTXHQF\IUHTXHQF\IUHTXHQF\ EDQGEDQGEDQGEDQG  *+] EDQGDV GH IUHFXHQFLD(VWD SDQWDOOD WDPELpQ PXHVWUD OD VLJXLHQWH LQIRUPDFLyQł0$&0$&0$&0$& DGGUHVVDGGUHVVDGGUHVVDGGUHVV /D GLUHFFLyQ GH 0HGLD $FFHVV &RQWURO 0$& GHO GLVSRVLWLYR FXDQGR HVWp FRQHFWDGR D XQDUHG :L)Lł,3,3,3,3 DGGUHVVDGGUHVVDGGUHVVDGGUHVV /D GLUHFFLyQ GH SURWRFROR GH ,QWHUQHW ,3 DVLJQDGD DO GLVSRVLWLYR PHGLDQWH OD UHG :L)L TXHHVWi FRQHFWDGR D PHQRV TXH XWLOLFH OD FRQILJXUDFLyQ GH ,3 SDUD DVLJQDUOH XQD GLUHFFLyQ ,3 HVWiWLFD6HWWLQJV6HWWLQJV6HWWLQJV6HWWLQJV UHODFLRQDGRVUHODFLRQDGRVUHODFLRQDGRVUHODFLRQDGRV6HWWLQJV ! :LUHOHVV  QHWZRUNV ! :L)L6HWWLQJV ! :LUHOHVV  QHWZRUNV ! 'DWD XVDJH&RQHFWDU&RQHFWDU&RQHFWDU&RQHFWDU WHFODGRVWHFODGRVWHFODGRVWHFODGRV UDWRQHVUDWRQHVUDWRQHVUDWRQHV \\\\ RWURVRWURVRWURVRWURV GLVSRVLWLYRVGLVSRVLWLYRVGLVSRVLWLYRVGLVSRVLWLYRV3XHGH FRQHFWDU XQ WHFODGR UDWyQ R LQFOXVR XQ MR\VWLFN X RWUR GLVSRVLWLYR GH HQWUDGD GH 7DEOHW 3& PHGLDQWH86% \ XWLOL]DUOD FRPR WDO FRPR OR KDUtD FRQ XQ 3&3XHGH TXH QHFHVLWH XQ DGDSWDGRU SDUD FRQHFWDU HO WHFODGR X RWUR GLVSRVLWLYR DO SXHUWR 86% GH OD SDVWLOOD3DUD FRQHFWDU PiV GH XQ GLVSRVLWLYR 86% HQ XQ PRPHQWR XWLOLFH XQ FRQFHQWUDGRU 86% SDUD GLVPLQXLU HOFRQVXPR GH EDWHUtD GHO 7DEOHW 3&7HFODGR7HFODGR7HFODGR7HFODGR$GHPiV GH HVFULELU WH[WR SXHGH XWLOL]DU HO WHFODGR SDUD GHVSOD]DUVH SRU FDUDFWHUtVWLFDV GH 7DEOHW 3&ł 8WLOLFH ODV WHFODV GH IOHFKD SDUD VHOHFFLRQDU HOHPHQWRV HQ SDQWDOODł $O SXOVDU UHWRUQR FXDQGR HVWi VHOHFFLRQDGR XQ HOHPHQWR HTXLYDOH D WRFDU HVH WHPDł $O SXOVDU (VF HTXLYDOH D WRFDU YROYHUł 3UHVLRQH 7DE R 6KLIW7DE SDUD SDVDU GH XQ FDPSR D RWUR GH XQD IRUPD X RWUD SDQWDOOD FRQ P~OWLSOHVFDPSRV GH WH[WR5DW5DW5DW5DWyyyyQQQQ
ZZZ/,16$<GLJLWDOFRP&XDQGR VH FRQHFWH XQ UDWyQ SDUD 7DEOHW 3& \ PXHYD HO UDWyQ DSDUHFHUi XQ FXUVRU HQ IRUPD GH IOHFKDFRPR HQ XQ HTXLSRł 8WLOLFH HO UDWyQ SDUD PRYHU HO FXUVRUł &OLF SXOVDQGR \ DUUDVWUDQGR FRQ HO ERWyQ GHO UDWyQ VRQ HTXLYDOHQWH D WRFDU WRFDU  FHOHEUDU \ DUUDVWUDQGRFRQ HO GHGRł 6H DGPLWH XQ ~QLFR ERWyQ2WKHU2WKHU2WKHU2WKHU LQSXWLQSXWLQSXWLQSXW GHYLFHVGHYLFHVGHYLFHVGHYLFHV3XHGH TXH RWURV GLVSRVLWLYRV GH HQWUDGD D WX WHOpIRQR 6LQ HPEDUJR MXHJRV \ RWUDV DSOLFDFLRQHV GHEHQHVWDU GLVHxDGRV SDUD VRSRUWDU ODV FDUDFWHUtVWLFDV HVSHFLDOHV GH XQ GLVSRVLWLYR GH HQWUDGD FRPR ORV ERWRQHVGHGLFDGRV X RWURV FRQWUROHV SDUD VDFDU HO Pi[LPR SURYHFKR GH HOORV&RQHFWDUVH&RQHFWDUVH&RQHFWDUVH&RQHFWDUVH DDDDXQXQXQXQ HTXLSRHTXLSRHTXLSRHTXLSR GHGHGHGH :LQGRZV:LQGRZV:LQGRZV:LQGRZV PHGLDQWHPHGLDQWHPHGLDQWHPHGLDQWH 86%86%86%86%3XHGH XWLOL]DU XQ FDEOH 86% SDUD FRQHFWDU VX WHOpIRQR D XQ :LQGRZV GH HTXLSR \ OD WUDQVIHUHQFLD GHP~VLFD LPiJHQHV \ RWURV DUFKLYRV HQ DPEDV GLUHFFLRQHV&XDQGR VH FRQHFWD HO HTXLSR 7DEOHW 3& DO SXHUWR 86% GHO HTXLSR VX DOPDFHQDPLHQWR 86% HVWi PRQWDGRFRPR XQD XQLGDG \ DSDUHFH HQ OD SDQWDOOD GHO RUGHQDGRU $KRUD SXHGH FRSLDU DUFKLYRV KDFLD DWUiV \DGHODQWH FRPR OR KDUtD FRQ FXDOTXLHU RWUR GLVSRVLWLYR H[WHUQR&XDQGR KD\D WHUPLQDGR VLPSOHPHQWH GHVFRQHFWH OD WDEOHWD GHVHQFKXIDQGR HO FDEOH 86%6HWWLQJV ! 'HYLFH ! 6WRUDJH ! 0HQX ! 86% FRPSXWHU FRQQHFWLRQ0DQHMDU0DQHMDU0DQHMDU0DQHMDU FXHQWDVFXHQWDVFXHQWDVFXHQWDV$JUHJDU$JUHJDU$JUHJDU$JUHJDU RRRR TXLWDUTXLWDUTXLWDUTXLWDU FXHQWDVFXHQWDVFXHQWDVFXHQWDV3XHGH XWLOL]DU ODV FXHQWDV GH YDULDV FXHQWDV GH *RRJOH \ 0LFURVRIW ([FKDQJH $FWLYH6\QF HQ HO GLVSRVLWLYR7DPELpQ SXHGH DJUHJDU RWURV WLSRV GH FXHQWDV GHSHQGLHQGR GH VXV DSOLFDFLRQHV $OJXQRV SXHGH DJUHJDUHQ OD SDQWDOOD GH VLQFURQL]DFLyQ  GH FXHQWDV FRPR VH GHVFULEH DTXt 2WURV TXH DJUHJDU XWLOL]DQGR XQD
ZZZ/,16$<GLJLWDOFRPDSOLFDFLyQ TXH IXQFLRQD FRQ ORV WLSRV GH FXHQWDV 3RU HMHPSOR SXHGH DJUHJDU FXHQWDV GH FRUUHR ,0$3 \323 FRQ OD DSOLFDFLyQ GH FRUUHR HOHFWUyQLFR3DUD YHU ODV FXHQWDV  VLQFURQL]DU OD SDQWDOOD GH FRQILJXUDFLyQ VH GHVFULEH DTXt 'HVGH XQD SDQWDOOD GH LQLFLR R WRGDV ODV DSOLFDFLRQHV SXOVH HQ HO LFRQR GH FRQILJXUDFLyQ  (Q 3HUVRQDO WRFDU ODV FXHQWDV  GH VLQFURQL]DFLyQ$JUHJDU$JUHJDU$JUHJDU$JUHJDU XQDXQDXQDXQD FXHQWDFXHQWDFXHQWDFXHQWD3DUD DJUHJDU DOJXQDV FXHQWDV SXHGH TXH QHFHVLWH REWHQHU GHWDOOHV DFHUFD GHO VHUYLFLR DO TXH VH FRQHFWD ODFXHQWD GH DGPLQLVWUDGRU GHO VLVWHPD 3RU HMHPSOR SXHGH TXH QHFHVLWH FRQRFHU HO GRPLQLR GH OD FXHQWD RGLUHFFLyQ GHO VHUYLGRU *R WR 6HWWLQJV ! 3HUVRQDO ! $FFRXQWV  V\QF 7RTXH $GG DFFRXQW 7RTXH HO WLSR GH FXHQWD SDUD DJUHJDU 6LJD ORV SDVRV TXH DSDUHFHQ HQ SDQWDOOD SDUD LQWURGXFLU LQIRUPDFLyQ VREUH OD FXHQWD/DV FXHQWDV GH OD PD\RUtD UHTXLHUHQ XQ QRPEUH GH XVXDULR \ XQD FRQWUDVHxD SHUR ORV GHWDOOHV GHSHQGHQGHO WLSR GH FXHQWD \ OD FRQILJXUDFLyQ GHO VHUYLFLR TXH VH HVWi FRQHFWDQGR'HSHQGLHQGR GHO WLSR GH FXHQWD SRGUi VROLFLWDUVH SDUD FRQILJXUDU TXp WLSR GH GDWRV TXH GHVHD VLQFURQL]DUQRPEUH GH OD FXHQWD \ RWURV GHWDOOHV&XDQGR KD\D WHUPLQDGR OD FXHQWD VH DJUHJD D OD OLVWD GH FXHQWDV  GH VLQFURQL]DFLyQ 'HSHQGLHQGR GH ODFRQILJXUDFLyQ GH OD FXHQWD FRUUHR HOHFWUyQLFR FRQWDFWRV \ RWURV VLQFURQL]DFLyQ GH LQLFLR GH LQIRUPDFLyQ HQHO GLVSRVLWLYR5HPRYHU5HPRYHU5HPRYHU5HPRYHU XQDXQDXQDXQD FXHQWDFXHQWDFXHQWDFXHQWD3XHGH TXLWDU XQD FXHQWD SDUD HOLPLQDU DVt WRGD OD LQIRUPDFLyQ DVRFLDGD GHVGH HO GLVSRVLWLYR LQFOX\HQGRFRUUHR HOHFWUyQLFR FRQWDFWRV FRQILJXUDFLyQ \ DVt VXFHVLYDPHQWH *R WR 6HWWLQJV ! 3HUVRQDO ! $FFRXQWV  V\QF 7RTXH OD FXHQWD D HOLPLQDU,FRQR GH PHQ~ WRXFK  ! HOLPLQDU FXHQWD
ZZZ/,16$<GLJLWDOFRP7RSLFRV 5HODFLRQDGRV&RQILJXUDU ODV RSFLRQHV GH VLQFURQL]DFLyQ GH FXHQWD¢3RU TXp XWLOL]DU XQD FXHQWD GH *RRJOH"&RQILJXUDU&RQILJXUDU&RQILJXUDU&RQILJXUDU ODVODVODVODV RSFLRQHVRSFLRQHVRSFLRQHVRSFLRQHV GHGHGHGH VLQFURQL]DFLVLQFURQL]DFLVLQFURQL]DFLVLQFURQL]DFLyyyyQQQQGHGHGHGH FXHQWDFXHQWDFXHQWDFXHQWD3XHGH FRQILJXUDU ODV RSFLRQHV GH VLQFURQL]DFLyQ SDUD FXDOTXLHUD GH VXV DSOLFDFLRQHV 7DPELpQ SXHGHFRQILJXUDU TXp WLSR GH GDWRV VLQFURQL]DU SDUD FDGD FXHQWD $OJXQDV DSOLFDFLRQHV FRPR *PDLO FDOHQGDULRWLHQHQ YDORUHV GH VLQFURQL]DFLyQ LQGHSHQGLHQWHV TXH SURSRUFLRQDQ XQ FRQWURO PiV GHWDOODGR (Q WDOHV FDVRVOD FRQILJXUDFLyQ TXH VHOHFFLRQH HQ HO QLYHO GH FXHQWD VLJXHQ VLHQGR YiOLGD3DUD DOJXQDV FXHQWDV OD VLQFURQL]DFLyQ HV ELGLUHFFLRQDO ORV FDPELRV TXH UHDOLFH HQ OD LQIRUPDFLyQ GHOGLVSRVLWLYR VRQ UHDOL]DGRV HQ OD FRSLD GH HVD LQIRUPDFLyQ HQ OD ZHE 7X FXHQWD GH *RRJOH IXQFLRQD GH HVWDPDQHUD 2WUDV FXHQWDV GH DSR\DQ VyOR VLQFURQL]DFLyQ XQLGLUHFFLRQDO OD LQIRUPDFLyQ GH WX GLVSRVLWLYR PyYLOHV GH VyOR OHFWXUD3DUD YHU ODV FXHQWDV  VLQFURQL]DU OD SDQWDOOD GH FRQILJXUDFLyQ VH GHVFULEH DTXt 'HVGH XQD SDQWDOOD GH LQLFLR R WRGDV ODV DSOLFDFLRQHV SXOVH HQ HO LFRQR &RQILJXUDFLyQ (Q 3HUVRQDO WRFDU ODV FXHQWDV  GH VLQFURQL]DFLyQ$OJXQDV DSOLFDFLRQHV WLHQHQ WDPELpQ VXV SURSLRV DMXVWHV UHODFLRQDGRV FRQ OD VLQFURQL]DFLyQ 3RU HMHPSORSDUD FRQWURODU OD VLQFURQL]DFLyQ GH PHQVDMH HQ OD DSS GH *PDLO SXOVH HO LFRQR GH PHQ~ ! HWLTXHWDFRQILJXUDFLyQ ! VLQFURQL]DU PHQVDMHV&RQILJXUDU&RQILJXUDU&RQILJXUDU&RQILJXUDU ODVODVODVODV RSFLRQHVRSFLRQHVRSFLRQHVRSFLRQHV GHGHGHGH VLQFURQL]DFLVLQFURQL]DFLVLQFURQL]DFLVLQFURQL]DFLyyyyQQQQ JHQHUDOJHQHUDOJHQHUDOJHQHUDO 9D\D D FRQILJXUDFLyQ ! 3HUVRQDO ! FXHQWDV  V\QF,QGLFD TXH SDUWH R OD WRWDOLGDG GH OD LQIRUPDFLyQ GH OD FXHQWD HVWi FRQILJXUDGR SDUD VLQFURQL]DUDXWRPiWLFDPHQWH,QGLFD TXH QLQJXQD GH OD LQIRUPDFLyQ GH OD FXHQWD HVWi FRQILJXUDGD SDUD VLQFURQL]DU DXWRPiWLFDPHQWH 9HULILFDFLyQ R GHVDFWLYH HO LFRQR GH PHQ~ ! GDWRV GH DSS GH VLQFURQL]DFLyQ DXWRPiWLFD SDUD FRQWURODU VLORV FDPELRV UHDOL]DGRV D OD LQIRUPDFLyQ HQ HO GLVSRVLWLYR R HQ OD ZHE VH VLQFURQL]DQ DXWRPiWLFDPHQWH HQWUHVt
ZZZ/,16$<GLJLWDOFRP6L GHVDFWLYD OD VLQFURQL]DFLyQ DXWRPiWLFD QHFHVLWD VLQFURQL]DU PDQXDOPHQWH SDUD UHFRSLODU PHQVDMHVFRUUHR HOHFWUyQLFR \ RWUD LQIRUPDFLyQ UHFLHQWH \ QR UHFLELU QRWLILFDFLRQHV FXDQGR VH SURGXFHQDFWXDOL]DFLRQHV3RU HMHPSOR FXDQGR HVWD RSFLyQ HVWi PDUFDGD ORV FDPELRV TXH UHDOLFH HQ VX DSOLFDFLyQ ODV SHUVRQDV VHUHDOL]DQ DXWRPiWLFDPHQWH D WXV FRQWDFWRV GH *RRJOH HQ OD ZHE6L HVWD RSFLyQ QR HVWi VHOHFFLRQDGD SXHGH XWLOL]DU ODV KHUUDPLHQWDV GH XQD DSOLFDFLyQ SDUD VLQFURQL]DUGDWRV PDQXDOPHQWH 7DPELpQ SXHGH VLQFURQL]DU PDQXDOPHQWH SDUD UHFRSLODU PHQVDMHV FRUUHR HOHFWUyQLFR\ RWUD LQIRUPDFLyQ UHFLHQWH 'HMDQGR OD VLQFURQL]DFLyQ DXWRPiWLFD IXHUD SXHGH D\XGDU D SURORQJDU OD YLGD GHOD EDWHUtD SHUR OH LPSHGLUi UHFLELU QRWLILFDFLRQHV FXDQGR VH SURGXFHQ DFWXDOL]DFLRQHV6\QF LQIRUPDFLRQ PDQXDOPHQWH 9D\D D FRQILJXUDFLyQ ! 3HUVRQDO ! FXHQWDV  V\QF 7RTXH OD FXHQWD FX\RV GDWRV GHVHD VLQFURQL]DU,FRQR GH PHQ~ WRXFK  ! 6LQFURQL]DU DKRUD&DPELDU&DPELDU&DPELDU&DPELDU ODODODOD FRQILJXUDFLFRQILJXUDFLFRQILJXUDFLFRQILJXUDFLyyyyQQQQGHGHGHGH VLQFURQL]DFLVLQFURQL]DFLVLQFURQL]DFLVLQFURQL]DFLyyyyQQQQGHGHGHGH ODODODOD FXHQWDFXHQWDFXHQWDFXHQWD 9D\D D FRQILJXUDFLyQ ! 3HUVRQDO ! FXHQWDV  V\QF 7RTXH OD FXHQWD FX\D FRQILJXUDFLyQ GH VLQFURQL]DFLyQ TXH GHVHH FDPELDU6H DEULUi OD SDQWDOOD GH FRQILJXUDFLyQ GH VLQFURQL]DFLyQ PRVWUDQGR XQD OLVWD GH ORV WLSRV GH LQIRUPDFLyQTXH SXHGH VLQFURQL]DU OD FXHQWD 9HULILFDFLyQ R GHVPDUFDU HOHPHQWRV VHJ~Q VHD QHFHVDULR'HVDFWLYDU XQD RSFLyQ QR TXLWDU OD LQIRUPDFLyQ GHO GLVSRVLWLYR VLPSOHPHQWH GHMD GH PDQWHQHUVH HQ VLQWRQtDFRQ OD YHUVLyQ HQ OD ZHE$VHJXUH$VHJXUH$VHJXUH$VHJXUH VXVXVXVX WDEOHWWDEOHWWDEOHWWDEOHWDDDD6FUHHQ ORFN
ZZZ/,16$<GLJLWDOFRP(Q IXQFLyQ GH FyPR XWLOL]DU VX WHOpIRQR SXHGH TXH GHVHH HVWDEOHFHU DOJ~Q WLSR GH SDQWDOOD DXWRPiWLFD GHEORTXHR SDUD LPSHGLU HO DFFHVR QR DXWRUL]DGR 6L VH KD HVWDEOHFLGR XQ EORTXHR GH SDQWDOOD OD SDQWDOOD VHEORTXHD FXDQGR OD SDQWDOOD GHO WHOpIRQR YD D GRUPLU$MXVWDU OD FRQILJXUDFLyQ GH EORTXHR GH 7DEOHW 3& 'HVGH XQD SDQWDOOD GH LQLFLR R WRGDV ODV DSOLFDFLRQHV SXOVH HQ HO LFRQR &RQILJXUDFLyQ 7RTXH 3HUVRQDO ! VHJXULGDG ! EORTXHR GH SDQWDOOD 7RTXH HO WLSR GH EORTXHR TXH GHVHH \ VLJD ODV LQVWUXFFLRQHV HQ SDQWDOOD3XHGH HOHJLU HQWUH HVWDV RSFLRQHV GH EORTXHR HQXPHUDGDV HQ RUGHQ DSUR[LPDGR GH IXHU]Dz'LDSRVLWLYD QR SURSRUFLRQD QLQJXQD SURWHFFLyQ SHUR OH SHUPLWH OOHJDU D OD SDQWDOOD GH LQLFLR UiSLGR RDEULU OD FiPDUD \ HPSH]DU D WRPDU IRWRV LQPHGLDWDPHQWHz3DWUyQ OH SHUPLWH GLEXMDU XQ SDWUyQ VHQFLOOR FRQ HO GHGR SDUD GHVEORTXHDU HO WHOpIRQRz&RQWUDVHxD UHTXLHUH FXDWUR R PiV OHWUDV R Q~PHURV (VWD HV OD RSFLyQ PiV VHJXUD FRPR FUHDU XQDFRQWUDVHxD VHJXUD ,PSRUWDQWH SDUD XQD PHMRU VHJXULGDG HVSHFLILTXH XQD FRQWUDVHxDz8Q PHQRV  FDUDFWHUHV GH ORQJLWXGz&RQWLHQH XQD PH]FOD GH Q~PHURV OHWUDV \ VtPERORV HVSHFLDOHVz1R FRQWLHQH QLQJ~Q UHFRQRFLEOHV SDODEUDV R IUDVHV6HWWLQJV 5HODFLRQDGRV6HWWLQJV ! 'HYLFH ! 'LVSOD\ ! 6OHHS6HWWLQJV ! 3HUVRQDO ! 6HFXULW\ ! 0DNH SDWWHUQ YLVLEOH(63(&,$/(63(&,$/(63(&,$/(63(&,$/ $7(1&,21$7(1&,21$7(1&,21$7(1&,21˖72//72//72//72// )5((/,16$<+(/3)5((/,16$<+(/3)5((/,16$<+(/3)5((/,16$<+(/3
ZZZ/,16$<GLJLWDOFRP/D SRWHQFLD GH HQWUDGD HV 9$ SRU IDYRU QR XVH RWUDVHVSHFLILFDFLRQHV3RO3RO3RO3ROttttWLFDWLFDWLFDWLFD GHGHGHGH *DUDQW*DUDQW*DUDQW*DUDQWttttDDDD*DUDQWtD OLPLWDGD GH XQ DxR HQ SLH]DV \ PDQR GH REUD/,16$< RIUHFH XQD JDUDQWtD OLPLWDGD GH XQ DxR FRQWUD GHIHFWRV GHIDEULFDFLyQ HQ PDWHULDOHV \ PDQR GH REUD SDUD HO FRPSUDGRU RULJLQDO GHXQ /LQVD\ QXHYRV FRPSUDGRV HQ XQD DJHQFLD R ((88 /,16$< TXHFRPLHQ]D HQ OD IHFKD GH FRPSUD SRU HO FOLHQWH (O FOLHQWH HV UHVSRQVDEOHGH PDQWHQHU OD SUXHED GH OD IHFKD GH FRPSUD \ GHEH KDFHU HO UHJLVWUR GHOSURGXFWR HQ ORV  GtDV GH OD FRPSUD HQKWWSZZZOLQVD\GLJLWDOFRPUHJLVWUDWLRQSKS SDUD YDOLGDU OD JDUDQWtD5HVSRQVDELOLGDG GH /,16$</,16$< FRPSUDGR QXHYR GH XQ GLVWULEXLGRU DXWRUL]DGR GH /,16$< ((88\ TXH VH XWLOL]DQ HQ ORV FLQFXHQWD  (VWDGRV 8QLGRV R 3XHUWR 5LFRWLHQHQ XQD JDUDQWtD GH HVWDU OLEUHV GH GHIHFWRV GH IDEULFDFLyQ HQPDWHULDOHV \ PDQR GH REUD SRU XQ  DxR D SDUWLU GH OD IHFKD GH OD FRPSUDRULJLQDO DO SRU PHQRU  *DUDQWtD OLPLWDGD GH /,16$< VyOR FXEUH DTXHOORVGHIHFWRV TXH VXUMDQ FRPR UHVXOWDGR GHO XVR QRUPDO GHO SURGXFWR \ QR VHDSOLFDQ D FXDOTXLHU RSHUDFLyQ GH PDQWHQLPLHQWR LQFRUUHFWR R LQDGHFXDGRR PRGLILFDFLyQ VRIWZDUH LQWHUIDFHV ORV PHGLRV GH FRPXQLFDFLyQ SLH]DV
ZZZ/,16$<GLJLWDOFRPR VXPLQLVWURV QR SUHVWDGRV R HO DSR\R GH /,16$< X RSHUDFLyQ IXHUD GHODV HVSHFLILFDFLRQHV GHO SURGXFWR6L /,16$< UHFLEH GXUDQWH HO SHUtRGR GH JDUDQWtD YLJHQWH DYLVR GH XQGHIHFWR HQ FXDOTXLHU SURGXFWR GH KDUGZDUH TXH HVWi FXELHUWR SRU /,16$<OD JDUDQWtD /,16$< SRGUi RSWDU SRU UHSDUDU R VXVWLWXLU HO SURGXFWRGHIHFWXRVR D /,16$< RSFLyQ6L /,16$< QR SXHGH UHSDUDU R VXVWLWXLU VHJ~Q FRUUHVSRQGD XQ SURGXFWRGHIHFWXRVR TXH HVWp FXELHUWR SRU OD JDUDQWtD GH /,16$< /,16$< HQ HOSOD]R GH XQ SOD]R UD]RQDEOH WUDV UHFLELU OD QRWLILFDFLyQ GHO GHIHFWRUHHPEROVDU HO SUHFLR GH FRPSUD GHO SURGXFWR/,16$< QR WHQGUi REOLJDFLyQ GH UHSDUDU UHHPSOD]DU R UHHPEROVDU KDVWDTXH HO FOLHQWH GHYXHOYD HO SURGXFWR GHIHFWXRVR D /,16$</DV XQLGDGHV HQYLDGDV D /,16$< SDUD OD UHSDUDFLyQ VHUi OD UHSDUDFLyQ RVXVWLWXLGR SRU XQ SURGXFWR QXHYR R FRPR QXHYR V GHO PLVPR PRGHOR FRQOD PLVPD IXQFLRQDOLGDG TXH OD XQLGDG RULJLQDO XQLGDG RULJLQDO V OH VHUiGHYXHOWR VyOR D GLVFUHFLyQ GH /,16$< 3RU IDYRU FRSLD GH VHJXULGDG GHWRGR HO FRQWHQLGR \ DUFKLYRV HQ HO GLVSRVLWLYR /,16$< QR VH KDFHUHVSRQVDEOH SRU HO FRQWHQLGR GH OD XQLGDG RULJLQDO*DUDQWtD OLPLWDGD GH /,16$< VyOR HV YiOLGD HQ HO SDtV GH FRPSUD
ZZZ/,16$<GLJLWDOFRP/,16$< QR YDOLGDUi ODV FRPSUDV UHDOL]DGDV D WUDYpV GHO FRPHUFLR RWUXHTXH (VWR VH UHILHUH DO FRPHUFLR R WUXHTXH HQWUH ORV LQGLYLGXRV HQVLWLRV FRPR (%D\ GRQGH VH IDFLOLWD HO FRPHUFLR R ODV WUDQVDFFLRQHV GHWUXHTXH/,16$< QR JDUDQWL]D ORV GDxRV RFDVLRQDGRV D OD SDQWDOOD HQ FXDOTXLHUXQLGDG YHQGLGD &XDOTXLHU GHIHFWR GHO IDEULFDQWH HV D OD GLVFUHFLyQ \ HOGLVFHUQLPLHQWR GH ORV WpFQLFRV GH UHSDUDFLyQ GH /,16$< FRPR OD XQLGDGGHEHUi HVWDU HQ SRVHVLyQ GHO Q~PHUR DXWRUL]DFLRQ UHWRUQR 5$1 WpFQLFRVSDUD XQD HYDOXDFLyQ FRPSOHWD \ SUHFLVD D UHDOL]DU&yPR REWHQHU VHUYLFLR GH JDUDQWtD3DUD REWHQHU VHUYLFLR GH JDUDQWtD SyQJDVH HQ FRQWDFWR /,16$< VRSRUWHWpFQLFR SRU FRUUHR HOHFWUyQLFR D 7HFKQLFDO6XSSRUW#OLQVD\GLJLWDOFRP 8VWHG GHEH SURSRUFLRQDU HO PRGHOR Q~PHUR GH VHULH \ IHFKD GH FRPSUD/,16$< 6RSRUWH 7pFQLFR HVWi GLVSRQLEOH GH  $0 D  30 (67(GH OXQHV D YLHUQHV 7HQJD HQ FXHQWD TXH ODV KRUDV GH YDFDFLRQHV SXHGHQYDULDU 3DUD REWHQHU LQIRUPDFLyQ DO GtD SRU IDYRU YLVLWHZZZ/,16$<GLJLWDOFRP /,16$< VH UHVHUYD HO GHUHFKR GH HYDOXDU WRGRV ORV UHFODPRV \ SDUD
ZZZ/,16$<GLJLWDOFRPGHWHUPLQDU VL ORV GHIHFWRV R GDxRV TXH HVWiQ FXELHUWRV SRU HVWD JDUDQWtDOLPLWDGD (Q FDVR GH XQD UHFODPDFLyQ TXH QR HVWp FXELHUWD SRU HVWDJDUDQWtD XVWHG VHUi FRQWDFWDGR SDUD GHWHUPLQDU VL /,16$< GHEH UHSDUDUHO GDxR GH XQD FRPLVLyQ R VL HO SURGXFWR GHEH VHU GHYXHOWR D XVWHG FRPRUHFLELGD SRU HO WpFQLFR GH VHUYLFLR R FHQWUR GH VHUYLFLR3LH]DV \ PDQR GH REUD GH VHUYLFLRV TXH VRQ UHVSRQVDELOLGDG /,16$<EDMR HVWD JDUDQWtD OLPLWDGD VHUi SURSRUFLRQDGR VLQ FRVWR DOJXQR 7RGRVORV VHUYLFLRV GH RWURV HV D FDUJR GHO FOLHQWH /,16$< VH UHVHUYD HOGHUHFKR D FREUDU DO FOLHQWH SDUD FXDOTXLHU OODPDGD GH VHUYLFLR SDUDFXDOTXLHU FRVD QR FXELHUWRV SRU HVWD JDUDQWtD OLPLWDGD $QWHV GH VROLFLWDUHO VHUYLFLR GH JDUDQWtD SRU IDYRU UHYLVH VX PDQXDO GHO XVXDULR 8VWHGSXHGH HYLWDU XQD OODPDGD GH VHUYLFLR \ XQ FDUJR SRU VHUYLFLR3RU IDYRU FRQVXOWH HO UHYHUVR GH HVWD SiJLQD SDUD REWHQHU LQIRUPDFLyQDGLFLRQDO DFHUFD GH FyPR REWHQHU VHUYLFLR GH JDUDQWtD325 )$925 12 '(98(/9$ 68 81,'$' $ /,16$< 6,1$8725,=$&,Ï1 35(9,$1R HVWiQ FXELHUWRV(VWD JDUDQWtD OLPLWDGD QR FXEUH OR VLJXLHQWH /RV GHIHFWRV FRVPpWLFRVDYHUtDV GDxRV R IDOORV FDXVDGRV   SRU HO WUDQVSRUWH PDUtWLPR R GHWUiQVLWR LQVWDODFLyQ LQFRUUHFWD R GHIHFWXRVD HO DEXVR HQ FRQWUD GH ODRSHUDFLyQ D ODV LQVWUXFFLRQHV VXPLQLVWUDGDV HO IXQFLRQDPLHQWR GH ODVIXHQWHV GH DOLPHQWDFLyQ LQFRUUHFWD QR ORV SURGXFWRV VXPLQLVWUDGRV SRU
ZZZ/,16$<GLJLWDOFRP/,16$< PRGLILFDFLyQ DOWHUDFLyQ VHUYLFLR LQDGHFXDGR DOWHUDFLyQ GDxRSRU LQFHQGLR DJXD UD\RV SLFRV GH WHQVLyQ FRQGLFLRQHV DPELHQWDOHVDQRUPDOHV X RWURV DFWRV GH OD QDWXUDOH]D XVR \ GHVJDVWH QRUPDO HOUHQGLPLHQWR YLVXDO R GH DXGLR VDWLVIDFWRULD QR HV FDXVDGR SRU XQ GHIHFWRGH IDEULFDFLyQ R PXHVWUD XQD IDOWD R Q~PHUR GH VHULH LOHJLEOH12 +$< *$5$17Ë$ (;35(6$ 2 '( /2 ,1',&$'2 $17(5,250(17('(6&5,726 &8$/48,(5 *$5$17Ë$ ,03/Ë&,7$ ,1&/8<(1'2&8$/48,(5 *$5$17Ë$ ,03/Ë&,7$ '( &20(5&,$/,=$&,Ï1 <$37,78' 3$5$ 81 3523Ï6,72 3$57,&8/$5 (67$5È /,0,7$'$ $/$ '85$&,Ï1 '(/ 3(5,2'2 '( 7,(032 (67$%/(&,'2$17(5,250(17( 5(63216$%,/,'$' 727$/ /,16$< (1 &$62 '(72'$6 /$6 3e5','$6 < '$f26 &$86$'26 325 &8$/48,(5027,92 ,1&/8<(1'2 /$ 1(*/,*(1&,$ '( /,16$< SHUMXLFLRDOHJDGR 2 352'8&726 '()(&782626 \D VHDQ GHIHFWRV 7$/ 621'(6&8%,(5726 /$7(17( 2 (1 1,1*Ò1 &$62 683(5,25 $/35(&,2 '( &2035$ '(/ 352'8&72/,16$< 12 6( +$&( 5(63216$%/( 325 3e5','$ '( 862 /$3e5','$ &20(5&,$/ /$ 3e5','$ '( %(1(),&,26 2 3e5','$ '(,1*5(626 8 27526 '$f26 2 '(5,9$'26 $/*8126 (67$'26
ZZZ/,16$<GLJLWDOFRP12 3(50,7(1 /$ /,0,7$&,Ï1 '( /$ '85$&,Ï1 '( /$6*$5$17Ë$6 ,03/Ë&,7$6 2 /$ (;&/86,Ï1 2 /,0,7$&,Ï1 '( '$f262 ,1',5(&726 '( 02'2 48( /$6 /,0,7$&,21(6 < (;&/86,21(6$17(5,25(6 12 6($1 $3/,&$%/(6 (1 68 &$62(VWD JDUDQWtD OH RWRUJD GHUHFKRV OHJDOHV HVSHFtILFRV \ XVWHG WDPELpQSXHGH WHQHU RWURV GHUHFKRV TXH YDUtDQ GH HVWDGR D HVWDGR (VWD HV OD~QLFD JDUDQWtD DSOLFDEOH QDGLH HVWi DXWRUL]DGR D DPSOLDU R PRGLILFDU QLFRQFHGHU QLQJXQD RWUD JDUDQWtD HQ QRPEUH GH /,16$<5HVSRQVDELOLGDG GHO SURSLHWDULR3DUD JDUDQWL]DU HO VHUYLFLR GH JDUDQWtD PDQWHQJD HO SUR\HFWR GH OH\ GHIHFKD R UHFLER GH FRPSUD FRPR SUXHED GH OD IHFKD GH FRPSUD \ ODXELFDFLyQ (VWD JDUDQWtD OLPLWDGD VH DSOLFD VRODPHQWH DO FRPSUDGRURULJLQDO \ HV LQWUDQVIHULEOHFRQGLFLRQHV GH VHUYLFLR GH JDUDQWtD HVWiQ VXMHWRV D FDPELRV 3DUDFRQRFHU ODV ~OWLPDV FRQGLFLRQHV GH OD JDUDQWtD \ OD LQIRUPDFLyQ DGLFLRQDOFRQ UHVSHFWR D /,16$< OLPLWDGD GH JDUDQWtD GHO SURGXFWR SRU IDYRU YHU ORVGHWDOOHV FRPSOHWRV HQ OtQHD HQ ZZZ/,16$<GLJLWDOFRP

Navigation menu