Page 4 - ,QVHUWLQJWKHKDUQHVVVWUDSV; LQWKHSURSHUVORWVIRU\RXUFKLOG; :DUQLQJVWR3DUHQWVDQG
1RLQIDQWUHVWUDLQWFDQJXDUDQWHHSURWHFWLRQIURPLQMXU\LQHYHU\ VLWXDWLRQ+RZHYHUSURSHUXVHRIWKLVLQIDQWUHVWUDLQWUHGXFHVWKH ULVNRIVHULRXVLQMXU\RUGHDWKWR\RXUFKLOG)DLOXUHWRSURSHUO\XVHWKLVLQIDQWUHVWUDLQWLQFUHDVHVWKHULVNRI VHULRXVLQMXU\RUGHDWKLQDVKDUSWXUQVXGGHQVWRSRUFUDVK<RXUFKLOG¶VVDIHW\GHSHQGVRQ\RXLQVWDOOLQJ...
Page 6 - DQXIDFWXUHGLQ; OHDVHILOOLQWKHDERYHLQIRUPDWLRQ7KH; PRGHOQXPEHUDQG; FDQEHIRXQGRQDODEHORQWKHXQGHUVLGHRI; DGGUHVVDQGWKHUHVWUDLQWVPRGHOQXPEHUDQGPDQXIDFWXUHGLQ; RUFDOO; KWWSZZZJUDFREDE\FRPFDUVHDWUHJLVWUDWLRQ; HJLVWUDWLRQ,QIRUPDWLRQ
0RGHO1XPEHU 0DQXIDFWXUHGLQ 3XUFKDVH'DWH 5HJLVWHU<RXU,QIDQW5HVWUDLQW 3OHDVHILOOLQWKHDERYHLQIRUPDWLRQ7KH PRGHOQXPEHUDQG PDQXIDFWXUHGLQGDWH FDQEHIRXQGRQDODEHORQWKHXQGHUVLGHRI \RXULQIDQWUHVWUDLQW)LOORXWWKHSUHSDLGUHJLVWUDWLRQSRVWFDUGDWWDFKHG WRWKHVHDWFRYHUDQGPDLOLWWRGD\&KLOGUHVWUDLQWVFRXOGEHUHFDOO...
Page 7 - RI\RXULQIDQWUHVWUDLQW
,I<RX1HHG+HOS ,QWKH86$SOHDVHFRQWDFWRXU&XVWRPHU6HUYLFH'HSDUWPHQWZLWK DQ\TXHVWLRQV\RXPD\KDYHFRQFHUQLQJSDUWVXVHRUPDLQWHQDQFH :KHQ\RXFRQWDFWXVSOHDVHKDYH\RXUSURGXFW¶V PRGHOQXPEHU DQGPDQXIDFWXUHGLQGDWH UHDG\VRWKDWZHPD\KHOS\RX HIILFLHQWO\7KHVHQXPEHUVFDQEHIRXQGRQDVWLFNHURQWKHXQGHUVLGH RI\RXULQIDQWUHV...
Page 12 - RQFHUWDLQPRGHOV
6HDW3DG$VVHPEO\ RQFHUWDLQPRGHOV 6WHS :UDSERWWRPHGJHRIVHDWSDGDURXQGWKHIRRWHQGRIVHDWDVVKRZQ 6WHS :UDSWKHWRSHGJHRIWKHVHDWSDGDURXQGWKHKHDGHQGRIWKHVHDWDVVKRZQ 6WHS 2QVLGHRIVHDWZUDSHODVWLFVWUDSDURXQGWKHKDQGOHDVVKRZQ6NLS6WHSVDQGLI\RXUPRGHOGRHVQRWLQFOXGHVWUDSV 6WHS )DVWHQVWUDSWRKRRNWKDWLVDWWDFKHGWRW...
Page 13 - +HDG6XSSRUWRQFHUWDLQPRGHOV
6RPHLQIDQWVPD\QHHGH[WUDVXSSRUW WRNHHSWKHLUKHDGDQGERG\LQD FRPIRUWDEOHSRVLWLRQ8QVQDSWKHVLGHV DQGUHVQDSWKHPZLWKWKHKDUQHVV VWUDSVWKUHDGHGWKURXJKWKHVORWVLQ WKHFXVKLRQ ,I\RXUPRGHOGRHVQRWLQFOXGHD KHDGVXSSRUW\RXPD\ZDQWWR XVHDUROOHGWRZHORUD EODQNHWIRUVXSSRUW 0$.(685(7+$7127+,1* ,17(5)(5(6:,7+7+( +$51(662...
Page 14 - RPHPRGHOVFRPHZLWKDFROGZHDWKHU
&ROG:HDWKHU%RRW RQFHUWDLQPRGHOV 6RPHPRGHOVFRPHZLWKDFROGZHDWKHU ERRW7RXVHZUDSHODVWLFDURXQGERWWRP RIVHDWDQGSODFHERWKHODVWLFORRSVDURXQG YHKLFOHEHOWKRRNVDVVKRZQ +DUQHVV&RYHUVRQFHUWDLQPRGHOV 7RSUHYHQWHMHFWLRQLQVXGGHQVWRSRUFUDVK$OZD\VPDNHVXUHVKRXOGHUVWUDSVDUHWKUHDGHGWKURXJKVORWVDQGSURSHUO\SRV...
Page 20 - HKLFOH6HDW5HTXLUHPHQWV; :KHQHYHUSRVVLEOHVHFXUHWKHLQIDQW; $QDGXOWVKRXOGULGHLQWKHUHDUVHDWWR; YHKLFOHVHDWLQJORFDWLRQWKDWKDVDIURQW
,QIDQW5HVWUDLQW/RFDWLRQ 9HKLFOH6HDW5HTXLUHPHQWV ,03523(53/$&(0(172)7+(,1)$175(675$,17,1&5($6(67+(5,6.2)6(5,286,1-85<25'($7+ 6RPHVHDWLQJSRVLWLRQVLQ\RXUYHKLFOHPD\QRWEHVDIHIRUWKLVLQIDQWUHVWUDLQW6RPHYHKLFOHVGRQRWKDYHDQ\VHDWLQJSRVLWLRQVWKDWFDQEHXVHGVDIHO\ZLWKWKHLQIDQWUHVWUDLQW,I\RXDUHQRWVXUHZK...
Page 21 - HKLFOH6HDW%HOW5HTXLUHPHQWV; XVHLQIDQWUHVWUDLQWRQYHKLFOHVHDWVZLWKVHDWEDFNV; FRQVXOW\RXUYHKLFOHRZQHU¶VPDQXDORUFDOO
9HKLFOH6HDW%HOW5HTXLUHPHQWV 7KH9(+,&/(VHDWPXVWIDFHIRUZDUG '2127 XVHLQIDQWUHVWUDLQWRQYHKLFOHVHDWVZLWKVHDWEDFNV WKDWZLOOQRWORFNLQDQXSULJKWSRVLWLRQ '2127 XVHVHDWVWKDW FDQIROGGRZQZLWKRXWKDYLQJWRUHOHDVHDORFNRUODWFKRIVRPH NLQG7KHVHVHDWVFDQIO\IRUZDUGDQGVWULNHWKHFKLOGLQDVXGGHQ VWRSRUFUDVK 0$1<6($...
Page 22 - 3DVVLYH5HVWUDLQW/DSRU
816$)( 9HKLFOH%HOW6\VWHPV '2127 XVHDQ\RIWKHIROORZLQJV\VWHPVWRVHFXUHWKHLQIDQWUHVWUDLQW /$7&+ FDQEHXVHG ,13/$&(2) WKHYHKLFOHEHOW V\VWHP3OHDVH UHIHUWRYHKLFOHRZQHUVPDQXDOIRU /$7&+ ORFDWLRQV /DS%HOWVZLWK(PHUJHQF\/RFNLQJ5HWUDFWRU(/5 7KLVODSEHOWVWD\VORRVHDQGFDQPRYHXQWLOLWORFNV LQDFUDVKRUVXGGH...
Page 24 - LQFK
&RPELQDWLRQ/DS6KRXOGHU%HOW ZLWK6OLGLQJ/DWFK3ODWH 7KLVEHOWKDVDODWFKSODWHWKDW VOLGHVIUHHO\DORQJWKHEHOW 7KLVEHOW 0867 EHFRQYHUWHGWRSUHYHQW PRYHPHQWRIWKHODSSRUWLRQRIWKHEHOW<RX PXVWXVHWKH ORFNLQJFOLS SURYLGHGZLWKWKH LQIDQWUHVWUDLQWXQOHVV\RXUYHKLFOHVVHDWEHOW FDQEHFRQYHUWHGLQDQRWKHUZD\DVGHVFULEHGL...
Page 25 - ORZHUYHKLFOHDQFKRUSRLQWVDUHGHILQHGDVLQFKHVIURPWKH
/$7&+/RFDWLRQV 1HZHUYHKLFOHVPD\KDYHRQHRUPRUHVHDWLQJSRVLWLRQVZLWK /$7&+ DQFKRUDJHV\VWHPV ,IYHKLFOHLVHTXLSSHGZLWK /$7&+ WKHYHKLFOH ORZHUDQFKRUSRLQWVPD\EHYLVLEOHDWWKHYHKLFOHVHDWFUHDVH,IQRW YLVLEOHWKH\PD\EHPDUNHGZLWKWKHV\PERO 6HH\RXUYHKLFOHRZQHU¶VPDQXDOIRUH[DFWORFDWLRQVDQFKRU LGHQWLILFDWLRQD...
Page 26 - RVLWLRQLQJ+DUQHVV6WUDSV; KHKDUQHVVVWUDSVPXVWEHSURSHUO\
3RVLWLRQLQJ+DUQHVV6WUDSV )$,/85(723523(5/<$'-8677+(+$51(66675$36)25 <285&+,/',1&5($6(67+(5,6.2)6(5,286,1-85<25 '($7+,17+((9(172)$6+$537851 68''(1672325&5$6+ 7KHKDUQHVVVWUDSVPXVWEHSURSHUO\ DGMXVWHGWRILW\RXUFKLOGDFFRUGLQJWRWKHIROORZLQJLQVWUXFWLRQV 5HPRYHLQIDQWUHVWUDLQWIURPEDVHDQGU...
Page 27 - DVVKRZQ
)URPEDFNUHPRYHKDUQHVVVWUDSVIURP KDUQHVVWLJKWHQHUV)URPIURQWSXOOVWUDS IURPVORW 5HLQVHUWVWUDSLQWKHDSSURSULDWHVORW 7KUHDGVWUDSVWKURXJKWLJKWHQHUV H[DFWO\ DVVKRZQ 6$)(7<&+(&. D &+(&. WKDWVWUDSVDUHQRWWZLVWHG E &+(&. WKDWVWUDSVDUHVHFXUH SXOORQKDUQHVVVWUDSVIURPIURQW +DUQHVVWL...
Page 29 - ERWK; WKDWWKHKDUQHVVLVVQXJ; QRW; EHDEOHWRSLQFKWKH
)URPWKHEDFNSXOOVWUDSWKURXJK KDUQHVVWLJKWHQHUWRWLJKWHQWKHVWUDSV DVVKRZQ 7KHUHPDLQLQJVWUDSV VKRXOGEHDERXWHTXDOLQOHQJWK &+(&. WKDW ERWK VWUDSVDUHIODW DQGWLJKWRQFKLOG¶VVKRXOGHUV 7RORRVHQWKHVWUDSVKROGWKHKDUQHVV WLJKWHQHUXSDQGSXOOWKHVWUDSIURPWKH IURQWRIWKHVHDW 6QDSKDUQHVVFOLSSLHFHVWRJHWKHU 3...
Page 31 - KHVHDWEHOWVKRXOGQRWEH; JR
7KUHDGWKHVHDWEHOW %XFNOHWKHVHDWEHOW0DNHVXUHWKHEXFNOHWRQJXHJRHVLQWRWKH FRUUHFWEXFNOH 7KHVHDWEHOWVKRXOGQRWEH WZLVWHGRUWXUQHG ,QIDQWUHVWUDLQWZLWKVHDWEHOW %DVHZLWKVHDWEHOW %HOW 0867 JR XQGHUWRQJXH
Page 39 - &OHDQLQJDQG0DLQWHQDQFH; 3RVLWLRQLQJ+DUQHVV6WUDSV ́; %XFNOHVKRXOGIDVWHQZLWKDFOLFN
&OHDQLQJDQG0DLQWHQDQFH 725(029($1':$6+,1)$175(675$,173$' IROORZ LQVWUXFWLRQVLQ ³3RVLWLRQLQJ+DUQHVV6WUDSV´ S &DUHIXOO\UHPRYHWKHVHDWSDG0DFKLQHZDVKRQGHOLFDWHF\FOHDQG GULSGU\'212786(%/($&+5HYHUVHVWHSVWRUHLQVWDOOVHDWSDG &KHFN WKDWKDUQHVVV\VWHPLVQRW WZLVWHGDQGSXOORQKDUQHVVV\VWHPWREHVXUHKDU...
Page 40 - SOHDVHFRQWDFWXVDWWKHIROORZLQJ; HSODFHPHQW3DUWV
ZZZJUDFREDE\FRP RU 7RSXUFKDVHSDUWVRUDFFHVVRULHVLQWKH8QLWHG6WDWHVIRU\RXU*UDFRSURGXFW SOHDVHFRQWDFWXVDWWKHIROORZLQJ 5HSODFHPHQW3DUWV
Page 46 - RUIDYRUFRPSOHWHODLQIRUPDFLyQTXHVHVROLFLWDPiVDUULED(O; GHPRGHOR\ODIHFKDGHIDEULFDFLyQ; VHSXHGHQHQFRQWUDUHQXQD; Q~PHURGHOPRGHORGHOVLVWHPD\ODIHFKDGHIDEULFDFLyQD; ROODPHDO; ,QIRUPDFLyQVREUHHOUHJLVWUR
1~PHURGHPRGHOR )DEULFDGRHQ )HFKDGHFRPSUD 5HJLVWURGHVXVLVWHPDGH VHJXULGDGSDUDQLxRV 3RUIDYRUFRPSOHWHODLQIRUPDFLyQTXHVHVROLFLWDPiVDUULED(O Q~PHUR GHPRGHOR\ODIHFKDGHIDEULFDFLyQ VHSXHGHQHQFRQWUDUHQXQD HWLTXHWDXELFDGDHQODSDUWHLQIHULRUGHVXVLVWHPDGHVHJXULGDGSDUD EHEpV/OHQHODWDUMHWDSRVWDOGHUHJLVWURSUHSDJDGDT...
Page 47 - IDEULFDFLyQ; SDUDTXHORSRGDPRVD\XGDUPiVHILFLHQWHPHQWH(VWRV; DUDREWHQHULQIRUPDFLyQVREUHHO
6LQHFHVLWDD\XGD (QORV((88SRUIDYRUFRPXQtTXHVHFRQQXHVWUR'HSDUWDPHQWRGH 6HUYLFLRDO&OLHQWHFRQFXDOTXLHUSUHJXQWDTXHSXGLHUDWHQHUVREUH SLH]DVXVRRPDQWHQLPLHQWR&XDQGRVHSRQJDHQFRQWDFWRFRQQRVRWURVSRUIDYRUWHQJDOLVWR HOQ~PHURGHPRGHOR\ODIHFKDGH IDEULFDFLyQ SDUDTXHORSRGDPRVD\XGDUPiVHILFLHQWHPHQWH(VWRV Q~PHU...
Page 54 - HQFLHUWRVPRGHORV; $OJXQRVPRGHORVYLHQHQFRQXQDERWDSDUD; &XELHUWDVGHDUQHVFLHUWRVPRGHORV
%RWDSDUDWLHPSRIUtR HQFLHUWRVPRGHORV $OJXQRVPRGHORVYLHQHQFRQXQDERWDSDUD WLHPSRIUtR3DUDXVDUODSRQJDHOiVWLFRDOUH GHGRUGHOIRQGRGHODVLHQWR\FRORTXHHOiVWL FRDOUHGHGRUGHORVJDQFKRV GHOFLQWXUyQGHOYHKtFXORFRPRVHLQGLFD &XELHUWDVGHDUQHVFLHUWRVPRGHORV 3DUDSUHYHQLUODH\HFFLyQHQXQDFFLGHQWHRSDUDGDUHSHQWLQD$VH...
Page 55 - ,QIRUPDFLyQLPSRUWDQWH; $GYHUWHQFLDVSDUDXVRFRPRVLVWHPD
,QIRUPDFLyQLPSRUWDQWH $GYHUWHQFLDVSDUDXVRFRPRVLVWHPD GHVHJXULGDGSDUDQLxRV 12,167$/(286((67(6,67(0$'(6(*85,'$'3$5$ 1,f26<%$6(+$67$48(+$<$/(Ì'2<(17,(1'$/$6 ,16758&&,21(6(1(67(0$18$/<(1(/0$18$/'(/ 3523,(7$5,2'(689(+Ì&8/2 12GHMHTXHRWURVLQVWDOHQR XVHQHOVLVWHPDGHVHJXULGDGSDUDQLxR...
Page 59 - SXOJDGDVFPRPHQRV
/LPLWDFLRQHVGHSHVR\HVWDWXUD 6XQLxR'(%(FXPSOLUFRQWRGRVORVUHTXLVLWRV 3(62 OLEUDV.J (67$785$ SXOJDGDVFPRPHQRV 1286$5(/6,67(0$'(6(*85,'$'3$5$1,f26'(0$1(5$$3523,$'$'($&8(5'2$/7$0$f2'(681,f232'5Ì$$80(17$5(/5,(6*2'(48(68)5$/(6,21(66(5,$62)$7$/(6
Page 60 - HTXLVLWRVGHODVLHQWRGHOYHKtFXOR; $OJXQDVSRVLFLRQHVGHDVLHQWRHQVXYHKtFXORSRGUtDQQR; &XDQGRVHDSRVLEOHVXMHWHHOVLVWHPD; $GYHUWHQFLDVSDUDXVRFRPRVLVWHPDGH
8ELFDFLyQGHOVLVWHPDGHVHJXULGDG SDUDQLxRV 5HTXLVLWRVGHODVLHQWRGHOYHKtFXOR /$&2/2&$&,Ð1,1$'(&8$'$'(/6,67(0$'(6(*85,'$' 3$5$1,f26$80(17$(/5,(6*2'(68)5,5/(6,21(66(5,$6 2)$7$/(6 $OJXQDVSRVLFLRQHVGHDVLHQWRHQVXYHKtFXORSRGUtDQQR VHUVHJXUDVSDUDHVWHVLVWHPDGHVHJXULGDGSDUDQLxRV$OJXQRV YHKtFXORVQ...
Page 61 - 286(HOVLVWHPDGHVHJXULGDGSDUDQLxRVHQDVLHQWRVGHO
5HTXLVLWRVGHOFLQWXUyQGHVHJXULGDG GHOYHKtFXOR (ODVLHQWRGHO9(+Ì&8/2GHEHHVWDURULHQWDGRKDFLDDGHODQWH 1286(HOVLVWHPDGHVHJXULGDGSDUDQLxRVHQDVLHQWRVGHO YHKtFXORFRQUHVSDOGRVTXHQRWUDEHQHQODSRVLFLyQYHUWLFDO 12 XVHDVLHQWRVTXHVHSXHGDQSOHJDUVLQWHQHUTXHOLEHUDUXQD WUDEDRGLVSRVLWLYRGHDOJ~QWLSR(VWRVDVLHQWRVS...
Page 62 - LVWHPDV; GHFLQWXURQHV; XORV
1286( QLQJXQRGHORVVLJXLHQWHVVLVWHPDVSDUDDVHJXUDUHOVLVWHPD GHVHJXULGDGSDUDQLxRV (O/$7&+ VHSXHGHXVDU (1/8*$5'( HOVLVWHPDGHFLQWXURQH SDUDYHKtFXOR3RUIDYRUFRQVXOWHHOPDQXDOGHO SURSLHWDULRGHOYHKtFXORSDUDREWHQHUODV XELFDFLRQHVGRQGHGHEHLQVWDODUVHHO /$7&+ &LQWXUyQGHVHJXULGDGDEGRPLQDOFRQUHWUDFWRU...
Page 63 - JXULGDGDEGRPLQDO
6LVWHPDV 6(*8526 GHFLQWXURQHV GHYHKtFXORV /266,*8,(17(6&,178521(6'(6(*85,'$'38('(186$56( &21686,67(0$'(6(*85,'$'3$5$1,f266, HODVLHQWR FXPSOHFRQWRGRVORVRWURVUHTXLVLWRVGHHVWDVLQVWUXFFLRQHV\ORVTXHVH LQFOX\HQHQHOPDQXDOGHOSURSLHWDULRGHVXYHKtFXOR6HSXHGHXVDUHO /$7&+ HQOXJDUGHHOVLVWHPDGHVHJXULGD...
Page 64 - UDEDGHVHJXULGDG
&RPELQDFLyQF LQWXUyQSDUDHO KRPEURDEGRPHQ\SODFDGH VHJXULGDGFRQWUDEDPyYLO (VWHFLQWXUyQWLHQHXQDSODFDGH VHJXULGDGTXHVHPXHYHOLEUHPHQWH DORODUJRGHOFLQWXUyQ (VWHFLQWXUyQ '(%( FRQYHUWLUVHSDUDSUHYHQLUHO PRYLPLHQWRGHODSDUWHGHODIDOGDGHOFLQWXUyQ 'HEHXVDUOD WUDEDGHVHJXULGDG SURYLVWDFRQHO VLVWHPDGHVHJXULGDG...
Page 66 - &RORFDFLyQGHODVFRUUHDVGHODUQpV; VDUHODVLHQWRGHVHJXULGDG
&RORFDFLyQGHODVFRUUHDVGHODUQpV 12$-867$5'(%,'$0(17(/$6&255($6'(/$51e6'(/ 1,f2$80(17$(/5,(6*2'(/(6,21(66(5,$62)$7$/(6 (1&$62'(81$&859$&(55$'$$&&,'(17(23$5$'$ 5(3(17,1$ /DVFRUUHDVGHODUQpVGHEHQHVWDUGHELGDPHQWH DMXVWDGDVSDUDTXHSXHGDQPDQWHQHUDVXQLxRGHDFXHUGRDODV VLJXLHQWHVLQVW...
Page 67 - H[DFWDPHQWHFRPRVHLQGLFD
3RUGHWUiVVDTXHODVFRUUHDVGHODUQpVGH ORVWHQVLRQDGRUHVGHODUQpV3RUDGHODQWH VDTXHODFRUUHDGHODUDQXUD 9XHOYDDLQVHUWDUODFRUUHDHQ ODUDQXUDDSURSLDGD 3DVHODVFRUUHDVSRUORVWHQVLRQDGRUHV H[DFWDPHQWHFRPRVHLQGLFD 9(5,),&$&,Ð1'(6(*85,'$' D 9(5,),48( TXHODVFRUUHDVQRHVWpQGREODGDV E 9(5,),48( TXHODVFRUUHD...
Page 69 - DPEDV; TXHHODUQpVHVWp
3RUGHWUiVSDVHODFRUUHDDWUDYpVGHO WHQVLRQDGRUGHODUQpVSDUDWHQVLRQDU ODVFRUUHDVFRPRVHLQGLFD/DV FRUUHDVUHVWDQWHVGHEHUtDQWHQHUOD PLVPDORQJLWXG $6(*Ó5(6( TXH DPEDV FRUUHDVHVWpQSODQDV\ DMXVWDGDVVREUHORVKRPEURVGHOQLxR 3DUDDIORMDUODVFRUUHDVOHYDQWHHO WHQVLRQDGRUGHODUQpV\SDVHODFRUUHD GHVGHHOIUHQWHGHODVLHQWR ...
Page 70 - YHKtFXOR; ELFDFLyQGHOVLVWHPDGHVHJXULGDGSDUDQLxRV
,QVWDODFLyQGHOVLVWHPDGHVHJXULGDG SDUDQLxRVEDVHFRQHOFLQWXUyQGHO YHKtFXOR 'HEHVHJXLUGHWHQLGDPHQWHODVLQVWUXFFLRQHVSURYLVWDVSRUHO IDEULFDQWHGHVXYHKtFXORDGHPiVGHODLQIRUPDFLyQGHHVWHPDQXDO $QWHVGHVHJXLUDVHJ~UHVHTXHKDOHtGR\HQWHQGLGRODVHFFLyQ 8ELFDFLyQGHOVLVWHPDGHVHJXULGDGSDUDQLxRV HQODVSiJLQDV D$VHJ~UHVHTXH...
Page 71 - DVHHOFLQWXUyQGHVHJXULGDG; OHQJHWD; GHOD; FLQWXUyQGHOYHKtFXORQRGHEHUiHVWDU; SDVDU
3DVHHOFLQWXUyQGHVHJXULGDG 7UDEHHOFLQWXUyQGHODVLHQWR$VHJ~UHVHTXHOD OHQJHWD GHOD KHELOODSDVHSRUODKHELOODFRUUHFWD (O FLQWXUyQGHOYHKtFXORQRGHEHUiHVWDU GREODGRQLGDUYXHOWD 6LVWHPDGHVHJXULGDGSDUDQLxRVFRQFLQWXUyQGHVHJXULGDG %DVHFRQFLQWXUyQ GHVHJXULGDG (OFLQWXUyQ '(%( SDVDU GHEDMRGHODOHQJHWD
Page 73 - HULILFDFLyQILQDOGH
3DUDIDFLOLWDUODLQVWDODFLyQH[WLHQGDHO /$7&+ KDVWDHOPi[LPR 3RQJDODEDVHHQHODVLHQWRGHO YHKtFXORFRPRVHLQGLFD 3DVHHO /$7&+ SRUHOUHFRUULGRGHO FLQWXUyQHQODEDVHTXHQRUPDOPHQWHVHXVD SDUDHOFLQWXUyQGHODVLHQWRGHOYHKtFXOR $VHJ~UHVHTXHHO /$7&+ HVWp '(%$-2 GH OD OHQJHWDGHODEDVH (OFLQWXUyQGHEHPDQWHQHUV...
Page 78 - VRHQDYLRQHV; ,QVWiOHORHQXQDYLyQGHODPLVPDPDQHUDTXHHQ
,QIRUPDFLyQDGLFLRQDO $OPDFHQDPLHQWRGHO/$7&+ 3DUDIDFLOLWDUHODOPDFHQDPLHQWR H[WLHQGDHO /$7&+ KDVWDHOPi[LPR 8ELTXHODVEDUUDVGHDOPDFHQDPLHQWR HQHOIRQGRGHODEDVHGHOVLVWHPDGH VHJXULGDG $MXVWHHOH[WUHPRGHO /$7&+ VLQHOFLQWXUyQGHDMXVWHVREUHOD EDUUDGHDOPDFHQDPLHQWR 5HSLWDHO3DVRGHO /$7&+ FRQHO...
Page 79 - FRUUHDVGHODUQpV; HULILTXH
/LPSLH]D\PDQWHQLPLHQWR 3$5$6$&$5</$9$5/$$/02+$',//$'(6(*85,'$''(/ 1,f2 VLJDODVLQVWUXFFLRQHVHQODVHFFLyQ &RORFDFLyQGHODV FRUUHDVGHODUQpV SiJLQDV\ 6DTXHFXLGDGRVDPHQWHODDOPRKDGLOODGHODVLHQWR6HODYDQD PiTXLQDSRUVHSDUDGRHQHOFLFORGHOLFDGR\VHVHFDDODLUH1286( &/252,QYLHUWDORVSDVRVSDUDYROYHUDLQVW...
Page 80 - SRUIDYRUFRPXQtTXHVHFRQQRVRWURVHQ
ZZZJUDFREDE\FRP R 3DUDFRPSUDUUHSXHVWRVRDFFHVRULRVHQORV(VWDGRV8QLGRVSDUDVXSURGXFWR*UDFR SRUIDYRUFRPXQtTXHVHFRQQRVRWURVHQ 3LH]DVGHUHSXHVWR