L285
$WHQFLRQHV 'HVFRQHFWDU HQ KRVSLWDOHV 3RU IDYRU UHVSHWH ODV GLVSRVLFLRQHV R UHJODPHQWRV SHUWLQHQWHV 3RU IDYRU DSDJXH VX WHOpIRQR PyYLO FHUFD GH HTXLSR PpGLFR $SDJXH FXDQGR UHFDUJXH FRPEXVWLEOH 1R XVHV HO WHOpIRQR HQ XQ SXQWR GH UHFDUJD 1R XVH FHUFD GH FRPEXVWLEOH R SURGXFWRV TXtPLFRV /DV WDUMHWDV 6,0 VRQ SRUWDEOHV 0DQWHQJD HO WHOpIRQR ODV SLH]DV GHO WHOpIRQR \ ORV DFFHVRULRV IXHUD GHO DOFDQFH GH ORV QLxRV %DWHUtD 3RU IDYRU QR GHVWUX\D R GDxH OD EDWHUtD SXHGH VHU SHOLJURVR \ FDXVDU XQ LQFHQGLR 3RU
,QWHUIHUHQFLD 7RGRV ORV GLVSRVLWLYRV LQDOiPEULFRV SXHGHQ VHU VXVFHSWLEOHV D FDXVDU LQWHUIHUHQFLDV OR TXH SRGUtD DIHFWDU HO UHQGLPLHQWR $SDJDU HQ DHURQDYHV ,QDOiPEULFR ORV GLVSRVLWLYRV SXHGHQ FDXVDU LQWHUIHUHQFLD HQ ODV DHURQDYHV 1R VyOR HV SHOLJURVR VLQR WDPELpQ LOHJDO XWLOL]DU HO WHOpIRQR PyYLO HQ XQ DYLyQ (PSH]DU /OHJDU D DJDUUDUVH FRQ OR EiVLFR \ WHQHU VX WHOpIRQR HQ PDUFKD HQ QLQJ~Q PRPHQWR 2YHU 9LHZ
'HILQLFLyQ GH FODYHV /ODYHV 7HFOD GH HQFHQGLGR 7HFOD ILQ 7HFOD VXDYH L]TXLHUGD \ GHUHFKD 'HILQLFLyQ 3~OVHOR SDUD ILQDOL]DU XQD OODPDGD TXH VH HVWi PDUFDQGR R ILQDOL]DU XQD OODPDGD HQ FXUVR 3UHVLyQHOR SDUD VDOLU GHO PHQ~ \ YROYHU DO HVWDGR GH HVSHUD 8VWHG SXHGH VRVWHQHUOR SRU GRV R WUHV VHJXQGRV SXHGH HQFHQGHU DSDJDU HO WHOpIRQR PyYLO 3~OVHOR SDUD RULJLQDU XQD OODPDGD LQWURGXFLU HO Q~PHUR OODPDGR R VHOHFFLRQDU XQ FRQWDFWR GH OD DJHQGD 3UHVLyQHOR SDUD UHFLELU XQD OODPDGD HQWUDQWH 3UHVLyQHOR HQ
7HFODV QXPpULFDV WHFOD \ WHFOD 2SULPD ODV WHFODV QXPpULFDV 3RU SDUD LQWURGXFLU R HGLWDU HO HVWDGR D ORV Q~PHURV GH HQWUDGD \ FDUDFWHUHV (Q OD SDQWDOOD LQDFWLYD SXHGH RSULPLU OD WHFOD VXDYH L]TXLHUGD \ SUHVLRQDU SDUD EORTXHDU GHVEORTXHDU HO WHFODGR 3XOVH GRV YHFHV OD WHFOD SDUD LQWURGXFLU HQ LQWHUID] HQ HVSHUD &XDQGR DSDUH]FD HO VtPEROR 3XOVH OD WHFOD UiSLGDPHQWH SDUD LQWURGXFLU S R Z S \ Z VH XWLOL]DQ SDUD OODPDU D OD H[WHQVLyQ VH XWLOL]DQ SDUD PDUFDU XQD OODPDGD
&RORTXH OD WDUMHWD 6' HQ OD UDQXUD SDUD WDUMHWD 3XQWD /D WDUMHWD 6,0 6' VRQ SLH]DV SHTXHxDV 3RU IDYRU 0DQWpQJDVH DOHMDGR GH ORV QLxRV SDUD HYLWDU WUDJDU OD WDUMHWD SRU DFFLGHQWH 1R WRTXH SRU IDYRU OD VXSHUILFLH GHO PHWDO GH OD WDUMHWD GH 6,0 \ OHMRV GHO FDPSR HOHFWURPiJQHWLFR SDUD HYLWDU GDWRV GH GDxRV &DUJXH OD EDWHUtD &DUJXH OD EDWHUtD DQWHV GH XVDUOD &RQHFWH HO FDEOH 86% DO DGDSWDGRU GH FRUULHQWH 86% \ D FRQWLQXDFLyQ HQFKXIH HO H[WUHPR GHO FDEOH 86% HQ HO SXHUWR 86%
&RQILJXUDFLyQ &RQILJXUDFLyQ GH OD OODPDGD (Q HVWH PHQ~ XVWHG SXHGH ILMDU VHJ~Q GLIHUHQWH VLWXDULRQHV 'XDO 6,0 'HVYtR GH OODPDGDV OODPDGD HQ HVSHUD OODPDGD SURKLELGD 2FXOWDU ,' RWURV HWF &RQILJXUDFLyQ GHO WHOpIRQR (Q HVWH PHQ~ SXHGH FRQILJXUDU VHJ~Q VXV SUHIHUHQFLDV \ HQ GLIHUHQWHV VLWXDFLRQHV )HFKD \ KRUD &RQILJXUDFLyQ GH LGLRPD &RQILJXUDFLyQ GH DFFHVR GLUHFWR (QFHQGLGR DSDJDGR DXWRPiWLFR $GPLQLVWUDFLyQ GH HQHUJtD 5HVWDXUDU FRQILJXUDFLyQ GH IiEULFD HWF 1RWDV OD FRQWUDVHxD HV 3DQWDO
FXDQGR HVWp HQ FXDOTXLHU iUHD FRQ XQ SRWHQFLDO H[SORVLYR DWPyVIHUD WDO FRPR iUHDV TXH DSURYLVLRQDQ GH FRPEXVWLEOH JDVROLQHUDV GHEDMR GH OD FXELHUWD HQ ORV EDUFRV DOPDFHQDMH LQVWDODFLRQHV SDUD FRPEXVWLEOH R SURGXFWRV TXtPLFRV iUHDV GH YRODGXUDV \ iUHDV FHUFDQDV D ORV GHWRQDGRUHV HOpFWULFRV \ iUHDV GRQGH KD\ TXtPLFRV R SDUWtFXODV WDOHV FRPR SROYRV PHWiOLFRV JUDQRV \ SROYR HQ HO DLUH ,QWHUIHUHQFLD D GLVSRVLWLYRV HOHFWUyQLFRV PpGLFRV \ SHUVRQDOHV 0iV E87 QR WRGRV ORV HTXLSRV HOHFWUyQLFRV HVWiQ SURWHJLG
SROtPHURV GH LRQHV GH OLWLR 3URGXFWRV GHIHFWXRVRV \ GDxDGRV +DFHU 1R LQWHQWH GHVPRQWDU HO WHOpIRQR R VX DFFHVRULR 6yOR HO SHUVRQDO FXDOLILFDGR GHEH VHUYLU R UHSDUDU HO WHOpIRQR R VX DFFHVRULR 6L VX WHOpIRQR R VX DFFHVRULR KDQ VLGR VXPHUJLGRV HQ DJXD SLQFKDGRV R VRPHWLGRV D XQD FDtGD JUDYH QR OR XVH KDVWD TXH OR KDQ WRPDGR SDUD VHU FKHTXHDGR HQ XQ FHQWUR GH VHUYLFLR DXWRUL]DGR $GYHUWHQFLD GH VHJXULGDG 5HVSHWH ODV DGYHUWHQFLDV TXH ILJXUDQ D FRQWLQXDFLyQ SDUD HYLWDULQFLGHQWHV WDOHV FRPR XQ LQFHQGLR R X
UD\RV &XPSOD FRQ WRGDV ODV DGYHUWHQFLDV \ QRUPDV GH VHJXULGDGUHODFLRQDGDV FRQ HO XVR GH GLVSRVLWLYRVPyYLOHVPLHQWUDV FRQGXFH XQ YHKtFXOR z $ ILQ GH HYLWDU SRVLEOHV GDxRV DXGLWLYRV DO XVDU XQ DXULFXODU QR HVFXFKH VRQLGRV FRQ YROXPHQ DOWR GXUDQWH PXFKR WLHPSR ,QIRUPDFLyQ GH FHUWLILFDFLyQ GH OD 7DVD HVSHFtILFD GH DEVRUFLyQ 6$5 (O GLVSRVLWLYRFXPSOH FRQ ODV QRUPDV GH OD &RPLVLyQ )HGHUDO GH &RPXQLFDFLRQHV GH (VWDGRV 8QLGRV )&& TXH OLPLWDQ OD H[SRVLFLyQ GH ODV SHUVRQDV D OD HQHUJtD GH UDGLRIUHFXHQFLD 5) TXH HPL
HQ VX HQVDPEODMH HO XVR GH DFFHVRULRV TXH QR VDWLVIDJDQ HVWRV UHTXLVLWRV SXHGH QR FXPSOH FRQ ORV UHTXLVLWRV GH H[SRVLFLyQ D 5) GH OD )&& \ GHEH HYLWDUVH $GYHUWHQFLD GH OD )&& (VWH GLVSRVLWLYR FXPSOH FRQ OD 3DUWH GH ODV 5HJODV GH OD )&& (O IXQFLRQDPLHQWR HVWi VXMHWR D ODV GRV FRQGLFLRQHV VLJXLHQWHV (VWH GLVSRVLWLYR QR SXHGH FDXVDU LQWHUIHUHQFLDV SHUMXGLFLDOHV \ HVWH GLVSRVLWLYR GHEH DFHSWDU FXDOTXLHU LQWHUIHUHQFLD UHFLELGD LQFOXLGDV ODV LQWHUIHUHQFLDV TXH SXHGDQ FDXVDU XQ IXQFLRQDPLHQWR QR GHVHDG
$WWHQWLRQV 6:,7&+ 2)) ,1 +263,7$/6 3OHDVH DELGH E\ UHOHYDQW SURYLVLRQV RU UHJXODWLRQV 3OHDVH WXUQ RII \RXU PRELOH SKRQH QHDU PHGLFDO HTXLSPHQW 6:,7&+ 2)) :+(1 5()8(/,1* 'RQ¶W XVH WKH SKRQH DW D UHIXHOLQJ SRLQW 'RQ¶W XVH QHDU IXHO RU FKHPLFDOV 6,0 &$5'6 $5( 3257$%/( .HHS \RXU SKRQH SKRQH SDUWV DQG DFFHVVRULHV RXW RI FKLOGUHQ¶V UHDFK %$77(5< 3OHDVH GR QRW GHVWUR\ RU GDPDJH WKH EDWWHU\ LW FDQ EH GDQJHURXV DQG FDXVH ILUH 3OHDVH GR QRW WKURZ EDWWHU\ LQ ILUH WR DYRLG KD]DUG :KHQ EDWWHU\ FDQQRW EH XVHG
,17(5)(5(1&( $OO ZLUHOHVV GHYLFHV PD\ EH VXVFHSWLEOH WR FDXVH LQWHUIHUHQFH ZKLFK FRXOG DIIHFW SHUIRUPDQFH 6:,7&+ 2)) ,1 $,5&5$)7 :LUHOHVV GHYLFHV FDQ FDXVH LQWHUIHUHQFH LQ DLUFUDIW ,W¶V QRW RQO\ GDQJHURXV EXW DOVR LOOHJDO WR XVH PRELOH SKRQH LQ DQ DLUFUDIW *HW 6WDUWHG *HW WR JULS ZLWK WKH EDVLFV DQG KDYH \RXU SKRQH XS DQG UXQQLQJ LQ QR WLPH 2YHU YLHZ
.H\V GHILQLWLRQ .H\V 3RZHU NH\ (QG NH\ 'HILQLWLRQ 3UHVV LW WR HQG D FDOO EHLQJ GLDOHG RU HQG DQ RQJRLQJ FDOO 3UHVV LW WR H[LW WKH PHQX DQG UHWXUQ WR WKH VWDQGE\ VWDWH
,QVHUW 6,0 FDUG 5HPRYH WKH EDWWHU\ FRYHU 3XW WKH 6,0 FDUG LQWR WKH VORW 3XW WKH 6' FDUG LQWR FDUG VORW 7LS 7KH 6,0 6' FDUG DUH VPDOO SDUWV 3OHDVH NHHS DZD\ IURP
&KLOGUHQ WR DYRLG VZDOORZLQJ WKH FDUG E\ DFFLGHQW 3OHDVH GR QRW WRXFK WKH PHWDO VXUIDFH RI 6,0 FDUG DQG DZD\ IURP HOHFWURPDJQHWLF ILHOG WR DYRLG GDPDJH GDWD &KDUJH WKH %DWWHU\ &KDUJH WKH EDWWHU\ EHIRUH XVLQJ LW &RQQHFW WKH 86% FDEOH WR WKH 86% SRZHU DGDSWRU DQG WKHQ SOXJ WKH HQG RI WKH 86% FDEOH LQWR WKH 86% 3RUW 6HWWLQJV &DOO 6HWWLQJV ,Q WKLV PHQX \RX FDQ VHW DFFRUGLQJ WR GLIIHUHQW VLWXDWLRQV 'XDO 6,0 &DOO GLYHUW &DOO ZDLWLQJ &DOO EDUUHG +LGH ,' 2WKHUV HWF 3KRQH VHWWLQJV ,Q WKLV PHQX \RX FDQ
*XDUG ORFN )L[HG GLDOLQJ QXPEHU %ODFNOLVW HWF 3URILOHV 1RUPDO 6LOHQW 0HHWLQJ ,QGRRU 2XWGRRU &RQQHFWLRQV ,Q WKLV PHQX \RX FDQ VHW DFFRUGLQJ WR GLIIHUHQW VLWXDWLRQV 1HWZRUN DFFRXQW 'DWD 6HUYLFH 'DWD URDPLQJ 3UHIHUUHG GDWD 6,0 1HWZRUN VHOHFWLRQ 1HW ZRUG W\SH 9R/7( HWF $ERXW SKRQH
RI LWV XVH
x x x x x x PD\ GDPDJH WKH GHYLFH RU UHGXFH WKH EDWWHU\¶V OLIHVSDQ 'R QRW VWRUH \RXU GHYLFH QHDU RU LQ KHDWHUV PLFURZDYHV FRRNLQJ HTXLSPHQW RU KLJK SUHVVXUH FRQWDLQHUV .HHS \RXU GHYLFH GU\ 'R QRW XVH \RXU GHYLFH RXWGRRU GXULQJ D WKXQGHUVWRUP &RPSO\ ZLWK DOO VDIHW\ ZDUQLQJV DQG UHJXODWLRQV UHJDUGLQJ PRELOH GHYLFH XVDJH ZKLOH RSHUDWLQJ D YHKLFOH 7R SUHYHQW SRVVLEOH KHDULQJ GDPDJH ZKHQ XVLQJ D KHDGVHW GR QRW OLVWHQ WR VRXQG DW KLJK YROXPH IRU ORQJ SHULRGV 6SHFLILF $EVRUSWLRQ 5DWH 6$5 FHUWLILFDWLRQ
DVVHPEO\ WKH XVH RI DFFHVVRULHV WKDW GR QRW VDWLVI\ WKHVH UHTXLUHPHQWV PD\ QRW FRPSO\ ZLWK )&& 5) H[SRVXUH UHTXLUHPHQWV DQG VKRXOG EH DYRLGHG )&& :DUQLQJ 7KLV GHYLFH FRPSOLHV ZLWK 3DUW RI WKH )&& 5XOHV 2SHUDWLRQ LV VXEMHFW WR WKH IROORZLQJ WZR FRQGLWLRQV 7KLV GHYLFH PD\ QRW FDXVH KDUPIXO LQWHUIHUHQFH DQG WKLV GHYLFH PXVW DFFHSW DQ\ LQWHUIHUHQFH UHFHLYHG LQFOXGLQJ LQWHUIHUHQFH WKDW PD\ FDXVH XQGHVLUHG RSHUDWLRQ 127( 7KLV HTXLSPHQW KDV EHHQ WHVWHG DQG IRXQG WR FRPSO\ ZLWK WKH OLPLWV IRU D &O
