7XUQWKHLJQLWLRQNH\WRWKHVWRSSRVLWLRQDQG
UHPRYHWKHNH\$OZD\VUHPRYHWKHNH\ZKHQ
OHDYLQJWKHPRZHUWRSUHYHQWXQDXWKRUL]HG
XVH
,03257$17,1)250$7,21/HDYLQJWKH
LJQLWLRQVZLWFKLQDSRVLWLRQWKDQ2))ZLOOFDXVH
WKHEDWWHU\WREHGLVFKDUJHG
2SHUDWLQJRQ+LOOV
5HDGWKH6DIHW\,QVWUXFWLRQV'ULYLQJRQ6ORSHV
LQWKH6DIHW\VHFWLRQ
8VHWKHVORZHVWVSHHGSRVVLEOHEHIRUHVWDUWLQJ
XSRUGRZQKLOOV
$YRLGVWRSSLQJRUFKDQJLQJVSHHGRQKLOOV
,IVWRSSLQJLVQHFHVVDU\SXOOGULYHOHYHUVLQWR
WKHQHXWUDOSRVLWLRQDQGSXVKRXWZDUG(QJDJH
WKHSDUNEUDNH
7RUHVWDUWPRYHPHQWUHOHDVHWKHSDUNEUDNH
3XOOWKHFRQWUROOHYHUVEDFNWRWKHFHQWHURI
WKHPRZHUDQGSXVKIRUZDUGWRUHJDLQIRUZDUG
PRWLRQ
0DNHDOOWXUQVVORZO\
:$51,1*'RQRWGULYHWKHULGHURQ
WHUUDLQWKDWVORSHVPRUHWKDQGHJUHHV0RZ
VORSHVXSDQGGRZQQHYHUVLGHWRVLGH$YRLG
VXGGHQGLUHFWLRQDOFKDQJHV
0RZLQJ7LSV
2EVHUYHDQGIODJURFNVDQGRWKHUIL[HGREMHF
WRDYRLGFROOLVLRQV
%HJLQZLWKDKLJKFXWWLQJKHLJKWDQGUHGXFHLW
XQWLOWKHGHVLUHGPRZLQJUHVXOWLVDWWDLQHG&XW
WKHDYHUDJHODZQWRFPGXULQJWKH
FRROVHDVRQDQGRYHUFPGXULQJWKHKRW
PRQWKV)RUKHDOWKLHUDQGEHWWHUORRNLQJODZQV
PRZIUHTXHQWO\DIWHUPRGHUDWHJURZWK
)RUEHVWFXWWLQJSHUIRUPDQFHPRZJUDVVRYHU
FPLQKHLJKWWZLFH0DNHWKHILUVWFX
UHODWLYHO\KLJKWKHVHFRQGWRWKHGHVLUHGKHLJKW
7KHPRZLQJUHVXOWZLOOEHEHVWZLWKDKLJK
HQJLQHVSHHGWKHEODGHVWXUQUDSLGO\DQGORZ
VSHHGWKHULGHUPRYHVVORZO\,IWKHJUDVVLV
QRWWRRORQJDQGGHQVHWKHGULYLQJVSHHGFDQ
EHLQFUHDVHGZLWKRXWQHJDWLYHO\DIIHFWLQJWKH
PRZLQJUHVXOW
7KHILQHVWODZQVDUHREWDLQHGE\PRZLQ
IUHTXHQWO\7KHODZQEHFRPHVPRUHHYHQDQG
WKHJUDVVFOLSSLQJVPRUHHYHQO\GLVWULEXWHG
RYHUWKHPRZQDUHD7KHWRWDOWLPHWDNHQLVQRW
LQFUHDVHGDVDKLJKHURSHUDWLQJVSHHGFDQEH
XVHGZLWKRXWSRRUPRZLQJUHVXOWV
:KHQPRZLQJODUJHDUHDVVWDUWE\WXUQLQJWR
WKHULJKWVRWKDWFOLSSLQJVZLOOGLVFKDUJHDZD\
IURPVKUXEVIHQFHVGULYHZD\VHWF$IWHURQH
RUWZRURXQGVPRZLQWKHRSSRVLWHGLUHFWLRQ
PDNLQJOHIWKDQGWXUQVXQWLOILQLVKHG
$YRLGPRZLQJZHWODZQV7KHPRZLQJUHVXOW
LVSRRUHUEHFDXVHWKHZKHHOVVLQNLQWRWKHVRIW
ODZQFOXPSVEXLOGDQGJUDVVFOLSSLQJVIDVWHQ
XQGHUWKHFRZOLQJ
+RVHWKHPRZHUGHFNXQGHUVLGHZLWKZDWHU
DIWHUHDFKXVH:KHQFOHDQLQJWKHPRZHUGHFN
VKDOOEHUDLVHGLQWRWKHWUDQVSRUWSRVLWLRQ0DNH
VXUHWKHPRZHULVFRROHGDQGWKHHQJLQHLVRII
8VHFRPSUHVVHGDLUWRFOHDQWRSVXUIDFHRI
WKHGHFN$YRLGIORRGLQJZDWHURQWRSVXUIDFH
HQJLQHDQGHOHFWULFDOFRPSRQHQWV
:KHQWKHPXOFKLQJNLWLVXVHGLWLVLPSRUWDQW
WKDWWKHPRZLQJLQWHUYDOLVIUHTXHQW
23(5$7,21
&RUUHDVHQ9
5HYtVHODVFDGDKRUDVGHIXQFLRQDPLHQWR
5HYLVHVLKD\JULHWDVSURIXQGDV\PHOODVJUDQGHV
/DFRUUHDPRVWUDUiDOJXQDVSHTXHxDVJULHWDVHQ
ODRSHUDFLyQQRUPDO
/DVFRUUHDVQRVRQDMXVWDEOHV5HHPSODFHODV
FRUUHDVVLHPSLH]DQDGHVOL]DUVHSRUGHVJDVWH
([WUDFFLyQGHODFRUUHDGHOHTXLSR
(VWDFLRQHODPiTXLQDHQXQDVXSHUILFL
QLYHODGD\DSOLTXHHOIUHQRGH
HVWDFLRQDPLHQWR%DMHHOHTXLSRDODSRVLFLyQ
GHFRUWHPiVEDMD
4XLWHORVSHUQRVGHODVSURWHFFLRQHVGHOD
FRUUHD\TXLWHODVSURWHFFLRQHV
5HWLUHFXDOTXLHUUHVWRGHVXFLHGDGRKLHUED
TXHVHSXHGDKDEHUDFXPXODGRDOUHGHGRU
GHORVDORMDPLHQWRVGHODFRUWDGRUD\WRGD
VXSHUILFLHGHOHTXLSR
3UHVLRQHKDFLDDGHQWURHOEUD]RJXtDSDUD
OLEHUDUODWHQVLyQGHODFRUUHD
/HYDQWHFRQFXLGDGRODFRUUHDKDFLDODSDUWH
VXSHULRUGHODVSROHDVGHODFDUFDVDGHOD
FRUWDGRUD\TXLWHODFRUUHDGHOHTXLSR
,QVWDODFLyQGHODFRUUHDGHOHTXLSR
127$3DUDIDFLOLWDUODLQVWDODFLyQGHODFLQWDGHOD
SODWDIRUPDFRQVXOWHODHWLTXHWDVREUHODUXWDTXH
HVWiHQODSDUWHVXSHULRUGHOHTXLSR
(QYXHOYDODFRUUHDGHOHTXLSRDOUHGHGRUGH
ODSROHDGHOHPEUDJXHHOpFWULFRTXHHVWi
XELFDGDHQHOHMHGHOPRWRU
3DVHODFRUUHDKDFLDDGHODQWH\KDFLDDUULED
HQHOHTXLSR
&RORTXHODFRUUHDDOUHGHGRUGHODSROHD
WHQVRUDGHUHVRUWH
(QYXHOYDODFRUUHDGHOHTXLSRDOUHGHGRUGH
ODSROHDWHQVRUD\DPERVDORMDPLHQWRVGH
PDQGULO
(PSXMHKDFLDGHQWURHOEUD]RJXtD\GLULMD
FXLGDGRVDPHQWHODFRUUHDVREUHODSROHD
WHQVRUDILMD8QDYH]TXHFRUUHDHVW
FRUUHFWDPHQWHLQVWDODGDVXHOWHOHQWDPHQWH
GHOEUD]RJXtDSDUDWHQVDUODFRUUHD
6LVWHPDGHVHJXULGDG
/DPiTXLQDHVWiHTXLSDGDFRQXQVLVWHPDGH
VHJXULGDGTXHLPSLGHHODUUDQTXHRODFRQGXFFLyQ
HQODVFRQGLFLRQHVVLJXLHQWHV
(OPRWRUVRORSXHGHDUUDQFDUVHFXDQGR
HOHTXLSRGHFRUWHHVWiGHVDFRSODGR
ORVFRQWUROHVGHGLUHFFLyQHVWiQHQODSRVLFLyQ
GHQHXWUDEORTXHDGD
HOIUHQRGHHVWDFLRQDPLHQWRHVWiDFWLYDGR
,1)250$&,Ï1,03257$17(3DUDSRGHU
FRQGXFLUHORSHUDGRUGHEHVHQWDUVHHQHO
DVLHQWR\OLEHUDUHOIUHQRGHHVWDFLRQDPLHQWR
DQWHVGHTXHORVFRQWUROHVGHGLUHFFLyQVH
SXHGDQPRYHUDODSRVLFLyQQHXWUDO\DTXHGH
ORFRQWUDULRHOPRWRUVHGHWHQGUi
5HDOLFHLQVSHFFLRQHVGLDULDVSDUDDVHJXUDUVHGH
TXHHOVLVWHPDGHVHJXULGDGIXQFLRQHLQWHQWDQGR
DUUDQFDUHOPRWRUVLQFXPSOLUXQDGHODV
FRQGLFLRQHVDQWHULRUHV&DPELHODVFRQGLFLRQHV\
YXHOYDDLQWHQWDUOR
6LODPiTXLQDDUUDQFDFXDQGRXQDGHHVWDV
FRQGLFLRQHVQRVHFXPSOHDSiJXHOD\UHSDUHHO
VLVWHPDGHVHJXULGDGDQWHVGHYROYHUDXVDUOD
$VHJ~UHVHGHTXHHOPRWRUVHGHWHQJDFXDQGR
HOIUHQRGHHVWDFLRQDPLHQWRQRHVWiDFWLYDGR\HO
RSHUDGRUDEDQGRQHHODVLHQWR
&RPSUXHEHTXHHOPRWRUVHGHWHQJDVLODV
FXFKLOODVGHFRUWHHVWiQDFRSODGDV\HOFRQGXFWRU
DEDQGRQDWHPSRUDOPHQWHHODVLHQWR
)UHQRGHHVWDFLRQDPLHQWR
&RPSUXHEHYLVXDOPHQWHTXHQRKD\DGDxRVHQ
ODSDODQFDODVFRQH[LRQHVRHOLQWHUUXSWRUGHO
IUHQRGHHVWDFLRQDPLHQWR5HDOLFHXQDSUXHED
GHGHWHQFLyQ\FRPSUXHEHTXHKD\DVXILFLHQW
DFFLyQGHIUHQDGR
$9,628QDMXVWHGHIHFWXRVRUHGXFLUi
ODFDSDFLGDGGHIUHQDGR\SXHGHSURYRFDUXQ
DFFLGHQWH
3UHVLyQGHORVQHXPiWLFRV
7RGRVORVQHXPiWLFRVGHEHQWHQHUXQDSUHVLyQGH
N3DEDU
,1)250$&,Ï1,03257$17(12DJUHJXH
QLQJ~QWLSRGHFDPLVDGHQHXPiWLFRQLPDWHULDO
GHUHOOHQRGHHVSXPDDORVQHXPiWLFRV/DV
FDUJDVH[FHVLYDVFUHDGDVSRUQHXPiWLFRV
UHOOHQRVGHHVSXPDFDXVDQIDOODVSUHPDWXUDV
8WLOLFHVRORQHXPiWLFRVHVSHFLILFDGRVSRUHO
IDEULFDQWHRULJLQDO
0$17(1,0,(172