9tDLQWUDWUDTXHDO$GUHQ$WURSLQD1DOR[RQD'LDFHSDP/LGRFDLQDGDUGREOHGRVLVGHYtD,9VXHUR)6KDVWD PO $'5(1$/,1$ 5&3VHJ~QSURWRFRORGH)9$VLVWROLD'(0o yPJ DPS PJ 6WDWXVDVPiWLFR YtDVF o DPSPLQPi[GRVLV 6KRFNDQDILOiFWLFR,9 o DPS$PO)6o POOHQWRVHSXHGHUHSHWLUFDGDPLQ Pi[GRVLV 3HUIXVLyQ DPSGH$PO*o JW[ $'(126,1$ $'3 $GHQRFRU PJ,9'HQ´HQFDVRGHQRUHVSXHVWDDORVPLQGDU DPSPO PJ PJ ,9'HQ´ (Q FDVR GH WRPDU 'LSLULGDPRO &DUEDPDFHSLQD 'LJR[LQD 9HUDSDPLOR SXHGH VHU QHFHVDULR GLVPLQXLU ODGRVLV6LWRPD7HRILOLQDSXHGHVHUQHFHVDULRDXPHQWDUODGRVLV $/(8'5,1$ ,VRSURWHUHQRO 3HUIXVLyQ DPSPOGHVXHURo JW[Pi[ JW[ DPSGHPO PJ $0,2'$521$ 0RQLWRUL]DU 7UDQJRUH[ DPSPO PJ ,QGXFFLyQDPSPJPO PLQ 3HUIXVLyQDPSPJPOKRUDVa JW[ $7(32',1 $73 $WHSRGLQD PJ,9'HQ´HQFDVRGHQRKDEHUUHVSXHVWDDORVPLQGDU DPSPO PJ PJ,9'HQ´HQFDVRGHQRUHVSXHVWDDORVPLQGDU PJ,9'HQ´ $75$&85,2 JXDUGDUHQIULR,QGXFFLyQ PJ.,9'NPO,QLFLRGHDFFLyQHQPLQ 7UDFULXP DPSo PO PJ VHSXHGHUHSHWLULJXDOGRVLVFDGDPLQFXDQWDVYHFHVIXHVHQHFHVDULR PJPO Ì PO PJ 3HUIXVLyQGHVSXpVGHPLQGHODLQGXFFLyQPJ.Ko o DPSGHPOPODJW[ $7523,1$ %UDGLFDUGLD6$\R%ORTXHR$9VLQWRPiWLFR PJ,9'6HSXHGHUHSHWLUDORV KDVWDDPSPO PJXQPi[GHPJPJK $VLVWROLD o PJ,9'HQGRVLV~QLFD x '(0 o PJFDGD PLQKDVWDXQPi[LPRGHGRVLV &/253520$=,1$ ,9PJPOHQLQWHUYDORVKDVWDPi[GHPJ9tD,0GRVLVGH PJ /DUJDFWLODPSPO PJ 'DU PO,9OHQWRFDGDPLQPi[DPS &/25852&È/&,&2 $PSPO JU 1R GDU HQ FDVR GH KLSHUSRWDVHPLD DPHQD]DGRUD HQ TXH VH GDUi *OXFRQDWR &iOFLFRDGRVLVGHDJU,9'OHQWDTXHVHUHSHWLUiDORVPLQ(YLWDU pVWDVLGLJLWDOL]DGR &/25852327È6,&2 8VDUHQSHUIXVLyQFRQWLQXDQRUHDOL]DQGRx QXQFDGLOXFLRQHV!P(TOLWUR $PSPO P(T x QLVHSHUIXQGLUiDYHORFLGDG!P(T K ',$&(3$0 9DOLXP DPSPO PJ DPSGHPOGH)6o PO[ PJ[ ',*2;,1$ 0RQLWRUL]DU DPS PJ 1RGLJLWDOL]DGR SUHYLDPHQWH DPSPO 0i[DPSHQK DPSKRUD DPSKRUD 'LJLWDOL]DGRDxDGLUDPSDSDVDUHQKRUD ',)(1,/+,'$172,1$ 0RQLWRUL]DU )HQLWRLQD5XELRDPSPO PJ 'LVROYHUHQ6XHUR*OXFRVDGR æ $QWLDUULWPLFR DPSPO*PLQ6LQRKD\UHVSXHVWD ,QWR[GLJLWiOLFD òDPSPOPLQ æ $QWLFRQYXOVLYDQWH$WDTXH o DPSPO*JW[ 3HUIXVLyQ o DPSPO*JW[ '2%87$0,1$ 0RQLWRUL]DU ➧ DPSPJPOo PO PJ 'REXWUH[ DPSGHPO PJ GRVLVNJ PFJ.PLQHIHFWRDo JW[PFJ PFJ.PLQDEo JW[PFJ 0i[JW[o PFJ UHVXOWDGRHQPOKo POK JW[ NJ NJ NJ NJ NJ PFJ.PLQ PFJ.PLQ PFJ.PLQ PFJ.PLQ PFJ.PLQ PFJ.PLQ PFJ.PLQ PFJ.PLQ '23$0,1$ 0RQLWRUL]DU 'RSDPLQD)LGHV PJDPS $SULFDOPJSRUDPS [ æ DPSPJPOo PFJPOyPJPO GRVLVNJ PFJ.PLQo JW[ PFJ.PLQHIHFWR'$\Eo JW[ !PFJ.PLQ'$EDo JW[PFJ æ DPSPJPOo PFJPOyPJPO GRVLVNJ PFJ.PLQo JW[ PFJ.PLQo JW[ PFJ.PLQo JW[0i[PFJNPLQoJW 'RSDPLQD)LGHVPJGH* NJ PFJ.JPLQ PFJ.JPLQ PFJ.JPLQ PFJ.JPLQ PFJ.JPLQ PFJ.JPLQ (720,'$72 +\SQRPLGDWH DPSPO PJ UHVXOWDGRHQPOKo POK JW[ NJ NJ NJ 'XUDFLyQDFFLyQPLQ ,QGXFFLyQ PJ. 3HUIXVLyQ PJ.K NJ )(17$1,/2 ,QGXFFLyQ PFJ.PLQo NDPS'XUDFLyQDFFLyQPLQ )HQWDQHVW DPSPO PFJ 3HUIXVLyQ PFJ.KRUD )/80$&(1,/2 $Qp[DWH DPSo PO PJPO PJ Ì PO PJ +$/23(5,'2/ $PSPO PJ ,QGXFFLyQPJ,9'5HSHWLUFDGD´Pi[PJ 3HUIXVLyQDPS PJPOJW[ ,9 ,QLFLDUFRQXQDDPSPJ,9OHQWD\FDGDPLQVLQHFHVDULRGREODUODGRVLV 9tD,0 yDPS /$%(7$/2/ EORTDE DGUHQpUJLFR,QGXFFLyQPJ,9PLQVLQHFHVDULRUHSHWLUFDGDPi[PJ 7UDQGDWH DPSPO PJ 3HUIXVLyQPJPOo JW[ /,'2&$,1$ 0RQLWRUL]DU $WDTXH)9\79VLQSXOVRo PJ. ,9'$ORVo PJ. DPSPODO JUo PO PJ79FRQSXOVR(69o PJ. ,9'$ORVo PJ.$ ORVo PJ. 0i[PJ. 3HUIXVLyQDPS JPO PJ[o JW[ (FODPSVLD 620JPJPOo ,QGXFFLyQ JUHQPLQ o3HUIXVLyQ JUPOPJPOo JW[ $QWLDUULWPLFR 620JDPSPO PJo ,QGXFFLyQyDPSPOPLQ o 3HUIXVLyQJUPOJW[ JU. HMNo JUo PO PLQ 0$1,72/ %ROVDPOo PO JU 0$*1(6,2 DPSPO)6o PO PJ,9'5HSHWLUDORVPLQODGRVLVLQLFLDOPJ 0(3(5,',1$ 'RODQWLQD DPSPO PJ 0i[PJ 0,'$=2/$1 æ $GXOWR6HGDFLyQ PJ. 'RUPLFXP DPSPO PJ +LSQRVLV PJ.ò DPSo PJ PLQ 3HUIXVLyQ PJKo DPSPODJW[ æ 1LxR$QVLROLVLVPO PJPO)6o POLQWUDQDVDO MHULQJD LQVXOLQD +LSQRVLV PO PJPO)6o PO PJ LQWUDQDVDO 0,9$&85,2 QRQHFHVLWDIULR 0LYDFXULR DPSPO PJ 025),1$ 'RVLVGHFDUJDDPSPO)6o PO PJFDGDPLQ DPS PO PJ 3HUIXVLyQDPSPOo PO PFJPRUILQDDJW[0i[PJ. 1$/2;21$ ,QGXFFLyQDPS,9'6LQRPHMRUtDUHSHWLUGRVLVFDGD PLQ(QFDVRGHQHJDUVHDLUHO $PSPO PJSDFLHQWHDO+RVSLWDOSRQHUGREOHGRVLVYtD,0GHODGDGDSRUYtD,9 3HUIXVLyQDPSPOo GH JW[ 1,752*/,&(5,1$ FRQWURO7$ 6ROLQLWULQD DPSGH\PJ &RPSx &DILQLWULQDPJGH17* x 6ROLQLWULQDPJGH17* x 9HUQLHVPJGH17* FRPSULPLGRVVXEOLQJXDOGRVLVGH PJFDGDPLQKDVWDWUHVFRPS ,9➧ DPSGHPJ PJPOo JW[\> GHHQJW GRVLVPi[GHPJ[No JW[ ➧ DPSGHPJ POPO PFJo JW[KDVWD GRVLVPi[GHPFJ.PLQ JW[ 1,7523586,$72 3URWHJHUGHODOX]\FRQWUROGHOD7$ 1LWURSUXVVLDWYLDOPO PJ ➨ PO PJPOPFJPOSDVDQGRHQXQSULPHULQVWDQWHUiSLGR ³XQFKRUUHyQ´GHDPO\OXHJRVHJXLUFRQSDXWDGH JW[o GH PFJ.PLQ'RVLVPi[PFJ[o JW[ 3$1&8521,2 JXDUGDUHQIULR ,QGXFFLyQ PJ. 3DYXORQ DPSPO PJ 352&$,1$0,'$ 0RQLWRUL]DU 'RVLVGHFDUJD,9PO PJFDGDPLQRWUDDOWHUQDWLYD %LRFRU\ODPSPO PJo PO PJ DPS PJPOJW[ PJ[ 3HUIXVLyQDPSPO JW[ PJ[ 'DUKDVWD! 47! 456XQWRWDOGHJUUHYHUVLyQGHODDUULWPLD 3523$)(121$ 0RQLWRUL]DU 5\WPRQRUP DPSPO PJ [ ,QGXFFLyQ PJSSDOPJ.DPSPOHQPLQ 3HUIXVLyQ PJ[o DPSPOPJPOo PO[ JW 35232)2/ 'LSULYDQ DPSx POo PO PJ x PO x PO ➧ ,QGXFFLyQPJ.PLQ ➧ 2WUDLQGXFFLyQx DxRVo PJ.DPHQRUHGDG PD\RUGRVLV x DxRVo PJ. x !DxRV\R$6$,,,,9o PJ. 3HUIXVLyQ PJ.Ko PJ.[$PSPOo PO PJo JW[ 35235$12/2/ 0RQLWRUL]DU 6XPLDODPSPO PJ 'RVLVGHPJ .'DUPJFDGDPLQOHQWR0i[ PJWRWDO 6$/%87$02/ 9HQWROLQ DPSPO PJx ,9DPSVXHUR)6o PODSDVDUHQPLQVROXFLyQDHURVRO PO PJ x $HURVROPO PJ➧ PO)6HQPDVFDULOOD\IOXMR2DO[ ➧ PO)6HQPDVFDULOOD\IOXMR2DO[ 6LDQWHFHGHQWHVSHUVRQDOHVGH&DUGLRSDWtD,VTXpPLFDUHGXFLUODGRVLVDODPLWDG 68(52+,3(57Ï1,&2 o PONHQXQDVRODGRVLVOHQWD 68&&,1,/&2/,1$ JXDUGDU HQIUtR $QHFWLQHDPSPO PJ 0LRIOH[ DPSPO PJ ,QGXFFLyQPJ. 75$0$'2/ $GRORQWD DPSPO PJ ,QGXFFLyQ PJHQDPLQ 3HUIXVLyQPJPOPJPOo JW[ 7,23(17$/ 7LREDUELWDO YLDO\JU 9(&8521,2 1RUFXURQ YLDO 9(5$3$0,/ 0RQLWRUL]DU 0DQLGyQ DPSPO PJ ,QLFLRGHDFFLyQHQ´FRQXQDGXUDFLyQGHDPLQ ,QGXFFLyQ PJ.JHQHUDOPHQWHNGDUPJ 3HUIXVLyQ PJ.Ko JUPO JW[ (QFDVRGH6WDWXVHSLOpSWLFR PJ,9' ,QGXFFLyQPJ.'HVSXpVGHPLQGRVLVGHSHUIXVLyQ 3HUIXVLyQ PJ.Ko DPSPOKRUDo JW[ 6L7$6 PP+J(QEROR 'DUyDPSo yPJ,9' (QFDVRQHFHVDULRDORVyPLQGDUPJ,9' 0i[DPS PJ 3HUIXVLyQDPS PJPOGH*PJPOoJW[ PJ[ JRWDVPWR 7 1'(*27$6(10/ PO JRWDVJW PLFURJRWDVPFJW JW PFJWJW PO PFJWPLQ POK POK JRWDV[o o *RWDV POK