*=(%(8 9LGHRF¡PDUDFRQPHPRULD 6©FUHDWLYRFRQHVWDFRPSDFWDYLGHRF¡PDUDGHPHPRULD)XOO+'GLVSRQHGHXQDUDQXUD6';&\XQVHQVRU&026 UHWURLOXPLQDGRTXHSURSRUFLRQDXQH[FHOHQWHFRPSRUWDPLHQWRHQEDMDOX]8QDSDQWDOODW¡FWLO/&'GHVLQPDUFR WUDQVIRUPDODILOPDFL³Q\HOYLVLRQDGRHQDOJRVLPSOHHLQWXLWLYR8QSRWHQWH]RRP³SWLFR[WHDFHUFDDODDFFL³QPLHQWUDV TXHXQ(VWDELOL]DGRU$YDQ]DGRGH,PDJHQ\ODIXQFL³Q,QWHOOLJHQW$872FDSWXUDQODHVFHQDWDOFRPRODKDVYLVWR &026UHWURLOXPLQDGDGHSXOJDGDV\0=RRP³SWLFRGH[DOWDGHILQLFL³Q]RRPGLQ¡PLFRGH[GHILQLFL³Q HVW¡QGDU]RRPGLJLWDOGH[5DQXUDSDUDWDUMHWDGHPHPRULD6';&6'+&6'6RIWZDUHLQFOXLGRSDUD:LQGRZVn )RUPDWRGXDO$9&+'\GHILQLFL³QHVW¡QGDU *UDEDFL³QGHDOWDYHORFLGDGGHELWVD0ESV 6XSHU/R/X[FRQVHQVRUGH&026UHWURLOXPLQDGD (VWDELOL]DGRUGHLPDJHQDYDQ]DGR )XQFL³Q,QWHOOLJHQW$872 0RGR5(&LQWHUYDORP©WULFR 0RGR5(&DXWRP¡WLFR 0LFU³IRQR]RRP 5HFRQRFLPLHQWRGHURVWURV 0HGLGRUGHVRQULVD'LVSDURGHVRQULVD 6XEYHQWDQDGHURVWUR (IHFWRVGHDQLPDFL³Q 7HFQRORJ­D.SDUDDXGLRGHDOWDFDOLGDG )LOPDFL³QVLPXOW¡QHDGHLP¡JHQHVILMDVGH0\Y­GHR)XOO+' 0RGRVLOHQFLRVR 6DOLGD[3 6DOLGD+'0,n0LQL /(17('(+'.21,&$0,12/7$ )¡FLOVXELGDD<RX7XEHब)DFHERRNFRPSDWLEOHFRQ+' 3DQHOW¡FWLO/&'GHSXOJDGDVVLQPDUFRN )RFRDXWRP¡WLFRGHLOXPLQDFL³Q 6RIWZDUH3L[HOD(YHULR0HGLD%URZVHULQFOXLGRSDUD:LQGRZVn 'HVLJQDQGVSHFLILFDWLRQVVXEMHFWWRFKDQJHZLWKRXWQRWLFHDVRI-DQj-9&.(1:22'&RUSRUDWLRQ *=(%(8 9LGHRF¡PDUDFRQPHPRULD 9LGHRF¡PDUDFRQ'LVFR'XURH[WUD­EOH *=(%(8 6,67(0$ )RUPDWR 6RSRUWHVGHDOPDFHQDPLHQWR &0$5$ &026 1zGHS­[HOHVGHO&&'&026 2EMHWLYR /(17('(+'.21,&$0,12/7$ 5HODFL³QGH]RRP³SWLFR =RRPGLQ¡PLFR 5HODFL³QGH]RRPGLJLWDOP¡[ 'LVWDQFLDIRFDOPP $EHUWXUD) (VWDELOL]DGRUGHLPDJHQDYDQ]DGR (QIRTXHDXWRP¡WLFRPDQXDOGHJDPDFRPSOHWD %DODQFHGHEODQFRVWRWDOPHQWH DXWRP¡WLFRPDQXDO *5$%$'25$ *UDEDFL³QGHY­GHR$9&+' *UDEDFL³QGHY­GHRHQGHILQLFL³QHVW¡QGDU )RWRJUDI­DGLJLWDO-3(* *UDEDFL³QGHIRWRJUDI­DVGXUDQWHODJUDEDFL³QGH Y­GHRJUDEDFL³QGXDO 0RGRVGHJUDEDFL³QGHY­GHR 7LHPSRGHJUDEDFL³QGHY­GHRP¡[ 7DPD±RVGHLP¡JHQHVILMDV 1zGHLP¡JHQHVILMDVP¡[ 3URFHVDGRU)$/&21%5,' &21(;,1(6 5DQXUDSDUDWDUMHWDGHPHPRULD6' 7UDQVIHUHQFLDGHGDWRVSRU86%GHDOWD YHORFLGDGDORUGHQDGRU 6DOLGD[3 6DOLGD+'0,n0LQL +'0,&(& (QWUDGDVDOLGDGH$9 /&'3$17$//$ 0RQLWRU/&'$QWL5HIOHMRV 3DQHOW¡FWLO/&'VLQPDUFR &RQWUROGHFRQWUDOX]DXWRP¡WLFRGHO/&' )81&,21(6 6XSHU/R/X[ )¡FLOVXELGDD<RX7XEHԡ)DFHERRN 5HFRQRFLPLHQWRGHURVWURV )XQFL³Q,QWHOOLJHQW$872 0RGR5(&LQWHUYDORP©WULFR 0RGR5(&DXWRP¡WLFR 0LFU³IRQR]RRP 0HGLGRUGHVRQULVD'LVSDURGHVRQULVD 6XEYHQWDQDGHURVWUR (IHFWRVGHDQLPDFL³Q 7RXFK3ULRULW\$($) 3URJUDPDFL³Q$( 0RGRVLOHQFLRVR )RFRDXWRP¡WLFRGHLOXPLQDFL³Q %DWHU­DGHGDWRV'DWD%DWWHU\ (GLFL³QGHDUFKLYRVHQF¡PDUD 5HLQLFLRU¡SLGR *UDEDFL³QU¡SLGD 7HFQRORJ­D. )XQFLRQDPLHQWRDVRFLDGRDODDOLPHQWDFL³Q 0HQºPXOWLOLQJ¼HHQSDQWDOOD 'LVSDUDGRUDXWRP¡WLFR &XELHUWDGHREMHWLYRGHVOL]DQWH &RUUHDGHGREOHXVR *(1(5$/,'$'(6 &RQVXPR 3HVRDSUR[LPDGR 'LPHQVLRQHV$Q[$O[3 $&&(625,26680,1,675$'26 $GDSWDGRUGH&$ %DWHU­D &DEOHGH$9 &DEOH86% >$9&+'@9­GHR03(*$9&+ $XGLR'ROE\'LJLWDOFDQDOHV>'HILQLFL³Q HVW¡QGDU@9­GHR03(*$9&+ $XGLR'ROE\'LJLWDOFDQDOHV 7DUMHWDGHPHPRULD6'>@ 0HJDS­[HOHV ࣞ [ [>@ [ HTXLYDOHQWHGHSHO­FXODGH PP )) ࣞ ࣞࣞ ࣞࣞ 6RIWZDUH 3L[HOD(YHULR0HGLD%URZVHU:LQGRZV :LQGRZV ࣞ >@(QPRGRGHGHILQLFL³QHVW¡QGDU>@/DVJUDEDFLRQHVHQHOPRGR8;3QRVHSXHGHQDOPDFHQDUHQGLVFRVXWLOL]DQGR ODVJUDEDGRUDV&89'9'8WLOL]DXQJUDEDGRU+''%'UHFRPHQGDGRRHOVRIWZDUH0HGLD%URZVHUGH(YHULRLQVWDODGR HQWX3& >@&XDQGRVHXWLOL]DXQDWDUMHWD6';&*%QRLQFOXLGD>@6LQSLOD,QFOXLGDSLOD>@3DUDJUDEDUY­GHRVHQHFHVLWD XQDWDUMHWD6'+&6';&FRQXQUHQGLPLHQWRGHFODVHRVXSHULRU3DUDHOPRGR8+5XWLOL]DWDUMHWDVGHFODVHRVXSHULRU /DVIRWRVGLJLWDOHVSXHGHQJUDEDUVHWDQWRHQWDUMHWDV6'FRPRHQ6'+&R6';&/DVWDUMHWDVGHPHPRULD6'GH0%D *%6'+&GHD*%\6';&D*%VHKDQVRPHWLGRDSUXHEDVSDUDODVVLJXLHQWHVPDUFDV3DQDVRQLF 7RVKLED\6DQ'LVN(OWLSRGHWDUMHWDV8+66SHHG&ODVVQRHVFRPSDWLEOHSHURODVWDUMHWDVGHPHPRULD8+6,6'+&6';& SXHGHQXWLOL]DUVHGHODPLVPDIRUPDTXHODVWDUMHWDVHVW¡QGDU6'+&6';&7HQHQFXHQWDTXHDOXWLOL]DURWURVVRSRUWHV SXHGHQSURGXFLUVHIDOORVGHJUDEDFL³QRS©UGLGDGHGDWRV3DUDP¡VLQIRUPDFL³QDFHUFDGHODFRPSDWLELOLGDGGHWDUMHWDVGH PHPRULDFRQVXOWDDXQ'LVWULEXLGRU$XWRUL]DGR-9& ࣞ ࣞ ࣞ ࣞ $9&+'8;3;363(3GHILQLFL³Q HVW¡QGDU66:6(:>@ KPLQ8;3KPLQ6(:>@ >@[[>@[ ࣞ ࣞFRPSDWLEOHFRQ6';&>@ ࣞ ࣞ ࣞ ࣞ ࣞ SDQRU¡PLFRNS­[HOHV ࣞ ࣞ ࣞ ࣞFRPSDWLEOHFRQ+' ࣞ ࣞ ࣞ ࣞ ࣞ ࣞ ࣞ ࣞ ࣞ 1RFKH3XQWROXPLQRVR ࣞ ࣞ ࣞ ࣞ ࣞ ࣞ ࣞ ࣞ LGLRPDVLQJIUDDOHHVSLWDKRO SRUUXVXFUSROFKHWXUVXHKºQ ࣞVHJVHJ'HWHFFL³QGHODFDUD ࣞ ࣞ $SUR[: JJ>@ [[PP ࣞ ࣞ%19* ࣞ ࣞ 'HVLJQDQGVSHFLILFDWLRQVVXEMHFWWRFKDQJHZLWKRXWQRWLFHDVRI-DQj-9&.(1:22'&RUSRUDWLRQ