&216(-(5Ì$'(('8&$&,Ð1 &8/785$<'(3257( 'HOHJDFLyQ7HUULWRULDOGH+XHOYD 5HVROXFL³QGHGHMXQLRGHGHOD'HOHJDFL³Q7HUULWRULDOGH(GXFDFL³QGHOD-XQWDGH $QGDOXF­D GH +XHOYD SRU OD TXH VH UHVXHOYH FRQ FDU¡FWHU SURYLVLRQDO OD FRQYRFDWRULD SºEOLFDSDUDFXEULUFRQRFDVL³QGHYDFDQWHVSXHVWRGRFHQWHHVSHF­ILFRSDUDODDWHQFL³Q HGXFDWLYDGHPHQRUHVVRPHWLGRVDPHGLGDMXGLFLDO 3RU5HVROXFL³QGHGHPDU]RGHHVWD'HOHJDFL³Q7HUULWRULDOGHFRQIRUPLGDGFRQ ORHVWDEOHFLGRHQHO'HFUHWRPRGLILFDGRSRUHO'HFUHWRSRUHOTXHVHRUGHQD ODIXQFL³QSºEOLFDGRFHQWH\VHUHJXODODVHOHFFL³QGHOSURIHVRUDGR\ODSURYLVL³QGHSXHVWRVGH WUDEDMRDV­FRPRHQHO&DSLWXOR,,,GHOD2UGHQGHGHPD\RGH%RMDQzGHGH MXQLRGHSRUODTXHVHUHJXODQORVSURFHGLPLHQWRVGHSURYLVL³QFRQFDU¡FWHUSURYLVLRQDO GHSXHVWRVGHWUDEDMRVGRFHQWHVDV­FRPRODPRYLOLGDGSRUUD]³QGHYLROHQFLDGHJ©QHURVH UHDOL]DFRQYRFDWRULDSDUDFXEULUFRQRFDVL³QGHYDFDQWHV SXHVWRGRFHQWHHVSHF­ILFRSDUDOD DWHQFL³QHGXFDWLYDGHPHQRUHVVRPHWLGRVDPHGLGDMXGLFLDO )LQDOL]DGR HO SOD]R GH SUHVHQWDFL³Q GH VROLFLWXGHV \XQD YH] UHDOL]DGR HO HVWXGLR \ EDUHPDFL³QGHODVPLVPDVHVWD'HOHJDFL³Q7HUULWRULDOKDUHVXHOWR 35,0(523XEOLFDUODOLVWDSURYLVLRQDOGHDGPLWLGRV\H[FOXLGRVSRUFROHFWLYRVFRQH[SUHVL³QGH ODVSXQWXDFLRQHVREWHQLGDV\PRWLYRVGHH[FOXVL³QUHVSHFWLYDPHQWH 6(*81'2&RQFHGHUXQSOD]RGHG­DVK¡ELOHVGHVGHHOG­DVLJXLHQWHDODSXEOLFDFL³QGHHVWD 5HVROXFL³QSDUDTXHORVLQWHUHVDGRVSXHGDQHIHFWXDUODVDOHJDFLRQHVTXHHVWLPHQRSRUWXQDV 7(5&(52 /D SUHVHQWH 5HVROXFL³Q VH KDU¡ SºEOLFD HQ ORV WDEORQHV GH DQXQFLRV GH HVWD 'HOHJDFL³Q7HUULWRULDO\DHIHFWRVPHUDPHQWHLQIRUPDWLYRVHQVXS¡JLQDZHE &RQWUDODSUHVHQWH5HVROXFL³QTXHSRQHILQDODY­DDGPLQLVWUDWLYDFDEHLQWHUSRQHUHQHO SOD]R GH GRV PHVHV D SDUWLU GH VX SXEOLFDFL³Q UHFXUVR FRQWHQFLRVRDGPLQLVWUDWLYR DQWH HO -X]JDGRGHOR&RQWHQFLRVR$GPLQLVWUDWLYRFRPSHWHQWHFRQIRUPHDORHVWDEOHFLGRHQORVDUW­FXORV D\GHOD/H\GHGHMXOLRUHJXODGRUDGHOD-XULVGLFFL³Q&RQWHQFLRVR $GPLQLVWUDWLYDRSRWHVWDWLYDPHQWHUHFXUVRGHUHSRVLFL³QHQHOSOD]RGHXQPHVDFRQWDUGHVGH HO G­D VLJXLHQWH DO GH VX SXEOLFDFL³Q DQWH OD SHUVRQD WLWXODU GH OD 'HOHJDFL³Q 7HUULWRULDO GH (GXFDFL³QGH+XHOYDGHFRQIRUPLGDGFRQORVDUW­FXORV\GHOD/H\GH GH QRYLHPEUH GH 5©JLPHQ -XU­GLFR GH ODV $GPLQLVWUDFLRQHV 3ºEOLFDV \ GHO 3URFHGLPLHQWR $GPLQLVWUDWLYR&RPºQ +XHOYDGHMXQLRGH (/'(/(*$'27(55,725,$/ )GR9LFHQWH=DU]D9¡]TXH] +odY6PuqyGIZO4g1BG/l1w== ! ! " # $ % # & ' ( ) * + , , ( - ' . / 0 * ( 0 * - * 0 1 2 0 & 3 * $ 4 ! 5 ' + & ' ( ) * ! ' +odY6PuqyGIZO4g1BG/l1w== +odY6PuqyGIZO4g1BG/l1w== 6 7 . * $ ! $ 5