$(125 $(125 ( , 57 ), ( & ( *HVWLyQ $PELHQWDO (PSUHVD 5HJLVWUDGD $/ , &*0 (5 (0 , 1HW 48 3RO0DOSLFDF(Q=DUDJR]D(63$f$ 7HOpIRQR)D[ :(% KWWSZZZHOWHV(PDLOHOW#HOWHV ' (VSHFLDOLGDGHV/XPLQRWpFQLFDV6$8 7 <6 <67 0$18$/'(,16758&&,21(6 (48,326'($/,0(17$&,Ð1'(&255,(17(&2167$17(3$5$0Ð'8/26'(/(' 7LSRV/&&\/&' ,17(5583725(6'(3527(&&,Ð1 &DGD JUXSR GH DOLPHQWDGRUHV SDUD /(' GHEH HVWDU SURWHJLGR SRU XQ LQWHUUXSWRU PDJQHWRWpUPLFR \ XQ GLIHUHQFLDO GH XVR H[FOXVLYR /RV DOLPHQWDGRUHVSDUD/('VRQUHVLVWHQWHVDODVVREUHWHQVLRQHVWUDQVLWRULDVHVSHFLILFDGDVHQQRUPDWLYD\GHEHQVHULQVWDODGRVHQFLUFXLWRV LQGHSHQGLHQWHVVHSDUDGRVGHRWUDVFDUJDVLQGXFWLYDVEDODVWRVLQGXFWLYRVPRWRUHVYHQWLODGRUHVHWF« (OHTXLSRGHDOLPHQWDFLyQGHFRUULHQWHFRQVWDQWHSDUDPyGXORVGH/('XWLOL]DFRPSRQHQWHVHOHFWUyQLFRVVHQVLEOHV'HEHVHU WUDWDGR\PDQHMDGRFRQFXLGDGRFRPRWRGRHTXLSRHOHFWUyQLFR6XLQVWDODFLyQUHTXLHUHVHJXLUHVWDVUHFRPHQGDFLRQHVGHO IDEULFDQWHFRQHOILQGHFRQVHJXLUXQDGXUDELOLGDG\IXQFLRQDPLHQWRDGHFXDGRWDQWRGHOHTXLSRFRPRGHOPyGXORGH/('TXH DOLPHQWD £3UHFDXFLyQ ,QWHUUXSWRUGLIHUHQFLDO /RVILOWURVGHVXSUHVLyQGHLQWHUIHUHQFLDVGHORVDOLPHQWDGRUHVSDUD/('WLHQHQODIXQFLyQGHGHULYDUDWLHUUDODVLQWHUIHUHQFLDVHQ IRUPDGHFRUULHQWHGHIXJD (QUHGHVWULIiVLFDV5HSDUWLUODVOXPLQDULDVHTXLOLEUDGDPHQWHHQWUHODVWUHVIDVHV/DVFRUULHQWHVGHIXJDVHFRPSHQVDQ (QUHGHVPRQRIiVLFDV6HUHFRPLHQGDXQPi[LPRGHGULYHUVSDUD/('FRQFDGDLQWHUUXSWRUGHVHQVLELOLGDGP$ 6(*85,'$' (ODOLPHQWDGRUGHEHHVWDULQVWDODGRGHQWURGHODOXPLQDULD\DOHMDGRGHIXHQWHVGHFDORU\ILMDGRSDUDPHMRUDUODWUDQVPLVLyQWpUPLFD /DVRSHUDFLRQHVGHPDQWHQLPLHQWR\UHSRVLFLyQGHEHQVHUUHDOL]DGDVSRUSHUVRQDOFXDOLILFDGRVLQWHQVLyQGHUHG\VLJXLHQGR ULJXURVDPHQWHODVLQVWUXFFLRQHVGDGDVVREUHHOSURGXFWR\ODUHJODPHQWDFLyQYLJHQWH ,QWHUUXSWRUPDJQHWRWpUPLFR 1 1 (OHQFHQGLGRGHORVPyGXORV/('FRQHVWRVHTXLSRVHVVLPXOWiQHR(QHOLQVWDQWHGHODFRQH[LyQORVFRQGHQVDGRUHVGHOHTXLSR FUHDQXQIXHUWHSXOVRGHFRUULHQWHDXQTXHGHPX\FRUWDGXUDFLyQHVODOODPDGD,QUXVKFXUUHQW6HUHFRPLHQGDODFRORFDFLyQGHXQ Q~PHURPi[LPRGHDOLPHQWDGRUHVVHJ~QHOWLSR\ODVFDUDFWHUtVWLFDVGHOPDJQHWRWpUPLFRGHSURWHFFLyQ9HUWDEOD &21'8&725'(7,(55$ (OFRQGXFWRUGHWLHUUDGHEHVHUFRQHFWDGRDODOLPHQWDGRU\DODOXPLQDULD/DHVWUXFWXUDPHWiOLFDGHOIDOVRWHFKRVLH[LVWHHV FRQYHQLHQWHFRQHFWDUODDWLHUUD / 9 9 1 / / ^ /&' 9'& 0: 9 7LSR 7(67'($,6/$0,(172 6LVHUHDOL]DODSUXHEDGHDLVODPLHQWRDODLQVWDODFLyQHQORVFLUFXLWRVTXHGDQWHQVLyQDORVDOLPHQWDGRUHVHOHQVD\RVHUHDOL]DUi DSOLFDQGRODWHQVLyQGHSUXHEDHQWUHIDVHV\QHXWURVWRGRVXQLGRV\HOFRQGXFWRUGHWLHUUD 1XQFDVHDSOLFDUiWHQVLyQGHSUXHEDHQWUHIDVHV\QHXWURRHQWUHIDVHV /&& /&' )DOWDGHFDUJD/(' &LUFXLWRDELHUWR %ORTXHR(QHVSHUD GHUHHPSOD]RGHO PyGXORSDUD/(' &RUWRFLUFXLWRHQOD VDOLGDDODFDUJD/(' 3RUHQFLPDGHODSRWHQFLD Pi[LPDODFRUULHQWHGHVDOLGD GHFUHFHSDUDOLPLWDUODSRWHQFLD 5LHVJRGHDYHUtD %ORTXHR %ORTXHR / /&& / /&' 0Ï'8/2 $/,0(17$'25 0DU]R 6REUHFDUJD (648(0$6'(&21(;,21$'2 1 / 1 %ORTXHR6LWXDFLyQGH³VWDQGE\´RGHUHSRVR &/(0$6'(&21(;,Ð1<35(3$5$&,Ð1'(/&$%/( 6HUHFRPLHQGDHOXVRGHKLORUtJLGRGHXQVRORFRQGXFWRUGHVHFFLyQPPFRQORQJLWXGGHSHODGRGHPP 6LVHGHVHDH[WUDHUXQFRQGXFWRUSUHYLDPHQWHLQVHUWDGRQRHMHUFHUXQDIXHU]DH[FHVLYDVREUHODOHYDGHGHVEORTXHRGHORVERUQHVGH FRQH[LyQSDUDHYLWDUURWXUD ,167$/$&,Ð1 1RHVWDSHUPLWLGRODLQVWDODFLyQGHXQLQWHUUXSWRUHQODVDOLGDGHODOLPHQWDGRU 3RGUtDFDXVDUGDxRVHQORVPyGXORV/('\HQHODOLPHQWDGRU 5(638(67$'(/$/,0(17$'25'(0Ð'8/26/('<6,67(0$'(3527(&&,Ð1 1 PP / 7(03(5$785$ 6HGHEHFRPSUREDUTXHODPi[LPDWHPSHUDWXUDDPELHQWHHQODLQVWDODFLyQQRVREUHSDVDODWDPDUFDGDHQHOHTXLSR\DVHJXUDUXQ JUDGRGHSURWHFFLyQDGHFXDGRFRQWUDODKXPHGDG & (QFXDOTXLHUFDVRQRVHGHEHVXSHUDUODWHPSHUDWXUD WFPDUFDGDVREUHODFDUFDVDGHODOLPHQWDGRU\DTXHXQIXQFLRQDPLHQWR FRQWLQXDGRFRQWHPSHUDWXUDVVXSHULRUHVSURGXFHXQDUHGXFFLyQSURJUHVLYDGHVXHVSHUDQ]DGHYLGD PP ` &XDOTXLHULQWHUYHQFLyQHQODFRQH[LyQGHODOiPSDUD/('GHEHUHDOL]DUVHULJXURVDPHQWHVLQWHQVLyQGHDOLPHQWDFLyQ / 1 /&' 9 1 9 1GHHTXLSRVPi[SRUFDGDLQWHUUXSWRU 7LSR% 7LSR& 'LIHUHQFLDO $ $ $ $ P$ /&& / 9 9 9 HUURU / 9 FRUUHFWD $/,0(17$&,Ð1(/e&75,&$ /DWHQVLyQ\IUHFXHQFLDGHDOLPHQWDFLyQGHEHQHVWDUGHQWURGHOUDQJRQRUPDOGH IXQFLRQDPLHQWR5HVSHWDGODSRODULGDGLQGLFDGDIDVH\QHXWUR (OIXQFLRQDPLHQWRHQFRUULHQWHFRQWLQXDVRODPHQWHHVWiSHUPLWLGRSDUDHTXLSRV HVSHFLDOPHQWHGLVHxDGRVDOHIHFWR (QLQVWDODFLRQHVWULIiVLFDVD9VHGHEHDVHJXUDUTXHHOQHXWURHVWpVLHPSUH FRQHFWDGRVLTXHGDUDLQWHUUXPSLGRSRGUtDQOOHJDUORV9DORVHTXLSRVFRQHO FRQVLJXLHQWH ULHVJR GH DYHUtD GH ORV HTXLSRV $O UHDOL]DU OD LQVWDODFLyQ GHEH HTXLOLEUDUDOPi[LPRHOUHSDUWRGHFDUJDVHQWUHIDVHV / 1 ,QUXVK&XUUHQW ,3LFR 7LHPSR PV $ 7LSR 6XMHWRDPRGLILFDFLyQVLQSUHYLRDYLVR 7HQVLyQGH DOLPHQWDFLyQ!9 (UURUHQOD SRODULGDGGHODFDUJD 5LHVJRGHDYHUtD 5LHVJRGHDYHUtD HQHOPyGXOR/(' VLpVWHQRHVWi SURWHJLGR