*($SSOLDQFHVFRP *(3URILOH $GYDQWLXP 2YHQ $GYDQWLXP &RRNLQJFRQWUROV *HWWLQJWRNQRZWKH$GYDQWLXP 2YHQIHDWXUHV 6DIHW\ ²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·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s,WPD\EHLQVWDOOHGRYHU ERWKJDVDQGHOHFWULFFRRNLQJHTXLSPHQW 'RQRWRSHUDWHWKLVDSSOLDQFHLILWKDVDGDPDJHG SRZHUFRUGRUSOXJLILWLVQRWZRUNLQJSURSHUO\RULI LWKDVEHHQGDPDJHGRUGURSSHG,IWKHSRZHUFRUG LVGDPDJHGLWPXVWEHUHSODFHGE\*HQHUDO(OHFWULF 6HUYLFHRUDQDXWKRUL]HGVHUYLFHDJHQWXVLQJDSRZHU FRUGDYDLODEOHIURP*HQHUDO(OHFWULF 7RUHGXFHWKHULVNRIILUHLQWKHRYHQFDYLW\ ³'RQRWRYHUFRRNIRRG&DUHIXOO\DWWHQGDSSOLDQFH ZKHQSDSHUSODVWLFRURWKHUFRPEXVWLEOHPDWHULDOV DUHSODFHGLQVLGHWKHRYHQZKLOHFRRNLQJ ³5HPRYHZLUHWZLVWWLHVDQGPHWDOKDQGOHVIURP SDSHURUSODVWLFFRQWDLQHUVEHIRUHSODFLQJWKHPLQ WKHRYHQ ³'RQRWXVHWKHRYHQIRUVWRUDJHSXUSRVHV'RQRW OHDYHSDSHUSURGXFWVFRRNLQJXWHQVLOVRUIRRGLQWKH RYHQZKHQQRWLQXVH ³'RQRWSRSSRSFRUQLQ\RXUPLFURZDYHRYHQXQOHVV LQDVSHFLDOPLFURZDYHSRSFRUQDFFHVVRU\RUXQOHVV \RXXVHSRSFRUQODEHOHGIRUXVHLQPLFURZDYHRYHQV ³,IPDWHULDOVLQVLGHWKHRYHQLJQLWHNHHSWKHRYHQGRRU FORVHGWXUQWKHRYHQRIIDQGGLVFRQQHFWWKHSRZHU FRUGRUVKXWRIISRZHUDWWKHIXVHRUFLUFXLWEUHDNHU SDQHO,IWKHGRRULVRSHQHGWKHILUHPD\VSUHDG ³'RQRWXVHWKH6HQVRU)HDWXUHVWZLFHLQVXFFHVVLRQ RQWKHVDPHIRRGSRUWLRQ,IIRRGLVXQGHUFRRNHG DIWHUWKHILUVWFRXQWGRZQXVH&22.%<7,0(IRU DGGLWLRQDOFRRNLQJWLPH ³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³IRUH[DPSOHFORVHG MDUV³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³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³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´VNLQµ VXFKDVSRWDWRHVKRWGRJVVDXVDJHV WRPDWRHVDSSOHVFKLFNHQOLYHUVDQGRWKHU JLEOHWVDQGHJJ\RONVVKRXOGEHSLHUFHGWR DOORZVWHDPWRHVFDSHGXULQJFRRNLQJ 'RQ·WGHIURVWIUR]HQEHYHUDJHVLQ QDUURZQHFNHGERWWOHVHVSHFLDOO\ FDUERQDWHGEHYHUDJHV(YHQLIWKH FRQWDLQHULVRSHQSUHVVXUHFDQEXLOGXS 7KLVFDQFDXVHWKHFRQWDLQHUWREXUVW SRVVLEO\UHVXOWLQJLQLQMXU\ 'RQRWRYHUFRRNSRWDWRHV7KH\FRXOG GHK\GUDWHDQGFDWFKILUHFDXVLQJ GDPDJHWR\RXURYHQ $YRLGKHDWLQJEDE\IRRGLQJODVVMDUV HYHQZLWKWKHOLGRII0DNHVXUHDOOLQIDQW IRRGLVWKRURXJKO\FRRNHG6WLUIRRGWR GLVWULEXWHWKHKHDWHYHQO\%HFDUHIXOWR SUHYHQWVFDOGLQJZKHQZDUPLQJIRUPXOD 7KHFRQWDLQHUPD\IHHOFRROHUWKDQWKH IRUPXODUHDOO\LV$OZD\VWHVWWKHIRUPXOD EHIRUHIHHGLQJWKHEDE\ 'RQRWDWWHPSWWRGHHSIU\LQWKHRYHQ 683(5+($7(':$7(5 /LTXLGVVXFKDVZDWHUFRIIHHRUWHDDUHDEOHWR EHRYHUKHDWHGEH\RQGWKHERLOLQJSRLQWZLWKRXW DSSHDULQJWREHERLOLQJ9LVLEOHEXEEOLQJRU ERLOLQJZKHQWKHFRQWDLQHULVUHPRYHGIURP WKHPLFURZDYHRYHQLVQRWDOZD\VSUHVHQW 7+,6&28/'5(68/7,19(5<+27/,48,'6 68''(1/<%2,/,1*29(5:+(17+( &217$,1(5,6',6785%('25$6322125 27+(587(16,/,6,16(57(',1727+(/,48,' 7RUHGXFHWKHULVNRILQMXU\WRSHUVRQV ³'RQRWRYHUKHDWWKHOLTXLG )RRGVFRRNHGLQOLTXLGVVXFKDV ³6WLUWKHOLTXLGERWKEHIRUHDQGKDOIZD\ SDVWDPD\WHQGWRERLOPRUHUDSLGO\ WKURXJKKHDWLQJLW WKDQIRRGVFRQWDLQLQJOHVVPRLVWXUH ³'RQRWXVHVWUDLJKWVLGHGFRQWDLQHUV 6KRXOGWKLVRFFXUUHIHUWRWKH&DUH ZLWKQDUURZQHFNV DQG&OHDQLQJRIWKHRYHQ VHFWLRQIRU LQVWUXFWLRQVRQKRZWRFOHDQWKH ³$IWHUKHDWLQJDOORZWKHFRQWDLQHU LQVLGHRIWKHRYHQ WRVWDQGLQWKHPLFURZDYHRYHQIRU DVKRUWWLPHEHIRUHUHPRYLQJWKH +RWIRRGVDQGVWHDPFDQFDXVH FRQWDLQHU EXUQV%HFDUHIXOZKHQRSHQLQJDQ\ ³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´VXLWDEOHIRUPLFURZDYLQJµ 'RQRWXVHWKHZLUHRYHQUDFNIRU PLFURZDYH 3ODFHIRRGRUPLFURZDYDEOHFRQWDLQHU GLUHFWO\RQWKHFOHDUJODVVWUD\WRFRRN \RXUIRRG 8VHRIDPHWDOWUD\GXULQJPLFURZDYH 7KHWXUQWDEOHPXVW FRRNLQJZLOOUHVXOWLQLQIHULRUFRRNLQJ DOZD\VEHLQSODFHZKHQ SHUIRUPDQFH XVLQJWKHRYHQ ,I\RXDUHQRW VXUHLIDGLVK LVPLFURZDYH VDIHXVHWKLV WHVW3ODFHERWK 7KHFOHDUJODVVWUD\ WKHGLVK\RXDUH VKRXOGDOZD\VEHLQSODFH +RZWRWHVWIRUD ZKHQPLFURZDYLQJ WHVWLQJDQGD JODVVPHDVXULQJ PLFURZDYHVDIHGLVK FXSILOOHGZLWK FXSRIZDWHULQ WKHRYHQ6HWWKHPHDVXULQJFXSHLWKHU LQRUQH[WWRWKHGLVK0LFURZDYH VHFRQGVDWKLJK,IWKHGLVKKHDWVLW VKRXOGQRWEHXVHGIRUPLFURZDYLQJ ,IWKHGLVKUHPDLQVFRRODQGRQO\WKH ZDWHULQWKHFXSKHDWVWKHQWKHGLVK LVPLFURZDYHVDIH 'RQRWXVHUHF\FOHGSDSHUSURGXFWV 5HF\FOHGSDSHUWRZHOVQDSNLQVDQG ZD[HGSDSHUFDQFRQWDLQPHWDOIOHFNV ZKLFKPD\FDXVHDUFLQJRULJQLWH 3DSHUSURGXFWVFRQWDLQLQJQ\ORQRUQ\ORQ ILODPHQWVVKRXOGEHDYRLGHG DVWKH\PD\DOVRLJQLWH 3DSHUWRZHOVZD[HGSDSHUDQGSODVWLF ZUDSFDQEHXVHGWRFRYHUGLVKHVLQ RUGHUWRUHWDLQPRLVWXUHDQGSUHYHQW VSDWWHULQJ%HVXUHWRYHQWSODVWLFZUDS VRVWHDPFDQHVFDSH 1RWDOOSODVWLFZUDSLVVXLWDEOHIRUXVH LQPLFURZDYHRYHQV&KHFNWKHSDFNDJH IRUSURSHUXVH ´%RLODEOHµFRRNLQJSRXFKHVDQGWLJKWO\ FORVHGSODVWLFEDJVVKRXOGEHVOLWSLHUFHG RUYHQWHGDVGLUHFWHGE\SDFNDJH LQVWUXFWLRQV,IWKH\DUHQRWSODVWLF FRXOGEXUVWGXULQJRULPPHGLDWHO\DIWHU FRRNLQJSRVVLEO\UHVXOWLQJLQLQMXU\$OVR SODVWLFVWRUDJHFRQWDLQHUVVKRXOGEHDW OHDVWSDUWLDOO\XQFRYHUHGEHFDXVHWKH\ IRUPDWLJKWVHDO:KHQFRRNLQJZLWK FRQWDLQHUVWLJKWO\FRYHUHGZLWKSODVWLF ZUDSUHPRYHFRYHULQJFDUHIXOO\DQG GLUHFWVWHDPDZD\IURPKDQGVDQGIDFH 3ODVWLFFRRNZDUH³3ODVWLFFRRNZDUH &RRNZDUHPD\EHFRPHKRWEHFDXVH GHVLJQHGIRUPLFURZDYHFRRNLQJLVYHU\ RIKHDWWUDQVIHUUHGIURPWKHKHDWHGIRRG XVHIXOEXWVKRXOGEHXVHGFDUHIXOO\(YHQ 2YHQPLWWVPD\EHQHHGHGWRKDQGOHWKH PLFURZDYHVDIHSODVWLFPD\QRWEHDV FRRNZDUH WROHUDQWRIRYHUFRRNLQJFRQGLWLRQV 8VHIRLORQO\DVGLUHFWHGLQWKLVPDQXDO DVJODVVRUFHUDPLFPDWHULDOV3ODVWLF :KHQXVLQJIRLOLQWKHRYHQNHHSWKHIRLO PD\VRIWHQRUFKDULIVXEMHFWHGWR DWOHDVWµDZD\IURPWKHVLGHVRIWKH VKRUWSHULRGVRIRYHUFRRNLQJ,QORQJHU RYHQ H[SRVXUHVWRRYHUFRRNLQJWKHIRRG ,I\RXXVHDPHDWWKHUPRPHWHUZKLOH DQGFRRNZDUHFRXOGLJQLWH FRRNLQJPDNHVXUHLWLVVDIHIRUXVH )ROORZWKHVHJXLGHOLQHV LQPLFURZDYHRYHQV 8VHPLFURZDYHVDIHSODVWLFVRQO\ 6RPHIRDPWUD\VOLNHWKRVHWKDWPHDW DQGXVHWKHPLQVWULFWFRPSOLDQFH LVSDFNDJHGRQKDYHDWKLQVWULSRI ZLWKWKHFRRNZDUHPDQXIDFWXUHU·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nsure proper ground exists before use. 7KLVDSSOLDQFH PXVWEHJURXQGHG ,QWKHHYHQWRIDQ HOHFWULFDOVKRUWFLUFXLW JURXQGLQJUHGXFHV WKHULVNRIHOHFWULF VKRFNE\SURYLGLQJ DQHVFDSHZLUHIRU WKHHOHFWULFFXUUHQW 'RQRWXQGHUDQ\FLUFXPVWDQFHVFXWRUUHPRYH WKHJURXQGSURQJIURPWKHSRZHUFRUG 'RQRWXVHDQDGDSWHUSOXJZLWKWKLVDSSOLDQFH 'RQRWXVHDQH[WHQVLRQFRUGZLWKWKLV DSSOLDQFH,IWKHSRZHUFRUGLVWRRVKRUWKDYH DTXDOLILHGHOHFWULFLDQRUVHUYLFHWHFKQLFLDQ LQVWDOODQRXWOHWQHDUWKHDSSOLDQFH )RUEHVWRSHUDWLRQSOXJWKLVDSSOLDQFHLQWRLWV 7KLVDSSOLDQFHLVHTXLSSHGZLWKDSRZHUFRUG RZQHOHFWULFDOFLUFXLWWRSUHYHQWIOLFNHULQJRI KDYLQJDJURXQGLQJZLUHZLWKDJURXQGLQJSOXJ OLJKWVEORZLQJRIIXVHRUWULSSLQJRIFLUFXLW 7KHSOXJPXVWEHSOXJJHGLQWRDQRXWOHWWKDWLV EUHDNHU SURSHUO\LQVWDOOHGDQGJURXQGHG &RQVXOWDTXDOLILHGHOHFWULFLDQRUVHUYLFH WHFKQLFLDQLIWKHJURXQGLQJLQVWUXFWLRQVDUHQRW FRPSOHWHO\XQGHUVWRRGRULIGRXEWH[LVWVDVWR ZKHWKHUWKHDSSOLDQFHLVSURSHUO\JURXQGHG ,IWKHRXWOHWLVDVWDQGDUGSURQJZDOORXWOHW LWLV\RXUSHUVRQDOUHVSRQVLELOLW\DQGREOLJDWLRQ WRKDYHLWUHSODFHGZLWKDSURSHUO\JURXQGHG DPSHUHSURQJZDOORXWOHW 7KH9HQW)DQ 7KHIDQZLOORSHUDWHDXWRPDWLFDOO\XQGHU FHUWDLQFRQGLWLRQVVHH9HQW)DQVHFWLRQ7DNH FDUHWRSUHYHQWWKHVWDUWLQJDQGVSUHDGLQJRI DFFLGHQWDOFRRNLQJILUHVZKLOHWKHYHQWIDQLVLQ XVH &OHDQWKHXQGHUVLGHRIWKH$GYDQWLXPRIWHQ 'RQRWDOORZJUHDVHWREXLOGXSRQWKH $GYDQWLXPRUWKHIDQILOWHUV 8VHFDUHZKHQFOHDQLQJWKHYHQWIDQILOWHUV &RUURVLYHFOHDQLQJDJHQWVVXFKDVO\H EDVHGRYHQFOHDQHUVPD\GDPDJHWKH ILOWHUV :KHQSUHSDULQJIODPLQJIRRGVXQGHUWKH $GYDQWLXPWXUQWKHIDQRQ 1HYHUOHDYHVXUIDFHXQLWVEHQHDWK\RXU $GYDQWLXPXQDWWHQGHGDWKLJKKHDW ,QWKHHYHQWRIDJUHDVHILUHRQWKHVXUIDFH VHWWLQJV%RLORYHUVFDXVHVPRNLQJDQG XQLWVEHORZWKH$GYDQWLXPVPRWKHUD JUHDV\VSLOORYHUVWKDWPD\LJQLWHDQGVSUHDG IODPLQJSDQRQWKHVXUIDFHXQLWE\FRYHULQJ LIWKH$GYDQWLXPYHQWIDQLVRSHUDWLQJ7R WKHSDQFRPSOHWHO\ZLWKDOLGDFRRNLHVKHHW PLQLPL]HDXWRPDWLFIDQRSHUDWLRQXVH RUDIODWWUD\ DGHTXDWHVL]HGFRRNZDUHDQGXVHKLJKKHDW RQVXUIDFHXQLWVRQO\ZKHQQHFHVVDU\ 6$9(7+(6(,16758&7,216 ,03257$176$)(7<,16758&7,216 5($'$//,16758&7,216%()25(86,1* $GYDQWLXP 2YHQ :$51,1* 3$&(0$.(56 0RVWSDFHPDNHUVDUHVKLHOGHGIURPLQWHUIHUHQFHIURPHOHFWURQLFSURGXFWVLQFOXGLQJPLFURZDYHV +RZHYHUSDWLHQWVZLWKSDFHPDNHUVPD\ZLVKWRFRQVXOWWKHLUSK\VLFLDQVLIWKH\KDYHFRQFHUQV 5($'$1')2//2:7+,66$)(7<,1)250$7,21&$5()8//< 6$9(7+(6(,16758&7,216 2SWLRQDONLWV $YDLODEOHDWH[WUDFRVWIURP\RXU*(VXSSOLHU )LOOHU3DQHO.LWV )LOWHU.LWV -;:+³:KLWH -;%/³%ODFN :KHQUHSODFLQJDµUDQJHKRRGILOOHU SDQHONLWVILOOLQWKHDGGLWLRQDOZLGWKWR SURYLGHDFXVWRPEXLOWLQDSSHDUDQFH -;'³5HFLUFXODWLQJ&KDUFRDO )LOWHU.LW )LOWHUNLWVDUHXVHGZKHQWKHRYHQ FDQQRWEHYHQWHGWR WKHRXWVLGH )RULQVWDOODWLRQEHWZHHQFDELQHWVRQO\ QRWIRUHQGRIFDELQHWLQVWDOODWLRQ (DFKNLWFRQWDLQVWZRµZLGHILOOHU SDQHOV 6HHEDFNFRYHUWRRUGHUE\SKRQHRU DWJHFRP *HWWLQJWR.QRZWKH$GYDQWLXP $GYDQWLXP 2YHQ *HWWLQJWRNQRZ WKH$GYDQWLXP 7KH$GYDQWLXPRYHQXVHV EUHDNWKURXJK6SHHGFRRNWHFKQRORJ\ WRKDUQHVVWKHSRZHURIOLJKW7KH $GYDQWLXPRYHQFRRNVWKHRXWVLGH RIIRRGVPXFKOLNHFRQYHQWLRQDO UDGLDQWKHDWZKLOHDOVRSHQHWUDWLQJ WKHVXUIDFHVRWKHLQVLGHFRRNV VLPXOWDQHRXVO\ :KLOHKDORJHQOLJKWLVWKHSULPDU\ VRXUFHRISRZHUDFRQYHFWLRQV\VWHP DQGFHUDPLFKHDWHUDVVLVWLQWKH FRRNLQJZLWKD´PLFURZDYHERRVWµ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·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´2YHQ LV&RROLQJµ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x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µ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² 8SSHUKDORJHQODPSRQ RIWKHWLPH 7XUQWKHGLDOWRFKDQJHWKH PLFURZDYHSRZHUOHYHO3UHVVWKH /² /RZHUFHUDPLFKHDWHURQ GLDOWRHQWHU RIWKHWLPH 7XUQWKHGLDOWRFKDQJHWKH 0² 0LFURZDYHRQRIWKH FRQYHFWLRQSRZHUOHYHO3UHVVWKH WLPH GLDOWRHQWHU &² &RQYHFWLRQHOHPHQWKHDWV 3UHVVWKH67$573$86(SDGRUWKH RYHQWR) VHOHFWRUGLDOWRVWDUWFRRNLQJ 127(%HFDUHIXOZKHQDGMXVWLQJ SRZHUOHYHOVVR\RXGRQRW RYHUFRRNRUXQGHUFRRNIRRG )ROORZWKHVHJHQHUDOJXLGHOLQHVZKHQVHOHFWLQJWKHEHVW8 / 0 DQG& VHWWLQJVIRU\RXUIDYRULWHUHFLSHV 0 6HOHFWDKLJKHUVHWWLQJWRVKRUWHQ 8 6HOHFWDKLJKHUVHWWLQJIRUWKLQ FRRNLQJWLPHIRUGHQVHRUKHDY\ IRRGVUHTXLULQJDJROGHQEURZQ IRRGVH[DPSOHFDVVHUROHVZKROH WRSH[DPSOHILVKILOOHWVWRDVW FKLFNHQ6HOHFWDORZHUVHWWLQJIRU ERQHOHVVFKLFNHQEUHDVWV6HOHFW GHOLFDWHIRRGVH[DPSOHEUHDGV DORZHUVHWWLQJIRUWKLFNHUIRRGV RUIRRGVUHTXLULQJORQJHUFRRN DQGIRRGVZLWKKLJKVXJDURUIDW WLPHVIRUWHQGHUUHVXOWVH[DPSOH FRQWHQWH[DPSOHPXIILQVURDVWV VWHZSRWURDVW FDVVHUROHVRUWKDWUHTXLUHDORQJHU FRRNWLPH & 6HOHFWDORZHUVHWWLQJIRUPRUH GHOLFDWHIRRGVWKDWFRRNDWORZHU / 6HOHFWDKLJKHUVHWWLQJIRUWKLFNRU WHPSHUDWXUHV6HOHFWDKLJKHU GHQVHIRRGVWKDWPD\QRWFRRN VHWWLQJRUDERYHIRUPRUH TXLFNO\LQWKHFHQWHUH[DPSOH UREXVWIRRGVRUIRRGVWKDWFRRNDW VWHDNVFDVVHUROHV6HOHFWDORZHU WHPSHUDWXUHVDERYH) VHWWLQJIRUWKLQIRRGVH[DPSOH FRRNLHV 6SHHGFRRNLQJ $GYDQWLXP 2YHQ 5HSHDWODVW 8VHWKLVWLPHVDYLQJIHDWXUHIRU FRRNLQJUHSHWLWLYHLWHPVOLNHFRRNLHVRU DSSHWL]HUV 127(7KHODVWSURJUDPXVHGLVVWRUHG IRUWZRKRXUV 3UHVV&22.,1*237,216DQGVHOHFW 3UHVVWKH67$573$86(SDGRUWKH 5(3($7/$67 VHOHFWRUGLDOWRVWDUWFRRNLQJ 7KHODVWSUHVHWIRRGZLOOEH GLVSOD\HG 5HVXPH IHDWXUH ,I\RXUIRRGQHHGVWRFRRNDELW ORQJHU\RXFDQUHVWDUWWKHRYHQ E\SUHVVLQJWKH67$573$86(SDG RUVHOHFWRUGLDO 5(680(&22.,1* ZLOOEH GLVSOD\HGDQGWKHRYHQZLOO UHVWDUWLPPHGLDWHO\DW RIWKHRULJLQDOWLPH 0\5HFLSH &XVWRP VSHHGFRRNLQJ 7KHSURJUDPVWD\VLQPHPRU\IRU PLQXWHV$IWHUWKDW\RXZLOO QHHGWREHJLQWKHSURJUDPDJDLQ 6HH8VLQJWKHSUHVHWVSHHGFRRN PHQXVHFWLRQ 7KH$GYDQWLXPJLYHV\RXWKHIOH[LELOLW\ 7XUQWKHGLDOWRVHOHFWWKH ORZHUSRZHUOHYHO3UHVVWKH WRFRRN\RXUIDYRULWHGLVKHV GLDOWRHQWHU ,I\RXZDQWWRFRRNDIRRGLWHPWKDWLV QRWDPRQJWKHSUHVHWVHOHFWLRQVXVH 7XUQWKHGLDOWRVHOHFWWKH PLFURZDYHSRZHUOHYHO3UHVVWKH 0\5HFLSHWRFXVWRPVSHHGFRRN GLDOWRHQWHU 3UHVVWKH63(('&22.SDGDQG VHOHFW0<5(&,3(3UHVVWKHGLDOWR 7XUQWKHGLDOWRVHOHFWWKH FRQYHFWLRQSRZHUOHYHO3UHVVWKH HQWHU6HOHFW1(:5(&,3( GLDOWRHQWHU ,IQRHQWULHVDUHPDGHZLWKLQ 3UHVVWKH67$573$86( VHFRQGVWKHGLVSOD\ZLOOUHYHUW SDGRUSUHVVWKHVHOHFWRU EDFNWRWKHWLPHRIGD\ GLDOWRVWDUWFRRNLQJ 7XUQWKHVHOHFWRUGLDOWRVHOHFW )RUSRZHUOHYHODQGFRRNLQJWLPH WKHFRRNLQJWLPH3UHVVWKHGLDO VXJJHVWLRQVXVH\RXUFRRNLQJJXLGH WRHQWHU FRRNERRNDQGWKHSUHVHWVSHHGFRRN 7 KHGLVSOD\ZLOOSURPSW\RXWR PHQXVHOHFWLRQV VHOHFWWKHSRZHUOHYHOV 7XUQWKHGLDOWRVHOHFWWKHXSSHU SRZHUOHYHO7XUQWKHGLDOFORFNZLVH WRLQFUHDVHRUFRXQWHUFORFNZLVHWR GHFUHDVHWKHXSSHUSRZHUOHYHO 3UHVVWKHGLDOWRHQWHU 6SHHGFRRNLQJ $GYDQWLXP 2YHQ 0\5HFLSH³ WRHQWHU DQGVDYH $GGDQGVDYHXSWRRI\RXURZQ 6SHHGFRRNRUPLFURZDYHUHFLSHVRU SUHVHW6SHHGFRRNPHQXUHFLSHVDV DIDYRULWHUHFLSH2QFHLW·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³ WRILQG DQGXVH 7RILQGDQGXVHVWRUHGUHFLSHV 3UHVVWKH63(('&22.RU 0,&52:$9(SDG 7XUQWKHGLDOWRVHOHFW0<5(&,3( )RUSRZHUOHYHODQGFRRNLQJWLPH VXJJHVWLRQVXVH\RXUFRRNLQJJXLGH RUFRRNERRN 7KHUHFLSHQDPHV\RXHQWHUHGZLOO DSSHDU 7 XUQGLDOXQWLOWKHUHFLSH\RXZDQW LVGLVSOD\HGDQGSUHVVWKHGLDOWR HQWHU 3UHVVWKH67$573$86(SDGRU SUHVVWKHVHOHFWRUGLDOWRVWDUW FRRNLQJ 6SHHGFRRNLQJ $GYDQWLXP 2YHQ 0\5HFLSH³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³ WRGHOHWH 7RGHOHWHVWRUHGUHFLSHV 3UHVVWKH63(('&22.RU 0,&52:$9(SDG 7XUQWKHGLDOWRVHOHFW0<5(&,3( 6HOHFWWKHUHFLSH\RXZRXOGOLNHWR GHOHWH 7XUQWKHGLDOWRVHOHFW'(/(7( &RQYHFWLRQEDNLQJ $GYDQWLXP 2YHQ &RQYHFWLRQ %DNLQJ &RQYHFWLRQEDNLQJDOORZV\RXWRFRRNIRRGV WKHVDPHZD\DVDFRQYHQWLRQDORYHQXVLQJDQ HOHPHQWWRKHDWWKHDLULQVLGHWKHRYHQ$Q\RYHQ WHPSHUDWXUHIURP)WR)PD\EHVHW $IDQJHQWO\FLUFXODWHVKHDWHGDLUWKURXJKRXWWKH RYHQRYHUDQGDURXQGWKHIRRG%HFDXVHWKH KHDWHGDLULVNHSWFRQVWDQWO\PRYLQJVRPHIRRGV FRRNVOLJKWO\IDVWHUWKDQLQUHJXODURYHQFRRNLQJ %HIRUH\RXEHJLQPDNHVXUHWKHPHWDOUDFNLV LQSODFH%RWKUDFNVPD\EHXVHGIRUWZROHYHO FRRNLQJ +RZWR &RQYHFWLRQ %DNH 3XWIRRGGLUHFWO\RQWKHPHWDOWUD\RULQWKH DSSURSULDWHGLVKDQGSODFHRQZLUHRYHQUDFN ZKHQEDNLQJRUZDUPLQJ &$87,21%XUQ5LVN :KHQEDNLQJUHPHPEHUWKDWWKHRYHQGRRUDQG GLVKHVZLOOEHYHU\KRW 3HU86'$*XLGHOLQHVFRRNPHDWWRDQ,17(51$/ WHPSHUDWXUHRIDWOHDVW)DQGSRXOWU\WRDQ ,17(51$/WHPSHUDWXUHRIDWOHDVW)&RRNLQJWR WKHVHWHPSHUDWXUHVXVXDOO\SURWHFWVDJDLQVWIRRGERUQH LOOQHVV)RUPRUHLQIRUPDWLRQVHHZZZIRRGVDIHW\JRY 3UHVV&219%$.(SDG 7XUQWKHGLDOWRVHWWKHWHPSHUDWXUH DQGSUHVVWKHGLDOWRHQWHU 3UHVVWKHGLDOWRHQWHUDQGFRQILUP WKHVHOHFWLRQ 7RVWDUWLPPHGLDWHO\ZLWKRXWVHWWLQJ DFRRNWLPHVHOHFW67$57RUSUHVVWKH 67$573$86(SDG 7RVHWDFRRNWLPH 7XUQWKHGLDODQGVHOHFW&22.7,0( 7XUQWKHGLDOWRVHWWKHFRRNWLPH DQGSUHVVWKHGLDOWRHQWHU 7RVWDUWWKHFRRNWLPHLPPHGLDWHO\ SODFHWKHIRRGLQWKHRYHQDQGVHOHFW 67$57&22.7,0(7KHQSUHVVWKH GLDORUWKH67$573$86(SDGWRVWDUW 7KHFRRNWLPHZLOOLPPHGLDWHO\VWDUW WRFRXQWGRZQ &RRNLQJ7LSV IRU&RQYHFWLRQ %DNLQJ 0HWDOSDQVDUHUHFRPPHQGHG IRUDOOW\SHVRIEDNHGSURGXFWV EXWHVSHFLDOO\ZKHUHEURZQLQJLV LPSRUWDQW 'DUNRUGXOOILQLVKPHWDOSDQVDUH EHVWIRUEUHDGVDQGSLHVEHFDXVH WKH\DEVRUEKHDWDQGSURGXFH FULVSHUFUXVW 7RVWDUWFRRNWLPHDIWHUSUHKHDWVHOHFW 67$5735(+($77KHRYHQZLOOVLJQDO RQFHWKHRYHQUHDFKHVWKHFRRNLQJ WHPSHUDWXUH3ODFHWKHIRRGLQWKHRYHQ DQGSUHVVWKH67$573$86(SDG7KH FRRNWLPHZLOOEHJLQWRFRXQWGRZQ ,IWKHRYHQGRRULVRSHQHGGXULQJ FRRNLQJ´3DXVHµ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´3DXVHµ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´3DXVHµ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´3DXVHµ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²%\)RRG7\SH ²%\7LPH ²%\7LPH 'HIURVW OE4XLFN %\7LPH %\)RRG7\SH %\:HLJKW 0HOW 6RIWHQ 7KLQJVWKDW DUHQRUPDO &RRNLQJ WLSV %HYHUDJH :DWHUR] &RIIHHR] 7HDR] 0LONR] +RW&RFRDR] 3RSFRUQ RUR] 0HOW %XWWHU &DUDPHO &KHHVH &KRFRODWH&KLSV 0DUVKPDOORZ 6LPPHU 6RIWHQ %XWWHU &UHDP&KHHVH )URVWLQJR] ,FH&UHDP 5HKHDW ²%HYHUDJH ²&DVVHUROH ²&KLFNHQ ²3DVWD ²3L]]D ²3ODWHRI)RRG ²5LFH ²6RXS ²6WHDNV&KRSV ²9HJHWDEOHV ,QWHUIHUHQFH 2YHQ+HDW 79UDGLRLQWHUIHUHQFHPLJKWEH QRWLFHGZKLOHXVLQJWKHPLFURZDYH VLPLODUWRWKHLQWHUIHUHQFHFDXVHGE\ RWKHUVPDOODSSOLDQFHV,WGRHVQRWLQGLFDWH DSUREOHPZLWKWKHPLFURZDYH0RYH WKHUDGLRRU79DVIDUDZD\IURPWKH PLFURZDYHDVSRVVLEOHRUFKHFNWKH SRVLWLRQRIWKH79UDGLRDQWHQQD &RRNZDUHPD\EHFRPHKRWEHFDXVHRI KHDWWUDQVIHUUHGIURPWKHKHDWHGIRRG 2YHQPLWWVPD\EHQHHGHGWRKDQGOH WKHFRRNZDUH 6WHDPRUYDSRUPD\HVFDSHIURPDURXQG WKHGRRU :KHQFRRNLQJEDFRQOD\HUVWULSVRQD SODWH&RYHUHDFKOD\HUZLWKDSDSHUWRZHO )RUIUR]HQYHJHWDEOHVIROORZWKHSDFNDJH LQVWUXFWLRQVIRUDGGLQJZDWHU :KHQFRRNLQJYHJHWDEOHVXVHD PLFURZDYHVDIHFDVVHUROHRUERZO&RYHU ZLWKDPLFURZDYHVDIHOLGRUYHQWHGSODVWLF ZUDS )RUIUHVKYHJHWDEOHVDGGWDEOHVSRRQVRI ZDWHUIRUHDFKVHUYLQJ 0LFURZDYLQJ $GYDQWLXP 2YHQ 0LFURZDYH SRZHU OHYHOV 7KHPLFURZDYHSRZHUOHYHOLV DXWRPDWLFDOO\VHWRQDOOPLFURZDYH IHDWXUHVEXW\RXFDQFKDQJHLWIRU &22.%<7,0(&22.%<7,0( 0,&526(&6DQG'()5267%<7,0( )LUVWIROORZGLUHFWLRQVIRU&22.%< 7,0(&22.%<7,0(0,&52 RU'()5267%<7,0( +HUHDUHVRPHH[DPSOHVRIXVHVIRU YDULRXVSRZHUOHYHOV 6HOHFW67$57RUSUHVVWKH67$57 3$86(SDGWRVWDUW 0HGLXP6ORZFRRNLQJDQG WHQGHUL]LQJIRUVWHZVDQGOHVV WHQGHUFXWVRIPHDW 3UHVV(',7WRFKDQJHWKHFRRNLQJ WLPHDQGWKHQWKHPLFURZDYH SRZHUOHYHO3UHVVWKHGLDOWRHQWHU FRRNLQJWLPHDQGSRZHUOHYHO FKDQJHV +RZWR XVHSUHVHW PLFURZDYH VHOHFWLRQV &RRN%\7LPH 3UHVVWKH0,&52:$9(SDG 8VH&22.%<7,0(WRPLFURZDYHIRRG WKDWLVQRWLQWKHSUHVHWPLFURZDYH VHOHFWLRQV 7XUQWKHGLDOWRVHOHFW&22.%< 7,0(DQGSUHVVWKHGLDOWRHQWHU 7XUQWKHGLDOWRVHWWKHFRRNWLPH DQGSUHVVWKHGLDOWRHQWHU 0HG+LJK*HQWOHFRRNLQJRIPHDW DQGSRXOWU\EDNLQJFDVVHUROHVDQG UHKHDWLQJ /RZRU'HIURVWLQJVLPPHULQJ GHOLFDWHVDXFHV :DUP.HHSLQJIRRGZDUP VRIWHQLQJEXWWHU 3UHVVWKHGLDORUWKH67$573$86( SDGWRVWDUWFRRNLQJ ,IQRVHOHFWLRQLVPDGHZLWKLQ VHFRQGVWKHGLVSOD\ZLOOUHYHUWEDFNWR 7RUHYLHZVHWWLQJVGXULQJFRRNLQJ SUHVVWKHVHOHFWRUGLDO WKHWLPHRIGD\ ,IWKHGRRULVRSHQHGGXULQJFRRNLQJ 7XUQWKHGLDOWRVHOHFW&22. WKHRYHQZLOOVWRSDQG3$86(ZLOO '()5267%(9(5$*(323&251 DSSHDULQWKHGLVSOD\&ORVHWKHGRRU 0(/75(+($76,00(5DQG DQGSUHVV67$573$86(WRUHVXPH 62)7(1 FRRNLQJ 7XUQWKHGLDOWRILQGWKHIRRG\RX ,I\RXHQWHUDQXQGHVLUHGVHOHFWLRQDW ZDQWWRFRRNGHIURVWRUUHKHDW DQ\WLPHVLPSO\SUHVVWKH%$&.SDG 3UHVVWKHGLDOWRHQWHU DQGUHHQWHUWKHGHVLUHGVHOHFWLRQV 7XUQWKHVHOHFWRUGLDOWRVHOHFWWKH W\SHDPRXQWZHLJKWDQGRUVL]H DVSURPSWHGE\WKHRYHQ3UHVVWKH GLDODIWHUHDFKVHOHFWLRQ 3UHVVWKH0,&52:$9(SDG &RRN%\7LPH +LJK)LVKEDFRQYHJHWDEOHV ERLOLQJOLTXLGV 8VH&22.%<7,0(WRPLFURZDYH IRRGWKDWUHTXLUHVWZRGLIIHUHQWWLPHV DQGSRZHUOHYHOV 7XUQWKHGLDOWRVHWWKHSRZHUOHYHO DQGSUHVVWKHGLDOWRHQWHU 3UHVVWKHGLDORUWKH67$573$86( SDGWRVWDUWFRRNLQJ <RXPD\RSHQWKHGRRUGXULQJ&22. %<7,0(WRFKHFNWKHIRRG&ORVHWKH GRRUDQGSUHVV67$573$86( WR UHVXPHFRRNLQJ 3UHVVWKH0,&52:$9(SDG 7XUQWKHGLDOWRVHWWKHILUVWWLPH DQGSUHVVWKHGLDOWRHQWHU5HSHDW IRUWKHILUVWSRZHUOHYHOWKHVHFRQG WLPHDQGWKHVHFRQGSRZHUOHYHO 7XUQWKHGLDOWRVHOHFW&22.DQG SUHVVWKHGLDOWRHQWHU 3UHVVWKHGLDORUWKH67$573$86( SDGWRVWDUWFRRNLQJ 7XUQWKHGLDOWRVHOHFW&22.%< 7,0(DQGSUHVVWKHGLDOWR HQWHU 0LFURZDYLQJ $GYDQWLXP 2YHQ 0LFUR 6HFV 3UHVV0,&526(&6UHSHDWHGO\IRU VHFRQGLQFUHPHQWVRIPLFURZDYH FRRNLQJWLPH2YHQVWDUWVLPPHGLDWHO\ 0\ 5HFLSHV 6HHWKH0<5(&,3(VHFWLRQVLQWKH 6SHHGFRRNVHFWLRQRIWKLVERRNIRU LQVWUXFWLRQVRQKRZWRVDYHXVH FKDQJHRUGHOHWHDPLFURZDYHFXVWRP UHFLSH 'HIURVWLQJ WLSV 8VH'()5267%<)22'7<3(IRUPHDW SRXOWU\ILVKDQGEUHDG8VH'()5267 %<7,0(IRUPRVWRWKHUIUR]HQIRRGV 'HIURVWE\ WLPH 7KHSRZHUOHYHOLVDXWRPDWLFDOO\VHWDW KLJKEXW\RXFDQFKDQJHLWIRUPRUH IOH[LELOLW\6HH0LFURZDYHSRZHUOHYHOV VHFWLRQIRULQVWUXFWLRQV )RRGVWKDWVSRLOHDVLO\VKRXOGQRW EHDOORZHGWRVLWRXWIRUPRUHWKDQ RQHKRXUDIWHUGHIURVWLQJ5RRP WHPSHUDWXUHSURPRWHVWKHJURZWK )RRGVIUR]HQLQSDSHURUSODVWLF RIKDUPIXOEDFWHULD FDQEHGHIURVWHGLQWKHSDFNDJH ZKHQXVLQJ'()5267%<7,0(0HDWV :KHQGHIURVWHGIRRGVKRXOGEH FRROEXWVRIWHQHGLQDOODUHDV VKRXOGEHWDNHQRXWRIWKHSDFNDJH ,IVWLOOVOLJKWO\LF\UHWXUQWRWKH ZKHQXVLQJ'()5267%<)22' PLFURZDYHYHU\EULHIO\RUOHW 7<3(&ORVHGSDFNDJHVVKRXOGEH LWVWDQGDIHZPLQXWHV VOLWSLHUFHGRUYHQWHGDIWHUIRRGKDV SDUWLDOO\GHIURVWHG3ODVWLFVWRUDJH :KHQGHIURVWLQJRUPRUHSRXQGV FRQWDLQHUVVKRXOGEHSDUWLDOO\ RIJURXQGRUFXEHGPHDWUHPRYH XQFRYHUHG GHIURVWHGSRUWLRQVDWWKHWXUQ VLJQDOV )DPLO\VL]HSUHSDFNDJHGIUR]HQ GLQQHUVFDQEHGHIURVWHGDQG PLFURZDYHG,IWKHIRRGLVLQD IRLOFRQWDLQHUWUDQVIHULWWRD PLFURZDYHVDIHGLVK 8VH'()5267%<7,0(WRGHIURVWIRUD VHOHFWHGOHQJWKRIWLPH 3UHVVWKH0,&52:$9(SDG 7XUQWKHVHOHFWRUGLDOWR'()5267 3UHVVWKHGLDOWRHQWHU 7XUQWKHGLDOWR'()5267%<7,0( 3UHVVWKHGLDOWRHQWHU 7XUQWKHGLDOWRVHOHFWWKHWLPH\RX ZDQW3UHVVWKHGLDOWRHQWHU 3UHVVWKHGLDORU67$573$86(SDG WRVWDUWGHIURVWLQJ 3RZHUOHYHOLVDXWRPDWLFDOO\VHW DWEXWFDQEHFKDQJHG7RFKDQJH WKHSRZHUOHYHOVVHH0LFURZDYH SRZHUOHYHOVIRULQVWUXFWLRQV <RXFDQGHIURVWVPDOOLWHPVTXLFNO\E\ UDLVLQJWKHSRZHUOHYHODIWHUHQWHULQJ WKHWLPH3RZHUOHYHOFXWVWKHWRWDO GHIURVWLQJWLPHLQDERXWKDOISRZHU OHYHOFXWVWKHWRWDOWLPHWRDERXW :KHQGHIURVWLQJDWKLJKSRZHU OHYHOVIRRGZLOOQHHGPRUHIUHTXHQW DWWHQWLRQWKDQXVXDODQGPD\KDYH VRPHFRRNLQJ 7XUQWKHIRRGRYHUZKHQWKHRYHQ VLJQDOV7851)22'29(5 0LFURZDYLQJ $GYDQWLXP 2YHQ 'HIURVWE\ IRRGW\SH '()5267%<)22'7<3(DXWRPDWLFDOO\ VHWVWKHGHIURVWLQJWLPHVDQGSRZHU OHYHOVWRJLYHHYHQGHIURVWLQJUHVXOWV IRUPHDWVSRXOWU\DQGILVKZHLJKLQJ XSWRSRXQGV 5HPRYHPHDWIURPWKHSDFNDJH DQGSODFHLWRQDPLFURZDYHVDIH GLVK%UHDGVKRXOGEHOHIWLQWKH SDFNDJHZLWKDQ\PHWDOWZLVWWLHV UHPRYHG 3UHVVWKH0,&52:$9(SDG 7XUQWKHGLDOWR'()52673UHVVWKH GLDOWRHQWHU 7XUQWKHGLDOWR'()5267%<)22' 7<3(3UHVVWKHGLDOWRHQWHU 7XUQWKHGLDOWRVHOHFWIRRGW\SH 3UHVVWKHGLDOWRHQWHU 7XUQWKHGLDOWRWKHIRRGZHLJKW XVLQJWKH&RQYHUVLRQ*XLGH DWULJKW)RUH[DPSOHGLDOIRU SRXQGVSRXQGR] 3UHVVWKHGLDOWRHQWHU 3UHVVWKHGLDORU67$573$86(SDG WRVWDUWGHIURVWLQJ 7XUQWKHIRRGRYHUZKHQWKHRYHQ VLJQDOV7851)22'29(5 5HPRYHGHIURVWHGPHDWRUVKLHOG ZDUPDUHDVZLWKVPDOOSLHFHVRI IRLOIRUHYHQGHIURVWLQJ $IWHUGHIURVWLQJPRVWPHDWVQHHG WRVWDQGPLQXWHVWRFRPSOHWH GHIURVWLQJ/DUJHURDVWVVKRXOG VWDQGIRUDERXWPLQXWHV &RQYHUVLRQ*XLGH ,IWKHZHLJKWRIIRRGLVVWDWHGLQSRXQGV DQGRXQFHVWKHRXQFHVPXVWEH FRQYHUWHGWRWHQWKVRIDSRXQG :HLJKWRI)RRG LQ2XQFHV ² ² ² ² ² ² (QWHU)RRG:HLJKW WHQWKVRIDSRXQG 0LFURZDYLQJ $GYDQWLXP 2YHQ 0LFURZDYH VHQVRU FRRNLQJWLSV 7KH$GYDQWLXP·VPLFURZDYHPRGH IHDWXUHVVHQVRUFRRNLQJDQG UHKHDWLQJ7KHRYHQDXWRPDWLFDOO\ VHQVHVZKHQIRRGLVGRQHDQGVKXWV LWVHOIRII³HOLPLQDWLQJWKHQHHGWR SURJUDPFRRNWLPHVDQGSRZHUOHYHOV 7KHVHQVRUIHDWXUHGHWHFWVWKH LQFUHDVLQJKXPLGLW\UHOHDVHGGXULQJ FRRNLQJ7KHRYHQDXWRPDWLFDOO\ DGMXVWVWKHFRRNLQJWLPHWRYDULRXV W\SHVDQGDPRXQWVRIIRRG &RYHUHG :$51,1* )LUH5LVN 'RQRWXVHWKHVHQVRUIHDWXUHVWZLFHLQ VXFFHVVLRQRQWKHVDPHIRRGSRUWLRQ³ LWPD\UHVXOWLQVHYHUHO\RYHUFRRNHGRU EXUQWIRRG,IIRRGLVXQGHUFRRNHGDIWHU WKHILUVWFRXQWGRZQXVH&22.%<7,0( IRUDGGLWLRQDOFRRNLQJWLPH 9HQWHG 7KHSURSHUFRQWDLQHUVDQGFRYHUVDUH HVVHQWLDOIRUEHVWVHQVRUFRRNLQJ $OZD\VXVHPLFURZDYHVDIH FRQWDLQHUVDQGFRYHUWKHPZLWKOLGV RUYHQWHGSODVWLFZUDS 1HYHUXVHWLJKWVHDOLQJSODVWLF FRQWDLQHUV³WKH\FDQSUHYHQW VWHDPIURPHVFDSLQJDQGFDXVH IRRGWRRYHUFRRN 'U\RIIGLVKHVVRWKH\GRQ·W PLVOHDGWKHVHQVRU %HVXUHWKHRXWVLGHRIWKHFRRNLQJ FRQWDLQHUVDQGWKHLQVLGHRIWKH RYHQDUHGU\EHIRUHSODFLQJIRRG LQWKHRYHQ%HDGVRIPRLVWXUH WXUQLQJLQWRVWHDPFDQPLVOHDG WKHVHQVRU 3RSFRUQDQG3RWDWRHVDUHEHVW KHDWHGXQFRYHUHG 0,&52:$9(6(1625352*5$06 *URXQG0HDW &KLFNHQ5HKHDW 3RSFRUQ 3UHSDFNDJHGPLFURZDYH SRSFRUQR]WRR] 3DVWD5HKHDW 3RWDWR 5LFH 6RXS 3ODWHRI)RRG5HKHDW 6RXS5HKHDW 9HJHWDEOH5HKHDW 6LPPHU 9HJHWDEOHV&DQQHG)UHVK )UR]HQ 0LFURZDYLQJDQG2WKHU$GYDQWLXP)HDWXUHV $GYDQWLXP 2YHQ 7RXVHDOO VHQVRU SURJUDPV 7RXVHWKHVHQVRUIHDWXUHV 1RWHVDERXWWKH5HKHDWSURJUDP 3 UHVVWKH0,&52:$9(SDG 5HKHDWHGIRRGVPD\KDYHZLGHYDULDWLRQVLQ WHPSHUDWXUH6RPHDUHDVPD\EHH[WUHPHO\ KRW 7 XUQWKHGLDOWRVHOHFW&22.%<)22' ORFDWHGXQGHU&22.5(+($7RU6,00(5 ) RU&22.%<)22'DQG5(+($7VHOHFW DIRRGDQGSUHVVWKHGLDOWRHQWHU)RU 6,00(5VHWWKHWLPHWRVLPPHUDIWHUWKH VRXSVDXFHRUVWHZKDVFRPHWRDERLO 3UHVVWKHGLDORUSUHVVWKH67$573$86( SDGWRVWDUWFRRNLQJ 'RQRWRSHQWKHRYHQGRRUXQWLOWLPHLV FRXQWLQJGRZQRQWKHGLVSOD\,I\RXRSHQ WKHGRRUZKLOHVHQVRUFRRNLQJ´6HQVRU(UURU &ORVHGRRUDQGSUHVV67$57µZLOODSSHDU &ORVHWKHGRRULPPHGLDWHO\DQGSUHVVWKH 67$573$86(SDGWREHJLQDJDLQ :$51,1* )LUH5LVN ,WLVEHVWWRXVH&22.%<7,0(DQG QRW5(+($7IRUWKHVHIRRGV %UHDGSURGXFWV )RRGWKDWPXVWEHUHKHDWHGXQFRYHUHG )RRGVWKDWQHHGWREHVWLUUHG RUWXUQHG )RRGVFDOOLQJIRUDGU\ORRNRUFULVS VXUIDFHDIWHUUHKHDWLQJ +RZWRDGMXVWWKHRYHQ·VDXWRPDWLF&22. %<)22'DQG5(+($7VHWWLQJVIRUDVKRUWHU RUORQJHUFRRNWLPHQRWDYDLODEOHIRUDOOIRRG W\SHV 7RUHGXFHWKHDXWRPDWLFFRRNLQJWLPHV 5LJKWDIWHUWKHRYHQVWDUWVWXUQWKHGLDO FRXQWHUFORFNZLVHXQWLODPLQXV´´VLJQ 'RQRWXVHDVHQVRUIHDWXUHWZLFHLQ VXFFHVVLRQRQWKHVDPHIRRGSRUWLRQ³LWPD\ RUDGRXEOHPLQXV´´VLJQDSSHDUVDQG UHVXOWLQVHYHUHO\RYHUFRRNHGRUEXUQWIRRG,I SUHVVWKHGLDOWRHQWHU$PLQXV´´VLJQ WKHIRRGLVQRWGRQHHQRXJKDWWKHHQGRIWKH LVDUHGXFWLRQRIFRRNLQJWLPHDQGD GRXEOHPLQXV´´VLJQLVDUHGXFWLRQRI VHQVRUFRRNWLPHXVH&22.%<7,0(LQWKH FRRNLQJWLPH PLFURZDYHVHOHFWRUWRFRRNIRUPRUHWLPH 7RLQFUHDVHWKHDXWRPDWLFFRRNLQJWLPHV ,I\RXKDYHEHHQFRRNLQJDQGWKHRYHQLV 5LJKWDIWHUWKHRYHQVWDUWVWXUQWKHGLDO KRWLWPD\LQGLFDWHWKDWLWLVWRRKRWIRU VHQVRUFRRNLQJ,QWKDWFDVHWKHRYHQZLOO FORFNZLVHXQWLODSOXV´´VLJQRUDGRXEOH DXWRPDWLFDOO\FKDQJHWRWLPHFRRNLQJDQG SOXV´´VLJQDSSHDUVDQGSUHVVWKHGLDOWR HQWHU$SOXV´´VLJQLVDLQFUHDVHRI PD\SURPSWIRUZHLJKWVRUDPRXQWVRI FRRNLQJWLPHDQGDGRXEOHSOXV´´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·WUXQQLQJ7KH VFUHHQZLOOGLVSOD\´1RUPDO2SHUDWLRQ )DQLVRQGXHWRKLJKKHDW)DQZLOO VKXWRIIDXWRPDWLFDOO\µ &DUHDQG&OHDQLQJ $GYDQWLXP 2YHQ 6XUIDFH /LJKW 9HQW)DQ 8VHWROLJKW\RXUFRRNWRS 3UHVVWKH685)$&(/,*+7SDGWR FKDQJHIURPEULJKWWRQLJKWWRRII 7KHYHQWIDQUHPRYHVVWHDPDQG RWKHUYDSRUVIURPVXUIDFHFRRNLQJ 3UHVVWKH9(17SDGWRFKDQJHIURP KLJKWRPHGLXPWRORZWRRII +RZWRFOHDQ WKHLQVLGHRI WKHRYHQ 7KHYHQWIDQPD\FRPHRQ DXWRPDWLFDOO\LIWKHRYHQJHWVWRRKRW HYHQLIWKHRYHQLVQ·WUXQQLQJ7KH VFUHHQZLOOGLVSOD\´1RUPDO2SHUDWLRQ )DQLVRQGXHWRKLJKKHDW)DQZLOO VKXWRIIDXWRPDWLFDOO\µ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·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·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´&RQWURO3DQHO /2&.('µ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³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·V$WWRUQH\*HQHUDO :DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.< &RQVXPHU6XSSRUW *($SSOLDQFHV:HEVLWH *($SSOLDQFHVFRP +DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHDQ\GD\RIWKH\HDU )RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOVRUGHUSDUWVRUHYHQ VFKHGXOHVHUYLFHRQOLQH 6FKHGXOH6HUYLFH *($SSOLDQFHVFRP ([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW \RXUFRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV 5HDO/LIH'HVLJQ6WXGLR *($SSOLDQFHVFRP *(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\ SHRSOHRIDOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQG PHQWDODELOLWLHVDQGLPSDLUPHQWV)RUGHWDLOVRI*(·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³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH<RXPD\DOVRPDLO LQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO 3ULQWHGLQ.RUHD 6RSRUWHDOFRQVXPLGRU 3iJLQD:HEGH*($SSOLDQFHV *($SSOLDQFHVFRP ¢7LHQHDOJXQDSUHJXQWDVREUHVXHOHFWURGRPpVWLFR"£3UXHEHODSiJLQD:HEGH*($SSOLDQFHVKRUDVDOGtD FXDOTXLHUGtDGHODxR3DUDPD\RUFRQYHQLHQFLD\VHUYLFLRPiVUiSLGR\DSXHGHGHVFDUJDUORV0DQXDOHVGHORV 3URSLHWDULRVSHGLUSLH]DVRLQFOXVRKDFHUXQDFLWDHQOtQHDSDUDTXHYHQJDQDUHDOL]DUXQDUHSDUDFLyQ 6ROLFLWHXQDUHSDUDFLyQ *($SSOLDQFHVFRP (OVHUYLFLRGHH[SHUWRV*(HVWiDWDQVyORXQSDVRGHVXSXHUWD£(QWUHHQOtQHD\VROLFLWHVXUHSDUDFLyQFXDQGR OHYHQJDELHQKRUDVDOGtDFXDOTXLHUGtDGHODxR2OODPHDO*(&$5(6GXUDQWHKRUDV QRUPDOHVGHRILFLQD 5HDO/LIH'HVLJQ6WXGLR(VWXGLRGHGLVHxRSDUDODYLGDUHDO *($SSOLDQFHVFRP *(DSR\DHOFRQFHSWRGH'LVHxR8QLYHUVDO³SURGXFWRVVHUYLFLRV\DPELHQWHVTXHSXHGHQXVDUJHQWHGHWRGDV ODVHGDGHVWDPDxRV\FDSDFLGDGHV5HFRQRFHPRVODQHFHVLGDGGHGLVHxDUSDUDXQDJUDQJDPDGHKDELOLGDGHV \GLILFXOWDGHVItVLFDV\PHQWDOHV3DUDPiVGHWDOOHVFREUHODVDSOLFDFLRQHVGH*('LVHxR8QLYHUVDOLQFOX\HQGR LGHDVGHGLVHxRSDUDODFRFLQDSDUDSHUVRQDVFRQGLVFDSDFLGDGHVPLUHQXHVWUDSiJLQD:HEKR\PLVPR3DUD SHUVRQDVFRQGLILFXOWDGHVDXGLWLYDVIDYRUGHOODPDUDO7''*($& *DUDQWtDVDPSOLDGDV *($SSOLDQFHVFRP &RPSUHXQDJDUDQWtDDPSOLDGD\REWHQJDGHWDOOHVVREUHGHVFXHQWRVHVSHFLDOHVGLVSRQLEOHVPLHQWUDVVXJDUDQWtD HVWiD~QDFWLYD3XHGHFRPSUDUODHQOtQHDHQFXDOTXLHUPRPHQWRROODPDUDOGXUDQWHKRUDV QRUPDOHVGHRILFLQD*(&RQVXPHU+RPH6HUYLFHVHVWDUiD~QDKtFXDQGRVXJDUDQWtDWHUPLQH 3LH]DV\DFFHVRULRV *($SSOLDQFHVFRP $TXHOORVLQGLYLGXRVFRQODFDOLILFDFLyQQHFHVDULDSDUDUHSDUDUVXVSURSLRVHOHFWURGRPpVWLFRVSXHGHQ SHGLUTXHVHOHVPDQGHQODVSLH]DVRDFFHVRULRVGLUHFWDPHQWHDVXVKRJDUHVDFHSWDPRVODVWDUMHWDV 9,6$0DVWHU&DUG\'LVFRYHU+DJDVXSHGLGRHQOtQHDKR\KRUDVFDGDGtDROODPDUSRUWHOpIRQR DOGXUDQWHKRUDVQRUPDOHVGHRILFLQD /DVLQVWUXFFLRQHVGHVFULWDVHQHVWHPDQXDOFXEUHQORVSURFHGLPLHQWRVDVHJXLUSRUFXDOTXLHUXVXDULR&XDOTXLHU RWUDUHSDUDFLyQGHEHUtDSRUUHJODJHQHUDOUHIHULUVHDSHUVRQDOFDOLILFDGRDXWRUL]DGR'HEHHMHUFHUVHSUHFDXFLyQ \DTXHODVUHSDUDFLRQHVLQFRUUHFWDVSXHGHQFDXVDUFRQGLFLRQHVGHIXQFLRQDPLHQWRLQVHJXUDV 3yQJDVHHQFRQWDFWRFRQQRVRWURV *($SSOLDQFHVFRP 6LQRHVWiVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLEHGH*(SyQJDVHHQFRQWDFWRFRQQRVRWURVHQQXHVWUDSiJLQD :HELQGLFDQGRWRGRVORVGHWDOOHVDVtFRPRVXQ~PHURGHWHOpIRQRRHVFUtEDQRVD *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV *($SSOLDQFHV$SSOLDQFH3DUN /RXLVYLOOH.< 5HJLVWUHVXHOHFWURGRPpVWLFR *($SSOLDQFHVFRP £5HJLVWUHVXQXHYRHOHFWURGRPpVWLFRHQOtQHD³FXDQGRXVWHGSUHILHUD(OUHJLVWUDUVXSURGXFWRDWLHPSROH SURSRUFLRQDUiVLVXUJLHUDODQHFHVLGDGXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVUiSLGREDMRORVWpUPLQRVGH VXJDUDQWtD7DPELpQSXHGHHQYLDUVXWDUMHWDGHUHJLVWURSUHLPSUHVDTXHVHLQFOX\HHQHOPDWHULDO GHHPEDODMH 3ULQWHGLQ.RUHD *DUDQWtDGHO+RUQR$GYDQWLXP +RUQR $GYDQWLXP 7RGRHOVHUYLFLRGHJDUDQWtDVHVXPLQLVWUDSRUPHGLRGH QXHVWURV&HQWURVGH6HUYLFLRGH)iEULFDRXQWpFQLFRDXWRUL]DGR SRU&XVWRPHU&DUH3DUDSURJUDPDUXQVHUYLFLRHQOtQHD YLVtWHQRVHQ*($SSOLDQFHVFRPROODPHD*(&$5(6 &XDQGRVROLFLWHVHUYLFLRSRUIDYRUWHQJD GLVSRQLEOHHOQ~PHURGHVHULH\PRGHOR (QJUDSHDTXtVXUHFLER 3DUDTXHODJDUDQWtDFXEUD ORVVHUYLFLRVVHQHFHVLWD HOFRPSUREDQWHRULJLQDOGH ODIHFKDGHFRPSUD (OWXERGHOPDJQHWUyQVLHVWHIDOODGHELGRDGHIHFWRVHQORVPDWHULDOHV RHQODIDEULFDFLyQ'XUDQWHHVWDJDUDQWtDOLPLWDGDGHFLQFRDxRVXVWHG VHUiUHVSRQVDEOHGHWRGDPDQRGHREUD\FRVWRVGHVHYLFLRHQVXFDVD &LQFR$xRV 'HODIHFKDGHOD FRPSUDRULJLQDO &XDOTXLHUSLH]DGHOKRUQRTXHIDOOHGHELGRDGHIHFWRVHQORVPDWHULDOHV RHQODIDEULFDFLyQ'XUDQWHHVWDJDUDQWtDOLPLWDGDGHXQDxR*(WDP ELpQVXPLQLVWUDUiVLQFRVWRDOJXQRWRGDPDQRGHREUD\VHUYLFLRVUHOD FLRQDGRVFRQHOFDPELRGHODSLH]DGHIHFWXRVD 8Q$xR 'HODIHFKDGHOD FRPSUDRULJLQDO *(&DPELDUi 3DUDHO3HUtRGRGH /RTXH*(QRFXEUH &DPELRGHORVERPELOORVGHODSODQFKD ,QVWDODFLyQHQWUHJDRPDQWHQLPLHQWRLQDGH FXDGRV &DPELRGHORVIXVLEOHVGHODFDVDR UHDMXVWHGHOLQWHUUXSWRUDXWRPiWLFR 9LDMHVGHVHUYLFLRDVXFDVDSDUDHQVHxDUOHD XWLOL]DUHOSURGXFWR 3URGXFWRQRDFFHVLEOHSDUDGDUOHHOVHUYLFLR UHTXHULGR )DOODHQHOSURGXFWRVLpVWHHVPDOWUDWDGR PDOXVDGRSRUHMHPSORFKLVSDVHQODFDYL GDGGHODSDUULOODGHDODPEUHRPHWDODOXPL QLRRVLHVXWLOL]DGRSDUDRWURILQTXHQRVHD HOSUHWHQGLGRRVLVHXWLOL]DFRPHUFLDOPHQWH 'DxRDOSURGXFWRFDXVDGRSRUDFFLGHQWH IXHJRLQXQGDFLRQHVRFDVRIRUWXLWR 'DxRLQFLGHQWDORFRQVHFXHQWHFDXVDGR SRUSRVLEOHVGHIHFWRVFRQHVWHDSDUDWR 'DxRFDXVDGRGHVSXpVGHODHQWUHJD (;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFR\H[FOXVLYRGHUHFKRHVUHSDUDUHO SURGXFWRFRPRVHHVWDEOHFHHQHVWD*DUDQWtD/LPLWDGD&XDOTXLHUJDUDQWtDLPSOtFLWD LQFOX\HQGRODVJDUDQWtDVLPSOtFLWDVGHFRPHUFLDOL]DFLyQRDGHFXDFLyQSDUDXQ SURSyVLWRHVSHFtILFRHVWiOLPLWDGDDXQDxRRHOSHUtRGRPiVFRUWRTXHSHUPLWHOD OH\ (VWDJDUDQWtDVHH[WLHQGHDOFRPSUDGRURULJLQDO\FXDOTXLHUGXHxRSRVWHULRUSDUDSURGXFWRV FRPSUDGRVSDUDXVRGRPpVWLFRGHQWURGHORV(8$6LHOSURGXFWRVHHQFXHQWUDHQXQDUHJLyQ GRQGHQRKD\6HUYLFLR7pFQLFRDXWRUL]DGRGH*(XVWHGVHUiUHVSRQVDEOHGHOFRVWRGHOYLDMH RVHOHVROLFLWDUiTXHOOHYHHOSURGXFWRDXQ6HUYLFLR7pFQLFR$XWRUL]DGRGH*((Q$ODVNDOD JDUDQWtDH[FOX\HHOFRVWRGHHQYtRRYLVLWDVGHVHUYLFLRHQVXKRJDU $OJXQRVHVWDGRVQRSHUPLWHQODH[FOXVLyQROLPLWDFLyQGHGDxRVLQFLGHQWDOHVRFRQVHFXHQWHV (VWDJDUDQWtDOHRWRUJDGHUHFKRVOHJDOHVHVSHFtILFRV\WDPELpQSXHGHFRQWDUFRQRWURVGHUH FKRVTXHYDUtDQGHHVWDGRDHVWDGR3DUDFRQRFHUVXVGHUHFKRVOHJDOHVFRQVXOWHDODRILFLQD ORFDOGHOFRQVXPLGRURGHVXHVWDGRRDO)LVFDO*HQHUDOGHVXHVWDGR *DUDQWH*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.< 1RWD +RUQR $GYDQWLXP ¢3UHJXQWDV" 8WLOLFHHVWH VROXFLRQDGRU GHSUREOHPDV 3UREOHPD &RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV +RUQR $GYDQWLXP &DXVDV3RVLEOHV 4XpVHGHEHKDFHU([SOLFDFLyQ ',63/$< /DSDQWDOODHVWiHQ EODQFR /DSDQWDOODHVWiDSDJDGD 5HYLVHHOPHQ~GH6(77,1*6SDUDORV DMXVWHVGHOUHORM(QFLHQGDODSDQWDOOD $SDUHFHHQODSDQWDOOD (OFRQWUROHVWiEORTXHDGR 3UHVLRQH\VRVWHQJD&/($52))GXUDQ ´&RQWURO3DQHO WHVHJXQGRVSDUDGHVEORTXHDUHOFRQ /2&.('µ WURO9HDODVHFFLyQ2WUDV)XQFLRQHV /DSDQWDOOD /DSDQWDOODGHO GHOFRQWUROHVWi FRQWUROHVWiHQFHQ HQFHQGLGDSHURHO KRUQRQRDUUDQFD ZLOOQRWV (OUHORMQRHVWiSURJUDPDGR 6LJDODVLQVWUXFFLRQHVSDUDSURJUDPDU HOUHORM 6HSUHVLRQyDFFLGHQWDO PHQWH&/($52)) (OKRUQRHVWiHQHOPRGR GHGHPRVWUDFLyQ 6HVHOHFFLRQyDFFLGHQWDO PHQWHHO,QLFLR'HPRUDGR 6LJDODVLQVWUXFFLRQHV 1RVHSUHVLRQyODWHFOD 67$573$86(GHVSXpVGH VHOHFFLRQDUHOFRFLPLHQWR $EUDODSXHUWD\FLpUUHODVHJXUD /DSXHUWDQRHVWiFHUUDGD 3UHVLRQH&/($52))\YXHOYDD DMXVWDU 'HVHQFKXIHHOKRUQRSRUPLQXWROXHJR HQFK~IHORHQODSDUHG12SURJUDPHHO UHORM3UHVLRQH\VRVWHQJDGXUDQWHVH JXQGRVODVWHFODV+(/3\67$573$86( (OFRQWUROGHEHVDOLUGHOPRGRGHGHPRV WUDFLyQ3URJUDPHHOUHORM\FRQWLQ~H 5HDMXVWHHOSURJUDPDGHFRFLPLHQWR \SUHVLRQH67$573$86( 27526352%/(0$6 /DEDQGHMDGHYLGULR GHOPLFURRQGDQRVH WUDEDHQHOHMHFHQ WUDO (OHQFKXIHQRHVWiFRPSOH $VHJ~UHVHTXHHOHQFKXIHGHOKRUQR WDPHQWHLQVHUWDGRHQHOHQ HVWpFRPSOHWDPHQWHLQVHUWDGRHQHO FKXIHGHODSDUHG HQFKXIHGHODSDUHG 6REUHYROWDMH 6HSXGRKDEHUTXHPDGR XQIXVLEOHRGLVSDUDGRHO LQWHUUXSWRUDXWRPiWLFRGH VXFDVD (OKRUQRQRDUUDQFD /DOX]GHODSODQFKDHVWi (VWRHVQRUPDO XELFDGDGHEDMRGHOSLVR GHOKRUQR&XDQGRVHHQ FLHQGHHOFDORUTXHSURGXFH SXHGHFDOHQWDUHOSLVRGHO KRUQR (OSLVRGHOKRUQRHVWi WLELRD~QFXDQGRQR KDVLGRXWLOL]DGR (OKRUQRSURGXFHXQFDORU LQWHQVRHQHVSDFLRVSH TXHxRV /DSXHUWD\HOLQWHULRU GHOKRUQRVHVLHQWHQ FDOLHQWH (VWRHVQRUPDO &XDQGRODFRPLGDHVWpOLVWDXWLOLFH JXDQWHVSDUDUHWLUDUOD &DPELHHOIXVLEOHRUHDMXVWHHOLQWHUUXS WRUDXWRPiWLFR 'HVHQFKXIHHOKRUQR\HQFK~IHORGH QXHYR $OLQHHORVVDOLHQWHVHQODSDUWHGHDEDMR GHODEDQGHMDGHYLGULRSDUDHOPLFUR RQGDFRQODVLQGHQWDFLRQHVHQHOSODWR JLUDWRULR(VWHDMXVWHQRTXHGDDSUHWD GRHVQRUPDODOJRGHPRYLPLHQWR ¢3UHJXQWDV" 8WLOLFHHVWH VROXFLRQDGRU GHSUREOHPDV 3UREOHPD &RQVHMRVSDUDOD6ROXFLyQGH3UREOHPDV +RUQR $GYDQWLXP &DXVDV3RVLEOHV 4XpVHGHEHKDFHU([SOLFDFLyQ /8&(6 &XDQGRHOKRUQRHVWiHQFHQGLGRKD\ XQDOX]YLVLEOHDOUHGHGRUGHODSXHUWD \GHODFDMDH[WHULRU /X]YLVLEOHDOUHGHGRU (VWRHVQRUPDO GHODSXHUWD\GHOD FDMDH[WHULRUDOFRFLQDU UiSLGR (VWRHVQRUPDO(OKRUQRGHWHFWDHO QLYHOGHFDORU\VHDMXVWDDXWRPiWLFD PHQWH 6HRSDFDODOX]GXUDQ (VWRHVQRUPDO(OQLYHO WHXQFLFORGHFRFLPLHQGHSRWHQFLDKDVLGRUHGX WRUiSLGR\VHHQFLHQGHFLGRDXWRPiWLFDPHQWH\D \DSDJDD~QHQQLYHOHV TXHHOKRUQRHVWiFDOLHQWH GHSRWHQFLDFRPSOHWD 9(17,/$'25 ,6LODSODQFKDRHOKRUQRVHFDOLHQWDQHO YHQWLODGRUGHOUHVSLUDGRUVHHQFLHQGH 9HDODVHFFLyQ9HQWLODGRU$XWRPiWLFR (OYHQWLODGRUGHOUHVSL (VWRHVQRUPDO UDGRUVHHQFLHQGHDXWR PiWLFDPHQWHFXDQGRHO KRUQRQRHVWiHQXVR (OUHVSLUDGRUGHOKRUQR (VWRHVQRUPDO HPLWHXQDLUHFDOLHQWH PLHQWUDVHOKRUQR HVWiHQFHQGLGR (OYHQWLODGRUVHDSDJDUiDXWRPiWLFD PHQWHFXDQGRODVSLH]DVLQWHUQDVGHO KRUQRVHKD\DQHQIULDGR (OYHQWLODGRUFRQWLQ~D (OKRUQRVHHVWiHQIULDQGR IXQFLRQDQGRGHVSXpV GHWHUPLQDUGHFRFLQDU &KDVTXLGRV\HOYHQWLODGRU (VWRVVRQLGRVVRQQRUPDOHV VRSODQGRVRQVRQLGRVQRUPD OHV(OUHOpGHOWDEOHURHVWi HQFHQGLHQGR\DSDJDQGRORV FRPSRQHQWHV (OKRUQRKDFHVRQLGRV LQXVXDOHVDOFRFLQDU (VWRHVQRUPDO (OYHQWLODGRUVHHQFLHQ GHDXWRPiWLFDPHQWH FXDQGRVHXWLOL]DHO PLFURRQGD (OVRQLGRGHOYHQWLODGRU (VWRHVQRUPDO FDPELDDOFRFLQDU 6LVHXWLOL]DHOKRUQRGHVSXpVGHFRFL PLHQWRUiSLGRHOKRUQRGHWHFWDUiTXH HVWiGHPDVLDGRFDOLHQWHHOYHQWLODGRU GHOUHVSLUDGRUVHHQFHQGHUiSDUDHQ IULDUHOKRUQR (OYHQWLODGRUVHHQFLHQGH\DSDJD GXUDQWHHOFRFLPLHQWRSDUDPDQWHQHU ODWHPSHUDWXUD &2&,0,(172 /RVWLHPSRVSURJUDPDGRV QRFRQFXHUGDQFRQHOWD PDxRQLODFDQWLGDGGHFR PLGDTXHYDDFRFLQDU $OILQDOGHOSURJUDPD GHFRFLPLHQWRODFRPL GDQRHVWiFRPSOHWD PHQWHFRFLGDQL GRUDGD /DFRPLGDWLHQHDOWRFRQWH QLGRGHJUDVD6HXWLOL]y HVSUD\HQODVSDQDV 6DOHKXPRGHOKRUQR FXDQGRVHDEUHOD SXHUWD (OKXPRHVQRUPDODOFRFLQDUFRPLGDV FRQPXFKDJUDVD8WLOLFHDFHLWHYHJH WDORGHROLYDHQODFDUQHHQOXJDUGH FXEULUWRGDODSDQD $XPHQWHRGLVPLQX\DHOWLHPSRSDUD FRFLQDURDMXVWHODVOiPSDUDVVXSHULRU HLQIHULRUSDUDGRUDU 5HWLUR\ OLPSLH]DGH ORVILOWURV &XLGDGR\/LPSLH]D +RUQR $GYDQWLXP /RVILOWURVGHPHWDODWUDSDQODJUDVD TXHVXHOWDQORVDOLPHQWRVHQOD SODQFKD7DPELpQHYLWDQTXHODV OODPDVGHORVDOLPHQWRVHQODSODQFKD GDxHQHOLQWHULRUGHOKRUQR 3RUHVWDUD]yQORVILOWURVGHEHQHVWDU FRORFDGRVHQVXOXJDUVLHPSUHTXH XWLOL]DHOH[WUDFWRU/RVILOWURVGHO UHVSLUDGRUGHEHQOLPSLDUVHXQDYH]DO PHVRFXDQGRVHDQHFHVDULR 3DUDUHWLUDUORVXWLOLFHODVRUHMHWDVSDUD GHVOL]DUORVKDFLDODSDUWHGHDWUiV +DOHKDFLDDEDMR\KDFLDDIXHUD &yPR UHHPSOD]DU ODOX]GHOD FDYLGDG 3DUDOLPSLDUORVILOWURVGHOUHVSLUDGRU UHPyMHORV\OXHJRVDF~GDORVHQDJXD FDOLHQWH\MDEyQ1RXWLOLFHDPRQtDFR QLSURGXFWRVFRQDPRQtDFR\DTXH SXHGHQRVFXUHFHUHOPHWDO/RSXHGH FHSLOODUVXDYHPHQWHSDUDUHPRYHU HOVXFLRSHJDGR $QWHVGHFRORFDUORVHQMXiJXHORV VDF~GDORV\GpMHORVVHFDU 3DUDFRORFDUORVGHVOLFHORVILOWURV DGHQWURGHODVUDQXUDVGHOPDUFRHQ ODSDUWHGHDWUiVGHFDGDDEHUWXUD 3UHVLRQHKDFLDDUULED\KDFLDHOIUHQWH SDUDFHUUDUORVHQVXOXJDU 'HVFRQHFWHODHQHUJtDHQHOIXVLEOH 6DTXHHOSURWHFWRUGHODOiPSDUD SULQFLSDORSDQHOGHOLQWHUUXSWRU +DOHHOERPELOORDIXHUD\FiPELHOR DXWRPiWLFR SRUXQDOiPSDUDGHKRUQRGH 99:2UGHQHHOERPELOOR 5HWLUHODSDUULOODVXSHULRUUHWLUHORVGRV :%;GHVXGLVWULEXLGRU*( WRUQLOORVTXHODVRVWLHQHQHQVXOXJDU 5HJUHVHODOiPSDUD\HOSURWHFWRUDVX 5HWLUHHOILOWURGHFDUEyQVLORWLHQH SRVLFLyQRULJLQDO\FRORTXHHOWRUQLOOR\ 'HVOtFHORKDFLDODL]TXLHUGD\KiOHOR HOILOWURGHFDUEyQ KDFLDHOIUHQWHSDUDUHWLUDUOR127$(O ILOWURGHFDUEyQHVXQNLWRSFLRQDOQR &RORTXHODSDUULOOD\ORVWRUQLOORV HVQHFHVDULRWHQHUOR 5HFRQHFWHODHQHUJtDDOKRUQR 5HWLUHHOWRUQLOORTXHVRVWLHQHHO SURWHFWRUGHODOiPSDUDHQVXOXJDU )LOWURGHFDUEyQ -;'NLW RSFLRQDO 6LHOPRGHORQRHVWiYHQWLODGRKDFLDHO H[WHULRUHODLUHUHFLUFXODUiDWUDYpVGHO ILOWURGHFDUEyQGHVHFKDEOHHOFXDOD\XGD DUHWLUDUHOKXPR\ORVRORUHV (OILOWURGHFDUEyQQRVHSXHGHOLPSLDU GHEHVHUFDPELDGR2UGHQHOD3LH]D1R -;':%;GHVXGLVWULEXLGRU 3DUDLQVWDODUHO ILOWURGHFDUEyQ 3DUDLQVWDODUXQILOWURQXHYR 5HWLUHGHOILOWURQXHYRHOSOiVWLFR\HO RWURHQYROWRULRH[WHULRU 5HWLUHODSDUULOODVXSHULRUSDUDHVR GHEHUHWLUDUORVGRVWRUQLOORVTXHOD VRVWLHQHQHQVXOXJDU ,QVHUWHHOILOWURDGHQWURGHODDEHU WXUDVXSHULRUGHOKRUQRFRPRVH PXHVWUD *( (OILOWURGHFDUEyQGHEHFDPELDUVHFXDQ GRORYHDVXFLRRGHFRORUDGRJHQHUDO PHQWHGHDPHVHVGHSHQGLHQGRGHO XVR 'HVFDQVDUiHQXQiQJXORVREUHODV GRVRUHMHWDVGHVRSRUWHWUDVHUDV\SRU HOIUHQWHSRUGRVRUHMHWDV &RORTXHODSDUULOOD\ORVGRVWRUQLOORV 3DUDUHWLUDUHOILOWURUHSLWDHOSDVR DQWHULRUUHWLUHHOILOWUR\UHSLWDHOSDVR VWHS &yPROLPSLDUHO H[WHULRUGHOKRUQR &XLGDGR\/LPSLH]D +RUQR $GYDQWLXP 6XSHUILFLHVGH$FHUR,QR[LGDEOH 1RUHFRPHQGDPRVHOXVRGHOLPSLD HQDOJXQRVPRGHORV GRUHVFRQDPRQtDFRRDOFRKRO\D TXHSXHGHQGDxDUODDSDULHQFLDGHO KRUQR6LHVFRJHXWLOL]DUXQOLPSLDGRU 3XHGHOLPSLDUHOSDQHOGHDFHUR LQR[LGDEOHFRQ6WDLQOHVV6WHHO0DJLF FDVHURFRP~QDSOLTXHSULPHURHO OLPSLDGRUGLUHFWDPHQWHHQHOSDxRGH RXQSURGXFWRVLPLODUFRQXQSDxR OLPSLR\VXDYH$SOLTXHFRQFXLGDGR OLPSLH]DOXHJROLPSLHHOiUHDVXFLD HOOLPSLDGRUGHDFHURLQR[LGDEOH HYLWHODVSLH]DVSOiVWLFDV\GH &DMD YLGULRGHDOUHGHGRU1RXWLOLFHHQHO DFHURLQR[LGDEOHFHUDSDUDDSDUDWRV SDVWDVEODQTXHDGRUHVRSURGXFWRV TXHFRQWHQJDQFORUR /LPSLHHOH[WHULRUGHOPLFURRQGDFRQ XQSDxRMDERQRVR(QMXDJXH\VHTXH /LPSLHHOYLGULRFRQXQSDxRK~PHGD 3DQHOGH&RQWURO /LPSLHFRQXQSDxRK~PHGR6HTXH FRPSOHWDPHQWH1RXWLOLFHOLPSLDGRUHV HQHVSUD\JUDQGHVFDQWLGDGHVGH MDEyQ\DJXDDEUDVLYRVXREMHWRV ILORVRVHQHOSDQHOHVWRVORSXHGHQ GDxDU$OJXQRVWLSRVGHSDSHOWRDOOD WDPELpQSXHGHQUD\DUHOSDQHOGH FRQWURO 3DQHOHV3OiVWLFRVGH&RORU HQDOJXQRVPRGHORV 8WLOLFHXQSDxROLPSLRVXDYH OLJHUDPHQWHKXPHGHFLGROXHJRVHTXH FRPSOHWDPHQWH 6HOORGHOD3XHUWD (VLPSRUWDQWHPDQWHQHUOLPSLDHO iUHDGRQGHVHOODODSXHUWDFRQHO KRUQR8WLOLFHGHWHUJHQWHVVXDYHV QRDEUDVLYRVDSOLFDGRVFRQXQSDxRR HVSRQMD(QMXDJXHELHQ 3DUWH,QIHULRU /LPSLHUHJXODUPHQWHODJUDVD\HO SROYRGHODSDUWHGHDEDMR8WLOLFHXQD VROXFLyQGHDJXDWLELDFRQGHWHUJHQWH &yPR UHHPSOD]DU ODOX]GH VXSHUILFLH 3DUDFDPELDUODOX]GHVXSHUILFLH SULPHURGHVFRQHFWHODHQHUJLD HQHOIXVLEOHSULQFLSDORSDQHOGHO LQWHUUXSWRUDXWRPiWLFR 5HWLUHHOWRUQLOORGHOLQWHULRUGHOD FXELHUWDGHOFRPSDUWLPLHQWRGHOD OX]\EiMHODKDVWDTXHVHGHWHQJD $QWHVGHUHWLUDUHOERPELOORTXHYD DFDPELDUDVHJ~UHVHTXHHVWpIUtR +iOHORVXDYHPHQWHGHOUHFHSWiFXOR &iPELHORSRUXQERPELOORKDOyJHQR GHYROWLRVZDWWV2UGHQH HOERPELOOR:%;GHVX GLVWULEXLGRU*( 5HWLUHHOWRUQLOOR /HYDQWHODFXELHUWD\FRORTXHHO WRUQLOOR&RQHFWHODHOHFWULFLGDGDO KRUQR 3ODWRJLUDWRULR UHPRYLEOH (OiUHDGHEDMRGHOSODWRJLUDWRULRGHEH OLPSLDUVHIUHFXHQWHPHQWHSDUDHYLWDU RORURV\KXPRGXUDQWHHOFLFORGH FRFLPLHQWR &XLGDGR\/LPSLH]D +RUQR $GYDQWLXP (OSODWRJLUDWRULRVHSXHGHTXHEUDUVL ORGHMDFDHU/iYHORFRQFXLGDGRHQ DJXDWLELD\MDERQRVD6pTXHORELHQ\ FROyTXHORHQVXOXJDU 3ODWRJLUDWRULR 1RXWLOLFHHOKRUQRVLQHO SODWRJLUDWRULRHQVXOXJDU 3DUDFRORFDUHOSODWRJLUDWRULRFRORTXH HOFHQWURVREUHHOHMHHQHOFHQWURGHO KRUQR\JtUHORKDVWDTXHHVWpFRORFDGR HQVXOXJDU %DQGHMDVGH FRFLPLHQWR\ SDUULOODGHDODPEUH GHOKRUQR 3DUDHYLWDUTXHVHTXLHEUHQ SHUPLWDTXHODVEDQGHMDVVHHQIUtHQ FRPSOHWDPHQWHDQWHVGHOLPSLDUODV /DYHFRQFXLGDGRHQDJXDFDOLHQWH MDERQRVDRHQODODYDGRUDGHSODWRV %DQGHMDGHYLGULRFODUR 1RXWLOLFHDEUDVLYRVSDUDOLPSLDUOD EDQGHMDGHYLGULRQLODSDUULOODGH DODPEUHGHOKRUQR\DTXHVHSXHGH GDxDUHODFDEDGR 6HGHEHXWLOL]DUXQHVWURSDMRSOiVWLFR SDUDOLPSLDUODVEDQGHMDVGHPHWDO 3DUULOODGHDODPEUHGHOKRUQR %DQGHMDGHPHWDOSDUDDVDU %DQGHMDGHPHWDO &XELHUWDGHOD OiPSDUDKDOyJHQD \OiPLQDGHPLFD 1RUHWLUHODFXELHUWDGHYLGULRGHOD OiPSDUDKDOyJHQDQLODOiPLQDGH PLFD /DFXELHUWDGHODOiPSDUDKDOyJHQD VXSHULRUGHEHHVWDUOLEUHGHJUDVD RGHVDOSLFDGXUDVGHDOLPHQWRVSDUD TXHSXHGDIXQFLRQDUHIHFWLYDPHQWH 3DUDOLPSLDUODOiPLQDGHPLFD 3HUPLWDTXHHOKRUQRVHHQIUtH FRPSOHWDPHQWH/LPSLHFRQXQSDxR WLELRMDERQRVR /LPSLHODFXELHUWDGHYLGULRGH ODOiPSDUD\ODODPLQDGHPLFD IUHFXHQWHPHQWDSDUDHYLWDUHOH[FHVR GHKXPR\ODGLVPLQXFLyQGHOD SRWHQFLDGHFRFLPLHQWR 3DUDOLPSLDUODFXELHUWDGHOD OiPSDUDVXSHULRU3HUPLWDTXHHO KRUQR\ODFXELHUWDGHYLGULRVHHQIUtHQ FRPSOHWDPHQWH/tPSLHODFRQXQ SDxRWLELSMDERQRVRRFRQXQHVWURSDMR SOiVWLFR 3DUDVXFLRTXHPDGRSXHGHXWLOL]DU XQUDVSDGRUSDUDOLPSLDUODFXELHUWD GHODOiPSDUDKDOyJHQD6RVWHQJDHO UDVSDGRUDXQiQJXORGH5DVSH HOYLGULRSDUDOLPSLDUOR\OLPSLHHO H[FHVRGHVXFLR 8SSHUKDORJHQ ODPSFRYHU 0LFD6KHHW )RUKHDY\RUEXUQHGRQVRLO 6XUIDFH/LJKW OX]GHVXSHUILFLH 9HQW)DQ YHQWLODGRUGHO UHVSLUDGRU &XLGDGR\/LPSLH]D +RUQR $GYDQWLXP 6HXWLOL]DSDUDLOXPLQDUODSODQFKD 3UHVLRQHODWHFOD685)$&(/,*+7OX] GHVXSHUILFLHSDUDFDPELDUGHOX] QRFWXUQDDOX]DSDJDGD (OUHVSLUDGRUGHOYHQWLODGRUUHWLUD ORVYDSRUHVGHODVXSHUILFLHGH FRFLPLHQWR 3UHVLRQHODWHFOD9(17SDUDFDPELDU GHDOWRDPHGLRDEDMRDDSDJDGR (OYHQWLODGRUGHOUHVSLUDGRUVHSXHGH HQFHQGHUDXWRPiWLFDPHQWHVLHO KRUQRVHFDOLHQWDGHPDVLDGRD~Q &yPROLPSLDU HOLQWHULRUGHO KRUQR FXDQGRQRHVWpIXQFLRQDQGR/D SDQWDOODPRVWUDUi´1RUPDO2SHUDWLRQ )DQLVRQGXHWRKLJKKHDW)DQZLOO VKXWRIIDXWRPDWLFDOO\µ2SHUDFLyQ 1RUPDO(OYHQWLODGRUHVWiHQFHQGLGR GHELGRDOFDORUDOWR(OYHQWLODGRUVH DSDJDUiDXWRPiWLFDPHQWH $QWHVGHOLPSLDUFXDOTXLHUSDUWH GHOKRUQRDVHJ~UHVHTXHHOFRQWUROGHO KRUQRHVWpDSDJDGR\TXHHVWpIUtRR WLELRDOWDFWR /LPSLHHOLQWHULRUGHOKRUQRIUHFXHQWH PHQWHSDUDTXHSXHGDFDOHQWDUDGH FXDGDPHQWH $OJXQDVVDOSLFDGXUDVSXHGHQVHU UHPRYLGDVFRQSDSHOWRDOODRWUDV UHTXLHUHQXQSDxRWLELRMDERQRVR 5HPXHYDODVVDOSLFDGXUDVGHJUDVDFRQ XQSDxRMDERQRVROXHJRHQMXDJXHFRQ XQSDxRK~PHGR 6LHOVXFLR\ODVVDOSLFDGXUDVQR VDOHQIiFLOPHQWHFRQXQSDxRWLELRMDER QRVRFRORTXHXQWD]yQPHGLDQROOHQR GHDJXDDGHQWURGHODXQLGDGVREUH ODEDQGHMDGHPHWDO\SUHVLRQHODWHFOD 63(('&22.6HOHFFLRQH0<5(&,3(6\ DMXVWHPLQXWRVD8 / 0 & (VWRGHEHDIORMDUHOVXFLRDGHQWUR GHOKRUQRGHPDQHUDTXHORSXHGD UHPRYHUFRQXQSDxRWLELRMDERQRVR 6LREVHUYDXQDPDULOOHQWDPLHQWR HQHOPHWDODGHQWURGHOKRUQRTXHQR SXHGHVHUUHPRYLGRFRQXQSDxRWLELR MDERQRVRXWLOLFHXQOLPSLDGRUSDUD DFHURLQR[LGDEOHTXHUHPXHYHOD GHFRORUDFLyQSRUFDORU\RPDQFKDV 3XHGHOLPSLDUHOLQWHULRUGHOKRUQRFRPR ORKDUtDQRUPDOPHQWH 1XQFDXWLOLFHOLPSLDGRUHVFRPHUFLDOHV SDUDKRUQRVHQQLQJXQDSDUWHGH VXKRUQR 1ROLPSLHHOLQWHULRUGHOKRUQRFRQ HVWURSDMRVGHPHWDO6HSXHGHQ TXHEUDUSHGD]RVGHOHVWURSDMRDGHQWUR GHOKRUQRFDXVDQGRXQWRTXHHOpFWULFR DVtFRPRGDxRDODFDEDGRGHOD VXSHUILFLHLQWHULRUGHOKRUQR 1RXWLOLFHOLPSLDGRUHVDEUDVLYRV QLXWHQVLOLRVILORVRVHQODVSDUHGHV GHOKRUQR +HOS D\XGD 2WUDV)XQFLRQHV$GYDQWLXP +RUQR $GYDQWLXP 8WLOLFHHVWDIXQFLyQSDUDVDEHUPiV DFHUFDGHVXKRUQR\VXVIXQFLRQHV 3UHVLRQHODWHFOD+(/3 /DSDQWDOODOHPRVWUDUiXQD GHVFULSFLyQGHOSURJUDPDTXH VHOHFFLRQy *LUHHOGLDOSDUDHVFRJHUHO QRPEUHGHODIXQFLyQ3UHVLRQHHO GLDOSDUDVHOHFFLRQDU &DUDFWHUtVWLFDVTXHHQFRQWUDUiHQODIXQFLyQ+(/3D\XGD $JUHJDUWLHPSR 2SFLRQHVGHFRFLPLHQWR 5HSHWLUHO~OWLPR &RQYHUVLyQ$XWRPiWLFD 'HVFRQJHODFLyQ 5HDQXGDU /X]1RFWXUQD$XWRPiWLFD 'HVFRQJSRU&RPLGD &RFLPLHQWRFRQVHQVRU 5HJUHVVR 'HVFRQJFRQ7LHPSR &RFLPLHQWROHQWR 9ROXPHQGHO3LWR 'HVFRQJSRU3HVR $EODQGDU %HELGDV ,QLFLRGHPRUDGR &RFLPLHQWRUiSLGR $VDU 3DQWDOOD212)) ,QLFLR3$86$ 8QLGDGHVGHWHPSHUDWXUD %RUUDU$SDJDU (GLWDU &URQyPHWUR2Q2II 5HORM $\XGD 7RVWDU %ORTXHRGHO&RQWURO 'HUUHWLU 3ODWR*LUDWRULR212)) +RUQHDUFRQ&RQYHFFLyQ 0LFUR6HJV &RFLQDUSRU7LSRGH&R &DOHQWDU 0LFURRQGD PLGD 0LV5HFHWDV &RFLQDUFRQ7LHPSR )HUPHQWDU &RFLQDUFRQ7LHPSR\ 5HFDOHQWDU 5HFRUGDWRULR &RQWUROORFNRXW EORTXHRGHOFRQWURO 3XHGHEORTXHDUHOSDQHOGHFRQWURO SDUDHYLWDUTXHHQFLHQGDQHOKRUQR DFFLGHQWDOPHQWHGXUDQWHODOLPSLH]DR SDUDTXHQRORXWLOLFHQORVQLxRV 3UHVLRQH\VRVWHQJDGXUDQWH VHJXQGRDODWHFOD&/($52))SDUD EORTXHDU\GHVEORTXHDU 7LPHU FURQyPHWUR 8WLOLFHHVWDIXQFLyQFDGDYH]TXH QHFHVLWHXQFURQyPHWUR/DSXHGH XWLOL]DUPLHQWUDVFRFLQDHQHOKRUQR 3UHVLRQHODWHFOD7,0(5 $XWRPDWLFIDQV YHQWLODGRUHV DXWRPiWLFRV /RVYHQWLODGRUHVGHHQIULDPLHQWRVH HQFLHQGHQDXWRPiWLFDPHQWHSDUD HYLWDUHOVREUHFDOHQWDPLHQWRGHORV FRPSRQHQWHVLQWHUQRVGHOKRUQR\GHO FRQWURO /RVYHQWLODGRUHVVHDSDJDUiQDXWRPiWL FDPHQWHFXDQGRVHHQIUtHQODV SLH]DVLQWHUQDV8QRRPiVSXHGHQ SHUPDQHFHUHQFHQGLGRVGXUDQWH PLQXWRVRPiVGHVSXpVGHTXHHO FRQWUROGHOKRUQRVHKD\DDSDJDGR &XDQGRHOSDQHOGHFRQWUROHVWi EORTXHDGRFDGDYH]TXHSUHVLRQD XQDWHFODRHOGLDOVHPRVWUDUiHQOD SDQWDOOD&21752/,6/2&.('FRQWURO HVWiEORTXHDGR *LUHHOGLDOSDUDHVFRJHUORVPLQX WRV3UHVLyQHORSDUDVHOHFFLRQDU *LUHHOGLDOSDUDHVFRJHUORVVHJXQ GRV3UHVLyQHORSDUDVHOHFFLRQDU (OYHQWLODGRUGHOUHVSLUDGRUVH SXHGHHQFHQGHUDXWRPiWLFDPHQWH VLHOKRUQRVHFDOLHQWDGHPDVLDGR D~QFXDQGRQRHVWpIXQFLRQDQGR /DSDQWDOODPRVWUDUi´1RUPDO 2SHUDWLRQ)DQLVRQGXHWRKLJK KHDW)DQZLOOVKXWRIIDXWRPDWLFDOO\µ 2SHUDFLyQ1RUPDO(OYHQWLODGRU HVWiHQFHQGLGRGHELGRDOFDORU DOWR(OYHQWLODGRUVHDSDJDUi DXWRPiWLFDPHQWH $XWR1LJKW /LJKW OX]QRFWXUQD DXWRPiWLFD 8WLOLFHHVWDIXQFLyQSDUDFRQILJXUDUTXHODOX] GHVXSHUILFLHVHHQFLHQGD\DSDJXHDXQDKRUD GHWHUPLQDGD 3UHVLRQHHOERWyQ6(77,1*6FRQILJXUDFLRQHV JLUHHOGLDOSDUDVHOHFFLRQDU$8721,*+7/,*+7 OX]QRFWXUQDDXWRPiWLFD\SUHVLRQHHOGLDO SDUDLQJUHVDU 6HOHFFLRQH6(7217,0(FRQILJXUDUSDUDKRUD \SUHVLRQHHOGLDOSDUDLQJUHVDU *LUHHOGLDOSDUDFRQILJXUDUODKRUD\PLQXWRV\ SUHVLRQHHOGLDOSDUDLQJUHVDU*LUHHOGLDOSDUD GHVDFWLYDUODFRQILJXUDFLyQGHKRUD\PLQXWRV \SUHVLRQHHOGLDOSDUDLQJUHVDU1RWD/D FRQILJXUDFLyQGHKRUDVHKDFHHQ$030 3DUDGHVDFWLYDUODOX]QRFWXUQDDXWRPiWLFDHQ IRUPDSHUPDQHQWHSUHVLRQHHOERWyQ6(77,1*6 FRQILJXUDFLRQHVJLUHHOGLDOSDUDVHOHFFLRQDU $8721,*+7/,*+7OX]QRFWXUQDDXWRPiWLFD\ SUHVLRQHHOGLDOSDUDLQJUHVDU*LUHHOGLDOSDUD VHOHFFLRQDU'($&7,9$7(GHVDFWLYDU\SUHVLRQHHO GLDOSDUDLQJUHVDU 3DUDGHVDFWLYDUODOX]QRFWXUQDDXWRPiWLFDHQ IRUPDSHUPDQHQWHSUHVLRQHHOERWyQ6(77,1*6 FRQILJXUDFLRQHVJLUHHOGLDOSDUDVHOHFFLRQDU 7HPSHUDWXUH 8QLWV XQLGDGHVGH WHPSHUDWXUD 'HOD\6WDUW LQLFLR UHWDUGDGR 2WUDV)XQFLRQHV$GYDQWLXP +RUQR $GYDQWLXP $8721,*+7/,*+7OX]QRFWXUQDDXWRPiWLFD \SUHVLRQHHOGLDOSDUDLQJUHVDU*LUHHOGLDO SDUDVHOHFFLRQDU5(9,(:212))7,0(6UHYLVDU KRUDHQFHQGLGRDSDJDGR\SUHVLRQHHOGLDO SDUDLQJUHVDU/DSDQWDOODPRVWUDUiODKRUD GHHQFHQGLGR\DSDJDGRGHODOX]QRFWXUQD DXWRPiWLFD 1RWD 6LVHSUHVLRQDHOERWyQ685)$&(/,*+7OX]GH VXSHUILFLHPLHQWUDVVHHQFXHQWUDHQFHQGLGDOD OX]QRFWXUQDDXWRPiWLFDODOX]GHVXSHUILFLHVH TXLWDGHODOX]QRFWXUQDDXWRPiWLFDSRUHVDYH] (OERWyQ685)$&(/,*+7OX]GHVXSHUILFLHGHEH SUHVLRQDUVHSDUDDSDJDUODOX]GHVXSHUILFLH/D OX]QRFWXUQDDXWRPiWLFDVHHQFHQGHUiGHQXHYR HQHOSUy[LPRKRUDULRSURJUDPDGR 6LODOX]GHVXSHUILFLH\DVHHQFXHQWUDHQFHQGLGD FXDQGRODOX]QRFWXUQDDXWRPiWLFDVHHQFXHQWUD SURJUDPDGDSDUDHQFHQGHUVHODOX]GHVXSHUILFLH QRXWLOL]DUiODVFRQILJXUDFLRQHVGHODOX]QRFWXUQD DXWRPiWLFD(OERWyQ685)$&(/,*+7OX]GH VXSHUILFLHGHEHSUHVLRQDUVHSDUDDSDJDUOD OX]GHVXSHUILFLH/DOX]QRFWXUQDDXWRPiWLFD VHHQFHQGHUiGHQXHYRHQHOSUy[LPRKRUDULR SURJUDPDGR 3DUDFDPELDUODVXQLGDGHVGHWHPSHUDWXUD )R&\SUHVLRQHHOGLDOSDUDLQJUHVDU SUHVLRQHHOERWyQ6(77,1*6FRQILJXUDFLRQHV \VHOHFFLRQH7(03(5$785(81,76XQLGDGHV GHWHPSHUDWXUD*LUHHOGLDOSDUDVHOHFFLRQDU 8WLOLFHHVWDIXQFLyQGHUHWDUGRFXDQGRHO KRUQRFRPLHQ]DDFRFLQDUHQ&219%$.( KRUQHDUSRUFRQYHFFLyQ&22.%<7,0( FRFLQDUSRUWLHPSR&22.%<7,0( FRFLQDUSRUWLHPSR'()5267%<7,0( GHVFRQJHODUSRUWLHPSRR'()5267%< :(,*+7GHVFRQJHODUSRUSHVR &RQILJXUHHOPRGRGHFRFFLyQ (OKRUQRFRPHQ]DUiHOPRGRGHFRFFLyQ SURJUDPDGRFXDQGRODKRUDDFWXDO\ODKRUD GHLQLFLRUHWDUGDGRVHDQODPLVPD 3UHVLRQHHOERWyQ&22.,1*237,216 RSFLRQHVGHFRFFLyQ *LUHHOGLDOSDUDVHOHFFLRQDU'(/$<67$57 LQLFLRUHWDUGDGR\SUHVLRQHHOGLDOSDUD LQJUHVDU *LUHHOGLDOSDUDFRQILJXUDUODKRUD\ PLQXWRVGHODKRUDGHLQLFLR\SUHVLRQHHO GLDOSDUDLQJUHVDU127$/DFRQILJXUDFLyQ GHKRUDVHKDFHHQ$030 &ORFN UHORM 'HEHSURJUDPDUHOUHORMDQWHVGHXWLOL]DU HOKRUQRSRUSULPHUDYH]&XDQGRSURJUDPH HOUHORMSRUSULPHUDYH]YD\DGLUHFWDPHQWH DOSDVRGRV 3DUDFDPELDUODKRUDGHOUHORMSUHVLRQH ODWHFOD6(77,1*6\JLUHHOGLDOD&/2&. 6(77,1*6DMXVWHVGHOUHORM6HOHFFLRQH6(7 7,0(ODKRUD 2WUDV)XQFLRQHV$GYDQWLXP +RUQR $GYDQWLXP *LUHHOGLDOSDUDDMXVWDUODKRUD 3UHVLyQHORSDUDVHOHFFLRQDU1RWD6H SURJUDPD$030 *LUHHOGLDOSDUDDMXVWDUORVPLQXWRV 3UHVLRQHHOGLDOSDUDVHOHFFLRQDU 8WLOLFHHVWDIXQFLyQSDUDHYLWDUTXHHOSODWR JLUDWRULRJLUHFXDQGRXVDXQSODWRGHPDVLDGR JUDQGHSDUDSRGHUJLUDUHQODFDYLGDG 7XUQWDEOH2Q 2)) SODWRJLUDWRULR 2Q2II 3DUDGHVDFWLYDUHOUHFRUGDWRULRSUHVLRQHHOERWyQ 6(77,1*6FRQILJXUDFLRQHVJLUHHOGLDOSDUD VHOHFFLRQDU5(0,1'(5UHFRUGDWRULR\SUHVLRQH HOGLDOSDUDLQJUHVDU*LUHHOGLDOSDUDVHOHFFLRQDU &/($55(0,1'(5ERUUDUUHFRUGDWRULR\SUHVLRQH HOGLDOSDUDLQJUHVDU 8WLOLFHHVWDIXQFLyQSDUDFRQILJXUDUHO DFFLRQDPLHQWRGHOVRQLGRGHXQDDODUPDHQXQ PRPHQWRHVSHFtILFRGHOGtD 3UHVLRQHHOERWyQ6(77,1*6FRQILJXUDFLRQHV JLUHHOGLDOSDUDVHOHFFLRQDU5(0,1'(5 UHFRUGDWRULR\SUHVLRQHHOGLDOSDUDLQJUHVDU 6HOHFFLRQH6(75(0,1'(5FRQILJXUDU UHFRUGDWRULR\SUHVLRQHHOGLDOSDUDLQJUHVDU *LUHHOGLDOSDUDFRQILJXUDUODKRUD\ PLQXWRV\SUHVLRQHHOGLDOSDUDLQJUHVDU 127$/DFRQILJXUDFLyQGHKRUDVHKDFHHQ $030 5HPLQGHU UHFRUGDWRULR 3UHVLRQHHOERWyQ6(77,1*6 FRQILJXUDFLRQHVJLUHHOGLDOSDUD VHOHFFLRQDU%((3(592/80(YROXPHQ GHOSLWLGRSUHVLRQHHOGLDOSDUDLQJUHVDU 6HOHFFLRQHHOYROXPHQGHOSLWLGRSUHVLRQHHO GLDOSDUDLQJUHVDU 8WLOLFHHVWDFDUDFWHUtVWLFDSDUDDMXVWDUHO YROXPHQGHOSLWLGR8VWHGWDPELpQSXHGH GHVDFWLYDUOD %HHSHU9ROXPH YRXPHQGHOSLWR 3UHVLRQHODWHFOD6(77,1*6JLUHHOGLDOSDUD VHOHFFLRQDU',63/$<212))SDQWDOOD 8WLOLFHHVWDIXQFLyQSDUDHQFHQGHUR DSDJDUODSDQWDOODGHOUHORM 'LVSOD\ 2Q2II SDQWDOOD2Q2II /DFRQYHUVLyQDXWRPiWLFDUHGXFH DXWRPiWLFDPHQWHODWHPSHUDWXUDGH KRUQHDUFRQFRQYHFFLyQ6LHPSUHGHEH LQWURGXFLUODWHPSHUDWXUDGHODUHFHWD\HO KRUQRKDUiHOUHVWR $XWR&RQYHUVLRQ FRQYHUVLyQ DXWRPiWLFD 3UHVLRQHHOERWyQ6(77,1*6FRQILJXUDFLRQHV JLUHHOGLDOSDUDVHOHFFLRQDU78517$%/(212)) SODWRJLUDWRULRHQFHQGLGRDSDJDGR\SUHVLRQHHO GLDOSDUDLQJUHVDU*LUHHOGLDOSDUDVHOHFFLRQDU 78517$%/(21SODWRJLUDWRULRHQFHQGLGRR 78517$%/(2))SODWRJLUDWRULRDSDJDGR\OXHJR SUHVLRQHHOGLDOSDUDLQJUHVDU 127$ (OSODWRJLUDWRULRQRVHGHVDFWLYDHQORVPRGRV FRFFLyQUiSLGDDVDUWRVWDURVHQVRUGH PLFURRQGDV 3DUDFDPELDUHODMXVWHSUHVLyQHODWHFOD6(7 7,1*6\JLUHHOGLDOD$872&219(56,21 3UHVLRQHHOGLDOSDUDVHOHFFLRQDU*LUHHOGLDO SDUDFDPELDUORVDMXVWHVD&219(56,21 21RU&219(56,212))&RQYHUVLyQ HQFHQGLGRRDSDJDGR3UHVLRQHHOGLDOSDUD VHOHFFLRQDU HQFHQGLGDDSDJDGD*LUHHOGLDOSDUD VHOHFFLRQDU&/2&.',63/$<21RU&/2&. ',63/$<2)HOUHORMGHODSDQWDOODHQFHQGLGR RDSDJDGR3UHVLRQHHOGLDOSDUDVHOHFFLRQDU 3DUDGHVDFWLYDUODKRUDGHOUHFRUGDWRULRSUHVLRQH HOERWyQ6(77,1*6FRQILJXUDFLRQHVJLUHHO GLDOSDUDVHOHFFLRQDU5(0,1'(5UHFRUGDWRULR \SUHVLRQHHOGLDOSDUDLQJUHVDU*LUHHOGLDO SDUDVHOHFFLRQDU5(9,(:5(0,1'(5UHYLVDU UHFRUGDWRULR\SUHVLRQHHOGLDOSDUDLQJUHVDU/D SDQWDOODPRVWUDUi 6LVHVHOHFFLRQD78517$%/(2))SODWRJLUDWRULR DSDJDGRGXUDQWHODFRFFLyQHOSODWRJLUDWRULR VHGHVDFWLYDUiKDVWDHOILQDOGHHVWHFLFORGH FRFFLyQ(OSODWRJLUDWRULRYROYHUiDIXQFLRQDU HQHOSUy[LPRFLFORGHFRFFLyQ\VLVHXWLOL]DOD IXQFLyQ5(680(UHDQXGDU 6LVHVHOHFFLRQD78517$%/(2))SODWRJLUDWRULR DSDJDGRDQWHVGHFRPHQ]DUDFRFLQDUHO SODWRJLUDWRULRSHUPDQHFHUiGHVDFWLYDGR SDUDFXDOTXLHUFRFFLyQTXHVHLQLFLHHQORV SUy[LPRVPLQXWRV'HVSXpVGHORVPLQXWRV HOSODWRJLUDWRULRYROYHUiDXWRPiWLFDPHQWHD 78517$%/(21SODWRJLUDWRULRHQFHQGLGR 3DUDXVDUWRGRV ORVSURJUDPDV FRQVHQVRU &RFLQDQGRHQHO0LFURRQGD\2WUDV)XQFLRQHV$GYDQWLXP +RUQR $GYDQWLXP 3DUDXVDUWRGDVODVIXQFLRQHVFRQVHQVRU 3 UHVLRQHHOERWyQ0,&52:$9( PLFURRQGDV *LUHHOGLDOSDUDVHOHFFLRQDU&22. %<)22'FRFLQDUSRUDOLPHQWR XELFDGRGHEDMRGH&22.5(+($7 UHFDOHQWDUR6,00(5IXHJROHQWR *DUD&22.%<)22'FRFLQDUSRU DOLPHQWR\5(+($7UHFDOHQWDU VHOHFFLRQHXQDOLPHQWR\SUHVLRQH HOGLDOSDUDLQJUHVDU3DUD6,00(5 IXHJROHQWRFRQILJXUHHOWLHPSR SDUDFRFFLyQDIXHJROHQWR GHVSXpVGHTXHODVRSDVDOVDR HVWRIDGRKD\DDOFDQ]DGRHOKHUYRU 3UHVLRQHHOGLDORHOERWyQ67$57 3$86(LQLFLDUSDXVDSDUDLQLFLDUOD FRFFLyQ 1RDEUDODSXHUWDGHOKRUQRKDVWD TXHFRPLHQFHODFXHQWDUHJUHVLYDHQ ODSDQWDOOD6LXVWHGDEUHODSXHUWD PLHQWUDVVHUHDOL]DODFRFFLyQSRU VHQVRUDSDUHFHUiHQODSDQWDOOD´6HQVRU (UURU&ORVHGRRUDQGSUHVV67$57µ (UURUGHVHQVRU²&LHUUHODSXHUWD\ SUHVLRQH67$57&LHUUHODSXHUWDGH LQPHGLDWR\SUHVLRQHHOERWyQ67$57 3$86(LQLFLDUSDXVDSDUDUHFRPHQ]DU $'9(57(1&,$ 5LHVJRGH)XHJR 1RXWOLFHODIXQFWLyQFRQVHQVRUGRV YHFHVFRQVHFXWLYDVHQODPLVPDSRUFLyQ GHFRPLGDODFRPLGDSXHGHUHVXOWDU VHULDPHQWHFRFLQDGDRTXHPDGD6LOH IDOWDFRFLPLHQWRDODFRPLGDDOILQDOGHO WLHPSRGHFRFLPLHQWRFRQVHQVRUXWOLFH &22.%<7,0(FRFLPLHQWRFRQWLHPSR HQHOVHOHFWRUGHOPLFURRQGDSDUD FRFLQDUODPiVWLHPSR &RFLPLHQWR FRPSOHWR 3DUDDFRUWDURSURORQJDUHOWLHPSR GHFRFFLyQHVSHUHDTXHODFXHQWD UHJUHVLYDDSDUH]FDHQODSDQWDOOD /XHJRJLUHHOGLDOSDUDDJUHJDUR UHVWDUWLHPSR 1RWDVVREUHHOSURJUDPD5HKHDW UHFDOHQWDU /RVDOLPHQWRVUHFDOHQWDGRVSXHGHQ WHQHUDPSOLDVYDULDFLRQHVGH WHPSHUDWXUD$OJXQDViUHDVSXHGHQ HVWDUH[WUHPDGDPHQWHFDOLHQWHV (VPHMRUXWLOL]DU&22.%<7,0( FRFLQDUSRUWLHPSR\QR5(+($7 UHFDOHQWDUFRQHVWRVDOLPHQWRV 3URGXFWRVSDQLILFDGRV $OLPHQWRVTXHGHEHQUHFDOHQWDUVH VLQWDSD $OLPHQWRVTXHGHEHQPH]FODUVHR JLUDUVH $OLPHQWRVTXHGHEHQTXHGDUFRQ DVSHFWRRVXSHUILFLHVFUXMLHQWHV GHVSXpVGHUHFDOHQWDUVH &yPRDMXVWDUODVFRQILJXUDFLRQHV DXWRPiWLFDVGHOKRUQR&22.%< )22'FRFLQDUSRUDOLPHQWR\5(+($7 UHFDOHQWDUSDUDREWHQHUXQWLHPSRGH FRFFLyQPD\RURPHQRUQRGLVSRQLEOH HQWRGRVORVWLSRVGHDOLPHQWRV 3DUDUHGXFLUORVWLHPSRVGHFRFFLyQ DXWRPiWLFRV'HVSXpVGHTXHHOKRUQR VHDFFLRQDJLUHHOGLDOHQVHQWLGR FRQWUDULRDODVDJXMDVGHOUHORMKDVWD TXHDSDUH]FDXQVLJQRPHQRV´´RXQ VLJQRPHQRVGREOH´´\SUHVLRQHHO GLDOSDUDLQJUHVDU8QVLJQRPHQRV´´ HVXQDUHGXFFLyQGHOGHOWLHPSR GHFRFFLyQ\XQVLJQRPHQRVGREOH´ ´HVXQDUHGXFFLyQGHOGHOWLHPSR GHFRFFLyQ RLUiXQSLWLGRXQDYH]SRUPLQXWR KDVWDTXHVHDEUDODSXHUWDGHOKRUQR RVHSUHVLRQHHOERWyQ&/($52)) ERUUDUDSDJDGR 3DUDUHFRUGDUOHTXHKD\DOLPHQWRV HQHOKRUQRHQODSDQWDOODSRGUi YHUVHHOPRGRGHFRFFLyQ\&22.,1* &203/(7(FRFFLyQFRPSOHWD\VH 3DUDDXPHQWDUORVWLHPSRVGHFRFFLyQ DXWRPiWLFRV'HVSXpVGHTXHHOKRUQR VHDFFLRQDJLUHHOGLDOHQVHQWLGRGHODV DJXMDVGHOUHORMKDVWDTXHDSDUH]FDXQ VLJQRPiV´´RXQVLJQRPiVGREOH ´´\SUHVLRQHHOGLDOSDUDLQJUHVDU 8QVLJQRPiV´´HVXQDXPHQWRGHO GHOWLHPSRGHFRFFLyQ\XQVLJQR PiVGREOH´´HVXQDXPHQWRGHO GHOWLHPSRGHFRFFLyQ 6LXVWHGKDHVWDGRFRFLQDQGR \HOKRUQRHVWiFDOLHQWHSXHGH LQGLFDUTXHVHHQFXHQWUDPX\ FDOLHQWHSDUDFRFLQDUSRUVHQVRU (QHVHFDVRHOKRUQRFDPELDUi DXWRPiWLFDPHQWHDFRFFLyQSRU WLHPSR\SXHGHSUHJXQWDUVREUHHO SHVRRODFDQWLGDGGHDOLPHQWRV &RQVHMRVSDUD HOFRFLPLHQWR FRQVHQVRUGHO PLFURRQGD &RFLQDQGRHQHO0LFURRQGD +RUQR $GYDQWLXP (OPRGRGHPLFURRQGDGHOKRUQR $GYDQWLXPWLHQHXQVHQVRUGH FRFLPLHQWR\UHFDOHQWDPLHQWR(OKRUQR GHWHFWDDXWRPiWLFDPHQWHVLODFRPLGD HVWiFRFLQDGD\VHDSDJDHOVROR HOLPLQDQGRODQHFHVLGDGGHSURJUDPDU WLHPSRVGHFRFLPLHQWR\QLYHOHVGH SRWHQFLD /DVIXQFLRQHVFRQVHQVRUGHWHFWDQ ODKXPHGDGFUHFLHQWHOLEHUDGD GXUDQWHHOFRFLPLHQWR(OKRUQR DMXVWDDXWRPiWLFDPHQWHHOWLHPSR GHFRFLPLHQWRSDUDYDULRVWLSRV\ FDQWLGDGHVGHFRPLGD &XELHUWD $'9(57(1&,$ 5LHVJRGHIXHJR 1RXWLOLFHODVIXQFLRQHVFRQVHQVRUGRV YHFHVFRQVHFXWLYDVHQODPLVPDSRUFLyQ GHFRPLGD²VHSXHGHVREUHFRFLQDUR TXHPDU6LODFRPLGDHVWiFUXGDGHVSXpV GHWHUPLQDUHOSULPHUWLHPSRXWLOLFH 7,0(&22.FRFLPLHQWRFRQWLHPSRSDUD DJUHJDUWLHPSRDGLFLRQDOGHFRFLPLHQWR /RVUHFLSLHQWHV\FXELHUWDVDGHFXDGDV VRQHVHQFLDOHVSDUDXQPHMRU FRFLPLHQWRFRQVHQVRU 6LHPSUHXWLOLFHUHFLSLHQWHVVHJXURV SDUDHOPLFURRQGDV\F~EUDORVFRQ WDSDGHUDVRHQYROWXUDSOiVWLFD YHQWLODGD1XQFDXWLOLFHFXELHUWDV SOiVWLFDVKHUPpWLFDV²\DTXHHYLWDQ TXHODKXPHGDGVDOJD\VHSXHGH VREUHFRFLQDUODFRPLGD 9HQWLODGD 6HTXHORVSODWRVSDUDTXH QRVHHTXLYRTXHHOVHQVRU $QWHVGHFRORFDUODFRPLGDDGHQWUR GHOKRUQRDVHJ~UHVHGHTXHHOH[WHULRU GHORVUHFLSLHQWHV\TXHHOLQWHULRU GHOKRUQRHVWpQVHFRV/DVJRWDVGH KXPHGDGTXHVHFRQYLHUWHQHQYDSRU SXHGHQHQJDxDUDOVHQVRU /DVSDORPLWDVGHPDt]\ODVSDSDV VHFDOLHQWDQPHMRUGHVWDSDGDV 352*5$0$6'(6(1625'(/0,&5221'$ 5HFDOHQWDUSDVWD 3DORPLWDVGH0Dt] 3DORPLWDVGHPDt]HQSDTXHWH SDUDHOPLFURRQGDVR]DR] 5HFDOHQWDUSROOR &DUQHPROLGD 6RSD 5HFDOHQWDUXQSODWRGHFRPLGD 5HFDOHQWDUVRSD 5HFDOHQWDUYHJHWDOHV $UUR] 9HJHWDOHVHQODWDGRVIUHVFRV FRQJHODGRV 5HFDOHQWDUYHJHWDOHV &RFLPLHQWROHQWR 'HVFRQJHODUSRU WLSRGHFRPLGD &RFLQDQGRHQHO0LFURRQGD +RUQR $GYDQWLXP '(6&21*(/$53257,32'(&20,'$ DMXVWDDXWRPiWLFDPHQWHORVWLHPSRV \QLYHOHVGHSRWHQFLDGHGHVFRQJH ODFLyQSDUDGDUUHVXOWDGRVPiV SDUHMRVDODVFDUQHVSROOR\SHVFDGR TXHSHVDQKDVWDOLEUDV 5HWLUHODFDUQHGHOHPSDTXH\ FROyTXHODHQXQSODWRVHJXUR SDUDHOPLFURRQGDV(OSDQGHEH SHUPDQHFHUHQHOHPSDTXHSHUR UHWLUHORVDPDUUHVGHPHWDO 3UHVLRQHODWHFOD0,&52:$9( *LUHHOGLDOD'()52673UHVLRQHHO GLDOSDUDVHOHFFLRQDU *LUHHOGLDOSDUD'(6&21*(/$5 3257,32'(&20,'$3UHVLRQHHO GLDOSDUDVHOHFFLRQDU 3UHVLRQHHOGLDOSDUDHVFRJHUUHO WLSRGHFRPLGD3UHVLRQHHOGLDO SDUDVHOHFFLRQDU *LUHHOGLDODOSHVRGHODFRPLGD XWLOLFHOD*XtDGH&RQYHUVLyQGHOD GHUHFKD3RUHMHPSORGLDOSDUD OLEUDVOLEUDRQ]DV3UHVLRQH HOGLDOSDUDVHOHFFLRQDU 3UHVLRQHHOGLDORODWHFOD67$57 3$86(SDUDFRPHQ]DUDGHVFRQJH ODU 3DUDXQDGHVFRQJHODFLyQSDUHMD UHWLUHODFDUQHGHVFRQJHODGDR IRUUHODViUHDVWLELDVFRQSHTXHxRV SHGD]RVGHDOXPLQLR 'HVSXpVGHGHVFRQJHODUODPD\RUtD GHODVFDUQHVQHFHVLWDQGHVFDQVDU PLQXWRVSDUDFRPSOHWDUOD GHVFRQJHODFLyQ/RVURVWL]DGRV JUDQGHVGHEHQGHVFDQVDU DSUR[LGDPHQWHPLQXWRV *XtDGH&RQYHUVLyQ 6LHOSHVRGHODFRPLGDHVWiHQOLEUDV\ RQ]DVODVRQ]DVGHEHQVHUFRQYHUWLGDV DODGpFLPDSDUWHGHXQDOLEUD :HLJKWRI)RRG LQ2XQFHV ² ² ² ² ² ² (QWHU)RRG:HLJKW WHQWKVRIDSRXQG 9ROWHHODFRPLGDFXDQGRHOKRUQR OHLQGLTXH7851)22'29(5 &RFLQDQGRHQHO0LFURRQG +RUQR $GYDQWLXP (OQLYHOGHSRWHQFLDVHDMXVWH 8WLOLFHOD'(6&21*(/$&,Ï1&21 DXWRPiWLFDPHQWHHQSHURORSXHGH 7,(032SDUDGHVFRQJHODUGXUDQWH FDPELDU3DUDFDPELDUORVQLYHOHV XQWLHPSRVHOHFFLRQDGR GHSRWHQFLDYHDODVLQVWUXFFLRQHVGH 3UHVLRQHODWHFOD0,&52:$9( 1LYHOHVGH3RWHQFLDGHO0LFURRQGD *LUHHOGLDOVHOHFWRUD'()5267 8VWHGSXHGHGHVFRQJHODUUiSLGDPHQWH 3UHVLRQHHOGLDOSDUDVHOHFFLRQDU SHTXHxDVFDQWLGDGHVGHDOLPHQWRV *LUHHOGLDOVHOHFWRUD'()5267 DOHOHYDUHOQLYHOGHSRWHQFLDGHVSXpV %<7,0(3UHVLRQHHOGLDOSDUD GHHQWUDUHOWLHPSR(OQLYHOGH VHOHFFLRQDU SRWHQFLDDFRUWDHOWLHPSRWRWDOGH GHVFRQJHODFLyQDODPLWDGHOQLYHOGH *LUHHOGLDOVHOHFWRUSDUDVHOHFFLR SRWHQFLDDFRUWDHOWLHPSRWRWDOHQ QDUHOWLHPSRTXHGHVHD3UHVLRQHHO DSUR[LPDGDPHQWH$OGHVFRQJHODUHQ GLDOSDUDVHOHFFLRQDU QLYHOHVGHSRWHQFLDDOWRVORVDOLPHQWRV QHFHVLWDUiQXQDIUHFXHQWHDWHQFLyQ PiVGHODXVXDO\pVWRVVHSXHGHQ FRFLQDUXQSRFR 'HVFRJHODFLyQ FRQWLHPSR 8WLOLFH'(6&21*(/$53257,32'( /DVFRPLGDVTXHVHDUUXLQDQ &20,'$SDUDFDUQHSROORSHVFDGR\SDQ IiFLOPHQWHQRGHEHQSHUPDQHFHU 8WLOLFH'(6&21*(/$5&217,(032SDUD DIXHUDSRUPiVGHXQDKRUD ODPD\RUtDGHODVFRPLGDVFRQJHODGDV GHVSXHVGHGHVFRQJHODUOD/D WHPSHUDWXUDDPELHQWHSURPXHYHHO /DVFRPLGDVFRQJHODGDVHQSDSHO FUHFLPLHQWRGHEDFWHUtDVGDxLQDV RSOiVWLFRSXHGHQGHVFRQJHODUVH $OGHVFRQJHODUVHODFRPLGDGHEH HQHOHPSDTXHFXDQGRXWLOL]D HVWDUIUtDSHURVXDYHHQWRGDVODV '(6&21*(/$&,Ï1&217,(032 iUHDV6LWRGDYtDWLHQHXQSRFRGH &XDQGRXWLOL]D'(6&21*(/$&,Ï1 KLHORUHJUpVHODEUHYHPHQWHDO 3257,32'(&20,'$GHEHUUHWLUDUOD PLFURRQGDVRGpMHODGHVFDQVDUXQ FDUQHGHOHPSDTXH/RVHPSDTXHV SDUGHPLQXWRV FHUUDGRVGHEHQUDQXUDUVHSLQFKDUVH RYHQWLODUVHGHVSXpVGHTXHODFRPL $OGHVFRQJHODURPiVOLEUDVGH GDHVWpSDUFLDOPHQWHGHVFRQJHODGD FDUQHPROLGDRHQFXERVUHWLUHODV /RVUHFLSLHQWHVSOiVWLFRVGHEHQ SRUFLRQHVGHVFRQJHODGDVFXDQGR HVWDUSDUFLDOPHQWHGHVWDSDGRV VHOHLQGLTXHTXHGHEHYROWHDUOR /DVFHQDVIDPLOLDUDVFRQJHODGDV SUHHPSDFDGDVSXHGHQ GHVFRQJHODUVH\FRFLQDUVHHQHO PLFURRQGDV6LODFRPLGDHVWiHQXQ UHFLSLHQWHGHDOXPLQLRWUDQVILpUDODD XQSODWRVHJXURSDUDHOPLFRRQGDV &RQVHMRVSDUD GHVFRQJHODU 9HDODVVHFFLRQHVGH0<5(&,3(0LV 5HFHWDVHQODVHFFLyQGH&RFLPLHQWR 5iSLGRGHHVWHOLEURSDUDYHUODV LQVWUXFFLRQHVGHFyPRJXDUGDU XVDUFDPELDURHOLPLQDUXQDUHFHWD SHUVRQDOL]DGDGHOPLFURRQGD 0LV5HFHWDV 3UHVLRQH0,&526(&6UHSHWtGDPHQWH SDUDLQFUHPHQWDUVHJXQGRVHOWLHP SRGHFRFLPLHQWRHQHOPLFURRQGDV(O KRUQRDUUDQFDLQPHGLDWDPHQWH (OQLYHOGHSRWHQFLDVHDMXVWD DXWRPiWLFDPHQWHHQDOWRSHURORSXHGH FDPELDUSDUDPD\RUIOH[LELOLGDG9HDODV LQVWUXFFLRQHVHQODVHFFLyQ1LYHOHVGH 3RWHQFLDGHO0LFURRQGDV 0LFUR VHJXQGRV 3UHVLRQHHOGLDORODWHFOD 67$573$86(SDUDFRPHQ]DUD GHVFRQJHODU 9ROWHHODFRPLGDFXDQGRHOKRUQR OHLQGLTXH7851)22'29(5 &RFLQDQGRHQHO0LFURRQGD +RUQR $GYDQWLXP OHLQGLTXHHOKRUQR3UHVLRQHHOGLDO GHVSXpVGHFDGDVHOHFFLyQ 3UHVLRQHHOGLDORHOERWyQ67$573$86( LQLFLDUSDXVDSDUDLQLFLDUODFRFFLyQ 3UHVLRQHODWHFOD0,&52:$9( 6LQRKDFHQLQJXQDVHOHFFLyQHQ VHJXQGRVODSDQWDOODUHJUHVDUiDOD KRUDGHOGtD *LUHHOGLDOSDUDVHOHFFLRQDU&22. FRFLQDU'()5267GHVFRQJHODU %(9(5$*(EHELGD323&251 SDORPLWDVGHPDt]0(/7GHUUHWLU 5(+($7UHFDOHQWDU6,00(5IXHJR OHQWR\62)7(1DEODQGDU *LUHHOGLDOSDUDHQFRQWUDUODFRPLGD TXHGHVHDFRFLQDUGHVFRQJHODU RUHFDOHQWDU3UHVLRQHHOGLDOSDUD VHOHFFLRQDU *LUHHOGLDOVHOHFWRUSDUDVHOHFFLRQDUHO WLSRFDQWLGDGSHVR\RWDPDxRFRPR &yPRXWLOL]DU ODVVHOHFFLRQHV SUHGHWHUPL QDGDVGH PLFURRQGD GHHQHUJtDGHOPLFURRQGDV3UHVLRQH HOGLDOSDUDLQJUHVDUHOWLHPSRGH FRFFLyQ\ORVFDPELRVDOQLYHOGH HQHUJtD /RVVLJXLHQWHVVRQDOJXQRVHMHPSORV GHGLIHUHQWHVQLYHOHVGHHQHUJtD +LJKDOWR3HVFDGRWRFLQR YHJHWDOHVOtTXLGRVHQKHUYRU 0HG+LJKPHGDOWR&RFFLyQVXDYH GHFDUQHGHUHV\GHDYHKRUQHDGRGH HVWRIDGRV\UHFDOHQWDPLHQWR 0HGLXPPHGLR3DUDFRFFLyQOHQWD \SDUDWLHUQL]DUHVWRIDGRV\FRUWHVGH FDUQHPHQRVWLHUQRV /RZDEDMRy'HVFRQJHODUKHUYLU DIXHJROHQWRVDOVDVGHOLFDGDV :DUPWLELR0DQWHQHUDOLPHQWRV FDOLHQWHVDEODQGDUPDQWHTXLOOD (OQLYHOGHHQHUJtDGHOPLFURRQGDVVH FRQILJXUDDXWRPiWLFDPHQWHHQWRGDV ODVIXQFLRQHVGHOPLFURRQGDVSHURXVWHG SXHGHFDPELDUORSRU&22.%<7,0( FRFLQDUSRUWLHPSR&22.%<7,0( FRFLQDUSRUWLHPSR0,&52 6(&6PLFURVHJ\'()5267%<7,0( GHVFRQJHODUSRUWLHPSR 3ULPHURVLJDODVLQVWUXFFLRQHVSDUD &22.%<7,0(FRFLQDUSRUWLHPSR &22.%<7,0(FRFLQDUSRU WLHPSR0,&52PLFUR\ '()5267%<7,0(GHVFRQJHODUSRU WLHPSR 6HOHFFLRQH67$57LQLFLDURSUHVLRQH HOERWyQ67$573$86(LQLFLDUSDXVD SDUDLQLFLDU 3UHVLRQH(',7HGLWDUSDUDFDPELDU HOWLHPSRGHFRFFLyQ\OXHJRHOQLYHO 1LYHOHVGH SRWHQFLDGH PLFURRQGD &RFLPLHQWR FRQWLHPSR 8WLOLFH&2&,1$5&217,(032SDUD FRFLQDUHQHOPLFURRQGDDOLPHQWRVTXH QRVHHQFXHQWUDQHQODVVHOHFFLRQHV SUHGHWHUPLQDGDVGHOPLFURRQGDV 3UHVLRQHODWHFOD0,&52:$9( 3 UHVLRQHHOGLDOSDUDVHOHFFLRQDU &2&,1$5&217,(032\OXHJRSUH VLyQHORSDUDVHOHFFLRQDU *LUHHOGLDOSDUDDMXVWDUHOWLHPSRGH FRFLPLHQWR\OXHJRSUHVLyQHORSDUD VHOHFFLRQDU &RFLPLHQWRFRQ WLHPSR\ 8WLOLFH&22.%<7,0(&2&,1$5 &217,(032<SDUDFRFLQDUFRQ PLFURRQGDORVDOLPHQWRVTXHUHTXLHUHQ GRVGLIHUHQWHVWLHPSRV\QLYHOHVGH SRWHQFLD 3UHVLRQHODWHFOD0,&52:$9( *LUHHOGLDOSDUDVHOHFFLRQDU&22.\ SUHVLyQHORSDUDVHOHFFLRQDU *LUHHOGLDOSDUDVHOHFFLRQDUHO&22. %<7,0(&RFLPLHQWRFRQWLHPSR \\SUHVLyQHORSDUDVHOHFFLRQDU 3UHVLRQHHOGLDOVHOHFWRUSDUDUHYLVDUORV DMXVWHVGXUDQWHHOFRFLPLHQWR 6LDEUHODSXHUWDGXUDQWHHOFRFLPLHQWR HOKRUQRVHGHWHQGUi\ODSDQWDOOD PRVWUDUi3$86(&LHUUHODSXHUWD\ SUHVLRQH67$573$86(SDUDUHDQXGDU HOFRFLPLHQWR 6LHQWUyXQDVHOHFFLyQQRGHVHDGD VLPSOHPHQWHSUHVLRQHHQFXDOTXLHU PRPHQWRODWHFOD%$&.\YXHOWDD LQWURGXFLUODVVHOHFFLRQHVGHVHDGDV *LUHHOGLDOSDUDDMXVWDUHOQLYHOGH SRWHQFLDOXHJRSUHVLyQHORSDUD VHOHFFLRQDU 3UHVLRQHHOGLDORODWHFOD67$573$86( SDUDFRPHQ]DUDFRFLQDU 3XHGHDEULUODSXHUWDGXUDQWHHO&2&, 0,(172&217,(032SDUDUHYLVDUOD FRPLGD&LHUUHODSXHUWD\SUHVLRQH 67$573$86(SDUDUHDQXGDUHO FRFLPLHQWR *LUHHOGLDOSDUDDMXVWDUHOHU WLHPSR\SUHVLyQHORSDUDVHOHFFLRQDU 5HSLWDSDUDHOHUQLYHOGHSRWHQFLDHO GRWLHPSR\HOGRQLYHOGHSRWHQFLD 3UHVLRQHHOGLDORODWHFOD67$57 3$86(SDUDFRPHQ]DUDFRFLQDU 8VRGHODV IXQFLRQHVGH PLFURRQGD &RFLQDQGRHQHO0LFURRQGD +RUQR $GYDQWLXP $VHJ~UHVHTXHHOSODWRJLUDWRULRHVWpHQVXOXJDU8WLOLFHODEDQGHMDGHYLGULRFODUR &RORTXHORVDOLPHQWRVRHOUHFLSLHQWHSDUDPLFURRQGDVGLUHFWDPHQWHHQODEDQGHMD GHYLGULRFODURSDUDFRFLQDUORVDOLPHQWRV &XDQGRXWLOLFHHOKRUQRHOSODWRJLUDWRULR GHEHHVWDUVLHPSUHHQVXOXJDU 5HFLSLHQWHVGHFRFLPLHQWR &XDQGRFRFLQHHQHOPLFURRQGDVOD EDQGHMDGHYLGULRFODURVLHPSUHGHEH HVWDUHQVXOXJDU $VHJ~UHVHTXHWRGRVORVUHFLSLHQWHVVHDQ DGHFXDGRVSDUDFRFLQDUHQPLFURRQGDV 6(/(&&,21(635('(7(50,1$'$63$5$(/0,&5221'$6 &RFLPLHQWR ²3RUWLSRGHFRPLGD ²3RUWLHPSR ²3RUWLHPSR\ 'HVFRQJHODFLyQ OEUiSLGR 3RUWLHPSR 3RUWLSRGHFRPLGD 3RUSHVR 'HUUHWLU $EODQGDU /RTXHHV QRUPDO &RQVHMRV GH FRFLPLHQWR %HELGDV $JXDR] &DIpR] 7pR] /HFKHR] &RFRDFDOLHQWHR] 3DORPLWDVGH0Dt] DR] 'HUUHWWLU 0DQWHTXLOOD &DUDPHOR 4XHVR &KLVSDVGH &KRFRODWH 0DODYDYLVFRV &RFLPLHQWR/HQWR $EODQGDU 0DQWHTXLOOD 4XHVR&UHPD *ODVHDGRVR] +HODGR 5HFDOHQWDU ²%HELGDV ²&DFHURODV ²3ROOR ²3DVWD ²3L]]D ²3ODWRGHFRPLGD ²$UUR] ²6RSD ²)LOHWHV&KXOHWDV ²9HJHWDOHV /RVUHFLSLHQWHVVHSXHGHQFDOHQWDU GHELGRDODWUDQVIHUHQFLDGHFDORUGHORV DOLPHQWRVFDOLHQWHV8WLOLFHJXDQWHVSDUD PDQLSXODUORV 6HSXHGHREVHUYDULQWHUIHUHQFLDGH79 UDGLRFXDQGRXWLOL]DHOPLFURRQGDVLPLODUD ODLQWHUIHUHQFLDFDXVDGDSRURWURVDSDUD WRVSHTXHxRV(VWRQRLQGLFDXQSUREOHPD FRQHOPLFURRQGD0XHYDHOUDGLRROD79OR PiVOHMRVSRVLEOHGHOPLFURRQGDRUHYLVHOD SRVLFLyQGHODDQWHQDGHOD79UDGLR &DORUGHO+RUQR ,QWHUIHUHQFLD &XDQGRFRFLQHWRFLQRFRORTXHODWLUDVHQ FDSDVVREUHHOSODWR&XEUDFDGDFDSD FRQSDSHOWRDOOD &XDQGRFRFLQHYHJHWDOHVXWLOLFHXQDFDFH URODRWD]yQVHJXURSDUDHOPLFURRQGDV &~EUDORVFRQXQDWDSDVHJXURSDUDHO PLFURRQGDVRFRQXQHQYROWRULRSOiVWLFR YHQWLODGR (OYDSRUVHSXHGHVDOLUDOUHGHGRUGHOD SXHUWD 3DUDYHJHWDOHVFRQJHODGRVDJUHJXHDJXD GHDFXHUGRFRQODVLQVWUXFFLRQHVGHOSDTXHWH 3DUDYHJHWDOHVIUHVFRVDJUpJXHOH FXFKDUDGDVGHDJXDDFDGDSRUFLyQ &DOHQWDU &DOHQWDU\)HUPHQWDU +RUQR $GYDQWLXP /DIXQFLyQ:$50PDQWHQGUi FDOLHQWHODVFRPLGDVFRFLQDGDVD WHPSHUDWXUDVGHVHUYLFLR6LHPSUH FRPLHQFHFRQODFRPLGDFDOLHQWH 8WLOLFHUHFLSLHQWHV\XWHQVLOLRVTXH SXHGDQVRSRUWDUWHPSHUDWXUDVKDVWD ) 3UHVLRQHODRSFLyQ&22.,1* 237,216RSFLRQHVGHFRFLPLHQWR *LUHHOGLDOSDUDVHOHFFLRQDU:$50 3UHVLRQHHOGLDOSDUDVHOHFFLRQDU *LUHHOGLDOSDUDVHOHFFLRQDUHOQLYHO GHKXPHGDGTXHGHVHD9HDHO FXDGUR\FRQVHMRVDFRQWLQXDFLyQ 3UHVLRQHHOGLDOSDUDVHOHFFLRQDU 6HOHFFLRQH67$57LQLFLDURSUHVLRQH HOERWyQ67$573$86(LQLFLDU SDXVDSDUDLQLFLDU(OKRUQR FRPLHQ]DDFDOHQWDUGHLQPHGLDWR HLQGLFDODFDQWLGDGGHWLHPSR GHFDOHQWDPLHQWRTXHVHGHEH FRPSOHWDU 6LODSXHUWDGHOKRUQRVHDEUHGXUDQWH HOFDOHQWDPLHQWR´3DXVHµSDXVD DSDUHFHUiHQODSDQWDOOD&LHUUHOD SXHUWD\SUHVLRQHHOERWyQ67$573$86( LQLFLDUSDXVD 3DUDKDFHUFUXMLHQWHORVDOLPHQWRV YLHMRV 6HOHFFLRQHHODMXVWHGH&5,63 3UHFDOLHQWHHOKRUQRGXUDQWH PLQXWRV 127$6yORSUHFDOLHQWHFXDQGR GHVHHKDFHUFUXMLHQWHORVDOLPHQWRV YLHMRV &RORTXHODFRPLGDRORVSODWRV GLUHFWDPHQWHHQODEDQGHMDGH PHWDO 5HYLVHSDUDYHUVLHVWiFUXMLHQWH GHVSXpVGHPLQXWRV6LHVQHFH VDULRDJUHJXHPiVWLHPSR &XDGURGH6HOHFFLyQGH7HPSHUDWXUD\+XPHGDG 7LSRGH&RPLGD &XDQGRXWLOLFHHOKRUQRHOSODWRJLUDWRULR GHEHHVWDUVLHPSUHHQVXOXJDU 3DUDFDOHQWDUFRORTXHORVDOLPHQWRV RHOUHFLSLHQWHVHJXURSDUDHOKRUQR GLUHFWDPHQWHHQODEDQGHMDGHPHWDO )HUPHQWDU &XDQGRXWLOLFHHOKRUQRHOSODWRJLUDWRULR GHEHHVWDUVLHPSUHHQVXOXJDU 3DUDIHUPHQWDUFRORTXHODPDVDHQXQ WD]yQSDQDSDUDSDQ\FROyTXHODHQOD EDQGHMDGHPHWDO $MXVWHGH+XPHGDG &DFHURODV &KLOL6RSD 3DQTXHTXHVZDIIOHV 3L]]D 3DSDVKRUQHDGDV 3DSDOLQDV*DOOHWDV +~PHGR +~PHGR +~PHGR &UXMLHQWH &UXMLHQWH &UXMLHQWH 5HYLVHORVSURGXFWRVGHSDQDQWHV SDUDHYLWDUVREUHIHUPHQWDUORV 127$6 1RXWLOLFHHOPRGRGHIHUPHQWDFLyQ SDUDFDOHQWDUDOLPHQWRVRSDUD PDQWHQHUFDOLHQWHODFRPLGD/D WHPSHUDWXUDGHIHUPHQWDFLyQQR HVORVXILFLHQWHPHQWHFDOLHQWHSDUD PDQWHQHUODFRPLGDDWHPSHUDWXUDV VHJXUDV8WLOLFHODIXQFLyQ:$50 SDUDPDQWHQHUODFRPLGDFDOLHQWH /DIXQFLyQGHIHUPHQWDFLyQQR RSHUDUiVLHOKRUQRHVWiGHPDVLDGR FDOLHQWH3HUPLWDTXHHOKRUQRVH HQIUtHDQWHVGHIHUPHQWDU /DIXQFLyQSDUDIHUPHQWDUVXPLQLVWUD DXWRPiWLFDPHQWHODWHPSHUDWXUD DSURSLDGDSDUDHOSURFHVRGH IHUPHQWDFLyQSRUORWDQWRQRQHFHVLWD DMXVWDUODWHPSHUDWXUD 3UHVLRQHODRSFLyQ&22.,1* 237,216RSFLRQHVGHFRFLPLHQWR *LUHHOGLDOSDUDVHOHFFLRQDU3522) OHXGDU\SUHVLRQHSDUDLQJUHVDU 6HOHFFLRQH67$57LQLFLDURSUHVLRQH HOERWyQ67$573$86(LQLFLDU SDXVDSDUDLQLFLDU(OKRUQR FRPLHQ]DDOHXGDUGHLQPHGLDWR HLQGLFDODFDQWLGDGGHWLHPSRGH OHXGDGRTXHVHGHEHFRPSOHWDU 3DUDHYLWDUEDMDUODWHPSHUDWXUD GHOKRUQR\SURORQJDUHOWLHPSRGH IHUPHQWDFLyQQRDEUDODSXHUWDGHO KRUQRVLQQHFHVLGDG &RQVHMRVSDUDDOLPHQWRVK~PHGRV &XEUDORVDOLPHQWRVFRQXQDWDSDR FRQSDSHOGHDOXPLQLR 1RXWLOLFHUHFLSLHQWHVSOiVWLFRVQL HQYROWRULRVSOiVWLFRV 1RHVQHFHVDULRSUHFDOHQWDU &RQVHMRVSDUDDOLPHQWRVFUXMLHQWHV 1RFXEUDORVDOLPHQWRV 1RXWLOLFHUHFLSLHQWHVSOiVWLFRVQL HQYROWRULRVSOiVWLFRV 1RHVQHFHVDULRSUHFDOHQWDUDPHQRV TXHGHVHHKDFHUFUXMLHQWHDOLPHQWRV YLHMRV9HD+DFHUFUXMLHQWHORV DOLPHQWRVYLHMRV $VDU\ 7RVWDU $VDU\WRVWDUXWLOL]DQODVOiPSDUDVVXSHULRUHV HOFDOHQWDGRULQIHULRU\HOVLVWHPDGH FRQYHFFLyQSDUDDVDURWRVWDUORVDOLPHQWRV VLPLODUDOKRUQRFRQYHQFLRQDO $QWHVGHFRPHQ]DUDVHJ~UHVHTXHHOSODWR JLUDWRULRHVWpHQVXOXJDU$OWRVWDUXWLOLFHOD EDQGHMDGHPHWDO\DODVDUXWLOLFHODEDQGHMD GHPHWDORODEDQGHMDGHPHWDOSDUDDVDU $VDU\7RVWDU +RUQR $GYDQWLXP 35(&$8&,Ï1 5LHVJRGHTXHPDGXUDV $ODVDURWRVWDUUHFXHUGHTXHHOKRUQRODSXHUWD\ ORVSODWRVHVWDUiQPX\FDOLHQWHV &XDQGRXWLOLFHHOKRUQRHO &RORTXHORVDOLPHQWRVGLUHFWD SODWRJLUDWRULRGHEHHVWDU PHQWHHQODEDQGHMDGHPHWDOR VLHPSUHHQVXOXJDU HQODEDQGHMDGHPHWDOSDUDDVDU 6LODSXHUWDGHOKRUQRVHDEUHGXUDQWHOD FRFFLyQ´3DXVHµSDXVDDSDUHFHUiHQ ODSDQWDOOD&LHUUHODSXHUWD\SUHVLRQHHO ERWyQ67$573$86(LQLFLDUSDXVD 3UHVLRQHHOERWyQ&22.,1*237,216 RSFLRQHVGHFRFFLyQ *LUHHOGLDOD72$67WRVWDU\SUHVLRQH SDUDLQJUHVDU *LUHHOGLDOSDUDFRQILJXUDUHOWLHPSR GHWRVWDGRFRORTXHORVDOLPHQWRVHQ HOKRUQR\VHOHFFLRQH67$57LQLFLDU RSUHVLRQHHOERWyQ67$573$86( LQLFLDUSDXVDSDUDLQLFLDU &yPR WRVWDU GHPHWDOSDUDDVDUHQHOKRUQR \SDUDXQDPHMRUEUDVDHQOD FDUQHFROyTXHODVREUHODEDQGHMD FDOLHQWH 3DUDXQPHMRUUHQGLPLHQWR FXDQGRDVHFDUQHSUHFDOLHQWH HOKRUQRGXUDQWHPLQXWRV(O SROORWLHQHPHMRUHVUHVXOWDGRVVLQ SUHFDOHQWDUHOKRUQR 6HGHEHQYROWHDUORVDOLPHQWRVD ODPLWDGGHOWLHPSRGHDVDGR 5HWLUHODVSLH]DVPiVILQDVSDUD HYLWDUTXHVHFRFLQHQGHPDVLDGR\ TXHVHVHTXHQ /RVWLHPSRVGHDVDUSXHGHQVHU PiVFRUWRVHQHOKRUQR$GYDQWLXP \DTXHXWLOL]DOiPSDUDVKDOyJHQDV $VHJ~UHVHGHPRQLWRUHDUGHFHUFD ORVDOLPHQWRVSDUDREWHQHUORV UHVXOWDGRVGHVHDGRV 3DUDPHMRUHVUHVXOWDGRVDO DVDUFRORTXHORVDOLPHQWRV GLUHFWDPHQWHHQODEDQGHMDGH PHWDOSDUDDVDU 6HSURGXFHKXPRDODVDUFDUQHHQ HOKRUQR 6LSUHFDOLHQWDHOKRUQRSDUDDVDU FDUQHSUHFDOLHQWHFRQODEDQGHMD &RQVHMRVGH FRFLPLHQWR SDUDDVDU 6LODSXHUWDGHOKRUQRVHDEUHGXUDQWHOD FRFFLyQ´3DXVHµSDXVDDSDUHFHUiHQ ODSDQWDOOD&LHUUHODSXHUWD\SUHVLRQHHO ERWyQ67$573$86(LQLFLDUSDXVD 3UHVLRQHHOERWyQ&22.,1*237,216 RSFLRQHVGHFRFFLyQ *LUHHOGLDOD%52,/DVDU\SUHVLRQH SDUDLQJUHVDU &RORTXHORVDOLPHQWRVHQHOKRUQR\ VHOHFFLRQH67$57LQLFLDURSUHVLRQH HOERWyQ67$573$86(LQLFLDUSDXVD SDUDLQLFLDU &yPRDVDU &RQVHMRVGH FRFLPLHQWR SDUDWRVWDU 7XHVWHODVSLH]DVPiVJUXHVDVSRU PiVWLHPSRODVSLH]DVGHOJDGDV PHQRVWLHPSR 8WLOLFHODEDQGHMDGHPHWDOSDUD PHMRUHVUHVXOWDGRVDOWRVWDU 1RQHFHVLWDGDUOHYXHOWDDOD PD\RUtDGHORVDOLPHQWRVV $OWRVWDUQXHYHVP~HYDORVDOD PLWDGGHOWLHPSRGHFRFLPLHQWR +RUQHDU FRQ &RQYHFFLyQ &yPRVH +RUQHDFRQ &RQYHFFLyQ +RUQHDUFRQFRQYHFFLyQOHSHUPLWHFRFLQDU ORVDOLPHQWRVGHODPLVPDPDQHUDTXHXQ KRUQRFRQYHQFLRQDOXWLOL]DXQHOHPHQWRSDUD FDOHQWDUHODLUHDGHQWURGHOKRUQR6HSXHGH SURJUDPDUFXDOTXLHUWHPSHUDWXUDHQWUH) D) (OYHQWLODGRUFLUFXODVXDYHPHQWHHODLUH FDOLHQWHDWUDYpVGHOKRUQRVREUH\DOUHGHGRU GHORVDOLPHQWRV'HELGRDTXHHODLUHFDOLHQWH VHPDQWLHQHHQFRQVWDQWHPRYLPLHQWR DOJXQRVDOLPHQWRVVHFRFLQDQXQSRFR PiVUiSLGRDGLIHUHQFLDGHORVKRUQRVGH FRFLPLHQWRUHJXODU $QWHVGHFRPHQ]DUDVHJ~UHVHTXHODSDUULOOD GHPHWDOHVWpHQVXOXJDU6HSXHGHQ XWLOL]DUDPEDVSDUULOODVHQORVGRVQLYHOHVGH FRFLPLHQWR +RUQHDUFRQ&RQYHFFLyQ +RUQR $GYDQWLXP &XDQGRKRUQHHRFDOLHQWHHQORVGRVQLYHOHV FRORTXHHODOLPHQWRHQODEDQGHMDGHPHWDORHQ HOSODWRDSURSLDGR\FROyTXHORVREUHODSDUULOOD GHDODPEUHGHOKRUQR 35(&$8&,Ï1 5,(6*2'(48(0$'85$6 &XDQGRKRUQHHUHFXHUGHTXHHOKRUQRODSXHUWD\ ORVSODWRVHVWiQPX\FDOLHQWHV 'HDFXHUGRFRQOD86'$FRFLQHODFDUQHDXQDWHPSH UDWXUD,17(51$GHSRUORPHQRV)HOSROORDXQD WHPSUHDWXUD,17(51$GHSRUORPHQRV)&RFLQDU DHVWDVWHPSHUDWXUDVJHQHUDOPHQWHSURWHJHFRQWUD HQIHUPHGDGHVSURGXFLGDVSRUORVDOLPHQWRV3DUD PiVLQIRUPDFLyQYLVLWHODSiJLQDZZZIRRVDIHW\JRY 67$573$86(LQLFLDUSDXVDSDUD 3UHVLRQHHOERWyQ&219%$.( LQLFLDU(OWLHPSRGHFRFFLyQLQLFLDUi KRUQHDUSRUFRQYHFFLyQ GHLQPHGLDWRODFXHQWDUHJUHVLYD *LUHHOGLDOSDUDFRQILJXUDUOD WHPSHUDWXUD\SUHVLRQHHOGLDOSDUD 3DUDLQLFLDUHOWLHPSRGHFRFFLyQ LQJUHVDU GHVSXpVGHOSUHFDOHQWDPLHQWR 3UHVLRQHHOGLDOSDUDLQJUHVDU\ VHOHFFLRQH67$5735(+($7LQLFLDU FRQILUPDUODVHOHFFLyQ SUHFDOHQWDPLHQWR(OKRUQRHPLWLUiXQD VHxDOFXDQGRDOFDQFHODWHPSHUDWXUD 3DUDLQLFLDUGHLQPHGLDWRVLQFRQILJXUDU GHFRFFLyQ&RORTXHORVDOLPHQWRVHQHO XQWLHPSRGHFRFFLyQVHOHFFLRQH67$57 KRUQR\SUHVLRQHHOERWyQ67$573$86( LQLFLDURSUHVLRQHHOERWyQ67$573$86( LQLFLDUSDXVD(OWLHPSRGHFRFFLyQ LQLFLDUSDXVD LQLFLDUiODFXHQWDUHJUHVLYD 3DUDFRQILJXUDUXQWLHPSRGHFRFFLyQ *LUHHOGLDO\VHOHFFLRQH&22.7,0( WLHPSRGHFRFFLyQ *LUHHOGLDOSDUDFRQILJXUDUHOWLHPSR GHFRFFLyQ\SUHVLRQHHOGLDOSDUD LQJUHVDU 3DUDLQLFLDUHOWLHPSRGHFRFFLyQGH LQPHGLDWRFRORTXHORVDOLPHQWRVHQ HOKRUQR\VHOHFFLRQH67$57&22. 7,0(LQLFLDUWLHPSRGHFRFFLyQ /XHJRSUHVLRQHHOGLDORHOERWyQ &RQVHMRVGH FRFLPLHQWRSDUD KRUQHDUFRQ FRQYHFFLyQ 6HUHFRPLHQGDQSDQDVGHPHWDO SDUDWRGRVORVWLSRVGHSURGXFWRV KRUQHDGRVSHURHVSHFLDOPHQWH FXDQGRHVLPSRUWDQWHGRUDU /DVSDQDVGHPHWDORVFXUDVR FRQDFDEDGRPDWHVRQPHMRUHV SDUDSDQHV\WDUWDOHWDV\DTXH DEVRUEHQHOFDORU\SURGXFHQ FRUWH]DVPiVFUXMLHQWHV /DVSDQDVGHDOXPLQLREULOODQWH VRQPHMRUHVSDUDSDVWHOHV JDOOHWDVRPXIILQV\DTXHUHIOHMDQ 6LODSXHUWDGHOKRUQRVHDEUHGXUDQWHOD FRFFLyQ´3DXVHµSDXVDDSDUHFHUiHQ ODSDQWDOOD&LHUUHODSXHUWD\SUHVLRQHHO ERWyQ67$573$86(LQLFLDUSDXVD /RVWLHPSRVGHFRFFLyQVHPXHVWUDQHQ KRUDV\PLQXWRV\SXHGHQFRQILJXUDUVH KDVWDXQPi[LPRGHKRUDVPLQXWRV (OWLHPSRSXHGHFDPELDUVHGXUDQWHOD FRFFLyQJLUDQGRHOGLDO HOFDORU\D\XGDQDSURGXFLUXQD FRUWH]DOLJHUDPHQWHVXDYH /DVFDFHURODVGHYLGULRRGH DOHDFLyQGHFHUiPLFD\YLGULRRORV SODWRVSDUDKRUQHDUVRQPHMRUHV SDUDUHFHWDVFRQKXHYR\TXHVR GHELGRDODIiFLOOLPSLH]DGHOYLGULR $OKRUQHDUHQXQVRORQLYHO XWLOLFHHOLQIHULRU/RVVXMHWDGRUHV VXSHULRUHVVyORGHEHQXWLOL]DUVH SDUDKRUQHDUHQORVGRVQLYHOHV 0L5HFHWD SDUDDMXVWDU RFDPELDU &RFLPLHQWR5iSLGR +RUQR $GYDQWLXP 3DUDDMXVWDURFDPELDUODVUHFHWDV JXDUGDGDV 3UHVLRQHORVERWRQHV63(('&22. FRFFLyQUiSLGDR0,&52:$9( PLFURRQGDV *LUHHOGLDOSDUDVHOHFFLRQDU0< 5(&,3(PLUHFHWD *LUHHOGLDOKDVWDODUHFHWDTXH GHVHDFDPELDU3UHVLRQHHOGLDO SDUDLQJUHVDU$SDUHFHUiQODV FRQILJXUDFLRQHVDFWXDOHV (OLMD(',7HGLWDU *LUHHOGLDOSDUDDMXVWDUHOWLHPSR GHFRFFLyQ\SUHVLRQHHOGLDOSDUD LQJUHVDU 0L5HFHWD SDUD HOLPLQDU *LUHHOGLDOSDUDFDPELDUORV QLYHOHVGHHQHUJtD\SUHVLRQHHO GLDOSDUDLQJUHVDUFDGDQLYHOGH HQHUJtD *LUHHOGLDOSDUDFDPELDUHO QRPEUHGHODUHFHWD3UHVLRQHHO GLDOSDUDLQJUHVDUFDGDFDPELRGH OHWUD 3UHVLRQHHOERWyQ67$573$86( LQLFLDUSDXVDSDUDJXDUGDUOD UHFHWDPRGLILFDGD 3DUDQLYHOGHHQHUJtD\VXJHUHQFLDVGH WLHPSRGHFRFFLyQXWLOLFHVXJXtDGH FRFFLyQRUHFHWDULR 3DUDHOLPLQDUODVUHFHWDVJXDUGDGDV 3UHVLRQHODWHFOD63(('&22.R 0,&52:$9( *LUHHOGLDOSDUDVHOHFFLRQDU0< 5(&,3(PLUHFHWD 6HOHFFLRQHODUHFHWDTXHGHVHD HOLPLQDU *LUHHOGLDOSDUDVHOHFFLRQDU '(/(7(HOLPLQDU 0L5HFHWD SDUDHQWUDU \VDOYDU &RFLPLHQWR5iSLGR +RUQR $GYDQWLXP $JUHJD\JXDUGDKDVWDGHVXV PDQHFLOODVGHUHORMSDUDDXPHQWDU UHFHWDVSDUDFRFLPLHQWRUiSLGRR RDOFRQWUDULRSDUDGLVPLQXLU PLFURRQGDRODVUHFHWDVGHOPHQ~ HOQLYHOGHSRWHQFLDVXSHULRU SUHGHWHUPLQDGRGHFRFLPLHQWR 3UHVLRQHHOGLDOSDUDVHOHFFLRQDU UiSLGRFRPRXQDUHFHWDIDYRULWD 8WLOLFHODJXtDGHFRFLPLHQWRROLEUR 8QDYH]UHDOL]DGDSXHGHOODPDU GHUHFHWDVSDUDYHUVXJHUHQFLDVGHO UiSLGDPHQWH\HQFXDOTXLHUPRPHQWR QLYHOGHSRWHQFLD\GHOWLHPSRGH VXUHFHWDIDYRULWDSDUDFRFLQDUOD FRFLPLHQWR FRPLGDFRPRDXVWHGOHJXVWD 6HOHFFLRQH6$9(JXDUGDUGHO 3UHVLRQHODWHFOD63(('&22.R UHVXPHQGHODSDQWDOOD 0,&52:$9( $SDUHFHUi63(//7+()22' *LUHHOGLDOSDUDVHOHFFLRQDU0< 1$0(GHOHWUHHHOQRPEUHGH 5(&,3(PLUHFHWD3UHVLRQHHOGLDO ODFRPLGD*LUHHOGLDOKDVWDOD SDUDVHOHFFLRQDU SULPHUDOHWUDGHODGHVFULSFLyQ *LUHHOGLDOKDVWDTXHDSDUH]FD GHVXFRPLGD\SUHVLRQHHOGLDO 1(:5(&,3(QXHYDUHFHWD3UH SDUDVHOHFFLRQDU&RQWLQ~HHVWH VLRQHHOGLDOSDUDVHOHFFLRQDU SURFHVRKDVWDGHOHWUHDUHO UHVWRGHOQRPEUH3UHVLRQHOD $SDUHFHUi(17(5&22.7,0(HQWUH WHFOD67$573$86(SDUDJXDUGDU HOWLHPSRGHFRFLPLHQWR*LUHHO ODUHFHWD\VXQRPEUH GLDOSDUDHVFRJHUHOWLHPSRGH FRFLPLHQWR3UHVLRQHHOGLDOSDUD VHOHFFLRQDU /DSDQWDOODOHLQGLFDUiTXH GHEHVHOHFFLRQDUORVQLYHOHVGH SRWHQFLD *LUHHOGLDOHQGLUHFFLyQGHODV 0L5HFHWD HQFRQWUDU\ XWLOL]DU 3DUDHQFRQWUDU\XWLOL]DUODVUHFHWDV JXDUGDGDV 3UHVLRQHODWHFOD63(('&22.R 0,&52:$9( *LUHHOGLDOSDUDVHOHFFLRQDU0< 5(&,3(PLUHFHWD $SDUHFHUiQHQODSDQWDOODORV QRPEUHVGHODVUHFHWDVTXHKD JXDUGDGR *LUHHOGLDOKDVWDTXHDSDUH]FD ODUHFHWDTXHGHVHD\SUHVLRQHHO GLDOSDUDVHOHFFLRQDU 3UHVLRQHODWHFOD67$573$86( RHOGLDOVHOHFWRUSDUDFRPHQ]DUHO FRFLPLHQWR 5HSLWDOD~OWLPD IXQFLyQ &RFLPLHQWR5iSLGR +RUQR $GYDQWLXP 3UHVLRQHODWHFOD67$573$86(R HOGLDOVHOHFWRUSDUDFRPHQ]DU DFRFLQDU 3UHVLRQH&22.,1*237,216 RSFLRQHVGHFRFLPLHQWR\ VHOHFFLRQH5(3($7/$67UHSLWDHO ~OWLPR 127$(O~OWLPRSURJUDPDTXH XWLOL]yVHJXDUGDGXUDQWHGRVKRUDV 8WLOLFHHVWDIXQFLyQSDUDDKRUUDU WLHPSRSDUDDOLPHQWRVTXHFRFLQD UHSHWLGDVYHFHVFRPRJDOOHWDV\ DSHULWLYRV /DSDQWDOODPRVWUDUiHO~OWLPRDOL PHQWRTXHSUHDMXVWy )XQFLyQSDUD 5HDQXGDU 6LQHFHVLWDFRFLQDUODFRPLGD SRUPiVWLHPSRXVWHGSXHGH UHLQLFLDUHOKRUQRDOSUHVLRQDUOD WHFOD67$573$8(RHOGLDOVHOHFWRU /DSDQWDOODPRVWUDUi 5(680(&22.,1*UHDQXGDUHO FRFLPLHQWR\HOKRUQRYROYHUiD LQLFLDUDXWRPiWLFDPHQWHDO GHOWLHPSRRULJLQDO 0L5HFHWD FRFLPLHQWR UiSLGR SHUVRQDOL]DGR (OSURJUDPDSHUPDQHFHHQPHPRULD GXUDQWHPLQXWRV'HVSXpV QHFHVLWDUiSURJUDPDUGHQXHYR 9HDODVHFFLyQGH8VRGHOPHQ~ SUHGHWHUPLQDGRGHFRFLPLHQWR UiSLGR GLUHFFLyQFRQWUDULDSDUDGLVPLQXLU (O$GYDQWLXPOHRIUHFHIOH[LELOLGDG HOQLYHOGHSRWHQFLDVXSHULRU DOFRFLQDUVXVSODWRVIDYRULWRV 3UHVLRQHHOGLDOSDUDVHOHFFLRQDU 6LGHVHDFRFLQDUXQDFRPLGDTXHQRVH HQFXHQWUDHQWUHQXHVWUDVVHOHFFLRQHV *LUHHOGLDOSDUDVHOHFFLRQDUHOQLYHO SUHGHWHUPLQDGDXWLOLFH0\5HFLSHSDUD GHSRWHQFLDLQIHULRU3UHVLRQHSDUD SHUVRQDOL]DUHOFRFLPLHQWRUiSLGR VHOHFFLRQDU 3UHVLRQHODWHFOD63(('&22. \VHOHFFLRQH0<5(&,3(PLUHFHWD /XHJRSUHVLRQHHOGLDOSDUD VHOHFFLRQDU6HOHFFLRQH1(: 5(&,3(UHFHWDQXHYD 6LQRUHDOL]DQLQJXQDHQWUDGD GXUDQWHVHJXQGRVODSDQWDOOD UHJUHVDUiDODKRUDGHOGtD *LUHHOGLDOVHOHFWRUSDUDVHOHFFLR QDUHOWLHPSRGHFRFLPLHQWR3UH VLRQHHOGLDOSDUDVHOHFFLRQDU / DSDQWDOODOHLQGLFDUiTXHGHEH VHOHFFLRQDUHOQLYHORQLYHOHVGH SRWHQFLD *LUHHOGLDOSDUDVHOHFFLRQDUHO QLYHOGHSRWHQFLDVXSHULRU*LUHHO GLDOHQGLUHFFLyQGHODVPDQHFLOODV GHOUHORMSDUDDXPHQWDURHQ *LUHHOGLDOSDUDVHOHFFLRQDUHO QLYHOGHSRWHQFLDGHPLFURRQGD 3UHVLRQHSDUDVHOHFFLRQDU *LUHHOGLDOSDUDVHOHFFLRQDUHO QLYHOGHSRWHQFLDGHFRQYHFFLyQ 3UHVLRQHSDUDVHOHFFLRQDU 3UHVLRQHODWHFOD67$573$86( RSUHVLRQHHOGLDOVHOHFWRUSDUD FRPHQ]DUDFRFLQDU 3DUDVXJHUHQFLDVVREUHHOQLYHOGH SRWHQFLDRWLHPSRGHFRFLPLHQWR XWLOLFHODJXtDGHFRFLPLHQWROLEURGH UHFHWDVRODVVHOHFFLRQHVGHOPHQ~ SUHGHWHUPLQDGRGHFRFLPLHQWR UiSLGR 1LYHOHVGH SRWHQFLDGH FRFLPLHQWR UiSLGR &RFLPLHQWR5iSLGR +RUQR $GYDQWLXP (O$GYDQWLXPXWLOL]DHQHUJtDGH 3UHVLRQHODWHFOD63(('&22.\ ODVOiPSDUDVKDOyJHQDVGHDOWD VHOHFFLRQHVXFRPLGDVLJDODVLQV LQWHQVLGDGGHOFDOHQWDGRUGH WUXFFLRQHVGHXVRGHOPHQ~SUH FHUiPLFDGHOVLVWHPDGHFRQYHFFLyQ GHWHUPLQDGRGHFRFLPLHQWRUiSLGR \GHPLFURRQGDVSDUDFRFLQDU &XDQGRODSDQWDOODPXHVWUH VLPXOWiQHDPHQWHORVDOLPHQWRV (',76$9(R67$57JLUHHOGLDO SRUDUULEDDEDMR\HQHOLQWHULRU\VHOODU ODKXPHGDG\HOVDERU SDUDVHOHFFLRQDU(',7HGLWDU &XDQGRXWLOLFHHOPHQ~ 6LQRGHVHDFDPELDUQLQJXQRGH SUHGHWHUPLQDGRGHDOLPHQWRV ORVDMXVWHVVLPSOHPHQWHSUHVLRQH ORVQLYHOHVGHSRWHQFLD\DHVWiQ HOGLDO\SDVHDODVLJXLHQWH VHOHFFLRQDGRVSDUDXVWHG6LQ VHOHFFLyQ HPEDUJRHVWRVVHSXHGHQDMXVWDUDO XWLOL]DUHOPHQ~SUHGHWHUPLQDGRGH 3UHVLRQHHOGLDOVLQRGHVHDDMXVWDU DOLPHQWRV\0<5(&,3(PLUHFHWD HOWLHPSRGHFRFLPLHQWR &DGDQLYHOGHSRWHQFLDOHRIUHFH *LUHHOGLDOHQGLUHFFLyQGHODV HQHUJtDGHODOiPSDUDKDOyJHQDR PDQHFLOODVGHUHORMSDUDDXPHQWDU GHOFDOHQWDGRUGHFHUiPLFD\GH RDOFRQWUDULRSDUDGLVPLQXLUHO PLFURRQGDGXUDQWHFLHUWRSRUFHQWDMH QLYHOGHSRWHQFLDVXSHULRU3UHVLRQH GHWLHPSRROHRIUHFHFDOHQWDPLHQWR HOGLDOSDUDVHOHFFLRQDU SDUDHOVLVWHPDGHFRQYHFFLyQ *LUHHOGLDOSDUDFDPELDUHOQLYHO 3RUHMHPSOR GHSRWHQFLDLQIHULRU3UHVLRQHHOGLDO 8² /iPSDUDKDOyJHQDVXSHULRU SDUDVHOHFFLRQDU HQFHQGLGDHOGHOWLHPSR *LUHHOGLDOSDUDFDPELDUHO /² &DOHQWDGRUGHFHUiPLFD QLYHOGHSRWHQFLDGHPLFURRQGD LQIHULRUHQFHQGLGRHOGHO 3UHVLRQHHOGLDOSDUDVHOHFFLRQDU WLHPSR 0² 0LFURRQGDHQFHQGLGRHO *LUHHOGLDOSDUDFDPELDUHO QLYHOGHSRWHQFLDGHFRQYHFFLyQ GHOWLHPSR 3UHVLRQHHOGLDOSDUDVHOHFFLRQDU &² (OHPHQWRGHFRQYHFFLyQ 3UHVLRQHODWHFOD67$573$86(R FDOLHQWDHOKRUQRD) HOGLDOVHOHFWRUSDUDFRPHQ]DUD 127$7HQJDFXLGDGRDODMXVWDUORV FRFLQDU QLYHOHVGHSRWHQFLDGHPDQHUDTXHQR FRFLQHORVDOLPHQWRVGHPDVLDGRRPX\ SRFR 6LJDHVWDVJXtDVJHQHUDOHVFXDQGRVHOHFFLRQHORVPHMRUHVDMXVWHVGH8 / 0 \ & SDUDVXVUHFHWDVIDYRULWDV 8 6HOHFFLRQHXQDMXVWHPiVDOWR 0 6HOHFFLRQHXQDMXVWHPiV SDUDDOLPHQWRVGHOJDGRVTXH DOWRSDUDDFRUWDUHOWLHPSRGH UHTXLHUHQXQFDIpGRUDGRHQOD FRFLPLHQWRSDUDDOLPHQWRV SDUWHGHDUULEDSRUHMHPSORILOHWHV GHQVRVRSHVDGRVSRUHMHPSOR GHSHVFDGRWRVWDGDVSHFKXJDV FDFHURODVSROORVHQWHURV GHSROORGHVKXHVDGDV6HOHFFLRQH 6HOHFFLRQHXQDMXVWHPiVEDMR XQDMXVWHPiVEDMRSDUDDOLPHQWRV SDUDDOLPHQWRVGHOLFDGRVSRU JUXHVRVRFRQPXFKRFRQWHQLGR HMHPSORSDQHVRDOLPHQWRV GHD]~FDURJUDVDSRUHMHPSOR TXHUHTXLHUHQXQSHUtRGRGH PXIILQVURVWL]DGRVFDFHUR FRFLPLHQWRPiVODUJRSDUD ODVRTXHUHTXLHUDQXQWLHPSR REWHQHUUHVXOWDGRVVXDYHVSRU GHFRFLPLHQWRPiVODUJR HMHPSORVWHDNVFDUQHSDUDDVDU & 6HOHFFLRQHXQDMXVWHPiVEDMR SDUDDOLPHQWRVPiVGHOLFDGRVTXH VHFRFLQDQDWHPSHUDWXUDVPiV EDMDV6HOHFFLRQHXQDMXVWHPiV DOWRRPD\RUSDUDDOLPHQWRV UREXVWRVRTXHVHFRFLQDQD WHPSHUDWXUDVDUULEDGH) / 6HOHFFLRQHXQDMXVWHPiVDOWR SDUDDOLPHQWRVJUXHVRVRGHQVRV TXHQRUHTXLHUHQXQFRFLPLHQWR UiSLGRHQHOFHQWURSRUHMHPSOR VWHDNVFDFHURODV6HOHFFLRQHXQ DMXVWHPiVEDMRSDUDDOLPHQWRV GHOJDGRVSRUHMHPSORJDOOHWDV 8WLOLFHHOPHQ~ SUHGHWHUPLQDGR GHFRFLPLHQWR UiSLGR &RFLPLHQWR5iSLGR $GYDQWLXP 2YHQ (O$GYDQWLXPHVWiSUHFRQILJXUDGR SDUDFRFLQDUPiVGHFRPLGDV SRSXODUHV 3UHVLRQHODWHFOD63(('&22. 6LQRVHKDFHQLQJXQDVHOHFFLyQHQ VHJXQGRVODSDQWDOODUHJUHVDUi DODKRUDGHOGtD *LUHHOGLDOVHOHFWRUSDUDVHOHFFLR QDUODFDWHJRUtDGHOWLSRGHDOL PHQWRTXHGHVHD3UHVLRQHHOGLDO SDUDVHOHFFLRQDU *LUHHOGLDOVHOHFWRUSDUDVHOHFFLR QDUHODOLPHQWRHVSHFtILFR VHOHFFLyQGHPHQ~3UHVLRQHHOGLDO SDUDVHOHFFLRQDU *LUHHOGLDOVHOHFWRUSDUDVHOHFFLR QDUODFDQWLGDGWDPDxR\R FRFLPLHQWRVLORUHTXLHUHHO KRUQROHLQGLFDUi3UHVLRQHHOGLDO GHVSXpVGHFDGDVHOHFFLyQ 6HOHFFLRQHV GHOPHQ~ SUHGHWHUPLQDGRGH FRFLPLHQWRUiSLGR &DWHJRUtD$OLPHQWR6HOHFFLyQGHO0HQ~ $SHULWLYRV 3DQHV 'HVD\XPR %RFDGLOORVGH%DJHO 3DOLWRVGH4XHVR 5ROORVFRQJHODGRV -DODSHx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iFRFLQDGDDVXJXVWR SDUDFLHUWRVDOLPHQWRV 6LGHVHDUHYLVDUORVDMXVWHVGXUDQWHHO FRFRPLHQWRSUHVLRQHHOGLDOVHOHFWRU 6LHQWUyXQDVHOHFFLyQQRGHVHDGD VLPSOHPHQWHSUHVLRQHHQFXDOTXLHU PRPHQWRODWHFOD%$&.\YXHOYDD HQWUDUODVVHOHFFLRQHVGHVHDGDV 6HSXHGHSURGXFLUKXPRFXDQGR FRFLQDUiSLGRFDUQHHQHOKRUQR 'HDFXHUGRFRQOD*XtDGHOD86'$VHGHEHFRFLQDUODFDUQHDXQDWHPSHUDWXUD ,17(51$GHSRUORPHQRV)\HOSROORDXQDWHPSUHDWXUD,17(51$GHSRU ORPHQRV)&RFLQDUDHVWDVWHPSHUDWXUDVJHQHUDOPHQWHSURWHJHFRQWUD HQIHUPHGDGHVSURGXFLGDVSRUORVDOLPHQWRV3DUDPiVLQIRUPDFLyQYLVLWHOD SiJLQDZZZIRRVDIHW\JRY &DWHJRUtD$OLPHQWR6HOHFFLyQGHO0HQ~ 3ROOR 3RVWUHV (QWUDGDV &DUQHV 3L]]D 3DSDV &RQKXHVR 6LQ+XHVR )LOHWHFRQJHODGR 'HGRVFRQJHODGR )ULWRFRQJHODGR 1XJJHWFRQJHODGR 7RUWLWDFRQJHODGR 7LHUQRFRQJHODGR $ODVFRQJHODGR (QWHUR 0H]FODGH%URZQLH *DOOHWDV 7DUWDVIUXWDIUHVFD &XELHUWDSDUD7DUWDV 5ROORVUHIULJHUDGRV (PSDQDGDV 5ROORVFRQJHODGRV 3DQGHFDUQH[ 7DTXLWRVFRQJHODGRV )LOHW0LJQRQ +DPEXUJXHVDV &KXOHWDVGH&RUGHUR &KXOHWDVGH&HUGR 5LEH\H6WHDN 6LUORLQ6WHDN 6WULS6WHDN 7%RQH6WHDN 7HQGHUORLQ 'HOL)UHVFD 3L]]D&RQJHODGD &DWHJRUtD$OLPHQWR6HOHFFLyQGHO0HQ~ 6DQGZLFK 0DULVFRV *XDUQLFLyQ %DQGHULOODVFRQJHODGRV 5ROORGH+RW'RJ 6DQGZLFKDOD3DUULOOD 6DQGZLFKUHOOHQR )LOHWHVGH%DFDODR 3DOLWRVGHSHVFDGRFRQJ (PSDQL]DGRFRQJHODGR )LOHWHGHSHVFDGRUHORM 6DOPyQ 0DULVFRV 6WHDNGH3HVFDGR(VSDGDµ 7DODSLD 6WHDNVGH$W~Q 3HVFDGREODQFR%DFDODR &DFHUROD )ULMROHV)ULWRVR] (VSiUUDJRVURVWL]DGRV 3LPHQWyQURVWL]DGR &KLOHVURVWL]DGRV 0Dt]URVWL]DGR $MRURVWL]DGR 9HJHWDOHVPL[WRVURVWL]DGRV (VFDORSDVGHSDSDV 8WLOLFHFRUWH]DSUHFRFLGD 3DSDKRUQHDGD 7RUWLWDVGHSDSD 3DSDVFRQJHODGDV 1XJHWWVFRQJHODGRV &DPRWH-tFDPD &RQVHMRV SDUDPHMRUHV UHVXOWDGRVGH FRFLPLHQWR UiSLGR 'LVSRQJDORVDOLPHQWRVVREUHODVEDQGHMDV PHWiOLFDVFRPRVHLQGLFDSDUDDVHJXUDUXQ GRUDGRFRQVLVWHQWH\SDUHMR &RFLPLHQWR5iSLGR +RUQR $GYDQWLXP /RVDOLPHQWRVSXHGHQWRFDUVHSHURQRGHEHQ HVWDUPRQWDGRVXQRVVREUHRWURV 8QDFDSD (MHPSORDSHULWLYRV 3DWUyQGHUD\R (MHPSORFURLVVDQWVSDOLWRVGHSDQ 3DWUyQODGRDODGR (MHPSORFDUQHV\SROORV 3DWUyQFLUFXODU (MHPSORELVFRFKRVJDOOHWDV /DFDUQHSROORSHVFDGRRPDULVFRVIUHVFRVTXHHVWiQFRQJHODGRVGHEHQGHVFRQJHODUVH DQWHVGHFRFLQDUORV3XHGHXWLOL]DUODIXQFLyQGHGHVFRQJHODFLyQGHOPLFURRQGD6LJDODV LQVWUXFFLRQHVGHOSDTXHWHSDUDRWURVDOLPHQWRVFRQJHODGRVHPSDFDGRV 5HFLSLHQWRV SDUD FRFLPLHQWR UiSLGR 35(&$8&,Ï1 5LHVJRGHTXHPDGXUDV /RVUHFLSLHQWVVHFDOHQWDUiQ 1HFHVLWDUiJXDQWHVSDUDPDQLSXODUORV UHFLSLHQWHV 6LJDODVVXJHUHQFLDVSDUDHOUHFLSLHQWHTXH DSDUHFHQHQODSDQWDOODGHOKRUQRRHQHO /LEURGH5HFHWDV &XDQGRFRFLQHFRORTXHORVDOLPHQWRV GLUHFWDPHQWHHQODEDQGHMDGHPHWDO RHQODEDQGHMDGHPHWDOSDUDDVDUD PHQRVGHTXHHOKRUQROHLQGLTXHOR FRQWUDULR 8WLOLFHODEDQGHMDGHPHWDOGHODPLVPD PDQHUDHQTXHXWLOL]DUtDXQDSDQD SDUDKRUQHDUEDMDRXQDEDQGHMDSDUD KRUQHDU $VHJ~UHVHGHVHOHFFLRQDUXQWDPDxR TXHURWHIiFLOPHQWH &RORTXHODEDQGHMDGHPHWDOROD EDQGHMDGHPHWDOSDUDDVDUHQHOSODWR JLUDWRULR&RORTXHHOUHFLSLHQWHGHYLGULRR FHUiPLFDHQODEDQGHMD &XDQGRFRFLQHUiSLGRQRXWLOLFH UHFLSLHQWHVQLFXELHUWDVKHFKDVGHSDSHO SOiVWLFRRDOXPLQLR $GHPDVGHORVXWHQVLOLRV VXPLQLVWUDGRVXVWHGSXHGHXWLOL]DUSODWRV GHFDFHURODVTXHQRVHDQGHPHWDOSODWRV SDUDWDUWDV\RWURVUHFLSLHQWHVVHJXURV SDUDHOFDORU&ROyTXHORVGLUHFWDPHQWHHQ ODEDQGHMDGHPHWDO 8VRGH ODVIXQFLRQHV GH FRFLPLHQWR UiSLGR &RFLPLHQWR5iSLGR +RUQR $GYDQWLXP 35(&$8&,Ï15LHVJRGHTXHPDGXUDV &XDQGRXWLOLFHORVSURJUDPDVGHFRFLPLHQWRUiSLGRUHFXHUGHTXHHOKRUQRODSXHUWD\ORV SODWRVHVWDUiQPX\FDOLHQWHV 'HEHSURJUDPDUHOUHORMDQWHVGHXWLOL]DUVXKRUQRSRUSULPHUDYH]9HDODVHFFLyQ5HORM $QWHVGHFRPHQ]DUDVHJ~UHVHTXHHOSODWRJLUDWRULRHVWpHQVXOXJDU8WLOLFHODEDQGHMD GHPHWDORODEDQGHMDGHPHWDOSDUDDVDU\VXSURSLRUHFLSLHQWHGHYLGULRRFHUiPLFDVLHV QHFHVDULR (OSODWRJLUDWRULRGHEHHVWDU FRORFDGRHQVXOXJDUVLHPSUHTXH XWLOL]DHOKRUQR 3DUDFRFLQDUUjSLGRFRORTXHORVDOLPHQWRVGLUHFWDPHQWHHQOD EDQGHMDGHPHWDORHQODEDQGHMDGHPHWDOSDUDDVDU (OKRUQRVHGHWHQGUiVLDEUHODSXHUWD GXUDQWHHOFRFLPLHQWR\DSDUHFHUi3$86( HQODSDQWDOOD3DUDUHDQXGDUHOFRFLPLHQWR FLHUUHODSXHUWH\SUHVLRQH67$573$86( 6HOHFFLRQH(',7SDUDFDPELDUHOWLHPSRRORV QLYHOHVGHSRWHQFLDHQFXDOTXLHUPRPHQWR GXUDQWHHOFRFLPLHQWR /RTXHHV QRUPDO 6HSURGXFHKXPRDOFRFLQDUUiSLGRFDUQHV HQHOKRUQR 3DUDFRFLQDUXQWLHPSRDGLFLRQDOGHVSXpV GHTXHWHUPLQyHOFLFORGHFRFLPLHQWRXWLOLFH ODIXQFLyQSDUD5HDQXGDUFRPRVHOHLQGLFD HQODSDQWDOOD /RVFLFORVGHFRFLPLHQWRUiSLGRQR UHTXLHUHQXQWLHPSRGHSUHFDOHQWDPLHQWR (OKRUQRFRPLHQ]DDFRFLQDU LQPHGLDWDPHQWH /DSXHUWD\HOLQWHULRUGHOKRUQRHVWDUiQ PX\FDOLHQWHV7HQJDFXLGDGRDODEULU ODSXHUWD\UHWLUDUORVDOLPHQWRV7HQJD FXLGDGRGHOYDSRUTXHVHSXHGHVDOLU DOUHGHGRUGHODSXHUWD &XDQGRFRFLQHUiSLGRQRXWLOLFHUHFLSLHQWHV QLFXELHUWDVKHFKDVGHSDSHOSOiVWLFRR DOXPLQLR &XDQGRFRFLQHSRUXQSHUtGRODUJR GHWLHPSRHOKRUQRSXHGHUHGXFLU DXWRPiWLFDPHQWHORVQLYHOHVGHSRWHQFLD SDUDPDQWHQHUHOQLYHODSURSLDGRGHFDORU HQHOKRUQR $OFRFLQDUUiSLGRFRQHOPHQ~ SUHGHWHUPLQDGRGHDOLPHQWRVSRGUiYHU HQODSDQWDOOD237,0,=,1*&22.7,0( RSWLPL]DQGRHOWLHPSRGHFRFLPLHQWR YDULRVVHJXQGRVGHVSXpVGHSUHVLRQDU 67$573$86((OKRUQRGHWHFWD DXWRPiWLFDPHQWHHOQLYHOGHOYROWDMH HOpFWULFRGHVXFDVD\DMXVWDHOWLHPSRGH FRFLPLHQWRKDFLDDUULEDRKDFLDDEDMRSDUD XQFRFLPLHQWRDGHFXDGR &DORUGHO+RUQR 7LHPSRVGHFRFLPLHQWR 9HQWLODGRUHVGH(QIULDPLHQWR /RVYHQWLODGRUHVVHHQFHQGHUiQGXUDQWH HOFRFLPLHQWR$OILQDOpVWRVFRQWLQXDUiQ GXUDQWHXQWLHPSRFRUWRSDUDHQIULDUORV FRPSRQHQWHVLQWHUQRV/RVYHQWLODGRUHV VHDSDJDUiQDXWRPiWLFDPHQWHFXDQGR ODVSLH]DVLQWHUQDVGHOKRUQRHVWpQIUtDV /DSDQWDOODPRVWUDUi´2YHQLV&RROLQJµHO KRUQRVHHVWiHQIULDQGR 0LHQWUDVHOKRUQRHVWpHQFHQGLGRHOUHVSLUD GRUHPLWLUiXQDLUHFDOLHQWH &XDQGRHOKRUQRHVWiFDOLHQWHHOYHQWLODGRU GHHVFDSHVHHQFLHQGHDXWRPiWLFDPHQWH 9HDODVHFFLyQGHO9HQWLODGRU$XWRPiWLFR /XFHV &XDQGRHOKRUQRHVWiHQFHQGLGRODOX] HVWDUiYLVLEOHDOUHGHGRUGHODSXHUWDRGH ODFDMDH[WHULRU /DVOXFHVKDOyJHQDVVHRSDFDUiQ\VH HQFHQGHUiQ\DSDJDUiQGXUDQWHHOFLFORGH FRFLPLHQWRUiSLGRDOJXQDVYHFHVDQLYHOHV GHSRWHQFLDFRPSOHWD(VWRHVQRUPDO(O KRUQRGHWHFWDHOQLYHOGHFDORU\VHDMXVWD DXWRPiWLFDPHQWH 6RQLGRV (VQRUPDOHVFXFKDUGXUDQWHHOFRFLPLHQWR FKDVTXLGRV\HOVRSODGRUGHOYHQWLODGRU (OFRQWUROHOHFWUyQLFRHQFLHQGH\DSDJDORV FRPSRQHQWHV ,QWHUIHUHQFLD 6HSXHGHREVHUYDULQWHUIHUHQFLDGH79 UDGLRFXDQGRXWLOL]DHOPLFURRQGDVLPLODUD ODLQWHUIHUHQFLDFDXVDGDSRURWURVDSDUDWRV SHTXHxRV(VWRQRLQGLFDXQSUREOHPDFRQHO PLFURRQGD0XHYDHOUDGLRROD79ORPiVOHMRV SRVLEOHGHOPLFURRQGDRUHYLVHODSRVLFLyQGH ODDQWHQDGHOD79UDGLR &RQWUROHVGH &RFLPLHQWR &RQWUROHV +RUQR $GYDQWLXP &RQVXKRUQRDGYDQWLXPXVWHGSRGUiFRFLQDUFRQOXFHVKDOyJHQDVGHDOWDLQWHQVLGDGFDOHQWDGRUHVGHFHUi PLFDHOHPHQWRGHFDOHQWDPLHQWRGHFRQYHFFLyQ\RFRQHQHUJtDGHPLFURRQGDFRQYHQFLRQDO ',63/$<SDQWDOOD 0XHVWUDODVVHOHFFLRQHVGHODVIXQFLRQHV HLQIRUPDFLyQVREUHHOKRUQRFXDQGRVH HQFXHQWUDHQXVR 67$573$86(LQLFLRSDXVD 3UHVLRQHHVWDWHFODSDUDLQLFLDURGHWHQHU FXDOTXLHUIXQFLyQGHFRFLPLHQWR &/($52))ERUUDUDSDJDU 3UHVLRQHHVWDWHFODSDUDFDQFHODU72'26 ORVSURJUDPDVGHOKRUQRFRQH[FHSFLyQ GHOUHORMODOX]DXWRPiWLFDQRFWXUQDHO FURQyPHWURHOYHQWLODGRUGHOUHVSLUDGRU\OD OX]GHVXSHUILFLH 63(('&22.FRFLPLHQWRUiSLGR 3UHVLRQHHVWHERWyQSDUDDFFHGHUDOPHQ~ SUHGHWHUPLQDGRGHFRFFLyQUiSLGDRSDUD FRQILJXUDUVXSURSLRSURJUDPDGHFRFFLyQ &219%$.(KRUQHDUFRQFRQYHFFLyQ 3UHVLRQHHVWDWHFODSDUDKRUQHDUFRQ FRQYHFFLyQ 0,&52:$9(PLFURRQGD 3UHVLRQHHVWDWHFODSDUDDFFHVDUHOPHQ~ GHOPLFURRQGDRSDUDDMXVWDUVXSURSLR SURJUDPDGHPLFURRQGD 6(77,1*6DMXVWHV 3UHVLRQHHVWDWHFODSDUDSURJUDPDUHO UHORM\DFFHVDUDOSODWRJLUDWRULRRQRII FRQYHUVLyQDXWRPiWLFDOX]QRFWXUQD DXWRPiWLFDYROXPHQGHOSLWRSDQWDOODRQRII UHFRUGDWRULR\XQLGDGHVGHWHPSHUDWXUD &22.,1*237,216RSFLRQHVGHFRF 3UHVLRQHHVWHERWyQSDUDDFFHGHUDUHSHWLUHO ~OWLPRDVDUOHXGDUWRVWDUFDOHQWDUHLQLFLR UHWDUGDGR 6(/(&725',$/GLDOVHOHFWRU *LUHSDUDVHOHFFLRQDU3UHVLRQHSDUD LQJUHVDU*LUHSDUDVHOHFFLRQDUDOLPHQWRV QLYHOGHHQHUJtDRVHOHFFLRQHVGH WHPSHUDWXUD7DPELpQXWLOLFHHOGLDOSDUD DXPHQWDUJLUHHQVHQWLGRGHODVDJXMDVGHO UHORMRGLVPLQXLUJLUHHQVHQWLGRFRQWUDULRD ODVDJXMDVGHOUHORMHOWLHPSR6LPSOHPHQWH SUHVLRQHHOERWyQSDUDLQJUHVDUODVHOHFFLyQ %$&.UHJUHVR 3UHVLRQHHVWHERWyQSDUDUHWURFHGHUXQRR PiVQLYHOHVGHOSURFHVRGHSURJUDPDFLyQ +(/3D\XGD 3UHVLRQHHVWHERWyQSDUDDYHULJXDUPiV VREUHODVIXQFLRQHVGHOKRUQR 0,&526(&6PLFURVHJXQGRV ,QLFLDHOPLFURRQGDVGXUDQWHVHJXQGRV GHFRFFLyQ6HDJUHJDQVHJXQGRV DGLFLRQDOHVDOWLHPSRGHFRFFLyQUHVWDQWH FDGDYH]TXHVHSUHVLRQDHOERWyQ 7,0(5212))FURQyPHWURRQRII 3UHVLRQHHVWDWHFODSDUDSURJUDPDUHOFURQy PHWURSDUDPLQXWRV\VHJXQGRV 685)$&(/,*+7OX]GHODVXSHUILFLH 3UHVLRQHHVWDWHFODSDUDHQFHQGHU\ DSDJDUODOX]GHODSODQFKD 9(17YHQWLODGRU 3UHVLRQHHVWDWHFODSDUDHQFHQGHU\ DSDJDUHOYHQWLODGRUGHOUHVSLUDGRU &DUDFWHUtVWLFDVGHO+RUQR +RUQR $GYDQWLXP &DUDFHUtVWLFDV GHOKRUQR $WUDYpVGHHVWHPDQXDOODVFDUDFWHUtVWLFDV\DSDULHQFLDSXHGHQYDULDUGHODVGHVXPRGHOR 3ODWR*LUDWRULR 3DUDWRGRVORVWLSRVGHFRFLPLHQWR HOSODWRJLUDWRULRVLHPSUHGHEHHVWDU HQVXOXJDUHQHOSLVRGHOKRUQR $VHJ~UHVHGHTXHHVWpFRORFDGRVHJXUR VREUHHOHMHHQHOFHQWURGHOKRUQR %DQGHMDGH0HWDOR%DQGHMDGH 0HWDOSDUD$VDU $OFRFLQDUUiSLGRDVDU\WRVWDUFRORTXH ORVDOLPHQWRVGLUHFWDPHQWHHQOD EDQGHMDGHPHWDOREDQGHMDGHPHWDO SDUDDVDU\FRORTXHHOSODWRJLUDWRULR 3DUULOODGH$ODPEUHGHO+RUQR $OKRUQHDUFRQFRQYHFFLyQRFDOHQWDU FRORTXHORVDOLPHQWRVGLUHFWDPHQWHHQ ODEDQGHMDGHPHWDORSODWRVHJXURSDUD HOKRUQRVREUHODSDULOODGHDODPEUHGHO KRUQR %DQGHMDGH9LGULR&ODUR &RORTXHHOSODWRJLUDWRULRFXDQGRXWLOLFH ODVIXQFLRQHVGHPLFURRQGD&RORTXH ORVDOLPHQWRVRHOUHFLSLHQWHVHJXUR SDUDPLFURRQGDVGLUHFWDPHQWHHQOD EDQGHMD /iPSDUDV+DOyJHQDV6XSHULRUHV $OFRFLQDUUiSLGRDVDU\WRVWDUGRV OiPSDUDVKDOyJHQDVGHµFRFLQDQ ORVDOLPHQWRV 9HQWDQD 3HUPLWHYHUHOFRFPLHQWRDOPLVPR WLHPSRHQTXHPDQWLHQHFRQILQDGDVODV PLFURRQGDVDGHQWURGHOKRUQR 0DQLOOHWDGHOD3XHUWD +DOHSDUDDEULUODSXHUWD $OGDEDVGHOD3XHUWD 3DUDTXHHOKRUQRIXQFLRQHODSXHUWD GHEHHVWDUFHUUDGDFRQODDOGDED &DOHQWDGRUGH&HUiPLFD,QIHULRU 8QFDOHQWDGRUGHFHUiPLFDGH: FRFLQDORVDOLPHQWRVSRUODSDUWH GHDEDMRDOFRFLQDUUiSLGRDVDURWRVWDU 3DQHOGH&RQWURO /DVWHFODVXWLOL]DGDVSDUDRSHUDU HOKRUQRHVWiQXELFDGDVHQHOSDQHO GHFRQWURO 6LVWHPDGH&RQYHFFLyQ 8QHOHPHQWRGHFDOHQWDPLHQWR GH:FRFLQDORVDOLPHQWRV FRQXQYHQWLODGRUGHFRQYHFFLyQ KDFLHQGRFLUFXODUHODLUHFDOLHQWH DWUDYpVGHODFDYLGDGSDUD FRFLQDUUiSLGRDVDUKRUQHDUFRQ FRQYHFFLyQWRVWDU\FDOHQWDU &RQRFLHQGRVX KRUQR$GYDQWLXP &RQRFLHQGRVX+RUQR$GYDQWLXP +RUQR $GYDQWLXP 3DUDFRFLQDUUiSLGRQRVHUHTXLHUH SUHFDOHQWDU&RORTXHORVDOLPHQWRV HQHOKRUQR\FRPLHQFHDFRFLQDU LQPHGLDWDPHQWH6HDKRUUDWLHPSR \DTXHQRSUHFDOLHQWD\GHELGRDTXH pVWHFRFLQDPiVUiSLGR (OKRUQR$GYDQWLXPHVFDSD]GHFRFL QDUUiSLGRKRUQHDUFRQFRQYHFFLyQ DVDUWRVWDUFDOHQWDUIHUPHQWDU\ FRFLQDUFRQPLFURRQGD/DIXQFLyQ GHFRFLPLHQWRUiSLGRHVHOPD\RU EHQHILFLRGHOKRUQR$GYDQWLXP /DOX]KDOyJHQDHVODIXHQWH SULPDULDGHHQHUJtDXQVLVWHPD GHFRQYHFFLyQ\XQFDOHQWDGRUGH FHUiPLFDD\XGDQDOFRFLPLHQWRFRQ XQ´UHIXHU]RGHPLFURRQGDµDJUHJDGR HQDOJXQRVDOJRULWPRVGHFRFLPLHQWR /RVDOLPHQWRVVHFRFLQDQSDUHMRV \UiSLGRDOPLVPRWLHPSRHQTXH UHWLHQHQVXKXPHGDGQDWXUDO (OKRUQR$GYDQWLXPXWLOL]D WHFQRORJtDDYDQ]DGDGH&RFLPLHQWR UiSLGRSDUDDSURYHFKDUODHQHUJtDGH ODOX](OKRUQR$GYDQWLXPFRFLQDHO H[WHULRUGHORVDOLPHQWRVPX\SDUHFLGR DOFDORUUDGLDQWHFRQYHQFLRQDODO PLVPRWLHPSRHQTXHSHQHWUDOD VXSHUILFLHSDUDFRFLQDUHOLQWHULRU VLPXOWiQHDPHQWH (OYHQWLODGRU ,16758&&,21(6,03257$17(6'(6(*85,'$' /($72'$6/$6,16758&&,21(6$17(6'(86$5 +RUQR $GYDQWLXP (OYHQWLODGRUIXQFLRQDDXWRPiWLFDPHQWHHQ FLHUWDVFRQGLFLRQHVYHUODVHFFLyQ9HQWLODGRU (YLWHHOLQLFLR\SURSDJDFLyQGHLQFHQGLRV DFFLGHQWDOHVGHFRFFLyQPLHQWUDVHOYHQWLODGRU VHHQFXHQWUDHQXVR /LPSLHDPHQXGRODSDUWHLQIHULRUGHO $GYDQWLXP1RSHUPLWDTXHODJUDVDVH DFXPXOHHQHO$GYDQWLXPRHQORVILOWURVGHO YHQWLODGRU (QFDVRGHXQLQFHQGLRGHJUDVDHQ ODVXQLGDGHVGHVXSHUILFLHGHEDMRGHO $GYDQWLXPDSDJXHHOUHFLSLHQWHHQOODPDV VREUHODXQLGDGGHVXSHUILFLHFXEULHQGRHO UHFLSLHQWHSRUFRPSOHWRFRQXQDWDSDXQD SODQFKDSDUDJDOOHWDVRXQDEDQGHMDSODQD 7HQJDFXLGDGRDOOLPSLDUORVILOWURVGHO YHQWLODGRU/RVDJHQWHVGHOLPSLH]D FRUURVLYRVFRPRORVOLPSLDGRUHVGHKRUQR EDVDGRVHQOHMtDSXHGHQGDxDUORVILOWURV 7HQJDFXLGDGRDOOLPSLDUORVILOWURVGHO YHQWLODGRU/RVDJHQWHVGHOLPSLH]D FRUURVLYRVFRPRORVOLPSLDGRUHVGHKRUQR EDVDGRVHQOHMtDSXHGHQGDxDUORVILOWURV 6LIODPEHDDOLPHQWRVGHEDMRGHO$GYDQWLXP HQFLHQGDHOYHQWLODGRU 1XQFDGHMHXQLGDGHVGHVXSHUILFLH GHVDWHQGLGDVGHEDMRGHVX$GYDQWLXP HQFRQILJXUDFLRQHVGHFDORUDOWDV/RV DOLPHQWRVTXHKLHUYHQ\VHGHUUDPDQ SXHGHQSURYRFDUKXPR\GHUUDPHV JUDVRVRVTXHSXHGHQSUHQGHUVHIXHJR\ SURSDJDUVHVLHOYHQWLODGRUGHO$GYDQWLXP VHHQFXHQWUDHQIXQFLRQDPLHQWR3DUD PLQLPL]DUHOIXQFLRQDPLHQWRGHOYHQWLODGRU DXWRPiWLFRXWLOLFHUHFLSLHQWHVGHFRFFLyQ GHOWDPDxRDGHFXDGR\XVHFDORUDOWRHQ ODVXQLGDGHVGHVXSHUILFLHVyORFXDQGRVHD QHFHVDULR $'9(57(1&,$ 0$5&$3$626 /DPD\RUtDGHORDVPDUFDSDVRVHVWiQSURWHJLGRVFRQWUDODLQWHUIHUHQFLDGHDSDUDWRVHOHFWUyQLFRV LQFOX\HQGRORVPLFURRQGDV6LQHPEDUJRFXDQGRWHQJDQDOJXQDGXGDORVSDFLHQWHVFRQPDUFD SDVRVGHEHQFRQVXWDUFRQVXPpGLFR /($<6,*$(67$6,16758&&,21(6'(6(*85,'$'&8,'$'26$0(17( *8$5'((67$6,16758&&,21(6 .LWVRSFLRQDOHV 'LVSRQLEOHHQVXGLVWULEXLGRU*(DXQFRVWRDGLFLRQDO -;'³.LWGH)LOWURGH&DUEyQSDUD 5HFLUFXODFLyQW /RVNLWVGHILOWURVVRQXWLOL]DGRVFXDQGR HOKRUQRQRSXHGHVHUYHQWLODGRKDFLD HOH[WHULRU -;:+³%ODQFR -;%/³1HJUR $OFRORFDUXQH[WUDFWRUGHHVWXID GHµORVNLWVGHSDQHOHVUHOOHQDQ HODQFKRDGLFLRQDOSDUDGDUOHXQD DSDULHQFLDHPSRWUDGDSHUVRQDOL]DGD .LWVGH)LOWURV .LWVGHSDQHOHVGHUHOOHQR 6RODPHQWHSDUDXQDLQVWDODFLyQ HQWUHORVJDELQHWHVQRVRQSDUD LQVWDODFLRQHVDOILQDOGHORVJDELQHWHV 9HDODFXELHUWDWUDVHUDSDUDRUGHQDU SRUWHOpIRQRRHQ*($SSOLDQFHVFRP &DGDNLWFRQWLHQHGRVSDQHOHVGH UHOOHQRGHµGHDQFKR ,16758&&,21(6,03257$17(6'(6(*85,'$' /($72'$6/$6,16758&&,21(6$17(6'(86$5 +RUQR $GYDQWLXP 5HFLSLHQWRVVH 35(&$8&,Ï1 JXURVSDUDHO 5LHVJRGHTXHPDGXUDV KRUQRSDUD (OKRUQR\ODSXHUWDVHFDOHQWDUiQ FXDQGRXWLOL]DHOFRFLPLHQWRUiSLGR FRFLPLHQWR /RVUHFLSLHQWHVVHFDOHQWDUiQ1HFH UiSLGR VLWDUiJXDQWHVSDUDPDQLSXODUORV &XDQGRXWLOLFHHOKRUQRHO SODWRJLUDWRULRVLHPSUH GHEHHVWDUFRORFDGRHQ VXOXJDU 3DUDFRFLPLHQWRUiSLGR 35(&$8&,Ï1 5LHVJRGHIXHJR &XDQGRFRFLQHUiSLGRQRXWLOLFHFXELHUWDV UHFLSLHQWHVREROVDVSDUDFRFLQDUURVWL]DU IDEULFDGDVGHDOXPLQLRSOiVWLFRFHUDR SDSHO FRORTXHODFRPLGDGLUHF 1RFXEUDFRQDOXPLQLRHOSODWRJLUDWRULR WDPHQWHHQODEDQGHMDGH ODVEDQGHMDVGHPHWDOQLQLQJXQDSDUWH PHWDOSDUDDVDU GHOKRUQR(VWRFDXVDUiFKLVSDVHQ HOKRUQR 3DUDFRFLQDU UiSLGRFRQYHFFLyQ KRUQHDUFDOHQWDUR WRVWDUFRORTXHODFRPLGD GLUHFWDPHQWHHQOD EDQGHMDGHPHWDO ,QVWUXFFLRQHV GHFRQH[LyQD WLHUUD 8WLOLFHODEDQGHMDGHPHWDOGHOD PLVPDPDQHUDHQTXHXWLOL]DUtDXQDSDQD SDUDKRUQHDUSODQDRXQDEDQGHMDSDUD KRUQHDU 1RXWLOLFHODUHMLOODGHDODPEUHGHO KRUQRSDUDFRFLQDUUiSLGR &XDQGRFRFLQHFRORTXHODFRPLGD GLUHFWDPHQWHHQODVEDQGHMDVGHPHWDO DPHQRVTXHHOKRUQROHLQGLTXHTXHKDJD ORFRQWUDULR 3XHGHXWLOL]DUHQVXKRUQRFXDOTXLHU SODWRTXHQRVHDGHPHWDO\TXH VHDVHJXURHQHOKRUQR&ROyTXHORV GLUHFWDPHQWHVREUHODVEDQGHMDV 6LXWLOL]DODEDQGHMDGHYLGULRFODUR FXDQGRFRFLQHUiSLGRREWHQGUiUHVXOWDGRV GHFRFLPLHQWRLQIHULRUHV\SRVLEOHPHQWH UDMDUiODEDQGHMDGHYLGULR 8WLOLFHODVEDQGHMDVGHPHWDO HVSHFLILFDGDVSDUDXVRHQHVWHKRUQR /DVRWUDVEDQGHMDVGHPHWDOQRHVWiQ GLVHxDGDVSDUDHVWHKRUQR\GDUiQ UHVXOWDGRVGHFRFLPLHQWRLQIHULRUHV £$'9(57(1&,$ (OXVRLQDGHFXDGRGHOHQFKXIHGHFRQH[LyQDWLHUUDSXHGHSURYRFDUXQULHVJRGHGHVFDUJD HOpFWULFD 3DUDHOXVRGHHVWHDSDUDWRHVVX 7VWHDSDUDWRGHEH UHVSRQVDELOLGDG\REOLJDFLyQFDPELDUXQ FRQWDUFRQXQD WRPDFRUULHQWHGHSDUHGHVWiQGDUGHFODYLMDV FRQH[LyQDWLHUUD SRUXQRGHFODYLMDV\DPSHULRVFRQ (QFDVRGHXQ DGHFXDGDFRQH[LyQDWLHUUD FRUWRFLUFXLWROD FRQH[LyQDWLHUUD %DMRQLQJXQDFLUFXQVWDQFLDFRUWHRTXLWHOD 9HULILTXHTXHKD\DXQD FRQH[LyQDWLHUUDDGHFXDGD UHGXFHHOULHVJR FODYLMDDWLHUUDGHOFDEOHHOpFWULFR GHXQDGHVFDUJD DQWHVGHOXVR HOpFWULFDDOEULQGDU 1RXWLOLFHXQHQFKXIHDGDSWDGRUFRQHVWH XQFDEOHGHHVFDSHSDUDODFRUULHQWHHOpFWULFD DSDUDWR (VWHDSDUDWRVHHQFXHQWUDHTXLSDGRFRQ XQFDEOHHOpFWULFRTXHFRQWLHQHXQFDEOHGH FRQH[LyQDWLHUUDFRQXQHQFKXIHGHFRQH[LyQ DWLHUUD(OHQFKXIHGHEHFRQHFWDUVHHQXQ WRPDFRUULHQWHFRQDGHFXDGDLQVWDODFLyQ\ FRQH[LyQDWLHUUD &RQVXOWHDXQHOHFWULFLVWDRWpFQLFR FDOLILFDGRVLQRFRPSUHQGHSRUFRPSOHWRODV LQVWUXFFLRQHVGHFRQH[LyQDWLHUUDRVLQR VDEHVLHODSDUDWRFXHQWDFRQXQDDGHFXDGD FRQH[LyQDWLHUUD 1RXWLOLFHXQFDEOHGHH[WHQVLyQFRQHVWH DSDUDWR6LHOFDEOHHOpFWULFRHVGHPDVLDGR FRUWRVROLFLWHDXQHOHFWULFLVWDRWpFQLFR FDOLILFDGRODLQVWDODFLyQGHXQWRPDFRUULHQWH FHUFDGHODSDUDWR 3DUDXQPHMRUIXQFLRQDPLHQWRHQFKXIHHVWH DSDUDWRHQVXSURSLRFLUFXLWRHOpFWULFRSDUD HYLWDUTXHODVOXFHVSDUSDGHHQTXHHOIXVLEOH VHTXHPHRTXHHOLQWHUUXSWRUGHFLUFXLWRV VDOWH *8$5'((67$6,16758&&,21(6 ,16758&&,21(6,03257$17(6'(6(*85,'$' /($72'$6/$6,16758&&,21(6$17(6'(86$5 +RUQR $GYDQWLXP 5HFLSLHQWHV GHFRFLQD VHJXURVSDUD HOPLFURRQGD FRQWLQXDFLyQ 6LJDORVVLJXLHQWHVFRQVHMRV 5HFLSLHQWHVSOiVWLFRV²/RVUHFLSLHQWHV SOiVWLFRVGLVHxDGRVSDUDPLFURRQGD 6RODPHQWHXWLOLFHSOiVWLFRVVHJXURV VRQPX\~WLOHVSHURGHEHQVHUXWLOL]DGRV SDUDHOPLFURRQGD\XWLOtFHORVHQ FXLGDGRVDPHQWH$XQORVUHFLSLHQWHV HVWULFWRFXPSOLPLHQWRFRQODV SOiVWLFRVTXHVRQVHJXURVSDUDHO UHFRPHQGDFLRQHVGHOIDEULFDQWHGHO PLFURRQGDSXHGHQQRVHUWDQWROHUDQWHV UHFLSLHQWH DFRQGLFLRQHVGHVREUHFRFLPLHQWRFRPR 1RFRFLQHHQHOPLFURRQGDFRQORV HOYLGULRRPDWHULDOHVGHFHUiPLFD\VH UHFLSLHQWHVYDFtRV SXHGHQDEODQGDURFDUERQL]DUVLVH 1RSHUPLWDTXHORVQLxRVXWLOLFHQ VRPHWHQDSHUtRGRVFRUWRVGHVREUH UHFLSLHQWHVSOiVWLFRVVLQODVXSHUYLVLyQ FRFLPLHQWR(QH[SRVLFLRQHVPiVODUJDV GHXQDGXOWR GHVREUHFRFLPLHQWRVHSXHGHLQFHQGLDU ODFRPLGD\HOUHFLSLHQWH 5HFLSLHQWHV 35(&$8&,Ï1 VHJXURV 5LHVJRGHTXHPDGXUDV (OKRUQR\ODSXHUWDVHFDOHQWDUiQDO SDUDHO KRUQHDUFRQFRQYHFFLyQDVDUFDOHQWDU KRUQRSDUD RWRVWDU +RUQHDUFRQ /RVUHFLSLHQWHVVHFDOHQWDUiQ1HFHVLWDUi &RQYHFFLyQ JXDQWHVSDUDPDQLSXODUORVUHFLSLHQWHV 35(&$8&,Ï1 $VDU &DOHQWDU 5LHVJRGHIXHJR )HUPHQWDU\ 7RVWDU $ODVDURWRVWDUQRFXEUDORVSODWRVQL ORVUHFLSLHQWHVSOiVWLFRVEROVDVSOiVWLFDV SDUDFRFLQDUURVWL]DUHQYROWXUDV SOiVWLFDVSDSHOHQFHUDGRQLSDSHO 8WLOLFHODEDQGHMDGHPHWDOGHODPLVPD PDQHUDHQTXHXVDUtDXQDSDQD SDUDKRUQHDUEDMDRXQDEDQGHMDSDUD KRUQHDU &XDQGRXWLOLFHHOKRUQRHO SODWRJLUDWRULRVLHPSUH GHEHHVWDUFRORFDGRHQVX OXJDU 8WLOLFHODSDULOODGHDODPEUHGHOKRUQR FXDQGRKRUQHHFRQFRQYHFFLyQRSDUD FDOHQWDU &XDQGRFRFLQHFRORTXHODFRPLGD GLUHFWDPHQWHVREUHODVEDQGHMDV GHPHWDODPHQRVGHTXHODUHFHWD UHTXLHUDXQSODWR (QHVWHKRUQRSXHGHXWLOL]DU FXDOTXLHUSODWRVHJXURSDUDHOKRUQR &ROyTXHORGLUHFWDPHQWHVREUHODV EDQGHMDV 6LXWLOL]DODEDQGHMDGHYLGULRFODUR FXDQGRKRUQHHFRQFRQYHFFLyQDVH FDOLHQWHRWRVWHREWHQGUiUHVXOWDGRV LQIHULRUHVHQHOUHQGLPLHQWRGH FRFLPLHQWR 3DUDDVDUFRORTXHOD FRPLGDGLUHFWDPHQWHHQ ODEDQGHMDGHPHWDOSDUD DVDU 3DUDKRUQHDUFRQ FRQYHFFLyQFDOHQWDUR WRVWDUFRORTXHODFRPLGD GLUHFWDPHQWHHQODEDQGHMD GHPHWDO 3DUDQLYHOHVGHKRUQHDURFDOHQWDUFRORTXH ODFRPLGDGLUHFWDPHQWHVREUHODEDQGHMDGH PHWDORHQHOSODWRDSURSLDGR\FROyTXHOR HQODSDUULOODGHDODPEUHGHOKRUQR *8$5'((67$6,16758&&,21(6 ,16758&&,21(6,03257$17(6'(6(*85,'$' /($72'$6/$6,16758&&,21(6$17(6'(86$5 +RUQR $GYDQWLXP 5HFLSLHQWHV GHFRFLQD VHJXURVSDUD HOPLFURRQGD £$'9(57(1&,$ &XDQGRFRFLQHHQHOPLFURRQGDVVHJ~UHVHTXHWRGRVORVUHFLSLHQWHVVHDQFRQYHQLHQWHVSDUDGLFKR XVR3XHGHXWLOL]DUODPD\RUtDGHODVFDFHURODVGHYLGULRSODWRVGHFRFLPLHQWRWD]DVPHGLGRUDVWD]DV SDUDQDWLOODVSODWRVGHFHUiPLFDRGHFKLQDTXHQRWHQJDQERUGHVGHPHWDORGHYLGULRFRQXQEULOOR PHWiOLFR$OJXQRVUHFLSLHQWHVHVWiQPDUFDGDV´DSURSLDGRSDUDPLFURRQGDµ $OJXQDVEDQGHMDVGHHVSXPDGHSROLHV 1RXWLOLFHODSDUULOODGHDODPEUHGHO WLUHQRFRPRORVTXHVHXWLOL]DQSDUD KRUQRSDUDFRFLQDUFRQPLFURRQGD HPSDFDUFDUQHWLHQHQXQDFDSDILQD 3DUDFRFLQDUVXVDOLPHQWRVFRORTXHHO GHPHWDOLQFUXVWDGDHQODSDUWHGH UHFLSLHQWHSDUDPLFURRQGDGLUHFWDPHQWH DEDMR$OXWLOL]DUODVHQHOPLFURRQGDHO VREUHODEDQGHMDGHYLGULRFODUR &XDQGRXWLOLFHHOKRUQRHO PHWDOSXHGHTXHPDUHOSLVRGHOKRUQRR SODWRJLUDWRULRVLHPSUH (OXVRGHODEDQGHMDGHPHWDOGXUDQWH LQFHQGLDUHOSDSHOWRDOOD GHEHHVWDUFRORFDGRHQ HOFRFLPLHQWRFRQPLFURRQGDGDUiFRPR VXOXJDU UHVXOWDGRXQUHQGLPLHQWRGHFRFLPLHQWR 1RXWLOLFHSURGXFWRVGHSDSHOUHFLFODGRV /DVWRDOODVGHSDSHOVHUYLOOHWDV\SDSHO LQIHULRU HQFHUDGRUHFLFODGRVSXHGHQFRQWHQHU 6LQRHVWiVHJXURTXHHOSODWRHV SHGD]RVGHPHWDOTXHJHQHUHQFKLVSDV VHJXURSDUDHO \VHHQFLHQGDQ6HGHEHHYLWDUXWLOL]DU PLFURRQGDUHDOL &XDQGRFRFLQH SURGXFWRVGHSDSHOTXHFRQWHQJDQQ\ORQ HQHOPLFURRQGDOD FHODVLJXLHQWH RILODPHQWRVGHQ\ORQ\DTXHVHSXHGHQ EDQGHMDGHYLGULRFODUR SUXHED&RORTXH VLHPSUHGHEHHVWDU HQFHQGHU HQHOKRUQRHO FRORFDGDHQVXOXJDU 6HSXHGHXWLOL]DUSDSHOWRDOODSDSHO SODWRTXHGHVHD &yPRSUREDUVLHOSODWR HQFHUDGRRHQYROWRULRSOiVWLFR SUREDU\XQD HVVHJXURSDUDHO SDUDFXEULUORVSODWRV\DVtUHWHQHU WD]DPHGLGRUD PLFURRQGDV ODKXPHGDG\HYLWDUVDOSLFDGXUDV GHYLGULROOHQD $VHJ~UHVHGHYHQWLODUODHQYROWXUD GHDJXD SOiVWLFDSDUDTXHSXHGDHVFDSDUHO &RORTXHODWD]DPHGLGRUDHQFLPDRFHUFD YDSRU GHOSODWR&RFLQHHQHOPLFURRQGDVGH VHJXQGRVHQKLJKDOWR6LHOSODWR 1RWRGDVODVHQYROWXUDVSOiVWLFDVVRQ VHFDOLHQWDpVWHQRGHEHXVDUVHHQHO FRQYHQLHQWHVSDUDHOKRUQRPLFURRQGD PLFURRQGD 5HYLVHHOHPSDTXHSDUDXWLOL]DUOR DGHFXDGDPHQWH 6LHOSODWRVHPDQWLHQHIUtR\VyORVH FDOLHQWDHODJXDGHODWD]DHQWRQFHVHO /DVEROVDVGHFRFLPLHQWRSDUDKHUYLU SODWRSXHGHXVDUVHHQHOPLFURRQGD \ODVEROVDVSOiVWLFDVKHUPpWLFDV GHEHQFRUWDUVHSLQFKDUVHRYHQWLODUVH VLJXLHQGRODVLQVWUXFFLRQHVGHOSDTXHWH 6LQRVHKDFHHOSOiVWLFRSXHGHH[SORWDU GXUDQWHRLQPHGLDWDPHQWHGHVSXpVGHO FRFLPLHQWRUHVXOWDQGRHQXQDSRVLEOH OHVLyQ$VtPLVPRORVUHFLSLHQWHVGH SOiVWLFRGHEHQHVWDUSDUFLDOPHQWHDELHU WRV\DTXHIRUPDQXQVHOORKHUPpWLFR &XDQGRFRFLQHFRQUHFLSLHQWHVTXH HVWpQKHUPpWLFDPHQWHVHOODGRV SRUXQDFXELHUWDGHSOiVWLFRUHWLUH FXLGDGRVDPHQWHODFXELHUWD\GLULMDHO YDSRUOHMRVGHVXVPDQRV\FDUD 35(&$8&,Ï1 5LHVJRGHIXHJR /RVUHFLSLHQWHVVHSXHGHQFDOHQWDU GHELGRDOFDORUWUDQVIHULGRSRUORV DOLPHQWRVFDOLHQWHV'HEHXWLOL]DU JXDQWHVSDUDPDQLSXODUORVUHFLSLHQWHV 8WLOtFHORFRPRVHLQGLFDHQHVWHPDQXDO DOXWLOL]DUORHQHOKRUQRPDQWpQJDORDµ GHGLVWDQFLDGHORVODGRVGHOKRUQR ,6LXWLOL]DXQWHUPyPHWURSDUDFDUQHDO FRFLQDUDVHJ~UHVHTXHVHDVHJXUR SDUDXVRHQHOPLFURRQGD *8$5'((67$6,16758&&,21(6 $/,0(1726 ,16758&&,21(6,03257$17(6'(6(*85,'$' /($72'$6/$6,16758&&,21(6$17(6'(86$5 +RUQR $GYDQWLXP $OFRFLQDUFRQPLFURRQGDFRORTXHORV DOLPHQWRV\UHFLSLHQWHVVREUHODEDQGHMD GHYLGULRFODUR 1RKDJDSDORPLWDVGHPDt]HQHOKRUQR PLFURRQGDDPHQRVGHTXHXWLOLFH XQDFFHVRULRHVSHFLDOSDUDKDFHUORR TXHXWLOLFHXQRPDUFDGRSDUDKRUQR PLFURRQGD 1RKLHUYDKXHYRVHQHVWHKRUQR/DSUHVLyQ TXHVHDFXPXODDGHQWURGHOD\HPDGHO KXHYRKDUiTXHH[SORWHUHVXOWDQGRHQXQD SRVLEOHOHVLyQ 1RRSHUHHOKRUQRVLQDOLPHQWRVDGHQWUR \DTXHORSXHGHGDxDU,QFUHPHQWDHOFDORU DOUHGHGRUGHOPDJQHWUyQ\DFRUWDODYLGD GHOKRUQR $OLPHQWRVFRQODSLHOH[WHUQDLQWDFWD FRPRODVSDSDVVDOFKLFKDVHPEXWLGRV WRPDWHVPDQ]DQDVKtJDGRVGHSROOR\ RWURVPHQXGRV\ODV\HPDVGHKXHYR GHEHQVHUSLQFKDGDVSDUDSHUPLWLUTXHHO YDSRUVDOJDGXUDQWHHOFRFLPLHQWR 1RGHVFRQJHOHEHELGDVFRQJHODGDV FRQFXHOORVGHERWHOODVHVWUHFKRV HVSHFLDOPHQWHEHELGDVFDUERQDWDGDV $XQTXHHOUHFLSLHQWHHVWpDELHUWROD SUHVLyQVHSXHGHDFXPXODU(VWRSXHGH FDXVDUTXHHOUHFLSLHQWHH[SORWHGDQGR FRPRUHVXOWDGRXQDSRVLEOHOHVLyQ /RVDOLPHQWRVTXHVHFRFLQDQHQ OtTXLGRFRPRODSDVWDWLHQGHQDKHUYLU PiVUiSLGRTXHORVDOLPHQWRVTXH FRQWLHQHQPHQRVKXPHGDG6LHVWR RFXUUHYHDODVHFFLyQGH&XLGDGR \/LPSLH]DGHO+RUQRSDUDYHUODV LQVWUXFFLRQHVGHFyPROLPSLDUHOLQWHULRU GHOKRUQR /RVDOLPHQWRVFDOLHQWHV\HOYDSRUSXH GHQFDXVDUTXHPDGXUDV7HQJDFXLGDGR DODEULUFXDOTXLHUUHFLSLHQWHGHFRPLGD FDOLHQWHLQFOX\HQGREROVDVGHSDORPLWDV GHPDt]EROVDVGHFRFLPLHQWR\FDMDV 3DUDHYLWDUXQDSRVLEOHOHVLyQGLULMDHO YDSRUOHMRVGHVXVPDQRV\FDUD 1RFRFLQHGHPDVLDGRODVSDSDV6H SXHGHQGHVKLGUDWDU\DJDUUDUIXHJR FDXVDQGRGDxRDOKRUQR (YLWHFDOHQWDUDOLPHQWRVSDUDEHEpV HQERWHVGHYLGULRDXQTXHHVWpQ GHVWDSDGRV$VHJ~UHVHTXHWRGDFRPLGD SDUDEHEpVHFRFLQHSRUFRPSOHWR 0H]FOHODFRPLGDSDUDGLVWULEXLUHO FDORUGHIRUPDSDUHMD6HDFXLGDGRVR\ HYLWHKHUYLUODIRUPXODDOPRPHQWRGH FDOHQWDUOD(OUHFLSLHQWHVHSXHGHVHQWLU PiVIUtRGHORTXHODIRUPXODUHDOPHQWH HVWi6LHPSUHSUXHEHODIRUPXODDQWHVGH DOLPHQWDUDOEHEp 1RWUDWHGHIUHLUHQHOKRUQR $*8$62%5(&$/(17$'$ /RVOtTXLGRVFRPRHODJXDFDIpRWpSXHGHQ FDOHQWDUVHDUULEDGHOSXQWRGHKHUYRUVLQTXH DSDUHQWHQTXHHVWiQKLUYLHQGR1RVLHPSUH H[LVWHQEXUEXMDVYLVLEOHVRKHUYRUFXDQGR UHWLUDHOUHFLSLHQWHGHOKRUQRPLFURRQGD (67238('(5(68/7$5(1/Ë48,'2608< &$/,(17(648(+,(59(15(3(17,1$0(17( &8$1'26(08(9((/5(&,3,(17(2 ,1752'8&(81$&8&+$5$82752 87(16,/,2(1(//Ë48,'2 3DUDUHGXFLUHOULHVJRGHXQDOHVLyQ SHUVRQDO ³1RVREUHFDOLHQWHHOOtTXLGR ³0XHYDHOOtTXLGRDQWHV\DODPLWDGGHO FDOHQWDPLHQWR ³1RXWLOLFHUHFLSLHQWHVUHFWRVFRQ FXHOORVDQJRVWRV ³'HVSXpVGHFDOHQWDUSHUPLWDTXH HOUHFLSLHQWHGHVFDQVHHQHOKRUQR PLFURRQGDSRUXQSHUtRGRFRUWRGH WLHPSRDQWHVGHUHWLUDUHOUHFLSLHQWH ³7HQJDPXFKRFXLGDGRFXDQGRLQVHUWH XQDFXFKDUDXRWURXWHQVLOLRDGHQWUR GHOUHFLSLHQWH *8$5'((67$6,16758&&,21(6 ,16758&&,21(6,03257$17(6'(6(*85,'$' /($72'$6/$6,16758&&,21(6$17(6'(86$5 +RUQR $GYDQWLXP 35(&$8&,21(6'(6(*85,'$' 7HUPyPHWUR³1RXWLOLFHWHUPyPHWURV FRPXQHVGHFRFLQDXKRUQRFXDQGR FRFLQHPHGLDQWHHOPLFURRQGDV(O PHWDO\PHUFXULRGHHVWRVWHUPyPHWURV SXHGHQSURYRFDUXQDIRUPDFLyQGHDUFR HOpFWULFR\JHQHUDUSRVLEOHVGDxRVDO KRUQR1RXWLOLFHXQWHUPyPHWURHQORV DOLPHQWRVTXHFRORFDHQHOPLFURRQGDVD PHQRVTXHHOWHUPyPHWURHVWpGLVHxDGR RUHFRPHQGDGRSDUDXVDUVHHQHOKRUQR GHPLFURRQGDV 1ROLPSLHFRQHVSRQMLOODVGHPHWDO 3XHGHQGHVSUHQGHUVHSHGD]RVGHOD HVSRQMLOOD\WRFDUSDUWHVHOpFWULFDV SURYRFDQGRXQULHVJRGHGHVFDUJD HOpFWULFD 1RDOPDFHQHPDWHULDOHVTXHQRVHDQ QXHVWURVDFFHVRULRVUHFRPHQGDGRVHQ HVWHKRUQRFXDQGRQRVHHQFXHQWUHHQ XVR 1RSHUPLWDTXHHOFDEOHHOpFWULFR FXHOJXHVREUHHOERUGHGHODPHVDRGHO PRVWUDGRUGHHQFLPHUD 0DQWHQJDHOFDEOHDOHMDGRGHVXSHUILFLHV FDOLHQWHV 1RVXPHUMDHOFDEOHHOpFWULFRRHO HQFKXIHHQDJXD 1RKDJDIXQFLRQDUHOKRUQRVLQHOSODWR JLUDWRULRHQVXOXJDU(OSODWRJLUDWRULR QRGHEHWHQHUQLQJXQDFODVHGHEORTXHR SDUDTXHSXHGDJLUDU )250$&,Ï1'( $5&2 1RJXDUGHODSDUULOOD HQHOPLFURRQGD /DSDUULOOD6Ï/2 GHEHXWLOL]DUVHSDUD +RUQHDUFRQ&RQ YHFFLyQ&DOHQWDU\ )HUPHQWDU 'XUDQWH\GHVSXpVGHOXVRQRWRTXH RGHMHTXHVXYHVWLPHQWDXRWURV PDWHULDOHVLQIODPDEOHVHQWUHQHQ FRQWDFWRFRQFXDOTXLHUiUHDLQWHULRUGHO KRUQRGHMHSDVDUXQWLHPSRSUXGHQFLDO SDUDTXHVHHQIUtHQ /DVSRWHQFLDOHVVXSHUILFLHVFDOLHQWHV LQFOX\HQODSXHUWDHOSLVRODVSDUHGHV\ ODSDUULOODGHOKRUQR\HOSODWRJLUDWRULR (VLPSRUWDQWHPDQWHQHUOLPSLDHO iUHDGRQGHODSXHUWDVHVHOODFRQWUD HOPLFURRQGDV6yORXVHGHWHUJHQWHV VXDYHVQRDEUDVLYRVDSOLFDGRVFRQ XQDHVSRQMDOLPSLDRXQSDxRVXDYH (QMXDJXHELHQ 1RDOPDFHQHQLQJ~QHOHPHQWR GLUHFWDPHQWHVREUHODVXSHUILFLHGHO KRUQRGHPLFURRQGDVFXDQGRpVWHVH HQFXHQWUHHQIXQFLRQDPLHQWR 0DQWHQJDHOKRUQROLEUHGH DFXPXODFLRQHVGHJUDVD (QFXPSOLPLHQWRFRQ86'$FRFLQH ODFDUQHGHUHVKDVWDDOFDQ]DUXQD WHPSHUDWXUD,17(51$GHSRUORPHQRV )\ODVFDUQHVGHDYHDXQD WHPSHUDWXUD,17(51$GHSRUORPHQRV )/DFRFFLyQDHVWDVWHPSHUDWXUDV JHQHUDOPHQWHSURWHJHGHHQIHUPHGDGHV WUDQVPLWLGDVSRUORVDOLPHQWRV3DUDPiV LQIRUPDFLyQFRQVXOWHZZZIRRGVDIHW\ JRY (ODUFRSXHGHRFXUULUGXUDQWHHOFRFLPLHQWRUiSLGR\HOGHPLFURRQGDV6LREVHUYD FKLVSDVSUHVLRQHODWHFOD&/($52))\FRUULMDHOSUREOHPD )RUPDFLyQGHDUFRHVHOWpUPLQRGHPLFUR 0HWDOHVFRPRDPDUUHVJUDSDVHQDYHVR RQGDVXWLOL]DGRSDUDFKLVSDVHQHOKRUQR SODWRVFRQRULOODVGHRURFRORFDGRVHQHO /DVFKLVSDVSXHGHQVHUFDXVDGDVSRU KRUQR /RVUHFLSLHQWHVGHPHWDORODSDUULOODGH &RQWDFWRGHPHWDORDOXPLQLRHQORV DODPEUHGHOKRUQRXWLOL]DGDGXUDQWHHO ODGRVGHOKRUQR FRFLPLHQWRUiSLGRRHOGHPLFURRQGDFRQ $OXPLQLRQRPROGHDGRDODOLPHQWRODV H[FHSFLyQGHODVSDQDVVXPLQLVWUDGDV RULOODVTXHQRHVWiQGREODGDVDFW~DQ FRQHOKRUQR FRPRDQWHQDV 8WLOLFHHODOXPLQLRGHODPDQHUDHQTXHVH 7RDOODVGHSDSHOUHFLFODGDVTXH FRQWHQJDQSHTXHxRVSHGD]RVGHPHWDO UHFRPLHQGDHQHVWHPDQXDO XWLOL]DGRVHQHOKRUQR 6$9(7+(6(,16758&7,216 ,16758&&,21(6,03257$17(6'(6(*85,'$' /($72'$6/$6,16758&&,21(6$17(6'(86$5 +RUQR $GYDQWLXP 35(&$8&,21(6'(6(*85,'$' 1RFXEUDQLEORTXHHQLQJXQDDEHUWXUD $VHJ~UHVHTXHVXDSDUDWRHVWpGHELGD GHODSDUDWR PHQWHLQVWDODGR\SXHVWRDWLHUUDSRUXQ WpFQLFRFDOLILFDGRGHDFXHUGRFRQODV 1RJXDUGHHVWHDSDUDWRHQHOH[WHULRU1R LQVWUXFFLRQHVGHLQVWDODFLyQVXPLQLVWUDGDV ORXWLOLFHFHUFDGHODJXD²SRUHMHPSORHQXQ VyWDQRPRMDGRFHUFDGHXQDSLVFLQDFHUFD ,QVWDOH\FRORTXHHVWHDSDUDWRGHDFXHUGR GHXQJULIRRHQXELFDFLRQHVVLPLODUHV FRQODV,QVWUXFFLRQHVGH,QVWDODFLyQ VXPLQLVWUDGDV 9HDODVLQVWUXFFLRQHVGHOLPSLH]DGHOD VXSHUILFLHGHODSXHUWDHQODVHFFLyQGH $OJXQRVSURGXFWRVFRPRKXHYRVHQWHURV &XLGDGR\/LPSLH]DGHO+RUQRHQHVWH \UHFLSLHQWHVVHOODGRV²SRUHMHPSORERWHV PDQXDO VHOODGRV²SXHGHQH[SORWDU\QRGHEHQ FDOHQWDUVHHQHVWHKRUQR6LORXWLOL]DGH 6LDJDUUDQIXHJRORVPDWHULDOHVDGHQWUR HVWDPDQHUDSXHGHUHVXOWDUHQXQDOHVLyQ GHOKRUQRPDQWHQJDODSXHUWDGHOKRUQR FHUUDGDDSDJXHHOKRUQR\DSDJXHHO 1RPRQWHHVWHDSDUDWRDUULEDGHOIUHJDGHUR IXVLEOHRLQWHUUXSWRUDXWRPiWLFRGHO SDQHO6LDEUHODSXHUWDHOIXHJRVHSXHGH SURSDJDU (VWHKRUQRQRHVWiDSUREDGRQLSUREDGR SDUDXVRPDULQR (VWHKRUQRHVWiDSUREDGR8/SDUDXQD LQVWDODFLyQGHSDUHGHVWiQGDUDUULEDGH SXOJ 1RRSHUHHVWHDSDUDWRVLHVWiGDxDGRRVLOR KDQGHMDGRFDHU &RPRFRQFXDOTXLHURWURDSDUDWRVH UHTXLHUHXQDFHUFDQDVXSHUYLVLyQFXDQGR VHDXWLOL]DGRSRUQLxRV 8WLOLFHHVWHDSDUDWRVyORSDUDORVILQHVGHV FULWRVHQHVWHPDQXDO 1RXWLOLFHTXtPLFRVFRUURVLYRVRYDSRUHVHQ HVWHDSDUDWR (VWHKRUQRHVWiHVSHFtILFDPHQWHGLVHxDGR SDUDFDOHQWDUGHVKLGUDWDU\FRFLQDUDOLPHQ WRVQRVHGLVHxySDUDXVRHQODERUDWRULRVR SDUDXVRLQGXVWULDO (VWHDSDUDWRVyORGHEHVHUUHSDUDGRSRU SHUVRQDOGHVHUYLFLRFDOLILFDGR&RQWDFWH DODHPSUHVDGHVHUYLFLRDXWRUL]DGDSDUD ODUHYLVLyQUHSDUDFLyQRDMXVWHGHHVWH DSDUDWR 3DUDHYLWDUFKLVSDVQRVHGHEHXWLOL]DU ODSDUULOODGHDODPEUHGHOKRUQRSDUD HOFRFLPLHQWRUiSLGRRFRFLPLHQWRFRQ PLFURRQGD 1RFXEUDODVSDUULOODVXRWUDSDUWHGHO KRUQRFRQSDSHOPHWiOLFR(VWRSXHGH VREUHFDOHQWDUHOKRUQR 1RGHEHQXWLOL]DUVHDOLPHQWRVRXWHQVLOLRV PHWiOLFRVGHJUDQGHVGLPHQVLRQHVHQHVWH KRUQRSRUTXHSXHGHQFUHDUXQLQFHQGLRR XQULHVJRGHGHVFDUJDHOpFWULFD 1RXWLOLFHSURGXFWRVGHSDSHOFXDQGRHO DSDUDWRVHXWLOL]DHQPRGRVGLIHUHQWHVDO PLFURRQGDV *8$5'((67$6,16758&&,21(6 ,16758&&,21(6,03257$17(6'(6(*85,'$' /($72'$6/$6,16758&&,21(6$17(6'(86$5 +RUQR $GYDQWLXP &XDQGRVHXVHQDSDUDWRVHOpFWULFRVVLHPSUHGHEHQVHJXLUVHSUHFDXFLRQHVEiVLFDVGHVHJXULGDGLQFOX\HQGRODV VLJXLHQWHV $'9(57(1&,$3DUDUHGXFLUHOULHVJRGHTXHPDGXUDVGHVFDUJDVHOpFWULFDVLQFHQGLROHVLRQHVD SHUVRQDVRXQDH[SRVLFLyQH[FHVLYDDHQHUJtDGHPLFURRQGDV 35(&$8&,21(648('(%(7(1(53$5$(9,7$581$326,%/( (;326,&,Ï1$81$(;&(6,9$(1(5*Ë$'(0,&5221'$ D 1RWUDWHGHRSHUDUHVWHKRUQRFRQODSXHUWD F DELHUWD\DTXHHOIXQFLRQDPLHQWRFRQ ODSXHUWDDELHUWDSXHGHUHVXOWDUHQXQD H[SRVLFLyQGDxLQDGHHQHUJtDGHPLFURRQGD (VLPSRUWDQWHTXHQDGLHDOWHUHQLMXHJXH FRQORVFLHUUHVGHVHJXULGDG E 1RFRORTXHQLQJ~QREMHWRHQWUHODSDUWH IURQWDOGHOKRUQR\ODSXHUWDWDPSRFR SHUPLWDTXHVHDFXPXOHQHQODVVXSHUILFLHV GHVHOORUHVLGXRVGHVXFLRRGHOLPSLDGRUHV /HDWRGDVODVLQVWUXFFLRQHVDQWHVGHXWLOL]DU HVWHDSDUDWR$OXWLOL]DUDSDUDWRVHOpFWULFRV VHGHEHQVHJXLUSUHFDXFLRQHVEiVLFDVGH VHJXULGDGLQFOX\HQGRODVVLJXLHQWHV /HD\VLJDODVSUHFDXFLRQHVHVSHFtILFDVGHODVHFFLyQ 3UHFDXFLRQHVSDUDHYLWDUXQDSRVLEOHH[SRVLFLyQD H[FHVLYDHQHUJtDGHPLFURRQGDV (VWHDSDUDWRGHEHFRQWDUFRQXQDFRQH[LyQDWLHUUD &RQHFWHVyORDXQWRPDFRUULHQWHFRQDGHFXDGD FRQH[LyQDWLHUUD9HUODVHFFLyQ,QVWUXFFLRQHVGH FRQH[LyQDWLHUUDGHODSiJLQD (VWHKRUQRGHPLFURRQGDVVHHQFXHQWUDDSUREDGR SRU8/SDUDODLQVWDODFLyQVREUHFRFLQDVDJDV PHQRVGH%78\HOpFWULFDV (VWHKRUQRSDUDXVDUVREUHODHVWXIDHVWiGLVHxDGR SDUDXVDUVHVREUHHVWXIDVGHXQDQFKRQRVXSHULRU Dµ3XHGHLQVWDODUVHVREUHHTXLSDPLHQWRVGH FRFFLyQDJDV\HOpFWULFRV 1RXWLOLFHHVWHDSDUDWRVLWLHQHHOFDEOHHOpFWULFRRHO HQFKXIHGDxDGRVVLQRIXQFLRQDELHQRVLKDVXIULGR XQDDYHUtDRXQDFDtGD6LVHGDxDHOFDEOHHOpFWULFR GHEHUHHPSOD]DUORHO6HUYLFLR7pFQLFRGH*HQHUDO (OHFWULFRXQDJHQWHGHVHUYLFLRDXWRUL]DGRXWLOL]DQGR XQFDEOHHOpFWULFRGH*HQHUDO(OHFWULF 1RRSHUHHOKRUQRVLHVWiGDxDGR(V SDUWLFXODUPHQWHLPSRUWDQWHTXHODSXHUWD GHOKRUQRFLHUUHDGHFXDGDPHQWH\TXHQR H[LVWDGDxRHQ /DSXHUWDGREODGD %LVDJUDV\DOGDEDVTXHEUDGDVRIORMDV 6HOORVGHODSXHUWD\VXSHUILFLHVGHVHOOR G (OKRUQRQRGHEHVHUDMXVWDGRRUHSDUDGR SRUFXDOTXLHUSHUVRQDDH[FHSFLyQGHO SHUVRQDOGHVHUYLFLRFDOLILFDGR 3DUDUHGXFLUHOULHVJRGHLQFHQGLRHQODFDYLGDGGHO KRUQR ³1RFRFLQHGHPiVORVDOLPHQWRV3UHVWHDWHQFLyQDO DSDUDWRFXDQGRVHFRORTXHQSDSHOSOiVWLFRXRWURV PDWHULDOHVFRPEXVWLEOHVGHQWURGHOKRUQRGXUDQWHOD FRFFLyQ ³4XLWHORVJDQFKLWRVGHDODPEUH\ODVPDQLMDVGH PHWDOGHORVUHFLSLHQWHVGHSDSHORGHSOiVWLFRDQWHV GHFRORFDUORVHQHOKRUQR ³1RXWLOLFHHOKRUQRSDUDDOPDFHQDUHOHPHQWRV1R GHMHSURGXFWRVGHSDSHOXWHQVLOLRVGHFRFLQDR DOLPHQWRVHQHOKRUQRFXDQGRQRORHVWpXVDQGR ³1RFRFLQHSDORPLWDVGHPDt]HQHOKRUQRGH PLFURRQGDVDPHQRVTXHFXHQWHFRQXQDFFHVRULR HVSHFLDOSDUDPLFURRQGDVRTXHXWLOLFHSDORPLWDVGH PDt]HVSHFLDOHVSDUDKRUQRVGHPLFURRQGDV ³6LORVPDWHULDOHVXELFDGRVGHQWURGHOKRUQRVH SUHQGHQIXHJRPDQWHQJDFHUUDGDODSXHUWDGHO KRUQRDSiJXHOR\GHVFRQHFWHHOFDEOHHOpFWULFR RFRUWHODHQHUJtDGHVGHHOSDQHOGHIXVLEOHVRGHO LQWHUUXSWRUGHFLUFXLWRV6LVHDEUHODSXHUWDHOIXHJR SXHGHSURSDJDUVH ³1RXWLOLFHODVIXQFLRQHVGHOVHQVRUGRVYHFHV VHJXLGDVHQODPLVPDSRUFLyQGHFRPLGD6LORV DOLPHQWRVQRVHFRFLQDURQGHVSXpVGHODSULPHUD FXHQWDUHJUHVLYDXWLOLFH&22.%<7,0(FRFLQDUSRU WLHPSRSDUDREWHQHUWLHPSRGHFRFFLyQDGLFLRQDO ³1RXVHHOKRUQRSDUDVHFDUSHULyGLFRV *8$5'((67$6,16758&&,21(6 *($SSOLDQFHVFRP +RUQR$GYDQWLXP $GYDQWLXP *(3URILOH &RQWUROHVGH&RFLPLHQWR &RQRFLHQGRVX+RUQR$GYDQWLXP &DUDFWHUtVWLFDVGHO+RUQR 6HJXULGDG ² &RFLPLHQWR5iSLGR &RQVHMRVGH&RFLPLHQWR &RFLPLHQWRUiSLGRSHUVRQDOL]DGR 0LV5HFHWDV 1LYHOGH3RWHQFLD 5HSLWHOD~OWLPDIXQFLyQ 5HDQXGDODIXQFLyQ 5HFLSLHQWHVSDUDFRFLPLHQWRUiSLGR 5HFLSLHQWHVVHJXURV SDUDFRFLPLHQWRUiSLGR /RTXHHVQRUPDO 8VRGHOPHQ~SUHGHWHUPLQDGRGH FRFLPLHQWRUiSLGR 2WUDVIXQFLRQHVGH FRFLPLHQWR $VDU\WRVWDU +RUQHDUFRQFRQYHFFLy &DOHQWDU )HUPHWDU &RFLQDUHQHO0LFURRQGD &RFLQDUFRQWLHPSR &RQVHMRVGHFRFLPLHQWR 'HVFRQJHODUSRUWLSRGHFRPLGD 'HVFRQJHODUFRQWLHPSR &RQVHMRVGHGHVFRQJHODFLyQ 0LFURVHJXQGRV 0LV5HFHWDV 1LYHOHVGHSRWHQFLDGHPLFURRQGD 3UHFDXFLRQHVSDUDHYLWDU XQDSRVLEOHH[SRVLFLyQD H[FHVLYDHQHUJtDGHPLFURRQGD &RFLPLHQWRFRQVHQVRU /RTXHHVQRUPDO 8VRGHVHOHFFLRQHVSUHGHWHU PLQDGDVGHPLFURRQGD 2WUDVFDUDFWHUtVWLFDV 9HQWLODGRUDXWRPiWLFR /X]QRFWXUQDDXWRPiWLFD &RQYHUVLyQDXWRPiWLFD 9ROXPHQGHOSLWR %ORTXHRGHOFRQWURO 5HORM &RFLPLHQWRFRPSOHWR ,QLFLRUHWDUGDGR 3DQWDOOD212)) $\XGD 5HFRUGDWRULR /X]GHODVXSHUILFLH &URQyPHWUR 3ODWRJLUDWRULR2Q2II 9HQWLODGRUGHOUHVSLUDGRU 8QLGDGHVGHWHPSHUDWXUD 0DQXDOGHO 8VXDULR 36$ 36$ &XLGDGR\/LPSLH]D /LPSLH]DGHOLQWHULRU /LPSLH]DGHOH[WHULRU %DQGHMDVGHFRFLPLHQWR \SDUULOODGHDODPEUHGHOKRUQR 3ODWRJLUDWRULRUHPRYLEOH &yPRUHHPSOD]DUODOX]GH ODFDYLGDG &yPRUHHPSOD]DUODOX] GHVXSHUILFLH %~VTXHGDGH3UREOHPDV 6ROXFLRQDGRUGH3UREOHPDV 6RSRUWHSDUDHO&OLHQWH 6RSRUWHSDUD HOFOLHQWH&XELHUWD7UDVHUD *DUDQWtD $QRWHDTXtHOQ~PHURGHPRGHOR\VHULH 0RGHORBBBBBBBBBBBBBBBBBBBBBBBBBB 6HULH BBBBBBBBBBBBBBBBBBBBBBBBBBB (QFRQWUDUiHVWRVQ~PHURVHQOD HWLTXHWDDGHQWURGHOKRUQR 0)/*(