? A > :$1&$!" 1A > *: ,! > 1XHYDVIRUPDVÀH[LEOHVGHRUJDQL]DFLyQGHOWUDEDMR #>&1!?" 0 09 0 7 A 6HUFRQVFLHQWHVGHODVQXHYDVIRUPDVÀH[LEOHVGHFRQWUDWDFLyQQRODERUDO ?9*A!B D/ B9A D/&/5B <& 9 <<( 'H&9 3DUDTXHHOWUDEDMDGRUSXHGDFHOHEUDUYiOLGDPHQWHXQFRQWUDWRGHEHFXPSOLUORVVLJXLHQWHVUHTXLVLWRVGH : DE P .&:;&.' 9 ( 9 # # #: ! 3HUVRQDO @ $ 3% 6HU @ @% 6HFRQVLGHUDQTXH ( # # . % . 4( 6. # % 4 % 2 ( < # 6. 3. # %# '.' DE 3RGUiQFHOHEUDUXQFRQWUDWRGHQWURGHOWHUULWRULRHVSDxROORVFLXGDGDQRVGHOD; &( # 2% % H[WUDFRPXQLWDULRV ( % # ( % 2 #H& $ 6LHVH[WUDFRPXQLWDULR # ( 3. +,0 ".1 9(,0 % . "1) ( 0 % " # % " 61 :2 # %: 6 1J %" ; & # " % " D6tSHURUHTXLHUHSHUPLVRGHVXVSDGUHVRWXWRUHVOHJDOHV 1$ %." 9 & # E6tSXHVVHWUDWDGHPHQRUHVGHDxRVHPDQFLSDGRV 1J% <# & F6tSXHVVHWUDWDGHXQDFLXGDGDQDGHOD8(TXHQRQHFHVLWD % 1J%" 5&# " 6 1* ;& ( < ?9*A!B D/ B9A D/&/5B <<& 9 'H& ( " 6 % # "( : # 6 " & 9 0 1 ( " . ( # :2 ,#) : D8QFRQWUDWRGHWUDEDMR¿UPDGRSRUXQPD\RUGHHGDGEDMRODVDPHQD]DVGHXQIDPLOLDUSDUD¿UPDUOR E8QFRQWUDWRGHWUDEDMRDGRVFRPHUFLDOHVGHYHQWDGHWDEDFRTXHYLVLWDUiQHOLQWHULRUGHORVLQVWLWXWRVGH)3SDUDSHUVXDGLUDORVDOXPQRV F8QFRQWUDWRODERUDO¿FWLFLRGRQGHQRVHSUHVWDQLQJ~QVHUYLFLR\FX\RPRWLYRSULQFLSDOHVHOEODQTXHRGHGLQHUR "( : (QHOSULPHURFDVRHOFRQVHQWLPLHQWRHVWiYLFLDGR\DTXHH[LVWHQDPHQD]DVHQHOVHJXQGRHOREMHWRGHOFRQWUDWRQRHVOtFLWRSXHVQRVHSXH " '. " # #H+ % + $VtVHSHUPLWHTXHSXHGDQVHUGHSDODEUDORVFRQWUDWRVLQGH¿QLGRVRHOFRQWUDWRWHPSRUDOHYHQWXDOSRU .# ' 4 $ '# SXHGHH[LJLU# 3DUDSURWHJHUDORVWUDEDMDGRUHVVLQRH[LVWHFRQWUDWRSRUHVFULWRKD\XQD( # YHUEDOHUDLQGH¿QLGR\DWLHPSRFRPSOHWRVDOYRSUXHEDHQFRQWUDULR :H& (OFRQWHQLGRPtQLPRTXHGHEH¿JXUDUHQHOFRQWUDWRHVHOVLJXLHQWH (%+ 6 LGHQWL¿FDFLyQ * %%,+ (% 6( 9 > % ( IHFKDGHFRPLHQ]R\¿QDOL]DFLyQHQVXFDVR .( : ( $. ( 3OD]RGH : # A2((( : (0 1 »@ 6 KRUDVH[WUDRUGLQDULDV % »" 6 XQDYH]¿QDOLFHODUHODFLyQODERUDOKDVWDTXHQRWUDQVFXUUDXQWLHP»*% SRGHWHUPLQDGR '. 6 0 "# " %'1 »A# " " CE;Q";:&&"!<<<F QR ¿JXUDQ % .. " # < " " # # ) % . " = ?9*A!B D/ B9A D/&/5B #;":'&$ 1;:$?&$! 7 " ' =F( # <. )3" H( % LQGH¿QLGRVRELHQWHPSRUDOHV# " 6H(2# LQGH¿QLGR\DWLHPSRFRPSOHWR"# : F' 6 6 F %(" 6# UDFLyQ¿MDGDSDUDHOSHULRGRGHSUXHED F +( ' ' SHUVLJXHHVTXLYDUODOH\3RUHMHPSORXQWUDEDMDGRUTXHWLHQHXQDVHULHGHFRQWUDWRVWHPSRUDOHVVHJXLGRVSHURTXHUHDOPHQWHHVWDFXEULHQGRXQSXHVWRGHWUDEDMR¿MRHQODHPSUHVD <<&( # %# 0 ( . $ . 3DFWR 3DUDTXHH[LVWDSHULRGRGHSUXHEDpVWHGHEHVHU SRUORTXHGHEH¿JXUDU DQWHVGHHPSH]DUDWUDEDMDU1RVHUHDOL]DHOSHULRGRGHSUXHED\GHVSXpVVH¿UPDHOFRQWUDWRVLQR # ( $( % # /DGXUDFLyQVXHOHYHQLUUHÀHMDGDHQHO < ' % " 9 % &# (: »3DUDWpFQLFRVWLWXODGRVTXHSRVHDQXQWtWXORPHGLRRVXSHULRUXQPi[LPRGHPHVHV $. »3DUDHOUHVWRGHWUDEDMDGRUHVHVGHPHVHVVDOYRHQHPSUHVDVGHPHQRVGHWUDEDMDGRUHVTXH 6LHOFRQWUDWRHV 2. # 6. 9 0 %( L 6"# % # # % $ &XDOTXLHUDGHODVSDUWHVSXHGHGDUSRU¿QDOL]DGRHOFRQWUDWRGXUDQWHHOSHULRGRGHSUXHED 0 %%( < % % 6 L < :2 A" 6% " "" # # 5# ( " = . ? "( : 1RHVFRUUHFWDSXHVHOSHULRGRGHSUXHED\DYDLQFOXLGRGHQWURGHOFRQWUDWR3ULPHURVH¿UPDHOFRQWUDWR\VHSDFWDHQHOPLVPRTXHKDEUi " ) 4 ?9*A!B D/ B9A D/&/5B <) ((2 " 6 : B D/ B$ "BD:/ %4B$ #/D/!/"BD:/%J #DK %/$ B D/ B$ A:#BD/!A$ B&D/B$AD4%%B A4A ?/! % AD%%9/9 #D%:ADA:#!AB5B4A B D/ B$ / %A:#B#/D%/! / %A:#B#/D%/!B:L DA!A4B "%5B$09%$B %?B$ B D/ B$ %9A"%%9B$ %9A"%%9BBD9%/D%B %9A"%%9B9A/#B<B/A:#DA9A9BDA$ 3 ''% , I ( &: &2175$726!$&!$!" &RQWUDWRVLQGH¿QLGRVRUGLQDULRV &RQWUDWRVLQGH¿QLGRVGHIRPHQWR &2175$7261&)-.'&" 0'"1 F " F " F F " A &2175$726.)'1!?" F'. F ( 727$/&2175$726),50$'26 6(*Ò1/$-251$'$ F F 3& <<4 K K; 8 59 H I43G ;4H 44H 3&9 <<@6 K8K 58K 9K5 H 3G 5H ;;H <<43 3G 4<6<I6 @@IG 5 5KK ;4 5 8K ;;4 585 K; K 9 ; 4 <=4I ; 5 545 6<6< 89KH 48H K8H H 8H I4G 4H 5H H ; 8; 48 9 ;9 8 4K 99 4 ;8 48 48 3<66 K 49 8 9 @<4<@ ;85H 4H 8H 8H 9KH G 58H 44H H 4 45 589 K K9K ;45 @=G ;K4H 4 55 9 4 9 ; @G 9;;H 1RWDHOFRQWUDWRLQGH¿QLGRGHIRPHQWRKDGHVDSDUHFLGRFRQODUHIRUPDODERUDOGH )XHQWH029,0,(172/$%25$/5(*,675$'2$f26<0/50,1,67(5,2'((03/(2<6(*85,'$'62&,$/ F . . 0 SRUDOHVDOUHGHGRUGHOGHORVFRQWUDWRV¿UPDGRV D# # .% " ¿UPDGRVDORODUJRGHODxRFRQORTXHQRKD\TXHFRQIXQGLUHOQ~PHURGHFRQWUDWRVTXHVHKDQ¿UPDGRFRQHOQ~PHURGHWUDED0 MDGRUHVH[LVWHQWHV$VLPLVPRKD\WUDEDMDGRUHVLQGH¿QLGRVTXH¿UPDURQVXVFRQWUDWRVHQDxRVDQWHULRUHV\QRDSDUHFHQHQHVWDHVWDGtVWLFD I ?9*A!B D/ B9A D/&/5B #;":'&$ 1;:$?&$! 7 " ) % % . & . '. <<: + !" " # 'H: + L9 (VDTXHOFRQWUDWRTXHWLHQHSRUREMHWLYRFXDOL¿FDUDXQWUDEDMDGRUHQXQUpJLPHQGRQGH @ # 4=6HSRGUi¿UPDUWDPELpQFRQMyYHQHVHQWUH\DxRVPLHQWUDVODWDVD ' 5H *( $( ( GH)3RXQLYHUVLWDULDQLFHUWL¿FDGRGHSURIHVLRQDOLGDGSDUDHVH SXHVWRGHWUDEDMRTXHOHSHUPLWD¿UPDUXQFRQWUDWRHQSUiFWLFDVSRUGLVSRQHUGHWtWXORSURIHVLRQDO $(9 ( $. 0tQLPDGHDxR\Pi[LPDGHDxRV6LHVLQIHULRUDDxRVSXHGHQKDEHUXQPi[LPRGH .# ' ; (OFRQYHQLRSXHGHPRGL¿FDUODGXUDFLyQVLQVHULQIHULRUDPHVHVQLVXSHULRUDDxRV 6.(2 %( '. " , . % 6 0 ( ( $ ( * ( 6 2 " ' 6 % 3HULRGRGH '. 95H % ' " 5H'.01 %( 85H% 5H'. :, '.: (+ +- »F( 6. &11( '. ( '" »C:(2 GHEH UHDOL]DUVH OD IRUPDFLyQ" 6H SDFWDUi HQWUH OD HPSUHVD \ HO WUDEDMDGRU FXiQGR VH 6'. ») :( '.2 »6LQRSRVHHHOWtWXORGH(62ODIRUPDFLyQGHEHUiSHUPLWLUREWHQHUHVHWtWXOR/DIRUPDFLyQVHDFUHGL WDUiSRUHO6HUYLFLR3~EOLFRGH(PSOHRFRQXQFHUWL¿FDGR @ . 6H¿MDUiHQHOFRQYHQLR\ ( +I=G(@=G"<)<!< '. % HIHFWLYR3DUDHOHO60,HVGHʑDOPHV "<)<!< ' # % % % % # :26 -XDQ5DPtUH]GHDxRVKDWHUPLQDGROD(62\TXLHUHHPSH]DUDWUDEDMDU&RPRQRGLVSRQHGHQLQJ~QWtWXORSURIHVLRQDOKDSHQVDGR DFXGLUDXQDFDUSLQWHUtDGHOEDUULRSDUDDSUHQGHUHOR¿FLRHLUJDQDQGRXQGLQHUR$ODHPSUHVDOHLQWHUHVDWHQHUXQQXHYRDSUHQGL]DVtTXH '. =F( . ((?"( : 6XFRQWUDWRGXUDUiDxRPtQLPR\VXVXHOGRVHUiFRPRPtQLPRXQGHO60,VREUHʑSDUDVHUtDQʑ @ ?9*A!B D/ B9A D/&/5B #H: 2 GHXQDWLWXODFLyQGH)3RXQLYHUVLWDULDRELHQGHXQFHUWL¿FDGRGHSURIH $% /D³)3SDUDHOHPSOHR´KDFHUHIHUHQFLDDODDQWHULRUIRUPDFLyQRFXSDFLRQDOTXHVHRIUHFtDDORVGHVHP '.% " @ # $. #;":'&$ 1;:$?&$! 7 " % % . & . ( 3RVHHUXQ,(-( RFHUWL¿FDGRGHSURIHVLRQDOLGDG @ 6 =%( 3 9 2( 5& J 4(2 6LHVLQIHULRUDDxRVSXHGHQKDEHUXQPi[LPRGH% ; 6.(2 . % 6 ( ( &( @ . " *(( + &;H % &95H ( 9 % :2= " 6 6( F0. F %1 '" PHGLRGH*HVWLyQ$GPLQLVWUDWLYDSRUORTXHOHSLGHDODHPSUHVDTXHOH¿UPHXQFRQWUDWRHQSUiFWLFDVGHPHVHV¢3XHGHVROLFLWDUOR(VWKHU" "( 1RSRUTXHODVSUiFWLFDVGXUDQWHOD)&7IRUPDQSDUWHGHODHQVHxDQ]D\D~QQRWLHQHHOWtWXORGH)3WHUPLQDGR <<: 'H @ 6 . A% 6HXWLOL]DSDUDUHDOL]DUREUDV\VHUYLFLRVFRQDXWRQRPtDGHQWURGHODDFWLYLGDGQRUPDOGHODHPSUHVD\TXH ( + GHRWUDVDFWLYLGDGHVSDUDGHWHUPLQDUFXDQGRFRPHQ]y\¿QDOL]y $. FXiQGR¿QDOLFHODREUDRVHUYLFLR &. 6HHVWDEOHFHXQPi[LPRGHDxRVHOFXDOHVDPSOLDEOHDPHVHVPiVSRUFRQYHQLR6L¿QDOL]DOD GXUDFLyQPi[LPD\FRQWLQ~DWUDEDMDQGRDGTXLHUHODFRQGLFLyQGH¿MR 3 . . (( (0 =,DQWHVGHVX¿QDOL]DFLyQ , 6. 3DUDHODO¿QDOL]DUFDGDFRQWUDWRGHREUDHOHPSUHVDULRSDJDUiXQDLQGHPQL]DFLyQGH, 9RVXSDUWHSURSRUFLRQDO3DUDHO6 (, &% % 6. 3 ?9*A!B D/ B9A D/&/5B #H& (( ( A% D ' % (( H[FHVRGH ( * ; "# , $. 6. ( @ 6HSRGUiUHDOL]DU( %GHOFRQWUDWRHYHQWXDOODFXDOOOHJDUiKDVWDOD¿QDOL]DFLyQGH .(2 L # " :H! A% "((%# (9 % . % 6 . " $. 6. -(( # % # ) " # % 3RU : . Pi[LPR GH " < LQGHPQL]DFLyQSRU¿QDOL]DFLyQGHFRQWUDWR H-9 A% $. 6. $GTXLULUXQDSULPHUDH[SHULHQFLDSURIHVLRQDO 9 # QRWHQJDQH[SHULHQFLDSURIHVLRQDO + . ( PtQLPRGHPHVHV\XQPi[LPRGHPHVHV"# ( ' 6 # ( Pi[LPRGHPHVHV L # " #;":'&$ 1;:$?&$! F " : » . " 8 » 6L VH DPSOLD OD GXUDFLyQ GHO %" » 6LLQGLFDODVDFWLYLGDGHVFRQ # » 6L OD LQGHPQL]DFLyQ HV VXSH ORVHYHQWXDOHVDOD¿MDGDSRUOD & &H& F% 6 ( . 9 # # FRQGLFLyQGH¿MRHQODHPSUHVD 3RUHOORODQRUPDWLYDLQGLFDTXHDGTXLULUiQODFRQGLFLyQGHWUDEDMDGRUHV¿MRVDTXHOORVWUDEDMDGRUHVTXH ' ( 6 ( ") $( "'"< -'. " . J" 64 ( 2HQGtDVODFRQGLFLyQGH¿MR 95 (("-7&SDUDTXHpVWHOHFHUWL¿TXH ORVFRQWUDWRVWHPSRUDOHVUHDOL]DGRV\DVtSRGHUDFUHGLWDUODFRQGLFLyQGH¿MRHQODHPSUHVD (VWDQRUPDVHKDEtDVXVSHQGLGRKDVWD¿QDOHVGHSHURKDHQWUDGRHQYLJRUGHQXHYRHQ ?9*A!B D/ B9A D/&/5B :24 ,#) 6 #)": 1J ' " ' % 1J G# " 6 ; ) %# ' " 1$ & *" ' " ( < 1F @ 6" 6' 1 &% " 6 # 6% # "( 1" 2 1, . .% 1" 0& *"1 1A " 6 " 6' H3ULPHUHPSOHRMRYHQSXHVHVPHQRUGHDxRV\QRWLHQHPHVHVGHH[SHULHQFLDODERUDO <<: 'H: 7 &""' <SXHGHVHULQGH¿QLGRRWHPSRUDO# # # % # # HVWDU¿MRHQODHPSUHVDRWHPSRUDOSHURDWLHPSRSDUFLDO 1 DWLHPSRSDUFLDOH[FHSWR '.# F ' 6 KRUDV H[0 # 0 2 1 6 % % Q~PHURGHKRUDVH[WUDRUGLQDULDV# 6% (% 3% 8& % 4 2& F $ ) ' 6yORODVSXHGHQSDFWDUORVWUDEDMDGRUHVLQGH¿QLGRV ( =G9 "# " % (2 ;H 6H2% . I,"# " 6 :(2 L VHJ~QHOSDFWRTXHVHHVWDEOH]FDHQHOFRQWUDWR\ORTXH¿JXUHHQHOFRQYHQLR "% 0 16 3& 92 ( 6 "5 " ' '" " % 6 2 ?9*A!B D/ B9A D/&/5B &DVRSUiFWLFR -XDQ,JQDFLRKDVLGRFRQWUDWDGRLQGH¿QLGRDWLHPSRSDUFLDOSRUKRUDVDODVHPDQDKRUDVGHOXQHVDYLHUQHVVLHQGRHOGHODMRUQDGD (QHOFRQWUDWR¿UPyUHDOL]DUODVKRUDVFRPSOHPHQWDULDV\ODVH[WUDRUGLQDULDVTXHUHTXLHUDODHPSUHVDD¢3XHGHODHPSUHVDREOLJDUOHD DFXGLUXQViEDGRGHDK"E¢&XiQWDVKRUDVH[WUDRUGLQDULDVSRGUtDUHDOL]DUDORODUJRGHODxR""( : D6tSXHVHVLQGH¿QLGR\ODVKRUDVKDQVLGRSDFWDGDVHQHOFRQWUDWR(OKRUDULRTXHVHDPSOtDKRUDVQRVXSHUDHOPi[LPRGHOGH ODVKRUDVDODVHPDQDGHKRUDVVRQKRUDV E-XDQ,JQDFLRSRGUiUHDOL]DUXQPi[LPRGHOGHKRUDVH[WUDVDQXDOHVHVGHFLUKRUDVDODxR #H: 9( A% &RQWUDWDUDXQWUDEDMDGRUSDUD GDUOHHOUHOHYRDRWURTXHVHYDDMXELODUDWLHPSRSDUFLDO %# ) % 6 R GRVFDPELRV:FRQWUDWRGHMXELODFLyQSDUFLDOPiVXQFRQWUDWRGHUHOHYR »3RUXQODGRXQ 9TXHSXHGHDFFHGHUDODSHQVLyQGHMXELODFLyQ FRQYLHUWHHQXQFRQWUDWRDWLHPSRSDUFLDO\SDVDDFREUDUXQDMXELODFLyQDWLHPSRSDUFLDOSRUODMRU R 9( % Q ;& (9 % »3RURWURODGRVHFRQWUDWDDXQ # %# %# % &RQHVWHWUDEDMDGRUVH¿UPDXQ M GXUDFLyQ %# %UHGXFHVXMRUQDGD ( =G( =G) UHGXFHHQODPLVPDSURSRUFLyQ6LHOFRQWUDWRGHUHOHYRHVLQGH¿QLGR\DWLHPSRFRPSOHWRODUHGXFFLyQ %# % HO ( # % "VHMXELOHWRWDOPHQWH R " IXHVHLQGH¿QLGR (# GRVDxRVGHVSXpV # HOWUDEDMDGRUUHOHYDGRVHMXELODVHWRWDOPHQWH3XHGHRFXSDUHOPLVPRSXHVWRGHOTXHVHMXELODRQR 6HJ~QODUHIRUPDGHPDU]RGHOD9( ( ( ' ":GHVGHORVDxRVHQFRQDxRVFRWL]DGRVDORVDxRV 061 DxR ORVDxRV 0 ; & 61 ,QGHPQL]DFLyQ $OD¿QDOL]DFLyQGHOFRQWUDWRGHUHOHYRHOWUDEDMDGRUSHUFLEHXQDLQGHPQL]DFLyQFRPRVLIXHVHXQ (OGtDVSDUDGtDVSDUDVDOYRPHMRUDGHOFRQYHQLR R " VHFRQYLHUWHHQLQGH¿QLGRODHPSUHVDQRSDJDHVWDLQGHPQL]DFLyQ\ DGHPiVUHFLEHXQDERQL¿FDFLyQDODFXRWDGHODVHJXULGDGVRFLDO #;":'&$ 1;:$?&$! » 7 " ) DXPHQWD HO GH KRUDV » 7 " GHPQL]DFLyQGHPD\RUFXDQ &&RQWUDWR¿MRGLVFRQWLQXRHQIHFKDVQRFLHUWDV ! #&'" IHFKDFLHUWDGHYROYHUDOWUDEDMR(OWUDEDMDGRUVHHQFXHQWUD¿MRHQODHPSUHVD PX\SDUHFLGRDOLQGH¿QLGRDWLHPSRSDUFLDO<) < 6" & & " " % #VtVH VDEHODIHFKDFRQFUHWDGHYXHOWD0 % # & # ' "" % 1 R GHVFRQRFLHVHODIHFKDH[DFWDGHYROYHUDOWUDEDMR FRQWUDWR¿MRGLVFRQWLQXR ' % WUDEDMRVDJUtFRODVGHWHPSRUDGD# ' 2 "" %& 2 REOLJDFLyQGHOODPDPLHQWR "' # ?9*A!B D/ B9A D/&/5B &RQWUDWRLQGH¿QLGR $&RQWUDWRLQGH¿QLGRRUGLQDULR (VHOFRQWUDWRLQGH¿QLGRTXHSXHGHUHDOL]DU(*( (*(9 %&RQWUDWRLQGH¿QLGRGHDSR\RDHPSUHQGHGRUHV (VXQQXHYRFRQWUDWRLQGH¿QLGRGHOD+# '. % " =9< F %RQL¿FDFLRQHVH LQFHQWLYRV¿VFDOHV % ( (2 (ERQL¿FDFLRQHV "¿VFDOHV 6 %RQL¿FDFLRQHVHQODFXRWDGHVHJXULGDGVRFLDOTXHSDJDODHPSUHVD »> 4ʑDODxRHOSULPHUDxRʑHOVHJXQGRDxR\ʑHOWHUFHU DxR6LVHFRQWUDWDQPXMHUHVHQVHFWRUHVHQORVTXHHVWiQPHQRVUHSUHVHQWDGDVVHDXPHQWDHQʑ »)6= @ ʑDO DxRGXUDQWHDxRV6LVRQPXMHUHVHQVHFWRUHVGRQGHHVWiQPHQRVUHSUHVHQWDGDVVHDXPHQWDKDVWD ʑDODxR ,QFHQWLYRV¿VFDOHVHQODGHFODUDFLyQGH+DFLHQGDGHODHPSUHVD »6LHVHO # 6 ( XQDGHGXFFLyQ¿VFDOGH<R . D # ( »3 PHVHVUHFLELUiXQDGHGXFFLyQ¿VFDOGHO=G # % ( (2 % ( ») % $ ( "" »$L % " " <; # " 6 &2WUDVFRQWUDWDFLRQHVLQGH¿QLGDVERQL¿FDGDV 7UDQVIRUPDFLyQHQLQGH¿QLGRVGHFRQWUDWRVWHPSRUDOHV $ + ʑDODxRHQKRPEUHV\ʑHQPXMHUHV $ 2(( %. 6 HPSUHVDVGHPHQRVWUDEDMDGRUHVʑHQKRPEUHV\ʑHQPXMHUHV 7 FLQGH¿QLGRʑDODxR6LHVʑDODxR F LQGH¿QLGRVHQWUHʑ\ʑDODxRODFXDOYDUtDHQIXQFLyQGHODVVLJXLHQWHVFD : ;5H % 45& WUDQVIRUPDFLyQGHWHPSRUDOHVHQLQGH¿QLGRV) ( 6LHVOUHFLELUiXQDFDQWLGDGDOJRPHQRUHQWUH\ʑDODxR C ʑDODxR ʑDODxRHQLQGH¿QLGRV\ʑDODxRHQWHPSRUDOHV C"'#D'"E;&<<<F 2 : & & - " . % ?9*A!B D/ B9A D/&/5B <9 ! %" ((" WUDEDMDGRU'HVGHWDPELpQSXHGHQDFWXDUFRPR$JHQFLD3ULYDGDGH&RORFDFLyQ )*+,#" # C"'#D'"E;&<<<F &. 6 ' : » » 9;; ; » 89 9 » ; ; » ; & DA 0 6H¿UPDXQFRQWUDWRPHUFDQWLOHQWUHODVGRVHPSUHVDVOODPDGR ( % ) 6RORSXHGHQFHGHUVHWUDEDMDGRUHV '. 6HSHUPLWHHQDFWLYLGDGHVSHOLJURVDVH[FHSWR 2 . .2 . (" " ' 6 DA 0 > 6H¿UPDXQ 9 %%(, 0 L SRU¿QDOL]DFLyQGHOFRQWUDWR6LQRHVUHVSRQVDEOHVXEVLGLDULDOD(8 '. % 6 % 6 ) # ."% % # % <" 3 (( % 2 " ' "' /D(77DERQDUiDOD¿QDOL]DFLyQXQD L ,% % % D 0 > ' % # # % ' # ) +% % " . % ( ( # % ( % :2@ 3M"") ) # ." " FLUFXQVWDQFLDVGHOPHUFDGR\DTXHKD\PiVWUDEDMRHQYHUDQRHQXQDHPSUHVDGHIDUWRQVHQ$OERUD\D6HGHGLFDDFRQWURODUODSUHVHQFLD GHSURGXFWRVWy[LFRVSDUDODUHSURGXFFLyQHQODIiEULFD(QOD(77OHGLFHQTXHODHPSUHVDGRQGHYDDWUDEDMDUHVODTXHOHYDDSDJDUDO¿QDO # (# % "' " GHWUDEDMRGHEHUiDFXGLUSRUODVWDUGHVDXQFXUVRGHSUHYHQFLyQGHULHVJRVHQOD(77$O¿QDOL]DUORVGRVPHVHVOD(77OHGDODVJUDFLDV\ # " 6" " 6HxDODVLH[LVWHDOJXQDLUUHJXODULGDGSRUSDUWHGHOD(77"( : 6HGHWHFWDQODVVLJXLHQWHV/D(77QRSXHGHFRQWUDWDUDQDGLHSDUDFRQWURODUSURGXFWRVWy[LFRVSDUDODUHSURGXFFLyQ/DHPSUHVDTXHSDJD 3 ( % (" ' " . GHEHVHUDQWHVGHFRPHQ]DUDWUDEDMDU$O¿QDOL]DUGHEHUiFREUDUXQDLQGHPQL]DFLyQGHGtDVSRUDxRWUDEDMDGRUHQHVWHFDVRGtDVGH % 6