)/25$$5*(17,1$ 9 2/80(17 202,, 32($( 0LFUREUL]D SRLPRUSKD - 3UHVO 3DURGL H[ 1LFRUD 5~JROR 'DUZLQLDQD3DQLFXPSRLPRUSKXP-3UHVO5HOLT +DHQN,VDFKQHSRLPRUSKD-3UHVO0H]H[ (NPDQ 0HGHG 5LMNV+HUE QRP LQYDO %UL]D SRLPRUSKD-3UHVO+HQUDUG0HGHG5LMNV+HUE 3RLGLXPSRLPRUSKXP-3UHVO0DWWKHL:LOOGHQRZLD 7,32 >3HU~ +XiQXFR"@ 7 +DHQNH VQ KRORWLSR 35 LVRWLSRV %$$IUDJPHQWRH[%86IUDJPHQWRH[35 ,VDFKQH KDFNHOLL /LQGP .RQJO 6YHQVND 9HWHQVNDSVDNDG +DQGO W %UL]D KDFNHOLL /LQGP (NPDQ $UN %RW 7,32 %UDVLO 5LR *UDQGH GR 6XO 3RUWR$OHJUH 1RY & $ 0 /LQGPDQ $ >([S , 5HJQHOO@ KRORWLSR : LVRWLSR 86 &DxDVKDVWDGHFPGHDOWRGHOJDGDVJODEUDVHQWUHQXGRVGH FPGHODUJRJODEURVSDML]RVILQDPHQWHHVWULDGRVQXGRVFDVWDxRVJODEURV YDLQDVXVXDOPHQWHPiVFRUWDVTXHORVHQWUHQXGRVOtJXODVGHPPGH ODUJRPHPEUDQiFHDVGHiSLFHDJXGRHURVDGROiPLQDVGHFP[ PPJODEUDVGHEDVHDQJRVWDGD\iSLFHDJXGR,QIORUHVFHQFLDVGH [FPSHG~QFXORFLOtQGULFRKDVWDGHFPGHODUJRHMHSULQFLSDO DQJXORVRHVFDEUL~VFXORJODEURUDPLILFDFLRQHVGHVQXGDVHQODEDVHFRQ ODVHVSLJXLOODVGLVWULEXLGDVGHQVDPHQWHHQORVH[WUHPRVGHODVPLVPDV (VSLJXLOODVGHPPGHODUJRDQFKDPHQWHRYRLGHVFRPSULPLGDV ODWHUDOPHQWHJOXPDVGHPPGHODUJROHPPDGHPPGHODUJR SiOHDGHPHQRUWDPDxRTXHVXOHPPD 2EVHUYDFLyQ1LFRUD5~JRORGH$JUDVDUVHxDODQTXH3UHVO DOGHVFULELU3DQLFXPSRLPRUSKXPFLWDFRPRORFDOLGDGWLSR3HU~ VLQHPEDUJRHVWDHVSHFLHQRFUHFHHQGLFKRSDtV3UREDEOHPHQWHVHWUDWH GHXQHUURUGHHWLTXHWDGR\HOPDWHULDOFLWDGRSRUHODXWRUSURYHQJDGH 8UXJXD\GRQGH7+DHQNHUHDOL]yVXVSULPHUDVFROHFFLRQHVHQ$PpULFD GHO6XU 0LFUREUL]DSRLPRUSKD$3ODQWD%(VSLJXLOODYLVWDODWHUDO&$QWHFLRYLVWDODWH UDO'$QWHFLRYLVWDYHQWUDO(3iOHDFDUDGRUVDO)3iOHDFDUDYHQWUDO\JLQHFHR*&RUWH WUDQVYHUVDOGHODOHPPD\ODSiOHDOHPPDSiOHD+&RUWHWUDQVYHUVDOGHXQDQWHFLR IUXFWLILFDGROHPPDSiOHDFDULRSVLV,&DULRSVLVYLVWDKLODU-&DULRSVLVYLVWD HVFXWHODU 'LVWULEXFLyQJHRJUiILFD\KiELWDW9LYHHQWHUUHQRVEDMRV\K~PH GRVGHOVXUGH%UDVLO3DUDJXD\8UXJXD\\QRUGHVWHGHOD$UJHQWLQD 0DWHULDO DGLFLRQDO H[DPLQDGR &RUULHQWHV 'SWR 6DQ 0DUWtQ 7UHV &HUURV%XUNDUW6,(QWUH5tRV'SWR&RQFRUGLD&RQFRUGLD3DURGL 1,&25$(32$6RUHQJ/-*LOOHVSLH 6, 6DQWD )H 'SWR 6DQ -DYLHU &RORQLD *DOHQ %UROOR 6, 0LVLRQHV 'SWR *HQHUDO 0DQXHO %HOJUDQR %HUQDUGR GH ,ULJR\HQ QDFLHQ WHV GHO 5tR 3HSLUt *XD]~ ,WR$UJHQWLQD%UDVLO 0RUURQH HW DO 6, 3255-625(1*/0*,866$1, 5-6RUHQJ/-*LOOHVSLH$QQ0LVVRXUL%RW*DUG3RDVXEJHQ$QGLQDH1LFRUD+LFNHQLD(63(&,(7,32 1LFRUDHSRDDQGLQD7ULQ6RUHQJ/-*LOOHVSLH 3RDDQGLQD7ULQ 3ODQWDVJLQRGLRLFDVRSHUIHFWDVSHUHQQHVUL]RPDWRVDVFRQUL]RPDVGHPPGHGLiPHWURGHOLFDGDVDUREXVWDVFHVSLWRVDVRDOJRDELHUWDV RFRQPDFROORVDLVODGRVDOJXQDVYHFHVIRUPDQGRFRMLQHVGHKRMDVSXQ]DQWHVFDxDVHUHFWDVGHFXPEHQWHVRJHQLFXODGDVKDFLDODEDVHGHOJDGDVD UREXVWDVHQWUHQXGRVLQIHULRUHVFRPSULPLGRVORVVXSHULRUHVFLOtQGULFRVRPRGHUDGDPHQWHFRPSULPLGRVQXGRVFLOtQGULFRVFRP~QPHQWHLQFOXLGRV YDLQDVKHUEiFHDVDFRULiFHDVOXVWURVDVRVXEOXVWURVDVOLVDVRHVFDEURVDVHQRFDVLRQHVSLORVDVOHYHPHQWHFRPSULPLGDVDTXLOODGDVFRQORV PiUJHQHVIXVLRQDGRVKDVWDóGHVXORQJLWXGYDLQDVEDVDOHVILEURVDVDODYHMH]FXHOOROLVRJODEURDSLORVROtJXODVGHFXUUHQWHVHQODVKRMDVEDVDOHV JODEUDVDSLORVDVOiPLQDVSODQDVSOHJDGDVRLQYROXWDVILUPHVXVXDOPHQWHSXQ]DQWHVFDUDDED[LDOOLVDRHVFDEURVDDORODUJRGHODTXLOOD\HOiSLFH FDUDDGD[LDOFRQFRVWLOODVFRQVSLFXDVIRUPDQGREORTXHVFRQiSLFHSODQRDDQFKDPHQWHUHGRQGHDGR]RQDVLQWHUFRVWDOHVSURIXQGDVDPRGHUDGDPHQ WHSURIXQGDVOLVDVDHVFDEURVDVORVPiUJHQHVXVXDOPHQWHHVFDEURVRV,QIORUHVFHQFLDVHUHFWDVROLJHUDPHQWHDUTXHDGDVHVSLFLIRUPHVDSLUDPLGDOHV OD[DVHMHSULQFLSDOHQJURVDGROLVRVKDFLDODEDVHFRQUDPLILFDFLRQHVSRUQXGRODVUDPLILFDFLRQHVDGSUHVDVDVFHQGHQWHVRHQRFDVLRQHV GLYHUJHQWHVHMHGHODVUDPLILFDFLRQHVOLVRVDPRGHUDGDPHQWHHVFDEURVRVRGHQVDPHQWHHVFDEURVRFLOLDGRVDSLORVRVSHGLFHORVOLVRVRHVFDEURVRV DOJXQDVYHFHVHVFDEURVRFLOLDGRVDSLORVRV(VSLJXLOODVODQFHRODGDVYHFHVPiVODUJDVTXHDQFKDVFRPSULPLGDVODWHUDOPHQWHRFRPSULPLGDV GpELOPHQWHDOJXQDVYHFHVYLYtSDUDVIORUDVGHVDUWLFXODQGRSRUHQFLPDGHODVJOXPDV\HQWUHORVDQWHFLRVHQWUHQXGRVGHODUDTXLOOD FLOtQGULFRVOLVRVRHVSDUFLGRVDGHQVDPHQWHHVFDEURVRVJOXPDVODQFHRODGDVVXELJXDOHVOHYHPHQWHPiVFRUWDVTXHODVOHPPDVROLJHUDPHQWH H[FHGLHQGRDODVPLVPDViSLFHVDJXGRVDDFXPLQDGRVKHUEiFHDVDFDUWiFHDVOLVDVRFRQODVTXLOODVHVFDEURVDVPiUJHQHVOLVRVRHVFDEURVRVJOXPD LQIHULRUQHUYLDODVXSHULRUQHUYLDFDOORVREWXVRVROLJHUDPHQWHDQJXORVRVJODEURVRFRQXQDFRURQDGHSHORVUtJLGRVOHPPDODQFHRODGD KHUEiFHDDFDUWiFHDGHiSLFHDJXGRDWUXQFDGRHOGRUVRDTXLOODGRRUHGRQGHDGROLVRRHVFDEURVRTXLOODJODEUDDOLJHUDPHQWHSLORVDFRQRVLQXQD DULVWDFHQWUDOFXDQGRSUHVHQWHFRQDULVWDVGHOJDGDQHUYLDFRQORVQHUYLRVPDUJLQDOHVSRFRGLIHUHQFLDGRVSiOHDVLPLODUHQWH[WXUDDODOHPPD 9 2/80(17 202,, )/25$$5*(17,1$ 32($( OLQHDUEtILGDHQHOiSLFHTXLOODVELHQGHVDUUROODGDVHVFDEURVDVDFRP~QPHQWHFLOLDGDVFRQODVXSHUILFLHHQWUHODVTXLOODVOLVDRPHQRVIUHFXHQWH HVFDEURVDORGtFXODVDQWHUDVGHODVIORUHVSHUIHFWDVJODEUDVIORUHVSLVWLODGDVFRQHVWDPLQRGLRVDERUWDGRVWDUGtDPHQWH\OLJHUDPHQWHUHGXFLGRV HQORQJLWXGRYDULRVJODEURVHVWLJPDVSOXPRVRVEODQFRVFDULRSVLVIXVLIRUPHDRYRLGHDVXEWUtJRQDHQGRVSHUPDVyOLGRDVHPLEODQGRHPEULyQ FRUWRVXUFRGLIHUHQFLDGRSRFRSURIXQGRKLORHOtSWLFRDUHGRQGHDGR *pQHURVXGDPHULFDQRTXHKDELWDHQODUHJLyQDQGLQD\SDWDJyQLFDGHOD$UJHQWLQD\&KLOH6HHQFXHQWUDHQSDVWL]DOHVRERVTXHVVXEDQWiUFWLFRV GHVGHORVPVPHQODSURYLQFLDGH6DQ-XDQ$UJHQWLQD\OD95HJLyQ&KLOHKDVWDHOVXUSDWDJyQLFRGRQGHVHH[WLHQGHDOD,VODGH7LHUUD GHO)XHJR,VODGHORV(VWDGRVH,VODV0DOYLQDV1LFRUD0RRUH&UHFHHQSDVWL]DOHVGHDOWXUDHQ]RQDVURFRVDV\K~PHGDVHQYHJDV \VXHORVK~PHGRVRHVWDFLRQDOPHQWHLQXQGDEOHVRHQVXHORVVDOLQRVRVXEVDOLQRVFRVWHURV\DUHQRVRV 2EVHUYDFLRQHV(VWHJpQHURKDVLGRSURSXHVWRUHFLHQWHPHQWHVREUHODEDVHGHHVWXGLRVPROHFXODUHVFDUDFWHUHVPRUIROyJLFRV\DQDWyPLFRVTXH PXHVWUDQTXHODVHVSHFLHVHVWiQOHMDQDPHQWHUHODFLRQDGDVFRQ3RD6RUHQJ*LOOHVSLH*LOOHVSLHHWDOGRQGHIXHURQLQFOXLGDVKDVWD HQWRQFHV1LFRUDHQVXWUDWDPLHQWRGHOJpQHURSDUD3DWDJRQLDLQFOX\yD3VXEHQHUYLVHQWUHODVHVSHFLHVUL]RPDWRVDV\SHUIHFWDVGHO VXEJpQHUR3RDPLHQWUDVTXHODVUHVWDQWHVHVSHFLHVWRGDVJLQRGLRLFDVIXHURQWUDWDGDVEDMRHOVXEJpQHUR$QGLQDH8QDFRPELQDFLyQGHFDUDFWHUHV RDOJXQRGHHOORVXQLILFDQDODVHVSHFLHVGHOJpQHUROHPPDVJHQHUDOPHQWHDULVWDGDVXQDFRURQDGHSHORVHQHOFDOORGHORVDQWHFLRVYDLQDVEDVDOHV DOJRILEURVDVFRQODHGDGOtJXODVFLOLDGDVODVXSHUILFLHDGD[LDOGHODVOiPLQDVFRUUXJDGDViSLFHVGHODVOiPLQDVSXQ]DQWHV\UL]RPDVHQJURVDGRV 5HIHUHQFLDVELEOLRJUiILFDV6RUHQJ5-*LOOHVSLH/-1LFRUDHSRD3RDFHDH3RHDHDQHZ6RXWK$PHULFDQJHQXVEDVHGRQ3RDVXEJ $QGLQDHDQGHPHQGDWLRQRI3RDVHFW3DURGLRFKORDRIWKHVXE$QWDUFWLFLVODQGV$QQ0LVVRXUL%RW*DUG*LOOHVSLH/-6RUHQJ 5-%XOO5'-DFREV6:/5HIXOLR5RGUtJXH]1)3K\ORJHQHWLFUHODWLRQVKLSVLQVXEWULEH3RLQDH3RDFHDH3RHDHEDVHGRQ QXFOHDU,76DQGSODVWLGWUQ7WUQ/WUQ)VHTXHQFHV%RWDQ\ &/$9('(/$6(63(&,(6 3ODQWDVSHUIHFWDVFRQDQWHUDVIpUWLOHVGHPPGHODUJRSODQWDVFRQUL]RPDVODUJRV\GHOJDGRV 1VXEHQHUYLV ¶3ODQWDVJLQRGLRLFDVODVIORUHVSHUIHFWDVFRQDQWHUDVIpUWLOHVGHPPGHODUJR\ODVSLVWLODGDVFRQHVWDPLQRGLRVJUDQGHVGH PPGHODUJRSODQWDVFRQUL]RPDVFRUWRVRODUJRVJHQHUDOPHQWHHQJURVDGRV ¶/HPPDOLVDQRHVFDEURVDORVQHUYLRVGHVYDQHFLGRVODTXLOOD\ORVQHUYLRVODWHUDOHVSLORVRVHVFDEURVRVRJODEURV ¶/HPPDHVFDEURVDFRQORVQHUYLRVPX\PDUFDGRVORVPDUJLQDOHVQRUPDOPHQWHHVFDEURVRVRJODEURVODTXLOODSLORVDRJODEUD 9DLQDVQRWDEOHPHQWHGLODWDGDVGHORQJLWXGYDULDEOHIRUPDQGRXQFpVSHGQRXQLIRUPHSDQRMDGHQVDHVSLFLIRUPHH[HUWDR LQFOXLGDHQWUHODVKRMDV 1UREXVWD ¶9DLQDVLPEULFDGDVPX\DSUHWDGDVHQWUHVt\DOFDQ]DQGRDSUR[LPDGDPHQWHODPLVPDDOWXUDGDQGRRULJHQDXQFpVSHGEDMRGH DOWXUDXQLIRUPHGHOTXHHPHUJHQDLVODGDVODVSDQRMDV ¶&DOORGHORVDQWHFLRVJODEURRFDVLRQDOPHQWHFRQXQDFRURQDGHSHORVKRMDVPiVRPHQRVEODQGDVDPHQXGRSODQDVSODQWDV DLVODGDVRIRUPDQGRFRMLQHVRPDQFKRQHV 1SXJLRQLIROLD ¶&DOORGHORVDQWHFLRVFRQSHORVFRUWRV\UtJLGRVGHPPGHODUJRRPHQRUHVDEXQGDQWHVRHVFDVRVKRMDVWLHVDVUtJLGDV\ SXQ]DQWHVSODQWDVDPHQXGRIRUPDQGRFRMLQHVGXURV ¶&DxDVIORUtIHUDVGHFPGHDOWRKRMDVVXEXODGDVGHFPGHODUJRPHQRUHVGHPPGHGLiPHWURSDQRMDOLQHDUPX\ VLPSOHDSHQDVUDPLILFDGDHQVXEDVHQRUPDOPHQWHFRQHVSLJXLOODVSRUFDGDQXGRGHOHMH&KXEXW 1HULQDFHD ¶&DxDVIORUtIHUDVGHFPGHDOWROiPLQDVFRQGXSOLFDGDVODVEDVDOHVKDVWDGHFP[PPSDQRMDOD[L~VFXODGH FPGHODUJRFRQUDPDVEDVDOHVDYHFHVH[WHQGLGDVGHFPGHODUJRH[FHGLHQGRQRWDEOHPHQWHDOFpVSHG(VWHSDGH 0HQGR]D1HXTXpQ\5tR1HJUR 1VWHSSDULD ¶/HPPDDULVWXODGDRPXFURQDGRDULVWXODGDDPHQXGRFRQOyEXORVGLPLQXWRVHQHOiSLFHHQWUHORVFXDOHVHPHUJHODDULVWDR PXFUyQJOXPDVQRUPDOPHQWHPD\RUHVTXHORVDQWHFLRVFRQWLJXRV 1DQGLQD ¶/HPPDFRQHOiSLFHDJXGRRDFXPLQDGRQXQFDFRQOyEXORVSHTXHxRVHQHOPLVPRJOXPDVQRUPDOPHQWHPHQRUHVTXHORV DQWHFLRVFRQWLJXRV 1FKRQRWLFD 1LFRUDHSRDDQGLQD7ULQ6RUHQJ/-*LOOHVSLH$QQ0LVVRXUL %RW*DUGI$*3RDDQGLQD7ULQ/LQQDHD 7,32 &KLOH 5HJLyQ %tR%tR 3URY %tR%tR ©DXVWU,QDOSLVILJLGLVVPLQJLY$QWXFRª>@(3RHSSLJ>' @ KRORWLSR /(75,1D LVRWLSRV %$$ IUDJPHQWR H[/(75,1D 'HVFKDPSVLD ODWLIROLD 3KLO /LQQDHD QRP LOOHJ KRP 7,32 &KLOH 5HJLyQ 0DXOH 3URY /LQDUHV ©LQ$QGLEXV GHS /LQDUHVª 3 *HUPDLQ VQ KRORWLSR 6*23+,/ LVRWLSRV %$$ IUDJPHQ WR H[ 6*2 6*2 86 IUDJPHQWR \ IRWR H[ 6*2 3+,/ : 3RD DULVWDWD 3KLO$QDOHV 8QLY &KLOH 7,32 &KLOH 5HJLyQ /RV /DJRV 3URY 2VRUQR 9ROFiQ GH 2VRUQR & -XOLHW VQ KRORWLSR : H[ 6*23+,/ LVRWLSRV %$$ 86 IUDJPHQWR H[ 6*23+,/ 3RD DFURFKDHWD +DFN 5HSHUW 6SHF 1RY 5HJQL 9HJ 7,32 &KLOH 5HJLyQ 0DXOH 3URY &XULFy ©9XONDQ 3HWHURDª FRPP.)5HLFKHVQ>FROHFWRUGXGRVRHQXQODEHORFRQOHWUDGH 3KLOLSSL SRVLEOHPHQWH 0 9LGDO *RUPD] HQ VHJ~Q DQRWDFLyQ GH )/25$$5*(17,1$ 9 2/80(17 202,, 32($( ( 1LFRUD@ KRORWLSR : H[ 6*23+,/ LVRWLSRV 6*2 3+,/ 86 IUDJPHQWR H[ 6*23+,/ 86 IUDJPHQWR H[ : 3ODQWDVJLQRGLRLFDVSHUHQQHVUL]RPDWRVDVUL]RPDVHQJURVDGRVGH PPGHGLiPHWURFDxDVGHFPGHDOWRHUHFWDVOHYH PHQWHGHFXPEHQWHVHQODEDVHQXGRV\HQWUHQXGRVFLOtQGULFRVQXGRV LQFOXLGRV HQ HO IROODMH YDLQDV VXEOXVWURVDV FRULiFHDV OLVDV \ HVFDEUL~VFXODVHQWUHORVQHUYLRVODVEDVDOHVILEURVDVODVVXSHULRUHVFD YHFHVPiVODUJDVTXHVXOiPLQDOLVDVJODEUDVRFLOLDGDVHQORV PiUJHQHVOtJXODVGHPPGHODUJRKtVSLGDVGHiSLFHWUXQFDGRHURVR RFLOLRODGROiPLQDVGHFP[PPSODQDVRSOHJDGDV ILUPHVSXQ]DQWHVFRPSOHWDPHQWHOLVDVHQODFDUDDED[LDORHVFDEURVDVD ORODUJRGHODTXLOOD\iSLFHVFDUDDGD[LDOFRQFRVWLOODVHQIRUPDGH EORTXHVRDOJRUHGRQGHDGDVYHFHVPiVDQFKDVTXHSURIXQGDV]RQDV LQWHUFRVWDOHVDQJRVWDVOLVDVRHVSDUFLGDPHQWHHVFDEURVDVDORODUJRGH ODVFRVWLOODVODWHUDOHVJODEUDV,QIORUHVFHQFLDVGHFPGHODUJRHUHF WDVFRQWUDtGDVLQWHUUXPSLGDVXVXDOPHQWHFRQHVSLJXLOODVFRQ UDPLILFDFLRQHVSRUQXGRDGSUHVDVDVFHQGHQWHVODVUDPLILFDFLRQHV PiVODUJDVGHFPHMHVGHODVUDPLILFDFLRQHVFLOtQGULFRVD GpELOPHQWHDQJXORVRVOLVRVHVSLJXLOODVDJORPHUDGDVRPRGHUDGDPHQWH DJORPHUDGDVGLVSXHVWDVHQHOóyòGHODSRUFLyQGLVWDOSHGLFHORVOLVRV RHVFDEURVRVHQRFDVLRQHVHVFDEURVRFLOLDGRV(VSLJXLOODVODQFHRODGDV GHPPGHODUJRFRPSULPLGDVODWHUDOPHQWHUDUDPHQWHYLYtSDUDV YHUGHVRPHQRVIUHFXHQWHPHQWHD]XODGDVFRQWLQWHVYLROiFHRV\IUH FXHQWHPHQWHGRUDGDVIORUDVHQWUHQXGRVGHODUDTXLOODFD PPGHODUJRFLOtQGULFRVOLVRVRHVFDEURVRVJOXPDVVXELJXDOHVROLJHUD PHQWHH[FHGLHQGRODVOHPPDVDG\DFHQWHVODQFHRODGDVKHUEiFHDVKDFLD ODSRUFLyQEDVDOOXHJRPHPEUDQiFHDVOLVDVFRQORVPiUJHQHVOLVRVR DOJRHVFDEURVRVHOiSLFHDJXGRDOJXQDVYHFHVHURVRVJOXPDLQIHULRUGH PPGHODUJRQHUYLDJOXPDVXSHULRUGHPPGHODUJRQHUYLD FDOORVFRQXQDFRURQDGHSHORVGHPPGHODUJROHPPDODQFHRODGDGH PPGHODUJRHVFDEURVDHQODPD\RUSDUWHGHVXVXSHUILFLHJODEUD ROLJHUDPHQWHSLORVDHQODTXLOODKDVWDVXVSDUWHV\VREUHODPLWDGGH 1LFRUDHSRDDQGLQD$3ODQWD%,QIORUHVFHQFLD&(VSLJXLOODYLVWDODWHUDO'$QWHFLR LQIHULRU((VWDPEUH)(VWDPLQRGLR*5HJLyQOLJXODU ORVQHUYLRVODWHUDOHVILQDPHQWHKHUEiFHDHVFDULRVDHQVXSRUFLyQGLVWDO FRQXQDDULVWDGHOJDGDGHPPGHODUJRWHUPLQDORHPHUJLHQGR GHVGHXQDFDYLGDGSRFRSURIXQGDHQWUHGRVOyEXORVSiOHDDTXLOODGD HVFDEURVDHQWUHODVTXLOODVORGtFXODVREODQFHRODGDVGHPPGH ODUJRLUUHJXODUPHQWHOREDGDVJODEUDVRFRQXQRVSRFRVSHORVDQWHUDV GHPPGHODUJRHVWDPLQRGLRVGHPPGHODUJRFDULRSVLVGH PPGHODUJRILUPHKLORHOtSWLFRGHPPGHODUJR 'LVWULEXFLyQJHRJUiILFD\KiELWDW&RUGLOOHUDGH&KLOH\OD$UJHQWL QDGRQGHKDELWDHQODSURYLQFLDGH1HXTXpQ&UHFHHQRULOODVGHDUUR\RV RFDPSRVK~PHGRVDDOWDVHOHYDFLRQHVHQWUHORV\PVP 0DWHULDODGLFLRQDOH[DPLQDGR &KXEXW'SWR)XWDOHXI~(VTXHO/D +R\D &DEUHUD HW DO 6, 1HXTXpQ 'SWR$OXPLQp $ORQJ 5LR /LWUiQ .P 1RUWK RI -WQ RI +Z\ RQ +Z\ WRZDUGV 3LQR +DFKDGR 3HWHUVRQ HW DO 6, 5tR 1HJUR 'SWR %DULORFKH 3DUTXH 1DFLRQDO 1DKXHO +XDSL &HUUR *UDQLWR %RHOFNH &RUUHD 6, 1LFRUDHSRDFKRQRWLFD3KLO6RUHQJ/-*LOOHVSLH$QQ0LVVRXUL %RW*DUGI+23RDFKRQRWLFD3KLO/LQQDHD 7,32&KLOH5HJLyQ$\VpQ3URY$\VpQ©LQPRQ WH&HUURGH&KRQRVDGFLUFDSHGVPª)RQFNVQKRORWLSR 6*23+,/ LVRWLSRV %$$ IUDJPHQWR H[ 6*23+,/ 86 IUDJPHQWR IRWR H[ 6*23+,/ : H[ 6*2 3+,/ 3RD ODWLIROLD 3KLO /LQQDHD QRP LOOHJ KRP 7,32 &KLOH 5HJLyQ$\VpQ 3URY$\VpQ ©LQ PRQWH &HUUR GH &KRQRV DG FLUFD SHG VPª &HUUR GH &KRQRV 'U )RQN VQ KRORWLSR : H[ 6*23+,/ LVRWLSRV %$$ IUDJPHQWR H[ 6*2 %$$ IUDJPHQWR H[ 6*2 6*2 86 IUDJPHQWR IRWR H[ 6*23+,/ 3RD UREXVWD 3KLO$QDOHV 8QLY &KLOH QRP LOOHJ KRP 7,32 &KLOH 5HJLyQ /RV /DJRV 3URY /ODQTXLKXH9ROFiQ GH &DOEXFR & -XOLHW VQ KRORWLSR : H[ 6*23+,/ LVRWLSR 86 IUDJPHQWR IRWR H[ 6*23+,/ 3RD ERUFKHUVLL 3KLO$QDOHV 8QLY &KLOH 7,32 &KLOH 5HJLyQ %tR%tR 3URY fXEOH ©SURSH WKHUPDV FKLOODQHQVHVª %DxRV GH &KLOOiQ (QH $ %RUFKHUV VQ KRORWLSR : H[ 6*2 3+,/ LVRWLSRV %$$ IUDJPHQWR H[ 86 86D IUDJPHQ WR IRWR H[ 6*23+,/ 86E IUDJPHQWR H[ : 3RD FKXEXWHQVLV 6SHJ$QDOHV 0XV 1DF +LVW 1DW %XHQRV$LUHV 7,32$UJHQWLQD &KXEXW ©LQ UXSHVWULEXV FROOLQLV SURSH 7HND FKRLTXH DHVW ª 5tR &RUFRYDGR 1 ,OOLQ KRORWLSR /3 LVRWLSRV %$$ 6, 86 86 3RD EHUQLQJHUL 3LOJ 1RWL]EO %RW *DUW %HUOLQ'DKOHP 7,32 &KLOH 5HJLyQ /RV /DJRV 3URY /ODQTXLKXH 9ROFiQ<D WHV FD P ©YHUHLQ]HOW ]ZLVFKHQ 1RWKRIDJXV DQ GHU :DOGJUHQ]Hª 0DU ( :HUGHUPDQQ KRORWLSR % LVRWLSRV %$$ IUDJ PHQWR H[ % 86 IUDJPHQWR H[ % 3ODQWDVJLQRGLRLFDVSHUHQQHVUL]RPDWRVDVUL]RPDVHQJURVDGRVGH PPGHGLiPHWURIRUPDQGRPDWDVUREXVWDV\GHQVDVFDxDVGH FP [ PP GH GLiPHWUR HUJXLGDV UtJLGDV OLJHUDPHQWH GHFXPEHQWHV HQ VX EDVH HQWUHQXGRV \ QXGRV FLOtQGULFRV YDLQDV LPEULFDGDVVXEOXVWURVDVFRULiFHDVOLVDVRPRGHUDGDPHQWHHVFDEURVDV ILEURVDVODVYDLQDVGLVWDOHVFDYHFHVPiVODUJDVTXHVXOiPLQDOLVDV JODEUDVRFLOLDGDVHQORVPiUJHQHVOtJXODVGHPPGHODUJRGHQVD PHQWH KLVStGXODV D HVWULJXORVDV GH iSLFH WUXQFDGR HURVR FLOLRODGR OiPLQDVGHORVPDFROORVHVWpULOHVHLQIHULRUHVGHODVFDxDVGHFPGH ODUJROiPLQDVGHODVFDxDVPHGLDV\VXSHULRUHVGHFP[PP SODQDVRFRQGXSOLFDGDVILUPHVSXQ]DQWHVFDUDDED[LDOOLVDRHVFDEURVD DORODUJRGHODTXLOOD\FUHVWDVFDUDDGD[LDOFRQFRVWLOODVHQIRUPDGH EORTXHYHFHVPiVDQFKDVTXHSURIXQGDVYDOOHVLQWHUFRVWDOHVDQJRV WRV\OLVRVPRGHUDGDPHQWHHVFDEURVRVVREUHODVFRVWLOODVJODEURVHQHO 9 2/80(17 202,, )/25$$5*(17,1$ 32($( 1LFRUDHSRDHULQDFHD6SHJ6RUHQJ/-*LOOHVSLH$QQ0LVVRXUL %RW*DUGI$'3RDHULQDFHD6SHJ$QDOHV 0XV1DF+LVW1DW%XHQRV$LUHV7,32$UJHQWLQD &KXEXW©LQDULGLVVLPLVVXEVDOVLVVHFXV5LR&KXEXW'HFª1 ,OOtQVQKRORWLSR/36HQ/3LVRWLSRV%$$IUDJPHQ WRH[/36HQ/386IUDJPHQWRH[/36HQ/3 1LFRUDHRSRDFKRQRWLFD$&DxDIORUtIHUD%&(VSLJXLOODYLVWDODWHUDO'($QWHFLR )(VWDPLQRGLR*&DULRSVLVYLVWDODWHUDO+(VWDPEUH,5HJLyQOLJXODU UHVWR,QIORUHVFHQFLDVGHFPGHODUJRHUHFWDVOLJHUDPHQWHOD[DV\ FDHGL]DVSREUHPHQWHFRQWUDtGDVFRQHVSLJXLOODVFRQUDPL ILFDFLRQHVSRUQXGRUDPDVJHQHUDOPHQWHYHUWLFLODGDVODVUDPLILFDFLRQHV PiVODUJDVGHFPHMHVGHODVUDPLILFDFLRQHVDVFHQGHQWHVDGLYHUJHQ WHVDOJXQDVYHFHVIOH[XRVRVFLOtQGULFRVDGpELOPHQWHDQJXORVRVOLVRVR HVFDEURVRVHVSLJXLOODVDJORPHUDGDVRPRGHUDGDPHQWHDJORPHUDGDVHQ HO GHODSRUFLyQGLVWDOUDPLILFDFLRQHVSUR[LPDOHVKDVWDFRQ HVSLJXLOODV SHGLFHORV HVFDEUL~VFXORV D GHQVDPHQWH HVFDEURVRV (VSLJXLOODVODQFHRODGDVGHPPGHODUJRFRPSULPLGDVODWHUDOPHQ WHYHUGHVRYLROiFHDVIORUDVHQWUHQXGRVGHODUDTXLOODFD PPGHODUJRFLOtQGULFRVOLVRVRHVFDEURVRVJOXPDVPiVFRUWDVRDOJX QDV YHFHV GH WDPDxR VLPLODU TXH OD OHPPD DG\DFHQWH ODQFHRODGDV VXELJXDOHVKHUEiFHDVHQODEDVH\HVFDULRVDVHQHOUHVWROLVDVFRQORV PiUJHQHVOLVRVROHYHPHQWHHVFDEURVRVHOiSLFHDJXGRJOXPDLQIHULRU GHPPGHODUJRQHUYLDJOXPDVXSHULRUGHPPGHODUJR QHUYLDFDOORVFRQXQDFRURQDGHSHORVGHPPGHODUJROHPPD ODQFHRODGDGHPPGHODUJRHVFDEURVDJODEUDRSLORVDVREUHODV SDUWHVGHODTXLOOD\VREUHORVQHUYLRVODWHUDOHVHLQWHUPHGLRVKDVWDOD PLWDGILQDPHQWHKHUEiFHDHVFDULRVDHQODSRUFLyQGLVWDOFRQORVPiUJH QHVOLVRVRHVSDUFLGDPHQWHHVFDEURVRVDJXGDDDFXPLQDGDWUXQFDGDD DSLFXODGDVLQDULVWDVRPHQRVIUHFXHQWHPHQWHDULVWXODGDSiOHDFRQ TXLOODV\VXSHUILFLHHQWUHODVTXLOODVHVFDEURVDVORGtFXODVREODQFHRODGDV GHPPGHODUJRJODEUDVDQWHUDVGHPPGHODUJRHVWDPLQRGLRVGH PP GH ODUJR FDULRSVLV GH PP GH ODUJR ILUPH KLOR DQJRVWDPHQWHHOtSWLFRGHPPGHODUJR 3ODQWDVJLQRGLRLFDVSHUHQQHVUL]RPDWRVDVFRQUL]RPDVGH PPGHGLiPHWURFUHFLHQGRHQFRMLQHVFHVSLWRVRVGHFPGHDOWR FPGHGLiPHWURFDxDVGHFPGHDOWRHUHFWDVROLJHUDPHQWH DUTXHDGDVOHYHPHQWHGHFXPEHQWHVHQODEDVHHQWUHQXGRV\QXGRVOL VRVJODEURVQXGRVLQFOXLGRVHQHOIROODMHYDLQDVOXVWURVDVFRULiFHDVHQ OD]RQDEDVDOIORMDVOLVDVILEURVDVODVGLVWDOHVPXFKRPiVODUJDVTXHOD OiPLQDJODEUDVRFRQSHORVUHWURUVRVKDFLDORVPiUJHQHVOtJXODVGH PPGHODUJRGHFXUUHQWHVOLVDVDFRUWDPHQWHKtVSLGDVORVPiUJHQHV LUUHJXODUPHQWHHURVRVFLOLRODGRVDFLOLDGRVFRQSHORVKDVWDGHPP GHODUJROiPLQDVGHFPGHODUJR[PPGHGLiPHWUR SUHGRPLQDQWHPHQWHEDVDOHVIXHUWHPHQWHSOHJDGDVVXEXODGDVHUHFWDVR DUTXHDGDVUtJLGDVSXQ]DQWHVFRQODFDUDDED[LDOOLVDOXVWURVDODDGD[LDO VLQFUHVWDVFRVWDOHVHQIRUPDGHEORTXHVRUHGRQGHDGDVFRQXQDVSRFDV ]RQDV LQWHUFRVWDOHV DQJRVWDV GHQVDPHQWH KLVStGXORHVWULJXORVDV ,QIORUHVFHQFLDVGHFPGHODUJRHVSLFLIRUPHVHUHFWDVROLJHUD PHQWHDUTXHDGDVFRQWUDtGDVFRQHVSLJXLOODVUDPLILFDFLRQHVSRU QXGRODVPiVODUJDVFDFPDGSUHVDVHMHVGHODVUDPLILFDFLRQHV DQJXORVRVHVSDUFLGRDGHQVDPHQWHHVFDEURVRFLOLDGRVHVSLJXLOODVOLJH UDPHQWHDJORPHUDGDVSRUUDPD(VSLJXLOODVODQFHRODGDVGHPPGH ODUJRFRPSULPLGDVODWHUDOPHQWHDVXEFLOtQGULFDVYHUGHFODURRD]XODGDV IORUDVHQWUHQXGRVGHODUDTXLOODFLOtQGULFRVOLVRVRHVFDEURVRVJOXPDV OLJHUDPHQWH PiV FRUWDV TXH ODV OHPPDV DG\DFHQWHV ODQFHRODGDV VXELJXDOHVLQGLVWLQWDPHQWHDTXLOODGDVFDUWiFHDVHQODUHJLyQSUR[LPDO PHPEUDQiFHDVHQHOUHVWROXVWURVDVOLVDVFRQORVPiUJHQHVLQIHULRUHV HVFDEURVRViSLFHVDJXGRVJOXPDLQIHULRUGHPPGHODUJR QHUYLDJOXPDVXSHULRUGHPPGHODUJRQHUYLDFDOORVFRQXQD 'LVWULEXFLyQJHRJUiILFD\KiELWDW6XUGH&KLOH\OD$UJHQWLQD+D ELWDHQFDPSRVSDQWDQRVRVERUGHGHUtRV\URTXHGDOHVK~PHGRV 0DWHULDODGLFLRQDOH[DPLQDGR &KXEXW'SWR&XVKDPHQ/DJR(V SHUDQ]D &iUGHQDV -RKQVRQ 6, 1HXTXpQ 'SWR &KRV 0DODO 5LV FRV%D\RVYDOOH$UUR\R2OOHWDV%RHOFNHHWDO%$$%$%6,5tR 1HJUR 'SWR %DULORFKH 3XHUWR %OHVW 3DURGL %$$ 1LFRUDHSRDHULQDFHD$3ODQWD%(VSLJXLOODYLVWDODWHUDO&$QWHFLR'5HJLyQ OLJXODU )/25$$5*(17,1$ 9 2/80(17 202,, 32($( FRURQDGHSHORVGHPPGHODUJROHPPDODQFHRODGDGHPP GHODUJRQHUYLDFRQHOGRUVRUHGRQGHDGRJODEUDOXVWURVDFDUWiFHD OLJHUDPHQWHHVFDULRVDVHQHOiSLFH\HQORVPiUJHQHVVXSHULRUHVHOiSLFH DJXGRDDSLFXODGRSiOHDGHVLPLODUWH[WXUDTXHVXOHPPDFRQTXLOODV FRP~QPHQWHFLOLDGDVHQODSRUFLyQPHGLDDHVFDEURVDVHQODSRUFLyQ DSLFDOVXSHUILFLHHQWUHODVTXLOODVOLVDJODEUDORGtFXODVREODQFHRODGDV GHPPGHODUJRFRQOyEXORVODWHUDOHVELHQGHVDUUROODGRVJODEUDV DQWHUDVGHPPGHODUJRHVWDPLQRGLRVGHPPGHODUJRFDULRSVLV GHPPGHODUJRKLORUHGRQGHDGRGHPPGHODUJR 'LVWULEXFLyQJHRJUiILFD\KiELWDW(QGpPLFDGHOD$UJHQWLQDGRQGH KDVLGRFROHFFLRQDGDHQUHJLRQHViULGDVGHODSURYLQFLDGH&KXEXW 2EVHUYDFLyQ(YHQWXDOPHQWHVHSXHGHQKDOODUHQHVWDHVSHFLHVyOR HVSHFtPHQHVFRQIORUHVSHUIHFWDV 0DWHULDO DGLFLRQDO H[DPLQDGR &KXEXW 'SWR /DQJXLxHR (VWDQFLD 4XLFKDXUD NP ( GH 7HFND 6RULDQR %$$ 6, 1LFRUDHSRD SXJLRQLIROLD 6SHJ 6RUHQJ /- *LOOHVSLH$QQ 0LVVRXUL%RW*DUGI363RDSXJLRQLIROLD 6SHJ$QDOHV 0XV 1DF +LVW 1DW %XHQRV$LUHV 7,32$UJHQWLQD6DQWD&UX]©,QUXSHVWULEXVSRUSK\ULFLV3DUUDLN VHFXV 5tR &KLFR HW %RURQDLN )HE ª & $PHJKLQR VQ OHFWRWLSR /363(* GHVLJQDGR SRU 5 - 6RUHQJ / - *LOOHVSLH$QQ0LVVRXUL%RW*DUGLVROHFWRWLSR %$$IUDJPHQWRH[/363(* 3RD DFXWLVVLPD 3LOJ 5HSHUW 6SHF 1RY 5HJQL 9HJ 7,32 $UJHQWLQD ©6G3DWDJRQLHQ ª & 6NRWWVEHUJ VQ KRORWLSR % LVRWLSRV %$$ %$$ 86 IUDJPHQWR H[ % 3ODQWDVJLQRGLRLFDVSHUHQQHVUL]RPDWRVDVUL]RPDVGHPPGH GLiPHWURREOLFXRVGHOTXHQDFHQPDFROORVHQIRUPDVHULDGDIRUPDQGR FRMLQHVEDMRVHVSDUFLGRVRFpVSHGHVVXHOWRVDGHQVRVGHFPGH DOWRFPGHGLiPHWURFDxDVGHFPGHDOWRHUHFWDVR OLJHUDPHQWHDUTXHDGDVOHYHPHQWHGHFXPEHQWHVHQODEDVHHQWUHQXGRV\ QXGRVOLVRVJODEURVQXGRVPiVODUJRVTXHODVYDLQDVYDLQDV OXVWURVDVFRULiFHDVKDFLDODSRUFLyQEDVDOIORMDVOLVDVSiOLGDVWHQGLHQ GRDILEURVDVYDLQDVGLVWDOHVPXFKRPiVODUJDVTXHODVOiPLQDVOLVDV JODEUDVOtJXODVGHPPGHODUJRDOJXQDVYHFHVGHFXUUHQWHVHVFDVD DGHQVDPHQWHHVFDEUL~VFXODVRKLVStGXODVFRQHOiSLFHWUXQFDGRHURVR ORVPiUJHQHVFLOLRODGRVOiPLQDVGHFP[PPSUHGRPL QDQWHPHQWHEDVDOHVSODQDVRFDVLRQDOPHQWHSOHJDGDVHUHFWDVRDUTXHD GDVSXQ]DQWHVOLVDVHQFDUDDED[LDOOXVWURVDVFDUDDGD[LDOFRQFUHVWDV FRVWDOHVHQIRUPDGHEORTXHYHFHVPiVDQFKDVTXHSURIXQGDVYDOOHV LQWHUFRVWDOHVDQJRVWRVOLVDVRHVSDUFLGDDGHQVDPHQWHHVFDEURVDVVREUH ODV FRVWLOODV ODWHUDOHV JODEUDV ,QIORUHVFHQFLDV GH FP GH ODUJR HVSLFLIRUPHVRODQFHRODGDVHUHFWDVFRQWUDtGDVFRQHVSLJXLOODVODV UDPLILFDFLRQHVLQIHULRUHVH[WHQGLGDVHQDQWHVLVUDPLILFDFLRQHVSRU QXGRODVUDPLILFDFLRQHVPiVODUJDVGHFPHMHVGHODVUDPLILFD FLRQHVUtJLGRVFLOtQGULFRVDDOJRDQJXORVRVOLVRVDHVFDEURVRVHVSLJXLOODV PRGHUDGDPHQWHDJORPHUDGDVODVUDPLILFDFLRQHVSUR[LPDOHVFRQ HVSLJXLOODVSHGLFHORVXVXDOPHQWHHVFDEURVRV(VSLJXLOODVODQFHRODGDV GH PP GH ODUJR GpELOPHQWH FRPSULPLGDV ODWHUDOPHQWH D VXEFLOtQGULFDVYHUGHFODURRD]XODGDVIORUDVHQWUHQXGRVGHOD UDTXLOODGHPPGHODUJRFLOtQGULFRVOLVRVRDOJRHVFDEURVRVJODEURV JOXPDVOLJHUDPHQWHPiVFRUWDVTXHODVOHPPDVDG\DFHQWHVODQFHRODGDV VXELJXDOHVLQGLVWLQWDPHQWHDTXLOODGDVDJXGDVFDUWiFHDVHQODUHJLyQ SUR[LPDODILQiQGRVHGLVWDOPHQWHOXVWURVDVOLVDVORVPiUJHQHVLQIHULR UHVHVFDEURVRVJOXPDLQIHULRUGHPPGHODUJRQHUYLDJOXPD VXSHULRUGHPPGHODUJRQHUYLDFDOORJODEURRSRFRIUHFXHQ 1LFRUDHSRDSXJLRQLIROLD$3ODQWD%(VSLJXLOODYLVWDODWHUDO&$QWHFLRV'5HJLyQ OLJXODU WHPHQWHFRQXQDFRURQDGHSHORVHVSDUFLGRV\FRUWRVKDVWDGHPP GHODUJROHPPDODQFHRODGDGHPPGHODUJRQHUYLDOLJHUD PHQWHFRPSULPLGDODWHUDOPHQWHOLVDJODEUDOXVWURVDVXEFDUWiFHDTXLOOD HVFDEURVDORVPiUJHQHVOLVRVJODEURVFRQHOiSLFHDJXGRDDSLFXODGR DULVWDGHPPGHODUJRSiOHDGHVLPLODUWH[WXUDTXHVXFRUUHVSRQGLHQWH OHPPDTXLOODVHVFDEURVDVDFRP~QPHQWHFLOLDGDVHQODSRUFLyQPHGLDHO UHVWRGHODVXSHUILFLHOLVDJODEUDORGtFXODVDQJRVWDPHQWHREODQFHRODGDV GHPPGHODUJRLUUHJXODUPHQWHGHQWDGDVOREDGDVJODEUDVDQWHUDV GHPPGHODUJRHVWDPLQRGLRVGHPPGHODUJRFDULRSVLVGH PPGHODUJRILUPHDVHPLEODQGDKLORHOtSWLFRGHPPGHODUJR 'LVWULEXFLyQJHRJUiILFD\KiELWDW6XUGH&KLOH\OD$UJHQWLQD&UHFH DEDMDVRPHGLDQDVHOHYDFLRQHVHQFDPSRVDELHUWRVGHUHJLRQHVVHPLiULGDV GH3DWDJRQLD 0DWHULDODGLFLRQDOH[DPLQDGR 6DQWD&UX]'SWR*HU$LNHNP 6: RI 5tR *DOOHJRV DW 5tR &KLFR FURVVLQJ 3HWHUVRQ HW DO 6, 7LHUUD GHO )XHJR 'SWR 5tR *UDQGH 5tR &XOOHQ &DVWHOODQRV VQ %$ %$$ 6, 1LFRUDHSRDUREXVWD6WHXG6RUHQJ/-*LOOHVSLH$QQ0LVVRXUL %RW*DUGI(,3RDUREXVWD6WHXG6\Q3O *OXPDF 7,32 &KLOH 5HJLyQ 0DJDOODQHV 3URY 0DJDOODQHV©3XQWD$UHQDVSDOXGLEXVVDOVLVOLWPDULVSURSH'HFª : /HFKOHU +RKHQDFNHU H[VLFFDWDH KRORWLSR 367(8' LVRWLSRV%$$IUDJPHQWRH[*%$$IUDJPHQWRH[3*./( 86IUDJPHQWRVH[:.386IUDJPHQWRH[/( : 9 2/80(17 202,, )/25$$5*(17,1$ 32($( )HVWXFD DUHQDULD /DP 7DEO (QF\FO QRP LOOHJ KRP 3RD DUHQLFROD 6W<YHV &DQGROOHD 7,32 &KLOH$UJHQWLQD ©( 0DJHOODQD LQ DUHQLV PDULWLPLVª 0 &RPPHUVRQ VQ KRORWLSR 3 /$0 LVRWLSRV 038 86E IUDJPHQWR H[ 3/$0 86 D IUDJPHQWR IRWR H[ 038 3ODQWDVJLQRGLRLFDVSHUHQQHVUL]RPDWRVDVUL]RPDVHQJURVDGRVGH PPGHGHGLiPHWURREOtFXRVSRFRUDPLILFDGRVSODQWDVSHTXHxDV DJUDQGHVHVSDUFLGDVRIRUPDQGRJUDQGHVPDWDVFDxDVGH FP GH DOWR HUJXLGDV OHYHPHQWH GHFXPEHQWHV HQ VX EDVH HQWUHQXGRV\QXGRVOLVRVJODEURVQXGRVLQFOXLGRVHQHOIROODMHYDLQDV OXVWURVDVFDUWiFHDVDFRULiFHDVHQOD]RQDEDVDOIORMDVILEURVDVYDLQDV GLVWDOHVFDYHFHVPiVODUJDVTXHVXOiPLQDGLODWDGDVOLVDVJODEUDV OtJXODV GH PP GH ODUJR PHPEUDQiFHDV HQ VX PD\RU SDUWH VXEFRULiFHDV\GHFRORUFDVWDxRHQODEDVHGHFXUUHQWHViVSHUDVFRQHO iSLFHWUXQFDGRDHURVRORVPiUJHQHViVSHURVDFLOLRODGRVOiPLQDVGH FP[PPSODQDVRSOHJDGDVILUPHVSXQ]DQWHVFDUDDED[LDO OLVDOXVWURVDODDGD[LDOFRQFUHVWDVFRVWDOHVHQIRUPDGHEORTXHRDOJR UHGRQGHDGDYHFHVPiVDQFKDVTXHSURIXQGDVYDOOHVLQWHUFRVWDOHV DQJRVWRVOLVDVRHVFDEURVRVDORODUJRGHODVFRVWLOODVODWHUDOHVJODEUDV ,QIORUHVFHQFLDVGHFPGHODUJRH[HUWDVRLQFOXLGDVHQWUHODVKRMDV HUHFWDV FRQWUDtGDV GHQVDV FRQ HVSLJXLOODV UDPLILFDFLRQHVSRUQXGRODVUDPLILFDFLRQHVPiVODUJDVGHFPDGSUHVDV R DVFHQGHQWHV HMHV GH ODV UDPLILFDFLRQHV FLOtQGULFRV D GpELOPHQWH DQJXORVRVOLVRVRHVFDVDPHQWHHVFDEURVRVHVSLJXLOODVPRGHUDGDPHQWH DJORPHUDGDVUDPDVFRQHVSLJXLOODVSHGLFHORVOLVRVRDOJRHVFDEURVRV HQORViQJXORV(VSLJXLOODVODQFHRODGDVGHPPGHODUJR FRPSULPLGDVODWHUDOPHQWHYHUGHFODUDVIORUDVHQWUHQXGRVGHOD UDTXLOODGHPPGHODUJRFLOtQGULFRVOLVRVRDOJRHVFDEURVRVJODEURV JOXPDVPiVFRUWDVTXHODOHPPDDG\DFHQWHRPHQRVIUHFXHQWHPHQWH LJXDOiQGRODODQFHRODGDVVXELJXDOHVDTXLOODGDVFDUWiFHDVHQOD]RQD SUR[LPDODJXGDVOXVWURVDVOLVDVFRQORVPiUJHQHVHVFDEURVRVJOXPD 1LFRUDHSRDUREXVWD$3ODQWD%(VSLJXLOODYLVWDODWHUDO&$QWHFLR'3iOHD( 5HJLyQ OLJXODU LQIHULRUGHPPGHODUJRQHUYLDJOXPDVXSHULRUGH PPGHODUJRQHUYLDFDOORJODEURRPHQRVIUHFXHQWHPHQWHFRQXQD FRURQDGHSHORVGLPLQXWRVKDVWDGHPPGHODUJROHPPDODQFHRODGD GHPPGHODUJRQHUYLDOLJHUDPHQWHFRPSULPLGDODWHUDOPHQWH OLVDJODEUDOXVWURVDVXEFDUWiFHDWHQGLHQGRDHVFDULRVDHQHOiSLFH\HQ ORVPiUJHQHVVXSHULRUHVTXLOOD\PiUJHQHVOLVRVJODEURVHOiSLFHDJXGR DDSLFXODGRDULVWXODGDDULVWDKDVWDGHPPGHODUJRSiOHDFRQTXLOODV HVFDEURVDVJODEUDVXSHUILFLHHQWUHODVTXLOODVOLVDHVFDEURVDRJODEUD ORGtFXODVDQFKDPHQWHREODQFHRODGDVGHPPGHODUJRJODEUDV DQWHUDVGHPPGHODUJRDPDULOORYLROiFHDVHVWDPLQRGLRVGHPP GHODUJRFDULRSVLVGHPPGHODUJRILUPHGRUDGDKLORDQJRVWDPHQWH HOtSWLFRGHPPGHODUJR 'LVWULEXFLyQJHRJUiILFD\KiELWDW&KLOH\OD$UJHQWLQDGRQGHFUHFH HQ OD LVOD GH 7LHUUD GHO )XHJR H ,VODV 0DOYLQDV HQ SUDGRV K~PHGRV FRVWHURV \ SOD\DV 0DWHULDO DGLFLRQDO H[DPLQDGR 7LHUUD GHO )XHJR 'SWR 8VKXDLD ,VOD GH ORV (VWDGRV 3XHUWR 9DQFRXYHU 1LFRUD %$$ %$% 6, 1LFRUDHSRDVWHSSDULD1LFRUD6RUHQJ'DUZLQLDQD 3RDVWHSSDULD1LFRUD+LFNHQLD7,32$UJHQWLQD 1HXTXpQ 'SWR =DSDOD =DSDOD )HE /53DURGL KRORWLSR %$$ 3ODQWDVJLQRGLRLFDVSHUHQQHVUL]RPDWRVDVUL]RPDVGHPPGH GLiPHWURIRUPDQGRPDWDVUREXVWDVGHQVDVFHVSLWRVDVGHFPGH DOWRFDxDVGHFPGHDOWRHUHFWDVROHYHPHQWHDUTXHDGDVOLJHUD PHQWHGHFXPEHQWHVHQVXEDVHHQWUHQXGRV\QXGRVOLVRVJODEURVQX GRVH[HUWRVYDLQDVOXVWURVDVFRULiFHDVHQODSRUFLyQEDVDOIORMDVOLVDV SiOLGDVILEURVDVWDUGtDPHQWHYDLQDVGLVWDOHVPXFKRPiVODUJDVTXHVX OiPLQDOLVDVJODEUDVOtJXODVGHPPGHODUJRHQRFDVLRQHV GHFXUUHQWHVHVFDVDDGHQVDPHQWHHVFDEUL~VFXODViSLFHVHQWHURVHURVRV RFLOLRODGRVOLVRVDILQDPHQWHDVSpUXORVOiPLQDVGHFP[ PPSUHGRPLQDQWHPHQWHEDVDOHVSOHJDGDVHQRFDVLRQHVSODQDVHUHF WDVRDUTXHDGDVUtJLGDVSXQ]DQWHVOLVDVHQFDUDDED[LDOOXVWURVDVFDUD DGD[LDOOHYHH[FHSWRSRUORVVXUFRVDDPERVODGRVGHOKD]PHGLRD OLJHUDPHQWHRQGXODGDFRQFRVWLOODVDOJRUHGRQGHDGDVYHFHVPiV DQFKDVTXHORVYDOOHVLQWHUFRVWDOHVpVWRVPiVDQJRVWRVSRFRSURIXQ GRVHVSDUFLGRDGHQVDPHQWHHVFDEURVRVVyORVREUHODVFRVWLOODV\VXV ERUGHVJODEUDVHQHOUHVWRGHODVXSHUILFLH,QIORUHVFHQFLDVGHFP GHODUJRHVSLFLIRUPHVDDQJRVWDPHQWHODQFHRODGDVOD[DVHUHFWDVFRQ WUDtGDVRPiVDQFKDVFRQODVUDPLILFDFLRQHVLQIHULRUHVH[WHQGLGDV HVSLJXLOODVUDPLILFDFLRQHVSRUQXGRODVUDPDVPiVODUJDVGH FPDGSUHVDVDVFHQGHQWHVRHQRFDVLRQHVODVUDPLILFDFLRQHVLQIHULRUHV GLYHUJHQWHVHMHVGHODVUDPLILFDFLRQHVDOJRUtJLGRVFLOtQGULFRVDVXDYH PHQWHDQJXORVRVOLVRVRHVFDVDPHQWHHVFDEURVRVHVSLJXLOODVPRGHUD GDPHQWHDJORPHUDGDVUDPLILFDFLRQHVSUR[LPDOHVFRQHVSLJXLOODV SHGLFHORVOLVRVRILQDPHQWHHVFDEURVRV(VSLJXLOODVODQFHRODGDVGH PPGHODUJRFRPSULPLGDVODWHUDOPHQWHYHUGHFODURRD]XODGDV IORUDVHQWUHQXGRVGHODUDTXLOODGHPPGHODUJRFLOtQGULFRVOLVRV ROLJHUDPHQWHHVFDEURVRVJODEURVJOXPDVOHYHPHQWHPiVFRUWDVTXHODV OHPPDVDG\DFHQWHVDVXELJXDOHVODQFHRODGDVDTXLOODGDVVXEFDUWiFHDV HQOD]RQDSUR[LPDO\DILQiQGRVHJUDGXDOPHQWHHQOD]RQDGLVWDOOXVWUR VDVOLVDVFRQORVPiUJHQHVLQIHULRUHVOLVRVRHVFDEURVRVJOXPDLQIHULRU GHPPGHODUJRQHUYLDJOXPDVXSHULRUGHPP QHUYLDFDOORXVXDOPHQWHFRQXQDFRURQDGHSHORVHVSDUFLGRVGH PPGHODUJROHPPDGHPPGHODUJRQHUYLDODQFHRODGDDOJR FRPSULPLGDODWHUDOPHQWHOLVDOXVWURVDVXEFDUWiFHDFRQTXLOODHVFDEUR VDRSLORVDKDVWDODSRUFLyQPHGLD\HQORVQHUYLRVODWHUDOHVKDVWDOD FXDUWD SDUWH GH VX ODUJR ORV PiUJHQHV OLVRV JODEURV iSLFH DJXGR R PHQRVIUHFXHQWHPHQWHDSLFXODGRVHQRFDVLRQHVFRQXQDDULVWDGH )/25$$5*(17,1$ 9 2/80(17 202,, 32($( PPGHODUJRSiOHDVGHWH[WXUDVLPLODUTXHVXOHPPDTXLOODVHVFDEURVDV DFRP~QPHQWHFLOLDGDVHQODSRUFLyQPHGLDVXSHUILFLHHQWUHODVTXLOODV OLVDJODEUDORGtFXODVDQJRVWDPHQWHREODQFHRODGDVGHPPGH ODUJRLUUHJXODUPHQWHGHQWDGDVOREDGDVJODEUDVDQWHUDVGHPPGH ODUJRHVWDPLQRGLRVGHPPGHODUJRFDULRSVLVGHPPGHODUJR ILUPHKLORRYDODGRGHPPGHODUJR 'LVWULEXFLyQJHRJUiILFD\KiELWDW(QGpPLFDGHOD$UJHQWLQDKDELWD HQODHVWHSDVHFD\HQVXHORVVDOLWURVRVGH0HQGR]D1HXTXpQ\5tR 1HJUR 2EVHUYDFLRQHV(VWDHVSHFLHIXHLQFOXLGDSRU1LFRUDHQHO VXEJpQHUR$QGLQDH6LQHPEDUJR6RUHQJ*LOOHVSLHQRODLQFOX \HURQHQ1LFRUDHSRDDXQTXHPHQFLRQDURQVXSDUHFLGRFRQHVSHFLHVGH HVWHJpQHUR'DGDODSUHVHQFLDGHXQDOtJXODFLOLRODGDVXUFRVDQFKRVD DPERVODGRVGHOKD]PHGLRHQFRUWHWUDQVYHUVDOGHODOiPLQDVLPLODUHVD ORVHQFRQWUDGRVSDUDRWUDVHVSHFLHVGHOJpQHUR\DORVUL]RPDVUREXVWRV TXHGDQRULJHQDXQFpVSHGEDMR\UREXVWRHVWDHVSHFLHHVLQFOXLGDHQHO JpQHUR1LFRUDHSRD 0DWHULDODGLFLRQDOH[DPLQDGR 0HQGR]D'SWR6DQ5DIDHO/DJXQD GH (O 6RVQHDGR 3HWHUVRQ $QQDEOH 86 1HXTXpQ 'SWR =DSDOD =DSDOD 3DURGL %$$ 5tR 1HJUR 'SWR GH 0D\R HQWUH 0DTXLQFKDR\$JXDGDGH*XHUUD(VWDQFLD7UD\HQ1L\HR&53%$$ 3ODQWDVSHUIHFWDVSHUHQQHVYHUGHVDJULVD]XODGDVHVWRORQtIHUDV UL]RPDWRVDVUL]RPDVODUJRVGHPPGHGLiPHWURIRUPDQGRPDWDV HVSDUFLGDVDELHUWDVFDxDVGHFPGHDOWRHUHFWDVROLJHUD PHQWHDUTXHDGDVGHFXPEHQWHVHQVXEDVHHQRFDVLRQHVJHQLFXODGDV HQWUHQXGRV\QXGRVOLVRVJODEURVQXGRVH[HUWRVYDLQDVKHUEi FHDVDVXEFDUWiFHDVOLJHUDPHQWHIORMDVOLVDVRHVFDVDPHQWHHVFDEURVDV HQWUHORVQHUYLRVJODEUDVRHQRFDVLRQHVSLORVDVHQODSRUFLyQGLVWDOORV PiUJHQHVFRUWDPHQWHIXVLRQDGRVHQVXEDVHYDLQDVEDVDOHVILEURVDVODV GLVWDOHVPXFKRPiVODUJDVTXHVXOiPLQDOtJXODVGHPPGH ODUJRPHPEUDQiFHDVGHFXUUHQWHVGHQVDPHQWHSLORVDVFRQHOiSLFHWUXQ FDGRDHURVRORVPiUJHQHVFLOLDGRVDSLORVRVFRQSHORVKDVWDGHPP GHODUJROiPLQDVGHFP[PPSODQDVDSOHJDGDVGpELOPHQ WHSXQ]DQWHVOLVDVHQODFDUDDED[LDORHVFDEURVDVDORODUJRGHODTXLOOD HOiSLFH\ORVPiUJHQHVFUHVWDVFRVWDOHVDGD[LDOHVUHGRQGHDGDV YHFHVPiVDQFKDVTXHSURIXQGDVYDOOHVLQWHUFRVWDOHVDQJRVWRVOLVRVR HVFDEURVRVVREUHODVFRVWLOODVODWHUDOHVJODEURV,QIORUHVFHQFLDVGH FPGHODUJRHUHFWDVDOLJHUDPHQWHDUTXHDGDVFRQWUDtGDVPiVRPHQRV HVSLFLIRUPHVRDELHUWDVFRQHVSLJXLOODVUDPLILFDFLRQHVSRU QXGRODVUDPLILFDFLRQHVPiVODUJDVGHFPDGSUHVDVDGLYHUJHQWHV HMHVGHODVUDPLILFDFLRQHVUtJLGRVFLOtQGULFRVRDQJXORVRVOLVRVRHVFDVR D PRGHUDGDPHQWH HVFDEURVRV HQ RFDVLRQHV WHQGLHQGR D SLORVRV HVSLJXLOODVPRGHUDGDPHQWHDJORPHUDGDVUDPLILFDFLRQHVSUR[LPDOHVPiV ODUJDVFRQHVSLJXLOODVSHGLFHORVOLVRVRPRGHUDGDPHQWHHVFDEUR VRVJUDGXDOPHQWHWHQGLHQGRDSLORVRV(VSLJXLOODVODQFHRODGDVGH PPGHODUJRGpELOPHQWHFRPSULPLGDVODWHUDOPHQWHYHUGHFODURIUH FXHQWHPHQWHYLROiFHDVIORUDVHQWUHQXGRVGHODUDTXLOODGH PPGHODUJRFLOtQGULFRVOLVRVUDUDPHQWHHVFDEURVRVJODEURVJOXPDV PiV FRUWDV TXH ODV OHPPDV DG\DFHQWHV DQJRVWDPHQWH ODQFHRODGDV D ODQFHRODGDVGpELOPHQWHDTXLOODGDVVXELJXDOHVKHUEiFHDVHQODSRUFLyQ SUR[LPDOOXHJRPHPEUDQiFHDVOXVWURVDVOLVDVORVPiUJHQHVOLVRVR HVFDEURVRViSLFHVDJXGRVJOXPDLQIHULRUQHUYLDJOXPDVXSHULRU QHUYLDFDOORVFRQXQDFRURQDGHSHORVGHPPGHODUJROHPPD ODQFHRODGDGHPPGHODUJRQHUYLDFRPSULPLGDODWHUDO PHQWHOLVDJODEUDOXVWURVDILQDPHQWHKHUEiFHDDHVFDULRVDHQHOiSLFH TXLOODILQDPHQWHHVFDEURVDORVPiUJHQHVHVFDEURVRVJODEURVHOiSLFH DJXGRDDSLFXODGRDULVWXODKDVWDGHPPGHODUJRSiOHDFRQTXLOODV FRP~QPHQWHHVFDEURVDVHQODSRUFLyQGLVWDOWHQGLHQGRDFLOLDGDVHQOD SRUFLyQ PHGLD VXSHUILFLH HQWUH ODV TXLOODV OLVD JODEUD ORGtFXODV DQFKDPHQWHREODQFHRODGDVGHPPGHODUJRLUUHJXODUPHQWHGHQ WDGDVDOREDGDVJODEUDVDQWHUDVGHPPGHODUJRFDULRSVLVGH PPGHODUJRILUPHKLORHOtSWLFRDUHGRQGHDGRGHPPGHODUJR &/$9('(/$668%(63(&,(6 ,QIORUHVFHQFLDOD[L~VFXODGHFPGHODUJRODVUDPDV LQIHULRUHVDODUJDGDVSODQWDVPD\RUHVGHFPGHDOWR OiPLQDVGHFPGHODUJR VXEVS VSHJD]]LQLDQD ¶,QIORUHVFHQFLDFRQWUDtGDGHFPGHODUJRODVUDPDV FRUWDV\DGRVDGDVDOHMHSODQWDVPHQRUHVGHFPGH DOWROiPLQDVGHFPGHODUJR VXEVS VXEHQHUYLV 1LFRUDHSRDVWHSSDULD$3ODQWD%(VSLJXLOODYLVWDODWHUDO&$QWHFLR'&DULRSVLV YLVWDHVFXWHODU(5HJLyQOLJXODU 1LFRUDHSRD VXEHQHUYLV +DFN 6RUHQJ /- *LOOHVSLH$QQ 0LVVRXUL %RW *DUG I 1- 3RD VXEHQHUYLV +DFN$UN%RWWIWI7,32$UJHQWLQD 6DQWD&UX]©LQSDOXGRVLVLQWHU/DJR9LHGPDHW/DJXQD7DUFD P)HEª3.+'XVpQOHFWRWLSR:GHVLJ QDGRSRU5-6RUHQJ/-*LOOHVSLH$QQ0LVVRXUL%RW*DUG LVROHFWRWLSRV%$$IUDJPHQWRH[.%$$ IUDJPHQWRH[8686IUDJPHQWRH[: D 6XEVS VSHJD]]LQLDQD 1LFRUD 6RUHQJ /- *LOOHVSLH$QQ 0LVVRXUL%RW*DUG3RDVSHJD]]LQLDQD3DURGL 'DQVN%RW$UNQRPQXG3RDVXEHQHUYLV+DFN YDUVSHJD]]LQLDQD1LFRUD+LFNHQLD7,32$U JHQWLQD0HQGR]D'SWR6DQ5DIDHO9DOOHGHO$WXHO$UUR\R&ROR UDGR7:%|FKHU-3.+MHUWLQJ.5DKQKRORWLSR %$$LVRWLSR6, 6HGLIHUHQFLDGHODVXEHVSHFLHWLSRSRUORVFDUDFWHUHVLQGLFDGRVHQOD FODYH 9 2/80(17 202,, )/25$$5*(17,1$ 32($( 'LVWULEXFLyQJHRJUiILFD&KLOH\OD$UJHQWLQDHQODVSURYLQFLDVGH 0HQGR]D1HXTXpQ\6DQ-XDQ 0DWHULDODGLFLRQDOH[DPLQDGR 0HQGR]D'SWR6DQ5DIDHO9DOOHGH $WXHO$UUR\R &RORUDGR %|FKHU VQ 6, 1HXTXpQ 'SWR &KRV 0DODO YHJDV GHO 3HOiQ %RHOFNH %$$ %$% 6, 6DQ -XDQ 'SWR ,JOHVLD/DV)ORUHV9DOOHGH3LVPDQWDSRUUXWDD3DVRGH$JXDV1HJUDV 3HWHUVRQ HW DO 6, 86 E6XEVSVXEHQHUYLV 'LVWULEXFLyQJHRJUiILFD6XUGH&KLOH\OD$UJHQWLQD 0DWHULDODGLFLRQDOH[DPLQDGR6DQ-XDQ'SWR,JOHVLD$QGHVDERYH 9DOOHGH3LVPDQWDDORQJ+Z\WR3RUWRGHO$JXD1HJUDUGNP:RI MFW +Z\ LQ /DV )ORUHV 3HWHUVRQ HW DO 6, 86 6DQWD &UX] 'SWR/DJR%XHQRV$LUHVNP6:GH/RV$QWLJXRVKDFLD3DVR5REDOORV 3HWHUVRQ HW DO 6, 86 1LFRUDHSRDVXEHQHUYLVVXEVSVXEHQHUYLV$3ODQWD%(VSLJXLOODYLVWDODWHUDO& $QWHFLRLQIHULRU'3iOHD\DUWHMRGHODUDTXLOOD(5HJLyQOLJXODU 3$5$3+2/,6 &( +XEE 325=(5Ò*2/2 &(+XEEDUG%OXPHD6XSSO(63(&,(7,323DUDSKROLVLQFXUYD/&(+XEE $HJLORSVLQFXUYD/ 3ODQWDVDQXDOHVOtJXODVPHPEUDQiFHDVOiPLQDVSODQDVRFRQYROXWDVFXUYDGDV,QIORUHVFHQFLDHQHVSLJDVGtVWLFDVWHUPLQDOHV\D[LODUHV FLOtQGULFDV\FXUYDGDVGHVDUWLFXOiQGRVHHQDUWHMRVDODPDGXUH]DUWHMRVOOHYDQGRXQDHVSLJXLOOD(VSLJXLOODVIORUDVVpVLOHVGLVSXHVWDVDORODUJR GHXQUDTXLVHQJURVDGRVXEFLOtQGULFRKXHFRDORMDGDVHQH[FDYDFLRQHVGHOPLVPRFDHGL]DVMXQWRFRQORVDUWHMRVJOXPDVFRODWHUDOHVHQOD HVSLJXLOODWHUPLQDORSXHVWDVQHUYLDVQHUYLRVSURPLQHQWHVFRULiFHDVDTXLOODGDVH[FpQWULFDVDYHFHVDODGDVFHUUDQGRODFDYLGDGGHOUDTXLV H[FHSWRGXUDQWHODDQWHVLVOHPPDQHUYLDFRQXQRGHVXVERUGHVKDFLDHOUDTXLVPHPEUDQiFHDKLDOLQDSiOHDKLDOLQDSRFRPHQRUTXHVXOHPPD ORGtFXODVPHPEUDQiFHDVKLDOLQDVIORUHVSHUIHFWDVHVWDPEUHVRYDULRFRQHVWLJPDVVpVLOHVFDULRSVLVFRQXQDSpQGLFHWUXQFDGRHQVXiSLFHKLOR HVWUHFKDPHQWHREORQJRHQGRVSHUPDVHFRSXOYHUXOHQWR1~PHUREiVLFRGHFURPRVRPDV[ &RPSUHQGHHVSHFLHVGHO9LHMR0XQGRXQDGHHOODVQDWXUDOL]DGDHQ$PpULFD 5HIHUHQFLDVELEOLRJUiILFDV5XQHPDUN+$$UHYLVLRQRI3DUDSKROLVDQG0RQHUPDLQWKH0HGLWHUUDQHDQ%RW1RW7]YHOHY 113DUDSKROLV(Q117]YHOHYHG*UDVVHVRIGH6RYLHW8QLRQ7XWLQ7*3DUDSKROLV(Q7*7XWLQHWDOHGV )O(XURSHD 3DUDSKROLVLQFXUYD/&(+XEE%OXPHD6XSO$HJLORSV LQFXUYD/6S3O3KROLXUXVLQFXUYXV/6FKLQ] 7KHOO9LHUWHOMDKUVVFKU1DWXUI*HV=ULFK7,32 $VLDQHRWLSR/,11GHVLJQDGRSRU3&XFFXLQL:HEELD 3ODQWD DQXDO FDxDV GHOJDGDV GH FP GH DOWR FXUYDGDV UDPLILFDGDVYDLQDVJODEUDVODVVXSHULRUHVGLODWDGDVODVLQIHULRUHVGH FPGHODUJROtJXODVPHPEUDQiFHDVGHPPGHODUJRGHERUGH GHQWLFXODGROiPLQDOLQHDUSODQDGHFPGHODUJR(VSLJDVGH FP[PPVROLWDULDVFLOtQGULFDVDSLFDOHV\D[LODUHVFXUYDVDUWHMRV DUWLFXODGRVPHQRUHVTXHODVHVSLJXLOODVH[FDYDGRV(VSLJXLOODVDORMDGDV HQODVH[FDYDFLRQHVGHOUDTXLVDOWHUQDVGtVWLFDVJOXPDVQHUYLDV ODQFHRODGDVJODEUDVGHPPGHODUJRFRULiFHDVFDVLWDQODUJDVFRPR HODQWHFLRFRODWHUDOHV\DGRVDGDVHOHMHUHFXEULHQGRODGHSUHVLyQGHO UDTXLVOHPPDKLDOLQDQHUYLDODQFHRODGDGHPPGHODUJRSRFR PiVFRUWDTXHODVJOXPDVSiOHDKLDOLQDFDVLWDQODUJDFRPRODOHPPD HVWDPEUHVDQWHUDVGHPPGHODUJRRYDULRFRQGRVHVWLORV\ HVWLJPDVSOXPRVRVFDULRSVLVGHPPGHODUJR 1RPEUHYXOJDU©3DVWRVDOLQDª 'LVWULEXFLyQJHRJUiILFD\KiELWDW2ULJLQDULDGHOVXUGH(XURSD\ $VLD\QRUWHGHÈIULFDDGYHQWLFLDHQ$PpULFDQDWXUDOL]DGDHQOD$UJHQ WLQDHQVXHORVVDOLQRVGHVGH(QWUH5tRVKDVWD6DQWD&UX]IUHFXHQWHHQ ORVVDOLWUDOHV