+2-$'('$726'(6(*85,'$''(/0$7(5,$/06'6 352'8&72648,0,&26(,'(17,),&$&,21'(/$&203$f,$ 120%5(6&20(5,$/(6 .2&+./((1 180(52&$6 0(=&/$ 180(5206'6 &2',*2'(/352'8&72 1' 862'(/352'8&72 $*(17('(/,03,(=$ 352'8&725$%$67(&('25 .RFK0HPEUDQH6\VWHPV,QF 0DLQ6WUHHW :LOPLQJWRQ 0DVVDFKXVHWWV ((88 1Ò0(526'(7(/e)2123$5$$6,67(1&,$/$6+25$6 &KHPWUHF GHQWURGH(( 88 IXHUDGH(( 88 180(5267(/()21,&26$6,67(1&,$*(1(5$/ $VLVWHQFLDFRQHOSURGXFWR 'HOXQDYLHUGHD+RUD GHO(VWH 3DUDREWHQHUDVLVWHQFLDWpFQLFDVREUHHVWHSURGXFWRFRPXQtTXHVHFRQVXUHSUHVHQWDQWHORFDOGH.RFK 0HPEUDQH6\VWHPV &20326,&,21,1)250$&,2162%5(,1*5(',(17(6 1RPEUH'HO,QJUHGLHQWH 1XPHUR&$6 &RQFHQWUDFLyQ /tPLWHV'H([SRVLFLyQ3HOLJURV3DUD6DOXG +,'5Ï;,'2'(62',2 PJP+RUDV7:$26+$ PJPYDORUWHFKR$&*,+ 6$/',6Ï',&$'(/È&,'2 '(&,/68/)2)(12;, %(1&(1268/)Ï1,&2 1' (VWRVYDORUHVQRUHIOHMDQPtQLPRVRPi[LPRVDEVROXWRVHVWRVVRQYDORUHVWtSLFRVTXHSXHGHQYDULDUGHFXDQGRHQ FXDQGR &/$6,),&$&,Ï1:+0,6VLJODVHQLQJOpVGH6LVWHPDGH,QIRUPDFLyQVREUH0DWHULDOHV3HOLJURVRVHQHO 7UDEDMR'%( 1' ,QIRUPDFLRQ1R'LVSRQLEOH 1$ 1RHV$SOLFDEOH ,GHQWLILFDFLRQ'HO 1RPEUH&RPHUFLDO .2&+./((1 0DWHULDO ,PSULPLGR ,'(17,),&$&,21'(3(/,*526 5(680(1'((0(5*(1&,$6 £3(/,*52 3(/,*5263$5$6$/8' &25526,923$5$/$3,(//262-26<(/75$&725(63,5$725,2 /$(;326,&,Ï1(;&(6,9$38('(35292&$5&(*8(5$7(0325$/23(50$1(17( 38('(6(53(/,*52622,1&/8620257$/6,6(,1*,(5( 9($,1)250$&,Ï172;,&2/Ï*,&$6(&&,Ï13$5$2%7(1(50È6,1)250$&,Ï1 3(/,*526'()/$0$%,/,'$' 12(6)/$0$%/( 3(/,*526'(5($&7,9,'$' (67$%/( ()(&726327(1&,$/(6&2175$/$6$/8'3,(/ &25526,92(OFRQWDFWRSXHGHFDXVDULUULWDFLyQSLTXLxDLQIODPDFLyQTXHPDGXUDDPSROODV\SRVLEOHPHQWH GDxRVHYHURDODSLHO/DVTXHPDGXUDVSXHGHQQRKDFHUVHVLQWRPiWLFDVKDVWDYDULDVKRUDVGHVSXpVGHO FRQWDFWR ()(&726327(1&,$/(6&2175$/$6$/8'2-26 &25526,923XHGHFDXVDUTXHPDGXUDVVHYHUDVGHVWUXFFLyQGHOWHMLGRGHORMR\SRVLEOHPHQWHGDxR SHUPDQHQWHRFHJXH] /DH[SRVLFLyQSXHGHSURYRFDUVHQVLELOLGDGDODOX] ()(&726327(1&,$/(6&2175$/$6$/8',1+$/$&,21 (;75(0$'$0(17(,55,7$17(<&25526,92(QWUHORVVtQWRPDVLQFOX\HLUULWDFLyQGHODJDUJDQWD FRQVWULFFLyQGHODWUDTXHDSDVPRVEURQTXLDOHVHGHPDSXOPRQDUVHYHUR\PXHUWHGHSHQGLHQGRGHOD FRQFHQWUDFLyQ\GXUDFLyQGHODH[SRVLFLyQ/RVVtQWRPDVSXHGHQLQFOXLUGRORUGHJDUJDQWDWRVUHVSLUDFLyQ GLILFXOWRVDHVWRUQXGRV\VHQVDFLyQGHDUGRUVHJ~QODFRQFHQWUDFLyQ\ODGXUDFLyQGHODH[SRVLFLyQ /DVREUHH[SRVLFLyQDHVWHPDWHULDOSXHGHRFDVLRQDUGDxRVLVWpPLFRLQFOX\HQGRORVHIHFWRVHQyUJDQRVGLDQDV TXHILJXUDQEDMR,QIRUPDFLyQWR[LFROyJLFD6HFFLyQ 2WURVVtQWRPDVHVSHFtILFRVGHODH[SRVLFLyQILJXUDQEDMR,QIRUPDFLyQWR[LFROyJLFD6HFFLyQ ()(&726327(1&,$/(6&2175$/$6$/8',1*(67,21 &25526,923XHGHFDXVDULUULWDFLyQGRORURVD\TXHPDGXUDGHODERFD\JDUJDQWDGHJOXWHGRORURVR UHVSLUDFLyQWUDEDMRVDTXHPDGXUDVRSHUIRUDFLyQGHOWUDFWRJDVWURLQWHVWLQDOTXHUHVXOWDQHQXOFHUDFLyQH LQIHFFLyQVHFXQGDULD (ODVSLUDUHQORVSXOPRQHVSXHGHFDXVDUSXOPRQtDTXtPLFD\GDxRVDORVSXOPRQHV /DVREUHH[SRVLFLyQDHVWHPDWHULDOSXHGHRFDVLRQDUGDxRVLVWpPLFRLQFOX\HQGRORVHIHFWRVHQyUJDQRVGLDQDV TXHILJXUDQEDMR,QIRUPDFLyQWR[LFROyJLFD6HFFLyQ 0(','$6'(35,0(526$8;,/,26 3,(/ /DYHODSLHOLQPHGLDWDPHQWHFRQVXILFLHQWHDJXDSRUORPHQRVSRUPLQXWRVPLHQWUDVVHTXLWDODURSD\ ]DSDWRVFRQWDPLQDGRV%8648($7(1&,210(',&$,10(',$7$ 3RQJDODURSDFRQWDPLQDGDHQFRQWHQHGRUHVFHUUDGRVSDUDHPSDTXHKDVWDTXHVHODYHQRVHHOLPLQHQ6LVH YDDODYDUODURSDLQIyUPHOHDODSHUVRQDHQFDUJDGDGHODRSHUDFLyQGHFRQWDPLQDQWHVGHODVSURSLHGDGHV SHOLJURVDV(OLPLQHWRGRDUWtFXORGHFXHURFRQWDPLQDGR 1' ,QIRUPDFLRQ1R'LVSRQLEOH 1$ 1RHV$SOLFDEOH ,GHQWLILFDFLRQ'HO 1RPEUH&RPHUFLDO .2&+./((1 0DWHULDO ,PSULPLGR 2-26 /iYHVHORVRMRVLQPHGLDWDPHQWHFRQPXFKDDJXDSRUORVPHQRVSRUPLQXWRV$OHQMXDJDUPDQWHQJDORV SiUSDGRVGHORVRMRVOHMRVGHOJORERGHORMRSDUDDVHJXUDUXQEXHQHQMXDJXH%8648($7(1&,210(',&$ ,10(',$7$ ,1+$/$&,21 /OHYDUDODLUHOLEUH6LQRUHVSLUDSURFHGDFRQUHVSLUDFLyQGHUHVFDWH6LODUHVSLUDFLRQVHHODERUDFRQ GLILFXOWDGDVHJXUHVHTXHODVYLDVDUHDVHVWHQOLEUHV\DGPLQLVWUHR[LJHQR 0DQWHQJDDOSDFLHQWHFiOLGR\HQUHSRVR%8648($7(1&,210(',&$,10(',$7$ ,1*(67,21 0DQWHQJDDOSDFLHQWHFiOLGR\HQUHSRVR%8648($7(1&,210(',&$,10(',$7$ 1XQFDGpQDGDSRUODERFDDDOJXLHQTXHHVWpLQFRQVFLHQWH1RLQGXFLUYyPLWRVGHELGRDOSHOLJURGHDVSLUDU OtTXLGRHQORVSXOPRQHVRFDVLRQDQGRGDxR\QHXPRQLWLVTXtPLFD+DJDTXHODYtFWLPDVHHQMXDJXHODERFD PLQXFLRVDPHQWHFRQDJXD\TXHOXHJREHEDGHDRQ]DVDPOGHDJXD6LVHSURGXFHHOYyPLWR QDWXUDOPHQWHLQFOLQHDODYtFWLPDKDFLDGHODQWHSDUDUHGXFLUHOULHVJRGHDVSLUDFLyQ5HSLWDODDGPLQLVWUDFLyQGH DJXD/OHYHUiSLGDPHQWHDODYtFWLPDDXQFHQWURGHHPHUJHQFLDV 127$6$/0e',&2 6LKDQKDELGRYyPLWRVHVSRQWiQHRVWUDVODLQJHVWLyQVHGHEHUiPRQLWRUHDUDOSDFLHQWHSRUUHVSLUDFLyQ GLILFXOWRVDWDOFRPRORVHIHFWRVDGYHUVRVGHODDVSLUDFLyQHQORVSXOPRQHVSRVLEOHPHQWHGHPRUDGRVKDVWD KRUDV 7UDWDUFRPRXQiOFDOLFRUURVLYRHVWRVSURGXFWRVGDxDQHOWUDFWRJDVWURLQWHVWLQDOSRUQHFURVLVSRUOLFXHIDFFLyQ ORTXHSHUPLWHTXHSHQHWUHSURIXQGDPHQWHHQORVWHMLGRV/DVTXHPDGXUDVJUDYHVSRUiOFDOLVSXHGHQ H[WHQGHUVHDXQDYtVFHUDDG\DFHQWH3XHGHTXHORVVtQWRPDVDJXGRVQRLQGLTXHQODJUDYHGDGGHODOHVLyQ WLVXODU/RVVLJQRVGHOHVLyQFUyQLFDVRQEDEHRLQFDSDFLGDGSDUDWUDJDUHULWHPD\RXOFHUDFLyQGHOD RURIDULQJHKHPDWHPHVLV\RFDVLRQDOPHQWHVKRFN\GLVWUpVUHVSLUDWRULR/DQHFURVLV\ORVSURFHVRV LQIODPDWRULRVDVRFLDGRVDOFDQ]DQVXPi[LPRDODVKRUDVSHURVHH[WLHQGHQKDVWDORVGtDV/RVSURFHVRV LQLFLDOHVGHVDQDGRWLHQHQOXJDUGXUDQWHXQSHULRGRGHDGtDVSHURHOWDELTXHHVRIiJLFRHVPiVGpELO GXUDQWHHVWHSHULRGRSRUORTXHHOSHOLJURGHSHUIRUDFLyQHVPD\RU 0(','$6'($3$*$'2'()8(*2 352'8&726)/$0$%/(63(/,*52626 /DFRPEXVWLyQSXHGHSURGXFLUy[LGRVGHVRGLRSHUy[LGRVVXOIXURV\FDUERQDWRV 0(',2(;7,1725 8VDUURFtRGHDJXDDJHQWHTXtPLFRVHFRHVSXPDGHDOFRKRO$)))PXOWLXVRRGLy[LGRGHFDUERQRSDUD H[WLQJXLUHOIXHJR 352&(',0,(17263$5$&2175$55(67$5(/)8(*2 (YDFXHHOiUHD\DSDJXHHOIXHJRGHVGHXQDGLVWDQFLDVHJXUD 5RFtHDJXDSDUDHQIULDUODVHVWUXFWXUDVDG\DFHQWHV\SDUDSURWHJHUHOSHUVRQDO&RUWDUODIXHQWHGHIOXMRGH VHUSRVLEOH0DQWHQHUVHDOHMDGRGHORVH[WUHPRVGHORVWDQTXHVGHDOPDFHQDPLHQWR5HWLUDUVHLQPHGLDWDPHQWH HQFDVRGHXQDXPHQWRHQHOVRQLGRGHGHVDKRJRGHOGLVSRVLWLYRGHVHJXULGDGRFXDOTXLHUGHFRORUDFLyQHQHO WDQTXHGHDOPDFHQDPLHQWRGHELGRDIXHJR /RVERPEHURVGHEHQOOHYDUDSDUDWRVSRVLWLYRV06+$1,26+GHSUHVLyQSDUDUHVSLUDU6&%$FRQPiVFDUD SDUDUHVSLUDU\HTXLSRSURWHFWRUFRPSOHWR 7HPSHUDWXUD'H,QIODPDFLyQ 7HPSHUDWXUD'H$XWRHQFHQGLGR /tPLWHVGH)ODPDELOLGDGHQHO$LUH,QIHULRUGHO9ROXPHQ /tPLWHVGH)ODPDELOLGDGHQHO$LUH6XSHULRUGHO9ROXPHQ (/352'8&72126(,1)/$0$ 1$ 1$ 1$ 1' ,QIRUPDFLRQ1R'LVSRQLEOH 1$ 1RHV$SOLFDEOH ,GHQWLILFDFLRQ'HO 1RPEUH&RPHUFLDO .2&+./((1 0DWHULDO ,PSULPLGR 0(','$6'(/,%(5$&,21$&&,'(17$/ 3$626'((0(5*(1&,$ 0DQWHQHUDOSHUVRQDOQRQHFHVDULRDPHWURVFRPRPtQLPRGHOGHUUDPHHQODGLUHFFLyQRSXHVWDDOYLHQWR 0D\RUGLVWDQFLDSRGUtDVHUQHFHVDULDSDUDODVSHUVRQDVHQODGLUHFFLyQGHOYLHQWR$tVOHHOiUHDGHSHOLJUR\QR SHUPLWDHODFFHVR&RQVXOWDUFRQWUROGHH[SRVLFLyQ\SURWHFFLyQSHUVRQDOVHFFLyQ 35(&$8&,21(6$0%,(17$/(6 6LHOSURGXFWRHVOLEHUDGRHQHODPELHQWHWRPDUPHGLGDVLQPHGLDWDVSDUDGHWHQHU\FRQWHQHUODOLEHUDFLyQ 'HEHUiHMHUFHUVHSUHFDXFLyQHQFXDQWRDODVHJXULGDGGHOSHUVRQDO\VXH[SRVLFLyQDOSURGXFWROLEHUDGR 6LVHUHTXLHUHQRWLILTXHODVDXWRULGDGHVORFDOHVSURYLQFLDOHV\RIHGHUDOHV 352&(',0,(1723$5$'(55$0(62*27(26 0DQWHQJDDODJHQWHLQQHFHVDULDDOHMDGDGHOiUHD$tVOHHOiUHDGXUDQWHSRUORPHQRVPHWURV SLHVSDUDSUHVHUYDUODVHJXULGDGS~EOLFD3DUDGHUUDPHVLPSRUWDQWHVFRQVLGHUHODHYDFXDFLyQLQLFLDOGXUDQWH SRUORPHQRVPHWURVSLHV 'HUUDPHVJUDQGHV+DFHUXQGLTXHDOHMDGRGHOOXJDUHQHOTXHVHKD\DSURGXFLGRHOGHUUDPHSDUDFRQWHQHUOR KDVWDVXHOLPLQDFLyQ1HXWUDOLFHHOGHUUDPHFRQXQiFLGRGpELOWDOFRPRYLQDJUHRiFLGRDFpWLFR'HWHQHUOD SpUGLGDFXDQGRVHDVHJXURKDFHUOR 1RWRFDUQLFDPLQDUSRUHOPDWHULDOGHUUDPDGR 9HDHO&RQWUROGH([SRVLFLyQ3URWHFFLyQ3HUVRQDO6HFFLyQ 0$1(-2<$/0$&(1$-( 0$1(-2 1RLQKDOHYDSRUHVQLQLHEODV 1RFRPDEHEDRIXPHHQODViUHDVXVDGDVSDUDDOPDFHQDMH $/0$&(1$-( $OPDFHQHHQFRQWHQHGRUHVKHUPpWLFRVHQXQiUHDIUHVFD\VHFDOHMRVGHOFDORU\VXVWDQFLDVLQFRPSDWLEOHV (YLWHHOFRQWDFWRFRQR[LGDQWHVIXHUWHViFLGRVPHWDOHVH[SORVLYRV\SHUy[LGRVRUJiQLFRV /RVUHFLSLHQWHVYDFtRVSXHGHQFRQWHQHUUHVLGXRVGHSURGXFWR1RORVYXHOYDDXWLOL]DUVLQWRPDUODV SUHFDXFLRQHVDGHFXDGDV &21752/'((;326,&,213527(&&,213(5621$/ &21752/(6'(,1*(1,(5,$ /DVIRUPDVSUHIHULGDVGHFRQWUROGHODH[SRVLFLyQVRQODYHQWLODFLyQH[WUDtGDJHQHUDORORFDO\RWUDVIRUPDVGH FRQWUROHVGHLQJHQLHUtD 3527(&&,21'(/262-26(48,32'(3527(&&,213(5621$/33( 8VHDQWHRMRVGHVHJXULGDG\SURWHFWRUIDFLDODSUXHEDGHVXVWDQFLDVTXtPLFDV0DQWHQJDVHUYLFLRVGLVSRQLEOHV SDUDODYDGRGHRMRVFXDQGRHOFRQWDFWRFRQORVRMRVSXHGDRFXUULU 3527(&&,21'(/$3,(/(48,32'(3527(&&,213(5621$/33( (YLWHHOFRQWDFWRGHODSLHOFRQHVWHPDWHULDO 3DUDSUHYHQLUHOFRQWDFWRFRQODSLHOVHGHEHXWLOL]DUURSDGHSURWHFFLyQLQFOX\HQGRJXDQWHVLPSHUPHDEOHV 7DPELpQSXHGHVHUQHFHVDULRXWLOL]DUSURWHFFLyQDGLFLRQDOSDUDHYLWDUHOFRQWDFWRFRQODSLHOHVWRLQFOX\HHOXVR GHGHODQWDOSURWHFWRUHVSDUDEUD]RVSURWHFFLyQSDUDHOURVWURRERWDV3URYHDUHJDGHUDVGHVHJXULGDGHQ FXDOTXLHUVLWLRGRQGHSXHGDRFXUULUXQFRQWDFWR 8VHEXHQDKLJLHQHSHUVRQDO 1' ,QIRUPDFLRQ1R'LVSRQLEOH 1$ 1RHV$SOLFDEOH ,GHQWLILFDFLRQ'HO 1RPEUH&RPHUFLDO .2&+./((1 0DWHULDO ,PSULPLGR 3527(&&,215(63,5$725,$(48,32'(3527(&&,213(5621$/33( 8QUHVSLUDGRUSXULILFDGRUGHDLUHDSUREDGRSRU1,26+06+$VLJODVHQLQJOpVGH,QVWLWXWR1DFLRQDOSDUDOD 6HJXULGDG\OD6DOXG/DERUDO$GPLQLVWUDFLyQGH6HJXULGDG\6DOXGHQODV0LQDVFRQXQFDUWXFKR+(3$SXHGH VHUDSURSLDGRHQFLHUWDVFLUFXQVWDQFLDVFXDQGRVHHVSHUDTXHODFRQFHQWUDFLyQGHPDWHULDOVXVSHQGLGDHQHO DLUHH[FHGDORVOtPLWHVGHH[SRVLFLyQ/RVUHVSLUDGRUHVSXULILFDGRUHVGHDLUHRIUHFHQSURWHFFLyQOLPLWDGD 8WLOLFHXQUHVSLUDGRUGHSUHVLyQSRVLWLYDVLKD\SRVLELOLGDGGHXQDOLEHUDFLyQLQFRQWURODGDVLQRVHFRQRFHQORV QLYHOHVGHH[SRVLFLyQRVLH[LVWHFXDOTXLHURWUDFLUFXQVWDQFLDHQODVTXHXQUHVSLUDGRUSXULILFDGRUGHDLUH SXGLHUDQRSURSRUFLRQDUSURWHFFLyQDGHFXDGD 3523,('$'(6),6,&$6<48,0,&$6 2/25<$3$5,(1&,$ /Ë48,'275$163$5(17(/,*(5$0(17(È0%$5&212/25$&5( 3XQWR'H(EXOOLFLyQ *UDYHGDG(VSHFtILFD 3XQWR'H)XVLyQ 3RUFHQWDMH9ROiWLO 3UHVLyQ'H9DSRU 'HQVLGDG'HO9DSRU 'HQVLGDG'H0DVD 6ROXELOLGDGHQ$JXD 2FWDQRO$JXD3DUWQ 9ROiWLO2UJiQLFR 3XQWR'H)OXLGH] 9DORUS+ 3XQWR&RQJHODFLyQ 9LVFRVLGDG *UDGR'H(YDSRUDFLyQ 1' #)& 1' 1' 1' 1' /%6*$/ &203/(7$0(17(0,6&,%/( 1' 1' 1' !>VROXFLyQDO@ 1' 1' 1' )yUPXOD0ROHFXODU 3HVR0ROHFXODU )DPLOLD4XtPLFD ,QWHQVLGDG'H2ORU 1' 0(=&/$ +,'5Ï;,'2$/&$/,12 1' 5($&7,9,'$'<(67$%,/,'$' (67$%,/,'$',1&203$7,%,/,'$' ,QFRPSDWLEOHFRQR[LGDQWHV\iFLGRVIXHUWHVKLGURFDUEXURVFORUDGRVSHUy[LGRVHVWDxR]LQFFREUHEURQFH\ ODWyQ*HQHUDFDORUFXDQGRVHPH]FODFRQDJXDRiFLGRV &RQVXOWHODVSUHFDXFLRQHVHQ0DQLSXODFLyQ\$OPDFHQDPLHQWR6HFFLyQ 5($&&,21(63(/,*526$6352'8&726'('(6&20326,&,21 /DFRPEXVWLyQSXHGHSURGXFLUy[LGRVGHVRGLRSHUy[LGRVVXOIXURV\FDUERQDWRV $OFRQWDFWRFRQPHWDOHVFRPRDOXPLQLRHVWDxR\]LQFSXHGHJHQHUDUKLGUyJHQRXQJDVPX\LQIODPDEOH 6HSXHGHSURGXFLUFRUURVLyQPHWiOLFDDWHPSHUDWXUDVVXSHULRUHVDORV)&$EVRUEHGLy[LGRGH FDUERQRGHODLUHSDUDIRUPDUFDUERQDWRV ,1)250$&,2172;,&2/2*,&$ 9,$6'((;326,&,21 ,QKDODFLyQLQJHVWLyQFRQWDFWRGpUPLFR\RFXODU '/ 6DOGLVyGLFDGHOiFLGRGHFLOVXOIRIHQR[LEHQFHQRVXOIyQLFR /'2UDO5DWDPDFKR!PJNJ5DWDKHPEUD PJNJ /'3LHOFRQHMR!PJNJ 1' ,QIRUPDFLRQ1R'LVSRQLEOH 1$ 1RHV$SOLFDEOH ,PSULPLGR ,GHQWLILFDFLRQ'HO .2&+./((1 1RPEUH&RPHUFLDO 0DWHULDO '$72672;,&2/2*,&26 /DVREUHH[SRVLFLyQDJXGDRFUyQLFDDHVWHPDWHULDORVXVFRPSRQHQWHVSXHGHRFDVLRQDUWR[LFLGDGVLVWpPLFD LQFOX\HQGRHIHFWRVDGYHUVRVHQORVLJXLHQWHULxyQKtJDGRSLHORMRV\VLVWHPDUHVSLUDWRULR /DH[SRVLFLyQDORVFRPSRQHQWHVGHHVWHPDWHULDOSXHGHRFDVLRQDUORVVLJXLHQWHVVtQWRPDVHVSHFtILFRVVHJ~Q ODFRQFHQWUDFLyQ\ODGXUDFLyQGHODH[SRVLFLyQYyPLWRFRQVDQJUH\FRODSVRFDUGLRYDVFXODU &$5&,1Ï*(12 ,QJUHGLHQWHVHQHOSURGXFWRQRVHHQXPHUDQHQ173GHORV(VWDGRV8QLGRV,$5&QL26+$ &21',&,21(635((;,67(17(6$*5$9$'$6325/$(;326,&,Ï1 /DVFRQGLFLRQHVPpGLFDVSUHH[LVWHQWHVTXHSXHGHQVHUDJUDYDGDVSRUODH[SRVLFLyQLQFOX\HQWUDVWRUQRVGH SLHORMRV\VLVWHPDUHVSLUDWRULR ,1)250$&,21(&2/2*,&$ ,1)250$&,21(&272;,&2/2*,&$ &RQWLHQHVXVWDQFLDVFX\DWR[LFLGDGDJXGDSXHGHVHUPRGHUDGDSDUDORVRUJDQLVPRVDFXiWLFRV'/&( HQWUH\PJOHQODVHVSHFLHVPi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pVWDVSXHGHQVHU PDVHVWULFWDVTXHODVOH\HV\UHJXODFLRQHVIHGHUDOHV$GLFLRQHVTXtPLFDVSURFHVDPLHQWRVRDOWHUDFLRQHVD HVWHPDWHULDOSXHGHQKDFHUTXHODLQIRUPDFLyQGHO06'6DSDUH]FDLQFRPSOHWDLQH[DFWDRLQDSURSLDGD$O GHVFDUWDUHVWHSURGXFWRVHGHEHKDFHUHQFXPSOLPLHQWRFRQWRGDVODVUHJXODFLRQHVIHGHUDOHVHVWDWDOHV\ ORFDOHV (Q&DQDGiVHGHEHGLVSRQHUGHORVGHVHFKRVGHDFXHUGRFRQORVUHJODPHQWRVIHGHUDOHVHVWDWDOHV SURYLQFLDOHV\ORFDOHV ,1)250$&,21'(75$163257( )$&785$'(&$5*$92/80(186'27 6ROXFLyQGHKLGUy[LGRGHVRGLR813*,, )$&785$'(&$5*$1292/80(186'27 6ROXFLyQGHKLGUy[LGRGHVRGLR813*,, /DGHVFULSFLyQDQWHULRUSXHGHQRFXEULUHOHQYtRHQWRGRWLSRGHFDMDVSRUIDYRUFRQVXOWHFRQ&)5 SDUDLQIRUPDFLyQGHH[SHGLFLyQHVSHFtILFD 1' ,QIRUPDFLRQ1R'LVSRQLEOH 1$ 1RHV$SOLFDEOH ,GHQWLILFDFLRQ'HO 1RPEUH&RPHUFLDO .2&+./((1 0DWHULDO ,PSULPLGR ,1)250$&,215(*8/$'25$ 5(*8/$&,21(6)('(5$/(6 7RGRVORVFRPSRQHQWHVGHHVWHSURGXFWRHVWiQLQFOXLGRVHQHO,QYHQWDULRGH76&$/H\GHFRQWUROGH VXVWDQFLDVWy[LFDV (VWHSURGXFWRWDOFRPRVHVXPLQLVWUDFRQWLHQHKLGUy[LGRGHVRGLRXQDVXVWDQFLDSHOLJURVDVHJ~Q86 &)5/DFDQWLGDGVXMHWDDQRWLILFDFLyQHQORV(VWDGRV8QLGRVGHKLGUy[LGRGHVRGLRHVGHOLEUDV 7RGDIXJDGHHVWHSURGXFWRHQORV(VWDGRV8QLGRVTXHRULJLQHODOLEHUDFLyQGHKLGUy[LGRGHVRGLRLJXDOR PD\RUTXHODFDQWLGDGVXMHWDDQRWLILFDFLyQGHEHGHFODUDUVHDO1DWLRQDO5HVSRQVH&HQWHU\D ORVRUJDQLVPRVUHJXODGRUHVORFDOHV\HVWDWDOHVSHUWLQHQWHVWDOFRPRVHLQGLFDHQ86&)5\HQ &)5UHVSHFWLYDPHQWH6LQRVHUHSRUWDHVWRSXHGHUHVXOWDUHQPXOWDVFLYLOHV\FULPLQDOHV VXEVWDQFLDOHV3DUDUHTXHULPLHQWRVDGLFLRQDOHVYHULILTXHODVUHJXODFLRQHVHVWDWDOHV\ORFDOHV\DTXHHVWDV SXHGHQVHUPDVUHVWULFWLYDVTXHODVOH\HV\UHJXODFLRQHVIHGHUDOHV (VWHSURGXFWRQRFRQWLHQHVXVWDQFLDVTXtPLFDVWy[LFDVTXHH[FHGDQODFRQFHQWUDFLyQGHPLQLPLVDSOLFDEOH TXHHVWpQVXMHWDVDORVUHTXLVLWRVDQXDOHVGHLQIRUPHVGHOLEHUDFLyQGHVXVWDQFLDVTXtPLFDVWy[LFDVGHOD 6HFFLyQGHOD/H\GH(QPLHQGDV\5HDXWRUL]DFLyQGHO6XSHUIRQGR6$5$SRUVXVVLJODVHQLQJOpV &)5 (VWHSURGXFWRFRQWLHQHXQDRPDVFRPSRQHQWHVGHVLJQDGRVFRPRVXEVWDQFLDVSHOLJURVDVRFRQWDPLQDQWHV Wy[LFRVGHDFXHUGRFRQHO)HGHUDO&OHDQ:DWHU$FW/H\)HGHUDOGH$JXD3XUD&)57DEOD$ &)5/DXVRVLQSHUPLVRGHHVWHSURGXFWRHQORVFRQGXFWRVGHGHVDJHRFORDFDVSXHGHVHUXQD YLRODFLyQGHO)HGHUDO&OHDQ:DWHU$FW/H\)HGHUDOGH$JXD3XUD/DVIDFLOLGDGHVGHEHQQRWLILFDUDOD DJHQFLDDSURSLDGDDQWHVGHXVDUHVWHSURGXFWRHQORVFRQGXFWRVDQWHVPHQFLRQDGRV 3XHGHQKDEHURWUDVUHJXODFLRQHVORFDOHVUHJLRQDOHVRHVWDWDOHVUHIHUHQWHVDHVWHSURGXFWR &/$6,),&$&,216$5$7,78/2,,, 3HOLJUR,QPHGLDWR ; 3HOLJUR5HWUDVDGR 3HOLJUR'HOD5HDFWLYLG ; 5LHVJR'H,QFHQGLR 3HOLJUR'HOD3UHVLyQ 5(*8/$&,21(6(67$7$/(6 %DVDGRHQLQIRUPDFLyQGLVSRQLEOHHVWHSURGXFWRQRFRQWLHQHQLQJ~QFRPSRQHQWHRTXtPLFRVDFWXDOPHQWH FRQRFLGRVSRUHO(VWDGRGH&DOLIRUQLDTXHVRQFDXVDQWHVGHFDQFHUGHIHFWRVSUHQDWDOHVRGDxRVUHSURGXFWLYRV GHPDQHUDTXHHVWpQVXMHWRVDOD3URSRVLFLyQ/DUHIRUPXODFLyQHOXVRRSURFHVRGHHVWHSURGXFWRSXHGH DIHFWDUVXFRPSRVLFLyQ\UHTXLHUHXQDUHYDOXDFLyQ 3(116</9$1,$±,QJUHGLHQWHVQRSHOLJURVRVSUHVHQWHVHQXQDFRQFHQWUDFLyQGH!$JXD1&$6 5(*/$0(1726,17(51$&,21$/(6 (VWHSURGXFWRVHKDFODVLILFDGRGHDFXHUGRFRQORVFULWHULRVGHSHOLJURGHORV5HJODPHQWRVGH3URGXFWRV &RQWURODGRV&35SRUVXVVLJODVHQLQJOpV\HVWD+'60FRQWLHQHWRGDODLQIRUPDFLyQUHTXHULGDSRUORV&35 :+0,6&ODVLILFDFLyQ'%( 7RGRVORVFRPSRQHQWHVSULQFLSDOHVGHHVWHSURGXFWRVHHQXPHUDQHQOD/LVWD1DFLRQDOGH6XVWDQFLDV'6/ SRUVXVVLJODVHQLQJOpVGH&DQDGi &/$6,),&$&,21(6:+0,6VLJODV HQLQJOpVGH6LVWHPDGH,QIRUPDFLyQ VREUH0DWHULDOHV3HOLJURVRVHQHO 7UDEDMR *DVFRPSULPLGR ,QIODPDEOHFRPEXVWLEOH 2WURVHIHFWRVWy[LFRV ; 5LHVJRELROyJLFR 2[LGDQWH &RUURVLYR 1' ,QIRUPDFLRQ1R'LVSRQLEOH 1$ 1RHV$SOLFDEOH ,GHQWLILFDFLRQ'HO 1RPEUH&RPHUFLDO .2&+./((1 0DWHULDO ; ([WUHPDGDPHQWH Wy[LFR 3HOLJURVDPHQWH UHDFWLYR ,PSULPLGR &/$6,),&$&,211)3$ 6DOXG ,QIODPDELOLGDG 5HDFWLYLGDG &/$6,),&$&,21+0,6 6DOXG ,QIODPDELOLGDG 5HDFWLYLGDG 3HOLJURV(VSHFLDOHV 275$,1)250$&,21 $181&,2 $9,62/DLQIRUPDFLyQTXHDTXtVHSUHVHQWDVHEDVDHQGDWRVTXHVHFRQVLGHUDQH[DFWRVHQHOPRPHQWRGH HODERUDUHVWD+RMDGH'DWRVGH6HJXULGDGGH0DWHULDO6LQHPEDUJROD+'60QRSRGUiXWLOL]DUVHFRPRXQD KRMDGHHVSHFLILFDFLRQHVFRPHUFLDOHVGHOIDEULFDQWHRYHQGHGRU\QRVHRIUHFHQLQJXQDJDUDQWtDQL UHSUHVHQWDFLyQH[SOtFLWDRLPSOtFLWDFRQUHVSHFWRDODYHUDFLGDGRHOFDUiFWHUH[KDXVWLYRGHODLQIRUPDFLyQ VREUHGDWRV\VHJXULGDGQLWDPSRFRVHGDDXWRUL]DFLyQDOJXQDQLVHFRQVLGHUDLPSOtFLWDSDUDSUDFWLFDU FXDOTXLHULQYHQFLyQSDWHQWDGDVLQXQDOLFHQFLD$GHPiVHOYHQGHGRUQRDVXPHQLQJXQDUHVSRQVDELOLGDGSRU FXDOTXLHUGDxRROHVLyQUHVXOWDQWHGHXQXVRDQyPDORGHOLQFXPSOLPLHQWRGHODVSUiFWLFDVUHFRPHQGDGDVRGH FXDOTXLHUULHVJRLQKHUHQWHDODQDWXUDOH]DGHOSURGXFWR )HFKDGHUHYLVLyQDFWXDO 1RY 5HHPSOD]D/D+RMD&RQ)HFKD $XJ &RPSOHWDGR3RU.RFK&KHPLFDO7HFKQRORJ\*URXS//&/ODPHDORDO 1' ,QIRUPDFLRQ1R'LVSRQLEOH 1$ 1RHV$SOLFDEOH ,GHQWLILFDFLRQ'HO 1RPEUH&RPHUFLDO .2&+./((1 0DWHULDO ,PSULPLGR