����/HH�OD�VLJXLHQWH�OHFWXUD��

$1,0$/(6�6,1*8/$5(6

�� (O�PXQGR�GH�ORV�WUySLFRV��FRQ�VXV�YDULDGRV�WLSRV�GH�FOLPD�\�YHJHWDFLyQ��HVWi�KDELWDGR�SRU�XQ�FRQVLGHUDEOH�Q~PHUR�GH�DQLPDOHV�GLIHUHQWHV��(Q�HVH�PXQGR�WURSLFDO�WRGDYtD�VXEVLVWHQ�H[WUDxRV�DQLPDOHV��ORV�FDOLILFDPRV�GH�H[WUDxRV�WDQWR�SRU�VX�DVSHFWR�H[WHULRU�FRPR�SRU�VX�VLVWHPD�GH�YLGD��R�WDPELpQ�SRU�VX�RULJHQ�\�SDUHQWHVFR�FRQ�DQLPDOHV�FX\D�UD]D�VH�H[WLQJXLy�KDFH�PXFKR�WLHPSR�

�� (O�FDPDOHyQ�SHUWHQHFH�D�OD�IDPLOLD�GH�ORV�UHSWLOHV��/R�PiV�VRUSUHQGHQWH�HQ�pO�VRQ�VXV�RMRV�JOREXODUHV�TXH�SXHGH�PRYHU�LQGHSHQGLHQWHPHQWH�XQR�GHO�RWUR��7DPELpQ�HV�QRWDEOH�VX�OHQJXD�UXJRVD��FDVL�WDQ�ODUJD�FRPR�VX�SURSLR�FXHUSR��\�FXELHUWD�GH�EDED��OD�XWLOL]D�SDUD�DWUDSDU�ORV�LQVHFWRV�GH�ORV�FXDOHV�VH�DOLPHQWD��(Q�FXDQWR�YH�XQD�SUHVD�D�VX�DOFDQFH��HO�FDPDOHyQ�ODQ]D�OD�OHQJXD�VREUH�VX�YtFWLPD��pVWD�TXHGD�SHJDGD�D�OD�YLVFRVD�VDOLYD�\�QR�SXHGH�HVFDSDU��3DUD�SURWHJHUVH�GH�VXV�HQHPLJRV��HO�FDPDOHyQ�GLVSRQH�GH�XQ�RULJLQDO�VLVWHPD�GH�GHIHQVD��DGDSWD�VX�FRORU�DO�PHGLR�HQ�HO�TXH�VH�HQFXHQWUD��6L�HVWi�HQWUH�ODV�KRMDV�VH�YROYHUi�YHUGH��\�GH�FRORU�SDUGR�VL�HVWi�HQ�HO�WURQFR�GH�XQ�iUERO�

�� (O�FiODR�HV�XQ�SiMDUR�H[WUDRUGLQDULR��$�SULPHUD�YLVWD�SXHGH�SDUHFHU�GDxLQR��SHUR�HV�GH�WUDWR�DJUDGDEOH��(O�FiODR�SHUIRUD�HQ�HO�WURQFR�GH�ORV�iUEROHV�XQ�RULILFLR�GHVWLQDGR�D�VX�FRPSDxHUD�\�PRQWD�OD�JXDUGLD�GHODQWH�GHO�DJXMHUR��&XDQGR�OD�KHPEUD�HVWi�LQFXEDQGR��HO�PDFKR�WDSRQD�OD�HQWUDGD�\�VROR�GHMD�XQD�SHTXHxD�ILVXUD�SRU�OD�TXH�LQWURGXFH�HO�DOLPHQWR��(Q�FDVR�GH�SHOLJUR�VH�DJLWD�\�ODQ]D�XQRV�JULWRV�TXH�UHFXHUGDQ�HO�UHEX]QR�GH�XQ�DVQR�

�� (Q�ORV�FXUVRV�GH�DJXDV�WURSLFDOHV�YLYHQ�DQLPDOHV�PX\�VRUSUHQGHQWHV��/D�UD\D�HOpFWULFD�R�WRUSHGR�HV�XQR�GH�HOORV��(VWH�SH]�SURGXFH��HQ�HIHFWR��YHUGDGHUD�HOHFWULFLGDG��6H�VXSRQH�TXH�VH�VLUYH�GH�HOOD�SDUD�GHIHQGHUVH�GH�VXV�HQHPLJRV�\�SDUD�SDUDOL]DU�D�VXV�YtFWLPDV��/RV�yUJDQRV�SURGXFWRUHV�GH�HOHFWULFLGDG�SXHGHQ�SURGXFLU�GHVFDUJDV�PX\�IXHUWHV��FDSDFHV�GH�SDUDOL]DU�D�XQ�KRPEUH�PRPHQWiQHDPHQWH�

�� (O�OODPDGR�FHUGR�KRUPLJXHUR�QR�SHUWHQHFH��VLQ�HPEDUJR��D�OD�IDPLOLD�GH�ORV�FHUGRV��VLQR�TXH�IRUPDQ�XQ�JUXSR�DSDUWH��6ROR�YLYHQ�HQ�HO�VXU�GH�ÈIULFD��([FDYDQ�SURIXQGDV�PDGULJXHUDV�\�VH�DOLPHQWDQ�H[FOXVLYDPHQWH�GH�KRUPLJDV�\�WHUPHV��8WLOL]DQ�ODV�]DUSDV�SDUD�KDFHU�DJXMHURV�HQ�ORV�WHUPLWHURV��&RQ�VX�ODUJD�\�SHJDMRVD�OHQJXD�UHFRJHQ�JORWRQDPHQWH�PXOWLWXG�GH�LQVHFWRV��/DV�RUHMDV��SDUHFLGDV�D�ODV�GH�XQ�DVQR��\�OD�FROD��ODUJD�\�JUXHVD��OHV�GDQ�D�HVWRV�DQLPDOHV�XQ�H[WUDxR�DVSHFWR��([LVWHQ�PX\�SRFRV�HMHPSODUHV��SXHV�D�FDXVD�GH�VX�YDOLRVD�SLHO�KDQ�VLGR�REMHWR�GH�XQD�FD]D�LPSODFDEOH��(V�WtPLGR�\�VH�HVSDQWD�DO�PHQRU�UXLGR��(QWRQFHV�VH�DSUHVXUD�D�FDYDU�XQ�DJXMHUR�\�D�ORV�SRFRV�VHJXQGRV�GHVDSDUHFH�EDMR�WLHUUD�

(1&,&/23(',$�-89(1,/��(',&,21(6�&5('6$���7(;72�$'$37$'2���

5HVSRQGH�D�ODV�VLJXLHQWHV�SUHJXQWDV��

����6HxDOD�OD�UD]yQ�TXH�IDOWD�SDUD�FDOLILFDU�GH�H[WUDxRV�DOJXQRV�DQLPDOHV��

D��SRU�VX�DVSHFWR�H[WHULRU��E��SRU�VX�RULJHQ�\�SDUHQWHVFR�FRQ�DQLPDOHV�FX\D�UD]D�VH�H[WLQJXLy�KDFH�PXFKR�WLHPSR��

F���

����/HH�HO�SiUUDIR���\�FRPSOHWD�HO�VLJXLHQWH�HVTXHPD�VREUH�HO�FDPDOHyQ�

����(O�FDODR�SHUIRUD�HO�WURQFR�GH�ORV�iUEROHV�SDUD«�

3DUD�KDFHUVH�HO�QLGR��3DUD�TXH�OD�KHPEUD�LQFXEH�ORV�KXHYRV��3DUD�DJXMHUHDU�ORV�iUEROHV��

����¢3DUD�TXp�FUHHV�TXH�JULWD�HO�FDODR"� �

3DUD�OODPDU�D�OD�KHPEUD��3RU�TXH�HV�VX�IRUPD�GH�FDQWDU��3DUD�DKX\HQWDU�HO�SHOLJUR���

(/�

&$0$/(21�

/(1*8$�BBBBBBBBBBBBBB�BBBBBBBBBBBBBB�BBBBBBBBBBBBBB�

2-26�BBBBBBBBBBBBBBB�BBBBBBBBBBBBBBB�BBBBBBBBBBBBBBB�

3,(/�BBBBBBBBBBBBBBB�BBBBBBBBBBBBBBB�BBBBBBBBBBBBBBB�

����(VFULEH�ODV�GRV�UD]RQHV�SRU�ODV�TXH�SURGXFH�OD�UD\D�HOpFWULFD�GHVFDUJDV�HOpFWULFDV�

D��

E���

����6HJ~Q�HO�SiUUDIR����¢SRU�TXp�FUHHV�TXH�DO�FHUGR�KRUPLJXHUR�OH�KDQ�SXHVWR�HVH�QRPEUH"�

3RUTXH�VH�DOLPHQWDQ�H[FOXVLYDPHQWH�GH�KRUPLJDV�\�WHUPHV��3RU�ODV�RUHMDV��SDUHFLGDV�D�ODV�GH�XQ�DVQR��3RU�VX�YDOLRVD�SLHO��

����&RQ�ORV�VXILMRV���LVWD��\�±HUR�VH�IRUPDQ�QRPEUHV�GH�SURIHVLRQHV��)RUPD�QRPEUHV�GH�SURIHVLRQHV�DxDGLHQGR�HVWRV�VXILMRV�D�ODV�VLJXLHQWHV�SDODEUDV��]DSDWR��HOHFWULFLGDG��HTXLOLEULR��WLHQGD�\�WRUR��

�����([SOLFD�HO�VLJQLILFDGR�GH�ODV�VLJXLHQWHV�SDODEUDV��

0RQRSOD]D�

%LPRWRU��

7ULFLFOR��

3ROLVtODED��

6HPLFtUFXOR

$35(1'(�35(),-26�0$7(0È7,&26

(O�SUHILMR�PRQR���VLJQLILFD�XQR�� EL���VLJQLILFD�GRV��WUL��VLJQLILFDWUHV��SROL��YDULRV�\�VHPL��PLWDG�