Cibernegocios

1. &LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV /LEURYLUWXDOJUDWXLWR (GLFLyQSUHOLPLQDU LLEEHUHUQQHHJJRRFFLLRVRV (VWUDWHJLDVGHLPSOHPHQWDFLyQGHQHJRFLRVHQOD,QWHUQHW DUDFWHUtVWLFDVFRPXQHVGHORVHPSUHQGLPLHQWRVH[LWRVRV 7HQGHQFLDVFRPHUFLDOHVWHFQROyJLFDV 0RGHORVUHFXUVRVHMHPSORV (QHUR 6HUJLR6DPRLORYLFK 1HJRFLRVHQ,QWHUQHW (VWHOLEURSXHGHFRSLDUVHFHGHUVHOLEUHPHQWHUHVSHWDQGRVXIRUPDWRRULJLQDO4XHGD SURKLELGDVXWUDVFULSFLyQWUDGXFFLyQRFDPELRGHIRUPDWRVLQDXWRUL]DFLyQGHO DXWRURHGLWRU ‹ 1HWLF/LEURVHQ5HG %XHQRV$LUHV

2. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV LEHUQHJRFLRV ËQGLFH ,QWURGXFFLyQ 0RGHORVGHQHJRFLRVHQ,QWHUQHW LEHUQHJRFLRVEDVDGRVHQODYHQWDGHELHQHVRVHUYLFLRVFRQYHQFLRQDOHV LEHUWHUDSLD (QYtRGH)D[HVSRU,QWHUQHW 9HQWDGH3RUQRJUDItD 6H[RYLUWXDO 6HUYLFLRV3DUDQRUPDOHVHQOD5HG0HQWDOLVWDV7HOpSDWDV6DQDGRUHV $JHQFLDGH3XEOLFLGDG $JHQFLDGH9HQWDV 9HQWDVREUDQ]DV ,QIRPHGLDFLyQ %~VTXHGDVGH,QIRUPDFLyQ 7DQTXHVGHLGHDV $JHQFLDGHRPSUDVHQOD5HG /LVWDV1HJUDV LEHUQHJRFLRV/ODYHHQPDQR /D(GLWRULDO9LUWXDO (OFRPHUFLRGHQRPEUHVGHGRPLQLR /D,QPRELOLDULD9LUWXDO /DLQPRELOLDULDYLUWXDO

3. $JHQFLDVGHHQFXHQWURV 3LUDWHUtD $JHQFLDGH7DOHQWRV 5HPDWHV ,QFXEDGRUD9LUWXDOGH(PSUHVDV7HFQROyJLFDV $QXQFLRGHFDSDFLGDGHVH[FHGHQWHV 0DLOLQJ0DVLYRVSDP

4. ([WUDYtRV+DOOD]JRV/RVW )RXQG

5. )RUPDFLyQGHFRPXQLGDGYLUWXDO 5XHGDGHQHJRFLRVYLD,17(51(7 5HGHVGH(PSUHQGHGRUHV 0LFURQDFLRQHV

6. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV /DV0LFURQDFLRQHVFRPRLEHUQHJRFLR /DHVHQFLDGHORVLEHUQHJRFLRV RQFOXVLyQ ,GHDV9LUDOHVSDUDFLEHUQHJRFLRV 3XEOLFLGDGFRQOLEURVYLUWXDOHV 0pWRGRVSDUDJDQDUGLQHURHQOD:HE 3URGXFWRVRIUHFLGRV RQFOXVLyQSHUVSHFWLYDV 6REUHHODXWRUVXHPSUHVD

7. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV ,QWURGXFFLyQ (VWHOLEURVHRULJLQyHQXQDVHULHGHDUWtFXORVDSRUWDGDGXUDQWH SDUDXQEROHWtQLQIRUPDWLYRSDUD HPSUHQGHGRUHVSHTXHxRVPHGLDQRVHPSUHVDULRV,QIR/XNDV1HW

8. HQFDOLGDGGHSURPRFLyQGHPLDFWLYLGDG GHSURYHHGRUGHSUHVHQFLDHQ,QWHUQHW /RVDUWtFXORVSXEOLFDGRVRULJLQDOPHQWHWLHQHQXQFDUiFWHULQIRUPDOXQ WRQRKXPRUtVWLFRHLUUHYHUHQWHXQQLYHOVXSHUILFLDOHVSHFXODWLYRSRUTXHSULQFLSDOPHQWHEXVFDEDQVRQGHDUOD UHFHSWLYLGDGGHHPSUHVDULRVHYHQWXDOHVLQYHUVRUHVSDUDGLIHUHQWHVQHJRFLRV%XVTXpFXEULUXQDPSOLRUDQJR WHPiWLFRDQDOL]DUORVDVSHFWRVPHWRGROyJLFRVFRPXQHV ¢3RUTXpWDQWDYDULHGDGGHSURSXHVWDVVLHOQHJRFLRHVKDFHUXQDELHQ(QHVWDQXHYDTXLPHUDGHORUR VDEHPRVTXHKDXQDYHWDSHURQRH[DFWDPHQWHHQGyQGH/D,QWHUQHWUHSUHVHQWDXQDLUUHSHWLEOHVLWXDFLyQ GRQGHODHFRQRPtDPH]FODORVQDLSHVUHSDUWHGH QXHYR/DVUHJODVGHODYLHMDHFRQRPtDHVWiQVLHQGR UHFRQVLGHUDGDVDODOX]GHOPXQGRJOREDOPHQWHFRQHFWDGR8QDSURIHVLyQWUDGLFLRQDOXQDWUDHFWRULDHQXQ FLHUWRPHUFDGRRXQFDUJRHQXQDEXHQDHPSUHVDQRDOFDQ]DQSDUDUHWHQHUDPXFKRVDYHQWXUHURVGHVH RVRV GHVXELUDXQDGLOLJHQFLDVDOLUDH[FDYDUHQEXVFDGHODSUy[LPDPLQDGHRUR,QGHSHQGLHQWHPHQWHGHOSXQWR HQTXHFDYHPRVRGHOFLEHUQHJRFLRTXHHPSUHQGDPRVODVKHUUDPLHQWDVSDUDGHVHQWHUUDUHORURGHOD:HE VRQVLHPSUHODVPLVPDVFRQRFLPLHQWRFRQFHSWRIRFRVRIWZDUHKRUDVGHQDYHJDFLyQDVWXFLDDOJ~QFDSLWDO XQSRFR SRUTXpQR GHVXHUWH /D,QWHUQHWSHUPLWHH[SORWDUQHJRFLRVYLHMRVYHQWDGHSURGXFWRVVHUYLFLRVGHODHFRQRPtDFRQYHQFLRQDO

9. R QXHYRVEDVDGRV~QLFDPHQWHHQODWUDQVIHUHQFLDGHLQIRUPDFLyQ

10. 3DUDORVSULPHURVHOHFRPPHUFHLQIXQGLy QXHYDVSHUVSHFWLYDV(VDVtTXHPXFKDVHPSUHVDVGHOPXQGRWUDGLFLRQDOFRQWHPSODURQD]RUDGDVFRPRDOJ~Q HPSUHQGLPLHQWR:HEVLQFDSLWDOQLH[SHULHQFLDOHVFRUWDEDGHJROSHXQDJUDQWDMDGDGHPH UFDGRFXDQGR WUDWDURQGHODQ]DUVHDOD,QWHUQHWVHGLHURQFXHQWDTXHQRVDEtDQFRPRTXHORVSRFRVTXHVtORVDEtDQ HVWDEDQRFXSDGRVFRQVWUXHQGRXQVLWLRSURSLR+DVWDDKRUDODVYLHMDVHPSUHVDVQRPRVWUDURQEXHQD DGDSWDFLyQDOPXQGRYLUWXDO (QODHUDpSRFDPHVR]RLFDGHORVQHJRFLRVHQ,QWHUQHW

11. HUDFRP~QSRQHUVHDWUDEDMDUVREUHXQ WHPDD~QFRQSRFRVUHFXUVRVODQ]DUORUiSLGRDOD:HESDUDYHUTXHSDVDED(VDVtTXHPXFKRVVLWLRV OHYDQWDURQYXHORUiSLGDPHQWHVHFRQYLUWLHURQHQQHJRF LRVPXOWLPLOORQDULRVVLQSDVDUSRUODHWDSDGH IRUPDOL]DFLyQWHyULFDGHOQHJRFLRVLQLQYHUVLyQLQLFLDOLPSRUWDQWHQDSVWHUFRPIXFNHGFRPSDQFRP,4HWF 7UDWRGHIRFDOL]DUPLVHVIXHU]RVHQHVHWLSRGHQHJRFLRVEDVDGRVHQH[FHOHQWHVLGHDVWHFQROyJL FRV LQWHOLJHQWHVJOREDOHVGHDOWRWHFKR6RQSRURWUDSDUWHORVTXHHVWiQDODOFDQFHGHOSHTXHxRLQYHUVRU HPSUHQGHGRU (VTXHPiWLFDPHQWHHOSURFHVRRULJLQDOSDUDORVFLEHUQHJRFLRVHUD LGHDÆ VLWLRZHE Æ p[LWRÆ SODQGHQHJRFLRVÆ LQYHUVRUHVÆ $PHGLGDTXHVHYDQRFXSDQGRORVQLFKRVPiVYDOLRVRVKDFHIDOWDPiVIXHU]DFDSLWDOSODQLILFDFLyQFRQWDFWRV

12. SURIHVLRQDOLVPRSDUDODQ]DUXQQXHYRFLEHUQHJRFLR/RVFLEHU HPSUHQGHGRUHVFRPHQ]DURQDHVFULELUXQSODQ GHQHJRFLRVIRUPDOFRPRUHTXLVLWRSDUDREWHQHUIRQGRVFRQORVFXDOHVODQ]DUHOVLWLRRQHJRFLR:HE/RV MyYHQHVGHVSUROLMRVFRQHVWXGLRVLQFRQFOXVRVHPSH]DURQDVHUUHHPSOD]DGRVSRUORV0%$0DVWHUHQ $GPLQLVWUDFLyQGH1HJRFLRV

13. GH+DUYDUG6WDQIRUGXRWUDVXQLYHUVLGDGHVSUHVWLJLRVDVLQFOXVRGH XQDVSRFDV ODWLQRDPHULFDQDVFRQPXFKDYLVLyQGHIXWXURTXHDSXHVWDQIXHUWHDOD,QWHUQHW (OSURFHVRSUHIHULGRDFWXDOPHQWHSDUDORVFLEHUQHJRFLRVHV DQiOLVLVGHPHUFDGRÆ LGHDÆ SODQGHQHJRFLRVÆ LQYHUVRUHVÆ ÆÆ VLWLRZHE Æ p[LWR 1yWHVHFRPRHOVLWLR ZHESDVDGHOVHJXQGROXJDUHQHOSULPHUHVTXHPDDOVH[WRHQHOVHJXQGR (QFRLQFLGHQFLDFRQODWHQGHQFLDGHOPRPHQWRPXSRFRVGHORVFLEHUQHJRFLRVTXHSURSXVHRULJLQDOPHQWH OOHJDURQDWHQHUSODQGHQHJRFLRVyPRPi[LPRKLFHDOJXQDVSUXHEDVGHPHUFDGR SDUDGHWHUPLQDUFXDOWHQtD PiVSRWHQFLDO(QHOLQWHUtQDOJXQRVSHUGLHURQYLJHQFLDXRULJLQDOLGDGSHURRWURVVLJXHQWHQLHQGRSRWHQFLDO

14. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV (QRFWXEUHGHSRUFRQVHMRGHO'U0DUFHOR3HUD]RORUHVSRQVDEOHGH /LEURVHQUHGFRP GH3URIHVVLRQDO 6HUYLFH3URYLGHU363

15. GHFLGRYROYHUVREUHORVFLEHUQHJRFLRVFRQODSHUVSHFWLYDDGTXLULGDDOLQWHQWDU GHVDUUROODUDOJXQRVGHHOORVDODOX]GHORVDYDQFHVPiVUHFLHQWHVHQOD5HG 7XYHTXHUHHVFULELU UHRUJDQL]DUHQSDUWHHOPDWHULDOSDUDGDUOHXQLGDGGHHVWLORODULJXURVLGDGPtQLPDQHFHVDULDSDUDXQOLEUR SHURUHVSHWpHOSURSyVLWRGHFRPSDUDUHOHQIRTXHYVSDUDFDGDFLEHUQHJRFLR(QOHWUDV PDUURQHV GHVFULERFRPRPH VXUJLyODLGHDGHFDGDFLEHUQHJRFLRHQOHWUDV YHUGHV UHSURGX]FRHODUWtFXORRULJLQDOHQHVWH FRORUD]XO HVWiQGDUDJUHJRXQDQiOLVLVGHVGHODSHUVSHFWLYDDFWXDO7DPELpQLQFOXRXQD7DEODGHHYDOXDFLyQ GRQGHGHVFULERSDUDODPDRUtDGHORVFLEHUQHJR FLRVSURSXHVWRVDOJXQRVSDUiPHWURVGHVFULSWLYRV 7DEODGHHYDOXDFLyQ )DFWLELOLGDG WpFQLFD )DFWLELOLGDG FRPHUFLDO 5HQWDELOLGDG RQFHQWUDFLyQGHO PHUFDGR 3URHFFLyQ %DMD 0HGLD $OWD 'HSHQGLHQGRGHO JUXSRHMHFXWRUGH ORVFDSLWDOHV GLVSRQLEOHV %DMD 0HGLD $OWD 'HSHQGLHQGRGHO HPSUHQGHGRUGHO PHUFDGRGHOD ILQDQFLDFLyQ %DMDPDQWLHQHDXQD IDPLOLD

16. 0HGLDPDQWLHQH XQDHPSUHVD

17. $OWD VXVFHSWLEOHGHFUHFHU H[SDQGLUVH

18. $OWDOXJDUSDUD SRFRVSURWDJRQLVWDV

19. R%DMDOXJDUSDUD PXFKRV HPSUHQGHGRUHV

20. /RFDO ODWLQRDPHULFDQD RJOREDO (OFRQWHQLGRGHHVWDVWDEODVWLHQHXQYDORUUHODWLYRSRUTXHGHSHQGHPXFKRGHTXLHQHMHFXWHHOQHJRFLRFRQ TXpFDSLWDOFRQTXpYHQWDMDVFRPSHWLWLYDV $XQTXHQRHUDODLQWHQFLyQHOFRQMXQWRGHORVDQiOLVLVDFWXDOHVU HVXOWyPXFKRPiVH[WHQVRSURIXQGRTXHORV DUWtFXORVRULJLQDOHV 3DUDGRWDUDHVWHOLEURGHXQDKHUUDPLHQWDLQWHUDFWLYDODQ]RFRQMXQWDPHQWHOD ,QFXEDGRUDGH,GHDVGH,QWHUQHW ,,, $OOtSXEOLFRPLVSURSXHVWDVDFWXDOHVGHFLEHUQHJRFLRVODVFDOLILFRGHDFXHUGRDFULWHULRVTXHGHVFULERDOR ODUJRGHOOLEURHLQYLWRDORVOHFWRUHVDSXEOLFDUVXVSURHFWRVVLQFDUJR 0HEDVRHQODSUHPLVDGHTXHORVQHJRFLRVGH,QWHUQHW VLELHQVXPDPHQWHYDULDGRVHQVXREMHWRVXS~EOLFR VXJUDGRGHVRILVWLFDFLyQSXHGHQDQDOL]DUVHVHJ~QXQPpWRGRXQFULWHULRGHHYDOXDFLyQFRPXQHV(VWH FULWHULRXVDGRSRUORVLQYHUVRUHVDODKRUDGHGHFLGLUVREUHODIDFWLELOLGDGUHQWDELOLGDGGHX QSURHFWR

21. FRQVLGHUDHOPRGHORGHQHJRFLRVHOHJLGRODSHUVRQDOLGDGGHOHPSUHQGHGRUODVFDUDFWHUtVWLFDVGHVXHTXLSR GHJHUHQFLDPLHQWRORVUHFXUVRVWpFQLFRVILQDQFLHURVGHTXHGLVSRQHQHWF (OSURSyVLWRGHOVLWLR,,,HVDXGDUDODE~VTXHGDGHL QYHUVRUVRFLRVRVSRQVRUVDGDHPSUHQGHGRUSXEOLFD ODLQIRUPDFLyQTXHGHVHD(QEDVHDORVGDWRVGHFDGDSURHFWRPiVORVHVWXGLRVTXHKDFHPRVSRUQXHVWUD FXHQWDPiVODRSLQLyQGHOS~EOLFRHYDOXDPRVGLIHUHQWHVDVSHFWRVGHOSURHFWRHODERUDPRVXQUDQ NLQJ6H ORJUDQDVtGRVREMHWLYRVTXHORVGDWRVGHOSURHFWRVHWUDWHQFRQILGHQFLDOPHQWHTXHHOVLWLRSRVHD LQIRUPDFLyQ~WLORUGHQDGD $TXLHQHVUHFRMDQHOGHVDItRGHVHUSDUWHGHOD1XHYD(FRQRPtDGHLQJUHVDUDOPHUFDGR/DWLQRDPHULFDQR *OREDO ORVLQYLWDPRVDQXHVWURVLWLRZZZQHWLFFRPDU RDLQWHUFDPELDUSURSXHVWDVDWUDYpVGHHQ QHJRFLRV#QHWLFFRPDU $TXLHQHVGHVHHQLQLFLDUXQGHEDWHS~EOLFRVREUHHVWRV WHPDVORVLQYLWDPRVDO)RUR R DOD/LVWDGHLEHUQHJRFLRV 9DDPRVDDODQiOLVLVGHORVSULQFLSDOHVFLEHUQHJRFLRV2MDOiTXHHVWDOHFWXUDQRVHDXQVLPSOHHMHUFLFLR LQWHOHFWXDOPRWLYHDPXFKRVOHFWRUHVDWUDQVIRUPDUVHHQLEHU HPSUHQGHGRUHV 6HUJLR6DPRLORYLFK %XHQRV$LUHVGLFLHPEUHGH

22. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV 0RGHORVGHQHJRFLRVHQ,QWHUQHW $FODURDOJXQRVQHRORJLVPRVXVRHOWpUPLQRFLEHUQHJRFLRVHQUHIHUHQFLDDWRGRVORVQHJRFLRVTXHWLHQHQDOD ,QWHUQHWFRPRSULQFLSDOPHGLRSURWDJRQLVWD6HXVDWDPELpQHOWpUPLQRQHWJHQQHWJHQHUDWHGSDUD GHVFULELUHPSUHVDVQDFLGDVHQOD:HESRUFRQWUDSRVLFLyQDEULFNDQGPRUWDUHPSUHVDVGHODGULOORV FHPHQWRRGHODHFRQRPtDFRQYHQFLRQDO2WURWpUPLQRTXHGHVFULEHODDFWLYLGDGGHWUDQVIHUHQFLDSXUDGHELWV HVLQIRPHGLDULRRLQWHUPHGLDULRGHLQIRUPDFLyQ([LVWHQGLIHUHQWHVHQIRTXHVSDUDODLQIRPHGLDFLyQVLWLRV ZHEDJHQWHVLQWHOLJHQWHVTXHUHFRUUHQODZHENQRZERWVURERWVGHFRQRFLPLHQWR

23. LQGLYLGXRVHPSUHVDV (OHFRPPHUFHRULJLQDPXFKRVWLSRVQXHYRVGHPRGHORVGHQHJRFLRUHLQYHQWDDOJXQRVPRGHORVDXVDGRV /DLGHQWLILFDFLyQGHOPRGHORGHQHJRFLRVHVXQLQWHQWRGHVLPSOLILFDUODGLQiPLFDGHORVQHJRFLRVHQODZHE SHURQRHVDEVROXWDQLVXILFLHQWHDTXHPXFKRVQHJRFLRVWLHQHQPRGHORVPL[WRVTXHGDPXFKROXJDU DIRUWXQDGDPHQWH SDUDODDSDULFLyQGHQXHYDVFDWHJRUtDVRPRGHORV N 6HJ~QORVSDUWLFLSDQWHVTXHFRQYRFDQTXHVRQFRQYRFDGRVORVPRGHORVVHFODVLILFDQHQ HPSUHVDHPSUHVD%%

24. HPSUHVDFRQVXPLGRU%

25. HPSUHVDLQYHUVRU%,

26. HPSUHVDHPSUHVD FRQVXPLGRU%%

27. RFRQVXPLGRUFRQVXPLGRU

28. N 6HJ~QODRSHUDFLyQTXHUHDOL]DQ ORVPRGHORVSXHGHQVHUGHYHQWDGLUHFWDRGHLQWHUPHGLDFLyQVX JDQDQFLDSXHGHSURYHQLUGHOFREURGHFRPLVLRQHVGHODUHFROHFFLyQYHQWDGHLQIRUPDFLyQHVWUDWpJLFD RGHODYHQWDGHSURGXFWRVRVHUYLFLRVFRPSOHPHQWDULRVRDFFHVRULRVDOSULQFLSDO N 6HJ~QVXSURHFFLyQORVQHJRFLRVSXHGHQVHUORFDOHVUHJLRQDOHVRJOREDOHV N 6HJ~QVXJUDGRGHHVSHFLDOL]DFLyQSXHGHQVHUKRUL]RQWDOHVRYHUWLFDOHV N 6HJ~QHOREMHWR SULQFLSDOGHODQHJRFLDFLyQSXHGHQVHUEULFN UHDOHV

29. RFOLFNYLUWXDOHV

30. 6LJXLHQGRXQDHQXPHUDFLyQSXEOLFDGDSRU05DSSDHQKWWSHFRPPHUFHQFVXHGXEXVLQHVVBPRGHOVKWPO FDWHJRUL]DPRVDVtORVPRGHORVGHQHJRFLR 0RGHORVGH,QWHUPHGLDFLyQFRUUHWDMH

31. /RVLQWHUPHGLDULRVEURNHUV

32. VRQFUHDGRUHVGHPHUFDGRMXQWDQFRPSUDGRUHVYHQGHGRUHVIDFLOLWDQODV RSHUDFLRQHV0XFKRVLQWHUPHGLDULRVFRPLVLRQLVWDVFREUDQXQDSDUWHGHFDGDWUDQVDFFLyQTXHUHDOL]DQRWURV FREUDQXQDVXPDILMDSRUSHUWHQHFHUDXQVLVWHPDORVPHQRVJDQDQVRODPHQWHFRQODYHQWDGHHVSDFLRV SXEOLFLWDULRV/DVFRPLVLRQHVVRQDOWDVSDUDORVSURGXFWRVFRQPDUFDPHQRUHVSDUDODVFRPPRGLWLHVR SURGXFWRVJHQpULFRVSDUDORVFXDOHVKDXQPHUFDGRHVWDEOHFLGRH[FKDQJHSDUDFDUQHVJUDQRVDFFLRQHV GLQHUR

33. $JUHJDGRUGH9HQGHGRUHV RPXQLGDGQHJRFLDQWHRFRPXQLGDGYHUWLFDO(VXQVLWLRTXHDFW~DFRPRXQD IXHQWHHVHQFLDOGHLQIRUPDFLyQSDUDFXDOTXLHUPHUFDGRHQSDUWLFXODURQWLHQHQLQIRUPDFLyQGHOSURGXFWRHQ JXtDVGHFRPSUDVGLUHFWRULRVGHSURGXFWRVDUWtFXORVOLVWDGRVFODVLILFDGRV3HUPLWHQHOLQWHUFDPELRGH LQIRUPDFLyQFRPSOHWDQGRPXHVWUDVDFWLYLGDGHVGHODDVRFLDFLyQFRPHUFLDO 6KRSSLQJYLUWXDO8QVLWLRTXHVRVWLHQHDPXFKRVFRPHUFLDQWHV(OPRGHORSXHGHVHUPiVHIHFWLYRVLVH FRPELQDFRQXQEXHQSRUWDO7DPELpQVKRSSLQJVPiVVRILVWLFDGRVSXHGHQSURYHHUWUDQVDFFLRQHVDXWRPiWLFDV DVRFLDFLRQHVGHPXWXDFRQYHQLHQFLD $JUHJDGRUGHRPSUDGRUHVUH~QHFRPSUDGRUHVLQGLYLGXDOHVSDUDUHDOL]DUWUDQVDFFLRQHVFRPRJUXSRUHFLELU GHVFXHQWRV3RUHMHPSORRPXQLDKWWSZZZFRPXQLDFRP (VWHPRGHORWXYRFRPRSLRQHURD $FFRPSDQ UHFLHQWHPHQWH0HUFDWD REWXYRXQDSDWHQWHSDUDVXVLVWHPD3RZHU%X 'LVWULEXLGRU 8QDRSHUDFLyQTXHFRQHFWDXQDJUDQFDQWLGDGGHIDEULFDQWHVGHOSURGXFWRFRQORVFRPSUDGRUHVDO SRUPHQRU(OFRUUHGRUIDFLOLWDHOQHJRFLRHQWUHORVGLVWULEXLGRUHVORVVRFLRVTXHQHJRFLDQ$ORVFRPSUDGRUHV

34. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV OHVSHUPLWHFRPHUFLDUFRQPiVUDSLGH]PiVYROXPHQHQPHQRUWLHPSRDVtFRPRWDPELpQUHGXFLUHOFRVWRGH REWHQFLyQ/DVWUDQVDFFLRQHVVRQPiVHILFLHQWHVDOSURYHHUDOFRPSUDGRUHOFRQMXQWRGHSUHFLRV (OGLVWULEXLGRUSXHGHRQRRIUHFHULQIRUPDFLyQDVLVWHQFLDORJtVWLFDHQWUHJDIDFWXUDFLyQFREUDQ]DFROHFFLyQ GHGHXGDVVHUYLFLRSRVWYHQWDHWF 0HWDPHGLDULR$GHPiVGHLQWHUPHGLDFLyQRIUHFHVHUYLFLRVGHYDORUDJUHJDGRUHVSDOGRILQDQFLHURJDUDQWtDGH VHJXULGDGFDOLGDGSURFHVDPLHQWRGHWUDQVDFFLyQVHJXURHWF 5HPDWHRQOLQH8QVLWLRTXHDGPLQLVWUDUHPDWHVSDUDYHQGHGRUHVLQGLYLGXDOHVRHPSUHVDV

35. $GHPiVGHFRPLVLyQVHJDQDVREUHHVSDFLRVSXEOLFLWDULRVSDUDHPSUHVDVSDUDYHQGHGRUHVLQGLYLGXDOHV 2WURVVHUYLFLRVSXHGHQVHUFRQVLJQDFLyQHVFURZWUDQVIHUHQFLDFXVWRGLDGD

36. WUDVSRUWHHWF 5HPDWHLQYHUVR(OHYHQWXDOFRPSUDGRUHVWDEOHFHDOSUHFLRDOFXDOVHFRPSURPHWHDFRPSUDU $JHQWHVGHE~VTXHGD 8QDJHQWHHVXVDGRSDUDEXVFDUHOPHMRUSUHFLRSDUDXQELHQRXQVHUYLFLRHVSHFLILFDGR SRUHOFRPSUDGRURSDUDORFDOL]DULQIRUPDFLyQGLItFLOGHHQFRQWUDU8QDDJHQFLDGHHPSOHDGRVSXHGHDFWXDU FRPRDJHQWHGHE~VTXHGDHQFRQWUDQGRWUDEDMRDGHVHPSOHDGRVRHQFRQWUDQGRHPSOHDGRVSDUDSXHVWRV RIUHFLGRVSRUHPSUHVDV8QDDJHQFLDGHFRPSUDRLPSRUWDFLyQEXVFDHOPHMRUYHQGHGRUSDUDXQHQFDUJRGH PHUFDGHUtDGHWHUPLQDGR'HDO7LPH06LPRQ5RER6KRSSHU586XUH6KRS)LQG 0RGHORVGHSXEOLFLGDG(VXQDH[WHQVLyQGHOPRGHORWUDGLFLRQDOGHWUDQVPLVLyQUDGLDORGH79(QHVWHFDVRHO VLWLRSURYHHFRQWHQLGRPH]FODGRFRQPHQVDMHVGHSXEOLFLGDGHQIRUPDGHEDQQHUV (OEDQQHUSXHGHVHUOD ~QLFDIXHQWHGHLQJUHVRSDUDHOVLWLR(OPHGLRSXHGHVHUFUHDGRUGHFRQWHQLGRVRGLVWULEXLGRU(OPRGHORGH SXEOLFLGDGIXQFLRQDVRORFXDQGRHOYROXPHQGHWUiILFRHVJUDQGHRDOWDPHQWHHVSHFLDOL]DGR 3RUWDO*HQHUDOL]DGR *HQHUDOPHQWHVHWUDWDGHPLOORQHVGHYLVLWDVSRUPHVJHQHUDGRSRUFRQWHQLGRVGLYHUVRVR VHUYLFLRVHMEXVFDGRUHVFRPRDKRR$OWDYLVWDHWF

37. (OJUDQYROXPHQKDFHTXHODSXEOLFLGDGGHJDQDQFLDSRU HQGHSHUPLWHGLYHUVLILFDUORVVLWLRVGHVHUYLFLRV/DFRPSHWHQFLD SRUHOYROXPHQFRQGXMRDORVVLWLRVDTXH LQFOXDQFRQWHQLGRVJUDWXLWRVFRPRVHUHPDLOFKDWQRWLFLDVHWF /RVEXVFDGRUHVFREUDQDODVHPSUHVDVSRUXQSRVLFLRQDPLHQWRSULRULWDULRHQORVOLVWDGRVGHUHVXOWDGRVSRU EDQQHUVUHPDWDQODVNHZRUGVSDODEUDVFODYH(VGHFLUVLDOJXLHQEXVFDDXWRVDGHPiVGHOOLVWDGR DSDUHFHXQEDQQHUGHOTXHJDQyHOUHPDWHSRUHMHPSOR)RUG 3RUWDO3HUVRQDOL]DGR/DQDWXUDOH]DJHQpULFDGHXQSRUWDOSHUVRQDOL]DGRGHPDQGDOHDOWDGGHOXVXDULR(VWR OOHYDDODFUHDFLyQGH SRUWDOHVTXHSHUPLWDQSHUVRQDOL]DUHOFRQWHQLGR(VWRDXPHQWDODOHDOWDGGHOXVXDULRD WUDYpVGHVXLQYHUVLyQHQWLHPSRSDUDSHUVRQDOL]DUOR(OSURJUHVRGHHVWHSRUWDOHVWiEDVDGRHQHOYROXPHQ HQHOYDORUGHODLQIRUPDFLyQ/DSHUVRQDOL]DFLyQSXHGHVRSRUWDUXQSRUWDOHVSHFLDOL]DGR 3RUWDO(VSHFLDOL]DGR$FiHOYROXPHQHVPHQRVLPSRUWDQWHTXHXQDEDVHELHQGHILQLGD3RUHMHPSORXQSRUWDO TXHVRORDWUDHDJROILVWDVRDPDVGHFDVDRFRPSUDGRUHVSXHGHVHUXQEXHQLQJUHVRVRORSDUDDTXHOORVTXH HVWpQLQWHUHVDGRVHQSXEOLFDUHQHVDVVHFFLRQHVHQSDUWLFXODU 0RGHORVGHVHUYLFLRJUDWXLWR'DQDORVXVXDULRVDOJRJUDWLVKRVWLQJVHUYLFLRVDFFHVRDLQWHUQHWWDUMHWDV YLUWXDOHVHWF(VWRFUHDXQDOWRYROXPHQGHYLVLWDVTXHKDFHYLDEOHODSXEOLFLGDGYLVLWDVGLDULDVSDUDXQ SRUWDOKRUL]RQWDOSDUHFHQVHUXQXPEUDOUD]RQDEOH

38. 1HJRFLRGH'HVFXHQWR(OPHMRUHMHPSORHVEXFRPTXHYHQGHVXVELHQHVDLJXDORPHQRUSUHFLRTXHHOGH PHUFDGREXVFDVDFDUSURYHFKRGHODSXEOLFLGDG ODVLILFDGRV8QOLVWDGRGHtWHPVSDUDODYHQWDRSDUDODFRPSUD(OSUHFLRSXHGHRQRHVWDUHVSHFLILFDGR6H FREUDDXQTXHODWUDQVDFFLyQQRVHOOHYHDFDER(Q$UJHQWLQDKWWSZZZJULSSRFRP KWWSZZZVHJXQGDPDQRFRP HQWUHPXFKRVRWURV 6LVWHPD5HFRPHQGDGRU(VXQVLWLRTXHSHUPLWHDORVXVXDULRVLQWHUFDPELDULQIRUPDFLyQFRQRWURVDFHUFDGHOD FDOLGDGGHORVSURGXFWRVVHUYLFLRVFRPHUFLDQWHV (MHPSORV'HMDFRPH3LQLRQV

39. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV OLFN7KH%XWWRQ OOHYDHOFRQFHSWRXQSRFRPiVOHMRVDTXHLQWHJUDDOVLVWHPDUHFRPHQGDGRUDOEURZVHU$PD]RQ SHUPLWHDFXDOTXLHUDHVFULELUROHHUXQFRPHQWDULRVREUHORVOLEURVTXHWLHQHHQYHQWDXDOTXLHUDTXHWHQJDXQ VLWLRSXHGHJHQHUDUXQNLRVFRGH$PD]RQ 0RGHORVGH9HQWDGLUHFWD RPHUFLR9LUWXDOXDOTXLHUQHJRFLRTXHRIUHFHELHQHVVHUYLFLRVWUDGLFLRQDOHVRHVSHFtILFRVGHZHE+D FRPHUFLRYLUWXDOH[FOXVLYRGHOD:HERPL[WR8QHMHPSORGHYDORUDJUHJDGRSDUDVLWLRVGHHFRPPHUFHHV L)DFHWLPHTXHRIUHFHVRSRUWHRQOLQHSDUDVLWLRVGHHFRPPHUFH $63V$SSOLFDWLRQ6HUYLFH3URYLGHU QRFRQIXQGLUFRQ$FWLYH6HUYHU3DJHV

40. HVXQVLVWHPDSRUHOFXDOHQOXJDU GHYHQGHUVRIWZDUHVHFREUDXQDERQRSRUXVDUORHQOD:HE(OFOLHQWHVHDKRUUDHOWUDEDMRGHLQVWDODUOR VLHPSUHFXHQWDFRQOD~OWLPDYHUVLyQ 9HQWDVSRUDWiORJRYLUWXDO PLJUDFLyQGHOVLVWHPDWUDGLFLRQDOHQORV((88GHYHQWDVSRUFDWiORJRUHDO SHGLGRVSRUFRUUHRDOFDWiORJRHQOD:HEORVSHGLGRVSRUPDLO(MHPSORKHI VDWDORJ 6XUIDQG7XUIEULFNDQGFOLFN

41. FRQMXJDSUHVHQFLDYLUWXDOFRQUHDO 0RGHORGHPDQXIDFWXUDGLUHFWDDFOLHQWH(VWHPRGHORSHUPLWHDORVIDEULFDQWHVKDOODUFRPSUDGRUHV GLUHFWDPHQWHDVtDFRUWDUHOFDQDOGHGLVWULEXFLyQHOLPLQDUPDRULVWDVPLQRULVWDV

42. (VWHPRGHORHVWiEDVDGR HQHILFLHQFLDPHMRUDGHVHUYLFLRVXQPHMRUHQWHQGLPLHQWRGHODVSUHIHUHQFLDVGHORVFOLHQWHV7DPELpQHQ FXVWRPL]DWLRQRSHUVRQDOL]DFLyQGHOSURGXFWR3RUHMHPSORXQFOLHQWHSXHGHSHGLUDOIDEULFDQWHGH DXWRPyYLOHVXQGHWHUPLQDGRFRORURSFLRQHVGHHTXLSDPLHQWRHWF(VWHPRGHORVLUYHWDPELpQFXDQGRHO SURGXFWRHVPXSHUHFHGHURFRPRVHUIORUHV)ORZHUEXG@RYHJHWDOHVGHJUDQMDHVFRQYHQLHQWHFRQFHUWDU HQWUHJDVGLUHFWDPHQWHHQWUHIDEULFDQWHFRQVXPLGRU/DSDUWHQHJDWLYDVRQORVFRQIOLFWRVTXHSXHGHQVXUJLU FRQODFDGHQDGHGLVWULEXFLyQHVWDEOHFLGD 0RGHORVEDVDGRVSXUDPHQWHHQLQIRUPDFLyQ 9HQGHGRUGH%LWV8QFRPHUFLDQWHTXHWUDWDHVWULFWDPHQWHFRQSURGXFWRVVHUYLFLRVGLJLWDOHVFRQGXFHWRGDV ODVHWDSDVGHOSURFHVRGHFRPHUFLDOL]DFLyQHQODZHE(MHPSORKWWSZZZOLEURVHQUHGFRP 0RGHORGHYHQWDGHVHUYLFLRVYLUWXDOHV6HHQFXHQWUDQHQHVWHUXEURWRGRVDTXHOORVTXHRIUHFHQVHUYLFLRVGH SURFHVDPLHQWRGHLQIRUPDFLyQ3RUHMHPSORXQDHPSUHVDTXHILOWUDORVVLWLRVYLVLWDGRVSRUHPSOHDGRVGHXQD HPSUHVDJHQHUDHVWDGtVWLFDV 0RGHORLQIRPHGLDULR /RVGDWRVGHORVFRQVXPLGRUHVVXVKiELWRVFRPHUFLDOHVVRQDOWDPHQWHYDOLRVRVFXDQGR VHORVDQDOL]DFXLGDGRVDPHQWHVHORVDSOLFDDFDPSDxDVGHPDUNHWLQJ$OJXQDVHPSUHVDVVRQFDSDFHVGH IXQFLRQDUFRPRLQIRPHGLDULDVUHFROHFWDQGRYHQGLHQGRLQIRUPDFLyQDRWUDVHPSUHVDV8QLQIRPHGLDULRSXHGH RIUHFHUDORVXVXDULRVDFFHVRJUDWLVD,QWHUQHWKWWSZZZWXWRSLDFRPKWWSZZZQHW]HURFRP KWWSZZZDOWHUQDWLYDJUDWLVFRP

43. KDUGZDUHJUDWXLWRXRWURVSURGXFWRVRVHUYLFLRVDFDPELRGHLQIRUPDFLyQ GHWDOODGDDFHUFDGHVXVKiELWRVQHFHVLGDGHVHWF(VWHPRGHORHVWiPRVWUDQGRPiVVROLGH]TXHHOPRGHORGH SXEOLFLGDG7RGRVORVVLWLRVTXHH[LJHQUHJLVWUDFLyQSDUDEULQGDUDOJRJUDWLVXVDQ ORVGDWRVSDUDFDPSDxDVGH SXEOLFLGDG (OPRGHORGHLQIRPHGLDULRSXHGHWDPELpQSURYHHUDORVFRQVXPLGRUHVGHLQIRUPDFLyQ~WLODFHUFDGHVLWLRVZHE HQHOVHJPHQWRGHOPHUFDGRGRQGHFRPSLWHQ 0RGHORGHJHQHUDFLyQGHDILOLDGRV(QFRQWUDVWHFRQHOSRUWDOJHQHUDOHVWHPRGHORSURYHHRSRUWXQLGDGHVGH FRPSUDGRQGHTXLHUDTXHODJHQWHHVWpQDYHJDQGR/RVDILOLDGRVSXEOLFDQXQERWyQRXQEDQQHUTXHFRQGXFHDO VLWLRGHOYHQGHGRUHOFXDOUHJLVWUDHORULJHQGHFDGDYHQWDSDUDDERQDUODFRPLVLyQFRUUHVSRQGLHQWH(OHMHPSOR PiVFODURHVKWWSZZZDPD]RQFRP TXHWLHQHSURWHJLGRVXVLVWHPDFRQXQDSDWHQWHPXDPSOLD (OYHQGHGRUSXHGHRSWDUSRUXQVLWLRFRPSOHWRXQDFDPSDxDHVSHFLDOHQOXJDUGHXQVLPSOHEDQQHUVLHO SURGXFWROHLQWHUHVD*XtDVVREUHSURJUDPDVGH$ILOLDGRVHQOD:HELUHYHQXHQHW$IILOLDWH:RUOG

44. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV 0RGHORGHFRPXQLGDG/DYLDELOLGDGGHOPRGHORGHFRPXQLGDGHVWiEDVDGRHQODOHDOWDGGHOXVXDULR/RV XVXDULRVLQYLHUWHQHQWLHPSRHPRFLyQHQHOVLWLRDYHFHVSURYHHQFRQWHQLGRV$OJXQDVFRPXQLGDGHVFREUDQ XQDERQRRVXVFULSFLyQ 0RGHORGHFRQWULEXHQWHYROXQWDULR(OPRGHORHVWiSUHGHWHUPLQDGRSDUDODFUHDFLyQGHXQDFRPXQLGDGGH XVXDULRVFDSDFHVGHPDQWHQHUHOVLWLRDWUDYpVGHGRQDFLRQHVYROXQWDULDV 5HGHVGHRQRFLPLHQWR 2VLWLRVH[SHUWRVSURYHHQLQIRUPDFLyQEDVDGDHQSURIHVLRQDOHVRHQH[SHULHQFLDVGH RWURVXVXDULRV(VWRVVLWLRVVRQJHQHUDOPHQWHFRPRIRURVGRQGH ODVSHUVRQDVEXVFDQLQIRUPDFLyQUHDOL]DQ SUHJXQWDVREWLHQHQUHVSXHVWDVGHDOJXLHQTXHVDEHDFHUFDGHXQGHWHUPLQDGRWHPD /RVH[SHUWRVSXHGHQVHUHPSOHDGRVRYROXQWDULRVTXHSXHGHQDVtFDSWDUFOLHQWHVRHPSOHDGRUHVRJDQDU IDPDRSRSXODULGDG (MHPSORV 'HMD([SHUWHQWUDO.QRZ3RVW;SHUWVLWH$EX]] JUDWLV

45. 3DJRV*XUX([S (QHVSDxRO KWWSZZZHOVDELRFRP 8QDGXGD 0RGHORGH6XVFULSFLyQ /RVXVXDULRVSDJDQSDUDDFFHGHUDOVLWLR1RUPDOPHQWHXQDSDUWHGHODLQIRUPDFLyQHV JUDWXLWDRWUDSDJD3DUDTXHIXQFLRQDODLQIRUPDFLyQGHEHVHUGHPXFKDFDOLGDGRJHQHUDUPXFKRLQWHUpV :DOO6W-RXUQDORQVXPHU5HSRUWV /RVVLWLRVSRUQRJUiILFRVVLJXHQHVWHPRGHORJHQHUDQXQJUDQYROXPHQGH YHQWDV 0RGHORGH8WLOLGDG (QHO8WLOLWPRGHOHOXVXDULRSDJDIUDFFLRQHVGHFHQWDYRSRUYHUXQDIRWROHHUXQD SDQWDOODREDMDUXQDUFKLYR1RH[LVWHD~Q XQVLVWHPDXQLYHUVDOGHPLFURSDJREHUFDVKRWURVWUDWDURQVLQ p[LWRGHLPSRQHUOR

46. SHURVtVLWLRVGRQGHVHSXHGHDEULUXQDFXHQWDFRQXQDVXPDILMDHLUGHVFRQWDQGR$Vt IXQFLRQDQORVVLWLRVGHMXHJRRQOLQH /RVFLEHUQHJRFLRVGHVFULSWRVHQHVWHOLEURVHKDQDJUXSDGRHQWUHVVHFFLRQHV

47. RPHUFLDOL]DFLyQGHELHQHVVHUYLFLRVFRQYHQFLRQDOHVDWUDYpVGH,QWHUQHW

48. ,QIRPHGLDFLyQ

49. )RUPDFLyQGHFRPXQLGDGYLUWXDO 3DUDGHVFULELUIDFWRUHVGHp[LWRGHORVVLWLRV:HERULJLQDOPHQWHVHKDEODEDGHODVWUHVFRQWHQLGRFRPHUFLR FRPXQLGDG$OSURIXQGL]DUXQSRFRVREUHHOWHPDWXYHTXHUHQXQFLDUUiSLGDPHQWHDODIDFLOLGDGGHODUHJOD PQHPRWpFQLFD /RVEXHQRVVLWLRVGH,QWHUQHWFXDOTXLHUDTXHVHDVXPRGHORGHQHJRFLRVWLHQHQDOJXQDVGHHVWDV FDUDFWHUtVWLFDV N RQWHQLGRLQIRUPDFLyQ~WLOYDULDGDDFWXDO

50. N RPHUFLRWUDQVDFFLRQHVHQWUHHPSUHVDVRFRQVXPLGRUHV

51. N RPXQLGDGXQOD]RTXHXQHDWRGRVORVSDUWLFLSDQWHVEDVDGRHQLQWHUHVHVDILQLGDGHVLGHRORJtDX RWURVYDORUHV

52. N RQWDJLRPRGHORGHGLVHPLQDFLyQYLUDOUiSLGDHFRQyPLFD

53. N RQWLQXLGDGQHFHVDULDSDUDJHQHUDUFRQILDQ]DFRQVWUXLUFRPXQLGDG

54. N 0DWFKLQJDSURYHFKDPLHQWRGHXQDEXHQDFDQWLGDGGHXVXDULRVELHQFRQRFLGRVSDUDJHQHUDFLyQGH WUDQVDFFLRQHVHQWUHSDUHMDVRJUXSRV

55. N 6HUYLFLRVDGDSWDGRVDOWLSRGHXVXDULRGHWUDQVDFFLyQ

56. N 3HJDMRVLGDGQHFHVLGDGGHOS~EOLFRGHUHWRUQDUIUHFXHQWHPHQWHDOVLWLR

57. N %DVHGH'DWRVPDWHULDOL]DFLyQGHOFRQRFLPLHQWRGHOPHUFDGR

59. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBB 4XLHUH N 'HVDUUROODUXQQHJRFLRSURSLRHQ,QWHUQHW N 6DEHUTXHFDOLILFDFLyQPHUHFHVXSURHFWR N 7UDQVIRUPDUXQSURHFWRHQUHDOLGDG N ([SDQGLUVXQHJRFLRGHODGULOORVDOFLEHUHVSDFLR N +DFHUFUHFHUVXQHJRFLRSXQWRFRP N DSDFLWDUDOXPQRVHPSOHDGRVFRQVXOWRUHVYHQGHGRUHV N ,QYHUWLUHQDOJ~QEXHQQHJRFLR DHQPDUFKD 1(7,VXVDOLDGRVHVWUDWpJLFRVVXUHGGHSURYHHGRUHVSXHGHQDXGDUOR BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

60. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV LEHUQHJRFLRVEDVDGRVHQODYHQWDGHELHQHVRVHUYLFLRV FRQYHQFLRQDOHV RUUHVSRQGHQDODVHPSUHVDVFRQYHQFLRQDOHVGHODGULOORV

61. TXHLPSOHPHQWDQXQVLWLR:HESDUD YHQGHUVXSURGXFWRRVHUYLFLRRDODVHPSUHVDVJHQHUDGDVHQOD5HGTXHWUDWDQGHFRPSHWLUFRQ DTXHOODV LEHUWHUDSLD (ODXWRUPpGLFRGHSURIHVLyQH[SORUyHVWHQHJRFLRTXHVXSXHVWDPHQWHSXHGHHMHFXWDUFXDOTXLHUSVLFRDQDOLVWD FRQHFWDGR3DUHFHVHUODSUiFWLFDPiVVHQFLOODGHWRGDODWHOHPHGLFLQDSHURQRUHVXOWyWDQVHQFLOORHQOD SUiFWLFD (QXQSDtVWDQSREODGRGHSURIHVLRQDOHVSVLFRPR$UJHQWLQDQRHVH[WUDxRTXHVHSODQWHHHVWHWHPD +DHVFXHODVSVLFROyJLFDVTXHGDQPXFKDLPSRUWDQFLDDOFRQWDFWRItVLFRSHUVRQDODODLQWHUDFFLyQFRQODUHGVRFLDO GHOSDFLHQWHDODLQWHUSUHWDFLyQGHODJHVWXDOLGDGODDFWLWXGFRUSRUDODODPHGLFDFLyQRDODFRSLDGHSDWURQHVGH FRQGXFWD(OSVLFRDQiOLVLVVREUHWRGRHOIUHXGLDQRHOODFDQLDQRVHEDVDQFDVLH[FOXVLYDPHQWHHQODVSDODEUDV TXHYLDMDQIiFLOPHQWHSRUODUHG ¢(VLPSUHVFLQGLEOHODSUR[LPLGDGItVLFDSDUDXQDEXHQDUHODFLyQWHUDSpXWLFD1DGLHORVDEHD~Q (OSVLFRDQiOLVLVSRUHPDLOWLHQHYDULDVYHQWDMDV QRKDFHIDOWDYLDMDUKDVWDHOFRQVXOWRULR QRKDFHIDOWDFRQFHUWDUKRUDULRV WRGRHOPDWHULDOTXHGDUHJLVWUDGRHQPHGLRPDJQpWLFR XQSDFLHQWHSXHGHKDFHUVHFLEHUDQDOL]DUSRUPiVGHXQDQDOLVWD HO WLHPSRGHODQDOLVWDHVPHMRUDSURYHFKDGRSRUORWDQWRHOFRVWRGLVPLQXH ORVSURIHVLRQDOHVDUJHQWLQRVSXHGHQH[SRUWDUVXWDOHQWRDWRGRHOPXQGRKLVSDQRSDUODQWH ([LVWHQREYLDVGLIHUHQFLDVFRQHOSVLFRDQiOLVLVSUHVHQFLDOFRPRSRUHMHPSORTXHORV ODSVXVGHGLLWLHQHQXQD PHFiQLFDGLVWLQWDTXHORVODSVXVOLQJXDH(VGHFLUORVHUURUHVTXHVHFRPHWHQDOWLSHDUQRWLHQHQODPLVPD VLJQLILFDFLyQTXHORVFRPHWLGRVDOKDEODU3RUORJHQHUDODTXHOORVVRQPiVOLPLWDGRVSREUHVHQVLJQLILFDGR +DFHYDULRVDxRVVHLQYHQWyXQVHQFLOORSURJUDPDOODPDGR(OLVDTXHLPLWDEDDXQSVLFRDQDOLVWD(QEDVHDORTXH GHFtDHOSDFLHQWHHOSVLFRDQDOLVWDILFWLFLRUHVSRQGtDFRQDOJ~QFRPHQWDULRXREVHUYDFLyQ (OFyGLJRGH(OLVDHUDVXPDPHQWHVLPSOHGHWHFWDEDSDODEUDVUHODFLRQDGDVFRQXQWHPDIDPLOLDVH[RJURVHUtDV

62. HPLWtDXQDIUDVHJHQpULFDDOUHVSHFWR'HFtDFyPRHOWtSLFRSVLFRDQDOLVWD 3RGUtDHODERUDUXQSRFRPiVVREUHHVWR~OWLPR 3DUHFHTXH8GWLHQHVHQWLPLHQWRVPXIXHUWHVDFHUFDGHVXIDPLOLD $TXpVHGHEHTXHXWLOLFHPDODVSDODEUDV 3DUHFtDEDVWDQWHUHDOPXFKRVXVXDULRVQRYDWRVIXHURQSOHQDPHQWHHQJDxDGRVFRQIHVDURQYDOLRVRVVHFUHWRV tQWLPRVDOVLVWHPD'HDOOtODFRQFOXVLyQGHTXHSRGUtDKDFHUVHDOJRHQVHULRDOUHVSHFWR /XHJRGH(OLVDVLHPSUHHQODHUDSUHLQWHUQHWVXUJLHURQDOJXQRVVRIWZDUHVTXHDXWRPDWL]DEDQODWRPDGHGDWRV HLQFOXVRLPSOHPHQWDEDQSVLFRWHUDSLDVGHDOJ~QWLSR(VWDPRGDOLGDGWDQDPHULFDQDIXHYLVWDFRQKRUURUSRUOD HVFXHODSVLFRDQDOtWLFDFOiVLFD /D,QWHUQHWSRGUtDFRQMXJDUWRGDVHVDVIXQFLRQHVWRPDGHGDWRVLQWHOLJHQWHFRQWUROKXPDQR(OHPDLOSRGULD FRPSOHPHQWDUVHFRQODPRGDOLGDGGHFKDWSDUDSRGHUSURSRUFLRQDUPDWHULDOPiVFUXGR2FRQOD YLGHRFRQIHUHQFLDSDUDDJUHJDULPDJHQDODVIUtDVSDODEUDVWLSHDGDV /DGHVYHQWDMDGHODFLEHUWHUDSLDHVTXHPXFKRVDQDOLVWDVRUWRGR[RVSRQGUiQHOJULWRHQHOFLHORSXHVQRH[LVWHDXQ

63. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV XQDWHRUtDXQDPHWRGRORJtDDFHSWDGDV DDOJ~QLOXPLQDGRVHRFXSDUiGHHVFULELUODV6HJXUDPHQWHORVSVLFRDQDOLVWDVYLUWXDOHVSRQGUiQVXIRWRHQOD SDUHGDOODGRGHODGH)UHXG (VWHIXHXQRGHPLVSULPHURVSURHFWRVHQ,QWHUQHWHQFXDQGRWRGDYtDHOWHPDOD5HGHVWDEDQ EDVWDQWHLQPDGXURV7RGDYtDQRWHQtDUHVXHOWRHOPHGLRGHSDJRORVHYHQWXDOHVFLEHUSDFLHQWHVWHQtDQTXH HQYLDUPHXQFKHTXHSRUFRUUHRDODVXFXUVDO1XHYDRUNGHO%DQFR1DFLyQGH$UJHQWLQDOHQWRFRPSOLFDGR 8QSVLFRDQDOLVWDDPLJRVHRIUHFLySDUDUHVSRQGHUHYHQWXDOHVFRQVXOWDVSHURVLQGDUVXQRPEUH7DPSRFR WHQtDRQRFLyQGHORTXHHUDODSURPRFLyQGHVLWLRVSHQVpTXHORVSDFLHQWHVLEDQDYHQLUVRORV (VWHSULPHULQWHQWRIUDFDVyURWXQGDPHQWH'XUDQWHDxRVODSiJLQDHVWXYRHQHODLUHUHFLEtXQWRWDOGH PHQVDMHV8QRGHXQDSRVLEOHSDFLHQWHTXHVHHQRMyFRQPLJRSRUTXHODWUDWpSRUVXSULPHUQRPEUHOXHJR GHVDSDUHFLy2WURGHXQFRPSHWLGRUHVSHFLDOL]DGRHQWHUDSLD$NKQDWRQ GHO$QWLJXR(JLSWRTXHQXQFDHQWHQGt QLHQWHQGHUpTXHHVRWURGHXQDHVWXGLDQWHTXHHVWDEDHVFULELHQGRXQWUDEDMRSDUDODIDFXOWDGVREUHHVWH WHPD +RHQGtD XQVHUYLFLRGHSVLFRWHUDSLDUHPRWDGHEHUtDRIUHFHU N WHUDSLDJUDWLVSDUDTXLHQDFHSWHTXHHOFRQWHQLGRGHODPLVPDVHSXEOLTXHHQHOVLWLREDMRQRPEUHUHDO RVXSXHVWR N FRQH[LyQGHEDQGDDQFKDTXHDFHSWHYLGHRFRQIHUHQFLD N SDJRSRUWDUMHWDGHFUpGLWR N EXHQDFDPSDxDGHSURPRFLyQIRFDOL]DGDVRVWHQLGD N DPSOLDFLyQGHOUXEURSVLFRDQiOLVLVDRWUDVWHUDSLDVSVLFROyJLFDV N HQFXHVWDSHUPDQHQWHGHRSLQLyQGHYLVLWDQWHVJUDGRGHVDWLVIDFFLyQGHXVXDULRV N VLVWHPDWLSRERDUGIRURGHGLVFXVLyQ

64. SDUDGLQDPL]DUHO PHFDQLVPRGHLQWHUFDPELRGHLGHDV N VHJXQGDWHUFHUDRSLQLyQPpGLFRSVLFROyJLFD N DOLDQ]DHVWUDWpJLFDFRQVLWLRVGHWHVWHRSVLFROyJLFRRQOLQHGHWHOHPHGLFLQDGHVDOXGGHFRXQVHOLQJ GLVFLSOLQDQRUWHDPHULFDQDSUHGRPLQDQWHHQHOiUHDSVLFROyJLFD 8QDE~VTXHGDUHFLHQWHGHVLWLRVVREUHFEHUWHUDSRFLEHUWHUDSLDPXHVWUDTXHHVWDDFWLYLGDGHVWi SUROLIHUDQGROXFUDWLYDPHQWHHQOD5HG0LSURQyVWLFRHVTXHODFLEHUWHUDSLDGHVSOD]DUiFDVLSRUFRPSOHWRDOD WHUDSLDFRQYHQFLRQDOXQDYH]TXHODFRQH[LyQGHEDQGDDQFKDVHDWDQFRP~QFRPRHVKRHOWHOpIRQR 8QLPSRUWDQWHQHJRFLRIXWXURUDGLFDUiHQOD7HOHPHGLFLQDDSOLFDGDDODFRQVXOWDFRQHVSHFLDOLVWDV 6XSRQJDPRVTXHXQPpGLFRYLVLWDDGRPLFLOLRDXQSDFLHQWHFRQXQFXDGURFRPSOLFDGR'LVSRQLHQGRGH DOJXQRVHTXLSRVTXHDHVWiQHQHOPHUFDGRGLJLWDOL]DGRUHVGHVHxDOHVELROyJLFDVGHWHOHIRQtDFRQEXHQ DQFKRGHEDQGDHOPpGLFRRLQFOXVRHOSDUDPpGLFRSXHGHQWUDVPLWLUXQDLPDJHQHQGRVFySLFD(*((*HWF DXQFHQWURGH7HOHPHGLFLQD(QHVHFHQWURHO HVSHFLDOLVWDGHWXUQRSXHGHDQDOL]DUORVGDWRVFRQVXOWDUD FROHJDVVLVWHPDVH[SHUWRVRELEOLRJUDItDHPLWLUXQDRSLQLyQXDQGRHVWRVHTXLSRVSHULIpULFRVVHKDJDQ SRSXODUHVYHUHPRVTXHORVFHQWURVGHUHIHUHQFLDVDOGUiQDFRPSHWLUSRUHOQHJRFLRGH7HOHPHGLFLQDDWUDYpV GHODVIURQWHUDVQDFLRQDOHV6HJXUDPHQWHVXVSiJLQDV:HEVDOGUiQDRIUHFHUVHUYLFLRVJUDWXLWRVEHQHILFLRV HVSHFLDOHVSUHPLRVGHPiV 3RUDKRUDODLQWHUQHWIDYRUHFHPiVDSURIHVLRQHVGRQGHKDDPXFKRLQWHUFDPELRGHLQIRUPDFLyQGLJLWDOFRPR SRGUtDVHUHO'HUHFKRRODRQWDELOLGDGQRDTXHOODVFRPROD0HGLFLQDTXHQHFHVLWDFRQWDFWRHLQWHUFDPELR ItVLFR $FODURHVWRSRUTXHVLHPSUHPHSUHJXQWDQHQPLFDOLGDGGHPpGLFRRULHQWDGRRULJLQDOPHQWHDLQYHVWLJDFLyQ EiVLFDOXHJRDPDUNHWLQJ IDUPDFpXWLFRDFWXDOPHQWHD,QWHUQHW¢SRUTXpQREXVFiVDOJ~QWHPDGH0HGLFLQD GHQWURGH,QWHUQHW(VXQDODUJDH[SOLFDFLyQSDUDTXLHQGHVHHFRQRFHUODODLQFOXRMXQWRFRQPLFXUULFXOXP WUDHFWRULDSHUILOHQHO 3DTXHWHFDStWXOR352'87262)5(,'26DOILQDOGHOOLEUR (QEUHYHHQFRPHQFpDJHQHUDUSURHFWRVGH,QWHUQHWSHQVDQGRHQH[SORWDUORVWHPDVPpGLFRVTXH FRQR]FR6LQHPEDUJRHVDViUHDD~QQRHVWiQFRPHUFLDOPHQWHPDGXUDVWDOFRPRORSUXHEDHOSREUH

65. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV GHVHPSHxRGHODPDRUtDGHODVHPSUHVDVGHOVHFWRUHOEDMRSRUFHQWDMH

66. GHORVPpGLFRVTXHGLVSRQH GH,QWHUQHWHQHOFRQVXOWRULR 2WUDVYHFHVUHVSRQGRDODSUHJXQWDDQWHULRUGLFLHQGR $PtPHJXVWDQODVFRUEDWDVD]XOHVODVFRUEDWDVDUDDV3HURQRPHJXVWDQODVFRUEDWDVD ]XOHVDUDDV RQHVWRTXLHURGHFLUTXHODFRVDQRHVWDQVLPSOHRTXHHOPHUFDGRQRUHDOL]DVXPDVDOJHEUDLFDVSDUDWRPDU GHFLVLRQHV0XFKRVHPSUHQGHGRUHVTXHFRQR]FRVDEHQTXHFRQOD,QWHUQHWVHSXHGHJDQDUPXFKRGLQHUR GDGRTXHOHVJXVWDHOUXJE RFROHFFLRQDUHVWDPSLOODVRSHVFDUPRMDUULWDV

67. VHODQ]DQDKDFHUHO:HEVLWH 8QLYHUVDOGHO5XJERODZHEGHODVHVWDPSLOODVR0RMDUULWDVFRPDU

68. 6HJXUDPHQWHVHYDQDGLYHUWLUTXL]iV KDVWDVHUiQIHOLFHVWUDEDMDQGRHQDOJRTXHOHVJXVWDSHURQRQHFHVDULDPHQWHYDQDJDQDUGLQHUR/DHOHFFLyQ GHXQQHJRFLRH[LWRVRVHEDVDHQXQDQiOLVLV)2'$HQXQHVWXGLRGHPHUFDGRHQHOEDODQFHEDUUHUDVGH HQWUDGDFDSLWDOGLVSRQLEOHHWF6HGHEHKDFHUFRQODSODQLOODGHFiOFXORQRFRQODSHULQRODRFRQHOFRUD]yQ 6LQHPEDUJRDSXQWDQGRDXQPHUFDGRIXWXURGH6DOXGLQIRUPDWL]DGDGXUDQWHORV~OWLPRVPHVHVPLJUXSR HVWXYRGHVDUUROODQGRXQVRIWZDUHHVSHFLDOSDUDSiJLQDVSHUVRQDOHVFRQSURWHFFLyQGHODSULYDFLGDGXQRGH FXDVDSOLFDFLRQHVSRGUtDVHUHODORMDPLHQWRGHODKLVWRULDFOtQLFDSVLFROyJLFDGHORVXVXDULRV(QHVWRVVLWLRV SDUDFXDGHVFULSFLyQUHJLVWUpHOGRPLQLRSHUVSDJHFRPXQVLVWHPDGHSDVVZRUGVFRQWURODHQIRUPDJUDGXDO HODFFHVRDODViUHDVPiVSULYDGDVRtQWLPDVGHOGXHxRGHOVLWLRODVFXDOHVFRQWLHQHQWRGRVORVPDWHULDOHVTXH HOSVLFyORJRRSVLFRDQDOLVWDQHFHVLWDSDUDHYDOXDUWUDWDUDOSDFLHQWH (VWHVRIWZDUHHVWiFDVLWHUPLQDGRHQE~VTXHGDGHILQDQFLDFLyQSDUDODQ]DUORDOPHUFDGR$GHPiVGHVXXVR SVLFROyJLFRPpGLFRWLHQHDSOLFDFLyQFRPRSURWHFFLyQGHGDWRVSHUVRQDOHVGHGLUHFFLyQGHHPDLOFRQWUDHO VSDPRWUDVIRUPDVGHPDUNHWLQJDJUHVLYR /DDSOLFDFLyQSVLFRDQDOtWLFDHVWDQVyORODSULPHUDGHODVDSOLFDFLRQHVWHOHPpGLFDVOLPLWDGDVKDVWDDKRUDHQ /DWLQRDPpULFDSRUODLQVXILFLHQFLDGHODQFKRGHEDQGD$GHPiVHQ$UJHQWLQDQRVHSRGtDQXVDUOtQHDV,6'1 FRPXQHVHQRWURVSDtVHVSDUDWHOHPHGLFLQDSRUXQDFXHVWLyQUHJXODWRULD$KRUDODVWHOHFRPXQLFDFLRQHVHVWiQ GHVUHJXODGDVSHURODWHOHPHGLFLQDVLJXHOLPLWDGDSRUXQDOHJLVODFLyQLQVXILFLHQWHUHVWULFWLYD3RUHMHPSORODV UHFHWDVPpGLFDVWLHQHQTXHVHUWRWDOPHQWHPDQXVFULWDV(VREORTXHDHOXVRGHVRIWZDUHSDUDUHFHWDUTXHHQ RWURVSDtVHVHVFRUULHQWH7DPELpQRFXUUHTXHXQSDUDPpGLFRTXHRSHUHXQHTXLSRGHWHOHPHGLFLQDFRUUHHO ULHVJRGHVHUDFXVDGRGHHMHUFLFLRLOHJDOGHODPHGLFLQD /LQNV 1HW3VFK 1HW3VFKHVHOSULPHUVLWLRFHQWUDGRH[FOXVLYDPHQWHHQUHFXUVRVSVLFROyJLFRVRQOLQH 0HQWDO+HDOWK1HW 2QOLQH7KHUDS 'LUHFWRULRH[KDXVWLYRGHVHUYLFLRVWHUDSpXWLFRVRQOLQH 0HQWDO+HDOWKEHUOLQLF RQVXOWDVWHUDSpXWLFDVLQWHUDFWLYDVDWUDYpVGHXQDYDULHGDGGHPHGLRVGHFRPXQLFDFLyQ 6KDUHZDUH3VFKRORJLFDORQVXOWDWLRQ RQVXOWDVSVLFROyJLFDVDWUDYpVGHODUHGD8'SRUPLQXWRSDJXHVLHVWiVDWLVIHFKR EHU3VFKRORJLVW RQVXOWDHOHFWUyQLFDFRQIRUXPGHSUHJXQWDVUHVSXHVWDVVHFFLRQHVGHGLFDGDVDWUDVWRUQRVHVSHFtILFRV$VN WKH'RFWRUSDUDFRQVXOWDVYLDHPDLO LEHUWHUDSLD )DFWLELOLGDGWpFQLFD )DFWLELOLGDG FRPHUFLDO 5HQWDELOLGDG RQFHQWUDFLyQGHO PHUFDGR 3URHFFLyQ

69. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV 0HGLD 0HGLD 0HGLD %DMD *OREDO 7HOHPHGLFLQD )DFWLELOLGDGWpFQLFD )DFWLELOLGDG FRPHUFLDO 5HQWDELOLGDG RQFHQWUDFLyQGHO PHUFDGR 3URHFFLyQ 0HGLD EDMD $OWD $OWD %DMD *OREDO

70. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV (QYtRGH)D[HVSRU,QWHUQHW (VWHVHUYLFLRSDUHFtDTXHLEDDUHYROXFLRQDUODLQGXVWULDGHOID[SHURSRUDOJ~QPRWLYRQROOHJyDLPSRQHUVH /RVFRQVXPLGRUHVVHQHJDURQDDEDQGRQDUVXVFRQILDEOHVDSDUDWRVGHID[HQSRVGHORVPHQRVWDQJLEOHVID[HV YLUWXDOHV (OQHJRFLRGHKRHVHO,QWHUQHW6WRUHDQG)RUZDUG)D[ 9LHQHDVHU6HUYLFLRGH)D[HV'LIHULGRVYLD,QWHUQHWVLUYHSDUDEDMDUDPHQRVGHODPLWDGORVFRVWRVGHORVID[HVDO H[WHULRU $FWXDOPHQWHODPDRUtDGHORVORFXWRULRVGHODVHPSUHVDVHQYtDQXQID[DOH[WHULRUGLVFDQGRODUJDGLVWDQFLD 'HVGHKDFHEDVWDQWHH[LVWHHOVHUYLFLRGH,QWHUQHWWRID[SHUPLWLHQGRDOTXHWHQtDFXHQWDGHHPDLOLQJUHVDUHOID[ SRUVFDQQHURWHFODGR

71. PDQGDUORSRUFRUUHRHOHFWUyQLFR8QDWHUPLQDOHQODFLXGDGGHVWLQRWUDQVIRUPDHOHPDLOHQXQ ID[FRP~QPHGLDQWHOODPDGDORFDO (OVLVWHPD6WRUHDQG)RUZDUGRSHUDFRPR)D[,QWHUQHW)D[$GLIHUHQFLDGHODQWHULRUHODERQDGRPDQGDXQID[ FRP~QDXQQ~PHURORFDOGHVGHGRQGHVHORUXWHDDGHVWLQR 9HQWDMDV 6LHOQ~PHURGD RFXSDGRHOVLVWHPDLQWHQWDYDULDVYHFHVDSURYHFKDQGRHOPHQRUFRVWRGHODOODPDGDORFDO 7RGDVODVHPSUHVDVWLHQHQID[HVWiQDFRVWXPEUDGDVDXVDUOR(VPHQRVHQJRUURVRTXHHOVLVWHPDVFDQQHU3HPDLO 0HQRUFRVWRTXHHOFDOOEDFNPXFKRPHQRUFRVWRTXHHOID[WUDGLFLRQDO (QFULSWDPLHQWRGHOPHQVDMHORFXDOGDPDRUVHJXULGDGTXHHOID[WUDGLFLRQDOHO,QWHUQHWWRID[ 0DRUFKDQFHGHFRQH[LyQH[LWRVD (VWHQHJRFLRVHRIUHFHD ORFXWRULRV HPSUHVDVTXHTXLHUDQID[HDUDOH[WHULRUPiVEDUDWR HPSUHVDVGH)D[%URDGFDVWLQJDOH[WHULRUPDQGDUID[HVDORVSRVLEOHVFOLHQWHVPiVEDUDWRTXHOODPDUORVSRU WHOpIRQRRPDQGDUOHVIROOHWR

72. HPSUHVDVTXHTXLHUDQFRPSUDUHOVHUYLFLRFRPRVLVWHPDOODYHHQPDQRSDUDYHQGHUDORVDQWHULRUHV (VWHVLVWHPDQRHVWHOHIRQtDVLQRWUDVPLVLyQGHGDWRVSRUORFXDOQRDWHQWDFRQWUDHOPRQRSROLROHJDOGH7HOLQWDU /DJOREDOL]DFLyQWLHQHXQDKHUUDPLHQWDPiV /,1.6 N $77 N 5HGXFFLyQGHFRVWRVWHOHIyQLFRV N 7KH,PSDFW2I7HOHFRPPXQLFDWLRQV,Q6XVWDLQDEOH'HYHORSPHQW N )D[%URDGFDVWLQJ (Q $UJHQWLQD N ZZZ7RXUQHWFRPDU 3URIXQGL]DQGRHQHOWHPDYtTXHKDEtDYDULRVVLVWHPDV$OJXQRVFRQVWDQGHXQHTXLSRTXHODHPSUHVD SURYHHGRUDLQVWDODHQODRILFLQDGHOFOLHQWHTXHFRGLILFDUXWHDORVHQYtRVGH ID[2WURVKDFHQORPLVPRVLQ SHULIpULFR7DPELpQKDVLVWHPDVTXHSHUPLWHQPDQGDUVyORWH[WRLQJUHVDGRHQOD3RWURVTXHSHUPLWHQHO VFDQQHRGHLPiJHQHV 'HWRGRVPRGRVHVWHFLEHUQHJRFLRHVWiHQUHWURFHVR(OID[HVWiSDVDQGRGHPRGDDTXHQRRIUHFH VHJXULGDGQLFRVWRVUD]RQDEOHV$OJXQRVFUHHQTXHHOID[FRQYHQFLRQDOSXQWRDSXQWR

73. HVPiVVHJXURTXHHO ID[SRU,QWHUQHWTXHSDVDSRUYDULRVSXQWRV1RHVDVtSRUTXHHVWH~OWLPRVHHQFULSWD2WURVSLHQVDQTXHHOID[ FRP~QHVJDUDQWtDGHUHPLWHQWH DXWpQWLFRSRUTXHTXHGDFRQVWDQFLDGHOQ~PHURGHWHOpIRQRRULJLQDQWH 7DPSRFRHVFLHUWRSRUTXHVHSXHGHQPDQGDUID[HVGHVGHOD3VHSRQHHOUHPLWHQWHTXHXQRTXLHUD

74. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV 3RURWUDSDUWHHPSH]DURQDDSDUHFHUTXLHQHVRIUHFHQVHUYLFLRJUDWXLWRGHUHFHSFLyQGHID[HVHQ0LDPLR1HZ RUNOXHJRUXWHRSRUPDLOKDVWDHOGHVWLQDWDULRYHUOLQNDEDMR

75. /DYHQWDMDVRQORVPHQRUHVFRVWRV LQWHUQDFLRQDOHVGHOODPDUD((88TXHDO7HUFHU0XQGR +DFHSRFRHORUUHRDUJHQWLQRODQ]yXQVHUYLFLRGHPDLODSDSHOVHHQYtDXQPDLODORUUHRHOORVOR LPSULPHQOHDJUHJDQSXEOLFLGDGORHQYtDQSRUFRUUHRFRQYHQFLRQDOVQDLOPDLO

76. DOGHVWLQDWDULR ZZZHPDLO[FRUUHRFRP4XL]iKDJDQORPLVPRSURQWRFRQORVID[HV 0HSUHJXQWRKDVWDGRQGHOOHJDUiQORVOtPLWHVGHODSXEOLFLGDG+DFHSRFRWXYLPRVXQGLiORJRFRQ3HUD]RORDO UHVSHFWRGHODLGHDGHUHJDODUDXWRVFRQSXEOLFLGDGHQODFDUURFHUtDSXEOLFDGDHQVXQHZVOHWWHU363(ODVXQWR HPSH]yFRPRXQDEURPDSHURWHUPLQyGHVSHUWDQGRJHQXLQRVLQWHUHVDGRVHQOOHYDUODDFDER 7DPELpQPH FRPHQWyTXHXQVLWLRGH((88RIUHFLyXQSUHPLRDORVFLXGDGDQRVTXHOHSXVLHUDQDVXVKLMRVHOQRPEUHGHO VLWLRWXYLHURQJUDQUHVSXHVWDGHS~EOLFR1RFUHRTXHKDDXQDSXEOLFLGDGPiVEDUDWDQLGXUDGHUDXiQWRV IRUPXODULRVOOHQDPRVSRUGtDFRQQXHVWURQRPEUHXiQWDVWDUMHWDVUHSDUWLPRVXiQWDJHQWHQRVQRPEUDHQ YR]DOWD3RURFKHQWDDxRVDOJXLHQGLIXQGLUiHOQRPEUHGHXQVLWLRHQWRGRVORVDPELHQWHVSRUGRQGHYDD HQGRPiVDOOiVLRWXYLHUDXQKLMR OODPDGRDKRRXQDKLMDOODPDGD7HUUDTXL]iVORJUDUtDTXHORVVSRQVRUV ORVEHFDUDQSDUDLUDOD8QLYHUVLGDGRSDUDSURWDJRQL]DUXQSURJUDPDGH79RSDUDVHUFRUUHGRUHVGHDXWRV 0iVHMHPSORV N 8QDYH]OHtTXHHQXQDFLXGDGHXURSHDTXHUtDQKDFHUXQDQXHYDOtQHDGHVXEWHSURSRQtDQUHPDWDUORV QRPEUHVGHODVHVWDFLRQHV3DUHFHVHUTXHORVLQJUHVRVSRUSXEOLFLGDGFXEUtDQFyPRGDPHQWHORVFRVWRVGH ODQXHYDOtQHDGHVXEWH6HHVFXFKDUtDQIUDVHVFRPR9HQtDPLRILFLQDHVWRDGRVFXDGUDVGHOD HVWDFLyQ0F'RQDOGVGHOVXEWH)RDWUHVGHODHVWDFLyQ%XUJHU.LQJGHOVXEWH* N 6DOLyHQDOJ~QODGRXQVHUYLFLRGHWHOHIRQtDJUDWXLWRGRQGHHO~QLFRSUREOHPDHUDTXHFDGDPLQXWRXQD JUDEDFLyQSXEOLFLWDULDLQWHUUXPStDODFRQYHUVDFLyQ N +DFHSRFRLQWHUQDURQHQXQKRVSLWDOSVLTXLiWULFRDXQFLUXMDQRTXHILUPyFRQHOELVWXUtXQDFLUXJtDPX GLItFLO8QPRPHQWR¢1RVHUtDXQDEXHQDIRUPDGHSDJDUVHODOLSRVXFFLyQRODUHPRFLyQGHYiULFHV N ¢4XHWDOORVWDWXDMHVSXEOLFLWDULRV6HLPDJLQDQXQGHVHVSHUDGRFRQODIUHQWHWDWXDGDDQXQFLDQGRRFD RODXiQWDVFKLFDVDWUDFWLYDVVHUHVLVWLUtDQDPHVHVJUDWLVHQODSODDGH0DOLE~DFDPELRGH DQXQFLDUXQEURQFHDGRUHQGLIHUHQWHVHVSDFLRVSXEOLFLWDULRVDQDWyPLFRV¢XQJRUGLWRTXHWLHQHPHQRV SRGHUGHFRQYRFDWRULDSHURPiVFHQWtPHWURVFXDGUDGRV /DJHQWHJUDQGHORVTXHKHPRVYLYLGRGHFHUFDHOGHEDWHLGHROyJLFRFDSLWDOLVPRFRPXQLVPRQRVUHVLVWLPRVD SXEOLFLWDUHPSUHVDVHQQXHVWUDYLGDGLDULDSRUHMHPSORDWUDYpVGHXVDUUHPHUDVFRQSXEOLFLGDG6LQHPEDUJR HQWUHORVMyYHQHVHVPiVDFHSWDGR0XFKRVHQYtDQVLQSXGRUPDLOVFRQSXEOLFLGDGRKRVWHDQVXVVLWLRVHQ VHUYLGRUHVJUDWXLWRVFRQSXEOLFLGDG/DPDRUtDGHORVXVXDULRVGH,QWHUQHWVHHVWi¢PDO

77. DFRVWXPEUDQGRDORV VHUYLFLRVJUDWXLWRVDFDPELRGHSXEOLFLGDG/DQHFHVLGDGWLHQHFDUDGHKHUHMH /LQNV 5HFLEDID[HVPHQVDMHVGHYR]JUDWLVKWWSEXQRZMFRPIUHHSDJHDVS /ODPHJUDWLVDOH[WHULRUGHVGHVX3KWWSZZZSKRQHIUHHFRPLQGH[KWPO

78. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV 9HQWDGH3RUQRJUDItD (OSULQFLSDOQHJRFLRGHOD,QWHUQHWDOPHQRVHQODFDWHJRUtD%QRSRGtDHVFDSDUDODWHQWDFLyQGHODQiOLVLV /DLQGXVWULDGHODSRUQRJUDItDWLHQHQXHYRVSURWDJRQLVWDVORV VLWLRVGH,QWHUQHWTXHKDQGHVSOD]DGRHQHOOLGHUD]JRD ODVHPSUHVDVWUDGLFLRQDOHVTXHRSHUDEDQFRQYLGHRVUHYLVWDV (OQHJRFLRGHODSRUQRJUDItDKDLGRFUHFLHQGRDSDVRVDJLJDQWDGRVHQFDVLWRGRHOPXQGR$GLIHUHQFLDGHRWURV QHJRFLRVTXHWLHQGHQDFHQWUDOL]DUVHHQXQRVSRFRVPRQRSROLRVHVWHHVDOWDPHQWHGHVFHQWUDOL]DGRFRQPXFKRV HPSUHQGHGRUHVDPDWHXUV6XEDVHKDVLGRHODEDUDWDPLHQWRGHODWHFQRORJtDGHILOPDFLyQHGLFLyQJUDFLDVDOD ,QWHUQHWGHODPDRUIDFLOLGDGGHGLVWULEXFLyQ /RVDPHULFDQRVJDVWDQPiVGLQHURHQHVWHPRPHQWRHQORVHVSHFWiFXORVGHVWULSWHDVHTXHHQORVFLQHVWHDWURVGH %URDGZDRII%URDGZDUHJLRQDOHVTXHHQORVHVSHFWiFXORVGHySHUDEDOOHWMD]]P~VLFDFOiVLFDWRGRVMXQWRV (MHPSORGHODIDFLOLGDGGHSURGXFFLyQGHHVWDPHUFDGHUtDGHDOWDGHPDQGDHVHOQHJRFLRTXHKDFHXQDH[LWRVD FRPSDxtDGHDOLIRUQLDTXHFRPHUFLDOL]DYLGHRVSRUQRFDVHURV3DJD8'SRUFDGDPLQXWRGHYLGHRTXHXWLOL]D SXEOLFDFHUFDGHODPLWDGGHOPDWHULDOTXHUHFLEHRQXQDYDULHGDGFUHDWLYLGDGTXHVXSHUDDODGHORVUHDOL]DGRUHV FRQYHQFLRQDOHVXQFRVWRGHSURGXFFLyQtQILPRHVWRVYLGHRVWLHQHQXQUDVJRGLVWLQWLYRQRVRQUHDOLVWDVVRQUHDOHV $OGDUDOS~EOLFRODSRVLELOLGDGGHSRQHUVHGHORWURODGRGHODVFiPDUDVODHPSUHVDPDQWLHQHYLYRHOHVStULWXGH KiJDOR8GPLVPRPDQWLHQHXQS~EOLFRILHOFDXWLYR (OWHPDGHODOHJDOLGDGRQRGHHVWDLQGXVWULDHVVLHPSUHWHPDGHGHEDWH(QFLHUWRVFDVRVSDUHFLyTXHODSURKLELFLyQHQ OXJDUGHHYLWDUODSRUQRJUDItDODDXGy$OPHQRVHVRRFXUULyHQ((88GXUDQWHODVpSRFDVGH5HDJDQ%XVKTXH UHSDUWLHURQDGLHVWUDVLQLHVWUDPXOWDVSHQDVGHSULVLyQVLQp[LWR3RUHOFRQWUDULRHQ'LQDPDUFDTXHOHJDOL]yOD SRUQRJUDItDHQHOSLFRLQLFLDOGHGHPDQGDIXHVHJXLGRSRUXQDFDtGDOHQWDSURJUHVLYDGHODVYHQWDV (QOD$UJHQWLQDSDUHFHTXHHVWDPRVVLJXLHQGRHOPRGHORDQTXLTXHSRUVXSXHVWRHVHOSULQFLSDOH[SRUWDGRUGHO SURGXFWR/DSUROLIHUDFLyQGHORVVHUYLFLRVGHDXGLRWH[WR

79. GHORVSRUQRVKRSGHORV';;;DVtSDUHFH LQGLFDUOR 'HELGRDODVOHHVDQWLSRUQRJUDItDORVSURYHHGRUHVQRSXHGHQWUDVPLWLUGHVGH((88PRWLYRSRUHOFXDOPXFKRVGH ORVVHUYLFLRVGHDXGLRWH[WRTXHVHFRQVXPHQDOOiWDPELpQDFi

80. YLHQHQGHSDtVHVUHPRWRV%DKDPDV,VUDHO+RQJ .RQJ

81. VXPDQGRXQFDUJRSRUODUJDGLVWDQFLDDOGHOVHUYLFLR'LFHQTXHOR~QLFRTXHLPSLGHKDFHUGLQHURFRQHOSRUQR HQ/RV$QJHOHVHVODSUHVHQFLDGHHVFU~SXORVRODIDOWDGHXQEXHQDERJDGR1RVpFXDQVHYHUDHVQXHVWUDOHJLVODFLyQ DOUHVSHFWRSUREDEOHPHQWHQRHVWpOHJLVODGR

82. SHURVHJXUDPHQWHSRGUtDPRVSURGXFLUSRUQRGHEXHQDFDOLGDG 5HVSHFWRGHQXHVWUDPDGXUH]SDUDHQFDUDUQHJRFLRVSDUDDGXOWRVFRQVLGpUHVHTXHHQPXFKRVVLVWHPDVGHDQXQFLRV FODVLILFDGRVSRUHMHPSORHO)RURGH1HJRFLRVGH*ULSSR DOJ~QSXULWDQRVRIWZDUHGHYLJLODQFLDPHUHHPSOD]DOD SDODEUDDUWtFXORSRUDUWt GLVSXWDHQGLVFyPSXWRHQFyPFRVDVVLPLODUHV¢4XpSDVDVLSXEOLFR HVWHWDYHQGHDUWtFXORGHYtQFXORSDUDUHFRJHUGHVGHHOYHKtFXOR (ODQRQLPDWRODLQWHUDFWLYLGDGH[SOLFDUtDQHOFXDQWLRVRQHJRFLRGHOVH[RWHOHIyQLFRTXHHQ((88PXHYHFDVL PLOORQHVGHGyODUHVDODxR/DSUHJXQWDTXHVXUJHHV6LHOORVSDJDQHVDVXPDSRURtU¢FXiQWRSDJDUiQSDUDRtU YHUFXDQGRODLQWHUQHWWHQJDODPLVPDGLIXVLyQTXHWLHQHHOWHOpIRQR GHMRSDUDHOSUy[LPRDUWtFXORODSUHJXQWD¢XiQWRSDJDUtDQSDUDRLUYHUWRFDUJUDFLDVDODUHDOLGDGYLUWXDO /,1.6 N $UPHVXSURSLRQHJRFLRGHVH[RHQOD ,QWHUQHW N 7HFQRORJtDSDUDDUPDUVHUYLFLRVGHDXGLRWH[WR N (QFDUJXHVXVLWLRSDUDDGXOWRV N 2WURPiV $TXLHQTXLHUDDSUHQGHUWHFQRORJtDGHGLVHxRPpWRGRVGHSURPRFLyQGHVLWLRVQRWHQJDSXGRUHVOH DFRQVHMRTXHSDVHXQDVKRUDVYLVLWDQGRVLWLRVSRUQR(VLQFUHtEOHODFDOLGDGYDULHGDGGHUHFXUVRVGHTXH GLVSRQHQPXVXSHULRUHVDORVXVDGRVHQVLWLRVFRPXQHV/RVPHMRUHVSURJUDPDGRUHVUHGDFWRUHV SXEOLFLWDULRVIRWyJUDIRVGLVHxDGRUHVVSDPPHUVGHOD,QWHUQHWHVWiQDOOt/RVVLWLRVVHPHWHQHQOD FRPSXWDGRUDGHXQRD~QFRQWUDODYROXQWDGGHOGXHxR%DMpXQDSiJLQDTXHVyORVHSXHGHFHUUDUUHVHWHDQGROD

83. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV 3ODSXVHHQ1RWHYDDVQRGLJDQTXHQROHVDYLVp

84. RQVHJXtRWUDGRQGHODVOHWUDVGHXQDSDODEUD VLJXHQDOFXUVRUGHOPRXVHFRPRORVSROORVDODJDOOLQDHIHFWRVtJDQPH

85. 'HWHFWpLPiJHQHVGHH[FHOHQWH FDOLGDGTXHRFXSDQWRGDODSDQWDOODSHVDQRNEXDOTXLHUDTXHQHFHVLWDUDH[FXVDVSDUDYHUVLWLRVSRUQR DODVWLHQH $OJXQRVFOLHQWHVPHKDQSODQWHDGRQHJRFLRVGHVH[RSRU,QWHUQHWDYHFHVFRQODXWySLFDLGHDGHFRPSHWLUFRQ ODSRGHURVDLQGXVWULDGHOVH[RGH((88RPRHQWRGRKDTXHEXVFDUXQQLFKRPiVOLPLWDGRDGDSWDGRDO JXVWRORFDO4XL]iVHDYLDEOHKDFHUDOJRVRIWPiVDUWtVWLFREDVDGRHQUHILQDPLHQWRDUJXPHQWRVDUWH(QWDO VHQWLGROHVUHFRPLHQGRXQYLVWD]RDZZZ]RQDHURWLFDFRP (QXQSRUWDODOTXHDVHVRURKWWSZZZHQWHUDWHFRPDU

86. SXEOLFDQIRWRVGHGLVWLQWDVPRGHORVDUJHQWLQDV DOJXQDVGHODVFXDOHVUHDOL]DQFKDWVHQYLYR/DFDQWLGDGGHYLVLWDVTXHREWLHQHHVWHSRUWDOHVLQDOFDQ]DEOH FRQQLQJ~QWHPDVHULRUHRTXHKDHVSDFLRVSDUDRIUHFHUHURWLVPRORFDODORVFLEHUQDXWDV 2WURVLWLRDOFXDOHQVXPRPHQWRDVHVRUpLQVFULEtHQEXVFDGRUHVHVZZZEKRWJLUOVFRP GHVWLQDGRD SURPRFLRQDUDODVORVWUDEDMDGRUHVGHOVH[RGH%XHQRV$LUHV6XPRGHORGHQHJRFLRVHVFREUDUXQDERQRGH 8'PHQVXDOHVDODVPRGHORVHQFRQFHSWRGHSXEOLFLGDG(OVLWLRDFODUDTXHQRSDUWLFLSDHQQLQJXQD WUDQVDFFLyQVHGHVHQWLHQGHGHODVFRQVHFXHQFLDVGHVXXVRUHRTXHHVVXILFLHQWHFREHUWXUDOHJDOSDUD QXHVWURSDtVDTXHKDFHQORPLVPRTXHORVFODVLILFDGRVGHOGLDULRODVIRWRVVRQPXGLVFUHWDV3HURPH OODPyODDWHQFLyQTXHODGXHxDTXHUtDSURPRFLRQDUHOVLWLRLQWHUQDFLRQDOPHQWH ¢3DUDTXpEXVFiVYLVLWDQWHVGHOH[WHULRUVLODVPRGHORVHVWiQFDVLWRGDVHQ%XHQRV$LUHV OHSUHJXQWp 1RVDEpVODFDQWLGDGGHFOLHQWHVTXHOHVPDQGDQXQEROHWRGHDYLyQGHVGHORVOXJDUHVPiVH[WUDxRV PH FRQWHVWyODHPSUHVDULD 0LVWHULRVGHOD,QWHUQHW 3DUDILQDOL]DUXQXVRSRFRFRQYHQFLRQDOTXHSXHGHWHQHUHOPDWHULDOSRUQRQHFHVLWDEDKDFHUXQDFDPSDxDGH SURPRFLyQGHOVLWLRGHXQFOLHQWHSXEOLTXpVXVEDQQHUVMXQWRFRQRWURVSURYHQLHQWHVGHXQLQWHUFDPELRHQ XQDSiJLQD;;;,QFUHtEOHODFDQWLGDGGHJHQWHGHVHVSHUDGDSRUYHUIRWRVGHPXMHUHVIDPRVDVFRQSRFDURSD /DFDPSDxDGLRUHVXOWDGRVHOGXHxRGHOVLWLRQLVHLPDJLQDODDXGLWDTXHOHGLHURQ;X[DODXGLD6KLIIHU /LQNV KWWSZZZ[[[GLVSODFRP KWWSZZZHOLWHVH[FRP 3RUQRJUDItD )DFWLELOLGDGWpFQLFD )DFWLELOLGDG FRPHUFLDO 5HQWDELOLGDG RQFHQWUDFLyQGHO PHUFDGR 3URHFFLyQ %DMDHVGLItFLO FRPSHWLUFRQHO PDWHULDOH[WUDQMHUR

87. 0HGLD $OWD %DMD *OREDO

88. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV 6H[RYLUWXDO (VWHQHJRFLRHVLQGXGDEOHPHQWHSDUDXQLQYHVWLJDGRUPpGLFRRULHQWDGRDQHJRFLRVDXGDFHVGHDOWRSRWHQFLDO DWUDYpVGH,QWHUQHWFDUDFWHUtVWLFDVTXHFXPSOHHODXWRUOROOHYDURQDUHDOL]DUHVWHDQiOLVLV $QWHVTXHQDGDSLGRGLVFXOSDVDORVOHFWRUHVFXDVHQVLELOLGDGSXHGDVHUKHULGDSRUODQDWXUDOH]DGHHVWHFLEHUQHJRFLR YLUWXDO7UDWDUpGHXVDUHOOHQJXDMHPiVREMHWLYRQHXWURSRVLEOH /RVFLEHUQHJRFLRVGHORVTXHPHYHQJRRFXSDQGRKDFHQRWDVWLHQHQSULQFLSLRVFRPXQHVDTXLHQGHVHH HPSUHQGHUDOJXQROHFRQYLHQHHVWDUDOWDQWRGHODVFDUDFWHUtVWLFDVGHORVGHPiV4XLHQVHLQWHUHVDKDFHUGLQHURHQOD 5HGRFRQOD5HGQRSXHGHLJQRUDUODVVXPDVPLOORQDULDVTXHPXHYHHOQHJRFLRGHOVH[RYLUWXDOVXD~QPDRU SRWHQFLDOGHFUHFLPLHQWR(VREYLRTXHDPHGLGDTXHHPSLH]DDFRQHFWDUVHHOXVXDULRFRP~QVHDEUHODSXHUWDSDUDOD FRPHUFLDOL]DFLyQGHSURGXFWRVVHUYLFLRVGHLQWHUpVPDVLYR /RVVLWLRVDFWXDOHVGHVH[RYLUWXDORIUHFHQSUHVHQFLDUHVFHQDVGHDOWRFRQWHQLGRHUyWLFRHQIRUPDWRGHYLGHRORFXDO SXHGHKDFHUVHFyPRGDPHQWHVLVHGLVSRQHGHXQDFRQH[LyQGHJUDQDQFKRGHEDQGD8QDFRQH[LyQFRP~QEULQGD LPiJHQHVUHGXFLGDVFRQGHPRUD (QFLHUWRVVLWLRVVHSURYHHLQWHUDFWLYLGDGSXGLHQGRXQRRPiVHVSHFWDGRUHVFRPXQLFDUVHFRQODSURVWLWXWDDFWUL]YLUWXDO DWUDYpVGHOWHOpIRQRGH,QWHUQHW3KRQHRGHXQFDQDOGHFKDW (Q((88HVWRWLHQHEDVWDQWHGHPDQGDUHRTXHWLHQHTXH YHUFRQODLGLRVLQFUDFLDGHODPHULFDQRDFiWDUGDUiHQ LPSRQHUVH(QSULPHUOXJDUODSREODFLyQHQHO1RUWHHVWiPXGLVSHUVDPXFKDJHQWHYLYHHQiPELWRVUXUDOHVR VXEXUEDQRVFRQSRFDSRVLELOLGDGGHFRQHFWDUVHFRQJHQWHHQIRUPDDQyQLPD(QVHJXQGROXJDUODH[WHQVLyQ GLVSHUVLyQGHODSREODFLyQSHUPLWHXQDSUROLIHUDFLyQGHVXEFXOWXUDVPXGLYHUVDVDOJXQDVGHODVFXDOHVVRQSURSHQVDV DHVWHWLSRGHLQQRYDFLyQ6XPDGRREYLDPHQWHDXQDPRUJHQHUDOL]DGRSRUORWHFQROyJLFRDXQDOWRSRUFHQWDMHGH DGXOWRVTXHYLYHQVRORVDPHQXGROHMRVGHFHQWURVSREODGRV3RUHOPRPHQWRORVFRPSUDGRUHVGHVH[RVRQORVMyYHQHV YDURQHVTXHSDVDQPXFKRWLHPSRQDYHJDQGRGHSURIHVLyQSURJUDPDGRUHVXRWURVWHPDVUHODFLRQDGRVFRQLQIRUPiWLFD (VWRVQHUGVELFKRVUDURV

89. VRQDPDQWHVGHODWHFQRORJtDGHOVH[RRSXHVWRWUDEDMDQHQHOKRJDUWLHQHQEXHQQLYHOGH LQJUHVRVPXFKDVYHFHVVHWRPDQXQGHVFDQVRGHVXVWDUHDVKDELWXDOHVHVSLDQGRSHHS

90. VLWLRVSRUQR 8QDDQpFGRWDTXHLOXVWUDODLGLRVLQFUDFLDQHUG5HVXOWDTXH XQRGHORVPiVH[LWRVRVVLWLRVGH6H[R9LUWXDOWHQtDXQD DFWUL]KDFLHQGRVWULSWHDVHXYLVLWDQWHVTXHREVHUYDEDQDODYH]FKDUODEDQHQWUHVtFRQODFKLFDSRUWHOpIRQR/D FRQYHUVDFLyQHUDREYLDPHQWHGHWRQRHOHYDGRFDGDXQRKDFLHQGRVXJHUHQFLDV SHGLGRVHVSHFLDOHV+DVWDTXHXQRGH HOORVWXYRXQDGLILFXOWDGFRQVXFRPSXWDGRUDVHTXHMyHQYR]DOWD2WURSDUWLFLSDQWHOHVXJLULyFRPRVROXFLRQDUOD RWURPiVLQWHUYLQRHQVHJXLGDORVGHPiVSDUWLFLSDURQ$OUDWRWRGRVVHKDEtDQSXHVWRDKDEODUGHFRPSXWDFLyQ LJQRUDQGRHOKHFKRGHTXHHVWDEDQSDJDQGRYDULRVGyODUHVHOPLQXWRGHFRQH[LyQ/DEDLODULQDWXYRTXHVXVSHQGHUVX DFWRFUX]DUVHGHEUD]RVKDVWDTXHWHUPLQDUDHOGHEDWH 9ROYLHQGRDO6H[RDUWLILFLDO0XFKRVSRUQRVKRSVYHQGHQHQODUHGDUWHIDFWRVTXHSURSRUFLRQDQVHQVDFLRQHV FXDOLWDWLYDPHQWHGLIHUHQWHVDODVILVLROyJLFDVVXSXHVWDPHQWHPiVLQWHQVDV /RVHVWtPXORVTXHDSOLFDQVRQYLEUDFLyQPRYLPLHQWRSUHVLyQQHJDWLYDVXFFLyQ

91. RLPSXOVRVHOpFWULFRV$OJXQRV IXQFLRQDQDSLODVRHOHFWULFLGDG (OSDVRVLJXLHQWHHQODWHFQRORJtDHVRSWLPL]DUODDGPLQLVWUDFLyQGHHVWRVHVWtPXORVPHGLDQWHXQDFRPSXWDGRUDSDUDOR FXDOVHUHTXLHUHXQHTXLSRLQWHJUDGRSRUXQPpGLFRQHXURILVLyORJRXQSVLFyORJRXQVH[yORJRXQLQJHQLHUR HOHFWUyQLFRXQSURJUDPDGRUHWF +DVWDHOPRPHQWRQRHQFRQWUpXQVLWLRGRQGHVHYHQGDYHUGDGHURVH[RYLUWXDOHVGHFLUHOUHVXOWDGRGHODFRQMXQFLyQ HQWUHODSRUQRJUDItDODUHDOLGDGYLUWXDO (OVH[RYLUWXDOSRGUtDORJUDUODFRPELQDFLyQLGHDOGHHVWtPXORVItVLFRVFRQHVWtPXORVKXPDQRVDWUDYpVGHXQD RSHUDGRUDUHPRWRDGHORVFRQWUROHVGHORVDSDUDWRV6LQHPEDUJRQDGLHDOSDUHFHUKDLQYHQWDGRODLQWHUIDVH DSURSLDGD(VWDLQWHUIDVHVHUtDXQGLVSRVLWLYRHOHFWUyQLFRFRQHFWDEOHDXQSXHUWRRUDQXUDGHOD3TXHSHUPLWDDO RSHUDGRUWRFDUVHUWRFDGRHQIRUPDYLUWXDO8QDHVSHFLHGHGDWDJORYHSHURDGDSWDGRDRWUDVSDUWHVGHOFXHUSR 1RKDTXHDVRFLDUHOVH[RYLUWXDOVRODPHQWHFRQPDVWXUEDFLyQRSURVWLWXFLyQ8QDLQWHUIDVHDSURSLDGDSRGUtDVHUYLU SDUDTXHGRVDPDQWHV OHMDQRVVHDFDULFLDUDQEHVDUDQRGLHUDQODPDQR2SDUDTXHXQPpGLFRSDOSDUDDXQSDFLHQWH 8QPHUFDGROHJtWLPROHJDOL]DEOHHVODWHUDSLDGHDOJXQDVDIHFFLRQHVVH[XDOHVFRPRODLPSRWHQFLDODHDFXODFLyQ SUHFR]RODIDOWDGHRUJDVPR3RVLEOHPHQWHDOJXQRVSDtVHVH[LMDQFRPSUREDUTXHHOVH[RYLUWXDOQRFDXVDGDxRItVLFRR SVtTXLFRORFXDOQRHVIiFLO2WURVSDtVHVTXL]iFRQVLGHUHQHOVH[RYLUWXDOFRPRXQDGURJDODSURKLEDQRODOLPLWHQD SREODFLRQHVHVSHFLDOHV$XJXURHQFHQGLGRVGHEDWHVVREUHHOWHPDWDPELpQH[FHOHQWHVQHJRFLRV /,1.6

92. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV N :LUHOHVVGDWDJORYH JXDQWHVSDUDGDWRVVLQFDEOH

93. N +iJDOR8GPLVPRFRQVWUXDXQHOHFWURHVWLPXODGRU(QLQJOpV RMRQDGLHVHKDFHUHVSRQVDEOHSRUODV FRQVHFXHQFLDV(ODXWRUGHOLQVWUXFWLYRVHGLVORFyXQKRPEURDOUHFLELUXQDGHVFDUJD

94. N (OHFWURHVWLPXODGRUHVSURIHVLRQDOHV 2MRTXHYLHQHQSDUDYROWVQRFRQHFWDUD N DWiORJRJUDWXLWRGHLPSOHPHQWRVVH[XDOHV N ,GHDVVREUHVH[RYLUWXDO HQLQJOpV

95. N KWWSZZZYULQQRYDWLRQVFRPGHIDXOWKWP 3URHFWRVREUHVH[RYLUWXDOHQE~VTXHGDGHLQYHUVRUHV N 6LDOJRVDOHPDOFRQHOLQVWUXPHQWDOHOpFWULFRDUULEDPHQFLRQDGRYLVLWHKWWSZZZGUZHEVDFRPDUDSDT $VRFLDFLyQ3UR$XGDDO4XHPDGR

96. 0HVRUSUHQGHTXHHVWHQHJRFLRD~QQRKDDH[SORWDGR7RGDYtDHOSXULWDQLVPRGHODVRFLHGDGKDFHTXHHVWH WHPDVHDWDE~6LQHPEDUJRORVTXHDQDOLFHQVHULDPHQWHHOPHUFDGRVHJXUDPHQWHFRLQFLGLUiQHQDXJXUDUXQ JUDQIXWXURDHVWHWHPD/D,QWHUQHWTXHSXHGHUHYROXFLRQDUHOPXQGRGHODFXOWXUDODHGXFDFLyQHOFRPHUFLR WRGDYtDWLHQHFRPRXVRSULPDULRODWUDVPLVLyQGHIRWRVSRUQR /DVHVWDGtVWLFDVLQGLFDQTXHXQSURGXFWRFRPRHO9LDJUDODQ]DGRHQ((88FRQPXFKRp[LWRWLHQHXQSHUtRGR GHLPSRVLFLyQPXODUJRHQHOPHUFDGRODWLQR3RVLEOHPHQWHSDVHORPLVPRFRQHOVH[RYLUWXDO 8QDYH] PiVODEDQGDDQFKDDEUHQXHYDVSRVLELOLGDGHVFRPHUFLDOHVDHVWHWHPD/DV:HEFDPTXHVDOLHURQD 8'DDQGDQSRUORV8'/DJHQWHOHYDSHUGLHQGRHOPLHGRDODVFRPSXWDGRUDVDODWHFQRORJtDHQ JHQHUDOODJHQWHHVWiFDGDGtDPiVDOLHQDGDSRUODVGLILFXOWDGHVGHODYLGDFRWLGLDQD (OQHJRFLRPiVLPSRUWDQWHHQHVWDiUHDHVODLPSRUWDFLyQYHQWDGHHTXLSRV1RORSXHGHKDFHUFXDOTXLHUD SXHVGHEHQFXPSOLUVHUHTXLVLWRVGHVHJXULGDGXVRSDUDQRLQIULQJLUQRUPDVGH6DOXG3~EOLFDGHFDGDSDtV $GHPiVGHEHWUDGXFLUVHFXLGDGRVDPHQWHHOPHQVDMHSURPRFLRQDOPpGLFRSVLFROyJLFRGHORVPDWHULDOHVGH RULJHQSDUDQRKHULUVHQVLELOLGDGHVGHLQVWLWXFLRQHVTXHSXHGHQKDFHUOREEHQFRQWUDGHHVWRVHTXLSRV6HUtD LQWHUHVDQWHDGHPiVKDFHUHVWXGLRVGHPHUFDGRHQFDGDSDtVSXHVVHJXUDPHQWHKDEUiPHUFDGRVPXFKRPiV FHUUDGRVTXHRWURVDHVWDLQQRYDFLyQUDGLFDOHQHOPRGRGHHMHUFHUODVH[XDOLGDGKXPDQD$~QDVtWRGRLQGLFD TXHHVWRVSURGXFWRVYDQDVHUFRPRODUHYLVWD3ODERPXFKRVODFRPSUDQSHURQDGLHODOOHYDEDMRHOEUD]R 3RUDKRUDODVSULQFLSDOHVDSOLFDFLRQHVGHOD5HDOLGDG9LUWXDOVRQORVMXHJRVSHURQRVHUtDODSULPHUDYH]TXH HVWDLQGXVWULDPXOWLPLOORQDULDDEUDHOSDVRDRWUDV/RVPRQLWRUHVFRQPLOORQHVGHFRORUHVPHPRULDVGHPXFKRV PHJDVSURFHVDGRUHVVXSHUYHORFHVGHPiVVRQSURGXFWRVRULJLQDOPHQWHGHVWLQDGRVDORVYLGHRMXJDGRUHV 6H[RYLUWXDO )DFWLELOLGDGWpFQLFD )DFWLELOLGDG FRPHUFLDO 5HQWDELOLGDG RQFHQWUDFLyQGHO PHUFDGR 3URHFFLyQ %DMDSUREOHPDV PpGLFRV

97. %DMDSUREOHPDV OHJDOHV

98. $OWtVLPDSHURD PHGLDQRSOD]R %DMD *OREDO

99. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV 6HUYLFLRV3DUDQRUPDOHVHQOD5HG0HQWDOLVWDV7HOpSDWDV 6DQDGRUHV +DPXFKDJHQWHTXHFUHHHQHVWDVFRVDVOD,QWHUQHWSHUPLWHDOFDQ]DUODYHQGHUOHHQWUHJDUOHXQSVHXGR VHUYLFLR (OFLEHUQHJRFLRGHKRFRQVLVWHHQHOXVRGHOD,QWHUQHWSDUDODFXUDFLyQGHODVHQIHUPHGDGHVGHOFXHUSRGHODOPD 6LELHQQDGLHKDFRPSUREDGRTXHODVRQGDVFXUDWLYDVHPDQDGDVGHOWDURWODVSDWDVGHFRQHMRODVPHGDOODVPLODJURVDV HOHPHQWRVVLPLODUHVSXHGDQYLDMDUDWUDYpVGHOD,QWHUQHWUHFRQR]FDPRVTXHWDPSRFRQDGLHKDFRPSUREDGROR FRQWUDULR3RUORWDQWRUHVXOWDVXPDPHQWHDWUDFWLYRRIUHFHUHVWHVHUYLFLR 6XSRQJDPRVXQDSiJLQDHQODFXDOVHRIUH]FDODLQWHUYHQFLyQVREUHQDWXUDOHQORVSUREOHPDVGHOFRQVXOWDQWHSRUXQD PyGLFDVXPD1XHYDPHQWHVLELHQQDGLHSXHGHYHULILFDUTXHODLQWHUYHQFLyQRFXUUDWDPSRFRHVIiFLOGHPRVWUDUTXH 12RFXUUH(QHVSHFLDOVLODRIHUWDHVXQWDQWRYDJDDOHMDUDORVPDORVHVStULWXVUHFDUJDUHODXUDHWF/RLGHDOVHUtDQR SURPHWHUPXFKRJUDQGHVKHUHQFLDVDPRUHVLPSRVLEOHV

100. QLWDPSRFRSRFRPHMRUDUODFRRUGLQDFLyQDVWUDOHTXLOLEUDUHO DQJFRQHOLQJHWF

101. 1RFUHRTXHH[LVWDOHGHDSOLFDFLyQSUiFWLFDKDELWXDOHQFRQWUDGHHVWRVSUDFWLFDQWHV(QQXHVWURPHGLRDQXQFLDQ OLEUHPHQWHHQHOGLDULRWLHQHQOXJDUHVGHRIHUWDFDOOHMHUDKDELWXDOHV3OD]D)UDQFLD

102. (QOD,QWHUQHWDEXQGDQ 1RDFRQVHMDPRVPH]FODUHVWHQHJRFLRFRQRWURVPiVVHULRVTXHSXHGDQGHVSUHVWLJLDUVHSRUODSUR[LPLGDGGHpVWH(Q FDVRGHLPSOHPHQWDUORFRQYLHQHEXVFDUXQGRPLQLRXQHPDLOXQQRPEUHGHHPSUHVDHVSHFLDOHVSDUDpVWHSURSyVLWR (VLPSRUWDQWHSRQHUXQDIRWRGHOPHQWDOLVWDSDUDGDUOHFUHGLELOLGDGKXPDQLGDGDODSURSXHVWDRQVHMRSyQJDVH ELJRWHSRVWL]RWXUEDQWHPLUHDODFiPDUDFRQPLUDGDILMD SHQHWUDQWH«6LQRWLHQHFDUDGHPHQWDOLVWDSLGDXQD IRWRSUHVWDGD 8QEXHQVLWLRGHYHQWDGHVHUYLFLRVSDUDQRUPDOHVGHEHUtDDJUHJDUODYHQWDGHDUWtFXORVGHVDQWHUtDSRUFRUUHR JDUDQWL]DQGRHODQRQLPDWRRPRDSRUWHSVLFROyJLFRDHVWHQHJRFLRFUHR TXHGHEHUtDGDUVHDOOHFWRUPXFKD RSRUWXQLGDGGHH[SUHVDUVH4XHSXHGDFRQWDUOLEUHPHQWHVXSUREOHPDOOHQDUXQDPSOLRFXHVWLRQDULRVREUHVtPLVPR VXSUREOHPD/DQHFHVLGDGGHFRPXQLFDUVHHVXQDFDUDFWHUtVWLFDFRP~QGHTXLHQHVEXVFDQHODSRRGHXQEUXMR WDURWLVWDPDJRQHJURHWF /DVOHHVGHOPDUNHWLQJHQLQWHUQHWVHDSOLFDQDHVWRVVLWLRVLJXDOTXHDFXDOTXLHURWURQHJRFLRRIUHFHUPXHVWUDVJUDWLV GHOVHUYLFLRKDFHUPDLOLQJLQWHUFDPELRGHEDQQHUVUHJLVWUDFLyQP~OWLSOHHWF(VLPSRUWDQWHEXVFDUHOVHJPHQWR UHFHSWLYRGHOPHUFDGRHQOXJDUGHXVDUPHGLRVPDVLYRVDTXHHVWHWLSRGHSURSDJDQGDSXHGHVHURIHQVLYDSDUD PXFKRVTXHODUHFLEDQ 8QDFRPELQDFLyQGHEXHQGLVHxREXHQFRQFHSWRFDPSDxDDSURSLDGDEXHQWDUJHWWLHQHQTXHEULQGDUOHp[LWRDXQD SURSXHVWDSDUDSVLFROyJLFDGHLJXDOPRGRTXHVLIXHUDSVLFROyJLFDPpGLFDRGHFXDOTXLHURWURWLSR/D,17(51(7GD SDUDWRGR« /,1.6 8QGHWHFWLYHPHQWDOLVWDTXHUHVXHOYHORVFDVRVPiVGLItFLOHV SRUWHOHSDWtD 6LQFRPHQWDULRV 8QDSiJLQDGHXQSVtTXLFRPHQWDOLVWD

103. 2IUHFHXQDGRFHQDGHVHUYLFLRVGLIHUHQWHVOHFWXUDVSVtTXLFDVFRQVHMHUtD FODULYLGHQFLDPHWDItVLFDVXHxRVUHHQFDUQDFLyQ1HZ $JHDPRUURPDQFHFDUUHUDHVSLULWXDOLGDG(OEDQQHU SXEOLFLWDULRDQXQFLDXQFUXFHURSVtTXLFRGHYDULRVGtDVSRUHODULEH1RSDUDFXDOTXLHUD 8QVHUYLFLRSDUDSVtTXLFRSRUWHOpIRQRDVyOR8'HOPLQXWR (QODPLVPDSiJLQDKDXQOLQNDXQFKDWSDUD KRPEUHV3ULPHUDSUHGLFFLyQDFHUWDGDVXFXHQWDWHOHIyQLFDVHUiSDUDQRUPDO 8QVKRSSLQJPHWDItVLFR $SURYHFKHODP~VLFDTXHHVOR~QLFRJUDWLV3DUDWRGRVORVJXVWRV 8QSVtTXLFRDXGDGRSRUWUHViQJHOHVKDFHOHFWXUDVDVWUDOHVREUD8'ODKRUD1RHVFDURFRQVLGHUDQGRTXHOD JDQDQFLDVHUHSDUWHHQWUHORV ¢4XpSURWRFRORVHXVDUiSDUDTXHORVVLWLRV:HEHQYtHQLQIRUPDFLyQPiJLFDPtVWLFDRWHOHSiWLFD¢/DVRQGDV LUiQSRUILEUDySWLFDSRUDLUHSRUHOFLUFXLWRHOpFWULFR¢+DEUiXQFRQWDGRURVHUiWDULIDSODQD7HQJRXQDV

104. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV OLQGDVYHODVTXHSDUHFHQDUGHUHQXQDSiJLQDKWPKHFKDVFRQJLIDQLPDGRVSHURQRVpVLKDXQSOXJLQ SDUDTXHORVFOLHQWHVSXHGDQUHFLELUHIOXYLRVSVLFRWUyQLFRVSRVLWLYRV /RSDUDQRUPDOHVWiGHPRGDSRUOD79SDVDQFRQVWDQWHPHQWHKLVWRULDVGHPDQLIHVWDFLRQHVH[WUDVHQVRULDOHV WHOHNLQpWLFDVWHOHSDWtDSUHFRJQLFLyQUHHQFDUQDFLyQSLUiPLGHVH[WUDWHUUHVWUHVHWF+DFHSRFRKLFLHURQXQD HQFXHVWDHQWUHORVQRUWHDPHULFDQRVPiVGHODPLWDGFUHtDHQORVREUHQDWXUDO3RVLEOHPHQWHHQHOUHVWRGHO PXQGRODWHQGHQFLDDOLUUDFLRQDOLVPRVHDD~QPDRU(VVRUSUHQGHQWHTXHHVWRVLJDRFXUULHQGRHQFRH[LVWHQFLD FRQHODYDQFHFLHQWtILFRPiVDFHOHUDGRGHODKLVWRULD 0HSDUHFHTXHGHEHVHUGLItFLOYHQGHUHVWHVHUYLFLRSRUOD:HEFREUDQGRSRUDQWLFLSDGR4XL]iIXQFLRQHPHMRU WLSRVKDUHZDUHSDJDQGROXHJRGHUHFLELGRHOVHUYLFLRDVDWLVIDFFLyQ3RVLEOHPHQWHTXLHQHVTXLHUDQFUHHU FUHDQVHFRQYHQ]DQGHTXHUHFLELHURQXQVHUYLFLRVLQYDFLODUSDJXHQ RFRPRFLHQWtILFRTXHVRRHUDGHVFUHRGHWRGDVHVDVFRVDVDOPHQRVKDVWDTXHDOJXLHQODVGHPXHVWUHFRQ VROLGH]6LQHPEDUJRHVWRDFWXDOPHQWHFRQVWUXHQGRSDUDXQFOLHQWHH[WUDQMHURHOVLWLRGHOD+HUPDQGDGGHO $XUD%ODQFDTXHYHQGHRQGDVFXUDWLYDVSRUOD:HELEHUQHJRFLRVVRQFLEHUQHJRFLRV /LQN ZZZDOWHUHGVWDWHFRP FDWiORJRGHWRGRWLSRGHDSDUDWRVDFFHVRULRVSDUDDOWHUDUODPHQWH 6HUYLFLRVSDUDQRUPDOHV )DFWLELOLGDGWpFQLFD )DFWLELOLGDG FRPHUFLDO 5HQWDELOLGDG RQFHQWUDFLyQGHO PHUFDGR 3URHFFLyQ DOWDVLVHRPLWHHO FRPSOHMRJHQHUDGRU HPLVRUGHRQGDV SVLFRDVWUDOHV

106. DOWDFRPRGLMR %RUJHVODPDRUtDGH ODJHQWHHVWRQWD

107. DOWDVLVHRPLWHQODV FRVWRVDVRQGDV SVLFRDVWUDOHV PHQFLRQDGDV

108. PXEDMDFDGDLOXVR SXHGHWHQHUVX SURSLREUXMRYLUWXDO

109. ,QWHUQDFLRQDO LQWHUSODQHWDULD WUDQVGLPHQVLRQDO HLQWHUJDOiFWLFD

110. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV $JHQFLDGH3XEOLFLGDG /DPDRUSDUWHGHORVSHGLGRVTXHUHFLEHXQGLVHxDGRU:HEWLHQHTXHYHUFRQSXEOLFLGDGFRQDOJXQDV DQDORJtDVPXFKDVGLIHUHQFLDVUHVSHFWRGHODDFWLYLGDGGHXQDDJHQFLDWUDGLFLRQDO /DSURPRFLyQGHSiJLQDV:HEHVXQDDFWLYLGDGDPHQXGRVXEHVWLPDGDSRUORVTXHVHDVRPDQDOPXQGRGH,17(51(7 WDPELpQSRUPXFKRVTXHDWLHQHQYDULRVPHJDEWHVGHSiJLQDVUHFRUULGDV0XFKDVLQVWLWXFLRQHVGLVHxDGRUHVGH SiJLQDV

111. FRQItDQHQXQOLQGRDUWHUHGDFFLyQOXHJRGHMDQHVWDUVXSiJLQDHVWiWLFDVLQHVWDGtVWLFDVQLSURPRFLyQ /DWDUHDGHXQDDJHQFLDGHSXEOLFLGDGHQ,17(51(7HVLQWHQVDFRQWLQXD/RVUHFXUVRVSULQFLSDOHVGHSURPRFLyQ VRQ EDQQHUV UHJLVWUDFLyQHQFLHQWRVRPLOHVGHEXVFDGRUHV LQWHUFDPELRGHOLQNVFRQSiJLQDVDILQHV FRPSUDVHOHFWLYDGHHVSDFLRVSXEOLFLWDULRV LQFOXVLyQHQOLVWDGRVUHJLRQDOHVRWHPiWLFRV PDLOLQJPDVLYRRGLULJLGRVHJ~QHOSURGXFWR SURPRFLyQH[WUD,17(51(7SDSHOHUtDFRPHUFLDODYLVRVHQPHGLRVFOiVLFRVGLIXVLyQERFDDERFD 4XLHQHVVyORFRQR]FDQODODERUGHXQDDJHQFLDGHSXEOLFLGDGFOiVLFDQRFRPSUHQGHUiQWRGDODFRPSOHMLGDGTXHWLHQHQ HVWDVWDUHDV6LHVWDUiQGHDFXHUGRHQTXHODFXDOLGDGGHOD,17(51(7GHSHUPLWLUFDQWLGDGHVLOLPLWDGDVGH LQIRUPDFLyQGLQiPLFDRWRUJDYDORUDFXPXODWLYRDWRGRVORVPDWHULDOHVTXHVHSXEOLTXHQ XDQGRXQVLWLRHPSLH]DDWHQHUXQYROXPHQUHVSHWDEOHGHLQIRUPDFLyQ~WLOFRPLHQ]DDWUDVFHQGHUVXWHPiWLFD FRPHUFLDORULJLQDODWUDHYLVLWDQWHVSHULRGLVWDVGH,17(51(7FXULRVRVRWURVSRWHQFLDOHVFOLHQWHV3HURD~QHOPiV FRPSOHWRUHSRVLWRULRGHLQIRUPDFLyQSDVDGHVDSHUFLELGRVLQXQDEXHQDWDUHDGHSURPRFLyQGHOVLWLR 3RUHVRODDJHQFLDGHSXEOLFLGDGYLUWXDOGHEHHODERUDUXQSODQGHPHGLRVWDOFXDOVHUHDOL]DHQODSXEOLFLGDG FRQYHQFLRQDOFRWL]DQGRWDQWRORVSDJRVHQHIHFWLYRFRPRODVKRUDVKRPEUHQHFHVDULDVSDUDSRVLFLRQDUODSiJLQDOR PHMRUSRVLEOH ([LVWHQYDULDVKHUUDPLHQWDVGHVRIWZDUHTXHDXGDQDHVWDWDUHDVSLGHUVTXHUHFRUUHQORVEXVFDGRUHVUHJLVWUDQGROD SiJLQDJHQHUDGRUHVGHSiJLQDVRSWLPL]DGDVSDUDREWHQHUSULPHURVSXHVWRVHQORVEXVFDGRUHVH[WUDFWRUHVGH GLUHFFLRQHVHOHFWUyQLFDVDSDUWLUGHSiJLQDVQHZVJURXSVHVSHFtILFRVFROHFFLRQHVGHOLQNVKDFLDSiJLQDVTXHRWRUJDQ OLQNVJUDWXLWRVJHQHUDGRUHVGHPDLOLQJVPDVLYRVRPiVHPDLOVSRUKRUD

112. HWF/DDGTXLVLFLyQPDQHMRGHHVWDV KHUUDPLHQWDVUHTXLHUHH[SHULHQFLDGHGLFDFLyQHVXQDWDUHDGHJUDQUHVSRQVDELOLGDG0DOPDQHMDGDODSURPRFLyQ SXHGHGDxDUJUDYHPHQWHODLPDJHQGHODHPSUHVD /DSXEOLFLGDGYLUWXDOHVXQDDFWLYLGDGPXOWLGLVFLSOLQDULDUHTXLHUHGHUHGDFWRUHVWUDGXFWRUHVFUHDWLYRVLOXVWUDGRUHV SURJUDPDGRUHVZHEPDVWHUVQDYHJDGRUHVH[SHUWRVGH,17(51(7RSHUDGRUHVGHGLIHUHQWHVSURJUDPDVHWF (OPHUFDGRGHODSXEOLFLGDGFOiVLFDFUHFHDXQULWPRPiVUiSLGRTXHHOGHRWURVVHFWRUHVGHODHFRQRPtD4XL]iVH GXSOLTXHFDGDGRVDxRVDXQTXHQRWHQJRGDWRV

113. (OPHUFDGRGHODSXEOLFLGDGHQ,17(51(7FUHFHPXFKRPiVUiSLGR D~QDXQTXHQRPHDUULHVJRDGDUFLIUDV /DSXEOLFLGDGQRVyORVHPLGHSRUYHQWDV +DFHXQWLHPSRODFDGHQD3L]]D+XWODQ]yHOVHUYLFLRGHSL]]DSRU,QWHUQHW0HSDUHFHXQGHVSURSyVLWRORPLVPR SHQVDURQPLOHVGHSHULRGLVWDVDQDOLVWDVGHPHUFDGREROVD8QRGHHOORVHQWUHYLVWyDOJHUHQWHGH3L]]D+XW UHVSRQVDEOHGHODLQLFLDWLYDOHSUHJXQWyFXDQWDVSL]]DVOOHYDEDQYHQGLGDVHQWRGR((88HQWUHVPHVHVGHFDPSDxD SXEOLFLWDULD(OJHUHQWHOHFRQWHVWy +HPRVYHQGLGRXQQ~PHURLQVLJQLILFDQWHGHSL]]DVKHPRVSHUGLGRDOJRGHGLQHUR3HURFRQORVPLOORQHVTXH KHPRVJDQDGRHQSXEOLFLGDGHVWDPRVPiVTXHVDWLVIHFKRV /,1.6

114. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV N 8QDDJHQFLDGHSXEOLFLGDGHVSHFLDOL]DGDHQKLJKWHFK N /DXWUHFXQDDJHQFLDFOiVLFDTXHKDFHSXQWD HQHOFLEHUHVSDFLR N +HUUDPLHQWDGHSXEOLFLGDG 5HDG$LP)LUH8QH[WUDFWRUGHGLUHFFLRQHVHPDLODSDUWLUGHQHZVJURXV3DUHFH EXHQR8' N (GLWRULDO0XOWLPHGLD N 8QZHEVXPDPHQWHFUHDWLYRSDUDXQDDJHQFLDURVDULQD 7RGDYtDQRYtQLQJXQDDJHQFLDGHSXEOLFLGDGFRQYHQFLRQDOTXHVDOLHUDDFRQTXLVWDUHOPHUFDGRGHODZHE 6REUHWRGRHQPRPHQWRVHQTXHWDPEDOHDQORVPRGHORVGHQHJRFLRVEDVDGRVHQSXEOLFLGDG6HKDYLVWRFDHU HOSUHFLRGHORVEDQQHUVGH8'SRUFSPFRVWRSRUPLOLPSUHVLRQHVGHXQEDQQHU

115. DVyOR8' /RTXHVtREVHUYRHQHOUXEURSXEOLFLGDGHVHOVXUJLPLHQWRFUHFLPLHQWRGHHPSUHVDVH[FOXVLYDPHQWH GHGLFDGDVDODSXEOLFLGDGHQODZHEQHWJHQRJHQHUDGDVHQOD5HG

116. (VWRUHSLWHORREVHUYDGRHQRWURV UXEURVFRPRODYHQWDGHOLEURVGRQGH$PD]RQQHWJHQ

117. OHVDFyDPSOLDYHQWDMDD%DUQHV1REOHEULFNDQG PRUWDU

118. /DSXEOLFLGDGHQ,QWHUQHWWLHQHOHHVGLIHUHQWHVDODFRQYHQFLRQDOHVXQDFLHQFLDWDQWRFRPRXQDUWH WLHQHXQFRPSRQHQWHWHFQROyJLFRTXHODVDJHQFLDVGHODGULOORVSDUHFHTXHQROOHJDQDGRPLQDU 3DUDUHIRU]DUODSRVLFLyQDQWLSXEOLFLWDULDKDDOJXQRVWUXFRVTXHSXHGHQXVDUVHSDUDILOWUDUODSXEOLFLGDGGHOD :HE RPHEDQQHUVKWWSZZZLQWHUQDXWDVRUJFRPHEDQQHUVLQGH[KWPO (VWHSURJUDPDHOLPLQDORVEDQQHUV $GILOWHUKWWSZZZDGILOWHUFRP (OLPLQDODVYHQWDQDVTXHVDOWDQVRODVSRSXS

119. RWUDVEDVDGDVHQFRQWHQLGR SRUQRJUDItDUDFLVPRSXEOLFLGDGHWF

120. RPRRFXUUHHQRWURVDVSHFWRVGHODLQIRUPiWLFDDPHGLGDTXHVHGLIXQGDQHVWDVKHUUDPLHQWDVORVSXEOLFLWDULRV LQYHQWDUiQIRUPDVGHHYDGLUORVFRQWUROHVpVWRVVHJXLUiQHYROXFLRQDQGRDVtVXFHVLYDPHQWH (OULHVJRTXHVHFRUUHFRQHVWRVSURJUDPDVILOWURDVtFRPRORVVLVWHPDVTXHEORTXHDQHOVSDPHVSHUGHUVH DOJRUHDOPHQWH~WLORGLULJLGRDQRVRWURV3RUHMHPSORTXLHQGLVIUXWDOHHQGRORVGLDULRVRQOLQHFRPR ZZZFODULQFRPDUTXHFDUHFHQGHSXEOLFLGDG0XFKRVOHFWRUHVVHGDQFXHQWDGHTXHODSXEOLFLGDGFXDQGRHV UHOHYDQWHDOWHPDLQIRUPDWLYDHGXFDWLYDHV~WLO3DUDTXLHQWLHQHVXILFLHQWHDQFKRGHEDQGDQRHVQHJRFLR VXSULPLUODSXEOLFLGDG $TXLHQHVGHVHHQXQDH[SOLFDFLyQGHORVWpUPLQRVXVDGRVHQFLEHUSXEOLFLGDGOHVUHFRPLHQGRHOVLWLRGH ZZZFHUWLILFDFRPTXHWLHQHXQH[FHOHQWHJORVDULRPXFKDLQIRUPDFLyQ~WLO 3XEOLFLGDGYLUWXDO )DFWLELOLGDGWpFQLFD )DFWLELOLGDG FRPHUFLDO 5HQWDELOLGDG RQFHQWUDFLyQGHO PHUFDGR 3URHFFLyQ EDMDODSiJLQDGHEH VHUPiVTXH H[FHOHQWHSDUDOODPDU ODDWHQFLyQ

121. DOWDODSXEOLFLGDG HV XQQHJRFLRHQ H[SDQVLyQ

122. DOWDH[FHOHQWHPDUJHQ GHJDQDQFLD

123. EDMD ,QWHUQDFLRQDO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

124. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV RQVXOWRUtDHQHPSUHQGLPLHQWRVGH,QWHUQHWSDUDHPSUHVDVHPSUHQGHGRUHV UHDFLyQGHQHJRFLRVGH,QWHUQHWSURHFWRVSURWRWLSRVPDUNHWWHVWVSODQHVGH QHJRFLR

125. 5HJDOHHVWHOLEURDXQDPLJR 3XEOLTXHVXSURHFWRJUDWLVHQOD ,QFXEDGRUDGH,GHDV GH,QWHUQHW ,,,

126. RQVXOWDV QHJRFLRV#QHWLFFRPDU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

127. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV $JHQFLDGH9HQWDV /DPDRUtDGHORVFOLHQWHVTXHFRQVXOWDQSRUGLVHxRGHSiJLQDVQHFHVLWDQXQVHUYLFLRLQWHJUDOGH LQIRUPDWL]DFLyQFRQIHFFLyQGHPHQVDMHSXEOLFLWDULRDORMDPLHQWRZHESURPRFLyQGHVLWLRJHVWLyQ/RV UHVXOWDGRVVHPLGHQDWUDYpVGHOYROXPHQGHYHQWDVVDOYRTXHHOFOLHQWHWHQJDLQXVXDOHVFRQRFLPLHQWRV WpFQLFRV /D,17(51(7WLHQHXQDGLQiPLFDSURSLDQRVLHPSUHVHSXHGHH[WUDSRODUDOD5HGFRQFHSWRVGHOPDUNHWLQJORV QHJRFLRVFRQYHQFLRQDOHV0HSDVyFXDQGRHPSHFpDKDEODUGH$JHQFLDGH3XEOLFLGDGHQ,QWHUQHWQRTXHGyFODURVL HUDDJHQFLDYLUWXDOGHSXEOLFLGDGUHDORYLFHYHUVD4XHVRQGRVFRVDVWRWDOPHQWHGLIHUHQWHV 7DPELpQUHVXOWyTXHPLFRQFHSWRGH$JHQFLDGH3XEOLFLGDG9LUWXDOHUDPXFHUFDQRDORTXHVHUtDXQD$JHQFLDGH 3URPRFLyQGH6LWLRVDXQD$JHQFLDGH9HQWDVHQ,17(51(7SRUORFXDOKRPHH[WLHQGRXQSRFRPiVVREUHHVWRV FRQFHSWRVDPHQXGRVXSHUSXHVWRVRFRQIXQGLGRV /D$JHQFLDGH9HQWDVHVXQSRFRDJHQFLDGHSXEOLFLGDGXQSRFRFRQVXOWRUDHQ,QWHUQHW0DUNHWLQJXQSRFR SURJUDPDGRUDGHVLWLRVGH,QWHUQHWXQSRFRSURPRWRUDGHGLFKRVVLWLRV$VXYH],17(51(70$5.(7,1*WHQGUtD TXHWUDGXFLUVHFRPRPHUFDGHRGHVLWLRVGH,17(51(7UHDOL]DGRDWUDYpVGH,17(51(7 (OKHFKRHVTXHODSURPRFLyQGHSURGXFWRVRVHUYLFLRVHQ,QWHUQHWVHSXHGHPHGLURWUD]DUWUDFN

128. HQIXQFLyQGH

129. DFWLYLGDGHVSURPRFLRQDOHVUHDOL]DGDVFRQIHFFLyQGHVLWLRLQVFULSFLyQHQEXVFDGRUHVEDQQHUVFODVLILFDGRVHQYtR GHPDLOVHWF

130. YLVLWDVDOVLWLR

131. WUDQVDFFLRQHVUHDOL]DGDVHQHOVLWLR

132. WUDQVDFFLRQHVUHDOL]DGDVHQODVERFDVGHYHQWDFRQYHQFLRQDOHVFRPRUHVXOWDGRGHODFDPSDxDYLUWXDO /DUHODFLyQFRVWREHQHILFLRGHODVGLYHUVDVDFWLYLGDGHVGHSURPRFLyQHVGLIHUHQWHSDUDFDGDVLWLRZHESDUDFDGD SURIHVLRQDOSURPRWRUGHVLWLRV /DVDFWLYLGDGHVSURPRFLRQDOHVVRQPXYDULDGDVGHPDQGDQPXFKRWLHPSRVXHOHVHUQHFHVDULRDMXVWDUODVVREUHOD PDUFKD/DVYLVLWDVDOVLWLRWLHQHQYDULRVFRPSRQHQWHVFXDQWLWDWLYRVVXVFHSWLEOHVGHDQiOLVLVKLWVSDJHYLHZVYLVLWDQWHV ~QLFRVHWF

133. DOJXQRVFXDOLWDWLYRVGHPRJUDItDGHODVYLVLWDV

134. (VGLItFLOKDFHUOHYHUHVWRDTXLHQQRHVWiHQHOWHPD /DVWUDQVDFFLRQHVUHDOL]DGDVHQHOVLWLRQRUPDOPHQWHVRQPXHVFDVDVFRPRSDUDHYDOXDUHOUHVXOWDGRGHXQDWDUHDGH SURPRFLyQODVWUDQVDFFLRQHVHQODVERFDVFRQYHQFLRQDOHVQRVLHPSUHVHSXHGHQUHODFLRQDUFRQODFDPSDxDYLUWXDO (VWDFRPSOHMLGDGKDFHTXHVHDGLItFLOSUHVXSXHVWDUXQDFDPSDxDGHSURPRFLyQYLUWXDOTXHPXFKDVYHFHVVHSODQWHH ODUHWULEXFLyQGHODJHQWHYLUWXDOGHYHQWDVHQIXQFLyQGHUHVXOWDGRV(VWRSXHGHVHUPXWHQWDGRUSRUODSRVLELOLGDGGH FRQVHJXLUPXDOWDUHQWDELOLGDGSHURWDPELpQSUHVHQWDGLILFXOWDGHVGHDFXHUGRDOWLSRGHSURGXFWRDOFDQDOGH FRPHUFLDOL]DFLyQDODLQIOXHQFLDGHIDFWRUHVDMHQRVDOSURPRWRU $OUHFLELUXQDSURSXHVWDGHWUDEDMDUWRWDORSDUFLDOPHQWHHQIXQFLyQGHUHVXOWDGRVHODVHVRUVHSODQWHD 0HFRQYLHQHHVWHSURGXFWRSDUDYHQGHUSRU,QWHUQHW(VEXHQRHVWiHQSUHFLRWLHQHPDUFDUHFRQRFLGD(VYHQGLEOH SRU,QWHUQHW/DVYHQWDVVRQWUD]DEOHV9DDVHUIiFLOGHYHQGHU4XpHVORFUtWLFRHQHVWHQHJRFLRHOSURGXFWRROD KDELOLGDGHQODYHQWD7HQJRTXHFUHDUXQPHUFDGRRVLPSOHPHQWHPRVWUDUDOJRSDUDTXHPHORFRPSUHQ 7RGRORFXDODSXQWDD0HUHFRPSHQVDUiVXILFLHQWHPHQWHHOFOLHQWHSRUPLWUDEDMR¢0HFRQYLHQHWUDEDMDUDULHVJR FREUDQGRFRPLVLyQVLYHQGR (OIDFWRUWLHPSRHVPXLPSRUWDQWHHQOD HOHFFLyQGHODPRGDOLGDGDVRFLDWLYD ([LVWHXQUHWDUGRHQWUHHOLQLFLRGHODFDPSDxDGHSURPRFLyQHOFRPLHQ]RGHODVYHQWDVTXHSXHGHVHUGHXQRD YDULRVPHVHV(VRGHSHQGHGHODOHQWLWXGGHDOJXQRVEXVFDGRUHVHQLQFRUSRUDUORVOLQNVSHGLGRVDKRRSXHGHWDUGDU GtDVRPiV

135. GHOOHQWRFUHFLPLHQWRGHODFRQH[LyQDOD5HGHQ/DWLQRDPpULFD /DWDUHDGHOSURPRWRUVHSDFWDDXQRVPHVHVRDORVXPRXQDxRSHURORVHIHFWRVEHQHILFLRVRVVREUHODPDUFDHO SURGXFWRGHVXFOLHQWHVHH[WLHQGHQSRUPXFKRPiVWLHPSR$GHPiVDOJXQRVSURGXFWRVOOHYDQPXFKRWLHPSRSDUD YHQGHUVHDxRV

136. ORFXDOHVSRFRDFHSWDEOHSDUDTXLHQHVHVWiQKDELWXDGRVDORVUiSLGRVWLHPSRVGHOD,QWHUQHW

137. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV /DWUD]DELOLGDGHOWLHPSRSURPHGLRGHFRQFUHFLyQGHODVRSHUDFLRQHVVRQIDFWRUHVLPSRUWDQWHVDOFRQYHQLUXQD PRGDOLGDGGHWUDEDMR(ODVHVRUGHEHDSURYHFKDUVXPDRUFRQRFLPLHQWRGHOPHUFDGRSDUDQHJRFLDUHOWUDWRTXHPiVOH FRQYLHQHHQFDGDFDVR %XHQGtD8GHVHOHPSUHVDULR;;IDEULFDQWHGHEXORQHV9HQJRDRIUHFHUOHYHQGHUSRU,QWHUQHW 1RVpPXELHQFRPRVHPDQHMDHVWRGHYHQGHUSRU,QWHUQHW /HSURPRFLRQRVXVLWLRZHEDWUDYpVGHEXVFDGRUHVOLQNVEDQQHUVQHZVJURXSV 1RPHFRPSOLTXHVODYLGDRTXLHURYHQGHUEXORQHV (VWDELHQ8GPHSDJD8'R PHRFXSRGHYHQGHUVXVEXORQHV 0HSDUHFHPHMRUTXHSULPHURPHYHQGDVORVEXORQHVGHVSXpVWHSDJR8'GHFRPLVLyQ 1RSXHGRSRUTXHTXLHURDVHJXUDUPHHOFREUR RTXLHURDVHJXUDUPHODYHQWDGHEXORQHV /DYHQWDSRU,QWHUQHWHVHOIXWXUR GHOFRPHUFLR1RSXHGHGHVSHUGLFLDUHVWHQXHYRFDQDO 6LHVWiVWDQVHJXURSRUTXpQRDFHSWiVODFRPLVLyQDSRVWHULRUL 3RUTXHQRHVWRWRWDOPHQWHVHJXURGHTXHYRDYHQGHUGHTXH8GYDDHQWUHJDUGHTXHYDDFREUDUGH TXHPHYDDSDJDUODFRPLVLyQ (QWRQFHVQRVRVEXHQYHQGHGRUSRULQWHUQHW -XVWDPHQWHFRPRVREXHQRTXLHURFREUDUOHSRUDGHODQWDGR 6LVRVWDQEXHQRGHEHUtDVHQFRQWUDUTXLHQWHSDJXHSRUDGHODQWDGR 6L8GQRPHSDJDSRUDGHODQWDGRQXQFDYDDVDEHUVLVREXHQRYHQGLHQGR 0HSDUHFHTXHVRVPDOQHJRFLDQWHSRUTXHWHHVWiVSHUGLHQGRGHYHQGHUPXFKRVEXORQHVJDQDUGH FRPLVLyQ 8GHVPDOQHJRFLDQWHSRUTXHSRUQRSDJDUPHDQWHVVHDUULHVJDDWHQHUTXHSDJDUPHGHVSXpV 3XHGRSDJDUWHORVGHVSXpVODYHQWDGHEXORQHVGHMDPXFKRPDUJHQ (QWRQFHVSiJXHPHORTXHOHSLGRDQWHV 'HMDPDUJHQSRUTXHSDJRGHVSXpVTXHYHQGR (VWDELHQOHDFHSWRVyOR8'SRUDQWLFLSDGR (VPXEDUDWRVHJXUDPHQWHQRWHYDVDHVIRU]DUSRUYHQGHU (QWRQFHVSiJXHPH8' DWHGLMHTXHQR +DJDPRV 3RGUtDVHU/ODPiPHPDxDQD 0DxDQDVHJXUDPHQWHYRDVHUULFRQRYRDDWHQGHUFOLHQWHVFKLFRV 3HUGLHQGRWDQWRWLHPSRFRQPLJRQXQFDYDVDVHUULFR3RUTXpQRSHQViVHQORTXHYDVDDSUHQGHUGHYHQWD SRULQWHUQHWSUDFWLFDQGRFRQPLJR 3UHILHURSUDFWLFDUFRQDOJXLHQTXHSDJXHPHMRU 6LQHFHVLWiVSUDFWLFDUQRVRVWDQEXHQRDPHSDUHFtDTXHKDEtDJDWRHQFHUUDGR (VWHGLiORJRHQWUHYHQGHGRUSRU,QWHUQHWIDEULFDQWHGHEXORQHVHVSDUFLDOPHQWHYHUtGLFRHVWiWRPDGRFRQ DOJRGHKXPRUSHURVHEDVDHQKHFKRVFRWLGLDQRVGHODSDUWLFXODUUHODFLyQGHQHJRFLRVTXHJHQHUDOD,QWHUQHW FRPRFDQDOGHYHQWDV (VWRVHJXURTXHHVWRVFRQIOLFWRVH[LVWHQIXHUDGHOD5HGHQWUHSRVLEOHVVRFLRVHQWUHHPSUHVDULRVDJHQFLDV GHSXEOLFLGDGRHQRWUDVVLWXDFLRQHVGHFRODERUDFLyQSHURHQQLQJ~QODGRVRQWDQSDWHQWHVFRPRHQOD VLWXDFLyQGHVFULSWDHQHOGLiORJRRQWULEXHQDHOORHOGHVFRQRFLPLHQWRODGHVFRQILDQ]DUHVSHFWRGHHVWRV QXHYRVPHGLRVODJUDQYDULHGDGGHPHGLRVPpWRGRVTXHRIUHFHOD:HEODSRFDWUD]DELOLGDGGHORVPLVPRV ODUiSLGDGLQiPLFDGHOD,QWHUQHW /DSURPRFLyQHQOD:HEHVPXFRPSOHMDPXOWLIDFpWLFD+DPXFKtVLPDVKHUUDPLHQWDVTXHSXHGHQXWLOL]DUVH FRPELQDQGRODVDUWHVSXEOLFLWDULDVFRQYHQFLRQDOHVFRQODVVXWLOH]DVGHSURJUDPDFLyQSURFHVDPLHQWR LQIRUPiWLFRTXHSURSRUFLRQDQHO+70/HO-DYDHO$63RWUDVWHFQRORJtDVTXHHVFDSDQDOFRQRFLPLHQWRH LQWHUpVGHORVHPSUHVDULRVFRQYHQFLRQDOHV (VWRKDFHTXHVHDGLItFLOSRQHUOHYDORUDXQDFDPSDxDSXEOLFLWDULDKHFKDHQ,QWHUQHW%DVDUORHQKRUDVKRPEUH RHQFRVWRGHKHUUDPLHQWDVHVPXGLItFLO%DVDUORHQUHVXOWDGRVSXHGHVHUIiFLOGLItFLORLPSRVLEOH

138. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV 6DELHQGRTXHHOFRQRFLPLHQWRHVXQLQWDQJLEOHFRPRWDOHVGLItFLOGHYDORUL]DUYHQGHUHOFRQVXOWRUGH LQWHUQHWGHEHUHDOL]DUXQHVIXHU]RHVSHFLDOSDUDMHUDUTXL]DUDSURSLDGDPHQWHVXWUDEDMRDQWHORVFOLHQWHV 'HELGRDOJUDQSRGHUGHODVWpFQLFDVGHSURPRFLyQGHVLWLRV:HEDODVGLILFXOWDGHVSDUDFRWL]DUHOYDORUGH HVWHWUDEDMRPXFKRVPDUNHWLQHURVGH,QWHUQHWGHFLGHQLQGHSHQGL]DUVHGHOFOLHQWHFUHDQGRXQSURGXFWRSURSLR YLUWXDORItVLFR

139. DSURSLDGRDVXVIRUWDOH]DVODVGHOFDQDOTXHPDQHMD(VWDLQWHJUDFLyQYHUWLFDOUHTXLHUHGH XQDPDVDFUtWLFDGHUHFXUVRVSHURDOHVWDUSHQVDGDSDUDOD:HEDSURYHFKDWRGDVVXVYHQWDMDV 5HFtSURFDPHQWHSDUDPXFKDVHPSUHVDVWLHQHVHQWLGRJHQHUDUXQGHSDUWDPHQWRSURSLRGHHPDUNHWLQJ /,1.6 ROHFFLyQGHOLQNVVREUHHFRPPHUFHSURPRFLyQGHVLWLRVHPDUNHWLQJHWF0LOHVGHUHFXUVRV~WLOHVHQ LQJOpV

140. KWWSZZZVRQLFQHWaUZUHPDQVHYHQEXVKWPO ZZZWLHQGDVXUEDQDVFRP WRGRVREUHHFRPPHUFH ZZZIHQLFLRVFRPDUSiJLQDVREUHHPSUHQGHGRUHVFRPHUFLDQWHVYLUWXDOHV )DFWLELOLGDGWpFQLFD )DFWLELOLGDG FRPHUFLDO 5HQWDELOLGDG RQFHQWUDFLyQ GHOPHUFDGR 3URHFFLyQ GHSHQGHGHOSURGXFWRTXHVHGHVHH YHQGHU9HQGHULQWDQJLEOHVDWUDYpVGH OD:HEUHTXLHUHPiVUHFXUVRV DOWD GHSHQGHGHYDULRV IDFWRUHV EDMD ,QWHUQDFLRQDO

141. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV 9HQWDVREUDQ]DV REUDUHQ,QWHUQHWHVFDVLWDQGLItFLOFRPRYHQGHU6LDOJXLHQDSUHQGHDKDFHUORTXLHUHSURUUDWHDUHOFRVWRHQWUH YDULRVFOLHQWHVYHQGHGRUHV (QFDGHQDGDFRQODVHULHGHQRWDVDQWHULRUHV$JHQFLDGHRPSUDVGH3XEOLFLGDGGH5HPDWHV

142. YDOD$JHQFLDGH REUDQ]DVDVLWRGDVODVSiJLQDVWLHQHQXQDLQWHQFLyQPiVRPHQRVGLUHFWDGHYHQGHU3HURFRPRVHGDUiQFXHQWD WRGRVORVTXHKDDQLQWHQWDGRKDFHUORQRHVWDQIiFLO (QSULPHUOXJDUQREDVWDFRQSRQHUXQDSiJLQD8QFHQWHQDUGHYLVLWDVHQXQPHVQRDOFDQ]DQSDUDQDGDKDTXH FRQVLGHUDUTXHPXFKDVGHHVDVYLVLWDVVRQKHFKDVSRUURERWVTXHUHFRUUHQSHUPDQHQWHPHQWHODUHGKDFLHQGR LQGH[DFLRQHVRUHFRJLHQGRGLUHFFLRQHVGHHPDLOSDUDPDQGDUSURSDJDQGD/DSURPRFLyQHVXQDSDUWHIXQGDPHQWDOGH FXDOTXLHULQWHQWRGHKDFHUQHJRFLRVHQOD5HG 3RURWUDSDUWHHOVLVWHPDGHFRWL]DFLyQSDJRGHEHDXWRPDWL]DUVH(OFDUULWRGHFRPSUDVYLUWXDOHVHTXLYDOHQWHGHO FDMHURGHOHQFDUJDGRGHH[SHGLFLyQDYHULJXDDOJXQRVGDWRVDFHUFDGHOFOLHQWHFyPRSDJDDGyQGHYLYH

143. RWURV DFHUFDGHOHQYtRFXDQWRSHVDTXHWDPDxRWLHQH(QEDVHDHVWRVHFDOFXODHOIOHWHHOSUHFLRWRWDO(OVRIWZDUHGHMD UHFRUUHU HOFDWiORJRVXELHQGRDOFDUULWRORTXHGHVHDFRPSUDU$OOOHJDUDODFDMDFDOFXODHOWRWDOOHGDODRSFLyQGH FDPELDUODVFDQWLGDGHVRDUUHSHQWLUVHGHDOJXQDFRPSUD 6LHOFOLHQWHSDJDFRQWDUMHWDHOVLVWHPDGHEHFRPXQLFDUVHFRQODEDVHGHGDWRVGH9LVD0DVWHUFDUGRTXLHQIXHUHSDUD DXWRUL]DUHOSDJR7DPELpQGHEHSHGLUVHODIHFKDGHYHQFLPLHQWRFRPSDUDUODFRQODIHFKDGHODWUDQVDFFLyQ3RU ~OWLPRVHREWLHQHXQFyGLJRGHDXWRUL]DFLyQVHLPSOHPHQWDHOHQYtR0LHQWUDVWDQWRHOEDQFRGHOYHQGHGRURHOGHO VKRSSLQJDFUHGLWDQORVIRQGRVDXWRUL]DGRVSRUHOFRPSUDGRU6LHOHQYtRFRQVLVWHHQDOJRTXHSXHGDYLDMDUSRU)73R HPDLOHOVLVWHPDGHEHGDUODDXWRUL]DFLyQRODRUGHQFRUUHVSRQGLHQWH /DPDRUtDGHODVSiJLQDVH[WUDQMHUDVSRVHHQDOJXQRVRWRGRVGHHVWRVVHUYLFLRV$VtVHSXHGHFRPSUDUSRU,QWHUQHW FDVLFXDOTXLHUFRVDGHVGHXQDSL]]DKDVWDXQFHURNLOyPHWUR6LQHPEDUJRHVWDQGLItFLOHQ/DWLQRDPpULFDFREUDUSRU ,QWHUQHWTXHHOQHJRFLRGHODVFREUDQ]DVSDUDWHUFHURVHVDOWDPHQWHSURPLVRULR/DVWDUMHWDVD~QQRFRQItDQHQODV FRPSUDVSRUOD:HESRUODSRVLELOLGDGGHIUDXGH0XFKRVVLWLRVWLHQHQDXWRPDWL]DGRWRGRHOSURFHVRGHYHQWDVSRU FDUULWRGHFRPSUDVSHURSLGHQTXHHOFRPSUDGRUID[HHODRUGHQILQDOFRQXQDILUPDVFDQHDGD 5HFLHQWHPHQWHVXUJLHURQDOJXQDVWDUMHWDVSUHSDJDVTXHSHUPLWHQFRPSUDUHQ,QWHUQHW6XRULJHQIXHURQORVVLWLRV;;; TXHJHQHUDQPXFKDGHVFRQILDQ]DUHTXLHUHQHVSHFLDODQRQLPDWRRQODWDUMHWDHOFOLHQWHDPHQXGRPHQRUGHHGDG

144. VDEHTXHQRSRGUiSHUGHUPiVTXHR8'TXHQRTXHGDQUHJLVWURVGHVXWUDQVDFFLyQ /,1.6 6LVFRWHO6KRSSLQJ 8QVKRSSLQJDUJHQWLQRGHYHUGDGRQODVHGLWRULDOHV~VSLGH4XDUN/RTXHQRHVWiFODURHVVLVH SXHGHFRPSUDUGHVGHHOH[WHULRU LXGDG'LJLWDOGHODUtQ $UJHQWLQD6KRSSLQJHQWHU (VWiLQGH[DGRHQ'yQGHRQRSXGHLQJUHVDU'yQGHHVWi +DFHSRFRHQWUHYLVWDURQDXQHPSUHVDULRTXHYHQGHILUPDVGLJLWDOHVPpWRGRTXHD~QQRHVDFHSWDGR XQLYHUVDOPHQWHSDUDFRPSUDVRQOLQHOHSUHJXQWDURQSRURWURVPpWRGRVGHYDOLGDFLyQFRPRVHUHQYLDUOD ILUPDSRUID[ (VDEVXUGR GLMR QRKDQDGDPiVIiFLOGHUREDUIDOVLILFDU HOVLVWHPDGHOHFWRUGHKXHOODVGLJLWDOHVTXHVHHQFKXIDDXQSXHUWRGHOD3SDUDYDOLGDUDOXVXDULR (VPiVDEVXUGRD~Q8QDILUPDVHSXHGHOOHJDUDFDPELDUHQFDVRGHURERSHURTXpSDVDVLXQKDFNHUVH UREDXQDEDVHGHGDWRVGHKXHOODVGLJLWDOHVGHFRPSUDGRUHV4XpYDQDKDFHUHPLWLUQXHYDVKXHOODVGLJLWDOHV SDUDODJHQWH

145. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV UHRTXHWRGRHOPXQGRHVWDUiGHDFXHUGRFRQHVWDVDILUPDFLRQHVVDOYRTXL]iORVFLUXMDQRVSOiVWLFRV (OWHPDGHODVYHQWDVSRU,QWHUQHWVLJXHHQ$UJHQWLQDYDULRVSDtVHVPiVGHPRUDGRSRUODGLILFXOWDGHQ FRQVHJXLUTXHODVWDUMHWDVGHFUpGLWRSURFHVHQORVSDJRVLQWHUQDFLRQDOHV+DVWDDKRUDHO~QLFRPRGRFRQ9,6$ SRUHMHPSORHVTXHKDDXQDILUPDDXWyJUDIDGHOFRPSUDGRUDFHSWiQGRVHORVHQYtRVSRUID[ (VWHHVRWUR DVSHFWRHQTXHODOHJLVODFLyQODLQIUDHVWUXFWXUDQRDXGDQDODVHPSUHVDVGH,QWHUQHWODWLQDV 3RUDKRUDH[LVWHQGRVVROXFLRQHV LQFRUSRUDUXQDHPSUHVDHQ((88RHQORVSDUDtVRVILVFDOHVVDFDUXQDPHUFKDQWDFFRXQWFXHQWD FRPHUFLDOHQODFXDOORVSURFHVDGRUHVGHSHGLGRVGHSDJRFRQWDUMHWDGHSRVLWDQHOGLQHUR7LHQHXQ FRVWRFHUFDQRDORV8'FRQPXFKDVYDULDEOHVUHVSHFWRGHWLSRGHHPSUHVDHVWDGRGH LQFRUSRUDFLyQHWF/XHJRVHDJUHJDXQFRVWREDMRGHPDQWHQLPLHQWRGHVFXHQWRVGHORUGHQGHOGH FDGDWUDQVDFFLyQ FRQWUDWDUXQVHUYLFLRTXHVXEDOTXLODVXFXHQWDFRPHUFLDOVHUYLFLRGHSURFHVDPLHQWR(OFRVWRLQLFLDO HVPiVEDMRR8'

146. SHUROXHJRKDXQPDQWHQLPLHQWRGH8'D8'XQGHVFXHQWR SRUWUDQVDFFLyQHOHYDGRDO

147. (QWRGRVORVFDVRVORVSULPHURVSDJRVHVWiQVXMHWRVDXQGHSyVLWRSDUDFXEULUHYHQWXDOHVUHLQWHJURVDFOLHQWHV (OSUREOHPDFRQODVFREUDQ]DVSRUWDUMHWDHVTXHHOFRPHUFLDQWHGHEHVHUFRQILDEOHVROYHQWH4XpSDVDVL DOJXLHQYHQGHVHUYLFLRVRSURGXFWRVLQH[LVWHQWHVFREUDVHIXJDFRQHOGLQHUR(VSHURQRGDUOHODPDODLGHDD QDGLH /LQNV (QFDVWHOODQR KWWSZZZRNFRPSUDFRP XQDHVSHFLHGHVKRSSLQJYLUWXDO

148. KWWSZZZHSDJRVFRP H[FOXVLYDPHQWHGHGLFDGDDOWHPDFREUDQ]DVRQOLQHSDUDFDVLWRGD/DWLQRDPpULFD

149. KWWSZZZQZFRPDU H[FOXVLYDPHQWHGHGLFDGDDOWHPDFREUDQ]DVRQOLQH

150. KWWSZZZGHFLGLUFRP FREUDQ]DVRQOLQHHQWUHRWURVVHUYLFLRV

151. KWWSZZZLWHDPFRP EDVDGRVHQ%XHQRV$LUHV

152. (QLQJOpV ZZZYDQVHUYFRP SDUDSURGXFWRVYLUWXDOHV

153. ZZZLELOOFRP XQRGHORVOtGHUHVHQWUHORVTXHVXEDOTXLODQPHUFKDQWDFRXQWV

154. KWWSZZZLQVWDELOOFRP 8QVLVWHPDSDUHFLGRDZZZLELOOFRPVLQDUDQFHOLQLFLDO KWWSZZZSDSDOFRP

155. LEHUQHJRFLRV 66DPRLORYLFK 7RGRVORVGHUHFKRVUHVHUYDGRV 1HWLF,QIRVHUYLFLRV ,QIRPHGLDFLyQ RUUHVSRQGHDORVQHJRFLRVGHLQWHUPHGLDFLyQHQWUHFRPSUDGRUHVYHQGHGRUHVRDQXHYRVVHUYLFLRV SRVLELOLWDGRVSRUOD5HGEDVDGRVSULQFLSDOPHQWHHQHOWUiILFRGHELWVLQIRUPDFLyQ SXUD

156. %~VTXHGDVGH,QIRUPDFLyQ (VWDHVODSULPHUDWDUHDTXHUHDOL]DFXDOTXLHUDDOFRQHFWDUVHDOD:HEUHVXOWDVLPSOHWHQWDGRURIUHFHUODD WHUFHURV/XHJRGHLQWHQWDUORSRUXQWLHPSRHODXWRUHQFRQWUyDOJXQDVGLILFXOWDGHVLPSUHYLVWDV %XVFDULQIRUPDFLyQHQ,17(51(7SXHGHVHUPDUDYLOORVR6HSXHGHQEXVFDUSHUVRQDVXVDQGRXQPRWRUGHE~VTXHGD FXDOTXLHUDFRQVXOWDQGRODJXtDWHOHIyQLFDRQOLQHRORVOLVWDGRVGHWLWXODUHVGHFRUUHRHOHFWUyQLFRRPRUHVXOWDGRXQR SXHGHHQFRQWUDUDVXQRYLDGHODLQIDQFLDDXQYLHMRDPLJRLQFOXVRDXQGHVFRQRFLGRSDULHQWHFHUFDQRGXHxRGHXQD PXOWLQDFLRQDO /DLQIRUPDFLyQGHOD5HGWLHQHFDUDFWHUtVWLFDVHVSHFLDOHV 'HYDULDGRRULJHQ 'HYDULDGDPRWLYDFLyQ 'HQVD ,QWHUDFWLYD *HQHUDGDSRU N ,QGLYLGXRV N ,QVWLWXFLRQHV N *UXSRVYLUWXDOHV N GHFXDOTXLHUHGDG RULJHQ N ,QWHUHVHVFRPHUFLDOHV N SROtWLFRV N VRFLDOHV N SHUVRQDOHV N LHQWRVGHPLOORQHVGH SiJLQDV N LHQWRVGHPLOORQHVGH PHQVDMHVHQ QHZVJURXSV N 0LOHVGHPLOORQHVGH PHQVDMHVGHHPDLO RQIDFLOLGDGHV SDUDLQFRUSRUDU ORVDSRUWHVGHO XVXDULR /LEUH $FWXDO $ELHUWD *UDWXLWD 1RH[LVWHFHQVXUD 'HVGHLQVWDQWiQHDKDVWD GHYDULRVDxRV RQIDFLOLGDGHVSDUD VHUDFWXDOL]DGD H[SDQGLGD (QVXPDRUtD GHOLEUH UHSURGXFFLyQ 6HSXHGHQDQDOL]DUPHUFDGRVHQWHUDUVHSRUHMHPSORGHTXHHQ5XVLD$XVWUDOLDR(FXDGRUGHVHDQFRPSUDUPDWHULDV SULPDVRSURGXFWRVLQGXVWULDOHVORFDOHV$VLPLVPRVHSXHGHDQDOL]DUODRIHUWDH[LVWHQWHGHGLFKRVSURGXFWRVSRUSDUWH GHRWURVSURGXFWRUHV /RVSURIHVLRQDOHVSXHGHQKDOODUODLQIRUPDFLyQPiVDFWXDOL]DGDUHVSHFWRGHORVWHPDVTXHOHVLQWHUHVDQ'HVGHHO 'HUHFKRDOD,QJHQLHUtDSDVDQGRSRUOD0HGLFLQDOD(FRQRPtDPLOHVGHVLWLRVQHZVJURXSVUHYLVWDVHOHFWUyQLFDV SURYHHQPXFKDVPiVSiJLQDVGHWH[WRHLPiJHQHVTXHODVTXHXQDSHUVRQDSXHGHDEVRUEHUHQXQDYLGDGHWUDEDMR +DVWDDTXtWRGRVVRQEHQHILFLRV6LQHPEDUJRSRFRVKDEODQGHOWLHPSRHOHVIXHU]RTXHLQVXPHKDFHUXQDE~VTXHGD VHULD3RUHMHPSORHQFRQWUDUXQUHVXOWDGRYDOLRVRHQWUHLQ~WLOHVOHHUFLHQWRVGHSiJLQDVSXEOLFLWDULDV TXHGDQ LQIRUPDFLyQHQFXHQWDJRWDVROHYDQWDUVHDODVGHODPDxDQDSDUDHQWUDUHQXQFKDWGH(VSDxDRGH7DLZDQ %XVFDULQIRUPDFLyQSDUDHOS~EOLFRQRHVQDGDIiFLO$TXLHQHVTXLHUDQRIUHFHUHVWHVHUYLFLROHVSXHGRRIUHFHUDOJRGH H[SHULHQFLDRULHQWDFLyQFRPRFRQVXOWRUFRPRDQWLFLSRYDDQHVWDVUHFRPHQGDFLRQHV N HVQHFHVDULRHVSHFLDOL]DUVHHQDOJ~QWHPDOLPLWDGRSDUDSRGHUYHQGHUSDTXHWHVGHLQIRUPDFLyQHVWiQGDU1R HVUHQWDEOHGLYHUVLILFDUVHGHPDVLDGRDTXHFDGDE~VTXHGDUHTXLHUHPXFKRWLHPSRSHUVRQDOHVSHFLDOL]DGR N HVSUHFLVRGLVSRQHUGHEXHQDFRQHFWLYLGDGFRPRODTXHEULQGDHOFDEOHPRGHPSDUDSRGHUDSURYHFKDUDO Pi[LPRHOWLHPSRGHORSHUDGRU N KDTXHHVWDQGDUGL]DUHQORSRVLEOHODPHWRGRORJtDGHE~VTXHGDIRUPDQGRSDTXHWHVGHGLIHUHQWHSUHFLRDGD SDTXHWHLQYROXFUDODGHILQLFLyQGHWDQWDVSDODEUDVFODYHHOH[DPHQGHWDQWDVFDQWLGDGGHSiJLQDVHQWDQWRV EXVFDGRUHVHOLPSUHVRGHWDQWDVSiJLQDVODHODERUDFLyQGHXQLQIRUPHGHWDQWDVSDODEUDV

Cibernegocios

Recommended

Recommended

More Related Content

What's hot

What's hot (16)

Similar to Cibernegocios

Similar to Cibernegocios (20)

Recently uploaded

Recently uploaded (20)

Cibernegocios