KWWSZZZHOSUDFWLFDQWHJDOHRQFRP /$+,*,(1('(/$69Ë$6$e5($6,1)(5,25(6 =DIUD6ROD]0&'HOD&RQFHSFLyQ%RVFi)*HQRYpV&DVTXHWH$6ROHU'tH]&'8( 5HVXPHQ 0XFKDVYHFHVFXDQGR (QIHUPHUtDOHHXQDVyUGHQHVGHWUDWDPLHQWRPpGLFRSXHGH REVHUYDUXQDLQGLFDFLyQFRPRILVLRWHUDSLDUHVSLUDWRULDDVSLUDFLyQGHVHFUHFLRQHVVHJ~Q GHPDQGD(OREMHWLYRTXHQRVPXHYHDODKRUDGHUHDOL]DUHVWHDUWtFXORHVPRVWUDUOD LPSRUWDQFLDGHODKLJLHQHGHODYtDDpUHDLQIHULRUWDQWRHQHQIHUPRVLQWXEDGRVFRPRHQ HQIHUPRVSRVWRSHUDGRVKDFLHQGRWDPELpQKLQFDSLpHQODILVLRWHUDSLDUHVSLUDWRULDOR TXHIDYRUHFHODFRPRGLGDGGHOSDFLHQWHDODKRUDGHHOLPLQDUVHFUHFLRQHV 3$/$%5$6&/$9( $VSLUDFLyQ)LVLRWHUDSLD0pWRGR&XLGDGRV ,1752'8&&,Ï1 /DDVSLUDFLyQGHODVYtDVDpUHDVHVXQSURFHGLPLHQWRKDELWXDOSHURQRGHEHVHUUXWLQDULR TXHKD\TXHWHQHUSUHVHQWHTXHHOSDFLHQWHSXHGHHVWDUH[SXHVWRDGLIHUHQWHVULHVJRV FRPRSRUHMHPSORXQDLQIHFFLyQTXHRFXUULUtDVLH[LVWLHVHXQDFRQWDPLQDFLyQHQHO WUDFWRYHQWLODWRULRGRQGHPHQRVEDFWHULDVKD\GHODFRULQDDODOYpRORORTXHVH GHQRPLQDiUHDHVWpULO9DPRVDGLVWLQJXLUGHQWURGHXQDYtDDpUHDQRUPDOWUHViUHDV GLEXMRÈUHD,DODTXHGHQRPLQDUHPRViUHDFRQWDPLQDGDTXHHVWiFRPSXHVWDSRU QDUL]ERFD\RURIUDULQJHÈUHD,,DODTXHGHQRPLQDUHPRViUHDOLPSLDGHVGHODJORWLV KDVWDODFRULQDÈUHD,,,DODTXHGHQRPLQDUHPRViUHDHVWpULOTXHFRUUHVSRQGHGHOD FRULQDDODOYpROR$ODKRUDGHXQDDVSLUDFLyQHO REMHWLYRDWHQHUHQFXHQWDHVTXHQR GHEHPRVWUDQVSRUWDUOHEDFWHULDVGHOiUHD,DiUHD,,(VSRUHOORSRUORTXHYDPRVD RULHQWDUQXHVWURWUDEDMRDODKLJLHQHGHODYtDDpUHDLQIHULRU/DDVSLUDFLyQGHVHFUHFLRQHV HVXQDWpFQLFDTXHWLHQHFRPRREMHWLYR PDQWHQHUODYtDDpUHDSHUPHDEOHUHWLUDQGRGHO iUEROEURQTXLDOODVVHFUHFLRQHVTXHXQSDFLHQWHQRSXHGHHOLPLQDUHVSRQWiQHDPHQWH &216(-263$5$/$$63,5$&,Ï1,1',&$&,21(6 $VSLUDUVyORFXDQGRHOSDFLHQWHORQHFHVLWH\DTXHFRPRKHPRVUHFDOFDGRDQWHVQRHV XQSURFHGLPLHQWRGHUXWLQD(VWDUHPRVDQWHXQSDFLHQWHTXHSUHFLVHDVSLUDGRFXDQGR /DVSUHVLRQHVLQVSLUDWRULDVYD\DQHQDXPHQWR &XDQGRKD\DUXLGRVUHVSLUDWRULRVPDUFDGRV &XDQGRKD\DVHFUHFLRQHVYLVLEOHV&XDQGRVHHVWpDVSLUDQGRQRFRORFDUHPRVORV GLVSRVLWLYRVGHDVSLUDFLyQGHEDMRGHODDOPRKDGDVLQRTXHXVDUHPRVYiOYXODVGH DSHUWXUDLQVWDQWiQHDIRWR7UDWDUHPRVHOPDWHULDOFRPRGHVHFKRVFRQWDPLQDGRVQR ORVYHUWLUHPRVQLHQODSLODQLHQHO:&VLQRHQHOUHFLSLHQWHSUHSDUDGRSDUDGLFKR GHVHFKRIRWR 0$7(5,$/ 6LVWHPDGHDVSLUDFLyQ 6RQGDHVWpULOFRQRULILFLRGHDVSLUDFLyQLQWHUPLWHQWH *XDQWHVHVWpULOHV *DVDVHVWpULOHV 5HFLSLHQWHFRQVROXFLyQHVWpULOJHQHUDOPHQWHDJXDGHVWLODGD /XEULFDQWHHVWpULO 3DxRHVWpULO 352&(',0,(17235(9,2 6LHOSDFLHQWHVHKD\DFRQVFLHQWHHLQWXEDGROHH[SOLFDUHPRVODVPROHVWLDVTXHOHSXHGH RFDVLRQDUODGXUDFLyQGHOSURFHVR\ODQHFHVLGDGGHUHDOL]DUOR &RORFDFLyQHQSRVLFLyQVHPLVHQWDGR 3UHSDUDFLyQGHOPDWHULDOFLWDGRHQHOSXQWRDQWHULRU 2EVHUYDFLyQGHODIUHFXHQFLDFDUGtDFDGHOHQIHUPR 3UHR[LJHQDGRFRQ2D 7e&1,&$ ± 7RPDUODVRQGDHVWpULOGHOHQYDVH\FRQHFWDUODDODDVSLUDFLyQ ± &RORFDUVHORVJXDQWHVHVWpULOHV ± 'HVFRQHFWDUHOWXERHQGRWUDTXHDOGHOUHVSLUDGRUGHMiQGRORHQXQSDxRHVWpULO/XEULFDU ODVRQGD ± ,QWURGXFLUODVRQGDKDVWDODWUiTXHDVLQDVSLUDU\WDQOHMRVFRPRVHDSRVLEOH ± $SOLFDUDVSLUDFLyQLQWHUPLWHQWHPLHQWUDVVHUHWLUDOD VRQGDOHQWDPHQWHFRQXQ PRYLPLHQWRURWDWRULR(VHOGHGRSXOJDUGHODPDQRQRGRPLQDQWHHOTXHFRQWURODOD DVSLUDFLyQ ± 9LJLODUODIUHFXHQFLDFDUGLDFDDILQGHHYLWDUDUULWPLDVSRUHVWtPXORYDJDORKLSR[LD ± 1RSURORQJDUODDVSLUDFLyQPiVGHVHJXQGRV\HQFDVRGHTXHHOSDFLHQWHUHTXLHUD DOWDVFRQFHQWUDFLRQHVGH2DFRUWDUODDVHJXQGRV ± 5HFRQHFWDUHPRVDOHQIHUPR\YROYHUHPRVDLQVXIODUR[LJHQRDO ± /LPSLH]DGHODVRQGDHQVROXFLyQDVpSWLFDDQWHVGHXQDQXHYDDVSLUDFLyQ ± 6HUHSRQGUiQORVQLYHOHVGH)L2SUHYLRVDOSURFHGLPLHQWR ± 2EVHUYDUHPRVHOYROXPHQ\HODVSHFWRGHODVVHFUHFLRQHVFRQHOILQGHREVHUYDUVX YLVFRVLGDGHQFDVRQHFHVDULRUHDOL]DUHPRVODYDGRVEURQTXLDOHV 35(&$8&,21(6$7(1(5(1&8(17$ ± 1RGHEHPRVROYLGDUUHSRQHU OD)L2WUDVHOSURFHGLPLHQWRSXHVWRTXHSRGUtDPRV REWHQHUXQDKLSHUR[LJHQDFLyQ ± &RQWURODUHPRVORVVLJQRVYLWDOHVDQWHV\GHVSXpVGHODWpFQLFD ± 3UDFWLFDUHPRVHQWRGRPRPHQWRWpFQLFDHVWpULOSDUDHYLWDUODLQIHFFLyQQRVRFRPLDO ± /RVODYDGRVEURQTXLDOHVORVUHDOL]DUHPRVFRQVXHURVDOLQRLVRWyQLFRHVWpULOVXHUR ILVLROyJLFRSXHVRWURWLSRGHVROXFLRQHVVRQLUULWDQWHV ± (VWDUHPRVSUHSDUDGRVSDUDDFWXDUHQFRPSOLFDFLRQHVFRPR D(VWLPXODFLyQGHYyPLWR E/DULQJRHVSDVPR F(VWLPXODFLyQYDJDO\DUULWPLDV G+LSR[LD H2EVWUXFFLyQGHODYtDDpUHD I%URQFRHVSDVPR /DDVSLUDFLyQHVPHQRVHILFD]HQHOiUEROEURQTXLDOL]TXLHUGR\DTXHHOEURQTXLR SULQFLSDOL]TXLHUGRVDOHGHODWUiTXHDHQXQiQJXORPiVDJXGRXQGUHQDMHPiVDJXGR SDUDGLFKREURQTXLRVHORJUDUtDFRQILVLRWHUDSLDUHVSLUDWRULD\GUHQDMHSRVWXUDO ¢&Ï025($/,=$5),6,27(5$3,$5(63,5$725,$" /DILVLRWHUDSLDUHVSLUDWRULDVHUHDOL]DHQVHxDQGRDOHQIHUPRDWRVHU\HIHFWXDU UHVSLUDFLRQHVSURIXQGDVTXHOHD\XGHQDHYLWDUODVFRPSOLFDFLRQHVUHVSLUDWRULDV 0pWRGR &RORFDUHPRVDOSDFLHQWHHQSRVLFLyQVHPLIRZOHUVHOHLQGLFDUiTXHH[SXOVH VXDYHPHQWHHODLUHVHJXLGDPHQWHKDUiXQDLQVSLUDFLyQSURIXQGDSRUQDUL]DJXDQWDQGRHO DLUHHQVXVSXOPRQHVPLHQWUDVTXHPHQWDOPHQWHFXHQWDKDVWDFLQFRHVSLUDUOHQWDPHQWH GHMDQGRVDOLUWRGRHODLUHSRU ODERFD5HSLWLHQGRODVHFXHQFLDXQDVGLH]YHFHV 6REUHODWRV (OSDFLHQWHVHQWDGRHQODFDPDLQFOLQDGRKDFLDGHODQWHTXHHQWUHODFHVXVPDQRVVREUHOD ]RQDGHODLQFLVLyQ6HUHDOL]DHOHMHUFLFLRUHVSLUDWRULRDQWHULRU\OXHJRPDQWHQLHQGROD ERFDDELHUWD TXHKDJDXQDUHVSLUDFLyQSURIXQGDHLQPHGLDWDPHQWHWRVDIXHUWHPHQWHXQD RGRVYHFHVGHVSXpVTXHUHDOLFHRWUDLQVSLUDFLyQSURIXQGD &21&/86,21(6 /DWpFQLFDGHDVSLUDFLyQHVXQSURFHGLPLHQWRDJUHVLYRSHURQHFHVDULR /DDVSLUDFLyQVyORHOLPLQDVHFUHFLRQHVSDUDUHDOL]DUXQDySWLPDKLJLHQHWHQGUHPRV TXHUHDOL]DUGUHQDMHSRVWXUDO\ILVLRWHUDSLDFODSLQJ 1RDVSLUDUHPRVPiVWLHPSRQLPiVYHFHVGHORQHFHVDULR 5HJLVWUDUHPRVODVREVHUYDFLRQHVGHDQWHV\GHVSXpVGHODDVSLUDFLyQ /D~OWLPD]RQDGHDVSLUDGRVHUiODERFDSDUDHYLWDUFXDOTXLHUH[FHVRGHVDOLYDTXHVH KD\DSURGXFLGRGXUDQWHHOSURFHGLPLHQWR 8VDUHPRVODWpFQLFDDVpSWLFDPHQWH 1RUHDOL]DUHPRVQXQFDODPDQLREUDSRUUXWLQD