Editorial De Infraestructura

‘

 ‘
 ‘    m ž


       
  

 

   
 

  

        
              
 


   
  

 
   
 
  
    
  
 
    



   

 
 

   


 
               
    
             
!  
"  
 

        
    

 
 #
 

   
      
$


       
  

   
  
% 
 
 &          
'   
 

 
  
  
 
       $      
ž ()      
    

 
*  
  
  
   m ž 


 &

 +   

 ,ž
(-  
.       
  
  
* 
! 
$
    / 
 0. &1       

  
     


 
 2

 
3 .41
)(* 
   5
2$6)2
7& #8 &1   + 8        
 
 9    6
$
 *   ž  )
ž *   



    
  
   
  

      
  

    :
 
  
  $      
 








          

   #+   ;   ! 

 

 

  8  
  5
2$6  2    )-80        & 
   


 * ;
  
)  
*   #   

!          
     
       
 
     
  
  
:  
 
  
   
#          
 
 #
   
   )-$2*        6+  5
2$6:, 
  #
    


    7  
8     

<< 

 


  
    
8
   
7 
0. &1    
  #  
   
 7   7 
   

  

     = 31    / -$2   
            
   
  #          :     :
 .              
        
 
 

  
 
  #      .   

     8       
      

   



 
  #,
1.
/ )   7 
  

  
 #           m  
 
 
 >
 
  
   "   8 % 
   ' ?
   ( 
ž ž
(-  
.   $
    
 0. &1     " m ž 

<<@2            #           
  
 

      #6

 

 
  

      
    



   
   
 
    #7       
   
8         
A 
 


 
 
    # 

 

 

 !8
  

   

  
     

    
.        
=    
         B      

   
    
      


   
           )  . *      


8    
C $ .
)C$*  ;  
        

   

+   

 !8

 #       
=   
 
   !8
    
 
8

 $     
  >3
31  
  

  
 
  C$ 
7 D.D 
- E2 )DD-* B
   



  

  + C) C*   !8     
   


  

8  8 #
  B
) C ;  
 
  
;

.


+    
      GG(    
  
# 
,  
/
     

  # 
 
(G   
  "  

   
 
  
   

  
  % m &""I


 !

  

    

 
   .   
        

 @   %&       J       
  

 
 
B   
   #

  !8 K6  
 
     
   
    1  @    .  


 
#   

    
   +    ""I


 !
& .

 


 



'm

(m

Qm

m

G m

  !

 

  

    

 
   B 

  + 
  
  .   
       #
   

    "I
 


8 
   !
& ) .& .   . 8 .. 2 
  
     
*    

 #
 
 
  

     #

8
   




2   
 
      
  
 .2 2 2 ) 222*
   @  -      ž9 
    
 


 
   
6  @   
 
 
8   
   
 ,  /:  
   #A       2 2   554@  #      7 
 

        
       
G  
 
        
7 
   
   
     :@      


  !
H>C*           

 
* 22 2 . 
2   4
  
       
 

        >$3 L 7    
 * 
   
   

 

  
 

  
.

  +   

   
  

   C 3
.    M&  N 3
. N
              
   
 1 )
  
 N     N*  


 
      
  
   
 
     
    . N
 N
     
     
   

.       

 
    N 3
.
N   
  1 
  O
  5
C 3
.
  GG   
  

 
D  P

$
  
 N  N           
N   N   

 

  
     1 
        
N 3
. N H 
    ž
 

7& 
 B         
 
       
#     
;
        


   .  8 



 
;J 
GG>
&

C 
   
 
 

 2
 C  $    !8
  
 8

 
#  
  
"'  
 

      
  (% GGG  
 
  


 8
    .   

    
  $   
2B)9B *   
'   7   

  

#
 
  
    


>  )

*  

 
   
         


  
      @  630 
$
      
          
  
 





 
  
     2      , 
 / , 
 / 
 
 
 
     


,  
 
/      &
       .
    
 
     

       .  # 
2   
   .            
     
  $
  B
  

7 


           

    
      
 

  
 
          
 ž B     
 
 
 
   

 8 
  

 
 
  
    &    $>

       
 8
 
=   
 

  .     
  >
   ,
C 
/      &       .





 B

 
  


ž 

       

  " 2     

                 
 
  
  


   

 
% 
   
    


   2    

 
   

 
: 
 
 


 
   
' $ 
8  8 ž   

8

 B           ž
8
 
  
  
  


  
( = 8  &



   
  
   
   
ž
(>
-
0
 $
    &
  


    @   
  
@   

 
@      $  .      > 
  
   
   7-     >
       
         ) #    *>        . @ 
   
   @  

      


   @  


   @

            
     2       


1.
       


 
 ž 


 
 ..  .      
 

 

 #

     !8 M2
 
 
 
   .   
  

 
   



       
 ž )
ž * $  8  

8
 ;   # 
;           
   

 

     

          

   
.

   
 
  8 
 

@   
   
F     

  
ž
 
 


          
  7    
 #  


     F   7
F
  
  
JB    
    =3 # 1 )=*>         

 
   GG'
 
   

  
     
   
   


. 8         
  8 


 #
8 
     8   
-   $
     
  


 -
    
 H    

   
 

 m @ $
    
 $ & 

    
 .      
  
 

B        #  M$
   
    


  
   ! 8    C  C-@)C -  @  *     
 #
  
 
 
      #+   2 5C  
   
    
 # 
B  
 
     $
  

   
 
    
78 

 
G8 
   

 
   
 # H 
  
  

   
  -
&  
    
 .    #

     
   .  
 

 

 

  + 

 # 

     m 
   


    
ž   
    

 
  8

8 
  


  
   

H>C    



      

 
      


         
  
B 

 
   


   
 
 

 #     5
2$6&2
7&
 9     6
$
 )5
2$6*
     QG

    
 


  


    

  
          

   4   
  2   )-80  *

  
  GG(
%  8

G
 

  
$
 
            .   


  & .
&@
 & .
&

-

   $ 
            

  !Q  
    

      


  
 

  
  
  

       
   
  

 7
$

 GGG
 
           
    I@

!      

$-&
 
   -

   $ )
$-*
         


+ 
 
      $ 4 
+
 & 2.  H
  


8  

%G !8


  
 GGG   $
 
        7


    7 7  


   




 

           

‡
   

Características de una Planta de Clase Mundial En el comienzo del Siglo XXI  Autor Mauricio Lefcovich

 
 ‡ 
     E-mail [email protected] 

Índice m 
   m   m  
 
 m    
  
 

 m ! "#   " 
 $m %
 
&
&'
& (m ‡ 
   




 )m *
   +
  ,m +-   .m/& 0  &
 m1 0
  


m‡

     m!    &  
-
  " m 
   "#  
  2  m &   
 
  $m*
  
 (m*
 3&4  
 )m5-
        ,m  
  
&   .m    m6 "0 

. Introducción  5

 7
  &
  8
    8  
0
 # 

 
  
 #    
  

%    9-&  

   
:   & 
 :

&  &"

   "   
0
 #   8  # 
   8 -7&   
:   :
:
&:  &  ;    # 00&&  

   :
 :   : 0
 :    
0" : 

      "
 
-
 : #   " 
 
   # 

 
 - #  
   
  &  "      
 :   

&    !
  
0
 -


     
 <  m   m  
 
 m    
  
 

 m ! "#   " 
 m %
 
&
&=
& $m ‡ 
    




 (m *
    +
  )m 5-
  > 8
 ,m /& 0  &
 .m1 0
  
 m‡

     m5  >    
-
    &   m%8 ?  
2
 5   
-
    @
 m1 0
 

 &   
 

  

 m 
   
0
 
 "  #  
   
  
 &   
  : 
&: 
:
 :
 
: &  
"  

 $m 
  &
   
   :

  
     
     8 (m
 -
  &     )m  
  
&   

. Seguridad  !7
 
    0  09# 
    !
    
      -
 -   & 
 

3. Fuerza de trabajo comprometida  9  
  &     
    
     :      
:
    "
& #    
&9     
   &   #  1  
       
 
&   
 # 1
     
&  0  
    ..A       

4. Fabricación y entregas a los clientes justo a tiempo  ! 
   
   # 9

7   ,) 
    .. 
9   &    7

& 
    & 
  

5. Enfoque en el flujo de producto  ! 
   
 
    
: "
-   
 & 
   &
!
 &   &   

 
 

". Mantenimiento preventivo ± predictivo  B
 
 7
 -#   
 8   9-#  
   
0   ! 
     
     ! 
 

  
 
       0 
   

7. Administración de cuellos de botella  9"  &  




: 
 -:
-  
" 
   ‡   




   --
"    &   
 

8. Gestión de la Calidad Total  9   
  &  
       
 &   :  
#      "
9@#    &   
 :
 

 : "


 
C "
  "
   
8   


  9 


%  
     
 
& &  :
  -
 
  
  
"

 
 7
  

9. Tiempos rápidos de preparación  9      "  0
;# 
  
:  
 -7" 7 
"      
9
-      
 &   &  
&:"&   " 7   
& 

 . Nivel mínimo de inventarios  9 &

:
  

 

& 8
 &   : 
-   " 
 
   9 0   &
 
     "0 :  
    
 
& :"  
      

. Políticas y procedimientos de apoyo  9 0
  
 
&  
D 

 :    
&:
  "  :  :
E : 
     

. Automatización de los procesos  ‡

  :

  & 
  :&
  
      
  " 
  : 
  -"-  
       
- &    : 
  7

:   &   :  
  
&: 
   &   & 
 
 
    
  
-
   
     
: 
  

        
  "
  
    "  

3. Eliminación y prevención sistemática de despilfarros  !   
 

&   #          "

 "
      
 
    

:&    &
 : 0
?  
   

 &    "
 
-
  

  
 & 8  
  
  " 
   

4. Incremento en el enfoque centrado en el diseño  ‡        
"   
   2:

 
   :  
 "  & 8

  
   
   !  
2 " 
 
         
  

 : 0
?   2
#  #      
 
   
 

: #  8   

5. Innovación continua de productos y procesos 

%-  A     
   @
   2%
  &   
 


    "
  
  
:
        !  
  

 00  

&

"
 
 
&   &  :   
  & 9    
   

      " 
       &  

". Gestión basada en datos  9
&  
 
 
   "       



: &0# &   1

 

0
 

 
& "   " 
 F     0  +   " " 
# 

 "
   " 
   7. Gestión ³verde´ de los procesos y productos  F
 
    :   
    
     
    
    
      ! 8      0 
   
&" 
 &
   

    8. Rápida adaptación a las necesidades del mercado  ‡
     
     
 
    2
 
 
     
  "-
 - 
9"- " 7 :  "
G
     ‡;  ‡%
    
 &   
  9. Capacitación de directivos y personal  *
   " 
&  
  
 
 
 

 
&    9  
    
 
   
 ; -    
 0 .8     
&  
   9  
  
 
 
 &   
  

   . Conclusiones    # 
?   
#            :   
& - "    :- # &   
#  
 

& 

9     : 
  "     




: ? 
       : # - "   


 

   "  & & : &  
&: 0   
;  "  &     &    &  & :      8 &      

     


:# 0 :#  >8
:  "-
  
?
 :  &  
 

7
  
: 
  #  
     &
  0
& 
 :-
8   &- 
  8
   . Bibliografía  Alianzas empresariales para la mejora continua'<

 '!
 1 ',, Empresas Tradicionales versus Nuevas Empresas Competitivas'’ 

 
'

GGG  =..   Redactado en Noviembre de  5          ‡
  



5(680(1  3DUDKDEODUGHFODVHPXQGLDOGHILQDPRVDQWHVTXªHVXQDPHMRUSU¢FWLFD/DVPHMRUHVSU¢FWLFDVGH QHJRFLRVVRQDTXªOODVTXHQRVSHUPLWHQJHQHUDUYHQWDMDFRPSHWLWLYDSUREDGD\FDSDFLGDGGH DEVRUEHUFDPELRVGHODPHMRUPDQHUDSDUDLQFUHPHQWDUQXHVWUDVSRVLELOLGDGHVGHSHUPDQHFHUHQORV PHUFDGRVORFDOQDFLRQDOHLQWHUQDFLRQDO   /DFODVHPXQGLDOFRQVLVWHHQXQDVHULHGHSU¢FWLFDVFULWHULRV\UHVXOWDGRVFRQVLVWHQWHVLQPHUVRVHQ PRGHORVELHQGLPHQVLRQDGRV\GHVDUUROODGRVHQEDVHDSODQLILFDFL´QHVWUDWªJLFD/DVPHMRUHV SU¢FWLFDVWLHQHQGLYHUVRVFDPSRVGHDSOLFDFL´QFRPRVRQSODQHDUUHFXUVRVGHPDQXIDFWXUD DGPLQLVWUDUODHVWUDWHJLDGHOQHJRFLRLGHQWLILFDU\VHJPHQWDUPHUFDGRVUHGXFLUDFWLYLGDGHVTXHQR JHQHUDQYDORUDOFOLHQWHGLVH²DUQXHYRVSURGXFWRVGLVWULEXLUPDQXIDFWXUDUDGPLQLVWUDUODGHPDQGD \PHMRUDUSURFHVRVHQWUHRWURV6RQDSOLFDEOHVVHJ»QHOWLSRGHQHJRFLR\GHSHQGHQGHQXHVWUD JHVWL´QUHVSRQVDEOH  (QHVWHDUW®FXORSUHWHQGHPRVOODPDUODDWHQFL´QHQODXUJHQWHQHFHVLGDGGHLPSOHPHQWDUVLVWHPDV

GHFRVWRVHQQXHVWUDVRUJDQL]DFLRQHVSDUDSURPRYHUHOPD\RU\PHMRUXVRGHODFDSDFLGDGLQVWDODGD RFLRVDTXHDKRUDWLHQHQODVHPSUHVDVTXHQRPLUDQDOPHUFDGRH[WHULRUSDUDH[SRUWDUVXVSURGXFWRV  /$$/7(51$7,9$7(&12/”*,&$   $/DVHPSUHVDVTXHYHQGHQWHFQRORJ®DVGHLQIRUPDFL´QVLOHVSODWH¢UDPRVODVROXFL´QHOORVQRV UHVSRQGHU®DQHQDGTXLULUVXVSURGXFWRVVRIWZDUHDPHGLGDTXHD»QWLHQHQXQYDORUPX\DOWRIXHUD GHODOFDQFHGHODVPD\RU®DV<SURSRQGU®DQORVLJXLHQWH  $QDOL]DPRVVXVQHFHVLGDGHV\ORD\XGDPRVDSODQWHDUVROXFLRQHV 1RVXSRQHPRVTXHHOFOLHQWHHVH[SHUWRGHILQLHQGRVXSUREOHPDGHVLVWHPDV 'LVH²DPRVODVROXFL´Q 5HDOL]DPRVSURWRWLSRVRPRGHORVLQWHUDFWXDQGRFRQHOFOLHQWH (MHFXWDPRVODFRQVWUXFFL´QGHODVDSOLFDFLRQHV 3UREDPRVODVDSOLFDFLRQHVPHW´GLFDPHQWH %ULQGDPRV6HUYLFLRGH2SHUDFL´Q\R0DQWHQLPLHQWR (OGHVDUUROORVGHODLGHDORSODQWHDU®DQSURSRQLHQGRODVVLJXLHQWHVSUHJXQWDV €&X¢OHVVRQODVEUHFKDVHQWUHODV(PSUHVDV/DWLQRDPHULFDQDV0HGLDQDV\3HTXH²DV\ODV (PSUHVDVGH&ODVH0XQGLDO"  /DVM´YHQHVRUJDQL]DFLRQHVDV®FRPRODVSHTXH²DV\PHGLDQDVHPSUHVDVQRFXHQWDQFRQOD LQIUDHVWUXFWXUDQHFHVDULDQLFRQORVUHFXUVRVHFRQ´PLFRVVXILFLHQWHVSDUDDGTXLULUPDQHMDU\PXFKR PHQRVVRVWHQHUDOJ»QWLSRGH(53&50R93GHM¢QGRODVDOPDUJHQGHOSURFHVRJOREDOL]DGRU\ OHMRVGHODV0HMRUHV3U¢FWLFDVGH1HJRFLRVGHODV(PSUHVDVGH&ODVH0XQGLDO&LHUWDPHQWHORV DOWRVFRVWRVWHFQRO´JLFRV\GHDGTXLVLFL´QGHHVWRVVLVWHPDVDV®FRPRORVHOHYDGRVGHVHPEROVRVSRU PDQWHQLPLHQWRFRQVWLWX\HQXQDEDUUHUDGHHQWUDGDDODHILFLHQFLD\DODFRPSHWLWLYLGDGOLPLWDQGRGH HVWDPDQHUDHOGHVHPSH²RHILFD]HQXQHQWRUQRDOWDPHQWHFRPSHWLWLYR  €4XªVRQODV0HMRUHV3U¢FWLFDVGH1HJRFLRVGHODV(PSUHVDVGH&ODVH0XQGLDO"  0DQWHQHUODFRPSHWLWLYLGDGHQXQPXQGRJOREDO\VLQIURQWHUDVVHKDYXHOWRHOREMHWLYRFHQWUDOGHOD SODQLILFDFL´QHVWUDWªJLFD(VDV®FRPRORVVLVWHPDV(53(QWHUSULVH5HVRXUFH3ODQQLQJ 3ODQLILFDFL´QGH5HFXUVRV(PSUHVDULDOHV &50&XVWRPHU5HVRXUFH0DQDJHPHQW $GPLQLVWUDFL´QGH5HFXUVRVGH&OLHQWHV DV®FRPRODV93$SOLFDFLRQHV9HUWLFDOHVSDUDLQGXVWULDV HVSHF®ILFDVLQFRUSRUDQ/DV0HMRUHV3U¢FWLFDVGH1HJRFLRVGHODVHPSUHVDVH[LWRVDVTXHWLHQHQ FRPRQRUPDODH[FHOHQFLD\TXHOHVKDQSHUPLWLGRSRVLFLRQDUVHFRPRODV(PSUHVDVGH&ODVH 0XQGLDO  €&X¢OHVODSHUVSHFWLYDWHFQRO´JLFDHQORVSU´[LPRVD²RV"  /DVQXHYDVUHDOLGDGHVGHODHFRQRP®DVXJLHUHQSRUSDUWHGHODVRUJDQL]DFLRQHVXQUHSODQWHDPLHQWR GHVXVVLVWHPDVGHLQIRUPDFL´Q%DFN2IILFH\)URQW2IILFHH[LJLªQGROHV)OH[LELOLGDGDQWHORV FDPELRVGHOHQWRUQR5DSLGH]GHDGDSWDFL´QDORVQXHYRVSURFHVRV,QWHJUDFL´QPXOWLHPSUHVD\ PXOWLSODWDIRUPDHQXQHVTXHPDGH&RODERUDFL´Q\HQGHILQLWLYDXQDKHUUDPLHQWDHVWUDWªJLFDTXHOHV SHUPLWDDSURYHFKDUSXQWXDOPHQWHODVRSRUWXQLGDGHVGHORVPHUFDGRVSDUDORJUDURSRUWXQDPHQWHODV YHQWDMDVFRPSHWLWLYDV  (/352%/(0$'(/$(035(6$1$&,21$/<2/$7,12$0(5,&$1$   6LQSUHWHQGHUFRQVWUXLUFDVWLOORVHQHODLUHSRQJDPRVORVSLHVHQODWLHUUD\YHDPRVիGHVGHDGHQWURլ HOSUREOHPDGHXQHPSUHVDULRFRP»Q\FRUULHQWHODWLQRDPHULFDQRTXHSRGHPRVXELFDUHQFXDOTXLHU OXJDUGHQXHVWURFRQWLQHQWHGHVGHHOVXUGHO5®R*UDQGHKDVWDOD3DWDJRQLD(OFDVRFRQHOTXH GHVDUUROODUHPRVQXHVWUDVLGHDVODKHPRVWRPDGRGHODREUDGHO3URIHVRU5DP®UH]3DGLOODGHO

,QVWLWXWR7HFQRO´JLFR\GH(VWXGLRV6XSHULRUHVGH0RQWHUUH\>@ DOTXHKHPRVDGDSWDGRDQXHVWUR HVWLORSHUVRQDO  /DHPSUHVD7278678866$&LQLFL´VXVDFWLYLGDGHVHOGHHQHURGHSURGXFLHQGRFDO]DGR SDUDEHEª(QHPSH]´DIDEULFDUFDO]DGRSDUDGDPD\FDEDOOHUR(QVHODQ]´DIDEULFDU EROVDVSDUDGDPD\SRUWDIROLRV(QLQLFL´HOPDQHMRGHPXHEOHVGHFRPHGRUFRQUHYHVWLPLHQWR GHSLHO\HQHOODQ]´VXO®QHDGHFKDTXHWDV\VDFRVGHSLHO(QHOVHLQLFL´HQODYHQWDGH FDOFHWLQHVFDOFHWRQHV\URSDLQWHULRUSDUDFDEDOOHUR(QLQDXJXU´XQDOPDFªQGHYHQWDGH DUW®FXORVSDUDFDEDOOHURYHQGHFKDTXHWDVSRUWDIROLRVFLQWDVSRUWDWUDMHVHWFªWHUD  $SHVDUGHOª[LWRREWHQLGRGXUDQWHVXVD²RVGHYLGDODJHUHQFLDREVHUYDTXHHOGHVDUUROORGHVXV HMHFXWLYRV\GHO¢UHDDGPLQLVWUDWLYDQRFRUUHVSRQGHDHVWHFUHFLPLHQWRORTXHSUHRFXSDDO SUHVLGHQWHGHOD&RPSD²®D  3LGHDXQGHVSDFKRGHFRQVXOWRUHVTXHGLDJQRVWLTXHVXSUREOHPDGHLQIRUPDFL´Q\GLVH²HXQ VLVWHPDGHLQIRUPDFL´QTXHSHUPLWDFRQVROLGDUHVHFUHFLPLHQWR\SODQHDUVXIXWXUR  6HHQY®DXQ&RQVXOWRUDGLDORJDUFRQHOSUHVLGHQWHGHODFRPSD²®DSDUDUHFDEDULQIRUPDFL´Q\ GHWHUPLQDUTXªSDVRVKDEU¢QGHVHJXLUVHHQOD&RQVXOWRU®DSDUDORJUDUORTXHHVW¢SLGLHQGRHO 'LUHFWRUGH7RWXV7XXV6$&(VWHIXHHOGL¢ORJRHQWUHHO&RQVXOWRU\HOSUHVLGHQWH  6H²RU'DQRU€FX¢OHVVRQORVSULQFLSDOHVSUREOHPDVTXHWLHQH8GFRQODLQIRUPDFL´Q" 0LVSUREOHPDVVRQORVVLJXLHQWHV 1RVªFX¢QWRPHHVW¢GHMDQGRFDGDXQDGHODVO®QHDVTXHIDEULFDPRV  7HQHPRVFRQWLQXDPHQWHSUREOHPDVGHSHGLGRVQRHQWUHJDGRVDWLHPSR\H[SRUWDFLRQHVFRQ GHPDVLDGDWDUGDQ]D1DGLHVHKDFHUHVSRQVDEOHGHHVWHSUREOHPD  /D&DUWHUDHVGHFLUODV&XHQWDVSRU&REUDUIOXFW»DQGHPDVLDGRDSHVDUTXHWHQHPRVSRO®WLFDV ELHQHVWDEOHFLGDV/RPLVPRVXFHGHFRQORVLQYHQWDULRV  (QSURGXFFL´QWHQHPRVFRQVWDQWHPHQWHIXHUWHVLQFUHPHQWRVHQORVFRVWRVDGLIHUHQFLDGHORTXH SHQV¢EDPRVTXHRFXUU®D  (OGHSDUWDPHQWRGH9HQWDVJDVWDPXFKRSHURVHMXVWLILFDGLFLHQGRTXHGHRWUDIRUPDQRVH ORJUDU®DORTXHHVWDPRVYHQGLHQGR$GHP¢VHOORVILMDQODVSRO®WLFDVGHFUªGLWRGHDFXHUGRFRQHO PHUFDGR  1XHVWUDFDSDFLGDGHVW¢GHPDVLDGRVDWXUDGD+DFHSRFRXQDPLJRPHDFRQVHM´TXHHQFDUJDUDD WHUFHURVODIDEULFDFL´QGHFLHUWDVSDUWHVGHPLVSURGXFWRVSHURQRVªFX¢OHVGHEHQVHU  3LHQVRTXHKD\PXFKDLQHILFLHQFLDHQSURGXFFL´QSRUTXHWRGRVORVREUHURVKDFHQFXDOTXLHUDGH ODVO®QHDVTXHIDEULFDPRVGHDFXHUGRFRQORVSHGLGRVTXHP¢VQRVXUJHVXUWLU  7HQJRXQ'HSDUWDPHQWRGH$EDVWHFLPLHQWRTXHVHHQFDUJDGHFRPSUDUWRGRORTXH3URGXFFL´Q VROLFLWD(OMHIHGHO'HSDUWDPHQWRHVUHVSRQVDEOHGHOLQYHQWDULR+DFHSRFRWLHPSRORDPRQHVWª SRUTXHHQFRQWUªSLH]DVTXHVHSLGLHURQHQ\RWURVD²RVSHURTXHQXQFDVHKDQXVDGRŠO DILUPDTXHODVWLHQHDK®SRUTXHVHODVSLGLHURQORVMHIHVGH3URGXFFL´Q

mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmm m

 (OMHIHGHO'HSDUWDPHQWRGH0DQWHQLPLHQWRPHFRPHQW´TXHH[LVWHPXFKDPDTXLQDULDYLHMDHQ EXHQHVWDGRTXHQRVHXVD(VWRVHGHEHDTXHORVMHIHVGH3URGXFFL´QFRQVWDQWHPHQWHHVW¢Q VROLFLWDQGRQXHYDPDTXLQDULDDUJXPHQWDQGRTXHODDQWHULRUOHVJHQHUDU¢PXFKRVDUW®FXORV GHIHFWXRVRV1RVªF´PRPDQHMDUHVWDVLWXDFL´Q  (O-HIHGHO'HSDUWDPHQWRGH6XUWLGRGH&XHURHVW¢GLVJXVWDGRSRUTXHVXVFRVWRVVLHPSUHVH HOHYDQ/DFDXVDGHHVWRHVTXH3URGXFFL´QUHTXLHUHFRQXUJHQFLDFRQVWDQWHGHPDVLDGRFXHURVLQ LPSRUWDUVLDSURYHFKDRQRRSRUWXQLGDGHVGHSUHFLRHLQFOXVRHQRFDVLRQHVORREOLJDDWUDEDMDUKRUDV H[WUD  +HR®GRKDEODUGHUHH[SUHVL´Q€TXªHVHVRVH²RU&RQVXOWRU"  3HUG´QVH²RU'DQRUVXVFRVWRV€FX¢OHVVRQ" ձ6´ORVªTXHSRUFDGDSHVRTXHYHQGHPRVTXHGDQFHQWDYRV  /RVSURGXFWRV€VHIDEULFDQHQ¢UHDVVHSDUDGDV" 1R6´ORWHQHPRVXQ¢UHD\DOO®SURGXFLPRVWRGR €8VDQXVWHGHVSUHVXSXHVWRV" 0¢VRPHQRVFDGDD²ROHVVXERDORVSUHVXSXHVWRVHQSURPHGLRODLQIODFL´QDORVLQJUHVRVGHOD²R SDVDGRSHURDORVJDVWRVV´ORODPLWDGGHODLQIODFL´QHVSHUDGD(VTXHXVWHGVDEHPLHQWUDVP¢V SUHVXSXHVWRUHFLEHHOSHUVRQDOP¢VGHVSHUGLFLD €$TXªQLYHOGHYHQWDVXVWHGQRJDQDQLSLHUGH" (VORTXH\RTXLVLHUDVDEHU €&X¢QWRWLHQHLQYHUWLGRHQDFWLYRVPRQHWDULRV\FX¢QWRHQQRPRQHWDULRV" €3HURDTXªVHUHILHUHFRQHVRVQRPEUHV" €4XªUHQWDELOLGDGWLHQHXVWHGDKRUD" $SUR[LPDGDPHQWH €&X¢QWRHVVXPDUJHQVREUHYHQWDV\URWDFL´QGHDFWLYRV" 3HUGRQH€SHURGHTXªPHHVW¢KDEODQGR" &RUUHFWRVH²RU'DQRUHVSHURWUDHUOHGHQWURGHTXLQFHG®DVXQSODQGHWUDEDMRFRQORVFDPELRVTXH HIHFWXDUHPRVSDUDFXPSOLUVXGHVHR c$KVH²RU&RQWDGRUVHPHROYLGDEDGHFLUTXHFRQIUHFXHQFLDWHQJRTXHSHGLUSUHVWDGRDORV EDQFRVSRUTXHWHQJRVHULRVSUREOHPDVGHOLTXLGH] 0X\ELHQVH²RU'DQRU+DVWDOXHJR €1ROHSDUHFHIDPLOLDUHVWHGL¢ORJRDPLJROHFWRU"1XHVWURVHPSUHVDULRVFRQKRQURVDVH[FHSFLRQHV VRQDJUHVLYRVFUHFHQFUHFHQ\FUHFHQGHVSUHRFXS¢QGRVHGHODSDUWHDGPLQLVWUDWLYDPLHQWUDVORV LQJUHVRVVXSHUHQDORVJDVWRV3HURFX¢QWRDKRUUR\SRUVXSXHVWRHQFX¢QWDUHQWDELOLGDGPHMRUDU®DQ VLVXSLHUDQFX¢OGHODVO®QHDVTXHH[SORWDQHVODP¢VEHQHILFLRVD\HQFX¢OGHHOODVVXUHWRUQRHV P®QLPR3RUTXHHQHVWHHVFHQDULRHVW¢QORVDOWDPHQWHSURGXFWLYRVTXHVXEYHQFLRQDQDORVTXHVH YHQGHQSRUGHEDMRGHORVSUHFLRVGHYHQWD/RTXHVXFHGHHVTXHODJHUHQFLDQRFRQRFHG´QGHJDQD \G´QGHSLHUGH(OSUREOHPDHVW¢HQVXVLVWHPDGHFRVWRVTXHEULOODSRUVXDXVHQFLD9DPRVD SURSRQHUODLQVWDODFL´QGHXQ6LVWHPDVGH&RVWRVSRU$FWLYLGDG$%&   18(675$5(&20(1'$&,”1  (OSURFHVRTXHDFRQWLQXDFL´QGHVDUUROODUHPRVSDVDSRUODFDOLGDGGHLQIRUPDFL´Q TXHGHVHDPRVSURSRUFLRQDUDOD(PSUHVD\ODFDQWLGDGGHUHFXUVRVTXHVHDVLJQDU¢QDOSUR\HFWR /DVHPSUHVDVPX\I¢FLOPHQWHJHQHUDQSUREOHPDVGHSODQLILFDFL´QRUJDQL]DFL´Q\GLUHFFL´QSHUR

VDOLUGHOKR\RWRPDVXWLHPSR\UHFXUVRV(QQXHVWURFDVRODHPSUHVDVHWRP´D²RVSDUD GHVDUUROODUVHHQIRUPDGHVRUGHQDGD<SUREDEOHPHQWHVX'LUHFFL´QHVSHUDXQDVROXFL´QGHQWURGH ORVSU´[LPRVPHVHV  /$6(7$3$6'(/$&2168/725Ž$   (QQXHVWUDRSLQL´QODVROXFL´QGHOSUREOHPDSDVDSRUFXDWURHWDSDVELHQPDUFDGDV6LORV VXSHUDPRVKDEUHPRVDOFDQ]DGRODPHWDKDFHUGHHOODXQDHPSUHVDGHFODVHPXQGLDOFRPSHWLWLYD LQQRYDGRUD\FRQVRVWHQLELOLGDGHQHOODUJRSOD]RSULQFLSLRGHHPSUHVDHQPDUFKD 6HLQGLFDQD FRQWLQXDFL´Q>@   9HQGHUOD,GHDGH&DPELR 'HVDUUROODUHO3ODQGH,PSOHPHQWDFL´QGHORV&RVWRV$%& 5HFRSLODFL´QGHORVGDWRVQHFHVDULRVSDUD'LVH²DUHO0RGHORGH&RVWRV$%& (ODERUDFL´QGHO3ODQGHXWLOL]DFL´QGHODLQIRUPDFL´QTXHSURSRUFLRQDU¢HO0RGHORGH$%& 8VR\DSOLFDFL´QRSHUDWLYDGHO0RGHOR  35,0(5$(7$3$9(1'(5/$,'($'(&$0%,2   (OSULPHUREVW¢FXORTXHHQFXHQWUDHO&RQVXOWRUHVHOFRVWR\HOWLHPSR3DUDHOHPSUHVDULRHOPHQRU FRVWR\DOP¢VEUHYHSOD]Rի3DUDD\HUլ3LHQVDTXHHOSUREOHPDHVGHWRPDGHGHFLVLRQHVVLQWHQHU HQFXHQWDTXHKDLGRDFXPXODQGRXQDERPEDGHWLHPSRFRQHOSDVRGHORVD²RV\HQHOGHVDUUROOR YHUWLJLQRVRGHODVRSHUDFLRQHV(Oª[LWRHQXQSURFHVRGHFDPELRSDVDQHFHVDULDPHQWHSRUOD SUHPLVDTXHOD'LUHFFL´QGHODHPSUHVDFUHDILUPHPHQWHHQPHMRUDUHODFWXDOVLVWHPD\HVWª GHVHRVDGHDVLJQDUORVHVIXHU]RV\UHFXUVRVQHFHVDULRVSDUDVXLPSOHPHQWDFL´Q6LQHPEDUJRQRHV H[WUD²RHQFRQWUDUVHFRQDFWLWXGHVGHUHFKD]RSRUSDUWHGHORVFXHUSRVGLUHFWLYRVGHODVHPSUHVDV ELHQSRUQRHVWDUSUHSDUDGRVSDUDDFHSWDUODIXWXUDLQIRUPDFL´QDUHYHODUELHQSRUKDEHUVHGLVH²DGR XQPRGHORGHFRVWRVTXHSRUVXH[FHVLYDVLPSOLFLGDGRFRPSOHMLGDGQRVHDGDSWHDODVQHFHVLGDGHV GHOD2UJDQL]DFL´QHQODTXHGHEHSUHVWDUVHUYLFLR(VSRUHOORTXHVHDSUHFLVRDVHJXUDUVHHODSR\R GHOD'LUHFFL´QGHODFRPSD²®DHQODLQWURGXFFL´QGHOVLVWHPDSDUDORTXHHVDFRQVHMDEOHVHJXLUHO PªWRGRTXHDFRQWLQXDFL´QH[SRQHPRVTXHVHEDVDHQWUHVSDVRVFUXFLDOHV   *HQHUDFL´QGHLQWHUªVSRUHO$%&  (VPX\LPSRUWDQWHFRQWDUFRQGHIHQVRUHVGHO$%&HQWRGRVORVQLYHOHVGHODFRPSD²®DLQFOX\HQGR HVSHFLDOPHQWHDOD$OWD'LUHFFL´QGHªVWDDV®FRPRDORV'HSDUWDPHQWRVGH)DEULFDFL´Q,QJHQLHU®D )LQDQFLHUR\GH0DUNHWLQJ  3DUDFRQYHQFHUDOD$OWD'LUHFFL´QHVSUHFLVRPRVWUDUOHTXªHVORTXHHO$%&SXHGHKDFHUSRUOD FRPSD²®D\FXDQWRFRVWDU¢FRQHOILQGHTXHHO$%&VHDSHUFLELGRFRPRXQDKHUUDPLHQWD HVWUDWªJLFDDOWDPHQWHUHQWDEOHTXHSURSRUFLRQDYHQWDMDVFRPSHWLWLYDV  &RQUHVSHFWRDO'HSDUWDPHQWRGH0DUNHWLQJHVSRVLEOHHQFRQWUDUUHWLFHQFLDVHQHOPLVPRSXHVWR TXHODLQIRUPDFL´QTXHHO$%&OHVYDDSURSRUFLRQDUDOWHUDU¢VHQVLEOHPHQWHVXYLVL´QGHODVLWXDFL´Q FRPHUFLDOGHODHPSUHVDSURYRFDQGRHQDOJXQRVFDVRVXQDUHDFFL´QGHIHQVLYDGHLQFUHGXOLGDGDQWH ODLQIRUPDFL´QSURSRUFLRQDGDSRUHO$%&3RUFRQWUDORV'HSDUWDPHQWRVGH)DEULFDFL´Q\GH ,QJHQLHU®DVHU¢QQRUPDOPHQWHJUDQGHVGHIHQVRUHVGHO$%&SXHVWRTXHHQFRQWUDU¢QHQHOPLVPR UHVSXHVWDDPXFKDVSUHJXQWDVTXHORVVLVWHPDV FRQYHQFLRQDOHVGHFRVWHVHUDQLQFDSDFHVGHFRQWHVWDUUD]RQDEOHPHQWH

mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmm m

 3RU»OWLPRGHFLUTXHHO'HSDUWDPHQWR)LQDQFLHUR\GH&RQWDELOLGDGHVHOTXHGHEHVHUWUDWDGRFRQ P¢VPDQRL]TXLHUGDSXHVWRTXHDOVHUHOUHVSRQVDEOHGHOH[LVWHQWHVLVWHPDGHFRVWHVSXHGH SHUFLELUODLPSODQWDFL´QGHO$%&FRPRXQDDPHQD]DDVXH[SHULHQFLD\FRQRFLPLHQWR6LQHPEDUJR HQHOFDVRGHTXHVHFRPSURPHWDFRQHOPLVPRVHU¢XQDIXHQWHGHDSR\R\DVHVRU®DWªFQLFDGH LQFDOFXODEOHYDORU  (VWDODERUGHJHQHUDFL´QGHLQWHUªVSRUHO$%&HQODFRPSD²®DVHEDVDIXQGDPHQWDOPHQWHHQ H[SOLFDUHQTXªFRQVLVWH\SRUTXªHVPX\VXSHULRUDORVVLVWHPDVFRQYHQFLRQDOHVGHFRVWHV   (OLPLQDFL´QGHODVEDUUHUDV  (O$%&SXHGHJHQHUDUXQDVHULHGHFRPHQWDULRVQHJDWLYRVTXHVHGHULYDQGHORTXHVHKDGDGRHQ OODPDUPLWRVGHO$%&TXHGHEHQVHUUHFRQRFLGRVGHQWURGHODHPSUHVDSDUDSRGHUVXSHUDUODV EDUUHUDVTXHVXSRQHQ/RVFLWDGRVPLWRVVRQORVVLJXLHQWHV  x(O$%&HVGHPDVLDGRGLI®FLO\FDURGHLPSOHPHQWDU\XVDU&RQUHVSHFWRDOFRVWHGHO$%&\DV X FRPSOHMLGDGGHPDQHMRDILUPDUTXHªVWHHVXQPLWRQDFLGRDSDUWLUGHORVVLVWHPDVWUDGLFLRQDOHVGH FRVWHVSXHVWRTXHODH[SHULHQFLDSU¢FWLFDGHODVFRPSD²®DVTXHKDQLPSOHPHQWDGRPRGHORVGH$%& QRVSHUPLWHDILUPDUTXHVXFRVWHHVVRUSUHQGHQWHPHQWHPRGHVWR\TXHHVPXFKRP¢VI¢FLOGH HQWHQGHUSRUHOSHUVRQDODOVHUFRKHUHQWHFRQODUHDOLGDGHFRQ´PLFDGHODHPSUHVD8QFDPLQR XWLOL]DGRFRQIUHFXHQFLDSDUDGHPRVWUDUODVLPSOLFLGDG\HIHFWLYLGDGGHO$%&HVHOGHVDUUROORGHXQ SHTXH²RSUR\HFWRSLORWRTXHDEDUTXHXQSDUGHSURGXFWRVRDOJ»Q'HSDUWDPHQWR  x8QDPHMRUDGHODFWXDOVLVWHPDGHFRVWHVVHU¢VXILFLHQWH8QDEXHQDIRUPDGHGHVWUXLUHVWHPLWRHV EXVFDUDTXHOORVSURGXFWRVTXHVHHQFXHQWUHQLQIUDYDORUDGRV\TXHQRSRGU®DQVHUUHFRQRFLGRVSRUHO VLVWHPDDFWXDOGHFRVWHVDSHVDUGHTXHVHLQWURGXMHUDQPHMRUDVHQHOPLVPR2WUDRSFL´QHV HQIDWL]DURWURVEHQHILFLRVTXHUHSRUWDHO$%&FRPRODLQIRUPDFL´QTXHSURSRUFLRQDDFHUFDGHODV DFWLYLGDGHV\ORVFOLHQWHV  x1RHVQHFHVDULRFRQRFHUFRQXQDPD\RUUD]RQDELOLGDGHOFRVWHGHORVSURGXFWRV8QVLVWHPD KDELWXDOPHQWHXWLOL]DGRSDUDFRPEDWLUHVWHPLWRHVODSUHSDUDFL´QGHFDVRVSU¢FWLFRVHQORVTXHVH OOHJXHDODVFRQFOXVLRQHVH[SXHVWDV  x/RVVLVWHPDVGHFRVWRVMXHJDQXQSDSHOOLPLWDGRHQHO3URFHVRGH0HMRUD&RQHOILQGHGHMDUDXQ ODGRHVWHPLWRHVIUHFXHQWHUHDOL]DUXQ$Q¢OLVLVGH9DORU$²DGLGRHQDOJXQRGHORV'HSDUWDPHQWRV GHODHPSUHVDHQHOTXHVHHVSHUDGHWHFWDUXQDPDODJHVWL´QGHORVFRVWHVFRQHOREMHWRGH UHGXFLUORVGHXQDIRUPDGU¢VWLFD   2EWHQFL´QGHODDSUREDFL´QGHOD'LUHFFL´Q  'HVSXªVGHKDEHUJHQHUDGRLQWHUªVSRUHO$%&\OOHYDGRDFDERXQDFRQFLHWL]DFL´QDFHUFDGHVX XWLOLGDG\FRVWHHOVLJXLHQWHSDVRHVFRQVHJXLUODDSUREDFL´QGHOD'LUHFFL´QSDUDHOSUR\HFWRTXH GHSHQGHU¢HQJUDQPHGLGDGHODFRQWHVWDFL´QTXHUHFLEHQHVWDVGRVSUHJXQWDV   €(VQXHVWUDFRPSD²®DHOWLSRGHHPSUHVDTXHSXHGHEHQHILFLDUVHGHO$%&"  €+D\DOJXQDHYLGHQFLDTXHVXJLHUDTXHHOVLVWHPDGHFRVWHVDFWXDOQRIXQFLRQDDGHFXDGDPHQWH"  &RQUHVSHFWRDODSULPHUDSUHJXQWDSRGHPRVDILUPDUTXHFRPRQRUPDJHQHUDOFXDOTXLHUWLSRGH HPSUHVDSXHGHDSURYHFKDUVHGHODVYHQWDMDVTXHSURSRUFLRQDHO$%&VLELHQHVFLHUWRTXHODVTXH P¢VVHEHQHILFLDU¢QGHOPLVPRVHU¢QDTXHOODVHQODVTXHFRQFXUUDQVHSDUDGDRFRQMXQWDPHQWH DOJXQDGHODVVLJXLHQWHVFDUDFWHU®VWLFDV 

/RVJDVWRVJHQHUDOHVUHSUHVHQWDQXQDOWRSRUFHQWDMHGHORVFRVWHVWRWDOHV ([LVWHXQDJUDQGLYHUVLGDGGHSURGXFWRVGHQWURGHODFRPSD²®D (OYROXPHQGHSURGXFFL´QGHORVGLVWLQWRVSURGXFWRVHVPX\GLIHUHQWH ([LVWHXQDOWRQLYHOGHFRPSHWLWLYLGDGHQHOVHFWRU &RQWHVWDQGRODVHJXQGDSUHJXQWDKD\TXHVH²DODUTXHVXVROXFL´QSDVDSRUORFDOL]DUGHQWURGHOD HPSUHVDXQDVHULHGHV®QWRPDVTXHQRVLQGLTXHQTXHHOVLVWHPDGHFRVWHVH[LVWHQWHQRHVW¢ UHDOL]DQGRVXWUDEDMR'HHQWUHªVWRVSRGHPRVFLWDUORVVLJXLHQWHV /D'LUHFFL´QQRWLHQHFRQILDQ]DHQORVLQIRUPHVGHFRVWHV /RV'HSDUWDPHQWRVGH0DUNHWLQJ\9HQWDVQRXWLOL]DQODH[LVWHQWHLQIRUPDFL´QGHFRVWHSDUDILMDUHO SUHFLRGHORVSURGXFWRVSDUDGHFLGLUODHQWUDGDHQQXHYRVPHUFDGRVRSDUDWRPDUGHFLVLRQHVDFHUFD GHODFDUWHUDGHSURGXFWRV x/RVEHQHILFLRVGHFUHFHQDSHVDUTXHODVYHQWDVDXPHQWDQ x([LVWHXQVLVWHPDGHFRVWHVH[WUDRILFLDOHQDOJ»Q'HSDUWDPHQWRR'LYLVL´QGHODFRPSD²®D x/DWDVDGHJDVWRVJHQHUDOHVHVHQRUPHPHQWHDOWD x/D0DQRGH2EUD'LUHFWDUHSUHVHQWDXQDSHTXH²DSURSRUFL´QGHORVFRVWHVGHSURGXFFL´Q 8QDSUHYLVL´QGHUHGXFFL´QGHFRVWRVHVVHJXLGDSRUXQLQFUHPHQWRGHORVFRVWRVJHQHUDOHV (QGHILQLWLYDSRGHPRVDILUPDUTXHODGHWHFFL´QGHORVV®QWRPDVTXHPXHVWUDQHOPDO IXQFLRQDPLHQWRGHOVLVWHPDGHFRVWHVH[LVWHQWH\ODGHPRVWUDFL´QGHODVYHQWDMDVTXHUHSRUWDU®DHO $%&SDUDODFRPSD²®DWUDHQDSDUHMDGRLQHYLWDEOHPHQWHODDSUREDFL´QGHOSUR\HFWRSRUSDUWHGHOD 'LUHFFL´QDXQTXHHQDOJXQRVFDVRVVHSXHGDWDUGDUP¢VWLHPSRHQORJUDUVXFRPHWLGR  6(*81'$(7$3$'(6$552//2'(/3/$1'(,03/ (0(17$&,”1'(/&2672$%&   (Oª[LWRGHODLPSOHPHQWDFL´QGHO$%&HVW¢®QWLPDPHQWHOLJDGRDXQDDGHFXDGDSODQLILFDFL´QTXHKD GHVHUGHVDUUROODGDSRUODSURSLDHPSUHVD\RSRUXQD&RQVXOWRUD([WHUQDSXHVWRTXHGHHVWDIRUPD VHREWLHQHQODVVLJXLHQWHVYHQWDMDV 6HLQFUHPHQWDQODVSRVLELOLGDGHVGHXQDLPSOHPHQWDFL´QFRURQDGDSRUHOª[LWRSXHVWRTXHDO WUDWDUVHGHSHUVRQDOGHODSURSLDHPSUHVDHVHOPHMRUFRQRFHGRUGHORVUHFXUVRVTXHSXHGHQVHU DVLJQDGRVDODDSOLFDFL´QGHO$%&\SRURWURVHHQFXHQWUDHVWUHFKDPHQWHIDPLOLDUL]DGRFRQHO3ODQ GHLPSOHPHQWDFL´QSRUORTXHHVW¢HQFRQGLFLRQHVGHPRQLWRUL]DU\IDFLOLWDUHOSURFHVR (ONQRZKRZDGTXLULGRHQODSODQLILFDFL´Q\GLVH²RGHOPRGHORGH$%&SHUPDQHFHHQODHPSUHVD FRQYLUWLªQGRVHHQXQDLPSRUWDQW®VLPDEDVHSDUDODWRPDGHGHFLVLRQHVHVWUDWªJLFDV\GHUHGXFFL´Q GHFRVWRV (OPRGHORGH$%&SHUWHQHFHDODFRPSD²®DDXPHQWDQGRVHQVLEOHPHQWHHVHVHQWLGRGHSURSLHGDG\ ODVSRVLELOLGDGHVTXHHO$%&VHDDFHSWDGR\XWLOL]DGR 6LHQGRSOHQDPHQWHDSOLFDEOHDHVWHFDVRODUHJODGHODV3uV3URSHU3ULRU3ODQQLQJ3RVLWLYHO\ 3UHYHQWV3RRU3HUIRPDQFHTXHSRGU®DPRVWUDGXFLUGLFLHQGRTXHXQDDGHFXDGD\SUHYLD SODQLILFDFL´QHYLWDFRQVHJXULGDGXQDPDODUHDOL]DFL´Q   $ODKRUDGHGHVDUUROODUHOFLWDGR3ODQHQWHQGHPRVTXHFRQLQGHSHQGHQFLDGHOWLSRGHHPSUHVDGH TXHVHWUDWHVHGHEHQVHJXLUORVRFKRSDVRVTXHDFRQWLQXDFL´QSDVDPRVDLGHQWLILFDU 

 )RUPXODUORV2EMHWLYRVGHO3UR\HFWR  6HOHFFLRQDUORVEHQHILFLRVWDQJLEOHVTXHVHSHUVLJXHQ  )LMDUHO¢PELWRGHDSOLFDFL´QGHOSUR\HFWR  'HWDOODUODHVWUXFWXUDRUJDQL]DWLYDGHO(TXLSRGH3UR\HFWR  6HOHFFLRQDUORVPLHPEURVGHO(TXLSRGH3UR\HFWR  'HWHUPLQDUORVUHTXHULPLHQWRVGHIRUPDFL´QGHO(TXLSRGH3UR\HFWR  3UHSDUDUXQFDOHQGDULRGHO3UR\HFWR  (VWLPDUORVFRVWHVGHODLPSOHPHQWDFL´QGHO3UR\HFWR  7(5&(5$(7$3$5(&23,/$&,”1'(/26'$7261(&(6$5,263$5$',6(’$5(/ 02'(/2'($%&  6XSHUDGDODHWDSDGHիODERUDWRULRGHRILFLQDլOXHJRGHXQDGXUDQHJRFLDFL´QSUHVHQWDGDGLVFXWLGD\ DSUREDGDODSURSXHVWDSURFHGHPRVDOHQFDUJRGHGHVDUUROODUHOWUDEDMRHQ7278678866$&+D\ JUDQH[SHFWDWLYDHQODHPSUHVDORTXHVHGHPXHVWUDFRQODVIDFLOLGDGHVTXHVHKDRWRUJDGRDO HTXLSRXQEXHQDPELHQWHGHWUDEDMRSDUDHOGHVDUUROORIXWXURGHOSUR\HFWR  6HSURFHGHQDGDUORVVLJXLHQWHVSDVRVHQIRUPDRUGHQDGD D ,GHQWLILFDFL´QGHODVDFWLYLGDGHV E &UHDFL´QGH&HQWURVGH$FWLYLGDGHV F 'HILQLFL´QGHORV,QGXFWRUHVGH5HFXUVRV G 'HWHUPLQDFL´QGHORVDWULEXWRV H 6HOHFFLRQDUORV,QGXFWRUHV  &8$57$(7$3$(/$%25$&,”1'(/3/$1'(87,/,=$&,”1'(/$,1)250$&,”148( 352325&,21$5‚(/02'(/2'($%&   $HVWHQLYHO\DVHKDUHGHILQLGRORV&HQWURVGH&RVWRVGH,QJUHVRVGH8WLOLGDGHV\ORV&HQWURVGH ,QYHUVL´Q7RFDDKRUDHVWDEOHFHUODIRUPDGHSUHVHQWDUORVLQIRUPHVTXHHPLWLU¢HOVLVWHPDSDUD IDFLOLWDUODWRPDGHGHFLVLRQHV$TX®VHWHQGU¢HQFXHQWDORVVLJXLHQWHVSDVRV  D &UHDFL´QGHLQIRUPHV»WLOHV  /RVLQIRUPHVVRQXQDSRGHURVDKHUUDPLHQWDGHFRPXQLFDFL´QVLHPSUHTXHFXPSODQORVVLJXLHQWHV UHTXLVLWRV6HUFRPSUHQVLEOHVUHOHYDQWHVUD]RQDEOHVDGHFXDGRVHQHOWLHPSR\DFWXDOL]DGRV  E $FWXDOL]DFL´QGHOPRGHORGH$%&  /DIUHFXHQFLDGHODVDFWXDOL]DFLRQHVGHODLQIRUPDFL´QSURYHQLHQWHGHOPRGHORGH$%&GHSHQGH GLUHFWDPHQWHGHOULWPRGHFDPELRGHODHPSUHVD\VXVHFWRUGHOWLSRGHLQIRUPDFL´QGHTXHVHWUDWH \GHOFRVWH\IDFLOLGDGDVRFLDGRVDODDFWXDOL]DFL´Q6LQHPEDUJRDSHVDUGHODGLILFXOWDGTXHHOOR SXHGDVXSRQHUVHGHEHHVWDEOHFHUGHXQPRGRIRUPDOODUHVSRQVDELOLGDGGHDFWXDOL]DFL´QGHO PRGHORGH$%&DVLJQDQGRFRQFUHWDPHQWHODUHVSRQVDELOLGDGGHFRQWURODUORVSURFHGLPLHQWRVGHO VLVWHPD\HOIHHGEDFNTXHHOPLVPRSURSRUFLRQDDFHUFDGHORVFDPELRVHQODVDFWLYLGDGHVSXHVWR TXHªVWDHVOD»QLFDPDQHUDGHDVHJXUDUODDFWXDOL]DFL´QFRQWLQXDGHO$%&  6LHVXQVLVWHPDGH$%&DLVODGRUHTXHULU¢XQDDFWXDOL]DFL´QSHUL´GLFD\SURFHVRVGHWUDQVIHUHQFLD GHQXHYDLQIRUPDFL´QGHVGHHOVLVWHPDLQIRUP¢WLFRFHQWUDOSRUHOFRQWUDULRVLVHWUDWDGHXQPRGHOR GH$%&LQWHJUDGRHOVLVWHPDVHDFWXDOL]DU¢GHIRUPDDXWRP¢WLFDDOWLHPSRTXHSURFHVDHOVLVWHPD FHQWUDO/DUHVSRQVDELOLGDGUHODWLYDDODREWHQFL´QGHIHHGEDFNDFHUFDGHORVFDPELRVHQODV DFWLYLGDGHV\SRUFRQVLJXLHQWHVREUHHOGLVH²RGHOVLVWHPDGHEHHVWDUHQPDQRVGHORV-HIHVGH GHSDUWDPHQWRGHELHQGRªVWRVSURSRUFLRQDULQIRUPDFL´QDFWXDOL]DGDFRQSHULRGLFLGDGPHQVXDO'H HVWDIRUPDVHFXHQWDFRQWUHVYHQWDMDV

  6HWLHQHODFHUWH]DTXHORVXVXDULRVGHODLQIRUPDFL´QGHO$%&VHLQYROXFUHQHQHOGLVH²RGHO VLVWHPD  1RVHKDFHQHFHVDULRHOPDQWHQLPLHQWRSHUPDQHQWHGHOHTXLSRGHGLVH²RRULJLQDOGHOPRGHORGH $%&  6HDVHJXUDTXHWRGDODLQIRUPDFL´QUHODFLRQDGDFRQODVDFWLYLGDGHVLQFOX\HQGRORVUHVRXUFHV GULYHUVFRVWGULYHUVHLQGLFDGRUHVGHOSHUIRPDQFHVHPDQWHQJDQDFWXDOL]DGRV  F 0HMRUDGHORVVLVWHPDVGHDSR\R  +DVWDXQFLHUWRJUDGRHOFRVWH\IDFLOLGDGGHODVDFWXDOL]DFLRQHVHVFRQWURODEOHSXHVWRTXHOD LQWURGXFFL´QGHPHMRUDVHQODVWªFQLFDVGHUHFRSLODFL´QGHGDWRV\HQHOSURSLRVLVWHPDUHGXFHQORV FRVWRV\DXPHQWDQODIDFLOLGDGGHODVDFWXDOL]DFLRQHV'HHQWUHODVSULQFLSDOHVPHMRUDVSRGHPRV FLWDUODFRQIHFFL´QGHO/LEUR0D\RUHQEDVHDDFWLYLGDGHVRELHQODLQWHJUDFL´QGHOVLVWHPDGH$%& GHQWURGHOVLVWHPDFHQWUDO  G +DFHUDFFHVLEOHODLQIRUPDFL´QGHO$%&DOFRQMXQWRGHOD2UJDQL]DFL´Q  /DLQIRUPDFL´QKDGHOOHJDUDODVPDQRVGHDTXHOORVTXHHVWªQFDSDFLWDGRVSDUDLPSXOVDUORV SURFHVRVGHPHMRUDSRUORTXHKD\TXHLPSOLFDUDOD2UJDQL]DFL´QHQXQYHUGDGHURSURFHVRGH LQIRUPDWLRQHPSRZHUPHQWEDVDGRHQXQDGLVWULEXFL´QGHODLQIRUPDFL´QSURYHQLHQWHGHO$%&D WRGRVORVQLYHOHVGHODFRPSD²®DGHXQDIRUPDVHOHFWLYDHQFXDQWRDO DFFHVR\SUHVHQWDFL´QGHODPLVPD  H )RUPDFL´QGHORVXVXDULRVGHO$%&  (OQLYHOGHDSURYHFKDPLHQWRGHODLQIRUPDFL´QGHO$%&HVSURSRUFLRQDODOQLYHOGHIRUPDFL´QGHORV XVXDULRVHQHOPRGHORGH$%&VLHQGRODIRUPDFL´QXQIDFWRUFODYHHQHOSURFHVRGHLQIRUPDWLRQ HPSRZHUPHQWSXHVWRTXHFXDQWRP¢VGHVFLHQGDMHU¢UTXLFDPHQWHODLQIRUPDFL´QPD\RULPSDFWR WHQGU¢HO$%&\P¢VVHQFLOOD\¢JLOVHU¢VXDFWXDOL]DFL´Q  I *HVWL´QGHOSURFHVRGHFDPELR  (VPX\LPSRUWDQWHGLULJLUHOSDSHOTXHHO$%&YDDMXJDUHQHOSURFHVRGHFDPELRGHOD 2UJDQL]DFL´Q(OREMHWLYRHVFUHDUH[SHFWDWLYDVSRVLWLYDVGHPHMRUDXQLUHO$%&FRQORVREMHWLYRVGH PHMRUDGHODHPSUHVDGHILQLUFX¢OHVKDQGHVHUODV¢UHDVHQODVTXHVHYDQDSURGXFLUODVPHMRUDV IDFLOLWDUDORVXVXDULRVDSR\RWªFQLFR\FRPXQLFDUODVFRQFOXVLRQHVTXHVHKDQREWHQLGRHQRWUDV SDUWHVGHOD2UJDQL]DFL´Q3DUDHOORHVLPSRUWDQWHGHILQLUORVVLJXLHQWHVSDVRV ,QIRUPDUDOD'LUHFFL´QGHORVORJURVTXHVHKDQLGRDOFDQ]DQGRVH²DODQGRORVEHQHILFLRVGHORV PLVPRV ,GHQWLILFDUORVREMHWLYRVGHPHMRUDLQWHJUDQGRHO$%&GHQWURGHXQPRGHORP¢VDPSOLRGH*HVWL´Q GHOD&DOLGDG7RWDOFRPREDVHPX\»WLOSDUDHOPLVPR\DTXHSHUPLWHFODVLILFDUODVDFWLYLGDGHV VHJ»QJHQHUHQRQRYDORUD²DGLGRLGHQWLILFDUODVRSRUWXQLGDGHVGHPHMRUD\SULRUL]DUODVHQRUGHQD VXVDKRUURVGHFRVWHV\DVXVEHQHILFLRVSRWHQFLDOHV\VHOHFFLRQDUORVREMHWLYRVVREUHORVTXHVHYD DDFWXDU $VLJQDUUHVSRQVDELOLGDGHVFRQFUHWDVGHQWURGHOSURFHVRGHFDPELRDFDGDXQRGHORVXVXDULRVGHO $%&

)DFLOLWDUDSR\RDORVXVXDULRVFRPSOHPHQWDQGRVXIRUPDFL´QFRQD\XGDVSXQWXDOHVDFHUFDGHF´PR SUHSDUDULQIRUPHVTXHUHPDUTXHQORVREMHWLYRVFODYHV\GHF´PRUHDOL]DUDQ¢OLVLVի4XªSDVDVL" 3URSRUFLRQDUIHHGEDFNVREUHORVUHVXOWDGRVFRQVHJXLGRVFRPXQLFDQGRDFDGDXVXDULR\DOFRQMXQWR GHOD2UJDQL]DFL´QHOJUDGRGHFXPSOLPLHQWRGHORVREMHWLYRVFRQFUHWRV\JOREDOHV UHVSHFWLYDPHQWH 'HVDUUROODUUHFRPHQGDFLRQHVSDUDXQIXWXURGLVH²R\XVRGHOVLVWHPD 48,17$(7$3$862<$3/,&$&,”123(5$7,9$'(/02'( /2  6XSHUDGRVWRGRVORVSUREOHPDV\GHILQLGRHOPRGHORTXHHVW¢RSHUDWLYRUHFLªQODHPSUHVDWHQGU¢ UHVSXHVWDDVXVSUHJXQWDVTXHDQWHULRUPHQWHODDIHFWDEDQ  &RQRFHUODUHQWDELOLGDGSRUO®QHDGHSURGXFWRV  &XPSOLUFRQODHQWUHJDDGHORVSURGXFWRV\SUREDEOHPHQWHHQHOIXWXURGHILQLUQXHYRVPHUFDGRV  +DEU¢XQPHMRUFRQWUROGHORVFOLHQWHV\GHVXVHVWDGRVGHFREUDQ]D  6HSRGU¢H[SOLFDUFXDQGRRFXUUDQHOLQFUHPHQWRHQORVFRVWRV\ODQHFHVLGDGGHUHGXFLUODV DFWLYLGDGHVTXHQRJHQHUDQYDORUSDUDHOFOLHQWH  6HHVWDEOHFHU¢QSRO®WLFDVSDUDHOFRQWUROGHGHVHPSH²R  6HGHILQLU¢ODQHFHVLGDGGHLQFUHPHQWDUODFDSDFLGDGLQVWDODGDRGHMDUGHIDEULFDUORVSURGXFWRV FRQPHQRUUHQWDELOLGDGRHQFDUJDUVXSURGXFFL´QDWHUFHURV  3HUPLWLU¢UHYLVDU\GHILQLUQXHYDVSRO®WLFDVGHFUªGLWRORVXILFLHQWHPHQWHFRPSHWLWLYDVTXHQR DIHFWHQODSRVLFL´QGHOIRQGRGHPDQLREUD  (OFRQWUROLQWHUQRVHU¢LQWHUDFWLYR\IDFLOLWDU¢ODVGLVSRQLELOLGDGHVGHFDMDTXHDSR\HQD/RJ®VWLFD HQVXVDGTXLVLFLRQHVTXHWHQGU¢ODVXILFLHQWHFDSDFLGDGSDUDQHJRFLDUFRQORVSURYHHGRUHVORV PHMRUHVSUHFLRVSDUDOD(PSUHVD  (OSURFHVRGHPDQWHQLPLHQWRVXSHUDU¢ODHWDSDFRUUHFWLYDSDUDGHVDUUROODUVHFRPRSUHYHQWLYDR SUHGLFWLYDHQGHWHUPLQDGRVFDVRV  (QUHVXPHQVHKDEU¢GHILQLGRHOSXQWRGHHTXLOLEULR´SWLPRSRUO®QHDGHYHQWDV\SUREDEOHPHQWH PHMRUDGRODUHQWDELOLGDGSRUTXHSHUPLWHQORVFRVWRVWRPDUODVPHGLGDVFRUUHFWLYDV  &RPRHVGHQRWDUHORULJHQGHORVSULQFLSDOHVSUREOHPDVHQODHPSUHVDHVFRQVHFXHQFLDGLUHFWDGH ODDXVHQFLDGHXQVLVWHPDGHFRVWRV4XHVRQODEDVHSDUDGHVDUUROODUODVGHP¢VDFWLYLGDGHVTXH QHFHVLWDDSOLFDUODHPSUHVDSDUDFRQVLGHUDUVHGHFODVHPXQGLDO  /$6275$60(','$6&203/(0(17$5,$6   6LPSOLILFDQGRHOWHPDEDMRHVWXGLRGLUHPRVDSDUWLUGHXQVLVWHPDGHFRVWRVFRQWLQXDPRV GHVDUUROODQGRORVWHPDVTXHVRQSUREOHPDVTXHHQHOFRUUHUGHORVD²RVODHPSUHVDYDVXSHUDQGR G®DDG®D   $FWXDOL]DUDQXDOPHQWHVX2UJDQLJUDPD(VWUXFWXUDO  5HYLVDUFRQVWDQWHPHQWHVX0DQXDOGH$FWLYLGDGHV\)XQFLRQHV  0RGHUQL]DUVX5HJODPHQWR,QWHUQRGH7UDEDMRDFRUGHODVGLVSRVLFLRQHVODERUDOHVTXHHPLWH SHUPDQHQWHPHQWHHO*RELHUQR&HQWUDO(OFRQWUROGHOVREUHWLHPSRHVWHPDQDFLRQDO  6LPSOLILFDUKDVWDGRQGHHVSRVLEOHHO3ODQ&RQWDEOH*HQHUDO5HYLVDGR  ,QWURGXFLUHO6LVWHPDGH&´GLJRGH%DUUDVHQEDVHDO3ODQ&RQWDEOH  0HMRUDUORVVLVWHPDVGHLQIRUPDFL´Q  3ODQLILFDUSODQLILFDUSODQLILFDUHO3ODQ$QXDOGH8WLOLGDGHV\ILQDOPHQWH   'HILQLUODFXOWXUDGH(VWDEOHFHUHO3ODQ(VWUDWªJLFR&RUSRUDWLYR  /248(',&(1/26(;3(572662%5(/$(035(6$'(&/$6(081',$/  

6HJ»QHO6U-RUJH9DUHODGHODS¢JLQDZZZVR\HQWUHSHQHXUFRPQRVVH²DODODVVLJXLHQWHV PHMRUHVSU¢FWLFDVGHQHJRFLRV  $GPLQLVWUDFL´QGHO,QYHQWDULRSRUSDUWHGHOSURYHHGRU7DPELªQVHOHFRQRFHFRPRFDGHQDVGH VXPLQLVWUR6&0SRUVXVVLJODVHQLQJOªV 6HWUDWDGHXQSURFHVRDGPLQLVWUDWLYRTXHLQYROXFUDOD LQWHJUDFL´QGHWRGDVODVDFWLYLGDGHVQHFHVDULDVSDUDDEDVWHFHUSURGXFWRVRVHUYLFLRVDOPHUFDGR GHVGHODDGTXLVLFL´QGHPDWHULDVSULPDVIXQGDPHQWDOHVKDVWDODHQWUHJDDORVFOLHQWHVRXVXDULRV ILQDOHV (VWDVDFWLYLGDGHVVHLQWHJUDQDODVTXHVHHIHFW»DQLQWHUQDPHQWHFRPRDTXªOODVTXHVHUHDOL]DQ H[WHUQDPHQWH\HQFRQMXQFL´QFRQHPSUHVDVSURYHHGRUDV\GLVWULEXLGRUDV*HQHUDOPHQWHODV HPSUHVDVFRPXQLFDQHQWLHPSRUHDODVXVSURYHHGRUHVPHGLDQWHUHGHVGHVLVWHPDVVXV QHFHVLGDGHVGHDEDVWRHQFDGDSXQWRGHYHQWDSDUDTXHHOSURYHHGRUDFXGDDFXEULUORTXHKDFH IDOWD&RQVRUFLRVFRPR8QLOHYHU&DUUHIRXU%LPER\:DO0DUWHPSOHDQHVWHIRUPDWRFRQVXV SURYHHGRUHV  $GPLQLVWUDFL´QGHOD5HODFL´QFRQHO&OLHQWH7DPELªQVHOHFRQRFHFRPR&50&XVWRPHU 5HODWLRQVKLS0DQDJHPHQW (VWDVVLJODVVHUHILHUHQDXQDILORVRI®DGHWUDEDMRTXHLQWHQWDHQIRFDUD WRGDODHPSUHVDKDFLDODUHODFL´QFRQORVFOLHQWHV&RQVLVWHHQUHFRSLODUHYHQWRVHLQIRUPDFL´Q JHQHUDGDHQORVSXQWRVGHFRQWDFWRFRQORVFRQVXPLGRUHVFRQHOILQGHFRQRFHUORV\KDFHU YDORUDFLRQHVTXHSHUPLWDQGLULJLUVHDORVFRPSUDGRUHVP¢VUHQWDEOHV +DFHWUHVD²RV&KDVH0DQKDWWDQ%DQNKR\-30RUJDQ%DQN ODXWLOL]´SDUDLQWHJUDUWRGRVORV FDQDOHVGHFRPXQLFDFL´QFRQVXVFOLHQWHVTXLHQHVQRHVWDEDQFRQIRUPHVFRQKDEODUFRQP¢TXLQDV JUDEDGRUDVSDUDWUDWDUVXVLQYHUVLRQHV&RQHO&50ORJUDURQDEULUY®DVGHUHWURDOLPHQWDFL´QGLUHFWD FRQVXFOLHQWHODHLGHQWLILFDUDODVFDEH]DVGHOJUXSRLQYHUVRUSDUDTXHODLQIRUPDFL´QVHGLHUD GLUHFWDPHQWHDTXLHQHVWRPDQODVGHFLVLRQHV  %HQFKPDUNLQJ+HUUDPLHQWDGHFRPSDUDFL´QTXHVLUYHSDUDGHVFXEULU\DQDOL]DUODVPHMRUHV SU¢FWLFDVGHQHJRFLRGHRWUDVHPSUHVDV(VWRVKDOOD]JRVVHDGDSWDQDODHPSUHVDTXHORVREVHUYD 6LPSOLILFDQGRDQDOL]DUDSUHQGHU\DGDSWDUSDUDVHUFRPSHWLWLYRV6HGLFHTXHXQKRVSLWDO HVWDGRXQLGHQVHLQWURGXMRPHMRUDVHQVXVHUYLFLRGHXUJHQFLDVGHVSXªVGHXQH[KDXVWLYRDQ¢OLVLVGH ORVVLVWHPDVGHUHVSXHVWDGH'RPLQRuV3L]]D<RWURKRVSLWDOPHMRU´VXVLVWHPDGHDGPLVL´Q\ UHJLVWURGHSDFLHQWHVGHVSXªVGHHVWXGLDUORVVLVWHPDVGHUHVHUYDVGHORVKRWHOHV0DUULRW  &UXFHGH$QGªQ7ªUPLQRGHORJ®VWLFDTXHLPSOLFDHOWUDVODGRGHPHUFDQF®DVGHXQWUDQVSRUWHD RWURHQXQSXQWRLQWHUPHGLRGHOGHVWLQRILQDO'HHVWDIRUPDDEDVWHFH:DO0DUWDVXVGLIHUHQWHV WLHQGDVOXHJRGHFRQFHQWUDUODPHUFDQF®DHQFHQWURVGHDFRSLRHVWUDWªJLFRV  &XVWRPHU&RQWDFW&HQWHUR&&RQVLVWHHQLGHDUXQFHQWURGHRSHUDFLRQHVGHUHVSXHVWDU¢SLGDDO FOLHQWHPHGLDQWHXQDLQIUDHVWUXFWXUDWHFQRO´JLFDRSHUDGDSRUSHUVRQDVLQYROXFUDGDVHQGLIHUHQWHV UDPDVGHODSURGXFFL´Q/DVO®QHDVGHFRQVXOWDJUDWXLWDSDUDORVFRQVXPLGRUHVGHHVH SURGXFWR VRQXQHMHPSORGHHVWDSU¢FWLFD  &XVWRPL]DFL´QPDVLYD(VODIOH[LELOLGDGGHORVSURFHVRV\DFDEDGRGHORVSURGXFWRVDWUDYªVGH ODPRGXODUL]DFL´QORTXHSHUPLWHHOGHVDUUROORGHSURGXFWRV\VHUYLFLRVDGHFXDGRVDODVQHFHVLGDGHV HVSHF®ILFDVGHFDGDQLFKRGHPHUFDGR(OREMHWLYRGHHVWHVLVWHPDHVJDUDQWL]DUTXHFDGDFOLHQWH HQFXHQWUHORTXHQHFHVLWDDXQSUHFLRUD]RQDEOH8QDHPSUHVDTXHDSOLFDFRQVWDQWHPHQWHHVWD SU¢FWLFDHV.LPEHUO\&ODUNFRQFUHWDPHQWHHQVXVO®QHDVGHSD²DOHVTXHVHKDQVHJPHQWDGRSRU HGDG\SHVRGHORVEHEªVJªQHURDFWLYLGDG\KDVWDJXVWRSRUORVSHUVRQDMHVGHPRGD'HLJXDO IRUPDPDQHMDGLVWLQWRVSUHFLRV\SUHVHQWDFLRQHVSDUDLUDFRUGHDODFDSDFLGDGGHFRPSUDGHORV SDGUHVGHIDPLOLD  'HVSOLHJXHGHOD)XQFL´QGH&DOLGDG4)'4XDOLW\)XQFWLRQ'HSOR\PHQW 6HGHQRPLQDDV®DOD

IXQFL´QTXHGHVDUUROODXQHTXLSRLQWHUIXQFLRQDOFRPSXHVWRSRUPLHPEURVGHOGHSDUWDPHQWRGH PDUNHWLQJLQYHVWLJDFL´Q\GHVDUUROORIDEULFDFL´Q\YHQWDVD\XG¢QGRORVDFHQWUDUVHHQODLQQRYDFL´Q GHSURGXFWRV%ULQGDSURFHGLPLHQWRV\SURFHVRVSDUDPHMRUDUODFRPXQLFDFL´QFHQWU¢QGRVHHQHO OHQJXDMHGHOFOLHQWH7UDQVQDFLRQDOHVFRPR&RFD&RODR1LNHVXHOHQWUDEDMDUFRQHVWHWLSRGH FªOXODVSDUDODLQQRYDFL´QGHVXVSURGXFWRVRFDPSD²DVGHSXEOLFLGDG  'HVSOLHJXHGH3RO®WLFDVGH&DOLGDG(VXQVLVWHPDTXHVLUYHSDUDILMDUDSDUWLUGHOSODQHVWUDWªJLFR DODUJRSOD]RORVREMHWLYRV\SRO®WLFDVHVWUDWªJLFDVDGPLQLVWUDWLYDV\RSHUDWLYDVDQXDOHVGHODDOWD GLUHFFL´QSDUDOXHJRGHVSOHJDUODVDWRGDODRUJDQL]DFL´Q  (PSUHVDYLUWXDO6HGHQRPLQDDV®DODVRUJDQL]DFLRQHVTXHVHFRPXQLFDQSRUPHGLRV WHFQRO´JLFRVIOH[LEOHV\TXHSRVHHQVLVWHPDVTXHSXHGHQWUDQVIRUPDUVHI¢FLOPHQWHVLHOPHUFDGROR GHPDQGD6XREMHWLYRHVVDWLVIDFHUODGHPDQGDHQHOPHQRUWLHPSRSRVLEOH'HUHPDWHFRP HPSUHVDGHVXEDVWDVSRU,QWHUQHWPDQHMDWRGRVVXVSURFHGLPLHQWRVDGLVWDQFLDDWUDYªVGHOD WHFQRORJ®DFRQWUDQVIHUHQFLDVGLUHFWDVDGLYHUVRVEDQFRV  ,QJHQLHU®DFRQFXUUHQWH&RQRFHUHLQWHJUDUODVQHFHVLGDGHVGHOPHUFDGRTXHYDVDFXEULUORV UHTXLVLWRVGHFDOLGDGHLQYHUVL´QGRQGHLQWHUYLHQHQORVPHGLRV\PªWRGRVGHIDEULFDFL´QODYHQWD\ HOVHUYLFLRQHFHVDULRSDUDJDUDQWL]DUODVDWLVIDFFL´QGHOFOLHQWH/DHPSUHVD$UJHQWLQD&, &2/256,(7(IDEULFDQWHGHURSDXWLOL]DHVWDKHUUDPLHQWDSDUDHOODQ]DPLHQWRGHVXVFROHFFLRQHV &UX]DQORVGDWRVVRFLRJU¢ILFRVGHVXPHUFDGRFRQODVWHQGHQFLDVGHPRGD\DSDUWLUGHOD LQIRUPDFL´QTXHREWLHQHQGHVDUUROODQVXVSURSXHVWDV(VWROHVSHUPLWHDJLOL]DUVXVSURFHVRVGH SURGXFFL´Q\DEDWLUFRVWRV  -XVWRD7LHPSR7DPELªQFRQRFLGRFRPR.DQEDQSRVWXODTXHODVH[LVWHQFLDVP®QLPDV\ VXILFLHQWHVTXHOOHJDQMXVWRDWLHPSRSDUDUHSRQHUODVTXHDFDEDQGHXWLOL]DUVHFRQVWLWX\HQWRGRHO LQYHQWDULRTXHVHQHFHVLWDHQFXDOTXLHUPRPHQWRGDGR (OH[FHVRGHH[LVWHQFLDVDEVRUEHFDSLWDOLQQHFHVDULDPHQWHVXSRQHPD\RUHVFRVWRVGHDOPDFHQDMH DXPHQWDORVULHVJRVGHGD²RV\GHREVROHVFHQFLD\DQWHWRGRSXHGHRFXOWDURSRUWXQLGDGHVGH UHDOL]DUPHMRUDVRSHUDWLYDV7R\RWDHPSOHDHVWDSU¢FWLFDHQVXVO®QHDVGHHQVDPEOH  0DQXIDFWXUDOLJHUD$FWLYLGDGHVHFRQ´PLFDVTXHQRLPSOLFDQDOWRVQLYHOHVGHSURFHVDPLHQWR LQGXVWULDO&RPRHMHPSORVVHPHQFLRQDQODDJURLQGXVWULDHOFDO]DGRHOWDEDFRODMR\HU®DDUW®FXORV GHSLHOFDUW´QHLPSUHVRV3DUDJHQHUDUHPSOHRV\GDUYDORUDJUHJDGRDODVPDWHULDVSULPDVTXH SURGXFH&RVWD5LFDHOJRELHUQRGHHVHSD®VKDGHVDUUROODGRSDUTXHVLQGXVWULDOHVTXHWUDEDMDQFRQ HVWHWLSRGHPDQXIDFWXUD  3ODQHDFL´QGH5HFXUVRVGH0DQXIDFWXUD0DQXIDFWXULQJ5HVRXUFH3ODQQLQJ053 (VXQ VLVWHPDSDUDPDQHMDUWRGRVORVUHFXUVRVGHXQDHPSUHVDPDQXIDFWXUHUD(QOD]DHQXQVRORMXHJRGH Q»PHURVODSODQHDFL´QHVWUDWªJLFDFRQHOSODQGHYHQWDV\RSHUDFLRQHV\ODDGPLQLVWUDFL´QGHOD GHPDQGD$ªVWRVORVOLJDFRQHOSODQPDHVWURGHSURGXFFL´QTXHGDRULJHQDODSODQHDFL´QGH UHTXHULPLHQWRVGHPDWHULDOHVKDVWDODHMHFXFL´QGHORVSODQHVGHFRPSUDV\SURGXFFL´Q  3ODQHDFL´QGH5HTXHULPLHQWRVGH'LVWULEXFL´Q'53 3ODQHDORVUHTXHULPLHQWRVGHSURGXFWR ILQDOHQFDGDQLYHOGHODUHGGHGLVWULEXFL´Q3URSRUFLRQDXQDUHODFL´QGHORVSURGXFWRVWHUPLQDGRV TXHVHQHFHVLWDQDV®FRPRGHOOXJDUGRQGHVHGHPDQGDQ6HUHTXLHUHFRQWDUFRQLQIRUPDFL´QVREUH SURQ´VWLFRVGHGHPDQGDSHGLGRVFRORFDGRVQLYHOHVGHLQYHQWDULR\F¢OFXORVSRUHYHQWRVUHOHYDQWHV  3ODQHDFL´QGHYHQWDV\RSHUDFLRQHV7DPELªQFRQRFLGRFRPR392(VXQSURFHVRGHQHJRFLR TXHSURYHHDODDOWDGLUHFFL´QODFDSDFLGDGGHGLULJLUHVWUDWªJLFDPHQWHODHPSUHVDSDUDDOFDQ]DU YHQWDMDVFRPSHWLWLYDVGHPDQHUDFRQWLQXDLQWHJUDQGRORVSODQHVFRPHUFLDOHVORVQHJRFLRVDV® FRPRORVSURGXFWRVQXHYRV\H[LVWHQWHVFRQODDGPLQLVWUDFL´QGHODFDGHQDGHVXPLQLVWUR 

5HVSXHVWD(ILFLHQWHDO&RQVXPLGRUR(&56HHQFDUJDGHDQDOL]DUHOWLSRGHSURGXFWR\QHJRFLR SDUDSURSRUFLRQDUHOQLYHOP¢VDOWRGHJDQDQFLDVDIDEULFDQWHV\GHWDOOLVWDVDOPLVPRWLHPSRRIUHFH XQDVDWLVIDFFL´QFRPSOHWDDOFRQVXPLGRUHQFXDQWRDVXVH[SHFWDWLYDV\QHFHVLGDGHV/D$VRFLDFL´Q 1DFLRQDOGH7LHQGDVGH$XWRVHUYLFLR\'HSDUWDPHQWDOHV$17$' DFWXDOPHQWHWLHQHDSUXHEDHVWH VLVWHPDHQWUHVXVDJUHPLDGRV%XVFDQGLVPLQXLUORVFRVWRVDORODUJRGHODFDGHQDGHGLVWULEXFL´Q\ DXPHQWDUODVDWLVIDFFL´QGHVXVFRPSUDGRUHV  5HVSXHVWDU¢SLGD6LVWHPDHVWDQGDUL]DGRGHUHDFFL´QDSUHJXQWDVFRPXQHV\IUHFXHQWHVSDUWD UHVROYHUSUREOHPDVGHORVFOLHQWHV/DS¢JLQDHOHFWU´QLFDGHOD(VFXHOD%DQFDULD&RPHUFLDO KWWSZZZHEFP[ PDQHMDHVWHVLVWHPDSDUDEULQGDULQIRUPDFL´QGHVXEDFKLOOHUDWROLFHQFLDWXUDV\ PDHVWU®DV  'DGRVORVDFHOHUDGRVFDPELRVTXHG®DDG®DVHYLYHQHQPDWHULDWHFQRO´JLFDFXOWXUDOVRFLDO SRO®WLFDHFRQ´PLFD\FLHQW®ILFD\DQREDVWDWRPDUHQFRQVLGHUDFL´QV´ORIDFWRUHVHVW¢WLFRVVLQRTXH FREUDQIXQGDPHQWDOWUDVFHQGHQFLDDTXHOORVHOHPHQWRVGLQ¢PLFRVTXHSHUPLWHQDODVHPSUHVDV UHVSRQGHU\DGDSWDUVHFRQYHORFLGDG\HILFDFLDDORVFDPELRVGHOHQWRUQR\VLHVSRVLEOHVHU FDXVDQWH\PRWLYDGRUGHOFDPELR  2WURH[SHUWRVREUHHOWHPD0DXULFLR/HIFRYLFK>@ QRVSURSRQHORVVLJXLHQWHVW´SLFRV 6HJXULGDG )XHU]DGHWUDEDMRFRPSURPHWLGD )DEULFDFL´Q\HQWUHJDVDORVFOLHQWHVMXVWRDWLHPSR (QIRTXHHQHOIOXMRGHSURGXFWR 0DQWHQLPLHQWRSUHYHQWLYRSUHGLFWLYR $GPLQLVWUDFL´QGHORVFXHOORVGHERWHOOD *HVWL´QGHOD&DOLGDG7RWDO 5¢SLGRVWLHPSRVGHSUHSDUDFL´Q\RFDPELRGHKHUUDPLHQWDV 1LYHOP®QLPRGHLQYHQWDULRV 3RO®WLFDV\SURFHGLPLHQWRVGHDSR\R $XWRPDWL]DFL´QGHORVSURFHVRV 5HGXFFL´Q\RHOLPLQDFL´QVLVWHP¢WLFDHQORVQLYHOHVGHGHVSHUGLFLRV 0D\RUKLQFDSLªHQODWDUHDGHGLVH²RGHSURGXFWRV\SURFHVRV5HGXFFL´QVLVWHP¢WLFDHQHOQ»PHUR GHSDUWHV 3RO®WLFDV\HVWUDWHJLDVGHLQQRYDFL´QSHUPDQHQWHVHQPDWHULDGHSURGXFWRV\SURFHVRV &XHQWDQFRQEDVHVHVWDG®VWLFDV\VLVWHPDVGHLQIRUPDFL´QTXHOHVSHUPLWHQPRQLWRUHDUGHPDQHUD SHUPDQHQWHODHYROXFL´QHQPDWHULDGHFDOLGDGSURGXFWLYLGDGFRVWRVWLHPSRVGHSURFHVRVWLHPSRV GHUHVSXHVWD\QLYHOHVGHVDWLVIDFFL´QHQWUHRWURV &RQWURODQ\HYLWDQODFRQWDPLQDFL´QWDQWRHQORVSURGXFWRVFRPRHQVXVSURFHVDPLHQWRV\ HOLPLQDFL´QGHGHVHFKRV 6HDGDSWDQU¢SLGDPHQWHDODVQXHYDVQHFHVLGDGHVGHOPHUFDGR &DSDFLWDFL´QGHGLUHFWLYRV\SHUVRQDO &21&/86,21(6 

mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmm m

$FWXDOPHQWHORTXHQHFHVLWDQQXHVWUDVHPSUHVDVQDFLRQDOHVSDUDFRQYHUWLUVHHQRUJDQL]DFLRQHV UHQWDEOHVFRQFRPSHWLWLYLGDGDQLYHOPXQGLDOHVLQFXOFDUWDQWRHQORVFRODERUDGRUHVFRPRHQVXV O®GHUHVODLPSOHPHQWDFL´QGHORV&RVWRVSRU$FWLYLGDGPHGLDQWHODLQWHJUDFL´QGHWRGRVFRQXQD ILORVRI®D\YDORUHVFRUSRUDWLYRV(VLPSRUWDQWHPHQFLRQDUTXHVLHPSUHWUDEDMDPRVSDUDHO-HIHRSDUD ORVUHVXOWDGRVFXDQGRDORTXHGHEHPRVGDUPD\RUYDORUHVODERUDUSDUDHOFOLHQWHDWHQGHUVXV QHFHVLGDGHVSRUTXHORTXHHOQHFHVLWDHVVHQWLUVHHVFXFKDGR  (VWDEOHFHUXQDILORVRI®D\YDORUHVGHODHPSUHVDVRQHOPDUFRGHUHIHUHQFLDVREUHHOFXDOGHEHQ JLUDUODVDFWLYLGDGHVTXHGHVDUUROODPRVODVGHFLVLRQHVGHORTXHVHGHEH\ORTXHQRVHGHEHKDFHU (VLPSRUWDQWHKDFHUKLQFDSLªHQTXHODILORVRI®D\YDORUHVQRVRQSRO®WLFDVQLUHJODPHQWRVHVHQOR TXHODHPSUHVD&5(('HEHPRVVDEHUTXHVLTXHUHPRVUHDOPHQWHWUDVFHQGHUDV®FRPRVHU FRPSHWLWLYRV\UHQWDEOHVDQLYHOPXQGLDOGHEHPRVFDPELDUODIRUPDWUDGLFLRQDOGHWUDEDMDUSDUD FRQYHUWLUQRVQRV´ORHQHPSOHDGRVVLQRHQFRODERUDGRUHVSDUDVDWLVIDFHUODVQHFHVLGDGHVGHORV FOLHQWHV\DTXHJUDFLDVDHOORVH[LVWLPRV€$OJXQDYH]WHQGUHPRVXQDPD\RU®DGHHPSUHVDV QDFLRQDOHVHQHOQLYHOGHFODVHPXQGLDO"1XHVWUDUHVSXHVWDHVDILUPDWLYDVLGLUHFWLYRVFRPRHO6U 'DQRUHVW¢QSUHVWRVDUHFLELUODFRODERUDFL´QGHORV&RQVXOWRUHV(PSUHVDULDOHV,QGHSHQGLHQWHVTXH DEXQGDQHQQXHVWURVSD®VHV   >@ 5DP®UH]3DGLOOD'DYLG1RHO&RQWDELOLGDG$GPLQLVWUDWLYDl(GLFL´Q0F*UDZ +LOO&DVR1R 3¢JLQD1R0ª[LFR >@ *RQ]¢OHV6RULD\0RUHQRGHOD6DQWD-DYLHU3URIHVRUGHOD8QLYHUVLGDG3RQWLILFLDGH 6DODPDQFDի)DVHVGHOD,PSOHPHQWDFL´QGHXQ0RGHOR$%&$%0 >@ &DUDFWHU®VWLFDVGHXQD3ODQWDGH&ODVH0XQGLDOHQHO&RPLHQ]RGHO6LJOR;;, ZZZWXREUDXQDPP[SXEOLFDGDV  'U5D»O$UUDUWH0HUD PDJRDUUREDWHUUDFRPSH

'RFWRUHQ&LHQFLDV&RQWDEOHV\(PSUHVDULDOHVSRUOD810600DHVWURHQ$GPLQLVWUDFL´QSRUOD 8QLYHUVLGDG6DQ0DUW®QGH3RUUHV&RQWDGRU3»EOLFR&ROHJLDGRSRUOD8QLYHUVLGDG1DFLRQDO0D\RU GH6DQ0DUFRV([SHUWRHQ&RVWRV\)LQDQ]DV3URIHVRU,QYHVWLJDGRUGHOD)DFXOWDGGH&LHQFLDV &RQWDEOHVGHOD81060/LPD3HU» 



ž&22@H> &žH6&-6&ž ž&> H  ž
 
- 
2  =    mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmm m m m

 #6&4@>@2@H>A2H>$ -F22@R>6&&-4@ž&$ S2>@2H$ #-H4&$@H>ž&$  ž
 
 
&

?     F         
   
  
 

       
          

 !8

 
               ,     
 

/ 
  ,
/     
  
  $
 :
 
 
 
  
    

    
 
  B 
       

     7  
  ž    

 

 

     
  
          
        
  
 .  
  
      
     
    
    
  
     
$ 
   
        
         
 
         

        B   


  

             
     .

 

  
 

                     . 
   A  
  
7  !8
      7 


   

      
 
 , 
/     
       
      
     
                

   

 

     .
        
 
  
             
 B          
 

    7           7       7

 8 
   
8  
 
    .  
      
 .    
    .  
      
 
 ž
  !8
     


           
      
      
   B        
    ! 
 7  7  
 
        
 A      


 
 
     B  

 4  
 
    
   
  $   
 

       
            .                       
  !8
 
 

  
     
      
     B         
    
        
 
     
      
  
    
  

.  B 
 .  
&

    

      
   
:  ðm &
 
 
 
  
     
# ž   
   
 
      
8
  
 ðm &B              
 
    



   ðm &       B  #
  # @ 
             
      ðm &B         ðm 2   8
  
 
# ?        
 
           7              
     &  ž8  ž D   . 
     
     F 
   9 .            9    :,&%I
 
 
.  8    
 %I  .  / &
        ž
 
 7
  
   
       

     

 , 
   
/      
   
  ,     /  , B  / ž   
   
8             78      

  
    
       ,&         

           &   

      7       
 
   
  
  
 
       
  


   
/   ,2   
 
    
   
    
 
  
  
  
   
   
  
                
   
  

 




   . 
7 
 
   8 


/   , 
     .
  
   
 
 .  
   
 7
 8
 T        
    8        

          #   . 8        : .    
 

    8

 
 
  
         ž
 



  

 
 
   
8  7     
    
    
 
    
 
  
     =
 
  
    
   
  



      
       
        
   
    .         
     
        /   ,6
  

   
7


 
 
/   ,$  
 
  
 8 
 
 
 2     
 

     
   
     
      7  


          
     $  

   B    2  

  
  
    



/   ,$     

     
         

   

/   ,A   
 

 
  


            
   
  
     
 
 
    
  
  /    @6&> @4@22@R>6&ž ž&> H   U.   


                 
 

  
 
 

  
       



 
  
 
    

   
    

              
         
 
      
 
  
8  
  
  
                       
 6 
        
 

  
       
     

     
7 
  

8   
  
 
    
   
 
 8
   
  6 .
  
 
  
     

 


 


 
  
   
        &

   

        
  


     

  

  
! 
       .             
7 

   
        
 
 
  
            
 7 
    

  

 7 
 
ž
 
     
            7
, / 

          
 
      

 
  &        

 : > .   
 ,
 
  B /  
 


   .  .
 !


      

.
      



  H 
 
 
    
  
 7 
       
      
         &  

 

 
 
 
  

 . 
      
 
      
     
   & 
  .





         
 
  
 
            .

  
 
     
  
 =3   1   7      
 




  
    
    7  
        
    
   
 

 
      
 

  
  
 
       
  
 


&



  
      &     
 

    
 
 
        
 
      
    
@
9 7     
  

        
 

       
 
 7 
 
 
    .
  
   ,
   ,               

    
       91    


    
         

  
   
     
     
 

  
 7 
 

        
 
          
 C   9 
 .   
 
   

  
 7 
 .       
    
  

      .         .     
         
   
  
 .   
   9  C      
 
    
 > A1  
 
          
    

 


    
 
       F                     8    .
 

 


    
                 .   
     
 9  C    7    
 
       

               : ,
   : &         
/  &       
 



   ,   
 
/     
  
        
 .    
  
   
  F   
 
   
 
  /      /  ,         
 
 


 
        
/ 
8  

 
 
/. 8  
   
                               
     $   
   
       B  

 
          
    
    
   .
 

 
             
       
 /   F      

.    .



 / /       F 7 C  9 
 
8 ,2    
    

    
 
 . 
       ,     /   7
 
    
      

 

      

   
  
   
    
    
      
   
     
 9

 
F  8



 
       .       
     
  
        

      8 . 
    

, 
 
       
     
 /  $          
       
    
            
     
  
  
7  &  8    
     

 
 

   /    



   

          
   
   
  !  9.
    
8

   
         
   
   

 
    

  
    
         .
  
 

 
.
 

6    8  

   
 


  
     
    
  
  

                        
    -     &
          #
            #  
  
 #2 
     
       7   #?
          #2      #     
     #
   
    
 
 
  #2
          
 
     .  
       #
       7 #C          7     #$
         
      8 ,
 /     
 
B    
 #U   

) 
/  ,  
/* #C   

            UFS2-2 &-V$ @2$6&
& &>&-F>-H4&$@H>ž6&ž H -&>6@9@&> HM

C
    m

$  .
  
    
  


. 

.  
  

  
  
2   

  
    B     M 2

 
   8

   
    7   B     M28     7 

       

   8

M $    
 
 
    

 .        
   7 
                  
        
           7      8

  
            7     
    B         

 

   
      
 

 
   8

  
 

 



           B          8
 : 4       .   
 
 ž
 

          
  
  7  
  
   
 
   
  )
 
  
 
 


   8 
   *  
 
  
 

  
      .   
      
     
 
 

   
  
          
  
             F  
  ž   @      
 C  
    F 
   A    "(     
  
    


     
  
 


 




  .                  
 
 
 .  
     .      
      
 
          
  $      8
 : 2
   

   ž
 

          
        
  
     

  .
  
   &    .
  
 
  .
 
   
   
    
   
 

 



   .    
  .
  
   F  7    4 1  6  -
      
     
    
   
 &

 F 
  >     

&    
       
 &

 F 
  
  
     

  

 B 

 9.
  

!        

  
 B 
 7
 

 
   
  

      
  

     
 

         
 B          
   
  
    .    B         8
 : 6

 
 
 ž


 B     
  
    




              
 
 .           F 
  
 

 B 

   
     
  8 



 

 8  
 

 

 
 
 

     
  B     6 8    
 


 
 
  
  
   
 
   
    B
   
      
  2      8
 : &   

 ž


       
    

      
        
 
 

  
 B   .        $  
  
 

 
    W 
  B   
 
   
 
   
  B 
    
     

   
 )
      8
 * 
    
  GG      & 
 
   
         


 
 

               
    
  
8


  

 
    

  
&  
    


  
   U     8
 : 
       F
   
 

            
  
 
 
!     
        
 
         
 
    
   $         
   
 
       
 
   
 )  
 
 

    *    .
 
  
      F      

!           7 

 7   
            
 

     !     




 H  
  
          
        %  
  
      B    $   
 
2 
  
   


 
  
  
M& 

    
 7    

8     

    
 ).
 

    
    
  
 .
     ! *     
  
 8       $B     8
 : &  7  

 ž
 

           
   
  

 
 
  
   
 


      

 
     
          
    7 
 
8 
  


 
  

  &7
 
     W


 W
  7      
          
    !          ž   
 .  
 
 8
  $      8
 : ž  
   
8 ž
 

    B       

    
        
  
8


 
   

 
   F 
 
  


    

     

 8      
 
 
  

     
 @ 
 .
 
      8         
       
       
    
 

 
  H      8
 : ?
           9.
 

  B           
      

  
 .
 
 
 8 
  


        &
                       
    
   ž  
          
7
  
  
 
 

    
    


 
 
 7    >     8
 : 2     
  
   
   
            

 
 
 
       
 

$ 
  

  
          
            8 


        9.
 
 
 
      F 
   2     $   

 
 

  
          
    8

 
 

           
  
     
  5  29@>H=2@ž&<&ž&>2@

8QRGHORUHFXUVRVP¢VYDOLRVRVFRQTXHFXHQWDODHPSUHVDHVVXUHFXUVRKXPDQRFDSLWDOTXHQR GHEHGHVFXLGDUVHVHGHEHHVWDUDWHQWRHQSURSRUFLRQDUOHVWRGDVODVKHUUDPLHQWDVFRQRFLPLHQWRV TXHJDUDQWLFHSURGXFWLYLGDGUHVXOWDGRVDGHP¢VGHVXHOGRVVDODULRVSUHVWDFLRQHVTXHJDUDQWLFHQVX FDOLGDGGHYLGD 8QUHFXUVRKXPDQRTXHKD\TXHPRWLYDUORLQWHJUDUORHQHTXLSRVGHWUDEDMRFRKHVLYRVSUHVWDUOHOD DWHQFL´QQHFHVDULDDQWHVXVUHTXHULPLHQWRV\FRODERUDFL´QTXHOHIDYRUH]FDHILFLHQWHPHQWHHQVX GHVHPSH²R/DVS\PHVGHVFXLGDQPXFKRDHVWHUHFXUVR\VXVUHSHUFXVLRQHVVRQQHJDWLYDVHQ ORJURVSURGXFWLYLGDGGHDK®ODLPSRUWDQFLDGHLGHQWLILFDUVHFRQODUHVSRQVDELOLGDGGHHVWDUDWHQWR DQWHHVWDREOLJDFL´QTXHEHQHILFLDODRSHUDWLYLGDGGHWRGDHPSUHVD $QWHHVWDUHDOLGDGHLPSRUWDQFLDVHKDIRUPXODGRODVLJXLHQWHSUHJXQWD 35(*817$ $QDOL]DUODUHDOLGDGDFWXDOGHOVHFWRUHPSUHVDULDOFRQUHVSHFWRDODDGPLQLVWUDFL´QGHORVUHFXUVRV KXPDQRVGHVWDFDQGRORVSULQFLSDOHVREVW¢FXORV\SURSRQLHQGRVXVVROXFLRQHVDILQGHFRQWDUFRQ XQDEXHQDGHODSODQLILFDFL´QGHORVUHFXUVRVKXPDQRVTXHJDUDQWLFHQSURGXFWLYLGDG\ORJURV (QPXFKRVHVFULWRVFRPHQWDULRVDOUHVSHFWRVHHQFRQWU´TXHODJHUHQFLDYHQH]RODQDUHFRQRFHOD LPSRUWDQFLDGHODDGPLQLVWUDFL´QGHORVUHFXUVRVKXPDQRVVLQHPEDUJRVHHVW¢FRQFLHQWHTXHSRFR VHKDFHHQSURGHHOORVHVSHFLDOPHQWHHQORFRQFHUQLHQWHDVXFDSDFLWDFL´QGHVDUUROORVXHOGRV SUHVWDFLRQHV\VREUHWRGRPRWLYDUORVDTXHVXLQLFLDWLYDFUHDWLYLGDGDIORUH 1RVHSXHGHQHJDUTXHWRGDRUJDQL]DFL´QUHTXLHUHGHUHFXUVRVKXPDQRVJHUHQWHVWªFQLFRV SHUVRQDODGPLQLVWUDWLYRREUHURV\GHDSR\RWªFQLFRQHFHVDULRSDUDORJUDUVXVREMHWLYRV%XVFDU SHUVRQDOFRPSHWHQWHHVLPSRUWDQWHSDUDHOª[LWRGHODRUJDQL]DFL´Q3RUORWDQWRHQHOSURFHVRGH RUJDQL]DFL´QHVIXQGDPHQWDOHOORJURGHORVUHFXUVRVKXPDQRVLG´QHRVSDUDFDGDIXQFL´QDFWLYLGDG \SXHVWR6HJ»Q)'DYLVFLWDGRSRU3¢H]KD\TXHDSDUWDUVHGHODFRQFHSFL´QGHTXHODJHQWHHV HOUHFXUVRVLQRTXHUHFRPLHQGDTXHHOFRQRFLPLHQWRHVORTXHYHUGDGHUDPHQWHGHEHVHU FRQVLGHUDGRFRPRHOUHFXUVRDGHVDUUROODUFRPROD»QLFD\YHUGDGHUDYHQWDMDFRPSHWLWLYD &RLQFLGLPRVTXHUHDOPHQWHHOFRQRFLPLHQWRVXJHVWL´QJHQHUHFRPSHWHQFLDVTXHVRQPX\ LPSRUWDQWHHQHOSUHVHQWHSXHVFRQVLGªUHVHTXHODVHPSUHVDVSDUDVHUFRPSHWLWLYDV\GHQSDVRD SURGXFWRVVHUYLFLRVTXHHOFRQVXPLGRUGHPDQGDUHTXLHUHGHXQSHUVRQDOFDOLILFDGRDVSHFWRTXHQR GHEHGHVFXLGDUVH 2EVW¢FXORV 5HIHUHQWHVDODVHOHFFL´QGHOSHUVRQDO(QPXFKDVRUJDQL]DFLRQHVH[LVWHXQYDF®RHQFXDQWRD SRO®WLFDV\SODQHVGHJHVWL´QGHUHFXUVRVKXPDQRVHQDOJXQDVVHPDQHMDFRPRODXQLGDGGH WU¢PLWHVGHSDSHOHRHQRWUDVVHREVHUYDXQDULJLGH]HQODIRUPXODFL´Q\GLVH²RGHFDUJRVQR SHUPLWLHQGRDORVWUDEDMDGRUHVKDFHUXVRGHVXLQWHOLJHQFLDHQJHQHUDOVHOHKDSUHVWDGRSRFD LPSRUWDQFLD )DOWDGHFDSDFLWDFL´Q\GHVDUUROORGHHPSOHDGRVQXHYRV/DFDSDFLWDFL´QFRPRHOGHVDUUROOR LPSOLFDQHQVH²DUDORVHPSOHDGRVODVGHVWUH]DV\HOFRPSRUWDPLHQWRTXHQHFHVLWDQSDUDFXPSOLU ELHQVXVWDUHDV/DVSULQFLSDOHVGLIHUHQFLDVHQWUHFDSDFLWDFL´Q\GHVDUUROORVHUHODFLRQDQFRQHO WLHPSR/DFDSDFLWDFL´QVHUHILHUHDODVQHFHVLGDGHVLQPHGLDWDVPLHQWUDVTXHHOGHVDUUROORD\XGDD ODVSHUVRQDVDDGTXLULUODVKDELOLGDGHV\FDUDFWHU®VWLFDVTXHUHTXLHUHQSDUDHOIXWXUR\DV®D\XGDQ WDQWRDOHPSOHDGRFRPRDODRUJDQL]DFL´QDHQIUHQWDUORVFDPELRV

3RFRVHQWLGRGHSHUWHQHQFLDFRQODHPSUHVD6HREVHUYDFXDQGRHOJHUHQWHQRHVFXFKDORV SODQWHDPLHQWRVODVVXJHUHQFLDV\RSLQLRQHVGHORVWUDEDMDGRUHV(OJHUHQWHGHEHPRWLYDUDORV WUDEDMDGRUHVDSDUWLFLSDUFRQHQWXVLDVPRHQWRGDVODVDFWLYLGDGHVTXHOHVHDQDVLJQDGDV\GHEH KDFHUORVVHQWLUSDUWHLQWHJUDQWHGHODHPSUHVD *DVWRVRULJLQDGRV9HUORVJDVWRVRFDVLRQDGRVSRUHOPHMRUDPLHQWRGHORVWUDEDMDGRUHV\ HPSOHDGRVFRPRXQLQFUHPHQWRGHORVFRVWRVHQYH]GHYHUORVFRPRXQDLQYHUVL´QDIXWXUR &RUUXSFL´QHQODVRUJDQL]DFLRQHV'HVDIRUWXQDGDPHQWHHQODVRUJDQL]DFLRQHVHQODVXOWLPDV GªFDGDVODPRUDOKDGHMDGRPXFKRTXHGHFLUHQWUHVXVPLHPEURVHVSHFLDOPHQWHHQORTXHVH UHILHUHDODJHUHQFLDDORVMHIHVTXHVHKDQFRQWDPLQDGRGHODFRUUXSFL´QGHWHULRUDQGRODLPDJHQGH ODHPSUHVD\VXFOLPDRUJDQL]DFLRQDO 6ROXFLRQHVSURSXHVWDV +DFHUXQEXHQDQ¢OLVLV\GHVFULSFL´QGHFDUJRVWRGRHOORFRQODILQDOLGDGGHLQJUHVDUDODHPSUHVD WUDEDMDGRUHVLG´QHRV &RQUHODFL´QDODIDOWDGHFDSDFLWDFL´Q\GHVDUUROORHQHOSHUVRQDOREUHURHOSURJUDPDGH UDFLRQDOL]DFL´QGHODGLHVWUDPLHQWRHVWDEOHFLGRSRUHO,1&(FDVRYHQH]RODQR IDFLOLWDODUHDOL]DFL´Q GHSURJUDPDVDPELFLRVRVSDUDODVDFFLRQHVHGXFDWLYDVTXHTXLHUDQLPSOHPHQWDUODVHPSUHVDV DSRUWDQWHVDGLFKRLQVWLWXWR(OSHUVRQDODGPLQLVWUDWLYRSRGU®DSDUWLFLSDUHQFXUVRVGHDFWXDOL]DFL´Q TXHRIUHFHODXQLYHUVLGDGYLUWXDO\HPSUHVDULDOGHO7HFQRO´JLFR0RQWHUUH\TXHWLHQHVHGHHQDOJXQDV HPSUHVDVYDOHQFLDQDVFRPR0DYHVD\3URFWHUDQG*DPEOH 3URPRYHUHQHOUHFXUVRKXPDQRHOVHQWLGRGHSHUWHQHQFLDFRQODHPSUHVD(VWRVHORJUDFRQXQD JHUHQFLDFDSD]/DVXQLYHUVLGDGHVQDFLRQDOHVWLHQHQODPLVL´QGHIRUPDUJHUHQWHVFDSDFHV3DUD ORJUDUXQPHMRUDSURYHFKDPLHQWRGHORVFRQRFLPLHQWRVWH´ULFRVHOHVWXGLDQWHGHDGPLQLVWUDFL´Q SRGU®DOOHYDUDFDERSDVDQW®DVHQHPSUHVDVTXHOHSHUPLWDQDHVHIXWXURSURIHVLRQDOFRPSHQHWUDUVH FRQODVQHFHVLGDGHV\FXOWXUDRUJDQL]DFLRQDOGHODVHPSUHVDVGHODUHJL´Q\DXQQDFLRQDOHV (OJHUHQWHGHEHFRQYHQFHUDORVHPSUHVDULRV\DFFLRQLVWDVGHTXHHOJDVWRTXHRFDVLRQDQORV FXUVRVGHDFWXDOL]DFL´QGHOSHUVRQDOHVXQDLQYHUVL´QDIXWXUR(OSHUVRQDODFWXDOL]DGRHVWDU¢HQ FRQGLFLRQHVGHDSOLFDUFRQª[LWRODVQXHYDVKHUUDPLHQWDVJHUHQFLDOHV\ORVDYDQFHVWHFQRO´JLFRVHQ EHQHILFLRGHODHPSUHVD /DVXQLYHUVLGDGHVQDFLRQDOHVWLHQHQHOGHEHUGHIRUPDUXQDGPLQLVWUDGRUFRQXQJUDQVHQWLGRGHOD ªWLFDPRUDO\HOSURIHVLRQDOLVPRGHPDQHUDGHPLQLPL]DUODFRQWDPLQDFL´QSRUODFRUUXSFL´QHQODV HPSUHVDV 8QDRUJDQL]DFL´QSXHGHFRQWDUFRQXQDWHFQRORJ®DQRYHGRVDFRQH[FHOHQWHV®QGLFHVILQDQFLHURV FRQXQPRGHORGHSODQLILFDFL´QHVWUDWªJLFDSHURVLHOWDOHQWRKXPDQRQRHVFRQVLGHUDGRFRPROD IXHU]DPRWUL]GHODHPSUHVDODVXPDWRULDGHORVHVIXHU]RVYDDVHUGªELO\QRVHU¢VRVWHQLEOHHQHO WLHPSR3DUDFRQVHJXLUXQDYHUGDGHUDVLQHUJLD\TXHODVHPSUHVDVDGHP¢VGHODPELHQWHUHLQDQWH ORJUHQHOª[LWROHJLWLPREDVDGRHQYDORUHVVHGHEH %ULQGDUXQVLWLRGHWUDEDMRUHVSHWDEOHSDUDTXH ODSHUVRQDFRQR]FD\UHSRWHQFLHVXVIRUWDOH]DV\PHMRUHVXVGHELOLGDGHV 3URSRUFLRQDUHOFDPLQR SDUDTXHVHUHKDJDFRPRVHUKXPDQR\FUH]FDVXDXWRHVWLPD'HHVWDPDQHUDQRVRORHVWDUHPRV HQFDPLQDQGRXQDHPSUHVDKDFLDODH[FHOHQFLDVLQRTXHHVWDUHPRVFUHDQGRPHMRUHVSHUVRQDVSDUD XQDPHMRUSDWULD 'HILQLWLYDPHQWHHVPX\Y¢OLGRWHQHUSUHVHQWHFRPRQRVORUHFXHUGD&KLFKL3¢H] 6HKDFH QHFHVDULRHLQGLVSHQVDEOHTXHORVUHVSRQVDEOHVGHODJHVWL´QGHOIDFWRUKXPDQRHQODVHPSUHVDV

HVWDEOH]FDQPHFDQLVPRVLG´QHRVTXHSXHGDQMXVWLSUHFLDUODDFWXDFL´QGHORVWUDEDMDGRUHVWHQGHQWH DUHFRQRFHUXQGHVHPSH²RVREUHVDOLHQWHHQGRQGHXQRGHORVFRPSRQHQWHVGHHVWDHYDOXDFL´QHV SRGHUYDORUL]DUODVFRPSHWHQFLDVSXHVWDVGHPDQLILHVWRSRUORVPLHPEURVGHODHVWUXFWXUDLQIRUPDO $SHVDUTXHHVWHWªUPLQR FRPSHWHQFLDV HVXWLOL]DGRSRUORVJHUHQWHVGHUHFXUVRVKXPDQRVFRPRXQ VLJQLILFDQWHQXHYR'LFKRWªUPLQRHVDQWLTX®VLPRSRUFXDQWRHOPLVPRWLHQHGRVDFHSFLRQHV FRPSHWHU\FRPSHWLUODVFXDOHVYLHQHQGHOYHUERODWLQRFRPSHWHUHTXHVLJQLILFDLUXQDFRVDDO HQFXHQWURGHRWUDHQFRQWUDUVHFRLQFLGLU 5HIHUHQFLD 0RUD9&DUORV(OIDFWRUKXPDQRHQODJHUHQFLD(O&DUDEREH²R3¢J& (PSOHDGRV\FXOWXUDRUJDQL]DFLRQDO(O&DUDEREH²R3¢J& 3¢H]-/DQXHYDYLVL´QGHO55++(O&DUDEREH²R3¢J& (VWUDWHJLDGHHPSUHVD\UHFXUVRVKXPDQRV(O&DUDEREH²RSDJ& 9¢VTXH]'HQLVH€4XªSDVDFRQHOª[LWRJHUHQFLDO"(O&DUDEREH²R3¢J& 9HJDV+LODUL´Q(OIDFWRUKXPDQR\ODQXHYDILORVRI®D(O&DUDEREH²R3¢J&

m