)UTUIKKR6UJKXJK).

/4:
 2GSGXIGR«JKXKTRG
/TJ[YZXOG+R§IZXOIGKT'YOG
‡
‡
)XQGDGDHQ
9HQWDV*OREDOHVSRU
(;9*HQ
GNUXGKT2GZOTUGS§XOIG
ȕ 3GXIGR«JKXHQHOPHUFDGRHOpFWULFRLQGXVWULDOHQ$VLD
‡ 8QDGHODVEDVHVPDVJUDQGHVGHPDQXIDFWXUDSDUDHTXLSRVGH
:XGTYSOYO±T_*OYZXOH[IO±TGH(QHUJtD
('0' :8'493/9/‘4? +4+8-‹'
‡ 3UHPLDGDFRPROD1RSRUDxRVFRQVHFXWLYRVHQSURGXFFLyQ\ :+49/‘4 */9:8/(;)/‘4 952'8

YHQWDVHQSURGXFWRVGH(GPG:KTYO±THQ&KLQD
‡ ÑQLFR FRQ YUR[IO±T IUSVRKZG GH SURGXFWRV )LQD)LQ GHVGH
JHQHUDFLyQWUDQVPLVLyQ\GLVWULEXFLyQGHHQHUJtD
;TOJGJKYJK4KMUIOU
/D DPSOLD JDPD GH SURGXFWRV \ VHUYLFLRV
GH&+,17FXEUHFDVLWRGRVORVDVSHFWRVGH
OD HQHUJtD HOpFWULFD GHVGH OD MKTKXGIO±T
ZXGTYSOYO±TZXGTYLUXSGIO±TJOYZXOH[IO±T
_IUTY[SUJKKTKXM«G

$GHPiV &+,17 KD H[WHQGLGR VX OtQHD GH

QHJRFLRV DO WUDQVSRUWH IHUURYLDULR HTXLSRV
GH HQHUJtD DOPDFHQDPLHQWR GH HQHUJtD \
JHVWLyQGHUHGHVLQWHOLJHQWHV
3/22V`GJ«GGH0&%%UHDNHUV
2WUDV LQYHUVLRQHV LQFOX\HQ WDPELpQ %DQFD YKZYGH$XWRPDWL]DFLyQ
)LQDQFLHUD \ SDUTXHV HPSUHVDULDOHV GH
LQFXEDGRUDV -=,QYHUVRUHV
-=3DUTXHV6RODUHV
&OLHQWHVWLSR8WLOLW\


/DVFDQWLGDGHVVRQH[SUHVDGDVHQ86'
6XKYKTIOG/TZKXTGIOUTGR
3DtVHV &HQWURVGH,QYHVWLJDFLyQ*OREDO 6XEVLGLDULDV,QWHUQDFLRQDOHV
'LVWULEXLGRUHV,QWO $UHDVGH0HUFDGRWHFQLD\9HQWDV &HQWURV/RJtVWLFRV
(PSOHDGRV %DVHVGH0DQXIDFWXUD &RPSDxLDVGH9HQWDV

4;+9:8'9)+8:/,/)')/54+9'4/<+23;4*/'2
 6XUJ[IZUYJK(GPG:KTYO±T
685*;):59 '62/)')/54+9 )USU VXU\KKJUX JK IRGYK S[TJOGR JK VXUJ[IZUY KRªIZXOIUY JK HGPG ZKTYO´T RUY
VXUJ[IZUY)./4:VGXGJOYZXOH[IO´TJKKTKXM®GOTIR[_KTS¢YJKLGSOROGY_
ș /TZKXX[VZUXKY3OTOGZ[XG3)( ș )UTZXURJK+TKXM®G GXZ®I[RUY4[KYZXGT[K\GR®TKG_MKTKXGIO´TJKVXUJ[IZUYJKGRZGMGSGKOTTU\GIO´T
ș /TZKXX[VZUXKYKT)GPG ș )UTZXURJK3UZUXKY RGTUSHXGSUYȔ)./4:4K^Zȕ
3URJKGJG3))( ș .<')
ș /TZKXX[VZUXKYJK'OXK')( ș )UTYZX[IIO´T 'JKS¢Y45'81[TGT[K\GSGXIGJKYGXXURRGJGVUX)./4:GV[TZGNGIOGKRYKMSKTZU
VXKSO[S JK HGPU \URZGPK OTZKXTGIOUTGR JK GRZG MGSG KT KR SKXIGJU KRªIZXOIU
ș )UTZGIZUXKY ș :KRKIUS[TOIGIOUTKY
IUT\OXZOKTJUG45'81KT[TGJKRGYVUIGYSGXIGYJKGRZGMGSGKTRGOTJ[YZXOGW[K
ș 8KRK\GJUXKY ș 5+3
IUSVOZKIUTSGXIGYMRUHGRKYJKVXOSKXGIRGYKKTSKXIGJUYTGIOUTGRKY_K^ZXGTPKXUY
ș 'XXGTIGJUXKY
ș )GPGYJK*OYZXOH[IO´T
ș :GHRKXUY_6GTKRKYJK)UTZXUR

´&+,171H[WµKDDSOLFDGRDPiVGH
SDWHQWHVWHFQRORJLFDV\DSUREDGRSUXHEDV
GHFRQILDELOLGDG
:XGTYSOYO±T_
*OYZXOH[IO±T
'62/)')/54+9

ș -KTKXGIO´TJK+TKXM®G
ș 9[HKYZGIOUTKY
ș )[GXZUYJK)UTZXUR
ș :XGTYSOYO´T_
*OYZXOH[IO´TJK+TKXM®G
ș /TJ[YZXOG
ș @UTGY)USKXIOGRKY
)./4:NGIKW[KRGKTKXM®GYKGS¢YKLOIOKTZK_ZXGTYSOZOJGJKLUXSGKYZGHRK_IUTLOGHRK4UYIUSVXUSKZKSUY
VGXG VXUVUXIOUTGX YUR[IOUTKY IUSVRKZGY KT YOYZKSGY JK ZXGTYSOYO´T _ JOYZXOH[IO´T JK KTKXM®G GY® IUSU
YKX\OIOUY MKTKXGRKY JK OTMKTOKX®G VXU_KIZUY RRG\K KT SGTU _ +6) VGXG S[INUY [Y[GXOUY JK RG OTJ[YZXOG
KTKXMªZOIG _ KT MKTKXGR IUT GSVROG K^VKXOKTIOG KT KR LGHXOIGIO´T K OTYZGRGIO´T JK ZXGTYLUXSGJUXKY -/9
ZGHRKXUYKR§IZXOIUY_IUSVUTKTZKYJKSKJOG_GRZGZKTYO±TIGHRKY_UZXUYVXUJ[IZUY

&+,17FXHQWDFRQXQDPSOLRUHVSDOGRGH
LQVWDODFLyQHQPiVGHVXEHVWDFLRQHV\FRQ
HTXLSRVYHQGLGRVHQPiVGHSDtVHV
 +TKXM«GY8KTU\GHRKY
685*;):59 '62/)')/54+9

ș /T\KXYUXKY ș 8KYOJKTIOGR
ș )GPGY)USHOTGJUXGY ș )USKXIOGR
ș :GHRKXUY+RªIZXOIUY ș /TJ[YZXOGR
ș 6GTKRKY9URGXKY ș -XGT+YIGRG

)DEULFDQWH)9FODVLILFDGRFRPR7LHUSRU%ORRPEHUJGHVGH
 }6UXW[§)./4:%
;Y[GXOU,OTGR
8QDGHODVHPSUHVDVPiVJUDQGHV\ 5HVSDOGR\VRSRUWHGHO%DQFR
GHPD\RUGHVDUUROORGH$VLD GH&KLQDSDUDILQDQFLDU\RSHUDU
SUR\HFWRVGHJUDQHVFDOD

&UHFLPLHQWRDQXDO ,QJUHVRVDQXDOHVGH
FRQVWDQWHGHGREOHGtJLWR %86'

ÑQLFRFRQSURGXFWRV
&HUWLILFDFLRQHVGHFODVH GHVGHODJHQHUDFLyQ
PXQGLDOFRPR8/,(& WUDQVPLVLyQ\GLVWULEXFLyQ
.(0$120/$3(0 GHODHQHUJtD

,QYHUVLyQGHGHODV 'HIHQVRUPXQGLDO
YHQWDVHQLQYHVWLJDFLyQ\ GHODVHQHUJtDVOLPSLDV
GHVDUUROORSDWHQWHV

*OYZXOH[OJUX
 ('0' +4+8-‹' :8'493/9/‘4?
:+49/‘4 952'8 */9:8/(;)/‘4

]]]OYY[[IUSINOTZSK^OIUxNZZVY KTINOTZIUS