)XQGDPHQWRVGH$UGXLQR

-DYLHU*DUULGR

3URJUDPDFLyQHQ$UGXLQR

(O$UGXLQR,(

(O/HQJXDMH\OD6LQWD[ LV

(O/HQJXDMHGHUHIHUHQFLD

/DV)XQFLRQHV

/DV%LEOLRWHFDV

/DV)XQFLRQHV3ULQFLSDOHV

7LSRVGH3XHUWRV

3XHUWRVLJLWDOHV

3XHUWRV$QDOyJLFRV

&2081,&$&, 16(5,(

6+ (/6

(WKHUQHW6+ (/

*$0(8 12

/&6+ (/

-R\VWLFN6+ (/

(9 /0$6& (1&(*22*/

+LVWRULD

(OSUR\HFWRVHLQLFLyHQODFLXGDGGH,YUHD WDOLDHQFRQODLQWHQFLyQGHLQWHUDFWXDUHQSUR\HFWRVHVFRODUHVGHIRUPDTXHHVWRVVHSXGLHUDQREWHQHUFRQPHQRUSUHVXSXHVWRTXHRWURVVLVWHPDVGHSURWRWLSDGRGLVSRQLEOHVHQDTXHOODpSRFD6Xp[ LWRIXHUHFRQRFLGRFRQHOUHFLELPLHQWRGHXQDPHQFLyQKRQURVDHQODFDWHJRUtD&RPXQLGDGHVLJLWDOHVHQSRUOD3UL[ $UV(OHFWURQLFVDGHPiVGHODVPiVGHSODFDVYHQGLGDVKDVWDRFWXEUHGH

$FWXDOPHQWHVXKDUGZDUHVHUHDOL]DDWUDYpVGHXQPLFURFRQWURODGRU$WPHO$95VLHQGRHVWHTXHQRHVXQUHTXLVLWRIRUPDO\SXGLHQGRVHUH[ WHQGLGRVLODKHUUDPLHQWDDOWHUQDWLYDVRSRUWDHOOHQJXDMH$UGXLQR\VRQDFHSWDGDVSRUVXSUR\HFWR&RQVLGHUDQGRHVWDFDUDFWHUtVWLFDPXFKRVSUR\HFWRVSDUDOHORVVHLQVSLUDQHQFRSLDVPRGLILFDGDVFRQSODFDVGHH[ SDQVLRQHV\DFDEDQUHFLELHQGRVXVSURSLRVQRPEUHV

$SHVDUGHTXHHOVLVWHPDSXHGHVHUPRQWDGRSRUHOSURSLRXVXDULRORVVRSRUWHVWpFQLFRVWLHQHQXQVHUYLFLRGHYHQWDGHOSURGXFWRSUHPRQWDGRDWUDYpVGHHOORVPLVPR\WDPELpQSRUGLVWULEXLGRUHVRILFLDOHVFRQSXQWRVGHYHQWDHQWRGRHOPXQGR

$58,12(),1,&,1$UGXLQRIRUPDSDUWHGHOFRQFHSWRGHKDUGZDUH\VRIWZDUHOLEUH\HVWiDELHUWRSDUDXVR\FRQWULEXFLyQGHWRGDODVRFLHGDG$UGXLQRHVXQDSODWDIRUPDGHSURWRWLSRVHOHFWUyQLFRVFUHDGRHQ WDOLDTXHFRQVLVWHEiVLFDPHQWHHQXQDSODFDPLFURFRQWURODGRUFRQXQOHQJXDMHGHSURJUDPDFLyQHQXQHQWRUQRGHGHVDUUROORTXHVRSRUWDODHQWUDGD\VDOLGDGHGDWRV\VHxDOHV)XHFUHDGRHQHODxRFRQHOREMHWLYRGHVHUYLUFRPREDVHSDUDSUR\HFWRVGHEDMRFRVWH\HVORVXILFLHQWHPHQWHVLPSOHSDUDVHUXWLOL]DGRSRUORVGHVDUUROODGRUHV$UGXLQRHVIOH[ LEOH\QRUHTXLHUHGHXQSURIXQGRFRQRFLPLHQWRVREUHHOFDPSRGHODHOHFWUyQLFDORTXHKL]RTXHIXHUDPX\SRSXODUHQWUHORVDUWLVWDV\SULQFLSLDQWHVDGHPiVGHORVGHVDUUROODGRUHVH[ SHULPHQWDGRVTXHQRWLHQHQDFFHVRDPiVSODWDIRUPDVFRPSOHMDV

$UGXLQRHVXQDSODWDIRUPDGHFRPSXWDFLyQItVLFDVRQVLVWHPDVGLJLWDOHVFRQHFWDGRVDVHQVRUHV\DFWXDGRUHVTXHSHUPLWHQFRQVWUXLUVLVWHPDVTXHSHUFLEHQODUHDOLGDG\UHVSRQGHQFRQDFFLRQHVItVLFDVEDVDGDHQXQDVLPSOHSODFDPLFURFRQWURODGRUGHHQWUDGDVDOLGD\GHVDUUROODGDVREUHXQDELEOLRWHFDTXHVLPSOLILFDODHVFULWXUDGHODSURJUDPDFLyQHQ&&$UGXLQRSXHGHVHUXVDGRSDUDGHVDUUROODUDUWHIDFWRVLQWHUDFWLYRVVWDQGDORQHRFRQHFWDGRVDORUGHQDGRUDWUDYpVGH$GREH)ODVK3URFHVLQJ0D[ 0633XUHDWDR6XSHU&ROOLGHU

8QPLFURFRQWURODGRUWDPELpQGHQRPLQDGR0&8HVXQRUGHQDGRUHQXQFKLSTXHFRQWLHQHSURFHVDGRUPHPRULD\SHULIpULFRVGHHQWUDGDVDOLGD(VXQPLFURSURFHVDGRUTXHSXHGHVHUSURJUDPDGRSDUDIXQFLRQHVHVSHFtILFDVHQFRQWUDVWHFRQRWURVPLFURSURFHVDGRUHVGHSURSyVLWRJHQHUDOFRPRORVXWLOL]DGRVHQORV3&V(VWRVVRQHPEDUFDGRVHQHOLQWHULRUGHDOJ~QGLVSRVLWLYRHQQXHVWURFDVR$UGXLQRSDUDTXHSXHGDQFRQWURODUVXVIXQFLRQHVRDFFLRQHV

(VXQNLWGHGHVDUUROORFDSD]GHLQWHUSUHWDUYDULDEOHVHQHOHQWRUQR\WUDQVIRUPDUODVHQODVVHxDOHVHOpFWULFDVFRUUHVSRQGLHQWHVDWUDYpVGHVHQVRUHVFRQHFWDGRVDVXVWHUPLQDOHVGHHQWUDGD\WXWHDUHOFRQWURORDFFLRQDPLHQWRGHDOJ~QRWURHOHPHQWRHOHFWUyQLFRFRQHFWDGRDOD

WHUPLQDOGHVDOLGD2VHDHVXQDKHUUDPLHQWDGHFRQWUROGHHQWUDGD\VDOLGDGHGDWRVTXHSXHGHVHUDFFLRQDGDSRUXQVHQVRUSRUHMHPSORXQUHVLVWRUGHSHQGLHQWHGHODOX]/5\TXHGHVSXpVGHSDVDUSRUXQDHWDSDGHSURFHVDPLHQWRHOPLFURFRQWURODGRUSRGUiDFFLRQDUXQDFWXDGRUXQPRWRUSRUHMHPSOR&RPRSXHGHSHUFLELUHVFRPRXQRUGHQDGRUTXHWLHQHVHQVRUHVGHHQWUDGDFRPRHOPRXVH\HOWHFODGR\GHVDOLGDFRPRODVLPSUHVRUDV\ORVDOWDYRFHVSRUHMHPSORVRORTXHHVWHKDFHLQWHUIDFHFRQFLUFXLWRVHOpFWULFRVSXGLHQGRUHFLELURHQYLDULQIRUPDFLRQHVWHQVLRQHVHQHVWRV

$UGXLQRHVWiEDVDGRHQXQPLFURFRQWURODGRU$WPHJD\GHHVDIRUPDVHSXHGHSURJUDPDUOyJLFDPHQWHHVGHFLUHVSRVLEOHODFUHDFLyQGHSURJUDPDVXWLOL]DQGRXQOHQJXDMHSURSLREDVDGRHQ&&TXHFXDQGRVHLPSOHPHQWDKDFHQTXHHOKDUGZDUHHMHFXWHFLHUWDVDFFLRQHVHHVDIRUPDHVWDPRVFRQILJXUDQGRODHWDSDGHSURFHVDPLHQWR

/DJUDQGLIHUHQFLDGHHVWDKHUUDPLHQWDHVTXHHVWDHVWiGHVDUUROODGD\SHUIHFFLRQDGDSRUXQDFRPXQLGDGTXHGLYXOJDVXVSUR\HFWRV\VXVFyGLJRVGHDSOLFDFLyQ\DTXHODFRQFHSFLyQGHHVWDHVRSHQVRXUFHRVHDFXDOTXLHUSHUVRQDFRQFRQRFLPLHQWRVGHSURJUDPDFLyQSXHGHPRGLILFDUODV\DPSOLDUODVGHDFXHUGRDODQHFHVLGDGDSXQWDGRVLHPSUHKDFLDODPHMRUDGHORVSURGXFWRVTXHSXHGDQVHUFUHDGRVDSOLFDQGR$UGXLQR

(VWHIXHSUR\HFWDGRFRQODILQDOLGDGGHVHUGHIiFLOFRPSUHQVLyQSURJUDPDFLyQ\DSOLFDFLyQDOLJXDOTXHHVWiRULHQWDGRSDUDVHUPXOWLSODWDIRUPDHVGHFLUSRGHPRVFRQILJXUDUORHQHQWRUQRV:LQGRZV*18/LQX[ \0DF266LHQGRDVtSXHGHVHUSHUIHFWDPHQWHXWLOL]DGRFRPRKHUUDPLHQWDHGXFDFLRQDOVLQWHQHUTXHSUHRFXSDUVHSRUTXHHOXVXDULRWHQJDXQFRQRFLPLHQWRHVSHFtILFRGHHOHFWUyQLFD3RUHOKHFKRGHWHQHUVXHVTXHPD\VRIWZDUHGHSURJUDPDFLyQRSHQVRXUFHDFDEyOODPDQGRODDWHQFLyQGHORVWpFQLFRVGHHOHFWUyQLFDTXHFRPHQ]DURQDSHUIHFFLRQDUOR\DFUHDUDSOLFDFLRQHVPiVFRPSOHMDV

HVSHFLDOPHQWHORV$7PHJD$7PHJD$7PHJD\OD$7PHJD

/DJUDQPD\RUtDGHSODFDVLQFOX\HXQUHJXODGRUOLQHDUGHYROWLRV\XQRVFLODGRUGHFULVWDOGH0+]DXQTXHDOJXQRVHVTXHPDVFRPRHO/LO\3DGXVDQKDVWD0+]\GLVSHQVDQXQUHJXODGRUGHWHQVLyQHPEHELGRSRUWHQHUXQDIRUPDHVSHFtILFDGHUHVWULFFLRQHVGHIDFWRU$GHPiVGHVHUPLFURFRQWURODGRUHOFRPSRQHQWHWDPELpQHVWiSUHSURJUDPDGRFRQXQERRWORDGHUTXHVLPSOLILFDODFDUJDGHSURJUDPDVSDUDHOFKLSGHPHPRULDIODVKHPEHELGRGHPDQHUDVLPLODUDRWURVDSDUDWRVTXHQRUPDOPHQWHQHFHVLWDQGHXQFKLSSURJUDPDGRUH[ WHUQR

&RQFHSWXDOPHQWHFXDQGRVHXWLOL]DVXVRIWZDUHHVWHPRQWDWRGDVODVSODFDVVREUHXQDSURJUDPDFLyQGHFRQH[ LyQVHULDO56SHURODPDQHUDHQODTXHVHLPSOHPHQWDHQHOKDUGZDUHYDUtDHQFDGDYHUVLyQ6XVSODFDVVHULDOHVFRQWLHQHQXQFLUFXLWRVLPSOHLQYHUVRUSDUDFRQYHUWLUHQWUHODVVHxDOHVGHORVQLYHOHV56\77/$FWXDOPHQWHH[ LVWHQDOJXQRVPpWRGRVGLIHUHQWHVSDUDUHDOL]DUODWUDQVPLVLyQGHGDWRVFRPRPHGLDQWHODVSODFDVSURJUDPDEOHVYtD86%LQFRUSRUDGDVDWUDYpVGHXQFKLSDGDSWDGRU86%SDUD6HULDOFRPRHO)7,)7

$OJXQDVYDULDQWHVFRPRHO$UGXLQR0LQL\HOQRRILFLDO%RDUGXLQRXVDQXQPyGXORXQFDEOHDGDSWDGRU86%EOXHWRRWKXRWURVPpWRGRV(QHVWRVFDVRVVRQXVDGRVFRQKHUUDPLHQWDVPLFURFRQWURODGRUDVHQYH]GHO$UGXLQR,(XWLOL]DQGRGHHVWDPDQHUDODSURJUDPDFLyQHVWDQGDU$95,63

/DPD\RUtDGHORVSLQVGH(6GHORVPLFURFRQWURODGRUHVVRQSDUDHOXVRGHRWURVFLUFXLWRV/DYHUVLyQLHFLPLODTXHVXVWLWX\yDODXHPLODQRYHSRUHMHPSORGLVSRQtDGHSLQVGLJLWDOHVGHORVFXDOHVSXHGHQSURGXFLUVHxDOHV0/3DGHPiVGHHQWUDGDVDQDOyJLFDV(VWRVHVWiQGLVSRQLEOHVHQFLPDGHODSODFDDWUDYpVGHFRQHFWRUHVKHPEUDVGHSROHJDGDVFHQWtPHWURV

(OPRGHOR1DQR%RDUGXLQR\ODVSODFDVFRPSDWLEOHVFRQHVWDVVXPLQLVWUDQFRQHFWRUHVPDFKRVHQODSDUWHGHDEDMRGHODSODFDSDUDVHUFRQHFWDGRVHQSURWRERDUGV

62)7:$5(

%(1(),&,26(75$%$-$5&21$58,12

$UGXLQRIXHFUHDGRFRQHOSURSyVLWRGHVHUXQDSODWDIRUPDH[ WUHPDGDPHQWHIiFLOGHXVDUHQFRPSDUDFLyQFRQRWUDVORTXHODKDFHLGHDOWDQWRSDUDORVGHVDUUROODGRUHVPiVH[ SHULPHQWDGRVFRPRSDUDSULQFLSLDQWHV\DTXHDKRUDVXVSUR\HFWRVVHSXHGHQUHDOL]DUPXFKRPiVUiSLGR\VRQPHQRVODERULRVRV2WURIDFWRUTXHKDFHTXH$UGXLQRVHDPX\DWUDFWLYRHVVXILORVRItDGHKDUGZDUHOLEUHHVGHFLUODJHQWHSXHGHXWLOL]DUORSDUDFUHDUYDULRVSUR\HFWRVVLQFRVWHDOJXQRSRUORVGHUHFKRVGHXWLOL]DFLyQGHODSODWDIRUPD\VHSXHGHGLVWULEXLUGHIRUPDJUDWXLWDVLDVtORGHVHDQ(VWRWUDHPXFKRVEHQHILFLRVDGHPiVGHFUHDU\GLVWULEXLUYDULDVELEOLRWHFDVQXHYDV\KHUUDPLHQWDVSDUDD\XGDUDOGHVDUUROORGHORVSUR\HFWRVWRGRVORVGtDVFXHQWDFRQXQDFRPXQLGDGFRQPLOHVGHSHUVRQDVTXHUHYHODQLQIRUPDFLyQ\GHWDOOHVDFHUFDGHORTXHVHFUHD\DSRUWDQGRFXPHQWDFLyQ\WXWRULDOHVVREUHHOIXQFLRQDPLHQWRGH$UGXLQR(VWDVVRQWDPELpQDOJXQDVGHODVUD]RQHVSRUODVTXHODSRSXODULGDGGH$UGXLQRHVWiFUHFLHQGRHQWUHORVGHVDUUROODGRUHV

/$),1$/,$($58,12

/DSULQFLSDOILQDOLGDGGHO$UGXLQRHQXQVLVWHPDHVIDFLOLWDUHOSURWRWLSDGRLPSOHPHQWDFLyQRHPXODFLyQGHOFRQWUROGHVLVWHPDVLQWHUDWLYRVDQLYHOGRPpVWLFRFRPHUFLDORPyYLOGHODPLVPDIRUPDTXHHO&/3FRQWURODVLVWHPDVGHIXQFLRQDPLHQWRLQGXVWULDOHV&RQHVWHHVSRVLEOHHQYLDURUHFLELULQIRUPDFLRQHVGHEiVLFDPHQWHFXDOTXLHUVLVWHPDHOHFWUyQLFRFRPRLGHQWLILFDUODDSUR[ LPDFLyQGHXQDSHUVRQD\YDULDUODLQWHQVLGDGGHODOX]GHODPELHQWHDVXOOHJDGD2DEULUODVYHQWDQDVGHXQDRILFLQDVHJ~QODLQWHQVLGDGGHODOX]GHOVRO\ODWHPSHUDWXUDDPELHQWH

/RVFDPSRVGHDFWXDFLyQSDUDHOFRQWUROGHVLVWHPDVVRQLQPHQVRVSXGLHQGRWHQHUDSOLFDFLRQHVHQHOiUHDGHLPSUHVLyQUREyWLFDLQJHQLHUtDGHWUDQVSRUWHVLQJHQLHUtDDJUyQRPD\PXVLFDO

7,326($58,126

+D\PXFKRVWLSRVGH$UGXLQRTXHSXHGHXWLOL]DUGHSHQGLHQGRGHORTXHTXLHUDKDFHUFRQGLIHUHQWHVIRUPDV\FRQILJXUDFLRQHVGHKDUGZDUH(O$UGXLQR8QRHVHOPiVXWLOL]DGRSHURHO0HJD$UGXLQRSRUHMHPSORWLHQHPiVSXHUWRVGHHQWUDGDSRVLELOLWDQGRODFUHDFLyQGHGLVSRVLWLYRVPiVJUDQGHV\PiVFRPSOHMRV(O$UGXLQR1DQRFRPRHOQRPEUHGLFHHVXQDYHUVLyQDEUHYLDGDGHXQ$UGXLQRFRP~QSDUDODFUHDFLyQGHREMHWRVGHHOHFWUyQLFDPiVSHTXHxD$FRQWLQXDFLyQSXHGHYHUDOJXQDVIRWRVFRQDOJXQRVGHORVGLYHUVRVWLSRVGH$UGXLQRTXHH[ LVWHQKR\HQGtD

ZZZ DUGXLQRFF

HOYROWLR98QHMHPSORVRQODVVDOLGDVGHHOHFWULFLGDGGHQXHVWUDFDVDTXHHVWiQFRQHFWDGDVDGRVFDEOHVGHGLIHUHQWHVWHQVLRQHVTXHSDVDQDWUDYpVGHORVSRORVXQRWLHQH9OODPDGR)DVHPLHQWUDVTXHHORWURHVQHXWUDO\WLHQH9&DGDHQFKXIHUHSUHVHQWDXQRGHHVWRVFDEOHVDYHFHVWDPELpQKD\XQDWHUFHUDFODYLMDHOFDEOHGHWRPDWLHUUDTXHFRQHFWDHOFLUFXLWRSDUDGHVFDUJDUDWLHUUDODVFDUJDVDFXPXODGDVHQH[ FHVR6LQRHVWiQELHQFRQHFWDGRVQRKD\FRUULHQWHHQWUHHOORV\HOFLUFXLWRGHEHHVWDUFHUUDGRGHPDQHUDTXHVHSURGXFHODGLIHUHQFLDGHSRWHQFLDO&XiQGRFRQHFWDPRVFXDOTXLHUDSDUDWRHOpFWULFRDODWRPDGHFRUULHQWHVHFLHUUDHOFLUFXLWR\VXFHGHODGLIHUHQFLDGHSRWHQFLDOHQWUHODIDVH\HOQHXWURFRQODFUHDFLyQGHXQDFRUULHQWHHOpFWULFDTXHSDVDDWUDYpVGHXQHTXLSRGHDOLPHQWDFLyQ\TXHVDOGUiSRUHOKLORQHXWUR3RUUD]RQHVKLVWyULFDVQRVSXVLPRVGHDFXHUGRHQTXHODFRUULHQWHHOpFWULFDVHSURGXFHHQODGLUHFFLyQRSXHVWDDODUXWDGHORVHOHFWURQHVHVGHFLUVLORVHOHFWURQHVIOX\HQKDFLDXQODGRODFRUULHQWHHOpFWULFDVHSURGXFHKDFLDHORWURODGR

UHVLVWHQFLDDOIOXMRGHFRUULHQWHHVWRQRHVORLGHDOSHURQRH[ LVWHHOFRQGXFWRUSHUIHFWR1RUPDOPHQWHTXHUHPRVFRQWURODUHOSDVRGHFRUULHQWHHQVyORDOJXQDVSDUWHVGHOFLUFXLWRSDUDQRGDxDUQLQJ~QFRPSRQHQWHSDUDWUDQVIRUPDUODHQHUJtDHOpFWULFDHQWpUPLFD(VWR~OWLPRVHOODPDHO(IHFWR-RXOH\VHSURGXFHSRUTXHORVHOHFWURQHVFKRFDQFRQORViWRPRVGHOPDWHULDOSRUHOTXHHVWiQSDVDQGR$SOLFDFLRQHVGHOHIHFWR-RXOHVRQQXPHURVDV\EDVWDQWHFRPXQHVHQQXHVWURGtDDGtD3RUHMHPSORODGXFKDHOpFWULFDWUDEDMDSULQFLSDOPHQWHFRQXQDUHVLVWHQFLDDMXVWDEOH3RWHQFLyPHWURRUHyVWDWRVHSXHGHDMXVWDUODSRVLFLyQGHOFRQWDFWRFRQHOILQGHFRQWURODUODFDQWLGDGGHFRUULHQWHTXHSDVDDWUDYpVGHpO&XDQWRPD\RUHVODGLVWDQFLDTXHODFRUULHQWHYLDMDDWUDYpVGHODUHVLVWHQFLDPiVFDORUJHQHUD\PiVHQHUJtDHVJDVWDGDSRUORWDQWRHOFRQVXPRHVDOWR3RUHVHPRWLYRSDUDDMXVWDUODWHPSHUDWXUDSDUDODSRVLFLyQGHLQYLHUQRHVWDPRVDXPHQWDQGRODWUD\HFWRULDGHODFRUULHQWHDWUDYpVGHOUHVLVWRUFDOHQWDQGRPiVDJXD2WURHMHPSORHVODOiPSDUDLQFDQGHVFHQWHTXHWLHQHXQILODPHQWRTXHHQFDQGHFHSDUDSDVDUODFRUULHQWHHOpFWULFDGHELGRHOHIHFWR-RXOH(VWHWLSRGHOiPSDUDHVHQJUDQPHGLGDLQHILFD]\DTXHPiVGHOGHODHQHUJtDHOpFWULFDVHFRQYLHUWHHQFDORU\VyORHOUHVWRVHFRQYLHUWHHQHQHUJtDGHOX]/DXQLGDGGHPHGLGDGHODUHVLVWHQFLDHOpFWULFDHVHO2KPUHSUHVHQWDGRSRUODOHWUDJULHJDRPHJDPD\~VFXOD\VHSXHGHPHGLUFRPRODGLYLVLyQGHWHQVLyQSRUODFRUULHQWHHOpFWULFD

(/&,*2(&2/25(6&RPRODVUHVLVWHQFLDVXWLOL]DGDVHQWDEOHURVGHFLUFXLWRVLPSUHVRVVRQPX\SHTXHxDVODLPSUHVLyQGHOYDORUGHVXUHVLVWHQFLDHQRKPLRVQXPpULFDPHQWHHVEDVWDQWHFRPSOLFDGDHELGRDHVWRVHDFRUGyXQFyGLJRGHFRORUHVTXHIDFLOLWDUDHVWHUHFRQRFLPLHQWR(VHVWiQGDU\HQFLHUWRPRGREDVWDQWHVLPSOHKD\FXDWUREDQGDVGHFRORUDOUHGHGRUGHODUHVLVWHQFLD/RVWUHVSULPHURVWHPDVVRQHO$%\&\HOFXDUWRODWROHUDQFLDGHFXiQWRVFLHQWRVPiVRPHQRVODUHVLVWHQFLDSXHGHVHUQRKD\UHVLVWHQFLDGHO$JUDQGHVUDVJRVODEDQGD$UHSUHVHQWDODSULPHUDFLIUDGHFLPDOODEDQGD%ODVHJXQGDFLIUDGHFLPDO\ODEDQGD&HORUGHQGHPDJQLWXG/RVFRORUHVYDQGHOEODQFRDOQHJURHQHOVLJXLHQWHRUGHQGHPHQRUDPD\RUQHJURPDUUyQURMRQDUDQMDDPDULOORYHUGHD]XOYLROHWDJULV\EODQFR(QHOWHUFHUFDUULOHOJULV\HOEODQFRVHVXVWLWX\HQSRUODSODWD\HORUR/DFXDUWDSLVWDVyORWLHQHWUHVFRORUHVSODWDRUR\PDUUyQ

/26327(1&,0(7526

FLHUWRPRGRSHUPDQHQWHSRUTXHODVSLH]DVXQLGDVVRQGLItFLOHVGHUHWLUDUDOJRTXHSXHGHVHUPX\ODERULRVRVLKD\XQDJUDQFDQWLGDGGHSLH]DVVROGDGDV3DUDHYLWDUWRGRVHVWRVSUREOHPDVXVDPRVHOSURWRERDUGXQWDEOHURFRQDJXMHURVGLVSXHVWRVHQXQDFXDGUtFXODFRQODVFRQH[ LRQHVFRQGXFWRUDVHQVXLQWHULRU(OWDEOHURKDFHTXHODFRQH[ LyQHQWUHORVFRPSRQHQWHVVHDH[ WUHPDGDPHQWHVLPSOHVLQQHFHVLGDGGHVROGDGXUDDOJXQD2EYLDPHQWHHVWDQRVHXWLOL]DHQDSOLFDFLRQHVLQGXVWULDOHV\DTXHVHGHVPRWDQFRQODPLVPDIDFLOLGDGFRQODTXHVHPRQWDQSRUHOORWDPELpQVHOODPDSODFDGHHQVD\R8QWDEOHURFRP~QWLHQHGRVWLSRVGHFRQH[ LyQYHUWLFDOHVSUHVHQWHVHQORVRULILFLRVODWHUDOHV\KRUL]RQWDOHVSUHVHQWHVHQORVUHVWDQWHV/DFRUULHQWHIOX\HDWUDYpVGHWRGRVORVDJXMHURVGHODPLVPDOtQHDDOLPHQWDQGRWRGRVORVFDEOHVRFRPSRQHQWHVTXHHVWiQFRQHFWDGRVDOOt

/266(1625(6/RVVHQVRUHVVRQFRPSRQHQWHVXWLOL]DGRVSDUDOHHUHLQWHUSUHWDUODVYDULDEOHVGHHQWRUQR/DLQWHQVLGDGGHODOX]HOVRQLGRORVREMHWRVODWHPSHUDWXUDHWFVHSXHGHQPHGLU\VHWUDGXFHQFRPRXQGHWHUPLQDGRYROWDMH$OJXQRVGHORVVHQVRUHVPiVFRPXQHVVRQ6HQVRUGHOX]

,QWHUQHW\HQODVHOHFFLyQPDQXDOSLGDTXHVHDQEXVFDGRVORVGULYHUVHQODFDUSHWDGH$UGXLQRTXHH[ WUDMRHQHOSULPHUSDVR6LQRVHDFWLYDODGHWHFFLyQDXWRPiWLFDGHOFRQWURODGRUYD\DD3DQHOGHFRQWURODEUD$GPLQLVWUDGRUGHGLVSRVLWLYRV\EXVTXHORVFRQWURODGRUHVGHVDFWXDOL]DGRV6HOHFFLRQHODDFWXDOL]DFLyQPDQXDOSDUDHOGULYHUHLQGLTXHODFDUSHWDPHQFLRQDGDHQHOSDVRDQWHULRUHVSXpVGHHVWRVHGHEHFRPSOHWDUODLQVWDODFLyQ

,QVWDODFLyQGH,(HQ/LQX[3DUD/LQX[ DEUDXQDWHUPLQDO\HMHFXWHORVVLJXLHQWHVFRPDQGRVVXGRDGGDSWSSDUHSRVLWRULRDUGXLQRXEXQWXHTXLSRSSDVXGRXSGDWHWXG$37,VXGRDSWLWXGHLQVWDODU$UGXLQR$KRUD\DVHSXHGHDFFHGHUDWUDYpVGH$UGXLQR (SDUDGHVDUUROODUDSOLFDFLRQHV3DUDRWUDVGLVWULEXFLRQHVGH/LQX[ FRQVXOWH

KWWSZ Z ZDUGXLQRFFHQ0DLQ6RIWZ DUH\SDUD0DF26YLVLWHKWWSZZZ DUGXLQRFFHQ*XLGH0DF26;

(/$58,12,((O (GH$UGXLQRHVEDVWDQWHVLPSOH)XHGLVHxDGRSDUDVHUXQDLQWHUID]DPLJDEOHSDUDSHUVRQDVTXHQXQFDKDQWHQLGRFRQWDFWRFRQHOGHVDUUROORGHVRIWZDUH\SRUORWDQWRHVEDVWDQWHLQWXLWLYD)XHGHVDUUROODGRHQ-DYD\WLHQHFDUDFWHUtVWLFDVVLPSOHVGHVWDFDQGRHOUHDOFHGHSDODEUDVFODYH\XQDEDVHFRQGLYHUVRVFyGLJRVOLVWRVSDUDVHUYLUFRPRXQHMHPSOR

,(GHO$UGXLQR

$GHPiVGHOHVSDFLRSDUDHVFULELUHOFyGLJRKD\ERWRQHVHQODSDUWHVXSHULRU9HULI\6WRS1HZ2SHQ6DYH8SORDG\6HULDO0RQLWRU9HULILFDUHWHQHU1XHYR$EULU*XDUGDU6XELU\6HULDO0RQLWRU6LUYHQSDUDYHULILFDUUHVSHFWLYDPHQWHVLHOSURJUDPDWLHQHHUURUHVGHWHQHUODHMHFXFLyQGHOFyGLJRDFWXDOFUHDUXQQXHYRGRFXPHQWRDEULUXQGRFXPHQWR\DH[ LVWHQWHHQYLDUORVGDWRVDO$UGXLQR\HO~OWLPRHVXQPRQLWRUSDUDORVGDWRVVHULHTXHVHH[ SOLFDUiQPiVDGHODQWH(QODSDUWHLQIHULRUH[ LVWHWDPELpQXQDYHQWDQDGHFRQVRODSDUDLQIRUPDUDOXVXDULRGHORVPHQVDMHVGHHUURURODHMHFXFLyQGHOSURJUDPD

(//(1*8$-(

2SHUDGRUHVGHELWV_$OJXQDVHVWUXFWXUDVGHFRQWURO

&LFORLIHOVHLIFRQGLFLyQ^LQVWUXFFLyQLQVWUXFFLyQHOVH^LQVWUXFFLyQLQVWUXFFLyQ/DFRQGLFLyQSXHGHVHU;

PHQRUTXH

GR^LQVWUXFFLyQLQVWUXFFLyQZKLOHFRQGLFLyQ/RV9DORUHVGHUHIHUHQFLDVRQ

7LSRVGHGDWRVE\WHDUUD\LQWFKDU&RQYHUVLRQHVFKDUE\WHLQW9DULDEOHGHDOFDQFH\GHFXDOLILFDFLyQYDULDEOHVFRSHVWDWLFYRODWLOH8WLOLGDGHVVL]HRIGLFHHOWDPDxRGHODYDULDEOHHQE\WHV

+D\TXHGHVWDFDUTXHHOVRIWZDUHTXHYLHQHHQHO$UGXLQR\DQRVSURYHHGHYDULDVIXQFLRQHV\FRQVWDQWHVSDUDIDFLOLWDUODSURJUDPDFLyQFRPRSRUHMHPSORVHWXSORRS&RQVWDQWHV+,*+_/2:,1387_287387%LEOLRWHFDV6HULDO6HUYR7RQHHWF

/$6)81&,21(6/DVIXQFLRQHVVRQUHIHUHQFLDVHVHQFLDOHVSDUDHOGHVDUUROORGHXQ

/$6)81&,21(635,1&,3$/(6(OIOXMRGHODHMHFXFLyQGHFXDOTXLHUSURJUDPDGH$UGXLQRVHLQLFLDFRQ

DOIXQFLyQVHWXSGRQGHGHILQLPRVTXpSLQHVYDPRVDXWLOL]DU\VLHVWRVVHUiQGHHQWUDGDRVDOLGD3DUDHOORXWLOL]DPRVOD

IXQFLyQSLQ0RGHSLQP RGRGRQGHSLQHVXQHQWHURTXHUHSUHVHQWDHOQ~PHURGHSLQTXHHVWDPRVFRQILJXUDQGR\PRGRHVHOWLSRGHFODYLMDTXHYDDVHUVLGHHQWUDGDRVDOLGD,PSXW\2XWSXWUHVSHFWLYDPHQWH3RUHMHPSORSLQ0RGH287387LQGLFDTXHHOSLQVHXWLOL]DFRPRXQDVDOLGDHVGHFLUTXHOHSURSRUFLRQDUiVHxDODOFLUFXLWRHVSXpVGHODHMHFXFLyQGHODIXQFLyQVHWXSHOSURJUDPDFRPLHQ]D

ODHMHFXFLyQORRS\ODVHJXLUiXWLOL]DQGRKDVWDTXHWHUPLQHODHMHFXFLyQGHOSURJUDPD(OODHVXQDGHODVIXQFLRQHVPiVLPSRUWDQWHVTXHYDPRVDXWLOL]DUHQODFRQVWUXFFLyQGHSUR\HFWRVSXHVHVHQHOODGRQGHYDPRVDHVFULELUWRGRORTXHHOFLUFXLWRYDDKDFHU\FyPRVHFRPSRUWDUi

3DUDFRPSUHQGHUPHMRUHVWRVFRQFHSWRVYDPRVDXWLOL]DUXQHMHPSORVHQFLOORSDUDPRVWUDUHOXVRGHHVWRVSXHUWRV

3ULP HUHMHP SOR3DUDHOSULPHUHMHPSORGHXQFLUFXLWRVLPSOHXVDQGR$UGXLQRYDPRVDPRQWDUXQ/(TXHSDUSDGHDFDGDVHJXQGR3DUDHOORXWLOL]DUHPRVODVIXQFLRQHV\FRPDQGRVYLVWRVDQWHULRUPHQWH(QSULPHUOXJDUHQHO$UGXLQR (FUHDUHPRVODIXQFLyQGHFRQILJXUDFLyQ(QHOODVHXWLOL]DHOSURFHGLPLHQWRSLQ0RGHSDUDGHFLUTXHHOSLQVHXWLOL]DFRPRVDOLGD(VWRSRUDKRUDHVWRGRORTXHQHFHVLWDPRV\DTXHVyORQHFHVLWDPRVXQDVDOLGDSDUDVXPLQLVWUDUHQHUJtDDO/((QWRQFHVFUHDPRVXQDIXQFLyQGHEXFOHORRSTXHHVGRQGHHVWiQWRGRVORVFRPDQGRVTXHYDQDVHUHMHFXWDGRVYDULDVYHFHV\GHIRUPDLQGHILQLGDSRU$UGXLQRFRPR\DVHKDGLFKR8WLOL]DPRVHOSURFHGLPLHQWRGLJLWDO:ULWHSLQHVWDGRSDUDGHFLUD$UGXLQRVLHOSLQYDDHVWDUFRQHFWDGRRDSDJDGR\HOSURFHGLPLHQWRGHGHOD\WLPHSDUDGHFLUOHTXHHVSHUHXQFLHUWRSHUtRGRGHWLHPSRHQPLOLVHJXQGRV(OFyGLJRGHEHVHUDOJRFRPRHVWR

Y RLGVHWXS^SLQ0RGH287387Y RLGORRS^GLJLWDO:ULWH+,*+

GHOD\ GLJLWDO:ULWH/2:GHOD\ $FRQWLQXDFLyQPRQWDPRVHOFLUFXLWR9DPRVDQHFHVLWDUHO/(ODSURWRERDUGGRVFDEOHV\XQDUHVLVWHQFLDGH/DUHVLVWHQFLDUHVWULQJLUiODFRUULHQWHGHIRUPDTXHQRGDxHHO/(SRUORWDQWRHVLPSRUWDQWHQRROYLGDUVHGHpOHEHPRVOLJDUHOiQRGRGHO/(OD SDWD PD\RUDOFiWRGRGHOJHQHUDGRUHQHVWHFDVRHOSLQ\HOFiWRGRDWLHUUD*1JURXQGFRQHOILQGHWHQHUXQ3\DVtSHUPLWLUHOSDVRGHFRUULHQWHHOpFWULFD/DUHVLVWHQFLDGHEHHVWDUFRQHFWDGDHQWUHHOJHQHUDGRU\HOiQRGR3RUFRQYHQFLyQYDPRVDXWLOL]DUORVFDEOHVQHJURVSDUDODVFRQH[ LRQHVDWLHUUDURMRSDUDORVSXHUWRVQRUPDOHV\D]XOSDUDSXHUWRVGHYROWDMH9\9/DGLVSRVLFLyQGHOFLUFXLWRPRQWDGRVHPXHVWUDDFRQWLQXDFLyQ

FRPSOHWR3RGHPRVVLQHPEDUJRFRQWURODUHOSRUFHQWDMHGHWLHPSRTXHHO/(HVWiHQFHQGLGRXWLOL]DQGRORVSXHUWRVGLJLWDOHV3:03XOVH:LGWK0RGXODWLRQ/RTXHHVWRVSXHUWRVWLHQHQGHHVSHFLDOHVTXHVRQFDSDFHVGHFRQWURODUODSRWHQFLDGHXQDVHxDOKDFLHQGRTXHRVFLOHHQWUH9\9DXQDIUHFXHQFLDGHWHUPLQDGDHQODSUiFWLFDHVWRVLJQLILFDTXHHOSXHUWRYDDHVWDUUHSHWLGDPHQWHHQFHQGLGR\DSDJDGR3HURTXpXWLOL]DGWLHQHHVWR"%XHQRHQSULPHUOXJDUSRGHPRVDKRUUDUHQHUJtDPHGLDQWHODOLPLWDFLyQGHODSRWHQFLDSRUODFXDOVHDOLPHQWDHOFLUFXLWR1RVRWURVSRGHPRVQRTXHUHUSRUHMHPSORTXHHO/(JDVWH9WRGRHOWLHPSRTXHHVWHHQPDUFKDRXQDLOXPLQDFLyQPiVVXDYH3DUDHOOREDVWDGLVPLQXLUHVWHSRUFHQWDMHGHWLHPSRHQTXHHOSXHUWRGHMDODVHxDODOPi[ LPR3DUDFRQWURODUHVWHSRUFHQWDMHXWLOL]DPRVODIXQFLyQDQDORJ:ULWHSLQYDORUGRQGHSLQGHEHVHUXQSXHUWR3:0\YDORUXQQ~PHURHQWHURHQWUHGHOWLHPSR\GHOWLHPSR7HQJDHQFXHQWDTXHHVWDPRVXVDQGRXQDIXQFLyQGHPDQLSXODFLyQGHORVSXHUWRVDQDOyJLFRVLQFOXVRVLHQGRORV3:0SXHUWRVGLJLWDOHV/DUD]yQGHWUiVGHHVWRHVTXHORVSXHUWRV3:0VLPXODQHOFRPSRUWDPLHQWRGHORVSXHUWRVDQDOyJLFRVTXHVHH[ SOLFDUiQPiVDGHODQWH3DUDLOXVWUDUHVWRYDPRVDKDFHUXQ/(HQFHQGHUVH\DSDJDUVHVXDYHPHQWH3DUDHOOREDVWDFRQFDPELDUHOSXHUWRGHVDOLGDGHQXHVWUR/(SRUXQSXHUWR3:0(Q$UGXLQR8QRpVWRVSXHUWRVHVWiQPDUFDGRVFRQXQWLOGHa(QQXHVWURHMHPSORYDPRVDXWLOL]DUHOSXHUWR

(QWRQFHVXWLOL]DPRVODIXQFLyQDQDORJ:ULWHSDUDHQYLDUODWHQVLyQDOSLQ\HVSHUDPRVPLOLVHJXQGRVVLQHOGHOD\HOEULOORDXPHQWDGHPDVLDGRUiSLGR\QRVHSXHGHYHU

Y RLGVHWXS^SLQ0RGH287387Y RLGORRS^IRULQWL L L ^DQDORJ:ULWHLGHOD\

38(5726$1$ /*,&26$GLIHUHQFLDGHORVSXHUWRVGLJLWDOHVTXHVyORSXHGHQOHHU\HQYLDUYDORUHVELQDULRVORVSXHUWRVDQDOyJLFRVSXHGHOHHUFXDOTXLHUYDORUFRQGHWHUPLQDGDSUHFLVLyQHQWUH9\96LQHPEDUJRVyORSXHGHQOHHU\QRHQYLDU+D\VHLVSXHUWRVDQDOyJLFRVHQ$UGXLQR8QRQXPHUDGRVGHD\WLHQHQXQDSUHFLVLyQGHELWV(VWRVLJQLILFD

TXHSXHGHQOHHUXQUDQJRGHYDORUHVTXHYDGHVGHD

YDORUHV\HVFRQHVWRVYDORUHVFRQORTXHWUDEDMDUHPRV3DUDLOXVWUDUXQDVLWXDFLyQSUiFWLFDYDPRVDFUHDUXQEXFOHGRQGHXQ/(SDUSDGHDGHDFXHUGRFRQODOHFWXUDGHXQSRWHQFLyPHWURHVGHFLUFXDQWDPiVFRUULHQWHGHMDSDVDUPiVUiSLGRHO/(SDUSDGHDUi

&RPRORVSXHUWRVDQDOyJLFRVVyORVLUYHQFRPRHQWUDGDQRQHFHVLWDPRVLQLFLDOL]DUORVHQODIXQFLyQVHWXS/HHPRVHOYDORUGHOSRWHQFLyPHWURFRQODIXQFLyQDQDORJ5HDGTXHGHYXHOYHXQQ~PHURHQWHURHQWUH\\XWLOL]DPRVHVWHYDORUFRPRHOUHWUDVRSDUDHQFHQGHUODOX]GHO/(FRPRPXHVWUDHOFyGLJR

FRQVWLQWVHQVRU $FRQVWLQW/( LQWOHFWXUD Y RLGVHWXS^SLQ0RGH/(287387Y RLGORRS^OHFWXUD DQDORJ5HDGVHQVRUGLJLWDO:ULWH/(+,*+GHOD\ OHFWXUD

(OHVTXHPDGHOFLUFXLWRHVHOPLVPRTXHHOGHOSULPHUHMHPSOR

6+,(/63RUOLPLWDFLRQHVGHKDUGZDUHDOJXQDVGHODVFDUDFWHUtVWLFDVLPSRUWDQWHVSDUDYDULRVSUR\HFWRVWDOHVFRPRODFRQH[ LyQHQUHGQRHVWiQSUHVHQWHVHQ$UGXLQRDQRVHUTXHVHDXQPRGHORGHVLJQDGRHVSHFtILFDPHQWHSDUDHVWR3DUDVRUWHDUHVWHSUREOHPDVHKDQFUHDGRORV6KLHOGV/RVVKLHOGVVRQDFFHVRULRVTXHVHDFRSODQD$UGXLQRGiQGROHXQDFDUDFWHUtVWLFDH[ WUD\QRUPDOPHQWHVLQSHUGHUHOQ~PHURGHSXHUWRV+D\YDULRVVKLHOGVGLIHUHQWHVGLVSRQLEOHVHQHOPHUFDGR\DTXHFXDOTXLHUSHUVRQDSXHGHGHVDUUROODUVXVSURSLRVVKLHOGV\FRPHUFLDOL]DUORV$FRQWLQXDFLyQSUHVHQWDPRVDOJXQRVGHORVVKLHOGVPiVXWLOL]DGRV\IDPRVRV

(7+(51(76+,(/

3HUPLWHODFUHDFLyQGHMXHJRVGHELWVFRQYDULRVHMHPSORV\DLQFOXLGRV&XHQWDFRQVDOLGD9*$\SDUDDXULFXODUHV\DOWDYRFHV

/&6+,(/

Y RLGVHWXS^SLQ0RGHOHG3LQ287387

/DIXQFLyQSLQ0RGHWLHQHFRPRSULPHUSDUiPHWURHOSLQ\FRPRVHJXQGRSDUiPHWURVLHVHOSXQWRGHHQWUDGDRVDOLGD$KRUDFRPHQ]DUHPRVDHVFULELUHOSURFHGLPLHQWR(OSURJUDPDGHEHHMHFXWDUVHHQXQORRSSXHVQRKD\RFXUUHQFLDVRLQWHUIHUHQFLDVTXHFDPELHQHOHVWDGRHQWURGHOORRSWHQGUiXQDIXQFLyQTXHKDUiTXHHO/(HVWpHQFHQGLGRXQVHJXQGR\GHVSXpVVHDSDJXHRWURVHJXQGR(VFULEDORVLJXLHQWH

Y RLGORRS^GLJLWDO:ULWHOHG3LQ+,*+GHOD\ GLJLWDO:ULWHOHG3LQ/2:GHOD\

/DIXQFLyQGLJLWDO:ULWHHVFULEHXQDLQIRUPDFLyQGLJLWDOHVGHFLU/2:R+,*+6XSULPHUSDUiPHWURHVHOSXQWRGHVDOLGDTXHHQQXHVWURFDVRHVOHG3LQ(OVHJXQGRSDUiPHWURHVHOHVWDGRTXHHQHOFDVRGHODVDOLGDHV+,*+R/2:&XDQGRXQDSXHUWDGLJLWDOHVWDHQHVWDGREDMR/2:VXYDORUHV9\FXDQGRHVWDDOWR+,*+HV9&RPRUHFRUGDUiODIXQFLyQGHOD\HVXQWLHPSRGHHVSHUDTXHVHGDDFRQWLQXDFLyQGHODOHFWXUDGHOSURJUDPDGHHVWDIRUPDFRPRVHKDHVFULWROHG3LQHVWDUiHQFHQGLGRVyORXQVHJXQGRRFRPRHVWDHVFULWR

/DVSULPHUDVOtQHDVGHFRPDQGRVRQSDUDODGHFODUDFLyQGHYDULDEOHVQHFHVLWDUHPRVXQDYDULDEOHFRQVWDQWH\HQWHUDGHYDORUTXHHQQXHVWURFDVRODOODPDUHPRVOHG&RQWDGRU2WUDYDULDEOHQHFHVDULDHVXQYHFWRUFRQGLH]SRVLFLRQHVHQXPHUDGRVGHDTXHVRQORVQ~PHURVGHORVGRVSLQVGHVDOLGDGLJLWDOTXHVHUiQXWLOL]DGRVTXHWDPELpQSRVHHQYDORUHVHQWHURVOROODPDPRVHOYHFWRUGHOHG3LQV$FRQWLQXDFLyQYLHQHODGHFODUDFLyQ

LQWOHG3LQV>@ ^$KRUDFRQODVYDULDEOHVGHFODUDGDVYDPRVDGHILQLUHOYHFWRUOHG3LQVFRPRSXQWRVGHVDOLGDSDUDHVRXWLOL]DUHPRVXQORRSGHODVLJXLHQWHIRUPD

Y RLGVHWXS^IRULQWWKLV/HG WKLV/HGOHG&RQWDGRUWKLV/HG^SLQ0RGHOHG3LQV>WKLV/HG@287387

(QODSULPHUDSRVLFLyQGHIRUGHFODUDPRVXQDYDULDEOHTXHVHLQLFLDHQ(QODVHJXQGDSRVLFLyQGDPRVODFRQGLFLyQSDUDHOIRU\HQODWHUFHUDFDGDYH]TXHVHYHULILFDODFRQGLFLyQGHOIRUFRQODHMHFXFLyQGHODSULPHUDHVLQFUHPHQWDGRDOYDORUGHWKLV/HGTXHHVODYDULDEOHTXHXWLOL]DUHPRVSDUDOODPDUDODVSRVLFLRQHVGHOYHFWRUOHG3LQV/DIXQFLyQSLQ0RGHFRPRYLPRVHQHOHMHPSORDQWHULRUHVWD

GHFODUDQGRTXHHOYHFWRUOHG3LQVHVXQYHFWRUGHODVDOLGDGHGDWRV$KRUDVHUiLQLFLDGRXQORRSTXHKDUiTXHHOSURJUDPDVLHPSUHVHHMHFXWHGHQWURGHHOKDEUiXQIRUTXHHQFHQGHUiWRGRVORV/(VVHFXHQFLDOPHQWHFRQXQLQWHUYDORGHVHJXQGRPVHQWUHFDGD/((OFXHUSRGHOSURJUDPDTXHGDGHODVLJXLHQWHPDQHUD

Y RLGORRS^IRULQWWKLV/HG WKLV/HGOHG&RQWDGRUWKLV/HG^GLJLWDO:ULWHOHG3LQV>WKLV/HG@+,*+GHOD\

GHOD\ 1RWHTXHHOIRUHVGHODPLVPDIRUPDTXHHO~OWLPRSXHVODLGHDHVVLHPSUHUHIHULUVHDODVSRVLFLRQHVGHOYHFWRUODGLIHUHQFLDDTXtHVTXHSDUDFDGDSRVLFLyQHVWDPRVHQFHQGLHQGRXQ/(XVDQGRODIXQFLyQGLJLWDO:ULWH/DIXQFLyQGHOD\IXHXWLOL]DGDSDUDTXHVHDPiVIiFLOYLVXDOL]DUTXHFDGD/(VHHQFLHQGHGHFDGDYH]\TXHGHVSXpVGHTXHWRGRVORV/(VVHHQFLHQGHQHVWRVTXHGDQHQFHQGLGRVGXUDQWHPiVGHXQVHJXQGR$KRUDKDUHPRVORPLVPRSHURSDUDDSDJDUORV/(VFRPRVHPXHVWUDDFRQWLQXDFLyQ

IRULQWWKLV/HG WKLV/HG! WKLV/HG^

GLJLWDO:ULWHOHG3LQV>WKLV/HG@/2:GHOD\

GHOD\ /DYDULDEOHWKLV/HGXWLOL]DGDVyORHQHOIRUFRPLHQ]DFRQHOYDORU\VHGLVPLQX\HGHXQRHQXQRKDVWDTXHOOHJDDOFHURDFRQWLQXDFLyQORV/(VVHDSDJDUiQGHVGHHOXOWLPRHQFHQGLGRKDVWDHOSULPHUR\SHUPDQHFHUiQDSDJDGRVGXUDQWHXQVHJXQGR2EVHUYHTXHHVSRVLEOHPRGLILFDUHVWHHMHPSORKDFLHQGRTXHHVWHVHDSDJXHHQHOPLVPRRUGHQTXHVHHQFLHQGHRKDFLHQGRFXDOTXLHURWUDPRGLILFDFLyQGHVHDGD(MHPSOR(QHVWHHMHPSORXWLOL]DUHPRVODHQWUDGDDQDOyJLFD\ODVDOLGDVHULHHQODFRQIHFFLyQGHXQFDSDFLPHWUR3DUDHVRVHUiQHFHVDULDXQDUHVLVWHQFLDTXHSXHGHWHQHUFXDOTXLHUYDORU\TXHOODPDUHPRV5XQDUHVLVWHQFLDGHXQFRQGHQVDGRUXQSURWRERDUG\XQFDEOH/LJXHHOSRVLWLYRGHOFRQGHQVDGRUHQXQSXQWRFRP~Q\HOQHJDWLYRHQHOWLHUUDODUHVLVWHQFLD5HQWUHHOGHODSODFD\XQSXQWRFRP~QOLJXHODRWUDUHVLVWHQFLDTXHOODPDUHPRV5\WLHQHHOYDORUGHHQWUHHOSXQWRFRP~Q\HOSXQWRTXHHVHOSLQTXHGHVFDUJDUiHOFRQGHQVDGRU/LJXHHOFDEOHGHOSXQWRFRP~QDODHQWUDGDDQDOyJLFD

WHQVLyQHQHOFRQGHQVDGRUHQFXHQWUHHVHYDORUEDVWDODGLYLVLyQSRUHOYDORUGHODUHVLVWHQFLD5" 5"HVGHFLU9 5"&GRQGH9HVODWHQVLyQPi[ LPD/DSURJUDPDFLyQFRPLHQ]DFRQODGHFODUDFLyQGHYDULDEOHVHVGHFLUXQSLQDQDOyJLFRSDUDPHGLUODWHQVLyQHQHOFRQGHQVDGRUXQSLQGHFDUJD\XQRGHGHVFDUJDGHOFRQGHQVDGRU\XQSLQFRQHOYDORUGH5FRPRSRGHPRVYHUHQHOVLJXLHQWHHMHPSOR

GHILQHDQDORJ3LQGHILQHFKDUJH3LQGHILQHGLVFKDUJH3LQGHILQHUHVLVWRU9DOXH5XQVLJQHGORQJVWDUW7LPHXQVLJQHGORQJHODSVHG7LPHIORDWPLFUR)DUDGVIORDWQDQR)DUDGV1RWHTXHHOYDORUGH5GHEHVHUVXEVLWXLGRSRUHOYDORUHVFRJLGRHEHPRVDMXVWDUHOSLQFRPRSLQGHVDOLGDFRPR\DIXHKHFKRHQHMHPSORVDQWHULRUHVHLQLFLDUODVDOLGDDILQGHGHSXUDUHUURUHV

Y RLGVHWXS^SLQ0RGHFKDUJH3LQ287387GLJLWDO:ULWHFKDUJH3LQ/2:6HULDOEHJLQ

GLYLGLHQGRHOWLHPSRGHFDUJDSRUHOYDORUGH5&RPRHVIUHFXHQWHTXHORVYDORUHVGHFDSDFLGDGVHDQEDMRVHQHORUGHQGHPLOLIDUDGHVPiVDJUDGDEOHTXHVHH[ SUHVHHOYDORUHQPLQLRQDQRIDUDGHVGHFLUPXOWLSOLTXHHOYDORUGHODFDSDFLGDGSRU\DxDGDHOP)DOILQDOVLD~QFRQHVWHSURFHGLPLHQWRHOYDORUWRGDYtDHVPiVSHTXHxRTXHSRGHPRVXWLOL]DURWUDVHVFDODVPLFURQDQRHWF/DSURJUDPDFLyQUHIHULGDSXHGHVHUREVHUYDGDDFRQWLQXDFLyQ

Y RLGORRS^GLJLWDO:ULWHFKDUJH3LQ+,*+FRORTXH+,*+HQFKDUJH3LQVWDUW7LPH PLOOLVZ KLOHDQDORJ5HDGDQDORJ3LQ^

HODSVHG7LPH PLOOLVVWDUW7LPHPLFUR)DUDGV IORDWHODSVHG7LPHUHVLVWRU9DOXH6HULDOSULQWHODSVHG7LPH6HULDOSULQWOQPVLIPLFUR)DUDGV!^

6HULDOSULQWORQJPLFUR)DUDGV6HULDOSULQWOQP)

HOVH^QDQR)DUDGV PLFUR)DUDGV6HULDOSULQWORQJQDQR)DUDGV6HULDOSULQWOQQ)

(OSURJUDPD\DHVWiFDVLILQDOL]DGREDVWDFRQKDFHUODGHVFDUJDGHOFRQGHQVDGRU3DUDHVRGHVFRQHFWHHOFKDUJH3LQFRPRVDOLGDFRORTXH/2:KDVWDTXHHOFRQGHQVDGRUHVWHGHVFDUJDGR\YXHOYDDDMXVWDUHOGLVFKDUJH3LQFRPRHQWUDGDGHODVLJXLHQWHPDQHUD

GLJLWDO:ULWHFKDUJH3LQ/2:SLQ0RGHGLVFKDUJH3LQ287387GLJLWDO:ULWHGLVFKDUJH3LQ/2:Z KLOHDQDORJ5HDGDQDORJ3LQ!^SLQ0RGHGLVFKDUJH3LQ,1387(MHPSOR(VWHHMHPSORLOXVWUDHOXVRGHXQDGHODVVDOLGD3:03XOVH:LGWK0RGXODWLRQ$UGXLQRFRQXQVHUYRPRWRU&XDOTXLHUVHUYRFRQXQWHUPLQDOGHFRQWUROFRPSDWLEOHSXHGHVHUXWLOL]DGR$TXtXVDUHPRVXQSRODUURWRUGHOWLSRXVDGRHQDQWHQDVSDUDEyOLFDVHHQWUDGDHVLPSRUWDQWHTXHVHSDORTXHHV3:0\ORTXHHVSRVLEOHKDFHU3:0HVXQDWHFQRORJtDTXHSHUPLWHFRQWURODUHOSHULRGRFtFOLFRGHODIUHFXHQFLDGHODDOLPHQWDFLyQ

ODVVDOLGDVGLJLWDOHVFRQ3:0FXDOTXLHUDGHORVSLQVR(QHOHMHPSORXVDUHPRVHO(OSRWHQFLyPHWUROLQHDUGHNVHFRQHFWDWHQLHQGRXQRGHVXVSLQVH[ WUHPRVFRQHFWDGRDO*1HORWURH[ WUHPRDOSLQ$5()TXHVXPLQLVWUDODWHQVLyQGHUHIHUHQFLD\HOSLQFpQWULFRFRQHFWDGRDFXDOTXLHUDGHODVHQWUDGDVDQDOyJLFDVXWLOL]DUHPRVHOSLQ(VWDYH]XVDUHPRVXQDELEOLRWHFDSDUDVRSRUWHOXHJRHQHOLQLFLRGHOSURJUDPDGHEHUHPRVLPSRUWDUODHEHUHPRVFUHDUXQREMHWRGHOWLSRVHUYRTXHVHUiXWLOL]DGRSDUDFRQWUROGHODVLJXLHQWHPDQHUD

LQWSRWSLQ LQWY DOY RLGVHWXS^

PLVHUY RDWWDFK&XDQGROHHPRVODHQWUDGDGHOSRWHQFLyPHWURWHQGUHPRVTXHFRQYHUWLUVXYDORUDJUDGRVSDUDSRGHUFRQWURODUHQJUDGRVFXDQGRHOPRWRUJLUDUiSDUDHVWRXWLOL]DUHPRVODIXQFLyQPDSHVSXpVGHHVWRVyORGHEHUHPRVHQYLDUODLQIRUPDFLyQSDUDHOPRWRU\HVSHUDUDOJXQRVPLOLVHJXQGRVSDUDHOPRYLPLHQWRGHOPLVPR

Y RLGORRS^Y DO DQDORJ5HDGSRWSLQY DO PDSY DOPLVHUY RZ ULWHY DOGHOD\

YRLGORRS^GLJLWDO:ULWHOHG3LQ+,*+GHOD\GLJLWDO:ULWHOHG3LQ/2:GHOD\(MHUFLFLR

SLQ0RGHFRQ 1387YRLGORRS^YDO GLJLWDO5HDGFRQLIYDO /2:^GLJLWDO:ULWHOHG3LQ/2:HOVH^GLJLWDO:ULWHOHG3LQ+,*+(MHUFLFLR

SLQ0RGHOHG3LQ287387YRLGORRS^YDO DQDORJ5HDGHQWUDGDBDQDORJLFDYDO YDODQDORJ:ULWHOHG3LQYDO

(MHUFLFLR

Y RLGORRS^Y DO DQDORJ5HDGHQWUDGDBDQDORJLFDY DO Y DODQDORJ:ULWHOHG3LQY DO6HULDOSULQWOQY DO