5(*8/$0(172 '$ 3529$ /$d2 &(57(,52 D SDUWLU GH
$ SURYD FRQVLVWLUi HP XPD GLVSXWD GH ODoR LQGLYLGXDO RQGH Vy SRGHUmR FRQFRUUHU RV FDYDORV TXH VHUmR FRPHUFLDOL]DGRV QR /HLOmR /DoR &HUWHLUR (VWD SURYD VHUi UHDOL]DGD MXQWDPHQWH FRP R 5RGHLR GR ,QWHUQDFLRQDO GD (VWkQFLD GR 0LQXDQR $V DUPDGDV VHUmR RILFLDOPHQWH MXOJDGDV SHOD FRPLVVmR RUJDQL]DGRUD GR 5RGHLR GD (VWkQFLD GR 0LQXDQR )$6( &/$66,),&$7Ï5,$ 6HUmR GDGDV LQLFLDOPHQWH VHLV DUPDGDV SDUD FDGD ODoDGRU FODVVLILFDQGR VH jTXHOHV TXH REWLYHUDP FLQFR DUPDGDV GH DSURYHLWDPHQWR )$6( (/,0,1$7Ï5,$ $SyV VHUmR GDGDV QR Pi[LPR PDLV TXDWUR DUPDGDV RQGH RV FRPSHWLGRUHV FODVVLILFDGRV GHYHP REWHU XP DSURYHLWDPHQWR GH QR VLVWHPD PDWD PDWD HVWD IDVH VHUi HOLPLQDWyULD )$6( /$d2 &(57(,52 2FRUUHQGR R HPSDWH j GHILQLomR GRV FLQFR SULPHLURV SUHPLDGRV VHUi SHOD PRGDOLGDGH /DoR &HUWHLUR TXH FRQVLVWH HP FRQVLGHUDU FRPR YiOLGD VRPHQWH DTXHOD DUPDGD TXH ODoDU DV DVSDV GR QRYLOKR VHP TXH DV RUHOKDV HVWHMDP GHQWUR GD DUPDGD $UPDGD FRP D DUJROD GHQWUR GD DVSD OLYUDQGR DV RUHOKDV p FRQVLGHUDGD YiOLGD 6H QD DUPDGD j DUJROD SHJDU D RUHOKD VHUi FRQVLGHUDGD LQYiOLGD 6H R /DoDGRU WLURQHDU SX[DU RX FLQFKDU R ODoR DSyV FHUUDGD D DUPDGD VHUi FRQVLGHUDGD LQYiOLGD 1HVWD IDVH VHUmR GDGDV QR Pi[LPR PDLV FLQFR DUPDGDV QR VLVWHPD /DoR &HUWHLUR VHUi FRQVLGHUDGR YHQFHGRU DTXHOH TXH FRQVHJXLU D DUPDGD /DoR &HUWHLUR QR VLVWHPD PDWD PDWD H DVVLP VXFHVVLYDPHQWH DWp TXH VH FRQKHoDP RV FLQFR SULPHLURV FRORFDGRV &5,7e5,26 '( '(6(03$7( QR FDVR GH DLQGD SHUPDQHFHU DOJXpP HPSDWDGR VHUmR DYDOLDGRV RV VHJXLQWHV FULWpULRV SDUD D GHFLVmR GRV JDQKDGRUHV QD RUGHP GHVFULWD DEDL[R 35,0(,52 &5,7e5,2 JDQKD DTXHOH ODoDGRU TXH GXUDQWH DV IDVHV FODVVLILFDWyULD H HOLPLQDWyULDV TXH VmR DUPDGDV SHJDU R PDLRU Q~PHUR GH DUPDGDV /DoR &HUWHLUR 6(*81'2 &5,7e5,2 JDQKD DTXHOH TXH WLYHU PDLRU SRQWXDomR QD IDVH FODVVLILFDWyULD 7(5&(,52 ( 8/7,02 &5,7e5,2 JDQKD R ODoDGRU TXH WLYHU PRQWDQGR R DQLPDO PDLV QRYR &DGD JLQHWH RX ODoDGRU SRGHUi SDUWLFLSDU FRP DSHQDV XP FDYDOR 2 FDYDOR QmR SUHFLVD QHFHVVDULDPHQWH VHU PRQWDGR SHOR FRPSUDGRU $V LQVFULo}HV GHYHUmR VHU IHLWDV QR Pi[LPR TXLQ]H GLDV DQWHV GD UHDOL]DomR GD SURYD 2 FDYDOR SDUWLFLSDQWH VHUi DGPLWLGR D FRQFRUUHU GHVGH TXH WHQKD VLGR DGTXLULGR QR ~OWLPR /HLOmR /DoR &HUWHLUR DQWHULRU j GDWD GD UHDOL]DomR GD SURYD H SRGHUi SDUWLFLSDU GH XPD HGLomR GD SURYD H PDLV GXDV HGLo}HV FRQVHFXWLYDV VH DXWRUL]DGR SUHYLDPHQWH SHOD RUJDQL]DomR GR HYHQWR $ SDUWLFLSDomR D TXH ID] MXV R FDYDOR DGTXLULGR QR /HLOmR /DoR &HUWHLUR VHUi LVHQWD GH TXDOTXHU WD[D GH LQVFULomR 6RPHQWH HP FDVR GH QRYD SDUWLFLSDomR PHGLDQWH DXWRUL]DomR VHUi FREUDGD D WD[D GH LQVFULomR QR YDORU GH 5 FHQWR H FLQTXHQWD UHDLV 6y SRGHUmR SDUWLFLSDU RV FDYDORV FXMRV FRPSUDGRUHV HVWLYHUHP HP GLD FRP DV SUHVWDo}HV $V FDEDQKDV QmR VH UHVSRQVDELOL]DUmR SRU TXDOTXHU DFLGHQWH TXH RFRUUHU FRP R JLQHWH RX R FDYDOR TXH SRVVD D YLU LPSRVVLELOLWDU R PHVPR GH VXD SDUWLFLSDomR QD SURYD &DVR RV FRPSHWLGRUHV RSWDUHP SHOD GLYLVmR GR SUHPLR RV PHVPRV QmR HVWmR LVHQWRV GH GLVSXWDU D SURYD DWp R TXLQWR FODVVLILFDGR 9LVDQGR GDU WRWDO FUHGLELOLGDGH DR HYHQWR DV FDEDQKDV RUJDQL]DGRUDV ILFDP LPSHGLGDV GH SDUWLFLSDUHP GD SURYD VHMD SRU VHX SURSULHWiULR ILOKRV HPSUHJDGRV RX SUHSRVWRV 'LUHLWRV $XWRUDLV H &RS\ULJKW 3URWHJLGRV SHOR $XWRU DWUDYpV GDV OHLV /'$ H /3,
35(0,$d2 $TXHOHV DQLPDLV TXH GHQWUH RV SDUWLFLSDQWHV GD SURYD SRVVXtUHP 3$66$3257( WHUmR GLUHLWR j 35(0,$d2 $',&,21$/ GHVGH TXH HVWHMDP HQWUH RV FLQFRV SULPHLURV FRORFDGRV QD FODVVLILFDomR JHUDO GD 3URYD 6H HQWUH RV FLQFR SULPHLURV GD FODVVLILFDomR JHUDO WLYHU PDLV GH XP DQLPDO GD PHVPD FDWHJRULD GH SDVVDSRUWH JDQKD DTXHOH TXH IRU R PHOKRU FRORFDGR 2V SDUWLFLSDQWHV SDVVDSRUWHDGRV WHUmR GLUHLWR QD SUHPLDomR DGLFLRQDO DSHQDV QD SULPHLUD SDUWLFLSDomR LQpGLWR QDV GHPDLV SDUWLFLSDo}HV YHWHUDQR FRQFRUUHP D SUHPLDomR JHUDO $ SURYD WHUi XPD SUHPLDomR WRWDO GH 5 YLQWH H FLQFR PLO UHDLV SUHPLDQGR DWp R OXJDU JHUDO H RV DQLPDLV SDVVDSRUWHDGRV TXH HVWLYHUHP HQWH RV FLQFR SULPHLURV FRORFDGRV GD VHJXLQWH IRUPD ± 35(0,$d2 *(5$/ ā OXJDU 5 VHLV PLO UHDLV PDLV XP WURIpX ā OXJDU 5 GRLV PLO UHDLV PDLV XP WURIpX ā OXJDU 5 XP PLO UHDLV PDLV XP WURIpX ā OXJDU 5 VHLVFHQWRV UHDLV PDLV XP WURIpX ā OXJDU 5 TXDWURFHQWRV UHDLV PDLV XP WURIpX ± 35(0,$d2 $',&,21$/ QD IRUPD GH SDVVDSRUWH ā 3$66$3257( ',$0$17( 5 VHLV PLO UHDLV ā 3$66$3257( 2852 5 TXDWUR PLO UHDLV ā 3$66$3257( 35$7$ 5 WUrV PLO UHDLV ā 3$66$3257( %521=( 5 GRLV PLO UHDLV 5(3(6&$*(0 6H DOJXPD GDV SUHPLDo}HV DGLFLRQDLV QmR IRU FRQTXLVWDGD SRU XP DQLPDO SDVVDSRUWHDGR TXH 12 HVWHMD HQWUH RV FLQFR SULPHLURV QD FODVVLILFDomR JHUDO VHUi GDGD XPD ~QLFD FKDQFH SDUD TXH HVWH ODoDGRU FRQTXLVWH D SUHPLDomR DGLFLRQDO GHQRPLQDGD HVWD IDVH GH ³5(3(6&$*(0´ FRQIRUPH GHWDOKDGR DEDL[R ā 3DUD DQLPDLV FRP 3DVVDSRUWH 'LDPDQWH TXH FKHJDUHP j IDVH /DoR &HUWHLUR H VRPHQWH VH QHQKXP DQLPDO GHVWD FDWHJRULD HVWLYHU QD FODVVLILFDomR JHUDO VHUi GDGD XPD YROWD GH ODoR QD PRGDOLGDGH /DoR &HUWHLUR ā 3DUD DQLPDLV FRP 3DVVDSRUWH 2XUR TXH FKHJDUHP j IDVH /DoR &HUWHLUR VRPHQWH VH QHQKXP DQLPDO GHVWD FDWHJRULD HVWLYHU QD FODVVLILFDomR JHUDO VHUi GDGD XPD YROWD GH ODoR QD PRGDOLGDGH /DoR &HUWHLUR ā 3DUD DQLPDLV FRP 3DVVDSRUWH 3UDWD TXH FKHJDUHP j IDVH /DoR &HUWHLUR VRPHQWH VH QHQKXP DQLPDO GHVWD FDWHJRULD HVWLYHU QD FODVVLILFDomR JHUDO VHUi GDGD XPD YROWD GH ODoR QD PRGDOLGDGH /DoR &HUWHLUR ā 3DUD DQLPDLV FRP 3DVVDSRUWH %URQ]H TXH FKHJDUHP j IDVH /DoR &HUWHLUR VRPHQWH VH QHQKXP DQLPDO GHVWD FDWHJRULD HVWLYHU QD FODVVLILFDomR JHUDO VHUi GDGD XPD YROWD GH ODoR QD PRGDOLGDGH /DoR &HUWHLUR &DVR QD IDVH GD 5HSHVFDJHP WHQKD PDLV GH XP DQLPDO GLVSXWDQGR D SUHPLDomR DGLFLRQDO QD PHVPD FDWHJRULD GH SDVVDSRUWH RV PHVPRV WHUmR D PHVPD FKDQFH &DVR PDLV GH XP DQLPDO SDVVDSRUWHDGR REWLYHUHP D DUPDGD /DoR &HUWHLUR SRVLWLYD QD IDVH GD UHSHVFDJHP R FULWpULR GH GHVHPSDWH VHUi XWLOL]DGR R PHVPR HVWDEHOHFLGR QHVWH UHJXODPHQWH GHWDOKDGR QR LWHP &DVR RV ODoDGRUHV QmR REWLYHUHP D DUPDGD SRVLWLYD QD 5HSHVFDJHP D SUHPLDomR DGLFLRQDO QmR VHUi GLVWULEXtGD 2V FDVRV QmR SUHYLVWRV QHVWH UHJXODPHQWR VHUmR UHVROYLGRV SHODV FDEDQKDV RUJDQL]DGRUDV TXH WHUmR DXWRQRPLD WRWDO SDUD WDQWR $V LQVFULo}HV GHYHUmR VHU IHLWDV QR Pi[LPR TXLQ]H GLDV DQWHV GD UHDOL]DomR GD SURYD 'LUHLWRV $XWRUDLV H &RS\ULJKW 3URWHJLGRV SHOR $XWRU DWUDYpV GDV OHLV /'$ H /3,
5(*8/$0(172 '2 /(,/2 /$d2 &(57(,52 2 OHLOmR VHUi UHDOL]DGR QR GLD GH 0DUoR GH VH[WD IHLUD jV KRUDV QD (VWkQFLD GR 0LQXDQR MXQWDPHQWH DR 5RGHLR GD (VWkQFLD GR 0LQXDQR HP 6DQWD 0DULD ± 56 6HUmR RIHUWDGRV YLQWH H TXDWUR DQLPDLV HQWUH PDFKRV H IrPHDV WRGRV GD 5DoD &ULRXOD GHYLGDPHQWH LQVFULWRV QR UHJLVWUR JHQHDOyJLFR GD $VVRFLDomR %UDVLOHLUD GH &ULDGRUHV GH &DYDORV &ULRXORV $%&&& 6RPHQWH RV DQLPDLV DGTXLULGRV QR OHLOmR HVWDUmR DXWRPDWLFDPHQWH KDELOLWDGRV SDUD SDUWLFLSDUHP GD 3529$ /$d2 &(57(,52 TXH VHUi UHDOL]DGD HP PDUoR GH MXQWDPHQWH FRP R 5RGHLR GD (VWkQFLD GR 0LQXDQR ,PHGLDWDPHQWH DSyV D EDWLGD GR PDUWHOR R FRPSUDGRU DVVLQDUi D 1RWD GR /HLOmR GDQGR DFHLWH DRV QHJyFLRV HIHWXDGRV 3RVWHULRUPHQWH GHYHUi VH GLULJLU DR HVFULWyULR SDUD UHJXODUL]DU R DFHUWR GDV FRPSUDV HIHWXDGDV DVVLQDQGR R V &RQWUDWR V GH &RPSUD H 9HQGD H D V 1RWD V 3URPLVVyULD V UHIHUHQWH DR V YDORU HV GR V DQLPDO LV DGTXLULGR V 2 YHQGHGRU HQWUHJDUi DR FRPSUDGRU QD IRUPD GH SHQKRU SHFXQLiULR D PHUFDGRULD DWp TXH RFRUUD D OLTXLGDomR WRWDO GD GtYLGD ILFDQGR DVVLP R FRPSUDGRU GH SRVVH GD PHUFDGRULD QD TXDOLGDGH GH ILHO GHSRVLWiULR 4XDOTXHU LQFLGrQFLD GH ,&06 RX RXWURV LPSRVWRV VREUH D WUDQVDomR RFRUUHUi SRU FRQWD GR FRPSUDGRU $SyV HIHWXDGD D YHQGD RV DQLPDLV ILFDUmR SRU FRQWD H ULVFR GR FRPSUDGRU GHYHQGR R PHVPR UHWLUi ORV QR SUD]R Pi[LPR GH KRUDV DSyV R WpUPLQR GR OHLOmR 2V FRPSUDGRUHV TXH QmR DSUHVHQWDUHP D GRFXPHQWDomR H[LJLGD SHOR HVFULWyULR SDUD DQiOLVH GRV FDGDVWURV SRGHUmR WHU VXDV FRPSUDV DQXODGDV H QmR HVWDUmR H[LPLGRV GR SDJDPHQWR GD FRPLVVmR $V YHQGDV GR OHLOmR VmR LUUHYRJiYHLV QmR SRGHQGR R FRPSUDGRU UHFXVDU R DQLPDO RX VROLFLWDU UHGXomR GH VHX SUHoR FRQIRUPH HVWDEHOHFH R DUWLJR GR &yGLJR &tYLO &21',d®(6 '( 3$*$0(172 FLQTXHQWD SDUFHODV IL[DV PHQVDLV H FRQVHFXWLYDV FRP YHQFLPHQWR WRGR GLD GH FDGD PrV VHQGR TXH D SULPHLUD SDUFHOD VHUi SDJD QR DWR GD FRPSUD SDUFHODV 3DUD SDJDPHQWR j YLVWD VHUi GDGR GHVFRQWR GH WULQWD SRU FHQWR 3DUD SDUFHODPHQWR HP YH]HV SULPHLUD SDUFHOD QR DWR VHJXQGD HP GLDV H WHUFHLUD HP GLDV FRP FKHTXH R GHVFRQWR VHUi GH YLQWH SRU FHQWR 3DUD SDUFHODPHQWR HP YH]HV SULPHLUD SDUFHOD QR DWR H DV GHPDLV SDUFHODV HP H GLDV FRP FKHTXH R GHVFRQWR VHUi GH 1R SODQR VDIUD R SDJDPHQWR VHUi HP SDUFHODV $ 3ULPHLUD YDORU UHIHUHQWH D SDUFHODV FRP SDJDPHQWR QR DWR % 6HJXQGD YLQWH H FLQFR SRU FHQWR GR VDOGR GHYHGRU VHUi SDJR QR GLD & 7HUFHLUD YLQWH H FLQFR SRU FHQWR GR VDOGR GHYHGRU VHUi SDJR QR GLD ' 4XDUWD YLQWH H FLQFR SRU FHQWR GR VDOGR GHYHGRU VHUi SDJR QR GLD ( 4XLQWD YLQWH H FLQFR SRU FHQWR GR VDOGR GHYHGRU VHUi SDJR QR GLD 2 HVFULWyULR UHPDWDGRU ILFD SRU FRQWD GR &DPEDUi 5HPDWHV H D FRPLVVmR GH FRPSUD VHUi GH RLWR SRU FHQWR VREUH R YDORU GD EDWLGD GR PDUWHOR (VVH SDJDPHQWR GHYHUi VHU UHDOL]DGR j YLVWD QR PRPHQWR GR DFHUWR GD FRPSUD 2FRUUHQGR R QmR SDJDPHQWR GH TXDOTXHU SDUFHOD HP VHX YHQFLPHQWR LPSOLFDUi QD FREUDQoD DQWHFLSDGD GH WRGR R VDOGR GHYHGRU FRQIRUPH GLVSRVLWLYR TXH FRQVWD QR &RQWUDWR 3DUWLFXODU GH &RPSUD H 9HQGD 6y SRGHUmR SDUWLFLSDU GD SURYD /$d2 &(57(,52 RV FDYDORV FXMRV FRPSUDGRUHV HVWLYHUHP HP GLD FRP DV SUHVWDo}HV 2 3$66$3257( 2V DQLPDLV DGTXLULGRV QR OHLOmR WHUmR SUHPLDomR DGLFLRQDO QD SURYD HP GLVWULEXtGD HP FDWHJRULDV GHQRPLQDGDV 3DVVDSRUWHV DOpP GD SUHPLDomR JHUDO FRQIRUPH R UHJXODPHQWR GD SURYD FRQVWDQWH QHVWH FDWiORJR 6HUmR TXDWUR FDWHJRULDV 3DVVDSRUWH 'LDPDQWH 3DVVDSRUWH 2XUR 3DVVDSRUWH 3UDWD H 3DVVDSRUWH %URQ]H 2 TXH FUHGHQFLDUi D SUHPLDomR GH SDVVDSRUWH VHUi R YDORU GD SDUFHOD GH FDGD DQLPDO VHQGR DVVLP RV SULPHLURV DQLPDLV TXH DOFDQoDUHP R SUHoR PtQLPR GD SDUFHOD FRQIRUPH GHWDOKDGR DEDL[R VHUmR FRQVLGHUDGRV DQLPDLV SDVVDSRUWHDGRV QD VHJXLQWH IRUPD $ SDUFHODV D SDUWLU GH 5 R DQLPDO VHUi 3DVVDSRUWH 'LDPDQWH % SDUFHODV D SDUWLU GH 5 R DQLPDO VHUi 3DVVDSRUWH 2XUR ' SDUFHODV D SDUWLU GH 5 R DQLPDO VHUi 3DVVDSRUWH 3UDWD ( SDUFHODV D SDUWLU GH 5 R DQLPDO VHUi 3DVVDSRUWH %URQ]H &DGD &DEDQKD WHUi GLUHLWR GH FUHGHQFLDU DQLPDLV SDVVDSRUWHDGRV GLVWULEXtGRV H OLPLWDGRV GD VHJXLQWH IRUPD $ /LPLWH GH GRLV 3DVVDSRUWH 'LDPDQWH SRU &DEDQKD % /LPLWH GH WUrV 3DVVDSRUWH 2XUR SRU &DEDQKD & /LPLWH GH WUrV 3DVVDSRUWH 3UDWD SRU &DEDQKD ' /LPLWH GH GRLV 3DVVDSRUWH %URQ]H SRU &DEDQKD $SHQDV RV SULPHLURV DQLPDLV GH FDGD &DEDQKD TXH DOFDQoDUHP RV YDORUHV GDV SDUFHODV DFLPD UHIHULGRV H OLPLWDGRV DR Q~PHUR GH SDVVDSRUWHV SRU &DEDQKD HVWDUmR KDELOLWDGRV SDUD FRQFRUUHU D HVWD SUHPLDomR H[WUD 2V DQLPDLV TXH QmR DWLQJLUHP R SUHoR HVSHFLILFDGR SDUD FDGD SDVVDSRUWH SDUWLFLSDUmR GD SURYD FRQFRUUHQGR j SUHPLDomR QRUPDO HVSHFLILFDGD QR UHJXODPHQWR GD SURYD (VWH UHJXODPHQWR ILFD ID]HQGR SDUWH LQWHJUDQWH GD 1RWD GH /HLOmR H GR FRQWUDWR GH &RPSUD H 9HQGD FRP 5HVHUYD GH 'RPtQLR H YLQFXODGR D 1RWD 3URPLVVyULD HPLWLGD D SDUWLU GR EROHWR GH FRPSUD
'LUHLWRV $XWRUDLV H &RS\ULJKW 3URWHJLGRV SHOR $XWRU DWUDYpV GDV OHLV /'$ H /3,
ËQGLFH GRV DQLPDLV
3iJLQD
)Ç0($6 /27( ± '20,1,48( '26 7521&26 /27( ± 8/+$ 1(*5$ '2 1+2&2527Ï /27( ± 3,1785$ '2 *8$6683, /27( ± (60(5$/'$ '26 7521&26 /27( ± 62 -22 '2 -81&$/ 3e7$/$ /27( ± '(%2&+$'$ '26 7521&26 /27( ± 3520(66$ '2 *8$6683, /27( ± =255$ '26 7521&26 /27( ± 1$7,9,'$'( $/0$ '( &$032 /27( ± 7$5,0%$ '2 1+2&2527Ï /27( ± 48(50(66( '2 *8$663, /27( ± 3,78&$ '2 1+2&2527Ï /27( ± 7(48,/$ '2 1+2&2527Ï /27( ± 72&$,$ '26 7521&26 /27( ± 3$7$&$ '2 *8$6683, /27( ± 80$ ( 0(,$ ,, '2 1+2&2527Ï /27( ± (1&$17$'$ '26 7521&26 /27( ± 3$1'25*$ '2 *8$6683, /27( ± 0$1&+$ 9(17$1,$ '2 ,7$$5$ /27( ± (632/(7$ '26 7521&26 0$&+26 /27( ± 5802 &(572 '2 *8$6683, /27( ± 85Æ1,2 '2 1+2&2527Ï /27( ± 521&$'25 '2 *8$6683, /27( ±&267$ /$5*$ '26 7521&26
/27( '20,1,48( '26 7521&26 &(%581$ 53 )rPHD QDVF
%7 %5$92 -27$ -27$ '2 38581 0$*1Ï/,$ '( 6$17$ $1*e/,&$
'20,1,48( '26 7521&26 +(5Ï, '$ È*8$ )81'$ 62 ;$9,(5 '$ 5$3$'85$ 62 ;$9,(5 2'$/,6&$
2XWUD ILOKD GH -RWD -RWD GR 3XUXQm HVWD EHOtVVLPD SLFDoD UH~QH PXLWR ERDV OLQKDV VHOR UDFLDO H IXQFLRQDOLGDGH e PDQVD GRPDGD H FRUUHQGR ERL &HUWDPHQWH XP SDFRWH FRPSOHWR
/27( 8/+$ 1(*5$ '2 1+2&2527Ï 27Ï Ï
725',/+$ 1(*5$ 53 )rPHD QDVF '(/ 2(67( 087$17( $55(%2/ '2 38581 0$'$*$6&$5 '2 38581
8/+$ 1(*5$ '2 1+2&2527Ï 7$%8/(,52 '$ 0$5&$ &$6&2 /,;,*8$1$ '2 1+2&2527Ï *($'$ '2 6$,%52
(VVD WRUGLOKD SRGH FRUUHU HP XP DQR HP GXDV SURYDV D &RSD GR &ULRXODoR FRP SUHPLDomR GH 5 H PDLV D SUHPLDomR GR /DoR &HUWHLUR SRGHQGR FRUUHU DR SUrPLR WRWDO GH 5 3RWUDQFD FRP EDVWDQWH H[SHULrQFLD QD SLVWD GH URGHLR 7HPSHUDPHQWR FDOPR H FRP PXLWD YHORFLGDGH QDV SLVWDV 8PD GDV SUHIHULGDV GR FDEDQKHLUR 0iUFLR
/27( 3,1785$ '2 *8$6683,
*$7($'$ 53 )rPHD QDVF %7 +251(52 '2 -81&2 %7 5(,1$'2 '2 -81&2 %7 1,&27,1$
3,1785$ '2 *8$6683, 0,18$12 '2 &(552 $*8'2 (59$ %8(1$ '2 *8$6683, 3,5$&(0$ '$ 35,0$9(5$
8PD FDPSHD D YHQGD 7HUFHLUR OXJDU QD SULPHLUD FRSD GH FULRXODoR GH VDQWD PDULD FRP JXLOKHUPH GDPNH IRL ILQDOLVWD GR ODoR GD DEFFF GH FRUUHQGR D ILQDO GH HVWHLR 0DQVD PXLWR FDOPD ERD GH SLVWD PXLWR H[SHULPHQWDGD )LOKD GH EW UHLQDGR GR MXQFR QXPD PDH ILOKD GR UHJLVWUR GH PHULWR PLQXDQR GR FHUUR DJXGR
/27( (60(5$/'$ '26 7521&26 6
29(,5$ '285$',/+$ 53 )rPHD QDVF 7523(,52 '$ &2;,/+$ $/7$ Ë1',2 026&$ 3,1785$ '$ ,7$Ò1$
(60(5$/'$ '26 7521&26 &+,0$1*2 '( (175( 5,26 6Â2 ;$9,(5 25*,$ *8$5,7$ '( 6Â2 ;$9,(5
0DLV XPD GDV RYHLUDV GRV WURQFRV ,UPm GD PXOWLFDPSHm GH ODoR EUX[D GRV WURQFRV /LQGD SRU RQGH TXHU TXH VH ROKH H ³EDOD´ IXQFLRQDO &HUWH]D GH HVWDU QD ILQDO GR ODoR FHUWHLUR 'RPDGD H FRUUHQGR ERL ,QYHVWLPHQWR VHJXUR
/27( 62 -22 '2 -81&$/ 3e7$/$ $/$
*$7($'$ %5$*$'$ 53 )rPHD QDVF 7250(172 '$ %$'$1$ 62 -22 '2 -81&$/ 3$/$',12 62 -22 '2 -81&$/ 35(7(1&,26$
62 -22 '2 -81&$/ 3e7$/$ 0,18$12 '2 &(552 $*8'2 62 -22 '2 -81&$/ 3/$7,1$ 62 -2$/ '2 -81&$/ 3/$7$ 252
&5('(1&,$'$ 3$5$ $ ),1$/ 1$&,21$/ '2 &5,28/$d2 (VWD JDWHDGD EUDJDGD SURGX]LX QD FDEDQKD GXDV GHVFHQWHV SRWUDQFDV FRP %7 2FHDQR H /DPSLmR 7LUDGD GH PDQDGD SDUD RIHUWDU DRV FOLHQWHV GR /DoR &HUWHLUR 3DUWLFLSRX GH GLYHUVRV URGHLRV H HP 6mR *DEULHO IRL FUHGHQFLDGD SDUD D ILQDO QDFLRQDO SURPRYLGD SHOD $%&&& TXH VHUi UHDOL]DGD HP DEULO HP 6DQWLDJR 3HODJHP GLIHUHQFLDGD H VH R FRPSUDGRU GHVHMDU D LQVFULomR SDUD SDUWLFLSDU GD ([SRSrORV GH 6DQWD 0DULD TXH VHUi UHDOL]DGD HP GH DEULO GH D LQVFULomR Mi HVWi SDJD 3URYDV TXH SRGH FRUUHU TXH VRPDGRV FKHJD D 5 )LQDO 1DFLRQDO GR &ULRXODoR FRP SUHPLDomR GH 5 ([SRSrORV GH 6DQWD 0DULD FRP SUHPLDomR GH 5 3URYD GR /DoR &HUWHLUR FRP SUHPLDomR GH 5 2 FRPSUDGRU OHYD MXQWR XPD FREHUWXUD GH /DPSLmR GR 1KRFRURWy
/27( '(%2&+$'$ '26 7521&26 6
526,/+$ *$7($'$ 7$3$'$ 53 )rPHD QDVF %7 %5$92 -27$ -27$ '2 38581 0$*1Ï/,$ '( 6$17$ $1*e/,&$
'(%2&+$'$ '26 7521&26 0,52 '26 &,1&2 6$/626 &(17(/+$ '26 7521&26 $5$*(0 '2 3$03$
/LQGD URVLOKD GRPDGD PXLWR PDQVD H EHP HVWUXWXUDGD ([SHULHQWH HP SLVWDV GH URGHLR )LOKD GR -RWD -RWD GR 3XUXQm SRUWDQWR FRP HVSHWDFXODU WHPSHUDPHQWR
/27( 3520(66$ '2 *8$6683,
526,/+$ &2/25$'$ 53 )rPHD QDVF %7 &$5$ ( &25Ð$ 021$5&$ '2 ,7$Ï '21=(/$ '2 ;,1,48È
3520(66$ '2 *8$6683, %7 +251(52 '2 -81&2 $*25$ '2 -81&2 (67$03$ '2 62%5$',1+2
eJXD GH PDLRU DJLOLGDGH TXH D FDEDQKD YHQGH QHVWH DQR PDQVD FRUUH ERL SDWXGD FDOPD SDUWLFLSRX GH HWDSDV GH FULRXODoR HP FRP DPLJR DXJXVWR SHL[RWR ILOKD GR PRQDUFD GR LWDR SRUWDQWR LUPD GDV GHVWDTXHV GR OHLODR GH PDGULQKD H OLQGD SDL[DR GR JXDVVXSL VXD PDH p LUPD GR PLOLRQDULR MOV KHUPRVVR FUHGHQFLDGD D FRSD GH FULRXODoR GH VP FRP SUHPLDomR GH UHDLV
/27( =255$ '26 7521&26
&2/25$'$ 53 )rPHD QDVF 75(1 75(1 $55(%2/ +(/,$&2 '$ 75$',d2 $&8/(2 /Æ0,1$
=255$ '26 7521&26 %7 %$,/21*2 1,f$ )/25 '26 7521&26 +$5021,$ '26 7521&26
/RWH GHVWDTXH (VWUXWXUD H EHOH]D UDFLDO UHVXPHP HVVD pJXD 'RPDGD PDQVD H PDFLD /DoDQGR HP URGHLRV 8PDV GDV PDLV OLQGDV ILOKDV GR FKLOHQR SXUR +HOLDFR GD 7UDGLomR 3UHHQFKH TXDOTXHU LQWHQomR GR FRPSUDGRU 'LVSHQVD PDLRUHV FRPHQWiULRV SRLV IDOD SRU VL PHVPD
/27( 1$7,9,'$'( $/0$ '( &$032 32 *$7($'$ 53 )rPHD QDVF
7,1$-(5$ (/ 1$5$1-2 7,1$-(5$ (/ $/&$/'( 7,1$-(5$ 12 6e &8$1'2
1$7,9,'$'( $/0$ '( &$032 %7 ),$'25 9('(7( '( &$3Â2 *5$1'( /(*(1'$ '2 &$3Â2 *5$1'(
/LQGD JDWHDGD HVWUXWXUDGD FRPSULGD PDQVD SURQWD SDUD ODoDU HP URGHLRV PDQVD GH TXDOTXHU FULDQoD DQGDU WUD] HP VHX SHGLJUH OLQKDJHQV LPSRUWDQWHV QD UDoD VHX SDL WLQDMHUD HO DOFDOGH LPSRUWDGR GD DUJHQWLQD QXPD PDH EW ILDGRU EHODYLVWD WDLPDGR H VHQGHUR NDOLID
/27( 7$5,0%$ '2 1+2&2527Ï
7267$'$ %5$*$'$ 53 )rPHD QDVF %7 -$'( %7 2&($12 %7 ,%e5,&$
7$5,0%$ '2 1+2&2527Ï (1*5(,'2 '$ 75$',d2 '8&+$ '2 1+2&2527Ï %20%$&+$ '2 723$'25
(VWD WRVWDGD EUDJDGD EHP QRYD PDV FRP PXLWD KDELOLGDGH QR ODoR Mi FRP H[SHULrQFLD QDV SLVWDV GH 5RGHLR 3RGH SDUWLFLSDU GD ([SRSrORV GH 6DQWD 0DULD TXH VHUi UHDOL]DGD HP GH DEULO GH QR SDUTXH GD 8)60 $ LQVFULomR Mi HVWi SDJD 3URYDV TXH SRGH FRUUHU TXH VRPDGRV FKHJD D 5 ([SRSrORV GH 6DQWD 0DULD FRP SUHPLDomR GH 5 &RSD GR &ULRXODoR FRP SUHPLDomR GH 5 3URYD GR /DoR &HUWHLUR FRP SUHPLDomR GH 5
/27( 48(50(66( '2 *8$6683,
526,/+$ %5$*$'$ 5$%,&$1$ 53 )rPHD QDVF %7 &$5$ ( &25Ð$ 021$5&$ '2 ,7$Ï '21=(/$ '2 ;,1,48È
48(50(66( '2 *8$6683, 3,f21 /$ ,19(51$'$ -8/,$1$ '$ 35,0$9(5$ *5$63$ '$ 35,0$9(5$
/LQGD 2YHLUD 0DQVD 'H 4XDOTXHU &ULDQoD $QGDU &DPSHD 'R &ULRXODoR 'H -XOLR &DVWLOKRV &RP *XLOKHUPH 'DPNH (P )LOKD 'R &KHIH 'D &DEDQKD 0RQDUFD 'R ,WDR 1XPD 0DH 'D &DSULFKRVD &ULDomR (VWDQFLD 'D 3ULPDYHUD e ,UPD ,QWHLUD 'H 8P 'RV 'HVWDTXHV 'RV /HLORHV 3DVVDGRV 2IHUWD 'R *XDVVXSL *DWHDGD 4XH )RL 'H 3URSULHGDGH 'H /XFLDQR &DVWUR &UHGHQFLDGD $ &RSD 'H &ULRXODoR 'H 6DQWD 0DULD &RP 5 'H 3UHPLRV 7DPEHP 3RGHQGR 3DUWLFLSDU 'D ([SRSHORV &RP 3UHPLDomR 'H 5 -i &RP ,QVFULomR 3DJD
/27( 3,78&$ '2 1+2&2527Ï
7267$'$ 53 )rPHD QDVF %7 -$'( %7 2&($12 %7 ,%e5,&$
3,78&$ '2 1+2&2527Ï (1;872 '$ 75$',d2 *7 %$/$ 7,7$ '$ 75$',d2
2SRUWXQLGDGH eJXD &5('(1&,$'$ 3$5$ $ ),1$/ 1$&,21$/ '2 &5,28/$d2 TXH VHUi UHDOL]DGD HP 6DQWLDJR QR PrV GH DEULO FRP SUHPLDomR GH 5 7DPEpP SRGH SDUWLFLSDU GD &RSD GR &ULRXODoR FRP SUHPLDomR GH 5 H PDLV D SUHPLDomR GR /DoR &HUWHLUR SRGHQGR FRUUHU DR SUrPLR WRWDO GH 5 eJXD 7RVWDGD FRP EDVWDQWH H[SHULrQFLD QDV SLVWDV GH URGHLR WHQGR SDUWLFLSDGR HP GLYHUVRV URGHLRV H &ULRXODoR
/27( 7(48,/$ '2 1+2&25272
7267$'$ 53 )rPHD QDVF %7 2&($12 /$03,2 '2 1+2&2527Ï 3$8/$ '( 62 0$57,0
7(48,/$ '2 1+2&2527Ï (1;872 '$ 75$',d2 *7 %$/$'$ 7,7$ '$ 75$',d2
7RUGLOKD GH WRGD D FRQILDQoD H JDUDQWLD GH ERD QR ODoR EHP PDQVD GH FULDQoD DQGDU SURQWD SDUD URGHLRV 3RGH SDUWLFLSDU GD &RSD GR &ULRXODoR FRP SUHPLDomR GH 5 H PDLV D SUHPLDomR GR /DoR &HUWHLUR SRGHQGR FRUUHU DR SUrPLR WRWDO GH 5
/27( 72&$,$ '26 7521&26
&2/25$'$ 53 )rPHD QDVF &Ð168(/2 '2 ,1),1,72 48(0 7( 9,8 '$ È*8$ )81'$ )$%8/26$ '$ È*8$ )81'$
72&$,$ '26 7521&26 '(67$48( '$ 75$',d2 %$/, '$ &$3(/$ &(552 $63(52 &/(0(17,1$
3DUD TXHP TXHU XP DQLPDO SURQWR H PXOWLIXQFLRQDO HVWD p D RSomR 'RPDGD H H[FHSFLRQDOPHQWH PDQVD OLQGD H H[FHOHQWH PmH eJXD VXMHLWD D TXDOTXHU DYDOLDomR FRP WRGDV DV JDUDQWLDV SRVVtYHLV )LOKD GR FDPSHmR 4XHP 7H 9LX GD ÈJXD )XQGD
/27( 3$7$&$ '2 *8$6683,
*$7($'$ 53 )rPHD QDVF %7 &$5$ ( &25Ð$ 021$5&$ '2 ,7$Ï '21=(/$ '2 ;,1,48È
3$7$&$ '2 *8$6683, /$ ,19(51$'$ '21 0$7(2 /$ ,1',$ 08(57$ 0(',$12&+( 3,&80 '( 6$17$ $1*e/,&$
8PD LUPD GDV FDPSHDV GR ODoR FHUWHLUR SRU VHU ILOKD GR FKHIH GD FDEDQKD H SDL FRPSURYDGR FRPR DQLPDLV GH ODoR PRQDUFD GR LWDR VXD PDH p XPD GDV SULQFLSDLV HJXDV GD FDEDQKD *DWHDGD GH XPD HVWUXWXUD LPSUHFLRQDQWH PDQVD H EHP PDQVD FDPSHLUD SDUWLFLSRX GDV HWDSDV GD FRSD GH FULRXODoR FRP IHOLSH TXHYHGR RQGH FKHJRX HQWUH RV SULPHLURV HP RSRUWXQLGDGHV 3URQWD SDUD FRUUHU ERL H DLQGD GLVSXWDU DOHP GR ODoR FHUWHLUR U HP SUHPLRV QD FRSD GH FULRXODoR GH VDQWD PDULD
/27( 80$ ( 0(,$ ,, '2 1+2&2527Ï 27 7Ï
7267$'$ 6$/,1$ 53 )rPHD QDVF %7 2&($12 /$03,2 '2 1+2&2527Ï 0$'$*$6&$5 '2 38581
80$ ( 0(,$ ,, '2 1+2&2527Ï $3$57( &+$558$ $*$7$ '26 &$,*8È &2&$ &2/$ '$ *527$
7RVWDGD VDOLQD PXLWR OLQGD e EHP QRYD QR IXWXUR YDL VHU XP ³5DQFKR GH pJXD´ e QRYD H Mi ODoD PXLWR EHP ³FDPSR D IRUD´ H Mi IRL LQLFLDGD QDV SLVWDV 3URYDV TXH SRGH FRUUHU &RSD GR &ULRXODoR FRP SUHPLDomR GH 5 3URYD GR /DoR &HUWHLUR FRP SUHPLDomR GH 5
6 /27( (1&$17$'$ '26 7521&26
&2/25$'$ %5$*$'$ 53 )rPHD QDVF %7 '(/$17(52 %7 81*,'2 %7 75,*8(,5$
(1&$17$'$ '26 7521&26 +(5Ï, '$ È*8$ )81'$ 62 ;$9,(5 '$ 5$3$'85$ 62 ;$9,(5 2'$/,6&$
&RORUDGD EUDJDGD GRPDGD OLQGD H PDQVD )LOKD GR FDPSHmR %7 8QJLGR ,, %7 'HODQWHUR [ %7 7ULJXHLUD $ PDLV QRYD GR OHLOmR *UDQGH DSWLGmR SDUD ODoR )XWXUR JDUDQWLGR
/27( 3$1'25*$ '2 *8$6683,
7267$'$ %5$*$'$ 53 )rPHD QDVF %7 &$5$ ( &25Ð$ 021$5&$ '2 ,7$Ï '21=(/$ '2 ;,1,48È
3$1'25*$ '2 *8$6683, %7 1(58'$ $&È&,$ '( 6$17$ ,=$ 1$)7$ '2 ;,1,48È
7DOYH ] D HJXD PDLV H[SHULPHQWDGD HP URGHLRV GD FDEDQKD )RL ILQDOLVWD GH HGLoRHV GR QDFLRQDO ODoR FHUWHLUR FRP OXFDV PDGUXJD FDPSHD GR FULRXODoR MXOLR GH FDVWLOKRV FRP PDUFXV IHUUDUL H GLVSXWRX D ILQDO GD DEFFF HP ,UPD GDV FDPSHDV GR ODoR FHUWHLUR SRU VHU ILOKD GH PRQDUFD GR LWDR VXD PDH ILOKD GH EW QHUXGD TXH FKHJDPRV QD JUDQGH FDPSHD EW GRULDQD &UHGHQFLDGD DLQGD D FRQFRUUHU R SUHPLR GD FRSD GH FULRXODoR GH VDQWD PDULD 7RVWDGD EUDJDGD OLQGD SRGHQGR SDUWLFLSDU GD H[SRSHORV FRP SUHPLDomR GH U Mi FRP LQVFULomR SDJD
/27( 0$1&+$ 9(17$1,$ '2 ,7$$5$ $5$
*$7($'$ 58,9$ %5$*$'$ 53 )rPHD QDVF %7 -$'( %7 2&($12 %7 ,%e5,&$
0$1&+$ 9(17$1,$ '2 ,7$$5$ %$55(,52 '2 *8$668 %2, &2558,5$ '2 &$7$5,1$ )250,*$
*DWHDGD FRP SHODJHP GLIHUHQFLDGD e SURIHVVRUD QR ODoR SDUWLFLSRX GR &RQHVXO HP FRP 'DQLOR 6LOYD WDPEpP GH GLYHUVRV URGHLRV H &ULRXODoR %HP PDQVD GH FULDQoD DQGDU )RL PRQWDULD GR SDWUmR SRU XP ERP WHPSR 3RGH SDUWLFLSDU GD ([SRSrORV GH 6DQWD 0DULD FRP LQVFULomR Mi SDJD $ SUHPLDomR SDUD GHVWD H[SRVLomR VHUi GH 5 6H R FRPSUDGRU GHVHMDU D &DEDQKD DSUHVHQWD H PDLV D SUHPLDomR GR /DoR &HUWHLUR SRGHQGR FRUUHU DR SUrPLR WRWDO GH 5
/27( (632/(7$ '26 7521&26
'285$',1$ 6$/,1$ 5$%,&$1$ 53 )rPHD QDVF 7523(,52 '$ &2;,/+$ $/7$ Ë1',2 026&$ 3,1785$ '$ ,7$Ò1$
(632/(7$ '26 7521&26 +(/,$&2 '$ 75$',d2 =$),5$ '26 7521&26 5$3$'85$ '26 7521&26
2XWUD GDV PDQFKDGDV GD FDEDQKD 3HOR OLQKDJHP H VHOR UDFLDO FRQMXJDGRV FRP PDQVLGmR H DSWLGmR SDUD R ODoR FRPSULGR ID]HP GHVVD pJXD XPDV GDV PHOKRUHV RSo}HV GHVVD YHQGD )LOKD GR FRPSURYDGR tQGLR PRVFD SRUWDQWR RXWUD LUPm GD FDPSHm GD YDFDULD EUX[D GRV WURQFRV 'RPDGD H FRUUHQGR ERL &HUWH]D GH LQYHVWLPHQWR SRLV GREUD GH YDORU QRV SULPHLURV URGHLRV TXH VDLU
/27( 5802 &(572 '2 *8$6683,
&2/25$'$ 53 0DFKR QDVF %7 %5$92 -27$ -27$ '2 38581 0$*1Ï/,$ '( 6$17$ $1*e/,&$
(175(9(52 &+$558$ (175(9(5$'$ '2 *8$6683, 6,1$ 6,1$ 6,1&Ç552
&DVWUDGR GH WRGD D FRQILDQoD VXD LUPD p GHVWDTXH GHVWH OHLODR SLQWXUD GR JXDVVSL &ODVVLILFDGR D ILQDO GR ODoR GD DEFF H FUHGHQFLDGR D FRSD GH FULRXODoR GR QXFOHR GH VDQWD PDULD
/27( 85Æ1,2 '2 1+2&2527Ï
=$,1$ 1(*5$ 6$/,1$ 53 0DFKR QDVF '(/ 2(67( 087$17( $55(%2/ '2 38581 0$'$*$6&$5 '2 38581
+(/,$&2 '$ 75$',d2 $&/ %(*Ð1,$ 3$8/$ '( 62 0$57,0
(P KRPHQDJHP DRV FOLHQWHV H DGPLUDGRUHV GR /DoR &HUWHLUR D FDEDQKD WUD] j YHQGD HVWH ]DLQR ILOKR GH $UUHERO GR 3XUXQm HP $&/ %HJ{QLD pJXD Q GD &DEDQKD WHQGR VLGR GLYHUVDV YH]HV FDPSHm H UHVHUYDGD FDPSHm HP H[SRVLo}HV GD UHJLmR 3RGH SDUWLFLSDU GD &RSD GR &ULRXODoR FRP SUHPLDomR GH 5 H PDLV D SUHPLDomR GR /DoR &HUWHLUR GH PLO &DYDOR GH ERD PRUIRORJLD 1R ODoR GHVGH R GLD Mi GHPRQVWURX KDELOLGDGH &RUUH TXLHWR EHP SRVWDGR e EHP PDQVR GH TXDOTXHU JXUL FDPSHLUR PRQWDU 3DUWLFLSRX GH GLYHUVRV &ULRXODoR &DYDOR FRP PXLWR IXWXUR QD IXQomR QR ODoR H QD UHSURGXomR $ FDEDQD VH UHVHUYD GH FREHUWXUDV DQXDLV QmR FXPXODWLYDV
/27( 521&$'25 '2 *8$6683,
&2/25$'$ 53 0DFKR QDVF %7 %5$92 -27$ -27$ '2 38581 0$*1Ï/,$ '( 6$17$ $1*e/,&$
0,18$12 '2 &(552 $*8'2 (59$ %8(1$ '2 *8$6683, 3,5$&(0$ '$ 35,0$9(5$
&DVWUDGR FRQILUPDGR PDQVR H EXHQR &RORUDGR ILOKR GH MRWD MRWD GR SXUXQD QD PDH GR GHVWDTXH GH PDGULQKD GR JXDVVXSL SUHoR UHFRUGH &ODVVLILFDGR D ILQDO GD DEFFF FRP HGVRQ SRUWHOD SURQWR SDUD ODoDU FDOPR H FRUUHGRU &UHGHQFLDGR D FRSD GH FULRXODoR GR QXFOHR GH VDQWD PDULD
/27( &267$ /$5*$ '26 7521&26
=$,1$ 5$%,&$1$ 53 0DFKR QDVF %7 2&($12 /$03,2 '2 1+2&2527Ï 3$8/2 '( 62 0$57,0
48(0 7( 9,8 '$ È*8$ )81'$ 72&$,$ '26 7521&26 %$/, '$ &$3(/$
=DLQR QHJUR GH SHFKDU WRXUR 0DQVR H GH WRGD FRQILDQoD 'RPDGR QD OLGD GH FDPSR )LOKR GR PXOWLFDPSHmR /DPSLmR GR 1KRFRURWy 2SomR SDUD TXH GHVHMD XP FDVWUDGR GH /HL $SRVWD FHUWHLUD GH ERD FRPSUD
ZZZ FDPEDUDUHPDWHV FRP EU