CONSULTORA:

FORTALECIMIENTO DE LOS MICROEMPRENDIMIENTOS CON LA COMUNIDAD 2014

MDULO DE TRABAJO
CONSULTORA:
FORTALECIMIENTO DE LOS MICROEMPRENDIMIENTOS CON LA COMUNIDAD 2014

GOBIERNO AUTONMO DESCENTRALIZADO MUNICIPAL DE RUMIAHUI

Montfar 251 y Espejo. Sangolqu, Rumiahui, Ecuador. Telf.: (593) 02 2998300
www.ruminahui.gob.ec

MDULO 1:
INTRODUCCIN Y
MARCO NORMATIVO DE LA
ECONOMA POPULAR Y SOLIDARIA

GOBIERNO AUTONMO DESCENTRALIZADO MUNICIPAL DE RUMIAHUI

!"#$#%&'()#*+,'-+'
.$'('*/0-$'/+1'(,0(,02'--#**#(*#"'*(+$/03-'*
Elaboracin: Rubn Tapia-Ninakay

4560/+1#(
,0*(".-2#
9$"-0%0$/'-("#$#"+%+0$/#2(;("'7'"+,',02(0$(<#%5-02(;(
%.60-02(*&,0-02(=.0(.$'$(+$/0*+30$/0%0$/0(;(0$("#$"+0$"+'(
*#2(,+10-2#2(20"/#-02(,0(*'(0"#$#%&'(2#*+,'-+'(7'-'(.$($.01#(
%#,0*#(,0(,02'--#**#(0$(,#$,0(*'2(70-2#$'2>(?'%+*+'2(;(
"#%.$+,',02(7.0,'$(1+1+-(%06#-@

4560/+1#2(,0
'7-0$,+8'60
6HQVLELOL]DU\DSRUWDUHQODFRQVWUXFFLyQGHXQHQWHQGLPLHQWRFRP~QVREUHHO
FRQFHSWRSULQFLSLRVYDORUHVSUiFWLFDVGHHFRQRPtDVROLGDULDHQ(FXDGRU
3URYHHUXQPDUFRFRQFHSWXDOLOXVWUDWLYRTXHFRQWULEX\DDODFRPSUHQVLyQGH
ORVIXQGDPHQWRVLPSOLFDFLRQHV\DOFDQFHGHODSURSXHVWDGHODHFRQRPtDVROL!
GDULDFRPRDOWHUQDWLYDGHGHVDUUROORORFDOLQWHJUDOSDUDXQDQXHYDFLYLOL]DFLyQ
'HVDUUROODUHQORV\ODVSDUWLFLSDQWHVFRPSHWHQFLDVGHFDUiFWHUWHyULFRSUiFWL!
FR TXH OHV SHUPLWD FRQ HILFLHQFLD \ HILFDFLD LPSXOVDU SURFHVRV GH HQVHxDQ]D
DSUHQGL]DMHSDUDHOIRPHQWRGHODHFRQRPtDVROLGDULD

9$/-#,.""+:$
'HVSXpVGHPXFKRVDxRVGHKLVWRULDHQHO(FXDGRUOD(FRQRPtD6RFLDO\6ROLGDULD
KD SDVDGR GH VHU XQ WHPD PDUJLQDO D XQD SDUWH FUXFLDO GHO PRGHOR HFRQyPLFR
QDFLRQDO3RUHVWDUD]yQVHKDFRQYHUWLGRWDPELpQHQXQDSURSXHVWDDVHUYLVLELOL]D!
GD\SURPRYLGDGHVGHHOVHFWRUS~EOLFRDWUDYpVGHGLYHUVRVSODQHV\SURJUDPDV
(VWDUHDOLGDGHVIUXWRGHXQVLQILQGHHVIXHU]RVGHGLYHUVRRULJHQWLSR\HQIRTXH
TXHKDQGDGRIRUPD\YLGDDORVHPSUHQGLPLHQWRVDVRFLDWLYRVGHSURGXFFLyQWUDQV!
IRUPDFLyQFRPHUFLDOL]DFLyQ\VHUYLFLRVSURPRYLGRVFROHFWLYDPHQWHSRUGLIHUHQWHV
JUXSRVKXPDQRV
/D (FRQRPtD 6RFLDO \ 6ROLGDULD HV OD PDQLIHVWDFLyQ GH HVWH TXHKDFHU HQ GRQGH
SRGHPRVLGHQWLILFDUJUXSRVDVRFLDFLRQHVFRRSHUDWLYDVFRPXQLGDGHVVHUYLFLRVVROL!
GDULRV\GHPiVH[SUHVLRQHVGHDVRFLDWLYLGDGXQLGDVSDUDPHMRUDUVXVFRQGLFLRQHV
GHYLGDTXHWDPELpQUHSHUFXWHQHQVXVORFDOLGDGHVFRQSODQHVFRPSOHPHQWDULRV
TXHLQFLGHQVREUHWRGRVORVVHUYLFLRVS~EOLFRV

P3

A'(0"#$#%&'(7#7.*'-(;(2#*+,'-+'(0%7+08'(0$("'2'
A'( !"#$#%&'( )#*+,'-+'( 7-#%.010( '""+#$02( 7'-'( 2.70-'-( *'2( 1+2+#$02( -0,.""+#$+2/'2( ,0( *'(
0"#$#%&'(**01'$,#(.$(2+2/0%'(=.0(1'(%B2('**B(,0(*#2(+$3-02#2(+$"#-7#-'$,#(#/-#2('270"/#2(
"*'102(;(20$2+5*02(0$(*'2(0"#$#%&'2(,#%C2/+"'2(7'-'(0*('7-#10"<'%+0$/#("-0'/+1#(,0(2.2(-0".-D
2#2("#%#(2#$E(0*("#$2.%#(-027#$2'5*0>(*'(-0./+*+8'"+:$>(0*('<#--#>(0*(/-.0=.0>(*'2('*/0-$'/+1'2(,0(
/-'$2?#-%'"+:$(,0(7-#,."/#2(;(*'(?#-%'"+:$(70-%'$0$/0(7'-'(,02'--#**'-(+$+"+'/+1'2(7-#,."/+D
1'2(0F+/#2'2@
G'-+'2(+$+"+'/+1'2(0"#$:%+"'2(=.0(20(+$+"+'$(,0(?#-%'(,#%C2/+"'(#(?'%+*+'-(
0$/-'$( 0$( 0*( %0-"',#( #"'*( ;( 70-%+/0$( 30$0-'-( -0".-2#2( 7'-'( ".5-+-( *'2(
$0"02+,',02(5B2+"'2@(H*3.$'2(,0(02/'2(+$+"+'/+1'2(20('2#"+'$("#$(#/-'2(2+%+D
*'-02(7'-'("#$?#-%'-(0F70-+0$"+'2(,0(0"#$#%&'(2#*+,'-+'@
(MHUFLFLR
&DUDFWHUtVWLFDVGHODHFRQRPtDVROLGDULDREMHWLYRFRP~QXQLyQDFWLWXGSDUWLFLSDFLyQ
WUDEDMR FRPXQLWDULR FDOLGH] RUJDQL]DFLyQ FRPXQLFDFLyQ FRUHVSRQVDELOLGDG \ UHFL!
SURFLGDG
3UHJXQWDSDUDFRQYHUVDUHQJUXSRV

4XpYDPRVDKDFHUHQQXHVWUDVIDPLOLDVSDUDLQFHQWLYDUODHFRQRPtDVROLGDULD"

I#$/0F/#(2#"+#0"#$:%+"#(,0(*'(!))
3DUD HQWHQGHU HVWH VLVWHPD HFRQyPLFR QHROLEHUDO D PDQHUD GH HMHPSOR SRGHPRV
GHFLU
(O PRGHOR HFRQyPLFR HQ HO TXH QRV GHVHQYROYHPRV IXQFLRQD FRQ JUDQ UDSLGH]
OOHYDQGRODHFRQRPtDSRUGHODQWHFRQDOWDYHORFLGDGFRQFHQWUDQGRODULTXH]DHQXQ
PHQRUQ~PHURGHSHUVRQDV\H[FOX\HQGRSURJUHVLYDPHQWHDDPSOLRVVHFWRUHVGHOD
VRFLHGDG
(VFRPRXQWUHQPX\PRGHUQRTXHDYDQ]DDJUDQYHORFLGDG\TXHYDDFHOHUDQGRVX
PDUFKDSHURTXHDPHGLGDTXHDYDQ]DYDGHMDQGRPiVSDVDMHURVHQHOFDPLQRPLHQ!
WUDVSHUPLWHTXHVHDQFDGDYH]PHQRVORVTXHSXHGDQDERUGDUOR
(QVXDFHOHUDGDPDUFKDHVHWUHQYDGHVWUX\HQGRHOPHGLRDPELHQWHODRUJDQL]DFLyQ
VRFLDO\ODVFXOWXUDVWUDGLFLRQDOHV3HURHVRQROHLPSRUWDSXHVORTXHOHLQWHUHVDHV
ODYHORFLGDG\SRGHUPRVWUDUHOSRUFHQWDMHGHFUHFLPLHQWRHFRQyPLFRTXHYDORJUDQ!
GR
/DHFRQRPtDGHVROLGDULGDGQRHVFRPRHVWHWUHQHVXQPRGHORDOWHUQDWLYRTXHVH
FRQILJXUDDWUDYpVGHP~OWLSOHV\GLYHUVLILFDGDVIRUPDVGHRUJDQL]DFLyQ\GHDFFLyQ

P4

!"#$#%&'(2#"+'*(;(2#*+,'-+'E(
(V XQD IRUPD GH RUJDQL]DFLyQ HFRQyPLFD PHGLDQWH OD FXDO ORV LQWHJUDQWHV GH XQ
JUXSRGHVDUUROODQSURFHVRVGHSURGXFFLyQ\FRPHUFLDOL]DFLyQILQDQFLDQ\FRQVXPHQ
ELHQHV\VHUYLFLRVSDUDVDWLVIDFHUQHFHVLGDGHV\JHQHUDULQJUHVRVEDVDGRVHQUHOD!
FLRQHVGHVROLGDULGDGFRRSHUDFLyQ\UHFLSURFLGDG
/D(FRQRPtDVRFLDO\VROLGDULDSULYLOHJLDDOWUDEDMR\DOVHUKXPDQRFRPRVXMHWR\ILQ
GHVXDFWLYLGDGRULHQWDGDDO%XHQYLYLU/RVSURFHVRVGHSURGXFFLyQTXHVHUHDOL]DQ
EDMRHOSDUDJXDVGHHVWDHFRQRPtDEXVFDQDUPRQtDFRQODQDWXUDOH]DSRUHQFLPDGH
OD DSURSLDFLyQ HO OXFUR \ OD DFXPXODFLyQ GH FDSLWDO TXH HV XQD FDUDFWHUtVWLFD GH OD
HFRQRPtDWUDGLFLRQDO

J-'5'6#(OWUDEDMRHVHO~QLFRFDSLWDOQRVXMHWRDTXLHEUDV
/DVGHILQLFLRQHVGHWUDEDMRDSXQWDQDFRQVLGHUDUORFRPRXQHVIXHU]RKXPDQRDSOLFD!
GRDODSURGXFFLyQGHULTXH]D6LQHPEDUJRHQXQDVRFLHGDGTXHSURIHVDHO%XHQ
YLYLUHVXQGHUHFKR\XQGHEHUVRFLDOTXHQRVROREXVFDSURGXFLUPiVVLQRFRQYLYLU
ELHQSRUORFXDOHOWUDEDMRGLJQLILFDDODSHUVRQD

H2#"+'/+1+,',
(VXQDIRUPDGHFRRSHUDFLyQPX\FDUDFWHUtVWLFDGHHPSUHVDVSHTXHxDV\PHGLDQDV
&DGDHPSUHVDSDUWLFLSDQWHGHFLGHYROXQWDULDPHQWHFRODERUDUHQXQHVIXHU]RFRQ!
MXQWRFRQORVRWURVSDUWLFLSDQWHVSDUDORJUDUXQREMHWLYRFRP~Q8QDPLQJDGHYHFL!
QRVHQXQHMHPSORGHDVRFLDWLYLGDGGRVRPiVYHFLQRVVHRUJDQL]DQGHPDQHUDYROXQ!

H./#302/+:$E(
7RGRVORVVHUHVKXPDQRVWLHQHQXQSRWHQFLDOLQILQLWR\ODDXWRJHVWLyQHVHOFDQDOD
WUDYpVGHOFXDOHVHSRWHQFLDOVHFRQYLHUWHHQKHFKRVFRQFUHWRVTXHPHMRUDQODFDOL!
GDGGHYLGDGHXQLQGLYLGXRRGHXQDFRPXQLGDG
(QHOWHUUHQRGHOD(FRQRPtDVRFLDO\VROLGDULDODDXWRJHVWLyQHVXQDIRUPDGHDGPLQ!
LVWUDFLyQPHGLDQWHODFXDOORVSDUWLFLSDQWHVGHXQDDFWLYLGDGHFRQyPLFDQHJRFLRGH
YHQWDGHDUWHVDQtDVSRUHMHPSORSXHGHQJXLDUHOORJURGHVXVREMHWLYRVPDQHMDQGR
ORVUHFXUVRVGLQHURLPSOHPHQWRVTXHXVDQSDUDHODERUDFLyQGHODVDUWHVDQtDVSLQWX!
UDVHWFGHPDQHUDDXWyQRPDHVGHFLUJXLDGRVSRUVXVSULQFLSLRV\SRUORVUHTXHU!
LPLHQWRVGHVXQHJRFLR

P5

K#-/'*0"+%+0$/#(
)#"+#0%7-02'-+'*(
!"#$#%&'()#*+,'-+'

/D HFRQRPtD VROLGDULD HVWi FRQIRUPDGD SRU GLIHUHQWHV FDPLQRV 3HUR

TXLHQHVORUHFRUUHQWLHQHQDOJRHQFRP~QTXHHVKDFHUODHFRQRPtDFRQ
VROLGDULGDGODFXDOVHPDQLILHVWDGHPXFKDVPDQHUDV
6ROLGDULGDGHQODSURGXFFLyQ\HQHOWUDEDMR
6ROLGDULGDGHQODJHVWLyQSDUWLFLSDWLYD
6ROLGDULGDGHQODVWHFQRORJtDVLQIRUPDFLRQHV\VDEHUHVFRPSDUWLGRV
6ROLGDULGDGHQHOXVRGHORVUHFXUVRVPHGLDQWHIRUPDVGHSURSLHGDGFRRS!
HUDWLYDDVRFLDWLYDRSHUVRQDOLQFOX\HQWH
6ROLGDULGDGHQHOPHUFDGR\ODGLVWULEXFLyQDWUDYpVGHOFRPHUFLRFRPXQLWDU!
LRODHTXLGDGHQORVLQWHUFDPELRVODUHFLSURFLGDG\ODFRRSHUDFLyQ
6ROLGDULGDGHQHOFRQVXPRFRPSDUWLHQGRORVELHQHV\VHUYLFLRVEXVFDQGR
DSURYHFKDUORVHQWRGDVXXWLOLGDGSUHILULHQGRODVDWLVIDFFLyQJUXSDO\FRPX!
QLWDULDGHODVQHFHVLGDGHV
6XREMHWLYRHVVRFLDOWUDWDQGRGHDOFDQ]DUODPD\RUHILFLHQFLDORVPHMRUHV
UHVXOWDGRVHQWpUPLQRVGHEHQHILFLRV\JHQHUDFLyQGHWUDEDMRSDUDODVSHU!
VRQDV\ODFRPXQLGDGSHURQRPHGLDQWHODFRPSHWHQFLDVLQRODFRRSHUDFLyQ
$JUHJDQGRXQIDFWRUSURGXFWLYRTXHHVSUHFLVDPHQWHODVROLGDULGDG

A'(%';#-&'(,0(7'&202(,0($.02/-#("#$/+$0$/0(1+10$(.$(7-#"02#(,0(,02/-."D
"+:$(,0(2.2(-0".-2#2(;("'7'"+,',(,0(7-#,.""+:$@(!*(%0-"',#(3*#5'*+8',#(
0F/+0$,0(2.2(/0$/B".*#2('"'5'$,#("#$(*#2(%0-"',#2(*#"'*02>("#%.$+/'-+#2>(
$'"+#$'*02(;(-03+#$'*02@
(O PRGHOR HFRQyPLFR FDSLWDOLVWD \ VXV SROtWLFDV LPSOHPHQWDGDV GHVGH KDFH YDULRV
DxRVHQORVGLIHUHQWHVSDtVHVGH$PpULFD/DWLQDKDQSURYRFDGRHIHFWRVLUUHYHUVLEOHV
TXH VH FRQVWLWX\HQ KR\ HQ XQD GH ODV UD]RQHV IXQGDPHQWDOHV SDUD IRPHQWDU FRQ
GHFLVLyQ\IRUWDOH]DODHFRQRPtDVROLGDULDFRPRSUR\HFWRGHYLGD
$FXPXODFLyQH[FOXVLyQGLYLVLyQYLROHQFLD\H[WHUPLQLR
$VLVWLPRVFRQSUHRFXSDFLyQ\SRFDHVSHUDQ]DVLQRVHSURYRFDQFDPELRVSROtWLFRV
GHILQLWLYRVDOHPSHRUDPLHQWRGHFULVLVHFRQyPLFDVHQHUJpWLFDV\FOLPiWLFDV
(VWDGXUDUHDOLGDG\FLHUWDVDFWLWXGHVQXHVWUDVFRQVWLWX\HQORVJUDQGHVREMHWLYRVGH
ODHFRQRPtDVROLGDULD
!!"#$!%&'!&()*$+,!,&,+&"-+%.+&!&-/!&()*$+,!,&,+&0$,!&+(&'!&"$($1/&,+&.),)(&2&.),!(&
3-$+/+(&*%++/&+/&-/!&()*$+,!,&/-+0!4
5!%!&+(.)&+(&$"6)%.!/.+&-/$%(+7&)%8!/$9!%(+&":(&2&"+;)%&27&/)&,+(!/$"!%(+4&

-XQWDUORVUHFXUVRV\WUDEDMDUFRPXQLWDULDPHQWHIRUWDOHFHUVHFRPRSHUVRQDVFRPR

P6

3UHJXQWDVSDUDFRQYHUVDUHQJUXSR
4XpVHQWLPLHQWRVSURYRFDODUHDOLGDGTXHHOVLVWHPDQRVLPSRQH"
4XpSRGHPRVKDFHUSHUVRQDOPHQWHSDUDHQIUHQWDUODGLItFLOUHDOLGDGTXHQRV
LPSRQHHOVLVWHPD"
4XpSRGHPRVKDFHUHQQXHVWUDVRUJDQL]DFLRQHVSDUDUHVSRQGHUDODSURSXHVWD
FDSLWDOLVWD"
5HIOH[LyQ&UHRHQHOKRPEUH\ODPXMHU

A'(!"#$#%&'()#*+,'-+'(0$(0*(!".',#(VWDLQLFLDWLYDVHDOLQHDFRQHOPDQGDWRGHODUWt!
FXORGHOD&RQVWLWXFLyQGHOD5HS~EOLFDGHO
(FXDGRU  &DStWXOR 6REHUDQtD (FRQyPLFD
6HFFLyQ6LVWHPD(FRQyPLFR\3ROtWLFD(FRQyPL!
FDTXHWH[WXDOPHQWHPDQLILHVWD
(O VLVWHPD HFRQyPLFR HV VRFLDO \ VROLGDULR
UHFRQRFHDOVHUKXPDQRFRPRVXMHWR\ILQSUR!
SHQGH D XQD UHODFLyQ GLQiPLFD \ HTXLOLEUDGD
HQWUHVRFLHGDG(VWDGR\PHUFDGRHQDUPRQtD
FRQ OD QDWXUDOH]D \ WLHQH SRU REMHWLYR JDUDQ!
WL]DUODSURGXFFLyQ\UHSURGXFFLyQGHODVFRQGL!
FLRQHVPDWHULDOHVHLQPDWHULDOHVTXHSRVLELOLWHQ
HOEXHQYLYLU
$Vt PLVPR VH HQPDUFD HQ ORV REMHWLYRV GHO 3ODQ 1DFLRQDO GHO %XHQ9LYLU TXH
VHxDOD OD LPSRUWDQFLD GH HVWDEOHFHU XQ VLVWHPD HFRQyPLFR VRFLDO VROLGDULR \
VRVWHQLEOH$GHPiV GH LPSXOVDU OD DFWLYLGDG GH SHTXHxDV \ PHGLDQDV XQLGDGHV
HFRQyPLFDVDVRFLDWLYDV\IRPHQWDUODGHPDQGDGHORVELHQHV\VHUYLFLRVTXHJHQ!
HUDQ
3RURWUDSDUWHHQOD&RQVWLWXFLyQWDPELpQVHFRQVDJUDTXHHOVLVWHPDHFRQyPL!
FRVHLQWHJUDUiSRUODVIRUPDVGHRUJDQL]DFLyQHFRQyPLFDS~EOLFDSULYDGDPL[WD
SRSXODU\VROLGDULD<TXHODHFRQRPtDSRSXODU\VROLGDULDVHUHJXODUiGHDFXHUGR
FRQODOH\HLQFOXLUiDORVVHFWRUHVFRRSHUDWLYLVWDVDVRFLDWLYRV\FRPXQLWDULRV
$GHPiVFRQODSDUWLFLSDFLyQGHORVGLYHUVRVDFWRUHVGHODHFRQRPtDVROLGDULDVH
GLVHxyHO$FXHUGR1DFLRQDOSRUOD(FRQRPtD3RSXODU\6ROLGDULDFRQHOREMHWLYR
GHJHQHUDU\DUWLFXODUSROtWLFDVS~EOLFDVSDUDGLQDPL]DUORVVHFWRUHVGHDOLPHQWRV
WXULVPRPDQXIDFWXUDFRQVWUXFFLyQVHUYLFLRVFRPXQLFDFLyQ

P7

K#-/'*0"+%+0$/#(
)#"+#0%7-02'-+'*(
!"#$#%&'()#*+,'-+'



'HVDUUROODUHLPSOHPHQWDUVLVWHPDVGHLQYHVWLJDFLyQ\JHVWLyQGHOFRQRFLPLHQWR
LPSXOVDU VLVWHPDV GH LQIRUPDFLyQ GDWRV \ HVWDGtVWLFDV SURPRYHU HVSDFLRV GH
DUWLFXODFLyQ GLiORJR \ FRRUGLQDFLyQ FRQ HO HVWDGR IRUWDOHFHU VHUYLFLRV ILQDQ!
FLHURVSURPRYHUODJHVWLyQGHFRPHUFLRFRQpQIDVLVHQODVHJXULGDG\VREHUDQtD
DOLPHQWDULD
3DUDIRPHQWDUODHFRQRPtDVROLGDULDVHUHTXLHUHQPDUFRMXUtGLFRXQDLQVWLWXFLR!
QDOLGDGHIHFWLYD\SUHVXSXHVWRVTXHIDFLOLWHQODHMHFXFLyQGHSODQHV\SURJUDPDV
(QHVWHVHQWLGRVHDSUREyOD/H\2UJiQLFDGHOD(FRQRPtD3RSXODU\6ROLGDULD\
GHO6HFWRU)LQDQFLHUR3RSXODU\6ROLGDULR\VXUHJODPHQWR
(Q FXDQWR D OD LQVWLWXFLRQDOLGDG S~EOLFD HQ HO (FXDGRU KR\ VH FXHQWD FRQ XQD
6XSHULQWHQGHQFLDGH(FRQRPtD3RSXODU6ROLGDULD6(36\HO,QVWLWXWR1DFLRQDOGH
(FRQRPtD3RSXODU\6ROLGDULD,(36$GHPiVGHO6(13/$'(6\HO3ODQ1DFLRQDO
GHO%XHQ9LYLU
(VWDUHDGHODVRFLHGDGFLYLORUJDQL]DUVH\HVWDEOHFHUPHFDQLVPRVGHVHJXLPLHQWR
YHHGXUtDFRQWURO\DXGLWRUtDTXHSHUPLWDQYHODUSRUHOFXPSOLPLHQWRGHOPDUFR
FRQVWLWXFLRQDOOH\HVDFXHUGRVSODQHV\SURJUDPDVHVWDEOHFLGRVSDUDHOIRPHQWR
GHODHFRQRPtDVROLGDULDHQHO(FXDGRU6RODPHQWHFRQODSDUWLFLSDFLyQFLXGDGDQD
DFWLYD \ SURSRVLWLYD VH ORJUDUi FRQWULEXLU SDUD HO GHVDUUROOR GH XQD VRFLHGDG
LQFOX\HQWH\HTXLWDWLYD
5HIOH[LyQ(O8EXQW~<RVR\SRUTXHQRVRWURVVRPRV
(MHUFLFLR/DVQRWDVVROLGDULDV

4/-'(0"#$#%&'(0F+2/0
(OFLUFXLWRGHHFRQRPtDVROLGDULDHVDTXHOTXHWLHQHFRPRVXFHQWURDOVHUKXPDQR
\QRDOPHUFDGRHVGHFLUSURFXUDTXHODHFRQRPtDYD\DHPSXMDQGRHOGHVDUUROOR
GHWRGRV\WRGDVMXQWRV\QRSURPXHYHH[FOXVLYDPHQWHHODYDQFHGHOPHUFDGR
FRPRXQHQWHHQGRQGHHOSULQFLSLRGHOLEUHFRPSHWHQFLDGDSDVRDODDFXPXODFLyQ
LQGLVFULPLQDGDGHUHFXUVRV\DSURFHVRVGHSURJUHVLYDSREUH]D\H[SORWDFLyQVRFLDO
(VWHPRGHORGHHFRQRPtDVHEDVDHQORVSULQFLSLRVGHVROLGDULGDGDVRFLDWLYLGDG
UHFLSURFLGDGHTXLGDGVREHUDQtDDOLPHQWDULDUHVSHWRDODPELHQWH\ODD\XGDPXWXD
3URFXUDODJHQHUDFLyQGHUHGHV\ODSURPRFLyQGHOHPSOHR5HVFDWD\SURPXHYHHO
XVRGHORVUHFXUVRVORFDOHV\DVHDQHVWRVKXPDQRVRPDWHULDOHV(VXQDHFRQRPtD
LQFOXVLYD\HTXLWDWLYDHQGRQGHODVFDSDFLGDGHVVRQGLIHUHQFLDGDVHLQFRUSRUDGDV
([LJHFUHDWLYLGDG\FRPSURPLVR
!60-"+"+#(LE
(OWHVRURFRPSDUWLGR

P8

!*(#560/+1#(,0(*'(0"#$#%&'(2#*+,'-+'(

(V HO GHVDUUROOR LQWHJUDO GH ODV SHUVRQDV XQD QXHYD VRFLHGDG MXVWD VROLGDULD \
IUDWHUQD6HJ~QORVPDQGDWRVFRQVWLWXFLRQDOHVHQHO(FXDGRUDOLJXDOTXHHQYDULRV
SDtVHVDQGLQRVVHKDUHLQYLQGLFDGRHOFRQFHSWRGHO%XHQ9LYLUFRPRHOREMHWLYR
VXSHULRUGHODQXHYDDUTXLWHFWXUDILQDQFLHUD\VRFLDO
/DHFRQRPtDVROLGDULDWLHQHFRPRILQDOLGDGTXHODJHQWHVHGHVDUUROOH\YLYDIHOL]
(Q OD VDWLVIDFFLyQ GH ODV QHFHVLGDGHV EiVLFDV TXH 0DVORZ SODQWHD )LVLROyJLFDV
VHJXULGDG \ SURWHFFLyQ DILOLDFLyQ \ DIHFWR UHFRQRFLPLHQWR \ HVWLPD DXWRUHDO!
L]DFLyQ\WUDVFHQGHQFLD
8QDGHODVGHILQLFLRQHVGHGHVDUUROORPDQLIHVWDGRHQOD(QFtFOLFD3RSXORUXP3UR!
JUHVVLRORFRQVLGHUDFRPRHOSURFHVRSRUHOFXDOORVJUXSRVKXPDQRVSDVDQGH
FRQGLFLRQHVPHQRVKXPDQDVDFRQGLFLRQHVPiVKXPDQDVHQWpUPLQRVGHFDOLGDG
GHYLGD\FDQWLGDGGHYLGD
3DUDVHUYHUGDGHURHOGHVDUUROORGHEHVHULQWHJUDOHVGHFLUQRVyORFRQVLGHUDUOD
GLPHQVLyQ HFRQyPLFD 6LQR WRGDV ODV GLPHQVLRQHV HFRQyPLFD SROtWLFD VRFLDO
FXOWXUDO DPELHQWDO pWLFD \ RUJDQL]DFLRQDO HQ TXH VH GHVHPSHxD OD SHUVRQD
KXPDQDTXHHVODUD]yQGHVHUGHODHFRQRPtDVROLGDULD
6LHOGHVDUUROORQRSDUWHGHOHVStULWXGHODVSHUVRQDVHVWHQRHVDXWpQWLFR2VHD
GHEHVHUGHVGHDGHQWURORFDO\JOREDO
(MHUFLFLR/DIORUGHOGHVDUUROOR

P9

!*(M.0$(G+1+(O6XPDNNDZVD\R%XHQ9LYLUHVXQDFRQFHSFLyQGHORDQFHVWUDOGHODYLGDGHORV
SXHEORVDQGLQRVTXHVHKDPDQWHQLGRYLJHQWHHQPXFKDVFRPXQLGDGHVLQGtJHQDV
KDVWDODDFWXDOLGDG
(Q TXLFKXD 6XPDN VLJQLILFD OR LGHDO OR KHUPRVR OR EXHQR OD UHDOL]DFLyQ \
NDZVD\VLJQLILFDODYLGDHQUHIHUHQFLDDXQDYLGDGLJQDHQDUPRQtDFRQXQHTXL!
OLEULRHQWUHHOXQLYHUVR\HOVHUKXPDQRHQWHQGLGRHVWH~OWLPRFRPRODFRPXQL!
GDGODIDPLOLD\HOLQGLYLGXR
3DUDORJUDUHO6XPDN.DZVD\HVLPSRUWDQWHWHQHUSUHVHQWHHOHPHQWRVFRPR
$OOLNDXVD\ODDUPRQtD
0DNLSXUDULQDODUHFLSURFLGDG
<DQDSDULQDODVROLGDULGDG
$PDNLOODQRDODSHUH]D
$PDOOXOODQRDODPHQWLUD
$PDVKXDQRDOURER
6DPDNNDXVD\ODVHUHQLGDG
:LxDNNDXVD\ODFUHDWLYLGDG
3DNWDNDXVD\HOHTXLOLEULR
5XQDND\HOVDEHUVHUSHUVRQD
7RGRVHVWRVHOHPHQWRVHVWiQDUWLFXODGRVHQWUHVt\HQVXFRQMXQWRVRQFRQVH!
FXHQFLDGHXQSURFHVRGHDSUHQGL]DMH\GLVFLSOLQDODDXVHQFLDGHFXDOTXLHUDGH
HOORVSRQHHQULHVJRHOREMHWLYRGHORJUDUXQDYLGDDUPRQLRVD\GLJQD

P10

!"#$#%&'>(2#*+,'-+,',(;(0"#$#%&'(2#*+,'-+'
/D HFRQRPtD VROLGDULD HV XQ SUR\HFWR GH YLGD TXH H[LJH JUDQGHV WUDQVIRUPDFLRQHV
SHUVRQDOHVIDPLOLDUHV\FRPXQLWDULDV1RHVSRVLEOHSHQVDUHQXQDHFRQRPtDGLIHUHQWH
VLQFDPELRVSHUVRQDOHVSURIXQGRVTXHVHPDQLILHVWHQGHVGHQXHVWURVSURSLRVFRP!
SRUWDPLHQWRVFRWLGLDQRVFRPRSRUHMHPSORODFDOLGH]HQODVUHODFLRQHVUHFRQRFLPLHQ!
WRGHOUROGHODPXMHUHODSHJRSRUODRUJDQL]DFLyQODFDSDFLGDGSDUDDXQDUHVIXHU]RV
FRQVXPLUUHVSRQVDEOHPHQWHHOHJLUFRPHUFLRMXVWRFXLGDUHODPELHQWHHWF

HVODRUJDQL]DFLyQGHORVUHFXUVRVSDUDTXHWRGDVODVDFWLYL!
GDGHV TXH XQD FROHFWLYLGDG KXPDQD SRQJD HQ PDUFKD
SURPXHYD OD SURGXFFLyQ LQWHUFDPELR GLVWULEXFLyQ \ FRQ!

6ROLGDULGDG

VXPRGHELHQHV\VHUYLFLRVFRQODILQDOLGDGGHDOFDQ]DUHO
ELHQHVWDUSDUDHOPD\RUQ~PHURGHSHUVRQDV
/DHFRQRPtDQRHVXQDFLHQFLDH[DFWDEDVDGDHQIyUPXODV
PDWHPiWLFDVIUtDVPX\OHMDQDGHODJHQWH\GHVXYLGDFRWLGL!
DQDQLHOILQ~OWLPRGHODVDFWLYLGDGHVKXPDQDV(VXQPHGLR
SDUDORJUDUPHMRUHVFRQGLFLRQHVGHYLGD

/D VROLGDULGDG HV XQ VHQWLPLHQWR XQD IXHU]D PRWUL]

TXHGDIHOLFLGDGXQHDORVVHUHVKXPDQRV\ORVHPSXMD
DSUHVWDUVHD\XGDPXWXD
(VXQSULQFLSLREiVLFRGHODH[LVWHQFLDGHORUGHQVRFLDO
SRU HO FXDO FDGD LQGLYLGXR GHO JUXSR GHVDUUROOD VXV
FDSDFLGDGHV\JR]DGHVXVGHUHFKRVFRODERUDQGRFRQ
ORVGHPiVLQWHJUDQWHVGHOFXHUSRVRFLDOSDUDGHVDUURO!
ODUVH HQ FRPXQLGDG \ DUPRQtD ORJUDQGR QR VROR VX
SOHQLWXGSHUVRQDOVLQRODGHVXVVHPHMDQWHV
&RPELQDQGRORVFRQFHSWRVGHHFRQRPtD\VROLGDULGDG
SRGHPRVGHFLU
(FRQRPtD6ROLGDULDHVXQPRGHORDOWHUQDWLYRMXVWR\KXPDQRGHMXQWDUUHFXUVRVSDUDODSURGXF!
FLyQLQWHUFDPELR\FRQVXPRJHQHUDQGRQXHYRVUHFXUVRVEDVDGRHQODVROLGDULGDGODHTXLGDGHO
WUDEDMRDVRFLDWLYRODUHFLSURFLGDG\ODFRRSHUDFLyQHQDUPRQtDFRQHODPELHQWH\EXVFDQGRHO
EHQHILFLRLQWHJUDOGHWRGDVODVSHUVRQDV

P11

K#-/'*0"+%+0$/#(
)#"+#0%7-02'-+'*(
!"#$#%&'()#*+,'-+'

(QWpUPLQRVPiVDPSOLRVHFRQRPtDVROLGDULDVRQWRGRVDTXHOORVSURFHVRVDOWHUQDWLYRV
GHRUJDQL]DFLyQSURGXFFLyQUHSURGXFFLyQLQWHUFDPELRGLVWULEXFLyQ\FRQVXPRGH
ELHQHV\VHUYLFLRVTXHSDUWHQGHODFRRSHUDFLyQPXWXD\UHODFLRQHVGHUHFLSURFLGDG
GRQGHHOXVR\PDQHMRGHOGLQHURQRHVORIXQGDPHQWDOVLQRHOWUDEDMRKXPDQRVXUJH
GHVGHORORFDO\VHEDVDHQYDORUHV\SULQFLSLRVEXVFDQGRXQELHQHVWDUFROHFWLYRSDUD
JHQHUDUXQSURFHVRHTXLWDWLYRGHLQFOXVLyQVRFLDOTXHSHUPLWDLPSXOVDUXQGHVDUUROOR
KXPDQRLQWHJUDOUHVSHWDQGRHODPELHQWH
6HJ~Q-RVp/XLV&RUDJJLRFDWHGUiWLFRDUJHQWLQRODHFRQRPtDVRFLDO\VROLGDULDHV
"#$%&'&$'($)*+(,$(+&#&%-*.$&,/*#01*#'&$'($%*#(,*$*2&+0*'*$3$+&&4(,*506*$
7*$4,&'8++09#.$'025,0:8+09#.$+0,+87*+09#$3$+&#28%&$'($:0(#(2$3$2(,60+0&2$#&$(#$
:*2($*7$%&506&$'(7$78+,&$4,06*'&$20#&$*$7*$,(2&78+09#$'($7*2$#(+(20'*'(2.$
:82+*#'&$+&#'0+0&#(2$'($60'*$'($*75*$+*70'*'$4*,*$5&'&2$7&2$;8($(#$(77*$
4*,50+04*#.$282$<*%070*,(2$3$+&%8#0'*'(2.$(#$+&7*:&,*+09#$+&#$&5,*2$+&%8#0=
'*'(2$4*,*$,(2&76(,$7*2$#(+(20'*'(2$%*5(,0*7(2$*$7*$6(1$;8($(25*:7(+0(#'&$
7*1&2$2&+0*7(2$<,*5(,#*7(2$3$2&70'*,0&2.$*28%0(#'&$+&#$,(24&#2*:070'*'$(7$
%*#(>&$'($7&2$,(+8,2&2$#*58,*7(2$3$(7$,(24(5&$*$7*2$/(#(,*+0&#(2$<858,*2.$
+&#2&70'*#'&$6-#+87&2$2&+0*7(2$*,%9#0+&2$3$'8,*'(,&2$(#5,($+&%8#0'*'(2.$20#$
(?47&5*+09#$'(7$5,*:*>&$*>(#&@
3DUDHO0(66(0RYLPLHQWRGH(FRQRPtD6ROLGDULDGHO(FXDGRU
(FRQRPtDVROLGDULDHVHOGHVDUUROORGHSURFHVRVGHSURGXFFLyQLQWHUFDPELRFRPHUFLRILQDQ!
FLDPLHQWRFRQVXPR\SRVWFRQVXPRGHELHQHVVHUYLFLRVVDEHUHV\FRQRFLPLHQWRVUHDOL]DGRD
WUDYpVGHIRUPDVFROHFWLYDVGHWUDEDMREDVDGDVHQUHODFLRQHVGHVROLGDULGDGFRRSHUDFLyQUHFL!
SURFLGDG\UHVSRQVDELOLGDGVRFLDORULHQWDGDDOEXHQYLYLUFRQODQDWXUDOH]DSRUVREUHODDSURSL!
DFLyQLQGLYLGXDOHOOXFUR\ODDFXPXODFLyQGHFDSLWDO

!"#$#%&'(2#*+,'-+'(;(0?+"+0$"+'
(VXQHUURUSHQVDUTXHVHDVXILFLHQWHODEDVHpWLFDGHODHFRQRPtDVROLGDULDSDUDWHQHUp[LWR
HQODFRQVWUXFFLyQGHXQDVRFLHGDGPiVMXVWD\KXPDQD(VLPSRUWDQWHQRGHMDUGHODGROD
FDOLGDGGHOWUDEDMRODUHVSRQVDELOLGDGHOFXPSOLPLHQWRGHPHWDV,QWHJUDUODVROLGDULGDGDOD
HFRQRPtDVLJQLILFDHQHOFDVRGHOPHUFDGRYHUOHDHVWHFRPRXQLQVWUXPHQWR\QRFRPRXQILQ
/DHFRQRPtDVROLGDULDGHEHLQWHUYHQLUHQHOPHUFDGRGHPRVWUDQGRTXHSXHGHVHUFRPSHWLWLYD
\DOWDPHQWHVROLGDULD
3DUDTXHODVROLGDULGDGVHDLQFRUSRUDGDFRPRIDFWRUSURGXFWLYRKD\TXHGHPRVWUDUTXHHVXQD
DOWHUQDWLYD HILFLHQWH YiOLGD FRQFUHWD VXVWHQWDEOH< HVWR VH SXHGH FRQVHJXLU SODQLILFDQGR \
RUJDQL]DQGRFXLGDGRVDPHQWHHOWUDEDMREXVFDQGRODH[FHOHQFLDHQWRGDVODVDFWLYLGDGHVTXHVH
UHDOLFHQ

P12

N#*&/+"'(7O5*+"'(7'-'(0*(?#%0$/#(,0(*'(!))
/DVROLGDULGDGSUHVHQWHHQODVDFWLYLGDGHVHFRQyPLFDVGHEHHYLGHQFLDUVHHQODV
SROtWLFDVHFRQyPLFDVGHORV(VWDGRVSDUDSRGHUFRQVWUXLUUHDOPHQWHXQDVRFLH!
GDGGHPRFUiWLFDLQFOX\HQWH\VREHUDQD
(VWRVLJQLILFDTXHORV(VWDGRVGHEHQSODQWHDUVHFRPRREMHWLYRVQRVLPSOHPHQWH
ORVtQGLFHVGHFUHFLPLHQWRPDFURHFRQyPLFRVVLQRTXHVREUHWRGRGHEHSUHRFX!
SDUVHGHYDORUDU\GLJQLILFDUHOWUDEDMRGHFDGDXQRGHORVWUDEDMDGRUHV\WUDED!
MDGRUDVGHOSDtV
'H HVWR GHSHQGH FDGD YH] PiV OD VRVWHQLELOLGDG GH XQD HFRQRPtD QDFLRQDO H
LQWHUQDFLRQDOEDVDGDWDQWRHQODYLDELOLGDGHFRQyPLFDFRPRHQHOFRPSDUWLUORV
EHQHILFLRVGHHVWHSURFHVRSDUDXQPXQGRGRQGHUHDOPHQWHVHORJUHQHTXLGDG\
MXVWLFLD

!*(%#,0*#(,0(0"#$#%&'(2#*+,'-+'
/D HFRQRPtD VROLGDULD HV XQ SUR\HFWR GH YLGD TXH H[LJH JUDQGHV WUDQVIRUPD!
FLRQHV SHUVRQDOHV IDPLOLDUHV \ FRPXQLWDULDV 1R HV SRVLEOH SHQVDU HQ XQD
HFRQRPtD GLIHUHQWH VLQ FDPELRV SURIXQGRV TXH VH PDQLILHVWHQ GHVGH QXHVWURV
SURSLRV FRPSRUWDPLHQWRV FRWLGLDQRV FRPR SRU HMHPSOR OD FDOLGH] HQ ODV UHOD!
FLRQHVUHFRQRFLPLHQWRGHOUROGHODPXMHUHODPRUSRUODRUJDQL]DFLyQODFDSDFL!
GDG SDUD DXQDU HVIXHU]RV FRQVXPLU UHVSRQVDEOHPHQWH HOHJLU FRPHUFLR MXVWR
FXLGDUHODPELHQWHHWF
(OPRGHORGHHFRQRPtDVROLGDULDVHSDUHFHDXQDJUDQFDVDHQODTXHVHMXQWDQ
GLYHUVRVVHFWRUHVFRPRODSURGXFFLyQDVRFLDWLYD\RUJiQLFDHOFRPHUFLRMXVWR\
FRPHUFLDOL]DFLyQFRPXQLWDULDHOFRQVXPRUHVSRQVDEOHODVILQDQ]DVVROLGDULDVOD
HGXFDFLyQVROLGDULDLQQRYDFLyQWHFQRORJtDVJHQHUDFLyQ\SURPRFLyQGHVDEHUHV
\ WRGRV ORV VHUYLFLRV TXH SULYLOHJLDQ OD SHUVRQD FRPR SRU HMHPSOR HO WXULVPR
DOWHUQDWLYRODVDOXGFRPXQLWDULDRODYLYLHQGDDOWHUQDWLYDHWF
7RGDVHVWDVSUiFWLFDVHVWiQLQWHUUHODFLRQDGDV\VXVWHQWDGDVHQYDORUHV\SULQFLS!
LRVFRPRODVROLGDULGDGODXQLyQODRUJDQL]DFLyQODHTXLGDGHOWUDEDMRODVREHU!
DQtDODDXWRJHVWLyQODLQFOXVLyQ\ODVRVWHQLELOLGDG

P13

(OFHQWURRUD]yQGHVHUGHHVWDFDVDHVODSHUVRQDODIDPLOLD\ODFRPXQLGDG(Q
DUPRQtDFRQHODPELHQWHODHVSLULWXDOLGDGHLQVSLUDGRVHQHOGHVDUUROORLQWHJUDO\
ODVFDUDFWHUtVWLFDVGHODVROLGDULGDG
$OUHGHGRU GH HVWH FLUFXLWR LQWHUUHODFLRQDGR GH VHFWRUHV ODV SUiFWLFDV GH
HFRQRPtD VROLGDULD DQWHV PHQFLRQDGDV VH UHODFLRQDQ WDPELpQ FRQ HO HVWDGR \
JRELHUQRVORFDOHVRUJDQLVPRVLQWHUQDFLRQDOHV\UHJLRQDOHVODFRRSHUDFLyQLQWHU!
QDFLRQDO\HOPHUFDGR
(OJUDQGHVDItRHVTXHWRGRVHVWRVHVSDFLRVHVWpQFRRUGLQDGRV\JHQHUDQGRPRY!
LPLHQWRVLQpUJLFRSDUDDOFDQ]DUHOEXHQYLYLU/D)HODHVSHUDQ]D\ODDOHJUtDVRQ
HOHPHQWRVTXHOHGDQYLGD\FRORUDODHFRQRPtDVROLGDULD\TXHVHWUDQVPLWH\
GLIXQGHDWRGRQLYHODWUDYpVGHODVWHFQRORJtDVGHLQIRUPDFLyQ\FRPXQLFDFLyQ
7,&V
(QODHFRQRPtDVROLGDULDODVFDUDFWHUtVWLFDVGHODVROLGDULGDGVHFRQFHQWUDQHQOR
TXHVHFRQRFHFRPR)DFWRU&/DVROLGDULGDGFRQYHUWLGDHQIXHU]DSURGXFWLYD\
TXHUH~QHDFRQFHSWRVFRPR&RPXQLGDG&RPXQLyQ&RPSDUWLU&RRSHUDFLyQ
\&RQILDQ]D
(MHUFLFLR/DFDVDGHODHFRQRPtDVROLGDULD

P02'?&#2(,0(<#;(7'-'(0*(?#%0$/#(,0(*'(!))
(QWUHODVDFWLYLGDGHVFRQFUHWDVDGHVDUUROODUSDUDIRPHQWDUOD(66WHQHPRV
8QD SROtWLFD S~EOLFD TXH UHDOPHQWH IRPHQWH XQD HFRQRPtD VROLGDULD GHVGH OD
JHQWH3DUDHVWRGHEHFRQWHQHU8QDEDVHMXUtGLFDFODUD\FRQFUHWDFRQXQDLQVWL!
WXFLRQDOLGDGHILFLHQWH\SDUWLFLSDWLYDSUHVXSXHVWRVDGHFXDGRV\SROtWLFDVLQFOX\!
HQWHVTXHSHUPLWDQGHVDUUROODUSODQHV\SURJUDPDVTXHDSRUWHQHQHOGHVDUUROOR
LQWHJUDOGHODFLXGDGDQtDGHQWURGHXQQXHYRPRGHORGHGHVDUUROORFHQWUDGRHQ
ODSHUVRQDKXPDQD\HQDUPRQtDFRQHODPELHQWH
/DUHIOH[LyQFRQFHSWXDOHLGHROyJLFDGHODHFRQRPtDVROLGDULD\ODGHWHUPLQDFLyQ
GHXQPDUFRFRP~QSRUSDUWHGHWRGRVVXVDFWRUHV\VHFWRUHVFRQSODQWHDPLHQ!
WRV WHyULFRV \ ILORVyILFRV Pi[LPRV \ PtQLPRV TXH OHV SHUPLWDQ FDPLQDU GH
PDQHUDFRRUGLQDGD
2WUDGHODVDFWLYLGDGHVIXQGDPHQWDOHVWLHQHTXHYHUFRQHOIRUWDOHFLPLHQWRGHOD
DVRFLDWLYLGDGRLQWHJUDFLyQ\ODDUWLFXODFLyQHQWUHORVGLYHUVRVVHFWRUHVTXHFRQ!
IRUPDQODHFRQRPtDVROLGDULD

P14

'HLJXDOPDQHUDHVQHFHVDULRDVHJXUDUDFWLYLGDGHVTXHRUJDQLFHQHOVHFWRULQIRU!
PDOGHODHFRQRPtDVLQTXHHVWDSLHUGDVXFUHDWLYLGDG\FDSDFLGDGGHDGDSWDFLyQ
$VLPLVPRHVQHFHVDULRUHIOH[LRQDU\FRRUGLQDUFRQODVLQLFLDWLYDVGHUHVSRQVDELOL!
GDGVRFLDOTXHFDGDGtDVHGHVDUUROODQSDUDTXHHOFRQFHSWRGHVROLGDULGDGVHD
DSURYHFKDGR HQ OR SURIXQGR GH VX VLJQLILFDGR \ QR GHVGH XQD SRVLFLyQ PHUD!
PHQWHDVLVWHQFLDOLVWDRSDWHUQDOLVWD
8QWHPDGHSDUWLFXODUDWHQFLyQHVODYDORUL]DFLyQGHOUROGHODPXMHUHQORVSUR!
FHVRVGH(66DVtFRPRODSDUWLFLSDFLyQGHORVMyYHQHV\ODVHVWUDWHJLDVGHUHFDP!
ELRVJHQHUDFLRQDOHVTXHJDUDQWLFHQXQDQXHYD\UHIUHVFDGDPLUDGDGHOVHFWRU
$QLYHOGHFRPHUFLRVHGHEHLGHQWLILFDUORVSURGXFWRV\VHUYLFLRVGHORVDFWRUHV
GHODHFRQRPtDSDUDSURPRYHUVXLQVHUFLyQRDFFHVRHQORVPHUFDGRVORFDOHV
QDFLRQDOHV\UHJLRQDOHV3DUDHVWRHVXUJHQWHGHVDUUROODUSROtWLFDVSODQHV\SUHVX!
SXHVWRVTXHUHDFWLYHQODSURGXFFLyQGHVDUUROOHQQXHYRVSURGXFWRV\VHUYLFLRV
SURPXHYD HO PHMRUDPLHQWR GH OD FDOLGDG \ HO FRQVXPR UHVSRQVDEOH (Q HVWD
PLUDGDHVLPSRUWDQWHDQDOL]DUODUHDOLGDGDPELHQWDO\VXVHIHFWRVGHYDVWDGRUHV
FRQ OD ILQDOLGDG GH HQFRQWUDU HVWUDWHJLDV TXH DSRUWHQ HQ OD SURWHFFLyQ GH ORV
GHUHFKRVGHODQDWXUDOH]D
/DYLVLELOL]DFLyQ\FRQRFLPLHQWRS~EOLFRGHODHFRQRPtDVROLGDULDHVXQDDFWLYLGDG
DVHUGHVDUUROODGDVLVHSUHWHQGHLQFLGLUSDUDTXHORVSURGXFWRV\VHUYLFLRVGHOD
HFRQRPtDVROLGDULDVHDQSULRUL]DGRVSRUODFLXGDGDQtD
3RUORWDQWRHVQHFHVDULRDSURYHFKDUODVWHFQRORJtDVGHLQIRUPDFLyQ\FRPXQL!
FDFLyQ7,&V\ORJUDUODSDUWLFLSDFLyQGHORVPHGLRVGHFRPXQLFDFLyQS~EOLFRV\
SULYDGRV(QHOPHMRUGHORVFDVRVORVVHFWRUHVGHODHFRQRPtDVROLGDULDGHEHUtDQ
GHVDUUROODU HVWUDWHJLDV FRQMXQWDV SDUD HO DSURYHFKDPLHQWR GH ORV PHGLRV
LPSUHVRVUDGLDOHVYLVXDOHV\YLUWXDOHV
)RPHQWDUODVLVWHPDWL]DFLyQGHH[SHULHQFLDVHLQWHUFDPELRVGHODVPLVPDVVRQ
DFWLYLGDGHV IXQGDPHQWDOHV SDUD DSURYHFKDU HO FDPLQR UHFRUULGR \ ORV DSUHQ!
GL]DMHVDFXPXODGRVGHODVGLYHUVDV\FUHDWLYDVH[SHULHQFLDVGHHFRQRPtDSRSXODU
\VROLGDULD
)LQDOPHQWH VH KDFH XUJHQWH SURPRYHU DFWLYLGDGHV TXH LQYROXFUHQ DO VHFWRU
DFDGpPLFR\IDFLOLWDUHOGHVDUUROORGHFDSDFLGDGHVGHVGHHOVHUGHODVSHUVRQDVOD
LQYHVWLJDFLyQ LQQRYDFLyQ \ WHFQRORJtD SDUD OD HFRQRPtD VROLGDULD D WUDYpV GH
QXHYRVPRGHORVSHGDJyJLFRVHVSHFtILFRV\FLHQWtILFDPHQWHHODERUDGRV\GHVDU!
UROODGRV

P14

>(/3-%&'-*$*
&0)%&%56&(0-,&+-+*+$*,-*@6(0(3:-*A(.5,-/*C*
9(,&+-/&-*$0*$,*@65-+(/
Elaboracin: Marco Tituaa

;0+&6$*
<$37%&6(
=*>(/3-)*?5$*)5)%$0%-0*,-*@6(0(3:-*A(.5,-/*9(,&+-/&-*
$0*$,*@65-+(/
=*B0)%&%56&(0$)*C*)5)*/(,$)*.-/-*D(3$0%-/*,-*@6(0(3:9(,&+-/&-*$0*$,*@65-+(/

!"#$%&'()*+$,
-./$0+&1-#$
2,*%$/3&0-/*$)%$*34+5,(*,()*.-/%&6&.-0%$)*6(0(6$/708*
!"#
#
9"#
>"#
#
#

$%#&'()*#)*+,-.-/).*+'%#0/1#2'('+-.3'#%'#$)*+*&4'#5*6/%'(#7*%.8'(.'#1+#
1%#$)/'8*(
:',#%1;1,#1<.,-1+-1,#1+#1%#6'4,#,*=(1#$)*+*&4'#5*6/%'(#7*%.8'(.'
:',#.+,-.-/).*+1,#0/1#(.21+#;#81=1+#?*&1+-'(#%'#$)*+*&4'#5*6/%'(
7*%.8'(.'#1+#1%#$)/'8*(

9:0%$)&)8*
$%#6(1,1+-1#&@8/%*#=/,)'#')1()'(#'#%',#;#%*,#6'(-.).6'+-1,#'#
%',#%1;1,A#+*(&',#1#.+,-.-/).*+1,#0/1#1%#$)/'8*(#-.1+1#6'('#
B')1(#(1'%.8'8#%'#$)*+*&4'#5*6/%'(#7*%.8'(.'#C$57DA#-'&=.E+#
=/,)'#B')1(#&F,#)%'(*#)/'%1,#,*+#%',#(1,6*+,'=.%.8'81,#0/1#
%',#8.?1(1+-1,#.+,-.-/).*+1,#-.1+1+#6'('#?*&1+-*#81#%'#$57A#;#
'#6'(-.(#81#1%%*A#0/1#1,-1#)*+*).&.1+-*#,.(G'#81#B1(('&.1+-'#
6'('# %'# 1<.2.=.%.8'8# 81# ,/,# 81(1)B*,# 81# ')-*(4'# ,*).'%# ;#
1)*+@&.)'#1+#1%#)'+-@+#H/&.I'B/."

P15

980-/"):;)
!"#$%&'(%)*)'+,&'&-.'"+%/'0%0
0*)/%)1."+"$2%)3"4-/%#)5)
6"/'0%#'%)*+)*/)1.-%0"#

!"#$%&'(%)*)'+,&'&-.'"+%/'0%0)0*)/%)1."+"$2%
3"4-/%#)5)6"/'0%#'%)*+)*/)1.-%0"#
7+&#"0-..'8+
!"#!$%&'()#*&#+,+,'(#%-&#./),/#'/#0)&-.1()2&$,(-/.#3%/#"/#*&-#.,'(#.,4-,1,$&0,+&.#
0&-0(#/-#"(#-&$,(-&"#&.5#$(2(#0&26,7-#/-#"(#"($&"8#/.0&.#0)&-.1()2&$,(-/.#(6/'/9
$/-#&#%-&#&:%/.0&#/;:)/.&'&#/-#-%/.0)&#<(-.0,0%$,=-#>("50,$&#?#3%/#/.0@-#(),/-9
0&'&.#-(#.("(#&#"(4)&)#/"#'/.&))(""(8#.,-(#&#"&#$(-.0)%$$,=-#'/"#A%/-#B,+,)8#2('/"(#
3%/# -(# ./# &4(0&# /-# %-# .,2:"/# $&26,(# '/# :&"&6)&.# .,-(# 3%/# ./# /;:&-'/# *&.0&#
:"&-0/&)# "&# 0)&-.1()2&$,=-# )&',$&"# '/# $=2(# /-0/-'/2(.# ?# $)/&2(.# -%/.0)&.#
)/&",'&'/.#:)/./-0/.#?#1%0%)&.C#>&)&#"(4)&)#/.0(#./#)/3%,/)/#3%/#/"#$&:,0&"#D',-/)(E#
-(#/.0/#:()#.(6)/#&"#./)#*%2&-(8#?#:&)&#3%/#/""(#.%$/'&#&#.%#+/F8#./#-/$/.,0&#$(-9
.0)%,)#/;:/),/-$,&.#3%/#.%2/-#.(",'&),'&'/.#:()#.(6)/#"&#&$%2%"&$,=-#'/#',-/)(#
:()#/"#',-/)(C
G&#<(-.0,0%$,=-#'/"#!$%&'()#&:%-0&#&"0(8#?#.,-#'%'&#0&26,7-#"(#*&$/#&"#)/1/),)./#
&#()4&-,F&$,=-#.($,(9/$(-=2,$&#'/"#:&5.8#&.5#"(#$(-1,)2&#/"#H)05$%"(#IJK#3%/#2/-9
$,(-&#3%/#/-#/"#!$%&'()L#

M/"# .,.0/2&# /$(-=2,$(# /.# .($,&"# ?# .(",'&),(N# )/$(-($/# &"# ./)# *%2&-(# $(2(#
.%O/0(# ?# 1,-N# :)(:/-'/# &# %-&# )/"&$,=-# ',-@2,$&# ?# /3%,",6)&'&# /-0)/# .($,/'&'8#
!.0&'(#?#2/)$&'(8#/-#&)2(-5&#$(-#"&#-&0%)&"/F&N#?#0,/-/#:()#(6O/0,+(#4&)&-0,F&)#
"&#:)('%$$,=-#?#)/:)('%$$,=-#'/#"&.#$(-',$,(-/.#2&0/),&"/.#/#,-2&0/),&"/.#3%/#
:(.,6,",0/-#/"#6%/-#+,+,)C
!"#.,.0/2&#/$(-=2,$(#./#,-0/4)&)@#:()#"&.#1()2&.#'/#()4&-,F&$,=-#/$(-=2,$&#
:P6",$&8#:),+&'&8#2,;0&8#:(:%"&)#?#.(",'&),&#DQER#D<(-.0,0%$,=-#'/#"&#S/:P6",$&#
'/"#!$%&'()8#ITTJL#UVTE

P16

!"#$%&'()'
*&+,-./0-'1'/23./.$4/&2-%/#-#
#1'%-'54&2&,6-'7&8$%-+'9'
:&%/#-+/-'12'1%'54$-#&+

!"#$%&"%'#()#)*+%#,-).%#/0'1%#()#),+),()'#)*+)#,-).0#*2*+)1%#*032%"#4#)30,51230#
60()10*#()32'#7-)#)*+)#*2*+)1%#)*8

9)"#30,:-,+0#()#2,*+2+-320,)*#*032%")*#7-)#3'2*+%"2;%#.%"0')*<#,0'1%*#4#6'=3+23%*#30,#
6')(012,20# ()# "%# *0"2(%'2(%(# ),# "%*# /0'1%*# ()# 0'>%,2;%325,# )30,5123%8# ?@&"23%A#
B*+%+%"<# B16')*%'2%"A?'2.%(%<# ?06-"%'# 4# C0"2(%'2%# 4<# *-*# /0'1%*# 12D+%*E# ()# 10(0# ()#
')*0".)'#30,#)7-2(%(<#)/232),32%#*032%"<#2>-%"(%(#),#"%#(2.)'*2(%(#4#:-*+232%#"%#6'0(-3A
325,#4#%16"2%325,#()#"%*#&%*)*#1%+)'2%")*#')7-)'2(%*#6%'%#"%#')6'0(-3325,#%16"2%(%#
()#"%#.2(%#()#+0(0*<#30,#"2&)'+%(#()#06325,#)#2,3"-4),(0#"%*#>),)'%320,)*#/-+-'%*#4#"%#
,%+-'%");%<#),#4#()*()#)"#+)''2+0'20#,%320,%"FG#HIJBC<#KLMME#CNOP#

!*Q#),+0,3)*<#)"#6')*),+)#15(-"0#6%'+)#()#30,03)'#3-%")*#*0,#"0*#*-*+),+0*#")>%")*#
7-)#"%#B30,01Q%#?06-"%'#4#C0"2(%'2%#+2),)#6%'%#$%3)'*)#')%"2(%(<#*2,#)1&%'>0#$)10*#
+%1&2R,#()#1),320,%'#7-)#60'#1-3$%#")4#7-)#*)#+),>%#)*3'2+%#)*+%#60'#*2#*0"%#,0#
3%1&2%'=#"%#')%"2(%(<#*0,#"0*#%3+0')*#*032%")*#"0*#7-)#$%32R,(0"%#*-4%<#6-)(),#$%3)'#
)*+%#"%&0'#7-)#%@,#)*+=#)16);%,(0#%#3%12,%'F

P17

67*3,#!89!
"#$%&'()&!+!(/:'('3.(#/&,(*&*
*+!,&!-.#/#%0&!1#23,&$!4!
5#,(*&$(&!+/!+,!-.3&*#$

!
"#$%&'()&
*+!,&!-.#/#%0&!1#23,&$!4!5#,(*&$(&!+/!+,!-.3&*#$

!"#!$%&'()#*+#*"#,--.#"*#'/0(#1/#&#%+#+%*2(#3()/4(+5*6#*"#7/17(#8%*#*15&#&9+#
*:;)*1&'(#*+#"&#<(+15/5%$/=+#2/>*+5*6#*+#*""&#1*#)*$(>*+#"(1#1%*?(1#'*#"&#7&@A
()B&#'*#*$%&5()/&+(1#&#1%#2*4#8%*#&3B#5&7C/D+#1*#$(+15)%@*+#"&1#3*))&7/*+5&1#
;&)&#8%*#*15(1#1%*?(1#1*#3&>&+#%+&#)*&"/'&'E
;<!=3>!/#:!$+?+$(%#:!.3&/*#!@&A,&%#:!*+!/#$%&'()&B
F&C"&)#'*#"&#+()7&5/2&#*1#3&C"&)#'*#7*$&+/17(1#"*>&"*1#8%*#>&)&+5/4&+#+%*15)(1#
'*)*$3(16# "(1# 3&$*+# 2/&C"*16# ;*)(# 5&7C/D+# *1# 3&C"&)# '*# )*1;(+1&C/"/'&'*1# 8%*#
5&+5(#"&1#@#"(1#$/%'&'&+(1#&1B#$(7(#"&1#/+15/5%$/(+*1#5/*+*+#;&)&#8%*#*15(1#'*)*A
$3(1#1*&+#;(1/C"*1#*+#;)*1*+5*#@#G%5%)(6#;()#*""(6#*1#+*$*1&)/(#'*0&)#'*#"&'(#"(1#
5*7()*1#(#"&1#)*3%/'&1#&#5*7&1#$(7(#"&1#"*@*1#(#+()7&1#8%*#$(+#G)*$%*+$/&#1*#
+(1#2%*"2*+#&C%))/'&16#*1#+*$*1&)/(#8%*#2*&7(1#*+#*""&1#%+#*1$%'(#@#%+&#*1;&'&#
;&)&#;)(5*>*)+(1#@#5&7C/D+#;&)&#&C)/)+(1#;&1(#&#7*0()*1#'B&16#@&#8%*#*15&1#+(#
1(+#1/+(#3*))&7/*+5&1#8%*#1/#"&1#%1&7(1#+(1#;*)7/5/)H+#&'*+5)&)+(1#&#"(#8%*#
1(?&7(1#@#&#"(#8%*#7*)*$*7(1#$(7(#$/%'&'&+(1E#
!+#*"#!$%&'()#;('*7(1#(C1*)2&)#"&#1/>%/*+5*#0*)&)8%B&#'*#"&1#"*@*16#"*@*1#*+#"&1#
$%&"*1#"&#!IJ#1*#>&)&+5/4&K

P18

!"#$%&'()%*#)+,-.%/0*+,',#('1*%.()-(.%&)%2.%3456%
!"#"$#%&'()*%#$"$%++($,#%-(&$*,#%./($"$+"$01%)/%2$+"$3()&/,/1.,4)$*%$+"$5%'67+,."$
*%+$8.1"*(#9$
:#/;$ <=>9$ 8+$ &,&/%-"$ %.()4-,.($ %&$ &(.,"+$ ?$ &(+,*"#,(@$ #%.()(.%$ "+$ &%#$ A1-")($
.(-($&1B%/($?$0,)@$'#('%)*%$"$1)"$#%+".,4)$*,)C-,."$?$%D1,+,7#"*"$%)/#%$&(.,%*"*2$
8&/"*($?$-%#."*(2$%)$"#-()E"$.()$+"$)"/1#"+%F"@$?$/,%)%$'(#$(7B%/,G($H"#")/,F"#$
+"$'#(*1..,4)$?$#%'#(*1..,4)$*%$+"&$.()*,.,()%&$-"/%#,"+%&$%$,)-"/%#,"+%&$D1%$
'(&,7,+,/%)$%+$71%)$G,G,#;
8+$ &,&/%-"$ %.()4-,.($ &%$ ,)/%H#"#C$ '(#$ +"&$ 0(#-"&$ *%$ (#H"),F".,4)$ %.()4-,."$
'67+,."2$'#,G"*"2$-,I/"2$'('1+"#$?$&(+,*"#,"2$?$+"&$*%-C&$D1%$+"$3()&/,/1.,4)$*%/%#J
-,)%;$K"$%.()(-E"$'('1+"#$?$&(+,*"#,"$&%$#%H1+"#C$*%$".1%#*($.()$+"$+%?$%$,).+1,#C$
"$+(&$&%./(#%&$.(('%#"/,G,&/"&2$"&(.,"/,G(&$?$.(-1),/"#,(&;
:#/;$ =LM;J$ 8+$ &,&/%-"$ 0,)").,%#($ )".,()"+$ &%$ .(-'()%$ *%$ +(&$ &%./(#%&$ '67+,.(2$
'#,G"*(2$?$*%+$'('1+"#$?$&(+,*"#,(2$D1%$,)/%#-%*,")$#%.1#&(&$*%+$'67+,.(;$3"*"$1)($
*%$%&/(&$&%./(#%&$.()/"#C$.()$)(#-"&$?$%)/,*"*%&$*%$.()/#(+$%&'%.E0,."&$?$*,0%#J
%).,"*"&2$D1%$&%$%)."#H"#C)$*%$'#%&%#G"#$&1$&%H1#,*"*2$%&/"7,+,*"*2$/#")&'"#%).,"$
?$&(+,*%F;$8&/"&$%)/,*"*%&$&%#C)$"1/4)(-"&$N;;;O;
:#/;$=PP;J$8Q$&%./(#$0,)").,%#($'('1+"#$?$&(+,*"#,($&%$.(-'()*#C$*%$.(('%#"/,G"&$
*%$"A(##($?$.#R*,/(2$%)/,*"*%&$"&(.,"/,G"&$($&(+,*"#,"&2$."B"&$?$7").(&$.(-1)"+%&2$
."B"&$*%$"A(##(;
:#/;$=PM;J$S%$#%.()(.%)$*,G%#&"&$0(#-"&$*%$(#H"),F".,4)$*%$+"$'#(*1..,4)$%)$+"$
%.()(-E"2$ %)/#%$ (/#"&$ +"&$ .(-1),/"#,"&2$ .(('%#"/,G"&2$ %-'#%&"#,"+%&$ '67+,."&$ ($
'#,G"*"&2$"&(.,"/,G"&2$0"-,+,"#%&2$*(-R&/,."&2$"1/4)(-"&$?$-,I/"&;
8&$,-'(#/")/%$.()(.%#$%+$/%I/($.()&/,/1.,()"+$?"$D1%$%&/%$%&$%+$D1%$+%$(/(#H"$+(&$
&%)/,*(&$"+$#%&/($*%$)(#-"&$D1%$)(&$#,H%)$.(/,*,")($?$D1%$%&/C)$%)."#H"*"&$*%$
A".%#$#%"+,*"*$+(&$'#,).,',(&$?$H"#")/E"&$.()&/,/1.,()"+%&;

70,.

!(*%-(&$ *%.,#$ D1%$ +"$ 3()&/,/1.,4)$ %&$ %+$ +,7#($ -CI,-($ '"#"$ +"&$ ?$ +(&$
.,1*"*")(&2$%+$.1"+$.()/,%)%$+"&$H"#")/E"&$*%$)1%&/#(&$*%#%.A(&2$%+$.(-($?$
D1,%)%&$*%7%#C)$A".%#$%&/(&$1)"$#%"+,*"*2$"&E$/"-7,R)$%&/"7+%.%$+E-,/%&$'"#"$
D1%$)1%&/#(&$*%#%.A(&$($%+$*%$+(&$(/#(&$T*%$-")%#"$,)*,G,*1"+$?$.(+%./,G"U$
)($&%$G%")$G,(+%)/"*(&;

P19

!"#$"%&#'%()*&%"#+,"#-.,&#/)0)1#2$'/-3#4#"%#!(*&*56%#$*7."%1#4#8*")3
+%1)%
!"#$%&'()%*$'%+,$%"$-,./%0(1.$2/"%/3*/4%)/%$"%25"%+,$%,)(%0$..(26$)#(%*$%&'()67
869(96:)%(%9/.#/%;%2$*6()/%&'(</%=>%(?/"@4%$"%$'%*/9,2$)#/%$)%$'%9,('%"$%*69$%(%
*:)*$%;%9/2/%*$1$%(A()<(.%$'%&(3"4%$"%*$96.%$"%,)(%",$.#$%*$%2(&(%+,$%$'%&(3"%
*$1$%"$-,6.%&(.(%('9()<(.%;(%)/%$'%*$"(../''/%"6)/%$'%B,$)%C6A6.%/%D,2(E%F(G"(;4%
$"%*$96.4%9.$9626$)#/%$9/):269/4%2$H/.$"%9/)*696/)$"%*$%A6*(%&$./%(.2/)3(%9/)%
'(%)(#,.('$<(%&,$"#/%+,$%"/2/"%&(.#$%*$%$''(I
!)%.$'(96:)%(%'(%!JD%$'%JKCB%LMNO7LMNP%)/"%&'()#$(Q%
R1H$#6A/% SQ% T/)"/'6*(.% $'% "6"#$2(% $9/):269/% "/96('% ;% "/'6*(.6/4% *$% 8/.2(%
"/"#$)61'$
J/'3#69(%SIUQ%J./8,)*6<(.%'("%.$'(96/)$"%*$'%!"#(*/%9/)%$'%"$9#/.%&/&,'(.%;%"/'6*(.7
6/
V6#$.('%(Q%W2&,'"(.%'(%8/.2(96:)%#X9)69(%;%$"&$96('6<(*(%*6.6-6*(%('%"$9#/.%&/&,'(.4%
$)% $'% 2(.9/% *$% ",% 6)9/.&/.(96:)% $)% '/"% &./9$"/"% *$% ","#6#,96:)% *$% 62&/.#(7
96/)$"%;%'(%#.()"8/.2(96:)%*$%'(%2(#.6<%&./*,9#6A(I
V6#$.('%1Q%Y$2/9.(#6<(.%*$%8/.2(%/.-()6<(*(%;%.$"&/)"(1'$%'/"%2$*6/"%*$%&./7
*,996:)%)/%A6)9,'(*/"%('%"$9#/.%86)()96$./4%1(H/%9/)"6*$.(96/)$"%*$%("/96(#6A6*(*4%
6)9',"6:)%;%.$"&/)"(16'6*(*%(216$)#('I
V6#$.('%9Z%J./8,)*6<(.%'("%86)()<("%.,.('$"%&(.(%$)*/-$)6<(.%'("%-()()96("%*$'%9(&67
#('%*$%'/"%(9#/.$"%*$%'(%$9/)/23(%&/&,'(.%;%-$)$.(.%'6+,6*$<%&(.(%'(%9/'/9(96:)%
*$%9.X*6#/%$)%$'%#$..6#/.6/I

P20

!"#$%&'%(%)#&%*+'%,-.&%/0%1&(%2345*-.0%,&%6.+*+780%9+:#/03%(%;+/-,03<
-0%(%,&/%'&.=+3%>-*0*.-&3+%:+:#/03%(%'+/-,03-+%?1269;<@
!"#"$%&#"'$()'*"+$&,)'*&-$.&/0/1230'$&-$40'$-"/#0'$5$&'*"$*)&-&$6"#"$7)-04)808$
12&$&-$40$#&8)80$&-$12&$&'*0'$(0-$%06)0$090."+$(0-$%06)&-8"$/&04)808$40$:0/0-*30$
8&$4"'$8&/&6%"'$5$;/)-6);)"'$8&$40$-"/#0$0-*&/)"/+$&-$&'*&$60'"$&4$8&$40$!"-'*)<
*26)=->$?-0$4&5$"/:@-)60$'&$;"-&$&-$2-$-)(&4$)-*&/#&8)"$&-*/&$40$!"-'*)*26)=-$5$
40$4&5$"/8)-0/)0+$-"$&'$'2;&/)"/$0$40$!"-'*)*26)=-$;&/"$')$0$40$4&5$/&:240/>$

A+=0
A0$ABCDE$$&'$0$-"/#0$#@,)#0$F8&';2G'$8&$40$!"-'*)*26)=-H$&-$4"$
12&$'&$/&7)&/&$0$CDE+$;"/$4"$*0-*"$&'$40$:230$6"-$40$6204$#"(&/'&$&-$5$
%06)0$40$&6"-"#30$'"4)80/)0>

D"/$&44"$40$ABCDE$'&$&-60/:0$8&$%06&/$2-0$8&7)-)6)=-$#@'$&';&637)60$8&$40$CDE$
#&-6)"-0-8"$12&$&'*0$&'I$
JK40$7"/#0$8&$"/:0-)L06)=-$&6"-=#)60+$8"-8&$'2'$M-*&:/0-*&'+$)-8)()8204$"$6"4&6*)(0<
#&-*&+$"/:0-)L0-$5$8&'0//"440-$;/"6&'"'$8&$;/"8266)=-+$)-*&/60#9)"+$6"#&/6)04)L06)=-+$
7)-0-6)0#)&-*"$5$6"-'2#"$8&$9)&-&'$5$'&/()6)"'$;0/0$'0*)'706&/$-&6&')808&'$5$:&-&/0/$
)-:/&'"'+$90'080'$&-$/&406)"-&'$8&$'"4)80/)808+$6"";&/06)=-$5$/&6);/"6)808+$;/)()4&:)0-8"$
04$*/090."$5$04$'&/$%2#0-"$6"#"$'2.&*"$5$7)-$8&$'2$06*)()808K;"/$'"9/&$40$0;/";)06)=-$
&4$426/"$5$40$062#2406)=-$8&$60;)*04N$FO/*>$P+$ABCDE$H

A0$ABCDE$*)&-&$6"#"$"9.&*)("'I$
5HFRQRFHUIRPHQWDU\IRUWDOHFHUOD(36<6LVWHPD)LQDQFLHUR3RSXODU\6ROL<
GDULR6)36
3RWHQFLDUODVSUiFWLFDVGHOD(36TXHVHGHVDUUROODQHQODVFRPXQDVFRPXQL<
808&'+$;2&94"'$$5$-06)"-04)808&'>
(VWDEOHFHUXQPDUFRMXUtGLFRFRP~QSDUDODVSHUVRQDVQDWXUDOHV\MXUtGLFDV
TXHLQWHJUDQOD(36\HO6)36
,QVWLWXLUHOUpJLPHQGHGHUHFKRVREOLJDFLRQHV\EHQHILFLRVGHODVSHUVRQDV\
"/:0-)L06)"-&'$'2.&*0'$0$40$4&5>
(VWDEOHFHUODLQVWLWXFLRQDOLGDGS~EOLFDTXHHMHUFHUiODUHFWRUtDUHJXODFLyQ
6"-*/"4+$7"#&-*"$5$06"#;0Q0#)&-*">

P21

!"#$%&'(%)'#'*+,-$%./,'-'"%"0-%&0"%"/1'#0"%)'%&$%!234

A$B.&(+"*+,'%,
(&)%B$.4(@&,
$%#$%+%&).)(<.,'%,/.,
!=>,C-&(*&%+,;,
1%'%$.4(*&%+E,

A$B.&(+"*+,'%,
(&)%B$.4(@&,%4*&@"(4.,
'%,/.,!=>,C$%'%+0,
4*&+*$4(*+0,B$-#*+0,,
./(.&D.+,%+)$.)?B(4.+0,
*)$.+E,

!"#$%&'("(%&)*+,
-&(#%$+*&./%+0,
1."(/(.$%+0,
)$.2.3.'*$%+,.,
'*"(4(/(*,

5.//%$%+,.$)%+.&./%+0,,
4*"%$4(.&)%+,
"(&*$(+).+0,,
"(4$*%"#$%+.$(*+0,
*)$*+,

6*"%'*$%+,#*#-/.$%+0,
)-$(+"*,4*"-&().$(*0,
4*"-&('.'%+,
4."#%+(&.+0,1*&'*+,
"*$)-*$(*+0,*)$*+,

>FG!5A>,
!=>,

6**#%$.)(<.+,'%,
.7*$$*,;,4$?'()*0,'%,
<(<(%&'.0,'%,
)$.&+#*$)%+0,'%,
#$*'-44(@&0,,'%,
+%$<(4(*+0,'%,)$.2.3*,
.+*4(.'*0,*)$.+,

:-&'.4(*&%+,;,
4*$#*$.4(*&%+,
<(&4-/.'.+,.,/.,!=>,

6.3.+,'%,.7*$$*0,
4.3.+,+*/('.$(.+0,
2.&4*+,4*"-&./%+,

8&+)()-4(*&./('.',
#92/(4.,

5$%56!23%)'#'*+,-$*%&$"%70*+$"%$"08,$#,9$"%./'%'-#*$-%'-%&$%!234
%
<36:><:>6J!3%
:0-%$8#,9,)$)'"%'80-B+,8$"%@*0)/8#,K
9$"%",+,&$*'"%0%80+@&'+'-#$*,$"A
6L1'#,90%)'%@*0)/8,*C%80+'*8,$&,M$*%(%80-"/+,*%
L,'-'"%(%"'*9,8,0"%&G8,#0"%(%"08,$&+'-#'%
-'8'"$*,0"C%$/#0%$L$"#'8'*"'%)'%+$#'*,$%
@*,+$C%,-"/+0"C%H'**$+,'-#$"C%#'8-0&0EG$C%
:662!;<=>?<3

'./,@0"%(%0#*0"%L,'-'"A

:6NOJ>=<;>6%
:0-1/-#0%)'%0*E$-,M$8,0-'"%%K%
?,-8/&$)$"%@0*%#'**,#0*,0C%7$+,&,$*'"C%
,)'-#,)$)'"%I#-,8$"C%8/&#/*$&'"C%
)'%EI-'*0C%/*L$-$"%0%*/*$&'"P%0C%)'%80+/-$"C%
80+/-,)$)'"C%@/'L&0"%(%-$8,0-$&,)$)'"A%
%
OJ>Q<Q!3%!:6JRN>:<3%

%308,')$)'"%)'%@'*"0-$"%A

262O5<;!3

%3$#,"7$8'*%-'8'",)$)'"%'80-B+,8$"C%

3'%)'),8$-%$%&$%'80-0+G$%)'&%8/,)$)0C%

"08,$&'"%(%8/&#/*$&'"%'-%80+D-A%

'+@*'-),+,'-#0"%/-,@'*"0-$&'"%C%7$+,&,$*'"C%

%!+@*'"$%)'%@*0@,')$)%80-1/-#$%(%)'%E'"#,B-%

)0+I"#,80"C%80+'*8,$-#'"%+,-0*,"#$"%(%#$&&'*'"%

)'+08*F#,8$A

$*#'"$-$&'"A

%2'*"0-$&,)$)%1/*G),8$%)'%)'*'8H0%

3'*F-%@*0+09,)$"%70+'-#$-)0%&$%

@*,9$)0%'%,-#'*I"%"08,$&A

$"08,$8,B-%(%&$%"0&,)$*,)$)A

P22

!"#!$%&'#(")*+,-#-./#"01"2"#34,#1"/#/5645,-(,/#7.2)"/#"/.05"(58"/#-.#,-(2"-#,-#1"#%&'9

$VRFLDFLRQHVJUHPLDOHV

$VRFLDFLRQHV3URIHVLRQDOHV

$VRFLDFLRQHV5HOLJLRVDV

$VRFLDFLRQHV&XOWXUDOHV

$VRFLDFLRQHV'HSRUWLYDV
!"#!$%&'#"1#564"1#34,#,1#2,/(.#:,#1,;,/#04,-("#0.-#4-#")<15.#"2(5041":.#,-#,1#
04"1#/,#,=<2,/"-#1./#<25-05<5./>#.*?,(58./>#/4#@)*5(.#:,#"005A->#,-(2,#)40B./#
.(2./# ,1,),-(./# 34,# /.-# 1./# 34,# 2,641"-# ;# B"2@-# :,# 1"# %&'# 4-"# <./5*515:":#
05,2("># "# 0.-(5-4"05A-# /,# ,=<.-,-# :,# )"-,2"# 62@750"# 1"# 0.)<./505A-# ;# :,#
!$%&'C#

'"*,)./#34,#4-#04":2.#-.#,/#/47505,-(,#<"2"#2,0.6,2#(.:.#,1#0.-(,-5:.#:,#1"#1,;#
<,2.#-./#"0,20"#"#,-(,-:,2#/4/#0.)<.-(,/>#,/(240(42"#;#"2(5041"05A-D#<.2#,11.#0.).#
"-,=./#E,-##8,2/5A-#:565("1F#0.)<"2(5)./#1"#!,;#0.)<1,("#<"2"#/4#0.-.05)5,-(.#;#
<2.74-:5G"05A->#"/+#0.).#<"2"#(")*5H-#0.-8,2(521"#,-#4-"#B,22")5,-("#34,#-./#<,2I
)5("#<2.74-:5G"2#;#,=5652#-4,/(2./#:,2,0B./#,-#(.2-.#"#1"#%&'C

P23

!"#$%$&'%(")*%+)+,+-,*),.'("(/0),1(2&*)3,4,5(*%+)3%),-",-*,.'&)+(3

!"#$%&'"()%*+$&*,-./*%&+"&,*%&/$'#*%&0."&')-"/&*,&1*2%&"/&34'#)/$%&+"&,*&5678&
1"'$&%)"#1'"&/$%&0."+*&,*&1'"-./3*8&9:&0.)4/&;*<"&'"*,)+*+&"%3$%&"/./<)*+$%=8&
1*'*&'"%1$/+"'&*&",,$&/$%&'">"')'"#$%&*&,*&)/%3)3.<)$/*,)+*+8&"%&+"<)'8&*,&<$/?./3$&
+"&)/%3)3.<)$/"%&+",&"%3*+$&0."&"@)%3"/&<$/&,*&>)/*,)+*+&+"&0."&&,*&567&%"*&./*&
'"*,)+*+&"/&",&3"'')3$')$&/*<)$/*,&:&,$<*,A
B/)<)*'"#$%&1$'&<$#1'"/+"'&0.)"/&3)"/"&,*&'"<3$'2*8&"%&+"<)'8&0."&)/%3)3.<)$/"%&
%$/&,*%&0."&"%3C/&*&,*&<*D"E*&+",&%)%3"#*&+"&567&"/&",&1*2%8&1*'*&",,$&",&%)-.)"/3"&
-'*>)<$&/$%&*:.+*'C&*&<$#1'"/+"',*&#"?$'F

7"-.)+$&+"&)+"/3)>)<*'&,*%&)/%3)3.<)$/"%&0."&+)')-"/&,*&567&"/&",&1*2%8&<$/$<"'"#$%&
*&<$/3)/.*<)G/8&0.)"/&,*&'"-.,*8&<$/3'$,*&:&+"D"&>$#"/3*'A&

P24

!"#$%&'(&"(%&")*%+%,-.(/-0(%)0*%*$,%')"0(1$"(&%.%#")(/-(23!(")("/(4-506(,')',"."7'0(
-(,')*%)$-,%8)6(1$%")(/-(."#$/-6(,')*.'/-(9(&":"(+'7")*-.;(

!"#$%&'(&
)*+,-./012
3456&%7&'(&859:(&;%&$%<5'(=>?9&;%&'(&*@!A
<-(=$)*-(&"(>"#$/-,%8)(0"(."$)%.?(,$-)&'(0"-(,')@',-&-(4'.(0$(3."0%&")*"6(4'.(0$(
4.'4%-(%)%,%-*%@-('(-(4"*%,%8)(&"(0$0(7%"7:.'0;(!$0(&",%0%')"0(0"(*'7-.?)(4'.(7-9A
'.5-6(*")%")&'("/(3."0%&")*"(@'*'(&%.%7")*";(BC.*;(DED6(>"#/-7")*'(<F23!G
<-(=$)*-(&"(>"#$/-,%8)6(&%,*-.?(."#$/-,%')"0(0':."(/'(0%#$%")*"H
D;(<-(%)0*.$7")*-,%8)(&"(/-0(4'/5*%,-0(&%,*-&-0(4'.("/(I'7%*J(K)*".%)0*%*$,%')-/6(")(/'(
UHODFLRQDGRFRQHO6HFWRU)LQDQFLHUR3RSXODU\6ROLGDULR
L;(<'0(-0$)*'0(&%04$"0*'0("M4."0-7")*"(")(/-(/"9(9("0*"(."#/-7")*'N
O;(<'0(4.',"&%7%")*'0(4-.-(/-(,')0*%*$,%8)6('.#-)%P-,%8)6(+$),%')-7%")*'(9(,')*.'/(
GHODVHQWLGDGHVGHO6HFWRU)LQDQFLHUR3RSXODU\6ROLGDULRHQORQRSUHYLVWRHQODOH\
9("0*"(."#/-7")*'N
Q;(<-0()'.7-0(&"(0'/@"),%-(9(4.$&"),%-(+%)-),%".-(&"(,')+'.7%&-&(,')(/'(&%04$"0*'(
")("/(-.*5,$/'(RE(&"(/-(/"9N
E;(<'0(."1$%0%*'0(9("/(4.',"&%7%")*'(4-.-(/-(,-/%+%,-,%8)(&"(/'0(@',-/"0(&"(/'0(,')0"S'0(
9(#".")*"0N(96
T;(<-0(-,*%@%&-&"0(,'74/"7")*-.%-0(1$"(4'&.?)("+",*$-.(/-0(,''4".-*%@-0;
BC.*;(DED6(>"#/-7")*'(<F23!G

P25

!"#$%&%'
()*+,)./01&%2&'3&!04%$567%68%6953&8%&:;!<
!"#$%&#'%()*&*#(+,%),&#*'#"$-'./)")0%#1#,2%(.23#*'#3&"#2.4&%)5&,)2%'"#*'#3&#',2%267&#
-2-$3&.# 1# "23)*&.)&8# ,2%# -'."2%&3)*&*# 9$.7*),&# *'# *'.',:2# -;<3),2# 1# &$(2%267&#
&*6)%)"(.&()/&#1#=)%&%,)'.&8#,2%#9$.)"*),,)0%#,2&,()/&8#>$'#<$",&#'3#*'"&..23328#'"(&<)3)?
*&*8#"23)*'5#1#,2..',(2#=$%,)2%&6)'%(2#*'3#"',(2.#',2%06),2#-2-$3&.#1#"23)*&.)2@
A)'%'#,262#6)")0%B
C&#"$-'./)")0%#1#,2%(.23#*'#3&#!DE#>$'#<$",&#'3#*'"&..23328#'"(&<)3)*&*8#"23)*'5#1#,2.?
.',(2#=$%,)2%&6)'%(2#*'3#"',(2.#',2%06),2#-2-$3&.#1#"23)*&.)28#,2%#-.2,'"2"#(+,%)?
,2"8#(.&%"-&.'%('"#1#,2%=)&<3'"8#-&.&#,2%(.)<$).#&3#<)'%'"(&.#*'#"$"#)%('4.&%('"#1#*'#3&#
,26$%)*&*#'%#4'%'.&3@
C&#E$-'.)%('%*'%,)&#('%*.F#3&#=&,$3(&*#*'#'G-'*).#%2.6&"#*'#,&.F,('.#4'%'.&3#'%#3&"#
6&('.)&"#-.2-)&"#*'#"$#,26-'('%,)&8#")%#>$'#-$'*&%#&3('.&.#2#)%%2/&.#3&"#*)"-2")?
,)2%'"#3'4&3'"@#HI.(@#JKL#CM!DEN
I(.)<$,)2%'"@?#C&#E$-'.)%('%*'%,)&#('%*.F#3&"#")4$)'%('"#&(.)<$,)2%'"B
&N#!9'.,'.#'3#,2%(.23#*'#3&"#&,()/)*&*'"#',2%06),&"#*'#3&"#-'."2%&"#1#2.4&%)5&,)2%'"#
"$9'(&"#&#'"(&#C'1O#<N#P'3&.#-2.#3&#'"(&<)3)*&*8#"23)*'5#1#,2..',(2#=$%,)2%&6)'%(2#*'#
3&"#)%"()($,)2%'"#"$9'(&"#&#"$#,2%(.23O
,N#M(2.4&.#-'."2%&3)*&*#9$.7*),&#&#3&"#2.4&%)5&,)2%'"#"$9'(&"#&#'"(&#C'1#1#*)"-2%'.#"$#
.'4)"(.2O
G)LMDUWDULIDULRVGHVHUYLFLRVTXHRWRUJDQODVHQWLGDGHVGHOVHFWRUILQDQFLHURSRSX?
3&.#1#"23)*&.)2O#
H$XWRUL]DUODVDFWLYLGDGHVILQDQFLHUDVGHODVRUJDQL]DFLRQHVGHO6HFWRU)LQDQFLHUR
D2-$3&.#1#E23)*&.)2O
=N#C'/&%(&.#'"(&*7"(),&"#*'#3&"#&,()/)*&*'"#>$'#.'&3)5&%#3&"#2.4&%)5&,)2%'"#"$9'(&"#&#
'"(&#C'1O
4N#Q6-2%'.#"&%,)2%'"O#18
:N#C&"#*'6F"#-.'/)"(&"#'%#3&#C'1#1#"$#R'43&6'%(2@#HI.(@#JKS8#CM!DEN

T262#,2%(&,(&.#&#3&#E!DEB
D$'*'%#,2%2,'.#6F"#*'#'"(&#)%"()($,)0%#1#,2%(&,(&."'#,2%#'332"#6'*)&%('B
U!VB#:((-BWWXXX@"'-"@42<@',
!%#"$"#2=),)%&"B#D2.($4&3#!JY?KS#1#R'-;<3),&#*'#!3#E&3/&*2.8#Z$)(2#?#!,$&*2.#
A'3+=2%2B#HY[N?\]K#^^#KY

P26

!"#$%&%'
()*+,-).
/012&%3&'4&5),6(78!9
(VOD&RUSRUDFLyQ1DFLRQDOGH)LQDQ]DV3RSXODUHV\6ROLGDULDV&21$),36ODFXDO
!"!#!$%&"%&'%()*%+,,-.%
/D&21$),36SRGUiUHDOL]DUODVVLJXLHQWHVRSHUDFLRQHV
/.%0&1(22*''(2%3%*4&2(2%5&#("!15*1%6&%7*"6&*8%1&29!#!*1%7!"("#!&2*1%3%:2("1(##!*"(;
'&1<
+.%=:*2>(2%1&29!#!*1%7!"("#!&2*1%3%#2&6!:!#!*1%6&%1&>?"6*%4!1*<
@.%A*":2(:(2%42B1:(5*1%!":&2"*1%3%&C:&2"*18%#*"%'(%(?:*2!D(#!$"%42&9!(%6&%1?%0!2&#;
:*2!*<
E.%F5!:!2%*G'!>(#!*"&18%G*"*1%3%:H:?'*1%42*4!*1%6&%'(%A*24*2(#!$"8%I...J
K.%L"9&2:!2%1?1%2&#?21*18%6&%#*"7*25!6(6%#*"%'(1%4*'H:!#(1%6!#:(6(1%4*2%&'%6!2&#:*2!*8%
G(M*%#2!:&2!*1%6&%1&>?2!6(68%'!N?!6&D%3%1*1:&"!G!'!6(6<
O.% A("('!D(2% 3% (65!"!1:2(2% 2&#?21*1% 42*9&"!&":&1% 6&% &":!6(6&1% 4PG'!#(1% *% 42!9(6(1%
"(#!*"('&1% *% &C:2("M&2(18% (4'!#("6*% 5&#("!15*1% 6&% >&1:!$"% 7!"("#!&2(8% :('&1% #*5*8%
#*"1:!:?#!$"%6&%7!6&!#*5!1*18%&"#(2>*1%7!6?#!(2!*1%3%#*"9&"!*1%6&%(65!"!1:2(#!$"%6&%
IRQGRVHQEHQHILFLRGHODVRUJDQL]DFLRQHVGHO6HFWRU)LQDQFLHUR3RSXODU\6ROLGDULR
42&9!(%'(%1?1#2!4#!$"%6&%'*1%#*"9&"!*1%6&%>&1:!$"%2&14&#:!9*18%6&":2*%6&'%5(2#*%6&%
1?1%#*54&:&"#!(1<
-.%L"9&2:!2%&"%&542&"6!5!&":*1%42*6?#:!9*1%6&%!"!#!(:!9(1%6&%'(1%4&21*"(1%3%*2>("!;
D(#!*"&1%(54(2(6(1%4*2%'(%'&3<
6XEDVWDUODFDUWHUDRULJLQDGDHQRSHUDFLRQHVFRQLQVWLWXFLRQHVGHO6LVWHPD)LQDQ;
#!&2*%Q*4?'(2%3%R*'!6(2!*<%38S.%=:*2>(2%>(2(":H(1%#2&6!:!#!(1%(%7(9*2%6&%&542&"6&6*2&1%
6&'%R&#:*2%6&%'(%F#*"*5H(%Q*4?'(2%3%R*'!6(2!(8%#*"%#(2>*%('%7*"6*%N?&%#2&(2T%4(2(%&'%
&7&#:*.
Q(2(% '(% 2&('!D(#!$"% 6&% '(1% *4&2(#!*"&1% 42&9!1:(1% &"% &'% 42&1&":&% (2:H#?'*8% '(% A*24*;
2(#!$"%6&G&2T%#*":(2%#*"%'(%(?:*2!D(#!$"%42&9!(%6&%'(%R?4&2!":&"6&"#!(%3%*G1&29(2%
ODVGLVSRVLFLRQHVGHO&yGLJR2UJiQLFRGH3ODQLILFDFLyQ\)LQDQ]DV3~EOLFDVODVUHJXOD;
#!*"&1%6!#:(6(1%4*2%'(%U?":(%6&%V&>?'(#!$"%3%'(1%"*25(1%6&%1?%&1:(:?:*%1*#!('.%IW2:.%
/OE8%V&>'(5&":*%6&%'(%X=FQRJ

&RPRFRQWDFWDUDO&21$),36
Q?&6&"%#*"*#&2%5T1%6&%&1:(%!"1:!:?#!$"%3%#*":(#:(21&%#*"%&''*1%5&6!(":&Y
ZF[Y%\\\.7!"("D(14*4?'(2&1.>*G.&#
F"%1?1%*7!#!"(1%&"Y%U?("%X&$"%]&2(%^++;K-%3%_&!":!5!''(8%`?!:*;F#?(6*2.%
a&'B7*"*Y%KS@;+%+KO%KK@E

P27

!"#$%&%'
()*+,-).
/012&%3&%'&4+5!6
!"#$%&'(')'*#+,-(*%,"#./#!-*%*01,#2*3)",4#5#6*"(.,4(,#7#$!268#/&#)%,#/%'(.,.#./#./4/9
-:*#3;<"(-*8#,.&-4(',#,"#=(%(&'/4(*#./#$%-")&(>%#!-*%>0(-,#5#6*-(,"8#-*%#3,'4(0*%(*#
34*3(*8# /# (%./3/%./%-(,# '?-%(-,8# ,.0(%(&'4,'(@,# 5# A(%,%-(/4,8# ",# -),"# &/# /%-,4B,# ./#
<4(%.,4#,3*5*#,#"*&#-().,.,%*&#C)/#./&/,%#/034/%./4#34*-/&*&#./#./&,44*""*#34*9
.)-'(@*8#<,D*#",#E/5#./#!-*%*01,#2*3)",4#5#6*"(.,4(,F#!&',#E/5#<,&,#&)&#"(%/,0(/%'*&8#
/%#/"#0*./"*#/-*%>0(-*#2*3)",4#5#6*"(.,4(*8#C)/#-*%&(&'/#/%#)%,#A*40,#./#*4B,%(9
G,-(>%# /-*%>0(-,8# C)/# 34*0)/@/# ",# ,&*-(,'(@(.,.8# .,# 34(*4(.,.# ,# ",# 3/4&*%,# 3*4#
/%-(0,#./"#-,3(',"8#5#,./0H&#A*0/%',#",#(B),".,.#5#",#/A(-(/%-(,#/%#<,&/#,#",#&)3/4,-(>%#
B4)3,"#5#-*0)%(',4(,F

E,&#A)%-(*%/&#./"#$!26#&/B;%#/"#4/B",0/%'*#./#",#E/5#./#!26#&*%#",&#&(B)(/%'/&I
JF#

K4(%.,4#,3*5*#,"#L*0('?#$%'/4(%&'(')-(*%,"M

NF#

!D/-)',4#",&#3*"1'(-,&#3;<"(-,&#.(-',.,&#3*4#/"#L*0('?#$%'/4(%&'(')-(*%,"M

OF#

!",<*4,4#5#/D/-)',4#3",%/&8#34*B4,0,&#5#34*5/-'*&#3,4,#/"#A*4',"/-(0(/%'*#*4B,%(9

G,'(@*#5#A)%-(*%,"#./#",&#/%'(.,./&#C)/#A*40,%#3,4'/#./#",#!-*%*01,#2*3)",4#5#6*"(.,4(,M
PF#

!D/-)',4#",&#0/.(.,&#./#A*0/%'*8#34*0*-(>%#/#(%-/%'(@*&#C)/#-*44/&3*%.,%#/%#

A,@*4#./#",&#3/4&*%,&#5#*4B,%(G,-(*%/&#&)D/',&#,#",#"/58#5#@/4(A(-,4#&)#-)03"(0(/%'*M
QF#

24*0*@/4#5#A*0/%',4#"*&#-(4-)('*&#./#",#!-*%*01,#2*3)",4#5#6*"(.,4(,M

RF#

S/%/4,4#5#./&,44*"",4#/&').(*&#/#(%@/&'(B,-(*%/&#&*<4/#",#!-*%*01,#2*3)",4#5#

6*"(.,4(,M
TF#

24*0*@/4#5#A*40,4#-,3,-(',.*4/&#3,4,#",&#*4B,%(G,-(*%/&#./#",#!-*%*01,#2*3)",4#

5#6*"(.,4(,M
UF#

L**4.(%,4#",#/D/-)-(>%#./#&)&#A)%-(*%/&8#-*%#",&#.(A/4/%'/&#(%&'(')-(*%/&#./"#

!&',.*8#*4B,%(G,-(*%/&#./#",#&*-(/.,.#-(@("#5#./#",#-*0)%(.,.#/%#B/%/4,"M
VF#

24*3*%/4#,"#L*0('?#$%'/4(%&'(')-(*%,"#3*"1'(-,&#3;<"(-,&8#3,4,#/"#./&,44*""*#./#",#

/-*%*01,#3*3)",4#5#&*"(.,4(,8#"*&#&/-'*4/&8#*4B,%(G,-(*%/&#5#3/4&*%,&#C)/#"*#-*%A*40,%M
JWF#

!&'(0)",4#5#-**4.(%,4#",#-**3/4,-(>%#/%'4/#",&#(%&'(')-(*%/&#./"#!&',.*8#B*<(/4%*&#

,)'>%*0*&#./&-/%'4,"(G,.*&8#*4B,%(G,-(*%/&#./#",#&*-(/.,.#-(@("#5#./#",#-*0)%(.,.#/%#
B/%/4,"8#/%#,--(*%/&#5#34*B4,0,&#.(4(B(.*&#,"#./&,44*""*#5#A*0/%'*#./#",#/-*%*01,#
3*3)",4#5#&*"(.,4(,M
JJF#

X(&/Y,4#/#(03"/0/%',4#/&'4,'/B(,&#./#(%&/4-(>%#5#3,4'(-(3,-(>%#./#",&#3/4&*%,&#5#

*4B,%(G,-(*%/&#./#",#/-*%*01,#3*3)",4#5#&*"(.,4(,#/%#"*&#0/4-,.*&#3;<"(-*#5#34(@,.*8#
34*3(-(,%.*#4/",-(*%/&#.(4/-',&#/%'4/#34*.)-'*4/&#5#-*%&)0(.*4/&M
JNF#

P28

E,&#./0H&#/&',<"/-(.,&#/%#",#"/5#5#/"#4/B",0/%'*F

!"# $!%&# '()*+# "+# ,-*"(),.-# /0# 12/2)# "2)# *,(/+/+-2)# 3# *,(/+/+-+)4# 0-# "2)# 56',12)7#
(FRQyPLFRPHGLDQWHODJHQHUDFLyQGHHPSOHRV)LQDQFLHURJXLDQGRHQHODFFHVRD
*89/,12)# +)2*,+1,:2);# &2*,+"4# 60/,+-10# *+<+*,1+*,2-0);# =("1(8+"4# <80)08:+-/2# "2)#
)+'080)# +-*0)18+"0);# 3# %2">1,*24# ?260-1+-/2# "+# 126+# /0# /0*,),2-0)# /0# 6+-08+#
/062*851,*+@
%(1(),&,26
!-180#"2)#<8,-*,<+"0)#'0-0?,*,2)#A(0#2?80*0#0"#$!%&4#+#"2)#+*1280)#/0#"+#!%&4#)0#0-*(0-B
18+-7
C8,-/+8#*+<+*,1+*,.-#+)2*,+1,:+4#+/6,-,)18+1,:+#3#19*-,*+#<+8+#/,8,D,8#(-#<8230*12#2#
06<80-/,6,0-12#0*2-.6,*2;

5HDOL]DUVHJXLPLHQWRV\HYDOXDFLRQHVDORVSURGXFWRVRVHUYLFLRV

2IUHFHU DVHVRUtD OHJDO \ FRRUGLQDU DSR\R FRQ RWUDV LQVWLWXFLRQHV S~EOLFDV
*2627#EFGF%4#&!=F%4#E$!&4#0-180#218+);

2ULHQWDUHQHODFFHVRDFUpGLWRV\SUpVWDPRVHQODEDQFDS~EOLFD

$\XGDUDSRVLFLRQDUORVSURGXFWRV\VHUYLFLRVHQPHUFDGRVQDFLRQDOHVHLQWHUB
-+*,2-+"0)4#<8262:,0-/2#0"#,-108*+6',2#0-180#2182)#6,06'82)#3#+)2*,+*,2-0)#/0#"+#
!%&@
H0#+*(08/2#+#"+#6,),.-#3#:,),.-#/0"#$-)1,1(12#I+*,2-+"#/0#!*2-26>+#%2<("+8#3#&2",B
/+8,+#)0#/0?,-0-#"2)#),D(,0-10)#2'J01,:2)7
+K##=80+8#*+<+*,/+/0)#<+8+#A(0#"2)#+*1280)#/0#"+#!*2-26>+#%2<("+8#3#&2",/+8,+#)0#
*2-)2",/0-#*262#)(J012)#0*2-.6,*2)B)2*,+"0)B<2">1,*2)#A(0#<+81,*,<+-#0-#0"#-(0:2#
89D,60-#/0"#'(0-#:,:,8@
'K##=80+8#"+)#*2-/,*,2-0)#<+8+#0"#/0)+882""2#/0#"2)#+*1280)#/0#"+#!*2-26>+#%2<("+8#3#
&2",/+8,+# +# 18+:9)# /0# )(# +**0)2# +# "2)# ?+*1280)# <82/(*1,:2)# 3# /0# "+# *228/,-+*,.-# 3#
+81,*("+*,.-# /0# <2">1,*+)4# -286+)# 3# +**,2-0)# A(0# # ,6<(")+-# 3L2# 0J0*(1+-# "+)# $-)1,B
1(*,2-0)#/0"#!)1+/24#"2)#D2',08-2)#+(1.-262)#/0)*0-18+",M+/2)4#"+)#28D+-,M+*,2-0)#
)2*,+"0)4#"+)#(-,:08),/+/0)#3#"+#*26(-,/+/#0-#D0-08+"@
*K#G0-08+8#2<281(-,/+/0)#3#0)<+*,2)#<+8+#0"#?281+"0*,6,0-12#3#/,-+6,M+*,.-#/0#"2)#
<82*0)2)#/0#<82/(**,.-4#/,)18,'(*,.-4#*,8*("+*,.-4#?,-+-*,+6,0-124#*2608*,+",M+*,.-#3#
*2-)(62#/0#',0-0)#3#)08:,*,2)#/0#"2)#+*1280)#/0#"+#0*2-26>+#<2<("+8#3#)2",/+8,+@

P29

!"#$!%&#'()*+,#'-*##".*),/#0)#,''12*#3()#4(/',*#5-6)*+,7#",#!%&#)*#+-0-#)"#+)771+-71-#
*,'1-*,"#8#)/+,/#/-*9
!"#$%&'()*+*
!"#,%-.&'$'.),"
/.*0&,"#.1
(O)RUWDOHFLPLHQWRGHORVDFWRUHVGHOD(FRQRPtD3RSXODU\6ROLGDULDHVXQ
:7-')/-#3()#16:("/,#",#:,7+1'1:,'12*;#)0(','12*;#5-76,'12*#8#-7<,*1=,'12*#
0)#"-/#015)7)*+)/#,'+-7)/;#'-*#)*5-3()#0)#)3(10,0;#0)7)'>-/;#+7,*/:,7)*'1,#
8#)51'1)*'1,#)*#)"#6,*)?-#0)#"-/#7)'(7/-/#)'-*261'-/;#/-'1,")/;#'("+(7,")/#8#
,641)*+,")/@

2'#.&&'()*/.*
!"$.),"*3#"/4&,'5"
!"#$!%&#,'-6:,A,#,#"-/#1*+)<7,*+)/#0)#",#)'-*-6.,#:-:(",7#8#/-"10,71,#)*#
+-0-/#"-/#:7-')/-/#:7-0('+1B-/@
C)*)7,# ",/# '-*01'1-*)/# :,7,# 5-6)*+,7# ",# )'-*-6.,# :-:(",7# 8# /-"10,71,# ,#
+7,BD/# 0)# :7-<7,6,/# 8# :7-8)'+-/# 3()# :)761+,*# ,# ",/# :)7/-*,/# 8# -7<,*1E
=,'1-*)/# 0)# )/+)# /)'+-7# -4+)*)7# 7)'(7/-/# :7-0('+1B-/# 3()# )*",')*# "-/#
)6:7)*0161)*+-/#,#"-/#'17'(1+-/#)'-*261'-/@
!/+,# 017)''12*# ,:-8,# )# 16:("/,# "-/# :7-8)'+-/# :7-0('+1B-/# '-*# ,/1/+)*'1,#
+D'*1',#8#51*,*'1)7,#)*#+-0,/#",/#)+,:,/@

!"#$%&'()*+*
!"#,%-.&'$'.),"
/.*0&,"#.1
(O)RUWDOHFLPLHQWRGHORVDFWRUHVGHOD(FRQRPtD3RSXODU\6ROLGDULDHVXQ
:7-')/-#3()#16:("/,#",#:,7+1'1:,'12*;#)0(','12*;#5-76,'12*#8#-7<,*1=,'12*#
0)#"-/#015)7)*+)/#,'+-7)/;#'-*#)*5-3()#0)#)3(10,0;#0)7)'>-/;#+7,*/:,7)*'1,#
8#)51'1)*'1,#)*#)"#6,*)?-#0)#"-/#7)'(7/-/#)'-*261'-/;#/-'1,")/;#'("+(7,")/#8#
,641)*+,")/@

P30

!"#$%"&'(
)#'*%$&"+'(

,&$14'1$%5)%05'"$:(7$(4"%5(%5"&14$7$")?(&5S(%5"&14$T01$;)"20%1&J$')(&4A")F
#(&$7$%"#1)%5(*5S(&$;)1&2(4$21$C14'5)$7$%(*S(2"U$A(@)5%(&$#01@*14U$')(@(V(&$
*($#(21)(U$*($#1'(*#1%3&5%(U$7$1*(@")(&$V0?01'14>
901&$41)C5%5"/
,4'1$%5)%05'"$(?)0;($($*(4$")?(&5S(%5"&14$T01$41$"%0;(&$21*$3)1($21$*($*5#;F
51S(J$(*5#1&'(%56&$N%('1)5&?PJ$#1&4(V1)W($7$#(&'1&5#51&'"$N;*"#1)W(J$(*@(X5*F
1)W(J$1*1%')5%54'($7$"')"4P>$,*$+&4'5'0'"$Y(%5"&(*$21$,%"&"#W($-";0*()$7$."*5F
2()5($%(;(%5'($7$A")'(*1%1$($*"4$5&'1?)(&'14$21$14'1$%5)%05'"$;()($T01$C1&2(&$
404$41)C5%5"4$($*(4$1&'52(214$;Z@*5%(4$7$;)5C(2(4>
901&$L0)54#"/
,*$-[!!$:($A5&(&%5(2"$;)"71%'"4$21$'0)54#"$%"#0&5'()5"$1&$*($B#(S"&W(J$
(4W$%"#"$;)"71%'"4$21$)1C5'(*5S(%56&$%0*'0)(*$#125(&'1$*($#Z45%($7$*($*1&?0(>
901&$B*5#1&'"/
\(&$ 452"$ A5&(&%5(2"4$ 1#;)1&25#51&'"4$ )0)(*14$ T01$ ;1)#5'1&$ #1V")()$ *(4$
%(;(%52(214$")?(&5S('5C(4$7$;)"20%'5C(4$21$*"4$(%'")14$21$*($,-.$1&$*"4$45?05F
1&'14$;)"20%'"4/$())"SJ$%(AMJ$%(%("J$;*3'(&"J$%(X($21$(SZ%()J$;(;($%:5&(J$;54%5F
%0*'0)(J$ ?)(&V(4$ 5&'1?)(*14J$ %0714J$ *3%'1"4$ NT014"J$ *1%:1PJ$ "C5&"4J$ ?(&(2"$ 21$
%()&1>
-)"?)(#($."%5"$]0*%(&5S(2")(/
-)"?)(#($1&A"%(2"$($%)1()$#1V")14$%"&25%5"&14$;()($1*$41%'")$21$*"4$C0*%(F
&5S(2")14$($&5C1*$&(%5"&(*>
!1&')"4$+&A(&'5*14$21*$901&$]5C5)/
,4$ 0&$ %5)%05'"$ 1%"&6#5%"$ 4"*52()5"$ 1&$ 2"&21$ 41$ 5&'1?)(&$ '"2"4$ *"4$ ;)"F
%14"4J$)1*(%5"&14$7$:(@5*5'(&'14$1&$*($;)"20%%56&J$(?)1?(%56&$21$C(*")$254')5F
@0%56&F%"#1)%5(*5S(%56&$7$%"&40#"$21$(*5#1&'"4>
)HULDV&LXGDGDQDV
/D)HULD&LXGDGDQD\6ROLGDULDEXVFDJHQHUDUHVSDFLRVGRQGHORVSURGXFWRV
21$*($%(&(4'($@345%($**1?01&$25)1%'(#1&'1$21421$1*$;)"20%'")$(*$%"&40#52")>

!"#"$%"&'(%'()$(*$+,-./
-0121&$%"&"%1)$#34$21$14'($5&4'5'0%56&$7$%"&'(%'()41$%"&$1**"4$#125(&'1/
8,9/$:'';/<<===>1%"&"#5(4"*52()5(>?"@>1%<
,&$404$"A5%5&(4$1&/$BC>$D)1**(&($D,$EFGH$7$I$21$D%'0@)1J$K05'"$F$,%0(2")$
L1*MA"&"/$NOIEP$NHP$EQHQR

P31

!"#$%$"%&"
'&()#&*+

!"# "$%&"'# ()*+%,%&$,-*# ./# '"# 0/123',$"# ./'# 4$&".)56# 15)1)*/# &*# *&/7)# 8)./')#
+)$,"'#9#/$)*-8,$)6#/'#$&"'#./3/#3&+$"5#+/5#:&+%)#9#+)',."5,);#4*#/+%/#$)*%/<%)#+/#
="*#5/"',>".)#'/9/+6#$-.,?)+6#9#5/?'"8/*%)+#@&/#,*%/*%"*#="$/5#./#'"#4AB#&*"#5/"',C
.".D#.,$="#*)58"%,7"#"#+&#7/>#8)%,7"#'"#$5/"$,-*#./#,*+%,%&$,)*/+#@&/#3":/*#"#'"#
5/"',.".#')#@&/#/+%E#/*#/'#1"1/'6#"+F#%/*/8)+#,*+%,%&$,)*/+#@&/#+)*#5/$%)5"+#./#'"#
4AB#/*#/'#1"F+6#)%5"+#@&/#/+%E*#/*$"5?"."+#./#$)*%5)'"5#'"#4AB6#9#)%5"+#@&/#./3/*#
G)8/*%"5#'"#4AB#/*#%).)#/'#%/55,%)5,)#*"$,)*"';#H/#')#2'%,8)#=/8)+#./#"15)1,"5*)+#
$)*#8"9)5#G&/5>"#1"5"#%5"3":"5#./#8"*/5"#$)*:&*%"#$)*#,*+%,%&$,)*/+#%"'/+#$)8)#
/'# I4AB# 9"# @&/# $)*# /'')+# 1).5/8)+# G)5%"'/$/5# *&/+%5"+# $"1"$,."./+# "+)$,"%,7"+6#
15).&$%,7"+#9#%J$*,$"+#9#$)*#/'')#8/:)5"5#*&/+%5"+#1)+,3,',."./+#./#,*$,./*$,"#/*#
')+#8/5$".)+#9#/$)*)8F"+#')$"'/+;

P32

!"#$%&'()*+("(
(%',#-(.%("&,)

!"#$%&'$(#)*+&,'#*-)$.'/0.')$)'$)&)*'#*0$.0$"12$'#$'.$"3&04-+56$7'#8
3(-#'$0.$,'#-)$9$'$(#4(%&'$3&:.$4'$'..-)$')$'.$,:)$(,;-+*0#*'$)'/<#$
&)*'46

!=&:.')$ )-#$ .0)$ (#)*(*&3(-#')$ '#30+/040)$ 4'$ ,-*(>0+$ .0$ "12$ '#$ '.$
"3&04-+5

!=&:.$4'$.0)$(#)*(*&3(-#')$0++(?0$,'#3(-#040)$;-+$&)*'4@$3+''$*('#'$
,0A-+$ (,;-+*0#3(0$ ;0+0$ %&'$ .0$ "12$ )'$ B0/0$ +'0.(404$ '#$ '.$ 30#*C#5$
!1-+$%&D5

!=&:.$3+''$&)*'4$4'?'$)'+$'.$+-.$4'.$7&#(3(;(-$A$4'.$E-?('+#-$1+-8
>(#3(0.$;0+0$%&'$.0$"12$)'$F-+*0.'G30$'#$'.$30#*C#5

!H&D$;&'4'#$B03'+$.0)$-+/0#(G03(-#')$?0++(0.')@$0)-3(03(-#')@$/+&;-)$
-+/0#(G04-)$4'.$30#*C#$3-#$.0)$B'++0,('#*0)$.'/0.')$4'$.0$"125

P33

!"#$%

P34