$*8$327$%/((VSHFLILFDFLRQHV
&2*8$1251*25HYLVLyQ

(VWDQRUPDFRQVWLWX\HODSULPHUDUHYLVLyQDODQRUPD&2*8$1251*2$*8$327$%/((VSHFLILFDFLRQHVSXEOLFDGD
HQHO'LDULRRILFLDOGHOGHRFWXEUHGHDODFXDOVXVWLWX\H


2%-(72

(VWDQRUPDWLHQHSRUREMHWRILMDUORVYDORUHVGHODVFDUDFWHUtVWLFDVTXHGHILQHQODFDOLGDGGHODJXDSRWDEOH


1250$6&2*8$125$&2168/7$5

&2*8$1251*2
&2*8$1251*2K
&2*8$1251*2K
&2*8$1251*2K
&2*8$1251*2K
&2*8$1251*2K
&2*8$1251*2K
&2*8$1251*2K
&2*8$1251*2K
6LVWHPDLQWHUQDFLRQDOGHXQLGDGHV6,
$JXDV(QVD\RVItVLFRV'HWHUPLQDFLyQGHOFRORU
PpWRGRGHUHIHUHQFLD
$JXDV(QVD\RVItVLFRV'HWHUPLQDFLyQGHOD
WXUELHGDG
$JXDV'HWHUPLQDFLyQGHPHWDOHV'XUH]D
$JXDV'HWHUPLQDFLyQGHPHWDOHV+LHUUR
$JXDV'HWHUPLQDFLyQGHFRQVWLWX\HQWHV
LQRUJiQLFRVQRPHWiOLFRV$OFDOLQLGDG
$JXDV'HWHUPLQDFLyQGHFRQVWLWX\HQWHV
LQRUJiQLFRVQRPHWiOLFRV&ORUXUR
$JXDV'HWHUPLQDFLyQGHFRQVWLWX\HQWHV
LQRUJiQLFRVQRPHWiOLFRV)OXRUXUR
$JXDV'HWHUPLQDFLyQGHFRQVWLWX\HQWHV
LQRUJiQLFRVQRPHWiOLFRV1LWUyJHQRQLWUDWR
&2*8$1251*2K $JXDV'HWHUPLQDFLyQGHFRQVWLWX\HQWHV
&2*8$1251*2K
&2*8$1251*2K
LQRUJiQLFRVQRPHWiOLFRV1LWUyJHQRQLWULWR
$JXDV'HWHUPLQDFLyQGHFRQVWLWX\HQWHV
RUJiQLFRVQRPHWiOLFRV2[tJHQRGLVXHOWR0pWRGR
GHUHIHUHQFLD
$JXDV'HWHUPLQDFLyQGHFRQVWLWX\HQWHV
LQRUJiQLFRVQRPHWiOLFRV3RWHQFLDOKLGUyJHQRS+


'(),1,&,21(6

 $JXD SRWDEOH (V DTXHOOD TXH SRU VXV FDUDFWHUtVWLFDV GH FDOLGDG HVSHFLILFDGDV HQ HVWD QRUPD HV DGHFXDGD  SDUD HO
FRQVXPRKXPDQR

 &ORUR (V HO HOHPHQWR Q~PHUR  GH OD WDEOD SHULyGLFD GH ORV HOHPHQWRV (Q FRQGLFLRQHVQRUPDOHVGHWHPSHUDWXUD\
SUHVLyQHVXQJDVYHUGHSRGHURVRR[LGDQWHGRV\PHGLDYHFHVPiVSHVDGRTXHHODLUH

1RWD  (O FORUR HV VLQ GXGD DOJXQD HO GHVLQIHFWDQWH PiV LPSRUWDQWH TXH H[LVWH GHELGR D TXH UH~QH WRGDV ODV YHQWDMDV
UHTXHULGDV DGHPiV GH VHU GH IiFLO XWLOL]DFLyQ \ PHQRV FRVWRVR TXH OD PD\RUtD GH ORV RWURV SURGXFWRV R DJHQWHV
GHVLQIHFWDQWHVGLVSRQLEOHV

/tPLWHPi[LPRDFHSWDEOH/0$(VHOYDORUGHODFRQFHQWUDFLyQGHFXDOTXLHUFDUDFWHUtVWLFDGHODJXDDUULEDGHOFXDOHO
DJXD SDVD D VHU UHFKD]DEOH SRU ORV FRQVXPLGRUHV GHVGH XQ SXQWR GH YLVWD VHQVRULDO SHUR VLQ TXH LPSOLTXH XQ GDxR D OD
VDOXGGHOFRQVXPLGRU

/tPLWHPi[LPRSHUPLVLEOH/03(VHOYDORUGHODFRQFHQWUDFLyQGHFXDOTXLHUFDUDFWHUtVWLFDGHFDOLGDGGHODJXDDUULED
GHOFXDOHODJXDQRHVDGHFXDGDSDUDFRQVXPRKXPDQR

&DUDFWHUtVWLFDVItVLFDV6RQDTXHOODVFDUDFWHUtVWLFDVUHODWLYDVDVXFRPSRUWDPLHQWRItVLFRTXHGHWHUPLQDQVXFDOLGDG

 &DUDFWHUtVWLFDV TXtPLFDV 6RQ DTXHOODV FDUDFWHUtVWLFDV UHODWLYDV D VXVWDQFLDV FRQWHQLGDV HQ HOOD TXH GHWHUPLQDQ VX
FDOLGDG

 &DUDFWHUtVWLFDV EDFWHULROyJLFDV 6RQ DTXHOODV FDUDFWHUtVWLFDV UHODWLYDV D OD SUHVHQFLD GH EDFWHULDV TXH GHWHUPLQDQ VX
FDOLGDG

 *UXSR FROLIRUPH WRWDO 6RQ EDFWHULDV HQ IRUPD GH EDFLORV DHURELRV \ DQDHURELRV IDFXOWDWLYRV *UDP QHJDWLYRV QR
HVSRUXODGRV TXH IHUPHQWDQ OD ODFWRVD FRQ SURGXFFLyQ GH iFLGR \ GH JDV D  &   & HQ XQ SHUtRGR GH  K   K

1
FDUDFWHUtVWLFDVFXDQGRVHLQYHVWLJDQSRUHOPpWRGRGHORVWXERVP~OWLSOHVGHIHUPHQWDFLyQ3DUDHOFDVRGHODGHWHUPLQDFLyQ
GHOJUXSRFROLIRUPHWRWDOHPSOHDQGRHOPpWRGRGHPHPEUDQDGHILOWUDFLyQVHGHILQLUiFRPRWRGRVORVPLFURRUJDQLVPRVTXH
GHVDUUROOHQ XQD FRORQLD URML]D FRQ EULOOR PHWiOLFR GRUDGR HQ XQ PHGLR WLSR HQGR X RWUR PHGLR GH FXOWLYR UHFRQRFLGR
LQWHUQDFLRQDOPHQWHGHVSXpVGHXQDLQFXEDFLyQGHKD &

*UXSRFROLIRUPHIHFDO6RQODVEDFWHULDVTXHIRUPDQSDUWHGHOJUXSRFROLIRUPHWRWDOTXHIHUPHQWDQODODFWRVDFRQ
SURGXFFLyQGHJDVD & &HQXQSHUtRGRGHKKFXDQGRVHLQYHVWLJDQSRUHOPpWRGRGHORVWXERVP~OWLSOHV
GHIHUPHQWDFLyQ(QHOPpWRGRGHILOWUDFLyQHQPHPEUDQDVHXWLOL]DXQPHGLRGHODFWRVDHQULTXHFLGR\XQDWHPSHUDWXUDGH
LQFXEDFLyQ GH  &   & HQ XQ SHUtRGR GH  K     K $O JUXSR FROLIRUPH IHFDO WDPELpQ VH OH GHVLJQD FRPR
WHUPRWROHUDQWHRWHUPRUUHVLVWHQWH

 (VFKHULFKLD FROL 6RQ ODV EDFWHULDV FROLIRUPHV IHFDOHV TXH IHUPHQWDQ OD ODFWRVD \ RWURV VXVWUDWRV DGHFXDGRV FRPR HO
PDQLWROD&y&FRQSURGXFFLyQGHJDV\TXHWDPELpQSURGXFHQLQGRODSDUWLUGHWULSWRIDQR

1RWD/DFRQILUPDFLyQGHTXHHQYHUGDGVHWUDWDGH(VFKHULFKLDFROLVHORJUDPHGLDQWHHOUHVXOWDGRSRVLWLYRHQODSUXHED
FRQHOLQGLFDGRUURMRGHPHWLORODFRPSUREDFLyQGHODDXVHQFLDGHVtQWHVLVGHDFHWLOPHWLOFDUELQRO\GHTXHQRVHXWLOL]DHO
FLWUDWRFRPR~QLFDIXHQWHGHFDUEyQ/D(VFKHULFKLDFROLHVHOLQGLFDGRUPiVSUHFLVRGHFRQWDPLQDFLyQIHFDO
&$5$&7(567,&$6<(63(&,),&$&,21(6)6,&$6<480,&$6

&DUDFWHUtVWLFDVItVLFDV

7DEOD&DUDFWHUtVWLFDVVHQVRULDOHV/tPLWHPi[LPRDFHSWDEOH/0$\OtPLWHPi[LPRSHUPLVLEOH/03TXHGHEHWHQHUHO
DJXDSRWDEOH

&DUDFWHUtVWLFDV /0$ /03
&RORU X X
2ORU 1RUHFKD]DEOH 1RUHFKD]DEOH
6DERU 1RUHFKD]DEOH 1RUHFKD]DEOH
7XUELHGDG 817 817
8QLGDGHVGHFRORUHQODHVFDODGHSODWLQRFREDOWR
8QLGDGHVQHIHORPpWULFDVGHWXUELHGDG817(VWDVVLJODVGHEHQ
FRQVLGHUDUVHHQODH[SUHVLyQGHORVUHVXOWDGRV

&RQGXFWLYLGDGHOpFWULFD(ODJXDSRWDEOHGHEHUiWHQHUXQDFRQGXFWLYLGDGGH6FPD6FPD &

&DUDFWHUtVWLFDVTXtPLFDVGHODJXDSRWDEOH6RQDTXHOODVFDUDFWHUtVWLFDVTXHDIHFWDQODSRWDELOLGDGGHODJXD\TXHVH
LQGLFDQHQODWDEODVLJXLHQWH

7DEOD6XEVWDQFLDVTXtPLFDVFRQVXVFRUUHVSRQGLHQWHVOtPLWHVPi[LPRVDFHSWDEOHV\OtPLWHVPi[LPRVSHUPLVLEOHV

&DUDFWHUtVWLFDV /tPLWHPi[LPR /tPLWHPi[LPR
DFHSWDEOH SHUPLVLEOH
&ORURUHVLGXDOOLEUH PJ/ PJ/
&ORUXUR&O  PJ/ PJ/

&RQGXFWLYLGDG  GH6FP

'XUH]D7RWDO&D&2  PJ/ PJ/
3RWHQFLDOGHKLGUyJHQR  


6yOLGRVWRWDOHVGLVXHOWRV PJ/ PJ/

6XOIDWR6  PJ/ PJ/

7HPSHUDWXUD && &



$OXPLQLR$O PJ/ PJ/

&DOFLR&D PJ/ PJ/
&LQF=Q PJ/ PJ/
&REUH&X PJ/ PJ/
0DJQHVLR0J PJ/ PJ/
 (O OtPLWH Pi[LPR DFHSWDEOH VHJXUR \ GHVHDEOH GH FORUR UHVLGXDO OLEUH HQ ORV
SXQWRVPiVDOHMDGRVGHOVLVWHPDGHGLVWULEXFLyQHVGHPJ/GHVSXpVGHSRU
OR PHQRV  PLQXWRV GH FRQWDFWR D XQ S+ PHQRU GH  FRQ HO SURSyVLWR GH
UHGXFLUHQXQODFRQFHQWUDFLyQGH(VFKHULFKLDFROL\FLHUWRVYLUXV
 (Q DTXHOODV RFDVLRQHV HQTXHDPHQDFHQRSUHYDOH]FDQEURWHVGHHQIHUPHGDGHV
GH RULJHQ KtGULFR HO UHVLGXDO GH FORUR SXHGH PDQWHQHUVH HQ XQ OtPLWH Pi[LPR
SHUPLVLEOHGHPJ/KDFLHQGRFDVRRPLVRGHORVRORUHV\VDERUHVHQHODJXD
GHFRQVXPR'HEHQGHWRPDUVHPHGLGDVVLPLODUHVHQORVFDVRVGHLQWHUUXSFLyQR
EDMDVHQODHILFLHQFLDGHORVWUDWDPLHQWRVSDUDSRWDELOL]DUHODJXD
 (QXQLGDGHVGHS+


$JXDFORUDGD/DFORUDFLyQGHORVDEDVWHFLPLHQWRVS~EOLFRVGHDJXDUHSUHVHQWDHOSURFHVRPiVLPSRUWDQWHXVDGRHQOD
REWHQFLyQGHDJXDGHFDOLGDGVDQLWDULDVHJXUDSRWDEOH/DGHVLQIHFFLyQSRUFORUR\VXVGHULYDGRVVLJQLILFDXQDGLVPLQXFLyQ

2
GHEDFWHULDV\YLUXVKDVWDXQDFRQFHQWUDFLyQLQRFXDSRUORTXHHQODWDEODVHKDFHUHIHUHQFLDDORVOtPLWHVDGHFXDGRVGH
FRQFHQWUDFLyQGHFORUROLEUHUHVLGXDOTXHHVDTXHOODSRUFLyQGHOFORURUHVLGXDOWRWDOTXHHVWpOLEUH\TXHVLUYDFRPRPHGLGD
GH FDSDFLGDG SDUD R[LGDU OD PDWHULD RUJiQLFD TXH SXHGD HQFRQWUDUVH HQ HO LQWHULRU GH ODV WXEHUtDV R SRU UXSWXUD GH ODV
PLVPDVTXHSXHGDSURGXFLUFLHUWDFRQWDPLQDFLyQPLFURELROyJLFD

/tPLWHVGHWR[LFLGDG(QODWDEODVHLQGLFDQDOJXQDVVXEVWDQFLDVRFRPSXHVWRVTXtPLFRVTXHDOVREUHSDVDUHOOtPLWH
Pi[LPRSHUPLVLEOHHQHODJXDSRWDEOHFDXVDQWR[LFLGDG

7DEOD   5HODFLyQ GH ODV VXEVWDQFLDV LQRUJiQLFDV FRQ VLJQLILFDGR SDUD OD VDOXG FRQ VXV UHVSHFWLYRV OtPLWHV Pi[LPRV
SHUPLVLEOHV/03

6XEVWDQFLD /03HQPLOLJUDPRVSRUOLWUR
$UVpQLFR$V 
%DULR%D 
%RUR% 
&DGPLR&G 
&LDQXUR&1  

&URPR&U 

0HUFXULR+J 
3ORPR3E 
6HOHQLR6H 

5HODFLyQGHODVVXEVWDQFLDVELRFLGDVFRQVXVUHVSHFWLYRVOtPLWHVPi[LPRVSHUPLVLEOHV/RVQRPEUHVGHODVVXVWDQFLDV
ELRFLGDVRUJiQLFDVVLQWpWLFDVDVtFRPRHOOtPLWHPi[LPRSHUPLVLEOHVHGHVFULEHQHQODWDEOD


3
7DEOD/tPLWHVPi[LPRVSHUPLVLEOHVGHODVVXEVWDQFLDVELRFLGDVFRQWLQXDFLyQ

&RPSXHVWRV /03HQPLFURJUDPRVOLWUR
,QVHFWLFLGDVRUJDQRFORUDGRV 
''77'(''( 
+H[DFORUREHQFHQR 
$OGUtQ 
'LHOGUtQ 
+HSWDFORUR 
+HSWDFORURHSy[LGR 
/LQGDQR 
(QGUtQ 
0HWR[LFORUR 
&ORUGDQR 
7R[DIHQR 
3HQWDFORURIHQRO 
'LQRVHE 
$FLGRVIHQR[L 
' 
73VLOYH[ 
7 
0HFRSURS 
'LFORURSURS 
0&3$ 
'LFDPED 
3LFORUDP 
'DODSyQ 
(QGRWDO 
)XPLJDQWHV 
'%&3GLEURPXUR 
FORURSURSDQR 
(%'GLEURPXURGHHWLOHQR 
GLFORURSURSDQR 
GLFORURSURSDQR
7ULD]LQDV 
$WUD]LQD 
6LPD]LQD 
$FHWDQLOLGDV 
$ODFORU 
0HWRODFORU 
3URSDFORU 
%XWDFORU 
&DUEDPDWRV 
$OGLFDUE 
6XOIy[LGRGHDOGLFDUE 
6XOIRQDGHDOGLFDUE 
&DUERIXUiQ 
2[DPLO 
0HWRPLO 
%HQWD]yQ 
0ROLQDWR 
3HQGLPHWDOLQD 
,VRSURWXUyQ 
3LUHWURLGHV 
3HUPHWULQD 
$PLGDV 
3URSDQLO 
3LULGDWR 
7ULIOXUDOtQ 
'LTXDW 
*OLIRVDWR 
'LHWLOKH[LODGLSDWR 
%HQ]RSLUHQR 
+H[DFORURFLFORSHQWDGLHQR 
'LHWLOKH[LOIWDODWR 
3&%
6 
2UJDQRIRVIRUDGRV 
(WLOSDUDWLyQ 

4
 /HSWRIyV 
'LD]LQyQ 
'LPHWRDWR 
'HORVUHVWDQWHVyUJDQRIRVIRUDGRV QRPiVGHFDGDXQR


7DEOD6XEVWDQFLDVQRGHVHDGDV/tPLWHPi[LPRDFHSWDEOH/0$\OtPLWHPi[LPRSHUPLVLEOHV/03

&DUDFWHUtVWLFD /0$HQPLOLJUDPRVOLWUR /03HQPLOLJUDPRVOLWUR
)OXRUXUR)  
+LHUURWRWDO)H  
0DQJDQHVR0Q  
1LWUDWR12   

1LWULWR12   




7DEOD6XEVWDQFLDVRUJiQLFDVFRQVLJQLILFDGRSDUDODVDOXG\VXOtPLWHPi[LPRSHUPLVLEOH/03

&RPSXHVWR /03HQPLFURJUDPRVOLWUR
%HQFHQR 
&ORUXURGHYLQLOR 
'HWHUJHQWHVDQLyQLFRV 
RGLFORUREHQFHQR 
SGLFORUREHQFHQR 
GLFORURHWDQR 
GLFORURHWLOHQR 
FLVGLFORURHWLOHQR 
WUDQVGLFORURHWLOHQR 
GLFORURSURSDQR 
(VWLUHQR 
(WLOEHQFHQR 
0RQRFORUREHQFHQR 
6XEVWDQFLDVIHQyOLFDV 
7HWUDFORUXURGHFDUERQR 
7HWUDFORURHWLOHQR 
7ROXHQR 
WULFORURHWDQR 
7ULFORURHWLOHQR 
;LOHQR 


&$5$&7(5,67,&$6%$&7(5,2/2*,&$6

/DVFDUDFWHUtVWLFDVSDUDDJXDSRWDEOHHVWLSXODQHOQ~PHURSHUPLVLEOHGHPLFURRUJDQLVPRVFROLIRUPHVIHFDOHVHQWpUPLQRV
GH ODV SRUFLRQHV QRUPDOHV GH YROXPHQ \ GHO Q~PHUR GH SRUFLRQHV TXH VH H[DPLQD FRQ HVWD ILQDOLGDG VH HVWDEOHFHQ ODV
DOWHUQDWLYDVVLJXLHQWHV


0pWRGRGHORVWXERVP~OWLSOHVGHIHUPHQWDFLyQ

3DUDQXHYDVLQWURGXFFLRQHVGHDJXDHQODHYDOXDFLyQGHODVSODQWDVGHWUDWDPLHQWR\HYDOXDFLRQHVDQXDOHVVHGHEH
SURFHGHUFRPRVHLQGLFDHQODVOLWHUDOHVD\EVLJXLHQWHV

D 3UXHED GH  WXERV 6H H[DPLQDQ  WXERV FRQ SRUFLRQHV GH  P/  WXERV FRQ SRUFLRQHV GH  P/ \  WXERV FRQ
SRUFLRQHV GH  P/ OD DXVHQFLD GH JDV HQ WRGRV ORV WXERV VH H[SUHVD FRPR Q~PHUR PiV SUREDEOH PHQRU GH 
FROLIRUPHV HQ  P/ GHDJXDORTXHVHLQWHUSUHWDFRPRTXHHVDPXHVWUDDLVODGDVDWLVIDFHODQRUPDGHFDOLGDG\HO
DJXDHVDGHFXDGDSDUDHOFRQVXPRKXPDQRYpDVHDQH[R

E 3UXHED GH  WXERV 6H H[DPLQDQ  WXERV FRQ SRUFLRQHV GH  P/  WXERV FRQ SRUFLRQHV GH  P/ \  WXERV FRQ
SRUFLRQHV GH  P/ OD DXVHQFLD GH JDV HQ WRGRV ORV WXERV VH H[SUHVD FRPR Q~PHUR PiV SUREDEOH PHQRU GH 
FROLIRUPHVHQP/ORFXDOVHLQWHUSUHWDFRPRXQLQGLFDGRUGHTXHHVDPXHVWUDDLVODGDVDWLVIDFHODQRUPDGHFDOLGDG
\HODJXDHVDGHFXDGDSDUDFRQVXPRKXPDQRYpDVHDQH[R(QHOFDVRGHDQiOLVLVUXWLQDULRV\FXDQGRVHDQDOL]DQ
FDQWLGDGHV JUDQGHV GH PXHVWUDV VH SRGUi HPSOHDU HO PpWRGR GH ORV  WXERV SHUR HQ FDVRV GH GLVFUHSDQFLD R
LQFRQIRUPLGDGFRQORVUHVXOWDGRVREWHQLGRVGHEHUiHPSOHDUVHODSUXHEDGHORVWXERVFRPRPpWRGRGHUHIHUHQFLD

3DUDFDVRVHQORVFXDOHV\DVHWLHQHXQKLVWRULDOVHSHUPLWHQODVDOWHUQDWLYDVVLJXLHQWHV


5
D WXERVFRQSRUFLRQHVGHPXHVWUDGHP//DDXVHQFLDGHJDVHQWRGRVORVWXERVVHH[SUHVDFRPRQ~PHURPiV
SUREDEOHPHQRUGHFROLIRUPHVHQP/GHDJXD9pDVHDQH[R

E WXERVFRQSRUFLRQHVGHPXHVWUDGHP/FDGDXQDODDXVHQFLDGHJDVHQWRGRVORVWXERVVHH[SUHVDFRPRQ~PHUR
PiV SUREDEOH PHQRU GH  FROLIRUPHV HQ  P/ GH DJXD OR TXH VH LQWHUSUHWD FRPR TXH HVD PXHVWUD HV DGHFXDGD
SDUDHOFRQVXPRKXPDQR9pDVHDQH[R


0pWRGRSRUODPHPEUDQDGHILOWUDFLyQ(OYROXPHQGHPXHVWUDGHDJXDDXWLOL]DUFRQODPHPEUDQDGHILOWUDFLyQHVGH
P/6HDFHSWDFRPROtPLWHXQDFRORQLDGHFROLIRUPHVWRWDOHV\DXVHQFLDGH(VFKHULFKLDFROLHQP/GHDJXD/D
DXVHQFLD GH FROLIRUPHV VH LQWHUSUHWD FRPR TXH HVD PXHVWUD DLVODGD VDWLVIDFH OD QRUPD GH FDOLGDG \ HO DJXD HV DGHFXDGD
SDUDHOFRQVXPRKXPDQR

1RWD  'H VHU QHFHVDULR VH GHEHUiQ DQDOL]DU SRUFLRQHV GH  P/  P/ \  P/ D ILQ GH GLOXLU PXHVWUDV PX\
FRQWDPLQDGDVSDUDODREWHQFLyQGHUHVXOWDGRVTXHSXHGDQVHULQWHUSUHWDGRVPiVDGHFXDGDPHQWH


/tPLWHV

 0pWRGR GH ORV WXERV P~OWLSOHV GH IHUPHQWDFLyQ 6HJ~Q VH LQGLTXH SRU ODV PXHVWUDV TXHVHH[DPLQHQODSUHVHQFLD
GHPLFURRUJDQLVPRVGHOJUXSRFROLIRUPHQRGHEHH[FHGHUGHORVVLJXLHQWHVOtPLWHV

7DEOD/tPLWHVSDUDHOPpWRGRGHORVWXERVP~OWLSOHVGHIHUPHQWDFLyQJUXSRFROLIRUPH

&XDQGR VH H[DPLQDQ 1RPiVGHOGHEHQPRVWUDUHQFXDOTXLHUPHV
SRUFLRQHVGHP/ ODSUHVHQFLDGHOJUXSRFROLIRUPH
1RVHSHUPLWLUiODSUHVHQFLD  (QGRVPXHVWUDVFRQVHFXWLYDV
GHO JUXSR FROLIRUPH HQ WUHV  (Q PiV GH XQD PXHVWUD PHQVXDO FXDQGR VH
R PiV GH ODV SRUFLRQHV GH H[DPLQDQPHQVXDOPHQWHPHQRVGHPXHVWUDV
P/ GH XQD PXHVWUD  (Q PiV GH  GH ODV PXHVWUDV FXDQGR VH
QRUPDOFXDQGRRFXUUDQ H[DPLQDQPHQVXDOPHQWHPiVGHPXHVWUDV

 0pWRGR GH ODV PHPEUDQDV GH ILOWUDFLyQ FXDQGR VH DSOLTXH HVWH PpWRGR HO Q~PHUR GH PLFURRUJDQLVPRV GHO JUXSR
FROLIRUPHQRGHEHH[FHGHUORVVLJXLHQWHVOtPLWHV

7DEOD/tPLWHVSDUDHOPpWRGRGHODVPHPEUDQDVGHILOWUDFLyQJUXSRFROLIRUPH

/DPHGLDDULWPpWLFDGHWRGDVODV 8QPLFURRUJDQLVPRP/
PXHVWUDV QRUPDOHV TXH VH
H[DPLQHQ HQ XQ PHV QR GHEH
H[FHGHUGH
(O Q~PHUR GH FRORQLDV SRU  'RVPXHVWUDVFRQVHFXWLYDV
PXHVWUD QRUPDO QR KD GH  (Q PiV GH XQD PXHVWUD PHQVXDO FXDQGR
H[FHGHUGHP/P/ VH H[DPLQDQ PHQVXDOPHQWH PHQRV GH 
P/yP/HQ PXHVWUDV
 0iV GHO  GH ODV PXHVWUDV QRUPDOHV
FXDQGR VH H[DPLQDQ PHQVXDOPHQWH PiV
GHPXHVWUDV


6HHVWDEOHFHHOQ~PHURGHPXHVWUDVHQUHODFLyQDODSREODFLyQVHUYLGDGHDFXHUGRDODWDEODVLJXLHQWH

7DEOD   )UHFXHQFLDV PtQLPDV GH OD WRPD GH PXHVWUDV \ DQiOLVLV GHO DJXD SDUD FRQVXPR KXPDQR HQ VLVWHPDV GH
GLVWULEXFLyQ

3REODFLyQVHUYLGDHQQ~PHUR &DQWLGDGGHPXHVWUDVDODxR
GHKDELWDQWHV $QiOLVLV( $QiOLVLV( $QiOLVLV(
   
   
   
   
   
   
   
   
   
   

6
 /DIUHFXHQFLDGHEHUiVHUGHWHUPLQDGDSRUODVDXWRULGDGHVQDFLRQDOHVFRPSHWHQWHV
 /DV DXWRULGDGHV QDFLRQDOHV FRPSHWHQWHV GHEHUiQ HVIRU]DUVH GH VHU SRVLEOH SRU
DXPHQWDUHVWDIUHFXHQFLD
( &RUUHVSRQGH DO SURJUDPD GH DQiOLVLV EiVLFR IiFLOPHQWH HMHFXWDEOH SRU FDGD
ODERUDWRULR GH FRQWURO GH FDOLGDG GHO DJXD DXWRUL]DGR /RV DQiOLVLV HQ HVWD HWDSD GH
FRQWUROVRQFROLIRUPHIHFDOFORURUHVLGXDO
( &RUUHVSRQGHDOSURJUDPDGHDQiOLVLVQRUPDO\FRPSUHQGHODHMHFXFLyQGHORVDQiOLVLV
GH OD HWDSD DQWHULRU DPSOLDGR FRQ RORU VDERU FRORU WXUELHGDG WHPSHUDWXUD S+
FRQGXFWLYLGDG FORUXURV GXUH]D VXOIDWRV FDOFLR PDJQHVLR QLWUDWRV QLWULWRV KLHUUR
PDQJDQHVR
( &RUUHVSRQGH D XQ SURJUDPD GH DQiOLVLV DYDQ]DGR GH DJXD SRWDEOH &RPSUHQGH OD
HMHFXFLyQGHORVDQiOLVLVGHODVHJXQGDHWDSDDPSOLDGRFRQDOXPLQLRFREUHVRGLR
SRWDVLR DPRQLR IOXRUXUR DUVpQLFR FDGPLR FLDQXUR FURPR PHUFXULR QtTXHO
DQWLPRQLR SORPR VHOHQLR VXOIXUR GH KLGUyJHQR ]LQF VyOLGRV WRWDOHV GLVXHOWRV
GHVLQIHFWDQWHVVXESURGXFWRVGHODGHVLQIHFFLyQ\VXVWDQFLDVRUJiQLFDVSODJXLFLGDV
GHVLJQLILFDGRSDUDODVDOXG


0(72'26'($1$/,6,6

/DVGHWHUPLQDFLRQHVGHODVHVSHFLILFDFLRQHV\FDUDFWHUtVWLFDVItVLFRTXtPLFDV\PLFURELROyJLFDVGHODJXDLQGLFDGDVHQOD
SUHVHQWHQRUPDGHEHQUHDOL]DUVHGHDFXHUGRFRQODVQRUPDV&2*8$125FRUUHVSRQGLHQWHVYpDVHFDStWXOR(QDXVHQFLD
GHQRUPDV&2*8$125SRGUiQHPSOHDUVHORVPpWRGRVGHOD$PHULFDQ:DWHU:RUNV$VVRFLDWLRQ


08(675(2

(OPXHVWUHRSDUDHODQiOLVLVItVLFRTXtPLFR\PLFURELROyJLFRGHODJXDLQGLFDGDVHQODSUHVHQWHQRUPDGHEHQUHDOL]DUVH
GH DFXHUGR FRQ ODV QRUPDV &2*8$125 FRUUHVSRQGLHQWHV YpDVH FDStWXOR  (Q DXVHQFLD GH QRUPDV &2*8$125 SRGUiQ
HPSOHDUVHORVPpWRGRVGHOD$PHULFDQ:DWHU:RUNV$VVRFLDWLRQ


&255(6321'(1&,$

3DUDODHODERUDFLyQGHODSUHVHQWHQRUPDVHKDQWRPDGRHQFXHQWDORVVLJXLHQWHVGRFXPHQWRV

D 1RUPD&2*8$1251*2$*8$327$%/((VSHFLILFDFLRQHV

E 6WDQGDUG 0HWKRGV IRU WKH ([DPLQDWLRQ RI :DWHU DQG :DVWHZDWHU GH OD $PHULFDQ 3XEOLF +HDOWK $VVRFLDWLRQ $3+$
$PHULFDQ:DWHU:RUNV$VVRFLDWLRQ$::$\:DWHU(QYLURQPHQW)HGHUDWLRQ:() (GLWLRQ
 


F 2UJDQL]DFLyQ0XQGLDOGHOD6DOXG*XtDVSDUDOD&DOLGDGHO$JXD3RWDEOHVHJXQGDHGLFLyQ*LQHEUD


7

$1(;26

$QH[R

$JXD)OXRUXUDGD&XDQGRDODJXDSRWDEOHVHOHKDDGLFLRQDGRFRPSXHVWRVGHULYDGRVGHOIO~RUGHEHGHKDEHUXQDUHDFFLyQ
HQWUHORVOtPLWHVGHODFRQFHQWUDFLyQGHOLyQIOXRUXURHQIXQFLyQGHOSURPHGLRDQXDOGHODVPi[LPDVWHPSHUDWXUDVGLDULDV
GHODLUH

7DEOD3URPHGLRGHWHPSHUDWXUD\OtPLWHVUHFRPHQGDGRVSDUDODFRQFHQWUDFLyQGHIOXRUXUR

3URPHGLRGHWHPSHUDWXUD /tPLWHVUHFRPHQGDGRVSDUDODFRQFHQWUDFLyQ
Pi[LPDGLDULDHQJUDGRV&HOVLXV GHOLyQIOXRUXURHQPLOLJUDPRVOLWUR
 &
 0tQLPR 2SWLPR 0i[LPR
   
   
   
   
   
    
/RVSURPHGLRVGHWHPSHUDWXUDGHEHQREWHQHUVHHQEDVHDGDWRV
FRUUHVSRQGLHQWHVDXQPtQLPRGHDxRV


8
$QH[R

7DEOD1~PHURPiVSUREDEOHSDUDGLYHUVDVFRPELQDFLRQHVGHUHVXOWDGRVSRVLWLYRV\QHJDWLYRVFXDQGRVHXWLOL]DQFLQFR
SRUFLRQHVGHP/FLQFRSRUFLRQHVGHP/\FLQFRSRUFLRQHVGHP/&RQWLQXDFLyQ

1~PHURGHWXERVTXHGDQUHDFFLyQ 1~PHURGHWXERVTXHGDQUHDFFLyQ
SRVLWLYD SRVLWLYD
GH GH GH 103 GH GH GH 103
P/FDGD P/FDGD P/FDGD P/FDGD P/FDGD P/FDGD
XQR XQR XQR XQR XQR XQR
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
     


9
 $QH[R

7DEOD1~PHURPiVSUREDEOH103SDUDGLYHUVDVFRPELQDFLRQHVGHUHVXOWDGRVSRVLWLYRV\QHJDWLYRVFXDQGRVHXWLOL]DQ
WUHVSRUFLRQHVGHP/P/\P/

1~PHURGHWXERVTXHGDQUHDFFLyQSRVLWLYD
GHP/FDGDXQR GHP/FDGDXQR GHP/FDGDXQR 103
   <
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   



10
$QH[R

7DEOD   1~PHUR PiV SUREDEOH \ OtPLWHV GH FRQILDQ]D GH  SDUD YDULDV FRPELQDFLRQHV GH UHVXOWDGRV SRVLWLYRV \
QHJDWLYRVFXDQGRVHXVDQSRUFLRQHVGHP/FDGDXQD

1~PHURGHWXERV 1~PHURPiV /tPLWHVGHFRQILDQ]DGH
TXHGDQUHDFFLyQ SUREDEOH DSUR[LPDGRV
SRVLWLYD
  ,QIHULRU 6XSHULRU
 <  
   
   
   
   
   
   
   
   
   
 >  ,QILQLWR

$QH[R

7DEOD/tPLWHVPi[LPRVSHUPLVLEOHV/03GHODVVXEVWDQFLDVRUJiQLFDVYROiWLOHV

6XEVWDQFLD /03HQPLFURJUDPRVOLWUR
&DUEyQWHWUDFORUXUR 
&ORUXURGHYLQLOR 
GLFORURHWDQR 
GLFORURHWLOHQR 
WULFORURHWDQR 
RGLFORUREHQFHQR 
SGLFORUREHQFHQR 
FLVGLFORURHWLOHQR 
WUDQVGLFORURHWLOHQR 
GLFORURSURSDQR 
(WLOEHQFHQR 
0RQRFORUREHQFHQR 
(VWLUHQR 
7HWUDFORURHWLOHQR 


3URGXFWRVVHFXQGDULRVGHGHVLQIHFFLyQ

 7ULKDORPHWDQRV 7+0 VRQ SURGXFWRV VHFXQGDULRV GH OD GHVLQIHFFLyQ 6RQ EURPRIRUPR GLEURPRFORURPHWDQR
EURPRGLFORURPHWDQR\FORURIRUPR/DVXPDGHODVUD]RQHVHQWUHODFRQFHQWUDFLyQGHFDGDXQR\VXUHVSHFWLYRYDORUJXtD
QRGHEHVXSHUDUODXQLGDG(OYDORUJXtDVHPXHVWUDHQODWDEOD

7DEOD9DORUHVJXtDSDUDSURGXFWRVVHFXQGDULRVGHODGHVLQIHFFLyQ

3URGXFWRVHFXQGDULR /03J/
%URPRIRUPR 
%URPRFORURPHWDQR 
%URPRGLFORURPHWDQR 
&ORURIRUPR 


$VSHFWRVUHODWLYRVDUDGLDFLyQQXFOHDU

'HILQLFLRQHV

 $FWLYLGDG/DDFWLYLGDGGHXQDFDQWLGDGGHXQUDGLRQXFOHLGRHVXQHVWDGRSDUWLFXODUGHHQHUJtDDXQWLHPSRGDGR
HVHOFRFLHQWHG1GWGRQGHG1HVHOYDORUHVSHUDGRGHOQ~PHURGHWUDQVLFLRQHVQXFOHDUHVHVSRQWiQHDVGHVGHHVHHVWDGRGH
HQHUJtDHQHOLQWHUYDORGHWLHPSRGW

%HTXHUHO8QLGDGUDGLRPpWULFDXWLOL]DGDSDUDPHGLUODDFWLYLGDGGHXQDIXHQWH6HVLPEROL]DSRU%T\HVHTXLYDOHQWH
DGHVLQWHJUDFLyQVHJXQGR


11
'RVLVHIHFWLYDFRPSURPHWLGD+ (VODVXPDGHODVGRVLVHTXLYDOHQWHVGHWRGRVORVyUJDQRV\WHMLGRVPXOWLSOLFDGRV
SRUORVIDFWRUHVGHSRQGHUDFLyQ: DGHFXDGRV





(W : + W


 

'RQGH
:  )DFWRUGHSRQGHUDFLyQSDUDHOyUJDQRRWHMLGR7
+  'RVLVHTXLYDOHQWHVFRPSURPHWLGDVGHOyUJDQRRWHMLGR7


W 1~PHURGHDxRVSDUDHOTXHVHKL]RODLQWHJUDFLyQSDUDODGRVLVHTXLYDOHQWHVFRPSURPHWLGDV



 'RVLV HTXLYDOHQWHV FRPSURPHWLGDV SDUD XQ yUJDQR R WHMLGR ,QWHJUDO HQ EDVH DO WLHPSR GH OD WDVD GH GRVLV
HTXLYDOHQWH VREUH HO WLHPSR W HQ XQ WHMLGR SDUWLFXODU TXH VHUi UHFLELGD SRU XQ LQGLYLGXR VLJXLHQGR XQD LQJHVWLyQ GH XQ
PDWHULDOUDGLRDFWLYR&XDQGRQRVHGDHOSHUtRGRGHLQWHJUDFLyQWXQSHUtRGRGHDxRVHVWiLPSOtFLWRSDUDDGXOWRVRXQR
GHDxRVSDUDQLxRV

'RVLVHTXLYDOHQWHDXQyUJDQRRWHMLGR/DGRVLVHTXLYDOHQWH+ 5HQHOyUJDQRRWHMLGR7GHELGRDODUDGLDFLyQ5
HVWiGDGDSRU



+ 5 : ' 5

  

GRQGH
' 5HVODGRVLVSURPHGLRGHUDGLDFLyQUHQHOyUJDQRRWHMLGR7\: HVHOIDFWRUGHSRQGHUDFLyQGHODUDGLDFLyQ

 

6LHYHUW8QLGDGGRVLPpWULFDXWLOL]DGDSDUDPHGLUODGRVLVHTXLYDOHQWH\ODGRVLVHIHFWLYD6HVLPEROL]DSRU6Y\HV
HTXLYDOHQWHD-.J

$VSHFWRVUDGLROyJLFRV

D $VXPLHQGR XQ SURPHGLR GH FRQVXPR GH  OLWURV GLDULRV SRU SHUVRQD DGXOWD  SURPHGLR  ODV FRQFHQWUDFLRQHV GH
UDGLRQXFOHLGRV HQ HO DJXD SRWDEOH GHEHQ UHSUHVHQWDU HQ FRQMXQWR XQD GRVLV HIHFWLYD FRQFHQWUDGD PHQRU D  P6Y
GXUDQWHXQDxR

3RU  GHEDMR  GH HVWH QLYHO HO DJXD HV DSWD SDUD HO FRQVXPR KXPDQR VLQ TXH VHD QHFHVDULD QLQJXQD PHGLGD SDUD
UHGXFLUODUDGLDFWLYLGDG

E 3DUDJDUDQWL]DUGLFKDGRVLVHIHFWLYDFRQFHQWUDGDVHUHFRPLHQGDQODVFRQFHQWUDFLRQHVJXtDGHDFWLYLGDGGH

EHTXHUHOHVOLWURSDUDUDGLDFWLYLGDGDOIDWRWDO
EHTXHUHOHVOLWURSDUDUDGLDFWLYLGDGEHWDWRWDO

F 6L DOJXQD GH ODV DFWLYLGDGHV HV PD\RU D ORVDQWHULRUHVYDORUHVGHUHIHUHQFLDVHGHEHQFXDQWLILFDUODVFRQFHQWUDFLRQHV
GH  DFWLYLGDG GH FDGD XQR GH ORVUDGLRQXFOHLGRVHPLVRUHVGHSDUWtFXODVDOID\EHWDSUHVHQWHV\GHWHUPLQDUVHODGRVLV
WRWDOFRUUHVSRQGLHQWH

0HGLFLyQGHDFWLYLGDGDOIDWRWDO

D /DDFWLYLGDGDOIDWRWDOSXHGHGHWHUPLQDUVHSRUGLIHUHQWHVPpWRGRVLQFOX\pQGRVHPHGLFLyQVLPXOWiQHDGHDFWLYLGDGHV
DOID \ EHWDWRWDOHQGHWHFWRUHVSURSRUFLRQDOHVFRQFRPSRQHQWHVHOHFWUyQLFRVDSURSLDGRV(OOtPLWHGHGHWHFFLyQGHO
PpWRGRTXHVHXWLOLFHGHEHVHUORVXILFLHQWHPHQWHEDMRSDUDSHUPLWLUODFXDQWLILFDFLyQGHODDFWLYLGDGHVWXGLDGD

E 3DUDUHDOL]DUODPHGLFLyQGHDFWLYLGDGDOIDSRUFXDOTXLHUPpWRGRHVQHFHVDULRHOLPLQDUORVUDGLRQXFOHLGRVUDGyQ\
UDGyQ

F 6LODFRQFHQWUDFLyQGHDFWLYLGDGHVPHQRUTXH%T/QRVHUHTXLHUHGHGHWHUPLQDFLRQHVDGLFLRQDOHV6LGLFKRYDORU
HVVXSHUDGRGHEHQFXDQWLILFDUVHORVVLJXLHQWHVUDGLRQXFOHLGRVQDWXUDOHV 

5D5D3R7K8\8'HSHQGLHQGRGHODKLGURJHRORJtDGHODORFDOLGDGVHSXHGHQDQWLFLSDU
ORVUDGLRQXFOHLGRVTXHVHDQDOL]DUiQ

G 6LVHSUHVXPHDOJXQDFRQWDPLQDFLyQUDGLDFWLYDGHEHFXDQWLILFDUVHHO3X

H (OFiOFXORGHODGRVLVGHEHUHDOL]DUVHDGLFLRQiQGRVHODVFRQFHQWUDFLRQHVGHDFWLYLGDGEHWDHQFRQWUDGDV

12
0HGLFLyQGHODDFWLYLGDGEHWDWRWDO

D /D DFWLYLGDG EHWD WRWDO SXHGH GHWHUPLQDUVH SRU GLIHUHQWHV PpWRGRV LQFOX\pQGRVH PHGLFLyQ VLPXOWiQHD GH DFWLYLGDGHV
DOID \ EHWD WRWDO HQ GHWHFWRUHV SURSRUFLRQDOHV  FRQ FRPSRQHQWHV HOHFWUyQLFRV DSURSLDGRV (O OtPLWH GH GHWHFFLyQ GHO
PpWRGRTXHVHXWLOLFHGHEHVHUORVXILFLHQWHPHQWHEDMRSDUDSHUPLWLUODFXDQWLILFDFLyQGHODDFWLYLGDGHVWXGLDGD

E 6L OD FRQFHQWUDFLyQ GH DFWLYLGDG EHWD WRWDO HV PHQRU TXH  %T/ QR VH UHTXLHUH GH GHWHUPLQDFLRQHV DGLFLRQDOHV 6L
GLFKRYDORUHVVXSHUDGRGHEHFXDQWLILFDUVHODFRQFHQWUDFLyQGHDFWLYLGDGGHO.ODFXDOVHVXVWUDHGHODEHWDWRWDO
6L GHVSXpV GH GLFKD VXVWUDFFLyQ  OD  DFWLYLGDG  EHWD HV PD\RU TXH  %T/ VH GHEHQ FXDQWLILFDU ORV VLJXLHQWHV
UDGLRQXFOpLGRVDUWLILFLDOHVGHDOWDWR[LFLGDGHPLVRUHVGHSDUWtFXODVEHWD6U6U&V&V,\&R
'HSHQGLHQGRGHOXVRGHGLFKRVUDGLRQXFOpLGRVHQODORFDOLGDG\RODSUHVXQFLyQGHDOJXQDFRQWDPLQDFLyQUDGLDFWLYD
SRU  DOJ~Q  UDGLRQXFOHLGR SDUWLFXODU VH SXHGHQ  DQWLFLSDU  ORV UDGLRQXFOHLGRV TXH VH DQDOL]DUiQ 'HEHQ DQDOL]DUVH
WDPELpQORVUDGLRQXFOHLGRVQDWXUDOHV3E\5D

F (OFiOFXORGHODGRVLVGHEHUHDOL]DUVHDGLFLRQiQGRVHODVFRQFHQWUDFLRQHVGHDFWLYLGDGDOIDHQFRQWUDGDV


(YDOXDFLyQGHODJXDVLODFRQFHQWUDFLyQGHDFWLYLGDGDOID\REHWDHVVXSHULRUDOOtPLWHUHFRPHQGDGR

D 6LVRQVREUHSDVDGRVORVQLYHOHVGH%T/SDUDUDGLDFWLYLGDGDOID\R%T/SDUDUDGLDFWLYLGDGEHWDWRWDOHVSUHFLVR
LGHQWLILFDU \ FXDQWLILFDU ODV DFWLYLGDGHV GH ORV UDGLRQXFOHLGRV HVSHFtILFRV /XHJR GHEH HVWLPDUVH OD  GRVLV  GH FDGD
UDGLRQXFOHLGR \ OD VXPD GH ODV GRVLV GH WRGRV ORV UDGLRQXFOHLGRV LGHQWLILFDGRV H[FHSWXDQGR HO SRWDVLR 6L ORV
UHVXOWDGRVFXPSOHQFRQODVLJXLHQWHHFXDFLyQQRVRQQHFHVDULDVRWUDVPHGLGDV\HODJXDHVFRQVLGHUDGDDSWDSDUDHO
FRQVXPRKXPDQRGHVGHHOSXQWRGHYLVWDUDGLROyJLFR

 L&L&UL

GRQGH
&LHVODFRQFHQWUDFLyQGHODDFWLYLGDGPHGLGDSDUDHOUDGLRQXFOHLGR
&UL  HV OD  FRQFHQWUDFLyQ GH DFWLYLGDG GH UHIHUHQFLD GH HVH PLVPR UDGLRQXFOHLGR TXH FRQ XQ FRQVXPR GH  OLWURV GLDULRV
GXUDQWHXQDxRWHQGUiFRPRUHVXOWDGRXQDGRVLVHIHFWLYDFRQFHUWDGDGHP6Y

E6LVHVRVSHFKDODSUHVHQFLDGHUDGLRQXFOHLGRVHPLVRUHVGHSDUWtFXODVDOIDFRQHOHYDGRVIDFWRUHVGHFRQYHUVLyQGHGRVLV
SXHGHDSOLFDUVHODPLVPDHFXDFLyQDGLWLYDFXDQGRODUDGLDFWLYLGDGDOID\EHWDWRWDOVHDSUR[LPDDORVYDORUHVOtPLWHGH
 %T/ \  %T/ UHVSHFWLYDPHQWH &XDQGR OD VXPD HV  PD\RU TXH OD XQLGDG HQ XQD VROD PXHVWUD VyOR VH
VREUHSDVDUiHOQLYHOGHGRVLVGHUHIHUHQFLDGHP6YVLODH[SRVLFLyQDODVPLVPDVFRQFHQWUDFLRQHVPHGLGDVFRQWLQ~D
GXUDQWHWRGRXQDxR


5HIHUHQFLDVSDUDSURFHGLPLHQWRVDQDOtWLFRVUHFRPHQGDGRV

3DUDGHWHUPLQDFLyQGHDFWLYLGDGDOID\EHWDWRWDO

(DVWHUQ(QYLURQPHQWDO5DGLDWLRQ)DFLOLW\86(QYLURQPHQWDO$JHQF\5DGLRFKHPLVWU\3URFHGXUHV0DQXDO

3URFHGLPLHQWRV

D 5DGLRFKHPLFDO'HWHUPLQDWLRQRI*URVV$OSKDDQG*URVV%HWD3DUWLFOH$FWLYLW\LQZDWHU

E 5DGLRFKHPLFDO'HWHUPLQDWLRQRI*URVV$OSKD$FWLYLW\LQ'ULQNLQJZDWHUE\FRSUHFLSLWDWLRQ

F 86'HSDUWPHQWRI+HDOWK(GXFDWLRQDQGZHOIDUH3URFHGXUHVIRU'HWHUPLQDWLRQRIVWDEOH(OHPHQWVDQG5DGLRQXFOLGHV
LQ(QYLURQPHQWDO6DPSOHV

3URFHGLPLHQWRV

D *URVV$OSKDDQG%HWD$FWLYLW\LQZDWHU3iJLQD

3DUDUDGLRQXFOHLGRVHPLVRUHVGHSDUWtFXODVEHWDHVSHFtILFRV

(DVWHUQ(QYLURQPHQWDO5DGLDWLRQ)DFLOLW\86(QYLURQPHQWDO3URWHFWLRQ$JHQF\5DGLRFKHPLVWU\3URFHGXUHV0DQXDO

3URFHGLPLHQWRV

D &U5DGLRFKHPLFDO'HWHUPLQDWLRQRI&KURPLXPLQZDWHUVDPSOHV

E )H5DGLRFKHPLFDO'HWHUPLQDWLRQRI,RQLQZDWHUVDPSOHV

F +5DGLRFKHPLFDO'HWHUPLQDWLRQRI7ULWLXPLQZDWHU'LR[DQH0HWKRG

13

G ,5DGLRFKHPLFDO'HWHUPLQDWLRQRI,RGLQHLQ'ULQNLQJZDWHU

H 3E5DGLRFKHPLFDO'HWHUPLQDWLRQRI/HDGLQZDWHUDQG6ROLG6DPSOHV

I 6U5DGLRFKHPLFDO'HWHUPLQDWLRQRI5DGLRVWURQWLXPLQZDWHU6HDZDWHUDQGRWKHU$TXHRXV0HGLD
86 'HSDUWPHQW RI +HDOWK (GXFDWLRQ DQG :HOIDUH 3URFHGXUHV IRU 'HWHUPLQDWLRQ RI 6WDEOH (OHPHQWV DQG
5DGLRQXFOHLGHVLQ(QYLURQPHQWDO6DPSOHV

14
3URFHGLPLHQWRV

D 6WURQWLXP6WURQWLXPDQG%DULXPLQZDWHU3iJLQD7ULWLXPLQZDWHU3iJLQD

E (QYLURQPHQWDO 0HDVXUHPHQW /DERUDWRU\ 86 'HSDUWPHQW RI  (QHUJ\ 3URFHGXUHV 0DQXDO  6U 6WURQWLXP
3iJLQD

F 3E/HDGLQERQH)RRG8ULQH)HFHV%ORRG$LUDQGZDWHU3iJLQD

3DUDUDGLRQXFOHLGRVHPLVRUHVGHSDUWtFXODVDOIDHVSHFtILFDV

(DVWHUQ(QYLURQPHQWDO5DGLDWLRQ)DFLOLW\86(QYLURQPHQWDO3URWHFWLRQ$JHQF\5DGLRFKHPLVWU\3URFHGXUHV0DQXDO

3URFHGLPLHQWRV

D 3X 5DGLRFKHPLFDO 'HWHUPLQDWLRQ RI 3OXWRQLXP LQ $VKHG 6DPSOHV 6RLO &RDO )O\ $VK 2UHV 9HJHWDWLRQ %LRWD DQG
ZDWHU

E 5D5DGLRFKHPLFDO'HWHUPLQDWLRQRI5DLQ:DWHU6DPSOHV

F 5D5DGLRFKHPLFDO'HWHUPLQDWLRQRI5DLQ:DWHU6DPSOHV

G 5DGLRFKHPLFDO'HWHUPLQDWLRQRI7KRULXPDQG8UDQLXPLQ:DWHU(QYLURQPHQWDO0HDVXUHPHQWV/DERUDWRU\86
'HSDUWDPHQWRI(QHUJ\3URFHGXUHVPDQXDO
$P$PHULFLXPLQ:DWHU$LU)LOWHUVDQG7LVVHX3iJLQD
3R3RORQLXPLQ:DWHU9HJHWDWLRQ6RLODQG$LU)LOWHUV3iJLQD
3X3OXWRQLXPLQ:DWHU3iJLQD
5D5DGLXPLQ8ULQHDQG:DWHU3iJLQD

15