/$(/(&&,Ð1'(/$/,0$'(3(1'('(/0$7(5,$/62%5((/

48(6(9$$75$%$-$5<'(/$&$%$'248(6('(6((
/DV OLPDV GH PDQR VH GLYLGHQ HQ  FDWHJRUtDV /DJDPD%DKFRDEDUFDWRGRWLSRGHOLPDVUHVSHWDQGR
SULQFLSDOHV OLPDV GH PHFiQLFR GH DJXMD OLPDV SDUD DPSOLDPHQWHODVQRUPDVQDFLRQDOHVHLQWHUQDFLRQDOHV
DÀODGR \ FRQ GLHQWHV IUHVDGRV LQFOX\HQGR KRMDV
3$16$5Š

7,32<)250$

/DVOLPDVYDUtDQHQIRUPD\XVR\VHQRPEUDQFRQVHFXHQWHPHQWH/RV
WLSRVPiVFRPXQHVVRQSODQDSODQDSXQWDPHGLDFDxDWULDQJXODU
UHGRQGDFXDGUDGD\GHGRVFDQWRV

/21*,78' /DJDPD%DKFRLQFOX\HOLPDVGHVGHµPPGHORQJLWXGKDVWD

µ PP GHSHQGLHQGR GHO WLSR /D ORQJLWXG GH OD OLPD PiV
FRQYHQLHQWHGHSHQGHWRWDOPHQWHGHOWUDEDMRDUHDOL]DU/DORQJLWXGGHOD
OLPD VH SURSRUFLRQD VLHPSUH H[FOX\HQGR OD HVSLJD H[FHSWR HQ ODV
/RQJLWXGGHODOLPD OLPDVGHDJXMDHQODTXHpVWDYDLQFOXLGD

7,32'('(17$'2<3,&$'2
(OGHQWDGRGHXQDOLPDSXHGHYDULDU(OWLSRGHSLFDGRHOHJLGRGHSHQGH
GHOPDWHULDODWUDEDMDUODFDQWLGDGGHPDWHULDOTXHVHGHVHDHOLPLQDU\
HODFDEDGRTXHVHTXLHUHFRQVHJXLU/RVSLFDGRVPiVFRPXQHVVRQ
6HQFLOOR 'REOH ³2EHUJ´
VHQFLOORGREOH2EHUJGLDJRQDOIUHVDGR3$16$5Š\HVFRÀQD

3DUDWRGDVODVOLPDVGHPHFiQLFRGHDJXMD\GHDÀODGRODFDOLGDGGHO
'LDJRQDO 3DQVDUŠ (VFR¿QD
SLFDGRVHSURSRUFLRQDHQQ~PHURGHGLHQWHVSRUFHQWtPHWURDORODUJR
GHODORQJLWXGGHODOLPD/DVFDOLGDGHVPiVFRPXQHVGHSLFDGRVRQ
EDVWRHQWUHÀQR\ÀQR
)UHVDGD
&XDQWRPiVEDVWRVHDHOSLFDGRPiVPDWHULDOVHHOLPLQD

3DUDOLPDVGLDJRQDOHVOLPDVIUHVDGDV\OLPDV3$16$5ŠHOSLFDGRVH
SURSRUFLRQD HQ Q~PHUR GH GLHQWHV WRWDOHV SRU SXOJDGD ´ /D
UXJRVLGDGGHODVHVFRÀQDVVHH[SUHVDHQQ~PHURGHGLHQWHVSRUFP

(6758&785$'(&Ð',*26'(352'8&72
1~PHURGHSURGXFWRGHODOLPD
(QHOFDWiORJRVHIDFLOLWDQHVWRV (PEDODMHGHODOLPD
WUHVGtJLWRVMXQWRFRQXQD  HPEDODMHLQGXVWULDOGHXQLGDGHV
GHVFULSFLyQGHODOLPD  HPEDODMHLQGLYLGXDOFRQPDQJR(5*270
/RVFyGLJRVGHSURGXFWR
GH ODV OLPDV %DKFR VH
K D Q  H V W D E O H F L G R  G H 7LSRGHOLPD
I R U P D  O y J L F D  F R Q  /LPDVGHPHFiQLFR


HOHPHQWRLGHQWLÀFDGRU  OLPDVGHDJXMD
 OLPDVIUHVDGDV\KRMDV
H Q  F D G D  G t J L W R   / D
3$16$5 ‹
PD\RUtD GH ORV FyGLJRV  OLPDVGHDÀODGR
VLJXHQ OD HVWUXFWXUD  (VFRÀQDV
DEDMRGHWDOODGD
/RQJLWXGGHODOLPDHQSXOJDGDV 7LSRGHOSLFDGR
3DUDODVOLPDVGHDJXMDODORQJLWXGVH  %DVWR
SURSRUFLRQDHQFP (QWUHÀQR
 )LQR

XXXCBIDPIFSSBNJFOUBTQF  #BIDP
1FSÛ
0$1*26(5*21Ð0,&26

/RV PDQJRV KDQ VLGR HVSHFLDOPHQWH GLVHxDGRV GH
IRUPD HUJRQyPLFD VLJXLHQGR HO SURFHVR %DKFR
(5*270 SDUD UHGXFLU ODV WHQVLRQHV PXVFXODUHV \ HO
ULHVJR GH OHVLRQHV (VWiQ IDEULFDGRV D SDUWLU GH XQ
Q~FOHR GH SROLSURSLOHQR UHFXELHUWR GH XQ HODVWyPHUR
WHUPRSOiVWLFR TXH SHUPLWH XQ DJDUUH FyPRGR \
DQWLGHVOL]DQWHFX\RFRQWRUQRVHDMXVWDFRQQDWXUDOLGDG
DODIRUPDGHODPDQR
(Q OR TXH D VHJXULGDG VH UHÀHUH XQD FDUDFWHUtVWLFD
LPSRUWDQWHHVTXHHOPDQJRFXEUHHQVXWRWDOLGDGOD
HVSLJD\ORVVDOLHQWHV\HYLWDTXHODPDQRVHGHVOLFH
KDFLD OD KRMD GH OD OLPD %DKFR VXPLQLVWUD ODV OLPDV
PiVSRSXODUHVFRQXQPDQJRVLPpWULFRORTXHSHUPLWH
D O  X V X D U L R  D J D U U D U O R  F R Q  F R P R G L G D G
LQGHSHQGLHQWHPHQWH GH TXp ODGR GH OD OLPD VH HVWi
XWLOL]DQGR

68',6(f23$7(17$'20(-25$68&202','$'<6(*85,'$'
3DUWHVEODQGDV\
HODVWyPHURWHUPRSOiVWLFR
SDUDXQDJDUUH
DQWLGHVOL]DQWHFyPRGR
'LVHxRSDWHQWDGRTXH
LQFRUSRUDXQRUL¢FLRSDUD
FROJDUODKHUUDPLHQWD

5HGXFHHOULHVJRGH
OHVLRQHV/DFREHUWXUD
FRPSOHWDGHODHVSLJD
SUHYLHQHOHVLRQHV

&RQQ~FOHRGH
3ROLSURSLOHQR33SDUD
XQDYLGDPiVODUJD

6XPDQJRVLPpWULFRSHUPLWH $JDUUHDQWLGHVOL]DQWH
XWLOL]DUDPERVODGRVFRQOD &RQWRUQRVVXDYHVTXH
PLVPDFRPRGLGDG VHDPROGDQDODPDQR
FRQQDWXUDOLGDG

XXXCBIDPIFSSBNJFOUBTQF  #BIDP
1FSÛ
 /,0$3$5$$),/$'2'(02726,(55$3,(=$6
/LPDVUHGRQGDVSDUDDÀODUHOGHQWDGRGHODVFDGHQDVGHPRWRVLHUUD
/DVOLPDVYDQSUHVHQWDGDVHQXQHPEDODMHHVSHFLDOGHHQFRQSHUIRUDFLRQHVSDUDXQDIiFLOVHSDUDFLyQ

/ 'LiPHWUR 3HVR (PSDTXH

PP PP JU XQG
3
3
3

/,0$3/$1$3$5$/(/$&210$1*2
3DUDOLPDUVXSHUÀFLHVSODQDVHVTXLQDV\FRGRVDVtFRPRSDUDGHEDVWDGR
3DUDWUDEDMDUHQKHUUDPLHQWDVGHDFHURGHDOWDDOHDFLyQ\DÀODGRGHKHUUDPLHQWDVSHVDGDV

/ 'LiPHWUR 3HVR (PSDTXH

PP PP JU XQG







/,0$5('21'$&210$1*2
3DUDOLPDUDJXMHURVJUDQGHVQHUYDGXUDV\VXSHUÀFLHVFyQFDYDV

/ 'LiPHWUR 3HVR (PSDTXH

PP PP JU XQG







/,0$5Ð0%,&$3$5$$),/$'2'(6(558&+26:$6$
3DUDDÀODUVLHUUDVFRQGHQWDGRÀQRUHFWR

/ 'LiPHWUR (PSDTXH
PP PP XQG
   

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP
1FSÛ
-8(*2'(/,0$6&210$1*23,(=$6
-XHJRGHOLPDVFRQPDQJR
6XPLQLVWUDGDVHQFDMDGHFDUWyQTXHLQFOX\HIXQGDGHSOiVWLFRHQUROODEOH
&RQWLHQH/LPDSODQDSDUDOHODEDVWDSODQDSDUDOHODHQWUHÀQDFXDGUDGDEDVWDPHGLDFDxDEDVWD\UHGRQGDEDVWD

/ 'LiPHWUR (PSDTXH
PP PP XQG
 
 
 
 
 

-8(*2'(/,0$6$*8-$81,'$'(6

-XHJRGHOLPDVFRQIXQGDGHSOiVWLFRFLHUUHSRUFRUFKHWH
&RQWLHQH/LPDSODQDSDUDOHODWULDQJXODUFXDGUDGDPHGLDFDxDVHPLRYDODGDUHGRQGDGHFXFKLOOREDUUHWWHUyPELFD
SODQDFDQWRVRYDODGRV\PDUNLQJ
,QFOX\HPDQJR

/ (PSDTXH
PP XQG



XXXCBIDPIFSSBNJFOUBTQF  #BIDP
1FSÛ