1RV VHQWLPRV RUJXOORVRV GHO

4XLHQHV6RPRV HTXLSR KXPDQR TXH FRQIRUPD

QXHVWUD FRPSDxtD QR VROR SRU
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FRQWULEXLU HQ OD FRQVWUXFFLyQ
GH XQ PHMRU SDtV DSRUWDQGR $ WUDYpV GH QXHVWUD SDUWLFLSDFLyQ
SURGXFWRV \ VHUYLFLRV HQ HO DFWLYD HQ OD FRQVROLGDFLyQ GH
iUHD GH OD $UTXLWHFWXUD H SUR\HFWRV LQPRELOLDULRV GH YLYLHQGD
,QJHQLHUtD GH DOWD FDOLGDG GH LQWHUpV VRFLDO GH QXHVWUD UHJLyQ
DWHQGLHQGR ODV QHFHVLGDGHV KHPRVFRQWULEXLGRDODFRQVWUXFFLyQ
\ H[SHFWDWLYDV GH QXHVWURV GHXQPHMRUSDtV
FOLHQWHV\DOLDGRVHVWUDWpJLFRV

\DVtGHMDUKXHOODHQOD 4XHUHPRV VHJXLU KDFLHQGR SDUWH
YLGDFRQTXLHQHVQRV GH OD KLVWRULD GH QXHVWUR SDtV
UHODFLRQDPRV GHMDQGRKXHOODFRQWRGDVODVSHUVRQDV
FRQ ODV TXH QRV UHODFLRQDPRV \ GH
DOJXQD IRUPD KDFHU SDUWH GH VXV
VXHxRV
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0LVLyQ
&RQVWUXLUUHPRGHODUGLVHxDU
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VXSHUDQGR ODV H[SHFWDWLYDV
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GH DOLDGRV HVWUDWpJLFRV 1XHVWUD
PHGLDQWHODLPSOHPHQWDFLyQ
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9LVLyQ
VHUYLFLRV \ WHFQRORJtDV SDUD &RQYHUWLUQRV HQ OtGHUHV SDUD
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FRQHOFRPSURPLVRGHQXHVWUR FRQVWUXFFLyQ GH SUR\HFWRV
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YLGDSDUDVXVLQWHJUDQWHV GHQXHVWURVFOLHQWHV
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FRQWULEX\HDODFRQVWUXFFLyQ
GH XQ PHMRU SDtV FRQ OD
JHQHUDFLyQ HMHFXFLyQ \
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0HMRUDPLHQWR GH ODV YtDV GH WHUFHU
QLYHOHQiUHDVUXUDOHVGHORVPXQLFLSLRV
IDFLOLWDQGR XQ WUDQVSRUWH DGHFXDGR
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PHMRUDQGR OD FDOLGDG GH YLGD GH VXV
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HOODV
 yWZ/E/'EZ>
EŽ͘ й &,Ͳ &,Ͳ s>KZ&/E>
EŽ͘ yWZ/E/EKZ >h'Z d/DWK:͘ Ed͘KEdZdEd
ZhW WĂƌƚŝĐ͘ /E/K &/E> KEdZdK

ϭͲ ŽŶƐƚƌƵĐĐŝŽŶĚĞsŝǀŝĞŶĚĂĚĞ/ŶƚĞƌĞƐ^ŽĐŝĂůĞŶůĂ
sŝůůĂǀŝĐĞŶĐŝŽͲ ϯĂŹŽƐLJϯ WZKsEdK^^
ϭϰͲ ϭ ĐŝƵĚĂĚĞůĂ^ĂŶŶƚŽŶŝŽ//;ϴϲϰƵŶŝĚĂĚĞƐĚĞsŝǀŝĞŶĚĂͿ ϭϬϬй ϳͬϴͬϮϬϭϯ ϭϬͬϭϬͬϮϬϭϲ ;Ψ  ϴϱϯ͘ϮϬϬ͘ϬϬϬ͕ϬϬͿ
Dd ŵĞƐĞƐ ϴϮϮ͘ϬϬϳ͘ϳϱϬͲϭ
ϭϱ ZĞƐƉŽŶƐĂďůĞĚĞůWƌŽLJ͘s/>>s/s/E;^hKEdZdKͿ
DEdE/D/EdKK'^>/h>/͕
,KD&dKZz^͘͘^͘
ϯ Ϯ /E>hz^hD/E^dZKWW>Z/z>DEdK^ ϭϬϬй ĂůŝͲsĂůůĞ ϲͬϭͬϮϬϭϰ ϭϮͬϯϬͬϮϬϭϰ ϳŵĞƐĞƐ ;Ψ  Ϯϳϯ͘ϭϮϱ͘ϬϬϬ͕ϬϬͿ
ϵϬϬ͘Ϯϭϱ͘ϰϯϵͲϴ
DK/>/Z/K^
KE^dZh/KE͕D:KZD/EdK͕DEdE/D/EdKz ^K>h/KE^^^͘
ϮŵĞƐĞƐLJϮϱ
ϭϭ ϯ KE^Zs/MEs1^E>KEKD/E/K ϭϬϬй ϭϬͬϲͬϮϬϭϰ ϭϮͬϯϭͬϮϬϭϰ ;Ψ ϭ͘ϬϬϮ͘ϰϱϭ͘ϱϰϬ͕ϬϬͿ ͘^͘ϵϬϬ͘ϭϳϬ͘ϯϮϳͲ
ĚŝĂƐ
DKEdZZz/sdW͘ ϲ
/^dZ/h/KE^
DĂƌŝƋƵŝƚĂͲ
KE^dZh/KE^DZ/Yh/dzDW>//KE ϭϭŵĞƐĞƐLJϮϯ /EsZ^/KE^dEK
ϲ ϰ ϭϬϬй dŽůŝŵĂ͕ŽŐŽƚĂͲ ϭͬϰͬϮϬϭϱ ϭϮͬϮϳͬϮϬϭϱ ;Ψ ϭ͘ϰϳϭ͘ϴϳϲ͘ϬϬϬ͕ϬϬͿ
K'h^DK'Kd/E>hzDdZ/>^ ĚŝĂƐ ,ZDEK^>d
ƵŶĚŝŶĂŵĂƌĐĂ
ϴϯϬ͘ϭϮϱ͘ϴϮϳͲϮ
KE^dZh/KEW>,h>>E>^s/^
^K>h/KE^^^͘
ZhZZ>^s/>>'ZKEWhdhDzK^>s/ sŝůůĂ'ĂƌnjŽŶͲ ϱŵĞƐĞƐLJϭϱ
ϭϮ ϱ ϭϬϬй ϮͬϭϲͬϮϬϭϱ ϳͬϯϭͬϮϬϭϱ ;Ψ  ϲϬϯ͘ϱϱϲ͘ϴϴϭ͕ϬϬͿ ͘^͘ϵϬϬ͘ϭϳϬ͘ϯϮϳͲ
WZ/E/W>;DKKs/>>'ZKEͿ,^d>&/E> WƵƚƵŵĂLJŽ ĚŝĂƐ
ϲ
͞hs>/dK͟
DW>//KE/E^d>/KE^>>DE^ &ůŽƌĞŶĐŝĂLJ ^K>h/KE^^^͘
ϱŵĞƐĞƐLJϭϭ
ϱ ϲ &>KZE/͕zDEdE/D/EdK>K' ϭϬϬй ŽŶĐĞůůŽͲ ϯͬϵͬϮϬϭϱ ϴͬϮϬͬϮϬϭϱ ;Ψ  ϯϳϱ͘ϬϬϬ͘ϬϬϬ͕ϬϬͿ ͘^͘ϵϬϬ͘ϭϳϬ͘ϯϮϳͲ
ĚŝĂƐ
h/EKE>>K ĂƋƵĞƚĂ ϲ
DhE//W/K
ŽŶƐƚƌƵĐĐŝŽŶĚĞƵůĂƐĚĞĐůĂƐĞLJ>ĂďŽƌĂƚŽƌŝŽĚĞůĂ hďĂƋƵĞͲ ϯŵĞƐĞƐLJϭϬ hYhͲ
Ϯ ϳ ϱϬй ϲͬϭͬϮϬϭϱ ϵͬϮϬͬϮϬϭϱ ;Ψ  ϭϭϰ͘ϳϭϱ͘ϴϮϯ͕ϬϬͿ
ƐĐƵĞůĂ^ĂďĂŶŝůůĂ ƵŶĚŝŶĂŵĂƌĐĂ ĚŝĂƐ hE/EDZ
ϴϬϬ͘Ϭϵϱ͘ϱϲϴͲϬ
DhE//W/K
Ws/DEd/KEs/>>ϱKEZZZϯ͕^K
hďĂƋƵĞͲ hYhͲ
ϭϬ ϴ hZEKDhE//W/KhYhhE/EDZ ϱϬй ϴͬϮϱͬϮϬϭϱ ϭϭͬϮϰͬϮϬϭϱ ϯŵĞƐĞƐ ;Ψ ϲϮ͘ϭϵϵ͘ϯϯϲ͕ϬϬͿ
ƵŶĚŝŶĂŵĂƌĐĂ hE/EDZ
;WůĂĐĂ,ƵĞůůĂͿ
ϴϬϬ͘Ϭϵϱ͘ϱϲϴͲϬ
^hD/E/^dZKDdZ/>&/ZDK;ZKͿ
WZ>DEdE/D/EdK>Zs/>dZ/Z/ DhE//W/K
E>^sZ^/Yh^dKZ^h>^ hďĂƋƵĞͲ hYhͲ
ϵ ϭϬϬй ϭϬͬϯϬͬϮϬϭϱ ϭϭͬϮϵͬϮϬϭϱ ϯϬĚŝĂƐ ;Ψ ϭϮ͘ϰϱϬ͘ϬϬϬ͕ϬϬͿ
hZE^>ZK>͕s/>>'hE^dKZ ƵŶĚŝŶĂŵĂƌĐĂ hE/EDZ
DEZ/Yh͕>DhE//W/KhYh ϴϬϬ͘Ϭϵϱ͘ϱϲϴͲϬ
WZdDEdKhE/EDZ͘
D:KZD/EdKϯϭs/sE^ZhZ>^ DhE//W/K
;ZDK>/KEK/E^ͿzD:KZD/EdK hďĂƋƵĞͲ ϵŵĞƐĞƐLJϮϬ hYhͲ
ϭϳ ϭϬ ϱϬй ϭͬϭϱͬϮϬϭϲ ϭϭͬϱͬϮϬϭϲ ;Ψ  ϮϭϮ͘ϴϭϬ͘ϱϭϭ͕ϬϬͿ
ϰϬs/s/E^;WZK'ZDW/^K^Ed/dZ/>^Ϳ ƵŶĚŝŶĂŵĂƌĐĂ ĚŝĂƐ hE/EDZ
E>DhE//W/KhYhhE/EDZ͘ ϴϬϬ͘Ϭϵϱ͘ϱϲϴͲϬ
ŽŐŽƚĂͲ
DEdE/D/EdKzh/KE>^^^ ,KD&dKZz^͘͘^͘
ϰ ϭϭ ϭϬϬй &ƵƐĂŐĂƐƵŐĂ͕ ϮͬϭͬϮϬϭϲ ϳͬϯϬͬϮϬϭϲ ϳŵĞƐĞƐ ;Ψ  Ϯϴϳ͘ϬϬϬ͘ϬϬϬ͕ϬϬͿ
K'Kd͕&h^'^h'/'h ϵϬϬ͘Ϯϭϱ͘ϰϯϵͲϴ
/ďĂŐƵĞͲdŽůŝŵĂ
 /^dZ/h/KE^
^hD/E/^dZKDdZ/>^&ZZdZ1͕ DĂƌŝƋƵŝƚĂͲ /EsZ^/KE^dEK
ϵ ϭϮ ϭϬϬй ϮͬϭϮͬϮϬϭϲ ϱͬϮϭͬϮϬϭϲ ϯŵĞƐĞƐLJϵĚŝĂƐ ;Ψ  ϰϮϳ͘ϬϬϬ͘ϬϬϬ͕ϬϬͿ
KE^dZh/KEz>dZ/K^͘/E>hz/E^d>/KE dŽůŝŵĂ ,ZDEK^>d
ϴϯϬ͘ϭϮϱ͘ϴϮϳͲϮ
KE^dZh/KE>DydZ/KZzhZE/^DK ^K>h/KE^^^͘
ϱŵĞƐĞƐLJϭϲ
ϭϯ ϭϯ >KE:hEdKZ^/E/>DKEdZZzdW^/͕//͕ ϭϬϬй ϯͬϲͬϮϬϭϲ ϴͬϮϮͬϮϬϭϲ ;Ψ  ϱϬϬ͘ϱϬϬ͘ϲϭϯ͕ϬϬͿ ͘^͘ϵϬϬ͘ϭϳϬ͘ϯϮϳͲ
ĚŝĂƐ
///z/s͘ ϲ
^K>h/KE^^^͘
KE^dZh/KE^WKZd/szZZd/s ϲŵĞƐĞƐLJϭϭ
ϴ ϭϰ ϭϬϬй ƵŶĚŝŶĂŵĂƌĐĂ ϯͬϭϳͬϮϬϭϲ ϵͬϮϴͬϮϬϭϲ ;Ψ  ϱϮϱ͘ϬϬϬ͘ϬϬϬ͕ϬϬͿ ͘^͘ϵϬϬ͘ϭϳϬ͘ϯϮϳͲ
d/WKEdZK/Ed'Z/KE/hE ĚŝĂƐ
ϲ
/EsZKE^^Θʹ
DEdE/D/EdK/E&Z^dZhdhZ/&//K ŽŐŽƚĂͲ /EsZ^/KE^z
ϳ ϭϱ ϭϬϬй ϳͬϳͬϮϬϭϲ ϴͬϴͬϮϬϭϲ ϭŵĞƐLJƵŶĚŝĂ ;Ψ  ϭϯϬ͘ϬϬϬ͘ϬϬϬ͕ϬϬͿ
WZYhϳϭK'Kd/E>hzDdZ/>^ ƵŶĚŝŶĂŵĂƌĐĂ KEdZh/KE^^͘͘
^͘ϵϬϬ͘ϵϳϭ͘ϱϬϳͲϮ
D:KZD/EdK>s/dZ/Z/>d/K>
DhE//W/K
YhKDhE/>^KhZEKKE>sZ
hďĂƋƵĞͲ ϯŵĞƐĞƐLJϭϬ hYhͲ
ϭϲ ϭϲ >h/'E>DhE//W/KhYhͲ ϭϬϬй ϳͬϭϵͬϮϬϭϳ ϵͬϭϵͬϮϬϭϳ ;Ψ  ϭϬϬ͘ϬϬϬ͘ϬϬϬ͕ϬϬͿ
ƵŶĚŝŶĂŵĂƌĐĂ ĚŝĂƐ hE/EDZ
hE/EDZKE&KZD/KEsE/K
ϴϬϬ͘Ϭϵϱ͘ϱϲϴͲϬ
/EdZD/E/^dZd/sK/hϱϮϮͲϮϬϭϲ
Z,/>/d/ME>^W/KWj>/KD/Ed>
KE^dZh/MEEE^WdKE>^E>
ZZ/KWKZ&/^>K>'/K>^W>D^> ϰŵĞƐĞƐLJϴĚŝĂƐ
sŝůůĂǀŝĐĞŶĐŝŽͲ >>/
ϭϳ EdZ>/h>>DZ/>сϭ͘ϴϲϵ͕ϰD>z Ϯϱй ϭϮͬϭϯͬϮϬϭϳ ϴͬϭϳͬϮϬϭϴ н;ƐƵƐƉĞŶĚŝĚŽϰ ;Ψ  ϰϴϳ͘ϰϬϲ͘ϰϭϱ͕ϯϯͿ
Dd s/>>s/E/KͲDd
>ZZ/K>Kd>ZZ/KD^d^;^dKZ ŵĞƐĞƐͿ
:Z/EKdE/K>'ZE:>/EDͿ>сϭ͘ϬϮϱ͕ϱ
D>>DhE//W/Ks/>>s/E/K͘
ŽŶƐƚƌƵĐĐŝŽŶĚĞƵůĂƐLJďĂƚĞƌŝĂƐĂŶŝƚĂƌŝĂĞŶůĂ ϱŵĞƐĞƐн
>>/DhE//W>
ϭϴ ŝŶƐƚŝƚƵĐŝŽŶĚƵĐĂƚŝǀĂ'ĂďƌŝĞůĂDŝƐƚƌĂůƐĞĚĞ^ĂŶEŝĐŽůĂƐ ϰй ĐĂĐŝĂƐͲDd ϱͬϳͬϮϬϭϴ ϭϮͬϮϭͬϮϬϭϴ ;ƐƵƐƉĞŶĚŝĚŽϮ ;Ψ  ϴϱϳ͘Ϭϱϴ͘ϱϭϬ͕ϬϬͿ
/^ͲDd
ĞŶĞůDƵŶŝĐŝƉŝŽĚĞĐĂĐŝĂƐͲDd ŵĞƐĞƐLJϭϱĚŝĂƐͿ
/EdZsEdKZ/dE/͕D/E/^dZd/s͕
&/EE/ZzD/Ed>>KEdZdKKZEŽ
ϬϳϵʹϮϬϭϴhzKK:dK^>KE^dZh/M
W>,h>>EKEZdKWZ> EŽĐĂŝŵĂͲ ϱŵĞƐĞƐ >>/
ϭϵ D:KZD/EdK>s//Zh/dKK/Ed> ϭϬϬй hE/EDZ ϲͬϯϬͬϮϬϭϴ ϮͬϭϰͬϮϬϭϵ ;ƐƵƐƉĞŶĚŝĚŽϭ ;Ψ ϱϴ͘ϬϬϬ͘ϬϬϬ͕ϬϬͿ EK/DͲ
;hdKW/^dD>>/EͲKhE,ͲYhZKͲ>^  ŵĞƐLJϭϱĚŝĂƐͿ hE/EDZ
DZ^Ϳ^dKZsZKhE,DhE//W/K
EK/DhE/EDZ͕E:h/KE>
KEsE/K/hͲϴϵϬϮϬϭϳ