BH@K OQNCTBS ROD /VUSJFOUF FO QBSUFT ):%30 " # /D PD\RUtD GH ORV PHGLRV GH FXOWLYR QR FRQWLHQHQ VXILFLHQWHV VXVWDQFLDV QXWULFLRQDOHV \ ROLJRHOHPHQWRV IDFWRUHV TXH VRQ LPSRUWDQWHV SDUD ODV SODQWDV VL KDQ GH ORJUDU XQ FUHFLPLHQWR \ XQD IORUDFLyQ H[XEHUDQWHV /RV QXWULHQWHV GH +< 352 HVWiQ WDQ DGDSWDGRV TXH WRGDV ODV SODQWDV RUQDPHQWDOHV UHDFFLRQDQ GH PDQHUD ySWLPD HQ FXDOTXLHU VLWXDFLyQ 7RPHPRV HO QXWULHQWH HQ GRV FRPSRQHQWHV +<'52 $ % ORV FRPSRQHQWHV VH FRPSOHPHQWDQ XQR FRQ RWUR VLQ ILVXUDV SDUD FUHDU XQ IHUWLOL]DQWH FRQ HO FXDO SXHGHQ GHVDUUROODUVH DO Pi[LPR ODV SODQWDV FXOWLYDGDV HQ KLGURFXOWLYRV 1LYHOHV iFLGRV \ GH VDOHV (VWH SURGXFWR GH DOWR YDORU FXDOLWDWLYR RIUHFH PXFKDV YHQWDMDV DGLFLRQDOHV 8QD YH] PH]FODGD OD VROXFLyQ QR VH DVLHQWD GH QXHYR /DV IOXFWX DFLRQHV HQ ORV YDORUHV GH S+ \ GH (& OD DFLGH] \ OD FRQFHQWUDFLyQ GH VDOHV QXQFD VH GLVSDUDQ (VWR HV HVHQFLDO SRUTXH VL HVWRV YDORUHV YDUtDQ ODV FDQWLGDGHV GH QXWULHQWHV TXH DEVRUEHQ ODV SODQWDV WDPELpQ YDUtDQ \ HVWR VH GHMDUi QRWDU HQ FyPR FUHFH OD SODQWD 9HQWDMDV GHO KLGURFXOWLYR /D KLGURFXOWXUD RIUHFH PXFKDV YHQWDMDV VREUH HO FXOWLYR HQ WLHUUD QRUPDO 3RU HMHPSOR WLHQH SRFR PDQWHQLPLHQWR SRU OR TXH VXSRQH XQD VROXFLyQ SDUD DKRUUDU WLHPSR $ FRQWLQXDFLyQ VH HQFXHQWUDQ WRGDV ODV YHQWDMDV GH OD KLGURFXOWXUD 0D\RU HVSHUDQ]D GH YLGD SDUD ODV SODQWDV 0HQRU VXVFHSWLELOLGDG D PRKRV HQIHUPHGDGHV H LQVHFWRV 1R DFLGLILFDFLyQ GH OD WLHUUD IHUWLOL]DFLyQ VLPSOH +XPHGDG DPELHQWDO VXILFLHQWH GH IRUPD FRQVWDQWH 7RGDV ODV SODQWDV RUQDPHQWDOHV FRPXQHV UHVSRQGHQ UHDOPHQWH ELHQ D HVWD WpFQLFD GH FXOWLYR 8VR +< '52 $ % SXHGH DSOLFDUVH GHVGH OD VHJXQGD VHPDQD GHO SHULRGR GH IORUDFLyQ GH OD SODQWD SUHIHULEOHPHQWH MXVWR GHVSXpV GH OD DSOLFDFLyQ GHO HVWLPXODGRU GH UDt FHV 6H DFRQVHMD PDQWHQHU OD FRQFHQWUDFLyQ D (VWR HTXLYDOH D XQRV PO SRU FDGD OLWUR GH DJXD 'LVSRQLEOH HQ HQYDVHV GH \ OLWURV ): 130 5FSSB DPNQPOFOUF /RV FXOWLYDGRUHV GH SODQWDV GHFRUDWLYDV TXH XVDQ SURGXFWRV +< 352 GXUDQWH WRGR HO SHULRGR GH FXOWLYR SRGUiQ UHFRQRFHU XQ FUHFLPLHQWR ySWLPR GH OD SODQWD VHJXLGR ): 130 3PPUTUJNVMBUPS /DV SODQWDV DIURQWDQ GHVDItRV FRQVWDQWHV GXUDQWH WRGR VX FLFOR YLWDO &DGD IDVH GH OD YLGD WLHQH VXV SURSLRV UHTXHULPLHQWRV ORV FXDOHV KDQ GH VHU VDWLVIHFKRV SDUD TXH OD SODQWD SXHGD FUHFHU GH PDQHUD ySWLPD 7DPELpQ SDUD HO FXOWLYDGRU GH OD SODQWD HVWR OOHYD D GHPDQGDV TXH FDPELDQ FRQVWDQWHPHQWH D OD KRUD GH DxD GLU QXWULHQWHV /D PHMRU HVWUDWHJLD FRQVLVWH HQ HPSH]DU FRQ OR EiVLFR ODV UDtFHV GH OD SODQWD /DV SODQWDV GHSHQGHQ GH VX VLVWHPD GH UDtFHV SDUD VX DSRUWH GH DOLPHQWR $EVRUEHQ ORV QXWULHQWHV PHGLDQWH ODV UDtFHV TXH HOODV PLV PDV GHVDUUROODQ 3RU OR WDQWR XQ VLVWHPD UDGLFXODU VDQR \ ELHQ UDPL ILFDGR DVHJXUD TXH KD\D XQ EXHQ DSRUWH GH VXVWDQFLDV QXWULWLYDV $xDGLU +< 352 5RRWVWLPXODWRU SXHGH HVWLPXODU HVWH VLVWHPD GH UDtFHV GH IRUPD TXH VH FUHH XQD EDVH ILUPH SDUD OD SODQWD $\XGDV DO FXOWLYR 3RU VXSXHVWR ODV SODQWDV WLHQHQ RWURV UHTXHULPLHQWRV UHVSHFWR D VX HQWRUQR (O FOLPD HQ HO TXH VH FXOWLYDQ H[WHULRU R LQWHULRU SRU HMHPSOR MXHJD XQ SDSHO LPSRUWDQWH /R PLVPR RFXUUH FRQ XQ YDORU HVWDEOH GHO S+ 3DUD HOOR +< 352 WDPELpQ FXHQWD FRQ SUR GXFWRV HVSHFLDOHV GH D\XGD HQ VX JDPD FRPR +< 352 3+ +< 352 5RRWVWLPXODWRU SXHGH DxDGLUVH D OD VROXFLyQ QXWULHQWH R DO VLVWHPD GH ULHJR 3XHGH DxDGLUVH DO PLVPR WLHPSR TXH +< 352 7HUUD SDUD SODQWDV FXOWLYDGDV HQ WLHUUD R +<'52 $ % SDUD SODQWDV GHVDUUROODGDV HQ KLGURFXOWLYRV 6H DFRQVHMD GLOXLU 5RRWVWLPXODWRU HQ DJXD D XQD SURSRUFLyQ (VWR HTXLYDOH D XQRV PO SRU OLWUR GH DJXD /R SUHIHULEOH HV TXH SUHSDUHV VyOR OD FDQWLGDG TXH QHFHVLWHV FDGD YH] TXH OR XVHV (VWi GLVSRQLEOH HQ HQYDVHV GH OLWURV OLWURV OLWUR \ OLWURV ): 130 4QSBZNJY 7RGR HO PXQGR FRQRFH HO HIHFWR TXH WLHQH XQD OOXYLD UHIUHVFDQWH VREUH XQD SODQWD VHGLHQWD 7DPELpQ SXHGHV REVHUYDU HO PLVPR HIHFWR FRQ +< 352 6SUD\PL[ 6H WUDWD GH XQD VXVWDQFLD TXH SURSRUFLRQD QXWULHQWHV D ODV KRMDV SRU OR TXH SXHGHQ WUDQVSLUDU GH PDQHUD ySWLPD 3OFT 3ECRETS GH XQD IORUDFLyQ HVSOpQGLGD (O FRPSRVW VyOR FRQWLHQH QXWULHQWHV VXILFLHQWHV SDUD ODV SULPHUDV VHPDQDV $ YHFHV RWURV PHGLRV GH FXOWLYR SXHGHQ FRQWHQHU GHPDVLDGRV SRFRV QXWULHQWHV 7LHUUD GH MDUGtQ /D WLHUUD QRUPDO SDUD MDUGtQ GLVWD PXFKR GH VHU LGHDO UHVXOWD FRP SOLFDGR DSRUWDU ODV FDQWLGDGHV SUHFLVDV GH VROXFLyQ QXWULHQWH \D TXH HVWH WLSR GH WLHUUD FRQWLHQH FDQWLGDGHV GHVFRQRFLGDV GH QXWULHQWHV \ D PHQXGR WDPELpQ VH HQFXHQWUDQ FRQWDPLQDQWHV 8Q EXHQ IHU WLOL]DQWH WLHQH HVWR HQ FXHQWD \ FXEUH ORV SXQWRV GpELOHV HQ FDVR QHFHVDULR &XDQWR PHMRU VHD OD FDOLGDG GHO IHUWLOL]DQWH PD\RU VHUi OD FDSDFLGDG GH OD SODQWD SDUD DEVRUEHUOR /DV VXVWDQFLDV TXH QR VH DEVRUEHQ QR FUHDQ HVWUpV SDUD OD SODQWD /D JUDQ FDOLGDG GH ORV LQJUHGLHQWHV GH +< 352 7HUUD HV SUiFWLFDPHQWH UHYROXFLRQDULD 2OLJRHOHPHQWRV 3DUD WHQHU SODQWDV VDQDV HV QHFHVDULR DxDGLU ORV ROLJRHOHPHQWRV SUHFLVRV D OD PH]FOD EiVLFD &RQ +< 352 7HUUD ODV SODQWDV UHDFFLRQDQ GH PDQHUD ySWLPD D WRGD FODVH GH FLUFXQVWDQFLDV \D VHD HQ LQWHULRU R DO DLUH OLEUH 8VR +< 352 7HUUD SXHGH DxDGLUVH GH PDQHUD ySWLPD D SDUWLU GH OD WHUFHUD VHPDQD GHO SHUL RGR GH IORUDFLyQ 6H UHFRPLHQGD DxDGLUOR DO DJXD HQ XQD SURSRUFLyQ GH PO SRU OLWUR 6L DFDEDV DSRUWDQGR GHPDVLDGR IHUWLOL]DQWH QRWDUiV XQD FRORUDFLyQ GH FRORU PDU UyQ FODUR HQ ODV KRMDV 3URSRUFLRQDU DJXD H[WUD D ODV SODQWDV SXHGH UHPHGLDUOR &RQVHMR 'HMD TXH HO DJXD VH SRQJD D WHPSHUDWXUD DPELHQWH DQWHV GH PH]FODU HO QXWULHQWH (VWR D\XGDUi D HYLWDU IOXFWXDFLRQHV HQ HO YDORU GHO S+ DFLGH] \ HQ OD FRQFHQWUDFLyQ GH (& VDOHV SRU OR TXH IDYRUHFH XQ FUHFL PLHQWR ySWLPR 'LVSRQLEOH HQ HQYDVHV GH \ OLWURV 3DUD PiV LQIRUPDFLyQ ZZZ K\ SUR QO R H PDLO LQIR#K\ SUR QO &RQWHQLGR GH KXPHGDG HQ HO DLUH /DV SODQWDV TXH VH FXOWLYDQ HQ LQWHULRU VXHOHQ QR GLVSRQHU GHO FRQWHQLGR LGHDO GH KXPHGDG HQ HO DLUH DOUHGHGRU GH HOODV HVSHFLDOPHQWH ODV SODQWDV RUQDPHQWDOHV TXH SURYLHQHQ GH ODV VHOYDV WURSLFDOHV D ODV FXDOHV OHV JXVWD UHDOPHQWH XQD EXHQD KXPHGDG DOWD 3RU HVWH PRWLYR VH GHVDUUROOy +< 352 6SUD\PL[ 9HQWDMDV 8QD YHQWDMD DGLFLRQDO GH +< 352 6SUD\PL[ HV TXH D\XGD D TXH OD SODQWD UHIXHUFH VX UHVL VWHQFLD DQWH FXDOTXLHU LQIOXHQFLD QHJDWLYD H[WHUQD TXH VH SURGX]FD HYHQWXDOPHQWH FRPR SXHGH VHU XQD OX] VRODU GHPDVLDGR IXHUWH $GHPiV HVWLPXOD TXH OD SODQWD SURGX]FD KRMDV QXHYDV 8VR +< 352 6SUD\PL[ VyOR FRQWLHQH LQJUHGLHQWHV GH DOWD FDOLGDG (O SURGXFWR HV ~QLFR HQ OR TXH UHVSHFWD D VX FRPSRVLFLyQ \ ORV HIHFWRV SRVLWLYRV GH VX XVR VH QRWDQ UiSLGD PHQWH 6H UHFRPLHQGD KDFHU OD PH]FOD HQ XQD SURSRUFLyQ 3RU OR WDQWR DxDGH PO GH 6SUD\PL[ +< 352 D FDGD OLWUR GH DJXD $ FRQWLQXDFLyQ PH]FOD ELHQ OD VROXFLyQ \ SXOYHUt]DOD VREUH ODV KRMDV 8QD YH] KHFKD OD PH]FOD FRQ 6SUD\PL[ GHEH XVDUVH HQ XQD DSOLFDFLyQ \D TXH VX FRPSRVLFLyQ FDPELD VL VH PDQWLHQH HQ XQD VROXFLyQ GLOXLGD 'LVSRQLEOH HQ HQYDVHV GH OLWURV OLWURV OLWUR \ OLWURV ): 130 4UBSUFST 1BDL 1XHYR +< 352 WLHQH XQ SURGXFWR QXHYR HQ VX JDPD HO SDFN GH LQWURGXFFLyQ 'LVSRQLEOH HQ ODV VLJXLHQWHV FRQILJXUDFLRQHV 6WDUWHUV SDFN HVWiQGDU PO $ % PO 5RRWVWLPXODWRU 6SUD\PL[ S+ 6WDUWHUV SDFN FRQ VHPLOODV 6WDUWHUV SDFN FRQ VHPLOODV 3DUD PiV LQIRUPDFLyQ ZZZ K\ SUR QO R H PDLO LQIR#K\ SUR QO