Lexicografía aplicada: Un estudio en torno a la composición de palabras en el lenguaje publicitario.

   A  ȋȌ   Àǣ ×   ǣ ǣ  ǡʹ͵ǤͲ͹ǤʹͲͳͻ       $*5$'(&,0,(1726  $&DUPHQSRUJXLDUPHHQWRGRORTXHKDSRGLGRSRUVHUXQUHIHUHQWH&DUPHQ GH PD\RU TXLHUR VHU FRPR W~ SRU HVWDU VLHPSUH GLVSRQLEOH \ SRU PRWLYDUPH FRQWLQXDPHQWHSDUDPHMRUDU $)HOL[SRUVHJXLUPLWUDEDMR\HFKDUPHXQDPDQRFXDQGRPHKHEORTXHDGR $PLIDPLOLDSRUVXDSR\RFRQVWDQWHSRUVXLQILQLWDSDFLHQFLD\SRUDSUHQGHUD ODIXHU]DODVEDVHVGHODFRPSRVLFLyQDOHPDQDVLQWHQHUQLLGHDGHDOHPiQ $&KLDUDSRUDQLPDUPHHQORVPRPHQWRVGHHVWUpVSRUD\XGDUPHHQODORFXUD GHRUJDQL]DUODVOLVWDVGHFRPSXHVWRV\SRUQRGHMDUPHPRULUGHKDPEUHHQORVGtDVGH WUDEDMRPiVLQWHQVR $WRGRVJUDFLDV      5(680(1 (Q HVWH WUDEDMR QRV SURSRQHPRV DQDOL]DU HO IHQyPHQR GH OD FRPSRVLFLyQ GH SDODEUDV HQ HO OHQJXDMH SXEOLFLWDULR DOHPiQ 3DUD HOOR SUHVHQWDUHPRV ODV SULQFLSDOHV FDUDFWHUtVWLFDV GHO SURFHVR GH OD FRPSRVLFLyQ HO SUHGLOHFWR GH HVWD OHQJXD SDUD OD IRUPDFLyQ GH QXHYDV SDODEUDV &RQ HVH ILQ KHPRV UHDOL]DGR XQD VHOHFFLyQ GH FRPSXHVWRVQRYHGRVRVH[WUDtGRVGHGLIHUHQWHVSiJLQDVZHEDOHPDQDVGHHPSUHVDVGH FRVPpWLFD &RPR DVSHFWR QRYHGRVR GHQWUR XQ HVWXGLR OH[LFRJUiILFR GHO OHQJXDMH SXEOLFLWDULR VH KD VHOHFFLRQDGR XQ iPELWR GH OD SXEOLFLGDG SRFR H[SORUDGR KDVWD HO PRPHQWRFRPRHVODSXEOLFLGDGGHSURGXFWRVGHFRVPpWLFDPDVFXOLQRV 3$/$%5$6 &/$9( /H[LFRJUDItD OH[LFRORJtD FRPSRVLFLyQ QHRORJLVPRV SXEOLFLGDG  =86$00(1)$6681* $EVLFKW GHU YRUOLHJHQGHQ $UEHLW LVW HV GLH .RPSRVLWLRQ LQ GHU GHXWVFKHQ :HUEHVSUDFKH ]X DQDO\VLHUHQ (LJHQV ]X GLHVHP =ZHFN ZHUGHQ GLH ZHVHQWOLFKHQ 0HUNPDOH GHU .RPSRVLWLRQ DOV EHOLHEWHVWHU 9RUJDQJ QHXH :|UWHU ]X VFKDIIHQ YRUJHVWHOOW'HUEHVRQGHUH6FKZHUSXQNWJLOWGHU%HWUDFKWXQJYRQ:RUWQHXELOGXQJHQLP %HUHLFKGHU.RVPHWLNEUDQFKHDXIYHUVFKHLGHQHQ:HEVHLWHQGLHOHGLJOLFKIU0lQQHU *HVLFKWVSIOHJHZHUEHQ$QKDQGGLHVHU:HUEHVSH]LILNDVHW]WVLFKGLHVHOH[LNRJUDSKLVFKH $UEHLWDXFKQRFK]XP=LHODNWXHOOH:RUWELOGXQJVW\SHQXQG1HRORJLVPHQWHQGHQ]LHOO DXI]XGHFNHQ GD GLHVHU %HUHLFK X ( QRFK QLFKW WLHIJUQGLJ ZHQQ EHUKDXSW GXUFKIRUVFKWZXUGH 67,&+:g57(5 /H[LNRJUDSKLH /H[LNRORJLH .RPSRVLWLRQ 1HRORJLVPHQ :HUEXQJ  $%675$&7 ,QWKLVHVVD\ZHPDNHLWRXUJRDOWRDQDO\]HWKHZRUGFRPSRVLWLRQSKHQRPHQRQ ZLWKLQWKH*HUPDQDGYHUWLVLQJWHUPLQRORJ\ ,QRUGHU WR GRVR ZHZLOOLQWURGXFH WKH PDLQ IHDWXUHV RI WKH FRPSRVLWLRQ SURFHVV WKH IDYRULWH PHWKRG WR EXLOG ZRUGV LQ WKH    *HUPDQODQJXDJH:LWKFRQVLGHUDWLRQWRRXUJRDOZHKDYHUHDOL]HGDVHOHFWLRQRIQHZ FRPSOH[ZRUGVWDNHQIURPPXOWLSOH*HUPDQZHEVLWHVWKDWVHOOSHUVRQDOFDUHSURGXFWV :HKDYHSLFNHGDQXQWLOQRZEDUHO\H[SORUHGDUHDZKLFKLVWKHDGYHUWLVLQJRIPHQ SHUVRQDO FDUH SURGXFWV DV D IUHVK FRPSRQHQW ZLWKLQ WKH OH[LFRJUDSKLF UHVHDUFK LQ DGYHUWLVLQJWHUPLQRORJ\ .(<:25'6 /H[LFRJUDSK\ OH[LFRORJ\ ZRUGFRPSRVLWLRQ QHRORJLVPV DGYHUWLVLQJ Àǣ×   ϭ  Ë1',&(  ,1752'8&&,Ï1  ͷǤAAǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻ ͸ǤAǤVǤǤǤͻ Ϯϭ WĂůĂďƌĂϲ ϮϮ DŽƌĨĞŵĂƐϳ ϮϮϭ DŽƌĨĞŵĂƐůŝďƌĞƐϴ ϮϮϮ ŽŶĨŝũŽƐ;<ŽŶĨŝdžĞͿLJĂĨŝũŽŝĚĞƐŽƐĞŵŝĂĨŝũŽƐ;ĨĨŝdžŽŝĚĞŽĚĞƌ,ĂůďĂĨĨŝdžĞͿϴ ϮϮϯ DŽƌĨĞŵĂƐůŝŐĂĚŽƐϵ Ϯϯ ůĞŵĞŶƚŽƐĚĞũƵŶƚƵƌĂ;&ƵŐĞŶĞůĞŵĞŶƚĞŽ<ŽŵƉŽƐŝƚŝŽŶƐĨƵŐĞͿϭϬ ͹ǤVǤVǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷͶ ϯϭ ĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞůŽƐĐŽŵƉƵĞƐƚŽƐϭϭ ϯϭϭ ƐƉĞĐƚŽƐƐĞŵĄŶƚŝĐŽƐϭϯ ϯϭϭϭ DŽƚŝǀĂĐŝſŶϭϯ ϯϭϭϮ dŝƉŽƐĚĞĐŽŵƉƵĞƐƚŽƐĚĞƐĚĞĞůƉƵŶƚŽĚĞǀŝƐƚĂƐĞŵĄŶƚŝĐŽϭϰ ϯϭϮ ƐƉĞĐƚŽƐŵŽƌĨŽůſŐŝĐŽͲĞƐƚƌƵĐƚƵƌĂůĞƐϭϱ ϯϭϮϭ ĐĞŶƚƵĂĐŝſŶϭϱ ϯϭϮϮ 'ƌĂĨşĂϭϲ ϯϭϮϯ DŽƌĨŽƐŝŶƚĂdžŝƐϭϳ ϯϭϮϯϭ >ŽƐĐŽŶƐƚŝƚƵLJĞŶƚĞƐĞŶĐŽŵƉƵĞƐƚŽƐŶŽŵŝŶĂůĞƐLJĂĚũĞƚŝǀĂůĞƐϭϳ ϯϭϮϯϮ WĂůĂďƌĂƐĨŽƌŵĂĚĂƐƉŽƌƐŝŶƚĂŐŵĂƐ;ƵƐĂŵŵĞŶďŝůĚƵŶŐLJ ƵƐĂŵŵĞŶƌƺĐŬƵŶŐͿϭϵ ϯϭϮϯϯ 'ĠŶĞƌŽLJĚĞĐůŝŶĂĐŝſŶϮϬ ϯϭϮϯϰ ŝŶĂƌŝĞĚĂĚϮϬ ϯϭϮϯϱ ůĞŵĞŶƚŽƐĚĞƵŶŝſŶϮϮ ϯϭϯ ƐƉĞĐƚŽƐƉƌĂŐŵĄƚŝĐŽƐϮϯ ͺǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸ͻ ͻǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸ͽ ϱϭ DĞƚŽĚŽůŽŐşĂLJĚĞƐĐƌŝƉĐŝſŶĚĞůĐŽƌƉƵƐϮϳ Àǣ×   Ϯ  ϱϮ ŶĄůŝƐŝƐĚĞůĐŽƌƉƵƐĐŽŵƉŽƐŝĐŝſŶLJŶĞŽůŽŐşĂĞŶůĂƉƵďůŝĐŝĚĂĚĚĞĐŽƐŵĠƚŝĐĂ ŵĂƐĐƵůŝŶĂϮϵ &21&/86,21(6  %,%/,2*5$)Ë$  $1(;26  ͷǣǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺ͸ ͸ǣǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻ; ͹ǣǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͼͼ ͺǣ×ǤǤǤǤǤǤͽ͸  Àǣ×   ϯ  ,1752'8&&,Ï1 /DV OHQJXDV QDWXUDOHV VRQ HO PHGLR GH FRPXQLFDFLyQ SRU H[FHOHQFLD GH XQDV VRFLHGDGHV TXH VH HQFXHQWUDQ HQ FRQVWDQWH FDPELR /RV DYDQFHV FLHQWtILFRV \ WHFQROyJLFRVODVQXHYDVUHDOLGDGHVVRFLDOHV\ODJOREDOL]DFLyQVRQVRORXQDPXHVWUDGH ORVP~OWLSOHVIDFWRUHVTXHSXHGHQKDFHUQHFHVDULDXQDDPSOLDFLyQGHOOp[LFR3DUDHOOR ORV KDEODQWHV GH OD OHQJXD DOHPDQD WLHQHQ YDULDV SRVLELOLGDGHV D VX GLVSRVLFLyQ OD DGRSFLyQGHH[WUDQMHULVPRVODFUHDFLyQGHWpUPLQRVRODIRUPDFLyQGHQXHYDVSDODEUDV HPSOHDQGRSDUDHOORHOPDWHULDOOp[LFR\DGLVSRQLEOH'HQWURGHHVWD~OWLPDRSFLyQOD FRPSRVLFLyQVHUiFRQGLIHUHQFLDHOSURFHVRSUHIHULGRHQODOHQJXDDOHPDQD /RV KDEODQWHV QR FRQVWUX\HQ XQLGDGHV Op[LFDV VLPSOHPHQWH VLJXLHQGR XQDV UHJODVVLQRTXHORKDFHQSHUVLJXLHQGRXQILQRXQRVGHWHUPLQDGRVHIHFWRV\ODWpFQLFD HPSOHDGDSDUDODFRPSRVLFLyQGHODVSDODEUDVYDDGHSHQGHUGHODVFLUFXQVWDQFLDV\GH OD IXQFLyQ FRPXQLFDWLYD FI (OVHQ (Q HO FDVR GH OD SXEOLFLGDG HO OHQJXDMH GHEH FXPSOLUXQDIXQFLyQGHWHUPLQDGD±SHUVXDVLYD\DSHODWLYDDGHPiVGHLQIRUPDWLYD±SRU ORTXHHQFRQWUDPRVHQHVWHWLSRGHWH[WRVXQDSURIXVLyQGHFRPSXHVWRVQRYHGRVRVTXH ORVKDFHQHVSHFLDOPHQWHLQWHUHVDQWHVSDUDHVWXGLRVFRPRHOQXHVWUR (QHOHVWXGLRGHIHQyPHQRVFRPRVRQODIRUPDFLyQGHSDODEUDV\ODQHRORJtDHV IUHFXHQWH HQWRQFHV UHFXUULU DO OHQJXDMH SXEOLFLWDULR H LQFOXVR \D VH KDQ SXEOLFDGR HVWXGLRVFHQWUDGRVHQHOFDPSRGHODFRVPpWLFDFI(OVHQ6LQHPEDUJRHVWRVHVWXGLRV KDQGLULJLGRVLHPSUHVXDWHQFLyQDORVDQXQFLRVHQIRFDGRVDXQS~EOLFRIHPHQLQRVHJ~Q KHPRVSRGLGRFRPSUREDUDOUHYLVDUODELEOLRJUDItDVREUHHOWHPD(VSRUHVWHPRWLYR TXHFRQHOILQGHDSRUWDUXQDSHUVSHFWLYDGLIHUHQWHDXQFDPSR\DHVWXGLDGRKHPRV GHFLGLGRFHQWUDUQXHVWUDLQYHVWLJDFLyQHQODSXEOLFLGDGGHODFRVPpWLFDSDUDKRPEUHV $QWHV GH DERUGDU ODV FXHVWLRQHV SODQWHDGDV DEULPRV HVWH WUDEDMR FRQ GRV FDStWXORVGHGLFDGRVDDFODUDUORVFRQFHSWRVEiVLFRVVREUHODVGLVFLSOLQDVOLQJtVWLFDVHQ ODVTXHVHYDDHQPDUFDUHVWHWUDEDMR(QHOVLJXLHQWHFDStWXORHOFDStWXORWUDWDUHPRV FRQ PiV SURIXQGLGDG ORV DVSHFWRV WHyULFRV UHODWLYRV D OD FRPSRVLFLyQ FRPR SURFHVR SUHGLOHFWRGHODOHQJXDDOHPDQDSDUDODIRUPDFLyQGHQXHYDVSDODEUDV(QpOUHDOL]DPRV XQDGHVFULSFLyQJHQHUDOGHODVFDUDFWHUtVWLFDVGHORVFRPSXHVWRVQRPLQDOHV\DGMHWLYDOHV GHVGH GLIHUHQWHV SXQWRV GH YLVWD YDORUDQGR SDUD HOOR DVSHFWRV VHPiQWLFRV DVSHFWRV Àǣ×   ϰ  PRUIROyJLFRHVWUXFWXUDOHV \ DVSHFWRV SUDJPiWLFRV 'H HVWH PRGR DEDUFDUHPRV WDQWR IDFWRUHV IXQFLRQDOHV \ GLVWULEXFLRQDOHV FRPR FRJQLWLYRV /D GHWHUPLQDFLyQ GH HVWRV SDUiPHWURVWHQGUiVXVUHSHUFXVLRQHVLQPHGLDWDVHQODSDUWHSUiFWLFDGHQXHVWURWUDEDMR (QHOFXDUWRFDStWXORVHHQXQFLDUiQODVSULQFLSDOHVFDUDFWHUtVWLFDVGHOOHQJXDMH SXEOLFLWDULR 3RU~OWLPRHQHOFDStWXORH[SRQGUHPRVPiVGHWDOODGDPHQWHODPHWRGRORJtD\ ORVUHVXOWDGRVGHODQiOLVLVGHOFRUSXVVHOHFFLRQDGR$OWUDWDUVHGHXQHVWXGLRGHFDUiFWHU OH[LFRJUiILFRH[DPLQDPRVSULPHUDPHQWHORVGDWRVREWHQLGRVHQFRQMXQWRXQWRWDOGH  SDODEUDV FRPSXHVWDV 6LQ HPEUDJR WUDV XQ DQiOLVLV PiV SRUPHQRUL]DGR \ OD HOLPLQDFLyQ GH ORV HOHPHQWRV GXSOLFDGRV DVt FRPR OD H[FOXVLyQ GH DTXHOORV TXH SUHVHQWDEDQ GLIHUHQWHV UHDOL]DFLRQHV PRUIROyJLFDV HO WDPDxR PXHVWUDO GH QXHVWUD LQYHVWLJDFLyQVHYLRUHGXFLGRDWpUPLQRV$ILQGHVLPSOLILFDU\IDFLOLWDUDOOHFWRUOD WDUHD GH FRPSUREDFLyQ GH GDWRV FODXVXUDUHPRV QXHVWUR HVWXGLR FRQ GRV DQH[RV LOXVWUDWLYRVGHODFULEDGHGDWRVYLG$QH[RV,\,, Àǣ×   ϱ  /(;,&2*5$)Ë$</(;,&2/2*Ë$ /DOH[LFRORJtDHVODGLVFLSOLQDGHODOLQJtVWLFDTXHVHRFXSDGHOHVWXGLRGHODV HVWUXFWXUDVVLJQLILFDGRV\IXQFLRQHVGHODVXQLGDGHVOp[LFDVGHXQDOHQJXD(VWHDQiOLVLV SXHGHOOHYDUVHDFDERGHVGHXQSXQWRGHYLVWDGLDFUyQLFRHWLPROyJLFRRVLQFUyQLFR DWHQGLHQGR DVt D ODV SDUWLFXODULGDGHV GH XQD OHQJXD HQ FRQFUHWR HQ XQ PRPHQWR GHWHUPLQDGR $Vt PLVPR FRPSUHQGH HO HVWXGLR FLHQWtILFR GH OD IRUPDFLyQ \ HO VLJQLILFDGR GH ORV OH[HPDV \ GH FyPR pVWRV VH FRPELQDQ HQWUH Vt IRUPDQGR QXHYDV XQLGDGHV(QHVWHRUGHQGHFRVDVODQHRORJtDVHUtDXQDUDPDGHQWURGHODOH[LFRORJtD TXHVHFHQWUDHVSHFtILFDPHQWHHQHOHVWXGLRFLHQWtILFRGHODVQXHYDVSDODEUDV /D OH[LFRJUDItD SRU VX SDUWH YD D DQDOL]DU HO Op[LFR FRQ XQ ILQ SUiFWLFR OD HODERUDFLyQGHGLFFLRQDULRVDKRQGDQGRHQFXHVWLRQHVGHWLSRWHyULFR\PHWRGROyJLFR IXQGDPHQWDOHVSDUDODSUD[LVOH[LFRJUiILFD $VtYHPRVTXHODOH[LFRORJtD\ODOH[LFRJUDItDVRQGRVUDPDVGHODOLQJtVWLFD HVWUHFKDPHQWHUHODFLRQDGDVHQWUHVtHQFXDQWRDTXHHOREMHWRGHHVWXGLRGHDPEDVHVHO Op[LFRGHXQDOHQJXD(QODVGRVHVHOOH[HPDODXQLGDGFHQWUDODXQTXHHVWHVHREVHUYH GHVGHGLIHUHQWHVSHUVSHFWLYDVPLHQWUDVTXHHOOH[LFyJUDIRSUHWHQGHUHJLVWUDU\GHVFULELU XQGHWHUPLQDGRYRFDEXODULRHOOH[LFyORJREXVFDGHVFULELUOR\DQDOL]DUORFI(OVHQ 'HHVWHPRGRYDDVHULJXDOPHQWHPDWHULDGHLQWHUpVSDUDHVWDVGLVFLSOLQDVHO HVWXGLRGHORVQHRORJLVPRV\ODIRUPDFLyQGHQXHYDVSDODEUDVDVSHFWRVHQORVTXHQRV YDPRVDFRQFHQWUDUHQHOGHVDUUROORGHHVWHWUDEDMR /$ 025)2/2*Ë$ '(5,9$7,9$ (/(0(1726 '( /$ )250$&,Ï1'(3$/$%5$6 /DIRUPDFLyQGHSDODEUDVHQDOHPiQ:RUWELOGXQJHQWHQGLGDFRPRODUDPDTXH HVWXGLD ORV SURFHVRV DFWLYRV SDUD JHQHUDU QXHYDV SDODEUDV HV XQD SDUFHOD PX\ LPSRUWDQWHGHQWURGHODOH[LFRORJtD3DUDHQWHQGHUODPHMRUSXHGHUHVXOWDUGHD\XGDXQD DFODUDFLyQSUHYLDGHORVGLIHUHQWHVFRQFHSWRV\GHODVXQLGDGHVTXHYDQDWRPDUSDUWHHQ HVWHSURFHVRDFWLYRGHFUHDFLyQOp[LFD/DVQXHYDVSDODEUDVYDQDIRUPDUVHVLJXLHQGR GLIHUHQWHVSURFHGLPLHQWRVDSDUWLUGHXQLQYHQWDULROLQJtVWLFR \D H[LVWHQWH SDODEUDV FRQILMRV\DILMRVELHQYHUQiFXORRELHQIRUiQHR3RUHVWDUD]yQSDVDPRVDPHQFLRQDUD Àǣ×   ϭϮ  YDORUDQGR SDUD HOOR DVSHFWRV VHPiQWLFRV DVSHFWRV PRUIROyJLFRHVWUXFWXUDOHV \ DVSHFWRV SUDJPiWLFRV'HHVWHPRGRDEDUFDUHPRVWDQWRIDFWRUHVIXQFLRQDOHV\GLVWULEXFLRQDOHVFRPR FRJQLWLYRV /D GHWHUPLQDFLyQ GH ORV VLJXLHQWHV SDUiPHWURV TXH HVWXGLDUHPRV HQ HVWH FDStWXOR WHQGUiVXVUHSHUFXVLRQHVLQPHGLDWDVHQODSDUWHSUiFWLFDGHQXHVWURWUDEDMR3RUHOORGHEHPRV WHQHU HQ FXHQWD TXH SDUD OD GHVFULSFLyQ GH ODV FDUDFWHUtVWLFDV GH ORV FRPSXHVWRV TXH SUHVHQWDPRV D FRQWLQXDFLyQ YDPRV D FRQVLGHUDU H[FOXVLYDPHQWH OD SRVLFLyQ GH ORV GRV FRQVWLWX\HQWHV/DWHUPLQRORJtDHPSOHDGDSDUDUHIHULUVHDGLFKRVHOHPHQWRVGHOFRPSXHVWR HVPX\YDULDGD8.±8..RQVWLWXHQWH±.RQVWLWXHQWH(UVWJOLHG±=ZHLWJOLHG %HVWLPPXQJVZRUW ± *UXQGZRUW HWF (Q HVWH WUDEDMR YDPRV D XWLOL]DU ORV WpUPLQRV ³FRQVWLWX\HQWH $´ \ ³FRQVWLWX\HQWH %´ SDUD UHIHULUQRV DO SULPHU \ VHJXQGR FRQVWLWX\HQWH UHVSHFWLYDPHQWH FI 2VWHU  3RU OR WDQWR HVWRV DVSHFWRV QHFHVDULDPHQWH GHEHQ VHU PDWL]DGRV  Àǣ×   ϭϯ  $VSHFWRVVHPiQWLFRV 0RWLYDFLyQ (OVLJQLILFDGRGHORVFRPSXHVWRVYDDVHUPiVRPHQRVVHQFLOORGHGHGXFLUDWUDYpV GHORVVLJQLILFDGRVUHVSHFWLYRVGHVXVFRQVWLWX\HQWHVGHSHQGLHQGRGHOWLSRGHPRWLYDFLyQTXH ORVKD\DJHQHUDGR\GHOJUDGRGHpVWD 3DUD 6FKLSSDQ  ORV GLIHUHQWHV WLSRV GH PRWLYDFLyQ VRQ ORV VLJXLHQWHV OD PRWLYDFLyQ IRQpWLFD OD PRUIHPiWLFD \ OD VHPiQWLFD 3DUD OD IRUPDFLyQ GH SDODEUDV \ HQ HVSHFLDOSDUDODFRPSRVLFLyQHVODPRWLYDFLyQPRUIHPiWLFDODPiVLQWHUHVDQWH(VWRTXLHUH GHFLUTXHHOVLJQLILFDGRILQDOGHOFRPSXHVWRVHSXHGHGHGXFLUFRQPD\RURPHQRUIDFLOLGDG GHOVLJQLILFDGRGHVXVFRQVWLWX\HQWHV6HJ~Q6FKLSSDQSDUDSRGHUUHFRQRFHUXQD SDODEUDFRPRFRPSXHVWRPRUIHPiWLFDPHQWHPRWLYDGRGHEHQFXPSOLUVHGRVFRQGLFLRQHV  (V PXVV LQ HLQHU GLUHNWHQ %H]LHKXQJ ]XU %HGHXWXQJ VWHKHQ PXVV 0HUNPDOH DXVGUFNHQ YHUEDOLVLHUHQGLHLQGLH0HUNPDOVWUXNWXUGHU:RUWHVHLQJHKHQ 'DV%HQHQQXQJVPRWLYPXVVGHQ$QJHK|ULJHQHLQHU6SUDFKJHPHLQVFKDIWEHZXVVWVHLQ (VWDVGRVSUHPLVDVVRQLPSUHVFLQGLEOHVSDUDRWRUJDUWUDQVSDUHQFLDDORVOH[HPDV HQHVSHFLDODORVQHRORJLVPRVTXHDQDOL]DUHPRVHQHVWHWUDEDMR6LQHPEDUJRHVSRVLEOH TXHFRQHOSDVRGHOWLHPSRVHSURGX]FDQFDPELRVVHPiQWLFRVHQORVFRPSXHVWRV(VWDPRV KDEODQGRGH Ͳ/H[LFDOL]DFLyQ /H[LNDOLVLHUXQJ HQ HVWH FDVR ORV FRPSXHVWRV GHMDQ GH VHU DQDOL]DEOHV D SDUWLU GH VXV FRQVWLWX\HQWHV FRPR VLQWDJPD \ DGTXLHUHQYDORUVHPiQWLFRSURSLR Ͳ,GLRPDWL]DFLyQ ,GLRPDWLVLHUXQJ HV XQD FRQVHFXHQFLD GH OD OH[LFDOL]DFLyQ SXHV \D QR HV SRVLEOH H[WUDHU HO VLJQLILFDGR GHO FRPSXHVWR GHO VLJQLILFDGRFRQMXQWRGHVXVFRQVWLWX\HQWHV Ͳ'HVPRWLYDFLyQ 'HPRWLYLHUXQJ HV OD SpUGLGD GHO VLJQLILFDGR RULJLQDOGHXQRRPiVFRQVWLWX\HQWHV6FKLSSDQ6LODSpUGLGDVHPiQWLFD HV WRWDO KDEODUHPRV GH LGLRPDWL]DFLyQ SRUTXH VH WUDWD WDPELpQ GH FRPSXHVWRV WRWDOPHQWHGHVPRWLYDGRV Àǣ×   ϭϰ  (Q FXDQWR DO JUDGR GH PRWLYDFLyQ TXH SXHGHQ SUHVHQWDU ORV FRPSXHVWRV PRUIHPiWLFDPHQWHPRWLYDGRVSRGHPRVGLVWLQJXLUWUHVJUXSRV$OWPDQQ Ͳ&RPSXHVWRV SOHQDPHQWH PRWLYDGRV YROOPRWLYLHUW HO VLJQLILFDGR GHO FRPSXHVWR SXHGH GHGXFLUVH FRQ IDFLOLGDG VHJ~Q HO SULQFLSLRGH FRPSRVLFLRQDOLGDG GH ORV VLJQLILFDGRV GH VXV FRQVWLWX\HQWHV $Vt 7LHUIXWWHU VLJQLILFD³)XWWHUIU7LHUH´R.RFKO|IIHO³/|IIHO]XP.RFKHQ´ Ͳ&RPSXHVWRVSDUFLDOPHQWHPRWLYDGRVWHLOPRWLYLHUWVRORSDUWHGHO VLJQLILFDGR Op[LFR GHO FRPSXHVWR VH FRUUHVSRQGH FRQ HO VLJQLILFDGR PRWLYDGR 5HQWQHUVFKZHPPH Ͳ&RPSXHVWRV LGLRPiWLFRV R GHVPRWLYDGRV HO VLJQLILFDGR ILQDO GHO FRPSXHVWR QR SXHGH H[WUDHUVH GH ORV VLJQLILFDGRV Op[LFRV GH ORV UHVSHFWLYRV FRQVWLWX\HQWHV 7LSRVGHFRPSXHVWRVGHVGHHOSXQWRGHYLVWDVHPiQWLFR /D FRPSRVLFLyQ SXHGH GLYLGLUVH HQ FRPSRVLFLyQ SDUDWiFWLFD H KLSRWiFWLFD FI (UEHQ(OVHQVHJ~QODUHODFLyQVLQWiFWLFDTXHVHHVWDEOH]FDHQWUHDPERVPLHPEURV(QHO FDVR GH OD FRPSRVLFLyQ SDUDWiFWLFD FRQRFLGD WDPELpQ FRPR FRPSRVLFLyQ FRSXODWLYD HO VLJQLILFDGRTXHDSRUWDQWRGRVORVPLHPEURVGHOFRPSXHVWRHVLJXDOGHUHOHYDQWHSDUDHO VLJQLILFDGRILQDOGHODSDODEUD6WUXPSIKRVH'LFKWHUNRPSRQLVWWDXEVWXPP  (QHOFDVRGH OD FRPSRVLFLyQ KLSRWiFWLFD SRGHPRV GLIHUHQFLDU HQWUH OD =XVDPPHQUFNXQJ PX\ SRFR SURGXFWLYD \ OD FRPSRVLFLyQ GHWHUPLQDWLYD DOWDPHQWH SURGXFWLYD HQ OD TXH HO SULPHU PLHPEUR GHO FRPSXHVWR DFRWD \ HVSHFLILFD HO VLJQLILFDGR GHO VHJXQGR OR GHWHUPLQD *URVWDGW   6LJXLHQGR D *LHUGHQ 9HJD HW DO  YHPRV TXH ORV FRPSXHVWRV SXHGHQ GLYLGLUVHHQWUHVJUXSRV Ͳ&RPSXHVWRV GHWHUPLQDWLYRV 'HWHUPLQDWLYNRPSRVLWD (V HO SURFHVRGHFRPSRVLFLyQPiVSURGXFWLYRGHODOHQJXDDOHPDQD&RPR\DKHPRV PHQFLRQDGRHVWRVFRPSXHVWRVVHFDUDFWHUL]DQSRUODUHODFLyQGHVXERUGLQDFLyQ   (MHPSORVWRPDGRVGH)OHLVFKHU\%DU]  LG Àǣ×   ϭϱ  H[LVWHQWHHQWUHHOFRQVWLWX\HQWH$\HOFRQVWLWX\HQWH%HQODTXHHOSULPHURHO HOHPHQWRGHWHUPLQDQWHLGHQWLILFDHVSHFLILFDROLPLWDHOVLJQLILFDGRGHOVHJXQGR 7UVFKOVVHO:ROONOHLG.DXIKDXV Ͳ&RPSXHVWRVFRSXODWLYRV.RSXODWLYNRPSRVLWD&RPRVXQRPEUH LQGLFD ORV FRQVWLWX\HQWHV GH HVWH WLSR GH FRPSXHVWRV SHUWHQHFHQ D OD PLVPD FDWHJRUtDVLQWiFWLFD\VXRUGHQFRPSRVLFLRQDOHVHQWHRUtDDOHDWRULRSRUORTXH DGPLWHOD LQYHUVLyQGHVXVFRQVWLWX\HQWHV$ GLIHUHQFLDGHORVGHWHUPLQDWLYRV HVWDFODVHGHFRPSXHVWRVHVPX\SRFRSURGXFWLYD\ODHQFRQWUDPRVFRQPiV IUHFXHQFLDHQHOiPELWRFRPHUFLDO5DGLR:HFNHU:HFNHU5DGLR%HWW&RXFK &RXFK%HWW0VOL%UHL%UHL0VOL Ͳ&RPSXHVWRV SRVHVLYRV 3RVVHVVLYNRPSRVLWD (VWRV ~OWLPRV VRQ FRPSXHVWRV H[RFpQWULFRV FRQVWUXFFLRQHV LGLRPDWL]DGDV FX\R VLJQLILFDGR VH DOHMD GHO GH VXV FRQVWLWX\HQWHV \ TXH YDQ D KDFHU ³UHIHUHQFLD D FDUDFWHUtVWLFDV SHUVRQDOHV UHODFLRQHV FLUFXQVWDQFLDOHVHLPSOLFDQXQVLJQLILFDGRGHJUDQFDQWLGDGLQWHQVLGDGRPDJQLILFDFLyQ´ *LHUGHQ9HJDHWDO'LFNNRSIVWXUHU0HQVFK%RKQHQVWDQJHGQQH3HUVRQPLWKRKHU 6WDWXU+|OOHQDQJVWIXUFKWEDUH$QJVW $VSHFWRVPRUIROyJLFRHVWUXFWXUDOHV /RVFRPSXHVWRVWtSLFRVVRQDTXHOODVSDODEUDVTXHHVWiQIRUPDGDVSRUGRVHOHPHQWRV Op[LFRV(VGHFLUFX\RVFRQVWLWX\HQWHVLQPHGLDWRVVRQGRVHOHPHQWRVFDSDFHVGHIRUPDU SRUVtPLVPRVVHQGDVSDODEUDVFI)OHLVFKHU\%DU] $FHQWXDFLyQ 3DUDORVFRPSXHVWRVGHWHUPLQDWLYRVORVPiVQXPHURVRVVHHVWDEOHFHQXQDVQRUPDV JHQHUDOHVGHDFHQWXDFLyQVHJ~QODVFXDOHVHODFHQWRSULQFLSDOUHFDHHQHOSULPHUPLHPEUR GHOFRPSXHVWR/iJHUEHVWDQG/iJHU %HVWiQG 6WUiHQEDKQVFKDIIQHU 6WUiHQEDKQ  6FKiIIQHU (Q HO FDVR GH ORV FRPSXHVWRV FRSXODWLYRV OR KDELWXDO HV TXH DPERV FRQVWLWX\HQWHVFRQVHUYHQVXDFHQWRSULPLJHQLRVFKZiU]UyWJyOGFI,QVWLWXWIU'HXWVFKH 6SUDFKHVI Àǣ×   ϭϲ  )OHLVFKHU \ %DU]   VHxDODQ DGHPiV DOJXQRV FDVRV TXH VH DOHMDQ GH OD QRUPD Ͳ&RPSXHVWRVIRUPDGRVDSDUWLUGHFRQILMRV\HOHPHQWRVH[WUDQMHURV 'uVNRWKpN Ͳ&RPSXHVWRV XQLGRV PHGLDQWH JXLyQ LQGHSHQGLHQWHPHQWH GH OR FRPSOHMR TXH VHD HO FRQVWLWX\HQWH $ +jOV1jVHQÏKUHQ¬U]W ÊEEH)O~W :uUNXQJ Ͳ$OJXQRV FRPSXHVWRV SROLPRUIHPiWLFRV FRPSXHVWRV TXH FXHQWDQ FRQ PiV GH FXDWUR OH[HPDV HQ ORV TXH OD DFHQWXDFLyQ VH YH IXHUWHPHQWH LQIOXHQFLDGDSRUHOULWPRFRQHOTXHVHHQXQFLDODIUDVH *UDItD (Q FXDQWR D OD H[SUHVLyQ JUiILFD GH ORV FRPSXHVWRV YHPRV TXH OR KDELWXDO HV HVFULELUORVHQXQDSDODUDWRGRVORVOH[HPDVMXQWRV\HQRFDVLRQHVXQLHQGRORVHOHPHQWRV OH[LFDOHVFRQXQJXLyQ'HVGHODSXEOLFDFLyQGHODVQXHYDVUHJODVGHRUWRJUDItDGHODOHPiQ HQHOJXLyQSXHGHVHUXVDGRFRQPD\RUOLEHUWDGSULQFLSDOPHQWHFRQODILQDOLGDGGH IDFLOLWDUODFRPSUHQVLyQGHORVFRPSXHVWRVFI2VWHU 'HDFXHUGRFRQHVWDVQRUPDVHOJXLyQVHHPSOHDHQWUHRWURVHQORVVLJXLHQWHVFDVRV Ͳ(QFRPSXHVWRVHQORVTXHXQRGHORVFRQVWLWX\HQWHVHVXQDOHWUDDEUHYLDWXUDR FLIUD 86DPHULNDQLVFK 5HFKQJ1U MlKULJ 6I|UPLJ FI 'XGHQ   Ͳ6LHOFRQVWLWX\HQWH%GHOFRPSXHVWRHVXQQRPEUHSURSLRRVLDPERVORVVRQ )UDX0OOHU:HEHU0|EHO6FKPLGWFI'XGHQ\RSFLRQDOPHQWHVL HO QRPEUH SURSLR HV HO FRQVWLWX\HQWH $ -RKDQQHV3DVVLRQ +HOVLQNL 1DFKIROJHNRQIHUHQ]FI'XGHQ Ͳ(VLJXDOPHQWHRSFLRQDOFXDQGRVLUYHSDUD 'HVWDFDUySWLFDPHQWHDOJXQDGHODVSDUWHVGHUGDVV6DW] Àǣ×   ϭϳ  )DFLOLWDUODFRPSUHQVLyQGHORVFRPSXHVWRVPiVFRPSOHMRV6RIWZDUH $QJHERWVPHVVHSK\VLNDOLVFKFKHPLVFKELRORJLVFKH3UR]HVVH )DFLOLWDU OD OHFWXUD FXDQGR FRLQFLGHQ WUHV OHWUDV LJXDOHV %HWW7XFK .DIIHH(UVDW]FI'XGHQ 0RUIRVLQWD[LV /RV FRQVWLWX\HQWHV HQ FRPSXHVWRV QRPLQDOHV \ DGMHWLYDOHV $OKLORGHODSDUWDGRDQWHULRUHVPHQHVWHUGLVWLQJXLUGHVGHXQSXQWR GH YLVWD GLVWULEXFLRQDO ORV GRV FRQVWLWX\HQWHV LQPHGLDWRV VHJ~Q HO OXJDU TXH RFXSDQ GHQWUR GHO FRPSXHVWR $Vt GLVWLQJXLUHPRV HQWUH SULPHU \ VHJXQGR PLHPEUR FRQVWLWX\HQWH $ \ FRQVWLWX\HQWH%0LHQWUDVTXHHQODVHJXQGDSRVLFLyQVRORSXHGHKDEHUOH[HPDV\FRQILMRV HOOXJDUGHOFRQVWLWX\HQWH$SXHGHVHURFXSDGRSRUHOHPHQWRVGHGLIHUHQWHQDWXUDOH]D Ͳ5DtFHV VLQWDJPDV \ DJUXSDFLRQHV GH SDODEUDV :RUWUHLKXQJHQ $UEHLWV]LPPHU )UHPGVSUDFKH 8.:$QWHQQH ElUHQVWDUN /DQJVWUHFNHQIOXJ 2VW:HVW9HUKlOWQLV6SLHORWKHN Ͳ&RQILMRV%LRJDV6FKZLHJHUYDWHU$XWRPDW Ͳ8Q FDVR HVSHFLDO HV DTXHO HQ HO TXH HQ HO FRQVWLWX\HQWH $ HVWi IRUPDGRSRUXQVLQWDJPDRXQDVLPSOHOHWUD,FKQHKPHDE3URJUDPP7ULPP GLFK3IDQG $-XJHQG 9$XVFKQLWW 6L OD OHWUD TXH DSDUHFH FRPR SULPHU PLHPEUR GHO FRPSXHVWR HV OD DEUHYLDWXUD GH XQD SDODEUD SHUR HO VHJXQGR PLHPEURHVODSDODEUDFRPSOHWDFRPRHQ6%DKQHVKDELWXDOUHIHULUVHDHVWRV FRPSXHVWRVFRPRSDUWLHOOH.XU]Z|UWHUFI)OHLVFKHU\%DU] /RVFRQVWLWX\HQWHVHQODFRPSRVLFLyQGHVXVWDQWLYRV (QORVFRPSXHVWRVQRPLQDOHVHOFRQVWLWX\HQWH%YDDVHUVLHPSUHXQVXVWDQWLYR TXHSXHGHLUSUHFHGLGRGHORVVLJXLHQWHVHOHPHQWRVOp[LFRV Ͳ8QVXVWDQWLYRGHU*ROGULQJGDV7ULHUSURGXNWGDV:ROONOHLG Ͳ8QDGMHWLYRGDV+RFKKDXVGHU6FKQHOO]XJGLH)HLQElFNHUHL Àǣ×   ϭϴ  Ͳ8QYHUERGHU%DFNRIHQGDV.DXIKDXVGDV1lKJDUQ Ͳ8Q SURQRPEUH GDV 1LHPDQGVODQG GDV 6HOEVWJHVSUlFK GLH ,FKVXFKW Ͳ8QDGYHUELRGDV+LQWHUODQGGLH5FNIDKUWGLH$XȕHQWHPSHUDWXU Ͳ8QDSUHSRVLFLyQGLH$EIDKUWGLH$QNXQIWGHU,QKDOW Ͳ8QDSDUWtFXODGDV-DZRUW*LHUGHQ9HJDHWDO /RVFRQVWLWX\HQWHVHQODFRPSRVLFLyQGHDGMHWLYRV &RPRH[SRQH*LHUGHQ9HJDHW DO  HQ HO FRQVWLWX\HQWH % GH ORV FRPSXHVWRVDGMHWLYDOHVSRGHPRVHQFRQWUDUWDQWRDGMHWLYRVSULPDULRVSRFRIUHFXHQWHVHQ ODOHQJXDDOHPDQDFRPRDGMHWLYRVGHULYDGRV\SDUWLFLSLRVGHSUHVHQWHRSDVDGR/RV OH[HPDVTXHYDQDIRUPDUHOSULPHUFRPSRQHQWHOp[LFRGHXQFRPSXHVWRDGMHWLYDOYDQD VHUORVVLJXLHQWHV Ͳ8QDGMHWLYR]DUWELWWHUGXQNHOURWZLOGIUHPG Ͳ8Q VXVWDQWLYR VDPWZHLFK ZHWWHUIHVW JROGJOlQ]HQG JHVXQGKHLWVVFKlGLJHQG VHNXQGHQVFKQHOO (V OD FRPELQDFLyQ PiV IUHFXHQWH GH FRPSXHVWRVDGMHWLYDOHV Ͳ8QYHUERGHQNIDXOGUXFNUHLINQLWWHUIHVW Ͳ8QDGYHUELRJXWWXKHQGZRKOULHFKHQG Ͳ8QDSUHSRVLFLyQEHUHPSIOLQGOLFKXQWHUHUQlKUW Ͳ8QQXPHUDOGUHLIDFK (QODFRPELQDFLyQDGMHWLYRDGMHWLYRSDUWLFLSLR*LHUGHQ9HJDHWDOUHFXHUGD TXHORVDGMHWLYRVGHULYDGRVHQLJLVFKOLFKGHEHQHVFULELUVHVHSDUDGRVGHODGMHWLYRSRU ORTXHQRIRUPDUiQXQFRPSXHVWRULHVLJJURȕJHOEOLFKZHLȕPLNURVNRSLVFKNOHLQ  Àǣ×   ϭϵ  3DODEUDVIRUPDGDVSRUVLQWDJPDV=XVDPPHQELOGXQJ\ =XVDPPHQUFNXQJ &RQVLGHUDPRV LPSRUWDQWH PHQFLRQDU OD H[LVWHQFLD GH RWURV GRV SURFHVRV GH IRUPDFLyQ GH SDODEUDV TXH SXHGHQ VHU FRQIXQGLGRV FRQ OD FRPSRVLFLyQ OD =XVDPPHQELOGXQJ\OD=XVDPPHQUFNXQJ (OSULPHURGHHVWRVSURFHVRVOD=XVDPPHQELOGXQJVHHQFXHQWUDDPHGLRFDPLQR HQWUHODGHULYDFLyQ\ODFRPSRVLFLyQSXHVODSDODEUDUHVXOWDQWHHVXQSURGXFWRGHDPERV SURFHVRVIRUPDWLYRV(OUHVXOWDGRILQDOGHXQD=XVDPPHQELOGXQJWLHQHODDSDULHQFLDGHXQ FRPSXHVWRDSHVDUGHTXHODPD\RUtDGHODVYHFHVXQRGHORVFRQVWLWX\HQWHVQRSXHGH H[LVWLU LQGHSHQGLHQWHPHQWH GHO RWUR 7RPHPRV SRU HMHPSOR $UEHLWJHEHU GHO VLQWDJPD $UEHLWJHEHQHOFRQVWLWX\HQWH%*HEHUQRH[LVWHHQHVDIRUPDGHULYDGD6LQHPEDUJR VtKDEUiRFDVLRQHVHQODVTXHHOWpUPLQRGHULYDGRSXHGDH[LVWLUFRQLQGHSHQGHQFLDGHORWUR FRQVWLWX\HQWH*LHUGHQ9HJDHWDO(VHOFDVRGH:DVVHUYHUGUlQJXQJVHSXHGH DQDOL]DU FRPR GHULYDGR :DVVHUYHUGUlQJHQXQJ \ FRPR FRPSXHVWR :DVVHU 9HUGUlQJXQJ)OHLVFKHU\%DU]7DPELpQFDEHODSRVLELOLGDGGHFRQVLGHUDUODV FRPRHVWUXFWXUDVWHUQDULDV 1HXHUH $UEHLWHQ LQ GHU OLQJXLVWLVFKHQ )RUVFKXQJ EHKDQGHOQ GLH =XVDPPHQELOGXQJ DOV HLQHQ 6RQGHUIDOO YRQ H[SOL]LWHU 'HULYDWLRQ XQG NROOLGLHUHQ PLW GHU $XIIDVVXQJ ELQDULVFKHU 9HU]ZHLJXQJ $XVJHKHQG YRQ GHU $QQDKPH GDVV GLH 6WUXNWXU GHU GXUFK =XVDPPHQELOGXQJ JHZRQQHQHQ:%.VDXIHLQHUÄWHUQlUHQ6WUXNWXU³EHUXKWZLUGEHKDXSWHWGDVVGUHL7HLOH]% JURPlXOLJJURPDXOLJHLQIDFKDQHLQDQGHUJHIJWZHUGHQ6LHIKUHQGHUHQ3URGXNWHDOV 'HULYDWH DXV EHVWHKHQGHQ :RUWJUXSSHQ DQ LQGHP VLH GHQ $N]HQW DXI YHUGHFNWH V\QWDNWLVFKH 5HODWLRQHQVHW]HQ*LHUGHQ9HJD 3RURWUDSDUWH(UEHQGHVFULEHOD=XVDPPHQUFNXQJFRPRXQFDVRHVSHFLDO GHQWURGHODFRPSRVLFLyQHQHOTXHXQJUXSRVLQWiFWLFRVHXQHSDUDIRUPDUXQDSDODEUD6H WUDWD GH OD FRPSRVLFLyQ SRU DPDOJDPLHQWR FX\D UHSHUFXVLyQ HV QRWRULD HQHO OHQJXDMH SXEOLFLWDULR SRU HO DOWR YDORU FRPXQLFDWLYR TXH GHVSUHQGH 6RQ =XVDPPHQUFNXQJHQ 7XQLFKWJXW+DEHQLFKWV6WXQGHQ5XQGXPEHWUHXXQJHWF*LHUGHQ9HJDHWDO  Àǣ×   ϮϬ  *pQHUR\GHFOLQDFLyQ 3RU QRUPD JHQHUDO OD FODVH GH SDODEUD HO JpQHUR \ HO SDUDGLJPD IOH[LYR )OH[LRQVNODVVHGHODSDODEUDUHVXOWDQWHYLHQHQGHWHUPLQDGRVSRUHOFRQVWLWX\HQWH%GHO FRPSXHVWR'HHVHPRGR+RFKKDXVHVXQVXVWDQWLYR\KDXVKRFKXQDGMHWLYRHMHPSORVGH )OHLVFKHU\%DU]$FRQWLQXDFLyQUHSURGXFLPRVODILJXUDSURSXHVWDSRU*LHUGHQ 9HJDGRQGHODDXWRUDVHUHILHUHDQXHVWURFRQVWLWX\HQWH%FRPRSDODEUDEDVH DUJXPHQWDQGRTXHODSDODEUDEDVHVHHQFXHQWUDVLHPSUHDODGHUHFKD³SRUODHVWUXFWXUD LQIRUPDWLYDSHFXOLDUGHODOHQJXDDOHPDQDTXHGLVWULEX\HORVFRQWHQLGRVHQWRUQRDOD FRQVWLWXFLRQDOLGDG H LPSRUWDQFLD GH VXV HOHPHQWRV GHVSOD]iQGRORV KDFLD OD GHUHFKD´ *LHUGHQ9HJD   %LQDULHGDG 3DUD GHWHUPLQDU OD ELQDULHGDG GH XQ FRPSXHVWR HV SUHFLVR VHJXLU FULWHULRV VHPiQWLFRV FI )OHLVFKHU \ %DU]   7RPHPRV SRU HMHPSORODVVLJXLHQWHV SDODEUDV 3HUVRQHQDXI]XJ3HUVRQHQXQG$XI]XJ KRFKZLVVHQVFKDIWOLFKKRFKXQGZLVVHQVFKDIWOLFK .XQVWZLVVHQVFKDIWOLFK.XQVWZLVVHQVFKDIWXQGOLFK &XiOHVVRQORVFRQVWLWX\HQWHVLQPHGLDWRVHQORVTXHSRGHPRVVHJPHQWDUODSDODEUD HVDOJRTXHGHEHPRVH[WUDHUFRJQLWLYDPHQWHGHOVLJQLILFDGROH[LFDOHVWRQRVFRQGXFLUiD GHVWDSDUODPRWLYDFLyQ WĂůĂďƌĂďĂƐĞ Ͳ ĂůƚŽǀĂůŽƌŵŽƌĨŽůſŐŝĐŽ Ͳ ĚĞƚĞƌŵŝŶĂĞůŐĠŶĞƌŽ Ͳ ƌĞĐŝďĞĞůĞŵĞŶƚŽƐĨůĞdžŝǀŽƐ Ͳ ĚĞƚĞƌŵŝŶĂůĂĐĂƚĞŐŽƌşĂ ŐƌĂŵĂƚŝĐĂů Ͳ ŝŶĚŝĐĂůĂƉĂƌƚĞŐĞŶĠƌŝĐĂ Ͳ ŵĞŶŽƐĨƵĞƌnjĂĨŽŶĠƚŝĐŽͲ ĂƌƚŝĐƵůĂƚŽƌŝĂ Ͳ ƉŽƌƚĂĚŽƌĚĞůĂĐĞŶƚŽ ƐĞĐƵŶĚĂƌŝŽ Àǣ×   Ϯϭ  (Q DOJXQDV RFDVLRQHV HV SRVLEOH VHJPHQWDU OD PLVPD SDODEUD HQ GLIHUHQWHV FRQVWLWX\HQWHVLQPHGLDWRVORTXHVLJQLILFDTXHODPRWLYDFLyQHQUHODFLyQDORVIRUPDWLYRV HVGREOHGHQWURGHHVWDPRGHOL]DFLyQ GURJHQVFKWLJ'URJHQVXFKWLJ'URJHQVFKWLJ 8QPHQVFKOLFKNHLWXQ0HQVFKOLFKNHLWXQPHQVFKOLFKNHLW 6RIWZDUHJHVWDOWXQJVIUDJH 6RIWZDUH*HVWDOWXQJVIUDJH6RIWZDUHJHVWDOWXQJ )UDJH   6LORVGRVFRQVWLWX\HQWHVLQPHGLDWRVHQORVTXHGLYLGLPRVODSDODEUDVRQPRUIHPDV OLEUHVTXHSRUVtVRORVSXHGHQVHUYLUGHEDVHSDUDXQDSDODEUDHVWDPRVDQWHXQSURGXFWR GHODFRPSRVLFLyQ6LGHORVFRQVWLWX\HQWHVLQPHGLDWRVXQRHVXQPRUIHPDOLEUH\HORWUR XQROLJDGRLQFDSD]GHIRUPDUSRUVtPLVPRXQDSDODEUDODSDODEUDHVHOUHVXOWDGRGHXQ SURFHVRGHGHULYDFLyQFI)OHLVFKHU\%DU]&RPRGHVWDFD*LHUGHQ9HJD  (QHOSURFHVRGHFRPSRVLFLyQFXDOTXLHUSDODEUDVHSXHGHFRPELQDUFRQFXDOTXLHURWUDVLHQGR pVWDLQFOXVRRWURSURGXFWRGHULYDGRRFRPSXHVWR.XOWElFNHULQ&RFNWDLO/LHEKDEHU(OXOWLPR HOHPHQWR VLWXDGR VLHPSUH D OD GHUHFKD GHWHUPLQD .HOOHU \ /HXQLQJHU  DGHPiV OD FDWHJRUtD VLQWiFWLFD GH XQD FRQVWUXFFLyQ FRPSOHMD \D VHD HQ XQD FRQVWUXFFLyQ REWHQLGD SRU GHULYDFLyQ$XVVWDWWXQJGHDXVVWDWWHQRSRUFRPSRVLFLyQ7LVFKGHNRUDWLRQGLH'HNRUDWLRQGHV 7LVFKHVGHQ7LVFKGHNRULHUHQ+RO]VFKDOHHLQH6FKDOHDXV+RO]7LVFKGHNR,GHHQ  ,GHHQ IUGLH7LVFKGHNRUDWLRQ ([LVWHQRWURVFDVRVVHJ~QVHxDODQ)OHLVFKHU\%DU] Ͳ(QFRQWUDPRV FRPSXHVWRV FRSXODWLYRV IRUPDGRV SRU WUHV FRPSRQHQWHV TXH VH VDOHQ GH OD QRUPD DQWHV PHQFLRQDGD GH TXH ORV FRPSXHVWRV VH GLYLGHQ HQ GRV FRQVWLWX\HQWHVLQPHGLDWRVHVGHFLUTXHPHGLDQWHODFRPSRVLFLyQVHREWLHQHQHVWUXFWXUDV ELQDULDVFRPRVFKZDU]URWJROGHQ Ͳ(QHOOHQJXDMHWpFQLFRHVKDELWXDOHQFRQWUDUFRPSXHVWRVTXHFXHQWHQFRQ PiVGHGRVFRPSRQHQWHV7DPELpQ*LHUGHQ9HJDVXEUD\DHVWHKHFKR >«@ OODPD SRGHURVDPHQWH OD DWHQFLyQ OD UHLWHUDGD SUHVHQFLD \ IUHFXHQFLD GH FRQVWUXFFLRQHV SROLOH[LFDOHVHQFXDOTXLHUDGHODVPDQLIHVWDFLRQHVGHODYLGDGLDULDDVtFRPRHQVXVGLYHUVDV  ϱ (MHPSORVGH)OHLVFKHU\%DU]   (OFRPSXHVWRUHSUHVHQWDHFRQyPLFDPHQWHODSDUiIUDVLV³,GHHQXQGNUHDWLYH,QV]HQLHUXQJHQIUHLQHQ VRUIlOWLJJHGHFNWHQ7LVFKGHUDQVSUHFKHQGGHNRULHUWZHUGHQVROO´ZZZNXHFKHQVSH]LDOLVWHQFK Àǣ×   Ϯϴ  FRPSUREDGR OD SUHVHQFLD R DXVHQFLD GH ORV WpUPLQRV GH QXHVWUD OLVWD GH FRPSXHVWRV LQLFLDOHQHO'XGHQ:|UWHUEXFKRQOLQHFIDOUHVSHFWRWDPELpQ*LHUGHQ9HJD 3DUDODHODERUDFLyQGHOSUHVHQWHWUDEDMRKHPRVDGRSWDGRHODSDUDWRPHWRGROyJLFR HVWUXFWXUDOLVWD HQ FXDQWR DO PRGHOR GHVFULSWLYR \ PpWRGR REVHUYDFLRQDO VH UHILHUH +HPRVSURFHGLGRDQDOtWLFDPHQWHVHJPHQWDQGR OD HVWUXFWXUDPRUIROyJLFD PHGLDQWH HO SURFHGLPLHQWR ELQDULR \ GHVYLQFXODQGR XQRV FRPSRQHQWHV GH RWURV GHVWDSDQGR VX UHODFLyQ HQWUH Vt KDVWD OOHJDU D ORV FRQVWLWX\HQWHV PiV LQPHGLDWRV TXH LQWHJUDQ FDGD XQLGDGOp[LFD8QPLWWHOEDUH.RQVWLWXHQWHQ$QDO\VH 8QD YH] FRPSOHWDGR HO FRUSXV GH FRPSXHVWRV \ QHRORJLVPRV SDVDUHPRV D FRPSUREDUTXpSURFHVRVGHFRPSRVLFLyQVRQPiVSURGXFWLYRVHQHOiPELWRSXEOLFLWDULR GHODFRVPpWLFDPDVFXOLQDWHQLHQGRHQFXHQWDORVSURFHGLPLHQWRV\ODVFDUDFWHUtVWLFDV GHVFULWRVHQHOPDUFRWHyULFRGHQXHVWURWUDEDMR$OWUDWDUVHGHXQHVWXGLRGHFDUiFWHU OH[LFRJUiILFR KHPRV UHJLVWUDGR DVLPLVPR OD IUHFXHQFLD FRQ OD TXHDSDUHFHQORV FRPSXHVWRV\ORVQHRORJLVPRVREVHUYDGRVHQORVWH[WRVVHOHFFLRQDGRV      Àǣ    $QiOLVLV G FRVPpWLF D 7UDVKDEHUH [ DQWHULRULGDGKHPRV L REVHUYDFLyQPiV S RU P OD H[FOXVLyQ GH DT X WDPDxRPXHVWUDOVHK (VD YDULDFLy Q VLHPSUH TXH YHU F R  ' XUFKNRSSOXQJVELQ G \VHXWLOL]D FRPSXHVWRVHVSHFLDO P (QDOJXQRVF D WH[WRV SXEOLFLWDULRV V GLIHUHQWH(VHOFDVR G  ůƵŵŝŶŝƵ ŵ ϮŝŶϭ ϮͲŝ Ŷ &ĞƵĐŚƚŝŐŬ Ğ &ĞƵĐŚƚŝŐŬ Ğ ^ƉĂŶŶƵŶ Ő ^ĐŚǁŝŶŐŬ Ž sŝƚĂŵŝŶн <  ×  Ϯϵ  G HOFRUSXVFRPSRVLFLyQ\QHRORJtD H D PDVFXOLQD [ DPLQDGRGHWDOODGDPHQWHODVSiJLQDVZHET X L GHQWLILFDGRXQWRWDOGHSDODEUDVFRPS X P HQRUL]DGD\ODHOLPLQDFLyQGHORVHOHPHQWR V X HOORV TXH SUHVHQWDEDQ GLIHUHQWHV UHDOL]DFL R DYLVWRUHGXFLGRDWpUPLQRVYLG$QH[RV Q  HQ ODV UHDOL]DFLRQHV PRUIROyJLFDV GH DO R Q HO HPSOHR GLYHUVR GHO JXLyQ FRPR G HVWULFK<DTXHVXXVRHVHQPXFKDVRF D ELHQFRPRUHFXUVRHVWLOtVWLFRR E LHQSDUDVL P P HQWHODUJRV/RVHMHPSORVHQFRQWUDGRVKDQ V D VRVXQDGHODVIRUPDV HVWiUHJLVWUDGDHQ H V H KD RSWDGR GH WRGDV IRUPDV SRU XQD UH G H ŵ ƐĂůnjĞ ůƵŵŝŶŝƵŵͲ^ĂůnjĞ Ŷ Ͳϭ Ğ ŝƚƐŐĞ ů &ĞƵĐŚƚŝŐŬĞŝƚƐͲ'Ğů Ğ ŝƚƐĨůƵŝĚ &ĞƵĐŚƚŝŐŬĞŝƚƐͲ&ůƵŝĚ Ő ƐŐĞĨƺŚ ů ^ƉĂŶŶƵŶŐƐͲ'ĞĨƺŚů Ž ƉĨƚĞĐŚŶŽůŽŐŝĞ ^ĐŚǁŝŶŐŬŽƉĨͲdĞĐŚ Ŷ < ŽŵƉůĞ dž sŝƚĂŵŝŶͲ<ŽŵƉůĞdž         H QODSXEOLFLGDGGH X HKHPRVVHxDODGRFRQ X HVWDV'HVSXpVGHXQD V GXSOLFDGRVDVtFRPR R QHV PRUIROyJLFDV HO ,\,, JXQRV WpUPLQRV WLHQH HOHPHQWR GH MXQWXUD D VLRQHVRSFLRQDOYLG P SOLILFDUODOHFWXUDGH V LGRORVVLJXLHQWHV  H O'XGHQSHURHQORV DOL]DFLyQ PRUIROyJLFD Ŷ ŽůŽŐŝĞ     Àǣ     1RWD (O DVWHULV F PDUFDUODUHDOL]DFLyQPR U  3DUD UHDOL]DU WpUPLQRVFRPSXHVWR V KHPRVHQFRQWUDGRF R S UHVHQFLDRDXVHQFL D FRPSXHVWRV QRYHGR V JUiILFRV\ ĨƚĞƌƐŚĂǀĞ ĂŶƚŝďĂŬƚĞƌŝ Ğ <ĂŵŝůůĞŶĞdž ƚ WƌŽǀŝƚĂŵŝŶ ƌĞŝƚĂŐĞďĂ *UiILFR  ×  ϯϬ  F R QR VHxDOD HQ HVWH FDVR DJUDPDWLFDOLGDG VLQR TX H U IROyJLFD³QRQRUPDWLYD´\QRFRQYHQFLRQDOHQODFRP S HO HVWXGLR TXH QRV RFXSD VH KDQ FODVLILF D V DWHQGLHQGRDVXVFDUDFWHUtVWLFDVPRUIROyJLF R QFRPSXHVWRVQRPLQDOHV\DGMHWLYD O D  GH GLFKRV WpUPLQRV HQ HO ' XGHQ :|UWHUE X V RV KD TXHGDGR UHGXFLGD D  VXVWDQWLYR V ΎĨƚĞƌͲ^ŚĂǀĞ Ğ ů ů ΎĂŶƚŝͲďĂŬƚĞƌŝĞůů ƚ ƌĂŬ ƚ Ύ<ĂŵŝůůĞͲdžƚƌĂŬƚ ϱ ΎWƌŽͲsŝƚĂŵŝŶϱ ƌƚΎϯͲdĂŐĞĂƌƚ ŽŵƉƵĞƐƚŽƐ ŶŽŵŝŶĂůĞƐ ;ϭϵϲͿ  Ă E  Ž ĂĚ ũ E K ŽŵƉƵĞƐƚŽƐ ĂĚũĞƚŝǀĂůĞƐ ;ϯϬͿ          H  OR KHPRV HPSOHDGR SDUD S RVLFLy Q  D GR SULPHUDPHQWH ORV DV'HHVWHPRGRQRV O HV7UDVFRPSUREDUOD X FK RQOLQH OD OLVWD GH V  \  DGMHWLYRV YLG   ŽŵƉƵĞƐƚŽƐ Ă ĚũĞƚŝǀĂůĞƐ K>M'/K^ ;ϮϯͿ Ž ŵƉƵĞƐƚŽƐ ũ ĞƚŝǀĂůĞƐEK K >M'/K^;ϳͿ Àǣ×   ϯϭ    (VWRVUHVXOWDGRVQRVRUSUHQGHQHQDEVROXWRSXHVWRTXHSRUQRUPDJHQHUDOHO SURFHVRGHFRPSRVLFLyQPiVSUROtILFRHVDTXHOTXHWLHQHFRPRUHVXOWDGRVXVWDQWLYRV (VWHIHQyPHQR\DIXHREVHUYDGRSRU-DQLFKFLWHQ(OVHQTXLHQVHxDOD TXH ORV VXVWDQWLYRV YDQ D VHU FRQ GLIHUHQFLD HO WLSR GH SDODEUDPiVKDELWXDOHQORV WH[WRVSXEOLFLWDULRVVHJXLGRVGHORVDGMHWLYRVSXHVVRQPX\QHFHVDULRVSDUDYDORUDUODV FXDOLGDGHVGHORVSURGXFWRVSXEOLFLWDGRV 8Q DQiOLVLV PiV GHWDOODGR GH ODV XQLGDGHV Op[LFDV QHROyJLFDV KDOODGDV QRV GHVYHOD TXH FDVL WRGDV ODV WLSRORJtDV GH FRPSXHVWRV GHVFULWDV VH HQFXHQWUDQ UHSUHVHQWDGDVHQODVPXHVWUDVUHFRJLGDV&RPRH[SRQHQ)OHLVFKHU\%DU] KD\XQDJUDQYDULHGDGHQHORULJHQGHORVFRQVWLWX\HQWHVLQPHGLDWRVTXHYDQDLQWHJUDU HVWRVFRPSXHVWRV$VtHQFRQWUDPRV Ͳ4XHDPERVFRQVWLWX\HQWHVLQPHGLDWRVVHDQUDtFHVVLPSOHVTXHFDGDXQDVHDXQ PRUIHPDOLEUH%DUW|O7XFKPDVNH Ͳ4XHXQRGHORVFRQVWLWX\HQWHVLQPHGLDWRVVHDDVXYH]XQDSDODEUDFRPSXHVWD %DUW:DVFKVFKDXP0HHUHVTXHOOZDVVHU.OLQJHQNRSIREHUVHLWH(LFKHQKRO]NRKOH Ͳ4XH XQR GH ORV FRQVWLWX\HQWHV LQPHGLDWRV VHD XQ GHULYDGR \ HO RWUR XQD UDt] VLPSOH)HXFKWLJNHLWVSIOHJH)DOWHQPLOGHUXQJ ŽŵƉƵĞƐƚŽƐ ŶŽŵŝŶĂůĞƐ ;ϭϵϲͿ ŽŵƉƵĞƐƚŽƐ ŶŽŵŝŶĂůĞƐ EK>M'/K^ ;ϭϰϯͿ ŽŵƉƵĞƐƚŽƐ ŶŽŵŝŶĂůĞƐEK EK>M'/K^;ϱϯͿ ŽŵƉƵĞƐƚŽƐ ĂĚũĞƚŝǀĂůĞƐ ;ϯϬͿ 'ƌĄĨŝĐŽϮ Àǣ×   ϯϮ  Ͳ4XH XQR GH ORV FRQVWLWX\HQWHV LQPHGLDWRV VHD XQ GHULYDGR \ HO RWUR XQ FRPSXHVWR:LGHUVWDQGVNUDIW Ͳ4XH DPERV FRQVWLWX\HQWHV LQPHGLDWRV VHDQ GHULYDGRV SRU VXILMDFLyQ :LGHUVWDQGVIlKLJNHLW   3RUORTXHFRQFLHUQHDODFODVLILFDFLyQGHORVFRPSXHVWRVGHVGHXQSXQWRGHYLVWD VHPiQWLFR ORV UHVXOWDGRV REWHQLGRV HQ HVWH HVWXGLR QR VH DOHMDQ GH OD QRUPD YLG  ORV FRPSXHVWRV GHWHUPLQDWLYRV GHPXHVWUDQ QXHYDPHQWH VHU HO PRGHOR PiV HVWDEOH \ SURGXFWLYR WDOJUHJXOLHUHQG PLQHUDOKDOWLJ $OJHQH[WUDNW 5HJHQHUDWLRQVEHJLQQ 0lQQHUKDXW 7XFKPDVNH :HLQUHEHQ([WUDNW 6ROR VH KD HQFRQWUDGRXQ~QLFRFRPSXHVWRFRSXODWLYRHQORVWH[WRVDQDOL]DGRV&UHPH*HO3RUOR JHQHUDOKHPRVSRGLGRFRPSUREDUTXHODWRWDOLGDGGHORVFRPSXHVWRVKDOODGRVQRVROR ORVHVWULFWDPHQWHQHROyJLFRVVLQRWDPELpQDTXHOORVGHQXHVWUDOLVWDLQLFLDODQWHULRU DO HVFUXWLQLRVRQFRPSXHVWRVGHWHUPLQDWLYRV &RQ UHVSHFWR DO XVR GH H[WUDQMHULVPRV \ FRPR \D KHPRV VHxDODGR DQWHULRUPHQWHORVWH[WRVSXEOLFLWDULRVVREUHFRVPpWLFDGLULJLGRVDXQS~EOLFRPDVFXOLQR PXHVWUDQXQDJUDQSUHGLOHFFLyQSRUORVDQJOLFLVPRVIUHQWHDRWURVFRPRORVJDOLFLVPRV SRU HMHPSOR   (QFRQWUDPRV TXH HVWRV DSDUHFHQ HQ ORV FRPSXHVWRV HQ ORV TXH DPERV FRQVWLWX\HQWHVVRQEDUEDULVPRV\HQRFDVLRQHVFRPELQDGRVFRQSDODEUDVDOHPDQDV    (MHPSORVWRPDGRVGHQXHVWURFRUSXV  /RVJDOLFLVPRVSDUHFHQVHUPiVSURSLRVGHORVFRVPpWLFRVIHPHQLQRV Àǣ×   ϯϯ  (;75$1-(5,6026  HU3DFN )RXJqUH'XIW $IWHUVKDYH$IWHU6KDYH )ULVFKH.LFN $LU*HO7HFKQRORJLH *HVFKHQNVHW $QWL$JLQJ +DDUVW\OHV $XIZDFK.LFN +DDUVW\OLQJ $XIZDFK.LFN9(5$/7(7 +DXW$XIZDFK.LFN 'XIW$IWHU6KDYH +\GUD&HUDPLG (QHUJLH%RRVW +\GUD&RPIRUW6\VWHP (QHUJLH.LFN /DLVVH])DLUH )HXFKWLJNHLWVIOXLG)HXFKWLJNHLWV)OXLG 3RZHU*HO )HXFKWLJNHLWVNLFN 6KDYHFDUH )OH[3UR 7RS7H[WXU HU3DFN 7ZLQ*HO (QUHODFLyQFRQHVWHWHPD(OVHQVHxDODHQVXHVWXGLRVREUHHOOHQJXDMHHQ DQXQFLRVSXEOLFLWDULRVGHFRVPpWLFDSDUDPXMHUHVTXHHQODHOHFFLyQHQWUHJDOLFLVPRV\ DQJOLFLVPRV MXHJD XQ SDSHO LPSRUWDQWH OD HGDG GHO S~EOLFR DO TXH YDQ GLULJLGRV ORV DQXQFLRVVLHQGRPiVKDELWXDOHVORVDQJOLFLVPRVHQDTXHOORVSHQVDGRVSDUDXQS~EOLFR MRYHQ (Q QXHVWUR HVWXGLR QR VH UHIOHMD GLFKD UHODFLyQ VLQR TXH ORV  DQJOLFLVPRV HQFRQWUDGRVDSDUHFHQ HQORVWH[WRVGLULJLGRVWDQWRDKRPEUHVMyYHQHVFRPRKRPEUHV PDGXURVTXHGDQGRHOQ~PHURGHJDOLFLVPRVHQFRQWUDGRVUHGXFLGRD)RXJqUH'XIW /DLVVH])DLUH (OVLJXLHQWHJUiILFRYLGJUiILFRLOXVWUDODSURSRUFLyQGHSDODEUDVFRPSXHVWDV SOHQDPHQWH DOHPDQDV \ OD GH FRPSXHVWRV IRUPDGRV WRWDO R SDUFLDOPHQWH SRU H[WUDQMHULVPRV Àǣ×   ϯϰ   $FWXDOPHQWHHQHOiPELWRSXEOLFLWDULRVRQPXFKDVODVSDODEUDVTXHVHIRUPDQ FRQHOPHURILQGHDWUDHUODPLUDGDGHOXVXDULR0XFKDVVHFUHDQSRUTXHVXHQDQELHQ SRUTXH VXHQDQ FLHQWtILFDV WHFQROyJLFDV R VLPSOHPHQWH SRUTXH VXHQDQ GLIHUHQWH FI (OVHQ $OJXQRVGHORVFRPSXHVWRVUHYLVDGRVHQHVWRVWH[WRVYDQDDSRUWDUVLPSOHPHQWH LQIRUPDFLRQHVQHXWUDOHVVREUHHOSURGXFWRDOTXHVHUHILHUHQOLPLWiQGRVHDGHVFULELUODV FDUDFWHUtVWLFDV R ORV FRPSRQHQWHV GH HVWH ZDVVHUlKQOLFKH7H[WXU )ULVFKHJHIKO %DUWJHIKO 6RIRUW$ENKOXQJV(IIHNW XOWUDOHLFKWH*HO +\GUR*HO)RUPHO %DUW 3IOHJHJHO WůĞŶĂŵĞŶƚĞĂůĞŵĂŶĂƐ;ϭϰϬͿ džƚƌĂŶũĞƌŝƐŵŽƐ;ϮϲͿ *UiILFR Àǣ×   ϯϱ  2WURVWpUPLQRVVLQHPEDUJREXVFDQUHYDORUL]DUHOSURGXFWRYLGFDStWXOR6H WUDWD GH ODV +RFKZHUWZ|UWHU R SDODEUDV KLSHUEyOLFDV *LHUGHQ 9HJD   VXSHUIULVFKVHQVLWLYHFRRO&UHPHXOWUDOHLFKWXOWUDIULVFKXOWLPDWLYYLWDOLVLHUHQGXOWUD VHQVLWLYH$XIZDFK.LFN3URGXNW3RZHU*HO/LHEOLQJVFUHPHGHU0lQQHU7RS7H[WXU         1RSXHGHQIDOWDUHQWUHORVFRPSXHVWRVORVWHFQLFLVPRV\SVHXGRWHFQLFLVPRV FRQ ORV TXH ODV PDUFDV EXVFDQ GHVSHUWDU OD FRQILDQ]D GH ORV SRVLEOHV FRQVXPLGRUHV GDQGRODVHQVDFLyQGHRIUHFHUSURGXFWRVUHYROXFLRQDULRVGHDOWDFDOLGDGIUXWRGHODV LQYHVWLJDFLRQHVOOHYDGDVDFDERSRUWpFQLFRVDOWDPHQWHFXDOLILFDGRVFI(OVHQ*LHUGHQ 9HJD3URGXFWRVGHQRPLQDGRVS++DXWQHXWUDOFRQ1DQRSDUWLNHO3UR9LWDPLQ %9LWDPLQ.RPSOH[FDVLFRQILHUHQDODVFUHPDVHOHVWDWXVGHPHGLFDPHQWRGH~OWLPD JHQHUDFLyQ 3DUD HO DIHLWDGR VH SURPHWH VROR OD ~OWLPD WHFQRORJtD HQ FXFKLOODV VROR JUDFLDV D ODV 3Ul]LVLRQVNOLQJH\3Ul]LVLRQV7ULPPHU )OH[3UR GRWDGDV GH  XQD 6FKZLQJNRSI7HFKQRORJLHVHFRQVLJXHODPHMRU5DVXUOHLVWXQJ(QFRQWUDPRVDGHPiVHQ ORV WH[WRV SVHXGRWHFQLFLVPRV TXH RIUHFHQ DQWLR[LGDWLYHQ 6FKXW] SDUD SUHYHQLU OD DSDULFLyQGHDUUXJDVSUHPDWXUDVRXQDVXHUWHGH$LU*HO7HFKQRORJLHR+\GUD&RPIRUW 6\VWHPFDSDFHVGHPDQWHQHUODSLHOKLGUDWDGDWRGRHOGtD  Àǣ×   ϯϲ   (QHVWHSXQWRQRVKDSDUHFLGRRSRUWXQRPHQFLRQDUDOJ~QHMHPSORGHOH[HPDV SOXULYHUEDOHV\X[WDSXHVWRVSRUWUDWDUVHGHXQDFRQVWUXFFLyQQRSRFRIUHFXHQWHHQORV WH[WRV SXEOLFLWDULRV \ FRPSOHWDU DVt HO FDWiORJR GH KDOOD]JRV IRU 0HQ (QWKDDUXQJVFUHPH 2QH%ODGH (UVDW]NOLQJHQ +\GUR  +HUUHQ 5DVLHUNOLQJHQ )XVLRQ 3UR*OLGH0DQXDO5DVLHUNOLQJHQ2QH%ODGH%DUWVW\OHUPLW7ULPPHUDXIVlW]HQ   Àǣ×   ϯϳ  &21&/86,21(6 8QDFHUFDPLHQWRWHyULFRDORVGLIHUHQWHVFRQFHSWRV\XQLGDGHVTXHWRPDQSDUWH DFWLYDHQHOSURFHVRGHODFRPSRVLFLyQ\XQDH[SRVLFLyQPiVGHWDOODGDGHORVGLIHUHQWHV SXQWRV GH YLVWD GHVGH ORV TXH SXHGHQ DQDOL]DUVH ODV SDODEUDV FRPSXHVWDV QRV KD SURSRUFLRQDGR OD EDVH DUJXPHQWDO SDUD UHDOL]DU XQ HVWXGLR DQDOtWLFR GHVFULSWLYR GH QXHVWURFRUSXV /RVUHVXOWDGRVGHHVWHDQiOLVLVQRVKDQSHUPLWLGRFRUURERUDUOR\DH[SXHVWRSRU ODVIXHQWHVTXHKHPRVFRQVXOWDGR$VLPLVPRHQHVWXGLRVSUHFHGHQWHVHQHOiPELWRGHO OHQJXDMH SXEOLFLWDULR OD FRPSRVLFLyQ GHVWDFD VREUHPDQHUD VLHQGR HO SURFHVR GH IRUPDFLyQGHSDODEUDVPiVSURGXFWLYRGHODOHQJXDDOHPDQD'HLJXDOPDQHUDKHPRV FRQVWDWDGR \ FRQILUPDGR TXH ORV FRPSXHVWRV QRPLQDOHV VRQ HO SURGXFWR Op[LFR PiV IUHFXHQWHGHHVWHSURFHVRHQHVWHVHQWLGRFRQV~OWHVHHODQH[RXQRGHQXHVWURWUDEDMR (Q HO DQH[R GRV PRVWUDPRV WRGRV ORV FRPSXHVWRV QRPLQDOHV \ DGMHWLYDOHV GHSXUDGRV\VLQGXSOLFDFLyQHVGHFLUWUDVODUHVROXFLyQDIRQGRGHODFULEDOp[LFD(O DQH[R WUHV FRQVWDWD OR HVWXGLDGR HQ HO FDStWXOR  PiV FRQFUHWDPHQWH GH TXH ORV FRPSXHVWRVQHROyJLFRVKDOODGRVVRQFRPSXHVWRVGHWHUPLQDWLYRV (QORTXHVHUHILHUHDOXVRGHH[WUDQMHULVPRVHQODSXEOLFLGDGGHOiPELWRTXHQRV RFXSDHVWDLQYHVWLJDFLyQKDUHYHODGRTXHDGLIHUHQFLDGHORUHJLVWUDGRSRUDQWHULRUHV HVWXGLRV VREUH HO PLVPR WHPD ODV HPSUHVDV DOHPDQDV GH HVWH VHFWRU SUHILHUHQ FRQ PXFKRORVDQJOLFLVPRVVREUHORVJDOLFLVPRV1RSRGHPRVDILUPDUFRQVHJXULGDGVLVX HOHFFLyQVHGHEHDXQDFXHVWLyQGHJpQHURRGHWHQGHQFLDSXHVODDPSOLWXGGHOWHPDQRV KD REOLJDGR D OLPLWDUQRV D OD SXEOLFLGDG SDUD KRPEUHV \ SRU VHU HVWH XQ HVWXGLR VLQFUyQLFR \ VHFFLRQDO D OLPLWDUQRV D SXEOLFLGDG DFWXDO 3RU HVWD UD]yQ HQ HO DQH[R FXDWURHYLGHQFLDPRVHVSHFLDOPHQWHORVFRPSXHVWRVIRUPDGRVDEDVHGHH[WUDQMHULVPRV FRQRVLQKLEULGDFLyQSDUDXQDPD\RUH[KDXVWLYLGDG 'HOPLVPRPRGRTXHXQDOHQJXDHVXQSURGXFWRVRFLDOHQWHQGHPRVTXHODSXEOLFLGDG HVWDPELpQXQUHIOHMRGHODVRFLHGDGSDUDODTXHVHFUHD3RUHVHPRWLYRFRQVLGHUDPRV TXHHVWHHVWXGLRTXHSRUVXQDWXUDOH]DWLHQHXQDH[WHQVLyQOLPLWDGDSXHGHVHUYLUFRPR SXQWR GH SDUWLGD SDUD IXWXUDV LQYHVWLJDFLRQHV OH[LFRJUiILFDV OH[LFROyJLFDV R LQFOXVR Àǣ×   ϰϰ  ͲƌƐĂƚnjŬůŝŶŐĞŶ ͲEĂƐƐƌĂƐƵƌ ͲϯͲ<ůŝŶŐĞŶƐLJƐƚĞŵ Ͳ'ůĞŝƚƐƚƌĞŝĨĞŶ ĂƌƚͲtĂƐĐŚƐĐŚĂƵŵϭϱϬŵů;ŚƚƚƉƐǁǁǁĚŵĚĞďĂůĞĂͲŵĞŶͲďĂƌƚͲǁĂƐĐŚƐĐŚĂƵŵͲ ƉϰϬϭϬϯϱϱϯϯϭϮϴϭŚƚŵůͿ ͲĂƌƚͲtĂƐĐŚƐĐŚĂƵŵ ͲtĂƐĐŚͲ^ĐŚĂƵŵdžϯ ͲĂƌƚŚĂĂƌĞ Ͳ'ĞƐŝĐŚƚƐƌĞŝŶŝŐƵŶŐ Ͳ,ĂƵƚƚĂůŐ Ͳ^ĐŚŵƵƚnjƉĂƌƚŝŬĞůŶ ͲƵŐĞŶƉĂƌƚŝĞ ZĂƐŝĞƌŬůŝŶŐĞŶƉƌĞĐŝƐŝŽŶϱ&ůĞdžͲWƌŽϴ^ƚ;ŚƚƚƉƐǁǁǁĚŵĚĞďĂůĞĂͲŵĞŶͲƌĂƐŝĞƌŬůŝŶŐĞŶͲ ƉƌĞĐŝƐŝŽŶϱͲĨůĞdžͲƉƌŽͲƉϰϬϭϬϯϱϱϰϳϲϴϬϳŚƚŵůͿ ͲZĂƐŝĞƌŬůŝŶŐĞŶ Ͳ&ůĞdžͲWƌŽdžϮ Ͳ^ĐŚǁŝŶŐŬŽƉĨͲdĞĐŚŶŽůŽŐŝĞdžϮ ͲWƌćnjŝƐŝŽŶƐͲdƌŝŵŵĞƌdžϮ Ͳ<ůŝŶŐĞŶŬŽƉĨŽďĞƌƐĞŝƚĞ ͲĂƌƚŬŽŶƚƵƌĞŶ ĨƚĞƌ^ŚĂǀĞĂůƐĂŵĞŶĞƌŐLJYϭϬϭϬϬŵů;ŚƚƚƉƐǁǁǁĚŵĚĞďĂůĞĂͲŵĞŶͲĂĨƚĞƌͲƐŚĂǀĞͲďĂůƐĂŵͲ ĞŶĞƌŐLJͲƋϭϬͲƉϰϬϭϬϯϱϱϮϵϴϮϬϭŚƚŵůͿ ͲůƵŵŝŶŝƵŵƐĂůnjĞ Ͳ&ĂƌďƐƚŽĨĨĞ ͲEĂŶŽƉĂƌƚŝŬĞů ͲDŝŶĞƌĂůƂůĞ ͲƉ,Ͳ,ĂƵƚŶĞƵƚƌĂů ͲƵĨƚͲĨƚĞƌ^ŚĂǀĞ ͲůƵŵŝŶŝƵŵͲƐĂůnjĞ ZĂƐŝĞƌĞƌƌĞǀŽůƵƚŝŽŶϱϭϭ^ƚ;ŚƚƚƉƐǁǁǁĚŵĚĞďĂůĞĂͲŵĞŶͲƌĂƐŝĞƌĞƌͲƌĞǀŽůƵƚŝŽŶͲϱͲϭͲ ƉϰϬϭϬϯϱϱϯϯϮϳϵϬŚƚŵůͿ ͲZĂƐƵƌůĞŝƐƚƵŶŐ ͲϱͲ<ůŝŶŐĞŶƐLJƐƚĞŵ ͲWƌćnjŝƐŝŽŶƐͲdƌŝŵŵĞƌ ͲĂƌƚŬŽŶƚƵƌĞŶ Ͳ'ůĞŝƚƐƚƌĞŝĨĞŶ Ͳ:ŽũŽďĂƂů ͲEĂƐƐƌĂƐƵƌ     Àǣ    ŝŶǁĞŐƌĂƐŝĞƌĞƌϯ<ůŝŶŐ ƉϰϬϭϬϯϱϱϯϯϮϴϯϳŚƚŵ ͲŝŶǁĞŐƌĂƐŝĞƌĞƌdžϮ ͲϯͲ<ůŝŶŐĞŶ Ͳ'ůĞŝƚƐƚƌĞŝĨĞŶ ͲŶƚŝͲZƵƚƐĐŚͲ'ƌŝĨĨ Ͳ,ĂŶĚŚĂďƵŶŐ Ͳ^ĐŚǁŝŶŐŬŽƉĨƚĞĐŚŶ ͲDćŶŶĞƌŚĂƵƚ ͲZĂƐƵƌĞƌŐĞďŶŝƐ  '  ,LJĚƌĂŶĞƌŐLJ&ĞƵĐŚƚŝ Ő ŚƚƚƉƐǁǁǁŵĞŶĞdžƉ Ğ ĂŶƚŝͲŵƵĞĚŝŐŬĞŝƚͿ ͲƵůƚŝŵĂ ƚ ͲŶĞƌŐŝ Ğ ͲƵŐĞŶ ƌ ͲDƺĚŝŐ Ŭ ͲŶƚŝͲD ͲŶƚŝͲD Ͳ&ĞƵĐŚƚ ͲDćŶŶ Ğ ͲŶƚŝͲD ͲƵŐĞŶ Ŭ ͲZĞŝŶŝŐ Ƶ ͲƵĨǁĂ Đ Ͳ,ĂƵƚďŝ ͲůĂŶŐĂŶ ,LJĚƌĂ/ŶƚĞŶƐŝǀĞ&ĞƵĐŚ ƚ ŚƚƚƉƐǁǁǁŵĞŶĞdžƉ Ğ  ×  ϰϱ  ĞŶϴ^ƚ;ŚƚƚƉƐǁǁǁĚŵĚĞďĂůĞĂͲŵĞŶͲĞŝŶǁĞ Ő ůͿ ŽůŽŐŝĞ ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞͿ  ^/,d^W&>'х>>'^/,d^W&>'ͲWZKh < ϭϬϬϲϮϬϭϵ Ő ŬĞŝƚƐƉĨůĞŐĞϮϰŚŶƚŝͲDƺĚŝŐŬĞŝƚ; Ğ ƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲĞŶĞƌŐLJŚLJĚƌĂͲĞŶĞƌŐLJͲĨĞƵ Đ ƚ ŝǀͲǀŝƚĂůŝƐŝĞƌĞŶĚĞ Ğ Ͳ<ŝĐŬ ƌ ŝŶŐĞdžϯ Ŭ ĞŝƚƐĂŶnjĞŝĐŚĞŶ ƺĚŝŐŬĞŝƚƐͲ&ŽƌŵĞů ƺĚŝŐŬĞŝƚ ŝŐŬĞŝƚƐƉĨůĞŐĞ Ğ ƌŚĂƵƚ ƺĚŝŐŬĞŝƚƐͲĨĨĞŬƚ Ŭ ŽŶƚĂŬƚ Ƶ ŶŐƐŐĞů Đ ŚͲ<ŝĐŬ ůĚdžϮ ŚĂůƚĞŶĚĞŶ;ŶƚŝͲDƺĚŝŐŬĞŝƚƐͲĨĨĞŬƚͿ ƚ ŝŐŬĞŝƚƐĐƌĞŵĞdćŐůŝĐŚĞWĨůĞŐĞ; Ğ ƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲŝŶƚĞŶƐŝǀĞͲĨĞƵĐŚƚŝŐŬĞŝƚƐĐƌ Ğ         Ő ƌĂƐŝĞƌĞƌͲϯͲŬůŝŶŐĞŶͲ  < d Đ ŚƚŝŐŬĞŝƚƐƉĨůĞŐĞͲϮϰŚͲ Ğ ŵĞͲƚĂĞŐůŝĐŚĞͲƉĨůĞŐĞͿ Àǣ×   ϰϲ  Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐĐƌĞŵĞ ͲdĂŐĞƐƉĨůĞŐĞ Ͳ,ĂƵƚŐĞĨƺŚů ͲWĨůĞŐĞƉƌŽŐƌĂŵŵ Ͳ,LJĚƌĂͲŽŵĨŽƌƚͲ^LJƐƚĞŵ ͲhŵǁĞůƚĞŝŶĨůƺƐƐĞŶ ͲƚĂŐƐƺďĞƌ ŽŵĨŽƌƚDĂdž&ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞŶƚŝͲdƌŽĐŬĞŶĞ ,ĂƵƚ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲĞŶĞƌŐLJĐŽŵĨŽƌƚͲŵĂdžͲĨĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞͲ ĂŶƚŝͲƚƌŽĐŬĞŶĞͲŚĂƵƚͿ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞ ͲŶƚŝͲdƌŽĐŬĞŶĞ,ĂƵƚdžϮ ͲhŵǁĞůƚĞŝŶĨůƺƐƐĞ Ͳ,LJĚƌĂͲĞƌĂŵŝĚ ͲĞůůĞƌŶĞƵĞƌƵŶŐ Ͳ,LJĚƌĂͲĞƌĂŵŝĚ ͲŶƚŝͲŵƺĚĞDćŶŶĞƌŚĂƵƚ ͲůĂŶŐĂŶŚĂůƚĞŶĚ  ƌĨƌŝƐĐŚĞŶĚĞƐZĞŝŶŝŐƵŶŐƐŐĞůƵĨǁĂĐŚͲ<ŝĐŬ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲ ĞŶĞƌŐLJĞƌĨƌŝƐĐŚĞŶĚĞƐͲƌĞŝŶŝŐƵŶŐƐŐĞůͲĂƵĨǁĂĐŚͲŬŝĐŬͿ ͲZĞŝŶŝŐƵŶŐƐŐĞů ͲƵĨǁĂĐŚͲ<ŝĐŬͲsZ>dd ͲdŝĞĨĞŶǁŝƌŬƐĂŵ Ͳ,ĂƵƚƵŶƌĞŝŶŚĞŝƚĞŶ Ͳ^ƉĂŶŶƵŶŐƐŐĞĨƺŚů Ͳ^ĞŝĨĞŶĨƌĞŝĞ;&ŽƌŵĞůͿ ͲŬƚŝǀͲtŝƌŬƐƚŽĨĨŬŽŵƉůĞdž ͲtŝĚĞƌƐƚĂŶĚƐŬƌĂĨƚ Ͳ,ĂƐĞůŶƵƐƐŐƌŽƘĞ;DĞŶŐĞͿ ͲƵŐĞŶďĞƌĞŝĐŚ ͲƚŝĞĨĞŶǁŝƌŬƐĂŵ ͲůĞŝƐƚƵŶŐƐĨćŚŝŐĞƌ ͲƐĞŝĨĞŶĨƌĞŝĞ;&ŽƌŵĞůͿ ͲŚĂƐĞůŶƵƐƐŐƌŽƘĞ;DĞŶŐĞͿ  ,LJĚƌĂŶĞƌŐLJ<ƌĞĂƚŝŶŽŽƐƚĞƌ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲĞŶĞƌŐLJŚLJĚƌĂͲ ĞŶĞƌŐLJͲŬƌĞĂƚŝŶͲƐƚĞƌͿ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐͲ'Ğů ͲŶĞƌŐŝĞͲŽŽƐƚ ͲdŽƉͲdĞdžƚƵƌ Àǣ×   ϰϳ  Ͳ^ŽĨŽƌƚͲĨĨĞŬƚ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐĨůƵŝĚ Ͳ'ĞƐŝĐŚƚƐnjƺŐĞ ͲŶƚŝͲDƺĚŝŐŬĞŝƚƐͲ&ŽƌŵĞů ͲWŽǁĞƌͲ'Ğů Ͳ&h,d/'</d^Ͳ'> ͲƵĨǁĂĐŚͲ<ŝĐŬdžϮ ͲdžƚƌĂͲ&ĞƵĐŚƚŝŐŬĞŝƚdžϮ Ͳ^ƵƉĞƌĨƌŝƐĐŚ Ͳ,ĂƵƚŐĞĨƺŚů ͲDćŶŶĞƌŚĂƵƚ Ͳ'ĞůͲnjƵͲtĂƐƐĞƌ;dĞdžƚƵƌͿ ͲůĂŶŐĂŶŚĂůƚĞŶĚ ͲƐƵƉĞƌĨƌŝƐĐŚ ĂƌƚƂů,ĂƵƚΘĂƌƚ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞďĂƌďĞƌĐůƵďďĂƌƚŽĞůͲŚĂƵƚͲďĂƌƚͿ ͲĂƌƚƂůdžϮ ͲĞĚĞƌŶŚŽůnjƂůdžϮ ͲĂƌƚŚĂĂƌĞ ͲĂƌƚůćŶŐĞ ͲĂƌƚŬĂŵŵ ͲŶƚŝͲ:ƵĐŬƌĞŝnj ϯͲdĂŐĞďĂƌƚͲƵŶĚ'ĞƐŝĐŚƚƐƉĨůĞŐĞ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞďĂƌďĞƌĐůƵďϯͲ ƚĂŐĞďĂƌƚͲƵŶĚͲŐĞƐŝĐŚƚƐƉĨůĞŐĞͿ ͲϯͲdĂŐĞďĂƌƚͲΘ'ĞƐŝĐŚƚƐƉĨůĞŐĞ ͲĂƌƚƐƚŽƉƉĞůŶdžϮ ͲĞĚĞƌŶŚŽůnjƂůdžϮ ͲƌĞŝƚĂŐĞďĂƌƚdžϯ ͲWƵŵƉŚŝĞďĞ ͲƵŐĞŶƉĂƌƚŝĞ ͲŶƚŝͲ:ƵĐŬƌĞŝnj ĨƚĞƌͲ^ŚĂǀĞƌĞƉĂƌŝĞƌĞŶĚĞƌĂůƐĂŵϮϰ,&ĞƵĐŚƚŝŐŬĞŝƚ; ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲĞŶĞƌŐLJĂĨƚĞƌͲƐŚĂǀĞͲƌĞƉĂƌŝĞƌĞŶĚĞƌͲďĂůƐĂŵͲ ϮϰŚĨĞƵĐŚƚŝŐŬĞŝƚͿ ͲĨƚĞƌͲ^ŚĂǀĞ ͲZĂƐƵƌďƌĂŶĚ Ͳ,ĂƵƚŝƌƌŝƚĂƚŝŽŶĞŶ ͲZĂƐŝĞƌƐĐŚćƵŵĞ ͲZĂƐŝĞƌŐĞůĞ Ͳ,ĂƵƚďŝůĚ ͲhŵǁĞůƚĞŝŶĨůƺƐƐĞŶ ͲŐůĞŝĐŚŵćƘŝŐĞƐ;,ĂƵƚďŝůĚͿ Àǣ×   ϰϴ  &ĂůƚĞŶ^ƚŽƉ&ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞŶƚŝͲDŝŵŝŬ&ĂůƚĞŶ; ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞĨĂůƚĞŶͲƐƚŽƉͲĨĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞͲĂŶƚŝͲŵŝŵŝŬͲĨĂůƚĞŶͿ ͲŶƚŝͲDŝŵŝŬͲ&ĂůƚĞŶ Ͳ&ĂůƚĞŶŵŝůĚĞƌƵŶŐdžϮ Ͳ,ĂƵƚĂůƚĞƌƵŶŐ ͲDŝŵŝŬͲ&ĂůƚĞŶ ͲDŝŬƌŽͲŶƐƉĂŶŶƵŶŐĞŶ ͲŶƚŝͲ,ĂƵƚĞƌƐĐŚůĂĨĨƵŶŐ ͲtŝĚĞƌƐƚĂŶĚƐŬƌĂĨƚ Ͳ'ĞƐŝĐŚƚƐnjƺŐĞ ͲůĂŶŐĂŶŚĂůƚĞŶĚĞ;&ĞƵĐŚƚŝŐŬĞŝƚͿ ͲǀŽƌnjĞŝƚŝŐĞƌ;,ĂƵƚĂůƚĞƌƵŶŐͿ &ĞƵĐŚƚŝŐŬĞŝƚƐͲ&ůƵŝĚĨƺƌĚĞŶϯͲdĂŐĞͲĂƌƚ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲĞŶĞƌŐLJͲ džƚƌĞŵĞĨĞƵĐŚƚŝŐŬĞŝƚƐͲĨůƵŝĚͲĨƵƌͲĚĞŶͲϯͲƚĂŐĞͲďĂƌƚͿ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐͲ&ůƵŝĚ ͲϯͲdĂŐĞͲĂƌƚ ͲŶƚŝͲŚĂƌƚĞ;^ƚŽƉƉĞůŶͿ ͲŶƚŝͲ:ƵĐŬƌĞŝnj ͲϯͲdĂŐĞͲĂƌƚ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐͲ&ůƵŝĚ ͲĂƌƚн,ĂƵƚƉĨůĞŐĞƐLJƐƚĞŵ ͲĂƌƚͲƵŶĚ,ĂƵƚͲWĨůĞŐĞƐLJƐƚĞŵ ͲDƺĚŝŐŬĞŝƚƐĂŶnjĞŝĐŚĞŶ ͲŶƚŝͲŚĂƌƚĞ;^ƚŽƉƉĞůŶͿ ͲŶƚŝͲ:ƵĐŬƌĞŝnj ͲĂŶƚŝďĂŬƚĞƌŝĞůůĞŶ <ƺŚůĞŶĚĞƐ&ĞƵĐŚƚŝŐŬĞŝƚƐͲ'ĞůŶƚŝͲ'ůĂŶnj;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲ ĞŶĞƌŐLJŬƵĞŚůĞŶĚĞƐͲĨĞƵĐŚƚŝŐŬĞŝƚƐͲŐĞůͲĂŶƚŝͲŐůĂŶnjͿ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐͲ'Ğů ͲŶƚŝͲ'ůĂŶnjdžϯ ͲhůƚƌĂͲ&ƌŝƐĐŚĞdžϮ ͲŝƌͲ'ĞůdĞĐŚŶŽůŽŐŝĞ ͲŶƚŝͲPůtŝƌŬƐƚŽĨĨ ͲDĞĞƌĞƐƋƵĞůůǁĂƐƐĞƌ Ͳ^ŽĨŽƌƚͲďŬƺŚůƵŶŐƐͲĨĨĞŬƚ ͲŵŝŶĞƌĂůŚĂůƚŝŐĞƐ &ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞŶƚŝͲ,ĂƵƚƵŶƌĞŝŶŚĞŝƚĞŶ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞƉƵƌĞͲ ƉŽǁĞƌĨĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞͲĂŶƚŝͲŚĂƵƚƵŶƌĞŝŶŚĞŝƚĞŶͿ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞdžϮ ͲŶƚŝͲ,ĂƵƚƵŶƌĞŝŶŚĞŝƚĞŶdžϮ ͲdĂůŐƉƌŽĚƵŬƚŝŽŶdžϮ ͲĂŶƚŝͲďĂŬƚĞƌŝĞůůĞƌ Àǣ×   ϰϵ  Ͳ^ĂůŝnjLJůƐćƵƌĞ ͲƚĂůŐƌĞŐƵůŝĞƌĞŶĚĞŵ;ŝŶŬͿƚĂůŐƌĞŐƵůŝĞƌĞŶĚĞtŝƌŬƐƚŽĨĨ ͲƌĞŵĞͲ'Ğů Ͳ,ĂƵƚďŝůĚ Ͳ,ĂƵƚŐĞĨƺŚůdžϮ ͲƵŐĞŶƉĂƌƚŝĞ ͲĨĞƵĐŚƚŝŐŬĞŝƚƐƐƉĞŶĚĞŶĚĞ;&ŽƌŵĞůͿ ͲƺďĞƌŵćƘŝŐĞƌ &ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞŵŝƚDŽƵŶƚĂŝŶtĂƚĞƌ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲ ƉŽǁĞƌĨĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞͲŵŝƚͲŵŽƵŶƚĂŝŶͲǁĂƚĞƌͿ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞdžϮ ͲŶƚŝͲ,ĂƵƚƐƉĂŶŶƵŶŐĞŶdžϮ ͲtŝĚĞƌƐƚĂŶĚƐŬƌĂĨƚ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐǀĞƌůƵƐƚ Ͳ'ĞůͲnjƵͲtĂƐƐĞƌͲdĞdžƚƵƌdžϮ Ͳ&ƌŝƐĐŚĞͲ<ŝĐŬ Ͳ,ĂƵƚŐĞĨƺŚůdžϮ ͲƵůƚƌĂͲůĞŝĐŚƚĞ ͲǁĂƐƐĞƌćŚŶůŝĐŚĞ;dĞdžƚƵƌͿdžϮ Ͳ/ŶŚĂůƚƐƐƚŽĨĨĞ ͲϭϬϬϬͲĨĂĐŚĞ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐŐĞů Ͳ&ƌŝƐĐŚĞŐĞĨƺŚůdžϮ ͲƵůƚƌĂͲůĞŝĐŚƚĞͲ'Ğů Ͳ>E'E,>dE ,LJĚƌĂŶĞƌŐLJ'ĞƐĐŚĞŶŬďŽdž;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲĞŶĞƌŐLJŚLJĚƌĂͲ ĞŶĞƌŐLJͲŐĞƐĐŚĞŶŬƐĞƚͿ Ͳ'ĞƐĐŚĞŶŬƐĞƚ ͲDćŶŶĞƌŚĂƵƚ ͲŶƚŝͲDƺĚŝŐŬĞŝƚƐĞĨĨĞŬƚ Ͳ,ĂƵƚƵŶƌĞŝŶŚĞŝƚĞŶ Ͳ&h,d/'</d^W&>'džϮ ͲƵŐĞŶƌŝŶŐĞ Ͳ,ĂƵƚďŝůĚdžϮ ͲŬƚŝǀͲtŝƌŬƐƚŽĨĨŬŽŵƉůĞdž ͲtŝĚĞƌƐƚĂŶĚƐŬƌĂĨƚdžϮ ͲZĞŝŶŝŐƵŶŐƐŐĞůdžϮ ͲƚŝĞĨĞŶǁŝƌŬƐĂŵ ͲtŝĚĞƌƐƚĂŶĚƐĨćŚŝŐŬĞŝƚ ŝƌŬĞŶƐĂĨƚ&ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲ ƐĞŶƐŝƚŝǀĞďŝƌŬĞŶƐĂĨƚͲĨĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞͿ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞdžϯ Àǣ×   ϱϬ  ͲhŵǁĞůƚǀĞƌƐĐŚŵƵƚnjƵŶŐ ͲhŵǁĞůƚĞŝŶĨůƺƐƐĞŶ ͲtŝĚĞƌƐƚĂŶĚƐĨćŚŝŐŬĞŝƚ sŝƚĂ>ŝĨƚsŝƚĂůŝƐŝĞƌĞŶĚĞ&ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞǀŝƚĂͲ ůŝĨƚǀŝƚĂͲůŝĨƚͲǀŝƚĂůŝƐŝĞƌĞŶĚĞͲĨĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞͿ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞdžϯ ͲŶƚŝͲŐŝŶŐ ͲtĞŝŶƌĞďĞŶͲdžƚƌĂŬƚdžϯ Ͳ,ĂƵƚĂůƚĞƌƵŶŐdžϮ ͲƵŐĞŶƉĂƌƚŝĞ sŝƚĂ>ŝĨƚŶƚŝͲ&ĂůƚĞŶdƵƌďŽ'Ğů;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞǀŝƚĂͲůŝĨƚǀŝƚĂͲůŝĨƚͲĂŶƚŝͲ ĨĂůƚĞŶͲƚƵƌďŽͲŐĞůͿ ͲŶƚŝͲ&ĂůƚĞŶdžϮ ͲŶƚŝͲ&ĂůƚĞŶ;^ĐŚƵƚnjͿ ͲtĞŝŶƌĞďĞŶͲdžƚƌĂŬƚdžϯ ͲDćŶŶĞƌŚĂƵƚ Ͳ,ĂƵƚĂůƚĞƌƵŶŐ ͲƵŐĞŶƉĂƌƚŝĞ ͲEd/Ky/d/sZ sŝƚĂ>ŝĨƚsŝƚĂůŝƐŝĞƌĞŶĚĞƵŐĞŶƉĨůĞŐĞ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞǀŝƚĂͲůŝĨƚǀŝƚĂͲůŝĨƚͲ ǀŝƚĂůŝƐŝĞƌĞŶĚĞͲĂƵŐĞŶƉĨůĞŐĞͿ ͲƵŐĞŶƉĨůĞŐĞdžϮ ͲƵŐĞŶƌŝŶŐĞdžϮ ͲtĞŝŶƌĞďĞŶͲdžƚƌĂŬƚdžϮ ͲƵŐĞŶƉĂƌƚŝĞdžϮ ,LJĚƌĂŶĞƌŐLJϮͲŝŶͲϭ^ŚĂǀĞĐĂƌĞ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲĞŶĞƌŐLJŚLJĚƌĂͲ ĞŶĞƌŐLJͲϮͲŝŶͲϭͲƐŚĂǀĞĐĂƌĞͿ ͲϮͲŝŶͲϭdžϮ Ͳ^ŚĂǀĞĐĂƌĞdžϮ ͲƵůƚŝŵĂƚŝǀͲǀŝƚĂůŝƐŝĞƌĞŶĚĞ ͲŶĞƌŐŝĞͲ<ŝĐŬ ͲZĂƐƵƌďƌĂŶĚdžϯ Ͳ,ĂƵƚŝƌƌŝƚĂƚŝŽŶĞŶdžϮ Ͳ,ĂƵƚŐĞĨƺŚů ͲDƵůƚŝƚĂůĞŶƚ ͲtŝƌŬƐƚŽĨĨĞ ͲĨƚĞƌƐŚĂǀĞ Ͳ'ĞƐŝĐŚƚƐƉĨůĞŐĞ ĂƌďĞƌůƵďWƌĞŵŝƵŵ'ĞƐĐŚĞŶŬƐĞƚ; ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞďĂƌďĞƌĐůƵďďĂƌďĞƌͲĐůƵďͲƉƌĞŵŝƵŵͲŐĞƐĐŚĞŶŬƐĞƚͿ Àǣ×   ϱϭ  Ͳ'ĞƐĐŚĞŶŬƐĞƚ ͲϯͲŝŶͲϭdžϮ ͲĂƌƚƐŚĂŵƉŽŽdžϯ ͲĂƌƚƂůdžϯ ͲĂƌƚƐĐŚƵƉƉĞŶdžϯ ͲZƺĐŬƐƚćŶĚĞdžϮ ͲĂƌƚǁćƐĐŚĞ ͲĂƌƚͲ<ŽŶƚƌŽůůĞ Ͳ,ĂĂƌƐƚLJůŝŶŐ Ͳ,ĂĂƌƐƚLJůĞƐ ͲĞĚĞƌŶŚŽůnjƂůdžϯ ͲƵŐĞŶďĞƌĞŝĐŚ ͲƵŐĞŶƉĂƌƚŝĞ ͲĂƌƚůćŶŐĞ ͲĂƌƚŬĂŵŵ ZĞŝŶŝŐĞŶĚĞdƵĐŚŵĂƐŬĞ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞƉƵƌĞͲĐŚĂƌĐŽĂůƌĞŝŶŝŐĞŶĚĞͲ ƚƵĐŚŵĂƐŬĞͿ ͲdƵĐŚŵĂƐŬĞdžϲ ͲdĂůŐƺďĞƌƐĐŚƵƐƐdžϮ ͲDćŶŶĞƌŚĂƵƚ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞ ͲŝĐŚĞŶŚŽůnjŬŽŚůĞ Ͳ/ŶŚĂůƚƐƐƚŽĨĨ ,LJĚƌĂŶĞƌŐLJĂŐ'ĞƐĐŚĞŶŬƐĞƚ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲĞŶĞƌŐLJŚLJĚƌĂͲ ĞŶĞƌŐLJͲďĂŐͲŐĞƐĐŚĞŶŬƐĞƚͿ Ͳ'ĞƐĐŚĞŶŬƐĞƚdžϮ Ͳ,ĂƵƚͲƵĨǁĂĐŚͲ<ŝĐŬ ͲDćŶŶĞƌŚĂƵƚ Ͳ,ĂƵƚďŝůĚdžϮ ͲƵŐĞŶƌŝŶŐĞdžϮ ͲZĞŝŶŝŐƵŶŐƐŐĞůdžϮ Ͳ,ĂƵƚƵŶƌĞŝŶŚĞŝƚĞŶ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞdžϮ ͲƵƐĐŚŐĞů ͲtĂƐĐŚŐĞů dĂƵƌŝŶdƵĐŚŵĂƐŬĞ;ŚƚƚƉƐǁǁǁŵĞŶĞdžƉĞƌƚĚĞƉƌŽĚƵŬƚĞŚLJĚƌĂͲĞŶĞƌŐLJƚĂƵƌŝŶͲƚƵĐŚŵĂƐŬĞͿ ͲdƵĐŚŵĂƐŬĞdžϯ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞ ͲDćŶŶĞƌŚĂƵƚ Ͳ'ĞƐŝĐŚƚƐŵĂƐŬĞdžϮ ͲϯͲŵĂů Ͳ,ĂƵƚďŝůĚ     Àǣ    ͲZĞŐĞŶ Ğ   E/sDEĂƵĚĞdŽ ŝ ϰϬϬϱϵϬϬϰϰϵϲϮϳϬϬϬϭ Ś ͲWĨůĞŐĞƉƌŽĚƵŬƚ Ͳ,ĞƌƌĞŶĚƵĨƚ Ͳ>ĂŝƐƐĞnjͲ&ĂŝƌĞ Ͳ&ŽƵŐğƌĞͲƵĨƚ Ͳ<ŽƉĨŶŽƚĞ Ͳ,ĞƌnjŶŽƚĞ ͲĞĚĞƌŶŚŽůnj ͲĂƐŝƐŶŽƚĞ E/sDE&ŽƚŽĚŽƐĞ ϰϬϬϱϵϬϬϰϯϱϯϭϲϬϬϬϭ Ś Ͳ&ŽƚŽĚŽƐĞ Ͳ>ŝĞďůŝŶŐƐĐƌĞŵ Ğ Ͳ'ĞƐĐŚĞŶŬŝĚĞĞ ͲƌĞŵĞĚŽƐĞ Ͳ'ĂƐƚŐĞƐĐŚĞŶŬ ͲWůĂƐƚŝŬĚĞĐŬĞů ͲWƌŽĚƵŬƚĂďďŝůĚ ͲDƵƐƚĞƌďŝůĚ ^ĞŶƐŝƚŝǀĞ'ĞƐŝĐŚƚƐƉĨůĞ Ő ϰϬϬϱϵϬϬϲϮϲϭϯϰϬϬϬϭ Ś Ͳ'ĞƐŝĐŚƚƐƉĨůĞŐ Ğ ͲtŝĚĞƌƐƚĂŶĚƐŬ ƌ ͲDćŶŶĞƌŚĂƵƚ Ͳ,ĂƵƚŝƌƌŝƚĂƚŝŽŶ Ğ Ͳ^ƉĂŶŶƵŶŐƐŐĞĨ ƺ Ͳ,ĂƵƚǀĞƌƚƌćŐůŝĐ  ×  ϱϮ  Ğ ƌĂƚŝŽŶƐďĞŐŝŶŶ 'ĞƐŝĐŚƚƐƉĨůĞŐĞĨƺƌDćŶŶĞƌ ϮϯϬϲϮϬϭϵ ŝ ůĞƚƚĞ;ŚƚƚƉƐǁǁǁŶŝǀĞĂĚĞƐŚŽƉŶŝǀĞĂͲŵĞŶͲ Ğ Ś ƚŵůͿ Ğ ϳϱŵů;ŚƚƚƉƐǁǁǁŶŝǀĞĂĚĞƐŚŽƉŶŝǀĞĂͲŵĞŶͲ Ĩ Ś ƚŵůͿ Ğ  ƵŶŐ Ő ĞƌĞŵĞ;ŚƚƚƉƐǁǁǁŶŝǀĞĂĚĞƐŚŽƉƐĞŶƐŝƚŝǀ Ğ Ś ƚŵůͿ Ğ džϱ ƌ ĂĨƚ Ğ Ŷ ƺ Śů ŚŬĞŝƚ          Ğ ĂƵͲĚĞͲƚŽŝůĞƚƚĞͲ Ĩ ŽƚŽĚŽƐĞͲϳϱŵůͲ Ğ ͲŐĞƐŝĐŚƚƐƉĨůĞŐĞͲĐƌĞŵĞͲ Àǣ×   ϱϯ  E/sDEƌĞŵĞ;ŚƚƚƉƐǁǁǁŶŝǀĞĂĚĞƐŚŽƉŶŝǀĞĂͲŵĞŶͲĐƌĞŵĞͲ ϵϬϬϱϴϬϬϮϯϵϵϳϮϬϬϬϭŚƚŵůͿ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐĐƌĞŵĞdžϮ Ͳ,ĂƵƚŐĞĨƺŚů ͲE/sͲďůĂƵĞ;DĞƚĂůůĚŽƐĞͿ Ͳ,ĂƵƚƉĨůĞŐĞ Ͳ&ĞƵĐŚƚŝŐŬĞŝƚƐƉĨůĞŐĞ Ͳ,ĂƵƚǀĞƌƚƌćŐůŝĐŚŬĞŝƚ ĐƚŝǀĞŶĞƌŐLJ'ĞƐŝĐŚƚƐƉĨůĞŐĞ'Ğů;ŚƚƚƉƐǁǁǁŶŝǀĞĂĚĞƐŚŽƉƉĨůĞŐĞͲŐĞůͲ ϰϬϬϱϵϬϬϲϮϮϮϳϯϬϬϬϭŚƚŵůͿ Ͳ'ĞƐŝĐŚƚƐƉĨůĞŐĞdžϲ Ͳ,ĂƵƚďŝůĚdžϮ ͲDćŶŶĞƌŚĂƵƚ ͲůƵŵŝŶŝƵŵĨƌĞŝ ͲWĂƌĂďĞŶĨƌĞŝ ͲsŝƚĂŵŝŶн<ŽŵƉůĞdž ͲŶĞƌŐŝĞʹĞŝĐŚĞŶ Ͳ,ĂƵƚǀĞƌƚƌćŐůŝĐŚŬĞŝƚ WƌŽƚĞĐƚΘĂƌĞ'ĞƐŝĐŚƚƐƉĨůĞŐĞƌĞŵĞ;ŚƚƚƉƐǁǁǁŶŝǀĞĂĚĞƐŚŽƉƉƌŽƚĞĐƚͲƵŶĚͲĐĂƌĞͲ ŐĞƐŝĐŚƚƐƉĨůĞŐĞͲĐƌĞŵĞͲϰϬϬϱϵϬϬϲϯϰϰϮϵϬϬϬϭŚƚŵůͿ Ͳ'ĞƐŝĐŚƚƐƉĨůĞŐĞdžϰ ͲhŵǁĞůƚĞŝŶĨůƺƐƐĞŶdžϮ Ͳ^ĐŚƵƚnjďĂƌƌŝĞƌĞ ^ĞŶƐŝƚŝǀĞϯͲdĂŐĞĂƌƚ,LJĚƌŽ'Ğů;ŚƚƚƉƐǁǁǁŶŝǀĞĂĚĞƐŚŽƉŐĞƐŝĐŚƚƐŐĞůͲ ϰϬϬϱϵϬϬϲϮϭϵϮϰϬϬϬϭŚƚŵůͿ Ͳ,ĂƵƚďŝůĚ ͲϯͲdĂŐĞdžϱ Ͳ'ĞƐŝĐŚƚƐŐĞůdžϯ ͲDćŶŶĞƌŚĂƵƚdžϯ ͲtŝĚĞƌƐƚĂŶĚƐĨćŚŝŐŬĞŝƚ Ͳ,ĂƵƚǀĞƌƚƌćŐůŝĐŚŬĞŝƚ WƌŽƚĞĐƚΘĂƌĞϮŝŶϭĨƚĞƌ^ŚĂǀĞ;ŚƚƚƉƐǁǁǁŶŝǀĞĂĚĞƐŚŽƉƉƌŽƚĞĐƚͲƵŶĚͲĐĂƌĞͲϮŝŶϭͲĂĨƚĞƌͲ ƐŚĂǀĞͲϰϬϬϱϵϬϬϲϭϰϬϴϳϬϬϬϭŚƚŵůͿ ͲϮŝŶϭdžϯ ͲϮͲWŚĂƐĞŶ;&ŽƌŵĞůͿdžϮ ͲWƌŽͲsŝƚĂŵŝŶϱdžϮ ͲůƵŵŝŶŝƵŵĨƌĞŝ ͲWĂƌĂďĞŶĨƌĞŝ ĐƚŝǀĞŶĞƌŐLJĨƚĞƌ^ŚĂǀĞĂůƐĂŵ;ŚƚƚƉƐǁǁǁŶŝǀĞĂĚĞƐŚŽƉĂĨƚĞƌͲƐŚĂǀĞͲďĂůƐĂŵͲ ϰϬϬϱϵϬϬϲϭϱϬϮϮϬϬϬϭŚƚŵůͿ Àǣ×   ϲϬ  Ͳ(QHUJLH±=HLFKHQ Ͳ(QHUJLH%RRVW Ͳ(QHUJLH.LFN Ͳ(UVDW]NOLQJHQ Ͳ([WUD)HXFKWLJNHLW Ͳ)DOWHQPLOGHUXQJ Ͳ)DUEVWRIIH Ͳ)HXFKWLJNHLWVFUHPH Ͳ)HXFKWLJNHLWVIOXLG)HXFKWLJNHLWV)OXLG Ͳ)HXFKWLJNHLWVJHO)HXFKWLJNHLWV*HO Ͳ)HXFKWLJNHLWVNLFN Ͳ)HXFKWLJNHLWVSIOHJH Ͳ)HXFKWLJNHLWVYHUOXVW Ͳ)OH[3UR Ͳ)RWRGRVH Ͳ)RXJqUH'XIW Ͳ)ULVFKHJHIKO Ͳ)ULVFKH.LFN Ͳ*DVWJHVFKHQN Ͳ*HO]X:DVVHU7H[WXU*HO]X:DVVHU7H[WXU Ͳ*HVFKHQNLGHH Ͳ*HVFKHQNVHW Ͳ*HVLFKWVFUHPH Ͳ*HVLFKWVJHO Ͳ*HVLFKWVKDXW Ͳ*HVLFKWVPDVNH Ͳ*HVLFKWVSIOHJH Ͳ*HVLFKWVSIOHJH*HO Ͳ*HVLFKWVUHLQLJXQJ Ͳ*HVLFKWV]JH Ͳ*OHLWVWUHLIHQ Ͳ+DDU(QWKlUWHU Àǣ×   ϲϭ  Ͳ+DDUVW\OHV Ͳ+DDUVW\OLQJ Ͳ+DQGIOlFKHQ Ͳ+DQGKDEXQJ Ͳ+DXWDOWHUXQJ Ͳ+DXW$XIZDFK.LFN Ͳ+DXWELOG Ͳ+DXWHODVWL]LWlW Ͳ+DXWJHIKO Ͳ+DXWLUULWDWLRQHQ Ͳ+DXWSDUWLHQ Ͳ+DXWSIOHJH Ͳ+DXWVWUXNWXU Ͳ+DXWWDOJ Ͳ+DXWWRQ Ͳ+DXWXQHEHQKHLWHQ Ͳ+DXWXQUHLQKHLWHQ Ͳ+DXWYHUWUlJOLFKNHLW Ͳ+HUUHQGXIW Ͳ+HU]QRWH Ͳ+\GUD&HUDPLG Ͳ+\GUD&RPIRUW6\VWHP Ͳ+\GUR*HO)RUPHO Ͳ,QKDOWVVWRII Ͳ-RMRED|O Ͳ.DPLOOH([WUDNW,P'XGHQ.DPLOOHQH[WUDNW Ͳ.OLQJHQNRSIREHUVHLWH Ͳ.RPSOHWWIRUPHO Ͳ.RPSOHWW3IOHJH Ͳ.RSIQRWH Ͳ/DLVVH])DLUH Ͳ/LHEOLQJVFUHPH Àǣ×   ϲϮ  Ͳ0DQGHO|O Ͳ0lQQHUKDXW Ͳ0lQQHUSIOHJH Ͳ0HHUHVTXHOOZDVVHU Ͳ0LNUR$QVSDQQXQJHQ Ͳ0LNURSLJPHQWHQ0LNUR3LJPHQWHQ Ͳ0LPLN)DOWHQ Ͳ0LQHUDO|OH Ͳ0GLJNHLWVDQ]HLFKHQ Ͳ0XOWLWDOHQW Ͳ0XVWHUELOG Ͳ1DFKWFUHPH Ͳ1DFKWSIOHJH Ͳ1DQRSDUWLNHO Ͳ1DVVUDVXU ͲgOIRUPHO Ͳ3IOHJHJHO Ͳ3IOHJHSURGXNWH Ͳ3IOHJHSURJUDPP ͲS++DXWQHXWUDO Ͳ3ODVWLNGHFNHO Ͳ3RZHU*HO Ͳ3Ul]LVLRQVNOLQJH Ͳ3Ul]LVLRQV7ULPPHU Ͳ3URGXNWDEELOGXQJ Ͳ3URYLWDPLQ%3UR9LWDPLQ% Ͳ3XPSKLHEH Ͳ5DVLHUJHOH Ͳ5DVLHUNOLQJHQ Ͳ5DVLHUVFKlXPH Ͳ5DVXUEUDQG Ͳ5DVXUHUJHEQLV Àǣ×   ϲϯ  Ͳ5DVXUOHLVWXQJ Ͳ5HJHQHUDWLRQVEHJLQQ Ͳ5HLQLJXQJVJHO Ͳ5FNVWlQGH Ͳ6DOL]\OVlXUH Ͳ6FKPXW]SDUWLNHOQ Ͳ6FKXW]EDUULHUH Ͳ6FKZLQJNRSIWHFKQRORJLH6FKZLQJNRSI7HFKQRORJLH Ͳ6HQVLEOH+DXW Ͳ6KDYHFDUH Ͳ6RIRUW$ENKOXQJV(IIHNW Ͳ6RIRUW(IIHNW Ͳ62)257())(.7*(/ Ͳ6SDQQXQJVJHIKO6SDQQXQJVJHIKO Ͳ6WRSSHO-XFNUHL] Ͳ7DJHVFUHPH Ͳ7DJHVSIOHJH Ͳ7DOJSURGXNWLRQ Ͳ7DOJEHUVFKXVV Ͳ7RS7H[WXU Ͳ7XFKPDVNH Ͳ7ZLQ*HO ͲXOWUDOHLFKWH*HO Ͳ8PZHOWHLQIOVVH Ͳ8PZHOWYHUVFKPXW]XQJ Ͳ896FKXW] Ͳ9LWDPLQ.RPSOH[9LWDPLQ.RPSOH[ Ͳ:DNHXS Ͳ:DUQKLQZHLV Ͳ:DVFKJHO Ͳ:DVFK6FKDXP Ͳ:HLQUHEHQ([WUDNW Àǣ×   ϲϰ  Ͳ:LGHUVWDQGVIlKLJNHLW Ͳ:LGHUVWDQGVNUDIW Ͳ:LUNIRUPHO Ͳ:LUNVWRIIH Ͳ=HGHUQKRO] Ͳ=HGHUQKRO]|O Ͳ=HOOHUHUQHXHUXQJ Ͳ=HOOHUQHXHUXQJ Ͳ=HOOHUQHXHUXQJVSUR]HVV    $GMHWLYRV ͲIDFKH ͲLQLQ Ͳ3KDVHQ)RUPHO ͲLQ ͲPDO Ͳ7DJH ͲIDFKH:LUNXQJ ͲLQ.RPSOHWWIRUPHOLQ3IOHJHIRUPHO Ͳ$ONRKROIUHLH)RUPHO Ͳ$OXPLQLXPIUHL ͲDQWLEDNWHULHOOHQDQWLEDNWHULHOOHU Ͳ$17,2;,'$7,9(5 ͲIHXFKWLJNHLWVVSHQGHQGH)RUPHO ͲJOHLFKPlLJHV+DXWELOG ͲKDVHOQXVVJURH0HQJH ͲODQJDQKDOWHQGHQ$QWL0GLJNHLWV(IIHNW ͲOHLVWXQJVIlKLJHU Àǣ×   ϲϱ  ͲPLQHUDOKDOWLJHV Ͳ1,9($EODXH0HWDOOGRVH Ͳ3DUDEHQIUHL ͲVHLIHQIUHLH)RUPHO ͲVXSHUIULVFK ͲWDOJUHJXOLHUHQGHP=LQNWDOJUHJXOLHUHQGH:LUNVWRII ͲWLHIHQZLUNVDP ͲEHUPlLJHU ͲXOWLPDWLYYLWDOLVLHUHQGH Ͳ8OWUD)ULVFKH ͲXOWUDOHLFKWH ͲYRU]HLWLJHU+DXWDOWHUXQJ ͲZDVVHUlKQOLFKH7H[WXU   Àǣ×   ϲϲ   $QH[R&RPSXHVWRVQRYHGRVRV &RPSXHVWRVQRPLQDOHVQRYHGRVRV Ͳ.OLQJHQ Ͳ.OLQJHQV\VWHP Ͳ7DJHEDUW*HVLFKWVSIOHJH Ͳ.OLQJHQV\VWHP ͲHU3DFN Ͳ$LU*HO7HFKQRORJLH Ͳ$NWLY:LUNVWRIINRPSOH[ Ͳ$OJHQH[WUDNW Ͳ$OO,Q2QH Ͳ$OXPLQLXPVDO]H$OXPLQLXPVDO]H Ͳ$QWL0GLJNHLWVHIIHNW Ͳ$QWL$JLQJ Ͳ$QWL)DOWHQ Ͳ$QWL*ODQ] Ͳ$QWLKDUWH6WRSSHOQ Ͳ$QWL+DXWHUVFKODIIXQJ Ͳ$QWL+DXWVSDQQXQJHQ Ͳ$QWL+DXWXQUHLQKHLWHQ Ͳ$QWL-XFNUHL] Ͳ$QWL0LPLN)DOWHQ Ͳ$QWLPGH0lQQHUKDXW Ͳ$QWL0GLJNHLW Ͳ$QWL0GLJNHLWV(IIHNW Ͳ$QWL0GLJNHLWV)RUPHO Ͳ$QWLgO:LUNVWRII Ͳ$QWL5XWVFK*ULII Ͳ$QWL7URFNHQH+DXW Àǣ×   ϲϳ  Ͳ$XIZDFK.LFN Ͳ$XIZDFK.LFN9(5$/7(7 Ͳ$XJHQEHUHLFK Ͳ%DUW+DXWSIOHJHV\VWHP%DUWXQG+DXW3IOHJHV\VWHP Ͳ%DUWEHUHLFK Ͳ%DUWEUVWH Ͳ%DUWJHIKO Ͳ%DUWNDPP Ͳ%DUW.RQWUROOH Ͳ%DUWNRQWXUHQ Ͳ%DUWOlQJH Ͳ%DUW|O Ͳ%DUW3IOHJHJHO Ͳ%DUWVFKXSSHQ Ͳ%DUWVKDPSRR Ͳ%DUWZlVFKH Ͳ%DUW:DVFKVFKDXP Ͳ%DVLVQRWH Ͳ&UHPHGRVH Ͳ&UHPH*HO Ͳ'XIW$IWHU6KDYH Ͳ(LFKHQKRO]NRKOH Ͳ(LQZHJUDVLHUHU Ͳ(QHUJLH±=HLFKHQ Ͳ(QHUJLH%RRVW Ͳ(QHUJLH.LFN Ͳ(UVDW]NOLQJHQ Ͳ([WUD)HXFKWLJNHLW Ͳ)DOWHQPLOGHUXQJ Ͳ)HXFKWLJNHLWVIOXLG)HXFKWLJNHLWV)OXLG Ͳ)HXFKWLJNHLWVJHO)HXFKWLJNHLWV*HO Ͳ)HXFKWLJNHLWVNLFN Àǣ×   ϲϴ  Ͳ)HXFKWLJNHLWVSIOHJH Ͳ)HXFKWLJNHLWVYHUOXVW Ͳ)OH[3UR Ͳ)RWRGRVH Ͳ)RXJqUH'XIW Ͳ)ULVFKHJHIKO Ͳ)ULVFKH.LFN Ͳ*HO]X:DVVHU7H[WXU*HO]X:DVVHU7H[WXU Ͳ*HVFKHQNLGHH Ͳ*HVFKHQNVHW Ͳ*HVLFKWVJHO Ͳ*HVLFKWVSIOHJH*HO Ͳ*HVLFKWVUHLQLJXQJ Ͳ*OHLWVWUHLIHQ Ͳ+DDU(QWKlUWHU Ͳ+DDUVW\OHV Ͳ+DDUVW\OLQJ Ͳ+DXW$XIZDFK.LFN Ͳ+DXWELOG Ͳ+DXWHODVWL]LWlW Ͳ+DXWJHIKO Ͳ+DXWSDUWLHQ Ͳ+DXWVWUXNWXU Ͳ+DXWXQHEHQKHLWHQ Ͳ+HU]QRWH Ͳ+\GUD&HUDPLG Ͳ+\GUD&RPIRUW6\VWHP Ͳ+\GUR*HO)RUPHO Ͳ.DPLOOH([WUDNW Ͳ.OLQJHQNRSIREHUVHLWH Ͳ.RPSOHWWIRUPHO Ͳ.RPSOHWW3IOHJH Àǣ×   ϲϵ  Ͳ/DLVVH])DLUH Ͳ/LHEOLQJVFUHPH Ͳ0lQQHUKDXW Ͳ0lQQHUSIOHJH Ͳ0HHUHVTXHOOZDVVHU Ͳ0LNUR$QVSDQQXQJHQ Ͳ0LNURSLJPHQWHQ0LNUR3LJPHQWHQ Ͳ0LPLN)DOWHQ Ͳ0GLJNHLWVDQ]HLFKHQ Ͳ1DFKWSIOHJH Ͳ1DQRSDUWLNHO ͲgOIRUPHO Ͳ3IOHJHJHO Ͳ3IOHJHSURGXNWH Ͳ3IOHJHSURJUDPP ͲS++DXWQHXWUDO Ͳ3ODVWLNGHFNHO Ͳ3RZHU*HO Ͳ3Ul]LVLRQVNOLQJH Ͳ3Ul]LVLRQV7ULPPHU Ͳ3URGXNWDEELOGXQJ Ͳ3XPSKLHEH Ͳ5DVXUEUDQG Ͳ5DVXUHUJHEQLV Ͳ5DVXUOHLVWXQJ Ͳ5HJHQHUDWLRQVEHJLQQ Ͳ5HLQLJXQJVJHO Ͳ6FKXW]EDUULHUH Ͳ6FKZLQJNRSIWHFKQRORJLH6FKZLQJNRSI7HFKQRORJLH Ͳ6HQVLEOH+DXW Ͳ6KDYHFDUH Ͳ6RIRUW$ENKOXQJV(IIHNW