R 4XLH7HFKZ 6RSODGRU $VSLUDGRU 0RGHOR 1R ³ \ VXSHULRUHV 0DQXDO GHO RSHUDGRU 6SDQLVK (6
,PSRUWDQWHV LQVWUXFFLRQHV GH VHJXULGDG 1R XVH FRQ XQ FDEOH R HQFKXIH DYHULDGR 6L HO DSDUDWR QR IXQFLRQD FRPR HV GHELGR VH KD FDtGR GDxDGR GHMDGR D OD LQWHPSHULH R VXPHUJLGR HQ DJXD GHYXpOYDOR D XQ &RQFHVLRQDULR GH 6HUYLFLR 7RUR $XWRUL]DGR /HD WRGDV ODV LQVWUXFFLRQHV DQWHV GH XVDU HVWH DSDUDWR $'9(57(1&,$ ³ 3DUD UHGXFLU HO ULHVJR 1R GHVHQFKXIH WLUDQGR GHO FDEOH 3DUD GHVHQFKXIDU WLUH GHO HQFKXIH \ QR GHO FDEOH 1R WUDQVSRUWH HO DSDUDWR SRU HO FDEOH R WLUH GH pVWH QR XWLOLFH HO FDEOH FRPR XQ DV
0RQWDMH 0RQWDMH GHO VRSODGRU P &RQYHUVLyQ GH VRSODGRU D DVSLUDGRU ,03257$17( (O DVSLUDGRU QR HQWUDUi HQ IXQFLRQDPLHQWR D PHQRV TXH VH JLUH HO WXER GH DVSLUDFLyQ FXDQWR VHD SRVLEOH HQ VHQWLGR KRUDULR GHMiQGROR ILMR HQ VX OXJDU SDVR P $ % P &8,'$'2 (O URWRU JLUD XQRV VHJXQGRV WUDV KDEHU DSDJDGR HO VRSODGRU \ SXHGH FRUWDU R KHULU ORV GHGRV 1R TXLWH OD WDSD GH HQWUDGD LQIHULRU FXDQGR HO PRWRU HVWp HQ IXQFLRQDPLHQWR R FXDQGR OD XQLGDG HVWp FRQHFWDG
&RQYHUVLyQ GH DVSLUDGRU D VRSODGRU 2SHUDFLyQ &RQH[LyQ D XQD WRPD GH DOLPHQWDFLyQ 8WLOLFH ~QLFDPHQWH XQ FDEOH GH H[WHQVLyQ SRODUL]DGR D VDEHU XQD SDWLOOD HV PiV DQFKD TXH OD RWUD OLVWDGR SRU 8/ FHUWLILFDGR SRU &6$ HQ &DQDGi SDUD XWLOL]DU DO DLUH OLEUH 8Q HQFKXIH SRODUL]DGR HQFDMDUi HQ HO FDEOH SRODUL]DGR VyOR HQ XQD SRVLFLyQ 6L HO HQFKXIH QR HQFDMD SHUIHFWDPHQWH HQ HO FDEOH LQYLHUWD HO FDEOH 6L WDPSRFR HQFDMD FRPSUH XQ FDEOH GH H[WHQVLyQ SRODUL]DGR 1R PRGLILTXH GH QLQJXQD IRUPD HO HQFKXI
3XHVWD HQ PDUFKD 3DUDGD 8VR GHO VRSODGRU (O VRSODGRU KD VLGR GLVHxDGR VyOR SDUD XVR UHVLGHQFLDO 8WLOtFHOR DO DLUH OLEUH SDUD PRYHU OD VXFLHGDG VHJ~Q VHD QHFHVDULR ,03257$17( 1R IXHUFH HO WXER GH DVSLUDFLyQ HQ XQ PRQWyQ GH VXFLHGDG R PDQWHQJD HO WXER KDFLD DUULED PLHQWUDV IXHU]D OD HQWUDGD GH OD VXFLHGDG HQ HO WXER (Q FXDOTXLHUD GH ORV FDVRV SXHGH DWDVFDU R GDxDU HO WXER 6L HO DVSLUDGRU FRPLHQ]D D YLEUDU R KDFHU UXLGRV DQRUPDOHV SiUHOR GHVHQFKXIH HO FDEOH \ YHULILTXH OD FDXVD &8,'$'2 (O VRSOD
(OLPLQDFLyQ GH OD VXFLHGDG DWDVFDGD HQ HO URWRU $SDJXH \ GHVHQFKXIH HO DVSLUDGRU GH OD WRPD GH HOHFWULFLGDG \ HVSHUH D TXH SDUHQ WRGDV ODV SDUWHV PyYLOHV 6HUYLFLR 7RUR KD GLVHxDGR HVWH SURGXFWR SDUD TXH XVWHG OR XWLOLFH GXUDQWH DxRV VLQ SUREOHPDV 6L QHFHVLWD DOJXQD UHSDUDFLyQ OOHYH HO SURGXFWR D VX &RQFHVLRQDULR $XWRUL]DGR 7RUR GRQGH VH GLVSRQH GH SHUVRQDO HVSHFLDOL]DGR HQ ORV SURGXFWRV 7RUR \ JDUDQWL]DUiQ TXH VX PiTXLQD 7RUR VHJXLUi VLHQGR VyOR 7RUR $SDUDWRV FRQ GREOH DLVODPLHQWR &R
/D SURPHVD GH 7RUR *DUDQWtD WRWDO GH GRV DxRV SDUD XVR UHVLGHQFLDO 3DUD (VWDGRV 8QLGRV &DQDGi \ 0p[LFR 7RUR \ VX ILOLDO 7RUR :DUUDQW\ &RPSDQ\ FRQIRUPH D XQ DFXHUGR FRQMXQWR JDUDQWL]DQ HVWH SURGXFWR 7RUR GXUDQWH GRV DxRV FRQWUD GHIHFWRV HQ PDWHULDOHV R PDQR GH REUD 3DUD REWHQHU XQ UHFDPELR R OD UHSDUDFLyQ D RSFLyQ QXHVWUD GHYXHOYD WRGD OD XQLGDG DO YHQGHGRU SRUWHV SDJDGRV 6RODPHQWH ORV FOLHQWHV HQ (( 88 SXHGHQ GHYROYHU VX XQLGDG FRQ HO FRPSUREDQWH GH FRPSUD D FXDOTXLHU &RQFHVLRQDULR GH 6HUYLFL
