Encarte Bemol 0016

Page 1

(10 2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248( 7DEOHW 6RQ\ 6*37 %5 6 35 37

$ 9LVWD 5 [ [ 5 VHP MXURV

&2035$ 3527(*,'$

5

*% :, ),

7DEOHW $SSOH 1RYR ,SDG * *% 37

&2035$ 3527(*,'$

$ 9LVWD 5 [ [ 5 VHP MXURV

5

$ 9LVWD 5 [ [ 5 VHP MXURV

&2035$ 3527(*,'$

5

*DUDQWLD GR IDEULFDQWH DQR 3URFHV 19,',$ 7HJUD *K] 6LVW 2SHU *RRJOH $QGURLG 0HP 5$0 *% %OXHWRRWK *36 -DYD &kP SUL VHF 0S[ 0S[ $FHVVyULRV FDUUHJDGRU $FHVVyULRV DOoD GH PmR %DWHULD XVR KRUDV

*DUDQWLD GR IDEULFDQWH DQR 3URFHVVDGRU $SSOH 'XDO &RUH $ ; 6LVW 2SHU $SSOH L26 5HVROXomR GD WHOD [ S[ %OXHWRRWK 7HFQRORJLD * *36 &kP SULP VHFXQG 0 9*$ $FHVVyULRV FDER 86% $FHVVyULRV FDUUHJDGRU %DWHULD XVR VWG E\ KRUDV KRUDV

*DUDQWLD GR IDEULFDQWH DQR 3URFHV &RUWH[ $ 'XDO &RUH *+] 6LVW 2SHU *RRJOH $QGURLG 0HPyULD 5$0 *% %OXHWRRWK 7HFQRORJLD * *36 -DYD &kPHUD SULP VHFXQG 0S[ 9*$ %DWHULD XVR VWG E\ KRUDV KRUDV

*% :, ),

*% $12 $126 5 :, ), 5 (&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$ 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$ $12 5

WLD *DUDQ 75$

(;

$126 5

$12 5

WLD *DUDQ 75$

(;

WLD *DUDQ 75$

$126 5

(;

9(/2&,'$'(

*+=

*% +' *%

*+=

*% 1RWHERRN $FHU $2 %= &21 37 $$7 +' *%

:(%&$0

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 3URFHV $0' & &RQH[}HV ZLUHOHVV :L IL /HLWRU FDUWmR GH PHPyULD HQWUDGDV 86% &2035$ 3527(*,'$ 6DtGD +'0, 5 6: 3URG 2IILFH 6WDUWHU 6: DQWLYtUXV YDO 0F$IHH GLDV 'LIHUHQFLDO DWp K $12 5

WLD *DUDQ 75$

(;

3& +(/3 5

Q

G R )D E

*+=

*+=

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 3URFHVV $0' & 'XDO &RUH &RQH[}HV ZLUHOHVV ZL IL EOXHWRRWK 8QLGDGH yWLFD JUDYDGRU '9' &' 6DtGD +'0, HQWUDGDV 86% /HLWRU FDUWmR GH PHPyULD &2035$ 3527(*,'$ 6: 3URGXW 2IILFH 6WDUWHU 5 $QWLYtUXV YDO 0LFURVRIW DQR 'LIHUHQFLDO EDWHULD FpOXODV &RQVXPR Pi[ .: K :DWWV $12 5

WLD *DUDQ 75$

(;

$126 5

*%

9(/2&,'$'(

1RWHERRN ,WDXWHF ,QIRZD\ $ 37

3& +(/3 5

D QWH

* DUD

$QRV

WLD

$126 5

9(/2&,'$'(

:(%&$0

9(/2&,'$'(

*%

1RWHERRN 6DPVXQJ 59 &' %5 35 37

+' *%

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR &RQH[}HV ZLUHOHVV ZL IL /HLWRU FDUWmR GH PHPyULD HQWUDGDV 86% 3URFHVV $0' ( 8QLGDGH yWLFD JUDYDGRU '9' &' 6DtGD +'0, 6: 3URGXW 2IILFH 6WDUWHU 6: DQWLYLUXV YDO 1RUWRQ GLDV $12 5

WLD *DUDQ 75$

(;

$126 5

:(%&$0

&2035$ 3527(*,'$

5

9(/2&,'$'(

*+=

+' *% 1RWHERRN 6DPVXQJ 59 %' 37 35

:(%&$0

$ 9LVWD 5 [ [ 5 VHP MXURV

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR &RQH[}HV ZLUHOHVV :L )L %OXHWRRWK /HLWRU FDUWmR GH PHPyULD HQWUDGDV 86% 8QLGDGH yWLFD JUDYDGRU '9' &' 6DtGD +'0, 6: $QWLYtUXV YDO 1RUWRQ GLDV 'LIHUHQFLDO DWp KV GH EDWHULD

3& +(/3 5

$12 5

WLD *DUDQ 75$

(;

$126 5

1RWHERRN $FHU $VSLUH $6 37 $$7

&2035$ 3527(*,'$

5

*DUDQWLD GR IDEULFDQWH DQR &RQH[}HV ZLUHOHVV :L IL /HLWRU FDUWmR GH PHPyULD HQWUDGDV 86% 8QLGDGH yWLFD JUDYDGRU &' '9' 6: 3URG 2IILFH 6WDUWHU 6: DQWLYtUXV 1RUWRQ 'LIHUHQFLDO 0% / FDFKH 'LIHUHQFLDO DQWLYtUXV $12 5

3& +(/3 5

WLD *DUDQ 75$

(;

*% +' *% :(%&$0

&2035$ 3527(*,'$

5

3& +(/3 5

$126 5

'

U

LF

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

7DEOHW 6DPVXQJ *DOD[\ 7DE * 3 37 35

9(/2&,'$'( 9(/2&,'$'(

*+=

*%

*%

*%

+' *%

+' *%

:(%&$0

*+=

9(/2&,'$'(

)RWRV PHUDPHQWH LOXVWUDWLYDV

*+=

*% +' *% 1RWHERRN 6RQ\ 9DLR :(%&$0 93& <% -% % 37

$ 9LVWD 5 [ [ 5 VHP MXURV 3URFHV $0' ' &RUH ( &RQH[}HV :LUHOHVV :L )L %OXHWRRWK /HLWRU FDUWmR GH PHPyULD (QWUDGD 86% 6DtGD +'0, 6: 3URGXW 0LFURVRIW 2IILFH 6: DQWLYtUXV YDO 1RUWRQ GLDV 'LIHUHQFLDO DXWRQRPLD DWp K 'LIHUHQFLDO 3ODFD $0' 5DGHRQ

(035(6$ 5(63216É9(/

1RWHERRN 3RVLWLYR 6LP 37

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR &RQH[}HV ZLUHOHVV /HLWRU FDUWmR GH PHPyULD (QWUDGD 86% 8QLGDGH yWLFD JUDYDGRU &' '9' 6DtGD +'0, 6: 3URG 2IILFH 6WDUWHU 6: DQWLYtUXV YDOLGDGH DQR 'LIHUHQFLDO DFRPSDQKD yFXORV 'LIHUHQFLDO VRIWZDUH 3RVLWLYR $12 5

WLD *DUDQ 75$

(;

$126 5

*+=

9(/2&,'$'(

+' *% :(%&$0

&2035$ 3527(*,'$

5

3& +(/3 5

1RWHERRN ,WDXWHF ,QIRZD\ : 37

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR &RQH[}HV ZLUHOHVV ZL IL EOXHWRRWK /HLWRU FDUWmR GH PHPyULD HQWUDGDV 86% 8QLGDGH yWLFD JUDYDGRU '9' &' 6: 3URG 2IILFH 6WDUWHU 6: DQWLYtUXV YDO 6HFXULW\ DQR 'LIHUHQFLDO EDWHULD GH FpOXODV &RQVXPR Pi[ .: K :DWWV $12 5

WLD *DUDQ 75$

(;

$126 5

:(%&$0

&RPSXWDGRU $2& (YR 8 37

&2035$ 3527(*,'$

5

3& +(/3 5

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 3URFHV $0' 'XDO &RUH ( :LUHOHVV /HLWRU FDUWmR GH PHPyULD

3& +(/3

&2035$ 3527(*,'$

5

5

$12 5

WLD *DUDQ

$

(;75

$126 5

HQWUDGDV 86% 8QLGDGH yWLFD JUDYDGRU GH '9' 6: 3URGXW 2IILFH 6WDUWHU 6: DQWLYLUXV 9DOLG 0F$IHH PHVHV &RQVXPR Pi[ . : K :

(P D %HPRO IRL SHOR Ý DQR FRQVHFXWLYR D HPSUHVD FRPHUFLDO TXH PDLV ,&06 DUUHFDGRX SDUD R $PD]RQDV


.LW $QWHQD 3DUDEyOLFD +RW 6DW 0 +6

6XSRUWH 3 79 (/* $UWLFXODGR 9HVD $ 9

$QWHQD ([WHUQD $TXiULR '79

5HFHSomR FDQDLV 9+) 8+) +'79 5HFHSomR )0 7LSR GH FDER FRD[LDO (QJORED FDQDLV GH D 8VR H[WHUQR

*DUDQWLD GR IDEULFDQWH DQR .LW $QWHQD SDUDEyOLFD $QWHQD 5HFHSWRU /1%) &DERV &RQHFWRUHV 'LkPHWUR P

*DUDQWLD GR IDEULFDQWH DQR ,QVWDODomR SDUHGH SDLQHO 7DPDQKR PtQLPR 7DPDQKR Pi[LPR 3HVR Pi[LPR NJ 7LSR GH IXUDomR 9HVD ,QFOLQDomR KRUL]RQWDO YHUWLFDO

* DUD

$QRV

Q

WLD

&2035$ 3527(*,'$

5

D QWH

3$5$ 79 '( /&' /(' 3/$60$

U

LF

$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

( OHWU{QLFRV

G R )D E

0(*$3,;(/6

'(7(&725 )$&( '(7(&725 &(1$ ,17(/,*(17( &2035$ 3527(*,'$

5

0(*$3,;(/6

'(7(&725 )$&(

'(7(&725 )$&( 6255,62

'(7(&725 &(1$ ,17(/,*(17(

0iTXLQD )RWRJUiILFD *( 'LJLWDO 0S[ ; 7LWDQLXP

0iTXLQD )RWRJUiILFD 3DQDVRQLF /XPL[ 0S[ )+ 37

$12 5

WLD *DUDQ 75$

(;

$126 5

6HQVLELOLGDGH PD[ ,62 *UDYDomR FRP iXGLR (VWDELOL]DGRU yWLFR 'HWHF FHQD LQWHOLJHQWH /HQWHV /(,&$ '& 9DULR $OLP FDSDF EDWHULD IRWRV $FHVVyULRV FDER GH YtGHR H FDSD 'LVSRQtYHO WDPEpP QDV FRUHV YLQKR H YHUPHOKR

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR =RRP ySWLFR GLJLWDO [ [

0(*$3,;(/6

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5

*DUDQWLD GR IDEULFDQWH DQR =RRP ySWLFR GLJLWDO [ [ 6HQVLELOLGDGH PD[ ,62 *UDYDomR FRP iXGLR (VWDELOL]DGRU yWLFR /HQWHV *( $OLP &DSDF EDWHULD $$ SLOKD $FHVVyULR FDER GH YtGHR

*DUDQWLD GR IDEULFDQWH DQR =RRP ySWLFR GLJLWDO [ ; 6HQVLELOLGDGH PD[ ,62 *UDY FRP iXGLR (VWDELOL]DGRU ySWLFR /HQWHV /HLFD '& 9DULR $OLP FDSDF EDWHULD IRWRV $FHVVyULRV FDER GH YtGHR H FDSD

WLD *DUDQ 75$

(;

$126 5

0(0Ð5,$ *%

'(7(&725 )$&( 6255,62

)81d®2 3(1'5,9(

0iTXLQD )RWRJUiILFD 3DQDVRQLF 0 '0& =6 /% . 37

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5

$12 5

0(*$3,;(/6

$12 5

WLD *DUDQ 75$

(;

0iTXLQD )RWRJUiILFD 6RQ\ 'LJLWDO 0S[ '6&+ % 37

&2035$ 3527(*,'$

5

$126 5

03 &RE\ *% 03 *% $= 7HFK

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5

=RRP ySWLFR GLJLWDO [ [ 6HQVLELOLGDGH PD[ ,62 *UDYDomR FRP iXGLR (VWDELOL]DGRU yWLFR 'HWHFWRU GH FHQD LQWHOLJHQWH 0DUFD GD OHQWH 6RQ\ * $OLP FDSDF EDWHULD IRWRV

5iGLR )0 )RUPDWRV FRPSDWtYHLV 03 :0$ /X] GH IXQGR &RQH[mR 86% $GDSWDGRU $ & $OLPHQWDomR EDWHULD UHFDUUHJiYHO $XWRQRPLD DSUR[LPDGD K

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$ $12 5

7(/$ 728&+ %/8(7227+ '9' 3OD\HU 3 $XWR 6RQ\ ;$9 : %7 37

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5

WLD *DUDQ 75$

$126 5

(;

*DUDQWLD GR IDEULFDQWH DQR 5HJLmR '9' (TXDOL]DGRU RSo}HV 5HSURGXomR '9' &' 03 (QWUDGDV 86% DX[LOLDU )RUPDWR 'RXEOH 'LQ (QWUDGD SDUD FkPHUD GH Up &RQWUROH UHPRWR 3RWrQFLD : [ 7HQVmR 9 327È1&,$ 506 :

&2035$ 3527(*,'$

5

$SDUHOKR %OX 5D\ 6RQ\ ' :L )L %'3 6 37

$12 5

+RPH 7KHDWHU 6RQ\ & %OX 5D\ ' %'9( 37

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5

WLD *DUDQ 75$

(;

$126 5

*DUDQWLD GR IDEULFDQWH DQR (QWUDGD 86% ÉXGLR (WKHUQHW 6DtGD +'0, 9tGHR &RPSRVWR 5HSURGXomR &' '9' 86% 'LYLVmR VRQRUD FDQDLV 5iGLR $0 )0 )0 &RQVXPR Pi[ .: K : :

327È1&,$ 727$/ 506 :

'9' ,17(*5$'2

&$,;$6 5(352'8=

%/8 5$< ( 0Ì',$ '

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR

$12 5

WLD *DUDQ 75$

(;

$126 5

5HJLmR $ )RUPDWR FRPSDWtYHO ;YLG 0SHJ 0tGLD FRPSDWtYHO %OX 5D\ '9' &' '/1$ %' /LYH &RQYHUVmR '9' 8S (QWUDGD 86% UHGH 6DtGD +'0, $FHVVyULRV FDER +'0, &RQVXPR XVR VWE\ : :

0LQL 6\VWHP 3DQDVRQLF 6& $.; /% .

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR

(QWUDGD 86% 3OD\ H 5(& &DSDFLGDGH GH &'V 5HSURGXomR 03 &' 5 &' 5: 5DGLR $0 )0 )XQomR NDUDRNH (QWUDGD S PLFURIRQH &RQWUROH UHPRWR &RQVXPR Pi[ .: K : 0HPyULD LQWHUQD GH *%

5

327È1&,$ 727$/ 506 :

(175$'$

86%

(175$'$ 3$5$ 0,&52)21(

327È1&,$ 727$/ 506 :

&2035$ 3527(*,'$

5

(175$'$

$12 5

+RPH 7KHDWHU /* %OX 5D\ ' +% 69 37

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5

621(*$5 e &5,0(

*DU 75$

(;

$126 5

*DUDQWLD GR IDEULFDQWH DQR (QWUDGD 86% 'LYLVmR VRQRUD FK 'HFRGHU 'ROE\ 'LJLWDO '9' LQWHJUDGR 5iGLR $0 )0 3URJUHVVLYH 6FDQ &RQWUROH UHPRWR

$126 5

&2035$ 3527(*,'$

5(352'8d®2 %/8 5$< ( ,0$*(0 '

DQWLD

$ (;75

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

:, ),

$12 5

86%

: '( 327È1&,$ 506

&$,;$6 &DL[D $PSOLILFDGD )UDKP 03 : &2035$ 3527(*,'$

5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

*DUDQWLD GR IDEULFDQWH DQR (QWUDGD 86% &RQWUROH UHPRWR :RRIHU

7HQVmR DXWRYROW

$12 5

0LQL 6\VWHP 6DPVXQJ 0; ' =' 35 37

$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5

WLD *DUDQ 75$

(;

$126 5

*DUDQWLD GR IDEULFDQWH DQR 5HSURGXomR 03 &' 5 &' 5: (QWUDGD 86% 5LSSLQJ &' 3OD\HU &DSDFLGDGH GH &'V (TXDOL]DGRU &RQWUROH UHPRWR 5iGLR $0 )0

2 FLGDGmR FRQVFLHQWH H[LJH 1RWD )LVFDO QDV VXDV FRPSUDV SRLV VDEH TXH R (VWDGR GHSHQGH GD DUUHFDGDomR SDUD PHOKRUDU D VD~GH D HGXFDomR H D VHJXUDQoD

)RWRV PHUDPHQWH LOXVWUDWLYDV

5(352'8= 0Ì',$ '

WLD *DUDQ


(VFULYDQLQKD .DSSHVEHUJ 6 %5 37

FP

FP

2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17( 2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17( FP 5DFN .DSSHVEHUJ 6 37 55

$12 5

WLD *DUDQ 75$

FP

$12 5

$UPiULR %DOFmR 3 (VF .DSSHVEHUJ 7&, $12 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

WLD *DUDQ 75$

(;

WLD *DUDQ 75$

(;

0DWHULDO 0'3 3LQWXUD %3 $FDEDPHQWR %3

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$

(;

0DWHULDO 0'3 $FRPRGDomR 79 6RP 9tGHR 3X[DGRUHV GH 39& 3pV F URGLQKDV

FP

3257$6

*$9(7$6

2 &2/&+®2 9(1',' ( 6(3$5$'$0(17

3257$6

*$9(7$6 FP

FP

FP

FP &DPD &DVDO .DSSHVEHUJ 6 7&, 37 %5

$12 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$12 5

5RXSHLUR 3 * .DSSHVEHUJ 3 7% %5

DQWLD

*DU 75$

(;

5(/Ð*,2 '( 3$5('(

0DWHULDO 0'3 $12 5 (VSHOKR 5HVSLUR DQWL PRIR 'REUDGLoDV GH SUHVVmR PHWiOLFDV $ 9LVWD 5 &RUUHGLoDV SOiVWLFDV [ [ 5 VHP MXURV &DOFHLUR FURPDGR 2X [ [ 5 *DYHWDV 7RWDO D SUD]R 5 3X[DGRUHV FURPDGR 5RXSHLUR 3 * .DSSHVEHUJ 6 7&, 37

0DWHULDO 0'3 5HVSLUR DQWL PRIR 'REUDGLoDV GH SUHVVmR PHWiOLFDV &RUUHGLoDV PHWiOLFDV *DYHWDV 3X[DGRUHV GH SROLHWLOHQR

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

0DWHULDO 0') 3LQWXUD LPSUHVVmR $FDEDPHQWR 89

$

(;75

*5É7,6

FP

FP WLD

*DUDQ

WLD *DUDQ 75$

(;

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

)RWRV PHUDPHQWH LOXVWUDWLYDV

FP

FP

0DWHULDO 0'3 $FDEDPHQWR YHUQL] DOWR EULOKR 3LQWXUD 89 /RFDO S &38 /RFDO S LPSUHVVRUD JDYHWD

FP

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

FP

FP

FP

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

FP

0yYHLV

2%-(726 '( '(&25$d®2 ( &2/&+¯(6 9(1','26 6(3$5$'$0(17(

0yGXOR &DQWRQHLUD 5LPR 2OLPS %5 %5

0RGXOR &ULDGR * 5LPR 2OLPS %5 %5

FDGD

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

FDGD

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

FDGD

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

FDGD

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

FDGD

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

FDGD

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

FDGD

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

0DWHULDO 0'3 3UDWHOHLUDV $OWXUD FP /DUJXUD FP 3URIXQGLGDGH FP

0DWHULDO 0'3 &RUUHGLoDV PHWiOLFDV *DYHWDV 3X[DGRUHV GH DOXPtQLR IRVFR $OWXUD FP /DUJXUD FP 3URIXQGLGDGH FP

0DWHULDO 0') $FDEDPHQWR SLQWXUD DPDGHLUDGD $OWXUD FP /DUJXUD FP 3URIXQGLGDGH FP

0DWHULDO 0'3 'REUDGLoDV PHWiOLFDV &DOFHLUR WXER PHWiOLFR 0DOHLUR 3X[DGRUHV GH DOXPtQLR IRVFR $OWXUD FP /DUJXUD FP 3URIXQGLGDGH FP

0DWHULDO 0'3 'REUDGLoDV PHWiOLFDV PP &RUUHGLoDV PHWiOLFDV 0DOHLUR *DYHWDV 3X[DGRUHV GH SOiVWLFR $OWXUD FP /DUJXUD FP 3URIXQGLGDGH FP

0DWHULDO 0'3 $FDEDPHQWR SLQWXUD OLVD 'REUDGLoDV PHWiOLFDV &RUUHGLoDV PHWiOLFDV 3X[DGRUHV GH DOXPtQLR IRVFR $OWXUD FP /DUJXUD FP 3URIXQGLGDGH FP

0DWHULDO 0'3 (VSHOKR 'REUDGLoDV FRUUHGLoDV PHWiOLFDV &DOFHLUR GH WXER PHWiOLFR *DYHWDV LQWHUQDV

3X[DGRUHV GH DOXPtQLR IRVFR $OWXUD FP /DUJXUD FP 3URIXQGLGDGH FP

$12 5

&DPD &DVDO 5LPR 5LR %5 %5

WLD *DUDQ 75$

0yGXOR &DQWR 5LPR 2OLPS 'LDJ %5 %5

(;

0yGXOR 3 * 5LPR 2OLPS %5 %5

$12 5

WLD *DUDQ 75$

(;

0yGXOR 1LFKR 3 5LPR 2OLPSLF %5 %5

$*25$ 92&È 32'( $*(1'$5 $ 68$ (175(*$ 3$5$ ',$ ( +25É5,2 '( 68$ &219(1,È1&,$ $6 7$;$6 9$5,$0 '( $ 5($,6

5RXSHLUR 3 5LPR 2OLPSLF & (VS %5 %5

$12 5

WLD *DUDQ 75$

(;


FP

:$776 '( 327È1&,$

$126 5

$12 5

$12 5

7URFD *DUDQWLGD

7URFD *DUDQWLGD

$126 5

0iTXLQD 'H &RUWDU &DEHOR *DPD *& 90

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 7LSR GH OkPLQD DoR UHVLVWHQWH $MXVWH GH FRUWH *XLDV GH FRUWH SHQWHV UHJXOiYHLV )XQFLRQDPHQWR HOpWULFR $FHVVyULRV $12 5

7URFD *DUDQWLGD

&$3$&,'$'( '( 3(62 .*

FP

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 7LSR GH OkPLQD $OOR\ $MXVWH GH FRUWH *XLDV GH FRUWH DMXVWH 'LPHQ GDV JXLDV FP )XQFLRQDPHQWR HOpWULFR 7HQVmR ELYROW $FHVVyULRV

$126 5

$12 5

7URFD *DUDQWLGD

$126 5

FP

D QWH

EU

0iTXLQD 'H &RUWDU &DEHOR *DPD *& 37 90

%DODQoD 3 %DQKHLUR *DPD $%% 37

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

7LSR GH PRVWUDGRU GLJLWDO 7LSR GH YLVRU FULVWDO OtTXLGR )XQFLRQDPHQWR EDWHULD 6XSHUItFLH DQWLGHVOL]DQWH $FLRQDPHQWR WRTXH FRP RV SpV

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

D QWH

G R )D E

U

9(/2&,'$'(6 /

9(/2&,'$'(6 /

&2035$ 3527(*,'$

5 7URFD *DUDQWLGD

Q

(VSUHPHGRU $UQR &LWUXV 3RZHU 3$ 37

$12 5

WLD

LF

5

/

$QRV

* DUD

&2035$ 3527(*,'$

$12

$126 5

7URFD

$126

/LTXLGLILFDGRU $UQR 5 *DUDQWLGD 5 &OLF ( /DY /1 %5 *DUDQWLD GR IDEULFDQWH DQR $ 9LVWD 5 )XQomR OLPSDU SXOVDU [ [ 5 VHP MXURV &RSR HP DFUtOLFR 3RUWD ILR 2X [ [ 5 3RWrQFLD : 7RWDO D SUD]R 5

*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : $FLRQDPHQWR DXWRPiWLFR 3RUWD ILR

/LTXLGLILFDGRU :DOLWD 5, 37

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$12 5

7URFD *DUDQWLGD

)XQomR OLPSDU SXOVDU &RSR HP DFUtOLFR 3RUWD ILR 3RWrQFLD :

*ULOO $UQR 0LQXWH *ULO

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$12 5

$126 5

7URFD *DUDQWLGD

*DUDQWLD GR IDEULFDQWH DQR 7HUPRVWDWR /kPSDGD SLORWR 3RWrQFLD :

327È1&,$ : &2035$ 3527(*,'$

5

)HUUR 0DOORU\ 8OOLVVHV %5 $=

9$325

$ 9LVWD 5 [ [ 5 VHP MXURV

&2035$ 3527(*,'$

$12 5

7URFD *DUDQWLGD

5

$126 5

*ULOO 0DOORU\ )DFLOH %ODFN

*DUDQWLD GR IDEULFDQWH DQR %DVH UHYHVWLGD HP 7HIORQ /kPSDGD SLORWR 6DOYD ERW}HV 3RWrQFLD : &RQVXPR : K

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$12 5

7URFD *DUDQWLGD

$126 5

*DUDQWLD GR IDEULFDQWH DQR &RQVXPR GH HQHUJLD : K /kPSDGD SLORWR $FHVVyULR

1Ì9(,6 '( 7267$*(0

&2035$ 3527(*,'$

5

: '( 327È1&,$

/ 327È1&,$ :

9(/2&,'$'(6 / %DWHGHLUD 0RQGLDO 3UHPLXP %

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

,62

$12 5

7URFD *DUDQWLGD

$126 5

*DUDQWLD GR IDEULFDQWH DQR )XQomR WXUER 3RWrQFLD : $FHVVyULR WLJHOD EDWHGRU H HVSiWXOD

&2035$ 3527(*,'$

5 $12 5

7RUUDGHLUD 0RQGLDO 7RDVW 'XR 1W

$ 9LVWD 5 [ [ 5 VHP MXURV

7URFD *DUDQWLGD

$12 5

$126 5

*DUDQWLD GR IDEULFDQWH DQR &RQWUROH GH WHPSHUDWXUD $FLRQDPHQWR PDQXDO 3DUHGHV WpUPLFDV 3DUD YiULRV WLSRV GH SmHV %DQGHMD S PLJDOKDV

)RUQR (OpWULFR %ODFN ( 'HFNHU )7 %5 37 35 9

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

7URFD *DUDQWLGD

$126 5

*DUDQWLD GR IDEULFDQWH DQR 5HYHVWLPHQWR DoR LQR[ ,OXPLQDomR LQWHUQD 3UDWHOHLUD UHPRYtYHO $SDUDGRU GH UHVtGXRV 7HUPRVWDWR 'RXUDGRU 9LGUR QD SRUWD

35(),5$ 48(0 6( (6)25d$ ',$5,$0(17( 3$5$ 2)(5(&(5 2 0(/+25 $7(1',0(172

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248( 2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'(

7LSR GH OkPLQD $OOR\ $MXVWH GH FRUWH DMXVWHV *XLDV GH FRUWH SHQWH 'LPHQ GDV JXLDV PP )XQFLRQDPHQWR HOpWULFR 7HQVmR ELYROW $FHVVyULRV

$ 9LVWD 5 [ [ 5 VHP MXURV G R )D 2X [ [ 5 $SDUDGRU 'H 3rORV 7RWDO D SUD]R 5 3KLOLSV 17 *DUDQWLD GR IDEULFDQWH DQR 7LSR GH OkPLQD $OOR\ XOWUD $ 9LVWD 5 [ [ 5 VHP MXURV $MXVWH GH FRUWH *XLDV GH FRUWH SHQWHV 'LPHQVmR GDV JXLDV PP ,GHDO SDUD SHORV GR QDUL] )XQFLRQDPHQWR HOpWULFR RUHOKDV H VREUDQFHOKDV $FHVVyULRV $OLPHQWDomR SLOKD $$ Q

$ 9LVWD 5 [ [ 5 VHP MXURV

7URFD *DUDQWLGD

$QRV

WLD

LF

0iTXLQD 'H &RUWDU &DEHOR *DPD *0 9 * DUD

0iTXLQD 'H &RUWDU &DEHOR *DPD *& $0&

:$776 '( 327È1&,$

:$776 '( 327È1&,$

:$776 '( 327È1&,$

$12 5

)RWRV PHUDPHQWH LOXVWUDWLYDV

9DULHGDGHV


( OHWU{QLFRV $ %(02/ (67É 1$6 5('(6 62&,$,6

#EHPRORQOLQH

ZZZ EHPRO FRP EU 6,*$ 126 ( ),48( 325 '(1752 '( 126626 /$1d$0(1726 ( 35202d¯(6

/RMDV %HPRO

+'0, (175$'$6

)8// +' /&' /('

&219(5625 ',*,7$/ ,17(*5$'2

79 6DPVXQJ /(' )+' 81 (+

$ 9LVWD 5 [ [ 5 VHP MXURV

79 3DQDVRQLF /(' +' 7& / ; %

*DUDQWLD GR IDEULFDQWH DQR 5HVROXomR [ S[ 7HPSR GH UHVSRVWD 06 (QWUDGDV 5*% 86% 6DtGDV ySWLFD (VSHVVXUD FP 'LIHUHQFLDO HFRQRPLD HQHUJLD 'LIHUHQFLDO ERUGD ILQD &RQVXPR XVR VWE\ : K : K

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 (QWUDGDV 6' &DUG 86% 6DtGDV iXGLR ySWLFR DQDOyJLFR )UHTXrQFLD +] &RQVXPR XVR VWE\ : :

+'0, (175$'$6

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

/&' /(' &219(5625 ',*,7$/ ,17(*5$'2

$12 5

DQWLD

*DU 75$

(;

$12 5

$126 5

WLD *DUDQ 75$

(;

&2035$ 3527(*,'$

&2035$ 3527(*,'$

5

5

79 /* /&' /(' )+' '79 6PDUW /6

79 3DQDVRQLF /&' )+' 7& / 8 %

$ 9LVWD 5 [ [ 5 VHP MXURV

$ 9LVWD 5 [ [ 5 VHP MXURV

+'0, (175$'$6

)8// +'

/&'

*DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 6DtGDV ySWLFDV DQDOyJLFD (QWUDGDV 3& 86% 6' 3RWrQFLD GR iXGLR : 506 )UHTXrQFLD +] &RQVXPR XVR VWE\ : K :

&219(5625 ',*,7$/ ,17(*5$'2

$12 5

WLD

*DUDQ

$

(;75

$126 5

+'0, (175$'$6

)8// +'

/&' /(' &219(5625 ',*,7$/ ,17(*5$'2

$126 5

*DUDQWLD GR IDEULFDQWH DQR 5HVROXomR [ 0S[ 7HPSR GH UHVSRVWD 06 (QWUDGDV 5*% 86% /$1 6DtGDV VDtGD GLJLWDO ySWLFD

(VSHVVXUD FP 'LIHUHQFLDO 0DJLF 5HPRWH '/1$ 'LIHUHQFLDO :L )L 5HDG\ &RQVXPR XVR VWE\ : K : K $12 5

WLD *DUDQ 75$

(;

$126 5

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$

&2035$ 3527(*,'$

5

&2035$ 3527(*,'$

5

79 6RQ\ /(' %UDYLD )+' ' .'/ +; 37

79 3DQDVRQLF /(' )+' 7& / ( %*

$ 9LVWD 5 [ [ 5 VHP MXURV

$ 9LVWD 5 [ [ 5 VHP MXURV

+'0,

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

(175$'$6

)8// +'

/&' /('

*DUDQWLD GR IDEULFDQWH DQR 5HVROXomR [ 0S[ 7HPSR GH UHVSRVWD 06 (QWUDGDV HQW 3& 86% 6DtGD iXGLR ySWLFR DQDOyJLFR 'LIHUHQFLDO kQJXOR YLVmR 'LIHUHQFLDO '79, 6N\SH '/1$ &RQVXPR XVR VWE\ :

&219(5625 ',*,7$/ ,17(*5$'2

$12 5

WLD *DUDQ 75$

(;

+'0, (175$'$6

/&' /(' &219(5625 ',*,7$/ ,17(*5$'2

Ð&8/2 ' 3$66,926

$126 5

*DUDQWLD GR IDEULFDQWH DQR 5HVROXomR [ S[ (QWUDGDV 86% 6DtGDV iXGLR YtGHR &RQYHUVmR GH ' SDUD ' (VSHVVXUD FP 'LIHUHQFLDO :L )L LQWHJUDGR &RQVXPR XVR VWE\ : : $12 5

WLD *DUDQ 75$

(;

$126 5

+'0, )RWRV PHUDPHQWH LOXVWUDWLYDV

(175$'$6

)8// +'

79 /* /&' /(' &LQH ' )+' '79 /0

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 5HVROXomR [ 0S[

9$5,('$'( '( 352'8726

$12 5

WLD *DUDQ 75$

(;

$126 5

7HPSR GH UHVSRVWD 06 (QWUDGDV 5*% 86% /$1 6DtGDV VDtGD GLJLWDO ySWLFD

(VSHVVXUD FP 'LIHUHQFLDO FLQHPD G 'LIHUHQFLDO (QHUJ\ 6DYLQJ 3OXV &RQVXPR XVR VWE\ : K : K

/&' /('

+'0, (175$'$6

Ð&8/26 ' 3$66,926

&219(5625 ',*,7$/ ,17(*5$'2

)8// +'

/&' /(' &219(5625 ',*,7$/ ,17(*5$'2

79 6DPVXQJ /(' )+' 81 (+

$ 9LVWD 5 [ [ 5 VHP MXURV &2035$ 3527(*,'$

5

*DUDQWLD GR IDEULFDQWH DQR 5HVROXomR [ S[

$12 5

WLD *DUDQ 75$

(;

$126 5

7HPSR GH UHVSRVWD 06 (QWUDGDV 86% 5*% 6DtGDV '9, 5HGH (WKHUQHW (VSHVVXUD FP 'LIHUHQFLDO EDL[R FRQVXPR 'LIHUHQFLDO ERUGD ILQD &RQVXPR XVR VWE\ : K : K

&2035$ 3527(*,'$

5

0DLV GH PLO LWHQV *DUDQWLD GH TXDOLGDGH H YDULHGDGH GHQWUR GR VHX RUoDPHQWR


/ LQKD %UDQFD

FP

&/$66( $

*DUDQWLD GR IDEULFDQWH DQR

$U &RQGLFLRQDGR %WXV 6SULQJHU 4&$ %%% 9

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

%$,;2 &216802 '( (1(5*,$

%786 F P

9 FP

*DUDQWLD GR IDEULFDQWH DQR &RQV GH HQHUJLD .: K PrV

&2035$ 3527(*,'$

$126 5

5

(;

5 $12 5

&/$66( $

$126 5

%$,;2 &216802 '( (1(5*,$

3RWrQFLD : $FLRQDPHQWR PDQXDO *DELQHWH FKDSD HOHWUR ]LQFDGD 6DtGD GR DU IURQWDO ([DXVWmR GR DU &RPSUHVVRU URWDWLYR

9 FP

(;

6(59( É*8$ *(/$'$ 1$785$/

&2035$ 3527(*,'$

FP

&/$66( $

(;

&/$66( $

%$,;2 &216802 '( (1(5*,$

%2&$6

%2&$6

$&(1',0(172 $8720É7,&2 727$/

$&(1',0(172 $8720É7,&2 727$/

)2512 $872/,03$17(

&/$66( $

)2512

%$,;2 &216802 '( (1(5*,$

$872/,03$17(

%2&$6

F P $12 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

&2035$ 3527(*,'$

WLD *DUDQ 75$

(;

$126 5

*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV IL[D &DSDFLGDGH LQWHUQD /

5

FP

&2035$ 3527(*,'$

5

FP

FP

FP FP

$126 5

*DUDQWLD GR IDEULFDQWH DQR &RQVXPR GH HQHUJLD : 7HUPRVWDWR UHJXOiYHO )LOWUD FROHWRU UHPRYtYHO ,VRODPHQWR WpUPLFR *DELQHWH SROLHWLOHQR

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

FP

WLD *DUDQ 75$

FP

FP

,RQL]DGRU &DSDFLGDGH H DXWRQRPLD 3URWHomR H VD~GH ,QGLFDGRU GLJLWDO GH XPLGDGH UHODWLYD GR DU 'LIXVRU GH IUDJUkQFLD

FP

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$12 5

5

3XULILFDGRU ,%%/ )5 %5

%$,;2 &216802 '( (1(5*,$

)RJmR % &RQWLQHQWDO 6SD]LR )*&7 363' %5

$126 5

FP

FP

WLD *DUDQ 75$

6SOLW %WXV *DUDQWLD GR IDEULFDQWH DQR 6SULQJHU .&& 06 5:&% &RPSUHVVRU URWDWLYR $FLRQDPHQWR HOHWU{QLFR &RQWUROH UHPRWR $ 9LVWD 5 [ [ 5 VHP MXURV 6DtGD GR DU VXSHULRU ([DXVWmR GR DU 2X [ [ 5 P 7LPHU F 7RWDO D SUD]R 5

%786

8PLGLILFDGRU (OHFWUROX[ 8OWUD $LU 80 (

FP

$126 5

&2035$ 3527(*,'$

5(6(59$7Ð5,2 '( /,7526 &20 )81&,21$0(172 '( $7e +25$6 6(*8,'$6

FP

(;

FP

5 WLD *DUDQ 75$

WLD *DUDQ 75$

0LFUR 2QGDV *DUDQWLD GR IDEULFDQWH DQR (OHFWUROX[ 0() / %5 3RWrQFLD : $XWR GHVFRQJHODPHQWR $ 9LVWD 5 DTXHFLPHQWR FR]LPHQWR [ [ 5 VHP MXURV 7HFOD SLSRFD P F 2X [ [ 5 7UDYD GH VHJXUDQoD 7RWDO D SUD]R 5 7LPHU

/

&2035$ 3527(*,'$

$12 5

$12 5

FP

&RQVXPR GH HQHUJLD : K 3RWrQFLD : 7LPHU $XWR GHVFRQJHODPHQWR $XWR FR]LPHQWR 7HFOD SLSRFD 7UDYD GH VHJXUDQoD

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

/

(;

)RJmR % (VPDOWHF +$:$,, %5

$12 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

WLD *DUDQ 75$

(;

$126 5

&2035$ 3527(*,'$

5

)RJmR % &RQVXO )DFLOLWH &) %%81$ %5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV )L[DV $FHQGLPHQWR $XWRPiWLFR IRUQR

$12 5

DQWLD

*DU 75$

(;

$126 5

*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV GHVOL]DQWHV 7DPSD GH YLGUR ,OXPLQDomR QR IRUQR 7LPHU

FP

&/$66( $

$872/,03$17(

$872/,03$17(

FP

FP

FP

&2035$ 3527(*,'$

5

&2035$ 3527(*,'$

5

&2035$ 3527(*,'$

5

)RJmR % &RQWLQHQWDO 1RYLWD )*&7 319 %5 *DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ $ 9LVWD 5 [ [ 5 VHP MXURV 3UDWHOHLUDV IL[D &DSDFLGDGH LQWHUQD / / 2X [ [ 5 ,OXPLQDomR QR IRUQR 7RWDO D SUD]R 5

&(57,),&$'2 ,62

)RJmR % 'DNR &ODVVH )*'. 3&/'$ ,1

$12 5

WLD *DUDQ 75$

$126 5

)RJmR % &RQVXO )DFLOLWH &) %581$ ,1

$12 5

WLD

*DUDQ

$

(;75

$126 5

*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV GHVOL]DQWHV $ 9LVWD 5 *DUDQWLD GR IDEULFDQWH DQR $ 9LVWD 5 [ [ 5 VHP MXURV 7DPSD GH YLGUR [ [ 5 VHP MXURV 3UDWHOHLUDV IL[D 2X [ [ 5 ,OXPLQDomR QR IRUQR 2X [ [ 5 ,OXPLQDomR QR IRUQR 7LPHU 7RWDO D SUD]R 5 7RWDO D SUD]R 5 0HVD LQR[

)2512 $872/,03$17(

P

FP

*5,// 12 )2512 F

FP

)2512

)2512

FP

%2&$6 $&(1',0(172 $8720É7,&2 727$/

$&(1',0(172 $8720É7,&2 727$/

%2&$6

$&(1',0(172 $8720É7,&2 727$/

&/$66( $

%$,;2 &216802 '( (1(5*,$

%2&$6

$&(1',0(172 $8720É7,&2 727$/

%2&$6

FP

%$,;2 &216802 '( (1(5*,$

%$,;2 &216802 '( (1(5*,$

%$,;2 &216802 '( (1(5*,$

)2512 $872/,03$17(

&/$66( $

&/$66( $

FP

FP

FP

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$

(;

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

WLD *DUDQ 75$

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

$12 5

5

&2035$ 3527(*,'$

5 $12 )RJmR % (OHFWUROX[ 5

WLD *DUDQ 75$

&HOHEUDWH 67% %5

(;

$126 5

*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ $ 9LVWD 5 [ [ 5 VHP MXURV 3UDWHOHLUDV DXWRGHVOL]DQWHV ,OXPLQDomR QR IRUQR 2X [ [ 5 7LPHU 7RWDO D SUD]R 5

$WHQGLPHQWR H VHUYLoRV FRP D FHUWLILFDomR GH TXDOLGDGH ,62

)RWRV PHUDPHQWH LOXVWUDWLYDV

&2035$ 3527(*,'$

FP

0LFUR 2QGDV /* 06 * / %5


)RWRV PHUDPHQWH LOXVWUDWLYDV

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

9DULHGDGHV

.LW 3 )HUUDPHQWDV %ODFN ( 'HFNHU $ ;-

.LW )XUDGHLUD %ODFN ( 'HFNHU ,PSDFWR 70 .%5

3(d$6

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

3(d$6 .LW 3 )HUUDPHQWDV %ODFN ( 'HFNHU %'

$ 9LVWD 5 [ [ 5 VHP MXURV

9$325 635$<

9(/2&,'$'(6

/ &2035$ 3527(*,'$

5

)HUUR 0RQGLDO &RPIRUW ) 52 %DWHGHLUD $UQR $JLOL 6;

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR %DVH UHYHVWLGD HP DQWLDGHUHQWH /kPSDGD SLORWR 6LVWHPD GH DXWR OLPSH]D 6DOYD ERW}HV 3RWrQFLD : &RQVXPR GH HQHUJLD : K $12 5

7URFD *DUDQWLGD

&2035$ 3527(*,'$

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

5

*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : $FHVVyULR WLJHOD H EDWHGRUHV

$126 5

$12 5

7URFD *DUDQWLGD

$126 5

)RWRV PHUDPHQWH LOXVWUDWLYDV

/,9526

&'V

'9' %DQGD &DO\SVR (P $QJROD 5

'9' *DOLQKD 3LQWDGLQKD 5

&' ,UPmR /i]DUR 4XHP (UD (X 5

&' $PR 9RFr 9RO 5

/LYUR 3DL 0mH -i 3RVVR 1DPRUDU" /XFLDQR 0DOKHLURV 5

5HSURGXomR VRPHQWH HP DSDUHOKRV FRP WHFQRORJLD %OX 5D\

'9' =H]p 'L &DPDUJR ( /XFLDQR $QRV 5

&' &' &KHLDV 'H &KDUPH 5

/LYUR 2VFDU :LOGH 3DUD ,QTXLHWRV 5

3É*,1$6

9RFr QDPRUD SRUTXH DPD D 'HXV VREUH WRGDV DV FRLVDV H DR SUy[LPR FRPR D VL PHVPR" 3RXFRV FDVDLV SHQVDP QD VDOYDomR GR VHX SUy[LPR HVWmR PXLWR PDLV SUHRFXSDGRV HP VXSULU XPD FDUrQFLD DIHWLYD WHUUHQD H SDV VDJHLUD D SHQVDU QD HWHUQLGDGH FRP D SHVVRD TXH DPD

3É*,1$6

2VFDU :LOGH SDUD LQTXLHWRV p XPD DXOD GH ILORVRILD H[WUDtGD GD YLGD H GD REUD GR FRQVDJUDGR DXWRU GH 2 UHWUDWR GH 'RULDQ *UD\ 1DV IUDVHV GLWDV SRU :LOGH RX QDTXHODV H[SUHVVDV SRU VHXV FpOHEUHV SHUVRQDJHQV HQFRQWUDPRV XPD LURQLD ~QLFD H XPD VDEHGRULD LP RUWDO TXH UHIOHWHP R EULOKDQWLVPR GH XP KRPHP TXH DSURYHLWRX DR Pi[LPR RV SUD]HUHV GD YLGD VHP GHL[DU GH REVHUYi OD FULWLFDPHQWH

'9' 7mR )RUWH ( 7mR 3HUWR 5

'9' - (GJDU 5

&' $YHQLGD %UDVLO 1DFLRQDO 5

&' $GULDQR 5LEHLUR %DWXFDGD 5

/LYUR 4XDQGR 0LQKD 9LGD 9DL 0HOKRUDU" 5DPRQ 3UHVVRQ 5

3É*,1$6

&ULVHV SHVVRDLV H GHVLOXV}HV OHYDUDP j SHUJXQ WD SHVVLPLVWD GH ´4XDQGR PLQKD YLGD YDL PHO KRUDU"µ (VVH TXHVWLRQDPHQWR UHSUHVHQWD D SHU JXQWD XQLYHUVDO H LQWHPSRUDO VREUH D FRQGLomR KXPDQD 3HVVRDV GH WRGDV DV LGDGHV HP WRGR WLSR GH FLUFXQVWkQFLD Mi SHUJXQWDUDP ´6HUi TXH PLQKD YLGD MDPDLV VHUi PHOKRU GR TXH HVWD"µ

'9' $V $YHQWXUDV 'H 7LQWLP 5

%/8 5$<

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

'9'V

( QWUHWHQLPHQWR

&' 6NDQN 5

%OX 5D\ $ (UD 'R *HOR 5

&' /LQNLQ 3DUN /LYLQJ 7KLQJV 5

/LYUR 'LiULR 'D &RUWH 3DXOR )UDQFLV

'HSRLV GH VREUHYLYHU GXDV YH]HV j FUXHOGDGH GH XPD DUHQD SURMHWDGD SDUD GHVWUXt OD .DWQLVV DFUHGLWDYD TXH QmR SUHFLVDULD PDLV GH OXWDU 0DV DV UHJUDV GR MRJR PXGDUDP FRP D FKHJDGD GRV UHEHOGHV GR OHQGiULR 'LVWULWR HQILP p SRVVtYHO RUJDQL]DU XPD UHVLVWrQFLD &RPHoRX D UHYROXomR $ FRUDJHP GH .DWQLVV QRV MRJRV IH] QDVFHU j HVSHUDQoD HP XP SDtV GLVSRVWR D ID]HU GH WXGR SDUD VH OLYUDU GD RSUHVVmR

&' -XVWLQ %LHEHU %HOLHYH 5

/LYUR $ (VSHUDQoD 6X]DQQH &ROOLQV 5

3É*,1$6

%OX 5D\ 7mR )RUWH ( 7mR 3HUWR 5

'H 5

3É*,1$6

3RU 5

'LiULR GD FRUWH UH~QH WH[WRV GH 3DXOR )UDQFLV TXH PRV WUDP D VXD WUDMHWyULD QD LPSUHQVD EUDVLOHLUD 2V DUWL JRV SXEOLFDGRV RULJLQDOPHQWH QD )ROKD GH 6mR 3DXOR VmR RUJDQL]DGRV SHOR MRUQDOLVWD 1HOVRQ GH 6i TXH DEDUFD DV GLIHUHQWHV GLPHQV}HV GR WUDEDOKR GH )UDQFLV FRPR FUtWLFR GD FXOWXUD DQDOLVWD GD KLVWyULD PXQGLDO H DPHUL FDQD REVHUYDGRU GD SROtWLFD EUDVLOHLUD H VDWLULVWD

&/,(17( %(02/ 5(&(%( 7253('26 62%5( &2035$6 5($/,=$'$6 (175(*$6 /(0%5(7( '( 9(1&,0(172 $*5$'(&,0(172 3(/$6 &2035$6 ( 48,7$d®2 '2 &$51È


9DULHGDGHV

5

$12 5

3(d$6 &20 0$/(7$

3DQHOD (OpWULFD %ODFN ( 'HFNHU 3( 35 37

.LW 3 )HUUDPHQWDV 6FKXO]

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$12 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

7URFD *DUDQWLGD

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

*DUDQWLD GR IDEULFDQWH DQR 7UDYD GH VHJXUDQoD 3RWrQFLD : 0DWHULDO GR FDER SOiVWLFR

$126 5

*DUDQWLD GR IDEULFDQWH DQR 9HORFLGDGHV YDULiYHO 'LkPHWUR Pi[ GR GLVFR PP $FLRQDGR SRU JDWLOKR 7UDYD QR JDWLOKR 5RWDomR Pi[ 530 &RUWH Pi[ PP $FHVVyULRV GLVFR

6HUUD 0iUPRUH %RVFK *'&

$126 5

7URFD *DUDQWLGD

$ %(02/ (67É 1$6 5('(6 62&,$,6 9(/2&,'$'(6 ',Ç0(752 &0

&2035$ 3527(*,'$

5

#EHPRORQOLQH

9HQWLODGRU 'H 0HVD $UQR $OLYLR 9( %5

$ 9LVWD 5 [ [ 5 VHP MXURV

7URFD *DUDQWLGD

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

',Ç0(752 &0

&2035$ 3527(*,'$

5

$126 5

/RMDV %HPRO

9(/2&,'$'(6

*DUDQWLD GR IDEULFDQWH DQR 2VFLODomR $MXVWH GH LQFOLQDomR *UDGH UHPRYtYHO 3RWrQFLD : 3RUWD ILR 0DWHULDO GD JUDGH SOiVWLFR $12 5

9HQWLODGRU 'H 0HVD %ODFN ( 'HFNHU 97 37

$-867( '( $/785$

*DUDQWLD GR IDEULFDQWH DQR 2VFLODomR $MXVWH GH LQFOLQDomR *UDGH UHPRYtYHO 0DWHULDO GD JUDGH PHWDO 3RWrQFLD : $12 5

7URFD *DUDQWLGD

ZZZ EHPRO FRP EU 6,*$ 126 ( ),48( 325 '(1752 '( 126626 /$1d$0(1726 ( 35202d¯(6

$126 5

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$

&2035$ 3527(*,'$

5

: :$776 '( 327È1&,$

327È1&,$ :

: :$776 '( 327È1&,$

&$3$&,'$'( '2 &2/(725 /

$63,5$ É*8$ 5

$12 5

7URFD *DUDQWLGD

$126 5

*DUDQWLD GR IDEULFDQWH DQR $ 9LVWD 5 3RWrQFLD : [ [ 5 VHP MXURV &RPSULPHQWR GR ILR P 2X [ [ 5 3RUWD ILR 7RWDO D SUD]R 5 $FHVVyULR

,62

&$3$&,'$'( '2 &2/(725 / &2035$ 3527(*,'$

&2035$ 3527(*,'$

$VSLUDGRU 6FKXO] 9HUWLFDO : 90

'(6/,*$0(172 $8720É7,&2

$63,5$ É*8$

$VSLUDGRU (OHFWUROX[ $

$12 5

&$3$&,'$'( '2 &2/(725 /

7URFD *DUDQWLGD

$126 5

$ 9LVWD 5 *DUDQWLD GR IDEULFDQWH DQR [ [ 5 VHP MXURV &RPSULPHQWR GR ILR P $FHVVyULR WXER SURORQJDGRU 2X [ [ 5 H ERFDLV S VXSHUItFLHV 7RWDO D SUD]R 5

$12 5

$VSLUDGRU (OHFWUROX[ )OH[ 6 $= &=

7URFD *DUDQWLGD

$126 5

*DUDQWLD GR IDEULFDQWH DQR )XQomR VRSUR &RPSULPHQWR GR ILR P 3RUWD ILR $ 9LVWD 5 [ [ 5 VHP MXURV 3RUWD DFHVVyULR $FHVVyULR WXER SURORQJDGRU 2X [ [ 5 ERFDLV S VXSHUItFLHV 7RWDO D SUD]R 5

5

/DYDGRUD 3UHVVmR $12 (OHFWUROX[ 3: (:6 $0 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR

7URFD *DUDQWLGD

$126 5

3UHVVmR EDU SVL SVL 9D]mR GH iJXD OLWURV K $FLRQDGR SRU JDWLOKR *DWLOKR F WUDYD 5HFLSLHQWH S GHWHUJHQWH &RPSULPHQWR GR ILR 0

35(),5$ 48(0 6( (6)25d$ ',$5,$0(17( 3$5$ 2)(5(&(5 2 0(/+25 $7(1',0(172

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

&2035$ 3527(*,'$

)RWRV PHUDPHQWH LOXVWUDWLYDV

327È1&,$ :


/ LQKD %UDQFD &2035$ 3527(*,'$

5 &2035$ 3527(*,'$

5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

&/$66( $

%$,;2 &216802 '( (1(5*,$

$7e .*

352*5$0$6 '( /$9$*(0

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

WLD *DUDQ

$12 5

FP

$7e .*

$

(;75

352*5$0$6 '( /$9$*(0

&(175,)8*$d®2

FP

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$126 5

DQWLD

$12 5

*DU 75$

(;

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP DJLWDGRU 7LSR GH FRQWUROH GLJLWDO 1tYHLV GH iJXD &HVWR HP LQR[ 'LVSHQVHU SDUD DPDFLDQWH DOYHMDQWH 3URJUDPD GH HQ[iJXHV

FP

/DYDGRUD /DWLQD /$

&/$66( $

%$,;2 &216802 '( (1(5*,$

FP

$7e .*

$126 5

352*5$0$6 '( /$9$*(0 &2035$ 3527(*,'$

FP

5

*DUDQWLD GR IDEULFDQWH DQR 6LVW GH ODYDJHP WXUELOKRQDPHQWR 1tYHLV GH iJXD 7LSR GH FRQWUROH PDQXDO &HVWR HP SROLSURSLOHQR 'LVSHQVHU S DPDFLDQWH DOYHMDQWH $12 5

WLD *DUDQ 75$

$126 5

(;

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$

$12 5

/DYDGRUD (OHFWUROX[ %OXH /%8 %5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

WLD *DUDQ 75$

(;

$126 5

&RQJHODGRU (OHFWUROX[ + / %5

*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP DJLWDGRU 7LSR GH FRQWUROH PHFkQLFR 1tYHLV GH iJXD &HVWR HP SROLSURSLOHQR 'LVSHQVHU S DPDFLDQWH DOYHMDQWH

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR

WLD *DUDQ 75$

$12 5

(;

$126 5

1tYHO HFRQ{PLFR FODVVH ( )XQomR UHIULJHUDGRU 7HFOD FRQJHODPHQWR UiSLGR 5HYHVWLPHQWR HP DoR ]LQFDGR SRUWDV &HVWR SDUD HVWRFDJHP 3DLQHO GH FRQWUROH ODWHUDO

&2035$ 3527(*,'$

5

&2035$ 3527(*,'$

FP

5 0È6 RX : K

%$,;2 &216802 '( (1(5*,$

)(&+$'85$ 1$ 3257$

$7e .*

3e6 &20 52',1+$6

8 7 2 & / $

&216802 '( (1(5*,$

/

&/$66( $

5 0È6 RX : K

352*5$0$6 '( /$9$*(0

)5267 )5((

&(175,)8*$d®2

/

FP

FP

P

FP

&2035$ 3527(*,'$

FP

$12 5

FP

35 2 '

FP

FP

FP

8 7 2 & / $

&216802 '( (1(5*,$

FP &2035$ 3527(*,'$

5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

DQWLD

*DU 75$

(;

$126 5

*DUDQWLD GR IDEULFDQWH DQR 1tYHO HFRQ{PLFR &ODVVH % &HVWR SDUD HVWRFDJHP 3DLQHO GH FRQWUROH H[WHUQR

&2035$ 3527(*,'$

35 2 '

$126 5

8 7 2 & / $

F

P

FP

)5267 )5((

)5267 )5((

/

/

5 WLD *DUDQ 75$

(;

$126 5

*DUDQWLD GR IDEULFDQWH DQR *HODGHLUD &RQVXO 'HJHOR FRQJ PDQXDO &5' )%$1$ / %5 'HJHOR UHIULJ DXWRPiWLFR &RQWUROHV ,QWHUQR $ 9LVWD 5 3RUWD UHYHUVtYHO [ [ 5 VHP MXURV &DSDFLGDGH FRQJHODGRU / 2X [ [ 5 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 7RWDO D SUD]R 5 3RUWD ODWLFtQLRV

(;

&216802 '( (1(5*,$

FP $12 5

WLD *DUDQ 75$

5 0È6 RX : K

/ FP

$12 5

5 0È6 RX : K

5 0È6 RX : K

/

*DUDQWLD GR IDEULFDQWH DQR &RQWUROHV H[WHUQR 3RUWD UHYHUVtYHO &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWD ODWLFtQLR

6 6 ( $

&216802 '( (1(5*,$

5 0È6 RX : K

&RQJHODGRU (OHFWUROX[ )( / %5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

5

&216802 '( (1(5*,$

FP

*HODGHLUD &RQVXO )) &5* $% / %5

FP

6 6 ( $

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

35 2 '

&216802 '( (1(5*,$

6 6 ( $

FP

FP

5

F

)RWRV PHUDPHQWH LOXVWUDWLYDV

&/$66( $

%$,;2 &216802 '( (1(5*,$

*DUDQWLD GR IDEULFDQWH DQR 6LVW GH ODYDJHP WXUELOKRQDPHQWR &RQWUROH PHFkQLFR &HVWR HP SROLSURSLOHQR 3URJUDPD GH HQ[iJ HV

&(175,)8*$d®2

FP

FP

FP

/DYDGRUD $UQR 'XSSOD 6XSHU 0D[[ 0/

FP

/DYDGRUD %UDVWHPS %:/ %% %5

FP

FP

&2035$ 3527(*,'$

5

&2035$ 3527(*,'$

*HODGHLUD (OHFWUROX[ )) ') ; / ,1

5 $12 5

WLD *DUDQ 75$

(;

$126 5

$ 9LVWD 5 [ [ 5 VHP MXURV &RQWUROHV H[WHUQR 2X [ [ 5 &DSDFLGDGH FRQJHODGRU / 7RWDO D SUD]R 5 3UDWHOHLUDV UHJXOiYHLV 3UDWHOHLUDV UHPRYtYHLV *DUDQWLD GR IDEULFDQWH DQR 3RUWD ODWLFtQLR

*HODGHLUD &RQWLQHQWDO )) 5)&7 / %5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$12 5

WLD *DUDQ 75$

(;

$126 5

*DUDQWLD GR IDEULFDQWH DQR &RQWUROHV ,QWHUQR 3RUWD UHYHUVtYHO &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWDV ODWLFtQLR ODWDV

48$/,'$'( 9$/25,=( 6(8 ',1+(,52 &2035$1'2 48$/,'$'(


*5É7,6 648((=(

*5É7,6

'(6%/248($'2

648((=(

3$5$ 2, &/$52 ( 7,0

&+,36

*5É7,6 648((=(

*5É7,6

'(6%/248($'2

648((=(

3$5$ 2, &/$52 ( 7,0

'(6%/248($'2

)RWRV PHUDPHQWH LOXVWUDWLYDV

& HOXODUHV

'(6%/248($'2 &2035$ 3527(*,'$

‡ &kPHUD 0S[

WLD *DUDQ 75$

(;

5

$126 5

1RNLD & &=

‡ 03 SOD\HU 5iGLR )0 ‡ %OXHWRRWK :L )L ‡ )XQomR PRGHP ‡ 7HFQRORJLD * ‡ )RQH RXYLGR

$12 5

$ 9LVWD 5 [ [ 5 VHP MXURV

WLD *DUDQ 75$

(;

$126 5

‡ 03 SOD\HU ‡ 5iGLR )0 ‡ %OXHWRRWK ‡ )RQH RXYLGR

‡ &kPHUD GLJLWDO

1RNLD $VKD 'XDO &KLS *)

$ 9LVWD 5 [ [ 5 VHP MXURV ‡ &kPHUD 0S[

$12 5

WLD *DUDQ 75$

(;

$126 5

‡ 03 SOD\HU ‡ 5iGLR )0 ‡ %OXHWRRWK ‡ )RQH RXYLGR

WLD *DUDQ 75$

$12 5

$126 5

(;

‡ &kPHUD 0S[ 1RNLD $VKD 35 ‡ 03 SOD\HU ‡ %OXHWRRWK :L )L $ 9LVWD 5 ‡ 7HFQRORJLD * [ [ 5 VHP MXURV ‡ )RQH RXYLGR

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$

*5É7,6

&$1(&$ 7e50,&$

&+,36

/,95(

'(6%/248($'2

&+,36

3$5$ 2, &/$52 ( 7,0

/,95(

:,1'2:6 3+21( $12 5

1RNLD /XPLD 37

$ 9LVWD 5 [ [ 5 VHP MXURV

WLD *DUDQ 75$

&2035$ 3527(*,'$

$126 5

(;

$12 5

5

/* 'XDO &KLS 7 &RRNLH 6PDUW 37 $$7

‡ :LQGRZV 3KRQH ‡ ( PDLO FKDWV H DJHQGD LQWHJUDGRV ‡ 3URFHVVDGRU GH *+] ‡ 1RNLD GLULJLU ‡ &kPHUD GH 0S[ FRP IODVK ‡ 0HPyULD LQWHUQD GH *% ‡ 0DUNHWSODFH

$ 9LVWD 5 [ [ 5 VHP MXURV ‡ &kPHUD 0S[

$12 5

WLD *DUDQ 75$

(;

$126 5

‡ 03 SOD\HU ‡ 5iGLR )0 ‡ %OXHWRRWK :L )L ‡ )RQH RXYLGR ‡ &DER 86%

/* 'XDO &KLS 2SWLPXV / ( 37 $$7

WLD *DUDQ 75$

(;

$126 5

‡ 03 SOD\HU UiGLR )0 ‡ 0HPyULD LQWHUQD *% ‡ %OXHWRRWK ZL IL *36 ‡ )XQomR PRGHP ‡ 7HFQRORJLD * ‡ 6LVW 2SHU *RRJOH $QGURLG ‡ )RQH RXYLGR FDER 86%

$ 9LVWD 5 [ [ 5 VHP MXURV ‡ &kPHUD 0S[

&2035$ 3527(*,'$

5

&+,36

/,95(

0RWRUROD (; 0RWRNH\ &+ *)

$ 9LVWD 5 [ [ 5 VHP MXURV ‡ &kPHUD 0S[

$12 5

WLD *DUDQ 75$

(;

$126 5

‡ 03 SOD\HU ‡ 5iGLR )0 ‡ %OXHWRRWK ‡ )RQH RXYLGR ‡ &DER 86%

/,95(

,62

$12 5

WLD *DUDQ 75$

(;

$126 5

$ 9LVWD 5 [ [ 5 VHP MXURV

6DPVXQJ *DOD[\ < 79 &=

$ 9LVWD 5 [ [ 5 VHP MXURV

/,95(

0RWRUROD ;7 0RWR 6PDUW 'XDO &KLS&=

‡ &kPHUD 0S[

6PDUW 6DPVXQJ *DOD[\ 3RFNHW 6 37

‡ &kPHUD 0S[ ‡ 03 SOD\HU UiGLR )0 ‡ 0HPyULD LQWHUQD *% ‡ %OXHWRRWK :L )L *36 ‡ )UHTXrQFLDV ‡ 7HFQRORJLD * ‡ 6LVW 2SHU $QGURLG ‡ )RQH RXYLGR FDER 86%

&+,36

‡ &kPHUD 0S[ ‡ 03 SOD\HU UiGLR )0 ‡ %OXHWRRWK :L )L ‡ *36 79 ‡ )XQomR PRGHP ‡ 7HFQRORJLD * ‡ 6LVW 2SHU *RRJOH $QGURLG ‡ )RQH RXYLGR FDER 86% $12 5

WLD *DUDQ 75$

(;

$126 5

WLD *DUDQ 75$

(;

$126 5

‡ 03 SOD\HU ‡ 5iGLR )0 ‡ %OXHWRRWK :L )L ‡ 6LVW 2SHU $QGURLG ‡ )RQH RXYLGR FDER 86%

6DPVXQJ *DOD[\ < 3UR % &+ 37

$ 9LVWD 5 [ [ 5 VHP MXURV

/,95(

$12 5

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

$ 9LVWD 5 [ [ 5 VHP MXURV

$12 5

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

1RNLD $VKD &=

$ 9LVWD 5 [ [ 5 VHP MXURV

&+,36 /,95(

‡ &kPHUD 0S[ ‡ 03 SOD\HU UiGLR )0 ‡ %OXHWRRWK :L )L *36 ‡ )XQomR PRGHP ‡ 7HFQRORJLD * ‡ 6LVW 2SHU *RRJOH $QGURLG ‡ )RQH RXYLGR FDER 86% $12 5

WLD *DUDQ 75$

(;

$126 5

35(),5$ 48(0 6( (6)25d$ ',$5,$0(17( 3$5$ 2)(5(&(5 2 0(/+25 $7(1',0(172


5HOyJLRV

126626

6(59,d26 &$57®2 ( %Ñ186

3DUFHOH VXDV FRPSUDV FRP FRPRGLGDGH H DFXPXOH SRQWRV SDUD VXDV SUy[LPDV FRPSUDV

&5(',É5,2 35Ð35,2

&UHGLiULR SUySULR IOH[tYHO H SHUVRQDOL]DGR

5HOyJLR &DVLR 0DVF $4 : %

5HOyJLR 0RUPDLL 0DVF %7 &

$ 9LVWD 5 [ [ 5 VHP MXUR

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

5HOyJLR &DVLR 0DVF $4 :' %

*DUDQWLD GR IDEULFDQWH DQR ­ SURYD G iJXD $QDGLJLWDO

5(1(*2&,( 6(86 &2175$726 5HSDFWXDomR GLVSRQtYHO HP TXDOTXHU ORMD GH IRUPD VLPSOHV D MXURV UHGX]LGRV

5HOyJLR &DVLR 0DVF * 6KRFN * '

$ 9LVWD 5 [ [ 5 VHP MXURV

$ 9LVWD 5 [ [ 5 VHP MXURV

$ 9LVWD 5 [ [ 5 VHP MXURV

*DUDQWLD GR IDEULFDQWH DQR DODUPHV &DOHQGiULR DXWRPiWLFR 0RVWUDGRU EUDQFR

*DUDQWLD GR IDEULFDQWH DQR DODUPHV &DOHQGiULR DXWRPiWLFR 0RVWUDGRU EUDQFR

*DUDQWLD GR IDEULFDQWH DQR /X] GH IXQGR &URQ{PHWUR SURJUHVVLYR UHJUHVV &DOHQGiULR DXWRPiWLFR

*$5$17,$ %(02/ '( 6$7,6)$d®2 9RFr SRGH WURFDU RX FDQFHODU D FRPSUD HP DWp GLDV

6(*852 5(6,'(1&,$/ &XVWD SRXFR H SURWHJH PXLWR ,QFrQGLR UDLR H[SORVmR URXER GDQRV HOpWULFRV H RXWUDV FREHUWXUDV 6HUYLoRV K &KDYHLUR (OHWULFLVWD (QFDQDGRU 9LGUDFHLUR QWLD *DUD75$

(;

5HOyJLR 7HFKQRV 0DVF *0 $) .

5HOyJLR 7HFKQRV 0DVF -6 $& .

5HOyJLR 7HFKQRV 0DVF 3 %; %

$ 9LVWD 5 [ [ 5 VHP MXURV

$ 9LVWD 5 [ [ 5 VHP MXURV

$ 9LVWD 5 [ [ 5 VHP MXURV

*DUDQWLD GR IDEULFDQWH DQR 3XOVHLUD DoR )XQFLRQDPHQWR EDWHULD 5HVLVWrQFLD j iJXD :5 0 $QDOyJLFR &DOHQGiULR

*DUDQWLD GR IDEULFDQWH DQR 3XOVHLUD DoR )XQFLRQDPHQWR EDWHULD 5HVLVWrQFLD D iJXD :5 0 $QDOyJLFR &DOHQGiULR

*DUDQWLD GR IDEULFDQWH DQR 3XOVHLUD DoR 5HVLVWrQFLD j iJXD :5 0 )XQFLRQDPHQWR EDWHULD $QDOyJLFR &DOHQGiULR

5HOyJLR 7HFKQRV 0DVF $' .

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 3XOVHLUD DoR )XQFLRQDPHQWR EDWHULD 5HVLVWrQFLD j iJXD :5 0 $QDOyJLFR &DOHQGiULR

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$

9,'$ /21*$ 3$5$ 6(86 352'8726 RX DQRV D PDLV GH SURWHomR HP VXDV FRPSUDV SRU XP SHTXHQR FXVWR DGLFLRQDO SHVVRDV ItVLFDV VRPHQWH

(/(7523257É7(,6

3RU XP SHTXHQR FXVWR DGLFLRQDO YRFr JDUDQWH SURWHomR H[WUD SDUD VHX HOHWURSRUWiWLO $ *DUDQWHFK DVVHJXUD D WURFD HP FDVR GH GHIHLWRV SHVVRDV ItVLFDV VRPHQWH

&2035$ 3527(*,'$

3URWHMD VHX SURGXWR FRQWUD GDQRV H DFLGHQWHV QmR FREHUWRV SHOR IDEULFDQWH GXUDQWH R SUD]R GH JDUDQWLD

3& +(/3

'XDV YLVLWDV WpFQLFDV SDUD LQVWDODomR H VXSRUWH GR VHX FRPSXWDGRU RX QRWHERRN

5HOyJLR 2ULHQW 0DVF 0766 6 6. 35 5HOyJLR 2ULHQW 0DVF 0%66 6 6; 026 35 5HOyJLR 2ULHQW 0DVF 0%66$ ' 6; $=

$ 9LVWD 5 [ [ 5 VHP MXURV

$ 9LVWD 5 [ [ 5 VHP MXURV

*DUDQWLD GR IDEULFDQWH DQR 5HVLVWrQFLD j iJXD :5 0 3XOVHLUD DoR ,QR[LGiYHO

5HVLVWrQFLD j iJXD :5 P

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWL GR IDEULFDQWH DQR 3XOVHLUD DoR )XQFLRQDPHQWR EDWHULD 5HVLVWrQFLD j iJXD :5 P 0HFDQLVPR DQDOyJLFR &DOHQGiULR

5HOyJLR 2ULHQW 0DVF 0%66& 326; 37 -RJRV SDJDPHQWRV GH FRQWDV UHFHELPHQWR GH EHQHItFLRV VDTXHV GD &DL[D H %% FUpGLWR GH FHOXODU HWF 3UHVHQWHV HP ORMDV GD %HPRO

$ 9LVWD 5 [ [ 5 VHP MXURV 5HVLVWrQFLD j iJXD :5 P 3XOVHLUD DoR LQR[LGiYHO

)RWRV PHUDPHQWH LOXVWUDWLYDV

/,67$ '( 35(6(17(6

)DFLOLWH D HVFROKD GH VHXV FRQYLGDGRV GHL[DQGR D OLVWD QD %HPRO RX HP QRVVR VLWH ZZZ EHPRO FRP EU

&$57®2 35(6(17(

D QWH

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 3XOVHLUD PHWDO DoR 5HVLVWrQFLD j iJXD :5 P $QDOyJLFR )XQFLRQDPHQWR EDWHULD &DOHQGiULR

$QRV

WLD

D QWH

5HOyJLR 6HFXOXV 0DVF *36**$

Q

3XOVHLUD ERUUDFKD 5HVLVWrQFLD j iJXD :5 P $QDOyJLFR )XQFLRQDPHQWR EDWHULD &DOHQGiULR

5HOyJLR 6HFXOXV 0DVF * 6*1$ %

* DUD

$ 9LVWD 5 [ [ 5 VHP MXURV

G R )D E

U

LF

Q

5HOyJLR 6HFXOXV 0DVF *36338

U

LF

* DUD

$QRV

WLD

$FHUWH QD HVFROKD H DJUDGH VHPSUH 'LVSRQtYHO QRV YDORUHV GH 5 5 5 H 5

G R )D E

$ 9LVWD 5 [ [ 5 VHP MXURV 3XOVHLUD DoR 5HVLVWrQFLD j iJXD :5 P $QDOyJLFR )XQFLRQDPHQWR EDWHULD &DOHQGiULR

48$/,'$'( 9$/25,=( 6(8 ',1+(,52 &2035$1'2 48$/,'$'(

ZZZ EHPRO FRP EU

6HUYLoRV H SURGXWRV GLVSRQtYHLV YLD LQWHUQHW K

&2035( ( +$%,/,7( 6(8 &(/8/$5 7RGDV DV RSHUDGRUDV QD %HPRO 6HX DSDUHOKR KDELOLWDGR QD KRUD GD FRPSUD

606 %(02/

&OLHQWH %HPRO UHFHEH WRUSHGRV VREUH FRPSUDV UHDOL]DGDV HQWUHJDV H OHPEUHWH GH YHQFLPHQWR


2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248( 1mR MRJXH HVWH HQFDUWH HP YLD S~EOLFD

%(02/ $0$=21$6 6+233,1* %(02/ $9(1,'$ %(02/ %$55262 %(02/ &$0$38­ %(02/ &,'$'( 129$ %(02/ ('8&$1'26 %(02/ *5$1'( &,5&8/$5 %(02/ ,7$&2$7,$5$ %(02/ 0$1$8$5$ 6+233,1* %(02/ *5$1'( &,5&8/$5 %(02/ 0$1$&$3858 %(02/ 0$75,= %(02/ 0,//(11,80 %(02/ 3217$ 1(*5$ %(02/ 32572 9(/+2 &(1752 %(02/ 32572 9(/+2 6+233,1* %(02/ 5,2 %5$1&2 %(02/ 678',2 6+233,1* %(02/ 72548$72 /2-$ &20

'LVTXH JUiWLV )DOH FRQRVFR H HVFODUHoD VXDV G~YLGDV

ZZZ EHPRO FRP EU

/2-$ &20 &$,;$ (/(75Ñ1,&2 %5$'(6&2

/2-$ &20 %5$'(6&2 (;35(662

/LPLWH PtQLPR SDUD YHQGD D FUpGLWR 5 &DUWmR %HPRO (P FRPSUDV DWp 5 FOLHQWH FRP R &DUWmR %HPRO SRGHUi FRPSUDU VHP HQWUDGD H VHP MXURV H SDUFHODU HP DWp YH]HV SDUD GLDV GHVGH TXH HVWHMD FRP VHX OLPLWH GLVSRQtYHO -XURV 'HVSHVDV 2SHUDomR GH &UpGLWR 3DUD 3DUFHODV ,JXDLV $ 0 $ $ HP DWp [ $ 0 $ $ HP DWp [ $ 0 $ $ HP DWp [ $ 0 $ $ HP DWp [ $ 0 $ $ HP DWp [ $ 0 $ $ HP DWp [ $ 0 $ $ HP DWp [ -XURV GH 0RUD DR PrV D SDUWLU GR GLD 0XOWD GH 0RUD D SDUWLU GR GLD 26 3/$126 '( 3$*$0(172 $35(6(17$'26 (67­2 68-(,726 $ $3529$d­2 '( &5e',72 &21)250( &5,7e5,26 87,/,=$'26 3(/$ %(02/

$ 68$ 0(/+25 (6&2/+$


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.