(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(
Q
D QWH U
LF
* DUD
$QRV
WLD
G R )D E
&2035$ 3527(*,'$
5
327È1&,$ 0É; 9$ (67$%,/,=$'25 ,17(512
%/8(7227+ &21(;®2
:, ),
86%
5
1REUHDN 606 1HW 6WDWLRQ %L 37
0(*$3,;(/6
,PSUHVVRUD )RWRJUiILFD (SVRQ 3 0DWH 30 %5
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
)RQH 'H 2XYLGR 0XOWLODVHU :LUH 3+ 37
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
5
'(7(&725 )$&(
7DEOHW $SSOH ,SDG * :L )L 37 2)
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
*DUDQWLD GR IDEULFDQWH DQR $XWRQRPLD PpGLD PLQ 7RPDGDV 7HQVmR GH VDtGD 9 7HQVmR GH HQWUDGD 9 9 )LOWUR GH OLQKD LQWHUQR 3URWHWRU WHOHI{QLFR UHGH 7RPDGD H[WHQVmR HVWiJLRV GH UHJXODomR
*DUDQWLD GR IDEULFDQWH DQR 6HP ILR DWp 0 &RQH[mR 86% 3RVVXL 5iGLR )0 +HDGVHW 0XOWLPtGLD $FRPSDQKD FDER 5&$ H 3
&2035$ 3527(*,'$
'(7(&725 &(1$ ,17(/,*(17(
*DUDQWLD GR IDEULFDQWH DQR =RRP ySWLFR GLJLWDO [ [ 6HQVLELOLGDGH PD[ ,62 0iTXLQD )RWRJUiILFD 3DQDVRQLF 0S[ '0& 6 /% . 37 0tGLD FRPS PD[ 6' 6'+& *UDY FRP iXGLR 0RGRV GH FHQD PDFUR FP $ 9LVWD 5 (VWDELOL]DGRU ySWLFR [ [ 5 VHP MXURV 0DUFD GD OHQWH /XPL[ '& 9DULR RX HQWUDGD 5 0HP ,QWHUQD FDUWmR 0% *% [ 5 $OLP FDSDF EDWHULD IWV 7RWDO D SUD]R 5 'LVSRQtYHO WDPEpP QD FRU URVD
$ 9LVWD 5 [ [ 5 VHP MXURV
9HO LPS SUHWR DWp SSP 9HO LPS FRORULGD DWp SSP &RPSDWtYHO :LQGRZV 0DF 7LSR LPSUHVVmR MDWR GH WLQWD 0HPyULD .% &DSDFLGDGH GD EDQGHMD IOV &RPSDWtYHO FDUWmR PHPyULD &RQVXPtYHLV 70
*DUDQWLD GR IDEULFDQWH DQR 0HP 5$0 LQWHUQD 0 *% &kP 3UL 6HF 0 9*$ $FHVVyULRV FDER 86% $FHVVyULRV FDUUHJDGRU %DWHULD XVR VWE\ K K 3URFHV $SSOH $ '&RUH 0K] 6LVW 2SHU $SSOH L26
(&2120,$ 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$5(/$
µ
9(/2&,'$'(
*+=
(175$'$
+'0,
*%
'79
+' *%
)8// +'
:(%&$0
/&' /('
.*
/(' $12 5
0RQLWRU 6DPVXQJ /(' /6 $ $ 9LVWD 5 [ [ 5 VHP MXURV
(;
$12 5
$126 5
*DUDQWLD GR IDEULFDQWH DQR )RUPDWR GD WHOD &2035$ 3527(*,'$ 7HPSR GH UHVSRVWD 06 5 (QWUDGDV 5*% '9, &RPSDWLELOLGDGH :LQGRZV 0DF &RQVXPR GH HQHUJLD :
WLD *DUDQ 75$
(;
0RQLWRU 79 /* 7HPSR GH UHVSRVWD 06 /&' /(' )+' '79 0 37 0XOWLPtGLD HPEXWLGR (QWUDGD ' 6XE $ 9LVWD 5 %DVH UHJXOiYHO [ [ 5 VHP MXURV %ULOKR FG P &RPSDWLELOLGDGH :LQG ;3 9LVWD *DUDQWLD GR IDEULFDQWH DQR &RQVXPR GH HQHUJLD :
9(/2&,'$'(
*+=
$12 5
$126 5
&2035$ 3527(*,'$
5
(;
$126 5
1RWHERRN $FHU $VSLUH 2QH $2 37 /HLWRU FDUWmR 86% 3URFHV $0' & 6DtGD +'0, $ 9LVWD 5 [ [ 5 VHP MXURV 6: 3URGXW 2IILFH 6WDUWHU 6: $QWLYtUXV YDO 0FDIHH GLDV 'LIHUHQFLDO SODFD $7, 5DGHRQ *DUDQWLD GR IDEULFDQWH DQR 'LIHUHQFLDO DXWRQRPLD DWp K &RQH[}HV ZLUHOHVV :L )L
&2035$ 3527(*,'$
5
3& +(/3 5
9(/2&,'$'( * DUD
*+=
*%
*%
.*
*%
:(%&$0
9(/2&,'$'(
+' *%
.*
*%
*+=
&2035$ 3527(*,'$
(;
&2035$ 3527(*,'$
$126 5
3URFHVV $0' & 'XDO &RUH 1RWHERRN ,WDXWHF &RQH[}HV ZLUHOHVV :L )L %OXHWRRWK ,QIRZD\ $ 37 /HLWRU FDUWmR 86% 8QLGDGH yWLFD JUDYDGRU '9' &' 6DtGD +'0, $ 9LVWD 5 [ [ 5 VHP MXURV 6: SURGXW 2IILFH 6WDUWHU $QWLYtUXV YDO 0LFURVRIW DQR 'LIHUHQFLDO EDWHULD FpOXODV *DUDQWLD GR IDEULFDQWH DQR
5
:(%&$0
3& +(/3 WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR 1RWHERRN $FHU 3URFHV $0' ( $VSLUH $6 $$7 &RQH[}HV ZLUHOHVV ZL IL /HLWRU FDUWmR 86% $ 9LVWD 5 6: 3URG 2IILFH 6WDUWHU [ [ 5 VHP MXURV 6: DQWLYtUXV YDOLG 1RUWRQ
G R )D E
U
&2035$ 3527(*,'$
5
.*
5
$12 5
$QRV
WLD
Q
WLD *DUDQ 75$
+' *%
:(%&$0 * DUD
5
$12 5
U
D QWH
5
G R )D E
+' *%
LF
3& +(/3
:(%&$0
$QRV
WLD
Q
+' *%
WLD *DUDQ 75$
D QWH
WLD *DUDQ 75$
LF
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
)RWRV PHUDPHQWH LOXVWUDWLYDV
&2035$ 3527(*,'$
/HLWRU FDUWmR 86% 1RWHERRN 6RQ\ 6DtGD +'0, 9DLR 93& <% -% 3 52 6: 3URGXW 0LFURVRIW 2IILFH 6: $QWLYtUXV YDO 1RUWRQ GLDV $ 9LVWD 5 'LIHUHQFLDO DXWRQRPLD DWp K [ [ 5 VHP MXURV 'LIHUHQFLDO SODFD $0' 5DGHRQ 'LVSRQtYHO WDPEpP QD FRU &RQH[}HV ZLUHOHVV :L )L %OXHWRRWK SUHWR
$12 5
1RWHERRN 3RVLWLYR 6LP 37
3& +(/3
WLD *DUDQ 75$
(;
5 $126 5
/HLWRU FDUWmR 86% 8QLGDGH yWLFD JUDYDGRU &' '9' 6DtGD +'0, $ 9LVWD 5 [ [ 5 VHP MXURV 6: 3URGXWLYLGDGH 2IILFH 6: $QWLYtUXV YDO 1RUWRQ DQR *DUDQWLD GR IDEULFDQWH DQR 'LIHUHQFLDO ÐFXORV &RQH[}HV ZLUHOHVV &RQVXPR Pi[ .: K :
*$5$17,$ '( 6$7,6)$d®2 35(),5$ $ 6(*85$1d$ '( 48(0 *$5$17( 2 48( 9(1'(
( OHWU{QLFRV &2035$ 3527(*,'$
5
6XSRUWH 3 79 (OJ $UWLFXODGR 9HVD $ 9
(175$'$
*DUDQWLD GR IDEULFDQWH DQR ,QVWDODomR SDUHGH SDLQHO 3DUD 7Y GH /&' /(' 3ODVPD $ 9LVWD 5 7DPDQKR PtQLPR [ [ 5 VHP MXURV 7DPDQKR Pi[LPR [ 2X [ [ 5 7LSR GH IXUDomR 9HVD 7RWDO D SUD]R 5 ,QFOLQDomR KRUL]RQWDO YHUWLFDO
86%
+RPH 7KHDWHU 6DPVXQJ +7 ' . ='
327È1&,$ 727$/ 506 :
(175$'$
86%
327È1&,$ 727$/ 506 :
(175$'$
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
&$,;$6
&2035$ 3527(*,'$
86%
5
&$,;$6
:,5(/(66
5(352'8d®2 %/8 5$< ( ,0$*(0 '
*DUDQWLD GR IDEULFDQWH DQR 'LYLVmR VRQRUD FDQDLV 'HFRGHU 'ROE\ 'LJLWDO '76 '9' LQWHJUDGR 5iGLR $0 )0 &RQWUROH UHPRWR
(175$'$
86%
* DUD
$QRV
WLD
Q
%/8(7227+
G R )D E
&2035$ 3527(*,'$
5
U
$12 5
(175$'$
86%
)81d®2 .$5$2.( (175$'$ 3$5$ 0,&52)21( 327È1&,$ 727$/ 506 :
$12 5
&2035$ 3527(*,'$
0LQL 6\VWHP /* 86% 0&7
5
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR &DSDFLGDGHV SDUD &' V 'RFN SDUD ,SRG 5HSURGXomR 03 &' &' 5 &' 5: 5DGLR $0 )0 &RQWUROH UHPRWR &RQVXPR Pi[ .: K :
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
&RQWUROH UHPRWR &RQVXPR PD[ .: K :
'9' 3OD\HU 3 $XWR 3LRQHHU $9+3 %7 86%
WLD *DUDQ 75$
(;
$126 5
0LQL 6\VWHP 6RQ\ )67 6+ 37
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
&2035$ 3527(*,'$
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
5 327È1&,$ 727$/ 506 :
(175$'$
86%
5HJLmR (TXDOL]DGRU 5HSURGXomR '9' &' 6'+& 03 (QWUDGDV L3RG L3KRQH $X[ )RUPDWR 'LQ 'RXEOH 'LQ 3DLQHO UHPRYtYHO 7HOD 7RXFKVFUHHQ &RQWUROH UHPRWR 3RWrQFLD : [
)81d®2 .$5$2.(
*DUDQWLD GR IDEULFDQWH DQR &DSDFLGDGH SDUD &' 5HSURGXomR 03 &' 5 &' 5: 5DGLR $0 )0 &RQWUROH UHPRWR
(175$'$ 3$5$ 0,&52)21(
$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(/$
(175$'$6
+'0, (175$'$6
+'0, (175$'$6
/&'
)8// +'
/&'
&219(5625 ',*,7$/ ,17(*5$'2
/('
&219(5625 ',*,7$/ ,17(*5$'2
&219(5625 ',*,7$/ ,17(*5$'2
&2035$ 3527(*,'$
5
79 6DPVXQJ /&' /1 ' * *;='
$12 5
WLD *DUDQ 75$
(;
&2035$ 3527(*,'$
79 3DQDVRQLF /&' 7& / & %
$126 5
7HPSR GH UHVSRVWD 06 (QWUDGDV 5*% 86% $ 9LVWD 5 6DtGDV ySWLFD FRD[LDO [ [ 5 VHP MXURV 3RWrQFLD GR iXGLR : 506 )UHT rQFLD +] *DUDQWLD GR IDEULFDQWH DQR &RQVXPR XVR VWE\ : K : K
$ 9LVWD 5 [ [ 5 VHP MXURV
*DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06
5 $12 5
DQWLD
*DU 75$
(;
$126 5
79 6DPVXQJ /(' )+' 81 ' 3*;='
(QWUDGDV 3& 6' 86% 6DtGDV ySWLFD DQDOyJLFD 3RWrQFLD GR iXGLR : 506 )UHT rQFLD +] &RQVXPR XVR VWE\ : K : K
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR
$12 5
WLD *DUDQ 75$
(;
$126 5
7HPSR GH UHVSRVWD 06 (QWUDGDV 5*% 86% 6DtGDV ySWLFD FRD[LDO 3RWrQFLD GR iXGLR : 506 )UHTXrQFLD +] &RQVXPR XVR VWE\ : K : K
+'0, (175$'$6
)8// +'
'79 /&'
&2035$ 3527(*,'$
5
&219(5625 ',*,7$/ ,17(*5$'2
(175$'$
+'0,
)8// +' 5 $12 5
79 /* /&' '79 )+' /.
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06
*DU 75$
(;
(175$'$6
&219(5625 ',*,7$/ ,17(*5$'2
&219(5625 ',*,7$/ ,17(*5$'2
$126 5
(QWUDGDV 5*% 86% 6DtGDV GLJLWDO ySWLFR
(VSHVVXUD PP 'LIHUHQFLDO 86% 'LY; +' 'LIHUHQFLDO (QHUJ\ 6DYLQJ 3RWrQFLD GR iXGLR : 506 )UHT rQFLD +] &RQVXPR XVR VWE\ : K : K
+'0,
/('
&2035$ 3527(*,'$
DQWLD
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
+'0,
$12 5
79 6RQ\ /(' %UDYLD )+' .'/ (;
$ 9LVWD 5 [ [ 5 VHP MXURV
WLD
*DUDQ
$
(;75
$12 5
$126 5
*DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 (QWUDGD DQDOyJLFD 3RWrQFLD GR iXGLR : : 506
79 3DQDVRQLF /&' /(' )+' 7& / ( %
$ 9LVWD 5 [ [ 5 VHP MXURV
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 (QWUDGDV 86% 6DtGDV ySWLFDV DQDOyJLFR IRQH 3RWrQFLD GR iXGLR : 506 )UHT rQFLD K] &RQVXPR XVR VWE\ : :
&$57®2 %(02/ &/,(17( %(02/ 7(0 %Ñ186 1$6 &2035$6
)RWRV PHUDPHQWH LOXVWUDWLYDV
$126
[ 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(
(175$'$ 3$5$
D QWH
WLD *DUDQ 75$
$126 5
*DUDQWLD GR IDEULFDQWH DQR
0,&52)21( 7RWDO D SUD]R 5
µ
(; 5 +RPH 7KHDWHU 6RQ\ 5 & %OX 5D\ ' %'9 ( *DUDQWLD GR IDEULFDQWH DQR (QWUDGD +'0, L3RG L3KRQH $ 9LVWD 5 6DtGD +'0, [ [ 5 VHP MXURV 'HFRGHU 'ROE\ 'LJLWDO '76 RX HQWUDGD 5 '9' LQWHJUDGR [ 5 'LYLVmR VRQRUD FDQDLV 7RWDO D SUD]R 5 5iGLR $0 )0
(;
506 : $ 9LVWD 5 &DSDFLGDGH SDUD &' )81d®2 [ [ 5 VHP MXURV 5HSURGXomR 03 &' 5 &' 5: .$5$2.( RX HQWUDGD 5 5DGLR $0 )0
LF
$12
327È1&,$ 727$/
WLD *DUDQ 75$
$12 5
0LQL 6\VWHP 3DQDVRQLF 6& $.; /% .
( QWUHWHQLPHQWR
'9' 8P 'H 9RFrV 0H 7UDLUi 5
'9' .XQJ )X 3DQGD 2V 6HJUHGRV 'RV 0HVWUHV 5
'9' &RFRULFy 2 &RODU 'DV (PRo}HV 5
'9' 2V 3LQJXLQV 'H 0DGDJDVFDU 2SHUDomR 5
'9' &OLSHV 0N 9RO 5
'9' 2 4XLQWDO 'R 3DJRGLQKR $R 9LYR 5
%/8 5$< /LYH 7KH )HPPH )DWDOH 7RXU %ULWQH\ 6SHDUV 5
&; %OX 5D\ .XQJ )X 3DQGD ' ' 5
'9'V
'9' %DODV 3DUD 5LQJR 5
'9' (VFROLQKD 3URI 5DLPXQGR 9ROXPH 5
'9' 2 =HODGRU $QLPDO 5
'9' %DUELH 9LGD 'H 6HUHLD 5
&'V
&' 66 (QFRQWUR 1R %DU]LQKR 5
&' 0LFKHOH 1DVFLPHQWR /RXYH ( $GRUH 5
&' 9RLFHV 3DUD 6HPSUH 5
/,9526
'9' &DVD 'RV 6RQKRV 5
&' /RXYRUHV ,QHVTXHFtYHLV 9RO 5
1LHW]VFKH SDUD HVWUHVVDGRV p XP PDQXDO LQWHOLJHQWH H HVWLPXODQWH TXH UH~QH Pi[LPDV GR JrQLR DOHPmR H VXD DSOLFDomR D YiULDV VLWXDo}HV GR GLD D GLD $ VDEHGRULD GH 1LHW]VFKH p GH JUDQGH XWLOLGDGH QD EXVFD GH XPD VROXomR SDUD XPD VpULH GH SUREOHPDV WDQWR QD YLGD SHVVRDO TXDQWR QD SURILV VLRQDO
&' &DOFLQKD 3UHWD 9ROXPH 5
&' 66 :DOHVFD 9RO 5
1HVWH OLYUR R SDGUH 5HJLQDOGR 0DQ]RWWL DSUHVHQWD RUDo}HV SDUD DV FULDQoDV 7RWDOPHQWH LOXVWUDGR R OLYUR p GLYLGLGR HP WHPDV FRPR DomR GH JUDoDV DPL ]DGH IDPtOLD DPRU DRV DQLPDLV H PXLWRV RXWURV 8P SUHVHQWH LQHVTXHFtYHO TXH YDL GHVHQYROYHU D Ip QRV SHTXHQLQRV GH IRUPD VDXGiYHO H GXUDGRXUD
&' ,PED~ED ( 2 3RHWD 5
8PD REUD GH ILFomR EDVHDGD HP IDWRV DWXDLV VREUH R FULPH RUJDQL]DGR QR 5LR GH -DQHLUR $SUHVHQWD DRV OHLWRUHV VRE R SRQWR GH YLVWD GD SROtFLD RV GHWDOKHV GDV QRVVDV VHOYDJHQV JXHUULOKDV XUED QDV RV EDVWLGRUHV GDV YHUGDGHLUDV PiILDV EUDVLOHLUDV DV PLOtFLDV
/D\RXW PRGHUQR H QR WDPDQKR LGHDO SDUD OHYDU QD PRFKLOD QD SDVWD RX QD EROVD 2 0LQL $XUpOLR p SHUIHLWR SDUD DFRPSDQKDU R GLD D GLD GRV DOXQRV e ~WLO WDPEpP SDUD SURILVVLRQDLV H SHVVRDV TXH SUHFLVDP GH XPD IHUUDPHQWD SUiWLFD SDUD HVFODUHFHU G~YLGDV RX VDEHU RV VHQWLGRV GDV SDODYUDV
&' (\VKLOD 6RQKRV 1mR 7HP )LP 3% 5
&' %ULWQH\ 6SHDUV &; &'6 )HPPH )DWDOH 0DGRQQD 0GQD 5 5
3É*,1$6
0LQLGLFLRQiULR $XUpOLR &RP &' 5
&' &DSULFKRVR 5
3É*,1$6
/,952 (OLWH 'D 7URSD 5RGULJR 3LPHQWHO 5
&' 66 'RPLQJXLQKRV 5
'9' $PL]DGH &RORULGD 5
&' 8P *LUD 0XQGR &' 'LQKR 2XUR ,WDOLDQR /XFLDQR %UXQR 3UHWR %ODFN +HDUW 5 5
3É*,1$6
/,952 8PD 2UDomR 3RU 'LD 3H 5HJLQDOGR 0DQ]RWWL 5
'9' 2V 0XSSHWV 5
&' 66 $OFHX 9DOHQoD 9RO 5
'9' )DQWDVPD 'D 2SHUD $QRV 5
'9' :LQWHU 2 *ROILQKR 5
&' 0mH (X 7H $PR &' 7i 9HQGR &RP 9RO $TXHOD /XD 5 5
'9' 3UHPRQLomR 5
3É*,1$6
/,952 1LHW]VFKH 3DUD (VWUHVVDGRV $OODQ 3HUF\ 5
'9' 6DQJXH ( +RQUD 5
3É*,1$6
/,952 2 &DGHUQR 'H 0D\D ,VDEHO $OOHQGH 5
2 QRYR URPDQFH GH ,VDEHO $OOHQGH R FDGHUQR GH 0D\D GLIHUHQWHPHQWH GH VHXV WUDGLFLRQDLV URPDQFHV p SDVVDGR QRV GLDV DWXDLV $SUHVHQWD D WUDPD GH XPD JDURWD DPHULFDQD GH DQRV TXH HQFRQWURX UHIXJLR HP XPD LOKD UHPRWD GD FRVWD GR &KLOH GHSRLV GH FDLU HP XPD YLGD GH GURJDV FULPH H SURVWLWXLomR
'9' &' /XDQ 6DQWDQD $R 9LYR 1R 5LR 'H 5
3RU 5
&/,(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
)RWRV PHUDPHQWH LOXVWUDWLYDV
'9' %RE (VSRQMD +HUyLV 'D )HQGD 'R %LNLQ 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(
%/8 5$<
5HSURGXomR VRPHQWH HP DSDUHOKRV FRP WHFQRORJLD %OX 5D\
9DULHGDGHV &2035$ 3527(*,'$
&KDSD *DPD 5HG ,RQL[ $33 37
$ 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
*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : 7HUPRVWDWR /kPSDGD SLORWR 7UDYD GH VHJXUDQoD
*DUDQWLD GR IDEULFDQWH DQR /kPSDGD SLORWR $TXHFLPHQWR LPHGLDWR 7HPSHUDWXUD QtYHO 7HPSHUDWXUD DOFDQoDGD & &RPSULPHQWR GR FDER 0
3RWrQFLD : QtYHLV GH WHPSHUDWXUD $FDEDPHQWR $%6 &RPSULPHQWR GR FDER 0 QtYHLV GH YHORFLGDGH
$12 5
7URFD *DUDQWLGD
&(5Ç0,&$
$126 5
7(&12/2*,$ Ì21
:
$12 5
7URFD *DUDQWLGD
$126 5
$12 5
7URFD *DUDQWLGD
$126 5
&2035$ 3527(*,'$
5
3DQHOD (OpWULFD 0RQGLDO 4XDG 0&22. 3(
3DQHOD 3UHVVmR &ORFN /
/
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
7URFD *DUDQWLGD
$126 5
*DUDQWLD GR IDEULFDQWH DQR 7UDYD GH VHJXUDQoD 3RWrQFLD :
(&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(/$ 7,0 &/$52 ( 2,
&+,36
&+,36
&2035$ 3527(*,'$
5
&2035$ 3527(*,'$
5
/,95( 0RWRUROD 0RWRNH\ 0LQL 'XDO &KLS (; $$7
0RWRUROD :; 'XDO &KLS 37 $$7
(;
$ 9LVWD 5 [ [ 5 VHP MXURV
&kPHUD 0S[ 03 SOD\HU 5iGLR )0 %OXHWRRWK )RQH RXYLGR &DER 86%
&kPHUD 9*$ 03 3OD\HU 5iGLR )0 %OXHWRRWK )RQH RXYLGR FDER 86% WLD *DUDQ 75$
$ 9LVWD 5 [ [ 5 VHP MXURV
$ 9LVWD 5 [ [ 5 VHP MXURV
$12 5
1RNLD $VKD 50 'XDO &KLS *)
$126 5
$12 5
WLD *DUDQ 75$
(;
&+,36 /,95( 3$5$ 2, &/$52 ( 7,0
$126 5
&kPHUD 0S[ 03 SOD\HU 5iGLR )0 %OXHWRRWK )RQH RXYLGR $12 5
WLD *DUDQ 75$
(;
$126 5
&+,36 &+,36 /,95( /* ; 'XDO &KLS 79 $= $$7
$ 9LVWD 5 [ [ 5 VHP MXURV
$12 5
QWLD *DUD75$
(;
WLD *DUDQ 75$
(;
&2035$ 3527(*,'$
5 $126 5
/,95(
/* 3UR & $$7
&kPHUD 0S[ 03 SOD\HU 5iGLR )0 %OXHWRRWK 79 )RQH RXYLGR &DER 86%
/,95(
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU 5iGLR )0 %OXHWRRWK ZL IL 6LVW 2SHU $QGURLG *36 )XQomR PRGHP 7HFQRORJLD * $12 5
WLD *DUDQ 75$
(;
$126 5
6DPVXQJ &KDW 6 '2
$ 9LVWD 5 [ [ 5 VHP MXURV
$12 5
WLD *DUDQ 75$
(;
$126 5
/,95(
$ 9LVWD 5 [ [ 5 VHP MXURV
&kPHUD 0S[ 03 SOD\HU UiGLR %OXHWRRWK :L )L )RQH RXYLGR FDER 86%
6DPVXQJ *DOD[\ 1 37 $=
&2035$ 3527(*,'$
5
&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
*$5$17,$ (;75$ 28 $126 $ 0$,6 '( 3527(d®2 (0 68$6 &2035$6 325 80 3(48(12 &8672 $',&,21$/ 3(662$6 )Ì6,&$6 620(17(
)RWRV PHUDPHQWH LOXVWUDWLYDV
6HFDGRU *DPD 7RR &KLF $66 52
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(
*ULOO 6DQGXLFKHLUD 0RQGLDO ,, 6
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
5
/ LQKD %UDQFD &2035$ 3527(*,'$
&2035$ 3527(*,'$
FP )RWRV PHUDPHQWH LOXVWUDWLYDV
/
FP
$12 5
5
0LFUR 2QGDV (OHFWUROX[ 0(& ,1
)81d®2 *5,//
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
F P
FP
FP
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : 7LPHU 3UDWR JLUDWyULR $XWR GHVFRQJHODPHQWR $XWR DTXHFLPHQWR FR]LPHQWR 7HFOD SLSRFD 7UDYD GH VHJXUDQoD
&2035$ 3527(*,'$
5
&2035$ 3527(*,'$
5 WLD *DUDQ 75$
(;
$126 5
$U &RQGLFLRQDGR %WXV (OHFWUROX[ (& ) 9 *DUDQWLD GR IDEULFDQWH DQR &RPSUHVVRU URWDWLYR $ 9LVWD 5 $FLRQDPHQWR PDQXDO [ [ 5 VHP MXURV *DELQHWH DoR ]LQFDGR 2X [ [ 5 &LFOR GH DU IULR 7RWDO D SUD]R 5 6DtGD GR DU GXSOD VDtGD
%786
$12 5
%786
9 FP FP
9 FP
9 P
FP
P F
$U &RQGLFLRQDGR *DUDQWLD GR IDEULFDQWH DQR %WXV 6SULQJHU 4&$ %% 9 1tYHO HFRQ{PLFR &ODVVH % &RPSUHVVRU 5RWDWLYR $ 9LVWD 5 $FLRQDPHQWR 0DQXDO [ [ 5 VHP MXURV *DELQHWH HP DoR JDOYDQL]DGR 2X [ [ 5 6DtGD GR DU ODWHUDO 7RWDO D SUD]R 5 ([DXVWmR GR DU
&2035$ 3527(*,'$
5
*DUDQWLD GR IDEULFDQWH DQR &DVHDGRU 3UHJDGRU GH ERWmR ]tSHU 3DVVDGRU GH OLQKD 3RQWR LQYLVtYHO GHFRUDWLYR %UDoR OLYUH 3RQWR ]LJ ]DJ
&2035$ 3527(*,'$
5
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$126 5
321726 '( &26785$
F
*DUDQWLD GR IDEULFDQWH DQR &RPSUHVVRU URWDWLYR $FLRQDPHQWR HOHWU{QLFR &RQWUROH UHPRWR 6DtGD GR DU VXSHULRU ([DXVWmR GR DU 7LPHU
(;
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
FP
%786
6SOLW %WXV 6SULQJHU .&& 06 5:&%
WLD *DUDQ 75$
0iTXLQD GH &RVWXUD 6LQJHU 7UDGLWLRQ
&/$66( $
%$,;2 &216802 '( (1(5*,$
FP
F P
$12 5
FP
FP
&/$66( $
&2035$ 3527(*,'$
LF
VR U
%786
9
HV
$QRV
WLD
U
&R PS
U
%HEHGRXUR 'H &ROXQD (VPDOWHF (*& % 37 ,1
FP
Q
Q
G R )D E
* DUD
$QRV
WLD
D QWH
5
* DUD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
6SOLW %WXV /* 761& 0$ 0$ 768& 0$
1tYHO HFRQ{PLFR &ODVVH % &RPSUHVVRU URWDWLYR &RQWUROH UHPRWR &LFOR GH DU IULR 6DtGD GR DU KRUL]RQWDO 7LPHU $FLRQDPHQWR HOHWU{QLFR
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&2/81$
F
P
FP
&216802 '( (1(5*,$
5 0È6 RX : K
WLD *DUDQ 75$
(;
FP
&OLPDWL]DGRU (OHFWUROX[ &/ )
ÉUHD DEUDQJHQWH Pó 7HPSR GH RSHUDomR KRUDV &DSDFLGDGH OLWURV $ 9LVWD 5 ,QGLFDGRU GH IDOWD G iJXD [ [ 5 VHP MXURV )XQo}HV &OLPDWL]DU 2X [ [ 5 YHQWLODU H XPLGLILFDU 7RWDO D SUD]R 5 'LVSOD\ GLJLWDO 7LPHU *DUDQWLD GR IDEULFDQWH DQR ,QGLFDGRU GH QtYHO
*DUDQWLD GR IDEULFDQWH DQR 6HUYH iJXD JHODGD QDWXUDO 7HUPRVWDWR UHJXOiYHO &ROHWRU UHPRYtYHO *DELQHWH DoR JDOYDQL]DGR $12 5
',63/$< ',*,7$/
$126 5
FP
&/$66( $
%2&$6 $&(1',0(172 $8720É7,&2 727$/
)2512
P
F
$872/,03$17(
FP
%$,;2 &216802 '( (1(5*,$
%2&$6
%2&$6
$&(1',0(172 $8720É7,&2 727$/
$&(1',0(172 $8720É7,&2 727$/
)2512 $872/,03$17(
FP
FP
WLD *DUDQ 75$
(;
$126 5
$ 9LVWD 5 *DUDQWLD GR IDEULFDQWH DQR [ [ 5 VHP MXURV 0HVD GH LQR[ 2X [ [ 5 3UDWHOHLUDV IL[D 7RWDO D SUD]R 5 7DPSD GH YLGUR
,62
%2&$6 )2512
)2512 $872/,03$17(
&2035$ 3527(*,'$
5
$&(1',0(172 $8720É7,&2 727$/
$872/,03$17(
FP
FP
&2035$ 3527(*,'$
)RJmR % &RQWLQHQWDO $12 6SD]LR )*&7 363' %5 5
&/$66( $
%$,;2 &216802 '( (1(5*,$
&/$66( $
%$,;2 &216802 '( (1(5*,$
F P
&/$66( $
%$,;2 &216802 '( (1(5*,$
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$5(/$
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( 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(
$126 5
(;
0LFUR 2QGDV 3DQDVRQLF *DUDQWLD GR IDEULFDQWH DQR 1167 :581 / %5 3RWrQFLD : 7LPHU $ 9LVWD 5 $XWR GHVFRQJHODPHQWR [ [ 5 VHP MXURV $XWR DTXHFLPHQWR FR]LPHQWR 2X [ [ 5 7HFOD SLSRFD 7RWDO D SUD]R 5 7UDYD GH VHJXUDQoD
/
%$,;2 &216802 '( (1(5*,$
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
WLD *DUDQ 75$
$12 5
FP
5
FP
)RJmR % &RQVXO (UYD 'RFH &) %%81$ %5
$12 5
WLD *DUDQ 75$
(;
$126 5
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 2X [ [ 5 0HVD GH LQR[ 7RWDO D SUD]R 5 3UDWHOHLUDV IL[DV
&2035$ 3527(*,'$
&2035$ 3527(*,'$
5
5
5
)RJmR % (OHFWUROX[ 60 %5
$12 5
WLD *DUDQ 75$
(;
$126 5
$ 9LVWD 5 *DUDQWLD GR IDEULFDQWH DQR [ [ 5 VHP MXURV 0HVD GH LQR[ 2X [ [ 5 3UDWHOHLUDV DXWRGHVOL]DQWHV 7RWDO D SUD]R 5 ,OXPLQDomR QR IRUQR
)RJmR % 'DNR &ODVVH )*'. 3&/'$ ,1
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR 3UDWHOHLUDV IL[D 7DPSD GH YLGUR ,OXPLQDomR QR IRUQR
35(),5$ 48(0 6( (6)25d$ ',$5,$0(17( 3$5$ 2)(5(&(5 2 0(/+25 $7(1',0(172
$7e .*
&(175,)8*$d®2
FP
FP
352*5$0$6 '( /$9$*(0
&/$66( $
/DYDGRUD $UQR /DYHWH 6XSHU 0/
$7e .*
&2035$ 3527(*,'$
5
FP
/DYDGRUD 6XJJDU $OHOXLD $/ %5
WLD *DUDQ 75$
(;
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP $12 5
$126 5
*DUDQWLD GR IDEULFDQWH DQR 1tYHLV GH iJXD 6LVW GH ODYDJHP WXUELOKRQDPHQWR 7LSR GH FRQWUROH PHFkQLFR &HVWR HP SROLSURSLOHQR 3URJUDPD GH HQ[iJ HV
*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP WXUELOKmR $ 9LVWD 5 7LSR GH FRQWUROH PHFkQLFR [ [ 5 VHP MXURV 1tYHLV GH iJXD 2X [ [ 5 &HVWR HP SROLSURSLOHQR 7RWDO D SUD]R 5 3URJUDPD GH HQ[iJ HV
$12 5
DQWLD
*DU 75$
(;
/DYDGRUD (OHFWUROX[ /7 ) %5
&2035$ 3527(*,'$
5
$126 5
*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP $JLWDGRU 7LSR GH FRQWUROH 'LJLWDO 1tYHLV GH iJXD &HVWR HP ,QR[ 'LVSHQVHU SDUD DPDFLDQWH DOYHMDQWH 3URJUDPD GH HQ[iJ HV $12 5
DQWLD
*DU 75$
(;
/RMDV %HPRO
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
352*5$0$6 '( /$9$*(0
FP
/DYDGRUD %UDVWHPS %:/ %% %5
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
ZZZ EHPRO FRP EU
*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP DJLWDGRU 1tYHLV GH iJXD 7LSR GH FRQWUROH PHFkQLFR &HVWR HP SROLSURSLOHQR 'LVSHQVHU S DPDFLDQWH DOYHMDQWH 3URJUDPD GH HQ[iJXHV
&2035$ 3527(*,'$
5
$126 5
$12 5
WLD *DUDQ 75$
(;
5
$126 5
)UHH]HU &RQVXO &+% &%$ / %5
5
*DUDQWLD GR IDEULFDQWH DQR 1tYHO HFRQ{PLFR FODVVH ( )XQomR UHIULJHUDGRUD 5HYHVWLPHQWR DoR ]LQFDGR 3DLQHO GH FRQWUROH 3RVLomR KRUL]RQWDO
7(&/$ &21*(/$0(172 5É3,'2
5 0È6 RX : K
)(&+$'85$ 1$ 3257$
3e6 &20 52',1+$6 FP
$12 5
/
P
WLD *DUDQ
$
(;75
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&2035$ 3527(*,'$
5
&216802 '( (1(5*,$
5 0È6 RX : K
/
FP
FP
&216802 '( (1(5*,$
6,*$ 126 ( ),48( 325 '(1752 '( 126626 /$1d$0(1726 ( 35202d¯(6
&2035$ 3527(*,'$
&RQJHODGRU (OHFWUROX[ + / %5
&2035$ 3527(*,'$
#EHPRORQOLQH
&(175,)8*$d®2
FP
FP %$,;2 &216802 '( (1(5*,$
352*5$0$6 '( /$9$*(0
3e6 &20 52',1+$6
$126 5
*DUDQWLD GR IDEULFDQWH DQR 1tYHO HFRQ{PLFR FODVVH ' )XQomR UHIULJHUDGRUD 3RVLomR KRUL]RQWDO 5HYHVWLPHQWR DoR SLQWDGR &HVWR SDUD HVWRFDJHP 3DLQHO GH FRQWUROH $12 5
7(&/$ &21*(/$0(172 5É3,'2
FP
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR 'HJHOR FRQJ PDQXDO 'HJHOR UHIULJ VHPL DXWRPiWLFR &RQWUROHV H[WHUQR 3RUWD UHYHUVtYHO &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV 3UDWHOHLUDV UHPRYtYHLV 3RUWD ODWLFtQLR 3RUWD ODWD $12 5
WLD *DUDQ 75$
(;
$126 5
&2035$ 3527(*,'$
5
*HODGHLUD &RQVXO &5$ )%$ / %5
*HODGHLUD (OHFWUROX[ '& / %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
*DUDQWLD GR IDEULFDQWH DQR 'HJHOR FRQJ PDQXDO 'HJHOR UHIULJ PDQXDO &2035$ 3527(*,'$ &RQWUROHV ,QWHUQRV 5 3RUWD UHYHUVtYHO &DSDFLGDGH GR FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV
*DUDQWLD GR IDEULFDQWH DQR 'HJHOR FRQJ PDQXDO 'HJHOR UHIULJ DXWRPiWLFR &2035$ 3527(*,'$ &RQWUROHV LQWHUQRV 5 &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWD ODWD
$12 5
WLD *DUDQ 75$
(;
$126 5
35 2 '
FP
35 2 '
FP
35 2 '
35 2 '
FP
35 2 '
FP
/
FP FP
&216802 '( (1(5*,$
5 0È6 RX : K
5 0È6 RX : K
/
*HODGHLUD &RQWLQHQWDO 58&7 0 / %5 $ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
6 6 ( $
FP
8 7 2 & / $
$12 5
WLD *DUDQ 75$
(;
$126 5
FP
*HODGHLUD &RQWLQHQWDO &') 5&&7 / %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 'HJHOR FRQJ PDQXDO 'HJHOR UHIULJ DXWRPiWLFR &RQWUROHV LQWHUQR &DSDFLGDGH FRQJHODGRU / 3RUWD UHYHUVtYHO 3UDWHOHLUDV UHJXOiYHLV 3UDWHOHLUDV UHPRYtYHLV 3RUWD ODWLFtQLR 3RUWD ODWD $12 5
)5267 )5((
FP
WLD *DUDQ 75$
(;
$126 5
/
FP
FP
&216802 '( (1(5*,$
5 0È6 RX : K
/
FP
/
FP
&216802 '( (1(5*,$
5 0È6 RX : K
8 7 2 & / $
6 6 ( $
&216802 '( (1(5*,$
5 0È6 RX : K
8 7 2 & / $
6 6 ( $
&216802 '( (1(5*,$
8 7 2 & / $
6 6 ( $
8 7 2 & / $
6 6 ( $
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$5(/$
FP
*HODGHLUD %UDVWHPS )) %50 (5$1$ / ,1
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&2035$ 3527(*,'$
5
*DUDQWLD GR IDEULFDQWH DQR &RQWUROHV LQWHUQR H[WHUQR &2035$ 3527(*,'$ 3RUWD UHYHUVtYHO 5 &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWD ODWD $12 5
WLD *DUDQ 75$
(;
$126 5
48$/,'$'( 9$/25,=( 6(8 ',1+(,52 &2035$1'2 48$/,'$'(
)RWRV PHUDPHQWH LOXVWUDWLYDV
FP
$7e .*
&/$66( $
%$,;2 &216802 '( (1(5*,$
352*5$0$6 '( /$9$*(0
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
$7e .* &/$66( $
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(
&/$66( $
%$,;2 &216802 '( (1(5*,$
%$,;2 &216802 '( (1(5*,$
$ %(02/ (67É 1$6 5('(6 62&,$,6
FP
FP
FP
/ LQKD %UDQFD
0yYHLV
126626
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
6(59,d26 2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
&$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
5(1(*2&,( 6(86 &2175$726
5HSDFWXDomR GLVSRQtYHO HP TXDOTXHU ORMD GH IRUPD VLPSOHV D MXURV UHGX]LGRV
*$5$17,$ %(02/ '( 6$7,6)$d®2
3DQHOHLUR 3 * %HUWROLQL %5
$UPiULR 3 %HUWROLQL & 9LGUR %5
$UPiULR &DQWR 3 %HUWROLQL %5
$UPiULR 3 %HUWROLQL & 9LGUR %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
$ 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
$OWXUD FP /DUJXUD FP 3URIXWQGLGDGH FP
$OWXUD FP /DUJXUD FP 3URIXWQGLGDGH FP
$OWXUD FP /DUJXUD FP 3URIXWQGLGDGH FP
$OWXUD FP /DUJXUD FP 3URIXWQGLGDGH FP
$OWXUD FP /DUJXUD FP 3URIXWQGLGDGH FP
$12 5
$UPiULR 3 %HUWROLQL %5
WLD *DUDQ 75$
$12 5
(;
$UPiULR 3 %HUWROLQL %5
WLD *DUDQ 75$
$12 5
(;
%DOFmR 3 * %HUWROLQL %5
WLD *DUDQ 75$
$12 5
(;
%DOFmR &DQWR 3 %HUWROLQL %5
WLD *DUDQ 75$
$12 5
(;
%DOFmR 3 * %HUWROLQ, %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
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$OWXUD FP /DUJXUD FP 3URIXWQGLGDGH FP
$OWXUD FP /DUJXUD FP 3URIXWQGLGDGH FP
$OWXUD FP /DUJXUD FP 3URIXWQGLGDGH FP
$OWXUD FP /DUJXUD FP 3URIXWQGLGDGH FP
$12 5
WLD *DUDQ 75$
$12 5
(;
WLD *DUDQ 75$
$12 5
(;
WLD *DUDQ 75$
$12 5
(;
&2035$ 3527(*,'$
WLD *DUDQ 75$
(;
(/(7523257É7(,6
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
(;
WLD *DUDQ 75$
$12 5
(;
9,'$ /21*$ 3$5$ 6(86 352'8726
WLD *DUDQ 75$
(;
FP
RX DQRV D PDLV GH SURWHomR HP VXDV FRPSUDV SRU XP SHTXHQR FXVWR DGLFLRQDO SHVVRDV ItVLFDV VRPHQWH
-RJRV SDJDPHQWRV GH FRQWDV UHFHELPHQWR GH EHQHItFLRV VDTXHV GD &DL[D H %% FUpGLWR GH FHOXODU HWF 3UHVHQWHV HP ORMDV GD %HPRO
3(d$6
FP
3RU XP SHTXHQR FXVWR DGLFLRQDO YRFr JDUDQWH SURWHomR H[WUD SDUD VHX HOHWURSRUWiWLO $ *DUDQWHFK DVVHJXUD D WURFD HP FDVR GH GHIHLWRV SHVVRDV ItVLFDV VRPHQWH
QWLD *DUD75$
(&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$5(/$
FP
3& +(/3
'XDV YLVLWDV WpFQLFDV SDUD LQVWDODomR H VXSRUWH GR VHX FRPSXWDGRU RX QRWHERRN
3URWHMD VHX SURGXWR FRQWUD GDQRV H DFLGHQWHV QmR FREHUWRV SHOR IDEULFDQWH GXUDQWH R SUD]R GH JDUDQWLD
%DOFmR * %HUWROLQL %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(
9RFr SRGH WURFDU RX FDQFHODU D FRPSUD HP DWp GLDV
2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
FP
FP $12 5
3ROWURQD 6RPRSDU -XOLHWD 7 05
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
*DUDQWLD GR IDEULFDQWH DQR $VVHQWR DFROFKRDGR &RU GR DVVHQWR PDUURQ &RU GR HQFRVWR FRPSRVr 0DWHULDO WXER HVSXPD
&RSD 3 0RGHFRU * 1 .2 &= %5 $VVHQWR DFROFKRDGR &RU GR DVVHQWR NRULQR FLQ]D 0DWHULDO WXER $ 9LVWD 5 [ [ 5 VHP MXURV $FDEDPHQWR SLQWXUD (SR[L 2X [ [ 5 7DPSR WLSR JUDQLWR QDWXUDO )RUPDWR GR WDPSR UHWDQJXODU 7RWDO D SUD]R 5
WLD *DUDQ 75$
(;
/,67$ '( 35(6(17(6
(VWRIDGR &DQWR %RP 3DVWRU 6WDU &=
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
7HFLGR OLVR FRP DVVHQWR OLVWUDGR 'HVPRQWiYHO
)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(
FP
FP
FP
)RWRV PHUDPHQWH LOXVWUDWLYDV
$FHUWH QD HVFROKD H DJUDGH VHPSUH 'LVSRQtYHO QRV YDORUHV GH 5 5 5 H 5
ZZZ EHPRO FRP EU
3257$6
3257$6
(VWDQWH /tQHD $VWUD ,0% 37
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
FP
FP
FP
0DWHULDO 0'3 0') $FDEDPHQWR VHPLEULOKR 3LQWXUD 89 'REUDGLoDV PHWiOLFDV 6LVWHPD GH PRQWDJHP JLURIL[ $FRPRGDomR 79 VRP '9' 'LVSRQtYHO WDPEpP QD FRU WDEDFR FRP EUDQFR
*$9(7$6
*$9(7$6
2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
$12 5
WLD
*DUDQ
$
(;75
$FDEDPHQWR LPSUHVVmR (VSHOKR 5HVSLUR DQWLPRIR 6LVWHPD GH PRQWDJHP IL[DomR 'REUDGLoDV SUHVVmR PHWiOLFDV $ 9LVWD 5 [ [ 5 VHP MXURV &RUUHGLoDV SOiVWLFDV 2X [ [ 5 &DOFHLUR FURPDGR 3X[DGRUHV FURPDGRV 7RWDO D SUD]R 5 'LVSRQtYHO WDPEpP QD FRU EUDQFR FRP SUHWR 0DWHULDO 0'3 5RXSHLUR 3 * .DSSHVEHUJ 6 7&, 37
6HUYLoRV H SURGXWRV GLVSRQtYHLV YLD LQWHUQHW K
+25É5,26 (67(1','26
FP
FP
$12 5
WLD *DUDQ 75$
(;
$FDEDPHQWR LPSUHVVmR (VSHOKR 5HVSLUR DQWLPRIR 6LVWHPD GH PRQWDJHP IL[DomR 'REUDGLoDV SUHVVmR PHWiOLFDV $ 9LVWD 5 &RUUHGLoDV SOiVWLFDV [ [ 5 VHP MXURV &DOFHLUR FURPDGR 2X [ [ 5 3X[DGRUHV WLSR PHWDO 7RWDO D SUD]R 5 'LVSRQtYHO WDPEpP QDV FRUHV EUDQFR FRP SUHWR 0DWHULDO 0'3 H WHFD LWiOLD FRP SUHWR 5RXSHLUR 3 * .DSSHVEHUJ 6 %5
$*25$ 92&È 32'( $*(1'$5 $ 68$ (175(*$ 3$5$ ',$ ( +25É5,2 '( 68$ &219(1,È1&,$ $6 7$;$6 9$5,$0 '( $ 5($,6
)XQFLRQDPRV DRV GRPLQJRV H IHULDGRV SDUD VXD PDLRU FRQYHQLrQFLD
&2035( ( +$%,/,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 $17(6 2&255(1'2 2 7e50,12 '2 (67248( 1mR MRJXH HVWH HQFDUWH HP YLD S~EOLFD
(035(6$ 5(63216É9(/
621(*$5 e &5,0( 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 (P D %HPRO IRL SHOR Û DQR FRQVHFXWLYR D HPSUHVD FRPHUFLDO TXH PDLV ,&06 DUUHFDGRX SDUD R (VWDGR GR $PD]RQDV
&(57,),&$d®2 ,62
$WHQGLPHQWR H VHUYLoRV FRP D FHUWL¿ FDomR GH TXDOLGDGH ,62
9$5,('$'( '( 352'8726
0DLV GH PLO LWHQV *DUDQWLD GH TXDOLGDGH H YDULHGDGH GHQWUR GR VHX RUoDPHQWR
%(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/ 0$75,= %(02/ 32572 9(/+2 6+233,1* %(02/ 5,2 %5$1&2 %(02/ 678',2 %(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$'(6&2 (;35(662
/2-$ &20 *8,&+È '$ &$,;$
/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/+$