/,95(
&+,36
/,95(
/,95(
$126 5
$12 5
WLD *DUDQ 75$
(;
( QWUHWHQLPHQWR
$126 5
$12 5
WLD *DUDQ 75$
(;
1RNLD $VKD %5
'9' 2 &DVDPHQWR 'H 0XULHO 5
'9' 7HPSRV 'H 9LROrQFLD 5
&'V
&' &DOFLQKD 3UHWD 9ROXPH 5
&' 7KH )HYHUV 9HP 'DQoDU 9RO 5
/LYUR $ $UWH 'H $PDU 2YtGLR 5
/,9526
3É*,1$6
$ $UWH GH $PDU DXWrQWLFR WUDWDGR VREUH D VHGXomR H R MRJR DPRURVR 'HVVH SHUtRGR p WDPEpP 5HPHGLD $PRULV 2V 5HPpGLRV GR $PRU WDPEpP SUHVHQWH QHVWH YROXPH
(035(6$ 5(63216É9(/
1RNLD /XPLD $=
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU UiGLR )0 %OXHWRRWK :L )L )XQomR PRGHP 7HFQRORJLD * 6LVW 2SHU 6 $VKD
$126 5
$12 5
WLD *DUDQ 75$
(;
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU UiGLR )0 %OXHWRRWK ZL IL *36 )XQomR PRGHP 7HFQRORJLD * 6LVW 2SHU :LQGRZV 3KRQH
$126 5
$12 5
WLD *DUDQ 75$
(;
$126 5
5HSURGXomR VRPHQWH HP DSDUHOKRV FRP WHFQRORJLD %OX 5D\
'9'V
)RWRV PHUDPHQWH LOXVWUDWLYDV
&kPHUD 0S[ 03 SOD\HU UiGLR )0 %OXHWRRWK :L )L *36 7HFQRORJLD * 6LVW 2SHU 6DPVXQJ %DGD )RQH RXYLGR FDER 86% (;
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU UiGLR )0 %OXHWRRWK :L )L *36 )XQomR PRGHP 7HFQRORJLD * 6LVW 2SHU *RRJOH $QGURLG
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU UiGLR )0 %OXHWRRWK :L )L *36 )XQomR PRGHP 7HFQRORJLD * 6LVW 2SHU *RRJOH $QGURLG
$ 9LVWD 5 [ [ 5 VHP MXURV
WLD *DUDQ 75$
$12 5
6PDUW 6RQ\ (ULFVVRQ :7 $ :DONPDQ 37 $$7
6PDUW 6DPVXQJ 'XRV *DOD[\ < 6 37
6DPVXQJ :DYH < 6 37
/,95(
/,95(
&; '9'6 'LUW\ 'DQFLQJ (G $QLYHUViULR 5
&' 3DXOD )HUQDQGHV 0HXV (QFDQWRV 5
/LYUR &ULPH &DVWLJR 'RVWyLHYLVN 5
3É*,1$6
'9' 6HUWDQHMR 3UD 1DPRUDU 5
&' 1RYHOD $YHQLGD %UDVLO 5
'9' -RVp $XJXVWR 1D (VWUDGD $R 9LYR 5
'9' 6KHUORFN +ROPHV 2 -RJR 'H 6RPEUDV 5
&' 2QH 'LUHFWLRQ 8S $OO 1LJKW 5
&' %UXQR 0DUV 'RR :RSV ( +RROLJDQV 5
/LYUR e 7XGR 7mR 6LPSOHV 'DQX]D /HmR 5
3É*,1$6
$ FROXQLVWD IDOD VREUH HWLTXHWD SyV LQWHUQHW URPDQFH SyV FHOXODU H RXWUDV SyV PRGHUQLGDGHV &RP GLFDV 8P GRV URPDQFHV PDLV LPSRUWDQWHV PDLV OLGRV SDUD DV FODVVHV HPHUJHQWHV VREUH R TXH OHYDU QD SUL H IHVWHMDGRV GD OLWHUDWXUD &ULPH H &DVWLJR PHLUD YLDJHP GH DYLmR SDUD R ILOKR TXH TXHU FRQWDU SXEOLFDGR RULJLQDOPHQWH HP FRQWD D SDUD D IDPtOLD TXH p JD\ H SDUD DV PmHV TXH HVWmR KLVWyULD GH XP FULPH H VXDV FRQVHTXrQFLDV YLYHQGR VXD VHJXQGD MXYHQWXGH GHSRLV GRV
%/8 5$<
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
(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(
%OX 5D\ 2V -RYHQV 3LVWROHLURV 5
%OX 5D\ 6KHUORFN +ROPHV -RJR 'H 6RPEUDV 5
&' ,YHWH *LO ( &DHWDQR (VSHFLDO 5
&' -DVRQ 0UD] /RYH ,V $ )RXU /HWWHU :RUG 5
/LYUR 'LHWD $PD]{QLFD (XOHU 5LEHLUR ( ,YDQD &UX] 5
/LYUR *XLD 3ROLWLFDPHQWH ,QFRUUHWR /HDQGUR 1DUORFK 'H 5
3É*,1$6
(VWH OLYUR PRVWUD TXH D ´GLHWD ULEHLULQKDµ j EDVH GH SHL[HV GR IXQGR GRV ULRV H ODJRV GHULYDGRV GD PDQGLRFD H VREUHWXGR GRV IUXWRV GD IORUHVWD DVVRFLDGDV D KiELWRV FXOWXUDLV GH XWLOL]DomR FRU UHWD GHVVHV DOLPHQWRV WrP LPSRUWDQWH HIHLWR QD VD~GH H ORQJHYLGDGH
3É*,1$6
3RU 5
([LVWH XP HVTXHPD WmR UHSHWLGR SDUD FRQWDU D KLVWyULD GR %UDVLO TXH EDVWD PLVWXUDU FKDY}HV PXGDU GDWDV RX QRPHV H SURQWR 9RFr Mi SRGH SDVVDU HP TXDOTXHU SURYD GH KLVWyULD QD HVFROD 1HVVH OLYUR R MRUQDOLVWD /HDQGUR 1DUORFK SUHIHUH DGRWDU XPD SRVWXUD GLIHUHQWH ² TXH YDL DOpP GRV PRFLQKRV H EDQGLGRV WmR FRQKHFLGRV
(P D %HPRO IRL SHOR Ý DQR FRQVHFXWLYR D HPSUHVD FRPHUFLDO TXH PDLV ,&06 DUUHFDGRX SDUD R $PD]RQDV
, QIRUPiWLFD
'(7(&725 )$&(
0(*$3,;(/6
'(7(&725 &(1$ ,17(/,*(17(
'(7(&725 )$&(
'(7(&725 '( )$&( ( 6255,62
'(7(&725 &(1$ ,17(/,*(17(
0(*$3,;(/6
'(7(&725 &(1$ ,17(/,*(17(
0RFKLOD 3 1RWHERRN +3 /4 /$ $JLV
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR (VWUXWXUD SROLpVWHU $OoD UHJXOiYHO ,PSHUPHiYHO
Q
G R )D E
D QWH
)LOPDGRUD 3DQDVRQLF 6' +' 9 37
U
0iTXLQD )RWRJUiILFD 6RQ\ 'LJLWDO 0S[ '6& : 9 9,
$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR =RRP ySWLFR GLJLWDO [ [ 6HQVLELOLGDGH PD[ ,62 0tGLD FRPS PD[ 6' 6'+& * *UDY FRP iXGLR 5HVRO PD[ YtGHR +' [ S[ 0RGRV GH FHQD PDFUR FP (VWDELOL]DGRU yWLFR 0DUFD GD OHQWH /XPL[ '& 9DULR $OLP FDSDF EDWHULD IRWRV $FRPSDQKD FDER YtGHR 'LVSRQtYHO WDPEpP QD FRU SUHWR
&203$7,%,/,'$'( 127(%22.6
$QRV
WLD
LF
* DUD
0iTXLQD )RWRJUiILFD 3DQDVRQLF /XPL[ 0S[ )+ 52
5
0iTXLQD )RWRJUiILFD 6DPVXQJ 'LJLWDO 0S[ (& 09 37
$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5 &2035$ 3527(*,'$
)81d®2 0É48,1$ )272*5É),&$
$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5 &2035$ 3527(*,'$ 5 *DUDQWLD GR IDEULFDQWH DQR =RRP ySWLFR GLJLWDO ; ; 6HQVLELOLGDGH PD[ ,62 0tGLD FRPS PD[ 6' 00& *% *UDY FRP iXGLR H ]RRP 0RGRV GH FHQD PDFUR FP (VWDELOL]DGRU GLJLWDO 0DUFD GD OHQWH 6DPVXQJ PP $OLP FDSDF EDWHULD /L LRQ
=RRP ySWLFR GLJLWDO [ [ 6HQVLELOLGDGH PD[ ,62 0tGLD FRPS PD[ 06 6' *% *UDY FRP iXGLR 5HVRO PD[ YtGHR +' [ 0RGRV GH FHQD PDFUR &0 (VWDELOL]DGRU GLJLWDO 0DUFD GD OHQWH &DUO =HLVV $OLP FDSDF EDWHULD IRWRV 'LVSRQtYHO WDPEpP QD FRU SUDWD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 7LSR PtGLD FDUWmR 6' 0DUFD GD OHQWH 3DQDVRQLF =RRP GLJLWDO ySWLFR [ [ &2035$ 3527(*,'$ 5 (VW GH LPDJHP 3RZHU 2 , 6 (QWUDGDV 86% 6DtGDV 86% 7HPSR GD EDWHULD HP XVR DWp PLQ $FHVVyULRV EROVD $12 5
WLD *DUDQ 75$
(;
(&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(/$
5(352'8= ),/0(6 %/8 5$<
/,95(
7DEOHW 6DPVXQJ *DOD[\ 7DE * 3 &= $$7
$ 9LVWD 5 [ [ 5 VHP MXURV &2035$ 3527(*,'$
5
*DUDQWLD GR IDEULFDQWH DQR 3URFHVVDGRU 'XDO &RUH *K]
9LGHRJDPH 6RQ\ 3OD\VWDWLRQ *% 37
6LVW 2SHU $QGURLG 0HPyULD 5$0 LQWHUQD *% *% %OXHWRRWK :L )L * *36 -DYD &kPHUD SULP 6HFXQG 03 03 7LSR FDUWmR FDSDF PD[ 0 6' *% $FHVVyULRV IRQH GH RXYLGR $FHVVyULRV FDUUHJDGRU FDER 86%
$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5
*DUDQWLD GR IDEULFDQWH DQR $OLPHQWDomR HQHUJLD 9ROWDJHP ELYROW 7HFQRORJLD :L )L $FHVVR D 361 $FRPSDQKD FRQWUROH
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(
)RWRV PHUDPHQWH LOXVWUDWLYDV
0(*$3,;(/6
1RWHERRN ,WDXWHF ,QIRZD\ $ 37
80 648((=(
9(/2&,'$'(
*+=
*% +' *% :(%&$0 &2035$ 3527(*,'$
5
3& +(/3
.*
5
$12 5
WLD *DUDQ 75$
(;
$ 9LVWD 5 [ [ 5 VHP MXURV
&2035$ 3527(*,'$
5
9(/2&,'$'(
*+=
*%
$126 5
3& +(/3
+' *%
5
*DUDQWLD GR IDEULFDQWH DQR 8QLGDGH yWLFD JUDYDGRU '9' &' 3ODFD 79 6: 3URG 2IILFH 6WDUWHU 6: DQWLYtUXV YDO 1RUWRQ DQR 'LIHUHQFLDO SRVLWLYR ' $12 5
WLD *DUDQ 75$
(;
$126 5
9(/2&,'$'(
*+=
*%
1RWHERRN $FHU $2 %= &21 37 $$7
*% +' *%
WLD *DUDQ 75$
(;
$126 5
3& +(/3 5
:(%&$0 1RWHERRN ,WDXWHF ,QIRZD\ : 37
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR &RQH[}HV ZLUHOHVV :L )L %OXH /HLWRU FDUWmR 86% 8QLGDGH yWLFD JUDYDGRU '9' &' &2035$ 3527(*,'$ 5 6DtGD +'0, 6: 3URGXW 2IILFH 6WDUWHU 6: DQWLYtUXV YDO 1RUWRQ GLDV $12 5
WLD *DUDQ 75$
(;
$126 5
80 648((=(
3& +(/3 5
*+=
.*
*%
WLD *DUDQ 75$
(;
*$1+$'25 '$ 35202d®2 ',$ '$6 0®(6 $0$=21$6 6+233,1*
$126 5
+' *%
:(%&$0
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR &RQH[}HV ZLUHOHVV ZL IL %OXH /HLWRU FDUWmR 86% 8QLGDGH yWLFD JUDYDGRU '9' &' &2035$ 3527(*,'$ 6: 3URG 2IILFH 6WDUWHU 5 6: DQWLYtUXV YDO 6HFXULW\ DQR 'LIHUHQFLDO EDWHULD GH FpOXODV $12 5
9(/2&,'$'(
+' *%
3& +(/3 5
.* 1RWHERRN 6RQ\ 9DLR 93& (* (% 3 3.
$ 9LVWD 5 [ [ 5 VHP MXURV &RQH[}HV ZLUHOHVV /HLWRU FDUWmR 86% 8QLGDGH yWLFD 6DtGD +'0, 'LVSRQtYHO WDPEpP QD FRU SUHWR
:(%&$0 $QRV
WLD
Q
$12 5
*%
*5É7,6
* DUD
$ 9LVWD 5 [ [ 5 VHP MXURV .* :(%&$0 *DUDQWLD GR IDEULFDQWH DQR 3URFHV $0' & &RQH[}HV ZLUHOHVV :L IL /HLWRU FDUWmR 86%
6DtGD +'0, &2035$ 3527(*,'$ 5 6: 3URG 2IILFH 6WDUWHU 6: DQWLYtUXV YDO 0F$IHH GLDV 'LIHUHQFLDO DWp K
1RWHERRN 6DPVXQJ 59 &' %5 35 37
+' *%
D QWH
.*
*+=
*+=
U
LF
+' *% 9(/2&,'$'(
*%
9(/2&,'$'(
G R )D E
&OLHQWH %HPRO -DQGHU 5XEHQV GD 6LOYD 3UrPLR .LD 6SRUWDJH
:(%&$0 1RWHERRN /* ' $ 7 %( 3 37
.*
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR &RQH[}HV ZLUHOHVV ZL IL % * 1 /HLWRU FDUWmR 86% 8QLGDGH yWLFD JUDYDGRU '9' &' 6DtGD +'0, 6: 3URGXW 06 2IILFH 6: $QWLYtUXV YDO 1RUWRQ GLDV 'LIHUHQFLDO WHOD ' )XOO +' 'LIHUHQFLDO OHLWRU %OX UD\ $12 5
WLD *DUDQ 75$
(;
$126 5
&2035$ 3527(*,'$
5
3& +(/3 5
3DUDEpQV H REULJDGR
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
*5É7,6
&RPSXWDGRU 3RVLWLYR 3& 79 3UHPLXP ' &=
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 3URFHVV $0' & 'XDO &RUH &RQH[}HV ZLUHOHVV ZL IL EOXH /HLWRU FDUWmR 86% 8QLGDGH yWLFD JUDYDGRU '9' &' 6DtGD +'0, 6: 3URGXW 2IILFH 6WDUWHU $QWLYtUXV YDO 0LFURVRIW DQR 'LIHUHQFLDO EDWHULD FpOXODV
( OHWU{QLFRV &DL[D $PSOLILFDGD +LQRU %R[ 7ULR :
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
6XSRUWH 3 79 (/* 9HVD *HQLXV
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(
)RWRV PHUDPHQWH LOXVWUDWLYDV
$ 9LVWD 5 [ [ 5 VHP MXURV 3$5$ 79 '( /&' /(' 3/$60$
*DUDQWLD GR IDEULFDQWH DQR ,QVWDODomR QD SDUHGH 7DPDQKR PtQLPR 7DPDQKR Pi[LPR 7LSR GH IXUDomR 9HVD D $FHVVyULRV PDQXDO H NLW
5
(175$'$
+'0,
+'0, (175$'$6
)8// +' 0RQLWRU 79 /* /&' /(' )+' '79 0 37
0RQLWRU 79 6DPVXQJ /(' )+' '79 /7
$ 9LVWD 5 [ [ 5 VHP MXURV
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 0XOWLPtGLD HPEXWLGR (QWUDGDV 5*% 79 86% %ULOKR &G 0ò &RPSDWLELOLGDGH :LQGRZV &RQVXPR GH HQHUJLD :
*DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 0XOWLPtGLD HPEXWLGR (QWUDGD ' 6XE %DVH UHJXOiYHO %ULOKR FG P &RPSDWLELOLGDGH :LQ ;3 9LVWD &RQVXPR GH HQHUJLD : $12 5
WLD *DUDQ 75$
(;
$126 5
$12 5
WLD *DUDQ 75$
(;
/('
'79 /('
.LW $QWHQD 3DUDEyOLFD +RW 6DW 0 +6
&219(5625 ',*,7$/ ,17(*5$'2
$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5
79 6RQ\ /(' %UDYLD .'/ (; :
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR (QWUDGDV iXGLR DQDOyJLFR 6DtGDV iXGLR GLJLWDO WUDVHLUD
3RWrQFLD GR iXGLR : : 506
$126 5
$12 5
WLD *DUDQ 75$
(;
*DUDQWLD GR IDEULFDQWH DQR 5HFHSomR GH FDQDLV 9+) 8+) %RWmR DMXVWH GH VLQWRQLD 5HFHSomR )0 7LSR GH FDER FRD[LDO (QJORED FDQDLV GH D 8VR H[WHUQR
$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(/$
+'0,
+'0,
(175$'$6
(175$'$6
/('
/&' 79 3DQDVRQLF /&' )+' 7& / 8 %
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
&2035$ 3527(*,'$
327È1&,$ 506 :
*DUDQWLD GR IDEULFDQWH DQR $PSOLILFDGRU HPEXWLGR 'ULYHU )DODQWH VXEZRRIHU GH 6XSHU WZHHWHU 'HVLJQ PRGHUQR 5HSURGX] PpGLRV JUDYHV H DJXGRV $OoDV SDUD WUDQVSRUWH
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 (QWUDGDV 3& 86% 6' 6DtGDV ySWLFD DQDOyJLFD &RQVXPR XVR VWE\ : K : 3RWrQFLD GR iXGLR : 506 )UHT rQFLD +] $12 5
WLD *DUDQ 75$
(;
$126 5
9$5,('$'( '( 352'8726
&219(5625 ',*,7$/ ,17(*5$'2
79 3DQDVRQLF /(' +' 7& / ; %
&2035$ 3527(*,'$
5
$ 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\ : : $12 5
WLD *DUDQ 75$
(;
$126 5
&219(5625 ',*,7$/ ,17(*5$'2
79 6DPVXQJ /&' )+' /1 ' )
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 (QWUDGDV 5*% 86% 6DtGDV ySWLFD FRD[LDO 3RWrQFLD GR iXGLR : 506 )UHTXrQFLD +] &RQVXPR XVR VWE\ : K : K $12 5
WLD *DUDQ 75$
(;
$126 5
+'0,
(175$'$
+'0,
)8// +'
)8// +'
/&' &219(5625 ',*,7$/ ,17(*5$'2
&2035$ 3527(*,'$
5
(175$'$6
79 3DQDVRQLF /(' )+' 7& / ( %
$ 9LVWD 5 [ [ 5 VHP MXURV
/(' &219(5625 ',*,7$/ ,17(*5$'2
*DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 (QWUDGDV 6' &$5' 86% 6DtGDV iXGLR ySWLFR DQDOyJLFR &RQVXPR XVR VWE\ : : $12 5
WLD *DUDQ 75$
(;
$126 5
&2035$ 3527(*,'$
5
0DLV GH PLO LWHQV *DUDQWLD GH TXDOLGDGH H YDULHGDGH GHQWUR GR VHX RUoDPHQWR
$12 5
FP
5
0LFUR 2QGDV (OHFWUROX[ 0() / %5
$ 9LVWD 5 [ [ 5 VHP MXURV P F 2X [ [ 5 7RWDO D SUD]R 5
/ FP
WLD *DUDQ 75$
$126 5
(;
&/$66( $
%$,;2 &216802 '( (1(5*,$
*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : $XWR GHVFRQJHODPHQWR DTXHFLPHQWR FR]LPHQWR 7HFOD SLSRFD 7UDYD GH VHJXUDQoD 7LPHU
&2035$ 3527(*,'$
5
WLD *DUDQ 75$
$12 5
(;
$126 5
$U &RQGLFLRQDGR %WXV &RQVXO &&) '%$ 9 *DUDQWLD GR IDEULFDQWH DQR &RPSUHVVRU URWDWLYR $FLRQDPHQWR PDQXDO $ 9LVWD 5 *DELQHWH DoR JDOYDQL]DGR [ [ 5 VHP MXURV P F &LFOR GH DU IULR 2X [ [ 5 6DtGD GR DU ODWHUDO 7RWDO D SUD]R 5
%786
9 FP
&2035$ 3527(*,'$
&/$66( $
$12 5
%$,;2 &216802 '( (1(5*,$
%786
(;
$126 5
&/$66( $
$U &RQGLFLRQDGR *DUDQWLD GR IDEULFDQWH DQR %WXV 6SULQJHU 4&$ %%% 9 &RPSUHVVRU URWDWLYR $FLRQDPHQWR PDQXDO *DELQHWH FKDSD HOHWUR ]LQFDGD $ 9LVWD 5 &LFOR GH DU IULR [ [ 5 VHP MXURV 6DtGD GR DU IURQWDO 2X [ [ 5 ([DXVWmR GR DU 7RWDO D SUD]R 5
F P
9
FP
WLD *DUDQ 75$
$126 5
(;
$FLRQDPHQWR PDQXDO 7LPHU *DELQHWH DoR JDOYDQL]DGR &LFOR GH DU IULR 'XSOD VDtGD GR DU
*DUDQWLD GR IDEULFDQWH DQR &RPSUHVVRU URWDWLYR
5 $12 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
%786
FP
&2035$ 3527(*,'$
$U &RQGLFLRQDGR %WXV (OHFWUROX[ (0 ) 9
%$,;2 &216802 '( (1(5*,$
9 FP
WLD *DUDQ 75$
FP
FP
5
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
&2035$ 3527(*,'$
FP
/ LQKD %UDQFD
FP
&2035$ 3527(*,'$
5
&2035$ 3527(*,'$
6HFDGRUD %UDVWHPS . 6XVSHQV %6, $% %5
$7e .*
*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD DQWL UXJDV 7UDYD QD SRUWD &HVWR GH LQR[ 7LSR SDUHGH 3RUWD GH YLGUR WHPSHUDGR 3pV UHJXOiYHLV
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
$12 5
3XULILFDGRU ,%%/ )5 %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
0(6$ FP
FP
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR 6HUYH iJXD JHODGD QDWXUDO 7HUPRVWDWR UHJXOiYHO )LOWUD FROHWRU UHPRYtYHO ,VRODPHQWR WpUPLFR *DELQHWH SROLHWLOHQR
(&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(/$ &/$66( $
%$,;2 &216802 '( (1(5*,$
$12 5
VR U
&R PS
FP
WLD
%$,;2 &216802 '( (1(5*,$
%786
HV
U
LF
G R )D E
Q
Q
WLD
$QRV
* DUD
* DUD
9
$QRV
D QWH
&/$66( $
%786
U
F
P
FP
(;
6SOLW /* &RPSUHVVRU URWDWLYR 761& <0$ 768& <0$ $FLRQDPHQWR HOHWU{QLFR 7LPHU $ 9LVWD 5 &RQWUROH UHPRWR [ [ 5 VHP MXURV *DELQHWH DoR JDOYDQL]DGR 2X [ [ 5 &LFOR GH DU IULR 7RWDO D SUD]R 5 6DtGD GR DU KRUL]RQWDO YHUWLFDO
9
FP
WLD *DUDQ 75$
FP FP
&R PS
%786
U
FP
FP
FP
5
(;
FP
VR U
$QRV
WLD
&2035$ 3527(*,'$
FP
FP
U
Q
Q
G R )D E
* DUD
* DUD
$QRV
WLD
WLD *DUDQ 75$
6SOLW /* &RPSUHVVRU URWDWLYR 761& 70$ 768& 70$ $FLRQDPHQWR HOHWU{QLFR &RQWUROH UHPRWR *DELQHWH DoR JDOYDQL]DGR $ 9LVWD 5 [ [ 5 VHP MXURV &LFOR GH DU IULR 6DtGD GR DU KRUL]RQWDO YHUWLFDO 2X [ [ 5 7LPHU 7RWDO D SUD]R 5
%$,;2 &216802 '( (1(5*,$
HV
%2&$6
'HSXUDGRU % 'DNR '$'. 3$ ,%5 *DUDQWLD GR IDEULFDQWH DQR YHORFLGDGHV 'XSOD ILOWUDJHP $ 9LVWD 5 0iVFDUD FDSWDGRUD GH DU [ [ 5 VHP MXURV /XPLQiULD 2X [ [ 5 7LSR GH ILOWUR PHWiOLFR 7RWDO D SUD]R 5 7LSR GH ILOWUR FDUYmR
$12 5
&/$66( $
D QWH
(;
)81d®2 '(385$'25 ( (;$86725
$126 5
LF
WLD *DUDQ 75$
FP
$12 5
&/$66( $
%$,;2 &216802 '( (1(5*,$
&/$66( $
%$,;2 &216802 '( (1(5*,$
&/$66( $
%2&$6
%$,;2 &216802 '( (1(5*,$
%2&$6
%2&$6
)2512
FP
FP
FP
)2512 $872/,03$17(
*DUDQWLD GR IDEULFDQWH DQR $ 9LVWD 5 [ [ 5 VHP MXURV 3UDWHOHLUDV IL[DV 7DPSD GH YLGUR 2X [ [ 5 $FHQGLPHQWR DXWRPiWLFR IRUQR
7RWDO D SUD]R 5
&(57,),&$'2 ,62
U
LF
WLD
Q
(;
$126 5
)RJmR % 'DNR /XQD )*'. 3/8'' %5 %5
$QRV
D QWH
&2035$ 3527(*,'$
* DUD
WLD *DUDQ 75$
FP
FP
5 $12 5
)2512 $872/,03$17(
FP
FP &2035$ 3527(*,'$
)RJmR % (VPDOWHF +DZDLL %5
$&(1',0(172 $8720É7,&2 727$/
$&(1',0(172 $8720É7,&2 727$/
$872/,03$17(
FP
%2&$6
&/$66( $
%$,;2 &216802 '( (1(5*,$
G R )D E
$ 9LVWD 5 [ [ 5 VHP MXURV 0HVD GH LQR[ 2X [ [ 5 3UDWHOHLUDV IL[DV 7RWDO D SUD]R 5 $FHQGLPHQWR PDQXDO
)RJmR % 'DNR 6XSUHPH 6 )*'. 366 %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
5 $12 5
WLD *DUDQ
$ (;75
$126 5
*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV IL[DV 7DPSD GH YLGUR
&2035$ 3527(*,'$
)RJmR % &RQWLQHQWDO 6SD]LR )*&7 363 %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
5 $12 5
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV IL[D
$WHQGLPHQWR H VHUYLoRV FRP D FHUWLILFDomR GH TXDOLGDGH ,62
)RWRV PHUDPHQWH LOXVWUDWLYDV
352*5$0$6 '( 6(&$*(0
$126 5
$
(;75
FP
FP
$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(
5 WLD *DUDQ
126626
6(59,d26 &2035$ 3527(*,'$
5
5
/DYDGRUD $UQR /DYHWH 6XSHU 0/
$7e .*
352*5$0$6 '( /$9$*(0
*DUDQWLD GR IDEULFDQWH DQR 1tYHLV GH iJXD 6LVW GH ODYDJHP WXUELOKRQDPHQWR 7LSR GH FRQWUROH PHFkQLFR &HVWR HP SROLSURSLOHQR 3URJUDPD GH HQ[iJ HV
FP
WLD *DUDQ 75$
$12 5
FP
FP
&/$66( $
%$,;2 &216802 '( (1(5*,$
&/$66( $
%$,;2 &216802 '( (1(5*,$
$7e .*
352*5$0$6 '( /$9$*(0
&(175,)8*$d®2
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP WXUELOKmR 7LSR GH FRQWUROH PDQXDO 1tYHLV GH iJXD &HVWR HP SROLSURSLOHQR 'LVSHQVHU S DPDFLDQWH DOYHMDQWH 3URJUDPD GH HQ[iJ HV
FP
$126 5
(;
/DYDGRUD 6XJJDU $OHOXLD $/ %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
FP
WLD *DUDQ 75$
(;
3DUFHOH VXDV FRPSUDV FRP FRPRGLGDGH H DFXPXOH SRQWRV SDUD VXDV SUy[LPDV FRPSUDV
5
$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5
&$57®2 ( %Ñ186
&2035$ 3527(*,'$
/DYDGRUD &RQVXO &:, $ %5
*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP WXUELOKmR 7LSR GH FRQWUROH PHFkQLFR 1tYHLV GH iJXD &HVWR HP SROLSURSLOHQR 3URJUDPD GH HQ[iJ HV $12 5
$126 5
WLD
*DUDQ
$
&/$66( $
%$,;2 &216802 '( (1(5*,$
$7e .*
$126 5
(;75
&5(',É5,2 35Ð35,2
&UHGLiULR SUySULR IOH[tYHO H SHUVRQDOL]DGR
FP
&2035$ 3527(*,'$
FP
FP
352*5$0$6 '( /$9$*(0
5(1(*2&,( 6(86 &2175$726
5HSDFWXDomR GLVSRQtYHO HP TXDOTXHU ORMD GH IRUPD VLPSOHV D MXURV UHGX]LGRV
FP
*$5$17,$ %(02/ '( 6$7,6)$d®2
&2035$ 3527(*,'$
&2035$ 3527(*,'$
5
5
/DYDGRUD (OHFWUROX[ /7( %5
$7e .*
352*5$0$6 '( /$9$*(0
(;
$126 5
$12 5
FP
FP
WLD *DUDQ 75$
(;
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&/$66( $
%$,;2 &216802 '( (1(5*,$
3& +(/3
'XDV YLVLWDV WpFQLFDV SDUD LQVWDODomR H VXSRUWH GR VHX FRPSXWDGRU RX QRWHERRN
*DUDQWLD GR IDEULFDQWH DQR
$7e .* 6LVWHPD GH ODYDJHP DJLWDGRU 1tYHLV GH iJXD &2035$ 3527(*,'$ 7LSR GH FRQWUROH PHFkQLFR &HVWR HP SROLSURSLOHQR 3URWHMD VHX SURGXWR FRQWUD GDQRV &(175,)8*$d®2 'LVSHQVHU S DPDFLDQWH DOYHMDQWH H DFLGHQWHV QmR FREHUWRV SHOR IDEULFDQWH GXUDQWH R SUD]R GH JDUDQWLD 3URJUDPD GH HQ[iJXHV
FP
WLD *DUDQ 75$
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 &/$66( $ 7RWDO D SUD]R 5 %$,;2 &216802 '( (1(5*,$ *DUDQWLD GR IDEULFDQWH DQR $7e .* 6LVWHPD GH ODYDJHP DJLWDGRU 7LSR GH FRQWUROH HOHWU{QLFR 352*5$0$6 1tYHLV GH iJXD '( /$9$*(0 &HVWR HP LQR[ 'LVSHQVHU S DPDFLDQWH DOYHMDQWH &(175,)8*$d®2 3URJUDPD GH HQ[iJ HV
$12 5
9RFr SRGH WURFDU RX FDQFHODU D FRPSUD HP DWp GLDV
/DYDGRUD (OHFWUROX[ /7 ) %5
FP
&(175,)8*$d®2
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 6LVW GH ODYDJHP WXUELOKmR 7LSR GH FRQWUROH PHFkQLFR 1tYHLV GH iJXD &HVWR HP SROLSURSLOHQR 'LVSHQVHU SDUD DPDFLDQWH DOYHMDQWH 3URJUDPD GH HQ[iJ HV
5
/DYDGRUD %UDVWHPS %:/ $%$ %5
FP
&/$66( $
%$,;2 &216802 '( (1(5*,$
FP
$126 5
352*5$0$6 '( /$9$*(0
$12 5
FP
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(/$
(/(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
QWLD *DUD75$
(;
&2035$ 3527(*,'$
FP
5
&RQJHODGRU (OHFWUROX[ + / %5
2%-(726 '( '(&25$d®2 0(5$0(17( ,/8675$7,926
5 0È6 RX : K FP
FP
$12 5
&2035$ 3527(*,'$
5
WLD *DUDQ 75$
(;
$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5
&216802 '( (1(5*,$
*DUDQWLD GR IDEULFDQWH DQR 1tYHO HFRQ{PLFR FODVVH ( )XQomR UHIULJHUDGRU 7HFOD FRQJHODPHQWR UiSLGR 3RVLomR KRUL]RQWDO 5HYHVWLPHQWR DoR ]LQFDGR 3DLQHO GH FRQWUROH ODWHUDO
3e6 &20 52',1+$6
&216802 '( (1(5*,$
35 2 '
/
5 0È6 RX : K
$126 5
RX DQRV D PDLV GH SURWHomR HP VXDV FRPSUDV SRU XP SHTXHQR FXVWR DGLFLRQDO SHVVRDV ItVLFDV VRPHQWH
8 7 2 & / $
6 6 ( $
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
)(&+$'85$ 1$ 3257$
9,'$ /21*$ 3$5$ 6(86 352'8726
*HODGHLUD (OHFWUROX[ 5( / %5 9
/
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( FP FP
&2035$ 3527(*,'$
FP
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
/ LQKD %UDQFD
*DUDQWLD GR IDEULFDQWH DQR 'HJHOR FRQJ PDQXDO 'HJHOR UHIULJ PDQXDO &RQWUROHV H[WHUQRV &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWD ODWD $12 5
FP
WLD *DUDQ 75$
$126 5
(;
-RJRV SDJDPHQWRV GH FRQWDV UHFHELPHQWR GH EHQHItFLRV VDTXHV GD &DL[D H %% FUpGLWR GH FHOXODU HWF 3UHVHQWHV HP ORMDV GD %HPRO
/,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(
$FHUWH QD HVFROKD H DJUDGH VHPSUH 'LVSRQtYHO QRV YDORUHV GH 5 5 5 H 5 &2035$ 3527(*,'$
&2035$ 3527(*,'$
&2035$ 3527(*,'$
5
5
5
ZZZ EHPRO FRP EU
FP QWLD *DUD75$
(;
5 0È6 RX : K
*DUDQWLD GR IDEULFDQWH DQR 'HJHOR PDQXDO &HVWRV JDYHWDV UHPRYtYHLV 3RVLomR 9HUWLFDO $12 5
WLD *DUDQ 75$
(;
$126 5
/ )5267 )5(( FP
35 2 '
$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5
35 2 '
&216802 '( (1(5*,$
*DUDQWLD GR IDEULFDQWH DQR &RQWUROHV LQWHUQR H[WHUQR 3RUWD UHYHUVtYHO &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWD ODWD $12 5
WLD *DUDQ 75$
(;
$126 5
8 7 2 & / $
&216802 '( (1(5*,$
5 0È6 RX : K /,*$'2 K
/ )5267 )5((
FP
P
*HODGHLUD %UDVWHPS *HODGHLUD %UDVWHPS )) %50 (5$1$ / ,1
FP
F
FP
35 2 '
)RWRV PHUDPHQWH LOXVWUDWLYDV
/
$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5
8 7 2 & / $
6 6 ( $
&216802 '( (1(5*,$
5 0È6 RX : K
)UHH]HU &RQVXO &98 *%$1$ / %5
6 6 ( $
8 7 2 & / $
6 6 ( $
FP
FP
6HUYLoRV H SURGXWRV GLVSRQtYHLV YLD LQWHUQHW K
FP
*$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(
*HODGHLUD (OHFWUROX[ )) ') $ / %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR &RQWUROHV H[WHUQRV &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWD ODWLFtQLR ODWDV $12 5
WLD *DUDQ 75$
(;
+25É5,26 (67(1','26
)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
$126 5
606 %(02/
&OLHQWH %HPRO UHFHEH WRUSHGRV VREUH FRPSUDV UHDOL]DGDV HQWUHJDV H OHPEUHWH GH YHQFLPHQWR
*$9(7$6 2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
3ROWURQD / 0RGHFRU &0 %5
DQWLD
$12 *DU 75$ 0HVD 3 (VFULWyULR 5 (; .DSSHVEHUJ 37 0DWHULDO 0'3 3LQWXUD %3 $ 9LVWD 5 [ [ 5 VHP MXURV $FDEDPHQWR %3 6LVWHPD GH PRQWDJHP SDUDIXVR 2X [ [ 5 'LVSRQtYHO QD FRU WHFD ,WiOLD 7RWDO D SUD]R 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 'LVSRQtYHO WDPEpP QD FRU SUHWR
FP
FP
0DWHULDO 0') 0'3 $FDEDPHQWR 89 3LQWXUD 89 6LVWHPD GH PRQWDJHP *LURIL[ /RFDO S FDL[D GH VRP $ 9LVWD 5 $FRPRGDomR 79 /&' '9' 6RP [ [ 5 VHP MXURV 3X[DGRUHV 7LSR &URPDGR 2X [ [ 5 'LVSRQtYHO QD FRU 7RWDO D SUD]R 5 WDEDFR FRP EUDQFR
&DPD &DVDO ,QFDEUDV /RUHQD ,0% 37
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$
(;75
FP
%HOLFKH ,QFDEUDV %HOJD ; 7%
0DWHULDO 0') 36 3LQWXUD YHUQL] 89 $FDEDPHQWR DOWR EULOKR 6LVWHPD GH PRQWDJHP SDUDIXVRV 'LVSRQtYHO QD FRU WDEDFR FRP EUDQFR
FP
FP
WLD
FP
FP
FP *DUDQ
&{PRGD 6DSDWHLUR 0DWHULDO 0'3 * 5LPR 79 '9' ,3 3& $FDEDPHQWR LPSUHVVmR 6LVWHPD GH PRQWDJHP $ 9LVWD 5 PLQLIL[ *LUR [ [ 5 VHP MXURV &RUUHGLoDV PHWiOLFDV 2X [ [ 5 3RUWDV 7RWDO D SUD]R 5 3X[DGRUHV WLSR DOoD
$7e .*
FP
$12 5
FP
FP
(;
5DFN /tQHD 6LHQD &9 98/ 37
,'26 &2/&+¯(6 9(1' ( 6(3$5$'$0(17
'(&25$d®2 &2/&+®2 ( 2%-(726 '( 926 0(5$0(17( ,/8675$7,
WLD *DUDQ 75$
FP
FP
$12 5
$12 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&DPD (SHGD $UFRQ 8QLYHUVDO %*
WLD *DUDQ 75$
(;
(;
&DPD GH VROWHLUR 7LSR PRGHOR FDPD DUFRQ 7HFLGR SROLpVWHU DOJRGmR 1tYHO GH FRQIRUWR ILUPH 3URWHomR DQWL iFDUR PRIR DOpUJLFR EDFWpULD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
0DWHULDO 0') 3LQWXUD 9HUQL] 89 6LVWHPD GH PRQWDJHP IL[DomR 'LVSRQtYHO WDPEpP QD FRU EUDQFR
WLD *DUDQ 75$
$12 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(/$
3257$6 2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
FP
FP $12 5
(VWDQWH /tQHD $FiFLD &9 98 37
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 0DWHULDO 0'3 0')
WLD *DUDQ 75$
FP
/8*$5(6
FP
(;
$FDEDPHQWR 89 3LQWXUD 89 6LVW GH PRQWDJHP JLURIL[ IL[DomR $FRPRGDomR 79 /&' '9' 6RP %DU 3X[DGRUHV FURPDGRV 'LVSRQtYHO QDV FRUHV LPEXLD FRP SUHWR H WDEDFR FRP EUDQFR
$12 5
5RXSHLUR 3 * .DSSHVEHUJ 6 7&, 37 +RPH /tQHD (URV &9 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 0DWHULDO 0'3
0DWHULDO 0'3 0') $FDEDPHQWR EDL[D SUHVVmR ODFD 3LQWXUD 89 6LVWHPD GH PRQWDJHP JLURIL[ $FRPRGDomR 79 '9' +RPH
*$9(7$6
FP
FP
WLD
*DUDQ
$
(;75
$FDEDPHQWR LPSUHVVmR (VSHOKR 5HVSLUR DQWL PRIR 6LVWHPD GH PRQWDJHP IL[DomR 'REUDGLoDV SUHVVmR PHWiOLFDV &RUUHGLoDV SOiVWLFDV &DOFHLUR FURPDGR 3X[DGRUHV WLSR PHWDO 'LVSRQtYHO QDV FRUHV EUDQFR H EUDQFR FRP SUHWR
3(d$6 3(d$6
P
F
F
P
FP
$12 5
&RSD 3 0DGHVD %5 37
2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
WLD *DUDQ 75$
P
F
(;
$VVHQWR DFROFKRDGR &RU GR DVVHQWR SUHWR 0DWHULDO 0') $FDEDPHQWR SLQWXUD 89 7DPSR WLSR WDPSR HP 0') )RUPDWR GR WDPSR UHWDQJXODU 'LVSRQtYHO WDPEpP QD FRU LPEXLD FRP SUHWR
&RSD 3 .DSSHVEHUJ 7 0 & 9'5 &0 %5 FP
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 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
$12 5
WLD *DUDQ 75$
(;
$VVHQWR DFROFKRDGR 0DWHULDO IHUUR FURPDGR $FDEDPHQWR YHUQL] SURWHWRU 7DPSR WLSR YLGUR WHPSHUDGR )RUPDWR GR WDPSR UHWDQJXODU
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
FP
FP
)RWRV PHUDPHQWH LOXVWUDWLYDV
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(
FP
0yYHLV
9DULHGDGHV
%DQGHMD 'H &DPD 0DUWLSODVW %$ 90
&RROHU 0DUWLSODVW 9HUWLFH &9 17
$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5
2%-(72 '( '(&25$d®2 9(1','2 6(3$5$'$0(17(
$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5
'LVSRQtYHO WDPEpP QD FRU SUHWR 3URFHVVDGRU 0DOORU\ $GYDQFH 7ULWHU 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 $FRPSDQKD FDUDPERODV &RUSR HP DoR LQR[ 5RWDomR USP &DSDFLGDGH H[WUDomR PO P 3RWrQFLD +3 &RQVXPR .: K
&2035$ 3527(*,'$
5
*DUDQWLD GR IDEULFDQWH DQR )XQomR OLTXLGLILFDGRU )XQomR SXOVDU 3RWrQFLD : 3RUWD ILR $FHVVyULR $12 5
7URFD *DUDQWLGD
2%-(72 '( '(&25$d®2 0(5$0(17( ,/8675$7,92
3URGXWR SRVVXL HQWUDGDV GH DU LPSRVVLELOLWDQGR D FULDomR GH PRIR QDV URXSDV &DSDFLGDGH /
(VSUHPHGRU /RUHQ 6LG (;7 3LF /;
&2035$ 3527(*,'$
$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5
$126 5
$12 5
7URFD *DUDQWLGD
&0 02725 &20 52/$0(1726
$126 5
9HQWLODGRU 'H 7HWR /RUHQ 6LG &ULS 0 (3, %5
9$325
)HUUR 0DOORU\ 8OOLVVHV %5 $=
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR %DVH UHYHVWLGD HP 7HIORQ /kPSDGD SLORWR 6DOYD ERW}HV &2035$ 3527(*,'$ 5 3RWrQFLD : $12 5
7URFD *DUDQWLGD
02725 &20 52/$0(1726
$126 5 $12 5
7URFD *DUDQWLGD
$126 5
9HQWLODGRU 'H &ROXQD /RUHQ 6LG 7 0 &9 &5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 9HORFLGDGH WLSR DMXVWiYHO 2VFLODomR $MXVWH GH LQFOLQDomR *UDGH UHPRYtYHO 3RWrQFLD : $OWXUD Pi[LPD 0 0DWHULDO GD JUDGH DoR $MXVWH GH DOWXUD +pOLFH SiV
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 9HORFLGDGH WLSR DMXVWiYHO 2VFLODomR $MXVWH GH LQFOLQDomR *UDGH UHPRYtYHO 3RWrQFLD : $OWXUD Pi[LPD P 0DWHULDO GD JUDGH DoR $MXVWH GH DOWXUD +pOLFH SiV $12 5
/ *DUUDID 7pUPLFD ,QYLFWD 0L[ %537
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
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(
)RWRV PHUDPHQWH LOXVWUDWLYDV
&HVWR 0DUWLSODVW & 73 75 17
7URFD *DUDQWLGD
$126 5
*HOHLUD ,QYLFWD /
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$ 9LVWD 5 [ [ 5 VHP MXURV [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 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(/$ /,95(
&2035$ 3527(*,'$
&2035$ 3527(*,'$
5
5
0RWRUROD 0RWRNH\ 0LQL 'XDO &KLS (; $$7
&+,36
0RWRUROD 0RWRNH\ 6RFLDO (; 37 $$7
$ 9LVWD 5 [ [ 5 VHP MXURV
$ 9LVWD 5 [ [ 5 VHP MXURV
&kPHUD 0S[ 7HFODGR 4:(57< 03 SOD\HU 5iGLR )0 %OXHWRRWK )RQH RXYLGR &DER 86% $12 5
WLD *DUDQ 75$
(;
/,95( $126 5
$12 5
/,95( &2035$ 3527(*,'$
5
&2035$ 3527(*,'$
5
0RWRUROD 0RWR 79 'XDO &KLS $$7
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU UiGLR )0 %OXHWRRWK )RQH RXYLGR &DER 86% 0HPyULD LQWHUQD *%
&+,36 79 ',*,7$/ ( $1$/Ð*,&$ *5É7,6
/,95(
$12 5
WLD *DUDQ 75$
(;
$126 5
&kPHUD 0S[ 03 SOD\HU 5iGLR )0 %OXHWRRWK :L )L )RQH RXYLGR &DER 86% WLD *DUDQ 75$
(;
&+,36
/,95( $126 5
/* 'XDO &KLS & $$7
&+,36
$ 9LVWD 5 [ [ 5 VHP MXURV 6DPVXQJ 6 6WDU 'XDO &KLS 37
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU 5iGLR )0 %OXHWRRWK :L )L )RQH RXYLGR $12 5
WLD *DUDQ 75$
(;
$126 5
6XSRUWH SDUD &KLSV VLPXOWkQHRV 7HFODGR 4:(57< FRPSOHWR H HUJRQ{PLFR &RQH[mR :L )L H DFHVVR j LQWHUQHW $FHVVR GLUHWR D UHGHV VRFLDLV )DFHERRN 7ZLWWHU 2UNXW H :LQGRZV /LYH 0HVVHQJHU $WDOKRV QD WHOD SULQFLSDO SDUD UHGHV VRFLDLV QRWtFLDV FOLPD H PDLO H PXLWR PDLV 7HOD GH µ H FkPHUD GH 03 03 3OD\HU H 5iGLR )0 FRP DQWHQD LQWHUQD (QWUDGD SDUD FDUWmR GH PHPyULD GH *% $12 5
WLD *DUDQ 75$
(;
$126 5
&2035$ 3527(*,'$
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
1mR MRJXH HVWH HQFDUWH HP YLD S~EOLFD 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(
%(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$'(6&2 (;35(662
/2-$ &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/+$