G R )D E
9HO ,PS &RORULGD DWp SSP 9HO LPS 3UHWR DWp SSP &RPSDWtYHO :LQGRZV 0DF 7LSR LPSUHVVmR MDWR GH WLQWD $ 9LVWD 5 0HPyULD 0% [ [ 5 VHP MXURV &RQH[mR 86% RX HQWUDGD 5 &DSDFLGDGH GD EDQGHMD )OV [ 5 &RPSDWtYHO FDUWmR PHPyULD 7RWDO D SUD]R 5 &RQVXPtYHLV 7 37 7 &RORU 0XOWLIXQFDR (SVRQ 6W\OXV 7;
)81d®2 &23,$'25$ ( 6&$11(5
)81d®2 &23,$'25$ ( 6&$11(5
U
LF
$QRV
WLD
Q
5RWHDGRU ,QWHOEUDV :LUHOHVV 0% :51 *DUDQWLD GR IDEULFDQWH DQRV $ 9LVWD 5 )UHT rQFLD GH *+] [ [ 5 VHP MXURV &RPSDUWLOKDPHQWR EDQGD ODUJD RX HQWUDGD 5 3RWrQFLD WUDQVPLVVmR GH G%P [ 5 SRUWD :$1 7RWDO D SUD]R 5 SRUWDV /$1 0ESV
* DUD
)81d®2 &23,$'25$ 6&$11(5
D QWH
(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(
0XOWLIXQFLRQDO &DQRQ 03 37 *DUDQWLD GR IDEULFDQWH DQR $ 9LVWD 5 9HO ,PS 3W &RORU SSP SSP [ [ 5 VHP MXURV &RPSDWtYHO :LQGRZV 0DF RX HQWUDGD 5 7LSR LPSUHVVmR MDWR GH WLQWD [ 5 &DSDFLGDGH GD EDQGHMD IOV 7RWDO D SUD]R 5 &RQVXPtYHLV 3* &/
*DUDQWLD GR IDEULFDQWH DQR 0XOWLIXQFLRQDO +S &RQH[mR 86% 'HVNMHW - $ 9HO ,PS 3UHWR $Wp SSP 9HO ,PS &RORULGD $Wp SSP $ 9LVWD 5 &RPSDWtYHO :LQGRZV 0DF [ [ 5 VHP MXURV 7LSR LPSUHVVmR -DWR GH WLQWD RX HQWUDGD 5 0HPyULD 0% [ 5 &DSDFLGDGH GD EDQGHMD IOV 7RWDO D SUD]R 5 &RQVXPtYHLV +3 +3 ;/
,'($/ 3$5$ *8,7$5 +(52 ( 52&. %$1'
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR :LUHOHVV SDGUmR ,((( Q J E 9HORFLGDGH ZLUHOHVV DWp 0ESV 7[ WUDQVPLVVmR DWp 0ESV XSVW $QWHQD JDQKR G%L 3RUWDV ODQ 3RUWDV ZDQ
%DWHULD 3 3V 0XOWLODVHU 3RUWiWLO -6
'(7(&725 '( )$&(
'(7(&725 )$&( ( 6255,62
'(7(&725 &(1$ ,17(/,*(17(
'(7(&725 &(1$ ,17(/,*(17(
$QRV
WLD
Q
0(*$3,;(/6
* DUD
0(*$3,;(/6
G R )D E
&2035$ 3527(*,'$
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
5
5
*DUDQWLD GR IDEULFDQWH DQR *DUDQWLD GR IDEULFDQWH DQR $SDUDUHOKR *SV 3 $XWR $UPD]HQDJHP SRQWRV 0iTXLQD )RWRJUiILFD =RRP ySWLFR GLJLWDO [ [ 3DQDVRQLF 0 '0& )+ /% 3 52 6HQVLELOLGDGH 0D[ ,62 0XOWLODVHU & 79 *3 37 3UHFLVmR P *UDY F iXGLR )RUPDWR DXWRPRWLYR (VWDELOL]DGRU ySWLFR $ 9LVWD 5 5RWD UHYHUVtYHO $ 9LVWD 5 $OLP FDSDF EDWHULD IWV [ [ 5 VHP MXURV [ [ 5 VHP MXURV ,GLRPD HP SRUWXJXrV $FRPSDQKD FDER YtGHR RX HQWUDGD 5 7LSR GH GLVSOD\ /&' RX HQWUDGD 5 'LVSRQtYHO WDPEpP QD FRU [ 5 /X] GH IXQGR [ 5 SUHWR 7RWDO D SUD]R 5 $XWRQRPLD DWp K 7RWDO D SUD]R 5
U
'(7(&725 )$&( 6255,62
0(*$3,;(/6
&2035$ 3527(*,'$
D QWH
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR RX HQWUDGD 5 &RPSDWtYHOV FRP 1LQWHQGR :LL [ 5 3OD\VWDWLRQ H 7RWDO D SUD]R 5 $FHVVyULR EDTXHWDV H SHGDO
LF
)RWRV PHUDPHQWH LOXVWUDWLYDV
5RWHDGRU 73 /LQN 7/ :5 1'
*DUDQWLD GR IDEULFDQWH DQR =RRP ySWLFR GLJLWDO [ [ 6HQVLELOLGDGH PD[ ,62 0iTXLQD )RWRJUiILFD 0tGLD FRPS PD[ 0LFUR 6' *% 6DPVXQJ 'LJLWDO 03 (& 3/ 37 *UDY FRP iXGLR H ]RRP 0RGRV GH FHQD PDFUR FP (VWDELOL]DGRU GLJLWDO $ 9LVWD 5 [ [ 5 VHP MXURV 0DUFD GD OHQWH 6DPVXQJ 0HP LQWHUQD 0% RX HQWUDGD 5 $OLP FDSDF EDW UHF IWV [ 5 'LVSRQtYHO WDPEpP QD FRU SUDWD 7RWDO D SUD]R 5
0iTXLQD )RWRJUiILFD 6RQ\ =RRP ySWLFR GLJLWDO [ [ 'LJLWDO 03 ' '6& :; / $= 6HQVLELOLGDGH PD[ (VWDELOL]DGRU ySWLFR 0DUFD GD OHQWH &DUO =HLVV $ 9LVWD 5 [ [ 5 VHP MXURV $OLP FDSDF EDWHULD IRWRV $FRPSDQKD FDER GH YtGHR RX HQWUDGD 5 'LVSRQtYHO WDPEpP QD FRU [ 5 SUHWR 7RWDO D SUD]R 5
(&2120,$ 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$5(/$
1RWHERRN /* $ * %( 3 91
1RWHERRN /* $ * %& 3 37
$ 9LVWD 5 [ [ 5 VHP MXURV
$ 9LVWD 5 [ [ 5 VHP MXURV
*DUDQWLD GR IDEULFDQWH DQR 0HPyULD *% &RQH[mR ZL IL ZLUHOHVV
8QLGDGH yWLFD JUDYDGRU '9' &' /HLWRU FDUWmR PHPyULD 3RUWDV XVE
%DWHULD WLSR FpOXODV $XWRQRPLD GD EDWHULD DSUR[ K
*DUDQWLD GR IDEULFDQWH DQR &RQH[mR ZL IL :LUHOHVV
8QLGDGH yWLFD JUDYDGRU '9' &' /HLWRU FDUWmR PHPyULD SRUWDV 86% %DWHULD WLSR FpOXODV $XWRQRPLD EDWHULD DSUR[ K 9(/2&,'$'(
*+=
*%
+' *%
.*
&2035$ 3527(*,'$
5
3& +(/3 5
$12 5
WLD *DUDQ 75$
(;
$126 5
9(/2&,'$'(
*+=
*%
+' *%
.*
&2035$ 3527(*,'$
5
3& +(/3 5
$12 5
WLD *DUDQ 75$
(;
$126 5
*$5$17,$ '( 6$7,6)$d®2 35(),5$ $ 6(*85$1d$ '( 48(0 *$5$17( 2 48( 9(1'(
$ YLVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
U
*DUDQWLD GR IDEULFDQWH DQR 0DWHULDO SROLpVWHU %ROVR H[WHUQR $OoDV UHJXOiYHLV
*DUDQWLD GR IDEULFDQWH DQR $ 9LVWD 5 &RQH[mR 86% [ [ 5 VHP MXURV )XQomR /XSD 2X [ [ 5 7HFODV GH $WDOKR 7RWDO D SUD]R 5 ,QGLFDGRU GH 3LOKD )UDFD
7DEOHW $SSOH ,SDG * * %5
*% %/8(7227+
$UPD]HQDJHP FDUWmR 0LFUR 6' 3UHFLVmR 0
$ YLVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
.LW 7HFODGR 0RXVH 6HP )LR 0LFURVRIW 3W
7DEOHW 6DPVXQJ *DOD[\ 7DE :L )L 3 EU
$SDUDUHOKR *36 $SRQWDGRU 7Y 7 $ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
0RFKLOD 3 1RWH &DVH /RJLF 'OES 9P
$ YLVWD 5 [ [ 5 VHP MXURV [ 6XEZRRIHU &RP : 5PV
2X HQWUDGD 5 &DQDLV (VWpUHRV $PSOLILFDGRV ; 5 &RQWUROH 'H 9ROXPH 7RWDO D SUD]R 5
&RQIHFFLRQDGR HP SROLpVWHU 5RGDV 39&
327È1&,$ 727$/ : 506
79 ',*,7$/
G R )D E
(175$'$ 3$5$ &$57®2 0(0Ð5,$
:, ), -$9$
)RUPDWR DXWRPRWLYR 5RWD UHYHUVtYHO ,GLRPD HP SRUWXJXrV /X] GH IXQGR $XWRQRPLD DWp PLQ $OLPHQW %DWHULD UHFDUUHJiYHO
&2035$ 3527(*,'$
5
$ 9LVWD 5 [ [ 5 VHP MXURV
%/8(7227+
:, ),
*DUDQWLD GR IDEULFDQWH DQR 3URFHV *SX 3RZHU 9U 6J[ 6LVW 2SHU *RRJOH $QGURLG 0HPyULD 5DP 0% &kPHUDSULP 6HFXQG 0S 0 7LSR FDUWmR FDSDF Pi[ 0VG * $FHVVyULRV IRQH GH RXYLGR $FHVVyULRV FDER GH GDGRV %DWHULDXVR 6WGE\ DWp + +
* *36 &2035$ 3527(*,'$
5
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 0HP 5$0 ,QWHUQD 0 *% &kP 3UL 6HF 0 9*$ $FHVVyULRV &DER 86% $FHVVyULRV &DUUHJDGRU %DWHULD 8VR 6WE\ K K 3URFHV $SSOH $ 'FRUH 0K] 6LVW 2SHU $SSOH ,RV 'LVSRQtYHO WDPEpP QD FRU SUHWR
1RWHERRN ,WDXWHF ,QIRZD\ : 37 1RWHERRN /* & * %* 3 37
$ 9LVWD 5 [ [ 5 VHP MXURV
$ 9LVWD 5 [ [ 5 VHP MXURV
9(/2&,'$'(
*+=
*%
+' *%
3& +(/3
.*
5
$12 5
WLD *DUDQ 75$
(;
5
9(/2&,'$'(
$126 5
*+=
* DUD
$QRV
Q
WLD
*%
+' *%
.*
3& +(/3 5
G R )D E
+' *%
.*
$126 5
$ 9LVWD 5 ; ; 5 6HP -XURV
9(/2&,'$'(
*+=
*%
+' *%
G R )D E
.*
D QWH U
LF
$QRV
WLD
Q
:(%&$0
$ 9LVWD 5 [ [ 5 VHP MXURV &RQH[ :LUHOHVV :L IL %OXHWRRWK /HLWRU FDUWmR 86% 6DtGD +'0, 6Z SURGXW RIILFH 6WDUWHU 6Z DQWL YLUXV YDO 1RUWRQ G 'LIHUHQFLDO DXWRQRPLD DWp K 'LIHU VRIWZDUH H[FOXVLYR 6RQ\
* DUD
*%
(;
1RWHERRN 6RQ\ 9DLR 93& (* (% / $=
9(/2&,'$'(
WLD *DUDQ 75$
U
1RWHERRN 6RQ\ 9DLR 93&<% $% % 37
*+=
$12 5
D QWH
5
&2035$ 3527(*,'$
LF
&2035$ 3527(*,'$
*DUDQWLD GR IDEULFDQWH DQR &RQH[mR ZL IL ZLUHOHVV
8QLGDGH yWLFD JUDYDGRU &' '9' /HLWRU FDUWmR PHPyULD SRUWDV 86% %DWHULD 7LSR FpOXODV $XWRQRPLD GD EDWHULD $Wp K
*DUDQWLD GR IDEULFDQWH DQR &RQH[}HV :LUHOHVV :L )L %OXHWRWK /HLWRU &DUWmR 86% 8QLGDGH yWLFD JUDYDGRU '9' &' :HEFDP +'0, 0S[ 6: 3URGXWLYLGDGH RIILFH 6: DQWLYtUXV 9DOLGDGH 0LF 6( 'LIHUHQFLDO $Wp K &RQVXPR Pi[ .: K :
&RQH[mR ZL IL ZLUHOHVV
8QLGDGH yWLFD JUDYDGRU '9' &' /HLWRU FDUWmR PHPyULD SRUWDV 86% %DWHULD WLSR tRQV GH OtWLR $XWRQRPLD GD EDWHULD DWp K 'LVSRQtYHO QDV FRUHV SUHWR URVD H EUDQFR
(&2120,$ 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
0RQLWRU /&' /(' /* ( 7 31 37
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR )RUPDWR GD WHOD
$12 5
WLD
*DUDQ
$
(;75
$126 5
7HPSR GH UHVSRVWD 06 (QWUDGDV ' 6XE '9, %DVH UHJXOiYHO ÇQJXOR GH YLVmR %ULOKR &' Pò &RPSDWLELOLGDGH :LQGRZV 0DF &RQVXPR Pi[LPR : K
&2035$ 3527(*,'$
&2035$ 3527(*,'$
5
0RQLWRU /* /&' /(' ,36 9 31 $:= 37
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR )RUPDWR GD WHOD
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(
*36
&DL[D 'H 6RP 0D[SULQW 6XEZ : 3W /M
3$5$ 127(%22.6 $7e
$12 5
WLD *DUDQ 75$
(;
$126 5
7HPSR GH UHVSRVWD 06 (QWUDGDV ' 6XE '9, +'0, %ULOKR &' Pò &RPSDWLELOLGDGH :LQGRZV 0DF 3L[HO 3LWFK 00 &RQVXPR Pi[LPR :
5
0RQLWRU 79 6DPVXQJ /(' )+' '79 /7
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR )RUPDWR GD WHOD
$12 5
DQWLD
*DU 75$
(;
$126 5
7HPSR GH UHVSRVWD 06 0XOWLPtGLD HPEXWLGR (QWUDGDV UJE WY XVE KGPL ÇQJXOR GH YLVmR %ULOKR &' Pò &RPSDWLELOLGDGH :LQGRZV &RQVXPR GH HQHUJLD :
&$57®2 %(02/ &/,(17( %(02/ 7(0 %Ñ186 1$6 &2035$6
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
Q
0RFKLOD 0D[SULQW S QRWH 37
)RWRV PHUDPHQWH LOXVWUDWLYDV
* DUD
$QRV
WLD
D QWH
G R )D E
LF
Q
U
LF
* DUD
$QRV
WLD
D QWH
, QIRUPiWLFD
%/8 5$< 7URSD 'H (OLWH
%/8 5$< +RRN $ 9ROWD 'R &DSLWmR *DQFKR
5
5
%OX 5D\ $V 0mHV 'H &KLFR ;DYLHU
%/8 5$< '9' 'LJLWDO &RS\ 2 5HL /HmR
5
%/8 5$< 7UDQVIRUPHUV 2 /DGR 2FXOWR 'D /XD
5
5
&; %/8 5$<6 +DUU\ 3RWWHU 0RUWH 3DUWH
%/8 5$< ' &DSLWmR $PpULFD
5
%/8 5$< 7KRU '
5
5
'9'V
5HSURGXomR VRPHQWH HP DSDUHOKRV FRP WHFQRORJLD %OX 5D\
'9' 66 &ROOHFWLRQ (
'9' 8OWUDPHQ $ ,OKD 'RV 0RQVWURV 9RO
'9' &KLWmR]LQKR ( ;RURUy $QRV
'9' .DUDRNH &OXEH 'D &ULVWLQD 0HO
'9' %HOR $QRV 'H 6XFHVVR
5
5
5
5
'9' 3DWR )X 0~VLFD 'H %ULQTXHGR $R 9LYR
'9' 0LFKDHO -DFNVRQ $ 9LGD 'H 8P ÌFRQH
'9' 2V 6PXUIV %ULQGH
'9' &DSLWmR $PpULFD
'9' 3DGUH )iELR 1R 0HX ,QWHULRU 7HP 'HXV
5
5
'9' 3UHVHQWV 7KH $W 0DGLVRQ 6 *DUGHQ /DG\ *DJD
'9' .XQJ )X 3DQGD
'9' $ )RUoD 'D 0XOKHU $R 9LYR $JQDOGR 7LPyWHR
'9' )HUQDQGD %UXP ,Q 5LR
5
5
/DQoDPHQWR GLD
&'V
'9' &DUURV
5
5
5
5
5
5
5
5
&' (P 'HXV 8P 0LODJUH 3H 5HJLQDOGR 0DQ]RWWL
&' 5RXSD 1RYD 1DWDO 7RGR 'LD
&' (VWUHODV 'R 1DWDO
&' 7X eV $GRUDGR 0 'H /RXYRU
&' %HOR $QRV 'H 6XFHVVR 9ROXPH
&' $QD &DUROLQD (QVDLR 'H &RUHV
&' 1R 0HX ,QWHULRU 7HP 'HXV 3H )iELR 'H 0HOR
&' 3DGUH 0DUFHOR 5RVVL ÉJDSH 0XVLFDO
5
5
5
5
5
5
5
5
&' 9LFWRU ( /pR $PRU 'H $OPD
&' %UXQR ( 0DUURQH -XUDV 'H $PRU
&' /HRQDUGR 1DGD 0XGRX
&' 6DPEDV 'H (QUHGR
&' -XVWLQ %LHEHU 8QGHU 7KH 0LVWOHWRH
&' 6XVDQ %R\OH 6RPH 2QH 7R :DWFK 2YHU 0H
&' 3HDUO -DP 7ZHQW\
&' '9' /LYH $W 7KH 5R\DO $OEHUW +DOO
5
/,9526
&; '9'6 +DUU\ 3RWWHU 'D 0RUWH 3DUWH
5
5
1D RUDomR 8QLYHUVDO HQVLQDGD SRU -HVXV HP VXD SDUWH ILQDO HVWi HV FULWR ´2 SmR QRVVR >/(,$ @ QRV GDL KRMH 3mR p DOLPHQWR H VXVWHQWR ItVLFR PDV SUHFLVDPRV WDPEpP H PXLWR GR SmR HVSLULWXDO 2 PHV WUH QRV OHPEUD %XVFDL SULPHLUR R 5HLQR GH 'HXV
5
(VWD REUD QDUUD R QDVFLPHQWR GH -H VXV -RVp H 0DULD RV DQMRV H RV Vi ELRV SDUD D FULDQoDGD HQWUH H DQRV GH IRUPD FODUD VLPSOHV H SUiWLFD &RP DPELHQWHV H SHUVRQDJHQV FULDGRV GH IRUPD DUWHVDQDLV DV LOXVWUDo}HV VmR GLIHUHQFLDGDV H DWUDWLYDV 6XDV SiJLQDV VmR HP SDSHO FDUWRQDGR IDFLOLWDQGR R PDQXVHLR GRV SHTXHQRV OHLWRUHV &RQKHoD D KLVWyULD GR EHEr -HVXV R )LOKR GH 'HXV HP /LYUR GH +LVWyULDV %tEOLFDV ² R 1DWDO
5
3É*,1$6
/LYUR 'H +LVWyULDV %tEOLFDV 2 1DWDO 9HU{QLFD $UD~MR
5
3É*,1$6
/LYUR 3mR 'LiULR
5
5
&RP SiJLQDV FDUWRQDGDV D &3$' WUD] SDUD D JD URWDGD 1DWDO (VWD REUD DSUHVHQWD XP GLIHUHQFLDO XPD FDQHWD G iJXD RQGH DV FULDQoDV SDVVDP D FDQHWD QDV IROKLQKDV DYXOVDV DQH[DGDV DR OLYUR GHVYHQGDQGR DVVLP ILJXUDV TXH FRUUHVSRQGHP jV LOXVWUDo}HV GD REUD 1DWDO WUDWD GHVGH R DYLVR TXH 0DULD D PmH GH -HVXV UHFHEHX GH XP DQMR D UHVSHLWR GR QDVFLPHQWR GH -HVXV DWp D IXJD GH -RVp H 0DULD SDUD R (JLWR SRUTXH R UHL +HURGHV TXHULD PDWDU R PHQLQR -HVXV /HLD H HPRFLRQH VH FRP 1DWDO H R )LOKR GH 'HXV
5
5
3É*,1$6
/LYUR 1DWDO &DQHWD ' ÉJXD =HQLUD &XUW\
5
3É*,1$6
/LYUR 6WHYH -REV $ %LRJUDILD :DOWHU ,VDDFVRQ 'H 5
/LYUR 8P +RPHP 'H 6RUWH 1LFKRODV 6SDUNV
5
´0DV QmR HVWDYD HP RXWUD pSRFD H OXJDU H QDGD GDTXLOR HUD QRUPDO 7UD]LD D IRWRJUDILD GHOD FRQVLJR Ki PDLV GH FLQFR DQRV $WUDYHVVRX R SDtV SRU HOD (UD HVWUDQKR SHQVDU QDV UHYLUDYROWDV TXH D YLGD GH XP KRPHP SRGH GDU $Wp XP DQR DWUiV 7KLEDXOW WHULD SXODGR GH DOHJULD GLDQWH GD RSRUWXQLGDGH GH SDVVDU XP ILP GH VHPDQD DR ODGR GH $P\ H VXDV
2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(
/DQoDPHQWR GLD
3RU 5
)RWRV PHUDPHQWH LOXVWUDWLYDV
%/8 5$<
( QWUHWHQLPHQWR
3É*,1$6
2 OLYUR EDVHDGR HP PDLV GH TXDUHQWD HQWUHYLVWDV FRP -REV DR ORQJR GH GRLV DQRV H HQWUHYLVWDV FRP PDLV GH FHP IDPLOLDUHV DPLJRV FROHJDV DGYHUViULRV H FRQFRUUHQWHV QDUUD D YLGD DWULEXODGD GR HPSUHViULR H[WUHPDPHQWH LQYHQWLYR H GH SHUVRQDOLGDGH IRUWH H SROrPLFD FXMD SDL[mR SHOD SHUIHLomR H FXMD HQHUJLD LQGRPiYHO UHYROXFLRQDUDP VHLV JUDQGHV
/27(5,$6 %(02/ -2*26 3$*$0(1726 '( &217$6 5(&(%,0(172 '( %(1()Ì&,26 6$48(6 '$ &$,;$ ( %% &5e',72 '( &(/8/$5 (7& 1$6 /2-$6 %(02/ $9(1,'$ %$55262 &,'$'( 129$ &$0$38® 0,//(11,80 72548$72 ('8&$1'26 0$1$&$3858 ,7$&2$7,$5$ 32572 9(/+2 6+233,1* 32572 9(/+2 &(1752
%ULQTXHGRV $ 3$57,5 '( $126
$ 3$57,5 '( $12
&DUUR 6DUFRS &5 3RZHIXOO &+7 &
$ 9LVWD 5
0DWHULDO SOiVWLFR 3HUVRQDJHP 3RZHUIXOO $FHVVyULRV
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
0DWHULDO SOiVWLFR 3HUVRQDJHP ; 6WHHO $FHVVyULRV
&DUUR 5 -HQVHQ %UXWDOH &RPEDW $ 9LVWD 5
&DUUR 6DUFRS &5 ÉXGLR .LQJ 4; /
$ 3$57,5 '( $126
$ 3$57,5 '( $126
%RQHFD 5 -HQVHQ %% %DOO 3UDLD $ 9LVWD 5
$ 3$57,5 '( $126
0DWHULDO SOiVWLFR $FHVVyULRV
3HUVRQDJHP %DE\ %DOO 3UDLD 0DWHULDO SROLHWLOHQR YLQLO )XQFLRQDPHQWR PDQXDO $FHVVyULRV $OWXUD &0
%ULQTXHGR 2UHJRQ 1HWERRN 'D %% (/3/& 1)&
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
7LSR GH WHOD FULVWDO 3HUVRQDJHP %DUELH DWLYLGDGHV 6RP GLJLWDO 'HVOLJDPHQWR DXWRPiWLFR $OLPHQWDomR SLOKDV $$ $FHVVyULRV PRXVH
$ 3$57,5 '( $126
%ULQTXHGR 2UHJRQ /DSWRS %% 6( (/3%% 1 )
%RQHFD 5 -HQVHQ 1HZ %% 0DQLDEDED %5
$ 3$57,5 '( $126
$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 3HUVRQDJHP %HEr 0DQLD %DED 0DWHULDO SROLHWLOHQR YLQLO )XQFLRQDPHQWR PDQXDO $FHVVyULRV $OWXUD &0
$ 3$57,5 '( $126
%ULQTXHGR 2UHJRQ %DUELH % 3DG (/3%, 1) 7LSR GH WHOD &ULVWDO 3HUVRQDJHP %DUELH DWLYLGDGHV $ 9LVWD 5 [ [ 5 VHP MXURV 6RP GLJLWDO 'HVOLJDPHQWR DXWRPiWLFR 2X [ [ 5 $OLPHQWDomR 3LOKDV $$ 7RWDO D SUD]R 5
7LSR GH WHOD FULVWDO OtTXLGR 3HUVRQDJHP %DUELH DWLYLGDGHV 6RP GLJLWDO 'HVOLJDPHQWR DXWRPiWLFR $OLPHQWDomR SLOKDV $$ $FHVVyULRV
(&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(/$
$ %(02/ (67É 1$6 5('(6 62&,$,6
#EHPRORQOLQH
/RMDV %HPRO
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
&DUUR 6DUFRS ;6 5& 632 : $ &+7
ZZZ EHPRO FRP EU 6,*$ 126 ( ),48( 325 '(1752 '( 126626 /$1d$0(1726 ( 35202d¯(6
$ 3$57,5 '( $12
0DWHULDO SOiVWLFR 3HUVRQDJHP %DE\ 0RQVWHUV $FHVVyULRV
,62
%ULQTXHGR 0DJLF 7R\V *HODGHLUD 0DJ 63 52
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 0DWHULDO SOiVWLFR
&DPLQKmR 0DJLF 7R\V 7UXFN 3HGDO 90
0DWHULDO SOiVWLFR 3HUVRQDJHP 7UXFN
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
35(),5$ 48(0 6( (6)25d$ ',$5,$0(17( 3$5$ 2)(5(&(5 2 0(/+25 $7(1',0(172
)RWRV PHUDPHQWH LOXVWUDWLYDV
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$ 3$57,5 '( $126
'( $ $126
%ULQTXHGR 0DJLF 7R\V $QGDGRU 0RQVW $=
( OHWU{QLFRV (175$'$
86%
:, ), WLD *DUDQ 75$
$12 5
(;
(175$'$
86%
327È1&,$ 727$/ 506 :
$126 5
$12 5
$SDUHOKR %OX 5D\ 6RQ\ %'3 6 37
5HJLmR $ )RUPDWR 03(* -3(* 03 0tGLD %' 520 %' 5 5( '/1$ $ 9LVWD 5 [ [ 5 VHP MXURV %' /LYH &RQYHUVmR '9' 8S RX HQWUDGD 5 (QWUDGD 86% (WKHUQHW [ 5 6DtGD +'0, 7RWDO D SUD]R 5 $FHVVyULRV &DER +'0, &RQVXPR 8VR 6WE\ : K : K *DUDQWLD GR IDEULFDQWH DQR
WLD *DUDQ 75$
(;
$126 5
5
0LQL 6\VWHP /* 86% 03 5$'
0LQL 6\VWHP /* 86% 5$7
*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD 506 : 506 :[
&' 3OD\HU $ 9LVWD 5 &DSDFLGDGH SDUD &' [ [ 5 VHP MXURV 5HSURGXomR 03 &' :0$ 86% RX HQWUDGD 5 (TXDOL]DGRU [ 5 &RQWUROH UHPRWR 7RWDO D SUD]R 5 5iGLR $0 )0
$12 5
&2035$ 3527(*,'$
WLD *DUDQ 75$
(;
$126 5 &2035$ 3527(*,'$
*DUDQWLD GR IDEULFDQWH DQR 5 &' SOD\HU &DSDFLGDGH SDUD &' 5HSURGXomR 03 &' 5 &' 5: :0$ (TXDOL]DGRU &RQWUROH UHPRWR 5iGLR $0 )0
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 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(/$ 327È1&,$ 727$/ 506 :
&$,;$6
)RWRV PHUDPHQWH LOXVWUDWLYDV
$ 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(
(175$'$
86%
$12 5
+RPH 7KHDWHU /* .DUDRNH 86% +7 68
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR 'LYLVmR VRQRUD &+ 'HFRGHU 'ROE\ 'LJLWDO 5iGLR $0 )0 3URJUHVVLYH 6FDQ &2035$ 3527(*,'$ &RQWUROH UHPRWR 5 '9' LQWHJUDGR
$12 5
+RPH 7KHDWHU 6RQ\ & %OX 5D\ ' %'9 (
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR (QWUDGD +'0, L3RG L3KRQH 6DtGD +'0, 'HFRGHU 'ROE\ 'LJLWDO '76 '9' LQWHJUDGR 'LYLVmR VRQRUD FDQDLV 5iGLR $0 )0
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
327È1&,$ 727$/ 506 :
(175$'$
86%
&2035$ 3527(*,'$
5
&$,;$6 5(352'8d®2 %/8 5$< ( ,0$*(0 '
&219(5625 ',*,7$/ ,17(*5$'2
+'0, (175$'$6
(175$'$6
)8// +'
'79 /&'
+'0, (175$'$6
&219(5625 ',*,7$/ ,17(*5$'2
'79
$12 5
WLD *DUDQ 75$
(;
&219(5625 ',*,7$/ ,17(*5$'2
$126 5
(QWUDGDV 5*% 86% 6DtGDV GLJLWDO ySWLFD
7LSR GD WHOD /(' /&' (VSHVVXUD 00 VHP EDVH
$ 9LVWD 5 'LIHUHQFLDO LOXPLQDomR /(' [ [ 5 VHP MXURV 'LIHUHQFLDO 6PDUW (QHUJ\ 6DYL 3RWrQFLD GR iXGLR : 506 *DUDQWLD GR IDEULFDQWH DQR )UHTXrQFLD K] 7HPSR GH UHVSRVWD PV &RQVXPR XVR VWE\ : : 79 /* /&' /(' '79 ,36 /9
&2035$ 3527(*,'$
5
$12 5
DQWLD
*DU 75$
(;
$126 5
79 /* /&' '79 )+' /.
(QWUDGDV 5*% 86% 6DtGDV GLJLWDO ySWLFR
(VSHVVXUD PP 'LIHUHQFLDO 86% 'LY; +' $ 9LVWD 5 [ [ 5 VHP MXURV 'LIHUHQFLDO HQHUJ\ VDYLQJ 3RWrQFLD GR iXGLR : 506 *DUDQWLD GR IDEULFDQWH DQR )UHT rQFLD +] &RQVXPR XVR VWE\ : K : K 7HPSR GH UHVSRVWD 06
+'0,
79 /* /&' '79 /.
+'0, (175$'$6
)8// +'
'79
$ 9LVWD 5 [ [ 5 VHP MXURV
7(&12/2*,$ &,1(0$ ' &219(5625 ',*,7$/ ,17(*5$'2
$12 79 /* /&' /(' 5
'79 /&'
&2035$ 3527(*,'$
5
WLD *DUDQ 75$
(;
$126 5
&LQH ' )+' '79 /: 6DtGDV ÐSWLFD &RQYHUVmR GH ' SDUD ' $ 9LVWD 5 (VSHVVXUD PP VHP EDVH
[ [ 5 VHP MXURV 'LIHUHQFLDO 7HFQRORJLD &LQHPD 'LIHUHQFLDO ÐFXORV ' LQFOXVR 3RWrQFLD GR iXGLR : 506 *DUDQWLD GR IDEULFDQWH DQR )UHT rQFLD +] 7HPSR GH 5HVSRVWD 06 &RQVXPR 8VR 6WE\ : K : K (QWUDGDV +'0, 5*% 86%
*DUDQWLD GR IDEULFDQWH DQR 7HPSR GH 5HVSRVWD 06 (QWUDGDV +'0, 5*% 86% 6DtGDV 'LJLWDO ÐSWLFR
'LIHUHQFLDO 86% 'LY; +' 'LIHUHQFLDO (QHUJ\ 6DYLQJ 3RWrQFLD GR iXGLR : 506 )UHT rQFLD +] &RQVXPR 8VR 6WE\ : K : K $12 5
WLD *DUDQ 75$
(;
&2035$ 3527(*,'$
5
$126 5
+'0, (175$'$6
)8// +'
(175$'$
+'0, (175$'$
+'0,
/('
&219(5625 ',*,7$/ ,17(*5$'2
' $12 5
79 6RQ\ /(' ' %UDYLD )+' .'/ (;
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR
WLD *DUDQ 75$
(;
'79
/(' &219(5625 ',*,7$/ ,17(*5$'2
&2035$ 3527(*,'$
5
&,1( '
7(&12/2*,$
$126 5
(QWUDGD DQDOyJLFD 6DtGDV GLJLWDO &RQYHUVmR GH ' SDUD ' 'LIHUHQFLDO LQWHUQHW YtGHR 'LIHUHQFLDO WHFQRORJLD ' 3RWrQFLD GR iXGLR : 506 )UHT rQFLD += &RQVXPR XVR VWE\ : K : K
&219(5625 ',*,7$/ ,17(*5$'2
'
79 6RQ\ /(' ' %UDYLD )+' .'/ (;
$ 9LVWD 5 [ [ 5 VHP MXURV
*DUDQWLD GR IDEULFDQWH DQR (QWUDGD DQDOyJLFD 6DtGDV GLJLWDO &2035$ 3527(*,'$ 'LIHUHQFLDO LQWHUQHW YLGHR 5 3RWrQFLD GR iXGLR : 506 )UHTXrQFLD K] &RQVXPR XVR VWE\ : K : K
&2035$ 3527(*,'$
5
79 /* /&' /(' &LQH ' )+''7970 /:
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR
7HPSR GH UHVSRVWD 06 (QWUDGDV 5*% 86% 6DtGDV GLJLWDO ySWLFR
&RQYHUVmR GH ' SDUD ' 'LIHUHQFLDO ,OXPLQDomR /(' 'LIHUHQFLDO VPDUW 79 PDJLF PD 3RWrQFLD GR iXGLR : 506 )UHT rQFLD +] &RQVXPR XVR VWE\ : :
48$/,'$'( 9$/25,=( 6(8 ',1+(,52 &2035$1'2 48$/,'$'(
( OHWU{QLFRV &2035$ 3527(*,'$
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
&$,;$6
:,5(/(66
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
(175$'$
86%
(175$'$ 3$5$ 0,&52)21(
*DUDQWLD GR IDEULFDQWH DQR &' SOD\HU &DSDFLGDGH SDUD &'6 5HSURGXomR 03 &' 5 &' 5: (TXDOL]DGRU &RQWUROH UHPRWR 5iGLR $0 )0
*DUDQWLD GR IDEULFDQWH DQR 'LYLVmR VRQRUD FDQDLV 'HFRGHU 'ROE\ 'LJLWDO GWV '9' LQWHJUDGR 5iGLR $0 )0 &RQWUROH UHPRWR
&2035$ 3527(*,'$
5
$12 5
WLD *DUDQ 75$
(;
$126 5
$12 5
WLD *DUDQ 75$
(;
$12 5
5 $12 5
WLD *DUDQ 75$
(;
$126 5
(175$'$
86%
*DUDQWLD GR IDEULFDQWH DQR 'LYLVmR VRQRUD FDQDLV 'HFRGHU 'ROE\ 'LJLWDO 5iGLR $0 )0 3URJUHVVLYH 6FDQ &RQWUROH UHPRWR '9' LQWHJUDGR
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
(175$'$
86%
WLD *DUDQ 75$
$126 5
(;
$SDUHOKR %OX 5D\ 3DQDVRQLF ' '03 %'7 /% *DUDQWLD GR IDEULFDQWH DQR )RUPDWR FRPSDWtYHO ' %' '9' $ 9LVWD 5 0tGLD FRPSDWtYHO $9&+' ',9;+' [ [ 5 VHP MXURV &RQYHUVmR GH ' SDUD ' RX HQWUDGD 5 5HSURGX] PtGLD ' [ 5 6DtGD +'0, YtGHR FRPSRVWR 7RWDO D SUD]R 5 $FHVVyULRV FDER +'0,
327È1&,$ 727$/ 506 :
(175$'$
$126 5
(;
$12 5
&$,;$6
WLD *DUDQ 75$
$SDUHOKR %OX 5D\ 3OD\HU 3DQDVRQLF '03%' /%. *DUDQWLD GR IDEULFDQWH DQR 5HJLmR $ )RUPDWR &RPS %' '9' &' $ 9LVWD 5 0tGLD &RPS $9&+' ',9; 0.9 [ [ 5 VHP MXURV '/1$ %' /LYH RX HQWUDGD 5 (QWUDGD 6' &DUG 6ORW [ 5 6DtGD +'0, YtGHR FRPSRVWR 7RWDO D SUD]R 5 $FHVVyULRV FDER +'0,
&2035$ 3527(*,'$
+RPH 7KHDWHU 3DQDVRQLF 37 /% . 37
$126 5
:, ),
86%
(&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,
/&'
(175$'$6
&219(5625 ',*,7$/ ,17(*5$'2
+'0,
/('
(175$'$6
&2035$ 3527(*,'$
&219(5625 ',*,7$/ ,17(*5$'2
5 $12 5
WLD *DUDQ
$
(;75
$126 5
&219(5625 ',*,7$/ ,17(*5$'2
+'0, (175$'$6
/&' )8// +'
7HPSR GH UHVSRVWD 06 (QWUDGDV 3& 6' 86% 6DtGDV ySWLFD DQDOyJLFD $ 9LVWD 5 3RWrQFLD GR iXGLR : 506 [ [ 5 VHP MXURV )UHT rQFLD += &RQVXPR XVR VWE\ *DUDQWLD GR IDEULFDQWH DQR : K : K
5
)8/// +'
&219(5625 ',*,7$/ ,17(*5$'2 $12 5
&2035$ 3527(*,'$
5 WLD *DUDQ 75$
(;
$126 5
79 3DQDVRQLF $12 *DU 75$ $126 $12 *DU 75$ $126 /&' /(' )+' 7& / ( % 6DtGDV ySWLFDV DQDOyJLFR IRQH 5 (; 5 5 (; 5 79 3DQDVRQLF 79 3DQDVRQLF &RQYHUVRU GLJLWDO LQWHJUDGR /&' )+' 7& / 8 % /&' /(' +' 7& / ; % 7HPSR GH 5HVSRVWD 06 7HPSR GH UHVSRVWD 06 $ 9LVWD 5 7LSR GD WHOD ,36 $/3+$ /(' /& (QWUDGDV 5*% 86% (QWUDGDV 3& 86% 6' [ [ 5 VHP MXURV 'LIHUHQFLDO 9LHUD &RQQHFW 6DtGDV ÉXGLR ÐSWLFR DQDOyJLFR $ 9LVWD 5 6DtGDV ySWLFDV DQDOyJLFD $ 9LVWD 5 'LIHUHQFLDO 9LHUD ,PDJH 9LHZH [ [ 5 VHP MXURV 3RWrQFLD GR iXGLR : 506 [ [ 5 VHP MXURV 3RWrQFLD GR iXGLR : 506 *DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD GR iXGLR : 506 )UHT rQFLD += )UHT rQFLD += 7HPSR GH 5HVSRVWD 06 )UHT rQFLD += &RQVXPR 8VR 6WE\ : K : K *DUDQWLD GR IDEULFDQWH DQR &RQVXPR XVR 6WE\ : K : (QWUDGDV 86% *DUDQWLD GR IDEULFDQWH DQR &RQVXPR XVR VWE\ : : DQWLD
79 3DQDVRQLF /&' 7& / & %
+'0, (175$'$6
&2035$ 3527(*,'$
2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 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(
86%
327È1&,$ 727$/ 506 :
(175$'$
DQWLD
+'0, (175$'$6
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
327È1&,$ 727$/ 506 :
0LQL 6\VWHP 6DPVXQJ 0; ' =' 35 37
5
+RPH 7KHDWHU 6DPVXQJ +7 ' . ='
+'0,
/(' )8// +'
79 6DPVXQJ /(' )+' 81 ' 3*;='
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR
&219(5625 ',*,7$/ ,17(*5$'2 $12 5
WLD *DUDQ 75$
(;
+'0, (175$'$6
&2035$ 3527(*,'$
5
$126 5
7HPSR GH UHVSRVWD PV 6DtGDV ySWLFDO FRD[LDO (QWUDGDV 5*% 86% 656 7KHDWHU 6RXQG + 3LFWXUH LQ 3LFWXU &RQVXPR 8VR 6WE\ : K : K
/('
79 6DPVXQJ /(' )+' 6079 81 ' 5
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR
&219(5625 ',*,7$/ ,17(*5$'2 $12 5
WLD *DUDQ 75$
(;
/(' &2035$ 3527(*,'$
5 $126 5
7HPSR GH UHVSRVWD 06 (QWUDGDV 5*% 86% 6DtGDV ySWLFDV FRD[LDO 'LIHUHQFLDO 6PDUW 79 'LIHUHQFLDO DOO VKDUH &RQVXPR XVR VWE\ : K : K
79 6DPVXQJ /(' ' )+' 6079 81 ' / 6DtGDV ySWLFDO FRD[LDO &RQYHUVmR GH ' SDUD ' $ 9LVWD 5 (VSHVVXUD &0 [ [ 5 VHP MXURV 'LIHUHQ FRQVXPR HQHUJLD 'LIHUHQFLDO DEDL[R : *DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD GR iXGLR : 506 7HPSR GH UHVSRVWD 06 )UHTXrQFLD += (QWUDGDV 5*% 86% &RQVXPR XVR VWE\ : K : K
&5(',É5,2 35Ð35,2 )/(;Ì9(/ ( 3(5621$/,=$'2
&219(5625 ',*,7$/ ,17(*5$'2
' &2035$ 3527(*,'$
5
)RWRV PHUDPHQWH LOXVWUDWLYDV
)8// +' (175$'$6
%ULQTXHGRV $&,0$ '( $126
$&,0$ '( $126
$ 3$57,5 '( $126
$ 3$57,5 '( $126
%ULQTXHGR '7& )LOKRWHV 0DQLD %RXWLTXH
3DWLQV '7& ,QOLQH )LOKRWHV 0DQLD %ULQTXHGR '7& 6NDWH ([WUHPR ( 5DGLFDO $ 9LVWD 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(
0DWHULDO 3OiVWLFR 3HUVRQDJHP +RW :KHHOV $FHVVyULRV YHtFXOR
$ 9LVWD 5 [ [ 5 VHP MXURV
0DWHULDO 39& SROLpVWHU
0DWHULDO SOiVWLFR
$ 9LVWD 5 [ [ 5 VHP MXURV 0DWHULDO 39& VLOLFRQH H SDSHO
(&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(/$ $ 3$57,5 '( $126
$ 3$57,5 '( $126
$ 3$57,5 '( $126
%RQHFD 0DWWHO 3HUVRQDJHP %DUELH 4XHUR 6HU %DUELH 46 9HWHULQiULD 7 0DWHULDO SOiVWLFR )XQFLRQDPHQWR PHFkQLFR $OWXUD &0 $ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$ 3$57,5 '( $126
-RJR /tGHU +: 7DFRV +: 7DFRV
3HUVRQDJHP /LWWOH 0RPP\ 0DWHULDO WHFLGR H SOiVWLFR )XQFLRQDPHQWR PHFkQLFR $FHVVyULRV URXSLQKD H FROKHU $ 9LVWD 5 [ [ 5 VHP MXURV $OWXUD &0 2X [ [ 5 7RWDO D SUD]R 5
%ULQTXHGR 0DWWHO 7HOHIRQH +
%RQHFD 0DWWHO /0 )UDOGLQKD 'LYHUW 9
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$ 9LVWD 5 [ [ 5 VHP MXURV [ [ 5 VHP MXURV 0DWHULDO SOiVWLFR
$ 3$57,5 '( $126
$ 3$57,5 '( $12
%ULQTXHGR /tGHU %DUELH .LW 'H 9ROH\
$ 9LVWD 5 [ [ 5 VHP MXURV
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
7LSR MRJR GH Y{OH\ 0DWHULDO 1\ORQ (YD 1 GH SDUWLFLSDQWHV RX PDLV
$ 9LVWD 5 [ [ 5 VHP MXURV 0DWHULDO SOiVWLFR $FHVVyULRV
7LSR MRJR 0DWHULDO SROLHWLOHQR 1 GH SDUWLFLSDQWHV
0DWHULDO SOiVWLFR
%ULQTXHGR +DVEUR 3. 3OD\VHW 0DUWHODU
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$&,0$ '( $126
'( $ $126
%ULQTXHGR /tGHU &DYDOLQKR 8SD 8SD *XJX
%ULQTXHGR /tGHU )RIRPyYHO 3DWDWt 3DWDWi
$ 3$57,5 '( $126
)RWRV PHUDPHQWH LOXVWUDWLYDV
3LVWD 0DWWHO +: 5HY 8SV 7UDFN 9
%RQHFR +DVEUR 7KRU $omR /X[R
$ 9LVWD 5 [ [ 5 VHP MXURV 3HUVRQDJHP 7KRU 2X [ [ 5 0DWHULDO SOiVWLFR H YLQLO 7RWDO D SUD]R 5 )XQFLRQDPHQWR PDQXDO
$&,0$ '( $126
$&,0$ '( $126
-RJR +DVEUR 0RQRSRO\ &DUWmR (OpWULFR 7LSR HGXFDWLYR 0DWHULDO SOiVWLFR PHWDO H SDSHO $ 9LVWD 5 1 GH SDUWLFLSDQWHV 'H D [ [ 5 VHP MXURV $FHVVyULRV PiTXLQD GH FDUWmR 2X [ [ 5 FDUW}HV HOHWU{QLFRV 7RWDO D SUD]R 5 FDUWDV VRUWH FDUWDV FRIUH H WDEXOHLUR
%RQHFD +DVEUR 3ULPHLURV 'HQWLQKRV
$ 9LVWD 5 [ [ 5 VHP MXURV 0DWHULDO %RUUDFKD 3OiVWLFR 9LQLO 2X [ [ 5 )XQFLRQDPHQWR PDQXDO $FHVVyULRV 7RWDO D SUD]R 5
752&$ *$5$17,'$ 325 80 3(48(12 &8672 $',&,21$/ 92&È *$5$17( 3527(d®2 (;75$ 3$5$ 6(8 (/(7523257É7,/ $ *$5$17(&+ $66(*85$ $ 752&$ (0 &$62 '( '()(,726 3(662$6 )Ì6,&$6 620(17(
%ULQTXHGRV '( $ $126
%RQHFD *URZ 0{QLFD 3DWLQDGRUD %RQHFD *URZ 'DQFLQJ 0{QLFD
%ULQTXHGR *URZ 5 ( 5 3ULQFHVDV $ 9LVWD 5 $ 3$57,5 '( $126
$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5
3HUVRQDJHP SULQFHVDV 0DWHULDO SDSHO FDUWmR )XQFLRQDPHQWR PDQXDO
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
'( $ $126
3HUVRQDJHP 7XUPD GD 0{QLFD $OWXUD &P 0DWHULDO YLQLO SDSHO FDUWmR )XQFLRQDPHQWR SLOKD 9 $$ $FHVVyULRV ERQHFD FRP SLOKDV
$OWXUD FP 0DWHULDO YLQLO H ILEUD )XQFLRQDPHQWR SLOKDV 9 $$
%ULQTXHGR (VWUHOD 60 )iEULFD $ 9LVWD 5
$ 9LVWD 5
3HUVRQDJHP EHEr EDQKLQKR
6$, É*8$ '2 &+89(,5,1+2
&DUUR (VWUHOD 6XSHU 1LWUR &5
$OWXUD FP 0DWHULDO SOiVWLFR )XQFLRQDPHQWR PHFkQLFR $FHVVyULRV HVSRQMD WRDOKD IUDXGD H EDQKHLUD
$ 9LVWD 5 $ 3$57,5 '( $126
$ 3$57,5 '( $126
-RJR (VWUHOD 'HWHWLYH ' 7LSR DomR $ 9LVWD 5 0DWHULDO FDUWRQDGR [ [ 5 VHP MXURV 1 GH SDUWLFLSDQWHV D 2X [ [ 5 $FHVVyULRV yFXORV ' 7RWDO D SUD]R 5 WDEXOHLUR ' H FDUWDV '
$ 9LVWD 5 [ [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
0DWHULDO SOiVWLFR 3HUVRQDJHP 6XSUHPXV $FHVVyULRV FRQWUROH IXQo}HV
$ 3$57,5 '( $12
$ 3$57,5 '( $126
%ULQTXHGR *XOOLYHU 0ROWR 6DSLQKR
&DGHLUD *XOOLYHU %ULFNV ( .OLFNV $ 9LVWD 5
%ULQTXHGR *XOOLYHU 0ROWR *XLWDUUD *XOOLYHU 0ROWR *XLWDUUD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
1 GH SDUWLFLSDQWHV RX $FHVVyULRV
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(
%RQHFD (VWUHOD %HEr %DQKR
0DWHULDO PDVVD 1 GH SDUWLFLSDQWHV RX PDLV $FHVVyULRV
$ 3$57,5 '( $126
'( $ $126
0DWHULDO SROLSURSLOHQR SROLpVWHU
(&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(/$ 7ULFLFOR %DQGHLUDQWH 0HX *DWLQKD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
0RYLGR D SHGDO $VVHQWR DQDW{PLFR 0DWHULDO SROLSURSLOHQR
'( $ $126
$ 3$57,5 '( $12 ( 0(,2
,62
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
0RWR %DQGHLUDQWH =[ &URVV *DWLQKD
0RYLGR D SHGDO SDVVHLR 9RODQWH JXLGmR FRP EX]LQD 0DWHULDO SROLSURSLOHQR $FHVVyULRV KDVWH UHPRYtYHO
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
0DUFKDV IUHQWH H Up 9HORFLGDGH DSUR[ NP K 0RYLGR D EDWHULD VHODGD 9 0DWHULDO SROLSURSLOHQR $FHVV FDUUHJDGRU DXWRPiWLFR
35(),5$ 48(0 6( (6)25d$ ',$5,$0(17( 3$5$ 2)(5(&(5 2 0(/+25 $7(1',0(172
)RWRV PHUDPHQWH LOXVWUDWLYDV
$ 3$57,5 '( $126
&DUUR %DQGHLUDQWH 5RDGVWHU
( OHWU{QLFRV $12 5
&' 3OD\HU 3 DXWR + %XVWHU +%' %7 $ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
(175$'$
86%
(175$'$
$8;,/,$5
&2035$ 3527(*,'$
5
(;
$126 5
3DLQHO GHVWDFiYHO 5iGLR $0 )0 5HSURGXomR &' 0S (QWUDGD FDUWmR PHPyULD 6' 00& 3RWrQFLD GH VDtGD : &RQWUROH UHPRWR ,OXPLQDomR YHUPHOKD &RU GR JDELQHWH SUHWR
*DUDQWLD GR IDEULFDQWH DQR 5HFHSomR FDQDLV 9+) 8+) +'79 $QWHQD ,QWHUQD 5HFHSomR )0 $TXiULR '79 7LSR GH FDER FRD[LDO (QJORED FDQDLV GH D 8VR LQWHUQR $ 9LVWD 5
WLD *DUDQ 75$
*DUDQWLD GR IDEULFDQWH DQR
5(352'8= .$5$2.(
6XSRUWH 3 79 (OJ )L[R 1 9
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
(175$'$
86%
*DUDQWLD GR IDEULFDQWH DQR ,QVWDODomR QD SDUHGH 3DUD 79 GH /&' /(' 3ODVPD 7DPDQKR PtQLPR 7DPQKR Pi[LPR
7LSR GH IXUDomR 9HVD
(175$'$
$8;,/,$5
&2035$ 3527(*,'$
5 $12 5
*DUDQWLD GR IDEULFDQWH DQR ,QVWDODomR QD SDUHGH 3DUD WY GH /&' /(' 3/$60$ $ 9LVWD 5 [ [ 5 VHP MXURV 7DPDQKR PtQLPR [ 7DPQKR Pi[LPR 2X [ [ 5 7LSR GH IXUDomR 9HVD 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(
$126 5
*DUDQWLD GR IDEULFDQWH DQR 5HJLmR 7RGDV =RRP 'ROE\ GLJLWDO $ 9LVWD 5 &RQWUROH UHPRWR [ [ 5 VHP MXURV 5HSURGX] '9' 5 '9' 5: RX HQWUDGD 5 5HSURGX] 03 IRWR &' [ 5 5HSURGX] &' &' 5 5: 7RWDO D SUD]R 5 OLQKDV GH UHVROXomR
'9' 3OD\HU 3 $XWR 3LRQHHU '9+ $9 86%
*DUDQWLD GR IDEULFDQWH DQR 5HJLmR (TXDOL]DGRU 5HSURGXomR '9' &' 0S )RUPDWR 'LQ 'RXEOH 'LQ 3DLQHO UHPRYtYHO &RQWUROH UHPRWR 3RWrQFLD : [
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
.LW $QWHQD 3DUDEyOLFD +RW 6DW 0 +6
$QWHQD ([WHUQD $TXiULR '79
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
*DUDQWLD GR IDEULFDQWH DQR $QWHQD 5HFHSWRU /1%) &DERV &RQHFWRUHV 'LkPHWUR 0
5HFHSomR FDQDLV 9+) 8+) +'79 5HFHSomR )0 7LSR GH FDER FRD[LDO (QJORED FDQDLV GH D 8VR H[WHUQR
0LFUR 6\VWHP 3DQDVRQLF 6& $.; 31 .
0LFUR 6\VWHP 3DQDVRQLF 6& $.; 31 .
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5 (175$'$
86%
327È1&,$ 727$/ 506 :
(175$'$
86%
*DUDQWLD GR IDEULFDQWH DQR &DSDFLGDGH SDUD &' 5HSURGXomR 03 &' 5 &' 5: 5iGLR $0 )0 &RQWUROH UHPRWR
327È1&,$ 506 : (175$'$ 3$5$ 0,&52)21(
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR &DSDFLGDGH SDUD &' 5HSURGXomR 03 &' 5 &' 5: 5DGLR $0 )0 &RQWUROH UHPRWR
(&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 ( 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
79 $2& /&' '79 /& : 37
$ 9LVWD 5 [ [ 5 VHP MXURV
&DL[D $F~VWLFD )UDKP $PSOLILFDGD 0) 86% )0
*DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 (QWUDGDV 5*% 86% 6DtGDV FRD[LDO 'LIHUHQFLDO 86% 'LIHUHQFLDO UHGXWRU GH UXtGRV &RQVXPR 8VR 6WE\ : K : K
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
)RWRV PHUDPHQWH LOXVWUDWLYDV
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
(;
$SDUHOKR '9' 7HFWR\ /&' & 7HOD 7
6XSRUWH 3 79 (OJ 9HVD (
WLD *DUDQ 75$
(175$'$
86%
*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD 506 : )DODQWH )0 GLJLWDO &RQWUROH UHPRWR
+'0, (175$'$6
/&'
'79
&219(5625 ',*,7$/ ,17(*5$'2
&2035$ 3527(*,'$
5
$12 5
WLD *DUDQ 75$
(;
$126 5
::: %(02/ &20 %5 6(59,d26 ( 352'8726 ',6321Ì9(,6 9,$ ,17(51(7 K
/ LQKD %UDQFD
$12 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
P F
$126 5
5
&2035$ 3527(*,'$
$12 5
FP
5
/ )81d®2 *5,//
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
F P
FP
0LFUR 2QGDV (OHFWUROX[ 0(& ,1
FP
WLD *DUDQ 75$
(;
5
*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : 7LPHU 3UDWR JLUDWyULR $XWR GHVFRQJHODPHQWR $XWR DTXHFLPHQWR GHVFRQJHODPHQWR 7HFOD SLSRFD 7UDYD GH VHJXUDQoD
3XULILFDGRU ,%%/ )5 35 $ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
$QRV
Q
FP
FP
&/$66( $
&/$66( $
%$,;2 &216802 '( (1(5*,$
FP
P
(;
P
FP
&OLPDWL]DGRU (OHFWUROX[ &/ )
ÉUHD DEUDQJHQWH Pó 7HPSR GH RSHUDomR KRUDV &DSDFLGDGH OLWURV ,QGLFDGRU GH IDOWD G iJXD $ 9LVWD 5 [ [ 5 VHP MXURV )XQo}HV FOLPDWL]DU 2X [ [ 5 YHQWLODU H XPLGLILFDU 'LVSOD\ GLJLWDO 7RWDO D SUD]R 5 7LPHU ,QGLFDGRU GH QtYHO *DUDQWLD GR IDEULFDQWH DQR
$126 5
&RPSUHVVRU URWDWLYR $FLRQDPHQWR PDQXDO *DELQHWH DoR JDOYDQL]DGR &LFOR GH DU IULR 6DtGD GR DU ODWHUDO
&/$66( $
6SOLW %WXV (OHFWUROX[ &%83( ) 3, )
',63/$< ',*,7$/
F
*DUDQWLD GR IDEULFDQWH DQR
WLD *DUDQ 75$
U
F
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
G R )D E
FP
9
FP
$126 5
%786
%786
FP $U &RQGLFLRQDGR %WXV &RQVXO &&) '%$ 9
(;
FP
%$,;2 &216802 '( (1(5*,$
9
$126 5
*DUDQWLGD GR IDEULFDQWH DQR 6HUYH iJXD QDWXUDO H JHODGD 7HUPRVWDWR UHJXOiYHO )LOWUD WULSOD ILOWUDJHP &ROHWRU UHPRYtYHO ,VRODPHQWR WpUPLFR *DELQHWH SOiVWLFR LQMHWiYHO
FP
WLD *DUDQ 75$
$12 5
* DUD
5
(;
&2035$ 3527(*,'$
$126 5
WLD
&2035$ 3527(*,'$
WLD *DUDQ 75$
*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : 7LPHU $XWR GHVFRQJHODPHQWR $XWR DTXHFLPHQWR FR]LPHQWR 7HFOD SLSRFD 7UDYD GH VHJXUDQoD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
/
FP
FP
FP
0LFUR 2QGDV %UDVWHPS %06 $%+1$ / %5
FP
FP
5
'285$'25
$12 5
&2035$ 3527(*,'$
*DUDQWLD GR IDEULFDQWH DQR &DSDFLGDGH LQWHUQD / )RUQR (OpWULFR 5HYHVWLPHQWR DXWROLPSDQWH /D\U -R\ %5 9 3RWrQFLD : ,OXPLQDomR LQWHUQD $ 9LVWD 5 3UDWHOHLUD UHPRYtYHO [ [ 5 VHP MXURV 7HUPRVWDWR 2X [ [ 5 9LGUR QD SRUWD 7RWDO D SUD]R 5 )XQFLRQDPHQWR HQHUJLD &2035$ 3527(*,'$
:
*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : 7LPHU 3UDWR JLUDWyULR $XWR GHVFRQJHODPHQWR $XWR DTXHFLPHQWR FR]LPHQWR 7HFOD SLSRFD 7UDYD GH VHJXUDQoD
5
0LFUR 2QGDV 3DQDVRQLF 1167 :581 / %5
%$,;2 &216802 '( (1(5*,$
$U &RQGLFLRQDGR %WXV (OHFWUROX[ ($0 ) 9
$12
&2035$ 3527(*,'$
5 WLD
DUDQ
$126
* 75$ $ 9LVWD 5 5 (; 5 [ [ 5 VHP MXURV 2X [ [ 5 $FLRQDPHQWR PDQXDO 7LPHU 7RWDO D SUD]R 5 *DELQHWH DoR JDOYDQL]DGR &LFOR GH DU IULR *DUDQWLD GR IDEULFDQWH DQR 'XSOD VDtGD GR DU &RPSUHVVRU URWDWLYR
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 &RPSUHVVRU URWDWLYR *DELQHWH SOiVWLFR 7LPHU $FLRQDPHQWR HOHWU{QLFR GLJLWDO &RQWUROH UHPRWR &LFOR GH DU IULR 6DtGD GR DU IURQWDO
%786
9 $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(/$
%HEHGRXUR 'H &ROXQD (VPDOWHF (*& % 37 ,1
P F
FP
&2/81$
&2035$ 3527(*,'$
5
FP
$12 5
WLD *DUDQ 75$
(;
$126 5
&2035$ 3527(*,'$
FP
&$3$&,'$'(6 '( 6(59,d26
/$9$ (1;É*8$ 6(&$
FP FP QWLD *DUD75$
(;
$12 5
WLD *DUDQ 75$
(;
$126 5
&2035$ 3527(*,'$
5
352*5$0$6 '( /$9$*(0
*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD GR PRWRU : 7LSR SDUHGH YHORFLGDGHV GH VXFomR /XPLQiULD 7LSR GH ILOWUR PHWiOLFR 7LSR GH ILOWUR FDUYmR DWLYD 7DPDQKR LQGLFDGR %
FP
FP
$ 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 *DUDQWLD GR IDEULFDQWH DQR &RQVXPR GH HQHUJLD : K 7HUPRVWDWR UHJXOiYHO &ROHWRU UHPRYtYHO *DELQHWH DoR JDOYDQL]DGR 6HUYH iJXD JHODGD QDWXUDO
&RLID %UDVWHPS &0 %$, $5$1$ ,1
)81d®2 '(385$'25 (;$86725
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(
(;
$126 5
5 $12 5
WLD *DUDQ 75$
(;
/DYD /RXoDV %UDVWHPS %/) $6$1$ 6 35 &RQVXPR GH HQHUJLD : K (Q[iJ H TXHQWH $ 9LVWD 5 6LVWHPD GH ILOWUDJHP [ [ 5 VHP MXURV 'LVSHQVHU S GHWHUJHQWH 2X [ [ 5 'HVOLJDPHQWR DXWRPiWLFR 7RWDO D SUD]R 5 3RUWD GH YLGUR WHPSHUDGR 3RWrQFLD : *DUDQWLD GR IDEULFDQWH DQR 7LSR SLVR
$12 5
FP
$126 5
FP
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR 5HYHVWLPHQWR DXWR OLPSDQWH 3RWrQFLD : ,OXPLQDomR LQWHUQD 3UDWHOHLUD UHPRYtYHO $ 9LVWD 5 $SDUDGRU GH UHVtGXRV [ [ 5 VHP MXURV 7HUPRVWDWR 2X [ [ 5 9LGUR QD SRUWD 7RWDO D SUD]R 5 )XQFLRQDPHQWR HQHUJLD JiV )RUQR $ *iV (OHFWUROX[ 2* 0; ,1 (0%
/ '285$'25
WLD *DUDQ 75$
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(
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
WLD *DUDQ 75$
FP
(;
)RWRV PHUDPHQWH LOXVWUDWLYDV
$12 5
/
WLD *DUDQ 75$
D QWH
P
F
$126 5
(;
3RWrQFLD : $ 9LVWD 5 [ [ 5 VHP MXURV $XWR GHVFRQJHODPHQWR DTXHFLPHQWR FR]LPHQWR 2X [ [ 5 7HFOD SLSRFD 7RWDO D SUD]R 5 7UDYD GH VHJXUDQoD 7LPHU *DUDQWLD GR IDEULFDQWH DQR
/ FP
WLD *DUDQ 75$
&2035$ 3527(*,'$
LF
5
$12 5
FP
&2035$ 3527(*,'$
FP
FP
0LFUR 2QGDV (OHFWUROX[ 0() / %5
9DULHGDGHV
/LTXLGLILFDGRU 0RQGLDO 3UHPLXP /
/ )HUUR 0RQGLDO )
&2035$ 3527(*,'$
5
$ 9LVWD 5
5
7URFD *DUDQWLGD
*DUDQWLD GR IDEULFDQWH DQR YHORFLGDGHV )XQomR SXOVDU WXUER SXOVDU 3RWrQFLD :
$126 5
$12 5
7URFD *DUDQWLGD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
/
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&2035$ 3527(*,'$
*DUDQWLD GR IDEULFDQWH DQR 7LSR 6HFR %DVH UHYHVWLGD HP DOXPtQLR 6DOYD ERW}HV 3RWrQFLD : $12 5
%DWHGHLUD 0RQGLDO 3UiWLFD % %5
&2035$ 3527(*,'$
5
*DUDQWLD GR IDEULFDQWH DQR 1 GH YHORFLGDGHV )XQomR OLPSDU SXOVDU &RSR HP FULVWDO 3RUWD ILR 3RWrQFLD : $FHVVyULR ILOWUR FRDGRU
$126 5
$12 5
7URFD *DUDQWLGD
$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(
0/
9(/2&,'$'(6 ',Ç0(752 &0
&2035$ 3527(*,'$
5 &2035$ 3527(*,'$
9HQWLODGRU 'H 0HVD 0RQGLDO 9 3.
$12 5
7URFD *DUDQWLGD
$126 5
*DUDQWLD GR IDEULFDQWH DQR 2VFLODomR $ 9LVWD 5 $MXVWH GH LQFOLQDomR [ [ 5 VHP MXURV *UDGH UHPRYtYHO 2X [ [ 5 3RWrQFLD : 7RWDO D SUD]R 5 0DWHULDO GD JUDGH SOiVWLFR
*ULOO 0RQGLDO 6XSHU 3UHPLXP *
&HQWUtIXJD 0RQGLDO 3UHPLXP &)
5
$VSLUDGRU 0RQGLDO $3
$12 5
7URFD *DUDQWLGD
$126 5
*DUDQWLD GR IDEULFDQWH DQR $ 9LVWD 5 [ [ 5 VHP MXURV &RPSULPHQWR GR ILR P 2X [ [ 5 3RUWD DFHVVyULR 7RWDO D SUD]R 5 $FHVVyULR
$ 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 DQRV 3RWrQFLD : $FLRQDPHQWR DXWRPiWLFR 3RUWD ILR $12 5
&2035$ 3527(*,'$
*DUDQWLD GR IDEULFDQWH DQR &RQVXPR GH HQHUJLD : K 7HUPRVWDWR /kPSDGD SLORWR 3RWrQFLD : $12 5
7URFD *DUDQWLGD
7URFD *DUDQWLGD
5
$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(/$ 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
$7e ;Ì&$5$6 $12 5
$7e ;Ì&$5$6 7URFD *DUDQWLGD
$126 5
&DIHWHLUD 0RQGLDO % $ %ODFN & 37 *DUDQWLD GR IDEULFDQWH DQR 'LVSRVLWLYR FRUWD SLQJRV /kPSDGD SLORWR $ 9LVWD 5 [ [ 5 VHP MXURV 7DPDQKR GR ILOWUR 3RWrQFLD : 2X [ [ 5 3ODFD DTXHFHGRUD 7RWDO D SUD]R 5
$12
7URFD
$126
6DQGXLFKHLUD 0DJQLILF 5 *DUDQWLGD 5 %ODFN ( 'HFNHU 6* 37 *DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : $ 9LVWD 5 [ [ 5 VHP MXURV 7HUPRVWDWR /kPSDGD SLORWR 2X [ [ 5 7UDYD GH VHJXUDQoD 7RWDO D SUD]R 5
$12 $12 5
7URFD *DUDQWLGD
$ 9$325
$126 5
)HUUR %ODFN ( 'HFNHU 3)2; 7 %5
&DIHWHLUD %ODFN ( 'HFNHU &0 %5 37
$12 5
7URFD *DUDQWLGD
*DUDQWLD GR IDEULFDQWH DQR $ 9LVWD 5 %DVH UHYHVWLGD HP DOXPtQLR [ [ 5 VHP MXURV 6LVWHPD GH DXWROLPSH]D 2X [ [ 5 6DOYD ERW}HV 7RWDO D SUD]R 5 3RWrQFLD :
*DUDQWLD GR IDEULFDQWH DQR 'LVSRVLWLYR FRUWD SLQJRV /kPSDGD SLORWR $ 9LVWD 5 [ [ 5 VHP MXURV 7DPDQKR GR ILOWUR 2X [ [ 5 3RWrQFLD : 7RWDO D SUD]R 5 3ODFD DTXHFHGRUD
9(/2&,'$'(6 0/
9(/2&,'$'(6 %DWHGHLUD %ODFN ( 'HFNHU 0D[LPD & 3(' 07 %5 37
0/
&2035$ 3527(*,'$
5
0L[HU %ODFN ( 'HFNHU 6% %5 37
)RWRV PHUDPHQWH LOXVWUDWLYDV
/ $12 5
7URFD *DUDQWLGD
$126 5
/LTXLGLILFDGRU %ODFN ( 'HFNHU 9 &RSR 2SDFR ./,% *DUDQWLD GR IDEULFDQWH DQR YHORFLGDGH $ 9LVWD 5 )XQomR OLPSDU SXOVDU [ [ 5 VHP MXURV &RSR HP SOiVWLFR RSDFR 2X [ [ 5 3RUWD ILR 7RWDO D SUD]R 5 3RWrQFLD :
0LQL /LTXLGLILFDGRU 0RHGR %ODFN ( 'HFNHU /0 &=37
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
7URFD *DUDQWLGD
$126 5
*DUDQWLD GR IDEULFDQWH DQR )XQomR OLPSDU SXOVDU &RSR HP SOiVWLFR 3RUWD ILR 3RWrQFLD :
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 1 GH YHORFLGDGHV &RSR HP DFUtOLFR 3RWrQFLD :
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 1 GH YHORFLGDGHV )XQomR WXUER 3RWrQFLD : $FHVVyULR EDWHGRUHV &2035$ 3527(*,'$ 5 HVSiWXOD H WLJHOD $12 5
7URFD *DUDQWLGD
$126 5
*ULOO %ODFN ( 'HFNHU 0DLV 6D~GH *6 %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR &RQVXPR GH HQHUJLD : K /kPSDGD SLORWR 3RWrQFLD : $FHVVyULR EDQGHMD FROHWRUD HVSiWXOD $12 5
7URFD *DUDQWLGD
$126 5
48$/,'$'( 9$/25,=( 6(8 ',1+(,52 &2035$1'2 48$/,'$'(
9DULHGDGHV ,'(17,),&$'25 '( &+$0$'$6
9,9$ 92= )5(4hÈ1&,$ *+= &2035$ 3527(*,'$
&2035$ 3527(*,'$
5
5
*DUDQWLD GR IDEULFDQWH DQR ([SDQVmR SDUD DWp UDPDLV $JHQGD PHPyULD UHJLVWURV %ORTXHLR WLSR HOHWU{QLFR 'LVSOD\ LOXPLQDGR /RFDOL]DGRU GR PRQRIRQH $ 9LVWD 5 [ [ 5 VHP MXURV 0HORGLDV GH WRTXH WLSRV [ 9ROXPHV GH WRTXH QtYHLV RX HQWUDGD 5 %DWHULD VWDQGE\ XVR K K [ 5 $GDSWDGRU $ & 7RWDO D SUD]R 5
$12 5
7HOHIRQH ,QWHOEUDV 6HP )LR 76 9 35
7URFD *DUDQWLGD
$126 5
7HOHIRQH ,QWHOEUDV ,' &5& 37
,'(17,),&$'25 '( &+$0$'$6
9,9$ 92=
*DUDQWLD GR IDEULFDQWH DQR %ORTXHLR WLSR HOHWU{QLFR 'LVSOD\ $ 9LVWD 5 [ [ 5 VHP MXURV 0HORGLDV GH WRTXH WLSRV 9ROXPH GD FDPSDLQKD RX HQWUDGD 5 )XQo}HV PXGR UHGLVFDU IODVK [ 5 $GDSWDGRU $ & 9 7RWDO D SUD]R 5
0(0Ð5,$ 5(*,67526
(&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(/$ D QWH
327È1&,$
:
'HSLODGRU 3KLOLSV +3 9' %5
$SDUDGRU 'H 3HORV 3KLOLSV 7W
G R )D E
U
Q
G R )D E
)XQo}HV GHSLODomR &DEHoD UHPRYtYHO 6LVWHPD OHYDQWD H FRUWD SLQoDV $FHVVyULRV
U
&DEHoDV GH FRUWH H DSDUDGRUD LQWHJUDGDV 6XSRUWH SDUD FDUUHJDU H DUPD]HQDU R DSDUHOKR
/
U
U
&DIHWHLUD :DOLWD 5, 37 0(
(VSUHPHGRU :DOLWD +U
$ 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
LF
'LVSRVLWLYR FRUWD SLQJRV /kPSDGD SLORWR 7DPDQKR GR ILOWUR 3RWrQFLD : 3ODFD DTXHFHGRUD $FHVVyULR FROKHU GRVDGRUD
ZZZ EHPRO FRP EU 6,*$ 126 ( ),48( 325 '(1752 '( 126626 /$1d$0(1726 ( 35202d¯(6
U
LF
$QRV
U
7URFD *DUDQWLGD
G R )D E
D QWH
Q
U
LF
Q
G R )D E
3URFHVVDGRU :DOLWD 5,
/RMDV %HPRO * DUD
* DUD
$QRV
WLD
#EHPRORQOLQH
WLD
/
G R )D E
$12 5
D QWH
7URFD *DUDQWLGD
$ %(02/ (67É 1$6 5('(6 62&,$,6
G R )D E
$QRV
WLD
Q
Q
$12 5
WLD
* DUD
* DUD
)XQomR SXOVDU &RSR HP SROLSURSLOHQR 3RUWD ILR 3RWrQFLD :
$QRV
D QWH
/
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
D QWH
G R )D E
LF
Q
9(/2&,'$'(6 /
D QWH
$QRV
WLD
LF
* DUD
/LTXLGLILFDGRU :DOLWD 5, %5 9,
$12 5
)HUUR :DOLWD 5, %5 90
7URFD *DUDQWLGD
)XQomR SXOVDU 3RWrQFLD : 3RUWD ILR $FHVVyULR
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
D QWH
$QRV
WLD
Q
WLD
* DUD
* DUD
$QRV
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
LF
FDEHoDV &DEHoDV IOXWXDQWHV 6LVWHPD OHYDQWD H FRUWD %DUEHDGRU 3KLOLSV 6LVWHPD URWDWLYR $TXDWRXFK $7 35 $SDUDGRU ELJRGH FXVWHOHWD &ROHWRU GH SrORV %DWHULD UHFDUUHJiYHO $ 9LVWD 5 [ [ 5 VHP MXURV 7HPSR GH UHFDUJD K 2X [ [ 5 $XWRQRPLD DSUR[LPDGD PLQ $FHVVyULRV 7RWDO D SUD]R 5
9$325 635$<
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
7URFD *DUDQWLGD
%DVH UHYHVWLGD HP $QWLDGHUHQWH 6LVWHPD GH DXWROLPSH]D 6DOYD ERW}HV 3RWrQFLD :
&2035$ 3527(*,'$ 3527(-$ 6(8 352'872 &2175$ '$126 ( $&,'(17(6 1®2 &2%(5726 3(/2 )$%5,&$17( '85$17( 2 35$=2 '( *$5$17,$
)RWRV PHUDPHQWH LOXVWUDWLYDV
7URFD *DUDQWLGD
D QWH
$12 5
LF
Q
G R )D
9(/2&,'$'(6
EU
LF
* DUD
$QRV
WLD
/ LQKD %UDQFD &2035$ 3527(*,'$
5
&2035$ 3527(*,'$
5
5
)RJmR % 'DNR 6XSUHPH 6 )*'. 366 %5
FP
$&(1',0(172 $8720É7,&2 727$/
%2&$6 $&(1',0(172 $8720É7,&2 727$/
*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV IL[DV
FP
WLD *DUDQ 75$
(;
$872/,03$17(
FP
$126 5
$12 5
FP
DQWLD
*DU 75$
(;
&2035$ 3527(*,'$
FP
$12 5
WLD *DUDQ 75$
(;
5
FP
%2&$6 $&(1',0(172 $8720É7,&2 727$/
)2512
$872/,03$17(
$126 5
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
FP
WLD *DUDQ 75$
(;
)RJmR E (OHFWUROX[ 60 %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&/$66( $
%$,;2 &216802 '( (1(5*,$
*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV GHVOL]DQWHV 7DPSD GH YLGUR ,OXPLQDomR QR IRUQR
%2&$6
*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV GHVOL]DQWHV ,OXPLQDomR QR IRUQR
$&(1',0(172 $8720É7,&2
)2512 $872/,03$17(
$126 5
$12 5
FP
WLD *DUDQ 75$
$126 5
(;
&2035$ 3527(*,'$ &2035$ 3527(*,'$
5
)RJmR % (VPDOWHF 6DPRD ,1
%2&$6 $&(1',0(172 $8720É7,&2 727$/
)2512 $872/,03$17(
FP
%$,;2 &216802 '( (1(5*,$
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&/$66( $
%$,;2 &216802 '( (1(5*,$
%2&$6
*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV GHVOL]DQWHV 7DPSD GH YLGUR ,OXPLQDomR QR IRUQR
$&(1',0(172 $8720É7,&2 727$/
)2512 $872/,03$17(
$12 5
WLD *DUDQ 75$
(;
$126 5
FP
FP
FP
)RJmR % %UDVWHPS $WLYH %) %581$ ,1
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
)RJmR % *( &RRN )**( 3&2'$ ,1 ,1
&/$66( $
5
&2035$ 3527(*,'$
5
P
&/$66( $
%$,;2 &216802 '( (1(5*,$
%2&$6
*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV IL[D VXSHUGHVOL 7DPSD GH YLGUR ,OXPLQDomR QR IRUQR $12 5
WLD *DUDQ 75$
(;
$&(1',0(172 $8720É7,&2
)2512 $872/,03$17( FP
$126 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV GHVOL]DQWHV ,OXPLQDomR QR IRUQR 7LPHU $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(/$
&/$66( $
%$,;2 &216802 '( (1(5*,$
FP
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( FP FP
$872/,03$17(
FP
&/$66( $
$126 5
(;
&2035$ 3527(*,'$
%$,;2 &216802 '( (1(5*,$
WLD *DUDQ 75$
$12 5
FP
)RJmR % &RQVXO )DFLOLWH &) %581$ ,1
*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ SUDWHOHLUDV IL[DV 7DPSD GH YLGUR ,OXPLQDomR QR IRUQR
)2512
F
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$&(1',0(172 $8720É7,&2 727$/
)RWRV PHUDPHQWH LOXVWUDWLYDV
%2&$6
$126 5
5
)RJmR % &RQWLQHQWDO 6LQJROR )*&7 36* %5
&/$66( $
)2512 $872/,03$17(
&2035$ 3527(*,'$
5
%$,;2 &216802 '( (1(5*,$
*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV IL[DV ,OXPLQDomR QR IRUQR
$&(1',0(172 $8720É7,&2 727$/
P
$12 5
%2&$6
*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV IL[DV 7DPSD GH YLGUR
)2512
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&/$66( $
%$,;2 &216802 '( (1(5*,$
F
FP
)2512 $872/,03$17(
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
%$,;2 &216802 '( (1(5*,$
FP
%2&$6
&/$66( $
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
F P
&/$66( $
%$,;2 &216802 '( (1(5*,$
)RJmR E &RQVXO )DFLOLWH &) %%81$ %5
FP
)RJmR % (VPDOWHF &DULEH %5
FP
&2035$ 3527(*,'$
$7e .*
&/$66( $
5
$7e .*
&/$66( $
352*5$0$6 '( /$9$*(0
2%-(726 '( '(&25$d®2 0(5$0(17( ,/8675$7,926
FP FP
%$,;2 &216802 '( (1(5*,$
$7e .*
$12 5
FP &2035$ 3527(*,'$
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR $ 9LVWD 5 [ [ 5 VHP MXURV 6LVWHPD GH ODYDJHP WXUELOKmR 2X [ [ 5 7LSR GH FRQWUROH PHFkQLFR &HVWR HP SROLSURSLOHQR 7RWDO D SUD]R 5
$7e .*
FP FP
5
6HFDGRUD 6XJJDU 7LPHU 6&
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
WLD *DUDQ 75$
(;
FP
&2035$ 3527(*,'$
5
/DYDGRUD /DWLQD ÑQL[
&2035$ 3527(*,'$
%$,;2 &216802 '( (1(5*,$
$126 5
*DUDQWLD GR IDEULFDQWH DQR 7LPHU &LFOR SDUD DPDFLDQWH 7LSR SDUHGH
/DYDGRUD $UQR /DYHWH 683(5 0/
$12 5
WLD *DUDQ 75$
(;
FP FP
&2035$ 3527(*,'$
5
352*5$0$6 '( /$9$*(0
$126 5
*DUDQWLD GR IDEULFDQWH DQR 1tYHLV GH iJXD $ 9LVWD 5 6LVW GH ODYDJHP WXUELOKRQDPHQWR [ [ 5 VHP MXURV 7LSR GH FRQWUROH PHFkQLFR 2X [ [ 5 &HVWR HP SROLSURSLOHQR 7RWDO D SUD]R 5 3URJUDPD GH HQ[iJ HV
352*5$0$6 '( /$9$*(0
/DYDGRUD 6XJJDU $OHOXLD $/ %5
$12 5
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP WXUELOKmR $ 9LVWD 5 7LSR GH FRQWUROH PHFkQLFR [ [ 5 VHP MXURV QtYHLV GH iJXD 2X [ [ 5 &HVWR HP SROLSURSLOHQR 7RWDO D SUD]R 5 3URJUDPD GH HQ[iJ HV
::: %(02/ &20 %5 6(59,d26 ( 352'8726 ',6321Ì9(,6 9,$ ,17(51(7 K
/ LQKD %UDQFD &/$66( $
$7e .*
&(175,)8*$d®2
&(175,)8*$d®2
$12 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR
WLD *DUDQ 75$
5
FP
$126 5
(;
/RMDV %HPRO &2035$ 3527(*,'$
&2035$ 3527(*,'$
5
/DYDGRUD &RQVXO &:, $ %5
6LVWHPD GH ODYDJHP WXUELOKmR 7LSR GH FRQWUROH PDQXDO 1tYHLV GH iJXD &HVWR HP SROLSURSLOHQR 'LVSHQVHU S DPDFLDQWH DOYHMDQWH 3URJUDPD GH HQ[iJ HV
#EHPRORQOLQH
352*5$0$6 '( /$9$*(0
FP
&2035$ 3527(*,'$
FP
&(175,)8*$d®2
FP
FP
$7e .*
352*5$0$6 '( /$9$*(0
$12 5
DQWLD
*DU 75$
(;
5
FP
$126 5
WLD *DUDQ 75$
$12 5
/DYDGRUD *( /9*( ,$ %5
/DYDGRUD (OHFWUROX[ /7( %5
*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP DJLWDGRU 7LSR GH FRQWUROH PHFkQLFR 1tYHLV GH iJXD $ 9LVWD 5 [ [ 5 VHP MXURV &HVWR HP SROLSURSLOHQR 'LVSHQVHU SDUD DPDFLDQWH DOYHMDQWH 2X [ [ 5 3URJUDPD GH HQ[iJ HV 7RWDO D SUD]R 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
(;
$126 5
ZZZ EHPRO FRP EU
*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP DJLWDGRU 7LSR GH FRQWUROH HOHWU{QLFR 1tYHLV GH iJXD &HVWR HP SROLSURSLOHQR 'LVSHQVHU SDUD DPDFLDQWH DOYHMDQWH 3URJUDPD GH HQ[iJ HV
6,*$ 126 ( ),48( 325 '(1752 '( 126626 /$1d$0(1726 ( 35202d¯(6
&2035$ 3527(*,'$
5
/DYDGRUD (OHFWUROX[ /7& %5
/DYDGRUD %UDVWHPS %:& $%$1$ %5
WLD *DUDQ 75$
(;
*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP DJLWDGRU 7LSR GH FRQWUROH PHFkQLFR QtYHLV GH iJXD &HVWR HP SROLSURSLOHQR 'LVSHQVHU SDUD DPDFLDQWH DOYHMDQWH 3URJUDPD GH HQ[iJ HV
352*5$0$6 '( /$9$*(0
&(175,)8*$d®2
$126 5
FP
&2035$ 3527(*,'$
5
$12 5
WLD *DUDQ 75$
(;
/DYDGRUD 6HFDGR 6DPVXQJ :' 5-) %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$7e .*
352*5$0$6 '( /$9$*(0
&(175,)8*$d®2
$126 5
FP
$12 5
FP
FP
352*5$0$6 '( /$9$*(0
&(175,)8*$d®2
FP
$7e .*
*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP DJLWDGRU 7LSR GH FRQWUROH GLJLWDO 1tYHLV GH iJXD &HVWR HP SROLSURSLOHQR 'LVSHQVHU SDUD DPDFLDQWH DOYHMDQWH 3URJUDPD GH HQ[iJ HV
$7e .*
&/$66( $
%$,;2 &216802 '( (1(5*,$
FP
FP
&/$66( $
%$,;2 &216802 '( (1(5*,$
$ 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
FP
*DUDQWLD GR IDEULFDQWH DQR $TXHFLPHQWR GH iJXD 6LVWHPD GH ODYDJHP WRPEDPHQWR &HVWR HP SROLSURSLOHQR 'LVSHQVHU S DPDFLDQWH DOYHMDQWH 3URJUDPD GH HQ[iJ HV 7LSR GH FRQWUROH HOHWU{QLFR
35 2 '
35 2 '
FP
35 2 '
FP
35 2 '
FP
35 2 '
&216802 '( (1(5*,$
&216802 '( (1(5*,$
&216802 '( (1(5*,$
&216802 '( (1(5*,$
5 0È6 RX : K /,*$'2 K
5 0È6 RX : K /,*$'2 K
5 0È6 RX : K /,*$'2 K
5 0È6 RX : K /,*$'2 K
8 7 2 & / $
6 6 ( $
FP
8 7 2 & / $
6 6 ( $
8 7 2 & / $
6 6 ( $
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(/$
)5267 )5((
&216802 '( (1(5*,$
FP
F P
FP
FP
FP
FP
/
/
/
/
)5267 )5((
5 0È6 RX : K /,*$'2 K
FP
FP *HODGHLUD &RQVXO )) &5% $% / %5
P
F
/ FP
&2035$ 3527(*,'$
5
*HODGHLUD (OHFWUROX[ 5: / %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
,62
$12 5
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR 'HJHOR FRQJ PDQXDO 'HJHOR UHIULJ DXWRPiWLFR &RQWUROHV H[WHUQR &DSDFLGDGH GR FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV
*HODGHLUD &RQVXO &') &5' (%$1$ / %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 &2035$ 3527(*,'$ &RQWUROHV ([WHUQRV 5 3RUWD UHYHUVtYHO &DSDFLGDGH GR FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWD ODWLFtQLR ODWDV
*DUDQWLD GR IDEULFDQWH DQR 'HJHOR FRQJ UHIULJ PDQXDO &RQWUROHV LQWHUQRV &2035$ 3527(*,'$ 3RUWD UHYHUVtYHO 5 &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHPRYtYHLV
$12 5
WLD *DUDQ 75$
(;
$126 5
$12 5
WLD *DUDQ 75$
(;
$126 5
*HODGHLUD (OHFWUROX[ '& / %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 'HJHOR FRQJ PDQXDO 'HJHOR UHIULJ DXWRPiWLFR &2035$ 3527(*,'$ 5 &RQWUROHV LQWHUQRV &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWD ODWD $12 5
WLD *DUDQ 75$
(;
$126 5
*HODGHLUD &RQWLQHQWDO )) 5)&7 / %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR &RQWUROHV LQWHUQR 3RUWD UHYHUVtYHO &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV 3UDWHOHLUDV UHPRYtYHLV &2035$ 3527(*,'$ 3RUWD ODWD 5 $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
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$/,'$'(
352*5$0$6 '( /$9$*(0
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
%$,;2 &216802 '( (1(5*,$
)RWRV PHUDPHQWH LOXVWUDWLYDV
FP
$7e .*
&/$66( $
%$,;2 &216802 '( (1(5*,$
FP
FP
&/$66( $
%$,;2 &216802 '( (1(5*,$
$ %(02/ (67É 1$6 5('(6 62&,$,6
9DULHGDGHV /
/
/ 3(d$6
3(d$6 3DQHOD 3UHVVmR &ORFN &RP / 32 3DQHOD 3UHVVmR 3DQH[ / 32/
$ 9LVWD 5 [ [ 5 VHP MXURV Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; 0DWHULDO DOXPtQLR Â&#x2021; 7DPSD HP DOXPtQLR Â&#x2021; 9iOYXOD GH VHJXUDQoD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; 0DWHULDO DOXPtQLR Â&#x2021; 7DPSD HP DOXPtQLR Â&#x2021; 9iOYXOD GH VHJXUDQoD Â&#x2021; 'LIHUHQFLDO 6LVW 9HUWLFRQWURO Â&#x2021; 'LIHUHQFLDO &ORFN 6DIH 3OXV
&RQMXQWR 3 5RFKHGR $JLOH
3DQHOD 3UHVVmR &ORFN &RQI /
&RQMXQWR 3 5RFKHGR ,QJHQLR
$ 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
Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; &RQWpP LWHQV Â&#x2021; 3DQHODV Â&#x2021; &DoDUROD Â&#x2021; )ULJLGHLUD IUDQFHVD Â&#x2021; )HUYHGRU
Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; 0DWHULDO DOXPtQLR Â&#x2021; 7DPSD HP DOXPtQLR Â&#x2021; 9iOYXOD GH VHJXUDQoD Â&#x2021; 'LIHUHQFLDO MDQHOD GH VHJXUDQoD
Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; &RQWpP LWHQV Â&#x2021; 3DQHODV Â&#x2021; )ULJLGHLUD IXQGD
(&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 9Ã&#x2030;/,'$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(
3(d$6
3(d$6 3(d$6 &RQMXQWR 3 5RFKHGR ,QJHQLR
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; &RQWpP LWHQV Â&#x2021; 3DQHOD GH SUHVVmR / Â&#x2021; 3DQHODV Â&#x2021; &DoDUROD Â&#x2021; )ULJLGHLUD IUDQFHVD Â&#x2021; )ULJLGHLUD IXQGD Â&#x2021; )HUYHGRU
&RQMXQWR S 5RFKHGR 9LWDOOH Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; &RQWpP LWHQV Â&#x2021; 3DQHODV Â&#x2021; )ULJLGHLUD IXQGD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&RQMXQWR 3 3DQHODV 7UDPRQWLQD 73 9'5
3(d$6
&RQMXQWR 3 5RFKHGR %RQ $SHWLW Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; &RQWpP LWHQV Â&#x2021; 3DQHODV Â&#x2021; &DoDUROD Â&#x2021; )ULJLGHLUD IUDQFHVD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
3(d$6
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 &RQMXQWR 3 3DQHODV 7UDPRQWLQD 73 9'5
Â&#x2021; &RPSRVLomR Â&#x2021; )HUYHGRU FP Â&#x2021; 3DQHOD FP Â&#x2021; 3DQHOD FP Â&#x2021; &DoDUROD FP Â&#x2021; &DoDUROD FP Â&#x2021; )ULJLGHLUD UHWD FP Â&#x2021; )ULJLGHLUD FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
3(d$6
3(d$6 &RQMXQWR 3 3DQHODV 7UDPRQWLQD ,1
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
-RJR 3 3 6HUYLU 7UDPRQWLQD Â&#x2021; FDoDUROD UDVD FP Â&#x2021; FDoDUROD IXQGD FP Â&#x2021; SDQHOD FP Â&#x2021; IULJLGHLUD FP Â&#x2021; FR]L YDSRUH DUDPDGR FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
3(d$6
3(d$6
)RWRV PHUDPHQWH LOXVWUDWLYDV
3(d$6 &RQMXQWR 3 3DQHODV 7UDPRQWLQD &RQMXQWR 3 3DQHODV 7UDPRQWLQD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
Â&#x2021; &DOGHLUmR FP Â&#x2021; &DoDUROD GH FP Â&#x2021; )ULJLGHLUD FP Â&#x2021; )HUYHGRU FP Â&#x2021; 3DQHOD GH FP Â&#x2021; 3DQHOD GH FP Â&#x2021; 3DQHOD GH FP
Â&#x2021; )HUYHGRU FP Â&#x2021; 3DQHOD FP Â&#x2021; 3DQHOD FP Â&#x2021; &DoDUROD FP Â&#x2021; )ULJLGHLUD FP
&RQMXQWR 3 3DQHOD 7UDPRQWLQD 62/$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 Â&#x2021; 0DWHULDO LQR[
Â&#x2021; &RPSRVLomR GR MRJR Â&#x2021; )ULJLGHLUD VHP WDPSD FP Â&#x2021; &DoDUROD UDVD FP Â&#x2021; &DoDUROD UDVD FP Â&#x2021; &DOGHLUmR FP Â&#x2021; &DOGHLUmR FP Â&#x2021; &R]L YDSRUH FP Â&#x2021; 3UDWR FP Â&#x2021; 6XSRUWH Â&#x2021; 4XHLPDGRU
48$/,'$'( 9$/25,=( 6(8 ',1+(,52 &2035$1'2 48$/,'$'(
9DULHGDGHV
&(5Ç0,&$ &(5Ç0,&$
:
&2035$ 3527(*,'$
5
6HFDGRU *DPD 9HQWR &HUkPLFD ÌRQ $66
&KDSD *DPD ,QILQLW\ 2QH $33 37
7URFD *DUDQWLGD
:
*8,$6 '( &257(
)81&,21$0(172 (/e75,&2
3(17(6
0RGHODGRU *DPD 6LOYHU 7HFK 00 $'0
&KDSD *DPD 5HG ,RQL[ $33 37
$126 5
$12 5
7URFD *DUDQWLGD
$126 5
$12 5
6HFDGRU *DPD ,QILQLW\ $66 5;
7URFD *DUDQWLGD
$126 5
$12 5
7URFD *DUDQWLGD
$126 5
$12 5
7URFD *DUDQWLGD
$126 5
$12 5
7URFD *DUDQWLGD
$126 5
$7e .* 325 3(662$
$7e ;Ì&$5$6
',*,7$/
:
$12 5
7URFD *DUDQWLGD
$126 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
9HORFLGDGH QtYHLV 7HPSHUDWXUD QtYHLV $FDEDPHQWR $%6 &RPSULPHQWR GR FDER P %LFR GLUHFLRQDGRU GH DU $12 5
7URFD *DUDQWLGD
6HFDGRU *DPD 7RR &KLF $66 52
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
:
$-867(6
0iTXLQD 'H &RUWDU 0iTXLQD 'H &RUWDU &DEHOR *DPD 352 $0& &DEHOR *DPD *& 37 90 $ 9LVWD 5 $ 9LVWD 5 [ [ 5 VHP MXURV $ 9LVWD 5 $ 9LVWD 5 [ [ 5 VHP MXURV 0iTXLQD 'H &RUWDU $ 9LVWD 5 2X [ [ 5 [ [ 5 VHP MXURV [ [ 5 VHP MXURV &DEHOR *DPD *0 $0& [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 2X [ [ 5 2X [ [ 5 7RWDO D SUD]R 5 2X [ [ 5 7RWDO D SUD]R 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 7RWDO D SUD]R 5 $ 9LVWD 5 *DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : [ [ 5 VHP MXURV 9HORFLGDGH QtYHO *DUDQWLD GR IDEULFDQWH DQR 7LSR GH OkPLQD DoR 7HFQRORJLD ÌRQ 7LSR GH OkPLQD DOOR\ 2X [ [ 5 7HPSHUDWXUD QtYHLV /kPSDGD SLORWR $MXVWH GH FRUWH 7HPSR GH DTXHFLPHQWR VHJ *XLDV GH FRUWH DMXVWH 7RWDO D SUD]R 5 /kPSDGD SLORWR $TXHFLPHQWR LPHGLDWR 7HPSHUDWXUD QtYHO 'LPHQVmR GDV JXLDV FP 'LPHQVmR GDV JXLDV PP $FDEDPHQWR $%6 7HPSHUDWXUD QtYHO )XQFLRQDPHQWR HOpWULFR 7HPSHUDWXUD DOFDQoDGD & 7HQVmR ELYROW 7LSR GH OkPLQD DOOR\ &DER HPERUUDFKDGR 7HPSHUDWXUD DOFDQoDGD & $FHVVyULRV &RPSULPHQWR GR FDER P $FHVVyULRV )XQFLRQDPHQWR HOpWULFR 7HQVmR ELYROW &RPSULPHQWR GR FDER 0
9HORFLGDGH QtYHLV 7HPSHUDWXUD QtYHLV $FDEDPHQWR $%6 &RPSULPHQWR GR FDER P %RFDO GLUHFLRQDGRU GH DU 'LIXVRU GH DU $12 5
:
$-867( '( &257(
3RWrQFLD : QtYHLV GH WHPSHUDWXUD $FDEDPHQWR $%6 &RPSULPHQWR GR FDER P
$126 5
$12 5
7URFD *DUDQWLGD
$126 5
%DODQoD 3 %DQKHLUR*DPD +&* 0
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
*DUDQWLD GR IDEULFDQWH DQR 7LSR GH YLVRU FULVWDO OLTXLGR )XQFLRQDPHQWR %DWHULDV $FLRQDPHQWR DXWRPiWLFR 7LSR EDQKHLUR
&DIHWHLUD (OHFWUROX[ 3URPR &0352 37
$12 $12 5
7URFD *DUDQWLGD
$126 $126 5
*DUDQWLD GR IDEULFDQWH DQR 'LVSRVLWLYR FRUWD SLQJRV $ 9LVWD 5 /kPSDGD SLORWR [ [ 5 VHP MXURV 7DPDQKR GR ILOWUR FP 2X [ [ 5 3ODFD DTXHFHGRUD 7RWDO D SUD]R 5 $FHVVyULR
$7e ;Ì&$5$6
&2035$ 3527(*,'$
&2035$ 3527(*,'$
5
$12 5
7URFD *DUDQWLGD
5
$126 5
&DIHWHLUD (OHFWUROX[ *DUDQWLD )DEULFDQWH $QR &KHI 7KHUP &P 3W 'LVSRVLWLYR FRUWD SLQJRV /kPSDGD SLORWR $ 9LVWD 5 7DPDQKR GR ILOWUR FP [ [ 5 VHP MXURV 3RWrQFLD Z 2X [ [ 5 3ODFD DTXHFHGRUD 7RWDO D SUD]R 5 $FHVVyULR
/LTXLGLILFDGRU (OHFWUROX[ (DV\OLQH %%(
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
9(/2&,'$'(6 /
9$325
:
635$<
7URFD *DUDQWLGD
$126 5
*DUDQWLD GR IDEULFDQWH DQR )XQomR OLPSDU SXOVDU &RSR HP DFUtOLFR 3RUWD ILR $FHVVyULR
)HUUR (OHFWUROX[ )UHVK /LQH 2GL $]
/
*DUDQWLD GR IDEULFDQWH $QR %DVH UHYHVWLGD HP (VPDOWDGD /kPSDGD SLORWR $ 9LVWD 5 [ [ 5 VHP MXURV 6LVWHPD GH DXWR OLPSH]D 6DOYD ERW}HV 2X [ [ 5 3RWrQFLD Z 7RWDO D SUD]R 5
$UUR]HLUD (OHFWUROX[ (DV\OLQH 6&
$12 5
7URFD *DUDQWLGD
$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(
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
:
:
:
7(&12/2*,$ Ì21
*DUDQWLD GR IDEULFDQWH DQR $ 9LVWD 5 5HYHVWLPHQWR DQWLDGHUHQWH [ [ 5 VHP MXURV 7HPSR FR]LPHQWR DSUR[ PLQ 2X [ [ 5 0DQWpP DTXHFLPHQWR DSyV R SUHSDUR 7RWDO D SUD]R 5 $FHVVyULRV FRSR GRVDGRU HVSiWXOD
(&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/,*$0(172 $8720É7,&2 &2035$ 3527(*,'$
5
&2035$ 3527(*,'$
5
5
0/
/DYDGRUD 'H 3UHVVmR (OHFWUROX[ ( :DVK $0
/DYDGRUD 3UHVVmR (OHFWUROX[ 3: (:6 $0
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD .: 3UHVVmR EDU SVL 9D]mR GH iJXD O K $FLRQDGR SRU JDWLOKR *DWLOKR F WUDYD 5HFLSLHQWH S GHWHUJHQWH &RPSULPHQWR GR ILR 0 3RUWD DFHVVyULRV
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
*$7,/+2 &20 75$9$ '(6/,*$0(172 $8720É7,&2
*DUDQWLD GR IDEULFDQWH DQR 3UHVVmR EDU SVL SVL 9D]mR GH iJXD OWV K $FLRQDGR SRU JDWLOKR 5HFLSLHQWH S GHWHUJHQWH &RPSULPHQWR GR ILR 0
: $VSLUDGRU (OHFWUROX[ 9HUWLFDO (5* '0
/
&2035$ 3527(*,'$
5
$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD EDWHULD 9 &RPSULPHQWR GR ILR V ILR $FHVVyULRW $12 5
7URFD *DUDQWLGD
$126 5
$VSLUDGRU (OHFWUROX[ 9HUWLFDO (QHUJ 35
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR &RPSULPHQWR GR ILR 0
&$57®2 35(6(17( $&(57( 1$ (6&2/+$ ( $*5$'( 6(035( ',6321Ì9(/ 126 9$/25(6 '( 5 5 5 ( 5
)RWRV PHUDPHQWH LOXVWUDWLYDV
&2035$ 3527(*,'$
/ LQKD %UDQFD &RQJHODGRU (OHFWUROX[ + / %5
)UHH]HU &RQVXO &+% &%$ / %5
/
FP
7(&/$ &21*(/$0(172 5É3,'2
FP
&2035$ 3527(*,'$
5
$12 5
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 *DUDQWLD GR IDEULFDQWH DQR 1tYHO HFRQ{PLFR FODVVH ' )XQomR UHIULJHUDGRUD 3RVLomR KRUL]RQWDO 5HYHVWLPHQWR DoR SLQWDGR &HVWR SDUD HVWRFDJHP 3DLQHO GH FRQWUROH
FP
3e6 &20 52',1+$6
)(&+$'85$ 1$ 3257$ 3e6 &20 52',1+$6
FP
*DUDQWLD GR IDEULFDQWH DQR 1tYHO HFRQ{PLFR FODVVH ( )XQomR UHIULJHUDGRUD 7HFOD FRQJHODPHQWR UiSLGR 3RVLomR KRUL]RQWDO 5HYHVWLPHQWR HP DoR ]LQFDGR &HVWR SDUD HVWRFDJHP 3DLQHO GH FRQWUROH ODWHUDO
FP
$126 5
$12 5
&2035$ 3527(*,'$
5
WLD *DUDQ 75$
$126 5
(;
P
&2035$ 3527(*,'$
5
&2035$ 3527(*,'$
&216802 '( (1(5*,$
5 0È6 RX : K /,*$'2 K
/
F
P
35 2 '
*DUDQWLD GR IDEULFDQWH DQR 'HJHOR FRQJ PDQXDO 'HJHOR UHIULJ DXWRPiWLFR &RQWUROHV LQWHUQR &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV 3UDWHOHLUDV UHPRYtYHLV 3RUWD ODWLFtQLR $12 5
WLD *DUDQ 75$
(;
$126 5
FP
8 7 2 & / $
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&216802 '( (1(5*,$
5 0È6 RX : K /,*$'2 K
)5267 )5((
F
FP
P
FP
/
*DUDQWLD GR IDEULFDQWH DQR &RQWUROHV H[WHUQR &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV 3UDWHOHLUDV UHPRYtYHLV 3RUWD ODWLFtQLR $12 5
WLD *DUDQ 75$
(;
$126 5
FP $12 5
&RQJHODGRU (OHFWUROX[ + / %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
WLD *DUDQ 75$
(;
7(&/$ &21*(/$0(172 5É3,'2
3e6 &20 52',1+$6
)(&+$'85$ 1$ 3257$
/
$126 5
*DUDQWLD GR IDEULFDQWH DQR 1tYHO HFRQ{PLF FODVVH ( )XQomR UHIULJHUDGRUD 5HYHVWLPHQWR DoR ]LQFDGR &2035$ 3527(*,'$ 5 3DLQHO GH FRQWUROH 3RVLomR KRUL]RQWDO &HVWR SDUD HVWRFDJHP
(&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(/$
/$1d$0(172
FP FP
/$1d$0(172
35 2 '
35 2 '
35 2 '
35 2 '
35 2 '
&216802 '( (1(5*,$
&216802 '( (1(5*,$
&216802 '( (1(5*,$
&216802 '( (1(5*,$
&216802 '( (1(5*,$
5 0È6 RX : K /,*$'2 K
5 0È6 RX : K /,*$'2 K
5 0È6 RX : K /,*$'2 K
5 0È6 RX : K /,*$'2 K
5 0È6 RX : K /,*$'2 K
)5267 )5((
)5267 )5((
)5267 )5((
/ FP
&2035$ 3527(*,'$
5
&2035$ 3527(*,'$
5
*DUDQWLD GR IDEULFDQWH DQR 'HJHOR UHIULJ DXWRPiWLFR &RQWUROHV LQWHUQR &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWD ODWLFtQLR 3RUWD ODWD 'HJHOR FRQJ IURVW IUHH $126 5
*HODGHLUD (OHFWUROX[ )) ') $ / %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 &RQWUROHV H[WHUQRV &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWDV ODWLFtQLR ODWDV
*DUDQWLD GR IDEULFDQWH DQR &RQWUROHV H[WHUQRV &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWDV ODWLFtQLR ODWDV
$12 5
WLD *DUDQ 75$
(;
$126 5
$12 5
WLD *DUDQ 75$
(;
$126 5
FP
/ FP
&2035$ 3527(*,'$
5
&2035$ 3527(*,'$
5
*HODGHLUD &RQVXO )) &50 $%$1$ / %5 $ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
/ FP
FP
FP
)5267 )5((
)5267 )5((
FP
/
/
FP
(;
6 6 ( $
&216802 '( (1(5*,$
/
WLD *DUDQ 75$
8 7 2 & / $
5 0È6 RX : K /,*$'2 K
&2035$ 3527(*,'$
$12 5
8 7 2 & / $
6 6 ( $
8 7 2 & / $
6 6 ( $
8 7 2 & / $
6 6 ( $
8 7 2 & / $
6 6 ( $
8 7 2 & / $
6 6 ( $
35 2 '
FP
/$1d$0(172
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
)RWRV PHUDPHQWH LOXVWUDWLYDV
8 7 2 & / $
*HODGHLUD (OHFWUROX[ )) ') ; / ,1
6 6 ( $
35 2 '
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
*HODGHLUD (OHFWUROX[ '& $ / %5
6 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( FP FP
5
5
*HODGHLUD /* )) 0% 8/9 * / 7, )UHH]HU %UDVWHPS )) %95 *5 / ,1
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 &RQJHODPHQWR UiSLGR &HVWRV JDYHWDV UHPRYtYHLV 3DLQHO GH FRQWUROH H[WHUQR 3RVLomR YHUWLFDO $12 5
WLD *DUDQ 75$
(;
$126 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR &RQWUROHV H[WHUQR 3RUWD UHYHUVtYHO &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV 3UDWHOHLUDV UHPRYtYHLV $12 5
WLD *DUDQ 75$
(;
$126 5
*HODGHLUD %UDVWHPS )) %50 15 / ,1
$ 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$
(;
$126 5
::: %(02/ &20 %5 6(59,d26 ( 352'8726 ',6321Ì9(,6 9,$ ,17(51(7 K
0yYHLV $12 5
5RXSHLUR 3 * 'LWiOLD %% %5 $=
*DUDQWLD GR IDEULFDQWH DQR 0DWHULDO 0'3
&RUUHGLoDV PHWiOLFDV JDYHWDV 7DPEpP GLVSRQtYHO QDV FRUHV EUDQFR H EUDQFR FRP URVD
3257$6
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
*$9(7$6
*$9(7$6 2 &2/&+®2 9(1',' ( 6(3$5$'$0(17
*$9(7$6
$12 5
&{PRGD * .DSSHVEHUJ ,- $=
(;
*DUDQWLD GR IDEULFDQWH DQR 0DWHULDO DJORPHUDGR $FDEDPHQWR YHUQL] 89 6LVWHPD GH PRQWDJHP PLQLIL[ &RUUHGLoDV WLSR PHWiOLFDV 3X[DGRUHV WLSR $%6 'LVSRQtYHO WDPEpP QD FRU EUDQFR FRP URVD
&{PRGD * 'LWiOLD %% %5 $= $ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
WLD *DUDQ 75$
'LVSRQtYHO WDPEpP QD FRU URVD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$ 9LVWD 5
$12 5
WLD *DUDQ 75$
(;
[ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
,'26 &2/&+¯(6 9(1' ( 6(3$5$'$0(17
%HOLFKH .DSSHVEHUJ ,- $= 52
5RXSHLUR 3 * .DSSHVEHUJ ,- $=
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
$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(/$
2 &2/&+®2 9(1',' ( 6(3$5$'$0(17
2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17( 0yGXOR &ULDGR * 5,02 2OtPSLFR ,3 3&
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
0yGXOR 1LFKR 3 5LPR 2OLPSLF ,3 3&
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
'LVSRQtYHO WDPEpP QDV FRUHV EUDQFR H EUDQFR FRP XYD $12 5
WLD *DUDQ 75$
(;
0yGXOR 3 5LPR 2OtPSLFR 3 /RQJR ,3 3&
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 $12 5
0yGXOR &DQWR 5LPR 2OLPS 'LDJ ,3 3&
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&{PRGD 6DSDW * 5LPR 79 '9' ,3 3&
0yGXOR &DQWRQHLUD 5LPR 2OLPS ,3 3&
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
'LVSRQtYHO WDPEpP QDV FRUHV EUDQFR H EUDQFR FRP XYD
WLD *DUDQ 75$
(;
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(
%HUoR & &{PRGD 'LWDOLD %% %5 $=
&$57®2 35(6(17( $&(57( 1$ (6&2/+$ ( $*5$'( 6(035( ',6321Ì9(/ 126 9$/25(6 '( 5 5 5 ( 5
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
(;
$FDEDPHQWR YHUQL] 89 6LVWHPD GH PRQWDJHP JLURIL[ 'REUDGLoDV SUHVVmR PHWiOLFDV &RUUHGLoDV PHWiOLFDV &DOFHLUR PHWiOLFR 0DOHLUR 3X[DGRUHV WLSR $%6 'LVSRQtYHO WDPEpP QDV FRUHV EUDQFR H EUDQFR FRP URVD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
WLD *DUDQ 75$
)RWRV PHUDPHQWH LOXVWUDWLYDV
9DULHGDGHV &203$&7$ Ô1,&$ &20 7850$/,1$
%,92/7 7(&12/2*,$ 7850$ /,1$ 0$,6 %5,/+2 (0,7( Ì216 1(*$7,926 48( ',0,18(0 $ (/(75,&,'$'( (67É7,&$ '26 ),26
&KDSD 7DLII &HUkPLFD %LYROW
'(6,*1 02'(512
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(
7URFD *DUDQWLGD
&KDSD 7DLII /RRN %LYROW
$126 5
$12 5
7URFD *DUDQWLGD
/kPSDGD SLORWR 7HPSR GH DTXHFLPHQWR VHJ 7HPSHUDWXUD QtYHLV 7HPSHW DOFDQoDGD H & &RPSULPHQWR GR FDER 0 $12 5
$126 5
7URFD *DUDQWLGD
327È1&,$
:
:
9(/2&,'$'(6
9(/2&,'$'(6
6HFDGRU 7DLII 6PDUW 3W
6HFDGRU 7DLII 6PDUW 37
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$OLVDPHQWR 3HUIHLWR & GH WHPSHUDWXUD (PLVVmR GH ÌRQV 1HJDWLYRVTXH QHXWUDOL]DP D HOHWULFLGDGH HVWiWLFD GRV ILRV &DER GH PHWURV $TXHFH HP VHJXQGRV 3HUILO GH SROHJDGD ([FOXVLYR VLVWHPD GXDO WUDQVPLVVLRQ 3URGXWR 1DFLRQDO
& &RPSDFWD OHYH H IiFLO GH XVDU ([FOXVLYR VLVWHPD GXDO WUDPLVVLRQ $TXHFLPHQWR FHUkPLFR H XOWUDUUiSLGR 3URGXWR QDFLRQDO $12 5
Ì21
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$126 5
:
7(&12/2*,$
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
7HFQRORJLD FHUkPLFD 37& 0DLRU VHJXUDQoD & %LYROW DXWRPiWLFR /HYH H FRPSDFWD 3URGXWR QDFLRQDO 7URFD *DUDQWLGD
&KDSD 7DLII 6DIILUD %LYROW
&KDSD 7DLII 7RXUPDOLQH ÌRQ %LYROW
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
&(5Ç0,&$
$126 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
7HPSHUDWXUD QtYHLV $FDEDPHQWR 1\ORQ &RPSULPHQWR GR FDER P $FHVVyULRV ELFRV GLUHFLRQDGRU GH DU
7HPSHUDWXUD QtYHLV $FDEDPHQWR 1\ORQ &RPSULPHQWR GR FDER P $FHVVyULRV %LFRV GLUHFLRQDGRU GH DU
$12 5
7URFD *DUDQWLGD
$126 5
$12 5
7URFD *DUDQWLGD
$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(/$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 (
&KDSD $UQR 5HVSHFW %HDXW\ 5HVS
9(/2&,'$'(6 7(03(5$785$6 $12 5
6HFDGRU $UQR )DVKLRQ 7ULS (OLWH 37
7URFD *DUDQWLGD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$126 5
*DUDQWLD GR IDEULFDQWH DQR $FDEDPHQWR %DTXHOLWH $ 9LVWD 5 &RPSULPHQWR GR FDER 0 [ Y[ 5 VHP MXURV $FHVVyULRV ERFDO FRQFHQWUDGRU GH DU
$FDEDPHQWR %DTXHOLWH &RPSULPHQWR GR FDER 0 $FHVVyULRV ERFDO FRQFHQWUDGRU GH DU $12 5
7URFD *DUDQWLGD
$126 5
%DWHGHLUD $UQR ,QFOLQDWD 6; %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
6HFDGRU $UQR 6WXG\R 'U\ )RUHOLWH 6GU\ 37
:
:
:
9(/2&,'$'(6 7(03(5$785$6
1Ì9(,6 '( 7(03(5$785$ 7(&12/2*,$ Ì21
*DUDQWLD GR IDEULFDQWH DQR /kPSDGD SLORWR 7HPSR GH DTXHFLPHQWR VHJ 7HPSHUDWXUD DOFDQoDGD & &RPSULPHQWR GR FDER 0 7HQVmR ELYROW $12 5
7URFD *DUDQWLGD
$126 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
9(/2&,'$'(6 /
*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : &2035$ 3527(*,'$
5
$12 5
7URFD *DUDQWLGD
$126 5
: 3DQHOD (OpWULFD 3 $UUR] $UQR ([SUHVV 37
&KDOHLUD $UQR +RW ([SUHVV .DH[ $12 5
6DQGXLFKHLUD $UQR &RPSDFWD 6DFF 9P
7URFD *DUDQWLGD
$ 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 7HQVmR Y 3RWrQFLD Z 7HUPRVWDWR /kPSDGD SLORWR 7UDYD GH VHJXUDQoD 3RUWD ILR
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$126 5
/
*DUDQWLD GR IDEULFDQWH DQR $FHVVyULR
*DUDQWLD GR IDEULFDQWH DQR 7DPSD FRP WUDYD GH VHJXUDQoD %DVH JLUDWyULD 'HVOLJDPHQWR DXWRPiWLFR
$12 5
7URFD *DUDQWLGD
$126 5
:
&2035$ 3527(*,'$
5
/
9(/2&,'$'(6
2%-(726 '( '(&25$d®2 0(5$0(17( ,/8675$7,926
&$3$&,'$'( / É*8$
9(/2&,'$'(6 /
)RWRV PHUDPHQWH LOXVWUDWLYDV
: $12
7URFD
$126
/LTXLGLILFDGRU $UQR 5 *DUDQWLGD 5 &OLF ( /DY /1 90 %5 *DUDQWLD GR IDEULFDQWH DQR )XQomR OLPSDU SXOVDU $ 9LVWD 5 [ [ 5 VHP MXURV &RSR HP DFUtOLFR 2X [ [ 5 3RUWD ILR $FHVVyULR ILOWUR 7RWDO D SUD]R 5
3URFHVVDGRU $UQR )UHVK ([SUHVV
$12 5
7URFD *DUDQWLGD
$126 5
*DUDQWLD GR IDEULFDQWH DQR $ 9LVWD 5 7HQVmR 9 [ [ 5 VHP MXURV 3RUWD ILR 2X [ [ 5 3RUWD DFHVVyULRV 7RWDO D SUD]R 5 $FHVVyULR
*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : 0iTXLQD 'H%HELGD 3UHVVmR GH EDU $UQR '* 0HORG\ 1'*2 37 &DIp H[SUHVVR DURPiWLFR *DUDQWH D WHPSHUDWXUD LGHDO ([FOXVLYR VLVWHPD GH FiSVXODV $ 9LVWD 5 [ [ 5 VHP MXURV 3UHSDUD YiULRV WLSRV GH EHELGDV 2X [ [ 5 'LVSRQtYHO WDPEpP QD FRU YHUPHOKR 7RWDO D SUD]R 5
%DWHGHLUD $UQR 'HOX[H 6; ,1 90
&2035$ 3527(*,'$
5
*DUDQWLD GR IDEULFDQWH DQR $ 9LVWD 5 [ [ 5 VHP MXURV 3RUWD ILR 2X [ [ 5 3RWrQFLD : WLSRV GH EDWHGRUHV 7RWDO D SUD]R 5
752&$ *$5$17,'$ 325 80 3(48(12 &8672 $',&,21$/ 92&È *$5$17( 3527(d®2 (;75$ 3$5$ 6(8 (/(7523257É7,/ $ *$5$17(&+ $66(*85$ $ 752&$ (0 &$62 '( '()(,726 3(662$6 )Ì6,&$6 620(17(
& HOXODUHV /,95(
/* ( $= $$7
&2035$ 3527(*,'$
5
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 3OD\HU 5iGLR )0 %OXHWRRWK )RQH RXYLGR &DER 86% $12 5
/,95(
/* ; 'XDO &KLS 37 $$7
$ 9LVWD 5 [ [ 5 VHP MXURV
/,95( 3$5$ &/$52 2, ( 7,0
$126 5
&2035$ 3527(*,'$
&2035$ 3527(*,'$
5
/* 2SWLPXV 2QH 3 37 $$7
03 SOD\HU 5iGLR )0 %OXHWRRWK $ 9LVWD 5 :L )L *36 [ [ 5 VHP MXURV )XQomR PRGHP * 6LVW 2SHU *RRJOH $QGURLG &kPHUD 0S[ )RQH RXYLGR FDER 86%
$12 5
/* $ 37 $$7
DQWLD
*DU 75$
(;
5 $126 5
&kPHUD 9*$ 5iGLR )0 )RQH RXYLGR &DER 86%
$ 9LVWD 5 [ [ 5 VHP MXURV
&+,36
&kPHUD 0S[ %OXHWRRWK 03 SOD\HU 5iGLR )0 )RQH RXYLGR &DER 86%
/,95(
$12 5
WLD *DUDQ 75$
(;
$126 5
(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$
&+,36
/,95(
/,95(
/,95(
&+,36
/,95(
&2035$ 3527(*,'$
5
$12 5
DQWLD
*DU 75$
(;
&2035$ 3527(*,'$
5 $126 5
$12 5
/* ; &kPHUD 0S[ '8$/ &+,3 $= $$7 /* $EUDEN *; %OXHWRRWK 'XDO &KLS 37 $$7 03 SOD\HU $ 9LVWD 5 5iGLR )0 [ [ 5 VHP MXURV $ 9LVWD 5 )RQH RXYLGR [ [ 5 VHP MXURV &DER 86 &kPHUD 0S[
WLD *DUDQ 75$
(;
$126 5
03 SOD\HU 5iGLR )0 %OXHWRRWK :L ) 79 )RQH RXYLGR &DER 86%
$12 5
WLD *DUDQ 75$
(;
$12 5
$126 5
/* 2SWLPXV %ODFN 3 37 $$7
/* 2SWLPXV 0H 3 37 35 $$7
)XQomR PRGHP * &kPHUD 0S[ 03 SOD\HU $ 9LVWD 5 5iGLR )0 [ [ 5 VHP MXURV %OXHWRRWK :L )L *36 )RQH GH RXYLGR FDER 86% 6LVW 2SHU $QGURLG
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[
WLD *DUDQ 75$
(;
$126 5
03 SOD\HU 5iGLR )0 %OXHWRRWK :L )L *36 )XQomR PRGHP * 6LVW 2SHU $QGURLG )RQH RXYLGR &DER 86%
/,95( /,95(
/,95(
*% '( 0(0Ð5,$ ,17(51$
/,95(
$12 5
&2035$ 3527(*,'$
5
6DPVXQJ $12 &KDW & 'XDO &KLS 35 5
WLD *DUDQ 75$
(;
$126 5
03 SOD\HU UiGLR )0 $ 9LVWD 5 [ [ 5 VHP MXURV %OXHWRRWK )RQH RXYLGR &DER 86% &kPHUD 0S[
6DPVXQJ 'XDO 6OLGHU & 35
&2035$ 3527(*,'$
5 $12 5
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU
WLD *DUDQ 75$
(;
$126 5
5iGLR )0 %OXHWRRWK )RQH RXYLGR
6DPVXQJ *DOD[\ , 37
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[
$12 5
WLD *DUDQ 75$
(;
$126 5
03 SOD\HU 5iGLR )0 %OXHWRRWK :L )L *36 * 6LVW 2SHU $QGURLG )RQH RXYLGR FDER 86%
WLD *DUDQ 75$
(;
$126 5
&kPHUD 03 SOD\HU H UiGLR )0 %OXHWRRWK :L )L *36 )XQomR 0RGHP * 6LVW 2SHU $QGURLG $ 9LVWD 5 [ [ 5 VHP MXURV )RQH RXYLGR H FDER 86% 6DPVXQJ *DOD[\ 6 ,, , 37
/27(5,$6 %(02/ -2*26 3$*$0(1726 '( &217$6 5(&(%,0(172 '( %(1()Ì&,26 6$48(6 '$ &$,;$ ( %% &5e',72 '( &(/8/$5 (7& 1$6 /2-$6 %(02/ $9(1,'$ %$55262 &,'$'( 129$ &$0$38® 0,//(11,80 72548$72 ('8&$1'26 0$1$&$3858 ,7$&2$7,$5$ 32572 9(/+2 6+233,1* 32572 9(/+2 &(1752
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$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(
(;
$126 5
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
WLD *DUDQ 75$
(;
)RWRV PHUDPHQWH LOXVWUDWLYDV
$12 5
WLD *DUDQ 75$
0yYHLV
126626
6(59,d26 &$57®2 ( %Ñ186
3DUFHOH VXDV FRPSUDV FRP FRPRGLGDGH H DFXPXOH SRQWRV SDUD VXDV SUy[LPDV FRPSUDV
%HOLFKH .DVSHU 3LQXV 7% 7% FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&5(',É5,2 35Ð35,2
&UHGLiULR SUySULR IOH[tYHO H SHUVRQDOL]DGR FP
,'26 &2/&+¯(6 9(1' ( 6(3$5$'$0(17
0DWHULDO PDGHLUD PDFLoD SLQXV 3LQWXUD YHUQL] $FDEDPHQWR YHUQL] 6LVWHPD GH PRQWDJHP IL[DomR 'LVSRQtYHO WDPEpP QD FRU PDUILP
FP FP
$12 5
3257$6
WLD *DUDQ 75$
(;
6DSDWHLUD .DSSHVEHUJ 6 %5 37
5(1(*2&,( 6(86 &2175$726
WLD
*DUDQ
$
(;75
0DWHULDO 0'3 $FDEDPHQWR 89 $ 9LVWD 5 7DPEpP GLVSRQtYHO QDV FRUHV [ [ 5 VHP MXURV WDEDFR FRP EUDQFR 2X [ [ 5 WDEDFR FRP PDSOH FP 7RWDO D SUD]R 5 H WHFD FRP SUHWR
FP
&DPD 6ROWHLUR .DSSHVEHUJ ,- 52 $=
FP
WLD *DUDQ 75$
(;
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
3& +(/3
'XDV YLVLWDV WpFQLFDV SDUD LQVWDODomR H VXSRUWH GR VHX FRPSXWDGRU RX QRWHERRN
0DWHULDO 0'3 0') 3LQWXUD 89 $FDEDPHQWR ,PSUHVVmR 6LVWHPD GH PRQWDJHP )L[DomR 0HVD 3 7HOHIRQH $UWHO\ +DLWL 7% %5 7% 03
&DPD &DVDO ,QFDEUiV 9LHQD ; 7% %5
FP
$12 5
WLD *DUDQ 75$
(;
&2035$ 3527(*,'$
0DWHULD 0') 0'3 3RUWD UHYLVWDV $ 9LVWD 5 [ [ 5 VHP MXURV $FDEDPHQWR 9HUQL] SURWHWRU 2X [ [ 5 6LVWHPD GH PRQWDJHP *LURIL[ 3X[DGRUHV 7LSR $%6 7RWDO D SUD]R 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
$12 5
(;
FP
FP
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
FP
WLD *DUDQ 75$
(;
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 0DWHULDO 0') 0'3 $FDEDPHQWR 89 3LQWXUD 89 6LVW GH PRQWDJHP JLURIL[ $FRPRGDomR 79 /&' '9' 6RP 3X[DGRUHV WLSR FURPDGR 3RUWD SRUWD GHVOL]DQWH
$7e .* 325 3(662$
'
&DPD %R[ 3HOPH[ 'DOODV 37 &
FP
FP $12 5
FP
WLD *DUDQ 75$
(;
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
F
P
$12 5
FP
&ROFKmR FDVDO 7HFLGR SROLpVWHU 1tYHO GH FRQIRUWR PDFLR 3URWHomR DQWL iFDUR PRIR EDFWpULD
-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
/RMDV %HPRO
ZZZ EHPRO FRP EU
(;
(;
RX DQRV D PDLV GH SURWHomR HP VXDV FRPSUDV SRU XP SHTXHQR FXVWR DGLFLRQDO SHVVRDV ItVLFDV VRPHQWH
#EHPRORQOLQH
WLD *DUDQ 75$
QWLD *DUD75$
9,'$ /21*$ 3$5$ 6(86 352'8726
$ %(02/ (67É 1$6 5('(6 62&,$,6
(VWDQWH /tQHD ,VD ,0% 37 FP
$12 5
0DWHULDO 0'3 0') $FDEDPHQWR YHUQL] DOWR EULOKR 3LQWXUD 89 'REUDGLoDV PHWiOLFDV 6LVWHPD GH PRQWDJHP JLURIL[ $FRPRGDomR 79 VRP YtGHR 3X[DGRUHV WLSR DOXPtQLR 'LVSRQtYHO WDPEpP QD FRU DPrQGRD FRP SUHWR
2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
0DWHULDO 0') 3LQWXUD YHUQL] 89 $FDEDPHQWR DOWR EULOKR 6LVWHPD GH PRQWDJHP IL[DomR 'LVSRQtYHO WDPEpP QD FRU LPEXLD FRP SUHWR
FP
FP
FP
$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5
WLD *DUDQ 75$
&DPD &DVDO ,QFDEUiV 7XULP ; 7% %5
2 &2/&+®2 9(1',' ( 6(3$5$'$0(17
2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
(/(7523257É7(,6
FP
FP
3URWHMD VHX SURGXWR FRQWUD GDQRV H DFLGHQWHV QmR FREHUWRV SHOR IDEULFDQWH GXUDQWH R SUD]R GH JDUDQWLD
3RU XP SHTXHQR FXVWR DGLFLRQDO YRFr JDUDQWH SURWHomR H[WUD SDUD 0LQL +RPH &RORUDGR VHX HOHWURSRUWiWLO $ *DUDQWHFK $WODQWD &= 37 DVVHJXUD D WURFD HP FDVR GH GHIHLWRV SHVVRDV ItVLFDV VRPHQWH
0DWHULDO 0') 3LQWXUD YHUQL] 89 $FDEDPHQWR DOWR EULOKR 6LVWHPD GH PRQWDJHP IL[DomR
26 '( '(&25$d®2 &2/&+®2 ( 2%-(7 $'$0(17( 9(1','26 6(3$5
*$5$17,$ %(02/ '( 6$7,6)$d®2
9RFr SRGH WURFDU RX FDQFHODU D FRPSUD HP DWp GLDV
FP
$12 5
FP
6,*$ 126 ( ),48( 325 '(1752 '( 126626 /$1d$0(1726 ( 35202d¯(6
(VWDQWH .DSSHVEHUJ 6 %5 37
&$57®2 35(6(17(
$FHUWH QD HVFROKD H DJUDGH VHPSUH 'LVSRQtYHO QRV YDORUHV GH 5 5 5 H 5
ZZZ EHPRO FRP EU
6HUYLoRV H SURGXWRV GLVSRQtYHLV YLD LQWHUQHW K
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
&DPD %R[ 3HOPH[ &RQIRU 37 & $ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
P
F
)RWRV PHUDPHQWH LOXVWUDWLYDV
$ 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(
726 &2/&+®2 ( 2%-( '$0(17( 9(1','26 6(3$5$
5HSDFWXDomR GLVSRQtYHO HP TXDOTXHU ORMD GH IRUPD VLPSOHV D MXURV UHGX]LGRV
35$7(/(,5$6 FP
$12 5
&ROFKmR FDVDO 7HFLGR SROLpVWHU SROLSURSLOHQR 1tYHO GH FRQIRUWR PDFLR 3URWHomR DQWL iFDUR PRIR DOpUJLFR
02/$ 32&.(7 $7e .* 325 3(662$
FP
$12 5
WLD *DUDQ 75$
(;
2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
FP
FP
0DWHULDO 0'3 PP $FDEDPHQWR YHUQL] DOWR EULOKR 3LQWXUD UHYHVWLPHQWR 89 'REUDGLoDV SUHVVmR PHWiOLFDV 6LVWHPD GH PRQWDJHP IL[DomR $FRPRGDomR 79 VRP YtGHR 3X[DGRUHV WLSR SROLHWLOHQR 'LVSRQtYHO WDPEpP QD FRU SUHWR URYHUH $12 5
+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
WLD *DUDQ 75$
(;
48$/,'$'( 9$/25,=( 6(8 ',1+(,52 &2035$1'2 48$/,'$'(
606 %(02/
&OLHQWH %HPRO UHFHEH WRUSHGRV VREUH FRPSUDV UHDOL]DGDV HQWUHJDV H OHPEUHWH GH YHQFLPHQWR
&RQMXQWR (VWRIDGR *DUDQWLD GR IDEULFDQWH DQR 6RPRSDU &KDGH 9' 7HFLGR &KHQLOOH 3pV QD FRU DOXPtQLR 3HUFLQWDV UHVLVWHQWHV $ 9LVWD 5 0DGHLUD UHIORUHVWDGD [ [ 5 VHP MXURV $OWXUD FP 2X [ [ 5 3URIXQGLGDGH FP 7RWDO D SUD]R 5
7HFLGR OLVR FRP DVVHQWR OLVWUDGR 'HVPRQWiYHO
FP
$12 5
FP
P F
FP
3257$6
*$9(7$6
FP
3257$6 P
FP
FP
F
2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17( FP
*DUDQWLD GR IDEULFDQWH DQR .LW 3 * %HUWROLQL 0DWHULDO &KDSDV GH $oR & 9'5 &= 3RUWD FRP YLGUR &ULVWDOHLUD 3UDWHOHLUD UHPRYtYHO $ 9LVWD 5 [ [ 5 VHP MXURV 3X[DGRUHV $%6 PHWDOL]DGR 2X [ [ 5 3LQWXUD (OHWURVWiWLFD D 3y 3pV UHJXOiYHLV 7RWDO D SUD]R 5
3257$6
3(d$6
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
FP
*DUDQWLD GR IDEULFDQWH DQR 0DWHULDO FKDSD GH DoR *DYHWDV LQWHUQDV &ULVWDOHLUD 3UDWHOHLUDV UHPRYtYHLV 3X[DGRUHV WLSR $%6 PHWDOL]DGR 3LQWXUD HOHWURVWiWLFD D Sy 3pV UHJXOiYHLV 'LVSRQtYHO WDPEpP QD FRU YHUGH
3257$6
FP
.LW 3 ,WDWLDLD $QLWD , & %5
*$9(7$6
FP
FP
6,*$ 126 ( ),48( 325 '(1752 '( 126626 /$1d$0(1726 ( 35202d¯(6
FP
&RSD 3 $oR 1REUH /RQ $0 $& %5 3
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
FP
*DUDQWLD GR IDEULFDQWH DQR $VVHQWR DFROFKRDGR &RU GR DVVHQWR SUHWR 0DWHULDO WXER $FDEDPHQWR YHUQL] SX 7DPSR WLSR YLGUR VHULJUDIDGR )RUPDWR GR WDPSR UHWDQJXODU
$VVHQWR DFROFKRDGR &RU GR DVVHQWR FLQ]D 0DWHULDO IHUUR $FDEDPHQWR YHUQL] SURWHWRU 7DPSR WLSR YLGUR WHPSHUDGR )RUPDWR GR WDPSR UHGRQGR $12 5
ZZZ EHPRO FRP EU
/RMDV %HPRO
3(d$6
FP
#EHPRORQOLQH
%DOFmR 3 * %HUWROLQL *DUDQWLD GR IDEULFDQWH DQR & 3LD &= 0DWHULDO FKDSD GH DoR 3LQWXUD HOHWURVWiWLFD D Sy 3UDWHOHLUD UHPRYtYHO $ 9LVWD 5 'REUDGLoDV WLSR SUHVVmR [ [ 5 VHP MXURV [ 3X[DGRUHV WLSR $%6 PHWDOL]DGR 2X [ [ 5 3pV UHJXOiYHLV 7RWDO D SUD]R 5
&RSD 3 NDSSHVEHUJ 7 0 & 9'5 %5 &= $ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
(;
%DOFmR 3 * *DUDQWLD GR IDEULFDQWH DQR ,WDWLDLD 7HF ,*+7 %5 37 0DWHULDO 0'3 3LQWXUD HOHWURVWiWLFD D Sy $ 9LVWD 5 3UDWHOHLUD UHPRYtYHO [ [ 5 VHP MXURV 'REUDGLoDV WLSR SUHVVmR 2X [ [ 5 3X[DGRUHV WLSR $%6 PHWDOL]DGR 3pV UHJXOiYHLV 7RWDO D SUD]R 5
$ %(02/ (67É 1$6 5('(6 62&,$,6
*$9(7$6
WLD *DUDQ 75$
WLD *DUDQ 75$
$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(/$ 3(d$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(
(VWRIDGR &DQWR %RP 3DVWR 6WDU 90 $ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
)RWRV PHUDPHQWH LOXVWUDWLYDV
0yYHLV
FP FP
FP $12 5
6DOD 3 6RPRSDU 7XULP 37 71 &0 05 7XULP 37 71 &0 05
P
$ 9LVWD 5 [ [ 5 VHP MXURV [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
WLD *DUDQ 75$
(;
*DUDQWLD GR IDEULFDQWH DQR $VVHQWR DFROFKRDGR &RU GR DVVHQWR PDUURP 0DWHULDO IHUUR FURPDGR YLGUR $FDEDPHQWR FURPDGR 7DPSR WLSR YLGR ODSLGDGR )RUPDWR GR WDPSR TXDGUDGR
&RSD 3 6KHOGRQ 9'5 ,0% $&( 9'
FP
FP
FP
FP
6DOD 3 $oR 1REUH $12 0XP $1 $1 $ &0 37 5
WLD *DUDQ 75$
(;
FP
FP
3(d$6
$ 9LVWD 5 $VVHQWR DFROFKRDGR [ [ 5 VHP MXURV 0DWHULDO 0') 7XER 2X [ [ 5 $FDEDPHQWR YHUQL] 38 7RWDO D SUD]R 5 7DPSR GH YLGUR OLVR
$12 5
WLD *DUDQ 75$
(;
$ 9LVWD 5 $VVHQWR DFROFKRDGR [ [ 5 VHP MXURV 0DWHULDO 0') 2X [ [ 5 7DPSR YLGUR WHPSHUDGR 7RWDO D SUD]R 5 )RUPDWR GR WDPSR UHGRQGR
FP
FP
6DOD 3 6RPRSDU *DUDQWLD GR IDEULFDQWH DQR %HOL]H 7 &0 05 $VVHQWR DFROFKRDGR &RU GR DVVHQWR &RPSRVH 0DUURP 0DWHULDO 0') WXER $ 9LVWD 5 [ [ 5 VHP MXURV [ $FDEDPHQWR FURPDGR 2X [ [ 5 7DPSR WLSR YLGUR WHPSHUDGR 7RWDO D SUD]R 5 )RUPDWR GR WDPSR TXDGUDGR
3(d$6
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
3(d$6
$*25$ 92&È 32'( $*(1'$5 $ 68$ (175(*$ 3$5$ ',$ ( +25É5,2 '( 68$ &219(1,È1&,$ $6 7$;$6 9$5,$0 '( $ 5($,6
)RWRV PHUDPHQWH LOXVWUDWLYDV
& HOXODUHV
&2035$ 3527(*,'$
5
&+,36 /,95(
/,95(
/,95( $12 5
&2035$ 3527(*,'$
WLD *DUDQ 75$
(;
$126 5
$12 5
5 $12 5
6KDUS 7RXFK 79 6( '79 90 $$7
$ 9LVWD 5 [ [ 5 VHP MXURV 2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(
*DU 75$
(;
$126 5
&2035$ 3527(*,'$
0RWRUROD ;7 6SLFH 37 $$7
&kPHUD 0S[ %OXHWRRWK 03 SOD\HU 5iGLR )0 )RQH RXYLGR FDER 86%
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
DQWLD
5
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[
03 SOD\HU 5iGLR )0 %OXHWRRWK :L )L *36 )XQomR PRGHP * 6LVW 2SHU $QGURLG PLQ )RQH RXYLGR &DER 86%
WLD *DUDQ 75$
(;
$126 5
&kPHUD 0S[ 03 SOD\HU 5iGLR )0 %OXHWRRWK )RQH RXYLGR &DER 86%
0RWRUROD (; 'XDO &KLS &= $$7
$ 9LVWD 5 [ [ 5 VHP MXURV
(&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%/248($'2 3$5$ &/$52 2, ( 7,0
'(6%/248($'2 3$5$ 7,0 2, ( &/$52
5
5 $12 5
$
(;75
$126 5
1RNLD ; 37
03 SOD\HU 5iGLR )0 (QWUDGD SDUD FDUWmR $ 9LVWD 5 DWp *% [ [ 5 VHP MXURV )RQH RXYLGR
*
&2035$ 3527(*,'$
&2035$ 3527(*,'$
WLD *DUDQ
$12 5
1RNLD ; 37
WLD *DUDQ 75$
(;
$126 5
6XSRUWH SDUD GRLV FKLSV 03 SOD\HU H UiGLR )0 $ 9LVWD 5 (QWUDGD SDUD FDUWmR DWp *% [ [ 5 VHP MXURV /DQWHUQD
'(6%/248($'2
1RNLD ; &= 37
WLD *DUDQ 75$
(;
&kPHUD 9*$ 03 SOD\HU 5iGLR )0 %OXHWRRWK $ 9LVWD 5 [ [ 5 VHP MXURV )RQH RXYLGR
$12 5
1RNLD & *)
(;
5
$126 5
$12 5
WLD *DUDQ 75$
(;
$126 5
1RNLD ( %5 35
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[
WLD *DUDQ 75$
(;
$12 5
WLD *DUDQ
$
(;75
$126 5
1RNLD & 37
&kPHUD 9*$ 03 SOD\HU H UiGLR )0 (QWUDGD SDUD FDUWmR DWp *% $ 9LVWD 5 %OXHWRRWK [ [ 5 VHP MXURV )RQH RXYLGR
'(6%/248($'2
'(6%/248($'2
&kPHUD 0S[ %OXHWRRWK :L IL 03 SOD\HU UiGLR )0 $ 9LVWD 5 [ [ 5 VHP MXURV )RQH RXYLGR
*DU 75$
5
$126 5
DQWLD
&kPHUD 0S[ 03 3OD\HU 5iGLR )0 $ 9LVWD 5 %OXHWRRWK [ [ 5 VHP MXURV )RQH RXYLGR
&2035$ 3527(*,'$
&2035$ 3527(*,'$
5
1RNLD & 37
&2035$ 3527(*,'$
$12 5
&2035$ 3527(*,'$
$12 5
'(6%/248($'2
5
'(6%/248($'2 3$5$ 7,0 2, ( &/$52
'(6%/248($'2
$126 5
03 SOD\HU 5iGLR )0 %OXHWRRWK :L )L *36 )XQomR PRGHP * 6LVW 2SHU 6\PELDQ 6 )RQH RXYLGR FDER 86%
$12 5
WLD *DUDQ 75$
(;
$126 5
6LVW 2SHU 6\PELDQ 6 WK 03 SOD\HU 5iGLR )0 $ 9LVWD 5 %OXHWRRWK ZL IL [ [ 5 VHP MXURV *36 79 )XQomR PRGHP * &kPHUD 0S[ )RQH RXYLGR FDER 86% 1RNLD & &= 35
&/,(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
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/ 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 *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/+$