5
0LFUR 2QGDV 3DQDVRQLF 1167 :581 / %5
/
WLD *DUDQ 75$
(;
0LFUR 2QGDV (OHFWUROX[ 0() / %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
* DUD
Q
&2035$ 3527(*,'$
WLD *DUDQ 75$
(;
$126 5
G R )D E
&/$66( $
%$,;2 &216802 '( (1(5*,$
U
$12 5
WLD *DUDQ 75$
$126 5
(;
&2/81$ FP FP
WLD *DUDQ 75$
(;
(;
$126 5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
G R )D E
WLD *DUDQ 75$
(;
&RPSUHVVRU 5RWDWLYR $FLRQDPHQWR HOHWU{QLFR 'LJLWDO 7LPHU &RQWUROH UHPRWR *DELQHWH SOiVWLFR &LFOR GH DU IULR 6DtGD GR DU IURQWDO
WLD *DUDQ 75$
(;
FP
*DUDQWLD GR IDEULFDQWH DQR 6HUYH iJXD JHODGD 1DWXUDO 7HUPRVWDWR UHJXOiYHO &ROHWRU UHPRYtYHO *DELQHWH LQR[ 3OiVWLFR $12 5
$QRV
WLD
6SOLW %WXV (OHFWUROX[ &%83( ) 3, )
D QWH
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
9
U
LF
&/$66( $ %786
%$,;2 &216802 '( (1(5*,$
Q
48$/,'$'( '( É*8$ 3$5$ 68$ &$6$ 28 68$ (035(6$
FP
* DUD
FP
*DUDQWLD GR IDEULFDQWH DQR $OWD FDSDFLGDGH GH UHIULJHUDomR 7ULSD )LOWUDJHP &kPDUD GH FDUYmR DWLYDGR (OLPLQD LPSXUH]D H RGRUHV FP ,PSHGH SUROLIHUDomR GH EDFWpULDV 7HUPRVWDWR UHJXOiYHO ,QVWDODomR HP SDUHGH RX EDQFDGD 6LVWHPD GH ILOWUR GH IiFLO WURFD QmR QHFHVVLWDQGR GH IHUUDPHQWDV
9
FP
WLD *DUDQ 75$
*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
%786
%HEHGRXUR 'H &ROXQD ,%%/ *)1 ,1
$12 5
0LFUR 2QGDV &RQVXO &0< $5+1$ / ,1
5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
5
FP
FP
$12 5
3XULILFDGRU /DWLQD 3XUL ,FH
FP
)RWRV PHUDPHQWH LOXVWUDWLYDV
$QRV
WLD
5
$12 5
*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : 7LPHU 3UDWR JLUDWyULR $XWR GHVFRQJHODPHQWR DTXHFLPHQWR FR]LPHQWR 7HFOD SLSRFD 7UDYD GH VHJXUDQoD
&2035$ 3527(*,'$
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
&2035$ 3527(*,'$
FP
FP
$126 5
*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
5
FP
$12 5
&2035$ 3527(*,'$
D QWH
P F
/ FP
/
FP
&2035$ 3527(*,'$
LF
FP
(10 2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(
6SOLW %WXV &RPSUHVVRU URWDWLYR &RQVXO &%9 &%< %%%1$ $FLRQDPHQWR HOHWU{QLFR 7LPHU &RQWUROH UHPRWR $ 9LVWD 5 [ [ 5 VHP MXURV *DELQHWH SOiVWLFR &LFOR GH DU IULR P 2X [ [ 5 F 7RWDO D SUD]R 5 6DtGD GR DU VXSHULRU
FP
$126 5
&/$66( $
&/$66( $
%$,;2 &216802 '( (1(5*,$
FP
/DYDGRUD &RORUPDT /&0 %5
&2035$ 3527(*,'$
WLD *DUDQ 75$
(;
*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP 7XUELOKmR 7LSR GH FRQWUROH 0HFkQLFR $ 9LVWD 5 &HVWR HP 3ROLSURSLOHQR [ [ 5 VHP MXURV 'LVSHQVHU S DPDFLDQWH DOYHMDQWH 2X [ [ 5 3URJUDPD GH HQ[iJ H 7RWDO D SUD]R 5 1tYHLV GH iJXD
$12 5
FP
(;
$126 5
/DYDGRUD $UQR /DYHWH 0D[[ /970 %5 *DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP 7XUELOKmR 7LSR GH FRQWUROH 0DQXDO $ 9LVWD 5 [ [ 5 VHP MXURV 1tYHO GH iJXD 0DQXDO 2X [ [ 5 &HVWR HP 3ROLSURSLOHQR 3URJUDPD GH HQ[iJXHV 7RWDO D SUD]R 5
&2035$ 3527(*,'$
5
&2035$ 3527(*,'$
WLD *DUDQ 75$
352*5$0$6 '( /$9$*(0
FP
5
$126 5
$7e .*
352*5$0$6 '( /$9$*(0
&(175,)8*$d®2
352*5$0$6 '( /$9$*(0
FP
5
%$,;2 &216802 '( (1(5*,$
&(175,)8*$d®2
FP
FP $12 5
$7e .*
352*5$0$6 '( /$9$*(0
&/$66( $
$7e .*
%$,;2 &216802 '( (1(5*,$
$7e .*
FP
%$,;2 &216802 '( (1(5*,$
FP
&/$66( $
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$5(/$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$
$12 5
/DYDGRUD %UDVWHPS %:/ $5 ,1
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP DJLWDGRU 1tYHLV GH iJXD $ 9LVWD 5 &RQWUROH 'LJLWDO [ [ 5 VHP MXURV &HVWR HP ,QR[ 2X [ [ 5 'LVSHQVHU DOYHMDQWH DPDFLDQWH 7RWDO D SUD]R 5 3URJUDPD GH HQ[iJ HV
FP
FP
*DUDQWLD GR IDEULFDQWH DQR /DYDGRUD 6HFDGRUD $TXHFLPHQWR GH iJXD (OHFWUROX[ /6( %5 6LVWHPD GH ODYDJHP WRPEDPHQWR 7LSR GH FRQWUROH PHFkQLFR 1tYHO GH iJXD DXWRPiWLFR $ 9LVWD 5 [ [ 5 VHP MXURV &HVWR HP LQR[ 2X [ [ 5 'LVSHQVHU SDUD DPDFLDQWH DOYHMDQWH 3URJUDPD GH HQ[iJ HV 7RWDO D SUD]R 5
*$5$17,$ '( 6$7,6)$d®2 35(),5$ $ 6(*85$1d$ '( 48(0 *$5$17( 2 48( 9(1'(
/ LQKD %UDQFD
%$,;2 &216802 '( (1(5*,$
$&(1',0(172 $8720Ã&#x2030;7,&2 727$/
%$,;2 &216802 '( (1(5*,$
$&(1',0(172 $8720Ã&#x2030;7,&2 727$/
%2&$6
*5,// 12 )2512
$&(1',0(172 $8720Ã&#x2030;7,&2
)2512
$872/,03$17(
)2512 $872/,03$17( FP
&/$66( $
%2&$6
FP
)2512 $872/,03$17(
FP
FP
FP
%2&$6
FP
FP
$ *Ã&#x2030;6
FP FP )RJmR % 'DNR 6XSUHPH 6 )*'. 366 %5
&/$66( $
%$,;2 &216802 '( (1(5*,$
$&(1',0(172 $8720Ã&#x2030;7,&2 727$/
)2512 $872/,03$17(
Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; 0HVD GH LQR[ Â&#x2021; 3UDWHOHLUDV IL[DV Â&#x2021; 7DPSD GH YLGUR $12 5
DQWLD
*DU 75$
(;
$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 Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; 0HVD GH LQR[ Â&#x2021; 3UDWHOHLUD )L[D Â&#x2021; 7DPSD GH YLGUR Â&#x2021; ,OXPLQDomR QR IRUQR
&2035$ 3527(*,'$
$12 5
5
WLD *DUDQ 75$
(;
Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; 0HVD GH LQR[ Â&#x2021; 3UDWHOHLUDV $XWRGHVOL]DQWHV Â&#x2021; ,OXPLQDomR QR IRUQR Â&#x2021; 7LPHU Â&#x2021; (VWXID
&2035$ 3527(*,'$
5
$126 5
$12 5
WLD *DUDQ 75$
(;
)RUQR $ *iV %UDVWHPS %2$ $551$ ,1 (0%
)RJmR E %UDVWHPS &/( %) %581$ ,1
%2&$6
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
)RJmR E (OHFWUROX[ 6* %5
)RJmR E &RQWLQHQWDO 1RYLWD )*&7 319 %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; 3RWrQFLD : Â&#x2021; 3ODFD DTXHFHGRUD Â&#x2021; 'LkPHWUR GD SODFD Â&#x2021; 7LSR HPEXWLU
Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; 0HVD GH LQR[ Â&#x2021; 3UDWHOHLUDV GHVOL]DQWHV &2035$ 3527(*,'$ 5 Â&#x2021; ,OXPLQDomR QR IRUQR
&2035$ 3527(*,'$
5
$126 5
$12 5
WLD *DUDQ 75$
(;
$12 5
$126 5
WLD *DUDQ 75$
(;
$126 5
35 2 '
35 2 '
35 2 '
FP
FP
FP
&216802 '( (1(5*,$
5 0Ã&#x2C6;6 RX : K /,*$'2 K
&216802 '( (1(5*,$
5 0Ã&#x2C6;6 RX : K /,*$'2 K
&216802 '( (1(5*,$
5 0Ã&#x2C6;6 RX : K /,*$'2 K
/
/
P
F
/
FP FP
&RQJHODGRU (OHFWUROX[ )( / %5
*HODGHLUD (OHFWUROX[ 5( / %5 9
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; 'HJHOR &RQJ PDQXDO Â&#x2021; 'HJHOR 5HIULJ PDQXDO Â&#x2021; &RQWUROHV H[WHUQRV Â&#x2021; &DSDFLGDGH FRQJHODGRU / Â&#x2021; 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV Â&#x2021; 3RUWD ODWD
Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; 1tYHO HFRQ{PLFR FODVVH % Â&#x2021; 'HJHOR PDQXDO Â&#x2021; &RQJHODPHQWR UiSLGR Â&#x2021; &HVWRV JDYHWDV UHPRYtYHLV Â&#x2021; 3DLQHO GH FRQWUROH H[WHUQR Â&#x2021; 3RVLomR YHUWLFDO
WLD *DUDQ 75$
(;
$126 5
&2035$ 3527(*,'$
5
$12 5
WLD *DUDQ 75$
(;
$126 5
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&2035$ 3527(*,'$
5
Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; &RQWUROHV ,QWHUQR Â&#x2021; 3RUWD UHYHUVtYHO Â&#x2021; &DSDFLGDGH FRQJHODGRU / Â&#x2021; 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV Â&#x2021; 3RUWDV ODWLFtQLR ODWDV $12 5
WLD *DUDQ 75$
(;
$126 5
)5267 )5(( FP FP
FP
*HODGHLUD &RQWLQHQWDO )) 5)&7 / %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
)5267 )5((
FP FP
/
/
)5267 )5((
FP
&2035$ 3527(*,'$
5
8 7 2 & / $
6 6 ( $
8 7 2 & / $
6 6 ( $
5 0Ã&#x2C6;6 RX : K /,*$'2 K
8 7 2 & / $
6 6 ( $
&216802 '( (1(5*,$
FP
8 7 2 & / $
6 6 ( $
35 2 '
FP
(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$
FP 2)(57$6 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(
*HODGHLUD (OHFWUROX[ )) ') / %5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR &2035$ 3527(*,'$ Â&#x2021; &RQWUROHV H[WHUQRV 5 Â&#x2021; &DSDFLGDGH FRQJHODGRU / Â&#x2021; 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV Â&#x2021; 3RUWDV ODWLFtQLR ODWDV $12 5
WLD *DUDQ 75$
(;
$126 5
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
&/$66( $
FP
Â&#x2021; 1tYHO HFRQ{PLFR &ODVVH & 6SOLW %WXV Â&#x2021; &RPSUHVVRU 5RWDWLYR (OHFWUROX[ &)( &), 9 Â&#x2021; $FLRQDPHQWR (OHWU{QLFR Â&#x2021; 7LPHU Â&#x2021; &RQWUROH UHPRWR $ 9LVWD 5 [ [ 5 VHP MXURV Â&#x2021; *DELQHWH $oR JDOYYDQL]DGR 2X [ [ 5 Â&#x2021; &LFOR GH DU )ULR Â&#x2021; 6DtGD GR DU )URQWDO 7RWDO D SUD]R 5
*HODGHLUD %UDVWHPS )) %50 15 / ,1
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR Â&#x2021; &RQWUROHV ([WHUQRV Â&#x2021; &DSDFLGDGH FRQJHODGRU / Â&#x2021; 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV Â&#x2021; 3RUWD ODWLFtQLR ODWDV $12 5
WLD *DUDQ 75$
(;
&$57®2 %(02/ &/,(17( %(02/ 7(0 %Ã&#x2018;186 1$6 &2035$6
$126 5
&2035$ 3527(*,'$
5
)RWRV PHUDPHQWH LOXVWUDWLYDV
D QWH
D QWH
LF
9
FP
FP
%786
&/$66( $
FP
LF
FP
FP
FP
%$,;2 &216802 '( (1(5*,$
FP
W U G R ) D EL D G R ) D E U
Q
Â&#x2021; *DUDQWLD GR IDEULFDQWH DQR
FP
* DUD
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$QRV $QRV
WLD
Q
9
$126 5
(;
Â&#x2021; 1tYHO HFRQ{PLFR &ODVVH % Â&#x2021; &RPSUHVVRU 5RWDWLYR Â&#x2021; $FLRQDPHQWR 0DQXDO Â&#x2021; *DELQHWH HP DoR JDOYDQL]DGR Â&#x2021; &LFOR GH DU IULR Â&#x2021; 6DtGD GR DU ODWHUDO Â&#x2021; ([DXVWmR GR DU
%786
WLD *DUDQ 75$
* DUD
$12 5
FP
5
$U &RQGLFLRQDGR %WXV 6SULQJHU 4&$ %% 9
FP
&2035$ 3527(*,'$
%/8 5$< 0RUWH 3RU (QFRPHQGD 5
%/8 5$< ÐUImRV 'D *XHUUD 5
%OX 5D\ -RDQD ' $UF 'H /XF %HVVRQ 5
%OX 5D\ 5HVLGHQW (YLO +yVSHGH 0DOGLWR 5
%/8 5$< 6XFNHU 3XQFK 5
%/8 5$< +RS 5HEHOGH 6HP 3iVFRD 5
%/8 5$< 3DGUH ' 5
'9'V
5HSURGXomR VRPHQWH HP DSDUHOKRV FRP WHFQRORJLD %OX 5D\
'9' &DUURV 5
'9' 2V 6PXUIV 6PXUIHWW 5
'9' 1R &DPLQKR 'R 0LODJUH $R 9LYR 5
'9' 2 3RGHU 'D $OLDQoD 5
'9' +XPEHUWR ( 5RQDOGR 5RPDQFH $R 9LYR 5
'9' 0HX 0DOYDGR )DYRULWR 5
'9' 'HL[D (X &DQWDU 0HX 6DPED 5
'9' ;63%E 5
'9' $GULDQD 3DUWLPSLP 'RLV 5
'9' &ROHomR &DUURV $V *UDQGHV +LVWyULDV 5
'9' 5HVLGHQW (YLO 5HFRPHoR 5
'9' 6HQQD 5
'9' 7R\ 6WRU\ 5
'9' :LQQLH 7KH 3RRK )LOPH 5
'9' %DUELH ( 2 6HJUHGR 'DV )DGDV 5
&; '9'6 &KLFR ;DYLHU 0LQLVVHULH 2 )LOPH 5
&' $OH[ *RQ]DJD &DQo}HV (WHUQDV 5
&' 1[]HUR 0XOWLVKRZ $R 9LYR $QRV 5
&'V
&' 7KH )HYHUV 9HP 'DQoDU 92/ 5
&' (OLDQD 3ULQWHV &LQHPD *XDUDQ\ 5
&' 66 -RYHP *XDUGD 9RO 5
&' &DVD 'H %ULQTXHGRV 5
&' ;X[D 6y 3DUD %DL[LQKRV 5
&' 'HL[D (X &DQWDU 0HX 6DPED 5
&' )HUQDQGD %UXP *OyULD $R 9LYR 5
&' *OHH 7KH 0XVLF 9RO 5
&' 'DQLHO 3UD 6HU )HOL] 5
&' 3DGUH 0DUFHOR 5RVVL ÉJDSH 0XVLFDO 5
&' '9' ;X[D 6y 3DUD %DL[LQKRV 5
&' $GULDQD 3DUWLPSLP 5
/,9526
3É*,1$6
/,952 0XOKHUHV 'H 6XFHVVR 4XHUHP $PDU -R\FH 0R\VpV 5
3É*,1$6
/,952 3DLV ( (GXFDGRUHV 3HUIRUPDQFH ,oDPL 7LED 5
3É*,1$6
/,952 7RPH 3RVVH -XG\ -DFREV 5
3É*,1$6
/,952 -RJR $ -RUQDGD 'R 3HUHJULQR -RKQ %XQ\DQ 5
3É*,1$6
/,952 2 &pX e 'H 9HUGDGH 7RGG %XUSR 'H 5
3RU 5 $ PDLRULD GDV PXOKHUHV KRMH VRIUH FRP D LOXVmR GH TXH SUHFLVD HVFROKHU HQWUH EDWDOKDU SRU XPD FDUUHLUD GH VXFHVVR H LQYHVWLU WHPSR SDUD YLYHU XP DPRU (VWH OLYUR PRVWUD TXH HVVH GLOHPD p IDOVR DV PXOKHUHV SRGHURVDV H EHP VXFHGLGDV TXH HVWmR QR DXJH GR GHVHPSHQKR SURILV VLRQDO WDPEpP TXHUHP H SRGHP GHV IUXWDU GH XP DPRU GXUDGRXUR $ DXWRUD FRP VXD ORQJD H[SHULrQFLD
(VWH QRYR SURMHWR GR 'U 7LED YDL DR HQFRQWUR GD ODWHQWH QHFHVVLGDGH GH SDLV H HGXFDGRUHV GR SDtV SRU XP FRPSRUWDPHQWR RUTXHVWUDGR TXH EHQHILFLH D HGXFDomR GH FULDQoDV H MRYHQV (P FRQWUD SRQWR jV VROXo}HV UDGLFDLV H H[SHULPHQWDLV H[LVWHQWHV QR PHUFDGR ,oDPL 7LED UHIRUoD D LPSRUWkQFLD GH XPD HGXFDomR KXPDQD SRUpP EDVHDGD HP VLVWHPDV GH GLV FLSOLQD H PHULWRFUDFLD GHQWUR H IRUD GH FDVD
´(VWH OLYUR p XPD OHLWXUD QHFHVViULD D WRGR FULVWmR« $UPDGRV FRP RV SULQFtSLRV TXH -XG\ FRPSDUWLOKD QHVWH OLYUR SRGHPRV HVFROKHU QmR GHVLVWLU H SHUPDQHFHUPRV ILUPHV FUHQGR QDV SURPHVVDV GH 'HXV µ
$FRPSDQKH D KLVWyULD GH &ULVWmR QR OLYUR WRWDOPHQWH LOXVWUDGR TXH VHJXH FRP R MRJR XPD YHUVmR GH -RKQ %XQ\DQ GR FOiVVLFR 2 3HUHJULQR &DGD SiJLQD GR OLYUR PRVWUD FRPR GHYH VHU D YLGD GH WRGRV DTXHOHV TXH HVFROKHP VHJXLU D &ULVWR
2 FpX p GH YHUGDGH FRQWD D KLVWyULD UHDO GH &ROWRQ XP PHQLQR TXH DRV TXDWUR DQRV TXDQGR SDVVDYD SRU XPD FLUXUJLD GH HPHUJrQFLD YLYHX XPD H[SHULrQFLD LQXVLWDGD VHX HVStULWR IRL WUDQVSRUWDGR DR FpX RQGH YLX FRLVDV H[WUDRUGLQiULDV LQFOXVLYH R WURQR GR SUySULR 'HXV 2 JDURWR WDPEpP DVVLVWLX DRV SURFHGLPHQWRV PpGLFRV H YLX R SDL RUDQGR QD VDOD GH HVSHUD 1R SULPHLUR PRPHQWR D IDPtOLD DJLX FRP LQFUHGXOLGDGH GLDQWH GR UHODWR
*$5$17,$ '( 6$7,6)$d®2 35(),5$ $ 6(*85$1d$ '( 48(0 *$5$17( 2 48( 9(1'(
2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(
%/8 5$< 7URSD 'H (OLWH 5
)RWRV PHUDPHQWH LOXVWUDWLYDV
%/8 5$<
( QWUHWHQLPHQWR
)RWRV PHUDPHQWH LOXVWUDWLYDV
9DULHGDGHV &2035$ 3527(*,'$
5
&$3$&,'$'( $7e ;Ì&$5$6
&,&/26 ',)(5(17(6 '( 35(3$52
/
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR YHORFLGDGHV )XQomR SXOVDU WXUER SXOVDU 3RWrQFLD : 7URFD *DUDQWLGD
$126 5
*ULOO 0RQGLDO 6XSHU 3UHPLXP *
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
*DUDQWLD GR IDEULFDQWH DQR YHORFLGDGHV )XQomR OLPSDU SXOVDU &RSR HP DFUtOLFR &2035$ 3527(*,'$ 3RUWD ILR 5 3RWrQFLD :
*DUDQWLD GR IDEULFDQWH DQR 'LVSRVLWLYR FRUWD SLQJRV /kPSDGD SLORWR 7DPDQKR GR ILOWUR 3RWrQFLD : &2035$ 3527(*,'$ 3ODFD DTXHFHGRUD 5
7URFD *DUDQWLGD
$126 5
$12 5
7URFD *DUDQWLGD
5
5
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
&2035$ 3527(*,'$ &2035$ 3527(*,'$
0iTXLQD 'H )D]HU 3mR 0RQGLDO 3UHPLXP 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
*DUDQWLD GR IDEULFDQWH DQR &RQVXPR GH HQHUJLD : K 7HUPRVWDWR /kPSDGD SLORWR 3RWrQFLD :
$126 5
$12 5
7URFD *DUDQWLGD
*DUDQWLD GR IDEULFDQWH DQR )XQomR 7LPHU 3URJUDPDomR GH DWp KRUDV GH DQWHFHGrQFLD )RUPD UHPRYtYHO &RP UHYHVWLPHQWR DQWLDGHUHQWH $FRPSDQKD 0DQXDO GH UHFHLWDV FRSR PHGLGRU H FROKHU GRVDWLYD
$126 5
9HQWLODGRU 'H 3DUHGH $UQR 9LWDOLWH 9: %5 $=3
9HQWLODGRU 'H 0HVD $UQR 7XUER 6) 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
',Ç0(752 &0 9(/2&,'$'(6
*DUDQWLD GR IDEULFDQWH DQR 2VFLODomR $MXVWH GH LQFOLQDomR *UDGH UHPRYtYHO 3RWrQFLD : 0DWHULDO GD JUDGH 3OiVWLFR $12 5
7URFD *DUDQWLGD
&0
$126 5
9HQWLODGRU 'H 0HVD $UQR 7XUER 6) 37
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
*DUDQWLD GR IDEULFDQWH DQR 9HORFLGDGHV 2VFLODomR $MXVWH GH LQFOLQDomR *UDGH UHPRYtYHO 3RWrQFLD : 3RUWD ILR 0DWHULDO GD JUDGH HP SOiVWLFR $FHVVyULR 6XSRUWH SDUD PHVD H SDUHGH $12 5
7URFD *DUDQWLGD
*DUDQWLD GR IDEULFDQWH DQR 2VFLODomR $MXVWH GH LQFOLQDomR *UDGH UHPRYtYHO 3RWrQFLD :
&2035$ 3527(*,'$
5
&0
$126 5
$12 5
9(/2&,'$'(6
7URFD *DUDQWLGD
$126 5
&2035$ 3527(*,'$
5
/,95(
/,95(
/* $EUDEN *; &+ 37 $$7
&+,36
/* & &+ 37 $$7
$ 9LVWD 5 [ [ 5 VHP MXURV
$ 9LVWD 5 [ [ 5 VHP MXURV
&kPHUD 0S[ %OXHWRRWK 03 3OD\HU 5iGLR )0 )RQH RXYLGR &DER 86%
&kPHUD 0S[ %OXHWRRWK 03 3OD\HU 5iGLR )0 )RQH RXYLGR &DER 86%
$12 5
WLD *DUDQ 75$
(;
&2035$ 3527(*,'$
5
$126 5
$12 5
WLD *DUDQ 75$
(;
$126 5
&+,36
&2035$ 3527(*,'$
5
/,95(
)81d®2 02'(0
/,95(
)81d®2 02'(0 6PDUWSKRQH /* 2SWLPXV 2QH 3 $77
$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 03[ 03 3OD\HU 5iGLR )0 %OXHWRRWK :L )L *36 6LVW 2SHU *RRJOH $QGURLG $12 5
WLD *DUDQ 75$
(;
$126 5
&+,36
&2035$ 3527(*,'$
5
/,95( 0RWRUROD (; &+ &= $$7
$ 9LVWD 5 [ [ 5 VHP MXURV
&+,36
&kPHUD 0S[ %OXHWRRWK 03 3OD\HU 5iGLR )0 )RQH RXYLGR &DER 86% $12 5
WLD *DUDQ 75$
(;
$126 5
0RWRUROD (; &+ 37 $$7
$ 9LVWD 5 [ [ 5 VHP MXURV 7HOD WRXFK GH ·· H ZLGJHWV FXVWRPL]iYHLV 0XVLF 3OD\HU H 5DGLR )0 HVWpUHR FRP 5'6 &kPHUD 03 SDUD IRWRV H YtGHRV HGLWRU GH LPDJHQV ,QWHUQHW H DFHVVR GLUHWR DR 2UNXW 7ZLWWHU )DFHERRN H 0\6SDFH 6XSRUWD FDUWmR GH PHPyULD GH DWp *E H 86% IXQFLRQD FRPR SHQGULYH $12 5
WLD *DUDQ 75$
(;
$126 5
(&2120,$ 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$5(/$
$7e .*
&DUUR +pUFXOHV 'LDPDQWH *)
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 &LQWR GH VHJXUDQoD 3RQWRV GH IL[DomR GR FLQWR 3URWHWRU IURQWDO &DER UHYHUVtYHO (QFRVWR UHJXOiYHO &DSRWD UHWUiWLO $FROFKRDGR UHPRYtYHO ODYiYHO 5RGDV FRP IUHLRV &HVWR SRUWD REMHWR
,62
&DGHLUmR +HUFXOHV /; +LSSR 52
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 '( $ 0(6(6
%DQGHMD UHPRYtYHO UHJXOiYHO $VVHQWR UHPRYtYHO UHJXOiYHO &LQWR GH VHJXUDQoD $SRLR SDUD RV SpV 'LVSRQtYHO WDPEpP QD FRU D]XO
$7e .*
%HEr &RQIRUWR +pUFXOHV 90 35
1tYHO GH UHJXODJHP 9DULDGR &LQWR GH VHJXUDQoD 3RQWRV GH IL[DomR GR FLQWR $ 9LVWD 5 [ [ 5 VHP MXURV $FROFKRDGR ODYiYHO UHPRYtYHO 2X [ [ 5 $SRLR SDUD FDEHoD $OoD SDUD WUDQVSRUWH 7RWDO D SUD]R 5 &RP FDSRWD $GDSWiYHO DR DXWRPyYHO 5HFOLQiYHO
35(),5$ 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(
%DWHGHLUD 0RQGLDO 3UDWLFD % %5
$12 5
&DIHWHLUD 0RQGLDO 3UHPLXP & 37 ,1
/LTXLGLILFDGRU 0RQGLDO 'LQDP / 37 35
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
/
( OHWU{QLFRV (175$'$
86%
&' 5iGLR *UDYDGRU 3KLOLSV 86% $= $QWHQD ,QWHUQD $TXiULR 79 $ 9LVWD 5
:, ),
(175$'$
86%
*DUDQWLD GR IDEULFDQWH DQR 5HF GH FDQDLV 9+) 8+) +'79 %RWmR DMXVWH GH VLQWRQLD 5HFHSomR )0 7LSR GH FDER FRD[LDO (QJORED FDQDLV GH D 8VR LQWHUQR
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
$SDUHOKR %OX 5D\ 3DQDVRQLF ' '03 %'7 /%
&' SOD\HU 5HSURGXomR 03 :0$ &' 5 &' 5: 5iGLR $0 )0 3RWrQFLD 506 [ : )XQFLRQDPHQWR 3LOKD (QHUJLD
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
86%
%/8(7227+
*36
5
0LQL 6\VWHP /* 86% 5$' %
327È1&,$ 727$/ 506 :
(175$'$
86%
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR &' 3OD\HU &DSDFLGDGH SDUD &' 5HSURGXomR 03 &' 5 &' 5: :0$ (TXDOL]DGRU &RQWUROH UHPRWR 5iGLR $0 )0
&2035$ 3527(*,'$
5 &2035$ 3527(*,'$
5 $12 5
+RPH 7KHDWHU 3DQDVRQLF 6& 37 /% .
WLD *DUDQ 75$
(;
$126 5
*DUDQWLD GR IDEULFDQWH DQR 'LYLVmR VRQRUD FDQDLV 'HFRGHU 'ROE\ 'LJLWDO '76 $ 9LVWD 5 [ [ 5 VHP MXURV 5iGLR $0 )0 3URJUHVVLYH 6FDQ RX HQWUDGD 5 &RQWUROH UHPRWR [ 5 '9' LQWHJUDGR 7RWDO D SUD]R 5
(175$'$
86%
(175$'$
86%
&2035$ 3527(*,'$
&$,;$6
(175$'$
(175$'$
86%
$12 5
&' 3OD\HU 3 $XWR 6RQ\ &'; *7 8; 37
327È1&,$ 727$/ :
$8;,/,$5
WLD *DUDQ 75$
(;
$126 5
3DLQHO GHVWDFiYHO 5iGLR $0 )0 5HSURGXomR &' 03 3RWrQFLD GH VDtGD : [ 506 &RQWUROH 5HPRWR ,OXPLQDomR ÇPEDU RX 9HUGH )XQomR %ODFN 2XW (TXDOL]DGRU &RU GR JDELQHWH SUHWR
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
5
&DL[D $F~VWLFD )UDKP *DUDQWLD GR IDEULFDQWH DQR $PSOLILFDGD 0) 86% )0 3RWrQFLD 506 : )DODQWH )0 'LJLWDO $ 9LVWD 5 &RQWUROH 5HPRWR [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
*DUDQWLD GR IDEULFDQWH DQR
&2035$ 3527(*,'$
5
+'0,
+'0,
/&' '79
)8// +'
(175$'$6
(175$'$6
'79
&219(5625 ',*,7$/ ,17(*5$'2
&219(5625 ',*,7$/ ,17(*5$'2
+'0, (175$'$6
7(&12/2*,$ &,1(0$ '
&219(5625 ',*,7$/ ,17(*5$'2 &2035$ 3527(*,'$
5
79 $2& /&' '79 /& : 37
$12 5
WLD *DUDQ
$
(;75
$12 5
$126 5
7HPSR GH UHVSRVWD 06 (QWUDGDV 5*% 86% $ 9LVWD 5 6DtGDV FRD[LDO [ [ 5 VHP MXURV 'LIHUHQFLDO 86% 'LIHUHQFLDO UHGXWRU GH UXtGRV *DUDQWLD GR IDEULFDQWH DQR &RQVXPR 8VR 6WE\ : K : K
79 3DQDVRQLF /&' /(' +' 7& / ; %
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR
WLD *DUDQ 75$
(;
$126 5
7HPSR GH 5HVSRVWD 06 (QWUDGDV +'0, 5*% 86% 6DtGDV ÉXGLR ÐSWLFR $QDOyJLFR 7LSR GD WHOD /HG (GJH 3RWrQFLD GR iXGLR : 506 )UHT rQFLD +] &RQVXPR 8VR 6WE\ : K : K
$12 5
79 /* /&' /(' &,1( ' )+' '79 /:
WLD *DUDQ 75$
(;
$126 5
6DtGDV ÐSWLFD &RQYHUVmR GH ' SDUD ' (VSHVVXUD PP VHP EDVH
'LIHUHQFLDO 7HFQRORJLD &LQHPD 'LIHUHQFLDO ÐFXORV ' LQFOXVR 3RWrQFLD GR iXGLR : 506 )UHT rQFLD +] &RQVXPR 8VR 6WE\ : K : K
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 7HPSR GH 5HVSRVWD 06 (QWUDGDV +'0, 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$5(/$ 79 6DPVXQJ 3ODVPD ' 3/ ' $ *;='
)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 $17(6 2&255(1'2 2 7e50,12 '2 (67248(
WLD *DUDQ 75$
$12 5
&2035$ 3527(*,'$
(175$'$
$126 5
(;
*DUDQWLD GR IDEULFDQWH DQR )RUPDWR &RPSDWtYHO ' %' '9' 0tGLD &RPSDWtYHO $9&+' ',9;+' &RQYHUVmR GH ' SDUD ' 5HSURGX] 0tGLD ' 6DtGD +'0, 9tGHR &RPSRVWR $FHVVyULRV &DER +'0,
*DUDQWLD GR IDEULFDQWH DQR '9' 3OD\HU 3 $XWR 5HJLmR WRGDV + %XVWHU +'% $91 (TXDOL]DGRU 5HSURGXomR '9' &' 03 $ 9LVWD 5 )RUPDWR FRQYHQFLRQDO [ [ 5 VHP MXURV 3DLQHO UHPRYtYHO [ RX HQWUDGD 5 5HWUiWLO [ 5 (QWUDGD SDUD FkPHUD GH Up 7RWDO D SUD]R 5 &RQWUROH UHPRWR
WLD *DUDQ 75$
$12 5
79 6RQ\ /&' %UDYLD )+' .'/ &;
$ 9LVWD 5 [ [ 5 VHP MXURV
$ 9LVWD 5 [ [ 5 VHP MXURV
*DUDQWLD GR IDEULFDQWH DQR 7HPSR GH 5HVSRVWD 06 (QWUDGDV +'0, 5*% 86% 6DtGDV ÐWLFDV &RD[LDO 7LSR GD WHOD 3ODVPD 3RWrQFLD GR iXGLR [ : 506 )UHT rQFLD +] &RQVXPR 8VR 6WE\ : K : K
+'0, (175$'$6
3/$60$ '
&219(5625 ',*,7$/ ,17(*5$'2
&2035$ 3527(*,'$
5
$12 5
WLD *DUDQ 75$
(;
*DUDQWLD GR IDEULFDQWH DQR 7HPSR GH 5HVSRVWD 06 (QWUDGDV +'0, DQDOyJLFD 'LIHUHQFLDO LQWHUDWLYLGDGH 'LIHUHQFLDO 6HQVRU SUHVHQoD &RQVXPR 8VR Z K (175$'$
+'0, )8// +'
/&'
&219(5625 ',*,7$/ ,17(*5$'2
&2035$ 3527(*,'$
5
$12 5
WLD *DUDQ 75$
(;
48$/,'$'( 9$/25,=( 6(8 ',1+(,52 &2035$1'2 48$/,'$'(
$126 5
, QIRUPiWLFD
(VWDELOL]DGRU 5DJWHFK 0RQR 37
1REUHDN 5DJWHFK 05 9$ 75, *)
*DUDQWLD GR IDEULFDQWH DQRV :LUHOHVV 3DGU 6LP E J Q 9HORFLGDGH :LUHOHVV 0ESV 3DGUmR S 0RGHP $'6/ $'/6 7[ GH 7UDQVPLVVmR $Wp 0ESV $QWHQD *DQKR G%L 3RUWDV /DQ
)81d®2 &23,$'25$ ( 6&$11(5
U
.LW 7HFODGR 0RXVH 6 ) 0LFURVRIW 37
&21(;®2 86%
)81d®2 &23,$'25$ ( 6&$11(5
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
9HO ,PS 3UHWR $Wp SSP 9HO ,PS &RORULGD $Wp 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 0XOWLIXQomR (SVRQ 6W\OXV 7;
*DUDQWLD GR IDEULFDQWH DQR 3RUWD UHFHSWRUD QR PRXVHÃ 7HFODV GH $WDOKR ,QGLFDGRU GH 3LOKD )UDFD
:,5(/(66 0XOWLIXQFLRQDO &DQRQ 03 37
*DUDQWLD GR IDEULFDQWH DQR 9HO ,PS 3W &RORU SSP SSP &RPSDWtYHO :LQGRZV 0DF 7LSR LPSUHVVmR -DWR GH WLQWD $ 9LVWD 5 [ [ 5 VHP MXURV &DSDFLGDGH GD EDQGHMD IOV &RQVXPtYHLV 3* &/ RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
0XOWLIXQFLRQDO +3 *DUDQWLD GR IDEULFDQWH DQR 'HVNMHW - $ 9HO ,PS 3UHWR $Wp SSP 9HO ,PS &RORULGD $Wp SSP &RPSDWtYHO ZLQGRZV 0DF $ 9LVWD 5 [ [ 5 VHP MXURV 7LSR LPSUHVVmR MDWR GH WLQWD 0HPyULD 0% RX HQWUDGD 5 &DSDFLGDGH GD EDQGHMD IOV [ 5 &RQVXPtYHLV +3 +3 ;/ 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$5(/$
%/8(7227+
:, ),
&2035$ 3527(*,'$
5
*
%/8(7227+ 7DEOHW $SSOH ,SDG * :,), 37
0RFKLOD 3 1RWH &DVH /RJLF %76% &=
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
*DUDQWLD GR IDEULFDQWH DQR 7DPDQKR FRPSDWtYHO )HFKDPHQWR FRP ]tSHU $OoDV UHJXOiYHLV
0DOHWD 3 /DSWRS &DVH /RJLF &5 915 37
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
*DUDQWLD GR IDEULFDQWH DQR 7DPDQKR FRPSDWtYHO $OoDV UHJXOiYHLV &RP URGDV
:, ),
&2035$ 3527(*,'$
7DEOHW $SSOH 5 ,SDG * * %5
*36
$ 9LVWD 5 [ [ 5 VHP MXURV
$ 9LVWD 5 [ [ 5 VHP MXURV
*DUDQWLD GR IDEULFDQWH DQR 0HP 5$0 ,QWHUQD 0 *% &kP 3UL 6HF 0 9*$ $FHVVyULRV FDER 86% $FHVVyULRV FDUUHJDGRU %DWHULD 8VR 6WE\ K K 3URFHV $SSOH $ 'FRUH 0K] 6LVW 2SHU $SSOH ,RV
*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 $SSOH ,RV
9(/2&,'$'(
9(/2&,'$'(
*+=
*+=
*%
*%
+' *%
+' *%
.*
.*
&2035$ 3527(*,'$
5 $12 5
0RQLWRU /* /&' /(' ,36 9 31 $:= 37
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR
WLD *DUDQ 75$
(;
$126 5
)RUPDWR GD WHOD 7HPSR GH UHVSRVWD 06 (QWUDGDV ' 6XE '9, +'0, %ULOKR FG Pò &RPSDWLELOLGDGH :LQGRZV 0DF 3L[HO 3LWFK 00 &RQVXPR Pi[LPR :
1RWHERRN /* & * %* 3 37
$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR
$12 5
WLD *DUDQ 75$
(;
$126 5
&RQH[mR :L )L :LUHOHVV
8QLGDGH yWLFD JUDYDGRU &' '9' /HLWRU FDUWmR PHPyULD SRUWDV 86% %DWHULD 7LSR FpOXODV $XWRQRPLD GD EDWHULD $Wp K
&2035$ 3527(*,'$
5
3& +(/3 5
1RWHERRN ,WDXWHF : 37
$12 5
WLD *DUDQ 75$
(;
$126 5 &2035$ 3527(*,'$
5 &RQH[mR :L )L :LUHOHVV 8QLGDGH yWLFD *UDYDGRU &' '9' $ 9LVWD 5 /HLWRU FDUWmR PHPyULD [ [ 5 VHP MXURV SRUWDV 86% %DWHULD 7LSR &pOXODV 3& +(/3 5 *DUDQWLD GR IDEULFDQWH DQR $XWRQRPLD GD EDWHULD K
&5(',É5,2 35Ð35,2 )/(;Ì9(/ ( 3(5621$/,=$'2
2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(
Q
G R )D E
)81d®2 &23,$'25$ ( 6&$11(5
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
* DUD
$QRV
WLD
*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD Pi[LPD 9$ $XWRQRPLD PpGLD PLQ WRPDGDV 7HQVmR GH VDtGD 9 )LOWUR GH OLQKD LQWHUQR 3URWHWRU WHOHI{QLFR UHGH 7RPDGD H[WHQVmR
)RWRV PHUDPHQWH LOXVWUDWLYDV
U
3RWrQFLD QRPLQDO 9$ WRPDGDV )LOWUR GH OLQKD LQWHUQR )XQomR 7UXH HVWiJLRV GH UHJXODomR /LJD GHVOLJD HPEXWLGR /HGV GH VWDWXV 7HQVmR GH VDtGD 9 7HQVmR GH HQWUDGD 9 *DELQHWH DQWLFKDPD
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
D QWH
G R )D E
5RWHDGRU ,QWHOEUDV $'6/ *:0 1 37
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
LF
Q
WLD
LF
* DUD
$QRV
D QWH
$ 9LVWD 5 [ [ 5 VHP MXURV RX HQWUDGD 5 [ 5 7RWDO D SUD]R 5
0yYHLV
126626
6(59,d26 &$57®2 ( %Ñ186
(6380$
FP
$7e .*
0HVD 3 7HOHIRQH $UWHO\ +DLWL 7% %5 7% 03
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
$12 5
FP
WLD *DUDQ 75$
(;
&ROFKmR VROWHLUR 7HFLGR SROLpVWHU 1tYHO GH FRQIRUWR PDFLR 3URWHomR DQWL iFDUR PRIR EDFWpULD
FP
FP
&2035$ 3527(*,'$
FP
0DWHULD 0') 0'3 3RUWD UHYLVWDV $FDEDPHQWR 9HUQL] SURWHWRU 6LVWHPD GH PRQWDJHP *LURIL[ 3X[DGRUHV 7LSR $%6
2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
&ROFKmR 6RQRIOH[ 6PLOH ' &
FP
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
5DFN $UWHO\ *XDLED 7% 03
5
2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
FP
FP
*DUDQWLD GR IDEULFDQWH DQR 0DWHULDO 0') 0'3 $FDEDPHQWR 9HUQL] 3URWHWRU 3LQWXUD ,PSUHVVmR 6LVWHPD GH PRQWDJHP *LURIL[ /RFDO SDUD FDL[D GH VRP $FRPRGDomR 79 6RP 9tGHR 3pV FRP URGLQKDV 'LVSRQtYHO WDPEpP QD FRU WDEDFR FRP EUDQFR
3DUFHOH VXDV FRPSUDV FRP FRPRGLGDGH H DFXPXOH SRQWRV SDUD VXDV SUy[LPDV FRPSUDV
&5(',É5,2 35Ð35,2
&UHGLiULR SUySULR IOH[tYHO H SHUVRQDOL]DGR
5(1(*2&,( 6(86 &2175$726
5HSDFWXDomR GLVSRQtYHO HP TXDOTXHU ORMD GH IRUPD VLPSOHV D MXURV UHGX]LGRV
*$5$17,$ %(02/ '( 6$7,6)$d®2
FP
*$9(7$6 &{PRGD J %RP 3DVWRU %DUL 7% %5
%DU $UWHO\ &DQDGi 7% 7% %5
FP $12
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
WLD
*DUDQ
&DEHFHLUD $oR 1REUH 5 (;75$ 0RVFRX $3 %5 *DUDQWLD GR IDEULFDQWH DQR 3DLQHO DFROFKRDGR $ 9LVWD 5 [ [ 5 VHP MXURV 0DWHULDO (VSXPD 7XER 2X [ [ 5 $FDEDPHQWR &RXULQR 'LVSRQtYHO WDPEpP QD FRU SUHWD 7RWDO D SUD]R 5
0DWHULDO 0') 0'3 3RUWD WLSR 9LGUR 7HPSHUDGR PP $FDEDPHQWR 9HUQL] 3URWHWRU 6LVWHPD GH PRQWDJHP *LURIL[ *DYHWDV UHYHUVtYHLV 3UDWHOHLUDV ODWHUDLV 3RUWD 7DoD
FP
FP
0DWHULDO 0') 0'3 $FDEDPHQWR 9HUQL] 89 $OWR EUL 6LVWHPD GH PRQWDJHP JLURIL[ &RUUHGLoDV PHWiOLFDV 3X[DGRUHV 0') 'LVSRQtYHO WDPEpP QDV FRUHV EUDQFR FRP SUHWR H WDEDFR FRP PDSOH
FP FP
(VWDQWH /tQHD $VWUD 7% %5
QWLD *DUD75$
(;
P
0DWHULDO 0'3 0') $FDEDPHQWR 6HPL EULOKR 3LQWXUD 89 'REUDGLoDV 0HWiOLFDV 6LVWHPD GH PRQWDJHP *LURIL[ $FRPRGDomR 79 6RP '9' 'LVSRQtYHO WDPEpP QD FRU LPEXLD FRP SUHWR
F
FP
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
FP
2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(
+RPH /tQHD (URV &9 37
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
0DWHULDO 0'3 0') $FDEDPHQWR %DL[D 3UHVVmR /DFD $FRPRGDomR 79 '9' +RPH
(&2120,$ 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
FP
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5
3257$6 (63(/+2 FP FP (VWRIDGR &DQWR %RP 3DVWRU 6WDU $0
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 FP
$12 5
WLD *DUDQ 75$
(;
0DWHULDO 0') 0'3 5HVSLUR DQWL PRIR 3RUWD GH FRUUHU &RUUHGLoDV 0HWiOLFDV &DOFHLUR 0HWiOLFR 0DOHLUR *DYHWDV LQWHUQDV 3X[DGRUHV 0') 'LVSRQtYHO WDPEpP QD FRU EUDQFR FRP SUHWR
6DOD S $oR 1REUH 0LV $05 $& &0%5
FP
FP
$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5
FP
3(d$6
*DUDQWLD GR IDEULFDQWH DQR $VVHQWR DFROFKRDGR 0DWHULDO 0') 7XER $FDEDPHQWR 9HUQL] 38 7DPSR GH 9LGUR )RUPDWR GR WDPSR 5HWDQJXODU
-RJRV SDJDPHQWRV GH FRQWDV UHFHELPHQWR GH EHQHItFLRV VDTXHV GD &DL[D H %% FUpGLWR GH FHOXODU HWF 3UHVHQWHV HP ORMDV GD %HPRO
/,67$ '( 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
+25É5,26 (67(1','26
FP
(VWRIDGR &DQWR %RP 3DVWRU $YHO %*'2
FP FP
RX DQRV D PDLV GH SURWHomR HP VXDV FRPSUDV SRU XP SHTXHQR FXVWR DGLFLRQDO SHVVRDV ItVLFDV VRPHQWH
6HUYLoRV H SURGXWRV GLVSRQtYHLV YLD LQWHUQHW K
FP
9,'$ /21*$ 3$5$ 6(86 352'8726
ZZZ EHPRO FRP EU
5HYHVWLPHQWR &KHQLOOH 0DGHLUD GH (XFDOLSWR 3pV 0') $VVHQWR (VSXPD ' 6RIW %UDoR (VSXPD ' 0DVWHU 'LVSRQtYHO WDPEpP QD FRU PDUURP
FP
$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD
&2035$ 3527(*,'$
3URWHMD VHX SURGXWR FRQWUD GDQRV H DFLGHQWHV QmR FREHUWRV SHOR IDEULFDQWH GXUDQWH R SUD]R GH JDUDQWLD
(/(7523257É7(,6
5RXSHLUR S J %RP 3DVWRU 6DXLS 7%%503
)RWRV PHUDPHQWH LOXVWUDWLYDV
3& +(/3
'XDV YLVLWDV WpFQLFDV SDUD LQVWDODomR H VXSRUWH GR VHX FRPSXWDGRU RX QRWHERRN
3RU XP SHTXHQR FXVWR DGLFLRQDO YRFr JDUDQWH SURWHomR H[WUD SDUD VHX HOHWURSRUWiWLO $ *DUDQWHFK DVVHJXUD D WURFD HP FDVR GH GHIHLWRV SHVVRDV ItVLFDV VRPHQWH
FP
2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(
9RFr SRGH WURFDU RX FDQFHODU D FRPSUD HP DWp GLDV
$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 5HYHVWLPHQWR 7HFLGR &KHQLOOH 0DGHLUD GH (XFDOLSWR UHIORUHVWDGD 3pV HP 0')
126626 (175(*$'25(6 ( 0217$'25(6 &203$5(&(0 $ 68$ 5(6,'È1&,$ )$5'$'26 ( '(9,'$0(17( ,'(17,),&$'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
606 %(02/
&OLHQWH %HPRO UHFHEH WRUSHGRV VREUH FRPSUDV UHDOL]DGDV HQWUHJDV H OHPEUHWH GH YHQFLPHQWR
2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248( 1mR MRJXH HVWH HQFDUWH HP YLD S~EOLFD
(035(6$ 5(63216É9(/
621(*$5 e &5,0( 2 FLGDGmR FRQVFLHQWH H[LJH 1RWD )LVFDO QDV VXDV FRPSUDV SRLV VDEH TXH R (VWDGR GHSHQGH GD DUUHFDGDomR SDUD PHOKRUDU D VD~GH D HGXFDomR H D VHJXUDQoD (P D %HPRO IRL SHOR Û DQR FRQVHFXWLYR D HPSUHVD FRPHUFLDO TXH PDLV ,&06 DUUHFDGRX SDUD R (VWDGR GR $PD]RQDV
&(57,),&$d®2 ,62
$WHQGLPHQWR H VHUYLoRV FRP D FHUWL¿ FDomR GH TXDOLGDGH ,62
9$5,('$'( '( 352'8726
0DLV GH PLO LWHQV *DUDQWLD GH TXDOLGDGH H YDULHGDGH GHQWUR GR VHX RUoDPHQWR
%(02/ $0$=21$6 6+233,1* %(02/ $9(1,'$ %(02/ %$55262 %(02/ &$0$38 %(02/ &,'$'( 129$ %(02/ ('8&$1'26 %(02/ *5$1'( &,5&8/$5 %(02/ ,7$&2$7,$5$ %(02/ 0$1$8$5$ 6+233,1* %(02/ 0$75,= %(02/ 0,//(11,80 %(02/ 3217$ 1(*5$ %(02/ 32572 9(/+2 &(1752 %(02/ 32572 9(/+2 6+233,1* %(02/ 678',2 %(02/ 72548$72 %(02/ 0$1$&$3858 /2-$ &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/+$