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.,9,. VRIi SOD]DV

¼

9,/0,( IXQGD GH FRMtQ ¼ DOJRGyQ 'LVHxR (PPD -RQHV î FP 1DUDQMD PXOWLFRORU QRYHGDG .,9,.

FKDLVHORQJXH ¼ )XQGD ,1*(%2 EHLJH FODUR DOJRGyQ 'LVHxR 2OD :LKOERUJ î $O FP QRYHGDG .,9,. VRIi SOD]DV ¼ )XQGD %/(.,1*( %ODQFR 'LVHxR 2OD :LKOERUJ î $O FP 9,/0,( PDQWD ¼ ODQD SROLpVWHU 'LVHxR (PPD -RQHV î FP 1HJUR 9,/0,( ),*85 IXQGD GH FRMtQ ¼

DOJRGyQ 'LVHxR (PPD -RQHV î FP 1HJUR EHLJH ./8%%2 PHVD GH FHQWUR ¼ XG &KDSD GH IUHVQR SLQWDGD \ DFHUR FURPDGR 'LVHxR $QQLND *URWWHOO î $O FP 1HJUR PDUUyQ %(67c EDQFR FRQ SDWDV ¼ XG /DPLQDGR \ DFHUR FURPDGR 3HVR Pi[ NJ î $O FP 1HJUR PDUUyQ 9b7( OiPSDUD GH SLH ¼ 3DSHO GH DUUR] 'LVHxR 0 9LQND 6 +HLPLV � $O FP %ODQFR

)b5*5,. 0(//$1 SODWR

¼

%(67c SDQHO GH 79 FRQ DOPDFHQDMH PXOWLPHGLD

¼

/OpYDWHOR KR\ PLVPR

)b5*5,. 0(//$1 SODWR ¼ /R]D 'LVHxR 0 9LQND 6 (GKROP / 8OOHQLXV � FP %ODQFR QHJUR 9,/0,( 3b5/$ FRMtQ ¼ 7HOD DOJRGyQ 5HOOHQR SOXPDV GH DYHV DFXiWLFDV 'LVHxR (PPD -RQHV î FP 1HJUR 5,%%$ PDUFR ¼ /DPLQDGR î FP 1HJUR QRYHGDG 72%,$6 VLOOD ¼ $FHUR FURPDGR \ SOiVWLFR 'LVHxR &DUO gMHUVWDP î $O FP *ULV /$&. HVWDQWH GH SDUHG ¼ +HUUDMHV GH FROJDU RFXOWRV (O HVWDQWH VH FRQYLHUWH HQ XQR FRQ OD SDUHG $FDEDGR SLQWDGR 3HVR Pi[ NJ î FP 1HJUR .,967$ SDQWDOOD ¼ 3OiVWLFR GH SROLHVWLUHQR DOJRGyQ \ DFHUR � $O FP $PDULOOR YHUGRVR

QRYHGDG /$&. HVWDQWH GH SDUHG

¼

QRYHGDG

./8%%2 PHVD DX[LOLDU ¼ î $O FP %ODQFR ¼ î $O FP %ODQFR QRYHGDG .,9,. VRIi SOD]DV ¼ î $O FP )XQGD 75$1c6 QHJUR 1<)256 OiPSDUD GH SLH ¼ $O FP %(67c VHULH 3DQHO GH 79 FRQ DOPDFHQDMH PXOWLPHGLD ¼ î $O FP 1HJUR EODQFR GH DOWR EULOOR &RPELQDFLyQ GH DOPDFHQDMH ¼ î $O FP %ODQFR EODQFR GH DOWR EULOOR

7X HVSDFLR D WX PDQHUD

(;3(',7 HVWDQWHUtD

¼

.2/'%< SLHO GH YDFD

¼

(;3(',7 VHULH (VFULWRULR ¼ &RPSOHWDU FRQ OD HVWDQWHUtD (;3(',7 TXH VH YHQGH DSDUWH $FDEDGR LPSUHVR FRQ EDUQL] LQFRORUR î $O FP 1HJUR PDUUyQ (VWDQWHUtD ¼ $FDEDGR LPSUHVR EDUQL] LQFRORUR î $O FP 1HJUR PDUUyQ /RV DFFHVRULRV GH LQWHULRU VH YHQGHQ DSDUWH

$FFHVRULR FRQ FDMRQHV ¼ /DPLQDGR î $O FP %ODQFR

$FFHVRULR FRQ SXHUWD ¼ XG /DPLQDGR î $O FP %ODQFR

(VWDQWHUtD ¼ $FDEDGR LPSUHVR EDUQL] LQFRORUR î $O FP 1HJUR PDUUyQ

(VWDQWHUtD ¼ $FDEDGR SLQWDGR î $O FP %ODQFR

$FFHVRULR FRQ SXHUWD GH HVSHMR ¼ XG /DPLQDGR î $O FP (VWDQWHUtD ¼ $FDEDGR LPSUHVR EDUQL] LQFRORUR î $O FP 1HJUR PDUUyQ

5XHGDV ¼ MXHJR 8QD GH ODV UXHGDV FRQ WRSH $FHUR FRQ UHYHVWLPLHQWR HQ SROYR î $O FP *ULV SODWD .2/'%< SLHO GH YDFD ¼ /D SLHO PDQWHQGUi VX DVSHFWR \ FDOLGDG GXUDQWH PXFKR WLHPSR /RV WDPDxRV YDUtDQ HQWUH Pð \ Pð 3LHO GH YDFXQR 9DULRV GLEXMRV 0c167$' VRIi FDPD GH HVTXLQD FRQ DOPDFHQDMH GHUHFKD ¼ 6RIi FKDLVHORQJXH \ FDPD GREOH WRGR HQ XQR DOJRGyQ î $O FP 0HGLGDV GH FDPD î FP )XQGD *2%2 EHLJH RVFXUR 9HU SiJ *,/'$ %/20 FRMtQ ¼ 7HUFLRSHOR GH DOJRGyQ PiV EULOODQWH \ VXDYH DO WDFWR 7HOD DOJRGyQ 5HOOHQR SOXPDV GH DYHV DFXiWLFDV 'LVHxR -RQ (OLDVRQ î FP 5RVD PXOWLFRORU

6$/21(6

QRYHGDG %,//< OLEUHUtD

¼ XG 2UGHQD 5H~QH \ JXDUGD DO DOFDQFH GH OD PDQR WRGR WLSR GH DFFHVRULRV SDUD FXDQGR ORV QHFHVLWHV (.7253 %5200$ UHSRVDSLpV ¼ )XQGD %/(.,1*( EODQFR DOJRGyQ î $O FP

3URWHJH /DV SXHUWDV GH YLGULR WH SHUPLWHQ PRVWUDU \ SURWHJHU WXV REMHWRV IDYRULWRV

QRYHGDG +(01(6 YLWULQD ¼ î $O FP

0c1/-86 OiPSDUD GH PHVD

¼

%5b'$ VRSRUWH SDUD RUGHQDGRU SRUWiWLO

¼

$/9,1( 5$1' DOIRPEUD ¼ î FP (.7253 78//67$ VLOOyQ ¼ )XQGD %/(.,1*( EODQFR DOJRGyQ î $O FP 0c1/-86 OiPSDUD GH PHVD ¼ $FHUR \ YLGULR $O FP ('/$1' WRFDGRU ¼ 3LQR PDFL]R WHxLGR î $O FP *5(*25 VLOOD JLUDWRULD ¼ %,//< VHULH /DPLQDGR %ODQFR /LEUHUtD ¼ î $O FP /LEUHUtD ¼ XG î $O FP

0XHYH

(VFRQGH

%5b'$ VRSRUWH SDUD RUGHQDGRU SRUWiWLO ¼ %DVH DGDSWDEOH VH PDQWLHQH QLYHODGD HQ WXV URGLOODV R VREUH XQD VXSHU¿FLH LUUHJXODU DOJRGyQ \ SOiVWLFR $/0c6 EODQFR EHLJH

6L QR WLHQHV HVSDFLR SDUD XQDV SXHUWDV JXDUGD ORV GRFXPHQWRV HQ FDMDV \ DUFKLYDGRUHV \ SURWpJHORV GHO SROYR .$66(77 FDMD FRQ WDSD SDUD GRFXPHQWRV ¼ XGV &DUWyQ SLQWDGR î $O FP

6$/21(6

6L FRORFDV EDOGDV DOUHGHGRU GH ODV HVTXLQDV DSURYHFKDV HO HVSDFLR DO Pi[LPR SDUD WHQHU PiV DOPDFHQDMH

+(01(6 DOPDFHQDMH PXHEOH 79 YLWULQD

¼

QRYHGDG (.7253 VRIi GH

(.%< -b53(1 (.%< +c// HVWDQWH

¼

XG

QRYHGDG

SOD]DV \ FKDLVHORQJXH ¼ )iFLO GH PDQWHQHU )XQGD ,'(02 PDUUyQ GHVHQIXQGDEOH TXH VH SXHGH ODYDU D PiTXLQD î $O FP $/9,1( 61855 PDQWD ¼ DFUtOLFR ODQD SROLpVWHU î FP +XHVR

QRYHGDG +(01(6 DOPDFHQD MH PXHEOH GH 79 YLWULQD ¼ 6LVWHPD HPSRWUDGR SDUD FDEOHV VLHPSUH D PDQR SHUR RFXOWRV 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV 3DUD SDQWDOOD SODQD GH 79 GH Pi[ î $O FP 1HJUR PDUUyQ %<+2/0$ FHVWD ¼ XG 5DWiQ EDUQL] DFUtOLFR LQFRORUR î $O FP *ULV %<+2/0$ ED~O ¼ 5DWiQ EDUQL] DFUtOLFR LQFRORUR î $O FP *ULV QRYHGDG (.7253 -(11</81' VLOOyQ ¼ &DPELD \ UHQXHYD OD GHFRUDFLyQ FRQ ODV IXQGDV H[WUD î $O FP )XQGD /,1*+(0 PDUUyQ (.%< -b53(1 (.%< +c// HVWDQWH ¼ XG &KDSD GH IUHVQR WHxLGD EDUQL] LQFRORUR \ DFHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR 7RUG %M|UNOXQG î FP 1HJUR PDUUyQ QHJUR

)250$7 OiPSDUD GH WUDED MR ¼ $FHUR QLTXHODGR FRQ ODFDGR LQFRORUR 3DQWDOOD � FP $O FP +(01(6 PHVLOOD QRFKH ¼ /DFDGR EODQFR [ FP $O FP

6$/21(6

QRYHGDG .$5/67$' VRIi SOD]DV ¼ )XQGD ,681'$ JULV DOJRGyQ OLQR YLVFRVD UD\yQ \ SROLpVWHU 'LVHxR 7RUG %M|UNOXQG î $O FP 32b1* VHULH )XQGD '$/$ QDWXUDO DOJRGyQ YLVFRVD OLQR \ SROLpVWHU 'LVHxR 1RERUX 1DNDPXUD $EHGXO 6LOOyQ ¼ 3UHFLR FDWiORJR DQWHULRU ¼ î $O FP 5HSRVDSLpV ¼ î $O FP 675,1' PHVD DX[LOLDU ¼ (VWDQWH SDUD JXDUGDU UHYLVWDV HWF WH D\XGD D RUJDQL]DU WXV FRVDV \ D GHVSHMDU OD VXSHU¿FLH GH OD PHVD $FHUR QLTXHODGR ODFD LQFRORUD � $O FP %ODQFR c'80 DOIRPEUD GH SHOR FRUWR ¼ 3HOR SROLSURSLOHQR î FP +XHVR ,.($ %5$6$ OiPSDUD GH SLH GH OHFWXUD ¼ $FHUR \ DOXPLQLR $O FP %ODQFR %,//< OLEUHUtD ¼ 3UHFLR FDWiORJR DQWHULRU ¼ %DOGDV UHJXODEOHV $GDSWD HO HVSDFLR HQWUH ODV EDOGDV VHJ~Q WXV QHFHVLGDGHV 'LVHxR *LOOLV /XQGJUHQ î $O FP

%,//< OLEUHUtD

¼ XG

'H HVSDFLR SHUGLGR D ULQFyQ GH OHFWXUD 32b1* VLOOyQ

¼ .$5/67$' VRIi SOD]DV

¼

3UHVXPH GH WXV REMHWRV IDYRULWRV \ RFXOWD HO UHVWR

.18%%,* OiPSDUD GH PHVD

¼

9,77(1 DOIRPEUD

¼

3HUVRQDOL]D OD PHVD DX[LOLDU FRORFDQGR EDMR HO YLGULR WXV IRWRV OiPLQDV GLEXMRV R UHFXHUGRV FRPR ODV HQWUDGDV SDUD XQ FRQFLHUWR XQ PHQ~

%(67c VHULH /DPLQDGR \ DFHUR FURPDGR &RPELQDFLyQ GH DOPDFHQDMH ¼ 3XHUWDV SDQHO SDUD JXDUGDU '9'V DFFHVRULRV HWF D VDOYR GHO SROYR î $O FP 1HJUR PDUUyQ PDUUyQ GH DOWR EULOOR

3DQHO GH 79 FRQ DOPDFHQDMH PXOWLPHGLD ¼ (O SDQHO HV KXHFR SDUD TXH SXHGDV RFXOWDU GHQWUR ORV FDEOHV î $O FP 1HJUR PDUUyQ PDUUyQ GH DOWR EULOOR .18%%,* OiPSDUD GH PHVD ¼ 9LGULR GH VRSODGR DUWHVDQDO &DGD OiPSDUD HV ~QLFD 9LGULR 'LVHxR 0LFKLNR 1DNDWD � $O FP 1HJUR 9,77(1 DOIRPEUD ¼ $OIRPEUD GH SHOR ODUJR DQXGDGD D PDQR SRU GLHVWURV DUWHVDQRV FDGD SLH]D HV ~QLFD 3HOR SXUD ODQD YLUJHQ î FP %ODQFR

(;3(',7 PHVD GH FHQWUR ¼ 7DEOHUR GH YLGULR WH SHUPLWH SHUVRQDOL]DU OD PHVD FRQ IRWRV R WH[WLOHV SRU HMHPSOR $FDEDGR LPSUHVR FRQ EDUQL] LQFRORUR \ YLGULR WHPSODGR î $O FP 1HJUR PDUUyQ b/9526 VRIi GH HVTXLQD FRQ UHSRVDEUD]RV GHUHFKR ¼ $VLHQWR \ UHSRVDEUD]RV GH SLHO IXHUWH UHVLVWHQWH \ IiFLO GH PDQWHQHU ,GHDO SDUD IDPLOLDV FRQ QLxRV 7DSLFHUtD 0-8. EHLJH FODUR Ã&#x20AC;RU GH SLHO WHxLGD HQ SURIXQGLGDG î $O FP %(67c DUPDULR GH SDUHG ¼ XG /DV SXHUWDV GH YLGULR PDQWLHQHQ WXV REMHWRV IDYRULWRV D OD YLVWD SHUR SURWHJLGRV GHO SROYR /DPLQDGR \ YLGULR WHPSODGR î $O FP 1HJUR PDUUyQ

+(01(6 HVSHMR ¼ 3LQR PDFL]R ODFDGR HQ EODQFR î FP

6$/21(6

(.7253 -(11</81' VLOOyQ ¼ )XQGD 6c*0<5$ JULV YLVFRVD UD\yQ OLQR SROLpVWHU î $O FP QRYHGDG +(01(6 FRPELQDFLyQ PXHEOH GH 79 ¼ 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV 3DUD SDQWDOOD GH 79 GH Pi[ î $O FP %ODQFR )250$7 OiPSDUD GH SLH GH OHFWXUD ¼ XG (.7253 VRIi SOD]DV )XQGD DOJRGyQ î $O FP ¼ XG )XQGD %/(.,1*( EODQFR ¼ XG )XQGD ,'(02 URMR QRYHGDG %,5*,7 PDQWD ¼ *ULV PXOWLFRORU QRYHGDG %,5*,7 5$1' FRMtQ ¼ $]XO QRYHGDG %,5*,7 FRMtQ ¼ %ODQFR PXOWLFRORU QRYHGDG %,5*,7 /,1-( FRMtQ ¼ 5RMR PXOWLFRORU QRYHGDG %,5*,7 FRUWLQDV ¼ SDU î FP %ODQFR PXOWLFRORU 0iV LQIRUPDFLyQ VREUH OD VHULH %,5*,7 HQ OD SiJLQD QRYHGDG +(01(6 YLWULQD ¼ î $O FP 0DUUyQ JULViFHR +(01(6 PHVLOOD GH QRFKH ¼ î $O FP 1HJUR PDUUyQ

+(01(6 FRPELQDFLyQ PXHEOH GH 79

¼

QRYHGDG

%,5*,7 5$1' FRMtQ

¼ XG

¢6RIiV XQR FRQWUD RWUR" 7H FRQWDPRV HO SRUTXp HQ ZZZ ,.($ HV VDORQHV

QRYHGDG

&RPELQDGRV SDUD DKRUUDU &RPER

$KRUUD ¼

&XDQGR KDFHPRV FRPELQDFLRQHV W~ DKRUUDV &RQ ORV FRQMXQWRV GH VRIi DOIRPEUD \ PHVD GH FHQWUR TXH DTXt WH PRVWUDPRV SXHGHV WHQHU XQ VDOyQ QXHYR DO PRPHQWR

&RPER

$KRUUD ¼ VRIi SOD]DV PHVD GH FHQWUR DOIRPEUD

QRYHGDG (.7253 VRIi SOD]DV ¼ )XQGD ,'(02 PDUUyQ FODUR î $O FP ./,1*6%2 PHVD GH FHQWUR ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR \ YLGULR WHPSODGR 'LVHxR &HFLOLD 6W||S î $O FP 1HJUR c'80 DOIRPEUD ¼ (O SHOR JUXHVR DGHPiV GH DPRUWLJXDU HO VRQLGR FUHD XQD VXSHU¿FLH VXDYH D OD SLVDGD 3HOR SROLSURSLOHQR î FP 0DUUyQ RVFXUR

VRIi SOD]DV PHVD DX[LOLDU DOIRPEUD

&RPER

$KRUUD ¼ VRIi SOD]DV PHVD GH FHQWUR DOIRPEUD

./,33$1 VRIi SOD]DV ¼ &DPELD \ UHQXHYD OD GHFRUDFLyQ FRQ ODV IXQGDV H[WUD )XQGD *5$1c1 QHJUR SROLpVWHU \ DOJRGyQ î $O FP /$&. PHVD DX[LOLDU ¼ )iFLO GH PRQWDU $FDEDGR SLQWDGR î $O FP 5RMR *,6/(9 DOIRPEUD GH SHOR FRUWR ¼ 3ROLSURSLOHQR WUDWDGR DO FDORU KDFH TXH OD DOIRPEUD VHD PX\ VXDYH DJUDGDEOH D OD SLVDGD 3HOR SROLSURSLOHQR î FP *ULV

.$5/67$' VRIi SOD]DV ¼ 8Q VXUWLGR FRRUGLQDGR GH IXQGDV WH SHUPLWH GDU XQ DVSHFWR QXHYR D WXV PXHEOHV )XQGD 6,9,. JULV RVFXUR 'LVHxR 7RUG %M|UNOXQG î $O FP ./8%%2 PHVD GH FHQWUR ¼ $FDEDGR SLQWDGR \ DFHUR FURPDGR 'LVHxR $QQLND *URWWHOO î $O FP %ODQFR c'80 DOIRPEUD ¼ /DV DOIRPEUDV GH SROLSURSLOHQR DSHQDV GHVSUHQGHQ SHOXVD 3HOR SROLSURSLOHQR î FP 5RMR

2 ) ( 5 7$ 9Ã&#x2C6; / , '$ ' ( / ' ( 6 ( 3 7 , ( 0 % 5 ( $ / ' ( ' , & , ( 0 % 5 ( ' ( /

3DUD TXH GLVIUXWHV GH OD QRFKH

7$//9,. OiPSDUD GH PHVD

¼

/$03$1 OiPSDUD GH PHVD

½

),**-2 HVSHMR ¼ � FP

,.($ 36 3(1'(/ UHORM GH SLH ¼ î $O FP

6$5,7$ FRUWLQDV ¼ SDU î FP

60,/$ 67-b51$ OiPSDUD GH SDUHG ¼ � FP

/$03$1 OiPSDUD GH PHVD ¼ 3DQWDOOD � $O FP 69$/.$ FRSD GH FDYD ¼ XGV FO

QRYHGDG 7$//9,. OiPSDUD GH PHVD ¼ 3DQWDOOD � $O FP

QRYHGDG QRYHGDG &</,1'(5 Ã&#x20AC;RUHUR FXHQFR ¼ MXHJR GH ,QFOX\H Ã&#x20AC;RUHUR $O � FP Ã&#x20AC;RUHUR $O � FP \ FXHQFR $O � FP

QRYHGDG

%/$',6 FDMD FRQ WDSD ¼ � $O FP

*,/'$ %/20 IXQGD GH FRMtQ ¼ î FP

QRYHGDG +(55b1* VRSRUWH SDUD YHOD JUDQGH ¼ $O FP

/D YHOD JUDQGH VH YHQGH DSDUWH

/$&. PHVD DX[LOLDU ¼ î $O FP 1HJUR

,.($ 672&.+2/0 FRMtQ ¼ î FP

QRYHGDG *<//(1 OiPSDUD GH SDUHG ¼ î FP

¼ (.7253 VRIi GH SOD]DV )XQGD %/(.,1*( EODQFR DOJRGyQ î $O FP

&DOLGDG \ FRPRGLGDG 2OYLGHPRV SRU XQ PRPHQWR TXH ORV VRIiV (.7253 WLHQHQ XQD JDUDQWtD GH DxRV IXQGDV ODYDEOHV HQ PXFKRV HVWLORV GLIHUHQWHV \ TXH KDQ VLGR GLVHxDGRV SDUD VRSRUWDU HO GtD D GtD GH WRGD OD IDPLOLD \ YDPRV D ¿MDUQRV HQ VX HVWLOR VXDYLGDG FDOLGH] \ FRPRGLGDG £4XHUUiV SDVDUWH WRGR HO GtD HQ HO VRIi

6H DGDSWDQ D WRGR LQFOXVR D XQ FDPELR GH HVWLOR

(.7253 VLOOyQ ¼ )XQGD %<9,.

PXOWLFRORU DOJRGyQ î $O FP

QRYHGDG

QRYHGDG (.7253 78//67$ VLOOyQ ¼ &DPELD \ UHQXHYD OD GHFRUDFLyQ FRQ ODV IXQGDV H[WUD )XQGD ,'(02 URMR DOJRGyQ î $O FP

(.7253 VRIi SOD]DV

¼ QRYHGDG (.7253 VRIi SOD]DV ¼ &RMLQHV GH DVLHQWR UHOOHQRV FRQ HVSXPD GH SROLXUHWDQR GH DOWD HODVWLFLGDG \ JXDWD GH ¿EUDV GH SROLpVWHU VH DGDSWDQ DO FRQWRUQR FRUSRUDO \ UHFXSHUDQ OD IRUPD FXDQGR WH OHYDQWDV )XQGD ,'(02 PDUUyQ FODUR î $O FP

(.7253 WLHQH XQD JDUDQWtD GH DxRV 0iV LQIRUPDFLyQ HQ OD SiJLQD

QRYHGDG (.7253 VRIi SOD]DV \ FKDLVHORQJXH ¼ )XQGD 69$1%< PDUUyQ DOJRGyQ OLQR YLVFRVD UD\yQ \ SROLpVWHU î $O FP (.7253 FRMtQ FHUYLFDO ¼ )XQGD 6c*0<5$ JULV YLVFRVD UD\yQ OLQR \ SROLpVWHU î FP +(01(6 PHVD DX[LOLDU ¼ 9HU SiJLQD

(.7253 VRIi SOD]DV ¼ 8Q VXUWLGR FRRUGLQDGR GH IXQGDV WH SHUPLWH GDU XQ QXHYR DVSHFWR D WXV PXHEOHV )XQGD 69$1%< JULV DOJRGyQ OLQR YLVFRVD UD\yQ \ SROLpVWHU î $O FP

QRYHGDG (.7253 -(11</81' VLOOyQ ¼ )XQGD /,1*+(0 PDUUyQ FODUR î $O FP

QRYHGDG (.7253 085(1 VLOOyQ ¼ 5HJXODEOH HQ SRVLFLRQHV 7DSLFHUtD ,'(02 QHJUR DOJRGyQ î $O FP

(.7253 FRMLQHV OXPEDUHV (O UHOOHQR GH SOXPDV GH DYHV DFXiWLFDV SURSRUFLRQD XQ FRPIRUW H[WUD î FP ¼ FRMtQ 69$1%< JULV DOJRGyQ OLQR YLVFRVD UD\yQ \ SROLpVWHU DOJRGyQ ¼ FRMtQ /,1*+(0 PD UUyQ FODUR D UD\DV ¼ FRMtQ %/(.,1*( EODQFR ¼ FRMtQ +29%< EODQFR QHJUR

(.7253 %5200$ UHSRVDSLpV ¼ (VSDFLR GH DOPDFHQDMH EDMR HO DVLHQWR )XQGD 69$1%< EHLJH DOJRGyQ OLQR YLVFRVD UD\yQ \ SROLpVWHU î $O FP

7LHQHV OD H[SOLFDFLyQ GH HVWRV VtPERORV HQ OD SiJLQD

6DOYR LQGLFDFLyQ FRQWUDULD ODV IXQGDV (.7253 VRQ GHVHQIXQGDEOHV \ ODYDEOHV GH ODYDGR HQ VHFR R D PiTXLQD

6$/21(6

'LVHxR \ FRPRGLGDG XQLGRV

QRYHGDG .,9,. VRIi SOD]DV ¼ 6HULH GH VRIiV PX\ DPSOLRV FRQ

QRYHGDG .,9,. FKDLVHORQJXHV ¼ )XQGD ,1*(%2 D]XO

XQ DVLHQWR SURIXQGR \ PXOOLGR \ XQ FRQIRUWDEOH VRSRUWH GH OD HVSDOGD )XQGD ,1*(%2 EHLJH î $O FP

RVFXUR î $O FP

/D HVSXPD YLVFRHOiVWLFD VH DPROGD DO FRQWRUQR FRUSRUDO

.,9,. VRIi SOD]DV

¼

QRYHGDG .,9,. FKDLVHORQJXH ¼

QRYHGDG .,9,. VRIi SOD]DV ¼ )XQGD %/(.,1*( EODQFR î $O FP

7DSLFHUtD 75$1c6 PDUUyQ FODUR DOJRGyQ YLVFRVD \ SROLpVWHU 'LVHxR 2OD :LKOERUJ î $O FP

QRYHGDG

.,9,. WLHQH DxRV GH JDUDQWtD 0iV LQIRUPDFLyQ HQ OD SiJLQD

QRYHGDG .,9,. VRIi SOD]DV \ FKDLVHORQJXH ¼ (O VRIi VH SXHGH DPSOLDU FRQ XQD R PiV FKDLVHORQJXHV JUDFLDV D VXV UHSRVDEUD]RV GHVPRQWDEOHV )XQGD ,1*(%2 URMR EULOODQWH DOJRGyQ 'LVHxR 2OD :LKOERUJ î $O FP

QRYHGDG .,9,. VRIi SOD]DV ¼ (O VRIi SXHGH DPSOLDUVH FRQ XQD R PiV FKDLVHORQJXHV ORV UHSRVDEUD]RV GHVPRQWDEOHV IDFLOLWDQ OD RSHUDFLyQ 7DSLFHUtD 7(1g JULV FODUR ¿EUDV VLQWpWLFDV DOJRGyQ \ ODQD 'LVHxR 2OD :LKOERUJ î $O FP

QRYHGDG .,9,. VRIi SOD]DV ¼ 7DSLFHUtD 75$1c6 QHJUR DOJRGyQ YLVFRVD UD\yQ \ SROLpVWHU 'LVHxR 2OD :LKOERUJ î $O FP

(QFRQWUDUiV OD H[SOLFDFLyQ GH HVWRV VtPERORV HQ OD SiJLQD

$ QR VHU TXH VH HVSHFLILTXH OR FRQWUDULR WRGDV ODV IXQGDV .,9,. VRQ GHVHQIXQGDEOHV \ ODYDEOHV HQ VHFR R D PiTXLQD

6$/21(6

0iV GH VRIiV SDUD UHODMDUWH HQ WX WLHQGD ,.($

QRYHGDG ,.($ 672&.+2/0 VRIi GH ò SOD]DV ¼ )XQGD 5g67c1*$ EODQFR DOJRGyQ YLVFRVD UD\yQ \ SROLpVWHU 'LVHxR 1LHOV *DPPHOJDDUG î $O FP

5g5%(5* PyGXORV GH SOD]D FRQ UHSRVDEUD]RV ¼ )XQGD /($%< URVD $FHUR FRQ UHYHVWLPLHQWR HQ SROYR EODQFR î $O FP

QRYHGDG .$5/67$' VRIi SOD]DV ¼ &RORFD HO UHSRVDFDEH]DV SRU GHWUiV GHO FRMtQ GHO UHVSDOGR SDUD SURSRUFLRQDU XQ EXHQ VRSRUWH 7DSLFHUtD 8//(9, JULV ODQD 5HSRVDFDEH]DV Ã&#x20AC;RU GH SLHO 'LVHxR 7RUG %M|UNOXQG î $O FP

QRYHGDG .$5/67$' VRIi SOD]DV

QRYHGDG

¼ )XQGD ,681'$ JULV DOJRGyQ OLQR YLVFRVD UD\yQ \ SROLpVWHU 'LVHxR 7RUG %M|UNOXQG î $O FP

QRYHGDG .$5/67$' VRIi HVTXLQD ¼ &RMLQHV GHO DVLHQWR QRYHGDG ./,33$1 VRIi SOD]DV ¼ &DPELD \ UHQXHYD OD GHFRUDFLyQ FRQ ODV IXQGDV H[WUD )XQGD 1$9(67$' î $O FP

FRQ UHOOHQR GH HVSXPD GH SROLXUHWDQR GH DOWD UHVLVWHQFLD \ ¿EUD GH SROLpVWHU SDUD XQD PD\RU FRPRGLGDG )XQGD .251'$/ D]XO DOJRGyQ \ SROLpVWHU 'LVHxR 7RUG %M|UNOXQG î $O FP

./2%2 VRIi GH SOD]DV

.$5/67$' VRIi GH SOD]DV

¼

QRYHGDG ./,33$1 VRIi SOD]DV ¼ &DPELD \ UHQXHYD OD GHFRUDFLyQ FRQ ODV IXQGDV H[WUD )XQGD *5$1c1 D]XO SROLpVWHU \ DOJRGyQ î $O FP

.$5/67$' VRIi GH SOD]DV ¼ 3UHFLR FDWiORJR DQWHULRU ¼ )XQGD %/(.,1*( EODQFR 'LVHxR 7RUG %M|UNOXQG î $O FP

½

QRYHGDG .$5/67$' VRIi GH SOD]DV \ FKDLVHORQJXH ¼ 5HSRVDEUD]RV TXH SHUPLWHQ DFRSODU XQD FKDLVHORQJXH )XQGD 6,9,. EHLJH 'LVHxR 7RUG %M|UNOXQG î $O FP

./2%2 VRIi SOD]DV ¼ 7DSLFHUtD /866(%2 QDWXUDO DOJRGyQ î $O FP

7LHQHV OD H[SOLFDFLyQ GH HVWRV VtPERORV HQ OD SiJLQD

6$/21(6

6DOYR LQGLFDFLyQ FRQWUDULD WRGDV ODV IXQGDV GH .$5/67$' VRQ GHVHQIXQGDEOHV \ ODYDEOHV GH ODYDGR HQ VHFR R D PiTXLQD

6$/21(6

6RIiV TXH HQDPRUDQ

.$5/67$' VRIi SOD]DV FRQ UHSRVDFDEH]DV ¼ 3LHO WUDWDGD SDUD TXH UHVSLUH ELHQ \ FRQVHUYH VXV YDULDFLRQHV HVWUXFWXUDOHV QDWXUDOHV 7DSLFHUtD *5$11 EODQFR Ã&#x20AC;RU GH SLHO WHxLGD HQ SURIXQGLGDG 'LVHxR 7RUG %M|UNOXQG î $O FP

,.($ 672&.+2/0 VRIi SOD]DV ¼ 7DSLFHUtD (/(*$17 PDUUyQ RVFXUR Ã&#x20AC;RU GH SLHO WHxLGD HQ SURIXQGLGDG 'LVHxR 1LHOV *DPPHOJDDUG î $O FP

.5$0)256 FRPELQDFLyQ GH VRIiV ¼ $VLHQWR \ UHSRVDEUD]RV GH SLHO IXHUWH UHVLVWHQWH \ IiFLO GH PDQWHQHU SHUIHFWR SDUD IDPLOLDV FRQ QLxRV 7DSLFHUtD 0$5,* EHLJH Ã&#x20AC;RU GH SLHO WHxLGD HQ SURIXQGLGDG 'LVHxR 0LD *DPPHOJDDUG î $O FP

60g*(1 VRIi ò \ FKDLVHORQJXH ¼ &RQ XQ DVLHQWR EDMR KRQGR \ FRQIRUWDEOH /RV FRMLQHV OXPEDUHV RIUHFHQ VRSRUWH D WX HVSDOGD 7DSLFHUtD -b01 DQWUDFLWD Ã&#x20AC;RU GH SLHO WHxLGD HQ SURIXQGLGDG î $O FP

.$5/67$' VRIi SOD]DV

¼

6b7(5 VRIi ò SOD]DV

¼ b/9526 VRIi SOD]DV ¼ 7DSLFHUtD 0-8. EHLJH FODUR Ã&#x20AC;RU GH SLHO WHxLGD HQ SURIXQGLGDG î $O FP

QRYHGDG .$5/67$' VRIi SOD]DV

.$5/67$' WLHQH XQD JDUDQWtD GH DxRV 0iV LQIRUPDFLyQ HQ OD SiJLQD

¼ 7DSLFHUtD *5$11 PDUUyQ RVFXUR Ã&#x20AC;RU GH SLHO WHxLGD HQ SURIXQGLGDG 'LVHxR 7RUG %M|UNOXQG î $O FP ./8%%2 PHVD GH FHQWUR ¼ &KDSD GH IUHVQR SLQWDGD \ DFHUR FURPDGR 'LVHxR $QQLND *URWWHOO î $O FP 1HJUR PDUUyQ

,.($ 672&.+2/0 SXI ¼ /DV YDULDFLRQHV QDWXUDOHV KDFHQ TXH HO GLVHxR GH FDGD SXI VHD ~QLFR 7DSLFHUtD '(/,.$7 EODQFR QHJUR Ã&#x20AC;RU GH SLHO FRQ SHOR 'LVHxR 1LHOV *DPPHOJDDUG î $O FP

6b7(5 VRIi ò SOD]DV ¼ )ORU GH SLHO IiFLO GH PDQWHQHU PX\ UHVLVWHQWH \ SUiFWLFD SDUD IDPLOLDV FRQ QLxRV 7DSLFHUtD )5b6,* PDUUyQ RVFXUR SLHO GH VHUUDMH WHxLGD HQ SURIXQGLGDG î $O FP

7 2 ' 2 3$ 5 $ 7 8 + 2 * $ 5 % $ - 2 ( / 0 , 6 0 2 7 ( & + 2 6 $ / 2 1 ( 6

0iV GH VLOORQHV SDUD GHVFDQVDU HQ WX WLHQGD ,.($ 32b1* VHULH (VWUXFWXUD GH DEHGXO HQ WDEOLOODV HQFRODGDV \ IRUPDGDV GH DJUDGDEOH HODVWLFLGDG )XQGD $/0( QDWXUDO DOJRGyQ &KDSD GH DEHGXO FRQ EDUQL] LQFRORUR 'LVHxR 1RERUX 1DNDPXUD 6LOOyQ ¼ 3UHFLR FDWiORJR DQWHULRU ¼ î $O FP 5HSRVDSLpV ¼ î $O FP

QRYHGDG (.7253 78//67$ VLOOyQ ¼ &DPELD \ UHQXHYD OD GHFRUDFLyQ FRQ ODV IXQGDV H[WUDV )XQGD ,'(02 QHJUR DOJRGyQ î $O FP

QRYHGDG .$5/67$' VLOOyQ ¼ )XQGD .251'$/ D]XO DOJRGyQ \ SROLpVWHU 'LVHxR 7RUG %M|UNOXQG î $O FP

QRYHGDG (.7253 VLOOyQ ¼ &DPELD \ UHQXHYD OD GHFRUDFLyQ FRQ ODV IXQGDV H[WUDV )XQGD ,'(02 PDUUyQ FODUR DOJRGyQ î $O FP

6.58967$ VLOOyQ JLUDWRULR 32b1* WXPERQD ¼ )XQGD .251'$/ YHUGH DOJRGyQ SROLpVWHU &KDSD GH DEHGXO FRQ EDUQL] LQFRORUR 'LVHxR 1RERUX 1DNDPXUD î $O FP

¼

32b1* VLOOyQ

¼ .18767253 WXPERQD ¼ 5DWiQ FRQ EDUQL] LQFRORUR \ DFHUR 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP *ULV SODWD

62/67$ 2/$53 VLOOyQ

½

32b1* VLOOyQ ¼ )XQGD /2&.$53 JULV SLHO GH RYHMD &KDSD GH DEHGXO FRQ EDUQL] LQFRORUR 'LVHxR 1RERUX 1DNDPXUD î $O FP

6$/21(6

32b1* PHFHGRUD ¼ )XQGD 60,',* QHJUR SLHO GH FDEUD WHxLGD HQ SURIXQGLGDG FRQ VXSHU¿FLH SLJPHQWDGD &KDSD GH DEHGXO FRQ EDUQL] LQFRORUR 'LVHxR 1RERUX 1DNDPXUD î $O FP

32b1* VLOOyQ ¼ )XQGD $/0( URMR DOJRGyQ &KDSD GH UREOH WHxLGD PDUUyQ EDUQL] LQFRORUR 'LVHxR 1RERUX 1DNDPXUD î $O FP

QRYHGDG 6.58967$ VLOOyQ JLUDWRULR ¼ $OWXUD UHJXODEOH JLUD KDVWD FRQVHJXLU OD DOWXUD GHVHDGD 7DSLFHUtD .52.(. DOJRGyQ î $O FP

62/67$ 2/$53 VLOOyQ ¼ 7DSLFHUtD 5$167$ QDWXUDO DOJRGyQ î $O FP

$ 8 7 2 6 ( 59 ,& ,2 $ 8 7 2 7 5 $ 1 6 3 2 5 7 ( $ 8 7 2 0 2 1 7$ - ( £ $ 8 7 2 $ + 2 5 52 6 $ / 2 1 ( 6

(OLJH OD IXQGD SDUD HO GtD \ HO PHMRU FRQIRUW SDUD OD QRFKH

(OLJH HO FROFKyQ PiV DGHFXDGR SDUD OR TXH QHFHVLWDV +D\ FXDWUR GLIHUHQWHV FDGD XQR FRQ XQDV FDUDFWHUtVWLFDV GH GHVFDQVR GLVWLQWDV 689(5b1 FROFKRQFLOOR ¼ /DYDEOH SDUD TXH WX VRIi VH PDQWHQJD LPSHFDEOH î FP *URVRU FP %('',1*( +c9(7 FROFKyQ ¼ (O OiWH[ IDFLOLWD OD YHQWLODFLyQ GHO FROFKyQ \ D\XGD D HYDSRUDU OD KXPHGDG

%('',1*( 085%2 FROFKyQ ¼ &ROFKyQ GH HVSXPD GH SROLXUHWDQR ¿UPH \ FRQIRUWDEOH SDUD XVDU D GLDULR %('',1*( 5(602 FROFKyQ ¼ 0XHOOHV HPEROVDGRV GXUDGHURV TXH SURORQJDQ OD YLGD ~WLO GHO FROFKyQ %('',1*( /g9c6 FROFKyQ ¼ 8Q VHQFLOOR FROFKyQ ¿UPH GH HVSXPD GH SROLXUHWDQR SDUD XVDU D GLDULR

7RGRV ORV FROFKRQHV %('',1*( TXH VH PXHVWUDQ PLGHQ î FP \ WLHQHQ FP GH JURVRU

%('',1*( /g9$6 FROFKyQ

¼

%('',1*( /g9c6 VRIi FDPD GH SOD]DV

¼

¢1HFHVLWDV HVSDFLR SDUD JXDUGDU OD URSD GH FDPD" $xDGH HVWD FDMD GH DOPDFHQDMH EDMR HO VRIi

%('',1*( /g9c6 VRIi FDPD GH SOD]DV

¼

QRYHGDG

(Q ORV VRIiV FDPD %('',1*( SXHGHV HOHJLU HQWUH GLVWLQWRV FROFKRQHV \ XQD DPSOLD YDULHGDG GH IXQGDV SDUD FUHDU OD FRPELQDFLyQ TXH PiV WH JXVWH &DGD IXQGD LQFOX\H GRV FRMLQHV OXPEDUHV 7DPELpQ SXHGHV FRPSOHWDU WX VRIi FDPD %('',1*( FRQ HO FDMyQ SDUD FDPD %('',1*( QRYHGDG %('',1*( /g9c6 VRIi FDPD GH SOD]DV ¼ )XQGD *(1$53 EODQFR DOJRGyQ SROLpVWHU \ HODVWiQ î $O FP 0HGLGDV GH OD FDPD î FP %('',1*( FRMtQ ¼ XG )XQGD *(1$53 EODQFR GHVHQIXQGDEOH TXH VH SXHGH ODYDU D PiTXLQD $OJRGyQ SROLpVWHU \ HODVWiQ î FP &DMD GH DOPDFHQDMH ¼ î $O FP *ULV

%('',1*( FDMD GH DOPDFHQDMH ¼ î $O FP *ULV SODWD

QRYHGDG %('',1*( /g9c6 VRIi FDPD GH SOD]DV ¼ )XQGD *(1$53 D]XO DOJRGyQ SROLpVWHU \ HODVWiQ LQFOX\H FRMLQHV OXPEDUHV î $O FP 0HGLGDV GH OD FDPD î FP %('',1*( FRMtQ ¼ XG î FP )XQGD *(1$53 D]XO &DMD GH DOPDFHQDMH ¼ î $O FP *ULV

%('',1*( /g9c6 VRIi FDPD GH SOD]DV ¼ 3UHFLR FDWiORJR DQWHULRU ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR )XQGD 5$167$ JULV RVFXUR î $O FP 0HGLGDV GH OD FDPD î FP %('',1*( FDMD GH DOPDFHQDMH ¼ î $O FP *ULV

7 2 ' 2 ( / $ f 2 ( 6 7Ã&#x2C6; 1 / / ( * $ 1 ' 2 1 2 9 ( ' $ ' ( 6 $ 7 8 7 , ( 1 ' $ , . ( $ 6 $ / 2 1 ( 6

0iV GH

+$*$/81' VRIi FDPD GH SOD]DV

QRYHGDG

¼ QRYHGDG

VRIiV FDPD HQ WX WLHQGD ,.($

+$*$/81' VRIi FDPD GH SOD]DV ¼ (VSDFLR GH DOPDFHQDMH EDMR HO DVLHQWR SDUD URSD GH FDPD HWF 3XHGH FRPSOHWDUVH FRQ HO FROFKRQFLOOR 689(5b1 GH î FP )XQGD %/(.,1*( EODQFR î $O FP 0HGLGDV GH FDPD î FP

QRYHGDG .,9,. VRIi FDPD GH SOD]DV ¼ )XQGD ,1*(%2 D]XO RVFXUR 'LVHxR 2OD :LKOERUJ î $O FP 0HGLGDV GH OD FDPD î FP

QRYHGDG (.7253 /g9c6 VRIi FDPD GH SOD]DV

.$5/67$' VRIi FDPD GH SOD]DV FRQ DOPDFHQDMH ¼ (VSDFLR GH DOPDFHQDMH EDMR HO DVLHQWR SDUD ODV DOPRKDGDV \ HO HGUHGyQ )XQGD .251'$/ YHUGH DOJRGyQ \ SROLpVWHU 'LVHxR 7RUG %M|UNOXQG î $O FP 0HGLGDV GH OD FDPD î FP

¼ (VSDFLR GH DOPDFHQDMH PX\ ~WLO RFXOWR HQ HO UHVSDOGR )XQGD 69$1%< PDUUyQ DOJRGyQ OLQR YLVFRVD UD\yQ \ SROLpVWHU î $O FP 0HGLGDV GH OD FDPD î FP

/<&.6(/( /g9c6 VRIi FDPD GH SOD]DV ¼ (VFRJH HQWUH WUHV FROFKRQHV GLIHUHQWHV \ XQD DPSOLD JDPD GH IXQGDV SDUD FUHDU WX FRPELQDFLyQ LGHDO )XQGD +(1c1 DPDULOOR DOJRGyQ SROLpVWHU \ HODVWiQ î $O FP 0HGLGDV GH OD FDPD î FP

(;$5%< VRIi FDPD GH SOD]DV ¼ 6H FRQYLHUWH IiFLOPHQWH HQ FDPD &ROFKyQ %5$77+2/0(1 QDWXUDO DOJRGyQ \ SROLpVWHU î $O FP 0HGLGDV GH OD FDPD î FP

62/67$ VRIi FDPD SOD]DV

½ 0c167$' VRIi FDPD GH HVTXLQD L]TXLHUGD FRQ DOPDFHQDMH ¼ $OPDFHQDMH EDMR HO PyGXOR GH HVTXLQD 7DSLFHUtD *2%2 D]XO JULViFHR DOJRGyQ î $O FP 0HGLGDV GH OD FDPD î FP

6$/21(6

b/9526 VRIi FDPD GH SOD]DV ¼ /D VHFFLyQ GHO FDEHFHUR SXHGH HOHYDUVH SHUIHFWR SDUD FXDQGR TXLHUHV OHHU R YHU 79 HQ OD FDPD 7DSLFHUtD 0-8. PDUUyQ RVFXUR Ã&#x20AC;RU GH SLHO WHxLGD HQ SURIXQGLGDG î $O FP 0HGLGDV GH OD FDPD î FP

QRYHGDG ,.($ 36 /g9c6 $FHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR 7 6DQGHOO & 0DUWLQ 6RIi FDPD GH SOD]DV ¼ )XQGD 9$167$ D]XO RVFXUR î $O FP 0HGLGDV GH OD FDPD î FP 6LOOyQ FDPD ¼ )XQGD 9$167$ URMR î $O FP 0HGLGDV GH OD FDPD î FP

62/67$ VRIi FDPD GH SOD]DV ¼ 6H FRQYLHUWH IiFLOPHQWH HQ FDPD 7DSLFHUtD 5$167$ JULV RVFXUR DOJRGyQ î $O FP 0HGLGDV GH OD FDPD î FP

& 2 1 6 8 /7$ 1 8 ( 6 7 5 $ 3 2 / Ã&#x2039; 7 ,& $ ' ( ' ( 9 2 / 8 & ,2 1 ( 6 ( 1 / $ 3Ã&#x2C6; * , 1 $ 6 $ / 2 1 ( 6

9(-021 PHVD DX[LOLDU

¼ 675,1' PHVD DX[LOLDU ¼ $FHUR QLTXHODGR EDUQL] LQFRORUR 'LVHxR (KOpQ -RKDQVVRQ � $O FP %ODQFR

./,1*6%2 PHVD DX[LOLDU ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR \ YLGULR WHPSODGR 'LVHxR &HFLOLD 6W||S � $O FP 1HJUR

QRYHGDG

9(-021 PHVD DX[LOLDU ¼ (VWDQWH SDUD JXDUGDU UHYLVWDV HWF WH D\XGD D RUJDQL]DU WXV FRVDV \ D GHVSHMDU OD VXSHU¿FLH GH OD PHVD 7DEOHUR GH SDUWtFXODV OiPLQD GH DEHGXO \ EDUQL] LQFRORUR 'LVHxR (KOpQ -RKDQVVRQ � $O FP

(;3(',7 PHVD GH FHQWUR ¼ 7DEOHUR GH YLGULR WH SHUPLWH SHUVRQDOL]DU OD PHVD FRQ IRWRV R WH[WLOHV SRU HMHPSOR $FDEDGR LPSUHVR FRQ EDUQL] LQFRORUR \ YLGULR WHPSODGR î $O FP (IHFWR DEHGXO

/$&. PHVD GH FHQWUR

QRYHGDG +(01(6 PHVD DX[LOLDU ¼ $EHWR PDFL]R WHxLGR EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV î $O FP 0DUUyQ JULViFHR

+(01(6 PHVD GH FHQWUR ¼ 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV î $O FP 1HJUR PDUUyQ

(;3(',7 PHVD GH FHQWUR ¼ $FDEDGR LPSUHVR FRQ EDUQL] LQFRORUR \ YLGULR WHPSODGR î $O FP 1HJUR PDUUyQ

./8%%2 PHVD QLGR ¼ MXHJR GH (QFDMDGDV RFXSDQ PHQRV HVSDFLR $FDEDGR SLQWDGR \ DFHUR FURPDGR 'LVHxR $QQLND *URWWHOO î $O FP %ODQFR

¼ /$&. PHVD GH FHQWUR ¼ (VWDQWH SDUD JXDUGDU UHYLVWDV HWF WH D\XGD D RUJDQL]DU WXV FRVDV \ D GHVSHMDU OD VXSHU¿FLH GH OD PHVD $FDEDGR SLQWDGR î $O FP %ODQFR

6$/21(6

/$&. PHVD DX[LOLDU ¼ XG )iFLO GH PRQWDU $FDEDGR SLQWDGR î $O FP 5RMR 1HJUR %ODQFR

/$&. PHVD DX[LOLDU ¼ XG )iFLO GH PRQWDU %DUQL] LQFRORUR î $O FP (IHFWR DEHGXO 1HJUR PDUUyQ

¼

XG

8QD PHVD TXH FXLGD HO SODQHWD \ D WX HVSDOGD /D FRQVWUXFFLyQ DWDPERUDGD QHFHVLWD PHQRV PDGHUD SRU HVR SHVD SRFR \ HV WDQ IiFLO GH PRYHU /$&. PHVD DX[LOLDU ¼ $FDEDGR SLQWDGR î $O FP 1HJUR %ODQFR

%(67c PXHEOH GH DOPDFHQDMH 79

¼

'LVIUXWD GHO HVSDFLR GH WX VDOyQ %(67c PXHEOH GH DOPDFHQDMH 79 ¼ (VWUXFWXUDV GH GLIHUHQWHV WDPDxRV TXH WH SHUPLWHQ FUHDU XQD VROXFLyQ VHJ~Q HO WDPDxR GH WX WHOH /RV SRPRV \ WLUDGRUHV VH YHQGHQ DSDUWH 7DEOHUR GH ¿EUDV OiPLQD î $O FP %ODQFR ,15('$ VHULH QRYHGDG ,OXPLQDFLyQ GH DUPDULRV ¼ $OXPLQLR / FP *ULV SODWD %DOGD H[WUD ¼ 9LGULR WHPSODGR 3HVR Pi[ NJ î FP

*581'7$/ IRFR ¼ XGV 3URGXFH XQ KD] GH OX] FHQWUDGR ,GHDO SDUD LOXPLQDU iUHDV SHTXHxDV $FHUR \ YLGULR 'LVHxR 0LNDHO :DUQKDPPDU 1LTXHODGR

%(67c WLHQH DxRV GH JDUDQWtD 0iV LQIRUPDFLyQ HQ OD SiJ

3DUD FUHDU OD VROXFLyQ GH DOPD FHQDMH GH WXV VXHxRV HQWUD HQ ZZZ ,.($ HV %(67$ 6$/21(6

&UHD WX FRPELQDFLyQ SHUIHFWD %(67c %856 HVWDQWH GH SDUHG

¼

%(67c EDQFR FRQ UXHGDV

¼

L *XtD GH FRPSUD %(67c HQ OD SiJLQD < PXFKR PiV HQ ZZZ ,.($ HV %(67$

%(67c %856 VHULH $FDEDGR ODPLQDGR 'LVHxR 0LNDHO :DUQKDPPDU 0XHEOH 79 ¼ 3HVR Pi[ NJ 3DUD 79 GH SDQWDOOD SODQD GH Pi[ î $O FP %ODQFR DOWR EULOOR (VWDQWH GH SDUHG ¼ 3DUD '9'V 3HVR Pi[ NJ î $O FP %ODQFR DOWR EULOOR

%(67c EDQFR FRQ UXHGDV ¼ $FHUR SOiVWLFR GH SROLXUHWDQR FURPDGR 3HVR Pi[LPR NJ î $O FP 1HJUR PDUUyQ

%(67c FRPELQDFLyQ DOPDFHQDMH ¼ (OLJH HQWUH DOPDFHQDMH DELHUWR R FHUUDGR /DPLQDGR YLGULR WHPSODGR \ DFHUR FURPDGR î $O FP %ODQFR

%(67c )5$067c PXHEOH DOPDFHQDMH 79 ¼ $FDEDGR ODPLQDGR 'LVHxR 0DUFXV $UYRQHQ î $O FP (IHFWR KD\D

%(67c EDQFR FRQ SDWDV ¼ 6LQ WLUDGRUHV SXOVD SDUD DEULU OD SXHUWD 7DEOHUR GH ¿EUDV \ OiPLQD î $O FP %ODQFR QHJUR DOWR EULOOR

%(67c FRPELQDFLyQ DOPDFHQDMH FRQ SXHUWDV FRUUHGHUDV ¼ $OXPLQLR î $O FP %ODQFR JULV DOWR EULOOR

%(67c FRPELQDFLyQ DOPDFHQDMH FRQ SXHUWDV ¼ (VWUXFWXUDV GH GLIHUHQWHV WDPDxRV TXH WH SHUPLWHQ VDFDU HO Pi[LPR SURYHFKR DO HVSDFLR GLVSRQLEOH î $O FP 1HJUR PDUUyQ

%(67c HVWDQWH GH SDUHG FRQ SXHUWD GH YLGULR ¼ $FDEDGR ODPLQDGR \ YLGULR WHPSODGR î $O FP %ODQFR

%(67c FRPELQDFLyQ DOPDFHQDMH ¼ (VWDQWH FRQ UHERUGH SDUD HYLWDU TXH VH FDLJDQ SHULyGLFRV R UHYLVWDV î $O FP %ODQFR

%(67c )5$067c FRPELQDFLyQ DOPDFHQD MH ¼ $FDEDGR ODPLQDGR \ YLGULR WHPSODGR 'LVHxR 0DUFXV $UYRQHQ î $O FP %ODQFR

7 2 ' 2 6 / 2 6 3 5 ( & ,2 6 ' ( / & $7Ã&#x2C6; / 2 * 2 6 2 1 9Ã&#x2C6; / , ' 2 6 + $ 6 7$ ( / 6 $ / 2 1 ( 6

3XHGHV YHU PiV HQ ZZZ ,.($ HV

%(112 PXHEOH 79 FRQ UXHGDV

/,$7253 PXHEOH 79 ¼ 6LQ SDQHO WUDVHUR IDFLOLWD OD RUJDQL]DFLyQ GH FDEOHV $FDEDGR SLQWDGR 'LVHxR &DULQD %HQJV 3HVR Pi[ NJ 3DUD SDQWDOOD GH SODQD GH Pi[ î $O FP %ODQFR

¼ %(67c -b*5$ PXHEOH 79 FRQ UXHGDV ¼ 7DEOHUR GH SDUWtFXODV OiPLQD SOiVWLFR GH SROLSURSLOHQR 'LVHxR 0LNDHO :DUQKDP PDU 3HVR Pi[ NJ 3DUD SDQWDOOD GH Pi[ î $O FP 1HJUR PDUUyQ

69,1' PXHEOH 79 ¼ *LUD � $OXPLQLR DFHUR FRQ UHYHVWLPLHQWR HQ SROYR \ YLGULR WHPSODGR 'LVHxR 5LFKDUG &ODFN 3HVR Pi[ NJ 3DUD SDQWDOOD SODQD GH Pi[ î $O FP *ULV SODWD

%(112 PXHEOH 79 FRQ UXHGDV ¼ 7DEOHUR GH SDUWtFXODV OiPLQD GH DEHGXO EDUQL] LQFRORUR 3HVR Pi[ NJ 3DUD SDQWDOOD SODQD GH Pi[ î $O FP

QRYHGDG

026-g PXHEOH 79 ¼ 7DEOHUR GH ¿EUDV OiPLQD 3HVR Pi[ NJ 3DUD SDQWDOOD SODQD GH Pi[ î $O FP 1HJUR PDUUyQ

0$9$6 PXHEOH SDUD 79 YtGHR HVWpUHR ¼ 7DEOHUR GH SDUWtFXODV OiPLQD 3HVR Pi[ NJ 3DUD SDQWDOOD SODQD GH Pi[ î $O FP

/$,9$ PXHEOH 79

½

%(67c %856 PXHEOH 79 ¼ 7DEOHUR GH SDUWtFXODV OiPLQD FKDSD GH PHODPLQD 'LVHxR 0LNDHO :DUQKDP PDU 3HVR Pi[ NJ 3DUD SDQWDOOD SODQD GH Pi[ î $O FP *ULV GH DOWR EULOOR

6$/21(6

QRYHGDG +(01(6 PXHEOH 79 ¼ $EHWR PDFL]R WHxLGR EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV 3HVR Pi[ NJ 3DUD SDQWDOOD SODQD GH Pi[ î $O FP

/$&. EDQFR GH HVTXLQD SDUD 79 ¼ 3HVR Pi[ NJ 3DUD SDQWDOOD GH Pi[ î $O FP

%(67c c'$/ PXHEOH 79 ¼ 'LVHxR 0LNDHO :DUQKDPPDU 3HVR Pi[ NJ 3DUD SDQWDOOD SODQD GH Pi[ î $O FP %ODQFR

QRYHGDG /$,9$ PXHEOH 79 ¼ 3HVR Pi[ NJ 3DUD SDQWDOOD SODQD GH Pi[ î $O FP

3 52 ' 8 & 7 2 6 0 8 /7 , 0 ( ', $ 3$ 5 $ ( / + 2 * $ 5 3 52 3 2 5& ,2 1 $ ' 2 6 3 2 5 3 + , / , 3 6 6 $ / 2 1 ( 6

(O HVWLOR LQFRQIXQGLEOH GH OD PDGHUD PDFL]D +(01(6 YLWULQD

+(01(6 FRPELQDFLyQ GH PXHEOH GH 79 DOPDFHQDMH

+(01(6 OLEUHUtD

¼

¼

QRYHGDG

¼

QRYHGDG +(01(6 VHULH 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV 1HJUR PDUUyQ /LEUHUtD ¼ EDOGDV UHJXODEOHV SDUD TXH DMXVWHV HO HVSDFLR D WXV QHFHVLGDGHV î $O FP 9LWULQD ¼ î $O FP

QRYHGDG +(01(6 FRPELQDFLyQ GH PXHEOH 79 DOPDFHQDMH ¼ 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR \ YLGULR WHPSODGR 'LVHxR &DULQD %HQJV î $O FP %ODQFR

QRYHGDG +(01(6 VHULH (O HVWDQWH SXHQWH GH SDUHG FRQHFWD GRV VHFFLRQHV \ SURSRUFLRQD HVSDFLR SDUD XQD SDQWDOOD SODQD GH 79 7DPELpQ VH SXHGH FROJDU HQ OD SDUHG GH IRUPD LQGHSHQGLHQWH 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV 1HJUR PDUUyQ (VWDQWH SXHQWH GH SDUHG ¼ 3HVR Pi[ NJ î $O FP (VWDQWH SXHQWH GH SDUHG ¼ 3HVR Pi[ NJ î $O FP

QRYHGDG +(01(6 YLWULQD ¼ ,QFOX\H EDOGD ¿MD \ EDOGDV UHJXODEOHV $EHWR PDFL]R WHxLGR EDUQL] LQFRORUR \ YLGULR WHPSODGR 'LVHxR &DULQD %HQJV î $O FP 0DUUyQ JULViFHR

QRYHGDG +(01(6 VHULH 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV 1HJUR PDUUyQ 0XHEOH GH 79 ¼ *XtDV GH FDMyQ RFXOWDV TXH JDUDQWL]DQ TXH HO FDMyQ VH DEUD FLHUUH VXDYHPHQWH LQFOXVR FXDQGR HVWi PX\ OOHQR FDMRQHV JUDQGHV SDUD JXDUGDU '9'V DFFHVVRULRV HWF 0XHEOH GH 79 ¼ 'RV FRPSDUWLPHQWRV DELHUWRV SDUD HO UHSURGXFWRU GH '9'V HWF

QRYHGDG +(01(6 VHULH 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV 1HJUR PDUUyQ /LEUHUtD ¼ î $O FP 9LWULQD ¼ 9LGULR WHPSODGR î $O FP

& 2 1 / 2 6 3$ 4 8 ( 7 ( 6 3 / $ 1 2 6 3 8 ( ' ( 6 / / ( 9Ã&#x2C6; 5 7 ( / 2 $ & $ 6 $ + 2< 0 , 6 0 2 6 $ / 2 1 ( 6

(VWD SXHUWD WLHQH GREOH FULVWDO 'DOH XQ WRTXH SHUVRQDO FRORFDQGR IRWRV GLEXMRV SRVWDOHV HWF HQWUH HO SDQHO \ HO YLGULR

L *XtD GH FRPSUD GH %,//< HQ OD SiJLQD < PXFKR PiV HQ ZZZ ,.($ HV %,//< %,//< OLEUHUtD ¼ XG %DOGDV UHJXODEOHV $GDSWD HO HVSDFLR HQWUH ODV EDOGDV VHJ~Q WXV QHFHVLGDGHV /DPLQDGR î $O FP $]XO

%,//< HVWDQWHUtD FRQ SXHUWDV ¼ /DPLQDGR î $O FP %ODQFR WUDQVSDUHQWH

%,//< HVWDQWHUtD FRQ SXHUWD GH YLGULR ¼ XG /DPLQDGR DOXPLQLR \ YLGULR WHPSODGR î $O FP %ODQFR

%,//< VHULH /DPLQDGR /LEUHUtD ¼ î $O FP %ODQFR /LEUHUtD ¼ î $O FP %ODQFR /LEUHUtD ¼ î $O FP %ODQFR 0yGXOR GH H[WHQVLyQ GH DOWXUD ¼ î $O FP %ODQFR

%,//< OLEUHUtD

¼

/$,9$ HVWDQWHUtD

½

%,//< OLEUHUtD ¼ 3UHFLR FDWiORJR DQWHULRU ¼ /DPLQDGR î $O FP

6$/21(6

%,//< OLEUHUtD ¼ XG /DPLQDGR %(112 WRUUH '9'V ¼ /DPLQDGR

%,//< OLEUHUtD FRQ SXHUWDV GH YLGULR ¼ /DV SXHUWDV GH YLGULR SURWHJHQ WXV REMHWRV IDYRULWRV GHO SROYR \ ORV PDQWLHQHQ D OD YLVWD &KDSD GH UREOH FRQ EDUQL] LQFRORUR \ YLGULR WHPSODGR 'LVHxR *LOOLV /XQGJUHQ . +DJEHUJ 0 +DJEHUJ î $O FP

%,//< OLEUHUtD ¼ %DOGDV UHJXODEOHV $MXVWD HO HVSDFLR D WXV QHFHVLGDGHV /DPLQDGR î $O FP 5RMR

%,//< OLEUHUtD FRQ SXHUWD ¼ &KDSD GH DEHGXO FRQ EDUQL] LQFRORUR î $O FP

/$,9$ HVWDQWHUtD ¼ /DPLQDGR 'LVHxR -RQ .DUOVVRQ î $O FP 1HJUR PDUUyQ

%(112 WRUUH '9'V ¼ 3DUD &'V '9'V y YtGHRV /DPLQDGR î $O FP $]XO

7 2 ' 2 ( / $ f 2 ( 6 7Ã&#x2C6; 1 / / ( * $ 1 ' 2 1 8 ( 9 2 6 3 52 ' 8 & 7 2 6 $ 7 8 7 , ( 1 ' $ , . ( $ 6 $ / 2 1 ( 6

/$&. HVWDQWH GH SDUHG

¼

(;3(',7 HVWDQWHUtD /RV DFFHVRULRV VH YHQGHQ DSDUWH

¼

(;3(',7 HVWDQWHUtD

¼

(;3(',7 HVWDQWHUtD ¼ $FDEDGR SRU WRGRV ODGRV VH SXHGH XVDU FRPR VHSDUDGRU GH DPELHQWHV 3LQWDGD î $O FP %ODQFR (;3(',7 HVWDQWHUtD DGLFLRQDO ¼ XG /DPLQDGR î $O FP 1HJUR (;3(',7 HVWDQWHUtD ¼ 3LQWDGD î $O FP %ODQFR QRYHGDG (;3(',7 DFFHVRULR FRQ SXHUWD ¼ XG /DPLQDGR î $O FP %ODQFR DOWR EULOOR /$&. HVWDQWH GH SDUHG ¼ XG 3LQWDGR î FP %ODQFR 1HJUR /$&. HVWDQWH GH SDUHG ¼ XG 3UHFLR FDWiORJR DQWHULRU ¼ 3LQWDGR î FP %ODQFR 1HJUR (;3(',7 HVWDQWHUtD ¼ $FDEDGR LPSUHVR \ EDUQL] LQFRORUR î $O FP 1HJUR PDUUyQ (;3(',7 HVWDQWHUtD ¼ 3LQWDGD î $O FP %ODQFR /$&. HVWDQWH GH SDUHG ¼ 3LQWDGR î FP 1HJUR /$&. HVWDQWHUtD ¼ 3LQWDGR î $O FP %ODQFR /$&. HVWDQWHUtD GH SDUHG ¼ 3LQWDGD î $O FP %ODQFR

(;3(',7 HVWDQWHUtD ¼ 3LQWDGD î $O FP %ODQFR (;3(',7 HVWDQWHUtD ¼ $FDEDGR LPSUHVR \ EDUQL] LQFRORUR î $O FP 1HJUR PDUUyQ (;3(',7 DFFHVRULR FRQ SXHUWD GH HVSHMR ¼ XG $FFHVRULR FRQ WUDVHUD DFDEDGD VH SXHGH XVDU FRPR VHSDUDGRU GH DPELHQWHV /DPLQDGR î $O FP /$&. PHVD DX[LOLDU ¼ 3LQWDGD î $O FP 1HJUR

(;3(',7 DFFHVRULR FRQ SXHUWD GH HVSHMR 'LVHxR 7RUG %M|UNOXQG

¼ XG

¼

3XHGHV XWLOL]DU OD HVWDQWHUtD (;3(',7 HQ HO GRUPLWRULR R HQ HO VDOyQ HQ OD SDUHG R HQ HO VXHOR SDUD FRORFDU WXV OLEURV IDYRULWRV UHFXHUGRV GH YLDMHV

± (;3(',7 DFFHVRULRV $FDEDGR ODPLQDGR R SLQWDGR $FFHVRULR FRQ SXHUWD GH HVSHMR ¼ XG î $O FP

$FFHVRULR FRQ SXHUWD ¼ XG î $O FP 1HJUR

$FFHVRULR FRQ FDMyQ ¼ XG î $O FP %ODQFR $FFHVRULR FRQ SXHUWD ¼ XG î $O FP 5RMR $FFHVRULR FRQ FDMRQHV ¼ XG î $O FP %ODQFR (VWDQWH DGLFLRQDO ¼ î $O FP 1HJUR $FFHVRULR FRQ SXHUWD ¼ XG î $O FP *ULV GH DOWR EULOOR

$FFHVRULR FRQ FDMyQ ¼ XG î $O FP 1HJUR

6$/21(6

(;3(',7 HVWDQWHUtD ¼ 6H SXHGH FROJDU HQ OD SDUHG R FRORFDU HQ HO VXHOR (OLJH OD RSFLyQ TXH PHMRU VH DGDSWH D WXV QHFHVLGDGHV 3XHGH FRPSOHWDUVH FRQ HO DFFHVRULR (;3(',7 TXH VH YHQGH DSDUWH $FDEDGR SLQWDGR 'LVHxR 7RUG %M|UNOXQG î $O FP %ODQFR

(PSH]y FRPR SXHUWD \ WHUPLQy FRPR OLEUHUtD 'HVSXpV GH YLVLWDU XQD IiEULFD GH SXHUWDV D QXHVWURV GLVHxDGRUHV VH OHV RFXUULy XQD QXHYD IRUPD GH KDFHU PXHEOHV %DViQGRVH HQ HO PpWRGR XWLOL]DGR SDUD FRQVWUXLU SXHUWDV FUHDURQ XQ VLVWHPD GH IDEULFDFLyQ TXH FRQVLJXH XQ PDWHULDO UHVLVWHQWH TXH SHVD SRFR \ UHGXFH HO JDVWR GH PDGHUD 3RU HVR HV EXHQR SDUD HO SODQHWD SDUD ORV FRVWHV SDUD HO WUDQVSRUWH SDUD WL \ SDUD QRVRWURV

¼

/$&. HVWDQWHUtD $FDEDGR SLQWDGR î $O FP 5RMR

4XL]i YDORUHV PHMRU HVWH VLVWHPD OODPDGR DWDPERUDGR FXDQGR WH OOHYHV OD HVWDQWH UtD D FDVD HQ XQ SDTXHWH SODQR \ YHDV TXp IiFLO WH UHVXOWD HO WUDQVSRUWH \ HO PRQWDMH

yQ

0HQRV GH ¼

W D] ,.

XG

¼

5 5* )b 9b*+8/7 SRUWDYHOD ¼ XG $O FP 1HJUR %ODQFR

60<&.$ Ã&#x20AC;RU DUWL¿FLDO

¼

32.$/ YDVR

¼ XG

60<&.$ Ã&#x20AC;RU DUWL¿FLDO ¼ $O FP 9DULRV FRORUHV

QRYHGDG 67b0 PHGLGRUHV ¼ MXHJR GH 3OiVWLFR $%6 72/6%< PDUFR SDUD OiPLQDV ¼ î FP 'LVHxR +HQULN 3UHXW]

QRYHGDG QRYHGDG

$/$50 GHVSHUWDGRU ¼ � FP

32.$/ YDVR ¼ 3UHFLR FDWiORJR DQWHULRU ¼ FO

QRYHGDG

QRYHGDG 67b0 DEUHERWHOODV ¼ XG / FP 'LVHxR 0LD *DPPHOJDDUG

61b57,* Ã&#x20AC;RUHUR

¼ 61b57,* Ã&#x20AC;RUHUR ¼ $O FP

&+26,*7 HPEXGR ¼ MXHJR GH 7DPDxRV � FP $O FP \ � FP $O FP

QRYHGDG 29$1/,* Ã&#x20AC;RUHUR ¼ XG $O FP

1(*/,1*( FDQGHODEUR SRUWDYHOD ¼ XG $O FP £5HFXHUGD 1XQFD GHMHV XQD YHOD VLQ YLJLODQFLD

QRYHGDG 6g7 %$516/,* SHOXFKH ¼ XG 'LVHxR (YD /XQGJUHHQ / FP

)b5*5,. WD]yQ ¼ XG FO 9HUGH 1HJUR %ODQFR

%-8567$ PHVD GH FRPHGRU

¼

%-8567$ PHVD GH FRPHGRU ¼ &KDSD IUHVQR WHxLGD EDUQL] LQFRORUR 'LVHxR 7RUG %M|UNOXQG î $O FP 1,/6 VLOOD ¼ XG +D\D PDFL]D SLQWDGD î $O FP 'LVHxR 0LNDHO :DUQKDPPDU $VLHQWR $O FP 1HJUR IXQGD %/(.,1*( EODQFR DOJRGyQ /((1'( MDUUD ¼ 9LGULR 'LVHxR $QQH 1LOVVRQ / 1,/6 VLOOD FRQ UHSRVDEUD]RV ¼ XG $EHGXO PDFL]R SLQWDGR î $O FP $VLHQWR $O FP 1HJUR IXQGD 6,9,. JULV RVFXUR DOJRGyQ SROLpVWHU 6(%$67,$1 WDEXUHWH GH EDU ¼ XG &KDSD GH DEHGXO EDUQL] LQFRORUR \ DFHUR FURPDGR î $O FP $VLHQWR $O FP 1HJUR

1,/6 VLOOD

¼ XG

&RPHGRUHV

6-g9,. PHVD GH FRPHGRU ¼ 3DUD SHUVRQDV $FDEDGR SLQWDGR 'LVHxR (YD /LOMD /|ZHQKLHOP î $O FP %ODQFR ,.($ 36 6c*$ VLOOD ¼ XG +D\D PDFL]D \ FKDSD GH KD\D WHxLGDV EDUQL] LQFRORUR 'LVHxR 1LNH .DUOVVRQ î $O FP $VLHQWR $O FP 5RMR 6-g9,. DSDUDGRU ¼ 7DEOHUR GH SDUWtFXODV FKDSD GH PHODPLQD SOiVWLFR $%6 SLQWXUD DFUtOLFD 'LVHxR (YD /LOMD /|ZHQKLHOP î $O FP %ODQFR %/c0(6 VLOOD DOWD FRQ EDQGHMD ¼ +HYHD PDFL]D SLQWDGD \ SOiVWLFR GH SROLSURSLOHQR î $O FP 1HJUR ,.($ %5$6$ OiPSDUD GH WHFKR ¼ XG /D FXELHUWD SOiVWLFD LQWHUQD HYLWD TXH GHVOXPEUH OD OX] $FHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR $ 1LOVVRQ + 3UHXW] 7 (OLDVVRQ � FP %ODQFR 75c',* FHQWUR GHFRUDWLYR ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR (KOpQ -RKDQVVRQ � $O FP 5RMR

6-g9,. PHVD GH FRPHGRU

¼

(Q OD PHVD GH ORV PD\RUHV KD\ VLWLR SDUD WRGD OD IDPLOLD

67251b6 VHULH 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV QRYHGDG 0HVD GH FRPHGRU ¼ 0HVD GH FRPHGRU H[WHQVLEOH FRQ WDEOHURV H[WUD 3DUD FRPHQVDOHV 3XHGHV DMXVWDU HO WDPDxR GH OD PHVD D WXV QHFHVLGDGHV î $O FP 1HJUR PDUUyQ

QRYHGDG $SDUDGRU ¼ FDMRQHV TXH VH GHVOL]DQ VXDYHPHQWH SRU JXtDV FRQ URGDPLHQWRV FRQ WRSH î $O FP 1HJUR PDUUyQ

QRYHGDG .$867%< VLOOD ¼ &RPSOHWD FRQ HO FRMtQ .$867%< SDUD PD\RU FRQIRUW 3LQR PDFL]R î $O FP $VLHQWR $O FP 0DUUyQ JULViFHR

+(01(6 HVSHMR ¼ 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR î FP 1HJUR PDUUyQ

0$-%< VLOOyQ ¼ &RMtQ FRQ UHOOHQR UHSRVDEUD]RV \ UHVSDOGR DOWR SDUD PD\RU FRPRGLGDG 5DWiQ FRQ EDUQL] LQFRORUR 'LVHxR 0DULD 9LQND î $O FP $VLHQWR $O FP 5DWiQ EODQFR %-8567$ EDQFR ¼ 7DEOHUR GH SDUWtFXODV \ OiPLQD GH IUHVQR WHxLGRV EDUQL] LQFRORUR 'LVHxR 7RUG %M|UNOXQG î $O FP 1HJUR PDUUyQ c5<' SRUWDYHOD ¼ $EHGXO PDFL]R 'LVHxR (EED 6WUDQGPDUN $O FP 0DUUyQ RVFXUR

%/200,* Ã&#x20AC;RUHUR ¼ 9LGULR 'LVHxR 0DULD 9LQND $O FP 9HUGH (.c6 SDQWDOOD ¼ XG DOJRGyQ SOiVWLFR GH SROLHVWLUHQR \ DFHUR � $O FP &RORU KXHVR

67251b6 PHVD GH FRPHGRU

¼ QRYHGDG

.$867%< VLOOD

¼

£5HFXHUGD 1XQFD GHMHV XQD YHOD VLQ YLJLODQFLD

&20('25(6

7UDQVIRUPD (VSDFLR SHUVRQDO 63217$1 VHULH $FHUR FRQ UHYHVWLPLHQWR HQ SROYR LVHxR . +DJEHUJ 0 +DJEHUJ 7DEOHUR PDJQpWLFR ¼ � FP 1HJUR ,PiQ ¼ XGV 9DULRV FRORUHV

6L DEDWHV HO DOD \ OD FRORFDV FRQWUD OD SDUHG WUDQVIRUPDV OD PHVD GHO FRPHGRU HQ XQD PHVD SDUD WUDEDMDU 08 86 PHVD GH DOD DEDWLEOH ¼ 7DEOHUR GH SDUWtFXODV PHODPLQD SOiVWLFR $%6 LVHxR 6DQGUD .UDJQHUW î $O FP 1HJUR

QRYHGDG )iFLO GH FROJDU QRYHGDG 0$5,86 WDEXUHWH

8Q VHSDUDGRU GH DPELHQWHV FROJDGR GH XQ ULHO .9$57$/ D\XGD D GH¿QLU HO HVSDFLR \ HV IiFLO GH FDPELDU FXDQGR TXLHUDV SRQHU RWUR HVWLOR

¼ XG 3OiVWLFR GH SROLSURSLOHQR LVHxR 2OD :LKOERUJ $VLHQWR � $O FP 5RVD FODUR

.9$57$/ VHULH $OXPLQLR \ ODWyQ +HUUDMH SDUD WHFKR ¼ XG $O FP &RORU GH DOXPLQLR 5LHO GH FRUWLQD GH UDtO ¼ / FP &RORU GH DOXPLQLR 3DWD GHVOL]DQWH ¼ XGV %ODQFR

*XiUGDOR $KRUUD HVSDFLR FROJDQGR HQ OD SDUHG ODV VLOODV H[WUD FXDQGR QR ODV XWLOLFHV 1,66( VLOOD SOHJDEOH

¼

XG

%-b5180 JDQFKR ¼ XG $OXPLQLR QLTXHODGR î $O FP 1,66( VLOOD SOHJDEOH ¼ XG $FHUR FURPDGR \ SOiVWLFR î $O FP $VLHQWR $O FP QRYHGDG 5RVD 1HJUR

%-b5180 JDQFKR

¼ XG &20(

25(6

6DFD SDUWLGR D WX FRFLQD FRQ HO DSDUDGRU 125'(1 *UDFLDV D VX GLVHxR RFXSD SRFR HVSDFLR SHUR WH RIUHFH OD ]RQD GH WUDEDMR \ GH DOPDFHQDMH TXH QHFHVLWDV

QRYHGDG 125'(1 DSDUDGRU ¼ XG $EHGXO PDFL]R SLQWDGR 'LVHxR 1LNH .DUOVVRQ î $O FP 1HJUR QRYHGDG 12551b6 VLOOD ¼ XG +D\D PDFL]D SLQWDGD 'LVHxR 0LNDHO :DUQKDPPDU î $O FP $VLHQWR $O FP %ODQFR ,681'$ JULV 125'(1 PHVD SOHJDEOH ¼ 3UHFLR FDWiORJR DQWHULRU ¼ 0HVD FRQ DODV GHVSOHJDEOHV &RQ HVSDFLR SDUD FRPHQVDOHV 3HUPLWH DGDSWDU HO WDPDxR GH OD PHVD D WXV QHFHVLGDGHV 7DEOHUR GH SDUWtFXODV SLQWDGR 'LVHxR 0LNDHO :DUQKDPPDU î $O FP %ODQFR +(11< FRUWLQDV ¼ SDU &RUWLQD TXH EORTXHD OD HQWUDGD GH UD\RV GH VRO \ WDPL]D OD OX] OLQR DOJRGyQ 'LVHxR .D]X\R 1RPXUD î FP %ODQFR D]XO

-()) VLOOD SOHJDEOH ¼ XG 3OHJDEOH DKRUUD HVSDFLR FXDQGR QR VH HVWi XWLOL]DQGR OD VLOOD $FHUR JDOYDQL]DGR 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP $VLHQWR $O FP 1HJUR )272 VHULH $OXPLQLR ODFDGR /iPSDUD GH WHFKR ¼ � FP /iPSDUD GH WHFKR ¼ � FP 5,%%$ HVWDQWH SDUD FXDGURV ¼ 7DEOHUR GH ¿EUDV OiPLQD 3HVR Pi[ NJ î FP 1HJUR *581'7$/ IRFR ¼ XGV 6H LQFOX\HQ ERPELOODV KDOyJHQDV 6H SXHGHQ FRPSUDU ERPELOODV GH UHSXHVWR $FHUR \ YLGULR 'LVHxR 0LNDHO :DUQKDPPDU 1LTXHODGR

&20('25(6

125'(1 DSDUDGRU

¼ XG

125'(1 PHVD SOHJDEOH

¼

QRYHGDG

QRYHGDG

%-8567$ VHULH &KDSD GH IUHVQR WHxLGD EDUQL] LQFRORUR LVHxR 7RUG %M|UNOXQG 1HJUR PDUUyQ 0HVD GH FRPHGRU ¼ î $O FP $SDUDGRU ¼ î $O FP %DQFR ¼ î $O FP 9LWULQD ¼ XG î $O FP +(15,.6 $/ VLOOD ¼ XG 5REOH PDFL]R YLVFRVD UD\yQ OLQR SROLpVWHU î $O FP $VLHQWR $O FP 1HJUR PDUUyQ /,11(5< QDWXUDO

%-8567$ PHVD GH FRPHGRU

¼ +(15,.6 $/ VLOOD

¼ XG

LVSRQLEOH HQ HVWRV DFDEDGRV

1HJUR PDUUyQ

%-8567$ PHVD GH FRPHGRU ¼ î $O FP &KDSD GH DEHGXO 0DUUyQ &KDSD GH UREOH

&20(

25(6

%-8567$ PHVD GH FRPHGRU ¼ î $O FP &KDSD GH DEHGXO 0DUUyQ &KDSD GH UREOH

%-8567$ PHVD GH FRPHGRU ¼ � $O FP 1HJUR PDUUyQ &KDSD DEHGXO 0D UUyQ &KDSD UREOH

%-8567$ PHVD GH FRPHGRU ¼ î $O FP &KDSD GH DEHGXO 0DUUyQ &KDSD GH UREOH

%-8567$ PHVD GH FRPHGRU ¼ î $O FP &KDSD GH DEHGXO 0DUUyQ &KDSD GH UREOH

$EHGXO

5REOH

0DUUyQ

%-8567$ VHULH &KDSD GH IUHVQR WHxLGD \ EDUQL] LQFRORUR FKDSD GH DEHGXO FRQ EDUQL] LQFRORUR \ FKDSD GH UREOH LVHxR 7RUG %M|UNOXQG

&20(

25(6

0iV GH PHVDV

SDUD TXH HQFXHQWUHV WX HVWLOR HQ ZZZ ,.($ HV

69$/%2 PHVD GH FRPHGRU

¼

QRYHGDG

69$/%2 PHVD GH FRPHGRU ¼ 3LQR PDFL]R FRQ EDUQL] LQFRORUR 'LVHxR 1LNH .DUOVVRQ î $O FP 3LQR

7256%< PHVD GH FRPHGRU ¼ $FHUR FURPDGR \ YLGULR WHPSODGR 'LVHxR &DUO gMHUVWDP î $O FP %ODQFR

7256%< PHVD GH FRPHGRU ¼ $FHUR FURPDGR \ YLGULR WHPSODGR 'LVHxR &DUO gMHUVWDP î $O FP %ODQFR

QRYHGDG QRYHGDG 67251b6 PHVD GH FRPHGRU ¼ 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV î $O FP 1HJUR PDUUyQ

/,$7253 PHVD UHGRQGD GH SHGHVWDO

QRYHGDG %-8567$ PHVD DOWD ¼ &KDSD GH IUHVQR WHxLGD \ EDUQL] LQFRORUR 'LVHxR 7RUG %M|UNOXQG î $O FP 1HJUR PDUUyQ +(15,.6'$/ WDEXUHWH GH EDU ¼ 5REOH PDFL]R WHxLGR EDUQL] LQFRORUR \ SLHO 'LVHxR .DUO 0DOPYDOO î $O FP $VLHQWR $O FP 1HJUR PDUUyQ 52%867 QHJUR

/(.69,. PHVD GH DOD DEDWLEOH ¼ 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV î $O FP 7LQWH HQYHMHFLGR

125'(1 PHVD GH FRPHGRU ¼ $EHGXO PDFL]R \ WDEOHUR GH SDUWtFXODV SLQWDGRV 'LVHxR 0LNDHO :DUQKDPPDU î $O FP %ODQFR

125'(1 PHVD GH FRPHGRU ¼ $EHGXO PDFL]R FRQ EDUQL] LQFRORUR 'LVHxR 0LNDHO :DUQKDPPDU î $O FP $EHGXO

&20('25(6

125'(1 PHVD GH FRPHGRU ¼ $EHGXO PDFL]R FRQ EDUQL] LQFRORUR 'LVHxR 0LNDHO :DUQKDPPDU î $O FP $EHGXO

¼

/,$7253 PHVD UHGRQGD GH SHGHVWDO ¼ $EHGXO PDFL]R SLQWDGR 'LVHxR &DULQD %HQJV � / $O FP %ODQFR

0(//7253 PHVD GH FRPHGRU ¼ $FHUR \ PHODPLQD 'LVHxR /LVD 1RULQGHU î $O FP %ODQFR

67251b6 PHVD GH FRPHGRU ¼ 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV î $O FP 7LQWH HQYHMHFLGR

& 2 1 / 2 6 3$ 4 8 ( 7 ( 6 3 / $ 1 2 6 3 8 ( ' ( 6 / / ( 9Ã&#x2C6; 5 7 ( / 2 $ & $ 6 $ + 2< 0 , 6 0 2 & 2 0 ( ' 2 5 ( 6

0iV GH VLOODV

SDUD TXH ODV SUXHEHV HQ WX WLHQGD ,.($ QRYHGDG 2//( VLOOD

¼ QRYHGDG '$/)5(' WDEXUHWH ¼ $FHUR LQR[LGDEOH \ DEHGXO PDFL]R FRQ EDU QL] LQFRORUR 'LVHxR 6DUDK )DJHU $VLHQWR � $O ± FP 1HJUR

,1*2/) VLOOD ¼ 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV î $O FP $VLHQWR $O FP 7LQWH HQYHMHFLGR 'LVSRQLEOH HQ RWURV FRORUHV

%g5-( VLOOD ¼ )XQGD GHVHQIXQ GDEOH *2%2 EODQFR DOJRGyQ IiFLO GH SRQHU \ TXLWDU +D\D PDFL]D WHxLGD \ EDUQL] LQFRORUR î $O FP $VLHQWR $O FP 1HJUR PDUUyQ 'LVSRQLEOH HQ RWURV FRORUHV

QRYHGDG +(15,.6'$/ VLOOD

QRYHGDG +(15,.6'$/ VLOOD ¼

¼ +D\D PDFL]D WHxLGD FRQ EDUQL] LQFRORUR )XQGD /,1*+(0 PDUUyQ FODUR DOJRGyQ î $O FP $VLHQWR $O FP %ODQFR 'LVSRQLEOH HQ RWURV FRORUHV

5REOH PDFL]R WHxLGR EDUQL] LQFRORUR \ SLHO 52%867 QHJUR î $O FP $VLHQWR $O FP 1HJUR PDUUyQ 'LVSRQLEOH HQ RWURV FRORUHV

*,/%(57 VLOOD ¼ &KDSD GH DEHGXO FRQ EDUQL] LQFRORUR \ DFHUR FURPDGR 'LVHxR &DULQD %HQJV î $O FP $VLHQWR $O FP $EHGXO 'LVSRQLEOH HQ RWURV FRORUHV

85%$1 VLOOD ¼ $SLODEOH DKRUUD HVSDFLR FXDQGR QR VH XVD 3OiVWLFR GH SROLSURSLOHQR UHIRU]DGR 'LVHxR & gMHUVWDP 0 (OHElFN î $O FP $VLHQWR $O FP $]XO FODUR 'LVSRQLEOH HQ RWURV FRORUHV

QRYHGDG 2//( VLOOD ¼ $VLHQWR DKXHFDGR SDUD PD\RU FRQIRUW $EHGXO PDFL]R SLQWDGR 'LVHxR 1LNH .DUOVVRQ î $O FP $VLHQWR $O FP 5RMR 'LVSRQLEOH HQ RWURV FRORUHV

0$5,86 WDEXUHWH ¼ XG 3OiVWLFR GH SROLSURSLOHQR 'LVHxR 2OD :LKOERUJ $VLHQ WR � $O FP $]XO FODUR 5RVD FODUR 1HJUR 'LVSRQLEOH HQ RWURV FRORUHV

%(51+$5' VLOOD ¼ $FHUR FURPDGR \ SLHO 'LVHxR 2OD :LKOERUJ î $O FP $VLHQWR $O FP 3LHO .$9$7 EODQFR 'LVSRQLEOH HQ RWURV FRORUHV

(9(57 WDEXUHWH

½ (9(57 WDEXUHWH ¼ $SLODEOH QR RFXSD HVSDFLR FXDQGR QR VH XVD 3OiVWLFR GH SROLSURSLOHQR 'LVHxR . +DJEHUJ 0 +DJEHUJ $VLHQWR � $O FP 1HJUR

&20('25(6

/$9(5 VLOOD

½ */(11 WDEXUHWH ¼ $SLODEOH 1R RFXSD HVSDFLR FXDQGR QR VH XVD $FHUR FURPDGR \ SOiVWLFR 'LVHxR 0DUFXV $UYRQHQ î $O FP $VLHQWR $O FP %ODQFR FURPDGR

1,66( VLOOD SOHJDEOH ¼ 3OHJDEOH $KRUUD HVSDFLR FXDQGR QR VH XWLOL]D $FHUR FURPDGR \ SOiVWLFR 'LVHxR /LVD 1RULQGHU î $O FP $VLHQWR $O FP %ODQFR 'LVSRQLEOH HQ RWURV FRORUHV

QRYHGDG 72%,$6 VLOOD ¼ 5HVSDOGR \ DVLHQWR Ã&#x20AC;H[LEOHV SDUD HYLWDU SRVWXUDV HVWiWLFDV \ DXPHQWDU HO FRQIRUW $FHUR FURPDGR \ SOiVWLFR 'LVHxR &DUO gMHUVWDP î $O FP $VLHQWR $O FP *ULV FURPDGR 'LVSRQLEOH HQ RWURV FRORUHV

-()) VLOOD SOHJDEOH ¼ $KRUUD HVSDFLR FXDQGR QR VH XWLOL]D $FHUR JDOYDQL]DGR 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP $VLHQWR $O FP 1HJUR 'LVSRQLEOH HQ RWURV FRORUHV

/$9(5 VLOOD ¼ 3OiVWLFR GH SROLSUR SLOHQR 'LVHxR -RKDQQD -HOLQHN î $O FP $VLHQWR $O FP %ODQFR JULV SODWD

&20('25(6

0(//7253 +(50$1 PHVD \ VLOODV

¼ 0(//7253 +(50$1 PHVD \ GRV VLOODV ¼ 7DEOHUR UHFXELHUWR GH PHODPLQD DFDEDGR UHVLVWHQWH D OD KXPHGDG \ TXH QR VH UD\D PX\ IiFLO GH OLPSLDU 0HVD î $O FP 6LOOD î $O FP $VLHQWR $O FP $FHUR FRQ UHYHVWLPLHQWR HQ SROYR LVHxR /LVD 1RULQGHU 2OD +HUPDQVVRQ %ODQFR URMR

-2..02.. PHVD \ VLOODV

¼

-2..02.. PHVD \ VLOODV ¼ 3LQR PDFL]R PDWHULDO QDWXUDO TXH HQYHMHFH PDUDYLOORVDPHQWH ELHQ 0HVD î $O FP 6LOOD î $O FP $VLHQWR $O FP 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR LVHxR &DULQD %HQJV 7LQWH HQYHMHFLGR

*5$1c6 PHVD \ VLOODV

¼ *5$1c6 PHVD \ VLOODV ¼ 7DEOHUR GH YLGULR WHPSODGR VXSHU¿FLH PX\ IiFLO GH OLPSLDU 0HVD î $O FP 6LOOD î $O FP $VLHQWR $O FP LVHxR 7RUG %M|UNOXQG 1HJUR

&20(

25(6

/$9(5 PHVD \ VLOODV

½ /$9(5 PHVD \ VLOODV 7DEOHUR GH YLGULR WHPSODGR VXSHU¿FLH PX\ IiFLO GH OLPSLDU 0HVD î $O FP 6LOOD î $O FP $VLHQWR $O FP 3OiVWLFR GH SROLSURSLOHQR *ULV SODWD EODQFR

LVHxR -RKDQQD -HOLQHN

R F O URGXF WR HV ~QLF

SLH]DV

%2186 FXEHUWHUtD ¼ SLH]DV ,QFOX\H WHQHGRU FXFKLOOR FXFKDUD \ FXFKDULOOD GH FDGD

67-b/. Ã&#x20AC;RUHUR ¼ $O FP

QRYHGDG QRYHGDG %/2067(5 SRUWDYHODV ¼ MXHJR GH ,QFOX\H SRUWDYHODV $O \ FP

£5HFXHUGD 1XQFD GHMHV XQD YHOD VLQ YLJLODQFLD

/((1'( MDUUD

¼ XG

¼ R

QRYHGDG 1b5+(7 FRSD GH Y

LQ

' H VR

S OD

GR D

UWHVDQD

½

QRYHGDG

O &DGD S

%2186 FXEHUWHUtD

3DUD SUHVXPLU GH PHVD

QRYHGDG QRYHGDG 3$11c PDQWHO LQGLYLGXDO ¼ � FP $]XO FODUR

/((1'( MDUUD ¼ XG 'H VRSODGR DUWHVDQDO &DGD SURGXFWR HV ~QLFR / 7XUTXHVD 9LGULR WUDQVSDUHQWH

QRYHGDG )$17$67,6.

VHUYLOOHWD GH SDSHO ¼ XGV î FP

QRYHGDG

5(.2 YDVR

½ XGV

QRYHGDG 9b50( WHWHUD ¼ /

%b5%$5 EDQGHMD ¼ î FP 5(.2 YDVR ¼ XGV $SLODEOH *XDUGDGR DKRUUD HVSDFLR FO

QRYHGDG '8.7,* MXHJR SDVWHOHUtD ¼ SLH]DV

QRYHGDG 85%$1 VLOOD ¼ 'LVHxR & gMHUVWDP 0 (OHElFN î $O FP $VLHQWR $O FP

',2' YDVR ¼ FO

&RFLQDV QRYHGDG &RFLQD )$.780 FRQ SXHUWDV \ IUHQWHV GH FDMyQ $%675$.7 HQ EODQFR \ QRYHGDG 58%5,.

SXHUWDV WXUTXHVD $%675$.7 SXHUWDV IUHQWHV GH FDMyQ HQ ODPLQDGR GH DOWR EULOOR 58%5,.

SXHUWDV GH YLGULR WHPSODGR \ DOXPLQLR $TXt FRQ WLUDGRUHV ./,33,* GH DOXPLQLR \ HQFLPHUD D PHGLGD 3(5621/,* HQ ODPLQDGR EODQFR GH DOWR EULOOR $6.(5 SRUWDUUROORV GH SDSHO GH FRFLQD ¼ $OXPLQLR 'LVHxR 6LJJD +HLPLV î $O FP )$925,7 ROOD FRQ WDSD ¼ $FHUR LQR[LGDEOH FRQ Q~FOHR GH DOXPLQLR 'LVHxR +DOVNRY 'DOVJDDUG /

$6.(5 SRUWDUUROORV GH SDSHO GH FRFLQD

¼

)$925,7 ROOD FRQ WDSD

¼

QRYHGDG &RQ ODV SXHUWDV FRUUHGHUDV DKRUUDV HVSDFLR SRU HVR VRQ SHUIHFWDV SDUD FRFLQDV SHTXHxDV R HVWUHFKDV

P

&RFLQD )$.780 FRQ SXHUWDV $%675$.7 HQ EODQFR \ QRYHGDG SXHUWDV 58%5,.

WXUTXHVD ¼ 3XHUWDV \ IUHQWHV GH FDMyQ $%675$.7 HQ ODPLQDGR GH DOWR EULOOR 3XHUWDV 58%5,. GH YLGULR WHPSODGR \ DOXPLQLR $TXt FRQ WLUDGRUHV ./,33,* GH DOXPLQLR \ HQFLPHUD D PHGLGD 3(5621/,* HQ ODPLQDGR EODQFR GH DOWR EULOOR 187,' 29 KRUQR GH DLUH IRU]DGR FRQ IXQFLyQ SLUROtWLFD ¼ )XQFLyQ GH DXWROLPSLH]D SLUROtWLFD &RQYLHUWH HQ FHQL]D OD JUDVD \ OD VXFLHGDG SDUD IDFLOLWDU VX HOLPLQDFLyQ &ODVH HQHUJpWLFD $ IXQFLRQHV / î $O FP $FHUR LQR[LGDEOH

187,' +) H[WUDFWRU FROJDQWH ¼ &DSDFLGDG GH H[WUDFFLyQ Pñ K î $O ± FP $FHUR LQR[LGDEOH

&RFLQD )$.780 FRQ SXHUWDV $%675$.7 \ 58%5,.

¼ 187,' 29 KRUQR GH DLUH IRU]DGR FRQ IXQFLyQ SLUROtWLFD

¼

3UHFLR GH XQD FRPELQDFLyQ HVWiQGDU FRQ HVWDV SXHUWDV

¼ ¢4Xp LQFOX\H HO SUHFLR" 9HU OD SiJLQD

&2&,1$6

/RV QLxRV VRQ FXULRVRV \ ODV SODFDV GH FRFLQD WDPELpQ OHV OODPDQ OD DWHQFLyQ /R PHMRU HV SRQHU XQ SURWHFWRU GH SODFD SDUD UHGXFLU HO ULHVJR GH TXH ORV QLxRV VH TXHPHQ

&RFLQD )$.780 FRQ SXHUWDV b'(/ HQ EODQFR ¼ 3XHUWDV \ IUHQWHV GH FDMyQ b'(/ ODPLQDGR HQ EODQFR $TXt FRQ WLUDGRUHV 60,'' GH ]LQF QLTXHODGR \ HQFLPHUD 180(5b5 GH UREOH PDFL]R 187,' 29 KRUQR GH DLUH IRU]DGR FRQ IXQFLyQ SLUROtWLFD ¼ 3XHUWD FRQ YLGULR FXiGUXSOH \ FLHUUH D SUXHED GH QLxRV SDUD DXPHQWDU OD VHJXULGDG HQ OD FRFLQD &ODVH HQHUJpWLFD $ IXQFLRQHV / î $O FP $FHUR LQR[LGDEOH 3$758// SURWHFWRU GH SODFD ¼ 5HGXFH HO ULHVJR GH TXH ORV QLxRV VH TXHPHQ FRQ ROODV VDUWHQHV FDOLHQWHV R HQ OD SODFD HQFHQGLGD $FHUR LQR[LGDEOH î $O FP '8.7,* MXHJR GH SRVWUH ¼ SLH]DV 7HMLGR SROLpVWHU 5HOOHQR ¿EUDV GH SROLpVWHU 'LVHxR $ +XOGpQ 6 'DKOPDQ

P

3$758// SURWHFWRU GH SODFD

¼

&RFLQD )$.780 FRQ SXHUWDV b'(/

¼

'8.7,* MXHJR GH SRVWUH

¼ SLH]DV

3UHFLR GH XQD FRPELQDFLyQ HVWiQGDU FRQ HVWDV SXHUWDV

¼

¢4Xp LQFOX\H HO SUHFLR" 9HU OD SiJLQD

&2&,1$6

'LVHxDGDV SDUD UHVLVWLU

QRYHGDG

/RV DUPDULRV )$.780 ORV FDMRQHV \ EDOGDV 5$7,21(// SXHUWDV HQFLPHUDV \ IUHJDGH URV WLHQHQ XQD JDUDQWtD GH DxRV 0iV LQIRUPDFLyQ HQ OD SiJLQD

P

&RFLQD )$.780 FRQ SXHUWDV 5$06-g

¼ 3UHFLR GH XQD FRPELQDFLyQ HVWiQGDU FRQ HVWDV SXHUWDV

¼

¢4Xp LQFOX\H HO SUHFLR" 9HU OD SiJLQD

¢*DUDQWL]DPRV TXH VRQ GXUDGHURV" ¢'LVHxDGRV SDUD HO GtD D GtD" ¢&RQ SUHFLRV TXH KDFHQ UHDOLGDG ORV VXHxRV" (IHFWLYDPHQWH £%LHQYHQLGR D ,.($

QRYHGDG &RFLQD )$.780 FRQ SXHUWDV 5$06-g QHJUR PDUUyQ ¼ 3XHUWDV \ IUHQWHV GH FDMyQ 5$06-g GH KD\D PDFL]D FKDSD GH KD\D WHxLGDV \ EDUQL] LQFRORUR $TXt FRQ WLUDGRUHV 9b5'( GH DOXPLQLR QLTXHODGR \ HQFLPHUD 180(5b5 ODPLQDGD HQ QHJUR \ ERUGH FRQ HIHFWR PHWDO 0$5*,1$/ EDOGD FRQ UHERUGH ¼ 'LVHxR 0LNDHO :DUQKDPPDU 3HVR Pi[ NJ î FP %ODQFR

& 2 1 6 8 /7$ 1 8 ( 6 7 5 $ 3 2 / Ã&#x2039; 7 ,& $ ' ( ' ( 9 2 / 8 & ,2 1 ( 6 ( 1 / $ 3Ã&#x2C6; * , 1 $ & 2 & , 1 $ 6

/8)7,* %) FDPSDQD H[WUDFWRUD

¼

.52.(1 HVFXUUHSODWRV

¼

¢1R WLHQHV HVSDFLR SDUD SRQHU XQD PHVD HQ OD FRFLQD" &UHD XQD HQ OD HQFLPHUD (V XQD EXHQD VROXFLyQ SDUD WRPDU DOJR UiSLGR R SDUD FXDQGR VyOR HVWiV W~

&RFLQD )$.780 FRQ SXHUWDV /,',1*g HQ EODQFR ¼ 3XHUWDV \ IUHQWHV GH FDMyQ /,',1*g FRQ DFDEDGR SLQWDGR $TXt FRQ WLUDGRUHV \ SRPRV /,1'6'$/ GH SRUFHODQD \ HQFLPHUD 35b*(/ ODPLQDGD HQ EODQFR /8)7,* %) FDPSDQD H[WUDFWRUD ¼ ([WUDtEOH SDUD IDFLOLWDU XQ iUHD GH H[WUDFFLyQ PD\RU &DSDFLGDG GH H[WUDFFLyQ Pñ K î ± $O FP $FHUR LQR[LGDEOH

.52.(1 HVFXUUHSODWRV ¼ $FHUR JDOYDQL]DGR FRQ UHYHVWL PLHQWR HQ SROYR 'LVHxR 7LQD &KULVWHQVHQ î $O FP 1HJUR ,1*(0$5 WDEXUHWH GH EDU ¼ $EHGXO PDFL]R SLQWDGR 'LVHxR 1LNH .DUOVVRQ î $O FP $VLHQWR $O FP 1HJUR

P

&RFLQD )$.780 FRQ SXHUWDV /,',1*g

¼

3UHFLR GH XQD FRPELQDFLyQ GH HVWiQGDU FRQ HVWDV SXHUWDV

¼ ¢4Xp LQFOX\H HO SUHFLR" 9HU OD SiJLQD

&2&,1$6

£7H SRGHPRV D\XGDU ¢4XLHUHV TXH QRV HQFDUJXHPRV GH WRPDV ODV PHGLGDV QRVRWURV TXH WH HQWUHJXHPRV OD FRFLQD OD PRQWHPRV \ OD LQVWDOHPRV" £1LQJ~Q SUREOHPD 3RGHPRV D\XGDUWH FRQ

� 6HUYLFLR GH WUDQVSRUWH � 6HUYLFLR GH PRQWDMH � ,QVWDODFLyQ GH HOHFWURGRPpVWLFRV (Q OD SiJLQD HQFRQWUDUiV LQIRUPDFLyQ PiV GHWDOODGD VREUH HVWRV VHUYLFLRV R HQWUD HQ ZZZ ,.($ HV VHUYLFLRV

V &RFLQD

0iV LGHDV \ 0iV FRFLQDV FRPSOHWDV HQ HO FDWiORJR GH &RFLQDV GH ,.($ 3LGH XQ HMHPSODU HQ WX WLHQGD R HQ ZZZ ,.($ HV GRQGH WDPELpQ SXHGHV GHVFDUJiUWHOR GLUHFWDPHQWH

3ODQL¿FD KR\ PLVPR 'LVHxD OD FRFLQD TXH VLHPSUH KDV TXHULGR FRQ D\XGD GH QXHVWUR SODQL¿FD GRU RQOLQH HQ ' (QWUD HQ ZZZ ,.($ HV SODQL¿FDGRUHV

&2&,1$6

)5$07,' 29 KRUQR GH DLUH IRU]DGR FRQ IXQFLyQ YDSRU

187,' +,1 7 SODFD GH LQGXFFLyQ

¼

¼

'LVHxDGRV SDUD UHVLVWLU DxRV GH FHQDV \ SLFRWHRV D PHGLDQRFKH

&RFLQD )$.780 FRQ SXHUWDV $%675$.7

¼ /RV HOHFWURGRPpVWLFRV WLHQHQ XQD JDUDQWtD GH DxRV 0iV LQIRUPDFLyQ HQ OD SiJLQD

P

'HVDUUROODPRV QXHVWURV HOHFWURGRPpVWLFRV HQ FRODERUDFLyQ FRQ :KLUOSRRO \ (OHFWUROX[

3UHFLR GH XQD FRPELQDFLyQ HVWiQGDU FRQ HVWDV SXHUWDV

¼ ¢4Xp LQFOX\H HO SUHFLR" 9HU OD SiJLQD

&RFLQD )$.780 FRQ SXHUWDV $%675$.7 JULV GH DOWR EULOOR ¼ 3XHUWDV \ IUHQWHV GH FDMyQ $%675$.7 ODPLQDGRV $TXt FRQ WLUDGRUHV 7<'$ GH DFHUR LQR[LGDEOH \ HQFLPHUD 3(5621/,* GH OiPLQD GH PDGHUD FODUD )5$07,' 29 KRUQR GH DLUH IRU]DGR FRQ IXQFLyQ YDSRU ¼ &ODVH HQHUJpWLFD $ IXQFLRQHV / î $O FP $FHUR LQR[LGDEOH )5$07,' 0: PLFURRQGDV ¼ / î $O FP $FHUR LQR[LGDEOH )5$07,' +: FDPSDQD H[WUDFWRUD ¼ &DSDFLGDG GH H[WUDFFLyQ Pñ K î $O ± FP $FHUR LQR[LGDEOH 187,' +,1 7 SODFD GH LQGXFFLyQ ¼ 3UHFLR FDWiORJR DQWHULRU ¼ î $O FP 1HJUR

3 5 ( & ,2 6 ' ( / & $7Ã&#x2C6; / 2 * 2 9Ã&#x2C6; / , ' 2 6 + $ 6 7$ ( / ' ( - 8 / ,2 ' ( & 2 & , 1 $ 6

6RPRV HVSHFLDOLVWDV HQ FRFLQDV SDUD HO GtD D GtD

P

&RFLQD )$.780 FRQ SXHUWDV )$*(5/$1' FRQ WLQWH HQYHMHFLGR ¼ 3XHUWDV \ IUHQWHV GH FDMyQ )$*(5/$1' GH SLQR PDFL]R WHxLGR \ EDUQL] LQFRORUR $TXt FRQ SRPRV WLUDGRUHV 69(3 GH ]LQF FRQ UHYHVWLPLHQWR HQ SROYR \ HQFLPHUD 35b*(/ GH SLHGUD HIHFWR ODPLQDGR QHJUR /29,.(1 JULIR GH FRFLQD FRQ PDQGRV ¼ 5HGXFH HO Ã&#x20AC;XMR GH DJXD VLQ UHGXFLU OD SUHVLyQ DKRUUD DJXD \ HQHUJtD /DWyQ FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR 1LNH .DUOVVRQ $O FP 1HJUR

%(.9b0 FDPDUHUD ¼ $TXt SLQWDGD HQ QHJUR 0DGHUD PDFL]D 6H SXHGH SXOLU \ WUDWDU VHJ~Q ODV QHFHVLGDGHV $EHGXO PDFL]R î $O FP

&RFLQD )$.780 FRQ SXHUWDV )$*(5/$1'

¼

3UHFLR GH XQD FRPELQDFLyQ HVWiQGDU FRQ HVWDV SXHUWDV

%(.9b0 FDPDUHUD

/29,.(1 JULIR

¼

¼

¢4Xp LQFOX\H HO SUHFLR" 9HU SiJLQD OD

¼

&2&,1$6

7UHV IRUPDV VHQFLOODV SDUD FDPELDU WX FRFLQD

QRYHGDG 3LHQVD HQ YHUGH &DPELD WX JULIR SRU XQR GH ,.($ TXH UHGXFH HO FRQVXPR GH DJXD HQ PiV GHO 5,1*6.b5 JULIR GH FRFLQD PRQRPDQGR ¼ 5HGXFH HO Ã&#x20AC;XMR GH DJXD VLQ TXH DIHFWH D OD SUHVLyQ $KRUUDV DJXD \ HQHUJtD /DWyQ FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR 0LNDHO :DUQKDPPDU $O FP %ODQFR

5,1*6.b5 JULIR

¼

&UHD HVSDFLR &RQVLJXH PiV HVSDFLR HQ OD HQFLPHUD FRORFDQGR ORV ERWHV HVSHFLDV \ WRGR OR GHPiV HQ ORV RUJDQL]DGRUHV GH SDUHG

&RFLQD )$.780 FRQ SXHUWDV $33/c' HQ EODQFR \ QRYHGDG 58%5,. $33/c' HQ URVD FODUR ¼ 3XHUWDV $33/c' \ 58%5,. $33/c' FRQ DFDEDGR SLQWDGR $TXt FRQ WLUDGRUHV ./,33,* GH DOXPLQLR \ HQFLPHUD 35b*(/ HQ ODPLQDGR EODQFR )5$07,' 29 KRUQR ¼ / î $O FP $FHUR LQR[LGDEOH

P

*581'7$/ $FHUR LQR[LGDEOH 'LVHxR 0LNDHO :DUQKDPPDU 5LHO ¼ XG / FP (VWDQWH HVSHFLDV ¼ î $O FP *DQFKR 6 ¼ XGV $O FP

&RFLQD )$.780 FRQ SXHUWDV $33/c' \ 58%5,. $33/c'

¼

3UHFLR GH XQD FRPELQDFLyQ HVWiQGDU FRQ HVWDV SXHUWDV

¼

¢4Xp LQFOX\H HO SUHFLR" 9HU OD SiJLQD

58%5,. $33/c' SXHUWD

&DPELD ODV SXHUWDV

¼ XG

&DPELD ODV SXHUWDV GH WX FRFLQD R VyOR DOJXQD SDUD GDUOH XQ DLUH QXHYR £(Q XQ VROR GtD QRYHGDG 58%5,. $33/c' SXHUWD ¼ XG $FDEDGR SLQWDGR î FP 5RVD FODUR

7 2 ' 2 3$ 5 $ 7 8 + 2 * $ 5 ( 1 7 8 7 , ( 1 ' $ , . ( $ & 2 & , 1 $ 6

QRYHGDG

7HQHU XQ VLVWHPD SUiFWLFR SDUD RUJDQL]DU ODV EDVXUDV \ HO UHFLFODGR WH DKRUUD WLHPSR \ KDFH TXH WRGR VHD PiV VHQFLOOR HQ OD FRFLQD

5$7,21(// VLVWHPD GH UHFLFODGR SDUD DUPDULR ¼ 3OiVWLFR GH SROLSURSLOHQR 'LVHxR 0DUFXV $UYRQHQ $Q FP

5$7,21(// FXER SDUD UHFLFODU ¼ XGV (VTXLQDV UHGRQGHDGDV )iFLO GH OLPSLDU 3OiVWLFR GH SROLSURSLOHQR 'LVHxR 0DUFXV $UYRQHQ / 5$7,21(// FRPSDUWLPHQWR SDUD FXFKLOORV ¼ 3DUD FRORFDU HQ HO LQWHULRU GH XQ FDMyQ \ RUJDQL]DU ORV FXFKLOORV 3DUD FXFKLOORV +D\D PDFL]D EDUQL] LQFRORUR î FP QRYHGDG 5$7,21(// 9$5,(5$ DFFHVRULR SDUD ERWHV GH HVSHFLDV ¼ 3XHGHV FRORFDUOR GHQWUR GH XQ FDMyQ 3RGUiV ORFDOL]DU IiFLOPHQWH WRGDV WXV HVSHFLDV \ VLHPSUH ODV WHQGUiV D PDQR 3OiVWLFR $%6 FDXFKR VLQWpWLFR î FP %ODQFR

5$7,21(// 9$5,(5$ VRSRUWH SDUD WDSDV ¼ 5HJXODEOH SDUD TXH DGDSWHV HO ODUJR D WXV QHFHVLGDGHV GH DOPDFHQDMH $FHUR LQR[LGDEOH ± î $O FP

5$7,21(// FXER SDUD UHFLFODU

¼ XGV

7UDEDMDPRV GXUR SDUD KDFHU WX GtD D GtD PiV IiFLO

&2&,1$6

£&RFLQDV GH HQVXHxR SDUD WRGRV 7HQHPRV HVWLORV GH FRFLQD SDUD WRGRV ORV KRJDUHV GHVGH XQ DSDUWDPHQWR KDVWD XQ FDVWLOOR &RQ PXFKRV DxRV GH JDUDQWtD &RQ LGHDV \ VROXFLRQHV SDUD RUJDQL]DU FDGD SODWR \ XWHQVLOLR GH FRFLQD &RQ HOHFWURGRPpVWLFRV TXH FRPELQDQ FRQ WX FRFLQD \ HQFDMDQ SHUIHFWDPHQWH FRQ WX IRUPD GH FRFLQDU < VL QHFHVLWDV D\XGD WDPELpQ WH RIUHFHPRV VHUYL FLRV GH PHGLFLyQ WUDQVSRUWH LQVWDODFLyQ \ ¿QDQFLDFLyQ

¢7H SDUHFH TXH HV XQ VXHxR" ,QIyUPDWH VREUH OD RIHUWD GH FRFLQDV GH ,.($ D SDUWLU GH ¼ HQ HO FDWiORJR GH FRFLQDV GH ,.($ R HQWUD HQ ZZZ ,.($ HV FRFLQDV

&RFLQD )$.780 FRQ +b5/,*

½

/D RUJDQL]DFLyQ ,.($ HQ 6XHFLD HV SURYHHGRU GH 6X 0DMHVWDG HO 5H\ GH 6XHFLD

3XHUWDV +b5/,* HQ EODQFR 0HODPLQD

,.($ 6YHQVND )|UVlOMQLQJV $%

¢4Xp LQFOX\H HO SUHFLR" 9HU SiJLQD

&2&,1$6

(OLJH LQVWiODOR \ D FRFLQDU

8''(1 HV XQD VHULH GH PyGXORV LQGHSHQGLHQWHV GH FRFLQD TXH WH SHUPLWH FRQVWUXLU XQD VROXFLyQ GH FRFLQD FRPSOHWD FRPELQDQGR PyGXORV 8''(1 \ HOHFWURGRPpVWLFRV 8''(1 FRPELQDFLyQ GH FRFLQD ¼ 8''(1 VHULH $FHUR LQR[LGDEOH \ UHYHVWLPLHQWR HQ SROYR $FDEDGR SLQWDGR 'LVHxR (KOpQ -RKDQVVRQ $UPDULR GH SDUHG ¼ î $O FP 1HJUR (VWDQWH GH SDUHG ¼ î $O FP *ULV SODWD QHJUR )UHJDGHUR GH VHQR FRQ SDWDV ¼ î $O FP *ULV SODWD $UPDULR FRQ SXHUWD ¼ XG î $O FP 1HJUR %DOGDV GH UHMLOOD ¼ î $O FP *ULV SODWD &DPDUHUD ¼ î $O FP *ULV SODWD

&2&,1$6

¼

/b03/,* VDOYDPDQWHOHV $FHUR LQR[LGDEOH î FP

¢< VL WRGRV FDPELDPRV XQD ERPELOOD SRU HO SODQHWD" 6L FDGD FOLHQWH GH ,.($ VXVWLWX\HUD XQD ERPELOOD WUDGLFLRQDO GH : SRU XQD GH EDMR FRQVXPR HO DKRUUR HQHUJpWLFR \ HQ HPLVLRQHV GH &2 HTXLYDOGUtD D FRFKHV PHQRV HQ FLUFXODFLyQ &DGD SHTXHxR SDVR TXH GHV SRU XQD YLGD PDV VRVWHQLEOH HQ WX KRJDU SXHGH PDUFDU OD GLIHUHQFLD 0iV LQIRUPDFLyQ HQ ZZZ ,.($ HV

QRYHGDG

$/9,1( 9$&.(5 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD

¼

QRYHGDG %,5.(/$1' HVWUXFWXUD GH FDPD ¼ $FDEDGR SLQWDGR î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH

$/9,1( 9$&.(5 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD ¼ )XQGD QyUGLFD î FP \ GRV IXQGDV GH DOPRKDGD [ FP DOJRGyQ %$520(7(5 OiPSDUD GH WUDEDMR ¼ XG $FHUR QLTXHODGR

'RUPLWRULRV

&RPR D WL WH JXVWD GH GtD \ GH QRFKH

QRYHGDG %,5.(/$1' VHULH

621*( HVSHMR

¼

QRYHGDG %,5.(/$1' FyPRGD GH FDMRQHV

¼

$FDEDGR SLQWDGR 'LVHxR - $VVKRII + %URJnUG %ODQFR (VWUXFWXUD GH FDPD ¼ î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH

&yPRGD GH FDMRQHV ¼ î $O FP $/9,1( 9$&.(5 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD ¼ 6DWpQ GH DOJRGyQ TXH GD D OD URSD GH FDPD XQD VXDYLGDG \ EULOOR HVSHFLDOHV )XQGD QyUGLFD î FP \ GRV IXQGDV GH DOPRKDGD î FP 0XOWLFRORU

(.7253 %5200$ UHSRVDSLpV ¼ (VSDFLR GH DOPDFHQDMH EDMR HO DVLHQWR SDUD UHYLVWDV MXJXHWHV HWF )XQGD 69$1%< JULV DOJRGyQ OLQR YLVFRVD UD\yQ \ SROLpVWHU î $O FP

$/9,1( 5$1' DOIRPEUD ¼ $OIRPEUD WHMLGD D PDQR SXUD ODQD YLUJHQ î FP *ULV EODQFR QHJUR %<+2/0$ ED~O ¼ 5DWiQ WHxLGR \ EDUQL] LQFRORUR î $O FP 0DUUyQ ('/$1' DUPDULR SDUD URSD EODQFD ¼ (O FDMyQ IiFLO GH DEULU \ FHUUDU WLHQH WRSHV 6H LQFOX\HQ EDOGDV UHJXODEOHV 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR \ YLGULR WHPSODGR î $O FP *ULV 60c'$/ PXHEOH 79 ¼ FRQ EDOGDV UHJXODEOHV SDUD TXH GLVWULEX\DV HO HVSDFLR VHJ~Q WXV QHFHVLGDGHV 7DEOHUR GH SDUWtFXODV OiPLQD 'LVHxR &DULQD %HQJV 3HVR Pi[ NJ î $O FP %ODQFR 621*( HVSHMR ¼ 9LGULR SLQR PDFL]R \ SDSHO GH DOXPLQLR î FP *ULV SODWD

'25 0, 725 ,26

*,/'$ %/20 VHULH 'LVHxR -RQ (OLDVRQ &RMtQ ¼ 7HOD DOJRGyQ 5HOOHQR SOXPDV GH DYHV DFXiWLFDV î FP 5RVD PXOWLFRORU $OIRPEUD GH SHOR ODUJR ¼ $OIRPEUD WHMLGD D PiTXLQD 3HOR SROLSURSLOHQR î FP

3$; 8**'$/ DUPDULR FRQ SXHUWDV FRUUHGHUDV ¼ /RV DFFHVRULRV GH LQWHULRU VH YHQGHQ DSDUWH /DV SXHUWDV FRUUHGHUDV QHFHVLWDQ PHQRV HVSDFLR SDUD DEULU TXH ODV SXHUWDV GH DUPDULR QRUPDOHV (V QHFHVDULR TXH ORV WHFKRV WHQJDQ XQD DOWXUD PtQLPD GH FP 7DEOHUR GH SDUWtFXODV OiPLQD 'LVHxR 0LD *DPPHOJDDUG î $O FP %ODQFR JULV

QRYHGDG 021*67$' HVSHMR ¼ 6H SXHGH FROJDU HQ KRUL]RQWDO R YHUWLFDO ,QFOX\H KHUUDMHV GH FROJDU 9LGULR DFDEDGR SLQWDGR î FP 1DUDQMD

%(5<// IRFR GH SDUHG ¼ XG 6H LQFOX\H ERPELOOD KDOyJHQD SXHGHQ FRPSUDUVH ERPELOODV GH UHSXHVWR ,QFOX\H WUDQVIRUPDGRU 3OiVWLFR SROLFDUER QDGR \ SOiVWLFR $%6 'LVHxR 5LFKDUG &ODFN 1HJUR $1'5($ 6$7,1 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD ¼ 6DWpQ GH DOJRGyQ TXH GD D OD URSD GH FDPD XQD VXDYLGDG \ EULOOR HVSHFLDOHV )XQGD GH DOPRKDGD FRQ ULEHWH GHFRUDWLYR 'LVHxR &KDUORWWH 6NDN )XQGD QyUGLFD î FP \ GRV IXQGDV GH DOPRKDGD î FP 3~USXUD PXOWLFRORU

'25 0, 725 ,26

QRYHGDG

&RQ HVWH SUHFLR DGHPiV GHO DUPDULR UHQXHYDV WX URSD

3$; 8**'$/ DUPDULR FRQ SXHUWDV FRUUHGHUDV

¼ 021*67$' HVSHMR

¼

/RV FXDWUR FDMRQHV GH HVWD HVWUXFWXUD GH FDPD VRQ SHUIHFWRV SDUD JXDUGDU URSD GH FDPD DOPRKDGDV H[WUD R SDUD RFXOWDU HO VRSRUWH GHO SRUWiWLO £VLQ VDOLU GH OD FDPD

QRYHGDG 0$1'$/ VHULH $EHGXO PDFL]R FRQ EDUQL] LQFRORUR DFDEDGR SLQWDGR 'LVHxR 1LNH .DUOVVRQ $EHGXO EODQFR (VWUXFWXUD GH FDPD FRQ FDMRQHV ¼ î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH

&DEHFHUR ¼ î $O FP

,.($ 5,63 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD ¼ O\RFHOO DOJRGyQ URSD GH FDPD TXH DEVRUEH \ HOLPLQD OD KXPHGDG 0DQWLHQH XQ HQWRUQR GH GHVFDQVR VHFR WRGD OD QRFKH 'LVHxR 0DULD 9LQND )XQGD QyUGLFD î FP \ IXQGDV GH DOPRKDGD î FP $]XO EODQFR %5b'$ VRSRUWH SDUD RUGHQDGRU SRUWiWLO ¼ %DVH DGDSWDEOH VH PDQWLHQH QLYHODGR HQ WXV URGLOODV R VREUH XQD VXSHU¿FLH LUUHJXODU DOJRGyQ \ SOiVWLFR $/0c6 EODQFR EHLJH )272 OiPSDUD GH WHFKR ¼ XG $OXPLQLR ODFDGR � FP ,.($ 5,63 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD

¼ 0$1'$/ HVWUXFWXUD GH FDPD FRQ FDMRQHV

¼

'25 0, 725 ,26

3$; c167$' DUPDULR FRQ SXHUWDV FRUUHGHUDV

¼

/OpYDWHOR KR\ PLVPR %g-$ OiPSDUD GH PHVD

¼

9,/0,( ),*85 IXQGD GH FRMtQ ¼ XG 7HxLGR HQ KLODGR ORV FRORUHV VH PDQWLHQHQ ODYDGR WUDV ODYDGR DOJRGyQ 'LVHxR (PPD -RQHV î FP 1HJUR EHLJH 3-b6 FHVWD ¼ 7UHQ]DGD D PDQR FDGD FHVWD HV ~QLFD )LEUDV GH SOiWDQR EDUQL] LQFRORUR î $O FP %g-$ OiPSDUD GH PHVD ¼ %DPE~ \ DFHUR QLTXHODGR 'LVHxR 0DULD 9LQND � $O FP 1DWXUDO /,1'021 SHUVLDQD ¼ 0DGHUD GH IURQGRVDV PDFL]D WHxLGD \ EDUQL] LQFRORUR î FP 0DUUyQ 7$1-$ %52'<5 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD ¼ 3UHFLR FDWiORJR DQWHULRU ¼ 6DWpQ GH DOJRGyQ TXH GD D OD URSD GH FDPD XQD VXDYLGDG \ EULOOR HVSHFLDOHV )XQGD QyUGLFD î FP \ GRV IXQGDV GH DOPRKDGD î FP 1DUDQMD URML]R QRYHGDG 675b1*1b6 VRSRUWH SDUD YHOD JUDQGH ¼ %DVH FRQ XQD VXDYH OiPLQD DQWLGHVOL]DQWH SDUD TXH HO VRSRUWH QR VH GHVSODFH $FHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR &KULV 0DUWLQ $O FP /D YHOD VH YHQGH DSDUWH 1HJUR 9,/0,( 581' PDQWD ¼ 7HxLGR HQ KLODGR ORV FRORUHV VH PDQWLHQHQ ODYDGR WUDV ODYDGR DOJRGyQ 'LVHxR (PPD -RQHV î FP 1HJUR EODQFR

7$1-$ %52'<5 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD

¼

9,/0,( 581' PDQWD

¼

0$/0 HVWUXFWXUD GH FDPD ¼ î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH 1HJUR PDUUyQ 3$; c167$' DUPDULR FRQ SXHUWDV FRUUHGHUDV ¼ /DPLQDGR GH DOWR EULOOR î $O FP 1HJUR PDUUyQ EODQFR

7 2 ' 2 3$ 5 $ 7 8 + 2 * $ 5 % $ - 2 ( / 0 , 6 0 2 7 ( & + 2 ( 1 7 8 7 , ( 1 ' $ , . ( $ ' 2 5 0 , 7 2 5 , 2 6

5RSD ELVXWHUtD WXV DQWLJXDV SRVWDOHV (Q XQD FyPRGD WLHQHV PXFKR HVSDFLR SDUD JXDUGDU WXV FRVDV PiV SHUVRQDOHV \ DGHPiV SXHGHV XWLOL]DUOD FRPR PHVLOOD GH QRFKH

QRYHGDG +(01(6 FyPRGD GH FDMRQHV ¼ XG /RV FDMRQHV IiFLOHV GH DEULU \ FHUUDU OOHYDQ WRSHV 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP 0DUUyQ JULViFHR $/9,1( 58725 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD ¼ 7HxLGR HQ KLODGR HO KLOR VH WLxH DQWHV GH KLODUVH (O UHVXOWDGR HV XQD URSD GH FDPD GH JUDQ VXDYLGDG DOJRGyQ )XQGD QyUGLFD î FP \ GRV IXQGDV GH DOPRKDGD î FP 5RMR EODQFR $/9,1( /g9 FRMtQ ¼ XG %RUGDGR FRQ KLORV GH GLIHUHQWHV FRORUHV FRQ¿HUH YLGD \ UHOLHYH D OD IXQGD GHO FRMtQ 7HOD DOJRGyQ 5HOOHQR SOXPDV GH DYHV DFXiWLFDV î FP 9HUGH JULV

.2/'%< SLHO GH YDFD ¼

3$; +(01(6 $85/$1' DUPDULR GH HVTXLQD ¼ /RV DFFHVR ULRV GH LQWHULRU VH YHQGHQ DSDUWH 5HTXLHUH XQD DOWXUD GH WHFKR PtQLPD GH FP 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR \ HVSHMR 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP 1HJUR PDUUyQ

+(01(6 FyPRGD GH FDMRQHV

¼

.2/'%< SLHO GH YDFD

¼ QRYHGDG

'25 0, 725 ,26

7RGR HO GRUPLWRULR SRU PHQRV GH

¼

c567,' OiPSDUD GH SDUHG

¼

c567,' OiPSDUD GH SDUHG ¼ $FHUR QLTXHODGR SROLpVWHU \ DOJRGyQ ) FP %ODQFR $63(/81' DUPDULR FRQ SXHUWDV ¼ ,QFOX\H EDUUD GH DUPDULR \ EDOGD /DPLQDGR î $O FP %ODQFR

$63(/81' PHVLOOD GH QRFKH ¼ /DPLQDGR î $O FP %ODQFR $/9,1( g57(5 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD ¼ DOJRGyQ )XQGD QyUGLFD î FP \ GRV IXQGDV GH DOPRKDGD î FP 0XOWLFRORU

$63(/81' HVWUXFWXUD GH FDPD ¼ /DPLQDGR î $O FP %ODQFR

68/7$1 /85g< VRPLHU GH OiPLQDV ¼ XG $TXt VH KDQ XWLOL]DGR VRPLHUHV /DV WDEOLOODV GH OiPLQDV HQFRODGDV GH DEHGXO SURSRUFLRQDQ VRSRUWH DO FXHUSR &KDSD GH DEHGXO î FP *ULV FODUR 68/7$1 )/259c* FROFKyQ GH HVSXPD GH SROLXUHWDQR ¼ )XQGD ODYDEOH D PiTXLQD IiFLO GH PDQWHQHU LPSHFDEOH )LUPH]D PHGLD (VSXPD GH SROLXUHWDQR î FP %ODQFR

¼

' 2 5 0 , 7 2 5 , 2 6 £/ / e 9$7 ( / 2 $ & $ 6 $ < ', 6 ) 5 Ã&#x2019; 7$ / 2 + 2< 0 , 6 0 2

$63(/81' HVWUXFWXUD GH FDPD

¼

$/9,1( g57(5 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD

¼

L 'LVIUXWD D~Q PiV GH OD WUDQTXLOLGDG SRU ODV PDxDQDV FRQ XQDV FRUWLQDV JUXHVDV FROJDGDV FRQ ULHOHV .9$57$/ 0XFKDV PiV LGHDV HQ ZZZ ,.($ HV .9$57$/ 3$; /<1*'$/ DUPDULR FRQ SXHUWDV FRUUHGHUDV 6$1(/$ FRUWLQDV ¼ SDU 0DWHULDO JUXHVR \ SHVDGR DPRUWLJXD HO VRQLGR EORTXHD OD OX] VRODU \ OD YLVWD GHVGH HO H[WHULRU DOJRGyQ î FP 0DUUyQ RVFXUR .9$57$/ VHULH $OXPLQLR 5LHO GH FRUWLQD GH UDtO ¼ / FP 3LH]D GH HVTXLQD ¼

+HUUDMH SDUD WHFKR ¼ XG

+23(1 HVWUXFWXUD GH FDPD ¼ /DPLQDGR î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH

1HJUR PDUUyQ QRYHGDG .$5,7 FROFKD \ IXQGDV GH DOPRKDGD ¼ &ROFKD UHYHUVLEOH GH FRORU FODUR SRU XQ ODGR \ RVFXUR SRU HO RWUR 7HOD UHOOHQR SROLpVWHU )RUUR SROLSURSLOHQR &ROFKD î FP )XQGDV GH DOPRKDGD î FP /LOD .$5/67$' UHSRVDSLpV ¼ 7DSLFHUtD *5$11 EODQFR .,967$ SDQWDOOD ¼ /RV SLHV SDUD OD OiPSDUD VH YHQGHQ DSDUWH 3OiVWLFR GH SROLHVWLUHQR DOJRGyQ \ DFHUR � $O FP $PDULOOR YHUGRVR 3$; /<1*'$/ DUPDULR FRQ SXHUWDV FRUUHGHUDV ¼ 3UHFLR FDWiORJR DQWHULRU ¼ /RV DFFHVRULRV GH LQWHULRU VH YHQGHQ DSDUWH /DV SXHUWDV FRUUHGHUDV QHFHVLWDQ PHQRV HVSDFLR SDUD DEULU TXH ODV SXHUWDV QRUPDOHV 7DEOHUR GH SDUWtFXODV OiPLQD î $O FP 1HJUR PDUUyQ 6.8%% FDMD SDUD ]DSDWRV ¼ XGV /DV FXDWUR FDMDV FDEHQ ODGR D ODGR HQ XQD HV WUXFWXUD GH DUPDULR GH FP GH DQFKR SROLpVWHU \ SOiVWLFR GH SROLSURSLOHQR î $O FP %ODQFR

'25 0, 725 ,26

¼

.$5,7 FROFKD \ IXQGDV GH DOPRKDGD

¼ QRYHGDG

/DV SXHUWDV FRUUHGHUDV QR QHFHVLWDQ HVSDFLR H[WUD SDUD DEULUVH < ODV SXHUWDV GH HVSHMR HYLWDQ TXH EXVTXHV GyQGH FRORFDU XQ HVSHMR HQ OD SDUHG

0$/0 HVWUXFWXUD GH FDPD ¼ 7DEOHUR GH ¿EUDV WDEOHUR GH SDUWtFXODV OiPLQD GH UREOH EDUQL] LQFRORUR î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH 5REOH WHxLGR HQ EODQFR

QRYHGDG */$6g57 .8//( IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD ¼ 5RSD GH FDPD GH KLOR ¿QR \ WHMLGR GHQVR PX\ VXDYH \ UHVLVWHQWH DOJRGyQ 'LVHxR 6 (GKROP / 8OOHQLXV )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP 0XOWLFRORU

6.2-,* OiPSDUD GH PHVD ¼ 3OiVWLFR GH SROLSURSLOHQR 'LVHxR +HQULN 3UHXW] $O FP 1DUDQMD $1721,86 VHULH %ODQFR %DOGD ¼ XG /DPLQDGR î FP 5LHO GH VXVSHQVLyQ ¼ XG $O FP 6RSRUWH ¼ XGV 62),$ WHOD SRU PHWURV ¼ P 'LVSRQLEOH HQ YDULHGDG GH GLVHxRV DOJRGyQ $Q FP 5D\DV DQFKDV DPDULOOR EODQFR QRYHGDG 3$; 0$/0 DUPDULR FRQ SXHUWDV FRUUHGHUDV ¼ /RV DFFHVRULRV GH LQWHULRU VH YHQ GHQ DSDUWH (V QHFHVDULR TXH ORV WHFKRV WHQJDQ XQD DOWXUD PtQLPD GH FP &KDSD GH UREOH WHxLGD EDUQL] LQFRORUR \ HVSHMR î $O FP 5REOH WHxLGR HQ EODQFR

/D FRUWLQD SURWHJH GH OD OX] D WX EHEp 3RU VHJXULGDG FXpOJDOD D FLHUWD GLVWDQFLD SDUD TXH QR SXHGD FDHU VREUH OD FXQD QL HVWp DO DOFDQFH GHO EHEp

L

QRYHGDG

129('$' */$6g57 .8//( IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD

¼

'25 0, 725 ,26

/RV FXDWUR FDMRQHV GH HVWD HVWUXFWXUD GH FDPD VRQ SHUIHFWRV SDUD JXDUGDU URSD GH FDPD DOPRKDGDV HWF < FRQ HVWH FDEHFHUR WHQGUiV WRGDYtD PiV HVSDFLR GH DOPDFHQDMH

QRYHGDG QRYHGDG .21602 DUPDULR ¼ $FDEDGR SLQWDGR 'LVHxR 6DUDK )DJHU î $O FP *ULV )272 OiPSDUD GH WHFKR ¼ XG $OXPLQLR ODFDGR � FP 7833/85 HVWRU ¼ (VWRU SDUD XQD RVFXULGDG WRWDO FRQ UHYHVWLPLHQWR HVSHFLDO TXH LPSLGH WRWDOPHQWH HO SDVR GH OD OX] DOJRGyQ FRQ WUDWDPLHQWR GH SOiVWLFR DFUtOLFR î FP %ODQFR ± QRYHGDG %5,01(6 VHULH 7DEOHUR GH SDUWtFXODV OiPLQD SOiVWLFR $%6 'LVHxR . +DJEHUJ 0 +DJEHUJ %ODQFR $UPDULR GH SDUHG FRQ SXHUWD FRUUHGHUD ¼ XG î $O FP &DEHFHUR FRQ FRPSDUWLPHQWR ¼ î $O FP

(VWUXFWXUD GH FDPD FRQ DOPDFHQDMH ¼ î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH

.$-6$ %/$' IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD ¼ DOJRGyQ 'LVHxR $QQD 6DODQGHU )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP %ODQFR JULV 672/0(1 VHFFLyQ ¼ $OWXUD UHJXODEOH HQWUH \ FP TXH WH SHUPLWH DSURYHFKDU OD DOWXUD GH ORV WHFKRV $OXPL QLR FRQ UHYHVWLPLHQWR HQ SROYR DFDEDGR SLQWDGR \ HVSHMR 'LVHxR (KOpQ -RKDQVVRQ î $O ± FP %ODQFR

.21602 DUPDULR

¼

%5,01(6 HVWUXFWXUD GH FDPD FRQ DOPDFHQDMH

¼

'25 0, 725 ,26

,.($ 36 UHORM

¼

$PSOtD WX HVSDFLR 6L FRORFDV OD FDPD OHMRV GH OD SDUHG WHQGUiV PiV HVSDFLR GH DOPDFHQDMH SDUD JXDUGDU WXV FRVDV < VL FXHOJDV XQDV WHODV SRU GHODQWH RFXOWDV HO DOPDFHQDMH \ FUHDV XQ DPELHQWH PiV DFRJHGRU \ RUGHQDGR %,5*,7 FRUWLQDV ¼ SDU &RUWLQD ¿QD \ GHOLFDGD TXH WDPL]D OD OX] VXDYHPHQWH DOJRGyQ 'LVHxR 0DOLQ cNHUEORP î FP %ODQFR PXOWLFRORU

QRYHGDG

3$; %,5.(/$1' DUPDULR FRQ SXHUWDV

7RGR ELHQ FROJDGR

¼

3XHGHV FRORFDU SHUFKHURV \ FROJDGRUHV HQ FXDOTXLHU SDUWH \ VRQ SHUIHFWRV SDUD GHMDU SUHQGDV TXH DFDEDV GH TXLWDUWH

$OPDFHQDMH HQ SHTXHxRV HVSDFLRV $TXt SXHGHV YHU DOJXQDV VROXFLRQHV GLIHUHQWHV SDUD FRQVHJXLU HVSDFLR GH DOPDFHQDMH HQFLPD GH OD FyPRGD R GHWUiV GH OD FDPD VDFDQGR WRGR HO SDUWLGR D WXV PXHEOHV VLQ VDWXUDU OD KDELWDFLyQ ('/$1' HVWUXFWXUD GH FDPD FRQ GRVHO ¼ 9HU OD SiJLQD QRYHGDG %,5*,7 /$17/,* IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD ¼ )XQGD QyUGLFD î FP 'RV IXQGDV GH DOPRKDGD î FP ,.($ 36 UHORM ¼ $O FP +(01(6 FyPRGD GH FDMRQHV ¼

/,//+2/0(1 SHUFKHUR WULSOH ¼ +HUUDMHV GH FROJDU RFXOWRV =LQF QLTXHODGR EDUQL] LQFRORUR 'LVHxR &HFLOLD 6W||S $O FP

3XHUWDV GH YLGULR 8Q DUPDULR FRQ SXHUWDV GH YLGULR DPSOtD OD VHQVDFLyQ GH HVSDFLR HQ XQD KDELWDFLyQ SHTXHxD 3$; %,5.(/$1' DUPDULR FRQ SXHU WDV ¼ /RV DFFHVRULRV GH LQWHULRU VH YHQGHQ DSDUWH $FDEDGR SLQWDGR \ YLGULR WHPSODGR î $O FP %ODQFR

'25 0, 725 ,26

3DUD TXH GLVIUXWHV GH XQ EXHQ UHOD[ 75<** ERO

½

QRYHGDG %$516/,* 250(1 SHOXFKH ¼ 5HFRPHQGDGR D SDUWLU GH ORV PHVHV / FP

5(1$7( FRMtQ

¼

QRYHGDG

5(1$7( FRMtQ ¼ � FP

75<** ERO ¼ � FP

9b11$ HVSHMR ¼ î FP

0-g1b6 IDUROLOOR FRQ YHOD JUDQGH ¼ XG $O FP 7RQDOLGDGHV GH URMR £5HFXHUGD 1XQFD GHMHV XQD YHOD VLQ YLJLODQFLD

+(01(6 PHVLOOD GH QRFKH ¼ î $O FP

6811$1 OiPSDUD GH HQHUJtD VRODU

¼

*,/'$ %/20 FRMtQ ¼ &RPELQD FRQ RWURV SURGXFWRV GH OD FROHFFLyQ *,/'$ î FP

6811$1 OiPSDUD GH HQHUJtD VRODU ¼ 3UHFLR FDWiORJR DQWHULRU ¼ %UD]R Ã&#x20AC;H[LEOH FP 9DULRV FRORUHV

$1'5($ 6$7,1 IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ î FP î FP DOJRGyQ

.$66(77 DUFKLYDGRU ¼ XGV î $O FP

/$&. HVWDQWHUtD GH SDUHG ¼ XG 3HVR Pi[ NJ î $O FP

$OJXQDV GH QXHVWUDV VHULHV SDUD GRUPLWRULRV (1*$1 HVWUXFWXUD GH FDPD

(1*$1 VHULH (VWUXFWXUD GH FDPD ¼ 9HU SiJLQD GHUHFKD &DMD GH FDPD ¼ î $O FP *ULV RVFXUR 0HVLOOD GH QRFKH ¼ î $O FP $UPDULR FRQ SXHUWDV ¼ î $O FP &yPRGD GH FDMRQHV ¼ 9HU SiJLQD GHUHFKD

¼

(1*$1 VHULH /DPLQDGR \ DFHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR +HQULN 3UHXW] (IHFWR QRJDO (VWUXFWXUD GH FDPD ¼ î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH &yPRGD GH FDMRQHV ¼ î

$O FP &yPRGD GH FDMRQHV ¼ î $O FP &yPRGD FRQ FDMRQHV SXHUWDV ¼ î $O FP

7521'+(,0 VHULH $FDEDGR SLQWDGR 'LVHxR 0DJQXV (OHElFN %ODQFR (VWUXFWXUD GH FDPD ¼ î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH 0HVLOOD GH

QRFKH ¼ î $O FP QRYHGDG &yPRGD GH FDMRQHV ¼ î $O FP &yPRGD GH FDMRQHV ¼ î $O FP

('/$1' HVWUXFWXUD GH FDPD FRQ GRVHO

¼

QRYHGDG

(1*$1 FDMD GH FDPD

¼

('/$1' VHULH 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR (VWUXFWXUD GH FDPD FRQ GRVHO ¼ î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH %ODQFR 0HVLOOD GH QRFKH ¼ î $O FP *ULV

7RFDGRU ¼ î $O FP *ULV QRYHGDG &yPRGD GH FDMRQHV ¼ î $O FP *ULV $UPDULR SDUD URSD EODQFD ¼ î $O FP *ULV

& 2 1 / 2 6 3$ 4 8 ( 7 ( 6 3 / $ 1 2 6 3 8 ( ' ( 6 / / ( 9Ã&#x2C6; 5 7 ( / 2 $ & $ 6 $ + 2< 0 , 6 0 2 ' 2 5 0 , 7 2 5 , 2 6

6yOR WLHQHV TXH H[WUDHU OD HVWUXFWXUD GH GHEDMR GHO DVLHQWR £SDUD FRQYHUWLU HVWD FDPD HQ XQD GREOH

QRYHGDG

+(01(6 HVWUXFWXUD GH GLYiQ FRQ FDMRQHV ¼ $FDEDGR SLQWDGR 'LVHxR &DULQD %HQJV î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH

%ODQFR

QRYHGDG 0$/0 HVWUXFWXUD GH FDPD ¼ 7DEOHUR GH ¿EUDV SDUWtFXODV OiPLQD GH UREOH EDUQL] LQFRORUR î FP $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH

7DPELpQ GLVSRQLEOH HQ \ FP

9$19,. HVWUXFWXUD GH FDPD ¼ DOJRGyQ 'LVHxR $VVKRII %URJnUG -DQW]H î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH %ODQFR

7DPELpQ GLVSRQLEOH HQ \ FP

/(,59,. HVWUXFWXUD GH FDPD

¼

+(01(6 HVWUXFWXUD GH FDPD ¼ 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR 'LVHxR )LOLSSD (QHURWK î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH 1HJUR PDUUyQ

7DPELpQ GLVSRQLEOH HQ \ FP

/(,59,. HVWUXFWXUD GH FDPD ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR &DULQD %HQJV î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH

%ODQFR

*5,0(1 HVWUXFWXUD GH FDPD ¼ 3LQR PDFL]R WDEOHUR GH SDUWtFXODV FRQWUDFKDSDGR FDUWyQ î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH

7DPELpQ GLVSRQLEOH HQ \ FP

7DPELpQ GLVSRQLEOH HQ \ FP )-(//6( HVWUXFWXUD FDPD

QRYHGDG

QRYHGDG %5,01(6 HVWUXFWXUD GH FDPD FRQ DOPDFHQDMH ¼ /DPLQDGR î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH %ODQFR QRYHGDG &DEHFHUR FRQ DOPDFHQDMH ¼ 7DPELpQ GLVSRQLEOH HQ \ FP

'25 0, 725 ,26

½

QRYHGDG )-(//6( HVWUXFWXUD GH FDPD

+23(1 HVWUXFWXUD GH FDPD ¼ 7DEOHUR GH SDUWtFXODV OiPLQD SOiVWLFR $%6 î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH 1HJUR PDUUyQ

¼ 3LQR PDFL]R 'LVHxR -RQ .DUOVVRQ î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH

7DPELpQ GLVSRQLEOH HQ \ FP

7DPELpQ GLVSRQLEOH HQ \ FP

¼ 0$/0 HVWUXFWXUD GH FDPD 3DUD FROFKyQ GH î FP 1HJUR PDUUyQ 7DPELpQ GLVSRQLEOH HQ FKDSD GH DEHGXO &KDSD GH UREOH 5REOH WHxLGR EODQFR

'LVSRQLEOH HQ FXDWUR DFDEDGRV

1HJUR PDUUyQ

5REOH

5REOH WHxLGR EODQFR

$EHGXO

*26$ 6<5(1 DOPRKDGD SDUD GRUPLU GH HVSDOGDV 9HU SiJLQD

¼

0<6$ 675c HGUHGyQ QLYHO WpUPLFR 9HU SiJLQD

¼

¢&yPR HPSLH]DV HO GtD" ¢7H GHVSLHUWDV FRQ XQD VRQULVD R FRQ GRORU GH HVSDOGD" /D UHVSXHVWD HVWi GLUHFWDPHQWH UHODFLRQDGD FRQ HO GHVFDQVR &DGD SHUVRQD HV GLVWLQWD \ WLHQH FRVWXPEUHV GLIHUHQWHV SRU HVR KHPRV GHVDUUROODGR QXHVWUD JDPD GH FROFKRQHV HGUHGRQHV \ DOPRKDGDV SDUD TXH VH DGDSWHQ D WX FXHUSR \ D WX IRUPD GH GRPLU (QFXHQWUD OD RSFLyQ PiV DGHFXDGD SDUD WL HQ ZZZ ,.($ HV FROFKRQHV \ ZZZ ,.($ HV HGUHGRQHV\DOPRKDGDV

68/7$1 )/2.(1(6 FROFKyQ GH HVSXPD GH SROLXUHWDQR î FP

9HU SiJ

¼

,.($ 0<6$ HGUHGyQ QLYHO WpUPLFR

¼

'HVFDQVD PHMRU FRQ HO HGUHGyQ \ OD DOPRKDGD DGHFXDGRV (PSLH]D D GRUPLU ELHQ KR\ PLVPR FRQ HO HGUHGyQ \ OD DOPRKDGD TXH PHMRU VH DGDSWDQ D WXV QHFHVLGDGHV 1XHVWURV HGUHGRQHV HVWiQ GLVSRQLEOHV HQ YDULRV PDWHULDOHV \ QLYHOHV WpUPLFRV SDUD TXH GXHUPDV WRGR HO DxR D OD WHPSHUDWXUD LGHDO < WDPELpQ HQFRQWUDUiV OD DOPRKDGD FRQ OD DOWXUD SHUIHFWD VHD DOWD EDMD R PHGLD 8WLOL]D QXHVWUD JXtD SDUD HQFRQWUDU OR TXH PHMRU VH DGDSWD D WL (QWUD HQ ZZZ ,.($ HV HGUHGRQHV\DOPRKDGDV

,.($ )$67 DOPRKDGD SDUD GRUPLU GH ODGR GH HVSDOGDV ¼ 5HOOHQR HVSXPD YLVFRHOiVWLFD 'LVHxR 0DULD 9LQND î FP *26$ 6<5(1 DOPRKDGD SDUD GRUPLU GH HVSDOGDV ¼ 5HOOHQR PLFUR¿EUD GH SROLpVWHU î FP *26$ 9b'' DOPRKDGD SDUD GRUPLU GH HVSDOGDV ¼ 5HOOHQR EROLWDV GH ¿EUD GH SROLpVWHU î FP

*26$ 6<5(1 DOPRKDGD SDUD GRUPLU ERFD DEDMR ¼ $OPRKDGD EDMD VLQWpWLFD SDUD TXLHQHV GXHUPHQ ERFD DEDMR VH GREOD PHQRV HO FXHOOR \ VH UHGXFH OD SUHVLyQ PXVFXODU 5HOOHQR PLFUR¿EUD GH SROLpVWHU î FP *26$ 5$36 DOPRKDGD SDUD GRUPLU GH ODGR ¼ 5HOOHQR SOXPyQ GH SDWR \ SOXPDV GH SDWR î FP 7RGDV QXHVWUDV DOPRKDGDV WDPELpQ HVWiQ GLVSRQLEOHV HQ î FP

0<6$ 9(7( HGUHGyQ QLYHO WpUPLFR ¼ 8Q HGUHGyQ GH SOXPyQ SDUD WRGDV ODV HVWDFLRQHV XQD YHUVLyQ ¿QD \ IUHVFD SDUD HO YHUDQR \ RWUD PiV JUXHVD TXH FRPELQDGDV IRUPDQ XQ HGUHGyQ H[WUDFiOLGR SDUD ODV IUtDV QRFKHV GH LQYLHUQR &RVLGR HQ SDQHOHV PDQWLHQH HO UHOOHQR HQ VX OXJDU 5HOOHQR SOXPyQ GH SDWR \ SOXPDV GH SDWR î FP ,.($ 0<6$ HGUHGyQ QLYHO WpUPLFR ¼ (GUHGyQ GH FHOXORVD \ VLQWpWLFR GH JURVRU PHGLR LGHDO SDUD TXLHQHV QL SDVDQ IUtR QL FDORU SRU OD QRFKH 5HOOHQR PRGDO \ SROLpVWHU 'LVHxR 0DULD 9LQND î FP 0<6$ /-81* HGUHGyQ QLYHO WpUPLFR ¼ (GUHGyQ GH FHOXORVD \ VLQWpWLFR GH JURVRU PHGLR LGHDO SDUD TXLHQHV QR SDVDQ QL IUtR QL FDORU SRU OD QRFKH &RVLGR HQ SDQHOHV FRQ ERUGH GHFRUDWLYR O\RFHOO î FP 0<6$ 675c HGUHGyQ QLYHO WpUPLFR ¼ 5HOOHQR ¿EUDV KXHFDV GH SROLpVWHU î FP

0<6$ *5b6 HGUHGyQ QLYHO WpUPLFR ¼ SROLSURSLOHQR î FP 7RGRV QXHVWURV HGUHGRQHV WDPELpQ HVWiQ GLVSRQLEOHV HQ î FP

,.($ )$67 DOPRKDGD GRUPLU GH ODGR HVSDOGDV

¼

0<6$ 9(7( HGUHGyQ QLYHO WpUPLFR

¼

0<6$ *5b6 HGUHGyQ QLYHO

½

/D SULQFHVD \ HO JXLVDQWH eUDVH XQD YH] XQ SHTXHxR JXLVDQWH TXH GHEDMR GH XQD SLOD GH FROFKRQHV LQFRPR Gy GH WDO PDQHUD D OD SULQFHVD TXH QR SXGR GRUPLU HQ WRGD OD QRFKH +R\ GtD WRGR HO PXQGR LQFOX\HQGR ODV SULQFHVDV SXHGH FRQVHJXLU XQ EXHQ GHVFDQVR /R ~QLFR TXH QHFHVLWDV HV HO FROFKyQ DGHFXDGR GLVHxDGR SDUD WX IRUPD GH GRUPLU SDUD WX SHVR \ SDUD WX WHPSHUDWXUD LGHDO GH GHVFDQVR (QFXHQWUD WX FRPELQDFLyQ SHUIHFWD HQ ZZZ ,.($ HV FROFKRQHV \ FUHD WX HQWRUQR SHUIHFWR SDUD XQ ¿QDO IHOL]

68/7$1 +$019,. 68/7$1 $/6$53 FRPELQDFLyQ

¼

68/7$1 +$019,. FROFKyQ GH PXHOOHV ¼ 3UHFLR FDWiORJR DQWHULRU ¼ î FP *URVRU FP 68/7$1 $/6$53 EDVH GH FROFKyQ FRQ DOPDFHQDMH ¼ î FP $O FP %(*1$ SDWD DEHGXO ¼ XGV $O FP (O FROFKyQ 68/7$1 +$019,. FRPELQD XQD FDSD GH OiWH[ FRQ PXHOOHV HPEROVDGRV DFWLYRV (O OiWH[ DOLYLD ODV SUHVLRQHV FRUSRUDOHV SDUD TXH WH UHODMHV SRU FRPSOHWR /RV PXHOOHV WH SURSRU FLRQDQ XQ VRSRUWH PX\ SUHFLVR \ UHGXFHQ OD SUHVLyQ HQ OD FDGHUD \ HVSDOGD $GHPiV SHUPLWHQ OD FLUFXODFLyQ GH DLUH SDUD PDQWHQHU XQ HQWRUQR GH GHVFDQVR IUHVFR \ FRQIRUWDEOH /D RUJDQL]DFLyQ ,.($ HQ 6XHFLD HV SURYHHGRUD GH 6X 0DMHVWDG HO 5H\ GH 6XHFLD

,.($ 6YHQVND )|UVlOMQLQJV $%

0iV SDUD HOHJLU HQ ZZZ ,.($ HV FROFKRQHV

68/7$1 (1*(1(6 FROFKyQ

68/7$1 )c9$1* FROFKyQ

¼

68/7$1 +8*/2 FROFKyQ 68/7$1 7c567$ FROFKRQFLOOR

¼

¼

$Kt HQFRQWUDUiV WRGDV ODV PHGLGDV \ PDWHULDOHV SDUD HOHJLU HO FROFKyQ TXH PHMRU VH DGDSWD D WX IRUPD GH GRUPLU $GHPiV OD JXtD GH FROFKRQHV WH D\XGD D HOHJLUOR VHJ~Q WX HVWXUD SHVR \ WHPSHUDWX UD FRUSRUDO (QWUD HQ ZZZ ,.($ HV FROFKRQHV 68/7$1 (1*(1(6 FROFKyQ GH OiWH[ ¼ /RV FP GH OiWH[ QDWXUDO DOLYLDQ ODV SUHVLRQHV \ SHUPLWHQ TXH WX FXHUSR VH UHODMH )LUPH]D PHGLD î FP FP GH JURVRU %ODQFR 68/7$1 /$;(%< VRPLHU OiPLQDV ¼ XG OiPLQDV GH WDEOLOODV GH DEHGXO HQFRODGDV GLYLGLGDV HQ ]RQDV GH FRQIRUW VH DGDSWDQ D WX SHVR FRUSRUDO H LQFUHPHQWDQ HO HIHFWR DPRUWLJXDGRU GHO FROFKyQ î FP 68/7$1 +-$57'$/ FROFKyQ PXHOOHV ¼ XG 8QD FDSD GH FP GH JURVRU GH HVSXPD YLVFRHOiVWLFD HQ HO FROFKRQFLOOR VH DPROGD DO FRQWRUQR FRUSRUDO \ PHMRUD OD FLUFXODFLyQ VDQJXtQHD SDUD TXH HO FXHUSR VH UHODMH )LUPH]D ¿UPH î FP FP GH JURVRU %ODQFR 68/7$1 $1'(%8 EDVH FROFKyQ ¼ XG /DV WDEOLOODV GH OiPLQDV HQFRODGDV GH DEHGXO SURSRUFLRQDQ VRSRUWH DO FXHUSR î $O FP %ODQFR %(*1$ SDWDV ¼ XGV $EHGXO $O FP /DV SDWDV VH YHQGHQ DSDUWH 68/7$1 )/259c* FROFKyQ HVSXPD SROLXUHWDQR ¼ )LUPH]D PHGLD î FP FP GH JURVRU %ODQFR 68/7$1 $/9(5681' EDVH FROFKyQ ¼ /DV WDEOLOODV HQFRODGDV GH DEHGXO VH DGDSWDQ D WX SHVR \ DXPHQWDQ OD HODVWLFLGDG GHO FROFKyQ î $O FP *ULV FODUR 68/7$1 SDWDV ¼ XGV $FHUR LQR[LGDEOH $O FP 68/7$1 )c9$1* FROFKyQ HVSXPD SROLXUHWDQR ¼ /D HVSXPD GH DOWD HODVWLFLGDG DOLYLD ODV SUHVLRQHV \ SURSRUFLRQD XQ EXHQ FRQIRUW )LUPH]D ¿UPH î FP FP GH JURVRU %ODQFR 68/7$1 /$;(%< VRPLHU OiPLQDV ¼ XG 9HU DUULED 68/7$1 +8*/2 FROFKyQ PXHOOHV ¼ )LUPH]D ¿UPH î FP FP GH JURVRU *ULV RVFXUR 68/7$1 7c567$ FROFKRQFLOOR ¼ î FP FP GH JURVRU *ULV RVFXUR 68/7$1 /85g< VRPLHU OiPLQDV ¼ XG î FP

68/7$1 )/2.(1(6 FROFKyQ HVSXPD SROLXUHWDQR ¼ /D FDSD GH FP GH JURVRU GH HVSXPD YLVFRHOiV WLFD VH DPROGD DO FRQWRUQR FRUSRUDO PHMRUD OD FLUFXODFLyQ \ SHUPLWH XQD UHODMDFLyQ FRPSOHWD /D HVSXPD GH DOWD HODVWLFLGDG DOLYLD ODV SUHVLRQHV \ SURSRUFLRQD FRQIRUW )LUPH]D PHGLD î FP FP GH JURVRU %ODQFR 68/7$1 /$1*+86 VRPLHU OiPLQDV UHJXODEOH ¼ XG 8Q PRWRU HOpFWULFR DMXVWD HO FDEHFHUR \ ORV SLHV OiPLQDV GH WDEOLOODV HQFRODGDV GH DEHGXO SURSRUFLRQDQ DSR\R î FP /DV HVWUXFWXUDV GH FDPD VH YHQGHQ DSDUWH

'LVSRQLEOH HQ HVWDV PHGLGDV FP

FP

FP

FP

FP

FP

'LVSRQLEOH HQ HVWDV PHGLGDV

'LVSRQLEOH HQ HVWDV PHGLGDV

FP

FP

FP

FP

FP

FP

FP

FP

FP

FP

3UXpEDOR HQ FDVD GtDV \ QRFKHV

68/7$1 +-$57'$/ 68/7$1 $1'(%8 FRPELQDFLyQ

¼

6H WDUGD XQ WLHPSR HQ DFRVWXPEUDUVH D XQ QXHYR FROFKyQ FDVL XQ PHV SHUR TXHUHPRV TXH WH HQDPRUHV GH WX QXHYR FROFKyQ 68/7$1 3RU HVR VL SRU DOJXQD UD]yQ QR HVWiV FRQWHQWR FRQ WX HOHFFLyQ WH OR FDPELDPRV £6LQ SULVDV 7LHQHV GtDV SDUD SUREDUOR 9HU SiJLQD SDUD PiV LQIRUPDFLyQ 68/7$1 WLHQH DxRV GH JDUDQWtD 0iV LQIRUPDFLyQ HQ OD SiJLQD

'LVSRQLEOH HQ HVWDV PHGLGDV FP

FP

FP

FP

FP

FP 68/7$1 )/2.(1(6 FROFKyQ

¼

68/7$1 )/259c* 68/7$1 $/9(5681' FRPELQDFLyQ

¼

'LVSRQLEOH HQ HVWDV PHGLGDV FP

FP

FP

FP

'LVSRQLEOH HQ HVWDV PHGLGDV FP

FP

FP

FP

FP

FP

FP

FP

68/7$1 +$5(678$ FROFKyQ GH PXHOOHV ¼ /RV PXHOOHV SURSRUFLRQDQ VRSRUWH DO FXHUSR )LUPH]D PHGLD î FP *URVRU FP *ULV RVFXUR

7DPELpQ GLVSRQLEOH HQ î FP î FP \ î FP

,.($ 0<6$ HGUHGyQ QLYHO WpUPLFR

¼

68/7$1 +$5(678$ FROFKyQ GH PXHOOHV

¼

*26$ 6/c1 DOPRKDGD SDUD GRUPLU ERFD DEDMR

½ *26$ 6/c1 DOPRKDGD SDUD GRUPLU ERFD DEDMR ¼ $OPRKDGD EDMD SDUD TXLHQHV GXHUPHQ ERFD DEDMR VH GREOD PHQRV HO FXHOOR \ VH UHGXFH OD SUHVLyQ PXVFXODU SROLSURSLOHQR î FP

,.($ 0<6$ HGUHGyQ QLYHO WpUPLFR ¼ (GUHGyQ GH FHOXORVD \ VLQWpWLFR JUXHVR \ SHVDGR LGHDO SDUD ORV PX\ IULROHURV TXH SUH¿HUHQ XQ HGUHGyQ FiOLGR 5HOOHQR PRGDO \ SROLpVWHU 'LVHxR 0DULD 9LQND î FP 7DPELpQ GLVSRQLEOH SDUD FDPD GH PDWULPRQLR \ HQ GLVWLQWRV QLYHOHV WpUPLFRV

3UXpEDORV WUDQTXLODPHQWH HQ WX WLHQGD ,.($ /D PHMRU PDQHUD GH WRPDU OD GHFLVLyQ ¿QDO VREUH OR TXH PiV WH FRQYLH QH UHDOPHQWH HV SUREDUOR 3RU HVR DFpUFDWH D WX WLHQGD ,.($ \ WyPDWH WX WLHPSR SDUD WXPEDUWH HQ ORV FROFKRQHV HQYROYHUWH HQ ORV HGUHGRQHV \ DEUD]DUWH D ODV DOPRKDGDV $GHPiV HQ OD WLHQGD WLHQHV PXFKDV PiV RSFLRQHV GH ODV TXH SRGHPRV HQVHxDUWH DTXt

3$; VLVWHPD GH DUPDULRV ¢&yPR TXLHUHV HO WX\R" &RQ 3$; SXHGHV HOHJLU FRORU DFDEDGR \ VL SUH¿HUHV SXHUWDV FRUUHGHUDV R GH ELVDJUDV 'HFLGH OD DOWXUD DQFKR \ IRQGR TXH PHMRU VH DGDSWHQ D WX KDELWDFLyQ \ SHUVRQDOL]D HO DUPDULR FRQ ODV RSFLRQHV GH DFFHVRULRV GH LQWHULRU \ RUJDQL]DGRUHV .203/(0(17 SDUD TXH WXV YHVWLGRV ]DSDWRV \ FRPSOHPHQWRV WHQJDQ XQ HVSDFLR SURSLR 3DUD YHU PiV LGHDV SLGH XQ FDWiORJR GH DUPDULRV HQ WX WLHQGD R HQWUD HQ QXHVWUD ZHE GRQGH WDPELpQ SXHGHV HPSH]DU D SODQL¿FDU WX QXHYR DUPDULR HQ ZZZ ,.($ HV SODQL¿FDGRUHV

3$; /<1*'$/ DUPDULR FRQ SXHUWDV FRUUHGHUDV

¼

QRYHGDG

3$; 0$/0 DUPDULR FRQ SXHUWDV FRUUHGHUDV

¼

3$; \ .203/(0(17 WLHQHQ XQD JDUDQWtD GH DxRV 0iV LQIRUPDFLyQ HQ OD SiJLQD

L

*XtD GH FRPSUD GH 3$; .203/(0(17 HQ ODV SiJLQDV

3$; /<1*'$/ DUPDULR FRQ SXHUWDV FRUUHGHUDV ¼ 3UHFLR FDWiORJR DQWHULRU ¼ 9LGULR WHPSODGR \ DOXPLQLR î $O FP QRYHGDG 3$; 0$/0 DUPDULR FRQ SXHUWDV FRUUHGHUDV ¼ &KDSD GH UREOH WHxLGD \ EDUQL] LQFRORUR î $O FP 5REOH WHxLGR HQ EODQFR 3$; 0$/0 DUPDULR FRQ SXHUWDV FRUUHGHUDV ¼ &KDSD GH IUHVQR WHxLGD EDUQL] LQFRORUR \ HVSHMR î $O FP 3$; c167$' DUPDULR FRQ SXHUWDV FRUUHGHUDV ¼ /DPLQDGR GH DOWR EULOOR î $O FP 3$; 8**'$/ DUPDULR FRQ SXHUWDV FRUUHGH UDV ¼ 9LGULR WHPSODGR \ DOXPLQLR î $O FP /RV DFFHVRULRV GH LQWHULRU VH YHQGHQ DSDUWH

6.8%% FDMD

£4Xp ELHQ RUGHQDGR

¼ XGV

¢<D KD VRQDGR HO GHVSHU WDGRU" $EUH WX DUPDULR 3$; \ GHFLGH OR TXH TXLHUHV SRQHUWH (V PX\ IiFLO HQFRQWUDU OR TXH EXVFDV SRUTXH FRQ ORV DFFHVRULRV GH LQWHULRU .203/(0(17 \ ODV FDMDV 6.8%% TXH KDV HOHJLGR FDGD FRVD WLHQH VX VLWLR

6L FRORFDV HVWD EDUUD GHEDMR GH OD VXSHULRU WLHQHV HO GREOH GH HVSDFLR SDUD FROJDU URSD

,QFOXVR HO VRPEUHUR TXH FRPSUDVWH HQ YDFDFLRQHV

\ TXH SHQVDEDV TXH KDEtDV

SHUGLGR ¢$ TXH HV XQD

PDQHUD UHODMDQWH GH HPSH]DU HO GtD"

.203/(0(17 FDMyQ

¼ XG

3$; \ .203/(0(17 WLHQHQ XQD JDUDQWtD GH DxRV 0iV LQIRUPDFLyQ HQ OD SiJLQD

6.8%% FDMD ¼ XGV SROLpVWHU \ SOiVWLFR GH SROLSURSL OHQR î $O FP %ODQFR .203/(0(17 VHULH %DUUD GH DUPDULR ¼ XG $FHUR FRQ UHYHVWLPLHQWR HQ SROYR $Q FP %HLJH %DUUD H[WHQVLEOH ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR $Q ± FP %HLJH

&DMyQ ¼ XG /DPLQDGR î $O FP 1HJUR PDUUyQ &HVWR GH UHMLOOD ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR î $O FP %HLJH

6.8%% FDMD ¼ XGV SROLpVWHU \ SOiVWLFR GH SROLSURSL OHQR î $O FP %ODQFR .203/(0(17 VHULH QRYHGDG *XtD GH LOXPLQDFLyQ ¼ $OXPLQLR SLQWDGR $Q FP %HLJH $OPDFHQDMH FRQ FRPSDUWLPHQWRV ¼ XG 3ROLpVWHU SOiVWLFR $%6 \ DOXPLQLR

î FP )LHOWUR EHLJH $OPDFHQDMH FRQ FRPSDUWL PHQWRV ¼ 3OiVWLFR DFUtOLFR î FP 7UDQVSDUHQWH JULV =DSDWHUR ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR î FP %HLJH

6.8%% FDMD ¼ XGV SROLpVWHU \ SOiVWLFR GH SROLSURSLOHQR î $O FP %ODQFR .203/(0(17 VHULH QRYHGDG *XtD GH LOXPLQDFLyQ ¼ XG $OXPLQLR SLQWDGR $Q FP %HLJH %DUUD GH DUPDULR ¼ XG $FHUR FRQ UHYHVWLPLHQWR HQ SROYR $Q FP %HLJH 3HUFKD SDUD SDQWDORQHV FRQ FRPSDUWLPHQWRV ¼ î FP %HLJH &DMyQ ¼ XG $EHGXO PDFL]R FRQ EDUQL] LQFRORUR î $O FP

£8QD LGHD EULOODQWH /D JXtD GH LOXPLQDFLyQ VH HQFLHQGH FXDQGR DEUHV HO DUPDULR SDUD D\XGDUWH D YHU WRGR ELHQ

6.8%% FDMD

¼ XGV

6.8%% FDMD SDUD ]DSDWRV

¼ XGV

'LVHxD WX SURSLR DUPDULR 3$; HQ ZZZ ,.($ HV SODQL¿FDGRUHV

6.8%% FDMD ¼ XGV SROLpVWHU \ SOiVWLFR GH SROLSURSL OHQR î $O FP %ODQFR .203/(0(17 VHULH *XtD GH LOXPLQDFLyQ ¼ $OXPLQLR SLQWDGR / FP %HLJH QRYHGDG &DMyQ ¼ XG &KDSD GH UREOH WHxLGD \ EDUQL] LQFRORUR î $O FP 5REOH WHxLGR HQ EODQFR

(VWDQWH SDUD ]DSDWRV ¼ XG $FHUR FRQ UHYHVWLPLHQWR HQ SROYR î FP %HLJH 6.8%% FDMD SDUD ]DSDWRV ¼ XGV SROLpVWHU \ SOiVWLFR GH SROLSURSLOHQR î $O FP %ODQFR

672/0(1 VHFFLyQ

¼

(/*c (1*$1 )(167$' DUPDULR FRQ SXHUWDV FRUUHGHUDV

¼

(/*c $1(%2'$ DUPDULR FRQ SXHUWDV FRUUHGHUDV

¼

&RQ HO VLVWHPD 672/0(1 SXHGHV FRQVWUXLU PXFKDV VROXFLRQHV GH DOPDFHQDMH GLIHUHQWHV

L *XtD GH FRPSUD GH (/*c HQ OD SiJLQD \ PXFKR PiV HQ ZZZ ,.($ HV (/*$

'25 0, 725 ,26

(/*c $1(%2'$ DUPDULR FRQ SXHUWDV FRUUHGHUDV ¼ /DV SXHUWDV FRUUHGHUDV QHFHVLWDQ PHQRV HVSDFLR SDUD DEULU TXH ODV SXHUWDV GH DUPDULR GH ELVDJUDV ,QFOX\H EDUUDV GH DUPDULR /RV GHPiV DFFHVRULRV GH LQWHULRU VH YHQGHQ DSDUWH /DPLQDGR \ SOiVWLFR î $O FP %ODQFR EODQFR (/*c (1*$1 )(167$' DUPDULR FRQ SXHUWDV FRUUHGHUDV ¼ ,QFOX\H EDUUDV GH DUPDULR /DPLQDGR \ HVSHMR î $O FP *ULV

L *XtD GH FRPSUD GH 672/0(1 HQ OD SiJ \ PXFKR PiV HQ ZZZ ,.($ HV 672/0(1

672/0(1 VHULH $OXPLQLR FRQ UHYHVWLPLHQWR HQ SROYR \ DFHUR DFDEDGR SLQWDGR \ HVSHMR 'LVHxR (KOpQ -RKDQVVRQ %ODQFR VHFFLyQ ¼ î $O ± FP VHFFLRQHV ¼ î $O ± FP

& 2 1 / 2 6 3$ 4 8 ( 7 ( 6 3 / $ 1 2 6 3 8 ( ' ( 6 / / ( 9Ã&#x2C6; 5 7 ( / 2 $ & $ 6 $ + 2< 0 , 6 0 2 ' 2 5 0 , 7 2 5 , 2 6

0iV HVWLORV \ PHGLGDV SDUD DEULU \ FXULRVHDU HQ WX WLHQGD ,.($

$1(%2'$ DUPDULR ¼ 7DEOHUR GH SDUWtFXODV OiPLQD SOiVWLFR GH SROLSURSLOH QR SOiVWLFR $%6 'LVHxR 7RUG %M|UNOXQG î $O FP %ODQFR

('/$1' DUPDULR FRQ SXHUWDV ¼ 6H LQFOX\HQ EDUUD \ EDOGD 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR î $O FP *ULV

$63(/81' DUPDULR FRQ SXHUWDV ¼ 7DEOHUR GH SDUWtFXODV OiPLQD î $O FP %ODQFR

(1*$1 DUPDULR FRQ SXHUWDV ¼ 7DEOHUR GH SDUWtFXODV OiPLQD SOiVWLFR $%6 'LVHxR +HQULN 3UHXW] î $O FP

QRYHGDG +(01(6 DUPDULR

¼

QRYHGDG

'20%c6 DUPDULR

¼

QRYHGDG

,.($ 36 RUJDQL]DGRU

½

QRYHGDG +(01(6 DUPDULR SDUD URSD EODQFD ¼ $PEDV EDOGDV VRQ UHJXODEOHV HQ FXDWUR SRVLFLRQHV GLIHUHQWHV 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR \ YLGULR WHPSODGR î $O FP 5RMR

'25 0, 725 ,26

QRYHGDG +(01(6 DUPDULR ¼ 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR 'LVHxR &DULQD %HQJV î $O FP 0DUUyQ JULViFHR

QRYHGDG .21602 DUPDULR ¼ $FDEDGR SLQWDGR 'LVHxR 6DUDK )DJHU î $O FP *ULV

QRYHGDG '20%c6 DUPDULR ¼ 6H LQFOX\HQ EDOGDV \ EDUUD 7DEOHUR GH SDUWtFXODV SOiVWLFR $%6 SOiVWLFR GH SROLSURSLOHQR OiPLQD î $O FP 0DUUyQ

,.($ 36 RUJDQL]DGRU ¼ SROLpVWHU \ DFHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR 0LD &XOOLQ î $O FP 1HJUR

$ 8 7 2 6 ( 59 ,& ,2 $ 8 7 2 7 5 $ 1 6 3 2 5 7 ( $ 8 7 2 0 2 1 7$ - ( £ $ 8 7 2 $ + 2 5 52 ' 2 5 0 , 7 2 5 , 2 6

0iV GH FyPRGDV SDUD HOHJLU 'LVWLQWRV HVWLORV PHGLGDV \ FRORUHV 3XHGHV YHUODV WRGDV HQ ZZZ ,.($ HV FRPRGDV

QRYHGDG

+(01(6 FyPRGD GH FDMRQHV

+(01(6 FyPRGD GH FDMRQHV

¼

¼

5$67 FyPRGD GH FDMRQHV

½

QRYHGDG

QRYHGDG %5,01(6 FyPRGD GH FDMRQHV ¼ 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP %ODQFR 5$67 FyPRGD GH FDMRQHV ¼ 3LQR PDFL]R î $O FP 0$1'$/ FyPRGD GH FDMRQHV ¼ $EHGXO PDFL]R FRQ EDUQL] LQFRORUR DFDEDGR SLQWDGR 'LVHxR )UDQFLV &D\RXHWWH î $O FP $EHGXO EODQFR QRYHGDG 9$//9,.

FyPRGD GH FDMRQHV ¼ 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR î $O FP %ODQFR QRYHGDG +(01(6 FyPRGD

GH FDMRQHV ¼ 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP 0$/0 FyPRGD GH FDMRQHV ¼ î $O FP 1HJUR PDUUyQ $63(/81' FyPRGD GH FDMRQHV ¼ î $O FP %ODQFR +(01(6 FyPRGD FRQ HVSHMR ¼ $FDEDGR SLQWDGR YLGULR WHPSODGR \ YLGULR î $O FP %ODQFR (1*$1 FyPRGD GH FDMRQHV ¼ /DPLQDGR \ DFHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR +HQULN 3UHXW] î $O FP (IHFWR

QRJDO +(01(6 FyPRGD GH FDMRQHV ¼ 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP QRYHGDG 0$/0 FyPRGD GH FDMRQHV ¼ î $O FP 5REOH WHxLGR HQ EODQFR 7521'+(,0 FyPRGD GH FDMRQHV ¼ $FDEDGR SLQWDGR 'LVHxR 0DJQXV (OHElFN î $O FP %ODQFR +23(1 FyPRGD GH FDMRQHV ¼ /DPLQDGR \ YLGULR WHPSODGR î $O FP 1HJUR PDUUyQ

QRYHGDG ('/$1' FyPRGD GH FDMRQHV ¼ 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR 'LVHxR 7 &KULVWHQVHQ . /HJDDUG î $O FP *ULV $1(%2'$ FyPRGD GH FDMRQHV ¼ 'LVHxR 7RUG %M|UNOXQG î $O FP %ODQFR

7 2 ' 2 ( / $ f 2 ( 6 7Ã&#x2C6; 1 / / ( * $ 1 ' 2 1 8 ( 9 2 6 3 52 ' 8 & 7 2 6 $ 7 8 7 , ( 1 ' $ , . ( $ ' 2 5 0 , 7 2 5 , 2 6

(OLJH WX HVWLOR

'LVHxR . +DJEHUJ 0 +DJEHUJ

QRYHGDG

0$/0 VHULH QRYHGDG &yPRGD FDMRQHV ¼ &KDSD GH UREOH WHxLGD \ EDUQL] LQFRORUR î $O FP 5REOH WHxLGR HQ EODQFR &yPRGD FDMRQHV ¼ (VSHMR LQWHJUDGR &KDSD GH IUHVQR WHxLGD \ EDUQL] LQFRORUR î $O FP 1HJUR PDUUyQ &yPRGD FDMRQHV ¼ î $O FP 1HJUR PDUUyQ &yPRGD FDMRQHV ¼ $FDEDGR SLQWDGR

î $O FP %ODQFR QRYHGDG &yPRGD FDMRQHV ¼ î $O FP 5REOH WHxLGR HQ EODQFR QRYHGDG &yPRGD FDMRQHV ¼ î $O FP 5REOH WHxLGR HQ EODQFR &yPRGD FDMRQHV ¼ î $O FP 1HJUR PDUUyQ QRYHGDG &yPRGD FDMRQHV ¼ (VSHMR LQWHJUDGR î $O FP 5REOH WHxLGR HQ EODQFR

< OOpYDWHOR D FDVD KR\ PLVPR

+(01(6 FyPRGD GH FDMRQHV

¼

+(01(6 VHULH 'LVHxR . +DJEHUJ 0 +DJEHUJ QRYHGDG &yPRGD GH FDMRQHV ¼ 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR î $O FP 0DUUyQ JULViFHR QRYHGDG &yPRGD GH FDMRQHV ¼ 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR î $O FP 1HJUR PDUUyQ QRYHGDG &yPRGD GH

'25 0, 725 ,26

FDMRQHV ¼ 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR î $O FP 0DUUyQ JULViFHR &yPRGD GH FDMRQHV ¼ 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR î $O FP 1HJUR PDUUyQ &yPRGD GH FDMRQHV ¼ $FDEDGR SLQWDGR î $O FP %ODQFR

¼

'H PDGHUD PDFL]D 7RGDYtD QR IRUPD SDUWH GH OD KHUHQFLD IDPLOLDU SHUR FRPR HV WDQ GXUDGHUD SRVLEOHPHQWH OOHJDUi D VHUOR +(01(6 FyPRGD GH FDMRQHV 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR î $O FP 1HJUR PDUUyQ 7DPELpQ GLVSRQLEOH HQ URMR 0DUUyQ JULViFHR

'LVSRQLEOH HQ WUHV DFDEDGRV

1HJUR PDUUyQ

0DUUyQ JULV

5RMR

*2'025*21 DUPDULR DOWR

¼

*2'025*21 DUPDULR FRQ FDMRQHV QRYHGDG 9,79,.(1 ODYDER ¼ /DPLQDGR GH DOWR EULOOR SRUFHODQD î $O FP *581'7$/ JULIR FRQ ¿OWUR ¼ /DWyQ QLTXHODGR $O FP 6b9(51 GLVSHQVDGRU GH MDEyQ ¼ 02/*(5 VHULH $EHGXO PDFL]R FRQ EDUQL] LQFRORUR 7DEXUHWH FRQ HVFDOyQ ¼ %DQFR ¼ XG î $O FP *2'025*21 DUPDULR DOWR ¼ XG /DPLQDGR GH DOWR EULOOR \ YLGULR WHPSODGR î $O FP %ODQFR 02/*(5 HVWDQWH GH SDUHG ¼ 6HULH DEHGXO PDFL]R FRQ WLQWH EDUQL] LQFRORUR î $O FP )5b-(1 WRDOOD GH EDxR ¼ XG DOJRGyQ î FP )XFVLD %ODQFR $]XO

QRYHGDG

%DxRV

02/*(5 WDEXUHWH FRQ HVFDOyQ

¼

*2'025*21 FDMD FRQ FRPSDUWLPHQWRV

¼ QRYHGDG

*2'025*21 DUPDULR FRQ GRV FDMRQHV %5c9,.(1 ODYDER

¼

( 6 7$ 3Ã&#x2C6;*,1 $ QRYHGDG *2'025*21 FDMD FRQ FRPSDUWLPHQWRV ¼ 3OiVWLFR SROLFDUERQDGR 'LVHxR 0DJQXV (OHElFN î $O FP 7UDQVSDUHQWH , =4 8,( 5 '$ *2'025*21 DUPDULR FRQ HVSHMR SXHUWD ¼ XG 7DEOHUR GH ¿EUDV OiPLQD SOiVWLFR $%6 î $O FP *581'7$/ HVWDQWH ¼ $FHUR LQR[LGDEOH 'LVHxR )UDQFLV &D\RXHWWH î FP 086,. OiPSDUD GH SDUHG ¼ XG 3OiVWLFR SROLFDUERQDGR / FP *2'025*21 DUPDULR FRQ FDMRQHV %5c9,.(1 ODYDER ¼ 3UHFLR FDWiORJR DQWHULRU ¼ $UPDULR ODPLQDGR GH DOWR EULOOR /DYDER SROYR GH PiUPRO SROLpVWHU 'LVHxR (YD /LOMD /|ZHQKLHOP î $O FP *ULV *581'7$/ JULIR FRQ ¿OWUR ¼ XG /DWyQ QLTXHODGR 'LVHxR -RQ .DUOVVRQ $O FP &RORU DFHUR LQR[LGDEOH

L

(V IiFLO RUJDQL]DU WRGRV WXV SURGXFWRV GH EHOOH]D HQ HVWD FDMD TXH VH DGDSWD DO FDMyQ VXSHULRU GHO DUPDULR SDUD ODYDER ,QFOXVR WLHQH XQ FRPSDUWLPHQWR RFXOWR $ SDUWLU GH RFWXEUH OD VHULH *2'025*21 HVWDUi GLVSRQLEOH WDPELpQ HQ FP GH DQFKR

*XtD GH FRPSUD GH *2'025*21 HQ SiJ \ PXFKR PiV HQ ZZZ ,.($ HV *2'025*21

%$f26

L 0iV VROXFLRQHV \ VXJHUHQFLDV SDUD EDxRV SHTXHxRV HQ ZZZ ,.($ HV EDxRV

/,//+2/0(1 EDOGD

¼

*2'025*21 DUPDULR GH FDMRQHV 2'(169,. ODYDER

¼

*2'025*21 DUPDULR FRQ FDMRQHV 2'(169,. ODYDER ¼ 3UHFLR FDWiORJR DQWHULRU ¼ &DMRQHV WRWDOPHQWH H[WUDtEOHV SDUD YHU \ DFFHGHU DO FRQWHQLGR IiFLOPHQWH ,QFOX\H WLUDGRUHV /DPLQDGR \ SRUFHODQD 'LVHxR 0DJQXV (OHElFN î $O FP 1HJUR PDUUyQ .$776.b5 JULIR GH ODYDER FRQ ¿OWUR ¼ /DWyQ FURPDGR XQD VXSHU¿FLH UHVLVWHQWH GXUDGHUD \ IiFLO GH OLPSLDU 0DQJXHUD Ã&#x20AC;H[LEOH 'LVHxR &DULQD %HQJV $O FP

)g56,.7,* WDEXUHWH ¼ (O SURWHFWRU DQWLGHVOL]DQWH HQ OD SDUWH VXSHULRU UHGXFH HO ULHVJR GH UHVEDORQHV 3OiVWLFR GH SROLSURSL OHQR \ FDXFKR VLQWpWLFR 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP %ODQFR D]XO /,//+2/0(1 VHULH $FHUR LQR[LGD EOH \ YLGULR 'LVHxR &HFLOLD 6W||S (VSHMR ¼ 8Q ODGR GHO HVSHMR DPSOtD OD LPDJHQ YHFHV î FP 9DVR FHSLOORV GH GLHQWHV FRQ VRSRUWH ¼ XG %DOGD GH YLGULR ¼ î FP .2/-$ HVSHMR ¼ 6H SXHGH FROJDU HQ KRUL]RQWDO R YHUWLFDO ,QFOX\H KHUUDMHV GH PRQWDMH 9LGULR î FP 2YDODGR

+D\ PXFKRV PiV DFFHVRULRV GH EDxR HQ WX WLHQGD ,.($

%$f26

$OPDFHQDMH SDUD HVSDFLRV SHTXHxRV

$OPDFHQDMH LQFOXLGR (VWH ODYDER YLHQH FRQ JDQFKRV GH DFHUR LQR[LGDEOH MDERQHUD \ EDQGHMD /,//c1*(1 DUPDULR SXHUWD \ ODYDER ¼

3DUD WRGRV &ROJDU WRDOODV \ REMHWRV GH HVWD PDQHUD DKRUUD HVSDFLR \ DGHPiV WRGRV ORV PLHPEURV GH OD IDPLOLD WLHQHQ ODV FRVDV D VX DOWXUD *581'7$/ SHUFKHUR FRQ SRPRV ¼ $FHUR LQR[LGDEOH 'LVHxR +HQULN 3UHXW] î FP

/,//c1*(1 DUPDULR SXHUWD \ ODYDER

&UHD HVSDFLR

¼

QRYHGDG

/,//c1*(1 VHULH /DPLQDGR %ODQFR $UPDULR SDUD ODYDER FRQ SXHUWD ¼ ,QFOX\H ¿OWUR \ VLIyQ î $O FP %ODQFR 0yGXOR WHUPLQDO ¼ î $O FP $UPDULR GH HVSHMR FRQ SXHUWD ¼ î $O FP $UPDULR GH SDUHG FRQ SXHUWD ¼ î $O FP *581'7$/ JULIR GH ODYDER FRQ ¿OWUR ¼ /DWyQ QLTXHODGR $O FP

L

%DOGDV \ JDQFKRV VH DGDSWDQ D FXDOTXLHU HVSDFLR \ WH SHUPLWHQ DSURYHFKDU ODV SDUHGHV D OR DOWR \ D OR ODUJR *581'7$/ HVWDQWH GH SDUHG ¼ XG $FHUR LQR[LGDEOH 'LVHxR 0LNDHO :DUQKDPPDU î $O FP 02/*(5 VHULH $EHGXO PDFL]R FRQ EDUQL] LQFRORUR (VWDQWH GH SDUHG ¼ XG 'LVHxR (ZD /LOMD /|ZHQKLHOP î $O FP 3HUFKHUR JDQFKRV ¼ XG 'LVHxR 5LFKDUG &ODFN $O FP

*XtD GH FRPSUD GH /,//c1*(1 HQ SiJ \ PXFKR PiV HQ ZZZ ,.($ HV /,//$1*(1

%$f26

02/*(5 FDMD FRQ WDSD ¼ MXHJR GH 3DUD JXDUGDU DOJRGRQFLOORV SLQ]DV SDUD HO FDEHOOR HWF $EHGXO PDFL]R \ EDUQL] LQFRORUR 'LVHxR (YD /LOMD /|ZHQKLHOP 6b9(51 GLVSHQVDGRU GH MDEyQ ¼ $FHUR LQR[LGDEOH \ SOiVWLFR GH SROLSURSLOHQR 'LVHxR 5LFKDUG &ODFN 75(1680 HVSHMR ¼ 8QD FDUD FRQ YLGULR HVSHMDGR GH DXPHQWR $FHUR LQR[LGDEOH � $O FP /,'$1 FHVWR ¼ MXHJR GH +HFKR D PDQR &DGD FHVWR HV ~QLFR 7DPDxRV GH î $O FP GH î $O FP \ GH î $O FP SROLSURSLOHQR 'LVHxR 6LJJD +HLPLV %ODQFR ,'*581' MXHJR SDUD EDxR ¼ MXHJR GH 5HVLVWHQWH DO ODYDYDMLOODV 9LGULR 'LVHxR 6LJJD +HLPLV /LOD QRYHGDG /,//+2/0(1 MR\HUR ¼ $FHUR LQR[LGDEOH \ ODFDGR LQFRORUR 'LVHxR &HFLOLD 6W||S 6b9(51 MDERQHUD ¼ /D EDQGHMD SOiVWLFD LQWHULRU SHUPLWH PDQWHQHU HO MDEyQ VHFR (V IiFLO GH GHVPRQWDU \ OLPSLDU $FHUR LQR[LGDEOH 'LVHxR 5LFKDUG &ODFN

/,//+2/0(1 GLVSHQVDGRU GH MDEyQ ¼ 5HVLVWHQWH DO ODYDYDMLOODV 9LGULR 'LVHxR &HFLOLD 6W||S $O FP

/,'$1 FHVWR

¼

MJR

QRYHGDG

%$f26

QRYHGDG

QRYHGDG *581'7$/ SHUFKHUR FRQ SRPRV ¼ $FHUR LQR[LGDEOH 'LVHxR +HQULN 3UHXW] î FP 02/*(5 HVWDQWH FRQ JDQ FKRV ¼ *DQFKRV SDUD WRDOODV X RWUDV FRVDV TXH QHFHVLWHV WHQHU FHUFD $EHGXO PDFL]R \ EDUQL] LQFRORUR 'LVHxR 5LFKDUG &ODFN î FP c681'(1 FHVWR FRQ WDSD ¼ MXHJR GH +HFKR D PDQR &DGD FHVWR HV ~QLFR 0HGLGDV � $O FP \ � $O FP -XQFR PDULQR 'LVHxR -RKDQQD -HOLQHN *ULV RVFXUR *581'7$/ SRUWDUUROORV ¼ XG $FHUR LQR[LGDEOH 'LVHxR 0LNDHO :DUQKDPPDU î $O FP ± /,//+2/0(1 VHULH $FHUR LQR[LGDEOH FRQ EDUQL] LQFRORUR 'LVHxR &HFLOLD 6W||S 7RDOOHUR JLUDWRULR ¼ î FP &XER GH EDVXUD ¼ � $O FP %RWH FRQ WDSD ¼ XG � $O FP 3RUWDUUROORV ¼ $O FP

6b9(51 HVFRELOOD GH EDxR :& ¼ $FHUR LQR[LGDEOH \ SOiVWLFR GH SROLSURSLOHQR 'LVHxR 5LFKDUG &ODFN 0iV RUJDQL]DGRUHV \ DFFHVRULRV GH EDxR HQ WX WLHQGD ,.($

*581'7$/ SRUWDUUROORV

¼ XG

¼

/,//c1*(1 DUPDULR GH HVSHMR FRQ SXHUWD EDOGDV 3UHFLR FDWiORJR DQWHULRU ¼ /DPLQDGR \ YLGULR î $O FP %ODQFR

,.($ 36 )c1*67 DOPDFHQDMH FROJDQWH GH FRPSDUWLPHQWRV ¼ XG � / FP 7XUTXHVD 9HUGH 5RVD

0HQRV GH ¼

QRYHGDG

-$16-g OiPSDUD GH WUDEDMR ¼ 3UHFLR FDWiORJR DQWHULRU ¼ $O FP

-$16-g OiPSDUD GH WUDEDMR

¼

60$57$ IXHQWH

¼

QRYHGDG 0$5,86 WDEXUHWH ¼ XG $VLHQWR � $O FP 5RVD FODUR $]XO FODUR

60$57$ IXHQWH ¼ � FP

5(1$7( %/20 IXQGD GH FRMtQ ¼ î FP

'8'(5g OiPSDUD GH SLH

¼

QRYHGDG

'8.7,* FDIp Wp ¼ SLH]DV /,00$5(1 MXHJR GH EDxR

¼

XGV

5(1$7( )/25 $ I

QRYHGDG 1,66( VLOOD SOHJDEOH ¼ î $O FP $VLHQWR $O FP

'8'(5g OiPSDUD GH SLH ¼ 3DSHO \ DFHUR $O FP

XQGD QyUGLF

R DOP GH D \ IXQGD

KDGD

5(1$7( )/25$ IXQGD QyUGLFD \ IXQGD GH DOPRKDGD î î FP

¼

/,00$5(1 MXHJR GH EDxR ¼ XGV

0$0087 WDEXUHWH SDUD QLxRV

¼

0$0087 WDEXUHWH SDUD QLxRV ¼ 3OiVWLFR )iFLO GH OHYDQWDU \ PRYHU SDUD ORV QLxRV )iFLO GH OLPSLDU 3OiVWLFR GH SROLSURSLOHQR � $O FP $PDULOOR FODUR 6$*267(1 PyGXOR GH DLUH FRQ IXQGD ¼ $\XGD D GHVDUUROODU HO HTXLOLEULR \ OD PRWULFLGDG EiVLFD GHO QLxR 5HFRPHQGDGR SDUD QLxRV D SDUWLU GH DxRV GH HGDG 3OiVWLFR \ SROLpVWHU LVHxR -DQ UDQJHU /HQD +nNDQVRQ � $O FP

,.($ \ ORV 1LxRV

6.2-,* OiPSDUD GH WHFKR

¼ &XDQGR KD\ HVSDFLR OLEUH HV PiV IiFLO MXJDU /D VHULH GH DOPDFHQDMH 6789$ \ OD FDMD GH FDPD .86,1(5 PDQWLHQHQ ORV MXJXHWHV DO DOFDQFH GH OD PDQR \ WDPELpQ KDFHQ TXH VHD PX\ UiSLGR UHFRJHUORV DO ¿QDO GHO GtD

QRYHGDG *8//,9(5 HVWUXFWXUD GH FDPD ¼ $EHGXO PDFL]R SLQWDGR [ $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH %ODQFR &RP SOHWDU FRQ 68/7$1 /$ ( VRPLHU GH OiPLQDV ¼ [ FP /D EDUDQGLOOD 9,.$5( VH YHQGH DSDUWH

%$516/,* 8/9(1 IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ &RQ GLVWLQWR GLVHxR HQ FDGD ODGR DOJRGyQ LVHxR (YD /XQGJUHHQ )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP 9HUGH EODQFR QRYHGDG %$516/,* 5,1* $16 DOIRPEUD ¼ 5HYHUVR GH OiWH[ SDUD TXH OD DO IRPEUD QR VH PXHYD VL HO QLxR HVWi MXJDQGR FRUULHQGR HQFLPD GH HOOD Q\ORQ \ OiWH[ LVHxR (YD /XQGJUHHQ î FP 9HUGH

6.2-,* OiPSDUD GH WHFKR ¼ 3DUD LOXPLQDFLyQ JHQHUDO 3OiVWLFR SROLFDUERQDGR SROLSUR SLOHQR LVHxR +HQULN 3UHXW] � FP $PDULOOR QRYHGDG 6789$ VHULH 3XHUWDV FDMRQHV EDOGDV \ FDMD GH DOPD FHQDMH SURWHJHQ ODV FRVDV \ VRQ GHFRUDWLYRV HOLJH ORV TXH PiV WH JXVWHQ /DPLQDGR LVHxR (EED 6WUDQGPDUN &RPELQDFLyQ FDMD EDQFR DOPD FHQDMH ¼ î $O FP %ODQFR URVD &RPELQDFLyQ DUPDULR ¼ î $O FP %ODQFR URVD

&RPELQDFLyQ DUPDULR ¼ î $O FP %ODQFR YHUGH

, . ( $ < / 2 6 1 , f 2 6

6789$ FRPELQDFLyQ DUPDULR EODQFR URVD

¼

QRYHGDG QRYHGDG

QRYHGDG

752)$67 HVWUXFWXUD

¼ 3XHGHV SHUVRQDOL]DU HO LQWHULRU GH HVWH DUPDULR 6789$ FRQ FHVWRV \ EDUUDV GH DUPDULR DMXVWDEOHV TXH VH SXHGHQ FRORFDU D GLVWLQWDV DOWXUDV SDUD DGDSWDUVH D OD GH WXV KLMRV

6789$ FRPELQDFLyQ GH DOPDFHQDMH

¼

( 6 7$ 3Ã&#x2C6;*,1 $

QRYHGDG 9(66/$ FDMD FRQ WDSD \ UXHGDV

¼

752)$67 HVWUXFWXUD ¼ 3LQR PDFL]R FRQ EDUQL] LQFRORUR 'LVHxR 6WXGLR &RSHQKDJHQ î $O FP &DMD GH DOPDFHQDMH ¼ XG î $O FP 5RMR %ODQFR &DMD GH DOPD FHQDMH ¼ XG î $O FP %ODQFR 9(66/$ VHULH 3OiVWLFR GH SROLSURSLOHQR 'LVHxR . +DJEHUJ 0 +DJEHUJ 9HUGH FODUR &DMD FRQ UXHGDV ¼ î $O FP 7DSD ¼ QRYHGDG %$516/,* 5,1*'$16 PLQLFyPRGD FRQ FDMRQHV ¼ /RV FDMRQHV VH SXHGHQ JLUDU 'RV GLEXMRV GLIHUHQWHV HQ ORV ODWHUDOHV 3DUD &'V &DUWyQ RQGXODGR 'LVHxR (YD /XQGJUHHQ î $O FP 0XOWLFRORU .86,1(5 FDMD GH FDPD ¼ 3OHJDEOH $KRUUD HVSDFLR FXDQGR QR VH XVD 7HOD SROLpV WHU \ SOiVWLFR GH SROLSURSLOHQR 'LVHxR .DULQ 0DQQHUVWnO î $O FP 9HUGH '( 5 ( & + $

6789$ FRPELQDFLyQ GH DOPDFH QDMH ¼ 8Q DOPDFHQDMH TXH VH DMXVWD D OD DOWXUD GH WXV KLMRV SDUD TXH DOFDQFHQ FRQ IDFLOLGDG VXV FRVDV \ ODV RUJDQLFHQ $FDEDGR SLQWDGR ODPLQDGR \ DFHUR SLQWDGR 'LVHxR (EED 6WUDQGPDUN î $O FP %ODQFR D]XO

0iV LGHDV SDUD JXDUGDU URSD \ MXJXHWHV HQ ZZZ ,.($ HV QLxRV

.86,1(5 FDMD GH FDPD

¼

0,11(1 HVWUXFWXUD GH FDPD H[WHQVLEOH ¼ $FHUR î $O FP (O FROFKyQ VH YHQGH DSDUWH

&RPSOHWDU FRQ 68/7$1 /$ ( VRPLHU ¼ î FP )$%/(5 35,&.$5 IXQGD QyUGLFD \ GH DOPRKDGD ¼ DOJRGyQ QRYHGDG 61g,* OiPSDUD GH SDUHG ¼ $FHUR \ SOiVWLFR /(.69,. ED~O ¼ $EHWR PDFL]R WHxLGR î $O FP

QRYHGDG

0,11(1 HVWUXFWXUD GH FDPD H[WHQVLEOH

¼

QRYHGDG .85$ FDPD DOWD FRQ GRVHO ¼ 3LQR PDFL]R FRQ EDUQL] LQFRORUR \ GRVHO GH SROLpVWHU LVHxR 7 &KULVWHQVHQ . /HJDDUG ( /XQGJUHHQ î $O FP ,QFOX\H VRPLHU GH ODPL QDV 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH 3LQR D]XO RVFXUR

QRYHGDG %$516/,* 1$77/,9 IXQGD QyUGLFD \ IXQGD GH DOPR KDGD ¼ DOJRGyQ LVHxR (YD /XQGJUHHQ )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP $]XO URMR

9,7$0,1(5 %,/ DOIRPEUD ¼ )RUPD GH FRFKH Q\ORQ \ OiWH[ LVHxR 6LUSD &RZHOO î FP $]XO YHUGH 752)$67 FRPELQDFLyQ DOPD FHQDMH ¼ 3LQR PDFL]R EDUQL] LQFRORUR LVHxR 6WXGLR &RSHQKDJHQ î $O FP 3LQR EODQFR D]XO QRYHGDG %$516/,* 5$1 ,* FRUWLQDV ¼ SDU DOJRGyQ LVHxR (YD /XQGJUHHQ î FP 0XOWLFRORU .5,77(5 FDPD FRQ ULHO SUR WHFWRU ¼ $FDEDGR SLQWDGR \ SOiVWLFR LVHxR $QQD (IYHUOXQG î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH

%ODQFR &RPSOHWDU FRQ 68/7$1 /$ ( VRPLHU GH OiPLQDV ¼ î FP 3LQR PDFL]R QRYHGDG 9,7$0,1(5 6,))5$ IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ DOJRGyQ LVHxR 6LUSD &RZHOO )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP 0XOWLFRORU 6789$ FRPELQDFLyQ GH DOPDFHQDMH FRQ EDOGD ¼ 7DEOHUR DWDPERUDGR WDEOHUR GH SDUWtFXODV \ WDEOHUR GH ¿EUDV LVHxR (EED 6WUDQGPDUN î $O FP %ODQFR 6.2-,* OiPSDUD GH PHVD ¼ 3OiVWLFR GH SROLSURSLOHQR LVHxR +HQULN 3UHXW] � $O FP 1DUDQMD /(.)8// /$1 DOIRPEUD ¼ 5HYHUVR GH OiWH[ SDUD TXH OD DOIRPEUD QR VH PXHYD Q\ORQ \ OiWH[ LVHxR +HQULN -RKDQVVRQ � FP 0XOWLFRORU

.85$ FDPD DOWD FRQ GRVHO

¼

6.2-,* OiPSDUD GH PHVD

¼

QRYHGDG

0c/$ FDEDOOHWH

¼

/RV QLxRV QHFHVLWDQ MXJDU WRGRV ORV GtDV

¢6DEtDV TXH HO MXHJR HV OD EDVH SDUD HO GHVDUUROOR \ DSUHQGL]DMH GH ORV QLxRV" /RV P~VFXORV \ HO FHUHEUR GH ORV QLxRV UHFLEHQ WRGR HO HVWtPXOR TXH QHFHVLWDQ D WUDYpV GH MXHJRV FRPR GLVIUD]DUVH GLEXMDU VDOWDU \ FRUUHU 3DUD DSUHQGHU PiV VREUH MXHJRV \ GHVDUUROOR

QRYHGDG

LQIDQWLO HQWUD HQ ZZZ ,.($ HV QLxRV 0c/$ FDEDOOHWH ¼ 5HFRPHQGDGR D SDUWLU GH ORV DxRV $EHWR PDFL]R EODQFR î $O FP '8.7,* PLQL FRFLQD ¼ 5HFRPHQGDGR D SDUWLU GH ORV DxRV /D SDWDV SXHGHQ UHJXODUVH HQ DOWXUD SRVLFLRQHV SDUD TXH OD FRFLQD FUH]FD FRQ WXV KLMRV &RQWUDFKDSDGR GH DEHGXO FRQ EDUQL] LQFRORUR î $O FP %ODQFR /,//$%2 MXH JR EiVLFR GH WUHQ ¼ SLH]DV 6H SXHGHQ FRQVWUXLU YDULDV YtDV /RQJLWXG WRWDO GH YtDV FP 5HFRPHQGDGR D SDUWLU GH ORV DxRV +D\D PDFL]D 0XOWLFRORU .5,77(5 VHULH +HYHD PDFL]D \ SOiVWLFR GH SROLHVWLUHQR 6LOOD GH QLxR ¼ XG 3UHFLR FDWiORJR DQWHULRU ¼ î $O FP 5RMR $]XO 0HVD GH QLxR ¼ 3UHFLR FDWiORJR DQWHULRU ¼ î $O FP $]XO '8.7,* VHULH QRYHGDG -XHJR GHVD \XQR ¼ SLH]DV -XHJR GH FDIp Wp ¼ SLH]DV 0XOWLFRORU '8.7,* SHOXFKHV GH YHUGXUDV ¼ SLH]DV 7HOD SROLpVWHU 5HOOHQR ¿EUDV GH SROLpVWHU

'8.7,* PLQL FRFLQD

¼ /,//$%2 MXHJR EiVLFR GH WUHQ

¼ SLH]DV

.5,77(5 VLOOD GH QLxR

¼

, . ( $ < / 2 6 1 , f 2 6

£+ROD <D HVWR\ DTXt (V FRPR GHVFXEULU TXH QR WLHQHV SDxDOHV \ ODV WLHQGDV \D HVWiQ FHUUDGDV $XQTXH WH KD\DV SUHSDUDGR D IRQGR FXDQGR OOHJD HO PRPHQWR GH VHU SDGUHV VLHPSUH SDUHFH TXH IDOWD DOJR 3HUR KD\ DOJR TXH SXHGHV KDFHU RUJDQL]DU WX KRJDU $ OR ODUJR GH ORV DxRV KHPRV DSUHQGLGR D D\XGDU D ORV SDGUHV HQ HO KRJDU 3RU HMHPSOR XQD PHVD FDPELDGRU KDUi TXH WHQJDV WRGR DO DOFDQFH GH OD PDQR LQFOXVR HQ EDxRV SHTXHxRV 2 OR SUiFWLFDV TXH UHVXOWDQ ODV FXFKDUDV SDUD EHEp 2 OR ~WLO TXH HV WHQHU XQ PRQWyQ GH WRDOODV 3RU VXSXHVWR FXDQGR KDEODPRV GH ORV QLxRV OD VHJXULGDG HV OR SULPHUR 3RU HVR GHVDUUROODPRV QXHVWURV SURGXFWRV FRQ ORV PHMRUHV H[SHUWRV GHO PXQGR HQ OD LQIDQFLD \ FRPSUREDPRV TXH FXPSOHQ ORV HVWiQGDUHV PiV H[LJHQWHV 3XHGHV YHU WRGRV QXHVWURV SURGXFWRV SDUD EHEpV \ HPSH]DU D SODQL¿FDU OD OOHJDGD GH WX SHTXHxR HQ ZZZ ,.($ HV QLxRV

/(.$ FXERV SDUD DUPDU

¼ XGV /(.$ FXERV SDUD DUPDU SROLpVWHU \ HVSXPD GH SROLXUHWDQR 'LVHxR /HQD +nNDQVRQ

, . ( $ < / 2 6 1 , f 2 6

/(.69,. FXQD ¼ +D\D PD FL]D SLFHD WHxLGDV EDUQL] LQFRORUR î $O FP 3DUD FROFKyQ GH î FP VH YHQGH DSDUWH FRPR OD URSD GH FDPD

)$%/(5 GRVHO ¼ SROLpVWHU \ DOJRGyQ LVHxR 6LONH /HIÃ&#x20AC;HU � $O FP )$%/(5 +-b57$ IXQ GD QyUGLFD IXQGD DOPRKDGD SDUD FXQD ¼ DOJRGyQ LVH xR 6LONH /HIÃ&#x20AC;HU 5RVD

&XQDV SDUD ORV TXH FUHFHQ UiSLGR

61,*/$5 FXQD

½

QRYHGDG

9HUGH 5RVD 61,*/$5 FXQD ¼ (O VRPLHU VH SXHGH PRQWDU D GRV DOWXUDV GLIHUHQWHV +D\D PDFL]D SLQWDGD î $O FP

+(169,. FXQD ¼ (O VRPLHU VH SXHGH PRQWDU D GRV DOWXUDV GLIHUHQWHV +D\D PDFL]D SLQWDGD LVHxR &DULQD %HQJV î $O FP %ODQFR QRYHGDG 6201$7 FXQD ¼ (O VRPLHU VH SXHGH PRQWDU D GRV DOWXUDV GLIHUHQWHV +D\D PDFL]D SLQWDGD î $O FP

7RGDV ODV FXQDV VRQ SDUD FROFKyQ GH î FP VH YHQGH DSDUWH

9<66$ 6/$331$ FROFKyQ

&ROFKRQHV VHJXURV \ IiFLOHV GH OLPSLDU

9<66$ 9$&.(57 FROFKyQ ¼ /RV PXHOOHV HPEROVDGRV SUHVWDQ XQ DSR\R SUHFLVR D FDGD SDUWH GHO FXHUSR \ SHUPLWHQ OD YHQWLODFLyQ LQWHUQD GHO FROFKyQ î FP *URVRU FP $]XO 9<66$ 6.g17 FROFKyQ ¼ (VSXPD GH DOWD UHVLOLHQFLD î FP *URVRU FP %ODQFR

¼

QRYHGDG 9<66$ 6/g$ FROFKyQ ¼ (VSXPD GH SROLXUHWDQR \ JXDWD GH SROLpVWHU î FP *URVRU FP %ODQFR 9<66$ 6/$331$ FROFKyQ ¼ (VSXPD GH SROLXUHWDQR î FP *URVRU FP %ODQFR

5RSD GH FDPD GLVHxDGD SDUD WHQHU GXOFHV VXHxRV

QRYHGDG /(.69,. FXQD

¼

9,7$0,1(5 75800$ IXQGD QyUGLFD DOPRKDGD ¼ DOJRGyQ LVHxR 6LUSD &RZHOO )XQGD QyUGLFD î FP )XQGD DOPRKDGD î FP )$%/(5 *52 $ IXQGD QyUGL FD DOPRKDGD ¼ DOJRGyQ LVHxR 6LONH /HIÃ&#x20AC;HU )XQGD QyUGLFD î FP )XQGD DOPRKDGD î FP

& 2 1 / 2 6 3$ 4 8 ( 7 ( 6 3 / $ 1 2 6 3 8 (

QRYHGDG %$516/,* 1$77(1 IXQGD QyUGLFD DOPRKDGD ¼ 5HYHUVLEOH DOJRGyQ LVHxR (YD /XQGJUHHQ )XQGD QyUGLFD î FP \ GH DOPRKDGD î FP 0XOWLFRORU 9,7$0,1(5 VDFR GRUPLU ¼ SROLpVWHU LVHxR 6LUSD &RZHOO / FP 0XOWLFRORU

( 6 / / ( 9Ã&#x2C6; 5 7 ( / 2 $ & $ 6 $ + 2< 0 , 6 0 2 , . ( $ < / 2 6 1 , f 2 6

&DPELDGRUHV TXH VH DMXVWDQ D WX HVSDFLR \ QHFHVLGDGHV

61,*/$5 FDPELDGRU

½ /(.69,. FDPELDGRU FyPRGD ¼ 6H SXHGH FRQYHUWLU HO FDPELDGRU HQ XQD FyPRGD $EHWR PDFL]R WHxLGR \ EDUQL] LQFRORUR LVHxR &DULQD %HQJV î $O FP 632/,1* FDPELDGRU ¼ $FHUR \ SROLpVWHU LVHxR : %UDDVFK ( 3RUWLQVRQ î $O FP %ODQFR EHLJH

+(169,. FDPELDGRU DUPDULR ¼ 6H FRQYLHUWH HQ XQ PXHEOH GH DOPDFHQDMH FXDQGR \D QR VH QHFHVLWD HO FDPELDGRU /DPLQDGR LVHxR &DULQD %HQJV î $O FP %ODQFR 61,*/$5 FDPELDGRU ¼ +D\D PDFL]D î $O FP +D\D EODQFR

.86,1(5 FDMD

$OPDFHQDMH SDUD WHQHU WRGR D PDQR

)$%/(5 VHULH LVHxR 6LONH /HIÃ&#x20AC;HU &DMD ¼ MXHJR GH 7HOD DOJRGyQ SROLpVWHU \ SOiVWLFR GH SROLSURSLOHQR 0HGLGDV SLH]DV GH î $O FP \ SLH]D GH î $O FP 9HUGH 3HUFKHUR FRQ FROJDGRUHV ¼ î $O FP $]XO

QRYHGDG

¼ XGV

*/,6 FDMD FRQ WDSD ¼ XGV 3OiVWLFR GH SROLSURSLOHQR LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP %ODQFR YHUGH FODUR D]XO .86,1(5 FDMD ¼ XGV SROLpVWHU \ SOiVWLFR GH SROLSURSLOHQR LVHxR .DULQ 0DQQHUVWnO î $O FP $]XO YHUGH URMR

*8//,9(5 FDPELDGRU ¼ $EHGXO PDFL]R FRQ EDUQL] LQFRORUR î $O FP *8//81*( FDPELDGRU ¼ 3OiVWLFR (9$ \ HVSXPD GH SROLXUHWDQR î FP %ODQFR .86,1(5 DOPDFHQDMH GH SDUHG ¼ Q\ORQ \ SROLpVWHU î FP $]XO QRYHGDG /(.$ PyYLO ¼ SROLpVWHU LVHxR /HQD +nNDQVRQ 0XOWLFRORU 6789$ VHULH $FDEDGR SLQWDGR LVHxR (EED 6WUDQGPDUN %ODQFR &RPELQDFLyQ GH SDUHG FRQ EDOGDV ¼ î $O FP &RPELQDFLyQ GH FDMRQHV ¼ î $O FP

*8//,9(5 FDPELDGRU

¼

$\XGDV SDUD FDPELDU ORV SDxDOHV .5$0$ WRDOOD SHTXHxD

¼ XGV

%$516/,* JDVD ¼ XGV DOJRGyQ LVHxR (YD /XQGJUHHQ î FP $]XO YHUGH .5$0$ WRDOOD SHTXHxD ¼ XGV DOJRGyQ î FP %ODQFR

, . ( $ < / 2 6 1 , f 2 6 7 2

2 ( / $ f 2 ( 6 7Ã&#x2C6; 1 / / ( * $ 1

%$516/,* WRDOOD QLxR FRQ FDSXFKD ¼ DOJRGyQ LVHxR (YD /XQGJUHHQ î FP 9HUGH )$%/(5 PyYLO ¼ /D PLUDGD GH WX EHEp EXVFDUi ODV ¿JXULWDV GHO PyYLO $OJRGyQ \ SROLpVWHU LVHxR 6LONH /HIÃ&#x20AC;HU � FP 0XOWLFRORU

2 1 2 9 ( $

( 6 $ 7 8 7 , ( 1 $ , . ( $

¢%HEp R QLxR"

8Q EDEHUR GH PDQJD ODUJD VLJQL¿FD TXH QR WHQGUiV TXH FDPELDU D WX EHEp GHVSXpV

$ ORV EHEpV OHV UHVXOWD PXFKR PiV

GH FDGD FRPLGD

DJUDGDEOH HO SOiVWLFR TXH HO PHWDO

QRYHGDG ./$ 35,&.$5 EDEHUR ¼ XGV &LHUUH GH YHOFUR SDUD TXH VHD IiFLO SRQHU \ TXLWDU HO EDEHUR 5HFRPHQGDGR SDUD EHEpV GH D PHVHV SROLpVWHU LVHxR 6LUSD &RZHOO $]XO URMR 60$6.$ VHULH 3OiVWLFR GH SROL SURSLOHQR LVHxR 0RQLND 0XOGHU &XHQFR ¼ XGV &XFKDUD HUJRQyPLFD \ FXFKDUD SDUD EHEp ¼ XGV QRYHGDG 9DVR SDUD EHEp FRQ WDSD ¼ XGV

%/c0(6 VLOOD DOWD FRQ EDQGHMD ¼ )iFLO GH OLPSLDU +HYHD PDFL]D SLQWDGD \ SOiVWLFR GH SROL SURSLOHQR î $O FP 1HJUR

&RQ ODV FXFKDUDV H[WUD ODUJDV HV PiV IiFLO GDUOHV OD FRPLGD \ OOHJDV PXFKR PHMRU DO IRQGR GH ORV SRWLWRV

0$7$ VHUYLFLR GH PHVD ¼ SLH]DV %DEHUR FRQ DEHUWXUD UHJXODEOH \ DPSOLR EROVLOOR UHFRJHGRU 3OiVWLFR GH SROLHWLOHQR FDXFKR VLQ WpWLFR SROLSURSLOHQR LVHxR - (JQHOO + %RGLQ 9HUGH $17,/23 VHULH 3OiVWLFR GH SROLSURSLOHQR \ DFHUR 7URQD FRQ FLQWXUyQ GH VHJXUL GDG ¼ 3UHFLR FDWiORJR DQWHULRU ¼ î $O FP %ODQFR JULV SODWD %DQGHMD SDUD VLOOtQ GH WURQD ¼ î FP %ODQFR

QRYHGDG

%/c0(6 VLOOD DOWD FRQ EDQGHMD

¼

£&RPR ORV PD\RUHV &XDQGR $17,/23 VLOOD DOWD FRQ EDQGHMD

¼

ORV QLxRV WLHQHQ XQD VLOOD D OD DOWXUD DGHFXDGD ODV FRPLGDV VRQ PXFKR PiV FyPRGDV SDUD WRGRV ,1*2/) VLOOD SDUD QLxR ¼ (O QLxR HVWDUi VHQWDGR D OD DOWXUD DGHFXDGD SDUD FRPHU HQ OD PHVD 3LQR PDFL]R WHxLGR \ EDUQL] LQFROR UR LVHxR &DULQD %HQJV î $O FP )$%/(5 VHULH 6HUYLFLR GH PHVD ¼ SLH]DV 0HODPLQD LVHxR 6LONH /HIÃ&#x20AC;HU 0XOWLFRORU &XELHUWRV ¼ SLH]DV $FHUR LQR[LGDEOH 0DQWHO LQGLYLGXDO ¼ 3OiVWLFR (9$ SOiVWLFR GH SROLHWLOHQR SOiV WLFR GH SROLSURSLOHQR î FP 0XOWLFRORU

)$%/(5 VHUYLFLR GH PHVD

¼ SLH]DV

HVFXEUH HO PXQGR (.255( WDFD WDFD

¼

QRYHGDG

QRYHGDG 08/$ YDVRV DSLODEOHV ¼ 3OiVWLFR GH SROLSURSLOHQR FDXFKR VLQWpWLFR � $O FP QRYHGDG %$516/,* 5b9 SHOXFKH PXVLFDO ¼ 7HMLGR SROLpVWHU 5HOOHQR ¿EUDV GH SROLpVWHU LVHxR (YD /XQGJUHHQ / FP (.255( WDFD WDFD ¼ &RQWUDFKDSDGR GH DEHGXO ODFDGR \ DFHUR FRQ UHYHVWLPLHQWR HQ SROYR î $O FP /(.$ JLPQDVLR SDUD EHEp ¼ &RQWUDFKDSDGR GH DEHGXO FRQ EDUQL] LQFRORUR DUFH PDFL]R SOiVWLFR $%6 08/$ JU~D FRQ FXERV ¼ +D\D PDFL]D WHxLGD \ EDUQL] LQFR ORUR LVHxR )UDQFLV &D\RXHWWH î $O FP QRYHGDG %$516/,* b/* SHOXFKH ¼ 7HMLGR SR OLpVWHU 5HOOHQR ¿EUDV GH SROLpVWHU

, . ( $ < / 2 6 1 , f 2 6 7 2

(O EHEp TXH DKRUD HV WDQ SHTXHxR PX\ SURQWR DSUHQGHUi D VHQWDUVH D SRQHUVH GH SLH \ D VDOWDU 61,*/$5 WLHQH GRV SRVLFLR QHV D GLVWLQWDV DOWXUDV SDUD TXH WX EHEp HVWp VHJXUR \ SXHGDV XVDUOD PiV WLHPSR

LVHxR (YD /XQGJUHHQ / FP

QRYHGDG /$1 (7 JUDQMD \ DQLPDOHV ¼ SLH]DV 7HMLGR SROLpVWHU 5HOOHQR ¿EUDV GH SROLpVWHU LVHxR $ +XOGpQ 6 DKOPDQ

61,*/$5 FXQD (O VRPLHU VH SXHGH PRQWDU D GRV DOWXUDV GLIHUHQWHV +D\D PDFL]D î $O FP 3DUD FROFKyQ GH î FP (O FROFKyQ \ OD URSD GH FDPD VH YHQGHQ DSDUWH

QRYHGDG

2 ( / $ f 2 ( 6 7Ã&#x2C6; 1 / / ( * $ 1

2 1 2 9 ( $

¼

( 6 $ 7 8 7 , ( 1 $ , . ( $

75206g HVWUXFWXUD GH OLWHUD

¼ ¢8QD SXHVWD GH VRO HO KRUL]RQWH R XQD IUDQMD GH FRORU YHUGH" 3UXHED D SRQHU XQ IRQGR GLIHUHQWH

$FHUR FRQ UHYHVWLPLHQWR HQ SROYR î $O FP %ODQFR

8QD JXLWDUUD XQRV SDWLQHV OLEURV R XQ SiMDUR FRPR PDVFRWD $xDGH REMHWRV SDUD KDFHU WX GRUPLWRULR PiV SHUVRQDO

+D] FOLF DUUDVWUD VXHOWD \ SUXHED &RQ HO SODQL¿FDGRU SXHGHV YHU FyPR TXHGD WX KDELWDFLyQ

(QVpxDOH OD KDELWDFLyQ GH WXV VXHxRV D WXV SDGUHV 'LVpxDOD HQ ZZZ ,.($ HV FUHDBWXBHVSDFLR

)250$7 OiPSDUD GH WUDEDMR

¼

$FHUR $O FP %ODQFR

9,.$ $/(; FDMRQHUD ¼ XG 7DEOHUR GH SDUWtFXODV SLQWDGR PHODPLQD OiPLQD 'LVHxR -RKDQQD $VVKRII î $O FP %ODQFR -8/(6 VHULH $VLHQWR FRQWUDFKDSDGR GH KD\D SLQWDGR 'LVHxR 1LFKRODL :LLJ +DQVHQ 6LOOD JLUDWRULD ¼ $VLHQWR [ $O FP %ODQFR JULV SODWD 6LOOD M~QLRU ¼ $VLHQWR [ $O FP 9,.$ $021 9,.$ &855< PHVD ¼ /DPLQDGR 3DWDV GH DFHUR FRQ UHYHVWLPLHQWR HQ SROYR \ DFDEDGR SLQWDGR 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP %ODQFR QRYHGDG (.%< $/(; HVWDQWHUtD FRQ FDMyQ ¼ XG 9HU SiJLQD (.%< 67,/,* HVFXDGUD ¼ XG .$66(77 DUFKLYDGRU ¼ XGV &DUWyQ ODPLQDGR SLQWDGR \ EDUQL] LQFRORUR î $O FP %ODQFR 75c/ OiPSDUD GH WUDEDMR ¼ 9HU SiJ

QRYHGDG

9,.$ $021 9,.$ &855< PHVD

¼

(VSDFLRV GH WUDEDMR

$/9( OLEUHUtD FRQ FDMyQ

4XH WRGR HVWp UHFRJLGR HV PX\ LPSRUWDQWH FXDQGR WX HVSDFLR GH WUDEDMR HVWi HQ WX KRJDU (Q HVWH HVFULWRULR SXHGHV RFXOWDU ORV FDEOHV \ WLHQHV FXDWUR FDMRQHV SDUD JXDUGDU HO PDWHULDO GH R¿FLQD

¼ XG

$/9( VHULH 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR (VFULWRULR ¼ î $O FP 1HJUR PDUUyQ

/LEUHUtD FRQ FDMyQ ¼ XG î $O FP 1HJUR PDUUyQ

(5,. DUPDULR GH DUFKLYR ¼ &DMRQHV SDUD FDUSHWDV FROJDQWHV SDUD TXH WH UHVXOWH IiFLO JXDUGDU \ FODVL¿FDU ORV SDSHOHV LPSRUWDQWHV 6H SXHGH FHUUDU FRQ OODYH &HUUDGXUD \ OODYH LQFOXLGDV $FHUR FRQ UHYHVWLPLHQWR HQ SROYR î $O FP *ULV SODWD

%<+2/0$ FHVWD ¼ XG 7UHQ]DGR D PDQR FDGD FHVWD HV ~QLFD 5DWiQ FRQ EDUQL] LQFRORUR î $O FP *ULV %$520(7(5 OiPSDUD GH WUDEDMR ¼ %UD]R \ SDQWDOOD UHJXODEOHV SDUD SRGHU GLULJLU HO KD] GH OX] $FHUR QLTXHODGR 3DQWDOOD � $O FP

$/9( HVFULWRULR

¼

( 6 3$ & , 2 6

( 7 5 $ % $ - 2

9,.$ )8586.2* WDEOHUR ¼ 3LQR PDFL]R î FP 9,.$ /(5%(5* FDEDOOHWH ¼ XG $FHUR FRQ UHYHVWLPLHQWR HQ SROYR î $O FP *ULV 61,//( VLOOD JLUDWRULD ¼ 3UHFLR FDWiORJR DQWHULRU ¼ 3OiVWLFR GH SROLSURSLOHQR \ DFHUR FRQ UHYHVWLPLHQWR HQ SROYR $VLHQWR î $O ± FP 1HJUR (.%< g67(1 HVWDQ WHUtD ¼ XG /DPLQDGR î FP %ODQFR QRYHGDG (.%< .c11$ VRSRUWH ¼ XG $FHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR 0DULD 9LQND ) FP 1HJUR QRYHGDG (.%< -2;$ ULHO GH VRSRUWH ¼ XG +D\D PDFL]D SLQWDGD î FP %ODQFR

$/(; FDMRQHUD FRQ UXHGDV

¼

&RPH

0XHYH $/(; FDMRQHUD FRQ UXHGDV ¼ /DPLQDGR 'LVHxR -RKDQQD $VVKRII î $O FP 1HJUR

8Q WDEOHUR GH PHVD SXHGH IXQFLRQDU FRPR HVFULWRULR \ FRPR PHVD GH FRPHGRU VHJ~Q WXV QHFHVLGDGHV 9,.$ )8586.2* WDEOHUR ¼ 3LQR PDFL]R î FP

%5b'$ VRSRUWH SDUD SRUWiWLO

7(57,$/ OiPSDUD GH WUDEDMR

¼

9,.$ )8586.2* 9,.$ /(5%(5* PHVD

½

7UDEDMD

&RQ HVWH VRSRUWH SDUD SRUWiWLO MXHJDV QDYHJDV \ WUDEDMDV FyPRGDPHQWH HQ FXDOTXLHU SDUWH

7(57,$/ OiPSDUD GH WUDEDMR ¼ $FHUR 3DQWDOOD � FP *ULV SODWD

%5b'$ VRSRUWH SRUWiWLO ¼ 3OiVWLFR GH SROLHV WLUHQR 'LVHxR 6DUDK )DJHU î $O FP 1HJUR

¼

2UJDQL]D /RV RUJDQL]DGRUHV GH FDEOHV WH D\XGDQ D PDQWHQHU UHFRJLGR HO HVSDFLR GH WUDEDMR RFXOWDQGR FDEOHV \ HQFKXIHV 6,*180 RUJDQL]DGRU GH FDEOHV ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR \ SROLpVWHU 'LVHxR 1LFRODV &RUWROH]]LV î $O FP 1HJUR

( 6 3$ & , 2 6 ' ( 7 5 $ % $ - 2

/DV EXHQDV LGHDV FUHFHQ HQ FXDOTXLHU OXJDU

())(.7,9 FRPELQDFLyQ GH DOPDFHQDMH

¼

3$75,. VLOOD SDUD YLVLWDV ¼ XG $FHUR LVHxR 0LD *DPPHOJDDUG $VLHQWR î $O FP 7DSLFHUtD 8/781$ JULV RVFXUR *$/$17 PHVD GH UHXQLRQHV ¼ 6LVWHPD GH JHVWLyQ GH FDEOHV LQFRUSRUDGR PDQWpQ ORV FDEOHV GH WX RUGHQDGRU R SUR\HFWRU RUJDQL]DGRV \ VLHPSUH DFFHVLEOHV &KDSD GH DEHGXO FRQ EDUQL] LQFRORUR \ DFHUR FRQ UHYHV WLPLHQWR HQ SROYR LVHxR 2OOH /XQGEHUJ î $O ± FP

*$/$17 HVWDQWH SDUD HVFULWRULR ¼ 6H LQVWDOD HQ ORV WDEOHURV *$/$17 SDUD WHQHU XQ OXJDU GRQGH JXDUGDU FRVDV DO DOFDQFH GH OD PDQR /LEHUD HVSDFLR HQ HO WDEOHUR 7DEOHUR GH SDUWtFXODV DEHGXO PDFL]R \ OiPLQD GH DEHGXO FRQ EDUQL] LQFRORUR î $O FP

+869,. OiPSDUD GH WUDED MR ¼ XG RV QLYHOHV GH LQWHVLGDG GH OX] IiFLO GH UHJXODU VHJ~Q OD RFDVLyQ +LHUUR IXQGLGR ODFDGR LVHxR 7RUG %M|UNOXQG 3DQWDOOD � $O FP *ULV SODWD 9(5.6$0 VLOOD JLUD WRULD ¼ 9HU SiJLQD ())(.7,9 FRPELQDFLyQ DOPDFH QDMH /DPLQDGR DOXPLQLR \ SOiVWLFR LVHxR . 0DOPYDOO ( /LO MD /|ZHQKLHOP î $O FP %ODQFR EODQFR ())(.7,9 FHUUDGXUD FRQ FODYH ¼ 3DUD XVDU FRQ OD HVWUXFWX UD ())(.7,9 PDQWLHQH SXHUWDV \ IUHQWHV FHUUDGRV 3DUD ORV PyGXORV DGLFLRQDOHV ())(.7,9 \ OD HVWUXFWXUD GH DUPDULR GH SDUHG ())(.7,9 $FHUR QL TXHODGR \ ]LQF *ULV SODWD

*$/$17 PHVD GH UHXQLRQHV

¼

7$0%,e1 3$5$ 78 1(*2&,2

ZZZ ,.($ HV %86,1(66

*$/$17 ())(.7,9 WLHQHQ DxRV GH JDUDQWtD 0iV LQIRUPD FLyQ HQ OD SiJLQD \

( 6 3$ & , 2 6

( 7 5 $ % $ - 2

0iV HVSDFLR SDUD WXV D¿FLRQHV 7RGR SRU

¼

QRYHGDG /$,9$ /DPLQDGR 'LVHxR -RQ .DUOVVRQ (VWDQWHUtD ¼ î $O FP 1HJUR PDUUyQ

(VFULWRULR ¼ î $O FP 1HJUR PDUUyQ

/$*5$ OiPSDUD GH WUDEDMR ¼ $FHUR \ SOiVWLFR SROLFDU ERQDGR 'LVHxR . +DJEHUJ 0 +DJEHUJ 3DQWDOOD � $O FP 1HJUR 61,//( VLOOD SDUD YLVLWDV ¼ 3OiVWLFR GH SROLSURSLOHQR \ DFHUR FRQ UHYHVWLPLHQWR HQ SROYR î $O FP 1HJUR

7$0%,e1 (1 /$ 3Ã&#x2C6;*,1$ ,=48,(5'$

0iV FDMRQHV WRGR D PDQR

7RGR SRU

QRYHGDG

61,//( VLOOD JLUDWRULD

¼ 0iV UHJXODFLyQ \ FRQIRUW

¼ 7RGR SRU

¼ ),6.(9,. SRUWDIRWRV ¼ 9HU SiJLQD

QRYHGDG 0,&.( VHULH /DPL QDGR $FHUR FRQ UHYHVWLPLHQWR HQ SROYR \ DFDEDGR SLQWDGR 'LVHxR +HQULN 3UHXW] &DMRQHUD VREUH UXHGDV ¼ î $O FP %ODQFR QDUDQMD (VFULWRULR ¼ î $O FP %ODQFR QDUDQMD /$*5$ OiPSDUD GH WUDEDMR ¼ $FHUR \ SOiVWLFR SR OLFDUERQDGR 'LVHxR . +DJEHUJ 0 +DJEHUJ 3DQWDOOD � $O FP 1HJUR 61,//( VLOOD JLUDWRULD ¼ 3UHFLR FDWiORJR DQWHULRU ¼ /D DOWXUD VH UHJXOD SDUD WX FRPRGLGDG 3OiVWLFR GH SROL SURSLOHQR \ DFHUR FRQ UHYHVWLPLHQ WR HQ SROYR î $O ± FP %ODQFR %(67c HVWDQWHUtD ¼ EDOGDV UHJXODEOHV SDUD TXH DGDS WHV HO HVSDFLR D WXV QHFHVLGDGHV /DPLQDGR î $O FP %ODQFR QRYHGDG 0,&.( HVFULWRULR ¼ /DPLQDGR $FHUR FRQ UHYHVWLPLHQWR HQ SROYR DFDEDGR SLQWDGR 'LVHxR +HQULN 3UHXW] î $O FP 1HJUR PDUUyQ EODQFR /$*5$ OiPSDUD GH WUDEDMR ¼ $FHUR \ SOiVWLFR SROLFDU ERQDGR 'LVHxR . +DJEHUJ 0 +DJEHUJ 3DQWDOOD � $O FP 1HJUR 5,&.$5' VLOOD JLUDWRULD ¼ )XQGD 5$167$ JULV RVFXUR DOJRGyQ 'LVHxR 0DUN 7HPSOH î $O ± FP

( 6 3$ & , 2 6 ' ( 7 5 $ % $ - 2

QRYHGDG 0,&.( FHQWUR GH WUDEDMR GH HVTXLQD ¼ %DOGD VXSHULRU FRQ VDOLGD SDUD FDEOHV LGHDO SDUD VLWXDU XQD LPSUHVRUD HWF 3DUD XQD SDQWDOOD SODQD GH KDVWD /DPLQDGR $FHUR FRQ UHYHVWLPLHQWR HQ SROYR \ DFDEDGR SLQWDGR 'LVHxR +HQULN 3UHXW] î $O FP %ODQFR HIHFWR DEHGXO -8/(6 VLOOD JLUDWRULD ¼ $OWXUD UHJXODEOH SDUD PDQWHQHU XQD SRVWXUD FyPRGD $VLHQWR FRQWUDFKD SDGR GH KD\D SLQWDGR 'LVHxR 1LFKRODL :LLJ +DQVHQ î $O ± FP %ODQFR JULV SODWD

0iV GH HVFULWRULRV \ FRPELQDFLRQHV HQ ZZZ ,.($ HV

QRYHGDG QRYHGDG 0,&.( HVFULWRULR ¼ 6DOLGDV SDUD JXDUGDU FDEOHV VLQ TXH VH YHDQ \ FRPSDUWLPHQWR HQ OD SDUWH WUDVHUD /D PLQDGR $FHUR FRQ UHYHVWLPLHQWR HQ SROYR DFDEDGR SLQWDGR 'LVHxR +HQULN 3UHXW] î $O FP %ODQFR D]XO

*$/$17 HVFULWRULR GH HVTXLQD D OD GHUHFKD FRQ HVWDQWHUtD ¼ /DV SDWDV VH UHJXODQ HQ DOWXUD &KDSD GH DEHGXO FRQ EDUQL] LQFRORUR \ DFHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR 2OOH /XQGEHUJ î $O ± FP &KDSD DEHGXO JULV SODWD

*$/$17 FRPELQDFLyQ GH HVFULWRULR ¼ 7DEOHUR UHGRQGHDGR SDUD TXH ODV PXxHFDV \ DQWHEUD]RV QR VH FDUJXHQ DO HVFULELU 9LGULR WHPSODGR \ DFHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR 2OOH /XQGEHUJ î $O ± FP %ODQFR JULV SODWD

QRYHGDG

0,&.( FHQWUR GH WUDEDMR GH HVTXLQD

¼

QRYHGDG (.%< 7g5( VRSRUWH SDUD EDOGD 9,.$ $021 PHVD ¼ /D EDOGD UHJXODEOH SURSRUFLRQD HVSDFLR H[WUD SDUD XQ RUGHQDGRU $FHUR FRQ UHYHVWLPLHQ WR HQ SROYR DFDEDGR SLQWDGR \ ODPLQDGR 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP %ODQFR QHJUR

*867$9 HVFULWRULR FRQ HVWDQWH ¼ &DMRQHV FRQ FHUUDGXUD VH LQFOX\HQ ODV OOD YHV &KDSD GH DEHGXO FRQ EDUQL] LQFRORUR î $O FP

QRYHGDG %(67c %856 HVFULWRULR ¼ 8Q WDEOHUR EDMR TXH IDFLOLWD FUHDU XQD VXSHU¿FLH GH WUDEDMR SDUD GRV 7DEOHUR GH SDUWtFXODV OiPLQD PHODPLQD 'LVHxR 0LNDHO :DUQKDPPDU î $O FP *ULV

/$,9$ HVFULWRULR

½ QRYHGDG -21$6 HVFULWRULR ¼ /RV WLUDGRUHV VH SXHGHQ FRORFDU D OD GHUHKD R L]TXLHUGD GHO IUHQWH GH FDMyQ VHJ~Q ODV QHFHVLGDGHV &KDSD GH IUHVQR WHxLGD \ EDUQL] LQFRORUR î $O FP 1HJUR PDUUyQ

/,$7253 HVFULWRULR ¼ 6H SXHGH XWLOL]DU FRPR GLYLVRU GH DPELHQWHV SRUTXH WRGDV ODV VXSHU¿FLHV LQFOXVR OD WUDVHUD HVWiQ WUDWDGDV $FDEDGR SLQWDGR 'LVHxR &DULQD %HQJV î $O FP %ODQFR

/$,9$ HVFULWRULR ¼ 7DEOHUR GH SDUWtFXODV OiPLQD 'LVHxR -RQ .DUOVVRQ î $O FP 1HJUR PDUUyQ

/ $ 6 6 ( 5 , ( 6 * $ / $ 1 7 < ( ) ) ( . 7 , 9 7 , ( 1 ( 1 $ f 2 6 ' ( * $ 5 $ 1 7 Ã&#x2039; $ ( 6 3$ & , 2 6 ' ( 7 5 $ % $ - 2

$UFKLYD FRQ HVWLOR

$/(; FDMRQHUD FRQ FDMRQHV ¼ /DPLQDGR \ SLQWXUD LVHxR -RKDQQD $VVKRII î $O FP %ODQFR

HQFXHQWUD HO WX\R HQ WX WLHQGD ,.($

QRYHGDG

(5,. DUPDULR DUFKLYDGRU

¼

+(/0(5 FDMRQHUD FRQ UXHGDV ¼ XG $FHUR FRQ UHYHVWLPLHQWR HQ SROYR î $O FP *ULV SODWD %ODQFR

(5,. DUPDULR DUFKLYDGRU ¼ &RQ FHUUDGXUD SDUD JXDUGDU WXV FRVDV GH IRUPD VHJXUD $FHUR FRQ UHYHVWL PLHQWR HQ SROYR î $O FP *ULV SODWD

QRYHGDG 0,&.( PyGXOR DOPDFHQDMH SDUD LPSUHVRUD ¼ 6DOLGD SDUD FD EOHV HQ OD SDUWH VXSHULRU UHFRJH \ GLULJH ORV FDEOHV D OD &38 HQ HO FRPSDUWLPHQWR GH DOPDFHQDMH /DPLQDGR \ SLQWXUD LVHxR +HQULN 3UHXW] î $O FP 1HJUR PDUUyQ EODQFR

$/9( OLEUHUtD FRQ FDMyQ ¼ 3LQR PDFL]R WHxLGR \ EDUQL] LQFRORUR î $O FP 1HJUR PDUUyQ

+(/0(5 FDMRQHUD FRQ UXHGDV

QRYHGDG 0,&.( FDMRQHUD FRQ UXHGDV ¼ H OD PLVPD DOWXUD TXH ORV HVFULWRULRV 0,&.( DPSOtD WX HV FULWRULR FRQ XQD VXSHU¿FLH GH WUDEDMR H[WUD /DPLQDGR \ SLQWXUD LVHxR +HQULN 3UHXW] î $O FP %ODQFR QDUDQMD

/RV PyGXORV FRQ SHUVLDQD VRQ OD VROXFLyQ SHUIHFWD SDUD HVSDFLRV SHTXHxRV

¼

QRYHGDG

(5,. FDMRQHUD FRQ UXHGDV \ FDMR QHV ¼ &RQ FHUUDGXUD SDUD JXDUGDU WXV FRVDV GH IRUPD VHJXUD $FHUR FRQ UHYHVWLPLHQWR HQ SROYR î $O FP 5RMR

*$/$17 FDMRQHUD FRQ UXHGDV

QRYHGDG $/(; FDMRQHUD FRQ UXHGDV ¼ XG /DPLQDGR LVHxR -RKDQQD $VVKRII î $O FP 1HJUR %ODQFR +(/0(5 FDMRQHUD FRQ UXHGDV ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR î $O FP 5RMR

( 6 3$ & , 2 6

( 7 5 $ % $ - 2

¼ *$/$17 FDMRQHUD FRQ UXHGDV ¼ $SUREDGD SDUD XVR HQ R¿FLQDV &KDSD GH DEHGXO FRQ EDUQL] LQFRORUR LVHxR +HQULN 3UHXW] î $O FP

())(.7,9 FRPELQDFLyQ GH DOPDFH QDMH ¼ $SUREDGD SDUD XVR HQ R¿FLQDV 3HUVLDQD FRQ FHUUDGXUD SDUD JXDUGDU WXV FRVDV GH IRUPD VHJXUD &KDSD GH IUHVQR WHxLGD EDUQL] LQFR ORUR \ DOXPLQLR LVHxR . 0DOPYDOO ( /LOMD /|ZHQKLHOP î $O FP 1HJUR PDUUyQ

& 2 1 / 2 6 3$ 4 8 ( 7 ( 6 3 / $ 1 2 6 3 8 (

())(.7,9 FRPELQDFLyQ GH DOPDFHQDMH FRQ SDWDV ¼ $SUREDGD SDUD XVR HQ R¿FLQDV $xDGLU SRPRV R WLUDGRUHV &KDSD GH DEHGXO FRQ EDUQL] LQFRORUR \ ODPLQDGR î $O FP

( 6 / / ( 9Ã&#x2C6; 5 7 ( / 2 $ & $ 6 $ + 2< 0 , 6 0 2 ( 6 3$ & , 2 6

( 7 5 $ % $ - 2

3DUD Pt SDUD WL SDUD WRGRV YHQ D SUREDU PiV VLOODV HQ WX WLHQGD ,.($

6.58967$ VLOOD JLUDWRULD ¼ 3LHO DUWL¿FLDO ,'+8/7 EODQFR $VLHQWR î $O ± FP

725%-g51 VLOOD JLUDWRULD

¼ -8/(6 VLOOD JLUDWRULD ¼ $VLHQWR FRQWUDFKDSDGR GH KD\D SLQWDGR 'LVHxR 1LFKRODL :LLJ +DQVHQ $VLHQWR î $O ± FP $]XO JULV SODWD

½

.$567(1 VLOOD JLUDWRULD ¼ $VLHQWR DOJRGyQ HODVWiQ \ SROLpVWHU 'LVHxR +HQULN 3UHXW] $VLHQWR î $O ± FP 7DSLFHUtD +(1c1 D]XO QHJUR

*5(*25 VLOOD JLUDWRULD

¼

( 6 3$ & , 2 6 ' ( 7 5 $ % $ - 2

9(51(5 VLOOD JLUDWRULD ¼ 3LHO DUWL¿FLDO $VLHQWR î $O ± FP 1HJUR

9(5.6$0 VLOOD JLUDWRULD ¼ $SUREDGD SDUD XVR HQ R¿FLQDV 7DSLFHUtD 8/781$ JULV RVFXUR ODQD $VLHQWR î ± $O ± FP

725%-g51 VLOOD JLUDWRULD ¼ $VLHQWR UHVSDOGR DOJRGyQ \ SROLpVWHU 7DSLFHUtD $/0( URMR $VLHQWR î $O ± FP

3$75,. VLOOD JLUDWRULD ¼ 7DSLFHUtD 8/781$ JULV RVFXUR ODQD 'LVHxR 0LD *DPPHOJDDUG $VLHQWR î $O ± FP

5,&.$5' VLOOD JLUDWRULD ¼ 7DSLFHUtD 5$167$ JULV RVFXUR DOJRGyQ 'LVHxR 0DUN 7HPSOH $VLHQWR î $O ± FP

./(0(16 VLOOD JLUDWRULD

*5(*25 VLOOD JLUDWRULD ¼ $VLHQWR UHVSDOGR SDSHO VLQ EODQTXHDU )XQGD %/(.,1*( EODQFR DOJRGyQ $VLHQWR î $O ± FP

0$5.86 VLOOD JLUDWRULD ¼ $SUREDGD SDUD XVR HQ R¿FLQDV FyPRGD SDUD HVWDU VHQWDGR GXUDQWH ODUJRV SHUtRGRV GH WUDEDMR $VLHQWR UHVSDOGR SLHO GH VHUUDMH \ SROLpVWHU 'LVHxR +HQULN 3UHXW] $VLHQWR î $O ± FP 1HJUR

1XHVWUDV VLOODV DSUREDGDV SDUD XVR HQ R¿FLQDV WLHQHQ PXFKDV IXQFLRQHV SDUD TXH HVWpV FyPRGR WRGR HO GtD

61,//( VLOOD JLUDWRULD

61,//( VLOOD JLUDWRULD ¼ 3UHFLR FDWiORJR DQWHULRU ¼ $VLHQWR SOiVWLFR GH SROLSURSLOHQR $VLHQWR î $O ± FP 5RVD

./b33( VLOOD JLUDWRULD ¼ $SUREDGD SDUD XVR HQ R¿FLQDV 7DSLFHUtD /(+8/7 JULV RVFXUR JULV SODWD ODQD 'LVHxR 2OOH /XQGEHUJ $VLHQWR î $O ± FP

¼

120,1(// VLOOD JLUDWRULD ¼ 7DSLFHUtD +8/7 QHJUR (6/g9 DOJRGyQ 'LVHxR 2OOH /XQGEHUJ $VLHQWR î $O ± FP

./(0(16 VLOOD JLUDWRULD ¼ 7DSLFHUtD $/0( URMR DOJRGyQ 'LVHxR 0DUN 7HPSOH $VLHQWR î $O ± FP

9(5.6$0 VLOOD JLUDWRULD ¼ $SUREDGD SDUD XVR HQ R¿FLQDV FyPRGD SDUD ODUJRV SHUtRGRV )ORU GH SLHO 60,',* QHJUR WHxLGD HQ SURIXQGLGDG $VLHQWR î ± $O ± FP

& 2 1 / 2 6 3$ 4 8 ( 7 ( 6 3 / $ 1 2 6 / / ( 9Ã&#x2C6;7 ( / 2 $ & $ 6 $ + 2< 0 , 6 0 2 ( 6 3$ & , 2 6 ' ( 7 5 $ % $ - 2

LVHxR +HQULN 3UHXW]

%5b $ VRSRUWH SDUD SRUWiWLO

¼

QRYHGDG

%5b $ VRSRUWH SDUD RUGHQDGRU SRUWiWLO

½ %5b $ VRSRUWH SDUD RUGHQDGRU SRUWiWLO ¼ %ROVLOOR HQ HO ODWHUDO PX\ SUiFWLFR SDUD HO PyYLO HO PS HWF 3OiVWLFR î $O FP 7HMLGR $/0( QHJUR JULV DOJRGyQ /(.69,. HVFULWRULR ¼ &DMyQ FRQ WRSH GH VHJXULGDG TXH OR PDQWLHQH HQ VX VLWLR 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR LVHxR &DULQD %HQJV î $O FP 1HJUR *5(*25 VLOOD JLUDWRULD ¼ $VLHQWR UHVSDOGR SDSHO VLQ EODQTXHDU )XQGD %/(.,1*( EODQFR DOJRGyQ LVHxR $QGUHZ 6KRYH $VLHQWR î $O ± FP QRYHGDG 9,.$ 9(,1( 9,.$ 02/, (1 PHVD ¼ 6DOL

( 6 3$ & , 2 6

( 7 5 $ % $ - 2

GDV SDUD FDEOHV \ FRPSDUWLPHQWR HQ OD WUDVHUD SDUD JXDUGDU FDEOHV \ HQFKXIHV VLQ TXH VH YHDQ DO DOFDQFH GH OD PDQR 7DEOHUR GH SDUWtFXODV SOiVWLFR $%6 OiPLQD LVHxR -RKDQQD -HOLQHN î $O FP %ODQFR 61,//( VLOOD JLUDWRULD ¼ $VLHQWR SOiVWLFR GH SROLSURSLOHQR î $O ± FP 5RVD %5b $ VRSRUWH SDUD RUGHQDGRU SRUWiWLO ¼ 3OiVWLFR GH SROLHVWLUHQR LVHxR 6DUDK )DJHU î $O FP 1HJUR

¼

&RQ HVSDFLR VX¿FLHQWH SDUD GRV 2 SDUD WL VROR VL TXLHUHV HVWDU D WXV DQFKDV

0,&.( HVFULWRULR /DPLQDGR $FHUR FRQ UHYHVWLPLHQWR HQ SROYR SLQWDGR î $O FP 1HJUR PDUUyQ EODQFR 7DPELpQ GLVSRQLEOH HQ %ODQFR HIHFWR DEHGXO

3DUD TXH JXDUGHV GH WRGR 6/20 ERWH FRQ WDSD .12'' FXER FRQ WDSD

¼

02/*(5 FDMD FRQ WDSD ¼ MXHJR GH 'LVHxR (YD /LOMD /|ZHQKLHOP

¼ %<+2/0$ FHVWD ¼ 7UHQ]DGD D PDQR &DGD FHVWD HV ~QLFD î $O FP

.12'' FXER FRQ WDSD ¼ /

/$&. HVWDQWH GH SDUHG ¼ î FP

.277(%2 FHVWD ¼ î $O FP

QRYHGDG 3,/$7253 FHVWR

.203/(0(17 DOPDFHQDMH FRQ FRPSDUWL PHQWRV ¼ 'LVHxR &DULQD %HQJV î $O FP %ODQFR

½ MJR 6/20 ERWH FRQ WDSD ¼ / 3,/$7253 FHVWR ¼ MXHJR GH 0HGLGDV î $O FP î $O FP î $O FP \ î $O FP

QRYHGDG QRYHGDG 6.8%% DOPDFHQDMH FRQ FRPSDUWLPHQWRV ¼ 'LVH xR 6DUDK )DJHU î $O FP %ODQFR

(.%< /$,9$ (.%< 67g',6 HVWDQWH

½

QRYHGDG ',03$ EROVD UHFLFODMH ¼ MXHJR GH 0HGLGDV GH î $O FP / GH î $O FP / \ GH î $O FP / 'LVHxR 6DUDK )DJHU %ODQFR

QRYHGDG (.%< /$,9$ (.%< 67g',6 HVWDQWH ¼ î FP 'LVHxR -RQ .DUOVVRQ 1HJUR PDUUyQ

QRYHGDG 6.8%% FDMD SDUD ]DSDWRV ¼ XGV î $O FP

7DPELpQ SDUD WX QHJRFLR ,.($ %86,1(66 WH RIUHFH LGHDV \ VROXFLRQHV LQWHOLJHQWHV SDUD RUJDQL]DU WX OXJDU GH WUDEDMR H[SRQHU WXV SURGXFWRV FRQ FUHDWLYLGDG FRQVHJXLU HVSDFLRV FyPRGRV \ IXQFLRQDOHV FUHDU iUHDV GH UHXQLyQ \ GH HVSHUD PiV DFRJHGRUDV 6HD FXDO VHD WX QHJRFLR \ SUHVXSXHVWR HQ ,.($ HQFRQWUDUiV RSFLRQHV DVHTXLEOHV \ GH JUDQ FDOLGDG TXH PDUFDQ OD GLIHUHQFLD HQ HO GtD D GtD 9LVLWD WX WLHQGD ,.($ R HQWUD HQ QXHVWUD SiJLQD ZHE SDUD PHMRUDU WX QHJRFLR KR\ PLVPR

ZZZ ,.($ HV %86,1(66

¢4Xp WH RIUHFH ,.($ %86,1(66" 6HUYLFLR D GLVWDQFLD GRQGH JHVWLRQDPRV WX FRPSUD \ OD HQYLDPRV D GRPLFLOLR &RQGLFLRQHV HVSHFLDOHV GH

¿QDQFLDFLyQ

,QVSLUDFLyQ LGHDV \ VROXFLRQHV SDUD GHFRUDU WX QHJRFLR

$VHVRUDPLHQWR SHUVRQDOL]DGR 3URPRFLRQHV HVSHFLDOHV 3DUD PiV LQIRUPDFLyQ HQWUD HQ ZZZ ,.($ HV %86,1(66

< DGHPiV

Ã&#x2019;QHWH DO 1HWZRUN GH ,.($ %86,1(66 � �

� �

3URPRFLRQD JUDWXLWDPHQWH WX QHJRFLR 1DYHJD SRU XQD ZHE TXH FRQHFWD D SURIHVLRQDOHV FRPR W~ HQ WRGR HO PXQGR 9LVLWD QHJRFLRV UHDOHV H LQVStUDWH (QFXHQWUD FRQVHMRV SURPRFLRQHV \ PXFKR PiV

5HJtVWUDWH HQ ZZZ ,.($ FRP %86,1(66

2UGHQ HQ FDVD $1721,86 HVWUXFWXUD FHVWR GH UHMLOOD WDEOHUR

6.8%% FDMD

¼ XGV

¼

QRYHGDG

QRYHGDG $1721,86 VHULH $FHUR FRQ UHYHVWLPLHQWR HQ SROYR SOiVWLFR \ ODPLQDGR (VWUXFWXUD FDMyQ WDEOHUR ¼ î $O FP %ODQFR (VWUXFWXUD FHVWR GH UHMLOOD WDEOHUR ¼ XG î $O FP %ODQFR VHFFLRQHV EDOGDV EDUUD SDUD URSD ¼ î $O FP

%ODQFR (VWUXFWXUD FHVWR GH UHMLOOD WDEOHUR ¼ î $O FP %ODQFR QRYHGDG 6.8%% VHULH SROLpVWHU \ SOiVWLFR GH SROLSURSLOHQR &DMD ¼ XGV î $O FP %ODQFR )XQGD SDUD URSD ¼ MXHJR GH 0HGLGDV GH î FP \ GH î FP 'LVHxR 6DUDK )DJHU %ODQFR

QRYHGDG 3257,6 SHUFKHUR

¼

+(01(6 ]DSDWHUR FRQ FRPSDUWLPHQWRV

¼ +(01(6 ]DSDWHUR FRQ FRPSDUWLPHQWRV ¼ XG &RQ SDWDV VyOR HQ HO IUHQWH SDUD SRGHU LQVWDODU HO DUPDULR SHJDGR D OD SDUHG SRU HQFLPD GHO URGDSLp 3DUD SDUHV GH ]DSDWRV FRPR PtQLPR $FDEDGR SLQWDGR 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP %ODQFR 3257,6 SHUFKHUR ¼ $FHUR 'LVHxR -RQ .DUOVVRQ [ FP 1HJUR QRYHGDG 621*( HVSHMR ¼ 6H SXHGH FROJDU HQ KRUL]RQWDO R YHUWLFDO ,QFOX\H KHUUDMHV 9LGULR SLQR PDFL]R SLQWDGR î FP *ULV SODWD

2 5 ' ( 1 ( 1 & $ 6 $

QRYHGDG 7-86,* FROJDGRU FRQ JDQFKRV

¼ XG

7-86,* VHULH 0DGHUD GH IURQGRVDV PDFL]D SLQWDGD \ DFHUR LQR[LGDEOH 'LVHxR +HQULN 3UHXW] %DQFR ]DSD WHUR ¼ î $O FP %ODQFR &ROJDGRU FRQ JDQFKRV ¼ XG î FP %ODQFR 3HUFKHUR HVWDQWH ¼ XG î $O FP %ODQFR )272 OiPSDUD GH WHFKR ¼ XG $OXPLQLR ODFDGR � FP QRYHGDG 67b// ]DSDWHUR FRQ FRPSDUWLPHQWRV ¼ XG )LODV GREOHV HQ FDGD FRPSDUWLPHQWR SDUD TXH TXHSDQ PiV ]DSDWRV 3DUD SDUHV GH ]DSDWRV FRPR PtQLPR $FDEDGR SLQWDGR 'LVHxR 6DUDK )DJHU î $O FP %ODQFR

7-86,* VHULH 0DGHUD GH IURQGRVDV SLQWDGD \ DFHUR LQR[LGDEOH 'LVHxR +HQULN 3UHXW] %DQFR ]DSDWHUR ¼ 3DUD SDUHV GH ]DSDWRV FRPR PtQLPR î $O FP 1HJUR (VWDQWH ]DSDWHUR ¼ 3DUD SDUHV GH ]DSDWRV FRPR PtQLPR î $O FP 1HJUR 3HUFKHUR FRQ JDQFKRV ¼ XG î FP 1HJUR (.%< -b53(1 EDOGD ¼ XG $FDEDGR SLQWDGR î FP %ODQFR (.%< %-b5180 VRSRUWH ¼ XGV $OXPLQLR FRQ ODFDGR LQFRORUR î FP

(.%< %-b5180 VRSRUWH GH FRQH[LyQ ¼ XG $OXPLQLR FRQ ODFDGR LQFRORUR ) FP 1b680 FHVWR ¼ XG )LEUDV GH SODWDQHUD FRQ EDUQL] LQFRORUR î $O FP

7-86,* EDQFR ]DSDWHUR

¼

%52'(5 VHFFLRQHV SRVWH H[WHQVLyQ DOWXUD

QRYHGDG

¼

*250 HVWDQWHUtD

¼

( 6 7$ 3Ã&#x2C6;*,1 $

%52'(5 VHFFLRQHV GH SRVWH GH H[WHQVLyQ GH DOWXUD ¼ $FHUR JDOYDQL]DGR 'LVHxR 1LFRODV &RUWROH]]LV 2OOH /XQGEHUJ 3HVR Pi[ EDOGD NJ î $O ± FP QRYHGDG $1721,86 VHFFLRQHV ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR î $O FP %ODQFR +<//,6 HVWDQWHUtD ¼ XG 6H LQFOX\HQ SLHV GH SOiVWLFR SDUD LQVWDODU HQ OD SDUWH LQIHULRU (YLWDQ TXH HO VXHOR VH UD\H $GHFXDGD SDUD XVDU WDQWR HQ HO LQWHULRU FRPR HQ HO H[WHULRU $FHUR JDOYDQL]DGR 3HVR Pi[ EDOGD NJ î $O FP

+<//,6 HVWDQWHUtD

½ XG

'( 5 ( & + $

*250 VHULH 3LQR R DEHWR PDFL]R (VWDQWHUtD ¼ 3HVR Pi[ EDOGD NJ î $O FP

VHFFLRQHV SRVWH H[WHQVLyQ DOWXUD ¼ î $O FP

*250 FHVWD FROJDQWH ¼ 3XHGHQ FROJDUVH YDULRV FHVWRV HQ YHUWLFDO SDUD DXPHQWDU VX FDSDFLGDG \ JXDUGDU PiV FRVDV $FHUR î $O FP 1HJUR QRYHGDG ',03$ EROVD UHFLFODMH ¼ XGV SROLSURSLOHQR 'LVHxR 6DUDK )DJHU î $O FP / %ODQFR JULV RVFXUR JULV FODUR

2 5 ' ( 1 ( 1 & $ 6 $

QRYHGDG

3DUD TXH UHFLFODU VHD PX\ IiFLO QRYHGDG

&ODVL¿FD (V PiV IiFLO FODVL¿FDU VL DSLODV SDSHOHUDV GH GLVWLQWR WDPDxR XQDV HQFLPD GH RWUDV QRYHGDG 3/8**,6 VHULH 3OiVWLFR 3(7 UHFLFODGR 'LVHxR 0DUFXV $UYRQHQ 3DSHOHUD ¼ î $O FP 3DSHOHUD ¼ î $O FP

$OPDFHQD 5$7,21(// EROVD SDUD UHFLFODU ¼ 3ROLpVWHU \ DFHUR 'LVHxR 0DUFXV $UYRQHQ î $O FP

*XDUGD &XDQGR KD\DV YDFLDGR OD EROVD SXHGHV SOHJDUOD \ JXDUGDUOD QRYHGDG ',03$ 5(785 FXER SDUD UHFLFODU /

¼ XG

EROVD SDUD FODVL¿FDFLyQ UHVLGXRV FRQ EDVH ¼ 3OiVWLFR GH SROLSURSLOHQR \ DFHUR 'LVHxR 6DUDK )DJHU 3HVR Pi[ NJ î $O FP *ULV

$SLOD

QRYHGDG

6257(5$ VHULH 3OiVWLFR GH SROLSURSLOHQR &XER GH EDVXUD FRQ WDSD ¼ XG î $O FP / %ODQFR

&XER GH EDVXUD FRQ WDSD ¼ XG î $O FP / %ODQFR

QRYHGDG ± 5(785 VHULH &XER SDUD FODVL¿FDU EDVXUD SRFR SURIXQGR SUiFWLFR \ Ã&#x20AC;H[LEOH 3HUIHFWR SDUD HVSDFLRV UHGXFLGRV /DV DVDV LQWHJUDGDV HQ ORV ODWHUDOHV GH OD SXHUWD IDFLOLWDQ HO WUDQVSRUWH 3OiVWLFR GH SROLSURSLOHQR 'LVHxR 0DUFXV $UYRQHQ &XER SDUD UHFLFODU ¼ XG î $O FP / &XER SDUD UHFLFODU ¼ XG î $O FP / &XER SDUD UHFLFODU ¼ XGV î $O FP /

7UDQVSRUWD QRYHGDG ',03$ EROVD SDUD UHFLFODU ¼ MXHJR GH 0HGLGDV GH î $O FP / GH î $O FP / \ GH î $O FP / SROLSURSLOHQR 'LVHxR 6DUDK )DJHU %ODQFR

',03$ EROVD SDUD UHFLFODU

¼ MXHJR 2 5 ' ( 1 ( 1 & $ 6 $

08/,* EDUUD SDUD URSD

¼

QRYHGDG

6.8%% EROVD GH DOPDFHQDMH

¼ XG

6.8%% DOPDFHQDMH FRQ FRPSDUWLPHQWRV

¼ XG

/D UHG WUDQVSDUHQWH WH SHUPLWH YHU TXp ]DSDWRV KD\ JXDUGDGRV HQ HO LQWHULRU VLQ WHQHU TXH VDFDU OD FDMD

± ± QRYHGDG 6.8%% VHULH SROLpVWHU \ SOiVWLFR GH SROLSURSLOHQR &DMD ¼ XGV î $O FP %ODQFR &DMD FRQ FRPSDUWLPHQWRV ¼ XG î $O FP %ODQFR

%ROVD GH DOPDFHQDMH ¼ XG î $O FP %ODQFR

%ROVD GH DOPDFHQDMH ¼ XG î $O FP %ODQFR

&DMD SDUD ]DSDWRV ¼ XGV î $O FP %ODQFR $OPDFHQDMH FRQ FRPSDUWL PHQWRV ¼ î $O FP %ODQFR $OPDFHQDMH FRQ FRPSDUWL PHQWRV ¼ î $O FP %ODQFR &DMD ¼ XGV î $O FP %ODQFR %80(5$1* SHUFKD FXUYDGD ¼ XGV 0DGHUD GH VKLPD PDFL]D SLQWDGD \ DFHUR $Q FP %ODQFR ± QRYHGDG 08/,* VHULH $FHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR +HQULN 3UHXW] %DUUD SDUD URSD ¼ $QFKR UHJXODEOH SDUD DGDSWDUOR D WXV QHFHVLGDGHV 3HVR Pi[ NJ ± î $O FP %ODQFR

5LHO FRQ VRSRUWH ¼ 3LHV GH SOiVWLFR SDUD SURWHJHU HO VXHOR 3HVR Pi[ NJ î $O FP %ODQFR /RV Q~PHURV ± WLHQHQ ODV PHGLGDV DGHFXDGDV SDUD HO LQWHULRU GH ORV DUPDULRV 3$;

2 5 ' ( 1 ( 1 & $ 6 $

(.%< /$,9$ (.%< 67g',6 HVWDQWH

½ XG (.%< *589$1 (.%< 67,/,* HVWDQWH

¼

XG

QRYHGDG QRYHGDG

6DFD SDUWLGR D ODV SDUHGHV FRQ XQRV HVWDQWHV (.%< /$,9$ (.%< 67g',6 HVWDQWH ¼ 3OiVWLFR GH SROLSURSLOHQR UHIRU]DGR 'LVHxR -RQ .DUOVVRQ î FP 1HJUR PDUUyQ EODQFR

QRYHGDG (.%< 9,.725 (.%< 0c16 HVWDQWH ¼ /DPLQDGR \ DFHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR 0DULD 9LQND î FP 5RMR

(.%< -b53(1 (.%< +c// HVWDQWH ¼ &KDSD GH IUHVQR FRQ EDUQL] LQFRORUR \ DFHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR 7RUG %M|UNOXQG î FP 1HJUR PDUUyQ QHJUR (.%< -b53(1 (.%< 52%(57 HVWDQWH ¼ &KDSD GH DEHGXO FRQ EDUQL] LQFRORUR \ DOXPLQLR 'LVHxR +HQULN 3UHXW] î FP

(.%< *589$1 (.%< 67,/,* HVWDQWH ¼ $FDEDGR SLQWDGR \ YLGULR WHPSODGR 'LVHxR 0LNDHO :DUQKDPPDU î FP %ODQFR

QRYHGDG (.%< $/(; (.%< 9$/7(5 HVWDQWH FRQ FDMyQ ¼ &DMRQHV FRQ WRSH SDUD TXH QR VH VDOJDQ /DPLQDGR \ PDGHUD PDFL]D SLQWDGD 'LVHxR -RKDQQD $VVKRII î FP %ODQFR QHJUR (.%< 0266%< (.%< %-b5180 HVWDQWH ¼ $FHUR LQR[LGDEOH \ DOXPLQLR î FP

2 5 ' ( 1 ( 1 & $ 6 $

&DMDV GH WRGRV ORV WDPDxRV

3-b6 FHVWR

¼ XG

.$66(77 FDMD FRQ WDSD SDUD &'V

¼ XGV

%<+2/0$ FHVWR

¼

MJR

.$66(77 DUFKLYDGRU ¼ XGV &DUWyQ SLQWDGR 'LVHxR -RQ .DUOVVRQ î $O FP %ODQFR .$66(77 FDMD FRQ WDSD SDUD UHYLVWDV ¼ XGV 3UHFLR FDWiORJR DQWHULRU ¼ XGV &DUWyQ SLQWDGR 'LVHxR -RQ .DUOVVRQ î $O FP %ODQFR

.$66(77 FDMD FRQ WDSD SDUD &'V ¼ XGV 3UHFLR FDWiORJR DQWHULRU ¼ XGV 3DUD &'V &DUWyQ SLQWDGR 'LVHxR -RQ .DUOVVRQ î $O FP %ODQFR .$66(77 FDMD FRQ WDSD SDUD GRFXPHQWRV ¼ XGV &DUWyQ SLQWDGR î $O FP %ODQFR .$66(77 FDMD FRQ WDSD SDUD GRFXPHQWRV ¼ XGV &DUWyQ SLQWDGR 'LVHxR -RQ .DUOVVRQ î $O FP %ODQFR

1267$/*,6. FDMD FRQ WDSD ¼ XGV &DUWyQ SLQWDGR 'LVHxR -RQ .DUOVVRQ î $O FP 0DUUyQ /(.0$1 FDMD ¼ XG 3OiVWLFR 'LVHxR 7RUG %M|UNOXQG î $O FP 7UDQVSDUHQWH

%<+2/0$ FHVWR ¼ MXHJR GH 0HGLGDV GH � $O FP GH � $O FP \ GH � $O FP 0DGHUD GH VDXFH SLQWDGD %ODQFR 1b680 FHVWR ¼ XG )LEUDV GH SODWDQHUD FRQ EDUQL] LQFRORUR î $O FP

.277(%2 FHVWR ¼ XG +RMDV GH SDOPD FRQ EDUQL] LQFRORUR î $O FP 3-b6 FHVWR ¼ XG )LEUDV GH SODWDQHUD FRQ EDUQL] LQFRORUR î $O FP .1,36$ FHVWR ¼ XG -XQFR PDULQR FRQ EDUQL] LQFRORUR î $O FP %5$1b6 FHVWR ¼ XG 5DWiQ \ PDGHUD PDFL]D FRQ EDUQL] LQFRORUR î $O FP

/RV Q~PHURV \ ± WLHQHQ ODV PHGLGDV DGDSWDGDV D OD HVWDQWHUtD (;3(',7

2 5 ' ( 1 ( 1 & $ 6 $

.$66(77 FDMD FRQ WDSD SDUD &'V

0iV GH FDMDV HQ WX WLHQGD ,.($

¼

XGV

675,.7 FDMD FRQ WDSD SDUD GRFXPHQ WRV ¼ &DUWyQ PDFL]R DOJRGyQ 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP 5RMR RVFXUR

QRYHGDG

QRYHGDG 5g-$ SRUWDHWLTXHWDV ¼ XGV 3OiVWLFR $%6 'LVHxR 0DUFXV $UYRQHQ î FP 7UDQVSDUHQWH

675,.7 MXHJR GH HVFULWRULR ¼ SLH]DV &DUWyQ PDFL]R DOJRGyQ 5RMR RVFXUR

QRYHGDG

.$66(77 FDMD FRQ WDSD SDUD '9'V ¼ XGV &DUWyQ ODPLQDGR SLQWDGR \ EDUQL] LQFRORUR î $O FP

.$66(77 FDMD FRQ WDSD SDUD GRFXPHQWRV ¼ XGV &DUWyQ ODPLQDGR SLQWDGR EDUQL] LQFRORUR 'LVHxR - .DUOVVRQ ( -RQHV î $O FP 1HJUR EODQFR

%/$',6 FHVWD ¼ +RMDV GH SiQGDQR WHxLGDV EDUQL] LQFRORUR \ FDUWyQ î $O FP 1HJUR PDUUyQ

.$66(77 FDMD FRQ WDSD SDUD UHYLVWDV ¼ XGV 3UHFLR FDWiORJR DQWHULRU ¼ XGV &DUWyQ ODPLQDGR SLQWDGR î $O FP 1HJUR

.$66(77 FDMD FRQ WDSD SDUD GRFXPHQWRV ¼ XGV

¼ /(.0$1 FDMD

.$66(77 FDMD FRQ WDSD SDUD &'V ¼ XGV 3UHFLR FDWiORJR DQWHULRU ¼ XGV 3DUD &'V &DUWyQ ODPLQDGR SLQWDGR 'LVHxR - .DUOVVRQ ( -RQHV î $O FP 1HJUR EODQFR

0b//$ FDMD FRQ WDSD ¼ (O DVD IDFLOLWD H[WUDHU HO FDMyQ SROLpVWHU \ DOJRGyQ î $O FP 1HJUR Ã&#x20AC;RUHV EODQFDV

%/$',6 FDMD FRQ WDSD

¼

6$0/$ FDMD FRQ WDSD

¼ %/$',6 FDMD FRQ WDSD ¼ +RMDV GH SiQGDQR WHxLGDV EDUQL] LQFRORUR \ FDUWyQ î $O FP 1HJUR PDUUyQ 9HU DUULED 5g-$ SRUWDHWLTXHWDV

2 5 ' ( 1 ( 1 & $ 6 $

/(.0$1 FDMD ¼ /RV SURWHFWRUHV GH ¿HOWUR HYLWDQ ORV UD\RQHV &RQ ODV GLPHQVLRQHV DGHFXDGDV SDUD HQFDMDU HQ OD OLEUHUtD (;3(',7 3OiVWLFR 6$1 'LVHxR 7RUG %M|UNOXQG î $O FP 5RMR

675,.7 UHYLVWHUR ¼ MXHJR GH 'LPHQVLRQHV [ $O FP \ [ $O FP &DUWyQ PDFL]R DOJRGyQ 'LVHxR . +DJEHUJ 0 +DJEHUJ 5RMR RVFXUR

%/$',6 FDMD FRQ WDSD SDUD '9'V ¼ 3DUD '9'V +RMDV GH SiQGDQR WHxLGDV EDUQL] LQFRORUR \ FDUWyQ î $O FP 1HJUR PDUUyQ

6$0/$ FDMD FRQ WDSD ¼ 3OiVWLFR GH SROLSURSLOHQR 'LVHxR 0LD *DPPHOJDDUG î $O FP / 7UDQVSDUHQWH 2 5 ' ( 1 ( 1 & $ 6 $

QRYHGDG

7$-0$ UHORM GH SDUHG

¼

.$66(77 FDMD FRQ WDSD SDUD GRFXPHQWRV

¼ XGV

.$66(77 FDMD FRQ WDSD SDUD GRFXPHQWRV ¼ XGV &DUWyQ PDFL]R \ SDSHO SLQWDGRV EDUQL] LQFRORUR î $O FP

QRYHGDG .$66(77 FDMD FRQ WDSD ¼ XGV &DUWyQ ODPLQDGR SLQWDGR \ EDUQL] LQFRORUR î $O FP 63217$1 WDEOyQ LPDQWDGR ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR � FP .$66(77 FDMD FRQ WDSD SDUD &'V ¼ XGV &DUWyQ ODPLQDGR SLQWDGR \ EDUQL] LQFRORUR î $O FP

.$66(77 FDMD FRQ WDSD SDUD GRFXPHQWRV ¼ XGV &DUWyQ ODPLQDGR SLQWDGR \ EDUQL] LQFRORUR 'LVHxR -RQ .DUOVVRQ î $O FP 63217$1 LPiQ ¼ XGV $FHUR 'LVHxR . +DJEHUJ 0 +DJEHUJ � FP .$66(77 DUFKLYDGRU ¼ XGV &DUWyQ ODPLQDGR SLQWDGR \ EDUQL] LQFRORUR î $O FP '2.80(17 UHYLVWHUR ¼ MXHJR GH $FHUR FRQ UHYHVWLPLHQWR HQ SROYR î $O FP QRYHGDG .$66(77 DOPDFHQDMH SDUD DFFHVRULRV GH HVFULWXUD ¼ &DUWyQ ODPLQDGR SLQWDGR \ EDUQL] LQFRORUR 'LVHxR -RQ .DUOVVRQ î $O FP

'2.80(17 EDQGHMD SDUD FDUWDV ¼ $FHUR FRQ UHYHVWL PLHQWR HQ SROYR 'LVHxR . +DJEHUJ 0 +DJEHUJ î $O FP 7$-0$ UHORM GH SDUHG ¼ 3OiVWLFR $%6 'LVHxR . +DJEHUJ 0 +DJEHUJ � FP 3/8**,6 SDSHOHUD ¼ XG 3OiVWLFR 3(7 UHFLFODGR 'LVHxR 0DUFXV $UYRQHQ î $O FP / 1HJUR ¼ XG î $O FP / 1HJUR

¼

.$66(77 FDMD FRQ WDSD SDUD UHYLVWDV ¼ XGV 3UHFLR FDWiORJR DQWHULRU ¼ XGV 'H GLPHQVLRQHV DGHFXDGDV SDUD OD OLEUHUtD (;3(',7 &DUWyQ ODPLQDGR SLQWXUD DFUtOLFD EDUQL] DFUtOLFR LQFRORUR 'LVHxR -RQ .DUOVVRQ î $O FP %ODQFR

XGV

'HFRUDFLyQ

± QRYHGDG c5<' VHULH $EHGXO PDFL]R 'LVHxR (EED 6WUDQGPDUN &DQGHODEUR SRUWDYHODV ¼ $O FP %ODQFR 3RUWDYHODV YHOD QRUPDO JUXHVD ¼ XG $O FP %ODQFR 3RUWDYHODV YHOD JUXHVD ¼ XG $O FP %ODQFR QRYHGDG -b77(),1 PDFHWHUR ¼ 0i[ � GH PDFHWD FP $O FP ± QRYHGDG 9,56(580 PDUFR 0DUFR î FP ¼ 0DUFR î FP ¼ 0DUFR î FP ¼ ± 62&.(5b57 Ã&#x20AC;RUHUR $O FP ¼ $O FP ¼

QRYHGDG

QRYHGDG

c5<' SRUWDYHODV YHOD QRUPDO JUXHVD

XG

¼

9,56(580 PDUFR

¼

QRYHGDG 9,56(580 PDUFR ¼ 7DEOHUR GH ¿EUDV OiPLQD 'LVHxR &DULQD %HQJV /iPLQD î FP %ODQFR 5,%%$ HVWDQWH SDUD FXDGURV ¼ /D PROGXUD GHO FXDGUR IDFLOLWD TXH FDPELHV ORV PRWLYRV VLHPSUH TXH TXLHUDV 7DEOHUR GH ¿ EUDV OiPLQD 3HVR Pi[LPR NJ / FP 1HJUR 5,%%$ PDUFR ¼ 3DUD OiPL QDV IRWRV GH WDPDxR $ VL VH XVD FRQ HO SDVVHSDUWRXW 7DEOHUR GH ¿EUDV OiPLQD /iPLQD î FP 1HJUR 5,%%$ PDUFR ¼ 7D EOHUR GH ¿EUDV OiPLQD /iPLQD î FP 1HJUR 5,%%$ PDUFR ¼ 7DEOHUR GH ¿EUDV OiPLQD /iPLQD î FP 1HJUR QRYHGDG 6$;1b6 PDUFR ¼ 6H SXHGH FROJDU KRUL]RQWDO R YHUWLFDOPHQWH 3OiVWLFR GH HVWLUHQR 'LVHxR +HQULN 3UHXW] /iPLQD î FP 1HJUR QRYHGDG 9,56(580 PDUFR ¼ 7DEOHUR GH ¿EUDV OiPLQD 'LVHxR &DULQD %HQJV /iPLQD î FP %ODQFR 5,%%$ PDUFR ¼ 7D EOHUR GH ¿EUDV OiPLQD /i PLQD î FP (IHFWR QRJDO

1<77-$ PDUFR ¼ XGV )UHQWH SURWHFWRU GH SOiVWLFR LUURP SLEOH KDFH TXH HO PDUFR VHD PiV VHJXUR 0') UHVLVWHQWH D OD KXPH GDG OiPLQD /iPLQD î FP 1HJUR 3-b77(5<' FXDGUR ¼ (VWUHOOD 0RWLYR FUHDGR SRU 6DVKD %ODNH /LHQ]R î FP

%(5<// IRFR GH SDUHG ¼ 6H LQFOX\H ERPELOOD KDOyJHQD 3OiVWLFR SROLFDUERQDGR \ SOiVWLFR $%6 'LVHxR 5LFKDUG &ODFN ) FP %ODQFR QRYHGDG 675g0%< PDUFR ¼ 3DUD IRWRJUDItDV WDPDxR $ $OXPLQLR /iPLQD î FP *ULV SODWD

QRYHGDG

3-b77(5<' FXDGUR

¼

6$;1b6 PDUFR

½

¢1HFHVLWDV FRQVHMR SDUD FROJDU ORV FXDGURV" (QWUD HQ ZZZ ,.($ HV

'(&25 $&,Ï1

$ YHFHV XQD VROD IRWR QR HV VX¿FLHQWH SRU HVR KHPRV GLVHxDGR HO PDUFR 72/6%< SDUD H[SRQHU IRWRJUDItDV SRU DPERV ODGRV

0HMRU HQ XQ PDUFR TXH JXDUGDGDV HQ HO RUGHQDGRU

QRYHGDG 6g1'580 ,QFOX\H HO SDVVHSDUWRXW $FDEDGR SLQWDGR 0DUFR ¼ /iPLQD î FP %ODQFR 0DUFR ¼ /iPLQD î FP %ODQFR g67(5%<02 PDUFR ¼ $OXPLQLR FRQ UHYHVWLPLHQWR HQ SROYR SLJPHQWDGR /iPLQD î FP &RORUHV YDULDGRV /c1*$6-g PDUFR ¼ XGV (VWUXFWXUD GH SDSHO IDEULFDGR D PDQR /iPLQD î FP %ODQFR GLVHxRV YDULDGRV

),6.(9,. SRUWDIRWRV ¼ 6H LQFOX\HQ FOLSV SDUD FROJDU KDVWD IRWRV ,QFOX\H ULHO / FP FDGHQDV GH FP \ FOLSV $FHUR FRQ UHYHVWLPLHQWR HQ SROYR SROLpVWHU 'LVHxR 6DUDK )DJHU %ODQFR 1<77-$ PDUFR ¼ XGV )UHQWH SURWHFWRU GH SOiVWLFR LUURP SLEOH KDFH TXH HO PDUFR VHD PiV VHJXUR 0') UHVLVWHQWH D OD KXPH GDG OiPLQD /iPLQD î FP &RORUHV YDULDGRV */$1$ PDUFR ¼ &XpOJDOR GH SLH ELHQ HQ KRUL]RQWDO R HQ YHU WLFDO $OXPLQLR /iPLQD î FP

72/6%< PDUFR SDUD IRWR JUDItDV ¼ (VSDFLR SDUD IRWRV XQD HQ FDGD FDUD 3OiVWLFR $%6 'LVHxR +HQULN 3UHXW] /iPL QD î FP %ODQFR

'(&25 $&,Ï1

72/6%< PDUFR SDUD IRWRJUDItDV

QRYHGDG

½

1<77-$ PDUFR

¼ XGV

/c1*$6-g PDUFR

¼

XGV

+D\ PXFKR PiV HQ WX WLHQGD ,.($ SDUD TXH GHV FDOLGH] D WX KRJDU

QRYHGDG

QRYHGDG 675b1*1b6 VRSRUWH SDUD YHOD JUDQGH

XG ¼

(O FDQGHODEUR SRUWDYHOD 1(*/,1*( WH RIUHFH PiV GH OR TXH SDUHFH 8Q H[WUHPR VH KD GLVHxDGR SDUD YHODV SHTXHxDV \ HO RWUR SDUD YHODV FRQYHQFLRQDOHV 5HFXHUGD TXH QR VH GHEHQ GH MDU QXQFD ODV YHODV VLQ YLJLODQFLD 0iV LQIRUPDFLyQ VREUH FyPR XWLOL]DU ODV YHODV GH IRUPD VHJXUD HQ ZZZ ,.($ HV ,=48,(5'$

QRYHGDG 675b1*1b6 VHULH $FHUR FRQ UHYHVWLPLHQWR HQ SROYR SR OLpVWHU 'LVHxR &KULV 0DUWLQ 6RSRUWH SDUD YHOD JUDQGH ¼ XG $O FP 1HJUR 3RUWDYHOD ¼ XG $O FP 1HJUR 3RUWDYHOD SDUD YHODV SHTXHxDV ¼ XG $O FP 1HJUR

)(120(1 YHOD JUXHVD ¼ XG 3DUD¿QD FHUD YHJHWDO

1(*/,1*( FDQGHODEUR SRUWDYHOD

½ XG

(67$ 3Ã&#x2C6;*,1$

QRYHGDG +(55b1* VHULH 9LGULR ODFDGR 'LVHxR $QQH 1LOVVRQ 6RSRUWH SDUD YHOD JUDQGH ¼ XG $O FP $]XO 6RSRUWH SDUD YHOD JUDQGH ¼ $O FP 5RVD QRYHGDG c5<' VHULH $EHGXO PDFL]R 'LVHxR (EED 6WUDQGPDUN &DQGHODEUR SRUWDYHOD ¼ 'REOH IXQFLyQ (V DGHFXDGR WDQWR SDUD YHODV SHTXHxDV FRPR FRQYHQFLRQDOHV $O FP %ODQFR 6RSRUWH SDUD YHOD JUDQGH ¼ $O FP 0DUUyQ RVFXUR 3RUWDYHOD ¼ XG 'REOH IXQFLyQ (V DGHFXDGR WDQWR SDUD YHODV SHTXHxDV FRPR FRQYHQFLRQDOHV $O FP 0DUUyQ RVFXUR 1(*/,1*( FDQGHODEUR SRUWDYHOD ¼ XG 9LGULR $O FP

)(-.$ SODQWD DUWL¿FLDO HQ PDFHWD ¼ XG 3UHFLR FDWiORJR DQWHULRU ¼ 3DUHFH QDWXUDO \ FRQVHUYD VX EHOOH]D DxR WUDV DxR 3OiVWLFR GH SROLSURSLOHQR SOiVWLFR GH HWHQR $O FP QRYHGDG 3$3$-$ PDFHWHUR ¼ XG 6LW~D XQ SURWHFWRU GH VXHOR GHEDMR GH OD PDFHWD SDUD HYLWDU OD FRQGHQVDFLyQ TXH SXHGH FUHDU PDQFKDV GH KXPHGDG HQ HO VXHOR /R]D UHYHVWLPLHQWR HQ SRO YR 'LVHxR . +DJEHUJ 0 +DJEHUJ 0i[ � GH OD PDFHWD FP $O FP $]XO RVFXUR D]XO FODUR 5RMR URVD .$5'(0800$ PDFHWHUR ¼ XG /D IRUPD \ DOWXUD GH OD PDFHWD OD KDFHQ DGHFXDGD SDUD RUTXtGHDV /R]D 'LVHxR 6 (GKROP / 8OOHQLXV 0i[ � GH OD PDFHWD FP $O FP %ODQFR

0$1'(/ PDFHWHUR ¼ XG 7HUUDFRWD WUDWDGD FRQ VLOLFRQD 'LVHxR $QQH 1LOVVRQ 0i[ � GH OD PDFHWD FP $O FP 0DUUyQ JULViFHR QRYHGDG /,9)8// PDFHWHUR ¼ *UHV YLGULDGR FRORUHDGR 'LVHxR 'DYLG :DKO 0i[ � GH OD PDFHWD FP $O FP /LOD RVFXUR QRYHGDG 62&.(5 PDFHWHUR ¼ XG $FHUR JDOYDQL]DGR 'LVHxR 6DUDK )DJHU 0i[ � GH OD PDFHWD FP $O FP

QRYHGDG '-b59 PDFHWHUR ¼ XG 6RSODGR DUWHVDQDO FDGD PDFHWD KD VLGR PRGHODGD SRU XQ H[SHUWR DUWHVDQR 9LGULR 'LVHxR $QQH 1LOVVRQ 0i[ � GH OD PDFHWD FP $O FP %ODQFR QHJUR

QRYHGDG '-b59 PDFHWHUR ¼ 6RSODGR DUWHVDQDO FDGD PDFHWD KD VLGR PRGHODGD SRU XQ H[SHUWR DUWHVDQR 9LGULR 'LVHxR $QQH 1LOVVRQ 0i[ � GH OD PDFHWD FP $O FP %ODQFR QHJUR

5g11%b5 PDFHWD ¼ $JXMHUR GH GUHQDMH HQ OD EDVH SDUD TXH QR VH DFXPXOH HO H[FHVR GH DJXD &RPELQD FRQ HO SODWR 5g11%b5 7HUUDFRWD 0i[ � GH OD PDFHWD FP $O FP

'(&25 $&,Ï1

0iV SODQWDV \ PDFHWHURV HQ WX WLHQGD ,.($

)(-.$ SODQWD DUWL¿FLDO HQ PDFHWD

XG

¼

3$3$-$ PDFHWHUR

¼ XG

62&.(5 PDFHWHUR

¼ XG

QRYHGDG

3DUD YHU WX LPDJHQ PHMRU FRORFD WUHV HVSHMRV 67$9( XQLGRV FRQ ELVDJUDV \ SRGUiV YHUWH ELHQ GHVGH FXDOTXLHU iQJXOR

/(9$1*(5 VHULH 9LGULR \ OiPLQD FRQ EDUQL] LQFRORUR 'RUDGR (VSHMR ¼ î FP

(VSHMR ¼ î FP

+(01(6 VHULH 3LQR PDFL]R WHxLGR EDUQL] LQFRORUR (VSHMR ¼ î FP 1HJUR PDUUyQ QRYHGDG (VSHMR ¼ î FP $]XO .5$%% HVSHMR ¼ XGV 6H SXHGH FROJDU HQ KRUL]RQWDO R YHUWLFDO 9LGULR î FP

67$9( HVSHMR ¼ î FP 5REOH FRQ WLQWH EODQFR

.2/-$ HVSHMR ¼ 9LGULR î FP 67$9( HVSHMR ¼ XGV î FP 1HJUR PDUUyQ

-21'$/ HVSHMR ¼ 9LGULR \ SOiVWLFR î FP 0DUUyQ RVFXUR %-2$ HVSHMR ¼ 9LGULR 'LVHxR 6DUDK )DJHU î FP

0$/0$ HVSHMR ¼ XG 9LGULR SLQR PDFL]R WHxLGR EDUQL] LQFRORUR î FP 3LQR

021*67$' VHULH QRYHGDG (VSHMR ¼ 9LGULR DFDEDGR SLQWDGR î FP 1DUDQMD (VSHMR ¼ 9LGULR FKDSD GH UREOH WHxLGD \ EDUQL] LQFRORUR î FP 1HJUR PDUUyQ

'(&25 $&,Ï1

0$/0$ HVSHMR

½ XG

QRYHGDG

.5$%% HVSHMR

¼ XGV

60<&.$ Ã&#x20AC;RU DUWL¿FLDO ¼ XG 7DOOR FRQ DODPEUH IiFLO GH GREODU \ DMXVWDU FRPR VH GHVHH 3OiVWLFR \ SROLpVWHU $O FP 5RVD YDULRV FRORUHV

3c/,7/,* Ã&#x20AC;RUHUR ¼ $SLODEOH DKRUUD HVSDFLR FXDQGR QR VH XVD 9LGULR 'LVHxR . +DJEHUJ 0 +DJEHUJ $O FP

60<&.$ Ã&#x20AC;RU DUWL¿FLDO ¼ XG 7DOOR FRQ DODPEUH IiFLO GH GREODU \ DMXVWDU FRPR VH GHVHH 3OiVWLFR \ SROLpVWHU $O FP 2UTXtGHD FRORUHV YDULD GRV 5(.7$1*(/ Ã&#x20AC;RUHUR ¼ 9LGULR $O FP 60<&.$ Ã&#x20AC;RU DUWL¿FLDO ¼ 7DOOR FRQ DODPEUH IiFLO GH GREODU \ DMXVWDU FRPR VH GHVHH 3OiVWLFR \ SROLpVWHU $O FP &OD YHO YDULRV FRORUHV QRYHGDG &</,1'(5 Ã&#x20AC;RUHUR FXHQFR ¼ MXHJR GH 6H SXHGH DSLODU XQR GHQWUR GH RWUR SDUD JDQDU HVSDFLR 9LGULR 'LVHxR $QQH 1LOVVRQ

%/2067(5 Ã&#x20AC;RUHUR ¼ 'H VRSODGR DUWHVDQDO &DGD Ã&#x20AC;RUHUR KD VLGR GLVHxDGR SRU XQ DUWHVDQR 9LGULR 'LVHxR 3 $PVHOO % :HVVODQGHU $O FP

± %/$'(7 VHULH 9LGULR 'LVH xR $QQH 1LOVVRQ )ORUHUR ¼ $O FP )ORUHUR ¼ $O FP 67-b/. Ã&#x20AC;RUHUR ¼ 'H VRSODGR DUWHVDQDO &DGD Ã&#x20AC;RUHUR KD VLGR GLVHxDGR SRU XQ DUWHVDQR 9LGULR 'LVHxR $QQH 1LOVVRQ $O FP

&</,1'(5 Ã&#x20AC;RUHUR FXHQFR

¼ MJR

QRYHGDG

3c/,7/,* Ã&#x20AC;RUHUR

½

QRYHGDG

¼

QRYHGDG

QRYHGDG 62/675c/( VHULH 9LGULR ODFD SLJPHQWDGD 'LVHxR $QQH 1LOVVRQ )ORUHUR ¼ $O FP $PDULOOR )ORUHUR ¼ $O FP 9HUGH

QRYHGDG 625*/g6 VHULH $OXPLQLR 'LVHxR (KOpQ -RKDQVVRQ )ORUHUR ¼ $O FP )ORUHUR ¼ $O FP

29$1/,* ÀRUHUR

¼ XG QRYHGDG

QRYHGDG 75c',* FHQWUR GHFRUDWLYR ¼

QRYHGDG 29$1/,* ÀRUHUR ¼ XG 3XHGHV GDUOH OD

YXHOWD \ XVDUOR FRPR ÀRUHUR SRU HO RWUR H[WUHPR 3OiVWLFR GH SROLSURSLOHQR 'LVHxR 0DUWLQ 9DOOLQ $O FP 9DULRV FRORUHV YDULDGRV %ODQFR QHJUR

'(&25 $&,Ï1

0-g1b6 SRUWDYHOD 9LGULR ODFD SLJPHQWDGD 'LVHxR 0DW] %RUJVWU|P $O FP 7RQDOLGDGHV GH URMR

XG

± QRYHGDG /-89/,* VHULH &XHQFR ¼ XG � $O FP 3ODWR ¼ � FP 3ODWR KRQGR ¼ XG � FP 3ODWR ¼ XG � FP 3ODWR ¼ XG � FP QRYHGDG /g-$ FXEHUWHUtD ¼ SLH]DV ,QFOX\H WHQHGRU FXFKLOOR FXFKDUD \ FXFKDULOOD GH FDGD /((1'( MDUUD ¼ / QRYHGDG %b5%$5 EDQGHMD ¼ î FP '5$*21 FXEHUWH UtD ¼ SLH]DV 3UHFLR FDWiORJR DQWHULRU ¼ ,QFOX\H WHQHGRU FXFKLOOR FXFKDUD \ FXFKDULOOD GH FDGD )5('/,* VHUYLOOHWD GH SDSHO ¼ XGV î FP 69$/.$ FRSD GH YLQR ¼ XGV FO

QRYHGDG

$ OD PHVD

'5$*21 FXEHUWHUtD SLH]DV

¼

/-89/,* SODWR

¼ XG

QRYHGDG

b/0+8/7 WD]yQ

½ XG

QRYHGDG

,.($ SODWR

XG

¼ 32.$/ YDVR

¼

0iV FRPELQDFLRQHV SDUD SRQHU OD PHVD HQ ZZZ ,.($ HV

QRYHGDG 381.7/,* VHUYL OOHWD GH SDSHO ¼ XGV FDSDV SDUD PD\RU FDSDFLGDG GH DEVRUFLyQ 3DSHO 'LVHxR 6 (GKROP / 8OOHQLXV î FP

)b5*5,. +g*67 SODWR GH SRVWUH ¼ /R]D 'LVHxR 0 9LQND 6 (GKROP / 8OOHQLXV � FP /LOD RVFXUR EODQFR

QRYHGDG /b5' FXEHUWHUtD ¼ SLH]DV ,QFOX\H WHQH GRU FXFKLOOR FXFKDUD \ FXFKDULOOD GH FDGD $FHUR LQR[LGDEOH 'LVH xR 0nUWHQ &\UpQ 32.$/ YDVR ¼ XG 3UHFLR FDWiORJR DQWHULRU ¼ XG 6H SXHGH XVDU SDUD EHELGDV FDOLHQWHV 9LGULR FO ',1(5$ FXHQFR ¼ XG *UHV YLGULDGR FRORUHDGR 'LVHxR 6XVDQ 3U\NH � FP 0DUUyQ

',1(5$ SODWR KRQGR ¼ XG *UHV YLGULDGR FRORUHD GR 'LVHxR 6XVDQ 3U\NH � FP 0DUUyQ ',1(5$ SODWR ¼ XG *UHV YLGULDGR FRORUHDGR 'LVHxR 6XVDQ 3U\NH � FP 0DUUyQ b/0+8/7 WD]yQ ¼ XG *UHV 'LVHxR . +DJEHUJ 0 +DJEHUJ FO %HLJH ,.($ FXHQFR ¼ XG 3RUFHODQD GH IHOGHVSDWR 'LVHxR 6XVDQ 3U\NH � FP 7XUTXHVD FODUR )$17$67,6. VHUYLOOHWD GH SDSHO ¼ XGV FDSDV SDUD PD\RU FDSDFLGDG GH DEVRUFLyQ 3DSHO î FP $]XO FODUR

,.($ SODWR ¼ XG 3RUFHODQD GH IHOGHVSDWR 'LVHxR 6XVDQ 3U\NH � FP %ODQFR

&20(5

/b5 FXEHUWHUtD SLH]DV

¼

QRYHGDG

QRYHGDG

L (Q WX WLHQGD ,.($ SXHGHV YHU PXFKDV PiV FXEHUWHUtDV GH GLVWLQWRV HVWLORV 7DPELpQ HQ ZZZ ,.($ HV ( 6 7$ 3Ã&#x2C6;*,1 $

QRYHGDG /g-$ FXEHUWHUtD ¼ SLH]DV ,QFOX\H WHQHGRU FXFKLOOR FXFKDUD \ FXFKDULOOD XGV GH FDGD $FHUR LQR[LGDEOH LVHxR ( 0RULW] 3 0RULW] QRYHGDG /b5 FXEHUWHUtD ¼ SLH]DV ,QFOX\H WHQHGRU FXFKLOOR FXFKDUD \ FXFKDULOOD XGV GH FDGD $FHUR LQR[LGDEOH LVHxR 0nUWHQ &\UpQ %2186 FXEHUWHUtD ¼ SLH]DV ,QFOX\H WHQHGRU FXFKLOOR FXFKDUD \ FXFKDULOOD XGV GH FDGD $FHUR LQR[LGDEOH LVHxR +HQULN 3UHXW]

618

¼

( 5 ( & + $

%2186 FXEHUWHUtD

½ SLH]DV

,.($ IUXWHUR GH SLVRV ¼ 9LGULR DFHUR LQR[LGDEOH LVHxR /RYLVD :DWWPDQ î $O FP ± QRYHGDG 1b5+(7 FRSDV 9LGULR LVHxR *XQQHO 6DKOLQ &RSD GH YLQR EODQFR ¼ XG FO &RSD GH YLQR WLQWR ¼ XG FO &RSD GH FDYD ¼ XG FO 60$57$ ERO ¼ *UHV LVHxR 0DJQXV (OHElFN � FP %ODQFR QRYHGDG 6( /,* FX EHUWHUtD ¼ SLH]DV ,QFOX\H WHQHGRU FXFKLOOR FXFKDUD \ FXFKDULOOD XGV GH FDGD $FHUR LQR[LGDEOH LVHxR (KOpQ -RKDQVVRQ $59 SODWR ¼ XG *UHV 9LGULDGR FRORUHDGR LVH xR 6LVVD 6XQGOLQJ � FP +XHVR 618 $ HVWDQWH JLUDWRULR ¼ 3UHFLR FDWiORJR DQWHULRU ¼ %DVH JLUDWRULD IDFLOLWD VHUYLUVH $EHGXO PDFL]R � FP

$ HVWDQWH JLUDWRULR

QRYHGDG

9b1/,* YDVR

¼

XGV

9b1/,* MDUUD

½

,2 YDVR ¼ XG H VR SODGR DUWHVDQDO FDGD SURGXFWR HV ~QLFR 9LGULR LVHxR $QQH 1LOVVRQ FO 0DUUyQ %ODQFR 7XUTXHVD 5RMR /((1 ( MDUUD ¼ H VR SODGR DUWHVDQDO FDGD SURGXFWR HV ~QLFR 9LGULR LVHxR $QQH 1LOVVRQ / 7XUTXHVD /((1 ( MDUUD ¼ H VRSODGR DUWHVDQDO FDGD SURGXFWR HV ~QLFR 9LGULR LVHxR $QQH 1LOVVRQ / 9b1/,* YDVR ¼ XGV $SLODEOH FXDQGR OR JXDUGDV DKR UUDV HVSDFLR 9LGULR LVHxR +HQULN 3UHXW] FO ,.($ ,95,* FRSD GH YLQR EODQFR ¼ H VRSODGR DUWHVDQDO &DGD SURGXFWR HV ~QLFR 9LGULR LVHxR 2OD :LKOERUJ FO

,.($ ,95,* FRSD GH YLQR WLQWR ¼ XG H VRSODGR DUWHVDQDO FDGD SURGXFWR HV ~QLFR 9LGULR LVHxR 2OD :LKOERUJ FO

9b1/,* MDUUD ¼ $SLODEOH FXDQGR OD JXDUGDV DKRUUDV HVSD FLR 9LGULR LVHxR +HQULN 3UHXW] / ,.($ ,95,* FRSD GH YLQR ¼ XG H VRSODGR DUWHVDQDO FDGD SURGXFWR HV ~QLFR 9LGULR LVHxR 2OD :LKOERUJ FO

75<** ERO ¼ 9LGULR LVHxR . +DJEHUJ 0 +DJEHUJ � FP

LVHxR +HQULN 3UHXW]

¼

XGV

HVGH HO ]XPR GHO GHVD\XQR KDVWD ODV EHELGDV GH OD FHQD \ £DO ODYDYDMLOODV *2 ,6 0,; YDVR 9LGULR LVHxR +HQULN 3UHXW] FO &RQ GLVHxR QHJUR EODQFR

8QD SHTXHxD JUDQ D\XGD ¢6HUi VX¿FLHQWH" 3DUD TXH FDOFXODU OD FDQWLGDG TXH QHFHVLWDV VHD PiV IiFLO OD SDUWH H[WHULRU GH HVWH ERWH HVWi JUDGXDGD \ HQ OD WDSD WLHQH XQ PHGLGRU $Vt QR SUHSDUDV PiV GH OR TXH QHFHVLWDV \ VDEHV H[DFWDPHQWH OR TXH TXHGD 7DPELpQ HYLWDV GHVSHUGLFLDU FRPLGD \ ORV SDVHRV D OD FRPSUD

¼

5$5,7(7 ERWH FRQ WDSD 3OiVWLFR /

XG

&RFLQDU

QRYHGDG

)$925,7 FDFHUROD FRQ WDSD

¼ XG

)$925,7 VHULH 'LVHxR +DOVNRY 'DOVJDDUG 6DUWpQ ¼ $OXPLQLR DQRGL]DGR FRQ UHYHVWLPLHQWR 7HÃ&#x20AC;RQ� 3URIHVVLRQDO î FP &DFHUROD FRQ WDSD ¼ / 9HU SiJLQD 3DUULOOD ¼ +LHUUR IXQGLGR î FP QRYHGDG ,.($ +-b/7( SLQ]DV GH FRFLQD ¼ 3OiVWLFR \ DFHUR LQR[LGDEOH 'LVHxR +nNDQ 2OVVRQ / FP QRYHGDG )$925,7 EDWLGRU ¼ 9HU SiJLQD QRYHGDG ,.($ +-b/7( FXFKDUyQ ¼ 3OiVWLFR \ DFHUR LQR[LGDEOH 'LVH xR +nNDQ 2OVVRQ / FP .5$)7,* WDEOD GH FRUWDU ¼ 9HU SiJLQD ,.($ ROOD FRQ WDSD ¼ 3UHFLR FDWiORJR DQWHULRU ¼ $FHUR LQR[LGDEOH /

,.($ ROOD FRQ WDSD

¼ XG

0iV XWHQVLOLRV SDUD SHODU FRUWDU \ SLFDU HQ WX WLHQGD ,.($

*581.$ XWHQVLOLRV GH FRFLQD

6/,3$' FXFKLOORV SLH]DV

¼

¼ SLH]DV

SLH]DV

6(1,25 XWHQVLOLRV GH FRFLQD ¼ SLH]DV ,QFOX\H EDWLGRU FXFKDUD \ WHQHGRU WRGRV GH FP +D\D PDFL]D 'LVHxR -RKDQQD -HOLQHN 6/,3$' FXFKL OORV ¼ SLH]DV 3UHFLR FDWiORJR DQWHULRU ¼ 3DUD ORQFKHDU \ GHVKXHVDU IiFLOPHQWH ,QFOX\H FXFKLOOR PXOWLXVRV FP ODUJR WRWDO FP FXFKLOOR PXOWLXVRV FRQ KRMD UHFWD FP ODUJR WRWDO FP \ FXFKLOOR PXOWLXVRV FRQ KRMD FXUYDGD FP ODUJR WRWDO FP $FHUR LQR[L GDEOH \ SOiVWLFR 'LVHxR ' &UDIRRUG 8 9HMEULQN 9DULRV FRORUHV QRYHGDG 67b0 FRUWDSL]]D ¼ XG 3OiVWLFR \ DFHUR LQR[LGD EOH 'LVHxR 0LD *DPPHOJDDUG / FP 9DULRV FRORUHV 675c/$1'( SLFDGRU ¼ 3OiVWLFR \ DFHUR LQR[LGDEOH 'LVHxR +HQULN 3UHXW] � $O FP %ODQFR QRYHGDG 635,77$ H[SULPLGRU ¼ ,QFOX\H GRV DFFHVRULRV SDUD H[SULPLU GH GLVWLQWR WDPDxR 3OiVWLFR \ DFHUR LQR[LGDEOH 'LVHxR &DUO gMHUVWDP î $O FP QRYHGDG 67b0 PHGLGRU ¼ MXHJR GH ,QFOX\H PLOLOLWUR FXFKDUDGD GH FDIp FX FKDUDGD VRSHUD \ GHFLOLWUR 3OiVWLFR 'LVHxR 0LD *DPPHOJDDUG 9DULRV FRORUHV *581.$ XWHQVLOLRV GH FRFLQD ¼ SLH]DV ,QFOX\H FXFKDUD FP FXFKDUyQ FP SDOD FP \ XWHQVLOLR SDUD VSDJKHWWL FP $FH UR LQR[LGDEOH QRYHGDG 67b0 SHODGRU ¼ XG 3OiVWLFR \ DFHUR LQR[LGDEOH 'LVHxR 0LD *DPPHOJDDUG / FP &RORUHV YDULDGRV QRYHGDG 635,77$ FRUWDPDQ]DQDV ¼ 3OiVWLFR \ DFHUR LQR[LGD EOH 'LVHxR &DUO gMHUVWDP � $O FP 9HUGH

QRYHGDG

67b0 SHODGRU

¼ XG

QRYHGDG

0iV ROODV \ VDUWHQHV SDUD WX FRFLQD HQ ZZZ ,.($ HV

QRYHGDG

6.b1.$ EDWHUtD GH SLH]DV

¼

( 6 7$ 3Ã&#x2C6;*,1 $

6.b1.$ EDWHUtD GH SLH]DV ¼ 3UHFLR FDWiORJR DQWHULRU ¼ $OXPLQLR FRQ UHYHVWLPLHQWR 7HÃ&#x20AC;RQ� 6HOHFW LVHxR +HQULN 3UHXW] ,QFOX\H ROOD FRQ WDSD \ / FDFHUROD / \ VDUWpQ � FP 870b5.7 VHULH 3OiVWLFR GH SROLDPLGD UHIRU]DGR LVHxR 0DUFXV $UYRQHQ &XFKDUyQ ¼ / FP &XFKDUyQ SDUD HVSDJXHWL ¼ / FP 870b5.7 HVSiWXOD ¼ / FP 6.b1.$ VDUWpQ ¼ $OXPLQLR FRQ UHYHVWLPLHQWR 7HÃ&#x20AC;RQ� 6HOHFW � FP

,.($ VDUWpQ ¼ $FHUR LQR[LGDEOH FRQ UHYHVWLPLHQWR 7HÃ&#x20AC;RQ� 3ODWLQXP � FP ,.($ ROOD FRQ WDSD ¼ $FHUR LQR[LGDEOH /

( 5 ( & + $

,.($ VDUWpQ

¼

QRYHGDG 67$%,/ DFFHVRULR SDUD FRFLQDU DO YDSRU ¼ $FHUR LQR[LGDEOH QRYHGDG )$925,7 EDWLGRU ¼ 3OiVWLFR GH SROLDPLGD \ DFHUR LQR[LGDEOH ± )$925,7 VHULH $FHUR LQR[LGDEOH \ Q~FOHR GH DOXPLQLR LVHxR +DOVNRY DOVJDDUG 2OOD FRQ WDSD ¼ / &DFHUROD FRQ WDSD ¼ / &DFHUROD FRQ WDSD ¼ / QRYHGDG )$925,7 HVSiWXOD ¼ 3OiVWLFR GH SROLDPLGD FDX FKR GH VLOLFRQD \ DFHUR LQR[LGDEOH

/DV ROODV \ VDUWHQHV GH OD VHULH ,.($ WLHQHQ JDUDQWtDV GH R GH DxRV /D VHULH )$925,7 WLHQH JDUDQWtD GH R GH DxRV 0iV LQIRUPDFLyQ VREUH QXHVWUDV JDUDQWtDV HQ OD SiJLQD

)$925,7 FDFHUROD FRQ WDSD

¼

4XHUHPRV D\XGDUWH D DKRUUDU WLHPSR \ GLQHUR SRU HVR GLVHxDPRV HVWRV ERWHV SDUD JXDUGDU DOLPHQWRV \ TXH VH PDQWHQJDQ IUHVFRV $Vt WDPELpQ WH DKRUUDUiV DOJXQDV YLVLWDV DO VXSHUPHUFDGR

75,33 ERWH FRQ WDSD

( 6 7$ 3Ã&#x2C6;*,1 $

,.($ ERWH FRQ WDSD

¼

XG

,.($ VHULH 3OiVWLFR GH SROLSURSLOHQR FDXFKR VLQWpWLFR 'LVHxR +nNDQ 2OVVRQ %RWH FRQ WDSD ¼ XG î $O FP &DSDFLGDG / %ODQFR URMR %RWH FRQ WDSD ¼ XG î $O FP &DSDFLGDG / %ODQFR URMR %RWH FRQ WDSD ¼ XG î $O FP &DSDFLGDG / 7UDQVSDUHQWH EODQFR %RWH FRQ WDSD ¼ XG î $O FP &DSDFLGDG / 7UDQVSD UHQWH EODQFR %RWH FRQ WDSD ¼ XG î $O FP &DSDFLGDG / %ODQFR URMR %RWH FRQ WDSD ¼ XG î $O FP &DSDFLGDG / %ODQFR URMR

MJR ¼

'( 5 ( & + $

& 2 & , 1 $ 5

QRYHGDG 75,33 ERWH FRQ WDSD ¼ MXHJR GH $GHFXD GRV SDUD DOPDFHQDU FDIp Wp \ VLPL ODUHV 7DPDxRV XG [ $O FP / XG [ $O FP / \ XG [ $O FP / $FHUR EDxR GH HVWDxR ODFD 'LVHxR 6 (GKROP / 8OOHQLXV %ODQFR QHJUR

,'(/,* FXHQFR GH SDVWHOH UtD ¼ 0HODPLQD 'LVHxR 0LD *DPPHOJDDUG / %ODQFR URMR

'5g00$5 PROGH SDUD PDGD OHQDV ¼ $FHUR FRQ UHYHVWL PLHQWR 7HÃ&#x20AC;RQ�3ULPD 'LVHxR & 7XEHUWLQL 0 $UYRQHQ î FP 5RMR QRYHGDG '5g00$5 PROGH SDUD PDGDOHQDV ¼ XGV 9DULRV GLEXMRV

QRYHGDG

+RMDV GH DFHUR LQR[LGDEOH IRUMDGDV PDQJRV GXUDGHURV \ HUJRQRPtD FRQIRUWDEOH /RV FXFKLOORV ,.($ *1,675$ VRQ GH JUDQ FDOLGDG SHUR QR GH DOWR SUHFLR

,.($ *1,675$ FXFKLOOR PXOWLXVRV

¼

,.($ *1,675$ FXFKLOOR GH SDQ ¼ HELGR DO GLVHxR \ PDWHULDO GHO PDQJR VH VXMHWD FRQ IDFLOLGDG $FHUR LQR[LGDEOH GH PROLEGHQR YDQDGLR \ FDXFKR LVHxR +nNDQ 2OVVRQ +RMD / FP 1HJUR ,.($ *1,675$ FXFKLOOR PXOWLXVR ¼ HELGR DO GLVHxR \ PDWHULDO GHO PDQJR VH VXMHWD FRQ IDFLOLGDG $FHUR LQR[LGDEOH GH PROLEGHQR YDQDGLR \ FDXFKR LVHxR +nNDQ 2OVVRQ +RMD / FP 1HJUR 6/,7%$5 FXFKLOOR GH FKHI ¼ +RMD PX\ UHVLVWHQWH SDUD FRUWDU \ SLFDU FDUQH WXEpUFXORV HWF $FHUR LQR[LGDEOH GH PROLEGH QR YDQDGLR \ PDGHUD GH SDNND LVHxR 0nUWHQ &\UpQ +RMD / FP 0DUUyQ RVFXUR 6/,7%$5 FXFKLOOR SDUD SHODU ¼ 3HTXHxR \ SUiFWLFR SDUD SHODU \ UHFRUWDU FRQ IDFLOLGDG IUXWDV \ YHUGXUDV $FHUR LQR[LGDEOH GH PROLEGHQR YDQDGLR \ PDGHUD GH SDNND LVHxR 0nUWHQ &\UpQ +RMD / FP 0DUUyQ RVFXUR .5$)7,* WDEOD GH FRUWDU ¼ 6XSHU¿FLH GH PDGHUD 0X\ GXUDGHUD SURWHJH HO ¿OR GH ORV FXFKLOORV $FDFLD PDFL]D WUDWDGD FRQ DFHLWH LVHxR +HQULN 3UHXW] î FP

¼

MJR

3XHGHV FRPSUDU XQ FXFKLOOR TXH FRUWH HO PHWDO R FRQVHJXLU WUHV TXH SUHSDUDQ OD FHQD GH PDUDYLOOD

7RGRV ORV FXFKLOORV GH OD VHULH 6/,7%$5 WLHQHQ XQD JDUDQWtD GH DxRV /D VHULH ,.($ *1,675$ WLHQH XQD JDUDQWtD GH DxRV 0iV LQIRUPDFLyQ VREUH QXHVWUDV JDUDQWtDV HQ SiJLQD

)$77%$5 FXFKLOORV ,QFOX\H FXFKLOOR GHO FKHI FP ODUJR WRWDO FP

FXFKLOOR PXOWLXVRV FP ODUJR WRWDO FP \ FXFKLOOR GH SHODU FP ODUJR WRWDO FP $FHUR LQR[LGDEOH \ FDXFKR LVHxR &UDIRRUG 8 9HMEULQN %ODQFR QHJUR

QRYHGDG %,5*,7 PDQWD ¼ ODQD $GRUQR SROLpVWHU 'LVHxR 0DOLQ cNHUEORP î FP *ULV PXOWLFRORU QRYHGDG %,5*,7 /,1-( FRMtQ ¼ XG 7HOD H[WHULRU ODQD \ YLVFRVD UD\yQ 'LVHxR 0DOLQ cNHUEORP î FP 5RMR PXOWLFRORU QRYHGDG %,5*,7 FRMtQ ¼ 7HOD H[WHULRU DOJRGyQ 5HOOHQR ¿EUDV GH SROLpVWHU 'LVHxR 0DOLQ cNHUEORP î FP %ODQFR PXOWLFRORU QRYHGDG %,5*,7 5$1' FRMtQ ¼ XG 7HOD H[WHULRU UDPLR 5HOOHQR SROLpVWHU î FP $]XO QRYHGDG %,5*,7 IXQGD QyUGLFD \ GH DOPRKDGD ¼ DOJRGyQ 'LVHxR (PPD -RQHV )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP %ODQFR URMR QRYHGDG %,5*,7 FRUWLQDV ¼ SDU DOJRGyQ 'LVHxR 0DOLQ cNHUEORP î FP %ODQFR PXOWLFRORU

%,5*,7 FRUWLQDV

¼ SDU

QRYHGDG

QRYHGDG

%,5*,7 5$1' FRMtQ

¼ XG

7H[WLOHV

9HQ D OD WLHQGD HOLJH WX HVWLOR \ OOpYDWHOR KR\ PLVPR

,.($ 5,63 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD ¼ O\RFHOO DOJRGyQ 'LVHxR 0DULD 9LQND )XQGD QyUGLFD î FP 'RV IXQGDV GH DOPRKDGD î FP $]XO EODQFR 2)(/,$ 9$66 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD ¼ DOJRGyQ 'LVHxR &KDUORWWH 6NDN )XQGD QyUGLFD î FP 'RV IXQGDV GH DOPRKDGD î FP %ODQFR +(11< &,5.(/ IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD ¼ DOJRGyQ 'LVHxR .D]X\R 1RPXUD )XQGD QyUGLFD î FP 'RV IXQGDV GH DOPRKDGD î FP %ODQFR D]XO JULViFHR $/,1$ FROFKD \ IXQGDV GH FRMtQ ¼ &ROFKD \ IXQGDV GH FRMtQ DFROFKDGDV H[WUD VXDYHV 7HOD H[WHULRU DOJRGyQ 5HOOHQR )LEUDV GH SROLpVWHU &ROFKD î FP 'RV IXQGDV GH FRMtQ î FP %ODQFR

2)(/,$ 9$66 IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD

¼

+(11< &,5.(/ IXQGD QyUGLFD \ IXQGDV GH DOPRKDGD

¼

QRYHGDG QRYHGDG

7$1-$ %52'<5 IXQGD QyUGLFD \ IXQGD GH DOPRKDGD

¼

9,/'5,6 IXQGD QyUGLFD \ IXQGD GH DOPRKDGD

(O DOJRGyQ GH OD URSD GH FDPD '9$/$ VH KD FXOWLYD GR XWLOL]DQGR PHQRV DJXD \ SURGXFWRV TXtPLFRV

$1'5($ 6$7,1 IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ 6DWpQ GH DOJRGyQ 'LVHxR &KDUORWWH 6NDN )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP 3~USXUD PXOWLFRORU 9,/$ IXQGD GH DOPRKDGD ¼ 6DWpQ GH DOJRGyQ TXH GD XQD VXDYLGDG \ EULOOR HVSHFLDOHV î FP 3~USXUD %/c6,33$ IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ 6DWpQ GH DOJRGyQ TXH GD XQD VXDYLGDG \ EULOOR HVSHFLDOHV )XQGD

7(; 7,/(6

QyUGLFD î FP )XQGD GH DOPRKDGD î FP *ULV RVFXUR 7$1-$ %52'<5 IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ 3UHFLR FDWiORJR DQWHULRU ¼ )XQGD QyUGLFD GH VDWpQ GH DOJRGyQ î FP )XQGD GH DOPRKDGD î FP 0DUUyQ FODUR QRYHGDG .$5,7 FROFKD \ IXQGD GH DOPRKDGD ¼ &ROFKD UHYHUVLEOH GH FRORU FODUR SRU XQ ODGR \ RVFXUR SRU HO RWUR

3ROLSURSLOHQR \ SROLpVWHU &ROFKD î FP )XQGD GH DOPRKDGD î FP %HLJH FODUR '9$/$ IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ &RUFKHWHV D SUHVLyQ RFXOWRV DOJRGyQ )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP 5RMR

½ QRYHGDG 1<321526 IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ 7HxLGR HQ KLODGR HO KLOR VH WLxH DQWHV GH KLODUVH OR TXH OH GD JUDQ VXDYLGDG DOJRGyQ )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP %ODQFR YHUGH

QRYHGDG %,5*,7 63(76 IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ &RUFKHWHV D SUHVLyQ RFXOWRV DOJRGyQ 'LVHxR 0DOLQ cNHUEORP )XQGD

QyUGLFD î FP )XQGD GH DOPRKDGD î FP 0XOWLFRORU $/9,1( g57(5 IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ DOJRGyQ )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP 0XOWLFRORU ,.($ 6g01,* IXQGD GH DOPRKDGD ¼ O\RFHOO DOJRGyQ î FP %ODQFR QRYHGDG 9,/'5,6 IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ SROLpVWHU

DOJRGyQ 'LVHxR .D]X\R 1RPXUD )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP 9HUGH '9$/$ IXQGD GH DOPRKDGD ¼ XGV DOJRGyQ î FP 9HUGH YLYR WDPELpQ GLVSRQLEOH HQ FRORUHV PiV \ HQ î FP

7RGDV QXHVWUDV IXQGDV QyUGLFDV HVWiQ WDPELpQ GLVSRQLEOHV HQ î FP

7 2 ' 2 ( / $ f 2 ( 6 7Ã&#x2C6; 1 / / ( * $ 1 ' 2 1 8 ( 9 2 6 3 52 ' 8 & 7 2 6 $ 7 8 7 , ( 1 ' $ , . ( $ 7 ( ; 7 , / ( 6

5(1$7( IXQGD QyUGLFD \ IXQGD GH DOPRKDGD

¼

%581.5,66/$ IXQGD QyUGLFD \ IXQGD GH DOPRKDGD

¼

5(1$7( IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ 6DWpQ GH DOJRGyQ TXH WLHQH XQD VXDYLGDG \ EULOOR HVSHFLDOHV 'LVHxR (PPD -RQHV )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP 0XOWLFRORU %581.5,66/$ IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ DOJRGyQ 'LVHxR 0RQLND 0XOGHU )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP $]XO QRYHGDG */$6g57 .8//( IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ 5RSD GH FDPD GH KLOR ¿QR \ WHMLGR GHQVR PX\ VXDYH \ UHVLVWHQWH DOJRGyQ 'LVHxR 6 (GKROP / 8OOHQLXV )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP 0XOWLFRORU 5(1$7( )/25$ IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ DOJRGyQ 'LVHxR (PPD -RQHV )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP 0XOWLFRORU

.1233$ ViEDQD EDMHUD DMXVWDEOH ¼ 6iEDQD DMXVWDEOH FRQ HOiVWLFR $OWXUD Pi[ GH FP SROLpVWHU DOJRGyQ î FP %ODQFR

7RGDV ODV IXQGDV QyUGLFDV HVWiQ WDPELpQ GLVSRQLEOHV HQ î FP

.1233$ ViEDQD EDMHUD DMXVWDEOH

¼

'LVHxR .D]X\R 1RPXUD

¼

3XHGHV FDPELDU HO HVWLOR GH WX KDELWDFLyQ GXUDQWH HO ¿Q GH VHPDQD FRORFDQGR SDSHO SLQWDGR HQ OD SDUHG R HQ FLQFR PLQXWRV VL FDPELDV OD URSD GH FDPD

QRYHGDG +(11< &,5.(/ IXQGD QyUGLFD \ IXQGD GH DOPRKDGD ¼ DOJRGyQ )XQGD QyUGLFD î FP )XQGD GH DOPRKDGD î FP %ODQFR D]XO JULViFHR

£4Xp IiFLO HV UHQRYDU HO EDxR

%5('*581' FRUWLQD GH GXFKD 7HOD GH SROLpVWHU GH WHMLGR GHQVR FRQ UHYHVWLPLHQ WR TXH UHSHOH HO DJXD SROLpVWHU 'LVHxR (PPD -RQHV î FP 5D\DV DQFKDV PXOWLFRORU 5D\DV JULV

± ± )5b-(1 VHULH 7RDOOD GH ELGp î FP 7RDOOD GH PDQR î FP 7RDOOD GH EDxR î FP 7RDOOD GH GXFKD î FP DOJRGyQ 'LVSRQLEOH HQ FRORUHV 7RDOOD GH EDxR ¼ XG )XFVLD 7RDOOD GH EDxR ¼ XG 5RMR 7RDOOD GH GXFKD ¼ XG 1DUDQMD 7RDOOD GH GXFKD ¼ XG %ODQFR 7RDOOD GH GXFKD ¼ XG 1HJUR 7RDOOD GH PDQR ¼ XG %HLJH 7RDOOD GH PDQR ¼ XG $]XO 7RDOOD GH PDQR ¼ XG 7XUTXHVD *8%%6.b5 DOIRPEULOOD GH EDxR ¼ XG SROLSURSLOHQR 'LVHxR (PPD -RQHV î FP 1HJUR EODQFR 5RMR QDUDQMD $]XO D]XO FODUR

6$/7*581' FRUWLQD GH GXFKD ¼ SROLpVWHU 'LVHxR (PPD -RQHV î FP 5D\DV EODQFR ± QRYHGDG +b5(1 VHULH DOJRGyQ 7RDOOD GH EDxR ¼ XG î FP 9HUGH 7RDOOD GH PDQR ¼ XG î FP 7XUTXHVD ± 1b&.7(1 VHULH %ODQFR 7RDOOD GH PDQR ¼ XG DOJRGyQ î FP

$OIRPEULOOD GH EDxR ¼ SROLSURSLOHQR î FP

+b5(1 WRDOOD GH EDxR

¼ XG

QRYHGDG

1b&.7(1 WRDOOD GH PDQR

*8%%6.b5 DOIRPEULOOD GH EDxR

¼ XG

½ XG

'HMD TXH HQWUH PXFKD OX] SHUR QR ODV PLUDGDV LQGLVFUHWDV

.9$57$/ ULHO SDUD FRUWLQD SDQHO GH UDtOHV

¼ XG

&RQ HO VLVWHPD GH ULHOHV .9$57$/ HV IiFLO FRPELQDU SDQHOHV \ FRUWLQDV HQ XQD KDELWDFLyQ /RV ULHOHV VH ¿MDQ D OD SDUHG R DO WHFKR \ SXHGHV XQLUORV R FRUWDUORV D OD ORQJLWXG TXH QHFHVLWHV 7LHQHV PiV LGHDV HQ ZZZ ,.($ HV WH[WLOHV

$112 9$&.(5 SDQHO MDSRQpV

¼ XG $1,7$ FRUWLQDV FRQ DO]DSDxRV ¼ SDU 0DWHULDO JUXHVR \ SHVDGR DPRUWLJXD HO VRQLGR EORTXHD OD OX] VRODU \ OD YLVWD GHVGH HO H[WHULRU 7HMLGR -DFTXDUG XQD WpFQLFD TXH FUHD XQ GLVHxR GHFRUDWLYR HQ OD SURSLD WHOD SROLpVWHU î FP %ODQFR $112 9$&.(5 SDQHO MDSRQpV ¼ XG 3DQHO MDSRQpV ¿QR \ WUDQVSDUHQWH )LOWUD OD OX] DOJRGyQ SROLpVWHU 'LVHxR &DPLOOD 'LHGULFK î FP %ODQFR $112 6$1(/$ SDQHO MDSRQpV ¼ XG 3DQHO MDSRQpV TXH SURWHJH \ EORTXHD ORV UD\RV GH VRO SHUR SHUPLWH OD HQWUDGD GH OX] SDSHO SROLpVWHU î FP *ULV .9$57$/ VHULH $OXPLQLR 5LHO SDUD FRUWLQD SDQHO GH UDtO ¼ XG / FP 5LHO SDUD FRUWLQD SDQHO GH UDtOHV ¼ XG / FP 3LH]D GH HVTXLQD ¼ XG +HUUDMH GH SDUHG ¼ XG / FP

3DWD GHVOL]DQWH ¼ XGV %ODQFR

%DUUD VXSHULRU H LQIHULRU ¼ MXHJR / FP %DUUD WLUDGRU ¼ XG / FP

/,1'021 SHUVLDQD

¼

7833/85 HVWRU

¼

5(1$7( )/25$ FRUWLQDV

¼ SDU

)/<1 /,// SDQHO MDSRQpV

½ XG

8QD QRFKH GH EXHQ GHVFDQVR

3DUD WHQHU XQD OX] VXDYH

&RQWURO WRWDO GH OD OX]

+DVWD VHLV FDSDV

/(1'$ FRUWLQDV FRQ DO]DSDxRV ¼ SDU &RUWLQD TXH EORTXHD OD HQWUDGD GH UD\RV GH VRO \ WDPL]D OD OX] DOJRGyQ EODQTXHDGR î FP 7833/85 HVWRU ¼ 'LVSRQLEOH HQ YDULDV PHGLGDV \ FRORUHV (VWRU SDUD XQD RVFXULGDG WRWDO FRQ UHYHVWLPLHQWR HVSHFLDO TXH LPSLGH HO SDVR GH OD OX] DOJRGyQ \ WUDWDPLHQWR FRQ SOiVWLFR DFUtOLFR î FP 1HJUR 9c*(1 MXHJR SDUD FRUWLQD ¼ ,QFOX\H EDUUD GH FRUWLQD UHJXODEOH FP KHUUDMHV GH SDUHG \ WRSHV $FHUR 'LVHxR -RKDQQD -HOLQHN *ULV SODWD ¼ / FP

5(1$7( )/25$ FRUWLQDV ¼ SDU &RUWLQD ¿QD \ GHOLFDGD TXH WDPL]D OD OX] VXDYHPHQWH SROLpVWHU DOJRGyQ 'LVHxR (PPD -RQHV î FP 0XOWLFRORU (1-( HVWRU ¼ 'LVSRQLEOH HQ YDULDV PHGLGDV \ FRORUHV (O HVWRU ¿OWUD OD OX] UHGXFH ORV UHÃ&#x20AC;HMRV HQ OD 79 \ ODV SDQWDOODV GH RUGHQDGRU 3XHGH PRQWDUVH HQ HO PDUFR GH OD YHQWDQD WDQWR SRU GHQWUR FRPR SRU IXHUD \ WDPELpQ HQ HO WHFKR 7HOD SROLpVWHU Q\ORQ 5LHO LQIHULRU DOXPLQLR î FP %ODQFR ,5-$ MXHJR SDUD FRUWLQD ¼ $FHUR \ SOiVWLFR GH SROLSURSLOHQR 'LVHxR -RKDQQD -HOLQHN / FP %ODQFR

$/9,1( .277$5 FRUWLQDV ¼ SDU &RUWLQD TXH EORTXHD OD HQWUDGD GH UD\RV GH VRO \ WDPL]D OD OX] 3DVDGRUHV RFXOWRV HQ OD SDUWH VXSHULRU OLQR DOJRGyQ î FP %ODQFR JULV /,1'021 SHUVLDQD ¼ 'LVSRQLEOH HQ YDULRV DQFKRV ODUJRV \ FRORUHV 0DGHUD GH IURQGRVDV WHxLGD GH PDUUyQ \ EDUQL] LQFRORUR î FP 7b/-$5( MXHJR SDUD FRUWLQD ¼ 3DUD PRQWDU HQ OD SDUHG 6LQ WRUQLOORV D OD YLVWD ,QFOX\H EDUUD GH FRUWLQD KHUUDMHV GH SDUHG \ WRSHV $EHGXO PDFL]R \ DFHUR 'LVHxR &HFLOLD 6W||S / FP 0DUUyQ RVFXUR QHJUR

$112 ,1(= SDQHO MDSRQpV ¼ XG 3DQHO MDSRQpV ¿QR \ WUDQVSDUHQWH )LOWUD OD OX] YLVFRVD SROLpVWHU 'LVHxR (ULND 3HNNDUL î FP )/<1 /,// SDQHO MDSRQpV ¼ XG 3DQHO MDSRQpV ¿QR \ WUDQVSDUHQWH )LOWUD OD OX] SROLpVWHU î FP 5RVD RVFXUR .9$57$/ VHULH $OXPLQLR %DUUD SDUD FRUWLQD JXtDV ¼ / FP +HUUDMH SDUD WHFKR ¼ XG %DUUD VXSHULRU H LQIHULRU ¼ MXHJR / FP %DUUD WLUDGRU ¼ / FP

7(; 7,/(6

3 5 ( & ,2 6 ' ( / & $7Ã&#x2C6; / 2 * 2 9Ã&#x2C6; / , ' 2 6 + $ 6 7$ ( / ' ( - 8 / ,2 ' ( 7 ( ; 7 , / ( 6

+(11< FRUWLQDV ¼ SDU 0H]FOD GH DOJRGyQ \ OLQR &RPELQD OD VXDYLGDG GHO DOJRGyQ FRQ HO EULOOR \ ORV UHÃ&#x20AC;HMRV GHO OLQR OLQR DOJRGyQ 'LVHxR .D]X\R 1RPXUD î FP %ODQFR D]XO

0(5(7( FRUWLQDV ¼ SDU DOJRGyQ î FP $]XO RVFXUR /,// FRUWLQDV ¼ SDU SROLpVWHU î FP %ODQFR

,.($ 672&.+2/0 %/$' FRUWLQDV ¼ SDU 0DWHULDO JUXHVR \ SHVDGR DPRUWLJXD HO VRQLGR EORTXHD OD OX] VRODU \ OD YLVWD GHVGH HO H[WHULRU OLQR DOJRGyQ 'LVHxR 0DULD cVWU|P î FP $]XO

9,/0,( FRUWLQDV ¼ SDU SROLpVWHU 'LVHxR (PPD -RQHV î FP 1HJUR EHLJH

$1,7$ FRUWLQDV FRQ DO]DSDxRV ¼ SDU SROLpVWHU î FP 0DUUyQ +(11< 5$1' FRUWLQDV ¼ SDU DOJRGyQ 'LVHxR .D]X\R 1RPXUD î FP %ODQFR PDUUyQ JULV

QRYHGDG %,5*,7 /-89 FRUWLQDV ¼ SDU &RUWLQD TXH EORTXHD OD HQWUDGD GH UD\RV GH VRO \ WDPL]D OD OX] OLQR YLVFRVD 'LVHxR 0DOLQ cNHUEORP î FP %ODQFR PXOWLFRORU

:,/0$FRUWLQDV ¼ SDU DOJRGyQ SROLpVWHU î FP 9HUGH YLYR

$/9,1( 63(76 FRUWLQDV ¼ SDU SROLpVWHU î FP +XHVR 6$5,7$ FRUWLQDV ¼ SDU SROLpVWHU î FP )XFVLD $]XO YLYR

5(1$7( )/25$ FRUWLQDV ¼ SDU SROLpVWHU DOJRGyQ 'LVHxR (PPD -RQHV î FP 0XOWLFRORU 5,79$ FRUWLQDV FRQ DO]DSDxRV ¼ SDU &RUWLQD TXH EORTXHD OD HQWUDGD GH UD\RV GH VRO \ WDPL]D OD OX] DOJRGyQ î FP 1DUDQMD

7(; 7,/(6

QRYHGDG

6$5,7$ FRUWLQDV

¼ SDU /,// FRUWLQDV

½ DU $1,7$ FRUWLQD FRQ DO]DSDxRV

¼ SDU

9HQ D OD WLHQGD \ HVFRJH HQWUH PiV GH FRUWLQDV

&RQRFH D QXHVWURV GLVHxDGRUHV

+D\ HVSHUiQGRWH HQ WX WLHQGD

'LVHxR (PPD -RQHV

'LVHxR /RWWD .�KOKRUQ

³&XDQGR GLVHxp ODV WHODV %5,77(1 SHQVp HQ PL PXGDQ]D GHVGH XQD JUDQ FLXGDG HQ (( 88 D XQD SHTXHxD HQ 6XHFLD 0H VRUSUHQGLy HO HQFDQWR \ HO LQGLYLGXDOLVPR GH ODV FDVDV VXHFDV \ VX HVWLOR HVFDQGLQDYR 7DPELpQ UHFRUGp ORV KRJDUHV HQ ORV TXH KH YLYLGR \ OD UHODFLyQ TXH HVWDEOH]FR HQWUH ORV Q~PHURV ODV SXHUWDV GH HQWUDGD \ ORV HGL¿FLRV &DGD Q~PHUR FRUUHVSRQGH D XQD SXHUWD GLIHUHQWH \ D XQ FDStWXOR GLVWLQWR HQ PL YLGD´

³(O ERVTXH OD FLXGDG HOHPHQWRV JUi¿FRV \ PDULQRV VRQ LPiJHQHV FRQ ODV TXH KH WUDEDMDGR SDUD FUHDU OD VHULH $11$02$ %XVTXp LQVSLUDFLyQ HQ ORV FXHQWRV \ IiEXODV GH DQLPDOHV 7DPELpQ SHQVp HQ OXJDUHV \ FRVDV TXH PH JXVWDQ FRPR /DSRQLD DO QRUWH GH 6XHFLD \ HO EDUULR GH 6NDQVWXOO GH (VWRFROPR 6RQ GLEXMRV OODPDWLYRV \ FDGD XQR FXHQWD VX SURSLD KLVWRULD 0H LPDJLQR HVWDV WHODV HQPDUFDGDV FRPR VL IXHUDQ FXDGURV £(VSHUR TXH WH JXVWHQ ´

± %5,77(1 VHULH DOJRGyQ $Q FP %5,77(1 +86 WHOD ¼ P %5,77(1 678*$ WHOD ¼ P %5,77(1 +86 WHOD ¼ P %5,77(1 'g55 WHOD ¼ P

$11$02$ WHOD

¼ P %5,77(1 +86 WHOD

¼ P

± $11$02$ WHOD ¼ P DOJRGyQ $Q FP $PDULOOR FODUR 9HUGH FODUR 9HUGH $]XO

$/9,1( 63(76,* IXQGD GH FRMtQ ¼ XG %RUGDGD FRQ KLORV GH GLVWLQWRV FRORUHV 3DUD FRMLQHV LQWHULRUHV GH [ FP DOJRGyQ î FP %ODQFR PXOWLFRORU %,5*,7 FRMtQ ¼ %RUGDGR FRQ KLORV GH GLVWLQWRV FRORUHV 7HMLGR H[WHULRU DOJRGyQ 5HOOHQR ¿EUDV GH SROLpVWHU 'LVHxR 0DOLQ cNHUEORP î FP %ODQFR PXOWLFRORU ,.($ 672&.+2/0 PDQWD ¼ /DQD GH PRKDLU FRQ EULOOR VHGRVR PRKDLU DFUtOLFR ODQD SROLpVWHU 'LVHxR 0DULD 9LQND î FP $]XO ,.($ 672&.+2/0 FRMtQ ¼ 7HUFLRSHOR GH DOJRGyQ PiV EULOODQWH \ VXDYH RIUHFH XQ WDFWR DJUDGDEOH SOXPDV GH DYHV DFXiWLFDV 'LVHxR cVD *UD\ î FP $]XO .$-6$ 5$1' IXQGD GH FRMtQ ¼ XGV 'RV IXQGDV GH FRMtQ HQ FRORUHV D MXHJR 3DUD FRMLQHV LQWHULRUHV GH [ FP

DOJRGyQ 'LVHxR $QQD 6DODQGHU î FP 1DUDQMD PXOWLFRORU

+(11< 5$1' IXQGD GH FRMtQ ¼ %RUGDGD FRQ KLORV GH GLVWLQWRV FRORUHV DOJRGyQ 'LVHxR .D]X\R 1RPXUD î FP %ODQFR PDUUyQ JULV 9,/0,( PDQWD ¼ 7HxLGR HQ KLODGR ORV FRORUHV VH PDQWLHQHQ ODYDGR WUDV ODYDGR ODQD SROLpVWHU 'LVHxR (PPD -RQHV î FP 1HJUR 9,/0,( 587$ FRMtQ ¼ 5DPLR WHMLGR PX\ EULOODQWH \ UHVLVWHQWH GH FDOLGDG JUXHVD )XQGD GH FRMtQ UDPLR 5HOOHQR ¿EUDV GH SROLpVWHU 'LVHxR (PPD -RQHV î FP 0XOWLFRORU 9,/0,( ),*85 IXQGD GH FRMtQ ¼ XG 7HxLGR HQ KLODGR ORV FRORUHV VH PDQWLHQHQ ODYDGR WUDV ODYDGR 3DUD FRMLQHV LQWHULRUHV GH [ FP DOJRGyQ 'LVHxR (PPD -RQHV î FP 1HJUR EHLJH

5(1$7( FRMtQ ¼ XG 7HUFLRSHOR GH DOJRGyQ PiV EULOOR \ VXDYLGDG DO WDFWR 7HMLGR DOJRGyQ 5HOOHQR SOXPDV GH DYHV DFXiWLFDV 'LVHxR (PPD -RQHV � FP 5RVD PXOWLFRORU

,50$ PDQWD ¼ XG %RUUHJXLOOR VXDYH \ IiFLO GH PDQWHQHU SROLpVWHU î FP $]XO FODUR /86< %/20 FRMtQ ¼ XG $OJRGyQ HVSXPD GH SROLXUHWDQR ¿EUDV GH SROLpVWHU 'LVHxR &LOOD 5DPQHN î FP $]XO PXOWLFRORU

32/$59,'( PDQWD ¼ XG 3UHFLR FDWiORJR DQWHULRU ¼ XG SROLpVWHU î FP 9HUGH 'LVSRQLEOH HQ YDULRV FRORUHV *5$1$7 FRMtQ ¼ XG 7HMLGR H[WHULRU DOJRGyQ 5HOOHQR ¿EUDV GH SROLpVWHU î FP 9HUGH

.$-6$ 5$1' IXQGD GH FRMtQ

¼ XGV

,50$ PDQWD

½ XG

32/$59,'( PDQWD

¼ XG

( 6 7$ 3Ã&#x2C6;*,1 $

.$-6$ DOIRPEUD GH SHOR FRUWR ¼ 'H SHOR GHQVR \ JUXHVR FUHD XQD VXSHU¿FLH VXDYH SDUD ORV SLHV \ DPRUWLJXD HO VRQLGR $OIRPEUD DOPRKDGLOODGD D PiTXLQD 3HOR ODQD \ Q\ORQ 'LVHxR $QQD 6DODQGHU î FP 0XOWLFRORU '( 5 ( & + $

.$-6$ DOIRPEUD GH SHOR FRUWR

¼

9,77(1 DOIRPEUD GH SHOR ODUJR ¼ $OIRPEUD DQXGDGD D PDQR SRU GLHVWURV DUWHVDQRV FDGD SLH]D HV ~QLFD 3HOR SXUD ODQD YLUJHQ î FP %ODQFR c'80 DOIRPEUD GH SHOR FRUWR ¼ /DV DOIRPEUDV GH SROLSURSLOHQR DSHQDV GHVSUHQGHQ SHOXVD $OIRPEUD WHMLGD D PiTXLQD 3HOR SROLSURSLOHQR î FP 9HUGH 'LVSRQLEOH HQ FRORUHV \ WDPDxRV

/86< %/20 DOIRPEUD GH SHOR FRUWR ¼ 3UHFLR FDWiORJR DQWHULRU ¼ 3ROLSURSLOHQR WUDWDGR DO FDORU KDFH TXH OD DOIRPEUD VHD PX\ VXDYH DJUDGDEOH D OD SLVDGD $OIRPEUD WHMLGD D PiTXLQD 3HOR SROLSURSLOHQR 'LVHxR &LOOD 5DPQHN î FP 0XOWLFRORU EODQFR '5$*g5 DOIRPEUD OLVD ¼ 'LEXMR GH WHMLGR OLVR YLVLEOH SRU DPERV ODGRV UHYHUVLEOH $OIRPEUD WHMLGD D PiTXLQD 6XSHU¿FLH GH FRQWDFWR SROLSURSLOHQR î FP %HLJH PDUUyQ FODUR

c'80 DOIRPEUD GH SHOR FRUWR

¼

/86< %/20 DOIRPEUD GH SHOR FRUWR

¼

'5$*g5 DOIRPEUD OLVD

¼

+8/'$ 9,/6( DOIRPEUD GH SHOR FRUWR ¼ 3HOR SROLSURSLOHQR 'LVHxR -RQ (OLDVRQ î FP %ODQFR D]XO RVFXUR +29(1 DOIRPEUD GH SHOR FRUWR ¼ 3HOR SROLSURSLOHQR 'LVHxR $QQD +DUERP î FP $]XO 7c51%< DOIRPEUD ¼ $OIRPEUD WHMLGD D PDQR \XWH î FP 1DWXUDO .$5%< DOIRPEUD ¼ &DUD SROLSURSLOHQR 'RUVR OiWH[ î FP %HLJH PDUUyQ QRYHGDG +$03(1 DOIRPEUD GH

,.($ 672&.+2/0 5$1' DOIRPEUD ¼ $OIRPEUD WHMLGD D PDQR ODQD 'LVHxR $QQD 6|UHQVVRQ î FP 1HJUR FRORU KXHVR

(*(%< DOIRPEUD ¼ &DUD VLVDO 'RUVR OiWH[ î FP 0DUUyQ .2/'%< SLHO GH YDFD ¼ /RV WDPDxRV YDUtDQ HQWUH Pð \ Pð

*,/'$ %/20 DOIRPEUD GH SHOR ODUJR ¼ 3HOR SROLSURSLOHQR 'LVHxR -RQ (OLDVRQ î FP $]XO

SHOR ODUJR ¼ 3HOR SROLSUR ± SLOHQR î FP $]XO RVFXUR

$/9,1( 5$1' DOIRPEUD ¼ $OIRPEUD WHMLGD D PDQR SXUD ODQD YLUJHQ î FP *ULV EODQFR QHJUR

.$5%< DOIRPEUD

¼

QRYHGDG

+8/'$ 9,/6( DOIRPEUD GH SHOR FRUWR

¼

7HQHPRV PXFKDV PiV DOIRPEUDV HQ WX WLHQGD ,.($

/8''( SLHO GH RYHMD ¼ XG %ODQFR $/9,1( DOIRPEUD ¼ 'H SXUD ODQD YLUJHQ OD DOIRPEUD UHSHOH ODV PDQFKDV \ HV PX\ GXUDGHUD $OIRPEUD WHMLGD D PDQR UHYHUVLEOH SXUD ODQD YLUJHQ î FP 5RVD PXOWLFRORU

.$77583 DOIRPEUD ¼ /D ODQD GH ¿EUD ODUJD KDFH TXH OD DOIRPEUD VHD H[WUD GXUDGHUD $OIRPEUD WHMLGD D PDQR ODQD î FP 5RMR PXOWLFRORU

$/9,1( 587$ DOIRPEUD ¼ 'H SXUD ODQD YLUJHQ OD DOIRPEUD UHSHOH ODV PDQFKDV \ HV PX\ GXUDGHUD $OIRPEUD WHMLGD D PDQR UHYHUVLEOH SXUD ODQD YLUJHQ î FP %ODQFR DPDULOOR /8''( SLHO GH RYHMD ¼ *ULV

3XHGHV XWLOL]DU QXHVWURV SURWHFWR UHV DQWLGHVOL]DQWHV 67233 R 67233 ),/7 SDUD TXH OD DOIRPEUD QR VH PXHYD \ SRWHQFLDU OD VHJXULGDG (O SURWHFWRU DQWLGHVOL]DQWH 67233 ),/7 PiV JUXHVR KDFH TXH OD DOIRPEUD SDUH]FD PiV PXOOLGD \ WXSLGD

$/9,1( 587$ DOIRPEUD

¼

¼

*,6/(9 DOIRPEUD GH SHOR FRUWR 3ROLSURSLOHQR WUDWDGR DO FDORU KDFH TXH OD DOIRPEUD VHD PX\ VXDYH \ DJUDGDEOH D OD SLVDGD $OIRPEUD WHMLGD D PiTXLQD 3HOR SROLSURSLOHQR î FP *ULV

,.($ %5$6$ OiPSDUD GH WHFKR

¼ XG

QRYHGDG

QRYHGDG

%g-$ OiPSDUD GH PHVD ¼ 9HU SiJLQD ,.($ %5$6$ OiPSDUD GH WHFKR ¼ XG $FHUR FRQ UHYHVWLPLHQWR HQ SROYR � FP %ODQFR 1HJUR QRYHGDG *<//(1 OiPSDUD GH SDUHG ¼ $FHUR \ YLGULR î $O FP 1HJUR EODQFR ,.($ /817$ OiPSDUD GH SLH ¼ $FHUR SROLpVWHU \ DOJRGyQ 3DQWDOOD � FP $O FP QRYHGDG ,.($ %5$6$ OiPSDUD GH SLH GH OHFWXUD ¼ XG $FHUR \ DOXPLQLR 3DQWDOOD � FP $O FP %ODQFR 1HJUR ± *1(-6 SDQ WDOODV 3OiVWLFR \ DFHUR � $O FP ¼ XG &RORU FREUH 7DPELpQ GLVSRQLEOH HQ JULV SODWD � $O FP ¼ *ULV SODWD 7DPELpQ GLVSRQLEOH HQ FRORU FREUH 9b7( OiPSDUD GH PHVD ¼ XG 9HU SiJLQD -216%2 (*%< OiPSDUD GH PHVD ¼ 9HU SiJLQD

,OXPLQDFLyQ

8QD OiPSDUD TXH VH UHFDUJD FRQ OD OX] GHO VRO FXLGD GH WX EROVLOOR < FRPR QR XWLOL]D FDEOHV ORV QLxRV SXHGHQ WUDVODGDUOD GH XQD KDELWDFLyQ D RWUD VLQ QHFHVLGDG GH TXH WRTXHQ XQ HQFKXIH

QRYHGDG

6811$1 OiPSDUD GH WUDEDMR FRQ FpOXOD VRODU

9b7( OiPSDUD GH PHVD ¼ $FHUR \ SDSHO GH DUUR] LVHxR 0 9LQND 6 +HLPLV � $O FP %ODQFR 6811$1 OiPSDUD FRQ FpOXOD VRODU ¼ 3UHFLR FDWiORJR DQWHULRU ¼ 7UDQVIRUPD OD OX] GHO VRO HQ HQHUJtD HOpFWULFD 3OiVWLFR \ DFHUR ODFDGR LVHxR 1LFRODV &RUWROH]]LV %UD]R FP 9DULRV FRORUHV QRYHGDG 0c1/-86 OiPSDUD GH PHVD ¼ $FHUR QLTXHODGR FRQ UHYHVWLPLHQWR HQ SROYR YLGULR LVHxR 0DJQXV (OHElFN 3DQWDOOD � $O FP %ODQFR %g-$ OiPSDUD GH PHVD ¼ 3DQWDOOD GH EDPE~ WUHQ]D GR $FHUR QLTXHODGR \ EDPE~ L VHxR 0DULD 9LQND � $O FP 1DWXUDO .18%%,* OiPSDUD GH PHVD ¼ 9LGULR LVHxR 0LFKLNR 1DNDWD � $O FP /LOD -216%2 (*%< OiPSDUD GH PHVD ¼ 9LGULR \ SROLpVWHU LVHxR -RKDQQD -HOLQHN 3DQWDOOD � $O FP QRYHGDG 75c/ OiPSDUD GH WUDEDMR ¼ ,QFOX\H IXHQWH GH OX] $FHUR FRQ UHYHVWLPLHQWR HQ SROYR \ DOXPLQLR LVHxR 2OOH /XQGEHUJ 3DQWDOOD � $O FP %ODQFR 7$//9,.

OiPSDUD GH PHVD ¼ $FHUR QLTXHODGR LVHxR $QQH 1LOVVRQ 3DQWDOOD � $O FP ),//67$ OiPSDUD GH PHVD ¼ 3OiVWLFR \ DOXPLQLR LVH xR *XQQHU -HQVHQ � $O FP /$03$1 OiPSDUD GH PHVD ¼ 3OiVWLFR LVHxR & gMHUVWDP 0 (OHElFN 3DQWDOOD � $O FP 1HJUR

,/80,1$&,Ï1

¼

),//67$ OiPSDUD GH PHVD

¼

/$03$1 OiPSDUD GH PHVD

½

QRYHGDG

,/80,1$&,Ï1

QRYHGDG

75c/ OiPSDUD GH SLH GH OHFWXUD

¼

9b7( OiPSDUD GH SLH ¼ $FHUR \ SDSHO GH DUUR] 'LVHxR 0 9LQND 6 +HLPLV � $O FP %ODQFR ,.($ %5$6$ OiPSDUD GH SLH ¼ &RQ UHJXODGRU GH LQWHQVLGDG OXPLQRVD SDUD TXH DMXVWHV OD OX] D WXV QHFHVLGDGHV $FHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR $ 1LOVVRQ + 3UHXW] 7 (OLDVVRQ � $O FP 1HJUR 75c/ OiPSDUD GH SLH GH OHFWXUD ¼ ,QFOX\H IXHQWH GH OX] $FHUR FRQ UHYHVWL PLHQWR HQ SROYR \ DOXPLQLR 'LVHxR 2OOH /XQGEHUJ 3DQWDOOD � $O FP %ODQFR .9$57 OiPSDUD GH SLH GH OHFWXUD ¼ $FHUR ODFDGR 'LVHxR . +DJEHUJ 0 +DJEHUJ 3DQWDOOD � $O FP 1HJUR c567,' OiPSDUD GH SLH ¼ $FHUR QLTXHODGR SROLpVWHU \ DOJRGyQ 3DQWDOOD � $O FP %ODQFR 675$11( OiPSDUD GH SLH ¼ 8WLOL]D /('V TXH FRQVXPHQ DSUR[ XQ PHQRV HQHUJtD \ GXUDQ YHFHV PiV TXH ODV ERPELOODV LQFDQGHVFHQWHV $FHUR QLTXHODGR \ FDXFKR VLQWpWLFR 'LVHxR . +DJEHUJ 0 +DJEHUJ %DVH î FP $O FP 1<)256 OiPSDUD GH SLH ¼ $OWXUD UHJXODEOH SDUD TXH OD DMXVWHV VHJ~Q WXV QHFH VLGDGHV $FHUR QLTXHODGR SROLHWLOHQR \ SROLpVWHU 'LVHxR . +DJEHUJ 0 +DJEHUJ 3DQWDOOD � $O ± FP QRYHGDG /('(7 OiPSDUD GH SLH ¼ %UD]R Ã&#x20AC;H[LEOH IDFLOLWD GLULJLU OD OX] VHJ~Q WXV QHFHVLGDGHV $FHUR FRQ UHYHVWLPLHQWR HQ SROYR \ DOJRGyQ 'LVHxR & +DOVNRY + 'DOVJDDUG 3DQWDOOD � $O FP %ODQFR ),//67$ OiPSDUD GH SLH ¼ /X] GLIXVD &UHD XQD EXHQD LOXPLQDFLyQ JHQHUDO 3OiVWLFR \ DOXPLQLR 'LVHxR *XQQHU -HQVHQ � $O FP %ODQFR

c567,' OiPSDUD GH SLH

¼

8QD OiPSDUD HVHQFLDO

¼

,.($ %5$6$ OiPSDUD GH WHFKR $FHUR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR $ 1LOVVRQ + 3UHXW] 7 (OLDVVRQ � FP 5RMR

$ YHFHV OR TXH UHDOPHQWH GHVWDFD HV OR PiV VHQFLOOR &RPR OD OiPSDUD ,.($ %5$6$ GRQGH OD IXQFLRQDOLGDG OD FDOLGDG GHO PDWHULDO \ OD SRWHQFLD GH VX IRUPD FUHDQ XQ GLVHxR LPSDFWDQWH 3RGUtDPRV OODPDUOR VLPSOLFLGDG GHO GLVHxR 8WLOL]DPRV HVWD PLVPD LGHD HQ QXHVWURV SUHFLRV &UHDU XQ SURGXFWR FRQ IXQFLRQDOLGDG GLVHxR \ FDOLGDG DO SUHFLR PiV EDMR SRVLEOH

),//67$ OiPSDUD GH WHFKR

¼

QRYHGDG

0(/2 , OiPSDUD GH WHFKR

½

QRYHGDG

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GR \ YLGULR LVHxR 0DJQXV (OHElFN � FP %ODQFR %$6,6. OiPSDUD GH WHFKR ¼ 3DQWDOOD GH YLGULR VRSODGR DUWHVDQDO FDGD SDQWDOOD HV ~QLFD /D ERPELOOD VH YHQGH DSDUWH ,.($ UHFRPLHQGD OD ERPELOOD 63$56$0 ( GH : 9LGULR \ DFHUR QLTXHODGR LVHxR :LHENH %UDDVFK � FP %ODQFR QRYHGDG 7, ,* OiPSDUD GH WHFKR FRQ IRFRV ¼ 3DQWDOOD GH YLGULR VRSODGR DUWHVDQDO FDGD SDQ

WDOOD HV ~QLFD 9LGULR DFHUR QLTXHODGR \ FREUH 3DQWDOOD � FP / $O ± FP ,.($ 36 0$6.526 OiPSDUD GH WH FKR ¼ &UHD VRPEUDV GHFRUDWLYDV HQ ODV SDUHGHV \ HO WHFKR /D ERPELOOD VH YHQGH DSDUWH ,.($ UHFRPLHQGD OD ERPELOOD +$/2*(1 ( GH : $FHUR LQR[LGDEOH \ SDSHO LVHxR 0DUFXV $UYRQHQ � FP ,.($ %5$6$ OiPSDUD GH WH FKR ¼ /D FXELHUWD SOiVWLFD LQWHUQD

HYLWD TXH GHVOXPEUH OD OX] /D ERPELOOD VH YHQGH DSDUWH ,.($ UHFRPLHQGD OD ERPELOOD GH EDMR FRQVXPR 63$56$0 ( GH : $FHUR FRQ UHYHVWLPLHQWR HQ SROYR LVHxR $ 1LOVVRQ + 3UHXW] 7 (OLDVVRQ � FP 1HJUR %g-$ OiPSDUD GH WHFKR ¼ )DEULFDGD D PDQR FDGD SDQWDOOD HV ~QL FD /D ERPELOOD VH YHQGH DSDUWH ,.($ UHFRPLHQGD OD ERPELOOD GH EDMR FRQVX PR 63$56$0 ( GH : %DPE~ \ DFHUR QLTXHODGR LVHxR 0DULD 9LQND

� FP 1DWXUDO ),//67$ OiPSDUD GH WHFKR ¼ /X] GLIXVD FUHD XQD EXHQD LOXPLQDFLyQ JHQHUDO /D ERPELOOD VH YHQGH DSDUWH ,.($ UHFRPLHQGD OD ERPELOOD GH EDMR FRQVXPR 63$56$0 ( GH : 3OiV WLFR LVHxR *XQQHU -HQVHQ � FP %ODQFR 0(/2 , OiPSDUD GH WHFKR ¼ /D ERPELOOD VH YHQGH DSDUWH ,.($ UH FRPLHQGD OD ERPELOOD GH EDMR FRQVXPR 63$56$0 ( GH : 3OiVWLFR LVH

xR 0RQLND 0XOGHU � FP ,.($ /817$ OiPSDUD GH WHFKR ¼ /D FXELHUWD SOiVWLFD LQWHUQD HYLWD TXH GHVOXPEUH OD OX] /D ERPELOOD VH YHQGH DSDUWH ,.($ UHFRPLHQGD OD ERPELOOD GH EDMR FRQ VXPR 63$56$0 ( GH : $FHUR FRQ UHYHVWLPLHQWR HQ SROYR LVHxR $ 1LOVVRQ + 3UHXW] 7 (OLDVVRQ � FP %ODQFR

L

3XHGHV YHU WRGD OD LOXPLQD FLyQ LQWHJUDGD SDUD FRFLQDV VDORQHV \ GRUPLWRULRV HQ ZZZ ,.($ HV LOXPLQDFLRQ

*581 7$/ LOXPLQDFLyQ GH HQFLPHUDV KDOyJHQD

¼

,=48,(5 $

XG

*581 7$/ LOXPLQDFLyQ GH HQFLPHUD KDOyJHQD ¼ XG 3DUD XVDU FRQ HO VLVWHPD GH FDEOHV $16/87$ TXH VH YHQGH DSDUWH 3RVLELOLGDG GH FRQHFWDU HQ XQ VyOR VLVWHPD KDVWD XQLGDGHV ,QFOX\H IXHQWH GH OX] $FHUR SOiVWLFR SR OLFDUERQDGR SOiVWLFR $%6 \ YLGULR LVHxR 0LNDHO :DUQKDPPDU î $O FP *ULV (67$ 3È*,1$

/D LOXPLQDFLyQ GH DUPD ULRV KDFH WX FRFLQD D~Q PiV DFRJHGRUD ¢3RU TXp QR GLVIUXWDU GH WXV PHMRUHV REMHWRV WRGRV ORV GtDV" &XDQGR LOXPLQDV HO LQWHULRU GH ORV DUPDULRV FRQ SXHUWDV GH FULVWDO OD FULVWDOH UtD UHOXFH \ GLIXQGH XQ EULOOR FiOLGR \ DFRJHGRU

/D LOXPLQDFLyQ RFXOWD FUHD XQ HVSDFLR EULOODQWH DFRJHGRU \ VHJXUR

&RFLQDU HV PiV GLYHUWL GR FXDQGR YHV ELHQ OR TXH SUHSDUDV /D LOXPLQDFLyQ GH HQFLPHUDV SURSRUFLRQD XQD OX] FODUD \ XQLIRUPH VLQ RFX SDU HO HVSDFLR GH WUDEDMR ,OXPLQDU OD SDUWH LQIHULRU DxDGH XQ WRTXH HVSHFLDO 1XHVWUDV WLUDV GH LOXPLQD FLyQ FRQ /( V VRQ IiFLOHV GH LQVWDODU HPLWHQ SRFR FDORU \ VRQ LGHDOHV SDUD HVSDFLRV HVWUHFKRV

,/80,1$&,Ï1

75266 OiPSDUD GH WHFKR FRQ IRFRV

½

75c/ OiPSDUD GH WHFKR FRQ IRFRV

¼

QRYHGDG

/RV ULHOHV GH LOXPLQDFLyQ VH DGDSWDQ D ORV FDPELRV GH WX YLGD ¢3LQWDV ODV SDUHGHV" ¢4XLHUHV SRQHU OD PHVD GH FRPHGRU HQ RWUR VLWLR" £1LQJ~Q SUREOHPD &RQ XQ VROR FOLF PXHYHV ODV OXFHV \ PDQWLHQHV HQIRFDGR OR LPSRUWDQWH

, =4 8,( 5 '$ /(',1* OiPSDUD GH WHFKR FRQ IRFRV ¼ $FHUR QLTXHODGR / FP 75266 OiPSDUD GH WHFKR FRQ IRFRV ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR / FP &$/<362 SODIyQ ¼ $FHUR ]LQF \ YLGULR � $O FP 75c/ OiPSDUD GH WHFKR FRQ IRFRV ¼ $FHUR FRQ UHYHVWLPLHQWR HQ SROYR \ DOXPLQLR 'LVHxR 2OOH /XQGEHUJ 3DQWDOOD � FP +HUUDMH GH SDUHG � FP QRYHGDG 7,',* OiPSDUD GH WHFKR FRQ IRFRV ¼ $FHUR QLTXHODGR \ YLGULR / FP ( 6 7$ 3È*,1 $ ,.($ 6b1'$ VHULH $OXPLQLR FRQ UHYHVWLPLHQWR HQ SROYR 'LVHxR $ 1LOVVRQ + 3UHXW] 7 (OLDVVRQ 5LHO ¼ XG / FP 5LHO ¼ XG / FP )RFR ¼ XG � FP )RFR ¼ XG � FP 7UDQVIRUPDGRU ¼ $Q FP &RQHFWRU FRQ MXQWD ÀH[LEOH ¼ / FP &RQHFWRU ¼ / FP

,/80,1$&,Ï1

8QD EDVH XQD SDQWDOOD WX OiPSDUD

L (OLJH ERPELOODV KDOyJHQDV SDUD ODV OiPSDUDV FRQ IXQFLyQ GH UHJXODFLyQ GH OD LQWHQVLGDG OXPLQRVD ZZZ ,.($ HV LOXPLQDFLRQ

QRYHGDG

63$56$0 ERPELOOD EDMR FRQVXPR ( :

½ XGV

-$18$5, SLH GH OiPSDUD GH PHVD ¼ $FHUR $O FP %ODQFR +(00$ EDVH OiPSDUD GH SLH ¼ $FHUR \ SOiVWLFR (9$ %DVH î $O FP 1HJUR QRYHGDG 52*67$ SDQWDOOD ¼ 3DQWDOOD KHFKD D PDQR GH ¿EUD QDWXUDO &DGD SDQWDOOD HV ~QLFD %DPE~ UDWiQ \ DFHUR � $O FP 1DWXUDO 63$56$0 ERPELOOD GH EDMR FRQVXPR ( : ¼ XGV (¿FLHQFLD HQHUJpWLFD 'XUD YHFHV PiV TXH XQD ERPELOOD LQFDQ GHVFHQWH 'XUDFLyQ DSUR[LPDGD GH OD ERPELOOD KRUDV 9LGULR QRYHGDG $/9,1( 3b5/$ SDQWDOOD ¼ XG 3DQWDOOD GH WHOD (PLWH XQD OX] GLIXVD \ GHFRUDWLYD DOJRGyQ SOiVWLFR GH SROLHVWLUHQR \ DFHUR � $O FP +(00$ SLH GH OiPSDUD GH PHVD ¼ $FHUR \ SOiVWLFR (9$ %DVH î $O FP 1HJUR QRYHGDG 5(1$7( SDQWDOOD ¼ 3DQWDOOD GH WHOD (PLWH XQD OX] GLIXVD \ GHFRUDWLYD SROLpVWHU DOJRGyQ SOiV WLFR GH SROLHVWLUHQR DFHUR 'LVHxR (PPD -RQHV � $O FP %ODQFR 6.,05$ SDQWDOOD ¼ (Q GLVWLQWRV FROR UHV SDUD TXH ORV SXHGDV FRPELQDU DOJRGyQ SOiVWLFR GH SROLHV WLUHQR \ DFHUR 'LVHxR +HOOH 9LOpQ � $O FP &RORUHV YDULDGRV

7RGDV ODV SDQWDOODV HVWiQ GLVSRQL EOHV HQ RWUDV PHGLGDV

6.,05$ SDQWDOOD

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$1721,86 &yPR VH FRQVWUX\H

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¼ 3RVWH VXVSHQVLyQ / FP %ODQFR

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RUJDQL]DFLyQ GH OD FRFLQD 3DUD TXH SXHGDV GLVHxDU \ GHFRUDU WX

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¼

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¼ &DMyQ / î î FP %ODQFR

¼ &DMyQ / î î FP %ODQFR

¼ 7DSD î î FP 3OiVWLFR

¼ WUDQVSDUHQWH

FRFLQD IiFLOPHQWH XWLOL]D QXHVWUR SURJUDPD GH SODQLILFDFLyQ HQ

7DEOHUR î FP %ODQFR

¼

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7DEOHUR î FP %ODQFR

¼

7~ WRTXH ILQDO

3DWD UHJXODEOH î FP 0tQ FP Pi[ FP %ODQFR ¼ XGV

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6RSRUWH / FP %ODQFR

¼ XGV 3DUD EDOGD GH UHMLOOD GH FP GH IRQGR 6RSRUWH / FP %ODQFR

¼ XGV 3DUD EDOGD GH FP GH IRQGR

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¼

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¼

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¼ 1HJUR

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¼

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¼

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=

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GRV SUHFLRV (O SULPHUR VH UHILHUH DO FRVWH WRWDO GH OD FRFLQD TXH

+

(V LPSRUWDQWH TXH PLGDV FXLGDGRVDPHQWH SDUHGHV VXHOR SXHU

'26 35(&,26 3$5$ 48( 38('$6 &203$5$5 )Ã&#x2C6;&,/0(17(

(O SUHFLR LQFOX\H DUPDULRV HQFLPHUDV DFFHVRULRV GH LQWHULRU ELVDJUDV IUHJDGHURV JULIRV HPEHOOHFHGRUHV OLVWRQHV PROGXUDV ]yFDORV \ SDWDV /RV HOHFWURGRPpVWL FRV \ OD LOXPLQDFLyQ QR HVWiQ LQFOXLGRV HQ HO SUHFLR

$125'1$

¼

0iV LQIRUPDFLyQ VREUH $1721,86 HQ OD SiJLQD R HQWUD HQ ZZZ ,.($ HV $1721,86

%(67c )5$067c ,15('$ &yPR VH FRQVWUX\H &RPELQD HO VLVWHPD %(67c FRPR TXLHUDV \ GLVHxD WX SURSLD VROXFLyQ GH DOPDFHQDMH R GH 79 3XHGHV FRPSOHWDUOR FRQ HO VLVWHPD GH SDQHOHV )5$067c HVSHFLDOPHQWH GLVHxDGR SDUD XVDU FRQ %(67c \ SRGUiV FROJDU OD SDQWDOOD SODQD GH 79 R FRORFDU EDO GDV GH YLGULR IiFLOPHQWH $xDGH FDMDV \ DFFHVRULRV GH LQWHULRU GH OD VHULH ,15('$ (Q QXHVWUR VXUWLGR WDPELpQ WLHQHV SRPRV WLUDGRUHV H LOXPLQDFLyQ

QXHYD FRFLQD" £3UHJ~QWDQRV $FpUFDWH D OD VHFFLyQ GH FRFLQDV GH WX WLHQGD ,.($ R HQWUD HQ ZZZ ,.($ HV VHUYLFLRVFRFLQDV

%(67c

$QFKR[)RQGR[$OWXUD FP

(VWDQWHUtD EDOGDV î î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

(VWDQWHUtD EDOGDV î î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

(VWDQWHUtD EDOGDV î î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

(VWDQWHUtD EDOGDV î î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

(VWDQWHUtD EDOGDV î î FP (IHFWR KD\D ¼ 1HJUR PDUUyQ ¼ %ODQFR ¼

(VWDQWHUtD EDOGDV î î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

*8Ã&#x2039;$6 '( &2035 $

%(67c )5$067c ,15('$ (VWDQWHUtD EDOGDV î î FP 0yGXOR GH H[WHQVLyQ GH DOWXUD (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼ (VWDQWHUtD EDOGDV î î FP 0yGXOR GH H[WHQVLyQ GH DOWXUD (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼ (VWDQWHUtD EDOGD î î FP 0yGXOR GH H[WHQVLyQ GH DOWXUD (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼ (VWDQWHUtD EDOGDV î î FP 0yGXOR GH H[WHQVLyQ GH DOWXUD (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼ (VWDQWHUtD GH SDUHG EDOGDV î î FP 0yGXOR GH H[WHQVLyQ GH DOWXUD (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼ %DQFR î î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼ %2c6 PXHEOH 79 DOPDFHQDMH î î FP (IHFWR KD\D ¼ 1HJUR PDUUyQ ¼ %ODQFR ¼

)5$067c $QFKR[)RQGR[$OWXUD FP

+2/0%2 IUHQWH GH FDMyQ î FP 0DUUyQ DOWR EULOOR

¼ 72)7$ SXHUWD î FP *ULV DOWR EULOOR

¼ 5RMR DOWR EULOOR

¼ %ODQFR DOWR EULOOR

¼ 1HJUR DOWR EULOOR

¼ 72)7$ SXHUWD î FP *ULV DOWR EULOOR

¼ 5RMR DOWR EULOOR

¼ %ODQFR DOWR EULOOR

¼ 1HJUR DOWR EULOOR

¼ 72)7$ SXHUWD î FP *ULV DOWR EULOOR

¼ 5RMR DOWR EULOOR

¼ %ODQFR DOWR EULOOR

¼ 1HJUR DOWR EULOOR

¼ 72)7$ IUHQWH GH FDMyQ î FP *ULV DOWR EULOOR

¼ 5RMR DOWR EULOOR

¼ %ODQFR DOWR EULOOR

¼ 1HJUR DOWR EULOOR

¼ 72)7$ IUHQWH GH FDMyQ î FP *ULV DOWR EULOOR

¼ 5RMR DOWR EULOOR

¼ %ODQFR DOWR EULOOR

¼ 1HJUR DOWR EULOOR

¼ 720%2 9LGULR WUDQVSDUHQWH DOXPLQLR î FP

¼ î FP

¼ î FP

¼ 720%2 IUHQWH GH FDMyQ 9LGULR WUDQVSDUHQWH DOXPLQLR î FP

¼

-b*5$ PXHEOH 79 FRQ UXHGDV î î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

9$5$ SXHUWD î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

c'$/ PXHEOH 79 î î FP (IHFWR KD\D ¼ 1HJUR PDUUyQ ¼ %ODQFR ¼

9$5$ SXHUWD î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

%856 PXHEOH 79 î î FP %ODQFR DOWR EULOOR

¼ 5RMR DOWR EULOOR

¼ 1HJUR DOWR EULOOR

¼ *ULV DOWR EULOOR

¼

9$5$ SXHUWD î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

%856 HVFULWRULR î î FP 1HJUR DOWR EULOOR ¼ *ULV DOWR EULOOR ¼ 5RMR DOWR EULOOR ¼ %ODQFR DOWR EULOOR ¼ %856 HVWDQWH SDUHG î î FP %ODQFR DOWR EULOOR ¼ 5RMR DOWR EULOOR ¼ 1HJUR DOWR EULOOR ¼ *ULV DOWR EULOOR ¼ +2/0%2 SXHUWD 0DUUyQ DOWR EULOOR î FP

¼ î FP

¼ î FP

¼ +2/0%2 IUHQWH GH FDMyQ î FP 0DUUyQ DOWR EULOOR

¼

0yGXOR EiVLFR î FP

9$5$ SXHUWD GH YLGULR î FP 9LGULR WUDQVSDUHQWH ¼ HIHFWR KD\D 9LGULR WUDQVSDUHQWH ¼ QHJUR PDUUyQ 9LGULR WUDQVSDUHQWH EODQFR

$OXPLQLR

¼

3DQHO GH UHOOHQR î FP 9LGULR QHJUR

¼ XGV

9LGULR JULV

¼ XGV

0yGXOR DGLFLRQDO î FP $OXPLQLR

¼

¼

3DQHO GH UHOOHQR FRQ VDOLGD SDUD FDEOHV î FP ¼ XGV

5XHGDV � FP &URPDGR ¼ XGV

3DQHO GH UHOOHQR î FP

9LGULR QHJUR

(IHFWR KD\D HIHFWR QRJDO

9LGULR JULV

5XHGDV � FP *ULV

¼ XGV

(IHFWR IUHVQR EHLJH

î FP

¼

î FP

¼

3DWD UHJXODEOH $OXPLQLR ¼ XGV 3DWD UHJXODEOH &URPDGR

¼ XGV

%ODQFR QHJUR PDUUyQ

¼ XGV ¼ XGV ¼ XGV

6RSRUWH SDUHG SDUD SDQWDOOD SODQD GH 79 $FHUR

¼ JDOYDQL]DGR

&RQHFWRU HQ iQJXOR *DOYDQL]DGR

¼ XGV

¼ XGV %DOGD GH YLGULR 0iV LQIRUPDFLyQ VREUH )5$067c HQ ZZZ ,.($ HV )5$067$

,15('$ $QFKR[)RQGR[$OWXUD FP

6XMHWDOLEURV î FP *ULV SODWD

¼ XGV

3DWD UHJXODEOH *ULV

¼ XGV

6XMHWDOLEURV î FP $KXPDGR

¼ XGV

+HUUDMH GH DSHUWXUD D SUHVLyQ

¼ XGV

6RSRUWH UHYLVWDV î FP *LV SODWD

¼ XGV

(VWUXFWXUD LQIHULRU &URPDGR î FP

¼ î FP

¼

6RSRUWH UHYLVWDV î FP $KXPDGR

¼ XGV

*XtD SXHUWDV FRUUHGHUDV $OXPLQLR / FP SXHUWD ¼ XGV / FP ¼ XGV

(VWDQWH SDUD UHYLVWDV î FP *ULV SODWD

¼ $KXPDGR

¼ &DMyQ î FP *ULV SODWD

¼ &DMyQ VLQ IUHQWH î FP *ULV

¼ î FP *ULV

¼

&DMyQ VLQ IUHQWH *ULV î î FP

¼ &DMyQ WRWDOPHQWH H[WUDtEOH *ULV RVFXUR î FP

¼ î FP

¼ 6RSRUWH '9'V î FP *ULV

¼ 6RSRUWH &' î FP *ULV

¼ &DMD $KXPDGR ¼ XGV %DOGD H[WUD î FP 9LGULR

¼

%DOGD H[WUD î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼ (VWUXFWXUD H[WUDtEOH *ULV SODWD

¼ %DQGHMD î FP $KXPDGR

¼ %RWHOOHUR î FP $KXPDGR

¼ $FFHVRULR FRQ FRPSDUWLPHQWRV î FP *ULV

¼ (VFDOHUD î FP *ULV SODWD

¼

%DOGD H[WUD î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼ %DOGD H[WUD î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

0iV LQIRUPDFLyQ VREUH ,15('$ HQ ZZZ ,.($ HV ,15('$

%,//< $QFKR[)RQGR[$OWXUD FP

/LEUHUtD î î FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ &KDSD GH UREOH

¼ %ODQFR

¼

9$5$ IUHQWH GH FDMyQ î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

/LEUHUtD î î FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ &KDSD GH UREOH

¼ %ODQFR

¼

9$5$ IUHQWH GH FDMyQ î FP (IHFWR KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

72)7$ SXHUWD GH YLGULR î FP *ULV DOWR EULOOR

¼ 5RMR DOWR EULOOR

¼ %ODQFR DOWR EULOOR

¼ 1HJUR DOWR EULOOR

¼

/LEUHUtD î î FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ &KDSD GH UREOH

¼ %ODQFR

¼

/LEUHUtD î î FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ &KDSD GH UREOH

¼ $]XO

¼ *ULV SODWD

¼ 5RMR

¼ 1HJUR

¼ %ODQFR

¼ %DOGD H[WUD î FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ &KDSD GH UREOH

¼ %ODQFR

¼ 9LGULR

¼

%DOGD H[WUD î FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ &KDSD GH UREOH

¼ %ODQFR

¼ 9LGULR

¼ ([WHQVLyQ GH DOWXUD î î FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ &KDSD GH UREOH

¼ %ODQFR

¼

0iV LQIRUPDFLyQ VREUH %(67c HQ OD SiJ R HQWUD HQ ZZZ ,.($ HV %(67$

*8Ã&#x2039;$6 '( &2035 $

*8Ã&#x2039;$6 '( &2035 $

%,//<

())(.7,9 &yPR VH FRQVWUX\H

([WHQVLyQ GH DOWXUD î î FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ &KDSD GH UREOH

¼ %ODQFR

¼

2/6%2 SXHUWD î FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ &KDSD GH UREOH

¼ %ODQFR

¼

2/6%2 SXHUWD GH YLGULR î FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ &KDSD GH UREOH

¼ %ODQFR

¼

<'5( SXHUWD GH YLGULR î FP 7UDQVSDUHQWH

¼ EODQFR

2/6%2 SDQHO SXHUWD GH YLGULR î FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ &KDSD GH UREOH

¼ %ODQFR

¼ 2/6%2 SXHUWD GH YLGULR î FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ &KDSD GH UREOH

¼ %ODQFR

¼

1<&.(/%< SXHUWD YLGULR 'LEXMR Ã&#x20AC;RUHV î FP

¼ î FP

¼ /LVWyQ SDUD EDOGD $OXPLQLR $Q FP

¼ $Q FP

¼ (VFXDGUDV *DOYDQL]DGR

¼ XGV

%(112 PXHEOH 79 FRQ UXHGDV î FP ) PtQ FP ) Pi[ FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ &KDSD GH UREOH

¼ %ODQFR

¼ %(112 PXHEOH 79 FRQ SDQHO î î FP &KDSD GH KD\D ¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ ¼ &KDSD GH UREOH ¼ %ODQFR ¼

(O VLVWHPD GH DOPDFHQDMH ())(.7,9 VH DGDSWD D FXDOTXLHU QHFHVLGDG R HVSDFLR 3ULPHUR SLHQVD TXp TXLHUHV JXDUGDU SDUD VDEHU TXp PyGXORV EiVLFRV QHFHVLWDV 'HVSXpV DxDGH PyGXORV DGLFLRQDOHV GH GLVWLQWRV WDPDxRV R HOLJH VROXFLRQHV SDUD FRORFDU HQ OD SDUHG 5HOOHQD ODV HVWUXFWXUDV FRQ FDMRQHV EDOGDV DUPD]R QHV SDUD FDUSHWDV \ D FRQWLQXDFLyQ LQVWDOD IUHQWHV SXHUWDV R SHUVLDQDV &RP SOHWD FRQ DFFHVRULRV \ HOLJH SRPRV R WLUDGRUHV /DV SRVLELOLGDGHV VRQ PXFKDV £'HMD YRODU WX LPDJLQDFLyQ

())(.7,9 $QFKR[)RQGR[$OWXUD FP

/RV WLUDGRUHV VH YHQGHQ DSDUWH %DVH FRQ SDWDV î î FP *ULV SODWD

¼ =yFDOR î î FP &KDSD GH DEHGXO ¼ &KDSD GH KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

%(112 WRUUH '9'V î î FP &KDSD GH KD\D

¼ &KDSD GH DEHGXO ¼ 1HJUR PDUUyQ

¼ $]XO

¼ &KDSD GH UREOH

¼ %ODQFR

¼ 5RMR

¼ 1HJUR

¼

0yGXOR DGLFLRQDO EDMR î î FP &KDSD GH DEHGXO ¼ &KDSD GH KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼ 0yGXOR DGLFLRQDO DOWR î î FP &KDSD GH DEHGXO ¼ &KDSD GH KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

%(5*6%2 YLWULQD î î FP 5RMR ¼ %ODQFR ¼

(VWUXFWXUD DUPDULR GH SDUHG î î FP &KDSD GH DEHGXO ¼ &KDSD GH KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

0iV LQIRUPDFLyQ VREUH %,//< HQ OD SiJ R HQWUD HQ ZZZ ,.($ HV %,//<

%52'(5 &yPR VH FRQVWUX\H

5LHO DGLFLRQDO î î FP &KDSD GH DEHGXO ¼

/R SULPHUR HV SHQVDU TXp TXLHUHV JXDUGDU \ GH FXiQWR HVSDFLR GLVSRQHV &XDQ GR \D OR WHQJDV FODUR HV IiFLO HOHJLU OD FRPELQDFLyQ TXH QHFHVLWDV HQ HO VLVWHPD GH DOPDFHQDMH %52'(5

3XHUWD EDMD î FP 3DUD PyGXOR DGLFLRQDO GH î FP \ HVWUXFWXUD GH DUPDULR GH î FP XGV 1HJUR DOWR EULOOR ¼ %ODQFR DOWR EULOOR ¼ &KDSD GH DEHGXO ¼ &KDSD GH KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼ $OXPLQLR YLGULR

¼

%DOGD H[WUD YLGULR î FP 6yOR SDUD PyGXOR DGLFLRQDO DOWR

¼

$OXPLQLR YLGULR FRQ GLVHxR

¼

&DMyQ VLQ IUHQWH $Q FP -XHJR GH

¼

3XHUWD DOWD î FP 3DUD PyGXOR DGLFLRQDO GH î FP XGV 1HJUR DOWR EULOOR ¼ %ODQFR DOWR EULOOR ¼ &KDSD GH DEHGXO ¼ &KDSD GH KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼ $OXPLQLR YLGULR $OXPLQLR YLGULR FRQ GLVHxR

¼

¼

3HUVLDQD $Q FP 3DUD PyGXOR DGLFLRQDO GH [ FP \ HVWUXFWXUD GH DUPDULR GH SDUHG $OXPLQLR

¼

3RVWH *DOYDQL]DGR $O FP

¼ $O FP

¼

3DWD / FRQ DEUD]DGHUD *DOYDQL]DGR ) FP

¼ ) FP

¼ 3DWD 7 FRQ DEUD]DGHUD *DOYDQL]DGR ) FP

¼ 3RVWH H[WHQVLyQ DOWXUD \ SLH *DOYDQL]DGR

¼

5LHO PRQWDMH *DOYDQL]DGR $Q FP

¼ $Q FP

¼

*8Ã&#x2039;$6 '( &2035 $

5LHO VXVSHQVLyQ *DOYDQL]DGR $O FP

¼ $O FP

¼

%DOGD 0DGHUD FRQtIHUD î FP

¼ î FP

¼

) FP

6800(5$ FDUSHWD FROJDQWH XGV &RORUHV YDULDGRV ¼ ())(.7,9 FHUUDGXUD FRQ FODYH

¼ 6,*180 NLW SDUD VDOLGD GH FDEOHV

¼

$UPD]yQ FDUSHWDV $Q FP 3DUD PyGXOR DGLFLRQDO GH î FP *ULV SODWD

¼

0iV LQIRUPDFLyQ VREUH ())(.7,9 HQ OD SiJLQD R HQWUD HQ ZZZ ,.($ HV ())(.7,9

+D\ TXH VHJXLU WUHV SDVRV PX\ VHQFLOORV 'HFLGH FXiO HV WX HVWLOR (OLJH HQWUH SXHUWDV FRUUHGHUDV GLIHUHQWHV &RPEL QD FRQ SXHUWDV GH HVSHMR SDUD DxDGLU IXQFLRQDOLGDG \ TXH OD KDELWDFLyQ SDUH]FD PiV JUDQGH (OLJH HVWUXFWXUDV +D\ GRV FRORUHV GLVWLQWRV \ GRV PHGLGDV GH DQFKR (OLJH HO LQWHULRU 'HFLGH HO Q~PHUR GH EDOGDV \ GH FHVWRV GH UHMLOOD VHJ~Q WXV QHFHVLGDGHV GH DOPDFHQDMH 6H LQFOX\HQ ODV EDUUDV GH DUPDULR

(/*c $QFKR[)RQGR[$OWXUD FP

/RV WLUDGRUHV VH YHQGHQ DSDUWH

¼ XGV

(VWUXFWXUD DUPDULR î î FP ,QFOX\H EDUUDV GH DUPDULR *ULV ¼ %ODQFR

¼

6RSRUWH FP IURQWDO *DOYDQL]DGR ) FP

¼ XGV 6RSRUWH FP IURQWDO *DOYDQL]DGR ) FP

¼ XGV %DOGD *DOYDQL]DGR +RMD GH PHWDO UHMLOOD î FP

¼ î FP

¼ î FP

¼ î FP

¼

$FFHVRULR FDMyQ FRPSDUWLPHQWRV )LHOWUR DQWUDFLWD ¼

(/*c &yPR VH FRQVWUX\H

%DUUD GH DUPDULR *DOYDQL]DGR $Q ± FP

¼ 6RSRUWH FHQWUR ) FP

¼ XGV

)UHQWH GH FDMyQ $Q FP 3DUD PyGXOR DGLFLRQDO GH î FP XGV 1HJUR DOWR EULOOR ¼ %ODQFR DOWR EULOOR ¼ &KDSD GH DEHGXO ¼ &KDSD GH KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

3DUD PyGXOR DGLFLRQDO GH [ FP $OXPLQLR

¼

%52'(5 $QFKR[)RQGR[$OWXUD FP

)UHQWH DUPD]yQ FDUSHWDV $Q FP 3DUD PyGXOR DGLFLRQDO GH î FP 1HJUR DOWR EULOOR ¼ %ODQFR DOWR EULOOR ¼ &KDSD GH DEHGXO ¼ &KDSD GH KD\D

¼ 1HJUR PDUUyQ

¼ %ODQFR

¼

(VWUXFWXUD DUPDULR î î FP ,QFOX\H EDUUDV GH DUPDULR *ULV ¼ %ODQFR ¼ 0iV LQIRUPDFLyQ VREUH %52'(5 HQ SiJ R HQWUD HQ ZZZ ,.($ HV %52'(5

$1(%2'$ SXHUWD FRUUHGHUD î FP 7UDQVSDUHQWH

¼ %ODQFR

(1*$1 SXHUWD FRUUHGHUD î FP (IHFWR QRJDO

¼

)(167$' SXHUWD FRUUHGHUD î FP (VSHMR

¼

%DOGD XGV *ULV

¼ %ODQFR

¼ &HVWR GH UHMLOOD XGV *ULV

¼ 0iV LQIRUPDFLyQ VREUH (/*c HQ ZZZ ,.($ HV (/*$

*8Ã&#x2039;$6 '( &2035 $

)$.780

*2'025*21 &yPR VH FRQWUX\H

9HU )$.780 HQ SiJLQD

&XDQGR SODQLILTXHV HO EDxR FRPLHQ]D D SHQVDU HQ HO HVSDFLR SDUD HO ODYDER SRU TXH HV HO FHQWUR GH OD PD\RUtD GH ODV DFWLYLGDGHV 'HVSXpV GHO ODYDER HOLJH HO JULIR TXH VH DGDSWH PHMRU D WXV QHFHVLGDGHV \ JXVWRV 'HILQLGR HO HVSDFLR KRUL]RQWDO KD\ TXH SHQVDU HO HVSDFLR GH DOPDFHQDMH TXH QHFHVLWDV +D\ DUPDULRV SDUD ODYDER GH GLVWLQWRV WDPDxRV DVt FRPR SUiFWLFDV FDMDV GH DOPDFHQDMH SDUD RUJDQL]DU HO LQWHULRU GH ORV FDMRQHV 3XHGHV HOHJLU HQWUH y FDMRQHV GHSHQGLHQGR GH OD DOWXUD

)5$067c

9HU %(67c )5$067c ,15('$ HQ SiJLQD

*$/$17 &yPR VH FRQVWUX\H

*2'025*21 (O VLVWHPD GH HVFULWRULRV *$/$17 VH DGDSWD IiFLOPHQWH D WXV QHFHVLGDGHV 3ULPHUR HOLJH HO WDEOHUR GH OD IRUPD \ PHGLGD TXH SUHILHUDV \ FRPSOpWDOR FRQ OD HVWUXFWXUD DGHFXDGD +D\ GLVSRQLEOH YDULRV WLSRV GH SDWDV TXH VH SXHGHQ UHJXODU HQ DOWXUD FXDQGR ODV PRQWHV 6L QHFHVLWDV PiV HVSDFLR SDUD WUDEDMDU XWLOL]D WDEOHURV GH H[WHQVLyQ &RPSUXHED TXH FRPELQD SHUIHFWDPHQWH FRQ HO WDEOHUR GHO HVFULWRULR \ FRPSOpWDOR WDPELpQ FRQ OD HVWUXFWXUD DGHFXDGD 3DUD ILQDOL]DU DxDGH FDMRQHV RUJDQL]DGRUHV GH FDEOHV \ RWURV DFFHVRULRV TXH WH D\XGDUDQ D PDQWHQHU WXV FRVDV HQ RUGHQ

$QFKR[)RQGR[$OWXUD FP

2'(169,. ODYDER VHQRV î î FP

¼

î î FP

¼

î î FP

¼

*$/$17

9,79,.(1 ODYDER VHQR

$QFKR[)RQGR[$OWXUD FP

î î FP

7DPELpQ GLVSRQLEOH HQ î \ 7DPELpQ GLVSRQLEOH HQ YHUVLyQ D î HQ WRGRV ORV FRORUHV OD GHUHFKD H[FHSWR HQ YLGULR

7DEOHURV LQFOX\HQ HVWUXFWXUDV

7DPELpQ GLVSRQLEOH HQ YHUVLyQ D OD GHUHFKD

%ODQFR &KDSD GH KD\D &KDSD GH DEHGXO 1HJUR PDUUyQ 9LGULR 9LGULR EODQFR 9LGULR QHJUR

3DWDV 7 $O ± ¼

&KDSD GH KD\D &KDSD GH DEHGXO 1HJUR PDUUyQ 9LGULR EODQFR

¼

¼

&KDSD GH DEHGXO

¼

5RMR DOWR EULOOR

¼

&KDSD GH DEHGXO

¼

¼

%ODQFR DOWR EULOOR

¼

[ [ FP

¼

%ODQFR DOWR EULOOR

¼

&KDSD GH UREOH

¼

¼

&KDSD GH UREOH

¼

*ULV DOWR EULOOR

¼

*ULV DOWR EULOOR

¼

$UPDULR ODYDER î î FP

î î FP

¼

î î FP

¼

¼

1HJUR PDUUyQ EODQFR &KDSD GH DEHGXO

î î FP

¼

î î FP

¼

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¼

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