&DWiORJR *HQHUDO
´$)(56$µ
-U $QWRQLR 0LURTXHVDGD 7LHQGDV /LPD 3HGLGRV 3ODQWD 2ILFLQD &HO 3HGLGRV 7LHQGD &HO 352'8&726 ,16(&7,&,'$6 862 '20(67,&2 9(7(5,1$5,26 $17,%,27,&26 $%2126 )2/,$5(6 < $57,&8/26 '( /,03,(=$ ZZZ DIHUVD FRP SH
9(7(5,1$5,$ /,1($ 3(/8&+,1 &260e7,&$ 3(/8&+,1 &2/21,$ $520$ 3$5$ (/ 3(/8&+,1 &2/21,$
3(/8&+,1 &2/21,$
$URPD SDUD HO
$URPD SDUD HO
$URPD SDUD HO
PO
PO
PO
PO
3(/8&+,1 &2/21,$
PO
PO
3(/8&+,1 &2/21,$ $520$ 3$5$ (//$ 3(/8&+,1 &2/21,$ $URPD SDUD HOOD
3(/8&+,1 &2/21,$ $URPD SDUD HOOD
PO
PO
3(/8&+,1 &2/21,$ $URPD SDUD HOOD
PO
PO
PO
PO
3(/8&+,1 %$f2 6(&2 (1 (6380$
PO
3(/8&+,1 6+$0322 &260e7,&2 $/2( 9(5$
&20326,&,Ð1 ( ,1*5(',(17(6 (VHQFLDV QD WXUDOHV ([WUDFWR GH DORH *OLFHULQD /DQROLQD )UDJDQFLDV KHUEDOHV
PO
/LWUR
3(/8&+,1 6+$0322 &260e7,&2 3$17(12/ &$&+2552
35,0(526 $8;,/,26 (Q FDVR GH FRQWDFWR FRQ ORV RMRV \ PXFRVDV ODYDU LQPHGLDWDPHQWH FRQ DEXQGDQWH DJXD
PO
/LWUR
3(/8&+,1 6+$0322 $&21',&,21$'25 6XDYL]D \ GHVHQUHGD HO SHODMH IDFLOLWDQGR HO FHSLOODGR
3(/8&+,1 6+$0322
PO
)LSURQLO PJ $PLWUD] PJ ([FLSLHQWHV F V S PO
PO )LSURQLO PJ $PLWUD] PJ ([FLSLHQWHV F V S PO
PO
PO
8 6 2 9 ( 7 ( 5 , 1 $ 5 , 2
)LSURQLO PJ $PLWUD] PJ ([FLSLHQWHV F V S PO
PO
8 6 2 9 ( 7 ( 5 , 1 $ 5 , 2
)LSURQLO PJ $PLWUD] PJ ([FLSLHQWHV F V S PO
8 6 2 9( 7 ( 5 , 1 $ 5 , 2
8 6 2 9 ( 7 ( 5 , 1 $ 5 , 2
862 9(7(5,1$5,2
',$6 3527(&&,21
)LSURQLO PJ $PLWUD] PJ ([FLSLHQWHV F V S PO
PO
&20326,&,21 )LSURQLO PJ $PLWUD] PJ ([FLSLHQWHV F V S PO 5HJLVWUR 6(1$6$ ) 1
$5$*$1 6+$0322 (/,0,1$ /$6
*$55$3$7$6
Ã&#x2030;&$526 '( /$ 38/*$6 3,2-26 \
6$51$
$5$*$1 (/,0,1$ /$6
*$55$3$7$6
Ã&#x2030;&$526 '( /$ 38/*$6 3,2-26 \
6$51$
$5$*$1 6+$0322 &$&+2552
3$5$ 72'2 7,32 '( 3(/$-(
)5(6&85$ )5$*$1&,$ $*5$'$%/(
',$6 (/,0,1$ /$6 38/*$6 3,2-26 < *$55$3$7$6 35(9,(1( < &21752/$ /26 $&$526 '( /$ 6$51$
PO
&20326,&,21 48,0,&$
38/*$6
*$55$3$7$6
3,2-26
6+$0322 &$&+2552
$5$*$1 (/,0,1$ /$6
*$55$3$7$6 38/*$6 3,2-26 \
Ã&#x2030;&$526 '( /$
6$51$
$5$*$1 6+$0322 &$&+2552
3$5$ 72'2 7,32 '( 3(/$-(
)5(6&85$ )5$*$1&,$ $*5$'$%/(
',$6 (/,0,1$ /$6 38/*$6 3,2-26 < *$55$3$7$6 35(9,(1( < &21752/$ /26 $&$526 '( /$ 6$51$
PO
38/*$6
*$55$3$7$6
6+$0322 &$&+2552
$5$*$1 (/,0,1$ /$6
*$55$3$7$6 38/*$6 3,2-26 \
Ã&#x2030;&$526 '( /$
6$51$
'(02'(;
3,2-26
6+$0322 &$&+2552
$5$*$1 (/,0,1$ /$6
*$55$3$7$6 38/*$6 3,2-26 \
Ã&#x2030;&$526 '( /$
6$51$
$5$*$1 $5$*$1 6+$0322 &$&+2552
3$5$ 72'2 7,32 '( 3(/$-(
)5(6&85$ )5$*$1&,$ $*5$'$%/(
',$6 (/,0,1$ /$6 38/*$6 3,2-26 < *$55$3$7$6 35(9,(1( < &21752/$ /26 $&$526 '( /$ 6$51$
PO
&20326,&,21 48,0,&$
&20326,&,21 48,0,&$
'(02'(;
862 9(7(5,1$5,2
$5$*$1
6+$0322 &$&+2552
862 9(7(5,1$5,2
6+$0322 &$&+2552
862 9(7(5,1$5,2
862 9(7(5,1$5,2
862 9(7(5,1$5,2
&$&+2552 0(',&$'2
38/*$6
*$55$3$7$6
3,2-26
6+$0322 &$&+2552
3$5$ 72'2 7,32 '( 3(/$-(
)5(6&85$ )5$*$1&,$ $*5$'$%/(
',$6 (/,0,1$ /$6 38/*$6 3,2-26 < *$55$3$7$6 35(9,(1( < &21752/$ /26 $&$526 '( /$ 6$51$
PO
&20326,&,21 48,0,&$
'(02'(;
38/*$6
*$55$3$7$6
3,2-26
'(02'(;
$5$*$1 6+$0322 &$&+2552 (VWD LQGLFDGR SDUD HO H[WHUPLQLR GH *$55$3$7$6 38/*$6 3,2-26 < Ã&#x2030;&$526 GH OD 6$51$ HQ HO DFWR 3RVHH SURSLHGDGHV DFDULFLGDV SUHYLQLHQGR \ H[WHUPLQDQGR ORV iFDURV 6DUFRSWHV 'HPRGH[ \ RWURV TXH SURGXFHQ OD &20326,&,21 48,0,&$ VDUQD OXHJR GH DSOLFDGR GHMD XQ DJUDGDEOH RORU GHRGRUL]DQWH 02'2 '( (03/(2 0RMH SUHYLDPHQWH DO DQLPDO DSOLTXH $UDJDQ 6KDPSRR IRUPDQGR $PLWUD] DEXQGDQWH HVSXPD \ GHMHOR DFWXDU SRU PLQXWRV \ OXHJR SURFHGD D HQMXDJDU $ORH 9HUD ,17(59$/2 '( 862 (V UHFRPHQGDEOH EDxDU DO DQLPDO FDGD GtDV GXUDQWH FXDWUR VH 3UR 9LWDPLQD % 3DQWHQRO PDQDV SDUD FRPEDWLU ODV SXOJDV SLRMRV \ JDUUDSDWDV (Q FDVR TXH HO DQLPDO SUHVHQWH ([FLSLHQWHV F V S PO HVFR]RU SUXULWR FRVWUDV HQ ORV FRGRV \ RUHMDV SpUGLGDV GH SHOR DSDULFLyQ GH ~OFHUDV HV UHFRPHQGDEOH HO XVR PHQVXDO FRPR KLJLHQH SUHYHQWLYR FRQWUD FXDOTXLHU UH LQIHVWDFLyQ 35(&$8&,21(6 0DQWpQJDVH DOHMDGR GH DOLPHQWRV \ PHGLFLQDV (YLWDU HO EDxR D OD PDVFRWD VL HVWD QR WLHQH VX SODQ VDQLWDULR GH YDFXQDV FRPSOHWD (YLWDU OD LQKDODFLyQ GHO SURGXFWR (YLWDU HO FRQWDFWR FRQ OD PXFRVD \ ORV RMRV $OPD FHQDU IXHUD GHO DOFDQFH GH ORV QLxRV 7y[LFR SDUD SHFHV 'HVHFKDU ORV HQYDVHV YD FtRV $/0$&(1$0,(172 &RQVHUYDU D WHPSHUDWXUDV HQWUH Â&#x17E; \ Â&#x17E; & FRQ VXV HQYDVHV RULJLQDOHV $17,'272 (Q FDVR GH LQJHVWLyQ SURFHGD DO WUDWDPLHQWR VLQWRPiWLFR
',$6 3527(&&,21
862 9(7(5,1$5,2
/,1'$ &$1 ',$6 3527(&&,21
862 9(7(5,1$5,2
6+$0322 0(',&$'2
/,1'$ &$1 ',$6 3527(&&,21
862 9(7(5,1$5,2
/,1'$ &$1
/,1'$ &$1
8 6 2 9 ( 7 ( 5 , 1 $ 5 , 2 3$5$ 72'2 7,32 '( 3(/$-( )5(6&85$ )5$*$1&,$ $*5$'$%/(
8 6 2 9 ( 7 ( 5 , 1 $ 5 , 2 3$5$ 72'2 7,32 '( 3(/$-( )5(6&85$ )5$*$1&,$ $*5$'$%/(
6+$0322 0(',&$'2
6+$0322 0(',&$'2
&20326,&,21 48,0,&$
&20326,&,21 48,0,&$
PO
PO
35(9,(1( < &21752/$
3UREOHPDV GHUPDWROyJLFRV ,QIHFFLRQHV GH OD SLHO +RQJRV 'HUPDWLWLV $OHUJLFDV 0DQFKDV FDVSD FDtGD GH SHORV HWF
6+$0322 0(',&$'2
/,1'$ &$1 ',$6 3527(&&,21
862 9(7(5,1$5,2
6+$0322 0(',&$'2
/,1'$ &$1 ',$6 3527(&&,21
862 9(7(5,1$5,2
/,1'$ &$1
/,1'$ &$1
8 6 2 9 ( 7 ( 5 , 1 $ 5 , 2 3$5$ 72'2 7,32 '( 3(/$-( )5(6&85$ )5$*$1&,$ $*5$'$%/(
)5(6&85$ )5$*$1&,$ $*5$'$%/(
6+$0322 0(',&$'2
6+$0322 0(',&$'2
8 6 2 9 ( 7 ( 5 , 1 $ 5 , 2 3$5$ 72'2 7,32 '( 3(/$-(
&20326,&,21 48,0,&$
&20326,&,21 48,0,&$
PO
PO
35(9,(1( < &21752/$
35(9,(1( < &21752/$
3UREOHPDV GHUPDWROyJLFRV ,QIHFFLRQHV GH OD SLHO +RQJRV 'HUPDWLWLV $OHUJLFDV 0DQFKDV FDVSD FDtGD GH SHORV HWF
)5(6&85$ )5$*$1&,$ $*5$'$%/(
/,1'$ &$1
6+$0322 0(',&$'2
)5(6&85$ )5$*$1&,$ $*5$'$%/(
6+$0322 0(',&$'2
)5(6&85$ )5$*$1&,$ $*5$'$%/(
)5(6&85$ )5$*$1&,$ $*5$'$%/(
6+$0322 0(',&$'2
)5(6&85$ )5$*$1&,$ $*5$'$%/(
/,1'$ &$1
3UREOHPDV GHUPDWROyJLFRV ,QIHFFLRQHV GH OD SLHO +RQJRV 'HUPDWLWLV $OHUJLFDV 0DQFKDV FDVSD FDtGD GH SHORV HWF
35(9,(1( < &21752/$
3UREOHPDV GHUPDWROyJLFRV ,QIHFFLRQHV GH OD SLHO +RQJRV 'HUPDWLWLV $OHUJLFDV 0DQFKDV FDVSD FDtGD GH SHORV HWF
&20326,&,21 48,0,&$ )LSURQLO 3HUR[LGR GH %HQFLOR $ORH 9HUD 3UR 9LWDPLQD % 3DQWHQRO ([FLSLHQWHV F V S PO
3,3(7$6 $17,38/*$6 3(/8&+,1 3(/8&+,1 3$5$ *$726
y y y y y y
&DMD [ XQLGDGHV
3(/8&+,1 3$5$ 3(5526 '( +$67$ .*
y y y y y y y
&DMD [ XQLGDGHV
3(/8&+,1 3$5$ 3(5526 '( +$67$ .*
y y y y y y
&DMD [ XQLGDGHV
3(/8&+,1 3$5$ 3(5526 '( +$67$ .*
y y y y y y y
&RQWHQLGR 1HWR PO &20326,&,Ð1 )LSURQLO JU $EDPHFWLQD PJ ([FLSLHQWHV F V S PO
&DMD [ XQLGDGHV
3(/8&+,1 3,3, 5(3(/(17( 635$< &$/,'$' < ()(&7,92
PO
3(/8&+,1 3,3, ('8&$'25 635$< &$/,'$' < ()(&7,92
PO
)2508/$ Ã&#x2030;FLGR FtWULFR IRUPDOGHKLGR DOFRKRO Â&#x192; ([F FVS PO
/,1($ 9(7(5,1$5,$ 3(/8&+,1 $17,3$5$6,7$5,2 (;7(512 (1 *27(526 < 635$< *27(526
635$<
635$< ',$6 '( $&&,21
([WHUPLQDQGR 3XOJDV *DUUDSDWDV 3LRMRV \ Ã&#x2030;FDURV GH OD 6DUQD
',$6 '( $&&,21 ([WHUPLQDQGR 3XOJDV *DUUDSDWDV
',$6 '( $&&,21
([WHUPLQDQGR 3XOJDV *DUUDSDWDV 3LRMRV \ Ã&#x2030;FDURV GH OD 6DUQD
',$6 '( $&&,21
([WHUPLQDQGR 3XOJDV *DUUDSDWDV 3LRMRV \ Ã&#x2030;FDURV GH OD 6DUQD
3LRMRV \ Ã&#x2030;FDURV GH OD 6DUQD
5(< 3(/8&+,1 862 9(7(5,1$5,2
/LWUR
)LSURQLO
5(< 3(/8&+,1
38/*$6
*$55$3$7$6
)LSURQLO
3,2-26
38/*$6
862 9(7(5,1$5,2
/LWURV
*$55$3$7$6
3,2-26
/,1($ 9(7(5,1$5,$ 3(/8&+,1 $17,3$5$6,7$5,2 (;7(512 (1 *27(526 < 635$< *27(526
635$<
635$< ',$6 '( $&&,21
([WHUPLQDQGR 3XOJDV *DUUDSDWDV 3LRMRV \ Ã&#x2030;FDURV GH OD 6DUQD
',$6 '( $&&,21 ([WHUPLQDQGR 3XOJDV *DUUDSDWDV
',$6 '( $&&,21
([WHUPLQDQGR 3XOJDV *DUUDSDWDV 3LRMRV \ Ã&#x2030;FDURV GH OD 6DUQD
',$6 '( $&&,21
([WHUPLQDQGR 3XOJDV *DUUDSDWDV 3LRMRV \ Ã&#x2030;FDURV GH OD 6DUQD
3LRMRV \ Ã&#x2030;FDURV GH OD 6DUQD
3(/8&+,1 /$< ',$6 3527(&&,21
862 9(7(5,1$5,2
/LWURV
)LSURQLO 38/*$6
3(/8&+,1 /$< ',$6 3527(&&,21
862 9(7(5,1$5,2
/LWURV
)LSURQLO
*$55$3$7$6
38/*$6
*$55$3$7$6
3,2-26
3,2-26
/,1($ 9(7(5,1$5,$ 3(/8&+,1 0$;,02 $17,3$5$6,7$5,2 (;7(512 (1 635$<
/,1($ 9(7(5,1$5,$
/,1'$ &$1 $17,38/*$6 ',$6 3527(&&,21
PO PO PO
',$6 '( $&&,21
([WHUPLQDQGR 3XOJDV *DUUDSDWDV 3LRMRV \ ÉFDURV GH OD 6DUQD
',$6 '( $&&,21
([WHUPLQDQGR 3XOJDV *DUUDSDWDV 3LRMRV \ ÉFDURV GH OD 6DUQD
',$6 '( $&&,21
([WHUPLQDQGR 3XOJDV *DUUDSDWDV 3LRMRV \ ÉFDURV GH OD 6DUQD
',$6 '( $&&,21
([WHUPLQDQGR 3XOJDV *DUUDSDWDV 3LRMRV \ ÉFDURV GH OD 6DUQD
PO
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X *$726
3DPRDWR GH 3LUDQWHO PJ $EDPHFWLQD PJ 6XOIDWR GH &REDOWR PJ ([FLSLHQWHV F V S PO
3(5526
.J 0/
/,1($ /,1'$ 0$6&27$ $17,3$5$6,7$5,2 3$5$ &$1,126 < )(/,126
/,1'$ 0$6&27$ *$726
3(5526
.J 0/
7(1,$),1
PO 35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
'2**<0$;
&217(1,'2 1(72
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
/,1($ 9(7(5,1$5,$ 3(/8&+,1 3/86 $17,3$5$6,7$5,$ (;7(5126 32/92 6(&2
(/,0,1$
(/,0,1$
7$/48(5$ (/,0,1$
(/,0,1$
/,1($ 9(7(5,1$5,$ 0,/(1,2 $17,3$5$6,7$5,$ (;7(5126 32/92 6(&2 0,/(1,2 683(5 38/*8,&,'$
7$/48(5$
JU 3DTXHWH [ IUDVFRV
9(7(5,1$5,$ /,1($ &+,&$ 9(5$12 $17,3$5$6,7$5,$ (;7(5126 32/92 6(&2 &+,&$ 9(5$12 683(5 38/*8,&,'$
7$/48(5$
&20326,&,21 &LSHUPHWULQD PJ ([FLSLHQWHV F V S PJ 5HJLVWUR 6(1$6$ ) 1
JU 3DTXHWH [ IUDVFRV
/,1($ &+,&$ 9(5$12 $17,38/*$6 32/92 6(&2 &+,&$ 9(5$12 38/*8,&,'$ &$0$ JU &DMD [ 6REUHV
&20326,&,Ð1 &LSHUPHWULQD PJ ([FLSLHQWHV F V S PJ
35(6(17$&,Ï1 JU &DMD [ 6REUHV
,16(&7,&,'$6 862 '20(67,&2 ,16(&7,&,'$6 3$5$ 026&$6 (/ 7520( 3(*$ 026&$
35(6(17$&,Ï1 &DMD [ 8QLGDGHV
3(*$ 026&$ &+,&$ 9(5$12 +(6,9$
&,17$ $'
(6,9$
&,17$ $'+
&,17$ $'+(6,9$
&,17$ $'+(6,9$
&,17$ $'+(6,9$
&,17$ $'+(6,9$
35(6(17$&,Ï1 &DMD [ 8QLGDGHV
*$7,//26 3817$ 0(7$/ 3$5$ 38/9(5,=$5
35(6(17$&,Ï1 3DTXHWH [ 8QLGDGHV SRU FDGD FRORU
35(6(17$&,Ï1 3DTXHWH [ 8QLGDGHV SRU FDGD FRORU
35(6(17$&,Ï1 &DMyQ [ 8QLGDGHV SRU FDGD FRORU
/,1($ &+,&$ 9(5$12 '( 862 '20(67,&2 ( +,*,(1( ,1'8675,$/
&+,&$ 9(5$12 62/8%/( 02648,&,'$
35(6(17$&,Ï1 JU &DMD [ 6REUHV
&+,&$ 9(5$12 &(%2 02648,&,'$
35(6(17$&,Ï1 JU &DMD [ 6REUHV
&+,&$ 9(5$12 &(%2 02648,&,'$
&217
*UV
35(6(17$&,Ï1 JU &DMD [ 6REUHV
&+,&$ 9(5$12 3(*$ 026&$ (1 3/$72
3(*$ 026&$ (1 3/$72
/,1($ &+,&$ 9(5$12 /,48,'2 < 635$< '( 862 '20(67,&2 ( +,*,(1( ,1'8675,$/ &$/,'$' < ()(&7,92 &$/,'$' < ()(&7,92
PO
PO
PO
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
72'2 ),1 0$7$ 72'2
72'2 ),1 0$7$ 72'2
72'2 ),1 0$7$ 72'2
PO
PO &$/,'$' < ()(&7,92
&$/,'$' < ()(&7,92
PO
PO
PO
(675(//$ ,16(&7,&,'$ 0$7$ 72'2
&20326,&,Ð1 48Ì0,&$ 'HOWDPHWULQD PJ ,QHUWHV F V S PJ
35(6(17$&,Ï1 JU &DMD [ 6REUHV
(675(//$ &(%2 02648,&,'$
5HJLVWUR 6(1$6$ ) ) ,
(675(//$ &(%2 02648,&,'$
&20326,&,21 48,0,&$
5HJLVWUR 6(1$6$ ) ) ,
&+,&$ 9(5$12 &8&$5$&+,&,'$ 32/92
$OIDFLSHUPHWULQD J .J )LSURQLO J ,QHUWHV J
35(6(17$&,Ï1 JU &DMD [ 6REUHV
&+,&$ 9(5$12 &(%2 &8&$5$&+,&,'$
35(6(17$&,Ï1 JU &DMD [ 6REUHV
&+,&$ 9(5$12 &(%2 &8&$5$&+,&,'$
&217
&20326,&,21 48Ì0,&$ $]~FDU ,PSDOSDEOH 7ULFRVHQH $WUD\HQWH 0HWRPLOR 6 0HWLO 1 0RWLFDUEDPRLO &RPSXHVWRV 5HODFLRQDGRV
*UV 35(6(17$&,Ï1 JU &DMD [ 6REUHV
/,1($ &+,&$ 9(5$12 0$7$ &8&$5$&+$6
&+,&$ 9(5$12
&+,&$ 9(5$12
&+,&$ 9(5$12
PO
PO
PO
PO
PO
PO $f2 '( $&&,Ð1
&21 81$ $3/,&$&,Ï1
$f2 '( $&&,Ð1 &21 81$ $3/,&$&,
Ï1
&20326,&,Ð1
$OIDFLSHUPHWULQD .J $PLQR IHQLOR GLFKORUR WULIOXRURPHWK\O
VXOILQ\O
GHO WULIOXRURPHWK\O
+ S\UD]ROH FDUERQLWULOH $GKHUHQWHV H LQHUWHV
PO
PO
PO
PO
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
(675(//$ &8&$5$&+,&,'$
(675(//$
&20326,&,Ð1 &,3(50(75,1$ '(/7$0(75,1$ &2038(6726 5(/$&,21$'26
35(6(17$&,Ï1 JU &DMD [ 6REUHV
(675(//$ &(%2 &8&$5$&+,&,'$
&20326,&,21 48Ì0,&$ $]~FDU ,PSDOSDEOH 7ULFRVHQH $WUD\HQWH 0HWRPLOR 6 0HWLO 1 0RWLFDUEDPRLO &RPSXHVWRV 5HODFLRQDGRV
&+,&$ 9(5$12 0$7$ $5$f$6 < +250,*$6 &$/,'$' < *$5$17,$ &$/,'$' < *$5$17,$
PO
PO
&20326,&,21 48,0,&$ ' 7HWUDPHWULQD &LSHUPHWULQD ,QHUWHV
PO
PO
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
&+,&$ 9(5$12 0$7$ 7(50,7$6
&$/,'$' < ()(&7,92
&$/,'$' < ()(&7,92
PO
&20326,&,21 48,0,&$ )HUYDOHUDWR $OIDFLSHUPHWULQD ,QHUWHV
PO
PO
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
&+,&$ 9(5$12 0$7$ É&$526 635$< &$/,'$' < ()(&7,92 &$/,'$' < ()(&7,92
PO
PO
PO &20326,&,21 48,0,&$ 'HOWDPHWULQD %HQ]RDWR GH EHQFLOR ,QHUWHV
PO
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
/,1($ &+,&$ 9(5$12 5(3(/(17( =$1&8'26 < 02648,726
,1*5(',(17(6 $JXD GHVLRQL]DGD JOLFHULQD YDVHOLQD OLTXLGD DOFRKRO FHWLOLFR SDOPLWDWR GH LVRSURSLOR SHUIXPH VLOLFRQD GLR[LQR GH WLWDQLR SROYR GH DORH YHUD
PO 35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
/,1($ %,1 /$'(1 /,48,'2 < 635$< '( 862 '20(67,&2 ( +,*,(1( ,1'8675,$/ %,1 /$'(1 0$7$ 72'2
&20326,&,Ð1 48Ì0,&$ 'HOWDPHWULQD ([FLSLHQWHV F V S $SOLFDFLyQ
$VSHUVLyQ ,QPHUVLyQ
$VSHUVLyQ
(VSHFLH
3DUiVLWRV
'RVLV
*DUUDSDWDV PO [ /W PRVFDV SXOJDV GH DJXD SLRMRV VDUQD 3LRMRV SXOJDV $YHV FDQLQRV PO [ /W KLWDV DFDURV FX\HV GH DJXD GH OD VDUQD *DUUDSDWDV )XPLJDFLyQ 8VDU IUDVFRV GH PO ,QVWDODFLyQ GH PRVFDV SXOJDV [ ERPED GH PRFKLOD FXFDUDFKDV DUDxDV ORV DQLPDOHV GH /W GH DJXD JULOORV ]DQFXGRV
PO
%RYLQRV RYLQRV \ FDPpOLGRV
PO
PO
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
%,1 /$'(1 0$7$ 72'2 &$/,'$' < *$5$17,$
%,1 /$',12 0$7$ 72'2 683(5 ,16(&7,&,'$ /,672 3$5$ 86$5
PO
PO
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
/,1($ 52'(17,&,'$
(/ 7520( 0$7$ 5$7$6 < 686 38/*$6 (/ 7520( &(%2 5$7,&,'$
&20326,&,Ð1
JU &DMD [ 6REUHV
JU &DMD [ 6REUHV
(/ 7520( 3(//(76 5$7,&,'$
&20326,&,Ð1 48Ì0,&$
JU &DMD [ 6REUHV
JU &DMD [ 6REUHV
/,1($ 52'(17,&,'$ (/ =2552 0$7$ 5$7$6 < 686 38/*$6 (/ =2552 &(%2 5$7,&,'$ (1
(/ =2552 3(//(76 5$7,&,'$ (1
&20326,&,21 %URPDGLRORQD PJ )LSURQLO PJ ([FLSLHQWHV F V S PJ 5HJLVWUR 6(1$6$ ) 1
/,1($ %,1 /$'(1 52'(17,&,'$ 0$7$ 5$7$6 < 686 38/*$6 %,1 /$'(1 &(%2 5$7,&,'$
JU
%,1 /$'(1 3(//(76 5$7,&,'$
=2552 75$03$ '( 3(*$0(172 3$5$ 5$7$6
7UDPSD GH SHJDPHQWR SDUD SHULFRWHV
%,1 /$'(1 52'(17,&,'$ /,48,'2
PO
&20326,&,21 %URPDGLRORQD 02'(5$'$0(17( 3(/,*5262 < '$f,12
PO
PO
PO
PO 35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
PO
&+855( 0$7$ 3,2-26 PO 862 (;7(512
&21 81$6 *27$6 (/,0,1( /26 3,2-26
PO 35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
%XWy[LGR GH 3LSHURQLOR J ([FLSLHQWHV $OFRKRO PO
/,1($ /,1'$ *$//,1,7$ $17,%,27,&2
PO
PO
PO
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
/,1($ 9(7(5,1$5,$
/,1'$ *$//,1,7$ $17,%,27,&26 (1 32/92 62/8%/( 25$/ /,1'$ *$//,1,7$ /,1'$ *$//,1,7$ $QWLELyWLFR 9LWDPLQDV FRQWUROD \ SURWHJH GH ORV JpUPHQHV *UDP 3RVLWLYRV \ *UDP 1HJDWLYRV FDXVDQWHV GH ODV HQIHUPHGDGHV GH ODV DYHV \ JDQDGRV (OORV HVWiQ LQGLFDGDV SDUD OD SUHYHQFLyQ \ HO WUDWDPLHQWR FXUDWLYR GH ORV SURFHVRV UHVSL UDWRULRV WDOHV FRPR %URQTXLWLV &RUL]D )LHEUH 9LUXHOD 1HXPRQtD 3HUGLGD GH SOXPDMH $QHPLD 5HWUDVR GHO &UHFLPLHQWR (VWH SURGXFWR HVWD LQGLFDGR SDUD ODV QHFHVLGDGHV H LQVXILFLHQFLDV GH YLWDPLQDV HQ WRGRV ORV DQLPDOHV 6WUpVV SRU HPEDUTXH 3(5,2'2 '( 5(7,52 /RV DQLPDOHV SDUD FRQVXPR KXPDQR WUDWDGRV FRQ HVWH SURGXF WR VH SRGUiQ VDFULILFDU GHVSXpV GH GtDV GH OD ~OWLPD DGPLQLVWUDFLyQ 1R DGPLQLVWUDU D SRQHGRUDV HQ SURGXFFLyQ GH KXHYRV GHVWLQDGRV D FRQVXPR KXPDQR 1R DGPLQLVWUDU D YDFDV HQ SURGXFFLyQ GH OHFKH GHVWLQDGD DO FRQVXPR KXPDQR 35(&$8&,21(6 $OPDFHQDU D WHPSHUDWXUD DPELHQWH & D & QR VRPHWHU D WHPSHUDWXUDV H[WUHPDV XQD YH] SUHSDUDGR HO SURGXFWR GHEH XWLOL]DUVH HQ VX WRWDOLGDG 0$17(1(5 )8(5$ '(/ $/&$1&( '( /26 1,f26
&DGD JUV FRQWLHQH 9LWDPLQD $ 8, UHWLQRO PJ 9LWDPLQD % FREDODPLQD PJ 9LWDPLQD . PHQDGLRQD PJ 9LWDPLQD % WLDPLQD PJ 9LWDPLQD ( WRFRIHURO 8,
2[LWHWUDFLFOLQD J &LSURIOR[DFLQD J 7LORVLQD J
5HJLVWUR 6(1$6$ ) 1
3UHVHQWDFLRQHV 2
,2
,
5 1$
5 7(
( 9
2
86
/,1'$ *$//,1,7$
JUDPRV
$62&,$&,Ð1 '( $17,%,Ð7,&26 9,7$0,1$6 3$5$ 862 (1 $*8$ 2 $/,0(172
(/,0,1$
0RTXLOOR 9LUXHOD 1HXPRQtDV 'LDUUHD %ODQFD &RUL]D ILHEUH %URQTXLWLV ,QIHFFLRVD ,QIHFFLRQHV ,QWHVWLQDOHV
6REUH [ JU &DMD [ VREUHV
86
2
5,
1$
5,
7(
( 9
9
/,1'$ JUDPRV *$//,1,7$
$62&,$&,Ð1 '( $17,%,Ð7,&26 9,7$0,1$6 3$5$ 862 (1 $*8$ 2 $/,0(172
(/,0,1$
0RTXLOOR 9LUXHOD 1HXPRQtDV 'LDUUHD %ODQFD &RUL]D ILHEUH %URQTXLWLV ,QIHFFLRVD ,QIHFFLRQHV ,QWHVWLQDOHV
JU
2 86
2
5,
1$
5,
( (7
/,1'$ JUDPRV *$//,1,7$
$62&,$&,Ð1 '( $17,%,Ð7,&26 9,7$0,1$6 3$5$ 862 (1 $*8$ 2 $/,0(172
(/,0,1$
0RTXLOOR 9LUXHOD 1HXPRQtDV 'LDUUHD %ODQFD &RUL]D ILHEUH %URQTXLWLV ,QIHFFLRVD ,QIHFFLRQHV ,QWHVWLQDOHV
JU
/,1($ *$//2 3(58$12 $17,%,27,&2 %$&7(5,&,'$ *$//2 3(58$12 $17,%,Ð7,&2 %$&7(5,&,'$
PO 35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
*$//2 3(58$12 $17,(675(6
*$//2 3(58$12 &20326,&,21 &DGD PO FRQWLHQH $FLGR $FHWLO 6DOLFtOLFR J $FLGR $VFyUELFR J 9HKtFXOR F V S /W
PO
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
*$//2 3(58$12 68/)$ 32/92
0$17(1(5 )8(5$ '(/ $/&$1&( '( /26 1,f26 3UHVHQWDFLyQ 6REUH [ JU &DMD [ VREUHV
/,1($ $6(625 $17,%,27,&26 $6(625 &203/(-2 ´%µ
$6(625 ',$55($),1
2[LWHWUDFLFOLQD J 7ULPHWRSULP J &DROtQ &RORLGDO J $FLGR 7iQLFR J 6XEQLWUDWR GH %LVPXWR J *OXFRVD J (QURIOR[DFLQD +// J (OHFWUROLWRV J
$6(625 $17,3$5$6,7$5,2
3UHVHQWDFLyQ 6REUH [ JU &DMD [ VREUHV
/,1($ 7,&2 $17,3$5$6,7$5,26 7,&2 3$5$6,72
7,&2 3$5$6,72 $17,3$5$6,7$5,2 '( $03/,2 (63(&752
7,&2 3$5$6,72 $17,3$5$6,7$5,2 '( $03/,2 (63(&752
PO
PO
PO
PO
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
/,1($ /,1'$ 9$48,//$ 3285 21 $17,3$5$6,7$5,2 (;7(512
(VTXHPD GH GRVLILFDFLyQ 0O .J +DVWD
9(7(5,1$5,$ /,1($ 9$&$ 3(58$1$ ',$6 3527(&&,21 '( *$55$3$7$6
PO
PO
PO ',$6 '( $&&,21
([WHUPLQDQGR 3XOJDV *DUUDSDWDV 3LRMRV \ Ã&#x2030;FDURV GH OD 6DUQD
',$6 '( $&&,21
([WHUPLQDQGR 3XOJDV *DUUDSDWDV 3LRMRV \ Ã&#x2030;FDURV GH OD 6DUQD
&20326,&,21 48,0,&$ )LSURQLO PJ ([FLSLHQWHV F V S PO 5HJLVWUR 6(1$6$ ) 1
PO
PO
PO
/,1($ 6$51$),1 3/86 $17,3$5$6,7$5,2 (;7(512
6$51$),1 3/86 3285 21 *27(526
6$51$),1 3/86 3285 21
6$51$),1 3/86 3285 21
(VTXHPD GH GRVLILFDFLyQ 0O .J +DVWD
PO
$EDPHFWLQD J $PLWUD] J 9HKLFXORV F V S
PO
PO
PO
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
6$51$),1 3/86 (1 812
JU &DMD [ VREUHV
&20326,&,21 &LSHUPHWULQD PJ ([FLSLHQWHV F V S PJ 5HJLVWUR 6(1$6$ ) 1
&+855( &85$ +(5,'$6 '( /26 $1,0$/(6 *27(526
&+855( &85$ +(5,'$6
&+855( &85$ +(5,'$6 *27(52
&+855( &85$ +(5,'$6 *27(52
PO
PO
862 9(7(5,1$5,2
862 9(7(5,1$5,2
0$17(1(5 )8(5$ '(/ $/&$1&( '( /26 1,f26
0$17(1(5 )8(5$ '(/ $/&$1&( '( /26 1,f26
PO
PO
635$<
&+855( &85$ +(5,'$6 635$< PO 862 9(7(5,1$5,2 0$17(1(5 )8(5$ '(/ $/&$1&( '( /26 1,f26
PO
&+855( &85$ +(5,'$6 635$<
&+855( &85$ +(5,'$6 635$< PO
PO
862 9(7(5,1$5,2
862 9(7(5,1$5,2 0$17(1(5 )8(5$ '(/ $/&$1&( '( /26 1,f26
PO
0$17(1(5 )8(5$ '(/ $/&$1&( '( /26 1,f26
PO
3DTXHWH [ IUDVFRV F X
&+855( &85$ +(5,'$6 3$67$ 862 9(7(5,1$5,2
&+855( &85$ +(5,'$6 3$67$ &20326,&,Ð1
PO JU
862 9(7(5,1$5,2
0$17(1(5 )8(5$ '(/ $/&$1&( '( /26 1,f26
JU 3DTXHWH [ IUDVFRV F X
/,1($ 0,/(1,2 $17,3$5$6,7$5,2 (;7(512 %$f2 0,/(1,2
%$f2 862 9(7(5,1$5,2
$SOLFDFLyQ
6H DGPL QLVWUD \ GRVLILFD VHJ~Q HO VLJXLHQWH FXDGUR
(VSHFLH
'RVLV
3DUiVLWRV
/W /W $VSHUVLyQ %RYLGRV RYLQRV *DUUDSDWDV \ FDPpOLGRV PRVFDV SXOJDV PO SRU ERPED GH PRFKLOD GH /W
VDUQD SLRMRV ,QPHUVLyQ $YHV FDQLQRV 2PLWKRQ\VVXV PO /W FX\HV GHUPDQ\VVXV SLRMRV SXOJDV $VSHUVLyQ
*DUUDSDWD ,QVWDODFLyQ GH ORV DQLPDOHV PRVFDV SXOJDV DOSKLWRELRV IXPLJDFLyQ &XFDUDFKDV
PO /W PO /W PO /W
PO
PO
/,1($ &+,&$ 9(5$12 783( $17,3$5$6,7$5,2 (;7(512 %$f2
&+,&$ 9(5$12 783(
PO
PO $SOLFDFLyQ
(VSHFLH
$VSHUVLyQ
%RYLQRV RYLQRV \ FDPpOLGRV
,QPHUVLyQ
$YHV FDQLQRV FX\HV
$VSHUVLyQ
)XPLJDFLyQ ,QVWDODFLyQ GH ORV DQLPDOHV
3DUiVLWRV *DUUDSDWDV PRVFDV SXOJDV SLRMRV VDUQD 3LRMRV SXOJDV KLWDV DFDURV GH OD VDUQD
'RVLV PO [ /W GH DJXD PO [ /W GH DJXD
*DUUDSDWDV PRVFDV SXOJDV PO [ /W GH DJXD FXFDUDFKDV DUDxDV PO [ /W GH DJXD JULOORV ]DQFXGRV
PO
PO
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
&+,&$ 9(5$12 /$9$9$-,//$ PO
/$9$1'$
5,1'( ;
)5(6$
7ULSOH
&RQFHQWUDFLyQ
5LQGH 7UHV 9HFHV 0iV \ &XLGD VXV 0DQRV &RQW 1HWR
PO
5,1'( ;
7ULSOH
&RQFHQWUDFLyQ
5LQGH 7UHV 9HFHV 0iV \ &XLGD VXV 0DQRV
%5,6$ 0$5,1$
5,1'( ;
7ULSOH
&RQFHQWUDFLyQ
5LQGH 7UHV 9HFHV 0iV \ &XLGD VXV 0DQRV &RQW 1HWR
&RQW 1HWR
PO
PO
35(6(17$&,Ï1 PO 3DTXHWH [ IUDVFRV F X
&+,&$ 9(5$12 6$&$*5$6$6 $520$ 1$5$1-$
$URPD 1DUDQMD &+,&$$12 9(5 UDVD
6DFDJ
HQ OD JUDVD £ (OLPLQD V FDPSDQDV DUULOOD FRFLQDV S (QMXDJDU 6LQ
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
&217(1,'2 1(72 0/
&+,&$ 9(5$12 6$&$*5$6$6 $520$ 1$5$1-$
$UR
$52P0D 1 $ 1D$UD 5$1Q-MD $
$ $U5R
2P0D$ 1 1D$U5D $Q 1-MD $
$ &+,&5$12 ( 9 VD
$ &+,&5$12 9( VD
D
6DFDJU
HQ JUDVD SDQDV LQD OD £ (OLP ULOODV FDP V SDU DJDU FRFLQD 6LQ (QMX
D
6DFDJU
D HQ JUDV SDQDV LQD OD £ (OLP ULOODV FDP DU U DV S MXDJD 6LQ (Q
FRFLQ
&217(1,'2 1(72 0/
352'8&72 3(58$12
352'8&72 3(58$12
&217(1,'2 1(72 0/
35(6(17$&,Ï1
&+,&$ 9(5$12 6$&$ *5$6$6 $520$ /,021 &$/,'$' < *$5$17,$
&+,&$ 9(5$12 VD
6DFDPJDUD
$UR yQ /LP £ (OLPLQD OD JUDVD HQ FRFLQDV
SDUULOODV FDPSDQDV 6LQ (QMXDJDU
&217(1,'2 1(72 0/
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
&+,&$ 9(5$12 6$&$ *5$6$6 $520$ /,021 &$/,'$' < ()(&7,92
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
&+,&$ 9(5$12 /,03,$ 9,'5,26
$ &+,&5$12 ( 9
$ &+,&5$12 ( 9
LGULRV /LPSLD9 £ /LP
(&2/Ð*,&2
&217(1,'2 1(72 0/
V
UD\D
HMDU
LQ G SLD V
ULRV G L 9 D L S /LP
\DV
MDU UD
LQ GH
SLD V
£ /LP
(&2/Ð*,&2
&217(1,'2 1(72 0/
35(6(17$&,Ï1 3DTXHWH [ IUDVFRV F X
/,1($ &+,&$ 9(5$12 $/&2+2/ *(/ '(6,1)(&7$17( 3$5$ 0$126 < 2),&,1$6 (1 6(*81'26 &+,&$ 9(5$12 $/&2+2/ (1 *(/
,1*5(',(17(6 (WK\O DOFRKRO *OLFHULQ 3URS\OH QH *OLFRO 7ULFORVDQ &DUERPHU )UDJDQFH 7ULHWKDQRODPLQH
PO 3DTXHWH [ IUDVFRV F X
&+,&$ 9(5$12 $/&2+2/ (1 *(/
,1*5(',(17(6 (WK\O DOFRKRO *OLFHULQ 3URS\OH QH *OLFRO 7ULFORVDQ &DUERPHU )UDJDQFH 7ULHWKDQRODPLQH
PO 3DTXHWH [ IUDVFRV F X
6,/,&21$ $872 $520$6 /,021
)5(6$
7877, )5877,
0$1=$1$
3$5$ 3,626 &(5Ã&#x2030;0,&26 < 325&(/$1$726
48,7$ 6$552
&$/,'$' < ()(&7,92
&$/,'$' < ()(&7,92
&+,&$ 9(5$12 /,03,(=$ 727$/ $520$6
PO
PO
PO
PO
PO
PO
PO
PO
PO
PO
PO
PO
-$%21 /,48,'2 5$3,',1 -$%21 /,48,'2 5$3,',1 3DUD ODV SHUVRQDV TXH SUH ILHUHQ HO MDEyQ OtTXLGR SDUD WRGD OD IDPLOLD )RUPXODGR D EDVH GH EHUJDPRWR DQWL EDFWpULFR ViQGDOR \ DORH YHUD KLGUDWDQWH VXDYL]DQ WH ,1',&$&,21(6 $SOLTXH XQD SHTXHxD FDQWL GDG GH MDEyQ $IHUVD HQ VXV PDQRV GH XQ VXDYH PDVDMH FRQ XQ SRFR GH DJXD KDVWD TXH IRUPH HVSXPD \ HQMXD JXH YDULDV YHFHV ,1*5(',(17(6 6DGLXP /DXUHWK &RFDPLGR SURS\O %HWDLQH &RFDPLGH '($ *O\FHULQ $ORH %DUED GHQVLV /HDI -XLFH 0HWU\FORURLVRWKLD ]ROLPRQH
-$%21 /,48,'2 5$3,'Ã&#x152;1 3DUD ODV SHUVRQDV TXH SUHILHUHQ HO MDEyQ OtTXL GR SDUD WRGD OD IDPLOLD )RUPXODGR D EDVH GH EHU JDPRWR DQWLEDFWpULFR ViQGDOR \ DORH YHUD KL GUDWDQWH VXDYL]DQWH
21 /,48,'2 -$%
5$3,',1 $17,%$&7(5,$/
21 /,48,'2 -$% 5$3,',1 $17,%$&7(5,$/
21 /,48,'2 -$%
5$3,',1 $17,%$&7(5,$/ SDUD PDQRV
352'8&72 3(58$12
352'8&72 3(58$12
352'8&72 3(58$12
,1',&$&,21(6 $SOLTXH XQD SHTXHxD FDQ WLGDG GH MDEyQ 5DSLGtQ HQ VXV PDQRV GH XQ VXDYH PDVDMH FRQ XQ SRFR GH DJXD KDVWD TXH IRUPH HV SXPD \ HQMXDJXH YDULDV YHFHV ,1*5(',(17(6 6DGLXP /DXUHWK &RFDPL GRSURS\O %HWDLQH &RFD PLGH '($ *O\FHULQ $ORH %DUEDGHQVLV /HDI -XLFH 0HWU \FORURLVRWKLD]R OLPRQH
21 /,48,'2 -$%
21 /,48,'2 -$%
21 /,48,'2 -$%
5$3,',1
5$3,',1
5$3,',1
$17,%$&7(5,$/
$17,%$&7(5,$/
SDUD PDQRV
$17,%$&7(5,$/ SDUD PDQRV
352'8&72 3(58$12
352'8&72 3(58$12
-$%Ð1 /Ì48,'2 $17,%$&7(5,$/ +2*$5 /29(
3DUD ODV SHUVRQDV TXH SUHILHUHQ HO MDEyQ OtTXLGR SDUD WRGD OD IDPLOLD )RUPXODGR D EDVH GH EHUJDPRWR DQWLEDFWpULFR ViQGDOR \ DORH YHUD KLGUDWDQWH VXDYL]DQWH ,1',&$&,21(6 $SOLTXH XQD SHTXHxD FDQWLGDG GH MDEyQ ´+RJDU /RYHµ HQ VXV PDQRV GH XQ VXDYH PDVDMH FRQ XQ SRFR GH DJXD KDVWD TXH IRUPH HVSXPD \ HQMXDJXH YDULDV YHFHV ,1*5(',(17(6 'LHWDQRODPLGD GH FRFR iORH YHUD EHQ]RDWR GH VRGLR ODXULO HWKR[L GH VRGLR DJXD GHVLRQL]DGD JOLFHULQD FRORUDQWH
-$%Ï1 /Ë48,'2 $17,%$&7(5,$/ +2*$5 /29( 3DUD ODV SHUVRQDV TXH SUHILHUHQ HO MDEyQ OtTXLGR SDUD WRGD OD IDPLOLD )RUPXODGR D EDVH GH EHUJDPRWR DQWLEDFWpULFR ViQGDOR \ DORH YHUD KLGUDWDQWH VXDYL]DQWH ,1',&$&,21(6 $SOLTXH XQD SHTXHxD FDQWLGDG GH MDEyQ ³+RJDU /RYH´ HQ VXV PDQRV GH XQ VXDYH PDVDMH FRQ XQ SRFR GH DJXD KDVWD TXH IRUPH HVSXPD \ HQMXDJXH YDULDV YHFHV ,1*5(',(17(6 'LHWDQRODPLGD GH FRFR iORH YHUD EHQ]RDWR GH VRGLR ODXULO HWKR[L GH VRGLR DJXD GHVLRQL]DGD JOLFHULQD FRORUDQWH
,16(&7,&,'$ 3$5$ -$5',1 (/ 7520( &$6$ -$5',1
7520( 75,3/( $&&,21 (/,0,1$ 026&$ %/$1&$
&20326,&,21 48,0,&$ ,QJUHGLHQWHV DFWLYR 0(720,/2 6 0(7,/ 1 0(7,/&$5%$02,/ 2;,/7,2$&(720,'72 %XSURIH]LQ WHUW EXWLOLPLQR LVRSURSLO IHQLO WHWUDKLGUR + WKLDGLD]LQ RQD $FHWDPLSUL ,QJUHGLHQWHV ,QHUWHV
&$03,1 (/,0,1$ $5$f,7$ 52-$
&$03,1 75,3/( $&&,21 72'2 ),1 ,16(&7,&,'$ < )81*,&,'$
&8/7,92 $/*2'21 720$7( $/*2'21 6DQGtD ]DSDOOR
120%5( 7(&1,&2 120%5( &2081 $SKLV JRVV\SLL 0DFURVLSKXP HXSKRUELDH 38/*21(6 026&$ %/$1&$ %HPLVLD WDEDFL )UDQNOLQLHOOD JHPLQD &DOLRWKULSV EUD]LOLHQVLV 75,36 0LOGLX 3XGULFLyQ JULV 2LGLXP $UDxLWD URMD
JU KD
'26,6 FLOLQGUR O
0RFKLOD O
%$&7(5,1 7(&12/2*,$ '( 3817$
&XOWLYR
(QIHUPHGDG
1DUDQMR
3RGUHGXPEUH R PRKR JULV
$MR &HEROOD
$JHQWH &DXVDO
'RVLV
%RWU\WLV FLQHUHD
J FLO
3 & / 0 5 GtDV SSP
Q G
3RGUHGXPEUH EODQFD 6FOHURWLXP FHSLYRUXP J FLO J NJ VHPLOOD 3RGUHGXPEUH R PRKR JULV %RWU\WLV FLQHUHD GLHQWHV
7RPDWH )UHMRO +DEDV $SLR 3RGUHGXPEUH R PRKR JULV 3HSLQR =DSDOOR 0DQFKD GH OD KRMD 6DQGtD &DFDR 0RQLOLD R SRGUHGXPEUH 0HORFRWRQHUR PRUHQD )ORUHV \ 3RGUHGXPEUH R PRKR JULV 3RGUHGXPEUH EODQFD RUQDPHQWDOHV 0DQFKD GH OD KRMD 3RGUHGXPEUH R PRKR JULV /HFKXJD 3RGUHGXPEUH EODQFD
%RWU\WLV FLQHUHD $OWHUQDULD VS
J FLO
0RQLOLD VS
J FLO
Q G Q G
J FLO
Q G Q G
J FLO
%RWU\WLV FLQHUHD 6FOHURWLQLD VS $OWHUQDULD VS %RWU\WLV FLQHUHD 6FOHURWLQLD VS
%$&7(5,1 75,3/( $&&,21
(OLPLQD 0,/',8 +RQJRV %275,7,6 < 52<$
&8/7,92 1DUDQMR /LPyQ
3HSLQLOOR 6DQGtD 0HOyQ &HEROOD $MR 3DOWR
'26,6 J FLO
(1)(50('$'
*RPRVLV GH ORV &tWULFRV 3K\WRSKWKRUD VSS
0LOGLX 3VHXGRSHURQRVSRUD FXEHQVLV 0LOGLX 3HURQRVSRUD GHVWUXFWRU 7ULVWH]D 3K\WRSKWKRUD VSS
&20326,&,21 48,0,&$
%$&7(5,1 5$1&+$ ),1
&XOWLYR
(QIHUPHGDG
'RVLV 3 & / 0 5 $JHQWH &DXVDO NJ KD NJ FLO GtDV SSP
O
&HEROOD 3HURQRVSRUD 0LOGLX $MR +LHOR )XQJRVR 3K\WRSKWKRUD LQIHVWDQV 3DSD 7RPDWH 5DQFKD R VHFD VHFD 6WHPSK\OLXP FRQVRUWLODH $QWUDFQRVLV 3K\VDORVSRUD SHUVHDH 3DOWR 0DQFKD GHO IUXWR &HUFRVSRUD FRIIHLFROD &DIp 5R\D +HPLOHLD YDVWDWUL[ 0DQFKD GH &HUFRVSRUHOOD WKHDH 7p OD KRMD
SDSD WRPDWH
J
&+$3$5521 (/,0,1$ *86$12 '( 3/$17$6
&+$3$5521
02/< (/,0,1$ (6&2%$ '( %58-$
&XOWLYRV
120%5( '( /$ (1)(50('$' 1RPEUH &RP~Q 1RPEUH &LHQWtILFR
&ULPLSHOOLV &DFDR (VFRED GH %UXMD 3HUQLFLRVD 0\FHQD 2MR GH 3ROOR &DIp &LWULFRORU 5R\D GHO +HPLOHLD &DIp FDIp 8DVWDWUL[ &RUWLFLXP &DIp $UDxHUR .ROHURJD /LPyQ 3DOWD *RPRVLV 3K\WRWKRUD GH FXHOOR
'RVLV JU /W JU FLO JU FLO JU FLO JU FLO JU [ NJV FDO
/ 0 5 'RVLV 3SP
3DVWD DO 7URQFR
$/'5,1,1
&20326,&,21 48,0,&$ &LSHUPHWULQD $OIDFLSHUPHWULQD &RPSXHVWRV 5HODFLRQDGRV
(/ 7520( *$0(=$1 3(5)80$'2
JU &DMD [ 6REUHV
&20326,&,Ð1
&LSHUPHWULQD PJ 'HOWDPHWULQD PJ ([FLSLHQWHV F V S PJ
JU &DMD [ 8QLGDGHV
JU &DMD [ 8QLGDGHV
' ' 7 3ROYR 6HFR \ 0RMDEOH 3HUIXPDGR 3DUD XVR GRPHVWLFR HV XQ LQVHFWLFLGD GH H[WUDRUGLQD ULD HILFDFLD LQGLFDGR SDUD H[WHUPLQDU FRQ VHJXUL GDG 3XOJDV 3LRMRV +LWD &KLQFKHV &KXFKX\ *DUUD SDWDV QR UHSUHVHQWD QLQJ~Q SHOLJUR SDUD HO KRPEUH 02'2 '( (03/(2 (VSROYRUHH HQ ORV VLWLRV GRQGH KDELWXDOPHQWH VH HQ FXHQWUD ORV SDUiVLWRV SLVRV FRUUDOHV GH DYHV FDPD GH ORV SHUURV \ JDWRV $ ORV DQLPDOHV IURWDU GHQWUR GH VX SHOR 7DPELpQ GLVROYHU HO FRQWHQLGR GHO VREUH HQ GRV OLWURV GH DJXD SDUD EDxDU D ODV PDVFRWDV 5HSHWLU HO WUDWDPLHQWR WDQWDV YHFHV VHD QHFHVDULR $17,'272 (Q FDVR GH LQWR[LFDFLyQ DFFLGHQWDO XVDU FRPR DQWtGR WR HO VXOIDWR GH DWURSLQD
&20326,&,21 48,0,&$ &LSHUPHWULQD 0DWHULDOHV LQHUWHV 7RWDO
JU &DMD [ 6REUHV
,16(&7,&,'$ /,1($ (/ 7520( '( 862 '20(67,&2 ( +,*,(1( ,1'8675,$/
JU &DMD [ 6REUHV
J J
JU &DMD [ 6REUHV
&20326,&,21 48,0,&$ $]XIUH ,QHUWHV 7RWDO
JU &DMD [ XQLGDGHV
$%2126 62/8%/(6 3$5$ -$5',1 /,1'$ )2/,$5
5(&20(1'$&,21(6 3$5$ 68 862
(/(0(1726 0$<25(6 1LWUyJHQR 1 )RVIRUR 3 2 3RWDVLR . 2
(/(0(1726 0(125(6 $]XIUH V +LHUUR )H 0DQJDQHVR 0J %RUR % &DOFLR &D &REUH (X =LQF =Q 0ROLEGHQR 0R
35(6(17$&,Ï1 JU &DMD [ 6REUHV
/,1'$ )/25$&,21 &21 +25021$6
$1$/,6,6 1LWUyJHQR 1 )RVIRUR 3 2 3RWDVLR . 2
35(6(17$&,Ï1 JU &DMD [ 6REUHV
/,1'$ )2//$-(
&20326,&,21 48,0,&$
35(6(17$&,Ï1 JU &DMD [ 6REUHV
/,1'$ )58&7,),&$&,Ð1
35(6(17$&,Ï1 JU &DMD [ 6REUHV &20326,&,21 48,0,&$
1LWUyJHQR 1 +LHUUR )H )RVIRUR 3 2 &REUH &X 3RWDVLR . 2 =LQF =Q 0DJQHVLR 0J %RUR %
$%2126 *5$18/$'26
&20326,&,21 48,0,&$ 1LWUyJHQR 1 )yVIRUR 3 2 3RWDVLR . 2
35(6(17$&,Ï1 JU &DMD [ 6REUHV
35(6(17$&,Ï1 JU &DMD [ 6REUHV