'HVGH VHPSUH 9(/,//$ PDQWÄP D VXD ORQJD WUDMHWÎULD HYROXLQGR FRQVRDQWH DV QHFHVVLGDGHV GR PHUFDGR HP URXSD ODERUDO FRQWLQXDQGR LQFOXLU QRYRV SURGXWRV QRV GLIHUHQWHV VHWRUHV LQGXVWULDLV FRP D SULRULGDGH GH TXH D UHOD¾R TXDOLGDGH SUHÂR VHMD LQLJXDO¼YHO
¤ D SULPHLUD PDUFD TXH UHƮHWH D VXD H[SHULÅQFLD FRPELQDQGR D VXD FRPRGLGDGH H TXDOLGDGH QD VXD GLYHUVLGDGH GH DUWLJRV H FRUHV
2 QRVVR SURGXWR Ä R UHVXOWDGR GR WUDEDOKR GH SURƬVVLRQDLV GH GLIHUHQWHV GHSDUWDPHQWRV TXH FRP R VHX HVIRUÂR VH HQFDUUHJDP GH GHVHQYROYLPHQWR D SDUWLU GH XP ULJRURVR &21752/2 '( 48$/,'$'( GR GHVHQKR PROGDJHP FRQIH¾R H FRPSUD GH ERQV PDWHULDLV 7XGR LVWR DVVRFLDGR » QRVVD DPSOD UHGH GH 9HQGDV H 'LVWULEXL¾R PDQWÄP QRV OÈGHUHV GR VHWRU
8PD PDUFD GH $OWD 4XDOLGDGH RQGH VH GHVWDFDP D RULJLQDOLGDGH H RV QXPHURVRV GHWDOKHV TXH FRPSÐHP RV VHXV GHVHQKRV
8PD GDV QRVVDV PHWDV Ä PHOKRUDU GLDULDPHQWH R VHUYLÂR SDUD FRP RV QRVVRV GLVWULEXLGRUHV H SDUFHLURV SDUD LVVR FRQWDPRV FRP XPDV PRGHUQDV LQVWDODÂÐHV TXH QRV SHUPLWHP WHU XP DPSOR VWRFN SDUD GLVWULEXLU H RIHUHFHU XP VHUYLÂR U¼SLGR H HƬFD] &RQWLQXDPRV D FUHVFHU H DWXDOPHQWH WHPRV WUÅV PDUFDV 9HOLOOD 'LVYHO H 9 3UR TXH HVW¾R SHQVDGDV SDUD VH DGDSWDUHP »V GLIHUHQWHV FDUDFWHUÈVWLFDV GR WUDEDOKDGRU H DVVLP SRGHU RSWDU SHOR DUWLJR PDLV DGHTXDGR »V VXDV QHFHVVLGDGHV RIHUHFHQGR XP VHUYLÂR LQWHJUDO FRP D QRVVD JUDQGH YDULHGDGH GH SURGXWRV H GLIHUHQWHV FRUHV
2V QRVVRV PRGHORV HVW¾R KRPRORJDGRV H FHUWLƬFDGRV FXPSULQGR DV GLUHWUL]HV GD 8QL¾R (XURSHLD GH 6HJXUDQÂD H 6DÕGH H FRP RV PDWHULDLV GH HPEDODJHP UHFLFO¼YHLV FRQWULEXÈPRV FRP R 6LVWHPD ,QWHJUDGR GH *HVW¾R SDUD TXH Q¾R VH SUHMXGLTXH R PHLR DPELHQWH $JUDGHFHPRV D FRQƬDQÂD GHSRVLWDGD QRV QRVVRV SURGXWRV H UHFRPHQGDPRV OKH TXH SDUD XPD PDLRU GXUD¾R GRV QRVVRV DUWLJRV VLJD DV LQVWUXÂÐHV GDV HWLTXHWDV
3UD]RV GH HQYLR
7RGRV RV DUWLJRV 9HOLOOD FRP VWRFN GLVSRQLYHO WÅP GLDV ÕWHLV FRPR HVWLPDWLYD GH SUD]R GH HQWUHJD H[FHWR RV DUWLJRV TXH WÅP XP SUD]R GH H[SHGL¾R SUHYLVWR GH VHPDQDV (VWLPDWLYD GH SUD]R GH HQYLR GRV DUWLJRV
(VWD PDUFD HQJORED RV GLIHUHQWHV SURGXWRV HTXLSDPHQWRV GH SURWH¾R LQGLYLGXDO ( 3 , H DVVLP SRGHU JDUDQWLU D VHJXUDQÂD QR WUDEDOKR
¨QGLFH 3DUNDV FDVDFRV FDPLVRODV SRODUHV FROHWHV )DWRV PDFDFR SURWH¾R FKXYD &DOÂDV FDPLVDV SRORV $QWL IRJR $QWL IRJR H DQWL HVW¼WLFR
$57,*26 7¤&1,&26
3DUNDV FDVDFRV EOXVÐHV FDPLVRODV PDOKDV SRODUHV 3URWH¾R FKXYD H FROHWHV FDÂD H DYHQWXUD FDOÂDV H IDWRV PDFDFR &DPLVDV SRORV W VKLUWV %DWDV ,QGÕVWULD DOLPHQWDU GHVFDUW¼YHLV ELFRORUHV
,1'µ675,$ $7,9$
3 *,1$
3 *,1$
&RQMXQWRV WÕQLFDV FDOÂDV H WRXFDV %DWDV DUWLJRV ELFRORUHV
6$µ'( ( /,03(=$
+27(/$5,$ ( 5(67$85$¢ 2
3HOH &DPXUÂD 1¾R PHW¼OLFR
&$/¢$'2
1RUPDWLYDV
&RPSOHPHQWRV H DYHQWDLV &R]LQKD FDVDFRV FDOÂDV DYHQWDLV H DFHVVÎULRV 6DOD &RPSOHPHQWRV 6DOD FDPLVDV FROHWHV VDLDV FDOÂDV DYHQWDLV ELFRORUHV
3URWH¾R GH P¾RV /XYDV 3URWH¾R GH FDEHÂD FDSDFHWHV YLVHLUDV ÎFXORV H DXULFXODUHV
3 *,1$
(48,3$0(172 3527(¢ 2 ,1',9,'8$/ 1250$7,9$6
3 *,1$
3 *,1$
3 *,1$
3 *,1$
1
¨QGLFH $OIDEÄWLFR 5()
$85 $85 &$6 &$6 *$) *$) 3$1 3$1 5 7$3 7$3 %27 1 %27 1 =$3 1 =$3 1 =$3 =$3 =$3 $6 &) &) &5()/(&725 /0 0. 11 3 3 3 3 3 3 3 6 3 & 3 3 6 3 3 3
3 *,1$
5() 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 & 3 3 & 3 3 3 3 3 3 3 3 3 3 3 3 3 3
3 *,1$
5()
3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 93 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3
3 *,1$
_ _
5() 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 6 3 3 3 3 3 3
3 *,1$ _
¨QGLFH $OIDEÄWLFR 5()
3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3
3 *,1$
_ _ _ _ _ _ _
5()
3 *,1$
3 3 _ 3 3 _ 3 _ 3 _ 3 3 _ 3 3 3 3 3$/%$5,¬2 3$/0$1=25 3$7$/$<$ 3% 3% _ 3% _ 3% 3% 3%& 3%& 3%, 3%,(1(/'2 3%,0(/,6$ 3%,1¨48(/ 3%,=,1& 3%8/1(6 3& 3&$%(51(7 3&$5,¬(1$ 3&& 3&& 3&,/$1752 3&2%5( 3&7 3&7 3&7 3&7
5()
3 *,1$
3&7 3( 3( 3( 3( 3)3 3(1(/'2 3(675$*21 3*7 3*7 3/$85(/ 3/,67 1 3/,67 1 5< 30 30 30 30 30 30$&,6 30$&,6 5< 30& 30(/,6$ 30(5&85,2 30(5/27 3021&$<2 31¨48(/ 325¤*$12 325¤*$12 1(*52 33 33 33 33 33 33 33 33 33 33 33 33
5()
3 *,1$
33 33 33 33 33 33 33 33 33 33,0(17®1 33/,67 1 33/202 330(5&85,2 337 337 337 35 35 36,175$ 368%,5$7 37(,'( 375(3$7 38 39$,1,//$ 39$,1,//$ 9,92 39(5'(-2 39,85$ 39,85$ 5< 3=,1& 6: 6: 6: 6: 6: 70 90 0
&DUWD GH &RUHV $57,*26 9(/,//$
&25(6 /,6$6
35(72
$=8/ 0$5,1+2
9(5'(
9(5'( &$¢$
9(5'( )/25(67$ $=8/ &¤8 &(/(67(
%5$1&2
&,1=(172
$=8/ 52<$/
$=8/ 3(75®/(2
9(50(/+2
*5(1
/$5$1-$ )/825(6&(17(
$0$5(/2 )/825(6&(17(
/$5$1-$ &/$52 )8&+6,$
52;2
$=8/ 78548(6$ $=8/ 78548(6$ &,1=(172 (6&852 &/$52
$0$5(/2 &/$52
%(*( $5(,$
&$67$1+2
%25'($8;
&2%5(
3¤52/$
%(*(
/$5$1-$
$0$5(/2
&25$/
9(5'( /,0$
&,1=(172 0(6&/$'2
%(*( 0(6&/$'2
&25(6 (67$03$'$6
5,6&$6 (0 %$6( 35(7$
48$'5$'26 $=8/ 0$5,1+2 %5$1&2
5,6&$6 (0 %$6( %5$1&$
3$7$ '( *$/2 9(5'( $=8/ 0$5,1+2 &$08)/$*(0 %5$1&2
5,6&$6 35(7$6
5,6&$6 *5(1
48$'5$'26 35(726
&2172512 3(,72 &2172512 &,1785$
7DEHOD GH 0HGLGDV H (TXLYDOÅQFLDV GH 2ULHQWD¾R (1 FP
&2172512 $1&$
08/+(5
+20(0
81,6(;2
&$6$&26 _ 3$5.$6 _ &$0,6$6 _ &2/(7(6 _ )$726 0$&$&2_ 32/26 _ &$0,62/$6 _ %$7$6 _ 7µ1,&$6 &RQWRUQR 3(,72 FP &RQWRUQR &,1785$ FP (XURSHX $PHULFDQR 6DQLW¼ULR &$/¢$6 _ &$/¢°(6 _ -$5',1(,5$6 &RQWRUQR &,1785$ FP (XURSHX $PHULFDQR 6DQLW¼ULR &$6$&26 _ &2/(7(6 _ &$0,6$6 _ 7µ1,&$6 &RQWRUQR 3(,72 FP &RQWRUQR &,1785$ FP (XURSHX $PHULFDQR &$/¢$6 _ 6$,$6 &RQWRUQR $1&$ FP (XURSHX $PHULFDQR &$/¢$'2 &P GR SÄ (XURSHX 127$ $V PHGLGDV DSUHVHQWDGDV V¾R UHIHUHQWHV DR FRUSR H Q¾R »V SHÂDV
6,1$/,=$d®2 $'(48$'$ 3$5$ &$'$ 75$%$/+2 &$6
3 &DSDFHWH GH SURWH¾R FRP DMXVWH UHJXO¼YHO GH FDEHÂD FRP UDQKXUDV ODWHUDLV SDUD DGDSWD¾R GH DXULFXODUHV RX YLVHLUDV IDFLDLV
3
3 &DOÂDV GH DOWD YLVLELOLGDGH FRP GXDV ƬWDV UHƮHWRUDV GH WHFQRORJLD GH PLFURHVIHUDV H XPD IDL[D ƮXRUHVFHQWH QR PHLR
$OWD 9LVLELOLGDGH $UWLJRV 7ÄFQLFRV 3
3 &DVDFR GH $OWD 9LVLELOLGDGH &RQFHLWR QRYR 9 '\QDPLF 6HULHV )HFKRV HVWDQTXHV SXQKRV DMXVW¼YHLV FRP YHOFUR
2V DUWLJRV $9 V¾R FRQFHELGRV SDUD VLQDOL]DU YLVXDOPHQWH D SUHVHQÂD GR XWLOL]DGRU GH PRGR D TXH HVWH VHMD GHWHWDGR HP FRQGLÂÐHV GH ULVFR VRE D OX] GR GLD RX QR HVFXUR VRE D LOXPLQD¾R GRV IDUÎLV GH XP FDUUR RX VLPLODU )RUDP FRQIHFLRQDGRV FRP PDWHULDO ƮXRUHVFHQWH H UHƮHWRU HP TXH DPEDV DV FRUHV XWLOL]DGDV V¾R FURP¼WLFDV H FRP IDWRU GH OXPLQ½QFLD JDUDQWLGR
¨QGLFH $OWD YLVLELOLGDGH 3 3DUNDV H FDVDFRV $OWD YLVLELOLGDGH 3 &DPLVRODV SRODUHV H FROHWHV $OWD YLVLELOLGDGH 3 )DWRV PDFDFR $OWD YLVLELOLGDGH 3 3URWH¾R FKXYD $OWD YLVLELOLGDGH 3 &DOÂDV )$,;$6 5()/(725$6 &XPSULQGR D QRUPDWLYD YLJHQWH IRUDP WHVWDGDV DR QÈYHO GH DEUDV¾R ƮH[LELOLGDGH UHVLVWÅQFLD »V GLIHUHQWHV WHPSHUDWXUDV ODYDJHP H VHFDJHP GRPÄVWLFD H UHVLVWÅQFLD » FKXYD
$OWD YLVLELOLGDGH 3 &DPLVDV H SRORV $UWLJRV WÄFQLFRV 3 $QWL IRJR $UWLJRV WÄFQLFRV 3 $QWL IRJR H DQWL HVW¼WLFR
$/7$ 9,6,%,/,'$'( ( 7¤&1,&26 __ 3$5.$6 ( &$6$&26
3 3$5.$ ,03(50( 9(/ '( $/7$ 9,6,%,/,'$'( 3DUND GH DOWD YLVLELOLGDGH LPSHUPH¼YHO )LWDV UHƮHWRUDV QRV EUDÂRV H FRUSR JUDQGHV EROVRV H[WHULRUHV
$PDUHOR )OXRUHVFHQWH
)HFKR QD IUHQWH RFXOWR SRU PRODV &DSX] LQWHJUDGR QD JROD 3XQKR LQWHULRU HO¼VWLFR
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ ([WHULRU LPSHUPH¼YHO SROLÄVWHU F 39&
,QWHULRU IRUUR H HQFKLPHQWR SROLÄVWHU
*5$0$*(0 ([WHULRU JU Pƽ ,QWHULRU IRUUR JU Pƽ
HQFKLPHQWR JU Pƽ
3 3$5.$ ,03(50( 9(/ '( $/7$ 9,6,%,/,'$'( %,&2/25 3DUND GH DOWD YLVLELOLGDGH LPSHUPH¼YHO ELFRORU
$PDUHOR )OXRUHVFHQWH $]XO 0DULQKR
)LWDV UHƮHWRUDV QRV EUDÂRV H FRUSR
$PDUHOR )OXRUHVFHQWH 9HUGH
JUDQGHV EROVRV H[WHULRUHV )HFKR QD IUHQWH RFXOWR SRU PRODV &DSX] LQWHJUDGR QD JROD 3XQKR LQWHULRU HO¼VWLFR
1
/DUDQMD )OXRUHVFHQWH $]XO 0DULQKR
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ ([WHULRU LPSHUPH¼YHO SROLÄVWHU FRP 39&
,QWHULRU IRUUR H HQFKLPHQWR SROLÄVWHU
*5$0$*(0 ([WHULRU JU Pƽ ,QWHULRU IRUUR JU Pƽ
HQFKLPHQWR JU Pƽ
3$5.$6 ( &$6$&26 __ $/7$ 9,6,%,/,'$'( ( 7¤&1,&26
3 3$5.$ ,03(50( 9(/ '( $/7$ 9,6,%,/,'$'( & 0$1*$6 $029¨9(,6
0DQJDV GHVPRQW¼YHLV
3DUND LPSHUPH¼YHO GH DOWD YLVLELOLGDGH ELFRORU 0DQJDV DPRYÈYHLV
$PDUHOR )OXRUHVFHQWH $]XO 0DULQKR
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ ([WHULRU LPSHUPH¼YHO SROLÄVWHU F 39&
)LWDV UHƮHWRUDV QRV EUDÂRV H FRUSR )HFKR QD IUHQWH RFXOWR SRU PRODV &DSX] LQWHJUDGR QD JROD 3XQKR HO¼VWLFR
,QWHULRU IRUUR H HQFKLPHQWR SROLÄVWHU *5$0$*(0 ([WHULRU JU Pƽ )RUUR JU Pƽ (QFKLPHQWR JU Pƽ
3 &$6$&2 62)7 6+(// %,&2/25 '( $/7$ 9,6,%,/,'$'( &DVDFR GH DOWD YLVLELOLGDGH ELFRORU HP VRIWVKHOO 3XQKRV DMXVW¼YHLV $PDUHOR )OXRUHVFHQWH $]XO 0DULQKR
FDOÂDV 3 S¼J FDPLVD 3 S¼J FDVDFR 3 JROD SRODU 3 S¼J ERWD %27 1 S¼J FDSDFHWH &$6 S¼J
OXYDV 38 S¼J
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ 6RIW VKHOO FRP IRUUR SRODU H PHPEUDQD
)LWDV UHƮHWRUDV QRV EUDÂRV H FRUSR *ROD DOWD H IUHQWH FRP IHFKR WHUPRVHODGR 3XQKRV DMXVW¼YHLV FRP YHOFUR 9¼ULRV EROVRV H[WHULRUHV H LQWHULRUHV
1
738 : 3 PP 093 PP *5$0$*(0 JU Pƽ
$/7$ 9,6,%,/,'$'( ( 7¤&1,&26 __ 3$5.$6 ( &$6$&26
3 $PDUHOR )OXRUHVFHQWH $]XO 0DULQKR
&$6$&2 '( $/7$ 9,6,%,/,'$'( %,&2/25
$PDUHOR )OXRUHVFHQWH &LQ]HQWR
&DVDFR GH DOWD YLVLELOLGDGH ELFRORU
$PDUHOR )OXRUHVFHQWH 9HUGH
)LWDV UHƮHWRUDV QRV EUDÂRV H FRUSR
$PDUHOR )OXRUHVFHQWH $]XO 5R\DO
)UHQWH FRP IHFKR FRPSOHWR
/DUDQMD )OXRUHVFHQWH $]XO 0DULQKR
EROVRV QR SHLWR FRP IHFKR 7$0$1+26
&(57,),&$¢ 2 (1 (1 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 &$6$&2 '( $/7$ 9,6,%,/,'$'( &DVDFR GH DOWD YLVLELOLGDGH )LWDV UHƮHWRUDV QRV EUDÂRV H FRUSR )UHQWH FRP IHFKR FRPSOHWR
/DUDQMD )OXRUHVFHQWH
EROVRV GH SHLWR FRP IHFKR
$PDUHOR )OXRUHVFHQWH
7$0$1+26
1
&(57,),&$¢ 2 (1 (1 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&$0,62/$ 32/$5(6 ( &2/(7(6 __ $/7$ 9,6,%,/,'$'( ( 7¤&1,&26
3 &$0,62/$ '( $/7$ 9,6,%,/,'$'( %,&2/25 &DPLVROD GH DOWD YLVLELOLGDGH ELFRORU HP PDOKD )LWDV UHƮHWRUDV QRV EUDÂRV H FRUSR 5HIRUÂRV HP WHFLGR QRV RPEURV $PDUHOR )OXRUHVFHQWH $]XO 0DULQKR
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ 7HFLGR FDQHODGR DFUÈOLFR
3 &$0,62/$ '( $/7$ 9,6,%,/,'$'( %,&2/25 &DPLVROD GH DOWD YLVLELOLGDGH ELFRORU HP PDOKD 3ROR 3 S¼J FDVDFR 3 S¼J FDOÂDV 3 S¼J H FDSDFHWH &$6 S¼J
*ROD DOWD FRP IHFKR )LWDV UHƮHWRUDV QRV EUDÂRV H FRUSR $PDUHOR )OXRUHVFHQWH $]XO 0DULQKR
5HIRUÂRV HP WHFLGR QRV RPEURV
1
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ 7HFLGR FDQHODGR DFUÈOLFR
$/7$ 9,6,%,/,'$'( ( 7¤&1,&26 __ &$0,62/$6 32/$5(6 ( &2/(7(6
3 &$0,62/$ 32/$5 &20 '8$6 ),7$6 5()/(725$6 &DPLVROD GH DOWD YLVLELOLGDGH HP PDOKD SRODU *ROD DOWD FRP IHFKR )LWDV UHƮHWRUDV QRV EUDÂRV H FRUSR
/DUDQMD )OXRUHVFHQWH
EROVRV FRP IHFKR $PDUHOR )OXRUHVFHQWH
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ 3RODU SROLÄVWHU *5$0$*(0 JU Pƽ
3 &$0,62/$ 32/$5 %,&2/25 &20 '8$6 ),7$6 5()/(725$6
$PDUHOR )OXRUHVFHQWH $]XO 0DULQKR $PDUHOR )OXRUHVFHQWH &LQ]HQWR
&DPLVROD GH DOWD YLVLELOLGDGH ELFRORU HP PDOKD SRODU
$PDUHOR )OXRUHVFHQWH 9HUGH
*ROD DOWD FRP IHFKR
$PDUHOR )OXRUHVFHQWH $]XO 5R\DO
)LWDV UHƮHWRUDV QRV EUDÂRV H FRUSR
/DUDQMD )OXRUHVFHQWH $]XO 0DULQKR
EROVRV FRP IHFKR
7$0$1+26
1
&(57,),&$¢ 2 (1 (1 0$7(5,$/ 3RODU SROLÄVWHU *5$0$*(0 JU Pƽ
&$0,62/$6 32/$5(6 ( &2/(7(6 __ $/7$ 9,6,%,/,'$'( ( 7¤&1,&26
3 &$6$&2 32/$5 &20 '8$6 ),7$6 5()/(725$6 &DVDFR GH DOWD YLVLELOLGDGH HP PDOKD SRODU
/DUDQMD )OXRUHVFHQWH $PDUHOR )OXRUHVFHQWH
*ROD DOWD H IHFKR FRPSOHWR QD IUHQWH )LWDV UHƮHWRUDV QRV EUDÂRV H FRUSR EROVRV FRP IHFKR
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ 3RODU SROLÄVWHU *5$0$*(0 JU Pƽ
3 $PDUHOR )OXRUHVFHQWH $]XO 0DULQKR $PDUHOR )OXRUHVFHQWH &LQ]HQWR $PDUHOR )OXRUHVFHQWH 9HUGH
)DWR SDUD FKXYD 3 S¼J
$PDUHOR )OXRUHVFHQWH $]XO 5R\DO /DUDQMD )OXRUHVFHQWH $]XO 0DULQKR
&$6$&2 32/$5 %,&2/25 &20 '8$6 ),7$6 5()/(725$6 &DVDFR GH DOWD YLVLELOLGDGH ELFRORU HP PDOKD SRODU *ROD DOWD H IHFKR FRPSOHWR QD IUHQWH )LWDV UHƮHWRUDV QRV EUDÂRV H FRUSR EROVRV FRP IHFKR
7$0$1+26
1
&(57,),&$¢ 2 (1 (1 0$7(5,$/ 3RODU SROLÄVWHU *5$0$*(0 JU Pƽ
$/7$ 9,6,%,/,'$'( ( 7¤&1,&26 __ &$0,62/$6 32/$5(6 ( &2/(7(6
3 &2/(7( '( $/7$ 9,6,%,/,'$'(
/DUDQMD )OXRUHVFHQWH
&ROHWH GH DOWD YLVLELOLGDGH
$PDUHOR )OXRUHVFHQWH
ƬWDV UHƮHWRUDV QR FRUSR )UHQWH FRP IHFKR ,QFOXL EROVR GH WHFLGR LJXDO DR FROHWH
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ SROLÄVWHU *5$0$*(0 JU Pƽ
3 &2/(7( '( $/7$ 9,6,%,/,'$'(
/DUDQMD )OXRUHVFHQWH
&ROHWH GH DOWD YLVLELOLGDGH )LWD UHƮHWRUD QR FRUSR H RPEURV )UHQWH FRP IHFKR 3DUWH VXSHULRU HP UHGH ,QFOXL EROVR GH WHFLGR LJXDO DR FROHWH
$PDUHOR )OXRUHVFHQWH
7$0$1+26 &(57,),&$¢ 2 (1 0$7(5,$/ SROLÄVWHU *5$0$*(0 JU Pƽ
&5()/(&725
3DUND GH DOWD YLVLELOLGDGH 3 S¼J H OXYDV /0 S¼J
&2/(7( 5()/(725 &ROHWH UHƮHWRU GH DOWD YLVLELOLGDGH KRPRORJDGR VHJXQGR D QRUPD (1 FODVVH $MXVWH HP YHOFUR
1
$PDUHOR )OXRUHVFHQWH
7$0$1+2
Ô1,&2
&(57,),&$¢ 2 (1 (1 0$7(5,$/ SROLÄVWHU
&$0,62/$6 32/$5(6 ( &2/(7(6 __ $/7$ 9,6,%,/,'$'( ( 7¤&1,&26
3 &2/(7( '( $/7$ 9,6,%,/,'$'( $&2/&+2$'2 5(9(56¨9(/ &ROHWH DFROFKRDGR UHYHUVÈYHO 'H XP ODGR FROHWH PXOWLEROVRV 'R RXWUR ODGR FROHWH GH DOWD YLVLELOLGDGH )HFKR LQWHLUR QD IUHQWH FRP SX[DGRU UHYHUVÈYHO
$PDUHOR )OXRUHVFHQWH $]XO 0DULQKR $PDUHOR )OXRUHVFHQWH 9HUGH &DÃD /DUDQMD )OXRUHVFHQWH $]XO 0DULQKR
&ROHWH 3 SROR 3 S¼J FDOÂDV 30(5&85,2 S¼J
7$0$1+26
1
&(57,),&$¢ 2 (1 (1 0$7(5,$/ ([WHULRU PLFURƬEUD ,QWHULRU SROLÄVWHU *5$0$*(0 ([WHULRU JU Pƽ ,QWHULRU JU Pƽ
$/7$ 9,6,%,/,'$'( ( 7¤&1,&26 __ )$726 0$&$&2
3 )$72 0$&$&2 '( $/7$ 9,6,%,/,'$'( /DUDQMD )OXRUHVFHQWH
)DWR 0DFDFR GH DOWD YLVLELOLGDGH )LWDV UHƮHWRUDV QR SHLWR PDQJDV H SHUQDV
$PDUHOR )OXRUHVFHQWH
EROVRV QD IUHQWH H DWU¼V
7$0$1+26
&(57,),&$¢ 2
(1 (1 0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
3 )$72 0$&$&2 '( $/7$ 9,6,%,/,'$'( %,&2/25
$PDUHOR )OXRUHVFHQWH $]XO 0DULQKR
)DWR 0DFDFR GH DOWD YLVLELOLGDGH ELFRORU
/DUDQMD )OXRUHVFHQWH $]XO 0DULQKR
)LWDV UHƮHWRUDV QR SHLWR PDQJDV H SHUQDV EROVRV QD IUHQWH H DWU¼V
7$0$1+26
&(57,),&$¢ 2
(1 (1 0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R &RQWUDVWH SROLÄVWHU DOJRG¾R
1
*5$0$*(0
)OXRUHVFHQWH JU Pƽ &RQWUDVWH JU Pƽ
6ZHDWVKLUW 3 S¼J FDOÂDV 3 S¼J VDSDWR =$3 1 S¼J
3527(¢ 2 &+89$ __ $/7$ 9,6,%,/,'$'( ( 7¤&1,&26
3 )$72 3$5$ &+89$ '8$6 3(¢$6 & ),7$6 5()/(725$6 )DWR SDUD D FKXYD GH DOWD YLVLELOLGDGH &RPSRVWR SRU GXDV SHÂDV &DVDFR FRP ƬWDV UHƮHWRUDV QR FRUSR H PDQJDV &DSX] DMXVW¼YHO EROVRV FRP SDOD &DOÂDV FRP ƬWDV UHƮHWRUDV
/DUDQMD )OXRUHVFHQWH
$PDUHOR )OXRUHVFHQWH
)DWR SDUD FKXYD 3
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ ([WHULRU PLFURƬEUD
1
,QWHULRU SROLÄVWHU *5$0$*(0 ([WHULRU JU Pƽ
,QWHULRU JU Pƽ
$/7$ 9,6,%,/,'$'( ( 7¤&1,&26 __ &$/¢$6
&DOÂDV &HUWLƬFDGDV
9DULHGDGH GH FRUHV
3 3 & 3 3 &
$OÄP GDV FRPELQDÂÐHV GH FRUHV RULJLQDLV SRGH SHUVRQDOL]DU DV FDOÂDV HVFROKHQGR XPD GDV Y¼ULDV FRUHV EDVHV GLVSRQÈYHLV H HQWUH DPDUHOR RX ODUDQMD ƮXRUHVFHQWH
&$/¢$6 08/7,%2/626 %,&2/25(6 '( $/7$ 9,6,%,/,'$'(
6HULH &RUHV GLVSRQÉYHLV
&DOÂDV GH DOWD YLVLELOLGDGH ELFRORU 'XDV ƬWDV UHƮHWRUDV FRP EDUUD ƮXRUHVFHQWH HQWUH HODV &LQWXUD FRP HO¼VWLFR EROVRV
$]XO 0DULQKR $PDUHOR )OXRUHVFHQWH
&LQ]HQWR $PDUHOR )OXRUHVFHQWH
9HUGH $PDUHOR )OXRUHVFHQWH
$]XO 0DULQKR /DUDQMD )OXRUHVFHQWH
$PDUHOR )OXRUHVFHQWH $]XO 5R\DO 9HUGH /DUDQMD )OXRUHVFHQWH
&RUHV SRU HQFRPHQGD &LQ]HQWR /DUDQMD )OXRUHVFHQWH
6HULH & & &RUHV SRU HQFRPHQGD 3 3 &
)RUUR
,QWHULRU IRUUDGR SDUD FRQVHJXLU XPD VHQVD¾R GH FRQIRUWR PDLRU D WHPSHUDWXUDV EDL[DV
$]XO 5R\DO /DUDQMD )OXRUHVFHQWH
9HUGH &DÃD /DUDQMD )OXRUHVFHQWH
9HUGH &DÃD $PDUHOR )OXRUHVFHQWH
9HUPHOKR /DUDQMD )OXRUHVFHQWH
9HUPHOKR $PDUHOR )OXRUHVFHQWH
*UHQ½ /DUDQMD )OXRUHVFHQWH
*UHQ½ $PDUHOR )OXRUHVFHQWH
3 3 & 7$0$1+26
)LWDV 5HƮHWRUDV 5HƮDWH[
$V ƬWDV UHƮHWRUDV WÅP VLGR WHVWDGDV GH DFRUGR FRP DV QRUPDV HP YLJRU
1
3 3 & 7$0$1+26
&(57,),&$¢ 2 (1 (1 &(57,),&$¢ 2 (1 (1 0$7(5,$/ 6DUMD )OXRUHVFHQWH SROLÄVWHU 0$7(5,$/ 6DUMD )OXRUHVFHQWH SROLÄVWHU
DOJRG¾R &RQWUDVWH SROLÄVWHU DOJRG¾R )RUUD HP PDOKD MHUVH\ *5$0$*(0 )OXRUHVFHQWH JU Pƽ &RQWUDVWH JU Pƽ
DOJRG¾R &RQWUDVWH SROLÄVWHU DOJRG¾R *5$0$*(0 )OXRUHVFHQWH JU Pƽ &RQWUDVWH JU Pƽ
&$/¢$6 __ $/7$ 9,6,%,/,'$'( ( 7¤&1,&26
3 &$/¢$6 '( $/7$ 9,6,%,/,'$'( &DOÂD GH DOWD YLVLELOLGDGH /DUDQMD )OXRUHVFHQWH $PDUHOR )OXRUHVFHQWH
)LWDV UHƮHWRUDV QDV SHUQDV (O¼VWLFR QD FLQWXUD EROVRV
7$0$1+26
&(57,),&$¢ 2
(1 (1 0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
3 $PDUHOR )OXRUHVFHQWH $]XO 0DULQKR
$]XO 0DULQKR $PDUHOR )OXRUHVFHQWH
&$/¢$6 '( $/7$ 9,6,%,/,'$'( %,&2/25
$PDUHOR )OXRUHVFHQWH &LQ]HQWR
&LQ]HQWR $PDUHOR )OXRUHVFHQWH
&DOÂD GH DOWD YLVLELOLGDGH ELFRORU
$PDUHOR )OXRUHVFHQWH 9HUGH
/DUDQMD )OXRUHVFHQWH $]XO 0DULQKR
)LWDV UHƮHWRUDV QDV SHUQDV
7$0$1+26
(O¼VWLFR QD FLQWXUD EROVRV
&DOÂDV 3 &(57,),&$¢ 2
(1 (1 0$7(5,$/
6DUMD &RQWUDVWH SROLÄVWHU DOJRG¾R )OXRUHVFHQWH SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
$/7$ 9,6,%,/,'$'( ( 7¤&1,&26 __ &$0,6$6 ( 32/26
3 &$0,6$ '( $/7$ 9,6,%,/,'$'( 0$1*$ &857$ &DPLVD GH DOWD YLVLELOLGDGH GH PDQJD FXUWD )LWDV UHƮHWRUDV QR FRUSR H PDQJDV )UHQWH FRP ERWÐHV EROVRV FRP ERWÐHV
$PDUHOR )OXRUHVFHQWH
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 &$0,6$ %,&2/25 '( $/7$ 9,6,%,/,'$'( 0$1*$ &857$
$PDUHOR )OXRUHVFHQWH $]XO 0DULQKR
&DPLVD GH DOWD YLVLELOLGDGH ELFRORU GH PDQJD FXUWD
$PDUHOR )OXRUHVFHQWH &LQ]HQWR
)LWDV UHƮHWRUDV QR FRUSR H PDQJDV
$PDUHOR )OXRUHVFHQWH 9HUGH
)UHQWH FRP ERWÐHV EROVRV FRP ERWÐHV
$PDUHOR )OXRUHVFHQWH $]XO 5R\DO
7$0$1+26
1
&(57,),&$¢ 2 (1 (1 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&$0,6$6 ( 32/26 __ $/7$ 9,6,%,/,'$'( ( 7¤&1,&26
3 &$0,6$ '( $/7$ 9,6,%,/,'$'( 0$1*$ &2035,'$ &DPLVD GH DOWD YLVLELOLGDGH GH PDQJD FRPSULGD )LWDV UHƮHWRUDV QR FRUSR H PDQJDV )UHQWH FRP ERWÐHV EROVRV FRP ERWÐHV $PDUHOR )OXRUHVFHQWH
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ 7HFLGR SRSHOLQD SROLÄVWHU H DOJRG¾R *5$0$*(0 JU Pƽ
3 $PDUHOR )OXRUHVFHQWH $]XO 0DULQKR $PDUHOR )OXRUHVFHQWH &LQ]HQWR
&DOÂDV 3 S¼J FDVDFR 3 S¼J SROR 3 S¼J H ERWD %27 1 S¼J
$PDUHOR )OXRUHVFHQWH 9HUGH $PDUHOR )OXRUHVFHQWH $]XO 5R\DO
&$0,6$ %,&2/25 '( $/7$ 9,6,%,/,'$'( 0$1*$ &2035,'$ &DPLVD GH DOWD YLVLELOLGDGH ELFRORU GH PDQJD FRPSULGD )LWDV UHƮHWRUDV QR FRUSR H PDQJDV )UHQWH FRP ERWÐHV EROVRV FRP ERWÐHV
7$0$1+26
1
&(57,),&$¢ 2 (1 (1 0$7(5,$/ 7HFLGR SRSHOLQD SROLÄVWHU H DOJRG¾R *5$0$*(0 JU Pƽ
$/7$ 9,6,%,/,'$'( ( 7¤&1,&26 __ &$0,6$6 ( 32/26
3 &$0,6$ '( $/7$ 9,6,%,/,'$'( 0$1*$ &857$ &DPLVD GH DOWD YLVLELOLGDGH GH PDQJD FXUWD *ROD WLSR SÎOR FRP ERWÐHV )LWDV UHƮHWRUDV QR FRUSR H PDQJDV
/DUDQMD )OXRUHVFHQWH
EROVRV FRP ERWÐHV
$PDUHOR )OXRUHVFHQWH
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ 6DUMD SROLÄVWHU H DOJRG¾R *5$0$*(0 JU Pƽ
3 &$0,6$ %,&2/25 '( $/7$ 9,6,%,/,'$'( 0$1*$ &857$ &DPLVD GH DOWD YLVLELOLGDGH ELFRORU GH PDQJD FXUWD
$PDUHOR )OXRUHVFHQWH $]XO 0DULQKR
*ROD WLSR SÎOR FRP ERWÐHV
$PDUHOR )OXRUHVFHQWH 9HUGH
)LWDV UHƮHWRUDV QR FRUSR H PDQJDV
/DUDQMD )OXRUHVFHQWH $]XO 0DULQKR
EROVRV FRP ERWÐHV
7$0$1+26
1
&(57,),&$¢ 2 (1 (1 0$7(5,$/ 6DUMD SROLÄVWHU H DOJRG¾R *5$0$*(0 JU Pƽ
&$0,6$6 ( 32/26 __ $/7$ 9,6,%,/,'$'( ( 7¤&1,&26
3 &$0,6$ '( $/7$ 9,6,%,/,'$'( 0$1*$ &2035,'$ &DPLVD GH DOWD YLVLELOLGDGH GH PDQJD FRPSULGD *ROD WLSR SÎOR FRP ERWÐHV /DUDQMD )OXRUHVFHQWH $PDUHOR )OXRUHVFHQWH
)LWDV UHƮHWRUDV QR FRUSR H PDQJDV EROVRV FRP ERWÐHV
7$0$1+26
&ROHWH 3 S¼J SROR 3 S¼J FDSDFHWH &$6 S¼J
&(57,),&$¢ 2 (1 (1 0$7(5,$/ 6DUMD SROLÄVWHU H DOJRG¾R *5$0$*(0 JU Pƽ
3 &$0,6$ %,&2/25 '( $/7$ 9,6,%,/,'$'( 0$1*$ &2035,'$
$PDUHOR )OXRUHVFHQWH $]XO 0DULQKR $PDUHOR )OXRUHVFHQWH 9HUGH /DUDQMD )OXRUHVFHQWH $]XO 0DULQKR
&DPLVD GH DOWD YLVLELOLGDGH ELFRORU GH PDQJD FRPSULGD *ROD WLSR SÎOR FRP ERWÐHV )LWDV UHƮHWRUDV QR FRUSR H PDQJDV EROVRV FRP ERWÐHV
7$0$1+26
1
&(57,),&$¢ 2 (1 (1 0$7(5,$/ 6DUMD SROLÄVWHU H DOJRG¾R *5$0$*(0 JU Pƽ
$/7$ 9,6,%,/,'$'( ( 7¤&1,&26 __ &$0,6$6 ( 32/26
3 32/2 '( $/7$ 9,6,%,/,'$'( 0$1*$ &857$ 3ROR GH DOWD YLVLELOLGDGH GH PDQJD FXUWD )LWDV UHƮHWRUDV QR FRUSR 7HFLGR WUDQVSLU¼YHO
/DUDQMD )OXRUHVFHQWH
*ROD FRP ERWÐHV EROVR
$PDUHOR )OXRUHVFHQWH
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ %LUGoV H\H SROLÄVWHU *5$0$*(0 JU Pƽ
3 32/2 %,&2/25 '( $/7$ 9,6,%,/,'$'( 0$1*$ &857$
$PDUHOR )OXRUHVFHQWH $]XO 0DULQKR $PDUHOR )OXRUHVFHQWH &LQ]HQWR
3ROR GH DOWD YLVLELOLGDGH ELFRORU GH PDQJD FXUWD
$PDUHOR )OXRUHVFHQWH 9HUGH
)LWDV UHƮHWRUDV QR FRUSR 7HFLGR WUDQVSLU¼YHO
$PDUHOR )OXRUHVFHQWH $]XO 5R\DO
*ROD FRP ERWÐHV EROVR
/DUDQMD )OXRUHVFHQWH $]XO 0DULQKR
7$0$1+26
1
&(57,),&$¢ 2 (1 (1 0$7(5,$/ %LUGoV H\H SROLÄVWHU *5$0$*(0 JU Pƽ
&$0,6$6 ( 32/26 __ $/7$ 9,6,%,/,'$'( ( 7¤&1,&26
3 32/2 '( $/7$ 9,6,%,/,'$'( 0$1*$ &2035,'$ 3ROR GH DOWD YLVLELOLGDGH GH PDQJD FRPSULGD )LWDV UHƮHWRUDV QR FRUSR H PDQJDV /DUDQMD )OXRUHVFHQWH
7HFLGR WUDQVSLU¼YHO
$PDUHOR )OXRUHVFHQWH
EROVR
*ROD FRP ERWÐHV
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ %LUGoV H\H SROLÄVWHU *5$0$*(0 JU Pƽ
3 $PDUHOR )OXRUHVFHQWH $]XO 0DULQKR $PDUHOR )OXRUHVFHQWH &LQ]HQWR
3ROR 3 FDOÂDV 3 S¼J
$PDUHOR )OXRUHVFHQWH 9HUGH
32/2 %,&2/25 '( $/7$ 9,6,%,/,'$'( 0$1*$ &2035,'$ 3ROR GH DOWD YLVLELOLGDGH ELFRORU GH PDQJD FRPSULGD )LWDV UHƮHWRUDV QR FRUSR H PDQJDV
$PDUHOR )OXRUHVFHQWH $]XO 5R\DO
7HFLGR WUDQVSLU¼YHO
/DUDQMD )OXRUHVFHQWH $]XO 0DULQKR
EROVR
*ROD FRP ERWÐHV
7$0$1+26
1
&(57,),&$¢ 2 (1 (1 0$7(5,$/ %LUGoV H\H SROLÄVWHU *5$0$*(0 JU Pƽ
$/7$ 9,6,%,/,'$'( ( 7¤&1,&26 __ $17, )2*2
3
$17, )2*2
)$72 0$&$&2 $17, )2*2 )DWR PDFDFR DQWL IRJR 9¼ULRV EROVRV FRP SDOD H YHOFUR
$]XO 0DULQKR
$EHUWXUD GH SHUQD DMXVW¼YHO FRP YHOFUR
5RXSD GH SURWH¾R SDUD WUDEDOKDGRUHV H[SRVWRV DR FDORU FRP SURSDJD¾R OLPLWDGD GH FKDPDV 7UDEDOKRV GH VROGDGXUD H WÄFQLFDV LGÅQWLFDV
7$0$1+26
&LQWXUD H SXQKRV HO¼VWLFRV SDUD PHOKRU DMXVWH
&(57,),&$¢ 2
(1 (1 ,62 (1 ,62 0$7(5,$/
6DUMD DOJRG¾R FRP WUDWDPHQWR DQWL IRJR *5$0$*(0
JU Pƽ
%ROVRV FRP SDOD H YHOFUR
3 %/86 2 $17, )2*2 %OXV¾R DQWL IRJR EROVRV FRP SDOD H YHOFUR
3XQKR FRP HO¼VWLFR SDUD VH DGDSWDU DR EUDÂR
)HFKR RFXOWR QD IUHQWH &LQWXUD H SXQKRV HO¼VWLFRV SDUD PHOKRU DMXVWH
$]XO 0DULQKR
7$0$1+26 &(57,),&$¢ 2 (1 (1 ,62
1
(1 ,62 0$7(5,$/ 6DUMD DOJRG¾R FRP WUDWDPHQWR DQWL IRJR *5$0$*(0 JU Pƽ
$ EDVH GDV FDOÂDV WHP YHOFUR SDUD DMXVWDU 2V SXQKRV RV EROVRV H D EDLQKD GDV FDOÂDV HVW¾R GHVHQKDGDV SDUD HYLWDU D HQWUDGD GH SHTXHQDV SDUWÈFXODV
$17, )2*2 __ $/7$ 9,6,%,/,'$'( ( 7¤&1,&26
3 &$0,6$ $17, )2*2 &DPLVD DQWL IRJR EROVRV FRP SDOD H YHOFUR )HFKD FRP PRODV PHW¼OLFDV QD IUHQWH H SXQKRV
$]XO 0DULQKR
7$0$1+26 &(57,),&$¢ 2 (1 (1 ,62
(1 ,62 0$7(5,$/ 6DUMD DOJRG¾R FRP WUDWDPHQWR DQWL IRJR *5$0$*(0 JU Pƽ
3 &$/¢$6 $17, )2*2 &DOÂDV DQWL IRJR $]XO 0DULQKR
EROVRV ODWHUDLV H WUDVHLURV FRP SDOD H YHOFUR (O¼VWLFR QD FLQWXUD SDUD PHOKRU DMXVWH
7$0$1+26
&(57,),&$¢ 2
(1 (1 ,62 (1 ,62 0$7(5,$/
6DUMD DOJRG¾R FRP WUDWDPHQWR DQWL IRJR
1
*5$0$*(0
JU Pƽ
$/7$ 9,6,%,/,'$'( ( 7¤&1,&26 __ $17, )2*2 ( $17, (67 7,&2
3 )$72 0$&$&2 $17, )2*2 ( $17, (67 7,&2 )DWR PDFDFR DQWL IRJR H DQWL HVW¼WLFR
$]XO 0DULQKR
9¼ULRV EROVRV FRP SDOD H YHOFUR
$17, )2*2 $17, (67 7,&2 3URWH¾R FRPSOHWD 5RXSD GH SURWH¾R SDUD WUDEDOKDGRUHV H[SRVWRV DR FDORU FRP SURSDJD¾R OLPLWDGD GH FKDPDV 7UDEDOKRV GH VROGDGXUD H WÄFQLFDV LGÅQWLFDV
7$0$1+26
$EHUWXUD GH SHUQD DMXVW¼YHO FRP YHOFUR
&(57,),&$¢ 2
&LQWXUD H SXQKRV HO¼VWLFRV SDUD PHOKRU DMXVWH
(1 (1 ,62 (1 ,62 0$7(5,$/
6DUMD DOJRG¾R FRP WUDWDPHQWR DQWL IRJR H DQWL HVW¼WLFR *5$0$*(0
JU Pƽ
3
2 WHFLGR HVW¼ FRQIHFFLRQDGR HP DOJRG¾R H ƬEUD DQWL HVW¼WLFD SDUD HYLWDU D DFXPXOD¾R GH HOHWULFLGDGH HOHWURVW¼WLFD
%/86 2 $17, )2*2 ( $17, (67 7,&2 %OXV¾R DQWL IRJR H DQWL HVW¼WLFR EROVRV FRP SDOD H YHOFUR )HFKR RFXOWR QD IUHQWH &LQWXUD H SXQKRV HO¼VWLFRV SDUD PHOKRU DMXVWH $]XO 0DULQKR
7$0$1+26 &(57,),&$¢ 2 (1 (1 ,62
(1 ,62
1
0$7(5,$/ 6DUMD DOJRG¾R FRP
WUDWDPHQWR DQWL IRJR H DQWL HVW¼WLFR *5$0$*(0 JU Pƽ
$ EDVH GDV FDOÂDV WHP YHOFUR SDUD DMXVWDU 2V SXQKRV RV EROVRV H D EDLQKD GDV FDOÂDV HVW¾R GHVHQKDGDV SDUD HYLWDU D HQWUDGD GH SHTXHQDV SDUWÈFXODV
$17, )2*2 ( $17, (67 7,&2 __ $/7$ 9,6,%,/,'$'( ( 7¤&1,&26
3 &$0,6$ $17, )2*2 ( $17, (67 7,&2 &DPLVD DQWL IRJR H DQWL HVW¼WLFD EROVRV FRP SDOD H YHOFUR 0RODV PHW¼OLFDV QD IUHQWH H SXQKRV
$]XO 0DULQKR
7$0$1+26 &(57,),&$¢ 2 (1 (1 ,62 (1 ,62 0$7(5,$/ 6DUMD DOJRG¾R FRP WUDWDPHQWR DQWL IRJR
H DQWL HVW¼WLFR *5$0$*(0 JU Pƽ
3 &$/¢$6 $17, )2*2 ( $17, (67 7,&2 $]XO 0DULQKR
7$0$1+26
&(57,),&$¢ 2
&DOÂDV DQWL IRJR H DQWL HVW¼WLFR EROVRV ODWHUDLV H WUDVHLURV FRP SDOD H YHOFUR (O¼VWLFR QD FLQWXUD SDUD PHOKRU DMXVWH
(1 (1 ,62 (1 ,62 0$7(5,$/
6DUMD DOJRG¾R FRP WUDWDPHQWR DQWL IRJR H DQWL HVW¼WLFR
1
*5$0$*(0
JU Pƽ
'(6(1+$026 ( &21)(&,21$026 9(678É5,2 '( 75$%$/+2 &20 $6
&$5$&7(5Ì67,&$6 ,'($,6 48( 26 352),66,21$,6 1(&(66,7$0 3$5$ $ 68$ $7,9,'$'( 352),66,21$/
3 6
3 1RYDV FDOÂDV PXOWLEROVRV HP WHFLGR VWUHWFK (VWH WHFLGR DGDSWD VH DR FRUSR RIHUHFHQGR XPD PDLRU OLEHUGDGH GH PRYLPHQWR H XP PDLRU FRQIRUWR
3
3 %OXV¾R HP VRIWVKHOO &RQFHLWR QRYR 9 '\QDPLF 6HULHV )HFKRV HVWDQTXHV SXQKRV DMXVW¼YHLV FRP YHOFUR
,QGÕVWULD $WLYD 'LVSRPRV GH XP YDVWR OHTXH GH SURGXWRV PXLWR YHUV¼WHLV H FRPSOHWRV GLUHFLRQDGRV SDUD SURƬVVLRQDLV QD ¼UHD GD LQGÕVWULD H RIHUHFHPRV D SRVVLELOLGDGH GH SHUVRQDOL]D¾R QD PDLRU SDUWH GRV QRVVRV SURGXWRV
¨QGLFH 3DUNDV FDVDFRV H EOXVÐHV 3 &DPLVRODV PDOKDV SRODUHV 3 H DFHVVÎULRV 3URWH¾R FKXYD H FROHWHV 3 &DÂD H DYHQWXUD 9 '<1$0,& $ OLQKD PDLV GLQ½PLFD GD 9HOLOOD 8PD HVWUDWÄJLD QRYD GH SURGXWRV TXH VH LQWHJUDP HP WRGRV RV VHWRUHV 1D QRVVD OLQKD VRIW VKHOO D YHUVDWLOLGDGH GR WHFLGR SHUPLWH TXH SRVVD VHU XWLOL]DGR HP WRGDV DV HVWDÂÐHV GR DQR
3
&DOÂDV H IDWRV PDFDFR 3 &DPLVDV SRORV H W VKLUWV 3 %DWDV 3 ,QGÕVWULD $OLPHQWDU 3 'HVFDUW¼YHLV 3 %LFRORUHV 3
,1'µ675,$ $7,9$ __ 3$5.$6 &$6$&26 ( %/86°(6
3%8/1(6 3$5.$ ,03(50( 9(/ 08/7,%2/626 3DUND PXOWLEROVRV DFROFKRDGD LPSHUPH¼YHO )HFKD FRP IHFKR H PRODV PHW¼OLFDV
%ROVR LQWHULRU SDUD WHOHPÎYHO
9HUGH &DÃD $]XO 0DULQKR
&DSX] LQWHJUDGR QD JROD (O¼VWLFR QD FLQWXUD H SXQKRV HP ULE SDUD PHOKRU DMXVWH
&LQ]HQWR (VFXUR
7$0$1+26
;6 6 0 / ;/ ;/
0$7(5,$/ SROLÄVWHU *5$0$*(0 ,QWHULRU JU Pƽ ([WHULRU JU Pƽ
(QFKLPHQWR JU Pƽ
3021&$<2 %/86 2 62)76+(// %OXV¾R PXOWLEROVRV HP VRIWVKHOO )RUUR HP PLFUR SRODU 9LYR UHƮHWRU QRV EUDÂRV SHLWR H FRVWDV
3UHWR
1
7$0$1+26 0$7(5,$/ 6RIWVKHOO SROLÄVWHU HODVWDQR *5$0$*(0 JU Pƽ
)HFKR HVWDQTXH H UHƮHWRUHV
3UHWR
%ROVR FRP IHFKR QR LQWHULRU
3$5.$6 &$6$&26 ( %/86°(6 __ ,1'µ675,$ $7,9$
3 %/86 2 62)76+(// %OXV¾R HP VRIWVKHOO )HFKR QD IUHQWH HP FRU FRQWUDVWH )HFKR HVWDQTXH
*ROD DOWD
$]XO 0DULQKR $PDUHOR )OXRUHVFHQWH
3XQKRV DMXVW¼YHLV FRP YHOFUR
3UHWR $PDUHOR )OXRUHVFHQWH
EROVRV H[WHULRUHV H LQWHULRUHV
3UHWR /DUDQMD )OXRUHVFHQWH
7$0$1+26 0$7(5,$/ 6RIW VKHOO )RUUR SRODU H PHPEUDQD 738 : 3
PP 093 PP
*5$0$*(0 JU Pƽ
3
)5,2
%/86 2 ,03(50( 9(/ & 0$1*$6 $029¨9(,6 %OXV¾R LPSHUPH¼YHO DFROFKRDGR 0DQJDV DPRYÈYHLV 0DQJDV DPRYÈYHLV
&DVDFR 3021&$<2
$]XO 0DULQKR
)HFKD FRP IHFKR H PRODV PHW¼OLFDV 3XQKR JROD LQWHULRU H FLQWXUD HP ULE &DSX] LQWHJUDGR QD JROD
7$0$1+26
6 0 ;/ ;/
&(57,),&$¢ 2 (1 (1 0$7(5,$/ ([WHULRU LPSHUPH¼YHO SROLÄVWHU F 39&
1
(QFKLPHQWR LQWHULRU )RUUR SROLÄVWHU &RVWXUDV WHUPRVHODGDV *5$0$*(0 ([WHULRU JU Pƽ ,QWHULRU IRUUR JU Pƽ
,1'µ675,$ $7,9$ __ 3$5.$6 &$6$&26 ( %/86°(6
3&2%5( %/86 2 08/7,%2/626 %,&2/25 %OXV¾R ELFRORU FRP IHFKR FHQWUDO HVFRQGLGR FRP DED H PXOWLEROVRV
&RPELQD FRP FDOÂDV 33/202 S¼J
)UHQWH H WU¼V FRP FRQWUDVWH
&LQ]HQWR 3UHWR
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 &$6$&2 &DVDFR HP VDUMD )UHQWH H EROVRV FRP IHFKR
%UDQFR
9HUPHOKR
3UHWR
*UHQ½ 9HUGH
9HUGH )ORUHVWD
3XQKRV HP ULE &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
1
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
9HUGH &DÃD
%HJH
$]XO 5R\DO
$]XO 0DULQKR
&LQ]HQWR
&DUWD GH FRUHV S¼J
3$5.$6 &$6$&26 ( %/86°(6 __ ,1'µ675,$ $7,9$
3 %/86 2 &20 3$/$6 $/*2'®2
%OXV¾R HP VDUMD )UHQWH FRP IHFKR RFXOWR H PRODV PHW¼OLFDV
$]XO 5R\DO
3XQKRV HP ULE &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
$]XO 0DULQKR
&LQ]HQWR
7$0$1+26 0$7(5,$/ 6DUMD DOJRG¾R *5$0$*(0 JU Pƽ
3 3URGXWRV UHODFLRQDGRV %OXV¾R GH $OWD 9LVLELOLGDGH S¼J
9HUGH $]XO 5R\DO
%OXV¾R 3&2%5( H FDOÂDV 33/202 S¼J
$]XO 0DULQKR &LQ]HQWR
%/86 2 &20 ),7$6 5()/(725$6 %OXV¾R HP VDUMD FRP ƬWDV UHƮHWRUDV QR FRUSR H PDQJDV )UHQWH H EROVRV FRP IHFKR 3XQKRV HP ULE &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
1
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
,1'µ675,$ $7,9$ __ &$0,62/$6 0$/+$6 32/$5(6 ( $&(66®5,26
3 &$0,62/$ (0 0$/+$ & 80 %2/62 &DPLVROD HP PDOKD JURVVD 'HFRWH UHGRQGR
9HUGH &DÃD
7UDWDPHQWR DQWL ERUERWR %ROVR H UHIRUÂRV GH WHFLGR QRV RPEURV H FRWRYHORV
$]XO 0DULQKR
3UHWR
&LQ]HQWR
7$0$1+26 0$7(5,$/ 3RQWR FDQDOÄ DFUÈOLFR
3 &$0,62/$ (0 0$/+$ &20 )(&+2 &DPLVROD HP PDOKD JURVVD *ROD DOWD FRP IHFKR
9HUGH &DÃD
7UDWDPHQWR DQWL ERUERWR %ROVR H UHIRUÂRV GH WHFLGR QRV RPEURV H FRWRYHORV
$]XO 0DULQKR
3UHWR
&LQ]HQWR
1
7$0$1+26 0$7(5,$/ 3RQWR FDQDOÄ DFUÈOLFR
&$0,62/$6 0$/+$6 32/$5(6 ( $&(66®5,26 __ ,1'µ675,$ $7,9$
3 &$6$&2 (0 0$/+$ &DVDFR HP PDOKD JURVVD *ROD DOWD 7UDWDPHQWR DQWL ERUERWR 9HUGH &DÃD
5HIRUÂRV GH WHFLGR QRV RPEURV H FRWRYHORV EROVRV FDQJXUX
$]XO 0DULQKR
&LQ]HQWR
7$0$1+26 0$7(5,$/ 3RQWR FDQDOÄ DFUÈOLFR
3 &2/(7( (0 0$/+$ &ROHWH VHP PDQJDV HP PDOKD ƬQD 'HFRWH HP 9 7UDWDPHQWR DQWL ERUERWR
$]XO 0DULQKR
1
7$0$1+26 *5$0$*(0 3RQWR FDQDOÄ HVWUHLWR DFUÈOLFR
,1'µ675,$ $7,9$ __ &$0,62/$6 0$/+$6 32/$5(6 ( $&(66®5,26
3 & &$6$&2 (0 0$/+$ +20(0 &DVDFR GH KRPHP HP PDOKD ƬQD )UHQWH FRP ERWÐHV 7UDWDPHQWR DQWL ERUERWR EROVRV QD IUHQWH
$]XO 0DULQKR
7$0$1+26 0$7(5,$/ 3RQWR FDQDOÄ HVWUHLWR DFUÈOLFR
3 &$6$&2 (0 0$/+$ 6(1+25$ &DVDFR GH VHQKRUD HP PDOKD ƬQD
6(1+25$
)UHQWH FRP ERWÐHV 7UDWDPHQWR DQWL ERUERWR EROVRV QD IUHQWH %UDQFR
$]XO 0DULQKR
1
7$0$1+26 0$7(5,$/ 3RQWR FDQDOÄ HVWUHLWR DFUÈOLFR
&$0,62/$6 0$/+$6 32/$5(6 ( $&(66®5,26 __ ,1'µ675,$ $7,9$
3 38//29(5 (0 0$/+$ '(&27( (0 9 3XOORYHU HP PDOKD ƬQD 'HFRWH HP 9 7UDWDPHQWR DQWL ERUERWR
$]XO 0DULQKR &LQ]HQWR
7$0$1+26
6 0 / ;/ ;/
0$7(5,$/ 3RQWR FDQDOÃ&#x201E; DFUÃ&#x2C6;OLFR
3 38//29(5 (0 0$/+$ '( *2/$ 5('21'$ 3XOORYHU HP PDOKD ƬQD 'HFRWH UHGRQGR 7UDWDPHQWR DQWL ERUERWR
$]XO 0DULQKR
&LQ]HQWR
7$0$1+26
1
6 0 / ;/ ;/
*5$0$*(0 3RQWR FDQDOÃ&#x201E; HVWUHLWR DFUÃ&#x2C6;OLFR
,1'µ675,$ $7,9$ __ &$0,62/$6 0$/+$6 32/$5(6 ( $&(66®5,26
3$/0$1=25 32/$5 %,&2/25 &DVDFR GH KRPHP HP PDOKD SRODU ELFRORU 7HFLGR WUDQVSLU¼YHO H FRP WUDWDPHQWR DQWL ERUERWR EROVRV H[WHULRUHV H LQWHULRU
3UHWR &LQ]HQWR
7$0$1+26
6 0 / ;/ ;/
0$7(5,$/ 3RODU SROLÃ&#x201E;VWHU DQWL ERUERWR *5$0$*(0 JU Pƽ
3$7$/$<$ 32/$5 6(1+25$ %,&2/25 &DVDFR GH VHQKRUD HP PDOKD SRODU ELFRORU
6(1+25$
7HFLGR WUDQVSLU¼YHO H FRP WUDWDPHQWR DQWL ERUERWR EROVRV H[WHULRUHV H LQWHULRU
3UHWR &LQ]HQWR
1
7$0$1+26 0$7(5,$/ 3RODU SROLÃ&#x201E;VWHU DQWL ERUERWR *5$0$*(0 JU Pƽ
&$0,62/$6 0$/+$6 32/$5(6 ( $&(66®5,26 __ ,1'µ675,$ $7,9$
3 &$0,62/$ 32/$5 )(&+2 *UHQ½ 9HUGH &DÃD
&DPLVROD HP PDOKD SRODU 3XQKRV H EDLQKD FRP HO¼VWLFR EROVRV ODWHUDLV FRP IHFKR
$]XO 0DULQKR
&LQ]HQWR
7$0$1+26 0$7(5,$/ 3RODU SROLÄVWHU *5$0$*(0 JU Pƽ
3 &$6$&2 32/$5 &DVDFR HP PDOKD SRODU 3XQKRV H EDLQKD FRP HO¼VWLFR 9HUGH &DÃD
)UHQWH H EROVRV FRP IHFKR
$]XO 0DULQKR
&LQ]HQWR
&DOÂD 33/202 S¼J 3RODU 3$/0$1=25 S¼J &ROHWH 37(,'( S¼J /XYDV 11 S¼J
1
7$0$1+26 0$7(5,$/ 3RODU SROLÄVWHU *5$0$*(0 JU Pƽ
,1'µ675,$ $7,9$ __ &$0,62/$6 0$/+$6 32/$5(6 ( $&(66®5,26
3 /DUDQMD
6:($76+,57
9HUPHOKR
6ZHDW XQLVH[R GH GHFRWH UHGRQGR
*UHQ½
3XQKRV H EDLQKD FRP HO¼VWLFR *ROD SXQKRV H EDLQKD HP ULE
7$0$1+26
;6 0 / ;/ ;/
9HUGH )ORUHVWD
9HUGH &DÃD
$]XO 5R\DO
$]XO 0DULQKR
%UDQFR
&LQ]HQWR
3UHWR
&DUWD GH FRUHV S¼J
0$7(5,$/ SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3)3 /89$6 32/$5(6 /XYDV HP PDOKD SRODU
9HUGH &DÃD $]XO 0DULQKR 3UHWR &LQ]HQWR
1
7$0$1+2
Ô1,&2
0$7(5,$/ 3RODU SROLÄVWHU *5$0$*(0 JU Pƽ
6ZHDWVKLUW 3
&$0,62/$6 0$/+$6 32/$5(6 ( $&(66®5,26 __ ,1'µ675,$ $7,9$
3 *2552 32/$5 *RUUR SRODU FRP FRVWXUD QR PHLR
9HUGH &DÃD $]XO 0DULQKR 3UHWR &LQ]HQWR
7$0$1+2
Ô1,&2
0$7(5,$/ 3RODU SROLÄVWHU *5$0$*(0 JU Pƽ
3 *2/$ 32/$5 *ROD SRODU &RUGÐHV SDUD DMXVWH 9HUGH &DÃD $]XO 0DULQKR 3UHWR &LQ]HQWR
7$0$1+2
Ô1,&2
1
3HUÉPHWUR FP [ $OWXUD FP
0$7(5,$/ 3RODU SROLÄVWHU *5$0$*(0 JU Pƽ
,1'µ675,$ $7,9$ __ 3527(¢ 2 &+89$ ( &2/(7(6
3 &$3$ &+89$ &20 &$38= (0 39& &DSD GH FKXYD FRP FDSX] $EHUWXUD QD JROD FRP PRODV H FRUG¾R DMXVW¼YHO 9HUGH
$]XO 0DULQKR
7$0$1+2
Ô1,&2 0$7(5,$/
,PSHUPH¼YHO 3 9 &
*5$0$*(0
JU Pƽ
3 &$/¢$6 &+89$ &DOÂDV GH FKXYD %UDJXLOKD FRP PRODV &LQWXUD HO¼VWLFD $MXVWH GH PROD QDV EDLQKDV
9HUGH
$EHUWXUDV ODWHUDLV SDUD DFHGHU DR LQWHULRU
$]XO 0DULQKR
7$0$1+26 0$7(5,$/
,PSHUPH¼YHO SROLÄVWHU FRP UHFREULPHQWR 39& 7
1
*5$0$*(0
JU Pƽ
3527(¢ 2 &+89$ ( &2/(7(6 __ ,1'µ675,$ $7,9$
3 )$72 &+89$ '8$6 3(¢$6
$PDUHOR
9HUGH
$]XO 0DULQKR
7$0$1+26
)DWR GH FKXYD GH SHÂDV HFRQÎPLFR &DVDFR FRP FDSX] EROVRV )UHQWH FRP IHFKR RFXOWR H PRODV %UDJXLOKD FRP PRODV H FLQWXUD HO¼VWLFD $MXVWH GH PROD QDV EDLQKDV
0 / ;/ ;/ 0$7(5,$/
,PSHUPH¼YHO 3 9 &
*5$0$*(0
JU Pƽ
3 )$72 &+89$ '8$6 3(¢$6 )DWR GH FKXYD GH SHÂDV 0XLWR UHVLVWHQWH &DVDFR FRP FDSX] EROVRV
)DWR SDUD FKXYD SHÂDV 3 S¼J
$PDUHOR
9HUGH
)UHQWH FRP IHFKR RFXOWR H PRODV %UDJXLOKD FRP PRODV H FLQWXUD HO¼VWLFD $MXVWH GH PROD QDV EDLQKDV
7$0$1+26
1
0$7(5,$/
3 9 & SROLÄVWHU SROLÄVWHU
*5$0$*(0
JU Pƽ
,1'µ675,$ $7,9$ __ 3527(¢ 2 &+89$ ( &2/(7(6
3 )$72 &+89$ ,03(50( 9(/ '8$6 3(¢$6 )DWR GH FKXYD GH SHÂDV $PDUHOR
/HYH PDV PXLWR UHVLVWHQWH H PDOH¼YHO
9HUGH
&DVDFR FRP FDSX] LQWHJUDGR QD JROD
$]XO 0DULQKR
EROVRV %UDJXLOKD FRP PRODV H FLQWXUD HO¼VWLFD
7$0$1+26 0 / ;/ ;/ ;/
$MXVWH GH PROD QDV EDLQKDV
0$7(5,$/
7HFLGR LPSHUPH¼YHO SROLÄVWHU FRP UHFREULPHQWR 39& 7
*5$0$*(0
JU Pƽ
3 &2/(7( $&2/&+2$'2 08/7,%2/626 &ROHWH DFROFKRDGR PXOWLEROVRV
3UHWR &LQ]HQWR
)HFKR RFXOWR FRP PRODV PHW¼OLFDV (O¼VWLFRV QR LQWHULRU GD PDQJD H FLQWXUD SDUD PHOKRU DMXVWH
%UDQFR 9HUGH &DÃD
0XOWLEROVRV $]XO 0DULQKR
7$0$1+26 0$7(5,$/ 7HFLGR H[WHULRU SROLÄVWHU (QFKLPHQWR
1
LQWHULRU )RUUR SROLÄVWHU
*5$0$*(0 ([WHULRU JU Pƽ LQWHULRU IRUUR JU Pƽ
HQFKLPHQWR JU Pƽ
3527(¢ 2 &+89$ ( &2/(7(6 __ ,1'µ675,$ $7,9$
37(,'( &2/(7( 08/7,%2/626 &ROHWH GH JROD DOWD PXOWLEROVRV LPSHUPH¼YHO 9HUGH &DÃD $]XO 0DULQKR
)RUUR HP PDOKD SRODU (O¼VWLFR QD FLQWXUD SDUD PHOKRU DMXVWH
3UHWR &LQ]HQWR
7$0$1+26 0$7(5,$/ ([WHULRU SROLÄVWHU LPSHUPH¼YHO
,QWHULRU SROLÄVWHU SRODU
*5$0$*(0 ([WHULRU JU Pƽ ,QWHULRU JU Pƽ
36,175$ &2/(7( 08/7,%2/626 &ROHWH PXOWLEROVRV HP VDUMD (OD 3ROR 3 S¼J FDOÂDV 3 S¼J
(OH W VKLUW 3 S¼J FDOÂDV 30(5&85,2 S¼J
EROVRV GH Y¼ULRV WDPDQKRV EROVR H[WUD JUDQGH QDV FRVWDV $MXVWHV ODWHUDLV FRP YHOFUR $]XO 0DULQKR
1
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
,1'µ675,$ $7,9$ __ &$¢$ ( $9(1785$
3 7 6+,57 &$08)/$*(0 7 VKLUW HP PDOKD MHUVH\
$/*2'®2
3DGU¾R FDPXƮDGR &RUWH WXEXODU
9HUGH &DPXƯDJHP
7$0$1+26 0$7(5,$/ 0DOKD -HUVH\ DOJRG¾R *5$0$*(0 JU Pƽ
3 &$/¢$6 &$08)/$*(0 &DOÂDV PXOLEROVRV HP VDUMD 3DGU¾R FDPXƮDGR (O¼VWLFR QD FLQWXUD SDUD PHOKRU DMXVWH 9HUGH &DPXƯDJHP
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
&$/¢$6 ( )$726 0$&$&2 __ ,1'µ675,$ $7,9$
3=,1& &$/¢$6 08/7,%2/626 &DOÂDV PXOWLEROVRV &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH $]XO 5R\DO $]XO 0DULQKR
5HIRUÂRV QRV MRHOKRV H WUDVHLUD 9LYR UHƮHWRU
&LQ]HQWR
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
31,48(/ &$/¢$6 08/7,%2/626 9HUGH &DÃD
&DOÂDV 3 S¼J FDPLVROD 3 S¼J H SDUND 3%8/1(6 S¼J
%HJH $]XO 0DULQKR
&DOÂDV PXOWLEROVRV &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH 5HIRUÂRV QRV MRHOKRV H WUDVHLUD
3UHWR &LQ]HQWR
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
,1'µ675,$ $7,9$ __ &$/¢$6 ( )$726 0$&$&2
30(5&85,2 &$/¢$6 08/7,%2/626 &DOÂDV PXOWLEROVRV 5HIRUÂRV QRV MRHOKRV H WUDVHLUD
3UHWR
$EHUWXUD QRV MRHOKRV SDUD FRORFD¾R GH MRHOKHLUDV HP (9$
$]XO 0DULQKR
&LQ]HQWR
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
33/202 &$/¢$6 08/7,%2/626 %,&2/25
&RPELQD FRP FDVDFR 3&2%5( S¼J
&DOÂDV PXOWLEROVRV ELFRORU 5HIRUÂRV QRV MRHOKRV H WUDVHLUD $EHUWXUDV ODWHUDLV FRP IHFKR DR IXQGR GD SHUQD
&LQ]HQWR 3UHWR
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
&$/¢$6 ( )$726 0$&$&2 __ ,1'µ675,$ $7,9$
3 &$/¢$6 08/7,%2/626 %UDQFR 9HUGH &DÃD %HJH
&DOÂDV PXOWLEROVRV HP VDUMD &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
$]XO 5R\DO $]XO 0DULQKR 3UHWR &LQ]HQWR
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
3 $UWLJRV UHODFLRQDGRV H & S¼J
9HUGH $]XO 5R\DO
&$/¢$6 08/7,%2/626 &20 ),7$6 5()/(725$6 &DOÂDV PXOWLEROVRV FRP ƬWDV UHƮHWRUDV &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
$]XO 0DULQKR &LQ]HQWR
7$0$1+26
&DOÂDV 337 S¼J 0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
,1'µ675,$ $7,9$ __ &$/¢$6 ( )$726 0$&$&2
3 $PDUHOR
&$/¢$6 08/7,%2/626
/DUDQMD
&DOÂDV PXOWLEROVRV HP VDUMD &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
9HUPHOKR %UDQFR
*UHQ½
3UHWR
9HUGH
&LQ]HQWR
9HUGH )ORUHVWD
$]XO 0DULQKR
9HUGH &DÃD
$]XO 5R\DO
%HJH
7$0$1+26
&DUWD GH FRUHV S¼J
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
*5$0$*(0
JU Pƽ
3
%UDQFR
&$/¢$6 08/7,%2/626 $&2/&+2$'$6 &DOÂDV PXOWLEROVRV DFROFKRDGDV (O¼VWLFR QD FLQWXUD SDUD PHOKRU DMXVWH
9HUGH
9HUGH &DÃD
$]XO 5R\DO
$]XO 0DULQKR
&LQ]HQWR
7$0$1+26
&(57,),&$¢ 2
(1 (1
0$7(5,$/
6DUMD ([WHULRU SROLÄVWHU DOJRG¾R ,QWHULRU IRUUR SROLÄVWHU
*5$0$*(0
1
([WHULRU JU Pƽ ,QWHULRU IRUUR JU Pƽ (QFKLPHQWR JU Pƽ
&$/¢$6 ( )$726 0$&$&2 __ ,1'µ675,$ $7,9$
3 &DOÂDV PXOWLEROVRV VWUHWFK 3 6 H VDSDWR =$3 1 S¼J
$]XO 0DULQKR
$]XO 5R\DO
9HUGH &DÃD
%UDQFR
3UHWR
&LQ]HQWR
&$/¢$6 08/7,%2/626 &DOÂDV PXOWLEROVRV HP VDUMD &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
%HJH $UHLD 7$0$1+26
&DUWD GH FRUHV S¼J
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
3 6
$]XO 0DULQKR
$]XO 5R\DO
9HUGH &DÃD
%UDQFR
3UHWR
&LQ]HQWR
&$/¢$6 08/7,%2/626 675(7&+ &DOÂDV PXOWLEROVRV HP WHFLGR VWUHWFK &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
%HJH $UHLD &21)2572 *$5$17,'2
7$0$1+26
&DUWD GH FRUHV S¼J
0$7(5,$/
6WUHWFK SROLÄVWHU DOJRG¾R (0(7 ƬEUD
1
*5$0$*(0
JU Pƽ
,1'µ675,$ $7,9$ __ &$/¢$6
3
129,'$'(
&$/¢$6 08/7,%2/626 &DOÂDV PXOWLEROVRV FRP FÎV HO¼VWLFR EROVRV GRLV IUDQFHVHV H TXDWUR FRP DEDV H YHOFUR
$/*2'®2
'XSOD FRVWXUD GH VHJXUDQÂD $]XO 0DULQKR
7$0$1+26
0$7(5,$/
6DUMD DOJRG¾R *5$0$*(0
JU Pƽ
3 V
129,'$'(
&$/¢$6 08/7,%2/626 &DOÂDV VWUHWFK PXOWLEROVRV FRP FÎV HO¼VWLFR
$]XO 0DULQKR
9HUGH &DÃD
%HJH $UHLD
EROVRV GRLV IUDQFHVHV H TXDWUR FRP DEDV H YHOFUR 'XSOD FRVWXUD GH VHJXUDQÂD
3UHWR
%UDQFR
&LQ]HQWR
$]XO 5R\DO
7$0$1+26
0$7(5,$/
6WUHWFK SROLÄVWHU DOJRG¾R (0(7 ƬEUD
1
*5$0$*(0
JU Pƽ
&$/¢$6 __ ,1'µ675,$ $7,9$
3 &$/¢$6 08/7,%2/626 )255$'$6
129,'$'(
&DOÃ&#x201A;DV PXOWLEROVRV HVSHFLDOPHQWH FRQFHELGDV SDUD SURWHJHU GR IULR FRP WRGR R FRQIRUWR H OLEHUGDGH GH PRYLPHQWRV )RUUR HP PDOKD -HUVH\ 3LQÃ&#x201A;DV H HO¼VWLFR QD FLQWXUD EROVRV GRLV IUDQFHVHV H TXDWUR FRP IROH H DED FRP YHOFUR
3UHWR
$]XO 0DULQKR
%UDQFR
&LQ]HQWR
$]XO 5R\DO
7$0$1+26
0$7(5,$/ 6DUMD SROLÃ&#x201E;VWHU DOJRG¾R *5$0$*(0 JU Pƽ
1
,1'µ675,$ $7,9$ __ &$/¢$6
3 &$/¢$6 08/7,%2/626 $/*2' 2
$/*2'®2
&DOÂDV PXOWLEROVRV HP VDUMD GH DOJRG¾R $]XO 5R\DO
&LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
$]XO 0DULQKR &LQ]HQWR
7$0$1+26
0$7(5,$/
6DUMD DOJRG¾R *5$0$*(0
JU Pƽ
3 &$/¢$6 &20 (/ 67,&2 $/*2' 2
$/*2'®2
&DOÂDV GH FRUWH FO¼VVLFR HP VDUMD DOJRG¾R &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
$]XO 5R\DO $]XO 0DULQKR
7$0$1+26
0$7(5,$/
6DUMD DOJRG¾R
1
*5$0$*(0
JU Pƽ
&$/¢$6 __ ,1'µ675,$ $7,9$
3 &$/¢$6 &20 (/ 67,&2 %UDQFR 9HUGH %HJH $]XO 5R\DO
&DOÂDV GH FRUWH FO¼VVLFR HP VDUMD &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
$]XO 0DULQKR &LQ]HQWR
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
3 &$/¢$6 &20 3,1¢$6 &DOÂDV FRUWH FO¼VVLFR EROVRV &DOÂDV 33/202 S¼J &DVDFR 3&2%5( S¼J 6DSDWR =$3 1 S¼J
%UDQFR $]XO 5R\DO $]XO 0DULQKR
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
,1'µ675,$ $7,9$ __ &$/¢$6
3 &$/¢$6 '( %20%$=,1$ $/*2'®2
&DOÂDV PXOWLEROVRV HP ERPED]LQD (O¼VWLFR QD FLQWXUD SDUD PHOKRU DMXVWH
7$0$1+26
9HUGH &DÃD
&LQ]HQWR
$]XO 0DULQKR
&DUWD GH FRUHV S¼J
0$7(5,$/
%RPED]LQD DOJRG¾R *5$0$*(0
JU Pƽ
3 &$/¢$6 08/7,%2/626 '(60217 9(,6 &DOÂDV PXOWLEROVRV GHVPRQW¼YHLV (O¼VWLFR QD FLQWXUD SDUD PHOKRU DMXVWH 7UDQVIRUP¼YHO HP FDOÂÐHV
7$0$1+26
0$7(5,$/
%HJH
$]XO 0DULQKR
&LQ]HQWR
&DUWD GH FRUHV S¼J
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
&$/¢°(6 __ ,1'µ675,$ $7,9$
3 %(508'$ 08/7,%2/626 %UDQFR
%HUPXGD PXOWLEROVRV HP VDUMD
9HUGH
(O¼VWLFR QD FLQWXUD SDUD PHOKRU DMXVWH
%HJH $]XO 5R\DO $]XO 0DULQKR &LQ]HQWR
7$0$1+26 0$7(5,$/ 7HFLGR VDUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
6: &$/¢°(6 6(7$6 &DOÂÐHV PXOWLEROVRV
ˠ
%ROVRV UHIRUÂDGRV ODWHUDLV FRP YHOFUR RX ERWÐHV &LQWXUD HO¼VWLFD
ˤ˟
2DWV 'DUN 1DY\ 'DUN *UH\
1
7$0$1+26 0$7(5,$/ DOJRG¾R *5$0$*(0 JU Pƽ
,1'µ675,$ $7,9$ __ &$/¢$6
6:
E\
&$/¢$6 6(7$6 &DOÂDV PXOWLEROVRV %ROVRV ODWHUDLV UHIRUÂDGRV FRP YHOFUR H ERWÐHV
ˠ
&LQWXUD HO¼VWLFD
ˢ˟
:KLWH 2DWV 'DUN *UH\ 'DUN 1DY\
7$0$1+26
0$7(5,$/
SROLÄVWHU DOJRG¾R
*5$0$*(0
JU Pƽ
6:
E\
&$/¢$6 6(7$6 &DOÂDV PXOWLEROVRV %ROVRV ODWHUDLV UHIRUÂDGRV FRP YHOFUR H ERWÐHV &LQWXUD HO¼VWLFD ˠ ˢ˟
'DUN 1DY\ 2DWV
1
7$0$1+26
E\
0$7(5,$/ DOJRG¾R *5$0$*(0 JU Pƽ
)$726 0$&$&2 __ ,1'µ675,$ $7,9$
3 )$72 0$&$&2 02'(/2 ,7$/,$12 )DWR PDFDFR PRGHOR LWDOLDQR 0DQJDV UDJODQ EROVRV )UHQWH FRP IHFKR $]XO 5R\DO
3XQKRV HP ULE &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
7$0$1+26
%UDQFR
/DUDQMD
9HUPHOKR
9HUGH
9HUGH &DÃD
%HJH
$]XO 0DULQKR
3UHWR
&LQ]HQWR
&DUWD GH FRUHV S¼J
3 )$72 0$&$&2 02'(/2 ,7$/,$12 )DWR PDFDFR PRGHOR LWDOLDQR 0DQJDV UDJODQ EROVRV )UHQWH FRP IHFKR 3XQKRV HP ULE &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
,1'µ675,$ $7,9$ __ )$726 0$&$&2
3 -$5',1(,5$ -DUGLQHLUD HP VDUMD $OÂDV H FLQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH %RWÐHV QDV ODWHUDLV GD FLQWXUD EROVRV )LYHODV HP 39& 7$0$1+26
%UDQFR
$PDUHOR
9HUPHOKR
9HUGH
$]XO 5R\DO
$]XO 0DULQKR
3UHWR
&LQ]HQWR
&DUWD GH FRUHV S¼J
0$7(5,$/
6DUMD ([WHULRU SROLÄVWHU DOJRG¾R
*5$0$*(0
JU Pƽ
3 )$72 0$&$&2 '( &203(7,¢ 2 )DWR PDFDFR GH FRPSHWL¾R 0DQJDV UDJODQ *ROD HP WLUD FRP ERW¾R EROVRV FRP IHFKR
$]XO 3HWUÏOHR
3XQKRV HP ULE 7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
)$726 0$&$&2 __ ,1'µ675,$ $7,9$
3 )$72 0$&$&2 02'(/2 ,7$/,$12 $/*2' 2 $]XO 5R\DO $]XO 0DULQKR &LQ]HQWR
)DWR PDFDFR PRGHOR LWDOLDQR HP VDUMD DOJRG¾R 0DQJDV UDJODQ EROVRV )UHQWH FRP IHFKR 3XQKRV HP ULE &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
7$0$1+26
0$7(5,$/
$/*2'®2
DOJRG¾R *5$0$*(0
JU Pƽ
3 93 )$72 0$&$&2 9 352 )DWR PDFDFR HFRQÎPLFR 0DQJDV UDJODQ EROVRV
-DUGLQHLUD 3
)UHQWH FRP IHFKR 3XQKRV HP ULE $]XO 5R\DO
&LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
,1'µ675,$ $7,9$ __ &$0,6$6
3 &$0,6$ 0$1*$ &857$ '2,6 %2/626 &DPLVD GH PDQJD FXUWD HP SRSHOLQD EROVRV FRP ERWÐHV
$]XO &ÅX $]XO 5R\DO $]XO 0DULQKR &LQ]HQWR
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 &$0,6$ 0$1*$ &2035,'$ '2,6 %2/626 &DPLVD GH PDQJD FRPSULGD HP SRSHOLQD
$]XO &ÅX
EROVRV FRP ERWÐHV
$]XO 5R\DO
$]XO 0DULQKR
&LQ]HQWR
1
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&$0,6$6 __ ,1'µ675,$ $7,9$
3 %UDQFR
*UHQ½
&$0,6$ 0$1*$ &857$ 80 %2/62
9HUGH
&DPLVD GH PDQJD FXUWD HP SRSHOLQD
%HJH
%ROVR QR SHLWR HVTXHUGR
$]XO &Ã&#x2026;X
$]XO 5R\DO
$]XO 0DULQKR
&LQ]HQWR
3UHWR
&DUWD GH FRUHV S¼J
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÃ&#x201E;VWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 %UDQFR
*UHQ½ 9HUGH
&DPLVD GH PDQJD FRPSULGD HP SRSHOLQD
%HJH
%ROVR QR SHLWR HVTXHUGR
$]XO &Ã&#x2026;X
$]XO 5R\DO
$]XO 0DULQKR
&LQ]HQWR
3UHWR
7$0$1+26
&$0,6$ 0$1*$ &2035,'$ 80 %2/62
&DUWD GH FRUHV S¼J
1
0$7(5,$/ 3RSHOLQD SROLÃ&#x201E;VWHU DOJRG¾R *5$0$*(0 JU Pƽ
,1'µ675,$ $7,9$ __ &$0,6$6
3 &$0,6$ 6$5-$ 0$1*$ &2035,'$
$/*2'®2
&DPLVD HP VDUMD GH PDQJD FRPSULGD EROVRV FRP ERWÐHV
$]XO 0DULQKR
7$0$1+26 0$7(5,$/ 6DUMD DOJRG¾R *5$0$*(0 JU Pƽ
3 &$0,6$ 81,)250( 0$1*$ &2035,'$ $/*2' 2
$/*2'®2
&DPLVD GH XQLIRUPH GH PDQJD FRPSULGD 7HFLGR HP SRSHOLQD EROVRV FRP ERWÐHV 3UHVLOKDV SDUD FRORFD¾R GH GLYLVDV
$]XO 0DULQKR $]XO 5R\DO
1
7$0$1+26 0$7(5,$/ 3RSHOLQD DOJRG¾R *5$0$*(0 JU Pƽ
&$0,6$6 __ ,1'µ675,$ $7,9$
3 &$0,6$ 81,)250( 0$1*$ &857$ %UDQFR %HJH $]XO &ÅX $]XO 5R\DO
&DPLVD GH XQLIRUPH GH PDQJD FXUWD 7HFLGR HP SRSHOLQD EROVRV FRP ERWÐHV 3UHVLOKDV SDUD FRORFD¾R GH GLYLVDV
$]XO 0DULQKR &LQ]HQWR
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 %UDQFR 9HUGH &DÃD %HJH $]XO &ÅX $]XO 5R\DO $]XO 0DULQKR
&$0,6$ 81,)250( 0$1*$ &2035,'$ '2,6 %2/626 &DPLVD GH XQLIRUPH GH PDQJD FRPSULGD 7HFLGR HP SRSHOLQD EROVRV FRP ERWÐHV 3UHVLOKDV SDUD FRORFD¾R GH GLYLVDV
&LQ]HQWR
1
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
,1'µ675,$ $7,9$ __ &$0,6$6
3 &$0,6$ 0$1*$ &857$ 6(1+25$ 6(1+25$
&DPLVD GH VHQKRUD PDQJD FXUWD 7HFLGR HP SRSHOLQD 3LQÃ&#x201A;DV QR SHLWR %UDQFR $]XO &Ã&#x2026;X 3UHWR
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÃ&#x201E;VWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 &$0,6$ 0$1*$ &2035,'$ 6(1+25$ 6(1+25$
&DPLVD GH VHQKRUD PDQJD FRPSULGD
7HFLGR HP SRSHOLQD 3LQÃ&#x201A;DV QR SHLWR
%UDQFR $]XO &Ã&#x2026;X 3UHWR
7$0$1+26
1
0$7(5,$/ 3RSHOLQD SROLÃ&#x201E;VWHU DOJRG¾R *5$0$*(0 JU Pƽ
32/26 __ ,1'µ675,$ $7,9$
3 32/2 0$1*$ &857$ %UDQFR
9HUGH /LPD
$/*2'®2
$PDUHOR &ODUR $PDUHOR
9HUGH
/DUDQMD
9HUGH )ORUHVWD
9HUPHOKR
9HUGH &DÃD
*UHQ½
%HJH
$]XO 0DULQKR
3UHWR
$]XO 5R\DO
&LQ]HQWR
3ÅUROD
7$0$1+26
3ROR PDQJD FXUWD 7HFLGR SLTXH 3XQKR H JROD HP ULE )RUQHFLGR FRP WHFLGR SDUD DSOLFD¾R GH EROVR
$]XO 7XUTXHVD $]XO &ÅX &DUWD GH FRUHV S¼J
0$7(5,$/ 7HFLGR GH SRQWR DOJRG¾R *5$0$*(0 JU Pƽ
3 &DPLVD 3 S¼J
32/2 0$1*$ &2035,'$ %UDQFR
3ROR GH PDQJD FRPSULGD 9HUPHOKR *UHQ½
7HFLGR SLTXH 3XQKR H JROD HP ULE
9HUGH &DÃD $]XO 0DULQKR 3UHWR $/*2'®2
&LQ]HQWR
7$0$1+26
1
0$7(5,$/ 7HFLGR GH SRQWR DOJRG¾R *5$0$*(0 JU Pƽ
,1'µ675,$ $7,9$ __ &$0,6$6 32/26 ( 7 6+,576
3 7 6+,57 '( 0$1*$ &857$ 7 VKLUW GH PDQJD FXUWD 0DOKD MHUVH\ &RUWH WXEXODU
)XFKLD
%UDQFR
5R[R $PDUHOR &ODUR 9HUGH /LPD
$/*2'®2
9HUGH
/DUDQMD
9HUGH )ORUHVWD
9HUPHOKR
9HUGH &DÃD
*UHQ½
%HJH
$]XO 0DULQKR
3UHWR
$]XO 5R\DO
&LQ]HQWR
3ÅUROD
7 VKLUW 3 7$0$1+26
1
0$7(5,$/ 0DOKD MHUVH\ DOJRG¾R *5$0$*(0 JU Pƽ
$PDUHOR
$]XO 7XUTXHVD $]XO &ÅX
&DUWD GH FRUHV S¼J
%$7$6 __ ,1'µ675,$ $7,9$
3 %$7$ 6(1+25$ 0$1*$ &857$ %DWD GH VHQKRUD GH PDQJD FXUWD %UDQFR
7HFLGR HP VDUMD )HFKD FRP ERWÐHV
$]XO &ÅX
EROVRV &LQWR QDV FRVWDV
6(1+25$
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
3 %UDQFR
3ROR 33 S¼J H EROVR PXOWLIHUUDPHQWDV 3% S¼J
9HUGH $]XO &ÅX $]XO 5R\DO $]XO 0DULQKR 6(1+25$
%$7$ 6(1+25$ 0$1*$ &2035,'$ %DWD GH VHQKRUD GH PDQJD FRPSULGD 7HFLGR HP VDUMD )HFKD FRP ERWÐHV EROVRV &LQWR QDV FRVWDV
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
,1'µ675,$ $7,9$ __ %$7$6
3 3 %$7$ 0$1*$ &2035,'$ %DWD XQLVVH[R GH PDQJD FRPSULGD 7HFLGR HP VDUMD )HFKD FRP ERWÐHV EROVRV &LQWR QDV FRVWDV
%UDQFR
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
*5$0$*(0
JU Pƽ
3 9HUGH
%$7$ 0$1*$ &2035,'$
%HJH
%DWD XQLVVH[R GH PDQJD FRPSULGD
$]XO 5R\DO
7HFLGR HP VDUMD )HFKD FRP ERWÐHV
$]XO 0DULQKR
EROVRV &LQ]HQWR
&LQWR QDV FRVWDV
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
7RXFD 3 S¼J DYHQWDO 3 S¼J
,1'Ò675,$ $/,0(17$5
,1'µ675,$ $/,0(17$5 __ ,1'µ675,$ $7,9$
3 $/,0(17$d®2
%$7$ &20 9(/&52 81,6(;2 %DWD XQLVVH[R GH PDQJD FRPSULGD )HFKD FRP YHOFUR 3XQKRV HP ULE EROVR LQWHULRU
%UDQFR
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
*5$0$*(0
JU Pƽ
3 %$7$ 81,6(;2 & 02/$6 $/,0(17$d®2
%DWD XQLVVH[R GH PDQJD FRPSULGD )HFKD FRP PRODV RFXOWDV SRU FDUFHOD
%UDQFR
3XQKRV HP ULE EROVR LQWHULRU
$]XO 0DULQKR
7$0$1+26
0$7(5,$/
1
6DUMD SROLÄVWHU DOJRG¾R
*5$0$*(0
JU Pƽ
,1'µ675,$ $7,9$ __ ,1'µ675,$ $/,0(17$5
3 %/86 2 $/,0(17$d®2
%OXV¾R HP VDUMD )HFKD FRP PRODV RFXOWDV SRU FDUFHOD &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH 3XQKRV HP ULE %ROVR LQWHULRU QR SHLWR HVTXHUGR
%UDQFR
$]XO 0DULQKR
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 %/86 2 )255$'2
$/,0(17$d®2
%OXV¾R IRUUDGR )HFKD FRP PRODV RFXOWDV SRU FDUFHOD &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
)5,2
3XQKRV HP ULE %ROVR LQWHULRU QR SHLWR HVTXHUGR
%UDQFR
7ÕQLFD 3 S¼J FRLID 3 S¼J
7$0$1+26 &(57,),&$¢ 2 (1 (1 0$7(5,$/ ([WHULRU SROLÄVWHU DOJRG¾R *5$0$*(0 )RUUR H LQWHULRU SROLÄVWHU
1
([WHULRU JU Pƽ ,QWHULRU JU Pƽ
,1'µ675,$ $/,0(17$5 __ ,1'µ675,$ $7,9$
3 &2/(7( )255$'2 $/,0(17$d®2
&ROHWH IRUUDGR )HFKD FRP PRODV RFXOWDV (O¼VWLFR QD FLQWXUD
)5,2
%ROVR QR LQWHULRU GR ODGR HVTXHUGR
%UDQFR
7$0$1+26
3RUPHQRU FROHWH 3
&(57,),&$¢ 2 (1 (1 0$7(5,$/ ([WHULRU SROLÄVWHU DOJRG¾R
1
)RUUR SROLÄVWHU ,QWHULRU SROLÄVWHU *5$0$*(0 ([WHULRU JU Pƽ ,QWHULRU JU Pƽ
,1'µ675,$ $7,9$ __ ,1'µ675,$ $/,0(17$5
3 7µ1,&$ '( 0$1*$ &857$ 7ÕQLFD GH PDQJD FXUWD HP VDUMD 'HFRWH HP 9 $EHUWXUDV QDV ODWHUDLV
%UDQFR
$]XO 0DULQKR
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 $9(17$/ 5(9(56¨9(/ $/,0(17$d®2
$YHQWDO UHYHUVÈYHO HP VDUMD *UDQGH EROVR FHQWUDO
%UDQFR $]XO 0DULQKR
1
7$0$1+2
Ô1,&2
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
,1'µ675,$ $/,0(17$5 __ ,1'µ675,$ $7,9$
3 &$/¢$6 $/,0(17$d®2
&DOÂDV HP VDUMD
7RXFD 3 S¼J EDWD 3 S¼J FDOÂDV 3
(O¼VWLFR QD FLQWXUD %ROVR QR LQWHULRU GR ODGR GLUHLWR %UDQFR $]XO 0DULQKR
7$0$1+26
0$7(5,$/
6DUMD ([WHULRU SROLÄVWHU DOJRG¾R
*5$0$*(0
JU Pƽ
3 &$/¢$6 )255$'$6 )5,2
$/,0(17$d®2
&DOÂDV IRUUDGDV (O¼VWLFR QD FLQWXUD %UDQFR
%UDJXLOKD FRP PRODV %ROVR QR LQWHULRU GR ODGR GLUHLWR
7$0$1+26
&(57,),&$¢ 2
(1 (1 0$7(5,$/
([WHULRU SROLÄVWHU DOJRG¾R )RUUR H LQWHULRU SROLÄVWHU
1
*5$0$*(0
([WHULRU JU Pƽ ,QWHULRU JU Pƽ
,1'µ675,$ $7,9$ __ ,1'µ675,$ $/,0(17$5
3 $9(17$/ '( 3(,72 3 9 & $YHQWDO GH SHLWR LPSHUPH¼YHO 6HP EROVR
%UDQFR
7$0$1+2
Ã&#x201D;1,&2
/DUJXUD FP $OWXUD FP
0$7(5,$/
7HFLGR 39& FRP WUDPD WÃ&#x2026;[WLO
*5$0$*(0
JU Pƽ
3 $9(17$/ '( 3 9 & ,17(5,25 &5(632 $YHQWDO GH SHLWR LPSHUPH¼YHO 7HFLGR FUHVSR SODVWLƬFDGR QR DYHVVR
'HWDOKH LQWHULRU FUHVSR
%UDQFR
7$0$1+2
Ã&#x201D;1,&2
/DUJXUD FP $OWXUD FP
0$7(5,$/
1
&UHVSR GH DOJRG¾R H 39& *5$0$*(0
JU Pƽ
,1'µ675,$ $/,0(17$5 __ ,1'µ675,$ $7,9$ %UDQFR
3
7$0$1+26
%,9$48( &20 5('( 0$7(5,$/
7RXFD 3 S¼J %DWD 3 S¼J
%LYDTXH HP VDUMD 5HGH UHVSLU¼YHO QD SDUWH VXSHULRU
6DUMD SROLÄVWHU DOJRG¾R 7RSR HP UHGH SROLÄVWHU
*5$0$*(0
JU Pƽ
3
3
%UDQFR
&2,)$ 6(1+25$ & 5('(
7$0$1+2
Ô1,&2
3HULPHWUR FP
&RLID GH VHQKRUD
0$7(5,$/
3DUWH VXSHULRU HP UHGH
3DOD HP VDUMD SROLÄVWHU DOJRG¾R
(O¼VWLFR QD SDUWH LQIHULRU
*5$0$*(0
JU Pƽ
3
3
%UDQFR
%21¤ &20 3$/$
7$0$1+2
Ô1,&2
3HULPHWUR FP /DUJXUD FP
%RQÄ GH FR]LQKD HP VDUMD FRP SDOD
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
3
%UDQFR
3
7$0$1+2
&$38=
Ô1,&2 0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
&DSX] HP VDUMD $/,0(17$d®2
1
$EHUWXUD IDFLDO
*5$0$*(0
JU Pƽ
3
,1'µ675,$ $7,9$ __ ,1'µ675,$ $/,0(17$5
3 )$72 0$&$&2 '(6&$57 9(/ )DWR PDFDFR GHVFDUW¼YHO FRP FDSX] )HFKR RFXOWR QD IUHQWH (O¼VWLFRV QRV SXQKRV H EDLQKDV
%UDQFR
EROVR QD SDUWH WUDVHLUD %ROVD LQGLYLGXDO VHODGD 7$0$1+26
0$7(5,$/
3ROLHWLOHQR
*5$0$*(0
JU Pƽ
3 )$72 0$&$&2 '(6&$57 9(/ %UDQFR
)DWR PDFDFR GHVFDUW¼YHO FRP FDSX] )HFKR RFXOWR QD IUHQWH (O¼VWLFRV QRV SXQKRV H EDLQKDV EROVR QD SDUWH WUDVHLUD
$]XO 0DULQKR
7$0$1+26
0$7(5,$/
0DWHULDO GH ƬODPHQWRV VHODGRV GH 3ROLSURSLOHQR
*5$0$*(0
1
JU Pƽ
81,'$'( '( 9(1'$
3DFN GH XQLGDGHV
'(6&$57È9(,6
,1'µ675,$ $7,9$ __ '(6&$57 9(,6
'(6&$57 9(,6 __ ,1'µ675,$ $7,9$
3 $9(17$/ '(6&$57 9(/ $YHQWDO GHVFDUW¼YHO FRP SHLWR %UDQFR
7$0$1+2
Ô1,&2 0$7(5,$/
0DWHULDO GH ƬODPHQWRV VHODGRV GH 3ROLHWLOHQR 3( H 3ROLSURSLOHQR 33
*5$0$*(0
JU Pƽ
81,'$'( '( 9(1'$
3DFN GH XQLGDGHV
3 %$7$ 9,6,7$17( '(6&$57 9(/ %DWD GHVFDUW¼YHO %UDQFR
)HFKD FRP PRODV EUDQFDV RFXOWDV (O¼VWLFR QR SXQKR
7$0$1+2
Ô1,&2
0¼VFDUD 3 S¼J WRXFD 3 S¼J
0$7(5,$/
0DWHULDO GH ƬODPHQWRV VHODGRV GH 3ROLSURSLOHQR 33 *5$0$*(0
1
JU Pƽ
81,'$'( '( 9(1'$
3DFN GH XQLGDGHV
,1'µ675,$ $7,9$ __ '(6&$57 9(,6
3 728&$ 81,9(56$/ '(6&$57 9(/ 7RXFD GHVFDUW¼YHO (O¼VWLFR QD SDUWH LQIHULRU 7$0$1+2
$]XO &ÅX
%UDQFR
Ô1,&2
0$7(5,$/ 0DWHULDO GH ƬODPHQWRV VHODGRV
3ROLSURSLOHQR
*5$0$*(0 JU Pƽ 81,'$'( '( 9(1'$ 3DFN GH XQLGDGHV
3 0$1*8,7$6 '(6&$57 9(,6 0DQJXLWDV GHVFDUW¼YHLV (O¼VWLFRV HP DPEDV DV H[WUHPLGDGHV
%UDQFR 7$0$1+2
Ô1,&2
0$7(5,$/ 0DWHULDO GH ƬODPHQWRV VHODGRV
3ROLSURSLOHQR 33
*5$0$*(0 JU Pƽ 81,'$'( '( 9(1'$ 3DFN GH XQLGDGHV
3 &2,)$ (0 5('( '(6&$57 9(/ 7RXFD GHVFDUW¼YHO FRP EDQGDV DMXVW¼YHLV 7$0$1+2
1
Ô1,&2
0$7(5,$/ 3ROLHVWHU 81,'$'( '( 9(1'$ 3DFN GH XQLGDGHV
%UDQFR
$]XO &ÅX
'(6&$57 9(,6 __ ,1'µ675,$ $7,9$
3 &2%5( 6$3$726 '(6&$57 9(,6 &REUH VDSDWRV GHVFDUW¼YHLV (O¼VWLFR QD SDUWH VXSHULRU
7$0$1+2
%UDQFR
9HUGH
$]XO &ÅX
Ô1,&2
0$7(5,$/ 0DWHULDO GH ƬODPHQWRV VHODGRV
3ROLSURSLOHQR *5$0$*(0 JU Pƽ 81,'$'( '( 9(1'$ 3DFN GH XQLGDGHV
3 0 6&$5$ '(6&$57 9(/ 0DVFDUD GHVFDUW¼YHO )LWDV GH HO¼VWLFR DMXVW¼YHO $GDSWDGRU QDVDO
7$0$1+2
%UDQFR
9HUGH
$]XO &ÅX
Ô1,&2
0$7(5,$/ 0DWHULDO GH ƬODPHQWRV VHODGRV
1
3ROLSURSLOHQR *5$0$*(0 JU Pƽ 81,'$'( '( 9(1'$ 3DFN GH XQLGDGHV
,1'µ675,$ $7,9$ __ %,&2/25(6
330(5&85,2 &RUHV EDVH
&$/¢$6 08/7,%2/626 %,&2/25
&DOÂDV PXOWLEROVRV ELFRORU 5HIRUÂRV QRV MRHOKRV H WUDVHLUD
&RUHV FRQWUDVWH
$EHUWXUD QRV MRHOKRV SDUD FRORFD¾R GH MRHOKHLUDV HP (9$
$57,*2 %,&2/25
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
%,&2/25(6
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
2IHUHFHPRV D SRVVLELOLGDGH GH SHUVRQDOL]D¾R SDUD TXH RV DUWLJR VH DGDSWHP SHUIHLWDPHQWH » LGHQWLGDGH FRUSRUDWLYD GH FDGD HPSUHVD
3%,1,48(/ &RUHV EDVH
&$/¢$6 08/7,%2/626 %,&2/25 &DOÂDV PXOWLEROVRV ELFRORU &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
&RUHV FRQWUDVWH
5HIRUÂRV QRV MRHOKRV H WUDVHLUD
$57,*2 %,&2/25
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
%,&2/25(6 __ ,1'µ675,$ $7,9$ &RUHV EDVH
&RUHV FRQWUDVWH
337 &$/¢$6 &20 (/ 67,&2 %,&2/25 &DOÂDV ELFRORU GH FRUWH FO¼VVLFR HP VDUMD &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
$57,*2 %,&2/25
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R &DUWD GH FRUHV *5$0$*(0 JU Pƽ S¼J
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
&RUHV EDVH
&RUHV FRQWUDVWH
35 &$/¢$6 08/7,%2/626 %,&2/25 &DOÂDV PXOWLEROVRV ELFRORU HP VDUMD &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
$57,*2 %,&2/25
7$0$1+26 &DUWD 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R GH FRUHV *5$0$*(0 JU Pƽ S¼J
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
,1'µ675,$ $7,9$ __ %,&2/25(6
337 &RUHV EDVH
&$/¢$6 08/7,%2/626 %,&2/25 &20 ),7$6 5()/(725$6
&LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R &DUWD GH FRUHV *5$0$*(0 JU Pƽ S¼J
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
337
&RUHV EDVH
&$/¢$6 %,&2/25(6 08/7,%2/626 &DOÂDV PXOWLEROVRV ELFRORU HP VDUMD &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
&RUHV FRQWUDVWH
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R &DUWD GH FRUHV *5$0$*(0 JU Pƽ S¼J
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
&RUHV FRQWUDVWH
&DOÂDV PXOWLEROVRV ELFRORU FRP ƬWDV UHƮHWRUDV
1
%,&2/25(6 __ ,1'µ675,$ $7,9$
3&7 &RUHV EDVH
&$6$&2 %,&2/25
&DVDFR ELFRORU HP VDUMD
)UHQWH H EROVRV FRP IHFKR
&RUHV FRQWUDVWH
3ROR 33 S¼J EROVR PXOWLIHUUDPHQWDV 3% S¼J
3XQKRV HP ULE &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
7$0$1+26
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
&DUWD 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R GH FRUHV *5$0$*(0 JU Pƽ S¼J
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
33 &RUHV EDVH
&$6$&2 %,&2/25
&DVDFR ELFRORU HP VDUMD
)UHQWH H EROVRV FRP IHFKR
&RUHV FRQWUDVWH
3XQKRV HP ULE &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
7$0$1+26
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
&DUWD 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R GH FRUHV *5$0$*(0 JU Pƽ S¼J
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
1
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
,1'µ675,$ $7,9$ __ %,&2/25(6
3% %2/62 08/7,)(55$0(17$6 %ROVR PXOWLIHUUDPHQWDV
'HWDOKH &RUHV
&21)(&¢ 2
7$0$1+2
Ô1,&2
&DUWD GH FRUHV S¼J
3%,=,1& &$/¢$6 08/7,%2/626 %,&2/25
&RUHV EDVH
&DOÂDV PXOWLEROVRV ELFRORU &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
&RUHV FRQWUDVWH
5HIRUÂRV QRV MRHOKRV H WUDVHLUD
9LYR UHƮHWRU
1
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R &DUWD GH FRUHV *5$0$*(0 JU Pƽ S¼J
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
%,&2/25(6 __ ,1'µ675,$ $7,9$
3& &RUHV EDVH
&RUHV FRQWUDVWH
&DUWD GH FRUHV S¼J
7$0$1+26
0$7(5,$/ 7HFLGR H[WHULRU LQWHULRU H IRUUR SROLÄVWHU *5$0$*(0 ([WHULRU JU Pƽ LQWHULRU IRUUR JU Pƽ
HQFKLPHQWR JU Pƽ
&RUHV EDVH
&RUHV FRQWUDVWH
&DOÂDV 33/202 S¼J H VDSDWR =$3 1 S¼J
7$0$1+26
&2/(7( 08/7,%2/626 $&2/&+2$'2 %,&2/25 &ROHWH ELFRORU DFROFKRDGR PXOWLEROVRV )HFKR RFXOWR FRP PRODV PHW¼OLFDV (O¼VWLFRV QR LQWHULRU GD PDQJD H FLQWXUD SDUD PHOKRU DMXVWH
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
3*7 &$0,6$ %,&2/25 81,)250( 0$1*$ &2035,'$ &DPLVD ELFRORU GH XQLIRUPH GH PDQJD FRPSULGD ELFRORU 7HFLGR HP SRSHOLQD
EROVRV FRP ERWÐHV
3UHVLOKDV SDUD FRORFD¾R GH GLYLVDV
&DUWD GH FRUHV S¼J
0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
1
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
,1'µ675,$ $7,9$ __ %,&2/25(6
3&& &RUHV EDVH
%/86 2 &20 ),7$6 5()/(725$6 %,&2/25 %OXV¾R ELFRORU HP VDUMD FRP ƬWDV UHƮHWRUDV QR FRUSR H PDQJDV
&RUHV FRQWUDVWH
)UHQWH H EROVRV FRP IHFKR 3XQKRV HP ULE &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
&DUWD 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R GH FRUHV *5$0$*(0 JU Pƽ S¼J
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
3&&
&RUHV EDVH
&$6$&2 %,&2/25 %OXV¾R ELFRORU HP VDUMD )UHQWH H EROVRV FRP IHFKR
3XQKRV HP ULE &RUHV FRQWUDVWH
&LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
1
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
7$0$1+2 &DUWD 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R GH FRUHV *5$0$*(0 JU Pƽ S¼J
%,&2/25(6 __ ,1'µ675,$ $7,9$ &RUHV EDVH
&RUHV &RUHV FRQWUDVWH FRQWUDVWH
7HFLGR SLTXH 3XQKR H JROD HP ULE )RUQHFLGR FRP WHFLGR SDUD DSOLFD¾R GH EROVR
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
&RUHV FRQWUDVWH
0$7(5,$/ 3RQWR DOJRG¾R *5$0$*(0 JU Pƽ
3ROR PDQJD FXUWD ELFRORU
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
&DUWD GH FRUHV S¼J
&RUHV EDVH
7$0$1+26
32/2 0$1*$ &857$ %,&2/25
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26 0$7(5,$/ 3RQWR DOJRG¾R *5$0$*(0 JU Pƽ
33
&DUWD GH FRUHV S¼J
33 32/2 0$1*$ &2035,'$ %,&2/25 3ROR GH PDQJD FRPSULGD ELFRORU 7HFLGR SLTXH 3XQKR H JROD HP ULE
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
1
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
,1'µ675,$ $7,9$ __ %,&2/25(6
35 &$0,62/$ '( 0$/+$ %,&2/25
&RUHV EDVH
&DPLVROD HP PDOKD JURVVD ELFRORU
&RUHV FRQWUDVWH
'HFRWH UHGRQGR
7UDWDPHQWR DQWL ERUERWR %ROVR H UHIRUÂRV GH WHFLGR QRV RPEURV H FRWRYHORV
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
7$0$1+26
&DUWD GH FRUHV S¼J
0$7(5,$/ 3RQWR FDQDOÄ DFUÈOLFR
3&7 &RUHV EDVH
&$0,6$ %,&2/25 0$1*$ &857$ 80 %2/62
&DPLVD ELFRORU GH PDQJD FXUWD HP SRSHOLQD %ROVR QR SHLWR HVTXHUGR
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
1
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
&RUHV &RUHV FRQWUDVWH FRQWUDVWH
7$0$1+2
&DUWD GH FRUHV S¼J
0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
%,&2/25(6 __ ,1'µ675,$ $7,9$ &RUHV EDVH
&RUHV FRQWUDVWH
7$0$1+26
3&7 &$0,6$ %,&2/25 0$1*$ &857$ '2,6 %2/626 &DPLVD ELFRORU GH PDQJD FXUWD HP SRSHOLQD EROVRV FRP ERWÐHV
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
&DUWD GH FRUHV S¼J
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
3*7 &RUHV EDVH
&RUHV FRQWUDVWH
7$0$1+26
&$0,6$ 81,)250( 0$1*$ &857$ %,&2/25 &DPLVD GH XQLIRUPH GH PDQJD FXUWD ELFRORU 7HFLGR HP SRSHOLQD
EROVRV FRP ERWÐHV
3UHVLOKDV SDUD FRORFD¾R GH GLYLVDV
&DUWD GH FRUHV S¼J
0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
1
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
,1'µ675,$ $7,9$ __ %,&2/25(6
3&7 &RUHV EDVH
&$0,6$ %,&2/25 0$1*$ &2035,'$ 80 %2/62 &DPLVD ELFRORU GH PDQJD FRPSULGD HP SRSHOLQD
%ROVR QR SHLWR HVTXHUGR &RUHV FRQWUDVWH
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
3&7
&DUWD GH FRUHV S¼J
&RUHV EDVH
&$0,6$ %,&2/25 0$1*$ &2035,'$ '2,6 %2/626 &DPLVD ELFRORU GH PDQJD FRPSULGD HP SRSHOLQD
&RUHV FRQWUDVWH
EROVRV FRP ERWÐHV
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
1
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
7$0$1+2
&DUWD GH FRUHV S¼J
0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
%,&2/25(6 __ ,1'µ675,$ $7,9$
33 &RUHV EDVH
-$5',1(,5$ %,&2/25
-DUGLQHLUD ELFRORU HP VDUMD
$OÂDV H FLQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH
%RWÐHV QDV ODWHUDLV GD FLQWXUD
EROVRV
&RUHV FRQWUDVWH
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
&DUWD GH FRUHV S¼J
7$0$1+26
)LYHODV HP 39&
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
30& &RUHV EDVH
)DWR PDFDFR ELFRORU PRGHOR LWDOLDQR
0DQJDV UDJODQ
&RUHV FRQWUDVWH
&DSDFHWH &$6 S¼J H FDVDFR 3021&$<2 S¼J
)$72 0$&$&2 %,&2/25 02'(/2 ,7$/,$12
EROVRV
)UHQWH FRP IHFKR
3XQKRV HP ULE
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
&LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH $57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
1
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
,1'µ675,$ $7,9$ __ %,&2/25(6
3%&
&RUHV EDVH
%$7$ 6(1+25$ %,&2/25 0$1*$ &2035,'$ %DWD GH VHQKRUD ELFRORU GH PDQJD FRPSULGD
EROVRV &LQWR QDV FRVWDV
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
3%&
&RUHV EDVH
%$7$ 0$1*$ &2035,'$ %,&2/25
%DWD ELFRORU XQLVVH[R GH PDQJD FRPSULGD
&RUHV FRQWUDVWH
7HFLGR HP VDUMD
)HFKD FRP ERWÐHV
EROVRV
&LQWR QDV FRVWDV
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
)HFKD FRP ERWÐHV
1
&RUHV FRQWUDVWH
7HFLGR HP VDUMD
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
7$0$1+2 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
3
3 7RXFD XQLYHUVDO GHVFDUW¼YHO FRP HO¼VWLFR DMXVW¼YHO 0DWHULDO GH ƬODPHQWRV VHODGRV GH 3ROLSURSLOHQR 33
3
3 0¼VFDUD GHVFDUW¼YHO FRP ƬWDV GH HO¼VWLFR DMXVW¼YHO H DGDSWDGRU QDVDO 0DWHULDO GH ƬODPHQWRV VHODGRV GH 3ROLSURSLOHQR 33
(;3(5,Ã&#x2C6;1&,$ ( 48$/,'$'( DR VHUYLoR GRV WUDEDOKDGRUHV
3
3 7ÕQLFD FRP JROD HP ELFR PDQJD FXUWD H WUÅV EROVRV $EHUWXUDV QRV ODGRV SDUD PDLRU FRPRGLGDGH 'LVSRQÈYHO HP FRUHV
6DÕGH H /LPSH]D &DGD SRVWR GH WUDEDOKR UHTXHUH YHVWX¼ULR FRP GHWHUPLQDGDV FDUDFWHUÈVWLFDV 1R FDVR GDV FHQWURV KRVSLWDODUHV H SRVWRV GH VDÕGH D XQLIRUPLGDGH GRV IXQFLRQ¼ULRV Ä GH JUDQGH LPSRUW½QFLD SRLV Ä XP HOHPHQWR FKDYH SDUD WUDQVPLWLU D LPDJHP FRUSRUDWLYD H RV YDORUHV GH FDGD FHQWUR &DGD SURGXWR Ä GHVHQKDGR SDUD TXH RV WUDEDOKDGRUHV SRVVDP GHVHPSHQKDU DV VXDV IXQÂÐHV GH IRUPD DGHTXDGD H FRP R P¼[LPR GH FRQIRUWR
¨QGLFH &RQMXQWRV WÕQLFDV FDOÂDV H WRXFDV
3
%DWDV
3
%LFRORUHV
3
*U¼YLGDV
3
6$µ'( ( /,03(=$ __ 7µ1,&$6 &$/¢$6
3 7µ1,&$ *2/$ (0 9 0$1*$ &2035,'$ 7Ã&#x2022;QLFD HP VDUMD GH PDQJD FRPSULGD 'HFRWH HP 9 EROVRV $EHUWXUDV ODWHUDLV
%UDQFR
7$0$1+26 0$7(5,$/ 6DUMD SROLÃ&#x201E;VWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 &$/¢$6 7,32 (1)(50(,52 &20 3,1¢$6 &DOÃ&#x201A;DV HP VDUMD FRP SLQÃ&#x201A;DV %UDJXLOKD FRP ERW¾R H IHFKR (O¼VWLFR QD FLQWXUD EROVRV
%UDQFR
7$0$1+26
0$7(5,$/
6DUMD SROLÃ&#x201E;VWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
&RQMXQWR 3 WRXFD 3 S¼J P¼VFDUD 3 S¼J
7µ1,&$6 &$/¢$6 __ 6$µ'( ( /,03(=$
3 &21-8172 (1)(50(,52 7µ1,&$ ( &$/¢$6 &RQMXQWR HP VDUMD 7Ã&#x2022;QLFD GH PDQJD FXUWD 'HFRWH HP 9 0DQJDV UDJODQ EROVRV %UDQFR
&DOÃ&#x201A;DV FRP HO¼VWLFR QD FLQWXUD
7$0$1+26
EROVRV
0$7(5,$/
6DUMD SROLÃ&#x201E;VWHU DOJRG¾R *5$0$*(0
JU Pƽ
3
129,'$'(
$PDUHOR &ODUR /DUDQMD &ODUR &RUDO )XVFKLD
&RQMXQWR GH WÃ&#x2022;QLFD H FDOÃ&#x201A;DV WLSR HQIHUPHLUR 3
728&$ 7RXFD HP VDUMD 7LUDV GH DMXVWH QR PHVPR WHFLGR H DR WRP
%RUGHDX[ %UDQFR
$]XO 7XUTXHVD &ODUR 9HUGH
5R[R 3UHWR
9HUGH /LPD $]XO &Ã&#x2026;X
7$0$1+2
Ã&#x201D;1,&2
$]XO 0DULQKR
&DUWD GH FRUHV S¼J
1
0$7(5,$/ 6DUMD SROLÃ&#x201E;VWHU DOJRG¾R *5$0$*(0 JU Pƽ
6$µ'( ( /,03(=$ __ 7µ1,&$6 &$/¢$6
3 7µ1,&$ *2/$ (0 9 %5$1&$ 7Ã&#x2022;QLFD HP VDUMD GH PDQJD FXUWD 'HFRWH HP 9 EROVRV $EHUWXUDV ODWHUDLV
%UDQFR
7$0$1+26 0$7(5,$/ 6DUMD SROLÃ&#x201E;VWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 &$/¢$6 7,32 (1)(50(,52 6(0 )(&+2 %5$1&$6 &DOÃ&#x201A;DV HP VDUMD 6HP EUDJXLOKD (O¼VWLFR QD FLQWXUD
&DOÃ&#x201A;DV 3 7Ã&#x2022;QLFD 3
EROVR WUDVHLUR %UDQFR
7$0$1+26
0$7(5,$/
6DUMD SROLÃ&#x201E;VWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
7µ1,&$6 &$/¢$6 __ 6$µ'( ( /,03(=$
3
3UHWR
$]XO 0DULQKR
$PDUHOR &ODUR /DUDQMD &ODUR &RUDO )XVFKLD %RUGHDX[
$]XO 7XUTXHVD &ODUR
$]XO &Ã&#x2026;X
9HUGH
3UHWR
$]XO 0DULQKR
9HUGH /LPD $]XO &Ã&#x2026;X
&DUWD GH FRUHV S¼J
$PDUHOR &ODUR
$]XO 7XUTXHVD &ODUR
&RUDO
9HUGH
)XVFKLD
9HUGH /LPD %RUGHDX[ $]XO 0DULQKR
5R[R
$]XO &Ã&#x2026;X
3UHWR
7$0$1+26
5R[R
%RUGHDX[
7Ã&#x2022;QLFD 3
$EHUWXUDV ODWHUDLV
3
$PDUHOR &ODUR
&RUDO
EROVRV
/DUDQMD &ODUR
)XVFKLD
'HFRWH HP 9
7$0$1+26 0$7(5,$/ 6DUMD SROLÃ&#x201E;VWHU DOJRG¾R *5$0$*(0 JU Pƽ
/DUDQMD &ODUR
7Ã&#x2022;QLFD HP VDUMD
5R[R $]XO 7XUTXHVD &ODUR 9HUGH
9HUGH /LPD
7µ1,&$ '(&27( 9 &25(6
&$/¢$6 7,32 (1)(50(,52 &25(6 &DOÃ&#x201A;DV HP VDUMD 6HP EUDJXLOKD (O¼VWLFR QD FLQWXUD EROVR WUDVHLUR
&DUWD GH FRUHV S¼J
0$7(5,$/
6DUMD SROLÃ&#x201E;VWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
6$µ'( ( /,03(=$ __ 7µ1,&$6 &$/¢$6
3 7µ1,&$ '( %27°(6 %5$1&$ 7ÕQLFD HP VDUMD 'HFRWH UHGRQGR )UHQWH FRP ERWÐHV EROVRV $EHUWXUDV ODWHUDLV
%UDQFR
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 &$/¢$6 7,32 (1)(50(,52 %5$1&$6 &DOÂDV HP VDUMD %UDJXLOKD FRP ERW¾R H IHFKR (O¼VWLFR QD FLQWXUD %ROVR WUDVHLUR %UDQFR
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
7µ1,&$6 &$/¢$6 __ 6$µ'( ( /,03(=$
3 7µ1,&$ '( %27°(6 &25(6 7ÕQLFD HP VDUMD 'HFRWH UHGRQGR )UHQWH FRP ERWÐHV EROVRV $EHUWXUDV ODWHUDLV 9HUGH
$]XO &ÅX
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 &$/¢$6 7,32 (1)(50(,52 &25(6 &DOÂDV HP VDUMD 9HUGH
$]XO &ÅX
%UDJXLOKD FRP ERW¾R H IHFKR (O¼VWLFR QD FLQWXUD %ROVR WUDVHLUR
7$0$1+26
&DOÂDV 3 S¼J WÕQLFD 3 S¼J H WRXFD 3 S¼J
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
6$µ'( ( /,03(=$ __ 7µ1,&$6 &$/¢$6
3 7µ1,&$ &,17$'$ 6(1+25$ 0$1*$ &857$ 7ÕQLFD FLQWDGD HP VDUMD )UHQWH FRP IHFKR EROVRV
%UDQFR 3UHWR
6(1+25$
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 %$7$ 6(1+25$ 0$1*$ &857$ %DWD VHQKRUD FLQWDGD HP WHFLGR ULVFDGR VDUMD 0DQJD FXUWD )UHQWH FRP ERWÐHV EROVRV )LWDV SDUD DWDU QDV FRVWDV
$]XO &ÅX
9LYRV HP FRQWUDVWH 7$0$1+26 0$7(5,$/
1
6DUMD SROLÄVWHU DOJRG¾R
6(1+25$
*5$0$*(0
JU Pƽ
7µ1,&$6 &$/¢$6 __ 6$µ'( ( /,03(=$
3 7µ1,&$ %,&2/25 7ÕQLFD FLQWDGD HP VDUMD 7HFLGR ULVFDGR )UHQWH FRP ERWÐHV EROVRV 9LYRV HP FRQWUDVWH *UHQ½
$]XO 0DULQKR 6(1+25$
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 &$/¢$6 08/7,%2/626 &DOÂDV GH VHQKRUD HP VDUMD (O¼VWLFR QD FLQWXUD EROVRV *UHQ½
%ROVR ODWHUDO FRP YLYR HP FRQWUDVWH
$]XO 0DULQKR
7$0$1+26
&DOÂDV 3 S¼J WÕQLFD 3 S¼J H WRXFD 3 S¼J
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R 6(1+25$
1
*5$0$*(0
JU Pƽ
6$µ'( ( /,03(=$ __ %$7$6
3 3 %$7$ 0$1*$ &2035,'$ %DWD XQLVVH[R GH PDQJD FRPSULGD 7HFLGR HP VDUMD )HFKD FRP ERWÐHV EROVRV %UDQFR
&LQWR QDV FRVWDV
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
3 &LQ]HQWR
%$7$ 0$1*$ &2035,'$ %DWD XQLVVH[R GH PDQJD FRPSULGD 7HFLGR HP VDUMD
$]XO 0DULQKR $]XO 5R\DO
)HFKD FRP ERWÐHV
%HJH
EROVRV 9HUGH
&LQWR QDV FRVWDV 7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
%$7$6 __ 6$µ'( ( /,03(=$
3 %$7$ 6(1+25$ %DWD VHQKRUD HP VDUMD 0DQJD FRPSULGD )UHQWH FRP ERWÐHV EROVRV &LQWR QDV FRVWDV %UDQFR
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 6(1+25$
JU Pƽ
3 %$7$ +20(0 %DWD KRPHP HP VDUMD 0DQJD FRPSULGD
&DOÂDV 3 S¼J WÕQLFD 3 S¼J WRXFD 3 S¼J H P¼VFDUD 3 S¼J
)UHQWH FRP ERWÐHV EROVRV &LQWR QDV FRVWDV %UDQFR
7$0$1+26 0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
6$µ'( ( /,03(=$ __ %$7$6
3 %$7$ 6(1+25$ 0$1*$ &857$ %DWD GH VHQKRUD GH PDQJD FXUWD 7HFLGR HP VDUMD
%UDQFR
)HFKD FRP ERWÐHV EROVRV
$]XO &ÅX
&LQWR QDV FRVWDV
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 6(1+25$
JU Pƽ
3 %$7$ 6(1+25$ 0$1*$ &2035,'$
%UDQFR 9HUGH
%DWD GH VHQKRUD GH PDQJD FRPSULGD
$]XO &ÅX
7HFLGR HP VDUMD
$]XO 5R\DO
)HFKD FRP ERWÐHV $]XO 0DULQKR
EROVRV &LQWR QDV FRVWDV
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1 6(1+25$
*5$0$*(0
JU Pƽ
7ÕQLFD 3 S¼J H WRXFD 3 S¼J
%,&2/25(6 __ 6$µ'( ( /,03(=$
33
%,&2/25(6 3(5621$/,=$¢ 2 $ XQLIRUPLGDGH GRV SURƬVVLRQDLV GH VDÕGH H OLPSH]D Ä XP HOHPHQWR IXQGDPHQWDO SDUD WUDQVPLWLU D LPDJHP FRUSRUDWLYD H RV YDORUHV GH FDGD FHQWUR
&RU EDVH
6(1+25$
&RUHV EDVH
&RUHV FRQWUDVWH
%DWD ELFRORU VHQKRUD FLQWDGD HP VDUMD
0DQJD FRPSULGD
)UHQWH FRP ERWÐHV
&RUHV FRQWUDVWH
7$0$1+26
%$7$ 6(1+25$ %,&2/25
EROVRV
&LQWR QDV FRVWDV 9LYRV HP FRQWUDVWH
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
&DUWD GH FRUHV S¼J
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
7$0$1+2
Ô1,&2
&DUWD GH FRUHV S¼J
3%
33
7RXFD
&RU EDVH
&RUHV FRQWUDVWH
7ÕQLFD WLSR HQIHUPHLUR GH PDQJD FXUWD FRP FRUHV GH FRQWUDVWH QD JROD H PDQJDV 3¼J 7$0$1+26 3RGH FRQVXOWDU D QRVVD FDUWD GH FRUHV SDUD UHDOL]DU D VXD HQFRPHQGD S¼J
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
%DWD KRPHP ELFRORU HP VDUMD
3S
%$7$ +20(0 %,&2/25
0DQJD FRPSULGD
)UHQWH FRP ERWÐHV
EROVRV
&LQWR QDV FRVWDV
9LYRV HP FRQWUDVWH
&DUWD GH FRUHV S¼J
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
1
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
6$µ'( ( /,03(=$ __ %,&2/25(6
3% 3%
&RUHV EDVH
7µ1,&$ 7,32 (1)(50(,52 0$1*$ &857$ %,&2/25
7ÕQLFD ELFRORU HP VDUMD
&RUHV FRQWUDVWH
'HFRWH HP 9
EROVRV $EHUWXUDV ODWHUDLV 9LYRV HP FRQWUDVWH EDVH EUDQFD
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
&DUWD GH FRUHV S¼J
33 33 7µ1,&$ '( %27°(6 7,32 (1)(50(,52 0$1*$ &857$ %,&2/25
&RUHV EDVH
'HFRWH UHGRQGR
)UHQWH FRP ERWÐHV EROVRV $EHUWXUDV ODWHUDLV 9LYRV HP FRQWUDVWH EDVH EUDQFD $57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
&RUHV FRQWUDVWH
7ÕQLFD HP VDUMD
1
&DUWD GH FRUHV S¼J
%,&2/25(6 __ 6$µ'( ( /,03(=$ &RUHV EDVH
&RUHV FRQWUDVWH
7µ1,&$ 7,32 (1)(50(,52 0$1*$ &857$ %,&2/25 7ÕQLFD ELFRORU HP VDUMD
'HFRWH HP 9
EROVRV
9LYRV HP FRQWUDVWH
%DVH EUDQFD
&DUWD GH FRUHV S¼J
7$0$1+26
&RUHV EDVH
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
%DWD 33 S¼J WÕQLFD 3 S¼J
33 33
&RUHV FRQWUDVWH
30 30 7µ1,&$ 7,32 (1)(50(,52 0$1*$ &857$ %,&2/25
7ÕQLFD ELFRORU HP VDUMD
'HFRWH HP 9
EROVRV
9LYRV HP FRQWUDVWH
%DVH EUDQFD
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
1
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
6$µ'( ( /,03(=$ __ %,&2/25(6
33
&RUHV EDVH
7µ1,&$ &,17$'$ 6(1+25$ 0$1*$ &857$ %,&2/25
&RUHV FRQWUDVWH
7ÕQLFD ELFRORU FLQWDGD HP VDUMD
)UHQWH FRP IHFKR EROVRV 9LYRV HP FRQWUDVWH
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
30 30
&DUWD GH FRUHV S¼J
&RUHV EDVH
&RUHV FRQWUDVWH
7ÕQLFD ELFRORU HP VDUMD 'HFRWH UHGRQGR
)UHQWH FRP ERWÐHV
EROVRV
$EHUWXUDV ODWHUDLV
9LYRV HP FRQWUDVWH
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
7µ1,&$ '( %27°(6 0$1*$ &857$ %,&2/25
1
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
&DUWD GH FRUHV S¼J
%,&2/25(6 __ 6$µ'( ( /,03(=$
30 &RUHV EDVH
&RUHV FRQWUDVWH
7µ1,&$ &,17$'$ 6(1+25$ 0$1*$ &857$ %,&2/25 7ÕQLFD ELFRORU FLQWDGD HP VDUMD )UHQWH FRP IHFKR EROVRV 9LYRV HP FRQWUDVWH
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
3% &RUHV EDVH
&RUHV FRQWUDVWH
(OD %DWD 33 S¼J WÕQLFD 3 S¼J (OH 7ÕQLFD 33 S¼J WRXFD 3 S¼J
7ÕQLFD ELFRORU FLQWDGD HP VDUMD
)UHQWH FRP IHFKR
EROVRV
9LYRV HP FRQWUDVWH
$57,*2 %,&2/25 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
7µ1,&$ &,17$'$ 6(1+25$ 0$1*$ &857$ %,&2/25
&DUWD GH FRUHV S¼J
1
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
6$µ'( ( /,03(=$ __ *5 9,'$
3( 3( 7µ1,&$ *5 9,'$ 7ÕQLFD HP VDUMD GH PDQJD FXUWD
&RUHV GLVSRQÈYHLV
'HFRWH HP 9 EROVRV
$EHUWXUDV ODWHUDLV
$57,*2 &21)(&¢ 2 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
&DUWD GH FRUHV S¼J
3( 3( &$/¢$6 *5 9,'$ &DOÂDV HP VDUMD
&RUHV GLVSRQÈYHLV
6HP EUDJXLOKD
1
EROVR WUDVHLUR
$57,*2 &21)(&¢ 2 3UD]R GH HQWUHJD $57,*2 %,&2/25 3UD]R GH
7$0$1+26
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
SUHYLVWR GH VHPDQDV HQWUHJD SUHYLVWR GH VHPDQDV
(O¼VWLFR QD FLQWXUD
&DUWD GH FRUHV S¼J
(OD %DWD 33 S¼J WÕQLFD 3 S¼J (OH 7ÕQLFD 33 S¼J
3
3 7RXFD HP VDUMD FRP WLUDV GH DMXVWH QR PHVPR WHFLGR H WRP
'(6,*1 ( )81&,21$/,'$'( DR VHUYLoR GRV SURÀVVLRQDLV GH KRWHODULD H UHVWDXUDomR 3 3
$YHQWDO FRPSULGR 'LVSRQÈYHO HP FRUHV
+RWHODULD H 5HVWDXUD¾R 'LVSRPRV GH XPD YDVWD YDULHGDGH GH VROXÂÐHV SDUD RV SURƬVVLRQDLV GHVWH VHWRU $ QRVVD DPSOD JDPD DEUDQJH WRGR R WLSR GH DUWLJRV FRP GLYHUVRV E¼VLFRV I¼FHLV GH FRPELQDU &RPSOHPHQWRV GLVSRQÈYHLV HP Y¼ULDV FRUHV H PRGHORV FRQFHELGRV SDUD IDFLOLWDU R WUDEDOKR GRV SURƬVVLRQDLV GH KRWHODULD H UHVWDXUD¾R
¨QGLFH 3
3 &DVDFR GH FR]LQKHLUR GH PDQJD FXUWD FRP JROD GH WLUD EROVR QR SHLWR HVTXHUGR H ERWÐHV GXSORV QD IUHQWH
&RPSOHPHQWRV H DYHQWDLV
3
&R]LQKD &DVDFRV H FDOÂDV
3
&R]LQKD $YHQWDLV H DFHVVÎULRV
3
6DOD &RPSOHPHQWRV
3
6DOD &DPLVDV FROHWHV H VDLDV
3
6DOD &DOÂDV
3
6DOD $YHQWDLV
3
%LFRORUHV
3
+27(/$5,$ ( 5(67$85$¢ 2 __ &203/(0(1726 ( $9(17$,6
3 /(1¢2 &2=,1+(,52 %5$1&2 /HQÂR WULDQJXODU SDUD DWDU DR SHVFRÂR
%UDQFR
7$0$1+2
Ô1,&2
FP [ FP [ FP
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 $PDUHOR )OXRUHVFHQWH /DUDQMD )OXRUHVFHQWH $PDUHOR &ODUR
/(1¢2 &2=,1+(,52 &25(6 /HQÂR WULDQJXODU SDUD DWDU DR SHVFRÂR
$PDUHOR /DUDQMD &ODUR /DUDQMD
9LVWD GH WU¼V %HJH 9HUGH /LPD 9HUGH &DÃD
1
7$0$1+2
&RUDO
7XUTXHVD &ODUR
$]XO 0DULQKR
5R[R 9HUPHOKR
9HUGH
$]XO 5R\DO
&LQ]HQWR
)XVFKLD
9HUGH )ORUHVWD
$]XO &ÅX
3UHWR
*UHQ½
Ô1,&2
FP [ FP [ FP
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
*25526 __ +27(/$5,$ ( 5(67$85$¢ 2
3 %UDQFR $PDUHOR &ODUR $PDUHOR /DUDQMD &ODUR /DUDQMD
*2552 )5$1&¥6 *RUUR IUDQFÅV )HLWLR IUDQ]LGR )HFKR HP YHOFUR
&RUDO
$PDUHOR )OXRUHVFHQWH /DUDQMD )OXRUHVFHQWH %HJH
7$0$1+2
&LQ]HQWR 3UHWR $]XO 0DULQKR
Ô1,&2
9HUGH
9HUPHOKR
$]XO 5R\DO
9HUGH )ORUHVWD
)XVFKLD
$]XO &ÅX
9HUGH &DÃD
*UHQ½
7XUTXHVD &ODUR 9HUGH /LPD
5R[R
3HUÈPHWUR FP
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
39$,1,//$ *2552 )5$1&¥6 *RUUR IUDQFÅV )HLWLR IUDQ]LGR )HFKR HP YHOFUR 3UHWR %UDQFR &DVWDQKR
*RUUR 3 FDVDFR FR]LQKHLUR 33 S¼J
&REUH
7$0$1+2
Ô1,&2
1
3HUÈPHWUR FP
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R 7HƮRQ *5$0$*(0 JU Pƽ
+27(/$5,$ ( 5(67$85$¢ 2 __ &2,)$
3 &2,)$ 6(1+25$ %5$1&$ &RLID GH VHQKRUD HP VDUMD )UHQWH IUDQ]LGD (O¼VWLFR QD SDUWH LQIHULRU
%UDQFR
6(1+25$
7$0$1+2
Ô1,&2
3HUÈPHWUR FP
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 $PDUHOR )OXRUHVFHQWH /DUDQMD )OXRUHVFHQWH $PDUHOR &ODUR
&2,)$ 6(1+25$ &25(6 &RLID GH VHQKRUD HP VDUMD )UHQWH IUDQ]LGD
$PDUHOR
(O¼VWLFR QD SDUWH LQIHULRU
/DUDQMD &ODUR /DUDQMD 6(1+25$
%HJH 9HUGH /LPD 9HUGH &DÃD
1
7$0$1+2
&RUDO 7XUTXHVD &ODUR
$]XO 0DULQKR
5R[R 9HUPHOKR
9HUGH
$]XO 5R\DO
&LQ]HQWR
)XVFKLD
9HUGH )ORUHVWD
$]XO &ÅX
3UHWR
*UHQ½
Ô1,&2
3HUÈPHWUR FP
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
$9(17$,6 *25526 __ +27(/$5,$ ( 5(67$85$¢ 2
3 &LQ]HQWR
%UDQFR
3UHWR
$PDUHOR &ODUR
$]XO 0DULQKR
$PDUHOR
$]XO 5R\DO
/DUDQMD &ODUR
$]XO &ÅX
/DUDQMD
7XUTXHVD &ODUR
*2552 *RUUR FRP WLUDV HP VDUMD $WD DWU¼V 7LUDV GH DMXVWH QR PHVPR WHFLGR DR WRP
&RUDO
9HUGH 9HUPHOKR $PDUHOR )OXRUHVFHQWH /DUDQMD )OXRUHVFHQWH %HJH
7$0$1+2
9HUGH )ORUHVWD
)XVFKLD
9HUGH &DÃD
*UHQ½
9HUGH /LPD
5R[R
Ô1,&2
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
$]XO 0DULQKR
$PDUHOR &ODUR
&LQ]HQWR $]XO 5R\DO
$PDUHOR
%HJH
3UHWR
$]XO &ÅX
/DUDQMD &ODUR
%UDQFR
7XUTXHVD &ODUR
/DUDQMD
9HUGH
&RUDO
9HUGH )ORUHVWD
9HUPHOKR
9HUGH &DÃD
)XVFKLD
9HUGH /LPD
*UHQ½
$PDUHOR )OXRUHVFHQWH /DUDQMD )OXRUHVFHQWH
*RUUR 3
7$0$1+2
&DUWD GH FRUHV S¼J
3 $9(17$/ &2035,'2 $YHQWDO FRPSULGR HP VDUMD 6HP EROVR
5R[R &DUWD GH FRUHV S¼J
Ô1,&2
0$7(5,$/ 6DUMD SROLÄVWHU
DOJRG¾R *5$0$*(0 JU Pƽ
%
$
1
',0(16°(6 $ FP % FP
+27(/$5,$ ( 5(67$85$¢ 2 __ $9(17$,6
3
$]XO 0DULQKR
$PDUHOR &ODUR
&LQ]HQWR $]XO 5R\DO
$PDUHOR
%HJH
$9(17$/ &8572 $YHQWDO FXUWR HP VDUMD
3UHWR
$]XO &ÅX
/DUDQMD &ODUR
%ROVR JUDQGH DR FHQWUR
%UDQFR
7XUTXHVD &ODUR
/DUDQMD
9HUGH
&RUDO
9HUGH )ORUHVWD
9HUPHOKR
9HUGH &DÃD
)XVFKLD
9HUGH /LPD
*UHQ½
$PDUHOR )OXRUHVFHQWH /DUDQMD )OXRUHVFHQWH
7$0$1+2
Ô1,&2 $
%
0$7(5,$/ 6DUMD SROLÄVWHU
DOJRG¾R *5$0$*(0 JU Pƽ
3 $9(17$/ '( 3(,72 $YHQWDO GH SHLWR HP VDUMD %ROVR JUDQGH DR FHQWUR
$PDUHOR &ODUR
&LQ]HQWR $]XO 5R\DO
$PDUHOR
3UHWR
$]XO &ÅX
/DUDQMD &ODUR
%UDQFR
7XUTXHVD &ODUR
/DUDQMD
9HUGH
&RUDO
9HUGH )ORUHVWD
9HUPHOKR
9HUGH &DÃD
)XVFKLD
9HUGH /LPD
*UHQ½
)LYHOD SO¼VWLFD SDUD DMXVWH
$PDUHOR )OXRUHVFHQWH /DUDQMD )OXRUHVFHQWH
1
5R[R &DUWD GH FRUHV S¼J
Ô1,&2
0$7(5,$/ 6DUMD SROLÄVWHU
DOJRG¾R *5$0$*(0 JU Pƽ
',0(16°(6 $ FP % FP
$]XO 0DULQKR
%HJH
7$0$1+2
5R[R &DUWD GH FRUHV S¼J
% $
',0(16°(6 $ FP % FP
$9(17$,6 __ +27(/$5,$ ( 5(67$85$¢ 2
368%,5$7 $9(17$/ &8572 $YHQWDO FXUWR HP VDUMD %ROVR JUDQGH GLYLGLGR HP
3UHWR &DVWDQKR &REUH
7$0$1+2
Ô1,&2
0$7(5,$/ 6DUMD SROLÄVWHU
$ ',0(16°(6 $ FP % FP
%
DOJRG¾R 7HƮRQ
*5$0$*(0 JU Pƽ
375(3$7 $9(17$/ '( 3(,72 $YHQWDO GH SHLWR HP VDUMD *UDQGH EROVR DR FHQWUR )LYHOD GH DMXVWH %UDQFR 3UHWR &DVWDQKR &REUH
$YHQWDO 3 S¼J
7$0$1+2
Ô1,&2
0$7(5,$/ 6DUMD SROLÄVWHU
DOJRG¾R 7HƮRQ *5$0$*(0 JU Pƽ
%
$
1
',0(16°(6 $ FP % FP
+27(/$5,$ ( 5(67$85$¢ 2 __ $9(17$,6
3/$85(/ $9(17$/ $YHQWDO FRPSULGR HP VDUMD &RUWH HP 9 FRP YLYR HP FRQWUDVWH 6HP EROVRV
3UHWR %UDQFR %UDQFR 3UHWR
7$0$1+2
Ô1,&2
0$7(5,$/ 6DUMD SROLÄVWHU
DOJRG¾R 7HƮRQ
$ ',0(16°(6 $ FP % FP
%
*5$0$*(0 JU Pƽ
33,0(1721 $9(17$/ '( 3(,72 $YHQWDO GH SHLWR HP VDUMD 7HFLGR ULVFDGR EROVRV QD IUHQWH )LYHOD SO¼VWLFD SDUD DMXVWH 5LVFDV 3UHWDV 5LVFDV *UHQ½
7$0$1+2
1
Ô1,&2
0$7(5,$/ 6DUMD SROLÄVWHU
DOJRG¾R *5$0$*(0 JU Pƽ
%
$
',0(16°(6 $ FP % FP
&203/(0(1726 __ +27(/$5,$ ( 5(67$85$¢ 2
39$,1,//$ 9,92 *2552 )5$1&¥6 *RUUR IUDQFÅV )HLWLR IUDQ]LGR )HFKR HP YHOFUR 9LYR HP FRQWUDVWH 3UHWR %UDQFR %UDQFR 3UHWR
7$0$1+2
Ô1,&2
3HUÈPHWUR FP
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R 7HƮRQ *5$0$*(0 JU Pƽ
30$&,6 5< *2552 *RUUR FRP WLUDV HP VDUMD 7HFLGR ULVFDGR $WD DWU¼V 7LUDV GH DMXVWH QR PHVPR WHFLGR DR WRP
5LVFDV 3UHWDV
*RUUR 30$&,6 5< &DVDFR 3(675$*21 S¼J
5LVFDV *UHQ½
7$0$1+2
Ô1,&2
1
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
+27(/$5,$ ( 5(67$85$¢ 2 __ &203/(0(1726 ( $9(17$,6
30$&,6 *2552 *RUUR HP VDUMD 7LUDV GH DMXVWH QR PHVPR WHFLGR DR WRP
3UHWR %UDQFR &DVWDQKR &REUH
7$0$1+2
Ô1,&2
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R 7HƮRQ *5$0$*(0 JU Pƽ
3&$%(51(7 $9(17$/ &2035,'2 &20 $%(5785$ $YHQWDO FRPSULGR HP VDUMD $EHUWXUD FHQWUDO SDUD PHOKRU PRYLPHQWD¾R
3UHWR
&DVWDQKR
&REUH
7$0$1+2
1
Ô1,&2
0$7(5,$/ 6DUMD SROLÄVWHU
DOJRG¾R 7HƮRQ *5$0$*(0 JU Pƽ
$ %
',0(16°(6 $ FP % FP
$9(17$,6 __ +27(/$5,$ ( 5(67$85$¢ 2 E\
6: $9(17$/ 6(7$6 $YHQWDO FXUWR %ROVR UHFWDQJXODU QR PHLR GLYLGLGR D PHLR
:KLWH %ODFN :LQH
7$0$1+2
Ô1,&2
0$7(5,$/ SROLÄVWHU
$
%
DOJRG¾R *5$0$*(0 JU Pƽ
',0(16°(6 $ FP % FP
E\
6: $9(17$/ '( 3(,72 6(7$6 $YHQWDO GH SHLWR 8P EROVR FLUFXODU GLYLGLGR D PHLR )LYHOD GH DMXVWH
:KLWH %ODFN :LQH
7$0$1+2
Ô1,&2
0$7(5,$/ SROLÄVWHU
DOJRG¾R *5$0$*(0 JU Pƽ
% $
1
',0(16°(6 $ FP % FP
E\
+27(/$5,$ ( 5(67$85$¢ 2 __ $9(17$,6
0. $9(17$/ '( 3(,72 08.8$ $YHQWDO GH SHLWR 8P EROVR GLYLGLGR DR PHLR
7$0$1+2
1
:KLWH
2UDQJH
%ODFN
%URZQ
:LQH
6DQG
Ô1,&2
0$7(5,$/ 6DUMD DOJRG¾R
% $
',0(16°(6 $ FP % FP
&2=,1+$ &$6$&26 ( &$/¢$6 __ +27(/$5,$ ( 5(67$85$¢ 2
3 &$6$&2 &2=,1+(,52 0$1*$ &857$ &DVDFR GH FR]LQKHLUR PDQJD FXUWD %RWÐHV GXSORV QD IUHQWH %ROVR QR SHLWR HVTXHUGR
3UHWR %UDQFR
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 &$6$&2 &2=,1+(,52 0$1*$ &857$ &DVDFR GH FR]LQKHLUR PDQJD FXUWD 7HFLGR XOWUD OHYH %RWÐHV GXSORV QD IUHQWH %ROVR QR SHLWR HVTXHUGR 3UHWR
%UDQFR
1
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
+27(/$5,$ ( 5(67$85$¢ 2 __ &2=,1+$ &$6$&26 ( &$/¢$6
3(675$*21 &$6$&2 &2=,1+(,52 0$1*$ &857$ &DVDFR GH FR]LQKHLUR HP VDUMD 0DQJD FXUWD %RWÐHV GXSORV QD IUHQWH %ROVR QR SHLWR HVTXHUGR 3UHWR %UDQFR
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R 7HƮRQ *5$0$*(0 JU Pƽ
3 &$6$&2 &2=,1+(,52 0$1*$ &2035,'$ &DVDFR GH FR]LQKHLUR PDQJD FRPSULGD %RWÐHV GXSORV IRUUDGRV QD IUHQWH %ROVR QR SHLWR HVTXHUGR 3UHWR
%UDQFR
1
7$0$1+26 0$7(5,$/ 7HFLGR OLVR SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&2=,1+$ &$6$&26 ( &$/¢$6 __ +27(/$5,$ ( 5(67$85$¢ 2
3(1(/'2 &$6$&2 &2=,1+(,52 &DVDFR GH FR]LQKHLUR HP VDUMD 3UHWR 3UHWR FRP %UDQFR %UDQFR
0DQJD FRPSULGD %RWÐHV GXSORV QD IUHQWH %ROVR QR SHLWR HVTXHUGR $EHUWXUDV ODWHUDLV QRV SXQKRV
%UDQFR FRP 3UHWR
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R 7HƮRQ *5$0$*(0 JU Pƽ
3&,/$1752 &$6$&2 &2=,1+(,52 &DVDFR GH FR]LQKHLUR HP VDUMD 0DQJD FRPSULGD )UHQWH FUX]DGD FRP IHFKR RFXOWR %ROVR QR SHLWR HVTXHUGR 3UHWR
*RUUR 39$,1,//$ 9,92 S¼J &DVDFR 3(1(/'2
$EHUWXUDV ODWHUDLV QRV SXQKRV
%UDQFR
1
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R 7HƮRQ *5$0$*(0 JU Pƽ
+27(/$5,$ ( 5(67$85$¢ 2 __ &2=,1+$ &$6$&26 ( &$/¢$6
30(/,6$ &$6$&2 &2=,1+(,5$ &DVDFR FLQWDGR GH FR]LQKHLUD HP VDUMD )UHQWH FUX]DGD D IHFKDU FRP ERWÐHV 3UHWR
%UDQFR
&REUH 6(1+25$
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R 7HƮRQ *5$0$*(0 JU Pƽ
3 &$/¢$6 &2=,1+$ &DOÂDV HP VDUMD 6HP EUDJXLOKD (O¼VWLFR QD FLQWXUD EROVR WUDVHLUR
3UHWR
$PDUHOR &ODUR
$]XO 0DULQKR /DUDQMD &ODUR $]XO &ÅX
&RUDO
9HUGH
)XVFKLD
$]XO 7XUTXHVD &ODUR
%RUGHDX[
9HUGH /LPD
5R[R
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R &DUWD
1
*5$0$*(0
JU Pƽ
GH FRUHV S¼J
&2=,1+$ &$6$&26 ( &$/¢$6 __ +27(/$5,$ ( 5(67$85$¢ 2
325(*$121 &$/¢$6 &2=,1+(,52 &DOÂDV GH FR]LQKHLUR HP VDUMD &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH EROVRV LQFOXLQGR QD SHUQD GLUHLWD 3UHWR
7$0$1+2
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R 7HƮRQ *5$0$*(0
JU Pƽ
325(*$12& &$/¢$6 &2=,1+(,52
5LVFDV SUHWDV 4XDGUDGRV SUHWRV
5LVFDV 3UHWDV
&DOÂDV GH FR]LQKHLUR HP VDUMD &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH EROVRV LQFOXLQGR QD SHUQD GLUHLWD
4XDGUDGRV 3UHWRV
(OD &DVDFR FR]LQKHLUR 30(/,6$ (OH *RUUR 39$,1,//$ S¼J
7$0$1+2
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
+27(/$5,$ ( 5(67$85$¢ 2 __ &2=,1+$ &$6$&26 ( &$/¢$6
3 &$/¢$6 &2=,1+(,52 3$7$ '( *$/2 &DOÂDV GH FR]LQKHLUR HP VDUMD
&RUHV HVWDPSDGDV 3DWD GH *DOR
3DGU¾R SDWD GH JDOR &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH EROVRV
3DWD GH *DOR $]XO 0DULQKR %UDQFR
7$0$1+2
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
3 &$/¢$6 &2=,1+(,52 48$'5$'26 &DOÂDV GH FR]LQKHLUR HP VDUMD
&RUHV HVWDPSDGDV 4XDGUDGRV D]XO PDULQKR EUDQFR
3DGU¾R DRV TXDGUDGRV &LQWXUD FRP HO¼VWLFR SDUD PHOKRU DMXVWH EROVRV
4XDGUDGRV $]XO 0DULQKR %UDQFR
7$0$1+2
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
1
*5$0$*(0
JU Pƽ
&2=,1+$ $9(17$,6 ( $&(66®5,26 __ +27(/$5,$ ( 5(67$85$¢ 2
3 6 $9(17$/ '( 3(,72 $YHQWDO HP VDUMD FRP SHLWR %UDQFR
6HP EROVR
7$0$1+2
Ô1,&2
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
%
$
',0(16°(6 $ FP % FP
3 $9(17$/ '( 3(,72 3 9 & $YHQWDO FRP SHLWR HP 3 9 & H WHFLGR DERUUDFKDGR %UDQFR
7$0$1+2 Ô1,&2 /DUJXUD FP [ $OWXUD FP
*RUUR 39$,1,//$ 9,92 S¼J DYHQWDO 3/$85(/ S¼J FDVDFR 30(/,6$ S¼J
0$7(5,$/
3 9 & FRP WUDPD WÅ[WLO
*5$0$*(0
JU Pƽ %
$
1
',0(16°(6 $ FP % FP
+27(/$5,$ ( 5(67$85$¢ 2 __ &2=,1+$ $9(17$,6 ( $&(66®5,26
3 $9(17$/ '( 3 9 & ,17(5,25 &5(632 $YHQWDO GH SHLWR LPSHUPH¼YHO 7HFLGR FUHVSR SODVWLƬFDGR QR DYHVVR
%UDQFR
'HWDOKH LQWHULRU FUHVSR
Ô1,&2
7$0$1+2 0$7(5,$/
7HFLGR FUHVSR GH DOJRG¾R H 3 9 &
*5$0$*(0
JU Pƽ
%
$
',0(16°(6 $ FP % FP
3 $9(17$/ '( 3(,72 $/*2' 2 $YHQWDO GH SHLWR 6HP EROVR
%UDQFR
7$0$1+2
Ô1,&2 0$7(5,$/
DOJRG¾R FXUDGR *5$0$*(0
JU Pƽ
1
%
$
',0(16°(6 $ FP % FP
&2=,1+$ $9(17$,6 ( $&(66®5,26 __ +27(/$5,$ ( 5(67$85$¢ 2
3 $9(17$/ &2035,'2 $YHQWDO FRPSULGR HP VDUMD %UDQFR
6HP EROVR
7$0$1+2
Ô1,&2
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R 7HƮRQ *5$0$*(0
JU Pƽ
$ ',0(16°(6 $ FP % FP
%
3 $9(17$/ &8572 $YHQWDO FXUWR HP VDUMD 6HP EROVR
%UDQFR
7$0$1+2
Ô1,&2
0$7(5,$/ 6DUMD SROLÄVWHU
DOJRG¾R *5$0$*(0 JU Pƽ
$ %
1
',0(16°(6 $ FP % FP
+27(/$5,$ ( 5(67$85$¢ 2 __ &2=,1+$ $9(17$,6 ( $&(66®5,26
3
%UDQFR
%$55(7( '(6&$57 9(/ '( &2=,1+(,52
7$0$1+2
%DUUHWH GH FR]LQKHLUR GHVFDUW¼YHO
0$7(5,$/
Ô1,&2
3HUÉPHWUR FP [ $OWXUD FP
SROLSURSLOHQR *5$0$*(0
JU Pƽ
3
3
81,'$'( '( 9(1'$
3DFN GH XQLGDGHV
%UDQFR
%$55(7( $/72 &2=,1+(,52
7$0$1+26 $OWXUD FP
%DUUHWH DOWR GH FR]LQKHLUR
0$7(5,$/
7HFLGR WUDQVSLU¼YHO
SROLDPLGH *5$0$*(0 3
3
JU Pƽ
%UDQFR
%$55(7( &2=,1+(,52
7$0$1+26 $OWXUD FP
%DUUHWH GH FR]LQKHLUR HP VDUMD
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R
5HGH QD SDUWH VXSHULRU
*5$0$*(0
3
%UDQFR
3
7$0$1+26 $OWXUD FP
%,9$48(
0$7(5,$/
%LYDTXH FR]LQKHLUR HP VDUMD
1
JU Pƽ
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
3
JU Pƽ
$&(66®5,26 __ +27(/$5,$ ( 5(67$85$¢ 2 %UDQFR
3
7$0$1+26 $OWXUD FP
%,9$48( &20 5('(
0$7(5,$/
%LYDTXH HP VDUMD 5HGH UHVSLU¼YHO QD SDUWH VXSHULRU
6DUMD SROLÄVWHU DOJRG¾R 7RSR HP UHGH SROLÄVWHU
*5$0$*(0
JU Pƽ
3
3
%UDQFR
&2,)$ 6(1+25$ & 5('(
7$0$1+2
Ô1,&2
3HUÉPHWUR FP
&RLID GH VHQKRUD 3DUWH VXSHULRU HP UHGH (O¼VWLFR QD SDUWH LQIHULRU
0$7(5,$/
3DOD HP VDUMD SROLÄVWHU DOJRG¾R
*5$0$*(0
JU Pƽ
3
3
%UDQFR
%,9$48( &20 3$/$
7$0$1+2
Ô1,&2
3HUÉPHWUR FP [ $OWXUD FP
%LYDTXH GH FR]LQKD HP VDUMD FRP SDOD
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
3
3UHWR
&RLID 3 WÕQLFD 3 S¼J
30(5/27
7$0$1+2
*8$5'$ ',1+(,52
Ô1,&2 0$7(5,$/
*XDUGD GLQKHLUR HP VDUMD 9¼ULRV FRPSDUWLPHQWRV )LYHOD SDUD DMXVWH
6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0
JU Pƽ
1
30(5/27
+27(/$5,$ ( 5(67$85$¢ 2 __ 6$/$ &203/(0(1726
3 *5$9$7$ *UDYDWD VHP HO¼VWLFR
3UHWR
7$0$1+2
Ô1,&2
&RPSULPHQWR FP
0$7(5,$/ 7HFLGR WLSR VHGD SROLÄVWHU *5$0$*(0 JU Pƽ
3 *5$9$7$ &20 (/ 67,&2 *UDYDWD FRP HO¼VWLFR H QÎ
3UHWR
1
7$0$1+2
Ô1,&2
&RPSULPHQWR FP
0$7(5,$/ 7HFLGR WLSR VHGD SROLÄVWHU *5$0$*(0 JU Pƽ
6$/$ &203/(0(1726 __ +27(/$5,$ ( 5(67$85$¢ 2
3 3$3,//21 3DSLOORQ
3UHWR
7$0$1+2
Ô1,&2
0$7(5,$/ 7HFLGR WLSR VHGD SROLÄVWHU *5$0$*(0 JU Pƽ
3 3$12 '( 6(59,¢2 3DQR GH VHUYLÂR HP VDUMD 'HWDOKH
(OD FDPLVD 39,85$ S¼J (OH FDPLVD 3/,67$1 S¼J %UDQFR
7$0$1+2
Ô1,&2
1
FP [ FP
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
+27(/$5,$ ( 5(67$85$¢ 2 __ 6$/$ &$0,6$6
39,85$ 39,85$ 5< &$0,6$ 6(1+25$ 6(1+25$
&DPLVD VHQKRUD HP SRSHOLQD &RUWH FLQWDGR
3UHWR
'HFRWH HP 9
5LVFDV HP %DVH 3UHWD
%ROVR QR SHLWR HVTXHUGR )UHQWH H SXQKRV FRP ERWÐHV
%UDQFD 5LVFDV HP %DVH %UDQFD
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 %UDQFR JU Pƽ SUHWR JU Pƽ
3/,67$1 3/,67$1 5< &$0,6$ +20(0 &DPLVD KRPHP PDQJD FRPSULGD 3UHWR
%ROVR QR SHLWR HVTXHUGR )UHQWH H SXQKRV FRP ERWÐHV
5LVFDV HP %DVH 3UHWD %UDQFR 5LVFDV HP %DVH %UDQFD
1
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 %UDQFR JU Pƽ SUHWR JU Pƽ
6$/$ &$0,6$6 __ +27(/$5,$ ( 5(67$85$¢ 2
3 6(1+25$
&$0,6$ '( 6(1+25$ 0$1*$ &857$ &DPLVD GH VHQKRUD PDQJD FXUWD 7HFLGR HP SRSHOLQD 3LQÂDV QR SHLWR
3UHWR $]XO &ÅX %UDQFR
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
3 6(1+25$
&$0,6$ '( 6(1+25$ 0$1*$ &2035,'$ &DPLVD GH VHQKRUD PDQJD FRPSULGD 7HFLGR HP SRSHOLQD 3LQÂDV QR SHLWR
3UHWR
(OD FDPLVD 39,85$ 5< FDOÂDV 3 S¼J DYHQWDO 3 S¼J (OH FDPLVD 3/,67$1 5< FDOÂDV 3 S¼J DYHQWDO 3&$%(51(7 S¼J
$]XO &ÅX %UDQFR
1
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
+27(/$5,$ ( 5(67$85$¢ 2 __ 6$/$ &$0,6$6
3 &$0,6$ 0$1*$ &857$ & 80 %2/62
%UDQFR *UHQ½
&DPLVD GH PDQJD FXUWD HP SRSHOLQD
9HUGH
%ROVR QR SHLWR HVTXHUGR
%HJH $]XO &ÅX $]XO 5R\DO $]XO 0DULQKR 3UHWR &LQ]HQWR
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R &DUWD GH FRUHV *5$0$*(0 JU Pƽ S¼J
3 &$0,6$ 0$1*$ &2035,'$ & 80 %2/62
%UDQFR *UHQ½
&DPLVD GH PDQJD FRPSULGD HP SRSHOLQD
9HUGH
%ROVR QR SHLWR HVTXHUGR
%HJH $]XO &ÅX $]XO 5R\DO $]XO 0DULQKR 3UHWR &LQ]HQWR
1
7$0$1+26 &DUWD 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R GH FRUHV S¼J *5$0$*(0 JU Pƽ
6$/$ &2/(7(6 __ +27(/$5,$ ( 5(67$85$¢ 2
3 &2/(7( (035(*$'2 &ROHWH GH HPSUHJDGR IRUUDGR %RWÐHV QD IUHQWH EROVRV H[WHULRUHV H LQWHULRU
3UHWR
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU *5$0$*(0 JU Pƽ
3 &2/(7( (035(*$'2 602.,1* &ROHWH GH HPSUHJDGR IRUUDGR *ROD WLSR VPRNLQJ %RWÐHV QD IUHQWH EROVRV H[WHULRUHV H LQWHULRU
&DPLVD 39,85$ S¼J FDOÂDV 3&$5,1(1$ S¼J
H DYHQWDO 3 S¼J 3UHWR
1
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU *5$0$*(0 JU Pƽ
+27(/$5,$ ( 5(67$85$¢ 2 __ 6$/$ &2/(7( ( 6$,$
3 &2/(7( 6(1+25$ 6(1+25$
&ROHWH FLQWDGR GH VHQKRUD IRUUDGR *ROD WLSR VPRNLQJ EROVRV
3UHWR
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU *5$0$*(0 JU Pƽ
3 6$,$ &20 %2/626 6DLD IRUUDGD HP WHFLGR VWUHWFK )HFKR H ERW¾R QD SDUWH GH WU¼V EROVRV
3UHWR
1
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU VWUHWFK *5$0$*(0 JU Pƽ
6$/$ &$/¢$6 __ +27(/$5,$ ( 5(67$85$¢ 2
3
129,'$'(
&$/¢$6 &DOÂDV GH KRPHP FRUWH FO¼VVLFR 'RLV EROVRV WLSR IUDQFÅV QD IUHQWH
3UHWR
7$0$1+26
0$7(5,$/ 3RQWR SRO\HVWHU *5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
39(5'(-2 &$/¢$6 &DOÂDV HP VDUMD WLSR FKLQR 3UHWR
&LQWXUD FRP HO¼VWLFR EROVRV
%HJH
7$0$1+26
0$7(5,$/
6DUMD SROLÄVWHU DOJRG¾R 7HƮRQ
1
*5$0$*(0
JU Pƽ
+27(/$5,$ ( 5(67$85$¢ 2 __ 6$/$ &$/¢$6
3 &$/¢$6 +20(0 &DOÂDV KRPHP FRP SLQÂDV 7HFLGR VWUHWFK H DQWL UXJDV EROVRV EROVR UHOÎJLR 3UHWR
$]XO 0DULQKR
7$0$1+26
0$7(5,$/
SROLÄVWHU VWUHFK *5$0$*(0
JU Pƽ
3 &$/¢$6 6(1+25$ &DOÂDV VHQKRUD FRP FÎV 7HFLGR VWUHWFK H DQWL UXJDV 6(1+25$
3UHWR $]XO 0DULQKR
7$0$1+26
0$7(5,$/
1
SROLÄVWHU VWUHFK *5$0$*(0
JU Pƽ
6$/$ &$/¢$6 __ +27(/$5,$ ( 5(67$85$¢ 2
3$/%$5,12 &$/¢$6 +20(0 &20 3,1¢$6 &DOÂDV KRPHP FRP SLQÂDV 7HFLGR VWUHWFK H DQWL UXJDV EROVRV EROVR UHOÎJLR
3UHWR
7$0$1+26
0$7(5,$/
SROLÄVWHU VWUHFK *5$0$*(0
JU Pƽ
3&$5,1(1$ &$/¢$6 6(1+25$ &DOÂDV GH VHQKRUD VHP FÎV 7HFLGR VWUHWFK H DQWL UXJDV )HFKR LQYLVÈYHO QD ODWHUDO 3HTXHQR EROVR QD FLQWXUD
6(1+25$
3UHWR
7$0$1+26
0$7(5,$/
1
SROLÄVWHU VWUHFK *5$0$*(0
JU Pƽ
+27(/$5,$ ( 5(67$85$¢ 2 __ 6$/$ $9(17$,6
3 $9(17$/ &8572 &20 %2/626 $YHQWDO FXUWR HP VDUMD %ROVR FRP Y¼ULRV FRPSDUWLPHQWRV
3UHWR *UHQ½
$
7$0$1+26
Ô1,&2
',0(16°(6 $ FP % FP
%
0$7(5,$/ 6DUMD SROLÄVWHU *5$0$*(0 JU Pƽ
3 $9(17$/ '( 3(,72
3UHWR
)XVFKLD
$YHQWDO GH SHLWR HP VDUMD
5R[R $]XO 5R\DO
%ROVR JUDQGH QD IUHQWH
$PDUHOR &ODUR
9HUPHOKR
&LQ]HQWR 0HVFODGR
/DUDQMD
%HJH 0HVFODGR
*UHQ½
7$0$1+26
Ô1,&2
0$7(5,$/ SROLÄVWHU *5$0$*(0 JU Pƽ &DUWD GH FRUHV S¼J
1
% $
',0(16°(6 $ FP % FP
%,&2/25(6 __ +27(/$5,$ ( 5(67$85$¢ 2
33
%,&2/25(6 &RU EDVH
2IHUHFHPRV D SRVVLELOLGDGH GH SHUVRQDOL]D¾R SDUD TXH RV DUWLJR VH DGDSWHP SHUIHLWDPHQWH » LGHQWLGDGH FRUSRUDWLYD GH FDGD HPSUHVD
&RUHV FRQWUDVWH
%RWÐHV GXSORV QD IUHQWH
%ROVR QR SHLWR HVTXHUGR
$57,*2 %,&2/25
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
&DVDFR GH FR]LQKHLUD FRP YLYRV HP FRQWUDVWH QD JROD ERWÐHV H SXQKRV
&RU EDVH
&RUHV FRQWUDVWH
33
&DVDFR GH FR]LQKHLUR FRP YLYRV HP FRQWUDVWH
3RGH FRQVXOWDU D QRVVD FDUWD GH FRUHV SDUD UHDOL]DU D VXD HQFRPHQGD S¼J
7$0$1+26
&$6$&2 &2=,1+(,52 0$1*$ &857$ %,&2/25 &DVDFR ELFRORU GH FR]LQKHLUR PDQJD FXUWD
&DUWD GH FRUHV S¼J
7$0$1+26
33
33 &$6$&2 &2=,1+(,52 0$1*$ &2035,'$ %,&2/25
%RWÐHV GXSORV IRUUDGRV QD IUHQWH
%ROVR QR SHLWR HVTXHUGR
&DUWD GH FRUHV S¼J
0$7(5,$/ 7HFLGR OLVR SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&DVDFR ELFRORU GH FR]LQKHLUR PDQJD FRPSULGD
$57,*2 %,&2/25
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
+27(/$5,$ ( 5(67$85$¢ 2 __ %,&2/25(6
3%,(1(/'2 &$6$&2 &2=,1+(,52 0$1*$ &2035,'$ %,&2/25 &DVDFR ELFRORU GH FR]LQKHLUR HP VDUMD
&RU EDVH
0DQJD FRPSULGD
&RUHV FRQWUDVWH
%RWÐHV GXSORV QD IUHQWH %ROVR QR SHLWR HVTXHUGR
$EHUWXUDV ODWHUDLV QRV SXQKRV
$57,*2 %,&2/25
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
7$0$1+26
&DUWD GH FRUHV S¼J
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R 7HƮRQ *5$0$*(0 JU Pƽ
3%,0(/,6$ &$6$&2 &2=,1+(,5$ %,&2/25 &DVDFR ELFRORU FLQWDGR GH FR]LQKHLUD HP VDUMD )UHQWH FUX]DGD D IHFKDU FRP ERWÐHV
&RU EDVH
&RUHV FRQWUDVWH
$57,*2 %,&2/25
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
7$0$1+26
&DUWD GH FRUHV S¼J
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R 7HƮRQ *5$0$*(0 JU Pƽ
%,&2/25(6 __ +27(/$5,$ ( 5(67$85$¢ 2 &RUHV EDVH
33
$YHQWDO FXUWR HP VDUMD
%ROVR JUDQGH DR FHQWUR
$9(17$/ &8572 %,&2/25
&RUHV FRQWUDVWH
7$0$1+2
Ô1,&2
&DUWD GH FRUHV S¼J
$57,*2 %,&2/25
0$7(5,$/ 6DUMD SROLÄVWHU
DOJRG¾R
$ %
*5$0$*(0 JU Pƽ
',0(16°(6 $ FP % FP
&RUHV EDVH
&RUHV FRQWUDVWH
7$0$1+2
Ô1,&2
&DUWD GH FRUHV S¼J
0$7(5,$/ 6DUMD SROLÄVWHU
DOJRG¾R *5$0$*(0 JU Pƽ
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
33 $9(17$/ '( 3(,72 %,&2/25 $YHQWDO GH SHLWR HP VDUMD %ROVR JUDQGH DR FHQWUR )LYHOD SO¼VWLFD SDUD DMXVWH
$57,*2 %,&2/25 % $
',0(16°(6 $ FP % FP
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
+27(/$5,$ ( 5(67$85$¢ 2 __ %,&2/25(6
33
&RU EDVH
%,9$48( %,&2/25
&RUHV FRQWUDVWH
%LYDTXH ELFRORU HP VDUMD H UHGH 5HGH UHVSLU¼YHO QD SDUWH VXSHULRU
$57,*2 %,&2/25
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
7$0$1+2 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R
7RSR HP UHGH SROLÄVWHU
*5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
33
&RU EDVH
*2552 &20 3$/$ %,&2/25
&RUHV FRQWUDVWH
*RUUR ELFRORU GH FR]LQKD HP VDUMD FRP SDOD
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
7$0$1+2
Ô1,&2
3HUÈPHWUR FP [ $OWXUD FP
0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
$57,*2 %,&2/25
1
&DUWD GH FRUHV S¼J
%,&2/25(6 __ +27(/$5,$ ( 5(67$85$¢ 2
&RU EDVH
&RUHV FRQWUDVWH
33
3%,
7$0$1+2
&DUWD GH FRUHV S¼J
Ô1,&2
0$7(5,$/ SROLÄVWHU *5$0$*(0 33 JU Pƽ
DOJRG¾R
3%, JU Pƽ
&RUHV EDVH
&RUHV FRQWUDVWH
33 3%, &2,)$ 6(1+25$ %,&2/25 &RLID GH VHQKRUD ELFRORU (O¼VWLFR QD SDUWH LQIHULRU
$57,*2 %,&2/25
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
3% 3% 7µ1,&$ 0$1*$ &857$ %,&2/25 7ÕQLFD ELFRORU HP VDUMD GH PDQJD FXUWD
'HFRWH HP 9
EROVRV
$EHUWXUDV ODWHUDLV
$57,*2 %,&2/25
7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
+27(/$5,$ ( 5(67$85$¢ 2 __ %,&2/25(6
33 &$0,6$ 6(1+25$ 0$1*$ &857$ %,&2/25 &RUHV EDVH
&DPLVD ELFRORU GH VHQKRUD PDQJD FXUWD
7HFLGR HP SRSHOLQD
3LQÂDV QR SHLWR
&RUHV FRQWUDVWH
$57,*2 %,&2/25
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
7$0$1+26 &DUWD GH FRUHV S¼J
0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
33 &RUHV EDVH
&$0,6$ 0$1*$ &857$ %,&2/25
&DPLVD ELFRORU GH PDQJD FXUWD HP SRSHOLQD
&RUHV FRQWUDVWH
%ROVR QR SHLWR HVTXHUGR
$57,*2 %,&2/25
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ
&DUWD GH FRUHV S¼J
%,&2/25(6 __ +27(/$5,$ ( 5(67$85$¢ 2
33 &RUHV EDVH
&RUHV FRQWUDVWH
&$0,6$ 6(1+25$ 0$1*$ &2035,'$ %,&2/25 &DPLVD ELFRORU GH VHQKRUD PDQJD FRPSULGD 7HFLGR HP SRSHOLQD 3LQÂDV QR SHLWR
$57,*2 %,&2/25
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R &DUWD GH FRUHV *5$0$*(0 JU Pƽ S¼J
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
33/,67$1 &$0,6$ 0$1*$ &2035,'$ %,&2/25 &RUHV EDVH
&RUHV FRQWUDVWH
&DPLVD ELFRORU KRPHP PDQJD FRPSULGD %ROVR QR SHLWR HVTXHUGR )UHQWH H SXQKRV FRP ERWÐHV
$57,*2 %,&2/25
7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R &DUWD GH FRUHV *5$0$*(0 %UDQFR JU Pƽ SUHWR JU Pƽ S¼J
3UD]R GH HQWUHJD SUHYLVWR GH VHPDQDV
1
1¾R V¾R DFHLWHV GHYROXÂÐHV QHVWHV DUWLJRV
&$/d$'2 '( 6(*85$1d$ SDUD XVR SURÃ&#x20AC;VVLRQDO FXPSULQGR SDUD XVR SURÃ&#x20AC;VVLRQDO FXPSULQGR DV QRUPDV GH VHJXUDQoD H SURWHomR /0
3 /XYD IDEULFDGD HP SROLÃ&#x201E;VWHU FRP FREHUWXUD GH O¼WH[ QD SDOPD $ FRU GH O¼WH[ HQFRQWUD VH GLVSRQÃ&#x2C6;YHO HP YHUGH H D]XO UR\DO 3DUD XVRV PÃ&#x2022;OWLSORV H WUDEDOKRV PHF½QLFRV
3
3 &DOÃ&#x201A;DV PXOWLEROVRV FRPELQD IDFLOPHQWH FRP TXDOTXHU YHVWX¼ULR ODERUDO 'HVWDFD VH SHOD VXD YHUVDWLOLGDGH VHQGR XP FO¼VVLFR GHQWUR GD JDPD ,QGÃ&#x2022;VWULD $WLYD
3
3 3DUND ELFRORU GH DOWD YLVLELOLGDGH LPSHUPH¼YHO FRP ƬWDV UHÆ®HWRUDV QR FRUSR H PDQJDV &RP IHFKR FHQWUDO RFXOWR SRU PRODV 7HP FDSX] LQWHJUDGR QD JROD SXQKR LQWHULRU HO¼VWLFR WUÃ&#x2026;V EROVRV FRP JUDQGH FDSDFLGDGH
&DOÃ&#x201A;DGR &DOÃ&#x201A;DGR GH TXDOLGDGH H VHJXUDQÃ&#x201A;D DR VHUYLÃ&#x201A;R GRV SURƬVVLRQDLV &RQWDPRV FRP XPD RIHUWD GH FDOÃ&#x201A;DGR GHVWLQDGD »V QHFHVVLGDGHV GRV WUDEDOKDGRUHV SURSRUFLRQDQGR R P¼[LPR GH FRQIRUWR H VHJXUDQÃ&#x201A;D
¨QGLFH 3HOH H 1¾R PHW¼OLFR 3 &DPXUÃ&#x201A;D 3
&$/¢$'2 __ 3(/(
=$3 1
6$3$72 '( 3(/( %,48(,5$ ( 3$/0,/+$ '( $¢2 6DSDWR FRP ELTXHLUD H SDOPLOKD GH DÂR 6ROD HP 38 GH GXSOD GHQVLGDGH UHD GR WRUQR]HOR DFROFKRDGD 6ROD DQWL GHVOL]DQWH
%LTXHLUD GH $ÃR
3DOPLOKD GH $ÃR
6ROD $QWLGHVOL]DQWH H $QWLHVW½WLFD
5HWHQWRU GH 6ROD UHVLVWHQWH HQHUJLD QR FDOFDQKDU ¼ DEUDV¿R
7$0$1+26 &(57,),&$¢ 2 (1 ,62 6 3 62/$ 38 GH GXSOD GHQVLGDGH
=$3 1 6$3$72 '( 3(/( %,48(,5$ '( $¢2 6DSDWR FRP ELTXHLUD GH DÂR 6ROD HP 38 GH GXSOD GHQVLGDGH UHD GR WRUQR]HOR DFROFKRDGD 6ROD DQWL GHVOL]DQWH
%LTXHLUD GH $ÃR
6ROD $QWLGHVOL]DQWH H $QWLHVW½WLFD
5HWHQWRU GH 6ROD UHVLVWHQWH HQHUJLD QR FDOFDQKDU ¼ DEUDV¿R
7$0$1+26 &(57,),&$¢ 2 (1 ,62 6 62/$ 38 GH GXSOD GHQVLGDGH
=$3 6$3$72 1 2 0(7 /,&2 (63(&,$/ 3$5$ (/(75,&,67$6 6DSDWR HP SHOH 3DOPLOKD H ELTXHLUD HP PDWHULDO FRPSÎVLWR ,VHQWR GH TXDOTXHU PDWHULDO PHW¼OLFR 6ROD HP 38 GH GXSOD GHQVLGDGH
1
%LTXHLUD GH $ÃR ,PSHUPH½YHO
6ROD $QWLGHVOL]DQWH H $QWLHVW½WLFD
5HWHQWRU GH HQHUJLD QR FDOFDQKDU
3DOPLOKD GH 6ROD UHVLVWHQWH $ÃR ¼ DEUDV¿R
7$0$1+26 &(57,),&$¢ 2 (1 ,62 6 62/$ $QWL GHVOL]DQWH H DQWL HVW¼WLFD
3(/( __ &$/¢$'2
%27 1 %LTXHLUD GH $ÃR
3DOPLOKD GH $ÃR
5HWHQWRU GH 6ROD $QWLGHVOL]DQWH 6ROD UHVLVWHQWH H $QWLHVW½WLFD HQHUJLD QR FDOFDQKDU ¼ DEUDV¿R
%27$ '( 3(/( %,48(,5$ ( 3$/0,/+$ '( $¢2 %RWD FRP ELTXHLUD H SDOPLOKD GH DÂR 6ROD HP 38 GH GXSOD GHQVLGDGH UHD GR WRUQR]HOR DFROFKRDGD 6ROD DQWL GHVOL]DQWH
7$0$1+26
&(57,),&$¢ 2
(1 ,62 6 3 62/$ 38 GH GXSOD GHQVLGDGH
%27 1 %LTXHLUD GH $ÃR
6ROD UHVLVWHQWH ¼ DEUDV¿R
%27$ '( 3(/( %,48(,5$ '( $¢2 %RWD FRP ELTXHLUD GH DÂR
5HWHQWRU GH 6ROD $QWLGHVOL]DQWH H $QWLHVW½WLFD HQHUJLD QR FDOFDQKDU
6ROD HP 38 GH GXSOD GHQVLGDGH UHD GR WRUQR]HOR DFROFKRDGD 6ROD DQWL GHVOL]DQWH
7$0$1+26
1
&(57,),&$¢ 2
(1 ,62 6
62/$ 38 GH GXSOD GHQVLGDGH
&$/¢$'2 __ &$085¢$
=$3 6$3$72 &$085¢$ %,48(,5$ ( 3$/0,/+$ '( $¢2 6DSDWR HP FDPXUÂD FRP ELTXHLUD H SDOPLOKD GH DÂR 6ROD HP 38 GH GXSOD GHQVLGDGH UHD GR WRUQR]HOR DFROFKRDGD 6ROD DQWL GHVOL]DQWH %LTXHLUD GH $ÃR
3DOPLOKD GH $ÃR
6ROD $QWLGHVOL]DQWH 5HWHQWRU GH 6ROD UHVLVWHQWH H $QWLHVW½WLFD HQHUJLD QR FDOFDQKDU ¼ DEUDV¿R
7$0$1+26 &(57,),&$¢ 2 (1 ,62 6 3 62/$ 38 GH GXSOD GHQVLGDGH
=$3 6$3$72 &$085¢$ %,48(,5$ '( $¢2 6DSDWR HP FDPXUÂD FRP ELTXHLUD GH DÂR 6ROD HP 38 GH GXSOD GHQVLGDGH UHD GR WRUQR]HOR DFROFKRDGD 6ROD DQWL GHVOL]DQWH %LTXHLUD GH $ÃR
1
6ROD $QWLGHVOL]DQWH 5HWHQWRU GH 6ROD UHVLVWHQWH H $QWLHVW½WLFD HQHUJLD QR FDOFDQKDU ¼ DEUDV¿R
7$0$1+26 &(57,),&$¢ 2 (1 ,62 6 62/$ 38 GH GXSOD GHQVLGDGH
3%8/1(6
3 3DUND LPSHUPH¼YHO FRP SURWH¾R FRQWUD YHQWR IULR H FKXYD 7HP Y¼ULRV EROVRV LQFOXLQGR GRLV LQWHULRUHV SDUD DFHVVÎULRV 'LVSRQÈYHO HP SUHWR D]XO PDULQKR FLQ]HQWR HVFXUR H YHUGH FDÂD
3 6
3 &DOÂDV PXOWLEROVRV FRP WHFLGR HO¼VWLFR &RQIRUWR JDUDQWLGR 2 WHFLGR HO¼VWLFR DGDSWD VH DR FRUSR SHUPLWLQGR XPD OLEHUGDGH WRWDO GH PRYLPHQWRV
*$5$17,$ '( 6(*85$1d$ SDUD SURWHJHU RV SURÀVVLRQDLV
$85
3 $XULFXODUHV GH SURWH¾R ƮH[ÈYHLV $OFDQÂDP XP QÈYHO GH SURWHF¾R DWÄ G%
(TXLSDPHQWRV GH 3URWH¾R ,QGLYLGXDO (TXLSDPHQWRV GH SURWH¾R LQGLYLGXDO GHVWLQDGRV D VHU XWLOL]DGRV SRU XPD SHVVRD FRQWUD SRVVÈYHLV ULVFRV DPHDÂDGRUHV GD VXD VDÕGH RX VHJXUDQÂD
¨QGLFH
&$6
3 &DSDFHWH GH SURWH¾R DMXVW¼YHO FRP DUQÅV LQWHULRU GH SO¼VWLFR GH TXDWUR SRQWRV $FROFKRDGR » IUHQWH SDUD PDLRU FRQIRUWR
3URWH¾R GH P¾RV /XYDV
3
3URWH¾R GH FDEHÂD &DSDFHWHV YLVHLUDV ÎFXORV H DXULFXODUHV
3
(48,3$0(1726 3527(¢ 2 ,1',9,'8$/ __ 3527(¢ 2 '( 0 26
&) /89$ 3(/( )/25 '2562 $/*2' 2 /XYDV HP SHOH 'RUVR HP DOJRG¾R (O¼VWLFR QR SXQKR
7$0$1+26
$]XO 0DULQKR
9HUPHOKR
&DUWD GH FRUHV S¼J
$35(6(17$¢ 2 (P EOLVWHU
/0 /89$ &20 &2%(5785$ / 7(; 1$ 3$/0$ /XYDV FRP FREHUWXUD O¼WH[ QD SDOPD (O¼VWLFR QR SXQKR
1
7$0$1+26 $35(6(17$¢ 2 (P EOLVWHU
9HUGH
$]XO 5R\DO
&DUWD GH FRUHV S¼J
3527(¢ 2 '( 0 26 __ (48,3$0(1726 3527(¢ 2 ,1',9,'8$/
$6 /89$ $0(5,&$1$ /XYDV HP FDPXUÂD 5HIRUÂRV H FRVWXUDV GXSODV QD SDOPD LQGLFDGRU H SROHJDU (O¼VWLFR QR SXOVR
7$0$1+26 &(57,),&$¢ 2 (1 (0 $35(6(17$¢ 2 (P EOLVWHU
&) /89$ 3(/( )/25 '(%580 9(50(/+2 /XYDV HP SHOH 9LYR HP YHUPHOKR (O¼VWLFR QR SXOVR
/XYDV &)
1
7$0$1+26 $35(6(17$¢ 2 (P EOLVWHU
(48,3$0(1726 3527(¢ 2 ,1',9,'8$/ __ 3527(¢ 2 '( 0 26
38 /89$ 1</21 &2%(57$ 32/,85(7$12 1$ 3$/0$ /XYDV HP Q\ORQ 5HFREULPHQWR HP 38 QD SDOPD
%UDQFR
&LQ]HQWR
&DUWD GH FRUHV S¼J
7$0$1+26 &(57,),&$¢ 2 (1 (0 $35(6(17$¢ 2 (P EOLVWHU
70 /89$ /XYDV HP SROLÄVWHU DOJRG¾R
/XYDV 11 S¼J
1
7$0$1+2
Ô1,&2
$35(6(17$¢ 2 (P %OLVWHU
3527(¢ 2 '( 0 26 __ (48,3$0(1726 3527(¢ 2 ,1',9,'8$/
3527(¢ 2 '( 0 26 __ (48,3$0(1726 3527(¢ 2 ,1',9,'8$/
11 /89$6 1</21 &2%(5785$ 1,75,/2 1$ 3$/0$ /XYDV HP Q\ORQ 5HFREULPHQWR HP QLWULOR QD SDOPD
/DUDQMD 3UHWR
&DUWD GH FRUHV S¼J
7$0$1+26
1
&(57,),&$¢ 2 (1 (0 $35(6(17$¢ 2 (P EOLVWHU
(48,3$0(1726 3527(¢ 2 ,1',9,'8$/ __ 3527(& 2 '( &$%(¢$
*$) ®&8/26 '( 6(*85$1¢$ 3$125 0,&26 ®FXORV GH VHJXUDQÂD SDQRU½PLFRV 3ROLFDUERQDWR WUDQVSDUHQWH (O¼VWLFR GH DMXVWH 3HUIXUDGRV QDV ODWHUDLV H SDUWH VXSHULRU
7$0$1+2
Ô1,&2
&(57,),&$¢ 2 (1 81,'$'( '( 9(1'$ 3DFN GH XQLGDGHV
2&8/$5 $8',7,9$
*$) ®&8/26 9,6,7$17( ®FXORV GH YLVLWDQWHV 3ROLFDUERQDWR WUDQVSDUHQWH 3HUIXUDGRV QDV ODWHUDLV )DWR PDFDFR 3 S¼J ®FXORV *$)
1
7$0$1+2
Ô1,&2
&(57,),&$¢ 2 (1 81,'$'( '( 9(1'$ 3DFN GH XQLGDGHV
3527(& 2 __ (48,3$0(1726 3527(¢ 2 ,1',9,'8$/
&$6 &$3$&(7( '( 3527(¢ 2 5(*8/ 9(/ &DSDFHWH GH SURWH¾R $MXVWH UHJXO¼YHO HQWUH D FP 5DQKXUDV ODWHUDLV SDUD DGDSWD¾R GH DXULFXODUHV RX YLVHLUDV IDFLDLV $FROFKRDGR QD IUHQWH
2&8/$5 $8',7,9$
$MXVWH UHJXO¼YHO GH FDEHÂD PHGLDQWH URGD
%UDQFR
7$0$1+2
Ô1,&2
&DVDFR 3021&$<2 S¼J &DSDFHWH &$6 S¼J
1
&(57,),&$¢ 2 (1
(3,6 __ 3527(& 2 '( &$%(¢$
&$6 &$3$&(7( '( 3527(¢ 2 &DSDFHWH GH SURWH¾R $MXVWH UHJXO¼YHO $FROFKRDGR QD IUHQWH $MXVWH UHJXO¼YHO GH FDEHÂD PHGLDQWH URGD
%UDQFR $]XO 5R\DO 9HUPHOKR $PDUHOR
7$0$1+2
Ô1,&2
&(57,),&$¢ 2 (1
3$1 9,6(,5$ )$&,$/ &20 5(*8/$'25 9LVHLUD IDFLDO FRP UHJXODGRU 7UDQVSDUHQWH H DMXVW¼YHO
1
7$0$1+2
Ô1,&2
&(57,),&$¢ 2 (1
3527(& 2 '( &$%(¢$ __ (48,3$0(1726 3527(¢ 2 ,1',9,'8$/
90 0 9,6(,5$ (0 5('( 9LVHLUD IDFLDO HP UHGH
7$0$1+2
Ô1,&2
2&8/$5 $8',7,9$
&(57,),&$¢ 2 (1 (1 81,'$'( '( 9(1'$ 3DFN GH XQLGDGHV
3$1 5 9,6(,5$ '( 68%67,78,¢ 2 5HFDUJD GH YLVHLUD IDFLDO
%OXV¾R 3 S¼J FROHWH 3 S¼J FDSDFHWH &$6
7$0$1+2
Ô1,&2
1
&(57,),&$¢ 2 (1 (1 81,'$'( '( 9(1'$ 3DFN GH XQLGDGHV
(3,6 __ 3527(& 2 '( &$%(¢$ 2&8/$5 $8',7,9$
7$3 7$03°(6 '( 3527(¢ 2 '(6&$57 9(,6 7DPSÐHV GH SURWH¾R GHVFDUW¼YHLV
7$0$1+2
Ô1,&2
&(57,),&$¢ 2 (1 81,'$'( '( 9(1'$ 3DFN GH XQLGDGHV
7$3 7$03°(6 '( 3527(¢ 2 & %2/6$ 7DPSÐHV GH SURWH¾R IHLWRV GH VLOLFRQH FRP FRUG¾R 1ÈYHO GH SURWH¾R SDUD GE
7$0$1+2
1
Ô1,&2
&(57,),&$¢ 2 81( (1 81,'$'( '( 9(1'$ 3DFN GH XQLGDGHV
__ (48,3$0(1726 3527(¢ 2 ,1',9,'8$/
$85 $85,&8/$5(6 '( 3527(¢ 2 )/(;¨9(,6 $XULFXODUHV GH SURWH¾R ƮH[ÈYHLV 'REU¼YHLV
7$0$1+2
Ô1,&2
2&8/$5 $8',7,9$
&(57,),&$¢ 2 (1 1ÈYHO GH SURWH¾R DWÄ G%
$85 $85,&8/$5(6 '( 3527(¢ 2 )/(;¨9(,6 $XULFXODUHV GH SURWH¾R ƮH[ÈYHLV 'REU¼YHLV
7$0$1+2
1
Ô1,&2
&(57,),&$¢ 2 (1 1ÈYHO GH SURWH¾R DWÄ G%
1RUPDWLYDV
1250$7,9$6
1RUPDV 'LPHQVÐHV
6HJXQGR R 5HDO 'HFUHWR HQWHQGH VH SRU (TXLSDPHQWR GH 3URWH¾R ,QGLYLGXDO TXDOTXHU GLVSRVLWLYR RX PHLR D VHU HQYHUJDGR RX PDQHMDGR SRU XP LQGLYÈGXR FRP R REMHWLYR GH SURWHJÅ OR GH XP RX PDLV ULVFRV TXH SRVVDP DPHDÂDU D VXD VDÕGH H D VXD VHJXUDQÂD
81( (1 9HVWX¼ULR GH SURWH¾R 5HTXLVLWRV JHUDLV
81( (1 'HVJDVWH GH VLQDOL]D¾R GH DOWD YLVLELOLGDGH
2V UHTXLVLWRV JHUDLV SDUD YHVWX¼ULR GH SURWH¾R HVW¾R HVSHFLƬFDGRV QD QRUPD 81( (1 (VWD QRUPD HVSHFLƬFD RV UHTXLVLWRV JHUDLV SDUD D HUJRQRPLD VHJXUDQÂD GXUD¾R LGDGH GHVLJQD¾R GH WDPDQKRV PDUFD¾R GH YHVWX¼ULR GH SURWH¾R H IRUQHFH DV LQIRUPDÂÐHV D VHUHP IRUQHFLGDV SHOR IDEULFDQWH
(VWD 1RUPD HVSHFLƬFD UHTXLVLWRV SDUD YHVWX¼ULR GH SURWH¾R FDSD] GH VLQDOL]DU D SUHVHQÂD GR XWLOL]DGRU YLVXDOPHQWH 3UHWHQGH WRUQDU YLVÈYHO R XWLOL]DGRU HP ULVFR FRP TXDOTXHU WLSR GH OX] GR GLD H TXDQGR LOXPLQDGR QR HVFXUR SHORV IDUÎLV GH XP FDUUR
$ QRUPD 81( (1 Q¾R VH SRGH DSOLFDU SRU VL PHVPR D FHUWLƬFDU RX DXWR FHUWLƬFDU YHVWX¼ULR GH SURWH¾R ',0(16°(6
2 YHVWX¼ULR GH SURWH¾R GHYH VHU PDUFDGR FRP R VHX WDPDQKR FRP EDVH QDV GLPHQVÐHV GR FRUSR HP FHQWÈPHWURV 2V SURFHGLPHQWRV GH PHGL¾R H GHVLJQD¾R GH GLPHQVÐHV GHYHP FRUUHVSRQGHU FRQIRUPH LQGLFDGR QD QRUPD (1 VDOYR LQGLFD¾R HP FRQWU¼ULR 2 FOLHQWH GHYH XVDU HVWDV WDEHODV SDUD FRQƬUPDU R WDPDQKR TXH SUHFLVD H FHUWLƬFDU VH TXH SRGH XVDU QRVVR YHVWX¼ULR $V PHGLGDV SUHYLVWDV QDV WDEHODV V¾R PHGLGDV DQDWÎPLFDV GR FRUSR KXPDQR QX H Q¾R R YHVWX¼ULR HP VL 4XDQGR ID]HPRV XPD SHÂD DGLFLRQDPRV XPD IROJD SDUD REWHU D FRPRGLGDGH H FRQIRUWR TXH GHVHMD (VWD IROJD YDULD GH DFRUGR FRP R SURMHWR WHFLGR VH[R HWF FRQYHUWHQGR D PDLV RX PHQRV HTXLSDGD
2 XVR GH XPD SHÂD GH YHVWX¼ULR GH DOWD YLVLELOLGDGH Q¾R JDUDQWH TXH R XVX¼ULR VHU¼ YLVÈYHO HP WRGDV DV FRQGLÂÐHV '(),1,¢°(6
9HVWX¼ULR GH VLQDOL]D¾R GH DOWD YLVLELOLGDGH 9HVWX¼ULR GH VLQDOL]D¾R GHVWLQDGD D VHU SHUFHELGD YLVXDOPHQWH VHP DPELJXLGDGH HP WRGDV DV FLUFXQVW½QFLDV 0DWHULDO GH IXQGR 0DWHULDO ƮXRUHVFHQWH GH FRU SURMHWDGR SDUD VHU DOWDPHQWH YLVÈYHO LVHQWR GDV H[LJÅQFLDV GHVWD UHJUD UHODWLYD GR PDWHULDO GH UHWUR UHƮHWLYR 0DWHULDO UHWUR UHƮHWLYR 0DWHULDO UHWUR UHƮHWLYR TXH Ä PDV TXH HVW¼ LVHQWR GDV H[LJÅQFLDV GHVWD UHJUD UHODWLYD GR PDWHULDO GH IXQGR 0DWHULDO FRPELQDGR 0DWHULDO DSUHVHQWD SURSULHGDGHV GH ƮXRUHVFÅQFLD H UHWUR UHƮH[¾R
5(48,6,726
2 YHVWX¼ULR GH VLQDOL]D¾R HVW¼ DJUXSDGR HP WUÅV FODVVHV GHSHQGHQGR GD ¼UHD PÈQLPD GH PDWHULDO YLVÈYHO 6XSHUIÈFLHV PÈQLPDV H[LJLGDV GH PDWHULDO YLVÈYHO HP Pƽ 9HVWX¼ULR GH &ODVVH
9HVWX¼ULR GH &ODVVH
0DWHULDO GH IXQGR 0DWHULDO UHWUR UHƮHWLYR 0DWHULDO FRPELQDGR
WDEHOD
9(5
7DEHOD GH PHGLGDV GH DFRUGR FRP D QRUPD (1 S¼JLQD 7DEHOD GH PHGLGDV SDUD R FDOÂDGR S¼JLQD
1
9HVWX¼ULR GH &ODVVH
; &ODVVH GR YHVWX¼ULR GH DFRUGR FRP D 7DEHOD RX
< &ODVVH GH PDWHULDO UHWUR UHƮHWLYR RX
81( (1 $ 3URWH¾R FRQWUD DV LQWHPSÄULHV (VWD QRUPD DSOLFD VH D PDWHULDLV H FRVWXUDV GR YHVWX¼ULR GH SURWH¾R FRQWUD D LQƮXÅQFLD GH DPELHQWHV FDUDFWHUL]DGRV SHOD FRPELQD¾R SRVVÈYHO GH FKXYD QHYH QHYRHLUR H KXPLGDGH GR VROR '(),1,¢°(6
5HVLVWÅQFLD DR YDSRU GH ¼JXD 5HW P 3D : 'LIHUHQÂD GH SUHVV¾R GH YDSRU GH ¼JXD HQWUH RV GRLV ODGRV GH XP PDWHULDO GLYLGLGR SHOR ƮX[R GH FDORU GH HYDSRUD¾R SRU XQLGDGH GH ¼UHD QD GLUH¾R GR JUDGLHQWH 5HVLVWÅQFLD » SHQHWUD¾R GH ¼JXD ZS 3D 3UHVV¾R KLGURVW¼WLFD DSRLDGD SRU XP PDWHULDO Ä XPD PHGLGD GD UHVLVWÅQFLD » SDVVDJHP GD ¼JXD DWUDYÄV GR PDWHULDO
0$5&$¢ 2
'HYH VHU PDUFDGR QD URXSD R VÈPEROR VHJXLQWH VHJXLGR SHOR QÕPHUR GD QRUPD H FODVVHV UHOHYDQWHV GD VHJXLQWH IRUPD ; 5HVLVWÅQFLD » SHQHWUD¾R GH ¼JXD < 5HVLVWÅQFLD DR YDSRU GH ¼JXD
1250$7,9$6 81( (1 )DWRV GH SURWH¾R FRQWUD DPELHQWHV IUHVFRV
& Ƨ WHPSHUDWXUD DPELHQWH &
(VWD QRUPD HVSHFLƬFD RV UHTXLVLWRV H PÄWRGRV GH HQVDLR SDUD R GHVHPSHQKR GH URXSDV VLPSOHV SDUD SURWHJHU R FRUSR FRQWUD DPELHQWHV IULRV 1¾R LQFOXL UHTXLVLWRV HVSHFÈƬFRV SDUD FKDSHODULD FDOÂDGR RX OXYDV GH SURWH¾R SDUD LPSHGLU R UHVIULDPHQWR ORFDO '(),1,¢°(6
$PELHQWH )ULR 2 DPELHQWH Ä FDUDFWHUL]DGR SHOD FRPELQD¾R SRVVÈYHO GH KXPLGDGH H YHQWR D XPD WHPSHUDWXUD GH & RX PDLRU 5HVLVWÅQFLD WÄUPLFD LVRODPHQWR 5FW ¤ XPD FDUDFWHUÈVWLFD HVSHFÈƬFD GH PDWÄULDV WÅ[WHLV RX FRPELQDÂÐHV GH PDWHULDLV 5HVLVWÅQFLD GD HYDSRUD¾R 5FW ¤ XPD FDUDFWHUÈVWLFD HVSHFÈƬFD GH PDWÄULDV WÅ[WHLV RX FRPELQDÂÐHV GH PDWHULDLV 5HVLVWÅQFLD » SHQHWUD¾R GH ¼JXD :3 $ SUHVV¾R KLGURVW¼WL FD DSRLDGD SRU XP PDWHULDO Ä XPD PHGLGD GD RSRVL¾R » SDVVDJHP GH ¼JXD DWUDYÄV GR PDWHULDO ,VRODPHQWR WÄUPLFR HIHWLYR ,FOH ,VRODPHQWR WÄUPLFR VRE FRQGLÂÐHV GHƬQLGDV HQWUH D SHOH H D VXSHUIÈFLH H[WHUQD GD URXSD H PHGLGR SRU XP PRGHOR HVWDFLRQ¼ULR ,VRODPHQWR WÄUPLFR HIHWLYR UHVXOWDQWH ,FOHU ,VRODPHQWR WÄUPLFR VRE FRQGLÂÐHV GHƬQLGDV HQWUH D SHOH H D VXSHUIÈFLH H[WHUQD GD URXSD H PHGLGR SRU XP PRGHOR PÎYHO
0$5&$¢ 2
< &ODVVH GH UHVLVWÅQFLD WÄUPLFD < &ODVVH GH LPSHUPHDELOLGDGH DR DU RSFLRQDO
< &ODVVH GH UHVLVWÅQFLD » SHQHWUD¾R GH ¼JXD RSFLRQDO
< 9DORU GH LVRODPHQWR ,FOHU HP P N : RSFLRQDO
< YDORU GH LVRODPHQWR ,FOH HP P N : RSFLRQDO
1RWD ; LQGLFD TXH D SHÂD Q¾R IRL VXEPHWLGD DR WHVWH
1
1250$7,9$6 81( (1 ,62 9HVWX¼ULR GH SURWH¾R FRQWUD R FDORU H FKDPDV 7RGR R YHVWX¼ULR GH DFRUGR FRP D QRUPD 81( (1 ,62 Ä GH FDWHJRULD ,, H[FHWR R GHVHQKR H D IDEULFD¾R SDUD XVR HP DPELHQWHV TXHQWHV FRPSDU¼YHO DRV HIHLWRV GH XPD WHPSHUDWXUD LJXDO RX VXSHULRU D & TXH VHU¼ GH FDWHJRULD ,,, FRP RX VHP UDGLD¾R LQIUDYHUPHOKD FKDPDV RX JUDQGHV TXDQWLGDGHV GH PDWHULDO IXQGLGR (VWD SHÂD Ä SDUD XVR H[WHULRU IHLWR GH PDWHULDO ƮH[ÈYHO SDUD SURWHJHU SDUWHV HVSHFÈƬFDV GR FRUSR 2V FDSX]HV FDSDV SDUD ERWDV H SRODLQDV HVW¾R LQFOXÈGRV QD QRUPD PDV WRGRV RV RXWURV WLSRV GH SURWH¾R SDUD D FDEHÂD P¾RV H SÄV V¾R H[FOXÈGRV 2 YHVWX¼ULR GH SURWH¾R TXH FXPSUH FRP HVWD QRUPD HXURSHLD GHVWLQD VH D SURWHJHU RV WUDEDOKDGRUHV GH XP EUHYH FRQWDFWR FRP FKDPDV H SHOR PHQRV GR FDORU 2 FDORU SRGH VHU QD IRUPD GH FDORU SRU FRQYHQ¾R FDORU UDGLDQWH FDORU FRQGXWLYR SLQJRV GH PHWDO IXQGLGR RX FRPELQD¾R GHVWHV 0$5&$¢ 2
2 YHVWX¼ULR GH SURWH¾R FRPSDWÈYHO FRP HVWD QRUPD LQWHUQDFLRQDO GHYH VHU PDUFDGR FRP R SLFWRJUDPD PRVWUDGR QD )LJXUD LQFRUSRUDQGR R QÕPHUR GD GDWD GHVWD UHJUD DVVLP FRPR RV QÈYHLV GH SUHVWD¾R DOFDQÂDGRV UHODWLYRV DRV GH UHTXLVLWRV JHUDLV H GH WUDQVIHUÅQFLD GH FDORU 7RGDV DV URXSDV TXH HVWHMDP HP FRQIRUPLGDGH FRP D QRUPD (1 ,62 GHYHP VHU PDUFDGDV FRP RV FÎGLJRV $ H RX $ H SHOR PHQRV PDLV XP FÎGLJR % & ' ( RX ) FRQIRUPH R FDVR VHJXLGR GR QÕPHUR TXH LQGLFD R QÈYHO GH GHVHPSHQKR DOFDQÂDGR
81( (1 ,62 9HVWX¼ULR GH SURWH¾R XVDGR HP SURFHVVRV GH VROGDJHP H DOLDGRV (VWD QRUPD HVWDEHOHFH UHTXLVLWRV PÈQLPRV GH VHJXUDQÂD H PÄWRGRV GH HQVDLR SDUD YHVWX¼ULR GH SURWH¾R GHVWLQDGR D SURWHJHU R FRUSR GR XWLOL]DGRU LQFOXLQGR FDEHÂD H SÄV Q¾R LQFOXLQGR D SURWH¾R GH P¾R H GHYHP VHU XVDGRV GXUDQWH D VROGDJHP H SURFHVVRV DVVRFLDGRV FRP ULVFRV FRPSDU¼YHLV $V URXSDV V¾R GHVHQKDGDV SDUD SURWHJHU R XWLOL]DGRU FRQWUD DV JRWDV GH PHWDO IXQGLGR XP EUHYH FRQWDWR FRP DV FKDPDV R FDORU UDGLDQWH GR DUFR H PLQLPL]D D SRVVLELOLGDGH GH FKRTXH HOÄWULFR EUHYH SRU FRQWDWR DFLGHQWDO FRP FRQGXWRUHV GH FRUUHQWH HOÄWULFD GH WHQVÐHV DWÄ DSUR[LPDGDPHQWH 9 F F HP FRQGLÂÐHV GH VROGDJHP QRUPDO 'HƬQHP VH GXDV FODVVHV GH SURWH¾R RQGH D FODVVH Ä R QÈYHO PDLV EDL[R H &ODVVH Ä R QÈYHO PDLV DOWR &ODVVH FRUUHVSRQGH » SURWH¾R FRQWUD WÄFQLFDV GH VROGDJHP H VLWXDÂÐHV PHQRV SHULJRVDV FDXVDQGR QÈYHLV PDLV EDL[RV GH SLQJRV H FDORU UDGLDQWH &ODVVH FRUUHVSRQGH » SURWH¾R FRQWUD WÄFQLFDV GH VROGDJHP H VLWXDÂÐHV PDLV SHULJRVDV FDXVDQGR QÈYHLV PDLV DOWRV GH SLQJRV H FDORU UDGLDQWH 0$5&$¢ 2
2 YHVWX¼ULR GH SURWH¾R SDUD VROGDGRUHV HP FRQIRUPLGDGH FRP D QRUPD 81( (1 ,62 GHYH VHU PDUFDGR GH DFRUGR FRP D ,62 H DV VHJXLQWHV LQIRUPDÂÐHV &ODVVLƬFD¾R &ODVVH RX &ODVVH 6H R YHVWX¼ULR HVWLYHU GHVWLQDGR D XP ÕQLFR XVR D LQGLFD¾R VÎ SDUD XP ÕQLFR XVR $V LQVWUXÂÐHV GH OLPSH]D GHYHP HVWDU PDUFDGDV SRU H[HPSOR QXPD HWLTXHWD
81( (1 ,62 9HVWX¼ULR GH SURWH¾R 3URSULHGDGHV HOHWUR HVW¼WLFDV (VWD QRUPD HVSHFLƬFD RV UHTXLVLWRV HOHWUR HVW¼WLFRV H GH GHVHQKR TXH GHYH FRQWHU R YHVWX¼ULR GH SURWH¾R DQWL HVW¼WLFR SDUD HYLWDU D IRUPD¾R GH IDÈVFDV TXH SRVVDP SURYRFDU XP LQFÅQGLR 2V UHTXLVLWRV SRGHP Q¾R VHU VXƬFLHQWHV HP DWPRVIHUDV HQULTXHFLGDV FRP R[LJÄQLR (VWD QRUPD Q¾R Ä DSOLF¼YHO IUHQWH D WHQVÐHV HOÄWULFDV
1
0$5&$¢ 2
$ PDUFD¾R GHYHU¼ HVWDU GH DFRUGR D 1RUPD (1
3LFWRJUDPD GH SURWH¾R DQWL HVW¼WLFR
1250$7,9$6
81( (1 ,62 81( (1 ,62 &DOÂDGR GH VHJXUDQÂD &DOÂDGR GH WUDEDOKR 3RGH VH GHƬQLU R FDOÂDGR SDUD XVR SURƬVVLRQDO TXH Ä XVDGR QR GHVHPSHQKR GH XPD DWLYLGDGH GH WUDEDOKR TXH LQFRUSRUD HOHPHQWRV SDUD SURWHJHU R XWLOL]DGRU FRQWUD ULVFRV TXH VH SRGHP WUDQVIRUPDU HP DFLGHQWHV
'(),1,¢°(6
3RU VXD YH] H[LVWHP GXDV FODVVHV &ODVVH , &DOÂDGR FRP SDUWH VXSHULRU GH FRXUR H RXWURV PDWHULDLV &ODVVH ,, &DOÂDGR WRWDOPHQWH PROGDGR RX YXOFDQL]DGRV H[
ERUUDFKD 39&
&DOÂDGR GH VHJXUDQÂD &DOÂDGR TXH LQFRUSRUD HOHPHQWRV SDUD SURWHJHU R XWLOL]DGRU FRQWUD ULVFRV TXH SRGHP OHYDU D DFLGHQWHV HTXLSDGR FRP WRSR GH VHJXUDQÂD SURMHWDGR SDUD RIHUHFHU SURWH¾R FRQWUD R LPSDFWR TXDQGR WHVWDGR FRP XP QÈYHO GH SRWÅQFLD GH SHOR PHQRV - H FRQWUD D FRPSUHVV¾R TXDQGR WHVWDGR FRP XPD FDUJD GH SHOR PHQRV N1 &DOÂDGR GH WUDEDOKR &DOÂDGR TXH LQFRUSRUD HOHPHQWRV SDUD SURWHJHU R XVX¼ULR FRQWUD ULVFRV TXH SRGHP OHYDU D DFLGHQWHV 1¾R JDUDQWH SURWH¾R FRQWUD LPSDFWR H D FRPSUHVV¾R QR DQWH SÄ
0$5&$¢ 2
6ÈPERORV FRUUHVSRQGHQWHV »V FDWHJRULDV GH FDOÂDGR &$/¢$'2 '( 6(*85$1¢$ 6% 5HTXLVLWRV E¼VLFRV
=RQD GR FDOFDQKDU IHFKDGD 3URSULHGDGHV DQWLHVW¼WLFDV $EVRU¾R
&ODVVH 6 GH HQHUJLD QD ]RQD GR FDOFDQKDU 5HVLVWÅQFLD DRV KLGURFDUERQHWRV , 6
&RPR 6 PDLV 3HQHWUD¾R H DEVRU¾R GH ¼JXD
6
&RPR 6 PDLV 5HVLVWÅQFLD » SHUIXUD¾R 6ROD FRP VDOLÅQFLDV
&$/¢$'2 '( 75$%$/+2 2% 5HTXLVLWRV E¼VLFRV
=RQD GR FDOFDQKDU IHFKDGD 3URSULHGDGHV DQWLHVW¼WLFDV $EVRU¾R
&ODVVH 2 GH HQHUJLD QD ]RQD GR FDOFDQKDU ,
2 &RPR 6 PDLV 3HQHWUD¾R H DEVRU¾R GH ¼JXD 2 &RPR 6 PDLV 5HVLVWÅQFLD » SHUIXUD¾R 6ROD FRP VDOLÅQFLDV
&ODVVH 6 3URSULHGDGHV DQWLHVW¼WLFDV $EVRU¾R GH HQHUJLD QD ]RQD GR FDOFDQKDU &ODVVH 2 3URSULHGDGHV DQWLHVW¼WLFDV $EVRU¾R GH HQHUJLD QD ]RQD GR FDOFDQKDU ,, ,, 2 &RPR 6 PDLV 5HVLVWÅQFLD » SHUXUD¾R 6ROD FRP VDOLÅQFLDV 6 &RPR 6 PDLV 5HVLVWÅQFLD » SHUXUD¾R 6ROD FRP VDOLÅQFLDV
6ÈPERORV FRUUHVSRQGHQWHV DRV UHTXLVLWRV DGLFLRQDLV 5(48,6,72 5HVLVWÅQFLD » SHUIXUD¾R
6¨0%2/2 3
&DOÂDGR FRQGXWRU
&
&DOÂDGR DQWLHVW¼WLFR
$
&DOÂDGR LVRODQWH GD HOHWULFLGDGH ,VRODPHQWR IDFH DR FDORU
, +,
,VRODPHQWR IDFH DR IULR
&,
$EVRU¾R GH HQHUJLD QD ]RQD GR FDOFDQKDU
('
5HVLVWÅQFLD » SHQHWUD¾R GD ¼JXD HP WRGR R FDOÂDGR
:5
3URWH¾R GR PHWDWDUVR FRQWUD JROSHV
0
3URWH¾R GR WRUQR]HOR
$1
5HVLVWÅQFLD » SHQHWUD¾R GD ¼JXD SHOR SHLWR GR SÄ
:58
5HVLVWÅQFLD DR FRUWH
&5
5HVLVWÅQFLD DR FDORU SRU FRQWDFWR
+52
5HVLVWÅQFLD DR GHVOL]DPHQWR
65$
1
1250$7,9$6 81( (1 /XYDV GH SURWH¾R 5HTXLVLWRV JHUDLV (VWD QRUPD GHƬQH RV UHTXLVLWRV SDUD D HUJRQRPLD OXYDV GH FRQVWUX¾R GH JUDQGH YLVLELOLGDGH VHJXUDQÂD OLPSH]D FRQIRUWR HƬFLÅQFLD PDUFD¾R H LQIRUPD¾R DSOLF¼YHO D WRGDV DV OXYDV GH SURWH¾R 7DPEÄP VH DSOLFD DRV SURWHWRUHV GH EUDÂRV H OXYDV SHUPDQHQWHPHQWH OLJDGR DRV WHUQRV DSHUWDGRV (VWD UHJUD Q¾R VH SRGH DSOLFDU D FHUWLƬFDU RX DXWR FHUWLƬFDU OXYDV GH SURWH¾R '(),1,¢°(6
/XYDV (TXLSDPHQWR GH SURWH¾R LQGLYLGXDO (3, TXH SURWHJH D P¾R RX XPD SDUWH GHOD FRQWUD ULVFRV (P DOJXQV FDVRV SRGH FREULU SDUWH GR DQWHEUDÂR H GR EUDÂR 5LVFR (VWD VLWXD¾R SRGH FDXVDU GDQRV » VDÕGH GR FRUSR KXPDQR 3RGHPRV FRQVLGHUDU Y¼ULDV FDWHJRULDV GH ULVFR 0HF½QLFD HOHWULFLGDGH HVW¼WLFD TXÈPLFDV H PLFURELROÎJLFDV IULR H UDGLD¾R 1ÈYHO GH VHUYLÂR 1ÕPHUR TXH LQGLFD XPD FDWHJRULD GH EHQHIÈFLRV TXH SRGHP VHU HVFDODGRV SHORV UHVXOWDGRV GR WHVWH HP PXLWRV FDVRV K¼ DWÄ QÈYHLV VHUYLÂR RQGH R PDLRU QÕPHUR FRUUHVSRQGH DR PDLV DOWR QÈYHO GH VHUYLÂR
7$0$1+26
7DPDQKRV H PHGLGDV GDV P¾RV FRQVLGHUDPRV GXDV PHGLGDV SULQFLSDLV D FLUFXQIHUÅQFLD GD P¾R H FRPSULPHQWR GLVW½QFLD HQWUH R SXQKR H D SRQWD GR GHGR PÄGLR R SHUÈPHWUR GD P¾R Ä PHGLGR D PP GH GLVW½QFLD GR YÄUWLFH HQWUH R SROHJDU H R LQGLFDGRU
81( (1 /XYDV GH SURWH¾R FRQWUD ULVFRV PHF½QLFRV (VWD QRUPD DSOLFD VH D WRGRV RV WLSRV GH OXYDV SDUD SURWHJHU GH ULVFRV PHF½QLFRV H IÈVLFRV FDXVDGRV SHOD DEUDV¾R FRUWH GH O½PLQD SHUIXUD¾R H UDVJR 1¾R VH DSOLFD »V OXYDV DQWL YLEUD¾R 0$5&$¢ 2
$V SURSULHGDGHV PHF½QLFDV GDV OXYDV V¾R LQGLFDGDV SRU XP SLFWRJUDPD VHJXLGR SRU TXDWUR ƬJXUDV $ 5HVLVWÅQFLD » DEUDV¾R % UHVLVWÅQFLD DR FRUWH GD O½PLQD & $ UHVLVWÅQFLD DR UDVJR ' 5HVLVWÅQFLD » SHUIXUD¾R
81( (1 3URWH¾R DXGLWLYD 5HTXLVLWRV JHUDLV (VWD QRUPD HVWDEHOHFH RV UHTXLVLWRV JHUDLV D VHUHP FXPSUL GRV SRU FDGD WLSR GH SURWH¾R DXGLWLYD FDUDFWHUÈVWLFDV IÈVLFDV H DFÕVWLFDV 81( (1 2UHOKHLUDV 81( (1 7DPSÐHV '(),1,¢°(6
5XÈGR VRP LQGHVHMDGR (P JHUDO SRGHPRV GL]HU TXH R UXÈGR
&2035,0(172 &2172512 7$0$1+2 PP
'$ 3$/0$ PP
'$ /89$
1
0HGLGD GR FRQWRUQR GD SDOPD H FRPSULPHQWR GD P¾R &RPSULPHQWR GD P¾R PP
0HGLGDV H HTXLYDOÅQFLDV GH RULHQWD¾R
PP
HQWUH H G% V¾R VXSRUW¼YHLV HQWUH H G% V¾R IDGLJD HQWUH H G% SRGH FDXVDU SHUGD GH DXGL¾R H DFLPD GH G% V¾R LQVXSRUW¼YHLV
2 HPSUHJDGRU WHP D REULJD¾R GH IRUQHFHU SURWH¾R DXULFXODU D SDUWLU GH G% H R HPSUHJDGR GHYH XWLOL]DU R (3, REULJDWÎULR D SDUWLU GH G% H HP WUDEDOKRV RQGH R QÈYHO GH SLFR VXSHULRU D G% 0$5&$¢ 2
2V SURWHWRUHV DXGLWLYRV OHYDP D PDUFD¾R &( UHIHUÅQFLD » QRUPD RX QRUPDV SHUWLQHQWH EHP FRPR LQIRUPDÂÐHV TXH DWHQGH D PDUFD H PRGHOR 1R FDVR HP TXH DV WDPSDV WÅP XPD RULHQWD¾R SDUWLFXODU WÅP JUDYDGR XPD LQGLFD¾R VREUH FRPR R SRVLFLRQDPHQWR
81( (1 &DSDFHWHV GH SURWH¾R SDUD D LQGÕVWULD 2 FDSDFHWH IRUQHFH SURWH¾R JHUDO SDUD R FU½QLR FRPR XP WRGR LQFOXLQGR RV HIHLWRV GRV LPSDFWRV SRWHQFLDLV GH TXHGD GH REMHWRV H HP PHQRU JUDX DV FROLVÐHV FRP REMHWRV HVWDFLRQ¼ULRV 2 FDSDFHWH Ä FRPSRVWR SHORV VHJXLQWHV HOHPHQWRV 7DPSD (VWD Ä D SDUWH PDLV UHVLVWHQWH TXH DJH FRPR XPD WHOD FRQWUD RV FKRTXHV FROLVÐHV RX LPSDFWRV $UUHLR $ SDUWH LQWHUQD Ä FRQVWLWXÈGD SRU XP VLVWHPD GH FLQWDV RX EDQGDV FXMD PLVV¾R SULQFLSDO Ä SHUPLWLU D FRORFD¾R GR FDSDFHWH QD FDEHÂD SDUD DPRUWHFHU RV HIHLWRV GH FKRTXHV H LPSDFWRV H IDFLOLWDU DUHMDPHQWR 0$5&$¢ 2
4XDOTXHU FDSDFHWH GH DFRUGR FRP HVWD 1RUPD (XURSHLD GHYH PRVWUDU XPD PDUFD RX LPSUHVVR XPD PDUFD¾R FRP D VHJXLQWH LQIRUPDÂÐHV 2 QÕPHUR GHVWD 1RUPD (XURSHLD (1 2 QRPH RX LGHQWLƬFD¾R GH PDUFD GR IDEULFDQWH 2 DQR H WULPHVWUH GH IDEULFD¾R 2 PRGHOR GR FDSDFHWH ,' GR IDEULFDQWH 7DPDQKR 'HYH VHU PDUFDGR QR FDSDFHWH H QR DUUHLR $EUHYLDWXUDV UHIHULQGR VH DR PDWHULDO GD WDPSD GH DFRUGR FRP D ,62
81( (1 3URWH¾R LQGLYLGXDO GRV ROKRV 5HTXLVLWRV
1250$7,9$6
(VWD 1RUPD (XURSHLD Ä DSOLF¼YHO D WRGRV RV WLSRV GH SURWH¾R LQGLYLGXDO GRV ROKRV TXH V¾R XVDGRV FRQWUD GLYHUVRV ULVFRV FRPR GHWHUPLQDGR QD LQGÕVWULD ODERUDWÎULRV HVFRODV DWLYLGDGHV GH EULFRODJH HWF TXH SRGH FDXVDU OHVÐHV QRV ROKRV RX GHƬFLÅQFLD YLVXDO FRP D H[FH¾R GD UDGLD¾R QXFOHDU UDLR ; ODVHU H UDGLD¾R LQIUDYHUPHOKD ,5 HPLWLGD D SDUWLU GH IRQWHV D EDL[D WHPSHUDWXUD 0$5&$¢ 2 '2 2/+2
$ PDUFD¾R GR ROKR GHYH FRQWHU RV GDGRV WÄFQLFRV UHOHYDQWHV &ODVVH GH SURWH¾R ,GHQWLƬFD¾R GR IDEULFDQWH &ODVVH ÎWLFD H[FHWR SDUD FREUH ƬOWURV 6ÈPEROR GD UHVLVWÅQFLD DR DUFR HOÄWULFR GH FXUWR FLUFXLWR VH DSOLF¼YHO 6ÈPEROR GD Q¾R DGHV¾R GH PHWDO IXQGLGR H UHVLVWÅQFLD » SHQHWUD¾R GH VÎOLGRV TXHQWHV VH DSOLF¼YHO 6ÈPEROR GD UHVLVWÅQFLD DR GDQR VXSHUƬFLDO SRU SDUWÈFXODV ƬQDV VH DSOLF¼YHO 6ÈPEROR GH UHVLVWÅQFLD » QHEXOL]D¾R VH DSOLF¼YHO 6ÈPEROR GH DOWD UHƮHFW½QFLD VH DSOLF¼YHO 6ÈPEROR SDUD RFXODU RULJLQDO RX VXEVWLWXL¾R 2 RULJLQDO H 9 UHDEDVWHFHU 0$5&$¢ 2 '$ 0217$*(0
$ PDUFD¾R GD PRQWDJHP GHYH LQFOXLU GDGRV WÄFQLFRV UHOHYDQWHV ,' IDEULFDQWH 1ÕPHUR GD QRUPD HXURSHLD &DPSR GH XVR XVR E¼VLFR VHP VÈPEROR 6ÈPEROR GH IRUÂD PDLRU UHVLVWÅQFLD DR LPSDFWR GH SDUWÈFXODV HP DOWD YHORFLGDGH RX WHPSHUDWXUDV H[WUHPDV 6ÈPEROR LQGLFDQGR TXH D YLVHLUD HVWD GHVHQKDGD SDUD FDEHÂDV SHTXHQDV + 2 PDLRU JUDX GH SURWH¾R GRV ƬOWURV GH PRQWDJHP FRPSDWÈYHLV 6¨0%2/2 '( )25¢$ 0$,25 5(6,67¥1&,$ $ ,03$&726 '( 3$57¨&8/$6 $ $/7$ 9(/2&,'$'( $ 7(03(5$785$6 (;75(0$6
)RUÂD PÈQLPD 6HP VÈPEROR 5HVLVWÅQFLD DXPHQWRX 6 ,PSDFWR GH SDUWÈFXODV D DOWDV YHORFLGDGHV H WHPSHUDWXUDV H[WUHPDV $OWD (QHUJLD $7 0HGLD (QHUJLD %7 %DL[D (QHUJLD )7
1