Catálogo Vestuário & Proteção Laboral - Itekprint

Page 1


'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 FDQDOÄ DFUÈOLFR

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 FDQDOÄ HVWUHLWR DFUÈOLFR


,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 SROLÄVWHU 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 SROLÄVWHU 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,'$'(

&DOÂDV PXOWLEROVRV HVSHFLDOPHQWH FRQFHELGDV SDUD SURWHJHU GR IULR FRP WRGR R FRQIRUWR H OLEHUGDGH GH PRYLPHQWRV )RUUR HP PDOKD -HUVH\ 3LQÂDV 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 SROLÄVWHU 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…X

$]XO 5R\DO

$]XO 0DULQKR

&LQ]HQWR

3UHWR

&DUWD GH FRUHV S¼J

7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ

3 %UDQFR

*UHQ½ 9HUGH

&DPLVD GH PDQJD FRPSULGD HP SRSHOLQD

%HJH

%ROVR QR SHLWR HVTXHUGR

$]XO &Ã…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 SROLÄVWHU 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 3LQÂDV QR SHLWR %UDQFR $]XO &ÅX 3UHWR

7$0$1+26 0$7(5,$/ 3RSHOLQD SROLÄVWHU 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 3LQÂDV QR SHLWR

%UDQFR $]XO &Ã…X 3UHWR

7$0$1+26

1

0$7(5,$/ 3RSHOLQD SROLÄVWHU 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

Ô1,&2

/DUJXUD FP $OWXUD FP

0$7(5,$/

7HFLGR 39& FRP WUDPD WÃ…[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

Ô1,&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,È1&,$ ( 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,'$ 7ÕQLFD HP VDUMD GH PDQJD FRPSULGD 'HFRWH HP 9 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 &20 3,1¢$6 &DOÂDV HP VDUMD FRP SLQÂDV %UDJXLOKD FRP ERW¾R H IHFKR (O¼VWLFR QD FLQWXUD EROVRV

%UDQFR

7$0$1+26

0$7(5,$/

6DUMD SROLÄVWHU 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 7ÕQLFD GH PDQJD FXUWD 'HFRWH HP 9 0DQJDV UDJODQ EROVRV %UDQFR

&DOÂDV FRP HO¼VWLFR QD FLQWXUD

7$0$1+26

EROVRV

0$7(5,$/

6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0

JU Pƽ

3

129,'$'(

$PDUHOR &ODUR /DUDQMD &ODUR &RUDO )XVFKLD

&RQMXQWR GH WÕQLFD H FDOÂDV 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…X

7$0$1+2

Ô1,&2

$]XO 0DULQKR

&DUWD GH FRUHV S¼J

1

0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ


6$µ'( ( /,03(=$ __ 7µ1,&$6 &$/¢$6

3 7µ1,&$ *2/$ (0 9 %5$1&$ 7ÕQLFD HP VDUMD GH PDQJD FXUWD 'HFRWH HP 9 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 6(0 )(&+2 %5$1&$6 &DOÂDV HP VDUMD 6HP EUDJXLOKD (O¼VWLFR QD FLQWXUD

&DOÂDV 3 7ÕQLFD 3

EROVR 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

3UHWR

$]XO 0DULQKR

$PDUHOR &ODUR /DUDQMD &ODUR &RUDO )XVFKLD %RUGHDX[

$]XO 7XUTXHVD &ODUR

$]XO &Ã…X

9HUGH

3UHWR

$]XO 0DULQKR

9HUGH /LPD $]XO &Ã…X

&DUWD GH FRUHV S¼J

$PDUHOR &ODUR

$]XO 7XUTXHVD &ODUR

&RUDO

9HUGH

)XVFKLD

9HUGH /LPD %RUGHDX[ $]XO 0DULQKR

5R[R

$]XO &Ã…X

3UHWR

7$0$1+26

5R[R

%RUGHDX[

7ÕQLFD 3

$EHUWXUDV ODWHUDLV

3

$PDUHOR &ODUR

&RUDO

EROVRV

/DUDQMD &ODUR

)XVFKLD

'HFRWH HP 9

7$0$1+26 0$7(5,$/ 6DUMD SROLÄVWHU DOJRG¾R *5$0$*(0 JU Pƽ

/DUDQMD &ODUR

7ÕQLFD HP VDUMD

5R[R $]XO 7XUTXHVD &ODUR 9HUGH

9HUGH /LPD

7µ1,&$ '(&27( 9 &25(6

&$/¢$6 7,32 (1)(50(,52 &25(6 &DOÂDV HP VDUMD 6HP EUDJXLOKD (O¼VWLFR QD FLQWXUD EROVR WUDVHLUR

&DUWD GH FRUHV S¼J

0$7(5,$/

6DUMD SROLÄVWHU 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 SURÀVVLRQDO FXPSULQGR SDUD XVR SURÀVVLRQDO FXPSULQGR DV QRUPDV GH VHJXUDQoD H SURWHomR /0

3 /XYD IDEULFDGD HP SROLÄVWHU FRP FREHUWXUD GH O¼WH[ QD SDOPD $ FRU GH O¼WH[ HQFRQWUD VH GLVSRQÈYHO HP YHUGH H D]XO UR\DO 3DUD XVRV PÕOWLSORV H WUDEDOKRV PHF½QLFRV

3

3 &DOÂDV PXOWLEROVRV FRPELQD IDFLOPHQWH FRP TXDOTXHU YHVWX¼ULR ODERUDO 'HVWDFD VH SHOD VXD YHUVDWLOLGDGH VHQGR XP FO¼VVLFR GHQWUR GD JDPD ,QGÕVWULD $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…V EROVRV FRP JUDQGH FDSDFLGDGH

&DOÂDGR &DOÂDGR GH TXDOLGDGH H VHJXUDQÂD DR VHUYLÂR GRV SURƬVVLRQDLV &RQWDPRV FRP XPD RIHUWD GH FDOÂDGR GHVWLQDGD »V QHFHVVLGDGHV GRV WUDEDOKDGRUHV SURSRUFLRQDQGR R P¼[LPR GH FRQIRUWR H VHJXUDQÂD

¨QGLFH 3HOH H 1¾R PHW¼OLFR 3 &DPXUÂD 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



Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.