(&8$'25 & ZZZ HVLND EL]
0=J AHAC=JPA P=J éJE?= Oß ANAO Pé =Oß AO /LA?E=H
=@= @AP=HHA PA D=?A
AOLA?E=H
0K@K PA MQA@= LANBA?PK PQ RAOPE@K HKO V=L=PKO H=O FKU=O
AOPbO ?=OE HEOP=
/KHK PA B=HP= AOA éHPEIK PKMQA AOLA?E=H ?KJ AH MQA @AOHQI>N=NbO = PK@KO /LA?E=H AH =NKI= MQA D=Nb @QN=N PQ AHAC=J?E= P=JPK ?KIK Pé MQEAN=O DKN= O=>AO MQA PK@=O H=O IEN=@=O OANbJ L=N= PE -QA PQ >AHHAV= HKO @AF=Nb OEJ L=H=>N=O -QA PQ AHAC=J?E= OANb AOLA?E=H
1J =NKI= P=J AHAC=JPA ?KIK Pé
(6(1&,$6 $520$6
!NAO AOLA?E=H PQ LANBQIA P=I>EÛJ
'( '(6&8(172
86
DURPDV .+)¡*0% +/
!J AH BKJ@K PK@=O OKIKO NKIbJPE?=O 'XOFH 5RPiQWLFD $PRU FKDPSDJQH \ FiOLGRV WRTXHV GH YDLQLOOD
$Â11$5$ (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
86 ),25, (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
'( '(6&8(172 (1 ),25,
)ORUDO 5RPiQWLFD $UPRQLRVR EXTXp GH µ RUHV TXH WH LQYLWD D VRxDU
(6(1&,$6 $520$6 %** .
0Q =NKI= AO H= HH=RA @A PQO OQAãKO DDD
HKO =NKI=O
JKO PN=JOLKNP=J JKO D=?AJ OKã=N JKO EJOLEN=J OAJO=?EKJAO éJE?=O U JKO D=?AJ OAJPEN RAN@=@AN=IAJPA AOLA?E=HAO 1J =NKI= LQA@A ?KJRANPEN QJ= JK?DA ?Q=HMQEAN= AJ QJ= JK?DA AOLA?E=H AF= MQA PQ =NKI= PA CQßA U ?QILHA PQO IbO OKã=@=O B=JP=Oß=O
"%+.%
z-QÛ =NKI= R= IAFKN ?KJPECK AO?é>NAHK AJ AH >=JE?K @A NKI=O @A ^OEG=
$ 7,& 1 0½ 2 5
/ 5$ 2 )/
)/ 25 $/
2 ,& 75 &À
&À 75 ,& 2
'2 ,$ (& 3 (6
(6 3( &, $' 2
/ $ 87 )5
$ 7,9 $&
)5 87 $/
( /& '8
'8 /& (
(/(* $1 7(
6(16 8$/
)/25$/
'8/&(
)587$/
(63(&,$'2 &À75,&2
&À75,&2 (63(&,$'2 )587$/
'8/&(
)/25$/
«O=HK =Oß 1>E?= QJK @A HKO CNQLKO OACéJ PQ AOPEHK !HAC=JPA .KIbJPE?= /AJOQ=H K ?PER=
(QACK AHECA AH PELK @A =NKI= OACéJ H= B=IEHE= KHB=PER= "HKN=H QH?A "NQP=H !OLA?E=@K K ßPNE?K
!OP=O OAã=HAO PA =UQ@=NbJ = AJ?KJPN=N PQ =NKI= AJ AH ?=PbHKCK DURPDV !(!# *0!/
/LPDJH /LPDJH 'LDPRQGV 6SHFLDO ;LDQD
DURPDV .+)¡*0% +/
*UD]]LD 5RPDQ]L )LRUL 9DQLOOD 6FHQW $wQQDUD
DURPDV /!*/1 (!/
DURPDV 0%2+/
*UD]]LD ([RWLF *UD]]LD 3DUDGLVH 3DVVLRQ 0XVN 9HKHPHQFH SDUD HOOD 5RVH 5RVH 6H[\ *ROG %HDXW\ 5HG 'DQ]]tD 5HG ,QWHQVH ,QFLWDQW -DGLVV 6HFUHW 0XVN
([SUHVVLRQ eODQLH *\UD 0RPHQWRV 9LEUDQWHV 0RPHQWRV /LEHUWDG ,WV <RX ,WV <RX /LYH
'( '(6&8(172
-$',66 (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
)527$ $48À < 6,(17( (/ $520$ (1 78 3,(/
(6(1&,$6 $520$6
$A?DßV=HK ?KIK OKHK Pé O=>AO
{-QÛ >EAJ PA R=J HKO @E=I=JPAOÎ
)ORUDO (OHJDQWH 'HVOXPEUD FRQ URVDV GH %XOJDULD \ JDUGHQLDV
/ ,0$*( ',$021'6 (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
(6(1&,$6 $520$6
/EAILNA Pé
(=O BN=C=J?E=O MQA R=J LANBA?PK ?KJ AHHKO U AHH=O
,7 6 <28 )UDJDQFLD XQLVH[ (DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86 &tWULFD $FWLYD /D IUHVFXUD GH PDQGDULQDV LWDOLDQDV FRQ KRMDV GH EDPE~
86
(DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
,7 6 <28 /,9( )UDJDQFLD XQLVH[ (DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
&tWULFD $FWLYD (VSRQWiQHDV QRWDV GH OLPyQ \ PDQGDULQD
DURPDV 0%2+/
*5$7,6 )UXWDO $FWLYD 3ODFHQWHURV DFRUGHV GH PDQGDULQD OLPyQ \ FDVVLV
)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
0RPHQWRV /LEHUWDG SRU OD FRPSUD GHO HDX GH WRLOHWWH 0RPHQWRV /LEHUWDG 9DORUL]DGR HQ 86
78 2)(57$ (675(//$
020(1726 /,%(57$' (DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86 'HVRGRUDQWH UROO RQ PO IO R]
/EÃ&#x203A;JPAPA HE>NA PKP=HIAJPA HE>NA
AO?Q>NA AH NKFK MQA D=U AJ PE
%($87< 5(' (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
)ORUDO 6HQVXDO 8Q DURPD DEVROXWR GH URVDV \ MD]PtQ UHYHOD WRGD OD LQWHQVLGDG GH WX HVHQFLD GH PXMHU
(6(1&,$6 $520$6
(= AHAC=J?E= D=?A éJE?K PQ AOPEHK 'XOFH (OHJDQWH $QXQFLD WX OOHJDGD FRQ XQD H[TXLVLWD IXVLyQ GH RUTXtGHD QHJUD \ GXUD]QR
$ 0,7$'
'( 35(&,2
;,$1$ (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
DURPDV /!*/1 (!/
)ORUDO 6HQVXDO &RTXHWDV QRWDV GH LULV \ RUTXtGHDV MXHJDQ FRQ XQ WRTXH GH PXVN
3$66,21 086. (DX GH SDUIXP DWRPLVHXU PO IO R]
6(;< *2/' (DX GH SDUIXP PO IO R]
&yG
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
)ORUDO 6HQVXDO 6HQVXDOHV RUTXtGHDV EODQFDV \ µ RU GH QDUDQMR
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
86
(6(1&,$6 $520$6
-QA OA NEJ@= = PQO AJ?=JPKO
U MQA OAL= MQA ?Q=J@K @AOA=O =HCK JK LQA@AO AOLAN=N
'( '(6&8(172 (1 9(+(0(1&( 3$5$ (//$
9(+(0(1&( 3$5$ (//$ (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86 )527$ $48Ã&#x20AC; < 6,(17( (/ $520$ 9(+(0(1&( 3$5$ (//$ (1 78 3,(/
86 )ORUDO 6HQVXDO 7HQWDGRUDV QRWDV GH URVD GDPDVFHQD \ PXJXHW
DURPDV 0%2+/
!NAO LQNK KLPEIEOIK
=?KIL=ã= PQ AOPEHK ?KJ =NKI=O P=J =?PERKO ?KIK Pé 020(1726 9,%5$17(6 (DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
e/$1,( (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
)UXWDO $FWLYD 9LWDOLGDG \ DOHJUtD JUDFLDV D OD IUHVFD µ RU GH QDUDQMR
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
)ORUDO $FWLYD $OHJUH IXVLyQ GH JDUGHQLDV \ DPRU SRU OD YLGD
(6(1&,$6 $520$6 )527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (;35(66,21 (1 78 3,(/
'( '(6&8(172 (1 (;35(66,21
äILHE?AO AJ PK@K
D=OP= AJ AOA =NKI= MQA JKO AJ?=JP=
(;35(66,21 (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86 )ORUDO $FWLYD ([SUHVD WXV VHQWLPLHQWRV FRQ µ RU GH QDUDQMR MD]PtQ \ PLPRVDV
86
DURPDV /!*/1 (!/
'XOFH 6HQVXDO ,UUHVLVWLEOH PXVN \ WHQWDGRUDV IUDPEXHVDV
'XOFH 6HQVXDO +LSQyWLFR FRQWUDVWH GH EHUJDPRWD \ PXVN VHGXFH LQWHQVDPHQWH
5(' ,17(16( (DX GH SDUIXP DWRPLVHXU PO IO R]
,1&,7$17 (DX GH SDUIXP DWRPLVHXU PO IO R]
&yG
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
86
L=N= OA@Q?ENHK L=N= D=?ANHK ?=AN NAJ@E@K = PE
(6(1&,$6 $520$6
0é PEAJAO QJ OA?NAPK
'( '(6&8(172 (1 6(&5(7 086.
6(&5(7 086. (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
(VSHFLDGD 6HQVXDO $SDVLRQDQWHV HVSHFLDV SHUIXPDQ WX SLHO SDUD JXLDU VXV EHVRV
AHE?EKOK =NKI= U PKP=H OQ=RE@=@ (= ?KI>EJ=?EäJ LANBA?P= L=N= D=?AN @A PQ LEAH QJ= RAN@=@AN= PAJP=?EäJ
&yG
&yG
&yG
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
&yG
&yG
&yG
78 2)(57$ (675(//$
/RFLRQHV SHUIXPDGDV PO IO R] 9DORUL]DGDV HQ 86 F X
86 F X
&yG
&yG
&yG
&yG
&yG
&yG
!OA =NKI= P=J BNAO?K MQA PA D=?A >NEHH=N /ACQNK AO @A H=O ?KHKJE=O .AOLH=J@AOO MQA @AF=J DANIKOKO >NEHHKO AJ PQ LEAH
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
(6(1&,$6 $520$6
NEHHKO AJ PQ LEAH
'( '(6&8(172
5(63/$1'(66 &RORQLD FRQ EULOORV PO IO R] &yG
5(63/$1'(66 ,//86,21 &RORQLD FRQ EULOORV PO IO R] &yG
5(63/$1'(66 )/25(66 &RORQLD FRQ EULOORV PO IO R] &yG
9DORUL]DGDV HQ 86 F X 86 F X
)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ 5(63/$1'(66 )/25(66 (1 78 3,(/
)ORUDO /LPD YHUGH \ JDUGHQLDV WH OOHQDQ GH DOHJUtD \ RSWLPLVPR
)ORUDO )UDJDQWHV OLULRV WH HQYXHOYHQ HQ HQVXHxR
)ORUDO 6HQVXDOHV µ RUHV GHO 2ULHQWH GHVSLHUWDQ WX VHQVXDOLGDG
(HAR= HKO =NKI=O @A H= J=PQN=HAV= AJ PQ LEAH KJ HKO NEMQßOEIKO F=>KJAO U ?KHKJE=O "NQEPO Ó "HKSANO
-DERQHV OtTXLGRV
86 F X
'( '(6&8(172 (1 /26 -$%21(6
(6(1&,$6 $520$6
&RORQLDV
86 F X
'( '(6&8(172 (1 /$6 &2/21,$6
*5$7,6 Ã&#x201E;OHR FRUSRUDO 6HQVXDOO\ 5RVH GH PO µ R] SRU OD FRPSUD GH XQ SURGXFWR GH HVWD SiJLQD
-QÃ&#x203A; OAJOQ=HE@=@ P=J @AHE?=@= KIK AH OQ=RA =NKI= @A H=O BHKNAO AJ LNEI=RAN=
9DORUL]DGR HQ 86
6HQVXDOO\ 5RVH ([TXLVLWD FRPELQDFLyQ GH URVDV \ DFHLWHV DURPiWLFRV
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
/RFLyQ FRUSRUDO PO IO R] 6HQVXDOO\ 5RVH &yG 3DVVLRQ /LOO\ &yG 6HGXFLQJ 2UFKLGHD &yG 9DORUL]DGDV HQ 86 F X 86 F X
(6(1&,$6 $520$6
&RORQLD 6HGXFWRUHV \ IUHVFRV DURPDV TXH DFDULFLDQ WX SLHO
/RFLyQ FRUSRUDO 'HMD WX SLHO VXDYH \ SHUIXPDGD
&RORQLD PO IO R] 6HQVXDOO\ 5RVH &yG 3DVVLRQ /LOO\ &yG 6HGXFLQJ 2UFKLGHD &yG 9DORUL]DGR HQ 86 F X 86 F X
'( '(6&8(172 (1 /$6 &2/21,$6
3DVVLRQ /LOO\ ([yWLFD HVHQFLD GH LQVLQXDQWHV SpWDORV
6HGXFLQJ 2UFKLGHD 3URYRFDWLYDV RUTXtGHDV SHUIXPDQ WX SLHO
HHAJ=NOA @A AJANCß=Î
86
/26 &216,e17(7( (QHUJ\ &RORQLD PO IO R] 9DORUL]DGR HQ 86
$
9DORUL]DGR HQ 86
&RORQLD $QLPD WX GtD FRQ XQ UHYLWDOL]DQWH DURPD IUXWDO
&yG
$+255$
86
-DEyQ OtTXLGR SDUD PDQRV PO IO R] 9DORUL]DGR HQ 86 /RFLyQ FRUSRUDO PO IO R] 9DORUL]DGR HQ 86
-DEyQ OtTXLGR SDUD PDQRV 'HMD WXV PDQRV OLPSLDV VXDYHV FRPR OD VHGD \ FRQ XQ H[TXLVLWR DURPD
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
/RFLyQ FRUSRUDO 6HQVDFLyQ GH VXDYLGDG FRQ XQ UHYLWDOL]DQWH DURPD IUXWDO
86
/26
$
9DORUL]DGR HQ 86
&yG
(6(1&,$6 $520$6
0Q IKIAJPK @A NAH=T
&216,e17(7( &DOP &RORQLD PO IO R] 9DORUL]DGR HQ 86 -DEyQ OtTXLGR SDUD PDQRV PO IO R] 9DORUL]DGR HQ 86 /RFLyQ FRUSRUDO PO IO R] 9DORUL]DGR HQ 86
$+255$
86
&RORQLD 'HOLFLRVR DURPD µ RUDO IUXWDO TXH WH UHFRQHFWD FRQ WX \R PiV SRVLWLYR
-DEyQ OtTXLGR SDUD PDQRV 'HMD WXV PDQRV OLPSLDV VXDYHV \ FRQ XQ H[TXLVLWR DURPD
/RFLyQ FRUSRUDO (QYXHOYH WX SLHO HQ XQD GHOLFLRVD VXDYLGDG \ FRQ XQ UHODMDQWH DURPD
)=JKO P=J OQ=RAO ?KIK H= OA@= Oß MQA@=J PQO I=JKO ?KJ H= ?NAI= KJOEÛJPAPA !JANCU
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
(6(1&,$6 $520$6
; 86
; 86 3URGXFWR
[
[
&UHPD SDUD PDQRV
&yG
&yG
&UHPD SDUD PDQRV /DV GHMD VHGRVDV \ SURWHJLGDV GH OD UHVHTXHGDG \ FRQ XQ GHOLFLRVR DURPD HQHUJL]DQWH
&216,e17(7( (QHUJ\ &UHPD SDUD PDQRV PO IO R] 9DORUL]DGR HQ 86
=HA = PQO H=>EKO QJ =?=>=@K MQA HKO D=C= @AOHQI>N=N
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
/DELDO EULOOR IDQWiVWLFR FRUDO VSODVK GHOLQHDGRU HQ OiSL] QHJUR PiVFDUD HIHFWR H[WHQVLRQHV QHJUR
z0ACQOP=J PQO H=>EKO $=VHKO >NEHH=N
/22. &2/25
)bTEIK >NEHHK !BA?PK IKF=@K *K LAC=FKOK
/DELDO /tTXLGR %ULOOR )DQWiVWLFR PO IO R]
'( '(6&8(172 (1 /$%,$/ /À48,'2 %5,//2 )$17½67,&2
&yG
9DORUL]DGR HQ 86
86
.+/ !/0!( .
+. ( /,( /$
.+&+ /$%*!
.+&+ %..!/%/0% (!
&yG
&yG
&yG
&yG
* . *& .! )
.+/ /$%*!
.+/ !!,
.5/0 ( ,.%/)
&yG
&yG
&yG
&yG
$!..5 ) #% &yG
$!..5 /$%*! &yG
"1 /% $% &yG
.+/ + " /$%+* &yG
) ..¨* .+1#!
.+* ! .%#$0
&yG
&yG
)QAOPN= AH ?KHKN MQA D=U AJ PE
AHE?EKOK O=>KN !TMQEOEPK =NKI= NEHHK PAJP=@KN
". ) 1!/ #+(+/ &yG
%ULOOR ODELDO VDERU LUUHVLVWLEOH PO IO R] &yG
9DORUL]DGR HQ 86
86
!(% % ! ) * .%* ,.% $+ ".!/ ,.+2+ %¨* ! )+.
&yG
&yG
&yG
) *& . ) *6 * 0!*0 %¨* ! * 01. ( !* *!( $+ +( 0!
&yG
&yG
&yG
%.1!( %..!/%/0% (! &yG
!.!6 /! 1 %¨* &yG
KHKN AO =HACNß= AO RE@= AO LQN= ATLNAOEäJ BAIAJEJ= MQA = PN=RÛO @A PQO H=>EKO PQ IEN=@= PQO Qã=O U PQ LEAH ?KJOECQA HKCN=N QJ= =NIKJß= LANBA?P= MQA IQAOPN= HK IAFKN @A PE
Oß AO AH I=MQEHH=FA {!TLNÛO=PAÎ
(=>EKO L=N= >AO=N
H=>E=H L=N= >NEHH=N
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
/DELDO GHVWHOORV GH FRORU URMR GHVWHOORV FLDUWHWR URVD LOOXVLRQ PiVFDUD DSD QHJUR \ GHOLQHDGRU HQ ODS] QHJUR
".!/ !/0!((+/
"1 /% !/0!((+/
&yG
2%*+ !/0!((+/ &yG
/22. &2/25
.+&+ !/0!((+/ &yG
&yG
.+/ !/0!((+/ &yG
'( '(6&8(172
/DELDO GHVWHOORV GH FRORU J R] 9DORUL]DGR HQ 86
86
* 01. ( !/0!((+/
, (+ .+/ !/0!((+/
/ ()¨* !/0!((+/
&yG
&yG
&yG
$+ +( 0! !/0!((+/ &yG
+. + !/0!((+/ &yG
KHKN U >NEHHK =L=O @A LANH=O MQA NABHAF=J H= HQV 0ATPQN= ?NAIKO=
)+ !/0!((+/ &yG
+. ( !/0!((+/ &yG
z-QÃ&#x203A; H=>E=H R= ?KJPECK )$&725 '( 3527(&&,Ã&#x201E;1 62/$5
)36
/$%,26 0½6 '(),1,'26
(=>E=H U @AHEJA=@KN ?KJ AH ?KHKN AT=?PK LHE?=?EäJ LNA?EO= /DELDO 'HOLQHDGRU J R] 9DORUL]DGR HQ 86
.+/ !((!
+. ( /! 1 0%+*
&yG
&yG
$!..5 ( //
!.!6 !!,
+""!! /3!!0
&yG
&yG
&yG
)bTEI= OQ=RE@=@ ?=>=@K HEOK AHE?EKOK O=>KN U =NKI=
.! /1,.!)!
.+/ * 5 &yG
&yG
86
/DELDO GHOLQHDGRU FHUH]D GHHS
/$%,26 &21 7(;785$ 68$9( "1 /% /! 1 0+. &yG
/DELDO XOWUD VXDYL]DQWH J R] 9DORUL]DGR HQ 86
86
.+&+ ,.+2+ %¨* &yG
.+/ +-1!0
)$&725 '( 3527(&&,Ã&#x201E;1 62/$5
)36
.+/ %*0.%# &yG
.+&+ 2%2 6
&yG
&yG
.+/ + )¡#% +
) ..¨* 0!*0 %¨*
&yG
) ..¨* +0+_+ &yG
&yG
"1 /% " *0 /¤ &yG
/DELDO XOWUD VXDYL]DQWH URMR SURYRFDFLyQ
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
/22. &2/25
&2/25 ,17(162 325 08&+2 0½6 7,(032
'( '(6&8(172
/DELDO ODUJD GXUDFLyQ URMR ILHVWD "1 /% !(%.%+
KHKN MQA OA =@DEANA LKN IbO PEAILK 0ATPQN= OQ=RA
&yG
#. * 0! $%
.+&+ "%!/0
&yG
&yG
) ..¨* ) « &yG
/DELDO GH ODUJD GXUDFLyQ J R] 9DORUL]DGR HQ 86
86
.+/ "%+.!((! &yG )$&725 '( 3527(&&,Ã&#x201E;1 62/$5
) ..¨* 1.#1* 5
2%*+ !/!+
2%+(!0 " /$%+*
&yG
&yG
&yG
.+&+ /!45
.+/ /! 1 %¨*
&yG
&yG
)36
"1 /% 0!*0 %¨*
"1 /% !1"+.%
&yG
&yG
"1 /% /1 (%)! &yG
2%*+ +1-1!0 &yG
.+&+ , /%¨* &yG
) ..¨* " * 0%
* 01. ( 1*!
) ..¨* $ 2 *
&yG
&yG
&yG
)bO DE@N=P=@KO IbO HEJ@KO
/$%,26 0½6 +,'5$7$'26
1JKO H=>EKO DéIA@KO OKJ OEAILNA IbO LNKRK?=PER=O
$E@N=P=?EäJ ATPNAI= LKN DKN=O UQ@= = MQA PQO H=>EKO NA?QLANAJ AH JERAH @A =CQ= MQA JA?AOEP=J /DELDO KLGUDWDQWH H[WUHPR J R] 9DORUL]DGR HQ 86
86
/DELDO KLGUDWDQWH H[WUHPR URMR OXMXULD RFWHWR FODVVLF JROGHQ GHOLQHDGRU QHJUR \ PiVFDUD D SUXHED GH DJXD QHJUR
)$&725 '( 3527(&&,Ã&#x201E;1 62/$5
)36
!.!6 $! $%6+ &yG
"1 /% 10%2 *0! &yG
.+/ .+)¡*0% &yG
.+&+ (1&1.% &yG
"^ )+ &yG
.+/ !* *0+ &yG
.+&+ %*0.%# *0!
.+/ %2
"1 /% #( )
.+/ !/,(!* +.
&yG
&yG
&yG
&yG
)+. + * . *& !41 !. *0! ,.%) 2!. &yG
) #!*0 0. 2%!/ &yG
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
&yG
) ..¨* #( )+1. &yG
.+&+ !/!+ &yG
+. ( $% &yG
+.#+_ /!45
#. * 0! /! 1 0+.
&yG
&yG
5RVD GLYLQD
)XFVLD IDQF\
/22. &2/25
* . *& 2%2 6 &yG
'( '(6&8(172 (1 /$%,$/ (1 %$55$ 0½;,02 &2/25
) #!*0 0.!2% &yG
.+&+ )+. &yG
0DUUyQ FiOLGR
5RVDGR WHQWDFLyQ &yG
.+&+ $!..5 &yG
0DJHQWD DWUHYLGD
5RMR FKHUU\
2%*+ #( )+1. &yG
%JPAJOKO
?KIK PQO >AOKO
) ..¨* ¡(% + &yG
(=>EKO = PK@K ?KHKN LNKRK?=PERKO A ENNAOEOPE>HAO
.+/ %2%* &yG
KHKN EJPAJOK @AO@A H= LNEIAN= =LHE?=?EäJ KHKNAO RE>N=JPAO /Q=RA =LHE?=?EäJ
+. ( /$%*! &yG
/DELDO HQ EDUUD Pi[LPR FRORU J R] 9DORUL]DGR HQ 86
86
"1 /% " * 5 &yG
/DELDO FODVVLF FRORU SLPLHQWD FDOLHQWH GHOLQHDGRU OtTXLGR DFDEDGR SURIHVLRQDO QHJUR \ FXDUWHWR GH VRPEUDV URVD LOOXVLRQ
KHKNAO MQA OEAILNA R=J ?KJPECK $=U ?KHKNAO MQA OEAILNA MQA@=NbJ >EAJ AJ PQO H=>EKO
LKNMQA QJ ?HbOE?K JQJ?= PA B=HH=
KHKNAO MQA ?KI>EJ=J ?KJ PK@K PQ HKKG PQ bJEIK
KJ REP=IEJ= ! =?AEPAO RACAP=HAO U ?AN=O
/DELDO FODVVLF FRORU J R] 9DORUL]DGR HQ 86
86
'( '(6&8(172 (1 /$%,$/ &/$66,& &2/25
0!.. /!.!*!
.+*6! $ .)
&yG
&yG
".!/ )+)!*0
.+&+ .0%/0
&yG
&yG
.+/ #(+3 "1 /% + !
&yG
,%)%!*0 (%!*0!
&yG
&yG
$!..5 .! ) &yG
#1%* 0.!* 5 1. 6*+ %) #%*!
&yG
&yG
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
.+/ /+"0 &yG
/22. &2/25
z QO?=O H= IAFKN ?KI>EJ=?EäJ &QAC= ?KJ ?KHKNAO MQA Oß K Oß PA MQA@=NbJ @A HQFK
(%( !)+0%+* &yG
EOPNE>Q?EäJ E@A=H @A PKJKO "äNIQH= NAJKR=@= =DKN= ?KJ I=UKN ?=NC= @A ?KHKN U IbO =@DANAJ?E= LHE?=?EäJ QJEBKNIA )K@ANJK AOPQ?DA &XDUWHWR GH VRPEUDV J R] 9DORUL]DGR HQ 86
86
OLOD HPRWLRQ
61( + ! *
2%*+ /3!!0
!/)!. ( (14
.+/ $%
61( #+( !*
#. * 0! + !
2!. ! &1*#(!
&yG
&yG
&yG
&yG
&yG
&yG
&yG
(%( !)+0%+*
.+/ %((1/%+*
.+/ 2%*0 #!
,( 0 .+* !
01.-1!/ !/%#*
)+. + , //%+*
) ..¨* ( //%
&yG
&yG
&yG
&yG
&yG
&yG
&yG
+(+. /5),$+*5 &yG
.!* /'5 &yG
( //% #+( !* &yG
.+) *0% +(+./ &yG
+0+_+ $% &yG
!1"+.% (1!/ &yG
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
)bO Bb?EH @A ?KI>EJ=N
{EILKOE>HAÎ
78 2)(57$ (675(//$
AO?Q>NA HKO JQARKO ?KHKNAO @A HKO K?PAPKO @A OKI>N=O PKJKO LANBA?P=IAJPA ?KI>EJ=@KO L=N= HKCN=N ?EAJPKO @A HKKGO
+(+. /5),$+*5 &yG
7RQRV ,OXPLQDGRUHV
*QARKO PKJKO OéLAN ?KI>EJ=>HAO 2=NEA@=@ @A ?KI>EJ=?EKJAO 2FWHWR GH VRPEUDV J R] 9DORUL]DGR HQ 86
86 7RQRV 0HGLRV
7RQRV 3URIXQGL]DGRUHV
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
&yG
.+&+ 2% . *0!
&yG
.1 ¤ %*0!*/+
&yG
.+&+ /!*/1 (
&yG
+. ( 0.+,% (
&yG
.+/ 2% . *0!
&yG
) #!*0 2% . *0!
&yG
.+/ /!
&yG
.+/ .+) * !
&yG
/ ()¨* !/0!(( *0!
&yG
+ .! )¤/0% +
&yG
"^ )%!(
&yG
.+/ ,.%) 2!.
&yG
1. 6*+ .! )
&yG
.+/ ,.%) 2!.
&yG
+. + %2%*+
&yG
$ ), #*! # (
&yG
( * + ) ."%(
"AOPER=H @A ?KHKN
0QO I=JKO IQ?DK IbO =HACNAO U @ERANPE@=O ?KJ HKO ?KHKNAO MQA AOPbJ @A IK@=
&yG
#.%/ #( )
&yG
". ) 1!/ %(1/%¨*
&yG
"1 /% 0.!2%
&yG
61( )¤/0% + &yG
(%( )¡#% +
&yG
+.#+_ .! (
&yG
.+/ + .* 2 (
&yG
&yG
&yG
%DVH IRUWDOHFHGRUD SDUD XxDV PO IO R] &yG
9DORUL]DGR HQ 86
&yG
*!#.+ +/ +
&yG
+ + #+(+/
&yG
!.+ $%
&yG
2!. ! /1*01+/+
&yG
,«.,1. , /%¨*
&yG
)+. + "%!/0
&yG
12 /! 1 0+.
$1)+ 0+.* /+(
&yG
86 / *#.! ( 0%*
&yG
&yG
86 12 !.*!0
3URWHJH \ IRUWDOHFH WXV XxDV GiQGROHV XQD PHMRU DSDULHQFLD
&yG
.+/ !*/1!_+
(VPDOWH SURIHVLRQDO HQ SDUD XxDV PO IO R] 9DORUL]DGR HQ 86
&yG
& ! +.%!*0 (
.+/ .+) * !
0i[LPR EULOOR QXWUH PD\RU GXUDFLyQ VHFDGR UiSLGR DSOLFDFLyQ XQLIRUPH \ EURFKD SURIHVLRQDO
%.1!( %*0!*/+
&yG
'( '(6&8(172
,( 0 (14!
* . *& .1)
0iVFDUD HIHFWR PD\RU YROXPHQ QHJUR
!TLNÛO=PA ?KJ H= IEN=@= !HECA PQ IbO?=N= U @AF= MQA PQO LAOP=ã=O D=>HAJ LKN Oß OKH=O
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
(63(&,$/ '( 0½6&$5$6
'( '(6&8(172
$ 358(%$ '(
$*8$
$ 358(%$ '(
$*8$
86
86
86
86
86
$ 358(%$ '(
$*8$
86
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
(63(&,$/ '( 0½6&$5$6
'( '(6&8(172
$ 358(%$ '(
$*8$
$ 358(%$ '(
$*8$
$ 358(%$ '(
$*8$
0iVFDUD GH VHFUHWRV GH VHQVXDOLGDG QHJUR GHOLQHDGRU Pi[LPD GXUDFLyQ QHJUR
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
(63(&,$/ '( 0½6&$5$6
'( '(6&8(172
35202&,Ã&#x201E;1 5L]DGRU SDUD SHVWDxDV
D VROR 86 9DORUL]DGR HQ 86
&yG 3RU OD FRPSUD GH OD PiVFDUD VHFUHWRV GH VHQVXDOLGDG
$ 358(%$ '(
$*8$
)bTEI= ATPAJOEäJ U ?QNR= "EF= AH ?KHKN LKN IQ?DK IbO PEAILK KHKN EJPAJOK 0iVFDUD SDUD SHVWDxDV VHFUHWRV GH VHQVXDOLGDG J R] 9DORUL]DGR HQ 86
86
*!#.+ ) ..¨* %*0!*/+ &yG
*!#.+ %*0!*/+
) ..¨* %*0!*/+
&yG
&yG
!H PN=VK MQA I=N?= H= @EBANAJ?E= 0EAJAO HKKGO @EBANAJPAO L=N= HQ?EN >AHH= z QbH QO=NbO DKU
$ 358(%$ '(
$*8$
3ODWD VSDUN
*!#.+ /, .' &yG
3XQWD SOXPyQ &RQVLJXH XQD PLUDGD H[SUHVLYD FRQ XQ VROR WUD]R
*ULV SODWD
'HOLQHDGRU OtTXLGR GH IiFLO DSOLFDFLyQ PO IO R] 9DORUL]DGR HQ 86 0+*+/ #(%00!.
,( 0 /, .'
) ..¨* /, .'
&yG
&yG
61( /, .'
*!#.+ /, .'
&yG
&yG
61( /!*/%0%2! &yG
#.%/ ,( 0 &yG
)+. + #( )+1.
2!. ! 1 6
2%+(!0 )%/0!.%+
*!#.+ !40.!)+
&yG
&yG
&yG
&yG
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
+. + !* *0+ &yG
) ..¨* +0+_+ &yG
35202&,Ã&#x201E;1 'HOLQHDGRUHV OtTXLGRV D VROR
*!#.+ /, .' &yG
86
3RU OD FRPSUD GH XQ SURGXFWR GH OD SiJ D OD
$ 358(%$ '(
$*8$
3ODWD VSDUN
*ULV SODWD
3XQWD SLQFHO 'DOH D WX PLUDGD XQ ORRN VR´ VWLFDGR FRQ DFDEDGR H[WUD ´ QR
'HOLQHDGRU OtTXLGR GH DFDEDGR SURIHVLRQDO PO IO R] 9DORUL]DGR HQ 86 0+*+/ #(%00!.
) ..+* +0+_+
+. + !* *0+
&yG
&yG
*!#.+ !40.!)+ &yG
2%+(!0 )%/0!.%+
2!. ! 1 6
)+. + #( )+1.
&yG
&yG
&yG
#.%/ ,( 0 &yG
61( /!*/%0%2!
*!#.+ /, .'
61( /, .'
) ..¨* /, .'
,( 0 /, .'
&yG
&yG
&yG
&yG
&yG
3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN
5XERU FRPSDFWR HIHFWR JHPDV \ PLQHUDOHV iPEDU
z0A CQOP= ?äIK AOPb IE LEAH .=@E=JPA U HEOP= L=N= AH I=MQEHH=FA
.1 ¤ &yG
5XERU FRPSDFWR HIHFWR JHPDV \ PLQHUDOHV J R] 9DORUL]DGR HQ 86
6H DGKLHUH D WX SLHO FRQ XQD WH[WXUD VXDYH \ VHGRVD FRQWUROD HO EULOOR
86
)+ &yG
#. * 0! .+/!
1 .6+ .+/
&yG
&yG
+. (
¡) .
&yG
&yG
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
/22. &2/25
$\XGDQ D GDU XQ DFDEDGR XQLIRUPH \ SDUHMR GH ORV SROYRV
*5$7,6 %URFKD SDUD SROYRV
%URFKD SDUD 3ROYRV
SRU OD FRPSUD GH ORV SROYRV VXHOWRV
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
3ROYRV VXHOWRV SDUD URVWUR SLHO GH VHGD J R] 9DORUL]DGR HQ 86
86
%URFKD SDUD 5XERU &yG
0. */(« % +/ &yG
'( '(6&8(172 (1 32/926 68(/726 3$5$ 526752 3,(/ '( 6('$
9DORUL]DGR HQ 86
86
$SOtFD HO UXERU FRQ XQ DFDEDGR XQLIRUPH \ QDWXUDO
'HMD WX FXWLV HQYLGLDEOHPHQWH VXDYH FRQWUROD HO EULOOR \ ´ MD PHMRU HO PDTXLOODMH
)$&725 '( 3527(&&,Ã&#x201E;1 62/$5
)36
0!.. +0 &yG
)$&725 '( 3527(&&,Ã&#x201E;1 62/$5
)$&725 '( 3527(&&,Ã&#x201E;1 62/$5
)36
)36
)$&725 '( 3527(&&,Ã&#x201E;1 62/$5
)36
$E@N=P= U NABNAO?= PQ LEAH 1JEBKNIEV= AH PKJK @A PQ ?QPEO %DVH GH PDTXLOODMH URVWUR KLGUDWDGR J R] 9DORUL]DGR HQ 86
86
KNNECA EILANBA??EKJAO Q>NA U AIL=NAF= KJPNKH= AH >NEHHK U BEF= AH I=MQEHH=FA
$E@N=P= U JQPNA Q>NA EILANBA??EKJAO
%DVH GH PDTXLOODMH SDUD URVWUR HQ SUR J R] 9DORUL]DGR HQ 86
%DVH GH PDTXLOODMH KLGUR QXWULWLYD PO IO R] 9DORUL]DGR HQ 86
86
86
.+/
.+/
.+/
!%#!
.+/
.+/
.+/
!%#!
.+/
.+/
.+/
!%#!
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
.+/
.+/
.+/
!%#!
.+/
.+/
.+/
!%#!
.+/
.+/
.+/
!%#!
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
*5$7,6 %URFKD SDUD EDVH *UDWLV SRU OD FRPSUD GH %DVH +LGURQXWULWLYD 9DORUL]DGR HQ 86
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
0+""!! /$%*! &yG
/22. &2/25
.+&+ /$%*! &yG
, . %/! + ! * &yG
2%+(!0 /$%*!
". ) 1!/ /$%*!
&yG
&yG
".!/ /$%*!
0!.. +*"+.0
&yG
&yG
AHHAV= J=PQN=H (KO EJCNA@EAJPAO J=PQN=HAO @A !VAJOE ?QE@=J PQ LEAH U LNAREAJAJ MQA OA NAOAMQA
+. (%*! &yG
3ROYRV FRPSDFWRV SDUD URVWUR J R] 9DORUL]DGR HQ 86
86
%ULOOR ODELDO PO IO R] 9DORUL]DGR HQ 86
86
'( '(6&8(172 (1 32/926 &203$&726 3$5$ 526752
(VWXFKH GH VRPEUDV J R] 9DORUL]DGR HQ 86
)%!( &yG
86
)%!( &yG
&
* 01.! !* $ *0 &yG
0i[LPD DGKHUHQFLD GH FRORU \ WH[WXUD H[WUD VHGRVD
0i[LPD GXUDFLyQ \ FRORU 3URWHJH WXV SiUSDGRV
4XLQWHWR GH VRPEUDV SURIHVLRQDO J R] 9DORUL]DGR HQ 86
86
V
61( )5/0!.5
(%( .+) *0%
+.+ ) #*!0%
)+ " /$%+*
&yG
&yG
&yG
&yG
,1.,(! .0%/0%
-1 ,!.) *!*0
#( )+1. ( '
"!/0%2 ( #+(
&yG
&yG
&yG
&yG
'HOLQHDGRU SDUD RMRV GH Pi[LPD GXUDFLyQ J R] 9DORUL]DGR HQ 86
86
)+. + ,.+"1* +
%.1!( !* *0+
61( 6 "%.+
&yG
&yG
&yG
2!. ! +0+_+
*!#.+ ^ *+
) ..¨* *+# (
&yG
&yG
&yG
(YDOXDFLyQ VHQVRULDO GH GXUDFLyQ UHDOL]DGD EDMR FRQGLFLRQHV GH ODERUDWRULR
SURPRFLyQ 'HOLQHDGRUHV /tTXLGRV \ (VWXFKH 9DQJXDUG SiJ \
&yG
) ..¨* 2% . *0!
&yG
&yG
7212
, /! . + yG
01.-1!/ )!0¡(% +
18(92
*# (+ .+
&yG
+.+ #( )+1.
9LHQH FRQ LQVWUXFFLRQHV SDUD PDTXLOODUWH
,( 0 . % *0!
6LVWHPD UHWUiFWLO
KHKN EJPAJOK DKN=O @A DKN=O /E PQ OAJOQ=HE@=@ JK PEAJA HßIEPAO PQ I=MQEHH=FA P=ILK?K
/DELDO GH Pi[LPD GXUDFLyQ J R] 9DORUL]DGR HQ 86
86
K
&yG
+
$+ +( 0! / 0¤*
&yG
&yG
.+/ + *1 ! &yG
2%*+ $%
&yG
2%*+ #+( !*
&yG
)+. + *%#$0
$+ +( 0! , //%+*
&yG
"1 /% !4,.!//
&yG
.+&+ /! 1 0+.
&yG
&yG
.+&+ !40. 2 # *6
'( '(6&8(172
V
4XLQWHWR GH VRPEUDV QDWXUH HQFKDQW \ ODELDO Pi[LPD GXUDFLyQ URMR VHGXFWHU
'( '85$&,Ä1
0QO H=>EKO OA RANbJ OAJOQ=HAO D=OP= LKN DKN=O
2%*+ !(%//
/ ()¨* 3+* !.
.+/ (%#$0
$+ +( 0! %*0!*/!
.+&+ , //%+*
&yG
&yG
&yG
&yG
&yG
35202&,Ã&#x201E;1 ,1683(5$%/( /DELDO '~R 7DWRR D VROR
86
K
V
'( '85$&,Ã&#x201E;1
"EF= AH ?KHKN AJ @KO L=OKO ,NKPACA PQO H=>EKO (KO DQIA?P= U =?KJ@E?EKJ=
"1 /% $+0
%.1!( !/%.!
&yG
&yG
3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN
/DELDO G~R WDWWRR PO J IO R] R] 9DORUL]DGR HQ 86
3DVR &RORU
.+/ )%/0!.5
,%)%!*0 (%!*0!
&yG
&yG
V
3DVR %ULOOR
(YDOXDFLyQ VHQVRULDO GH GXUDFLyQ UHDOL]DGD EDMR FRQGLFLRQHV GH ODERUDWRULR
.+/ .! ) &yG
Llegó el día con el que tanto soñaste ¡Y lo tienes todo! El vestido perfecto, el peinado ideal... Solo te faltan unos hermosos accesorios para convertirte en la novia más linda de todas.
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
$&&(625,26 (67,/2
(Q EDxR GH RUR FRQ SHUODV FUHPD FULVWDOHV \ SLHGUDV IDFHWDGDV WUDQVO~FLGDV
'( '(6&8(172
18(9$ &2/(&&,Ã&#x201E;1 '$00$ &ROODU /DUJR UHJXODEOH D FP 0HGLGDV GHO GLMH [ FP
$UHWHV /DUJR [ FP
&yG
9DORUL]DGR HQ 86 &yG 9DORUL]DGR HQ 86 86
9DORUL]DGR HQ 86
86
18(675$ %,-287(5,( (6
/,%5( '( 3/202
&yG
$UHWHV ODUJRV /DUJR [ FP &yG
3XOVHUD (OiVWLFD /DUJR DSUR[ FP
86
$QLOOR 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG 9HU SUREDGRU HQ OD SiJ
9DORUL]DGR HQ 86
86
9DORUL]DGR HQ 86
86
Para ese momento donde cada detalle cuenta...
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
/$ &2035$
723 &ROHFFLyQ HQ EDxR GH SODWD \ EDxR GH RUR FRQ FULVWDOHV WUDQVO~FLGRV
18(9$ &2/(&&,Ã&#x201E;1 025(0, $UHWHV ODUJRV &ROODU /DUJR UHJXODEOH D FP 0HGLGDV DSUR[LPDGDV 0HGLGDV GHO GLMH [ FP [ FP &yG
9DORUL]DGR HQ 86
86
$QLOOR
7DOOD &yG 7DOOD &yG &yG 7DOOD &yG 9DORUL]DGR HQ 86 7DOOD &yG
86
9HU SUREDGRU HQ OD SiJ
9DORUL]DGR HQ 86
86 18(675$ %,-287(5,( (6
/,%5( '( 3/202
(Q EDxR GH SODWD \ RUR FRQ HVPDOWH SLQWDGR D PDQR FRORU FUHPD \ ´ QRV FULVWDOHV WUDQVO~FLGRV
'( '(6&8(172 (1 $5(7(6 /$5*26 -$60,1(
&2/(&&,Ã&#x201E;1 -$60,1( &ROODU /DUJR UHJXODEOH D FP
$UHWHV ODUJRV /DUJR FP
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
&yG
86
3XOVHUD /DUJR UHJXODEOH D FP &yG
9DORUL]DGR HQ 86
86
$QLOOR 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG 9HU SUREDGRU HQ OD SiJ
86
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
$&&(625,26 (67,/2
(Q EDxR GH SODWD FRQ FULVWDOHV WUDQVO~FLGRV
Divina, perfecta... ยกesa novia serรกs tรบ!
'( '(6&8(172 (1 $5(7(6 /$5*26 ',9,1(
&2/(&&,ร 1 ',9,1( &ROODU /DUJR UHJXODEOH D FP
3XOVHUD /DUJR UHJXODEOH D FP
&yG
&yG
86
86
$QLOOR 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG
$UHWHV ODUJRV /DUJR FP &yG
9DORUL]DGR HQ 86
86
9HU SUREDGRU HQ OD SiJ
9DORUL]DGR HQ 86 18(675$ %,-287(5,( (6
86
/,%5( '( 3/202
$QLOOR $PRU (WHUQR 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG 9HU SUREDGRU HQ OD SiJ
9DORUL]DGR HQ 86
86
$QLOOR $PRU (WHUQR 3UHFLRVR DQLOOR GH FRPSURPLVR HQ SODWD FRQ FLUFyQ WUDQVO~FLGR ´ QRV FDODGRV \ PHQVDMH GH DPRU HQ OD SDUWH LQWHUQD
3/$7$
&RQ FLUFyQ
(VWXFKH /HEDQ
(VWXFKH )LQHVW
,QFOX\H SDUHV GH DUHWHV HQ EDxR GH RUR \ SODWD
,QFOX\H DQLOORV HQ EDxR GH RUR \ SODWD FRQ SHUOD \ FULVWDOHV
&yG
7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG
9DORUL]DGR HQ 86
86
9HU SUREDGRU HQ OD SiJ
9DORUL]DGR HQ 86
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
86
78 2)(57$ (675(//$
18(9$ &2/(&&,Ã&#x201E;1 /8;85< (Q EDxR GH RUR \ EDxR GH SODWD FRQ WH[WXUDV GH DOWD MR\HUtD \ ILQRV FULVWDOHV WUDQVO~FLGRV (VWXFKH GH FROODU \ DUHWHV /DUJR UHJXODEOH GHO FROODU D FP 0HGLGDV GHO GLMH [ FP
$QLOOR (Q EDxR GH RUR 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG
(Q EDxR GH SODWD
(Q EDxR GH SODWD
7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG
&yG
9HU SUREDGRU HQ OD SiJ
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
(Q EDxR GH RUR &yG
86 F X 86 F X
&RQ FLUFyQ
18(675$ %,-287(5,( (6
/,%5( '( 3/202
(Q EDxR SODWHDGR FRQ FULVWDOHV WUDQVO~FLGRV \ SLHGUDV QHJUDV
'( '(6&8(172 (1 $5(7(6 %$55248(
&2/(&&,Ã&#x201E;1 %$55248( &ROODU /DUJR UHJXODEOH D FP 0HGLGDV GHO GLMH [ FP &yG
86
$UHWHV
3$5$ (//$
3$5$ e/
&yG
9DORUL]DGR HQ 86
86
$UHWHV ODUJRV /DUJR FP
&yG
9DORUL]DGR HQ 86
86
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
352%$'25 '( $1,//26 &RORFD XQ DQLOOR TXH XVHV VREUH HO SUREDGRU (O FtUFXOR TXH ORJUHV YHU GHQWUR GH WX DQLOOR LQGLFD WX WDOOD
$&&(625,26 (67,/2
0=J B=>QHKO=O ?KIK Pé
'( '(6&8(172 (1 &2//$5 62),67,4
AF= @A >QO?=N H=O ?KHA??EKJAO MQA IbO R=J ?KJ PQ AOPEHK AOPbJ =MQß
(Q EDxR GH SODWD FRQ FULVWDOHV \ SLHGUDV IDFHWDGDV GH FRORU D]XO
&2/(&&,Ä1 62),67,4 &ROODU /DUJR UHJXODEOH D FP 0HGLGDV GHO GLMH [ FP
3XOVHUD /DUJR UHJXODEOH D FP
$UHWHV ODUJRV /DUJR FP
&yG
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
86
&yG
86
$QLOOR 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG 9HU SUREDGRU HQ OD SiJ
86 18(675$ %,-287(5,( (6
/,%5( '( 3/202
(Q EDxR GRUDGR FRQ FULVWDOHV WUDQVO~FLGRV
'( '(6&8(172 (1 (678&+( /29(56
IKN = LNEIAN= REOP=
z0A AJ?=JPä AOP= ?KHA??EäJ %I=CßJ=PA ?Q=J@K PA H= LNQA>AO
18(92
(VWXFKH /RYHUV &ROODU \ DUHWHV /DUJR UHJXODEOH GHO FROODU D FP 0HGLGD GH ORV DUHWHV [ FP &yG
9DORUL]DGR HQ 86
86
18(926
$UHWHV ODUJRV 0HGLGDV [ FP &yG
9DORUL]DGR HQ 86
86
3XOVHUD /DUJR UHJXODEOH D FP &yG
9DORUL]DGR HQ 86
86
18(675$ %,-287(5,( (6
/,%5( '( 3/202
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
35202&,Ä1 (VWXFKH 9DQJXDUG D VyOR
86 &yG
&yG
3RU OD FRPSUD GH XQ SURGXFWR GH OD SiJ D OD
18(92 (VWXFKH 9DQJXDUG ,QFOX\H SDUHV GH DUHWHV 9DORUL]DGR HQ 86
L=NAO @A =NAPAO
{D=OP= ?KI>EJ=?EKJAO @EOPEJP=OÎ
3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN
3527(&&,Ä1 &2175$ /26 5$<26
89
18(9$6
*DIDV 9DOOHU\ SDUD GDPD 'H FRORU QHJUR FRQ SLH]DV WLSR FDUH\ \ GHWDOOHV PHWiOLFRV /XQDV GH FRORU QHJUR &yG
9DORUL]DGR HQ 86
86
7RGDV QXHVWUDV JDIDV YLHQHQ FRQ HVWXFKH
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
$&&(625,26 (67,/2
{2=IKO = @=N QJ= RQAHP=Î %JRÛJP=PA QJ IKPERK L=N= O=HEN AOPKO =??AOKNEKO PA @=NbJ AOA HKKG IK@ANJK MQA AOPbO >QO?=J@K
3527(&&,Ä1 &2175$ /26 5$<26
89
*DIDV /HRSDUG SDUD GDPD &RQ PDUFR PHWiOLFR FRORU GRUDGR %UD]RV WLSR FDUH\ HQ QHJUR \ PDUUyQ \ GHWDOOH GH SLHGUD /XQDV FRORU PDUUyQ HQ GHJUDGp &yG
9DORUL]DGR HQ 86
86
7RGRV QXHVWURV UHORMHV FXHQWDQ FRQ JDUDQWtD GH PHVHV \ YLHQHQ HQ HVWXFKH
5HORM 'DPDUDK SDUD GDPD 3LH]D FHQWUDO GH PHWDO \ FRUUHD GH FXHUR PDUUyQ &RQ Q~PHURV URPDQRV \ ILQR FULVWDO HQ OXJDU GHO
5HORM $PRUD SDUD GDPD 5HORM PHWiOLFR FRQ FULVWDOHV 'LDO URMR FRQ HIHFWR WRUQDVRODGR Q~PHURV \ GHWDOOHV HQ FRORU SODWHDGR
&yG
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
86
(VWXFKH )LQD 7UHV DQLOORV HQ EDxR GH SODWD \ RUR FRQ SHUOD \ FULVWDOHV
3XOVHUD )ORUDOLH 3XOVHUD ODUJR UHJXODEOH GH D FP
3XOVHUD $PRURXV /DUJR UHJXODEOH D FP
7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
&yG
86
9HU SUREDGRU HQ OD SiJLQD
9DORUL]DGR HQ 86
86
(Q EDxR GH SODWD FRQ SLHGUDV FRORU PRUDGR
(VWXFKH .DODQ\ 6LHWH DUHWHV HQ EDxRV GH RUR \ SODWD SLHGUDV \ GHOLFDGRV HVPDOWHV SLQWDGRV D PDQR &yG
9DORUL]DGR HQ 86
86
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
(Q EDxR SODWHDGR FRQ HVPDOWH GH FRORU URVDGR
(VWXFKH 'DPLOH SDUHV GH DUHWHV HQ EDxR GH RUR \ SODWD SHUODV SLHGUDV FULVWDOHV \ HVPDOWHV &yG
9DORUL]DGR HQ 86
86
3XOVHUD /RYHUV 'H DUR GXUR FRQ GLMH &yG
9DORUL]DGR HQ 86
86
3XOVHUD 6FDUODWWD 3XOVHUD HOiVWLFD FRQ SHUODV \ FXHQWDV GH FRORU JULV \ FUHPD &RQ GLMH FHQWUDO EDxDGR HQ SODWD FRQ GLVHxR ODEUDGR \ SHTXHxDV SHUODV &yG
9DORUL]DGR HQ 86
86
,55(6,67,%/(6
'( '(6&8(172
(VFODYD 6LULXV SDUD KRPEUH &yG
9DORUL]DGR HQ 86 (Q EDxR GRUDGR FRQ FULVWDOHV WUDQVO~FLGRV
(VWXFKH 6WHOOD &ROODU \ DUHWHV HQ EDxR SODWHDGR FRQ SLHGUDV FRORU QHJUR /DUJR UHJXODEOH GHO FROODU D FP 0HGLGD GHO GLMH [ FP &yG
9DORUL]DGR HQ 86
86
86
(Q EDxR GH SODWD FRQ HVPDOWH QHJUR
(VWXFKH ,VDGRUD (Q EDxR GRUDGR FRQ SLHGUDV FRORU URMR /DUJR UHJXODEOH GHO FROODU D FP /DUJR GHO FROJDQWH FP &yG
9DORUL]DGR HQ 86
86
'( '(6&8(172 (1 (/ 6+$0322 (1
HQ 7RGR WLSR GH FDEHOOR $XPHQWD HO EULOOR FRQ DOPHQGUDV \ IRUWDOHFH OD ´ EUD FDSLODU FRQ JHUPHQ GH WULJR
/,752
A H= J=PQN=HAV= L=N= PQ ?=>AHHK KJ HKO IAFKNAO EJCNA@EAJPAO J=PQN=HAO
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
HQ 7RGR WLSR GH FDEHOOR 6KDPSRR DFRQGLFLRQDGRU OLWUR IO R]
7RGR WLSR GH FDEHOOR &UHPD SDUD SHLQDU J R]
&yG
86
9DORUL]DGR HQ 86
&$%(//2 3,(/
$/9,(172
&yG
9DORUL]DGR HQ 86
86
7RGR WLSR GH FDEHOOR +LGUDWD SURIXQGDPHQWH \ VXDYL]D FRQ DORH YHUD DXPHQWD HO EULOOR FRQ NDULWp \ IDFLOLWD HO SHLQDGR FRQ QXH] GH PDFDGDPLD
z!OPbO AJ >QAJ= ?KIQJE?=?EäJ ?KJ PQ ?QANLK z QbJP=O RA?AO = H= OAI=J= HA @E?AO MQA HK MQEANAO 0EAJAO IQ?D=O BKNI=O @A D=?ANHK D=?AN AFAN?E?EK ?QE@=N PQO =HEIAJPKO @=NHA = PQ LEAH HKO PN=P=IEAJPKO MQA JA?AOEP= LNKPACAN PQ ?=>AHHK U D=?AN HK IEOIK LKN PK@= PQ B=IEHE= !O?Q?D= = PQ ?QANLK Ã&#x203A;H ?KJ OQ >AHHAV= PA @= H=O CN=?E=O
(= J=PQN=HAV= LEAJO= AJ CN=J@A
'( '(6&8(172
,=N= ?QE@=N PQ ?=>AHHK U AH @A PK@= PQ B=IEHE= ?KJ EJCNA@EAJPAO J=PQN=HAO
/,752
$/9,(172 6KDPSRR OLWUR IO R] &DEHOOR 6HFR &yG &DEHOOR *UDVR &yG &DEHOOR ([WUD 6HFR &yG &DEHOOR 1RUPDO &yG 9DORUL]DGR HQ 86 F X 86 F X
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
6(&2
$QIA?P= ?KJ =?AEPA @A ?K?K /Q=REV= ?KJ =CQ=?=PA
&$%(//2 3,(/ /,752
*5$62
KJPNKH= H= CN=O= ?KJ HEIäJ $QIA?P= AH ?=>AHHK ?KJ =HKA
/,752
(;75$ 6(&2
,NKPACA AH ?=>AHHK ?KJ GESE !TPN= DQIA?P=?EäJ ?KJ =?AEPA @A FKFK>=
1250$/
"KNP=HA?A AH ?=>AHHK ?KJ =RAJ= /Q=REV= ?KJ IEAH @A =>AF=
(KO IAFKNAO EJCNA@EAJPAO J=PQN=HAO HA @=J AH IAFKN ?QE@=@K = PQ ?=>AHHK !HECA H= ?KI>EJ=?EäJ LANBA?P= L=N= PQ PELK @A ?=>AHHK AJ QJ= LNb?PE?= LNAOAJP=?EäJ
D
E
1250$/
(;75$ 6(&2
F
G
*5$62
$/9,(172 6KDPSRR PO IO R] D &DEHOOR 1RUPDO &yG E &DEHOOR ([WUD 6HFR &yG F &DEHOOR *UDVR &yG G &DEHOOR 6HFR &yG 9DORUL]DGR HQ 86 F X 86 F X
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
6(&2
7RGR WLSR GH FDEHOOR 6KDPSRR HQ PO IO R] &yG
9DORUL]DGR HQ 86
86
HQ
?KJ@E?EKJ=@KNAO AH ?KILHAIAJPK LANBA?PK
D
1250$/
E
(;75$ 6(&2
$FRQGLFLRQDGRU PO IO R] D &DEHOOR 1RUPDO &yG E &DEHOOR ([WUD 6HFR &yG F &DEHOOR *UDVR &yG G &DEHOOR 6HFR &yG 9DORUL]DGR HQ 86 F X 86 F X
&$%(//2 3,(/
,NKPACAJ PQ ?=>AHHK HK @AF=J @AOAJNA@=@K U IQU Bb?EH @A LAEJ=N
'( '(6&8(172
F
G
*5$62
6(&2
/¤ K /¤ (=R=NPA AH ?=>AHHK =>NA H= DA>N= ?=LEH=N LKN AOK AO E@A=H MQA PA @AO QJ éHPEIK AJFQ=CQA ?KJ QJ ?DKNNK @A =CQ= BNß= L=N= ?ANN=N H=O AO?=I=O
QE@= PQ ?=>AHHK LKN @AJPNK U LKN BQAN=
/22. &$5(
KJ (KKG Ã&#x201C; =NA HK I=JPEAJAO O=HQ@=>HA U ?KJ H= IAFKN =L=NEAJ?E=
86 F X
RA?AO IbO >NEHH=JPA
.AL=N=?EäJ LNKBQJ@= D
6KDPSRR PO IO R] D 5HSDUDFLyQ ([WUHPD &yG E %ULOOR 0i[LPR &yG F /LVR $EVROXWR &yG G 5L]R ([WUHPR &yG 9DORUL]DGRV HQ 86 F X
D
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
E
E
$FRQGLFLRQDGRU PO IO R] D 5HSDUDFLyQ ([WUHPD &yG E %ULOOR 0i[LPR &yG F /LVR $EVROXWR &yG G 5L]R ([WUHPR &yG 9DORUL]DGRV HQ 86 F X
78 2)(57$ (675(//$
86 F X
.EVKO RA?AO IbO @AÂ&#x2DC; JE@KO
RA?AO IbO HEOK
F
F
)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ /22. &$5(
G
G
5HVXOWDGRV REWHQLGRV HQ ODERUDWRULR VREUH FDEHOOR QDWXUDO DSOLFDQGR OD UXWLQD FRPSOHWD /RRN &DUH YV VKDPSRR VLQ DJHQWHV DFRQGLFLRQDGRUHV
/LPSLD \ DFRQGLFLRQD D OD YH]
QE@= PQ ?=>AHHK AJ IAJKO PEAILK 9,7$/ 'XDFWLRQ HQ 6KDPSRR DFRQGLFLRQDGRU OLWUR IO R] &yG
9DORUL]DGR HQ 86
86
&DVSD &RQWURO HQ 6KDPSRR DFRQGLFLRQDGRU PO IO R] &yG
9DORUL]DGR HQ 86
86
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
&RPEDWH OD FDVSD FRQ 3LULWLRQDWR GH =LQF \ DORH
KILHAIAJP= AH H=R=@K ?KJ PK@K HK MQA JA?AOEP= L=N= OQ IAFKN =L=NEAJ?E=
&$%(//2 3,(/
)bO MQA HEILEK PQ ?=>AHHK HQ?A AOLA?P=?QH=N
&8$/48,(5$ $ 62/2
86 3RU OD FRPSUD GH XQ SURGXFWR GH /RRN DQG &DUH
,QWHQVL´ FD WX ODFHDGR \ SHUPLWH XQ SHLQDGR PiV SURIHVLRQDO
'H´ QH WXV UL]RV \ SHUPLWH XQ SHLQDGR PiV SURIHVLRQDO
5HVWDXUD WX FDEHOOR GHO GDxR SURYRFDGRV SRU TXtPLFRV VHFDGRUD SODQFKD \ WLQWHV
/22. &$5( 5HSDUDFLyQ ([WUHPD 0DVFDULOOD GREOH UHSDUDFLyQ QRFWXUQD PO IO R]
/LVR $EVROXWR &UHPD SDUD SHLQDU PO IO R]
5L]R ([WUHPR &UHPD SDUD SHLQDU PO IO R]
&yG
&yG
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
EOBNQP= @A QJ= LEAH BNAO?= U LANBQI=@= AJ OACQJ@KO 1O= PQ P=H?K LANBQI=@K B=RKNEPK @E=NEI=JPA U JKP=NbO H= @EBANAJ?E= AJ PQ LEAH
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
&yG
&yG
&yG
&yG
&yG
&$%(//2 3,(/
7DOFRV SHUIXPDGRV /Q=REV=J H= LEAH J R] (= LANBQI=J ?KJ PQ 9DORUL]DGRV HQ 86 F X BN=C=J?E= LNABANE@= 86 F X
&yG
&yG
&yG
&yG
&yG
&yG
/ACQNE@=@ U LNKPA??EäJ KI>=PAJ H= PN=JOLEN=?EäJ U REAJAJ ?KJ AH =NKI= @A PQ BN=C=J?E= B=RKNEP=
&yG
&yG
&yG
&yG
&yG
SDUD HOOD
3URWHJHQ GHO PDO RORU H LQWHQVL´ FDQ WX IUDJDQFLD IDYRULWD
&yG
&yG
&yG
'HVRGRUDQWHV UROO RQ PO IO R] 9DORUL]DGRV HQ 86 F X 86 F X
&yG
&yG
&yG
&yG
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&$%(//2 3,(/
&yG
&yG
SDUD pO
&yG
&yG
&yG
&yG
&yG
&yG
&yG
XQLVH[
&yG
&yG
&yG
&yG &yG
18(92
$=OP= DKN=O OEJ N=OPNK @A PN=JOLEN=?EäJ )bTEI= LNKPA??EäJ MQA PA I=JPEAJA OA?= U HE>NA @AH I=H KHKN
8QLVH[ &RQ IUDJDQFLD QHXWUD
727$/ 6(& 'HVRGRUDQWH DQWLWUDQVSLUDQWH UROO RQ VLQ DOFRKRO PO IO R] 8QLVH[ &yG +RPEUH &yG 0XMHU &yG 9DORUL]DGR HQ 86 F X 86 F X
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
3DUD pO &RQ UHIUHVFDQWH IUDJDQFLD PDVFXOLQD
3DUD HOOD &RQ GHOLFDGR DURPD µ RUDO
K '('85$&,Ã&#x201E;1
&$%(//2 3,(/
0QO I=JKO D=?AJ P=JPK LKN PE MQA IANA?AJ QJ ?QE@=@K AOLA?E=H Qß@=H=O @E=NE=IAJPA U Hé?AH=O OQ=RAO U DANIKO=O
0DQRV 8xDV 3HUIHFWDV &UHPD PXOWLDFWLYD SDUD PDQRV J R] &yG
9DORUL]DGR HQ 86
86
6XDYL]D WXV PDQRV \ D\XGD D IRUWDOHFHU WXV XxDV FRQ YLWDPLQDV $ ( NHUDWLQD \ FDOFLR
'( '(6&8(172
/¤ K /¤ .AIKF= PQO I=JKO AJ =CQ= PE>E= LKN QJKO IEJQPKO OÛ?=H=O U =LHE?= H= ?NAI= ?KJ OQ=RAO I=O=FAO D=OP= MQA OA =>OKN>=
AH ?=JO=J?EK U H=O =OLANAV=O JK MQA@=Nb JE DQAHH= ,NQA>= PK@= H= HßJA= U @EOBNQP= @A QJKO LEAO OQ=RAO BNAO?KO U NAH=F=@KO
7DOFR SDUD SLHV 'H J R]
'( '(6&8(172
&yG
9DORUL]DGR HQ 86
86
'H J R] &yG
9DORUL]DGR HQ 86
86
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
3URWHJH GH OD WUDQVSLUDFLyQ \ GHO PDO RORU SRU KRUDV
J
&yPR FRQVHJXLU XQRV SLHV VXDYHV \ IUHVFRV" 3DVR $EODQGD OD SLHO 6XPHUJH WXV SLHV HQ DJXD WLELD SRU PLQXWRV /XHJR VpFDORV
(OLPLQD LPSXUH]DV \ FpOXODV PXHUWDV &RQ FiVFDUD GH QXH] SLHGUD SyPH] \ PHQWRO
&$%(//2 3,(/
720$ 127$
3DVR ([IROLD $SOLFD OD FUHPD H[IROLDQWH \ PDVDMHD WXV SLHV FRQ PRYLPLHQWRV FLUFXODUHV /XHJR HQMXDJD \ VHFD 3DVR +XPHFWD $SOLFD OD FUHPD KXPHFWDQWH FRQ VXDYHV PDVDMHV 1R QHFHVLWDV HQMXDJDU 3DVR (OLPLQD $VSHUH]DV $SOLFD OD FUHPD SDUD DVSHUH]DV \ GHMD DFWXDU SRU XQRV PLQXWRV 1R QHFHVLWDV HQMXDJDU
6XDYL]D \ UHIUHVFD &RQ H[WUDFWR GH RUTXtGHD ODYDQGD \ PHQWRO
/À1($ 3$5$ 3,(6 &UHPD H[IROLDQWH SDUD SLHV J R] &yG
9DORUL]DGR HQ 86
86
&UHPD KXPHFWDQWH J R] &yG
9DORUL]DGR HQ 86
86
&UHPD SDUD SLHV FRQ DVSHUH]DV \ FDOORVLGDGHV J R]
(OLPLQD FDOORV \ DVSHUH]DV &RQ H[WUDFWR GH DYHQD iFLGR VDOLFtOLFR \ PHQWRO
&yG
9DORUL]DGR HQ 86
86
AF= MQA AH OKH PA @Ã&#x203A; QJ =>N=VK
EOBNQP= @AH OKH LANK LNKPÃ&#x203A;CAPA ?KJ ,ANBA?P /QJ
3URWHJH OD SLHO GH ORV UD\RV 89$ \ 89% TXH FDXVDQ HO HQYHMHFLPLHQWR SUHPDWXUR
3URWHFWRU VRODU HQ VSUD\ TXH GLVPLQX\H ORV GDxRV RFDVLRQDGRV SRU HO VRO HQ OD SLHO (V GH IiFLO DSOLFDFLyQ
3URWHJH OD GHOLFDGD SLHO GH ORV QLxRV GHO VRO (YLWD HO HQURMHFLPLHQWR H LUULWDFLyQ
3(5)(&7 681 6SUD\ 3URWHFWRU VRODU FRUSRUDO HQ VSUD\ )36 PO IO R]
3URWHFWRU VRODU URVWUR \ FXHUSR )36 3$ J R]
&yG
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
86
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
.LGV 3URWHFWRU VRODU SDUD QLxRV URVWUR \ FXHUSR )36 3$ J R] &yG
9DORUL]DGR HQ 86
86
)bTEI= DE@N=P=?EäJ AJ QJ P=I=ãK L=N= PK@= H= B=IEHE=
3DUD SLHO H[WUD VHFD +LGUDWD UHYLWDOL]D SURWHJH \ VXDYL]D FRQ PLHO GH DEHMD DYHQD \ JHUPHQ GH WULJR
&$%(//2 3,(/
1J= #. * OKHQ?EäJ L=N= H= LEAH ATPN= OA?= /,752
'( '(6&8(172
08/7,&5(0 1XWULHQWV /RFLyQ FRUSRUDO QXWULWLYD OLWUR IO R] &yG
9DORUL]DGR HQ 86
86
0AJCK QJ OA?NAPK L=N= AHEIEJ=N H= LEAH @A J=N=JF= MQ=HKPEKJ PA =UQ@= = @AF=N PQ LEAH HEO= U OEJ EILANBA??EKJAO
/,752
$OLVD OD SLHO GH QDUDQMD &RQ H[WUDFWR GH FRUDO \ DOJDV PDULQDV
$48$/27,21 3LHO /LVD /RFLyQ FRUSRUDO H[WUD KXPHFWDQWH OLWUR IO R] &yG
9DORUL]DGR HQ 86
86
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
/,752
+LGUDWD \ VXDYL]D OD SLHO &RQ UHIUHVFDQWH DURPD GH µ RU GH QDUDQMR \ OLWFKL
&$%(//2 3,(/
6XDYL]D \ KXPHFWD OD SLHO &RQ UHODMDQWH DURPD GH YDLQLOOD \ MD]PtQ
6XDYL]D \ UHYLWDOL]D OD SLHO &RQ GHOLFLRVR DURPD GH GXUD]QR \ DoDt
/,752
/,752
'( '(6&8(172
1$785$/ &$5( 9DLQLOOD -D]PtQ /RFLyQ KXPHFWDQWH FRUSRUDO OLWUR IO R] &yG
9DORUL]DGR HQ 86
86
)ORU GH 1DUDQMR /LWFKL /RFLyQ KXPHFWDQWH FRUSRUDO OLWUR IO R] &yG
9DORUL]DGR HQ 86
86
'XUD]QR $oDt /RFLyQ KXPHFWDQWH FRUSRUDO OLWUR IO R] &yG
9DORUL]DGR HQ 86
86
/,752
+XPHFWD QXWUH UHYLWDOL]D VXDYL]D GHYXHOYH OD ´ UPH]D \ D\XGD D SURWHJHU GHO PHGLR DPELHQWH
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
0Q LEAH MQA@=Nb P=J OQ=RA U DANIKO= MQA Ã&#x203A;H JK LK@Nb NAOEOPEN =?=NE?E=NPA
&$%(//2 3,(/
!OP= RAV AJ=IäN=HK Pé ?KJ NKO=O
'( '(6&8(172
+LGUDWD QXWUH VXDYL]D UHYLWDOL]D \ D\XGD D SURWHJHU WXV PDQRV $GHPiV IRUWDOHFH ODV XxDV
75,3/( $&&,Ã&#x201E;1 0$; /RFLyQ GH EHOOH]D SDUD HO FXHUSR OLWUR IO R] &yG
9DORUL]DGR HQ 86
86
/RFLyQ GH EHOOH]D SDUD HO FXHUSR PO IO R] &yG
9DORUL]DGR HQ 86
86
&UHPD GH EHOOH]D SDUD PDQRV J R] &yG
9DORUL]DGR HQ 86
86
$KU >NEHH=NbO @A ?QANLK AJPANK KO HK?EKJAO MQA @AF=J PQ LEAH OQ=RA U ?KJ @AHE?=@K >NEHHK
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
&$%(//2 3,(/ 6XDYL]D KXPHFWD WX SLHO \ GHMD XQ VHQVXDO EULOOR GRUDGR
$ 0,7$'
'( 35(&,2
6('$ 252 +XPHFWD VXDYL]D H LOXPLQD WX SLHO FRQ GHVWHOORV SHUODGRV
/RFLyQ OXPLQRVD PO IO R] &yG
9DORUL]DGR HQ 86
86
(1&$172 '( 3(5/$6 /RFLyQ OXPLQRVD PO IO R] &yG
9DORUL]DGR HQ 86
86
z QbJPKO =>N=VKO MQEANAO NA?E>EN DKU
/,752
0Q )QHPE?NAI IEHG @A OEAILNA REAJA AJ A@E?EäJ HEIEP=@= L=N= @AF=N PQ LEAH OQ=RA?EP= U PAJP=@KN=
18(92
(YDOXDFLyQ UHDOL]DGD HQ /DERUDWRULRV %HOFRUS FRQ KRPEUHV \ PXMHUHV HQWUH ORV D DxRV \ D DxRV \ HQ /DERUDWRULRV &ODLP GH $UJHQWLQD FRQ QLxRV HQWUH ORV D DxRV
35202&,Ã&#x201E;1 ,1683(5$%/(
0XOWLFUHP 0LON OLWUR HGLFLyQ HVSHFLDO D VROR
86
08/7,&5(0 3DUD OD SLHO GH WRGD OD IDPLOLD +LGUDWD SRU KRUDV FRQ SURWHtQDV GH OHFKH DORH YHUD \ YLWDPLQD %
0LON /RFLyQ FRUSRUDO KXPHFWDQWH OLWUR IO R] &yG
9DORUL]DGR HQ 86
3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN
0K@= A@=@ U PELK @A LEAH
HKA U >=NNK .E?K AJ IEJAN=HAO AH >=NNK AOPEIQH= H= ?EN?QH=?EäJ U =>OKN>A H=O EILQNAV=O IEAJPN=O MQA AH =HKA ?KJ QJ Ã&#x2019; @A =CQ= PEAJA QJ LK@AN PAN=LÃ&#x203A;QPE?K OKNLNAJ@AJPA
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
&$%(//2 3,(/
!OP= I=O?=NEHH= @A =HKA U >=NNK Oß MQA AO DE@N=P=?EäJ EJIA@E=P= -QÛ PATPQN= P=J NABNAO?=JPA
AOP= I=O?=NEHH= @AF= IE LEAH OéLAN DE@N=P=@= U IQU OQ=RA {U AJ OKHK IEJQPKOÎ
1$785$/ &$5( 0DVFDULOOD IDFLDO KLGUDWDFLyQ LQPHGLDWD J R] &yG
9DORUL]DGR HQ 86
+XPHFWD \ VXDYL]D OD SLHO GHO URVWUR GH IRUPD LQPHGLDWD FRQ EDUUR RUJiQLFR \ DORH
86
720$ 127$ $SOtFDOD R YHFHV SRU VHPDQD 3DVR $SOLFD XQD FDSD VREUH HO URVWUR OLPSLR \ GpMDOD VHFDU HQWUH \ PLQXWRV 3DVR (QMXDJD FRQ DJXD WLELD 6LHQWH FyPR WRGD WX SLHO TXHGD V~SHU VXDYH H KLGUDWDGD
'( '(6&8(172
0K@= A@=@ U PELK @A LEAH
$E@N=P=?EäJ IbTEI= AJ IE NKOPNK U KFKO (= ?NAI= I=JPEAJA IE LEAH DE@N=P=@= PK@K AH @ß= U AH CAH @AF= IEO KFKO ?KJ QJ= OAJO=?EäJ @A BNAO?QN=
1$785$/ &$5( &UHPD KLGUDWDQWH IDFLDO J R] &yG
$QWHV
9DORUL]DGR HQ 86
86
*HO UHIUHVFDQWH SDUD HO FRQWRUQR GH RMRV J R]
,ALEJK U PÛ RAN@A #N=?E=O = OQ =HPK ?KJPAJE@K @A =CQ= AH LALEJK AO QJ= BQAJPA J=PQN=H @A DE@N=P=?EäJ L=N= H= LEAH IEAJPN=O MQA AH PÛ RAN@A =UQ@= = @=NHA QJ= =L=NEAJ?E= BNAO?= U FKRAJ
&yG
9DORUL]DGR HQ 86
86
+LGUDWD WX SLHO \ D\XGD D SURWHJHUOD GH OD DSDULFLyQ GH ORV VLJQRV GH OD HGDG
'HVSXpV
+LGUDWD WXV SiUSDGRV ORV UHIUHVFD \ D\XGD D HYLWDU OD DSDULHQFLD GH EROVDV RMHUDV \ OtQHDV GH H[SUHVLyQ
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
+25$6 GH KLGUDWDFLyQ
&$%(//2 3,(/
.KO= )KOMQAP= U KJ?D= @A Jb?=N N= OAI=J=
@= OAI=J=
N= OAI=J=
?H=N=@K AJ OAI=J=O
(= ?KI>EJ=?EäJ LANBA?P= MQA =?H=N= H= LEAH @A IE NKOPNK AJ OKHK OAI=J=O H= I=JPEAJA DE@N=P=@= LKN DKN=O {U =@AIbO H= LNKPACA @AH OKHÎ
&UHPD DFODUDGRUD IDFLDO )36 J R] &yG
9DORUL]DGR HQ 86
86
'( '(6&8(172
.KO= IKOMQAP= U ?KJ?D= @A Jb?=N !H =?AEPA @A NKO= IKOMQAP= IAFKN= H= NAJKR=?EäJ @A H= LEAH U >NEJ@= OQ=RE@=@ U HQV = PQ NKOPNK ,KN OQ L=NPA H= ?KJ?D= @A Jb?=N =UQ@= = =?H=N=N AH PKJK @A PQ LEAH
)$&725 '( 3527(&&,Ä1 62/$5
)36
$FODUD OD SLHO HQ VHPDQDV \ PHMRUD VX WRQR
3UXHED GH HILFDFLD GHUPDWROyJLFD UHDOL]DGD HQ ODERUDWRULRV &ODLP FRQ PXMHUHV HQWUH \ DxRV GXUDQWH VHPDQDV XVDQGR HO SURGXFWR YHFHV DO GtD
/ECQAO REÛJ@KPA LANBA?P= #N=?E=O = .AJ=?AN %JPAJOERK H= >AHHAV= @A PQ NKOPNK OA IQAOPN= ?KIK =JPAO ?KIK OEAILNA
SURPRFLyQ 7ULSOH $FFLyQ 0D[ J SiJ
/LQHV 2XW 7UDWDPLHQWR IDFLDO FRUUHFWRU GH DUUXJDV HQ FUHPD JHO PO IO R]
%ODQF 5DGLDQFH 7UDWDPLHQWR DFODUDGRU IDFLDO HQ FUHPD )36 J R]
)LUP $FWLRQ &UHPD IDFLDO UHDILUPDQWH J R]
&yG
(\HV &RUUHFWLRQ 7UDWDPLHQWR DILUPDQWH \ FRUUHFWRU SDUD HO FRQWRUQR GH RMRV HQ FUHPD J R]
9DORUL]DGR HQ 86
&yG
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
/LPSLDGRUD WRQLILFDQWH /RFLyQ PO IO R]
9DORUL]DGR HQ 86
86
86
&yG
86
&yG
9DORUL]DGR HQ 86
86
'( '(6&8(172
/LPSLD WRQL´ FD \ UHYLWDOL]D HO FXWLV
0A R= = CQOP=N LKNMQA &RUULJH ODV DUUXJDV \ EULQGD XQ HIHFWR GH UHOOHQR
5HDYLYD OD DSDULHQFLD GH OD PLUDGD D FXDOTXLHU HGDG
(=O LQA@AO QO=N = ?Q=HMQEAN A@=@
0EAJAO QJ= L=N= ?=@= JA?AOE@=@ AOLA?ß ?=
AHE?EKO=O PATPQN=O
5HD´ UPD OD SLHO GH WX URVWUR
'LVPLQX\H OD DSDULHQFLD GH PDQFKDV \ DFODUD WX SLHO
&$%(//2 3,(/
5(1$&(5 ,17(16,92
QO?=O AH PN=P=IEAJPK IbO ?KILHAPK L=N= PQ NKOPNK 0NELHA ??EäJ )=T AO HK IbO LNb?PE?K L=N= AH ?QE@=@K @A PQ >AHHAV= U FQRAJPQ@
%(1(),&,26 '( 78 &5(0$ 3$5$ (/ &2172512 '( 2-26
%(1(),&,26 '( 78 &5(0$ '( -89(178'
%(1(),&,26 '( 78 &5(0$ '( %(//(=$
DxRV FXLGDQGR WX URVWUR
'( '(6&8(172 (1 &5(0$ 3$5$ (/ &2172512 '( 2-26
86
86
86
&$%(//2 3,(/ 3,(/ &$%(//2
AI=MQEHH=NOA AO ?QE@=N H= LEAH !HEIEJ=N EILQNAV=O U NAPEN=N AH I=MQEHH=FA =UQ@= = KTECAJ=N PQ LEAH U MQA OA NAOP=>HAV?=
/造 K /造
86
86
86
*K PK@=O H=O LEAHAO OKJ ECQ=HAO JK PK@=O H=O VKJ=O P=ILK?K 1PEHEV= QJ @AOI=MQEHH=@KN MQA NAOLKJ@= = H=O JA?AOE@=@AO @A PQ NKOPNK
%(1(),&,26 '( 78 &5(0$ '( %(//(=$
J
.AOQHP=@KO ?KILNK>=@KO
GH ODV PXMHUHV VLQWLy OD SLHO PiV KXPHFWDGD GH ODV PXMHUHV VLQWLy PHQRV LPSXUH]DV HQ OD SLHO
DxRV FXLGDQGR WX URVWUR
35202&,Ã&#x201E;1 &UHPD GH EHOOH]D
86
&yG
&UHPD GH MXYHQWXG
86 &yG
%(1(),&,26 '( 78 &5(0$ '( -89(178'
3RU OD FRPSUD GH XQ SURGXFWR GH OD SiJ D OD
J
.AOQHP=@KO ?KILNK>=@KO
GH ODV PXMHUHV VLQWLy PHMRUtD HQ OD DSDULHQFLD GH DUUXJDV GH ODV PXMHUHV SHUFLELy VX SLHO PiV FODUD
AO@A MQA J=?EOPA PA ?QE@K OKHK ?KJ HK IAFKN
/¤ K /¤ 0QO ?=NE?E=O OKJ H= LNEIAN= NAH=?EäJ MQA PEAJA PQ NA?EÃ&#x203A;J J=?E@K ?KJ AH IQJ@K LNKRA?D= AH >=ãK L=N= =?=NE?E=NHK ?KJ OQ=RE@=@
SURPRFLyQ *UD]]LD SiJ
GH D PHVHV
'( '(6&8(172
6KDPSRR )yUPXOD H[WUD VXDYH 8Q VROR SURGXFWR TXH QXWUH VXDYL]D \ SURWHJH VX SLHO \ FDEHOOR
&RORQLD 7LHUQR DURPD QDWXUDO FRQ IyUPXOD VXDYH \ YLWDPLQD ( SDUD HO UHFLpQ QDFLGR
$*Ã&#x2021; 0i[LPR &XLGDGR &RORQLD VLQ DOFRKRO OLWUR IO R]
6KDPSRR SDUD FDEHOOR \ FXHUSR OLWUR IO R]
&yG
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
86
1,f26 %(%e6
/,752
-QÃ&#x203A; KNCQHHK OEAJPK ?Q=J@K IEO =IEC=O IA @E?AJ HK HEJ@K MQA AOPb IE >A>Ã&#x203A;
GH D PHVHV
&UHPD &RQ DYHQD \ SURWHtQDV GH OHFKH 'HMD VX SLHO VXDYH \ SURWHJLGD WRGR HO GtD
$*Ã&#x2021; 0i[LPR &XLGDGR &UHPD FRUSRUDO KXPHFWDFLyQ KRUDV 'H J R]
6KDPSRR )yUPXOD H[WUD VXDYH 8Q VROR SURGXFWR TXH QXWUH VXDYL]D \ SURWHJH VX SLHO \ FDEHOOR
&yG
9DORUL]DGR HQ 86
86
'H J R] &yG
9DORUL]DGR HQ 86
86
6KDPSRR FDEHOOR \ FXHUSR PO IO R] &yG
9DORUL]DGR HQ 86
86
SURPRFLyQ *UD]]LD SiJ
$*Ã&#x2021;
35202&,Ã&#x201E;1 7DOFR %DE\ 5HOD[ J R]
D VROR 86 9DORUL]DGR HQ 86
7DOFR 3URWHJH VX SLHO FRQ IpFXODV GH PDt] DORH PDQ]DQLOOD µ RUHV GH D]DKDU \ FDQHOD
&yG SRU OD FRPSUD GH XQ SURGXFWR $J~ %DE\ 5HOD[
%DE\ 5HOD[ /RFLyQ KLGUDWDQWH SDUD PDVDMHV PO IO R]
1,f26 %(%e6
GH D PHVHV
&yG
9DORUL]DGR HQ 86
86
6KDPSRR FDEHOOR \ FXHUSR PO IO R] &yG
9DORUL]DGR HQ 86
86 /RFLyQ 'HOLFDGD FDULFLD TXH VXDYL]D VX SLHO \ OR D\XGD D GRUPLU SURIXQGDPHQWH
6KDPSRR 8Q VROR SURGXFWR TXH FXLGD VX FDEHOOR \ SLHO LGHDO SDUD HO EDxR DQWHV GH GRUPLU
&RORQLD PO IO R] &yG
9DORUL]DGR HQ 86
86
&RORQLD 7LHUQR DURPD µ RUDO FRQ QRWDV GH MD]PtQ \ YDLQLOOD TXH OR UHIUHVFD \ OR UHODMD
)A =HACN=O AH @ß= ?KJ PQO OKJNEOEP=O ?KJP=CEKO=O
/¤ K /¤ 0N=O AH >=ãK AJRQAHRA = PQ >A>Û AJ AH =NKI= @AHE?EKOK U NABNAO?=JPA @A H= ?KHKJE= Cé LNKRA?D= AH IKIAJPK L=N= D=?ANHA ?KOMQEHH=O MQA HK D=C=J OKJNAßNÎ
SURPRFLyQ *UD]]LD SiJ
6KDPSRR /H GDUi D VX FDEHOOR FODUR EULOOR \ VXDYLGDG
/,752
/,752
&RORQLD 7LHUQR DURPD FRQ µ RUHV GH PDQ]DQLOOD TXH OR GHMDUi IUHVFR \ UHODMDGR
6KDPSRR &RQ HVHQFLDV GH PLHO \ WULJR SDUD TXH WHQJD HO FDEHOOR PiV IXHUWH \ VDQR
$ 0,7$'
'( 35(&,2 $*Ã&#x2021; 6KDPSRR FRQ PDQ]DQLOOD \ DFHLWHV GH DOJRGyQ OLWUR IO R] &yG
9DORUL]DGR HQ 86
86
'H PO IO R]
&RORQLD FRQ IORUHV GH PDQ]DQLOOD OLWUR IO R]
6KDPSRR FRQ PLHO \ WULJR OLWUR IO R]
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
&yG
86
'H PO IO R]
&yG
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
86
1,f26 %(%e6
GH D PHVHV
)A AJ?=JP= ?Q=J@K IE DEF= IA @E?A MQA MQEANA OAN ?KIK UK
0,1, &+,&6 /LVD &RRO 6KDPSRR HQ PO IO R] &yG
9DORUL]DGR HQ 86
86
(Q XQ VROR SDVR VX FDEHOOR TXHGDUi OLPSLR VHGRVR \ FRQ XQ ULTXtVLPR DURPD D WXWWL IUXWWL
&DQG\ 6ZHHW /RFLyQ SDUD HO FXHUSR FRQ FKLVSLWDV PO IO R] &yG
9DORUL]DGR HQ 86
86
5XEL 'LYLQH &RORQLD FRQ FKLVSHDQWHV HVWUHOODV PO IO R] &yG
9DORUL]DGR HQ 86
86
0RGHUQR DURPD µ RUDO IUXWDO VROR SDUD FKLFDV FRRO
/¤ K /¤ /E PQ DEF= AO ?KKH U NA B=ODEKJ D=V MQA H=O AOPNAHH=O U ?DEOLEP=O @A )EJE DE?O H= D=C=J >NEHH=N AJPNA PK@=O OQO =IEC=O
SURPRFLyQ *UD]]LD SiJ
8Q DURPD GH GHOLFLRVDV µ RUHV \ IUXWDV SDUD ODV FKLFDV PiV IDVKLRQ
1,f26 %(%e6
'HVHQUHGD HO FDEHOOR OH GD XQ EULOOR IDEXORVR \ OR GHMD OLVWR SDUD ORV SHLQDGRV PiV OLQGRV
; 86
'HMD VX SLHO PX\ VXDYH FRQ XQ RORU ULTXtVLPR \ FRQ SUHFLRVRV EULOORV
&XDOTXLHU FRPELQDFLyQ HV SRVLEOH HQWUH HO GHVHQUHGDQWH OD FRORQLD .HOO\ 7HFK \ HO VKDPSRR &DQG\ \ .HOO\
'HVHQUHGDQWH 7LQD 'DQFH
&yG
&RORQLD .HOO\ 7HFK
&yG
6KDPSRR &DQG\ \ .HOO\
&yG
7LQD 'DQFH 'HVHQUHGDQWH PiJLFR PO IO R] &yG
9DORUL]DGR HQ 86
86
.HOO\ 7HFK &RORQLD FRQ FKLVSHDQWHV HVWUHOODV PO IO R] &yG
9DORUL]DGR HQ 86
86 &RQ PDQ]DQLOOD \ SURWHtQDV GH WULJR UHVDOWD HO FRORU QDWXUDO GHO FDEHOOR FODUR
&DQG\ \ .HOO\ 6KDPSRR PDQ]DQLOOD HQ PO IO R] &yG
9DORUL]DGR HQ 86
86
0Q AJANCß= AO EJ=CKP=>HA U ?=@= @ß= PEAJAO IbOÎ
/¤ K /¤ &QC=N BQAN= @A ?=O= PA =UQ@=Nb = ?KJK?AN JQARKO =IECKO ?KJ HKO MQA PA @ERANPENbO IQ?DßOEIK !JOÛã=HAO MQEÛJAO OKJ PQO OQLANDÛNKAO B=RKNEPKO HKO KI=J@K "KN?AÎ
SURPRFLyQ *UD]]LD SiJ
1,f26 %(%e6
; 86
&XDOTXLHU FRPELQDFLyQ HV SRVLEOH HQWUH 6SXPDWDN \ ;SODVK
0i[LPD HVSXPD TXH HOLPLQD WRGR UDVWUR GH VXFLHGDG HQ HO FDEHOOR
6KDPSRR 6SXPDWDN
&yG
&RORQLD ;SODVK
&yG
&20$1'2 )25&( $URPD[ &RORQLD PO IO R] &yG
5HIUHVFDQWH DURPD SDUD VXSHUKpURHV TXH GHVLQWHJUD D ORV 0XJU\[
9DORUL]DGR HQ 86
86
6SXPDWDN 6KDPSRR HQ PO IO R] &yG
9DORUL]DGR HQ 86
86 3DUDJHOL[ *HO J R] &yG
9DORUL]DGR HQ 86
86
;SODVK &RORQLD PO IO R] &yG
9DORUL]DGR HQ 86
86
3HUPLWH KDFHU ORV SHLQDGRV PiV GLYHUWLGRV \ PRGHUQRV
8Q KXUDFiQ GH IUHVFXUD FRQ DURPD D GHOLFLRVDV IUXWDV
35202&,Ä1 0RFKLOD 7UDQVIRUPHU %DJ D VROR
86 &yG
3RU OD FRPSUD GH XQ SURGXFWR GH FRPDQGR IRUFH
0RFKLOD 7UDQVIRUPHU %DJ *UDQGH \ HVSDFLRVD PRFKLOD HQ SHUIHFWD SDUD OD HVFXHOD \ FXDOTXLHU RFDVLyQ 7LHQH GRV LPiJHQHV LQWHUFDPELDEOHV GH ORV &RPDQGR )RUFH 0HGLGDV DSUR[ [ [ FP 9DORUL]DGR HQ 86
{/KJ @KO @EOAãKO AJ QJKÎ
&RQ GLVHxR LQWHUFDPELDEOH 6RQ GRV LQFUHtEOHV GLVHxRV GH WXV KpURHV HQ DFFLyQ &XDQGR TXLHUDV FDPELDUORV GHVSHJD HO SDQHO YROWpDOR \ OLVWR
SURPRFLyQ *UD]]LD SiJ
1O= HKO @AHE?EKOKO OD=ILKKO U ?KHKJE=O @A $=LLU HQ>
0DQWLHQH VX FDEHOOR OLVLWR \ VHGRVR
1,f26 %(%e6
,=N= MQA PQO ?KJOAJPE@KO AOPÛJ CQ=LßOEIKO +$33< &/8% 1XU\ *OXE\ 6KDPSRR FDEHOOR RQGXODGR HQ PO IO R] &yG
'HOIL 6SODVK 6KDPSRR FDEHOOR OLVR HQ PO IO R] 'HVHQUHGD DO Pi[LPR VX FDEHOOR RQGXODGR \ OR GHMD KHUPRVR
&yG
9DORUL]DGRV HQ 86 F X 86 F X &RFR]LxR &RORQLD SDUD QLxRV PO IO R] &yG
+LSRSRYD &RORQLD SDUD QLxDV PO IO R] &yG
9DORUL]DGDV HQ 86 F X 86 F X 6X DURPD D OLPyQ OR KDUi VHQWLUVH PX\ IUHVFR GHVSXpV GHO EDxR
6X ULFR DURPD D QDUDQMD OD YD D GHMDU ROLHQGR GHOLFLRVR
KJ OKHK QJ =??AOKNEK PA ?KJREANPAO AJ QJ= LNEJ?AO=
/¤ K /¤ ,=N= MQA PQ LAMQAã= AOPÛ OEAILNA N=@E=JPA @EHA MQA AHH= AO AOLA?E=H LKNMQA AO éJE?= 5 HQACK NACbH=HA QJ HEJ@K =??AOKNEK MQA H= D=C= HQ?EN =éJ IbO >AHH=
SURPRFLyQ *UD]]LD SiJ
&2/(&&,Ä1 67$5(//$
(Q EDxR GH RUR FRQ FULVWDOHV \ HVPDOWHV SLQWDGRV D PDQR GH FRORU PRUDGR \ WXUTXHVD
&ROODU
,QFOX\H GLMH FRQ IRUPD GH PDULSRVD \ FULVWDO FHOHVWH 0HGLGDV DSUR[ GHO GLMH FP [ FP &yG
9DORUL]DGR HQ 86
1,f26 %(%e6
18(9$
'( '(6&8(172 (1 (/ (678&+( '( $5(7(6 0$*,& *$5'(1
86 $UHWHV
&yG
9DORUL]DGR HQ 86
86
$UHWHV ODUJRV &yG
9DORUL]DGR HQ 86
86 3XOVHUD
,QFOX\H GLMH GH PDULSRVD \ FULVWDO 0HGLGDV GHO GLMH FP [ FP &yG
9DORUL]DGR HQ 86
86 18(92
(VWXFKH GH DQLOORV 3ULQFHVV
(Q EDxR GRUDGR \ SODWHDGR FRQ HVPDOWHV OLQGDV SLHGUDV \ FULVWDO WUDVO~FLGR
7UHV SDUHV GH DQLOORV FRQ IRUPDV GH SULQFHVD HVWUHOOD \ FRURQD 7DOOD UHJXODEOH &yG
9DORUL]DGR HQ 86
86
(VWXFKH GH DUHWHV 0DJLF *DUGHQ 6LHWH SDUHV GH DUHWHV V~SHU FRPELQDEOHV FRQ GLVHxRV GH IORU PRQR SLQJ LQR HVWUHOOD IXJD] \ PiV &yG
9DORUL]DGR HQ 86
86
(Q EDxR GH RUR \ SODWD FRQ HVPDOWHV GH FRORUHV \ FULVWDOHV
18(675$ %,-287(5,( (6
/,%5( '( 3/202
DURPDV /! 1 0+.!/
'( '(6&8(172
67521* 086. &RORJQH PO IO R] &yG
9DORUL]DGR HQ 86
86
(VSHFLDGR 6HGXFWRU 1RWDV GH PXVN \ EHUJDPRWD VH XQHQ HQ XQ H[FLWDQWH DURPD
e/ e/ (KO =NKI=O OKJ EILNA@A?E>HAO
(/ 25,*(1 '( /$ 3$6,Ä1 !H LK@AN @A H= OA@Q??EäJ
(= BN=C=J?E= LANBA?P= AO QJ RE=FA EJ?NAß>HA L=N= HKO OAJPE@KO HHAJK @A NKI=J?A =RAJPQN= U IEOPANEK z äIK OANb H= LNäTEI= RAV *=@EA HK O=>A (K EILKNP=JPA AO @EOBNQP=N AH IKIAJPK U D=?AN @A ?=@= OQOLENK QJ= DEOPKNE= EJKHRE@=>HA
DURPDV /! 1 0+.!/
3$5$ 72'2 81 +20%5( 72'2 81 $520$ "NAO?K EIL=?P=JPA H= IbO RENEH EJPANLNAP=?EäJ @A =?KN@AO @A I=@AN=O NQ>E=O U RAPERAN OA BQJ@AJ ?KJ NAOEJ=O J=PQN=HAO LQN=O U ?QANK L=N= HKCN=N QJ= BN=C=J?E= LKPAJPAIAJPA I=O?QHEJ=
SURPRFLyQ *UD]]LD SiJ
18(9$ 'HVRGRUDQWH UROO RQ PO IO R]
&yG
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
86
e/ e/
0$; (DX GH WRLOHWWH DWRPLVHXU PO IO R]
'( '(6&8(172
0DGHURVR 6HGXFWRU ,PSDFWDQWH \ SRGHURVD PL[WXUD GH PDGHUDV YHWLYHU \ FXHUR
)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/
(/(*,5 81$ )5$*$1&,$ $/ $=$5" -$0½6
'2 ,$ (& 3 (6
62 2 (5 $' 0
62 2 (5 ' $ 0
+( 5% $/ &À 75 ,& 2
0$'(5262
+(5%$/
&À75,&2
&À75,&2
(63(&,$'2
2 ,& 75 &À
$/ 5% +(
,9 &7 $
6('8&7 25 2 1 5 ( ' 2 0 2 $' &, 3( (6
(/( *$ 17 (
!J AH >=JE?K @A NKI=O @A ^OEG= AJ?QAJPN= OQ BN=C=J?E= E@A=H
+(5%$/
0$'(5262
(63(&,$'2
«O=HK =Oß 1>E?= QJK @A HKO CNQLKO OACéJ OQ AOPEHK !HAC=JPA )K@ANJK /A@Q?PKN K ?PERK
(QACK AHECA AH =NKI= OACéJ H= B=IEHE= KHB=PER= !OLA?E=@K )=@ANKOK $AN>=H K ßPNE?K
!OP=O OAã=HAO PA CQE=NbJ = AJ?KJPN=N AH =NKI= MQA >QO?=O AJ AH ?=PbHKCK DURPDV !(!# *0!/
,PSHULXP $]DEDN 'DULHQ 'DULHQ &ODVV
DURPDV )+ !.*+/
.DORV %ODFN +LJKZD\ &DUGLJDQ
DURPDV /! 1 0+.!/
6WURQJ 0XVN 9DQLOOD +RPEUH .DORV 7RQLJKW 9HKHPHQFH SDUD pO ,PiQHP %UDYtR 0D[ ([XV 3XOVR 6DOYDMH )RJRV
DURPDV 0%2+/
$YHQWRXU )RU]H .DORV 6SRUW $OWKHXV ,WV <RX ,WV <RX /LYH
e/ e/
'( '(6&8(172 (1 ,0½1(0 < 9$1,//$ +20%5(
86 86
DURPDV /! 1 0+.!/
(VSHFLDGR 6HGXFWRU 6HGXFWRUDV QRWDV GH SDWFKRXOL \ ViQGDOR OD FRQTXLVWDQ
(67$ 6(5½ /$ 12&+( 3(5)(&7$
)éOE?= NKIbJPE?= IEN=@=O =PNARE@=O
QJ =NKI= ENNAOEOPE>HA
.$/26 721,*+7 &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
SURPRFLyQ *UD]]LD SiJ
e/ e/
(/ '(6(2 (6 ,1&217(1,%/(
(VSHFLDGR 6HGXFWRU 1RWDV GH QXHFHV FDUGDPRPR \ PDGHUDV HQFLHQGHQ OD SDVLyQ
'( '(6&8(172 (1 9(+(0(1&( 3$5$ e/
9(+(0(1&( 3$5$ e/ &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
DURPDV /! 1 0+.!/
SURPRFLyQ *UD]]LD SiJ
81 $520$ 48( $&(/(5$ /26 /$7,'26
78 2)(57$ (675(//$
,QHOK AH OA?NAPK @A OA@Q??EäJ @A DNEOPE=J )AEAN
38/62 &+5,67,$1 0(,(5 &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86 +HUEDO 6HGXFWRU (QYROYHQWHV DFRUGHV GH FDUGDPRPR WDEDFR \ VHGXFWRU FHGUR URMR
86
)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/
+HUEDO 6HGXFWRU 9LULOHV QRWDV GH FXHUR ODYDQGD \ HVHQFLDV FtWULFDV
/$ (6(1&,$ '(/ +20%5( (= BQANV= @AH IEPK
(;86 &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
SURPRFLyQ *UD]]LD SiJ
e/ e/
(/ &$/25 '( /$ 3$6,Ã&#x201E;1
+HUEDO 6HGXFWRU 3DWFKRXOL \ FDUGDPRPR VH XQHQ HQ OD PiV LUUHVLVWLEOH HVHQFLD PDVFXOLQD
'( '(6&8(172 (1 )2*26
)2*26 (DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
DURPDV /! 1 0+.!/
+HUEDO 6HGXFWRU ,QWHQVDV QRWDV FtWULFDV \ DSDVLRQDQWH ViQGDOR \ SDWFKRXOL
)527$ $48À < 6,(17( (/ $520$ (1 78 3,(/
SURPRFLyQ *UD]]LD SiJ
/$ &2035$
e/ e/
723 6$/9$-( &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
,167,172 '( 6('8&&,Ã&#x201E;1
DURPDV )+ !.*+/
'(-$56( //(9$5 < 9,9,5 &$'$ 6(*81'2 !OK AO OAN AOLKJPbJAK AOK AO =N@EC=J
&$5',*$1 &RORJQH DWRPLVHXU PO IO R]
&yG
9DORUL]DGR HQ 86
'( '(6&8(172 (1 &$5',*$1
86
+HUEDO 0RGHUQR 2ULJLQDOHV QRWDV GH KRMDV GH PHQWD IUHVFD ODYDQGD FLSUpV \ YHWLYHU
SURPRFLyQ *UD]]LD SiJ
e/ e/
.$/26 %/$&. &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
(VSHFLDGR 0RGHUQR 0DGHUDV H[FOXVLYDV \ HVSHFLDV ~QLFDV SDUD HO KRPEUH GLVWLQJXLGR
(;&(3&,21$/ 325 ,167,172
0,67(5,26$ $75$&&,Ã&#x201E;1
SURPRFLyQ *UD]]LD SiJ
723
&yG
9DORUL]DGR HQ 86
86
(VSHFLDGR 6HGXFWRU /D LQWHQVLGDG GHO ViQGDOR \ HO FDVKPqUH VH FRPELQDQ HQ XQD IUDJDQFLD LUUHVLVWLEOH
e/ e/
/$ &2035$
,0½1(0 &RORJQH DWRPLVHXU PO IO R]
.$/26 63257 &RORJQH DWRPLVHXU PO IO R]
DURPDV 0%2+/
&yG
$520$6 3$5$ 9,9,5 /$ $&&,Ã&#x201E;1
9DORUL]DGR HQ 86
86 $/7+(86 &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
+HUEDO $FWLYR (QpUJLFDV QRWDV FtWULFDV FHGUR YHWLYHU \ PXVN
+HUEDO $FWLYR 'LQiPLFD IUHVFXUD FRQ YLJRURVDV QRWDV GH ODYDQGD )527$ $48Ã&#x20AC; < 6,(17( (/ $520$ '( $/7+(86 (1 78 3,(/
SURPRFLyQ *UD]]LD SiJ
e/ e/
'( '(6&8(172 (1 $9(17285
$9(17285 &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86
86
0DGHURVR $FWLYR %ULVDV GH OLPyQ DXVWUDOLDQR \ FHGUR LQYLWDQ D OD DYHQWXUD
18(92 7$3$%2721(6 (5$= 0HGLGDV DSUR[LPDGDV [ FP &yG
(Q EDxR GH SODWD FRQ GLVHxR WH[WXUDGR \ IUDQMD OLVD DO PHGLR
9DORUL]DGR HQ 86
86
'( '(6&8(172 (1 7$3$%2721(6 (5$=
&2/(&&,Ã&#x201E;1 +(55$-( &DGHQD /DUJR FP 0HGLGDV GHO GLMH [ FP &yG
9DORUL]DGR HQ 86
86
(VFODYD 0HGLGD DSUR[ GHO GLMH [ FP &yG
9DORUL]DGR HQ 86
86
(Q EDxR GH SODWD \ GLMH UHFWDQJXODU FRQ GLVHxR GH GRV KHUUDGXUDV
SURPRFLyQ *UD]]LD SiJ
'LMH HQ IRUPD GH KHUUDGXUD HQ EDxR GH SODWD 9LHQH FRQ GRV FROODUHV XQR HQ EDxR GH SODWD \ RWUR GH FXHUR
(Q EDxR GH SODWD \ RUR 'LMH FRQ WH[WXUD GH DOWD MR\HUtD \ FULVWDOHV QHJURV LQFUXVWDGRV
78 2)(57$ (675(//$
18(9$ &2/(&&,Ä1 /$1'(1
&DGHQD /DUJR FP 0HGLGDV GHO GLMH [ FP
(VFODYD 0HGLGD DSUR[ GHO GLMH [ FP
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
&yG
86
18(675$ %,-287(5,( (6
/,%5( '( 3/202
DURPDV /!*/1 (!/
)ORUDO 6HQVXDO $WUDFWLYD \ QDWXUDO FRPR OD SDUDGLVtDFD µ RU GH 7LDUp
)527$ $48À < 6,(17( (/ $520$ '( *5$==,$ (;27,& (1 78 3,(/
)ORUDO 5RPiQWLFD 'HOLFDGDV URVDV GH %XOJDULD UHYHODQ WX HVHQFLD IHPHQLQD
35202&,Ä1 *UD]]LD 3DUDGLVH *UD]]LD ([RWLF R *UD]]LD D VROR
86
3RU OD FRPSUD GH XQ SURGXFWR GHO FDWiORJR
*5$==,$ 3$5$',6( (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
*5$==,$ (;27,& (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
)ORUDO 6HQVXDO 0LVWHULR \ VHQVXDOLGDG HQ XQD IXVLyQ GH RUTXtGHDV \ H[yWLFDV IUXWDV
*5$==,$ (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ 86 F X
5 OE BQAN=O QJ= BHKN
z?QbH OANß=O "HKN @A 0E=NÛ KNMQß@A= ATäPE?= K NKO= @A QHC=NE=
3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN
6,(035( $75$&7,92 7UDWDPLHQWR IDFLDO PXOWLDFFLyQ &RQWUROD HO H[FHVR GH JUDVD SUHYLHQH OD DSDULFLyQ GH DUUXJDV GHO URVWUR \ UHIUHVFD OXHJR GHO DIHLWDGR
&RQWUROD OD JUDVD HQ OD ]RQD 7
/RFLyQ FDSLODU )RUWDOHFH HO FXHUR FDEHOOXGR H LQFHQWLYD HO FUHFLPLHQWR FDSLODU
e6,.$ 0(1 7UDWDPLHQWR IDFLDO PXOWLDFFLyQ HQ ORFLyQ PO IO R]
/RFLyQ IRUWDOHFLPLHQWR DQWLFDtGD PO IO R]
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
SURPRFLyQ *UD]]LD SiJ
&yG
86
&$%(//2 3,(/
'( '(6&8(172
'HVRGRUDQWH HQ VSUD\ $VHJXUD KDVWD KRUDV GH SURWHFFLyQ FRQWUD OD VXGRUDFLyQ \ HO PDO RORU &RQ DURPD D PHQWD \ PDGHUDV
&RORQLD )UHVFDV QRWDV GH EHUJDPRWD PHQWD WRURQMD \ ODYDQGD TXH UHIUHVFDQ \ UHFDUJDQ GH HQHUJtD
6KDPSRR 0i[LPD )XHU]D 5HGXFH OD FDtGD GHO FDEHOOR HQ XQ
)UHVK %RG\ VSODVK UHIUHVFDQWH PO IO R]
'HVRGRUDQWH VSUD\ PO IO R]
6KDPSRR Pi[LPD IXHU]D PO IO R]
&yG
&yG
&yG
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
9DORUL]DGR HQ 86
86
86
86
&DtGD GHO FDEHOOR SRU TXLHEUH UHVXOWDGRV D SDUWLU GH OD WD ODYDGD YV HO FRQWURO EDVDO
3527(&&,Ã&#x201E;1 &2175$ /26 5$<26
89
$SOLFDFLyQ HQ IRUPD GH FUX] EUD]RV GRUDGRV \ OXQDV PDUURQHV
*DIDV &UR[H &yG
9DORUL]DGR HQ 86
86 5HORM .DRE &yG
9DORUL]DGR HQ 86
86
7RGRV QXHVWURV UHORMHV FXHQWDQ FRQ JDUDQWtD GH PHVHV \ YLHQHQ HQ HVWXFKH
3LH]D FHQWUDO GH PHWDO SODWHDGR FRUUHD GH FXHUR PDUUyQ \ GLDO PDUUyQ FRQ HIHFWR WRUQDVRODGR
SURPRFLyQ *UD]]LD SiJ
3527(&&,Ã&#x201E;1 &2175$ /26 5$<26
e/ e/
89
'( '(6&8(172 (1 *$)$6 $867,1
0DUFR QHJUR FRQ IUDQMD VXSHULRU D]XO EUD]RV D]XOHV \ OXQDV QHJUDV
*DIDV $XVWLQ &yG
9DORUL]DGR HQ 86
86
5HORM 0RGX[ &yG
9DORUL]DGR HQ 86
86
7RGDV QXHVWUDV JDIDV YLHQHQ FRQ HVWXFKH
3LH]D FHQWUDO GH PHWDO \ FRUUHD GH FXHUR QHJUD FRQ SHVSXQWH FRORU D]XO
35(&,2 7(17$&,ร 1
Aย JA PQ >AHHAV= !H @AHEJA=@KN AO AH CN=J =HE=@K MQA JA?AOEP=O L=N= =?AJPQ=N PQ HKKG
'HOLQHDGRUHV D VROR
86
'HOLQHDGRU HQ OiSL] SDUD RMRV SDUD ODELRV SDUD FHMDV J R] 9DORUL]DGR HQ 86
2-26
2!. ! /% *!5 &yG
61( 01.-1!/ )! %0!..ยก*!+ ) #% &yG
&yG
) ..ยจ* "^
) ..ยจ* +.#+_
&yG
&yG
OJOS
(FXDGRU & +$= 78 3(','2 $ 75$9e6 '( 78 &2168/725$ 2 //$0$ *5$7,6 $/ 62026%(/&253 &$7ยฝ/2*2 9,*(17(
eVLND FRPXQLFD D VXV FOLHQWHV TXH DPERV ORJRV GH OD PDUFD HVWiQ YLJHQWHV \ SRGUi UHFLELU SURGXFWRV FRQ FXDOTXLHUD GH HOORV PDQWHQLHQGR HO PLVPR QLYHO GH FDOLGDG 6tJXHQRV HQ ZZZ HVLND EL]
ZZZ IDFHERRN FRP HVLND EHOFRUS
ZZZ \RXWXEH FRP (VLND9LGHRV
#(VLND%HOFRUS
CEJAS
,035(6,ร 1 0(752&2/25 6 $
LABIOS