0e;,&2 & 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= Oß 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 IQU AOLA?E=H
1J =NKI= P=J AHAC=JPA ?KIK Pé
(6(1&,$6 $520$6
!NAO AOLA?E=H PQ LANBQIA P=I>EÛJ
'( '(6&8(172
)527$ $48À < 6,(17( (/ $520$ (1 78 3,(/
z/AJOQ=H K NKIbJPE?K z-QÃ&#x203A; =NKI= R= IAFKN ?KJPECK
'( '(6&8(172 (1 *5$==,$ (;27,&
)ORUDO 6HQVXDO $WUDFWLYD \ QDWXUDO FRPR OD SDUDGLVtDFD µ RU GH 7LDUp
)ORUDO 5RPiQWLFD 'HOLFDGDV URVDV GH %XOJDULD UHYHODQ WX HVHQFLD IHPHQLQD
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
*5$==,$ (DX GH SDUIXP DWRPLVHXU PO IO R]
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
(6(1&,$6 $520$6
*5$==,$ (;27,& (DX GH SDUIXP DWRPLVHXU PO IO R]
'( '(6&8(172 (1 *5$==,$
z-QÛ =NKI= R= IAFKN ?KJPECK
/ 5$ 2 / )
)/ 25 $/
( /& '8
'8 /& (
2 ,& 75 &À
&À 75 ,& 2
'2 $ &, ( 3 (6
(6 3( &, $' 2
/ $ 87 )5
)5 87 $/
,9$ &7 $
6(168 $/ $ & , 7 1 0½ 52
(/(* $1 7(
AO?é>NAHK AJ AH >=JE?K @A NKI=O @A ^OEG=
)/25$/
'8/&(
)587$/
(63(&,$'2 &À75,&2
&À75,&2 (63(&,$'2 )587$/
'8/&(
«O=HK =Oß 1>E?= QJK @A HKO CNQLKO OACéJ PQ AOPEHK !HAC=JPA .KIbJPE?= /AJOQ=H K ?PER=
(QACK AHECA AH =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 &ODVVLF &RQFHUW
DURPDV .+)¡*0% +/
*UD]]LD 5RPDQ]L )ORZHU\ /RYH &RQFHUW 9DQLOOD 6FHQW $wQQDUD
DURPDV /!*/1 (!/
*UD]]LD ([RWLF *UD]]LD 3DUDGLVH 3DVVLRQ 0XVN 9HKHPHQFH SDUD HOOD 3DVVLRQ &RQFHUW 5RVH 5RVH 6H[\ *ROG %HDXW\ 5HG 'DQ]]tD 5HG ,QWHQVH ,QFLWDQW -DGLVV 6HFUHW 0XVN
DURPDV 0%2+/
([SUHVVLRQ eODQLH *\UD 0RPHQWRV 9LEUDQWHV 0RPHQWRV /LEHUWDG ,WV <RX ,WV <RX /LYH
)/25$/
(6(1&,$6 $520$6
'( '(6&8(172 (1 e/$1,(
DURPDV 0%2+/
=@= QJ= ?KJ OQ LNKLE= LANOKJ=HE@=@ LANK ?KIL=NPEAJ@K AH IEOIK =NKI= SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
(;35(66,21 (DX GH SDUIXP DWRPLVHXU PO IO R]
7DOFR SHUIXPDGR J R]
&yG
9DORUL]DGR HQ
/RFLyQ SHUIXPDGD PO IO R] &yG
9DORUL]DGR HQ
&yG
/$ &2035$
723
9DORUL]DGR HQ 'HVRGRUDQWH UROO RQ PO IO R] &yG
9DORUL]DGR HQ
)ORUDO $FWLYD ([SUHVD WXV VHQWLPLHQWRV FRQ µ RU GH QDUDQMR MD]PtQ \ PLPRVDV
)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/
2 *%(( / !*0
0Q =NKI= @E?A IQ?DK @A ?äIK ANAO @A H= BKNI= ?äIK OEAJPAO ?äIK PKI=O H= RE@= ?äIK =I=O
¦** .
"(+3!.5
)+)!*0+/ 2% . *0!/
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
'XOFH 5RPiQWLFD /D IHOLFLGDG WLHQH DURPD D YDLQLOOD MD]PLQHV \ OLULRV
$Ã&#x201A;11$5$ (DX GH SDUIXP DWRPLVHXU PO IO R]
)/2:(5< (DX GH SDUIXP DWRPLVHXU PO IO R]
020(1726 9,%5$17(6 (DX GH WRLOHWWH DWRPLVHXU PO IO R]
&yG
&yG
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
9DORUL]DGR HQ
9DORUL]DGR HQ
'( '(6&8(172
'XOFH 5RPiQWLFD $PRU FKDPSDJQH \ FiOLGRV WRTXHV GH YDLQLOOD
)ORUDO 5RPiQWLFD $UPRQLRVR EXTXp GH µ RUHV TXH WH LQYLWD D VRxDU
)UXWDO $FWLYD 9LWDOLGDG \ DOHJUtD JUDFLDV D OD IUHVFD µ RU GH QDUDQMR
(6(1&,$6 $520$6
9$1,//$ 6&(17 (DX GH SDUIXP DWRPLVHXU PO IO R]
DURPDV /!*/1 (!/
'( '(6&8(172 (1 9(+(0(1&( 3$5$ (//$
)ORUDO 6HQVXDO 6HQVXDOHV RUTXtGHDV EODQFDV \ µ RU GH QDUDQMR
)ORUDO 6HQVXDO 7HQWDGRUDV QRWDV GH URVD GDPDVFHQD \ PXJXHW
6(;< *2/' (DX GH SDUIXP PO IO R]
9(+(0(1&( 3$5$ (//$ (DX GH SDUIXP DWRPLVHXU PO IO R]
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
(6(1&,$6 $520$6
'( '(6&8(172 (1 526( 526(
526( 526( (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ
)ORUDO 6HQVXDO 'HOLFDGDV URVDV XQ WRTXH GH YDLQLOOD \ PXVN
,=N= QJ= IQFAN OAJOQ=H U @AHE?=@= QJ= NKO=
z/=>AO ?QbH AO IE OA?NAPK 6(&5(7 086. (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ
(VSHFLDGD 6HQVXDO $SDVLRQDQWHV HVSHFLDV SHUIXPDQ WX SLHO SDUD JXLDU VXV EHVRV
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
18(92
'( '(6&8(172
$KU =HCQEAJ R= = HHAC=N P=N@A =H PN=>=FK 3$66,21 086. (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ
)ORUDO 6HQVXDO &RTXHWDV QRWDV GH LULV \ RUTXtGHDV MXHJDQ FRQ XQ WRTXH GH PXVN
NKI=O OAJOQ=HAO
DURPDV /!*/1 (!/
,1&,7$17 (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ
5(' ,17(16( (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
'( '(6&8(172 (1 ,1&,7$17
'XOFH 6HQVXDO +LSQyWLFR FRQWUDVWH GH EHUJDPRWD \ PXVN VHGXFH LQWHQVDPHQWH
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
'XOFH 6HQVXDO ,UUHVLVWLEOH PXVN \ WHQWDGRUDV IUDPEXHVDV
(6(1&,$6 $520$6
L=N= IQFANAO OAJOQ=HAO
'( '(6&8(172 (1 %($87< 5('
%($87< 5(' (DX GH SDUIXP DWRPLVHXU PO IO R]
)ORUDO 6HQVXDO 8Q DURPD DEVROXWR GH URVDV \ MD]PtQ UHYHOD WRGD OD LQWHQVLGDG GH WX HVHQFLD GH PXMHU
&yG
9DORUL]DGR HQ
DURPDV /!*/1 (!/
KJMQßOP=HK ?KJ AOA =NKI= MQA AO ECQ=H = PE
'XOFH 6HQVXDO 3URYRFDWLYR µ LUWHR GH RUTXtGHD FDOLSVR \ VRUEHWH GH SHUD
)527$ $48À < 6,(17( (/ $520$ '( '$1==À$ (1 78 3,(/
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
78 2)(57$ (675(//$
'$1==Ã&#x20AC;$ (DX GH SDUIXP DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ
, //%+* +* !.0
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
( //% +* !.0
3$66,21 &21&(57 &RORJQH DWRPLVHXU PO IO R]
&/$66,& &21&(57 &RORJQH $WRPLVHXU PO IO R]
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
/$ GD $ 6Ã&#x201E;/2
&XDOTXLHU FRPELQDFLyQ HV SRVLEOH
3URGXFWR
)ORUDO 6HQVXDO 8QD VH[\ PHORGtD GH OLULRV GHO YDOOH MD]PLQHV \ iPEDU JULV WH YXHOYHQ LUUHVLVWLEOH
(6(1&,$6 $520$6
)A OEAJPK OATU IA OEAJPK éJE?= GD
3DVVLRQ &RQFHUW
&yG
&ODVVLF &RQFHUW
&yG
(VSHFLDGD (OHJDQWH )LQRV DFRUGHV GH YLROHWDV QHJUDV WRQND \ YDLQLOOD GHVSLHUWDQ WX ODGR PiV VR´ VWLFDGR
&216,e17(7( (QHUJ\ &RORQLD PO IO R] &yG
9DORUL]DGR HQ
&UHPD SDUD PDQRV PO IO R] &yG
9DORUL]DGR HQ
-DEyQ OtTXLGR SDUD PDQRV PO IO R] &yG
9DORUL]DGR HQ
/RFLyQ FRUSRUDO PO IO R] &yG
9DORUL]DGR HQ
-DEyQ OtTXLGR SDUD HO FXHUSR PO IO R] &yG
9DORUL]DGR HQ
HHAJ=NOA @A AJANCß= .AREP=HEV= PQO OAJPE@KO ?KJ AOPA @AHE?EKOK =NKI= BNQP=H L=N= MQA OEC=O ?KJ PQ EJ=CKP=>HA AJANCß= PK@K AH @ß=
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
1J =NKI= @AHE?EKOK OKHK L=N= PE
.AREP=HEV=JPA =NKI= BNQP=H @A @QN=VJKO BNAO=O U BN=I>QAO=O
(6(1&,$6 $520$6
$ 0,7$'
'( 35(&,2
&RORQLD $QLPD WX GtD FRQ XQ UHYLWDOL]DQWH DURPD IUXWDO
-DEyQ OtTXLGR SDUD PDQRV 'HMD WXV PDQRV OLPSLDV VXDYHV FRPR OD VHGD \ FRQ XQ H[TXLVLWR DURPD
&UHPD SDUD PDQRV /DV GHMD VHGRVDV \ SURWHJLGDV GH OD UHVHTXHGDG
/RFLyQ FRUSRUDO 6HQVDFLyQ GH VXDYLGDG FRQ XQ UHYLWDOL]DQWH DURPD IUXWDO
-DEyQ OtTXLGR SDUD HO FXHUSR /LPSLD \ DFRQGLFLRQD WRGD OD SLHO FRQ XQ DURPD GH GXUD]QRV IUHVDV \ IUDPEXHVDV
&216,e17(7( &DOP &RORQLD PO IO R] &yG
9DORUL]DGR HQ
&RORQLD 'HOLFLRVR DURPD µ RUDO IUXWDO TXH WH UHFRQHFWD FRQ WX \R PiV SRVLWLYR
)E IKIAJPK @A NAH=T KJOEAJPA PQ LEAH U @Ã&#x203A;F=PA HHAR=N LKN AH NAH=F=JPA =NKI= @A REKHAP=O U NKO=O @A KJOEÃ&#x203A;JPAPA =HI
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
-DEyQ OtTXLGR SDUD PDQRV PO IO R] &yG
9DORUL]DGR HQ
&yG
-DEyQ HQ EDUUD XQLGDGHV GH J R] F X
9DORUL]DGR HQ
&yG
9DORUL]DGR HQ
(6(1&,$6 $520$6
/RFLyQ FRUSRUDO PO IO R]
$ 0,7$'
'( 35(&,2
/KJ &=>KJAO AJ >=NN= !J QJ= HEJ@= LNAOAJP=?EäJ E@A=H L=N= NAC=H=N
-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
-DEyQ HQ EDUUD /LPSLD \ KXPHFWD WX SLHO FRQ DFHLWHV GH SDOPD
F X
*K @AF= CN=OKO= H= LEAH
F X
F X
KIK AH OQ=RA =NKI= @A H=O BHKNAO AJ LNEI=RAN=
'( '(6&8(172
(6(1&,$6 $520$6
-QÛ OAJOQ=HE@=@ P=J @AHE?=@=
(HAR= HKO =NKI=O @A H= J=PQN=HAV= AJ PQ LEAH KJ HKO NEMQßOEIKO F=>KJAO U ?KHKJE=O "NQEPO Ó "HKSANO
-DERQHV OtTXLGRV
F X
'( '(6&8(172 (1 /26 -$%21(6 /À48,'26
(6(1&,$6 $520$6
&RORQLDV
F X
'( '(6&8(172 (1 /$6 &2/21,$6
!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 /DELDO 'XR 7DWWRR SiJ
5(63/$1'(66 ,//86,21
5(63/$1'(66 )/25(66
&RORQLD FRQ EULOORV PO IO R]
&RORQLD FRQ EULOORV PO IO R]
&RORQLD FRQ EULOORV PO IO R]
&yG
&yG
&yG
9DORUL]DGDV HQ F X F X
(6(1&,$6 $520$6
5(63/$1'(66
'( '(6&8(172
NEHHKO AJ PQ LEAH
)ORUDO /LPD YHUGH \ JDUGHQLDV WH OOHQDQ GH DOHJUtD \ RSWLPLVPR
)ORUDO )UDJDQWHV OLULRV WH HQYXHOYHQ HQ HQVXHxR
)ORUDO 6HQVXDOHV µ RUHV GHO 2ULHQWH GHVSLHUWDQ WX VHQVXDOLGDG
)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ '( 5(63/$1'(66 )/25(66 (1 78 3,(/
4XLQWHWR GH VRPEUDV 0RFFD IDVKLRQ \ ODELDO GH Pi[LPD GXUDFLyQ URMR H[WUDYDJDQ]D
,NKHKJC= PQ >AHHAV= 0Q I=MQEHH=FA @QN= D=OP= MQA Pé HK @A?E@=OÎ SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
/22. &2/25
0i[LPD GXUDFLyQ \ FRORU 3URWHJH WXV SiUSDGRV
4XLQWHWR GH VRPEUDV SURIHVLRQDO J R] 9DORUL]DGR HQ
* 01.! !* $ *0 &yG
.+/! ,.+(+*#
)+ " /$%+*
61( )5/0!.5
-1 ,!.) *!*0
&yG
&yG
&yG
&yG
.! ) "+.!/0
#( )+1. ( '
.+5 ( /!*/
"!/0%2 ( #+(
&yG
&yG
&yG
&yG
K
V
'( '85$&,Ä1
2%*+ $%
&yG
&yG
)%!( #( ^
&yG
.+&+ !40. 2 # *6
'( '(6&8(172
/DELDO GH Pi[LPD GXUDFLyQ J R] 9DORUL]DGR HQ
$+ +( 0! , //%+* 0 &yG
.+/ + *1 ! &yG
.+&+ /! 1 0+. &yG
&RORU LQWHQVR SRU PXFKR PiV WLHPSR 3URYRFDWLYD VXDYLGDG
$!..5 &yG
"1 /% ,%*' &yG
2%*+ #+( !* &yG
V
(YDOXDFLyQ VHQVRULDO GH GXUDFLyQ UHDOL]DGD EDMR FRQGLFLRQHV GH ODERUDWRULR
!TLNÛO=PA ?KJ I=MQEHH=FA !H I=MQEHH=FA AO PQ IAFKN =HE=@K AJ ?Q=HMQEAN K?=OEäJ R=U=O @KJ@A R=U=O OA= @A @ß= K @A JK?DA OEAILNA O=?=Nb = NAHQ?EN HK IAFKN @A PE ,KNMQA @bJ@KHA ?KHKN = PQ NKOPNK HA @=O ?KHKN = PQ RE@= JK EILKNP= MQÛ AOPEHK PAJC=O OEAILNA HK ATLNAO=NbO IAFKN ?KJ I=MQEHH=FA
[ ( [ &yG !* &y * G 0+
)
..
¨
[ * [ &yG 2% . &y G * 0 !
)
..
[ ¨* [ &yG *+ &y # G (
KHKN EJPAJOK PKK@K AH @ß=
%.
[ + , [ &y .+" &y G 1* G +
.
6LVWHPD UHWUiFWLO
)+
$]XO ]DILUR
1!
(Q?A QJ= IEN=@= HHAJ= @A ?KHKN D=OP= LKN DKN=O
2UR JODPRXU
$ 358(%$ '(
$*8$
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
(YDOXDFLyQ VHQVRULDO GH GXUDFLyQ UHDOL]DGD EDMR FRQGLFLRQHV GH ODERUDWRULR
V
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
;
;
(HÃ&#x203A;R=PAH= CN=PEO LKN H= ?KILN= @A @AHEJA=@KNAO
&XDOTXLHU FRPELQDFLyQ HV SRVLEOH
'HOLQHDGRU SDUD RMRV GH Pi[LPD GXUDFLyQ J R] 9DORUL]DGR HQ
*5$7,6
+.
+
[ #( [ &yG )+ &y 1. G
.01
9DORUL]DGR HQ SRU OD FRPSUD GH GHOLQHDGRUHV GH HVWD SiJLQD
0iVFDUD SDUD SHVWDxDV VHFUHWRV GH VHQVXDOLGDG J R] 9DORUL]DGR HQ
1!
[ / [ &yG )! &y 0¡ ( G % +
*! #
[ .+ [ &yG ^ * &y G +
0iVFDUD VHFUHWRV GH VHQVXDOLGDG QHJUR LQWHQVR
[ ! [ &yG +0+ &y _+ G
2!
.
*!#.+ %*0!*/+ &yG
) ..¨* %*0!*/+ &yG
*!#.+ ) ..¨* %*0!*/+
6
[ 1( 6 [ &yG "% &y .+ G
&yG
K
V
'( '85$&,Ã&#x201E;1
0i[LPD DGKHUHQFLD GH FRORU \ WH[WXUD H[WUD VHGRVD
0i[LPD H[WHQVLyQ \ FXUYD &RORU LQWHQVR SRU PXFKR PiV WLHPSR
(YDOXDFLyQ VHQVRULDO GH GXUDFLyQ UHDOL]DGD EDMR FRQGLFLRQHV GH ODERUDWRULR
V
(%( !)+0%+* &yG
&XDUWHWR OLOD HPRWLRQ \ ODELDO G~R WDWWRR URVD OLJKW
z-QÃ&#x203A; IEN=@= HQ?ENbO DKU
.+) *0% +(+./ &yG
SURPRFLyQ FRORU´[ /DELDO '~R 7DWWRR 9HU SiJ
2FWHWR URPDQWLF FRORUV \ ODELDO G~R WDWWRR FRUDO DWWUDFWLRQ
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
&XDUWHWR PRUDGR SDVVLRQ
&XDUWHWR HVPHUDOGD OX[H
&XDUWHWR GH VRPEUDV J R] 9DORUL]DGR HQ
2FWHWR RWRxR FKLF
2FWHWR FODVVLF JROGHQ
2FWHWR GH VRPEUDV J R] 9DORUL]DGR HQ
&XDUWHWR WXUTXHVD GHVLJQ
&XDUWHWR YLQR VZHHW
EOPNE>Q?EäJ E@A=H @A PKJKO "äNIQH= NAJKR=@= =DKN= ?KJ I=UKN ?=NC= @A ?KHKN U IbO =@DANAJ?E= LHE?=?EäJ QJEBKNIA
61( + ! *
01.-1!/ !/%#*
&yG
&yG
) ..¨* ( //%
.+/ %((1/%+*
,( 0 .+* !
&yG
&yG
&yG
!/)!. ( (14
2!. ! &1*#(!
)+. + , //%+*
&yG
&yG
&yG
.+/ 2%*0 #!
.+/ $%
2%*+ /3!!0
&yG
&yG
&yG
/22. &2/25
61( #+( !* &yG
$ 0,7$'
'( 35(&,2
2FWHWR HXIRULD EOXHV
2FWHWR FRORU V\PSKRQ\
+0+_+ $%
!1"+.% (1!/
( //% #+( !*
&yG
&yG
&yG
+(+. /5),$+*5
.!* /'5
.+) *0% +(+./
&yG
&yG
&yG
2=NEA@=@ @A ?KI>EJ=?EKJAO KHKNAO EJPAJOKO #N=J =@DANAJ?E= U OQ=RE@=@
,NKPACA PQO LAOP=ã=O AJ AH PKJK MQA MQEAN=O
'( '(6&8(172
(Q?A QJ= IEN=@= N=@E=JPA U PN=P= PQO LAOP=ã=O =H IEOIK PEAILK
H=NC= NEV= OAL=N= LAEJ= U LNKPACA PQO LAOP=ã=O 0iVFDUD GH ,PSDFWR HQ J R] 9DORUL]DGR HQ
$ 358(%$ '(
$*8$
*!#.+
) ..¨*
&yG
&yG
*!#.+ ) ..¨* &yG
(Q?A QJ=O LAOP=ã=O Ã&#x2019; IbO H=NC=O U CN=@KO IbO NEV=@=O
*!#.+ &yG
0A @= QJ= IbTEI= LNKPA??EäJ AJ R=NEA@=@ @A PKJKO 0iVFDUD WUDWDQWH D SUXHED GH DJXD J R] 9DORUL]DGR HQ
*!#.+
) ..¨*
&yG
&yG
*!#.+ ) ..¨*
0!.. +0
61(
01.-1!/
&yG
&yG
&yG
&yG
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
$ 358(%$ '(
$*8$
0iVFDUD SDUD SHVWDxDV HIHFWR H[WHQVLRQHV J R] 9DORUL]DGR HQ
*!#.+
) ..¨*
&yG
&yG
*!#.+ ) ..¨* &yG
/22. &2/25
!TLNÛO=PA ?KJ PQ IEN=@= 0QO KFKO LQA@AJ @A?EN HK MQA Pé MQEAN=O AHECA PQ IbO?=N= U @AF= MQA PQO LAOP=ã=O D=>HAJ LKN Oß OKH=O
*!#.+ &yG
*!#.+ &yG
,AOP=ã=O OEJ HßIEPAO /E MQEANAO @=NHA IbTEI= ATLNAOEäJ = PQ IEN=@= ?KJ LAOP=ã=O IbO H=NC=O U RKHQIEJKO=O
AOP= AO PQ IbO?=N=
(VWH ODGR DODUJD
0iVFDUD 0HJD /DVKHV QHJUR
(VWH ODGR GD YROXPHQ
$ 358(%$ '(
$*8$
Ò IbO RKHQIAJ Ò LAOP=ã=O IbO H=NC=O LHE?=?EäJ QJEBKNIA 0iVFDUD 0HJD /DVKHV J R] 9DORUL]DGR HQ
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
*!#.+ &yG
*!#.+ ) ..¨* &yG
) ..¨* &yG
/22. &2/25
z(EOP= L=N= DA?DEV=N
0iVFDUD 0LUDGD KHFKL]DQWH QHJUR
2KHQIAJ MQA ?=QPER= @ABEJE?EäJ MQA DELJKPEV=
$ 358(%$ '(
$*8$
)=UKN @ABEJE?EäJ ?KJ RA?AO IbO RKHQIAJ 0iVFDUD 0LUDGD +HFKL]DQWH J R] 9DORUL]DGR HQ
*!#.+ &yG
*!#.+ ) ..¨*
) ..¨* &yG
&yG
*!#.+ &yG
,AOP=ã=O
Ã&#x2019; IbO ?QNR=O RA?AO IbO RKHQIAJ 0iVFDUD SDUD SHVWDxDV H[WUD FXUYDV J R] 9DORUL]DGR HQ
0iVFDUD IRUWDOHFLPLHQWR FRQWLQXR J R] 9DORUL]DGR HQ
*!#.+
) ..¨*
&yG
&yG
*!#.+
"KNP=HA?A H=O LAOP=ã=O EJ?HQOK @AOLQÃ&#x203A;O @A @AOI=MQEHH=NH=O KJ =?AEPA @A NE?EJK U KHER=
$ 358(%$ '(
$ 358(%$ '(
$*8$
$*8$
*!#.+ ) ..¨*
) ..¨* &yG
&yG
*!#.+ ) ..¨* &yG
«O=HK ?KIK @AHEJA=@KN KJREANPA PQ @AHEJA=@K AJ OKI>N=O 'HOLQHDGRU NRKO FRQ GLIXPLQDGRU J R] 9DORUL]DGR HQ
*!#.+ '+$(
) ..¨* '+$(
61( '+$(
)+. + '+$(
01.-1!/ '+$(
,!.( '+$(
&yG
&yG
&yG
&yG
&yG
&yG
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
&yG
*!#.+ &yG
/22. &2/25 $!..5 /$%*! &yG
)bTEIK >NEHHK !BA?PK IKF=@K ?KHKN EJPAJOK AJ =?=>=@K LANH=@K
.!* /1*/$%*!
.+* ! .%#$0
) ..¨* .+1#!
.5/0 ( ,.%/)
.+&+ /$%*!
+. ( /,( /$
&yG
&yG
&yG
&yG
&yG
&yG
$!..5 ) #%
"1 /% $%
.+/ !!,
.+/ /$%*!
.+/ + " /$%+*
* . *& .! )
&yG
&yG
&yG
&yG
&yG
&yG
) * .%* ,.+2+ %¨*
.+&+ %..!/%/0% (!
&yG
/DELDO OtTXLGR EULOOR IDQWiVWLFR PO IO R] 9DORUL]DGR HQ
AHE?EKO= ATLANEAJ?E= AJ PQO H=>EKO ?KHKN O=>KN U =NKI= ENNAOEOPE>HAO
!.!6 /! 1 %¨* &yG
%ULOOR ODELDO VDERU LUUHVLVWLEOH PO IO R] 9DORUL]DGR HQ
". ) 1!/ #+(+/
,.% $+ ! )+.
%.1!( %..!/%/0% (!
&yG
&yG
&yG
!(% % ! ".!/
".!/ / +* .!)
&yG
&yG
) * .%* / * % +-1!0 ,.+2+ %¨* &yG
&yG
) *& . * 01. (
) *6 * !* *!(
&yG
&yG
z-QÃ&#x203A; H=>E=H R= ?KJPECK 81 /$%,$/ '( &2/25 ,17(162
$!..5 )%/0!.%+
/DELDO HQ EDUUD Pi[LPR FRORU J R] 9DORUL]DGR HQ
&yG
KHKN EJPAJOK @AO@A H= LNEIAN= =LHE?=?EäJ 0KJKO RE>N=JPAO
.+/ + 0!*0 %¨* &yG
.+&+ )+.
2%*+ #( )+1.
) #!*0 0.!2%
&yG
&yG
&yG
"1 /% " * 5 &yG
.+/ %2%* &yG
+. ( /$%*!
.+&+ $!..5
)+ )%/0!.%+
&yG
&yG
&yG
) ..¨* ¡(% + &yG
/DELDO Pi[LPR FRORU FKHUU\ PLVWHULR
/DELDO GH ODUJD GXUDFLyQ J R]
2%*+ !/!+ &yG
2%+(!0 " /$%+*
.+&+ , /%¨*
KHKN MQA OA =@DEANA LKN IbO PEAILK 0ATPQN= OQ=RA
&yG
81 /$%,$/ 48( '85$ 0½6 7,(032
&yG
.+/ "%+.!((! &yG
) ..¨* 1.#1* 5
) ..¨* ) «
) ..¨* $ 2 *
&yG
&yG
&yG
.+&+ /!45 &yG
) ..¨* " * 0%
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
&yG
.+/ /! 1 %¨* &yG
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
/DELDO GH ODUJD GXUDFLyQ URMR SDVLyQ
/22. &2/25
'( '(6&8(172
81 /$%,$/ &21 0$<25 '(),1,&,Ã&#x201E;1
(=>E=H U @AHEJA=@KN ?KJ AH ?KHKN AT=?PK LHE?=?EäJ LNA?EO=
.+/ * 5 &yG
.! /1,.!)!
.+/ !((!
+. ( /! 1 0%+*
&yG
&yG
$!..5 ( //
!.!6 !!,
+""!! /3!!0
&yG
&yG
&yG
&yG
/DELDO GHOLQHDGRU J R] 9DORUL]DGR HQ
/DELDO GHOLQHDGRU FHUH]D GHHS
81 /$%,$/ &21 7(;785$ 8/75$ 68$9( )$&725 '( 3527(&&,Ã&#x201E;1 62/$5
)bTEI= OQ=RE@=@ ?=>=@K HEOK AHE?EKOK O=>KN U =NKI= /DELDO XOWUD VXDYL]DQWH J R] 9DORUL]DGR HQ
"1 /% /! 1 0+.
&yG
)36
) ..¨* +0+_+ &yG
.+/ %*0.%# &yG
.+&+ 2%2 6 &yG
) ..¨* 0!*0 %¨* &yG
"1 /% " *0 /¤ .+/ +-1!0
.+/ + .+&+ )¡#% + ,.+2+ %¨*
&yG &yG
&yG
&yG
/DELDO XOWUD VXDYL]DQWH URMR SURYRFDFLyQ
!H PN=VK MQA I=N?= H= @EBANAJ?E= 0EAJAO HKKGO @EBANAJPAO L=N= HQ?EN >AHH= z QbH QO=NbO DKU
$ 358(%$ '(
$*8$
,( 0 /, .' &yG
*!#.+ !40.!)+ &yG
3XQWD SOXPyQ &RQVLJXH XQD PLUDGD H[SUHVLYD FRQ XQ VROR WUD]R
#.%/ ,( 0 &yG
'HOLQHDGRU OtTXLGR GH IiFLO DSOLFDFLyQ PO IO R] 9DORUL]DGR HQ
0+*+/ #(%00!.
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
2%+(!0 )%/0!.%+
)+. + #( )+1.
&yG
&yG
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
61( /!*/%0%2! &yG
+. + !* *0+ &yG
) ..¨* +0+_+
2!. ! 1 6
&yG
&yG
) ..¨* /, .' &yG
61( /, .' &yG
*!#.+ /, .' &yG
78 2)(57$ (675(//$
$ 358(%$ '(
$*8$
,( 0 /, .' &yG
#.%/ ,( 0 &yG
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
*!#.+ !40.!)+ &yG
0+*+/ #(%00!.
2%+(!0 )%/0!.%+
)+. + #( )+1.
61( /!*/%0%2!
+. + !* *0+
) ..¨* +0+_+
2!. ! 1 6
&yG
&yG
&yG
&yG
&yG
&yG
) ..¨* /, .'
61( /, .'
*!#.+ /, .'
&yG
&yG
&yG
'HOLQHDGRU HQ ODSL] QHJUR LQWHQVR ODELDO KLGUDWDQWH H[WUHPR URVD GLYD \ PiVFDUD HIHFWR PD\RU YROXPHQ QHJUR
'HOLQHD DODUJDQGR ODV HVTXLQDV SDUD TXH WXV RMRV VH YHDQ PiV JUDQGHV 'HOLQHD VLQ VDOLUWH GH ORV ERUGHV \ FRQ XQ FRORU VLPLODU D WX ODELDO
'HOLQHD VLQ VDOLUWH GH ORV ERUGHV \ FRQ XQ FRORU VLPLODU D WX ODELDO
(KKG IK@ANJK
PNÃ&#x203A;RAPA ?KJ QJ I=MQEHH=FA IbO EIL=?P=JPA KJ QJKO H=>EKO NKFK EJPAJOK U @AHEJA=@KO U QJ=O LAOP=ã=O OéLAN RKHQIEJKO=O MQA =?AJPQ=NbJ PQ IEN=@= @bJ@KPA QJ AOPEHK ?=OQ=H LANK OéLAN IK@ANJK
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
. 61 1( / G .+ &y
*!#.+ %*0!*/+ &yG
+. ( #( ^
* 01. (
/$%,26
2-26
&yG
&(-$6
&yG
%!.. +* ( )¡/ .
&yG
/%#1! +* !( ( % (
". ) 1!/ ) *%
,.%)!.+ !( !(%*! +.
3DVR DSOLFD HO GHOLQHDGRU TXH YD\D PHMRU FRQ WXV RMRV 6L WLHQHV RMRV FODURV HO D]XO R YHUGH HV WX FRORU VL WLHQHV RMRV PDUURQHV FXDOTXLHU WRQR WH TXHGDUi ELHQ
3DVR GDOH FRORU D WXV ODELRV ORV WRQRV LQWHQVRV VRQ LGHDOHV SDUD HVWH ORRN 5HIXpU]DOR GHOLQHDQGR ORV ERUGHV FRQ XQ WRQR VLPLODU
/DELDO KLGUDWDQWH H[WUHPR J R] 9DORUL]DGR HQ
'HOLQHDGRU HQ OiSL] SDUD FHMDV SDUD ODELRV SDUD RMRV J R] 9DORUL]DGR HQ
3DVR GDOH PD\RU YROXPHQ D WXV SHVWDxDV SDUD FRQVHJXLU XQD PLUDGD PiV LQWHQVD \ PLVWHULRVD (VWD PiVFDUD MXQWR FRQ XQ EXHQ GHOLQHDGR HV SHUIHFWD SDUD XQ ORRN PRGHUQR
0iVFDUD HIHFWR PD\RU YROXPHQ J R] 9DORUL]DGR HQ
'(/,1($'25 '( 2-26
,( 0! + . 0 &yG
) ..¨* "^ &yG
!(!/0! ,.% ! &yG
2!. ! /% *!5 &yG
+. + ,.! %(! 0+ &yG
61( ) ..¨* 01.-1!/ ) #% )! %0!..¡*!+ +.#+_ &yG
&yG
&yG
"1 /% .+/ !/,(!* +. 10%2 *0! &yG
&yG
) #!*0 0. 2%!/
.+/ !* *0+
&yG
&yG
.+&+ %*0.%# *0!
"1 /% #( )
+. ( $%
.+/ %2
&yG
&yG
&yG
&yG
'(/,1($'25 '( /$%,26
*!#.+ &yG
*!#.+ ) ..¨*
) ..¨*
61(
&yG
&yG
&yG
'( '(6&8(172
2%*+ %* %0 *0! &yG
.+/ !(% 0! &yG
.+&+ ) *$ 00 *
* . *& $%
&yG
&yG
.+&+ (1&1.%
#. * 0! /! 1 0+.
"^ )+
) ..¨* #( )+1.
&yG
&yG
&yG
&yG
7UD]D XQD OLQHD JUXHVD HQ HO SiUSDGR VXSHULRU SDUD TXH VH QRWHQ ORV EULOORV
(KKG N=@E=JPA KJ AOPA I=MQEHH=FA Pé OANbO H= AOPNAHH= 1PEHEV= HKO @AHEJA=@KNAO HQT L=N= @=NHA >NEHHK = PQ IEN=@= U HQ?EN QJKO LNKRK?=PERKO H=>EKO ?KJ =?=>=@K LANH=@K !O DKN= @A @AOHQ>N=NÎÎÎ
$FDEDGR SHUODGR
SURPRFLyQ FRORU´[ /DELDO '~R 7DWWRR 9HU SiJ
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
,.%)!.+ !( !(%*! +.
/%#1! +* !( ( % (
%!.. +* ( )¡/ .
+. ( !/0!((+/ &yG
/ ()¨* !/0!((+/
* 01. ( !/0!((+/
&yG
&yG
*!#.+ (14
, (+ .+/ !/0!((+/ &yG
&yG
.+/ !/0!((+/ &yG
3DVR HO GHOLQHDGRU OX[ OH GDUi XQ EULOOR H[WUD D WXV RMRV JUDFLDV D VXV VHQVXDOHV UHµHMRV 6L TXLHUHV FRQVHJXLU XQD PLUDGD PiJLFD HVWH HV HO DFDEDGR TXH QHFHVLWDV
'HOLQHDGRU HQ OiSL] SDUD FHMDV SDUD RMRV SDUD ODELRV J R] 9DORUL]DGR HQ
"^ (14
2!. ! (14
&yG
&yG
61( (14
*!#.+ (14
&yG
&yG
3DVR FRQVLJXH XQRV ODELRV PiV SURYRFDWLYRV FRQ DFDEDGR SHUODGR \ GHVWHOORV GH FRORU TXH OH GDUi PD\RU EULOOR D WX VRQULVD \ XQD DSDULHQFLD GH ODELRV K~PHGRV
/DELDO HQ EDUUD GHVWHOORV GH FRORU J R] 9DORUL]DGR HQ
0iVFDUD 0LUDGD +HFKL]DQWH J R] 9DORUL]DGR HQ
)+ !/0!((+/ &yG
+. + !/0!((+/ &yG
".!/ !/0!((+/ &yG
$+ +( 0! !/0!((+/ &yG
3DVR SDUD WHUPLQDU GH GDUOH D WX PLUDGD XQ HIHFWR PiJLFR OD PiVFDUD PLUDGD KHFKL]DQWH OH GDUi D WXV SHVWDxDV YHFHV PiV YROXPHQ \ XQD GH´QLFLyQ VRUSUHQGHQWH JUDFLDV D VX DSOLFDGRU HVSHFLDO TXH VHSDUD WXV SHVWDxDV
.+&+ !/0!((+/
2%*+ !/0!((+/
&yG
&yG
"1 /% !/0!((+/ &yG
*!#.+ &yG
*!#.+ ) ..¨*
) ..¨* &yG
&yG
'( '(6&8(172
.+/ 2% . *0!
&yG
+ + #+(+/
&yG
*!#.+ +/ +
&yG
%.1!( %*0!*/+
&yG
/ ()¨* !/0!(( *0!
&yG
12 !.*!0
&yG
,( 0 (14!
/ *#.! ( 0%*
!.+ $% &yG
&yG
&yG
.1 ¤ %*0!*/+
&yG
&yG
.+&+ 2% . *0!
&yG
.+&+ /!*/1 (
&yG
+. ( 0.+,% (
12 /! 1 0+.
&yG
(%( " / %* %¨*
&yG
,«.,1. , /%¨*
&yG
61( )¤/0% +
&yG
&yG
2!. ! /1*01+/+
&yG
) #!*0 2% . *0!
&yG
&yG
"1 /% 0.!2%
&yG
) (2 /+"0
01.-1!/ #( )+1.
&yG
+ .! )¤/0% +
&yG
+. + %2%*+
&yG
)%/0!.%+ .! )
&yG
"^ )%!(
(= IK@= AO L=N= @EOBNQP=NH=
,bO=H= >EAJ LEJP=J@K PQO Qã=O z-QÃ&#x203A; P=H OE H=O LEJP=O ?KJ AH JQARK VQH NEO= U QO=O QJ ?KHKN @EOPEJPK AJ QJ= @A AHH=O
(VPDOWH HQ $]XO %ULVD -DGH 2ULHQWDO
.
&y G + " %! / 0
&yG %!* 0 (
& ! +.
2 1 2 7 %/ 92 . 8( ( 1 6 1 yG &
)+
18(92 7212
'( '(6&8(172
18(92 7212
!J=IäN=PA @A PQ LEAH
)$&725 '( 3527(&&,Ã&#x201E;1 62/$5
)36
0!.. +0 &yG
(= I=CE= @AH I=MQEHH=FA AILEAV= LKN H= LEAH JPAO @A AILAV=N =OACéN=PA @A HQ?EN QJ ?QPEO N=@E=JPA U OEJ EILANBA??EKJAO
'HMD WX FXWLV HQYLGLDEOHPHQWH VXDYH FRQWUROD HO EULOOR \ ´ MD PHMRU HO PDTXLOODMH
0. */(« % +/ &yG
* 01. ( .+*6! &yG
3ROYRV VXHOWRV SDUD URVWUR SLHO GH VHGD J R] 9DORUL]DGR HQ
3ROYRV IDFLDOHV HQ SHUODV HIHFWR EURQFHDGR J R] &yG
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
%URQFHDGR FRQ DFDEDGR QDWXUDO FREHUWXUD XQLIRUPH VH DGDSWD D WX WRQR GH SLHO
9DORUL]DGR HQ
/22. &2/25
'( '(6&8(172
&RPR EDVH
.+/ &yG
3ROYRV FRPSDFWRV GREOH DFDEDGR J R] 9DORUL]DGR HQ
&RPR SROYRV
.+/
.+/
!%#!
!%#!
!%#!
&yG
&yG
&yG
&yG
&yG
3ROYRV \ EDVH HQ XQ VROR SURGXFWR (PSDUHMD PDWL´ FD \ GD VHQVDFLyQ GH IUHVFXUD
3ROYRV FRPSDFWRV GREOH DFDEDGR URVD
SURPRFLyQ FRORU´ [
/DELDO '~R 7DWWRR 9HU SiJ
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
&RUUHFWRU IDFLDO SLHO SHUIHFWD EHLJH EDVH GH PDTXLOODMH KLGUR QXWULWLYD EHLJH ODELDO G~R WDWWRR URVD GUHDP
/22. &2/25
,EAH LANBA?P=
{=Oß @A Bb?EHÎ /E MQEANAO HQ?EN QJ= LEAH HEJ@= DE@N=P=@= U OEJ EILANBA??EKJAO ?KNNA?PKN U >=OA OKJ EJ@EOLAJO=>HAO
Q>NA EILANBA??EKJAO AF= PQ LEAH QJEBKNIA 0ATPQN= OQ=RA U OA@KO=
.+/ &yG
&RUUHFWRU IDFLDO SLHO SHUIHFWD J R] 9DORUL]DGR HQ
!%#!
&yG
.+/
.+/
!%#!
&yG
&yG
&yG
'( '(6&8(172
.+/ &yG
.+/ &yG
$E@N=P= U JQPNA KNNECA EILANBA??EKJAO ARQAHRA H= =L=NEAJ?E= FKRAJ @A H= LEAH
!%#! &yG
%DVH GH PDTXLOODMH KLGUR QXWULWLYD PO IO R] 9DORUL]DGR HQ
!%#! &yG
!%#! &yG
)$&725 '( 3527(&&,Ä1 62/$5
!%#!
!%#!
!%#!
&yG
&yG
&yG
)36
.+/
.+/
.+/
&yG
&yG
&yG
1J= LEAH HEJ@=
,=N= AILAV=N PQ OAOEäJ @A I=MQEHH=FA
.+/
%DVH HQ EHLJH
&yG
KNNECA EILANBA??EKJAO KJPNKH= AH >NEHHK ,NKPACA H= LEAH
)$&725 '( 3527(&&,Ã&#x201E;1 62/$5
)36
%DVH GH PDTXLOODMH SDUD URVWUR HQ SUR J R] 9DORUL]DGR HQ
!%#! &yG
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
!%#!
!%#!
!%#!
!%#!
.+/
.+/
.+/
.+/
.+/
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
/22. &2/25
PEAJA OQO PNQ?KO =OACéN=PA @A HQ?EN QJ ?QPEO OQ=RA U OEJ EILANBA??EKJAO
.+/ &yG
'( '(6&8(172
!%#! &Ã&#x201E;'
%DVH URVWUR KLGUDWDGR URVD
.+/ &yG
.KOPNK Ã&#x2019; IbO DE@N=P=@K 1JEBKNIEV= AH PKJK @A PQ ?QPEO ,ANIEPA MQA PQ LEAH NAOLENA
)$&725 '( 3527(&&,Ã&#x201E;1 62/$5
)36
!%#! &yG
%DVH GH PDTXLOODMH URVWUR KLGUDWDGR J R] 9DORUL]DGR HQ
.+/ &yG
!%#!
!%#!
!%#!
.+/
.+/
.+/
&yG
&yG
&yG
&yG
&yG
&yG
!%#! &yG
5HVXOWDGRV REWHQLGRV HQ SUXHED GH H´ FDFLD UHDOL]DGD FRQ SDUWLFLSDQWHV GHVSXpV GH KRUDV GH OD DSOLFDFLyQ GHO SURGXFWR
=HA RE@= = PQO IAFEHH=O
1J PKMQA @A ?KHKN D=Nb MQA PQ NKOPNK OA RA= N=@E=JPAร ร ร 5XERU FRPSDFWR HIHFWR JHPDV \ PLQHUDOHV J R] 9DORUL]DGR HQ
)bTEI= =@DANAJ?E= 0ATPQN= OQ=RA U OA@KO= KJPNKH= AH AT?AOK @A >NEHHK #. * 0! .+/! &yG
ยก) .
)+
&yG
&yG
1 .6+ .+/
720$ 127$ ย &yPR DSOLFDUWH UXERU VHJ~Q OD IRUPD GH WX URVWUR"
5RVWUR UHGRQGHDGR $SOLFD HO UXERU DFHQWXDQGR HO KXHVR GH WXV SyPXORV HQ GLUHFFLyQ D OD VLHQ (VWLOL]DUi WX URVWUR \ VH YHUi PiV GHOJDGR
&yG
'( '(6&8(172
.1 &yG ยค
5RVWUR FXDGUDGR $SOLFD HO UXERU HQ ODV PHMLOODV SDUD GDUOHV YLGD QR OR DSOLTXHV VREUH ORV SyPXORV
5RVWUR WULDQJXODU 7H TXHGDUi PHMRU HO UXERU VL OR DSOLFDV GHVGH OD SDUWH VXSHULRU GHO KXHVR GHO SyPXOR GHVGH OD PLWDG GH WX RMR KDFLD OD VLHQ
SURPRFLyQ FRORUยด [ /DELDO '~R 7DWWRR 9HU SiJ
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
+. ( &yG
0+""!! /$%*! &yG
/22. &2/25
.+&+ /$%*! &yG
'( '(6&8(172
, . %/! + ! * &yG
$FRQGLFLRQD WXV ODELRV GXOFH VDERU \ DURPD
2%+(!0 /$%*!
". ) 1!/ /$%*!
&yG
&yG
".!/ /$%*! &yG
6XDYL]D \ SUHYLHQH OD UHVHTXHGDG GH ORV SiUSDGRV
0!.. +*"+.0 &yG
AHHAV= J=PQN=H (KO EJCNA@EAJPAO J=PQN=HAO @A !VAJOE ?QE@=J PQ LEAH U LNAREAJAJ MQA OA NAOAMQA
(=(16, &2/25 %ULOOR ODELDO PO IO R] 9DORUL]DGR HQ
+. (%*! &yG
3!0 /$%*! &yG
(VWXFKH GH VRPEUDV J R] 9DORUL]DGR HQ
, %"% .+) * ! &yG
3ROYRV FRPSDFWRV SDUD URVWUR J R] 9DORUL]DGR HQ
) !%. " *0 /5 &yG
0DWL´ FDQ H KLGUDWDQ WX SLHO FRQ LQJUHGLHQWHV QDWXUDOHV
)%!( &yG
+. (%*! &yG
)%!( &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 (1 $1,//2
18(9$ &2/(&&,Ã&#x201E;1 '$00$ &ROODU /DUJR UHJXODEOH D FP 0HGLGDV GHO GLMH [ FP
$UHWHV /DUJR [ FP
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
18(675$ %,-287(5,( (6
/,%5( '( 3/202
&yG
$UHWHV ODUJRV /DUJR [ FP &yG
3XOVHUD (OiVWLFD /DUJR DSUR[ FP &yG
9DORUL]DGR HQ
$QLOOR 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG 9HU SUREDGRU HQ OD SiJ
9DORUL]DGR HQ
9DORUL]DGR HQ
ยกQue palpite el amor!
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
/$ &2035$
723
(Q EDxR GRUDGR FRQ FULVWDOHV WUDQVO~FLGRV
18(9$ &2/(&&,Ã&#x201E;1 /29(56 &ROODU \ DUHWHV /DUJR UHJXODEOH GHO FROODU D FP 0HGLGD GH ORV DUHWHV [ FP
$UHWHV ODUJRV 0HGLGDV [ FP
3XOVHUD /DUJR UHJXODEOH D FP
&yG
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
9DORUL]DGR HQ
18(675$ %,-287(5,( (6
/,%5( '( 3/202
$QLOOR $PRU (WHUQR 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG 9HU SUREDGRU HQ OD SiJ
9DORUL]DGR HQ
$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
9HU SUREDGRU HQ OD SiJ
9DORUL]DGR HQ
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
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
$QLOOR (Q EDxR GH RUR 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG
(Q EDxR GH SODWD
(Q EDxR GH SODWD
7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG
&yG
9HU SUREDGRU HQ OD SiJ
9DORUL]DGR HQ
9DORUL]DGR HQ
(Q EDxR GH RUR &yG
F X
F X
&RQ FLUFyQ
18(675$ %,-287(5,( (6
/,%5( '( 3/202
&ROHFFLyQ HQ EDxR GH SODWD \ EDxR GH RUR FRQ FULVWDOHV WUDQVO~FLGRV
,ANBA?P= L=N= AOA IKIAJPK AOLA?E=H
18(9$ &2/(&&,Ã&#x201E;1 025(0, &ROODU /DUJR UHJXODEOH D FP 0HGLGDV GHO GLMH [ FP &yG
9DORUL]DGR HQ
$QLOOR 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG 9HU SUREDGRU 3$5$ (//$
9DORUL]DGR HQ
3$5$ e/
$UHWHV ODUJRV 0HGLGDV DSUR[LPDGDV [ FP
&yG
9DORUL]DGR HQ
18(675$ %,-287(5,( (6
/,%5( '( 3/202
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
352%$'25 '( $1,//26 &RORFD XQR GH WXV DQLOORV KDVWD TXH YHDV HO FtUFXOR FRPSOHWR GHQWUR GH pO (VD HV WX WDOOD
35202&,Ä1 (VWXFKH 9DQJXDUG D VROR
&yG
18(92
3RU OD FRPSUD GH XQ SURGXFWR GH IUDFJDQFLDV IHPHQLQDV PDTXLOODMH R DFFHVRULRV DGXOWRV 1R LQFOX\H RWUDV SURPRFLRQHV
(VWXFKH 9DQJXDUG ,QFOX\H SDUHV GH DUHWHV 9DORUL]DGR HQ
L=NAO @A =NAPAO
{D=OP= ?KI>EJ=?EKJAO @EOPEJP=OÎ
6L GHVHDV FRPSUDU VROR HO HVWXFKH 9DQJXDUG VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR FRQ HO &yG 3UHFLR
3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN
(VWXFKH (QVXHxR
&2/(&&,Ã&#x201E;1 +($57<
&ROODU \ DUHWHV HQ EDxR SODWHDGR FRQ HVPDOWHV QHJURV \ URMRV \ FULVWDOHV URMRV /DUJR GHO FROODU FP 0HGLGDV GHO GLMH [ FP
&ROODU 3XOVHUD (Q EDxR GH RUR FRQ HVPDOWH URVDGR 'H DUR GXUR \ FULVWDO WUDQVO~FLGR /DUJR FP &yG 0HGLGDV GHO GLMH [ FP 9DORUL]DGR HQ
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
(VWXFKH )DLU\ 0L[ 7UHV DUHWHV FRQ GLYHUWLGRV \ FRORULGRV GLVHxRV
(VWXFKH 7ZHHQV &RORU 6HW 6RQ WUHV OLQGtVLPRV DQLOORV FRQ GLYHUWLGRV GLVHxRV
&yG
(VWXFKH )DVKLRQ 'UHVV 7UHV DUHWHV HQ PRGHUQRV GLVHxRV GH FRUD]RQHV OLEpOXODV \ SHUODV DTXD
9DORUL]DGR HQ
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
&yG
,55(6,67,%/(6
'( '(6&8(172
3XOVHUD 2UJDQLND
3XOVHUD 5R\DO 5RVH
(Q EDxR SODWHDGR FRQ HVPDOWH FRORU DTXDPDULQD /DUJR UHJXODEOH D FP
'H DUR GXUR (Q EDxR GH RUR FRQ SHUODV HQ FRORU PDUUyQ
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
6LHWH DUHWHV HQ EDxR GH RUR \ SODWD FRQ SLH]DV GH DOWD ELMRXWHULH ILQRV FULVWDOHV \ GHOLFDGRV HVPDOWHV SLQWDGRV D PDQR
(VWXFKH 9HUWLVVH &XDWUR PX\ IHPHQLQRV DUHWHV HQ EDxRV GH RUR \ SODWD FRQ ORV LQVXPRV SUHIHULGRV SRU H[FHOHQFLD ILQRV FULVWDOHV \ SHUODV
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
(VWXFKH 0LVWLN
(VWXFKH 2QDUD (Q EDxRV GH SODWD \ RUR FRQ SHUODV FULVWDOHV \ GHOLFDGRV ODEUDGRV 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG 9HU SUREDGRU HQ OD SiJ
9DORUL]DGR HQ
.AL=N=?EäJ ,NKBQJ@= .AL=N= AH ?=>AHHK @=ã=@K LKN AH QOK @A LH=J?D= OA?=@KN= PEJPAO U @A?KHKN=JPAO ,NAREAJA H= ?=ß@= @AH ?=>AHHK LKN MQEA>NA
/22. &$5( 5HSDUDFLyQ ([WUHPD 6KDPSRR PO IO R] &yG
9DORUL]DGR HQ
$FRQGLFLRQDGRU PO IO R] &yG
9DORUL]DGR HQ
(KKG Ó =NA ?QE@= H= =L=NEAJ?E= @A PQ ?=>AHHK
ABEJA OQO NEVKO K HEOKO J=PQN=HAO HA @= QJ DANIKOK >NEHHK K HK NAL=N= ?KIK JEJCéJ KPNK L=N= MQA PQ ?=>AHHK OA RA= O=HQ@=>HA U IbO EILKNP=JPA MQA Pé HK OEAJP=O O=HQ@=>HA
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
&$%(//2 3,(/
'( '(6&8(172
(= EILKNP=J?E= @A QJ ?=>AHHK U QJ ?QANLK DANIKOKO 0Q =L=NEAJ?E= AO AH NABHAFK @A ?QbJPK PA MQEANAO @A ?QbJPK PA ?QE@=O z äIK HA @E?AO = PQ ?QANLK MQA HK MQEANAO /KJ R=NE=O H=O BKNI=O LNKPACEAJ@K PQ ?=>AHHK @AFbJ@KHK DANIKOK @bJ@KHA = PQ LEAH HKO PN=P=IEAJPKO MQA JA?AOEP= D=?EAJ@K AFAN?E?EK U IbO !O?Q?D= = PQ ?QANLK Ã&#x203A;H ?KJ OQ >AHHAV= PA @= H=O CN=?E=O
5HVXOWDGRV REWHQLGRV HQ ODERUDWRULR VREUH FDEHOOR QDWXUDO DSOLFDQGR OD UXWLQD FRPSOHWD /RRN &DUH 9V VKDPSRR VLQ DJHQWHV DFRQGLFLRQDGRUHV
.EVKO RA?AO IbO @AÂ&#x2DC; JE@KO UQ@= = @AÂ&#x2DC; JEN PQO NEVKO U NA@Q?A AH BNEVV ,NKPACA PQ ?=>AHHK U HK I=JPEAJA ?KJ AOA IKREIEAJPK J=PQN=H MQA OEAILNA MQEOEOPA
/22. &$5( 5L]R ([WUHPR 6KDPSRR PO IO R] &yG
9DORUL]DGR HQ
$FRQGLFLRQDGRU PO IO R] &yG
9DORUL]DGR HQ
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
'( '(6&8(172
&$%(//2 3,(/
RA?AO IbO HEOK HEJA= H=O DA>N=O @A PQ ?=>AHHK L=N= =QIAJP=N OQ HEOK J=PQN=H ,NKPACA AH ?=>AHHK @A HKO @=ãKO ?=QO=@KO LKN H=O LH=J?D=O
/22. &$5( /LVR $EVROXWR 6KDPSRR PO IO R] &yG
9DORUL]DGR HQ
$FRQGLFLRQDGRU PO IO R] )527$ $48Ã&#x20AC; < 6,(17( (/ $520$ /22. &$5(
&yG
9DORUL]DGR HQ
5HVXOWDGRV REWHQLGRV HQ ODERUDWRULR VREUH FDEHOOR QDWXUDO DSOLFDQGR OD UXWLQD FRPSOHWD /RRN &DUH YV VKDPSRR VLQ DJHQWHV DFRQGLFLRQDGRUHV
RA?AO IbO >NEHH=JPA QIAJP= AH >NEHHK ?NA=J@K QJ= J= LAHß?QH= @A IE?NKL=NPß?QH=O @A LANH=O MQA D=?A MQA H= HQV OA NA AFA AJ PK@=O @ENA??EKJAO KJPNKH= AH BNEVV
/22. &$5( %ULOOR 0i[LPR 6KDPSRR PO IO R] &yG
9DORUL]DGR HQ
$FRQGLFLRQDGRU PO IO R] &yG
9DORUL]DGR HQ
5HVXOWDGRV REWHQLGRV HQ ODERUDWRULR VREUH FDEHOOR QDWXUDO DSOLFDQGR OD UXWLQD FRPSOHWD /RRN &DUH YV VKDPSRR VLQ DJHQWHV DFRQGLFLRQDGRUHV
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
KILHAIAJPKO LANBA?PKO !H ?QE@=@K @A PQ ?=>AHHK JK PANIEJ= ?KJ H= HEILEAV= Q=HMQEAN= OA= PQ PELK @A ?=>AHHK =Ué@=HK = ?KJOANR=N OQ IAFKN =L=NEAJ?E= ?KJ (KKG Ã&#x201C; =NA
5HVWDXUD WX FDEHOOR GHO GDxR SURYRFDGRV SRU TXtPLFRV VHFDGRUD SODQFKD \ WLQWHV
&$%(//2 3,(/
'( '(6&8(172 (1 0$6&$5,//$ '2%/( 5(3$5$&,Ã&#x201E;1 12&7851$
/22. &$5( 5HVWDXUD ODV SXQWDV \ ODV VHOOD 3URWHJH WX FDEHOOR GH ORV HIHFWRV GHO VRO
,QFUHPHQWD HO EULOOR GH WX FDEHOOR \ D\XGD D GHMDUOR VXDYH \ VHGRVR
3DUD WRGR WLSR GH FDEHOOR 5HSDUDFLyQ ([WUHPD 0DVFDULOOD GREOH UHSDUDFLyQ QRFWXUQD PO IO R] &yG
9DORUL]DGR HQ
/RFLyQ UHVWDXUDGRUD GH SXQWDV PO IO R] &yG
9DORUL]DGR HQ
%ULOOR 0i[LPR 6SUD\ PD[LPL]DGRU GH EULOOR PO IO R] &yG
9DORUL]DGR HQ
!O J=PQN=H AO LNb?PE?K
!O AH IAFKN ?QE@=@K MQA HA LQA@AO @=N =H ?=>AHHK @A PK@= PQ B=IEHE= ?KJ HKO IAFKNAO EJCNA@EAJPAO J=PQN=HAO
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
78 2)(57$ (675(//$ /,752
$/9,(172 HQ 7RGR WLSR GH FDEHOOR $XPHQWD HO EULOOR FRQ DOPHQGUDV \ IRUWDOHFH OD ´ EUD FDSLODU FRQ JHUPHQ GH WULJR
HQ 7RGR WLSR GH FDEHOOR 6KDPSRR DFRQGLFLRQDGRU OLWUR IO R] &yG
9DORUL]DGR HQ
'( '(6&8(172
&DEHOOR *UDVR &RQWUROD HO QLYHO GH JUDVD FRQ OLPyQ \ UHIUHVFD FRQ ViELOD
&DEHOOR 6HFR 6XDYL]D \ DFRQGLFLRQD FRQ DFHLWH GH FRFR KXPHFWD \ GHMD GyFLO HO FDEHOOR FRQ DJXDFDWH
/,752
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
&DEHOOR ([WUD 6HFR +XPHFWD \ GD EULOOR FRQ DFHLWH GH MRMRED SURWHJH OD ´ EUD FDSLODU FRQ NLZL
&DEHOOR 1RUPDO )RUWDOHFH OD ´ EUD FDSLODU FRQ DYHQD \ OH GD VXDYLGDG \ YLGD FRQ PLHO
/,752
&$%(//2 3,(/
KILHAPK ?QE@=@K L=N= PQ ?=>AHHK 0Q OD=ILKK PEAJA QJ ?KILHAIAJPK J=PQN=H ?NAI= L=N= LAEJ=N L=N= QJ NAOQHP=@K BAHEV
$/9,(172 7RGR WLSR GH FDEHOOR +LGUDWD VXDYL]D \ DXPHQWD HO EULOOR GHO FDEHOOR &RQ DORH YHUD NDULWp \ QXH] GH PDFDGDPLD
6KDPSRR OLWUR IO R] &DEHOOR 6HFR &yG &DEHOOR *UDVR &yG &DEHOOR ([WUD 6HFR &yG &DEHOOR 1RUPDO &yG 9DORUL]DGRV HQ F X F X &UHPD SDUD SHLQDU J R] &yG
9DORUL]DGR HQ
$=OP= DKN=O OEJ N=OPNK @A PN=JOLEN=?EäJ )bTEI= LNKPA??EäJ MQA I=JPEAJA PQ LEAH OA?= U HE>NA @AH I=H KHKN
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
&$%(//2 3,(/
727$/ 6(& 8QLVH[ 'HVRGRUDQWH DQWLWUDQVSLUDQWH UROO RQ PO IO R] &yG
'( '(6&8(172
0XMHU 'HVRGRUDQWH DQWLWUDQVSLUDQWH UROO RQ PO IO R] &yG
+RPEUH 'HVRGRUDQWH DQWLWUDQVSLUDQWH UROO RQ PO IO R] &yG
9DORUL]DGR HQ F X F X
8QLVH[ &RQ IUDJDQFLD QHXWUD
3DUD HOOD &RQ GHOLFDGR DURPD µ RUDO
3DUD pO &RQ UHIUHVFDQWH IUDJDQFLD PDVFXOLQD
K '( '85$&,Ã&#x201E;1
/EÃ&#x203A;JPAPA OACQN= U LNKPACE@= KJ AOPKO @AOK@KN=JPAO MQA ?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 F X F X
&yG
&yG
&yG
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
&yG
&yG
&yG
&yG
&$%(//2 3,(/
'( '(6&8(172
&yG
&yG
&yG
&yG
&yG
&yG
SDUD pO
&yG
&yG
&yG
&yG
&yG
&yG
&yG
XQLVH[
&yG
&yG
&yG
&yG &yG
18(92
AH ?=JO=J?EK U H=O =OLANAV=O JK MQA@=Nb JE DQAHH= ,NQA>= H= HßJA= ?KILHAP= U OAJPENbO PQO LEAO OQ=RAO BNAO?KO U NAJKR=@KO
720$ 127$ &yPR FRQVHJXLU XQRV SLHV VXDYHV \ OLJHURV" 3DVR $EODQGD OD SLHO 6XPHUJH WXV SLHV HQ DJXD WLELD SRU PLQXWRV 6pFDORV 3DVR ([IROLD $SOLFD OD FUHPD H[IROLDQWH \ PDVDMHD WXV SLHV FRQ PRYLPLHQWRV FLUFXODUHV (QMXDJD \ VHFD 3DVR +XPHFWD $SOLFD OD FUHPD KXPHFWDQWH FRQ VXDYHV PDVDMHV 1R HQMXDJXHV 3DVR (OLPLQD $VSHUH]DV $SOLFD OD FUHPD SDUD DVSHUH]DV \ GHMD DFWXDU SRU XQRV PLQXWRV 1R QHFHVLWDV HQMXDJDU
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
&$%(//2 3,(/
'( '(6&8(172
AOI=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?=
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
/造 K /造 *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
&$%(//2 3,(/
$ 0,7$'
'( 35(&,2 'HVPDTXLOOD ODV ]RQDV GHOLFDGDV GHO URVWUR RMRV \ ODELRV
%LIiVLFR 3DUD UHPRYHU KDVWD HO PDTXLOODMH PiV GLItFLO
'HVPDTXLOOD OD SLHO VHQVLEOH
/RFLyQ GHVPDTXLOODQWH SDUD RMRV \ URVWUR PO IO R]
'HVPDTXLOODGRU HQ JHO SDUD RMRV \ ODELRV J R]
'HVPDTXLOODGRU OtTXLGR DFFLyQ LQPHGLDWD PO IO R]
&yG
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
9DORUL]DGR HQ
0K@= A@=@ U PELK @A LEAH
HKA U >=NNK .E?K AJ IEJAN=HAO AH >=NNK AOPEIQH= H= ?EN?QH=?EäJ U =>OKN>A H=O EILQNAV=O IEAJPN=O MQA AH =HKA ?KJ QJ Ò @A =CQ= PEAJA QJ LK@AN PAN=LÛQPE?K OKNLNAJ@AJPA
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
&$%(//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$785$/ &$5( 0DVFDULOOD IDFLDO KLGUDWDFLyQ LQPHGLDWD J R] &yG
9DORUL]DGR HQ
+XPHFWD \ VXDYL]D OD SLHO GHO URVWUR GH IRUPD LQPHGLDWD FRQ EDUUR RUJiQLFR \ DORH
720$ 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
'HVSXpV
*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
+LGUDWD WXV SiUSDGRV ORV UHIUHVFD \ D\XGD D PHMRUDU OD DSDULHQFLD GH EROVDV RMHUDV \ OtQHDV GH H[SUHVLyQ
&yG
9DORUL]DGR HQ
+25$6 GH KLGUDWDFLyQ
+LGUDWD WX SLHO \ D\XGD D SURWHJHUOD GH OD DSDULFLyQ GH ORV VLJQRV GH OD HGDG
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
'( '(6&8(172
&$%(//2 3,(/
3UXHED GH HILFDFLD GHUPDWROyJLFD UHDOL]DGD HQ ODERUDWRULRV &ODLP FRQ PXMHUHV HQWUH \ DxRV GXUDQWH VHPDQDV XVDQGR HO SURGXFWR YHFHV DO GtD
N= @= N= OAI=J= OAI=J= OAI=J=
?H=N=@K AJ OAI=J=O
.KO= )KOMQAP= U KJ?D= @A Jb?=N (= ?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
)$&725 '( 3527(&&,Ä1 62/$5
)36
.KO= IKOMQAP= U ?KJ?D= @A Jb?=N
$FODUD OD SLHO HQ VHPDQDV \ PHMRUD VX WRQR
!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
(Q?A QJ= IEN=@= OéLAN FKRAJ =HA = H= @AHE?=@= LEAH @AH ?KJPKNJK @A PQO KFKO AH PN=P=IEAJPK AOLA?E=HEV=@K MQA JA?AOEP=
'( '(6&8(172
75,3/( $&&,Ã&#x201E;1 0$; &UHPD SDUD HO FRQWRUQR GH RMRV J R]
%(1(),&,26 '( 78 &5(0$ 3$5$ (/ &2172512 '( 2-26
EOIEJQUA H= =L=NEAJ?E= @A =NNQC=O EOIEJQUA H= =L=NEAJ?E= @A KFAN=O EOIEJQUA H= =L=NEAJ?E= @A >KHO=O BENI= AH ?KJPKNJK @A HKO KFKO UQ@= = LNKPACAN PQ LEAH @AH IA@EK =I>EAJPA /Q=REV= H= LEAH
ò !O @A Bb?EH =LHE?=?EäJ
&yG
9DORUL]DGR HQ
6X SXQWD VLOLFRQDGD IDFLOLWD OD DSOLFDFLyQ HQ HO FRQWRUQR GHO RMR \ SHUPLWH XWLOL]DU OD FDQWLGDG SUHFLVD GH SURGXFWR 6ROR WLHQHV TXH DSOLFDU DOUHGHGRU GHO RMR \ HVSDUFLU GHOLFDGDPHQWH FRQ OD \HPD GHO GHGR
3UR FROiJHQR H[WUDFWR GH URVD \ FDOpQGXOD $\XGDQ D GLVPLQXLU ORV VLJQRV GH HQYHMHFLPLHQWR HQ ORV RMRV JUDFLDV D VX HIHFWR VXDYL]DQWH \ UHIUHVFDQWH
GH ODV PXMHUHV VLQWLy PHMRUtD HQ OD DSDULHQFLD GH DUUXJDV EROVDV \ RMHUDV HQ HO FRQWRUQR GH ORV RMRV
(YDOXDFLyQ FOtQLFD GHUPDWROyJLFDPHQWH UHDOL]DGD HQ PXMHUHV HQWUH \ DxRV D ODV VHPDQDV GH XVR 7ULSOH $FFLyQ IXH ODQ]DGD HQ 3HU~ HQ SRU %HOFRUS
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
&$%(//2 3,(/
%(1(),&,26 '( 78 0$6&$5,//$ (;)2/,$17(
.A@Q?A H= =L=NEAJ?E= @A LQJPKO JACNKO )EJEIEV= H= =L=NEAJ?E= @A LKNKO =>EANPKO UQ@= = NAIKRAN ?Ã&#x203A;HQH=O IQANP=O .A@Q?A AH >NEHHK $QIA?P= /Q=REV=
.AJQAR= PQ ?QPEO !TBKHE= OQ=RAIAJPA PQ LEAH ?KJ AH LK@AN @A HKO LÃ&#x203A;P=HKO @A NKO=
75,3/( $&&,Ã&#x201E;1 0$; 0DVFDULOOD H[IROLDQWH IDFLDO PXOWLEHQHILFLRV J R] &yG
9DORUL]DGR HQ
DxRV FXLGDQGR WX URVWUR
7ULSOH $FFLyQ IXH ODQ]DGD HQ 3HU~ HQ SRU %HOFRUS
%(1(),&,26 '( 78 &5(0$ '( %(//(=$
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 %HOOH]D &yG &UHPD GH -XYHQWXG &yG D VROR
F X
%(1(),&,26 '( 78 &5(0$ '( -89(178'
J
.AOQHP=@KO ?KILNK>=@KO
GH ODV PXMHUHV VLQWLy PHMRUtD HQ OD DSDULHQFLD GH DUUXJDV GH ODV PXMHUHV SHUFLELy VX SLHO PiV FODUD
,EAH OQ=RA =NKI= EJPAJOK (K?EKJAO MQA D=?AJ @A PQ LEAH QJ= RAN@=@AN= PAJP=?EäJ
&yG &yG
/Q=REV=J H= LEAH (= LANBQI=J ?KJ PQ BN=C=J?E= LNABANE@= /RFLRQHV SHUIXPDGDV PO IO R] 9DORUL]DGDV HQ F X F X
&yG
&yG
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
&yG
&yG
EOBNQP= @AH OKH LNKPACEAJ@K = PQ B=IEHE=
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
&$%(//2 3,(/
AF= MQA AH OKH PA @Ã&#x203A; QJ =>N=VK
'( '(6&8(172
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] &yG
9DORUL]DGR HQ
$GXOWRV 3URWHFWRU VRODU URVWUR \ FXHUSR )36 3$ J R] &yG
9DORUL]DGR HQ
.LGV 3URWHFWRU VRODU SDUD QLxRV URVWUR \ FXHUSR )36 3$ J R] &yG
9DORUL]DGR HQ
0K@= A@=@ U PELK @A LEAH
/,752
)527$ $48À < 6,(17( (/ $520$ (1 78 3,(/
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
0Q LEAH P=I>EÛJ PEAJA =JPKFK @A =HCK @AHE?EKOK
78 2)(57$ (675(//$
2=EJEHH= U &=VIßJ QJ= ?KI>EJ=?EäJ MQA @AF= PQ LEAH OQ=RA U ?KJ ATMQEOEPK =NKI=
1$785$/ &$5( 6XDYL]D \ KXPHFWD OD SLHO &RQ UHODMDQWH DURPD GH YDLQLOOD \ MD]PtQ
9DLQLOOD -D]PtQ /RFLyQ KXPHFWDQWH FRUSRUDO OLWUR IO R] &yG
9DORUL]DGR HQ
!HECA H= HK?EäJ E@A=H L=N= PQ PELK @A LEAH
DKN= PK@=O LK@AIKO PAJAN QJ= LEAH DANIKO=
1$785$/ &$5( )ORU GH 1DUDQMR /LWFKL /RFLyQ KXPHFWDQWH FRUSRUDO OLWUR IO R] &yG
9DORUL]DGR HQ
'XUD]QR $oDt /RFLyQ KXPHFWDQWH FRUSRUDO OLWUR IO R] &yG
9DORUL]DGR HQ
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
+LGUDWD \ VXDYL]D OD SLHO &RQ UHIUHVFDQWH DURPD GH µ RU GH QDUDQMR \ OLWFKL
6XDYL]D \ UHYLWDOL]D OD SLHO &RQ GHOLFLRVR DURPD GH GXUD]QR \ DoDt
/,752
&$%(//2 3,(/
+XPHFWD QXWUH UHYLWDOL]D VXDYL]D GHYXHOYH OD ´ UPH]D \ D\XGD D SURWHJHU GHO PHGLR DPELHQWH
$OLVD OD SLHO GH QDUDQMD &RQ H[WUDFWR GH FRUDO \ DOJDV PDULQDV
/,752
75,3/( $&&,Ã&#x201E;1 0$; /RFLyQ GH EHOOH]D SDUD HO FXHUSR OLWUR IO R] &yG
9DORUL]DGR HQ
/RFLyQ GH EHOOH]D SDUD HO FXHUSR PO IO R] &yG
9DORUL]DGR HQ
$48$/27,21 3LHO /LVD /RFLyQ FRUSRUDO H[WUD KXPHFWDQWH OLWUR IO R] &yG
9DORUL]DGR HQ
1J >=ãK @A HA?DA L=N= @AF=N PQ LEAH OQ=RA?EP= !J AH P=I=ãK E@A=H L=N= PK@= PQ B=IEHE=
/,752
/$ GD $ 6Ã&#x201E;/2
&yG
08/7,&5(0 0LON /RFLyQ FRUSRUDO KXPHFWDQWH OLWUR IO R] &yG
9DORUL]DGR HQ
(YDOXDFLyQ UHDOL]DGD HQ /DERUDWRULRV %HOFRUS FRQ KRPEUHV \ PXMHUHV HQWUH ORV D DxRV \ D DxRV \ HQ /DERUDWRULRV &ODLP GH $UJHQWLQD FRQ QLxRV HQWUH ORV D DxRV
3DUD OD SLHO GH WRGD OD IDPLOLD +LGUDWD SRU KRUDV FRQ SURWHtQDV GH OHFKH DORH YHUD \ YLWDPLQD %
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
)bTEI= DE@N=P=?EäJ AJ QJ P=I=ãK L=N= PK@= H= B=IEHE=
/,752
/$ GD $ 6Ã&#x201E;/2
&yG
08/7,&5(0 1XWULHQWV /RFLyQ FRUSRUDO QXWULWLYD OLWUR IO R] &yG
9DORUL]DGR HQ
3DUD SLHO H[WUD VHFD +LGUDWD UHYLWDOL]D SURWHJH \ VXDYL]D
&$%(//2 3,(/
1J= #. * OKHQ?EäJ L=N= H= LEAH ATPN= OA?=
$KU RKU = RANPA >NEHH=N @A ?QANLK AJPANK (K?EKJAO ?KNLKN=HAO MQA @AF=J PQ LEAH ATMQEOEP=IAJPA OQ=RA U ?KJ QJ @AHE?=@K >NEHHK
6('$ 252 /RFLyQ OXPLQRVD PO IO R] &yG
9DORUL]DGR HQ
6XDYL]D KXPHFWD WX SLHO \ GHMD XQ VHQVXDO EULOOR GRUDGR
(1&$172 '( 3(5/$6 /RFLyQ OXPLQRVD PO IO R] &yG
9DORUL]DGR HQ
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
+XPHFWD VXDYL]D H LOXPLQD WX SLHO FRQ GHVWHOORV SHUODGRV
&$%(//2 3,(/
(EJ@= D=OP= H= LQJP= @A HKO @A@KO !HECA H= ?NAI= E@A=H L=N= HQ?EN QJ=O I=JKO OQ=RAO U DANIKO=O
'( '(6&8(172
6XDYL]D WXV PDQRV \ D\XGD D IRUWDOHFHU WXV XxDV FRQ YLWDPLQDV $ ( NHUDWLQD \ FDOFLR
+LGUDWD QXWUH VXDYL]D UHYLWDOL]D \ D\XGD D SURWHJHU WXV PDQRV $GHPiV IRUWDOHFH ODV XxDV
0$126 8f$6 3(5)(&7$6 &UHPD PXOWLDFWLYD SDUD PDQRV J R] &yG
9DORUL]DGR HQ
75,3/( $&&,Ã&#x201E;1 0$; &UHPD GH EHOOH]D SDUD PDQRV J R] &yG
9DORUL]DGR HQ
$=U PNQMQEPKO MQA JKO =UQ@=J = IK@AH=N AH ?QANLK K@U ,ANBA?PEKJ PQ =HE=@K E@A=H L=N= ?KJOACQEN H= BECQN= MQA P=JPK @AOA=O
&RQ URGLOORV PDVDMHDGRUHV
'( '(6&8(172
(OLPLQD ORV YHOORV \ UHWDUGD VX FUHFLPLHQWR
$OLVD OD DSDULHQFLD GH SLHO GH QDUDQMD \ ODV HVWUtDV
$´ UPD OD SLHO GHO EXVWR /D VXDYL]D H KLGUDWD
3UiFWLFD HVSiWXOD SDUD XQD PHMRU DSOLFDFLyQ
%2'< 3(5)(&7,21 'HSLODFWLYH &UHPD GHSLODWRULD J R] &yG
9DORUL]DGR HQ
)LUPLQJ %XVW *HO DILUPDQWH SDUD EXVWR PO IO R]
/LSR (IIHFW 0DVVDJHU &UHPD JHO FRUSRUDO PDVDMHDGRU PO IO R]
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
&$%(//2 3,(/
7H[WXUD SDUD PDVDMHV DO UHYHUVR
0RGHOD WX VLOXHWD $\XGD D UHGXFLU ORV GHSyVLWRV GH JUDVD GH OD SLHO
'XDOLVV *HO DOLVDGRU GH HVWUtDV \ SLHO GH QDUDQMD PO IO R] &yG
9DORUL]DGR HQ
)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 /DELDO 'XR 7DWWRR SiJ
/,752
7DOFR 0DQWLHQH VX SLHO VXDYH \ VHFD \ OR GHMD FyPRGR \ IUHVFR WRGR HO GtD
&RORQLD 7LHUQR DURPD FRQ µ RUHV GH PDQ]DQLOOD TXH OR GHMDUi IUHVFR \ UHODMDGR
6KDPSRR /H GDUi D VX FDEHOOR FODUR EULOOR \ VXDYLGDG
$*Ã&#x2021;
6KDPSRR FRQ PDQ]DQLOOD \ DFHLWHV GH DOJRGyQ OLWUR IO R]
&RORQLD FRQ IORUHV GH PDQ]DQLOOD OLWUR IO R]
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
'H PO IO R]
'H PO IO R]
7DOFR FRQ IpFXODV GH PDt] J R]
&yG
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
9DORUL]DGR HQ
1,f26 %(%e6
GH D PHVHV
'( '(6&8(172
0A ?QE@K ?Q=J@K @QANIAO L=N= MQA OEAILNA OQAãAO HEJ@K
/¤ K /¤ !H @AO?=JOK @A PQ >A>Û AO EILKNP=JPA L=N= OQ @AO=NNKHHK ,KN AOK =Ué@=HK = @KNIEN NAH=F=@K U LNKBQJ@K ?KJ Cé =>U .AH=T
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
6KDPSRR 8Q VROR SURGXFWR TXH FXLGD VX FDEHOOR \ SLHO LGHDO SDUD HO EDxR DQWHV GH GRUPLU
/,752
&RORQLD 7LHUQR DURPD µ RUDO FRQ QRWDV GH MD]PtQ \ YDLQLOOD TXH OR UHIUHVFD \ OR UHODMD
&$%(//2 3,(/
GH D PHVHV
'( '(6&8(172
$*Ã&#x2021; %DE\ 5HOD[ 6KDPSRR FDEHOOR \ FXHUSR OLWUR IO R] &yG
9DORUL]DGR HQ
'H PO IO R] &yG
9DORUL]DGR HQ
&RORQLD OLWUR IO R] &yG
9DORUL]DGR HQ
'H PO IO R] &yG
9DORUL]DGR HQ
7DOFR J R] &yG
9DORUL]DGR HQ
/RFLyQ KLGUDWDQWH SDUD PDVDMHV 'H PO IO R] &yG
9DORUL]DGR HQ
'H PO IO R] &yG
9DORUL]DGR HQ
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?EÛJ J=?E@K ?KJ AH IQJ@K LNKRA?D= AH >=ãK L=N= =?=NE?E=NHK ?KJ OQ=RE@=@
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
/,752
1,f26 %(%e6
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
&UHPD &RQ DYHQD \ SURWHtQDV GH OHFKH 'HMD VX SLHO VXDYH \ SURWHJLGD WRGR HO GtD
$*Ã&#x2021; 0i[LPR &XLGDGR &RORQLD VLQ DOFRKRO OLWUR IO R]
6KDPSRR FDEHOOR \ FXHUSR 'H OLWUR IO R]
&UHPD FRUSRUDO KXPHFWDFLyQ KRUDV J R]
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
&yG
9DORUL]DGR HQ
'H PO IO R]
'H PO IO R]
'H J R]
&yG
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
9DORUL]DGR HQ
)A AJ?=JP= ?Q=J@K IE DEF= IA @E?A MQA MQEANA OAN ?KIK UK
(Q XQ VROR SDVR VX FDEHOOR TXHGDUi OLPSLR VHGRVR \ FRQ XQ ULTXtVLPR DURPD D WXWWL IUXWWL
'HMD VX SLHO PX\ VXDYH FRQ XQ RORU ULTXtVLPR \ FRQ SUHFLRVRV EULOORV
8Q DURPD GH GHOLFLRVDV µ RUHV \ IUXWDV SDUD ODV FKLFDV PiV IDVKLRQ
/¤ K /¤ /E ANAO ?KKH U NA B=ODEKJ D=V MQA H=O AOPNAHH=O U ?DEOLEP=O @A )EJE DE?O PA D=C=J >NEHH=N AJPNA PK@=O PQO =IEC=O
SURPRFLyQ 5HORM 0LQL :DWFK SiJ
3DUD TXH HOOD SXHGD OXFLU HO SHLQDGR PiV GLYHUWLGR \ FRQ EULOORV PX\ PRGHUQRV
$ 62/2
1,f26 %(%e6
'HVHQUHGD HO FDEHOOR OH GD XQ EULOOR IDEXORVR \ OR GHMD OLVWR SDUD ORV SHLQDGRV PiV OLQGRV
F X 0,1, &+,&6 /LVD &RRO 6KDPSRR HQ PO IO R] &yG
9DORUL]DGR HQ 0RGHUQR DURPD µ RUDO IUXWDO VROR SDUD FKLFDV FRRO
&DQG\ 6ZHHW /RFLyQ SDUD HO FXHUSR FRQ FKLVSLWDV PO IO R] &yG
9DORUL]DGR HQ 5XEL 'LYLQH &RORQLD FRQ FKLVSHDQWHV HVWUHOODV PO IO R] &yG
9DORUL]DGR HQ 7LQD 'DQFH 'HVHQUHGDQWH PiJLFR PO IO R] &yG
9DORUL]DGR HQ 7LQD \ /LVD *HO FRQ FKLVSLWDV SDUD HO FDEHOOR PO IO R] &yG
9DORUL]DGR HQ &RQ PDQ]DQLOOD \ SURWHtQDV GH WULJR UHVDOWD HO FRORU QDWXUDO GHO FDEHOOR FODUR
.HOO\ 7HFK &RORQLD FRQ FKLVSHDQWHV HVWUHOODV PO IO R] &yG
9DORUL]DGR HQ &DQG\ \ .HOO\ 6KDPSRR PDQ]DQLOOD HQ PO IO R] &yG
9DORUL]DGR HQ
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 @EOBNQPAJ FQJP=O QJ IKIAJPK AOLA?E=H NACbH=HA QJ HEJ@K =??AOKNEK MQA H= D=Nb HQ?EN =éJ IbO >AHH=
SURPRFLyQ 5HORM 0LQL :DWFK SiJ
18(9$ &ROODU ,QFOX\H GLMH FRQ IRUPD GH PDULSRVD \ FULVWDO FHOHVWH 0HGLGDV DSUR[ GHO GLMH FP [ FP
(Q EDxR GH RUR FRQ FULVWDOHV \ HVPDOWHV SLQWDGRV D PDQR GH FRORU PRUDGR \ WXUTXHVD
1,f26 %(%e6
&2/(&&,Ä1 67$5(//$
'( '(6&8(172 (1 &2/(&&,Ä1 67$5(//$
&yG
9DORUL]DGR HQ
$UHWHV &yG
9DORUL]DGR HQ
$UHWHV ODUJRV &yG
9DORUL]DGR HQ
3XOVHUD ,QFOX\H GLMH GH PDULSRVD \ FULVWDO 0HGLGDV GHO GLMH FP [ FP
&yG
9DORUL]DGR HQ
18(92
(VWXFKH GH DQLOORV 3ULQFHVV
(Q EDxR GRUDGR \ SODWHDGR FRQ HVPDOWHV OLQGDV SLHGUDV \ FULVWDO WUDVO~FLGR
7UHV SDUHV GH DQLOORV FRQ IRUPDV GH SULQFHVD HVWUHOOD \ FRURQD &yG
9DORUL]DGR HQ
(VWXFKH GH DUHWHV 0DJLF *DUGHQ 6LHWH SDUHV GH DUHWHV V~SHU FRPELQDEOHV FRQ GLVHxRV GH IORU PRQR SLQJ LQR \ HVWUHOOD IXJD] HQWUH RWURV &yG
9DORUL]DGR HQ
(Q EDxR GH RUR \ SODWD FRQ HVPDOWHV GH FRORUHV \ FULVWDOHV
18(675$ %,-287(5,( (6
/,%5( '( 3/202
(= AJANCß= @A IE DEFK AO EJ=CKP=>HA U ?=@= @ß= PEAJA IbOÎ
0i[LPD HVSXPD TXH HOLPLQD WRGR UDVWUR GH VXFLHGDG HQ HO FDEHOOR
8Q KXUDFiQ GH IUHVFXUD FRQ DURPD D GHOLFLRVDV IUXWDV
&20$1'2 )25&( $URPD[ &RORQLD PO IO R] &yG
9DORUL]DGR HQ
5HIUHVFDQWH DURPD SDUD VXSHUKpURHV TXH GHVLQWHJUD D ORV 0XJU\[
3DUDJHOL[ *HO J R] &yG
9DORUL]DGR HQ
6SXPDWDN 6KDPSRR HQ PO IO R] &yG
9DORUL]DGR HQ
;SODVK &RORQLD PO IO R] &yG
9DORUL]DGR HQ
SURPRFLyQ 5HORM 0LQL :DWFK SiJ
3HUPLWH KDFHU ORV SHLQDGRV PiV GLYHUWLGRV \ PRGHUQRV
35202&,Ã&#x201E;1 5HORM 0LQL :DWFK D VROR
5 LAJO=J@K P=I>EÃ&#x203A;J AJ AHH=
1J NAHKF ?KJ PK@K AH AOPEHK @A H=O )EJE DE?O
&yG
SRU OD FRPSUD GH XQ SURGXFWR &RPDQGR )RUFH R 0LQL &KLFV GH OD SiJ D OD SiJ
5HORM 0LQL :DWFK /LQGR \ PRGHUQR UHORM SDUD QLxDV FRQ OD LPDJHQ GH ODV 0LQL &KLFV HQ HO GLDO 9DORUL]DGR HQ
3HUR TXp IDVKLRQ !O QJ HEJ@K NAHKF ?KHKN NKO=@K MQA REAJA ?KJ QJ= =HQ?EJ=JPA ?KNNA= MQA OA =>NK?D= OKH= =LAJ=O AJPN= AJ ?KJP=?PK ?KJ PQ >N=VK
&RUUHD \ PDQHFLOODV GH FRORU PRUDGR
%RUGH URVDGR 3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN
DURPDV /! 1 0+.!/
'20$'25 '( &25$=21(6 N=RßK AH =NKI= =PNARE@K @A DNEOPE=J )AEAN
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
&yG
9DORUL]DGR HQ
e/ e/
%5$9À2 &+5,67,$1 0(,(5 &RORJQH DWRPLVHXU PO IO R]
'( '(6&8(172
(KO =NKI=O OKJ EILNA@A?E>HAO
0DGHURVR 6HGXFWRU $URPD FRQ LQWHQVR FXHUR \ VHGXFWRUDV QRWDV GH iPEDU \ PDGHUD
(= BN=C=J?E= LANBA?P= AO QJ RE=FA EJ?NAß>HA L=N= HKO OAJPE@KO HHAJK @A NKI=J?A =RAJPQN= U IEOPANEK z äIK OANb H= LNäTEI= RAV *=@EA HK O=>A (K EILKNP=JPA AO @EOBNQP=N AH IKIAJPK U D=?AN @A ?=@= OQOLENK QJ= DEOPKNE= EJKHRE@=>HA
(/(*,5 81$ )5$*$1&,$ $/ $=$5" -$0½6
(6 3( &, $ ' 2
62 2 (5 ' $ 0
0 $ ' (5 2 62
+( 5% $ / &À 75 ,& 2
2 ,& 75 &À
/ $ 5% +(
7,9 $&
6 ('8 &7 12 25 (5 ' 2 0 2 ' $ &, 3( (6
(/ (* $1 7(
!J AH >=JE?K @A NKI=O @A ^OEG= AJ?QAJPN= OQ BN=C=J?E= E@A=H
0$'(5262
+(5%$/
&À75,&2
&À75,&2
(63(&,$'2
+(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 'RUVD\ 'RUVD\ &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
'( '(6&8(172
81 $520$ 48( $&(/(5$ /26 /$7,'26 ,QHOK AH OA?NAPK @A OA@Q??EäJ @A DNEOPE=J )AEAN
)527$ $48À < 6,(17( (/ $520$ (1 78 3,(/
e/ e/
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 /DELDO 'XR 7DWWRR SiJ
18(9$
0$; (DX GH WRLOHWWH DWRPLVHXU PO IO R]
'HVRGRUDQWH UROO RQ PO IO R]
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
'( '(6&8(172
0DGHURVR 6HGXFWRU ,PSDFWDQWH \ SRGHURVD PL[WXUD GH PDGHUDV YHWLYHU \ FXHUR
)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/
(;86 &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ
'( '(6&8(172 (1 /$ )5$*$1&,$ 9$1,//$ +20%5(
9$1,//$ +20%5( &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ
7DOFR SHUIXPDGR J R] &yG
9DORUL]DGR HQ
+HUEDO 6HGXFWRU 9LULOHV QRWDV GH FXHUR ODYDQGD \ HVHQFLDV FtWULFDV
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
(VSHFLDGR 6HGXFWRU &iOLGD YDLQLOOD VH PH]FOD FRQ DLUHV PDGHURVRV
e/ e/
(67$ 6(5½ /$ 12&+( 3(5)(&7$ )éOE?= NKIbJPE?= IEN=@=O =PNARE@=O QJ =NKI= ENNAOEOPE>HA
'( '(6&8(172 (1 /$ )5$*$1&,$ .$/26 721,*+7
.$/26 721,*+7 &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ (VSHFLDGR 6HGXFWRU 6HGXFWRUDV QRWDV GH SDWFKRXOL \ ViQGDOR OD FRQTXLVWDQ
7DOFR SHUIXPDGR J R] &yG
9DORUL]DGR HQ
'26 $520$6 48( +$&(1 /$ ',)(5(1&,$ ,7 6 <28 /,9( )UDJDQFLD XQLVH[ (DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ
)25=( &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ
'( '(6&8(172
&tWULFD $FWLYD /D IUHVFXUD GH XQD QRFKH GH YHUDQR PDQGDULQDV LWDOLDQDV QRWDV PDULQDV \ KRMDV GH EDPE~
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
+HUEDO $FWLYR 3RWHQWHV QRWDV GH OLPyQ WRQND \ FHGUR EODQFR
e/ e/
'( '(6&8(172 (1 $9(17285
$9(17285 &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ
0DGHURVR $FWLYR %ULVDV GH OLPyQ DXVWUDOLDQR \ FHGUR LQYLWDQ D OD DYHQWXUD
6(5 /,%5( (6 81$ $9(1785$
&tWULFR $FWLYR (VSRQWiQHDV QRWDV FtWULFDV GH OLPyQ \ WRURQMD HQ VX SXQWR PiV UHIUHVFDQWH
)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/
,7 6 <28 )UDJDQFLD XQLVH[ (DX GH WRLOHWWH DWRPLVHXU PO IO R] 9DORUL]DGR HQ
35202&,Ä1 ,1683(5$%/( ,WV <RX D VROR
&yG
6,03/(0(17( 7Ç 3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN
//(*$5 $ /$ &,0$ 7,(1( 686 5(&203(16$6
+HUEDO $FWLYR 'LQiPLFD IUHVFXUD FRQ YLJRURVDV QRWDV GH ODYDQGD
'( '(6&8(172 (1 $/7+(86
$/7+(86 &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
' 256$< &RORJQH DWRPLVHXU PO IO R]
' 256$< &/$66 &RORJQH DWRPLVHXU PO IO R]
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
e/ e/
(/(*$1&,$ 325 '26
35202&,Ã&#x201E;1 'ÂRUVD\ &ODVV
$ 62/2
9DORUL]DGR HQ &yG
3RU OD FRPSUD GH ' RUVD\
+HUEDO (OHJDQWH 6R´ VWLFDGRV DFRUGHV GH UREOH YHUEHQD \ YHWLYHU
+HUEDO (OHJDQWH 6R´ VWLFDGDV QRWDV GH VDOYLD \ ODYDQGD VH PH]FODQ FRQ OD LUUHVLVWLEOH IXVLyQ GH ViQGDOR FHGUR \ YHWLYHU
&$'$ +20%5( 7,(1( 68 (67,/2
U QJ= BN=C=J?E= MQA HK D=?A AOLA?E=H
(VSHFLDGR 6HGXFWRU /D LQWHQVLGDG GHO ViQGDOR \ HO FDVKPqUH VH FRPELQDQ HQ XQD IUDJDQFLD LUUHVLVWLEOH
,0½1(0 &RORJQH DWRPLVHXU PO IO R] &yG
0DGHURVR (OHJDQWH 6R´ VWLFDGDV QRWDV GH OLPyQ GH ,WDOLD SLPLHQWD QHJUD \ VHOHFWDV PDGHUDV
,03(5,80 &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
e/ e/ 0DGHURVR (OHJDQWH 1RWDV YHUGHV FREUDQ GLVWLQFLyQ FXDQGR VH DVRFLDQ FRQ ´ QDV PDGHUDV
+HUEDO $FWLYR (QpUJLFDV QRWDV FtWULFDV FHGUR YHWLYHU \ PXVN
$=$%$. &RORJQH DWRPLVHXU PO IO R]
.$/26 63257 &RORJQH DWRPLVHXU PO IO R]
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
&yG
81 $520$ $8'$= '20,1$ /$ &,8'$'
SURPRFLyQ /DELDO 'XR 7DWWRR SiJ
78 2)(57$ (675(//$
+,*+:$< &RORJQH DWRPLVHXU PO IO R] &yG
9DORUL]DGR HQ
)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/
0DGHURVR 0RGHUQR $XGDFHV QRWDV GH PXVN WRQND \ YHWLYHU LQYLWDQ D YLYLU LQWHQVDPHQWH
6,(035( $75$&7,92
'HVRGRUDQWH HQ VSUD\ $VHJXUD KDVWD KRUDV GH SURWHFFLyQ FRQWUD OD VXGRUDFLyQ \ HO PDO RORU &RQ DURPD D PHQWD \ PDGHUDV
7UDWDPLHQWR IDFLDO PXOWLDFFLyQ &RQWUROD HO H[FHVR GH JUDVD SUHYLHQH OD DSDULFLyQ GH DUUXJDV GHO URVWUR \ UHIUHVFD OXHJR GHO DIHLWDGR
e6,.$ 0(1
SURPRFLyQ FRORU´ [ /DELDO '~R 7DWWRR 9HU SiJ
7UDWDPLHQWR IDFLDO PXOWLDFFLyQ HQ ORFLyQ PO IO R]
'HVRGRUDQWH VSUD\ PO IO R]
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
&yG
&$%(//2 3,(/
'( '(6&8(172
6KDPSRR HQ /LPSLD \ DFRQGLFLRQD HQ XQ VROR SDVR
6KDPSRR 0i[LPD )XHU]D 5HGXFH OD FDtGD GHO FDEHOOR HQ XQ
6KDPSRR &RQWURO (IHFWLYR /LPSLD SURIXQGDPHQWH \ IRUWDOHFH HO FDEHOOR
6KDPSRR PXOWLDFFLyQ HQ PO IO R]
6KDPSRR Pi[LPD IXHU]D PO IO R]
6KDPSRR FRQWURO HIHFWLYR PO IO R]
&yG
&yG
&yG
9DORUL]DGR HQ
9DORUL]DGR HQ
9DORUL]DGR HQ
&DtGD GHO FDEHOOR SRU TXLHEUH UHVXOWDGRV D SDUWLU GH OD WD ODYDGD YV HO FRQWURO EDVDO
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
'( '(6&8(172 (1 7$3$%2721(6 (5$=
&2/(&&,Ã&#x201E;1 +(55$-( &DGHQD /DUJR FP 0HGLGDV GHO GLMH [ FP
&DGHQD \ GLMH HQ IRUPD GH KHUUDGXUD HQ EDxR GH SODWD &ROODU DGLFLRQDO GH FXHUR
&yG
9DORUL]DGR HQ
(VFODYD 0HGLGD DSUR[ GHO GLMH [ FP &yG
9DORUL]DGR HQ
(Q EDxR GH SODWD \ GLMH UHFWDQJXODU FRQ GLVHxR GH GRV KHUUDGXUDV
SURPRFLyQ (VWXFKH 9DQJXDUG SiJ
(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
9DORUL]DGR HQ
&yG
.+/ $% &yG
0QO H=>EKO OA RANbJ OAJOQ=HAO D=OP= LKN DKN=O
2%*+ !(%//
/ ()¨* 3+* !.
+. ( 00. 0%+*
.+/ (%#$0
$+ +( 0! %*0!*/!
.+&+ , //%+*
&yG
&yG
&yG
&yG
&yG
&yG
SURPRFLyQ SiJ
35202&,Ã&#x201E;1 /DELDO G~R WDWWRR D VROR
3DVR %ULOOR
K
V
'('85$&,Ã&#x201E;1
"1 /% /3!!0 &yG
/DELDO G~R WDWWRR PO J IO R] R] 9DORUL]DGR HQ
"1 /% $+0
%.1!( !/%.!
&yG
&yG
3DVR &RORU
.+/ .! ) &yG
V
"EF= AH ?KHKN AJ @KO L=OKO ,NKPACA PQO H=>EKO (KO DQIA?P= U =?KJ@E?EKJ=
(YDOXDFLyQ VHQVRULDO GH GXUDFLyQ UHDOL]DGD EDMR FRQGLFLRQHV GH ODERUDWRULR
3RU OD FRPSUD GH FXDOTXLHU SURGXFWR GHO FDWiORJR 1R LQFOX\H RWUDV SURPRFLRQHV
,%)%!*0 (%!*0! &yG
3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN
2)(57$ 0$*1Ã&#x20AC;),&$
81 '(6(2 ,0326,%/( '( (;7,1*8,5
D VROR
"KCKO AH ?=HKN @A H= L=OEäJ
)2*26 (DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG
;,&2 6 $ GH & 9
9DORUL]DGR HQ
0(;,&2 & +$= 78 3(','2 $ 75$9e6 '( 78 &2168/725$ 2 //$0$ *5$7,6 $/ &$7½/2*2 9,*(17(
%(//(=$ (6 6$/8' 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