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6O GPSBTUFS DPOFHVU NFV FN WB EJS VO EJB "I &UT EF #B EBMPOB +B -B QMBUKB MB 1FO ZB J *LFB "RVFTUB TFSJB VOB EFmOJDJØ EFT EF GPSB ²T CP B NÏT EF TBCFS RVJ TPN TBCFS RVJ DSFVFO FMT EF GPSB RVF TPN $PN FOT QFSDFCFO 4 F H P O T R V Ò E J H V F T T J O NPVSÓFN FM DBQ DPOEFTDFO EFOUT 0 NJSBSÓFN RVJO EFMT FTUFSFPUJQT CBEBMPOJOT T IBO EFTDVJEBU 1FS BJYÛ QPU BOBS CÏ QBSUJDJQBS FO M FMBCPSBDJØ E BRVFTUFT MMJTUFT EF MFT DPTFT EFTUBDBCMFT EF #BEB MPOB 1FSRVÒ BRVÓ MB QSFHVOUB OP MB GFN BMT GPSBTUFST TJOØ B OPTBMUSFT NBUFJYPT &M +PD EF #BEBMPOB RVF FT WB FOHFHBS B M FOUPSO EF MFT 'FTUFT EF .BJH EF M BOZ QBTTBU QPU TFS VOB CPOB QSPWB EF TFMFD UJWJUBU &O VOB BTTJHOBUVSB RVF FT UJUVMÏT iCBEBMPOJTNFw

0QJOJP 1BH JOEE

QSFTFOUB EJËSJBNFOU GB VOT RVJO[F EJFT MB WB QJGJBS FO CBEBMPOJTNF 7B NPTUSBS VO NBQB EF $BUBMVOZB BNC MFT WJFT EF DPNVOJDBDJØ SPNBOFT WFOJOU EFM TVE IJ IBWJB #BSDJOP J EF DPQ TBMUBWB B *MVSP EFT DVJEBOU TF #BFUVMP MB OPTUSB DJVUBU 1PUTFS ÏT RVF FMT SÒUPMT IBVSJFO RVFEBU NBTTB BQSF UBUT %PODT RVF FMJNJOFTTJO #BSDJOP RVF FSB NFOZT JNQPS UBOU 0 ÏT RVF FMT RVF WBO GFS FM SÒUPM OP TBCJFO IJTUÛSJB 0 ÏT RVF #BFUVMP KB FSB VO CBSSJ EF #BSDJOP .BMBNFOU QFM SÒUPM 1FSÛ UBNCÏ QFS B FO 5PNËT QFSRVÒ BTTFOZBMBOU MFT QPCMB DJPOT J BOPNFOBOU MFT UBNCÏ FT WB TBMUBS MB OPTUSB J MB TF WB DJVUBU &MT CBEBMPOJOT IFN EF NJSBS NÏT QSJN QFSRVÒ NFEJËUJDBNFOU BOFN QSPV NBM TFSWJUT B EJOT J B GPSB %F UPUB NBOFSB DBM SFDPOÒJYFS B M BNJD 5PNËT RVF NPMUB HFOU EF GPSB TBQ RVF FMM ÏT EF #BEBMPOB QFSRVÒ TFHVS RVF IP EJV * QFSRVÒ TF MJ OPUB

RVBOUT CBEBMPOJOT BQSPWB SJFO "WVJ B UBMM E FYFNQMF WPM E S J B E F T U B D B S E P T D B T P T E BNCBJYBEPST EF #BEBMPOB RVF IF QPHVU WFVSF GB QPDT EJFT &M QSJNFS MB . -PVSEFT (BSSJHB MB +PBOB #FSNÞEF[ J M "MCFSU "CFMMËO EVFT CB EBMPOJOFT J VO CBEBMPOÓ WBO FYQPTBS BM O 4JNQÛTJVN TP CSF 1SPNPDJØ J %JGVTJØ EF MB $VMUVSB 5SBEJDJPOBM $BUBMBOB M FYQFSJÒODJB i7B EF HFHBOUTw RVF QPSUB USFT BOZT SFBMJU[BOU FM $&*1 +PBO $PSFU EF #BEBMPOB BNC MB $PMMB EF (FHBOUFST 5P UB VOB MMJÎØ BNC BQMBVEJNFOUT TJODFST J DPOUVOEFOUT EFMT BT TJTUFOUT E BSSFV EF $BUBMVO ZB 6OB BNCBJYBEB FYDFMtMFOU BNC NBUSÓDVMB E IPOPS FO VO UFNB EF CBTF TJ WPMFV QFSÛ FYFNQMBS - BMUSB DBSB EF MB NPOFEB FOT M PGFSFJY BJ MËT FM CPO BNJD CBEBMPOÓ 5PNËT .PMJOB IP NF EFM UFNQT EF 57 &O FM QSPHSBNB i&TQBJ 5FSSBw RVF

727 %DGDORQD

&(175(

3 /$ 6$/8'

//(),¬

/RFDO P GLYLGLGR HQ VyWDQR P SO EDMD P DOWLOOR P IDFKDGD D OD FDOOH DSWR FXDOTXLHU QHJRFLR -8172 0$57Ë 38-2/ $/4 ¼ ,9$

3LVR FRQ KDE GREOHV EDxR FRQ GXFKD EDOFyQ D OD FDOOH SRFRV YHFLQRV DOWXUD EXHQD GLVWULEXFLyQ 2&$6,Ï1 ¼ 376

320$5

3LVR 72'2 (;7(5,25 P KDE GREOHV VDOyQ P FDOHIDF D DFRQG %8(1$ =21$ 3$5$ (175$5 $ 9,9,5 ¼ 376

672 &5,672

%8)$/¬ 3,62 FRQ KDE GREOHV 5()25 0$'2 VDOyQ P FDOHI DLUH DFRQG ¿QFD FRQ DVFHQVRU -8172 %,%/,27(&$ ¼ 376

3LVR -8172 02/Ë '( /$ 7255( FRQ KDE ]RQD PX\ WUDQTXLOD 5()250$'2 EDOFyQ EXHQD GLVWULEXFLyQ ¼ 376

/$ 6$/8'

6$17 $'5,¬

3LVR HQ *32 9,5*(1 /$ 6$/8' GH KDE 72'2 (;7( 5,25 DOWR \ FRQ DVFHQVRU VDOyQ P FRQ EDOFyQ SUHFLVD UHIRUPDV ¼ 376

/$ 025(5$ 3LVR /,672 3$5$ 9,9,5 FRQ KDE 5()250$'2 VDOyQ P HQ DPELHQWHV FRQ EDOFyQ SXHUWDV KD\D ,03(&$%/( ¼ 376

3LVR 6(0, 18(92 FRQ KDE WRGR H[WHULRU ¿QFD FRQ DVFHQVRU SDUNHW \ JUHV FDOHIDF DLUH DFRQG -8172 &(1752 ¼ 376

$/)216 ;,,,

%8)$/¬

3LVR FRQ $6&(1625 GH KDE GREOHV 5()250$'2 EDOFyQ P FDOHI DLUH DFRQG /,672 3$5$ 9,9,5 ¼ 376

&$1<$'Ï

-8172 0(5&$'21$

&(175(

%8)$/¬ 3LVR HQ F ,1'(3(1'(1&,$ GH KDE FRQ EDOFyQ 5()25 0$'2 FDOHIDF DLUH DFRQG ¿QFD FRQ DVFHQVRU ,03(&$%/( ¼ 376

QBHJOB JOEE

3LVR 72'2 (;7(5,25 MXQWR $\XQWDPLHQWR P KDE EDxR \ DVHR DPSOLR EDOFyQ FDOHIDF 9,67$6 $ 0$5 ¼ 376

&$6$*(0(6

7,$1$

3LVR 6(0, 18(92 P KDE FRFLQD DELHUWD DO VDOyQ EDOFyQ SDUNHW \ JUHV DLUH \ FDOHIDFLy DVFHQVRU 0(-25 48( 18(92 ¼ 376

3LVR /,672 3$5$ 9,9,5 P K GREOHV EDxR \ FRFLQD UHI VDOyQ P F VDOLGD D EDOFyQ SDUTXHW \ JUHV FDOHIDF D DFRQG DVFHQVRU ¼ 376

)5217 0$5Ë7,0

&$6$*(0(6 &DVD 3/$17$ %$-$ 3$7,2 P 7(55$=$6 KDE EDxR \ DVHR VDOyQ P FDOHIDF D D WUDVWHUR SRVLEOH HGL¿FDU SODQWDV PiV 08&+$6 326,%,/,'$'(6 ¼ 376

&$6$*(0(6

3LVR P 3$7,2 P KDE 72'2 (;7(5,25 FDOHIDF SRFRV YHFLQRV 6(0, 18(92 PiUPRO \ JUHV SDUNLQJ LQFO ¼ 376

&(175( 3LVR -8172 & '(/ 0$5 K GREOHV P 683(5 5()250$'2 DLUH DFRQ \ FDOHI ¿QFD SRFRV YHFLQRV WHUUD]D FRPXQLW =21$ ,10(-25$%/( ¼ 376

*UDQ SLVR FRQ KDE VXLWWH DPSOLD FRFLQD RI¿FH VDOyQ P EDOFRQHV FDOHIDF ¿QFD FRQ DVFHQVRU 32&26 $f26 SDUNLQJ RSF ¼ 376

%8)$/¬

727 %DGDORQD

3LVR FRQ $6&(1625 HQ F 5$021 //8// KDE H[WHULRUHV DPXHEODGR \ 5()250$'2 ¼ 376

%8)$/¬

3LVR P 6(0, 18(92 FRQ ]RQD FRPXQLWDULD KDE VXLWWH DPSOLR EDOFyQ FDOHIDF DLUH DFRQG -8172 3/$<$ ¼ 376

3LVR 6(0, 18(92 MXQWR &DQ 62/(, GH KDE EDOFyQ JUDQGH FDOHIDF DLUH DFRQG WRGR H[WHULRU DPXHEODGR 3$5.,1* 23& ¼ 376

//(),¬ *UDQ SLVR -8172 3/ 75$)$/*$5 P KDE EDxR \ DVHR VDOyQ P FRQ EDOFyQ D OD FDOOH GLVSRQLELOLGDG LQPHGLDWD ¼ 376

3LVR 72'2 (;7(5,25 MXQWR LJOHVLD KDE 5()250$'2 VDOyQ HQ DPELHQWHV ¿QFD SRFRV YHFLQRV ¼ 376

0217*$7 È7,&2 FRQ 7(55$=$ P K GREOHV FRFLQD VHPL QXHYD VDOyQ FRQ VDOLGD D W]D DLUH IUtR FDORU $6&(1625 OLVWR SDUD YLYLU SDUNLQJ RSF ¼ 376

3LVR /,672 3$5$ 9,9,5 GH P KDE EDxR \ FRFLQD UHIRUPDGRV SUHFLRVR EDOFyQ DLUH IUtR FDORU DVFHQVRU -XQWR +RVSLWDO (VStULWX 6DQWR ¼ 376

-72 3(3 9(1785$

0217,*$/¬ '83/(; P WHUUD]D P ,'($/ 3$5$ )$0,/,$6 KDE DLUH IUtR FDORU SXHUWDV UREOH -8172 $3(1,126 ¼ 376

3LVR 72'2 (;7(5,25 GH P KDE EDxR \ FRFLQD UHIRUPDGRV VXHOR JUHV FDOHIDF D DFRQG LQVW QXHYDV ¿QFD FRQ DVFHQVRU ¼ 376

67$ &2/20$

3LVR P SDWLR WHUUD]D P K GREOHV VXLWWH EDxRV FDOHIDF DLUH DFRQG -8172 3/$<$ ¼ 376

3LVR GH KDE 6(0, 18(92 ]RQD FRPXQLWDULD FRQ SLVFLQD EDxRV EDOFyQ WHUUD]D FRQ 9,67$6 $ 0$5 SDUNLQJ RSF DVFHQVRU ~OWLPR SLVR ¼ 376

&/$6,),&$'26

%'1 &(1752 & '26 '( 0$<2

QBH JOEE

*UDQ SLVR HQ F 'RV GH 0D\R FRQ F 0RVVHQ $QWRQ 5RPHX 6XSHU¿ FLH GH PHWURV $PSOLR VDOyQ LQGHSHQGLHQWH KDE EDxRV ([W D OD FDOOH %DOFRQHV $VFHQVRU 3UHFLVD UHIRUPDV /OiPHQRV \ OH LQIRUPDUHPRV

%$'$/21$ & $/)2162 ;,,,

6 $ 1 $ ' 5 , $ &(1752

$YGD $OIRQVR ;,,, 3LVR GH KDELWDFLRQHV ([W $VFHQVRU 7RGR UHIRUPDGR SDUD HQWUDU D YLYLU =RQD PX\ ELHQ FRPXQLFDGD ³%XHQD RSRUWXQLGDG´

& %RJDWHOO 3LVR KDE $OWR ([WHULRU $VF 7RGR UHIRUPDGR &DOHI $ $ 3DUD HQWUDU D 9LYLU ³8QD H[FHOHQWH RSRUWXQLGDG SDUD SDUHMDV´

3UHFLR ½

% $ ' $ / 2 1 $ &(1752

6$17$ &2/20$ & ,5/$1'$

)5217 0$5,7,0 %$'$/21$

& $VVHPEOHD FDWDOXQ\D )UHQWH DO QXHYR $\XQW *UDQ SLVR HQ ¿ QFD VHxRULDO PHWURV *UDQ VDOyQ KDE \ EDxRV KDE \ DVHR GH VHUYLFLR 3O] SN FRFKH JUDQGH ³/ODPH H LQIRUPHVH´

-WR -DFLQWR YHUGDJXHU 3LVR GH KDE $OWR $VFHQVRU ([W D OD FDOOH 3DUD HQWUDU D YLYLU ³,QFUHLEOH RSRUWXQLGDG SRU SUHFLR´

OLQHD GH PDU ³)DQ WDVWLFDV YLVWDV´ 3LVR +DE GREOHV $OWR $PSOLD WHUUD]D 3HUIHFWR HVWDGR =RQD FXP FRQ SLVF 'RV SOD]DV SN LQFO \ WUDVWHUR

3UHFLR D FRQVXOWDU

3UHFLR ½

727 %DGDORQD

2%5$ 18(9$ 5,(5$ 6$17 -25', 0217*$7

-8172 5(1)( 021*$7 3LVRV GH KDELWDFLRQHV H[WHULRUHV VRODULXP 3ODQWD G~SOH[ KDELWDFLRQHV \ EDxRV DVHR \ JUDQ WHUUD]D $FDEDGRV GH H[FHOHQWH FDOLGDG 9LVWDV PX\ DJUDGDEOHV ([FHOHQWH ]RQD MXQWR DO PDU 3DUNLQJ \ WUDVWHUR RSFLRQDOHV (175(*$ ,10(',$7$ 35(&,26 KDE VR ODULXP ½ '~SOH[ KDE \ JUDQ WHUUD]D ½ 2%5$ 18(9$ (1 &$1(7 '( 0$5

2%5$ 18(9$ & *8,)5e

%$'$/21$ &(1752 & %$/'20(52 62/

&$1(7 '( 0$5 &(1752 )DQWiVWLFRV SLVRV GH QXHYD FRQVWUXFFLyQ 3LVRV GH \ GRUPLWRULRV ÈWLFRV GXSOH[ FRQ WHUUD]D $FDEDGRV GH JUDQ FDOLGDG 7RGRV FRQ SOD]D GH SDUNLQJ \ WUDVWHUR LQFOXLGR HQ SUHFLR 3UHFLRV GHVGH 3LVR KDE ½ 3LVR KDE ½ ÉWLFR G~SOH[ \ WHUUD]D ½ /ODPH \ OH LQIRUPDUHPRV

-72 6$/(6,$126 %$'$/21$ &(1752 3LVRV GH \ KDE $FDEDGRV FDOLGDG ([W D FDOOH 0X\ VROHDGRV &OLPDOLW $ $ ERPED GH FDORU 3OD]DV SDUNLQJ RSF (175(*$ ,10(',$7$ 35(&,26 /RIW KDE ½ 3LVR KDE ½ 3LVR KDE \ JUDQ WHUUD]D SOD]D SDUNLQJ ½

$SURYHFKH HVWD H[FHOHQWH RSRUWXQLGDG 3LVRV WRWDO PHQWH DPXHEODGRV \ HTXLSDGRV )LQDQFLDFLRQ GHO JDUDQWL]DGD HQ FRQGLRQHV SUHIHUHQWHV &XRWD PHQVXDO FRPR XQ DOTXLOHU 3LVRV GH \ KDELWDFLR QHV *UDQGHV WHUUD]DV $FDEDGRV GH FDOLGDG //$0(126 < /( ,1)250$5(026 7(/

2%5$ 18(9$ & 0$5,1$

%$'$/21$ &(1752 (Q OD PHMRU ]RQD GH %DGDORQD MXQWR OD HVWDFLyQ GH 5(1)( $WLFRV GH WUHV GRUPLWRULRV GRV EDxRV \ JUDQ WHUUD]D $FDEDGRV GH FDOLGDG )DFLOLGDGHV GH ILQDQ FLDFLyQ 3UHFLR GHVGH VROR (XURV /ODPH \ OH LQIRUPDUHPRV

´//(*Ð (/ 020(172 '( &2035$5µ

%'1 &(1752 & -2&6 )/25$/6 2%5$ 18(9$ -72 0*,& %'1

ÒOWLPRV SLVRV HQ YHQWD GH KDE \ KDE FRQ 3DU NLQJ \ WUDVWHUR RSFLRQDOHV $LUH $FRQGLFLRQDGR \ &DOHIDFFLyQ $FDEDGRV GH FDOLGDG 0X\ VROHDGRV ([FHOHQWH XELFDFLyQ MXQWR IXWXUR FHQWUR FRPHUFLDO 0X\ ELHQ FRPXQLFDGR EXV PHWUR \ UHQIH 35(&,26 '(6'( (8526 /OiPHQRV \ OH LQIRUPDUHPRV

6L HV XVWHG 35202725 OOiPHQRV \ KDEODPRV

3LVRV KDE FRQ VRODULXP 3LVRV KDE FRQ VRODULXP 3ODQWDV G~SOH[ \ KDE FRQ WHUUD]D \ HQWUDGD LQGHS $FDEDGRV GH FDOLGDG 0X\ EXHQDV YLVWDV (175(*$ ,10(',$7$ 35(&,26 KDE \ WHUUD]D ½ KDE VRODULXP ½ 3ODQWD EDMD LQGHSHQGLHQWH JUDQ WHUUD]D ½

$YHQLGD %XIDOi 3ODQWD %DGDORQD

ZZZ P LQWHJUDO FRP

727 %DGDORQD

. *OUFHSBM QBH JOEE

DFWXDOLWDW

UHSRUWDWJH

#BEBMPOB T BEIFSFJY BM %JB .VOEJBM EF MB 4JEB #BEBMPOB t &M QSPQFS EJNBSUT FT DPNNFNPSBSË VO BOZ NÏT FM %JB .VOEJBM EF -MVJUB $POUSB MB 4JEB -B 4JEB 4ÓOESPNF E *NNV OP EFGJD JÒOD JB "E RVJS JEB ÏT VOB NBMBMUJB JOGFDDJPTB DBVTBEB QFM WJSVT 7*) RVF DVSTB BNC VOB QSPGVOEB BM UFSBDJØ EF MB JN NVOJUBU DFMtMVMBS MB RVBM BGBWPSFJY MB JOTUBVSBDJØ E BMUSFT JOGFDDJPOT J NBMBM UJFT EF QSPOÛTUJD DMÓOJD HSFV % F T R V F F T W B EFUFDUBS FM QSJNFS DBT M BOZ IBO NPSU EF 4JEB BM NØO VOT NJMJPOT EF QFSTPOFT J T F O I B O JOGFDUBU NÏT EF NJMJP OT " #BEBMPOB FMT BDUFT EF EJDBUT BM %JB .VOEJBM EF -MVJUB $POUSB MB 4JEB J PS HBOJU[BUT QFS M "TTPDJBDJØ 7JI EB IBO D P N F O Î B U BR V F T U B T FU N B O B B N C M B JOTUBMtMBDJØ EF EJWFSTFT UBV MFT JOGPSNBUJWFT TPCSF MB NBMBMUJB BMT CBSSJT EF 1PNBS J "SUJHVFT %FT E BRVFTU EJWFOESFT J m OT EJNBSUT MB UBVMB JOGPSNBUJWB T JOTUBMtMBSË EVSBOU UPU FM EJB B MB 1MBÎB EF MB 7JMB $FMFCSBDJØ EFM %JB .VOEJBM EF MB -MVJUB DPOUSB MB 4JEB - FOUJUBU CBEBMPOJOB 7JI EB IB QSFQBSBU QFM QSPQFS EJNBSUT EF EFTFNCSF VO TFHVJU BDUFT QFS SFDPSEBS BRVFTU EJB -B 1MBÎB EF MB 7JMB BDPMMJSË EVSBOU UPU FM EJB VOB UBVMB

&M3FQPSUBUHF 1BH JOEE

DPNBOB RVF UPU BRVFMM RVF IBHJ UJOHVU VOB DPOEVDUB EF SJTD FT GBDJ MB QSPWB KB RVF OP UPUT FMT JOGFDUBUT BDBCBSBO EFTFOWPMVQBOU MB NBMBMUJB TJ FT EFUFDUB BNC UFNQT &O EBEFT HMPCBMT USFT EF DBEB DFOU QFSTPOFT RVF UF OFO VOB DPOEVDUB EF SJTD SFTVMUFO JOGFDUBUT "RVFTU QFSDFOUBUHF QFSÛ UPU J TFS FMF WBU OP ÏT QPU VTBS QFS GFS VOB NJUKBOB SFBM EF MB QPCMBDJØ KB RVF MFT YJGSFT B UPU $BUBMVOZB CBJYFO m OT B MFT QFSTPOFT JOGFDUBEFT QFM WJSVT " J Y Û T Ó N Ï T FTUBSJFO JO GFDUBEFT QFSÛ OP IP TBCSJFO 3 F D P S E F N RVF EJWFSTFT G B S N Ë D J F T CBEBMPOJOFT S F B M J U [ F O M B QSPWB SËQJEB E F M B 4 J E B J BNC WJOU NJ O V U T F T Q P U TBCFS TJ VOB QFSTPOB FTUË JOGFDUBEB P OP QFS 7*) - B O Z FT WB JOUSPEVJS BRVFTUB FYQFSJÒODJB QJMPU B UPU M &TUBU RVF IB SFTVMUBU VO ÒYJU 4FHPOT MFT EBEFT SFWFMB EFT QFS 1MBTÒODJB FT WBO GFS QSPWFT ÏT B EJS QFS TFUNBOB HSËDJFT B MFT RVBMT FT WBO EFUFDUBS JOGFDDJPOT - FYQFSJÒODJB IB FTUBU UBO QPTJUJWB RVF KB T FTUË QFOTBOU FTUFOESF MB B MB SFTUB EFM UF SSJUPSJ B QBSUJS EFM

JOGPSNBUJWB BNC JOGPSNBDJØ EF MB NBMBMUJB "M WFTQSF UJOESË MMPD MB MFDUVSB EFM NBOJGFTU DPNNFNPSBUJV B MFT I VOB FODFTB E FTQFMNFT J VOB MMBOÎBEB EF HMPCVT 5BNCÏ EVSBOU UPU FM EJB MB GBÎBOB EF MB $BTB EF MB 7JMB

MMVJSË VO MMBÎ WFSNFMM QFS SF DPSEBS BRVFTU EJB &OHVBOZ FM NBOJGFTU BOJSË EFEJDBU B M BDDÏT VOJWFSTBM J FMT ESFUT IVNBOT DBUBMBOT OP TBCFO RVF UFOFO MB NBMBMUJB -FT BTTPDJBDJPOT BOUJTJEB DBUBMBOFT IBO BMFSUBU RVF IJ IB VOFT QFSTPOFT B UPU $BUBMVOZB RVF FTUBSJFO JOGFDUBEFT QFM WJSVT EF MB 4JEB QFSÛ RVF OP IP TBCFO ²T QFS BRVFTU NPUJV RVF EFT EF MFT BTTPDJBDJPOT FT SF

< > XXX n TJEB PSH

727 %DGDORQD

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& 5 # %*44" "5"%" 26& 90$05)0. 0 5 " 3 1& 4*5"3 * 7 " * 7*/(6 '*3 " -"

/07&5"54 $04&4 '&5&4 " .Â® "35&4"/*&4 &5$

Ã¥ 1PEFO TFS UFVT /0 5h)0 1&3%*4 %JTTBCUF EF EFTFNCSF

4PSUFJH EF Ã¥ FO NFUÃ&#x2039;MJD

%JVNFOHF EF EFTFNCSF

4PSUFJH EF Ã¥ FO NFUÃ&#x2039;MJD

$PN 1BSUJDJQBS 1FS MB DPNQSB TVQFSJPS B Ã¥ B RVBMTFWPM EF MFT QBSBEFT EF MB 'JSB EVSBOU MB TFUNBOB EFM BM EF EFTFNCSF FT EPOBSÃ&#x2039; VO UJRVFU QFS QBSUJDJQBS %JFT EFM TPSUFJH EF EFTFNCSF B MFT I J EF EFTFNCSF B MFT I &M 4PSUFJH TFSÃ&#x2039; QSFTFODJBM FT GBSBO UBOUT TPSUFJH DPN TJHVJO OFDFTTBSJT GJOT RVF BQBSFHVJ FM HVBOZBEPS FO JOUFSWBMT EF NJOVUT

'JSB/BEBM JOEE

DFWXDOLWDW

SHUVRQHV

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i4J BJYÛ OP DBOWJB FMT n FRVFST BDBCBSFN EFTBQBSFJYFOUw

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'(63$&+26 '( $/48,/(5 &HQWUR GH QHJRFLRV DOTXLOD GHVSD FKRV HQ ]RQD FpQWULFD GH %DGDORQD 393 ยผ GHVSDFKR FRQ GHUHFKR D 6DOD GH -XQWDV ,GHDO 3URIHVLRQDOHV $ERJDGRV $UTXLWHFWRV HWF

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727 %DGDORQD

LPPRELOLÁULD

W/^K^ E >Yh/> Z ͼ 'KZ' ʹ D '/ E W/^K Ϯ , /d /KE ^ ϱϱϭ Ͳ ϳϬ ŵϸ͕ Ϯ ŚĂď͕ ƐĂůſŶ ϮϮ ŵϸ͕ ϭ ďĂŹŽ͕ ďƵĞŶ ĞƐƚĂĚŽ͕ ďŝĞŶ ŝůƵŵŝŶĂĚŽ ϱϴϱ ΦͬŵĞƐ Ͳ DƵĐŚĂ ůƵǌ͘ 'ƌĂŶĚĞƐ ƚĞƌƌĂǌĂƐ Ǉ ďĂůĐŽŶĞƐ͘ Ͳ ĂůĚĞƌĂ Ͳ ĐĂůĞĨĂĐĐŝſŶ Ă ŐĂƐ͘ Ͳ ĂŹŽƐ ĐŽŵƉůĞƚĂŵĞŶƚĞ ĞƋƵŝƉĂĚŽƐ͘ Ͳ WƵĞƌƚĂ ĞŶƚƌĂĚĂ ďůŝŶĚĂĚĂ͘ Ͳ ƌŵĂƌŝŽƐ ĞŵƉŽƚƌĂĚŽƐ͘ Ͳ /ŶƐƚĂůĂĐŝſŶ ĐŽůĞĐƟ ǀĂ ĚĞ ĂŶƚĞŶĂ ƌĂĚŝŽ Ǉ d͘s͘ Ͳ WŽƌƚĞƌŽ ĂƵƚŽŵĄƟ ĐŽ͘ ƐĐĞŶƐŽƌ͘ Ͳ WĂƌƋƵŝŶŐ ŽƉĐŝŽŶĂů ĂĐĐĞƐŝďůĞ ĚŝƌĞĐƚĂŵĞŶƚĞ Ăů ƉŝƐŽ ƉŽƌ ĂƐĐĞŶƐŽƌ͘ Ͳ ŵƉůŝĂƐ ĐŽĐŝŶĂƐ ĐŽŶ ĞŶĐŝŵĞƌĂ͕ ŚŽƌŶŽ͕ ĐĂŵƉĂŶĂ ĞǆƚƌĂĐƚŽƌĂ͕ ĂƌŵĂƌŝŽƐ͘͘͘͘

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ϲϰϱ ϴϰ ϰϱ ϮϬ ͮ ǁǁǁ͘ŐƉǀ͘ĞƐ

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3,6$=2 (1 %$'$/21$

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'Ò3/(; (;7(5,25(6 2%5$ 9,67$ +$% %$f26 3$5.,1* 35,9$'2 3$7,2 0ð 7=$6 25,(17 0$5 62/2 9(&,126

``*%&"- 103 13&$*0 35(*817( 6,1 &203520,62

Ò1,&2 (1 /$ =21$

7 * 7 * & / %" 4 % & 0 # 3 " / 6 & 7" % & $ " - * %" % " 1 3 & $ * 0 % & $ 0 4 5 & $ 0 / 4 Á -5 & / 0 4 &O #BEBMPOB Z PUSBT QPCMBDJPOFT

FODVVLILFDWV

&ODVVLILFDWV

$PN JOTFSUBS VO BOVODJ DMBTTJmDBU r " MFT OPTUSFT PmDJOFT $ -MFØ FS B #BEBMPOB r 5FM r

+OOQDKNKCTKU %QORTC 8GPFC 3(3 9(1785 $ 5HI SLVR KDELWDFLRQHV DQWHV UHIRUPDGR DVFHQVRU DDFF DO ODGR PHWUR DPXHEODGR ¼ 7(/ )5217 0$5,7,0 5HI SLVR KDE GREOHV EDxRV EDOFyQ DVFHQVRU OLQHD GH PDU ]RQD FRPXQLWDULD FRQ SLV FLQD REUD FDOHIDFF *DV QDWXUDO ¼ 3WV 7(/ &(175( 5HI SLVR KDELWDFLRQHV DVFHQVRU UH IRUPDGR EDxR \ DVHR WR GR H[WHULRU EDOFyQ YLVWDV DO PDU FDOHIDFFLyQ JDV QDWXUDO ¼ 7(/

6( &$0%,$ &+$/(7 $'2 6( 9(1'( 3/$=$ '( 3$5 6$'2 (1 3(fË6&2/$ SRU .,1* &DQ\DGy ¼ SLVR HQ %DGDORQD R 6WD &ROR 7(/ PD 7(/ &$6$ $ 3(3 9(1785$ 5HI 0 $ 5 4 8 Ê 6 6 $ 1 7 0 2 5 , % &DVD DPE WHUUHQ\ GH (64 '2&725 %$62/6 Pð L IDoDQD GH P SDWL WRWDOPHQWH H[WHULRU KDE GH Pð L WHUUDVVVD GH Pð P DVFHQVRU EDOFyQ LQVWD RULHQWDFLy PDU Wp VRO WRW HO GLD ODFLRQHV HOpFWULFDV IRQWDQHUtD (V SRW HGL¿FDU 3% *2/)(6 QXHYDV DOXPLQLR SDUTXHW 0 3WHV D D UDGLDGRUHV ODYDER QXH ¼ 7(/6 YR RSFLyQ SDUNLQJ SDUWLFXODU SWDV 7(/ &$6$ 3(3 9(1785$ $ 3523 & *8,)5e 5HI % 6( 9(1'( 3,62 &(1752 *UDQ FDVD HQ 3% 3DWL 38(%/2 35(0,¬ '( 0$5 P L JDUDWJH 3RVVLELOLWDW GH IHU P UHIRUPDGR KDELWDFLR GXHV YLYHQGHV LQGHSHQGHQWV QHV FRPHGRU EDxR FRFLQD 3UHX 0 SW V ¼ EDOFyQ 3DUD HQWUDU D YLYLU 6¶$&&(37$ (/ 6(8 3,6 ¼ D QHJRFLDU 7(/ '¶(175$'$ 7(/6

6( 9(1'( 7(55(12 //$ 12 '( 0 (1 0217 0(// 9LODIUDQFD FRQ SUR \HFWR GH YLYLHQGD YLVDGR 3RU YDORU KLSRWHFD FRQFHGLGD 3,6 $/ &(175( & 0(5&Ê ,1)2 7RW H[WHULRU P KDE WUDVWHU 3HU HQWUDU D YLXUH SDU 6( 9(1'( &$6$ '( 0 TXHW DUPDULV D PLGD DOWHOO (1 *,521(//$ %HUJD $ FDOHIDFFLy D JDV DLUH DFRQ SLH VDOLGD GH DXWRSLVWD 2&$ GLFLRQDW FXLQD HTXLSDGD )LQ 6,Ï1 ¼ HQ VX DFWXDO FD DPE DVFHQVRU ¼ HVWDGR ,1)2 7(/ 6( 9(1'( 3,62 0 (1 6( 9(1'( 3,62 P 025(5$ KDE EDxRV KDELWDFLRQHV FRPHGRU EDOFRQHV $ $ FDOHIDFFLyQ F RFLQD WHU UD ]D P D =RQD FRPXQLWDULD FRQ MDUGtQ PLQ 3OD\D 0DOJUDW GH SLVFLQD \ SLVWD GH EiVTXHW 0DU 3UHFLR ¼ 3jUTXLQJ \ WUDVWHUR LQFOXLGRV SWDV 7(/ ¼ ,1)2 %$5&(/21$ 3,62 (1 9(1 7$ F 5RVHOOyQ HVT (QWHQoD ODGR HVWDFLyQ 6DQWV RULHQWD FLyQ PDU P KDE 7(/ /2&$/ (1 9(17$ '( 0 (1 $9'$ 0$548Ê6 '( 021752,* %DGDOR QD ([FHOHQWH VLWXDFLyQ VRO \ SHDWRQDO ¼ 7(/

&DPOPNJDT JOEE

%8)$/¬ '& 52%(57 5HI % 3LV DPSOL GH KDE PHQMDGRU H[W EDQ\ L FXLQD UHIRU PDWV H[ WHULRU L DPE PROWD OOXP 0SWHV ¼ 9LQH D YHXUH¶O 7(/6 0(5&$7 7251(5 5HI % 3LV G¶HVWLO DQWLF DPE KDE FXLQD UHIRUPDGD EDQ\ HQ ERQ HVWDW D D SDUTXHW SHU HQWUDU D YLXUH 0SWH V ¼ 7(/6

//(),¬ %$,;$ 5HI % 3LV GH Pð KDE PHQMDGRU GH Pð H[W FXLQD L EDQ\ HQ ERQ HVWDW SHU HQWUDU D YLXUH /2&$/ (1 9(17$ (1 & 0SWHV ¼ 48(9('2 EDUULR /D 6DOXG 7(/6 GH P GLiIDQR FRQ YDGR 7(/ &(175( 35,0 5HI % 6( 9(1'( 3,62 (1 $9'$ 3 L V G H K D E 02176(55$7 '( %$'$ GREOHV EDQ\ L FXLQD FRQVHU /21$ P DSUR[ ,QWHULRU YDWV PHQMDGRU H[W D EDOFy VLQ DVFHQVRU KDE \ VH SLV SHU HQWUDU D YLXUH ,GHDO HQWUHJD UHIRUPDGR D VX JXVWR SHU ]RQD 0SWHV ¼ ,1)2 ¼ $VFHQVRU 7(/6

727 %DGDORQD

5SFCBMM

.PUPS

7BSJT

"NJTUBUT

$MBTTFT

FODVVLILFDWV

*NNPCJMJBSJT

$PN JOTFSUBS VO BOVODJ DMBTTJmDBU r " USBWÏT E *OUFSOFU *OTFSFJYJ FM TFVT BOVODJT B USBWÏT EF MB OPTUSB XFC XXX FMUPUEJHJUBM DPN

3(3 9(1785$ 352*5e6 5HI % 3LV GH Pð DPE KDE WUDVWHU FXLQD L EDQ\ UHIRUPDW PHQMDGRU TXDGUDW SRU WHV G¶HPEHUR DOXPLQL L JUHV FDOHIDFFLy 7RW H[WHULRU L UHIRUPDW ,GHDO SDUHOOHV 0SWHV ¼ 7(/6 129$ //25('$ 5HI % 3LV GH Pð KDE GREOHV EDQ\V FRPSOHUWV L FRQVHU YDWV FXLQD RI¿FH DPE JDOHULD PHQMDGRU H[W D JUDQ EDOFy FDODIDFFLy D D L DVFHQVRU 0SWHV 7(/6 3 / d % $ ' $ / 2 1 $ 3 ( 3 9(1785$ 5HI % 3LV GH KDE PHQMDGRU H[W D EDO Fy FXLQD L EDQ\ SHU UHIRUPDU DVFHQVRU LGHDO SHU SRVDU DO YRVWUH JXVW 0SWHV ¼ 7(/6

3,62 (1 9(17$ 5() 'HO VHPLQXHYR FRQ WHUUD]D GH P KDELWDFLR QHV EDxRV FRFLQD FRPHGRU FDOHIDFFLyQ DLUH DFRQGLFLRQD GR VXHOR SDUNHW ]RQD FRPX QLWDULD FRQ SLVFLQD 35(&,2 ¼ 3WV ZZZ PHWURVFXDGUDGRV QHW 7(/ &$6$6 (1 9(17$ &(1752 < 3(3 9(1785$ D UHIRUPDU GHVGH ¼ < UH IRUPDGD ¼ ,QIRU PDPRV HQ ORV WHOHIRQRV \ OD ZHE ZZZ PHWURVFXDGUDGRV QHW 7(/

3(3 9(1785$ 5( '~SOH[ GH REUD QXHYD KDELWDFLRQHV EDxRV WHUUD]D P \ EDOFyQ FDOHIDFFLyQ \ $ $ $VFHQVRU 35(&,26 ¼ 3WDV 3/$=$6 '( 3$5.,1* 3( 48(f$6 *5$1'(6 $7,&2 (1 9(17$ &2// < ZZZ PHWURVFXDGUD 38-2/ UHI 3LVR GH WUHV GRV QHW 7(/ KDELWDFLRQHV FRFLQD EDxR \ WHUUD]D GH PHWURV FRQ DV FHQVRU SUHFLR ¼ SWDV ZZZ PHWURVFXD 9,9,(1'$ (1 &$6$*(0$6 GUDGRV QHW 7(/ 5() 3LVR GH P KD ELWDFLRQHV FRPHGRU FRFLQD EDxR ODYDGHUR JDOHUtD YHQWD 3,62 (1 9(17$ &2// , 38 QDV FOLPDOLW VLQ DVFHQVRU -2/ 5() (GLILFLR FRQ FHUFD GH OD SOD\D 35(&,2 DVFHQVRU SLVR LPSHFDEOH FRQ ¼ WUHV KDELWDFLRQHV EDxR FR 3WDV ZZZ PHWURVFXDGUDGRV FLQD ODYDGHUR EDOFyQ $$ QHW 7(/ &DOHIDFFLyQ H[WHULRU 35(&,2 ¼ 3WDV ZZZ PHWURVFXDGUDGRV QHW )5217 0$5,7,0 9,9,(1'$ 7(/ (1 9(17$ 5() 3LVR GH P FRQ KDELWDFLRQHV EDxRV FRFLQD RI¿FHV VXHORV 0(5&$7 7251( 5() GH PDUPRO DD &DOHIDFFLyQ WR 3LVR VLQ DVFHQVRU FRQ WDOPHQWH DPXHEODGR VLWXDFLRQ KDELWDFLRQHV EDxR FRFLQD SULYLOHJLDGD GHODQWH GHO PDU FRPHGRU &DOHIDFFLyQ WUDVWH ]RQD FRPXQLWDULD FRQ SLVFLQD UR WHUUDGR FRPXQLWDULR VXHOR RSFLRQDO GRV SOD]DV GH SN < GH SDUNHW 35(&,2 WUDVWHUR 35(&,2 3WDV ZZZ PH ¼ 3WDV ZZZ WURVFXDGUDGRV QHW 7(/ PHWURVFXDGUDGRV QHW 7(/ 727 %DGDORQD

&DPOPNJDT JOEE

FODVVLILFDWV

+OOQDKNKCTKU .NQIWGT //25('$ 5HI SLVR KDE 5HIRUPDGR DVFHQVRU EDOFRQ DPSOLR VDORQ PX\ OX PLQRVR EDxRV WRGR H[WHULRU DOJXQRV PXHEOHV FRQ HOHF WURGRPHVWLFRV ¼ 7(/

%QPPGEVC~V C N~GFKEKÒ FKIKVCN FGN 6Q6 YYY GNVQVFKIKVCN EQO

GN RQTVCN FG NC VGXC TGXKUVC 'N 6QV &KIKVCN ÈU +PHQTOCEKÒ RTQRGTC /PUÓDJFT MPDBMT BDUVBMJU[BEFT 3FQPSUBUHFT - &TQBJ $VMUVSBM &MT &TQPSUT

'N 6QV &KIKVCN GN HCU VW 4VHHFSJS OPUÓDJFT *ODMPVSF BDUFT DVMUVSBMT J TPDJBMT &TDSJVSF MFT UFWFT DBSUFT &OWJBS MFT UFWFT GPUPHSBmFT EFOÞODJFT

'N 6QV &KIKVCN V~JQ RQUC HÀEKN &TDSJVSF DMBTTJmDBUT %FTDBSSFHBS MB SFWJTUB "OVODJB MB UFWB FNQSFTB *OGPSNBDJØ EF UBSJGFT J QSFVT

&DPOPNJDT JOEE

% 2 1 $9 , 6 7$ 5HI DSDUWDPHQWR KDELWDFLRQ P UHIRUPDGR FRFLQD LQGH /$ 025(5$ 5() 3LVR SHQGLHQWH SDWLR P LGHDO UHIRUPDGR D HVWUHQDU KD SDUHMDV ¼ 7(/ ELWDFLRQHV EDxR FRFLQD FRPHGRU EDOFyQ ODYDGHUR VLQ DVFHQVRU 35(&,2 6,675(//6 5HI SLVR ¼ KDELWDFLRQHV UHIRUPDGR 3WDV ZZZ PHWURVFXDGUD EDOFRQHV H[WHULRU ¼ 7(/ GRV QHW 7(/ =21$ %(626 5HI SLVR 3,62 6(0,18(92 (1 %8 KDELWDFLRQHV P UHIRU )$/$ $f2 5() PDGR DVFHQVRU EDOFRQ DPXH P ~WLOHV KDELWDFLR EODGR FRQ HOHFWURGRPHVWLFRV QHV GRV EDxRV FRFLQD FR MXQWR PHWUR \ EXV ¼ 7(/ PHGRU WRGR H[WHULRU $$ \ FDOHIDFFLyQ DVFHQVRU 35( &,2 ¼ &HQWUH 5HI SLVR KD ZZZ PHWURVFXDGUDGRV QHW ELWDFLRQHV P WRGR H[WHULRU 7(/ DVFHQVRU EDOFRQ UHIRUPDGR DFWXDO FDOHIDFFLRQ JDV QDWX UDO DPXHEODGR FRQ HOHFWUR 3,62 9(17$ UHI 'H GRPHVWLFRV ¼ 7(/ P FRQ KDELWDFLRQHV EDxRV DVHR FRFLQD RI¿FHV FDOHIDFFLyQ DVFHQVRU SOD]D 3(3 9(1785 $ 5HI GH SN 7UDVWHUR FRQ EDOFRQ SLVR KDELWDFLRQHV UHIRUPDGR GH P \ SDWLR GH FHUFD DDFF VLQ PXHEOHV DPSOLR VD GHO PXVHR \ GHO QXHYR D\XQ ORQ DO ODGR PHWUR ¼ 7(/ WDPLHQWR 35(&,2 ¼ 3WDV Z Z Z PHWURVFXDGUDGRV QHW 7(/ $/48,/2 3/$=$ '( 3$5 .,1* F FHQWUH WLDQD 7(/ &$6$ ( 1 9 ( 17$ 2 $ / 48,/(5 (1 6$17 &(%5,¬ 6( $/48,/$ +$%,7$&,Ï1 '( 9$//$/7$ GH DxRV WLSR EXKDUGLOOD FRQ WHUUD]D GH DQWLJ HGDG GH PWUV ¼ JDVWRV LQFOXLGRV 7(/ FRQVWUXLGRV PiV PWUV GH MDUGtQ \ PWUV GH WH UUHQR KDELWDFLRQHV ED //2*8(5 /2&$/ & &$ xRV WHUUD]D SDOD]D JDUDMH 121*( %$5$1(5$ P WUDVWHUR FDOHIDFFLyQ EXHQ =RQD FHQWUH 0ROW FRPHUFLDO HVWDGR 35(&,2 $/48,/(5 ¼ PHV 7(/ ¼ 0(6 35(&,2 3266,%,/, 9(17$ ¼ 7(/ 7$7 9(1'$ /$85$ %86&2 3,62 $/48,/(5 HQ 2WDNKSWG UWU CPWPEKQU %DGDORQD 3UHFLR ¼ 7(/ FKTGEVCOGPVG FGUFG NC YGD YYY GNVQVFKIKVCN EQO

727 %DGDORQD

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3,62 (1 $/48,/(5 KD ELWDFLRQHV WRGR H[WHULRU HQ HO FHQWUR GH %DGDORQD ¼ 7(/ $/48,/2 3/$=$ '( 3$5 .,1* 3DUNLQJ -RVHS &RUWLQD HQWUH FDOOH 5LHUD 0DWDPRURV \ 6DQW 3DX PX\ FpQWULFD ,QWH UHVDGRV OODPDU DO PyYLO SRU ODV WDUGHV

(678',2 (1 $/48,/(5 FRQ WHUUD]D KDELWDFLyQ WRGR H[WHULRU HQ HO FHQWUR GH %DGD ORQD ¼ 7(/ /2&$/ 2),&,1$ &20(5 &,$/ ]RQD FRPHUFLDO SHDWR QDO F 5RVHOOy %DGDORQD P 3UHFLR ¼ $FRQGLFLR QDGR 7(/ 6( $/48,/$ &21 23&,Ï1 $ &2035$ HVSHFWDFXODU FD VD HQ OD 0RUHUD D YLHQWRV GH P SDWLRV WHUUD]DV \ VRODULXP KDELWDFLRQHV EDxRV DVHR JDUDMH SLVFL QD ERGHJD &DOHIDFFLyQ DLUH DFRQGLFLRQDGR HWF ¼ ,1)2

%$'$/21$ /2&$/6 , 2),&,1(6

(6 //2*$ 81$ 3/$d$ '( 3$5.,1* '( 0272 DO FHQWUH GH %DGDORQD 7UXFD DO 6( $/48,/ $ 3/ $ = $ '( 3$5.,1* 3$5 $ &2&+( JUDQGH WLSR [ HQ OD & 3LUL QHRV EDUULR 0RUHUD ,1)2 (6 //2*$ 3,6 0$57, 38 -2/ $O FRVWDW GH O¶HVWDFLy P KDE EDQ\ GH GLVVHQ\ FXLQD PHQMDGRU \ EDOFy 7RW H[WHULRU FRPSOHWDPHQW UHIRU PDW $VFHQVRU ¼ PHV 7(/ 3(3 9(1785 $ 3LV WLSXV FDVD DPE KDE PHQMDGRU H[W D WHUUDVVD GH Pð EDQ\ UHIRUPDW FXLQD DPHULFDQD D F DPE ERPED FDORU 3UHX ¼ 7(/6 0$548(6 '( 67 025, KDE EDQ\ L FXLQD UHIRUPDWV PHQMDGRU H[W D EDOFy $VFHQ VRU ¼ 7(/6 727 %DGDORQD

&DPOPNJDT JOEE

&91&3504 */.0#*-*"3*04

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