Download as pdf or txt
Download as pdf or txt
You are on page 1of 126

-BTJMVTUSBDJPOFT

GPUPTZEJCVKPTIBOTJEPSFQSPEVDJEPTDPOMBNBZPSFYBDUJUVEQPTJCMFEFMPT
PSJHJOBMFTTJOFNCBSHP QVFEFOUFOFSEJGFSFODJBT
*/%*$&
)JTUPSJBEFM1F[ZFM"O[VFMP 
1SFNJPTZ3FDPOPDJNJFOUPT 
)JTUPSJBEF#BIDP 
6OJEBEFTEF1SPEVDDJÕO 
4"/%'-&9 
4JFSSBT$PQB 
-JNBT 
-MBWFT"KVTUBCMFT 
-MBWFTQBSB5VCP 
-MBWFT'JKBT 
5PSRVÐNFUSPT 
%BEPT 
3BUDIFUhTZ"DDFTPSJPT 
+VFHPTEF-MBWFTZ%BEPT 
%BEPTEF*NQBDUP 
"MNBDFOBNJFOUPEF)FSSBNJFOUBT 
0USBT)FSSBNJFOUBTEF5BMMFS 
.BSUJMMPTZ.B[BT 
1JO[BTZ"MJDBUFT 
%FTUPSOJMMBEPSFT 
4FSSVDIPT 
)FSSBNJFOUBTEF.FEJDJÕO 
)FSSBNJFOUBTEF$BSQJOUFSÐB 
"SDPT.POUBSB[ 
)FSSBNJFOUBT"HSPGPSFTUBMFT 
5BCMBTZ$VBESPTEF$POWFSTJÕO 

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
)*4503*"%&-
1&;:&-"/;6&-0
{1PSRVÌMPTQSPEVDUPT#")$0MMFWBOVO1F[ZVO"O[VFMP

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
1SFNJPTZ
3FDPOPDJNJFOUPT

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
#BIDP
&TVOBNBSDBNPEFSOBDVZPPSJHFO
TFSFNPOUBIBDJBmOFTEFMTJHMP9*9
EVSBOUFMBSFWPMVDJÕOJOEVTUSJBMEF4VFDJB

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-04)*504.¨4*.1035"/5&4&/-")*4503*"%&-(3610#")$0

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
6/*%"%&4%&130%6$$*¸/

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
4"/%'-&9

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
6$1')/(;%,0(7$/3$5$0$48,1$
6DQÁH[HVXQDKRMDGHVLHUUDGHPDTXLQDELPHWiOLFDSDUDFRUWHHQPiTXLQDVGHYDLYpQSUiFWLFDPHQWHLUURPSLEOH/D
FRQVWUXFFLyQELPHWiOLFDVHWUDGXFHHQXQDKRMDDSUXHEDGHURWXUDVTXHSXHGHKDFHUIUHQWHDHOHYDGDVSUHVLRQHVGH
DYDQFH\SURSRUFLRQDXQRVUHJtPHQHVGHFRUWHPiVUiSLGRV6XQDWXUDOH]DDQWLURWXUDVKDFHTXHODVKRMDV6$1')/(;VHDQ
PiVVHJXUDVHQFXDOTXLHUFLUFXQVWDQFLDHVSHFLDOPHQWHHQPiTXLQDVYLHMDVRFRQRSHUDULRVLQH[SHUWRV6HSXHGHQXWLOL]DU
SDUDFXDOTXLHUPDWHULDO

/[:[7 3HVR (PSDTXH


PP JU XQG

  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  
  [[  

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
6$1')/(;%,0(7$/
/DKRMDGHVLHUUDELPHWDOHVYLUWXDOPHQWHLUURPSLEOHHLQDVWLOODEOH\WLHQHXQGHQWDGRUHFWLÀFDGRSDUDFRUWDUWRGDFODVHGH
PHWDOHV(OORPRIDEULFDGRHQDFHURSDUDPXHOOHVÁH[LEOH\UREXVWR\HOGHQWDGRUHDOL]DGRHQDFHURUiSLGRGHDOWDUHVLVWHQFLD
JDUDQWL]DQ TXH ORV GLHQWHV SHUPDQH]FDQ SHUIHFWDPHQWH DÀODGRV GXUDQWH PXFKR PDV WLHPSR /D QXHYD KRMD GH VLHUUD
6$1')/(;FRPELQDXQDH[FHOHQWHFDSDFLGDGGHFRUWH\XQDPD\RUUHVLVWHQFLDFRQXQDOWRJUDGRGHÁH[LELOLGDGRIUHFLHQGR
XQUHQGLPLHQWRPX\VXSHULRUDOUHVWRGHKRMDVGHVLHUUDFRQYHQFLRQDOHV

/[:[7 (PSDTXH
PP XQG
  [[ 
  [[ 
  [[ 
  [[ 

5(&212&(786$1')/(;25,*,1$/
6DQGÁH[RULJLQDOWLHQHXQJUDEDGRHQEDMRUHOLHYHGHOLVRWLSRGHO
SH] \ HO DQ]XHOR HQ HO UHYHUVR GH OD KRMD (VWH JUDEDGR HV
FRORFDGRFDGDFP3RUORTXHHQDOJXQRVFDVRVVHSRGUi
HQFRQWUDUKDVWDGRVHVWDPSDGRVGHOSH]\HODQ]XHORHQXQD
KRMD

6DQGÁH[ RULJLQDO WLHQH HO ORPR GH OD VLHUUD SLQWDGR GH FRORU
EODQFR

/D QXHYD WpFQLFD GH SLQWDGR GH OD KRMD SHUPLWH GLHQWHV FRQ
JDUJDQWDVPiVOLPSLDVDORMDQGRPHQRVPDWHULDOGHSLQWXUD

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
$5&2'(6,(55$(5*21Ð0,&2
$UFRGHVLHUUD~QLFR\SURIHVLRQDO(UJRQyPLFDPHQWHGLVHxDGRFRQXQDHOHYDGDWHQVLyQGHODKRMDSDUDFRUWHVUHFWRV
SUHFLVRV\H[DFWRV+RMDFHQWUDGDSDUDXQHTXLOLEULRFRUUHFWR\XQPHFDQLVPRGHVXMHFLyQGHKRMDDFFLRQDGRSRUPXHOOH
SDUDXQUiSLGRFDPELRGHODPLVPD0RQWDMHDOWHUQDWLYRGHƒSDUDFRUWHDQLYHO6HVXPLQLVWUDFRQXQDKRMD6$1')/(;%L
PHWDOGH'33FRQXQUHQGLPLHQWRGHFRUWHH[FHOHQWH

/ 3HVR (PSDTXH
PP JU XQG
   

$5&2'(6,(55$352)(6,21$/
$UFRGHVLHUUDSURIHVLRQDO(VWUXFWXUDUHFXELHUWRGHDFHURFRQFRQIRUWDEOHSOiVWLFRFRORUQDUDQMD\HODVWyPHURFRORUQHJUR
+RMD FHQWUDGD SDUD XQ HTXLOLEULR FRUUHFWR 0RQWDMH DOWHUQDWLYR GH ƒ SDUD FRUWH D QLYHO 6H VXPLQLVWUD FRQ XQD KRMD
6$1')/(;%LPHWDOGH'33FRQXQUHQGLPLHQWRGHFRUWHH[FHOHQWH

/ 3HVR (PSDTXH
PP JU XQG
   

$5&2'(6,(55$75$',&,21$/
$UFRGHVLHUUDWUDGLFLRQDOHQDFHURPDQJRHQFRORUQDUDQMDSURYLVWRFRQXQDKRMD6$1')/(;GH'33

/ 3HVR (PSDTXH
PP JU XQG
   

$5&2'(6,(55$(&21Ð0,&2
$UFRGHVLHUUDHFRQyPLFRHQDFHURPDQJRHQFRORUQDUDQMDSURYLVWRFRQXQDKRMD6$1')/(;GH'33

/ 3HVR (PSDTXH
PP JU XQG
   

0,1,$5&2'(6,(55$
0LQLDUFRGHVLHUUDSDUDDVHUUDUHQOXJDUHVGHGLItFLODFFHVR)iFLOGHPDQHMDU
6HVXPLQLVWUDFRQXQDKRMD6$1')/(;%LPHWDOGH

/ 3HVR (PSDTXH
PP JU XQG
   

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
4*&33"4$01"
XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
3&/%*.*&/50461&3*03
/DVVLHUUDVFRSD%DKFRGLVSRQHQGHXQGHQWDGR

9DULDQGRODGLVWDQFLDHQWUHGLHQWHVVHFRQVLJXHXQFRUWHPXFKRPiVVXDYHFRQPHQRVYLEUDFLRQHV
LQFOXVR HQ PDWHULDOHV GH GLItFLO PHFDQL]DFLyQ &XDQGR PiV LQFLVLYD VHD OD IRUPD GHO GHQWDGR \
PLHQWUDVPD\RUVHDODJDUJDQWDHQWUHGLHQWHVHOFRUWHVHUiPiVUiSLGR\XQWUDEDGRPD\RUSHUPLWLUi
XQDHYDFXDFLyQGHYLUXWDVPDVHÀFD]

7RGDV ODV VLHUUDV FRSDV %DKFR HVWiQ IDEULFDGDV HQ DFHUR ELPHWiOLFR 6$1')/(; FRQ GLHQWHV
WHPSODGRVHQDFHURUiSLGRDOHDGR +66 (OPDWHULDOELPHWiOLFRDXPHQWDODVHJXULGDG\DTXHQRVH
SDUWLUiVLVHSURGXFHQVREUHFDUJDV

3HUPLWHXQUHQGLPLHQWRPX\VXSHULRUHQWRGRVORVPDWHULDOHVPHFDQL]DEOHVGHVGHODPDGHUDDODFHUR
LQR[LGDEOH\SURSRUFLRQDXQDHOHYDGDUHVLVWHQFLDDOGHVJDVWH

1PXFS%SJWF1%
(OVRSRUWH3RZHU'ULYH3'HVWDELOL]DHOFRUWH\GLVWULEX\HHÀFD]PHQWHODVIXHU]DVGHFRUWHDORODUJRGHODVLHUUD

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
6,(55$6'(&23$6$1')/(;Š
1XHVWUDVVLHUUDVGHFRSD6$1')/(;FRUWDQPX\ELHQODPD\RUtDGHORVPDWHULDOHVFRPRPDGHUDDFHUR\PHWDO6HDGDSWDQ
DWRGRVORVWDODGURVHOpFWULFRVWDQWRÀMRVFRPRSRUWiWLOHV3URYLVWDVGHDJXMHURVTXHSHUPLWHQUHWLUDUHOQ~FOHRFRQIDFLOLGDG
0i[LPDSURIXQGLGDGGHFRUWHPP µ \GLHQWHVSRUSXOJDGD
7DPDxRPi[LPRGHODJXMHUR WDPDxRQRPLQDOGHODFRURQDGHVLHUUDPP

3HVR (PSDTXH
JU XQG
PP SXOJ





















































6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
623257(6$5%5
6RSRUWHVSDUDVLHUUDVPP
6HOHFFLRQHHOVRSRUWHDGHFXDGRGHSHQGLHQGRGHOWDPDxRGHODVLHUUDGHFRSD\GHOWDPDxRGHOSRUWDEURFDVGHOWDODGUR/RV
VRSRUWHV$5%5\GHGLVHxRUREXVWR\IiFLOH[WUDFFLyQSDUDVLHUUDVGHPPWLHQHQKXVLOORV\
FXHUSRVVRSRUWHV$5%5\3RZHU'ULYHUTXHKH[DJRQDOHV3DUDODVVLHUUDVGHPPVHGHEH
XWLOL]DUORVVRSRUWHV$5%5\3RZHU'ULYHU7PTXHKH[DJRQDOHV3DUDODVVLHUUDVGHPPVH
GHEHXWLOL]DUORVVRSRUWHV$5%5\3RZHU'ULYHUTXHHOLPLQDHOMXHJR$XPHQWDODUHVLVWHQFLDGHOD
VLHUUDGHFRSDUHGLVWULEX\HQGRODFDUJDGHODURVFDDODFDPSDQDGHODVLHUUD6HGHEHHPSOHDUFRQPDTXLQDVPDQXDOHV\
FXDQGRIXQFLRQDFRQXQDDOWDFDUJDGHWUDEDMRHQPDTXLQDVÀMDV7RGRVORVVRSRUWHVHVWiQWHPSODGRVSDUDXQDPD\RU
WHQDFLGDG/RVVRSRUWHVPDVODUJRVSDUDVLHUUDVGHFRSDGHPPWRGRVYDQSURYLVWRVGHWRUQLOORVGHDUUDVWUHSDUD
WUDQVIHULUIXHU]DVGHFRUWHPD\RUHVGHODFRURQDGHVLHUUDDODXQLGDGGHSRWHQFLD5HFRPHQGDPRVQRXWLOL]DUVRSRUWHVFRQ
KXVLOORVGHPP µ SDUDVLHUUDVGHWDPDxRVVXSHULRUHVDPP µ 
/DVEURFDVJXtDGHDFHURUiSLGRYDQLQFOXLGDVFRQWRGRVORVVRSRUWHV

(PSDTXH
PP PP PP
XQG







%52&$6*8Ì$'5/
/DEURFDJXtDGHDFHURUiSLGRUHDOL]DXQDJXMHURHQODSLH]DDQWHVGHTXHORVGLHQWHVGHODVLHUUDGHFRSDLQLFLHQHOFRUWH
JXLDQGR\PDQWHQLHQGRODFRURQDHQSRVLFLyQFRUUHFWDGXUDQWHODRSHUDFLyQGHFRUWH
/D'5/VHDGDSWDDWRGRVORVVRSRUWHV%URFDHVWiQGDUSDUDORVVRSRUWHV 6XVWLWX\HDODDQWLJXD'5/\'5/ 

$ % (PSDTXH
PP PP XQG

'5/   

352/21*$'25(;7
3DUDOOHJDUDOXJDUHVGHGLItFLODFFHVR

/ (PSDTXH
PP XQG
PP

(;7   

08(//((<(&725(6
3DUDEURFDVSLORWRIDFLOLWDODH[SXOVLyQGHOQ~FOHR

3HVR (PSDTXH
JU XQG

(6  

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-8(*2'(6,(55$6&23$ 3,(=$6 6(7
-XHJRGHVLHUUDVFRSD6$1')/(;%L0HWDOHQPDOHWtQFRPSXHVWRSRUORVWDPDxRVPiVXVXDOHVHPSOHDGRVHQODLQGXVWULD
GHLQJHQLHUtDVDQLWDULDVHLQVWDODFLRQHVHOpFWULFDV

8QLGDGHV

6(7

&RURQDVGHVLHUUD
9,3PPµ 
9,3PPµ 
9,3PPµ 
9,3PPµ 
9,3PPµ 
9,3PPµ 
9,3PPµ 
9,3PPµ 
PPµ 

6RSRUWHV
$5%5SDUDFRURQDVPP 
$5%5SDUDFRURQDVPP 

%URFDJXtD
'5/ 

',63/$<'(6,(55$6&23$ 3,(=$6 ',63/$<%,0


0HGLGDVPP[PP
3HVRFRQ&RSDV.J 8QLGDGHV

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-*."4

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
/$(/(&&,Ð1'(/$/,0$'(3(1'('(/0$7(5,$/62%5((/
48(6(9$$75$%$-$5<'(/$&$%$'248(6('(6((
/DV OLPDV GH PDQR VH GLYLGHQ HQ  FDWHJRUtDV /DJDPD%DKFRDEDUFDWRGRWLSRGHOLPDVUHVSHWDQGR
SULQFLSDOHV OLPDV GH PHFiQLFR GH DJXMD OLPDV SDUD DPSOLDPHQWHODVQRUPDVQDFLRQDOHVHLQWHUQDFLRQDOHV
DÀODGR \ FRQ GLHQWHV IUHVDGRV LQFOX\HQGR KRMDV
3$16$5Š 

7,32<)250$

/DVOLPDVYDUtDQHQIRUPD\XVR\VHQRPEUDQFRQVHFXHQWHPHQWH/RV
WLSRVPiVFRPXQHVVRQSODQDSODQDSXQWDPHGLDFDxDWULDQJXODU
UHGRQGDFXDGUDGD\GHGRVFDQWRV

/21*,78' /DJDPD%DKFRLQFOX\HOLPDVGHVGHµ PP GHORQJLWXGKDVWD


µ PP  GHSHQGLHQGR GHO WLSR /D ORQJLWXG GH OD OLPD PiV
FRQYHQLHQWHGHSHQGHWRWDOPHQWHGHOWUDEDMRDUHDOL]DU/DORQJLWXGGHOD
OLPD VH SURSRUFLRQD VLHPSUH H[FOX\HQGR OD HVSLJD H[FHSWR HQ ODV
/RQJLWXGGHODOLPD OLPDVGHDJXMDHQODTXHpVWDYDLQFOXLGD

7,32'('(17$'2<3,&$'2
(OGHQWDGRGHXQDOLPDSXHGHYDULDU(OWLSRGHSLFDGRHOHJLGRGHSHQGH
GHOPDWHULDODWUDEDMDUODFDQWLGDGGHPDWHULDOTXHVHGHVHDHOLPLQDU\
HODFDEDGRTXHVHTXLHUHFRQVHJXLU/RVSLFDGRVPiVFRPXQHVVRQ
6HQFLOOR 'REOH ³2EHUJ´
VHQFLOORGREOH2EHUJGLDJRQDOIUHVDGR3$16$5Š\HVFRÀQD

3DUDWRGDVODVOLPDVGHPHFiQLFRGHDJXMD\GHDÀODGRODFDOLGDGGHO
'LDJRQDO 3DQVDUŠ (VFR¿QD
SLFDGRVHSURSRUFLRQDHQQ~PHURGHGLHQWHVSRUFHQWtPHWURDORODUJR
GHODORQJLWXGGHODOLPD/DVFDOLGDGHVPiVFRPXQHVGHSLFDGRVRQ
EDVWRHQWUHÀQR\ÀQR
)UHVDGD
&XDQWRPiVEDVWRVHDHOSLFDGRPiVPDWHULDOVHHOLPLQD

3DUDOLPDVGLDJRQDOHVOLPDVIUHVDGDV\OLPDV3$16$5ŠHOSLFDGRVH
SURSRUFLRQD HQ Q~PHUR GH GLHQWHV WRWDOHV SRU SXOJDGD ´  /D
UXJRVLGDGGHODVHVFRÀQDVVHH[SUHVDHQQ~PHURGHGLHQWHVSRUFP

(6758&785$'(&Ð',*26'(352'8&72
1~PHURGHSURGXFWRGHODOLPD
(QHOFDWiORJRVHIDFLOLWDQHVWRV (PEDODMHGHODOLPD
WUHVGtJLWRVMXQWRFRQXQD  HPEDODMHLQGXVWULDOGHXQLGDGHV
GHVFULSFLyQGHODOLPD  HPEDODMHLQGLYLGXDOFRQPDQJR(5*270
/RVFyGLJRVGHSURGXFWR
GH ODV OLPDV %DKFR VH
K D Q  H V W D E O H F L G R  G H 7LSRGHOLPD
I R U P D  O y J L F D  F R Q  /LPDVGHPHFiQLFR


HOHPHQWRLGHQWLÀFDGRU  OLPDVGHDJXMD
 OLPDVIUHVDGDV\KRMDV
H Q  F D G D  G t J L W R   / D
3$16$5 ‹
PD\RUtD GH ORV FyGLJRV  OLPDVGHDÀODGR
VLJXHQ OD HVWUXFWXUD  (VFRÀQDV
DEDMRGHWDOODGD
/RQJLWXGGHODOLPDHQSXOJDGDV 7LSRGHOSLFDGR
3DUDODVOLPDVGHDJXMDODORQJLWXGVH  %DVWR
SURSRUFLRQDHQFP (QWUHÀQR
 )LQR

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
0$1*26(5*21Ð0,&26

/RV PDQJRV KDQ VLGR HVSHFLDOPHQWH GLVHxDGRV GH (Q OR TXH D VHJXULGDG VH UHÀHUH XQD FDUDFWHUtVWLFD
IRUPD HUJRQyPLFD VLJXLHQGR HO SURFHVR %DKFR LPSRUWDQWHHVTXHHOPDQJRFXEUHHQVXWRWDOLGDGOD
(5*270 SDUD UHGXFLU ODV WHQVLRQHV PXVFXODUHV \ HO HVSLJD\ORVVDOLHQWHV\HYLWDTXHODPDQRVHGHVOLFH
ULHVJR GH OHVLRQHV (VWiQ IDEULFDGRV D SDUWLU GH XQ KDFLD OD KRMD GH OD OLPD %DKFR VXPLQLVWUD ODV OLPDV
Q~FOHR GH SROLSURSLOHQR UHFXELHUWR GH XQ HODVWyPHUR PiVSRSXODUHVFRQXQPDQJRVLPpWULFRORTXHSHUPLWH
WHUPRSOiVWLFR TXH SHUPLWH XQ DJDUUH FyPRGR \ D O  X V X D U L R  D J D U U D U O R  F R Q  F R P R G L G D G
DQWLGHVOL]DQWHFX\RFRQWRUQRVHDMXVWDFRQQDWXUDOLGDG LQGHSHQGLHQWHPHQWH GH TXp ODGR GH OD OLPD VH HVWi
DODIRUPDGHODPDQR XWLOL]DQGR

68',6(f23$7(17$'20(-25$68&202','$'<6(*85,'$'
3DUWHVEODQGDV\
HODVWyPHURWHUPRSOiVWLFR 'LVHxRSDWHQWDGRTXH
SDUDXQDJDUUH LQFRUSRUDXQRUL¢FLRSDUD
DQWLGHVOL]DQWHFyPRGR FROJDUODKHUUDPLHQWD

5HGXFHHOULHVJRGH
OHVLRQHV/DFREHUWXUD
FRPSOHWDGHODHVSLJD
SUHYLHQHOHVLRQHV

&RQQ~FOHRGH
3ROLSURSLOHQR 33 SDUD
XQDYLGDPiVODUJD

6XPDQJRVLPpWULFRSHUPLWH $JDUUHDQWLGHVOL]DQWH
XWLOL]DUDPERVODGRVFRQOD &RQWRUQRVVXDYHVTXH
PLVPDFRPRGLGDG VHDPROGDQDODPDQR
FRQQDWXUDOLGDG

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
/,0$3$5$$),/$'2'(02726,(55$ 3,(=$6 
/LPDVUHGRQGDVSDUDDÀODUHOGHQWDGRGHODVFDGHQDVGHPRWRVLHUUD
/DVOLPDVYDQSUHVHQWDGDVHQXQHPEDODMHHVSHFLDOGHHQFRQSHUIRUDFLRQHVSDUDXQDIiFLOVHSDUDFLyQ

/ 'LiPHWUR 3HVR (PSDTXH


PP PP JU XQG
3
3
3

/,0$3/$1$3$5$/(/$&210$1*2
3DUDOLPDUVXSHUÀFLHVSODQDVHVTXLQDV\FRGRVDVtFRPRSDUDGHEDVWDGR
3DUDWUDEDMDUHQKHUUDPLHQWDVGHDFHURGHDOWDDOHDFLyQ\DÀODGRGHKHUUDPLHQWDVSHVDGDV

/ 'LiPHWUR 3HVR (PSDTXH


PP PP JU XQG







/,0$5('21'$&210$1*2
3DUDOLPDUDJXMHURVJUDQGHVQHUYDGXUDV\VXSHUÀFLHVFyQFDYDV

/ 'LiPHWUR 3HVR (PSDTXH


PP PP JU XQG







/,0$5Ð0%,&$3$5$$),/$'2'(6(558&+26:$6$
3DUDDÀODUVLHUUDVFRQGHQWDGRÀQRUHFWR

/ 'LiPHWUR (PSDTXH
PP PP XQG
   

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-8(*2'(/,0$6&210$1*2 3,(=$6 
-XHJRGHOLPDVFRQPDQJR
6XPLQLVWUDGDVHQFDMDGHFDUWyQTXHLQFOX\HIXQGDGHSOiVWLFRHQUROODEOH
&RQWLHQH/LPDSODQDSDUDOHODEDVWDSODQDSDUDOHODHQWUHÀQDFXDGUDGDEDVWDPHGLDFDxDEDVWD\UHGRQGDEDVWD

/ 'LiPHWUR (PSDTXH
PP PP XQG
 
 
 
 
 

-8(*2'(/,0$6$*8-$ 81,'$'(6 


-XHJRGHOLPDVFRQIXQGDGHSOiVWLFRFLHUUHSRUFRUFKHWH
&RQWLHQH/LPDSODQDSDUDOHODWULDQJXODUFXDGUDGDPHGLDFDxDVHPLRYDODGDUHGRQGDGHFXFKLOOREDUUHWWHUyPELFD
SODQDFDQWRVRYDODGRV\PDUNLQJ
,QFOX\HPDQJR

/ (PSDTXH
PP XQG



XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
--"7&4
"+645"#-&4

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
/DOODYHDMXVWDEOHIXHLQYHQWDGD\SDWHQWDGDHOGHPD\RGHSRU-3-RKDQVVRQHOIXQGDGRUGH
%DKFR%DKFRKDSHUPDQHFLGRVLHPSUHHQSULPHUDOtQHDHQFXDQWRDGLVHxR\GHVDUUROORGHODVOODYHV
DMXVWDEOHV8QDQXHYDJHQHUDFLyQGHOODYHVDMXVWDEOHVGHGLVWLQWRVPRGHORVLQFRUSRUDQXQQ~PHUR
GHPHMRUDVTXHDFHQW~DQDXQPiVODVXSHULRULGDGGHODVOODYHV%DKFRHQFRPSDUDFLyQFRQRWUDV
PDUFDV

/DVOODYHVDMXVWDEOHV%DKFR(UJRVRQHOUHVXOWDGRGHXQWUDEDMRLQWHQVLYRGHGHVDUUROORHQHOTXHORV
XVXDULRVSURIHVLRQDOHV\HVSHFLDOLVWDVHQHUJRQRPtDKDQD\XGDGRDGLVHxDUXQDKHUUDPLHQWDPiV
UiSLGD\IiFLOGHXWLOL]DU

/DVOODYHVDMXVWDEOHV%DKFR(UJRHVWiQIDEULFDGDVHQDFHURGHDOWDFDOLGDGWHPSODGRGHSUHFLVLyQ\
SURWHJLGDVFRQWUDODFRUURVLyQ

(VWiQGLVSRQLEOHVWDQWRHQYHUVLyQIRVIDWL]DGDFRPRFURPDGD

3LGDODQXHYDJHQHUDFLyQGHOODYHVDMXVWDEOHV(5*2GH%DKFR

+HUUDPLHQWDVFRQXQQ~PHURGHLQQRYDFLRQHVSDUDUHIRU]DUD~QPiVODSRVLFLyQGHOLGHUD]JRTXH
RVWHQWDODHPSUHVDHQHOGLVHxR\IDEULFDFLyQGHOODYHVDMXVWDEOHV

([FHSFLRQDOFRQIRUWGHDJDUUHJUDFLDVDOGLVHxRGHO
PDQJRHUJRQyPLFR

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
//$9(6$-867$%/(6
6HJ~Q',1)RUPD$iQJXORGH%6,62***:
7LSR&ODVH\$60(%0
'LVSRQLEOHHQDFDEDGRIRVIDWL]DGR
7HPSODGRGHSUHFLVLyQ\WUDWDPLHQWRDQWLFRUURVLyQ

$ $ % & ' 3HVR (PSDTXH


PP SXOJ PP PP PP JU XQG

)RVIDWL]DGD







&URPDGD
& 

//$9(6$-867$%/(6)26)$7,=$'$6
6HJ~Q',1)RUPD$iQJXORƒ%6,62\$60(0

$ $ % & ' 3HVR (PSDTXH


PP SXOJ PP PP PP JU XQG




6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
--"7&4
1"3"56#0

//$9(63$5$78%281,9(56$/(6
&Ð',*26)$%5,&$'26(1$5*(17,1$$$$$$
)RVIDWL]DGDV\FRQWUDWDPLHQWRDQWLR[LGDFLyQ)DEULFDGDVHQDFHURHVSHFLDOGHDOWDDOHDFLyQFRQPRUGD]DVWHPSODGDVGH
SUHFLVLyQSRULQGXFFLyQ0DQJRH[WHULRUIDEULFDGRHQFKDSDGHDFHURFRQFRQIRUWDEOHGLVHxRGHDJDUUH
/tQHDWUDGLFLRQDO'HQWDGRUHFWR

$ % & ' 3HVR (PSDTXH


PP PP PP PP JU XQG






XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
//$9(63$5$78%267,//621
/ODYH6WLOOVRQFRQGLVHxRWUDGLFLRQDOSDUDXVRFRQXQDPDQR
&RQPXHOOHFRQIXQFLyQGHFDUUDFD
&XHUSRGHDFHURIRUMDGRFRQWUDWDPLHQWRDQWLFRUURVLyQ
0RUGD]DVWHPSODGDVSRULQGXFFLyQ
1RUPD86***:7LSR,&ODVH%
81(

/ / ' ' % 3HVR (PSDTXH


PP SXOJ PP SXOJ PP JU XQG








//$9(63$5$78%267,//621'($/80,1,2
/ODYH6WLOOVRQPXOWLXVRVSDUDXVRFRQXQDPDQR/LJHUD
&XHUSRGHDOHDFLyQGHDOXPLQLRGHDOWDUHVLVWHQFLDFRQWUDWDPLHQWRDQWLFRUURVLyQ
0RUGD]DVWHPSODGDVSRULQGXFFLyQ
1RUPD86***:7LSR,&ODVH%
81(

/ / ' ' % 3HVR (PSDTXH


PP SXOJ PP SXOJ PP JU XQG







6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
--"7&4'*+"4

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
/DV OODYHV %DKFR HVWiQ GLVHxDGDV \ IDEULFDGDV SDUD GLVSRQHU GH ODV PHMRUHV GLPHQVLRQHV SDUD
DGDSWDUVHDODSLH]D'LVSRQHQGHFDEH]DVSHTXHxDV\SODQDVFRQWROHUDQFLDVHVWUHFKDVXQGLVHxR
PHMRUDGR\XQDVXMHFLyQFRQIRUWDEOH(OGLVHxRPHMRUDGRGHFDEH]DVHVWUHFKDVSDUDOXJDUHVGH
GLItFLO DFFHVR \ FRQWRUQRV UHGRQGHDGRV SHUPLWH PD\RUHV FDUJDV \ JDUDQWL]D XQD VXMHFLyQ
FRQIRUWDEOH\DQWLGHVOL]DQWH

/DPD\RUtDGHODVOODYHV%DKFRHVWiQIDEULFDGDVHQXQFRPSRQHQWHGHDFHURGHDOWDFDOLGDG²$FHUR
9DQDGLR ([WUD ² GHSHQGLHQGR GH OD DSOLFDFLyQ SDUD OD TXH HVWiQ GHVWLQDGDV 1XHVWUR DFDEDGR
QLTXHODGRFURPDGR \ SXOLGR JDUDQWL]DQ KHUUDPLHQWDV GH ODUJD GXUDFLyQ &XDQGR VH WUDEDMD HQ
OXJDUHVFRQJUDVDTXHFRQWLHQHQSURGXFWRVTXtPLFRVDJUHVLYRVDODUJRSOD]RSXHGHDIHFWDUDOD
VXSHUÀFLHGHXQDOODYH\SURGXFLUFRUURVLyQ

QFSmM%ZOBNJD%SJWF#BIDP
(OSHUÀO'\QDPLF'ULYH%DKFRSURSRUFLRQDXQDSR\RGHHVTXLQDDVtFRPRXQDVHFFLyQGHÁDQFRDGLFLRQDOTXH
WUDQVPLWHODWRUVLyQDODFDEH]DGHOWRUQLOORRWXHUFD(VWHFRQWDFWRGHÁDQFRJDUDQWL]DXQDPi[LPDGLVWULEXFLyQGHOD
FDUJD\HYLWDFXDOTXLHUGDxRHQODKHUUDPLHQWDDVtFRPRHQODSLH]D

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
//$9(63817$3817$
&Ð',*26)$%5,&$'26(1$5*(17,1$8'
3UHVHQWDFLyQ)RUMDGDVHQDFHURHVSHFLDOQLTXHODGDV\FURPDGDVSDUDSURWHJHUODVGHODFRUURVLyQ
7HUPLQDFLyQFURPDGD
0DWHULDO$FHUR9$1$',2(;75$
',1,62
ÉQJXORƒ D E E / 1P 3HVR (PSDTXH
PP PP PP PP ,62 JU XQG





















//$9(6&2521$&2521$(;75$$&2'$'$6
&Ð',*26)$%5,&$'26(1$5*(17,1$36
3UHVHQWDFLyQ )RUMDGDV HQ DFHUR HVSHFLDO QLTXHODGDV \ FURPDGDV SDUD SURWHJHUODV GH OD FRUURVLyQ 7HUPLQDFLyQ
FURPDGD
0DWHULDO$FHUR9$1$',2(;75$
',1,62
3HUÀO'\QDPLF'ULYH
$ % & ' ( 1P 3HVR (PSDTXH
PP PP PP PP PP ,62 JU XQG




















6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
//$9(6&20%,1$'$6
&Ð',*26)$%5,&$'26(1$5*(17,1$6
3UHVHQWDFLyQ)RUMDGDVHQDFHURHVSHFLDOQLTXHODGDV\FURPDGDVSDUDSURWHJHUODVGHODFRUURVLyQ
7HUPLQDFLyQFURPDGD
0DWHULDO$FHUR9$1$',2(;75$
',1,62
([WUHPRSXQWDiQJXORƒH[WUHPRFRURQDDFRGDGRiQJXORƒ
3HUÀO'\QDPLF'ULYHHQODFRURQD

D D E E / 1P 3HVR (PSDTXH
PP PP PP PP PP ,62 JU XQG

0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 

= 
= 
= 
= 
= 
= 
= 
= 
= 
= 
= 
= 
= 
= 
= 
= 
= 
= 
= 
= 
= 
= 
= 

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
//$9(6$57,&8/$'$6'2%/(6
&Ð',*26)$%5,&$'26(1$5*(17,1$/
$FDEDGR)RUMDGDVQLTXHODGDV\FURPDGDV
0DWHULDO$FHUR9$1$',2(;75$
$PERVH[WUHPRVGDGRVJLUDWRULRVDƒ
1XHYRGLVHxRGHORVGDGRVSDUDXQDPHMRUDFFHVLELOLGDG&RQ3HUÀO'\QDPLF'ULYH

$ % & 3HVR (PSDTXH


PP PP PP JU XQG

0 
0 
0 
0 
0 
0 
0 
0 
0 
0 

= 
= 
= 

(678&+('(/21$&21//$9(6&20%,1$'$6

&RQWHQLGR

07 PP
07 PP
07 
PP

=7 

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
50326³.&5304

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
72548Ì0(7526

9(56É7,/(6 6(//$'26 52%86726


/RV WRUTXtPHWURV %DKFR VH XWLOL]DQ /RV WRUTXtPHWURV %DKFR KDQ VLGR /DUJDYLGDVLQSLH]DVPyYLOHVRTXH
HQORVVHFWRUHVPiVH[LJHQWHVWDOHV FUHDGRVDSUXHEDGHVDOSLFDGXUDV\ S X H G D Q  G H V J D V W D U V H   ' L V H x R
FRPRODLQGXVWULDGHODDYLDFLyQ\OD SROYR OR TXH JDUDQWL]D XQ SDU UREXVWRÀDEOH\GXUDGHUR
DXWRPRFLyQHQODVTXHODFDOLGDG\ VHJXUR\ÀDEOHHQDPELHQWHVGXURV
UHQGLPLHQWRQRVHSXHGHQSRQHUHQ K~PHGRV\SROYRULHQWRV
SHOLJUR

72548Ì0(752'(',63$52
5HYHUVLEOH
([DFWLWXG DMXVWH  UHYHUVD
(VFDODGHPHGLFLyQGXDO0pWULFDSXOJDGDV

/DUJR 5DQJR 5DQJR 3HVR (PSDTXH


PP QP IWOE JU XQG
      
      
      
      
      
      
      
      
      
      
      

72548Ì0(752'(',$/
5HYHUVLEOH
([DFWLWXG DMXVWH  UHYHUVD
(VFDODGHPHGLFLyQGXDO0pWULFDSXOJDGDV

/DUJR 5DQJR 5DQJR 3HVR (PSDTXH


PP QP IWOE JU XQG




6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
%"%04

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
%BEPT 3BUDIFU}TZ"DDFTPSJPT
/RVGDGRVHVSHFLDOHV\DFFHVRULRV%DKFRVRQVXSHULRUHVQRVRORHQFXDQWRDWROHUDQFLDVH[DFWDV
VLQR WDPELpQ HQ FXDQWR D VX HOHYDGD UHVLVWHQFLD DO GHVJDVWH /RV GDGRV GH SDUHGHV GHOJDGDV
IDEULFDGRVSRU%DKFRVHJXLUiQWHQLHQGRXQH[FHOHQWHUHQGLPLHQWRHQDTXHOORVFDPSRVHQORVTXH
RWUDV KHUUDPLHQWDV \D KDQ IUDFDVDGR 8QD UD]yQ OR VXÀFLHQWHPHQWH EXHQD SDUD HOHJLU XQD
KHUUDPLHQWDGHODJDPD%DKFR

QFSmM%ZOBNJD%SJWF#BIDP
(OSHUÀO'\QDPLF'ULYHSURSRUFLRQDXQDSR\RGHHVTXLQDDVtFRPRXQDVHFFLyQGHÁDQFRDGLFLRQDO
TXH WUDQVPLWH OD WRUVLyQ D OD FDEH]D GHO WRUQLOOR R WXHUFD (VWH FRQWDFWR GH ÁDQFR JDUDQWL]D XQD
Pi[LPDGLVWULEXFLyQGHODFDUJD\HYLWDFXDOTXLHUGDxRHQODKHUUDPLHQWDDVtFRPRHQODSLH]D3HUÀO
'\QDPLF'ULYH%DKFR3DUDXQDPD\RUHÀFDFLD\XQDPi[LPDWRUVLyQ

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
'$'2632/,*21$/(6'
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ$FDEDGRFURPDGRODGRV
0DWHULDO$FHUR9$1$',2(;75$
&213(5),/'<1$0,&'5,9(

$ % & 1P 3HVR (PSDTXH


'LP XQG
PP PP PP ,62 JU
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 

'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
'$'26+(;$*21$/(66
&Ð',*26)$%5,&$'26(1$5*(17,1$6;
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ$FDEDGRFURPDGRKH[DJRQDO
0DWHULDO$FHUR9$1$',2(;75$
&213(5),/'<1$0,&'5,9(

$ % & 1P 3HVR (PSDTXH


'LP
PP PP PP ,62 JU XQG

60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 

6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
'$'2632/,*21$/(66(5,(/$5*$'0
&Ð',*26'()$%5,&$&,Ð1$5*(17,1$70
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ$FDEDGRFURPDGRSROLJRQDO
0DWHULDO$FHUR9$1$',2(;75$
&213(5),/'<1$0,&'5,9(

/ ' ' 1P 3HVR (PSDTXH


'LP
PP PP PP ,62 JU XQG

'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 

'$'26+(;$*21$/(66(5,(/$5*$60
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ$FDEDGRFURPDGRSROLJRQDO
0DWHULDO$FHUR9$1$',2(;75$
&213(5),/'<1$0,&'5,9(

/ ' ' 1P 3HVR (PSDTXH


'LP
PP PP PP ,62 JU XQG
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
'$'263$5$%8-Ì$6==
3UHVHQWDFLyQ$FDEDGRFURPDGRODGRV

$ % & 1P 3HVR (PSDTXH


PP PP PP ,62 JU XQG

== 
== 

'$'26&213817$725;725;7
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ$FDEDGRFURPDGRODGRVSXQWDSDYRQDGD
0DWHULDO$FHUR9$1$',2(;75$

7DPDxR 3DUD / / ' 1P 3HVR (PSDTXH


Qž 7RUQLOOR PP PP PP ,62 JU XQG
725;7 
725;7 
725;7 
725;7 
725;7 
725;7 
725;7 
725;7 
725;7 

'$'26&213817$+(;$*21$/0
&Ð',*26)$%5,&$'26(1$5*(17,1$6
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ$FDEDGRFURPDGRSXQWDSDYRQDGD
0DWHULDO$FHUR9$1$',2(;75$

7DPDxR / / ' 1P 3HVR (PSDTXH


Qž PP PP PP ,62 JU XQG
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
'$'26&213817$32/,*21$/;=1
&Ð',*26)$%5,&$'26(1$5*(17,1$61
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ$FDEDGRFURPDGRSXQWDSDYRQDGD
0DWHULDO$FHUR9$1$',2(;75$

7DPDxR 3DUD / / ' 1P 3HVR (PSDTXH


Qž 7RUQLOOR PP PP PP ,62 JU XQG
;=1 
;=1 
;=1 
;=1 
;=1 
;=1 

'$'26&213817$'(67251,//$'25
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ$FDEDGRFURPDGRSXQWDSDYRQDGD
0DWHULDO$FHUR9$1$',2(;75$

/ / 1P 3HVR (PSDTXH
PP PP ,62 JU XQG

) 
) 

7DPDxR / / ' 1P 3HVR (PSDTXH


Qž PP PP PP ,62 JU XQG
3+ 
3+ 

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
'$'26725;Š+(0%5$725;(
 &Ð',*26)$%5,&$'26(1$5*(17,1$67
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ$FDEDGRFURPDGRSXQWDSDYRQDGD
0DWHULDO$FHUR9$1$',2(;75$

3DUD $ % & 1P 3HVR (PSDTXH


7RUQLOOR PP PP PP ,62 JU XQG

725;( 
725;( 
725;( 
725;( 
725;( 
725;( 

'$'26+(;$*21$/(660
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ$FDEDGRFURPDGRSXQWDÀQD
0DWHULDO$FHUR9$1$',2(;75$

/ ' ' 3HVR (PSDTXH


PP PP PP JU XQG
60     
60     
60     
60     
60     
60     
60     
'
60     
60     
60     
/
60     
60     
60     
'
60     
60     
60     
60     

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
'$'2632/,*21$/(6$'=
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ3XOLGRÀQR
0DWHULDO$FHUR9$1$',2(;75$

/ ' ' 7 3HVR (PSDTXH


PP PP PP PP JU XQG

$'=      
$'=      
$'=      
$'=      
$'=      
' $'=      
$'=      
$'=      
/ $'=      
7 $'=      
$'=      
' $'=      
$'=      

'$'2632/,*21$/(6$
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ3XOLGRÀQR
0DWHULDO$FHUR9$1$',2(;75$

/ ' ' 7 3HVR (PSDTXH


PP PP PP PP JU XQG
$'0      
$'0      
$'0      
$'0      
$'0      
$'0      

(QSXOJDGDV $'=      


$'=      
$'=      
$'=      
' $'=      
$'=      
$'=      
/ $'=      
7 $'=      
$'=      
' $'=      
$'=      

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
'$'26&213817$725;Š725;
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ3XOLGRÀQR
0DWHULDO$FHUR9$1$',2(;75$

, / ' 3HVR (PSDTXH


PP PP PP JU XQG

725;7     
725;7     
725;7     
725;7     
725;7     
725;7     

'$'26&213817$725;Š,19,2/$%/(725;5
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ3XOLGRÀQR
0DWHULDO$FHUR9$1$',2(;75$

, / ' 3HVR (PSDTXH


PP PP PP JU XQG
725;575     
725;575     
725;575     
725;575     
725;575     

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
'$'2632/,*21$/(6'
&Ð',*26)$%5,&$'26(1$5*(17,1$6+
)DEULFDGREDMRODVVLJXLHQWHVQRUPDVµ',1,62
'LPHQVLRQHVJHQHUDOHV',1,62
7RUTXH',1,62
3UHVHQWDFLyQ1LTXHODGRV\FURPDGRVSROLJRQDO
0DWHULDO$FHUR9$1$',2(;75$
&213(5),/'<1$0,&'5,9(

$ % & 1P 3HVR (PSDTXH


'LP
PP PP PP ,62 JU XQG
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 
'0 

'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'= 
'=   
'= 
'= 

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
'$'26+(;$*21$/(6
6RQVXSHULRUHVQRVRORHQFXDQWRDWROHUDQFLDVH[DFWDVVLQRWDPELpQHQFXDQWRDVXHOHYDGDUHVLVWHQFLDDOGHVJDVWH/RV
GDGRVGHSDUHGHVGHOJDGDVIDEULFDGRVSRU%DKFRVHJXLUiQWHQLHQGRXQH[FHOHQWHUHQGLPLHQWRHQDTXHOORVFDPSRVHQORV
TXHRWUDVKHUUDPLHQWDV\DKDQIUDFDVDGR

$ % & 1P 3HVR (PSDTXH


'LP
PP PP PP ,62 JU XQG
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 
60 

6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 
6= 

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
3BUDIFUhT
Z"DDFTPSJPT

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
0DQJRFRQIRUWDEOH
DQWLGHVOL]DQWH\ELPDWHULDO

6XSHUDWRGRVORV
UHTXLVLWRVGHWRUVLyQ
'LVHxDGDVFRQ GHODQRUPD,62
LQGLFDGRUGHVHQWLGR

,QJHQLRVRDJXMHUR
SDUDIDFLOLWDUHO
DOPDFHQDPLHQWRGH
ODKHUUDPLHQWD

GLHQWHVGHDOWR
UHQGLPLHQWRFRQXQ
iQJXORGHDFFLyQ
'LVHxDGRSDUDSUHYHQLU LQIHULRUDƒ
FDPELRVGHVHQWLGR
DFFLGHQWDOHV

0HFDQLVPR
SDWHQWDGRGHFDPELR
GHVHQWLGR

."/(04#*$0.10/&/5&4

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
$&&(625,26'(
0$1*2$57,&8/$'2
',1
&XDGURGHHQFDVWUH
/DFDEH]DJLUDVREUHXQHMHPiVGHƒ
0DQJRELFRPSRQHQWHUHVLVWHQWHDOWULFORURHWLOHQR\DORVDFHLWHV

*UDGR $ % & 3HVR (PSDTXH


GH*LUR PP PP PP JU XQG

5$7&+(7
&Ð',*26)$%5,&$'26(1$5*(17,1$
',1
&XDGURGHHQFDVWUH
5HYHVWLEOH
0DQJRELFRPSRQHQWHUHVLVWHQWHDOWULFORURHWLOHQR\DORVDFHLWHV
0HFDQLVPRGHERWyQH[SXOVRUVXMHWDGRUGHGDGRVHQPRGHOR

*UDGR 1ž $ % & 3HVR (PSDTXH


GH$FFLyQ PP PP PP PP JU XQG

*UDGR 1ž $ % & 3HVR (PSDTXH


GH$FFLyQ PP PP PP PP JU XQG

5$7&+(7
',1
/DQXHYDJHQHUDFLyQGHUDWFKHWV
0XOWLIXQFLRQDOHV
&DPELRGHGLUHFFLyQIiFLOFRQXQDVRODPDQRJLUDQGROLJHUDPHQWHHODQLOORGHLQYHUVLyQPLHQWUDVTXHODRWUDPDQRSXHGH
VXMHWDUFRQÀUPH]DODSLH]DGHWUDEDMR
0HFDQLVPRGHFLHUUHTXHPDQWLHQHÀUPHPHQWHHOGDGR\SXHGHOLEHUDUORSUHVLRQDQGRXQERWyQ

*UDGR 1ž $ % & 3HVR (PSDTXH


GH$FFLyQ PP PP PP PP JU XQG

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
5$7&+(7&210$1*20(7É/,&26%6
',1
&XDGURGHHQFDVWUHPDFKR\
0DQJR0HWiOLFR
0HFDQLVPRGHERWyQH[SXOVRUVXMHWDGRUGHGDGRVPRGHOR

/ 3HVR (PSDTXH
PP JU XQG




5$7&+(7&210$1*20(7É/,&26%6
',1
/ODYHGHFDUUDFDGHUHYHUVLEOH
(PEDODMHHQEOLVWHU
$FHURGHDOHDFLyQGHDOWRUHQGLPLHQWRFRQDFDEDGRPDWH

/ 3HVR (PSDTXH
PP JU XQG

0$1*2(1´7µ'(6/,=$%/(
&XDGURPDFKRGH
/DFDEH]DVHGHVOL]DVREUHODEDUUDTXHWLHQHWRSHVHQFDGDH[WUHPR

$ % & (PSDTXH
PP PP PP XQG

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
0$1,-$%(5%,48Ì
&XDGURPDFKRGH
3DUDWUDEDMDUUiSLGDPHQWHGRQGHHOHVSDFLRORSHUPLWH

$ % & (PSDTXH
PP PP PP XQG

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
%$55$'((;7(16,Ð1
&Ð',*26)$%5,&$'26(1$5*(17,1$$
&XDGURPDFKRKHPEUD

$ % & (PSDTXH
PP PP PP XQG





-817$81,9(56$/&$5'É1
)$%5,&$&,Ð1$5*(17,1$
&XDGURPDFKRKHPEUD

$ % & (PSDTXH
PP PP PP XQG

$'$37$'255('8&725
5HGXFWRUGHFXDGUDGRGHDFXDGUDGRGH

$ % & (PSDTXH
PP PP PP XQG


$'$37$'25$80(17$'25
$PSOLDGRUGHFXDGUDGRGHDFXDGUDGRGH

$ % & 1P (PSDTXH
PP PP PP ,62 XQG


XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
$&&(625,26
0$1*2$57,&8/$'2
&XDGURGHHQFDVWUHPDFKR
/DFDEH]DJLUDVREUHXQHMHPiVGHƒ
/DHPSXxDGRUDHVPROHWHDGD

$ % & 1P 3HVR (PSDTXH


PP PP PP ,62 JU XQG

0$1*281,9(56$/
&Ð',*26)$%5,&$'26(1$5*(17,1$
0DQJRGHHPSXxDGXUDPROHWHDGD
6HXWLOL]DSDUDDFFLRQDUHODUWSURORQJDUHODUW\DFFLRQDUEDUUDVGHH[WHQVLyQ DUW 

$ % & 1P 3HVR (PSDTXH


PP PP PP ,62 JU XQG

&$%(=$'(5$7&+(7
&XDGURGHHQFDVWUHPDFKR
$YDQ]DXQDSRVLFLyQFDGDƒ
5HYHUVLEOH

$ % & 1ƒ *UDGR 1P 3HVR (PSDTXH


PP PP PP 'LHQWHV GH$FFLyQ ,62 JU XQG

5$7&+(71
&RPSXHVWRSRUEDUUDGHIXHU]D\FDEH]DGHUDWFKHW

/ 1P 3HVR (PSDTXH
PP ,62 JU XQG

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
%$55$'((;7(16,Ð1
&Ð',*26)$%5,&$'26(1$5*(17,1$
&XDGURGHHQFDVWUHPDFKRKHPEUD

/ $ $ 3HVR (PSDTXH
PP PP SXOJ JU XQG

-817$81,9(56$/
&Ð',*26)$%5,&$'26(1$5*(17,1$
&XDGURGHHQFDVWUHPDFKRKHPEUD

$ % & 1P 3HVR (PSDTXH


PP PP SXOJ ,62 JU XQG

&$%(=$7'(6/,=$%/($
&XDGURGHHQFDVWUHPDFKR

$ % & 3HVR (PSDTXH


PP PP PP JU XQG


7'(6/,=$%/(&21%$55$
&Ð',*26)$%5,&$'26(1$5*(17,1$
&RPSXHVWRSRUEDUUDGHIXHU]D\FDEH]D7GHVOL]DEOH

/ & 3HVR (PSDTXH


PP PP JU XQG

$'$37$'25
&Ð',*26)$%5,&$'26(1$5*(17,1$
&XDGURGHHQFDVWUHPDFKRKHPEUD

$ % & 1P 3HVR
PP PP PP ,62 JU

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
+6&(04%&
--"7&4:%"%04

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-8(*2'('$'26 3,(=$6 6
µ
'LPHQVLRQHV[[

&RQWHQLGR 3HVR (PSDTXH


JU XQG

-8(*2'('$'26&21&$55$&$3$6$17( 3,(=$6 67



'LPHQVLRQHV[[

&RQWHQLGR 3HVR (PSDTXH


JU XQG

-8(*2'('$'263$6$17( 3,(=$6 67



'LPHQVLRQHV[[

&RQWHQLGR 3HVR (PSDTXH


JU XQG

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-8(*2'('$'26 3,(=$6 6/

'LPHQVLRQHV[[

&RQWHQLGR 3HVR (PSDTXH


JU XQG

6/  
SLH]DVGH¬9DVRV¬+H[PP
SLH]D&DUUDFDFRQORQJLWXGGHPP
SLH]DVSXQWDV3K
SLH]DVSXQWDVKH[DJRQDOHV
SLH]DVSXQWDV725;Š
SLH]DSRUWDSXQWDVFRQEORTXHRFXDGUDGR¬KHPEUDGH
SLH]DH[WHQVLyQDQJXODUGHORQJLWXGPP

-8(*2'('$'26 3,(=$6 6


µ\
'LPHQVLRQHV[[

&RQWHQLGR 3HVR (PSDTXH


JU XQG

-8(*2'('$'26 3,(=$6 6



'LPHQVLRQHV[[

&RQWHQLGR 3HVR (PSDTXH


JU XQG

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-8(*2'('$'26 3,(=$6 6$)
µ
'LPHQVLRQHV[[

&RQWHQLGR 3HVR (PSDTXH


JU XQG




-8(*2'('$'26 3,(=$6 6


µ
'LPHQVLRQHV[[

&RQWHQLGR 3HVR (PSDTXH


JU XQG

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-8(*2'('$'26< 3,(=$6 6
µ\
'LPHQVLRQHV[[
&RQWHQLGR 3HVR (PSDTXH
JU XQG

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-8(*2'('$'26< 3,(=$6 6
µ\
'LPHQVLRQHV[[
&RQWHQLGR 3HVR (PSDTXH
JU XQG

-8(*2'('$'26 3,(=$6 6/;


µ
'LPHQVLRQHV[[

&RQWHQLGR 3HVR (PSDTXH


JU XQG

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-8(*2'('$'26 3,(=$6 6/;$)
µ
'LPHQVLRQHV[[

&RQWHQLGR 3HVR (PSDTXH


JU XQG

-8(*2'(5$7&+(73$6$17( 3,(=$6 675


\

&RQWHQLGR 3HVR (PSDTXH


JU XQG

-8(*2'('(67251,//$'25&215$7&+(7 3,(=$6 
3
-XHJRGHGHVWRUQLOODGRUFRQUDWFKHWGHPDQJRJLUDWRULR\OODYHVUDFKDGDVFRQFDPELRGHJLUR
&DMDPROGHDGDFRQHVTXLQDVUHGRQGHDGDV\OLJHUD
'LPHQVLRQHV[[

&RQWHQLGR 3HVR (PSDTXH


JU XQG

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
%"%04%&
*.1"$50

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
'$'26'(,03$&72.0
µ',1*,62
'LPHQVLRQHVJHQHUDOHV',1,62
$FDEDGR3DYRQDGR
0DWHULDO$OHDFLyQGHDFHURGHDOWRUHQGLPLHQWRLGHDOSDUDXVRFRQKHUUDPLHQWDVGHLPSDFWR
3DUDXVRFRQPiTXLQDV3DUDPi[LPDVHJXULGDGXWLOLFHPXHOOHVGHÀMDFLyQ

' ' 3HVR (PSDTXH


PP PP JU XQG

.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0

.0
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0

.0
.0 
.0 
.0 
.0 

'$'26'(,03$&72.
µ',1*,62
'LPHQVLRQHVJHQHUDOHV',1,62
$FDEDGR3DYRQDGR
0DWHULDO$OHDFLyQGHDFHURGHDOWRUHQGLPLHQWRLGHDOSDUDXVRFRQKHUUDPLHQWDVGHLPSDFWR
3DUDXVRFRQPiTXLQDV3DUDPi[LPDVHJXULGDGXWLOLFHPXHOOHVGHÀMDFLyQ

' ' 3HVR (PSDTXH


PP PP JU XQG

.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
' ' 3HVR (PSDTXH
PP PP JU XQG

.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 

'$'26'(,03$&726(5,(/$5*$.
µ',1*,62
'LPHQVLRQHVJHQHUDOHV',1,62
$FDEDGR3DYRQDGR
0DWHULDO$OHDFLyQGHDFHURGHDOWRUHQGLPLHQWRLGHDOSDUDXVRFRQKHUUDPLHQWDVGHLPSDFWR
3DUDXVRFRQPiTXLQDV3DUDPi[LPDVHJXULGDGXWLOLFHPXHOOHVGHÀMDFLyQ

' ' 3HVR (PSDTXH


PP PP JU XQG

.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 
.0 

.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 
.= 

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
"-."$&/".*&/50
%&)&33".*&/5"4

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
&$-$'(+(55$0,(17$637%
%DKFRSUHVHQWDXQFRPSOHWRUDQJRGHFDMDVSDUDKHUUDPLHQWDV\RUJDQL]DGRUHVTXHVDWLVIDFHQODVQHFHVLGDGHVGLDULDVGHO
XVRSURIHVLRQDO
)DEULFDGDVHQSROLSURSLOHQRFRPSXHVWR 333OXV 
5HVLVWHQWHVDLPSDFWRV\SURGXFWRVTXtPLFRV
0D\RUUHVLVWHQFLDDEDMDVWHPSHUDWXUDV
3OiVWLFRYLUJHQQRUHFLFODGDV

3HVR (PSDTXH
JU XQG
 

3HVR (PSDTXH
JU XQG

 

3HVR (PSDTXH
JU XQG

 

3HVR (PSDTXH
JU XQG

 

6(*Ô1',6321,%,/,'$''()É%5,&$ 127$/$6&$-$612,1&/8<(&217(1,'26

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
3HVR (PSDTXH
JU XQG

 

3HVR (PSDTXH
JU XQG

 

3HVR (PSDTXH
JU XQG

 

3HVR (PSDTXH
JU XQG

 

6(*Ô1',6321,%,/,'$''()É%5,&$ 127$/$6&$-$612,1&/8<(&217(1,'26

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
&$-$0(7É/,&$3257$+(55$0,(17$6
$VDVPyYLOHVSDUDHODOPDFHQDPLHQWRFRPSDFWR
7LUDQGRGHOPDQJRODFDMDVHDEUHIiFLOPHQWH\GHDFFHVRLQPHGLDWRDWRGRVORVFRPSDUWLPLHQWRV

3HVR (PSDTXH
'LPHQVLRQHV JU XQG

25  

&$-$0(7É/,&$3257$+(55$0,(17$60%)
&DMDGHKHUUDPLHQWDVPHWiOLFDFRQFRPSDUWLPLHQWRV
'RVPDQJRVSOHJDEOHVSDUDXQDOPDFHQDMHPiVFRPSDFWR
7LUDQGRGHOPDQJRODFDMDVHDEUHIiFLOPHQWH\GHDFFHVRLQPHGLDWRDWRGRVORVFRPSDUWLPLHQWRV

3HVR (PSDTXH
'LPHQVLRQHV JU XQG
0%)  

&2&+(7$//(5.
*UDQFDSDFLGDGGHFDUJD\YROXPHQSDUDKHUUDPLHQWDVGHLQGXVWULDSHVDGD
'REOHSDUHGSDUDSURWHJHUORVFDMRQHV\ORVODWHUDOHVGHJROSHV
&XHUSRUHIRU]DGRHQ]RQDVFODYHV
/DUJRVULHOHVGHVOL]DQWHVHQFDMRQHVGHDSHUWXUDWRWDO
6LVWHPDGHEORTXHRGHFLHUUHGHORVFDMRQHV
6LVWHPDGHFLHUUHFHQWUDOL]DGRFRQOODYHWXEXODU
5XHGDVGH[PPFRQURGDPLHQWRV\JRPDSDUDQRPDUFDUODVXSHUÀFLH ÀMDV\JLUDWRULDVFRQIUHQR 

0HGLGDV$QFKRPP_$OWRPP_3URIXQGLGDGPP

3HVR (PSDTXH
&DMRQHV JU XQG
.  
.  
.  

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
053"4
)&33".*&/5"4
%&5"--&3

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
*$72'(%27(//$&21%$6(526&$'$%+6
7RUQLOORGHH[WHQVLyQFRQWUDWDPLHQWRWpUPLFRGHFDORUTXHSHUPLWHHODMXVWHGHUHFRJLGDEDMR\XQDDOWXUDPi[LPDGH
HOHYDFLyQ
6LOODWUDWDGDWpUPLFDPHQWHTXHSURSRUFLRQDXQiUHDGHHOHYDFLyQDPSOLD\XQDJDUUHVHJXUR
&RQGLFLRQHVGHWUDEDMRžKDVWDž
&HUWLÀFDGRVHJ~QGLUHFWLYD&(%6(1

3HVR (PSDTXH
JU XQG
%+6 NJ PP PP PP PP PP  
%+6 NJ PP PP PP PP PP  
%+6 NJ PP PP PP PP PP  
%+6 NJ PP PP PP PP PP  
%+6 NJ PP PP PP PP PP  

-8(*2(;75$&725(6'((63É55$*26 3,(=$6 


$FDEDGR6RSODGRV
0DWHULDO$FHUR&52029$1$',2
(QFDUWHUDGHSOiVWLFRSDUDWRUQLOORV0D0

&DQWLGDG 3HVR (PSDTXH


GH3LH]DV &RPSRQHQWHV JU XQG

*5$1(7(&213527(&7253$5$0$12
$FDEDGR1LTXHODGRFDEH]DUHIRU]DGD
0DWHULDO9$1$',2(;75$UHFXELHUWRFRQSOiVWLFR
',1

/ % 3HVR (PSDTXH
PP PP JU XQG

    
    
    

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
*5$1(7(&210$1*22&72*21$/
$FDEDGR/DFDGRFRORUFREUHFDEH]DUHIRU]DGD
0DWHULDO9$1$',2(;75$UHFXELHUWRFRQSOiVWLFR
',1

/ % 3HVR (PSDTXH
PP PP JU XQG

    
    

*5$1(7(
$FDEDGR/DFDGRFRORUFREUHFDEH]DUHIRU]DGD
0DWHULDO9$1$',2(;75$
0DQJR3ODQR2YDODGR
',1

/ $ % 1P 3HVR (PSDTXH
PP PP PP ,62 JU XQG





-8(*2'(&257$)5Ì26 3,(=$6 6

3HVR (PSDTXH
&RQWHQLGR JU XQG


6
6
6
6

6(*Ô1',6321,%,/,'$''()É%5,&$  6HUHSRQHQSLH]DVVXHOWDV

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
%27$'25(6
$FDEDGR/DFDGRFRORUFREUHFDEH]DUHIRU]DGD
0DWHULDO9$1$',2(;75$
0DQJR2FWRJRQDO
',1)RUPD&

/ $ % 1P 3HVR (PSDTXH
PP PP PP ,62 JU XQG








-8(*2'(%27$'25(6 3,(=$6 6

3HVR (PSDTXH
&RQWHQLGR JU XQG


 6HUHSRQHQSLH]DVVXHOWDV

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
."35*--04:.";"4

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
0$57,//2'(3/É67,&2683(5)/(;1
3DUDWUDEDMRVGHWDOOHUHQPDWHULDOHVFRQVHQVLELOLGDGDODSUHVLyQ
&DEH]DVGHSOiVWLFRDPDULOODVGHEXWLUDWRGHFHOXORVD &HOOLGRUPDUFDUHJLVWUDGDGH%D\HU$* 
3LH]DFHQWUDOHQIXQGLFLyQGHDFHURPDOHDEOH
0DQJRGHPDGHUD
8QPDUWLOORTXHUHHPSOD]DDORVPDUWLOORVGHVLPLODUHVFDUDFWHUtVWLFDVGHFREUHSORPRODWyQJRPD\PDGHUD
*UDQUHVLVWHQFLDDOLPSDFWR
5HVLVWHQWHVDIXHQWHVGHEDMRRFWDQDMHDFHLWHV\JUDVD

$ % & 3HVR (PSDTXH


PP PP PP JU XQG






0$57,//2'(%2/$
0DUWLOORGHERODSDUDHPSOHDUFRQSXQ]RQHVUHPDFKHV\SDUDHOFRQIRUPDGRGHPHWDOHVSHURSXHGHHPSOHDUVH
WDPELpQFRPRXQPDUWLOORXQLYHUVDO
0DQJRIDEULFDGRHQDXWpQWLFDPDGHUDGHQRJDOGHSULPHUDFDOLGDGXQLIRUPH\VLQQXGRV

$ % & 3HVR (PSDTXH


PP PP PP JU XQG







0$57,//2&$53,17(52
0DUWLOORGHFDUSLQWHURFRQHMHWXEXODUGHDFHURDOPDQJDQHVR
&XHOORRFWRJRQDO\FDEH]DUHGRQGD
3XOLGREULOODQWH
(PSXxDGXUDQHJUDFRQIRUWDEOH

/ $ % 1P 3HVR (PSDTXH
PP PP PP ,62 JU XQG




6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
0$57,//20$1*2'(0$'(5$
0DUWLOORFDUSLQWHURFRQXQPDQJRIDEULFDGRHQQRJDODPHULFDQRGHSULPHUDFDOLGDG
&XHOORRFWRJRQDO\FDUDUHGRQGD
3XOLGREULOODQWH
(PSXxDGXUDGLVHxDGDSDUDDJDUUHySWLPRFRQVXSHUÀFLHDQWLGHVOL]DQWH\ÀMDGRÀUPHPHQWHFRQFXxDV

$ % & 2Q]DV 3HVR (PSDTXH


PP PP PP JU XQG



&20%$
',1FRQFHUWLÀFDGR*V
&RPEDFRQFDUDVFRQYH[DV HQIRUPDGHGRPR 
0DQJRIDEULFDGRHQDXWpQWLFDPDGHUDGHQRJDOGHSULPHUDFDOLGDGXQLIRUPH\VLQQXGRV

0HGLGDV 3HVR (PSDTXH


PP JU XQG






6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
1*/;"4:
"-*$"5&4

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
$"3"$5&3³45*$"45¯$/*$"4

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
(/(&&,Ð1'(/26$/,&$7(6
/DHOHFFLyQGHORVDOLFDWHVGHSHQGHSULQFLSDOPHQWHGHOWLSR\GHOWDPDxRGHODODPEUHSDUDFRUWDU/RVDOLFDWHVSDUDFRUWDU
DODPEUHVGXURVSRVHHQÀORVGLVHxDGRVSDUDVRSRUWDUHOHYDGDVSUHVLRQHV\QRFRUWDQOLPSLDPHQWHDODPEUHVPiVEODQGRV
/RVDOLFDWHVSDUDFRUWDUDODPEUHVEODQGRVWLHQHQÀORVGHFRUWHPiVDJXGRVTXHVHGHIRUPDQIiFLOPHQWHVLVHFRUWDFRQHOORV
DODPEUHGXUR

/DGLPHQVLyQGHODODPEUHLQGLFDHOGLiPHWUR
Pi[LPRDTXHSXHGHVHUFRUWDGRHOPDWHULDO
PiVGXUR

7,321ž7$0$f2

(OFRUWHGHWRGRWLSRGHPDWHULDOHVSXHGHSURYRFDUOHVLRQHVHQ
ORV RMRV FDXVDGDV SRU YLUXWDV R DVWLOODV 8WLOL]DU VLHPSUH
HOHPHQWRVGHSURWHFFLyQ

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
3,1=$08/7,)/,;
,62',1
$FDEDGR)RVIDWDGDV\FURPDGDVSURWHFFLyQDQWLR[LGDFLyQPDQJRVUHFXELHUWRVGHSOiVWLFRSDUDXQPD\RUFRQIRUWHQ
HODJDUUH
)RUPD/DVPRUGD]DVSHUPDQHFHQSDUDOHODVHQWRGDVODVSRVLFLRQHVLQFOXVRFRQPi[LPDDSHUWXUD

$ % & ' ( ) 3HVR (PSDTXH


PP PP PP PP PP PP JU XQG





3,1=$5(*8/$%/('('26326,&,21(6*
3RUHODQFKRGHVXVTXLMDGDVSHUPLWHWRPDUFRQVHJXULGDGWRGRWLSRGHREMHWRVSODQRVRFLOtQGULFRV
6XVVLVWHPDUHJXODEOHGHGRVSRVLFLRQHVFXEUHXQDDPSOLDJDPDGHDEHUWXUDGHSXQWDPDQWHQLHQGRXQDGLVWDQFLD
DGHFXDGDHQWUHUDPDV\HQHVSHFLDOHQWUHTXLMDGDV6HSUHVHQWDHQPP
$FDEDGR3DYRQDGR\FRQPDQJRVSOiVWLFRV
(QODSDUWHLQWHUQDGHODVTXLMDGDVWLHQHXQD]RQDGHFRUWHTXHSHUPLWHWUR]DUDODPEUHVGHKLHUURGHKDVWDPP

$ % & ' * 3HVR (PSDTXH


PP PP PP PP PP JU XQG

$/,&$7(81,9(56$/*
3UHVHQWDFLyQ&DUDV3XOLGDV
0DWHULDO$FHUR&52029$1$',2FRQPDQJRVHQSROLSURSLOHQR
)RUPD6XUREXVWDDUWLFXODFLyQRSRQHXQDHOHYDGDUHVLVWHQFLDDODWRUVLyQ\RWRUJDXQDPD\RUIXHU]DHQODVTXLMDGDV
$SOLFDFLyQ3RVHHXQDVXSHUÀFLHGHDJDUUHGHQWDGDXQDSDUDVXMHWDUSLH]DVFLOtQGULFDV\XQD]RQDGHFRUWH
&DSDFLGDGGHFRUWH$ODPEUHGH$FHURWHPSODGR

$ % & ' * 3HVR (PSDTXH


PP PP PP PP PP JU XQG





XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
3(/$&$%/('

$ % & ' * 3HVR (PSDTXH


PP PP PP PP PP JU XQG

$/,&$7(35(16$7(50,1$/&5

$ & / 3HVR (PSDTXH


PP PP PP JU XQG

3,1=$3$5$$1,//26'(5(7(1&,Ð1(;7(5,25(6

$ % & ' 3HVR (PSDTXH


PP PP PP PP JU XQG




6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
$/,&$7('(&257(',$*21$/*
3UHVHQWDFLyQ&DUDV3XOLGDV
0DWHULDO$FHUR9$1$',2(;75$6FRQPDQJRVHQSROLSURSLOHQR
)RUPD(OFRUUHFWRPHFDQL]DGRGHVXDUWLFXODFLyQSHUPLWHWUDEDMDUFRQPHQRUHVIXHU]R
$SOLFDFLyQ)LORVGHFRUWHDJXGRVSDUDFRUWDUPDWHULDOHVEODQGRVFRPRDODPEUHGHFREUH\DODPEUHGHFREUHDLVODGR
GHSOiVWLFRHVSHFLDOPHQWH~WLOHVSDUDORVHOHFWULFLVWDV
&DSDFLGDGGHFRUWH$ODPEUHGH$FHURWHPSODGR

$ % & ' 3HVR (PSDTXH


PP PP PP PP JU XQG




$/,&$7('(3817$&859$0(',$&$f$*
3UHVHQWDFLyQ&DUDV3XOLGDV
0DWHULDO$FHUR&52029$1$',2FRQPDQJRVHQSROLSURSLOHQR
)RUPD(VWUHFKDIRUPDVHPLFLUFXODU\PRUGD]DVGHQWDGDVPRUGD]DVPHFDQL]DGDVGHSUHFLVLyQSHUPLWLHQGRXQPHMRU
DJDUUH
$SOLFDFLyQ/DVSXQWDVSURSRUFLRQDQXQEXHQDJDUUH\XQDPHMRUDFFHVLELOLGDGHQHVSDFLRVUHGXFLGRV
)LORVGHFRUWHDJXGRVSDUDFRUWDUPDWHULDOHVEODQGRVWDOHVFRPRDODPEUHGHFREUH\DODPEUHDLVODGRGHSOiVWLFR
&DSDFLGDGGHFRUWH$ODPEUHGH$FHURWHPSODGR

$ % & ' ( ) * 3HVR (PSDTXH


PP PP PP PP PP PP PP JU XQG




3,1=$'(3817$0(',$&$f$*
3UHVHQWDFLyQ&DUDV3XOLGDV
0DWHULDO$FHUR&52029$1$',2FRQPDQJRVHQSROLSURSLOHQR
)RUPD3XQWDHVWUHFKDIRUPDVHPLFLUFXODUHLQWHULRUGHQWDGRPRUGD]DVPHFDQL]DGDVGHSUHFLVLyQSHUPLWLHQGRXQ
PHMRUDJDUUHGHODSLH]D
$SOLFDFLyQ/DVSXQWDVSURSRUFLRQDQXQEXHQDJDUUH\XQDPHMRUDFFHVLELOLGDGHQHVSDFLRVUHGXFLGRV
)LORVGHFRUWHDJXGRVSDUDFRUWDUPDWHULDOHVEODQGRVWDOHVFRPRDODPEUHGHFREUH\DODPEUHDLVODGRGHSOiVWLFR
&DSDFLGDGGHFRUWH$ODPEUHGH$FHURWHPSODGR

$ % & ' ( ) * 3HVR (PSDTXH


PP PP PP PP PP PP PP JU XQG




XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
3,1=$63$5$$1,//26'(5(7(1&,Ð1,17(5,25(6
',1&

$ % & ' 3HVR (PSDTXH


PP PP PP PP JU XQG

 



 

3,1=$63$5$$1,//26'(5(7(1&,Ð1,17(5,25(6
&

$ % & ' 3HVR (PSDTXH


PP PP PP PP JU XQG

 



 

3,1=$63$5$$1,//26'(5(7(1&,Ð1
,17(5,25(6<(;7(5,25(6

$ % & ' 3HVR (PSDTXH


PP PP PP PP JU XQG





6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-8(*2'(3,1=$63$5$$1,//26'(5(7(1&,Ð1
3,(=$6 6

&RQWHQLGR 3HVR (PSDTXH


JU XQG





-8(*2'($/,&$7(63$5$$5$1'(/$6

(PSDTXH
&RQWHQLGR XQG

 
 
 

$/,&$7(6'(35(6,Ð1*5,3´&µ'($&(52

/RQJLWXG $EHUWXUD (PSDTXH


PP PP XQG

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
$/,&$7(63$5$3/$1&+$6'(0(7$/

/RQJLWXG $EHUWXUD (PSDTXH


PP PP XQG


$/,&$7(6'(35(6,Ð13$5$78%26

/RQJLWXG $EHUWXUD (PSDTXH


PP PP XQG


$/,&$7(6'(35(6,Ð13$5$3/$1&+$6'(0(7$/

/RQJLWXG $EHUWXUD (PSDTXH


PP PP XQG



$/,&$7(6'(35(6,Ð1&21&257$17(

/RQJLWXG $EHUWXUD (PSDTXH


PP PP XQG

 
 

6(*Ô1',6321,%,/,'$''()É%5,&$

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
$/,&$7('(35(6,Ð1&520$'2&8592&21&257$17(
7UDWDPLHQWR$QWLR[LGDFLyQ
0RUGD]DVFXUYDGDV\HVWUHFKDVSDUDORJUDUXQDEXHQDDFFHVLELOLGDG

/RQJLWXG $EHUWXUD (PSDTXH


PP PP XQG

   


   
   

$/,&$7('(35(6,Ð1&520$'25(&72&21&257$17(
7UDWDPLHQWR$QWLR[LGDFLyQ
0RUGD]DVODUJDV\ÀQDVSDUDDOFDQ]DUOXJDUHVGHGLItFLODFFHVR

/RQJLWXG $EHUWXUD (PSDTXH


PP PP XQG

   

$/,&$7('(35(6,Ð1&520$'208/7,8626
7UDWDPLHQWR$QWLR[LGDFLyQ
0RUGD]DVGLVHxDGDVSDUDWUDEDMRVP~OWLSOHV
,GHDOSDUDVXMHWDUSLH]DVUHGRQGDVSODQDV\FXDGUDGDV

/RQJLWXG $EHUWXUD (PSDTXH


PP PP XQG

   


   

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
%&4503/*--"%03&4

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
$"3"$5&3³45*$"45¯$/*$"4

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
3817$3/$1$ (PSDTXH
XQG

(PSDTXH
3817$3/$1$ XQG

(PSDTXH
3817$3+,//,36 XQG

(PSDTXH
3817$32=,'5,9 XQG

(PSDTXH
3817$725; XQG

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-8(*2'('(67251,//$'25(6 3,(=$6 

&RQWHQLGR &DQWLGDG
GH3LH]DV
 %RFDSODQD 
 %RFDSODQD 
 %RFDSODQD 
 %RFDSODQD 
 %RFDSKLOOLSV 
 %RFDSKLOOLSV 

-8(*2'('(67251,//$'25(6$,6/$'269 3,(=$6 

&DQWLGDG
&RQWHQLGR GH3LH]DV

 %RFDSODQD 
 %RFDSODQD 
 %RFDSODQD 
 %RFDSODQD 
 %RFDSKLOOLSV 
 %RFDSKLOOLSV 

-8(*2'('(67251,//$'25(6 3,(=$6 3&


3UHVHQWDFLyQ(VWXFKHGH3OiVWLFR

&DQWLGDG
&RQWHQLGR GH3LH]DV

'(67251,//$'253257$3817$6
&215$7&+(7$1*8/$'23

3HVR (PSDTXH
JU XQG


XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
'(67251,//$'25352%$'25'(92/7$-(
&RPSUREDGRU9'(GHYROWLRV
0DQJRGHSLxDWLFRWUDQVSDUHQWHUHVLVWHQWHDLPSDFWRV
9DULOODGHDFHURGHDOWDFDOLGDGQLTXHODGD
3URWHFFLyQGHSOiVWLFRKDVWDODSXQWD

3HVR (PSDTXH
JU XQG

     
     
     

-8(*2'(3817$6 3,(=$6 6

/ 3HVR (PSDTXH
&RQWHQLGR JU XQG
PP


-8(*2'('(67251,//$'25'(*2/3( 3,(=$6 

/ 3HVR (PSDTXH
&RQWHQLGR JU XQG
PP


XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-8(*2'(//$9(6+(;$*21$/(6%(

3HVR
&RQWHQLGR JU
PP



-8(*2'(//$9(6725;3$921$'$6%(
/ODYHV7RU[FRQFDEH]DHVIpULFD0HGLGDVLPSUHVDVHQHVWXFKHSDUDIiFLOORFDOL]DFLyQ
'LPHQVLRQHVPpWULFDV\SXOJDGDV
$FDEDGR)RVIDWDGDV

3HVR
&RQWHQLGR JU
%( 77777777 
%( 77777777 

-8(*2'(//$9(6725;&21%2/$3$921$'$6%(
/ODYHV7RU[FRQFDEH]DHVIpULFD0HGLGDVLPSUHVDVHQHVWXFKHSDUDIiFLOORFDOL]DFLyQ
'LPHQVLRQHVPpWULFDV\SXOJDGDV
$FDEDGR)RVIDWDGDV

3HVR
&RQWHQLGR
JU
%( 5 5 5 5 5 5 5 5 

-8(*2'(//$9(6725;,19,2/$%/(63$921$'$6%(
/ODYHV7RU[FRQFDEH]DHVIpULFD0HGLGDVLPSUHVDVHQHVWXFKHSDUDIiFLOORFDOL]DFLyQ
'LPHQVLRQHVPpWULFDV\SXOJDGDV
$FDEDGR)RVIDWDGDV

3HVR
&RQWHQLGR
JU
%( 5 5 5 5 5 5 5 5 

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
-8(*2'(//$9(6+(;$*21$/(63$921$'$60
/ODYHVKH[DJRQDOHV0HGLGDVLPSUHVDVHQHVWXFKHSDUDIiFLOORFDOL]DFLyQ'LPHQVLRQHVPpWULFDV
\SXOJDGDV
$FDEDGR)RVIDWDGDV

3HVR
&RQWHQLGR
JU
07               NN 

-8(*2'(//$9(6725;3$921$'$6725;

3HVR
&RQWHQLGR
JU
725;7 5 5 5 5 5 5 5 5 5 5 5 
725;7 5 5 5 5 5 5 5 5 5 5 5 5 5 

//$9(+(;$*21$/3$921$'$0e75,&$0

$ % 3HVR
PP PP JU

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
//$9(+(;$*21$/3$921$'$38/*$'$6=

$ % 3HVR (PSDTXH
PP PP JU XQG















//$9(3$921$'$725;725;

$ % 3HVR (PSDTXH
PP PP JU XQG















XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
4&336$)04

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
."/(0
&3(0/¸.*$0

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
6(558&+2&$53,17(5281,9(56$/13

3HVR (PSDTXH
JU XQG




6(558&+2&267,//$137(1

3HVR (PSDTXH
JU XQG


6(558&+2683(5,25

3HVR (PSDTXH
JU XQG


6(558&+2,6Ð6&(/(6

3HVR (PSDTXH
JU XQG


XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
6(558&+2(&21Ð0,&2$),/$%/(

3HVR (PSDTXH
JU XQG

'5   
  

6(558&+2/$0,1$7253&/$0

3HVR (PSDTXH
JU XQG


6(558&+2%$55$&8'$3
6HUUXFKRSDUDFRUWDUPDWHULDOGHHVSHVRUPHGLR
'HQWDGRXQLYHUVDOFRQSXQWDVWHPSODGDVSDUDXQDÀODGRGXUDGHUR
+RMDJUXHVDTXHDXPHQWDODHVWDELOLGDG\SUHFLVLyQ
0DQJRELFRPSRQHQWHDWRUQLOODGRDODKRMDTXHSXHGHXVDUVHFRPRDSUR[LPDFLyQSDUDPDUFDUiQJXORVGHž\ž

3HVR (PSDTXH
JU XQG

38+3    

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
)&33".*&/5"4
%&.&%*$*¸/

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
&,17$0e75,&$07*

/RQJLWXG 3HVR (PSDTXH


P JU XQG



&,17$0e75,&$076

/RQJLWXG 3HVR (PSDTXH


P JU XQG



&,17$0e75,&$/7*

/RQJLWXG 3HVR (PSDTXH


P JU XQG


XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


&,17$0e75,&$/76

/RQJLWXG 3HVR (PSDTXH


P JU XQG



1,9(/(6
1LYHOSURIHVLRQDOUtJLGRSHUÀOUHFWDQJXODUGHDOXPLQLR
(OHYDGDSUHFLVLyQSHUPDQHQWHPPSRUPHWUR
%XUEXMDHQIRUPDGHEDUULOIDEULFDGDHQYLGULRDFUtOLFRSUiFWLFDPHQWHLUURPSLEOH\DSUXHEDGHIXJDV
7RSHVGHSOiVWLFRSDUDSURWHJHUORGHJROSHV

/RQJLWXG 3HVR (PSDTXH


P JU XQG
   
   
   

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


)&33".*&/5"4%&
$"31*/5&3³"

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


35(16$5É3,'$4&6

/RQJLWXG 3HVR (PSDTXH


P JU XQG



35(16$5É3,'$4&%

/RQJLWXG 3HVR (PSDTXH


P JU XQG







35(16$5É3,'$4&*

/RQJLWXG 3HVR (PSDTXH


P JU XQG



XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


&877(5'(+2-$'(6/,=$17(64=
&yPRGRGHXVDUJUDFLDVDVXHPSXxDGXUDGHJRPD
)XQFLRQDPLHQWR\FDPELRGHFXFKLOODH[WUHPDGDPHQWHUiSLGRJUDFLDVDOERWyQODWHUDOSDUDODUHWUDFFLyQ
SDUDFDPELDUODFXFKLOODVRORKD\TXHSXOVDUXQERWyQ\OXHJRDSUHWDUODSDODQFDLQIHULRU
&XFKLOODUHWUiFWLOSDUDXQDPD\RUVHJXULGDG
3UiFWLFRDOPDFHQDPLHQWRGHKDVWDFXFKLOODV

/ 3HVR (PSDTXH
PP JU XQG
64=   

+2-$6'(5(&$0%,264=

64=+6%/ 64=6%/

/ 3HVR (PSDTXH
3LH]DV
PP JU XQG
64=+6%/    
64=6%/    

/É3,&(6'(&$53,17(52

/ 3HVR
PP JU (PSDTXH

3+%   

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


"3$04
.0/5"3";

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


DBSBDUFSÐTUJDBTUÌDOJDBT

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


$5&20217$5$=352)(6,21$/
$UFR0RQWDUD]SURIHVLRQDOHVSDUDPDGHUD\PDWHULDOHVVLPLODUHV(VWHHVHODUFRPRQWDUD]DHOHJLUSRUXQDUWHVDQR
XQSURIHVLRQDORXQDÀFLRQDGR(ODUFRHVOLJHURUREXVWR\~WLOSDUDWRGRWLSRGHDVHUUDGRV(VWiIDEULFRHQDFHURGH
DOWDFDOLGDGSRVHHXQDHOHYDGDUHVLVWHQFLDDOGHVJDVWH\HVWiSURWHJLGRFRQWUDODR[LGDFLyQ\ODFRUURVLyQSRU
PHGLRGHXQUHFXEULPLHQWRGHDOWRLPSDFWRODFDGRHQQDUDQMD

/RQJLWXG +RMD 3HVR (PSDTXH


PP JU XQG



$5&20217$5$=(&21Ð0,&26(
$UFR 0RQWDUD] HFRQyPLFR TXH SXHGH VHU XWLOL]DGR SDUD WRGRV ORV WLSRV GH WUDEDMRV HVSHFLDOPHQWH
FRQVWUXFFLyQMDUGLQHUtDDJULFXOWXUD\DSOLFDFLRQHVIRUHVWDOHV6HFRPSOHWDFRQXQDKRMDWLSRSDUDFRUWDU
PDGHUDVHFD3URWHJLGRGHODR[LGDFLyQ\ODFRUURVLyQSRUPHGLRGHXQUHFXEULPLHQWRGHDOWRLPSDFWR'HQWDGR
GHDOWDIUHFXHQFLDWHPSODGRSRULQGXFFLyQSDUDXQUHQGLPLHQWRGXUDGHUR0DQJRFRQIRUWDEOHFRQSURWHFWRUGH
QXGLOORVLQWHJUDGR

/RQJLWXG +RMD 3HVR (PSDTXH


PP JU XQG




$5&20217$5$=
$UFR0RQWDUD]SHTXHxR\PDQHMDEOHGH6XH[WUHPRSXQWLDJXGRORKDFHLGHDOSDUDVXHPSOHRHQHVSDFLRV
UHGXFLGRV\VHDGDSWDELHQDWUDEDMRVGHMDUGLQHUtD\UHSDUDFLyQGHWHMDGRV6HFRPSOHWDFRQXQDKRMDWLSR
SDUDFRUWDUPDGHUDVHFD
/RQJLWXG +RMD 3HVR (PSDTXH
PP JU XQG


+2-$63$5$$5&260217$5$=6(
3DUDDVHUUDGRGHPDGHUDVHFD\YHUGHKRMDVSDUDDUFRVPRQWDUD]FRQXQDPD\RUGXUDFLyQSDUDPDGHUD8QD
ODUJDYLGDHQVHUYLFLRHQHVHQFLDODODKRUDGHHOHJLUXQDKRMDSDUDDUFRGHVLHUUD&RQRFLGDVHQWRGRHOPXQGRSRUVX
HOHYDGDFDOLGDG\H[FHOHQWHUHQGLPLHQWRODVKRMDVSDUDDUFRVPRQWDUD]
%DKFRVRQHOHVWiQGDU
/RQJLWXG 3HVR (PSDTXH
PP JU XQG





+2-$63$5$$5&260217$5$=
3DUDDVHUUDGRGHPDGHUDYHUGH

/RQJLWXG 3HVR (PSDTXH


PP JU XQG



XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


)&33".*&/5"4
"(30'03&45"-&4

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


/DVWLMHUDVGHSRGD%DKFRVRQLGHDOHVSDUDHOWUDEDMRHQHOMDUGtQ&RQFXHUSRPiVUREXVWRHVWDKHUUDPLHQWDGH
PDQRHVGHXVRFRQWLQXR\GXUDGHUR%DKFRKDGHVDUUROODGRXQDQXHYDJHQHUDFLyQGHWLMHUDVGHSRGD/DJDPDVH
FRPSRQHGHPRGHORVFDGDXQRFRQXQDGLIHUHQWHFDEH]DGHFRUWHSDUDSRGHUVDWLVIDFHUODVQHFHVLGDGHVGHORV
GLIHUHQWHVXVXDULRV7RGRVORVPRGHORVKDQVLGRVREUDGDPHQWHSUREDGRVHQVXVUHVSHFWLYDVDSOLFDFLRQHV/DV
WLMHUDVKDQVLGRGLVHxDGDVSDUDVHUXVDGDVHQYLxHGRVWDQWRSDUDODSRGDHQYHUGHFRPRHQODYHQGLPLD

/RVPDQJRVIDEULFDGRVHQSROLDPLGDFRQGHÀEUDGHYLGULRHVWiQGLVHxDGRVSDUDDGDSWDUVHDORVFRQWRUQRVGH
ODPDQRIDFLOLWDQGRXQDJDUUHFyPRGR\ÀUPH

&LQFRDxRVGHLQYHVWLJDFLyQFLHQWtÀFD\FLHQWRVGH
SUXHEDV GH XVXDULRV HQ WRGR HO PXQGR LQVSLUDURQ HO
GLVHxRGHODVWLMHUDVGHSRGDUHUJRQyPLFDV*UDFLDVDVX
LQQRYDGRUGLVHxRODVWLMHUDVSURSRUFLRQDQHOFDEH]DOGH
FRUWH DGHFXDGR SDUD FDGD WUDEDMR \ VH DGDSWDQ D OD
SRWHQFLDGHODPDQRGHOXVXDULR/DPXxHFDVHPDQWLHQH
HQ XQD SRVLFLyQ FyPRGD \ QHXWUDO PLHQWUDV TXH
WUDQVPLWHSUHVLyQGHPDQHUDXQLIRUPHORTXHUHGXFHOD
H[SRVLFLyQGHOXVXDULRDXQDWHQVLyQPXVFXODUGRORURVDR
DXQDOHVLyQGHODPDQR

-"5&$/0-0(³"%&$035&#")$00'3&$&

.FOPSGVFS[BEFDPSUFOFDFTBSJB

$PSUFMJNQJPTJOEBÔBSMBTQMBOUBT

.FOPSEFTHBTUFMBSHBEVSBDJÕOEFMBDVDIJMMB

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


32'$'25$6(5*21Ð0,&$63;

7DPDxR 1~PHUR 'LiPHWURGH 3HVR (PSDTXH


0DQJR GH+RMD FRUWH PP JU XQG



5(&$0%,253

32'$'25$6$&(5278%8/$53

&DSDFLGDGGH&RUWH / 3HVR (PSDTXH


PP PP JU XQG


5(&$0%,2735( 5(&$0%,253* 5(&$0%,25

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


32'$'25$6+2%%,67$3

&DSDFLGDGGH&RUWH / 3HVR (PSDTXH


PP PP JU XQG


32'$'25$6+2%%,67$3*
7LMHUDGHXQDPDQRFRQFDEH]DGHFRUWHHVWUHFKDSDUDFRUWDUÁRUHVKLHUED\DUEXVWRV
+RMDGHDFHURDOFDUERQR\PDQJRVOLJHURVGHPDWHULDOFRPSRVLWH

&DSDFLGDGGH&RUWH / 3HVR (PSDTXH


PP PP JU XQG
3*)    

7,-(5$'(9(1',0,$<5(&2/(&&,Ð13
7LMHUDOLJHUDSDUDODYHQGLPLD\RWURVIUXWRVFRPRWDPELpQÁRUHV\FLHUWDVYHUGXUDV
&DEH]DGHFRUWHODUJD\GHOJDGDTXHJDUDQWL]DXQFRUWHGHVOL]DQWH

&DSDFLGDGGH&RUWH / 3HVR (PSDTXH


PP PP JU XQG
3%8/.    
3%8/.    
3%8/.    

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


7,-(5$'(&26(&+$3817$&257$3

&DSDFLGDGGH&RUWH / 3HVR (PSDTXH


PP PP JU XQG
3 
3%8/. 

5(&$0%,25

7,-(5$'(&26(&+$3817$/$5*$3

&DSDFLGDGGH&RUWH / 3HVR (PSDTXH


PP PP JU XQG

3 
3%8/. 

5(&$0%,25

7,-(5$'(&26(&+$3817$&859$3

&DSDFLGDGGH&RUWH / 3HVR (PSDTXH


PP PP JU XQG
3 
3%8/. 

5(&$0%,25

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


&257$6(7263

/ 3HVR (PSDTXH
PP JU XQG




32'$'25$6'($/785$3

&DSDFLGDGGH&RUWH 3HVR (PSDTXH


PP JU XQG

3$) 

&DSDFLGDGGH&RUWH 3HVR (PSDTXH


PP JU XQG

5(&$0%,265( 5(&$0%,2735(

5(&$0%,25(5( 5(&$0%,253*

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


32'$'25$6352)(6,21$/(6'('260$1263

&DSDFLGDGGH&RUWH / 3HVR (PSDTXH


PP PP JU XQG


36/   

5(&$0%,259

32'$'25$6352)(6,21$/(6'('260$1263

&DSDFLGDGGH&RUWH / 3HVR (PSDTXH


PP PP JU XQG

5(&$0%,259

32'$'25$6352)(6,21$/(6'('260$1263

&DSDFLGDGGH&RUWH / 3HVR (PSDTXH


PP PP JU XQG



XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


3e57,*$6$3)3

/ 3HVR (PSDTXH
PP JU XQG



7,-(5$6(;3(57)6

/ 3HVR (PSDTXH
PP JU XQG




&8&+,//2&21)81'$

3HVR (PSDTXH
JU XQG


&8&+,//2&8592&21)81'$
)DEULFDGRGH33(UHVLVWHQWHDOLPSDFWR
+RMDWHPSODGDHQWUH+UFTXHOHGDXQDÀODGRGXUDGHUR
(OSURWHFWRUGHQXGLOORFXUYDGRSXHGHXWLOL]DUVHFRPRSDODQFDHQWUDEDMRVGXURV
6RSRUWDWUDEDMRVH[LJHQWHVJUDFLDVDVXKRMDGHPPGHJURVRU
+RMDGHPPGHORQJLWXGTXHLQFUHPHQWDOD]RQDGHJROSHR
6XPLQLVWUDGRFRQIXQGDSDUDFRSODUORDOFLQWXUyQ

3HVR (PSDTXH
JU XQG
  

XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


&8&+,//208/7,8626
&XFKLOODGHDFHURLQR[LGDEOHSDUDXVRVP~OWLSOHV
PDQJRGHXQVRORFRPSRQHQWH
/RQJLWXGGHODKRMDGHPP
6XPLQLVWUDGRFRQIXQGDSDUDFRSODUORDOFLQWXUyQ

3HVR (PSDTXH
JU XQG
  

3,('5$'($),/$5/6&20%,1(66

/ 3HVR (PSDTXH
PP JU XQG


$),/$'25'(0(7$/'8526+$53;

/ 3HVR (PSDTXH
PP JU XQG


XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


1$9$-$'(,1-(5723

/ 3HVR (PSDTXH
PP JU XQG


1$9$-$'(32'$3

/ 3HVR (PSDTXH
PP JU XQG


1$9$-$'($&(52,12;,'$%/(5(&7$.$3

/ 3HVR (PSDTXH
PP JU XQG


1$9$-$'($&(52,12;,'$%/(&859$.*3

/ 3HVR (PSDTXH
PP JU XQG


XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


6(558&+2'(32'$

'LHQWHV / 3HVR (PSDTXH


SRUSXOJ PP JU XQG


6(558&+2'(32'$

'LHQWHV / 3HVR (PSDTXH


SRUSXOJ PP JU XQG



6(558&+2'(32'$3/(*$%/(

'LHQWHV / 3HVR (PSDTXH


SRUSXOJ PP JU XQG


XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ


XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ
XXXCBIDPIFSSBNJFOUBTQF  #BIDP1FSÛ

You might also like