A=
HQWUHYLVWD
(+,4 9%,4 " &+1"/+ &,+ )&7 ÅÃ, !,0 -/&+ &- &0 -) 6"/0 !, *"/ !,
SRU -¼OLR $OPHLGD
,0" /),0 )3 /"78 "$&,+ ) + $"/ " ",! 1, ,/! & "+1"8 &/"1,/ 9 "/ ) ! "&!* ))"/8 "* "+1/"3&01 À /"3&01 ], ")" 1/& &01 ^ / 1"/&7 / * , *"/ !, ! "+"/$& " 21,* ÅÃ, +, *,*"+1, 12 )8 ,*, Ç .2" /&0" #"1,2 , *"0*, " 0 "3,)2Å "0 +" "00Á/& 0 - / 0&+$/ / +, *"/ !,: /"0 &*"+1, ! * / " &+,3 ÅÃ, !,0 0"20 -/,!21,0 " 0,)2Å "0 #,/ * ,21/,0 !,0 002+1,0 #, !,0 1 ) ,*, -/"0"+Å ! "&!* ))"/ "* "3"+1,0 ,*, 5-, "5")8 ,+!" #,& /" )&7 ! "+1/"3&01 : "3&01 ], ")" 1/& &01 ^ J,"Kr Ó)1&*, 1/&Ç+&, 1"* 0&!, * / !, -,/ 2* $/ 3" /&0" "* ,/12$ )8 .2" 0" $"+"/ )&7 2* -,2 , -") 2/,- : ,*, 0" -,0& &,+,2 "&!* ))"/ -"/ +1" "01" "+Á/&,i ,0" /),0 )3 /"7 J Kr $ FULVH DIHWRX D (XURSD PDV WHP VLGR VR EUHWXGR PXLWR LQWHQVD QRV SD¯VHV GR 6XO QRPHDGDPHQWH HP 3RUWX JDO H (VSDQKD 3HUDQWH XPD FULVH ͤQDQFHLUD WLYHPRV GH DFUHVFHQWDU WDPE«P XPD FULVH QD FRQVWUX©¥R TXH DJUDYRX D VLWXD©¥R LQGXVWULDO H DIHWRX PXLWRV SRVWRV GH WUDEDOKR $ :HLGP¾OOHU UHVSRQGHX D HVWD VLWXD©¥R DMXVWDQGR RV VHXV SUHVVXSRVWRV H LPSOHPHQWDQGR DOJXPDV PHGLGDV GH HͤFL¬QFLD QRV SURFHVVRV 'DTXL UHVXOWRX XPD RUJDQL]D©¥R TXH DWXDOPHQWH « PDLV HͤFD] SDUD HQIUHQWDU RV QRYRV GHVDͤRV GR IXWXUR ",! 1, ,/! & "+1" J Kr (P 3RUWXJDO D :HLGP¾OOHU FRQVH JXLX FRQWRUQDU DV GLͤFXOGDGHV HQWUDQGR HP QRYRV QLFKRV GH PHUFDGR DODUJDQGR D VXD RIHUWD GH SURGXWRV H SULQFLSDOPHQWH SULYLOHJLDQGR D RIHUWD GH VROX©·HV HP GHWULPHQWR GH FRPSRQHQWHV 1R SHU¯RGR UHIHUL GR DSHQDV HP Q¥R IRL SRVV¯YHO FUHVFHU R YROXPH GH YHQGDV PDV QRV UHVWDQWHV DQRV DXPHQW£PRV DV QRVVDV YHQGDV H D QRVVD TXRWD GH PHUFDGR GH IRUPD VLJQLͤFDWLYD
1¥R IRUDP DQRV QDGD I£FHLV PDV TXDQGR VH WHP DFHVVR D XP SRUWH IµOLR GH SURGXWRV FRPR R GD :HLGP¾OOHU FRP PDLV GH DUWLJRV GLVSRQ¯YHLV H SULQFLSDOPHQWH TXDQGR VH WHP GLVSRQ¯YHO XPD HTXLSD GH SURͤVVLRQDLV FRP R Q¯YHO GDTXHOD TXH SRVVX¯PRV DV GLͤFXOGDGHV ͤFDP PDLV I£FHLV GH FRQWRUQDU
] "+"/$& ½ 2* !,0 *"/ !,0 "01/ 1½$& ,0 - / "&!*Î))"/^ ,"r ,+0&!"/ * .2" , *"/ !, ! 0 "+"/$& 0 /"+,3Á3"&0 1"* 0,9 #/&!, )1"/ Å "0 , ),+$, !"01"0 +,0i r 6LP VHP G¼YLGD TXH DV HQHUJLDV UHQRY£YHLV IRUDP PXLWR DIHWD GDV 2 FRQVXPR GH HQHUJLD QRV GRLV SD¯VHV GHVFHX GH IRUPD FRQVL GHU£YHO H LVVR WHP HIHLWRV QHIDVWRV LUUHPHGLDYHOPHQWH QDV IRQWHV GH SURGX©¥R (QTXDQWR DV HPSUHVDV HQYROYLGDV QR SURFHVVR GH LPSOH PHQWD©¥R GHVGH DV HQJHQKDULDV DW« ¢V HPSUHVDV LQVWDODGRUDV WLYH UDP GH DSRVWDU R VHX QHJµFLR QR H[WHULRU DXPHQWDQGR DVVLP RV VHXV UDWLRV GH H[SRUWD©¥R r (IHWLYDPHQWH R PHUFDGR GDV HQHUJLDV UHQRY£YHLV DOWHURX VH VLJ QLͤFDWLYDPHQWH QRV ¼OWLPRV DQRV 'HSRLV GR ERRP GR LQ¯FLR GD G« FDGD R PHUFDGR HQWURX QXP SHU¯RGR GH FODUD UHFHVV¥R FRP PXLWDV HPSUHVDV LQVWDODGRUDV D IHFKDU H R PHUFDGR GH IDEULFR GH PµGXORV SUDWLFDPHQWH D GHVDSDUHFHU 5HVWRX R NQRZ KRZ DGTXLULGR SRU DOJXQV GRV SULQFLSDLV SOD\HUV GR PHUFDGR H D LQWHUQDFLRQDOL]D©¥R GHVVH FR QKHFLPHQWR H DVVLP DWXDOPHQWH SRGHPRV HQFRQWUDU HPSUHVDV SRUWX JXHVDV D WUDEDOKDU QRV GLYHUVRV FRQWLQHQWHV
,"r "&!* ))"/ Ç ,+%" &! 1/ !& &,+ )*"+1" -"),0 -/,!29 1,0 - / 21,* ÅÃ, * 0 1È* 2* 3 01 ,#"/1 - / "+"/$& +, $"/ ) "8 0, /"12!,8 - / 0 "+"/$& 0 /"+,3Á3"&0: .2" !"01 9 /& * +"01 0 !2 0 Á/" 0 .2" /"#"/&i r $ HQHUJLD « XP GRV PHUFDGRV HVWUDW«JLFRV SDUD D :HLGP¾OOHU VHQGR QHVWH PRPHQWR XP GRV SULQFLSDLV REMHWLYRV GHQWUR GR JUXSR ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD