Catálogo Ésika El Salvador C01

EL SALVADOR C-01/2013

NUEVO LABIAL Classic Color pรกg. 4

www.esika.biz

Labial Classic Color ยกVas a amarlo!

Tonos que combinan con todo!!!

9,6À7$126

&yG

,%)%!*0 (%!*0!

ZZZ HVLND EL]

PKJKO MQA ?KI>EJ=J

?KJ PK@KÎÎÎ

,KNMQA OQO ?KHKNAO ?KI>EJ=J ?KJ PQ I=MQEHH=FA PQ PKJK @A LEAH PQ HKKG U PQ bJEIK

SURPRFLyQ SXOVR SiJ

18(92

/DELDO FODVVLF FRORU GXUD]QR LPDJLQH

KJ PQ HKKG

,KNMQA PA LKJC=O HK MQA PA LKJC=O OQO PKJKO OKJ OéLAN ?KI>EJ=>HAO U OEAILNA R=J >EAJ

/DELDO FODVVLF FRORU WHUUD VHUHQH

KJ PQ @ß= = @ß=

,KNMQA @QN=JPA AH @ß= PEAJAO IbO @A QJ= =?PERE@=@ OA= ?QbH OA= ÛOPA H=>E=H OEAILNA ?KI>EJ=

/DELDO FODVVLF FRORU FKHUU\ GUHDP

KJ PQ bJEIK

,KNMQA JK PK@KO HKO @ß=O JKO OAJPEIKO ECQ=H ÛOPA H=>E=H PEAJA QJ ?KHKN E@A=H L=N= MQA OEAILNA PA OEAJP=O ?äIK@=

/DELDO FODVVLF FRORU SLPLHQWD FDOLHQWH

KJ PQ I=MQEHH=FA

Oß PA I=MQEHHAO L=N= O=HEN = L=OA=N K D=OP= L=N= EN = QJ= BEAOP= {ÛOPKO ?KHKNAO JQJ?= B=HH=JÎ

9,6À7$126

ZZZ HVLND EL]

$!..5 .! ) &yG

"1 /% + ! &yG

&RQ YLWDPLQD ( DFHLWHV YHJHWDOHV \ FHUDV SDUD XQD DSOLFDFLyQ VXDYH \ XQLIRUPH

SURPR

18(92

/ß K Oß 0%!*!/

'( '(6&8(172

MQA PAJANHKOÎ *K HK LEAJOAO ÛOPKO OKJ HKO PKJKO MQA F=IbO B=HH=J U JQJ?= @A>AJ B=HP=N AJ PQ ?=NPAN= {(HÛR=PAHKO PK@KOÎ /DELDO &ODVVLF &RORU J R] 9DORUL]DGR HQ

0!.. /!.!*! &yG

.+*6! $ .) &yG

".!/ )+)!*0 &yG

.+/ /+"0 &yG

,%)%!*0 (%!*0! &yG

#1%* 0.!* 5

.+&+ .0%/0

&yG

&yG

1. 6*+ %) #%*! &yG

.+/ #(+3 &yG

(KO MQA JQJ?= LQA@AJ B=HP=N AJ ?=O= HKO MQA ÛH JA?AOEP= HKO MQA IEO DEFKO LNABEANAJ HKO MQA = Iß IA B=O?EJ=J {HKO MQA = PK@KO JKO AJ?=JP=JÎ ,=N= HKO B=RKNEPKO @A H= ?=O= {OQO LNK@Q?PKO B=RKNEPKOÎ

SURPRFLyQ SXOVR SiJ

AHEJA=@KNAO U )bO?=N= PN=P=JPA OKJ IEO B=RKNEPKO LKNMQA OKJ HKO >bOE?KO L=N= HKCN=N {H= IEN=@= MQA IA CQOP=Î

3XQWD SOXPyQ

'HOLQHDGRU OtTXLGR GH DFDEDGR SURIHVLRQDO PO IO R] 9DORUL]DGR HQ

3XQWD SLQFHO

*!#.+ !40.!)+

) ..¨* +0+_+

)+. + #( )+1.

61( /!*/%0%2!

&yG

&yG

&yG

&yG

*!#.+ /, .'

) ..¨* /, .'

&yG

&yG

61( /, .' ,( 0 /, .' &yG

&yG

'HOLQHDGRU OtTXLGR GH IiFLO DSOLFDFLyQ PO IO R] 9DORUL]DGR HQ

$ 358(%$ '(

$*8$

*!#.+ !40.!)+

) ..¨* +0+_+

2!. !

1 6

61( /!*/%0%2!

&yG

&yG

&yG

&yG

61( /, .'

,( 0 /, .'

&yG

&yG

*!#.+ /, .'

) ..¨* /, .'

&yG

&yG

SURPRFLyQ SXOVR SiJ

$ 358(%$ '(

$*8$

'( '(6&8(172

0iVFDUD WUDWDQWH D SUXHED GH DJXD J R] 9DORUL]DGR HQ

'HOLQHDGRU

01.-1!/

61(

0!.. +0

&yG

&yG

&yG

) ..¨*

*!#.+

&yG

&yG

*!#.+ ) ..¨* &yG

'HOLQHDGRU NRKO FRQ GLIXPLQDGRU J R] 9DORUL]DGR HQ

0i[LPD SURWHFFLyQ SDUD WXV SHVWDxDV

'LIXPLQDGRU

$ 358(%$ '(

$*8$

01.-1!/ '+$(

61( '+$(

&yG

&yG

*!#.+ '+$(

) ..¨* '+$(

$ 358(%$ '(

&yG

$*8$

'HOLQHD \ GLIXPLQD HO FRORU FRPR VRPEUD

&yG

{)E H=>E=H B=RKNEPKÎ ,KNMQA BEF= AH ?KHKN AJ @KO L=OKO U @QN= IQ?DK IbO

&2/25),; 0$;7,0( /DELDO G~R WDWWRR PO J IO R] R] 9DORUL]DGR HQ

/DELDO G~R WDWWRR URMR SDVVLRQ

SURPRFLyQ SXOVR SiJ

/ ()¨* 3+* !.

"^ , //%+*

&yG

&yG

&yG

.+/ (%#$0 &yG

&yG

'( '(6&8(172

"1 /% $+0

+. ( 00. 0%+*

.+/ $% &yG

2%*+ !(%// &yG

3DVR (O EULOOR %.1!( !/%.! &yG

3DVR (O FRORU

K

'( '85$&,Ä1

&yG

.+&+ , //%+*

3URWHJH KXPHFWD DFRQGLFLRQD \ QR WUDQV´HUH )LMD HO FRORU HQ SDVRV

,KNMQA ?KJKV?K HKO EJCNA@EAJPAO J=PQN=HAO U PK@K HK >QAJK MQA HA @=J = IE ?=>AHHK

$/9,(172 6KDPSRR OLWUR IO R] D &DEHOOR 1RUPDO &yG E &DEHOOR *UDVR &yG F &DEHOOR 6HFR &yG G &DEHOOR ([WUD 6HFR &yG 9DORUL]DGR HQ F X F X

D

E D

E

&DEHOOR *UDVR &RQWUROD OD ROHRVLGDG FRQ OLPyQ \ UHIUHVFD FRQ ViELOD

&DEHOOR 1RUPDO )RUWDOHFH OD ´ EUD FDSLODU FRQ DYHQD \ OH GD VXDYLGDG \ YLGD FRQ PLHO

/,752

SURPRFLyQ SXOVR SiJ

/,752

$FRQGLFLRQDGRU PO IO R] D &DEHOOR 1RUPDO &yG E &DEHOOR *UDVR &yG F &DEHOOR 6HFR &yG 9DORUL]DGR HQ F X F X

HQ 6KDPSRR DFRQGLFLRQDGRU OLWUR IO R]

'( '(6&8(172

&yG

9DORUL]DGR HQ

'H OLWUR IO R] &DEHOOR ([WUD 6HFR &yG 9DORUL]DGR HQ

F

G

F

&DEHOOR 6HFR 6XDYL]D \ DFRQGLFLRQD FRQ DFHLWH GH FRFR KXPHFWD \ GHMD GyFLO HO FDEHOOR FRQ DJXDFDWH

/,752

HQ %ULQGD HODVWLFLGDG \ EULOOR FRQ DOPHQGUDV \ IRUWDOHFH OD ´ EUD FDSLODU FRQ JHUPHQ GH WULJR

&DEHOOR ([WUD 6HFR 3URWHJH OD ´ EUD FDSLODU FRQ NLZL KXPHFWD \ GD EULOOR FRQ DFHLWH GH MRMRED

/,752

,KNMQA H= J=PQN=HAV= AO H= MQA IAFKN ?QE@= IE ?QPEO

1$785$/ &$5( 0DVFDULOOD IDFLDO KLGUDWDFLyQ LQPHGLDWD J R] &yG

9DORUL]DGR HQ

*HO UHIUHVFDQWH SDUD HO FRQWRUQR GH RMRV J R] &yG

9DORUL]DGR HQ

&UHPD KLGUDWDQWH IDFLDO J R] &yG

9DORUL]DGR HQ

SURPRFLyQ SXOVR SiJ

'( '(6&8(172

+XPHFWD \ VXDYL]D OD SLHO GHO URVWUR GH IRUPD LQPHGLDWD FRQ EDUUR RUJiQLFR \ DORH

+LGUDWD OD SLHO GH ORV SiUSDGRV HYLWDQGR ORV VLJQRV GH IDWLJD FRQ SHSLQR \ Wp YHUGH

+LGUDWD WX SLHO \ OD SURWHJH GH ODDSDULFLyQ GH ORV VLJQRV GH OD HGDG FRQ H[WUDFWR GH SHSLQR

,KNMQA D=?AJ MQA OEAJP= IEO LEAO IbO HECANKO U IbO OQ=RAO

(OLPLQD FDOORV \ DVSHUH]DV &RQ H[WUDFWR GH DYHQD iFLGR VDOLFtOLFR \ PHQWRO

/À1($ 3$5$ 3,(6 &UHPD SDUD SLHV FRQ DVSHUH]DV \ FDOORVLGDGHV J R] &yG

9DORUL]DGR HQ

&UHPD KXPHFWDQWH J R] &yG

9DORUL]DGR HQ

&UHPD H[IROLDQWH SDUD SLHV J R] &yG

9DORUL]DGR HQ

SURPRFLyQ SXOVR SiJ

'( '(6&8(172

6XDYL]D \ UHIUHVFD &RQ H[WUDFWR GH RUTXtGHD ODYDQGD \ PHQWRO (OLPLQD LPSXUH]DV \ FpOXODV PXHUWDV &RQ FiVFDUD GH QXH] SLHGUD SyPH] \ PHQWRO

,KNMQA AH >NEHHK MQA HA @=J = IE LEAH H= D=?A RAN IQU AHAC=JPA

6HGD 2UR /RFLyQ OXPLQRVD PO IO R] &yG

9DORUL]DGR HQ

(QFDQWR GH 3HUODV /RFLyQ OXPLQRVD PO IO R] &yG

9DORUL]DGR HQ

SURPRFLyQ SXOVR SiJ

'( '(6&8(172

%ULQGD XQ H[TXLVLWR EULOOR GRUDGR \ VXDYL]D OD SLHO

/H GD EHOORV GHVWHOORV SHUODGRV D WX SLHO \ OD KXPHFWD

,KNMQA AOPbJ LAJO=@KO AJ IE >A>Û

(K @AF=J OQ=RA?EPK LANBQI=@K U IA AJ?=JP=ÎÎÎ

83$ &RORQLD IUHVFD PO IO R] &yG

9DORUL]DGR HQ

6KDPSRR FRQ PDQ]DQLOOD \ DFHLWHV GH DOJRGyQ PO IO R] &yG

9DORUL]DGR HQ

83$ %$%< 5(/$; &RORQLD PO IO R] &yG

9DORUL]DGR HQ

6KDPSRR FDEHOOR \ FXHUSR PO IO R] &yG

9DORUL]DGR HQ

SURPRFLyQ SXOVR SiJ

'( '(6&8(172

GH D PHVHV

$URPD FtWULFR TXH OR UHYLWDOL]D WRGRV ORV GtDV

GH D PHVHV

/H GD D VX FDEHOOR FODUR EULOOR \ VXDYLGDG

7LHUQR DURPD µ RUDO VXDYH \ UHODMDQWH

,GHDO SDUD HO EDxR DQWHV GH GRUPLU /R GHMD VXDYH \ UHODMDGR

,KNMQA IA AJ?=JP= ?Q=J@K DQAHAJ NEMQßOEIK LNKRK?= =>N=V=NHKO PKKKK@K AH @ß=Î

0,1, &+,&6 5XEL 'LYLQH &RORQLD FRQ FKLVSHDQWHV HVWUHOODV PO IO R] &yG

9DORUL]DGR HQ

.HOO\ 7HFK &RORQLD FRQ FKLVSHDQWHV HVWUHOODV PO IO R] &yG

9DORUL]DGR HQ

&20$1'2 )25&( ;SODVK &RORQLD PO IO R] &yG

9DORUL]DGR HQ

$URPD[ &RORQLD PO IO R] &yG

9DORUL]DGR HQ

SURPRFLyQ SXOVR SiJ

'( '(6&8(172

(O DURPD GH ODV FKLFDV FRRO

(O DURPD GH ODV FKLFDV IDVKLRQ

8Q KXUDFiQ GH IUHVFXUD FRQ DURPD D GHOLFLRVDV IUXWDV

&RORQLD UHIUHVFDQWH DURPD TXH GHVLQWHJUD D ORV 0XJU\[

,KNMQA AJ ?Q=HMQEAN IKIAJPK @AH @ß= LQA@K @EOBNQP=N @A QJ @AHE?EKOK =NKI= = BNQPKO U BHKNAO

)ORUDO 'HOLFDGR DURPD GH DPRURVDV IUHHVLDV HQ WX SLHO

SURPRFLyQ 3XOVR SiJ

'( '(6&8(172

)58,76 )/2:(56 &RORQLD FRQ DWRPL]DGRU PO IO R] )UHHVLD %RXTXHW &yG 0\VWLF &RFNWDLO &yG 9DORUL]DGDV HQ F X F X )UXWDO ([yWLFDV JRWDV GH O\FKHH \ JUDQDGD

,KNMQA ?Q=J@K OA HKO LKJA OA RA LNA?EKO= U OQLANB=ODEKJÎÎÎ

18(675$ %,-287(5,( (6

/,%5( '( 3/202

'( '(6&8(172

18(92

(= BN=C=J?E= @A ^H=JEA IA EJOLEN= U H= @A /ATU #KH@ AO OéLAN OAJOQ=H

,KN AOK OKJ IEO B=RKNEP=O

)ORUDO $FWLYD $OHJUH IXVLyQ GH JDUGHQLDV \ DPRU SRU OD YLGD

e/$1,( (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

SURPRFLyQ SXOVR SiJ

'( '(6&8(172

)ORUDO 6HQVXDO 6HQVXDOHV RUTXtGHDV EODQFDV \ µ RU GH QDUDQMR

6(;< *2/' (DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/

,KNMQA KHANH= AJ ÛH IA AJ?=JP=

/Q =NKI= P=J BNAO?K U HHAJK @A AJANCß= AO ECQ=H = OQ LANOKJ=HE@=@ÎÎ

)25=( &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

SURPRFLyQ SXOVR SiJ

0DGHURVR $FWLYR 3RWHQWHV QRWDV GH OLPyQ WRQND \ FHGUR EODQFR

'( '(6&8(172

DURPDV /! 1 0+.!/

'(6&8%5( 48e /2 +$&( 7$1 ,55(6,67,%/(

35202&,Ã&#x201E;1 3XOVR D VyOR

SRU OD FRPSUD GH XQ SURGXFWR GHO EORTXH GH OD SiJ D OD

)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/

38/62 &+5,67,$1 0(,(5 &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

1R LQFOX\H PXHVWUDV SURGXFWRV GH UHJDOR H[SHULPHQWD QL RWUDV SURPRFLRQHV 3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN

DURPDV /!*/1 (!/

*=?EOPA L=N= OAN ENNAOEOPE>HA 5(' ,17(16( (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

'( '(6&8(172

SURPRFLyQ ELOOHWHUD VFDUOHW SiJ

'XOFH 6HQVXDO ,UUHVLVWLEOH PXVN \ WHQWDGRUDV IUDPEXHVDV

(6(1&,$6 $520$6 $=U QJ =NKI= MQA AO ?KIK Pé (KO D=U BNQP=HAO BHKN=HAO OAJOQ=HAO NKIbJPE?KO AOLKJPbJAKO U AHAC=JPAO LANK OEAILNA ATEOPA QJ =NKI= éJE?K ?=L=V @A D=?AN FQACK ?KJ PQ LNKLE= I=JAN= @A OAN

1J =NKI= MQA L=NA?A DA?DK LAJO=J@K AJ PE

éO?=HK D=VHK PQUK U @AF= MQA AOA =NKI= D=>HA LKN PE

z-QÛ =NKI= R= IAFKN ?KJPECK

/ 5$ 2 )/

( /& '8

( /& '8 $/ 87 )5

$/ 87 )5

2 ,& 75 &À

2 ,& 75 &À

2 $' &, 3( (6

'2 ,$ (& 3 (6

,9$ &7 $

$ 6(1 & , 7 68 1

½ $/

0

2

5

/ 5$ 2 )/

(/ (* $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!/

,PiJHQHV ,PiJHQHV 'LDPRQGV 6SHFLDO ;LDQD

DURPDV .+)¡*0% +/

*UD]]LD 5RPDQ]L )ORZHU\ 9DQLOOD 6FHQW $wQQDUD

DURPDV /!*/1 (!/

DURPDV 0%2+/

*UD]]LD ([RWLF *UD]]LD 3DUDGLVH 9HKHPHQFH SDUD HOOD 5RVH 5RVH 6H[\ *ROG 'DQ]]tD 5HG ,QWHQVH ,QFLWDQW -DGLVV 6HFUHW 0XVN

([SUHVVLRQ eODQLH 9LYHQVD 0RPHQWRV 9LEUDQWHV 0RPHQWRV /LEHUWDG ,W­V <RX ,W­V <RX /LYH

)/25$/

0é PEAJAO QJ OA?NAPK L=N= ?KJMQEOP=NHK

(6(1&,$6 $520$6

DURPDV /!*/1 (!/

DURPDV 0%2+/

'( '(6&8(172 (1 *<5$

'XOFH $FWLYD 0RGHUQDV QRWDV GH YDLQLOOD \ µ RUHV UHDO]DQ WX HVSOHQGRU

9,9(16$ (DX GH SDUIXP DWRPLVHXU PO IO R]

*<5$ &RORQLD FRQ DWRPL]DGRU PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

)UXWDO $FWLYD ,PSXOVD WX GtD FRQ FKLVSHDQWHV JRWDV GH PDQGDULQD \ µ RU GH ORWR

SURPRFLyQ ELOOHWHUD VFDUOHW SiJ

)ORUDO $FWLYD ([SUHVD WXV VHQWLPLHQWRV FRQ µ RU GH QDUDQMR MD]PtQ \ PLPRVDV

(;35(66,21 (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

(6(1&,$6 $520$6

z,KN MQÛ AHACEN QJ= {)A HHARK PK@=OÎ

DURPDV /!*/1 (!/

'XOFH 6HQVXDO +LSQyWLFR FRQWUDVWH GH EHUJDPRWD \ PXVN VHGXFH LQWHQVDPHQWH

,1&,7$17 (DX GH SDUIXP DWRPLVHXU PO IO R]

)ORUDO 6HQVXDO 7HQWDGRUDV QRWDV GH URVD GDPDVFHQD \ PXJXHW

&yG

9(+(0(1&( 3$5$ (//$ (DX GH SDUIXP DWRPLVHXU PO IO R]

9DORUL]DGR HQ

&yG

SURPRFLyQ ELOOHWHUD VFDUOHW SiJ

9DORUL]DGR HQ

(6(1&,$6 $520$6

!H IAFKN =NKI= AO AH MQA IbO PA CQOP=

'( '(6&8(172 (1 '$1==Ã&#x20AC;$

)ORUDO 6HQVXDO 'HOLFDGDV URVDV XQ WRTXH GH YDLQLOOD \ PXVN

'XOFH 6HQVXDO 3URYRFDWLYR µ LUWHR GH RUTXtGHD FDOLSVR \ VRUEHWH GH SHUD

526( 526( (DX GH SDUIXP DWRPLVHXU PO IO R]

'$1==Ã&#x20AC;$ (DX GH SDUIXP DWRPLVHXU PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

DURPDV !(!# *0!/

)ORUDO (OHJDQWH 8Q GHOLFLRVR ERXTXHW GH JDUGHQLDV VH FRPELQD FRQ ´ QDV PDGHUDV \ XQ IUHVFR WRTXH IUXWDO

63(&,$/ (DX GH SDUIXP DWRPLVHXU PO IO R]

,0½*(1(6 (DX GH SDUIXP DWRPLVHXU PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

)ORUDO (OHJDQWH /XMRVR HQFXHQWUR GH \ODQJ \ODQJ \ MD]PLQHV

SURPRFLyQ ELOOHWHUD VFDUOHW SiJ

(6(1&,$6 $520$6

-QÃ&#x203A; >EAJ PA R=J HKO @E=I=JPAO

,0½*(1(6 ',$021'6 (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

)ORUDO (OHJDQWH 'HVOXPEUD FRQ URVDV GH %XOJDULD \ JDUGHQLDV

*5$7,6 0LQL ,PiJHQHV 'LDPRQGV PO µ R] SRU OD FRPSUD GH ,PiJHQHV 'LDPRQGV GH PO µ R] 9DORUL]DGR HQ

0Q LEAH OEAILNA P=J OQ=RA U LANBQI=@=

z äIK D=?AO

78 2)(57$ (675(//$

&yG

&yG

&yG

&yG

&yG

/RFLRQHV SHUIXPDGDV PO IO R] 9DORUL]DGR HQ F X F X

&yG

&yG

&yG

&yG

&RQ WH[WXUD WLSR SLHO GH DYHVWUX] \ GHWDOOH GH KHELOOD SODWHDGD

35202&,Ã&#x201E;1 %LOOHWHUD 6FDUOHW D VyOR

&yG

3RU OD FRPSUD GH XQD IUDJDQFLD GH OD SDJ D \ SDJ 1R DSOLFD SDUD ORFLRQHV SHUIXPDGDV

!NAO H= IAFKN ?KIL=ãAN=

%LOOHWHUD 6FDUOHW 'H GLVHxR HOHJDQWH \ PX\ FRPELQDEOH GH DPSOLD FDSDFLGDG &XHQWD FRQ GREOH EURFKH SDUD FHUUDUOD FRQ PD\RU VHJXULGDG \ PXFKR HVSDFLR SRU GHQWUR /D PHMRU ELOOHWHUD SDUD OD PXMHU TXH TXLHUH OOHYDUOR WRGR HQ XQ VROR OXJDU 0HGLGDV DSUR[ [ [ FP &yG

&RQ PXFKRV FRPSDUWLPLHQWRV HQ HO LQWHULRU

&RQ EROVLOOR ODWHUDO SDUD PRQHGDV

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN

DURPDV 0%2+/

,7 6 <28 )UDJDQFLD XQLVH[ (DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

(DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG

&tWULFD $FWLYD (VSRQWiQHDV QRWDV GH OLPyQ \ PDQGDULQD

SURPRFLyQ ELOOHWHUD VFDUOHW SiJ

(6(1&,$6 $520$6

2ERA EJPAJO=IAJPA

'( '(6&8(172

)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/

&tWULFD $FWLYD /D IUHVFXUD GH PDQGDULQDV LWDOLDQDV FRQ KRMDV GH EDPE~

,7 6 <28 /,9( )UDJDQFLD XQLVH[ (DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

DURPDV .+)ยก*0% +/

'( '(6&8(172 (1 $ร 11$5$

$ร 11$5$ (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

SURPRFLyQ ELOOHWHUD VFDUOHW SiJ

'XOFH 5RPiQWLFD $PRU FKDPSDJQH \ FiOLGRV WRTXHV GH YDLQLOOD

'XOFH 5RPiQWLFD /D IHOLFLGDG WLHQH DURPD D YDLQLOOD MD]PtQ \ OLULRV

(6(1&,$6 $520$6

$KU RKU = ?KJMQEOP=NPAÎ

)ORUDO 5RPiQWLFD 9LROHWDV URVDV \ ViQGDOR FUHDQ HO PDUFR SHUIHFWR SDUD HO DPRU

9$1,//$ 6&(17 (DX GH SDUIXP DWRPLVHXU PO IO R]

520$1=, (DX GH SDUIXP DWRPLVHXU PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

DURPDV 0%2+/

!NAO AOLKJPbJA= U KLPEIEOP= ,KN AOK AOPKO =NKI=O OKJ LANBA?PKO L=N= PEÎ

)527$ $48À < 6,(17( (/ $520$ '( 020(1726 9,%5$17(6 (1 78 3,(/

78 2)(57$ (675(//$

z5= O=>AO ?äIK R=O = ?KJOAJPENPA

-DEyQ GH 0DQRV 7RGD XQD H[SHULHQFLD TXH GHMD WXV PDQRV OLPSLDV VXDYHV FRPR OD VHGD \ FRQ XQ H[TXLVLWR DURPD

&216,e17(7( (1(5*< &UHPD FRUSRUDO PO IO R] &yG

9DORUL]DGR HQ

-DEyQ GH PDQRV PO IO R] &yG

9DORUL]DGR HQ

&UHPD &RUSRUDO (QYXHOYH WX SLHO HQ XQD SODFHQWHUD VHQVDFLyQ GH VXDYLGDG FRQ XQ UHYLWDOL]DQWH DURPD

(6(1&,$6 $520$6 &UHPD GH 0DQRV /DV GHMD VHGRVDV \ ODV SURWHJH GH OD UHVHTXHGDG FRQ GHOLFLRVR DURPD D IUXWRV URMRV

&RORQLD $QLPD WX GtD FRQ HO UHYLWDOL]DQWH DURPD IUXWDO GH &RQVLpQWHWH (QHUJ\

/26

$

9DORUL]DGR HQ

&yG

$+255$

)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/

&UHPD GH PDQRV PO IO R] &yG

9DORUL]DGR HQ

&RORQLD PO IO R] &yG

9DORUL]DGR HQ

DURPDV /!*/1 (!/

SURPRFLyQ ELOOHWHUD VFDUOHW SiJ

(6(1&,$6 $520$6

/$ &2035$

723

2ANPA QJ= RAV ?=QPER= L=N= OEAILNA 1J OACQJ@K >=OP= L=N= OA@Q?ENHK QJ= OKH= IEN=@= L=N= ?=LPQN=NHK

0Q I=CJAPEOIK AO

EJATLHE?=>HA

-$',66 (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/

)ORUDO (OHJDQWH 6HFUHWDV HVSHFLDV \ µ RU GH QHUROL DWUDHQ OR TXH PiV GHVHDV

0A R= = CQOP=N LKNMQA U 0EAJAO PNAO @AHE?EKOKO =NKI=O L=N= AHACEN

U 0A @AF=J >NEHHKO AJ H= LEAH

U 0A NABNAO?=J =H

Ò

.AOLH=J@AOO .AOLH=J@AOO "HKNAOO U .AOLH=J@AOO %HHQOEKJ

$KU RKU = @AOHQI>N=N 0NAO ?DEOLA=JPAO =NKI=O MQA NABNAO?=J

U MQA =@AIbO @AF=J PAJP=@KNAO >NEHHKO AJ PQ LEAH !HECA AH PQUK

'( '(6&8(172

)527$ $48À < 6,(17( (/ $520$ '( 5(63/$1'(66 )/25(66 (1 78 3,(/

(6(1&,$6 $520$6

/¤ K /¤ 1J= AT?AHAJPA E@A= AO ?KI>EJ=N H= ?KHKJE= ?KJ H= HK?EäJ LANBQI=@=

Oß AH IEOIK =NKI= OA ATLNAO=Nb IAFKN AJ PK@K PQ ?QANLK

,=OOEKJ (EHHU /AJOQ=HHU .KOA U /A@Q?EJC +N?DE@A=

-QEANK OAJPENIA IbO OAJOQ=H

OéLAN OAJOQ=HÎ 0NAO BHKNAO MQA @AOLEANP=J PQ H=@K IbO OATU

{ KJREÛNPAH=O AJ PQ =NI= @A OA@Q??EäJÎ

D

/RFLyQ FRUSRUDO PO IO R] D 3DVVLRQ /LOO\ &yG E 6HQVXDOO\ 5RVH &yG F 6HGXFLQJ 2UFKLGHD &yG 9DORUL]DGDV HQ F X F X

)ORUDO ([TXLVLWD FRPELQDFLyQ GH URVDV \ DFHLWHV DURPiWLFRV

)ORUDO ([yWLFD HVHQFLD GH LQVLQXDQWHV SpWDORV D

'( '(6&8(172 (1 &8$/48,(5 &2/21,$

)ORUDO 3URYRFDWLYDV RUTXtGHDV SHUIXPDQ WX SLHO

E

(6(1&,$6 $520$6

&RORQLD PO IO R] D 3DVVLRQ /LOO\ &yG E 6HQVXDOO\ 5RVH &yG F 6HGXFLQJ 2UFKLGHD &yG 9DORUL]DGDV HQ F X F X

F

F

E

3URWHJH \ IRUWDOHFH WXV XxDV GiQGROHV XQD PHMRU DSDULHQFLD

/22. &2/25 !H OA?NAPK @AH I=MQEHH=FA

z A MQÛ ?KHKN MQEANAO LEJP=NH=O

!O OEILHA

{,EÛN@AHA AH IEA@K =H ?KHKNÎ z/=>ß=O MQA LQA@AO ?NA=N QJ HKKG OQ=RA ?KJ ?KHKNAO EJPAJOKO z -QA = RA?AO OäHK QJ LAMQAãK PKMQA @A NQ>KN LQA@A D=?AN H= @EBANAJ?E= (= ?H=RA AO =LNAJ@AN = >=H=J?A=N HKO ?KHKNAO JßI=PA = ATLANEIAJP=N {AH I=MQEHH=FA JKO REAJA >EAJ = PK@=OÎ

{ Ò IbO

$ 358(%$ '(

$*8$

H=NC=OÎÎÎÎÎÎ

KIK OE PQREAN=J ATPAJOEKJAO JK ?NAANbO MQA OKJ PQU=O

0iVFDUD SDUD SHVWDxDV HIHFWR H[WHQVLRQHV QHJUD

SURPRFLyQ 5L]DGRU GH SHVWDxDV SiJ

)(67,9$/ '( 0½6&$5$6

'( '(6&8(172

0iVFDUD SDUD SHVWDxDV HIHFWR H[WHQVLRQHV J R] 9DORUL]DGR HQ

CN=@KO IbO NEV=@=O

KHKN @AO@A H= LNEIAN= =LHE?=?EäJ

*K BKNI= CNQIKO

*!#.+ ) ..¨*

*!#.+

) ..¨*

61(

&yG

&yG

&yG

&yG

Ò RKHQIAJ Ò H=NC=O ALEHHK >EBHAT =H=NC= U NEV=

LHE?=?EäJ QJEBKNIA U LNA?EO=

=LPQN= ?=@= LAOP=ã= @AO@A H= N=ßV

*K D=?A CNQIKO

z QbH AO PQ IbO?=N= *K PK@=O PAJAIKO H=O IEOI=O LAOP=ã=O U JK PK@=O >QO?=IKO HKO IEOIKO NAOQHP=@KO

,EAJO= ?äIK MQEANAO HQ?EN PQ IEN=@= U AHECA PQ IbO?=N= E@A=H

$ 358(%$ '(

$*8$

SURPRFLyQ 5L]DGRU GH SHVWDxDV SiJ

{ BQANPAOÎ

)(67,9$/

)bTEIK BKNP=HA?EIEAJPK

EOIEJQUA AH MQEA>NA

$E@N=P= U =?KJ@E?EKJ=

KJ =?AEPA @A NE?EJK U KHER=

'( 0½6&$5$6

'( '(6&8(172

0iVFDUD 0HJD /DVKHV J R] 9DORUL]DGR HQ

*!#.+ ) ..¨*

*!#.+

) ..¨*

&yG

&yG

&yG

0iVFDUD IRUWDOHFLPLHQWR FRQWLQXR J R] 9DORUL]DGR HQ

$ 358(%$ '(

$*8$

*!#.+ ) ..¨*

*!#.+

) ..¨*

&yG

&yG

&yG

$ 358(%$ '(

$*8$

SURPRFLyQ 5L]DGRU GH SHVWDxDV SiJ

)(67,9$/ '( 0½6&$5$6

'( '(6&8(172

,AOP=ã=O OAJOQ=HAO {PK@K AH @ß=Î )bTEI= ATPAJOEäJ U ?QNR=

"EF= AH ?KHKN LKN

IQ?DK IbO PEAILK

ABEJE?EäJ

OKNLNAJ@AJPA

&2/25),; 0$;7,0( 0iVFDUD SDUD SHVWDxDV VHFUHWRV GH VHQVXDOLGDG J R] 9DORUL]DGR HQ

*!#.+ ) ..¨* %*0!*/+

*!#.+ %*0!*/+

) ..¨* %*0!*/+

&yG

&yG

&yG

z-QÃ&#x203A; =?=>=@K LNABEANAO

!HECA PQ IbO?=N=

'( '(6&8(172

0iVFDUD HIHFWR PD\RU YROXPHQ QHJUD

0iVFDUD HIHFWR PD\RU YROXPHQ J R] 9DORUL]DGR HQ

*!#.+ ) ..¨*

)bTEIK RKHQIAJ LAOP=ã=O OéLAN HECAN=O ,KPAJ?E= AH RKHQIAJ =H IbTEIK

)AC=?ALEHHK @A ?AN@=O

AOLA?E=HAO

/AL=N= U LAEJ= PQO LAOP=ã=O

*!#.+

) ..+*

61(

&yG

&yG

&yG

&yG

$ 358(%$ '(

$*8$

0iVFDUD GH LPSDFWR HQ QHJUR

0iVFDUD GH LPSDFWR HQ J R] 9DORUL]DGR HQ

*!#.+ ) ..¨*

*!#.+

) ..¨*

&yG

&yG

&yG

SURPRFLyQ 5L]DGRU GH SHVWDxDV SiJ

35202&,Ä1 5L]DGRU GH SHVWDxDV D VyOR

3RU OD FRPSUD GH XQD PiVFDUD GH OD SiJLQD D OD 1R LQFOX\H RWUDV SURPRFLRQHV

{ AJ Î {PK@K AJ QJ= IbO?=N=Î

720$ 127$ $QWHV GH OD PiVFDUD Ut]DODV 3DVR &RORFD HO UL]DGRU OR PiV FHUFD TXH SXHGDV D OD UDt] GH WXV SHVWDxDV 3DVR 3UHVLRQD GXUDQWH XQRV VHJXQGRV \ UHSLWH ODV YHFHV TXH VHD QHFHVDULR KDVWD REWHQHU HO UL]DGR TXH WH JXVWD

H=NC=

.EV=

/AL=N=

,AEJ=

"KNP=HA?A

5L]DGRU SDUD 3HVWDxDV &XUO\ ([SHUW &yG

9DORUL]DGR HQ $ 358(%$ '(

$*8$

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN

0K@KO HKO ?KHKNAO PK@KO HKO HKKGO (=O OKI>N=O R=Nß=J H= EJPAJOE@=@ LNKBQJ@E@=@ U ATLNAOEäJ @A PQ IEN=@=

{=PNÛRAPA = ?=I>E=NÎ

+ (

+

&y ."+( G '

0DJLF VN\

.!* / $% &yG

&RORUIRON

2FWHWR GH VRPEUDV J R] 9DORUL]DGR HQ

1. * "!/0

( //% # . !*

&yG

&yG

) #% /'5

.+3* "+.!/0

&yG

&yG

KILHAIAJP= PQO OKI>N=O ?KJ

2FWHWR &RORUHV LQWHQVRV FRQ JUDQ DGKHUHQFLD \ VXDYLGDG

) ..¨* &yG

'~R SDUD FHMDV SHUIHFWDV J R] 9DORUL]DGR HQ

SURPRFLyQ /LQHD (]HQVL SiJ

*!#.+ ) ..¨* &yG

/22. &2/25

/ *# !( % "! ! / 0G . "+ &y

#. * 0! + ! &yG

9HUGH MXQJOH

&XDUWHWR GH VRPEUDV J R] 9DORUL]DGR HQ

.+/ #(+.%+1/

.+/ %((1/%+*

) ..¨* * 0%2!

#.%/ .+) * !

01.-1!/ !/%#*

&yG

&yG

&yG

&yG

&yG

61( #+( !*

) .%*+ %*0!*/+

61( 3 2!/

2%+(!0 , //%+*

2!. ! &1*#(!

&yG

&yG

&yG

&yG

&yG

$SOLFDGRU SDUD ODELDO

'LIXPLQDGRU GH VRPEUDV

$SOLFDGRU GH VRPEUDV

&yG

9DORUL]DGR HQ

'( '(6&8(172 (1 &8$57(72 '( 620%5$6

( %(

&y !)+ G 0 % + *

&XDUWHWR &RORUHV LQWHQVRV HQ XQD VXDYH DSOLFDFLyQ YDULHGDG GH FRPELQDFLRQHV

#!

0 % * 2 / .+ &yG

6HW GH DSOLFDGRUHV SDUD VRPEUDV \ ODELDO

z!H IEOIK ?KHKN OEAILNA {*E D=>H=NÎ

*!#.+

&yG $ 358(%$ '(

$*8$

'HOLQHDGRU GH ODELRV URVD GHOLFDWH

SURPRFLyQ /LQHD (]HQVL SiJ

!(!/0! ,.% !

&yG

&yG

,( 0! + . 0

&yG

* 01. (

&yG

+. + ,.! %(! 0+

'HOLQHDGRU GH FHMDV

'HOLQHDGRU GH FHMDV QDWXUDO

'HOLQHDGRU GH RMRV QHJUR LQWHQVR

61( (14

'HOLQHDGRU GH RMRV

&yG

$*8$

2!. ! (14

$ 358(%$ '(

&yG

!TLANEIAJP= U @AHßJA=PA ?KJ PKJKO MQA JQJ?= EI=CEJ=OPA

OKNLNÛJ@APA ?KJ PK@K HK MQA QJ ?KHKN LQA@A HKCN=N

35202&,Ã&#x201E;1 ,1683(5$%/(

'HOLQHDGRU HQ OiSL] J R] 9DORUL]DGR HQ F X

2!. ! /% *!5

'HOLQHDGRUHV HQ OiSL]

) ..¨* 61( "^ )! %0!..¡*!+

&yG

&yG

) ..¨* +.#+_

01.-1!/ ) #%

&yG

&yG

&yG

#1%* .! ( ) ..¨* ( *+ &yG

&yG

"1 /% 2%2 6

&yG

) ..+* . )!(

&yG

&yG &yG

.+&+ ) *$ 00 *

2%*+ %* %0 *0! &yG

* . *& $%

.+/ !(% 0!

&yG

&yG

+. ( #( ^

&yG

*!#.+ (14 *!#.+ %*0!*/+

'HOLQHDGRU GH ODELRV

&yG

"^ (14

&yG

KJ CHEPPAN

1R LQFOX\H RWUDV SURPRFLRQHV GHO FDWiORJR 3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN

)$&725 '( 3527(&&,Ä1 62/$5

)$&725 '( 3527(&&,Ä1 62/$5

)$&725 '( 3527(&&,Ä1 62/$5

)36

)36

)36

',0( 48e %86&$1 786 /$%,26 < 7( ',5e 48e /$%,$/ 86$5 3ODFHU"

+LGUDWDFLyQ"

6XDYLGDG"

3UXHED HO ODELDO FRUD]yQ GH VHQVDFLRQHV \ GHVFXEUH XQ PXQGR GH SODFHU HQ WXV ODELRV

7H YD D HQFDQWDU HO ODELDO KLGUDWDQWH H[WUHPR TXH GHMD WXV ODELRV V~SHU KLGUDWDGRV SRU KRUDV

/D GHOLFLRVD IyUPXOD GHO ODELDO XOWUD VXDYL]DQWH GHMDUi WXV ODELRV LUUHVLVWLEOHPHQWH VXDYHV

{(=>E=H AHEJA=@KNÎ z HCQJ= RAV HK EI=CEJ=OPA (=>E=H U @AHEJA=@KN AJ QJ OKHK LNK@Q?PK ?KJ AH ?KHKN AT=?PK L=N= QJKO H=>EKO OéLAN @ABEJE@KO

720$ 127$ $SOtFDWHOR HQ GRV SDVRV

)$&725 '( 3527(&&,Ä1 62/$5

)36

)$&725 '( 3527(&&,Ä1 62/$5

)36

/22. &2/25 ',0( 48e %86&$1 786 /$%,26 < 7( ',5e 48e /$%,$/ 86$5 &RORU"

'HVWHOORV"

%ULOOR"

3UXHED HO ODELDO Pi[LPR FRORU /D LQWHQVLGDG GH VXV FRORUHV OR YROYHUi HO IDYRULWR GH WXV VRQULVDV

7H YD D HQFDQWDU HO ODELDO GHVWHOORV GH FRORU TXH GHMD WXV ODELRV FRQ FRORU TXH LOXPLQD

/D GHOLFLRVD IyUPXOD GHO ODELDO OtTXLGR XOWUD IDQWiVWLFR GHMDUi WXV ODELRV LUUHVLVWLEOHPHQWH EULOODQWHV

{ KHKN LKN DKN=OÎ KJ KHKNBET )=TPEIA KHRß@=PA @AH NAPKMQA LKNMQA Pé @A?E@AO D=OP= MQA DKN= HHAR=N LQAOPK PQ I=MQEHH=FA

&2/25),; 0$;7,0( 4XLQWHWR GH VRPEUDV SURIHVLRQDO J R] 9DORUL]DGR HQ

.+/! ,.+(+*# &yG

61( )5/0!.5 &yG

.+/ + *1 !

"1 /% !4,.!//

"1 /% ,%*'

.+&+ !40. 2 # *6

&yG

&yG

&yG

&yG

/DELDO GH Pi[LPD GXUDFLyQ J R] 9DORUL]DGR HQ

#( )+1. ( '

)+ " /$%+*

2%*+ $%

)+. + *%#$0

$+ +( 0! , //%+*

&yG

&yG

&yG

&yG

&yG

K

&yG

.+&+ /! 1 0+.

'( '85$&,Ä1

$!..5 &yG

* !(%0 &yG

$+ +( 0! / 0¤* &yG

"

( ( #+ %2

!/ 0 G &y

,1.,(! .0%/0% &yG

)%!( #( ^ &yG

.+/ (%#$0 &yG

2%*+ #+( !* &yG

+ &yG

+,+.0+ &yG

V

(YDOXDFLyQ VHQVRULDO GH GXUDFLyQ UHDOL]DGD EDMR FRQGLFLRQHV GH ODERUDWRULR

SURPRFLyQ /LQHD (]HQVL SiJ

/22. &2/25 &yG

&yG

) ..¨* 2% . *0!

+ * ^ + # . *! &yG

01.-1!/ )!0¡(% +

&yG

61( 6 "%.+

&yG

)+. + ,.+"1* +

6LVWHPD UHWUiFWLO &yG

%.1!( !* *0+

&yG

,( 0 . % *0!

&yG

2UR JODPRXU

) ..¨* *+# (

$]XO ]DILUR

&yG

1HJUR pEDQR

2!. ! +0+_+

9HUGH RWRxR

&yG

3ODWD UDGLDQWH

+.+ #( )+1.

&LUXHOD HQFDQWR

'( '(6&8(172 (1 '(/,1($'25 3$5$ 2-26 '( 0½;,0$ '85$&,Ã&#x201E;1

'HOLQHDGRU SDUD RMRV GH Pi[LPD GXUDFLyQ J R] 9DORUL]DGR HQ

{,EAH >NKJ?A=@= OEAILNAÎ (Q?A QJ= LEAH >NKJ?A=@= PK@K AH =ãK OEJ ATLKJANPA = HKO @=ãKO ?=QO=@KO LKN AH OKH

SURPRFLyQ /LQHD (]HQVL SiJ

78 2)(57$ (675(//$

3HUODV GH 6RO 3ROYRV IDFLDOHV HQ SHUODV HIHFWR EURQFHDGR J R] &yG

9DORUL]DGR HQ

9LHQH FRQ EURFKD HVSHFLDO

%URQFHDGR QDWXUDO FREHUWXUD XQLIRUPH VH DGDSWD D WX WRQR GH SLHO * 01. ( .+*6! &yG

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN

!H LNEIAN L=OK @A PQ I=MQEHH=FA ,KHRKO NQ>KN U >=OA =Oร @A>A AILAV=N PQ I=MQEHH=FA

&RORU QDWXUDO FRQ FRPSRQHQWHV PLQHUDOHV !%#! &yG

+. ( &yG

1 .6+ .+/ !%#! &yG

&yG

&RPR EDVH #. * 0! .+/^ &yG

.+/

.1 ยค &yG

&RPR SROYRV

&yG

ยก) . &yG

.+/ &yG

.+/ &yG

'( '(6&8(172

!%#! &yG

&RPR SROYRV PDWLยด FDQ FRPR EDVH XQLIRUPL]D \ FXEUH LPSHUIHFFLRQHV

3ROYRV FRPSDFWRV GREOH DFDEDGR J R] 9DORUL]DGR HQ

SURPRFLyQ /LQHD (]HQVL SiJ

)+ &yG

5XERU FRPSDFWR HIHFWR JHPDV \ PLQHUDOHV J R] 9DORUL]DGR HQ

%URFKD SDUD EDVH &yG

9DORUL]DGR HQ

/22. &2/25

/¤ K /¤ (= >=OA AO AH LNEIAN L=OK @A PK@K I=MQEHH=FA HKO LKHRKO HA @=J QJ HEJ@K =?=>=@K I=PA = PQ ?QPEO =@AIbO @A OAHH=N PQ I=MQEHH=FA U AH NQ>KN HA @= RE@= = PQ NKOPNK {éO=HKO OEAILNAÎ

3ROYRV VXHOWRV WUDQVO~FLGRV

0!.. +0 &yG

.+/

&yG

'( '(6&8(172

3ROYRV VXHOWRV SDUD URVWUR SLHO GH VHGD J R] 9DORUL]DGR HQ

&RQWUROD HO EULOOR \ GLVLPXOD LPSHUIHFFLRQHV

)$&725 '( 3527(&&,Ä1 62/$5

)36

&RUULJH KLGUDWD QXWUH \ GHYXHOYH OD DSDULHQFLD GH ´ UPH]D \ HODVWLFLGDG

)$&725 '( 3527(&&,Ä1 62/$5

)36

%DVH GH PDTXLOODMH KLGUR QXWULWLYD PO IO R] 9DORUL]DGR HQ

!%#!

!%#!

!%#!

&yG

&yG

&yG

!%#!

!%#!

!%#!

&yG

&yG

&yG

.+/

.+/

.+/

&yG

&yG

&yG

0. */(« % +/ &yG

AHHAV= J=PQN=H (KO ?KHKNAO @A !VAJOE AOPbJ EJOLEN=@KO AJ H= J=PQN=HAV= L=N= MQA HQV?=O J=PQN=HIAJPA HEJ@=

(Q EDxR GH RUR FRQ ´ QDV SHUODV FUHPDV \ FULVWDOHV

(Q EDxR GH SODWD \ RUR FRQ HVPDOWH SLQWDGR D PDQR FRORU FUHPD \ ´ QRV FULVWDOHV WUDQVO~FLGRV

(Q EDxR SODWHDGR FRQ HVPDOWH SLQWDGR D PDQR FRORU WXUTXHVD RVFXUR

NEHH= >NEHH= U JK @AFAO @A >NEHH=NÎ ANNK?D= AHAC=J?E= U OAJOQ=HE@=@ ?KJ AOPKO HEJ@KO ?KHH=NAO

&2//$5(6 3DVVLRQDUH /DUJR UHJXODEOH D FP 0HGLGD GHO GLMH [ PP &yG

9DORUL]DGR HQ

18(92

-DVPLQH /DUJR UHJXODEOH D FP &yG

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH 3RHP\ SiJ

18(92

18(92

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

$]XUL /DUJR UHJXODEOH D FP 0HGLGD DSUR[ GHO GLMH [ FP

'LDPDQWL /DUJR UHJXODEOH D FP 0HGLGD DSUR[ GHO GLMH [ FP

(Q EDxR GRUDGR FRQ ´ QRV FULVWDOHV PRUDGRV

'( '(6&8(172 (1 /26 &2//$5(6 -$60,1( ',$0$17, $=85, < &5,67$/,

(Q EDxR GH SODWD FRQ ´ QDV SHUODV FRORU FUHPD \ HVPDOWH QHJUR SLQWDGR D PDQR

18(92

&ULVWDOL /DUJR UHJXODEOH D FP 0HGLGD DSUR[ GHO GLMH [ FP

&RQGHVV /DUJR UHJXODEOH D FP 0HGLGD GHO GLMH [ PP

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

&KU=O MQA D=>H=J LKN PE (= FKU=O OKJ QJK @A HKO IAFKNAO =??AOKNEKO MQA PEAJA H= IQFAN L=N= NABHAF=N OQ AOPEHK LANOKJ=H U BAIAJEJK

{ PNÛRAPAÎ U ATLNAO= PK@= PQ OAJOQ=HE@=@ QO=J@K QJ HEJ@K ?KHH=N

$&&(625,26 (67,/2

(Q EDxR SODWHDGR FRQ ´ QRV FULVWDOHV FRORU EODFN GLDPRQG

(Q EDxR SODWHDGR FRQ ´ QRV FULVWDOHV D]XOHV

(Q EDxR GH SODWD FRQ OLQGDV SHUODV \ HVPDOWH QHJUR SLQWDGR D PDQR

*K O=>NbO ?QbH AHACENÎ

$5(7(6

0K@KO HKO =NAPAO MQA PA AJ?=JP=J AOPbJ =MQß

$UHWHV &RQGHVV

(Q EDxR SODWHDGR FRQ ´ QRV FULVWDOHV PXOWLFRORU

(Q EDxR GRUDGR FRQ ´ QRV FULVWDOHV HQ WRQRV PRUDGRV

&yG

$UHWHV ODUJRV /LEHOOD /DUJR DSUR[ FP

9DORUL]DGR HQ

&yG

$UHWHV ODUJRV .DOLOD

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

18(926

$UHWHV ODUJRV &ULVWDOL /DUJR DSUR[ FP &yG

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH 3RHP\ SiJ

$&&(625,26 (67,/2

/$ &2035$

(Q EDxR SODWHDGR FRQ HVPDOWH SLQWDGR D PDQR FRORU WXUTXHVD

(Q EDxR SODWHDGR FRQ FDODGRV HQ IRUPD GH KRMLWDV

723 (Q EDxR SODWHDGR FRQ ´ QRV FULVWDOHV FRORU JULV

(Q EDxR SODWHDGR FRQ HVPDOWH FUHPD \ ´ QRV FULVWDOHV FRORU QHJUR

'HOLFDGDV SLH]DV FDODGDV HQ EDxR GRUDGR

18(926

18(926

$UHWHV $]XUL

$UJROODV $]XUL

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

18(926

18(926

$UHWHV ODUJRV $GDULV /DUJR DSUR[ FP

18(926

&yG

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

9DORUL]DGR HQ

$UHWHV ODUJRV 'RUDOLV /DUJR DSUR[ FP

(Q EDxR SODWHDGR FRQ ´ QRV FULVWDOHV FRORU JULV

18(926

$UHWHV ODUJRV 'LDPDQWL /DUJR DSUR[ FP &yG

9DORUL]DGR HQ

$UHWHV $GDULV

18(675$ %,-287(5,( (6

/,%5( '( 3/202

'( '(6&8(172 (1 /$ &2/(&&,Ä1 1(9$

(Q EDxR SODWHDGR FRQ ´ QDV SHUODV \ SLHGUDV FRORU JULV

AO?Q>NA AH LK@AN @A H=O LANH=OÎ KJ AOP= ?KHA??EäJ AJ?KJPN=NbO PQ H=@K IbO NKIbJPE?K U ?KJMQEOP=@KN

18(9$ &2/(&&,Ä1 1(9$ &ROODU /DUJR UHJXODEOH D FP 0HGLGD GHO GLMH [ FP &yG

$UHWHV ODUJRV /DUJR DSUR[ FP &yG

9DORUL]DGR HQ

3$5$ (//$

3$5$ e/

9DORUL]DGR HQ

3XOVHUD /DUJR UHJXODEOH D FP

&yG

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH 3RHP\ SiJ

352%$'25 '( $1,//26 &RORFD XQR GH WXV DQLOORV KDVWD TXH YHDV HO FtUFXOR FRPSOHWR GHQWUR GH pO (VD HV WX WDOOD

78 2)(57$ (675(//$

18(92 (VWXFKH 2GLVHD ,QFOX\H DQLOORV 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG 9HU SUREDGRU HQ OD SiJ

9DORUL]DGR HQ

OXMRVRV DQLOORV HQ EDxR GH RUR \ SODWD FRQ ILQDV SHUODV \ FULVWDOHV 18(675$ %,-287(5,( (6

/,%5( '( 3/202

2=O = AOP=N HEJ@= U HEOP= L=N= ?Q=HMQEAN K?=OEäJÎ KJ AOPKO DANIKOKO =NAPAO HQ?ENbO OEAILNA N=@E=JPA

&XDWUR SDUHV GH DUHWHV ´ QRV HQ EDxR GH RUR \ SODWD

18(92 (VWXFKH %DUQHW ,QFOX\H SDUHV GH DUHWHV &yG

9DORUL]DGR HQ

(VWXFKH 6WHOOD &ROODU \ DUHWHV /DUJR UHJXODEOH GHO FROODU D FP 0HGLGD GHO GLMH [ FP &yG

9DORUL]DGR HQ

18(675$ %,-287(5,( (6

/,%5( '( 3/202

SURPRFLyQ (VWXFKH 3RHP\ SiJ

(Q EDxR SODWHDGR FRQ ´ QDV SLHGUDV GH FRORU QHJUR

35202&,Ã&#x201E;1 (VWXFKH 3RHP\ D VyOR

&yG

3RU OD FRPSUD GH XQ SURGXFWR GH ELMRXWHULH

18(92

(Q EDxR SODWHDGR FRQ ´ QDV SLHGUDV GH FRORU URMR

(VWXFKH 3RHP\ &ROODU \ DUHWHV /DUJR UHJXODEOH GHO FROODU D FP 0HGLGD GHO GLMH [ FP /DUJR DSUR[ GH ORV DUHWHV FP &yG

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN

%JOLEN=@=O AJ QJ= NAEJ=

AJ PEÎ ÛF=PA ?KJMQEOP=N LKN AOPKO =??AOKNEKO DA?DKO = H= IA@E@= @A PQ AOPEHK

Q D R H RUR FRQ ´QRV FULVWDOHV \ SLHGUDV FRORU

Q EDxR GH SODWD FRQ OLQGRV GLMHV HQ IRUPD GH PDULSRVD

3XOVHUD HOiVWLFD HQ EDxR GH SODWD FRQ OLQGDV SHUODV \ GLMH FHQWUDO FRQ ILQRV ODEUDGRV D

(Q EDxR GH SODWD FRQ OLQGRV HVPDOWHV YHUGH DJXD \ FDODGRV D

(Q EDxR GH RUR FRQ ´QRV FULVWDOHV

3DUD OD SLHO VHQVLEOH

{!NAO ECQ=H @A HEJ@= OEJ I=MQEHH=FAÎ =HA QJ NAOLENK = PQ LEAH MQA AOPb ATLQAOP= =H I=MQEHH=FA U = H= ?KJP=IEJ=?EäJ @E=NE=

SURPRFLyQ 7ULSOH $FFLyQ SiJ

/RFLyQ GHVPDTXLOODQWH SDUD RMRV \ URVWUR PO IO R] &yG

9DORUL]DGR HQ

&$%(//2 3,(/

%LIiVLFR 3DUD HO PDTXLOODMH PiV GLItFLO

'( '(6&8(172

3DUD ODV ]RQDV GHOLFDGDV GHO URVWUR RMRV \ ODELRV

z-QÛ ?QE@=@K HA @=O = H= LEAH @A PQ NKOPNK

'HVPDTXLOODGRU OtTXLGR DFFLyQ LQPHGLDWD PO IO R]

'HVPDTXLOODGRU HQ JHO SDUD RMRV \ ODELRV J R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

z äIK D=?AO L=N= I=JPAJAN OQ BNAO?QN= OQ OQ=RE@=@ OQ PKJK L=NAFK

(=O IQFANAO O=>AIKO MQA J=@= OANß= LKOE>HA OE JQAOPN= LEAH JK HQ?A LANBA?P= L=N= AHHK ^OEG= PA KBNA?A LNK@Q?PKO @A @EBANAJPAO PATPQN=O U ?KJ @EBANAJPAO EJCNA@EAJPAO L=N= MQA Pé AHEF=O U ?QE@AO PQ LEAH ?KIK IAFKN ?KJREAJA

{)A D=J @=@K H=O I=UKNAO O=PEOB=??EKJAOÎ

(= FQRAJPQ@ U H= >AHHAV= AJ?QAJPN=J H= OKHQ?EäJ MQA IEHAO @A IQFANAO LNABEANAJ @AO@A D=?A =ãKO

%(1(),&,26

%(1(),&,26

A Bb?EH =LHE?=?EäJ

3URWHFWRU VRODU HQ VSUD\ TXH D\XGD D GLVPLQXLU ORV GDxRV RFDVLRQDGRV SRU HO VRO HQ HO FXHUSR

SURPRFLyQ 7ULSOH $FFLyQ SiJ

,KNMQA JKO LANIEPA = PK@KO @EOBNQP=N H= RE@= >=FK AH OKH

3URWHJH GHO VRO OD GHOLFDGD SLHO GH ORV QLxRV (YLWD VX HQURMHFLPLHQWR H LUULWDFLyQ

78 2)(57$ (675(//$

3URWHJH OD SLHO GH ORV UD\RV 89$ \ 89% TXH FDXVDQ HO HQYHMHFLPLHQWR SUHPDWXUR

3(5)(&7 681 3URWHFWRU VRODU FRUSRUDO HQ VSUD\ )36 PO IO R] &yG

9DORUL]DGR HQ

3(5)(&7 681 .,'6 3URWHFWRU VRODU SDUD QLxRV URVWUR \ FXHUSR )36 3$ J R] &yG

9DORUL]DGR HQ

3(5)(&7 681 3URWHFWRU VRODU URVWUR \ FXHUSR )36 3$ J R] &yG

9DORUL]DGR HQ

&RQ URGLOORV PDVDMHDGRUHV

0RGHOD OD VLOXHWD GH WX FXHUSR $\XGD D UHGXFLU GHSyVLWRV GH JUDVD

{3KSÎ {-QÛ >EAJ PA RAOÎ

KJOßCQA H= OEHQAP= MQA MQEANAO ?KJ QJ LK?K @A AOBQANVK U K@U ,ANBA?PEKJ

%2'< 3(5)(&7,21 /LSR (IIHFW 0DVVDJHU &UHPD JHO FRUSRUDO PDVDMHDGRU PO IO R] &yG

9DORUL]DGR HQ

SURPRFLyQ 7ULSOH $FFLyQ SiJ

35202&,Ã&#x201E;1 'HSLODFWLYH D VyOR

6HPLHVIHUDV (O HQYDVH WUDH DO UHYHUVR XQD WH[WXUD LGHDO SDUD UHDOL]DU PDVDMHV

&yG

3RU OD FRPSUD GH XQ SURGXFWR GH OD OLQHD %RG\ 3HUIHFWLRQ

'HSLODFWLYH &UHPD GHSLODWRULD J R] &yG

9DORUL]DGR HQ

$OLVD OD DSDULHQFLD GH SLHO GH QDUDQMD \ HVWUtDV $\XGD D SUHYHQLUODV

$´ UPD OD SLHO GHO EXVWR /D VXDYL]D H KLGUDWD

'XDOLVV *HO DOLVDGRU GH HVWUtDV \ SLHO GH QDUDQMD PO IO R]

)LUPLQJ %XVW *HO DILUPDQWH SDUD EXVWR PO IO R]

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

(OLPLQD ORV YHOORV \ UHWDUGD VX FUHFLPLHQWR

&yG

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN

SURPRFLyQ 7ULSOH $FFLyQ SiJ

$YHQD FRQ QXWULHQWHV HVHQFLDOHV SDUD OD SLHO

*HUPHQ GH WULJR QXWUH \ UHYLWDOL]D

9DORUL]DGR HQ

&yG

/RFLyQ FRUSRUDO QXWULWLYD OLWUR IO R]

08/7,&5(0 1875,(176

0LHO DSRUWD KLGUDWDFLyQ GH PDQHUD QDWXUDO

0KKK@K QJ HEPNK @A PNECK =RAJ= U IEAH HA @ARQAHRAJ H= OQ=RE@=@

z,EAH ATPN= OA?= *K IbOÎÎÎ IO R]

'( '(6&8(172

'( *5$1'(6 &$3$&,'$'(6

)(67,9$/

0i[LPD KLGUDWDFLyQ UHYLWDOL]D SURWHJH \ VXDYL]D OD SLHO H[WUD VHFD

SURPRFLyQ 7ULSOH $FFLyQ SiJ

9DORUL]DGR HQ

&yG

+XPHFWD QXWUH UHYLWDOL]D VXDYL]D D\XGD D SURWHJHU GHO PHGLR DPELHQWH \ GHYXHOYH OD ´ UPH]D

/RFLyQ GH EHOOH]D SDUD HO FXHUSR OLWUR IO R]

75,3/( $&&,Ã&#x201E;1 0$;

*K @AFAO L=O=N H= KLKNPQJE@=@ @A HHAR=N PK@K QJ HEPNK @A PQ HK?EäJ LNABANE@=

%J=?=>=>HA OQ=RE@=@ L=N= PQ LEAH

IO R]

'( '(6&8(172

'( *5$1'(6 &$3$&,'$'(6

)(67,9$/

SURPRFLyQ 7ULSOH $FFLyQ SiJ 9DORUL]DGR HQ

9DORUL]DGR HQ

+LGUDWD OD SLHO GH WRGD OD IDPLOLD KRUDV GH KLGUDWDFLyQ FRPSUREDGD

$OLVD OD SLHO GH QDUDQMD FRQ H[WUDFWR GH FRUDO \ DOJDV PDULQDV

&yG

&yG

3LHO /LVD /RFLyQ FRUSRUDO H[WUD KXPHFWDQWH OLWUR IO R]

0LON /RFLyQ FRUSRUDO KXPHFWDQWH OLWUR IO R]

$48$/27,21

08/7,&5(0

{0K@=O H=O MQA MQEAN=OÎ KJ H=O LNAOAJP=?EKJAO @A HEPNK

6XDYL]D WX SLHO &RQ XQ UHODMDQWH DURPD GH YDLQLOOD \ MD]PtQ 5HYLWDOL]D WX SLHO &RQ XQ GHOLFLRVR DURPD GH GXUD]QR \ DoDt

9DORUL]DGR HQ

9DORUL]DGR HQ

&yG

&yG

'XUD]QR $oDt /RFLyQ KXPHFWDQWH FRUSRUDO OLWUR IO R]

9DLQLOOD -D]PtQ /RFLyQ KXPHFWDQWH FRUSRUDO OLWUR IO R]

1$785$/ &$5(

z QbJP=O RA?AO LQA@K IEI=N IE LEAH

(YDOXDFLyQ UHDOL]DGD HQ /RERUDWRULRV %HOFRUS FRQ KRPEUHV \ PXMHUHV HQWUH ORV D DxRV \ D DxRV \ HQ /DERUDWRULRV &ODLP GH $UJHQWLQD FRQ QLxRV HQWUH ORV D DxRV

'( '(6&8(172

'( *5$1'(6 &$3$&,'$'(6

)(67,9$/

!J B=IEHE= PK@K AO @ERANOEäJ

8QLVH[ FRQ IUDJDQFLD QHXWUD

/äHK ?KJ H= PN=JOLEN=?EäJ JK OA FQAC=

+25$6 '( 3527(&&,Ã&#x201E;1

727$/ 6(& 'HVRGRUDQWH DQWLWUDQVSLUDQWH UROO RQ PO IO R] 8QLVH[ &yG +RPEUH &yG 0XMHU &yG 9DORUL]DGR HQ F X F X

SURPRFLyQ 7ULSOH $FFLyQ SiJ

3DUD pO FRQ UHIUHVFDQWH IUDJDQFLD PDVFXOLQD

3DUD HOOD FRQ GHOLFDGR DURPD µ RUDO

&$%(//2 3,(/

/EILHAIAJPA DANIKOK 0Q ?=>AHHK HQ?A @A I=N=REHH=O ?Q=J@K AOPb HEILEK OA@KOK ?KJ >NEHHK J=PQN=H U HHAJK @A REP=HE@=@

/LPSLD \ DFRQGLFLRQD D OD YH] SDUD XQ UHVXOWDGR HIHFWLYR \ UiSLGR

/,752

/¤ K /¤ Q=J@K PA H=RAO AH ?=>AHHK OEAILNA @=HA QJ AJFQ=CQA J=H ?KJ =CQ= BNß= =Oß =UQ@=O = ?ANN=N H= DA>N= ?=LEH=N U AREP=N MQA OA @=ãA

9,7$/ '8$&7,21 (1 6KDPSRR DFRQGLFLRQDGRU OLWUR IO R] &yG

9DORUL]DGR HQ

'( '(6&8(172

(K RAK IbO HEOKÎÎ

5 AH PQUK IbO NEV=@K KJ (KKG Ó =NA AH ?=>AHHK IQAOPN= PK@= OQ >AHHAV= OEAILNA

RA?AO IbO HEOK

6~SHU UHVLVWHQWH /D WHFQRORJtD 5HQR DFWLYH UHSDUD OD KHEUD FDSLODU GH ORV GDxRV SRU DJHQWHV H[WHUQRV GHVGH HO LQWHULRU

SURPRFLyQ 7ULSOH $FFLyQ SiJ

&$%(//2 3,(/ )527$ $48À < 6,(17( (/ $520$ (1 78 3,(/

.EVKO RA?AO IbO @A JE@KO

+RUD GH %ULOODU /D WHFQRORJtD 7RWDO 6KLQH KDFH TXH WX FDEHOOR UHµ HMH OD OX] HQ WRGDV ODV GLUHFFLRQHV

5HVXOWDGRV REWHQLGRV HQ ODERUDWRULR VREUH FDEHOOR QDWXUDO DSOLFDQGR OD UXWLQD FRPSOHWD /RRN &DUH 9V VKDPSRR VLQ DJHQWHV DFRQGLFLRQDGRUHV

z-QEÃ&#x203A;J @EFK @A>EHE@=@ Q KL=?E@=@ Q=J@K ?QE@=O PQ ?=>AHHK ?KJ (KKG Ã&#x201C; =NA AO=O L=H=>N=O JK ATEOPAJ

/22. &$5( 5HSDUDFLyQ ([WUHPD 6KDPSRR PO IO R] &yG

9DORUL]DGR HQ

.AL=N=?EäJ LNKBQJ@=

$FRQGLFLRQDGRU PO IO R] &yG

9DORUL]DGR HQ

/RFLyQ UHVWDXUDGRUD GH SXQWDV PO IO R] &yG

9DORUL]DGR HQ

0DVFDULOOD GREOH UHSDUDFLyQ QRFWXUQD PO IO R] &yG

9DORUL]DGR HQ

Â&#x203A;6~SHU UHVLVWHQWH /D WHFQRORJtD 5HQR DFWLYH UHSDUD OD KHEUD FDSLODU GH ORV GDxRV SRU DJHQWHV H[WHUQRV GHVGH HO LQWHULRU

SURPRFLyQ 7ULSOH $FFLyQ SiJ

&$%(//2 3,(/

'( '(6&8(172

RA?AO IbO >NEHH=JPA

%ULOOR 0i[LPR 6KDPSRR PO IO R] &yG

9DORUL]DGR HQ

$FRQGLFLRQDGRU PO IO R] &yG

9DORUL]DGR HQ

6SUD\ PD[LPL]DGRU GH EULOOR &yG

9DORUL]DGR HQ

Â&#x203A;+RUD GH %ULOODU /D WHFQRORJtD 7RWDO 6KLQH KDFH TXH WX FDEHOOR UHµ HMH OD OX] HQ WRGDV ODV GLUHFFLRQHV

)Q?D=O KL?EKJAO @A =NKI= H= IEOI= LNKPA??EäJ !HECA AH @AOK@KN=JPA MQA PA @Ã&#x203A; OACQNE@=@ ?KJ PQ =NKI= B=RKNEPK

3DUD pO

&yG

&yG

&yG

&yG

&yG

&yG

SURPRFLyQ 7ULSOH $FFLyQ SiJ

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

'HVRGRUDQWHV UROO RQ PO IO R] 9DORUL]DGR HQ F X F X

&$%(//2 3,(/

'( '(6&8(172

3DUD HOOD &yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

8QLVH[

*AQPN=HEV=J AH I=H KHKN

%JPAJOEBE?=J PQ =NKI= B=RKNEPK

&yG

&yG

DURPDV !(!# *0!/

,03(5,80 &RORJQH DWRPLVHXU PO IO R]

$=$%$. &RORJQH DWRPLVHXU PO IO R]

' $5,(1 &RORJQH DWRPLVHXU PO IO R]

&yG

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

9DORUL]DGR HQ

0DGHURVR (OHJDQWH 6R´ VWLFDGDV QRWDV GH OLPyQ GH ,WDOLD SLPLHQWD QHJUD \ VHOHFWDV PDGHUDV

SURPRFLyQ *UD]]LD SiJ

0DGHURVR (OHJDQWH 1RWDV YHUGHV FREUDQ GLVWLQFLyQ FXDQGR VH DVRFLDQ FRQ ´ QDV PDGHUDV

e/ e/

1J PKMQA @A AHAC=J?E=

'( '(6&8(172

"N=C=J?E=O L=N= ?=@= AOP=?EäJ @AH =ãK

+HUEDO (OHJDQWH 6R´ VWLFDGRV DFRUGHV GH UREOH YHUEHQD \ YHWLYHU

,KN IbO MQA ÛH PAJC= QJ= BN=JC=J?E= B=RKNEP= @A>AO O=>AN MQA D=U QJ= =@A?Q=@= L=N= ?=@= AOP=?EäJ @AH =ãK *K AO QJ= NACH= @A KNK LANK AJ RAN=JK HK IAFKN OKJ HKO =NKI=O ?ßPNE?KO U NABNAO?=JPAO AJ KPKãK HKO @QH?AO AJ EJREANJK HKO KHKNAO ?bHE@KO A EJPAJOKO U AJ LNEI=RAN= HKO DAN>=HAO MQA JKO ARK?=J = H= J=PQN=HAV=

(/(*,5 81$ )5$*$1&,$ $/ $=$5" -$0½6

'2 ,$ (& 3 (6

62 2 (5 $' 0

62 2 (5 ' $ 0

+( 5% $/

$/ 5% +(

7,9 $&

6

('8

2 &7 51 25 ( '

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

2 ,& 75 &À

2 ,& 75 &À

0$'(5262

(63(&,$'2

+(5%$/

&À75,&2

&À75,&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 PELK @A =NKI= OACéJ H= B=IEHE= KHB=PER= !OLA?E=@K )=@ANKOK $AN>=H K ßPNE?K

!OP=O OAã=HAO PA =UQ@=NbJ = AJ?KJPN=N PQ =NKI= AJ AH ?=PbHKCK

DURPDV !(!# *0!/

,PSHULXP $]DEDN '­DULHQ

DURPDV )+ !.*+/

.DORV %ODFN 9HUKRP +LJKZD\ &DUGLJDQ

DURPDV /! 1 0+.!/

6WURQJ 0XVN 9DQLOOD +RPEUH .DORV 7RQLJKW 9HKHPHQFH SDUD pO ,PiQHP %UDYtR 9DOHUXV )RJRV ([XV 3XOVR 6DOYDMH

DURPDV 0%2+/

$YHQWRXU )RU]H .DORV 6SRUW $OWKHXV ,W­V <RX ,W­V <RX /LYH

e/ e/

DURPDV )+ !.*+/

'( '(6&8(172

(;&(3&,21$/ 325 ,167,172 '=HKO H=?G H= BN=JC=J?E= L=N= AH DKI>NA MQA HK LQA@A PK@K

$URPDV )+ !.*+/

68 3(5621$/,'$' 7,(1 81 $520$ =N@EC=J H= BN=C=J?E= BNAO?= L=N= AH DKI>NA AOLKJPbJAK

+HUEDO 0RGHUQR 2ULJLQDOHV QRWDV GH KRMDV GH PHQWD IUHVFD ODYDQGD FLSUpV \ YHWLYHU

&$5',*$1 &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

SURPRFLyQ *UD]]LD SiJ

81 )/(&+$=2 $/ &25$=Ã&#x201E;1 e/ e/

'=HKO 0KJECDP H= BN=C=J?E= MQA OA@Q?A EJOP=JPbJA=IAJPA = H= IQFAN

'( '(6&8(172

.$/26 721,*+7 &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

(VSHFLDGD 6HGXFWRU 6HGXFWRUDV QRWDV GH SDWFKRXOL \ ViQGDOR OD FRQTXLVWDQ

DURPDV )+ !.*+/

'8(f2 '( 68 '(67,12 ^H O채HK OECQA QJ=O NACH=O

H=O OQU=O

SURPRFLyQ *UD]]LD 5RVDGD SiJ

+,*+:$< &RORJQH DWRPLVHXU PO IO R]

78 2)(57$ (675(//$

&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

$URPDV /! 1 0+.!/

&2148,67$ 6,1 '(&,5 3$/$%5$6 AO?Q>NA AH LK@AN @A OA@Q??EäJ @A /PNKJC )QOG

67521* 086. &RORJQH PO IO R] &yG

9DORUL]DGR HQ

(VSHFLDGR 6HGXFWRU 1RWDV GH PXVN \ EHUJDPRWD VH XQHQ HQ XQ H[FLWDQWH DURPD

'( '(6&8(172 (1 67521* 086.

SURPRFLyQ *UD]]LD 5RVDGD SiJ

e/ e/ )2*26 (DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

'( '(6&8(172 (1 ($8 '( 72,/(77( $720,6(85

0DGHURVR VHGXFWRU SDWFKRXOL \ FDUGDPRPR VH XQHQ HQ OD PiV LUUHVLVWLEOH HVHQFLD PDVFXOLQD

)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ )2*26 (1 78 3,(/

$URPDV /! 1 0+.!/

9(+(0(1&( 3$5$ e/ &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

SURPRFLyQ *UD]]LD 5RVDGD SiJ

(VSHFLDGR 6HGXFWRU 1RWDV GH QXHFHV FDUGDPRPR \ PDGHUDV HQFLHQGHQ OD SDVLyQ

e/ e/

48e +$&( 6863,5$5 $ 81$ 08-(5" 1J= L=H=>N= @QH?A QJ =>N=VK

QJ =NKI= ?=QPER=JPA

(VSHFLDGR 6HGXFWRU &iOLGD YDLQLOOD VH PH]FOD FRQ DLUHV PDGHURVRV

+HUEDO 6HGXFWRU ,QWHQVDV QRWDV FtWULFDV \ DSDVLRQDQWH ViQGDOR \ SDWFKRXOL

9$1,//$ +20%5( &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

6$/9$-( &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

DURPDV 0%2+/

$&&,Ã&#x201E;1 < $9(1785$ 0K@K HK MQA =I= QJ RAN@=@ANK DKI>NA

'( '(6&8(172

$/7+(86 &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

SURPRFLyQ *UD]]LD 5RVDGD SiJ

+HUEDO $FWLYR 'LQiPLFD IUHVFXUD FRQ YLJRURVDV QRWDV GH ODYDQGD

$9(17285 &RORJQH DWRPLVHXU PO IO R]

e/ e/

&yG

9DORUL]DGR HQ

0DGHURVR $FWLYR %ULVDV GH OLPyQ DXVWUDOLDQR \ FHGUR LQYLWDQ D OD DYHQWXUD

)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/

48e %,(1 /( 48('$1 $=VHK RANOA @EOPEJCQE@K U AHAC=JPA ?KJ AOP=O ?KHA??EKJAO

18(9$ &2/(&&,Ã&#x201E;1 (1=2 $QLOOR 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG 9HU SUREDGRU HQ OD SiJ

9DORUL]DGR HQ

(VFODYD /DUJR FP &yG

9DORUL]DGR HQ

$QLOOR GH DFHUR LQR[LGDEOH FRQ ´ QR GLVHxR FHQWUDO D UD\DV

(VFODYD GH DFHUR LQR[LGDEOH FRQ GHWDOOHV GH MHEH \ SLH]D FHQWUDO OLVD

18(675$ %,-287(5,( (6

/,%5( '( 3/202

SURPRFLyQ (VWXFKH 3RHP\ SiJ

&2/(&&,Ã&#x201E;1 +(/,26

e/ e/

&DGHQD /DUJR $SUR[ FP 0HGLGD GHO GLMH [ FP &yG

9DORUL]DGR HQ

(VFODYD /DUJR FP &yG

9DORUL]DGR HQ

(Q EDxR GH SODWD HQ VX GLMH WLHQH GLVHxR GH OD µ RU GH /LV TXH VLPEROL]D OD QREOH]D OD XQLyQ \ OD OHDOWDG

72'2 /2 48( (/ +20%5( 1(&(6,7$ 3$5$ 9(56( < 6(17,56( %,(1 ^OEG= )AJ H= HßJA= AT?HQOER= L=N= AH ?QE@=@K I=O?QHEJK

)LMD HO SHLQDGR SRU PiV WLHPSR \ OH GD XQ DFDEDGR QDWXUDO

&RQWUROD OD JUDVD HQ OD ]RQD 7

$\XGD D FRQWURODU OD FDVSD \ OD FDtGD GHO FDEHOOR

/LPSLD \ DFRQGLFLRQD HQ XQ VROR SDVR $\XGD D FRPEDWLU OD FDVSD

&RQWUROD OD JUDVD \ SUHYLHQH ODV DUUXJDV GHO URVWUR

e6,.$ 0(1 7UDWDPLHQWR IDFLDO PXOWL DFFLyQ HQ ORFLyQ PO IO R]

*HO ILMDGRU SDUD HO FDEHOOR J R]

6KDPSRR FRQWURO HIHFWLYR PO IO R]

6KDPSRR PXOWLDFFLyQ HQ PO IO R]

&yG

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

9DORUL]DGR HQ

9DORUL]DGR HQ

SURPRFLyQ 7ULSOH $FFLyQ SiJ

&yG

&$%(//2 3,(/

'( '(6&8(172

5HGXFH OD FDtGD GHO FDEHOOR KDVWD HQ XQ

)RUWDOHFH OD ´ EUD FDSLODU \ D\XGD D GLVPLQXLU OD FDtGD GHO FDEHOOR GHVGH OD UDt]

^H JK LEAN@A AH ?=>AHHK U Pé LAN@ANbO H= ?=>AV= LKN ÛH

/D=ILKK U (K?EäJ MQA BKNP=HA?AJ U LNAREAJAJ H= ?=ß@= @AH ?=>AHHK LKN AH MQEA>NA

6KDPSRR Pi[LPD IXHU]D PO IO R]

/RFLyQ IRUWDOHFLPLHQWR DQWLFDtGD PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

,ANK I=IE

HK RE AJ H= PAHAÎÎÎ (= PAHAREOEäJ EJBHQUA P=JPK AJ HKO JEãKO MQA LQA@A HHAC=N = =BA?P=N OQ ?KILKNP=IEAJPK

LNAJ@A U AJOÛã=HA = AJ?KJPN=N AH AMQEHE>NEK LANBA?PK ?KJ HKO OECQEAJPAO PELO

,KJHAO HßIEPAO

/QLANRßO=HKO

!REP= MQA RA=J H= PAHAREOEäJ LKN IbO @A DKN=O @E=NE=O

.AREO= FQJPK = PQ LAMQAãK H= LNKCN=I=?EäJ OAI=J=H U RANE ?= MQA AH ?KJPAJE@K OA= AH =LNKLE=@K L=N= OQ A@=@ )EN= ?KJ ÛH @K?QIAJP=HAO K LNKCN=I=O A@Q?=PERKO

SURPRFLyQ (VWXFKH (VWUHOOLQD SiJ

*QJ?= @QN=JPA H=O ?KIE@=O

=HAO =HCK = ?=I>EK

=@= ?KIE@= AO QJ IKIAJPK @A ?KIQJE?=?EäJ B=IEHE=N MQA JK @A>A OAN EJPANNQILE@K LKN J=@= IAJKO LKN H= PAHAREOEäJ

*K LNKDß>=O AH QOK @A H= PAHAREOEäJ OEJ J=@= = ?=I>EK ,=N= AOK IAFKN KBNÛ?AHA IKIAJPKO @A FQACK @ALKNPAO K ?QHPQN=

'HMD VX FDEHOOR OLVLWR \ VHGRVR

EOBNQP= REAJ@K = PQO DEFKO @ERANPENOA IEAJPN=O OA >=ã=J ?KJ $=LLU HQ>

1,f26 %(%e6

5AAAAÎÎÎ

HHACä H= DKN= @AH >=ãKÎÎÎ

+$33< &/8% 'HOIL 6SODVK 6KDPSRR FDEHOOR OLVR HQ PO IO R] &yG

9DORUL]DGR HQ

1XU\ *OXE\ 6KDPSRR FDEHOOR RQGXODGR HQ PO IO R]

0DQWLHQH VX FDEHOOR RQGXODGR \ KHUPRVR

6X ULFR DURPD D QDUDQMD OD YD D GHMDU ROLHQGR GHOLFLRVR

&yG

9DORUL]DGR HQ

+LSRSRYD &RORQLD SDUD QLxDV PO IO R] &yG

9DORUL]DGR HQ

&RFR]LxR &RORQLD SDUD QLxRV PO IO R] &yG

9DORUL]DGR HQ

6X DURPD D OLPyQ OR KDUi VHQWLUVH PX\ IUHVFR GHVSXpV GHO EDxR

'( '(6&8(172 (1 (/ 6+$0322 '(/), 63/$6+ < 185< */8%<

(= IAFKN ?KI>EJ=?EäJ L=N= OQ @ERANOEäJÎ &QACQA @KJ@A FQACQA PQ DEFK HHAR=Nb OEAILNA PK@K AH AOPEHK @A KI=J@K "KN?A

&20$1'2 )25&( 6SXPDWDN 6KDPSRR HQ PO IO R] &yG

9DORUL]DGR HQ

6KDPSRR Pi[LPD HVSXPD TXH HOLPLQD OD VXFLHGDG

3DUDJHOL[ *HO J R] &yG

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH (VWUHOOLQD SiJ

*HO SDUD TXH HO &RPDQGR )RUFH WHQJD HO SHLQDGR GH PRGD

1,f26 %(%e6

AOLAEJ=@=

=Fb =FbÎÎÎ *K PA LNAK?QLAO LKN OQ ?=>AHHK ?KJ )EJE DE?O AOP=Nb OEAILNA DANIKOK

3HOR VXDYH \ VHGRVR HQ XQ VROR SDVR.

6X SHOR EULOODUi FRPR QXQFD

'( '(6&8(172 (1 (/ 6+$0322 /,6$ &22/

0,1, &+,&6 7LQD 'DQFH 'HVHQUHGDQWH PiJLFR PO IO R] &yG

9DORUL]DGR HQ

/LVD &RRO 6KDPSRR HQ PO IO R]

'HVHQUHGD VX FDEHOOR \ OR GHMD VXDYH \ IiFLO GH SHLQDU

&yG

9DORUL]DGR HQ

&DQG\ \ .HOO\ 6KDPSRR PDQ]DQLOOD HQ PO IO R] &yG

9DORUL]DGR HQ

35202&,Ã&#x201E;1 (VWXFKH (VWUHOOLQD D VyOR

3RU OD FRPSUD GH XQ SURGXFWR SDUD QLxRV

(VWXFKH (VWUHOOLQD OLQGRV SDUHV GH DUHWHV &yG

9DORUL]DGR HQ

'LYHUWLGRV GLVHxRV HQ EDxR GH RUR \ SODWD FRQ OLQGRV HVPDOWHV GH FRORUHV

18(675$ %,-287(5,( (6

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN

SURPRFLyQ (VWXFKH (VWUHOOLQD SiJ

/,%5( '( 3/202

$=V MQA PQ >A>Û OQAãA ?KJ HKO =JCAHEPKO ?KJ 1L= =>U .AH=T

7LHUQR DURPD µ RUDO TXH OH GDUi XQD VHQVDFLyQ GH FDOPD

/,752

83$ %$%< 5(/$;

'( '(6&8(172

/RV SURWHJH GH LUULWDFLRQHV PDQWHQLHQGR VX SLHO VHFD \ VXDYH 'HMD VX SLHO VXDYHFLWD \ OR D\XGD D GRUPLU SURIXQGDPHQWH

&RORQLD OLWUR IO R] &yG

9DORUL]DGR HQ

7DOFR J R] &yG

9DORUL]DGR HQ

/RFLyQ KLGUDWDQWH SDUD PDVDMHV PO IO R] &yG

9DORUL]DGR HQ

GH D PHVHV

1,f26 %(%e6

1DIIIÎÎÎ

MQÛ NE?K RKU = @KNIENÎ

GH D PHVHV

6XDYH \ WLHUQR DURPD GH PDQ]DQLOOD

/,752

/,752

6X FDEHOOR VHUi HO PiV IXHUWH \ VDQR GH WRGRV

)UHVFXUD TXH GXUD WRGR HO GtD

83$ &RORQLD FRQ IORUHV GH PDQ]DQLOOD 'H PO IO R]

7DOFR FRQ IpFXODV GH PDt] J R]

6KDPSRR FRQ PLHO \ WULJR PO IO R]

&yG

&yG

&yG

9DORUL]DGR HQ

&yG

6KDPSRR FRQ PLHO \ WULJR OLWUR IO R]

9DORUL]DGR HQ

&yG

'H OLWUR IO R]

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH (VWUHOOLQD SiJ

'( '(6&8(172

/,752

1,f26 %(%e6

6XDYL]D OD SLHO GH WX EHEp ,GHDO SDUD PDVDMHV GLDULRV

/,752

6XDYH \ UHIUHVFDQWH DURPD QDWXUDO

1XWUH \ VXDYL]D VX SLHO \ FDEHOOR

GH D PHVHV

83$ 0½;,02 &8,'$'2 6KDPSRR FDEHOOR \ FXHUSR 'H OLWUR IO R] &yG

'H PO IO R] &yG

9DORUL]DGR HQ

&UHPD FRUSRUDO FRQ DYHQD \ SURWHtQDV GH OHFKH 'H J R] &yG

'H J R] &yG

9DORUL]DGR HQ

&RORQLD VLQ DOFRKRO 'H OLWUR IO R] &yG

'H PO IO R] &yG

9DORUL]DGR HQ

!J ?=@= =NKI= AOPbO Pé

)ORUDO 5RPiQWLFD 'HOLFDGDV URVDV GH %XOJDULD UHYHODQ WX HVHQFLD IHPHQLQD

)527$ $48À < 6,(17( (/ $520$ '( *5$==,$ (1 78 3,(/

35202&,Ã&#x201E;1 *UD]]LD *UD]]LD 3DUDGLVH y *UD]]LD ([RWLF D VyOR

3RU OD FRPSUD GH FXDOTXLHU SURGXFWR GHO FDWiORJR 1R ,QFOX\H RWUDV SURPRFLRQHV )ORUDO 6HQVXDO $WUDFWLYD \ QDWXUDO FRPR OD SDUDGLVtDFD µ RU GH 7LDUp

*5$==,$ (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

)ORUDO 6HQVXDO 0LVWHULR \ VHQVXDOLGDG HQ XQD IXVLyQ GH RUTXtGHDV \ H[yWLFDV IUXWDV

*5$==,$ 3$5$',6( (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ *5$==,$ (;27,& (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

1R LQFOX\H PXHVWUDV QL RWUDV SURPRFLRQHV 9iOLGR KDVWD DJRWDU VWRFN

{,NQÛ>=HKO 0+ +/Î

35(&,2 7(17$&,Ä1 D VyOR

;,&2 6 $ GH & 9 HQH GH ERVTXHV VXVWHQWDEOHV FHUWLILFDGRV R IXHQWHV FRQWURODGDV

!J PK@= K?=OEäJ ?KJ PK@K HKKG U = PK@= DKN= AH (=>E=H H=OOE? KHKN {OEAILNA MQA@= >EAJÎ