38(5725,&2& ZZZHVLNDEL]
0=JAHAC=JPA P=JéJE?= OßANAOPé=OßAO/LA?E=H
=@=@AP=HHAPAD=?A
AOLA?E=H
0K@KPAMQA@=LANBA?PKPQRAOPE@KHKOV=L=PKO H=OFKU=O
AOPbO?=OEHEOP= /KHKPAB=HP=AOAéHPEIKPKMQAAOLA?E=H?KJAHMQA @AOHQI>N=NbO=PK@KO/LA?E=HAH=NKI=MQAD=Nb@QN=N PQAHAC=J?E=P=JPK?KIKPéMQEAN=O DKN=OßO=>AO MQAPK@=OH=OIEN=@=OOANbJL=N=PE -QAPQ>AHHAV=HKO @AF=NbOEJL=H=>N=O -QAPQAHAC=J?E=OANbIQUAOLA?E=H
1J=NKI=P=JAHAC=JPA?KIKPé
(6(1&,$6 $520$6
!NAOAOLA?E=H PQLANBQIA P=I>EÛJ '('(6&8(172
DURPDV /!*/1(!/
SURPRFLyQ ,W V <RX SiJ
(6(1&,$6 $520$6
'( '(6&8(172
,=OOEKJ )QOG
z,KN MQÛ JK D=?ANHA ?=OK = PQO @AOAKO 3$66,21 086. (DX GH SDUIXP DWRPLVHXU PO IOR] &yG
9DORUL]DGR HQ
)ORUDO 6HQVXDO &RTXHWDV QRWDV GH LULV \ RUTXtGHDV MXHJDQ FRQ XQ WRTXH GH PXVN )527$ $48À < 6,(17( (/ $520$ (1 78 3,(/
z-QÛ=NKI=R=IAFKN?KJPECK AO?é>NAHKAJAH>=JE?K@ANKI=O@A^OEG=
/ 5$ 2 )/
( /& '8
$/ 87 )5
2 ,& 75 &À
2 ,& 75 &À
'2 ,$ (& 3 (6
2 $' &, 3( (6
( /& '8
$/ 87 )5
/ 5$ 2 )/
'8/&(
)587$/
(63(&,$'2 &À75,&2
&À75,&2 (63(&,$'2 )587$/
)/25$/
'8/&(
)/25$/
«O=HK=Oß 1>E?=QJK@AHKOCNQLKOOACéJPQAOPEHK!HAC=JPA.KIbJPE?=/AJOQ=HK?PER=
(QACKAHECAAHPELK@A=NKI=OACéJH=B=IEHE=KHB=PER="HKN=H QH?A"NQP=H!OLA?E=@K KßPNE?K
!OP=OOAã=HAOPA=UQ@=NbJ=AJ?KJPN=NPQ=NKI=AJAH?=PbHKCK DURPDV !(!#*0!/
,PiJHQHV ,PiJHQHV'LDPRQGV 6SHFLDO ;LDQD
DURPDV .+)¡*0%+/
*UD]]LD 5RPDQ]L )ORZHU\ 9DQLOOD6FHQW $wQQDUD
DURPDV /!*/1(!/
DURPDV 0%2+/
*UD]]LD([RWLF *UD]]LD3DUDGLVH 9HKHPHQFHSDUDHOOD 3DVVLRQ0XVN 5RVH 5RVH 6H[\*ROG %HDXW\5HG 'DQ]]tD 5HG,QWHQVH ,QFLWDQW -DGLVV 6HFUHW0XVN
([SUHVVLRQ (ODQLH *\UD 0RPHQWRV9LEUDQWHV 0RPHQWRV/LEHUWDG ,WV<RX ,WV<RX/LYH
(6(1&,$6 $520$6
0QIAFKNIKIAJPK{AO=DKN=Î
DURPDV /!*/1(!/
,=N=QJ= IQFANOAJOQ=H U@AHE?=@= QJ=NKO= 526( 526( (DXGHSDUIXPDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
)ORUDO6HQVXDO 'HOLFDGDVURVDV XQWRTXHGH YDLQLOOD\PXVN
(6(1&,$6 $520$6
KJPQNEPIKU ?KJPQ=NKI= ?KJMQßOP=HKL=OK=L=OK PéO=>AO?äIK
'XOFH6HQVXDO 3URYRFDWLYR µLUWHRGH RUTXtGHD FDOLSVR\ VRUEHWH GHSHUD
'('(6&8(172
'$1==À$ (DXGHSDUIXPDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
)527$$48À<6,(17( (/$520$'('$1==À$ (1783,(/
DURPDV /!*/1(!/
'('(6&8(172
)ßN=HKQJ=RAV DA?DßV=HKL=N= OEAILNA -$',66 (DXGHSDUIXPDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
(VSHFLDGR 6HQVXDO 6HFUHWDV HVSHFLDV\ µRUGHQHUROL DWUDHQORTXH PiVGHVHDV
(6(1&,$6 $520$6
.ARAH= AHNKFK MQAD=U AJPE
/26
$
9DORUL]DGRHQ
&yG
$+255$
)ORUDO6HQVXDO 8QDURPD DEVROXWRGH URVDV\MD]PtQ UHYHODWRGDOD LQWHQVLGDGGHWX HVHQFLDGHPXMHU
%($87<5(' (DXGHSDUIXPDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
'HVRGRUDQWHUROORQ POIOR] 9DORUL]DGRHQ
0QOAJOQ=HE@=@PAD=?A>NEHH=N
6(;<*2/' (DXGHSDUIXP POIOR] &yG
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
)ORUDO 6HQVXDO 6HQVXDOHV RUTXtGHDV EODQFDV\µRU GHQDUDQMR
(6(1&,$6 $520$6
-QAOANEJ@== PQOAJ?=JPKO UMQAOAL=MQA?Q=J@K@AOA=O =HCKJKLQA@AOAOLAN=N
'('(6&8(172
'XOFH 5RPiQWLFD /DIHOLFLGDG WLHQHDURPD DYDLQLOOD MD]PLQHV \OLULRV
9(+(0(1&(3$5$(//$ (DXGHSDUIXPSWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
5OEBQAN=OQJ=BHKN
z?QbHOANß=O "HKN@A0E=NÛKNMQß@A=ATäPE?=KNKO=@AQHC=NE=
*5$==,$3$5$',6( (DXGHSDUIXPDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
*5$==,$(;27,& (DXGHSDUIXPDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
*5$==,$ (DXGHSDUIXPDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
)ORUDO6HQVXDO $WUDFWLYD\ QDWXUDOFRPR ODSDUDGLVtDFD µRUGH7LDUp
782)(57$ (675(//$
)527$$48À<6,(17( (/$520$'(*5$==,$ (1783,(/
)ORUDO6HQVXDO 0LVWHULR\ VHQVXDOLGDG HQXQDIXVLyQ GHRUTXtGHDV \H[yWLFDV IUXWDV
)ORUDO 5RPiQWLFD 'HOLFDGDV URVDVGH %XOJDULD UHYHODQWX HVHQFLD IHPHQLQD
!JAHBKJ@KPK@=O OKIKONKIbJPE?=O
)ORUDO 5RPiQWLFD 9LROHWDV URVDV\ ViQGDORFUHDQ HOPDUFR SHUIHFWRSDUD HODPRU
'XOFH 5RPiQWLFD $PRU FKDPSDJQH \FiOLGRV WRTXHVGH YDLQLOOD
520$1=, (DXGHSDUIXP DWRPLVHXU POIOR]
$Â11$5$ (DXGHSDUIXP DWRPLVHXU POIOR]
&yG
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
(6(1&,$6 $520$6
)E=NKI= PAOPECK@A JQAOPNK=IKN
)527$$48À<6,(17( (/$520$'(9$1,//$6&(17 (1783,(/
'('(6&8(172(1 9$1,//$6&(17
'XOFH 5RPiQWLFD /DIHOLFLGDG WLHQHDURPD DYDLQLOOD MD]PLQHV \OLULRV
9$1,//$6&(17 (DXGHSDUIXPDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
$KU H= AHAC=J?E= PEAJA PQ JKI>NA
/26
$
9DORUL]DGR HQ
&yG
$+255$
,0½*(1(6 (DX GH SDUIXP DWRPLVHXU PO IOR] &yG
9DORUL]DGR HQ
7DOFR SHUIXPDGR J R] 9DORUL]DGR HQ
SURPRFLyQ ,W V <RX SiJ
)ORUDO (OHJDQWH /XMRVR HQFXHQWUR GH \ODQJ\ODQJ \ MD]PLQHV
(6(1&,$6 $520$6
{-QÛ >EAJ PA R=J HKO @E=I=JPAOÎ 35202&,Ä1 /RFLyQ SHUIXPDGD
$ 62/2
9DORUL]DGR HQ &yG SRU OD FRPSUD GHO HDX GH SDUIXP ,PiJHQHV 'LDPRQGV
)527$ $48À < 6,(17( (/ $520$ '( ,0½*(1(6 ',$021'6 (1 78 3,(/
,0½*(1(6 ',$021'6 (DX GH SDUIXP DWRPLVHXU PO IOR] &yG
9DORUL]DGR HQ
)ORUDO (OHJDQWH 'HVOXPEUD FRQ URVDV GH %XOJDULD \ JDUGHQLDV
/RFLyQ SHUIXPDGD PO IOR] 9DORUL]DGD HQ
(=J=PQN=HAV= =?=NE?E=PQLEAH KJOQO=NKI=O IbOATMQEOEPKO= @AHE?=@=OBNAAOE=O BNAO?=OI=J@=NEJ=OU ATMQEOEP=OI=CJKHE=O {IIIÎ
/EÛJPAPABNAO?= AJ?Q=HMQEAN IKIAJPK !OP=OBNAOMQßOEI=O ?KHKJE=OOKJP=JHECAN=O MQAH=OLQA@AOQO=N PK@=OH=ORA?AOMQA MQEAN=OAHIEOIK@ß=
EOBNQP= @AHLNb?PE?K =PKIEV=@KN !OE@A=HL=N=MQA NK?ßAOH=?KHKJE=AJ PQ?QANLKUOEAJP=O =HIKIAJPKPK@= H=BNAO?QN=@AH= J=PQN=HAV=
-QEANKHHAR=N HKO=NKI=O@A H=J=PQN=HAV= AJIELEAH
SURPRFLyQ,W V<RXSiJ
&RORQLD POIOR] )UHHVLD%RXTXHW&yG 7URSLFDO3DVVLRQ)UXLW&yG 0\VWLF&RFNWDLO&yG 9DORUL]DGDVHQFX FX )ORUDO 'HOLFDGR DURPDGH DPRURVDV IUHHVLDVHQ WXSLHO
)UXWDO 'LVIUXWDGHO UHYLWDOL]DQWH DURPDD SDVVLRQIUXLW HQWXSLHO
)UXWDO ([yWLFDV JRWDVGH O\FKHH\ JUDQDGD
(6(1&,$6 $520$6
1$785(63/$6+
!OA=NKI=P=JBNAO?K MQAPAD=?A>NEHH=N /ACQNKAO@AH=O?KHKJE=O.AOLH=J@AOOMQA@AF=J DANIKOKO>NEHHKOAJPQLEAH
SURPRFLyQ,W V<RXSiJ
(6(1&,$6 $520$6
NEHHKO AJPQLEAH
'('(6&8(172
5(63/$1'(66 &RORQLDFRQEULOORV POIOR] &yG
5(63/$1'(66)/25(66 &RORQLDFRQEULOORV POIOR] &yG
5(63/$1'(66,//86,21 &RORQLDFRQEULOORV POIOR] &yG
9DORUL]DGDVHQFX FX
)527$$48À<6,(17( (/$520$'( 5(63/$1'(66,//86,21 (1783,(/
)ORUDO /LPDYHUGH\ JDUGHQLDVWH OOHQDQGHDOHJUtD \RSWLPLVPR
)ORUDO 6HQVXDOHVµRUHVGHO 2ULHQWHGHVSLHUWDQ WXVHQVXDOLGDG
)ORUDO )UDJDQWHVOLULRV WHHQYXHOYHQ HQHQVXHxR
FX
*K@AF= CN=OKO= H=LEAH
FX
FX
(6(1&,$6 $520$6
-QÛOAJOQ=HE@=@ P=J@AHE?=@= KIKAHOQ=RA=NKI=@AH=OBHKNAOAJLNEI=RAN=
'('(6&8(172(1 &2/21,$6< /2&,21(6
/AJOQ=HE@=@OEJHßIEPAO
0iVFDUDFRORUQHJUR
1J=IEN=@=OéLANOAJOQ=H@EBß?EH@AKHRE@=NU@EBß?EH@A>KNN=N ?KJLAOP=ã=OIbOOATEOLKNIQ?DKIbOPEAILK
V
(YDOXDFLyQVHQVRULDOGHGXUDFLyQUHDOL]DGDEDMRFRQGLFLRQHVGHODERUDWRULR
SURPRFLyQ5XERUHIHFWRJHPDV\PLQHUDOHVSiJ
/22. &2/25
"EF=AH?KHKNLKNIQ?DK IbOPEAILK )bTEI=ATPAJOEäJU?QNR= KHKNEJPAJOK 0iVFDUDSDUDSHVWDxDV VHFUHWRVGHVHQVXDOLGDG JR] 9DORUL]DGRHQ
'('(6&8(172
*!#.+ )..¨* %*0!*/+
*!#.+ %*0!*/+
)..¨* %*0!*/+
&yG
&yG
&yG
K
V
'('85$&,Ä1
)QAOPN=AH?KHKN MQAD=UAJPE KHKNAO=HACNß=AORE@= AOLQN=ATLNAOEäJ BAIAJEJ=MQA=PN=RÛO @APQOH=>EKOPQIEN=@= PQOQã=OUPQLEAH ?KJOECQAHKCN=NQJ= =NIKJß=LANBA?P=MQA IQAOPN=HKIAFKN@APE OßAOAHI=MQEHH=FA {!TLNÛO=PAÎ
$358(%$'(
$*8$
+.+#()+1.&yG
SURPRFLyQ5XERUHIHFWRJHPDV\PLQHUDOHVSiJ
6LVWHPD UHWUiFWLO
*! #
&y .+ G ^ * +
'HOLQHDGRUSDUDRMRVGH Pi[LPDGXUDFLyQ JR] 9DORUL]DGRHQ
)..¨**+#(&yG
)+. +,.+"1* +&yG
61(6"%.+&yG
01.-1!/)!0¡(%+&yG
)bTEI==@DANAJ?E= @A?KHKN 0ATPQN=ATPN=OA@KO= KJOEOPAI=NAPNb?PEH
)..¨*2%.*0!&yG
'('(6&8(172
,(0. %*0!&yG
%.1!(!**0+&yG
61(6"%.+&yG
+.+#()+1.&yG
*!#.+^*+&yG
2!. !+0+_+&yG
,(0. %*0!&yG
2!. !+0+_+&yG
%.1!(!**0+&yG
/22. &2/25
4XLQWHWRPRFFDIDVKLRQGHOLQHDGRUFRORUIL[QHJURPiVFDUDVHFUHWRVGHVHQVXDOLGDGQHJUR
)bTEI=@QN=?EäJU?KHKN ,NKPACAPQOLbNL=@KO 2EAJA?KJEJOPNQ??EKJAO @A=LHE?=?EäJ 4XLQWHWRGHVRPEUDV SURIHVLRQDO JR] 9DORUL]DGRHQ
+.+ )#*!0%
,1.,(! .0%/0%
-1 ,!.)*!*0
61( )5/0!.5
&yG
&yG
&yG
&yG
'('(6&8(172
K
V
'('85$&,Ä1
)+ % + * $ " /
&yG
.+/! ,.+(+*# &yG
9LHQHFRQ LQVWUXFFLRQHV SDUDPDTXLOODUVH V
(YDOXDFLyQVHQVRULDOGHGXUDFLyQUHDOL]DGDEDMRFRQGLFLRQHVGHODERUDWRULR
+.()#%&yG
"1/%/3!!0&yG
"EF=AH?KHKNAJL=OKO ,NKPACAPQOH=>EKO
(KODQIA?P=U=?KJ@E?EKJ=
&2/25),;0$;7,0(
"^,//%+*&yG
6HJXQGRSDVR $SOLFDHOEULOOR KXPHFWDQWH
/DELDOG~RWDWWRR POJIOR]R] 9DORUL]DGRHQ
2%*+ !(%// &yG
.+&+ ,//%+*
.+/(%#$0 &yG
&yG
/()¨* 3+* !.
"1/%$+0 &yG
3ULPHUSDVR $SOLFDHOFRORU \GHMDVHFDU PLQXWRV
%.1!( !/%.!&yG
+.( 00.0%+* &yG
&yG
.+/)%/0!.5&yG
K
V
.+/$% &yG
$++(0! %*0!*/! &yG
'('85$&,Ä1
.+&+$%,*+0%&yG
SURPRFLyQ5XERUHIHFWRJHPDV\PLQHUDOHVSiJ
/22. &2/25
0K@KQJ@ß=@A?KHKN /AJOQ=HE@=@AJPQOH=>EKOLKND=OP= DKN=O?KJKHKNBET )=TPEIA{UKHRß@=PA@AHKONAPKMQAOÎ
'('(6&8(172
KHKNEJPAJOKIQ?DKIbO PEAILK ,NKRK?=PER=OQ=RE@=@
"b?EH=LHE?=?EäJ
&yG
+&yG
! 4,.! // "1 /%
/DELDOGHPi[LPDGXUDFLyQ JR] 9DORUL]DGRHQ
)+. +*%#$0&yG
.+&+/! 10+.&yG
.+&+!40.2#*6&yG
$!..5 &yG
"1/%,%*' .+/(%#$0 &yG
&yG
)%!(#(^
+,+.0+
&yG
&yG
$++(0! /0¤* &yG
* !(%0&yG
2%*+$%&yG V
(YDOXDFLyQVHQVRULDOGHGXUDFLyQUHDOL]DGDEDMRFRQGLFLRQHVGHODERUDWRULR
.+/ + *1 !
2%*+ #+( !*
&yG
&yG
$++(0!,//%+*&yG
2FWHWRGHVRPEUDV JR] 9DORUL]DGRHQ
'5 * / .! yG
.+)*0% +(+./
+(+. /5),$+*5
&yG
&yG
!1"+.%(1!/
+0+_+$%
&yG
&yG
&
'HOLQHDGRU
* . .¨ ) .+ *!# yG &
&
* .¨ . ) G y
'~RSDUDFHMDVSHUIHFWDV JR] 9DORUL]DGRHQ
H UG GR OLFD V $S EUD VRP
&yG
&yG
9DORUL]DGRHQ 'H´QH\ DFRQGLFLRQDWXV FHMDVIiFLOPHQWH GiQGROHVXQ DFDEDGRQDWXUDO
*HO ´MDGRU
9LHQHFRQLQVWUXFFLRQHV GHXVR
U GR LQD UDV XP 'LI VRPE GH
6HWGHDSOLFDGRUHV SDUDVRPEUDV\ODELDO
LDO ODE DUD US GR OLFD $S
(//%#+( !*
SURPRFLyQ5XERUHIHFWRJHPDV\PLQHUDOHVSiJ
/22. &2/25
6RPEUDVFRORUSRSFRQGHOLQHDGRUPiJLFR\VHWGHFHMDVQHJURPDUUyQ
)bOPKJKO)bOHKKGO ,KNMQÛPAJANQJOKHKHKKGOEHKOLQA@AOPAJANPK@KO
*HOWUDQVSDUHQWH TXHFDUJDHOFRORU GHWXVRPEUD
'('(6&8(172
(VWXFKHGHVRPEUDV JR] 9DORUL]DGRHQ
$+0/$. &yG
+(+.,+, &yG
'HOtQHDWH FRQHOPLVPR FRORUGHWXV VRPEUDV
'HOLQHDGRUOtTXLGR HIHFWRPiJLFRSDUDRMRV POIOR] &yG
9DORUL]DGRHQ
1.!(($% &yG
720$127$&yPRXVDUHOGHOLQHDGRUPiJLFR" 3DVR &RORFDHOSLQFHOVREUHHO FRORUGHODVRPEUDTXH HOLMDV
3DVR (VSHUDDTXHFDUJXHHO FRORU
3DVR 'HOLQHDWXVRMRVFRPRVLHPSUHOR KDFHV6LTXLHUHVSUREDURWURV FRORUHVOLPSLDODSXQWDGHOSLQFHO \OLVWR
;
; &XDOTXLHUFRPELQDFLyQHVSRVLEOH
01.-1!/'+$(
)+. +'+$(
61('+$(
[&yG [&yG
[&yG [&yG
[&yG [&yG
,!.('+$(
*!#.+'+$(
)..¨*'+$(
[&yG [&yG
[&yG [&yG
[&yG [&yG
&XDUWHWRGHVRPEUDVJUDQDWHFRGHGHOLHDGRUHQOiSL]QHJURPiVFDUDH[WUDFXUYDVQHJUR
&XDUWHWRGHVRPEUDV JR] 9DORUL]DGRHQ
9DULHGDGGH FRPELQDFLRQHV FRQFRORUHV LQWHQVRV
'LIXPLQDGRU PXOWLIXQFLRQDO 01.-1!/ !/%#*
2!. !&1*#(!
&yG
&yG
#.*0!+ !
'HOLQHDGRUNRKO FRQGLIXPLQDGRU JR] 9DORUL]DGRHQ
&yG
61(#+( !* .+/2%*0#! &yG
.+/ %((1/%+*
&yG
(%(!)+0%+* &yG
&yG
&yG
'HOLQHDGRU )..¨* (//%
2%*+/3!!0 &yG
.+/$% &yG
&yG
SURPRFLyQ5XERUHIHFWRJHPDV\PLQHUDOHVSiJ
!/)!.( (14
,(0 .+*! &yG
61(+!* &yG
)+. + ,//%+* &yG
&yG
&yG
*.*&$%
/22. &2/25
&yG
.+&+ )*$00*
&yG
.+/ !(%0!
&yG
"1/%2%26
&yG
+.(#(^
&yG
2%*+%*%0*0!
9DULHGDG GHFRORUHV LQWHQVRVIiFLO GHDSOLFDU
)..+*.)!(
*01.(
.! (
&yG
&yG
*!#.+
ODELRV #1%*
&yG
FHMDV
* ( * ¨ .
+
. ) &yG
EHKPK@K ?KJPQO KFKO
'HOLQHDGRUHQOiSL] SDUDRMRV SDUDFHMDV SDUDODELRV JR] 9DORUL]DGRHQ
7DMDOiSL]
KJOECQAQJ= IEN=@=IbO ATLNAOER=UHHAJ= @A?KHKN
'('(6&8(172
&yG
9DORUL]DGRHQ
&yG
*!#.+%*0!*/+
&yG
+. +,.! %(!0+
&yG
61()! %0!..¡*!+ &yG
&yG
!(!/0!,.%!
2!. !/% *!5
2!. !(14 &yG
&yG
&yG
01.-1!/)#%
*!#.+(14
&yG
,(0! +.0
61((14 &yG
&yG
"^(14 &yG
)..¨*"^
7RQRV/X[
)..¨* +.#+_ &yG
RMRV
8VDOD WDSDFRPR UL]DGRU $358(%$'(
$358(%$'(
$358(%$'(
$*8$
$*8$
$*8$
48e%86&$63$5$7863(67$f$6" /DUJR" /XFHXQDVSHVWDxDVKDVWDPiV ODUJDV\JUDGRVPiVUL]DGDV &yPRVLWXYLHUDQH[WHQVLRQHV
0iVFDUDHIHFWRH[WHQVLRQHVQHJUR
&yG
&yG
*!#.+ )..¨*
*!#.+
01.-1!/
61(
0!..+0
)..¨*
&yG
&yG
&yG
&yG
&yG
0iVFDUDSDUDSHVWDxDVH[WUDFXUYDV JR] 9DORUL]DGRHQ
)..¨* &yG
&yG
*!#.+ )..¨* &yG
*!#.+ )..¨* &yG
4XLHUHVSHVWDxDVPiVFXUYDV" eVWDHVWXPiVFDUD$GHPiV OHVGDYHFHVPiVYROXPHQ 3HVWDxDVV~SHUVH[LV
0iVFDUDH[WUDFXUYDVQHJUR
0iVFDUDWUDWDQWHDSUXHEDGHDJXD JR] 9DORUL]DGRHQ
)..¨*
/DPiVFDUDWUDWDQWHDSUXHEDGHDJXD SURWHJHWXVSHVWDxDVFRPRQLQJXQD RWUD\DGHPiVYLHQHHQYDULHGDGGH WRQRVSDUDTXHFDPELHVWXORRN
0iVFDUDWUDWDQWHQHJUR
0iVFDUDSDUDSHVWDxDV HIHFWRH[WHQVLRQHV JR] 9DORUL]DGRHQ
61(
&XUYD"
0i[LPDSURWHFFLyQ"
*!#.+ &yG
SURPRFLyQ5XERUHIHFWRJHPDV\PLQHUDOHVSiJ
*!#.+ &yG
/22. &2/25
0=JBQANPAO ?KIKPQIEN=@=
QE@=PQOLAOP=ã=O=H=RAVMQA?KJOECQAO I=UKNATPAJOEäJU?QNR= 0iVFDUDIRUWDOHFLPLHQWRFRQWLQXR JR] 9DORUL]DGRHQ
)..¨* &yG
$358(%$'(
$*8$
*!#.+ )..¨*
*!#.+ &yG
&yG
0iVFDUDIRUWDOHFLPLHQWRQHJUR
.1¤%*0!*/+
!.+$%
12!.*!0 &yG
%.1!( %*0!*/+
*!#.++/ +
&yG
++#+(+/ &yG
&yG
&yG
&yG
/*#.!(0%*
,(0(14!
&yG
&yG
&yG
.+&+2%.*0!
&yG
&yG
.+&+/!*/1(
12/! 10+.
&yG
(%( "/%*%¨*
&yG
+.(0.+,%(
,«.,1. ,/%¨*
&yG
&yG
.+/2%.*0!
&yG
)#!*0 2%.*0!
&yG
61()¤/0%+
&yG
01.-1!/ #()+1.
&yG
"1/%0.!2%
2!. ! /1*01+/+
&yG
&yG
)(2/+"0
&yG
$1)+ 0+.*/+(
&yG
&yG
)%/0!.%+.!)
&yG
+.!)¤/0%+
&yG
.+//!
&yG
+. + %2%*+
(%()¡#%+
&yG
&yG
#.%/#()
&yG
(*+)."%(
"^)%!(
&yG
$),#*! #(
&yG
.+/,.%)2!.
(=IK@=AOL=N=@EOBNQP=NH=
,bO=H=>EAJLEJP=J@KPQOQã=O z-QÛP=HOEH=OLEJP=O?KJAH JQARKVQHNEO=UQO=OQJ?KHKN@EOPEJPKAJQJ=@AAHH=O
(VPDOWHHQ$]XO%ULVD-DGH2ULHQWDO
35202&,Ä1 ,1683(5$%/( %DVHIRUWDOHFHGRUD SDUDXxDV POIOR] &yG
%DVHIRUWDOHFHGRUDR (VPDOWHHQ DVROR
FX
9DORUL]DGRHQ
18(92 7212
(VPDOWHSURIHVLRQDO HQSDUDXxDV POIOR] 9DORUL]DGRHQ
3URPRFLyQYiOLGDKDVWDDJRWDUVWRFN
)
+.
&y G +" %! / 0
& !+ .%! &yG * 0 (
2 1 2 7 / 2 . % (9 8 1( 1 6 yG &
1XWUHIRUWDOHFH ODUJDGXUDFLyQ H[WUDEULOOR VHFDGRUiSLGR DFDEDGR XQLIRUPH
&yG
)$&725'( 3527(&&,Ä1 62/$5
.+&+ %*0.%#*0!
)36
#
&yG
/
G &y
/
)
%! . 2 00 !*
&y !* G * 0+
.+/ %2
.+
*
)+ "^ G y
&yG
+.
.+&+ !/!+
&
+.($%
&yG
#+
&yG _ /! 45
&yG
!
.+&+"%!/0)
z QN=?EäJKDE@N=P=?EäJ z1JH=>E=HMQAOAMQA@=?KJPECKPK@KAH@ß=K QJH=>E=HMQADQIA?P=PQOH=>EKO z0ACQOP=JHKO@KO{(HÛR=HKOPK@KOÎ
&yG
SURPRFLyQ5XERUHIHFWRJHPDV\PLQHUDOHVSiJ
2%*+ +1
&yG -1! 0 0
&y . ( G 1* ! 0
"1/%/1(%)!)
* 01
"%+
&yG .!( ( ! )
.+ /
0 « ) ¨* . . y G &
0 2 * ¨*$ ) .. yG &
)36 )
)$&725'( 3527(&&,Ä1 62/$5
&yG
&yG
'('(6&8(172
0 * 0%2 1 % / yG &
#.*0!/! 10+.
)..¨*#()+1.
"1
2 !. %) ,. & * . yG &
/$%,$/'(/$5*$'85$&,Ä1
/22. &2/25
/$%,$/+,'5$7$17((;75(02
(%($% .0*0!!40.!)+.+/.+)¡*0%&yG
(%( !(.# 1.%¨*.+//! 1%¨*0&yG
(%($% .0*0!!40.!)+.+&+(1&1.%&yG
(%( !(.# 1.%¨*".!//3!!0)&yG
(%($% .0*0!!40.!)+"1/%#()&yG
(%( !(.# 1.%¨*"1/%!1"+.%)&yG
/DELDO KLGUDWDQWHH[WUHPR JR] 9DORUL]DGRHQ
$E@N=P=?EäJEJPAJO= LKNDKN=O UQ@==MQAHKOH=>EKO OA?KONA?QLANAJAHJERAH @A=CQ=MQAJA?AOEP=J
/DELDOGH ODUJDGXUDFLyQ JR] 9DORUL]DGRHQ
KHKNMQAOA =@DEANALKN IbOPEAILK 0ATPQN=OQ=RA
z-QÛJA?AOEP=JPQOH=>EKO *A?AOEP=JH=>E=HAO?KJ?KHKNAOEJPAJOKOUPATPQN=LNKRK?=PER= {,NQÛ>=HKOPK@KOÎ
*.*& 2%26
&RORULQWHQVR GHVGHOD SULPHUD DSOLFDFLyQ WRQRV YLEUDQWHV
&yG
+.(/$%*! &yG
.+/ %2%* &yG
.+&+)+. &yG
)..¨*0!*0%¨*&yG
"1/%"*5&yG
2%*+ /!*/1( &yG
)..¨* ¡(% +
2%*+ #()+1. )$&725'( 3527(&&,Ä1 62/$5
)36
)+ )%/0!.%+ &yG
/DELDOHQEDUUDPi[LPRFRORU JR] 9DORUL]DGRHQ
.+/ + )¡#%+
)+. + +/!/%¨* &yG
&yG
)#!*0 0.!2%
.+&+ $!..5
)..¨* +0+_+ )$&725'( 3527(&&,Ä1 62/$5
)36
/DELDOXOWUDVXDYL]DQWH JR] 9DORUL]DGRHQ
SURPRFLyQ5XERUHIHFWRJHPDV\PLQHUDOHVSiJ
.+/ +-1!0 &yG
)(2 %(1/%¨* &yG
.+&+2%26 &yG
&yG
"1/% /! 10+. &yG
/DELDOXOWUDVXDYL]DQWHPDUUyQWHQWDFLyQ
0i[LPD VXDYLGDG DFDEDGROLVR FRQDFHLWHV QDWXUDOHV
&yG
&yG
&yG
/DELDOPi[LPRFRORUIXFVLDIDQF\
&yG
"1/% "*0/%
&yG
&yG
.+/ %*0.%#
.+&+ ,.+2+%¨* &yG
/22. &2/25
/DELDOHQEDUUDGHVWHOORVGHFRORUIXFVLDGHVWHOORVRFWHWR EURZQIRUHVW\HVPDOWHGHXxDVIXFVLDDWUHYLGD
0QOH=>EKO OKJH= AOPNAHH= D=VHKO >NEHH=N "1/% !/0!((+/
&yG
/()¨* !/0!((+/
&yG
)+ !/0!((+/ &yG
.+/ !/0!((+/ &yG
,(+.+/ !/0!((+/ &yG
*01.( !/0!((+/
$++(0! !/0!((+/
&yG
&yG
&XEUHWXV ODELRVFRQXQD FDSDGHSHUODV TXHUHµHMDQ ODOX]7H[WXUD FUHPRVD
+.( !/0!((+/ &yG
'('(6&8(172
2%*+ !/0!((+/ &yG
+. + !/0!((+/ &yG
.+&+ !/0!((+/ &yG
".!/ !/0!((+/ &yG
/DELDOHQEDUUD GHVWHOORVGHFRORU JR] 9DORUL]DGRHQ
)$&725'( 3527(&&,Ä1 62/$5
)36
%DVHKLGURQXWULWLYDEHLJH
%DVHGHPDTXLOODMHKLGURQXWULWLYD POIOR] 9DORUL]DGRHQ
'('(6&8(172
!%#!
!%#!
!%#!
!%#!
&yG
&yG
&yG
&yG
&RUULJH KLGUDWDQXWUH\ GHYXHOYH ODDSDULHQFLD GH´UPH]D
.+/
.+/
.+/
.+/
.+/
&yG
&yG
&yG
&yG
&yG
SURPRFLyQ5XERUHIHFWRJHPDV\PLQHUDOHVSiJ
!%#! &yG
/22. &2/25
(=LEAHAOHKLNEIANK JPAO@AAILAV=N=I=MQEHH=NPA=OACéN=PA @AHQ?ENQJ=LEAHOEJEILANBA??EKJAO
)+/0+ &yG
'LVLPXODORV SRURVDELHUWRV \GHMDHOURVWUR IUHVFR\PDWH
'LIXPLQDGH IRUPDSDUHMDOD EDVHFXLGDQGR WXURVWUR
%URFKDSDUDEDVH &yG
)!(+*!
9DORUL]DGRHQ
&yG
/* (/ &yG
%DVHGHPDTXLOODMH HTXLOLEULRSHUIHFWR POIOR] 9DORUL]DGRHQ
$JtWHVHDQWHVGHXVDU
%DVHHQEHLJH
!HPNQ?KL=N= QJ=LEAH LANBA?P= !O?KJPNKH=NAH>NEHHKUK?QHP=NH=O EILANBA??EKJAO
SURPRFLyQ5XERUHIHFWRJHPDV\PLQHUDOHVSiJ
782)(57$ (675(//$
Q>NAEILANBA??EKJAO KJPNKH=AH>NEHHK ,NKPACAH=LEAH
)$&725'( 3527(&&,Ä1 62/$5
!%#! &yG
)36
%DVHGHPDTXLOODMHSDUDURVWUR HQSUR JR] 9DORUL]DGRHQ
!%#!
!%#!
!%#!
!%#!
&yG
&yG
&yG
&yG
!%#!
.+/
.+/
.+/
&yG
&yG
&yG
&yG
.+/
.+/
.+/
&yG
&yG
&yG
&RUUHFWRUIDFLDO SLHOSHUIHFWD JR] 9DORUL]DGRHQ
)$&725'( 3527(&&,Ä1 62/$5
)36 !%#!
&XEUHODV LPSHUIHFFLRQHV FRQXQ DFDEDGRVXDYH \VHGRVR
!%#! &yG
!%#! &yG
.+/ &yG
.+/ &yG
&RUUHFWRUSLHOSHUIHFWDEHLJH
SURPRFLyQ5XERUHIHFWRJHPDV\PLQHUDOHVSiJ
&yG
/22. &2/25
0AJANQJ=LEAHLANBA?P= AOP===JBb?EH !HECAPQPKJKULNALbN=PAL=N= HQ?ENQJ?QPEODANIKOK
'('(6&8(172(1 %$6('(0$48,//$-(526752 +,'5$7$'2
%DVHURVWURKLGUDWDGREHLJH
)$&725'( 3527(&&,Ä1 62/$5
)36
!%#! &yG
!%#!
&yG
'LIXPLQD FRQDFDEDGR XQLIRUPH\FXLGD WXSLHOFRQVX VXDYHWH[WXUD
&yG
!%#!
0DQWLHQHWXSLHO KLGUDWDGD\´MD HOPDTXLOODMH GHMiQGROD UHVSLUDU
%DVHGHPDTXLOODMHURVWURKLGUDWDGR JR] 9DORUL]DGRHQ
6HWGHHVSRQMDV &yG
9DORUL]DGRHQ
!%#!
!%#!
!%#!
.+/
.+/
.+/
.+/
.+/
.+/
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
&yG
3ROYRVFRPSDFWRV GREOHDFDEDGR JR] 9DORUL]DGRHQ
3ROYRV\EDVH HQXQVROR SURGXFWR (PSDUHMD\ PDWL´FD
FRPREDVH
!%#! &yG
FRPRSROYRV
z0ACQOP= ?äIKAOPb IELEAH (EILE=PKJEBE?=@=OEJ I=J?D=OJE=NNQC=O 3ROYRVFRPSDFWRVGREOHDFDEDGREHLJH
!%#!
!%#!
.+/
.+/
.+/
&yG
&yG
&yG
&yG
&yG
SURPRFLyQ5XERUHIHFWRJHPDV\PLQHUDOHVSiJ
/22. &2/25
(KMQAPQLEAHJA?AOEP= L=N=HQ?ENLANBA?P=
'('(6&8(172
JPAO@AH?KHKNLNAL=N=PQNKOPNKU ?KJOACQENbOAHHKKGMQAP=JPKOKã=>=O
%URFKDSDUD3ROYRV
%URFKDSDUD5XERU
&yG
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
3ROYRVVXHOWRVSDUD URVWURSLHOGHVHGD JR] 9DORUL]DGRHQ
0!..+0 &yG
$SOLFDFLyQ XQLIRUPHGH ORVSROYRV
$SOtFDHO UXERUFRQ XQDFDEDGR XQLIRUPH\ QDWXUDO
'HMDWXFXWLV HQYLGLDEOHPHQWH VXDYHFRQWURODHO EULOOR\´MDPHMRU HOPDTXLOODMH 0.*/(«% +/ &yG
5XERUFRPSDFWRJHPDV\PLQHUDOHVUXEt
=HARE@==PQNKOPNK 1JPKMQA@A?KHKND=NbMQAPQNKOPNKOARA=N=@E=JPAÎÎÎ
35202&,Ä1 5XERUHIHFWRJHPDV\ PLQHUDOHVDVROR
3RUODFRPSUDGHFXDOTXLHUSUR GXFWRGHODSiJDODSiJ1R LQFOX\HRWUDVSURPRFLRQHV ¡). &yG
#.*0!.+/! &yG
1.6+.+/ &yG
.1¤
&yG
)bTEI==@DANAJ?E= 0ATPQN=OQ=RAU OA@KO= KJPNKH=AHAT?AOK@A >NEHHK
+.( &yG
5XERUFRPSDFWRHIHFWR JHPDV\PLQHUDOHV JR] 9DORUL]DGRHQ )+ &yG
3URPRFLyQYiOLGDKDVWDDJRWDUVWRFN
Llegó el día con el que tanto soñaste ¡Y lo tienes todo! El vestido perfecto, el peinado ideal... Solo te faltan unos hermosos accesorios para convertirte en la novia más linda de todas.
SURPRFLyQ(VWXFKH9DJXDUGSiJ
$&&(625,26 (67,/2
(QEDxR GHRURFRQ SHUODVFUHPD FULVWDOHV \SLHGUDV IDFHWDGDV WUDQVO~FLGDV
'('(6&8(172(1 6257,-$
18(9$ &2/(&&,Ä1'$00$ &ROODU 3DQWDOODV /DUJRUHJXODEOH«D« /DUJR«[« 0HGLGDVGHOSHQGLHQWH &yG «[« 9DORUL]DGRHQ
3XOVHUD (OiVWLFD /DUJRDSUR[«
9DORUL]DGRHQ
&yG
18(675$%,-287(5,((6
/,%5('(3/202
3DQWDOODVODUJDV /DUJR«[« &yG
&yG
9DORUL]DGRHQ
6RUWLMD 7DOOD&yG 7DOOD&yG 7DOOD&yG 7DOOD&yG 9HUSUREDGRUHQODSiJ
9DORUL]DGRHQ
9DORUL]DGRHQ
SURPRFLyQ(VWXFKH9DJXDUGSiJ
/$&2035$
723 (QEDxR GRUDGRFRQ FULVWDOHV WUDQVO~FLGRV
{-QAL=HLEPA AH=IKNÎ
AIQAOPN=PK@KPQ =IKN?KJAOP= @AHE?=@=?KHA??EäJ HHAJ=@A?KN=VKJAO
18(9$ &2/(&&,Ä1/29(56 &ROODU\SDQWDOODV /DUJRUHJXODEOHGHOFROODU «D« 0HGLGDGHODVSDQWDOODV «[«
&yG
9DORUL]DGRHQ
3DQWDOODVODUJDV 0HGLGDV«[« &yG
9DORUL]DGRHQ
3XOVHUD /DUJRUHJXODEOH«D« &yG
9DORUL]DGRHQ
18(675$%,-287(5,((6
/,%5('(3/202
6RUWLMD$PRU(WHUQR 7DOOD&yG 7DOOD&yG 7DOOD&yG 7DOOD&yG 9HUSUREDGRUHQODSiJ
9DORUL]DGRHQ
6RUWLMD$PRU(WHUQR 3UHFLRVDVRUWLMDGH FRPSURPLVRHQSODWD FRQFLUFyQWUDQVO~FLGR ´QRVFDODGRV\PHQVDMH GHDPRUHQODSDUWH LQWHUQD
3/$7$
&RQFLUFyQ
(VWXFKH/HEDQ
(VWXFKH)LQHVW
,QFOX\HSDUHVGHSDQWDOODV HQEDxRGHRUR\SODWD
,QFOX\HVRUWLMDVHQEDxRGHRUR\SODWD FRQSHUOD\FULVWDOHV
&yG
7DOOD&yG 7DOOD&yG 7DOOD&yG 7DOOD&yG
9DORUL]DGRHQ
9HUSUREDGRUHQODSiJ
9DORUL]DGRHQ
SURPRFLyQ(VWXFKH9DJXDUGSiJ
782)(57$ (675(//$ 18(9$
&2/(&&,Ä1/8;85< (QEDxRGHRUR\EDxRGH SODWDFRQWH[WXUDVGHDOWD MR\HUtD\ILQRVFULVWDOHV WUDQVO~FLGRV (VWXFKHGHFROODU\SDQWDOODV /DUJRUHJXODEOHGHOFROODU «D« 0HGLGDVGHOSHQGLHQWH «[«
(QEDxRGHRUR
6RUWLMD (QEDxRGHRUR 7DOOD&yG 7DOOD&yG 7DOOD&yG 7DOOD&yG
(QEDxRGHSODWD
&yG
7DOOD&yG 7DOOD&yG 7DOOD&yG 7DOOD&yG
9DORUL]DGRHQ
9HUSUREDGRUHQODSiJ
&yG
(QEDxRGHSODWD
FX
9DORUL]DGRHQ
FX
&RQFLUFyQ
18(675$%,-287(5,((6
/,%5('(3/202
'('(6&8(172(1 &2//$5
IKN= LNEIAN=REOP= z0AAJ?=JPäAOP= ?KHA??EäJ%I=CßJ=PA ?Q=J@KPAH=LNQA>AO
&ROHFFLyQHQ EDxRGHSODWD \EDxRGHRUR FRQFULVWDOHV WUDQVO~FLGRV
18(9$ &2/(&&,Ä1025(0, &ROODU /DUJRUHJXODEOH«D« 0HGLGDVGHOSHQGLHQWH «[« &yG
9DORUL]DGRHQ
6RUWLMD 7DOOD&yG 7DOOD&yG 7DOOD&yG 7DOOD&yG
3$5$(//$
3$5$e/
9DORUL]DGRHQ
3DQWDOODV 0HGLGDVDSUR[LPDGDV «[«
&yG
9DORUL]DGRHQ
18(675$%,-287(5,((6
/,%5('(3/202
SURPRFLyQ(VWXFKH9DJXDUGSiJ
352%$'25'(6257,-$&RORFDXQDGHWXVVRUWLMDVKDVWDTXHYHDVHO FtUFXORFRPSOHWRGHQWURGHHOOD(VDHVWXWDOOD
35202&,Ä1 (VWXFKH9DQJXDUG DVROR
&yG
(VWXFKH9DQJXDUG
325/$&2035$'(&8$/48,(5 $&&(625,2'(/$3½*$/$ 3½*
,QFOX\HSDUHVGHSDQWDOODV 9DORUL]DGRHQ
L=NAO@AL=JP=HH=O
{D=OP= ?KI>EJ=?EKJAO@EOPEJP=OÎ
&ROODU'LDPDQWL (QEDxRSODWHDGRFRQILQRV FULVWDOHVJULVHV /DUJRUHJXODEOH«D« 0HGLGDDSUR[GHOSHQGLHQWH «[«
&ROODU9LUJHQ0tD (QEDxRSODWHDGRFRQSHUODV \SHQGLHQWHGHiQJHO /DUJRUHJXODEOH«D« 3HQGLHQWH«[«
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
&yG
(VWXFKH.DODQ\ 6LHWHSDQWDOODVHQEDxRVGH RUR\SODWDSLHGUDV\ GHOLFDGRVHVPDOWHV SLQWDGRVDPDQR &yG
9DORUL]DGRHQ
SURPRFLyQ(VWXFKH9DJXDUGSiJ
&ROODU5HOLJLRVR5R]]D &DGHQDHQEDxRGRUDGRFRQSLH]DV URVDGDVSHUODVGRUDGDV\SHQGLHQWH FRQLPDJHQGHOD9LUJHQGH)iWLPD /DUJRUHJXODEOH«D« &yG
9DORUL]DGRHQ
,55(6,67,%/(6
'('(6&8(172
&DGHQD+HOLRVSDUDKRPEUH (QEDxRGHSODWDHQVX SHQGLHQWHWLHQHXQKHUPRVR GLVHxRGHOD)ORUGH/LV/DUJR «0HGLGDGHOSHQGLHQWH «[«
&DGHQD&UX]DGHSDUDKRPEUH (QEDxRGHSODWDFRQ SHQGLHQWHGHFUX]FDODGD\ FULVWDOFXDGUDGRQHJURDO FHQWUR /DUJR«
&yG
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
*KPAJCKPEAILK >QO?KLN=?PE?E@=@ U=MQßH=AJ?QAJPNKÎÎ 1OKQJ=OKH=?NAI=LANKIA =OACQNKMQAÛOP=D=C= IQ?D=O?KO=OLKNIELEAH
'('(6&8(172
75,3/($&&,Ä10$; 0DVFDULOODH[IROLDQWHIDFLDO PXOWLEHQHILFLRV JR] &yG
9DORUL]DGRHQ
&UHPDGHEHOOH]DSDUD PDQRVJR] &yG
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
5RVWUR5HGXFH ODDSDULHQFLDGH SXQWRVQHJURV\ SRURVDELHUWRV D\XGDDUHPRYHU FpOXODVPXHUWDV UHGXFHHOEULOOR KXPHFWD\ VXDYL]D
0DQRV +LGUDWDQXWUH VXDYL]D UHYLWDOL]D \D\XGDD SURWHJHUWXV PDQRV$GHPiV IRUWDOHFHODV XxDV
&$%(//2 3,(/
)AAJ?=JP= ?QE@=NH= OQ=RE@=@@A IEOI=JKO ,KNMQAIAD=?AJOAJPEN MQAAHIQJ@KAOIAFKN
6XDYL]DWXV PDQRV IRUWDOHFH WXVXxDVFRQ YLWDPLQDV$ (NHUDWLQD\ FDOFLR
0$126 8f$6 3(5)(&7$6 &UHPDPXOWLDFWLYDSDUD PDQRVJR] &yG
9DORUL]DGRHQ
'('(6&8(172
AOI=MQEHH=NPAAO !HEIEJ=NEILQNAV=ONAPEN=NAHI=MQEHH=FA=UQ@=N=KTECAJ=N PQLEAH *KKHRE@AO@AD=?ANHKLKNH=I=ã=J=ULKNH=JK?DA
SURPRFLyQ,W V<RXSiJ
&$%(//2 3,(/
'HVPDTXLOOD ODSLHO VHQVLEOH
'HVPDTXLOOD ODV]RQDV GHOLFDGDVGHO URVWURRMRV\ ODELRV
'('(6&8(172
/RFLyQGHVPDTXLOODQWH SDUDRMRV\URVWUR POIOR] &yG
9DORUL]DGRHQ
'HVPDTXLOODGRUHQJHO SDUDRMRV JR] &yG
9DORUL]DGRHQ
/¤K/¤ *KPK@=OH=OLEAHAOOKJECQ=HAOJK PK@=OH=OVKJ=OP=ILK?K 1PEHEV=QJ @AOI=MQEHH=@KNMQANAOLKJ@==H=O JA?AOE@=@AO@APQNKOPNK
QO?=OAHPN=P=IEAJPKIbO ?KILHAPKL=N=PQNKOPNK 0NELHA??EäJ)=TAOHKIbOLNb?PE?K L=N=AH?QE@=@K@APQ>AHHAV=UFQRAJPQ@
DxRV FXLGDQGR WXURVWUR
J
%HQH´FLRV GHWX &UHPDGH EHOOH]D
.AOQHP=@KO?KILNK>=@KO
GHODVPXMHUHV VLQWLyODSLHOPiV KXPHFWDGD GHODVPXMHUHV VLQWLyPHQRV LPSXUH]DVHQ ODSLHO
%HQH´FLRV GHWX 0DVFDULOOD H[IROLDQWH
J
%HQH´FLRV GHWX &UHPDGH MXYHQWXG
.AOQHP=@KO?KILNK>=@KO
GHODVPXMHUHV VLQWLyPHMRUtDHQ ODDSDULHQFLDGH DUUXJDV GHODVPXMHUHV SHUFLELyVXSLHO PiVFODUD
'('(6&8(172
&$%(//2 3,(/
0K@=A@=@U PELK@ALEAH
z,NABEANAOH= DE@N=P=?EäJ J=PQN=H 5KOßÎLKNAOKOEAILNA QOKHKOLNK@Q?PKO *=PQN=H=NA (= DE@N=P=?EäJOAOEAJPA =HIKIAJPKUH=LEAH @AIENKOPNKUKFKO HQ?A?=@=RAVIbO FKRAJUN=@E=JPA
,NQA>=@AABE?=?E=@ANI=PKHäCE?=NA=HEV=@=AJH=>KN=PKNEKOH=EI?KJ IQFANAOAJPNAU=ãKO@QN=JPAOAI=J=OQO=J@KAHLNK@Q?PKRA?AO=H@ß=
SURPRFLyQ,W V<RXSiJ
0DVFDULOODIDFLDO KLGUDWDFLyQLQPHGLDWD JR]
*HOUHIUHVFDQWHSDUD HOFRQWRUQRGHRMRV JR]
&UHPDKLGUDWDQWHIDFLDO JR]
&yG
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
9DORUL]DGRHQ
&$%(//2 3,(/
1$785$/&$5(
&yG
'('(6&8(172
+XPHFWD\ VXDYL]DODSLHOGHO URVWURGHIRUPD LQPHGLDWDFRQ EDUURRUJiQLFR \DORH
$QWHV
'HVSXpV
+LGUDWDWXV SiUSDGRV ORVUHIUHVFD\ D\XGDDHYLWDU ODDSDULHQFLD GHEROVDV RMHUDV\OtQHDV GHH[SUHVLyQ
+LGUDWDWXSLHO \D\XGDD SURWHJHUODGHOD DSDULFLyQGHORV VLJQRVGHODHGDG
+25$6
GHKLGUDWDFLyQ
GHSDQHOLVWDVSUHVHQWyPHMRUDHQODKLGUDWDFLyQGHODSLHODODVKRUDV5HVXOWDGRVGHSUXHEDLQVWUXPHQWDOGHH´FDFLDUHDOL]DGDD ODVKRUDVGHVSXpVGHDSOLFDUHOSURGXFWRHQYROXQWDULDVHQORVODERUDWRULRV%HOFRUS
AHE?EKOK =NKI=UPKP=H OQ=RE@=@ (=?KI>EJ=?EäJ LANBA?P=L=N=D=?AN@A PQLEAHQJ=RAN@=@AN= PAJP=?EäJ
/Q=REV=JH=LEAH (=LANBQI=J?KJPQ BN=C=J?E=LNABANE@=
&yG
SURPRFLyQ,W V<RXSiJ
&yG
&yG
&$%(//2 3,(/
'('(6&8(172
/RFLyQSHUIXPDGD POIOR] 9DORUL]DGDVHQ FX FX
&yG
&yG
&yG
&yG
&yG
IOR]
SURPRFLyQ,W V<RXSiJ
1J=#.*OKHQ?EäJ L=N=H=LEAHATPN=OA?= )bTEI=DE@N=P=?EäJL=N=@AF=NOQ=RAH= LEAH@APK@=PQB=IEHE=
782)(57$ (675(//$
08/7,&5(0
3DUDSLHOH[WUD VHFD+LGUDWD UHYLWDOL]D SURWHJH\ VXDYL]D
1XWULHQWV /RFLyQFRUSRUDOQXWULWLYD OLWURIOR] &yG
9DORUL]DGRHQ
$YHQDFRQ QXWULHQWHV HVHQFLDOHV SDUDODSLHO
*HUPHQGH WULJRQXWUH \UHYLWDOL]DOD SLHO
0LHODSRUWD KLGUDWDFLyQ GHPDQHUD QDWXUDO
$KUR=O=>NEHH=N @A?QANLKAJPANK (K?EKJAO?KNLKN=HAO MQA@AF=JPQLEAHOQ=RA U?KJQJ@AHE?=@K>NEHHK 6('$ 252 /RFLyQOXPLQRVD POIOR] &yG
9DORUL]DGRHQ
(1&$172'(3(5/$6 /RFLyQOXPLQRVD POIOR] &yG
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
6XDYL]D KXPHFWDWX SLHO\GHMDXQ VHQVXDOEULOOR GRUDGR
+XPHFWD VXDYL]DH LOXPLQDWXSLHO FRQGHVWHOORV SHUODGRV
IOR]
+LGUDWD\ VXDYL]DODSLHO &RQUHIUHVFDQWH DURPDGHµRUGH QDUDQMR\OLWFKL
&$%(//2 3,(/
6XDYL]D\ KXPHFWDODSLHO &RQUHODMDQWH DURPDGHYDLQLOOD \MD]PtQ
'('(6&8(172
1$785$/&$5( 9DLQLOOD -D]PtQ /RFLyQKXPHFWDQWH FRUSRUDO OLWURIOR] &yG
9DORUL]DGRHQ
)ORUGH1DUDQMR /LWFKL /RFLyQKXPHFWDQWH FRUSRUDO OLWURIOR] &yG
9DORUL]DGRHQ
0K@=OLK@AIKO PAJANQJ=LEAH DANIKO=UOQ=RA
SURPRFLyQ,W V<RXSiJ
+XPHFWDQXWUH UHYLWDOL]DVXDYL]D GHYXHOYHOD ´UPH]D\D\XGD DSURWHJHUGHO PHGLRDPELHQWH
&$%(//2 3,(/
IOR]
'('(6&8(172
75,3/($&&,Ä10$; /RFLyQGHEHOOH]DSDUDHO FXHUSR 'HOLWURIOR] &yG
9DORUL]DGRHQ
'HPOIOR] &yG
9DORUL]DGRHQ
AH?=JO=J?EKUH=O=OLANAV=O JKMQA@=NbJEDQAHH= ,NQA>=H=HßJA=?KILHAP=UOAJPENbOPQO LEAOOQ=RAOBNAO?KOUNAJKR=@KO
1J=?EP= ?KJPECKIEOI= 0QOLEAOPAOKOPEAJAJPK@KAH@ß= AODKN=@AIEI=NHKOÎ !ILEAV=@bJ@KHAOQJOQ=RA I=O=FA?KJ?NAI=ATBKHE=JPA
!JFQbC=HKOUOÛ?=HKOOQ=RAIAJPA ?KJQJ=PK=HH=
KHä?=HAOQJLK?K@A?NAI= DQIA?P=JPAUMQA@=NbJIbO OQ=RAOUBNAO?KOMQAJQJ?=
LHE?=H=?NAI=L=N==OLANAV=O AJH=OVKJ=OMQAHKJA?AOEPAJ@AF= =?PQ=NUHEOPK 0QOLEAOMQA@=NbJ ?KIKJQARKO
SURPRFLyQ ,W V <RX SiJ
&$%(//2 3,(/
'('(6&8(172
0QHKKGIbOO=HQ@=>HA 0Q?=>AHHKJA?AOEP=QJ>QAJ=?KJ@E?EKJ=IEAJPKUQJ PN=P=IEAJPKAOLA?E=HEV=@KL=N=RANOAAOLA?P=?QH=N
.AL=N=?EäJ LNKBQJ@=
RA?AOIbO >NEHH=JPA
5HVWDXUDWX FDEHOORGHOGDxR SURYRFDGRV SRUTXtPLFRV VHFDGRUD SODQFKD\WLQWHV
/22. &$5( 5HSDUDFLyQ([WUHPD 0DVFDULOODGREOH UHSDUDFLyQQRFWXUQD POIOR]
$FRQGLFLRQDGRU POIOR]
%ULOOR0i[LPR $FRQGLFLRQDGRU POIOR]
&yG
&yG
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
5HVXOWDGRVREWHQLGRVHQODERUDWRULR VREUHFDEHOORQDWXUDODSOLFDQGRODUXWLQD FRPSOHWD/RRN &DUHYVVKDPSRRVLQ DJHQWHVDFRQGLFLRQDGRUHV
&$%(//2 3,(/
'('(6&8(172(1/$6 &5(0$63$5$3(,1$5</$ 0$6&$5,//$5(3$5$&,Ä1
.EVKO RA?AOIbO @A˜JE@KO
RA?AO IbOHEOK
,QWHQVL´FD WXODFHDGR\ SHUPLWHXQ SHLQDGRPiV SURIHVLRQDO
'H´QH WXVUL]RV\ SHUPLWHXQ SHLQDGRPiV SURIHVLRQDO
/LVR$EVROXWR $FRQGLFLRQDGRU POIOR]
&UHPDSDUDSHLQDU POIOR]
5L]R([WUHPR $FRQGLFLRQDGRU POIOR]
&UHPDSDUDSHLQDU POIOR]
&yG
&yG
&yG
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
9DORUL]DGRHQ
9DORUL]DGRHQ
0QHKKGPEAJAQJKNECAJ .AOEOPAJPA?KJQJ==L=NEAJ?E=O=HQ@=>HAUAOPEHK@ABEJE@K z-QÛIbO!HECAH=BäNIQH=MQAPQ?=>AHHKJA?AOEP=
5(3$5$&,Ä1
%5,//2
.AL=N=AH?=>AHHK @=ã=@KLKNAHQOK @AMQßIE?KO LH=J?D=OA?=@KN= UPEJPAO ,NAREAJAH=?=ß@= @AH?=>AHHKLKN MQEA>NAO
=>AHHKRA?AO IbO>NEHH=JPA ,NKPACAPQ?=>AHHK @AH=LKHQ?EäJ
/22. &$5( 5HSDUDFLyQ([WUHPD 6KDPSRR POIOR]
%ULOOR0i[LPR 6KDPSRR POIOR]
&yG
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
&$%(//2 3,(/
/,62
5,=2
=>AHHKRA?AO IbOHEOK ,NKPACAAH?=>AHHK @AHKO@=ãKO ?=QO=@KOLKNAHQOK @ALH=J?D=O
.EVKORA?AOIbO @ABEJE@KO KJPNKH=AHBNEVV
/LVR$EVROXWR 6KDPSRR POIOR]
5L]R([WUHPR 6KDPSRR POIOR]
&yG
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
5HVXOWDGRVREWHQLGRVHQODERUDWRULRVREUHFDEHOORQDWXUDODSOLFDQGRODUXWLQDFRPSOHWD/RRN &DUHYVVKDPSRRVLQDJHQWHVDFRQGLFLRQDGRUHV
@EäOLQJP=OL=NPE@=O UKL=?E@=@ (KKGÓ=NAPEAJAH=O BäNIQH=OE@A=HAO L=N=@=NHA=PQ ?=>AHHKAHHKKGMQA IbOPACQOP=
5HVWDXUD ODVSXQWDV SDUWLGDV\ODV VHOOD3URWHJHWX FDEHOORGHORV HIHFWRVGHOVRO
,QFUHPHQWD HOEULOORGH WXFDEHOOR \D\XGDD GHMDUORVXDYH \VHGRVR
/22. &$5( 3DUDWRGRWLSRGHFDEHOOR 5HSDUDFLyQ([WUHPD /RFLyQ5HVWDXUDGRUDGH 3XQWDV POIOR] &yG
9DORUL]DGRHQ
%ULOOR0i[LPR 6SUD\PD[LPL]DGRUGH EULOOR POIOR] &yG
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
&$%(//2 3,(/
'('(6&8(172
IOR]
QE@=PQ?=>AHHK AJIAJKOPEAILK U@EOBNéP=HKIbO Q=J@KPQ?=>AHHKHQ?AOA@KOKU >NEHH=JPAPéPAOEAJPAOIAFKN
/LPSLD\ DFRQGLFLRQD DODYH]
9,7$/ 'XDFWLRQHQ 6KDPSRRDFRQGLFLRQDGRU OLWURIOR] &yG
9DORUL]DGRHQ
/D=ILKKOU=?KJ@E?EKJ=@KNAO OA?KILHAIAJP=J=H=LANBA??E채J (EILE=J@AOAJNA@=JULNKPACAJPQ?=>AHHK ?KJHKOIAFKNAOEJCNA@EAJPAOJ=PQN=HAO
6+$03226
D
E
1250$/
"KNP=HA?AAH?=>AHHK ?KJ=RAJ= /Q=REV=?KJIEAH@A=>AF=
SURPRFLyQ,W V<RXSiJ
F
*5$62
KJPNKH=H=CN=O= ?KJHEI채J $QIA?P=AH?=>AHHK ?KJ=HKA
6(&2
$QIA?P=?KJ=?AEPA @A?K?K /Q=REV=?KJ=CQ=?=PA
$/9,(172 $FRQGLFLRQDGRUPOIOR] D&DEHOOR1RUPDO&yG E&DEHOOR*UDVR&yG F&DEHOOR6HFR&yG 9DORUL]DGRHQFX FX
&$%(//2 3,(/
6KDPSRRPOIOR] D&DEHOOR1RUPDO&yG E&DEHOOR*UDVR&yG F&DEHOOR6HFR&yG 9DORUL]DGRHQFX FX
'('(6&8(172(1/26 $&21',&,21$'25(6
$&21',&,21$'25(6
D
1250$/
E
F
*5$62
6(&2
(=J=PQN=HAV=?QE@= IQU>EAJPQ?=>AHHK KJHKOIAFKNAOEJCNA@EAJPAOJ=PQN=HAO
E&DEHOOR 6HFR6XDYL]D \DFRQGLFLRQD FRQDFHLWHGH FRFRKXPHFWD \GHMDGyFLOHO FDEHOORFRQ DJXDFDWH
D&DEHOOR 1RUPDO )RUWDOHFHOD ´EUDFDSLODU FRQDYHQD\OH GDVXDYLGDG\ YLGDFRQPLHO
IOR]
$/9,(172 6KDPSRROLWURIOR] D&DEHOOR1RUPDO&yG E&DEHOOR6HFR&yG F&DEHOOR*UDVR&yG G&DEHOOR([WUD6HFR&yG 9DORUL]DGRHQFX FX
SURPRFLyQ,W V<RXSiJ
F&DEHOOR *UDVR &RQWURODHO QLYHOGHJUDVD FRQOLPyQ\ UHIUHVFDFRQ ViELOD
IOR]
G&DEHOOR ([WUD6HFR +XPHFWD\ GDEULOORFRQ DFHLWHGH MRMREDSURWHJH OD´EUDFDSLODU FRQNLZL
IOR]
&$%(//2 3,(/
'('(6&8(172(1(/ 6+$0322<(/$&21',&,21$'25 (;75$6(&2</$&5(0$3$5$ 3(,1$5
HQ7RGR WLSRGHFDEHOOR $XPHQWDHOEULOOR FRQDOPHQGUDV \IRUWDOHFHOD ´EUDFDSLODUFRQ JHUPHQGHWULJR
&DEHOOR ([WUD6HFR +XPHFWD\GD EULOORFRQDFHLWH GHMRMRED SURWHJHOD´EUD FDSLODUFRQNLZL
IOR]
7RGRWLSRGH FDEHOOR+LGUDWD SURIXQGDPHQWH\ VXDYL]DFRQDORH YHUDDXPHQWDHO EULOORFRQNDULWp\ IDFLOLWDHOSHLQDGR FRQQXH]GH PDFDGDPLD
HQ 6KDPSRR DFRQGLFLRQDGRU OLWURIOR]
&DEHOOR([WUD6HFR $FRQGLFLRQDGRU OLWURIOR]
3DUDWRGRWLSRGHFDEHOOR &UHPDSDUDSHLQDU JR]
&yG
&yG
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
9DORUL]DGRHQ
EOBNQP=@AQJ=LEAHBNAO?= ULANBQI=@=AJOACQJ@KO 1O=PQP=H?KLANBQI=@KB=RKNEPK@E=NE=IAJPA UJKP=NbOH=@EBANAJ?E=AJPQLEAH
SURPRFLyQ,W V<RXSiJ
.ABNAO?=JH=LEAH (=LANBQI=J?KJ PQBN=C=J?E= LNABANE@=
&yG
&yG
FX
&yG
&yG
7DOFRVSHUIXPDGRV JR] 9DORUL]DGRVHQFX
782)(57$ (675(//$
&yG
&yG
&yG
&yG
&yG
&yG
&yG
)bTEI=OACQNE@=@ULNKPA??EäJ AOK@KN=JPAOMQA?KI>=PAJH=PN=JOLEN=?EäJ UREAJAJ?KJAH=NKI=@APQBN=C=J?E=B=RKNEP=
&yG
&yG
&yG
SDUDHOOD
3URWHJHQGHO PDORORUH LQWHQVL´FDQ WXIUDJDQFLD IDYRULWD
'HVRGRUDQWHVUROORQ POIOR] 9DORUL]DGRVHQFX FX
&yG
&yG
SURPRFLyQ,W V<RXSiJ
&yG
&yG
&yG
&$%(//2 3,(/
&yG
&yG
SDUDpO
&yG
&yG
&yG
'('(6&8(172
&yG
&yG
&yG
&yG
XQLVH[
)bTEI=LNKPA??EäJOEJ N=OPNK@APN=JOLEN=?EäJ AOK@KN=JPAOMQA I=JPEAJAJPQLEAHOA?= UHE>NA@AHI=HKHKN
8QLVH[ &RQIUDJDQFLD QHXWUD
727$/6(& 'HVRGRUDQWHUROORQ POIOR] 8QLVH[&yG +RPEUH&yG 0XMHU&yG 9DORUL]DGRHQFX FX
SURPRFLyQ,W V<RXSiJ
3DUDpO &RQUHIUHVFDQWH IUDJDQFLD PDVFXOLQD
3DUDHOOD &RQGHOLFDGR DURPDµRUDO
EOBNQP=@AHOKHLANKLNKPÛCAPA ?KJ,ANBA?P/QJ
&$%(//2 3,(/
AF=MQAAHOKH PA@ÛQJ=>N=VK
'('(6&8(172
3(5)(&7681 .LGV 3URWHFWRUVRODUSDUDQLxRV URVWUR\FXHUSR)36 JR] &yG
9DORUL]DGRHQ
6SUD\ 3URWHFWRUVRODUFRUSRUDO HQVSUD\)36 POIOR] &yG
9DORUL]DGRHQ
3URWHJHOD GHOLFDGDSLHO GHORVQLxRV GHOVRO(YLWDHO HQURMHFLPLHQWR HLUULWDFLyQ
3URWHJHOD SLHOGHORVUD\RV 89$\89% TXHFDXVDQHO HQYHMHFLPLHQWR SUHPDWXUR
)AAJ?=JP=?Q=J@K IEDEF=IA@E?A MQAMQEANAOAN ?KIKUK
SURPRFLyQ0RFKLODV0DJLF%DJ\7UDQVIRUPHU%DJSiJ
.HOO\7HFK &RORQLDFRQFKLVSHDQWHV HVWUHOODV POIOR]
'('(6&8(172
&yG
9DORUL]DGRHQ
7LQD'DQFH 'HVHQUHGDQWHPiJLFR POIOR] &yG
'HVHQUHGDHO FDEHOOROHGDXQ EULOORIDEXORVR\ ORGHMDOLVWRSDUD ORVSHLQDGRV PiVOLQGRV
1,f26 %(%e6
0,1,&+,&6
9DORUL]DGRHQ
0RGHUQR DURPDµRUDO IUXWDOVROR SDUDFKLFDV FRRO
AHH=HACQOP=JHKO ?KHKNAOU>NEHH=N ?KJIQ?D=O AOPNAHHEP=O
(QXQVROR SDVRVXFDEHOOR TXHGDUiOLPSLR VHGRVR\FRQXQ ULTXtVLPRDURPD DWXWWLIUXWWL
&RQPDQ]DQLOOD \SURWHtQDVGH WULJRUHVDOWDHO FRORUQDWXUDOGHO FDEHOORFODUR
/¤K/¤ /EANAO?KKHUNA B=ODEKJD=VMQAH=OAOPNAHH=O U?DEOLEP=O@A)EJEDE?OPAD=C=J>NEHH=NAJPNA PK@=OPQO=IEC=O
SURPRFLyQ0RFKLODV0DJLF%DJ\7UDQVIRUPHU%DJSiJ
1,f26 %(%e6
3DUDTXHHOOD SXHGDOXFLUHO SHLQDGRPiV GLYHUWLGR\FRQ EULOORVPX\ PRGHUQRV
'('(6&8(172
8QDURPD GHGHOLFLRVDV µRUHV\ IUXWDVSDUD ODVFKLFDV PiVIDVKLRQ
0,1,&+,&6 /LVD&RRO 6KDPSRRHQ POIOR] &yG
9DORUL]DGRHQ
&DQG\\.HOO\ 6KDPSRRPDQ]DQLOOD HQPOIOR] &yG
9DORUL]DGRHQ
7LQD\/LVD *HOFRQFKLVSLWDV SDUDHOFDEHOOR POIOR] &yG
9DORUL]DGRHQ
5XEL'LYLQH &RORQLDFRQ FKLVSHDQWHVHVWUHOODV POIOR] &yG 'HMDVXSLHO PX\VXDYH FRQXQRORU ULTXtVLPR\ FRQSUHFLRVRV EULOORV
9DORUL]DGRHQ
&DQG\6ZHHW /RFLyQSDUDHOFXHUSR FRQFKLVSLWDV POIOR] &yG
9DORUL]DGRHQ
'('(6&8(172
0i[LPDHVSXPD TXHHOLPLQDWRGR UDVWURGHVXFLHGDG HQHOFDEHOOR
&20$1'2)25&( 8QKXUDFiQ GHIUHVFXUD FRQDURPD DGHOLFLRVDV IUXWDV
$URPD[ &RORQLD POIOR] &yG
9DORUL]DGRHQ
3DUDJHOL[ *HO JR] &yG
9DORUL]DGRHQ
6SXPDWDN 6KDPSRRHQ POIOR] &yG
9DORUL]DGRHQ
;SODVK &RORQLD POIOR] &yG
9DORUL]DGRHQ
5HIUHVFDQWH DURPDSDUD VXSHUKpURHV TXHGHVLQWHJUD DORV0XJU\[
3HUPLWH KDFHUORV SHLQDGRVPiV GLYHUWLGRV\ PRGHUQRV
SURPRFLyQ0RFKLODV0DJLF%DJ\7UDQVIRUPHU%DJSiJ
35202&,Ä1 0RFKLOD0DJLF%DJ 0RFKLODFRQLPiJHQHVLQWHUFDPELDEOHVGHODV0LQL&KLFV (VJUDQGHHVSDFLRVD\FRORULGDLGHDOSDUDFXDOTXLHU RFDVLyQ0HGLGDVDSUR[«[«[« &yG
9DORUL]DGRHQ 0RFKLOD7UDQVIRUPHU%DJ 0RFKLODJUDQGH\HVSDFLRVDFRQLPiJHQHVLQWHUFDPELDEOHV GHORV&RPDQGR)RUFH0HGLGDVDSUR[«[«[ «
0RFKLODV0DJLF%DJ\ 7UDQVIRUPHU%DJDVROR
FX
SRUODFRPSUDGHXQSURGXFWRGHOD SiJDOD
&yG
9DORUL]DGRHQ
0LQL&KLFV LQWHUFDPELDEOHV
&RPDQGR)RUFH LQWHUFDPELDEOHV
6RQGRVOLQGtVLPRV GLVHxRVGHODV0LQL &KLFVEDLODQGR &iPELDORVFXDQGR TXLHUDV\HQVpxDVHORV DWRGDVWXVDPLJDV
6RQGRVLQFUHtEOHV GLVHxRVGHWXVKpURHV GH&RPDQGR)RUFH HQDFFLyQ&iPELDORV FXDQGRTXLHUDV\ VRUSUpQGHORVDWRGRV
3URPRFLyQYiOLGDKDVWDDJRWDUVWRFN
)AB=O?EJ=RANHKO FQC=NBAHE?AO @QN=JPAPK@KAH@ß=
SURPRFLyQ,W V<RXSiJ
1,f26 %(%e6
0DQWLHQH VXFDEHOOR OLVLWR\ VHGRVR
'('(6&8(172
'HVHQUHGD DOPi[LPR VXFDEHOOR RQGXODGR\OR GHMDKHUPRVR
+$33<&/8% 1XU\*OXE\ 6KDPSRRFDEHOOR RQGXODGRHQ POIOR] &yG
'HOIL6SODVK 6KDPSRRFDEHOOR OLVRHQ POIOR] &yG
6XULFR DURPDD QDUDQMDODYDD GHMDUROLHQGR GHOLFLRVR
9DORUL]DGRVHQ FX FX &RFR]LxR &RORQLDSDUDQLxRV POIOR] &yG
+LSRSRYD &RORQLDSDUDQLxDV POIOR] &yG
9DORUL]DGDVHQ FX FX
6XDURPDD OLPyQORKDUi VHQWLUVHPX\ IUHVFRGHVSXpV GHOEDxR
GHDPHVHV
&RORQLD 7LHUQRDURPD FRQµRUHVGH PDQ]DQLOODTXH ORGHMDUiIUHVFR \UHODMDGR
6KDPSRR /HGDUiD VXFDEHOOR FODUREULOOR\ VXDYLGDG
$*Ç 6KDPSRRFRQPDQ]DQLOOD \DFHLWHVGHDOJRGyQ OLWURIOR] &yG
9DORUL]DGRHQ
'HPOIOR] &yG
9DORUL]DGRHQ
&RORQLDFRQIORUHV GHPDQ]DQLOOD OLWURIOR] &yG
9DORUL]DGRHQ
'HPOIOR] &yG
9DORUL]DGRHQ
7DOFRFRQIpFXODV GHPDt]JR] &yG
9DORUL]DGRHQ
/¤K/¤ 0N=OAH>=ãKQO=H=?NAI=L=N==?=NE?E=N ?KJOQ=RE@=@PK@KOQ?QANLK KIEAJV= LKNOQO@AHE?=@KOLEAOU=HHHAC=N=OQ >=NNECQEP=D=VHK@AI=JAN=?EN?QH=N !OPK =UQ@=Nb==HERE=NLKOE>HAO?äHE?KO
SURPRFLyQ,W V<RXSiJ
IOR]
7DOFR 0DQWLHQHVXSLHO VXDYH\VHFD\ ORGHMDFyPRGR \IUHVFRWRGR HOGtD
GHDPHVHV
1,f26 %(%e6
$*Ç 0i[LPR&XLGDGR &RORQLDVLQDOFRKRO OLWURIOR]
&RORQLD 7LHUQRDURPD QDWXUDOFRQ IyUPXODVXDYH\ YLWDPLQD(SDUD HOUHFLpQQDFLGR
IOR]
&yG
6KDPSRR )yUPXODH[WUD VXDYH8QVROR SURGXFWRTXH QXWUHVXDYL]D\ SURWHJHVXSLHO \FDEHOOR
9DORUL]DGRHQ
6KDPSRRSDUD FDEHOOR\FXHUSR OLWURIOR] &yG
9DORUL]DGRHQ
&UHPDFRUSRUDO KXPHFWDFLyQKRUDV 'HJR]
&yG
9DORUL]DGRHQ
'HJR] &yG
9DORUL]DGRHQ
&UHPD &RQDYHQD\ SURWHtQDVGH OHFKH'HMD VXSLHOVXDYH \SURWHJLGD WRGRHOGtD
0A?QE@K?Q=J@K @QANIAOL=N= MQAOEAILNA OQAãAOHEJ@K
6KDPSRR 8QVROR SURGXFWRTXH FXLGDVXFDEHOOR \SLHOLGHDOSDUD HOEDxRDQWHV GHGRUPLU
/¤K/¤ !H@AO?=JOK@APQ>A>ÛAOEILKNP=JPAL=N=OQ @AO=NNKHHK ,KNAOK=Ué@=HK=@KNIENNAH=F=@KU LNKBQJ@K?KJCé=>U.AH=T
GHDPHVHV
SURPRFLyQ,W V<RXSiJ
IOR]
IOR]
7DOFR 3URWHJHVXSLHO FRQIpFXODV GHPDt]DORH PDQ]DQLOOD µRUHVGHD]DKDU \FDQHOD
1,f26 %(%e6
&RORQLD 7LHUQRDURPD µRUDOFRQQRWDV GHMD]PtQ\ YDLQLOODTXHOR UHIUHVFD\OR UHODMD
'('(6&8(172
$*Ç /RFLyQ 'HOLFDGDFDULFLD TXHVXDYL]D VXSLHO\OR D\XGDDGRUPLU SURIXQGDPHQWH
%DE\5HOD[ 6KDPSRRFDEHOOR \FXHUSR OLWURIOR] &yG
9DORUL]DGRHQ
'HPOIOR] &yG
9DORUL]DGRHQ
&RORQLD OLWURIOR] &yG
9DORUL]DGRHQ
'HPOIOR] &yG
9DORUL]DGRHQ
7DOFR JR] &yG
9DORUL]DGRHQ
/RFLyQKLGUDWDQWH SDUDPDVDMHV POIOR] &yG
9DORUL]DGRHQ
DURPDV !(!#*0!/
)5(6&$(/(*$1&,$ 3$5$(/+20%5( '(081'2
SURPRFLyQ,W V<RXSiJ
*HODIWHUVKDYH POIOR]
&yG
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
'('(6&8(172(1 *(/$)7(56+$9(
e/ e/
' $5,(1 &RORJQHDWRPLVHXU POIOR]
+HUEDO (OHJDQWH 6R´VWLFDGRV DFRUGHVGH UREOHYHUEHQD \YHWLYHU
(KO=NKI=O OKJEILNA@A?E>HAO (=BN=C=J?E=LANBA?P=AO QJRE=FAEJ?NAß>HAL=N= HKOOAJPE@KOHHAJK@A NKI=J?A=RAJPQN=U IEOPANEK zäIKOANbH= LNäTEI=RAV*=@EAHK O=>A (KEILKNP=JPAAO @EOBNQP=NAHIKIAJPKU D=?AN@A?=@=OQOLENK QJ=DEOPKNE=EJKHRE@=>HA
(/(*,581$)5$*$1&,$$/$=$5"-$0½6
62 2 (5 $' 0
'2 ,$ (& 3 (6 62 2 (5 ' $ 0
&À 75 ,& 2
2 ,& 75 &À
$/ 5% +(
+( 5% $/
7,9 $&
6 ('8 &7 12 25 (5 ' 2 0 2 $' &, 3( (6
(/ (* $1 7(
!JAH>=JE?K@ANKI=O@A^OEG=AJ?QAJPN=OQBN=C=J?E=E@A=H
0$'(5262
+(5%$/
&À75,&2
&À75,&2
(63(&,$'2
+(5%$/
0$'(5262
(63(&,$'2
«O=HK=Oß 1>E?=QJK@AHKOCNQLKOOACéJOQAOPEHK!HAC=JPA)K@ANJK/A@Q?PKNK?PERK
(QACKAHECAAH=NKI=OACéJH=B=IEHE=KHB=PER=!OLA?E=@K)=@ANKOK$AN>=HKßPNE?K
!OP=OOAã=HAOPACQE=NbJ=AJ?KJPN=NAH=NKI=MQA>QO?=OAJAH?=PbHKCK DURPDV !(!#*0!/
,PSHULXP $]DEDN 'DULHQ 'DULHQ&ODVV
DURPDV )+ !.*+/
:LQQHU%ODFN +LJKZD\ &DUGLJDQ
DURPDV /! 10+.!/
6WURQJ0XVN 9DQLOOD+RPEUH :LQQHU7RQLJKW 9HKHPHQFHSDUDpO ,PiQHP %UDYtR 0D[ )RJRV ([XV 3XOVR 6DOYDMH
DURPDV 0%2+/
$YHQWRXU )RU]H :LQQHU6SRUW $OWKHXV ,WV<RX ,WV<RX/LYH
e/ e/
DURPDV /! 10+.!/
(VSHFLDGR 6HGXFWRU /DLQWHQVLGDG GHOViQGDOR\ HOFDVKPqUHVH FRPELQDQHQ XQDIUDJDQFLD LUUHVLVWLEOH
,0½1(0 &RORJQHDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
+HUEDO 6HGXFWRU 3DWFKRXOL\ FDUGDPRPR VHXQHQHQOD PiVLUUHVLVWLEOH HVHQFLD PDVFXOLQD
)2*26 (DXGHWRLOHWWH DWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
e/ e/
/$(6(1&,$ '(/+20%5( (=BQANV=@AHIEPK
(;86 &RORJQHDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
+HUEDO 6HGXFWRU 9LULOHVQRWDV GHFXHUR ODYDQGD\ HVHQFLDV FtWULFDV
)527$$48À<6,(17((/ $520$'((;86(1783,(/
DURPDV /! 10+.!/
3$5$72'2 81+20%5( 72'281$520$ "NAO?KEIL=?P=JPAH=IbORENEH EJPANLNAP=?EäJ@A=?KN@AO@AI=@AN=O NQ>E=OURAPERANOABQJ@AJ?KJNAOEJ=O J=PQN=HAOLQN=OU?QANKL=N=HKCN=NQJ= BN=C=J?E=LKPAJPAIAJPAI=O?QHEJ=
SURPRFLyQ,W V<RXSiJ
e/ e/
18(9$
0DGHURVD6HGXFWRU ,PSDFWDQWH\SRGHURVD PL[WXUDGHPDGHUDV YHWLYHU\FXHUR
0$; (DXGHWRLOHWWHDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
DURPDV /! 10+.!/
(VSHFLDGR 6HGXFWRU 6HGXFWRUDV QRWDVGH SDWFKRXOL\ ViQGDOROD FRQTXLVWDQ
(VSHFLDGR 6HGXFWRU 1RWDVGH QXHFHV FDUGDPRPR \PDGHUDV HQFLHQGHQOD SDVLyQ
:,11(5721,*+7 &RORJQHDWRPLVHXU POIOR]
9(+(0(1&(3$5$e/ &RORJQHDWRPLVHXU POIOR]
&yG
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
e/ e/
,167,172'(6('8&&,Ä1
/26
$
9DORUL]DGRHQ
&yG
$+255$
6$/9$-( &RORJQHDWRPLVHXU POIOR] &yG +HUEDO 6HGXFWRU ,QWHQVDV QRWDVFtWULFDV \DSDVLRQDQWH ViQGDOR\ SDWFKRXOL
9DORUL]DGRHQ
7DOFRSHUIXPDGR JR] 9DORUL]DGRHQ
6,(035($75$&7,92
SURPRFLyQ,W V<RXSiJ
&$%(//2 3,(/
'('(6&8(172
6KDPSRR HQ /LPSLD SURIXQGDPHQWH\ D\XGDDSUHYHQLU ODFDVSD
6KDPSRR &RQWURO(IHFWLYR /LPSLD SURIXQGDPHQWH\ IRUWDOHFHHOFDEHOOR
*HOSDUD HOFDEHOOR %ULQGDPi[LPD ´MDFLyQ\ KXPHFWDFLyQ
7UDWDPLHQWRIDFLDO PXOWLDFFLyQ &RQWURODHOH[FHVR GHJUDVDSUHYLHQH ODDSDULFLyQGH DUUXJDVGHOURVWUR\ UHIUHVFDOXHJRGHO DIHLWDGR
e6,.$0(1 7UDWDPLHQWRIDFLDO PXOWLDFFLyQHQORFLyQ POIOR]
6KDPSRRPXOWLDFFLyQ HQ POIOR]
6KDPSRRFRQWURO HIHFWLYR POIOR]
*HOILMDGRUSDUDHOFDEHOOR JR]
&yG
&yG
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
9DORUL]DGRHQ
9DORUL]DGRHQ
&yG
/$)5(6&85$ 48(e/6(0(5(&(
SURPRFLyQ,W V<RXSiJ
&$%(//2 3,(/
'('(6&8(172
&RORQLD )UHVFDVQRWDV GHEHUJDPRWD PHQWDWRURQMD \ODYDQGDTXH UHIUHVFDQ\ UHFDUJDQGH HQHUJtD
'HVRGRUDQWH HQVSUD\ $VHJXUDKDVWD KRUDVGH SURWHFFLyQFRQWUDOD VXGRUDFLyQ\HOPDO RORU&RQDURPDD PHQWD\PDGHUDV
e6,.$0(1 )UHVK %RG\VSODVKUHIUHVFDQWH POIOR]
'HVRGRUDQWHHQVSUD\ POIOR]
&yG
&yG
9DORUL]DGRHQ
9DORUL]DGRHQ
81$520$ 48($&(/(5$ /26/$7,'26 38/62 &+5,67,$10(,(5 &RORJQHDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
+HUEDO 6HGXFWRU (QYROYHQWHV DFRUGHVGH FDUGDPRPR WDEDFR\ VHGXFWRU FHGURURMR
e/ e/
(/25,*(1'( /$3$6,Ä1
!HLK@AN@AH=OA@Q??EäJ
'('(6&8(172
(VSHFLDGR 6HGXFWRU 1RWDVGHPXVN \EHUJDPRWD VHXQHQHQ XQH[FLWDQWH DURPD
67521*086. &RORJQH POIOR] &yG )527$$48À<6,(17((/ $520$'(67521*086. (1783,(/
9DORUL]DGRHQ
DURPDV 0%2+/
/26/À0,7(6621 3$5$5203(56(
SURPRFLyQ,W V<RXSiJ
782)(57$ (675(//$
)527$$48À<6,(17( (/$520$(1783,(/
)25=( &RORJQHDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
0DGHURVR $FWLYR 3RWHQWHV QRWDVGH OLPyQWRQND\ FHGUREODQFR
DURPDV 0%2+/
6(5/,%5((6 81$$9(1785$
SURPRFLyQ,W V<RXSiJ
e/ e/ 0DGHURVR $FWLYR %ULVDVGHOLPyQ DXVWUDOLDQR\ FHGURLQYLWDQ DODDYHQWXUD
'('(6&8(172
$9(17285 &RORJQHDWRPLVHXU POIOR] )527$$48À<6,(17( (/$520$(1783,(/
&yG
9DORUL]DGRHQ
DURPDV 0%2+/
+HUEDO$FWLYR (QpUJLFDV QRWDVFtWULFDV FHGURYHWLYHU \PXVN
'('(6&8(172
:,11(563257 &RORJQHDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
SURPRFLyQ,W V<RXSiJ
e/ e/
//(*$5$/$&,0$7,(1( 6865(&203(16$6
+HUEDO$FWLYR 'LQiPLFD IUHVFXUDFRQ YLJRURVDV QRWDVGH ODYDQGD
'('(6&8(172
$/7+(86 &RORJQHDWRPLVHXU POIOR] &yG
9DORUL]DGRHQ
DURPDV 0%2+/
&tWULFR$FWLYR (VSRQWiQHDV QRWDVFtWULFDV GHOLPyQ\ WRURQMDHQVX SXQWRPiV UHIUHVFDQWH
,7 6<28 )UDJDQFLDXQLVH[ (DXGHWRLOHWWHDWRPLVHXU POIOR] 9DORUL]DGRHQ )527$$48À<6,(17( (/$520$(1783,(/
35202&,Ä1 ,WV<RXDVROR
&yG
325/$&2035$'(&8$/48,(5 352'8&72'(/&$7½/2*212 ,1&/8<(275$635202&,21(6
6,03/(0(17(7Ç 3URPRFLyQYiOLGDKDVWDDJRWDUVWRFN
35(&,2 7(17$&,Ä1 DVROR
! %¨* 0 !* 0 +( 0 ! + $
&$7½/2*2 9,*(17( -XOLR KDVWD 6HSWLHPEUH /D GLVSRQLELOLGDG GH ORV SURGXFWRV RIUHFLGRV HVWi VXMHWD DO HVWLPDGR GH GHPDQGD SDUD HVWD FDPSDxD 7RGRV ORV SUHFLRV SXEOLFDGRV HQ HVWH FDWiORJR QR LQFOX\HQ HO LPSXHVWR VREUH OD YHQWD \ XVR ,98 GHO
eVLND FRPXQLFD D VXV FOLHQWHV TXH DPERV ORJRV GH OD PDUFD HVWiQ YLJHQWHV \ SRGUi UHFLELU SURGXFWRV FRQ FXDOTXLHUD GH HOORV PDQWHQLHQGR HO PLVPR QLYHO GH FDOLGDG ZZZIDFHERRNFRPHVLNDEHOFRUS
ZZZ\RXWXEHFRP(VLND9LGHRV
#(VLND%HOFRUS
,.%$+ !)+.
&yG
,035(6,Ð10(752&2/25'(0e;,&26$GH&9
38(5725,&2& +$= 78 3(','2 $ 75$9e6 '( 78 &2168/725$ 2 //$0$ *5$7,6 $/ ,6/$ 2 ½5($ 0(75232/,7$1$
6tJXHQRV HQ ZZZHVLNDEL]
&yG
)*&.*01.( &yG
%.1!(%..!/%/0%(!
&yG
".)1!/#+(+/
&yG
)*6*!**!(
&yG
Published on Jul 1, 2013
Ésika / Campaña 13 / Puerto Rico