.BOVBM EF VTP Z NBOUFOJNJFOUP $POTVMUBS MBT TJHVJFOUFT JOTUSVDDJPOFT BOUFT EF VUJMJ[BS MB NÈRVJOB -FFS DPO BUFODJØO MBT OPSNBT EF TFHVSJEBE .
¶/%*$& 13&$"6$*0/&4 *.1035"/5&4 .«26*/" "$$&4403*04 */45"-"$*»/ 16&45" &/ 4&37*$*0 %& -" .
¶/%*$& .&/Á i1"/5"--"w $0/'*(63"$*»/ #*%"4 3&(6-"$*»/ %& -" 5&.1&3"563" %& &30("$*»/ %& $"'² "+645 &%& -" %04*4 %& $"'² "30.
13&$"6$*0/&4 *.
*/4536$$*0/&4 40#3& &- $"#-& &-²$53*$0 t 4F TVNJOJTUSB VO DBCMF FMÏDUSJDP CBTUBOUF DPSUP QBSB FWJUBS RVF TF FOSPTRVF P USPQJF[PT t 5BNCJÏO TF QVFEFO VUJMJ[BS BMBSHBEPSFT QFSP TF EFCF UFOFS NVDIP DVJEBEP 4J TF VUJMJ[B VO BMBSHBEPS TF EFCF DPNQSPCBS RVF B FM WPMUBKF JOEJDBEP FO FM NJTNP DPSSFTQPOEB DPO FM EFM FMFDUSPEPNÏTUJDP C UFOHB VO FODIVGF EF USFT UFSNJOBMFT Z QVFTUB B UJFSSB TJ FM DBCMF EFM FMFDUSPEPNÏTUJDP FT EF FTUF UJQP D FM DBCMF OP DVFMHVF EF MB NFTB QBSB
.«26*/" $POUFOFEPS EF DBGÏ FO HSBOP #PUØO EF BQFSUVSB EFM DPOUFOFEPS EF DBGÏ FO HSBOP 5BQB EFM DPOUFOFEPS EF DBGÏ FO HSBOP 4VQFSm DJF DBMJFOUBUB[BT &OUSBEB QBSB DBGÏ NPMJEP %JTQMBZ 506$) 4$3&&/ *OUFSSVQUPS HFOFSBM 4#4 1PSUF[VFMB EF TFSWJDJP 4BMJEB %F $BGÏ &SPHBEPS $VCFUB EF HPUFP SFKJMMB Z n PUBEPS $BKØO EF SFDPHJEB EF QPTPT 1VMTBEPS QBSB TVCJS CBKBS MB DVCFUB EF HPUFP $PNQBSUJNJFOUP QBSB DPOUFOFEPS EF MFDIF 5VCP CPRVJMMB EF TVNJOJTUSP BHVB DBMJFOUF %FQØTJUP EF BHVB (SVQP EF DBGÏ $V
*/45"-"$*»/ 16&45" &/ 4&37*$*0 %& -" .
*/45"-"$*»/ $"3(" .
'*-530 i"26" 13*.
1"/5"--" 4F QVFEF DBNCJBS MB QSFTFOUBDJØO EF MB QBOUBMMB FOUSF GPSNBUP iGPSNBUP JDPOPw Z iGPSNBUP UFYUPw '03."50 *$0/0 '03.
"+645&4 */5&/4*%"% %&- $"'² &M EJTQPTJUJWP 4#4 IB TJEP EJTF×BEP FTQFDÓm DBNFOUF QBSB QFSNJUJS EBSMF BM DBGÏ MB EFOTJEBE Z MB JOUFOTJEBE EF TBCPS RVF TF EFTFB #BTUB HJSBS FM NBOEP QBSB OPUBS DØNP FM DBGÏ DBNCJB EF DBSÈDUFS EF BDVFSEP DPO WVFTUSP HVTUP 4#4 o 4"&$0 #3&8*/( 4:45&. 1BSB SFHVMBS MB JOUFOTJEBE EFM DBGÏ FMBCPSBEP -B SFHVMBDJØO TF QVFEF SFBMJ[BS JODMVTP EVSBOUF MB FSPHBDJØO EFM DBGÏ &TUB SFHVMBDJØO QSPEVDF VO FGFDUP JONFEJBUP FO MB FYUSBDDJØO TFMFDDJPOBEB $"'² .
13&1"3"$*»/ %& -" #*%" -" &30("$*»/ %& $"'² : &- 46.*/*4530 %& "(6" : -&$)& 4& 16&%&/ */5&3 36.1*3 &/ $6"-26*&3 .0.&/50 16-4"/%0 -" 5&$-" i1"3"3 &30("$*»/ w -" -&$)& 46.*/*453"%" 16&%& "-$"/;"3 &-&7"%"4 5&.1&3"563"4 &9*45& 3*&4(0 %& 26&."%63"4 /0 50$"3-" %*3&$5".&/5& $0/ -"4 ."/04 -" -&$)& 65*-*;"%" 4& %& )"#&3 $0/4&37"%0 $033&$5".
13&1"3"$*»/ %& #*%"4 $0/ $"'² .0-*%0 &M DBGÏ NPMJEP TF EFCF WFSUFS FO FM DPNQBSUJNFOUP TJUVBEP BM MBEP EFM DPOUFOFEPS EF DBGÏ FO HSBOP $PMPDBS TØMP DBGÏ NPMJEP QBSB NÈRVJOBT EF DBGÏ FYQSÏT Z OVODB DBGÏ FO HSBOP P TPMVCMF 7FS DBQÓUVMP iQSPHSBNBDJØO EF CFCJEBTw QÈH "5&/$*»/ &45& $0.1"35*.&/50 4»-0 &4 6/" &/53"%" : /0 6/ %&1»4*50 103 -0 26& Á/*$".&/5& 4& %& 7&35&3 &- $"'² .0-*%0 "/5&4 %& 3&"-*;"3 -" #*%" &$)"3 4»-0 6/" %04*4 %& $"'² .0-*%0 $"%" 7&; /0 4& 16&%&/ &-"#03"3 %04 $"'²4 4*.
13&1"3"$*»/ %& -" #*%" 46.*/*4530 %& "(6" $"-*&/5& "- 13*/$*1*0 4& 16&%&/ 130%6$*3 1&26&º"4 4"-1*$"%63"4 %& "(6" $"-*&/5& 26& 10%3¶"/ 13070$"3 26&."%63"4 &- 56#0 %& 4"-*%" %& "(6" 16&%& "-$"/ ;"3 5&.1&3"563"4 &-&7"%"4 /0 50$"3-" %*3&$5".&/5& $0/ -"4 .
$VBOEP FM UFYUP QBSQBEFF FM VTVBSJP QPESÈ DPOUJOVBS DPO MB QSFQBSBDJØO EF PUSBT CFCJEBT Z NJFOUSBT MB NÈRVJOB NBOUJFOF BDUJWP YLVXDOL]D FM BWJTP EF MJNQJF[B EF MPT DJSDVJUPT EF MFDIF 1BTBEPT NJOVUPT EF PL PHQ~ SUR PHQ~ FRQ OLPSLH]D FDIp JUDPDFLyQ OHFKH WH[WRV JOBDUJWJEBE MB NÈRVJOB PCMJHB BM VTVBSJP B SFBMJ[BS VO DJDMP EF MBWBEP DPNP TF EFTDSJCF FO FM QVOUP TJ MB NÈRVJOB TF BQBHB EFTQVÏT EF IBCFS TVNJOJTUSBEP VO QSPEVDUP DPO MFDIF DVBOEP TF WVFMWF B 5SBT EÓBT EFTEF MB QSJNFSB FSPHBD
13&1"3"$*»/ %& -" #*%" -MFOBS FM DPOUFOFEPS EF MFDIF $"'² $035"%0 FDIp FRUWDGR SDUDU HURJDFLyQ FDIp YLVXDOL]D PHQ~ FRQ WH[WRV PL FDIp PHQ~ SUR JUDPDFLyQ 1VMTBS FM JDPOP VOB WF[ QBSB UB[B Z EPT WFDFT QBSB UB[BT -B NÈRVJOB DPNJFO[B B NPMFS MB DBOUJEBE EF DBGÏ QSPHSBNBEB FDIp FRUWDGR SDUDU HURJDFLyQ FDIp FDIp FRUWDGR SDUDU VXPLQLVWUR OHFKH 6OB WF[ UFSNJOBEB MB FSPHBDJØO EF DBGÏ MB NÈRVJOB QSFQBSB BVUPNÈUJDBNFOUF MB MFDIF DBMJFOUF DxDGLU OHFKH $PNJFO[B MB FSPH
130(3"."$*»/ %& -" #*%" .&/Á 130(3".
130(3".
VXHDYH PL OHFKH PDQFKDGD £DFWLYDU PHGLR IXHUWH YROYHU DWUiV SUHPROLGR UHVWDEOHFHU YDORUHV HVWiQGDUHV 4J TF QVMTB MB UFDMB `BDUJWBS TF EFCF UFSNJOBS PCMJHBUPSJBNFOUF FM DJDMP EF FSPHBDJØO FRQ¿JXUD FLyQ SHUVR PL OHFKH PDQFKDGD FRQ¿JXUD FLyQ SHUVR QDO OHFKH SDUDU VXPLQLVWUR OHFKH SDUDU HURJDFLyQ FDIp &M TVNJOJTUSP TF QVFEF JOUFSSVNQJS TPMBNFOUF TJ TF QVMTB iQBSBS TVNJOJTUSP MFDIFw 4J OP TF QVMTB MB UFDMB MB MFDIF QPESÓB TBMJSTF EF MB UB[B 1BSB TVNJOJTUSBS VOB DBOUJEBE EF
130(3"."$*»/ %& -" .«26*/" "MHVOBT GVODJPOFT EF MB NÈRVJOB TF QVFEFO QSPHSBNBS QBSB QFSTPOBMJ[BS FM GVODJPOBNJFOUP TVT QSFGFSFODJBT YLVXDOL]D PHQ~ FRQ WH[WRV PL FDIp PHQ~ SUR JUDPDFLyQ 1VMTBS iNFOÞ QSPHSBNBDJØOw 4F BQBSFDF FM NFOÞ EF QSPHSBNBDJØO 1SPHSBNBDJØO EF MBT GVODJPOFT EF MB NÈRVJOB 7FS QÈH 'VODJPOFT FTQFDJBMFT 7FS QÈH FRQ¿JXUD FLyQ EHELGDV FRQ¿JXUD FLyQ PiTXLQD HVSHFLDOHV .
.&/Á i*%*0."w 1BSB DBNCJBS FM JEJPNB EF MB QBOUBMMB LGLRPD GHXWVFK IUDQoDLV ,WDOLDQR L LGLRPD HQJOLVK QHGHUODQGV LWDOLDQR FK YROYHU DWUiV YROYHU DO PHQ~ &TUB GVODJØO TF EFTDSJCF BM JOJDJP EFM NBOVBM &TUB DPOmHVSBDJØO FT GVOEBNFOUBM QBSB BKVTUBS DPSSFDUBNFOUF MPT QBSÈNFUSPT EF MB NÈRVJOB TFHÞO FM QBÓT EPOEF TF VUJMJ[B $PO FTUF JDPOP TF WJTVBMJ[B MB QÈHJOB TJHVJFOUF EPOEF TF FODVFOUSBO MBT EFNÈT PQDJPOFT .&/Á i*-6.
130(3"."$*»/ %& -" .«26*/" .
.&/Á i461&3'*$*& $"-*&/5"5";"4w 1BSB BDUJWBS EFTBDUJWBS MB TVQFSmDJF DBMJFOUBUB[BT TJUVBEB FO MB QBSUF TVQFSJPS EF MB NÈRVJOB &O FTUF NFOÞ TF QVFEF VLHPSUH HQFHQGLGR VXSHU¿FLH FDOLHQWDWD]DV VXSHU¿FLH FDOLHQWD WD]DV DSDJDGR FXDQGR HQ VWDQGE\ YROYHU DWUiV GHVDFWLYDGR UHVWDEOHFHU YDORUHV HVWiQGDUHV JXDUGDU FRQ¿JXUD FLyQ NBOUFOFS MB TVQFSmDJF DBMJFOUBUB[BT TJFNQSF FODFOEJEB NBOUFOFS MB TVQFSmDJF DBMJFOUBUB[BT TJFNQSF BQBHBEB YROYHU DO PHQ~ .
130(3"."$*»/ %& -" .
"+645 &%& -" %04*4 %& $"'² "30.
130(3"."$*»/ %& -" .«26*/" '6/$*0/&4 &953"4 -B NÈRVJOB DPOUJFOF GVODJPOFT FYUSBT 4J TF QVMTB iGVODJPOFT BEJDJPOBMFTw TF BDDFEF BM NFOÞ Z FO FM EJTQMBZ BQBSFDF MB TJHVJFOUF QBOUBMMB &O FTUF NFOÞ TF QVFEF "DDFEFS BM NFOÞ RVF DPOUJFOF BMHVOBT SFDFUBT EF CFCJEBT FOUSF MBT NÈT GBNPTBT EFM NVOEP .
1PS FKFNQMP TJ TF RVJTJFSB TBCPSFBS VO UÓQJDP DBGÏ BNFSJDBOP TF EFCF QVMTBS iBNFSJDBO DPGGFFw BQBSFDFSÈ MB TJHVJFOUF QBOUBMMB DPHULFDQ FRIIHH TF NVFTUSB MB QPTJDJØO EFM EJTQPTJUJWP 4#4 Z MB UB[B RVF TF EFCF VUJMJ[BS QSFGFSJCMFNFOUF `BDUJWBS 4J TF QVMTB MB UFDMB `BDUJWBS -B NÈRVJOB DPNJFO[B B QSFQBSBS MB CFCJEB FMFHJEB YROYHU DWUiV %FTQVÏT EF IBCFS UFSNJOBEP MB FSPHBDJØO EF MB CFCJEB ÏTUB TF QVFEF NFNPSJ[BS FO MPT JDPOPT EFM NFOÞ QSJODJQBM QBSB QPEFSMB EJTGSVUBS DVBOEP TF RVJFSB DPHUL
130(3"."$*»/ %& -" .«26*/" '6/$*»/ i%&.
."/5&/*.*&/50 %& -" .«26*/" ."/5&/*.*&/50 1BSB MJNQJBS FGFDUVBS FM NBOUFOJNJFOUP EF UPEPT MPT DJSDVJUPT JOUFSOPT EF MB NÈRVJOB 1VMTBS iNBOUFOJNJFOUPw FO FM NFOÞ QSJODJQBM 1BSB SFBMJ[BS MB MJNQJF[B F MB QBOUBMMB FTUB GVODJØO CMPRVFB FM UPVDI TDSFFO JOJDJBS FM MBWBEP EF MPT DJSDVJUPT EF MFDIF JOJDJBS FM FOKVBHVF EF MPT DJSDVJUPT EF MFDIF &O FTUF NFOÞ TF QVFEF EORTXHR GLVSOD\ FLFOR GH ODYDGR FLUFXLWRV OHFKH FLFOR OLP SLH]D FLU FXLWRV FDIp *OJDJBS FM DJDMP EF MBWBEP EFM HSVQP EF DBGÏ GHVFD
."/5&/*.*&/50 %& -" .
FLFOR GH ODYDGR FLUFXLWRV OHFKH DFWLYDU FLFOR GH OLPSLH]D FLFOR GH ODYDGR FLUFXLWRV OHFKH FLFOR GH ODYDGR FLUFXLWRV OHFKH HQMXDJDU HO GHSyVLWR GH OD OHFKH ODYDGR DFWLYDFLyQ 1VMTBS iBDUJWBDJØOw QBSB JOJDJBS FM QSPDFTP &TQFSBS B RVF UFSNJOF FM MBWBEP $VBOEP UFSNJOB FM MBWBEP BQBSFDF FLFOR GH ODYDGR FLUFXLWRV OHFKH OOHQDU GH DJXD IUHVFD HO FRQWHQHGRU GH OD OHFKH FLFOR GH ODYDGR FLUFXLWRV OHFKH DFWLYDU FLFOR GH HQMXDJXH DFWLYDFLyQ &YUSBFS FM DPOUFOFEPS EF MFDIF
."/5&/*.*&/50 %& -" .«26*/" $*$-0 -*.
%&4$"-$*'*$"$*»/ 1BSB SFBMJ[BS FM DJDMP BVUPNÈUJDP EF EFTDBMDJmDBDJØO -B EFTDBMDJmDBDJØO TF EFCF SFBMJ[BS DBEB NFTFT DVBOEP FM BHVB TBMF NÈT MFOUBNFOUF EF MP BDPTUVNCSBEP P DVBOEP MP JOEJDB MB NÈRVJOB -B NÈRVJOB RVF EFCF FTUBS FODFOEJEB DPOUSPMB BVUPNÈUJDBNFOUF MB EJTUSJCVDJØO EFM QSPEVDUP EFTDBMDJmDBOUF %& &45"3 13&4&/5& 6/" 1&340/" %63"/5& -" 01&3"$*»/ `"5&/$*»/ /0 65*-*;"3 /6/$" 7*/"(3& $0.
."/5&/*.*&/50 %& -" .
130(3"."$*»/ %& -" .«26*/" $0/'*(63"$*»/ 3&-0+ 1BSB BKVTUBS MB GFDIB Z MB IPSB BDUVBM FM UFNQPSJ[BEPS QBSB FM TUBOECZ BIPSSP EF FOFSHÓB Z MPT IPSBSJPT QBSB FM FODFOEJEP Z FM BQBHBEP BVUPNÈUJDP EF MB NÈRVJOB 1VMTBS iDPOmHVSBDJØO SFMPKw FO FM NFOÞ QSJODJQBM &O FTUF NFOÞ TF QVFEF DPOmHVSBS MB IPSB BDUVBM MB GFDIB BDUVBM FM GPSNBUP EF WJTVBMJ[BDJØO IPSBT o ". 1.
130(3"."$*»/ %& -" .
$POGJHVSBDJØO EF VO JOUFSWBMP EF FODFOEJEP 1BSB BKVTUBS VO JOUFSWBMP EF FODFOEJEP TF EFCF QVMTBS MB UFDMB EFM JOUFSWBMP RVF TF EFTFB QSPHSBNBS FRQ¿JXUDU 1BSB BKVTUBS MB IPSB EF FODFOEJEP TF EFCF QVMTBS P o K DP HQFHQGLGR SP DSDJDGR SP FRQ¿JXUDU HQFHQGHU OD PiTXLQD 1BSB BKVTUBS MPT NJOVUPT TF EFCF QVMTBS P o PLQ JXDUGDU FRQ¿JXUD FLyQ YROYHU DWUiV YROYHU DO PHQ~ QBSB NFNPSJ[BS MB DPOmHVSBDJØO SFBMJ[BEB Z QBTBS B MB QBOUBMMB TJHVJFOUF 1BSB BKVTUBS MB IPSB EF BQBHBEP
130(3"."$*»/ %& -" .
&41&$*"-&4 &TUF NFOÞ QFSNJUF BDDFEFS B GVODJPOFT FTQFDJBMFT EF MB NÈRVJOB 1VMTBS iFTQFDJBMFTw FO FM NFOÞ QSJODJQBM DMXVWHV GH IiEULFD HVSHFLDOHV YROYHU DWUiV YROYHU DO PHQ~ "/6-"3 50%"4 -"4 $0/'*(63"$*0/&4 &O FTUF NFOÞ TF FODVFOUSB MB GVODJØO FTQFDÓmDB RVF TF VUJMJ[B QBSB SFTUBCMFDFS UPEPT MPT WBMPSFT EF GÈCSJDB &TUB GVODJØO FT FTQFDJBMNFOUF JNQPSUBOUF QBSB SFTUBCMFDFS UPEPT MPT QBSÈNFUSPT CÈTJDPT 1VMTBS iBOVMBS UPEBT MBT DPOmHVSBDJPOFTw ¢TXLHUHQ UHDOPHQWH UHFXSHUDU ORV SDUiP GH ODIiEULFD"
-*.1*&;" : ."/5&/*.*&/50 -*.1*&;" (&/&3"- %& -" .
-*.
-*.1*&;" : ."/5&/*.*&/50 ."/5&/*.*&/50 .
$»%*(04 %& "7&3¶" .&/4"+& (6¶" 26& "1"3&$& $».0 3&45"#-&$&3 &- .
$»%*(04 %& "7&3¶" %"504 5²$/*$04 .&/4"+& (6¶" 26& "1"3&$& $».0 3&45"#-&$&3 &- .
/03."4 %& 4&(63*%"% 404 &/ $"40 %& &.&3(&/$*" %FTDPOFDUBS JONFEJBUBNFOUF FM FODIVGF EF MB UPNB EF BMJNFOUBDJØO 65*-*;"3 &9$-64*7".&/5& &- "1"3"50 t &O VO MVHBS DFSSBEP t 1BSB MB QSFQBSBDJØO EF DBGÏ BHVB DBMJFOUF Z QBSB NPOUBS MFDIF t 1BSB FNQMFP EPNÏTUJDP t 1PS BEVMUPT FO CVFOBT DPOEJDJPOFT QTJDPGÓTJDBT 13&$"6$*0/&4 1"3" -" 65*-*;"$*»/ %& -" .
/03.
/05&
¶/%*$& 13&$"6±¿&4 *.1035"/5&4 "1"3&-)0 "$&44»3*04 */45"-"±°0 -*("±°0 %" .
¶/%*$& .&/6 i 7*403w 130(3"."±¿&4 %"4 #*%"4 130(3"."±°0 %" 5&.1&3"563" 1"3" " %*453*#6*±°0 %& $"'² 130(3"."±°0 i"30.
13&$"6±¿&4 *.
*/4536±¿&4 40#3& 0 $"#0 &-²$53*$0 t ² GPSOFDJEP VN DBCP FMÏDUSJDP CBTUBOUF DVSUP QBSB FWJUBS FOSPMBNFOUPT PV EF USPQFÎBS OFMF t ² QPTTÓWFM VUJMJ[BS DPN NVJUP DVJEBEP FYUFOTÜFT 2VBOEP GPS VUJMJ[BEB VNB FYUFOTÍP DFSUJmRVF TF EF RVF B B WPMUBHFN JOEJDBEB OB FYUFOTÍP DPSSFTQPOEB Ë WPMUBHFN FMÏDUSJDB EP FMFDUSPEPNÏTUJDP C FTUFKB FRVJQBEB DPN VNB mDIB EF USÐT QJOPT F DPN MJHBÎÍP Ë UFSSB TF P DBCP EP FMFDUSPEPNÏTUJDP GPS EFTUF UJQP D P DBWP OÍP QFOEB EB NFTB QBSB FWJUBS USPQ
"1"3&-)0 #PUÍP EF BCFSUVSB EFQØTJUP DBGÏ FN HSÍPT %FQØTJUP EF DBGÏ FN HSÍPT 5BNQB EFQØTJUP DBGÏ FN HSÍPT 1MBDB BRVFDFEPSB EF DIÈWFOBT $PNQBSUJNFOUP QBSB DBGÏ QSÏ NPÓEP 7JTPS 506$) 4$3&&/ *OUFSSVQUPS HFSBM 4#4 1PSUJOIPMB EF TFSWJÎP (SVQP EF EJTUSJCVJÎÍP (BWFUB EF SFDPMIB EBT CPSSBT #BOEFKB EF MJNQF[B HSBEF F CØJB 5FDMB QBSB MFWBOUBS CBJYBS B CBOEFKB EF MJNQF[B $PNQBSUJNFOUP QBSB EFQØTJUP MFJUF 5VCP CJDP EF EJTUSJCVJÎÍP EF ÈHVB RVFOUF %FQØTJUP EF ÈHVB (SVQP EF EJTUSJCVJÎÍP %FQØTJU
*/45"-"±°0 -*("±°0 %" .
*45"-"±°0 $"33&(".&/50 .
'*-530 v"26" 13*.
7*403 ² QPTTÓWFM NPEJm DBS B WJTVBMJ[BÎÍP EP WJTPS F FTDPMIFS FOUSF P iGPSNBUP ÓDPOFw F P iGPSNBUP UFYUPw '03."50 ¶$0/& '03.
130(3"."±¿&4 $0/4*45³/$*" %0 $"'² 0 EJTQPTJUJWP 4#4 GPJ SFBMJ[BEP EF QSPQØTJUP QBSB EBS BP DBGÏ B DPOTJTUÐODJB F B JOUFOTJEBEF EF HPTUP EFTFKBEB $PN VNB TJNQMFT SPUBÎÍP EP CPUÍP TFSÈ QPTTÓWFM BEBQUBS P DBSÈDUFS EP DBGÏ B TFV HPTUP 4#4 o 4"&$0 #3&8*/( 4:45&. 1BSB QSPHSBNBS B DPOTJTUÐODJB EP DBGÏ EJTUSJCVÓEP 0 BKVTUF QPEF TFS FGFDUVBEP UBNCÏN EVSBOUF B EJTUSJCVJÎÍP EP DBGÏ &TUF BKVTUF UFN VN FGFJUP JNFEJBUP OB EJTUSJCVJÎÍP TFMFDDJPOBEB $"'² .
%*453*#6*±°0 %0 130%650 " %*453*#6*±°0 %& $"'² %& «(6" 26&/5& & %& -&*5& 10%& 4&3 */5&330.1*%" " 26"-26&3 .0.&/50 13&44*0/"/%0 /07".&/5& " 5&$-" i1"3"3 %*453*#6*±°0y w 0 -&*5& %*453*#6¶%0 10%& "-$"/±"3 5&.1&3"563"4 &-&7"%"4 1&3*(0 %& 26&*."%63"4 /°0 5026& /&-& %*3&$5".&/5& $0. "4 .°04 0 -&*5& 65*-*;"%0 %&7& 5&3 4*%0 $0/4&37"%0 $033&$5".&/5& /°0 65*-*;& 0 "1»4 " %"5" %& 7&/$*.&/50 */%*$"%" /" &.#"-"(&.
%*453*#6*±°0 %& #*%" $0. $"'² .0¶%0 0 DBGÏ QSÏ NPÓEP EFWF TFS EFJUBEP OP DPNQBSUJNFOUP BQSPQSJBEP QPTJDJPOBEP BP MBEP EP EFQØTJUP EF DBGÏ FN HSÍPT %FJUF BQFOBT DBGÏ QBSB NÈRVJOBT EF DBGÏ FYQSFTTP NPÓEP F OVODB DBGÏ FN HSÍPT PV TPMÞWFM WFKB DBQÓUVMP i1SPHSBNBÎÍP CFCJEBw QÈH "5&/±°0 26"/%0 %&4&+"3 %*453*#6*3 "1&/"4 6. 130%650 $0. $"'² 13² .0¶%0 %&*5& /0 $0.1"35*.&/50 &45& 5*10 %& $"'² */530%6;" 4» 6. .&%*%03 %& $"'² .0¶%0 103 $"%" 7&; /°0 ² 1044¶7&- %*453*#6*3 %0*4 $"'²4 "0 .&4.0 5&.
%*453*#6*±°0 %0 130%650 %*453*#6*±°0 %& «(6" 26&/5& /0 */¶$*0 10%&. 4& 7&3*'*$"3 #3&7&4 +"$504 %& «(6" 26&/5& $0. 1&3*(0 %& 26&*."%63"4 0 #*$0 %& %*453*#6*±°0 %& «(6" 10%& "-$"/±"3 5&.1&3"563"4 &-&7"%"4 /°0 5026& /&-& %*3&$5".&/5& $0. "4 .
/FTUF DBTP P VUJMJ[BEPS QPEFSÈ DPOUJOVBS DPN P QSFQBSP EF EFNBJT QSPEVUPT F B NÈRVJOB EFJYBSÈ BDUJWP P BWJTP EF FOYÈHàF EPT YLVXDOL]DU DJSDVJUPT EP MFJUF PHQX SUR PHQX FRP OLPSH]D R PHX FDIp JUDPDomR OHLWH WH[WRV %FQPJT EF NJOVUPT EF JOBDUJWJEBEF B NÈRVJOB PCSJHBSÈ P VUJMJ[BEPS B SFBMJ[BS VN DJDMP EF FOYÈHàF DPNP EFTDSJUP OP JUFN TF B NÈRVJOB GPS BQBHBEB MPHP EFQPJT EF UFS EJTUSJCVÓEP VN QSPEVUP %FQPJT EF EJBT EFTEF B QSJNFJSB DPN MFJUF EVSBOUF B MJHBÎÍP TFHVJOUF B NÈRVJOB PCSJHBSÈ P V
%*453*#6*±°0 %0 130%650 &ODIB P EFQØTJUP EF MFJUF ("3050 JDURWR SDUDU GLVWULEXLomR GH FDIp YLVXDOL]DU PHQX FRP WH[WRV PHQX SUR JUDPDomR R PHX FDIp 1SFTTJPOF P ÓDPOF VNB WF[ QBSB DIÈWFOB F EVBT WF[FT QBSB DIÈWFOBT " NÈRVJOB JOJDJBSÈ B NPBHFN EB RVBOUJEBEF EF DBGÏ QSPHSBNBEB JDURWR SDUDU GLVWULEXLomR GH FDIp JDURWR SDUDU GLVWULEXLomR GR OHLWH %FQPJT EF UFSNJOBEB B EJTUSJCVJÎÍP EF DBGÏ B NÈRVJOB QSFQBSBSÈ BVUPNBUJDBNFOUF P MFJUF RVFOUF DGLFLRQDU OHLWH *OJD
130(3"."±°0 #*%" .&/6 %& 130(3".
130(3".
R PHX OHLWH FRP FDIp OLJLHUR UHVWDEHOHFHU DMXVWHV SURJUDPDomR SHVVRDO OHLWH SDUDU GLVWULEXLomR GR OHLWH VDOYDU SURJUDPD o}HV "P QSFTTJPOBS JOJDJBS B NÈRVJOB QSFQBSBS TF È QBSB EJTUSJCVJS B CFCJEB SURJUDPDomR SHVVRDO GR FDIp R PHX OHLWH FRP FDIp SDUDU GLVWULEXLomR GH FDIp SUp PRLGR IRUWH YROWDU DWUiV "P QSFTTJPOBS B UFDMB JOJDJBS P DJDMP EF EJTUSJCVJÎÍP EFWFSÈ PCSJHBUPSJBNFOUF UFSNJOBS LQLFLDU PpGLR SURJUDPDomR SHVVRDO GR FDIp R PHX OHLWH FRP FDIp SDUDU GLVWU
130(3"."±°0 %" .«26*/" "MHVNBT GVOÎÜFT EB NÈRVJOB QPEFN TFS QSPHSBNBEBT QBSB QFSTPOBMJ[BS P GVODJPOBNFOUP EFMB EF BDPSEP DPN BT QSØQSJBT FYJHÐODJBT YLVXDOL]DU PHQX FRP WH[WRV R PHX FDIp PHQX SUR JUDPDomR 1SFTTJPOF B UFDMB iNFOV QSPHSBNBÎÍPw 4FSÈ QPTTÓWFM FOUSBS OP NFOV EF QSPHSBNBÎÍP 1SPHSBNBÎÍP EBT GVOÎÜFT EB NÈRVJOB WFKB QÈH 'VOÎÜFT FTQFDJBJT WFKB QÈH .
.&/6 i*%*0."w 1BSB NVEBS P JEJPNB EP WJTPS LGLRPD GHXWVFK ,WDOLDQR L LGLRPD IUDQoDLV HQJOLVK QHGHUODQGV LWDOLDQR FK YROWDU DR PHQX YROWDU DWUiV &TUB GVOÎÍP GPJ EFTDSJUB OP DPNFÎP EP NBOVBM " QSPHSBNBÎÍP Ï GVOEBNFOUBM QBSB B DPSSFDUB QSPHSBNBÎÍP EPT QBSÉNFUSPT EB NÈRVJOB EF BDPSEP DPN P QBÓT EF VTP $PN FTUB UFDMB WJ[VBMJ[B TF B QÈHJOB TFHVJOUF POEF TF FODPOUSBN BT SFTUBOUFT PQÎÜFT .&/6 i*-6.
130(3"."±°0 %" .«26*/" .&/6 i%63&;" «(6"w 1BSB TFMFDDJPOBS P HSBV EF EVSF[B EB ÈHVB FYQSJNJEP OVNB FTDBMB EF B 0 BQBSFMIP Ï QSÏ BKVTUBEP TPCSF VN WBMPS EF EVSF[B JHVBM B .
.&/6 i1-"$" "26&$&%03"4 %& $)«7&/"4w 1BSB BDUJWBS B QMBDB BRVFDFEPSB EF DIÈWFOBT QPTJDJPOBEB OB QBSUF TVQFSJPS EB NÈRVJOB /FTUF NFOV TFSÈ QPTTÓWFM SODFD DTXH FHGRUD GH FKiYHQDV VHPSUH DFHVR SODFD DTXH FHGRUD GH FKiYHQDV GHVOLJDGR HP VWDQGE\ YROWDU DWUiV GHVDFWLYDGR UHVWDEHOHFHU YDORUHV SDGUmR VDOYDU SURJUDPD o}HV NBOUFS B QMBDB BRVFDFEPSB EF DIÈWFOBT TFNQSF MJHBEB NBOUFS B QMBDB BRVFDFEPSB EF DIÈWFOBT TFNQSF EFTMJHBEB YROWDU DR PHQX NBOUFS B QMBDB BRVFDFEPSB EF DIÈWFOBT EFTMJHB
130(3"."±°0 %" .«26*/" 130(3".
130(3"."±°0 i"30."w 1"3" " %*453*#6*±°0 %& $"'² 1BSB QSPHSBNBS P i"SPNBw RVFS EJ[FS B RVBOUJEBEF EF DBGÏ B NPFS F TFMFDDJPOBS P VTP EF DBGÏ QSÏ NPÓEP 1PEFSÈ TBCPSFBS B TVB CFCJEB DPN B RVBOUJEBEF EF DBGÏ EFTFKBEB PV QPEFSÈ QSFQBSÈ MB DPN P DBGÏ EFTDBGFJOBEP VUJMJ[BOEP B GVOÎÍP iQSÏ NPÓEPw GRVH PRLGD MJHFJSP OLJHLUR NÏEJP PpGLR GPSUF IRUWH PpGLR YROWDU DWUiV GRVH FDIp PRLGR SUp PRLGR UHVWDEHOHFHU YDORUHV SDGUmR VDOYDU SURJUDPD o}HV YROWDU DR PHQX 130(3"."±°0 i13² */'64°0w 4» &.
130(3"."±°0 %" .
4F QPS FYFNQMP RVJTFS TBCPSFBS VN UÓQJDP DBGÏ BNFSJDBOP EFWFSÈ QSFTTJPOBS B UFDMB iBNFSJDBO DPGGFw OFTUF DBTP BQBSFDFSÈ OP WJTPS B WJTVBMJ[BÎÍP TFHVJOUF DPHULFDQ FRIIHH TFSÈ JOEJDBEB B QPTJÎÍP EP CPUÍP 4#4 F B DIÈWFOB RVF QSFGFSJWFMNFOUF EFWFSJB TFS VUJMJ[BEB JOJDJBS "P QSFTTJPOBS B UFDMB JOJDJBS B NÈRVJOB JOJDJBSÈ QPS EJTUSJCVJS B CFCJEB FTDPMIJEB YROWDU DWUiV %FQPJT EF EJTUSJCVÓEB B CFCJEB EFTFKBEB TFSÈ QPTTÓWFM NFNPSJ[È MB OBT UFDMBT EP NFOV QSJODJQBM QBSB QPEÐ MB EJTUSJCVJS RV
130(3"."±°0 %" .«26*/" '6/±°0 i%&.
."/65&/±°0 1BSB MJNQBS NBOUFS UPEPT PT DJSDVJUPT JOUFSOPT EB NÈRVJOB 1SFTTJPOF B UFDMB iNBOVUFOÎÍPw OP NFOV QSJODJQBM FTUB GVOÎÍP CMPRVFBSÈ P 5PVDI TDSFFO SFBMJ[BS B MJNQF[B EP WJTPS JOJDJBS B MBWBHFN EPT DJSDVJUPT EP MFJUF JOJDJBS P FOYÈHàF EPT DJSDVJUPT EP MFJUF /FTUF NFOV TFSÈ QPTTÓWFM FLFOR OLPSH ]D FLUFXLWRV FDIp EORTXLHR YLVRU FLFOR GH ODYDJHP GR FLUFXLWR OHLWH JOJDJBS P DJDMP EF MBWBHFN EP HSVQP EF EJTUSJCVJÎÍP PDQXWHQomR FLFOR GH HQ[iJH GR FLUFXLWR OHLWH GHVFDOFL ¿ FDomR SF
130(3"."±°0 %" .«26*/" $*$-0 -"7"(&.
FLFOR GH ODYDJHP GR FLUFXLWR OHLWH LQLFLDU FLFOR GH OLPSH]D FLFOR GH ODYDJHP GR FLUFXLWR OHLWH ODYDJHP« FLFOR GH ODYDJHP GR FLUFXLWR OHLWH HQ[DJXDU GHSyVLWR OHLWH LQtFLR 1SFTTJPOF B UFDMB QBSB JOJDJBS "HVBSEF BUÏ B MBWBHFN UFSNJOBS 2VBOEP B MBWBHFN UFSNJOBS BQBSFDFSÈ FLFOR GH ODYDJHP GR FLUFXLWR OHLWH HQFKHU FRP iJXD IULD R GHSyVLWR GR OHLWH FLFOR GH ODYDJHP GR FLUFXLWR OHLWH LQLFLDU FLFOR GH HQ[iJH LQtFLR 3FNPWB P EFQØTJUP EF MFJUF &OYBHÞF P EFQØTJUP F F
130(3"."±°0 %" .«26*/" $*$-0 -*.1&;" $*3$6*504 $"'² $*$-0 %& -"7"(&.
%&4$"-$*'*$"±°0 1BSB SFBMJ[BS P DJDMP BVUPNÈUJDP EF EFTDBMDJmDBÎÍP " EFTDBMDJmDBÎÍP Ï OFDFTTÈSJB B DBEB NFTFT RVBOEP B ÈHVB TBJS NBJT MFOUBNFOUF RVF EF DPTUVNF PV RVBOEP B NÈRVJOB BWJTBS " NÈRVJOB EFWF FTUBS MJHBEB F GBSÈ BVUPNBUJDBNFOUF B EJTUSJCVJÎÍP EP EFTDBMDJmDBOUF 6." 1&440" %&7& &45"3 13&4&/5& %63"/5& " 01&3"±°0 "5&/±°0 %& ."/&*3" /&/)6." 65*-*;& 0 7*/"(3& $0.
130(3"."±°0 %" .
130(3"."±¿&4 %0 3&-»(*0 1BSB BDFSUBS B EBUB F B IPSB DPSSFOUF P UFNQPSJ[BEPS EF TUBOE CZ QPVQBOÎB FOFSHJB F PT IPSÈSJPT EF MJHBÎÍP F EFTMJHBNFOUP BVUPNÈUJDP EB NÈRVJOB 1SFTTJPOF B UFDMB iQSPHSBNBÎÜFT SFMØHJPw OP NFOV QSJODJQBM /FTUF NFOV TFSÈ QPTTÓWFM BDFSUBS B IPSB DPSSFOUF B EBUB DPSSFOUF P GPSNBUP EF WJTVBMJ[BÎÍP IPSBT o ". 1.
130(3"."±°0 %" .
1SPHSBNBÎÍP EF VN JOUFSWBMP EF MJHBÎÍP 1BSB QSPHSBNBS VN JOUFSWBMP EF MJHBÎÍP QSFTTJPOF B UFDMB EP JOUFSWBMP B TFS QSPHSBNBEP SURJUDPDomR "DFSUF B IPSB EF MJHBÎÍP QSFTTJPOBOEP PV o K DP DFHVR SP DSDJDGR SP SURJUDPDomR OLJDU D PiTXLQD "DFSUF PT NJOVUPT QSFTTJPOBOEP PV o PLQ VDOYDU SURJUDPD o}HV YROWDU DWUiV YROWDU DR PHQX QBSB HSBWBS BT TFMFDÎÜFT QSPHSBNBEBT F QBTTBS Ë WJTVBMJ[BÎÍP TFHVJOUF "DFSUF B IPSB EF MJHBÎÍP QSFTTJPOBOEP PV o SK DP SURJUDPDomR G
130(3"."±°0 %" .«26*/" 130(3".
&41&$*"*4 &TUF NFOV QFSNJUF FOUSBS OBT GVOÎÜFT FTQFDJBJT QSFTFOUFT OB NÈRVJOB 1SFTTJPOF B UFDMB iFTQFDJBJTw OP NFOV QSJODJQBM DMXVWHV GH IiEULFD HVSHFLDLV YROWDU DR PHQX YROWDU DWUiV "1"("3 50%"4 "4 130(3".
-*.1&;" & ."/65&/±°0 -*.1&;" (&3"- %" .
-*.
-*.1&;" & ."/65&/±°0 ."/65&/±°0 %"4 .
$»%*(04 %& "7"3*"4 .&/4"(&. (6*" 26& 7"* "1"3&$&3 $0.0 3&45"#&-&$&3 " .&/4"(&.
$»%*(04 %& "7"3*"4 %"%04 5²$/*$04 .&/4"(&. (6*" 26& 7"* "1"3&$&3 $0.0 3&45"#&-&$&3 " .&/4"(&.
/03."4 %& 4&(63"/±" 404 &. $"40 %& &.&3(³/$*" 3FUJSF JNFEJBUBNFOUF B mDIB EB UPNBEB EF SFEF 65*-*;& &9$-64*7".&/5& 0 "1"3&-)0 t &N MVHBS GFDIBEP t 1BSB QSFQBSBS DBGÏ ÈHVB RVFOUF F QBSB BRVFDFS P MFJUF t 1BSB VTP EPNÏTUJDP t 1PS BEVMUPT FN DPOEJÎÜFT QTJDP GÓTJDBT OÍP BMUFSBEBT 13&$"6±¿&4 1"3" 0 640 %" .
/03.
/05&
7JB 5PSSFUUB * (BHHJP .