Modelo de Estados

!
" #$ % & "

' ( ) $ ) * ( ! + & "
! " #$ % $ & ' !
*,-./01231*454678,1"9$9
!"#$%&'()*+,-#$%'.%/0%-'%1*2*')3('%-'%4506%7%4508%2#+%*+9#()'%-'%:';*$#(%<*$2,.
!"#$%&'()'!*+*,-."'/0"0
=N1/T4!T=!N21U/02VR!W2R/R02=P/!N=L/P/T4
!"#$%#&'#&()('*+,'-#./0#*(""10'2#&'#3'212#)1"1*+(40125#
&123 ?@AC ?@AB
/01234! ! ! ! ! !
/56789!59::7;<6;! ! ! !
=>;56789!?!;@A78BC;<6;D!E;!;>;56789 "#$ !)).,+' !)*.#%&!
$FWLYRVƬQDQFLHURV "%$ #+.#)) #+.+%&!
0A;<6BD!F9:!59G:B:!59H;:57BC;D!?!96:BD!5A;<6BD!F9:!59G:B: "&$ -),.++, +'%.*#(!
2<8;<6B:79D! "'$ ))(.)+' )+,.,*%!
/56789D!I79CJK759D! "($ &.#(# #.*(%!
$1234'352671'518869:29' ! ! #,(.)'( #&).'%*!
! ! !
/56789!<9!59::7;<6;!! ! ! !
0A;<6BD!F9:!59G:B:!59H;:57BC;D!?!96:BD!5A;<6BD!F9:!59G:B:! "&$ !#.%(& !-.%)+!
2WURVDFWLYRVƬQDQFLHURV ")*$ )-) )+#!
2<8;:D7J<!;<!DAGD7E7B:7BD!! "))$ ,)%.%,(! (&+.'#-!
L:9F7;EBE;DM!FCB<6B!?!;@A7F9! ")+$ (,%.%+# ((&.',-!
/56789D!G79CJK759D! "($ #&.&%& #&.-&(!
2<6B<K7GC;D! ! ",$ &## '(&!
$1234'352671':1'518869:29' ' ! ).('%.)#& ).()-.*)#!
$1234'352671' !! ! ! +.-'-.-+# +.+'#.'&#!
! ! !
L/N234! ! !
LBD789!59::7;<6;! ! ! ! !
L:OD6BH9D! ")-$ !+*'.-)# !)(%.(',!
0A;<6BD!F9:!FBKB:!59H;:57BC;D!?!96:BD!5A;<6BD!F9:!FBKB:! ")#$ +-&.*+* +*&.-**!
%HQHƬFLRVDHPSOHDGRV "),$ -).+#( +,.&*,!
L:987D79<;D! ! ")'$ &&- -(*!
$1234';3<671'518869:29! ! ! #'%.+#% #++.)&(!
! ! !
LBD789!<9!59::7;<6;!! ! ! !
0A;<6BD!F9:!FBKB:!59H;:57BC;D!?!96:BD!5A;<6BD!F9:!FBKB:! ")#$ !-*'.*** !+',.***!
%HQHƬFLRVDHPSOHDGRV "),$ #-.&)% ##.,#+!
2HFA;D69!E7>;:7E9! ")%$ )',.',( )('.,,%!
$1234';3<671':1'518869:29' ' ! %-*.#)- %)).,-'!
$1234';3<671! ! ! ).**%.&%( ,-#.)*%
! ! ! !
L/1P2Q4R24! ! "+*$ ! !
0BF76BC!?!:;D;:8BD!B6:7GA7GC;D!B!C9D!B5579<7D6BD! ! !
/5579<;D!9:E7<B:7BD! ! ! %& %&!
L:7HB!;<!59C95B57J<!E;!B5579<;D! ! ! %*.-&, %*.-&,!
/5579<;D!;<!6;D9:;:SB! ! ! ")*.&%#$ ")*.&%#$
P;D;:8BD!! ! ! ##(.&*( -(-.%(*!
P;DAC6BE9D!B5AHACBE9D! ! ! ((&.##* ,+#.,#+!
46:9D!:;DAC6BE9D!7<6;K:BC;D ! "'.)%-$ "'.&-#$
$1234';3286=1:61'' ' ! ).-&'.&&& ).-#*.&%,!
$1234';3<671'>';3286=1:61 ! +.-'-.-+# +.+'#.'&#
!
>"1#*3'?32@',-6#3'0#A32 5-66&7-*'8#*96':2;&6# !"#$%&#'(#)*&+&#',-**-*#'./

0-;*-2-6)#6)-'B-C#" !36)#%3*'(<="&+3 0-1&23*'4&2+#"'
1B:X;6B!L:9>;D79<BC!)#-,'*Y1 1B:X;6B!L:9>;D79<BC!)#,--*Y1
T;D7K<BE9!F9:!L:75;ZB6;:[9AD;099F;:D!\6EB.
"3;:!H7!E756BH;<!E;!>;5[B!+-!E;!>;G:;:9!E;!+*)($
BD /DVQRWDVTXHVHDFRPSDÊDQVRQSDUWHLQWHJUDQWHGHORVHVWDGRVƬQDQFLHURV
61748#912#//::#;<',10#4<71,(=4&12#31,#"4#><074#?(,')7(@4#'"#AA#&'#;'+,',1#&'#AB%C#34,4#2',#
.:E18=9'":F34'?@AC 3,'2'074&12#4#"4#!24*+"'4#D'0',4"#&'#!))(10(2742#34,4#2<#43,1+4)(E0-#
0/P1VR!T=!04\4QI2/!N./.
B+>=CA*DE*BFGFHI#+*JK+K*
)/$"(*'()'#)/O+$"(*/'.&$)=#"+)/'/)A"#"(*
!"#$%&'()*+,-#$%'.%/0%-'%-*1*')2('3%45+%)*..#+'$%-'%6'$#$%1#.#)2*,+#$%7%'81'6&#%.,%9&*.*-,-%+'&,%6#(%,11*:+;%
A&4- /012 /01!
.1234565'74'89:;<;78745'637;183;85 JRSK S0YST0RZU' ZRT0RRY'

!65:6'74'<41:85' ' ' JRRK JVVY0WVXK J[XT0SXTK
345.56-6*7',4-*' ' ' SUU0[Y[ SXY0YWX'
' ' '
=85:65'74'<41:85 JRTK JTZ0ZYSK JTS0U[VK
=85:65'74'87>;1;5:389;?1 JRTK JXX0TTZK JXW0XVSK
=85:65'74'87>;1;5:389;?1'@'<41:85 JSSX0UWYK JSY[0YWZK
345.56-6*&8)'-95&$-.*' ' S[0UW[ WR0ZZ[
' ' ' JRUK
,QJUHVRVƬQDQFLHURV JRUK X0XRV T0ZZW'
*DVWRVƬQDQFLHURV JSSK JTS0YVUK JUR0TSTK
A83:;9;B89;?1'41'C85'D:;C;78745'74'5DE5;7;83;85 JRUK [Y0VTT VY0T[Y'
(;F43419;8'41'98>E;6 JXXSK S0ZYY'
.1234565'74'<8C63'38G618EC4'74'89:;<65'E;6C?2;965' JVK W0XW[ W0XUV'
.>BD45:6'8'C8'3;HD4G8' JS0WYWK JU0[[UK
*:365';1234565'I'J285:65KL'14:6 U0RUZ JS0YYVK
345.56-6*-$4):*6)*.-*8'&;5:5<$*8-'-*5(8,):4&*:&7')*.-*')$4-** XY0T[X SYV0VYW
JSWK
.>BD45:6'7;F43;76 JSXK [0UYX W0XSZ'
.>BD45:6'56E34'C8'341:8 JW0WWVK JSU0XZXK
345.56-6*$)4-* XR0RRT SYY0[RV
' ' '
*:36'#45DC:876'.1:4238C'14:6'74'.>BD45:65 JSWK ' '
AM37;78'89:D83;8C'14:8'74';>BD45:65 JUWZK JW0VXYK
/DB43N<;:'>M:676'74'B83:;9;B89;?1' VUR JRW[K
*DQDQFLDVSRUPHGLFLRQHVDFWLYRVƬQDQFLHURV V \
=&4-.*>):,.4-6&*#$4)?'-.*6).*8)'@&6&* XR0[YW ZT0XSS
' ' ' '
O:;C;787'B63'899;?1'EN5;98
"99;6145'637;183;85'
(4'C8'D:;C;787'14:8'74C'8P6 JRYK W[[LX[ ZUWLSU
"99;6145'637;183;85'
(4C'345DC:876';1:4238C'74C'B43Q676' WVRLSU V[VLUT
>"1#*3'?32@',-6#3'0#A32 5-66&7-*'8#*96':2;&6# !"#$%&#'(#)*&+&#',-**-*#'./

0-;*-2-6)#6)-'B-C#" !36)#%3*'(<="&+3 0-1&23*'4&2+#"'
$83]4:8'A36F45;618C'STUZ[Y\$ $83]4:8'A36F45;618C'STZUUY\$
(45;21876'B63'A3;94^8:43_6D54!66B435'+:780
J`43'>;'7;9:8>41'74'F49_8'RU'74'F4E3436'74'RYSVK
/DVQRWDVTXHVHDFRPSDÊDQVRQSDUWHLQWHJUDQWHGHORVHVWDGRVƬQDQFLHURV !"
<#&,=%>#$%55??%@9'(#+%,9&#(*A,-#$%6#(%.,%B9+&,%C*('1&*D,%'.%EE%-'%@'2('(#%-'%EF0G%6,(,%$'(%
6('$'+&,-#$%,%.,%!$,)2.',%H'+'(,.%-'%!11*#+*$&,$%6,(,%$9%,6(#2,1*:+3% #$%&'()*+$,-.*/012
!"#$%&'()'!*+*,-."'/0"0
!"
9+ABIJ*KL*9HMHNO#+*;P+P
)/$"(*'()'!",-.*/')&')+'P"$#.,*&.*'/)P"#"(*
#$%&'()*+$,-.*/"0!
>C"(&#-.?0/$2"(&-4&D<&2-&2070-?:.-B&E)/&?044"/-(&2-&3-("(&7"4"?:0$/"(F&
!"#$%&'()'!*+*,-."'/0"0
H:'&4*')4,.:-6&4*3$:)F'-.)4
7'3(-*)$ ;,5)'>?3: B&:-.*

+223&$)4*)$ =:3.36-6)4 7@'636-* 1-$-$23-4
9-53:-. 2&.&2-238$ A)4)'?-4 (@:&6& 5&'*()6323&$)4 7-:'3(&$3&*
;&23-. 6)*-223&$)4 :)4&')'<- -2,(,.-6-4 -2:,-'3-. 6)*5-':3235-238$ DFWLYRVƬQDQFLHURV
;-.6&*-.*C0*6)*6323)(D')*6)*/"0E '14' '120345' 7820419: 3;8094< 5;90=84' '780==9: ;1=' 6 80;<9093<'

>?@A@BCB'DE?C'BEA'FEG@HBH 6' 6' 6 6' 8220=;<' 6' 6' 6 8220=;<'
*?GHI'GEIJA?CBHI'@D?EKGCAEI 6' 6' 6 6' 6' 710<42: 7;1=: 6 74088=:
B&:-.*')4,.:-6&4*3$:)F'-.)4 14 120345 7820419: 3;8094< 802;10999 7=0439: 6 6 803=50295
' ' ' '
(@L@BEDBHI'BEMGE?CBHI 6' 6' 6 6' 73<0352: 6' 6' 6 73<0352:
!HDI?@?JM@ND'BE'GEIEGLCI 6' 6' 6 4;088;' 74;088;: 6' 6' 6 6'
;-.6&*-.*C0*6)*6323)(D')*6)*/"0G 14 120345' 7820419: 3<301<2' 5;9059; 7=0439: 6 6 803920415'
' '
>?@A@BCB'DE?C'BEA'FEG@HBH '6 6 6 6' 4;0;;1' 6' 6' 6 4;0;;1'
*?GHI'GEIJA?CBHI'@D?EKGCAEI 6 6 6 6' 6' 7315: <3; < 9<8
B&:-.*')4,.:-6&4*3$:)F'-.)4 14 120345 7820419: 3<301<2 5<=084= 7=0553: <3; < 809230341
(@L@BEDBHI'BEMGE?CBHI 6 6 6 6 7310455: 6 6 6 7310455:

!HDI?@?JM@ND'BE'GEIEGLCI 6 6 6 4102;< 74102;<: 6 6 6 6
;-.6&*-.*C0*6)*6323)(D')*6)*/"0! 14 120345 7820419: 99<042< <<40992 7=0553: <3; < 8034=0444
>"1#*3'?32@',-6#3'0#A32 5-66&7-*'8#*96':2;&6# !"#$%&#'(#)*&+&#',-**-*#'./

0-;*-2-6)#6)-'B-C#" !36)#%3*'(<="&+3 0-1&23*'4&2+#"'
$CGOE?C'PGHQEI@HDCA'8935=26$ $CGOE?C'PGHQEI@HDCA'8953326$
(EI@KDCBH'FHG'PG@MERC?EGSHJIE!HHFEGI'+?BC0
7TEG'U@'B@M?CUED'BE'QEMSC';3'BE'QEVGEGH'BE';28<:
/DVQRWDVTXHVHDFRPSDÊDQVRQSDUWHLQWHJUDQWHGHORVHVWDGRVƬQDQFLHURV
!"#$%&'"(&))**&+,-."/&$,#".01$2"(&3".&4$&5,/#$&60.-7#08$&-4&99&2-&+-:.-."&2-&9;<=&3$.$&(-.&
3.-(-/#$2"(&$&4$&>($?:4-$&@-/-.$4&2-&>770"/0(#$(&3$.$&(,&$3.":$70A/B&
!"#$%&'()'!*+*,-."'/0"0
RTUQHV/HR/0WXYVT/HR/R0RPUJMV/TRLQZQHV
!"#$%#&'#&()('*+,'-#./0#*(""10'2#&'#3'212#)1"1*+(40125
IJKM IJKL
012345/67/7879:;<4/=>49767?:75/67/(2:;1;@A645/7?)/A9:;<;6A675/67/4=7>A9;B? /
CA?A?9;A/?7:A/ / / / !"#""$ *--#'",
CA5:45/67/67=>79;A9;B?D/AE4:AF;7?:4/G/AF4>:;@A9;B? %$#!&' $+#"$!
H7:7>;4>4/67/;?<7>5;4?75/ / / (""&) ""&
H7:7>;4>4/67/9A>:7>A &#""" **$
H7:7>;4>4/67/;?<7?:A>;45 *#+,* "#!%-
CA?A?9;A5/671/<A14>/>A@4?AI17/67/A9:;<45/I;41BE;945 (%#!%') (%#!&,)
J?E>7545/=4>/FK:464/67/=A>:;9;=A9;B?/ / ('-#,$$) (,-#$'-)
LK>6;6A5/=4>/1A/6;5=45;9;B?/67/A9:;<45/?4/94>>;7?:75 "&& &'+
MA>;A9;B?/7?N
H;5F;?29;B?/(;?9>7F7?:4)/7?/145/;?<7?:A>;45 +#'+' (*+#&+-)
(J?9>7F7?:4)/67/927?:A5/=4>/94I>A>/G/4:>A5/927?:A5/=4>/94I>A> ($,#$'') ("'#,&$)
J?9>7F7?:4/67/927?:A5/=4>/=AEA>/67/4>;E7?/94F7>9;A1/G/4:>A5/927?:A5/=4>/=AEA> %'#'"- "'#&"!
(H;5F;?29;B?);?9>7F7?:4/67/4I1;EA9;4?75/1AI4>A175 ($') &%
J?9>7F7?:4/67/4:>45/=A5;<45/G/=>4<;5;4?75 ",& ***
(H;5F;?29;B?)/67/;F=275:4/6;87>;64 ('#%*!) (%#!*+)
123456'78'898:;<=5'>8;56'?@5:878>;86'78'A:;<=<7A786'78'5?8@A:<B> %'#&&$ $*#,!*
/ / / /
012345/67/7879:;<4/=>49767?:75/67/(2:;1;@A645/7?)/A9:;<;6A675/67/;?<7>5;B?
LAE45/=A>A/A6O2;>;>/=A:>;F4?;4/4/;?5:>2F7?:45/67/6726A/67/4:>A5/7?:;6A675 . ($#*"')
M7?:A/67/=>4=;76A675D/=1A?:A/G/7O2;=4 &% *$+
P4F=>A5/67/=>4=;76A675D/=1A?:A/G/7O2;=4 (%!#++') (!$#$",)
P4F=>A5/67/A9:;<45/I;41BE;945 (&#%"!) ("#+*%)
P4F=>A5/67/;?:A?E;I175 . (+,+)
H;<;67?645/>79;I;645 *+#-$$ *"#&*"
H;5F;?29;B?/(=AE4)/=4>/94F=>A/67/;?<7>5;4?75/67/94>:4/=1A@4 (*%%) ($#%"")
123456'78'898:;<=5'>8;56'C3;<2<DA756E'8>'A:;<=<7A786'78'<>=8@6<B> ($*#%++) (!$#%"-)
)OXMRVGHHIHFWLYRSURFHGHQWHVGHXWLOL]DGRVHQDFWLYLGDGHVGHƬQDQFLDFLÌQ

Q6O2;5;9;B?/67/=>K5:AF45 "&'#-*, *!$#'&-
LAE4/67/=>K5:AF45 ("*%#%,&) (*-"#+'*)
LAE4/67/6;<;67?645 (&%#!++) (&,#&+-)
)OXMRVGHHIHFWLYRQHWRVXWLOL]DGRVHQSURFHGHQWHVGHDFWLYLGDGHVGHƬQDQFLDFLÌQ (*$#"!$) "&#&!+
.>:@8F8>;5'>8;5'78'898:;<=5'G'8H3<=A28>;86'A2'898:;<=5' *#$'* '*-
R879:;<4/G/7O2;<A17?:75/A1/7879:;<4/A1/=>;?9;=;4/671/=7>S464 *-#$%! +#'$!
(IHFWLYR\HTXLYDOHQWHVDOHIHFWLYRDOƬQDOGHOSHUÆRGR **#+"' *-#$%!
>"1#*3'?32@',-6#3'0#A32 5-66&7-*'8#*96':2;&6# !"#$%&#'(#)*&+&#',-**-*#'./

0-;*-2-6)#6)-'B-C#" !36)#%3*'(<="&+3 0-1&23*'4&2+#"'
UA>37:A/L>4875;4?A1/*$&+'-.U UA>37:A/L>4875;4?A1/*$+&&-.U
H75;E?A64/=4>/L>;97_A:7>`4257P44=7>5/W:6A#
(M7>/F;/6;9:AF7?/67/879`A/"&/67/87I>7>4/67/"-*,)
MK
/DVQRWDVTXHVHDFRPSDÊDQVRQSDUWHLQWHJUDQWHGHORVHVWDGRVƬQDQFLHURV
.>95@F8'">3A2'IJKM
PQZU[\/HR/PVWV]^JQ/T#Q#
2 341 / ' 1 ' 53 /
6 /41 7 3 / ' 8 9 2 1 2 ! 9 6 :3 /
! " #$ % $ & ' !
!"#$%&'()'!*+*,-."'/010
!"#$%#$&'&%()*%#$%#+,"-#.#+,"/
7 N O P N ' N!Q O R M S !Q
!"#$%&'()'!*+*,-."'/0'10')2'3&"'2*4.)("('"&%&.,"'4*&2$.$3.("'()'"43)#(*'
4*&'+"2'+)5)2'4*+*,-."&"2')+'6'()',"5*'()'78669'()(.4"("'"'+"':#*(344.%&'
()':3+:"9':":)+)29'4"#$*&)2'5'),:";3)2'()')2$*2',"$)#."+)29'4*,*'
$",-.<&'"'+"'#)=*#)2$"4.%&0'/3'(*,.4.+.*':#.&4.:"+')2'>3,-*?@"++)'5')+'
$<#,.&*'()'(3#"4.%&')2'A"2$"')+'"B*'CDE60
F"#"')+'()2"##*++*'()'23'*-G)$*'2*4."+9'+"'),:#)2"'43)&$"'4*&'+"2'2.H3.)&$)2'
:+"&$"2'()':#*(344.%&')&')+':"I2J'>3,-*9'K*H*$L9'M)()++I&'5'K"##"&;3.++"0
C
K 1 / N / ' Z N ' F _ N / N O P1 ! S R O ' Z N ' `Q / ' N / P1 Z Q / '
T S O 1 O ! S N _ Q / ' > ' _ N / a M N O ' Z N ' ` 1 / ' F _ S O ! S F1 ` N / '
F Q ` b P S ! 1 / ' ! Q O P1 K ` N / ' 1 F ` S ! 1 Z 1 /
/RVHVWDGRVƬQDQFLHURVKDQVLGRSUHSDUDGRVGHDFXHUGRFRQODV1RUPDV
()'!*&$"-.+.("(')'S&=*#,"4.%&'T.&"&4.)#"'"4):$"("2')&'!*+*,-."9'
=3&(",)&$"("2')&'+"2'O*#,"2'S&$)#&"4.*&"+)2'()'S&=*#,"4.%&'T.&"&4.)#"'
UOSSTV'G3&$*'4*&'232'.&$)#:#)$"4.*&)29',"#4*'()'#)=)#)&4."'4*&4):$3"+9'+*2'
=3&(",)&$*2'()'4*&4+32.%&'5'+"2'H3I"2'()'":+.4"4.%&'"3$*#.W"("2'5'),.$.("2'
:*#')+'4*&4)G*'()'O*#,"2'S&$)#&"4.*&"+)2'()'!*&$"-.+.("('XS1/K':*#'232'
2.H+"2')&'S&H+)2Y'A"2$"')+'E7'()'Z.4.),-#)'()'CD7[\'5'*$#"2'(.2:*2.4.*&)2'
+)H"+)2'":+.4"-+)2':"#"'+"2')&$.("()2'].H.+"("2'5'4*&$#*+"("2':*#'+"'
/3:)#.&$)&()&4."'T.&"&4.)#"';3)':3)()&'(.=)#.#')&'"+H3&*2'"2:)4$*2'()'+*2'
)2$"-+)4.(*2':*#'*#H"&.2,*2'()'4*&$#*+'()+'N2$"(*0
' ' ' ' ' ' '
1'4*&$.&3"4.%&'2)'()24#.-)&'+"2':#.&4.:"+)2':*+I$.4"2'4*&$"-+)2'"(*:$"("2'
HQODSUHSDUDFLÌQGHHVWRVHVWDGRVƬQDQFLHURV(VWDVSROÆWLFDVVHKDQ
":+.4"(*'()',"&)#"'3&.=*#,)':"#"'+*2'(*2':)#I*(*2':#)2)&$"(*29'2"+]*';3)'
2)'.&(.;3)'+*'4*&$#"#.*0
/RVHVWDGRVƬQDQFLHURVKDQVLGRDXWRUL]DGRVSRUOD-XQWD'LUHFWLYDHOGH
=)-#)#*'()'CD7^0
!"
#$%&'()*+$,-.*/01!
!1_PRO'ZN'!Q`QMKS1'/010
% $ 6 ( ' ( 3 5 ( 6 ( 1 7$ & , ¬ 1
/RVHVWDGRVƬQDQFLHURVVHKDQHODERUDGRGHDFXHUGRFRQHOHQIRTXHGHOFRVWRKLVWÌULFRDH[FHSFLÌQGH
ODVVLJXLHQWHVSDUWLGDVTXHVRQUHFRQRFLGDVDOYDORUUD]RQDEOHDFWLYRVELROÌJLFRVDOJXQRVLQVWUXPHQWRV
ƬQDQFLHURV\ODVSHQVLRQHVGHMXELODFLÌQ/DVREOLJDFLRQHVSRUSHQVLRQHVGHMXELODFLÌQVRQPHGLGDVDO
YDORUSUHVHQWHGHORVSDJRVHVWLPDGRVIXWXURVSRUORVEHQHƬFLRVJDQDGRV
/DSUHSDUDFLÌQGHHVWRVHVWDGRVƬQDQFLHURVGHFRQIRUPLGDGFRQ3ULQFLSLRV\1RUPDVGH&RQWDELOLGDGH
,QIRUPDFLÌQ)LQDQFLHUD$FHSWDGRVHQ&RORPELDH[LJHHOXVRGHFLHUWDVHVWLPDFLRQHVFRQWDEOHVFUÆWLFDV
7DPELÂQH[LJHTXHODDGPLQLVWUDFLÌQHMHU]DVXMXLFLRHQHOSURFHVRGHDSOLFDUODVSROÆWLFDVFRQWDEOHVGHOD
&RPSDÊÆD(QODQRWD1VHUHYHODQODVºUHDVTXHLPSOLFDQXQPD\RUJUDGRGHMXLFLRRFRPSOHMLGDG\ODV
ºUHDVGRQGHODVKLSÌWHVLV\HVWLPDFLRQHVVRQVLJQLƬFDWLYDVSDUDORVHVWDGRVƬQDQFLHURV
!"#$%&'()#*+"#&,'-'%$'./$0$#1&*+2#
/DDFWLYLGDGSULQFLSDOGHOD&RPSDÊÆDHVODSURGXFFLÌQ\YHQWDSDSHOHVFDUWRQHV\HPSDTXHGHHVWRV
PDWHULDOHVDFWLYLGDGTXHHVUHDOL]DGDHQ&RORPELD\ORVLQJUHVRVTXHVHGHULYDQGHODPLVPDVHUHFLEHQ
SULQFLSDOPHQWHHQSHVRVFRORPELDQRV/RVƮXMRVGHHIHFWLYRGHODVSULQFLSDOHVDFWLYLGDGHVGHOQHJRFLR\
GHODVDFWLYLGDGHVGHƬQDQFLDFLÌQVHUHDOL]DQHQSHVRVFRORPELDQRV
!
'HELGRDORDQWHULRUODDGPLQLVWUDFLÌQGHOD&RPSDÊÆDFRQVLGHUDTXHHOSHVRFRORPELDQRHVODPRQHGD
TXHUHSUHVHQWDFRQPD\RUƬGHOLGDGORVHIHFWRVHFRQÌPLFRVGHODVWUDQVDFFLRQHVHYHQWRV\
FRQGLFLRQHVVXE\DFHQWHVGHOD&RPSDÊÆD\SRUHVWDUD]ÌQORVHVWDGRVƬQDQFLHURVVRQSUHVHQWDGRVHQ
SHVRVFRORPELDQRVFRPRVXPRQHGDIXQFLRQDO
! ! ! ! ! ! !
7RGDODLQIRUPDFLÌQHVSUHVHQWDGDHQPLOORQHVGHSHVRV\KDVLGRUHGRQGHDGDDODXQLGDGPºVFHUFDQD
0H[FHSWRFXDQGRVHLQGLFDGHRWUDPDQHUD
3/&#0&**+"#$0'$#'4"#$%&'$51/&#6$/&
/DVWUDQVDFFLRQHVHQPRQHGDH[WUDQMHUDVHFRQYLHUWHQDSHVRVFRORPELDQRVDODVWDVDVGHFDPELR
YLJHQWHVDSOLFDEOHVHQODIHFKDTXHRFXUUHQ/RVVDOGRVGHQRPLQDGRVHQPRQHGDH[WUDQMHUDHVWºQ
H[SUHVDGRVHQSHVRVFRORPELDQRVDODVWDVDVUHSUHVHQWDWLYDVGHOPHUFDGRGHHQ\
HQ/DVGLIHUHQFLDVHQFDPELRRULJLQDGDVHQDFWLYRV\SDVLYRVPRQHWDULRVVHOOHYDQD
UHVXOWDGRV
7/+1$/+"'%$'!&1$/+&,+%&%! ! ! ! ! !
! ! ! ! ! ! !
8QKHFKRHFRQÌPLFRHVPDWHULDOFXDQGRGHELGRDVXQDWXUDOH]DRFXDQWÆDVXFRQRFLPLHQWRR
GHVFRQRFLPLHQWRSXHGHDOWHUDUVLJQLƬFDWLYDPHQWHODVGHFLVLRQHVHFRQÌPLFDVGHORVXVXDULRVGHOD
LQIRUPDFLÌQ3RUFRQVLJXLHQWHDOSUHSDUDUORVHVWDGRVƬQDQFLHURVHOGHVJORVHGHORVUXEURVVHKDFH
VHJÓQORHVWDEOHFLGRHQODVQRUPDVOHJDOHV\HQVXGHIHFWRDTXHOORVTXHUHSUHVHQWDQHORPºVGHO
DFWLYRWRWDOGHODFWLYRFRUULHQWHGHOSDVLYRWRWDOGHOSDVLYRFRUULHQWHGHOFDSLWDOGHWUDEDMRGHO
SDWULPRQLR\GHORVLQJUHVRVVHJÓQHOFDVRVHGHVFULEHQYDORUHVLQIHULRUHVFXDQGRVHFRQVLGHUDTXH
SXHGHFRQWULEXLUDXQDPHMRULQWHUSUHWDFLÌQGHODLQIRUPDFLÌQƬQDQFLHUD
!"
#$%&'()*+$,-.*/01!
&$57¬1'(&2/20%,$6$
3 5 , 1 & , 3$ / ( 6 3 2 / ¦ 7 , & $ 6 & 2 1 7$ % / ( 6
/D&RPSDÊÆDKDSUHSDUDGRORVHVWDGRVƬQDQFLHURVVHSDUDGRVD'LFLHPEUHGHDSOLFDQGRODV
PLVPDVSROÆWLFDVFRQWDEOHV\PÂWRGRVFRQWDEOHVGHFºOFXORXWLOL]DGRVHQORVHVWDGRVƬQDQFLHURV
DQXDOHVPºVUHFLHQWHVSUHVHQWDGRVD'LFLHPEUHGH(VWDVSROÆWLFDVVHKDQDSOLFDGRGHPDQHUD
XQLIRUPHSDUDORVGRVSHULRGRVSUHVHQWDGRV/DVSULQFLSDOHVSROÆWLFDVFRQWDEOHVVRQ
$FWLYRVƬQDQFLHURV
/D&RPSDÊÆDFODVLƬFDVXVDFWLYRVƬQDQFLHURVHQODVVLJXLHQWHVFDWHJRUÆDVGHPHGLFLÌQORVTXHVH
PLGHQDOYDORUUD]RQDEOH\ORVTXHVHPLGHQDOFRVWRDPRUWL]DGR(VWDFODVLƬFDFLÌQGHSHQGHGHVLHO
DFWLYRƬQDQFLHURHVXQLQVWUXPHQWRGHGHXGDRGHSDWULPRQLR
,QVWUXPHQWRGHGHXGD
!"#$FWLYRVƬQDQFLHURVDOFRVWRDPRUWL]DGR
8QLQVWUXPHQWRGHGHXGDVHFODVLƬFDFRPRPHGLGRDOFRVWRDPRUWL]DGRVÌORVLORVVLJXLHQWHV
FULWHULRVVHFXPSOHQHOREMHWLYRGHOPRGHORGHQHJRFLRGHOD&RPSDÊÆDHVPDQWHQHUHODFWLYR
SDUDREWHQHUORVƮXMRVGHHIHFWLYRFRQWUDFWXDOHV\ORVWÂUPLQRVFRQWUDFWXDOHVGDQOXJDUHQIHFKDV
HVSHFLƬFDGDVDUHFLELUƮXMRVGHHIHFWLYRTXHVRQÓQLFDPHQWHSDJRVGHOSULQFLSDOHLQWHUHVHVVREUHHO
FDSLWDOSHQGLHQWHGHSDJR
/DQDWXUDOH]DGHORVGHULYDGRVLPSOÆFLWRVHQXQDLQYHUVLÌQGHGHXGDVHFRQVLGHUDSDUDGHWHUPLQDUVLORV
ƮXMRVGHHIHFWLYRGHODLQYHUVLÌQVRQÓQLFDPHQWHSDJRVGHFDSLWDOHLQWHUHVHVVREUHHOFDSLWDOSHQGLHQWH
GHSDJR\HQHVHFDVRQRVHFRQWDELOL]DQSRUVHSDUDGR
E$FWLYRVƬQDQFLHURVDOYDORUUD]RQDEOH
6LFXDOTXLHUDGHORVGRVFULWHULRVLQGLFDGRVSDUDORVDFWLYRVƬQDQFLHURVDOFRVWRDPRUWL]DGRQRVH
FXPSOHHOLQVWUXPHQWRGHGHXGDVHFODVLƬFDFRPRPHGLGRDOYDORUUD]RQDEOHFRQFDPELRVHQ
UHVXOWDGRV
,QVWUXPHQWRGHSDWULPRQLR
7RGRVORVLQVWUXPHQWRVGHUHQWDYDULDEOHVHPLGHQSRUVXYDORUUD]RQDEOH/RVLQVWUXPHQWRVGH
SDWULPRQLRTXHVHPDQWLHQHQSDUDQHJRFLDUVHYDORUDQDYDORUUD]RQDEOHFRQFDPELRVHQUHVXOWDGRV
3DUDHOUHVWRGHLQVWUXPHQWRVGHSDWULPRQLROD&RPSDÊÆDSXHGHUHDOL]DUXQDHOHFFLÌQLUUHYRFDEOHHQHO
UHFRQRFLPLHQWRLQLFLDOSDUDUHFRQRFHUORVFDPELRVHQHOYDORUUD]RQDEOHFRQFDUJRDORVRWURV
UHVXOWDGRVLQWHJUDOHVHQHOSDWULPRQLRHQOXJDUGHORVUHVXOWDGRV
!"#$%$#&'&"%($)*)'"+&#&,%
&RPSUDV\YHQWDVFRQYHQFLRQDOHVGHDFWLYRVƬQDQFLHURVVHUHFRQRFHQHQODIHFKDGHQHJRFLDFLÌQTXH
HVODIHFKDHQODFXDOOD&RPSDÊÆDVHFRPSURPHWHDDGTXLULURYHQGHUHODFWLYR/RVDFWLYRVƬQDQFLHURV
VHGDQGHEDMDFXDQGRORVGHUHFKRVDUHFLELUƮXMRVGHHIHFWLYRKDQYHQFLGRRVHKDQWUDQVIHULGR\OD
&RPSDÊÆDKDWUDVSDVDGRVXVWDQFLDOPHQWHWRGRVORVULHVJRV\EHQHƬFLRVLQKHUHQWHVDODSURSLHGDG
!"
#$%&'()*+$,-.*/01!
&$57¬1'(&2/20%,$6$
(QHOUHFRQRFLPLHQWRLQLFLDOOD&RPSDÊÆDYDORUDORVDFWLYRVƬQDQFLHURVDVXYDORUUD]RQDEOHPºVHQHO
FDVRGHXQDFWLYRƬQDQFLHURTXHQRVHPLGHDOYDORUUD]RQDEOHFRQFDPELRVHQUHVXOWDGRVORVFRVWRVGH
WUDQVDFFLÌQTXHVRQGLUHFWDPHQWHDWULEXLEOHVDODDGTXLVLFLÌQGHODFWLYRƬQDQFLHUR/RVFRVWRVGH
WUDQVDFFLÌQGHDFWLYRVƬQDQFLHURVTXHVHPLGHQDVXYDORUUD]RQDEOHFRQFDPELRVHQUHVXOWDGRVVH
FRQWDELOL]DQGLUHFWDPHQWHHQODFXHQWDGHUHVXOWDGRV
/DVJDQDQFLDVRSÂUGLGDVGHXQLQVWUXPHQWRGHGHXGDTXHVHYDORUDSRVWHULRUPHQWHDVXYDORU
UD]RQDEOH\QRHVSDUWHGHXQDUHODFLÌQGHFREHUWXUDVHUHFRQRFHQHQORVUHVXOWDGRV\VHSUHVHQWDQHQ
HOHVWDGRGHUHVXOWDGRVGHQWURGHRWUDVSÂUGLGDVJDQDQFLDVQHWRHQHOSHUÆRGRHQTXHVH
SURGXFHQ
/DVJDQDQFLDVRSÂUGLGDVGHXQLQVWUXPHQWRGHGHXGDTXHVHYDORUDSRVWHULRUPHQWHDVXFRVWR
DPRUWL]DGR\QRIRUPDSDUWHGHXQDUHODFLÌQGHFREHUWXUDVHUHFRQRFHQHQORVUHVXOWDGRVGHOSHUÆRGR
FXDQGRHODFWLYRƬQDQFLHURVHGDGHEDMDRVHGHWHULRUD\DWUDYÂVGHOSURFHVRGHDPRUWL]DFLÌQXWLOL]DQGR
HOPÂWRGRGHLQWHUÂVHIHFWLYR
3RVWHULRUPHQWHOD&RPSDÊÆDPLGHWRGRVORVLQVWUXPHQWRVGHSDWULPRQLRDYDORUUD]RQDEOH&XDQGROD
*HUHQFLDKD\DHOHJLGRSUHVHQWDUJDQDQFLDVRSÂUGLGDVGHYDORUUD]RQDEOHQRUHDOL]DGDV\UHDOL]DGDV\
SÂUGLGDVHQLQVWUXPHQWRVGHSDWULPRQLRHQRWURVUHVXOWDGRVLQWHJUDOHVQRSXHGHQVHUUHFLFODGDVODV
JDQDQFLDV\SÂUGLGDVGHYDORUUD]RQDEOHDORVUHVXOWDGRVGHOHMHUFLFLR/RVGLYLGHQGRVGHORV
LQVWUXPHQWRVGHSDWULPRQLRVRQUHFRQRFLGRVHQORVUHVXOWDGRVVLHPSUH\FXDQGRUHSUHVHQWDQXQ
UHWRUQRGHODLQYHUVLÌQ
/D&RPSDÊÆDUHFODVLƬFDWRGRVORVLQVWUXPHQWRVGHGHXGDDIHFWDGRVFXDQGR\VÌORFXDQGRVXPRGHOR
GHQHJRFLRSDUDODJHVWLÌQGHORVDFWLYRVƬQDQFLHURVFDPELH
&RPSHQVDFLÌQGHLQVWUXPHQWRVƬQDQFLHURV
$FWLYRV\SDVLYRVƬQDQFLHURVVHFRPSHQVDQ\VXPRQWRQHWRVHSUHVHQWHHQHOHVWDGRGHVLWXDFLÌQ
ƬQDQFLHUDFXDQGRH[LVWHXQGHUHFKROHJDOPHQWHH[LJLEOHGHFRPSHQVDUORVLPSRUWHVUHFRQRFLGRV\OD
*HUHQFLDWHQJDODLQWHQFLÌQGHOLTXLGDUODFDQWLGDGQHWDRGHUHDOL]DUHODFWLYR\FDQFHODUHOSDVLYR
VLPXOWºQHDPHQWH
!"#$%&'(%")$*"+#&'
/RVYDORUHVUD]RQDEOHVGHODVLQYHUVLRQHVFRQFRWL]DFLÌQEXUVºWLOVHEDVDQHQVXSUHFLRGHFRWL]DFLÌQ
YLJHQWH6LHOPHUFDGRSDUDXQLQVWUXPHQWRƬQDQFLHURQRHVDFWLYRRHOLQVWUXPHQWRQRFRWL]DHQEROVD
OD&RPSDÊÆDHVWDEOHFHVXYDORUUD]RQDEOHXVDQGRWÂFQLFDVGHYDOXDFLÌQ(VWDVWÂFQLFDVLQFOX\HQHOXVR
GHORVYDORUHVREVHUYDGRVHQWUDQVDFFLRQHVUHFLHQWHVHIHFWXDGDVEDMRORVWÂUPLQRVGHOLEUH
FRPSHWHQFLDODUHIHUHQFLDDRWURVLQVWUXPHQWRVTXHVRQVXVWDQFLDOPHQWHVLPLODUHVDQºOLVLVGHƮXMRVGH
HIHFWLYRGHVFRQWDGRV\PRGHORVGHRSFLRQHVKDFLHQGRPº[LPRXVRGHLQIRUPDFLÌQGHPHUFDGR
'HWHULRURGHORVDFWLYRVƬQDQFLHURV
$FWLYRVPHGLGRVDOFRVWRDPRUWL]DGR
/D&RPSDÊÆDHYDOÓDDOƬQDOGHFDGDHMHUFLFLRVLH[LVWHHYLGHQFLDREMHWLYDVREUHHOGHWHULRURGHOYDORUGH
XQDFWLYRƬQDQFLHURRJUXSRGHDFWLYRVƬQDQFLHURVPHGLGRVDOFRVWRDPRUWL]DGR8QDFWLYRƬQDQFLHURR
!"
#$%&'()*+$,-.*/01!
&$57¬1'(&2/20%,$6$
XQJUXSRGHDFWLYRVƬQDQFLHURVHVWºGHWHULRUDGR\ODVSÂUGLGDVSRUGHWHULRURGHOYDORUKDQVLGR
LQFXUULGDVVLH[LVWHHYLGHQFLDREMHWLYDGHOGHWHULRURFRPRUHVXOWDGRGHXQRRPºVHYHQWRVTXHKD\DQ
RFXUULGRGHVSXÂVGHOUHFRQRFLPLHQWRLQLFLDOGHODFWLYRXQHYHQWRGHSÂUGLGD\TXHHOHYHQWRGH
SÂUGLGDRHYHQWRVWLHQHXQLPSDFWRHQORVƮXMRVGHHIHFWLYRIXWXURVHVWLPDGRVGHODFWLYRƬQDQFLHURR
JUXSRGHDFWLYRVƬQDQFLHURVTXHSXHGHQFDOFXODUVHGHPDQHUDFRQƬDEOH
!"#$%&'()*+()&,&+(-*.#+-/&0#'
/DVFXHQWDVSRUSDJDUFRPHUFLDOHVVRQREOLJDFLRQHVGHSDJRSRUELHQHVRVHUYLFLRVTXHVHKDQ
DGTXLULGRGHORVSURYHHGRUHV\DFUHHGRUHVHQHOFXUVRRUGLQDULRGHORVQHJRFLRV/DVFXHQWDVSRUSDJDU
VHFODVLƬFDQFRPRSDVLYRVFRUULHQWHVVLHOSDJRGHEHVHUHIHFWXDGRHQXQSHUÆRGRGHXQDÊRRPHQRV
RHQHOFLFORQRUPDOGHH[SORWDFLÌQGHODHPSUHVDVLHVPºVODUJR6LHOSDJRGHEHVHUHIHFWXDGRHQXQ
SHUÆRGRVXSHULRUDXQDÊRVHSUHVHQWDQFRPRSDVLYRVQRFRUULHQWHV
/DVFXHQWDVSRUSDJDUFRPHUFLDOHVVHUHFRQRFHQLQLFLDOPHQWHDVXYDORUUD]RQDEOH\SRVWHULRUPHQWHVH
UHPLGHQDVXFRVWRDPRUWL]DGRXVDQGRHOPÂWRGRGHLQWHUÂVHIHFWLYR
1#"2&'(3450/,&-/*$#'(6/$&$-/#+&'7
/DVGHXGDVVHUHFRQRFHQLQLFLDOPHQWHDVXYDORUUD]RQDEOHQHWRGHORVFRVWRVLQFXUULGRVHQOD
WUDQVDFFLÌQ/DVGHXGDVVHUHJLVWUDQSRVWHULRUPHQWHDVXFRVWRDPRUWL]DGRFXDOTXLHUGLIHUHQFLDHQWUH
ORVIRQGRVUHFLELGRVQHWRGHORVFRVWRVGHODWUDQVDFFLÌQ\HOYDORUGHUHGHQFLÌQVHUHFRQRFHHQHO
HVWDGRGHUHVXOWDGRVGXUDQWHHOSHUÆRGRGHOSUÂVWDPRXVDQGRHOPÂWRGRGHLQWHUÂVHIHFWLYR
/RVKRQRUDULRVLQFXUULGRVSDUDREWHQHUODVGHXGDVVHUHFRQRFHQFRPRFRVWRVGHODWUDQVDFFLÌQHQOD
PHGLGDTXHVHDSUREDEOHTXHXQDSDUWHRWRGDODGHXGDVHUHFLELUº(QHVWHFDVRORVKRQRUDULRVVH
GLƬHUHQKDVWDTXHHOSUÂVWDPRVHUHFLED(QODPHGLGDTXHQRKD\DHYLGHQFLDGHTXHVHDSUREDEOHTXH
XQDSDUWHRWRGDODGHXGDVHUHFLEDORVKRQRUDULRVVHFDSLWDOL]DQFRPRJDVWRVSDJDGRVSRUDQWLFLSDGR
SRUVHUYLFLRVSDUDREWHQHUOLTXLGH]\VHDPRUWL]DQHQHOSHUÆRGRGHOSUÂVWDPRFRQHOTXHVHUHODFLRQDQ
/RVSUÂVWDPRVVHFODVLƬFDQHQHOSDVLYRFRUULHQWHDPHQRVTXHOD&RPSDÊÆDWHQJDHOGHUHFKR
LQFRQGLFLRQDOGHGLIHULUHOSDJRGHODREOLJDFLÌQSRUORPHQRVPHVHVFRQWDGRVGHVGHODIHFKDGHO
EDODQFH
/RVFRVWRVGHGHXGDVJHQHUDOHV\HVSHFÆƬFDVGLUHFWDPHQWHDWULEXLEOHVDODDGTXLVLFLÌQFRQVWUXFFLÌQR
SURGXFFLÌQGHDFWLYRVFXDOLƬFDGRVTXHVRQDTXHOORVTXHUHTXLHUHQGHXQSHUÆRGRGHWLHPSRVXVWDQFLDO
SDUDHVWDUSUHSDUDGRVSDUDVXXVRRYHQWDSUHYLVWRVVHDÊDGHQDOFRVWRGHGLFKRVDFWLYRVKDVWDHO
PRPHQWRHQTXHORVDFWLYRVHVWÂQVXVWDQFLDOPHQWHSUHSDUDGRVSDUDVXXVRRYHQWD/RVLQJUHVRVSRU
LQYHUVLRQHVREWHQLGRVHQODLQYHUVLÌQWHPSRUDOGHUHFXUVRVREWHQLGRVGHGHXGDVHVSHFÆƬFDVTXHDÓQ
QRVHKDQLQYHUWLGRHQDFWLYRVFXDOLƬFDGRVVHGHGXFHQGHORVFRVWRVSRULQWHUHVHVVXVFHSWLEOHVGH
FDSLWDOL]DFLÌQ7RGRVORVGHPºVFRVWRVGHGHXGDVVRQUHFRQRFLGRVHQHOHVWDGRGHUHVXOWDGRVHQHO
SHUÆRGRHQHOFXDOVHLQFXUUHQ
8'*-/&2&'(
/DVLQYHUVLRQHVGHOD0DWUL]HQHQWLGDGHVGRQGHQRWLHQHFRQWUROSHURVLSRVHHXQDLQƮXHQFLD
VLJQLƬFDWLYDVHGHQRPLQDQqLQYHUVLRQHVHQFRPSDÊÆDVDVRFLDGDVr\VHFRQWDELOL]DQSRUHOPÂWRGRGH
SDUWLFLSDFLÌQSDWULPRQLDO6HSUHVXPHTXHHMHUFHXQDLQƮXHQFLDVLJQLƬFDWLYDHQRWUDHQWLGDGVLSRVHH
GLUHFWDRLQGLUHFWDPHQWHHQWUHHO\HOGHOGHUHFKRGHYRWRGHODSDUWLFLSDGDDPHQRVTXH
!!
"#$%&'()*#+,-)./0!
&$57¬1'(&2/20%,$6$
SXHGDGHPRVWUDUVHFODUDPHQWHTXHWDOLQƮXHQFLDQRH[LVWH(OPÂWRGRGHSDUWLFLSDFLÌQHVXQPÂWRGR
GHFRQWDELOL]DFLÌQVHJÓQHOFXDOODLQYHUVLÌQVHUHJLVWUDLQLFLDOPHQWHDOFRVWR\HVDMXVWDGD
SHULÌGLFDPHQWHSRUORVFDPELRVHQODSDUWLFLSDFLÌQGHOLQYHUVRUHQORVDFWLYRVQHWRVGHODSDUWLFLSDGD
GHVSXÂVGHUHDOL]DUORVDMXVWHVQHFHVDULRVSDUDDOLQHDUODVSROÆWLFDVFRQWDEOHVGHODFRPSDÊÆDDVRFLDGD
FRQODVGHO*UXSR(OUHVXOWDGRGHOSHUÆRGRGHOLQYHUVRULQFOX\HVXSDUWLFLSDFLÌQHQHOUHVXOWDGRGHO
SHUÆRGRGHODSDUWLFLSDGD\HQRWURUHVXOWDGRLQWHJUDOGHOLQYHUVRUHQHOSDWULPRQLRLQFOX\HVX
SDUWLFLSDFLÌQHQODFXHQWDGHRWURVUHVXOWDGRVLQWHJUDOHVGHODSDUWLFLSDGD
!"#$%&'(')*$+(,-(*.*&/0%$#
/RVHOHPHQWRVGHSURSLHGDGSODQWD\HTXLSRVHUHJLVWUDQDOFRVWRPHQRVORVFDUJRVDFXPXODGRVSRU
GHSUHFLDFLÌQ\GHWHULRUR(OFRVWRLQFOX\HJDVWRVTXHVRQGLUHFWDPHQWHDWULEXLEOHVDODDGTXLVLFLÌQGHORV
DFWLYRV(OVRIWZDUHTXHHVSDUWHLQWHJUDOGHODIXQFLRQDOLGDGUHODFLRQDGDFRQXQHTXLSRVHFDSLWDOL]D
FRPRSDUWHGHHVWH/RVFRVWRVSRVWHULRUHVVHLQFOX\HQHQHOYDORUHQOLEURVGHODFWLYRRVHUHFRQRFHQ
FRPRXQDFWLYRVHSDUDGRVHJÓQFRUUHVSRQGDVÌORFXDQGRHVSUREDEOHTXHORVEHQHƬFLRVHFRQÌPLFRV
IXWXURVDVRFLDGRVFRQODSDUWLGDƮX\DQKDFLDOD&RPSDÊÆD\HOFRVWRGHOHOHPHQWRSXHGHVHUPHGLGR
FRQƬDELOLGDG
(OLPSRUWHHQOLEURVGHFXDOTXLHUFRPSRQHQWHUHWLUDGRVHGDGHEDMD2WUDVUHSDUDFLRQHV\ORVJDVWRVGH
PDQWHQLPLHQWRTXHQRFXPSODFRQORVFULWHULRVGHUHFRQRFLPLHQWRGHDFWLYRVVHFDUJDQDOJDVWRHQORV
UHVXOWDGRVGHOSHUÆRGRFXDQGRVHLQFXUUHQ
/RVDFWLYRVVRQGHSUHFLDGRVGHVGHHOPRPHQWRGHVXSXHVWDHQXVRVLQHPEDUJRODWLHUUDQRVH
GHSUHFLD/DGHSUHFLDFLÌQGHODSURSLHGDGSODQWD\HTXLSRVHFDOFXODVREUHXQDEDVHGHOÆQHDUHFWDFRQ
ODVVLJXLHQWHVWDVDVDQXDOHV
(GLƬFLRV
0DTXLQDULD\HTXLSRV
(TXLSRGHWUDQVSRUWH
0XHEOHV\(QVHUHV
(OLPSRUWHHQOLEURVGHXQDFWLYRVHUHGXFHLQPHGLDWDPHQWHDVXYDORUUHFXSHUDEOHVLHOYDORUHQOLEURVGHO
DFWLYRHVPD\RUTXHVXLPSRUWHUHFXSHUDEOHHVWLPDGR
/DVJDQDQFLDV\SÂUGLGDVSRUYHQWDVHGHWHUPLQDQFRPSDUDQGRORVLQJUHVRVREWHQLGRVFRQHOYDORUHQ
OLEURV\VHUHFRQRFHQGHQWURGH2WURVLQJUHVRVJDVWRVQHWRHQHO(VWDGRGH5HVXOWDGRV
/RVFRVWRVGHGHXGDVJHQHUDOHV\HVSHFÆƬFDVGLUHFWDPHQWHDWULEXLEOHVDODDGTXLVLFLÌQFRQVWUXFFLÌQR
SURGXFFLÌQGHDFWLYRVFXDOLƬFDGRVTXHUHTXLHUHQGHXQSHULRGRGHWLHPSRVXVWDQFLDOSDUDHVWDU
SUHSDUDGRVSDUDVXXVRVHDÊDGHQDOFRVWRGHORVGÆDVDFWLYRVKDVWDHOPRPHQWRHQTXHGLFKRVDFWLYRV
HVWÂQVXVWDQFLDOPHQWHSUHSDUDGRVSDUDVXXVR7RGRVORVGHPºVFRVWRVGHGHXGDVRQUHFRQRFLGRVHQ
HO(VWDGRGH5HVXOWDGRVHQHOSHUÆRGRHQHOFXDOVHLQFXUUHQ
/RVYDORUHVUHVLGXDOHVHVWLPDGRV\ODVYLGDVÓWLOHVGHORVDFWLYRVVRQUHYLVDGDVHQFDGDIHFKDGH
EDODQFH
!"
#$%&'()*+$,-.*/01!
&$57¬1'(&2/20%,$6$
'HWHULRURGHOYDORUGHDFWLYRVQRƬQDQFLHURVGLVWLQWRVGHODSOXVYDOÆD
! ! ! ! ! ! !
/RVDFWLYRVWDQJLEOHVHLQWDQJLEOHVDODUJRSOD]RTXHHVWºQVXMHWRVDDPRUWL]DFLÌQRGHSUHFLDFLÌQVRQ
HYDOXDGRVSRUGHWHULRURVLHPSUHTXHDOJÓQVXFHVRRFDPELRVHQODVFLUFXQVWDQFLDVLQGLTXHQTXHHO
YDORUHQOLEURVSXHGHQRVHUUHFXSHUDEOH
8QDSÂUGLGDSRUGHWHULRURHVUHFRQRFLGDSRUHOPRQWRHQTXHHOYDORUHQOLEURVGHODFWLYRH[FHGHDVX
LPSRUWHUHFXSHUDEOH
! ! ! ! ! ! !
(OLPSRUWHUHFXSHUDEOHHVHOPD\RUHQWUHHOYDORUUD]RQDEOHGHODFWLYRPHQRVORVFRVWRVGHYHQWDV\HO
YDORUHQXVR$OHYDOXDUHOGHWHULRURORVDFWLYRVVHDJUXSDQDOQLYHOPºVEDMRSDUDHOTXHKD\ƮXMRVGH
HIHFWLYRLGHQWLƬFDEOHVSRUVHSDUDGR/RVDFWLYRVQRƬQDQFLHURVGLVWLQWRVGHODSOXVYDOÆDTXHKDQVXIULGR
SÂUGLGDVSRUGHWHULRURVHUHYLVDQSDUDVXSRVLEOHUHYHUVLÌQGHOGHWHULRURHQFDGDIHFKDGHUHSRUWH
! ! !
!"#$%&'()*'+",-,.$%)//0110, ! ! !
! ! ! ! ! ! !
(OJDVWRHQDFWLYLGDGHVGHLQYHVWLJDFLÌQ\GHVDUUROORJHQHUDOPHQWHVHUHFRQRFHHQUHVXOWDGRVFRPRXQ
JDVWRFXDQGRVHLQFXUUHHQÂO&RVWRVLQFXUULGRVVREUHHOGHVDUUROORGHORVSUR\HFWRVVHUHFRQRFHQ
FRPRDFWLYRVLQWDQJLEOHVVÌORVLVHFXPSOHQORVFULWHULRVSDUDODFDSLWDOL]DFLÌQGHORVDFWLYRVLQWDQJLEOHV
JHQHUDGRVLQWHUQDPHQWHGHDFXHUGRFRQOD1,&
! ! ! ! ! ! !
2*&'#0%,3'01+('*0%! ! ! ! !
! ! ! ! ! ! !
/D&RPSDÊÆDWLHQHSODQWDFLRQHVIRUHVWDOHVTXHVHFODVLƬFDQFRPRXQDFWLYRELROÌJLFR\HVWºQ
UHJLVWUDGDVSRUVXYDORUUD]RQDEOHPHQRVORVFRVWRVHVWLPDGRVGHYHQWD/RVFDPELRVHQVXYDORUVH
UHFRQRFHQHQHOUHVXOWDGRGHOSHUÆRGR(OYDORUUD]RQDEOHGHODVSODQWDFLRQHVIRUHVWDOHVVHFDOFXOD
XWLOL]DQGRSUHFLRVPHGLRVSRQGHUDGRVSDUDWUDQVDFFLRQHVVLPLODUHVFRQWHUFHURV(QHOPRPHQWRGHOD
FRVHFKDODVSODQWDFLRQHVIRUHVWDOHVVHUHJLVWUDQSRUVXYDORUUD]RQDEOHPHQRVORVFRVWRVHVWLPDGRV
GHYHQWD\VRQWUDVODGDGDVDOLQYHQWDULR
45$*&'#0,-,467'#)1$"&$%,.$,45$*&'#0! ! ! !
! ! ! ! ! ! !
(OHIHFWLYR\HTXLYDOHQWHVGHHIHFWLYRFRPSUHQGHQORVVDOGRVGHHIHFWLYRPDQWHQLGRVSDUDFXPSOLUFRQ
ORVFRPSURPLVRVGHSDJRDFRUWRSOD]R\ODVLQYHUVLRQHVTXHVRQIºFLOPHQWHFRQYHUWLEOHVHQXQD
FDQWLGDGGHWHUPLQDGDGHHIHFWLYR\HVWºQVXMHWRVDXQULHVJRSRFRVLJQLƬFDWLYRGHFDPELRHQVXYDORU
&XDQGRODVLQYHUVLRQHVVHFODVLƬFDQFRPRHTXLYDOHQWHVGHHIHFWLYRORVVDOGRVUHODFLRQDGRVWLHQHQXQ
YHQFLPLHQWRGHWUHVPHVHVRPHQRVGHVGHODIHFKDGHDGTXLVLFLÌQ/RVVREUHJLURVEDQFDULRVTXHVRQD
ODYLVWD\IRUPDQSDUWHLQWHJUDQWHGHODJHVWLÌQGHODWHVRUHUÆDGHODFRPSDÊÆDVHLQFOX\HQFRPR
FRPSRQHQWHVGHOHIHFWLYR\HTXLYDOHQWHV(OHIHFWLYR\HTXLYDOHQWHVGHHIHFWLYRVHUHJLVWUDQDOFRVWR
DPRUWL]DGR
! ! ! ! ! ! !
/RVGHSÌVLWRVEDQFDULRVDFRUWRSOD]RPD\RUGHWUHVPHVHVGHYHQFLPLHQWRTXHQRFXPSOHQFRQOD
GHƬQLFLÌQGHHIHFWLYR\HTXLYDOHQWHVGHHIHFWLYRVHFODVLƬFDQFRPRDFWLYRVƬQDQFLHURVGHQWURGHORV
DFWLYRVFRUULHQWHV\VHYDORUDQDOFRVWRDPRUWL]DGR
!"
#$%&'()*+$,-.*/01!
&$57¬1'(&2/20%,$6$
!"#$"%&'()*! ! ! ! ! ! !
! ! ! ! ! ! !
/RVLQYHQWDULRVVHYDORUDQDOPHQRUHQWUHHOFRVWR\HOYDORUQHWRGHUHDOL]DFLÌQ(OYDORUQHWRUHDOL]DEOH
HVHOYDORUHVWLPDGRGHYHQWDPHQRVORVFRVWRVGHWHUPLQDFLÌQ\ORVFRVWRVTXHVHGHEDQLQFXUULUHQOD
YHQWD\GLVWULEXFLÌQ
(OFRVWRGHORVLQYHQWDULRVLQFOX\HORVJDVWRVRFDVLRQDGRVSRUODDGTXLVLFLÌQGHORVLQYHQWDULRV\ORV
QHFHVDULRVSDUDOOHYDUORVDVXFRQGLFLÌQ\XELFDFLÌQDFWXDOHV
3DUDSURGXFWRVWHUPLQDGRV\HQSURGXFWRVHQSURFHVRHOFRVWRLQFOX\HPDWHULDOHVGLUHFWRVPDQRGH
REUDGLUHFWD\ORVJDVWRVJHQHUDOHVDWULEXLEOHVEDVDGRVHQXQDFDSDFLGDGRSHUDWLYDQRUPDO
(OFRVWRGHODPDGHUDHVVXYDORUUD]RQDEOHPHQRVORVFRVWRVHVWLPDGRVGHYHQWDHQODIHFKDGHOD
FRVHFKDGHWHUPLQDGDGHDFXHUGRFRQODSROÆWLFDGHORVDFWLYRVELROÌJLFRV
/D&RPSDÊÆDUHJLVWUDSÂUGLGDVSRUGHWHULRURSDUDORVLQYHQWDULRVGDÊDGRVGHWHULRUDGRVREVROHWRV\
PDWHULDOHVQRXWLOL]DEOHV
!"%&"+(,-$*
,QFOX\HQORVFRVWRVGHFRPSUD\GHVDUUROORGHVRIWZDUHDVÆFRPRORVDFWLYRVLQWDQJLEOHVUHODFLRQDGRV
FRQORVFOLHQWHVJHQHUDOPHQWHGHULYDGRVGHORVQHJRFLRV,QLFLDOPHQWHVRQUHFRQRFLGRVDOFRVWR\
SRVWHULRUPHQWHVHUHJLVWUDQDOFRVWRPHQRVFXDOTXLHUDPRUWL]DFLÌQ\GHWHULRURDFXPXODGRV
! ! ! ! ! ! !
(OFRVWRVHDPRUWL]DHQIRUPDOLQHDOVREUHODVYLGDVÓWLOHVHVWLPDGDVTXHYDUÆDQGHGRVDGLH]DÊRV\HQ
FDGDIHFKDGHORVLQIRUPHVORVYDORUHVFRQWDEOHVVRQVRPHWLGRVDSUXHEDVGHGHWHULRURFXDQGRH[LVWH
HYLGHQFLDGHTXHVHKDQSUHVHQWDGRVFDPELRVHQODVFLUFXQVWDQFLDVRHYHQWRVTXHLQGLTXHQTXHGLFKRV
YDORUHVFRQWDEOHVQRSRGUºQVHUUHFXSHUDGRV
.//()"$*01')1(&*0'$&234('(2&*! ! ! !
! ! ! ! ! ! !
/DVDFFLRQHVRUGLQDULDVUHDGTXLULGDVSRUODVRFLHGDGVHGHGXFHQGHOSDWULPRQLR1LQJXQDJDQDQFLDR
SÂUGLGDVHUHFRQRFHHQODJDQDQFLDRSÂUGLGDHQODFRPSUDYHQWDHPLVLÌQRFDQFHODFLÌQGHODV
DFFLRQHVRUGLQDULDVGHOD&RPSDÊÆD
5')#(*()"$*0 ! ! ! ! ! !
! ! ! ! ! ! !
8QDSURYLVLÌQVHUHFRQRFHFXDQGROD&RPSDÊÆDWLHQHXQDREOLJDFLÌQSUHVHQWHOHJDORLPSOÆFLWDFRPR
UHVXOWDGRGHXQHYHQWRSDVDGR\HVSUREDEOHTXHVHUHTXLHUDXQDVDOLGDGHUHFXUVRVSDUDOLTXLGDUOD
REOLJDFLÌQ\HOLPSRUWHVHSXHGHHVWLPDUGHIRUPDƬDEOH
6LHOHIHFWRHVVLJQLƬFDWLYRODVSURYLVLRQHVVHGHWHUPLQDQGHVFRQWDQGRORVƮXMRVGHHIHFWLYRIXWXURV
HVSHUDGRVDXQDWDVDDQWHVGHLPSXHVWRVTXHUHƮHMHODVHYDOXDFLRQHVDFWXDOHVGHOYDORUGHOGLQHURHQHO
WLHPSR\FXDQGRFRUUHVSRQGDORVULHVJRVHVSHFÆƬFRVGHODREOLJDFLÌQ(OLQFUHPHQWRHQODSURYLVLÌQ
GHELGRDOSDVRGHOWLHPSRVHUHFRQRFHFRPRXQJDVWRƬQDQFLHUR
!"
#$%&'()*+$,-.*/"01
&$57¬1'(&2/20%,$6$
!"#$%&'()&(*+%),-)+%.'-))
! ! ! ! ! ! !
(OJDVWRSRULPSXHVWRUHFRQRFLGRHQFDGDHMHUFLFLRFRPSUHQGHHOLPSXHVWRFRUULHQWH\GLIHULGR\VH
UHFRQRFHHQHOUHVXOWDGRGHOSHUÆRGRH[FHSWRHQODPHGLGDHQTXHVHUHODFLRQHFRQSDUWLGDV
UHFRQRFLGDVHQRWURUHVXOWDGRLQWHJUDORGLUHFWDPHQWHHQHOSDWULPRQLRQHWRHQFX\RFDVRVHUHFRQRFH
LJXDOPHQWHHOLPSXHVWRFRUUHVSRQGLHQWHHQRWURUHVXOWDGRLQWHJUDORHQHOSDWULPRQLRQHWR
(OLPSXHVWRFRUULHQWHVHFRPSRQHSULQFLSDOPHQWHGHOLPSXHVWRDSDJDUHVSHUDGRRUHFXSHUDEOHVREUH
HOLQJUHVRJUDYDEOHGHODÊRXWLOL]DQGRODVWDVDVLPSRVLWLYDVDSOLFDEOHVGHODÊR\FXDOTXLHUDMXVWHDO
LPSXHVWRSRUSDJDUFRQUHVSHFWRDDÊRVDQWHULRUHV
(OLPSXHVWRGLIHULGRVREUHODUHQWDHVUHFRQRFLGRXWLOL]DQGRHOPÂWRGRGHOSDVLYRVREUHODVGLIHUHQFLDV
WHPSRUDOHVTXHVXUJHQHQWUHORVYDORUHVHQOLEURVGHORVDFWLYRV\SDVLYRVSDUDHIHFWRVGHLQIRUPDFLÌQ
ƬQDQFLHUD\VXEDVHƬVFDO
(OYDORUGHOLPSXHVWRGLIHULGRVHEDVDHQODIRUPDHVSHUDGDGHUHDOL]DFLÌQROLTXLGDFLÌQGHOYDORUHQOLEURV
GHORVDFWLYRV\SDVLYRVXWLOL]DQGRODVWDVDVYLJHQWHVRDSXQWRGHDSUREDUVHHQODIHFKDGHOEDODQFH
8QDFWLYRSRULPSXHVWRGLIHULGRVHUHFRQRFHVÌORHQODPHGLGDHQTXHVHDSUREDEOHTXHODVJDQDQFLDV
JUDYDEOHVIXWXUDVHVWDUºQGLVSRQLEOHVFRQWUDODVFXDOHVHODFWLYRSXHGDVHUXWLOL]DGR
/RVLPSXHVWRVGLIHULGRVDFWLYRVVHUHGXFHQHQODPHGLGDHQTXH\DQRHVSUREDEOHTXHHOEHQHƬFLR
ƬVFDOVHKDJDUHDOLGDG
/++%.0-"1%.'(&) ! ! ! !
! ! ! ! ! ! !
/RVDFXHUGRVTXHWUDQVƬHUHQVXVWDQFLDOPHQWHWRGRVORVULHVJRV\EHQHƬFLRVGHODSURSLHGDGGHXQ
DFWLYRSDUDOD&RPSDÊÆDVHFODVLƬFDQFRPRDUUHQGDPLHQWRVƬQDQFLHURV
(VWRVVHFDSLWDOL]DQDOLQLFLRDOPHQRUHQWUHHOYDORUUD]RQDEOHGHODFWLYRDUUHQGDGR\HOYDORUSUHVHQWHGH
ORVSDJRVPÆQLPRVSRUHODUUHQGDPLHQWR2EOLJDFLRQHVSRUDUUHQGDPLHQWRQHWDVGHORVJDVWRV
ƬQDQFLHURVVHLQFOX\HQHQORVSUÂVWDPRV
(OFRPSRQHQWHGHLQWHUHVHVGHORVSDJRVVHFDUJDDJDVWRVHQORVUHVXOWDGRVGHOSHUÆRGRGHO
DUUHQGDPLHQWRGHIRUPDTXHVHREWHQJDXQDWDVDGHLQWHUÂVFRQVWDQWH
/RVDFWLYRVDGTXLULGRVPHGLDQWHDUUHQGDPLHQWRƬQDQFLHURVHGHSUHFLDQDOPHQRUHQWUHODYLGDÓWLOGHO
DFWLYR\HOSOD]RGHODUUHQGDPLHQWR
/RVDFXHUGRVHQTXHVXVWDQFLDOPHQWHWRGRVORVULHVJRV\EHQHƬFLRVGHODSURSLHGDGGHXQDFWLYRVRQ
UHWHQLGRVSRUHODUUHQGDGRUVHFODVLƬFDQFRPRDUUHQGDPLHQWRVRSHUDWLYRV/RVSDJRVGHORV
DUUHQGDPLHQWRVRSHUDWLYRVVHUHJLVWUDQFRPRJDVWRHQORVUHVXOWDGRVVREUHXQDEDVHOLQHDOGXUDQWHHO
SOD]RGHODUUHQGDPLHQWR
/RVDFXHUGRVTXHFRPSUHQGHQRSHUDFLRQHVTXHQRWLHQHQODIRUPDOHJDOGHXQDUUHQGDPLHQWRSHUR
WUDQVPLWHQHOGHUHFKRDXVDUXQDFWLYRDFDPELRGHSDJRRXQDVHULHGHSDJRVVRQHYDOXDGRVSDUD
GHWHUPLQDUVLHODFXHUGRFRQWLHQHXQDUUHQGDPLHQWRƬQDQFLHUR
!"
#$%&'()*+$,-.*/0"1
&$57¬1'(&2/20%,$6$
%HQHƬFLRVD(PSOHDGRV
/RVEHQHƬFLRVDFRUWRDSOD]RGHƬQLGRVFRPRORVEHQHƬFLRVDHPSOHDGRVTXHUHVXOWDQGHOD
FRQWUDSUHVWDFLÌQGHORVVHUYLFLRVSUHVWDGRVGXUDQWHHOSHUÆRGR\ORVFXºOHVVHHVSHUDQOLTXLGDU\SDJDU
HQSOD]RLQIHULRUDPHVHVSRVWHULRUDOƬQDOGHOSHUÆRGRDQXDOTXHVHLQIRUPDVHUHJLVWUDQ
GLUHFWDPHQWHFRQWUDUHVXOWDGRVGHOSHULRGR
/RVEHQHƬFLRVSRUWHUPLQDFLÌQFRUUHVSRQGHDORVEHQHƬFLRVRWRUJDGRVDOHPSOHDGRSRUWHUPLQDFLÌQ
GHOFRQWUDWRODERUDOFRPRFRQVHFXHQFLDGHODWHUPLQDFLÌQGHOFRQWUDWRSRUSDUWHGHODFRPSDÊÆDRGHOD
GHFLVLÌQGHOHPSOHDGRGHDFHSWDUXQRVEHQHƬFLRVRWRUJDGRVSRUODFRPSDÊÆDDFDPELRGHOD
WHUPLQDFLÌQGHOFRQWUDWRODERUDO
'HDFXHUGRFRQODOHJLVODFLÌQODERUDOYLJHQWHHQ&RORPELDORVHPSOHDGRVWLHQHQGHUHFKRDXQD
FRPSHQVDFLÌQGLIHULGDFRQRFLGDFRPRFHVDQWÆDRWRUJDGDDOPRPHQWRGHODWHUPLQDFLÌQGHOFRQWUDWR
ODERUDO\DGLFLRQDOPHQWHWLHQHQGHUHFKRDXQDLQGHPQL]DFLÌQFXDQGRHOFRQWUDWRHVWHUPLQDGRGH
PDQHUDXQLODWHUDOSRUHOHPSOHDGRUVLQMXVWDFDXVD
/D&RPSDÊÆDUHDOL]DFRQIRUPHDODOH\\UHFRQRFHGLUHFWDPHQWHHQORVUHVXOWDGRVGHOSHULRGRODV
DSRUWDFLRQHVPHQVXDOHVDORVIRQGRVGHFHVDQWÆDVSDUDHIHFWRVGHFXEULUHOYDORUGHODVFHVDQWÆDVDVX
FDUJR\HQIDYRUGHORVWUDEDMDGRUHV
/DVLQGHPQL]DFLRQHVSRUGHVSLGRVVLQMXVWDFDXVDVHUHFRQRFHQHQORVUHVXOWDGRVGHOSHUÆRGRHQTXHVH
OLTXLGDQ\SDJDQ
! ! ! ! ! ! !
(QUHODFLÌQFRQORVEHQHƬFLRVSRVWHPSOHRHOFXDOFRPSUHQGHHOSDJRGHSHQVLRQHVGHMXELODFLÌQXQD
YH]HOHPSOHDGRKDFXPSOLGRFRQORVUHTXLVLWRVGHOH\ODFRPSDÊÆDFXHQWDFRQXQSODQGHDSRUWDFLRQHV
GHƬQLGDVDORVIRQGRVGHSHQVLRQHV
/DVFRQWULEXFLRQHVDORVIRQGRVGHSHQVLRQHVVHUHFRQRFHQFRPRXQJDVWRGLUHFWDPHQWHHQHO
UHVXOWDGRGHOSHULRGR8QDYH]UHDOL]DGDVODVFRQWULEXFLRQHVDORVIRQGRVGHSHQVLRQHVODFRPSDÊÆDQR
WLHQHREOLJDFLRQHVDGLFLRQDOHV
/D&RPSDÊÆDWLHQHWDPELÂQDVXFDUJRXQSDVLYRSHQVLRQDO/RVFRVWRV\SDVLYRVGHOSODQGHSHQVLRQHV
VHFDOFXODQXWLOL]DQGRHOPÂWRGRGHFUÂGLWRXQLWDULRSUR\HFWDGR/RVFºOFXORVDFWXDULDOHVVRQ
SUHSDUDGRVSRUDFWXDULRVLQGHSHQGLHQWHVSURIHVLRQDOPHQWHFXDOLƬFDGRVHQFDGDIHFKDGHOEDODQFH
/DVJDQDQFLDVRSÂUGLGDVDFWXDULDOHVJHQHUDGDVGHORVJDVWRVEDVDGRVHQODH[SHULHQFLD\FDPELRHQORV
VXSXHVWRVDFWXDULDOHVVHUHFRQRFHQHQHORWURUHVXOWDGRLQWHJUDOHQHOSHUÆRGRHQHOTXHVXUJHQ
,QJUHVRV! ! ! ! ! ! !
! ! ! ! ! ! !
/RVLQJUHVRVFRPSUHQGHQHOYDORUUD]RQDEOHGHODFRQWUDSUHVWDFLÌQDUHFLELUSRUORVELHQHVYHQGLGRV\
ORVVHUYLFLRVSUHVWDGRVDORVFOLHQWHVHQHOFXUVRRUGLQDULRGHORVQHJRFLRV
6HH[FOX\HQORVLPSXHVWRVDODVYHQWDV\VHFDOFXODQQHWRVGHSURYLVLRQHVSDUDUHEDMDV\GHVFXHQWRV
/D&RPSDÊÆDUHFRQRFHORVLQJUHVRVFXDQGRHOLPSRUWHGHORVPLVPRVVHSXHGHPHGLUFRQƬDELOLGDG
VHDSUREDEOHTXHORVEHQHƬFLRVHFRQÌPLFRVIXWXURVYD\DQDƮXLUDODHQWLGDG\FXDQGRVHKDQFXPSOLGR
ORVFULWHULRVHVSHFÆƬFRV\FXPSOLPLHQWRGHREOLJDFLRQHVSDFWDGRVGHODYHQWDGHELHQHV\SUHVWDFLÌQGH
VHUYLFLRVDFRUGDGRVHQORVFRQWUDWRV/D&RPSDÊÆDEDVDVXHVWLPDFLÌQGHGHYROXFLRQHVVREUHODEDVH
!"
#$%&'()*+$,-.*"/01
&$57¬1'(&2/20%,$6$
GHORVUHVXOWDGRVKLVWÌULFRVWHQLHQGRHQFXHQWDHOWLSRGHFOLHQWHHOWLSRGHRSHUDFLÌQ\ODV
FDUDFWHUÆVWLFDVHVSHFÆƬFDVGHFDGDDFXHUGR
/RVLQJUHVRVVHUHFRQRFHQHQODPHGLGDHQTXHVHDSUREDEOHTXHORVEHQHƬFLRVHFRQÌPLFRVƮX\DQ
KDFLDODHQWLGDG
*DVWRVHLQJUHVRVƬQDQFLHURV! ! ! !
! ! ! ! ! ! !
/RVJDVWRVƬQDQFLHURVFRPSUHQGHQORVJDVWRVSRULQWHUHVHVVREUHSUÂVWDPRV/RVJDVWRVƬQDQFLHURV
VHUHFRQRFHQHQHOUHVXOWDGRGHOHMHUFLFLRXWLOL]DQGRHOPÂWRGRGHLQWHUÂVHIHFWLYR/RVFRVWRVSRU
LQWHUHVHVTXHVHDQGLUHFWDPHQWHDWULEXLEOHVDODDGTXLVLFLÌQRFRQVWUXFFLÌQGHXQDFWLYRVHFDSLWDOL]DQ
FRPRSDUWHGHOFRVWRGHODFWLYR
/RVLQJUHVRVƬQDQFLHURVFRPSUHQGHQORVLQJUHVRVSRULQWHUHVHVVREUHORVIRQGRVLQYHUWLGRV/RV
LQJUHVRVSRULQWHUHVHVVHUHFRQRFHQFXDQGRVHGHYHQJDQSRUHOPÂWRGRGHLQWHUÂVHIHFWLYR/RV
GLYLGHQGRVVHUHFRQRFHQHQODIHFKDTXHVHKDHVWDEOHFLGRHOGHUHFKRGHOD&RPSDÊÆDDUHFLELUHOSDJR
*DQDQFLDVSRUDFFLÌQ!! ! ! !
! ! ! ! ! ! !
/DVJDQDQFLDVSRUDFFLÌQUHSUHVHQWDQHOUHVXOWDGRGHOSHUÆRGRGLYLGLGRHQWUHHOQÓPHURSURPHGLR
SRQGHUDGRGHDFFLRQHVRUGLQDULDVHQFLUFXODFLÌQGXUDQWHHODÊRVLQLQFOXLUODVDFFLRQHVSURSLDV
UHDGTXLULGDV
'LVWULEXFLÌQGHGLYLGHQGRV! ! ! !
! ! ! ! ! ! !
/DGLVWULEXFLÌQGHGLYLGHQGRVDORVDFFLRQLVWDVGHOD&RPSDÊÆDVRQUHFRQRFLGRVFRPRSDVLYRVHQHO
SHUÆRGRHQTXHORVGLYLGHQGRVVRQDSUREDGRVSRUODDVDPEOHDGHDFFLRQLVWDV
& $ 0 % , 2 6 1 2 5 0 $7 , 9 2 6
1XHYDVQRUPDVPRGLƬFDFLRQHVHLQWHUSUHWDFLRQHVLQFRUSRUDGDVDOPDUFRFRQWDEOH
DFHSWDGRHQ&RORPELDFX\DDSOLFDFLÌQGHEHVHUHYDOXDGDPºVDOOºGHOGHHQHURGH
RTXHSXHGHQVHUDSOLFDGDVGHPDQHUDDQWLFLSDGD
! ! ! ! ! ! !
/RV'HFUHWRVGHOGHGLFLHPEUHGHGHOGHGLFLHPEUHGH\GHOGH
GLFLHPEUHGHLQWURGXMHURQDOPDUFRWÂFQLFRQRUPDWLYRGHLQIRUPDFLÌQƬQDQFLHUDQXHYDVQRUPDV
PRGLƬFDFLRQHVRHQPLHQGDVHPLWLGDVRHIHFWXDGDVSRUHO,$6%DODV1RUPDV,QWHUQDFLRQDOHVGH
,QIRUPDFLÌQ)LQDQFLHUDHQWUHORVDÊRV\SDUDHYDOXDUVXDSOLFDFLÌQHQHMHUFLFLRVƬQDQFLHURV
TXHFRPLHQFHQPºVDGHODQWHGHOGHHQHURGHDXQTXHVXDSOLFDFLÌQSRGUÆDVHUHIHFWXDGDGH
PDQHUDDQWLFLSDGD
1,,),QVWUXPHQWRV)LQDQFLHURV
/D1,,)DERUGDODFODVLƬFDFLÌQPHGLFLÌQ\GHVUHFRQRFLPLHQWRGHDFWLYRV\SDVLYRVƬQDQFLHURV
LQWURGXFHQXHYDVUHJODVSDUDFRQWDELOLGDGGHFREHUWXUD\XQQXHYRPRGHORGHGHWHULRURSDUDDFWLYRV
ƬQDQFLHURV
!"
#$%&'()*+$,-.*/012
&$57¬1'(&2/20%,$6$
/DDGPLQLVWUDFLÌQUHYLVÌORVDFWLYRV\SDVLYRVƬQDQFLHURVGHOD&RPSDÊÆD\GHVXDQºOLVLVVHGHWDOODQODV
VLJXLHQWHVFRQFOXVLRQHVDSDUWLUGHODDGRSFLÌQGHODQXHYDQRUPDHOGHHQHURGH
/RVLQVWUXPHQWRVGHGHXGDGHOD&RPSDÊÆDVRQDFWXDOPHQWHFODVLƬFDGRVHQODVFDWHJRUÆDVGHFRVWR
DPRUWL]DGRGHDFXHUGRFRQVXHYDOXDFLÌQGHULHVJR\PRGHORGHQHJRFLRHVWRVLQVWUXPHQWRVQRVHUºQ
DIHFWDGRVSRUORVFDPELRVGHOHVWºQGDU
'HDFXHUGRFRQHOPRGHORGHQHJRFLRGHORVRWURVLQVWUXPHQWRVƬQDQFLHURVTXHSRVHHODFRPSDÊÆDQR
VHKDFHQHFHVDULRXQFDPELRHQODFODVLƬFDFLÌQGHHVWRVDOFRVWRDPRUWL]DGRSRUWDQWRQRHYDOXDPRV
HIHFWRV
/RVRWURVDFWLYRVƬQDQFLHURVTXHSRVHHOD&RPSDÊÆDLQFOX\HQLQVWUXPHQWRVGHSDWULPRQLRPHGLGRV
DFWXDOPHQWHDYDORUUD]RQDEOHFRQFDPELRVHQUHVXOWDGRVTXHFRQWLQXDUºQVLHQGRPHGLGDVVREUHOD
PLVPDEDVHVHJÓQODQXHYD1,,)
1RKDEUºLPSDFWRHQODFRQWDELOL]DFLÌQGHSDVLYRVƬQDQFLHURVGHOD&RPSDÊÆD\DTXHORVQXHYRV
UHTXHULPLHQWRVDIHFWDQÓQLFDPHQWHDODFRQWDELOL]DFLÌQGHSDVLYRVƬQDQFLHURVTXHVRQGHVLJQDGRVD
YDORUUD]RQDEOHFRQFDPELRVHQUHVXOWDGRV\OD&RPSDÊÆDQRSRVHHHVWHWLSRGHSDVLYRV/DVQRUPDV
GHGHVUHFRQRFLPLHQWRVHWUDQVƬULHURQGHOD1,&,QVWUXPHQWRV)LQDQFLHURV5HFRQRFLPLHQWR\
0HGLFLÌQ\QRVHKDQFDPELDGR
(OQXHYRPRGHORGHGHWHULRURUHTXLHUHHOUHFRQRFLPLHQWRGHSURYLVLRQHVSRUGHWHULRUREDVDGDVHQODV
SÂUGLGDVFUHGLWLFLDVHVSHUDGDVHQOXJDUGHVRODPHQWHODVSÂUGLGDVFUHGLWLFLDVLQFXUULGDVFRPRHVHOFDVR
GHOD1,&(VWRDSOLFDDORVDFWLYRVƬQDQFLHURVFODVLƬFDGRVDVXFRVWRDPRUWL]DGRLQVWUXPHQWRVGH
GHXGDPHGLGRVDYDORUUD]RQDEOHFRQHIHFWRHQUHVXOWDGRVLQWHJUDOHVDFWLYRVFRQWUDFWXDOHVVHJÓQOD
1,,),QJUHVRVSURYHQLHQWHVGH&RQWUDWRVFRQ&OLHQWHVDUUHQGDPLHQWRVDFREUDU\FRPSURPLVRVGH
SUÂVWDPR&RQEDVHHQODVHYDOXDFLRQHVUHDOL]DGDVDODIHFKD/D&RPSDÊÆDQRKDLGHQWLƬFDGRXQ
LPSDFWRPDWHULDOHQHOPRQWRGHOUHFRQRFLPLHQWRGHGHWHULRURVREUHHVWRVLQVWUXPHQWRVƬQDQFLHURV
/DQXHYDQRUPDWDPELÂQLQWURGXFHUHTXHULPLHQWRVGHUHYHODFLÌQDPSOLDGD\FDPELRVHQOD
SUHVHQWDFLÌQ6HHVSHUDTXHHVWRVFDPELHQODQDWXUDOH]D\HODOFDQFHGHODVUHYHODFLRQHVGHOD
&RPSDÊÆDVREUHVXVLQVWUXPHQWRVƬQDQFLHURVSDUWLFXODUPHQWHHQHODÊRGHODDGRSFLÌQGHODQXHYD
QRUPD/D&RPSDÊÆDDSOLFDUºODVQXHYDVQRUPDVGHPDQHUDUHWURVSHFWLYDDSDUWLUGHOGHHQHUR
GHFRQORVUHFXUVRVSUºFWLFRVSHUPLWLGRVVHJÓQODQRUPD/DLQIRUPDFLÌQFRPSDUDWLYDGH
QRVHUHH[SUHVDUº
1,,),QJUHVRVSURYHQLHQWHVGH&RQWUDWRVFRQ&OLHQWHV
(O&RQVHMRGH1RUPDV,QWHUQDFLRQDOHVGH&RQWDELOLGDG,$6%SRUVXVVLJODVHQLQJOÂVHPLWLÌOD1,,)

TXHUHHPSOD]DUºDOD1,&TXHDEDUFDORVFRQWUDWRVSDUDELHQHV\VHUYLFLRVOD1,&TXHDEDUFDORV
FRQWUDWRVGHFRQVWUXFFLÌQOD&,1,,)TXHDEDUFDORVSURJUDPDVGHƬGHOL]DFLÌQGHFOLHQWHVOD&,1,,)
TXHDEDUFDORVDFXHUGRVSDUDODFRQVWUXFFLÌQGHLQPXHEOHVOD&,1,,)TXHDEDUFDODVWUDQVIHUHQFLDV
GHDFWLYRVSURYHQLHQWHVGHORVFOLHQWHV\OD6,&TXHDEDUFDORVLQJUHVRVRUGLQDULRVWUDQVDFFLRQHVGH
WUXHTXHTXHLPSOLFDQVHUYLFLRVGHSXEOLFLGDG
(OREMHWLYRGHOD1,,)HVEULQGDUXQPRGHORÓQLFRHLQWHJUDOGHUHFRQRFLPLHQWRGHLQJUHVRVSDUDWRGRV
ORVFRQWUDWRVFRQFOLHQWHV\PHMRUDUODFRPSDUDELOLGDGGHQWURGHODVLQGXVWULDVHQWUHLQGXVWULDV\HQWUH
PHUFDGRVGHFDSLWDO/DQXHYDQRUPDVHEDVDHQHOSULQFLSLRGHWUDQVIHUHQFLDGHFRQWUROGHXQELHQR
VHUYLFLRDXQFOLHQWHSDUDHVWDEOHFHUHOUHFRQRFLPLHQWRGHXQLQJUHVR
!"
#$%&'()*+$,-.*/012
&$57¬1'(&2/20%,$6$
/D1,,)HVHIHFWLYDSDUDSHULRGRVTXHLQLFLHQHQRGHVSXÂVGHOGHHQHURGHSHUPLWLHQGRXQ
HQIRTXHUHWURVSHFWLYRFRPSOHWRRUHWURVSHFWLYRPRGLƬFDGRSDUDVXDGRSFLÌQ
/D&RPSDÊÆDKDFRPSOHWDGRXQDUHYLVLÌQLQLFLDOGHORVSRWHQFLDOHVLPSDFWRVGHODDGRSFLÌQGH1,,)
HQVXVHVWDGRVƬQDQFLHURV\KDLGHQWLƬFDGRTXHQRKDEUºXQLPSDFWRPDWHULDOHQODRSRUWXQLGDG\
PRQWRGHOUHFRQRFLPLHQWRGHORVLQJUHVRVGHOD&RPSDÊÆD
/D&RPSDÊÆDSUHWHQGHDGRSWDUODQRUPDXWLOL]DQGRHOHQIRTXHUHWURVSHFWLYRPRGLƬFDGRORFXDO
VLJQLƬFDTXHHOLPSDFWRDFXPXODWLYRGHODDGRSFLÌQVHUºUHFRQRFLGRHQODVXWLOLGDGHVUHWHQLGDVDSDUWLU
GHOGHHQHURGH\TXHODLQIRUPDFLÌQƬQDQFLHUDFRPSDUDWLYDQRVHUHH[SUHVDUº
1,,)$UUHQGDPLHQWRV
(O&RQVHMRGH1RUPDV,QWHUQDFLRQDOHVGH&RQWDELOLGDG,$6%SRUVXVVLJODVHQLQJOÂVHPLWLÌOD1,,)

FRQIHFKDGHDSOLFDFLÌQHIHFWLYDDSDUWLUGHOGHHQHURGH
/D1,,)UHHPSOD]DODVJXÆDVH[LVWHQWHVSDUDODFRQWDELOL]DFLÌQGHDUUHQGDPLHQWRVLQFOX\HQGR1,&
DUUHQGDPLHQWRV&,1,,)GHWHUPLQDFLÌQVLXQFRQWUDWRFRQWLHQHXQDUUHQGDPLHQWR6,&LQFHQWLYRVHQ
RSHUDFLÌQGHDUUHQGDPLHQWRRSHUDWLYR\6,&HYDOXDFLÌQGHODVXVWDQFLDGHWUDQVDFFLRQHVTXH
LQYROXFUDQODIRUPDOHJDOGHXQDUUHQGDPLHQWR
/D1,,)LQWURGXFHXQVRORPRGHORGHUHJLVWURFRQWDEOHGHORVFRQWUDWRVGHDUUHQGDPLHQWRHQHO
HVWDGRGHVLWXDFLÌQƬQDQFLHUDSDUDORVDUUHQGDWDULRV8QDUUHQGDWDULRUHFRQRFHXQDFWLYRSRUGHUHFKR
GHXVRUHSUHVHQWDQGRHOGHUHFKRSDUDXVDUHODFWLYRWRPDGRHQDUUHQGDPLHQWR\XQSDVLYRSRU
DUUHQGDPLHQWRUHSUHVHQWDQGRVXREOLJDFLÌQSDUDKDFHUORVSDJRVGHODUUHQGDPLHQWR+D\H[HQFLRQHV
RSFLRQDOHVSDUDDUUHQGDPLHQWRVGHFRUWRSOD]RRDUUHQGDPLHQWRGHELHQHVGHPX\EDMRYDORU(O
WUDWDPLHQWRFRQWDEOHGHORVFRQWUDWRVGHDUUHQGDPLHQWRSDUDORVDUUHQGDGRUHVSHUPDQHFHVLPLODUDODV
DFWXDOHVQRUPDVFRQWDEOHVHQHOFXDOHODUUHQGDGRUFODVLƬFDORVFRQWUDWRVGHDUUHQGDPLHQWRFRPR
DUUHQGDPLHQWRVƬQDQFLHURVXRSHUDWLYRV
/D&RPSDÊÆDKDFRPHQ]DGRXQDHYDOXDFLÌQSRWHQFLDOGHORVLPSDFWRVHQVXVHVWDGRVƬQDQFLHURV
KDVWDDKRUDHOLPSDFWRPºVVLJQLƬFDWLYRLGHQWLƬFDGRHVHOUHFRQRFLPLHQWRGHDFWLYRV\SDVLYRVGHVXV
FRQWUDWRVGHDUUHQGDPLHQWRRSHUDWLYRHVSHFLDOPHQWHGHSURSLHGDGHVXVDGDVHQHOIXQFLRQDPLHQWRGH
SODQWDV\RƬFLQDV(QDGLFLÌQODQDWXUDOH]DGHORVJDVWRVFRUUHVSRQGLHQWHVDORVFRQWUDWRVGH
DUUHQGDPLHQWRVRSHUDWLYRVHQFDOLGDGGHDUUHQGDWDULRFDPELDUDQFRQOD1,,)GHJDVWRVSRU
DUUHQGDPLHQWRVDFDUJRVSRUGHSUHFLDFLÌQGHORVGHUHFKRVGHXVRGHODFWLYR\JDVWRVƬQDQFLHURVHQORV
SDVLYRVSRUDUUHQGDPLHQWR+DVWDODIHFKDODDGPLQLVWUDFLÌQVHHQFXHQWUDHYDOXDQGRHOLPSDFWR
SUHOLPLQDUGHODDGRSFLÌQGHHVWDQXHYDQRUPDTXHSRGUÆDWHQHUXQLPSDFWRVLJQLƬFDWLYRHQORVHVWDGRV
ƬQDQFLHURV1RVHHVSHUDHIHFWXDUXQDDGRSFLÌQDQWLFLSDGDGHHVWDQRUPD
1XHYDVQRUPDVHPLWLGDVSRUHO&RQVHMRGH1RUPDV,QWHUQDFLRQDOHVGH&RQWDELOLGDG,$6%
SRUVXVVLJODVHQLQJOÂVTXHDÓQQRKDQVLGRLQFRUSRUDGDVDOPDUFRFRQWDEOHDFHSWDGRHQ
&RORPELD
!"
#$%&'()*+$,-.*/012
&$57¬1'(&2/20%,$6$
1,,)&RQWUDWRVGH6HJXURV
/D1,,)&RQWUDWRVGH6HJXURHVWDEOHFHSULQFLSLRVSDUDHOUHFRQRFLPLHQWRPHGLFLÌQSUHVHQWDFLÌQH
LQIRUPDFLÌQDUHYHODUGHORVFRQWUDWRVGHVHJXURHPLWLGRV7DPELÂQUHTXLHUHSULQFLSLRVVLPLODUHVD
DSOLFDUDFRQWUDWRVGHUHDVHJXURPDQWHQLGRV\DFRQWUDWRVGHLQYHUVLÌQHPLWLGRVFRQFRPSRQHQWHVGH
SDUWLFLSDFLÌQGLVFUHFLRQDO(OREMHWLYRHVDVHJXUDUTXHODVHQWLGDGHVSURSRUFLRQHQLQIRUPDFLÌQUHOHYDQWH
GHIRUPDTXHUHSUHVHQWHƬHOPHQWHHVRVFRQWUDWRVSDUDHYDOXDUHOHIHFWRTXHORVFRQWUDWRVGHQWURGHO
DOFDQFHGHOD1,,)WLHQHQVREUHODVLWXDFLÌQƬQDQFLHUDHOUHQGLPLHQWRƬQDQFLHUR\ORVƮXMRVGH
HIHFWLYRGHXQDHQWLGDG
/D1,,)VHDSOLFDUºDSHULRGRVDQXDOHVTXHFRPLHQFHQDSDUWLUGHOGHHQHURGH6HSHUPLWHVX
DSOLFDFLÌQDQWLFLSDGD
/D1,,)GHURJDOD1,,)&RQWUDWRVGH6HJXURTXHHUDXQDQRUPDSURYLVLRQDOTXHSHUPLWLÌDODV
HQWLGDGHVXVDUXQDDPSOLDYDULHGDGGHSUºFWLFDVFRQWDEOHVSDUDORVFRQWUDWRVGHVHJXURUHƮHMDQGRORV
UHTXHULPLHQWRVGHFRQWDELOLGDGQDFLRQDOHV\YDULDFLRQHVGHHVRVUHTXHULPLHQWRV$OJXQDVSUºFWLFDV
DQWHULRUHVGHFRQWDELOL]DFLÌQGHVHJXURVSHUPLWLGDVVHJÓQOD1,,)QRUHƮHMDEDQDGHFXDGDPHQWHODV
VLWXDFLRQHVƬQDQFLHUDVVXE\DFHQWHVYHUGDGHUDVRHOUHQGLPLHQWRƬQDQFLHURGHORVFRQWUDWRVGHVHJXUR
/D&RPSDÊÆDQRHVSHUDLPSDFWRVSRUHVWDQRUPDWHQLHQGRHQFXHQWDTXHQRGHVDUUROODFRQWUDWRVGH
VHJXUR
(67,0$&,21(6
< - 8 , & , 2 6 & 2 1 7$ % / ( 6
/DJHUHQFLDGHOD&RPSDÊÆDKDFHHVWLPDGRV\DVXQFLRQHVTXHDIHFWDQORVPRQWRV
UHFRQRFLGRVHQORVHVWDGRVƬQDQFLHURVVHSDUDGRV\HOYDORUHQOLEURVGHORV
DFWLYRV\SDVLYRVGHQWURGHOSHUÆRGRTXHVHLQIRUPD/RVMXLFLRV\HVWLPDGRVVRQ
FRQWLQXDPHQWHHYDOXDGRVEDVDGRVHQODVH[SHULHQFLDVSDVDGDV\RWURVIDFWRUHV
LQFOX\HQGRODH[SHFWDWLYDGHHYHQWRVIXWXURVTXHVHHVSHUHQEDMRFLUFXQVWDQFLDV
DFWXDOHV/DJHUHQFLDWDPELÂQKDFHFLHUWRVMXLFLRVDSDUWHGHDTXHOORVTXH
LQYROXFUDQHVWLPDFLRQHVHQHOSURFHVRGHDSOLFDUODVSROÆWLFDVFRQWDEOHV/RV
MXLFLRVTXHWLHQHQORVHIHFWRVPºVLPSRUWDQWHVHQORVPRQWRVUHFRQRFLGRVHQORV
HVWDGRVƬQDQFLHURVVHSDUDGRVTXHSXHGHQFDXVDUXQDMXVWHLPSRUWDQWHHQHO
YDORUHQOLEURVGHORVDFWLYRV\SDVLYRVHQHOSHUÆRGRLQFOX\HQORVVLJXLHQWHV
1HJRFLRHQPDUFKD! ! ! ! ! !
! ! ! ! ! ! !
/DJHUHQFLDSUHSDUDORVHVWDGRVƬQDQFLHURVVREUHODEDVHGHXQQHJRFLRHQ
PDUFKD(QODUHDOL]DFLÌQGHHVWHMXLFLRODJHUHQFLDFRQVLGHUDODSRVLFLÌQƬQDQFLHUD
DFWXDOGHOD&RPSDÊÆDVXVLQWHQFLRQHVDFWXDOHVHOUHVXOWDGRGHODVRSHUDFLRQHV\
HODFFHVRDORVUHFXUVRVƬQDQFLHURVHQHOPHUFDGRƬQDQFLHUR\DQDOL]DHOLPSDFWR
GHWDOHVIDFWRUHVHQODVRSHUDFLRQHVIXWXUDVGHOD&RPSDÊÆD$ODIHFKDGHHVWH
LQIRUPHQRWHQHPRVFRQRFLPLHQWRGHQLQJXQDVLWXDFLÌQTXHQRVKDJDFUHHUTXH
OD&RPSDÊÆDQRWHQJDODFDSDFLGDGSDUDFRQWLQXDUFRPRQHJRFLRHQPDUFKD
GXUDQWHHOSHUÆRGRVLJXLHQWHDOGHGLFLHPEUHGH
!"
#$%&'()*+$,-.*/012
&$57¬1'(&2/20%,$6$
(VWLPDFLRQHVSDUDFRQWLQJHQFLDV ! ! ! !
! ! ! ! ! ! !
/D&RPSDÊÆDHVWLPD\UHJLVWUDXQDHVWLPDFLÌQSDUDFRQWLQJHQFLDVFRQHOƬQGHFXEULUODVSRVLEOHV
SÂUGLGDVSRUORVFDVRVODERUDOHVMXLFLRVFLYLOHV\PHUFDQWLOHV\UHSDURVƬVFDOHVXRWURVVHJÓQODV
FLUFXQVWDQFLDVTXHFRQEDVHHQODRSLQLÌQGHORVDVHVRUHVOHJDOHVH[WHUQRVVHFRQVLGHUDQ
SUREDELOLGDGHVGHSÂUGLGD\SXHGHQVHUUD]RQDEOHPHQWHFXDQWLƬFDGRV'DGDODQDWXUDOH]DGHDOJXQRV
GHORVUHFODPRVFDVRV\RSURFHVRVQRHVSRVLEOHHQDOJXQDVRSRUWXQLGDGHVKDFHUXQSURQÌVWLFR
FHUWHURRFXDQWLƬFDUXQPRQWRGHSÂUGLGDGHPDQHUDUD]RQDEOHSRUORFXDOHOPRQWRUHDOGHORV
GHVHPEROVRVHIHFWLYDPHQWHUHDOL]DGRVSRUORVUHFODPRVFDVRV\RSURFHVRVHVFRQVWDQWHPHQWH
GLIHUHQWHGHORVPRQWRVHVWLPDGRV\SURYLVLRQDGRVLQLFLDOPHQWH\WDOHVGLIHUHQFLDVVRQUHFRQRFLGDVHQ
HODÊRHQHOTXHVRQLGHQWLƬFDGDV
/D&RPSDÊÆDDSOLFDHVWDSROÆWLFDFRQWDEOHDOSURFHGHUDFRQWDELOL]DUVXVSURYLVLRQHVDFWLYRV\SDVLYRVGH
FDUºFWHUFRQWLQJHQWHFRUUHVSRQGLHQWHDODVGHPDQGDV\OLWLJLRVDIDYRURHQFRQWUDGHOD&RPSDÊÆDGH
FXDOTXLHUWLSR
,PSXHVWRDODUHQWD! ! ! ! ! !
! ! ! ! ! ! !
/DSURYLVLÌQGHLPSXHVWRFRUULHQWHUHTXLHUHODGHWHUPLQDFLÌQGHHVWLPDFLRQHV\MXLFLRVEDVDGRVHQOD
OHJLVODFLÌQWULEXWDULDDFWXDO\ODVVHQWHQFLDVGHO&RQVHMRGH(VWDGRQRREVWDQWHHOYDORUGHWHUPLQDGR
SXHGHYDULDUGHELGRDORVUHVXOWDGRVGHODVDXGLWRUÆDVGHODVDXWRULGDGHVWULEXWDULDV
! ! ! ! ! ! !
/D&RPSDÊÆDGHWHUPLQDHOLPSXHVWRGLIHULGRVREUHODVGLIHUHQFLDVWHPSRUDULDVTXHUHVXOWDQGHOD
DSOLFDFLÌQGHOPÂWRGRGHOEDODQFHSDUDODFXDOODDGPLQLVWUDFLÌQUHTXLHUHODHVWLPDFLÌQGHODWDVDGH
LPSXHVWRYLJHQWHDODIHFKDHQODFXDOODVGLIHUHQFLDVWHPSRUDULDVVHUHYHUWLUºQDVÆFRPRHVWLPDUVLHQHO
IXWXURH[LVWLUºQXWLOLGDGHVJUDYDGDVTXHSHUPLWDQUHFXSHUDUHOLPSXHVWRGLIHULGRDFWLYR
/RVSDVLYRVUHDOHVSXHGHQGLIHULUGHORVPRQWRVSURYLVLRQDGRVJHQHUDQGRXQHIHFWRQHJDWLYRHQORV
UHVXOWDGRV\ODSRVLFLÌQQHWDGHODFRPSDÊÆD&XDQGRHOUHVXOWDGRƬQDOWULEXWDULRGHHVWDVVLWXDFLRQHVHV
GLIHUHQWHGHORVPRQWRVTXHIXHURQLQLFLDOPHQWHUHJLVWUDGRVODVGLIHUHQFLDVLPSDFWDQHOLPSXHVWRVREUH
ODUHQWDFRUULHQWH\GLIHULGRDFWLYR\SDVLYRHQHOSHULRGRHQHOTXHVHGHWHUPLQDHVWHKHFKR
'HWHULRURGHODV&XHQWDVSRU&REUDU! ! ! ! !
! ! ! ! ! ! !
/D&RPSDÊÆDUHFDXGDDOPHQRVDQXDOPHQWHVXVFXHQWDVSRUFREUDUSDUDHYDOXDUVXGHWHULRUR3DUD
GHWHUPLQDUVLXQDSHUGLGDSRUGHWHULRURGHEHVHUUHJLVWUDGDHQORVUHVXOWDGRVODFRPSDÊÆDUHDOL]DMXLFLRV
VREUHVLKD\DOJXQDLQIRUPDFLÌQREVHUYDEOHTXHLQGLTXHXQGHWHULRUR\VLHVSRVLEOHKDFHUXQDPHGLFLÌQ
ƬDEOHGHORVƮXMRVGHHIHFWLYRIXWXURVHVWLPDGRV(VWDHYLGHQFLDSXHGHLQFOXLUGDWRVREVHUYDEOHVTXH
LQGLTXHQVLKDSURGXFLGRXQFDPELRDGYHUVRHQHOHVWDGRGHSDJRGHODVFRQWUDSDUWHVRFRQGLFLRQHV
HFRQÌPLFDVQDFLRQDOHVRORFDOHVTXHVHFRUUHODFLRQHQFRQORVLPSDJRVGHORVDFWLYRVGHODFRPSDÊÆD
/DJHUHQFLDXWLOL]DHVWLPDFLRQHVEDVDGDVHQSDUWLGDVKLVWÌULFDVSDUDDFWLYRVFRQFDUDFWHUÆVWLFDVGH
ULHVJRGHFUÂGLWRVLPLODUHV/DPHWRGRORJÆDHKLSÌWHVLVXWLOL]DGDVSDUDODHVWLPDFLÌQGHODFDQWLGDG\
RSRUWXQLGDGGHORVƮXMRVGHHIHFWLYRIXWXURVVRQUHYLVDGRVUHJXODUPHQWHSDUDUHGXFLUFXDOTXLHU
GLIHUHQFLDHQWUHODVHVWLPDFLRQHVGHSÂUGLGDV\SHUGLGDVHIHFWLYDV
3DVLYR3HQVLRQDO ! ! ! ! !
! ! ! ! ! ! !
(OSDVLYRSHQVLRQDOHVGHWHUPLQDGRPHGLDQWHODUHDOL]DFLÌQGHXQDYDOXDFLÌQDFWXDULDO/DYDOXDFLÌQ
LQFOX\HYDULRVVXSXHVWRVORVFXDOHVSXHGHQGLIHULUVLJQLƬFDWLYDPHQWHGHOUHVXOWDGRƬQDOHQHOIXWXUR/RV
SULQFLSDOHVVXSXHVWRVLQFOXLGRVHQODYDOXDFLÌQDFWXDULDOLQFOX\HQODGHWHUPLQDFLÌQGHODWDVDDSURSLDGRV
GHGHVFXHQWRHOLQFUHPHQWRIXWXURGHORVVDODULRVLQƮDFLÌQIXWXUD\WDVDVGHPRUWDOLGDG
!"
#$%&'()*+$,-.*/01"
&$57¬1'(&2/20%,$6$
'DGDODFRPSOHMLGDGGHOFºOFXOR\ODPDWHULDOLGDGGHOSDVLYROD&RPSDÊÆDXWLOL]DXQDƬUPDH[SHUWDHQ
YDORUDFLRQHVDFWXDULDOHVSDUDODUHDOL]DFLÌQGHODYDORUDFLÌQDFWXDULDO
3URYLVLRQHV
/DVSURYLVLRQHVUHFRQRFLGDVHQORVHVWDGRVƬQDQFLHURVFRUUHVSRQGHQDOPHMRUHVWLPDGRGHOD
DGPLQLVWUDFLÌQDODIHFKDGHSUHSDUDFLÌQGHHVWRVSRUODFDQWLGDGGHGLQHURUHTXHULGDHQHOIXWXURSDUD
OLTXLGDUODUHVSHFWLYDREOLJDFLÌQ
! ! ! ! ! ! !
'HWHULRURGH$FWLYRV1R0RQHWDULRV! ! ! ! !
! ! ! ! ! ! !
/D&RPSDÊÆDHYDOÓDDQXDOPHQWHVLVXVSURSLHGDGHVSODQWD\HTXLSRHLQWDQJLEOHVKDQVXIULGRGHWHULRUR
HQVXYDORUGHDFXHUGRFRQODSROÆWLFDLQGLFDGDHQOD1RWD/D&RPSDÊÆDQRKDLGHQWLƬFDGRHYHQWRVR
FDPELRVHQFLUFXQVWDQFLDVHFRQÌPLFDVTXHLQGLFDQTXHHOYDORUHQOLEURVGHORVDFWLYRVQRHV
UHFXSHUDEOH
! ! ! ! ! ! !
%DVHVSDUDODGHSUHFLDFLÌQGHSURSLHGDGSODQWD\HTXLSR! ! ! !
(OJDVWRSRUGHSUHFLDFLÌQDQXDOGHSHQGHSULQFLSDOPHQWHGHODYLGDÓWLOHVWLPDGDGHFDGDFODVHGHDFWLYR
/DYLGDÓWLOHOYDORUUHVLGXDO\HOPÂWRGRGHGHSUHFLDFLÌQGHORVDFWLYRVVRQUHYLVDGRVDQXDOPHQWH\
DMXVWDGRVVÆHVQHFHVDULRSDUDHIHFWRVGHUHƮHMDUORVFDPELRVRULJLQDGRVSRUHIHFWRVWHFQROÌJLFRV
SHUVSHFWLYDVHFRQÌPLFDVGHXWLOL]DFLÌQRFDPELRVHQODVFRQGLFLRQHVIÆVLFDV
$FWLYRV%LROÌJLFRV! ! ! ! ! !
! ! ! ! ! ! !
/D&RPSDÊÆDHVWLPDHOYROXPHQGHFUHFLPLHQWRVGHVXVSODQWDFLRQHVIRUHVWDOHVDWUDYÂVGHXQPRGHOR
GHFUHFLPLHQWRSRUHVSHFLHDMXVWDGRFRQWÂFQLFDVHVWDGÆVWLFDVFRQLQIRUPDFLÌQGHPHGLFLRQHVHQ
SDUFHODVSHUPDQHQWHV\WHPSRUDOHVGLVWULEXLGDVHQGLIHUHQWHVVLWLRVUHSUHVHQWDWLYRVSDUDSUHGHFLUHO
FUHFLPLHQWRHQURGDOHVSDUWLFXODUHVTXHFXHQWHQFRQLQYHQWDULRV3DUDORWHVVLQLQIRUPDFLÌQVHDVLJQD
PRGHORVGHFUHFLPLHQWRVSURPHGLRVSRUHVSHFLH
( ) (&7 , 92 <
(4 8 , 9$ / ( 1 7 ( 6 ' ( ( ) (& 7 , 92
./01 ./0;
(IHFWLYR ! !
&DMD
%DQFRV
2%3,-)($(4356% (%"*+! !"!#$
) !! ! ! !
(TXLYDOHQWHVGHHIHFWLYR! ! !
,QYHUVLRQHVGHFRUWRSOD]R
2%3,-)(7+56,-(#3(8)9()($(4356%) ) **% $"!%&'
2%3,-)($(4356%):)(7+56,-(#3(8)9()($(4356% (("*$! (%"&#)'
!!
"#$%&'()*#+,-)./01
&$57¬1'(&2/20%,$6$
(OHIHFWLYR\VXVHTXLYDOHQWHVLQFOX\HQHOHIHFWLYRHQFDMDORVGHSÌVLWRVDODYLVWDHQHQWLGDGHV
ƬQDQFLHUDV\RWUDVLQYHUVLRQHVDFRUWRSOD]RGHDOWDOLTXLGH]FRQXQYHQFLPLHQWRRULJLQDOGHWUHVPHVHVR
PHQRVORVFXDOHVQRSUHVHQWDQQLQJXQDUHVWULFFLÌQ\RSLJQRUDFLÌQSDUDVXXWLOL]DFLÌQ'LFKRUXEUR
UHSUHVHQWDHIHFWLYRGLVSRQLEOHSDUDVHUXWLOL]DGRGHQWURGHOJLURQRUPDOGHODVDFWLYLGDGHVGHOD
&RPSDÊÆD
1RH[LVWHQUHVWULFFLRQHVVREUHORVVDOGRVGHHIHFWLYR\HTXLYDOHQWHVGHHIHFWLYR
/DVLQYHUVLRQHVGHFRUWRSOD]RFRUUHVSRQGHQDORVVLJXLHQWHVUXEURV
/012 /013
'HUHFKRV

7LGLV

(VWDVLQYHUVLRQHVVRQPHGLGDVDOFRVWRDPRUWL]DGR
$&7,926),1$1&,(526
&RUUHVSRQGHQDFHUWLƬFDGRVGHGHSÌVLWRDWÂUPLQRƬMRFRQSOD]RPº[LPRGHXQDÊRORVFXDOHVVRQ
PHGLGRVDOFRVWRDPRUWL]DGR
/012 /013
,QYHUVLRQHVGHQRPLQDGDVHQGÌODUHV! !
6PXUƬW&DSLWDO
* !! ! &"')* !"##$%
!
,QYHUVLRQHVGHQRPLQDGDVHQSHVRV! !
3DFNDJLQJ,QYHVWPHQW+ROGLQJV
* * &)")&# &!"$'(%
7RWDODFWLYRVƬQDQFLHURV ($"(** ($"$'!%
(VWDVLQYHUVLRQHVQRKDQSUHVHQWDGRHYLGHQFLDGHGHWHULRUR
!"
#$%&'()*+$,-.*/012
&$57¬1'(&2/20%,$6$
D ! R ) & $" / ' S * # ' ! * - # " # ' ! * , ) # ! . " + ) /
T ' *$ # " / ' ! R ) & $" / ' S * # ' ! * - # " #
/"01 /"0<
!123456'789':8;959'<'79=645>86' '
!123456':8>29:?5@26'789':8;959' JQM0NMN JKL0MNM'
!123456'789':8;959'5'759426'92@5:?835A56'B3845'CDE JPD0PDD ML0JOP'
"34?:?786'5'798F22A8926' ' J0MDK O0JPO'
G56486'75H5A86'789'534?:?75A8 J0DNN J0PPJ'
/5@A86'5'I5F89'A2'?>712648'68;92'@5'92345 CK0JNN JK0OOJ'
"34?:?786'84986'?>7126486' ' MQJ QCD'
!123456'789':8;959'5'2>7@25A86' N0DOO N0NJK'
*4956':123456'789':8;959' ' J0DNO J0OMN'
2&3-.*4,)$3-5*6&'*4&7'-'*8*6'953-(&5*4&'3&*6.-:&* NJL0CCL CQK0POM
' ' ' ''
!123456'789':8;959'<'79=645>86 ' '
"34?:?786'5'798F22A8926' J0PCO CMJ
!123456'789':8;959'5'2>7@25A86 N0KCD N0JLN
*4956':123456'789':8;959' ND NM
2&3-.*4,)$3-5*6&'*4&7'-'*8*6'953-(&5*.-';&*6.-:& O0KMD N0KJC
2&3-.*4,)$3-5*6&'*4&7'-'*8*6'953-(&5 NCN0MJK CQM0KDP
)@'A245@@2'A2'@56':123456'789':8;959':8>29:?5@26'?3:@1<2'@5'798F?6?U3'789'A2429?898'56VW
/"01 /"0<
!123456'789':8;959'5':@?23426 JMC0OCP JDN0LLO'

S98F?6?U3'789'A2429?898* * BO0PNQE BO0JKDE
=,)$3-5*6&'*4&7'-'*$)3& JQM0NMN JKL0MNM
/RVVDOGRVGHODVFXHQWDVSRUFREUDUKDQVLGRUHYLVDGRVEXVFDQGRLQGLFLRVGHGHWHULRURDOƬQDOL]DUFDGD
SHUÆRGR/RVVDOGRVVLJQLƬFDWLYRVVRQUHYLVDGRVGHIRUPDLQGLYLGXDOPLHQWUDVTXHORVPºVSHTXHÊRVVH
5H91753'<'2F5@X53':8@2:4?F5>23420')Y2>7@86'A2'@86'I5:48926':836?A295A86'?3:@1<23'7912;56'A2'
GLƬFXOWDGHVƬQDQFLHUDVGHOFOLHQWHLQFXPSOLPLHQWRVGHSDJRVRLQFXPSOLPLHQWRGHFRQWUDWRV
'
"':834?315:?U3'62'A245@@5'2@'>8F?>?2348'A2@'A2429?898'A2':123456'789':8;959':83'616'92672:4?F86'65@A86'
23':5A5'I2:Z5'A2@';5@53:2W
!"
#$%&'()*+$,-.*/"01
!"#$%&'()'!*+*,-."'/0"0
=:'&<
*;.5)$:)<* 3),3&')< *9&:-.*3):)'5&'&
2-.3&*-*)$)'&*0"*3)*/0"4* K3MIJ I3IOJ F3GHI

!"#"$%&$&' ' JJK' Q' JJK'
;*"+#,-'),-#%2,(,-'' LFMGN Q' LFMGN
2-.3&*-*3565)(7')*8"*3)*/0"4* K3JHF' I3IOJ' F3OPM'
!"#"$%&$&' ' O3III' Q' O3III'
;*"+#,-'),-#%2,(,-'' LO3OKJN Q LO3OKJN
2-.3&*-*3565)(7')*8"*3)*/0"1 K3ROM' I3IOJ' F3IFP'
!"#"$%&$&'("')*"+#,-'.&$')&/$,$'-"'%+)0*1"'"+'0&-'2,-#&-'&."$,)%&+,0"-'"+'"0'"-#,(&'("'$"-*0#,(&-3'4,-'
FXHQWDVSRUFREUDUTXHVHFRQVLGHUDQLQFREUDEOHVVRQJHQHUDOPHQWHHOLPLQDGDVGHODVFXHQWDVSRU
FREUDUFRQWUDHOGHWHULRURFXDQGRQRH[LVWHH[SHFWDWLYDGHTXHJHQHUHQXQDHQWUDGDGHUHFXUVRVGH
"5")#%6&3
7')&+#%+*,)%8+'-"'("#,00,'0,'"(,('("'0,'),$#"$,',0')%"$$"'("'),(,'."$9&(&:
/DVFXHQWDVSRUFREUDUFRPHUFLDOHVTXHWLHQHQPHQRVGHWUHVPHVHVGHPRUDJHQHUDOPHQWHQRVH
FRQVLGHUDQGHWHULRUDGDVDOPHQRVTXHH[LVWDHYLGHQFLDHVSHFÆƬFDGHGHWHULRUR
>3-3)< /0"1 /0"4
?&'6"+)%(,' JFR3PMP JKR3ORJ'

S"+)%(,'("'J','OR'(9,- JH3KHI JM3RKK'
S"+)%(,'("'OJ','FR'(9,-' J3MMM I3JFG'
S"+)%(,'("'FJ','GR'(9,- OIM KRK'
S"+)%(,'("'GJ','JIR'(9,- JMK JFM'
0ºVGHGÆDV O3PJI O3GRG'
9&:-. JPI3KIR JFO3GGK'
(OFºOFXORGHODSURYLVLÌQSRUGHWHULRUREDVDGDHQODHGDGGHODFDUWHUDGHVFULWDDQWHULRUPHQWHHVHO
-%2*%"+#":
>3-3)< /0"1 /0"4
S"+)%(,'("'J','FR'(9,- Q Q
S"+)%(,'("'FJ','GR'(9,- JRG JOH'
S"+)%(,'("'GJ','JIR'(9,- JJF JJI'
0ºVGHGÆDV O3PJI O3GRG'
9&:-. K3ROM K3JHF'
!"
#$%&'()*+$,-.*/0"1
;7<=>?'!@';A4ABCD7'E373
!"#$%&'()"#$*+,$%+-,",$"$*",)'#$,'."%/+("0"#$/(%.&1'($.+#$#/2&/'()'#$#".0+#3
"/01 "/0:
@&-#/0/",/"#$ $ IEAJHJ BCABCD$

&RPSDÊÆDVGHOJUXSR6PXUƬW.DSSD* * BGAEEB BEAEFD$
2&3-.*4,)$3-5*6&'*4&7'-'*6-'3)5*').-48&$-9-5* CDKADKK GHACBD$
!"#$)"#"#$0'$/()',P#$'Q'%)/O"#$%+-,"0"#$'($."#$%&'()"#$*+,$%+-,",$+#%/."($'(),'$'.$IR$1$'.$CBRA
/DVFXHQWDVSRUFREUDUGHODUJRSOD]RGH\PLOORQHVSDUDHO\
UHVSHFWLYDPHQWHVRQDTXHOODVTXHGHDFXHUGRDVXVWÂUPLQRVGHQHJRFLDFLÌQVHHVWLPDQUHFDXGDUHQ
PºVGHXQDÊRDSDUWLUGHODIHFKDGHOUHSRUWH
E ? 9 T ; 9 75 6 ? < @
"/01 "/0:
=")',/"#$*,/L"# BDAGFG BJAECD$

@&L/(/#),+#$0'$*,+0&%%/M( IABIJ BAKIG$
N,+0&%)+#$'($*,+%'#+ JAKJG JABBG$
N,+0&%)+#$)',L/("0+# CDACIJ CKAECI$
6'*&'#)+#$ IGAHGE KFAJIK$
<),+#$/(O'()",/+# ED CCG$
2&3-.*8$;)$3-'8&5 CCGACJE CJHAHDI$
$OGHGLFLHPEUHGH\OD&RPSDÊÆDQRSUHVHQWDQLQJXQDUHVWULFFLÌQ\RSLJQRUDFLÌQVREUH
#&#$/(O'()",/+#A
$ $ $ $ $ $ $
(OFRVWRGHLQYHQWDULRVUHFRQRFLGRGXUDQWHHODÊRFRPRFRVWRGHYHQWDVDVFLHQGHD

$ $ $ $ $ $ $
/D&RPSDÊÆDDOƬQDOL]DUFDGDSHUÆRGRUHDOL]ÌXQDQºOLVLVGHOYDORUQHWRUHDOL]DEOHGHVXVLQYHQWDULRVGH
ELHQHVSDUDODYHQWD\QRLGHQWLƬFÌODQHFHVLGDGGHDMXVWDUVXVDFWLYRVGHELGRDTXHHOFRVWRHQOLEURVHUD
LQIHULRUDOYDORUQHWRUHDOL]DEOH
$ $ $ $ $ $ $
;.$0')',/+,+$0'$/(O'()",/+#$S"($)'(/0+$'.$#/2&/'()'$L+O/L/'()+3
>-3)'8- #$;)$3-'8& #$;)$3-'8& *#$;)$3-'8&

6'8(- )$*6'&4)5& 3)'(8$-9& 9)*')6,)53&5* *2&3-.*9)3)'8&'&
<-.9&*-*9848)(7')*=0*9)*"/0: GBD GF$ KDB CKAGIG$ CGAFGI$

4"#)/2+#$0'$/(O'()",/+# W UCDV UCJJV W UCFJV
:')',/+,+$U,'%&*',"%/M(V$ BHB UBV CJG CAFKF CAHGC
<-.9&*-*9848)(7')*=0*9)*"/01 CAFFB KH KCD CGAJJC JDAJFB
!"
#$%&'()*+$,-.*"/01
456789$:;$4<!<=>?5$@A5A
B-8)'4- #$9)$8-'4& #$9)$8-'4& *#$9)$8-'4&
='4(- )$*='&5):& 8)'(4$-3& 3)*')=,):8&:* *7&8-.*3)8)'4&'&
@-.3&*-*3454)(6')*"1*3)*/01A ESF SR' NFE FN0OUQ' FO0EOU'

!45:<J=5'63'<9@39:42<=5 1 LOM LFFUM 1 LFQQM
G2=@<5<=935' P OQ STS Q0QER Q0ROT
@-.3&*-*3454)(6')*"1*3)*/01? ENT ES RTN FR0EOE FE0SEO
E " ! $ . C * / ' - . * +% D . ! * /
/012 /01?
"8'F'63'3932= OT0NOS NO0PEO'

!=B7245' S0OQR Q0PFO'
GH26<64'63'7849:4;<=935 LFQM 1
&DPELRVHQHOYDORUUD]RQDEOHGHELGRDFDPELRVHQHOSUHFLR O0ROU O0RSE'
$2495I3239;<45'4'72=6A;:=5'4J2K;=845'L"J=:4B<39:=M LR0NENM LN0TEOM
+.*"1*3)*3454)(6') OS0FNT OT0NOS
0HQRVODUJRSOD]RGHDFWLYRVELROÌJLFRV LNR0RORM LNR0SREM
7&8-.*-5849&:*64&.;<45&:*5&'8&*=.->& R0NEN N0TEO
'
3ODQWDFLRQHVDVXYDORUUD]RQDEOHPHQRVFRVWRVGHYHQWD '
,46A24' NR0OQP NN0FUR'
/<9'B46A242 R0RFF R0QUU'
/012 /01?
.9J235=5'7=2'@39:4'63'7849:4;<=935 U0RNP E0SFP

&DPELRHQHOYDORUUD]RQDEOHGHORVDFWLYRVELROÌJLFRV O0ROU O0RSE
/RVDFWLYRVELROÌJLFRVGHOD&RPSDÊÆDD'LFLHPEUHGH\FRQVLVWHQHQ\
KHFWºUHDVGHSODQWDFLRQHVIRUHVWDOHVTXHVHXWLOL]DQSDUDODSURGXFFLÌQGHSXOSDGHSDSHOUHVSHFWLYD1
PHQWH(VWDVSODQWDFLRQHVSURSRUFLRQDQXQDSRUFLÌQVLJQLƬFDWLYDGHODVQHFHVLGDGHVWRWDOHVGHƬEUDGH
PDGHUDDODVIºEULFDVTXHSURGXFHQHOSDSHO
' ' ' ' ' ' '
$FWLYRVELROÌJLFRVVHYDORUDQDVXYDORUUD]RQDEOH\VHKDQFODVLƬFDGRGHQWURGHOQLYHOGHODMHUDUTXÆDGHO
YDORUUD]RQDEOH1RKXERWUDQVIHUHQFLDVHQWUHORVQLYHOHVGXUDQWHHODÊR
' ' ' ' ' ' '
(QHOPRGHORGHYDORUDFLÌQVHFRQVLGHUDPDGHUDDGXOWDODVSODQWDFLRQHVGHƬEUDFRUWDDSDUWLUGHORV
PHVHVGHHGDG\SDUDƬEUDODUJDODVSODQWDFLRQHVDSDUWLUGHPHVHV
' ' ' ' ' ' '
(QHOPRGHORGHYDORUDFLÌQVHXWLOL]DORVFRVWRVGHKHFWºUHDWÆSLFDGHOJRELHUQRSDUDYDORUDUODVKHFWº1
2345'63'7849:4;<=935'>?@39350'+45':=9384645'46A8:45'5=9'@48=24645'63'4;A326='48'723;<=';=B32;<48'63'84'
PDGHUDSRUFDGDƬEUD
!"
#$%&'()*+$,-.*/012
!"#$%&'()'!*+*,-."'/0"0
+12'34564789312':';8'<91=>??3@4'8A9B?1;8'64'7146;8=82'62';8'23A>36476C
.456478931'(3?'DE'FGEH KED0ILM
.456478931'(3?'DE'FGEI NND0DEI
J91=>??3@4'"A9B?1;8'(3?'DE'FGEH EMN0NEN
J91=>??3@4'"A9B?1;8'(3?'DE'FGEI EGG0LNL
/D&RPSDÊÆDHVWºH[SXHVWDDORVVLJXLHQWHVULHVJRVHQUHODFLÌQFRQODVSODQWDFLRQHVIRUHVWDOHV
' ' ' ' ' ' '
!"#$%&$'(#%)*+,&("&$'-'+./"#0,+*#$' ' ' ' '
' ' ' ' ' ' '
/D&RPSDÊÆDHVWºVXMHWDDODVOH\HV\UHJXODFLRQHVORFDOHVSDUDHVWRVHKDQHVWDEOHFLGRSROÆWLFDV\
<91?6=3O364712'8OP36478;62'=393A3=12'8'?>O<;39'?14';82';6:62'8OP36478;62':'17982'=32<123?31462';1?8;620'
/DDGPLQLVWUDFLÌQUHDOL]DUHYLVLRQHVSHULÌGLFDVSDUDLGHQWLƬFDUULHVJRVDPELHQWDOHV\DVHJXUDUVHTXHORV
VLVWHPDVH[LVWHQWHVVRQDGHFXDGRVSDUDJHVWLRQDUHVWRVULHVJRV
' ' ' ' ' ' '
!"#$%&'1&('2*".+'-'&,(&$' ' ' ' ' '
' ' ' ' ' ' '
/DVSODQWDFLRQHVGHOD&RPSDÊÆDHVWºQH[SXHVWDVDOULHVJRGHGDÊRVFDXVDGRVSRUFDPELRFOLPºWLFR
HQIHUPHGDGHVLQFHQGLRV\RWUDVIXHU]DVQDWXUDOHV/D&RPSDÊÆDFXHQWDFRQH[WHQVRVSURFHVRV
GHVWLQDGRVDODYLJLODQFLD\PLWLJDFLÌQGHHVWRVLQFOX\HQGRLQVSHFFLRQHVSHULÌGLFDVGHVDQLGDGIRUHVWDO
?14791;'=6'<;8A82'6'342<6??31462'21P96'64Q69O6=8=620
K . & $" & R . - + ) /
=)')7>&8 567)$76-8 9'&:'-(-8*;) *3&4-.

7&(<,4-;&'
";'DE'=6'=3?36OP96'=6'FGEI
/8;=1'4671'343?38; S S S S
"=3?31462' FLK' ILD' HH' KNK'
$PRUWL]DFLRQHV TEDIU TLMU TEDU TFGDU
6DOGRQHWRƬQDO EFD' LKK' IM' HNI'
!"
#$%&'()*+$,-.*/012
!"#$%&'()'!*+*,-."'/0"0
>)')9?&: 789)$98-: ;'&<'-(-:*4) *6&5-.
9&(=,5-4&'
"?'@A':3':9893B<73':3'CDAE
/5?:1'63;1'969895? AC@' LKK' GI' EFG'
$PRUWL]DFLRQHV HGAJ HGGJ HALJ HAICJ
6DOGRQHWRƬQDO GC L@@ IK GII
'
"?'@A':3':9893B<73':3'CDAE' ' ' ' '
!12;1'' CLK GL@ EE KFK
$PRUWL]DFLÌQDFXPXODGD HAKEJ HACDJ HCFJ H@ILJ
3-.4&*$)5& GC L@@ IK GII
&1'23'456'73816189:1':3;379171'21<73'58;9=12'96;56>9<?320
' ' ' ' ' ' '
!"#"$%&'' ' ' ' ' ' '
' ' ' ' ' ' '
&RUUHVSRQGHQDSDJRVHIHFWXDGRVDFOLHQWHVSRUODH[FOXVLYLGDGFRPRSURYHHGRUGHHPSDTXHV6H
DPRUWL]DQHQOÆQHDUHFWDHQXQSHUÆRGRGHWUHVDÊRV
' ' ' ' ' ' '
()$"*$)+',-,.#&/#+0+',1",$&0.23+1&#' ' ' '
' ' ' ' ' ' '
/LFHQFLDVSDJDGDVSRUHOXVRGHOSURJUDPDFRQWDEOH6$3DPRUWL]DEOHVHQDÊRVHQOÆQHDUHFWD
' ' ' ' ' ' '
/RVSURJUDPDVGHFRPSXWDGRUVRQDPRUWL]DGRVHQDÊRVHQOÆQHDUHFWD
AD *$ # * / ' " ! $ . N * / ' O . & " & ! . ) # * /
/012 /01@
)6;9:5:32'?92;5:52
)6M5':3'!1?1B<95'/0'"0 A@A ACI'
6&5-.' ' A@A ACI'
(VWDVLQYHUVLRQHVHQDFFLRQHVHVWºQYDORUDGDVDOYDORUUD]RQDEOHFRQFDPELRVHQUHVXOWDGRVLQWHJUDOHV
!"
#$%&'()*+$,-.*/012
!"#$%&'()'!*+*,-."'/0"0
CC .&R)#/.%&')&'/G-/.(."#."/
>-C4*:) >&'?)$9-@)*:) /012 >&'?)$9-@)*:)

#$?&'A7 A-'9;?;A-?;B$*/012 A-'9;?;A-?;B$*/01" /01"
#:E7?:3=247?2'"94592'/0'"0' '!717AB52' QDJ0PCO PJP0MMQ

)A6?:32'4:'$?29367?=:'
%RVTXHV1DFLRQDOHV6$ '!717AB52' CJP0OQO CQP0CJP
3&9-.*;$=)'4;&$)4
)$*4,54;:;-';-4 OCM0MOJ JPD0QIL
/DVLQYHUVLRQHVHQVXEVLGLDULDVHVWºQYDORUDGDVSRUHOPÂWRGRGHSDUWLFLSDFLÌQSDWULPRQLDOGHDFXHUGRD
123'45367358579:3'1:;21:3'17821:3'<5;:9=:3'>'879'123'593=?@88579:3'5A62?=5423'67?'12'3@6:?59=:94:9852'
ƬQDQFLHUD
' ' ' ' ' ' '
$ODIHFKDGHOLQIRUPH&DUWÌQGH&RORPELDQRWLHQHUHVWULFFLRQHVGHQLQJXQDQDWXUDOH]DVREUHHO
879=?71'4:'3@3'3@B35452?5230
' ' ' ' ' ' '
/DVLJXLHQWHHVODLQIRUPDFLÌQƬQDQFLHUDUHVXPLGDGHODVVXEVLGLDUDVSUHSDUDGDGHDDFXHUGRFRQOD1,,)
CD'.9E7?A285F9'2'?:<:12?'37B?:'62?=585628579:3':9'7=?23':9=5424:30
!"#$%"&'(")'"#*+(,'("'-"#$)*+(,#.
+<&*/012 8)%&')49-:&'- 3'-$45&4$-.*67+

+$:;$-*67+7
.9;?:373' ' ' PL0HHL CHI

G=515424'29=:3'4:'5A6@:3=73' JP0MJC J0ICI
.A6@:3=7'37B?:'12'?:9=2' ' KJ0MDMN KL0DMMN
.A6@:3=7'45E:?547' ' KMN KIHN
G=515424'9:=2 QJ0HMC M0CCO
+<&*/01" 8)%&')49-:&'- 3'-$45&4$-.*67+

+$:;$-*67+7
.9;?:373' MM0PLP' OJ'

G=515424'29=:3'4:'5A6@:3=73 JP0LPC' CH0QCD'
.A6@:3=7'37B?:'12'?:9=2 KQ0IIHN KL0PQCN
.A6@:3=7'45E:?547 P0CJP' CC'
G=515424'9:=2 JM0CHQ' Q0HMC'
!"
#$%&'()*+$,-.*/012
!"#$%&'()'!*+*,-."'/0"0
5HVXPHQGHODVLWXDFLÌQƬQDQFLHUD
+;&*/01" 7)%&')38-9&'- 2'-$34&3$-.*56+6

+$9:$-*56+6
"123456'1577389286 =EE0=BA =>?0@A?

"123456'95'1577389286 >=D0BCA >B0@CD
:;63456'1577389286 A0E?D EC0ABB
:;63456'95'1577389286 @0A@= E0>>=
:;273<5935' CA?0B@@ =CB0@AF
+;&*/01< 7)%&')38-9&'- 2'-$34&3$-.*56+6

+$9:$-*56+6
"123456'1577389286 =@@0CBE' =A@0?@C'

"123456'95'1577389286 A>@0>CA' >=0BEE'
:;63456'1577389286 E0=DA' ?@0AB='
:;63456'95'1577389286 B0DDF' E0>A?'
:;273<5935 >DD0?B?' =CE0@FC'
5HVXPHQGHORVƮXMRVGHHIHFWLYR
+;&*/01" 7)%&')38-9&'- 2'-$34&3$-.*56+6

+$9:$-*56+6
(8';12343G;G86'5H87;1359;I86' BF0@BE >0D?@

(8';12343G;G86'G8'3948763J9' K=A0?=CL =B?
'HDFWLYLGDGHVGHƬQDQFLDFLÌQ K=@0B??L KC0FA>L
'LVPLQXFLÌQQHWDHQHOHIHFWLYR\HTXLYDOHQWHVGHHIHFWLYR KD0@@CL K=0FC=L
+;&*/01< 7)%&')38-9&'- 2'-$34&3$-.*56+6

+$9:$-*56+6
(8';12343G;G86'5H87;1359;I86' =E0=B@' =C0?B@'

(8';12343G;G86'G8'3948763J9 K=E0?=DL K=B0A?CL
'HDFWLYLGDGHVGHƬQDQFLDFLÌQ =0>>C' KE0>>AL
,QFUHPHQWR'LVPLQXFLÌQQHWDHQHOHIHFWLYR\HTXLYDOHQWHVGHHIHFWLYR =0?CB' K=L
!"
#$%&'()*+$,-.*/01"
!"#$%&'()'!*+*,-."'/0"0
)1'234536786'95:;<='>5628<:'61'6?698='67'61')28:;=';6'#62518:;=2'@'67'1:'95678:';6'*8<=2'#62518:;=2'
.7864<:162';6'1:':A139:93B7';61'>C8=;=';6'A:<8393A:93B7'A:8<3>=73:10
3-'45657-65&$)8*)$*/012 3-'45657-65&$)8*)$*/019
;$*&4'-8 ;$*.-8 ;$*&4'-8

;$*.-8 7-'45<-8 ,45.5<-<)8 7-'45<-8
,45.5<-<)8 7-4'5(&$5-.)8 7-4'5(&$5-.)8
#6?=<628:;=<:'"7;37:'/0"0 )#(-)) ,'" $'($)) !"#$%

)>A<62:';6'$<:72A=<86'-=2D562'
&:93=7:162'/0"0 +(,$, & )($*+ &
:&4-.* $*(,++ ,'" ,*(+$* !"#$%
JK E#*E.)("()/F
E + " & $" ' G ' ) H I . E *
:)'')$&8 >-A,5$-'5- >,)?.)8 B&$84',665C$

\HGLƬFLRV @*D)EF6,.&8 @*)A,57& )$*6,'8& *:&4-.
"1'LJ';6';3936>M<6';6'KNJO
/:1;='768='37393:1 "-'('#./ +-'("#$/ "(,,$/ $,('#)/ ,)$(,#./
";393=762' &/ $")/ &/ )'($*"/ )+(+",/
#683<=2' !'% !".'% & !'."% !#",%
$<:21:;=2' "*(#$,/ '*('-,/ ""$/ !#.("*'% &/
(6A<693:93B7 !+(*#,% !+*(+'-% !+).% &/ !++(-#,%
6DOGRQHWRƬQDO '*-(,),/ +,'($"-/ "()#'/ -*(#+'/ ,,)($-'/
'
"1'LJ';6';3936>M<6';6'KNJO'
!=28='='P:15:93B7 '".()-)/ #-#(*'-/ '(#-"/ -*(#+'/ .(*.*(,$*/
(6A<693:93B7':95>51:;: !..(,",% !...('.*% !-'-% &/ !."+(*$$%
=-.<&*$)4&' ' '*-(,),/ +,'($"-/ "()#'/ -*(#+'/ ,,)($-'/
'
"1'LJ';6';3936>M<6';6'KNJQ / / / / /
/:1;='768='37393:1 '*-(,),/ +,'($"-/ "()#'/ -*(#+'/ ,,)($-'/
";393=762' & & & #)(--) #)(--)
#683<=2' !.% !"#'% & & !"#+%
$<:21:;=2' ."($$' ).('$* .+$ !$+("-*% &
(6A<693:93B7 !+(++.% !+'(*-'% !+$$% & !+,(*..%
6DOGRQHWRƬQDO '.,(.-- #*.($#' "('"' $'("+- ,-#(#"+
' / / / / /
"1'LJ';6';3936>M<6';6'KNJQ' / / / / /
!=28='='P:15:93B7 ''+(+), )#)(.#) '($'- $'("+- .(*)$()."
(6A<693:93B7':95>51:;: !.)(")-% !.#+(+*'% !.(+.)% & !.$"(*,,%
=-.<&*$)4&' ' '.,(.-- #*.($#' "('"' $'("+- ,-#(#"+
!"
#$%&'()*+$,-.*/012
!"#$%&'()'!*+*,-."'/0"0
!"#$%#&'()"*+&,-&.'&/+01'23'&4'&5",+&+)+6$',+&(+0+&$'6'#)3'&,-&1'5"*+57
& & & & & & &
896'#)-&.+5&'2+5&:;<=&>&:;<?@&.'&/+01'23'&#+&('1")'."AB&(+5)+5&1+6&16C5)'0+57
& & & & & & &
7HUUHQRV\HGLƬFLRV& & & & & &
& & & & & & &
D#(.9>-&.+5&)-66-#+5&1+6&*'.+6&#-)+&,-&E&<FF7FGH&0"..+#-5&-#&:;<=&>&E<H?@:<:&0"..+#-5&-#&:;<?7
& & & & & & &
0DTXLQDULD\YHKÆFXORV & & & & &
& & & & & & &
D#(.9>-&-.&-I9"1+&,-&)6'#51+6)-&1+6&*'.+6&#-)+&,-&EJ7?<G&-#&:;<=&>&EF@=F:&0"..+#-5&-#&:;<?7
& & & & & & &
&DSLWDOFRPSURPHWLGR& & & & & &
& & & & & & &
K+5&5"$9"-#)-5&5+#&.+5&(+016+0"5+5&,-&('1")'.&-#&0')-6"'&,-&16+1"-,',@&1.'#)'&>&-I9"1+&I9-&>'&L9-6+#&
DXWRUL]DGRVSRUOD$GPLQLVWUDFLÌQSHURQRKDQVLGRLQFRUSRUDGRVHQORVHVWDGRVƬQDQFLHURV
./01 ./08
/+#)6')',+&& )#$"$ !"#!"$%

!+&(+#)6')',+& )#*") &'#())%
2%3,-)4,563,-)4%'5&%'(367% &)#&$! '&#&"!%
!"#"$%&$&& & & &

& & & & & & &
K'5&169-V'5&,-&,-)-6"+6+&1'6'&.+5&-.-0-#)+5&,-&16+1"-,',-5@&1.'#)'&>&-I9"1+&5-&6-'."A'#&5+V6-&.'&V'5-&
,-&.'5&9#",',-5&$-#-6',+6'5&,-&-L-()"*+@&(9'#,+&596$-#&"#,"("+5&,-&,-)-6"+6+7&Q#&:;<=&>&:;<?&.'&
/+01'23'&#+&4'&6-$"5)6',+&#"#$%#&('6$+&1+6&,-)-6"+6+&-#&595&6-59.)',+5&,-V",+&'&I9-&#+&5-&4'&,',+&
#"#$%#&"#,"(',+6&,-&)'.&5")9'("B#7
<J W N X U OM S R U
* FRQWLQXDFLÌQVHGHWDOODHOVDOGRGHODVREOLJDFLRQHVƬQDQFLHUDV
,-&.'&/+01'23'&'.&("-66-&,-.&J<&,-&,"("-0V6-&,-&:;<=&>&:;<?&
(9>+5&1'$+5&5-&4'#&(901.",+&+1+6)9#'0-#)-@&#+&-Y"5)"-#,+&
REOLJDFLRQHVHQPRUDQLFRPSURPLVRVTXHVHHVSHUHQUHƬQDQFLDUFRPR
)'01+(+&6-5)6"(("+#-5&-#&-.&('1")'.&,-&)6'V'Z+&#"&'.&1'$+&,-&,"*",-#,+57
!!
"#$%&'()*#+,-)./01
/MNOP!&8Q&/RKRSTDM&U7M7
/"!0 /"!1
!12234564' '' '

(4789':15';95:1<' *!)'$!%" !"#$%&"
*629<'84789<' *!%$!%" !'$#"'
7RWDOREOLJDFLRQHVƬQDQFLHUDVGHXGD '&"$#!+ !(%$(")
/"!0 /"!1
,15489' '' '

=4<1':1>1?;3951' *!""$+"( !%%$("'*
(@>92'84'>1<')<6981<'A5381<'84'"?B23:9' ')$(#, #&$&&"*
2&3-. '&"$#!+ !(%$(")*
$FRQWLQXDFLÌQVHUHODFLRQDQORVSUÂVWDPRVSRUHQWLGDGFRQVXVUHVSHFWLYDVWDVDVGHLQWHUÂV
2-4-*5'&()67& 8-'37975-97&$)4*)$*/"!1
/"!0 /"!1 /"!0 /"!1
(4789'8451?35989'45'8@>924<'
-95:1>1?;39 '.!%/ '.!&/ ')$(#, !,$%&+*
-95:1'84'-1P16Q &.&&/ !.)(/ - !#$%&#*
'' ' ')$(#, #&$&&"*
*
(4789'8451?35989'45'R4<1<' * *
-95:1'"S'S3>>9< (.,+/ !&.'!/ *#,$(!"* %,$&&&*
-95:1>1?;39 (.,"/ !&.&"/ *,!$&&&* #)$%&&*
-95:1'84'-1P16Q ).+#/ !&.)'/ *'#$&&&* '&$&&&*
!363;95T' (.%+/ ).""/ +!$%&& '($&&&*
=9R4><9'/0"0 &.&&/ ".%%/ -* !'$#"'*
!1>1?;964<'/0"0 %.(+/ &.&&/ !%$!,! -
'' ' !""$+"( !%%$("'*
2&3-.*5')43-(&4 '&"$#!+ !(%$(")*
+1<'356424<4<':97<981<'9'C9D12'84'>9<'956423124<'45638984<'C74215'84'EFG0HIJ'?3>>154<'45'KJFL'M'
EFINOLI'?3>>154<'45'KJFG0
!""
#$%&'()*+$,-.*/"!0
!"#$%&'()'!*+*,-."'/0"0
OX ! T ) & $" / ' U * # ' U" V " # ' ! * , ) # ! . " + ) /
W ' *$ # " / ' ! T ) & $" / ' U * # ' U" V " #
$FRQWLQXDFLÌQVHGHWDOODQODVFXHQWDVSRUSDJDUFRPHUFLDOHV\RWUDVFXHQWDVSRUSDJDU
/"!0 /"!:
!:6;<=2'314'3=>=4'91B649A=@62' !"#*** !"#$%!&

!:6;<=2'314'3=>=4'3=4<62'46@=9A1;=7=2'Z;1<='MP[' ' ($(#++% '"(#)%*&
/6>:4A7=7'219A=@' ' ' (#!$+ (#)"%&
.B3:62<1'='@=2'56;<=2' ' ' !#))) )#+!(&
*<4=2'9:6;<=2'314'3=>=4' ' ' *#('+ ,,#$$%&
1&2-.*3,)$2-4*5&'*5-6-'*3&()'37-.)4*8*&2'-4*3,)$2-4*5&'*5-6-'* %('#+$+ ()%#'++&
,6;12'@=4>1'3@=S1'76'3=4<62'46@=9A1;=7=2 -'+*#+++. -$*!#+++.
1&2-.*3,)$2-4*5&'*5-6-'*3&()'37-.)4*8*&2'-4*3,)$2-4*5&'*5-6-'*3&'2&*5.-9& $'"#+$+ $+"#'++&
3URYHHGRUHV\FXHQWDVSRUSDJDU' ' ' ' '

' ' ' ' ' ' '
+12'34156671462'8'9:6;<=2'314'3=>=4'4634626;<=;'1?@A>=9A1;62'76'@='!1B3=CD='>6;64=7=2'314'6@'469A?1'
76'3462<=9AE;'76'2645A9A12'8'314'@='=7F:A2A9AE;'76'B=<64A=2'34AB=2'8'1<412'2:BA;A2<412';6962=4A12'3=4='6@'
762=441@@1'76@'1?G6<1'219A=@'76'@='!1B3=CD=0
' ' ' ' ' ' '
2WUDVFXHQWDVSRUSDJDU' ' ' ' ' '
' ' ' ' ' ' '
.;9@:86;'7A5A76;712'F:6';1'H=;'2A71'469@=B=712'314'5=@14'76'IJKL'BA@@1;62'6;'MNOJ'8'IJPQ'BA@@1;62'6;'
MNOP0
' ' ' ' ' ' '
&XHQWDVSRUSDJDUODUJRSOD]R' ' ' ' '
' ' ' ' ' ' '
!1446231;76;'='9:6;<=2'314'3=>=4'='@='2:?2A7A=4A='#6R1462<=714='";7A;='/0"0'F:6'26'62364=;'9=;96@=4'
6;':;'3@=S1'B=814'=':;'=C10
OQ . , U T ) / $* ' ( . Y ) # . ( *
(OVDOGRGHLPSXHVWRVGLIHULGRVDFWLYRV\SDVLYRVDOFLHUUHGHOSHUÆRGRHVHOVLJXLHQWH
/"!0 /"!:
.B3:62<12'7AR64A712'=9<A512'' ,$#++* ,$#"))&

.B3:62<12'7AR64A712'3=2A512'' -,*!#*!). -,)*#!!%.
,PSXHVWRGLIHULGRVDFWLYRVSDVLYRVQHWR -,"*#*!,. -,*%#'+*.
!"!
#$%&'()*+$,-.*/"!0
!"#$%&'()'!*+*,-."'/0"0
(OPRYLPLHQWRQHWRGHORVLPSXHVWRVGLIHULGRVGXUDQWHHOSHULRGRHVHOVLJXLHQWH
#"!0 #"!6
,/+!+1*+*%*('' !",&%-.,( !"#$%&"'(

!>G9581'H!?>I1J'?:'628?91'96'>62<:8?912 ,%-.) &%)"*+
!>G9581'H!?>I1J'?:'*#. $". "%&##+
,/+2!+1*+1343*)5(* !"),%,*"( !",&%-.,(
+12'31453567812'96':12'53;<62812'95=6>5912'?@85412'A';?25412'9<>?786'6:';6>B191C'257'8676>'67'@<678?':?'
FRPSHQVDFLÌQGHVDOGRVUHIHULGRVDODPLVPDDXWRULGDGƬVFDOKDQVLGRORVVLJXLHQWHV
;*:*(3'('+1* ;*:*(3'(' >:(.=

4-*%:.= 13&*(*%43.= 9':./
?'(+4'5(.( 1*+3%<*%:.(3'= :*)?'(.(3.=
.3;<62812'95=6>5912'?@85412' '
,/+!+1*+7%*('+1*+#"!6' "%&&)+ )%-'-+ $%#-#+ ".%,-,+
!>G9581'H@?>I1J'?:'628?91'96'>62<:8?912 !-( "%.""+ !)'&( -)-+
!>G9581'H!?>I1J'?:'*#.' / /+ "%&## "%&##+
8./1'+./+2!+1*+1343*)5(*+1*+#"!6' "%&&-+ ,%-&'+ -%,#" "$%)##+
!>G9581'H@?>I1J'?:'628?91'96'>62<:8?912 !-',( "-- !'),( !)#"(
8./1'+./+2!+1*+1343*)5(*+1*+#"!0' "%$.) ,%'#, -%-"' "$%..,
C('?3*1.1 ,4:3<'= >:(.=

?/.%:. @3'/AB34'= 13&*(*%43.= 9':./
D+*E-3?' :*)?'(.(3.=
.3;<62812'95=6>5912';?25412'
,/+!+1*+7%*('+1*+#"!6' "#.%&**+ "$%',-+ ",#+ "*-%$&.+
!>G9581'H@?>I1J'?:'628?91'96'>62<:8?912 !&%)-#( -#'+ !"( !&%$&&(
8./1'+./+2!+1*+1343*)5(*+1*+#"!6' ",'%*)"+ "$%#&,+ ",,+ "#,%**&+
!>G9581'H@?>I1J'?:'628?91'96'>62<:8?912 !#%##*( &"' -## !,%*#,(
!>G9581'H!?>I1J'?:'*#. / / !$".( !$".(
8./1'+./+2!+1*+1343*)5(*+1*+#"!0' "))%.,$ "-%-," -&& ",*%,*#
+12'?@85412';1>'53;<62812'95=6>5912'?@85412';679567862'96'@13;672?@5D7'26'>6@171@67'67':?'36959?'
HQTXHHVSUREDEOHODUHDOL]DFLÌQGHOFRUUHVSRQGLHQWHEHQHƬFLRƬVFDODWUDYÂVGHEHQHƬFLRVƬVFDOHV
=<8<>120'+?'!13;?EB?'F?'>6@171@591'81912':12'?@85412'A';?25412';1>'53;<62812'95=6>59120'
!"#
$%&'()*+,%-./+#"!0
!"#$%&'()'!*+*,-."'/0"0
GL . , W X ) / $* / U
Y # " Z [ , ) & ) / ' \ ' $" / " /
0"!1 0"!2
.789532:3'@;1Q]75<53'K'21313 (#((* !"#$%$&

.789532:'3:?;5'=1';5<21'>:;;65<25 ',#"+$) '(#$!%)
.789532:'46B5;64: '!#,-*) *#+,,&
(OLPSXHVWRVREUHODUHQWDGHOD&RPSDÊÆDGLƬHUHGHOLPSRUWHWHÌULFRTXHVHKDEUÆDREWHQLGRHPSOHDQGR
ODWDULIDGHLPSXHVWRVDSOLFDEOHDODXWLOLGDGDQWHVGHLPSXHVWRVFRPRVHGHVFULEHDFRQWLQXDFLÌQ
0"!1 0"!2
X26=6414'1<253'45'8;:Q636A<'81;1'6789532:'3:?;5'=1';5<21 $+#-$$ !+*#*+(&

$131'45'6789532:'Q6@5<25' -+. -+.
.789532:'>1=>9=14:'>:<'=1'21;6B1'18=6>1?=5'1'=1'!:781OT1 /-#!*$ -"#(//&
(IHFWRVLPSRVLWLYRVGH' ' & &
.<@;53:3'<:'@;1Q1?=53' '/,#%(-) '"-#--")
Y132:3'<:'4549>6?=53' "#/$, "#%/*&
.789532:'45'5^5;>6>6:3'1<25;6:;53' !-$ $*%&
!1;@:3'I;5Q5;36A<'45'6789532:'46B5;64:M '!#"%") '(#$!%)
3('45657%+8.(.+5)8-*69'+6':(*+/.+(*%9. '!#,-*) *#+,,&
+1'2131'45'6789532:'45';5<21'18=6>1?=5'45'1>95;4:'>:<'=1'=5@63=1>6A<'!:=:7?61<1'B95'45'CDE'81;1'5='
FDGH'IJCE'6789532:'3:?;5'=1';5<21'K'LE'3:?;52131'45'6789532:'3:?;5'=1';5<21M'K'CDE'IFNE'6789532:'
45';5<21'K'GNE'!#))M'81;1'5='1O:'FDGL0'
+:3'6789532:3'46B5;64:3'P95'35'5385;1<';5Q5;26;'1'81;26;'45='1O:'FDGR'35'S1<'>1=>9=14:'931<4:'=13'21;6B13'
45'6789532:3'18=6>1?=53'5<'!:=:7?61'81;1'>141'85;T:4:'IJHE'81;1'FDGRU'K'JJE'45='FDGV'5<'145=1<25M0
)='>1;@:':'1?:<:'8:;'6789532:3'3:?;5'=1';5<21';5=1>6:<14:3'>:<'>:78:<5<253'45'=:3':2;:3';539=214:3'
LQWHJUDOHVVHGHVFULEHDFRQWLQXDFLÌQ
0"!1 0"!2
,%9*6+=* 0"!1+>.(?'6 ;*68-<6 ,%9*6 0"!2+>.(?'6 +;*68-<6

5)8-*69'6 =*+5)8-*69'6 =*+5)8-*69'6 =*+5)8-*69'6+ =*+5)8-*69'6 =*+5)8-*69'6
Y1<1<>613'_'I8`;46413M'
1>291;61=53 ($% '/!+) "(% ,#--*& '!#(**) (#*$+
!"#
$%&'()*+,%-./+0"!1
!"#$%&'()'!*+*,-."'/0"0
IJ G#*H./.*&)/
8494:4';
">'I'<1'15138'<1'NOIP
!73?8QR;3S<:68T'7>'1467<8'<1'314@>67<84 !"#$
G389:4:U5'<1>'7A8 %%%$
,/+2!+3*+3454*)6(*+3*+0"!7 &'($
8494:4';
">'I'<1'15138'<1'NOIJ
!73?8QR;3S<:68T'7>'1467<8'<1'314@>67<84 &'(
V6:>:F7<74'15'1>'7A8' &!#
G389:4:U5'<1>'7A8 )*"+
,/+2!+3*+3454*)6(*+3*+0"!1 ""&
/HJDOHV
' ' ' ' ' ' '
#123141567'2389:4:8514'2737';:13674'<1=75<74'>1?7>14':56132@14674';85637'>7'!8=27AB7'283'<:913474'
273614'15'1>';@348'83<:573:8'<1'>84'51?8;:840'+74'2389:4:8514'41';73?75'7'?74684'15'1>'1467<8'<1'
314@>67<84'15'86384'?746840
' ' ' ' ' ' '
+7'?1315;:7'<1'>7'!8=27AB7'C'4@4'74148314'>1?7>14';854:<1375'D@1'>74'2389:4:8514';8567E:>:F7<74'485'
VXƬFLHQWHVSDUDDWHQGHUORVSURFHVRVTXHFXUVDQHQODDFWXDOLGDG
IM !*&$.&K)&!."/
L'!*,G#*,./*/
(OVLJXLHQWHHVHOGHWDOOHGHODVFRQWLQJHQFLDVTXHWLHQHOD&RPSDÊÆD
0"!1 0"!7
+7E837>'R':'T "-(%* ,-*"#$

"<@75138 . %*%$
<'9./ "-(%* ,-"%($
R':'T')W:461':5;136:<@=E31'48E31'1>'<1415>7;1'X@3B<:;8'<1'1468';7484Y'283'>8'D@1'7'>7'Z1;[7'<1'14684'
)467<84'\:575;:1384'>7'7<=:5:4637;:U5'58';854:<137'7<1;@7<8':5;>@:3'2389:4:U5'283'14684';85;126840
!"#
$%&'()*+,%-./+0"!1
!"#$%&'()'!*+*,-."'/0"0
>? -)&)<.!.*/'"'),=+)"(*/
$FRQWLQXDFLÌQVHSUHVHQWDXQGHWDOOHGHORVJDVWRVSRU%HQHƬFLRVDORV(PSOHDGRVFDUJDGRVDORV
1234567893'825':21;9890
0"!1 0"!2
#2@4A217BCDA' ??0>>S ?M0NNN'

/2E41C878'39BC75' PP0PQQ >?0>OP'
!237A6;73' ' R0MNP N0OQM'
.A6212323'7'B237A6;73' QPN RNS'
=1C@7'82'321FCBC93' R0S>T N0MQS'
=1C@73'2G61752E7523' >T0TMN >M0TTN'
H7B7BC9A23' ' O0RQO O0MPQ'
$SRUWHVSDUDƬVFDOHV N0>?M O0NQS'
(967BCDA'7'617I7J789123' QPQ >0MOM'
.A82@ACK7BC9A23'57I917523' O?P RNP'
/2E4193' ' >0NOM >0>RR'
(2:916CF93'L'82'12B127BCDA MP? QPO'
!7:7BC67BCDA'75':2139A75' P0TQT P0T?Q'
*6193' ' T0>OS T0SPR'
7RWDOEHQHƬFLRVDHPSOHDGRV !%$#'(' !"!#"$%&
(OVLJXLHQWHHVXQGHWDOOHGHORVVDOGRVGHSURYLVLRQHVSRUEHQHƬFLRVGHHPSOHDGRVDOGHGLFLHPEUH
0"!1 0"!2
/425893' ' M> PP'

!237A6;73' ' N0>SS O0N>O'
.A6212323'7'573'B237A6;73' NQ? NT?'
H7B7BC9A23' ' O0T?O T0ORT'
=12367BC9A23'2G61752E7523' O0NN> O0M?N'
=2A3C9A23'82'J4IC57BCDA' TQ0QNQ OS0>>R'
*6193':73CF93'57I917523' Q0S>? Q0>RQ'
3'4./+5.678'6+/.9'(./*6+ + %)#,"$ %)#((!&
,2A93'571E9':57K9'82':2A3C9A23' UTM0N>OV UTT0?TPV
3'4./+:'(4'+5/.;'+5.678'6+/.9'(./*6 $!#*), *+#"'+&
!"#
$%&'()*+,%-./+0"!1
!"#$%&'()'!*+*,-."'/0"0
%HQHƬFLRVGHFRUWRSOD]R' ' '
' ' ' '
(1'2341567'378'92'91:;<923;=8'92>7529'!797?>;282'@'378'>2<1'18'92'378A183;=8'92>7529'@B7'C23D7'37913D;A7'
ƬUPDGRFRQORVHPSOHDGRVORVGLIHUHQWHVHPSOHDGRVGHOD&RPSDÊÆDWLHQHQGHUHFKRDEHQHƬFLRVGH
FRUWRSOD]RWDOHVFRPRVDODULRVYDFDFLRQHVSULPDVOHJDOHV\H[WUDOHJDOHVGHƬQLGDVHQHOSDFWR
FROHFWLYRFRPRSULPDGHYDFDFLRQHVSULPDGHQDYLGDGHQWUHRWURV\FHVDQWÆDVHLQWHUHVHVGH
FHVDQWÆDVGHUHFKRDORVDSRUWHVDODVHJXULGDGVRFLDO\SDUDƬVFDOHVGRWDFLRQHVFDSDFLWDFLRQHV
VHUYLFLRVPÂGLFRV\PHGLFDPHQWRVRWURV
%HQHƬFLRV3RVW(PSOHR
(VWDGRGHVLWXDFLÌQƬQDQFLHUD 0"!1 0"!#
E18<;781< *+#+-+ !"#$$%&

2./3'4+3*+5.467'4 *+#+-+ !"#$$%&
& &
!25:7<'29'1<D267'61'51<49D267<'
E18<;781< '#!$- '#(%$
'' '' ' '#!$- '#(%$
F28283;2<'B'GCH56;62<I'23D425;291<'5137873;62<'18'7D57<'51<49D267<';8D1:5291< !-. )%#**+,&
0"!1 0"!#
,7A;?;18D7'619'C2<;A7'C18<;7829
,/+!+3*+*%*(' !"#$$% **#*(+&
!7<D7<'61';8D151<1< '#!$- '#(%$&
F28283;2<'B'GCH56;62<I'23D425;291< !-. %#**+&
%HQHƬFLRVSDJDGRV )!#''*, )!#"'",
,/+8!+3*+3696*):(*+ *+#+-+ !"#$$%&
(Q&RORPELDODVSHQVLRQHVGHMXELODFLÌQFXDQGRVHUHWLUDQORVHPSOHDGRVGHVSXÂVGHFXPSOLUFLHUWRV
DÊRVGHHGDG\GHVHUYLFLRVRQDVXPLGDVSRUIRQGRVSÓEOLFRVRSULYDGRVGHSHQVLRQHVFRQEDVHHQ
SODQHVGHFRQWULEXFLÌQGHƬQLGDGRQGHODVFRPSDÊÆDV\ORVHPSOHDGRVDSRUWDQPHQVXDOPHQWHYDORUHV
GHƬQLGRVSRUODOH\SDUDWHQHUDFFHVRDODSHQVLÌQDOUHWLURGHOHPSOHDGR
' ' ' ' ' ' '
/D&RPSDÊÆDRSHUDWDQWRFRQSODQGHEHQHƬFLRVGHƬQLGRV\SODQHVGHFRQWULEXFLRQHVGHDFXHUGRFRQ
92<'6;<C7<;3;781<'91:291<0
' ' ' ' ' ' '
(QHOSODQGHFRQWULEXFLRQHVGHƬQLGDVODVSHQVLRQHVGHMXELODFLÌQVRQDVXPLGDVSRUIRQGRVSÓEOLFRVR
SULYDGRVGHSHQVLRQHVHQGRQGHWDQWROD&RPSDÊÆDFRPRHOHPSOHDGRDSRUWDQPHQVXDOPHQWHYDORUHV
GHƬQLGRVSRUODOH\SDUDWHQHUDFFHVRDODSHQVLÌQDOUHWLURGHOHPSOHDGR
(QHOSODQGHEHQHƬFLRVGHƬQLGRVGRQGHOD&RPSDÊÆDDVXPHODVSHQVLRQHVGHMXELODFLÌQGHORV
HPSOHDGRVHOQLYHOGHEHQHƬFLRVGLVSRQLEOHVSDUDORVPLHPEURVTXHHVWÂQHQHOSODQGHSHQGHGHOD
GXUDFLÌQGHOVHUYLFLRHQOD&RPSDÊÆD\VXVDODULRSURPHGLRGXUDQWHVXSHUÆRGRGHHPSOHRRVXVDODULRHQ
ORVÓOWLPRVDÊRVSUHYLRVDMXELODFLÌQRUHWLUR
!"#
$%&'()*+,%-./+0"!1
!"#$%&'()'!*+*,-."'/0"0
(OSDVLYRSRUMXELODFLRQHVFDOFXODGRPHGLDQWHHVWXGLRVDFWXDULDOHVGHDFXHUGRFRQODVQRUPDVOHJDOHV
YLJHQWHVHVGHHQ\HQ/RVFºOFXORVDFWXDULDOHVTXHGDURQDPRUWL]DGRVHQ
XQHQ\
! ! ! ! ! ! !
/DWDVDGHLQWHUÂVWÂFQLFRXWLOL]DGDIXHGHHQ\HQ\HOLQFUHPHQWRIXWXURGH
VDODULRVGH\UHVSHFWLYDPHQWH
! ! ! ! ! ! !
(QODGHWHUPLQDFLÌQGHORVFRVWRV\ODVREOLJDFLRQHVSRUEHQHƬFLRVGHƬQLGRVWRGRVORVFºOFXORVVRQ
"#$%&'$()*!+)"!$,-.$"&)*!&/(#+#/(&#/-#*!,)/!0$*#!#/!#%!12-)()!(#!,"2(&-)!./&-$"&)!+")3#,-$()4
+LSÌWHVLV)LQDQFLHUDV! ! ! ! ! !
! ! ! ! ! ! !
/DVSULQFLSDOHVKLSÌWHVLVDFWXDULDOHVXWLOL]DGDVSDUDHOFºOFXORGHORVSDVLYRVVHJÓQOD1,&DOGH
GLFLHPEUHVRQORVVLJXLHQWHV
0"!# 0"!1
8$*$!(#!(#*,.#/-) !"$!% !"#$%

,QƮDFLÌQ &"))% &"'(%
6XSXHVWRVGHPRUWDOLGDG ! !
>$!C&($!#*+#"$($!(#!%)*!#1+%#$()*!#*!,$%,.%$($!,)/!0$*#!#/!%$!-$0%$!,)%)10&$/$!(#!1)"-$%&($(!(#!
UHQWDVYLWDOLFLDVGHOSXEOLFDGDSRUOD6XSHULQWHQGHQFLD)LQDQFLHUDHQ&RORPELDODFXDOKDVLGR
FRQVWUXLGDFRQEDVHHQODVH[SHULHQFLDVGHPRUWDOLGDGVXPLQLVWUDGDVSRUODVGLIHUHQWHVFRPSDÊÆDVGH
VHJXURVTXHRSHUDQHQ&RORPELD
! ! ! ! ! ! !
$QºOLVLVGHVHQVLELOLGDG! ! ! ! ! !
! ! ! ! ! ! !
>$!*&D.&#/-#!-$0%$!1.#*-"$!%$*!+"&/,&+$%#*!*#/*&0&%&($(#*!$!%)*!C$%)"#*!&/,%.&()*!#/!%)*!#*-$()*!
ƬQDQFLHURVTXHVXUJLUÆDQGHDMXVWDUFLHUWRVVXSXHVWRVFODYHV(QFDGDFDVRWRGRVORVGHPºVVXSXHVWRV
+#"1$/#,#/!*&/!,$10&)*E
0"!# 0"!1
A/,"#1#/-)FG(&*1&/.,&H/I!#/!#%!+$*&C)!+#/*&)/$%
,QFUHPHQWRWDVDGHGHVFXHQWRHQ *&0,&!- *+,#-
'LVPLQXFLÌQWDVDGHGHVFXHQWRHQ &0&!& +.!/
,QFUHPHQWRWDVDGHLQƮDFLÌQHQ &0&(& $0).'/
'LVPLQXFLÌQWDVDGHLQƮDFLÌQHQ *&0,#!- *$0),.-
/DLQIRUPDFLÌQVREUHODVHQVLELOLGDGPRVWUDGDDQWHULRUPHQWHHVH[DFWD\VHKDGHWHUPLQDGRPHGLDQWH
ODUHDOL]DFLÌQGHORVFºOFXORVGHORVSDVLYRVXWLOL]DQGRGLIHUHQWHVVXSXHVWRV\HOPÂWRGRGHFUÂGLWR
./&-$"&)!+")3#,-$()4
!"#
$%&'()*+,%-./+0"!#
56789:!;<!5=>=?@A6!B464
C"$ # . , * & . *
$FFLRQHVRUGLQDULDV' ' ' ' ' '
' ' ' ' ' ' '
(O&DSLWDO6RFLDO$XWRUL]DGRGHOD&RPSDÊÆDHVWºUHSUHVHQWDGRHQGH
DFFLRQHVRUGLQDULDVGHYDORUQRPLQDOGH3HVRV&RORPELDQRVFDGDXQD
6XVFULWDV\SDJDGDVDVÆ
0"!1 0"!2
1ÓPHURGHDFFLRQHV
!123415'6768934:';'21<1=: !!"#$%&#!'() !!"#$%&#!'()
$FFLRQHVUHDGTXLULGDV *&#'+(#$((, *&#'+(#$((,
"883:>?6'?>'839875183@> !$+#+!-#$.$) !$+#+!-#$.$)
(OFDSLWDOVXVFULWR\SDJDGRLQFOX\HPLOORQHVRSRUODFDSLWDOL]DFLÌQGHODFXHQWDGH
UHYDORUL]DFLÌQGHOSDWULPRQLRPHGLDQWHODGLVWULEXFLÌQGHGLYLGHQGRVHQDFFLRQHV/RVGHUHFKRV
LQKHUHQWHVDODVDFFLRQHVUHDGTXLULGDVTXHGDQHQVXVSHQVR\HOYDORULQWUÆQVHFRVHGHWHUPLQDFRQEDVH
?>'516'1883:>?6'?>'839875183@>0
5HVHUYDV
0"!1 0"!2
#?6?9A1'5?<15' '( '()

#?6?9A1'2191'1B253183@>';'9?2:6383@>'=?'3>6415183:>?6'.>=7649315?6 &"%#.+$ '-&#.&")
5HVHUYDSDUDUHDGTXLVLFLÌQGHDFFLRQHV !%#$$$ !%#$$$)
&&(#-$( '('#.($)
+1'9?6?9A1'5?<15'6?'8:>64347;?'=?'187?9=:'8:>'516'=362:6383:>?6'5?<15?6'A3<?>4?6';'27?=?'6?9'761=1'2191'
FRPSHQVDUSÂUGLGDVRGLVWULEXLUDODOLTXLGDFLÌQGHOD&RPSDÊÆD$OGHGLFLHPEUHGHODVGHPºV
UHVHUYDVLQFOX\HQGRODXWLOLGDGGHOHMHUFLFLRHVWºQDODOLEUHGLVSRVLFLÌQGHOD$VDPEOHDGH$FFLRQLVWDV
*DQDQFLDSRUDFFLÌQEºVLFD
' ' ' ' '
3DUDGHWHUPLQDUODXWLOLGDGQHWDSRUDFFLÌQOD&RPSDÊÆDGLYLGHHOUHVXOWDGRQHWRGHOSHUÆRGRHQWUHHO
SURPHGLRSRQGHUDGRGHODVDFFLRQHVFRPXQHVHQFLUFXODFLÌQGXUDQWHHODÊR$OGHGLFLHPEUHGH
IXHGHSHVRVSRUDFFLÌQ\DOGHGLFLHPEUHGHIXHGHSHVRVSRUDFFLÌQ
$OGHGLFLHPEUHGH\OD&RPSDÊÆDQRWHQÆDVXVFULWRVFRQWUDWRVTXHODREOLJXHQDYHQGHUR
HPLWLUDFFLRQHVSRUORTXHQRVHKDFHQHFHVDULRHOFºOFXORGHODJDQDQFLDSÂUGLGDSRUDFFLÌQGLOXLGD
!"#
$%&'()*+,%-./+0"!1
!"#$%&'()'!*+*,-."'/0"0
0"!1 0"!=
8WLOLGDGGHOSHUÆRGR (%#%%) !""#$%&'

1ÓPHURSURPHGLRGHDFFLRQHVHQFLUFXODFLÌQ !"$#$!(#")" !"$#$!(#")"'
' '
2'3./+4.%.%56.+78965.+:'(+.556;%< )$$,($ *+),!+'
,QIRUPDFLÌQHQPLOORQHVGHSHVRV&RORPELDQRV
2WURVUHVXOWDGRVLQWHJUDOHV'
(OPRYLPLHQWRSRUHVWHFRQFHSWRGXUDQWHHOSHUÆRGRIXHHOVLJXLHQWH
0"!1 0"!=
*345'#67893:;5'.<36=4:9'
>?4;@;:':A38:4@:9'<63:';6'@BC867357 -+)*. -)#&(".
/8C64:D@3'B?35;5';6'C:43@A@C:A@E<' &+% -%)$.
*DQDQFLDVSRUPHGLFLRQHVDFWLYRVƬQDQFLHURV & /
2'3./+>*9-/3.?'+$%3*4(./+?*/+:*(@'?'' 0&! -(#!!$.
.&1#)/*/'()
"!$.2.("()/'*#(.&"#."/
$FRQWLQXDFLÌQVHSUHVHQWDXQGHWDOOHGHORVLQJUHVRVGHDFWLYLGDGHVRUGLQDULDVGXUDQWHHOSHUÆRGR
0"!1 0"!=
26<3:';6'F@6<67' ***#%*) *"&#*""'

>4673:A@E<';6'764D@A@57' !0#%(! !0#(("'
.<3646767'' $+$ (("'
2'3./+?*+6%4(*9'9+?*+.536A6?.?*9+'(?6%.(6.9 !#"!0#%*+ *%0#%%"'
/DVYHQWDVGHELHQHVFRUUHVSRQGHQDORVLQJUHVRVGHOREMHWRVRFLDOGHOD&RPSDÊÆD(VWRVLQJUHVRV
HVWºQQHWRVGHGHYROXFLRQHVUHEDMDV\GHVFXHQWRVORVFXDOHVDVFLHQGHQDPLOORQHVHQ\
HQ
' ' ' ' ' ' '
+:'C4673:A@E<';6'764D@A@57'A54467C5<;6':9'A5F45';6'764D@A@57'C4673:;57'C54'C6475<:9';6'9:'6BC467:':'
FRPSDÊÆDVGHOJUXSR
' ' ' ' ' ' '
+57'@<=46757';6'@<3646767'75<'957'A5F4:;57':'957'A9@6'<367'C54'A5<A6C35';6'B54:0
!"#
$%&'()*+,%-./+0"!1
!"#$%&'()'!*+*,-."'/0"0
! * / $* ' ( ) ' B ) & $" /
$FRQWLQXDFLÌQVHGHWDOODHOFRVWRGHYHQWDVSRUQDWXUDOH]DGXUDQWHHOSHUÆRGR
FRPSUHQGLGRHQWUHHOGHHQHURDOGHGLFLHPEUHGH\
/"!0 /"!7
,1234516'745816'9'1:1623;5853<2=6 )"(#%'! !!"#$%!&

%HQHƬFLRV$(PSOHDGRV "+)#!)( ""'#"'"&
6HUYLFLRVSÓEOLFRV ($#!,+ ()#$))&
/34>5;5=6' '!#'"% *'#+$*&
,1<23<5853<2='9'437141;5=<36 '"#+*+ '"#!'(&
(3743;51;5=<36' )$#'$' ))#'!$&
!=62=6'?3'241<67=423' !"#++( +(#,$'&
*24=6';=62=6'' "*#$'" "!#!*"&
.87@362=6' ,#*!( (#'"+&
"A=21853<2= '#)() )#%(*
"443<?1853<2=6 *#""+ )#",(&
+RQRUDULRV\FRQVXOWRUÆD !#,(( *#!''&
/3A@4=6' !#')$ !#"!!&
&RVWRVGHYLDMH +#)($ "#***&
1&2-.*3&42&*5)*6)$2-4 ((%#*(' $')#"')&
.&C#)/*/'D
* $ 6 72 6 ) , 1 $ 1 & , ( 5 2 6
$FRQWLQXDFLÌQVHGHWDOODORVLQJUHVRV\JDVWRVƬQDQFLHURV
/"!0 /"!7
,QJUHVRVƬQDQFLHURV & &

.<2343636'E5F '#'+( )#,,*&
8,92&2-.*#$:')4&4*;<$-$3<)'&4 '#'+( )#,,*&
'LIHUHQFLD(Q&DPELR - "#,%%&
1&2-.*#$:')4&4*;<$-$3<)'&4 '#'+( '#(,*
* &
*DVWRV)LQDQFLHURV & &
.<2343636E55F !*#"*$ +'#!+(&
&RVWRƬQDQFLHURSRUSHQVLRQHVGHMXELODFLÌQ !#*"* !#+$"&
'HVFXHQWRVƬQDQFLHURVHQIDFWRULQJ "#'*( +#"!'&
!=8565=<36'E555F $"" **"&
2WURVJDVWRVƬQDQFLHURV )+ "+(&
8,92&2-.*=-42&4*;<$-$3<)'&4 )"#%(! !+#)")&
'LIHUHQFLDHQFDPELR ''" -
1&2-.*=-42&4*;<$-$3<)'&4* )"#$)) !+#)")
!!"
#$%&'()*+$,-.*/"!0
!"#$%&'()'!*+*,-."'/0"0
123'+45'.6789545':48'.6;989595'<48895:46=96':826<2:>?@96;9'>'?45'79698>=45':48'?>5'26A98524695'=9'<48;4
SOD]RSRUSUÂVWDPRVDWUDEDMDGRUHV\RWURVLQWHUHVHVPHQRUHV
' ' ' ' ' ' '
1223'+45'7>5;45':48'.6;989595'<48895:46=96':826<2:>?@96;9'>'?45'<45;45'79698>=45'96'?>5'4B?27><24695
ƬQDQFLHUDVGHODHQWLGDGGXUDQWHORVSHUÆRGRVGHVFULWRVDQWHULRUPHQWH
' ' ' ' ' ' '
12223'+45'7>5;45':48'<4@252C6'<48895:46=96':826<2:>?@96;9'>'?>5'<4@2524695'B>6<>82>5'79698>=>5'96'?45
PRYLPLHQWRVEDQFDULRVUHDOL]DGRVGXUDQWHHOSHUÆRGRLQIRUPDGR
J " / $* / ' ( )
" ( , . & . / $ # " ! . % & ' D ' K ) & $" /
$FRQWLQXDFLÌQVHGHWDOODORVJDVWRVGHDGPLQLVWUDFLÌQ\YHQWDVSRUQDWXUDOH]DGXUDQWHHOSHUÆRGR
FRPSUHQGLGRHQWUHHOGHHQHURDOGHGLFLHPEUHGH\
./!0 ./!;
%HQHƬFLRV$(PSOHDGRV !)#$+, !"#!$%&

)OHWHVHQYHQWDV ,!#$,+ '(#)%(&
/98A2<245''' **#'++ *+#%*,&
"8896=>@296;45'' !#+(( !#'(*&
,>6;962@296;4'D'#9:>8><24695 ,#(!* !#*!)&
E4648>8245' ' ,#))' ,#)")&
*DVWRV'H9LDMH ,#"!' ,#+)!&
F84A252C6':>8>'=9G=4895' ' ,#''' **!&
&RQWULEXFLRQHV<$ƬOLDFLRQHV *#,(+ *#!+,&
*;845' $(+ ,#'(*&
(9:89<2><24695'H'>@48;2I><24695 !$$ "'!&
/97G845' ' '+% '$"&
J>5;45'+97>?95' (* %,&
.@:G95;45 $$ "+&
1%2,-)3,42%4)5()67(&,89:#) **%#,"+ *+$#+"(&
$#"&/"!!.*&)/
! * & ' F" # $ ) / ' # ) + " ! . * & " ( " /
&DUWÌQGH&RORPELD6$HIHFWÓDWUDQVDFFLRQHVFRQSDUWHVUHODFLRQDGDVLQFOX\HQGRVXEVLGLDULDVEDMR
<46=2<24695'=9'?2B89'<4@:9;96<2>'H'>':89<245'648@>?95'=9'@98<>=40
!!!
"#$%&'()*#+,-)./!0
!"#$%&'()'!*+*,-."'/0"0
1203'*4562789:5;'79:';<=;8>82682;?
"/!0 "/!1
5HIRUHVWDGRUD$QGLQD6$
!9@462'>5'@2A5682;'468@2;'B'9A69; #'"*'+ !!"!#$%
.:A565;5;'42C2>9; &)"$,$ &'"()(%
(8D8>5:>9;'6578=8>9; &&"$*+ #")'&%
E5:A2'>5';56D8789;'B'9A69; &"&)( **)%
/<;768478F:'>5'27789:5; - +"&'*%
!<5:A2;'496'42C26 $,!"#,# $++"($&%
'
$62:;=9;:2G'/0'"0
!9@462'>5';56D8789; &(+ ,)%
.:A565;5;'42C2>9;' $"$'( &")$)%
(8D8>5:>9;'6578=8>9; *"#*( !"+,'%
!<5:A2;'496'79=626 !*"',' +&"+&(%
E2SHUDFLRQHVFRQHPSUHVDVGHOJUXSR6PXUƬW.DSSD
"/!0 "/!1
E5:A2'>5'=85:5; &*,"*'* &$,"(*&%

.:C65;9'496'465;A278F:'>5';56D8789; &&",,) &$"'$&%
.:A565;5;'6578=8>9; '"!)) '"#&#%
!9@462'>5'=85:5; &&&"$#' &($"$,,%
!9@462'>5';56D8789; !"(+* *",''%
.:A565;5;'42C2>9; ')) ,)$%
(8D8>5:>9;'42C2>9; '+",*( '#")!'%
,QYHUVLÌQDWÂUPLQRƬMR +'"+(& +'"'!#%
!<5:A2;'496'79=626'79@56782G5; +)"**+ $+"#&!%
*A62;'7<5:A2;'496'79=626 - &$"&&!%
!<5:A2;'496'42C26' ')"$(, $$"&,)%
H65;A2@9;'6578=8>9; - &'"$*&%
1703'*4562789:5;'79:'#5465;5:A2:A5;'+5C2G5;'B'9A69;'">@8:8;A62>965;?'
"/!0 "/!1
/2G2689;'B'9A69;'42C9;'G2=962G5;' )"*,' *",*(%

*DVWRVGHWUDQVSRUWH\RWURVJDVWRVGHYLDMH &"+$$ )*$%
(8D8>5:>9;'' ' + +%
E2G96'496'79=626'>5'46I;A2@9;'9A96C2>9; &"&(* #*!%
!!"
#$%&'()*+$,-.*"/!0
!"#$%&'()'!*+*,-."'/0"0
#123415'61'782'9:8528;;<=512';=5'>8:912':178;<=58682?
/0!1 /0!2
#123415' '' ' !

!=4>:8'61'4891:<82'>:<482'@'=9:=2'A<1512 ",*%)$' "#$%&'(!
!=4>:8'61'21:B<;<=2' #%"#" $%)("!
6DODULRVJDVWRVGHYLDMH\WUDQVSRUWH ()%((' $%$**!
C=5=:8:<=2' ' "&) "$'!
.591:1212'>8D86=2' "$%'$" "+%)'+!
.591:1212':1;<A<6=2' +%+() "%$+$!
(<B<6156=2':1;<A<6=2' "&%)** "(%+"(!
E1598'61'A<1512' ",&%,(, "+&%),"!
E1598'61'21:B<;<=2'@'=9:=2'' "+%",$ "*%))&!
(<B<6156=2'>8D86=2' (*%&,) ('%$#'!
!315982'>=:';=A:8:' "),%",* $&%$"*!
!315982'>=:'>8D8:' *(*%))# +,,%(($!
/32;:<>;<F5'61'8;;<=512' - *%"(,!
.591:1212':1;<A<6=2'2=A:1'<5B1:2<=512 (%#$$ (%'"'!
.5B1:2<F5'914>=:87'15'61>F2<9=2'8'9G:4<5= *(%*)" *(%(#'!
(IHFWRGHODVRSHUDFLRQHVGHYHQWDV\FRPSUDVGHELHQHV\VHUYLFLRVDSDUWHVUHODFLRQGDVH[SUHVDGRV
FRPRSRUFHQWDMHVGHSDUWLFLSDFLÌQHQODVVLJXLHQWHVFXHQWDVGHORVHVWDGRVƬQDQFLHURV
/0!1 /0!2
)5'782'B15982' ' "&.#/ "'.#'/

)5'17';=29='61'B15982'@'D829=2'=>1:8;<=58712 ((.#/ ().()/
)5'17'D829='>=:'<591:1212' &".$/ *).+)/
!315982'>=:';=A:8:'15'17'9=987'617'";9<B= '.+/ +.&#/
!315982'>=:'>8D8:'15'17'9=987'617'H82<B= #+.,/ *).+$/
(QLQJUHVRVƬQDQFLHURV +*.*/ +'.$)/
.5B1:2<=512'914>=:8712'15'17'9=987'617'8;9<B= (.)/ ".$'/
!!"
#$%&'()*+$,-.*/0!1
!"#$%&'()'!*+*,-."'/0"0
34 . & / $ # 1 , ) & $* / ' 2 . & " & ! . ) # * /
/0!1 /0!2
$FWLYRVƬQDQFLHURVFRUULHQWHV
(IHFWLYR\HTXLYDOHQWHVGHHIHFWLYR !!$&'% !($+#)
&XHQWDVSRUFREUDU\SUÂVWDPRV
&XHQWDVFRPHUFLDOHVSRUFREUDU !%"$*"* !#&$"*"
&XHQWDVSRUFREUDUDSDUWHVUHODFLRQDGDV !()$()) "&$!*&
$QWLFLSRVDSURYHHGRUHV !$")# +$!(+
*DVWRVSDJDGRVSRUDQWLFLSDGR !$)** !$((!
6DOGRVDIDYRUGHLPSXHVWRVREUHODUHQWD '#$!** !#$++!
&XHQWDVSRUFREUDUGHLPSXHVWRVGLVWLQWRVDOLPSXHVWRVREUHODUHQWD "%! %')
&XHQWDVSRUFREUDUDHPSOHDGRV *$)++ *$*!#
2WUDVFXHQWDVSRUFREUDU !$)*+, !$+"+
7RWDOFXHQWDVSRUFREUDU\SUÂVWDPRV *!&$''& '%#$(+"
,QYHUVLRQHVPDQWHQLGDVKDVWDHOYHQFLPLHQWR +'$+!! +'$'#)
7RWDODFWLYRVƬQDQFLHURVFRUULHQWHV *%*$#)% *'%$%)(
$FWLYRVƬQDQFLHURVQRFRUULHQWHV
$FWLYRVƬQDQFLHURVDOYDORUUD]RQDEOHFRQFDPELRVHQUHVXOWDGRVFODVLƬFDGRV
FRPRPDQWHQLGRVSDUDQHJRFLDU !*! !'+
7RWDODFWLYRVƬQDQFLHURVDOYDORUUD]RQDEOHFRQFDPELRVHQUHVXOWDGRV !*! !'+
&XHQWDVSRUFREUDU\SUÂVWDPRV
$QWLFLSRVDSURYHHGRUHV !$('+ '"!
&XHQWDVSRUFREUDUDHPSOHDGRV *$#') *$!&*
2WUDVFXHQWDVSRUFREUDU *) *"
7RWDOFXHQWDVSRUFREUDU\SUÂVWDPRV +$#") *$#!'
7RWDODFWLYRVƬQDQFLHURVQRFRUULHQWHV +$%!% *$)*)
7RWDODFWLYRVƬQDQFLHURV *%"$'"+ **!$*&)
/0!1 /0!2
3DVLYRVƬQDQFLHURVFRUULHQWHV
3UÂVWDPRV '(%$*!+ !"#$"%&
&XHQWDVSRUSDJDUFRPHUFLDOHV\RWUDVFXHQWDVSRUSDJDU '*)$('( '()$*((
7RWDOSDVLYRVƬQDQFLHURVFRUULHQWHV ++*$**+ *&'$!%&
3DVLYRVƬQDQFLHURVQRFRUULHQWHV
&XHQWDVSRUSDJDUFRPHUFLDOHV\RWUDVFXHQWDVSRUSDJDU *(%$((( '%&$(((
7RWDOSDVLYRVƬQDQFLHURVQRFRUULHQWHV *(%$((( '%&$(((
7RWDOSDVLYRVƬQDQFLHURV %#($**+ )%!$!%&
!!"
#$%&'()*+$,-.*/0!1
!"#$%&'()'!*+*,-."'/0"0
!"#$%&'("$)#*+,"-".,(%)#*/*0(%-%1&2-*3(*4-5)%*6-7)"-85(' ' ' '
' ' ' ' ' ' '
/RVLQVWUXPHQWRVƬQDQFLHURVPHGLGRVDOYDORUUD]RQDEOHFRQFDPELRVHQHOUHVXOWDGRVHHQFXHQWUDQHQ
HOQLYHOGHMHUDUTXÆDGHDFXHUGRDOD1,,)\VXGHWDOOHDODIHFKDGHFDGDHVWDGRGHVLWXDFLÌQ
ƬQDQFLHUDHVHOVLJXLHQWH
/0!1 /0!2
$FFLRQHVHQ(QNDGH&RORPELD6$ )*) )"'!

3&4-.' ' )*) )"'!
!"#$%&'("$)#*+,"-".,(%)#*/*9)%*:-$(;)%2-
$FWLYRVDO $FWLYRVDOYDORU
FRVWRDPRUWL]DGR UD]RQDEOHFRQFDPELRV 3&4-.
/0!1 HQUHVXOWDGRVLQWHJUDOHV
$FWLYRVHQODIHFKDGHEDODQFH ! ! !
'HXGRUHVFRPHUFLDOHV\RWUDVFXHQWDVSRUFREUDU
H[FOX\HQGRDQWLFLSRV "-*%",-! + "-*%",-
,QYHUVLRQHVPDQWHQLGDKDVWDHOYHQFLPLHQWR '"%')) '"%'))
$FWLYRVƬQDQFLHURVDYDORUUD]RQDEOHFRQFDPELRV ! !
HQORVUHVXOWDGRV + )*) )*)!
3&4-.' ' *(#%"&" )*) *(#%***
3DVLYRVƬQDQFLHURV
/0!1 DOFRVWRDPRUWL]DGR
3DVLYRVHQODIHFKDGHEDODQFH
2EOLJDFLRQHVƬQDQFLHUDVH[FOX\HQGRDUUHQGDPLHQWRVƬQDQFLHURV "&$%*)'
&XHQWDVSRUSDJDUFRPHUFLDOHV\RWUDVFXHQWDVSRUSDJDU #"&%$,"
3&4-. $",%&-(
$FWLYRVDO $FWLYRVDOYDORU
FRVWRDPRUWL]DGR UD]RQDEOHFRQFDPELRV 3&4-.
/0!2 HQUHVXOWDGRVLQWHJUDOHV
$FWLYRVHQODIHFKDGHEDODQFH ! !
'HXGRUHVFRPHUFLDOHV\RWUDVFXHQWDVSRUFREUDU
H[FOX\HQGRDQWLFLSRV "#$%&&$ + "#$%&&$
,QYHUVLRQHVPDQWHQLGDKDVWDHOYHQFLPLHQWR !'"%"#( '"%"#(
$FWLYRVƬQDQFLHURVDYDORUUD]RQDEOHFRQFDPELRV ! !
HQORVUHVXOWDGRV +! )"'! )"'!
3&4-. *)(%'*) )"'! *)(%###!
!!"
#$%&'()*+$,-.*/0!1
!"#$%&'()'!*+*,-."'/0"0
3DVLYRVƬQDQFLHURV
/0!" DOFRVWRDPRUWL]DGR
3DVLYRVHQODIHFKDGHEDODQFH !
2EOLJDFLRQHVƬQDQFLHUDVH[FOX\HQGRDUUHQGDPLHQWRVƬQDQFLHURV "#$%"#&!
&XHQWDVSRUSDJDUFRPHUFLDOHV\RWUDVFXHQWDVSRUSDJDU $'(%)($!
2'3-. '*#%&)$!
!"#$%&'("$)#*+,"-".,(%)#*/*0,(#1)*2(*3,4&,2(5
GHGLFLHPEUHGH
0HQRVGH 0ºVGHPHVHV 2'3-.

PHVHV \PHQRVGHDÊR FRUWRSOD]R
2EOLJDFLRQHVƬQDQFLHUDVH[FOX\HQGRDUUHQGD1
PLHQWRVƬQDQFLHURV $+%(.) ".+%'$' #&(%+"$
&XHQWDVSRUSDJDUFRPHUFLDOHV\RWUDVFXHQWDVSRU
SDJDU "('%+#$ .&%.). #+.%&#&
2'3-.# #")%&)+ ##$%#$" $$+%++$
GHGLFLHPEUHGH
0HQRVGH 0ºVGHPHVHV 2'3-.

PHVHV \PHQRVGHDÊR FRUWRSOD]R
2EOLJDFLRQHVƬQDQFLHUDVH[FOX\HQGRDUUHQGD1
PLHQWRVƬQDQFLHURV "#%+(" "(+%'&* "*'%*()
&XHQWDVSRUSDJDUFRPHUFLDOHV\RWUDVFXHQWDVSRU ! ! !
SDJDU "$"%#.)! .'%&+"! #&.%+&&!
2'3-. "'+%.$&! #+*%'+)! +)#%"()!
6.$,7)#*8*9-#,7)#*2(")',"-2)#*("*')"(2-*(:$%-";(%-*<(:9%(#-2)#*("*',=(#*2(*
2>=-%(#*6'(%,.-")#?*
/0!1 /0!"
'LVSRQLEOH "%&+$ (+$!

,QYHUVLRQHV "%#&& #%&&&!
'HXGRUHV ".%*#) "'%+))!
2EOLJDFLRQHVƬQDQFLHUDV ,"&%&&&- ,"&%&&&-
3URYHHGRUHV\FXHQWDVSRUSDJDU ,)%*..- ,"&%&+.-
2'3-. ,*&+- ,"%)&+-
!!"#
$%&'()*#+%,-.#/0!1
!"#$%&'()'!*+*,-."'/0"0
"&"+././'()
5,(6*26),1$1&,(526
$FRQWLQXDFLÌQVHGHWDOODQODVSULQFLSDOHVFDUDFWHUÆVWLFDVFXDOLWDWLYDV\FXDQWLWDWLYDVGHORVULHVJRV
ƬQDQFLHURVDORVTXHHVWºH[SXHVWDOD&RPSDÊÆD\ODIRUPDHQTXHHVWDJHVWLRQDGLFKRVULHVJRV
!"#$%&'(#')*$*'(#'+,-#./$
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
/D&RPSDÊÆDHVWºH[SXHVWDDORVFDPELRVHQODWDVDLQWHUHVHVSDUWLFXODUPHQWHHQORVFDPELRVGHOD
WDVDLQWHUEDQFDULDH[SHGLGDSRUHO%DQFRGHOD5HSXEOLFD\DTXHXQLQFUHPHQWRHQGLFKDWDVDJHQHUDXQ
LQFUHPHQWRHQODVWDVDVGHLQWHUPHGLDFLÌQGHOVLVWHPDƬQDQFLHUR
&RQVLGHUDQGRHVWR\GDGRTXHOD&RPSDÊÆDHVJHQHUDGRUDGHFDMDWRGDODGHXGDƬQDQFLHUDHVDFRUWR
SOD]R\KDVLGRFRQWUDWDGRSULQFLSDOPHQWHFRQEDQFRVDWUDYÂVGHOÆQHDVGHFUÂGLWRSUHYLDPHQWH
DSUREDGDV\DWDVDVGHPHUFDGRSDUDHOVHFWRULQGXVWULD
''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
(OFRVWRSURPHGLRGHODGHXGDHQHVGHOSDUDODGHXGDGHQRPLQDGDHQGÌODUHV\GHO
SDUDODGHXGDGHQRPLQDGDHQSHVRVFRPSDUDGRFRQHOGHO
/DVOÆQHDVGHFUÂGLWR\FXSRGHHQGHXGDPLHQWRVRQDSUREDGRVSRUOD-XQWD'LUHFWLYDODVGHFLVLRQHVGH
HQGHXGDPLHQWRVHUHDOL]DQFRQEDVHDODSODQHDFLÌQ\VHJXLPLHQWRFRQVWDQWHGHOƮXMRGHFDMD
RSHUDFLRQDO/D&RPSDÊÆDUHDOL]DHVWULFWDPHQWHORVSDJRVGHFDSLWDOHLQWHUHVHV\PDQWLHQHVXFDOLGDG
FUHGLWLFLDIUHQWHDOVHFWRUƬQDQFLHURORFXDOOHSHUPLWHDFFHGHUDWDVDVGHPHUFDGRPºVIDYRUDEOHV\
PDQWHQHUVLHPSUHXQRVFXSRVGHFUÂGLWRTXHOHSHUPLWHQRSHUDU
0&1*-"1"(*('#,'1*'-*$*'(#'2*34"&'''''''''''''''''''''''''''''''''''''''''''''
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
/D&RPSDÊÆDHVWºH[SXHVWDDODYRODWLOLGDGHQODWDVDGHFDPELRVGÌODUYVSHVR\DTXHPDQWLHQHXQD
SRVLFLÌQGHDFWLYRV\SDVLYRVGHQRPLQDGRHQGÌODUHVGHULYDGRVGHVXVRSHUDFLRQHVGHH[SRUWDFLÌQH
LPSRUWDFLRQHVGHELHQHV\VHUYLFLRV
'DGRTXHODSRVLFLÌQPRQHWDULDQHWDDFWLYRVPHQRVSDVLYRVGHQRPLQDGRVHQGÌODUHVHVDFWLYDOD
&RPSDÊÆDKDHVWDEOHFLGRXQDFREHUWXUDQDWXUDOPHGLDQWHODFRQWUDWDFLÌQGHXQDGHXGDHQGÌODUHV
!"#$%&'(#'2./("-&'''''''''''''
''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
(OULHVJRGHFUÂGLWRSDUDOD&RPSDÊÆDVHGHULYDGHORVVDOGRVHQFXHQWDVSRUFREUDUFRQFOLHQWHV\RWURV
WHUFHURVDVÆFRPRORVIRQGRVGHSRVLWDGRVHQEDQFRVXRWUDVLQVWLWXFLRQHVƬQDQFLHUDV(OPº[LPR
ULHVJRGHFUÂGLWRHVWºUHSUHVHQWDGRSRUHOYDORUHQOLEURVGHFDGDXQRGHORVDFWLYRV
/D&RPSDÊÆDUHDOL]DDQXDOPHQWHXQDHYDOXDFLÌQƬQDQFLHUDGHWRGRVVXVFOLHQWHVDWUDYÂVGHXQD
FRPSDÊÆDLQGHSHQGLHQWH\HVSHFLDOL]DGDHQODYDORUDFLÌQGHULHVJRFUHGLWLFLRDGLFLRQDOPHQWHOD
DGPLQLVWUDFLÌQUHDOL]DXQPRQLWRUHRSHUPDQHQWHGHOFRPSRUWDPLHQWRFUHGLWLFRGHVXVSULQFLSDOHV
FOLHQWHV
$ODIHFKDGHUHSRUWHHOWRWDOGHODVFXHQWDVSRUFREUDUUHSUHVHQWDEDHOGHOWRWDOGHODFWLYRGHOD
&RPSDÊÆD
!!"
#$%&'()*+$,-.*/0!"
!"#$%&'()'!*+*,-."'/0"0
(OULHVJRGHFUÂGLWRHQUHODFLÌQFRQORVGHSÌVLWRVHQEDQFRVRLQVWLWXFLRQHVƬQDQFLHUDVVHPLWLJD
PHGLDQWHODXWLOL]DFLÌQGHXQDPSOLRUDQJRGHLQVWLWXFLRQHVƬQDQFLHUDVGHDOWDFDOLƬFDFLÌQFUHGLWLFLD\
PHGLDQWHODOLPLWDFLÌQGHORVIRQGRVGHSRVLWDGRVHQXQDVRORHQWLGDG
!"#$%&'(#')"*+"(#,
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
/DDGPLQLVWUDFLÌQGHOULHVJRGHOLTXLGH]LPSOLFDPDQWHQHUVXƬFLHQWHHIHFWLYRYDORUHVQHJRFLDEOHV\
GLVSRQLELOLGDGGHƬQDQFLDPLHQWRDWUDYÂVGHXQQÓPHURDGHFXDGRGHIXHQWHVRKHUUDPLHQWDV
ƬQDQFLHUDVHQODFDSDFLGDGGHFHUUDUSRVLFLRQHVGHPHUFDGR'HELGRDODQDWXUDOH]DGHOQHJRFLR\HO
GLQDPLVPRGHODVWUDQVDFFLRQHVOD7HVRUHUÆDGHOD&RPSDÊÆDPDQWLHQHƮH[LELOLGDGHQHOƬQDQFLDPLHQWR
DWUDYÂVGHODGLVSRQLELOLGDGGHOÆQHDVGHFUÂGLWRFRPSHWLWLYDVFRPSDUDGDVFRQHOPHUFDGR
/D9LFHSUHVLGHQFLDƬQDQFLHUDVXSHUYLVDODVSUR\HFFLRQHVGHODUHVHUYDGHOLTXLGH]TXHLQFOX\HOÆQHDVGH
FUÂGLWRQRXVDGDVVXHIHFWLYR\HTXLYDOHQWHVGHHIHFWLYRVREUHODEDVHGHORVƮXMRVHVSHUDGRV
$GLFLRQDOPHQWHODSROÆWLFDGHDGPLQLVWUDFLÌQGHOLTXLGH]GHOD&RPSDÊÆDLQFOX\HHIHFWXDUSUR\HFFLRQHV
GHORVƮXMRVGHHIHFWLYR\FRQVLGHUDHOQLYHOGHDFWLYRVOÆTXLGRVQHFHVDULRVSDUDFXPSOLUFRQHVWDV
SUR\HFFLRQHV\HOPDQWHQLPLHQWRGHSODQHVGHƬQDQFLDPLHQWRGHGHXGD
" # # $ % & " ' ( $ % )* +
!
! !
D&RPSDÊÆDWLHQHDUUHQGDGRVYDULRVLQPXHEOHVEDMRFRQWUDWRV
FDQFHODEOHV\QRFDQFHODEOHVGHDUUHQGDPLHQWRRSHUDWLYR
(VWRVDUUHQGDPLHQWRVWLHQHQXQDGXUDFLÌQHQWUH\DÊRV\
ODPD\RUSDUWHGHORVPLVPRVVRQUHQRYDEOHVDOƬQDOGHOSHULRGR
! ! ! !
/RVSDJRVPÆQLPRVWRWDOHVIXWXURVSRUORVDUUHQGDPLHQWRVRSHUDWLYRV
QRFDQFHODEOHVVRQORVVLJXLHQWHV
'()+ '()*
0HQRVGHDÊR !"%#( !"!#$

(QWUH\DÊRV !"&!# %"&&!
"#$%& '"**& '"()&
)),
-./#01234.5%&3'()+
,"#)-%!&$!,*.*'/("!+0"0
.&(.!"(*#)/'1.&"&!.)#*/
/0!1 /0!2
¦QGLFHVGH/LTXLGH] ! !
5D]ÌQFRUULHQWH "#$+ "#$%!
3UXHEDºFLGDGHLQYHQWDULRV $#-$ $#&%!
3UXHEDºFLGDGHFXHQWDVSRUFREUDU $#,- $#''!
6ROLGH] (#,) (#''
! !
¦QGLFHVGH(QGHXGDPLHQWR ! !
1LYHOH[WHUQR' ' !
7RWDO '(#,&* '"#$)*
&RUWRSOD]R '&#()* '+#"%*
&REHUWXUDGHLQWHUHVHV ('&#($* ',+#)&*
!
$SDODQFDPLHQWR !
7RWDO &,#+,* )%#)-*
&RUWRSOD]R ,'#&+* ,"#'%*
)LQDQFLHURWRWDO "+#")* ",#-)*
!
5RWDFLÌQGHFDUWHUD !
'ÆDV )" )$!
9HFHV &#+- &#)+!
!
5RWDFLÌQGHLQYHQWDULRV !
'ÆDV +" +-!
9HFHV &#"$ )#(%!
5RWDFLÌQGHSURSLHGDGSODQWD\HTXLSRYHFHV "#", "#$'!
5RWDFLÌQGHDFWLYRVRSHUDFLRQDOHVYHFHV $#&) $#&"!
5RWDFLÌQGHDFWLYRVWRWDOHVYHFHV $#', $#'"!
5RWDFLÌQGHSURYHHGRUHVGÆDV -" &%!
!
5HQGLPLHQWR' ' !
0DUJHQEUXWRGHXWLOLGDG ",#"-* "&#,(*
0DUJHQRSHUDFLRQDOGHXWLOLGDG "#&"* +#&,*
0DUJHQQHWRGHXWLOLGDG )#",* "$#%$*
5HQGLPLHQWRGHOSDWULPRQLR '#++* &#+"*
5HQGLPLHQWRGHODFWLYRWRWDO (#)* '#'*
!
$FFLRQHV' !
9DORUQRPLQDO $#+$ $#+$!
9DORULQWUÆQVHFR "(.)%& "(.'')!
3UHFLRSURPHGLRHQEROVD !/!!!!!!!!!!+.,+$! !/!!!!!!!!!!!!!!!!+.$-(!
3UHFLRPº[LPRHQEROVD !/!!!!!!!!!!+.&+$! !/!!!!!!!!!!!!!!!!).$$$!
3UHFLRPÆQLPRHQEROVD !/!!!!!!!!!!+.$+$! !/!!!!!!!!!!!!!!!!'.'($!
!!"
#$%&'()*+$,-.*/0!1
!"#$%&'()'!*+*,-."'/0"0
) 1 ) & $* / ' / 2 - / ) ! 2 ) & $ ) /
1 HVGHODIHFKDGHOFLHUUHGHORVHVWDGRVƬQDQFLHURVKDVWDOD
IHFKDGHDXWRUL]DFLÌQGHHVWRVQRVHSUHVHQWDURQKHFKRV
UHOHYDQWHVTXHSXHGDQDIHFWDUGHPDQHUDVLJQLƬFDWLYDOD
VLWXDFLÌQƬQDQFLHUDGHODHPSUHVDTXHHVWºUHƮHMDGDHQORVHVWDGRV
ƬQDQFLHURVFRQFRUWHDOGHGLFLHPEUHGHRTXHDPHULWHQ
UHYHODFLRQHVDGLFLRQDOHV
!"#
$%&'()*+,%-./+"#!0
!"#$%&'()'!*+*,-."'/0"0
! ) # $ . 1 . ! " ! . * & ' ( ) ' +* / ' ) / $" ( * /
1 . & " & ! . ) # * / ' / ) 2" # " ( * /
1 RVVXVFULWRV5HSUHVHQWDQWH/HJDO\&RQWDGRU3ÓEOLFREDMRFX\DUHVSRQVDELOLGDG
VHSUHSDUDURQORVHVWDGRVƬQDQFLHURVFHUWLƬFDPRV
4XHSDUDODHPLVLÌQGHORVHVWDGRVƬQDQFLHURVDOGHGLFLHPEUHGH\HO
HVWDGRGHVLWXDFLÌQƬQDQFLHUDHVWDGRVGHUHVXOWDGRVGHFDPELRVHQHOSDWULPRQLRGH
ORVDFFLRQLVWDV\GHƮXMRVGHHIHFWLYRSRUORVDÊRVWHUPLQDGRVHQHVDVIHFKDVORV
FXDOHVVHSRQHQDGLVSRVLFLÌQGHORVDFFLRQLVWDV\GHWHUFHURVVHKDQYHULƬFDGR
SUHYLDPHQWHODVDƬUPDFLRQHVFRQWHQLGDVHQHOORVFRQIRUPHDOUHJODPHQWR\TXHODV
FLIUDVVHKDQWRPDGRƬHOPHQWHGHORVOLEURV
' ' ' ' ' ' '
'LFKDVDƬUPDFLRQHVH[SOÆFLWDVHLPSOÆFLWDVVRQODVVLJXLHQWHV
' ' ' ' ' ' '
!"#$%&'(#)*/RVDFWLYRV\SDVLYRVGH&DUWÌQGH&RORPELD6$H[LVWHQHQODIHFKDGH
FRUWH\ODVWUDQVDFFLRQHVUHJLVWUDGDVVHKDQUHDOL]DGRGXUDQWHHODÊR
' ' ' ' ' ' '
+'%&,-#.).*/7RGRVORVKHFKRVHFRQÌPLFRVUHDOL]DGRVKDQVLGRUHFRQRFLGRV
' ' ' ' ' ' '
0&-&(12$/3/245#,)(#2'&$*/RVDFWLYRVUHSUHVHQWDQSUREDEOHVEHQHƬFLRV
HFRQÌPLFRVIXWXURV\ORVSDVLYRVUHSUHVHQWDQSUREDEOHVVDFULƬFLRVHFRQÌPLFRV
IXWXURVREWHQLGRVRDFDUJRGH&DUWÌQGH&RORPELD6$HQODIHFKDGHFRUWH
' ' ' ' ' ' '
6)57)(#8'*7RGRVORVHOHPHQWRVKDQVLGRUHFRQRFLGRVSRULPSRUWHVDSURSLDGRV
' ' ' ' ' ' '
9-&$&'%)(#8'/3/-&:&5)(#8'*/RVKHFKRVHFRQÌPLFRVKDQVLGRFRUUHFWDPHQWH
FODVLƬFDGRVGHVFULWRV\UHYHODGRV
' ' ' ' ' ' '
3DUDORGLVSXHVWRHQHO$UWÆFXORGHOD/H\GHHO5HSUHVHQWDQWH/HJDO
DGLFLRQDOPHQWHFHUWLƬFDTXHORVHVWDGRVƬQDQFLHURV\RWURVLQIRUPHVUHOHYDQWHVSDUD
HOSÓEOLFRQRFRQWLHQHQYLFLRVLPSUHFLVLRQHVRHUURUHVTXHLPSLGDQFRQRFHUOD
YHUGDGHUDVLWXDFLÌQSDWULPRQLDORODVRSHUDFLRQHVGHOD&RPSDÊÆD
758)&/'9/,:';"#)/'<)=/, !"##$%"&'()&*#'+,-$#)
<"-&","#0)#0"'>"?)5 ./#0)1/&'2345$6/
!"!
#$%&'()*+$,-.*"/!0
!"#$%&'()'!*+*,-."'/0"0
! " #$ % & ' ( ) ' * ( % ' + ! , $ % ( # ! , - . *
, $ / % ' ( *$ , ( ' , 0. ) $ , ( # ! " . " - ! ' % $ , ( , ' 1. % . ) $ ,
! ORVVHÊRUHVDFFLRQLVWDVGH&DUWÌQGH&RORPELD6$
GHIHEUHURGH
+HDXGLWDGRORVHVWDGRVƬQDQFLHURVVHSDUDGRVDGMXQWRVGH&DUWÌQGH&RORPELD6$ORV
FXDOHVFRPSUHQGHQHOHVWDGRGHVLWXDFLÌQƬQDQFLHUDDOGHGLFLHPEUHGH\ORVHVWDGRV
GHUHVXOWDGRVLQWHJUDOHVGHFDPELRVHQHOSDWULPRQLRGHORVDFFLRQLVWDV\GHƮXMRVGHHIHFWLYR
GHODÊRWHUPLQDGRHQHVDIHFKD\HOUHVXPHQGHODVSULQFLSDOHVSROÆWLFDVFRQWDEOHV\RWUDV
QRWDVH[SOLFDWLYDV
5HVSRQVDELOLGDGGHODJHUHQFLDVREUHORVHVWDGRVƬQDQFLHURVVHSDUDGRV
/DJHUHQFLDHVUHVSRQVDEOHSRUODDGHFXDGDSUHSDUDFLÌQ\SUHVHQWDFLÌQUD]RQDEOHGHHVWRV
HVWDGRVƬQDQFLHURVVHSDUDGRVGHDFXHUGRFRQQRUPDVGHFRQWDELOLGDG\GHLQIRUPDFLÌQ
ƬQDQFLHUDDFHSWDGDVHQ&RORPELD\SRUODVSROÆWLFDVGHFRQWUROLQWHUQRTXHODJHUHQFLD
FRQVLGHUÌQHFHVDULDVSDUDTXHODSUHSDUDFLÌQGHHVWRVHVWDGRVƬQDQFLHURVVHSDUDGRVHVWÂ
OLEUHGHLQFRUUHFFLÌQPDWHULDOGHELGRDIUDXGHRHUURUVHOHFFLRQDU\DSOLFDUODVSROÆWLFDV
FRQWDEOHVDSURSLDGDVDVÆFRPRHVWDEOHFHUORVHVWLPDGRVFRQWDEOHVTXHVHDQUD]RQDEOHVHQ
ODVFLUFXQVWDQFLDV
5HVSRQVDELOLGDGGHOUHYLVRUƬVFDO
0LUHVSRQVDELOLGDGHVH[SUHVDUXQDRSLQLÌQVREUHORVHVWDGRVƬQDQFLHURVVHSDUDGRVDGMXQWRV
FRQEDVHHQPLDXGLWRUÆD(IHFWXÂPLDXGLWRUÆDGHDFXHUGRFRQODVQRUPDVGHDXGLWRUÆDGH
LQIRUPDFLÌQƬQDQFLHUDDFHSWDGDVHQ&RORPELD'LFKDVQRUPDVH[LJHQTXHFXPSODFRQ
UHTXHULPLHQWRVÂWLFRV\TXHSODQLƬTXH\HMHFXWHODDXGLWRUÆDFRQHOƬQREWHQHUXQDVHJXULGDG
UD]RQDEOHVREUHVLORVHVWDGRVƬQDQFLHURVVHSDUDGRVHVWºQOLEUHVGHLQFRUUHFFLÌQPDWHULDO
8QDDXGLWRUÆDFRQVLVWHHQGHVDUUROODUSURFHGLPLHQWRVSDUDREWHQHUHYLGHQFLDGHDXGLWRUÆD
VREUHORVPRQWRV\UHYHODFLRQHVHQORVHVWDGRVƬQDQFLHURVVHSDUDGRV/RVSURFHGLPLHQWRV
VHOHFFLRQDGRVGHSHQGHQGHOMXLFLRGHOUHYLVRUƬVFDOLQFOX\HQGRODHYDOXDFLÌQGHOULHVJRGH
LQFRUUHFFLÌQPDWHULDOHQORVHVWDGRVƬQDQFLHURVVHSDUDGRVGHELGRDIUDXGHRHUURU$OHIHFWXDU
GLFKDYDORUDFLÌQHOUHYLVRUƬVFDOFRQVLGHUDHOFRQWUROLQWHUQRUHOHYDQWHGHODHQWLGDGSDUDOD
SUHSDUDFLÌQ\SUHVHQWDFLÌQGHORVHVWDGRVƬQDQFLHURVVHSDUDGRVFRQHOƬQGHGLVHÊDU
SURFHGLPLHQWRVGHDXGLWRUÆDTXHVHDQDSURSLDGRVHQIXQFLÌQGHODVFLUFXQVWDQFLDV8QD
DXGLWRUÆDWDPELÂQLQFOX\HXQDHYDOXDFLÌQGHORDSURSLDGRGHODVSROÆWLFDVFRQWDEOHVXVDGDV\GH
ODUD]RQDELOLGDGGHODVHVWLPDFLRQHVFRQWDEOHVUHDOL]DGDVSRUODJHUHQFLDDVÆFRPROD
HYDOXDFLÌQGHODFRPSOHWDSUHVHQWDFLÌQGHORVHVWDGRVƬQDQFLHURVVHSDUDGRV
&RQVLGHURTXHODHYLGHQFLDGHDXGLWRUÆDTXHREWXYHHVVXƬFLHQWH\DSURSLDGDSDUDSURSRUFLRQDU
XQDEDVHSDUDPLRSLQLÌQGHDXGLWRUÆD
"##
$%&'()*+!%,-.+#/"0
-.%02"()'(-$*$&/!.(,3.3
2SLQLÌQ
(QPLRSLQLÌQORVHVWDGRVƬQDQFLHURVVHSDUDGRVDGMXQWRVƬHOPHQWHWRPDGRVGHORVOLEURV
SUHVHQWDQUD]RQDEOHPHQWHHQWRGRVORVDVSHFWRVVLJQLƬFDWLYRVODVLWXDFLÌQƬQDQFLHUDGH
&DUWÌQGH&RORPELD6$DOGHGLFLHPEUHGH\ORVUHVXOWDGRVGHVXVRSHUDFLRQHV\VXV
ƮXMRVGHHIHFWLYRSRUHODÊRWHUPLQDGRHQHVDIHFKDGHFRQIRUPLGDGFRQQRUPDVGH
FRQWDELOLGDG\GHVXLQIRUPDFLÌQƬQDQFLHUDDFHSWDGDVHQ&RORPELD
! !
ORVVHÊRUHV$FFLRQLVWDVGH&DUWÌQGH&RORPELD6$
GHIHEUHURGH
" # $ % & ' ( ! ) % * & ( ! %+ & % )

& ( , - ( & " ' " ( # +% ) ! . ( / 0 . ( ) ! 1 ! & ( / . 0 ' ( # +0 & " % )
/DJHUHQFLDWDPELÂQHVUHVSRQVDEOHSRUHOFXPSOLPLHQWRGHDVSHFWRVUHJXODWRULRVHQ
&RORPELDUHODFLRQDGRVFRQODJHVWLÌQGRFXPHQWDOFRQWDEOHODSUHSDUDFLÌQGHLQIRUPHVGH
JHVWLÌQ\HOSDJRRSRUWXQR\DGHFXDGRGHDSRUWHVDO6LVWHPDGH6HJXULGDG6RFLDO,QWHJUDO0L
UHVSRQVDELOLGDGFRPRUHYLVRUƬVFDOHQHVWRVWHPDVHVHIHFWXDUSURFHGLPLHQWRVGHUHYLVLÌQ
SDUDHPLWLUXQFRQFHSWRVREUHVXDGHFXDGRFXPSOLPLHQWR
'HDFXHUGRFRQORDQWHULRUHQPLFRQFHSWR
D/DFRQWDELOLGDGGHOD&RPSDÊÆDGXUDQWHHODÊRKDVLGROOHYDGDFRQIRUPHDODV
QRUPDVOHJDOHV\DODWÂFQLFDFRQWDEOH\ODVRSHUDFLRQHVUHJLVWUDGDVVHDMXVWDQDORV
HVWDWXWRV\DODVGHFLVLRQHVGHOD$VDPEOHDGH$FFLRQLVWDV
E/DFRUUHVSRQGHQFLDORVFRPSUREDQWHVGHODVFXHQWDV\ORVOLEURVGHDFWDV\GHUHJLVWUR
GHDFFLRQHVVHOOHYDQ\VHFRQVHUYDQGHELGDPHQWH
F([LVWHFRQFRUGDQFLDHQWUHORVHVWDGRVƬQDQFLHURVVHSDUDGRVTXHVHDFRPSDÊDQ\HO
LQIRUPHGHJHVWLÌQSUHSDUDGRSRUORVDGPLQLVWUDGRUHV/RVDGPLQLVWUDGRUHVGHMDURQ
FRQVWDQFLDHQGLFKRLQIRUPHGHJHVWLÌQTXHQRHQWRUSHFLHURQODOLEUHFLUFXODFLÌQGHODV
IDFWXUDVHPLWLGDVSRUORVYHQGHGRUHVRSURYHHGRUHV
G/DLQIRUPDFLÌQFRQWHQLGDHQODVGHFODUDFLRQHVGHDXWROLTXLGDFLÌQGHDSRUWHVDO6LVWHPD
GH6HJXULGDG6RFLDO,QWHJUDOHQSDUWLFXODUODUHODWLYDDORVDƬOLDGRV\DVXVLQJUHVRVEDVH
GHFRWL]DFLÌQKDVLGRWRPDGDGHORVUHJLVWURV\VRSRUWHVFRQWDEOHV$OGHGLFLHPEUH
GHOD&RPSDÊÆDQRVHHQFXHQWUDHQPRUDSRUFRQFHSWRGHDSRUWHVDO6LVWHPDGH
6HJXULGDG6RFLDO,QWHJUDO
H/D&RPSDÊÆDKDLPSOHPHQWDGRHOVLVWHPDGHDXWRFRQWURO\JHVWLÌQGHOULHVJRGH/DYDGR
GH$FWLYRV\)LQDQFLDFLÌQGHO7HUURULVPRGHDFXHUGRFRQORHVWDEOHFLGRHQOD&LUFXODU
([WHUQDGHHPLWLGDSRUOD6XSHULQWHQGHQFLD)LQDQFLHUD

"#$%&'()!#*+,)-./0
20&+3#!4(!2%.%'*"0!)505
* !
ORVVHÊRUHV$FFLRQLVWDVGH&DUWÌQGH&RORPELD6$
GHIHEUHURGH
!"#$%&'%()"$%
(QFXPSOLPLHQWRGHODVUHVSRQVDELOLGDGHVGHOUHYLVRUƬVFDOFRQWHQLGDVHQORVQXPHUDOHV\
GHO$UWÆFXORGHO&ÌGLJRGH&RPHUFLRUHODFLRQDGDVFRQODHYDOXDFLÌQGHVLORVDFWRVGHORV
DGPLQLVWUDGRUHVGHOD&RPSDÊÆDVHDMXVWDQDORVHVWDWXWRV\DODVÌUGHQHV\DODVLQVWUXFFLRQHV
GHOD$VDPEOHDGH$FFLRQLVWDV\VLKD\\VRQDGHFXDGDVODVPHGLGDVGHFRQWUROLQWHUQRGH
FRQVHUYDFLÌQ\FXVWRGLDGHORVELHQHVGHODVRFLHGDGRGHWHUFHURVTXHHVWÂQHQVXSRGHU
HPLWÆXQLQIRUPHVHSDUDGRGHIHFKDGHIHEUHURGH
!"#$%&#'(#)*&+&#',-**-*#'.#""-/0
1-2&30*'4&3+#"'
7DUMHWD3URIHVLRQDO7
'HVLJQDGR3ULFHZDWHUKRXVH&RRSHUV/WGD
+,-
.)/$#01&*)('2&,3+4
"#$%&'!()!"*+*,-.#!/0#0
. & 1* # , ) ' ( ) + ' # ) 2 . / * # ' 1 . / ! " +
VREUHHOFXPSOLPLHQWRSRUSDUWHGHORVDGPLQLVWUDGRUHVGHODVGLVSRVLFLRQHVHVWDWXWDULDV\GHODV
ÌUGHQHVHLQVWUXFFLRQHVGHODDVDPEOHD\VREUHODH[LVWHQFLDGHDGHFXDGDVPHGLGDVGHFRQWURO
LQWHUQRGHFRQVHUYDFLÌQ\FXVWRGLDGHORVELHQHVGHODVRFLHGDGRGHWHUFHURVTXHHVWÂQHQSRGHU
GHODFRPSDÊÆD
GHIHEUHURGH
'HVFULSFLÌQGHO$VXQWR3ULQFLSDO
(QGHVDUUROORGHPLVIXQFLRQHVGHUHYLVRU)LVFDOGH&DUWÌQGH&RORPELD6$\HQDWHQFLÌQDOR
HVWDEOHFLGRHQORVQXPHUDOHV\GHO$UWÆFXORGHO&ÌGLJRGH&RPHUFLRPHHVUHTXHULGR
LQIRUPDUDOD$VDPEOHDGH$FFLRQLVWDVVLGXUDQWHHODÊRWHUPLQDGRHOGHGLFLHPEUHGH
HQOD&RPSDÊÆDKXER\IXHURQDGHFXDGDVODVPHGLGDVGHFRQWUROLQWHUQRGHFRQVHUYDFLÌQ\
FXVWRGLDGHVXVELHQHVRGHWHUFHURVHQVXSRGHU\VREUHHODGHFXDGRFXPSOLPLHQWRSRUSDUWH
GHORVDGPLQLVWUDGRUHVGHOD&RPSDÊÆDGHFLHUWRVDVSHFWRVUHJXODWRULRVHVWDEOHFLGRVHQ
GLIHUHQWHVQRUPDVOHJDOHV\HVWDWXWDULDV
/RVFULWHULRVFRQVLGHUDGRVSDUDODHYDOXDFLÌQGHORVDVXQWRVPHQFLRQDGRVHQHOSºUUDIR
DQWHULRUFRPSUHQGHQDORVHVWDWXWRVGHOD&RPSDÊÆDODVDFWDVGH$VDPEOHD\ODV
GLVSRVLFLRQHVOHJDOHV\UHJODPHQWDULDVEDMRODFRPSHWHQFLDGHPLVIXQFLRQHVFRPR5HYLVRU
)LVFDO\EORVFRPSRQHQWHVGHOVLVWHPDGHFRQWUROLQWHUQRTXHODGLUHFFLÌQ\ORVUHVSRQVDEOHV
GHOJRELHUQRGHOD&RPSDÊÆDFRQVLGHUDQQHFHVDULRVSDUDODSUHSDUDFLÌQDGHFXDGD\RSRUWXQD
GHVXLQIRUPDFLÌQƬQDQFLHUD
5HVSRQVDELOLGDGGHOD$GPLQLVWUDFLÌQ
/D$GPLQLVWUDFLÌQGHOD&RPSDÊÆDHVUHVSRQVDEOHSRUHVWDEOHFHU\PDQWHQHUXQDGHFXDGR
VLVWHPDGHFRQWUROLQWHUQRTXHSHUPLWDVDOYDJXDUGDUVXVDFWLYRVRORVGHWHUFHURVHQVXSRGHU\
GDUXQDGHFXDGRFXPSOLPLHQWRDORVHVWDWXWRV\DODVGHFLVLRQHVGHOD$VDPEOHDGH
$FFLRQLVWDV\GHOD-XQWD'LUHFWLYD
3DUDGDUFXPSOLPLHQWRDHVWDVUHVSRQVDELOLGDGHVOD$GPLQLVWUDFLÌQGHEHDSOLFDUMXLFLRVFRQHO
ƬQGHHYDOXDUORVEHQHƬFLRVHVSHUDGRV\ORVFRVWRVFRQH[RVGHORVSURFHGLPLHQWRVGHFRQWURO
TXHEXVFDQVXPLQLVWUDUOHDOD$GPLQLVWUDFLÌQVHJXULGDGUD]RQDEOHSHURQRDEVROXWDGHOD
VDOYDJXDUGDGHORVDFWLYRVFRQWUDSÂUGLGDSRUHOXVRRGLVSRVLFLÌQQRDXWRUL]DGRTXHODV
RSHUDFLRQHVGHOD&RPSDÊÆDVHHMHFXWDQ\VHUHJLVWUDQDGHFXDGDPHQWH\SDUDSHUPLWLUTXHOD
SUHSDUDFLÌQGHORVHVWDGRVƬQDQFLHURVHVWÂOLEUHGHLQFRUUHFFLÌQPDWHULDOGHELGRDIUDXGHR
HUURU\GHFRQIRUPLGDGFRQODV1RUPDVGH&RQWDELOLGDG\GH,QIRUPDFLÌQ)LQDQFLHUD$FHSWDGDV
HQ&RORPELD
"#$
%&'()*+,!&-./,#0"1
!"#$%&'()'!*+*,-."'/0"0
5HVSRQVDELOLGDGGHO5HYLVRU)LVFDO
0LUHVSRQVDELOLGDGFRPRUHYLVRUƬVFDOHVUHDOL]DUXQWUDEDMRGHDVHJXUDPLHQWRSDUDH[SUHVDUXQ
FRQFHSWREDVDGRHQORVSURFHGLPLHQWRVHMHFXWDGRV\HQODHYLGHQFLDREWHQLGDVREUHVLORV
DFWRVGHORVDGPLQLVWUDGRUHVGHOD&RPSDÊÆDVHDMXVWDQDORVHVWDWXWRV\DODVÌUGHQHVR
LQVWUXFFLRQHVGHOD$VDPEOHD\VREUHVLKD\\VRQDGHFXDGDVODVPHGLGDVGHFRQWUROLQWHUQR
HVWDEOHFLGDVSRUODDGPLQLVWUDFLÌQGHOD&RPSDÊÆDSDUDVDOYDJXDUGDUVXVDFWLYRVRORVGH
WHUFHURVHQVXSRGHU
GHIHEUHURGH
/OHYÂDFDERPLVIXQFLRQHVGHFRQIRUPLGDGFRQODVQRUPDVGHDVHJXUDPLHQWRGHOD
LQIRUPDFLÌQDFHSWDGDVHQ&RORPELD(VWDVQRUPDVUHTXLHUHQTXHFXPSODFRQUHTXHULPLHQWRV
ÂWLFRV\GHLQGHSHQGHQFLDHVWDEOHFLGRVHQHO'HFUHWRGHORVFXDOHVHVWºQ
IXQGDGRVHQORVSULQFLSLRVGHLQWHJULGDGREMHWLYLGDGFRPSHWHQFLDSURIHVLRQDO\GHELGR
FXLGDGRFRQƬGHQFLDOLGDG\FRPSRUWDPLHQWRSURIHVLRQDO\TXHSODQLƬTXH\UHDOLFHORV
SURFHGLPLHQWRVTXHFRQVLGHUHQHFHVDULRVFRQHOREMHWRGHREWHQHUXQDVHJXULGDGVREUHHO
FXPSOLPLHQWRSRUSDUWHGHORV$GPLQLVWUDGRUHVGHOD&RPSDÊÆDGHORVHVWDWXWRV\ODVÌUGHQHV
RLQVWUXFFLRQHVGHOD$VDPEOHD\VREUHVLKD\\VRQDGHFXDGDVODVPHGLGDVGHFRQWUROLQWHUQR
GHFRQVHUYDFLÌQ\FXVWRGLDGHORVELHQHVGHOD&RPSDÊÆDRGHWHUFHURVTXHHVWÂQHQSRGHUGH
OD&RPSDÊÆDDOGHGLFLHPEUHGH\SRUHODÊRWHUPLQDGRHQHVDIHFKDHQWRGRVORV
DVSHFWRVLPSRUWDQWHVGHHYDOXDFLÌQ\GHFRQIRUPLGDGFRQODGHVFULSFLÌQGHORVFULWHULRVGHO
DVXQWRSULQFLSDO
/DƬUPDGHFRQWDGRUHVDODFXDOSHUWHQH]FR\GHODFXDOVR\GHVLJQDGRFRPRUHYLVRUƬVFDOGHOD
&RPSDÊÆDDSOLFDHO(VWºQGDU,QWHUQDFLRQDOGH&RQWUROGH&DOLGDG1R\HQFRQVHFXHQFLD
PDQWLHQHXQVLVWHPDFRPSUHQVLYRGHFRQWUROGHFDOLGDGTXHLQFOX\HSROÆWLFDV\SURFHGLPLHQWRV
GRFXPHQWDGRVVREUHHOFXPSOLPLHQWRGHORVUHTXLVLWRVÂWLFRVODVQRUPDVSURIHVLRQDOHV\ORV
UHTXLVLWRVOHJDOHV\UHJODPHQWDULRVDSOLFDEOHV
3URFHGLPLHQWRVGHDVHJXUDPLHQWRUHDOL]DGRV
/DVPHQFLRQDGDVGLVSRVLFLRQHVGHDXGLWRUÆDUHTXLHUHQTXHSODQHH\HMHFXWHSURFHGLPLHQWRV
GHDVHJXUDPLHQWRSDUDREWHQHUXQDVHJXULGDGUD]RQDEOHGHTXHORVFRQWUROHVLQWHUQRV
LPSOHPHQWDGRVSRUOD&RPSDÊÆDVRQGLVHÊDGRV\RSHUDQHIHFWLYDPHQWH/RVSURFHGLPLHQWRV
GHDVHJXUDPLHQWRVHOHFFLRQDGRVGHSHQGHQGHOMXLFLRGHOUHYLVRUƬVFDOLQFOX\HQGRODHYDOXDFLÌQ
GHOULHVJRGHLQFRUUHFFLÌQPDWHULDOHQORVHVWDGRVƬQDQFLHURVGHELGRDIUDXGHRHUURU\TXHQR
VHORJUHXQDDGHFXDGDHƬFLHQFLD\HƬFDFLDGHODVRSHUDFLRQHVGHOD&RPSDÊÆD/RV
SURFHGLPLHQWRVHMHFXWDGRVLQFOX\HURQSUXHEDVVHOHFWLYDVGHOGLVHÊR\RSHUDFLÌQHIHFWLYDGH
ORVFRQWUROHVTXHFRQVLGHUÂQHFHVDULRHQODVFLUFXQVWDQFLDVSDUDSURYHHUXQDVHJXULGDG
UD]RQDEOHTXHORVREMHWLYRVGHFRQWUROGHWHUPLQDGRVSRUODDGPLQLVWUDFLÌQGHOD&RPSDÊÆDVRQ
DGHFXDGRV
"#$
%&'()*+,!&-./,#0"1
!"#$%&'()'!*+*,-."'/0"0
!" # $ % & " ' ( ) * + * ( , -" # $ ) (
. # ( / 0 & . + * ( , -" $ & ( . ! * 1 . ) " #
) 8 ( 5 2 1 /2 6 6 , * 8 , ( 1 7 ( 6
5HYLVLÌQGHORVHVWDWXWRVGHOD&RPSDÊÆDDFWDVGH$VDPEOHDVGH$FFLRQLVWDV-XQWDV
'LUHFWLYDVUHXQLRQHVGHGLUHFWRULR\RWURVÌUJDQRVGHVXSHUYLVLÌQFRQHOƬQGH
YHULƬFDUHODGHFXDGRFXPSOLPLHQWRSRUSDUWHGHORVDGPLQLVWUDGRUHVGHOD&RPSDÊÆD
GHGLFKRVHVWDWXWRV\GHODVGHFLVLRQHVWRPDGDVWDQWRSRUOD$VDPEOHDGH
$FFLRQLVWDV\OD-XQWD'LUHFWLYD
,QGDJDFLRQHVFRQODDGPLQLVWUDFLÌQVREUHFDPELRVRSUR\HFWRVGHUHIRUPDVDORV
HVWDWXWRVGHOD&RPSDÊÆDGXUDQWHHOSHUÆRGRFXELHUWR\YDOLGDFLÌQGHVX
LPSOHPHQWDFLÌQ
&RPSUHQVLÌQ\HYDOXDFLÌQGHORVFRPSRQHQWHVGHFRQWUROLQWHUQRVREUHHOUHSRUWH
ƬQDQFLHURGHOD&RPSDÊÆDWDOHVFRPRDPELHQWHGHFRQWUROYDORUDFLÌQGHULHVJRV
LQIRUPDFLÌQ\FRPXQLFDFLÌQPRQLWRUHRGHFRQWUROHV\DFWLYLGDGHVGHFRQWURO
&RPSUHQVLÌQVREUHFÌPRODHQWLGDGKDUHVSRQGLGRDORVULHVJRVHPHUJHQWHVGHORV
VLVWHPDVGHLQIRUPDFLÌQ
&RPSUHQVLÌQ\HYDOXDFLÌQGHOGLVHÊRGHODVDFWLYLGDGHVGHFRQWUROUHOHYDQWHV\VX
YDOLGDFLÌQSDUDHVWDEOHFHUTXHODVPLVPDVIXHURQLPSOHPHQWDGDVSRUOD&RPSDÊÆD\
RSHUDQGHPDQHUDHIHFWLYD
GHIHEUHURGH
&RQVLGHURTXHODHYLGHQFLDGHDXGLWRUÆDTXHREWXYHHVVXƬFLHQWH\DSURSLDGDSDUDSURSRUFLRQDU
XQDEDVHSDUDHOFRQFHSWRTXHH[SUHVRPºVDGHODQWH
/LPLWDFLRQHVLQKHUHQWHV
'HELGRDODVOLPLWDFLRQHVLQKHUHQWHVDODHVWUXFWXUDGHOFRQWUROLQWHUQRLQFOXLGDODSRVLELOLGDGGH
FROXVLÌQRGHXQDYXOQHUDFLÌQGHORVFRQWUROHVSRUSDUWHGHODDGPLQLVWUDFLÌQODLQFRUUHFFLÌQ
PDWHULDOGHELGRDIUDXGHRHUURUSXHGHQRVHUSUHYHQLGDRGHWHFWDGDRSRUWXQDPHQWH$VÆ
PLVPRHVSRVLEOHTXHORVUHVXOWDGRVGHPLVSURFHGLPLHQWRVSXHGDQVHUGLIHUHQWHVRFDPELHQ
GHFRQGLFLÌQGXUDQWHHOSHUÆRGRHYDOXDGRGHELGRDTXHPLLQIRUPHVHEDVDHQSUXHEDV
VHOHFWLYDVHMHFXWDGDVGXUDQWHHOSHUÆRGR$GLFLRQDOPHQWHODVSUR\HFFLRQHVGHFXDOTXLHU
HYDOXDFLÌQGHOFRQWUROLQWHUQRDSHUÆRGRVIXWXURVHVWºQVXMHWDVDOULHVJRGHTXHORVFRQWUROHVVH
YXHOYDQLQDGHFXDGRVGHELGRDFDPELRVHQODVFRQGLFLRQHVRTXHHOJUDGRGHFXPSOLPLHQWRGH
ODVSROÆWLFDVRSURFHGLPLHQWRVSXHGDGHWHULRUDUVH
"#$
%&'()*+,!&-./,#0"$
'.&-2,$)($'"!"+3*.$#4.4
&RQFHSWR
&RQEDVHHQODHYLGHQFLDREWHQLGDGHOWUDEDMRHIHFWXDGR\GHVFULWRDQWHULRUPHQWH\VXMHWRD
ODVOLPLWDFLRQHVLQKHUHQWHVSODQWHDGDVHQPLFRQFHSWRFRQVLGHURTXHGXUDQWHHODÊRORV
DFWRVGHORVDGPLQLVWUDGRUHVGHOD&RPSDÊÆDVHDMXVWDQDORVHVWDWXWRV\DODÌUGHQHVR
LQVWUXFFLRQHVGHOD$VDPEOHD\H[LVWHQ\VRQDGHFXDGDVODVPHGLGDVGHFRQWUROLQWHUQRGH
FRQVHUYDFLÌQ\FXVWRGLDGHORVELHQHVGHOD&RPSDÊÆDRGHWHUFHURVTXHHVWºQHQVXSRGHU
(VWHLQIRUPHVHHPLWHFRQGHVWLQRDORVVHÊRUHV$FFLRQLVWDVGH&DUWÌQGH&RORPELD6$SDUD
GDUFXPSOLPLHQWRDORVUHTXHULPLHQWRVHVWDEOHFLGRVHQORVQXPHUDOHV\GHO$UWÆFXORGHO
&ÌGLJRGH&RPHUFLR\QRGHEHVHUXWLOL]DGRSDUDQLQJÓQRWURSURSÌVLWRQLGLVWULEXLGRDRWURV
WHUFHURV
!"#$%&#'(#)*&+&#',-**-*#'.#""-/0
1-2&30*'4&3+#"'
7DUMHWD3URIHVLRQDO7
'HVLJQDGR3ULFHZDWHUKRXVH&RRSHUV/WGD
!"#
$%&'()*+,%-./+"0!1
!"#$%&'()'!*+*,-."'/0"0

Modelo de Estados

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Modelo de Estados

Enviado por

Direitos autorais:

Formatos disponíveis

!

" #$ % & "

&123 ?@AC ?@AB

>"1#*3'?32@',-6#3'0#A32 5-66&7-*'8#*96':2;&6# !"#$%&#'(#)*&+&#',-**-*#'./

A&4- /012 /01!

.1234565'74'89:;<;78745'637;183;85 JRSK S0YST0RZU' ZRT0RRY'

>"1#*3'?32@',-6#3'0#A32 5-66&7-*'8#*96':2;&6# !"#$%&#'(#)*&+&#',-**-*#'./

7'3(-*)$ ;,5)'>?3: B&:-.*

;-.6&*-.*C0*6)*6323)(D')*6)*/"0E '14' '120345' 7820419: 3;8094< 5;90=84' '780==9: ;1=' 6 80;<9093<'

(@L@BEDBHI'BEMGE?CBHI 6 6 6 6 7310455: 6 6 6 7310455:

>"1#*3'?32@',-6#3'0#A32 5-66&7-*'8#*96':2;&6# !"#$%&#'(#)*&+&#',-**-*#'./

)OXMRVGHHIHFWLYRSURFHGHQWHVGH XWLOL]DGRVHQ DFWLYLGDGHVGHƬQDQFLDFLÌQ

>"1#*3'?32@',-6#3'0#A32 5-66&7-*'8#*96':2;&6# !"#$%&#'(#)*&+&#',-**-*#'./

(O&RQVHMRGH1RUPDV,QWHUQDFLRQDOHVGH&RQWDELOLGDG ,$6%SRUVXVVLJODVHQLQJOÂV HPLWLÌOD1,,)

(O&RQVHMRGH1RUPDV,QWHUQDFLRQDOHVGH&RQWDELOLGDG ,$6%SRUVXVVLJODVHQLQJOÂV HPLWLÌOD1,,)

'HUHFKRV  

!123456'789':8;959'5':@?23426 JMC0OCP JDN0LLO'

2-.3&*-*)$)'&*0"*3)*/0"4* K3MIJ I3IOJ F3GHI

>3-3)< /0"1 /0"4

?&'6"+)%(,' JFR3PMP JKR3ORJ'

>3-3)< /0"1 /0"4

@&-#/0/",/"#$ $ IEAJHJ BCABCD$

=")',/"#$*,/L"# BDAGFG BJAECD$

>-3)'8- #$;)$3-'8& #$;)$3-'8& *#$;)$3-'8&

<-.9&*-*9848)(7')*=0*9)*"/0: GBD GF$ KDB CKAGIG$ CGAFGI$

@-.3&*-*3454)(6')*"1*3)*/01A ESF SR' NFE FN0OUQ' FO0EOU'

"8'F'63'3932= OT0NOS NO0PEO'

.9J235=5'7=2'@39:4'63'7849:4;<=935 U0RNP E0SFP

K . & $" & R . - + ) /

=)')7>&8 567)$76-8 9'&:'-(-8*;) *3&4-.

AD *$ # * / ' " ! $ . N * / ' O . & " & ! . ) # * /

>-C4*:) >&'?)$9-@)*:) /012 >&'?)$9-@)*:)

#:E7?:3=247?2'"94592'/0'"0' '!717AB52'  QDJ0PCO  PJP0MMQ

+<&*/012 8)%&')49-:&'- 3'-$45&4$-.*67+

.9;?:373' ' ' PL0HHL CHI

+<&*/01" 8)%&')49-:&'- 3'-$45&4$-.*67+

.9;?:373' MM0PLP' OJ'

+;&*/01" 7)%&')38-9&'- 2'-$34&3$-.*56+6

"123456'1577389286 =EE0=BA =>?0@A?

+;&*/01< 7)%&')38-9&'- 2'-$34&3$-.*56+6

"123456'1577389286 =@@0CBE' =A@0?@C'

+;&*/01" 7)%&')38-9&'- 2'-$34&3$-.*56+6

(8';12343G;G86'5H87;1359;I86' BF0@BE >0D?@

+;&*/01< 7)%&')38-9&'- 2'-$34&3$-.*56+6

(8';12343G;G86'5H87;1359;I86' =E0=B@' =C0?B@'

;$*&4'-8 ;$*.-8 ;$*&4'-8

#6?=<628:;=<:'"7;37:'/0"0 )#(-)) ,'" $'($)) !"#$%

:)'')$&8 >-A,5$-'5- >,)?.)8 B&$84',665C$

/+#)6')',+&& )#$"$ !"#!"$%

!"#"$%&$&& & & &

!12234564' '' '

,15489' '' '

/"!0 /"!1 /"!0 /"!1

!:6;<=2'314'3=>=4'91B649A=@62' !"#*** !"#$%!&

3URYHHGRUHV\FXHQWDVSRUSDJDU' ' ' ' '

.B3:62<12'7AR64A712'=9<A512'' ,$#++* ,$#"))&

,/+!+1*+*%*('' !",&%-.,( !"#$%&"'(

;*:*(3'('+1* ;*:*(3'(' >:(.=

C('?3*1.1 ,4:3<'= >:(.=

.789532:3'@;1Q]75<53'K'21313 (#((* !"#$%$&

X26=6414'1<253'45'8;:Q636A<'81;1'6789532:'3:?;5'=1';5<21 $+#-$$ !+*#*+(&

,%9*6+=* 0"!1+>.(?'6 ;*68-<6 ,%9*6 0"!2+>.(?'6 +;*68-<6

+7E837>'R':'T "-(%* ,-*"#$

>"1#3'?32@',-6#3'0#A32 5-66&7-'8#96':2;&6# !"#$%&#'(#)&+&#',-**-*#'./

>"1#3'?32@',-6#3'0#A32 5-66&7-'8#96':2;&6# !"#$%&#'(#)&+&#',-**-*#'./

7'3(-)$ ;,5)'>?3: B&:-.

;-.6&-.C06)6323)(D')6)/"0E '14' '120345' 7820419: 3;8094< 5;90=84' '780==9: ;1=' 6 80;<9093<'

>"1#3'?32@',-6#3'0#A32 5-66&7-'8#96':2;&6# !"#$%&#'(#)&+&#',-**-*#'./

)OXMRVGHHIHFWLYRSURFHGHQWHVGHXWLOL]DGRVHQDFWLYLGDGHVGHƬQDQFLDFLÌQ

>"1#3'?32@',-6#3'0#A32 5-66&7-'8#96':2;&6# !"#$%&#'(#)&+&#',-**-*#'./

(O&RQVHMRGH1RUPDV,QWHUQDFLRQDOHVGH&RQWDELOLGDG,$6%SRUVXVVLJODVHQLQJOÂVHPLWLÌOD1,,)

(O&RQVHMRGH1RUPDV,QWHUQDFLRQDOHVGH&RQWDELOLGDG,$6%SRUVXVVLJODVHQLQJOÂVHPLWLÌOD1,,)

'HUHFKRV

2-.3&-)$)'&0"3)/0"4 K3MIJ I3IOJ F3GHI

<-.9&-9848)(7')=09)*"/0: GBD GF$ KDB CKAGIG$ CGAFGI$

@-.3&-3454)(6')"13)*/01A ESF SR' NFE FN0OUQ' FO0EOU'

=)')7>&8 567)$76-8 9'&:'-(-8;) 3&4-.

AD $ # / ' " ! $ . N * / ' O . & " & ! . ) # * /

>-C4:) >&'?)$9-@):) /012 >&'?)$9-@)*:)

#:E7?:3=247?2'"94592'/0'"0' '!717AB52' QDJ0PCO PJP0MMQ

+<&/012 8)%&')49-:&'- 3'-$45&4$-.67+

+<&/01" 8)%&')49-:&'- 3'-$45&4$-.67+

+;&/01" 7)%&')38-9&'- 2'-$34&3$-.56+6

+;&/01< 7)%&')38-9&'- 2'-$34&3$-.56+6

+;&/01" 7)%&')38-9&'- 2'-$34&3$-.56+6

+;&/01< 7)%&')38-9&'- 2'-$34&3$-.56+6

;$&4'-8 ;$.-8 ;$*&4'-8

,/+!+1+%*('' !",&%-.,( !"#$%&"'(

;:(3'('+1* ;:(3'(' >:(.=

X26=6414'1<253'45'8;:Q636A<'81;1'6789532:'3:?;5'=1';5<21 $+#-$$ !+#+(&

,%96+= 0"!1+>.(?'6 ;68-<6 ,%96 0"!2+>.(?'6 +;*68-<6

8$$!(#!(#,.#/-) !"$!% !"#$%

26<3:';6'F@6<67' ***#%) "&#*""'

E5:A2'>5'=85:5; &,"'* &$,"(*&%

/2G2689;'B'9A69;'42C9;'G2=962G5;' )",' ",*(%

$FFLRQHVHQ(QNDGH&RORPELD6$ )*) )"'!

0HQRVGH 0ºVGHPHVHV 2'3-.

0HQRVGH 0ºVGHPHVHV 2'3-.

" # # $ % & " ' ( $ % )* +

0HQRVGHDÊR !"%#( !"!#$