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$+] $+] $+]
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$+] $+] $+]
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352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±(678'2$&Ò67,&2
7HPSRVGHUHYHUEHUDomRQRXWURVFRPSDUWLPHQWRVGRHGLItFLR
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9
$ 7
Pñ Pð V
WHFQLFR&RPSDUWLPHQWRWpFQLFR3LVR KDOO+DOOGHHQWUDGD3LVR
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352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±'(6&5,d­20$7(5,$,6
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3ROLHVWLUHQRH[WUXGLGR;36
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FP
FP
FP
FP
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7LMRORFHUkPLFRIXUDGRFP%
$UJDPDVVDHUHERFRWUDGLFLRQDO
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0DVVDVXSHUILFLDONJPð
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FP
FP
FP
FP
FP
FP
FP
6XSHUItFLHWRWDOPð
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
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352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±'(6&5,d­20$7(5,$,6
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FP
FP
FP
FP
FP
FP
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0DVVDVXSHUILFLDONJPð
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3ROLHVWLUHQRH[WUXGLGR;36%
3ROLHVWLUHQRH[WUXGLGR;36%
7LMRORFHUkPLFR
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FP
FP
FP
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0DVVDVXSHUILFLDONJPð
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Z&&WUG%
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3DYLPHQWRV
/DMHVWpUUHDV
3DYLPHQWRWpUUHRHQURFDPHQWRFRPLVRODPHQWR
HQURFDPHQWRFRPLVRODPHQWR
6XSHUItFLHWRWDOPð
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/LVWDJHPGHFDPDGDV
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%HWmRDUPDGR
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0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
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0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
FP
FP
FP
FP
FP
FP
]
a
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352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±'(6&5,d­20$7(5,$,6
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1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGR/QG%
1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGR/
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&REHUWXUDV
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/DMHPDFLoDWLSRFRPLVRODPHQWR
6XSHUItFLHWRWDOPð
&RPSRUWDPHQWRDF~VWLFR55$(
/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
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$UJDPDVVDEDVWDUGD
3ROLHVWLUHQRH[WUXGLGR;36
0HPEUDQDVIOH[tYHLVLPSUHJQDGDVFRPEHWXPH
/DMHPDFLoDFP
$UJDPDVVDHUHERFRWUDGLFLRQDO
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRDF~VWLFR5Z&&WUG%
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
/DMHPDFLoDWLSR
FP
FP
FP
FP
FP
FP
FP
6XSHUItFLHWRWDOPð
&RPSRUWDPHQWRDF~VWLFR55$(
/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
&HUkPLFDYLGUDGDJUpVFHUkPLFR
$UJDPDVVDEDVWDUGD
3ROLHVWLUHQRH[WUXGLGR;36
/DMHPDFLoDFP
$UJDPDVVDHUHERFRWUDGLFLRQDO
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRDF~VWLFR5Z&&WUG%
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
/DMHPDFLoDWLSRFRPLVRODPHQWR
FP
FP
FP
FP
FP
FP
6XSHUItFLHWRWDOPð
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
]
a
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Y
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a
b
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3iJ
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352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±'(6&5,d­20$7(5,$,6
5,$,6
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&RPSRUWDPHQWRDF~VWLFR55$(
/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
%HWmRQRUPDO
3ROLHVWLUHQRH[WUXGLGR;36
0HPEUDQDVIOH[tYHLVLPSUHJQDGDVFRPEHWXPH
/DMHPDFLoDFP
$UJDPDVVDHUHERFRWUDGLFLRQDO
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRDF~VWLFR5Z&&WUG%
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmR
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
FP
FP
FP
FP
FP
FP
$EHUWXUDVYHUWLFDLV
(QYLGUDoDGR
-DQHODV
'LPHQV}HV
0 0
)0
5Z&&WU
YLGURGXSOR
9mRV
9mRV
[
YLGURGXSOR
9mRV
9mRV
[
YLGURGXSOR
9mRV
9mRV
[
YLGURGXSOR
9mRV
9mRV
[
YLGURGXSOR
9mRV
9mRV
[
YLGURGXSOR
9mRV
9mRV
[
YLGURGXSOR
9mRV
9mRV
[
YLGURGXSOR
9mRV
9mRV
[
YLGURGXSOR
9mRV
9mRV
[
YLGURGXSOR
9mRV
9mRV
[
YLGURGXSOR
9mRV
9mRV
[
YLGURGXSOR
9mRV
9mRV
[
YLGURGXSOR
9mRV
9mRV
[
YLGURGXSOR
9mRV
9mRV
[
$EUHYLDWXUDVXWLOL]DGDV
)UDomRGHDUR
)0
9DORUHVGHLVRODPHQWRVRQRURG%
5Z&&WU 9DORUHVGHLVRODPHQWRVRQRURG%
0DWHULDOGDFDL[LOKDULD
0 0
'LPHQV}HV /DUJXUD[$OWXUDFP
6,67(0$'(&203$57,0(17$d­2
6,67(0$'(&203$57,0(17$d­2
3DUHGHVGLYLVyULDV
3DUHGHLQWHULRUGHFPFRPLVRODPHQWR
6XSHUItFLHWRWDOPð
/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
$UJDPDVVDHUHERFRWUDGLFLRQDO
$UJDPDVVDHUHERFRWUDGLFLRQDO
3ROLHVWLUHQRH[WUXGLGR;36
3ROLHVWLUHQRH[WUXGLGR;36
7LMRORFHUkPLFRIXUDGRFP
7LMRORFHUkPLFRIXUDGRFP
$UJDPDVVDHUHERFRWUDGLFLRQDO
$UJDPDVVDHUHERFRWUDGLFLRQDO
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO
FP
FP
FP
FP
FP
&RPSRUWDPHQWRDF~VWLFR55$(0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
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352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±'(6&5,d­20$7(5,$,6
5,$,6
,6
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRDF~VWLFR5Z&&WUG%
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
3DUHGHLQWHULRUGHFP
6XSHUItFLHWRWDOPð
/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
$UJDPDVVDHUHERFRWUDGLFLRQDO
$UJDPDVVDHUHERFRWUDGLFLRQDO
7LMRORFHUkPLFRIXUDGRFP%
7LMRORFHUkPLFRIXUDGRFP%
$UJDPDVVDHUHERFRWUDGLFLRQDO
$UJDPDVVDHUHERFRWUDGLFLRQDO
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO
FP
FP
FP
FP
&RPSRUWDPHQWRDF~VWLFR55$(0DVVDVXSHUILFLDONJPð
VXSHUILFLDONJPð
,VRODPHQWRVRQRURSRUHQVDLR5Z&&WUG%
5HIHUrQFLDGRHQVDLR
5HIHUrQFLDGRHQVDLR
3DYLPHQWRVHQWUHSLVRV
/DMHPDFLoDWLSR
6XSHUItFLHWRWDOPð
&RPSRUWDPHQWRDF~VWLFR55$(
/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
&HUkPLFDYLGUDGDJUpVFHUkPLFR
FP
%HWmRFHOXODUDXWRFODYDGR
FP
/DMHPDFLoDFP
FP
(VWXTXHSURMHWDGRRXILQRRXGHHOHYDGDGXUH]D
FP
(VSHVVXUDWRWDO
FP
(VSHVVXUDWRWDO
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
,VRODPHQWRVRQRURSRUHQVDLR5Z&&WUG%
5HIHUrQFLDGRHQVDLRSDYLPHQWRFRPLVRODPHQWRFRPOmGHILEUDGHF{FR
5HIHUrQFLDGRHQVDLRSDYLPHQWRFRPLVRODPHQWRFRPOmGHILEUDGHF{FR
1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGRSRUHQVDLR/QG%
1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGRSRUHQVDLR/
/DMHPDFLoDWLSR
6XSHUItFLHWRWDOPð
&RPSRUWDPHQWRDF~VWLFR55$(
/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
&HUkPLFDYLGUDGDJUpVFHUkPLFR
$UJDPDVVDEDVWDUGD
3ROLHVWLUHQRH[WUXGLGR;36
/DMHPDFLoDFP
$UJDPDVVDHUHERFRWUDGLFLRQDO
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRDF~VWLFR5Z&&WUG%
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
FP
FP
FP
FP
FP
FP
]
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352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±'(6&5,d­20$7(5,$,6
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&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
1tYHO
1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGR/
L]DGR/QG%
&DOFXODGRVHJXQGRRPpWRGRGRLQYDULDQWH, G%
G
/DMHPDFLoDWLSRLVRODPHQWR
6XSHUItFLHWRWDOPð
&RPSRUWDPHQWRDF~VWLFR55$(
/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
(VSXPDGHSROLHWLOHQRGHJUkQXORVOHYHVRXILEUDVVROWDV3()
JUkQXORVOHYHVRXILEUDVVROWDV3()
FP
&HUkPLFDYLGUDGDJUpVFHUkPLFR
FP
%HWmRFHOXODUDXWRFODYDGR
FP
/DMHPDFLoDFP
FP
(VWXTXHSURMHWDGRRXILQRRXGHHOHYDGDGXUH]D
FP
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO
FP
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRVRQRURSRUHQVDLR5Z&&WUG%
5HIHUrQFLDGRHQVDLRSDYLPHQWRFRPLVRODPHQWRFRPOmGHILEUDGHF{FR
5HIHUrQFLDGRHQVDLRSDYLPHQWRFRPLVRODPHQWRFRPOmGHILEUDGHF{FR
0HOKRULDGRtQGLFHJOREDOGHUHGXomRVRQRUDSRQGHUDGR$GHYLGRDRSDYLPHQWRIOXWXDQWH
0HOKRULDGRtQGLFHJOREDOGHUHGXomRVRQRUDSRQGHUDGR$GHYLGRDRSDYLPHQWRIOXWXDQWH
'5$G%$
1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGRSRUHQVDLR/QG%
1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGRSRUHQVDLR/
5HGXomRGRQtYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRGHYLGRDRSDYLPHQWR
5HGXomRGRQtYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRGHYLGRDRSDYLPHQWR
IOXWXDQWH 'ZG%
IOXWXDQWH'/
$EHUWXUDVYHUWLFDLVLQWHULRUHV
3RUWDV
7LSR
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0$7(5,$,6
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