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ŽůŽĐĂĞů ŶƷŵĞƌŽƋƵĞ ůĞ ĐŽƌƌĞƐƉŽŶĚĂ Ă ůŽƐĐŽŶĐĞƉƚŽƐ ƋƵĞƐĞƉƌĞƐĞŶƚĂŶ ĞŶ ůĂ ĐŽůƵŵŶĂ ĚĞ ůĂ
ŝnjƋƵŝĞƌĚĂ

ϭ͘ ƐƵŶŽĚĞůŽƐƚŝƉŽƐĚĞĂũƵƐƚĞƐŶĞĐĞƐĂƌŝŽƐƉĂƌĂ
 ũƵƐƚĞƐ
ĐƵĞŶƚĂƐĚĞŝŶŐƌĞƐŽƐ
Ϯ͘ ů ŝŶŝĐŝŽ ĚĞ ůĂƐ ŽƉĞƌĂĐŝŽŶĞƐ ĚĞ ůĂ ĞŵƉƌĞƐĂ ƐĞ WŽƐƚƵůĂĚŽ ĚĞ ĞǀĞŶŐĂĐŝſŶ LJ WŽƐƚƵůĂĚŽ ĚĞ

ƚƵǀŝĞƌŽŶŐĂƐƚŽƐĚĞĂĚĞĐƵĂĐŝſŶĚĞůůŽĐĂů ƐŽĐŝĂĐŝſŶĚĞŽƐƚŽƐLJ'ĂƐƚŽƐĐŽŶ/ŶŐƌĞƐŽƐ͘
ϯ͘ Ŷ ĞŶĞƌŽ ƐĞ ƉĂŐſ ƉŽƌ ĂĚĞůĂŶƚĂĚŽ ůĂ ƉſůŝnjĂ ĚĞ
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ƐĞŐƵƌŽĚĞƉƌŽƚĞĐĐŝſŶƉĂƌĂůĂĐĂŵŝŽŶĞƚĂ
ϰ͘ ^Ğ ĞŵƉůĞĂŶ ƉĂƌĂ ĂĐƚƵĂůŝnjĂƌ ůĂƐ ĐƵĞŶƚĂƐ ĚĞ
 ũƵƐƚĞƐƉŽƌĚĞƉƌĞĐŝĂĐŝſŶ
ĂĐƚŝǀŽ͕ƉĂƐŝǀŽ͕ŝŶŐƌĞƐŽƐLJŐĂƐƚŽƐ͘
ϱ͘ 'ĂƐƚŽƐĂŶƚŝĐŝƉĂĚŽƐLJŐĂƐƚŽƐĚĞǀĞŶŐĂĚŽƐ  ,ŽũĂĚĞdƌĂďĂũŽ
ϲ͘ ^ĞƵƚŝůŝnjĂƉĂƌĂŚĂĐĞƌƵŶƌĞŐŝƐƚƌŽĐƌŽŶŽůſŐŝĐŽĚĞ
ůĂƐƚƌĂŶƐĂĐĐŝŽŶĞƐ͕ŝĚĞŶƚŝĨŝĐĂĚĂƐLJĐƵĂŶƚŝĨŝĐĂĚĂƐ  ŶƚŝĐŝƉŽĚĞůŝĞŶƚĞƐ
ĞŶƵŶŝĚĂĚĞƐŵŽŶĞƚĂƌŝĂƐ͘
ϳ͘ WŽƌ ĠƐƚŽƐ͕ ƐĞ ĚĞƌŝǀĂ Ğů ƉƌŽĐĞƐŽ ĚĞ ĂũƵƐƚĞƐ
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ĐŽŶƚĂďůĞƐ͘
ϴ͘ ĞƌŝǀĂĚŽ ĚĞů ĐŽŶƚƌĂƚŽ ĨŝƌŵĂĚŽ ĐŽŶ Ğů ĐůŝĞŶƚĞ
͞ŽŶƐŽƌĐŝŽ :ŝŵĠŶĞnj͕ ^͘͘͟ ƐĞ ƚŝĞŶĞŶ
ƌĞŐŝƐƚƌĂĚŽƐ ĞŶ ďŝƚĄĐŽƌĂ ƋƵĞ ƐĞ ƉƌĞƐƚĂƌŽŶ  ũƵƐƚĞƐĂĐƵĞŶƚĂƐĚĞŐĂƐƚŽƐ
ƐĞƌǀŝĐŝŽƐĚĞǀŝŐŝůĂŶĐŝĂĚƵƌĂŶƚĞĞůŵĞƐLJŶŽŚĂŶ
ƐŝĚŽĐŽďƌĂĚŽƐ͘
ϵ͘ >Ă ĞŵƉƌĞƐĂ ĐƵĞŶƚĂ ĐŽŶ ƵŶ ĞĚŝĨŝĐŝŽ ƋƵĞ
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ĂĚƋƵŝƌŝſĞŶĨĞďƌĞƌŽĚĞϮϬϭϵ͘
ϭϬ͘ŽĐƵŵĞŶƚŽ ĐŽŶƚĂďůĞ ĚĞ ĐĂƌĄĐƚĞƌ ŝŶƚĞƌŶŽ͕
ĞůĂďŽƌĂĚŽĐŽŶůĂĨŝŶĂůŝĚĂĚĚĞĂũƵƐƚĂƌůŽƐƐĂůĚŽƐ  ũƵƐƚĞƐƉŽƌĂŵŽƌƚŝnjĂĐŝſŶ
ĚĞůĂƐĐƵĞŶƚĂƐ͘


DĂƌĐĂůĂƌĞƐƉƵĞƐƚĂĐŽƌƌĞĐƚĂĚĞůĂƐƐŝŐƵŝĞŶƚĞƐƉƌĞŐƵŶƚĂƐ͗


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ϭ͘ LJ ŚĞƌƌĂŵŝĞŶƚĂƐ ƉĂƌĂ ůĂ ŝŶĚƵƐƚƌŝĂ͕ ĂƐş ĐŽŵŽ ƐĞƌǀŝĐŝŽ ĚĞ ŵĂŶƚĞŶŝŵŝĞŶƚŽ Ă ŚĞƌƌĂŵŝĞŶƚĂƐ LJ
ŵĂƋƵŝŶĂƐŝŶĚƵƐƚƌŝĂůĞƐ͕ŝŶŝĐŝſŽƉĞƌĂĐŝŽŶĞƐĞůϮĚĞĞŶĞƌŽĚĞϮϬϮϯĐŽŶůĂƐƐŝŐƵŝĞŶƚĞƐĂƉŽƌƚĂĐŝŽŶĞƐ
ĚĞƐƵƐƐŽĐŝŽƐ͗
sŝĐƚŽƌŝĂĂƌƌĂƐĐŽZŽŵĞƌŽ ĨĞĐƚŝǀŽ ΨϭϴϬ͕ϬϬϬ͘ϬϬ
ZĂƷůZŽĚƌşŐƵĞnjDĞŶĚŽnjĂ ĨĞĐƚŝǀŽ Ϯϯϱ͕ϬϬϬ͘ϬϬ
WĂƵůŝŶĂ,ĞƌƌĞƌĂĂƌƌĂƐĐŽ DĞƌĐĂŶкà Ϯϰ͕ϳϬϬ͘ϬϬ
WĂƵůŝŶĂ,ĞƌƌĞƌĂĂƌƌĂƐĐŽ ĨĞĐƚŝǀŽ ϭϬϬ͕ϬϬϬ͘ϬϬ

Ϯ͘ ϬϮĚĞ ĞŶĞƌŽ͗ ^ĞƉĂŐĂĂůEŽƚĂƌŝŽWƷďůŝĐŽƉŽƌ ůĂ ĞŵŝƐŝſŶ LJƉƌŽƚŽĐŽůŝnjĂĐŝſŶĚĞůĂĐƚĂ ĐŽŶƐƚŝƚƵƚŝǀĂĚĞůĂ

ƐŽĐŝĞĚĂĚΨϭϯ͕ϬϬϬ͘ϬϬŵĄƐ/s͘

ϯ͘ ϬϮ ĚĞ ĞŶĞƌŽ͗ ^Ğ ĨŝƌŵĂ ĐŽŶƚƌĂƚŽ ĐŽŶ Ğů ^ƌ͘ >ĞĂŶĚƌŽ 'ŽŶnjĄůĞnj WŝŶĞĚĂ ƉĂƌĂ ƌĞŶƚĂƌ Ğů ĄƌĞĂ ƋƵĞ ƐĞƌĄ
ŽĐƵƉĂĚĂƉĂƌĂůĂƚŝĞŶĚĂ;ϳϬйͿLJƉĂƌĂůĂƐŽĨŝĐŝŶĂƐ;ϯϬйͿƉŽƌůŽƋƵĞƐĞƉĂŐĂůĂƌĞŶƚĂĚĞůůŽĐĂůƉŽƌƵŶĂŹŽ͕
Ψϰ͕ϴϬϬŵĞŶƐƵĂůĞƐLJƵŶŵĞƐĚĞĚĞƉſƐŝƚŽ͘

ϰ͘ ϬϯĚĞĞŶĞƌŽ͗^ĞƉƵďůŝĐĂĞŶƉĞƌŝſĚŝĐŽ;ŝŵƉƌĞƐŽLJǁĞďͿĚŽƐĂŶƵŶĐŝŽƐΨϮϱϱ͘ϬϬĐͬƵƉĂƌĂƐŽůŝĐŝƚĂƌƉĞƌƐŽŶĂů
ƉĂƌĂĞůĄƌĞĂĂĚŵŝŶŝƐƚƌĂƚŝǀĂLJĚĞǀĞŶƚĂƐ͘

ϱ͘ ϬϱĚĞĞŶĞƌŽ͗^ĞĐŽŵƉƌĂĂůĐŽŶƚĂĚŽĂ͞&ĞƌƌĞƚŽĚşƐŝŵŽĚĞDĠdžŝĐŽ͕^͘͘͟Ψϵϯ͕ϳϲϬ͘ϬϬĚĞŵĞƌĐĂŶĐşĂ͘

ϲ͘ ϵĚĞĞŶĞƌŽ͗^ĞƉĂŐĂĞůĂĐŽŶĚŝĐŝŽŶĂŵŝĞŶƚŽĚĞůůŽĐĂůƌĞŶƚĂĚŽĂůĂŽŶƐƚƌƵĐƚŽƌĂĞ>ĂWĂƌƌĂsĄnjƋƵĞnj͕^͘͘
ƉŽƌΨϰϲ͕ϳϴϬ͘ϬϬ

ϳ͘ ϭϬĚĞĞŶĞƌŽ͗^ĞƉĂŐĂΨϭϵϬ͘ϬϬĐͬƵƉĂƌĂůĂƉƵďůŝĐŝĚĂĚĞŶƉĞƌŝſĚŝĐŽ;ŝŵƉƌĞƐŽLJǁĞďͿĚĞϯϬĂŶƵŶĐŝŽƐůŽƐ
ĐƵĂůĞƐƐĞƌĄŶƉƵďůŝĐĂĚŽƐůŽƐĚşĂƐůƵŶĞƐ͕ŵŝĠƌĐŽůĞƐ͕ǀŝĞƌŶĞƐLJƐĄďĂĚŽƐĚĞůŵĞƐ͘

ϴ͘ ϭϭ ĚĞ ĞŶĞƌŽ͗ ^Ğ ǀĞŶĚĞ Ă ͞&ĞƌƌĞ ĚĞ dŽĚŽ͕ ^͘͘͟ ϭϱ͕ϲϬϬ ĚĞ ůŽƐ ĐƵĂůĞƐ ŶŽƐ ƉĂŐĂŶ Ğů ϮϬй LJ Ğů ƌĞƐƚŽ Ă
ĐƌĠĚŝƚŽ͘

ϵ͘ ϭϭĚĞĞŶĞƌŽ͗^ĞĚĞǀƵĞůǀĞŵĞƌĐĂŶĐşĂƋƵĞůůĞŐſĞŶŵĂůĞƐƚĂĚŽƉŽƌƵŶŵŽŶƚŽĚĞϯ͕ϭϳϴ͘ϬϬ͕ŝŵƉŽƌƚĞƋƵĞ
ƋƵĞĚĂƌĄĂĐƵĞŶƚĂƉĂƌĂĨƵƚƵƌĂƐĐŽŵƉƌĂƐ͘

ϭϬ͘ ϭϮĚĞĞŶĞƌŽ͗^ĞĐŽŵƉƌĂŶϯĞƐĐƌŝƚŽƌŝŽƐƉŽƌΨϯ͕ϭϬϬ͘ϬϬĐͬƵ͕ĚŽƐƐŝůůĂƐƐĞĐƌĞƚĂƌŝĂůĞƐƉŽƌΨϮ͕ϬϱϬ͘ϬϬĐͬƵ
LJ ϭ ƐŝůůſŶ ĞũĞĐƵƚŝǀŽ ƉŽƌ ΨϮ͕ϴϬϬ͘ϬϬ ;>Ă ǀŝĚĂ Ʒƚŝů ĚĞů ŵŽďŝůŝĂƌŝŽ LJ ĞƋƵŝƉŽ ƐĞƌĄ ĚĞ ϭϬ ĂŹŽƐ͕ Ğů ǀĂůŽƌ ĚĞ
ƌĞƐĐĂƚĞĚĞůŽƐĞƐĐƌŝƚŽƌŝŽƐƐĞƌĄĚĞϭ͕ϯϬϬ͘ϬϬ͕ĚĞůĂƐƐŝůůĂƐƐĞĐƌĞƚĂƌŝĂůĞƐĚĞϴϬϬ͘ϬϬLJĚĞůƐŝůůſŶ ĞũĞĐƵƚŝǀŽ
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ϭϭ͘ ϭϯĚĞĞŶĞƌŽ͗^ĞĐŽŵƉƌĂƌŽŶϯŵŽƐƚƌĂĚŽƌĞƐƉŽƌΨϰ͕ϳϬϬ͘ϬϬĐͬƵLJϲĂŶĂƋƵĞůĞƐĚĞΨϭ͕ϮϯϬ͘ϬϬĐͬƵ͕ƵŶĂ
ŵĞnjĐůĂĚŽƌĂƉĂƌĂƉŝŶƚƵƌĂĚĞΨϮ͕ϰϴϳ͘ϬϬLJƵŶĂĚŽƐŝĨŝĐĂĚŽƌĂĚĞƉŝŶƚƵƌĂƉŽƌΨϮϲ͕ϳϬϬƉĂƌĂĞƋƵŝƉĂŵŝĞŶƚŽ
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DĞnjĐůĂĚŽƌĂƉĂƌĂƉŝŶƚƵƌĂ ϱĂŹŽƐ ϲϬϬ͘ϬϬ
DĄƋƵŝŶĂĚŽƐŝĨŝĐĂĚŽƌĂĚĞƉŝŶƚƵƌĂ ϳĂŹŽƐ ϲ͕ϳϬϬ͘ϬϬ

ϭϮ͘ ϭϱĚĞĞŶĞƌŽ͗^ĞƉĂŐĂŶůŽƐƐƵĞůĚŽƐĚĞůŽƐƐŝŐƵŝĞŶƚĞƐƚƌĂďĂũĂĚŽƌĞƐ͗
EKDZ Wh^dK ^>Z/K/Z/K
DĂƌşĂůĞŶĂsŝĚĂůZĂŵŽƐ ƵdžŝůŝĂƌŽŶƚĂďůĞ ϮϴϬ͘ϬϬ
EŽƌŵĂDĞĚŝŶĂDĠŶĚĞnj ^ĞĐƌĞƚĂƌŝĂ ϭϵϬ͘ϬϬ
:ƵĂŶ,ĞƌŶĄŶĚĞnj,ĞƌŶĄŶĚĞnj sĞŶĚĞĚŽƌ ϭϱϬ͘ϬϬ
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DŽŝƐĠƐDĂƌƚşŶĞnjĂƐƚƌŽ sĞŶĚĞĚŽƌ ϭϱϬ͘ϬϬ
ĞƐĐŽŶƚĂƌϯйĚĞ/^ZLJϳйĚĞ/D^^

ϭϯ͘ ϭϴĚĞĞŶĞƌŽ͗^ĞĐŽŵƉƌĂƵŶĂĐĂŵŝŽŶĞƚĂƉŝĐŬƵƉƉŽƌΨϮϵϲ͕ϬϬϬ͘ϬϬĚĞůŽƐĐƵĂůĞƐƐĞƉĂŐĂĞůϯϬйLJƉŽƌĞů
ƌĞƐƚŽƐĞĨŝƌŵĂƉĂŐĂƌĠĂϭϴŵĞƐĞƐLJĂƵŶĂƚĂƐĂĚĞůϮϰйĂŶƵĂů͘

ϭϰ͘ ϭϵ ĚĞ ĞŶĞƌŽ͗ ^Ğ ĨŝƌŵĂ ĐŽŶƚƌĂƚŽĐŽŶ ůĂ ĞŵƉƌĞƐĂ ͞DĂŶƚĞŶŝŵŝĞŶƚŽĂ :ĂƌĚŝŶĞƐ͕ ^͘͘͞ƉĂƌĂ ĞĨĞĐƚƵĂƌůĞ Ğů
ŵĂŶƚĞŶŝŵŝĞŶƚŽĚĞƐƵƐƉŽĚĂĚŽƌĂƐLJĐŽƌƚĂĚŽƌĂƐ͕ƉĂƌĂůŽĐƵĂůƐĞĞƐƚĂďůĞĐĞƋƵĞŶŽƐƉĂŐĂƌĄƵŶĂŵĂŶŽĚĞ
ŽďƌĂĚĞΨϳϵϬ͘ϬϬŵĄƐ/sƉŽƌĐĂĚĂƌĞƉĂƌĂĐŝſŶ͕ůĂƐĐƵĂůĞƐƐĞůůĞǀĂƌĄŶƉŽƌŵĞĚŝŽĚĞďŝƚĄĐŽƌĂƐLJſƌĚĞŶĞƐ
ĚĞƐĞƌǀŝĐŝŽ͘>ĂƐĐƵĂůĞƐƐĞƌĄŶƉĂŐĂĚĂƐůŽƐƉƌŝŵĞƌŽƐϱĚşĂƐĚĞůŵĞƐƐŝŐƵŝĞŶƚĞ͘

ϭϰ͘ ϮϴĚĞĞŶĞƌŽ͗^ĞĚĂƵŶƉĂŐŽĂĐƵĞŶƚĂĚĞůĂĚĞƵĚŽƉŽƌůĂĐŽŵƉƌĂĚĞŵŽďŝůŝĂƌŝŽLJĞƋƵŝƉŽĚĞůĂƚŝĞŶĚĂ͘

ϭϱ͘ ϯϭĚĞĞŶĞƌŽ͗ &ĞƌƌĞĚĞ dŽĚŽ͕^͘͘ŶŽƐƌĞĂůŝnjĂĞůƉĂŐŽĚĞƐƵĚĞƵĚĂLJĂĐĂŵďŝŽůĞŚĂĐĞŵŽƐƵŶϱйĚĞ
ĚĞƐĐƵĞŶƚŽƉŽƌƉƌŽŶƚŽƉĂŐŽ͘

ϭϲ͘ ϯϭĚĞĞŶĞƌŽ͗ůũĞĨĞĚĞƌĞƉĂƌĂĐŝŽŶĞƐƌĞƉŽƌƚĂĂĐŽŶƚĂďŝůŝĚĂĚƋƵĞƌĞĂůŝnjſϯƌĞƉĂƌĂĐŝŽŶĞƐĂĚŽƐƉŽĚĂĚŽƌĂƐ
LJƵŶĂĐŽƌƚĂĚŽƌĂĚĞĐĠƐƉĞĚ͘



6H SLGH
 $VLHQWRV GH GLDULR XWLOL]DQGR $QDOtWLFR R 3RUPHQRUL]DGR
 5HJLVWUR GH ,9$ \ UHWHQFLRQHV HQ GRQGH FRUUHVSRQGD
 ,GHQWLILFDFLyQ GH ORV WLSRV GH SyOL]DV
 3DVH DO PD\RU
 %DODQ]D GH &RPSUREDFLyQ