C=
FDVH VWXG\
-/,1"Å "0 ")Ç1/& 0 "* ,+1"51, !" "#& &È+ & "+"/$Ç1& &DUORV &RXWLQKR
3KRHQL[ &RQWDFW
2&1, 0" 1"* "0 /&1,8 # ) !, " !&0 21&!, 0, /" "#& &È+ & "+"/$Ç1& : * 1"*-,0 !" 2*"+1, !" -,2- +Å " /" "&, !" &+3"01&*"+1,8 "01" 1"* Ç8 + 12/ )*"+1"8 2* !,0 * &0 "5-),/ !,0 +, 0"1,/ ! "+"/$& ")Ç1/& : (ͤFL¬QFLD HQHUJ«WLFD VLJQLͤFD VXFLQWDPHQWH RWLPL]DU R FRQVXPR GH HQHUJLD LQFOXLQGR D HO«WULFD 1R FDVR GH QRYRV HTXLSDPHQWRV LP SOLFD HVWUDW«JLDV SDUD RWLPL]DU R FRQVXPR GH HQHUJLD GHVGH R LQ¯FLR GH IXQFLRQDPHQWR HP HTXLSDPHQWRV H[LVWHQWHV LPSOLFD D UHFROKD GH GDGRV UHODFLRQDGRV FRP R FRQVXPR DQ£OLVH H LPSOHPHQWD©¥R GH HVWUDW«JLDV SDUD RWLPL]DU R FRQVXPR UHDOL]DGR $V SURWH©·HV HO«WULFDV VHUYHP FRPR R QRPH VXJHUH SDUD SURWHJHU HTXLSDPHQWRV HO«WULFRV FRQWUD GDQRV SURYRFDGR SRU HQHU JLD HO«WULFD H[FHVVLYD FDXVDGD SHOR DXPHQWR V¼ELWR H YLROHQWR GD WHQV¥R H RX GD FRUUHQWH HO«WULFD QHVWH FRQWH[WR TXH ID] VHQWLGR IDODU GH SURWH©·HV HO«WULFDV HP FDVRV GH HͤFL¬QFLD HO«WULFD 2 SURSµVLWR GDV SURWH©·HV HO«WULFDV « D SURWH©¥R GRV HTXLSDPHQWRV HQTXDQWR R GD HͤFL¬QFLD HQHUJ«WLFD « D UHGX©¥R GR FRQVX PR 0DV HVWHV SURSµVLWRV Vµ ID]HP VHQWLGR VH R SULQFLSDO REMHWLYR « R GH PDQWHU RV HTXL SDPHQWRV HP IXQFLRQDPHQWR R PDLV WHPSR SRVV¯YHO RX VHMD TXH D GLVSRQLELOLGDGH GRV HTXLSDPHQWRV VHMD P£[LPD
(648(0$ $ 3527( 2 (/ 75,&$ '( 80 (48,3$0(172 $ &20%,1$ 2 '( '2,6 7,326 '( 3527( 2 &2175$ 62%5(7(16 (6 ( &2175$ 62%5(&$5*$6 ( 28 &8572 &,5&8,726
GH XP HTXLSDPHQWR 3RU«P H[HFXWD D VXD IXQ©¥R SULQFLSDO D GH SURWHJHU R HTXLSDPHQWR GH GDQRV SURYRFDGRV SRU XP H[FHVVR V¼ELWR GD LQWHQVLGDGH GD FRUUHQWH HO«WULFD $ FRPELQD©¥R GDV GXDV JUDQGH]DV HO«WULFDV WHQV¥R H FRUUHQWH VREUH XP HTXLSDPHQWR Q¥R « D PDLV GR TXH D SRW¬QFLD DSOLFDGD &RPELQDQGR DLQGD R WHPSR HP TXH D SRW¬QFLD HVW£ DSOL FDGD WHPRV HQW¥R D HQHUJLD FRQVXPLGD SRU HVVH HTXLSDPHQWR $V SURWH©·HV HO«WULFDV H[WHU QDV DR HTXLSDPHQWR Y¥R W¥R VRPHQWH OLPLWDU D HQHUJLD P£[LPD TXH HVVH HTXLSDPHQWR GHYH FRQVXPLU 8PD WHQV¥R Vµ « VXVFHW¯YHO GH SURYRFDU GDQRV VH D HQHUJLD DVVRFLDGD D XP SLFR GH WHQV¥R IRU VXSHULRU ¢ TXH R HTXLSDPHQWR HVW£ SUHSDUDGR SDUD FRQVXPLU 2 PHVPR SULQF¯SLR VH DSOLFD ¢ FRUUHQWH 7HQV¥R H FRUUHQWH Q¥R V¥R VXͤFLHQWHV SDUD H[SOLFDU D XWLOLGDGH GH XPD SURWH ©¥R HO«WULFD 2 WHPSR « IXQGDPHQWDO
/,1"ÀÊ"0 ")½1/& 0 ! %,"+&5 ,+1 1 2V FRQFHLWRV W«FQLFRV DERUGDGRV DTXL HVW¥R PDWHULDOL]DGRV HP SURWH©·HV HO«WULFDV GD 3KRHQL[ &RQWDFW ,QGHSHQGHQWHPHQWH GD IRUPD H GDV SURSULHGDGHV RV SULQF¯SLRV IXQGDPHQWDLV GDV SURWH©·HV SUHYDOHFHP 1R FDVR GD SURWH©¥R FRQWUD VREUHWHQV·HV R SULQF¯SLR « OLPLWDU D WHQV¥R QR FDVR GD SURWH©¥R FRQWUD VREUHFDUJDV R SULQF¯SLR « DEULU XP FLUFXLWR HO«WULFR
) 00&#& À¹, ! 0 -/,1"ÀÊ"0 ")½1/& 0 $V SURWH©·HV HO«WULFDV SRGHP VHU FODVVLͤFD GDV FRPR VHQV¯YHLV DR H[FHVVR GH WHQV¥R RX GH FRUUHQWH $V SURWH©·HV VHQV¯YHLV ¢ WHQV¥R RX SUR WH©·HV FRQWUD VREUHWHQV·HV W¬P D IXQ©¥R GH OLPLWDU D WHQV¥R HO«WULFD DSOLF£YHO D XP FLUFXLWR LPHGLDWDPHQWH DSµV D RFRUU¬QFLD GR YDORU HOH YDGR GH WHQV¥R $ DWXD©¥R GHVWDV SURWH©·HV Q¥R DIHWD D FRQWLQXLGDGH GH VHUYL©R GH XP HTXLSDPHQWR QD PHGLGD HP TXH D SURWH©¥R HVW£ LQVWDODGD HP SDUDOHOR QR FLUFXLWR HO«WULFR -£ DV SURWH©·HV VHQV¯YHLV ¢ FRUUHQWH RX SURWH©·HV FRQWUD VREUHFDUJDV H RX FXUWR FLUFXLWRV W¬P D IXQ©¥R GH DEULU XP FLUFXLWR DXWRPDWLFDPHQWH TXDQGR RFRUUH R H[FHVVR GH FRUUHQWH $R DEULU R FLUFXLWR SURYRFD QH FHVVDULDPHQWH D SDUDJHP GH IXQFLRQDPHQWR ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
),*85$ (;(03/26 '( 3527( 2 (/ 75,&$6 '$ 3+2(1,; &217$&7
,+ )20¹, 1XP FRQWH[WR GH HͤFL¬QFLD HQHUJ«WLFD D XWLOLGDGH GDV SURWH©·HV HO«WULFDV FRQVLVWH QD GLVSRQL ELOLGDGH GRV Y£ULRV HTXLSDPHQWRV GH FRQVXPR HO«WULFR H GRV HTXLSDPHQWRV GH UHJXOD©¥R HO«WUL FD $ DERUGDJHP GH LQWURGX©¥R GH SURWH©·HV QXP FLUFXLWR FRQVLVWH HP DQDOLVDU VHSDUDGDPHQWH WHQV¥R H FRUUHQWH $ 3KRHQL[ &RQWDFW WHP FRPSRQHQWHV HP TXH HVW¥R LPSOHPHQWDGRV RV SULQ F¯SLRV IXQGDPHQWDLV GH IXQFLRQDPHQWR GRV GRLV WLSRV GH SURWH©·HV HO«WULFDV 3KRHQL[ &RQWDFW 6 $ 7HO y )D[ ZZZ SKRHQL[FRQWDFW SW