IRUPD©¥R
>?
0,0 -/Á1& ,0 !" 3"+1&) ÅÃ, "51/ ÅÃ, !" #2*,0 " %"&/,0 +2* ),' !" % * Ó/$2"/"0 7H[WR FHGLGR SRU 6 3 3RUWXJDO 8QLSHVVRDO /GD
8PD GDV PDLV LPSRUWDQWHV FDGHLDV QRUWH DPHULFDQDV GH KDP E¼UJXHUHV SUHSDUDYD VH SDUD LQDXJXUDU PDLV XPD ORMD H D HP SUHVD UHVSRQV£YHO SHODV REUDV VROLFLWRX D QRVVD FRODERUD©¥R SDUD RV F£OFXORV GDV QHFHVVLGDGHV GH YHQWLOD©¥R WDQWR GD FR]L QKD FRPR GDV FDVDV GH EDQKR
)RUQR P PLQ [ P K )ULWDGHLUD P PLQ [ P K 7RWDO ̿̿̿̿ P K &DOFXODQGR VH XPD YHORFLGDGH P£[LPD GH WUDQVSRUWH GH P V SDUD TXH Q¥R VHMD GHPDVLDGR UXLGRVR DSOLFDUHPRV D VHJXLQWH IµUPXOD SDUD GHWHUPLQDU D VHF©¥R GDV FRQGXWDV
g N J3: >A;;K
!,0 1"/ "* ,+0&!"/ À¹, ,7&+% r $ FR]LQKD HVW£ HTXLSDGD FRP GXDV FKDPLQ«V VRE DV TXDLV HVW¥R LQVWD ODGRV XP IRUQR H XPD IULWDGHLUD $V HVSHFLͤFD©·HV GD FRQFHVV¥R LQGL FDP TXH V¥R QHFHVV£ULRV FDXGDLV GH YHQWLOD©¥R GH H P PLQ UHVSHWLYDPHQWH
,+!21 0r
51/ À¹, !" #2*,0 " %"&/,0 +2* ),' !" % * Ì/$2"/"0 (P TXH 6 6HF©¥R GD FRQGXWD HP P 4 &DXGDO HP P K 9 9HORFLGDGH GR DU QD FRQGXWD HP P V
$ FRQGXWD GH HYDFXD©¥R GRV IXPRV GR IRUQR WHU£ XP FRPSULPHQWR GH P H SUHYHHP VH TXDWUR ¤QJXORV D | $ FRQGXWD SDUD HYDFXD©¥R GRV IXPRV GD IULWDGHLUD WHU£ XP FRPSULPHQWR GH P H SUHYHHP VH TXDWUR ¤QJXORV D | $PEDV DV FRQGXWDV VHU¥R OLJDGDV D XPD FRQGXWD JHUDO FRP P GH FRPSULPHQWR H GRLV ¤QJXORV D |
6XEVWLWXLQGR RV YDORUHV FRQKHFLGRV SDUD R IRUQR 6IRU [
6IRU P
0 0 !" +%,r
6IULW [
6IULW P
2 ORFDO GLVS·H GH XPD FDVD GH EDQKR SDUD KRPHQV RXWUD SDUD VHQKR UDV XP YHVWL£ULR SDUD KRPHQV H RXWUR SDUD VHQKRUDV SUHWHQGHQGR VH TXH FDGD XP GHVWHV HVSD©RV WHQKD XP VLVWHPD LQGHSHQGHQWH GH YHQWLOD©¥R DSHVDU GH WRGRV FRQYHUJLUHP SDUD D PHVPD FRQGXWD JHUDO
&*"+0 "0r ̽ ̽ ̽ ̽
&DVD GH EDQKR GDV VHQKRUDV P [ P GH DOWXUD &DVD GH EDQKR GRV KRPHQV P [ P GH DOWXUD 9HVWL£ULR GDV VHQKRUDV P [ P GH DOWXUD 9HVWL£ULR GRV KRPHQV P [ P GH DOWXUD
7RGRV RV ORFDLV GLVS·HP GH WHWR IDOVR QR TXDO SRGHU¥R VHU LQVWDODGDV DV FRQGXWDV UHDOL]DQGR VH D HYDFXD©¥R SHOD FREHUWXUD GR HGLI¯FLR
2 TXH HTXLYDOH D XPD FRQGXWD GH PP GH GL¤PHWUR )D]HQGR RV PHVPRV F£OFXORV SDUD D IULWDGHLUD
2 TXH HTXLYDOH D XPD FRQGXWD GH PP GH GL¤PHWUR 8PD YH] TXH DPEDV DV FRQGXWDV VH XQHP D XP FROHWRU JHUDO SDUD FDOFXODU D VHF©¥R GHVVD FRQGXWD PDQWHQGR VH D PHVPD YHORFLGDGH DSOLFDPRV D PHVPD IµUPXOD 6W [
6W P 2 TXH HTXLYDOH D XPD FRQGXWD JHUDO GH PP GH GL¤PHWUR 3DUD GHWHUPLQDU D SHUGD GH FDUJD WRWDO GHVWD LQVWDOD©¥R WRPD UHPRV HP FRQVLGHUD©¥R RV GRLV WUR©RV PDLV GHVIDYRU£YHLV IRUQR H FRQGXWD JHUDO GHVSUH]DQGR VH D IULWDGHLUD XPD YH] TXH D SUHVV¥R D YHQFHU VHU£ LQIHULRU ¢ TXH VH GHWHUPLQDU£ SDUD R IRUQR 7DEHOD
"1"/*&+ À¹, ! 0 +" "00&! !"0
"/! !" /$ ! &+01 ) ÅÃ,r J ") <K
,7&+% r
3 ,0r
7DO FRPR IRL DFLPD LQGLFDGR DV QHFHVVLGDGHV GD FR]LQKD GHSHQGHP GDV HVSHFLͤFD©·HV W«FQLFDV GD SUµSULD FRQFHVV¥R SHOR TXH QRV OLPL W£PRV D ID]HU D WUDQVIRUPD©¥R SDUD PHGLGDV HXURSHLDV H FDOFXODU DV FRQGXWDV QHFHVV£ULDV SDUD HYDFXDU R FDXGDO UHTXHULGR ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
3DUD VH GHWHUPLQDU D YHQWLOD©¥R QHFHVV£ULD SDUD ODYDERV H FDVDV GH EDQKR S¼EOLFDV FRQVLGHUDPRV XP FDXGDO GH P K ̸ SDUD FDGD VDQLWD RX XULQRO̹̿ 3DUD RV FKXYHLURV H ODYDERV HQWHQGHPRV TXH HVWDV GLYLV·HV Q¥R SRGHP ͤFDU VHP YHQWLOD©¥R SHOR TXH SDUD FDGD