EPCAr 2009-2010 resolvida

&20$1'2 '$ $(521È87,&$ '(3$57$0(172 '( (16,12 '$ $(521È87,&$ (6&2/$ 35(3$5$7Ï5,$ '( &$'(7(6 '2 $5 (;$0( '( $'0,66­2 $2 R $12 '2 &3&$5 3529$ '( 0$7(0È7,&$ GH $*2672 GH 7UDQVFUHYD R GDGR DEDL[R SDUD R VHX FDUWmR GH UHVSRVWDV

9(56­2 $

$7(1d®2 $%5$ (67$ 3529$ 620(17( $3Ð6 5(&(%(5 $8725,=$d®2 65 &$1','$72

/(,$ &20 $7(1d­2

(VWH FDGHUQR FRQWpP XPD SURYD GH 0$7(0È7,&$ FRPSRVWD SRU YLQWH TXHVW}HV REMHWLYDV &RQILUD VH WRGDV DV TXHVW}HV HVWmR LPSUHVVDV QHVVD VHTXrQFLD H VH VmR SHUIHLWDPHQWH OHJtYHLV

&RQILUD D ³YHUVmR´ GD SURYD GHVWH FDGHUQR H TXDQGR R &KHIH GH 6HWRU GHWHUPLQDU SUHHQFKD R FDPSR ³YHUVmR´ QR FDUWmR GH UHVSRVWDV

3UHHQFKD FRUUHWD H FRPSOHWDPHQWH R FDUWmR GH UHVSRVWDV FRP FDQHWD HVIHURJUiILFD D]XO RX SUHWD )DoD PDUFDo}HV IRUWHV H DVVLP $VVLQH R DQWHV GH LQLFLDU D UHVROXomR GD SURYD

$ SURYD WHUi GXUDomR GH TXDWUR KRUDV DFUHVFLGDV GH PDLV YLQWH PLQXWRV SDUD SUHHQFKLPHQWR GR FDUWmR GH UHVSRVWDV

6RPHQWH VHUi SHUPLWLGR DR FDQGLGDWR UHWLUDU VH GR ORFDO GH SURYD D SDUWLU GD PHWDGH GR WHPSR SUHYLVWR SDUD D UHVROXomR GD PHVPD RX VHMD GXDV KRUDV

2 FDQGLGDWR TXH VDLU GR ORFDO GH SURYD DQWHV GR WHPSR GH GXUDomR SUHYLVWR 1­2 SRGHUi OHYDU FRQVLJR R FDGHUQR GH TXHVW}HV QHP ID]HU TXDOTXHU WLSR GH DQRWDomR VREUH TXHVW}HV GH SURYD RX WUDQVFUHYHU R VHX JDEDULWR

2 FDQGLGDWR TXH GHVHMDU OHYDU FRQVLJR R FDGHUQR GH TXHVW}HV GHYHUi SHUPDQHFHU QR UHFLQWR DWp R WpUPLQR GR WHPSR WRWDO GH SURYD

48$1'2 $8725,=$'2 3(/2 &+()( '2 6(725 '( 3529$6 75$16&5(9$ 12 9(562 '2 6(8 &$57­2 '( 5(63267$6 &20 $ 68$ &$/,*5$),$ 868$/ $ )5$6( 6(*8,17(

³2 YRR GR KRPHP DWUDYpV GH VXD H[LVWrQFLD p VXVWHQWDGR SHOR FRQKHFLPHQWR ´

(;$0( '( $'0,66­2 $2 2 $12 '2 &3&$5 ± 0$7(0È7,&$ ± 9(56­2 $

($ &3&$5

&RQVLGHUH RV FRQMXQWRV QXPpULFRV è é ê H ë H DQDOLVH DV SURSRVLo}HV DEDL[R FODVVLILFDQGR DV HP 9 YHUGDGHLUDV RX )

IDOVDV

6H $ ^[ V è _ [ Q Q V è` H

% ^[ V è _ [ Q Q V è`

HQWmR $ % ^[ X è _ [ p P~OWLSOR GH `

6H 3 ë è 7 è é ê H è é ê

6

HQWmR 3 7 6 é ± é

6H \

Q

Q Q LUUDFLRQDO

SDUD Q V è ± ^ ` HQWmR \ p

0DUTXH D DOWHUQDWLYD TXH DSUHVHQWD D VHTXrQFLD FRUUHWD

D 9 ± 9 ± ) E ) ± ) ± 9

F 9 ± ) ± ) G ) ± 9 ± 9

5(62/8d­2

9

3 è 7 è = ê ê 6 è = é è é

3 > 7 > 6 é é ± é

9

$ ^ ± ± ` % ^ ± ± ` $ = % ^ ± ± ± `

)

Q

Q

Q Q Q

Q

Q Q

Q

Q

V ê

5HVSRVWD RSomR D

8P Q~PHUR [ GH WUrV DOJDULVPRV WDO TXH

[ WHP R

SURGXWR GH VHXV DOJDULVPRV LJXDO D VH SHUPXWDUPRV RV GRLV ~OWLPRV DOJDULVPRV GH [ R Q~PHUR \ DVVLP REWLGR H[FHGH [ GH XQLGDGHV &RP EDVH QRV GDGRV DFLPD p FRUUHWR DILUPDU TXH

D R Pi[LPR GLYLVRU FRPXP GH \ H [ 1­2 p XP Q~PHUR SULPR [

p WDO TXH U !

E D UD]mR U \

F \ WHP GLYLVRUHV D PDLV TXH [ G D VRPD GRV DOJDULVPRV GH [ FRP RV DOJDULVPRV GH \ p PHQRU TXH

5(62/8d­2

[ [ [ DE D E \ ED E D \ [ E D

D E ±

­DE E E ® ¯E D

E H D [ H \

D )DOVR PGF TXH p SULPR

E )DOVR

U

F 9HUGDGHLUR ' ^ ` GLYLVRUHV ' ^ ` GLYLVRUHV G )DOVR !

5HVSRVWD RSomR F

-RmR SDJRX D PHWDGH GRV GR TXH GHYLD

$R SURFXUDU R FUHGRU SDUD TXLWDU R UHVWDQWH GH VXD GtYLGD IRUDP OKH DSUHVHQWDGDV GXDV SURSRVWDV

D 3DJDU WXGR j YLVWD FRP GH GHVFRQWR

D $VVXPLU XP DFUpVFLPR GH SDUD XP SRVVtYHO SDJDPHQWR SDUFHODGR

-RmR RSWRX SHOR SDJDPHQWR j YLVWD H JDVWRX H[DWDPHQWH UHDLV SDUD TXLWDU R UHVWDQWH GD GtYLGD

&DVR RSWDVVH SHOD D SURSRVWD -RmR WHULD JDVWR D PDLV XP YDORU HP UHDLV FRPSUHHQGLGR HQWUH

D H F H E H G H

5(62/8d­2

3DJRX

'HYH

D SURSRVWD u

o UHDLV u G [ GtYLGD

o G

[ UHDLV

GH o UHDLV DSURSRVWD UHDLV

DSURSRVWD UHDLV

GLIHUHQoD UHDLV

5(63267$ RSomR E

1RV SUHSDUDWLYRV GD IHVWD GH DQRV GD (3&$5 XP JUXSR $ FRPSRVWR GH VROGDGRV WUDEDOKDQGR KRUDV SRU GLD FRQWDYD FRP R SUD]R GH GLDV SDUD DSDUDU D JUDPD GRV MDUGLQV XWLOL]DQGR WRGRV RV FRPSRQHQWHV R PHVPR WLSR GH HTXLSDPHQWR

-i TXH RXWURV VHWRUHV GD (VFROD QHFHVVLWDYDP WDPEpP GH UHSDURV DR ILQDO GR R GLD TXDQGR DSHQDV GR JUDPDGR HVWDYD FRUWDGR DOJXQV VROGDGRV IRUDP UHPDQHMDGRV H XP QRYR JUXSR % VH IRUPRX

(VVH JUXSR % FXMD TXDQWLGDGH GH VROGDGRV FRUUHVSRQGLD D GR

JUXSR $ GLVS{V VH D DFDEDU GH DSDUDU D JUDPD GRV MDUGLQV

DXPHQWDQGR D FDUJD KRUiULD GLiULD HP H XWLOL]DQGR

HTXLSDPHQWRV GXDV YH]HV PDLV SURGXWLYR

6XSRQGR TXH WRGRV RV HTXLSDPHQWRV WLYHUDP SHUIHLWR IXQFLRQDPHQWR DSURYHLWDQGR VXD FDSDFLGDGH Pi[LPD p FRUUHWR DILUPDU TXH R JUXSR % FRQFOXLX D WDUHID

D DSyV R SUD]R SUHYLVWR GH VHWH GLDV E HP GH] KRUDV GH WUDEDOKR F HP RLWR KRUDV GH WUDEDOKR G XP GLD DQWHV GR SUD]R SUHYLVWR

(;$0( '( $'0,66­2 $2 2 $12 '2 &3&$5 ± 0$7(0È7,&$ ± 9(56­2 $

($ &3&$5

5(62/8d­2 o

GH VROGDGRV

o

K o \ \ K DFUpVFLPR

K K K

*5832 62/'$'26 K GLD $ %

u u u [

u u u [

GLD KRUDV KRUDV

5HVSRVWD RSomR E

GLDV JUDPDGR

[

HTXLSDPHQWR FRP SURGXWLYLGDGH

GLDV GH KRUDV

KRUDV

3HGUR FRORFRX XP WHUUHQR D YHQGD YLVDQGR XP OXFUR GH VREUH R SUHoR GH FXVWR 7HQGR HP YLVWD TXH D FULVH ILQDQFHLUD DWXDO GLILFXOWRX D WUDQVDomR HOH UHVROYHX ID]HU D YHQGD HP GXDV HWDSDV

D HWDSD 9HQGHX GH GR WHUUHQR UHGX]LQGR D WD[D GH OXFUR

j PHWDGH H UHFHEHX 5 SHOR QHJyFLR D HWDSD 9HQGHX R UHVWDQWH GR WHUUHQR H FRQVHJXLX R OXFUR GH VREUH R FXVWR GHVWD SDUWH

$QDOLVDQGR RV IDWRV DFLPD FRQFOXL VH TXH 3HGUR

D KDYLD SDJR SHOR WHUUHQR WRGR PHQRV GH 5 E UHFHEHX QR WRWDO PHQRV GH 5 F WHYH XPD UHGXomR GH PLO UHDLV QR OXFUR WRWDO SUHWHQGLGR G WHYH XP OXFUR UHDO GH VREUH R SUHoR GH FXVWR

8P HVWXGDQWH SUHSDUDQGR VH SDUD R ([DPH GH $GPLVVmR DR &3&$5 UHVROYHX WRGDV DV 1 TXHVW}HV GH XPD SURYD (OH DFHUWRX

GDV SULPHLUDV H DFHUWRX GDV UHVWDQWHV

6DEH VH TXH R HVWXGDQWH DFHUWRX GR WRWDO GH TXHVW}HV GD SURYD $ TXDQWLGDGH GH TXHVW}HV TXH HOH HUURX QHVVD SURYD p XP Q~PHUR FRPSUHHQGLGR HQWUH

D H F H E H G H

5(62/8d­2

1 1 1

DFHUWRX

HUURX

$ %

§

¨ ¨©

ª

º » «

¼» ¬«

5(62/8d­2 $

u u u u

u §¨© ·¹¸

o

[

FXVWR

)UDomR YHQGLGD FXVWR

7RWDLV

D )DOVR 3DJRX E )DOVR !

F )DOVR GH G 9HUGDGHLUR GH

5HVSRVWD RSomR G

OXFUR

D )DOVD $ % E )DOVD $ % z ± F 9HUGDGHLUD G )DOVD $ % z

5HVSRVWD RSomR F

[

F

E $ % ±

o

$

% ± % G $

D $ % !

· ¸¸ o ¹ o [

YHQGD

0DUTXH D UHVSRVWD FRUUHWD

%

5HVSRVWD RSomR G

$QDOLVH DV H[SUHVV}HV DEDL[R

5(62/8d­2

[

u

§ · u ¸ ¨¨ ¹¸ ©

u

$ ILJXUD SODQD DEDL[R UHSUHVHQWD R ORJRWLSR GH XPD HPSUHVD (OH IRL SURMHWDGR D SDUWLU GH XP WULkQJXOR HTXLOiWHUR FHQWUDO FXMR SHUtPHWUR PHGH P ([SDQGLX VH R GHVHQKR DFRSODQGR HP FDGD ODGR GHVVH WULkQJXOR XP TXDGUDGR 3DUD IHFKDU D ILJXUD IRUDP WUDoDGRV VHJPHQWRV UHWLOtQHRV FRPSOHWDQGR DVVLP R ORJRWLSR

1RV SUHSDUDWLYRV SDUD D &RSD GR 0XQGR GH HVVH ORJRWLSR

(;$0( '( $'0,66­2 $2 2 $12 '2 &3&$5 ± 0$7(0È7,&$ ± 9(56­2 $

($ &3&$5

VHUi SLQWDGR FRP WLQWDV GH PHVPD TXDOLGDGH H WH[WXUD D VDEHU

8P SLQWRU IRL FRQWUDWDGR SDUD SLQWDU D IDFKDGD GR SUpGLR GR &RPDQGR GD (3&$5 HP GHFRUUrQFLD GDV FRPHPRUDo}HV GR VHX x R WULkQJXOR FHQWUDO QD FRU EUDQFD VH[DJpVLPR DQLYHUViULR x RV GHPDLV WULkQJXORV QD FRU YHUGH (VVH SLQWRU FREUD XP YDORU IL[R GH UHDLV H PDLV XPD TXDQWLD x RV TXDGUDGRV QD FRU DPDUHOD TXH GHSHQGH GD iUHD SLQWDGD

$ WDEHOD VHJXLQWH LQGLFD R RUoDPHQWR DSUHVHQWDGR SHOR SLQWRU 6DEH VH TXH FDGD ILJXUD VHUi SLQWDGD DSHQDV XPD YH] H TXH

FDGD PLOLOLWUR GH WLQWD FREUH FP GH iUHD 7RWDO \ D SDJDU SHOD ÈUHD [ SLQWDGD HP Pð

SLQWXUD HP UHDLV

&RQVLGHUH H PDUTXH D DOWHUQDWLYD FRUUHWD LQFOXLQGR D SDUFHOD IL[D

D 2 FRQVXPR WRWDO GH WLQWD VHUi GH PDLV GH PHLR OLWUR

E $V iUHDV EUDQFD H YHUGH MXQWDV HTXLYDOHP D GD iUHD

DPDUHOD

F 2 FRQVXPR GH WLQWD DPDUHOD VHUi R GREUR GR FRQVXPR GH

WLQWD YHUGH

G $ iUHD EUDQFD FRUUHVSRQGH D GD iUHD YHUGH

5(62/8d­2 &RP EDVH QRV GDGRV DFLPD FODVVLILTXH HP 9 YHUGDGHLUR RX

) IDOVR FDGD LWHP DEDL[R

2 SLQWRU FREUD UHDLV PDLV UHDLV SHOR PHWUR TXDGUDGR SLQWDGR

6H IRUDP SDJRV SHOD SLQWXUD UHDLV HQWmR D iUHD SLQWDGD IRL GH Pð

3HOD SLQWXUD GH XPD iUHD FRUUHVSRQGHQWH D Pð VHULD FREUDGR PHQRV GH UHDLV

7HP VH D VHTXrQFLD FRUUHWD HP

D 9 ± ) ± ) F ) ± 9 ± )

E 9 ± ) ± 9 G ) ± ) ± 9

,

P FP

5(62/8d­2

"

6EUDQFD

'H DFRUGR FRP D LQIRUPDomR ³(VVH SLQWRU FREUD XP YDORU IL[R GH UHDLV H PDLV XPD TXDQWLD 6EUDQFD FP TXH GHSHQGH GD iUHD SLQWDGD ´ SRGHPRV PRQWDU D VHJXLQWH

WDEHOD ,, D q ± q q

9$/25 9$/25 9$/25 &2%5$'2 3(/$ È5($ ; &2%5$'2 325 ),;2

È5($ ; 3,17$'$ P

P 3,17$'2 5

3,17$'$ P

5

&- H -(

6''&( FP

6YHUGH FP $VVLP SRGHPRV DILUPDU

) 2 SLQWRU FREUD UHDLV PDLV UHDLV SHOR PHWUR TXDGUDGR

,,, 6DPDUHOD FP SLQWDGR

9$/25 9$/25

9

&2%5$'2 9$/25 &2%5$'2 È5($ ; D )DOVD

FP o P"

E 9HUGDGHLUD FP

z G )DOVD

FP

" "

FP

F )DOVD

z

5HVSRVWD RSomR E

)

),;2 5

3(/$ È5($ ; 3,17$'$ P

3,17$'$

P

325 P 3,17$'2 5

5HVSRVWD RSomR F

y P

UHDLV

($ &3&$5

(;$0( '( $'0,66­2 $2 2 $12 '2 &3&$5 ± 0$7(0È7,&$ ± 9(56­2 $

8PD HPSUHVD LPRELOLiULD FRORFRX QXP RXWGRRU GH XPD FLGDGH GR LQWHULRU GH 0LQDV *HUDLV R DQ~QFLR FRPR UHSURGX]LGR DEDL[R

&RQVLGHUDQGR TXH R WHUUHQR ORWHDGR p HP IRUPD GH WULkQJXOR FRPR QR GHVHQKR DFLPD RQGH DV UXDV 7DOHV H (XOHU FUX]DP VH VRE kQJXOR REWXVR p FRUUHWR DILUPDU TXH RV Q~PHURV 0Ë1,02 H 0È;,02 GH ORWHV QR /RWHDPHQWR GR 0DWHPiWLFR VmR UHVSHFWLYDPHQWH LJXDLV D

D H F H E H G H

5(62/8d­2

&RQVLGHUH RV Q~PHURV UHDLV D E H [ WDLV TXH

D E [ D ± E [± D / E / D DE E D E

2 YDORU GD H[SUHVVmR <

D E D DE E

p § D DE · ¸ ¨ ¨ D ¸ ¹ ©

D

F [

E [

G

[

5(62/8d­2

D DE E D E

\

D E D DE E

§ D DE · ¨ ¸ ¨ D ¸ © ¹

D E D E

D E D E D DE E

§D E· ¨ ¸ © ¹

D E D E

\

D E D E

§D E· ¨ ¸ © ¹

D E

D E

[

[

[

5HVSRVWD RSomR E

6HMD I D IXQomR UHDO GHILQLGD SRU I [ D[ ± E[ F H 9 R YpUWLFH GD SDUiEROD UHSUHVHQWDGD JUDILFDPHQWH SRU

$SyV D DQiOLVH JUiILFD DVVLQDOH D DOWHUQDWLYD ,1&255(7$

F D EF !

D D E F E

, [ ! PDLRU ODGR

,, ± [ [ /RJR [

ORWHV 6H [

6H [

ORWHV

QR GH ORWHV PtQLPR Pi[LPR

5HVSRVWD RSomR F

DE

F

G EF ± D

5(62/8d­2

x D FRQFDYLGDGH YROWDGD SDUD EDL[R

E

E x [ 9

E! D D x I F F !

5HVSRVWD RSomR G

(;$0( '( $'0,66­2 $2 2 $12 '2 &3&$5 ± 0$7(0È7,&$ ± 9(56­2 $

($ &3&$5

$ PpGLD DULWPpWLFD GDV UDt]HV GD HTXDomR D [

D

D [

QD LQFyJQLWD [ D V ë p XP Q~PHUR

D LUUDFLRQDO SRVLWLYR E SULPR tPSDU

5(62/8d­2

1D ILJXUD WHPRV

F P~OWLSOR GH G GLYLVRU SDU GH

5(62/8d­2

D [

D [

D D [ D [

D

D [ D [ D [

D [

[

D

D

D

D o VmR YDORUHV TXH VDWLVID]HP D HTXDomR

­° D D ½° /RJR 6 ®

¾

°¿ °¯

PpGLD GDV UDt]HV

5HVSRVWD RSomR F [

r

6H DV FDPDV GH XP GRUPLWyULR IRUHP GLVWULEXtGDV HP [ ILOHLUDV KRUL]RQWDLV LJXDLV FRQWHQGR \ FDPDV FDGD VREUDUmR FDPDV 6H DV PHVPDV FDPDV IRUHP GLVWULEXtGDV HP [ ILOHLUDV KRUL]RQWDLV LJXDLV FRQWHQGR \ ± FDPDV FDGD DLQGD FRQWLQXDUmR VREUDQGR FDPDV (QWmR [ \ p LJXDO D

D

F

E

G

5(62/8d­2

[ \

HP \ ± \ ± \ RX \ ± QmR FRQYpP

VH \ [

/RJR [ \

5HVSRVWD RSomR D

1D ILJXUD DEDL[R $%&' p XP TXDGUDGR H $'4 p XP WULkQJXOR

HTXLOiWHUR

2V SRQWRV ' 6 5 H % HVWmR DOLQKDGRV DVVLP FRPR $ 6 3 H &

6H 5% ิ 4% ิ 3& ิ 4& HQWmR p ,1&255(72 DILUPDU TXH

Ö5 z &% Ö4

D QRV WULkQJXORV &%4 H 6$5 WHP VH 6$

Ö Ö Ö E QRV WULkQJXORV %4' $5% H $4' WHP VH %4' $5% $4'

Ö' GRV WULkQJXORV '3& H $6' p Ö& H $ 6 F D VRPD GRV kQJXORV '3

Ö & GR WULkQJXOR %4& PDLRU GR TXH R kQJXOR %4

Ö$ &3 Ö4 G QRV WULkQJXORV 6$5 H 3&4 WHP VH 65

­ [ \ [ \ ® ¯ [ \ [\ \ [

$QDOLVDQGR DV DOWHUQDWLYDV WHPRV

D )DOVD

Ö5 &%4 q 3RLV 6$

E 9HUGDGHLUD

Ö ' $5 Ö '

Ö% q q q $4 3RLV %4 F 9HUGDGHLUD Ö' q q q TXH p PDLRU Ö& $6 3RLV '3 Ö & q %4 G 9HUGDGHLUD

Ö$ &3 Ö4 q q 3RLV 65

5HVSRVWD RSomR D

TXH

(;$0( '( $'0,66­2 $2 2 $12 '2 &3&$5 ± 0$7(0È7,&$ ± 9(56­2 $

($ &3&$5

$ 5HYLVWD eSRFD SXEOLFRX XPD UHSRUWDJHP HP PDUoR GH 'XUDQWH DV FRPHPRUDo}HV GRV DQRV GD (3&$5 HP YLUWXGH GR VREUH DV SRVVtYHLV PXGDQoDV QD &DGHUQHWD GH 3RXSDQoD QR ORXYiYHO GHVWDTXH TXH RV DOXQRV GR &3&$5 DOFDQoDUDP HP %UDVLO QDV 2OLPStDGDV GH 0DWHPiWLFD VHUmR SURGX]LGDV SODFDV SDUD

SUHPLDomR GRV PHOKRUHV FODVVLILFDGRV

³ $QWLJR SDWLQKR IHLR GDV DSOLFDo}HV ILQDQFHLUDV D ERD H YHOKD 7DLV SODFDV GHYHUmR FRQWHU R HPEOHPD DEDL[R FXMDV ILJXUDV &DGHUQHWD GH 3RXSDQoD YROWRX D GHVSHUWDU RV ROKDUHV GRV JHRPpWULFDV VHUmR FRQWRUQDGDV SRU XP ILR GH RXUR GH HVSHVVXUD LQYHVWLGRUHV iYLGRV SRU ID]HU R GLQKHLUR UHQGHU VHP FRUUHU XQLIRUPH ULVFRV ´

'DGRV

2 JUiILFR DEDL[R PRVWUD R UHQGLPHQWR GH GRLV IXQGRV GH

R DSOLFDomR &', H &DGHUQHWD GH 3RXSDQoD QR SHUtRGR HQWUH GH

MDQHLUR D GH GH]HPEUR GH FDGD DQR

6DEHQGR TXH J GH RXUR FXVWDP 5 H SURGX]HP FP

GHVVH ILR SRGH VH HVWLPDU TXH R YDORU HP UHDLV JDVWR FRP R

RXUR SDUD D FRQIHFomR GH XPD PHGDOKD HVWDUi HQWUH RV Q~PHURV

F H D H

G H E H

5(62/8d­2

$QDOLVH R JUiILFR DFLPD H FODVVLILTXH DV SURSRVLo}HV TXH VHJXHP HP 9 YHUGDGHLUDV RX ) IDOVDV

'XUDQWH R DQR GH D &DGHUQHWD GH 3RXSDQoD WHYH

UHQGLPHQWR SHUFHQWXDO FRQVWDQWH '(

VHQ q '(

$ DSOLFDomR QR &', IRL VHPSUH PDLV YDQWDMRVD HP TXDOTXHU

SHUtRGR HQWUH MDQHLUR GH H GH]HPEUR GH (2

1R SULPHLUR VHPHVWUH GH KRXYH XP PRPHQWR HP

FRV q (2 ($

TXH HUD LQGLIHUHQWH DSOLFDU QR &', RX QD &DGHUQHWD GH

3RXSDQoD

7HP VH D VHTXrQFLD FRUUHWD HP

D 9 ± 9 ± ) F 9 ± ) ± )

E 9 ± ) ± 9 G ) ± 9 ± )

'% 5(62/8d­2

R 9

R )

R 9

[

[ [ [

[

& SU & FP

PHVHV

PHVHV

PHVHV

5HVSRVWD RSomR E

3HUtPHWUR FP

J 5 FP [ \ FP

[ H \

5HVSRVWD RSomR E

($ &3&$5

(;$0( '( $'0,66­2 $2 2 $12 '2 &3&$5 ± 0$7(0È7,&$ ± 9(56­2 $

6REUH RV ODGRV GR WULkQJXOR HTXLOiWHUR $%& DEDL[R WRPDP VH RV SRQWRV ' ( H ) WDLV TXH $' %( &)

),*85$ ,

6REUH RV ODGRV GR WULkQJXOR '() GD ILJXUD , WRPDP VH RV SRQWRV * + H , WDLV TXH '* (+ ),

),*85$ ,,

&RP EDVH QDV ILJXUDV , H ,, WHP VH QHFHVVDULDPHQWH TXH

D R WULkQJXOR *+, p LVyVFHOHV E RV WULkQJXORV '*, *(+ H +), VmR UHWkQJXORV F ,+ $% *+ $& H ,* %& Ö ( p DJXGR G *+

5(62/8d­2

1D ILJXUD , WHPRV

2V WULkQJXORV )$' '%( H (&) VmR VHPHOKDQWHV FRQJUXHQWHV H D E q $VVLP R WULkQJXOR '() p HTXLOiWHUR

1D ILJXUD ,,

2V WULkQJXORV '*, (+* H ),+ VmR VHPHOKDQWHV FRQJUXHQWHV H [ \ q $VVLP R WULkQJXOR *+, p HTXLOiWHUR

$QDOLVDQGR DV DOWHUQDWLYDV WHPRV

D 9HUGDGHLUD 2 WULkQJXOR *+, VHQGR HT LOiWHUR WDPEpP p LVyVFHOHV E )DOVD &RPR [ \ q QmR Ki QHFHVVLGDGH GH TXH [ RX \ VHMD UHWR F )DOVD ,+ $% [ q H \ q TXH QmR VmR YDORUHV QHFHVViULRV G )DOVD Ö ( q 3RLV q *+

5HVSRVWD RSomR D

&KDPD VH DJULPHQVXUD D DUWH GH PHGLomR GH WHUUDV 2 DJULPHQVRU p DTXHOH TXH REWpP DV PHGLGDV GH XP WHUUHQR 8P ID]HQGHLUR FRPSURX XP WHUUHQR FXMD EDVH SODQLILFDGD WHP D IRUPD GH XP UHWkQJXOR $ SHGLGR GR ID]HQGHLUR R DJULPHQVRU GHVHQKRX D YLVWD IURQWDO H D YLVWD ODWHUDO GHVVH WHUUHQR LQGLFDQGR PHGLGDV SUHFLVDV TXH HOH REWHYH XWLOL]DQGR VH GH HVWDFDV DX[LOLDUHV GH PHVPD PHGLGD

7RPDQGR VH FRPR UHIHUrQFLD D IRUPD SODQLILFDGD UHWDQJXODU GR WHUUHQR FXMR FXVWR GR PHWUR TXDGUDGR IRL GH UHDLV SDUD R ID]HQGHLUR p FRUUHWR DILUPDU TXH

D WHP PDLV GH P GH ODWHUDO E VXD iUHD WRWDO p GH P F IRL FRPSUDGR SHOR YDORU GH UHDLV G WHP PHQRV GH P GH IUHQWH

5(62/8d­2

VHQ q

\

\ FP

FRV q

K

K FP

WJ q

[ FP [

[ \ P

(;$0( '( $'0,66­2 $2 2 $12 '2 &3&$5 ± 0$7(0È7,&$ ± 9(56­2 $

($ &3&$5

ÈUHD GH VHWRUHV GH q

S

u

S

S

u

S

WJ q

]

]

K

] FP

5HVSRVWD RSomR D

2 VtPEROR SDUD D ³&RRSHUDWLYD $JUtFROD %HTXHDQD´ p R GHVHQKR GD ILJXUD DEDL[R

),*85$ ,

7DO VtPEROR IRL HODERUDGR VHJXLQGR DV LQGLFDo}HV QD ILJXUD D VHJXLU

),*85$ ,,

'DGRV 2$ { 2% { 2& { { 2+ FP 2$ { 20 { 21 { 2% { { 28 { 2+ FP

1D ILJXUD ,, R HVSDoR HQWUH GXDV OLQKDV UHWDV WUDFHMDGDV H FRQVHFXWLYDV LQGLFD XP kQJXOR FHQWUDO GH $ iUHD KDFKXUDGD GD ILJXUD HP FP PHGH

S S D

F

S S E

G

5(62/8d­2

ÈUHD GH VHWRUHV GH q

ÈUHD WRWDO

S S S

5HVSRVWD RSomR G