& WW K :W d
ƒ!" !$!""&
KD
3ULQFtSLR >@ p SRU GHILQLomR PDQGDPHQWR QXFOHDU GH XP VLVWHPD
YHUGDGHLUR DOLFHUFH GHOH GLVSRVLomR IXQGDPHQWDO TXH VH LUUDGLD
VREUH GLIHUHQWHV QRUPDV FRPSRQGROKHV R HVStULWR H VHUYLQGR GH
FULWpULR SDUD VXD H[DWD FRPSUHHQVmR H LQWHOLJrQFLD H[DWDPHQWH SRU
GHILQLU D OyJLFD H D UDFLRQDOLGDGH GR VLVWHPD
QRUPDWLYRQRTXHOKHFRQIHUHDW{QLFDHOKHGiVHQWLGRKDUP{QLFR
K
& >D^ Α
& /// >/s E'E
2OKDUHVHVSHFLDLVGHYHPYROWDUVHDRSULQFtSLRGDGLJQLGDGHGDSHVVRDKXPDQDH
DR SULQFtSLR GR GHYLGR SURFHVVR OHJDO $ILQDO UHVSHLWDGD D GLJQLGDGH
GD SHVVRD
KXPDQDVHMDGRkQJXORGRDFXVDGRVHMDGRSULVPDGDYtWLPDGRFULPHDOpPGH
DVVHJXUDGD D ILHO DSOLFDomR GR GHYLGR SURFHVVR OHJDO SDUD D
FRQVLGHUDomR GH LQRFrQFLD RX FXOSD HVWiVH FXPSULQGR QD SDUWH SHQDO
H SURFHVVXDO SHQDO R
REMHWLYRGR(VWDGRGH'LUHLWRHFRPrQIDVHGHPRFUiWLFR
ubm1rbo7-7b]mb7-7;7-r;vvo-_l-m-
K / d / &Z
W ^ : Z > > d:> > >> Z WW WWE, >DEdK:jE/KZZ/
^WZd D>>K ^WD Eh/'^W ^WZ d
'(/(*$d®2'(6(59,d26127$5,$,6(5(*,675$,6'256
/Z/dKWZK^^h>WE>
K
E W
ubm1rbo7o7;b7oruo1;vvo;]-
K>/s&
/
d
&
^d& Z/D&
s
ubm1rbo7-;]-b7-7;
K //&
K &
ZhZ^K ydZKZ/EZ/K DdZ/ dZ/hdZ/ ^h^d/dh/K >'> K^ &dKZ^ /EyK
>' K&E^ ^ 'ZEd/^ KE^d/dh/KE/^ K /Z/dK Yh/Z/K EdZ/KZ/ dZ/hdZ/
/EKKZZE/ ^/DW>^ dh>/K DKEdZ/ Yh EK ^ KE&hE KD D:KZK K
dZ/hdK ZhZ^K /DWZKs/K K W W Η Η & >/s K ,
WZZZD>^KD>>K ^d :WWDEdsK>WWZd:sK>WW
'(/(*$d®2'(6(59,d26127$5,$,6(5(*,675$,6'256
/Z/dKWZK^^h>WE>
ubm1rbo7-b]-7-7;7-vr-u|;v
E WW
ubm1rbo7ofbm-|u-
&
ubm1rbo7-bm-=-v|-0bb7-7;7-fubv7b2o
Kyyys W:
W :
ubm1rbo7o1om|u-7b|ubo;-lr-7;=;v-
E>s
K
E
E
yys// >//
'(/(*$d®2'(6(59,d26127$5,$,6(5(*,675$,6'256
/Z/dKWZK^^h>WE>
E WW
: W
d :
ubm1rbo7-bm-7lbvvb0bb7-7;7;ruo-vo0|b7-vroul;bovb1b|ov
K >s/ &
K W W >
ubm1rbov7-lo|b-2o;7-r0b1b7-7;
Z
K
d:
ubm1rbov7-o0ub]-|oub;7-7;7-o=b1b-b7-7; ;7-bm7bvromb0bb7-7;
K
K
DWW E
'(/(*$d®2'(6(59,d26127$5,$,6(5(*,675$,6'256
/Z/dKWZK^^h>WE>
ubm1rbo7-bmb1b-|b-7-vr-u|;v
K
ubm1rbo7-b7;m|b7-7;=vb1-7ofb
K > Α Σ
WW WWW
ubm1rbo7-ru;vm2o7;bmo1m1b-
K>s//&E
K K
K^d& W ,
ubm1rbo7o=-ouu;bo bm70boruou;o
K K
ubm1rbo7o7ro]u-7;fubv7b2o
Z
!"$!" $! &"
,ZDZK^'ZhdW:/sh>'Wh>/DEd sK>WW K
'(/(*$d®2'(6(59,d26127$5,$,6(5(*,675$,6'256
/Z/dKWZK^^h>WE>
/
& d ΑΑ Z& E
: ^ d &
E
K K WW/
!$" "" $
, W ^ : Z W W
E Z Z ^ KEsEK 'EZ >/ hE/&KZD ^KZ >dZ^ D/K EKd^
WZKD/^^MZ/^ s> WK^dK EKd WZKD/^^MZ/ EK Z'/^dZ EK WZK >'>
/DWK^^//>/ ^Z K s>/^d
/KEKD^DKW>^s/^KZ/EZ/^s>/KZdK>/E' > ^ ZZZD ys/Z
>hYhZYh d W : WW DEd sK> WW Zd: sK> WW W W & E
/E>
'(/(*$d®2'(6(59,d26127$5,$,6(5(*,675$,6'256
/Z/dKWZK^^h>WE>
$UWLJR *DUDQWLDVMXGLFLDLV
7RGDSHVVRDWHUiRGLUHLWRGHVHURXYLGDFRPDVGHYLGDVJDUDQWLDVHGHQWURGHXPSUD]R
UD]RiYHO SRU XP MXL] RX 7ULEXQDO FRPSHWHQWH LQGHSHQGHQWH H
LPSDUFLDO HVWDEHOHFLGR
DQWHULRUPHQWHSRUOHLQDDSXUDomRGHTXDOTXHUDFXVDomRSHQDOIRUPXODGDFRQWUDHODRXQD
GHWHUPLQDomRGHVHXVGLUHLWRVHREULJDo}HVGHFDUiWHUFLYLOWUDEDOKLVWDILVFDORXGHTXDOTXHU
RXWUDQDWXUH]D
7RGDSHVVRDDFXVDGDGHXP
GHOLWRWHPGLUHLWRDTXHVHSUHVXPDVXDLQRFrQFLDHQTXDQWR
QmRIRUOHJDOPHQWHFRPSURYDGDVXDFXOSD'XUDQWHRSURFHVVRWRGDSHVVRDWHPGLUHLWRHP
SOHQDLJXDOGDGHjVVHJXLQWHVJDUDQWLDVPtQLPDV
DGLUHLWRGRDFXVDGRGHVHUDVVLVWLGRJUDWXLWDPHQWHSRUXPWUDGXWRURXLQWpUSUHWHFDVRQmR
FRPSUHHQGDRXQmRIDOHDOtQJXDGRMXt]RRXWULEXQDO
EFRPXQLFDomRSUpYLDHSRUPHQRUL]DGDDRDFXVDGRGDDFXVDomRIRUPXODGD
FFRQFHVVmRDRDFXVDGRGRWHPSRHGRVPHLRVQHFHVViULRVjSUHSDUDomRGHVXDGHIHVD
GGLUHLWRGRDFXVDGRGHGHIHQGHUVHSHVVRDOPHQWHRXGHVHUDVVLVWLGRSRUXPGHIHQVRUGH
VXDHVFROKDHGHFRPXQLFDUVHOLYUHPHQWHHHPSDUWLFXODUFRPVHXGHIHQVRU
H GLUHLWR LUUHQXQFLiYHO GH VHU DVVLVWLGR SRU XP GHIHQVRU
SURSRUFLRQDGR SHOR (VWDGR
UHPXQHUDGRRXQmRVHJXQGRDOHJLVODomRLQWHUQDVHRDFXVDGRQmRVHGHIHQGHUHOHSUySULR
QHPQRPHDUGHIHQVRUGHQWURGRSUD]RHVWDEHOHFLGRSHODOHL
I GLUHLWR GD GHIHVD GH LQTXLULU DV WHVWHPXQKDV SUHVHQWHV QR
7ULEXQDO H GH REWHU R FRPSDUHFLPHQWR FRPR WHVWHPXQKDVRX
SHULWRVGHRXWUDVSHVVRDVTXHSRVVDP ODQoDU OX] VREUHRVIDWRV
JGLUHLWRGHQmRVHUREULJDGDDGHSRUFRQWUDVLPHVPDQHPDFRQIHVVDUVHFXOSDGDH
KGLUHLWRGHUHFRUUHUGDVHQWHQoDDMXL]RXWULEXQDOVXSHULRU
$FRQILVVmRGRDFXVDGRVypYiOLGDVH
IHLWDVHPFRDomRGHQHQKXPDQDWXUH]D
2DFXVDGRDEVROYLGRSRUVHQWHQoDWUDQVLWDGDHPMXOJDGRQmRSRGHUiVHUVXEPHWLGRDQRYR
SURFHVVRSHORVPHVPRVIDWRV
2 SURFHVVR SHQDO GHYH VHU S~EOLFR VDOYR QR TXH IRU QHFHVViULR SDUD
SUHVHUYDU RV LQWHUHVVHVGDMXVWLoD
K WWE /
W ^ d &
$57,*2
4XDOTXHU SHVVRD SUHVD RX HQFDUFHUDGD HP YLUWXGH GH LQIUDomR SHQDO
GHYHUi VHU FRQGX]LGD VHP GHPRUD j SUHVHQoD GR MXL] RX GH RXWUD
DXWRULGDGH KDELOLWDGD SRU OHL D
Zd/'K d E E
Y
Y
Y
Y
Zd/'K d
KK
Zd/'K E
Zd/'K dd
W d d
H[HUFHUIXQo}HVMXGLFLDLVH
WHUiRGLUHLWRGHVHUMXOJDGDHPSUD]RUD]RiYHORXGHVHUSRVWDHP
OLEHUGDGH$SULVmRSUHYHQWLYDGHSHVVRDVTXHDJXDUGDPMXOJDPHQWRQmRGHYHUiFRQVWLWXLUD
UHJUD JHUDO PDV D VROWXUD SRGHUi HVWDU FRQGLFLRQDGD D JDUDQWLDV TXH
DVVHJXUHP R FRPSDUHFLPHQWR GD SHVVRD HP TXHVWmR j DXGLrQFLD D WRGRV
RV DWRV GR SURFHVVR H VH QHFHVViULRIRUSDUDDH[HFXomRGDVHQWHQoD
W& D W ^d& WW /,
$"$! !$$!!""&
!""& "
W W
WW
2VWUDWDGRVFRQYHQo}HVHUHJUDVGHGLUHLWRLQWHUQDFLRQDOTXHVHUmRDERUGDGRVQR
LWHP
2VFDVRVGHDWXDomRGDMXULVGLomRSROtWLFD±
FULPHVGHUHVSRQVDELOLGDGHDUW,H,,
DOpPGRDUWWRGRVGD&RQVWLWXLomR)HGHUDO
ZM',Z/WWZ: W WW ///// K /s s &^d&W& & >
>/
'(/(*$d®2'(6(59,d26127$5,$,6(5(*,675$,6'256
/Z/dKWZK^^h>WE>