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*($SSOLDQFHVFRP
&DQWLGDG 3RVLFLRQ 3ULPHU/DGR 6HJXQGR/DGR
$OLPHQWR \R*URVRU GHOD 7LHPSRPLQ 7LHPSRPLQ &RPHQWDULRV
3DUULOOD
&DUQHSLFDGD
µD
µ '   'LVWULE~\DODVHQ
FPDFPGHDQFKR IRUPDXQLIRUPH
%LVWHF
-XJRVR
µDµ )   (VGLItFLOFRFLQDU
0HGLR FPDFPGHDQFKR (  MXJRVRVORVILOHWHV
%LHQFRFLGR
D
øOEVNJDNJ
(   GHPHQRVGH
µ
FP
-XJRVR
µFPGHDQFKR (   5HWLUHODJUDVD
0HGLR
D
øOEVNJDNJ
(  
%LHQFRFLGR '  
3ROOR HQWHURWUR]DGR &   3LQWHFDGDODGRFRQ

D
øOEVNJDNJ
PDQWHFDGHUUHWLGD
DORODUJR $VHSULPHURHOODGR
3HFKXJD &   GHODSLHOKDFLDDEDMR
3URGXFWRV 'LVWULEX\D
GHSDQDGHUtD XQLIRUPHPHQWH
3DQWRVWDGR DUHEDQDGDV )   &RORTXHORVPXIILQV
0XIILQVLQJOHVHV FRUWDGRV )  LQJOHVHVFRQHOODGR
FRUWDGRKDFLDDUULED
\SLQWHFRQPDQWHFD
VLORGHVHD
&RODV ² & ² 1RGDU 5HDOLFHXQFRUWHDOR
GHODQJRVWD YXHOWD ODUJRÈEUDOD3LQWHFRQ
PDQWHFDGHUUHWLGD
DQWHVGHDVDU\
GHVSXpVGHODPLWDG
GHOWLHPSRGHFRFFLyQ
)LOHWHV OE
NJ
µD
µ (   'pYXHOWDFRQFXLGDGR
GHSHVFDGR >FPDFP@ 3LQWDUFRQOLPyQ\
GHJURVRU PDQWHFDDQWHV\
GXUDQWHODFRFFLyQ
VLORGHVHD
6DOPyQ
%LVWHF µ>FP@GHJURVRU (   *LUHFRQFXLGDGR
)LOHWH 
µD
µ (  1RJLUHHOODGRGHOD
>FPDFP@GHJURVRU SLHOKDFLDDEDMR
7DMDGDVGHMDPyQ
µFPGHJURVRU '  
SUHFRFLGDV µFPGHJURVRU '  
&RVWLOOLWDV
GHFHUGR
µ>FP@GHJURVRU '   5HWLUHODJUDVD
%LHQFRFLGDV µ>FP@GHJURVRU '  
OENJ
&RVWLOOLWDV
GHFRUGHUR
0HGLR

µ
>FP@GHJURVRU
(   5HWLUHODJUDVD
DOUHGHGRUGHD
%LHQFRFLGDV R]JDJ ( 
0HGLR 
øµ>
FP@
GHJURVRU ( 
%LHQFRFLGDV DOUHGHGRUGHOE
NJ
(  
*XtDGHDVDGR
(OWDPDxRSHVRJURVRU
WHPSHUDWXUDLQLFLDO\HO
SXQWRGHFRFFLyQSUHIHULGR
DIHFWDUiQORVWLHPSRV
GHDVDGR(VWDJXtD
HVWiEDVDGDHQFDUQHV
FRQWHPSHUDWXUDGH
UHIULJHUDGRU
(O0LQLVWHULRGH$JULFXOWXUDGHORV
((88DILUPD´ODFDUQHYDFXQD
MXJRVDHVPX\SRSXODUSHUR
GHEHVDEHUVHTXHDOFRFLQDUOD
DVyOR)&DOJXQRV
RUJDQLVPRVTXHSURYRFDQ
LQWR[LFDFLyQSXHGHQVREUHYLYLUµ
)XHQWH6DIH)RRG%RRN<RXU
.LWFKHQ*XLGH86'$5HY-XQLR


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