,VWUX]LRQL SHU OಬXVR 8 & ) 0DQXDO GH LQVWUX©·HV 0DQXDO GH LQVWUXFFLRQHV )ULJRULIHUR )ULJRU¯ILFR )ULJRU¯ILFR
1',&( ,QIRUPD©·HV GH VHJXUDQ©D ,QVWUX©·HV GH VHJXUDQ©D ,QVWDOD©¥R 3DLQHO GH FRPDQGRV 8WLOL]D©¥R GL£ULD 6XJHVW·HV H GLFDV 0DQXWHQ©¥R H OLPSH]D 5HVROX©¥R GH SUREOHPDV 5X¯GRV ,QIRUPD©¥R W«FQLFD ,QIRUPD©¥R SDUD WHVWHV $32,2 $2 &/,(17( ( $66,671&,$ 8WLOL]H VHPSUH SH©DV GH VXEVWLWXL©¥R RULJLQDLV 6HPSUH TXH FRQWDFWDU R QRVVR &HQWUR GH $VVLVW¬QFLD 7«FQLFD $XWRUL]DGR DVVHJXUH TXH WHP GLVSRQ¯YHLV RV GDGRV VHJXLQWHV 0RGHOR 1¼PHUR GH 6«ULH (VWD LQIRUPD©¥R HQFRQWUD VH QD S
ವ ವ ವ ವ ವ ವ &ULDQ©DV FRP LGDGHV HQWUH RV H RV DQRV HVW¥R DXWRUL]DGDV D FDUUHJDU H GHVFDUUHJDU R DSDUHOKR GHVGH TXH WHQKDP VLGR GHYLGDPHQWH LQVWUX¯GDV (VWH DSDUHOKR SRGH VHU XWLOL]DGR SRU SHVVRDV FRP LQFDSDFLGDGHV PXLWRV H[WHQVDV H FRPSOH[DV GHVGH TXH GHYLGDPHQWH LQVWUX¯GDV QHFHVV£ULR PDQWHU DV FULDQ©DV FRP PHQRV GH DQRV GH LGDGH DIDVWDGDV GR DSDUHOKR D PHQRV TXH FRQVWDQWHPHQWH YLJLDGDV 1¥R SHUPLWD TXH DV FULDQ©DV EULQTXHP FRP R DSDUHOKR $ OLPSH]D H D PDQXWHQ©¥R E£VLFD GR DSDUHOKR Q¥R GH
ವ ವ ವ ವ ವ ವ ವ ವ $9,62 1¥R GDQLILTXH R FLUFXLWR GH UHIULJHUD©¥R $9,62 1¥R XWLOL]H DSDUHOKRV HO«FWULFRV GHQWUR GRV FRPSDUWLPHQWRV GR DSDUHOKR GHVWLQDGRV D DOLPHQWRV D Q¥R VHU TXH VHMDP GR WLSR UHFRPHQGDGR SHOR IDEULFDQWH 1¥R XWLOL]H MDWRV GH £JXD RX YDSRU SDUD OLPSDU R DSDUHOKR /LPSH R DSDUHOKR FRP XP SDQR PDFLR K¼PLGR 8WLOL]H DSHQDV GHWHUJHQWHV QHXWURV 1¥R XWLOL]H SURGXWRV DEUDVLYRV HVIUHJ·HV VROYHQWHV RX REMHWRV PHW£OLFRV 4XDQGR R DSDUHOKR HVWLYHU YD]LR GXUDQWH XP ORQJR SHU¯RGR GHVOLJXH
/LJD©¥R HO«WULFD $9,62 5LVFR GH LQF¬QGLR H FKRTXH HO«WULFR $9,62 4XDQGR FRORFDU R DSDUHOKR QD SRVL©¥R GHILQLWLYD FHUWLILTXH VH GH TXH R FDER GH DOLPHQWD©¥R Q¥R ILFD HQWDODGR RX GDQLILFDGR $9,62 1¥R XWLOL]H DGDSWDGRUHV FRP Y£ULDV WRPDGDV QHP FDERV GH H[WHQV¥R ವ 2 DSDUHOKR WHP GH ILFDU OLJDGR ¢ WHUUD ವ &HUWLILTXH VH GH TXH RV SDU¤PHWURV LQGLFDGRV QD SODFD GH FDUDFWHU¯VWLFDV V¥R FRPSDW¯YHLV FRP DV FDUDFWHU¯VWLFDV GD DOLPHQWD©¥R HO«FWULFD ವ 8WLOL]H VHPSUH XPD WRPDGD GHYLGDPHQWH LQVWDODGD H ¢ SURYD
ವ (VWH DSDUHOKR FRQW«P KLGURFDUERQHWRV QD VXD XQLGDGH GH DUUHIHFLPHQWR $ PDQXWHQ©¥R H R UHFDUUHJDPHQWR Vµ GHYHP VHU HIHFWXDGRV SRU XPD SHVVRD TXDOLILFDGD ವ ,QVSHFFLRQH UHJXODUPHQWH R HVFRDPHQWR GR DSDUHOKR H OLPSH R VH QHFHVV£ULR 6H R RULI¯FLR GH HVFRDPHQWR HVWLYHU EORTXHDGR D £JXD GHVFRQJHODGD ILFD DFXPXODGD QD SDUWH LQIHULRU GR DSDUHOKR $VVLVW¬QFLD 7«FQLFD ವ &RQWDFWH R &HQWUR GH $VVLVW¬QFLD 7«FQLFD $XWRUL]DGR VH IRU QHFHVV£ULR UHSDUDU R DSDUHOKR 8WLOL]H DSHQDV SH©DV GH VXEVWLWXL©¥R RULJLQDLV ವ
D3 D1 'LPHQV·HV D2 ° H2 90 H1 W1 W3 W2 'LPHQV·HV JHUDLV { + PP : PP ' PP { D DOWXUD ODUJXUD H SURIXQGLGDGH GR DSDUHOKR VHP SX[DGRU H S«V (VSD©R QHFHVV£ULR HP XWLOL]D©¥R t + PP : PP ' PP t D DOWXUD ODUJXUD H SURIXQGLGDGH GR DSDUHOKR LQFOXLQGR R SX[DGRU PDLV R HVSD©R QHFHVV£ULR SDUD D OLYUH FLUFXOD©¥R GR DU GH DUUHIHFLPHQWR (VSD©R JHUDO QHFHVV£ULR HP XWLOL]D©¥R u + PP : PP ' PP u D DOWXUD ODUJXUD H SURIXQGLGDGH GR DSDU
7HP GH VHU SRVV¯YHO GHVOLJDU R DSDUHOKR GD IRQWH GH FRUUHQWH HO«FWULFD $ ILFKD WHP GH HVWDU IDFLOPHQWH DFHVV¯YHO DSµV D LQVWDOD©¥R /LJD©¥R HO«WULFD ವ $QWHV GH OLJDU D ILFKD QD WRPDGD FHUWLILTXH VH GH TXH D YROWDJHP H D IUHTX¬QFLD LQGLFDGDV QD SODFD GH FDUDFWHU¯VWLFDV FRUUHVSRQGHP ¢ UHGH HO«FWULFD GD VXD FDVD ವ 2 DSDUHOKR WHP GH ILFDU OLJDGR ¢ WHUUD $ ILFKD GR FDER GH DOLPHQWD©¥R « IRUQHFLGD FRP XP FRQWDFWR SDUD HVVH ILP 6H D WRPDGD HO«WULFD GRP«VWLFD Q¥R HVWLYHU OLJDGD ¢ WHUUD OLJXH R DSDUHOKR D
87,/,=$ 2 ',5,$ &8,'$'2 (VWH DSDUHOKR GH UHIULJHUD©¥R Q¥R « DGHTXDGR SDUD FRQJHODU DOLPHQWRV 3RVLFLRQDPHQWR GDV SUDWHOHLUDV GD SRUWD 3DUD SHUPLWLU R DUPD]HQDPHQWR GH HPEDODJHQV GH DOLPHQWRV GH Y£ULDV GLPHQV·HV DV SUDWHOHLUDV GD SRUWD SRGHP VHU FRORFDGDV D GLIHUHQWHV DOWXUDV 1¥R GHVORTXH D SUDWHOHLUD GH YLGUR TXH FREUH D JDYHWD GH OHJXPHV SDUD JDUDQWLU XPD FLUFXOD©¥R GH DU FRUUHFWD *UDGXDOPHQWH SX[H D SUDWHOHLUD SDUD FLPD DW« VH OLEHUWDU 9ROWH D FRORFDU FRQIRUPH GHVHMDU *DYHWD SDUD O
$UPD]HQDPHQWR GH DOLPHQWRV FRQJHODGRV 4XDQGR DWLYDU R DSDUHOKR SHOD SULPHLUD YH] RX DSµV XP SHU¯RGR VHP XWLOL]D©¥R GHL[H R DSDUHOKR IXQFLRQDU GXUDQWH KRUDV DQWHV GH FRORFDU RV SURGXWRV QR FRPSDUWLPHQWR 0DQWHQKD RV DOLPHQWRV D PDLV GH PP GD SRUWD &8,'$'2 (P FDVR GH GHVFRQJHOD©¥R DFLGHQWDO SRU H[HPSOR GHYLGR D XPD IDOKD GH HQHUJLD VH D HQHUJLD IDOWDU GXUDQWH PDLV WHPSR GR TXH R LQGLFDGR QD SODFD GH FODVVLILFD©¥R HP ಯ7HPSR GH DXWRQRPLDರ RV DOLPHQWRV GHVFRQJHODGRV W¬P GH VHU FRQVXPLGRV UDSLGDPH
ವ 3DUD XP DUPD]HQDPHQWR DGHTXDGR FRQVXOWH R UµWXOR GD HPEDODJHP GRV DOLPHQWRV SDUD YHU D VXD YDOLGDGH ವ LPSRUWDQWH HQYROYHU RV DOLPHQWRV GH IRUPD D SUHYHQLU TXH £JXD KXPLGDGH RX FRQGHQVD©¥R HQWUHP QR LQWHULRU 'LFDV SDUD FRPSUDV $SµV DV FRPSUDV GH PHUFHDULD ವ *DUDQWD TXH D HPEDODJHP Q¥R HVW£ GDQLILFDGD RV DOLPHQWRV SRGHULDP HVWDU GHWHULRUDGRV 6H D HPEDODJHP HVWLYHU LQFKDGD RX K¼PLGD SRGH Q¥R WHU VLGR DUPD]HQDGD QDV FRQGL©·HV LGHDLV H D GHVFRQJHOD©¥R SRGH M£ WHU VLGR LQLFLDGD ವ 3DUD OLPLWDU
&RQVHOKRV SDUD D UHIULJHUD©¥R GH DOLPHQWRV IUHVFRV ವ $ UHJXOD©¥R GD WHPSHUDWXUD P«GLD JDUDQWH D ERD SUHVHUYD©¥R GRV DOLPHQWRV IUHVFRV $ UHJXOD©¥R GH XPD WHPSHUDWXUD PDLV DOWD QR LQWHULRU GR DSDUHOKR SRGH OHYDU D XPD GXUD©¥R PDLV FXUWD GRV DOLPHQWRV ವ 7DSH RV DOLPHQWRV FRP D HPEDODJHP SDUD SUHVHUYDU D VXD IUHVFXUD H DURPD ವ 8WLOL]H VHPSUH UHFLSLHQWHV IHFKDGRV SDUD O¯TXLGRV H DOLPHQWRV SDUD HYLWDU VDERUHV RX DURPDV QR FRPSDUWLPHQWR ವ 3DUD HYLWDU D FRQWDPLQD©¥R FUX]DGD HQWUH DOLPHQWRV FR]LQKDGRV H FUX
/LPSH]D SHULµGLFD 2 HTXLSDPHQWR WHP GH VHU OLPSR UHJXODUPHQWH /LPSH R LQWHULRU H RV DFHVVµULRV FRP £JXD PRUQD H XP SRXFR GH GHWHUJHQWH QHXWUR 9HULILTXH UHJXODUPHQWH RV YHGDQWHV GD SRUWD H OLPSH RV SDUD JDUDQWLU TXH HVW¥R OLPSRV H VHP UHV¯GXRV (Q[DJ¼H H VHTXH FXLGDGRVDPHQWH 'HVFRQJHODU R IULJRU¯ILFR 2 JHOR « HOLPLQDGR DXWRPDWLFDPHQWH GR HYDSRUDGRU GR FRPSDUWLPHQWR GR IULJRU¯ILFR GXUDQWH D XWLOL]D©¥R QRUPDO $ £JXD UHVXOWDQWH GD GHVFRQJHOD©¥R « GUHQDGD SRU XP FDQDO SDUD XP UHFLSLHQWH HVSHFLD
JHOR TXH VH WHQKDP SDUWLGR DQWHV GR ILP GD GHVFRQJHOD©¥R 4XDQGR D GHVFRQJHOD©¥R WHUPLQDU VHTXH R LQWHULRU PLQXFLRVDPHQWH /LJXH R DSDUHOKR H IHFKH D SRUWD 'HILQD R UHJXODGRU GH WHPSHUDWXUD SDUD REWHU D IUHVFXUD P£[LPD H FRORTXH R DSDUHOKR HP IXQFLRQDPHQWR GXUDQWH SHOR PHQRV WU¬V KRUDV FRP HVWD GHILQL©¥R $SHQDV DSµV HVWH SHU¯RGR FRORTXH RV DOLPHQWRV GH YROWD QR FRPSDUWLPHQWR GR FRQJHODGRU 2 DSDUHOKR HVW£ HTXLSDGR FRP XP ILOWUR GH HQWUDGD GH DU H XPD FRQGXWD GH VD¯GD GH DU QD JUHO
2 TXH ID]HU VH 3UREOHPD &DXVD SRVV¯YHO 6ROX©¥R 2 DSDUHOKR Q¥R IXQFLRQD 2 DSDUHOKR HVW£ GHVOLJDGR /LJXH R DSDUHOKR $ ILFKD GH DOLPHQWD©¥R HO«ಣ WULFD Q¥R HVW£ FRUUHWDPHQWH LQVHULGD QD WRPDGD /LJXH D ILFKD QD WRPDGD HO«ಣ WULFD FRUUHFWDPHQWH 1¥R H[LVWH WHQV¥R QD WRPDಣ GD HO«WULFD /LJXH XP DSDUHOKR HO«WULFR GLIHUHQWH ¢ WRPDGD HO«WULFD &RQWDFWH XP HOHWULFLVWD TXDಣ OLILFDGR 2 DSDUHOKR HPLWH GHPDVLDಣ GR UX¯GR 2 DSDUHOKR Q¥R HVW£ DSRLDಣ GR FRUUHWDPHQWH 9HULILTXH VH R DSDUHOKR VH PDQW
3UREOHPD &DXVD SRVV¯YHO 6ROX©¥R 2V DOLPHQWRV Q¥R HVW¥R HPಣ EDODGRV FRUUHWDPHQWH (PEDOH PHOKRU RV DOLPHQಣ WRV $ WHPSHUDWXUD Q¥R HVW£ GHILಣ QLGD FRUUHWDPHQWH &RQVXOWH R FDS¯WXOR ಯ3DLQHO GH FRQWURORರ 2 DSDUHOKR HVW£ WRWDOPHQWH FDUUHJDGR H UHJXODGR SDUD D WHPSHUDWXUD PDLV EDL[D 'HILQD XPD WHPSHUDWXUD VXಣ SHULRU &RQVXOWH R FDS¯WXOR ಯ3DLQHO GH FRQWURORರ $ WHPSHUDWXUD UHJXODGD QR DSDUHOKR HVW£ GHPDVLDGR EDL[D H D WHPSHUDWXUD DPELಣ HQWH HVW£ GHPDVLDGR DOWD 'HILQD XPD WHPSHUDWXUD VX
3UREOHPD &DXVD SRVV¯YHO 6ROX©¥R $ WHPSHUDWXUD GH DOJXP SURGXWR HVW£ GHPDVLDGR HOHಣ YDGD 'HL[H TXH D WHPSHUDWXUD GRV DOLPHQWRV GLPLQXD DW« ¢ WHPSHUDWXUD DPELHQWH DQWHV GH RV JXDUGDU 'HPDVLDGRV DOLPHQWRV JXDUಣ GDGRV DR PHVPR WHPSR *XDUGH PHQRV DOLPHQWRV DR PHVPR WHPSR $ HVSHVVXUD GR JHOR « VXSHಣ ULRU D PP 'HVFRQJHOH R DSDUHOKR $ SRUWD IRL DEHUWD PXLWDV YHಣ ]HV $EUD D SRUWD DSHQDV VH IRU QHFHVV£ULR 1¥R H[LVWH FLUFXOD©¥R GH DU IULR QR DSDUHOKR &HUWLILTXH VH GH TXH H[LVWH FLUFX
58'26 SSSRRR! BRRR! CLICK! HISSS! BLUBB! ,1)250$ 2 7&1,&$ $V LQIRUPD©·HV W«FQLFDV HQFRQWUDP VH QD SODFD GH FDUDWHU¯VWLFDV H[LVWHQWH QR ODGR LQWHUQR GR DSDUHOKR H QD HWLTXHWD GH HQHUJLD 2 FµGLJR 45 QD HWLTXHWD GH HQHUJLD IRUQHFLGD FRP R DSDUHOKR GLVSRQLELOL]D OKH XPD OLJD©¥R GD ZHE SDUD D LQIRUPD©¥R UHODFLRQDGD FRP R GHVHPSHQKR GR DSDUHOKR QD EDVH GH GDGRV GD (8 (35(/ 0DQWHQKD D HWLTXHWD GH HQHUJLD SDUD FRQVXOWD MXQWDPHQWH FRP R PDQXDO GR XWLOL]DGRU H WRGRV RV RXWURV GRFXPHQWRV GLVSRQLELOL]DGRV
LQIRUPD©·HV DGLFLRQDLV LQFOXLQGR SODQRV GH FDUJD 35(2&83$(6 $0%,(17$,6 5HFLFOH RV PDWHULDLV TXH DSUHVHQWHP R V¯PEROR &RORTXH D HPEDODJHP QRV FRQWHQWRUHV LQGLFDGRV SDUD UHFLFODJHP $MXGH D SURWHJHU R DPELHQWH H D VD¼GH S¼EOLFD DWUDY«V GD UHFLFODJHP GRV DSDUHOKRV HO«FWULFRV H HOHFWUµQLFRV 1¥R HOLPLQH RV DSDUHOKRV TXH WHQKDP R V¯PEROR MXQWDPHQWH FRP RV UHV¯GXRV GRP«VWLFRV &RORTXH R SURGXWR QXP SRQWR GH UHFROKD SDUD UHFLFODJHP ORFDO RX FRQWDFWH DV VXDV DXWRULGDGHV PXQLFLSDLV