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3.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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4.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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5.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
'LVFLSOLQD ² ,QWURGXomR DR (VWXGR GR 'LUHLWR 6HEHQWH8$ ± DSRQWDPHQWRV SHVVRDLV SiJLQD GH FROHFWLYDV D TXH FRUUHVSRQGHP YiULDV WLSRV GH RUJDQL]Do}HV TXH SRGHP VHU SULYDGDV FRPR DV HPSUHVDV DV VRFLHGDGHV FLYLV DV DVVRFLDo}HV H IXQGDo}HV SULYDGDV RX TXH SRGHP VHU SXEOLFDV FRPR R HVWDGR DV DXWDUTXLDV ORFDLV RV LQVWLWXWRV S~EOLFRV HQWUH PXLWDV RXWUDV 3DUD VH VHU SHVVRD MXUtGLFD p QHFHVViULR GLVSRU GH SHUVRQDOLGDGH MXUtGLFD TXH p HQWUH QyV QXP FRQFHLWR TXDOLWDWLYD RX VH WHP SHUVRQDOLGDGH MXUtGLFD RX QmR VH WHP 1R FDVR GDV SHVVRDV VLQJXODUHV D SHUVRQDOLGDGH MXUtGLFD DGTXLUH VH QRV WHUPRV GR GLVSRVWR QR DUWLJR Qž GR && QR PRPHQWR GR QDVFLPHQWR FRPSOHWR H FRP YLGD $ SHUVRQDOLGDGH MXUtGLFD WUDGX] D VXVFHSWLELOLGDGH GH VH VHU WLWXODU GH GLUHLWR H VXMHLWR GH REULJDo}HV p DWULEXtGD FRPR YLPRV D WRGRV RV VHUHV KXPDQRV 0DV LPSRUWD UHIHULU TXH R GLUHLWR DWULEXL LJXDOPHQWH iV SHVVRDV FROHFWLYDV SHUVRQDOLGDGH MXUtGLFD D ILP GH HVWDV SRGHUHP SURVVHJXLU D VXD DFWLYLGDGH FRPR VXMHLWRV MXUtGLFRV FRP D SRVVLELOLGDGH GH HVWDEHOHFHUHP UHODo}HV MXUtGLFDV HQWUH VL RX FRP SHVVRDV VLQJXODUHV $ IRUPD GH DTXLVLomR GH SHUVRQDOLGDGH MXUtGLFD SRU SDUWH GDV SHVVRDV FROHFWLYDV p REYLDPHQWH GLVWLQWD GD GDV SHVVRDV FROHFWLYDV TXH RFRUUH HP YLUWXGH GR QDVFLPHQWR FRPSOHWR H FRP YLGD $V SHVVRDV FROHFWLYDV DGTXLUHP D VXD SHUVRQDOLGDGH MXUtGLFD SRU IRUoD GH XPD OHL RX SRU UHFRQKHFLPHQWR LQGLYLGXDO DOLDV FRPR UHVXOWD GR GLVSRVWR GR DUWLJR GR && ([LVWH FRQWXGR RXWUR FRQFHLWR TXH p LPSRUWDQWH TXH HVWi LQWLPDPHQWH UHODFLRQDGR FRP R FRQFHLWR GH SHUVRQDOLGDGH MXUtGLFD H TXH QHVWH FDVR WHP QDWXUH]D TXDQWLWDWLYD p R FRQFHLWR GH FDSDFLGDGH MXUtGLFD DUWLJR GR && 3RGHPRV IDODU GH YiULRV WLSRV GH FDSDFLGDGH MXUtGLFD x &DSDFLGDGH JHQpULFD GH JR]R GH GLUHLWRV SUHYLVWD QR DUWLJR GR && (VWD p XPD FRQVHTXrQFLD GLUHFWD GD SHUVRQDOLGDGH MXUtGLFD 7RGD D SHVVRD WHP SHUVRQDOLGDGH MXUtGLFD H FRUUHVSRQGHQWHPHQWH GLVS}HP GH FDSDFLGDGH GH JR]R GH GLUHLWRV x &DSDFLGDGH GH H[HUFtFLR GH GLUHLWRV &RPR YLPRV DQWHULRUPHQWH R FRQFHLWR GH FDSDFLGDGH MXUtGLFD p HPLQHQWHPHQWH TXDQWLWDWLYR SRLV WUDGX] D PHGLGD GRV GLUHLWRV H GDV REULJDo}HV H HVWD PHGLGD YDULD GH SHVVRD SDUD SHVVRD 7RGDV WrP SHUVRQDOLGDGH MXUtGLFD PDV DV SHVVRDV SRGHP WHU HP FRQFUHWR PDLV RX PHQRV GLUHLWRV H[ 3U 3RU RXWUR ODGR LPSRUWD UHIHULU TXH UHJUD JHUDO DV SHVVRDV VLQJXODUHV DGTXLUHP D FDSDFLGDGH GH H[HUFtFLR TXDQGR SHUID]HP RV DQRV GH LGDGH H DWLQJHP D PDLRULGDGH RX TXDQGR VH HPDQFLSDP R TXH RFRUUH SHOR FDVDPHQWR FRPR UHVXOWD GRV DUWLJRV H GR && 7RGDV DV SHVVRDV WrP D VXD HVIHUD MXUtGLFD TXH VH GLYLGH HP GRLV KHPLVIpULRV H TXH UH~QH WRGR R VHX DFHUYR GH GLUHLWRV H REULJDo}HV GH QDWXUH]D MXUtGLFD x +HPLVIpULR SDWULPRQLDO TXH UH~QH R FRQMXQWR GH GLUHLWRV H REULJDo}HV FRP YDORU SHFXQLiULR GLUHFWR x +HPLVIpULR QmR SDWULPRQLDO TXH SUHHQFKLGR SHORV GLUHLWRV H GHYHUHV TXH QmR WHP GLUHFWD H LPHGLDWDPHQWH YDORU SHFXQLiULR $57,*2 ž &RPHoR GD SHUVRQDOLGDGH $ SHUVRQDOLGDGH DGTXLUH VH QR PRPHQWR GR QDVFLPHQWR FRPSOHWR H FRP YLGD 2V GLUHLWRV TXH D OHL UHFRQKHFH DRV QDVFLWXURV GHSHQGHP GR VHX QDVFLPHQWR $57,*2 ž 7HUPR GD SHUVRQDOLGDGH $ SHUVRQDOLGDGH FHVVD FRP D PRUWH 4XDQGR FHUWR HIHLWR MXUtGLFR GHSHQGHU GD VREUHYLYrQFLD GH XPD D RXWUD SHVVRD SUHVXPH VH HP FDVR GH G~YLGD TXH XPD H RXWUD IDOHFHUDP DR PHVPR WHPSR 7HP VH SRU IDOHFLGD D SHVVRD FXMR FDGiYHU QmR IRL HQFRQWUDGR RX UHFRQKHFLGR TXDQGR R GHVDSDUHFLPHQWR VH WLYHU GDGR HP FLUFXQVWkQFLDV TXH QmR SHUPLWDP GXYLGDU GD PRUWH GHOD $57,*2 ž $TXLVLomR GD SHUVRQDOLGDGH $V DVVRFLDo}HV FRQVWLWXtGDV SRU HVFULWXUD S~EOLFD FRP DV HVSHFLILFDo}HV UHIHULGDV QR Qž GR DUWLJR ž JR]DP GH SHUVRQDOLGDGH MXUtGLFD $V IXQGDo}HV DGTXLUHP SHUVRQDOLGDGH MXUtGLFD SHOR UHFRQKHFLPHQWR R TXDO p LQGLYLGXDO H GD FRPSHWrQFLD GD DXWRULGDGH DGPLQLVWUDWLYD $57,*2 ž &DSDFLGDGH MXUtGLFD $V SHVVRDV SRGHP VHU VXMHLWRV GH TXDLVTXHU UHODo}HV MXUtGLFDV VDOYR GLVSRVLomR OHJDO HP FRQWUiULR QLVWR FRQVLVWH D VXD FDSDFLGDGH MXUtGLFD $57,*2 ž 5HQ~QFLD j FDSDFLGDGH MXUtGLFD 1LQJXpP SRGH UHQXQFLDU QR WRGR RX HP SDUWH j VXD FDSDFLGDGH MXUtGLFD $57,*2 ž 0HQRUHV e PHQRU TXHP QmR WLYHU DLQGD FRPSOHWDGR GH]RLWR DQRV GH LGDGH $57,*2 ž (IHLWRV GD PDLRULGDGH $TXHOH TXH SHUIL]HU GH]RLWR DQRV GH LGDGH DGTXLUH SOHQD FDSDFLGDGH GH H[HUFtFLR GH GLUHLWRV ILFDQGR KDELOLWDGR D UHJHU D VXD SHVVRD H D GLVSRU GRV VHXV EHQV $57,*2 ž (IHLWRV GD HPDQFLSDomR $ HPDQFLSDomR DWULEXL DR PHQRU SOHQD FDSDFLGDGH GH H[HUFtFLR GH GLUHLWRV KDELOLWDQGR R D UHJHU D VXD SHVVRD H D GLVSRU OLYUHPHQWH GRV VHXV EHQV FRPR VH IRVVH PDLRU VDOYR R GLVSRVWR QR DUWLJR ž
6.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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7.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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8.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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9.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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10.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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11.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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12.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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13.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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14.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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15.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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16.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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17.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
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18.
6HEHQWD8$ DSRQWDPHQWRV SHVVRDLV
'LVFLSOLQD ² ,QWURGXomR DR (VWXGR GR 'LUHLWR 6HEHQWH8$ ± DSRQWDPHQWRV SHVVRDLV SiJLQD GH x (VWDGRV 8QLWiULRV &RPSOH[RV 3RUWXJDO p XP (VWDGR 8QLWiULR 'HVFHQWUDOL]DGR H 'HVFRQFHQWUDGR DOLiV GH DFRUGR FRP R SUHYLVWR QR DUWLJR ž GD &53 1R TXH GL] UHVSHLWR DRV (VWDGRV &RPSRVWRV VmR DTXHOHV HP TXH Ki XPD SOXUDOLGDGH GH FHQWURV GH LPSXOVmR SROLWLFD 7DO FRPR VXFHGH FRP RV (VWDGRV 8QLWiULRV H[LVWHP GLIHUHQWHV GH (VWDGRV &RPSRVWRV VHQGR WUDGLFLRQDOPHQWH D 8QLmR 3HVVRDO H D 8QLmR 5HDO H FRQWHPSRUDQHDPHQWH D )HGHUDomR H D &RQIHGHUDomR RV PHOKRUHV H[HPSORV TXH SRGHP VHU DSUHVHQWDGRV 1D DFWXDOLGDGH R SULQFLSDO (VWDGR &RPSRVWR p R (VWDGR )HGHUDGR TXH UHVXOWD GH XP SDFWR HQWUH GLIHUHQWHV (VWDGRV 8QLWiULRV IXQGDGRUHV TXH UHQXQFLDP D XPD SDUWH GD VXD VREHUDQLD H TXH D ©DOLHQDPª HP EHQHItFLR GH XP QRYR (VWDGR
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