*($SSOLDQFHVFRP
*XtDSDUDDVDUDODSDUULOOD
(OWDPDxRSHVRJURVRUWHPSHUDWXUDLQLFLDO\HOSXQWRGHFRFFLyQSUHIHULGRDIHFWDUiQORVWLHPSRVGHDVDGR(VWDJXtDHVWiEDVDGD
HQFDUQHVFRQWHPSHUDWXUDGHUHIULJHUDGRU
(O'HSDUWDPHQWRGH$JULFXOWXUDGH((8886'HSDUWPHQWRI$JULFXOWXUHDILUPDTXH´HVFRP~QFRPHUHOELIHYXHOWD\YXHOWDSHURVHGHEHUtDVDEHUTXH
FRFLQDUHOPLVPRDVyOR&)VLJQLILFDTXHDOJXQRVRUJDQLVPRVTXHHQYHQHQDQODFRPLGDSXHGHQVREUHYLYLUµ)XHQWH/LEURSDUDXQD&RFFLyQ
6HJXUD6X*XtDHQOD&RFLQD6DIH)RRG%RRN<RXU.LWFKHQ*XLGH86'$5HY-XQLRGH
(OWDPDxRSHVRJURVRUWHPSHUDWXUDLQLFLDO\VXSUHIHUHQFLDGHFRFFLyQGXUDQWHODSUHSDUDFLyQDIHFWDUiQORVWLHPSRVGHDVDGR(VWDJXtDVHEDVDHQFRPLGDVD
WHPSHUDWXUDGHUHIULJHUDGRU
&RPLGD
3UHSDUDFLyQ
7LSRR*URVRU
$MXVWH
SDUD
$VDU
3RVLFLyQGHO
(VWDQWH
&RPHQWDULRV
%LIH
9XHOWD\YXHOWD
&)
%LVWHFV
µGHJURVRU
$OWR
'R(
(VGLItFLOFRFLQDUYXHOWD\YXHOWDXQELVWHF
GHXQJURVRUGHòFHQWSXOJDGD6H
FRFLQDDQWHVGHGRUDUVH
7pUPLQRPHGLR
)
%LVWHFV
JURVRUGHµµ
$OWR
'R(
3DUDHYLWDUTXHVHHQURVTXHFRUWHODJUDVD
SRULQWHUYDORVGHòFHQWSXOJDGD
%LHQ&RFLGR
&)
%LVWHFV
JURVRUGHµµ
+DPEXUJXHVDVGH
FDUQHSLFDGDJURVRU
GHµDµ
$OWR
)
3ROOR
3HFKXJD
GHVKXHVDGD
%DMR
'R(
$VHFRQODSLHOKDFLDDEDMRSULPHUR
3HFKXJD
&RQKXHVRV
%DMR
'R(
)LOHWHVGH
SHVFDGR
JURVRUGHµD
$OWR
)
6RVWHQJD\GpYXHOWDFRQPXFKRFXLGDGR
%DMR
)
&KXOHWDV
GHFHUGR
%LHQFRFLGR
&)
JURVRUGHµ
$OWR
'
3DUDHYLWDUTXHVHHQURVTXHFRUWHODJUDVD
SRULQWHUYDORVGHòFHQWSXOJDGD