LQIRUPDomR WpFQLFR FRPHUFLDO
SFXIV VETMHEQIRXI QIXVSW HI GEFS k WYE QIHMHE 1292 &21&(,72 '( 352'8d2 3$5$ &$%26 &20 &21),*85$d2 320-2) (175(*$ (0 75Ç6 6(0$1$6 $ LJXV HVSHFLDOLVWD HP FDERV H FDOKDV DUWLFXODGDV DSUHVHQWRX QD 636 ,3& 'ULYHV HP 1XUHPEHUJD XP FRQFHLWR GH SURGXomR ~QLFR QD LQG~VWULD GH FDERV *UDoDV DR ³&KDLQIOH[ &&´ 'LEMR¾I\ 'YWXSQ 'EFPI R FRPSULPHQWR PtQLPR SDUD XP FDER HVSHFLDO GHVHQKDGR j PHGLGD GR FOLHQWH p UHGX]LGR SDUD PHWURV H R SUD]R GH HQWUHJD SDUD WUrV VHPDQDV 2V FOLHQWHV SRGHP HP SRXFRV PLQXWRV FRQILJXUDU H HQFRPHQGDU R FDER j VXD PHGLGD DWUDYpV GH XP FRQILJXUDGRU SRPMRI HVSHFLDOPHQWH FULDGR 'HVWD PDQHLUD R IDEULFDQWH SUHWHQGH SULQFLSDOPHQWH RIHUHFHU XPD VROXomR QD IDPtOLD GH FDERV ³&KDLQIOH[´ TXH Mi DEUDQJH PDLV GH FDERV SDUD RV FOLHQWHV TXH DWp KRMH DLQGD QmR HQFRQWUDUDP R FDER LQGLFDGR SDUD D VXD DSOLFDomR GLQkPLFD MKYW 0HE
3 UYI MRXIVIWWE q XIV S GEFS GIVXS %W WSPMGMXEp~IW VIZIPEQ UYI E RIGIWWMHEHI HI GEFSW k QIHMHE GSRXMRYE TIVQERIRXIQIRXI E EY QIRXEV % TVSGYVE ZEM HIWHI TSYGSW QIXVSW GSQ GSV IWTIGMEP HI VIZIWXMQIRXS TEVE EHETXEV k VIWTIXMZE QjUYMRE TEWWERHS TIPEW GSQFMREp~IW IWTIGMEMW HI FPMRHEKIQ QEXIVMEP HS VIZIWXMQIRXS I IRXVERpEHS EXq kW ZEVMERXIW GSQTPIXEQIRXI RSZEW )QFSVE S QIVGEHS TVSTSVGMSRI QYMXEW WS PYp~IW ±JIMXEW TSV QIHMHE² IWXEW EMRHE MQTPMGEQ EPKYQEW HIWZERXEKIRW HIGMWMZEW UYI TEWWEQ TIPSW PSRKSW TVE^SW HI TVITEVEpnS SVMKMREHSW TSV HIWIRLSW GSQTPMGEHSW UYERXMHEHIW QuRMQEW E TEVXMV HSW QIXVSW TVE^SW HI IRXVIKE EXq WIQEREW I GYWXSW QYMXS IPIZEHSW 4IVERXI TVE^SW I SVpEQIRXSW PMQMXEHSW IWXEW HIWZERXEKIRW MR¾YIRGMEQ QYMXEW ZI^IW E IWGSPLE E JEZSV HI YQ GEFS WXERHEVH UYI HITSMW RnS GSRWIKYI VIEPM^EV GSQTPIXEQIRXI SW SFNIXMZSW IWTIGu½GSW HI GEHE YQ ±% TEVXMV HI QYMXEW GSRZIVWEW GSQ GPMIRXIW WEFIQSW UYI XEMW GSQTVSQMWWSW TSHIQ TSV I\IQTPS EJIXEV RIKEXMZEQIRXI E VIWTIXMZE HYVEFMPMHEHI² I\TPMGE 6EMRIV 6}WWIP VIWTSRWjZIP HSW GEFSW ±'LEMR¾I\² HE MKYW ±I JSM TVIGMWEQIRXI TSV IWWE VE^nS UYI HIGMHMQSW HIWIRZSPZIV S GSRGIMXS ±'LEMR¾I\ '' ²
2SZSW TVSGIWWSW TEVE QEMW TIVWSREPM^EpnS )WXI GSRGIMXS GIRXVE WI IQ TVSGIWWSW RSZEQIRXI SXMQM^EHSW RE TVSHYpnS HI GEFSW I RE PSKuWXMGE EWWMQ GSQS RE RSVQEPM^EpnS HI GSQTSRIRXIW GSQTVSZEHSW I TVSGIWWSW VIZMWXSW ES TSVQI
*MKYVE 3 RSZS GSRGIMXS HI TVSHYpnS ±'LEMR¾I\ 'YWXSQ 'EFPI² HE MKYW TEVE GEFSW TVSHY^MHSW k QIHM HE HI GEHE GPMIRXI )WXI GSRGIMXS IQ GSQFMREpnS GSQ S GSR½KYVEHSV IWXMTYPE RSZSW TEHV~IW TSMW TSWWMFMPMXE YQE GSR½KYVEpnS MRHMZMHYEP HI GEFSW GSQ E SJIVXE HS TVIpS IQ TSYGSW QMRYXSW E IRGSQIRHE MQIHMEXE E TEVXMV HI YQ GSQTVMQIRXS HI QIXVSW GSQ YQ WMQTPIW GPMUYI I S IRZMS HS GEFS TVSRXS E TEVXMV HI XVsW WIQEREW
80
*MKYVE f TVMRGMTEPQIRXI E ZERXEKIQ HI TSHIV IWGSPLIV SW QEMW HMZIVWSW XMTSW HI GSRHYXSVIW I GSR½KYVEp~IW UYI KEVERXI STp~IW TVEXMGEQIRXI WIQ PMQMXI 3 GEFS k WYE QIHMHE q GSQTPIXEHS GSQ YQE KVERHI ZEVMIHEHI HI QEXIVMEMW HI VIZIWXMQIRXS I GSVIW GSQ YQE QEVGEpnS TIVWSREPM^EHE