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 FHY]OI^CCFÓH
Dl prnsnhtn nviinhcil tinhn cobo omjntivo nvldulr y sndncciohlr hunstrl bnjor
ldtnrhltivl in `ihlhcilbinhto plrl dls hnaocilcióh ihtnrhlciohldns qun rnldizlh dls
nbprnsls, lprnhinr l nvldulr, cobprnhinr dos critnrios, sndncciohlr dl bnjor ldtnrhltivl in
cræiito y rncohocnr lsí bisbo culd nhtiili mlhclril o`rncn ld hnaocio nstlmidiili, pdlzo in
 plaos, nstlmidizlcióh in cræiitos y rotlcióh in clrtnrl.
 Lctiviili in lprnhiizljn <9Nviinhcil 05 Bltriz —Snrvicios mlhclrios‒

Wlrl inslrroddlr nstl nviinhcil, l trlvæs in uh iocubnhto inslrroddn do siauinhtn 5

<. Finhti`iqun trns (3) nhtiilins `ihlhcinrls nh Codobmil qun punilh o`rncnr

díhnl sisnd ncrcæiioihtol ipol rclo h`i lhhlthncriilor isiul oip. nrlcióh in

nxportlcióh ind proiucto o snrvicio

Mlhco ind Occiinhtn – Mlhcodobmil y Mlhco MMPL

=. Bnhciohn por clil uhl in dls nhtiilins `ihlhcinrls dl siauinhtn ih`orblcióh

Inscripcióh in dl díhnl in `ihlhcilbinhto.

 Mlhcodobmil5 Wrn`ihlhcilcióh Nxportlciohns Codobmil
Nxportlciohns Codobmil, ns pnr`nctl si dl nbprnsl ns nxportliorl y inmn ltnhinr
hncnsiilins in clpitld nh`oclils l dl rnldizlcióh in `uturls nxportlciohns.

MMPL5 Wrn`ihlhcilcióh in Nxportlciohns
@ihlhcil nh bohnil nxtrlhjnrl tus pniiios nh nd nxtnrior 
Mlhco ind Occiinhtn5 Wrn`ihlhcilcióh in Nxportlcióh
Mlhco in Occiinhtn otoral l sus cdinhtns nxportliorns præstlbos nh bohnil
nxtrlhjnrl qun dn pnrbitnh `ihlhcilr `uturls nxportlciohns.
Mnhn`icios plrl dl nbprnsl.

➢ ^hl `unrzl in vnhtls nspncildizlil lcobplñlrá nh dl coh`orblcióh in hnaocios y

 mrihilrá lsnsoríl nh dls horbls in dls opnrlciohns in cobnrcio ihtnrhlciohld.
➢   Wnrbitn n`nctulr nd plaoind cræiito coh dos plaos in dls nxportlciohns bitialhio
nd rinsao clbmilrio.
➢ Wosimidiili in `irblr uh plalræ coh nsplcios nh mdlhco in corto pdlzo qun cumrl
dls opnrlciohns.
➢ Wosimidiili in bihibizlr nd rinsao clbmilrio ind cræiito l trlvæs in uhl comnrturl
in tlsl in clbmio.

➢ Nxportl sih hncnsiili in dnaldizlr nh uhl cunhtl in cobpnhslcióh o lhtn uh FBC

➢ Wlal coh iódlrns, dos culdns inmnh nstlr nh nd bnrclio clbmilrio o nh uhl cunhtl
in cobpnhslcióh
➢ ]ncimn orinhtlcióh cobpdntl y nspncildizlil in cobnrcio nxtnrior 
 ➢ Cumribinhto hlturld ilio qun coh nd proiucto in dls nxportlciohns sn clhcndl
iirnctlbnhtn dl clrtnrl sih tnhnr qun bohntizlr.
➢ Mljls tlsls in `ihlhcilcióh.
➢ Diquiinz Fhbniiltl plrl cubpdir coh pniiios.
➢ Nd insnbmodso ind præstlbo sn punin trlsdlilr l cunhtl in cobpnhslcióh
o rnldizlhio dl bohntizlcióh plrl insnbmodso nh pnsos.
➢ Cobprobntnrsn coh insplcjos in bnrclhcíl, sih sodicitlr ld cobprlior
plao lhticiplio.

 ]N\^FSFYOS.

Mlhcodobmil
@orblto in Sodicitui in Cræiitos nh Bohnil Nxtrlhjnrl (@-106)
Wlalræ plrl cræiitos in dlrao pdlzo.

MMPL
Ynhnr víhcudo cobnrcild coh MMPL Codobmil blyor l 0 bnsns, pdlzo qun ho snrá
hncnslrio trltáhiosn in uh ibportlior o nxportlior jlmituld in minhns y snrvicios.
Ynhnr dos `ohios nh dl cunhtl in ljorros o corrinhtn in MMPL Codobmil.
Ynhnr cupo in cræiito lpromlio, vianhtn y iispohimdn.
  Mlhco ind Occiinhtn

Snr cdinhtn iirncto ind Mlhco in Occiinhtn (tnhnior in ctl.ctn. o ljorros).

Cubpdir coh dos jorlrios nstlmdnciios por nd Mlhco plrl nd nhvío in dls opnrlciohns
Cubpdir coh toil dl iocubnhtlcióh rnqunriil por nd mlhco plrl nd procnslbinhto in sus
opnrlciohns y in lcunrio l do nxiaiio por dl circudlr rnadlbnhtlril ind Mlhco in dl
]npúmdicl ICFH :3.

WDLUO IN @FHLHCFLCFÓH.
Mlhcodobmil
Wdlzo báxibo5 sn puninh `ihlhcilr dos rncursos l ii`nrnhtns pdlzos jlstl uh lño.
Bohnil `ihlhcilcióh5 iódlrns in dos Nstlios ^hiios in Lbæricl.

MMPL
Ynhnr víhcudo cobnrcild coh MMPL Codobmil blyor l 0 bnsns, pdlzo qun ho snrá
hncnslrio trltáhiosn in uh ibportlior o nxportlior jlmituld in minhns y snrvicios.
Ynhnr dos `ohios nh dl cunhtl in ljorros o corrinhtn in MMPL Codobmil.
Ynhnr cupo in cræiito lpromlio, vianhtn y iispohimdn.
Mlhco ind Occiinhtn

Ynhnr víhcudo cobnrcild coh Mlhco ind Occiinhtn Codobmil blyor l 0 bnsns, pdlzo
qun ho snrá hncnslrio trltáhiosn in uh ibportlior o nxportlior jlmituld in minhns y
snrvicios.
Ynhnr dos `ohios nh dl cunhtl in ljorros o corrinhtn in Mlhco ind Occiinhtn Codobmil.
Ynhnr cupo in cræiito lpromlio, vianhtn y iispohimdn.
YLSLS IN FHYN]ŹS.

Mlhcodobmil
Ylsl `ihlhcilcióh ind cræiito5 jlstl Dimor + =7%

MMPL
Ylsl in ihtnræs vlrilmdn pnrsohldizlil rn`nrnhcilil ld Dimor.
Inpnhinrá in dls cohiiciohns in dl opnrlcióh y in dls podíticls in prncios vianhtns ld
bobnhto ind insnbmodso in dl opnrlcióh.
7,<>%*Cobisióh in Insnbmodso *Somrn nd vldor ind præstlbo.
Mlhco ind Occiinhtn
 Ylsl n`nctivl =6.70%
Ylsl hobihld vnhciil =>.3<%

YFNBWO IN Y]ÁBFYN WL]L LW]OMLCFÓH IN @FHLHCFLCFÓH.

Mlhcodobmil
37 iíls
MMPL
37 iíls
Mlhco ind Occiinhtn
37 iíls
3. Inslrroddn dl bltriz in cobplrlcióh qun nhcunhtrl l cohtihulcióh y
cobplrn dl ibportlhcil in clil uho in dos critnrios punstos nh dl bltriz
cohtrl dos inbás por bniio in dl siauinhtn nscldl5

<7 2 Buy ibportlhtn.

 > 2 Ldao ibportlhtn.
 < 2 Hnutrld.

</> 2 Woco ibportlhtn.

</<7 2 Sih ibportlhcil

• Subn dls `idls in clil critnrio y dos vldorns in clil critnrio plrl ddnalr l uh totld.
• Omtnhal nd `lctor in pohinrlcióh plrl clil critnrio (@W).
@lctor in
Wdlzo
Mnhn`icios Ylsls ]nquisitos S^BL Wohinrlcióh
`ihlhcilcióh (@W)
Mnhn`icios <7 > > </> =<.> >.3

]nquisitos </> > </> < 6 =.=>

Wdlzo <7 > < </> ==.> >.0

 `ihlhcilcióh
Ylsls </> <7 </> < <9 3.>
YOYLD 67 9.<

• Inslrroddn uhl bltriz in plrns plrl clil critnrio qun sn tinhn; hobmrn dls `idls y
codubhls in clil bltriz coh dls opciohns l nvldulr (mlhcos) y jlal dl cobplrlcióh
y nvldulcióh snaúh dl siauinhtn nscldl5
<72 Bucjo bnjor.
>2 Bnjor.
<2 Hnutrld.
</>2 Wnor 
</<72 Bucjo pnor.

• Cldcudn dos totldns plrl clil `idl y subn dos vldorns in clil uhl in nstls plrl ddnalr
l uh totld. Wlrl omtnhnr nd pnso opcióh (OW), sn iiviin dl subl nhtrn nd totld.
MNHN@FCFOS5

Wnso
Mlhco MLHCO Mlhco Subl Opcióh
< = 3
MLHCODOBMF L (WO)
MMPL </> <7 </<7 <=.<> 9.7>
MLHCO
> < </<7 1.<7 =.30
OCCFINHYN
</<7 > </> 1.<> =.3:
YOYLD =0.9 =.63

Iocubnhtlcióh
Wnso
Mlhco Mlhco Mlhco Subl Opcióh
< = 3 (WO)
MLHCODOBMF
<7 </> </<7 <=.<> 9.7>
L
MMPL </> </<7 < 3.<> <.7>
MLHCO
OCCFINHYN < </> < 3.> <.<0
 YOYLD <:.: =.7:

Ylsls
Wnso
Mlhco Mlhco Mlhco Subl Opcióh
< = 3
MLHCODOBMF L (WO)
MMPL > <7 < <0 7.37
MLHCO
OCCFINHYN <7 <7 < =< 7.36
< <7 YOYLD
> >3
<0 7.66
7.37

Wlrl dl bltriz `ihld, umiqun nh dls `idls dos mlhcos y nh dls codubhls lplrncnh dos critnrios.
Budtipdiqun nd `lctor in pohinrlcióh (@W) por nd pnso in opcióh (OW) rnspnctivo.
Subn clil `idl plrl omtnhnr nd puhtljn `ihld plrl clil opcióh y sndncciohn dl opcióh in
blyor puhtljn.

Mnhn`icios ]nquisitos Wdlzo Ylsls Wuhtulcióh

`ihlhcilcióh `ihld
@W x @W x @W @W x
WO WO WO
x
WO

MLHCOLDOB ><>.9.93.: 0=.3=> x <>>.0.0 x =.: 63.: =.: <<.0

MF x =.: =.: > x
MMPL >.3 x < .= =.=> x < .= >.0 x < .= 3.> x < .=
0.30 =.1 0.1= 9.= 9.6
MLHCO >.3 x <.=: =.=> x <.=: >.0 x <.=: 3.> x
OCCFINHYN <.=:
0.1: =.:: 1.<0 9.9: >.3

In lcunrio coh dos rnsudtlios qun lrrojn dl bltriz in cobplrlcióh, lhldícndos, sndncciohn dl
nhtiili `ihlhcinrl in blyor puhtljn y nxpdiqun por quæ nsl nhtiili `ihlhcinrl y su díhnl in
cræiito soh dl bnjor ldtnrhltivl plrl su opnrlcióh in nxportlcióh.
Coh mlsn nh nd lhádisis lhtnrior dl nhtiili `ihlhcinrl coh blyor puhtljn `un nd Mlhco
Mlhcodobmil (MLHCO <). Pnhiríl l snr dl bnjor ldtnrhltivl nh cobplrlcióh coh dls otrls
ios nhtiilins `ihlhcinrls yl qun5

• Su tlsl in ihtnræs ns dl bás mnhn`iciosl

• Wnrbitn n`nctulr nd plao ind cræiitocoh dos plaos in dls nxportlciohns bitialhio
nd rinsao clbmilrio.
• Ns uhl Nhtiili `ihlhcinrl in ihvnrsióh codobmilhl
• Sn ljustl l hunstrl visióh, yl qun inmnbos ltnhinr hncnsiilins in
clpitld nh`oclils l dl rnldizlcióh in `uturls nxportlciohns.
• Sn puninh `ihlhcilr dos rncursos l ii`nrnhtns pdlzos jlstl uh lño.
 COHCD^SFOHNS
Ns in arlh ibportlhcil nstlmdncnr cobplsiohns nhtrn dos proiuctos qun o`rncnh dls
ii`nrnhtns nhtiilins mlhclrils yl qun nd omjntivo `ihld in nstn ns qun doarn sltis`lcnr
linculilbnhtn l dos cdinhtns y dns iæ dl posimidiili in rnldizlr trlhslcciohns o plaos in
blhnrl rápiil y n`iclz sih corrnr blyorns rinsaos.
Clil nhtiili o`rncn uh snrvicio ii`nrnhtn, y nh bucjls oclsiohns hos injlbos ddnvlr por dl
 prohtitui coh dl qun punilh jlcnrhos uh insnbmodso o cumrirhos uhl hncnsiili `ihlhcinrl,
 pnro nso ho do ns toio, inmnbos slmnr ndnair y in nddo inpnhinrá tlbmiæh nd æxito in dls
opnrlciohns, dl `lcidiili in dls díhnls in Cræiito y dl rncupnrlcióh in hunstrl clrtnrl.