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W]NSNHYLIO WO]5
H· IN @FCJL <6007=:
FHSY]^CYO]L.
IFLHL NCJNPN]]F
HNAOCFLCFÓH FHYN]HLCFOHLD
=7=<
FHY]OI^CCFÓH
Dl prnsnhtn nvfinhcfl tfnhn cobo omentfvo nvldulr y sndnccfohlr hunstrl bneor
ldtnrhltfvl in `fhlhcflbfnhto plrl dls hnaocflcfóh fhtnrhlcfohldns qun rnldfzlh dls
nbprnsls, lprnhinr l nvldulr, cobprnhinr dos crftnrfos, sndnccfohlr dl bneor ldtnrhltfvl in
cræifto y rncohocnr lsâ bfsbo culd nhtfili mlhclrfl o`rncn ld hnaocfo nstlmfdfili, pdlzo in
plaos, nstlmfdfzlcfóh in cræiftos y rotlcfóh in clrtnrl.
in cræifto plrl
sndnccfohlio coh`fhlhcflr su opnrlcfóh in nxportlcfóh ind proiucto o snrvfcfo
lhtnrforfili.
MMPL5 Wrn`fhlhcflcfóh in Nxportlcfohns
@fhlhcfl nh bohnil nxtrlhenrl tus pnifios nh nd nxtnrfor
Mlhco ind Occfinhtn5 Wrn`fhlhcflcfóh in Nxportlcfóh
Mlhco in Occfinhtn otoral l sus cdfnhtns nxportliorns præstlbos nh bohnil nxtrlhenrl
qun dn pnrbftnh `fhlhcflr `uturls nxportlcfohns.
Mnhn`fcfos plrl dl nbprnsl.
]N\^FSFYOS.
Mlhcodobmfl
@orblto in Sodfcftui in Cræiftos nh Bohnil Nxtrlhenrl (@-106)
Wlalræ plrl cræiftos in dlrao pdlzo.
MMPL
Ynhnr vâhcudo cobnrcfld coh MMPL Codobmfl blyor l 0 bnsns, pdlzo qun ho snrì
hncnslrfo trltìhiosn in uh fbportlior o nxportlior jlmftuld in mfnhns y snrvfcfos.
Ynhnr dos `ohios nh dl cunhtl in ljorros o corrfnhtn in MMPL Codobmfl.
Ynhnr cupo in cræifto lpromlio, vfanhtn y ifspohfmdn.
Mlhco ind Occfinhtn
Snr cdfnhtn ifrncto ind Mlhco in Occfinhtn (tnhnior in ctl.ctn. o ljorros).
Cubpdfr coh dos jorlrfos nstlmdncfios por nd Mlhco plrl nd nhvâo in dls opnrlcfohns
Cubpdfr coh toil dl iocubnhtlcfóh rnqunrfil por nd mlhco plrl nd procnslbfnhto in sus
opnrlcfohns y in lcunrio l do nxfafio por dl cfrcudlr rnadlbnhtlrfl ind Mlhco in dl
]npõmdfcl ICFH :3.
WDLUO IN @FHLHCFLCFÓH.
Mlhcodobmfl
Wdlzo bìxfbo5 sn puninh `fhlhcflr dos rncursos l if`nrnhtns pdlzos jlstl uh lüo.
Bohnil `fhlhcflcfóh5 iódlrns in dos Nstlios ^hfios in Lbærfcl.
MMPL
Ynhnr vâhcudo cobnrcfld coh MMPL Codobmfl blyor l 0 bnsns, pdlzo qun ho snrì
hncnslrfo trltìhiosn in uh fbportlior o nxportlior jlmftuld in mfnhns y snrvfcfos.
Ynhnr dos `ohios nh dl cunhtl in ljorros o corrfnhtn in MMPL Codobmfl.
Ynhnr cupo in cræifto lpromlio, vfanhtn y ifspohfmdn.
Mlhco ind Occfinhtn
Ynhnr vâhcudo cobnrcfld coh Mlhco ind Occfinhtn Codobmfl blyor l 0 bnsns, pdlzo
qun ho snrì hncnslrfo trltìhiosn in uh fbportlior o nxportlior jlmftuld in mfnhns y
snrvfcfos.
Ynhnr dos `ohios nh dl cunhtl in ljorros o corrfnhtn in Mlhco ind Occfinhtn Codobmfl.
Ynhnr cupo in cræifto lpromlio, vfanhtn y ifspohfmdn.
YLSLS IN FHYN]ÆS.
Mlhcodobmfl
Ylsl `fhlhcflcfóh ind cræifto5 jlstl Dfmor + =7%
MMPL
Ylsl in fhtnræs vlrflmdn pnrsohldfzlil rn`nrnhcflil ld Dfmor.
Inpnhinrì in dls cohifcfohns in dl opnrlcfóh y in dls podâtfcls in prncfos vfanhtns ld
bobnhto ind insnbmodso in dl opnrlcfóh.
7,<>%*Cobfsfóh in Insnbmodso *Somrn nd vldor ind præstlbo.
Mlhco ind Occfinhtn
Mlhcodobmfl
37 iâls
MMPL
37 iâls
Mlhco ind Occfinhtn
37 iâls
3. Inslrroddn dl bltrfz in cobplrlcfóh qun nhcunhtrl l cohtfhulcfóh y cobplrn
dl fbportlhcfl in clil uho in dos crftnrfos punstos nh dl bltrfz cohtrl dos
inbìs por bnifo in dl sfaufnhtn nscldl5
Subn dls `fdls in clil crftnrfo y dos vldorns in clil crftnrfo plrl ddnalr l uh totld.
Omtnhal nd `lctor in pohinrlcfóh plrl clil crftnrfo (@W).
@lctor in
Wdlzo
Mnhn`fcfos Ylsls ]nqufsftos S^BL Wohinrlcfóh
`fhlhcflcfóh
(@W)
Mnhn`fcfos <7 > > </> =<.> >.3
`fhlhcflcfóh
Ylsls </> <7 </> < <9 3.>
YOYLD 67 9.<
Inslrroddn uhl bltrfz in plrns plrl clil crftnrfo qun sn tfnhn; hobmrn dls `fdls y
codubhls in clil bltrfz coh dls opcfohns l nvldulr (mlhcos) y jlal dl cobplrlcfóh y
nvldulcfóh snaõh dl sfaufnhtn nscldl5
<72 Bucjo bneor.
>2 Bneor.
<2 Hnutrld.
</>2 Wnor
</<72 Bucjo pnor.
Cldcudn dos totldns plrl clil `fdl y subn dos vldorns in clil uhl in nstls plrl ddnalr l
uh totld. Wlrl omtnhnr nd pnso opcfóh (OW), sn ifvfin dl subl nhtrn nd totld.
MNHN@FCFOS5
Wnso
Mlhco < MLHCO = Mlhco 3 Subl Opcfóh
(WO)
MLHCODOBMF </> <7 </<7 <=.<> 9.7>
L
MMPL > < </<7 1.<7 =.30
MLHCO </<7 > </> 1.<> =.3:
OCCFINHYN
YOYLD =0.9 =.63
Iocubnhtlcfóh
Wnso
Mlhco < Mlhco = Mlhco 3 Subl Opcfóh
(WO)
MLHCODOBMF
<7 </> </<7 <=.<> 9.7>
L
MMPL </> </<7 < 3.<> <.7>
MLHCO
OCCFINHYN < </> < 3.> <.<0
Ylsls
Wnso
Mlhco < Mlhco = Mlhco 3 Subl Opcfóh
(WO)
MLHCODOBMF
> <7 < <0 7.37
L
MMPL <7 <7 < =< 7.36
MLHCO
< <7 > <0 7.37
OCCFINHYN
YOYLD >3 7.66
Wlrl dl bltrfz `fhld, umfqun nh dls `fdls dos mlhcos y nh dls codubhls lplrncnh dos crftnrfos.
Budtfpdfqun nd `lctor in pohinrlcfóh (@W) por nd pnso in opcfóh (OW) rnspnctfvo.
Subn clil `fdl plrl omtnhnr nd puhtlen `fhld plrl clil opcfóh y sndnccfohn dl opcfóh in
blyor puhtlen.
MLHCODOBMF
L <>9.3.:x =.: 0=.3=> x =.: <>>.0.0x =.: 63.:> x =.: <<.0
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 lrroen dl bltrfz in cobplrlcfóh, lhldâcndos, sndnccfohn dl
nhtfili `fhlhcfnrl in blyor puhtlen y nxpdfqun por quæ nsl nhtfili `fhlhcfnrl y su dâhnl in
cræifto soh dl bneor ldtnrhltfvl plrl su opnrlcfóh in nxportlcfóh.
COHCD^SFOHNS
Ns in arlh fbportlhcfl nstlmdncnr cobplsfohns nhtrn dos proiuctos qun o`rncnh dls
if`nrnhtns nhtfilins mlhclrfls yl qun nd omentfvo `fhld in nstn ns qun doarn sltfs`lcnr
linculilbnhtn l dos cdfnhtns y dns iæ dl posfmfdfili in rnldfzlr trlhslccfohns o plaos in
blhnrl rìpfil y n`fclz sfh corrnr blyorns rfnsaos.
Clil nhtfili o`rncn uh snrvfcfo if`nrnhtn, y nh bucjls oclsfohns hos inelbos ddnvlr por dl
prohtftui coh dl qun punilh jlcnrhos uh insnbmodso o cumrfrhos uhl hncnsfili `fhlhcfnrl,
pnro nso ho do ns toio, inmnbos slmnr ndnafr y in nddo inpnhinrì tlbmfæh nd æxfto in dls
opnrlcfohns, dl `lcfdfili in dls dâhnls in Cræifto y dl rncupnrlcfóh in hunstrl clrtnrl.