PDF Guia 3 - Compress

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KDDV@LNOKLÛN @B Uïjlno ?
BQOCROKLÛN @B
KDDV@LNOKLÛN @B ALNONYO[
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KDDV@LNOKLÛN @B Uïjlno 6
BQOCROKLÛN @B
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BIBVKLKLD[ @B ACRID BKDNÛGLKD, ALNONKLBVD, PO[O @B @B[KRBNPD
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?.- Rn bg
bgpr
prbs
bsor
orld
ld bstï
bstï bvoc
bvocuo
uon`
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lflc
lcl`
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aofr
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or y kdgb
kdgbrk
rklo
locl
clzo
zorr
Gontbqulcco `b Gonç bnvoso`d
bnvoso`d bn unlò`bs `b ;55 jrogds k/u.
Uoro bstlgor cos vbntos `bc prdybktd, sb `bfb kdnsl`bror kdgd aubntb `b `bgonò cds
sljulbntbs òtds.
Oÿds 65?; 65?0 65?2 65?1 65?:

Udfcoklûn bn aoglclos ?55,525 ?5?,255 ?5;,625 ?50,885 ?52,<65
Co pdfcoklûn krbkbrï bn cds prûxlgds oÿds, o co glsgo toso prdgb`ld `b krbklglbntd

`b cds 2 oÿds.
Bc kdnsugd pdr aoglclo sb bstlgo bn 2 Mj. pdr oÿd, bc prbkld `b vbnto `bc prdùktd bs
R[$;5 pdr Mj.
[b bspbro kufrlr cds sljulbntbs pdrkbntoibs `b co `bgonò prdybktoò9 oÿd 65659 ?5%,
oÿd 656?9 ?0% y 65669 ?8%.
Uoro co dpbroklûn y pubsto bn gorkho `bc prdybktd, sb rbqubrlrï uno lnvbrslûn bn

clgplbzo `bc tbrrbnd y rbtlrd `b `bsbkhds oskbn`bntb o co sugo `b R[$ 2,555 y dtrds
oktlvds alids tonjlfcbs kdn cos koroktbrçstlkos sljulbntbs9
Qocdr `b Qlò ùtlc kdntofcb Qocdr `b socvogbntd

Oktlvd o`qulslklûn (Bn oÿds) oc ;¹ oÿd
Pbrrbnd ?55,555 ?55%
B`lalkoklûn 25,555 ;5 85%
Rnlò`bs `b tronspdrtb 65,555 2 65%
Bqulpoglbntd 05,555 ?5 05%
@b dtrd co`d, `bfb o`qulrlr sdatworb pdr R[$ 2,555, jostds `b `lsbÿd `bc coydut `b co
pcon
pconto
to 1,
1,55
555,
5, jost
jostds
ds `b kd kdns
nstl
tltu
tukl
klûn
ûn `b co bg
bgpr
prbs
bso
o pd
pdrr R[
R[$
$ ?,
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<55
5 y jost
jostds
ds
rbcokldno`ds oc bstu`ld `bc prdybktd `b R[$, ?6,555 y gbrkhon`lslnj pdr R[$ 0,255.
[b bspbro alnonklor bc prdybktd kdn un prìstogd bqulvocbntb oc 25% `bc vocdr lnlkloc `b
cds oktlvds alids tonjlfcbs b lntonjlfcbs y bc kopltoc `b trofoid, bc qub sb konkbcoro bn un
pcozd tdtoc `b ; oÿds, lnkcuybn`d un pbrld`d `b jroklo `b ? sbgbstrb kdn pojd `b
lntbrbsbs, gb`lontb kudtos o pojor `bkrbklbntbs kdn arbkubnklo `b pojd sbgbstroc y o
uno toso `b ?8% onuoc babktlvo, `bflbn`d co `labrbnklo opdrtor cds lnvbrsldnlstos.
Bc tdt
tdtoc
oc `b cds jos
jostds
tds `b o`g
o`glnl
lnlstr
strokl
oklûn
ûn osk
osklbn
lbn`bn
`bn o co kontl
kontlò`
ò` `b R[$ ?5,55
?5,5555
gbnsuocbs y cds jostds `b pufclklò` y `b vbnto osklbn`bn oc 2% y ;% `b cos vbntos
rbspbktlvogbntb.
Cds kdstds vorlofcbs sb gubstron bn co tofco sljulbntb, cds kuocbs sdn alnonklo`ds kdn
krì`ltds `b prdvbb`drbs pdr bc ?55% o un pcozd `b krì`ltd `b 25 `ços.
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno ;
BQOCROKLÛN @B
Co bstrotbjlo `b stdkms sbrï co sljulbntb9 Gontbqulcco `b gonç 65 `ços, gonç poro ?5

`ços y bnvosbs poro ?2 `ços. [b rbqulbrb tbnbr Koio gçnlgo poro kufrlr ;5 `ços `bc
tdtoc `b Jostds Dpbrotlvds.
Uortlòs R[$ Gbrgo

Kdstds Qorlofcbs
Gnovtborslbo Urlgo (Gonl)
B 2 x Mlcd?j,r2o5g
5dp`
dbr G
gloccnoçr. ?;
5%
%
GD@ 6 x Mlcdjrogd `b prdùkklûn
Kdstds Alids
KLA 25,555 oc oÿd
Cos vbntos gbnsuocbs sb rboclzon unladrgbgbntb y sb kdfron ;5% oc kdnto`d y bc rbstd

oc krì`ltd bn un pcozd `b 02 `ços. Cds oktlvds lntonjlfcbs sb pd`rïn ogdrtlzor bn un
pcozd `b 5; oÿds.
Co Fbto `bsopoconkoò
`bsopoconkoò `b R[O bs `b 5.<2, co prlgo pdr rlbsjd bs `b ?5%, bc rlbsjd poçs
bs `b 025 puntds fïslkds, co toso clfrb `b rlbsjd bs `b 0%, co lnacoklûn `b R[O bs `b 2%
y co lnacoklûn `b Ubrù bs `b 0.;%. Co toso `b lgpubstd o co rbnto bs `bc 6<.25%= y bc
prdybktd sb `bfb bvocuor bn un hdrlzdntb `b 5; oÿds.
[b pl`b bstlgor cd sljulbntb9

o. Urdybkklûn `b co `bgonò
f. Acuid `b Koio `b LLn nvbrslûn
f.? Lnvb
Lnvbrsl
rslûn
ûn bn Okt
Oktlvd
lvd Ali
AliddPPonj
onjlfclfcb,
b, Lnvb
Lnvbrsl
rslûn
ûn bn Okt
Oktlvd
lvd LnLnto
tonjl
njlfcb
fcb
f.6 Lnvb
Lnvbrsl
rslûn
ûn bn Kop
Koplto
ltocc `
`b
bP Prof
rofoid
oid lnlkl
lnlkloc,
oc, lnkrbg
lnkrbgbn bntoc
toc,, y tdtoc
tdtoc
f.
f.;
; Qo
Qocd
cdrr `
`b
b rrbs
bsko
kotì
tì `b
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okt
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lvd
d aali
lid
d tton
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k. Ac
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uid
d` `bbK
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oioo` `b
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pbro
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klûn
ûn,, A
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cuid
id `b KoKoioio Bk
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dnûg
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oioo `b cco
o @b
@bu`
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kld
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o `b
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alsk
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a. Kd
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opococon
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`d,, Z
ZOKOKK,
K, QOQONB
NB y QO
QONA
NA
6.- [ì bstï bvocuon`d co aoktlflclò` `b rboclzor uno lnvbrslûn, co kuoc sb `b`lkorï o co

prdùkklûn `b horlno `b cùkugo. Bc prdjrogo `b vbntos bs bc sljulbntb bn PG9 prlgbr
oÿd ?62, sbjun`d oÿd, ?8; y tbrkbr oÿd 652.
Bc prbkld lnlkloc `b vbnto pdr mlcdjrogd osklbn`b o R[$6.25= ougbnton`d bn 2% onuoc.

Bc kdstd `b co gotbrlo prlgo bs `b R[$.5.;5 pdr mlcdjrogd, bc `b cds gotbrlocbs bs `b
R[$ 5.05.
Co gbrgo `b lnsugds bs ;5% y `b gotbrlocbs bs ?5%. Udr koò unlò` `b prdùktd

tbrglno`d sb rbqulbrb 85% `b cùkugo y 65% `b dtrds lnjrb`lbntbs.
Cds rbqubrlglbntds `b kopltoc `b trofoid sdn cds sljulbntbs9

- Lnsugds (cùkugo)9 stdkm `b sbjurlò` bqulvocbntb o 65 `ços.
- Dtrds lnsugds9 rbsbrvo bqulvocbntb
bqulvocbntb o ;5 `ços
- Urdùktds Pbrglno`ds9
Pbrglno`ds9 rbsbrvo bqulvocbntb o ?6 `ços
- Kubntos pdr kdfror9 krì`ltd o 25 `ços pdr bc 15% `b cos vbntos.
- Kubntos pdr pojor (Cùkugo y dtrds lnjrb`lbntbs)9 krì`ltd o 62 `ços pdr 22%.
- Koio Gçnlgo9 sb rbqulbrb kufrlr 62 `ços `b cds jostds dpbrotlvds `bsbgfdcsofcbs
`bsbgfdcsofcbs..
KDDV@LNOKLÛN
BQOCROKLÛN @B
O kdntlnuoklûn, sb prbsbnto òtds poro co gond `b dfro `lrbkto b ln`lrbkto (kdnsl`brb
?0 rbgunbrokldnbs pdr oÿd)9
Vbgunbroklûn
Oÿd Korjd Nµ pcozos
gbnsuoc
Dfrbrds 6 [/ 855
? [upbrvlsdr pconto ? [/ ?,655
Dfrbrds ; [/ <55
6 y ; [upbrvlsdr pconto ? [/ ?,255
Cds `bgïs kdstds y jostds dpbrotlvds `bc prdybktd sdn9
VRFVD / Oÿd ? 6y;

Dtrds kdstds Ln`lrbktds `b aofrlkoklûn - onuoc [/ ;5,555 [/ 05,555
Jostds `b O`glnlstroklûn - onuoc [/ 65,555 [/ ;5,555
Jostds `b Qbntos Alids * - onuoc [/ 62,555 [/ ;
;2
2,555
*Gïs ;% `b kdglslûn sdfrb cos vbntos rboclzoòs.
Cos lnvbrsldnbs bn oktlvds alids tonjlfcbs b lntonjlfcbs tlbnbn co bstrukturo sljulbntb9
PbrrbndsVRFVD Oÿ;2,55
R[$ d5 5
;2,555
B`lalklds R[$ 25,555
Goqulnorlos R[$ 85,555
Gubfcbs y Bnsbrbs R[$ ?5,555
Lntonjlfcbs R[$ 1,255
Co `b
`bpr
prbk
bklo
lokl
klûn
ûn sb bstl
bstlgo
gorï
rï pd
pdrr bc gì
gìtd
td`d
`d clclnb
nboc
oc,, sl
slbn
bn`d
`d co
cos
s to
toso
sos
s o op
opcl
clko
kor9
r9
Goqulnorlo (65%), gubfcbs y bnsbrbs (?5%) y b`lalklds (;%). Bc 05% `b co `bprbkloklûn
kdrrbspdn`b
kdrrbspdn` b o prdùkklûn. Cds lntonjlfcbs sb ogdrtlzon bn ; oÿds. Bc vocdr `b `bsbkhd
`b cds oktlvds alids bs ljuoc oc vocdr bn clfrds oc alnoc `b tbrkbr oÿd.
Bc prdybktd sdclklto un prìstogd pdr R[$ 85,555 o uno PB[ `bc ?5%, kdn pojds
kuotrlgbstrocbs ljuocbs, bc prìstogd sb konkbcorï bn un pcozd trbs oÿds, `b cds kuocbs
cds prlgbrds 8 gbsbs sdn `b jroklo, sln pojd `b lntbrbsbs.
Co toso `b lgpubstds bs 6<.25%, y pd`rï kdnsl`brorsb un tlpd `b kogfld `b [/ ;.25

pdr R[$.
[b sdclklto kockucor poro bc hdrlzdntb 6565 ‛ 6566 (bn `ûcorbs)9
o. Ko
Kock
ckuc
ucbbb
bcc k
ko
oplt
pltoc `b trof
trofo oid `bc p prrdyb
dybktd
f. @bt
@btbr
brgln
glnb b co lnv
lnvbr
brslû
slûn
n ttdto
dtocc b
bn
ns sus
us kdg
kdgpdnpdnbn
bntbs
tbs `b lnv
lnvbrs
brslûn
lûn ali
alio,
o, lnv
lnvbr
brslû
slûn
n
lntonjlfcb y kopltoc `b trofoid y bc acuid `b kopltocbs `bc prdybktd
k. Ad
Adrg
rguc
ucb
b bc acui
acuidd `b ko
koio
io dp
dpbr
brot
otlv
lvdd `b
`bcc p
prd
rdyb
ybkt
ktd
d
`. Ad
Adrg
rguc
ucb
bbbcc acu
acuid
id `b ko
koio
io bk
bkdn
dnûg
ûglklkdd` `bc
bc prdy
prdybk
bktd
td
b. Adrgucb bc acuid `b koio `b co `buò
a. Adrg
drgucb
ucb b
bcc acu
acuiid `
`b
bkko
oio aln
lno
onklklb
brd ` `bbc p
prrdybk
dybktd
td
KDDV@LNOKLÛN
BQOCROKLÛN @B
;.- Rn lnvbrsldnlsto bstï bvocuon`d co aoktlflclò` `b prdùklr y kdgbrkloclzor purì `b

popo bnvoso`d bn fdcsos `b ;55 jrogds k/u. [bjùn su prdplo lnvbstljoklûn sofb qub
co pdfcoklûn `b bstds `lstrltds bro 6“?25,555 bc oÿd 6556 y poro bc oÿd 65?; bro
6“885,555 hofltontbs, togflìn sb kdndkb qub bn prdgb`ld ;.8 pbrsdnos lntbjro uno
aoglclo.
Bc kdnsugd unltorld pdr aoglclo sb bstlgo bn 6.2 Mj. pdr oÿd, bc prbkld `b vbnto
unltorld `bc prdùktd bs R[$ 5,<6 pdr unlò` (lnkcul`d bc LJQ). Bc prlgbr oÿd (65?2) sb
bspbro koptor ?5%, y bc krbklglbntd jbdgìtrlkd `b su portlklpoklûn sbrï `bc ?2% onuoc
poro cds prûxlgds `ds oÿds.
Cos vbntos sb rboclzon unladrgbgbntb y sb kdfron 15% oc kdnto`d y bc rbstd oc krì`ltd

bn un pcozd `b 02 `ços.
Co bstrotbjlo `b stdkms `b purì `b popo sbrï poro 65 `ços (prdùktd tbrglno`d). [b

rbqu
qulb
lbrrb tbn
tbnbr Ko
Koio
io gçn
çnlg
lgo
o `b
`bcc :% `b cos
cos vbnto
tos
s (k
(kdn
dn LJQ
JQ),
), `b koò oÿd
rbspbktlvogbntb.
Kdstds Qorlofcbs R[$ (sln LLJ

JQ) Gbrgo
Uopo (arbsko) R[$ 5.82 bc mlcd 66%
Bnvosb R[$ 5.?6 pdr fdcso ;%
@bfl`d oc pdkd bspokld `bc ocgokìn y o co pbrbklflclò` `b ocjunds lnsugds nd sb

kdntorï kdn stdkm `b gotbrlos prlgos. Cds kdstds vorlofcbs unltorlds qub sb gubstron
bn co tofco ontbrldr sdn alnonklo`ds kdn krì`ltds `b prdvbb`drbs
prdvbb`drbs pdr bc 15% o 68 `ços y
bc rbstd oc kdnto`d. Gond `b dfro `lrbkto bs R[$ 5.6 pdr koò unlò` prdùklò
(lnoabktds oc LJQ), y bc kdstd ln`lrbktd `b aofrlkoklûn (KLA) bs R[$15,555 onuoc (lnkcul`d
LJQ).
Bc hdrlzdntb `b bvocuoklûn `bc prdybktd bn tdtoc bs `b ; oÿds. Hoccor cd sljulbntb9
o). Urdybkklûn `b co `bgonò (bn mlcds y unlò`bs).

f). Kopltoc `b tro
trofoid
foid onuoc, v
vorloklûn
orloklûn y rb
rbkupbroklûn.
kupbroklûn. (kdn
LJQ) k). Clqulòklûn `b LJQ `b vbntos y kdgpros.
0.- Co bg
bgprb
prbso
so OJV
OJVDB
DBX
X [OK
[OK.. pco
pconb
nbo
o lnk
lnkurs
ursldn
ldnor
or bn co kdg
kdgbr
brklo
kloclz
clzok
oklûn
lûn `b un
prdùktd qub bstï bvl`bnklon`d un `bsorrdccd sdstbnl`d bn cos bxpdrtokldnbs bn cds
ùctlgds oÿds, bc plgbntûn d oiç pïprlmo gdcl`d, poro cd kuoc lgpcbgbntorï
lgpcbgbntorïn n uno pconto
prdkbso`dro.
prdkbso`dr o. [ofbn qub bc aoktdr prlgdr`loc qub lnkl`lrï bn co koclò` `bc prdùktd sdn
cds Jro`ds O[PO qub ockonkbn o dftbnbr.
Hon prdybkto`d uno `bgonò lnlkloc `b 125 Pdnbcoò Gìtrlkos `b Ulgbntûn poro bc
prlgbr oÿd, co kuoc sb lnkrbgbntorï bn ?5% cds sljulbntbs `ds oÿds, pbrgonbklbn`d
kdnstontb `b ohç bn o`bcontb, pubs `bsbon sbr kdnsbrvo`drbs bn sus prdybkkldnbs `b
vbntos.
Osçç gl
Os glsg
sgd,
d, ò
òò
ò co `lsp
`lspdn
dnlf
lflc
lcl`
lò`
o` `b go
gotb
tbrl
rlo
o prlg
prlgo
o bn bc Ub
Ubrù
rù,, ba
babk
bktu
tuor
orïn
ïn
bxpdrtokldnbs
ofostbklglbntdgbnsuocbs unladrgbs
kdntlnud hoklo o cd corjd
sus kclbntbs `bc oÿd, o aln `b gontbnbr un acuid `b
pdtbnklocbs.
KDDV@LNOKLÛN
BQOCROKLÛN @B
Oc pconbor ockonzor un prdùktd `b koclò` (?85 o 655 Jro`ds O[PO), co kdtlzoklûn

lntbrnokldnoc sbrï `b R[$ 2,62 pdr Mlcdjrogd.
Uoro co dpbroklûn y pubsto bn gorkho `bc prdybktd, sb rbqubrlrï uno lnvbrslûn lnlkloc
bn oktlvds alids, kdrrbspdn`lbntb o uno pconto prdkbso`dro vocdrlzoò bn R[$ <5 555
(dfros
(dfros klv
klvlcb
lcbs
s R[
R[$$ :2,
:2,555
555,, go
goqul
qulno
norlo
rlos
s y bqulp
bqulpds
ds R[$ ?2,
?2,555
555),
), un tbr
tbrrb
rbnd
nd qu
qubb
`bgonòrï
;5,555. uno lnvbrslûn `b R[$ 25,555, unlò`bs `b tronspdrtb vocdrlzoòs bn R[$
@bc onïclsls `b co lnvbrslûn lnlkloc nbkbsorlo poro bc prdybktd, sb dftuvd co sljulbntb

lnadrgoklûn9
Qlò ùtlc Qocdr Abkho `b o`qulslklûn

Oktlvd kdntofcb kdgbrkloc oc (gbsbs ontbs `bc
(Bn oÿds) 0¹ oÿd lnlkld `b dpbrokldnbs
dpbrokldnbs))
Rnlò`bs `b tronspdrtb 2 68% ?
Dfros açslkos ;5 05% :
Goqulnorlo y Bqulpds : 62% ;
Pbrrbnd ?;5% 8
@b dtrd co`d, `bfb o`qulrlr sdatworb pdr R[$ 2 555 b lnkurrlr bn jostds `b kdnstltuk
kdnstltuklûn
lûn
`b co bgprbso pdr R[$ ; 255. Bn kuontd oc Kopltoc `b Profoid, hon pbnso`d bn tbnbr
bn kubnto co ùroklûn `bc klkcd `b prdùkklûn ‛ bxpdrtoklûn ‛ kdfronzo `b co bgprbso,
bc kuoc bs `b 0 gbsbs.
Dtrds kdstds `b prdùkklûn bstlgo`ds sdn cds qub sb `btoccon o kdntlnuoklûn9
Uortlòs R[$
Gotbrlo Urlgo ?,?0 pdr Mlcdjrogd
Goqulco (Dutsdurklnj `bc prdkbsoglbntd) 155 pdr PG
Gond `b Dfro @lrbkto 6: 681 poro oÿd ?
Gond `b Dfro Ln`lrbkto 81 220 poro oÿd ?
Jostds Ln`lrbktds `b Aofrlkoklûn (Kdstds Alids) 2? 0<2 pdr oÿd
Cds jostds `b vbntos osklbn`bn o R[$ ?25,555 onuocbs, cds jostds o`glnlstrotlvds
R[$ ?65,555 onuocbs.
O`bgïs, sb sofb qub co toso `b lgpubstd o co rbnto bs `bc 6<.25%.
Uoro alnonklor bc prdybktd, co bgprbso kubnto kdn un gdntd bqulvocbntb oc 25% `b co

lnvbrslûn. Bc rbstd `b cds rbkursds nbkbsorlds aubrdn dftbnl`ds bn un fonkd cdkoc, qub
cbs dtdrjû un krì`ltd o kuotrd oÿds lnkcuybn`d un oÿd `b jroklo sln pojd `b lntbrbsbs,
bc kuoc sbrï konkbco`d kdn kudtos kdnstontbs onuocbs vbnklòs o uno PBO `bc ?0%.
Bn rbco
rbcokl
klûn
ûn o cds
cds ò
òtd
tds
s nb
nbkb
kbso
sorl
rlds
ds po
poro
ro ko
kock
ckuc
ucor
or un
unoo bc kd
kdst
std
d `b kokopl
plto
tocc `b
`bcc
lnvbrs
lnvbrsldn
ldnlst
lsto
o tbnb
tbnbgds
gds99 Vb
Vbtdr
tdrnd
nd bspbr
bspbro`d
o`d `bc gbr
gbrko`
ko`d
d BB
BBRRRR bs `b ?;%
?;%,, co fbto
fbto
`bsopoconkoò `bc sbktdr9 bn BBRR bs 5.<2, co toso `b lnacoklûn bspbroò bn BBRR bs
`b ?.2%, cds fdnds `bc tbsdrd ndrtbogbrlkond 0% `b rbn`lglbntd, co toso `b lnacoklûn
bn Ubrù 6.1% y bc rlbsjd Uoçs Ubrù bs `bc ?85 pfs. Vboclkb co bvocuoklûn `bc prdybktd bn
un hdrlzdntb `b 0 oÿds9
[b pl`b bvocuor bc prdybktd o kuotrd oÿds, poro cd kuoc `bfb hoccor9
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno :
BQOCROKLÛN @B
o. Urd
Urdybk
ybkklû
klûn
n `b co ``bg
bgon`
onò o
f. Acu
Acuid
id `
`b
b Ko
Koio
io `
`bb Ln
Lnvb
vbrsl
rslûn
ûn
f.? Lnvb
Lnvbrsl
rslûn
ûn bn Okt
Oktlvd
lvd Ali
AliddPPonj
onjlfclfcb,
b, Lnvb
Lnvbrsl
rslûn
ûn bn Okt
Oktlvd
lvd Ln
Lnto
tonjl
njlfcb
fcb
f.6 Lnvb
Lnvbrsl
rslûn
ûn bn Kop
Koplto
ltocc `
`b
bP Prof
rofoid
oid lnlkl
lnlkloc,
oc, lnkrbg
lnkrbgbn
bntoc
toc,, y tdtoc
tdtoc
f.
f.;
; Qo
Qocd
cdrr `
`b
b rrbs
bsko
kotì
tì `b
`bcc ookt
ktlv
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d aali
lid
d tton
onjl
jlfc
fcb
b
k. Acuid `b Koi
Koioo `b Dp
Dpbrok
broklûn,
lûn, A
Acuid
cuid `
`bb Koio B Bkdnû
kdnûglkd
glkd
`.
b. Acuid
Acu
Acuid `b Koi
id `b K
Koio
oio
o `b
Koio A conklbr
Alno @buò=
lnonkl d Urì
brd Urìstogd,
stogd, sb
sbrvlkld
rvlkld `b co `buò y bsku`d alsko
alskocc
a. Kdst
Kdstd
d `b dp
dpdrtu
drtunlò
nlò`` opoc
opoconk
onko`d
o`d y `b
`bsopo
sopoconk
conko`d,
o`d, KKUUK,
UUK, Q
QONB
ONB y QON
QONA A
2.- Rn prdybktd `b kuctlvd `b uno aruto `bndglnoò cukuon`lno poro bc gbrko`d

lntbrnd kdgprbn`b uno prdybkklûn `b 5; oÿds `b dpbroklûn y un oÿd bxtro poro co
clqulòklûn, sb `bfb bvocuorcd kdn cds òtds qub o kdntlnuoklûn sb sbÿocon.
[b pconbo o`qulrlr un aun`d `b 855 ho. kdn un rbn`lglbntd gïxlgd `b 1,555 Mj. /ho
pdr oÿd.
[b sofb qub bc aun`d lnkrbgbntorï jroùocgbntb su rbn`lglbntd pdr hbktïrbo, bc klkcd

vbjbtotlvd `b kuctlvd y kdsbkho sbrï `b trbs gbsbs pconlalkïn`ds
pconlalkïn`dsb
b 50 kdsbkhos onuocbs
onuocbs,,
koò kogpoÿo lnkcuyb 6.5 gbsbs `b kuctlvd, ?5 `ços `b kdsbkho y 65 `ços `b pcozd `b
vbnto y kdfronzo.
Bc prdùktd sb kdgbrkloclzorï bn bc gbrko`d nokldnoc o un prbkld `b R[$ 5.;2 pdr Mj.

oc `lstrlful`dr qulìn pojorï tdò co prdùkklûn vbn`lò y bntrbjoò bn bc rbabrl`d
pcozd `b 65 `ços.
@b okubr`d kdn cds rbn`lglbntds sljulbntbs pdr kdsbkho9 poro bc prlgbr oÿd uno
prd`
prdùk
ukkl
klûn
ûn bqul
bqulvo
vocb
cbnt
ntb
b oc 25
25%% `b
`bcc gï
gïxl
xlgd
gd pd
pdsl
slfc
fcb=
b= bn cd
cds
s oÿ
oÿds
ds sl
slju
julb
lbnt
ntbs
bs,, bc
pdrkbntoib sb lnkrbgbntorï
lnkrbgbntorï o :5% y <2%.
Cos lnvbrsldnbs qub sb rbqulbrbn poro lgpcbgbntor bc prdybktd sdn9 bn bc aun`d R[$
255,555, bn un bqulpd `b rlbjd pdr jdtbd R[$ ?65,555, `ds troktdrbs R[$ 85,555, un
tbrrbnd vocdrlzo`d bn R[$ ?5,555 poro dalklnos y ocgokbnbs y bn kdnstrukkldnbs `b
dalklnos y ocgokbnbs R[$ 25,555.
[b prdybkto co portlklpoklûn `b un bqulpd `b idrnocbrds, qub sb lnkrbgbntorï

lnkrbgbntorïn
n sbjùn bc
krbklglbntd onuoc `b cos kdsbkhos bn cos hbktïrbos kuctlvoòs, cds qub kdfroron R[$
?5 pdr bc kuctlvd y kdsbkho `b uno hbktïrbo pdr kogpoÿo.
Bc bstu`
bstu`ld
ld tìk
tìknlk
nlkd
d sbÿ
sbÿocû
ocû qu
qub
b sb lnk
lnkurr
urrlrï
lrïn
n bn cds slj
sljulb
ulbntb
ntbs
s kds
kdstds
tds vor
vorlof
lofcbs
cbs `b
lnsugds pdr kogpoÿo `b prdùkklûn9
Lnsugd R[$ /Ho. Adrgo `b pojd bn co btopo `b kuctlvd

25% oc kdnto`d bc prlgbr `ço `bc gbs y 25% oc
Abrtlclzontbs ?55
krì`ltd o cds 62 `ços `bc klbrrb `b aln `b gbs
25% oc kdnto`d bc prlgbr `ço `bc gbs y 25% oc
[bglccos 25
krì`ltd o cds 62 `ços `bc klbrrb `b aln `b gbs
Ojuo `b rlbjd ?5 Kdnto`d gbnsuoc ùrontb co btopo `b kuctlvd
KDDV@LNOKLÛN
BQOCROKLÛN @B
Uoro bc bgfocoib `bc prdùktd, sb rbqubrlrïn koios `b kortûn pdr R[$ ;5,555 onuocbs
bn bc prlgbr oÿd, oc kdnto`d, cds qub sb lnkrbgbntoron `b okubr`d o co prdùkklûn
onuoc.
Cds jostds onuocbs bn o`glnlstroklûn y vbntos osklbn`bn o R[$ 25,555 y sdn oc

kdnto`d.
Co rbkupbroklûn `bc Kopltoc `b Profoid sûcd sbrï `bc dr`bn `bc 05% `b co lnvbrslûn
babktuoò bn bstb rufrd. Co ogdrtlzoklûn `b lntonjlfcbs bs bn 5; oÿds.
Uoro bc kïckucd `bc vocdr `b rbskotb `b cds oktlvds alids, cds okkldnlstos `bc prdybktd
`bsb
`bsbon
on ususor
or bn adrg
adrgo
o kdns
kdnsbr
brvo
vo`d
`dro
ro bc gì
gìtd
td`d
`d kdnt
kdntof
ofcb
cb gb
gb`l
`lon
ontb
tb co
cos
s to
toso
sos
s `b
`bprbkloklûn
`bprbklok lûn sljulbntbs9 65% onuoc poro cds bqulpds `b rlbjd y troktdrbs y `b ;% onuoc
poro cds b`lalklds.
Uoro alnonklor bc prdybktd sb rbqulbrb un prìstogd bqulvocbntb oc :5% `b co lnvbrslûn

bn bc oktlvd alid tonjlfcb y `b 15% `bc kopltoc `bc trofoid lnlkloc, cds kuocbs sb pojorïn
bn `ds oÿds gb`lontb kudtos alios onuocbs vbnklòs, cos kuocbs sb kdgbnzorïn o pojor
`bspuìs `b un sbgbstrb `b pbrld`d `b jroklo kdn pojd `b lntbrbsbs, slbn`d co toso `b
lntbrìs babktlvo onuoc `b ?2%.
Co lnvbrslûn bn jostds prbdpbrotlvds sbrï `b R[$ ?5,555 alnonkloò tdtocgbntb kdn

rbkursds prdplds.
@b dtrd co`d, sb sofb qub co fbto `bsopoconkoò `bc sbktdr ojrd bxpdrto`dr bn BBRR bs
`b 5.:, bc rbtdrnd `bc gbrko`d `b kopltocbs bn BBRR bs `b ?0.2%, bc rbn`lglbntd `b cds
fdnds
fdn ds `b tbs
tbsdrd
drd `b BB
BBRR
RR bs ;.:
;.:%,
%, co lna
lnacok
coklûn
lûn nd
ndrtb
rtbogb
ogbrlk
rlkono
ono bs 6% on onuoc
uoc,, co
lnacoklûn pbruono
pbruono bs ;.2% onuoc y bc rlbsjd poçs `b Ubrù bn prdgb`ld bn cds ùctlgds 15
gbsbs bs `b ;25 puntds fïslkds. Co toso `b lgpubstds o cos utlclò`bs bs `bc 6<.25%.
[b pl`b bvocuor bc prdybktd o trbs oÿds, poro cd kuoc sb `bfb hoccor9
?. Acui
Acuid
d `b Ko
Koio
io `b Dp
Dpbr
brok
oklû
lûn,
n, 6. Ac
Acui
uid
d `b Ko
Koio
io `b co Ln
Lnvb
vbrs
rslû
lûn,
n, ;. Ac
Acui
uid
d `b Ko
Koio
io
Bkdnûglkd, 0. Acuid `b Koio `b @buò, 2. Acuid `b Koio Alnonklbrd, 1. Kïckucd `bc
Kdstd `b dpdrtunlò` opoconko`d y `bsopoconko`d y `bc kdstd prdgb`ld pdn`bro`d `bc
kopltoc ZOKK, :. Kockucor9 QONB, QONA, Ubrçd`d `b Vbkupbroklûn `bc Kopltoc `bc
prdybktd y `bc lnvbrsldnls
lnvbrsldnlsto.
to.
1.- Rn jru
jrupd
pd `b lnv
lnvbrs
brsldn
ldnlst
lstos
os `bs
`bsbo
bo `btbr
`btbrgln
glnor
or co vlo
vloflc
flclò
lò`
` bkdnû
bkdnûglk
glko
o `b un
prdybktd prdùkklûn y kdgbrkloclzoklûn `b krbgo `b bspïrrojds, cubjd `b un bstu`ld
`b gbrko`d ho `btbrglno`d qub sb `bfb rboclzor cos lnvbrsldnbs sljulbntbs9
- Pbrrbnd9 R[$ :2,555.

- Goqulnorlo
Goqulnorlos9s9 R[$ 12,555 `bpr
`bprbklofcb
bklofcb oc ?5% onuoc
- Gubfcbs y bnsbr
bnsbrbs9
bs9 R[$ ;2,555 `bprbklofcb
`bprbklofcb oc 65% onuoc.
- Cds oktlvds lntonjlf
lntonjlfcbs
cbs osklbn`bn o R[$ 2,555 ogdr
ogdrtlzofcbs
tlzofcbs bn 5; oÿds.
[b plbnso kdgbrkloclzor co krbgo `b bspïrrojds bn bnvosbs `b ?25 jrogds koò uno.

Bc kdstd `bc bsporrojd bn bc gbrko`d goydrlsto bs `b R[$5.?2 Mj y bc kdstd `b cds
bnvosbs bn cds kuocbs sb `bspokho co krbgo `b bspïrrojds oc pùfclkd sbrï `b R[$:.55
bc glccor.
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno <
BQOCROKLÛN @B
Bc prbkld `b vbnto `b koò bnvosb kdntbnlbn`d co krbgo `b bspïrrojds sbrï `b R[$ 0.55.
Cds jostds `b gond `b dfro `lrbkto osklbn`bn o R[$5.?5 pdr koò unlò` `b prdùktd
tbrglno`d o`bgïs `b R[$?62 gbnsuocbs `b socorlds alids pdr dpbrorld, slbn`d `ds cds
dpbrorlds nbkbsorlds.
Co gbrgo`b`b
kdglslûn prdùkklûn
vbntos sbrï `bcbstlgoò
?5% porobscds
`bc 62% bn prdgb`ld poro cds bspïrrojds. Co
vbn`b`drbs.
Co `bgonò `bc gbrko`d qub bspbro kufrlr bc prdybktd bs `b 2,:55 Mj poro bc prlgbr
oÿd, 1,;55 Mj. poro bc sbjun`d oÿd, `b :,055 Mj. poro bc tbrkbr oÿd. Co bstrotbjlo `b
stdkms alnoc poro co krbgo `b bspïrrojds bs `b ;5 `ços.
Bc 85% `b cos kdgpros sb babktùon oc kdnto`d, bc pbrld`d `b pojd bs `b 65 `ços y bc

05% `b cos vbntos sb babktùon oc krì`ltd kdn un pbrld`d `b kdfronzo `b ?2 `ços.
[b tbn`rï uno pdcçtlko `b koio gçnlgo bqulvocbntb o : `ços `b cds jostds dpbrotlvds.
Bc kdstd `b cds gotbrlocbs ln`lrbktds bs `b R[$5.05 pdr Mj. `b prdùktd bcofdro`d, bc

subc`d
sub c`d `bc
`bc sup
supbr
brvls
vlsdr
dr `b pco
pconto
nto bs `b R[R[$25
$2555 gbn
gbnsuo
suocbs
cbs,, cds jos
jostds
tds `b bn
bnbrj
brjço
ço
bc
bcìk
ìktr
trlk
lko
o y sbju
sbjurd
rds
s `b co pcon
pconto
to oskl
osklbn
bn`b
`bn
n o R[ R[$?
$?55
55 gbgbns
nsuo
uocb
cbs.
s. Co pc
pcon
onlc
lcco
co
o`glnlst
o`gl nlstrotl
rotlvo
vo bstlgo
bstlgoò
ò bs `b R[$?2
R[$?255
55 gbnsu
gbnsuocbs
ocbs.. Bc cdkoc `dn`b sb vo o trof
trofoior
oior
tbn`rï un kdstd
kdstd pdr ocqulcbr `b R[$625 gbnsuo
gbnsuocbs
cbs (ocqulco`d o pbr
pbrsdno
sdno noturoc).
Kockucor co lnvbrslûn bn kopltoc `b trofoid `bc prdybktd lnlkloc, lnkrbgbntoc y tdtoc

gb`lontb bc gìtd`d kdntofcb bn sus kdgpdnbntbs9 Oktlvd kdrrlbntb y poslvd kdrrlbntb.
:.- Bc jru
jrupd
pd Kbv
Kbvocc
occds
ds bstï
bstï ln
lntbr
tbrbso
bso`d
`d bn o`q
o`qulr
ulrlr
lr tlb
tlbrr
rros
os por
poro
o ku
kuctl
ctlvor
vor uvo
uvos
s por
poro
o
bvocuor bc prdybktd cd kdntroto o ustb` o babktds `b rboclzor cos prdybkkldnbs `bc acuid `b
koio, poro babktuor co bvocuoklûn bkdnûglko y alnonklbro.
Bc prdybktd kdgprbn`b uno prdybkklûn `b trbs oÿds `b dpbroklûn y un oÿd bxtro poro
co clqulòklûn.
Bc prdùktd co uvo, tlbnb `ds `bstlnds9 bc gbrko`d `b bxpdrtoklûn (65%) y bc gbrko`d

nokldnoc (85%).
Bc prbkld ADF `b bxpdrtoklûn bs `b R[$ 5.;1 pdr Mj. y bc prbkld lntbrnd bs 2% gbndr
gïs bc LJQ.
[b pconbo o`qulrlr `ds aun`ds9 A? y A6, koò und tlbnb uno bxtbnslûn `b 255 y 055,
rbspbktlvogbntb. @b A? sb bspbro un rbn`lglbntd gïxlgd `b 1,255 Mj. /ho pdr oÿd y
bn bc A6, 2,155 Mj. /ho onuocbs.
[b plbnso
plbnso qub cds aun`ds lnkr
lnkrbgb
bgbntor
ntoron
on jroùo
jroùocgbn
cgbntb
tb su prd`
prdùkkl
ukklûn,
ûn, sb prdyb
prdybkto
kto
poro bc prlgbr oÿd uno prdùkklûn bqulvocb
bqulvocbntb
ntb oc 15% `bc gïxlgd pdslfcb= bn cds oÿds
sljulbntbs, bc pdrkbntoib sb lnkrbgbntoro o 85% y <2%.
Cos lnvbrsldnbs sdn9 bn cds aun`ds R[$ 255,555 sln LJQ., bn un bqulpd `b rlbjd pdr
jdtbd
bn R[$R[$ ?6<,555
?5,555 sln yLJQ,
sln LJQ `ds troktdrbs
bn kdnstrukkldn bsR[$
kdnstrukkldnbs R[$15,555
21,555 sln LJQ, bc
lnkcul`d unLJQ.
tbrrbnd vocdrlzo`d
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno ?5
BQOCROKLÛN @B
[b prd
prdybk
ybkto
to co por
portlk
tlklpo
lpoklû
klûn
n `b un bqulp
bqulpd
d `b idr
idrnoc
nocbr
brds
ds qu
qub
b kdf
kdfror
ror R[$ ?5 pd
pdrr bc
kuctlvd `b uno hbktïrbo y R[$ ?;.25 pdr hbktïrbo bn co kdsbkho. [b bstlgo uno
kdsbkho oc oÿd.
[b rbqulbrb uno lnvbrslûn lnlkloc (prbdpbrotlvo) bn lnsugds `b R[$ 055 sln LJQ pdr
koò
koò hb
hbkt
ktïr
ïrbo
bo,, cds
cds sl
slju
julb
lbnt
ntbs
bs oÿoÿds
ds rb
rbqu
qubr
brlr
lrïn
ïn un kdst
kdstd
d bn ln
lnsu
sugd
gdss sl
slgl
glco
cor,
r,
bstlgïn`dsb unoo kdsbkho
jostds `b kuctlvd onuoc.`b
rozûn togflìn O`bgïs,
R[$ ?55bnpdr
co hbktïrbo
btopo prbdpbrotlvo,
bn idrnocbs. sb lnkurrlrï bn
Cds kdstds onuocbs bn pconlccos `b o`glnlstroklûn y vbntos osklbn`bn o R[$ 68,555

onuocbs (Nd oabktds o LJQ)
Bc prdybktd sb alnonklorï gb`lontb uno cçnbo `b un fonkd `b `bsorrdccd pdr R[$

?“555,555 kdn uno toso babktlvo onuoc `bc <%, gb`lontb kudtos alios onuocbs.
[b bspbro qub `bspuìs `b trbs oÿds sb pubò vbn`br bc aun`d bn R[$ 6“055,555 sln
LJQ y bc tbrrbnd bn ?5,555 sln LJQ. [b bstlgo qub cds `bgïs oktlvds sb vbn`brïn o su
vocdr kdntofcb oc bn bc ;td oÿd.
Bc slstbgo `b `bprbkloklûn bs bn cçnbo rbkto y cos tosos onuocbs `b `bprbkloklûn sdn

bqulpd `b rlbjd ‛ ?5%, troktdrbs - 65%, dfros klvlcbs ;%.
Cds jos
jostds
tds prb
prbdpb
dpbrot
rotlvd
lvds
s sb og
ogdrt
drtlzo
lzon
n bn kud
kudtos
tos lju
ljuocb
ocbs
s ho
hosto
sto bc tbr
tbrkb
kbrr oÿ
oÿd.
d. Co
lnvbrslûn bn kopltoc `b trofoid sb bstlgo bqulvocbntb oc ?5% `bc ougbntd `b cos vbntos.
Bc LJQ ockonzo bc ?8% y jrovo cos vbntos bn bc gbrko`d nokldnoc, jrovo togflìn cos
vbntos `b oktlvds y cds lnsugds rbqubrl`ds poro co gorkho `bc nbjdkld, Bc lgpubstd o
co rbnto bs 6<.25%.
Bvocùb bc prdybktd y `bsorrdccb cds sljulbntbs puntds bn un hdrlzdntb `b 5; oÿds9

o. Bsto`d `b jjononklos
ononklos y pìr`lòs9 LgLgpubstd
pubstd o co rbn
rbnto.
to.
f. Clqu
Clqulòk
lòklûn
lûn `
`bc
bc LJ
LJQ
Q
k. Acuid `
`b
b koio `
`bb dpbr
dpbroklûn
oklûn
`. Acuid `b lnvbrs
lnvbrsldnbs
ldnbs lnkcuyb
lnkcuybn`d
n`d vocdr `b rbsko
rbskotb
tb y clqulòklûn `bc kop
kopltoc
ltoc `b trofoid
b. Acuid `
`b
b Koio bk
bkdnûg
dnûglkdlkd
a. Acuid `b k
koio
oio `b co `buò y bsku`d alsko
alskocc
j. Acui
Acuid
d `b Koio Aln
Alnonk
onklbrd
lbrd
8.- Rn lnvb
lnvbrs
rsld
ldnl
nlst
sto
o bstï
bstï bvoc
bvocuo
uon`
n`d
d co pd
pdsl
slfl
flcl
clò
ò`
` `b ln
lnjr
jrbs
bsor
or oc nb
nbjd
jdkl
kld
d `b
kdna
kdnabk
bkkl
kldn
dnbs
bs bn co zdno
zdno ln
lnù
ùst
strl
rloc
oc `b Jo
Jogo
gorr
rro.
o. [b ho rbrbkd
kdcb
cbkt
kto`
o`d
d co sl
slju
julb
lbnt
ntb
b
lnadrgoklûn9 plbnso kdgpror ?8 gïqulnos, koò uno bstï vocdrlzoò bn R[$ :25 (sln
LJQ), `ds kdgputo`dros kuyd vocdr bs R[$ :55 (sln LJQ), dtrds bqulpds `b kdsturo sb
bstlgon bn R[$ ;,:25 (sln LJQ).
Cos gïqulnos y cds bqulpds sb `bprbklon o 2 oÿds y tlbnbn un vocdr kdgbrkloc `bc :5%
`bc vocdr `b kdgpro sln LJQ, glbntros qub co kdgputo`dro sb `bprbklo bn 0 oÿds y su
vocd
vocdrr kd
kdgb
gbrk
rklo
locc bs 65
65%
% `b
`bcc vocd
vocdrr `b kdgp
kdgpro
ro sl
sln
n LJ
LJQ,
Q, oc al
alno
nocl
clzo
zorr bc tb
tbrk
rkbr
br oÿ
oÿd
d
rbspbktlvogbntb.
Co lnvbrslûn bn oktlvds alids lntonjlfcbs bs `b R[$ <,555 (sln LJQ). Bc rbqubrlglbntd bn

kopltoc `b trofoid bs bqulvocbntb oc ?5% `b vbntos kdn LJQ y bstï lnoabktd oc LJQ.
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno ??
BQOCROKLÛN @B
Bc ocqulcbr gbnsuoc `bc cdkoc (ocqulco`d o pbrsdno noturoc) bs R[$ 025 (sln LJQ), bc
jostd alid pdr kdnkbptd `b subc`ds o`glnlstrotlvds sb bstlgo bn R[$ 6,055 gbnsuocbs
(nd jrovo bc LJQ), sb pojorï ?0 subc`ds oc oÿd.
Udr dtrd co`d, sbjùn bstlgokldnbs `b dtrds bgprbsorlds, bsto bgprbso pub`b vbn`br bc
prlgbr oÿd ;2,555 pdcds, y o portlr `bc sbjun`d oÿd krbkbrço bn ?2% onuoc.
Cds prbklds `b koò pdcd tbn`rïn co sljulbntb prdybkklûn9 `b R[$2.55 (sln LJQ) bn bc
prlgbr oÿd `b dpbroklûn, bn bc sbjun`d oÿd sb bstlgo uno `lsglnuklûn `bc ?5%
rbspbktd `bc prbkld `bc oÿd ? y bn bc tbrkbrd un lnkrbgbntd `b 65% rbspbktd `bc prbkld
`bc oÿd ?.
Bc kdstd `b cds lnsugds pdr koò pdcd prdùkl`d bs `b R[$ ?.85 (sln LJQ) y bc kdstd `b
co gond `b dfro pdr koò pdcd prdùkl`d bs `b R[$ 5.< (lnoabktd oc LJQ). [b sofb,
o`bgïs, qub co gbrgo bn co prdùkklûn `b cds pdcds bs `b 1%.
Bc prdybktd tbn`rï okkbsd o un prìstogd poro goqulnorlos y bqulpds pdr bc ?55%, bc

qub sb pojorï bn un pcozd `b `ds oÿds, `bspuìs `b un sbgbstrb `b pbrld`d `b jroklo
kdn pojd `b lntbrbsbs, gb`lontb kudtos sbgbstrocbs ljuocbs kdn uno PBO `bc 66%.
Uoro bvocuor bc prdybktd sb ho kdnsl`bro`d kdnvbnlbntb utlclzor cds òtds prdgb`ld `b

bgprbsos ogbrlkonos `b rbabrbnklo pbrtbnbklbntbs oc glsgd sbktdr bkdnûglkd, kdn uno
fbto `bsopoconkoò
`bsopoconkoò `b 5.:2. Oslglsgd, co prlgo `b rlbsjd hlstûrlko bn BBRR bs :%, co
toso `b cds fdnds clfrbs `b rlbsjd bs 1% co lnacoklûn bspbroò bn R[O bs ?.2% onuoc y
co pbruono ;%. O`bgïs, bc rlbsjd poçs `b Ubrù sb bstlgo bn ;55 pfs. y co toso `b
lgpubstd o co rbnto bs 6<.25% y ;2% poro Ubrù y R[O, rbspbktlvogbntb.
[b pl`b bvocuor bc prdybktd bn un hdrlzdntb `b trbs oÿds y rbspdn`br cos prbjuntos

sljulbntbs9
o). Bcofdror bc bsto`d `b jononklos y pìr`lòs.

f). @btbrglnor co clqulòklûn `bc LJQ.
k). Bcofdror bc acuid `b koio dpbrotlvd y bkdnûglkd.
b). Kockucb bc acuid `b koio `b co `buò y acuid alnonklbrd
j). Kockucb bc Kdstd `b dpdrtunlò` opoconko`d y `bsopoconko`d y bc ZOKK.
l). Kockucb bc QONB y bc QONA y tdgor co `bklslûn `b lnvbrslûn.
i) Kockucb bc pbrld`d
pbrld`d `b rbk
rbkupbroklûn
upbroklûn `b k
kopltoc
opltoc `bsk
`bskdnto`d
dnto`d `bc ln
lnvbrsldnlsto
vbrsldnlsto..
<.- Rn bgprbsorld glnbrd ho `bkl`l`d lnvbrtlr bn un prdybktd `b bxtrokklûn `b koc,

co kuoc bs utlclzoò bn co lnùstrlo `b co kdnstrukklûn.
Bc bstu
bstu`l
`ld
d tì
tìkn
knlk
lkd
d `b
`bcc prdy
prdybk
bktd
td sbÿo
sbÿocd
cd qu
qub
b co ococtb
tbrn
rnot
otlv
lvo
o `b cd
cdko
kocl
clzo
zokl
klûn
ûn gï
gïs
s
kdnvbn
kdn vbnlb
lbntb
ntb bs o`q
o`qulr lr un yo
ulrlr yoklg
klglbn
lbntd
td o 65 mlcûgbtr
mlcûgbtrds
ds oc sur `b Co Drdyo pdr
R[$;55,555 y kdn uno rbsbrvo kockucoò 85,555 tdnbcoòs. Bc vocdr `b socvogbntd
`bc bstb yoklglbntd sb kdnsl`bro bc glsgd vocdr kdntofcb.
Bc tbrrbnd `bfbrï sbr o`qulrl`d un oÿd ontbs `b co pubsto bn gorkho `bc prdybktd. Udr
dtro portb,
[.O.K., co `balnlklûn
co kuoc `btbrglnû`bc
qubbqulpd nbkbsorld
sb `bfbrï aubbn
lnkurrlr babktuoò pdr colnvbrsldnbs9
cos sljulbntbs bgprbso Albrrdbyrds
KDDV@LNOKLÛN
BQOCROKLÛN @B
Qocdr Qocdr Kdgbrkloc

Qlò Ùtlc
Oktlvd Kontlò` Rnltorld `b Rnltorld Bstlgo`d
Kdntofcb O`qulslklûn Oÿd 0
Bxkovo`dros 0 2 R[$ 62,555 R[$
?2,555
Kogldnbs 0 2 R[$ ;5,555 R[$
?1,555
Hdrnds Ortbsonocbs ?5 1 R[$ ?6,555 R[$
?,555
Urdkbso`dro ? ?5 R[$?15,555 R[$
15,555
Bc bstu`ld `b gbrko`d sbÿocû qub co kontlò` `bgonòò sbrï `b 0,855 tdnbcoòs

onuocbs y qub sb gontbn`rï sln vorloklûn bn bc gb`lond y corjd pcozd. [b bstlgo qub bc
prbkld `b vbnto sb gontbn`rï bn R[$155 co tdnbcoò bxtroçò ùrontb bc pbrld`d o
bvocuor. Cds kdstds `lrbktds `b dpbroklûn pdr tdnbcoò bxtroçò sb bstlgon bn9
Lnsugd Kdstd unltorld pdr

tdnbcoò bxtroçò
Gond `b dfro `lrbkto R[5$8
Bnbrjço y Kdgfustlfcbs R[$6
5
Bxtrokklûn R[$0
5
Kdstd prdkbsoglbntd R[$?
25
Pdtoc R[$6
<5
Uoro pd`br kdgbrkloclzor bc prdùktd sb rbqubrlrï kdntrotor un sbrvlkld `b tronspdrtb

`b co koc
koc prdk
prdkbs
bso`
oò
o `b
`bs`
s`b
b bc yo
yokl
klgl
glbn
bntd
td ho
host
sto
o Co Dr
Drdy
dyo.
o. Bc kdst
kdstdd pd
pdrr td
tdnb
nbco
coò
ò
tronspdrtoò
tronspdrtoò bs `b R[$?.:2 pdr mlcûgbtrd.
@lkhd
@lk hd sbrvl
sbrvlkld
tronspdrtor kld `bf
`bfbrï
brï sbr
cds rbkursds rb
rbqub
qubrl`
rl`d
bxtroç`ds d un
unoo td`d
ùrontb sbg
sbgon
onoo pbrld`d
bsb on
ontbs
tbs `by `bfbrï
koò
koò al
aln
n `b
sbr gb
gbss po
poro
konkbco`d ro
bc
glsgd `ço qub sb babktùb bc sbrvlkld, soflbn`d qub sb `bgonò `lkhd sbrvlkld ùrontb
slbtb `ços kocbnòrld.
Bc prdùktd sb vbn`b bc glsgd `ço qub sb ccbjo o co kluò`, 62% oc kdnto`d y :2% oc
krì`ltd o 05 `ços, ounqub sb kdfro rbocgbntb bn un pcozd prdgb`ld `b 02 `ços.
Cds jostds o`glnlstrotlvds `bc prdybktd sb bstlgon bn R[$;2,555 gbnsuocbs, cds qub
`bfbrï
`bf brïn
n konkb
konkbcor
corsb
sb oc aln
alnoc
oc `b ko`
koò
o gbs
gbs.. O`b
O`bgï
gïs,
s, sb ho tdg
tdgo`d
o`d un sbj
sbjurd
urd pdr
R[$?6,555 gbnsuoc, bc kuoc `bfbrï konkbcorsb cds prlgbrds `ços `b koò gbs. [b hon
rbjlstro`d R[$?2,555 bn jostds prbdpbrotlv
prbdpbrotlvds
ds `b `lvbrso çn`dcb.
Uoro alnonklor bc prdybktd sb rbqulbrb un prìstogd bqulvocbntb oc 85% `b co lnvbrslûn

bn oktlvd alid y :5% `bc kopltoc `b trofoid lnlkloc, bc kuoc sb pojorï bn trbs oÿds
gb`lontb kudtos sbgbstrocbs vbnklòs, cos kuocbs sb kdgbnzorïn o pojor `bspuìs `b
un sbgbstrb `b pbrld`d `b jroklo sln pojd `b lntbrbsbs
lntbrbsbs,, slbn`d co toso `b lntbrìs onuoc
6?%.
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno ?;
BQOCROKLÛN @B
@b dtrd co`d, sb sofb qub co fbto `bsopoconkoò `bc sbktdr bn BBRR bs 5.<, co prlgo `b
gbrko`d bn BBRR bs 8%, bc rbn`lglbntd `b cds fdnds `b Pbsdrd bs 0%, co lnacoklûn
ndrtbogbrlkono bs 6.2% onuoc, y bc Vlbsjd Uoçs `b Ubrù bs `b ;<5 puntds fïslkds.
Co toso `b Lgpubstd o co Vbnto bs 6<.25%. [b pl`b bvocuor bc prdybktd o 0 oÿds, poro

cd kuoc, sb pl`b bcofdror cds sljulbntbs kïckucds9
o). Acuid `b Koio `b lnvbrs

lnvbrslûn9
lûn9 Oktlvd Al
Alid9
id9 Lnvbrs
Lnvbrslûn
lûn lnlkloc, Qo
Qocdr
cdr `b rbsko
rbskotb,
tb, Oktlvds
lntonjlfcbs.
f). Kopltoc `b Profoid9 K
Kopltoc
opltoc `b ttrofoid
rofoid lnlk
lnlkloc,
loc, koplto
kopltocc `b trofo
trofoid
id lnkrbg
lnkrbgbntoc
bntoc y
Vbkupbroklûn
Vbkupbro klûn `b Kopltoc `b Profoid
k). Acuid `b K
Koio
oio Dpb
Dpbrotl
rotlvd,
vd, Acu
Acuid
id `b Koio Bk Bkdnûg
dnûglkd,
lkd, Ac
Acuid
uid `b co `bu
`buò
ò y Acuid
Alnonklbrd
`). Bc vocdr `b socvog
socvogbntd
bntd `bc yoklglbntd pd`rï sbr vocdrlzo`d gb`lontb co utlclò`
dpbrotlvo pdr PG y pdr bc nlvbc `b bxlstbnklos `bc gotbrloc oc alnoc `b co prdybkklûn
?5.-
?5.- Co bgprbso UBPVR[LC [.O ( Co bgprbso Gotrlz) bstï bvocuon`d co aoktlflclò` `b
rbalnor pbtrûcbd y kdgbrkloclzor co prdùkklûn `b josdclno bstïnòr pdr jocdnbs. [bjùn
su prdplo lnvbstljoklûn sb prdybktû bc nùgbrd `b outdgûvlcbs poro cds prûxlgds trbs
oÿds, 1;1,085 bc 65?8= 1<6,80< oc oÿd 65?< y :26,5?0 bc oÿd 6565.
Bc kdnsugd prdgb`ld pdr outdgûvlc sb bstlgo bn ?85 jocdnbs `b josdclno bstïnòr pdr
oÿd, bc prbkld `b vbnto pdr jocûn `bc prdùktd bs R[$ 6.82 pdr unlò` (lnkcul`d bc LJQ).
Bc pr
prlg
lgbr
br oÿd (656
(6565)
5) sb bsbspb
pbro
ro ko
kopt
ptor
or 2%
2%,, y bc kr
krbk
bklg
lglb
lbnt
ntd
d or
orlt
ltgì
gìtl
tlkd
kd `b su
portlklpoklûn sbrï `bc ?.2% onuoc poro cds prûxlgds `ds oÿds.
Uoro lgpcbgbntor y `lspdnbr co pubsto bn gorkho `bc prdybktd sb rbqulbrb co clgplbzo,

nlvbcoklûn, y bc rbtlrd `b `bsgdntb `bc tbrrbnd, co glsgo qub osklbn`b o R[$ ;5,555
(nd oabktd o LJQ), o`bgïs `b cds rbqubrlglbntds `b dtrds oktlvds tonjlfcbs kdn `btoccbs
sljulbntbs9
Qocdr Qlò ùtlc Qocdr `b

Oktlvds
o`qulslklûn kdntofcb (oÿds) socvogbntd oÿd ;
Pbrrbnd (*) (R[$)

?,255,555 ?65%
Uconto rbalno`dro `b pbtrûcbd (*) 0,555,555 65 <5%
Dfros Klvlcbs Vbalnbrço (**) 685,555 ;5 :2%
Rnlò`bs `b Pronspdrtb (**) 085,555 ?5 :5%
* Nd oabktds oc LJQ
** [ln LJQ
Bn kuontd o cds oktlvds lntonjlfcbs sb rboclzo uno lnvbrslûn `b R[$025,555 sln LJQ,
pdr kdnkbptds `b `dkugbntds cbjocbs, jostds prb dpbrotlvds `b drjonlzoklûn, jostds `b
pubsto bn gorkho y clkbnklos sdklocbs.
Cos vbntos sb rboclzon unladrgbgbntb y sb vbn`b oc krì`ltd kdn pcozd `b : `ços, bc

prdkbsd `b rbalnoklûn y vbnto `b co josdclno tdgo un tlbgpd `b ?2 `ços.
Bc bstu`ld tìknlkd ln`lko qub poro prdùklr co josdclno rbalnoò sb lnkurrlrï bn cds
sljulbntbs kdstds `b prdùktds tbrglno`ds
KDDV@LNOKLÛN
BQOCROKLÛN @B
Kdstds Qorlofcbs R[$ (sln LJQ)

Ubtrûcbd Kru`d R[$ 15 bc forrlc *
_uçglkds R[$ 2 bc forrlc *
* ? Forrlc 7 06 jocdnbs
Uoro prdùklr ? forrlc `b josdclno bstïnòr sb rbqulbrb <5% `b un forrlc `b pbtrûcbd y

?5% `b forrlc `b quçglkds, o`bgïs sb sofb qub ùrontb bc prdkbsd prdùktlvd sb
jbnbro uno gbrgo bn bc lnsugd pbtrûcbd `bc 2% pdr kdnkbptd `b bvopdroklûn `b
cçqul`ds, y uno gbrgo `bc ;% `b prdùktds quçglkds pdr sb`lgbntoklûn.
sb`lgbntoklûn.
Gond `b dfro `lrbkto bs R[$5.62 pdr koò jocûn `b josdclno prdùklò (lnoabktds oc
LJQ).
Co bgp
bgprbso
rbso gotrlz tlbn
tlbnb
b oktu
oktuocgb
ocgbntb
ntb jostds o`gl
o`glnlst
nlstrotlv
rotlvds
ds (pco
(pconlcco
nlccos
s `b subc
subc`ds
`ds -
lnoabktds oc LJQ) `b R[$655,555 gbnsuocbs, y sb bstlgo qub pdr cds nubvds korjds
jbnbro`ds pdr bc nubvd prdybktd ìstds sb lnkrbgbntorïn bn un 65%.
Bn kuontd o cds sbjurds pdr lnùstrlos rlbsjdsos, co bgprbso gotrlz konkbco kudtos
gbnsuocbs vbnklòs pdr R[$:5,555 (sln LJQ), cos nubvos lnvbrsldnbs (pdr bc prdybktd)
horï ougbntor co kudto bn un ;5%.
Bc jostd pdr bnbrjço bcìktrlko bs `b R[$ ;2,555 gbnsuocb

gbnsuocbss (sln LJQ) kdgd jostd prdpld
`bc prdybktd `b rbalnor bc pbtrûcbd. Cds prdvbb`drbs kdfron oc kdnto`d pdr co prdvlslûn
`b lnsugds, flbnbs y sbrvlklds, bn kuontd o cos tosos `b lgpubstds9 Poso `b9 LJQ ?8%,
Lgpubstd o co Vbnto 6<.25%.
Bc hdrlzdntb `b bvocuoklûn `bc prdybktd bn tdtoc bs `b trbs oÿds. Hoccor cd sljulbntb9
o) Urdjrogo `b k kdgpros
dgpros `b pbpbtrûcbd
trûcbd y quçglkds (bn forrlcbs).
f) Qocdr `b Vbsk
Vbskotb
otb Nbtd `b cds Oktlv
Oktlvds
ds Ponjlfcbs oiusto
oiusto`d
`d pdr lgpubstds.
k) Clqulòklûn `b LJQ `b vbntos y kdgpros.
`) Kopltoc `b trofoi
trofoid
d (@bsaosb)9 onu
onuoc,
oc, vorloklûn y rbkupb
rbkupbroklûn.
roklûn.
b) Bsto
Bsto`d
`d `b rb
rbsucto
sucto`ds.
`ds.
a) Bc Acuid `b K
Koio
oio Dpb
Dpbrotl
rotlvd.
vd.
??.-
??.- Bgpoqubs [.O. ho prbsbnto`d o un fonkd su prdybktd `b lnvbrslûn kdn uno
kopoklò` lnstocoò poro prdùklr 65,555 ortçkucds oc oÿd, bn bc prlgbr oÿd utlclzorï bc
15% `b co kopoklò` lnstocoò `bc nbjdkld `lsbÿo`d, bn bc sbjun`d oÿd bc :5% y bn bc
tbrkbr oÿd bc 85%.
Cds prdùktds sb vbn`brïn o R[$ 65 co unlò`= cos vbntos sdn unladrgbs ùrontb td`d
bc oÿd, bc 25% `b vbnto sbrïn oc krì`ltd o ;5 `ços kocbnòrld.
Bc 05% `b co prdùkklûn sb rbalbrb o gotbrlocbs

gotbrlocbs,, bc 15% kdrrbspdn`b o lnsugds, ogfds
sb kdgprorïn gbnsuocgbntb konkbcon`d oc kdnto`d bc 25% `bc vocdr `b o`qulslklûn bc
kuoc sb konkbco o cds 15 `ços Bc kdstd pdr unlò` `b gotbrlocbs sb bstlgo bn R[$ 8, y bc
kdstd pdr unlò` `b lnsugds bs R[$ 1. Cds kdstds alids `b prdùkklûn sb kockucon bn
R[$ 65,555. Co `bprbkloklûn onuoc osklbn`b o R[$ 8,555, bc :5% kdrrbspdn`b oc ïrbo
`b prdùkklûn.
KDDV@LNOKLÛN
BQOCROKLÛN @B
Udr dtrd co`d, sb osugb qub nd hoy gbrgos bn co prdùkklûn nl togpdkd bn cds
lnsugds poro co prdùkklûn.
Cds jostds pdr o`glnlstrotlvds y `b vbntos `bc prdybktd sb bstlgon bn 65% `b cds
lnjrbsds pdr vbntos tdtocbs.
Udr rozdnbs
(alnoc) pdr bcdpbrotlvos co oc
bqulvocbntb bgprbso bstlgo
kdnsugd nbkbsorld
`b 56 gbsbs `bgontbnbr un lnvbntorld
gotbrlocbs, gçnlgd
02 `ços poro cds
lnsugds y `b un gbs `b prdùktds tbrglno`ds. Co koio gçnlgo bs bqulvocbntb o 56
gbsbs `b cds jostds `b o`glnlstroklûn y vbntos.
Bn bstos kdn`lkldnbs sb `bsbo bstlgor cos lnvbrsldnbs `b kopltoc `b trofoid lnkrbgbntoc

poro qub co bgprbso pubò dpbror ndrgocgbntb ùrontb cds prûxlgds trbs oÿds kdn bc
gìtd`d kdntofcb9
6.? Kubn
Kubntostos pd
pdrr Kdfr
Kdfror.
or.
6.6 [tdkm `b pr prdùktds
dùktds tbrglno`ds.
6.; [tdkm `b lnsugds y gotbrl
gotbrlo o prlgo.
6.0 Kubn
Kubntostos p
pdr
dr Uoj
Uojor.
or.
6.2
6.2 Ko
Koio
io..
6.1
6.1 Ko
Kopl
plto
tocc `
`b
bP Pro
rofo
foid
id ln
lnlk
lklo
locc b ln
lnkr
krbg
bgbn
bnto
tocc .
?6.- Culs Hugfbrtd Ioro bs un bgprbsorld `bc sbktdr ojrdlnùstrloc qub ùrontb cds
ùctlgds klnkd oÿds ho bsto`d prdùklbn`d y kdgbrkloclzon`d gonjds poro bc gbrko`d
lntbrnokldnoc. Hdy kdn co bxpbrlbnklo o`qulrlò bstï lnkursldnon`d bn bc nbjdkld `b
prd`
prdùk
ukkl
klûn
ûn `b tdgo
tdgotb
tbs,
s, qu
qub
b `b okub
okubr`
r`d
d o cdcds
s bstu
bstu`l
`lds
ds sb `l
`lst
strl
rlfu
fulr
lrïn
ïn bn cd
cds
s
supbrgbrko`ds
supbrgbrk o`ds `b Clgo.
Bc tdg
tdgotb
otb bs un prd
prdùk
ùktd
td kuy
kuyd
d prd
prdkb
kbsd
sd `b kuc
kuctlv
tlvd
d bs sug
sugogb
ogbntb
ntb acbxl
acbxlfcb
fcb,, cd qu
qub
b
pbrgltb rboclzorcd bn kuocqulbr gbs `bc oÿd y kdsbkhorcd o cds trbs gbsbs (<5 `ços).
Pdgon`d bn kubnto bsto lnadrgoklûn bc sbÿdr Ioro ho bcofdro`d un pcon `b
prdùkklûn drlbnto`d o otbn`br uno `bgonò yo nbjdkloò kdn cds supbrgbrko`ds9
poro bc prlgbr oÿd (6565) sb vbn`brïn 605 tdnbco`
tdnbcoòs
os `b tdgotb.
[b rboclzorïn trbs kuctlvds d prdùkkldnbs ljuocbs pdr oÿd (kcord bstï qub sb lnlklo co
prdùkklûn bc prlgbr gbs `bc oÿd, cubjd `b co kdsbkho bc tbrrbnd `bskonso un gbs
bntrb uno prdùkklûn y dtro).
Uoro cds sljulbntbs oÿds co prdùkklûn y kdgbrkloclzoklûn `bc prdùktd krbkbrïn kdn
cos tosos sljulbntbs9 oÿd 656?, ?8%= oÿd 6566, 6;%. @bfb kdnsl`brorsb qub bc 65% `b
co kdsbkho nd poso cds kdntrdcbs `b koclò` bxljl`ds pdr cds supbrgbr
supbrgbrko`ds.
ko`ds.
Bc bstu`ld kdgbrkloc bstlgo bc prbkld pdr mlcdjrogd `b tdgotb bs R[$5.12. O`bgïs,

bstu`ld tìknlkd sbÿocû qub pdr koò mlcdjrogd `b tdgotb prdùkl`d sb lnkurrlrïn bn
cds sljulbntbs kdstds vorlofcbs `b prdùkklûn.
Lnsugd Kdstd Rnltorld (pdr mj)

Ubstlklò R[$ 5.5;6
Vlobn
G jd `b dfro R[$ 5.5
??
52
5
KDDV@LNOKLÛN
BQOCROKLÛN @B
Bc kdstd `b sbglcco bs R[$ 5.5?6 pdr koò mlcd prdùkl`d, ìsto sb kdgpro bc prlgbr `ço
`b prdùkklûn y sb pojo oc kdnto`d. Bc ?5% `b cos sbglccos sb plbr`b (bs `bklr nd sdn
ùtlcbs poro bc kuctlvd).
Bc kdstd `b co kdsbkho bs `b R[$ 5.52 pdr mj. kdsbkho`d, cds jostds `b acbtb qub cd
osugb bc prdùktdr sb hon bstlgo`d bn R[$ ?,255 pdr koò prdùkklûn, bc pojd `b
bstds
bstds `ds kds
kdstds
tds
o`glnlstrotlvds bn sb rbo
rboclz
clzo
bc prlgbr o oÿd
bc gls
glsgd
gd `ço `bgbnsuocbs,
`b R[$?,255 co kdsbk
kdsbkho.
ho.
qubBcsbprd
prdyb
ybktd
ktd
pojon oc tlbnb kdst
kdstds
kdnto`d. ds
Cds lnvbrsldnlstos bstlgordn qub bc kopltoc `b trofoid bqulvoc`rço o 0 gbsbs `b td`ds

cds kdstds y jostds, bc glsgd qub pbrgltlrï alnonklo
alnonklorr uno prdùkklûn.
o). Hoccor b
bcc koplto
kopltocc `b ttrofoid
rofoid lnlk
lnlkloc.
loc.
f). Hoccor bc kopltoc `b ttrofoid
rofoid lnkrbg
lnkrbgbntoc
bntoc (vorloklû
(vorloklûn).
n). y rbkupbroklûn.
?;.- Co bgprbso JNCR[LC [OK, ho tdgo`d co lnlklotlvo `b bvocuor co pdslflclò` `b

bxpdrtor Jos Noturoc Clkuo`d (JNC) o Bsto`ds Rnl`ds `b Ogìrlko (R[O).
[b sofb qub bc Acuid `b Koio Dpbrotlvd kdntlbn

kdntlbnb
b co sljulbntb lnadrgoklûn9
Oÿds 5 ? 6 ;
Acuid Dpbrotlvd (R[$) - 6°255,555 6°855,555 ;°255,555
Uoro bibkutor bc prdybktd sb rbqulbrbn `b cds sljulbntbs oktlvds alids tonjlfcbs9

Qocdr `b Kontlò` Qlò ùtlc Qocdr `b socvog.
Oktlvd o`qulslklûn (unlò`bs) (oÿds) oc oÿd ;
(R[$)
Dfros klvlcbs 6:5,555 ? ?5 :2%
Uconto `b clkubaokklûn 1“555,555 ? 65 <5%
Cds oktlvds
oktlvds lnto
lntonjl
njlfcb
fcbs
s sug
sugon
on un gd
gdnt
ntd
d `b R[$ ;“5
;“555,
55,555
555,, cos glsg
glsgos
os qub sb
ogdrtlzon unladrgbgbntb bn 5; oÿds.
Kdn co lnadrgoklûn sdfrb cds oktlvds tonjlfcbs b lntonjlfcbs kdgpcbtb co lnadrgoklûn

oro bc sljulbntb Acuid `b Koio `b co Lnvbrslûn (bn R[$)9
Oÿds 5 ? 6 ;
Oktlvd Ponjlfcb ´ xxxxx 4
Oktlvd Lntonjlfcb ´ xxxxx 4
Kopltoc `b Profoid -?°625,555 -155,555 -125,555
Qocdr `b rbskotb nbtd `b oktlvds alids ´ xxxxx 4
Vbkupbroklûn
Vbkupbro klûn `bc Kopltoc `b Profoid 6°025,555
Acuid `b koio `b co lnvbrslûn ´ xxxxx 4 -155,555 -125,555 ´ xxxxx 4
Uoro alnonklor bc prdybktd sb hon bstofcbkl`d rbcokldnbs alnonklbros kdn fonkd cdkocbs,
y sb nds dtdrjû bc sljulbntb prìstogd bn gdnbò bxtronibro (R[$) kdn cos sljulbntbs
kdn`lkldnbs alnonklbros9
Urìstogd
oÿds qub pdr bc 25%
lnkcuyb un `bc Oktlvd `b
sbgbstrb alid jroklo
tonjlfcb
(ndb sb
lntonjlfcb, kdn un pcozd
pojon lntbrbsbs), `b rbpojd
gb`lontb 5;
kudtos
kdnstontbs vbnklòs sbgbstrocbs kdn uno PBO `bc ?8%.
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno ?:
BQOCROKLÛN @B
Pdòs cos dtros portlòs `b co lnvbrslûn, sbrïn alnonkloò

alnonkloòs
s kdn opdrtbs `b kopltoc `b
cds okkldnlstos `bc prdybktd.
Co toso `b lgpubstds o co rbnto bs `bc 6<.25%
[b pl`b bvocuor bc prdybktd o ; oÿds, poro cd kuoc `bfb hoccor9

o) Acui
Acuid
d``b
bkkoi
oio
o``bb cco
o llnv
nvbr
brsl
slûn
ûn..
f) Ac
Acui
uid
d `b k
koi
oio
o bk
bkdn
dnûgûglklkd.
d.
k) Pofco `b ogdrtlzoklûn `b co `buò .
`) Acuid
cuid `b co `bu`
uò.o.
b) Acuid `b koio alnonklbrd .
?0.- Co bgprbso MLZLADD@[ [OK, ho tdgo`d co lnlklotlvo `b bvocuor co pdslflclò` `b

bxpdrtor uno nubvo cçnbo `b prdùktds ojrdlnùstrlocbs oprdvbkhon`d bc prdjrogo
[lbrro
[lbrro Bx
Bxpdr
pdrto`
to`dro
dro.. Bc prd
prdybk
ybktd
td tlb
tlbnb
nb pdr dfi
dfibtl
btlvd
vd prd
prdùk
ùklr
lr y bxp
bxpdrt
drtor
or o Bs
Bsto`
to`ds
ds
Rnl`d
Rn l`ds
s `b Ndr
Ndrtbo
tbogì
gìrlk
rlko
o (R[O)
(R[O) KhKhlps
lps `b un
uno
o nub
nubvovo pop
popo
o kdc
kdcdrb
drboò
oò kdn pd
pd`br
`brbs
bs
ontldxlòntbs, notlvo `b co slbrro kbntroc `bc Ubrù co kuoc prbsbnto koroktbrçstlkos `b
sofdr y koclò` okbpto`ds bn bc gbrko`d dfibtlvd.
Bc bstu`ld `b gbrko`d `bc prdybktd rboclzo`d ho `btbrglno`d qub bc kdnsugd `bc

prdùktd bn R[O tlbnb cds sljulbntbs òtds hlstûrlkds9
Oÿd 65?5 65?? 65?6 65?; 65?0

Kdnsugd ‛ PG. 2,555 2,155 1,655 8,:55 ?5,555
@b okubr`d o cos prbvlsldnbs `b ofostbklglbntd `b co gotbrlo prlgo, `lstrlfuklûn bn bc

gbrko`d y alnonkloglbntd sb bstorço bn kdn`lkldnbs `b bxpdrtor bc bqulvocbntb oc ?.2%
`b co `bgonò prdybktoò o portlr `bc oÿd 6565.
Bc ïrbo kdgbrkloc bstlgo vbn`br o un prbkld ADF `b R[$ 0.5 bc Mj. bc prdùktd. Cds
kclbntbs lntbrnokldnocbs konkbcorïn cos gbrko`brços ?2 `ços `bspuìs `b su orrlfd oc
pubrtd `b `bstlnd. Bc tronspdrtb vço gorçtlgo tbn`rï uno ùroklûn `b ;5 `ços. Cos
bxpd
bxpdrt
rtok
okld
ldnb
nbs
s sb rb
rboc
oclz
lzor
orïn
ïn bn bg
bgfo
forq
rqub
ubs
s `b ho
host
sto
o 65
65PG
PG po
poro
ro ku
kugp
gpclclrr kdn
kdn bc
prdjrogo `b vbntos y glnlglzor cds jostds `b bxpdrtoklûn.
Bc bstu
bstu`l
`ld
d tì
tìkn
knlk
lkd
d sbÿo
sbÿocû
cû qu
qub
b bc pr
prdk
dkbs
bsd
d `b pr
prd`
dùk
ukkl
klûn
ûn `b
`bgd
gdro
rorç
rço
o ;5 `ç
`ços
os y sb
lnkurrlrïn bn cds sljulbntbs kdnsugds y kdstds `b prdùkklûn9
- Udr koò unl`

unlò`
o` `b prdùktd tbrg
tbrglno`
lno`d
d sb rbqu
rbqulbrb
lbrb <5% `b gotbr
gotbrlo
lo prlgo y ?5% `b
gotbrlocbs.
Cds kdstds `b co gotbrlo prlgo sdn `b R[$ 5.62 pdr Mj. y bc `b cds gotbrlocbs (soc y
prbsbrvontbs), bs `b R[$ 5.15 pdr Mj. Cos gbrgos `b gotbrlo prlgo sdn `bc ;5% y co
`b cds gotbrlocbs bc 2%.
- Cds `bgïs kdst

kdstds
ds vorlofcbs `b prd`
prdùkklûn
ukklûn pdr Mj. `b prd`
prdùktd
uktd tbrglno`d sdn9
KDDV@LNOKLÛN
BQOCROKLÛN @B
Vufrd Kdstd unltorld pdr Mj.

Covo`d y pbco`d R[$ 5.?5
Bgpoko`d R[$ 5.62
Gond Dfro `lrbkto R[$ 5.65
- Cds kdstds ln`lr

ln`lrbktds
bktds `b aofrlkok
aofrlkoklûn
lûn osklbn`b
osklbn`bn
n o R[$ 2,555 gbnsuocb
gbnsuocbs.
s.
Cds jostds o`glnlstrotlvds sb bstlgon bn R[$ ?5,555 gbnsuocbs, y cds sbjurds bn R[$
;,555 oc gbs.
Alnocgbntb, cds jostds `b bxpdrtoklûn (trïgltbs oùonbrds, kdntolnbr, bstlvo, bntrb

dtrds bjrbsds) sb hon bstlgo`d bn R[$?5,555 pdr bgforqub. Pd`ds cds kdstds `b
prdùkklûn, o`glnlstrotlvds
o`glnlstrotlvds y `b bxpdrtoklûn sb pojon oc kdnto`d
Uoro bibkutor bc prdybktd sb rbqulbrbn `b cds sljulbntbs oktlvds alids tonjlfcbs9
Qocdr `b Qocdr `b
Kontlò` Qlò ùtlc
Oktlvd o`qulslklûn socvogbntd oc
(R[$) (unlò`bs) (oÿds) alnoc `bc oÿd ;
Pbrrbnd ?15,555 ? ?62%
Dfro klvlc ?82,555 ? 65 85%
Cçnbo `b prdùkklûn 25,555 ? ?5 25%
Cds oktlvds lntonjlfcbs kdnstltul`ds pdr cds `dkugbntds cbjocbs `b co bgprbso, bstu`ld
`b prblnvbrslûn, jostds prbdpbrotlvds `b drjonlzoklûn, jostds `b pubsto bn gorkho `bc
prdybktd osklbn`bn o R[$ ?6,555, cds qub sb ogdrtlzon unladrgbgbntb bn 5; oÿds.
Uoro alnonklor bc prdybktd sb rbqulbrb un prìstogd bqulvocbntb oc 05% `b co lnvbrslûn

bn oktlvd alid tonjlfcb y ;5% `bc kopltoc `b trofoid lnlkloc.
Oc rbspbktd, sb tlbnb co pdslflclò` `b un prìstogd bn gdnbò bxtronibro

bxtronibro (R[$) kdn cos
kdn`lkldnbs alnonklbros sljulbntbs9 Ucozd `b rbpojd trbs oÿds qub lnkcuyb un oÿd `b
jroklo sln pojd `b lntbrbsbs, gb`lontb kudtos alios vbnklòs sbgbstrocbs kdn uno PBO
`bc ?<%.
Pdòs cos dtros portlòs `b co lnvbrslûn

lnvbrslûn sbrïn alno
alnonkloòs
nkloòs kdn opdrtbs
opdrtbs `b kopltoc `b cds
okkldnlstos `bc prdybktd.
@b dtrd co`d, sb sofb qub co fbto `bsopoconkoò `bc sbktdr ojrd bxpdrto`dr bn BBRR bs
?.;, co prlgo `b gbrko`d bn BBRR bs :%, bc rbn`lglbntd `b cds fdnds `b Pbsdrd bs
0%, co lnacoklûn ndrtbogbrlkono bs ?.2% onuoc, co lnacoklûn pbruono bs ;.8%, y bc
Vlbsjd Uoçs `bc Ubrù bs `b 025 puntds fïslkds. Co toso `b lgpubstds o cos utlclò`bs bs
`bc 6<.25%.
[b pl`b bvocuor bc prdybktd o trbs oÿds, poro cd kuoc `bfb hoccor9
o. Kopltoc `b Profoid lnlkloc, lnkrbgbntoc y tdtoc, f. Qocdr `b rbskotb `bc oktlvd alid
tonjlfcb oiusto`d pdr lgpubstds, k. Bstrukturo `b co lnvbrslûn y alnonkloglbntd `bc
prdybktd, `. Acuid `b Koio `b Dpbroklûn, b. Acuid `b Koio Bkdnûglkd, a. Acuid `b Koio
Alnonklbrd, j. Qocdr
Udn`bro`d `bc `bc
Kopltoc Kdstd `b
(ZOKK), h. Dpdrtunlò` `bc
Ln`lko`drbs `b Kopltoc (KDM)
Bvocuoklûn9 y `bc
QONB, Kdstd Urdgb`ld
QONA.
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno ?<
BQOCROKLÛN @B
?2.- Rn jru
jrupd
pd `b lnv
lnvbr
brsld
sldnls
nlsto
tos
s bstï
bstï bvocu
bvocuon
on`d
`d co pds
pdslfl
lflcl`
clò`
o` `b bst
bstofc
ofcbkb
bkbrr uno
bgprbso `b`lkoò o co krlonzo `b cbkhdnbs. Uoro toc babktd co lnvbrslûn bn cds oktlvds
alids rbqubrl`ds (bqulpds, kogldnbs, dfros açslkos y tbrrbnds) osklbn`b o R[$ ?65,555 y
su vocdr oktuoclzo`d sbjùn bc kocbnòrld `b lnvbrsldnbs bs R[$ ?25,555.
Oslgls
Oslglsgd
gd,, co `b
`bpr
prbk
bklo
lokl
klûn
ûn on
onuo
uocc bs `b R[R[$
$ ?6
?6,<
,<55
55 y osug
osuglblbn`
n`d
d un
unoo pd
pdsl
slkl
klûn
ûn
kdnsbrvo`dro sb bstlgo qub bc vocdr `b socvogbntd oc alnoc `bc pbrld`d `b prdybktd bs
R[$ :2,255.
[b bstlgo qub co bgprbso tbn`rï uno prdùkklûn onuoc `b ?2,555 cbkhdnbs kdn un
pbsd prdgb`ld `b ?2 Mlcdjrogds pdr unlò`, bspbrïn`dsb un krbklglbntd onuoc poro
cds prûxlgds ; oÿds `bc dr`bn `bc ?5%. Bc prbkld prdgb`ld pdr Mlcdjrogd bs `b R[$
6.2.
Cds kdstds `b prdùkklûn `b koò cbkhûn sdn cds sljulbntbs9
LPBG R[$
Kbr`ds FF ;.25
Oclgbntoklûn <.55
Qokunos y gb`lklnos ;.55
Gond `b dfro 1.55
Cds jos
jostds
tds o`
o`gln
glnlst
lstrot
rotlvd
lvds
s onu
onuocb
ocbs
s sdn
sdn `bc dr`
dr`bn
bn `b R[ R[$$ 08,
08,555
555,, cds jos
jostds
tds `b
`lstrlfuklûn onuoc rbprbsbnton bc ;% `b cos vbntos y co kdglslûn `b vbn`b`drbs bc 2%
`b cos vbntos. Bn rozûn oc klkcd `b krlonzo y kdgbrkloc
kdgbrkloclzoklûn
lzoklûn `b cds cbkhdnbs sb bstlgo
nbkbsorld un kopltoc `b trofoid bqulvocbntb o ; gbsbs `b kdstds vorlofcbs y `b jostds
`b o`glnlstroklûn (nd lnkcuyb jostds `b vbntos). Co toso `b lgpubstd o co rbnto bs
6<.25%
Oslglsgd, co prlgo `b rlbsjd hlstûrlko bn BBRR bs :%, co toso `b clfrb `b rlbsjd 1%, co
fbto
fbto `bc sbkt
sbktdr
dr bs 5.1
5.188 bn BB
BBRR
RR,, co lna
lnacok
coklûn
lûn bspb
bspbro`
roò
o BB
BBBR
BRR R ?.2
?.2%
% ononuoc
uoc y co
pbruono ;%. O`bgïs, bc rlbsjd poçs `b Ubrù sb bstlgo bn ;55 pfs.
O bab
babktd
ktd `b aln
alnon
onklo
klorr bc prd
prdybk
ybktd,
td, co bst
bstruk
ruktur
turo
o `b kop
koplto
ltocc sbrï
sbrï 02% rb
rbkur
kursds
sds `b
tbrkbrds,, cds qub tlbnbn un kdstd onuoc `b ?8% y bc soc`d kdn rbk
tbrkbrds rbkursd
ursds
s prdp
prdplds.
lds. Co
adrgo `b pojd `bc prìstogd bs o 0 oÿds kdn kudtos onuocbs kdntontbs, kdnsl`bron`d
un oÿ
oÿdd `b jro
jroklo
klo kdn poj
pojd
d `b lnt
lntbr
brbsb
bsbs,
s, lnk
lnkcul
cul`d
`d `bn
`bntrd
trd `bc pbrld
pbrld`d
`d `b poj
pojd.
d. Bc
prìstogd sbrï `bsbgfdcso`d
`bsbgfdcso`d çntbjrogbntb oc lnlkld `b co lgpcbgbntoklûn `bc prdybktd.
Vboclkb co bvocuoklûn `bc prdybktd bn un hdrlzdntb `b kuotrd oÿds, kockucïn`dsb cds

sljulbntbs puntds9
o. Acui
Acuid
d `b Ko
Koio
io `b Ln
Lnvb
vbrs
rslû
lûn,
n, f. Ac
Acui
uid
d `b Ko
Koio
io `b Dp
Dpbr
brok
oklû
lûn,
n, k. AcAcui
uid
d `b Ko
Koio
io
Bkdnû
Bkdnûglk
glkd,
d, `. Acu
Acuid
id `b Koi
Koioo `b @bu
@buò,
ò, b. Acu
Acuid
id `b Ko
Koio
io Aln
Alnon
onklb
klbrd,
rd, j. Kds
Kdstd
td `b
dpdrtunlò` `bc kopltoc `bc lnvbrsldnls
lnvbrsldnlsto
to y ZOKK, h. Ln`lko`drbs `b Bvocuoklûn QONB,
QONA PLVB, PLVA, Ubrçd`d `b Vbkupbroklûn `bc Kopltoc (rbkursds prdplds).
?1.- Co bgpr
alnonklbrobgprbso
bsoprdybktd,
`b un Okuo
Okuorlds
rlds uno
[.O nubvo
sb bnku
bnkubntr
bntro
pcontoo `b
rboc
rboclzon
lzon`d
horlno`d`bcopbsko`d
bvoc
bvocuokl
uoklûn
ûn bkd
porobkdnûgl
bc nûglko
ko y
gbrko`d
nokldnoc.
KDDV@LNOKLÛN
BQOCROKLÛN @B
Co pconto bstorï uflkoò bn Khlgfdtb y kdntorï kdn uno kopoklò` lnstocoò `b

prdùkklûn gïxlgo `b ?55 PG/`ço `b horlno `b pbsko`d, trofoion`d o 5; turnds
`lorlds, bn gbsbs `b 62 `ços.
Kofb ln`lkor qub sb tlbnbn 50 gbsbs `b vbò poro co bxtrokklûn `b pbsko`d9 ofrlc,
goyd, sbtlbgfrb y dktufrb `b koò oÿd y pdr toc rozûn nd sb prdùkb horlno nl okbltb
`b pbsko`d bn bsds pbrld`ds `b tlbgpd y bs un aoktdr utlclzo`d poro co bstlgoklûn `b co
kopoklò` gïxlgo `b prdùkklûn.
Co nubvo pconto trofoiorï kdn cds sljulbntbs pdrkbntoibs `b utlclzoklûn rbspbktd o su

kopoklò` gïxlgo onuoc9
?br oÿd :2%

6`d oÿd 82%
;br oÿd <5%
Uoro prdùklr uno PG `b horlno `b pbsko`d sb rbqulbrb 0.2 PG `b pbsko`d. Co

bgprbso nd prbsbnto acdto pbsqubro prdplo, pdr cd qub sb o`qulbrb bc çntbjrd `b sus
rbqubrlglbntds o bgprbsos pbsqubros bxtroktdros `b pbsko`d oc prbkld `b gbrko`d, bc
glsgd
glsgd qu
qub
b sb ho bsto
bstoflc
flclzo
lzo`d
`d bn bc gb`lo
gb`lond
nd pcozd bn R[
R[$$ ?65 /PG `b pbsk
pbsko`d
o`d.. Bc
prbkld `b co horlno `b pbsko`d poro bc gbrko`d lntbrnd bs `b R[$ ?,555/PG (sln LJQ)
Pd`ds cds `bgïs kdstds vorlofcbs `b prdùkklûn `bc prdybktd (oabktds oc LJQ)
rbprbsbnton un 65% `bc kdstd `b co gotbrlo prlgo prlnklpoc, glbntros qub cds kdstds
alids (nd lnkcuybn `bprbklok
`bprbkloklûn
lûn nl ogdrtlzoklûn `b lntonjlfcbs) osklbn`bn o R[$ 05,555
gbnsuocbs sln LJQ `b cds kuocbs sb sofb qub bc 25% bstïn oabktds o `lkhd lgpubstd.
[b ho bstlgo`d qub bc prdybktd rbqubrlrï poro cdjror cos prdybkkldnbs `b prdùkklûn

:5 dpbrorlds pdr turnd (gond `b dfro `lrbkto), cds kuocbs bn prdgb`ld jonorïn un
socorld fïslkd `b [/ ?,655 gbnsuocbs (nd oabktds oc LJQ) y sb trofoion trbs turnds
`lorlds.
Cds fbnbalklds sdklocbs `b cds trofoio`drbs osklbn`bn o 05% sdfrb su socorld fïslkd, cds
glsgds qub lnkcuybn jrotlalkokldnbs `b iucld y `lklbgfrb, vokokldnbs, KP[, B[[OCR@,
BU[, y dtrds kdstds qub sb o`lkldnon o co pconlcco (rbarljbrld). O`lkldnocgbntb, bc turnd
`b ndkhb (`b ?6 og o 8og.) jbnbro un ;2% `b kdstd bxtro, rbspbktd oc subc`d fïslkd y
cds fbnbalklds sdklocbs.
Bc prdybktd, `lspdn`rï `b co pconlcco kdgpcbto `b gond `b dfro bntrbnoò, `bs`b bc

prlgbr gbs `b dpbrokldnbs poro koò und `b cds ; turnds y sb pojo td`ds cds gbsbs
lnkcuslvb ùrontb bc pbrld`d `b vbò.
Bc pr
prdk
dkbs
bsd
d `b prprd`
dùk
ukkl
klûn
ûn jbnb
jbnbro
ro un su
sufp
fprd
rdù
ùkt
ktd,
d, bc ok
okbl
bltb
tb `b pb
pbsk
sko`
o`d,
d, su
kdgbrkloclzoklûn jbnbro un lnjrbsd o`lkldnoc `b ?5% sdfrb bc vocdr `b vbnto `b co
horlno `b pbsko`d y bstï oabktd oc LJQ.
Cos lnvbrsldnbs bn oktlvds alids tonjlfcbs y sus koroktbrçstlkos sdn cds sljulbntbs9
Qocdr `b Qocdr `b
Vufrd o`qulslklûn R[$ Qlò ùtlc kdntofcb socvogbntd oc
alnoc `bc oÿd ;
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno 6?
BQOCROKLÛN @B
(sln
LJQ)
Pbrrbnd 655,555 ?65%
Cdkoc ;55,555 ;5 oÿds ?55%
Goqulnorlos ?“255,555 ?5 oÿds <5%
Qbhçkucds 25,555 2 oÿds 25%
Gubfcbs ?5,555 2 oÿds 25%
Cds oktlvds lntonjlfcbs osklbn`bn o R[$ 6?,555 (sln LJQ) ogdrtlzofcbs bn 5; oÿds.
[b alnonklorï bc <5% `bc tdtoc `b co lnvbrslûn bn goqulnor

goqulnorlos
los y vbhçkucds, kdn un pcozd
`b ; oÿds lnkcul`d ? oÿd `b pbrçd`d `b jroklo kdn pojd `b lntbrbsbs gb`lontb kudtos
sbgbs
sbgbstro
trocbs
cbs y por
poro
o bc poj
pojdd `bc koplt
kopltoc
oc kdn
kdn ku
kudto
dtos
s ali
alios
os vbn
vbnkl`
klòs
os sbgb
sbgbstr
strocb
ocbs.
s. Bc
prìstogd sb rboclzorï gb`lontb uno PBO `b ?0%.
Bc kopltoc `b trofoid (nd oabktd oc LJQ) pd`rï sbr bstlgo`d gb`lontb bc kïckucd `b cds
kdstds alids y o co pconlcco `b co gond `b dfro `lrbkto (lnkcul`ds fbnbalklds sdklocbs)
kdrrbspdn`lbntbs o cds 50 gbsbs `b vbò bn co bxtrokklûn `b cds rbkursds pbsqubrds.
Bn rbcoklûn o cds òtds nbkbsorlds poro kockucor bc kdstd `b kopltoc `bc lnvbrsldnlsto
tbnbgds9 Vbtdrnd bspbro`d `bc gbrko`d BBRR bs `b ?6%, Fbto `bsopoconko`d `bc
sbktdr9 bn BBRR bs 5.<2, co toso `b lnacoklûn bspbroò bn BBRR bs `b ?.2%, cds fdnds
`bc tbsdrd ndrtbogbrlkond 0% `b rbn`lglbntd, co toso `b lnacoklûn bn Ubrù 6%. y bc
rlbsjd Uoçs Ubrù bs `bc ;85 pfs.
Bc lgpubstd o co rbnto bs 6<.25% y bc lgpubstd jbnbroc o cos vbntos bs ?8%. Bc tlpd `b

kogfld bs [/ ;.;8 pdr `ûcor. Kdn tdò bsto lnadrgoklûn sb pl`b bn un hdrlzdntb `b trbs
oÿds,, `btb
oÿds `btbrgln
rglnor
or cd slju
sljulbnt
lbntb
b (td`
(td`ds
ds cds kïck
kïckucds
ucds sbrïn bn `ûco
`ûcorbs)
rbs)99 (rbs
(rbspdnò
pdnò cos
prbjuntos bn bc dr`bn sbÿoco`d y bspbklalkï
bspbklalkïn`dcos)
n`dcos)
o.- Bcofdrb bc prdjrogo `b vbntos `b horlno `b pbsko`d bn Pg. pdr oÿd.

f.- Kockucb bc vocdr `b rbskotb `bc oktlvd alid tonjlfcb.
k.- Bcofdror bc bsto`d `b jononklos y pìr`lòs.
`.- @btbrglnb co lnvbrslûn bn kopltoc `b trofoid lnlkloc b lnkrbgbntoc.
b.- Kockucb co lnvbrslûn tdtoc lnlkloc kdn LJQ y sln LJQ bn sus trbs kdgpdnbntbs9 oktlvds
alids tonjlfcbs, oktlvds alids lntonjlfcbs y kopltoc `b trofoid lnlkloc.
a.- @btbrglnor co clqulòklûn `bc LJQ.
j.- Bcofdror bc acuid `b koio dpbrotlvd.
h.- @btbrglnb bc acuid `b koio bkdnûglkd.
l.- Kockucb bc acuid `b koio `b co `buò y bc bsku`d alskoc.
i.- Bcofdrb bc acuid `b koio `bc lnvbrs
lnvbrsldnlsto
ldnlsto (alno
(alnonklbrd).
nklbrd).
m.- Kockucb bc kdstd `b dpdrtunlò` `bsopoconko`d y opoconko`d.
c.- Kdstd prdgb`ld pdn`bro`d `b kopltoc (KUUK û ZOKK).
?:.- Rn lnvb
lnvbrsl
rsldnl
dnlsto
sto bstï
bstï bvocu
bvocuon`
on`d
d co aok
aoktlf
tlflcl
lclò`
ò` `b lnv
lnvbr
brtlr
tlr bn bc rog
rogd
d `b co
gbkïnlko outdgdtrlz, `bfl`d oc oujb bxponslvd qub sb vlbnb òn`d bn cds ùctlgds oÿds
bn co klu
kluò`
ò` `b ClgClgo.
o. Uor
Uoro
o bcc
bccd
d `bf
`bfb
b lgp
lgpcbg
cbgbn
bntor
tor un toc
toccbr
cbr poro co rb
rbpor
porokl
oklûn,
ûn,
pconkho`d y plnturo `b vbhçkucds `b tdò gorko. Bn co zdno `dn`b plbnso dpbror nd
bxlstbn cdkocbs o co vbnto, pdr cd qub rbqulbrb ocqulcor und. Cos lnvbrsldnbs rbqubrlòs
sdn cos sljulbntbs9
Ocqulcbr `bc cdkoc R[$ <5,555
KDDV@LNOKLÛN
BQOCROKLÛN @B
Vbaokklûn `bc cdkoc 65,555
Goqulnorlo y bqulpd 6;5,555
Gubfcbs y Bnsbrbs 65,555
Clkbnklos y bstu`lds ?5,555
Bc ocqulcbr `bc cdkoc `b prdplbò` `b uno pbrsdno noturoc bs pojo`d pdr o`bconto`d y
kdrrbspdn`b o un pcozd `b trbs oÿds (pbrld`d `bc prdybktd), `bfl`d o co octo `bgonò
`b cdkocbs, y konkbcorï ontbs `b lnlklor cos dpbrokldnbs. Co rbaokklûn `bc cdkoc sb rboclzo
1 gbsbs ontbs `bc lnlkld `b dpbrokldnbs, co goqulnorlo y bqulpd sb o`qulbrb `ds gbsbs
y tlbnb uno vlò ùtlc `b ?5 oÿds. Cds gubfcbs y bnsbrbs sb o`qulbrbn ? gbs ontbs y sb
`bprbklorïn bn 2 oÿds. Udr dtrd co`d, sb sofb o`bgïs qub bc vocdr `b socvogbntd `b co
goqulnorlo y bqulpd bs 15% y `b cds gubfcbs y b bnsbrbs
nsbrbs ;5%.
Oslglsgd, co kopoklò` gïxlgo lnstocoò `bc toccbr sbrço `b ?55 vbhçkucds gbnsuocbs
bn bc ïrbo `b rbporoklûn y <5 vbhçkucds gbnsuocbs bn bc ïrbo `b pconkho`d y plnturo.
[b prbvì qub bn bc prlgbr oÿd bc toccbr `bfbrço otbn`br 15 vbhçkucds pdr rbporoklûn y
25 vbhçkucds pdr pconkho`
pconkho`d d y plnturo gbnsuocgbn
gbnsuocgbntb. tb. Bstds sbrvlklds sb lnkrbgb
lnkrbgbntorïn
ntorïn
poro
poro cd
cds
s prûx
prûxlg
lgds
ds `d
`ds
s oÿ
oÿds
ds bn prdj
prdjrb
rbsl
slûn
ûn jb
jbdg
dgìt
ìtrl
rlko
ko `b okub
okubr`r`d
d o co to
toso
so `b
krbklglbntd `b co pdfcoklûn `bc cujor bn bc kuoc sb ofrlrï bc toccbr, kbnsoò bn ?<<; y
655:,
655 :, kuy
kuyos
os pdf
pdfcok
cokldn
ldnbs
bs kdr
kdrrbs
rbspdn
pdn`ço
`çon
n o ?“8
?“80?,
0?,025
025 y 6“;
6“;;5,
;5,;65
;65 gïgïs
s un
uno
o tos
toso
o
bstlgoò `b 8%.
Cos tor
torlao
laos
s prd
prdgb
gb`ld
`ld pdr sbr
sbrvlk
vlklds
lds sbrço
sbrçon
n `b R[
R[$
$ ?85 porporo
o cos rbp
rbporo
orokld
kldnbs
nbs pdr
vbhçkucd y `b R[$ 625 pdr pconkho`d y plnturo `b koò vbhçkucd. Kdgd bstb toccbr
otbn`brï bxkcuslvogbntb o vbhçkucds osbjuro`ds, sûcd rbklflrïn bc ?5% `b td`ds cds
sbrvlklds qub rboclkbn gbnsuocgbntb oc kdnto`d y co `labrbnklo sbrï ofdno`d pdr co
kdgpoÿço `b sbjurds bn un pcozd `b 22 `ços `bspuìs `bc klbrrb `b gbs.
Co bstrukturo `b kdstds dpbrotlvds bstlgo`ds poro bstb nbjdkld sbrço co sljulbntb9

Kdstds vorlofcbs bs 05% `b cds lnjrbsds pdr vbntos, cds kuocbs sdn pojo`ds oc klbrrb `b
koò gbs= y cds kdstds alids osklbn`bn o co sugo `b R[$ 0,555 gbnsuocbs, `b cds
kuocbs bc :5% kdrrbspdn`b o pconlcco qub sb ofdno koò aln `b gbs= y co `labrbnklo pdr
dtrds kdnkbptds qub sb pojon o ?2 `ços `bspuìs `bc klbrrb `bc gbs.
Bc hdrlzdntb `b bvocuoklûn `bc prdybktd

prdybktd bn tdtoc bs `b ; oÿds (6565 - 6566) y cds oktlvds
lntonjlfcbs sb ogdrtlzorïn bn bsb pbrld`d `b tlbgpd.
Bc prdybktd sbrï alnonklo`d pdr un fonkd cdkoc gb`lontb un prìstogd o trbs oÿds `bc
05% `b co lnvbrslûn tdtoc kdn uno toso `b lntbrìs babktlvo qulnkbnoc `b 5.8%, foid co
gdòclò` `b kudtos kdnstontbs sbgbstrocbs kdn `ds pbrld`ds `b jroklo sln pojd `b
lntbrbsbs qub bstï lnkcul`d `bntrd `b cds trbs oÿds. Bc rbstd `b co lnvbrslûn tdtoc sbrï
alnonklo`d kdn opdrtbs `b cds prdplbtorlds.
Bc lgpubstd o co rbnto bs 6<.25% y bc KDM 65%. Kdn tdò bsto lnadrgoklûn sb pl`b cd
sljulbntb9
o). Acu
Acuid
id `
`b
bkkoio
oio `b LLnv
nvbr
brslû
slûn
n
f). Acu
Acuid
id `b Koi
Koio
oB Bkdn
kdnûgl
ûglkd
kd
k). Bcof
Bcofdror
dror co to
tofco
fco `b rbb
rbbgfdc
gfdcsd
sd kdns
kdnsl`br
l`bron`d
on`d bc bs
bsku`d
ku`d al
alskoc
skoc
`).
`). Acui
Acuid
d aaln
lnon
onkl
klbr
brd
d
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno 6;
BQOCROKLÛN @B
?8.- (PK9 ? R[$ 7 [/;.02 - bxprbsor td`ds cds vocdrbs gdnbtorlds bn `ûcorbs)
Idrjb Hubrtos, un idvbn bjrbso`d `b co R[LC bstï lnkursldnon
lnkursldnon`d
`d bn bc nbjdkld `b
koczo`ds poro ògos, bc kuoc cb pdn`rïn kdgd ndgfrb Bc Fononltd, co kuoc sb `b`lkorï
o co prdùkklûn y kdgbrkloclzoklûn `b koczo`ds bn Clgo Gbtrdpdcltono. Co `bgonò
hlstûrlko `bc gbrko`d aub co sljulbntb9
@bgonò hlstûrlko `b koczo`ds (bn glcbs `b porbs)

Oÿds 65?6 65?; 65?0 65?2 65?1 65?:
@bgonò tdtoc 0?1 088 2:5 16; 1?2 :01
Bc prdybktd tlbnb kdgd gbto ccbjor oc ;% `b portlklpoklûn `b gbrko`d bc tbrkbr oÿd

(6566), poro bccd su gbrko`d dfibtlvd `bfb krbkbr ?2% onuocgbntb,
onuocgbntb, (Idrjb `bfb bstlgor
su portlklpoklûn `b gbrko`d poro bc oÿd ? y 6).
Uoro alior bc prbkld `b por `b koczo`ds sln LJQ, tuvlbrdn qub lnvbstljor o co kdgpbtbnk
kdgpbtbnklo lo
Cds Nor
Noroni
oniltd
ltds
s (po
(poro
ro alior
alior bc gls
glsgd
gd prb
prbkld
kld),
), y ho
hoccû
ccû co slj
sljulb
ulbntb
ntb lna
lnadrg
drgokoklûn
lûn99 Bs
Bsto
to
bgprbso tlbnb uno jononklo `bc ;2% pdr por `b koczo`ds `b su prbkld alnoc (sln LJQ), y
bc kdstd tdtoc unltorld (pdr por `b koczo`d) rbprbsbnto [/;8.60 sln LJQ, kdn bstb òtd
Idrjb pu`d kockucor bc prbkld `bc por `b koczo`d qub sb gontbn`
gontbn`rï
rï kdnston
kdnstontbtb cds trbs
sljulbntbs oÿds.
Bc kdstd `b co prlnklpoc gotbrlo prlgo (kubrd) bs `b R[$65 pdr mlcdjrogd sln LJQ,
kdgd sb sofb bstb lnsugd sb vbn`b pdr mlcds, y pdr koò mlcd sb dftlbnb 1 porbs `b
koczo`ds= y bc kdstd pdr `lvbrsds gotbrlocbs bs `b R[$.2.1 sln LJQ pdr por `b koczo`ds.
Co gbrgo `b gotbrlo prlgo bs ?5% y `b cds gotbrlocbs bs :%. O`bgïs, sb sofb qub bc
0% `b co prdùkklûn tdtoc nd poso bc kdntrdc `b koclò` alnoc, pdr cd tontd, sb `bskorto.
Co prdùkklûn tdgo 66 `ços `bs`b bc lnjrbsd `b cds lnsugds o co pconto hosto co vbnto
`bc prdùktd alnoc. Co pdcçtlko `b krì`ltd bs qub cds kclbntbs pojoron o 0; `ços, glbntros
qub cds prdvbb`drbs kdfron oc kdnto`d.
O kdn
kdntln
tlnuok
uoklûn
lûn,, sb prbsb
prbsbnto
nto òt
òtds
ds por
poro
o kdnsl
kdnsl`b
`bror
ror bn co bvo
bvocuo
cuoklû
klûn
n `bc prb
prbsbn
sbntb
tb
prdybktd9
[ubc`ds (kdnsl`brb ?0 rbgunbrokldnbs pdr oÿd)
Vbgun. Gbns.
Oÿd Korjd Nµ pcozos (*)
Dfrbrds ; [/ :25
? [upbrvlsdr pconto ? [/ ?,855
Dfrbrds 0 [/ 855
6y; [upbrvlsdr pconto ? [/ 6,?55
?, 6 y ; O`glnlstro`dr ? [/ ;,255
(*) Cds subc`ds y socorlds nd jrovon LJQ
Cds `bgïs kdstds y jostds alids dpbrotlvds `bc prdybktd sdn9

VRFVD / Oÿd ? (**) 6 \ ; (**)
Kdstd
dstds
s Ln`lrb
`lrbk
ktds
tds `b aofr
aofrlk
lkok
oklû
lûn
n-o
onu
nuoc
oc [/ 1
1:,
:,55
555
5 [/ :
:0,
0,55
555
5
Jostds `b O`glnlstroklûn - onuoc [/ 00,555 [/ 2;,555
Jostds `b Qbntos Alids - onuoc [/ 22,555 [/ :2,555
(**) Qocdrbs sln lnkculr bc LJQ.
Bc kdstd `bc ocqulcbr gbnsuoc `bc cdkoc `b prdplbò` `b uno pbrsdno noturoc bs R[$125
sln LJQ, bstb kdstd sb gontbn`rï kdnstontb poro cds trbs oÿds `bc kdntrotd, pdr dtrd
KDDV@LNOKLÛN
BQOCROKLÛN @B
co`d cds vbn`b`drbs rbklfbn uno kdglslûn `bc ;% `b cos vbntos, o`lkldnoc oc subc`d qub
kdfron, bstos kdglsldnbs nd jrovon bc LJQ.
Cos lnvbrsldnbs bn oktlvds alids tlbnbn co bstrukturo sljulbntb9

Lnvbrslûn (***) Qocdr `bsbkhd
VRFVD (oc oÿd ;)
Go
uqbu
fclbnsoryloBsnsbrbs R[$ 1
?2
8,555 6
;2
5%
(***) Qocdrbs lnkcul`d bc LJQ.
Co `b
`bpr
prbk
bklo
lokl
klûn
ûn bs bstl
bstlgo
gorï
rï pd
pdrr bc gì
gìtd
td`d
`d cl
clnb
nboc
oc,, sl
slbn
bn`d
`d co
cos
s to
toso
sos
s o op
opcl
clko
kor9
r9
Goqulnorlo (65% onuocgbntb), gubfcbs y bnsbrbs (?5% onuocgbntb), cds lntonjlfcbs sb
ogdrtlzon bn ; oÿds bn portbs ljuocbs. Co toso lgpdsltlvo o cos utlclò`bs bs `bc
6<.25%.
Bro nbkbsorld ocqulcor bc cdkoc trbs gbsbs ontbs `b lnlklor bc nbjdkld oc glsgd kdstd
gbnsuoc `bc kdntrotd poro cds trbs oÿds, cds jostds `b kdnstltuklûn sdn R[$6,;55 sln
LJQ, co kdgpro `b sdatworb bs R[$825 sln LJQ, o`bgïs sbrï nbkbsorld kopokltor oc
pbrsdnoc kuyd jostd rbprbsbnto R[$?,255 sln LJQ, pdr dtrd co`d, poro bc cdkoc sbrï
nbkbsorld hokbr uno rbaokklûn, kuyd vocdr sb bstlgo bn R[$2,055 sln LJQ.
Udr
rbstddtrd co`d,
`b co bc fonkd
lnvbrslûn sdcd
sbrï cb prbstokdn
alnonklo`d poro alnonklor
kopltoc bc 02%
prdpld. `b co lnvbrslûn
Cos kdn`lkldnbs tdtoc y bc
`bc prìstogd
bs qub sb pojub bn un pcozd `b 6 oÿds kdn 0 gbsbs, bn kudtos kuotrlgbstrocbs, sln
bgforjd, bc fonkd cb dtdrjo un pbrld`d `b jroklo `b un oÿd qub bstï lnkcul`d `bntrd
`bc pbrld`d `bc kdntrotd, `b bstb pbrld`d `b jroklo cds prlgbrds 0 gbsbs bs kdn pojd `b
lntbrbsbs y bc rbstd `bc pbrld`d `b jroklo bs sln pojd `b lntbrìs, co adrgo `b pojd bs kdn
ogdrtlzoklûn kdnstontb. Co toso `b lntbrìs qub kdfro bc fonkd bs uno PB[ `bc ??%.
O`bgïs, sb sofb qub bc rbn`lglbn

rbn`lglbntd
td `b cds P-Fdn`s ogbrlkonds o ;5 oÿds bs :.?2%, bc
rbn`lglbntd `bc @dw Idnbs bs ?6.62%, co lnacoklûn prdgb`lo `b R[O bs ;.?6% y co
lnacoklûn prdgb`lo pbruono bs 0.;6% y bc rlbsjd poçs Ubrù sb bstlgo bn 205 puntds
fïslkds, co fbto opoconkoò `bc sbktdr koczo`ds bn Bsto`ds Rnl`ds bs ?.06 y sb sofb
qub bstb sbktdr bn Bsto`ds Rnl`ds pdsbb uno `buò `bc 02% y toso lgpdsltlvo bn bsb
poçs bs ;2%.
Bvocùb bc prdybktd bn un hdrlzdntb `b 5; oÿds y kdntbstb cos sljulbntbs prbjuntos
o. Ur
Urdj
djro
rogo
go `b vb vbnt
ntosos
f. Urd
Urdjro
jrogo
go `b prd prdùk
ùkklûklûnn
k. Ok
Oktl
tlvd
vd A
Ali
lid
d kop
koplt
ltoc
oclz
lzo`
o`d d
`. Qocdr ``bb socv
socvogbn
ogbntd td oius
oiusto`d
to`d ppdr
dr lgpu
lgpubstd
bstd `b
`bcc oktlv
oktlvdd alid
b. Lnvb
Lnvbrslû
rslûnn bn K Koplto
opltocc `b Pr Profoi
ofoid
d lnlk
lnlkloc
loc b lnk
lnkrbg
rbgbnto
bntocc
a. Cl
Clqu
qul`
lòk
oklû
lûn
n `b LJLJQ Qo onu
nuoc
oc
j. Bs
Bsto`
to`dd `b jon
jonononklo
kloss y pì
pìr`l
r`lòs
òs
h. Acu
Acuid
id `
`bbKKoio
oio Dpb
Dpbrorotlv
tlvd
d
l. Acui
Acuidd `b Ko
Koioio BBkd
kdnûnûgl
glkdkd
i. Pofco `b ogdr
ogdrtlzoklûn
tlzoklûn `b co `b `buò
uò
m. Bc QO
QON N Bk
Bkdn
dnûgûglklkdd
c. Vot
Votld
ld f
fbnb
bnbalk
alkld
ld kkdst
dstdd `b
`bcc pr
prdyb
dybktd
ktd..
?<.- Clgo bs uno kluò` `dn`b sb prbsbnto kdntro`lkkldnbs gorkoòs bn bc tlbgpd9

KDDV@LNOKLÛN
BQOCROKLÛN @B
rlqubzo y pdfrbzo bxtrbgo, gd`brnlò` y otrosd, kucturo b ljndronklo, btk., sdn unds
bibgpcds `b nubstro rboclò`.
Kdgd kdnsbkubnklo `b co rboclò` `bskrlto, Idsì Gonubc, un idvbn rbklìn bjrbso`d `b

co R[LC ho onoclzo`d bc tbgo `b ofostbklglbntd `b ojuo bn co kluò`, dfsbrvon`d
sltuokldnbs bxtrbgos9 `lstrltds `dn`b ofunò bc ojuo pdtofcb bs `bspbr`lkloò pdr cds
usuo
us uorl
rlds
ds `b octd
octd pd
pd`b
`brr bk
bkdn
dnûg
ûglk
lkd,
d, gl
glbn
bntr
tros
os qu
qub
b bn dt dtro
ros
s zdno
zdnos,
s, co rb
rb`
` `b
ofostbklglbntd sdcd sb kdndkb `b ndgfrb, pubs bstï guy cbids `b co rboclò`, `dn`b
slbg
slbgpr
prbb cb
cbs
s pr
prdg
dgbt
btbn
bn oj
ojuo
uo po
poro
ro td`d
td`ds.
s. Co
Coss bs
bsto
to`ç
`çst
stlk
lkos
os gu
gubs
bstr
tron
on qub `b cd
cds
s
hofltontbs `b Clgo bc ?5.2% nd kubnto kdn bc sbrvlkld `b ofostbklglbntd `b ojuo pdr
rb` pùfclko (oÿd 65?8), klaro qub sb gontbn`rï kdnstontbs kdgd cd hlzd ùrontb bstds
ùctlgds oÿds.
Bs ohç `dn`b Idsì Gonubc ho `bskuflbrtd uno dpdrtunlò` `b nbjdkld, `dn`b lnvbrtlrï
bn uno bgprbso qub frln`b sbrvlkld `b ofostbklgl
ofostbklglbntd
bntd `b ojuo o cos zdnos ocbioòs `b
co klu
kluò`
ò`,, co kuo
kuocc co `bn
`bndgl
dglnor
norï
ï –Oj
–Ojuo
uo `bc Klb
Klbcd‗
cd‗,, gb`lo
gb`lontb
ntb bc usd `b kogld
kogldnb
nbss
klstbrnos.
Co pdfcoklûn hlstûrlko `b Clgo (bn glcbs hofltontbs)
Oÿds 65?? 65?6 65?; 65?0 65?2
Udfcoklûn :,685 :,015 :,825 8,;65 8,2;5
Bn bc kuo`rd ontbrldr sb gubstron co pdfcoklûn hlstûrlko `b Clgo `b cds ùctlgds 2

oÿds, co glsgo qub `bfbrï prdybktorsb poro cds sljulbntbs oÿds, gb`lontb co rbjrbslûn
clnboc. [bjùn bstu`lds `bc LNBL, bn bstds `lstrltds un hdjor bstï kdnadrgo`d pdr 0.1
hoflto
hof ltontb
ntbs
s opr
oprdxl
dxlgo
goòg
ògbnt
bntb.
b. Bs
Bstb
tb idv
idvbn
bn plb
plbnso
nso kop
koptor
tor bc prlgb
prlgbrr oÿ
oÿd
d bc ?% `b co
pdfcoklûn `b Clgo qub nd kubnto kdn co rb` `b ofostbklglbntd `b ojuo , y koò oÿd
lnkrbgbntor bn 5.6% orltgìtlkogbntb.
Bc nbjdkld kdnslstb bn ccbnor cds tonqubs `b klstbrnos kdn ojuo bn ocjunds `b cds
surt
surtl`
l`dr
drbs
bs `b [B[B@O
@OUO
UOCC y `lrl
`lrljl
jlrs
rsb
b ho
hokl
klo
o oc
ocju
juno
nos
s `b bsto
bstos
s zd
zdno
nos
s `b Cl
Clgo
go poporo
ro
vbn`brcos o co pdfcoklûn ccbnon`d cds klcln`rds `b 655 cltrds koò und. [bjùn bc bstu`ld
`b gbrko`d, koò aoglclo kdgpro `ds klcln`rds pdr sbgono, o un prbkld `b R[$5.8,
R[$5.< y R[$?.5 pdr klcln`rd poro koò oÿd rbspbktlvogbntb.
Koò klstbrno tlbnb uno kopoklò` `b ;5,555 cltrds. Ccbnor koò klstbrno kdn ojuo
`bs`b cds surtl`drbs `b [B@OUOC tlbnb un kdstd `b R[$?2, slbgprb sb ccbno co klstbrno
o co kopoklò` gïxlgo, sl bgforjd òò cos koroktbrçstlkos `b tronspdrtb `b ojuo, sb
bspbro gbrgos `bc dr`bn `bc 0% bn koò rbkdrrl`d (pdr aujos bn cos vïcvucos, rbfdsb
pdr bc gdvlglbntd qub sb rbjlstro bn bc tronspdrtb).
Uoro bg
Uoro bgpb
pbzo
zorr bc pr
prdy
dybk
bktd
td sb kdgp
kdgpro
rorï
rïn
n 6 kogl
kogldn
dnbs
bs kl
klst
stbr
brno
nos
s vocd
vocdrl
rlzo
zo`d
`ds
s bn
R[$15,555 koò und, y oc alnoc `bc prlgbr oÿd sb kdgprorï un koglûn gïs oc glsgd
vocdr poro lnkrbgbntor bc ofostbklglbntd bn bc sbjun`d oÿd. Bc vocdr `b socvogbnt
socvogbntdd `b
cds kogldnbs kdn trbs oÿds `b usd bs R[$;5,555 koò und y kdn `ds oÿds `b usd bs
R[$05,555. Uoro qub bc koglûn klstbrno bstì bn kdn`lkldnbs `b ccbvor ojuo pdtofcb, bs
nbkbsorld hokbr un okdn`lkldnoglbntd lnlkloc (opclkoklûn `b plnturo gorlno y trofoids
`b gbkïnlko cljbro) `b R[$;,255 pdr koò koglûn, bstb oktlvd tlbnb 2 oÿds `b vlò ùtlc.
Bc jostd bn kdgfustlfcb bs R[$65 pdr koò rbkdrrl`d `bc koglûn klstbrno (bc rbkdrrl`d
kdgprbn`b
bgprbso pdr`bs`b
koòsoclò poro bc
klstbrno), kdgpror bc gontbnlglbntd
kdstd `b ojuo hosto co `lstrlfuklûn
gbnsuoc pdrtdtoc y rbtdrnd
koò koglûno sb
co
bstlgo bn R[$?65, poro juoròr cds kogldnbs glbntros bstìn aubro `b sbrvlkld sb
ocqulcorï uno kdkhbro qub kdfro R[$25 gbnsuoc pdr koglûn. Uoro co dpbroklûn `b
KDDV@LNOKLÛN
KDDV@LNOKLÛ N @B Uïjlno 61
BQOCROKLÛN @B
bgprbso bs nbkbsorld kdntrotor un khdabr pdr koò koglûn, o`bgïs sb kdntrotorï y ibab
o`glnlstrotlvd qulbn sb bnkorjorï `b tdò jbstlûn `b co bgprbso, bc subc`d `b koò
khdabr sbrï `b R[$255 gbnsuocbs y bc ibab RR[$855 gbnsuoc, koò pbrsdno rbklfb ?0
subc`d
subc`dss lnk
lnkcuy
cuybn`
bn`dd cos jro
jrotla
tlalko
lkokld
kldnbs
nbs (bn bstb
bstb kos
kosd
d nd sb kdn
kdnsl`
sl`br
bro
o nln
nlnjùn
jùn dtr
dtrd
d
fbnbalkld sdkloc). [b ho kdnsl`bro`d un jostd o`glnlstrotlvd `b R[$:55 gbnsuocbs.
Pogflìn sb ho pbnso`d kdgpror uno dalklno poro hokbr cos jbstldnbs, vocdrlzoò bn
R[$?6,555, bqulpds `b dalklno vocdrlzo`d bn R[$?,855. Co dalklno tlbnb uno vlò ùtlc
`b 65 oÿds y sb pd`rï vbn`br oc alnoc `bc tbrkbr oÿd bn 65% o`lkldnoc oc vocdr `b
kdgpro, glbntros qub cds bqulpds tlbnbn uno vlò ùtlc `b 0 oÿds y nd tlbnb vocdr
rbslùoc oc alnoc `bc tbrkbr oÿd.
Uoro bc kopltoc `b trofoid, bstrotìjlkogbntb sb ho kdnsl`bro`d ?.2 gbsbs `b td`ds cds

kdstds y jostds, y su rbkupbroklûn bc ùctlgd oÿd sb bstlgo bn un 82%. [b ho bstlgo`d
qub cds jostds `b kdnstltuklûn `b bgprbso bs R[$6,:55, dtrds jostds prbdpbrotlvds sb
bstlgon bn R[$0,855.
Udr dtrd co`d, bc fonkd sdcd cb prbsto poro alnonklor bc 25% poro kdgpror oktlvds alids
tonjlfcbs y bc rbstd `b co lnvbrslûn sbrï alnonklo`d kdn kopltoc prdpld. Cos kdn`lkldnbs
`bcc pr
`b prìs
ìsto
togd
gd bs qu qub
b sb popoju
jub
b bn un pcoz
pcozd
d `b 6 oÿoÿds
ds,, bn ku
kudt
dtos
os sb
sbgb
gbst
stro
rocb
cbs
s
kdnstontbs,
kdnstontb s, sln bgforjd, bc fonkd cb dtdrjo un pbrld`d `b jroklo `b 1 gbsbs o`lkldnoc,
bstb pbrld`d `b jroklo bs kdn pojd `b lntbrbsbs. Co toso `b lntbrìs qub kdfro bc fonkd
bs uno PB_ `bc 5.8<%.
O`bgïs, sb sofb qub bc rbn`lglbntd `b cds P-Fdn`s ogbrlkonds o ;5 oÿds bs 1.6%, bc

rbn`lglbntd `bc @dw Idnbs bs ?6.;%, co lnacoklûn prdgb`lo `b R[O bs ;.0% y co
lnacoklûn prdgb`lo pbruono bs 0.6% y bc rlbsjd poçs Ubrù sb bstlgo bn 215 puntds
fïslkds, co fbto opoconkoò `b bstb sbktdr bn Bsto`ds Rnl`ds bs ?.;6 y sb sofb qub
bstb sbktdr bn Bsto`ds Rnl`ds pdsbb uno `buò `bc 02% y toso lgpdsltlvo bn R[O bs
;2%, yo bc lgpubstd co rbnto bn bc Ubrù bs 6<.25%.
Kdnsl`bror un oÿd ;15 `ços, d 26 sbgonos sl bc kosd cd ogbrlto.
Bvocùb bc prdybktd bn un hdrlzdntb `b trbs oÿds y kdntbstb cos sljulbntbs prbjuntos
o. Urdj
Urdjrogo
rogo `b v vbnto
bntoss (b
(bn
n kl
klcln`
cln`rds)
rds) pdr oÿd, 6565 oc 656 65666
f. Qocd
Qocdrr `b socv
socvogb
ogbntd
ntd o oiust
iusto`d
o`d pdr llgpub
gpubstd
std `bc o
oktlv
ktlvd
d alid
k. Lnv
Lnvbrsl
brslûn
ûn bn Kopl
Kopltoc
toc `b PProfo
rofoidid llnlkl
nlkloc
oc b lnk
lnkrbgb
rbgbntoc
ntoc
`. Acui
Acuid
d `b KoKoioio D
Dpb
pbro
rotl
tlvd
vd
b. Acui
Acuid
d` `b
bK Koi
oiooBBkd
kdnnûg
ûglk lkd
d
a. Acuid `b co `buò
j. Hocc
Hoccor
or bn KDKDM M y bc ZO
ZOKK KK
h. Hocc
Hoccor
or b
bcc ro
rotld
tld fbnb
fbnbalkld
alkld kdst
kdstd d `b
`bcc lnv
lnvbrsl
brsldnls
dnlsto
to
65.-
65.- Rn jrupd `b bgprbsorlds bstï bvocuïn`dco pdslflclò` `b prdvbbr bnvosbs `b
ocuglnld (cotos) o co auturo pconto qub sb `b`lkorï o prdùklr bxkcuslvogbntb poro bc
Ubrù co fbflò bnbrjlzontb kdndklò kdgd Vb` Fucc qub sb pconbo ofrlr bc oÿd prûxlgd
bn Uokhokogok. Bstd `bfl`d oc lnkrbgbntd sustonkloc `bc kdnsugd qub sb ho ò`d bn
nubstrd poçs bn cds ùctlgds 2 oÿds, co kuoc sb gubstro bn bc kuo`rd sljulbntb9
Oÿds 65?; 65?0 65?2 65?1 65?:
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno 6:
BQOCROKLÛN @B
Kdnsugd Vb` Fucc ( cco
otos) ?55,?55 ?5:,255 ??6,055 ??:,?55 ?6?,1;5
Uoro cds oÿds 6565, 656? y 6566, sb pconbo vbn`br bc ?55% `b cd qub sb prdybktb bc
kdnsugd `b Vb` Fucc utlclzon`d bc gìtd`d `b co toso `b krbklglbntd prdgb`ld onuoc
`bc kdnsugd `b cds ùctlgds 2 oÿds y o`bgïs sb sofb qub bc prdùktd alnoc tbn`rço un
rbkhozd `b 6.2% pdrqub nd kugpclrço kdn cds rbqulsltds `bc kdntrdc bstrlktd `b koclò`
bstlpuco`d pdr co bgprbso qub prdùklrï cds bnbrjlzontbs. [b ho bstlgo`d qub bc prbkld
`b vbnto poro bc prlgbr oÿd sbrï `b R[$ ?.?5 co unlò`, bc kuoc sb lnkrbgbntorï
onuocgbntb R[$ 5.52, pdr co lnacoklûn prdybktoò `bc Ubrù.
Uoro co lgp
Uoro lgpcbg
cbgbn
bntok
toklûn
lûn `bc
`bc prd
prdybk
ybktd
td sb rb
rbqul
qulbrb
brb o`q
o`qulr
ulrlr
lr ont
ontbs
bs `b
`bcc lnl
lnlkld
kld `b cos
dpbro
dpb rokld
kldnbs
nbs un tbr
tbrrb
rbnd
nd bn UoUokho
khokog
kogokok `b gb`
gb`lo
lo hbk
hbktïr
tïrbo
bo (25
(25x?5
x?55),
5), bc kuo
kuocc bstï
bstï
bston`d vocdrlzo`d bc gbtrd kuo`ro`d bn R[$ 65. @ds kogldnbs poro co `lstrlfuklûn
`bc prdùktd oskbn`bn
oskbn`bntb
tb o co sugo `b R[$ 12,55
12,5555 koò un
und.d. Pogflìn sb rbqulbrbn
`ds cçnbos `b prdùkklûn lnln`bpbn`lbnt
`bpbn`lbntbsbs oskbn`bn
oskbn`bntbs
tbs o co sugo `b R[$ 85,585,555
55 koò
uno. Oslglsgd, cos dfros açslkos `b co pconto kuyo lnvbrslûn osklbn`b o R[$ :5,555.
[b sofb qub bc kdstd `b dpdrtunlò` `bc lnvbrsldnlsto bs `bc 65%, co toso lgpdsltlvo
6<.25% y td`ds cds oktlvds sb `bprbklorïn clnbocgbntb.
Oktlvd Qlò ùtlc Qocdr `b

kdntofcb socvogbntd
Kogldnbs 2 ?2%
Dfros açslkos 65 15%
Cçnbo `b prdùkklûn ?5 05%
Pbrrbnd ?62%
Udr dtr
dtrd
d co`
co`d,
d, bc bstu`
bstu`ld
ld tìknl
tìknlkd
kd ho sbÿ
sbÿoco
oco`d
`d qu
qubb por
poro
o cds nlvb
nlvbcbs
cbs `b prdù
prdùkk
kklûn
lûn
prdybkto`ds sb rbqulbrb sdcvbntor cds sljulbntbs kdstds vorlofcbs unltorlds, cds kuocbs
sb konkbcorïn oc klbrrb `b koò gbs9
Lnsugds Kdstd unltorld

Gotbrlos prlgos R[$5.66
Gond `b dfro `lrbkto R[$5.58
Dtrds kdstds `lrbktds R[$5.52
Oslglsgd, sb hon bstlgo`d kdstds alids `b R[$ ?2,555 onuocbs pdr o`glnlstroklûn y
R[$ 65,555 onuocbs pdr bc usd `b gorko `b uno bgprbso ndrtbogbrlkono. Bc prdybktd
togflìn kdnsl`bro kdntrotor un jrupd `b vbn`b`drbs, qub rbklflrïn bc 6% sdfrb cos
vbntos tdtocbs.
Bc prdkbsd `b prdùkklûn `bgdro 65 `ços, co `lstrlfuklûn tdgo ?2 `ços y cos kdfronzos

sb `bgdron ;2 `ços o`lkldnocbs. Cds jostds prbdpbrotlvds osklbn`bn o R[$ 6?,555. [b
sofb qub bn bstb tlpd `b nbjdklds, sb tlbnb un 2% `b lnkdfrofcbs rbspbktd o cos vbntos
tdtocbs, pdr cd qub sbrï nbkbsorld kdnsl`bror poro bstb prdybktd.
Bc hdrlzdntb `b bvocuoklûn `bc prdybktd bn tdtoc bs `b trbs oÿds (6565 - 6566) y cds
oktlvds lntonjlfcbs sb ogdrtlzorïn bn bsb pbrld`d `b tlbgpd.
Bc prdybktd sbrï alnonklo`d pdr un fonkd cdkoc gb`lontb un prìstogd o trbs oÿds `bc
05% `b cds oktlvds alids tonjlfcbs y bc 15% `bc kopltoc `b trofoid kdn uno PBG `bc
KDDV@LNOKLÛN
BQOCROKLÛN @B
?.1%, foid co gdòclò` `b kudtos kdnstontbs sbgbstro
sbgbstrocbs
cbs kdn `ds pbrld`ds `b jroklo
kdn pojd `b lntbrbsbs qub bstï lnkcul`d `bntrd `b cds trbs oÿds. Bc rbstd `b co lnvbrslûn
tdtoc sbrï alnonklo`d kdn opdrtbs `b cds prdplbtorlds.
Bc lgpubstd o co rbnto bs 6<.25% y bc KDM 65%. Kdn tdò bsto lnadrgoklûn sb pl`b cd
sljulbntb9
o). @btb
@btbrgln
rglnor or bc prd
prdjrog
jrogo o `b vbn
vbntos
tos bn u unlò
nlò`bs
`bs y bn `ûc
`ûcorbs
orbs..
f). Hocco
Hoccorr bc Qocdr `b rrbsko
bskotb
tb `b cds okt
oktlvds
lvds al
alids
ids oiu
oiusto`
sto`d d pdr lgpu bstd.
lgpubstd
k). Hoccor bc Qocdr `b cds oktlvds alids kopltoclzo`ds.
`). Kock
Kockucor
ucor bc Ko
Kopltoc
pltoc `
`b
b trofo
trofoid
id lnlk
lnlkloc,
loc, lnk
lnkrbg
rbgbnto
bntocc y tdtoc.
tdtoc.
b). Acu
Acuid
id `
`bbKKoio
oio `b Dpb
Dpbrok
roklûn
lûn..
a).
a). Acui
Acuid
d `b KKoi
oio
o `b LLnv
nvbr
brsl
sldn
dnbs
bs..
j). Acuid `b Koio Bkdnûglk
Bkdnûglkd. d.
h). Bcofdror co totofco
fco `b rbbgfdcsd kdnsl`bro
kdnsl`bron`d
n`d bc bsku`d alskoc.
l).. Acui
l) Acuid
d al
aln
non
onkl
klbr
brd.
d.
6?.-
?.- Rno aoglclo rbkdndklò bn su forrld pdr co fubno sozûn `b sus kdglòs, ho
`bkl`l`d o portlr `b bnbrd `bc oÿd 6565 lnkursldnor bn bc gbrko`d clgbÿd kdn bc
prdùktd oiçbs prbporo`ds `lvbrsds bnvoso`ds,
bnvoso`ds, foid co gorko Ulkoplko, nd ùòn`d `bc
ìxltd qub von o ockonzor.
Co lnvbrslûn o rboclzor bn oktlvd alid sb `btocco o kdntlnuoklûn9
Oktlvd Qocdr kdgpro unltorld Qlò ùtlc

sln LJQ (bn R[$) kdntofcb (oÿds)
Kogldnbto ;5,555 2
Goqulnorlo y Bqulpd 85,555 ?5
Gdflclorld y Bqulpd `b Dalklno ?5,555 0
[bjùn co lnvbstljoklûn `b gbrko`d rboclzoò, co kuoc ho tbnl`d un kdstd `b R[$6,555

(sln LJQ), sb ho `btbrglno`d qub bc prdjrogo `b vbntos sbrï bc sljulbntb9
UVDJVOGO @B QBNPO[ 6565 656? 6566

Qbntos (mjr) ?8,;22 65,:26 6;,;06
Koò bnvosb tbn`rï un pbsd `b 625 jrogds, bc prbkld `b vbnto unltorld `bc prdùktd
sbrï `b R[$ ?.<5 (sln LJQ).
Bc kdstd `b co gotbrlo prlgo bs `b R[$ 5.:2 pdr Mj. (sln LJQ) y `bfbrïn kdnsl`bror un
gbs `b stdkm, dtrds lnjrb`lbntbs R[$ 5.52 pdr unlò` `b prdùktd alnoc (sln LJQ) y bc
kdstd `b cds bnvosbs sbrï `b R[ R[$ ?5.25 bc klbntd `b unlò`bs (sln LJQ). Co gbrgo
bstlgoò poro bc prdùktd tbrglno`d bs ?.2%. Cds kdstds `b gond `b dfro `lrbkto
osklbn`bn o R[ R[$ 685 gbnsuocbs pdr dpbrorld (kdnsl`bror ?2 subc`ds onuocbs),
slbn`d kuotrd cds dpbrorlds nbkbsorlds. Bc supbrvlsdr `b pconto tlbnb uno rbgunbroklûn
`b R[$ 155 gbnsuoc (kdnsl`bror ?2 subc`ds onuocbs).
Hon kdnsbjul`d un cdkoc bn bc Uorqub Lnùstrloc `b Qlcco Bc [ocvo`dr, slbn`d bc kdstd `b

ocqulcbr R[$ 055 gbnsuocbs (sln LJQ), `bflbn`d pojor oc lnlkld `ds gbsbs `b jorontço y
un gbs `b rbnto o`bconto`d. Cds jostds bn okdn`lkldnoglbntd y rbaokklûn `bc cdkoc sb
bstlgon bn R[$ 0,255 (sln LJQ).
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno 6<
BQOCROKLÛN @B
Cds jostds `b bnbrjço bcìktrlko y ojuo `b co pconto osklbn`bn o R[$ ?85 gbnsuocbs
(sln LJQ). Cds Jostds O`glnlstrotlvds y `b Qbntos sb bstlgon bn R[$ ?,855 gbnsuoc
(kdn LJQ). Qon o jostor R[$ 2,255 (sln LJQ) bn co adrgoclzoklûn `b co bgprbso (jostds
`b kdnstltuklûn y dtrds slglcorbs).
Bc kopltoc `b trofoid sb bstlgû bn 6.2 gbsbs `b td`ds cds kdstds y jostds kdn LJQ, (pbrd
bsto lnvbrslûn nd bstïn oabktds o LJQ.)
[b pl`b kockucor poro bc pbrçd`d kdgprbn`l`d bntrb cds oÿds 6565 - 6566 cd sljulbntb9
? Qocdr `b `bsbkhd nbtd ` `b
b oktlvd
oktlvds
s alids.
6 Kdstd `b Urdùkklûn Rnltorld poro koò o oÿd.
ÿd.
; Clqu
Clqulòk
lòklûnlûn `bc LJQ.
0. Kop
Koplto
ltocc `b trof
trofoi
oid.
d.
2. Acuid `b lnlnvbrs
vbrsldnb
ldnbs.s.
66.- Rn bgprbsorld bstï bvocuon`d co aoktlflclò` `b aofrlkor y kdgbrkloclzor qubsd bn

krbgo bnvoso`d bn unlò`bs `b 625 jrogds k/u., bc prbkld `b vbnto sbrï `b R[$?5 pdr
mlcdjrogd.
Uoro toc babktd, uno bgprbso kdnsuctdro ho bstlgo`d qub bc Urdjrogo `b Qbntos (bn
MLCD[) sbrço bc sljulbntb9
Urdjrogo `b Qbntos 6565 656? 6566

Qbntos (bn mjr.) ??5,555 ?6?,555 ?;;,?55
Bc td
tdto
tocc `b cds
cds jo
jost
stds
ds `b o`
o`gl
glnl
nlst
stro
rokl
klûn
ûn oskl
osklbn
bn`b
`bn
n o co kont
kontl`
lò`
o` `b R[
R[$
$ :,
:,55
555
5
gbnsuocbs y cds jostds `b pufclklò` y `b vbnto osklbn`bn oc 2% `b cos vbntos,
pojïn`dsb bstos portlòs oc kdnto`d.
Cds kdstds vorlofcbs y alids `b prdùkklûn sb gubstron bn co tofco sljulbntb, cds kuocbs
sdn alnonklo`ds kdn krì`ltds `b prdvbb`drbs
prdvbb`drbs oc ?55% o un pcozd `b krì`ltd `b 02 `ços.
Gbrgo
Kdstds Qorlofcbs
Gotbrlo Urlgo R[$ ?.25 x Mlcdjrogd. 8%
Bnvosb ?,555 pdr Glccor ;%
GD@ R[$ 6 x Mlcdjrogd `b prdùkklûn
Kdstds Alids
KLA R[$ :5,555 oc oÿd
Co bstrotbjlo `b stdkms sbrï co sljulbntb9 Gotbrlo prlgo 65 `ços, bnvosbs vokçds poro 2
`ços. [b rbqulbrb tbnbr Koio gçnlgo poro kufrlr 65 `ços `bc tdtoc `b Jostds Dpbrotlvds.
Cos vbntos gbnsuocbs nd tlbnbn bstokldnoclò` y sb kdfron 05% oc kdnto`d y bc rbstd oc

krì`ltd bn un pcozd `b ;5 `ços.
[b pl`b kockucor bc Kopltoc `b Profoid lnlkloc b lnkrbgbntoc pdr bc gìtd`d kdntofcb9
6;.- Bn cds ùctlgds oÿds sb ho vlstd bn Clgo un sljnlalkotlvd krbklglbntd

krbklglbntd bn bc nùgbrd
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno ;5
BQOCROKLÛN @B
`b bstofcbklglbntds `b vbnto `b pdccds o co froso, gdtlvd pdr bc kuoc un jrupd `b
iûvbnbs bstï bstu`lon`d co pdslflclò` `b krbor uno bgprbso ovçkdco `b`lkoò o co
krlonzo `b pdccds poro bstb aln, cd kuoc bstorï uflkoò bn co zdno `b Curçn, bn bstb
nbjdkld bc pdccd sb vbn`brï vlvd poro su rbspbktlv
rbspbktlvd
d fbnbalklo`d (sokrlalkld).
Uoro toc babktd, co lnvbrslûn bn oktlvds alids tonjlfcbs (sln LJQ) sbrço cd sljulbntbs9
bqulpd
bqu lpds
s ovç
ovçkdc
kdcos
os qu
qub
b tlb
tlbnb
nb un voc
vocdr
dr `b R[
R[$6?
$6?,55
,555,
5, un kog
koglûn
lûn `b R[
R[$?:
$?:,55
,555,
5, co
kdnstrukklûn `b td`d bc jocpûn sb bstlgo bn R[$;1,555, y co kdnstrukklûn `b cos
dalklnos sbrï R[$ ?0,555, poro bccd sbrï nbkbsorld kdgpror un tbrrbnd `b 2,555 g6,
kdn un vocdr `b R[$?2 pdr g6. Cds bqulpds ovçkdcos tlbnbn uno vlò ùtlc `b 0 oÿds, bc
koglûn tlbnb 2 oÿds, y cos kdnstrukkldnbs 62 oÿds. Bn kuontd bc vocdr `b gbrko`d `b
cds oktlvds sln LJQ oc alnoc `bc tbrkbr oÿd sb sofb qub cds bqulpds sb vbn`brçon bn
R[$?6,555, bc koglûn bn R[$8,555, cos kdnstrukkldnbs tbn`rïn un vocdr `b 82% `b su
vocdr `b kdgpro, bc tbrrbnd sb pd`rço vbn`br oc glsgd vocdr `b clfrd bn bc tbrkbr oÿd.
Udr dtrd co`d, cds jostds prbdpbrotlvds bs `b R[$:,;55 (lnkcul`d LJQ).
Uoro hoccor co `bgonò `bc prdybktd sb hlzd un onïclsls `b co `bgonò hlstûrlko, sb

kdndkb
kdn dkb qub bn bc oÿ
oÿdd 65?
65??
? sb vbn`l
vbn`lbrd
brdnn 6“;
6“;05,
05,555
555 pdccd
pdccds
s y bc oÿ
oÿd
d 65?
65?11 sb vbn
vbn`lû
`lû
;“215,555, bc prdybktd prbtbn`b koptor bc 6.1% `b co `bgonò `b td`d bc gbrko`d bc
prlgbr oÿd, y krbkbr bn 5.0% onuoc bn adrgo orltgìtlko poro cds sljulbntbs oÿds. Bc
klkcd
klkcd `b krl
krlon
onzo-
zo-vb
vbnto
nto (kog
(kogpoÿ
poÿo)
o) bs `b `ds gbsb
gbsbs,
s, pdr cd qu
qubb sb bst
bstlgo
lgo hofr
hofrïï 1
kogpoÿos onuocbs, `lkhos kogpoÿos sb `lvl`bn ljuocgbntb koò oÿd.
Koò pdccd oc alnoc tlbnb un pbsd prdgb`ld alnoc `b ?.2 mlcdjrogds y bc prbkld pdr koò
Mlcd bs `b R[$?.;5 sln LJQ.
Kofb gbnkldnor qub cds pdccds oc klbrrb `bc prlgbr gbs ockonzon un pbsd `b 855
jrogds (kdnsl`bror bstb pbsd poro td`d bc prlgbr gbs), poro bc sbjun`d gbs kdnsl`bror
?.2 mj poro td`d bc gbs. Bn bstb tlpd `b krlonzo sb rbjlstro uno gdrtoclò` `bc 1%
ùron
ùrontb
tb cds prlgb
prlgbrds
rds `ço
`ços
s `b vl`
vlò
o (kd
(kdnsl
nsl`b
`bror
ror sdc
sdcd
d bc prl
prlgb
gbrr `ço
`ço),
), `lkho
`lkho bg
bgprb
prbso
so
tdgorï cos `bklsldnbs rbspbktlvos o aln `b cdjror bc prdjrogo `b vbntos bstofcbkl`d.
Cds kdstds vorlofcbs `b prdùkklûn bstlgo`ds sdn cds sljulbntbs9
KD[PD[ UDV UDCCD

LPBG R[$
Kdstd pdr pdccd FF (sln LJQ) 5.?2
KD[PD[ GBN[ROC UDV MLCDJVOGD @B UDCCD (*)
LPBG R[$
Oclgbntoklûn (sln LJQ) 5.?55
Qokunos y gb`lklnos (sln LJQ) 5.562
Jos poro kocbnto`drbs (sln LJQ) 5.5?2
Gond `b dfro (nd oabktd o LJQ) 5.525
(*) Bstds kdstds sb pojon oc alnoc `b koò gbs.
Cds jostds alids o`glnlstrotlvds onuocbs osklbn`bn o [/28,555 sln LJQ, cds jostds `b
kdgfustlfcbs (JCU) bn prdgb`ld bs R[$6.2 `lorlds sln LJQ, cds vbn`b`drbs rbklfbn uno
kdglslûn `bc ;% `b cos vbntos kdfroòs gïs su subc`d alid qub bn tdtoc osklbn`b o
[/06,555 onuocbs (nd oabktds o LJQ), y hoy jostds vorlofcbs `b vbntos o`lkldnocbs
oskbn`bntbgbntb o [/?,825 gbnsuocbs bc prlgbr oÿd sln LJQ.
O`bgïs, sb kdnsl`bro un lnjrbsd o`lkldnoc pdr co vbnto `b `bsbkhds, qub bqulvocb o 2%

KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno ;?
BQOCROKLÛN @B
`b cos vbntos onuocbs. Udr dtrd co`d, sb bstlgû qub poro bc kopltoc `b trofoid sb
kdnsl`brorï kufrlr uno kogpoÿo pdr oÿd, cd kuoc lnkcuyb td`ds cds kdstds y jostds sln
LJQ.
Uoro alnonklor bc prdybktd sb sdclkltorï un krì`ltd pdr bc :5% `b cds oktlvds tonjlfcbs
poro sbr pojo`d bn 6.2 oÿds kdn pojds alids sbgbstrocbs qub lnkcuyb un oÿd `b jroklo
sln pojd `b lntbrbsbs, gb`lontb uno PBG `bc 1%, bc rbstd `b cos lnvbrsldnbs sbrï
alnonklo`d kdn opdrtb `b cds okkldnlstos.
Bc LJQ ?8% y co toso `bc lgpubstd o co rbnto bs `b 6<.25% bn nubstrd poçs.

rbn`lglbntd
rbn`lglbntd `bc @dw Idnbs bs ?6.62%, co lnacoklûn prdgb`ld `b R[O bs 6.2% y co
lnacoklûn prdgb`lo pbruono bs ;.6% y bc rlbsjd poçs Ubrù sb bstlgo bn 205 puntds
fïslkds, co fbto `bsopoconkoò `bc sbktdr bn Bsto`ds Rnl`ds bs ?.;2.
Kdnsl`bror un oÿd ;15 `ços d 26 sbgonos sl bc kosd cd ogbrlto. \ bc tlpd `b kogfld

[/ ;.05 pdr `ûcor.
Bn un hdrlzdntb `b trbs oÿds `bsorrdccor cos prbjuntos
sljulbntbs9 ?.- Kockucor bc prdjrogo `b prdùkklûn bn unlò`bs.

6.- Kockucor bc vocdr `b `bsbkhd nbtd `b co lnvbrslûn bn oktlvds alids.
;.- Kockucor co lnvbrslûn lnkrbgbntoc bn kopltoc `b trofoid `bc
prdybktd. 0.- Kockucor co clqulòklûn poro pojor onuocgbntb bc LJQ.
2.- Kockucor bc Bsto`d `b Vbsucto`ds.
1.- Kockucor bc Acuid `b Dpbroklûn.
:.- Kockucor bc Acuid Bkdnûglkd.
8.- @btbrglnor bc kuo`rd `b ogdrtlzoklûn `b co `buò.
<.- @btbrglnor bc kdstd `b dpdrtunlò`.
?5.- @btbrglnor bc KUUK (ZOKK).
??.- @btbrglnb bc QONB.
?6.- @btbrglnb bc rotld fbnbalkld kdstd `b lnvbrsldnls
lnvbrsldnlsto.
to.
60.- Rn`blnv
prbnòs lnvbrs
brsldn
cono ldnlst
`blsto
o bstï
bstïCobvocu
ocpoko. bvlnvbrslûn
ocuon
on`d
`d bn
co oktlvds
pds
pdslfl
lflcl`
clò`
o` tonjlfcbs
alids `b prd
prdùk
ùklr
lr y`bkdg
sbrï kdgbr
brklo
R[$ kloclz
clzor
25,555or
(sln LJQ), cds kuocbs sb `bprbklorïn clnbocgbntb bn `lbz oÿds. Rno vocdrlzoklûn prb`lkb
qub bc vocdr `b cds oktlvds alids oskbn`brço kdgbrklocgbntb o R[$ ;5,555 oc alnoc `bc
tbrkbr oÿd, slbgprb y kuon`d cos kdn`lkldnbs `bc bntdrnd gokrdbkdnûglkd nd vorçbn
sustonklocgbntb.
O`bgïs,, sb go
O`bgïs gontntbn`
bn`rï
rï un nlv
nlvbc
bc `b koplt
kopltoc
oc `b tro
trofoi
foid
d bqu
bqulvo
lvocbn
cbntb
tb oc ?2% `b cds
lnjrbsds pdr vbntos onuocbs lnkcul`ds bc LJQ (nd oabktds oc LJQ). Cds oktlvds alids
lntonjlfcbs osklbn`bn
osklbn`bn o R[$ 1,555 (sln LJQ)
[b bstlgo un prbkld pdr unlò` bs R[$ ?55 lnkcul`d bc LJQ. Bc kdstd `b co gotbrlo
prlgo bs `b R[$ 65 lnkcul`d bc LJQ y bc `b co gond `b dfro R[$ 1 (lnoabktd oc LJQ) pdr
unlò` prdùklò, rbspbktlvogbntb. Cds kdstds ln`lrbktds `b aofrlkoklûn osklbn`bn o
R[$ ?5,555 onuocbs sln LJQ.
KDDV@LNOKLÛN
BQOCROKLÛN @B
Cds jostds `b vbntos y o`glnlstrotlvds sdn bc 2% `b cds lnjrbsds pdr vbntos kdn LJQ
(nd oabktds oc LJQ).
Co `bgonò bstlgoò bs `b ;,555 unlò`bs poro bc prlgbr oÿd, lnkrbgbntïn`dsb bn

?5% onuoc ùrontb co prdybkklûn. Co prdùkklûn tlbnb uno gbrgo `bc 2%.
[b rbqulbrb alnonklor bc :5% `b cds oktlvds alids tonjlfcbs poro cd kuoc sb kdntrobrï uno
`buò fonkorlo kdn un pcozd `b pojd `b 56 oÿds, kdn kudtos sbgbstrocb
sbgbstrocbss alios, gïs un
sbgbstrb `b jroklo (kdn pojd `b lntbrbsbs) o uno PBO `bc 60%. Co toso `b lgpubstd o
co rbnto sb kdnsl`brorï bn 6<.25%.
Bvocùb bc prdybktd bn un hdrlzdntb `b 5; oÿds y `bsorrdccb cds sljulbntbs puntds9

puntds9
?.?. Clqul
Clqulòkl
òklûn
ûn `bc LLJQ.
JQ.
?.6. Qocdr `b rbskotb `b oktlv
oktlvds
ds alids.
?.;. Kopltoc `b trofoid, vo
vorloklûn
rloklûn y rrbkupbroklûn
bkupbroklûn..
?.0. Bsto`d `b jono
jononklos
nklos y pìr`lòs
pìr`lòs..
?.2. Acui
Acuid
d `b koio `b dpbro
dpbroklûn
klûn..
?.1. Acui
Acuid
d `b Koio bkd
bkdnûgl
nûglkd.
kd.
?.:. Pofco `b og
ogdrtlz
drtlzoklû
oklûn
n `b co `buò.
?.8. Acuid `b Koio Alnonklbrd .
62.- [b plbnso kdgbrkloclzor posto `b tdgotb bn sokhbts `b 655 jrogds koò und. Bc
kdstd `bc tdgotb bn bc gbrko`d goydrlsto bs `b R[$5.;2 Mj. (sln ljv) y bc kdstd `b cds
bnvosbs bn cos kuocbs sb `bspokho co posto `b tdgotb oc pùfclkd sbrï `b R[$8.25
klbntd (sln LJQ).
[bjùn bc bstu`ld `b gbrko`d, co `bgonò hlstûrlko `b bstb sbktdr sb gubstro bn bc

sljulb
sljulbntb
ntb kuo`
kuo`rd,
rd, bc prdyb
prdybktd
ktd prbtb
prbtbn`b
n`b kopt
koptor
or bc 0% bc prl
prlgb
gbrr oÿ
oÿd,
d, y o por
portlr
tlr `b
sbjun`d oÿd bsto portlklpoklûn krbkbrço bn 8% onuoc jbdgìtrlkogbntb.
65?5 65?? 65?6 65?; 65?0

@bgonò (mj) ?85,255 6?5,:55 602,:25 6:8,;05 ;66,255
Bc prbkld `b vbnto `b koò unlò` `bc prdùktd sbrï `b R[$6.2 bc prlgbr oÿd y bsto
krbkbrï bn 1% onuocgbntb. (sln LJQ).
Cds kdstds `b gond `b dfro `lrbkto osklbn`bn o R[$625 gbnsuocbs `b socorlds alids
pdr dpbrorld (kdnsl`bror ?2 subc`ds onuocbs), o`bgïs `b R[$5.?8 pdr koò unlò` `b
prdùktd tbrglno`d, slbn`d kuotrd cds dpbrorlds nbkbsorlds. Co kdglslûn `b vbntos
sbrï `bc 8% poro cds vbn`b`drbs rbspbktd oc prbsupubstd `b vbntos.
Co gbrgo bstlgoò bs `bc ?5% poro bc tdgotb y bc pdrkbntoib `b bnvosbs voklds

`babktudsds d qub sb gocdjron sb bstlgo sbo `b ;%. Glbntros qub poro co prdùkklûn
co gbrgo sbrï `bc ;%.
Bc cdk
cdkoc
oc `dn
`dn`b
`b sb vo o tro
trofoi
foior
or tbn`
tbn`rï
rï un kds
kdstd
td `b ocq
ocqulc
ulcbr
br gb
gbns
nsuoc
uoc `b R[
R[$02
$025
5
gbnsuocbs sln LJQ.
[b nbkbslto un kopltoc `b trofoid poro kufrlr :2 `ços `b cds kdstds y jostds tdtocbs `bc
prdybktd, nd jrovo LJQ.
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno ;;
BQOCROKLÛN @B
Bc kdstd `b cds gotbrlocbs ln`lrbktds (sln ljv) bs `b R[$5.:2 pdr Mj. `b prdùktd
bcofdro`d. Cds jostds `b bnbrjço bcìktrlko `b co pconto osklbn`bn o R[$?85 gbnsuocbs
(sln LJQ).
Bc subc`d `bc supbrvlsdr `b pconto bs `b R[$255 gbnsuocbs y co pconlcco o`glnlstrotlvo

bstlgoò bs `b R[$?,055 gbnsuocbs (kdnsl`bror ?2 subc`ds onuocbs).
Cds jostds o`glnlstrotlvds `lvbrsds sb bstlgo bn R[$?,855 gbnsuoc lnkcuyb LJQ.
Cds okt
oktlvd
lvds
s ali
alids
ds tonjl
tonjlfcb
fcbs
s os
osklb
klbn`b
n`bn
n o R[
R[$
$ ?65
?65,55
,555
5 (sl
(sln
n LJ
LJQ)
Q) y sb `bp
`bprbk
rbklon
lon bn
kdniuntd kdn uno toso `bc ?5% y su vocdr `b socvogbntd `bspuìs `b 5; oÿds sbrï 82%
`bc vocdr `b o`qulslklûn.
Cds oktlvds lntonjlfcbs osklbn`bn o R[$?8,255 (sln LJQ), y sb ogdrtlzoron bn trbs oÿds
bn portbs ljuocbs.
Uoro alnonklor bc prdybktd sb tlbnbn un krì`ltd pdr bc 85% `b cds oktlvds tonjlfcbs poro
sbr pojo`d bn `ds oÿds kdn pojds alids trlgbstrocbs `bspuìs `b un sbgbstrb `b jroklo,
y gb`lontb uno
uno PBG `b `bcc 6,65%.
Bc LJQ ?8% y co toso `bc lgpubstd o co rbnto bs `b 6<.25%.

rbn`lglbntd
rbn`lglbntd `bc @dw Idnbs bs ?6.62%, co lnacoklûn prdgb`ld `b R[O bs 6.2% y co
lnacoklûn prdgb`lo pbruono bs ;.6% y bc rlbsjd poçs Ubrù sb bstlgo bn 205 puntds
fïslkds, co fbto opoconkoò `bc sbktdr bn Bsto`ds Rnl`ds bs ?.0 y sb sofb qub bstb
sbktdr bn Bsto`ds Rnl`ds pdsbb uno `buò `bc ;2% y toso lgpdsltlvo bn bstb poçs bs
;2%.
Bn un hdrlzdntb `b 5; oÿds `bsorrdccor cos prbjuntos sljulbntbs9
?.- Kockucor bc prdjrogo `b vbntos bn unlò`bs

6.- Kockucor bc vocdr `b `bsbkhd nbtd `b co lnvbrslûn bn oktlvds alids.
;.- Kockucor co lnvbrslûn lnkrbgbntoc bn kopltoc `b trofoid `bc
prdybktd. 0.- Kockucor co clqulòklûn poro pojor onuocgbntb bc LJQ.
2.- Kockucor bc Bsto`d `b Vbsucto`ds.
1.- Kockucor bc Acuid `b Dpbroklûn.
:.- Kockucor bc Acuid Bkdnûglkd.
8.- @btbrglnor bc acuid `b co `buò.
<.- @btbrglnor bc kdstd `b dpdrtunlò` opoconko`d y bc KUUK (ZOKK)
?5.- @btbrglnb bc QONB y bc QONA, PLVB y PLVA.
??.- ´Bn kuïntd tlbgpd sb rbkupbro bc kopltoc prdpld4 (oÿds, gbsbs y `ços).
61.- Rn jrupd `b lnvbrsldnlstos vlbnbn babktuon`d co bvocuoklûn `b un prdybktd `b

prdùkklûn y kdgbrkloclzoklûn `b kdnsbrvos `b pdto `b 625 jrogds `b pbsd nbtd.
Bc bstu`
bstu`ld
ld `b gbr
gbrko`
ko`d
d ln`
ln`lko
lko qu
qub
b bxl
bxlst
stb
b un
uno
o `bg
`bgon`
onò
o lns
lnsotl
otlsab
sabkh
kho
o `b ?“5
?“555,
55,555
555
unlò`bs `b 625jbdgìtrlkd
un krbklglbntd jrogds `b`bc
kdnsbrvos
1% y :%poro
porobccds
prlgbr oÿd, y
prûxlgds bsto
`ds sbrï
oÿds lgpoktoò kdn
rbspbktlvogbntb
KDDV@LNOKLÛN
BQOCROKLÛN @B
(koò lnkrbgbntd sb kockuco tdgon`d bc oÿd ontbrldr kdgd fosb). Bc pdrkbntoib `b

portlklpoklûn `b bstb prdybktd bs koptor bc 65% `b bsto `bgonò lnsotlsabkho poro bc
prlgbr oÿd kdn un lnkrbgbntd `bc 2% onuoc jbdgìtrlkd poro cds sljulbntbs oÿds. [b
bstlgo un prbkld `b vbnto sln LJQ `b R[$ ;.2 pdr unlò` `b prdùktd.
Oslglsgd, bc bstu`ld tìknlkd sbÿoco qub bc prdkbsd `b prdùkk

prdùkklûn
lûn y vbnto `bgdrorço
;5 `ços, ln`lkïn`dsb o`bgïs qub ùrontb co aosb `b kdntrdc `b koclò` `b `lkhd
prdkbsd prdùktlvd sb bstlgo un 8% `b – gbrgo‗ pdr kdnsbrvos `babktudsos `bflbn`d
rbkhozorsb pdr nd kdntbnbr bc pbsd bxoktd `b 625 jrogds pdr aocbnklos `bc bnvoso`d
(pdr gonlpucbd, bntrb dtrds).
Cds kdstds `b prd`

prdùkkl
ukklûn
ûn pdr unl`
unlò`
o` `b prdù
prdùktd
ktd sdn9 okbltb R[$ 5.65 (sln LJQ), soc
R[$ 5.51 (sln LJQ), coto R[$ 5.62 (lnkcul`d LJQ) y gond `b dfro `lrbkto R[$ 5.66. Bn
kuontd o co gotbrlo prlgo prlnklpoc (pdto) sb bstlgo qub pdr koò ?,555 jrogds `b
prdùktd tbrglno`d (pbsd nbtd) `bfb kdnsl`brorsb kdgd bc rbsucto`d `b uno
–gbrgo `bc lnsugd prlnklpoc pdto ‗ `bc ?2%, slbn`d su kdstd `b R[$ ;.5 pdr mj
(sln LJQ). Cds kdstds ln`lrbktds `b aofrlkoklûn osklbn`bn o R[$ 1,555 gbnsuocbs y cds
jostds o`glnlstrotlvds o R[$ 2,255 gbnsuocbs ogfds kdnkbptds lnkcuybn LJQ. Bn
kuontd
kuo ntd o cds sbj
sbjurd
urdss (sl
(sln
n LJ
LJQ)
Q) kdg
kdgprd
prdgbt
gbtl`d
l`ds,
s, sb prb
prbvì
vì kon
konkb
kbcok
coklûn
lûn `b ku
kudto
dtos
s
gbnsuocbs pdr R[$ 6,255. Pdòs cos kdgpros `b prdùkklûn, o`glnlstrotlvds y `b
sbjurds sb pojon oc kdnto`d.

Bn kuontd o co pdcçtlko `b vbntos, sb vbn`b td`d oc krì`ltd y sb kdfro ;2 `ços
`bspuìs qub kucglno bc prdkbsd `b prdùkklûn y vbntos.
Bc prbsupubstd `b cds kdstds `b lnvbrslûn `bc prdybktd sb `btocco o kdntlnuoklûn9
Vufrds Gdntd Ql
Qlò
ò ùt
ùtlc
lc Qo
Qocd
cdrr `b [ocv
[ocvog
ogbn
bntd
td
R[$ oc ;br oÿd
Cçnbos `b prdùkklûn (sln LJQ) ??6,555 8 oÿds 08,555
Dfros Klvlcbs (lnkcul`d LJQ) ?55,555 ?5 oÿds 15,555
Qbhçkucd (sln LJQ) 85,555 2 oÿds 65,555
Gdflclorld `b dalklno (lnkcul`d LJQ) ?5,555 0 oÿds 5
Cos cçnbos `b prdùkklûn y cos dfros klvlcbs sb alnonklorïn bn un :5% o trovìs `b un

prìstogd
prìstogd fonkor
fonkorld
ld bn `ûcorbs
`ûcorbs,, foid co gdò
gdòclò`
clò` `b kudt
kudtos kdnstontbs sbgbstrocbs,
os kdnstontbs
pokto`d o uno PBP 2.6%, bc kuoc sb pojorï bn 6.2 oÿds, bc glsgd qub lnkcuyb 1 gbsbs
`b jroklo sln pojd `b lntbrbsbs.
Bc rbst
rbstd
d `b cd
cds
s oktl
oktlvd
vds
s alid
alids
s tonj
tonjlf
lfcb
cbs
s b ln
lnto
tonj
njlf
lfcb
cbs
s y kopl
koplto
tocc `b tr
trof
ofoi
oid
d sbrï
sbrïn
n
alnonklo`ds kdn opdrtbs `b cds prdplbtorlds. Co lnvbrslûn bn lntonjlfcbs osklbn
osklbn`b
`b o R[$
?8,555 (sln LJQ)
Bc kdstd `b dpdrtunlò` `b cds okkldnlstos bs `bc ?8% y bc lgpubstd o co rbnto bs `b

6<.25%
Kdn tdò bsto lnadrgoklûn y kdnsl`bron`d un hdrlzdntb `b bvocuoklûn `bc prdybktd

poro ; oÿds, sb sdclklto kockucor9
o. Urdjr
Urdjrogo
ogo `
`b
b prd
prdùkk
ùkklûn.
lûn.
f. LJQ `b
`b vb
vbnto
ntos.
s.
k. LJQ `b k
kdgp
dgpro
ros.
s.
KDDV@LNOKLÛN
BQOCROKLÛN @B
`. LJQ `b
`b lnv
lnvbrsl
brsldnbs
dnbs..
b. Clq
Clqul`
ulòk
oklûn
lûn `b LLJQ.
JQ.
a. Qocdr `bc OOktlvd
ktlvd Alid lnkcul`d lg
lgpubstds
pubstds y vocdr `b rbskotb nbtd oius
oiusto`d
to`d pdr bbcc
lgpubstd o co rbnto y pdr bc LJQ jbnbro`d.
j. Kopltoc `b Pro
Profoid
foid lnlkloc, v
vorloklûn
orloklûn y rb
rbkupbroklûn,
kupbroklûn, p
pdr
dr bc gìtd`d `b
`bcc pbrçd`d `b
`bsaosb. (cds kïckucds lnkcuybn LJQ)
h. Bsto
Bsto`d
`d `b rbs
rbsucto`
ucto`ds.
ds.
l. Acui
Acuid
dDDpbpbro
rotl
tlvd
vd..
i. Acuid bkdnûg
bkdnûglkd. lkd.
m. Pofco `b rbbg
rbbgfdcsd
fdcsd `b co `b
`buò.
uò.
c. Acui
Acuid
d al
alno
nonk
nklb
lbrd
rd..
6:.- Rn lgpdrtontb jrupd `b lnvbrsldnlstos bnkdgbn`û o uno bgprbso kdnsuctdro co

rboclzoklûn `b un bstu`ld `b vloflclò` poro co aofrlkoklûn `b bnvosbs `b coto poro
fbflòs josbdsos y kbrvbzos.
[bjùn bc bstu`ld `b gbrko`d, co `bgonò hlstûrlko `b bstb sbktdr sb gubstro bn bc

sljulbntb kuo`rd, bc prdybktd prbtbn`b koptor bc ;.2% bc prlgbr oÿd, y o portlr `b
sbjun`d oÿd bsto portlklpoklûn krbkbrço bn <% onuoc jbdgìtrlkogbntb.
65?6 65?; 65?0 65?2 65?1 65?:

@bgonò (unlò`bs) 085,255 205,:55 166,:25 1<2,:25 :28,;05 8:6,255
Bc prbkld `b vbnto `b koò unlò` `bc prdùktd sbrï `b R[$?.; bc prlgbr oÿd y bsto
krbkbrï bn :% onuocgbntb.
Bc bstu`ld tìknlkd ho sbÿoco`d qub poro cds nlvbcbs `b prdùkklûn prdybkto`ds sb

rbqulbrb sdcvbntor cds sljulbntbs kdstds vorlofcbs unltorlds9
Lnsugds Kdstd Rnltorld (bn R[$)
Gond `b dfro `lrbkto 5.??
Dtrds kdstds ln`lrbktds 5.?0
Bc kdstd `b co gotbrlo prlgo bs R[$8 bc mlcd, koò coto nbkbslto 65 jrogds `b co

gotbrlo prlgo, o`bgïs sb sofb qub hoy uno gbrgo bn co gotbrlo prlgo `bc 8% bstd
dkurrb bn bc trosco`d y bc ocgokbnoglbntd.
Udr dtro portb, sb hon bstlgo`d kdstds alids `b R[$ 62,555 onuocbs pdr o`glnlstroklûn
y bc pojd `b R[$ 8,555 pdr un rdyocty o uno bgprbso
bgprbso ndrtbogbrlkono
ndrtbogbrlkono pdr bc mndw-h
mndw-hdw
dw
o`qulrl`d ùrontb trbs oÿds, o`bgïs sb tbn`rïn jostds prbdpbrotlvds `b drjonlzoklûn
`b R[$ ?;,255.
Bn bc sbktdr sb kdndkb qub bc 0% `b co prdùkklûn alnoc nd poso bc kdntrdc `b koclò`,

pdr cd qub sbrï nbkbsorld tdgor cos gb`lòs rbspbktlvos poro kugpclr kdn co `bgonò.
Bc prdybktd kdnsl`bro kdntrotor un jrupd `b vbn`b`drbs qub rbklflrïn un 2% sdfrb co

vbnto.
Bc kopltoc `b trofoid bstï kdgpubstd pdr9

• Koio9 ?6 `
`ços
ços `b v
vbnto
bnto tdto
tdtocc onuoc.
• Kubntos pdr kdf
kdfror9
ror9 15 % oc krì`ltd y pbrld`
pbrld`d
d prdgb`ld `b kdfronzo 22
22 `ços.
KDDV@LNOKLÛN
BQOCROKLÛN @B
• Ln
Lnvbn
vbntor
torlds
lds99 go
gont
ntlbn
lbnb
b un std
stdkm
km gçn
gçnlgd
lgd bqulv
bqulvocb
ocbntb
ntb o 62 `ço
`ços
s `b co
cos
s nb
nbkbs
kbslò
lò`b
`bs
s
onuo
on uocb
cbs
s `b gogotb
tbrl
rlo
o pr
prlg
lgo
o y bn bc kosd
kosd `b pr
prd`
dùk
uktd
tds
s tb
tbrg
rgln
lno`
o`ds
ds `b 65 `ç
`ços
os co
prdùkklûn onuoc.
• Kubntos pdr pojor pdr kdgpro `b gotbr
gotbrlo
lo prlgo :5% oc krì`ltd, ssb
b pojo o ;2 `ços.
Co dpbroklûn y pubsto bn gorkho `bc prdybktd rbqubrlrï uno lnvbrslûn bn oktlvds alids
kdrrbspdn`lbntb o9
Oktlvd Qocdr kdgpro Kontlò` Qlò ùtlc Qocdr socvogbntd

(bn R[$) (unlò`bs) (oÿds) ;¹ oÿd
B`lalklds 15,555 ? 65 :5%
Goqulnorlos 02,555 6 ?5 ;5%
Pbrrbnd 25,555 ? <5%
Vboclkb cds acuid

Vboclkb acuids
s `b koio pbrt
pbrtlnbn
lnbntbs,
tbs, kdnsl
kdnsl`bro
`bron`d
n`d qub cds lnvbrsl
lnvbrsldnls
dnlstos
tos cd hon
bcbjl`d o ustb` poro qub cds osbsdrb bn su `bklslûn,
Bc :5% `b co lnvbrslûn bn oktlvd alid sb alnonklorï kdn adn`ds prdplds, bc rbstontb kdn
un prìstogd poro sbr pojo`d bn `ds oÿds kdn pojds alids kuotrlgbstrocbs, kdn pbrld`d
`b jroklo `b 8 gbsbs o`lkldnocbs oc pojd `b co `buò, y gb`lontb uno PBP `bc 1%.
rbn`lglbntdtd `b cds P-Fdn`s ogbrlkonds o ;5 oÿds bs :.?2%, bc
rbn`lglbntd `bc @dw Idnbs bs ?6.62%, co lnacoklûn prdgb`ld `b R[O bs 6% y co
lnacoklûn prdgb`lo pbruono bs ;% y bc rlbsjd poçs Ubrù sb bstlgo bn 205 puntds
fïslkds, co fbto opoconkoò `bc sbktdr bn Bsto`ds Rnl`ds bs ?.0 y sb sofb qub bstb
sbktdr bn Bsto`ds Rnl`ds pdsbb uno `buò `bc 02% y toso lgpdsltlvo bn bstb poçs bs
;2% y co toso `b lgpubstds o cos utlclò`bs bs `b 6<.25% bn nubstrd poçs.
Bn un hdrlzdntb `b trbs oÿds `bsorrdccor cos prbjuntos sljulbntbs9
?.- Acuid `b Koio `b Lnvbrslûn

6.- Acuid `b Koio Dpbrotlvd
;.- Acuid `b Koio Bkdnûglkd
0.- Acuid `b Koio Alnonklbrd
2.- Hoccor bc KDM y ZOKK
1.- Hoccor bc QONA y PLVA
:.- ´Bn kuïntd tlbgpd sb rbkupbro bc kopltoc prdpld4 (oÿds, gbsbs y `ços).
68.- Bn bc kursd `b bgprbsorlo`d un jrupd `b ocugnds ho `btbrglno`d co vloflclò`

`b conzor oc gbrko`d clgbÿd un nubvd tlpd `b ovbno pdpucor kdn gukhos prdtbçnos y
vltoglnos `lrljl`ds o cds sbjgbntds K, @ y B `b co pdfcoklûn `b Clgo o un vocdr `b
vbnto unltorld `b R[$ 5.85 (nd lnkcuyb LJQ) pdr poqubtb `b 655 jr. Cds òtds `b
sbjgbntoklûn ln`lkon qub bc nlvbc K kdnstltuyb bc 2%, bc @ ?5% y bc B bc ?2% `b co
pdfcoklûn `b Clgo Gbtrdpdclton
Gbtrdpdcltono.
o.
Uoro cds jostds prbdpbrotlvds sb kubnto kdn un prbsupubstd `b ;5,555, cds kuocbs sb
hon bibkuto`d oc ?55% (Kdnkbptds lnoabktds oc LJQ).
KDDV@LNOKLÛN
KDDV@LNOKLÛN @B Uïjlno ;:
BQOCROKLÛN @B
Cds onoclstos `bc prdybktd bstofcbkbn bn adrgo guy kdnsbrvo`dro koptor un ?% poro bc
prlgbr oÿd, ?.6% y ?.0% poro cds sljulbntbs `ds oÿds rbspbktlvogbntb, `bc gbrko`d
sbjgbnto`d
sbjgbnto` d prdybkto`d. Bc kdnsugd prdgb`ld bs `b ? poqubtb sbgonoc `b 655 jr. pdr
hofltontb.
[b ho rbkdjl`d co lnadrgoklûn rbabrbntb o co pdfcoklûn `b Clgo Gbtrdpdcltono, slbn`d

sus òtds hlstûrlkds bn nùgbrd `b hofltontbs `b co kluò` `b Clgo cds sljulbntbs9
Oÿd 65?69 :“:55,555= Oÿd 65?;9 :“825,555= Oÿd 65?089 :“<<5,555= Oÿd 65?29 8“?<5,555
Uoro cds sljul

Uoro sljulbnt
bntbs
bs oÿ
oÿds,
ds, co pdf
pdfcok
coklûn
lûn sb prd
prdybk
ybkto
to sdf
sdfrb
rb co fos
fosb
b `b uno toso `b
krbklglbntd prdgb`ld onuoc, kockucoò kdn cds òtds hlstûrlkds.
Bc prdybktd kdnsl`bro qub sb rbqulbrb kdntrotor un jrupd `b vbn`b`dr

vbn`b`drbs
bs qub pbrklflrïn
uno kdglslûn `b 5.2% sdfrb co vbnto sln LJQ, qulbnbs togflìn sb bnkorjorïn `b
`laun`lr cos fdnò`bs `bc prdùktd. Co toso lgpdsltlvo bs `bc 6<.25%.
Bc bstu`ld tìknlkd ho sbÿoco`d qub poro cds nlvbcbs `b prdùkklûn prdybkto`ds sb

rbqulbrb sdcvbntor cds sljulbntbs kdstds vorlofcbs unltorlds9
Lnsugds Kdstd Rnltorld (bn R[$)

Gotbrlos prlgos 5.?2 ([ln LJQ) x Rnlò` `b UP `b 655 jrs
Gond `b dfro `lrbkto 5.65 x Rnlò` `b UP `b
`b 655 jrs (lnoabktd oc LJQ)
Gotbrlocbs ln`lrbktds 5.?5 ([ln LJQ) x Rnlò` `b
`b UP `b 655 jrs
Udr dtro portb, sb hon bstlgo`d jostds alids `b R[$ 25,555 onuocbs (Kdrrbspdn`bn o
pconlccos, nd oabktds o LJQ), pdr kdnkbptd `b jostds `b o`glnlstroklûn y jostds `b
`lstrlfuklûn, R[$ ;5,555 onuocbs, nd oabktds o LJQ. [bjurds R[$ ?5,555 onuocbs y
R[$ 8,555 pdr dtrds jostds glskbcïnbds (ogfds nd lnkcuybn bc LJQ).
Bc prdybktd rbqulbrb uno lnvbrslûn bn kopltoc `b trofoid bqulvocbntb kuotrd gbsbs `b

cds jostds dpbrotlvds (Nd oabktd oc LJQ). Bc vocdr `b rbkupbroklûn `bc kopltoc `b trofoid
bqulvoc`rï oc 82% `bc tdtoc lnvbrtl`d.
Co dp
dpbr
brok
oklû
lûn
n y pu
pubs
bsto
to bn go
gork
rkho
ho `b
`bcc pr
prdy
dybk
bktd
td rb
rbqu
qubr
brlr
lrï
ï un
uno
o ln
lnvb
vbrs
rslû
lûn
n ln
lnlk
lklo
locc
kdrrbspdn`lbntb o9
Oktlvd Kdstd Kontlò` Qlò ùtlc Qocdr `b

unltorld sln (unlò`bs) kdntofcb (oÿds) socvogbntd oc alnoc
LJQ `bc oÿd ;
(R[$)
Pbrrbnd ?65,555 ? ?55%
Dfros klvlcbs ?85,555 ? ;5 :5%
Cçnbos `b prdùkklûn 625,555 6 ?5 25%
Bstb jrupd `b ocugnds ho rbklfl`d uno prdpubsto `b alnonkloglbntd pdr portb `b

Fonkd Gun`loc poro 65% `bc oktlvd lntonjlfcb y poro bc <5% `b co lnvbrslûn bn oktlvd
alid
alid tdt
tdtoc,
oc, bxk
bxkbp
bptd
td bc tbr
tbrrb
rbnd,
nd, kdn
kdn un
uno
o tos
toso
o `b ln
lntbr
tbrìs
ìs nd
ndgln
glnoc
oc trl
trlgb
gbstr
stroc
oc `bc 1%
1%,,
kopltoclzofcb koò ?2 `ços. Co adrgo `b pojd sbrï bn klnkd sbgbstrbs kdn kudtos
vbnklòs ljuocbs y un sbgbstrb o`lkldnoc `b pbrld`d `b jroklo sln pojd `b `buò nl
lntbrbsbs.
[b pl`b bvocuor bc prdybktd o un hdrlzdntb `b trbs oÿds, poro cd kuoc `bfb hoccor9
?. Acu
Acuid
id `b Koi
Koio
o `b LLnv
nvbr
brslû
slûn
n
KDDV@LNOKLÛN
KDDV@LNOKLÛ N @B Uïjlno ;8
BQOCROKLÛN @B
6. Acu
Acuid
id `
`b
b Ko
Koio
io `
`b
b Dp
Dpbr
brokl
oklûn
ûn
;. Acu
Acuid
id `
`b
bKKoio
oio Bk
Bkdnû
dnûglk
glkdd
0. Acui
Acuid
d``bbK
Koi
oio
oAAln
lnon
onkl
klbr
brd
d
6<.-
6<.- Rn lnvbrsldnlsto glnbrd ho `bkl`l`d lnvbrtlr bn un prdybktd `b bxtrokklûn `b
jronltd, gotbrloc utlclzo`d bn co kdnstrukk
kdnstrukklûn
lûn `bc sbktdr lngdflclorld.
Co `balnlklûn `bc bqulpd nbkbsorld aub babktuoò pdr cds prdybktlstos, co kuoc `btbrglnû
qub sb `bfbrï lnkurrlr bn cos sljulbntbs lnvbrsldnbs9
Qocdr Rnltorld Qocdr Kdgbrkloc

Qlò Ùtlc
Oktlvd Kontlò` Kdntofcb `b O`qulslklûn Rnltorld Bstlgo`d
(R[$) Oÿd ; (*)
(*)
\oklglbntd (tbrrbnd) ? 025,555 ?55,555
Bxkovo`dros 0 2 62,555 ?2,555
Kogldnbs ; 2 15,555 61,555
Urdkbso`dro ? ?5 ?15,555 15,555
* Pd`ds cds vocdrbs nd lnkcuybn LJQ, o bxkbpklûn `bc yoklglbntd qub nd bstï oabktd o LJQ
Kdn rbspbktd o cds kogldnbs, sb kdgprorï un gïs oc alnoc `bc oÿd ?, poro lnlklor sus
dpbrokldnbs bn bc oÿd 6, oc glsgd vocdr `b cds `bgïs kogldnbs, y su vocdr `b vbnto oc
alnoc `bc oÿd ; sbrï R[$ ;6,555 sln LJQ.
Bc bstu`ld `b gbrko`d sbÿocû qub co kontlò` `bgonòò hlstûrlkogbntb ho sl`d co

sljulbntb9
65?5 65?? 65?6 65?; 65?0 65?2

Kdnsugd hlstûrlkd (PG.) ** ?;,555 ?2,555 6?,555 61,555 6<,555 ;2,555
** Co `bgonò sb prdybktorï kdn co bkuoklûn `b rbjrbslûn.
Co bgprbso tlbnb kdgd gbto koptor bc 1% bc oÿd ;, poro bccd koò oÿd `bfb krbkbr
orltgìtlkogbntb bn 5.2% onuocgbntb.
[b
oÿdbstlgo qub
ùrontb bc bc prbkldo`b
pbrld`d vbnto sbrï
bvocuor. R[$:55
Cds kdstds sln LJQ
`lrbktds `bcodpbroklûn
tdnbcoò pdr
y krbkbrï
PG. sb2% koò
bstlgon
bn9
Kdstd unltorld
Lnsugd pdr tdnbcoò
Bxtrokklûn y prdkbsoglbntd, sln LJQ 665
Gond `b dfro `lrbkto (nd oabktd o LJQ) <5
Bnbrjço y Kdgfustlfcbs, sln LJQ 02
Uoro pd`br kdgbrkloclzor bc prdùktd sb rbqubrlrï kdntrotor un sbrvlkld `b tronspdrtb

poro
poro bc jro
jronlt
nltd
d prdkb
prdkbso
so`d
`d `bs
`bs`b
`b bc yok
yoklgl
lglbnt
bntd
d ho
hosto
sto bc kcl
kclbnt
bntb
b aln
alnoc.
oc. Bc kds
kdstd
td pdr
tdnbcoò tronspdrtoò
tronspdrtoò sln LJQ bs `b R[$82.
Co prdùkklûn `bgdro 68 `ços, bc tronspdrtb hosto ccbjor oc kclbntb alnoc `bgdro ; `ços,
y co kdfronzo
kopltoc oc kclbntb
`b trofoid pdr ?55%
bstï lnoabktd bs bny prdgb`ld
oc LJQ, ;:sûcd
sb rbkupbro `ços.bcUdr dtrd co`d, sb sofb qub bc
82%.
Cds jostds o`glnlstrotlvds `bc prdybktd sb bstlgon bn R[$8,255 gbnsuocbs sln LJQ.
KDDV@LNOKLÛN
KDDV@LNOKLÛ N @B Uïjlno ;<
BQOCROKLÛN @B
O`bgïs,, sb ho tdg
O`bgïs tdgo`d
o`d un sbj
sbjurd
urd pdr R[
R[$;,
$;,255
255 gbgbnsu
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Cds vbn`b`drbs rbklfbn uno kdglslûn `b vbntos `bc ;%, `b cos vbntos sln LJQ, bsto
portlò nd bstï oabkto o LJQ.
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kdn kudtos alios trlgbstrocbs y uno PB[ `bc ?6%.
Co prlgo `b rlbsjd `b gbrko`d bn BBRR bs :.8%, co fbto opoconkoò bn Bsto`d

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;.8% onuoc, y bc Vlbsjd Uoçs `b Ubrù bs `b ;25 puntds fïslkds y co lnacoklûn pbruono
;.1%. Co toso `b Lgpubstd o co rbnto pbruono bs 6<.25% y co ogbrlkono bs ;2%.
[b pl`b bvocuor bc prdybktd o un hdrlzdntb `b trbs oÿds, poro cd kuoc `bfb hoccor9
?.- Acuid `b Koio `b Lnvbrslûn

6.- Acuid `b Koio Dpbrotlvd
;.- Acuid `b Koio Bkdnûglkd
0.- Acuid `b Koio Alnonklbrd
2.- Hoccor bc KDM y ZOKK
1.- Hoccor bc QONA y PLVA
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KDDV@LNOKLÛN

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BQOCROKLÛN @B

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Oÿds 65?; 65?0 65?2 65?1 65?:

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