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8P HPSUpVWLPR GH 5 SHOR VLVWHPD 3ULFH VHUi DPRUWL]DGR HP
SUHVWDo}HV PHQVDLV FRQVHFXWLYDV H LJXDLV GH 5 D SULPHLUD VHUi SDJD
XP PrV DSyV D WRPDGD GR HPSUpVWLPR 1HVVD VLWXDomR VH D WD[D GH MXURV
FRPSRVWRVFREUDGRVQDRSHUDomRIRUGHDRDQRHQWmRDSyVRSDJDPHQWRGD
VHJXQGDSUHVWDomRRVDOGRGHYHGRUVHUiVXSHULRUD5
5(62/8d2
VXSHULRUD5
$DPRUWL]DomRPHQVDOp$ 93Q UHDLV$SyVSDJDUDV
SULPHLUDVSUHVWDo}HVRVDOGRGHYHGRUp
6' [ UHDLV

2VMXURVGRWHUFHLURSHUtRGRIRUDP
- [ UHDLV

$VVLPDWHUFHLUDSUHVWDomRIRL
3 $- UHDLV
,WHP(55$'2

6HQGRM DRPrVWD[DHIHWLYDFRUUHVSRQGHQWHjWD[DQRPLQDOGHDR
DQRQRSULPHLURPrVWHPRV
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DdDd/&/EE/ZWd^
dKZ/yZ1/K^KDEdK^

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- [ UHDLV

$DPRUWL]DomRGHVWHPrVIRL
$

2VDOGRGHYHGRUSDVVRXDVHU
6'

2VMXURVGRVHJXQGRSHUtRGRIRUDP
- [ UHDLV

$DPRUWL]DomRIRL
$ UHDLV

2VDOGRGHYHGRUSDVVRXDVHU
6' UHDLV
,WHP&255(72
5HVSRVWD(&

&(63( 07( )DELDQD FRPSURX XP YHtFXOR ILQDQFLDGR VHPHQWUDGD
HP SUHVWDo}HV PHQVDLV H FRQVHFXWLYDV GH 5 j WD[D GH MXURV
FRPSRVWRV GH DR PrV FRP D SULPHLUD SUHVWDomR YHQFHQGR XP PrV DSyV D
FRPSUD$UHVSHLWRGHVVDVLWXDomRKLSRWpWLFDMXOJXHRVLWHQVDVHJXLUFRQVLGHUDQGR

HYDORUHVDSUR[LPDGRVUHVSHFWLYDPHQWHSDUD M H
M
6H)DELDQDTXLWDURILQDQFLDPHQWRQDGDWDGRSDJDPHQWRGDSULPHLUDSUHVWDomR
SDJDQGR DV SUHVWDo}HV H UHFHEHQGR QD RSHUDomR XP GHVFRQWR FRPHUFLDO
FRPSRVWRGHDRPrVHODSDJDUiPHQRVGH5
YLVWDRSUHoRGRYHtFXORpVXSHULRUD5
5(62/8d2
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DdDd/&/EE/ZWd^

dKZ/yZ1/K^KDEdK^

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2GHVFRQWRFRPHUFLDOFRPSRVWRpGDGRSRU$ 1[MW6HQGRM D
WD[DGHGHVFRQWRH1 UHDLVRYDORUQRPLQDOGHFDGDSDUFHODQDGDWDGHVHX
UHVSHFWLYRYHQFLPHQWRSRGHPRVGL]HUTXH
SDUDDSDUFHODYHQFtYHOGDTXLDW PrVRYDORUDVHUSDJRp
$ [ [

SDUDDSDUFHODYHQFtYHOGDTXLDW PHVHVRYDORUDVHUSDJRp
$ [ [

( DVVLP SRU GLDQWH 3RUWDQWR VRPDQGR R YDORU DWXDO GH WRGDV DV SDUFHODV
WHUHPRV

$ [[[
$ [[

$ [ M
M

$ [[ M
M
$ [[
$ UHDLV
,WHP&255(72

7UD]HQGR WRGDV DV SDUFHODV SDUD R VHX YDORU SUHVHQWH FRP D WD[D GR
ILQDQFLDPHQWRDRPrVWHPRV
93 DQM[3
M Q
93 u3
M u M Q

93 u
u

'LYLGLQGRRQXPHUDGRUHRGHQRPLQDGRUSRUWHPRV

93 u

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DdDd/&/EE/ZWd^
dKZ/yZ1/K^KDEdK^

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93 u

93 UHDLV
,WHP(55$'2
5HVSRVWD&(

&(63(07((GXDUGRDEULXHPXPDFRQWDUHPXQHUDGDTXH
SDJDMXURVFRPSRVWRVGHDRDQR1RVGLDVHHOH
GHSRVLWRX QHVVD FRQWD XPD PHVPD TXDQWLD GH PRGR TXH HVVHV WUrV GHSyVLWRV
IRUDP RV ~QLFRV IHLWRV QD FRQWD 1R GLD (GXDUGR IH] XP HPSUpVWLPR GH
5 R TXDO GHYH VHU TXLWDGR SHOR VLVWHPD GH DPRUWL]DomR IUDQFrV 6$)
HP SUHVWDo}HV PHQVDLV LJXDLV H FRQVHFXWLYDV GH 5 FRP D SULPHLUD
SUHVWDomR YHQFHQGR XP PrV DSyV D WRPDGD GR HPSUpVWLPR &RP EDVH QHVVDV
LQIRUPDo}HVMXOJXHRVLWHQVVXEVHFXWLYRVFRQVLGHUDQGRFRPRYDORUDSUR[LPDGR

SDUD

$ WD[D GH MXURV FRPSRVWRV QR 6$) SDUD R ILQDQFLDPHQWR IHLWR SRU (GXDUGR p
VXSHULRUDDRPrV
6H DR LQYpV GR 6$) R ILQDQFLDPHQWR IRU SDJR SHOR VLVWHPD GH DPRUWL]DomR
FRQVWDQWH HP SUHVWDo}HV PHQVDLV H FRQVHFXWLYDV j WD[D GH MXURV FRPSRVWRV
GHDRPrVHQWmRRYDORUGDGpFLPDSUHVWDomRVHUiLQIHULRUD5
6HQDGDWDGRSDJDPHQWRGDSULPHLUDSUHVWDomRRVDOGRQDFRQWDUHPXQHUDGD
IRU LJXDO DR YDORU GD SUHVWDomR GR HPSUpVWLPR HQWmR FDGD XPD GDV TXDQWLDV
GHSRVLWDGDSRU(GXDUGRIRLLQIHULRUD5
5(62/8d2
VXSHULRUDDRPrV
6HWLYpVVHPRVDWD[DH[DWDPHQWHLJXDODDRPrVWHUtDPRV
3 3 3 3
93
M M M M

3u

3u

3 u
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DdDd/&/EE/ZWd^
dKZ/yZ1/K^KDEdK^

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3 UHDLV

3RUWDQWR VH D WD[D IRVVH GH DR PrV D SUHVWDomR VHULD UHDLV
,VWRQRVLQGLFDTXHDWD[DpVXSHULRUDDRPrVSRLVVDEHPRVTXHDSUHVWDomRp
PDLRUTXHHVWHYDORUVHQGRUHDLV,WHP&255(72

$DPRUWL]DomRPHQVDOVHULD
$ UHDLV

$SyVSDJDUDVSULPHLUDVSUHVWDo}HVRVDOGRGHYHGRUVHULD
6' [ UHDLV

2VMXURVGRSHUtRGRVHULDP
- [ UHDLV

(DSUHVWDomRVHULD
3 $- UHDLV

,WHP(55$'2

6H WLYHVVH VLGR GHSRVLWDGR H[DWDPHQWH UHDLV HP FDGD XP GRV
SHUtRGRVRYDORUTXHVHULDREWLGRHPVHULD
9) [[[
9) [[[
9) UHDLV
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DdDd/&/EE/ZWd^

dKZ/yZ1/K^KDEdK^

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&RPR R YDORU QD FRQWD HP HUD ,1)(5,25 D HVWH HUD UHDLV
TXH p YDORU GH XPD SUHVWDomR GR HPSUpVWLPR LVWR QRV LQGLFD TXH R YDORU
GHSRVLWDGRDFDGDDQRHUD,1)(5,25DUHDLV,WHP&255(72
5HVSRVWD&(&

&(63( 6(5352 -RmR H 0DULD FRP R REMHWR GH FRQVWLWXLU HP
VRFLHGDGH XPD PLFURHPSUHVD DFRUGDUDP HP GHSRVLWDU DQXDOPHQWH FDGD XP
5 HP XPD FRQWD UHPXQHUDGD TXH SDJD GH MXURV FRPSRVWRV
VHPHVWUDOPHQWH -RmR GHYHULD GHSRVLWDU VXD SDUWH VHPSUH QR LQtFLR GR PrV GH
MDQHLUR H 0DULD VHLV PHVHV GHSRLV &RP EDVH QHVVDV LQIRUPDo}HV MXOJXH RV
SUy[LPRVLWHQV
&RQVLGHUHTXHRSULPHLURGHSyVLWRGH-RmRWHQKD RFRUULGR QRGLD HR
GH0DULDHP1HVVHFDVRHPKDYLDPDLVGH5QD
FRQWDUHPXQHUDGD
6HDWD[DGHLQIODomRQRVSULPHLURVVHLVPHVHVDSyVRSULPHLURGHSyVLWRGH-RmR
IRUGHHQWmRQHVVHSHUtRGRDWD[DUHDOTXHUHPXQHUDDFRQWDQDTXDO-RmRH
0DULDID]HPVHXVGHSyVLWRVVHUiGH
$ WD[D GH MXURV FRPSRVWRV GH DR VHPHVWUH HTXLYDOH j WD[D GH MXURV
FRPSRVWRVGHDRDQR
5(62/8d2
&RQVLGHUHTXHRSULPHLUR GHSyVLWRGH-RmRWHQKD RFRUULGRQRGLD HR
FRQWDUHPXQHUDGD
(P RV GHSRVLWDGRV SRU -RmR WHULDP UHQGLGR MXURV SRU
VHPHVWUHV H RV GH 0DULD WHULDP UHQGLGR MXURV SRU VHPHVWUH WRWDOL]DQGR R
PRQWDQWH
0 [[
0 [[
0 UHDLV
,WHP&255(72

W>
DdDd/&/EE/ZWd^

dKZ/yZ1/K^KDEdK^

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(55$'2SRLVHVVHpVLPSOHVPHQWHDVXEWUDomRGH ,VVR
pXPDERDDSUR[LPDomRSDUDDWD[DUHDOPDVQmRpVHXYDORUH[DWRTXHGHYHVHU
FDOFXODGRDVVLP
MUHDO MQL
MUHDO
MUHDO
MUHDO
MUHDO

FRPSRVWRVGHDRDQR
&255(72SRLV
MHT
MHT
MHT
MHT DRDQR

5HVSRVWD&(&

7H[WRSDUDDVGXDVSUy[LPDVTXHVW}HV
8PD SHVVRD DSOLFRX GHWHUPLQDGR FDSLWDO GXUDQWH FLQFR PHVHV j WD[D GH MXURV
VLPSOHV GH DR PrV SDUD VDOGDU XPD GtYLGD GH 5 TXDWUR PHVHV
DQWHVGRVHXYHQFLPHQWRjWD[DGHGHVFRQWRFRPHUFLDOVLPSOHVGHDRPrV

&(63(7&((66HRPRQWDQWHDXIHULGRSHODDSOLFDomRFRUUHVSRQGHU
DRYDORUDWXDOGDGtYLGDQDGDWDGHVHXSDJDPHQWRYDORUGHVFRQWDGRHQWmRR
FDSLWDOLQLFLDODSOLFDGRWHUiVLGR
$VXSHULRUD5HLQIHULRUD5
%VXSHULRUD5HLQIHULRUD5
&VXSHULRUD5HLQIHULRUD5
'VXSHULRUD5
(LQIHULRUD5
5(62/8d2
2YDORUDWXDOGDGtYLGDQDGDWDGRSDJDPHQWRp
W>
DdDd/&/EE/ZWd^
dKZ/yZ1/K^KDEdK^

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$ 1[M[W
$ [[
$ UHDLV

(VWHIRLRPRQWDQWHILQDOGDDSOLFDomR,VWRp
0 &[M[W
&[[
& UHDLV
5HVSRVWD&

&(63( 7&((6 1HVVD VLWXDomR D WD[D PHQVDO HIHWLYD SDUD R
GHVFRQWRFRPHUFLDOIRLGH
$
%
&
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(
5(62/8d2
9HMD TXH QD RSHUDomR GH GHVFRQWR WLYHPRV YDORU DWXDO UHDLV H YDORU
QRPLQDO UHDLV H SUD]R GH PHVHV GH DQWHFLSDomR $ WD[D HIHWLYD p
VLPSOHVPHQWHDTXHODFRUUHVSRQGHQWHDRGHVFRQWR5$&,21$/RXVHMD
1 $[M[W
[M[
M[
M[
M[
M
M
M DRPrV
5HVSRVWD%

&(63( 7&((6 8P EDQFR ID] HPSUpVWLPRVj WD[D GH DR DQR
HPERUD DGRWH FDSLWDOL]DomR PHQVDO &RQVLGHUDQGRVH FRPR YDORU DSUR[LPDGR
SDUDpFRUUHWRDILUPDUTXHDWD[DHIHWLYDDQXDOFREUDGDSHOREDQFRp
W>
DdDd/&/EE/ZWd^
dKZ/yZ1/K^KDEdK^

W>
$VXSHULRUDHLQIHULRUD
%VXSHULRUDHLQIHULRUD
&VXSHULRUDHLQIHULRUD
'VXSHULRUD
(LQIHULRUD
5(62/8d2
$WD[DHIHWLYDp DRPrV$WD[DDQXDOTXHHTXLYDOHDHVWD
p
MHT
MHT
MHT
MHT
MHT
MHT DRDQR
5HVSRVWD%

8PHPSUpVWLPRGH5HQWUHJXHVQRDWRVHPSUD]RGHFDUrQFLDGHYHUi
VHUTXLWDGR SHOR6$&HPSDUFHODVDQXDLV2FXVWR GD RSHUDomRVHUiFRQVWLWXtGR
GHMXURVGHDRDQRHGHWD[DGHDRILQDOGHFDGDDQRLQFLGHQWHVREUHR
VDOGRGHYHGRUDWtWXORGHFREULUGHVSHVDVDGPLQLVWUDWLYDVGHFRQFHVVmRGHFUpGLWR

&(63( 7&((6 1D TXLWDomR GR HPSUpVWLPR R YDORU GD VHJXQGD
SUHVWDomRVHUi
%VXSHULRUD5
&LQIHULRUD5
'VXSHULRUD5HLQIHULRUD5
(VXSHULRUD5HLQIHULRUD5
5(62/8d2

$DPRUWL]DomRDQXDOp
$ UHDLV
W>
DdDd/&/EE/ZWd^

dKZ/yZ1/K^KDEdK^

W>
1R LQtFLR GR VHJXQGR DQR Mi WHUi VLGR DPRUWL]DGD D SULPHLUD SDUFHOD H R
VDOGRGHYHGRUVHUi
6' UHDLV

'XUDQWHRVHJXQGRDQRHVWHVDOGRVRIUHUiMXURVGHFRUUHVSRQGHQWHV
DWD[DGHDGLFLRQDGDGDWD[DGH
- [ UHDLV

$VVLPDVHJXQGDSUHVWDomRVHUi
3 $-
3
3 UHDLV
5HVSRVWD$

&(63(7&((6'HWD[DGHDGPLQLVWUDomRRWRPDGRUGHHPSUpVWLPR
SDJDUi
$PDLVGH5HPHQRVGH5
%PDLVGH5HPHQRVGH5
&PDLVGH5
'PHQRVGH5
(PDLVGH5HPHQRVGH5
5(62/8d2
1RILQDOGRSULPHLURSHUtRGRDWD[DGHDGPLQLVWUDomRVHUi
7 [ UHDLV

$ FDGD SHUtRGR VmR DPRUWL]DGRV UHDLV SRUWDQWR R VDOGR GHYHGRU p
UHGX]LGRQHVWHYDORU1RILQDOGRVHJXQGRSHUtRGRDWD[DGHDGPLQLVWUDomRVHUi
7 [ UHDLV

1RILQDOGRWHUFHLURSHUtRGRDWD[DGHDGPLQLVWUDomRVHUi
7 [ UHDLV

1RILQDOGRTXDUWRSHUtRGRDWD[DGHDGPLQLVWUDomRVHUi
7 [ UHDLV
W>
DdDd/&/EE/ZWd^
dKZ/yZ1/K^KDEdK^

W>

$VVLPRWRWDOGHWD[DGHDGPLQLVWUDomRSDJRp
UHDLV
5HVSRVWD%

&(63( 7-6( &RQVLGHUDQGR TXH XP HPSUHViULR WHQKD WRPDGR
HPSUpVWLPR QR YDORU GH 5 SDUD FXVWHDU UHIRUPDV HP VHX
HVWDEHOHFLPHQWR FRPHUFLDO MXOJXH RV LWHQV TXH VH VHJXHP D UHVSHLWR GH WD[D GH
MXURVHIHWLYD
6XSRQKD TXH R HPSUpVWLPR WHQKD VLGR IHLWR SHOR HPSUHViULR FRP EDVH QR
VLVWHPD IUDQFrV j WD[D GH DR PrV H GHYD VHU SDJR HP TXDWUR SDUFHODV
PHQVDLV H FRQVHFXWLYDV GH 5 1HVVH FDVR VDEHQGRVH TXH R VDOGR
GHYHGRU QR VHJXQGR PrV p GH 5 D TXDUWD SDUFHOD GH MXURV SDJD SHOR
HPSUHViULRVHUiVXSHULRUD5
6HRHPSUpVWLPRWLYHUVLGRIHLWRSHORVLVWHPDGHDPRUWL]DomRFRQVWDQWH6$&j
WD[DGH DRPrVHPTXDWURSDUFHODVPHQVDLV HFRQVHFXWLYDV D~OWLPDSDUFHOD
VHUiLQIHULRUD5
&RQVLGHUH TXH R HPSUHViULR LQYLVWD WRGR R YDORU GR HPSUpVWLPR GXUDQWH WUrV
PHVHV HP XPD DSOLFDomR TXH DOpP GH UHPXQHUDU j WD[D GH MXURV FRPSRVWRV
OtTXLGRVGHDRPrVFRUULJH RPRQWDQWHPrVDPrVSHOD LQIODomRPHQVDO TXH
VH PDQWHYH FRQVWDQWH H LJXDO D DR PrV (P IDFH GHVVD VLWXDomR
FRQVLGHUDQGRVH H FRPR YDORUHV DSUR[LPDGRV SDUD H
UHVSHFWLYDPHQWH p FRUUHWR DILUPDU TXH R PRQWDQWH GR LQYHVWLPHQWR DR ILQDO GR
SHUtRGRIRLVXSHULRUD5
6H XPD LQVWLWXLomR ILQDQFHLUD SDJDU SDUD LQYHVWLPHQWRV ILQDQFHLURV MXURV
FRPSRVWRVGHDRDQRFDSLWDOL]DGRVWULPHVWUDOPHQWHHQWmRDWD[DHIHWLYDDQXDO
SDJDSDUDHVVHVLQYHVWLPHQWRVVHUiLQIHULRUD
5(62/8d2
'XUDQWHRPrVWLYHPRVMXURVGH
W>
DdDd/&/EE/ZWd^
dKZ/yZ1/K^KDEdK^

W>
- [ UHDLV

$VVLPDDPRUWL]DomRQHVWHPrVIRL
$ 3- UHDLV

2VDOGRGHYHGRUFDLXSRUWDQWRSDUD
6' UHDLV

$VVLPRVMXURVQRPrVIRUDP
- [ UHDLV

,WHP(55$'2

WD[DGH DR PrVHP TXDWURSDUFHODVPHQVDLV HFRQVHFXWLYDV D~OWLPDSDUFHOD
VHUiLQIHULRUD5
$DPRUWL]DomRPHQVDOp
$ 93Q UHDLV

1RLQtFLRGR~OWLPRPrVRVDOGRGHYHGRUpLJXDODDSHQDVD~OWLPDSDUFHODGH
DPRUWL]DomRRXVHMD6' UHDLV(VWHVDOGRUHQGHMXURVGH
- [ UHDLV

3RUWDQWRD~OWLPDSDUFHODp
3 $-
3
3 UHDLV
,WHP&255(72

OtTXLGRVGH DRPrV FRUULJH R PRQWDQWHPrVD PrVSHODLQIODomR PHQVDOTXH
W>
DdDd/&/EE/ZWd^

dKZ/yZ1/K^KDEdK^

W>
9HMD TXH WRGR PrV WHPRV XPD FRUUHomR WRWDO GH [ RX
VHMD[2PRQWDQWHILQDOVHUi
0 [[
0 [[
0 [[
0 UHDLV

,WHP&255(72

&RPR WHPRV WULPHVWUHV HP DQR D WD[D QRPLQDO GH DR DQR
FDSLWDOL]DGD WULPHVWUDOPHQWH FRUUHVSRQGH j WD[D HIHWLYD GH DR
WULPHVWUH
$WD[DDQXDOTXHp(48,9$/(17(DHVWDWD[DHIHWLYDWULPHVWUDOpGDGDSRU
MHT
MHT
MHT [
MHT [
MHT
MHT DRDQR
,WHP(55$'2
5HVSRVWD(&&(

&(63( 7-6( 8P FRPHUFLDQWH QR LQWHULRU GR SDtV PDQWHYH XPD
SROtWLFD GH FRQJHODPHQWR GRV SUHoRV GH VHXV SURGXWRVQRV ~OWLPRV GRLV DQRV 6HX
LQWXLWR HUD DXPHQWDU D FOLHQWHOD Mi TXH VHXV FRQFRUUHQWHV DXPHQWDYDP
VLJQLILFDWLYDPHQWH RV SUHoRV GH TXDVH WRGRV RV SURGXWRV &XULRVDPHQWH KRXYH
SDUD HVVH FRPHUFLDQWH XPD GLPLQXLomR GR OXFUR DFRPSDQKDGD SRU FRQVHTXHQWH
W>
DdDd/&/EE/ZWd^

dKZ/yZ1/K^KDEdK^

W>
SHUGD GH SRGHU DTXLVLWLYR &RP EDVH QHVVD VLWXDomR KLSRWpWLFD MXOJXH RV LWHQV D
VHJXLU
6XSRQKD TXH R FRPHUFLDQWH TXH ID]LD UHWLUDGDV PHQVDLV GH 5 SDUD
VHX VXVWHQWR WHQKD SDVVDGR D UHWLUDU PHQVDOPHQWH 5 H TXH D LQIODomR
VHMDGHDRPrV1HVVHFDVRDWD[DUHDOGHDXPHQWRGDUHWLUDGDVHUiLQIHULRUD

6H GHSRLV GH IRUPDGD D VXD FOLHQWHOD R FRPHUFLDQWH FRUULJLU R YDORU GH XP GH
VHXV LWHQV GH HVWRTXH FXMR SUHoR LQLFLDO HUD 5 GH DFRUGR FRP D LQIODomR
PHQVDO GH GXUDQWH WUrV PHVHV FRQVHFXWLYRV HQWmR R SURGXWR DR ILQDO GR
WHUFHLURPrVFXVWDUiDRVFOLHQWHVGRFRPHUFLDQWHPDLVGH5
5(62/8d2

2DXPHQWRGDUHWLUDGDIRLGH UHDLV3HUFHQWXDOPHQWHHVWH
pXPDXPHQWRGH
3

(VWH DXPHQWR DSDUHQWH RX QRPLQDO SRGH VHU H[SUHVVR SHOD WD[D
MQ 6HQGRL DLQIODomRDWD[DGHDXPHQWRUHDOMUHDOpGDGDSRU
MQ MUHDO[L
MUHDO[
MUHDO
,WHP(55$'2

0 [
0 UHDLV

,WHP&255(72
W>
DdDd/&/EE/ZWd^
dKZ/yZ1/K^KDEdK^

W>
5HVSRVWD(&

&(63( $17$4 3DXOR GHFLGLX FRPSUDU D SUD]R XP YHtFXOR ]HUR
TXLO{PHWURTXHFXVWD5PLO$UHVSHLWRGDVRSo}HVGHHPSUpVWLPRVVXJHULGDVD
3DXORMXOJXHRVLWHQVVXEVHFXWLYRV
&DVR 3DXOR ILQDQFLH R YDORU WRWDO GR YHtFXOR SHOR VLVWHPD GH DPRUWL]DomR
FRQVWDQWHHPSUHVWDo}HVPHQVDLVHFRQVHFXWLYDVYHQFHQGRDSULPHLUDSUHVWDomR
XP PrV DSyV D GDWD GR ILQDQFLDPHQWR H D MXURV GH DR PrV HQWmR R YDORU GD
VHJXQGDSUHVWDomRGHVVHILQDQFLDPHQWRVHUiVXSHULRUD5
6XSRQKD TXH XP EDQFR WHQKD HPSUHVWDGR D 3DXOR R YDORU QHFHVViULR D VHU
SDJR HP SUHVWDo}HV FRP YHQFLPHQWRV HP H GLDV D SDUWLU GD GDWD GD
DVVLQDWXUD GR FRQWUDWR 1HVVD VLWXDomR VH D WD[D LQWHUQD GH UHWRUQR SDUD HVVH
HPSUpVWLPRIRUGHHQWmRRYDORUGDSUHVWDomRVHUiLQIHULRUD5
&RQVLGHUHTXHXPEDQFRWHQKDILQDQFLDGRRYDORUWRWDOGRYHtFXORSHORVLVWHPD
GH DPRUWL]DomR IUDQFrV HP SUHVWDo}HV PHQVDLV LJXDLV H FRQVHFXWLYDV FRP D
SULPHLUD SUHVWDomR YHQFHQGR XP PrV DSyV D WRPDGD GR HPSUpVWLPR 1HVVD
VLWXDomR VDEHQGRVH TXH R YDORU GD SUHVWDomR p GH 5 H TXH R YDORU
DPRUWL]DGR QD SULPHLUD SUHVWDomR p GH 5 p FRUUHWR FRQFOXLU TXH D WD[D
PHQVDOGHMXURVFRPSRVWRVGRILQDQFLDPHQWRpVXSHULRUD
5(62/8d2

$DPRUWL]DomRPHQVDOp
$ UHDLV

1RLQtFLRGRVHJXQGRPrVRVDOGRGHYHGRUp
6' UHDLV

(VWHVDOGRUHQGHMXURVGHQRVHJXQGRPrV
- [ UHDLV
W>
DdDd/&/EE/ZWd^
dKZ/yZ1/K^KDEdK^

W>

$VHJXQGDSUHVWDomRVHUi
3 $-
3
3 UHDLV

,WHP&255(72

2YDORUSUHVHQWHGHGXDVSUHVWDo}HVGHUHDLVp
93
93
93 UHDLV

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Amortization Systems Explained

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Amortization Systems Explained

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