-
!"#$%&&&%''%###%%###%
()*)
IPROFIInstituto de Prospectiva FinancieraIPROFIInstituto de
Prospectiva Financiera
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
2
IPROFIIPROFI
(
5(,)
6,*2-##.+2 !"#$%&&&%''%###%%###%
53,,*,,
53,7( )(,)
!83,
*33
,*2*3*
9,
3,,,,( )(,)
,134
!7
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
3
IPROFIIPROFI
:65 (
; 6< 6?5 $F
%H !)5 56556 =65)! .#%F 5D 6 56?5 !=@)!5)A .-%& !665!C" !
.'-# 6C(L:!5)6BI( M!C!)D! .H-% 6C(65 5( 5!565!5"6!5G 5 ! .&
-- )6< !)!!5C( 65!I5G( 65! '--$ 6!!+B(= C!+5!"56C5!5(
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
4
IPROFIIPROFI
6
5,+ * C7 ()6*3-'N*+D( ) * + *
8D6,*6,
"OC46+!3 !"C4!4+(D,PIQ+ 2 2 N 7+ 7 * ,(,*+ 6+ 6 6 6+6, , (+
6+(,+ ( )+ 8+6 , 5, * )+
,8(*
R5 38S3()@C A+* 3 +*6 )(+*(+",()+8(+)
( * +6,+
*
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
5
IPROFIIPROFI
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
6
IPROFIIPROFI
%(>
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
7
IPROFIIPROFI
5
7 7
8&)
7
$
8 &
.
4
" 9( !
( !
6/0000 00
'% 3 , -!
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
8
IPROFIIPROFI
-(5 6=B CD@!
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
9
IPROFIIPROFI
?,>- "" ! " (" ! !
!@A@00B
$"" ,.?7+
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
10
IPROFIIPROFI
$6C(6"6
%
" " ! ,? //E&'- C! ! % " !
6 C(!$
!
"
" F ) 6 !+" " "! $ 4
" " !
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
11
IPROFIIPROFI
5(5!C5M6)65 :.84?2&8
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
12
IPROFIIPROFI
.C9D. ($$ . $ $ )
$ 4
"
$
$ ( $$
% " 4 * $
. H " !I $ " , - J $ !!!
$" " " % " $ C&. ,!-"$!
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
13
IPROFIIPROFI
$**!
9!
3 !!!!"4)&
' F ) . :$= $ !K00#
4 %
!! +
%
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
14
IPROFIIPROFI
'!
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
15
IPROFIIPROFI
4 , "-
"
" ? "
! ?
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
16
IPROFIIPROFI
/6CDD5)!:6!5:6!
$ % '"
,
-% 5
4" '"!
$ !
5 , - $ "% 4 ! " ! "
% ! . 99
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
17
IPROFIIPROFI
$ "
$"" $
%
"
" :=,- 4 '
.!!
!
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
18
IPROFIIPROFI
H6C( 56?!65)56?
,-
%
""
55C(!! ML1
!
(
! . N # 9
$ '"
,-
D
( 4 ( " "
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
19
IPROFIIPROFI
"!"
4) " 6 5 !D55 5!( 5)6 .!! ?
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
36
IPROFIIPROFI
.)
A 665
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
37
IPROFIIPROFI
/0
6O/ ,!$
- @ ;
O ;$" K #"* L ; B ( E ;( A 4" M ;( /0 8
/ * ! "! % ! " @ "!
!* O 8 ! * K $ %*( L $ !
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
38
IPROFIIPROFI
%/(5 65!66?!I(!5!5!+
5)56?E6?5 !=I?5% D $ * !!
$:=
" 5,
! - ."(# $ ?%(
5"
$ (% .
"
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
39
IPROFIIPROFI
%!,- % "
(!! *
4, -
*"! ! % !
!" # ! ! .# ' F ) "
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
40
IPROFIIPROFI
%H !)5 56556 =65)!
. %
! 5" >4)8
@00B/001!
" $($
< !!%(!"
" " ?% 2@K 2%$ " , - %
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
41
IPROFIIPROFI
$D% " ! %
!
%
!! " % 4!""$'F)"" " ! 9 ""F)
4)2$ .$'
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
42
IPROFIIPROFI
%F5D 6 56?5 !@)!5)A
!
" ; $,-" 4%
4 ' , - , - !$" .
! "
!
& ;
:= %"$%% .&)"
$*% (
!? "$!
!%! & ,-
!
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
43
IPROFIIPROFI
%
!!" "
4)8
&?+'! 8 ! $
%# ' ! ? ' F
"
'F)! ! " 'F)
'F) $ 8 ( %! "
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
44
IPROFIIPROFI
& ) ? "
! /001 ' F ) !"(
% " ! 4 ) 8
!!!%$%
! * + ! 4$ $ % "
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
45
IPROFIIPROFI
%& !665!C" !
%"
" "
) ( " $
" * !#
" ! 5 $ !% " $ D " "! !" *
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
46
IPROFIIPROFI
% ( $$ *
!%
$ % 9% ( 5,*
+O ,8 , , + 3 , O2 +
* O , + ,, , * 3 4+ ,
,,,3, , + 7, 5 3 0 3, + , 0 , , + 30 ,O,,30
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
47
IPROFIIPROFI
-#6C(L:!5)6BI( M!C!)D!
4 ' ) ) ' . ' ) ) $ $ % % " ' .
!$ ' * #
%"% %
%
" % 9$:= * $ " !! " ! ! 9 *
( $(
"
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
48
IPROFIIPROFI
,-
" ! "
% $ ;" " 4) >/001 "
.!
!
" " "D 4)
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
49
IPROFIIPROFI
-%6C(65 5( 5!565!5"6!5G 5 !
)" $ !" ' % % $ "
!
" %" %
,$- " % %%!
"
"
$ !
9
%" %
$ ? % ! " $ " @EL O00
2
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
50
IPROFIIPROFI
:=$!58 !" $(5 ! !
! "
! (
"%"$
!
( ! *
$
$"
"
+
$
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
51
IPROFIIPROFI
$
,' " "-
!!
"
"
'!!%$!!
! . %
! * * $ !$ %
% (,- """ #
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
52
IPROFIIPROFI
--)6< !)!!5C( 65!I5G( 65!
$
#%#$$
"
" !" " " " : = O 8 , , T
7 O 4 + ! "! " 4 $$ " 9%4
O*,,8 ) ,3
, * ,3 5 !
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
53
IPROFIIPROFI
5 : ! != ( O 7 * 3 30
, , , ,+ * +
!
/0000 00
O0* ,,,
,3 * , $- ,? //E &'- !
% 4 % ! 9
% '
F)4)8 " %
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
54
IPROFIIPROFI
" % ( + % " ' $%"
(
%
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
55
IPROFIIPROFI
-$6!!+B(= C!+5!"56C5!5
(
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
56
IPROFIIPROFI
-.6C( ?55"55!C
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
57
IPROFIIPROFI
-'( )5!5!I( )5!!!
" ! 5 % ! !
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
58
IPROFIIPROFI
5O83+*+O*3,,+3+ ' F )
%%
%
9
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
59
IPROFIIPROFI
4,653C),,,6D3(
%6! ,J-!
'& !
5 , 4,
4, O ,
-6>;"
! ,-!" ! ,- !
$67$
$!
. 6
, -
' 6
! ! 4 ) 8 . ) 2 ,'+-
/6! ?
'%'' !'! & 9
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
60
IPROFIIPROFI
H 6 ?
F 6 9 !
"
&67 $!''% ' ' ' 9
%# 6 7
.9 ' )
" ) 2 C G
%% 6 !
".9!
'%''
!;>'.
%-6'
$ $
%$ 6 4 ;
.9$
%. 6 9
!$
%'6 8 ? ; '
? ; . 9
$ "
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
61
IPROFIIPROFI
(5*6,((
-
( )+(,)'-%&$-'$*-.''%-//+0%12*,134
62
IPROFIIPROFI
(5*6,(
(,)*),+50*(
% (",- .%!
"$9
/2
/ D6, .%!.9%
%/2
- (8 &@A@00B%!
F2
H 53C(*5( .%
%/2
$ *654,,( .$
F2
F @A . ! " . 9
F2
. )( 9
%/2
& (8,7 &@A@00B!
%-2
' )( . ! %
"
!
%/B
%# !308(, 4"%J,!%
-!!$/001
!
$2
6,,3*3O
!3
R,(S%-#2(3-##H*3)( ) 5 3 ( , ,
6,66*65OO,9UH+'##,,4,*U-+###,,+,OO3
!
