Está en la página 1de 20

1

!"# # $ "$ %# #
& '( ) # # *$"+
, !# # # - - # # *$"
. ' $ # $ " / 0/ *$"+
1 "2/" 0 #
3 ) # / 2/$"#
4 "$ "# 5" # # # *$"
6 7 - 5" # *$"
8 # 9!: #
# "2/ $ ) "# 7 0 #
# ; ##
& # " *" $-/" " # *$"
, <= 0 " $" > ?
. @2/ * "%
:"

/" )" " / A " A/- #29 - - /"B / - % $


" -" " / / "/ " # %7 # "2/ /
"$ " # /" # 7
" B" # "/ 88 - #29# # 7 # # # "2/ 0 /C" -"2/D
% #E / / "- 0 " 7 A 0 /> $F# "/ ? # 0 " "
- % : "7 # $-/G# /# $-/" # #"2 7 # FC 2 D "2"5 " 0/
$ " #E//*" F " # " 7 # 0/ # /" C $"D # 0 7
A" C $"D # F - 2"5 / -$ #29 # # 7 "/ "# - # "# # /
# "2/ :" #F " # # $- ; $ A $F# A / *" # # # "2"5# 7 / 7 *:
"
# # 0 "# - # "/# C / /# #- "2" A" /
"# #"# 2 E " # ""2" # # "
2 2)E -"*" / "# %" "# * #" $- " " / " "#" " "$2 E /#
* # # /# %5"2" C 0 /# " -"2/# "/ " DE$F* # 0" " 9 #0" #

!" " C
- "5 " -"2/D > "0 # $ " C 0/ "/ "
" -"2/D ? # # $" /" " /C /
D "/ " "7 / /# $- #E#
- : " " $" "# 5# % " # ":# "$ /
"# " "/# % "//"# A $" "#E
# # 7 " - :" # - # 2/$ - % $ 7 # / 88H #
"/" B"2/E '- 7 ) % $"# /66HE /# /6.H+ #E #
"/" BF "$ # /61E 1, HE- : "$ # " "% # "9 /2 " /A A A"2 # - " /#
25 0 # !" # # 7 /61E1, H # * % " 7 88 888 " #" # % " "#
- # 0 E & &.4 # /" :
" #%
"0 "2/# $ /"# %"/
/"# $/
-"" " # "# ! # / # #" #% A #E"7 / /# 7 A"2 :" # " % " /- "5
" #" # - % "#E * #" :" 5 "$F#

A " 2 E $ "I E # ;"/


" 7 =
!!

Documento descargado
de www.navactiva.com
2

" # $ %
& '
() * *" *
+ * *
& ' #:- # $ /66H # :
" "/ - $ E-
$ 9" $ "2/ $ - "5 )< # 7 J * #

'( ) -"#" :
"# # "-" F "$ # #" $" "/ " 9 # "2/ )"$ # " "$2 #"
$ " /66E 6H+ ' : " " -"2/+ %$ #- "/# 2 "/ " E- 2/ " 66
/" 0# " " *E ""/ "2 /"-/ #" $"" "# " 0 " # !"# %"# 7
2 0 % # - # /66E
6H % " / "0 " " $" $ "/" B" "
"/* "# " 0 " # #=> " # #- #" ?

!"# * " :
"# A #- "/# *":" 2 2)# - :
" " -" # 7
#-
!"# # # %" "# # ":" 888 A 7 # "# 2" " "#
7 0 " "# " "18 $ #
!# # 0 # / $ " # " #$ :" & , /
/"$" "# "# ""
18 $ #
!# - # $" * F% # /B" :
" 4 888 /
/# -/ : /
"# % # #
-" "%/
$" # "#

/# # * # $ # #=

%"2 ": " 14.88 $F # % # #


- #" :
" "$ 8& 18 $- # # % # # # 2 /# ) #
. . 3 88 "5 # *"# #"# :
" 2 2 "# # % 0# "
$ : " 8 888 "# $ "/# "#
*"# ":" 31 688 /
" # "# $"* % "# 9 # # $-" # 7
# - : " -

# /
"# #"# % " $ 5 / - 0# E"#:/# % $ # "/# $ # " 7
/# 13888 -" # 7 J * # " #E" # " #E# /
"$ . /* " :
" #"/ /
" /" " "/ " # # * %" 8E
8888&3E # "E 8E
8&3HE/ 7 7 0"/ "
- $ )< /66E61&H > . 0 # $ 5 7 / " $" /66E 6H? / "# /"#
" / : "#E# # # " /# " # $ % #E# 0 /" "/# :" 1E
. *$"
/$" 5 / 7 -"5E / 0 / # "- "# /&E
. *$"

" A A % "/" "$"# -" # 9 " -/ - # < " -" " 0 "/$" "* $
" " /
" # " " -" 0 # -"" *$"# /
"*# /
"# $- #"# -""
A" - # 2/ # " 9 $ " K/ L " I" <"$ &88 888
# $ # # $- #"# #" # # 9 # M"- E # 2 7 /
- "5 %"//
"# /# A-# "$ " # "# - "/8EHE " 7 /"# %
"//
"#
/# A-# 5 "- # # /$ #$ - : %

/ * "/7 /
" # " /# # $ #E "# $ /" </ E/
"# J * "E/
"#
$F7 "# A "$ "#E /
" / "E /
"" $ B "# " "# A" 0# -
$- 0 " E$ " 9 /" # :
"" : "- A"2 #" " /" "# "-" " *$"# 7 9"
" 0F/ # / 0 #7 $"$ "/

Documento descargado
de www.navactiva.com
3

/
"# #- # # < "# "/ "# "/# # A"A A % "" $ E/
"- $ "
9 $"# 0 # /" /" $- " # % "" $ $F# "
- !"# * " /
"# - # # #" / " " ""/ "0 / " /* "9E
-" /
" E/
"" / " /
" 0" % $F "E/ " %# /" % $" "#
/
"# *" B" # 9/" "-" " " # "/ "$ #$" J$ " "0 B$F#
$- " - # "# !" "- # < "7 / /0" "/ # "2/#A$ $ "
0#" "/
$ # # */"# *" B" # /A 7 /
"# $ "/ " # 7 "$2"

!" $- #" % "/# /# A "-" A"2 " # 0 = / /" "/ "


"/ !"# $- #"# 7 # /$ "2" " A" / /" - # # J " "/ "
- # " /
" 7 2" " "# " !"# $- #"# A9# 7 # 2 00 E 2
"2"5
" -" "# # / # $F# 7 -" "#:$ #$"

<# # $ 0 #E /
"# "/# "" "- #:# /
" 5# % "E/
"" - /
" "/ "
"/ $ - 9 *#

$ $ 0= # / "/ /*" " " $:" */2"/B" " !" - $- #


0# /5 * $ $ "/A" " " "/ "# $- #"# $- 0"#E9 2/*"
" "# "7 //
"# 7 7 " # 2 00 " "- 9" "A " " /" # " 0 " # 2 "
0*/" "$ /#"E" " 9 - $" /$ " -" " "5# " # $- $ 5 / " "/ "
/" #- # "7 # / -

/# * $ 0 /7 # 2"#" / " F 0 "2/ /


" "/ " "/ # /
" #J2 "
0 # /# -":# # # "/B" # /" / " % B"# " $" " $ #
9 " % "$J/-/E # $ " # /# "; # # "E- / " <-/# M"-
9 /# 0 # -":
# # # "/B" # "7 :7 /# # $ # 9 / # " $J/-/#
% "# # 0 / 0" $F# <* # 9 /
"$ # $- $ 5 "/ " " - # # $- $F#
2"5#

/ $ 0 # /7 /0 %/ % $ /% "/ /" $"# % " /"# 0"#


/*:
"# - E/ " 0 # " # 0 / 0 " /
" " - # #" $ / "
%$ " "" // A" F%"/"7 /# A $2 # $" 5 - % "$ /# - # #C 5# "
$- D 7 :
E "$2) E # /
" "/ " "//
"7 A" / " % "

/ " $ 0 # 7 A $ # "$2" # A" 2# 0" $


$- $ # /# "2"5" # -" " /
" $- #" # $ # "$2 " #
7 $ # # 0" /# - # # "2"5 % " / "# $" 2 " $ A $"#
$- $ "9 # -/ " "

/7 $ 0 #F " - / " "-" " /


" $- #" "9/ " "-" " # #
L "/ " N" "" *" # % # " " "#E * " " /
" $- #"
%
" "#$"E$F# - -" " C
A" $F#D7 C
A" $ 5D E /
" 9 * 7
- 0 E # " $- #"E # 2 " *" " # # J /# 9 # # -" #
C
%"2 " " "D E- F- "$ /" $- $ "9# ""
$ " -/"B !" "/ " "/ # 9 # J " "2/
" #"/0"

< $ 0 ="/ "$2) " /


" *" B" "9/ " " 9 "/ #- /* "7
A" - - $ # /" /
" $- #"E$ "# /
" /" /
" % "9/ " $" "
"/" 0 #" /
" A9 :
" "A " " / " E # - 5" $F# -
$ " "# # "# /* "# - # "# 2"2 A # /# 0 /# 9E

Documento descargado
de www.navactiva.com
4

-" /
"$ E /# 0 /# 5 E / /# 2 # 9 $-/" # !"2""/
/" /
"
"/ " # $"# " %
: /-" "7 # *"" " #" /* ""-" " " / $2"

O /#)- $ $ 0 # 7 # 7 <# - # "/ " "/9 7 "#


$:"# / A" " -" E "# "7 / /
"# 7 / A" A A A" 0# "2 # " "
0/ " "2#$ # $- 0 " O/ 7 # -" "/"# $:"# / # "$2)
-"#" /
" $- #" " " / / # $ # $" "7 / # /
" L "/ " /"#
$:"# "/# # F / / 8H # % " " E " 7 /
"
$:"5 "- #" # " / H F- "$ # " 2 A" 9 " /
$ $ -":
# # $ A "E "/" "E "/ "# " 9 # -":# # /# #
"# F - " " 0 "2/# "#

/
"# # " "# # -"#E $- #"# "$ " "# # A" 0# /
" # "
$- #" "/B" "$2 "/ # $" " *# " /
"# $- #"#E " /*"
// "/
"$ /*:" # *$"

/# "; # A "/" ( > # "/ " "/


?% $ 9- - /
" E- # % - #
#*"# 9 $ A"# $- #"# "* :" "$ # * " $) 7 $ 0"F
/ "B* - /" "/ " # # # *$" % # "" :# "#=

# *$" # F % " //

!# - 9 # # *$" - *" # # # 2 /" 0 # " : / /"


" 0" @ # ## 0 KE "## 9 AA / # ;"/" 7 / "# $-";:
"# - "$-/"
# # *" " "# "# 88H # # / .H $F# # # / # * " "# "//*
"/ * " "/ "

# *$" "$2" /$ 7 - "/" # *$" # $ A $F# 7 - 9 #


$ 5 " !" 9 /# # - 0# # "- 0# %7 # /
" % $"
# /0 - 2/$"# 9" -" # #

#: $ /M "- $- #"# $ 9 "E "E "B "EN 5# E " 9


"# % 2"# / #" / / /M # $ 9 /P"B E / "# # *$"
$- #"# $ /
"E "/ / E 9K /
/E "# 2 IE $ " <- ##E
MA # Q MA # E N "/ <- ## 9 N / A" # 0 $ -/
""% $"
0# *" 9 #" / /

Documento descargado
de www.navactiva.com
5

!" 0" - " %/# %


"/ / " "/ " "/- $ "/" $- #" #" #%" # $- $ 5 "/
/ 9 # $- $F# 2"" $ # "7 / " "/ " # " $F# " G"/ " E
- 7 - $ 0 ! 7 #" " # /
" L "/ " E # E /%" "# E/#
# # J /#E/# "# #G # # - "$"/" *" B" 7 # /% " "
$ $ /" "/ / 97 / # - E/ #* # " 9 % "/
$ / #0:
" A" " #
- 0 #E- 7 "A " " / " / /$" /*

# - # # " "/* " / % > # *$" $-/ " &E


, % # - $/
/
- " #?/
"# $- #"# # % " # "$2 # $ "$ %# #

!" - $ " $ "$ %# # # - $-/ " 7 / " $- #" # #" $F# # $ " 7
# $ #$"E # # / # 7 # # $F7 "#E # # % # 7 # # $ #E97 # #
* # # # 9 /
" /* " / * / "2/E "" " %" B"
#$ " /
" "-" " # ) "E- / "/* " / $- #" $ "/E7
/
" /" - # 2 2 7 # A"- 0

!" # * " $ "$ %# # # / # "2/ $ /


"# /" # / #L- 0 # /
$ #$ /
" $- #"G " " -" "$ E "" # 0 E "" % E ""
"2"5
" 2 #% B" # #- % " $ 5 / 7 # " # % 9 #-
$ 5 "/ "# $" "# # # $ !" *" B" " $ B" " # /*" " "
*" B" - %/5# " /# $ # 7 % : " /# # % "/# -" " "
/*" " #" /
/ - # # * "/# /# "/# # $" -" % $"
"$ "

!" " $ "$ %# # ## 5" C- $F#D-" " -"#" " C


- $ 5
" "D ! # $ # % "/# %"2 " $F# 7 - # "/ " $ 9
"#"/
" " # "$" *" #E " #" # 9 " " 0 B$ # $- # !" "/ " "/- # * /
" /9 /"# " # / 0"#E- 2 "/
" - $ "E" */ " / %
/$ $ - #

!" " "$ "$ %# # $-/ "# # /$ /$ " # " " *" B" 7 "# * "
" "" 0 - # # $ "/ 5 " E- $ / 2 /* /#
7 -# #- #"2/# "# $ $# #E / 0"$ # "/ -" " A" /
# # 9 /
" $- #"- "$ "/- / " $- #"$ / //
"

!" 7 " $ "$ %# # $-/ " -"#" " $- #" "#/


"" "#* % "# #
- 0 # 9# 2 " # "#E " $-/ " " - % "# / " # %" B"

!" # <" $ "$ %# # $-/ " /


"# # / /- /"- 0 $
/# # # - 0 " $ # /" " #$ / # "/ "/ " "/
# # * % " 0"$ /# # # - %
"//# # 9 < #E 9 #$ /"#
# " # 0"/"

!" #)- $" $ "$ %# # $-/ " /" /$ " "# /# #- # 9 #-/
%" #E
# / /# /" 0 # "/ - # - 0E # "$2) /# " # " /
"# " 0 " #
"$ # "0 2 F "#

! *" # # "$2 # - $ //*" " /# C # #D


= % #E # I#E
"0 :
"#E -/
"B #E -"- /# 9 " #

Documento descargado
de www.navactiva.com
6

# *$" # "% $"$F# /* * * -" "$ # *$"


- -$ "/ / 9 #" A A # 9 " # -" " $- /
#" $ 5 # # /" # ! # #% B #
# *$"# * " # F "# - -"/#=

5"/
"#" #%
" //
/ $- / /
/# % #

!"# $ 5 "# # "# F "# - # " $- " # "A # # #E - " # -""


" /# / #E "- " 0# $ " # 9 # # " - " $- #"
< / "

$ # % # *$" $ =

"$ " # ":


# " / 0/ # $- ; - # -

25 0 /* " "# /
"- % $ " /
"$ 5 " / # $- ;

& # # $" -"" /* " / "B* " / * 9


# $- ; -$ 0/ F$2 */2"/

!" / " * *" $ J# /


" # *$" # #" $ #:$2 / /
" #0" # F " E# )# "
"% $" # " :
# " # 2 F "0" " <# 5 " #

!"$ " # *$"# #" /


/ -"""9 " # "=

% " /"# $ "# /# / # 7 -"*" - /# 2 # 9# 0 # A"#


$ "# # / # " /# # #EA "# /
"2 "/# 9 0 /
J$ # 0 "#E
# )# "# $ "# 7 #F /
" " "# "$ /
"# # " #
/# / #

0 $ ## $ 9 $-" " - # # # #

/- $ -"# -" " "/ /" / 0 /# *$" $- # # * %" # 7)


#- " # # / # /
" $ /*: " # *$"E/# 7 $ # 9 <- " 0"#
/# / ## //
"$" (# > : # -""/" "/ " ?

#" /
"$ " # *$" -" " 2# 0" 7 " 2 $"/ - " /# - # # 9 "/ "
# "$" " $J <- #" A"$ "

Documento descargado
de www.navactiva.com
7

! "# $ %
() ' )
)
" " $- #" 0 /" 7 $ #
'
$- " # / / E * " % #E
1 &E,8 7 5"# 9 # # " $"9 # " / J$
. &&E88 % # 7 " $"9 # F # #
, 1 8E88 * /#E $ "#: "$2) / #*
& 11 483E88 - "/ /
&84.&3E 88
168 888E88 !"$ " # *$" # "9 " "/"* 9
" /# - # # "7 "#- "/* " *" - # 9# 0 # /2 # % # 2
# *$" 7 A"9 /*" -" " /# % # - # # # # " # " /# - # #
$ #$ #E 0/ % "$ /66E
6663 - 88 $-/ " 25 0
/# % # $ A# - # # 9- ## - F "$ <# #

!" $ " # *$" # #- "/$ "$2 #" " # " "7 " #
$- B" " " 0" # *$"E$ A # - # # - " 0 /# E 9&
# *$"E #- "/
$ F "# # 0 9" $ # " 0"#

2$ # "7 / #" #% A / "F # #"% " " <- "


" 0 9 B- # "#E /# $F# # /- 2/$" # # O- /" /$ #$
/ # /# / F" # - # "# # /- # 0 / A"#" #% A /
/ $-/ "7
"/ 0/ %
"//# 9 # # "% F/ ""/ " -) " / # " "/# 9
- "/#

$ # # $" E # *$" # - - " /


""/" $F# "//
F /-"- /
: 7 #" # $- ;"E $- / #" - /# $" # $ # >" - #" #
-" -" /"0 ? !"# "#E# / #E # 2 $ # - # # 9 $ 5 "# 7 # *
# *$" # F - $F# #- #"2/ " " "0)# / $- K $ 9 /"
-" -" E / "# $" # /
"* 7 #F /
"# /
: "# - 9R 7 "2"5
"
"$ /# / #

& ' '

- =,

/ %7 - -"/ # " - " "/ / !"# $ 5 "# # *$" # 0"/


J" - /
$ /# 0 /# #" #%
" 9 " 0"/ -" " / /

- =- & +# #

/- # # *$" # " # "2/ "/# # /


"# $ "# / "0 # " $ E-"#"
/ * "/ " / /# " # -" " # - # " F/# # "/% $" /# - 2/$"#
- # % #E " "/B" # 9 # /# " % $" $F# % 0" 9 - $" E
"" " /"# " #"# ": # % "$ "/# 7 /# * " E9 # # #: $"#

- &=. / /

Documento descargado
de www.navactiva.com
8

# *$" # " /- # #E"#:- # $ " )# # # /* "F $- " #


0 "5
"# $- 0"# -""/
" $- #"

- ,=- "

/
/ # * % " " -" AF2 # $ % $ "# "$2 #"# 9 0#" /
"# % $ E%5"
- " # / " "#E % " # /
"- 0 - 2/$"# 9 # "# - 7 )# A"
/
"# #"# /
"$" " 7 # A"
- .= / "2 " # 2" "#

2 - # #- "/" 2" /
"# 2" "# 7 $- / "2"5 7 -
/# $ $2 # /
" *" B" ! *" "/% $" $ 5 $ " 9 $ 5 %
/5
/"# /
"2 #

- 1=0

!"# $-";:"# 7 "-/ " # *$" $ $ " /* " " "/ " "" :
" $F#
- % "E # " #- # "# "" -" 9$" 5
" 0 # # "# "/#

* + ) ()

-$ /*" 2$ # % 9" /
" " )$ #9 - #=

*$">? # -" F$ # ":# #- # 7 <- #"/ "0" "2/ " 5


0"/ # #- " # 0"/ $ E $ 7 " $ # " # *$"E$ # F /
J$ % # *$" " % " / " #- # # # 0"/ # #- "/0"/ $ 9E
- " E%5 " # # /
:$ # #- % " - // E# - % E #- "/
0"/ "/ 25 0 E " $ # " # *$"E$ # F / J$ 0"/ # % "
#- % " # 9E- " E / J$ % #

"/% $" /" # "/


" "/ " # *$" # $ / J$ # *$"# 7 "2
/ 0"/ % - /# /:
$ # #- % " E $ 7 " $"9 # "
/ J$ # *$"# 7 "2 /# /
:$ # #- % " E$ # F /0"/
# *$"9- " E$ / J$ % #

!" % " /
" /" " - > ?9 /
" /" " % > ? 0 - /
#0: # F " # "/" " " > 0/
? # *$"# >
B?

. ) $ " 1* "
2 3 4

0 /1 # *$" " / #-" <# /


" /" " - > ?9 /
"
/" " % > ? "/ # *$"#

$- 7 /"$ #) / 0"/ L $ # 7 /- # 0 #
%$ "/ " # "# # #* /
"# "# #29E7 # "/" "/ "
$ # $

Documento descargado
de www.navactiva.com
9

#:- # " $F# " # # ) /# 0"/ # /"# $ # "/ "/ "/ - $ E


$F# - 7 ; # F # 0"/ # *$"E9 "/% $" $"9 J$ # # *$"# "F
/# /
:$ # /" "

z
z

sigma Rendimiento (%)

DPMO
DPMO

sigma Rendimiento (%)

#: $ # - #E -" /# 5# " "# 2 " "# /F * / # -


B7 " 0" - *" 0"E #- "/" / " <# /
#0: # F " > # *$"? 9 /
" " " # *$"# >B? " $"9 # " /0"/ # *$"
$ # /0"/ B>" " # *$"#?E9- / " / #$ /0"/ # *$"/ "
" " # *$"# 7 " /# /
:$ # / " "# " $ "

/# 5# " "# /F * / # - A $ # " 0" -


- # 0"E/
" "/ " 7 "/" $ " / 0/ B# $ " / $ /- #
>
H?

/F * / % A $ # " 0" - *" 0"E/# "/ # "


7 "/" $ " / $ /
" " " % # - $/
/ - " # > ?
#$ 9

/F * / % B7 /
" 0" # - - # 0" "7 "/" $ " /
"
" " /0"/ # *$" " $ "E " 7 # / 0/ #$ 9 /
0"/ # *$" "$2)

Documento descargado
de www.navactiva.com
10

! #

1.000.000

900.000

800.000

700.000

600.000

500.000

400.000

300.000

200.000

100.000

0
0,00 1,00 2,00 3,00 4,00 5,00 6,00 7,00

()

"/ /
" / 0/ # *$"# -" " /
" $"9 : " /# - # # # 2"# " %
F/ "
$ " - # 0 E# $ " /# %
" # : # "/ " >N ? E/ * #
$ /-/ " # # - / " " " " : /# - # 2 ) # / "/ % #
%
" 2/# > - " # %"/
/#? : 0 $ # /# % "//# " #> /# # # # # $"#
$ % / - 2 # 0 ?- / "/ % # % " 2/# > N?9
/ * / $ /-/ "$ # - $// 2 $ # /# % # - $/ / - " #
> ?! * 0#" /
" "2/" # *$"# /# 0 /# # *$"

!# %
" # : # "/ " - # $ " # " - /# / # # $
< #E9# F "-/ " # "/"# # "# "-"# /# 0 # # - # #

" "/
"$ /*:
" $ E)# "# % " F- $ # #>$ #?
$ " 7 # "> # " ?-" "/
" "/ " -" /# # $ #

#:# -" " - # A" $ " %" # : # "/ " > N ?9 # A"
- "/ .8 888 " : /#E $" "$ # " .88E / "/ % #
%
" 2/# # > .88 < ? 4888 / "/ # %"/
/# " # "# " 34E
/
/# $-/ " 7 $ # . ,,,E ,, > # /" 0 34 - /# 4888 9
$ /-/ " /# - 888 888? " " # 0/ /
" " " # *$"# # &E13 >
/
"/$-/ " $ /66E48 9 /66E
43- ?

Documento descargado
de www.navactiva.com
11

, - .) ( / () ' ) ! #

$
>
H? !
1E14 8E
88 6&& 88
4E,.. 8E& 6 .,.8
8E.1 8E. 46,,88
&E8& 8E
&4 416388
.E43 8E
.8 4, &88
6E84 8E
1& 486 88
E11 8E
3. 33&,88
1E.6. 8E
44 3&,8.8
&8E4. E
88 16 .88
&.E,&. E& 1,.1.8
,8E& E. .64388
,.E8 . E
&4 .,63.8
.8 E
.8 .88888
.,E63. E
1& ,.8 .8
.6E43 E
3. ,8 &88
1,E.1. E
44 &.,&.8
16E. E
88 &84.88
3&E,8. E& 1.6.8
33E&, E. 1188
48E6 E
&4 68488
4,E& E
.8 .4388
41E63 E
1& &8&88
46E,, E
3. 8.188
6E .,. E
44 4,..8
6&E& &E
88 11488
6,E36 &E& . 88
6.E66 &E. ,8 88
61E61 &E
&4 &8,88
63E3& &E
.8 388
64E& &E
1& 1488
64E34 &E
3. 88
66E &E
44 4488
66E&4 ,E
88 1 88
66E.1. ,E& ,&.8
66E3 ,E. &888
66E36. ,E
&4 8.8
66E43 ,E
.8 &88
66E6 ,E
1& 688
66E6, ,E
3. 188
66E61 ,E
44 ,88
66E633 .E
88 &8
66E64 .E& 48
66E643 .E. &8
66E66 .E
&4 48
66E663 .E
.8 &8
66E66313 .E
1& &E&.

Documento descargado
de www.navactiva.com
12

66E664&& .E
3. 1E3
66E666 .E
44 8E8.
66E66611 1E
88 &E,

0 1 ) ! .)

A" #" / /
" $ # # $" -" " /
" # / - 2/$"# /$) > % L
L "/B" L 5 " L /
"?

# $) # /
/0" " /"-F " - * - # #- "/
$ % $" # " /# % # "
# / "/# 0 # # - 2/$"# 25 0 # /" $-";:
"

!"# /
"0 # / # " =

/- 2/$" $- # $ # " /
"" /# % # 7
# #F - " " # 9 <- #" # "$2) 0"/ # $ " #

% "# / / !"# # " # 9 7 $ # / / #


% "$ "/#E9 /
/ 2 # # $- 2 "$ # "

& %" /" " #" ":


B # $ # /
/*" A"# " /
" "B % "$ "/ ":
BE
0" 7 "# # / /# #: $"#

, $- /# $"/# AF2 # "$2 0 " 7 # / # " 0"#

. # " /# #* # /- 2" 9 - % " /


"# # / # # " -" # "/
/" # -/ " # *$"

1 /# # /" # /# * $ "/
7 # / # 0 %" # $-"
"/

3 # / "$2 !" /
"0 % "/ # /* " 7 / "$2 -

)' .)

2 % # /
" "$ 7 - 2/$" # A" "2"5
"+E- 7 ) # "2"5
" #
- 2/$" -" /
"+E7 ) # / / +E F/# # /# 7 $ # // +E $
# /
/0"" "2 / "2"5 /
"" "/ " +E F/# # /# 2 % # "/B" "$ 5 "+

$- 2 # "7 % "$ - 2/$" $-/ " .8H


# # / - 2/$" $"/ % /
/0" F " #" //
" # / # -" " %
"/# #
- 2/$"#

/$ - #* # 25 0 # % "$ "/#=

Documento descargado
de www.navactiva.com
13

$" " # -" " 0"/ " 9 " % " /- 2/$" /


" - " #" # "
% $" : "-"" % " 9 $-/ " / #" // /-/
" $ 5"

#- $ 9%
" /" %" /
"# " #"# "/# /- 2/$"

/ $ # ":
# "# A" % "$ "/ C
. *
D

% )2

/ " F/# # # - $ # 2 /
" " #" ": B "" / / # A" F # /"# # "#
A "$ "# *# /" "/ " /
/"# # /
"# # A "$ "# # " :
# "# /F# "# 9
/
"# 0"# # A "$ "# !"# A "$ "# " F/# # 2 $-/" # -" " $ "
# "$ #E -" "5# % " /# #

/ #- "2 " " 7 / "* "$" " # " /# % # "/ - " " /#
%" # 7 $"9 $- " " /
"* " %
"//# #E- 2
# * %" 5" " /
"# $F# " #"# / #- #29# ;"/
"7 C
" # 5 " "
) " , &
* D

#" "-" "# $ " - - " " % "$ "/ /


" -" -" # /#
-" -" # /- # E $ "#: "$2) /" "-" " " 0"E /# "/# #
" / # 0"# A "$ "# $ / #"$ !" "/9 /
" * "$"
L! *S:
# "> !?

!" %
"# $ 5 " $-/ " " / # ; $ /
" $-/$ " # "%
"# # ; #
$ 9 $- " /"" 0 " 2 A$" I *"/# % # " "# " # /
"
$ #$" $- #" "# $- #"# > $- "# ?% $"# $F# % 0"# //0" "
"2 - #

+ )

# #" % $" /# # /" # /


"# $ 5 "# "/B" "# 2 - " % #
/
" "$ # " # 7 - $ " 0# "/B" /
" 0/ /- 9 !#
" # # #" # - # - $ # 2"#" # "# # # /" # $-/
!# " # # $ # " F /# - # - 2/$F # # * 9 # "9 "F "
"" B" E $- 9 % $" # # - # # $ " / / # /" #
/* " $ # #"2 # # "$ # 2 /
"# # " #9 <- " 0"# # # / #

# " $F# - $ "/0 % " $ " / //


" # "2/ " /# - # # # #
" # 0 /" # " # *$" - 9 2 # " /
" # /# "2/ #
$" # " # " * "/"/# % # - $ $ #" /
"
0/ /# $ #$ # - -" /# % # % " # 9 #- #"2/# /#
- # #- 0 # 9 $ 5 "#

Documento descargado
de www.navactiva.com
14

/# " # "$ " $ #=

" # /" " # / # E /$ #$ /9 # # #- # "


/
"# - " #E/"# $" "# - $"#E #-/
%" 9 /
"5E $ "/B" E
#" / / - #

" # /
" " # / $- =/# /# >- 0 #E $ "/#E
#- # "#?9 $-/$ /
"# "-"# /# - # # $-/$ "
$ 5 "#

" # /
" " # " / "# - # " #E "/# $ " $ " E
B" /
"# " #E $"* /" $- #"E 0 /# #" #%
" /#
/ # 9 # $ #E 9 -" -" /# $-/" # >" " #
# * "# - - : $- 9 0 /# "A # 2 % # # 2# #?

$" " # $ - $ # 7 - $ /*" # % /- 2/$"E0"/ F #


$ ) # -# $ /- / "/# "/
" $- #" /*" #
# "/ " " #" ":
B /- 2/$"E- ) # " # ;" 9- - F "/"# #- 0"#
$ 5 "# ) # J/$" # " " " /" /# # /" # 2 # -"" 0 % "
/
" % 0 " 9 % " /# "$2 # "/B" #

4 5 3 !

/# # $" # *$" # $ A $F# 7 "2"5 7 - E $-/ " /


" /B"
% " # # # $"# " F/# # /
" 0 # "/ # ; E/
"- 9 /"- 0# "$

$" " # ; # /B" A "$ "# "/# $ = # ; <- $ # > ?


E
# ; 2# 9 F/# # / N"/
/# 9 % # > N ?

" " # /B" /"# A "$ "# 2F# "# / / "/ " /#
"/# # " = /# A# * "$"#E / "* "$" " E / "* "$" #AI"K"E
NE > /# ": # # #?9

/
"# " 0 " # 9 - # # - 0# "$ / # "-/ "2/# / 9 /
#- # "/# - 0 #

6 7 ' 3

/$ #$ " "0 #"- # #%


"# #E# )# "# /
"# # * #=

4 + + !" # "/# 0 # # - 9 #
$ 5" - # " #E # / " /# $F# - $ # %
- # 2/ " # $-/$ " 9 /# # /" # 2 2/# /- 9
7 2 % " -" " / * E $ -"" /# / # / # /
"* "$" " # "A "$ "2 % #"-" " A"# /

- "/
" E /# "/# # " /!: /
* - > * ?
E-" " / "/# 0 / " F " "7 //# 0 # 7

Documento descargado
de www.navactiva.com
15

" "/ ( ! 11 55 >


0 " < ?- # /
"# "/ " #
#" "# -" " * "# "/- 9 #

& - + / $ $" # /
"0 $
/$ "/ "/# # $" /"# 0 / " # /* - E# 0 *:"-""
0" #0:# 9 " # /$ #$ 2 # /
" E %5" /
" "$ /#
/
:$ # # # 9 -/
"B #E9 - # 2 "# /
"# #"# / 25 0 # - $ "
/* "

, ) & ! # $ #$ # # "-" " #E "


9" $ # 9R <- " # *$" # ":# "# 9
- 2"2/ " #E A "$ "# *# E # # $" # / - 2/$"# 9
$" # #E " 0 " E- #"$ /" "/
E$) # " 0 " E !E
-/
" %" 9" F/# # - # #

. , -676) !# 7 -# 2
#" /
/" /# -/
" # - 9 #E/
" "-" " " # $ $2 # /- # "/ E
/# - $ # -" " /
"# # / # 9# #- #"2/# " - /#
-F " $ "# * " # 7 % " > $ 9 /
" /#
# /" #? " $- # * % " 0

1 2 ! * $-/ /# 25 0 # -" " /# "/# %


" # /# 7 - # # # /
0 9# # $ $2 # 0 /
0 "# # "2"5# * / " #
-"#" " *" 7 - # #- #" #- 9 #

8 + 9 :

$ " % $" %" " $ " # $ $2 # /- # "/7 $-/ % #


#- :
% "# /- # # *$"E #- " # /
"# " # $" "/# $ %/# %:
"
$ 5" " 9 /0" " # -/ "E# A" % 0 # # 0 /# # -""
"7 //# $ $2 # /
" *" B" 7 / " 9"9 " "/ " /# - 9 # $ 5 "#

#: /+ ;<) = < )> $ # " "7 /


/"# - # "# 7 # " "
$- $-/ " " - " # "$2 # : "# 9 " # * 7 /*
# /" # / * # #- #"2/ / " E #- "E * E /*" E " 9
" /# $ $2 # # 7 - 2 -# %$ # $ # " $" "
"/ " E $ $"# /
" 0# " # ":# "E # / - 2/$"# 9 $" # #

/+ ;$ < )> # F% $" /"$ /*:


" # *$"E# 0 $
$ $2 7 - E# 0 "- 9 " /"# " "# / * # % #
% "$ "/# ## "-/ " /# 0# - # 9 A "$ "# # *$" " /
"#
" 0 " # /:"" :" /
" *" B"

/! ; ? <) =< ) + ># 0 " E$


9 # / -" " /# # * # 7 "2"5
" /# 0 # # - 9 # 2 -#
$ A" <- " / "$- " " # *$" $ /"# - " "#
%
"2 /#E" $ # " 0"# 9 # 0 #

' ;+@ ' > # 5 0 0 7 " 9 -" "" @/


"A@ / "
7 - - 9 " #- $ "# /$ #$ % $" -" / $ )

Documento descargado
de www.navactiva.com
16

! "B* E# # # #- #"2/ " #=*"" B" 7 /# - 9 # # F "/ " # /#


25 0 # * "/# / * 9 - 0 " # "E $"
% $" # " /# # $ $2 # / $ ) ! "B* # 2 /- * # /- 9 E
- 0 - # " " # -" " "- " "/ 7 - /# # # #" #E "/# $
$- E E9 / " "9 " # # 0# - "# 9 * "
%
/ #9 % " /
" # #- 9 # # *$"

: ')

"/
$ " "* / " %* " $F<$" 9 """ # 0 /$F<$ #
#- #"2/ /
"- # " - F " /# # $" # *$" 9 /# # /" # 7 #
" 5 -" "/" *" B" E# / # " *"% "$ "/ /# # $"

.) 7 (

$ A"# *" B" #E $ # 9/ * * /# # -" # # - " #


" "# ! # $-/" # " " % $" % $" "E #" $"//"# A "$ "#E
- - " % $" 7 0 " "E * " -"# # - # E $ #
$ # 9 "#:# # 0"$ !# # # " # ;"/ 7 /# - # # #F 2
# 97 / " % $" #" " # F #- 2/ -"" /# $-/" # 9
2 # "$2 # 7 "9 " /# $-/" # " $- 7 /# #
7 # -" /"# - " #E /B" -" " / / 0 #"# ) "# /
"# "/#
- $ # # 2=

8 !# " # /9 /# "# 0 %" E $" "/#E * F% "#E


% $"# #- "/# "/
7 #" 7 "9 " /# $-/" # " " /7 2
A" L ! # -/ # "0" # $- #" " /# " 0 %" # " /#
-"# # " # * " # #- *" 9 " B"E# $- " F "# 0 # / A"9"
A A / #" " # "# * "7 # * "F *J -"# "" 0 "
- # $- "

, " # - # " #$/ # # " : /#


- 5$-/E% $"#E / #E 2 " # J$ # -" #L <# /" - # 2/ "
7 /# $-/" # $ " # "" 0 " # - 7 0 " #E
# - 0# # 9 $-/" # 2 0#" E- $ E /- # 7 # - # "G
/ * - F A" "$2 # % $"#E / #E 2 " # "/ 7 "" :
# "
7 # ) " #" %# # " $" "E- # # "2/$ /"
- # 2/ " # - #$/ # $ # "/ #- /# # 7 # /
/*" /# A #- "/# /# 2# <* - # $ #
$) # / # 7 %7 /" "$ # - 0 " * "0: # $"#
# "#

& , & " ) " -" " /


" - # 2/ " # # /
#" / / # # !"# # # # 2# F /# %:# # 7 $- 7 /"#
- # "# "/ $"/ " " " 5$-/E " # - $- 7
"/
* # *" /# -"# # - # / 7 0 " # / #
# # -" " $- 7 /# $-/" # A"*" $"// "# #"# /"# A "$ "#
/B" "# 7 %
" -" /*" / " "$ % " E " 0 B /B" " / "
$ #$" A" A "$ " 2 -" # /*" E 7 " 0" : /$ #$ # - 7

Documento descargado
de www.navactiva.com
17

- #" / /-" # " "# "* 5


"# 9 # /$ # #
/
0 " / - $" ")# "- F "

, 9 !" "-" " "/B" #


# " "7 %" /" A" "2"5 $ # 2 !" "-" " "/B"
# / - # "/
"# # #

. ) 6 9 7/ $ " " "" " " - " - # /#


$-/" # /: " 9 /# # - 0# # 9 $F# - # "/5 F7 2 # "#
7 - #"/ $"/> A" - 5$-/ # /
" $ " "#? 9 / *
" "/B" / "% $" 0" 7 /
/ " #:# *:" /
) "-
A" - " A0 #E $ "#: "$2) ";" /# # # $"# $- # "$ "
- 0 0" # /B" 2" : "# 7 - $ " " /# - * "$"# 9 "-"*" /# 7 - #
# % $- /# 0 # /" "-" " / - $ " "/B" /"2 #
$ "# %
"/"/ " *:"

1 $ %" - % " # $ "# /


"# -" # >
# /
"- B" " /
"#
- "#E # F "/
/: "# /
"# - % " #?

: "" " /
" 2" "- -" "E /
" <# " - %" # 9
" "$ # 9/"- # " "# " -" #

; 4 "" / 7 - " " $F7 " " "

) < = " " *" " B" 7 "# /


"# -" # A" # /B" "#
"# /
"# " # A" # $-/ " "#

# # #- # 0 # $ F # 9 $ $ "E9$ A # $F#E"9 " "/# $-/" # " $-


7 " # "/ 5 " /# - # #

$ 0 - / "//# - # %
"//
" # 7 /# # ; # # $"# " # $-/5# 9 /
"#
-" # 7 " % " # 0 "/# $ /# " # " "# < $"# % " /
""A" % " # E/# #" / /
" # - # /
"$ " - # " # ;#
## #E7 # -/
" # 7 /
" - # 2/ " %"/
/"# /- 9 - $ B" /"
%"2/ " / $ #$ !# # ;# ## # - 0/*" / " # $-/ " # 2 /
"
$-/5 " E # #" % " / " % "/ " 7 2 # " /# / #G /
"#
- " # 7 " % # /# - # # - $ " /"
- # 2/ " 7 - - $ # # - 7 2 A" / " * " 0" "
# # 9 # "$2 "/# / # ; ## # 5$-/ / /- 0 0
7 - "9 " " /$ " $ A # - 2/$"# $F# " / " /- # -

Documento descargado
de www.navactiva.com
18

')

-/" < # # *$" $- " "-"# % "$ "/#E " " " /
"#
"/# # " # "# - # 2L "-"# >
/"# "/# - #" //
"# % $"-" "//
"?

T # / "$2

T #-/ * 25 0 #
# " *" $-/
" "
&T #" /
/ / 9

,T 0"/" @ % #

) .

# #" 9 - $ "/ 0 9 $ # " " /# 0# /


" $- #" " " /
"
$- #" # " / "$2 E / / # /* "F $ 5 # # $ # " / " 0/ /#
$ " # * "/9 /" # " #- % " #- "/ E" " 0 /$ "/ $
" "/9 * "/ # * /*" 2 $ # "# /
" "$ / 7 " /
"
$- #"E # 2 # 0/ 9 $-" F / " /" /# " "/# 9 % #
$- # 2 5
"# /
" # "F /" $- #" B"; #
% " "$2 # 9 # "F /"# $- #"# 7 # "/ "/# "$2 #

$ # " "/" # " #" " - # $ 5" "E9 * :"# #


#" -" " 2 F- "$ 2 A"# - % $" #E /-"# # * # $ # "
/
"# "" :# "# 9 "/ " # # *$"E$ # " " $F# /
"# % "# #
/
" " # # # $"# "/ " 9$ 5 " "

# " "-/ " 9" /


" $- #" "/
*J # # $" $) $ 5" " # A"
$ # 0"/" /# # /" # 7 /# $ #$ # # F 2 " E-" "/ "/ 2 $)
# 0"/" / 0/ # *$" 7 # # - # # " "/
$ 9 $-"" /#
>
2 A$" I *? /# $- # */2"/#

!" "-" # * ## / "$2 -" " *$"# /# 0 # 9 - # "/# -


/
" $- #" # #" 7 /$ # # $ # 7 /# # # "/
* " $ # 2/ 9
- - # /"-

-/" % " # ")* "$ % /""$ "/# # /# 0"/ #E$ # 9 0#


/
" $- #"E-" " %5" -# " 25 0 # " /* " -"" A" %" 2/ /# 25 0 #
$F# /
" * -/"B % //# 2 /* " "0# $-" " /" "/# "/"
/
" *:
"# % -" "/* " "2"5 7 - 7 - $ "/* " - $ # # /" #
/
" - #" $" A" # *$" % /# -/" # # "# * " -" "#
- # - # " "# "/# % # # - #" $" A"9% "$

# / " /# !: # 9 #E % # # $ #E "-" " # 9


- # #7 " "/
$ -"

Documento descargado
de www.navactiva.com
19

2 - "/" "-" " 9 "$ /# 0 # # 0 /# # 9


/ "B* #E $ "#: "$2) "/ # /- # "/ # " "-" " / F % #
"#- # - /
/ /
"# % # 9 0 /# 7 2" A - # "/ / F
"#- # 0 /
" # /# * % " 9% "$ # *$"E /# $) #
# / - 2/$"# 9 $" # #E "2"5 7 - E/ "B* 9 $ 0" E
"0 "E / # ":# - # #E # ; <- $ #EA "$ "# *# E
NE # ": # " 9 - 2"2/ " #E $ # E #" #%
" / # $ E "/ " 9
- 0 "E # "/ " E# # $"# % $" E /B" # %K" # ":
# E
# - 0# 9 # ; - 9 #E #

') .3 (

# "2/ /# # # $"# % $" E "-" " 9 # - 0# "- -" # "/ 0


# # $" $ 5"

/9 /# # # $"# % $" 9 /> " # " * "//# 25 0 #E


" # # /" 0# " # *$"? <# " " * "/#
- " / "2 " " " # # *$"

% $" /# - $ # * -# "2"5 % /# - 9 ## / " #

!# - 9 # # # / " # % /# 2 % # " -" " /


" $- #"E-
% "$ "/
$ -" " / $ /
"#" #%
" /# / #9 # $ #

# 0 $ B" - 9 # -/ # -"" - " - 2" /


"# ) "# 9
$ # "- #E9 $ # " " $F# "/ # /" *" B" " " /# /* #
/
" $-/$ " /# # $"

)
) )' 9

#-$ "/" # 7 "" % /# 7 $ # /# / # < # #E9/


"
% $" 7 # $ F //* A"# #- % " #

!# : /# "/ " 7 -# "2"5 # *$" > ?- " "-/ " /


"
$ /*:
" > % L L "/B" L 5 " L /"?

$" % $" "/# 0# " " /


"$" A" /# % #- 9 #

() .

$ " / "# $ 5 "# - "# / * /


" $-/$ " /# "$2 # # /" #
/ #" // /# 0 # # - 9 # // # $" % # " " 0 /# $ #E
$ 0 /# # *$"E 9"A # 2 #

# 0 A" # * $ #" /# 0 /# #" #%


" " /#
/ # # $ < #

Documento descargado
de www.navactiva.com
20

&B % C ( ! 1 5

# /# * " # #- # 7 # - /
"# *" B" # # /B"
-/ "$ /
"# "-" " # / - # "/
E # # # "- #E <- "#E
$ # 9/* #

" 2"# " # 7 - $ " /


"# <- "#E $ #E 9 "- # /
- # "/- $ F "/ " $- #" 0 " 7 " - # "/ < " -# /
"#
"-" " # # E$ 0" "/- # "/"/ 9- $ /B" -/ "$ # #
"/ " #E9 - J/$ -/ " %" % "/" % " /
"# # " # : "#
/" $-";:" 9 /# # # A $" # <# #E /
"# # " # " 2 E2 # "
"-" " "/- # "/ 2 0 - # "/"7 / /
"# "- #E $ # 9
<- "# #" "# -" " / $"/ # 0 / 0$ /
" *" B" 9 //* /#
25 0 # # "2/ #

* < .) :

@"2"E @ <EN" # " "#"#E!/:


# L # *$" # 888 888

A K A 9E 2 / # *$" "/
/ 88

" " M 2"E!/:


# /# /
" "/ " 5
"- #" " $2 66&

#29E A/-@ "2/$ # "/ " "K /


/ 646

/ I E "/ < *$" ( ) # 9 $ /B" / " 0" @# ## 0 K R " "* $


"/ "9 R 88&

"# E /" # *$"E /J/$ * /" "/ " " /


": & R
84R
8&
" 9E I / A 0# % < *$"E "# # # " "--/ " # *$" 2/#A *
$-" 9 888

/
E * < *$" " A % % A 7 "/9 - %## * *
" "* $ 0 K 664

* EM "7 $ !"7 "/" # *$" 0# " ( "/" 888

9<E 0 ! U -# V # 646

@ E * # *$"-"" 0# "K /
/ 88

% / ( @ ;% >
+ ) % #'
' ) P"B 9 # *$"
B )
=$/% 0 AWA $"/ $

Documento descargado
de www.navactiva.com

También podría gustarte