Page 1

1(:0(;,&2 3

5

2

*

5

(

6

6

)RUPDQYLGDVORV3URJUDPDV(GXFDWLYRVGH,QWHUYHQFLyQ7HPSUDQD \1LxH]7HPSUDQDGHOD106'

9ROXPHQ1~PHUR9HUDQRRWRxR


-[K]MTIXIZI;WZLW[LM6]M^W5u`QKW Declaración de la Misión de la NMSD  +WUW-[K]MTIVW[W\ZW[WNZMKMUW[]VIUJQMV\MLMIXZMVLQbIRMJQTQVO†M4MVO]ILM;M}I[)UMZQKIVIM1VOTu[Y]MQVKT]aMMT IKKM[WLQZMK\WaXMZUIVMV\MITIKWU]VQKIKQ~VaITTMVO]IRMLMV\ZWaN]MZILMT[IT~VLMKTI[M[KWVKWUXI}MZW[aIL]T\W[4W[ M[\]LQIV\M[\W\ITWXIZKQITUMV\M[WZLW[IXZMVLMVLMUIVMZIQV\MZIK\Q^IaZMKQJMVQV[\Z]KKQ~VLMIT\IKITQLILJI[ILIMVM[\nVLIZM[ I[yKWUWUƒT\QXTM[WXWZ\]VQLILM[LMXIZ\QKQXIZMVIK\Q^QLILM[M`\ZIK]ZZQK]TIZM[ +WUW)OMVKQILM;MZ^QKQW[IT8ƒJTQKWKWTIJWZIUW[KWVTI[NIUQTQI[TW[LQ[\ZQ\W[M[KWTIZM[TI[IOMVKQI[aTI[KWU]VQLILM[MV\WLW MTM[\ILWXIZIK]JZQZTI[VMKM[QLILM[ƒVQKI[LMKWU]VQKIKQ~VTMVO]IRMaIXZMVLQbIRMLMTW[VQ}W[aM[\]LQIV\M[\W\ITWXIZKQITUMV \M[WZLW[LM[LMZMKQuVVIKQLW[PI[\I\MZUQVIZ[]XZMXIZI\WZQI 4W[[MZ^QKQW[LMQV[\Z]KKQ~VZM[QLMVKQITM[LM\ZIV[XWZ\MaLMQV\MZ^MVKQ~V\MUXZIVI[MWNZMKMVITW[M[\]LQIV\M[LMTI65;,TQJZMLMKW[\W4W[ [MZ^QKQW[LMTLMXIZ\IUMV\WLM;MZ^QKQW[IT8ƒJTQKW\IUJQuV[WVOZI\]Q\W[KWVM`KMXKQ~VLMITO]VW[\ITTMZM[aKTI[M[

Declaración de la Visión de la NMSD 4W[VQ}W[aM[\]LQIV\M[\W\ITWXIZKQITUMV\M[WZLW[MV6]M^W5u`QKW[MKWV^MZ\QZnVMVM[\]LQIV\M[LM\WLITI^QLIaMVKQ]LILI VW[KWV\ZQJ]QLWZM[[MO]ZW[aM`Q\W[W[I\ZI^u[LMTIQV[\Z]KKQ~VJI[ILIMVTIKWU]VQKIKQ~VTI[IT\I[M`XMK\I\Q^I[aTIXIZ\QKQXI KQ~VIK\Q^IMV\WLW[TW[I[XMK\W[LMTIUJQMV\MLMIXZMVLQbIRM

Declaración de las Creencias de la NMSD -V]VIUJQMV\MLMZM[XM\WKWVÅIVbIa[MO]ZQLILVW[W\ZW[KZMMUW[MV ^MZITI[XMZ[WVI[Y]M[WV[WZLI[\W\ITWXIZKQITUMV\MLM[LM]VIXMZ[XMK\Q^IK]T\]ZITaTQVO†y[\QKI IXWaIZMTIKKM[W\MUXZIVWaXMZUIVMV\MIUWLMTW[Æ]QLW[LMKWU]VQKIKQ~VaTMVO]IRMaIY]MM[\WM[QVLQ[XMV[IJTMXIZI MTIXZMVLQbIRMaMTLM[IZZWTTW WNZMKMZ[MZ^QKQW[LMQV\MZ^MVKQ~V\MUXZIVILMKITQLILaLIZIXWaWITI[NIUQTQI[ \MVMZ[WKQMLILM[[~TQLI[KWVTI[NIUQTQI[ PWVZIZTILQ^MZ[QLILu\VQKITQVO†y[\QKIaK]T\]ZIT QLMV\QÅKIZTI[NWZ\ITMbI[ƒVQKI[LMKILIM[\]LQIV\MaMV]\QTQbIZTI[KWUWTIJI[MLM[]IXZMVLQbIRMaLM[IZZWTTW LM[IZZWTTIZTIKWUXM\MVKQIMV4MVO]ILM;M}I[)UMZQKIVIM1VOTu[KWUWN]VLIUMV\WXIZITI KWU]VQKIKQ~VÆ]QLITIITNIJM\QbIKQ~VaMTZMVLQUQMV\WIKILuUQKW XZW^MMZ]VIKKM[WLMKITQLILKWV\QV]Wa[QVJIZZMZI[ITIKWU]VQKIKQ~VaITTMVO]IRMLMV\ZWaN]MZILMT[IT~VLMKTI[M[ IXWaIZMTMUXWLMZIUQMV\WQVLQ^QL]ITITWNZMKMZTIWXWZ\]VQLILLMQV^WT]KZIZ[MLWVLM\WLW[TW[UQMUJZW[LMTIKWU]VQLIL [WVIKMX\ILW[a^ITWZILW[ LM[IZZWTTIZTIKWUXM\MVKQIMVMT][WLMTI\MKVWTWOyILMX]V\I WNZMKMZIK\Q^QLILM[LMKITQLILXTIVMILI[MQVKQLMV\ITM[K]ZZQK]TIZM[aM`\ZIK]ZZQK]TIZM[XIZIIXWaIZMTLM[IZZWTTWLMM[\] LQIV\M[QV\MOZITM[ \MVMZXZWNM[QWVITM[M[XMKQITQ[\I[MVQV\MZ^MVKQ~V\MUXZIVIaML]KILWZM[Y]M\MVOIVTIKIXIKQ\IKQ~VM[XMKyÅKIa[MIV M`XMZ\W[MV\ZIJIRIZKWVXMZ[WVI[\W\ITWXIZKQITUMV\M[WZLI[ Ia]LIZI\WLW[TW[M[\]LQIV\M[ILM[K]JZQZ[][[]M}W[XMZ[WVITM[aXZWNM[QWVITM[ )JZQTLM!


92/80(11ร”0(529(5$12272f2:::106'.1086&217(1,'26

1(:0(;,&2 3

5

2

*

5

(

6

6

0$*$=,1(

$UWtFXORSULQFLSDO ยฃ0(17(6-ร9(1(6)878526%5,//$17(6 =VI^Q[Q~VIXZWN]VLQLILLMTW[8ZWOZIUI[LM1V\MZ^MV KQ~VaLM6Q}Mb<MUXZIVI[LMTI65;,

3iJLQD

325-2$11(&25:,1<6&27702+$1

6HFFLRQHV /$&$57$'(/683(5,17(1'(17( (678',$17(6<3(5621$/18(92 

3iJLQD

$57ร‹&8/235,1&,3$/  5MV\M[R~^MVM[N]\]ZW[JZQTTIV\M[

67(3 +,<(/3*0$0(1725625'2  )OMVKQI[\ZQJITM[aMTXZWOZIUI;\MX0QO,M,:5I,58

1,f(=7(035$1$  6Q}W[XMY]M}W[O)TJ]Y]MZY]MO.IZUQVO\WVO4I[+Z]KM[ O;IV\I.M

$&7,9,'$'(6$&$'e0,&$6

3iJLQD

3iJLQD

,M[INyW65O)XZMVLQbIRMLM^MZIVWOยง+~UWKZMKMV]M[\ZWRIZLyV' O:M\QZWLM6Q}I[6Q}W[Oยง:WRWW^MZLM'O7JZIUIM[\ZWMV UW[IQKWO8WMUI[,QIUIV\MO+WVWbKIVI:W[QVIO,yILMNM[\yV

9,'$(678',$17,/ ;QM\MLWUQVQW[O6]M^WXIJMTT~VLM>QLI-[\]LQIV\QT

$&7,9,'$'(6$7/e7,&$6  .ยƒ\JWT)UMZQKIVWO>WTMQJWTO+IUXMWVM[LMLQ[\ZQ\W*LM ^WTMQJWTO:M\ZI\WLM]VI;MVQWZO;WKKMZ2]^MVQTO5WUMV\W[ LM[\IKILW[LMT0WUMKWUQVO

6(59,&,26'($32<2$/$)$0,/,$  =VLyIMVTI^QLILM]V-[XMKQITQ[\IMV)XWaWITI.IUQTQI

6(59,&,26(63(&,$/(6$/3ร’%/,&2



8ZWaMK\WLM:M[]T\ILW[LMT-[\]LQIV\MO)UMZQ+WZX[

5(/$&,21(6&21/$&2081,'$'  4IOMVMZW[QLILIJ]VLIO)TQUMV\IVLWMTVWZ\MLM6]M^W5u`QKW

3iJLQD

&216758&&,ร1 3รˆ*,1$'($75รˆ6 ,QTTWV0ITT


/D&DUWDGHO6XSHULQWHQGHQWH

8ZQUMZWMT6Q}W (VWLPDGRVDPLJRV %LHQYHQLGRVDODxRHVFRODU HORDxRGHH[LVWHQFLDGH OD106'(VWHDxROD&RQIHUHQFLD GH$GPLQLVWUDGRUHV(GXFDWLYRVGH (VFXHODV\3URJUDPDVSDUD6RUGRV &($6' HVWiUHDOL]DQGRXQDFDP SDxDGHLPSRUWDQFLDKLVWyULFDHQ UHSUHVHQWDFLyQGHORVQLxRVVRUGRV GHKR\\GHPDxDQDLQWLWXODGD ³3ULPHURHO1LxR´6XLQWHUpV\SDUWLFLSDFLyQVRQGHLPSRUWDQFLD FUtWLFDSDUDHOp[LWRGHODPLVPD &XDQGRHQSDVyODKLVWyULFDOH\IHGHUDO,'($ /H\SDUD ORV,QGLYLGXRVFRQ'LVFDSDFLGDGHV SDUDWRGRVORVQLxRV³GLVFD SDFLWDGRV´ODLQWHQFLyQRULJLQDOHUDFRQFHQWUDUVHHQ\KRQUDU DFDGDQLxRFRPRXQLQGLYLGXRFRQIRUWDOH]DV\QHFHVLGDGHV ~QLFDV/DYHUVLyQGHKR\GH,'($HVWiPX\OHMRVGHGLFKD LQWHQFLyQ$QWHVGHSDVDUDORTXHHVWiPDO\DORTXHDFWXDO PHQWHQRIXQFLRQDYHDPRVSULPHURORVDVSHFWRVSRVLWLYRVGH OD,'($ ,'($DWUDMRVHULDPHQWHODDWHQFLyQGHODQDFLyQDODQHFHVLGDG GHHOHYDUODFDOLGDGGHODHGXFDFLyQGHORVHVWXGLDQWHVVRUGRV \GHRWURVHQHGXFDFLyQHVSHFLDO&RPRUHVXOWDGRGHODOH\ORV 3ODQHV,QGLYLGXDOL]DGRVGH6HUYLFLRSDUDOD)DPLOLD ,)63 \ORV 3URJUDPD(GXFDWLYRV,QGLYLGXDOL]DGRV ,(3V UHTXHUtDQTXHORV SDGUHVPDHVWURV\DGPLQLVWUDGRUHVHQWUHRWURVVHUHXQLHUDQ DOPHQRVXQDYH]DODxRSDUDGLVFXWLUFRQFLHQ]XGDPHQWHHO DYDQFHGHFDGDQLxRFRQGLVFDSDFLGDGDVtFRPRVXVQHFHVL GDGHV\IRUWDOH]DV~QLFDVSDUDGDUOHDVtGLUHFFLyQDODVPHWDV VHUYLFLRV\GHFLVLyQGHFRORFDFLyQSDUDFDGDQLxRD(QWUHRWUDV FRVDVHVWDVUHXQLRQHVUHJXODUHVKDQHOHYDGRODSDUWLFLSDFLyQ GHORVSDGUHVHQODHGXFDFLyQGHVXVQLxRV\KDPHMRUDGROD DVRFLDFLyQHQWUHODVIDPLOLDV\ODHVFXHOD 3HURHQODLPSOHPHQWDFLyQDFWXDOGHOD,'($HOSULQFLSLR RULJLQDOKDVLGRUHPSOD]DGRSRUXQDFHUFDPLHQWR³XQLWDOOD´/DV GHFLVLRQHVGHFRORFDFLyQ\DQRVRQLPSDUFLDOHV\GLFWDGDVSRU ORTXHHVFRUUHFWR\ORPHMRUSDUDFDGDQLxRDQLYHOLQGLYLGXDO HQWpUPLQRVHGXFDWLYRV(QODDFWXDOLGDGGHDFXHUGRFRQOD SURYLVLyQGHO(QWRUQR0HQRV5HVWULFWLYR /5( GHOD,'($OD HVFXHODORFDODGRQGHDVLVWHQHVWXGLDQWHVQRGLVFDSDFLWDGRVHV ODSULQFLSDORSFLyQVLQWHQHUHQFXHQWDVLUHDOPHQWHHVORFR UUHFWR\ORPHMRUSDUDHOQLxRDGHDFXHUGRFRQVXVIRUWDOH]DV\ QHFHVLGDGHV~QLFDV(VWHDFHUFDPLHQWRGLVWRUVLRQDGRVHPDQL ¿HVWDHQORV3ODQHVGH'HVHPSHxR(VWDWDO 633 \VXVFXRWDV DFRPSDxDQWHVHQORV5HSRUWHV$QXDOHVGH'HVHPSHxR $35  (VWDVFXRWDVH[SOtFLWDPHQWHLPSXOVDQODFRORFDFLyQGHHVWX GLDQWHVHQ(GXFDFLyQ(VSHFLDOHQODVHVFXHODVORFDOHV$XQTXH HVSUREDEOHTXHHVWRKDIXQFLRQDGRELHQSDUDFDVLWRGRVORV QLxRVR\HQWHVHQ(GXFDFLyQ(VSHFLDOKDVLGRSHUMXGLFLDOSDUD PXFKRVQLxRVVRUGRV'HPDVLDGRDPHQXGRDOQLxRVRUGRVH OHQLHJDGHVGHPX\WHPSUDQRHODFFHVRFRQWLQXRDOOHQJXDMH DODFRPXQLFDFLyQ\DODJHQWHGHQWUR\IXHUDGHOVDOyQGH FODVHVOOHYDQGRFRPRUHVXOWDGRDXQDFDOLGDGGHYLGDQHJDWL YD(VWDYLRODFLyQDOGHUHFKRKXPDQR\ODQHFHVLGDGHGXFDWLYD HVLQPRUDO\GDxLQD\VLQHPEDUJRVXFHGHFRQFDGDYH]PiV IUHFXHQFLD<HVWHDFHUFDPLHQWRGH³SULPHURODFRORFDFLyQ

 QPSURJUHVV

GHVSXpVHOQLxR´KDSHUMXGLFDGRDOQLxRVRUGRSUREDEOHPHQWH PiVTXHDFXDOTXLHURWURQLxRHQHGXFDFLyQHVSHFLDO3ULPHURHO 1LxRHVWiGLFLHQGRTXHHVWRHVLQDFHSWDEOH\VRFDYDODLQWHQFLyQ RULJLQDOGH,'($\GHO/5( /D&($6'DFWXDOPHQWHHVWiWUDEDMDQGRFRQXQDFUHGLWDGRFRQ VXOWRUFX\DVFRQH[LRQHV\H[SHULHQFLDGHWUDEDMRHQHO&RQJUHVR \HQHO'HSDUWDPHQWRGH(GXFDFLyQGH((88VHUiQLQHVWL PDEOHV/DFDPSDxD3ULPHURHO1LxRVHHQIRFDUiHQFDPELDU HOOHQJXDMHGH,'($SDUDFRUUHJLUODPDODDSOLFDFLyQGHO/5(\ GHYROYHUiHOHQIRTXHDOQLxRLQGLYLGXDO\DODLQWHQFLyQRULJLQDOGH ODOH\3ULPHURHO1LxRWDPELpQUHFRQRFHTXHORVSDGUHVGHEHQ VHUHPSRGHUDGRVFRQLQIRUPDFLyQFRPSOHWD\SUHFLVDVREUH FDGDFRORFDFLyQGHQWURGHOFRQWLQXRGHRSFLRQHVGHSURJUDPDV \HVFXHODVSDUDTXHHOORVSXHGDQGHWHUPLQDUMXQWRFRQORVRWURV PLHPEURVGHO(TXLSRGH,(3ORTXHHVPHMRU\HGXFDFLRQDOPHQ WHPiVVyOLGRSDUDVXQLxRD <DVHDFRPRSDGUHGHIDPLOLDGHXQQLxRVRUGRRFRPRHGXFD GRUGHIHQVRURFRQVXPLGRUXVWHGHVWLHQHQXQDYR]LPSRUWDQWH\ GLVWLQWLYD/RVH[KRUWRDXQLUVHD&($6'HQD¿UPDUTXHWHQHPRV TXHGHMDUGHWRPDUGHFLVLRQHVGHFRORFDFLyQSDUDFDGDQLxRVRU GREDViQGRVHHQFXRWDVGDxLQDV\HQXQHQWHQGLPLHQWRLQFRP SOHWR\HUUyQHRGHODVQHFHVLGDGHVGHOQLxRVRUGR4XHUHPRV KLVWRULDVUHDOHVWDQWRGHp[LWRFRPRGHIUXVWUDFLRQHVUHODFLRQD GDVFRQHOGHVDUUROOR\ODHGXFDFLyQGHFDOLGDGGHVXQLxRVRUGR 7DPELpQGHELGRDTXH3ULPHURHO1LxRHVXQDFDPSDxDDPEL FLRVDTXHLPSOLFDFUHDUFRDOLFLRQHV\IRPHQWDUHODSR\RFUXFLDO GHORVOHJLVODGRUHVIHGHUDOHV\GHOSHUVRQDOFODYHGHO'HSDUWD PHQWRGH(GXFDFLyQGH((88VHQHFHVLWD¿QDQFLDPLHQWRVHULR /D&($6'ORVLQYLWDSDUDTXHVHDQSDUWHGHHVWHKLWRKLVWyULFR\ QHFHVLWDGHVXVGRQDFLRQHVSDUDHVWDFDXVDFUtWLFD 3ULPHURHO1LxRHVXQDRSRUWXQLGDGHQODYLGDSDUDTXHQRVRWURV SRGDPRVDYDQ]DUMXQWRVGHXQDPDQHUDTXHVHDIXQGDPHQWDO\ HGXFDFLRQDOPHQWHFRUUHFWDKXPDQD\pWLFD7RGRV\FDGDXQR GHORVQLxRVVRUGRVQDFLGRVRSRUQDFHUGHSHQGHQGHQRVRWURV (OORVPHUHFHQQXHVWURFRPSURPLVRDFWLYRSDUDTXHVHGpXQ YHUGDGHURFDPELR\GHQXHYRORVLQVWRSDUDTXHWRGRV\FDGD XQRGHXVWHGHVVHSRQJDQDODDOWXUDGHQXHVWUDUHVSRQVDELOLGDG FROHFWLYDDSR\DQGRDKRUDD3ULPHURHO1LxRSDUDHOQLxRVRUGR GHKR\\GHPDxDQD3RUIDYRULQYRO~FUHQVHYLVLWDQGRZZZ FHDVGRUJRSRQLpQGRVHHQFRQWDFWRFRQVX'LUHFWRU(MHFXWLYR -RH)LQQHJDQ QDWLRQDORI¿FH#FHDVGRUJ RFRQPLJRTXHVR\HO SUHVLGHQWHDFWXDOGHOD&($6'3XHGHQHVFULELUDURQDOGVWHUQ# QPVGNQPXVROODPDUPHDO YLGHyIRQRRYR]  3DUDFRQFOXLU\GDGRHOFRPSURPLVRFRQHOQLxR\VXIDPLOLDSRU VREUHFXDOTXLHURWUDFRVDGLVIUXWHQHVWHQ~PHURGH³0HQWHV-y YHQHV)XWXURV%ULOODQWHVORV3URJUDPDVGH,QWHUYHQFLyQ\1LxH] 7HPSUDQDVGHOD106' +DFLDDGHODQWHSRUXQJUDQGLRVR\IXQGDPHQWDODxR

5RQDOG6WHUQ


(VWXGLDQWHV1XHYRV

.]\]ZW[JZQTTIV\M[QVQKQIVMVTI65;,

+IUX][LM;IV\I.M,MQbYILMZร…TILMI\Zn["-[\MNIVa:MaM[2M[[M+ZM[XQV7TQ^QI0ITMa2]TQnV)ZIVLI;W\MTW5MTQVLI2WPV[\WV+ITaX[W<]KSMZ-UQTa 2IY]M[/WVbnTMb.QTILMILMTIV\M"<QU+~ZLW^Ia;IUUa>IT^MZLM6W[ITMVMVTINW\W"4Qbba4WVOW;IUUa*WaLa=TQ[[M[)ZIVLI;W\MTW

8ZMM[KWTIZLM)TJ]Y]MZY]M,MQbYILMZ")V\PWVa0QLITOW5IV]MTยน5IV Vaยบ:IUyZMb)LIUIZQ[4~XMb2IaLMV>IKPMZ)TM`IVLZI/WVbITM[)TTMZ

-TWZI?QTTQ[ 8ZMM[KWTIZLM.IZUQVO\WV

6M^IMP8uZMb 8ZMM[KWTIZLM4I[+Z]KM[

3ITMJ5WZITM[ 8ZMM[KWTIZLM4I[+Z]KM[

<MVIa[PI2WM 8ZMM[KWTIZLM)TJ]Y]MZY]M

QPSURJUHVV 


3HUVRQDO1XHYR

Bien venido a la comu nidad NMSD

,MQbYILMZLMXQM":aIV7OMT[Ja<WUn[>QOQT*MTTM7TQ^I[:MJMKKI0IUU4MVI;\I^MTa)JJa4WVOW)VLZMI5MMPIV)]LZMa<PWUX[WV>IVM[[I ;ITIbIZ2W[P]I*MZUIV2MNN *IQTMa;]bIVVI4WVO+Za[\IT5Q\KPMU.MZVIVLW/WVbITM[)[PTIVL7JMZUQZM;]bIVVM*WVW5IZa4IUJW]ZVMa8M\MZ 9]QV\;MV\ILW[";ITTa)VV)VLMZ[WV)Ua4QKIVW)]VLQ/QVV+IUQTTI8ILQTTI2M[[M2WVM[0MQLQ5QZIVLIa5I]ZMMV1ZWV[

4MWVIZL.TWZM[

0ITMa<]KSMZ

2M[[M+ZM[XQV

0QTIZa0]MZ\I

5n[8MZ[WVIT6]M^W,MQbYILMZ";IVLZI4]KMZW;PMQTI5WV\WaI5IZQJM\P ;KPVMQLMZ4I]ZQM-^IV[:MVMM)XWLIKI;IZI?IZMa4IZI>I]OPIV

0MVZa3I^IVI]OP

<QVI)VLZMI[ 2WM4~XMb

 QPSURJUHVV

7TQ^QI<QUX[WV


%LHQYHQLGD

+WVWbKIVIV]M[\ZIV]M^I,QZMK\WZILM1V[\Z]KKQ~V 6DOXGRV 'HVGHPLOOHJDGDD6DQWD)HHQ MXOLRPHKHGHVSHUWDGRFDGDPD xDQDHQXQDFDVDQXHYDHQXQD FLXGDGQXHYDURGHDGDGHKHUPR VDVPRQWDxDV\WRGRVORVGtDVKH OOHJDGRDOWUDEDMRSDUDHQFRQWUDU PHFRQHOUHÃ&#x20AC;HMRGHORVH[TXLVLWRV YLWUDOHVDIXHUDGHPLR¿FLQDHQHO HGL¿FLR+HVWHU+DOO(OSODFHUGH HVWDH[SHULHQFLDWDQVRORSXHGHVHUUHDO]DGRSRUODLPDJHQ \VRQLGRVGHQXHVWURVHVWXGLDQWHVDODWUDYHVDUODSXHUWDGH HQWUDGDFDGDPDxDQD (VWR\HPRFLRQDGDGHHVWDUDTXtHQOD106'FRPR'LUHFWR UDGH,QVWUXFFLyQ\DSUHFLRHVWDRSRUWXQLGDGSDUDSUHVHQWDU PH\FRPSDUWLUXQSRFRGHPLYLVLyQSDUDOD106'GHVGHPL QXHYDSRVLFLyQ $QWHVGHOOHJDUDOD106'VHUYtFRPR'LUHFWRUDGHOSURJUD PDVDWpOLWHGH6RXWK6KRUHGHO&HQWURGH$SUHQGL]DMHSDUD 6RUGRVDODVDIXHUDVGH%RVWRQ0DVVDFKXVHWWV3UHYLRD GLFKRSXHVWRIXLGLUHFWRUDGHOD(VFXHODSDUD6RUGRVGHOD (VFXHODSDUD6RUGRV\&LHJRVGH&DUROLQDGHO6XU7HQJR XQDOLFHQFLDWXUD\XQDPDHVWUtDGHO&ROHJLRGH%RVWRQ\XQ GRFWRUDGRHQ(VWXGLRV&XUULFXODUHVGHOD8QLYHUVLGDGGH &DUROLQDGHO6XU 6HKDKHFKRUHDOLGDGPLVXHxRSURIHVLRQDOGHWHQHUXQ SXHVWRHQHOTXHSXHGRXVDUWDQWRPLFRQRFLPLHQWRFRPR PLVDxRVGHH[SHULHQFLDHQ(GXFDFLyQ(VSHFLDOSDUD VXSHUYLVDUHOSURFHVR\FXPSOLPLHQWROHJDOGHO,(3 3ODQ (GXFDWLYR,QGLYLGXDOL]DGR (VWRPHSHUPLWHDVHJXUDUTXH FDGDHVWXGLDQWHGHOD106'FRQWLQXDUiWHQLHQGRHO,(3PiV HIHFWLYR$GHPiVPLSRVLFLyQPHSHUPLWHDSR\DUHOSODQGH HVWXGLRVRIUHFLHQGRFDSDFLWDFLyQVREUHODV0HMRUHV3UiFWL FDVWDQWRDORVPDHVWURVFRPRDOSHUVRQDO0HPDQWHQJR iYLGDPHQWHDFWXDOL]DGDGHODVPiVUHFLHQWHVLQYHVWLJD FLRQHVWDQWRHQHGXFDFLyQJHQHUDOFRPRHQ(VWXGLRVGH OD&RPXQLGDG6RUGDSDUDTXHODHGXFDFLyQGHQXHVWURV HVWXGLDQWHVUHÃ&#x20AC;HMHHVWDV0HMRUHV3UiFWLFDV

JUDGRVORFXDOVLJQL¿FDXQDFHUFDPLHQWRHQHOTXHVHPLUDHO QLxRHQWHURHOQLxRSULPHUR Â&#x2021;0RGHORHQHOTXHORV0DHVWURV\HO3HUVRQDOGH ORV'RUPLWRULRVWUDEDMDQHQPHWDVFRPXQHVFRPR VHUtDQ+iELWRV0HQWDOHVGHVWUH]DVVXDYHVTXH OOHYHQDOELHQHVWDUVRFLRHPRFLRQDO\DOD HPSOHDELOLGDG Â&#x2021;'HVDUUROORSURIHVLRQDOTXHVHDFRQWLQXR\ UHOHYDQWHQXHVWUDLQVWUXFFLyQGHEHVHU Â&#x2021; 5LJXURVD Â&#x2021; 5HOHYDQWH Â&#x2021; 5HVSHWXRVD Â&#x2021;1XHVWURSODQGHHVWXGLRVGHEHUHÃ&#x20AC;HMDUORV (VWiQGDUHVGHODV0HMRUHV3UiFWLFDV HVGHFLU EDVDGRVHQODLQYHVWLJDFLyQ

 Â&#x2021;/RV3UHHVFRODUHV6DWpOLWHVRQXQDUDPDGHOD106' \HOSHUVRQDO\ORVHVWXGLDQWHVGHEHQVHQWLUVH FRQHFWDGRV\UHVSHWDGRV 3DUDPtHVXQSULYLOHJLRKDEHUPHXQLGRDOHTXLSRWDQVyOLGR TXHH[LVWHDTXtHQOD106'/RTXHWUDLJRFRQPLJRDOSXHVWR GH'LUHFWRUDGH,QVWUXFFLyQWDQVRORSXHGHDxDGLUDOD\D H[FHOHQWHFDOLGDGGHVHUYLFLRVTXHQXHVWURVHVWXGLDQWHVHVWiQ UHFLELHQGR£\\RDJUDGH]FRDOD&RPXQLGDGGHOD106' SRUGDUPHODELHQYHQLGD\ODRSRUWXQLGDGGHFRPSDUWLUHQOD SUHSDUDFLyQGHQXHVWURVHVWXGLDQWHVSDUDHOIXWXUR  6LQFHUDPHQWH

0DXUHHQ$,URQV(G' 'LUHFWRUDGH,QVWUXFFLyQ





&RPR'LUHFWRUDGH,QVWUXFFLyQPHFRPSURPHWRDODVVL JXLHQWHVPHWDV Â&#x2021;'DUXQpQIDVLVDODDOIDEHWL]DFLyQHQWRGRHOSODQ GHHVWXGLRVFRQFHQWUiQGRQRVHQORVUHVXOWDGRVGHO HVWXGLDQWHTXHHVWpQEDVDGRVHQGDWRV Â&#x2021;%DVDUVHHQORVUHVXOWDGRVVLJQL¿FDGLVHxDUKDFLD DWUiVHVWRHVLGHQWL¿FDUQXHVWUDVPHWDVOD PDQHUDHQTXHUHFROHFWDPRVODHYLGHQFLDGH GHVHPSHxR\HOXVRGHHYDOXDFLRQHVTXHRULHQWHQ QXHVWUDLQVWUXFFLyQIXWXUD Â&#x2021;$FHUFDPLHQWRPXOWLGLVFLSOLQDULRHVGHFLUPLUDUD QXHVWURVHVWXGLDQWHVDWUDYpVGHXQOHQWHGH

4I,ZI1ZWV[IXWaIITW[UIM[\ZW[V]M^W[aITW[-L]KILWZM[LM>QLI-[\] LQIV\QTI\ZI^u[LM]VI+IXIKQ\IKQ~VLM1VL]KKQ~V

QPSURJUHVV




$UWtFXOR3ULQFLSDO3URJUDPDVGH,QWHUYHQFLyQ1LxH]7HPSUDQD

¨5MV\M[R~^MVM[N]\]ZW[JZQTTIV\M[

8ZMM[KWTIZM[LM)TJ]Y]MZY]Ma;IV\I.M

8WZ2WIVVM+WZ_QVa;KW\\5WPIV

4

RVSULPHURVDxRVHQODYLGDGHXQQLxRVRQGH LPSRUWDQFLDFUtWLFD&DVLWRGRHODSUHQGL]DMH IXWXURVHHGL¿FDHQHVWRVDxRVWHPSUDQRV\ SDUDXQGHVDUUROORFRPSOHWDPHQWHVDOXGDEOH ORVQLxRVSHTXHxRVQHFHVLWDQPXFKDVFRVDV8QDGHODV PiVLPSRUWDQWHVHVVHUH[SXHVWRVGHPDQHUDWHPSUDQDD PRGHORV\RSRUWXQLGDGHVFRPSOHWDVGHOHQJXDMH/RVQLxRV QRSXHGHQDSUHQGHUDOHHU\HVFULELURD~QPiVLPSRU WDQWHDSHQVDUVREUHVXPXQGR\UHODFLRQDUVHFRQRWURV VLQOHQJXDMH(VWRTXLHUHGHFLUTXH£HODFFHVRWHPSUDQRDO OHQJXDMHHVXQDHPHUJHQFLDGHOGHVDUUROOR (O'HSDUWDPHQWRGH,QWHUYHQFLyQ7HPSUDQDDQLYHO(VWDWDO DEDUFDQXPHURVRVVHUYLFLRVLQFOX\HQGRHO3URJUDPD0HQ WRU6RUGR\HO3URJUDPD6WHS +L(VWRVSURJUDPDVHVWiQ HVSHFt¿FDPHQWHGLVHxDGRVSDUDD\XGDUDODVIDPLOLDVFX\RV KLMRVVRQWRWDORSDUFLDOPHQWHVRUGRVGHVGHUHFLpQQDFLGRV KDVWDODHGDGGHVHLVDxRVDTXHDGTXLHUDQODVGHVWUH]DV QHFHVDULDVSDUDHOGHVDUUROORHVHQFLDOFRJQRVFLWLYR\GH OHQJXDMH

 QPSURJUHVV

(O3URJUDPD0HQWRU6RUGRRIUHFHDODVIDPLOLDVODRSRU WXQLGDGGHUHXQLUVHUHJXODUPHQWHFRQXQDGXOWRVRUGRSDUD GLVFXWLU\SUDFWLFDUFDSDFLGDGHVUHODFLRQDGDVFRQiUHDV FRPRVHUtDQHVWUDWHJLDVSDUDODFRPXQLFDFLyQQDWXUDODOID EHWL]DFLyQ&XOWXUD6RUGDHLGHQWLGDG(O3URJUDPD6WHS +L SXHGHDWUDYpVGHYLVLWDVUHJXODUHVDGRPLFLOLRRULHQWDU\ HGXFDUDODVIDPLOLDVVREUHWHPDVFRPRVHUtDQGHVDUUROOR GHOOHQJXDMHDXGLRJUDPDVUHFXUVRV\DSR\RVH[LVWHQWHV HQODFRPXQLGDG/RVVHUYLFLRVGHHVWRVSURJUDPDVRFX UUHQHQHOSULPHUHQWRUQRGHDSUHQGL]DMHGHOQLxRVXKRJDU $GHPiVVHDGKLHUHQHVWULFWDPHQWHDORVHVWiQGDUHV\ UHJXODFLRQHVHVWDWDOHV\QDFLRQDOHVGH¿QLGRVHQODSDUWH &GH,'($ /H\SDUDOD(GXFDFLyQGHORV,QGLYLGXRVFRQ 'LVFDSDFLGDGHV \HQIDWL]DQHODFFHVRDOOHQJXDMHORPiV WHPSUDQRSRVLEOHSDUDORVQLxRVTXHVRQVRUGRVWRWDORSDU FLDOPHQWH/DVLQYHVWLJDFLRQHVDQLYHOQDFLRQDOUHSRUWDQTXH ORVQLxRVFX\DVIDPLOLDVUHFLELHURQVHUYLFLRVGHLQWHUYHQFLyQ WHPSUDQDDQWHVGHODHGDGGHVHLVPHVHVWLHQHXQGHVDUUR OORFRJQRVFLWLYR\GHOHQJXDMHWtSLFR,JXDOGHLPSRUWDQWHHV TXHODVIDPLOLDVUHSRUWDURQVHQWLUVHFRPSHWHQWHVSDUDFULDU DVXQLxRD


$UWtFXOR3ULQFLSDO3URJUDPDVGH,QWHUYHQFLyQ1LxH]7HPSUDQD

&RQIRUPHORVEHEpVVHYXHOYHQQLxRVSHTXHxRVODVIDPL OLDVFRPLHQ]DQDPLUDUORVSUHHVFRODUHV(QFDGDXQRGH ORV3UHHVFRODUHVGHOD(VFXHODSDUD6RUGRVGH1XHYR 0p[LFRHQWRGRHOHVWDGR£RFXUUHQPDUDYLOODV/RVVHUYLFLRV VRQULFRVHQOHQJXDMH\HVWiQFHQWUDGRVHQHOQLxR2IUH FHPRVQXHVWURVSURJUDPDVSUHHVFRODUHVHVWDWDOHVDSDUWLU GHORVPHVHVGHHGDGHQ$OEXTXHUTXH6DQWD)H\/DV &UXFHV&UHHPRVTXHHQWUHPiVSURQWRHVWpQORVQLxRV SHTXHxRVLQPHUVRVHQXQSURJUDPDHVFRODUIRUPDO\WHQJDQ DFFHVRFRPSOHWRDOOHQJXDMHVHUiQPiVH[LWRVRV

,JXDOGHLPSRUWDQWH£ORVSUHHVFRODUHVGHOD106'VRQ GLYHUWLGRV(OFOLPDHVFRODULQYLWDDODH[SORUDFLyQWDQWRD ORVPDHVWURVFRPRDORVHVWXGLDQWHVSRULJXDO/D¿ORVRItD \DFHUFDPLHQWRDODHGXFDFLyQ³5HJJLR(PLOLD´DGRSWDGR SRUQXHVWURGHSDUWDPHQWRGHQLxH]WHPSUDQDSURPXHYHHO GHVFXEULPLHQWR\ODFXULRVLGDG(VWHYLDMHGHGHVFXEULPLHQ WRUHVSHWDODVPHWDVGHO,(3GHFDGDHVWXGLDQWHHLQFRUSRUD ORVHVWiQGDUHV\ORVSXQWRVGHUHIHUHQFLDDOPLVPRWLHPSR TXHIRPHQWDODFUHDWLYLGDG\ODFXULRVLGDGQDWXUDOGHQXHV WURVQLxRVHQSUHHVFRODU

=VILMTI[U]KPI[NIUQTQI[Y]MZMKQJMVIXWaWLMTW[8ZWOZIUI[LM1V\MZ^MVKQ~V<MUXZIVILMTI65;,

7RGRVORVVHUYLFLRVFXPSOHQFRQODVUHJXODFLRQHVHVWDWD OHV\IHGHUDOHVUHODFLRQDGDVFRQHO3URJUDPD(GXFDWLYR ,QGLYLGXDO ,(3 RFRQHO3ODQGH6HUYLFLRV,QGLYLGXDOHV SDUDOD)DPLOLD ,)63 (QORVSUHHVFRODUHVORVQLxRVHVWiQ LQPHUVRVHQXQHQWRUQRTXHGHVERUGDFRQRSRUWXQLGDGHV SDUDHGL¿FDUGHVWUH]DVFRJQRVFLWLYDVHPRFLRQDOHVVRFLD OHV\OLQJtVWLFDV1RVRORORVQLxRVWLHQHQFRPSDxHURV\ PDHVWURVDOWDPHQWHFDSDFLWDGRVDGHPiVWLHQHQVHUYLFLRV DX[LOLDUHVH[WUDRUGLQDULRVeVWRVLQFOX\HQHVSHFLDOLVWDVHQ $6/DXGLyORJRVWHUDSHXWDVGHKDEOD\OHQJXDMHWHUDSHX WDItVLFR\RFXSDFLRQDODVHVRUHVHQIHUPHURV\XQDJUDQ FDQWLGDGGHVHUYLFLRVHQYROYHQWHVTXHDVHJXUDQORVPHMRUHV UHVXOWDGRVSRVLEOHVSDUDFDGDQLxRD

&RQIRUPHQXHVWURVQLxRVMXHJDQFUHFHQDSUHQGHQ\H[ SORUDQHOPXQGRDVXDOUHGHGRUWRGRVHOORVUHFLEHQDSR\R\ VRQDFRJLGRVSRUVXVFDUDFWHUtVWLFDV~QLFDV\VXVOHQJXDV PDWHUQDV6HOHVSURYHHFRQVX¿FLHQWHVRSRUWXQLGDGHV\ H[SHULHQFLDVSDUDGHVFXEULUFRWLGLDQDPHQWHDOLQWHULRU\DO H[WHULRUHQYLVLWDVHVFRODUHV\HQHOVDOyQGHFODVHV(VWH DFHUFDPLHQWRKRQUD\FHOHEUDHOGHVDUUROORQDWXUDOGHFDGD QLxRDOPLVPRWLHPSRTXHOHVGDHODSR\RTXHQHFHVLWDQ SDUDDOFDQ]DUVXSRWHQFLDOWRWDO/RVLQYLWDPRVSDUDTXHH[ SHULPHQWHQODPDUDYLOOD\HPRFLyQGHFDGDXQRGHQXHVWURV 3URJUDPDVGH,QWHUYHQFLyQ7HPSUDQD\1LxH]7HPSUDQDOH \HQGRORVDUWtFXORVLQFOXLGRVHQODVVLJXLHQWHVVLHWHSiJLQDV

QPSURJUHVV




$UWtFXOR3ULQFLSDO6WHS +L

4I[)OMVKQI[\ZQJITM[aMTXZWOZIUI;\MX0Q 3RUHMHPSOR³*URZLQJLQ%HDXW\´ &UHFHUHQ%HOOH]DSURJUD PDGHOD1DFLyQ'HQDH1DYDMR UHDOL]DYLVLWDVMXQWRFRQORV SURYHHGRUHVGH6WHS +LLQWURGXFLpQGRORVDODVIDPLOLDV(O 3URJUDPD0HVFDOHUR$SDFKHGH1LxH]7HPSUDQD 0$(&3  KDDELHUWRVXFHQWURFRPXQLWDULRSDUDODVYLVLWDVGH6WHS +L $PHULFRUSV\0HQWRUHV6RUGRVGHPRGRTXHODVIDPLOLDV SXHGDQDSUHQGHUVREUHOD$6/\HOGHVDUUROORGHOHQJXDMH

8WZ2WIVVM+WZ_QV

6

XHYR0p[LFRQRVRORHVOD7LHUUDGHO(QFDQWR £WDPELpQHVOD7LHUUDGHOD&RODERUDFLyQ(OSUR JUDPDGH LQWHUYHQFLyQWHPSUDQD 6WHS +LGH OD106'HVDIRUWXQDGRGHWHQHUXQDQXPHURVD FRPXQLGDGGHDVRFLDGRVHQWRGRHOHVWDGR (VWDVVRFLHGDGHVKDQSUREDGRVHUHVHQFLDOHVHQQXHVWUD RIHUWDGHVHUYLFLRVSDUDODVIDPLOLDVGH1XHYR0p[LFRFRQ QLxRVVRUGRV &RPRDSUR[LPDGDPHQWHHOGHODVIDPLOLDVDODVTXH VLUYH6WHS +LVRQ,QGtJHQDV$PHULFDQDV6WHS +LWUDEDMDGH PDQHUDFHUFDQDFRQXQDYDULHGDGGHSURJUDPDVWULEDOHVGH LQWHUYHQFLyQWHPSUDQD6WHS +LKDHQFRQWUDGRTXHHVWHDFHU FDPLHQWRHQHTXLSRGDPHMRUVHUYLFLRDODVIDPLOLDV

.W\WUn[IZZQJI"4IIJ]MTILM?MVLa.]MV\M[TMMV[M}II?MVLaILMTM\ZMIZ []VWUJZM)ZZQJI")LZMQMVM[]VWLMTW[U]KPW[VQ}W[Y]MZMKQJM[MZ^QKQW[ LMQV\MZ^MVKQ~V\MUXZIVILMV]M[\ZW8ZWOZIUI;\MX0Q



QPSURJUHVV

;\MX0QLI[MZ^QKQWIVQ}W[QVKZMyJTM[LM\WLWMTM[\ILWKWUW,I^QLa[] NIUQTQI

(OSURJUDPD+HDG6WDUWGH.HZD3XHEORKDWUDEDMDGRGH PDQHUDFRODERUDWLYDHQODVHYDOXDFLRQHVDXGLWLYDV\HO SURJUDPD(3,&6 (GXFDFLyQGH1LxRV,QGtJHQDVFRQ1HFHVL GDGHV(VSHFLDOHV KDLQYLWDGRD6WHS +LDSUHVHQWDUVHHQVX FRQIHUHQFLDDQXDO(VWRVHVIXHU]RVDVtFRPRRWURVQXPHUR VRVFRQWLQ~DQVLHQGRSDUWHGHORVVHUYLFLRVGHFDOLGDGSDUDOD LQWHUYHQFLyQWHPSUDQDTXHHVWiQGLVSRQLEOHVSDUDODVIDPLOLDV ,QGtJHQDV$PHULFDQDVHQWRGRHOHVWDGR

4QTTQIV,]\\WV4MaJIU]M[\ZITWY]MPIIXZMVLQLW


$UWtFXOR3ULQFLSDO3URJUDPDGHO0HQWRU6RUGR

,MUWLMTW[WZLWIUMV\WZ (VWXGLRV0HQWRU6RUGR/DSULPDYHUDSDVDGD3DXOD3LWWPDQ GHOSURJUDPD6.,Â&#x2021;+,HQ8WDKQRVRIUHFLyGRVGtDVGHFDSD FLWDFLyQHQHVWDPDWHULD(O3ODQGH(VWXGLRV0HQWRU6RUGR HVWiRUJDQL]DGRHQFXDWURVHFFLRQHV,QWURGXFFLyQ\9LVLyQ *HQHUDO$6/SDUDODV)DPLOLDVHO3URJUDPDGH&RPXQLFD FLyQ9LVXDO7HPSUDQD\HO3URJUDPDGH&XOWXUDGHORV6RU GRV1XHVWURV0HQWRUHV6RUGRVHVWiQPiVGHWHUPLQDGRVTXH QXQFDSDUDSURYHHUDODVIDPLOLDVFRQLQIRUPDFLyQ\DSR\R DGHPiVGHRIUHFHUOHVOHFFLRQHVHVWUXFWXUDGDVVREUHHOGHVD UUROORGHODFRPXQLFDFLyQ8VDPRVXQDYDULHGDGGHUHFXUVRV LQFOX\HQGRHO3UR\HFWRGH/HFWXUDFRPSDUWLGD\ORVPDWHULDOHV GH6LJQLQJ7LPH ³+RUDGH6LJQDU´ DGHPiVGHRWURVMXHJRV \DFWLYLGDGHVHQ$6//RVPHQWRUHVWUDEDMDQMXQWRFRQODV IDPLOLDVJXLDQGRKDFLDHOIXWXURDXQDQXHYDJHQHUDFLyQGH QLxRVVRUGRV

3RU6WDF\$EUDPV

-

O3URJUDPD0RGHOR6RUGRVHKDFRQYHUWLGRHQ HO3URJUDPD0HQWRU6RUGR/DSDODEUD³0HQWRU´ VLJQL¿FDDOJXLHQTXHGDDSR\RHLQÃ&#x20AC;X\HHQRWUR\ QXHVWURSURSyVLWRHVDSR\DUDODVIDPLOLDVTXHWLH QHQQLxRVWRWDO\SDUFLDOPHQWHVRUGRVPRGHOiQ GROHVHVWUDWHJLDVQDWXUDOHVGHFRPXQLFDFLyQ&RQHVWDD\XGD HVSHUDPRVTXHSXHGDQPDQWHQHUUHODFLRQHV\GHVDUUROODU GHVWUH]DVSDUDHOOHQJXDMH\ODFRPXQLFDFLyQ9DORUDPRVHO HQWHQGLPLHQWRGHTXHFRQXQDFFHVRWHPSUDQR\FRQWLQXRDO OHQJXDMHODVRUGHUDHVXQDGLIHUHQFLD\QRXQDGLVFDSDFLGDG $QLPDPRVDODVIDPLOLDVSDUDTXHFRQVWUX\DQXQHQWRUQRULFR FRQOHQJXDMH\FRPXQLFDFLyQQDWXUDOSDUDVXQLxRDWRWDOSDU FLDOPHQWHVRUGRGHPRGRTXHpOHOODSXHGDFRQYHUWLUVHHQXQ PLHPEURLQWHJUDOWDQWRGHVXIDPLOLDFRPRGHVXFRPXQLGDG (O3URJUDPD0HQWRU6RUGRWDPELpQDDGRSWDGRHO3ODQGH

>ITWZIUW[MTMV\MVLQUQMV\WLMY]MKWV]VIKKM[W\MUXZI VWaKWV\QV]WITTMVO]IRMTI[WZLMZIM[]VILQNMZMVKQIa VW]VILQ[KIXIKQLIL

3ZQ[/I\PQVO[5MV\WZ;WZLWTMM]VTQJZWKWV4M^Q2IUM[a[]UIUnL]ZIV\M ]VI^Q[Q\IILWUQKQTQW

.W\WUn[IZZQJILMQbYILMZ";\IKa)JZIU[+WWZLQVILWZILMT8ZWOZIUIa 4Q[I?QTLQVO8MZ[WVITLMT,58)ZZQJI";IZIP5QTTIZa2WQ0WT[IXXTM\ZIJIRIV R]V\I[L]ZIV\M]VIZMKQMV\MKIXIKQ\IKQ~VXIZI5MV\WZM[;WZLW[

1XHVWURSURJUDPDKDVHJXLGRFUHFLHQGR(ODxRSDVDGRVH FRQWUDWyD/LVD5XWODQGFRPRPHQWRUGHWLHPSRFRPSOHWR\ HVWHSDVDGRRWRxR/LVD:LOGLQJVHXQLyDOHTXLSRFRPRVH JXQGRPHQWRUGHWLHPSRFRPSOHWR(OSHUVRQDOGHOSURJUDPD WDPELpQLQFOX\HDTXLQFHPHQWRUHVGHPHGLRWLHPSR$FWXDO PHQWHHVWDPRVWUDEDMDQGRFRQDSUR[LPDGDPHQWHVHWHQWD\ FLQFRIDPLOLDVHQ1XHYR0p[LFR(VSHUDPRVRUJDQL]DUPiV HYHQWRV\UHXQLRQHVGRQGHODVIDPLOLDVSXHGDQFRQRFHUVH \ORVQLxRVVRUGRVSXHGDQVRFLDOL]DU(VWDVHUiXQDYHQWDMD SDUDQLxRVTXHTXL]iVVRQHO~QLFRPLHPEURVRUGRGHVXFR PXQLGDG1RVHVPHUDPRVSRUTXHODVIDPLOLDVVHGHQFXHQWD GHTXH³ODVRUGHUDQRWLHQHTXHYHUFRQODDXGLFLyQVLQRFRQ ODFRPXQLFDFLyQ´ 2JGHQ \TXHODFRPXQLFDFLyQHVOD OODYHSDUDHQWHQGHUHOPXQGR

QPSURJUHVV




$UWtFXOR3ULQFLSDO3URJUDPDGH1LxRV3HTXHxRV

4W[VQ}W[XMY]M}W[^Q[Q\IVMT5MZKILWLM/ZIVRMZW[ 3DUDD\XGDUDQXHVWURVSHTXHxRVDSUHSDUDUVHSDUDODV FRPSUDVORVQLxRVGHNtQGHUIXHURQDVXVDOyQGHFODVHV\ OHVPRVWUDURQLPiJHQHVGHORVWLSRVGHYHJHWDOHV\IUXWDV TXHVHHQFRQWUDUtDQ7DPELpQOH\HURQMXQWRV3ODQWDPRV XQDVHPLOOD/DVHPLOODGHOD]DQDKRULD\/DHQRUPH]DQD KRULDDQWHVGHSDUWLUHQQXHVWUDYLVLWDHVFRODU

8WZ-UUI4WbILI

-

ORWRxRKDOOHJDGRD6DQWD)H£\HORORUGHO FKLOHYHUGHDVDGRHVWiHQHODLUH£/DVKRMDV GHORViUEROHVDKRUDWLHQHQPDUDYLOORVRVWRQRV DPDULOORV\QDUDQMDV&RPRSDUWHGHOSUR\HFWR GHO.tQGHUGHOD106'UHODFLRQDGRFRQORVYHJHWDOHV\ODV IUXWDVODFODVHGHORVQLxRVPiVSHTXHxRVGHFLGLyXQLUVHD HOORVHQXQDH[SHGLFLyQGHFRPSUDVDO0HUFDGRGH*UDQMH URVORFDO(OPHUFDGRHVWiVLWXDGRMXQWRDQXHVWURFDPSXV HQHO5DLO\DUG3DUN(QHVWDpSRFDGHODxRHOPHUFDGR HVWiUHSOHWRGHYHJHWDOHVIUXWDV\IROODMHGHRWRxR/RV QLxRVPiVSHTXHxRVHVWDEDQHPRFLRQDGRVGHXQLUVHDORV HVWXGLDQWHV³GHPD\RUHGDG´HQHVWHYLDMH

.W\WUn[IZZQJI"BI^QI*]Z\WVTMZMK]MZLII8PWMJM)VIaIa=TQ[M[)ZIVLI ;W\MTWTI[^MOM\ITM[aNZ]\I[Y]M^IVI^MZ)ZZQJI",MKIUQVWIT5MZKILWLM /ZIVRMZW[



QPSURJUHVV

4W[M[\]LQIV\M[MVMT5MZKILWLM/ZIVRMZW[LM;IV\I.MMVMT:IQTaIZL8IZS

&XDQGRDPEDVFODVHVOOHJDURQDO0HUFDGRGH*UDQMHURV ORVQLxRVSHTXHxRVTXHGDURQ³LPSUHVLRQDGRV´GHYHU WRGRVORVFRORULGRVYHJHWDOHV\IUXWDV3XGLHURQSUREDU PXFKRVGHHOORV(VXQDH[SHULHQFLDPX\SRVLWLYDSDUD QXHVWURVHVWXGLDQWHVLQWHUDFWXDUFRQORVHVWXGLDQWHVGH NtQGHUGHHVWDPDQHUD/RVQLxRVGH.tQGHUVRQJUDQGHV PRGHORVSDUDQXHVWURVHVWXGLDQWHVPiVSHTXHxRV\VH VLQWLHURQRUJXOORVRVGHHQVHxDUDORVPiVSHTXHxRVVREUH ORVYHJHWDOHV\IUXWDVGHORWRxR£)XHXQDGHOLFLRVDOHFFLyQ SDUDWRGRV

4W[VQ}W[M[\IJIVMUWKQWVILW[LM^MZMT<ZMV:IQTZ]VVMZMV[]\ZIaMK\WXWZ MT:IQTaIZL8IZS


$UWtFXOR3ULQFLSDO1LxH]7HPSUDQD3UHHVFRODUGH$OEXTXHUTXH

,Q^MZ[Q~VW\W}IT

1XHVWURHVWXGLRVREUH&DODED]DV\+RMDVFRQWLQXyGXUDQWH WRGRRFWXEUH(O'tDGH+DOORZHHQRUJDQL]DPRVXQD)LHVWDGH RWRxRWRGRHOGtDFRPHQ]DQGRFRQXQ'HV¿OHGH'LVIUDFHV\ SLGLHQGRGXOFHVSRUODPDxDQD7DPELpQYLVLWDPRVFHQWURVDO LQWHULRUTXHRIUHFtDQDFWLYLGDGHVGHFLHQFLD\DUWHVGHORWRxR XQDFRPLGDGH³WUDMH´FRQWRGDVQXHVWUDVIDPLOLDV\DPLJRV XQDFODVHHVSHFLDOGH$6/SDUDORVSDGUHV\PLHPEURVGH IDPLOLD\SRUODWDUGHQRVODSDVDPRVDOH[WHULRUFDUJDQGR DUUDVWUDQGROHYDQWDQGR\VDOWDQGRHQFLPDGHODVFDODED]DV £7DPELpQUHOOHQDPRVXQHQRUPHHVSDQWDSiMDURVSDUDQXHVWUD KRUWDOL]D /HGLPRVODELHQYHQLGDDQXHVWURVDPLJRVGHOSUHHVFRODUGH 6DQWD)HSDUDQXHVWUDFHOHEUDFLyQDQXDOGH$FFLyQGH*UD FLDVGHOGHSDUWDPHQWRGH1LxH]7HPSUDQD(OGtDLQFOX\yXQ H[TXLVLWRIHVWtQTXHFRPSDUWLPRVVHJXLGRSRUXQDSURGXFFLyQ GHWHDWURGHQXHVWUDFODVHGHNtQGHU7DPELpQGLVIUXWDPRV GHPXFKDVDFWLYLGDGHVHVSHFLDOHVWDQWRDOLQWHULRUFRPRDO H[WHULRU

¨+IZZMZQ\I[MVMTP]MZ\WLMKITIJIbI[ 8WZ;ITTa)VV)VLMZ[WV

-

O3UHHVFRODUGH$OEXTXHUTXHFHOHEUDVXRDxR HQXQDEHOODLQVWDODFLyQFRQVWUXLGDDSURSyVLWR (VSHUDPRVFRQDQWLFLSDFLyQXQHYHQWRHVSHFLDO SDUDFHOHEUDUHVWHKLWR£DVtTXHPDQWpQJDQVHDO SHQGLHQWHGHPiVGHWDOOHV

(VWHDxRWHQJRHOJUDQSODFHUGHVHUODQXHYD'LUHFWRUD$VLV WHQWH7DPELpQOHGLPRVODELHQYHQLGDD/LVD5XWODQGQXHVWUD QXHYD(VSHFLDOLVWDHQ$6/\HQOD)DPLOLD\D+DOH\7XFNHU QXHVWURQXHYRPDHVWURGHLQJOpVKDEODGR/HGLPRVODELHQYH QLGDGHYXHOWDDPXFKRVPLHPEURV³VD]RQDGRV´GHOSHUVRQDO WDQWRGHPHGLRWLHPSRFRPRGHWLHPSRFRPSOHWRVLHQGR \DXQWRWDOGHGLHFLVpLV7DPELpQOHDEULPRVODVSXHUWDVDXQ Q~PHURGHQLxRVQXHYRV\VXVIDPLOLDV(VSHUDPRVDOFDQ]DU ORVHVWXGLDQWHVSDUDFRPLHQ]RVGHO +DVWDDKRUDHORWRxRHQHOSUHHVFRODUKDVLGRPX\LQWHQVR $¿QDOHVGHVHSWLHPEUHSUHVHQWDPRVOD1RFKHGH5HJUHVRD &ODVHV$VLVWLyXQEXHQQ~PHURGHIDPLOLDV\SHUVRQDOGHOD 106'GH6DQWD)H'LVIUXWDPRVMXQWRVGHXQDFHQDOLJHUD DOJXQDVGLVFXVLRQHVJHQHUDOHVYLVLWDVDORVVDORQHVGHFODVH \FHUUDPRVODQRFKHFRQXQDVHVLyQHVSHFLDOHLQWHUDFWLYDGH &XHQWD&XHQWRVFRQ+HQUL*UDX 2FWXEUHWUDHXQFOLPDPiVIUHVFRODFDtGDGHODVKRMDV\OD DEXQGDQWHFRVHFKDGHXQIDYRULWRGHORVQLxRV£ODVFDODED ]DV'LVIUXWDPRVXQDYLVLWDHQFRQMXQWRFRQQXHVWURVDPLJRV GHOSUHHVFRODUGH6DQWD)HDO/DEHULQWRHQHO0DL]DOGHOD *UDQMD:DJQHU\DO+XHUWRGH&DODED]DVHQ&RUUDOHV$KtFD PLQDPRVSRUHOODEHULQWRHQHOPDL]DO\GHVFXEULPRVTXHGH KHFKRHVWDDOWDFRVHFKDQRVHUDFRQRFLGD1RVVDFXGLPRV DUULED\DEDMRHQQXHVWURSDVHRSRUODJUDQMDHQODFDUUHWD OOHQDSDMDEXVFDPRV\HOHJLPRVGHOKXHUWRQXHVWUDVFDODED ]DVLQGLYLGXDOHVGHYRUDPRVQXHVWURVDOPXHU]RVHQXQSLFQLF VDERUHDQGRHOVROGHORWRxRYLVLWDPRVDOJXQRVGHQXHVWURV DPLJRVIDYRULWRVGHODJUDQMDHQVXHQWRUQRDOH[WHULRU\ HVFDODPRVFDYDPRVFRUULPRVEULQFDPRVQRVGHVOL]DPRV\ MXJDPRV£KDVWDTXHTXHGDPRVFDQVDGRV\DJRWDGRV

0MVZQ/ZI]QV\MV\IUIV\MVMZI\MV\W[ITW[VQ}W[UQMV\ZI[TM[K]MV\I]VI PQ[\WZQI[WJZMTI[K]I\ZWM[\IKQWVM[

(QHOSUHHVFRODUGH$OEXTXHUTXHHVWiWHUPLQDQGRHOWUDGLFLR QDOSODQGHHVWXGLRVGHQLxH]WHPSUDQDEDVDGRHQWHPDV SDUDDGRSWDUDKRUDHODFHUFDPLHQWR5HJJLR(PLOLDEDVDGRHQ SUR\HFWRV\RULHQWDGRSRUHOLQWHUpVGHOQLxR(VWDPRVIHOLFHV GHLQFOXLU¿HVWDVWUDGLFLRQDOHVDPHULFDQDVGHODFRVHFKDFRPR VRQHO+DOORZHHQ\HOGtDGH$FFLyQGH*UDFLDV(VPDUDYLOOR VRREVHUYDUDQXHVWURVQLxRVGHVFXEULUHVWDVQXHYDVFHOH EUDFLRQHVSRUSULPHUDYH]\QRVD\XGDDUHFRUGDUQRVTXH ODVH[SHULHQFLDVPiVVHQFLOODVFXDQGRVRQFRPSDUWLGDVVRQ PiVHQULTXHFHGRUDV\VLJQL¿FDWLYDVTXHFXDOTXLHURWUDFRVD PDWHULDO£&LHUWDPHQWHKD\08&+2TXHDJUDGHFHUFXDQGRVH WUDEDMDFRQQLxRVSHTXHxRV 3RUIDYRUYHQJDQ\YLVLWHQDVXVDPLJRVGHO3UHHVFRODUGH $OEXTXHUTXH6RPRVOD106'£\VLHPSUHHVELHQYHQLGDWRGD ODIDPLOLDGHOD106'

QPSURJUHVV




$UWtFXOR3ULQFLSDO3UHHVFRODUGH)DUPLQJWRQ

¨1VQKQIVLWMTI}WM[KWTIZKWV]V[ITXQK~V  FRUDOHVHQFKDURODVFRQHVSHMRV\OXSDV(QODELEOLRWHFD FRORFDPRVOLEURVVREUHSHFHVFRORULGRV\HVFHQDVPDUtWL PDVSDUDLQVSLUDUPiVVXFUHDWLYLGDG  8QGtDWDPELpQH[SORUDPRVXQDWUXFKD³$UFRLULV´GH YHUGDG&RPSDUDPRVORVSDWURQHVGHODWUXFKDFRQORVGH ORVSHFHVTXHFRQVWUXLPRV1XHVWURHVWXGLRFXOPLQyFRQ XQDYLVLWDDO0XVHR%RODFNTXHSUHVHQWDXQDFROHFFLyQGH WD[LGHUPLDGHYLGDVLOYHVWUH\XQDFXDULRGHPHQWLUDVGH WDPDxRQDWXUDO/RVQLxRVTXHGDURQHPRFLRQDGRVGHYHU HO*UDQ7LEXUyQ%ODQFRODVHQRUPHVWRUWXJDVPDULQDV\ FDQWLGDGHVLQQXPHUDEOHVGHFRORULGRVSHFHV\FRUDOHV/D XQLGDGGHHVWXGLRIXHDWUDFWLYDSDUDORVFLQFRVHQWLGRV£\ IXHXQJUDQp[LWR

<aZMTT2W[Ma2IaLMV)XIKPMKIUQVIVMV\ZMTW[IT\W[XI[\W[LMT+MV\ZW6I\] ZIT:Q^MZ[QLM

/HGLPRVVHJXLPLHQWRDODXQLGDGVREUHODSHVFDFRQXQD XQLGDGVREUHFDPSDPHQWRVDOH[WHULRU&RPHQ]DPRVD HVFDODSHTXHxDPRQWDQGRXQDWLHQGDGHFDPSDxDPLQLD WXUDHQHOVDOyQGHFODVHV/HtPRV³<HQGRDFD]DURVRV´

8WZ5IZa0MTMV8MZMb

+

RPHQFpPLVHJXQGRDxRGHHQVHxDUHQHO SUHHVFRODUGHOD106'HQ)DUPLQJWRQFRQ JUDQDQWLFLSDFLyQ\HPRFLyQSHQVDQGRHQORV WHPDVTXHPLVSUHHVFRODUHVGLVIUXWDUtDQH[ SORUDQGR%DViQGRQRVHQOD¿ORVRItDHGXFDWLYDGH5HJJLR (PLOLDODFXDOSURPXHYHHOGHVFXEULPLHQWR\ODFXULRVLGDG ¿ORVRItDDGRSWDGDSRUQXHVWURGHSDUWDPHQWRGHQLxH]WHP SUDQDGHFLGLPRVVDOSLFDUQRVSDUDHVWXGLDUDORVSHFHV 3ULPHURORVQLxRVKLFLHURQXQSH]UHOOHQRWULGLPHQVLRQDO HQIDWL]DQGRHOSDWUyQ\ODWH[WXUD&XDQGRVHFDURQORVSH FHVQRVSXVLPRVD³SHVFDU´/RVHVWXGLDQWHVSUDFWLFDURQ WRPDUWXUQRVFRQXQDFDxDGHSHVFDU\XQDSLQ]DDO¿QDO GHODOtQHDSDUDVDFDUVXSHVFD/RVHVWXGLDQWHVHVWDEDQ HQFDQWDGRVFRQODDFFLyQGHDUURMDU\VDFDUVXSHVFDGR /OHQDPRVHOVDOyQGHFODVHVFRQKHUPRVDVFRQFKDV\ )][\QV0ITMaM`IUQVILMKMZKI]VI\Z]KPI¹)ZKWQZQ[ºL]ZIV\MV]M[\ZW M[\]LQW[WJZMTW[XMKM[

2IaLMV)XIKPM-TWZI?QTTQ[a*ZMVLI,]ZnV)[Q[\MV\M-L]KI\Q^WLQ[NZ]\IV TIVI\]ZITMbIL]ZIV\MV]M[\ZWM[\]LQW[WJZMTW[KIUXIUMV\W[



QPSURJUHVV

\DFWXDPRVODKLVWRULDFRQXQRVRGHSHOXFKH(O~OWLPR GtDHPSDFDPRVQXHVWURHTXLSRHQHQRUPHVPRFKLODV\ PRQWDPRVXQFDPSDPHQWRFRPSOHWRFRQXQDJUDQWLHQGD GHFDPSDxDHQIRUPDGHGRPRVDFRVGHGRUPLUXQD IRJDWDGHPHQWLUDV\XWHQVLOLRVSDUDFRFLQDU\FRPHU(OORV SUHSDUDURQGHFRPHU\VHVLUYLHURQHQWUHVL/DLQWHUDFFLyQ \ODFRRSHUDFLyQIXHPDUDYLOORVD7DPELpQKLFLPRVXQD YLVLWDHVFRODUDO&HQWUR1DWXUDO5LYHUVLGHGRQGHOHGLPRV GHFRPHUDORVSDWRV\DORVYHQDGRVHVFDODPRVDWUDYpV GHODOWRSDVWR\DGRSWDPRVXQiUERODOTXHVHJXLUHPRVD WUDYpVGHODVHVWDFLRQHV£7XYLPRVXQJUDQLQLFLRGHDxR DTXtHQ)DUPLQJWRQ


$UWtFXOR3ULQFLSDO3UHHVFRODUGH/DV&UXFHV

/ZIVLM[KWUQMVbW[ GHSHTXHxLWRVGHHQWUHGLHFLRFKRPHVHV\WUHVDxRVGH HGDG6HSDUDUDVtORVJUXSRVQRVSHUPLWHRIUHFHUDFWLYL GDGHV\H[SHULHQFLDVGHDSUHQGL]DMHDSURSLDGDVSDUDHO QLYHOGHGHVDUUROORGHFDGDJUXSR7DPELpQKDFHTXHHO WDPDxRGHOJUXSRVHDPiVSHTXHxRSHUPLWLpQGRQRVXQD DWHQFLyQPiVLQGLYLGXDOL]DGDSDUDORVHVWXGLDQWHV£+DVWD DKRUDKDVLGRXQRWRxRGLYHUWLGR\HPRFLRQDQWH

6M^IMP8uZMbM`XTWZIMT[IJWZaTI\M`\]ZIITI}ILQZIO]IITXWT^WXIZIPIKMZ OMTI\QVI

5HJUHVDPRVDODHVFXHODFRQXQHQIRTXHUHQRYDGRHQOD UHVSRQVDELOLGDG4XHUHPRVTXHORVQLxRVVHDSURSLHQGH VXVDOyQGHFODVHV\GHVXHQWRUQR(OORVKDQHVWDGRDSUH QGLHQGRDFXLGDUVXVPDWHULDOHVHVFRODUHV\GHDUWH+DQ DSUHQGLGRDMXJDUGHPDQHUDUHVSHWXRVDFRQVXVFRPSD xHURV\FRQORVMXJXHWHV\HOHTXLSRGHVXVDOyQGHFODVHV (VWiQDSUHQGLHQGRDH[SORUDUWRWDOPHQWHWRGRVORVDVSHF WRVGHVXVDOyQ\ORVFHQWURVGHDFWLYLGDGPLHQWUDVTXHOR FRQYLHUWHQHQXQPDUDYLOORVROXJDUSDUDTXHHOORV\VXV FRPSDxHURVGHVDOyQSXHGDQDSUHQGHU3HURVREUHWRGR HVWiQDSUHQGLHQGRTXHHVWiQDFDUJRGHVXDSUHQGL]DMH \TXHVHUFXULRVRVVREUHDOJRHVOD~QLFDPRWLYDFLyQTXH

8WZ3QU*WaSQV

;

LHPSUHHVWDPRVHPRFLRQDGRVGHFRPHQ]DU IUHVFRVDOLQLFLRGHFDGDDxRHVFRODU/RVQLxRV HVWiQHPRFLRQDGRVGHYHUDVXVYLHMRVDPLJRV \GHFRQRFHUDORVQXHYRV/RVPDHVWURVHVWiQHPRFLR QDGRVGHRUJDQL]DUQXHYRVHQWRUQRVHLQWURGXFLUPDWHULDO QXHYRGHIRUPDVGLVWLQWDV(Q/DV&UXFHVHVWDPRVSUR EDQGRXQGLVHxRGLVWLQWRSDUDHOVDOyQGHFODVHV (QHORWRxRODDVLVWHQFLDDQXHVWURVDOyQGHFODVHVVHH[ SDQGLyDQXHYHPDUDYLOORVRVQLxRV/DFODVHGHODPDxDQD WLHQHFLQFRHVWXGLDQWHVHQWUHODVHGDGHVGHWUHV\PHGLR\ FLQFRDxRVGHHGDG(OJUXSRGHODWDUGHHVWiFRQIRUPDGR

2M[[M/IZKyIa;MJI[\QnV:Q^MZIUQZIV]VTQJZWMVTIM[Y]QVIXIZITITMK\]ZI

QHFHVLWDQSDUDH[SORUDUDOJRQXHYR&RPRPDHVWURVOHV HVWDPRVGDQGRRSRUWXQLGDGHVSDUDLQYHVWLJDUVXFXULRVL GDG1RKD\QDGDPiVHPRFLRQDQWHTXHREVHUYDUDORV QLxRVGHVFXEULUUHVSXHVWDVDVXVSURSLDVSUHJXQWDV

2W[MXP>n[Y]Mb5]ZQTTWM`XMZQUMV\IKWV]VQUnVaK]JW[MVTIUM[ILM M[XMRW

(VSHUDPRVFRQDQWLFLSDFLyQFRPSDUWLUKLVWRULDVQXHYDVGH DSUHQGL]DMH\GHVFXEULPLHQWRGHORVHVWXGLDQWHVFRQ IRUPHDYDQFHHVWHDxRHVFRODU7RGRVORVQXHYHFXULRVRV \UHVSRQVDEOHVDQJHOLWRVQRGDQODPiVJUDQGHDOHJUtD £(VSHUDPRVTXHHVWHVHDXQDxRGHDSUHQGL]DMHLJXDO PHQWHGLYHUWLGRHLQWHUHVDQWHSDUDWRGDODFRPXQLGDGGHOD 106'

QPSURJUHVV




$UWtFXOR3ULQFLSDO1LxH]7HPSUDQD3UHHVFRODUGH6DQWD)H

)XZMVLMZ[QVU]ZW[ &RPHQ]DPRVSRUFRQFHELUWUHVHVSDFLRVFRQWLHUUDFHUFDGHO HVWDFLRQDPLHQWRGHOHGL¿FLR+HVWHU+DOO/RVHVWXGLDQWHVGHODV FODVHVGH(&(\SULPDULDFRPHQ]DURQSRUEXVFDULPiJHQHVGH SDWLRVGHUHFUHRGHRWUDViUHDVRHVFXHODV'HFLGLPRVTXHFDGD SDWLRGHUHFUHRWHQGUtDXQWHPD([SORUDFLyQ'UDPD\-DUGLQH UtD  'HVGHTXHVHODQ]yHOSUR\HFWRORVHVWXGLDQWHV\HOSHUVRQDO KDQD\XGDGRDFUHDUWUHVHVSDFLRVKHUPRVRV\IXQFLRQDOHV /RVHVWXGLDQWHVKDQHVWDGRPX\LQYROXFUDGRVHQORVSURFHVRV GHSODQHDFLyQ\GLVHxR$OJXQRVHVWXGLDQWHVKLFLHURQVXSURSLD HVFXOWXUDWULGLPHQVLRQDOGHXQSDWLRGHUHFUHRPLHQWUDVTXH RWURVGLEXMDURQVXVGLVHxRVVREUHSDSHO7RGRVORVHVWXGLDQWHV TXHSDUWLFLSDURQHQHVWHSUR\HFWRFUHDURQVXVSURSLRVD]XOHMRV GHFHUiPLFDSDUDHOiUHDGHOKXHUWR ,][\QV0IVLa+WNNMa3QVOKWTWKIV]VTM\ZMZWMVMTnZMIY]MKWV[\Z]aMZWV KWV[][KTI[M[aY]MQVKT]aM^IZQW[K]MZXW[LMIO]IaNWZUI[\MZZM[\ZM[KWUW [WVLM[QMZ\W[XTIVQKQM[UWV\I}I[^ITTM[ZyW[aWKuIVW[ 8WZ3ZQ[-I\WV

$XQTXH\DHVWDPRVSRUWHUPLQDU\RHVSHURTXHHVWHSUR\HFWR FRQWLQ~HHYROXFLRQDQGR\TXHHVWRVVDORQHVGHFODVHDOH[WHULRU VHFRQYLHUWDQHQHVSDFLRVGRQGHWRGRVORVQLxRVVLQLPSRUWDU VXHGDGDSUHQGDQ\FUH]FDQ/RVMDUGLQHVÃ&#x20AC;RUHFHUiQORViUER

-

QHQHURGHOORVPDHVWURV\HVWXGLDQWHVGH 3UHNLQGHU\.LQGHUGHFLGLHURQFUHDUXQHVSDFLR IXQFLRQDODOH[WHULRUWDQWRSDUDDSUHQGHUFRPRSDUD MXJDU(VWRLQVSLUDGRSRUOD¿ORVRItD5HJJLR(PLOLD GHOD106''LFKD¿ORVRItDVHRULJLQyHQ,WDOLD\IRPHQWDOD FRQH[LyQHQWUHHOMXHJR\ODHGXFDFLyQSUiFWLFD/RVHGXFDGRUHV GHOSURJUDPDGH1LxH]7HPSUDQD (&( GHOD106'LQFRUSRUDQ ORPiVSRVLEOHHVWHWLSRGHLGHDVVLQHPEDUJRHQRFDVLRQHV QRVYHPRVOLPLWDGRVDOHVSDFLRLQWHULRUGHOVDOyQGHFODVHV 3HUR¢TXpWDOVLSXGLpUDPRVFUHDUXQHVSDFLRVDOyQGHFODVHV HQHOH[WHULRUSHUPLWLpQGRQRVH[SORUDUDSUHQGHUFUHDUUHVROYHU SUREOHPDVH[FDYDUGHVFXEULU\MXJDUWRGRDOPLVPRWLHPSR" £3URQWRGHVFXEULPRVTXHSRGtDPRVDSUHQGHUHQHOH[WHULRU WDQWRFRPRHQHOLQWHULRU7RGDODHVFXHODSULPDULDFRPHQ]y DUHDOL]DUODLQYHVWLJDFLyQQHFHVDULDSDUDKDFHUSRVLEOHHVWRV HVSDFLRV

)LZQIV.MZVnVLMba6Q^MVBPIVOKWV[\Z]aMVZyW[aZQIKP]MTW[MVMTM[XIKQW LM[][IT~VLMKTI[M[ITM`\MZQWZ

OHVFUHFHUiQ\HOPDQWHQLPLHQWRGHFDGDiUHDVHUiUHVSRQVDELOL GDGGHORVHVWXGLDQWHV\DTXHHVVXOXJDUGHDSUHQGL]DMH

)LZQMV-ZKWTQVWIXZMVLMIXWLIZaK]QLIZMTXI[\WMVMTV]M^WM[XIKQWLMLQ KILWITIRIZLQVMZyI



QPSURJUHVV

3RUIDYRUYHQJDQ\PLUHQORVKHUPRVRVHVSDFLRVTXHVHKDQ FUHDGR(VWHSUR\HFWRQRHVWDUtDGRQGHHVWiVLQODD\XGDGHODV VLJXLHQWHVSHUVRQDVWRGRHOGHSDUWDPHQWRGH0DQWHQLPLHQWR HOSHUVRQDO\ORVDPLJRVTXHD\XGDURQGXUDQWHHOHQVDPEODMH GHPXHEOHVHO'tDGHOD&RPXQLGDG&U\VWDO0LWFKHP\0LFKHOOH *DUFtDTXHD\XGDURQDVHPEUDUGXUDQWHHOYHUDQR\WRGRVORV QLxRVGH3ULPDULD\GHOSURJUDPD(&(TXLHQHVGLHURQVXVVXH xRV\VXHVIXHU]RD\XGDQGRDGLVHxDUHVWHKHUPRVRHVSDFLR


$SUHQGL]DMHGH9HUDQR

,M[INyW65 £)XHGLYHUWLGRREVHUYDUORVKDFHURODV\VDOSLFDU7DPELpQ DSUHQGLHURQVREUHORVDQLPDOHVTXHYLYHQHQHODJXDHOÀXMR GHODJXDODWUDQVIHUHQFLD\ODIXHU]DGHODJXD£/DYLVLWDDO 0XVHRGHO1LxRHQ6DQWD)HIXHXQJUDQp[LWR)XHUHFLHQ WHPHQWHUHQRYDGR\HOiUHDGHÀXMRGHDJXDSHUPLWLyDORV QLxRVGHVFXEULUORTXHVXFHGHFXDQGRXQDSHORWDRXQEDUFR VHFRORFDHQHOÀXMR£/HVHQFDQWyYHUDGRQGHWHUPLQDEDQ OOHJDQGRODVFRVDV /RVHVWXGLDQWHVGHSULQFLSLRVGHSULPDULD GHDDxRVGH HGDG WDPELpQVHGLYLUWLHURQGHOROLQGRDOGHVFXEULUTXHHO DJXDVHHQFXHQWUDDOUHGHGRUQXHVWURHQORVRFpDQRVORV

4W[M[\]LQIV\M[IN]MZILMTI/ITMZyILM.ZIVS0W_MTTKMZKILMTI8TIbIMV ;IV\I.M 8WZ-LLQM3QVOa-UQTQM?QTLQVO

2

XQLRSDVDGRWUDMRH[SHULHQFLDV~QLFDVWDQWRSDUD QXHVWURVHVWXGLDQWHVPiVMyYHQHVFRPRSDUDORV PD\RUHVGXUDQWHHOR3URJUDPD$QXDOGH9HUDQR GHOD106'(OWHPDSDUDQXHVWURVHVWXGLDQWHVPiV JUDQGHVIXH³'HVDItR10´\QXHVWURVHVWXGLDQWHV PiVMyYHQHVVHFRQFHQWUDURQHQORVHOHPHQWRVGHODWLHUUD HVSHFt¿FDPHQWHODVSURSLHGDGHVGHODJXD

/IJZQMTTI:WLZyO]MbXWVQMVLWXMTW\I[IÆW\IZMVMTÆ]RWLMIO]IMVMT5][MW LMT6Q}W

/RVJUXSRVGHQLxH]WHPSUDQD\SULPHURVDxRVGHSULPDULD IXHURQH[SXHVWRVDODVSURSLHGDGHVGHODJXDGXUDQWHHO SURJUDPDGHGRVVHPDQDV/RVQLxRVPiVSHTXHxRV GH PHVHVDDxRVGHHGDG VHODSDVDURQHVSHFLDOPHQWH ELHQGXUDQWHHOMXHJRFRQDJXD\ODKRUDGHODH[SORUDFLyQ

ODJRV\UtRV\HQORVWXERVTXHOOHJDQDQXHVWUDVFDVDV\D ODHVFXHOD7DPELpQDSUHQGLHURQVREUHODFRQWDPLQDFLyQGHO DJXDDxDGLHQGRFRVDVFRPRWLQWHGHFRORUHVPLHOSRSRWHV DUHQDSURGXFWRVGHOLPSLH]DFRPLGD\EDVXUDDXQDSHFHUD OOHQDGHDJXD)LOWUDURQHODJXDVXFLD\GHVFXEULHURQTXH D~QOXHJRGHKDEHU¿OWUDGRODFRQWDPLQDFLyQHODJXDQRYRO YtDDHVWDULJXDOGHOLPSLD£0D\RUUD]yQSDUDQRFRQWDPLQDU HODJXDHQSULPHUOXJDU8QPRPHQWRGHVWDFDGRIXHODYLVLWD DOD3ODQWDGH7UDWDPLHQWRGH$JXDV1HJUDVHQ6DQWD)H(O

:MKWZZQMVLWTI8TIV\ILM<ZI\IUQMV\WLM)O]I[6MOZI[MV;IV\I.M

,MQbYILMZ"3QUWZI>WTTUIZ3IMTaV;T]a\MZ+WNNMaa?MVLa.]MV\M[ XI[IVLW]VJ]MVZI\WMVTI)TJMZKILM)T\W;\ZMM\

QPSURJUHVV




$SUHQGL]DMHGH9HUDQR

f+WV\QVƒILMTIXnO",M[INyW65 UHQRYDGRGHDSUHFLDFLyQSRU1XHYR0p[LFR'XUDQWHHVDV GRVVHPDQDVORVHVWXGLDQWHVDSUHQGLHURQVREUHODVPDUD YLOODVGHODQDWXUDOH]D(OH[WHULRUVHFRQYLUWLyHQVXVDOyQ GHFODVHV\OHVRIUHFLyXQDIDEXORVD\SUiFWLFDPDQHUDGH H[SHULPHQWDUHOPXQGR

,WV?QTLQVOLMU]M[\ZIK~UWMVKMVLMZ]VN]MOW

JUXSRYLVLWyODVLQVWDODFLRQHV\YLHURQSHUVRQDOPHQWHFXDQWRV SDVRVWRPDWUDQVIRUPDUODVDJXDVUHVLGXDOHVHQDJXDOLPSLD $.LHUDQ9ROOPDUOHSDUHFLy³YHUGDGHUDPHQWHIDVFLQDQWH\ £)8&+,´%UXFH%UHZHU-UFRPHQWy³£QXQFDKDEtDHVWDGR HQXQDSODQWDGHWUDWDPLHQWRGHDJXDV£<DSHVWD´6LQGXGD IXH³FLHQFLDHQDFFLyQ´

1XHVWURVHQWXVLDVWDVGHODQDWXUDOH]DDQGXYLHURQHQFDQRD KLFLHURQHVFDODGDHQURFDQDGDURQXVDURQHOFRPSiVH[ SORUDURQUHFRUULHURQVHQGHURV\GXUPLHURQEDMRODVHVWUHOODV /RVHVWXGLDQWHVGHVFXEULHURQODFRPSRVLFLyQJHRJUi¿FDGH 1XHYR0p[LFR\YLVLWDURQGLVWLQWRVSDUTXHVHVWDWDOHV\QDFLR QDOHV$SUHQGLHURQVREUHORVUHFXUVRVQDWXUDOHVGH1XHYR 0p[LFR\ODUD]yQGHTXHVHDQWDQ~QLFDVSDUDQXHVWUDJHQWH FXOWXUD\HVWDGR'XUDQWHODSULPHUDVHPDQDORVFDPSLVWDV HVWXGLDURQSULPHURVDX[LOLRVFRPRKDFHUXQDIRJDWD\RWUDV DFWLYLGDGHVHVHQFLDOHVHQHOH[WHULRUFRQOtGHUHV\JXtDVDOWD PHQWHFDOL¿FDGRV'XUDQWHODVHJXQGDVHPDQDORVHVWXGLDQ WHVDSOLFDURQORTXHDSUHQGLHURQHQXQDH[SHULHQFLDDXWpQWLFD GHFDPSDPHQWRHQHO/DJR+HURQ

$PERVJUXSRVGHMyYHQHVHVWXGLDQWHVIXHURQDQDGDUDOD DOEHUFDDOH[WHULRUGHODFDOOH$OWR\DODDOEHUFDHQLQWHULRU GHO&HQWUR&RPXQLWDULR*HQRYHYD&KiYH]7RGRVVHGLYLU WLHURQEULQFDQGRVDOSLFDQGR\QDGDQGRMXQWRV\GLVIUXWDURQ GHXQSLFQLFGHVSXpV/RVHVWXGLDQWHVORJUDURQXQPD\RU\ PiVFODURHQWHQGLPLHQWRGHFXiQLPSRUWDQWHHVHODJXDHQ QXHVWUDVYLGDVFRWLGLDQDV /RVHVWXGLDQWHVGHPD\RUHGDG DxRV\PiV WXYLHURQ PXFKDVRSRUWXQLGDGHVGHDSUHQGHUDOPLVPRWLHPSRTXH H[SORUDEDQHOULFRHVFHQDULRGHQXHVWURHVWDGR6HFRQYLUWLH URQHQHQWXVLDVWDVGHODQDWXUDOH]DDO¿QDOGHODH[SHULHQFLD TXHGXUyGRVVHPDQDV7DPELpQVHIXHURQFRQXQVHQWLGR

¨4I[M}ITTWLQKM\WLW

$GHPiVQXHVWURVHVWXGLDQWHVOH\HURQ\HVFULELHURQVREUHOD QDWXUDOH]D8QGHVDItRGLDULRLQFOXtDDFWLYLGDGHVGLVWLQWDVGH HGL¿FDFLyQGHHTXLSR\HVWUDWHJLDVSDUDUHVROYHUSUREOHPDV PLHQWUDVTXHODVDFWLYLGDGHVQRFWXUQDVLQFOX\HURQEROLFKH XQSDUWLGRGHEpLVEROFRQORV,VyWRSRVSUR\HFWRVGHDUWHV PDQXDOHV\EXVFDUD³:DOGR´HQOD3OD]D

¨=VUWUMV\WLM[\IKILWN]MÆW\IZXWZMT:yW/ZIVLM 



QPSURJUHVV

³/DULTXH]DTXHORJURYLHQHGHODQDWXUDOH]DTXHHVODIXHQWH GHPLLQVSLUDFLyQ´GLMRHODUWLVWD&ODXGH0RQHW/RVHVWXGLDQ WHVHVWXYLHURQGHDFXHUGR8QHVWXGLDQWHFRPHQWy³1RKH WHUPLQDGR1RTXLHURTXHWHUPLQH4XLHURTXHQXHVWURSUR JUDPDGHYHUDQRFRQWLQ~H´6LQGXGDWRGRVORVHVWXGLDQWHV WHUPLQDURQODH[SHULHQFLDGHGRVVHPDQDVLQVSLUDGRV\OLVWRV SDUDHVSHUDUDQVLRVDPHQWHHOSUy[LPRYHUDQR


$SUHQGL]DMHGH9HUDQR

)XZMVLQbIRMLM>MZIVW ยง-VY]uIK\Q^QLILM[XIZ\QKQXI[\M' +ITLWVQI?QTLQVO"7RPpFODVHVVREUHORVPHGLRV

VREUHFRPRDERJDUSRUPtGHVFXEULPLHQWRV\GHVWUH ]DVSDUDODYLGDDOH[WHULRU7DPELpQSDUWLFLSpHQXQD FRPSHWHQFLDHQHTXLSRGHNLFNEDOO\HQXQMXHJROODPD GRยณ1RFKHHQHO'HVLHUWRยด

0ILI[[IP)O]QTIZ,I^Q["([SORUpPXFKDVSR

+ITLWVQIaKWUXI}MZI[KIUXQ[\I[IXZMVLMVIMVKMVLMZ]VINWOI\I

-

VWHYHUDQRSDVDGRPXFKRVHVWXGLDQWHV DVLVWLHURQDXQDYDULHGDGGHSURJUDPDV\ FDPSDPHQWRVSDUDODMXYHQWXGWRWDO\SDU FLDOPHQWHVRUGD(VWRVSURJUDPDVSHUPLWHQ TXHQXHVWURVHVWXGLDQWHVFUH]FDQ\VHH[WLHQGDQGH PDQHUDVQXHYDVDOLQWHUDFWXDUFRQFRPSDxHURVGH WRGDODQDFLyQ/DRSRUWXQLGDGGHSDUWLFLSDUHQXQDDP SOLDYDULHGDGGHDFWLYLGDGHVGHOLGHUD]JRDOIDEHWL]DFLyQ \H[SORUDFLyQSURIHVLRQDODOPLVPRWLHPSRTXHKDFHQ PXFKRVQXHYRVDPLJRVยฃHVODUHFHWDSHUIHFWDSDUDXQ YHUDQRGHGLYHUVLyQ 

ยง)K]ITXZWOZIUILM^MZIVWN]Q[\M'

+ITLWVQI?QTLQVO"&DPSDPHQWRGH/LGHUD]JR -XYHQLO </& 6WD\WRQ2UHJRQ

0ILI[[IP)O]QTIZ,I^Q["([SORUDWX)XWXUR (<)  ,QVWLWXWR5RFKHVWHUGH7HFQRORJtD5RFKHVWHU1HZ <RUN

VLEOHVSURIHVLRQHVLQFOX\HQGRVROGDGXUDLQJHQLHUtD FRPSXWDFLyQGLVHxRJUiยฟFRUREyWLFD\GLYHUVDVRSFLR QHVHQHOFDPSRPpGLFR  <aZMT?QTLQVO"3DUWLFLSpHQPXFKDVDFWLYLGDGHV GLVWLQWDVGHHGLยฟFDFLyQGHHTXLSR\DUWHGUDPiWLFR 7DPELpQWUDEDMpHQXQEROHWtQOODPDGRยต(O0XQGR 5HDOยถ(VFULEtXQDUWtFXORSDUDHOEROHWtQWRGRVORVGtDV 7DPELpQYLVLWDPRVHO,QVWLWXWR7pFQLFR1DFLRQDOSDUD 6RUGRVHQHO,QVWLWXWR5RFKHVWHUGH7HFQRORJtD\OD 8QLYHUVLGDGGH*DOODXGHWHQ:DVKLQJWRQ'&(VWDGR DKtSDUWLFLSpHQPXFKRVWDOOHUHV\SUHVHQWDFLRQHVHQ DPEDVXQLYHUVLGDGHV

2IKSQM;IVKPMba>MZOMVI+PMM"$SUHQGLPRV

VREUHHOFDPSRGHODWHFQRORJtD\ODFLHQFLD&RQVWUXL PRVQXHVWUDVSURSLDVFRPSXWDGRUDVDSUHQGLPRVVREUH UREyWLFD\ODHVFHQDGHOFULPHQ\H[SORUDPRVFLHQFLDV GHODERUDWRULR

2IMTaV;nVKPMb"3DUWLFLSpHQGLYHUVDVDFWLYLGD

GHVTXHVHHQIRFDEDQHQDFWXDFLyQDUWH\OLWHUDWXUD 7DPELpQSDUWLFLSpHQXQDFODVHHQODTXHGHVDUUROODPRV FRQยฟDQ]DHQWUHQRVRWURV7RGDVODVFODVHVIXHURQPX\ GLYHUWLGDV7DPELpQIXLPRVDO5,7\DOD8QLYHUVLGDGGH *DOODXGHWGRQGHDSUHQGLPRVORTXHLPSOLFDSRGHUHVWDU HQODXQLYHUVLGDG

<aZMT?QTLQVO"1//& &DPSDPHQWR1DFLRQDOGH /LGHUD]JR\$OIDEHWL]DFLyQ (VFXHOD$PHULFDQDSDUD 6RUGRV+DUWIRUG&7

2IKSQM;nVKPMba>MZOMVI+PMM"7HFK*LUO],QV WLWXWR5RFKHVWHUGH7HFQRORJtD5RFKHVWHU1HZ<RUN

2IMTaV;nVKPMb"1//&+DUWIRUG&7 :W[MVLI*][\IUIV\M"/D9LGDGHVSXpVGHOD3UHSD UDWRULD8QLYHUVLGDGGH*DOODXGHWHQ'&

)UIVLI;]ZL]SIV"1//&+DUWIRUG&7

ยจ<aZMT)UIVLI2IMTaVaKWUXI}MZW[LM644+MV]VIJZIbWKWTMK\Q^W 

QPSURJUHVV




$SUHQGL]DMHGH9HUDQR

f+WV\QVยƒILMTIXnO")XZMVLQbIRMLM^MZIVW :W[MVLI*][\IUIV\M"/DVHPDQDPHGLRODRSRUWX QLGDGGHH[SORUDUPXFKRVSRVLEOHVFDPLQRVSURIHVLRQD OHVFRPRODELRORJtDHOLQJOpV\ODVPDWHPiWLFDV

)UIVLI;]ZL]SIV"7UDEDMpFRQXQJUXSRGHQLxRV HQFUHDUHOEROHWtQGHOFDPSDPHQWRVDOLPRVDDFDP SDU\GHVDUUROODPRVGHVWUH]DVSDUDWUDEDMDUHQHTXLSR 7DPELpQSDUWLFLSpHQODFRPSHWHQFLDROtPSLFDGHOFDP SDPHQWRWRPpXQDFODVHGHDUWHGUDPiWLFR\XQDGH $6/\DVLVWtDXQDSUHVHQWDFLyQVREUHORTXHKDFHTXH XQOtGHUVHDHIHFWLYR

<aZMT?QTLQVO"0HLPSDFWyHOSHUVRQDOGHO1//&

SRUTXHWHQtDQPXFKDVH[SHULHQFLDVEDVDGDVHQOD YLGDUHDO\ODVFRPSDUWLHURQFRQQRVRWURV7DPELpQ HVWR\XVDQGRODVQXHYDVGHVWUH]DVSDUDOLGHUD]JRTXH GHVDUUROOpHQHO1//&FRPR6HFUHWDULDGHO&XHUSRGH *RELHUQR(VWXGLDQWLO 6%* \WDPELpQHQODVFDQFKDV GHI~WERO\GHEDORQFHVWR6LHQWRTXHPLVGHVWUH]DV SDUDODDOIDEHWL]DFLyQKDQPHMRUDGR\TXHHVWRWHQGUi XQLPSDFWRHQPLVFODVHV(OSUy[LPRYHUDQROD106' HVWDUiSUHVHQWDQGRXQFDPSDPHQWRGH1//&\UHFR PLHQGRPXFKRTXHDVLVWDQ

2IKSQM;nVKPMba>MZOMVI+PMM"$SUHQGLPRV

PXFKDVVHxDVQXHYDV\QRVSXGLPRVFRPXQLFDUFRQ WRGRV(QFDMDPRV0LSDUWHIDYRULWDGHODVHPDQDIXH FRQVWUXLUXQDFRPSXWDGRUD2IKSQM0LSDUWHIDYRULWDGH ODVHPDQDIXHDSUHQGHUVREUHODUREyWLFD>MZOMVI

2IMTaV;nVKPMb"0HGLFXHQWDGHTXHD~QXQDSHU

VRQDFDOODGDFRPR\RSXHGHVHUXQOtGHUHIHFWLYR\TXH OR~QLFRTXHKD\TXHKDFHUHVDEULUVH\FRQยฟDUHQORV GHPiV3HQVDUHQยณ12627526ยดHQYH]GHHQยณ<2ยด

:W[MVLI*][\IUIV\M"/RPiVSRGHURVRIXHGDU

2IKSQMa>MZOMVIIXZMVLMV[WJZMZWJ~\QKIL]ZIV\Mยน<MKP/QZTbยบ

ยง+]ITM`XMZQMVKQI\MQUXIK\~Un[aXWZY]u' +ITLWVQI?QTLQVO"/DH[SHULHQFLDTXHPiVPH

LPSDFWyIXHHO3URJUDPD+(52/RVJUXSRVIXHURQOOH YDGRVDDFDPSDUGXUDQWHVHLVGtDVVLQORVVXPLQLVWURV EiVLFRV1RWHQtDPRVWLHQGDGHFDPSDxDQLVDUWHQHV QLROODV7HQtDPRVFRPLGDSHURGHOWLSRTXHVHSXHGH SUHSDUDUUiSLGDPHQWHXQDHVSHFLHGHFRPLGDUiSLGDยฃ\ DOJXQDHVWDEDGHOLFLRVD)XLOtGHUGHOJUXSRHOVHJXQGR GtD\HVRPHGLRODRSRUWXQLGDGGHH[SHULPHQWDUODPD QHUDHQTXHPLVDFFLRQHV\GHFLVLRQHVDIHFWDQDRWURV $SUHQGtDVHUHPRFLRQDOPHQWHHVWDEOH\DFRPXQLFDU PHPHMRU

PHFXHQWDTXHQRHVGHPDVLDGRWHPSUDQRSDUDFR PHQ]DUDH[SORUDUORVLQWHUHVHVSURIHVLRQDOHV\XQLYHU VLWDULRV$SUHQGtTXHQHFHVLWRHVWDEOHFHUPHWDVSDUDPL PLVPD\TXHSXHGRDOFDQ]DUODVVLWUDEDMRGXUDPHQWH  )UIVLI;]ZL]SIV"/RTXHPiVPHLPSDFWyIXHOD SUHVHQWDFLyQVREUHFyPRVHUXQOtGHUHIHFWLYR$SUHQ GtTXHVLWHFRQYLHUWHVHQXQOtGHUHQWXHVFXHODRWURV HVWXGLDQWHVWHYHQFRPRXQPRGHOR\FRPHQ]DUiQDVHU OtGHUHVHOORVPLVPRV$KRUDVLHQWRPXFKDPiVFRQยฟDQ ]DHQPLPLVPD

0ILI[[IP)O]QTIZ,I^Q["0HJXVWyTXHIXHUDIiFLO FRPXQLFDUVHFRQORVPDHVWURV\QXHYRVDPLJRV7DP ELpQDSUHQGtTXH\RSRGUtDHQFDMDUELHQHQSURIHVLRQHV GHQWURGHOFDPSRPpGLFR0HLQWHUHVDHVSHFtยฟFDPHQWH ODWHFQRORJtDGHOXOWUDVRQLGRODUDGLRORJtD\ODKLJLHQH GHQWDO  QPSURJUHVV

.W\WLMTOZ]XWLM+IUXQ[\I[-`XTWZI\].]\]ZWMVMT:1<


$FWLYLGDGHV$FDGpPLFDV

§+~UWKZMKMV]M[\ZWRIZLyV' XQDYLFWRULD´3HQVDPRVTXHQXHVWURHVWDQGDUWHHV~QLFR\ FKLVWRVR£1RVJXVWDKDFHUHVWDQGDUWHV

5IZ\M[LM[MX\QMUJZM

+R\£SUHWHQGLPRVVHUJXVDQRV3UDFWLFDPRVREVHUYDUHO PXQGRGHVGHHOSXQWRGHYLVWDGHXQJXVDQR/RVJXVDQRV YHQODVSLHGUDVODWLHUUDORVSDORV\HOSDVWR&RPRORV JXVDQRVVRQWDQSHTXHxRV£HOSDVWRSDUHFHVHUXQHQRUPH ERVTXH'LEXMDPRV\HVFULELPRVORTXHYLPRV/XHJRGH QXHYRYROYLPRVDVHUHVWXGLDQWHV 

2]M^M[LM[MX\QMUJZM

+R\SUHSDUDPRVXQD)ULWWDWDGH&DODEDFLQHV8VDPRVFHEROOD \SDSDVPRUDGDVGHQXHVWUDKRUWDOL]DHQHOFDPSXV$OJXQDV SHUVRQDVSHQVDURQTXHODIULWWDWDHVWDEDGHOLFLRVDSHURGRV 8WZ5aI5ITWVM2WVI\PIV/IZKyI;IU]MT*WaL2]TQW8WZ\QTTW4QVL[Ia0IVLa3QU *]ZSPWTLMZ

4

DFODVHGHO$(,3 3URJUDPD,QWHQVLYR$6/,QJOpV KD HVWDGRPX\RFXSDGD£OH\HQGRHVFULELHQGRVLJQDQGRKDFLHQ GRMDUGLQHUtD\FRFLQDQGR$WHQGLPRVODVGLYHUVDVSODQWDVTXH FXOWLYDPRVHQHOFDPSXVGXUDQWHHOYHUDQRSDVDGR7DPELpQ SUHSDUDPRVODWLHUUD\SODQWDPRVSDUDQXHVWUDVFRVHFKDVGH RWRxRHLQYLHUQR/HtPRVVREUHODWLHUUDODVSODQWDVORVJX VDQRV\PiV\HVFULELPRVVREUHQXHVWURVGLYHUVRVSUR\HFWRV GHMDUGLQHUtD$FRQWLQXDFLyQOHVRIUHFHPRVIUDJPHQWRVGHO EROHWtQVHPDQDOGHQXHVWUDFODVH

4]VM[!LM[MX\QMUJZM

+LFLPRVXQHVWDQGDUWHSDUDODFRPSHWHQFLDGXUDQWHOD6H PDQDGHO2UJXOOR-XJDPRVFRQSDODEUDVSDUDFRQHFWDUOD MDUGLQHUtDFRQHOI~WERO\HOYROHLERO3RUHMHPSORQXHVWUDSH ORWDGHI~WEROVHUiXQFDODEDFtQ£\QXHVWUDSHORWDGHYROHLERO VHUiXQDFDODED]D1XHVWURWLWXODUGLFH³£/D106'FRVHFKD

4QVL[Iaa2WVI\PIVKWZ\IVKMJWTTI[XIZI[]NZQ\\I\I

SHUVRQDVSHQVDURQTXHHUDUDUD&RPSDUWLPRVIULWWDWDFRQ RWUDVSHUVRQDVIXHUDGHQXHVWUDFODVH£'RVSHUVRQDVQRV HQYLDURQHPDLOVGLFLHQGRTXHHVWDEDGHOLFLRVD

5IZ\M[ LMWK\]JZM

/DVHPDQDSDVDGDOHtPRVXQOLEUROODPDGR(O'HODQWDOGH (ULF&DUOH/XHJRGHFRUDPRVQXHVWURVSURSLRVGHODQWDOHV 8VDPRVPDUFDGRUHVHVSHFLDOHVSDUDGLEXMDUHQHOORVYHJHWD OHV\IUXWDV7DPELpQHVFULELPRVQXHVWURVQRPEUHV8VDPRV QXHVWURVGHODQWDOHVQXHYRVFXDQGRSUHSDUDPRVODHQVDOD GD&RVHFKDPRVMLWRPDWHV\OHFKXJDVGHQXHVWURMDUGtQ\ SUHSDUDPRVXQDGHUH]R£/XHJRQRVFRPLPRVODGHOLFLRVD HQVDODGD

>QMZVM[LMWK\]JZM

.W\WUn[IZZQJI"2WVI\PIV2]TQW4QVL[Ia;IU]MTa5aIXZM[]UMV[][LMTIV \ITM[\MZUQVILW[)ZZQJI"5aI4QVL[Ia2WVI\PIVa2]TQWKW[MKPIVITJIPIKI XIZI][IZMVV]M[\ZI[IT[I

+R\SUHSDUDPRVVDOVD7UDEDMDPRVPX\GXUR\OXHJRSURED PRVWRGDVODVVDOVDVTXHSUHSDUDPRV/DVDOVDGH-RQDWKDQ HVWDEDSLFRVDFRQGLPHQWDGD\GHOLFLRVD/DVDOVDGH/LQGVD\ HVWDEDXQSRFRFRQGLPHQWDGDGXOFH\H[TXLVLWD/DVDOVDGH 0\DHVWDEDVXDYHGXOFH\GHOLFLRVD/DVDOVDGH-XOLRHVWDED GHOLFLRVDH[TXLVLWD\GXOFH£3HQVDPRVTXHVRPRVEXHQRV FRFLQHURV£'LVIUXWDPRVHOSUR\HFWRGHFRFLQD

QPSURJUHVV




5HWLURGHORV1LxRV\1LxDV

:M\QZWLMÃ&#x2026;VLM[MUIVILMTI[VQ}I[ JXLHQPiVHVWiGLEXMDQGRHQVXHVSDOGDDSUHQGHUXQGDWR VREUHXQDQLxDGHOJUXSR\OXHJRFRPSDUWLUORFRQWRGDV ODVGHPiVGHOJUXSREXVFDUHO³UHFXUVR´ QLxD DGHFXDGR SDUDKDFHUOHSUHJXQWDV\FRQVHJXLUPiVLQIRUPDFLyQSDUD UHVSRQGHUDSUHJXQWDVTXHVHHVWiQKDFLHQGR\YHUXQD SUHVHQWDFLyQHQ3RZHU3RLQWVREUHOtGHUHVPXMHUHVVRUGDV TXHH[SOLFDURQVXKLVWRULD\ORTXHHVWiQKDFLHQGRDKRUD 'XUDQWHHO¿QGHVHPDQDODVQLxDVFRODERUDURQHQFXDQWR DTXpLEDQDFRPHUKLFLHURQXQDOLVWDGHFRPSUDVSDUD HOYLDMHDODWLHQGDGHDEDUURWHV\OXHJRSUHSDUDURQORV DOLPHQWRVMXQWDV+XERPXFKDVVRQULVDV\PXFKDULVD GXUDQWHODSUHSDUDFLyQ\ODFHQD

8WZ+IVLQ0IZJQ[WV

-

O5HWLURGH¿QGHVHPDQDGHODVQLxDVIXHXQR GHORVSULPHURVHYHQWRVGHOQXHYRDxRHVFRODU SDUDQXHVWUDVHVWXGLDQWHVGHSUHSDUDWRULD)XH XQDPDQHUDGHDSUHQGHUDFUHDUFRPXQLGDGDO PLVPRWLHPSRTXHH[SORUDEDQHOPXQGRDVXDOUHGHGRU /DVSDUWLFLSDQWHVRUJDQL]DURQMXQWDVXQDYDULHGDGGH DFWLYLGDGHVHGXFDWLYDV\UHFUHDWLYDVSDUDD\XGDUDTXHODV FKLFDVVHHQWHQGLHUDQPHMRUDVLPLVPDV\HQWUHVL

4I[VQ}I[[QMVLWUQUILI[KWV]VIXMLQK]ZI

7DPELpQIXLPRVDODHVFXHODGHEHOOH]DHQ5LR5DQFKR SDUDXQGtDGH³6SD´1RVDUUHJODPRVODVXxDVGHORVSLHV \GHODVPDQRV\QRVPDTXLOODURQ/DVQLxDVVHVLQWLHURQ WRGDYtDPiVEHOODV\UHODMDGDVGHORXVXDOGHVSXpVGHOD YLVLWDDO6SD'HVSXpVHOJUXSRVDOLyXQUDWLWRGHFRPSUDV \DFHQDUULFR 'HVSXpVGHXQ¿QGHVHPDQDHQHOTXHFRPSDUWLPRV FRQYHUVDPRV\SDVDPRVXQSUHFLDGRWLHPSRODVQLxDV FUHDURQWDOYtQFXORTXHQRTXHUtDQVDEHUGHO¿QDOGHOUHWLUR /DVQLxDVSDUWLHURQGHOUHWLURVLQWLHQGRPiVFRQ¿DQ]DHQVL PLVPDV\HVSHUDQGRFRQDQWLFLSDFLyQYHUHQTXpSXHGHQ FRQWULEXLUDVXVFRPXQLGDGHVHQHOIXWXUR

.W\WUn[IZZQJI"4]KQTTM/ZMOWZaM[KZQJM]VUMV[IRM[WJZMTIM[XITLILM 2IMTaV;nVKPMb)ZZQJI"<WLI[Ia]LIVXIZIXZMXIZIZTIKMVI

(OUHWLURLQFOX\yGLVFXVLRQHVHGXFDWLYDVVREUHHOUHFXUVR GHFUHDUUHGHVPXMHUHVVRUGDVOtGHUHVGHODDFWXDOLGDG ORVSRVLEOHVUROHVGHOLGHUD]JRSDUDODVPXMHUHVVRUGDVHQ QXHVWUDVRFLHGDG\FyPRFRQYHUWLUVHHQXQOtGHU9DULDV DFWLYLGDGHVLQFOX\HURQWUDGXFLULQIRUPDFLyQTXHYLHQHGHOD SHUVRQDGHDWUiV HOMXHJR³WHOpIRQRGHVFRPSXHVWR´ XQ HMHUFLFLRHQHOTXHODSHUVRQDGLEXMDODLOXVWUDFLyQTXHDO



QPSURJUHVV

$TXtWLHQHQDOJXQDVGHODVUHVSXHVWDVTXHGLHURQDSUH JXQWDVVREUHHO5HWLURGHODV1LxDV §9]uIXZMVLQ[\ML]ZIV\MMTZM\QZWLMTI[VQ}I['¹)XZMVLyTWQUXWZ \IV\MY]MM[KWVÃ&#x2026;IZaIXWaIZVW[MV\ZMVW[W\ZI[º0ILI[[IP   §9]uN]MTWY]MUn[LQ[NZ]\I[\ML]ZIV\MMTZM\QZWLMTI[VQ}I['¹6]M[ \ZI^Q[Q\IITIM[K]MTILMJMTTMbIº4]KQTTM  ;Q\]^QMZI[Y]MLM[KZQJQZMTZM\QZWLMTI[VQ}I[KWV]VI[WTIXITIJZI §K]nT[MZyI''¹¨,Q^MZ\QLW º)Ta[[I¹¨.WZUQLIJTM º2IMTaV


5HWLURGHORV1LxRV\1LxDV

:M\QZWLMTW[U]KPIKPW[ OHVSDUDTXHH[SORUDUDQHOiUHD\GHFLGLHUDQGRQGHPRQWDUVXV WLHQGDVGHFDPSDxD\UHDOL]DURQODWDUHDFRQXQLQFUHtEOHWUD EDMRGHHTXLSR/XHJRGHUHDJUXSDUVHVHOHVSLGLyTXHOH\HUDQ YDULRVSDQÀHWRVVREUHODVFDUDFWHUtVWLFDVGHVXJUXSRDQLPDO 0DVWDUGHFDGDXQRDFWXyFRPRVLIXHUDGLFKRDQLPDOIXHWDQWR KLODUDQWHFRPRFUHDWLYR7DPELpQSDUWLFLSDURQHQDFWLYLGDGHVGH HGL¿FDFLyQGHHTXLSROOHQDVGHDGUHQDOLQDSDUDIRUWDOHFHUVX YtQFXORFRPRJUXSR $OGtDVLJXLHQWHORVPXFKDFKRVOOHJDURQDOLQLFLRGHODUXWD XVDQGRIRWRJUDItDVFRPRFODYHVSDUDHQFRQWUDUODV³SDUDGDV´ HVSHFt¿FDVDOJUXSR/DFDPLQDWDIXHGHVD¿DQWHFRQXQWHUUHQR GLItFLOKDVWDDOFDQ]DUHOERUGHGHODFLPD/DYLVWDGHVGHHO ERUGHHUDHVSHFWDFXODU/XHJRGHODFDPLQDWDORVQLxRVWXYLHURQ WLHPSRGHGHVFDQVRSDUDGLVIUXWDUHOODJR8QDYH]GHYXHOWDDO FDPSDPHQWRSUHSDUDPRVXQDFHQDHQODIRJDWD£)XHXQIHVWtQ &HUUDPRVHOGtDFRQXQDDFWLYLGDGOODPDGD³3DQHOGHORV0XFKD FKRV9LHMRV´XQDGLVFXVLyQHQJUXSRVREUHGLYHUVRVWHPDV/DV GLVFXVLRQHVIXHURQSURIXQGDV\HGXFDWLYDV

8WZ,I^QL)VLMZ[WV

-

OGHDJRVWRFDWRUFHPXFKDFKRVGHOD3UHSDUD WRULDGHOD106'VHUHXQLHURQHQHO&HQWURGH$FWL YLGDGHVGHO&RUUHFDPLQRV 5$& SDUDHQFRQWUDUVH FRQKRPEUHVYROXQWDULRVGHOSHUVRQDO\SUHSDUDUVH SDUDXQYLDMHDWLHUUDVVLOYHVWUHV&RPHQ]DPRVHOUHWLURUHYLVDQ GRFRQORVPXFKDFKRVODVH[SHFWDWLYDVORVDVSHFWRVGHVHJX ULGDG\ORVSODQHVSDUDHO¿QGHVHPDQD&DUJDPRVQXHVWURV YHKtFXORVFRQHOHTXLSRSDUDDFDPSDUFRQORVFKLFRVDQVLRVRV SRULQLFLDUHOWUD\HFWRDO3DUTXH(VWDWDOGHO/DJR+HURQ

=VIPMZUW[INW\WLMOZ]XWMV]VZQ[KWKWV^Q[\IIT4IOW0MZWV65

.W\WUn[IZZQJI"4W[U]KPIKPW[aMTXMZ[WVITXIZ\QKQXIVMV]VXZWaMK\W LM[MZ^QKQWKWU]VQ\IZQWXIZIKWV^MZ\QZaUMRWZIZLW[[Q\QW[Z]LQUMV\IZQW[ MV[Q\QW[LM[IZZWTTILW[XIZIIKIUXIZ)ZZQJI"4W[XIZ\QKQXIV\M[MVMTZM\QZW M`XZM[IZWVPIKQIY]u[MV\yIVUn[OZI\Q\]L

3DUDOD~OWLPDPDxDQDDORVPXFKDFKRVVHOHVGLRODWDUHD GHGHVPRQWDUHOFDPSDPHQWR/XHJRGHOLPSLDU\UHFRJHUORV FKLFRVVHUHXQLHURQFRQORV*XDUGDERVTXHVSDUDUHDOL]DUXQ SUR\HFWRFRPXQLWDULR6HOHVSLGLyGHVDUUROODUGRVVLWLRVUXGL PHQWDULRVXVDQGRKHUUDPLHQWDV\UHFXUVRVFHUFDQRV/XHJRGH TXHORV*XDUGDERVTXHVLQVWUX\HURQDORVPXFKDFKRVVREUHTXp KDFHUpVWRVWUDEDMDURQH[WUDRUGLQDULDPHQWHUiSLGR\FRPSOHWDURQ ORVVLWLRVHQPHQRVGHGRVKRUDV/RV*XDUGDERVTXHVTXHGDURQ LPSUHVLRQDGRV\OHVGLMHURQDORVFKLFRVTXHHVHSUR\HFWROHV KXELHUDWRPDGRDHOORVGRVVHPDQDVSDUDFRPSOHWDUOR£(OSRGHU GHOWUDEDMRHQHTXLSRSXHGHSURGXFLUPDUDYLOODV

'HVSXpVGHUHJUHVDUDOD106'ORVPXFKDFKRV\ODVFKLFDV VHUHXQLHURQHQHOMDUGtQGHHQIUHQWHSDUDSDUWLFLSDUHQDFWLYLGD GHVGHHGL¿FDFLyQGHHTXLSR\UHXQLUDOJUXSR6HOHVGLRFRPR (OYLDMHDO/DJR+HURQIXHLPSRQHQWHSHUPLWLpQGRQRVDSUHFLDU WDUHDFRPSOHWDUYDULDVDFWLYLGDGHV&RQVXLQFUHtEOHKDELOLGDG XQSDLVDMH\YLGDVLOYHVWUHVHUHQRV)XLPRVWHVWLJRVGHXQPR PHQWRPiJLFRFXDQGRHOODJRVHUHYHOyIUHQWHDQRVRWURV/XHJR SDUDWUDEDMDUMXQWRVGHPDQHUDHIHFWLYD£QXHVWURVHVWXGLDQWHV GHOOHJDUDQXHVWUROXJDUGHUHIXJLRORVPXFKDFKRVVHDJUXSDURQ GHPRVWUDURQHVWDUOLVWRVSDUDXQDxRH[FHSFLRQDO&RQXQDVDGR HQHO3DEHOOyQGH9LGD(VWXGLDQWLOVHGLRSRUFRQFOXLGRHO¿QGH HQ3XPDVÈJXLODV3HVFDGRUDV\2VRV1HJURV/RVYROXQWDULRV VHPDQDTXHQRVLQIXQGLyFRQXQVHQWLPLHQWRGHXQLGDG IXHURQQRPEUDGRVORV=RUULOORV6HDQLPyDORVJUXSRVDQLPD

QPSURJUHVV




$FWLYLGDGHV$FDGpPLFDV

§:WRWW^MZLM' FRPLGD&RQWDQWDVDFWLYLGDGHVGHHQULTXHFLPLHQWRHQIRFDGDV HQODXQLGDGVREUHHO³&KLOHGH1XHYR0p[LFR´IXHHYLGHQWH TXHPXFKRVHVWXGLDQWHVUHDOPHQWHGLVIUXWDURQVXH[SHULHQFLD FRQFKLOH

+PQTMLM6]M^W5u`QKW     3RU$OH[DQGUR/XFHUR









¢6DEtDVW~TXHKD\VHPLOODVGHFKLOHSRUSODQWDUHQ XQDJUDQMDGHFKLOHV"+D\PXFKRWUDEDMRGXURSRUKDFHUHQOD JUDQMDGHFKLOHV6HXVDDJXDGHO5tR*UDQGHSDUDD\XGDUD TXHFUH]FDQORVFKLOHV(OGHVHSWLHPEUHGHOIXLPRVD FRPSUDUFKLOHYHUGH\URMRFHUFDGH6RFRUUR1XHYR0p[LFR &XDQGRUHJUHVDPRVDOD106'DVDPRVORVFKLOHVYHUGHV HQHODVDGRUDWUiVGHO5$&\OXHJROHTXLWDPRVODVVHPLOODV 5HDOPHQWHPHHQFDQWDFRPHUWRGDFODVHGHFKLOHV 8WZ+QVLa<QUTMVaM[\]LQIV\M[

-

OGHVHSWLHPEUHGHXQJUXSRGHVHFXQ GDULDGHOD106'VHDYHQWXUyKDVWD6DQ$QWRQLR 1XHYR0p[LFRSDUDYLVLWDUOD*UDQMD6LFKOHU GH FKLOHV (VWiEDPRVHVWXGLDQGRODKLVWRULDGH 1XHYR0p[LFR7DPELpQTXHUtDPRVUHVSRQGHUDODSRSXODU SUHJXQWD³5RMRRYHUGH´/RVHVWXGLDQWHVYLYLHURQGHSULPHUD PDQRODWHPSRUDGDGHFRVHFKDGHOFKLOH5HJUHVDPRVQR VRORFRQQXHYRVFRQRFLPLHQWRV£VLQRDGHPiVFRQGRVEROVDV GHFKLOHYHUGH\ULVWUDVGHFKLOHURMR

+PQTM^MZLM[[QMVLWI[ILW[MVTI/ZIVRI;QKPTMZ

+PQTM^MZLM 

.W\WUn[IZZQJI"-[\]LQIV\M[LM[MK]VLIZQIaMTXMZ[WVITMVTI/ZIVRILM KPQTM[LMT¹;QKPTMZ.IZUº)ZZQJI"<a<IPMXMTIKPQTM[^MZLM[

/XHJRGHOYLDMHODVDFWLYLGDGHVGHH[SDQVLyQVHFRQFHQWUDURQ HQODPDQHUDGHSUHSDUDUHOFKLOHYHUGH5HFLELPRVLQVWUXF FLyQYDOLRVDGH$UQROG3DGLOOD\GHVXSHUVRQDOVREUHFyPR DVDU\SHODUORVFKLOHV6HOHGLRXQDSRUFLyQGHOFKLOHYHUGHD ODFODVHGHFRFLQDGH-LOO2EHUVWHLQ(OORVKLFLHURQXQHVWRIDGR GHFKLOHYHUGH\ORFRPSDUWLHURQFRQQRVRWURV(OHVWRIDGR GHFKLOHYHUGHQRVGLRODRSRUWXQLGDGGHKDFHUXQDFUtWLFDGH



QPSURJUHVV

            3RU-DQHOO0LOOHU  1XHVWUDFODVHIXHDXQDJUDQMDFHUFDGH6RFRUURSDUDFRP SUDUXQSRFRGHFKLOHYHUGH0HJXVWDHOFKLOHYHUGH$\XGp DDVDUHOFKLOHYHUGHHQHODVDGRU(OFKLOHVDEtDFRQGLPHQWD GR\SLFDQWH3UH¿HURHOFKLOHPiVVXDYH£(OFKLOHYHUGHHV GHOLFLRVR

+PQTMZWRW











        3RU7\7DKH  (OPLpUFROHVSRUODPDxDQDQRVVXELPRVDODFDPLRQHWDSDUD LUD6RFRUUR&RPSUDPRVFKLOHVYHUGHV\ULVWUDVGHFKLOHURMR /DVSODQWDVGHFKLOHURMR\YHUGHGHODJUDQMDHUDQJUDQGHV


$FWLYLGDGHV$FDGpPLFDV

$IXHUDYLPRVFyPRDVDEDQ\SHODEDQORVFKLOHVYHUGHV8Q KRPEUHOHTXLWDEDODVVHPLOODVDORVFKLOHVYHUGHV£0HJXVWD HOFKLOH

+PQTMZWRWa^MZLM 















3RU$OH[DQGHU0F&XOORXJK /DVSODQWDVGHFKLOHVHSODQWDQDSULQFLSLRVGHODSULPDYH UD/HVWRPDVHLVPHVHVFUHFHU(OFKLOHGHODJUDQMDHVWi OLVWRSDUDVHUFRVHFKDGRHQHORWRxR(OFKLOHYHUGHQRHVWi WRWDOPHQWHPDGXUR\VLWHFRPHVODSLHOWHSXHGHVHQIHUPDU 3RUHVRHVTXHSULPHURKD\TXHDVDUHOFKLOHYHUGH\TXLWDUOH ODSLHO(OFKLOHURMRHVWiPDGXUR\VtWHSXHGHVFRPHUODSLHO +DWFKHVXQRGHORVOXJDUHVPiVIDPRVRVGH1XHYR0p[LFR GRQGHFUHFHQFKLOH+DWFKHVFRQRFLGRFRPROD³FDSLWDO´GHO PXQGRGHORVFKLOHV(OUtRJUDQGH\WLHUUDEXHQDVRQLPSRU WDQWHVSDUDFUHFHUHOFKLOH6RFRUUR/DV&UXFHV\/RV/XQDV VRQWRGRVEXHQRVOXJDUHVGRQGHFUHFHUHOFKLOHSRUTXHHVXQ FOLPDPiVFiOLGR0LSODWLOORIDYRULWRFRQFKLOHYHUGHVRQODV HQFKLODGDVGHFDUQH£(OHVWRIDGRGHFKLOHYHUGHWDPELpQHV XQRGHPLVSODWRVIDYRULWRV\HVGHOLFLRVR

)TM`4]KMZW2IVMTT5QTTMZa:WKPMTTM/IZKyII[IVKPQTM[^MZLM[UQMV\ZI[ ,IVVa,M)O]MZWLMTKWUMLWZTW[[]XMZ^Q[I

+PQTM^MZLM 

    3RU-DFNLH6iQFKH]

















/RVFKLOHVYHUGHVVRQPLVIDYRULWRVSRUTXHVHYHQELHQ\VRQ GHOLFLRVRV3UH¿HURHOFKLOHPHGLDQDPHQWHSLFDQWHTXHHO VXDYHSRUTXHSLFDXQSRFRPiV(QVHSWLHPEUHIXLD6DQ $QWRQLR1XHYR0p[LFRFRQPLFODVH\FRPSUDPRVGRVEROVDV GHFKLOHXQDEROVDFRQFKLOHVXDYH\RWUDFRQFKLOHPHGLDQD PHQWHSLFDQWH(OFKLOHYHUGHQHFHVLWDVHUODYDGRDVDGR\SH ODGR3DUDSUHSDUDUHOFKLOHYHUGHHQFDVDORVFRORFRHQXQD VDUWpQ(QHOKRUQRHOFKLOHVHDVDGXUDQWHXQRVPLQXWRV \OXHJRVHFRORFDHQXQDEROVDGXUDQWHXQDKRUDKDVWDTXH HQIUtD/XHJRGHTXHHQIUtDHOFKLOHVHOHTXLWDODSLHO3XHGHV XVDUFKLOHYHUGHSDUDXQDVDOVDSDUDVDOWHDURSDUDFXDOTXLHU WLSRGHFRPLGDV£0HHQFDQWDHOFKLOHYHUGH

§:WRWW^MZLM'+IVI[\I[LMIUJW[\QXW[LMKPQTM[MVLM[XTQMO]MMVMTnZMILM UMZKILWLMTI/ZIVRI;QKPTMZ

4INIUQTQI;QKPTMZ\QMVMV[]OZIVRIMVMT>ITTM5MLQWLMT:yW/ZIVLMLM 6]M^W5u`QKWLM[LMY]MTW[XZQUMZW[;QKPTMZ[QVUQOZIZWVLM)TMUIVQIMV   

QPSURJUHVV




$FWLYLGDGHV$FDGpPLFDV

¨+WVWbKIVI:W[QVI XQDFODVHGHVHJXQGRJUDGRHQ$OEXTXHUTXH/RVHVWXGLDQWHV\ PDHVWURVWHQtDQPXFKDVSUHJXQWDVVREUHHOFDStWXOR\WDPELpQ VREUHRWUROLEURTXHPLVFRPSDxHURVGHFODVH\\RHVFULELPRVHQ HOLQWLWXODGR'HPDVLDGDVPDQRV  $GHPiVGHLUHODxRSDVDGRD$OEXTXHUTXHUHFLEtWRQHODGDVGH FDUWDVGHHVWXGLDQWHVGHOVHJXQGRJUDGRGHWRGRHOSDtV0H GLMHURQTXHOHVJXVWyODKLVWRULD\PHKLFLHURQPXFKDVEXHQDV SUHJXQWDVVREUHPLYLGD\H[SHULHQFLDFRPRQLxDVRUGD$GHPiV GHODVFDUWDVKLFHXQDHQWUHYLVWDXVDQGRHOVLVWHPDGHYLGHRFRQ IHUHQFLDVFRQOD(VFXHODSDUD6RUGRVGH&DOLIRUQLDHQ5LYHUVLGH (OORVPHKLFLHURQSUHJXQWDVFRPR³¢&XiQWRVDxRVWLHQHV"´\ ³¢1DFLVWHVLHQGRVRUGD"´

:W[QVIaMTKIXy\]TW¹+WVWbKIVI:W[QVIºLMTTQJZWLMTMK\]ZILM[MO]VLW OZILW 8WZ:W[QVI/IZKyI

+

XDQGR\RWHQtDVHLVRVLHWHDxRVGHHGDGFRQRFt D*HRUJH$QFRQDXQKRPEUHKLVSDQRTXHKDEtD HVFULWRPXFKDVKLVWRULDVVREUHODFXOWXUDKLVSDQD eOVLQWLyFXULRVLGDGSRUXQDSHTXHxDQLxDKLVSDQD VRUGD£\R0HGLMRTXHpOHVFULELUtDXQDKLVWRULDTXH VHUtDSXEOLFDGDHQXQOLEURSDUDHVWXGLDQWHVGHVHJXQGRJUDGR OODPDGR7HVRUR<RPHHPRFLRQpFRQHOSUR\HFWR\*HRUJHPH KL]RWRQHODGDVGHSUHJXQWDVVREUHPLYLGD\PLIDPLOLD7DPELpQ WRPyYDULDVIRWRVSDUDVXKLVWRULD\HOWLWXODUGHODKLVWRULDIXH ³&RQR]FDQD5RVLQD´0LIDPLOLD\\RHVSHUDPRVPXFKRVDxRV\ ¿QDOPHQWHHODxRSDVDGRVHSXEOLFyHOOLEUR\PHUHJDODURQXQD FRSLD$KRUD\DWHQJRGLHFLVpLVDxRV£\QRWHQtDLGHDTXHSRGUtD SDVDUWDQWRWLHPSRSDUDTXHXQOLEURORJUDUDVHUSXEOLFDGR  'HVGHTXHVHSXEOLFyHOOLEURKDQSDVDGRPXFKDVFRVDVGLYHU WLGDVFRPRUHVXOWDGRGHTXHORVHVWXGLDQWHVGHVHJXQGRJUDGR OHDQHOFDStWXOR³&RQR]FDQD5RVLQD´.LP%XUNKROGHUTXLHQ IXHPLPDHVWUDPHOOHYyDPL\DPLFRPSDxHUR*DUUHWDYLVLWDU

-[\IM[]VIXnOQVILMTKIXy\]TW¹+WVWbKIVI:W[QVIºUW[\ZIVLWI:W[QVIa []NIUQTQI

:W[QVI][I;SaXMXIZIY]MX]MLIMV\ZM^Q[\IZTI]VIKTI[MLM[MO]VLWOZILW MV7PQW



QPSURJUHVV

(VWHRWRxRSDVDGRWXYHXQDEUHYHHQWUHYLVWDFRQXQDFODVHGH VHJXQGRJUDGRGHXQDHVFXHODS~EOLFDHQ2KLR(OORVPHHQWUH YLVWDURQSRU6N\SH\PHKLFLHURQSUHJXQWDVFRPR³¢'yQGHHVWi DKRUDWXKHUPDQR"´³¢4XpYDVDKDFHUDKRUDTXHWHJUDG~HVGH ODHVFXHOD"´³¢&yPRDSUHQGLVWHDVLJQDU"´<HQQRYLHPEUHPH HQWUHYLVWyXQDFODVHGHVHJXQGRJUDGRGHXQDHVFXHODS~EOLFDHQ $UNDQVDV<RQRWHQtDLGHDGHTXH³&RQR]FDQD5RVLQD´VHUtDWDQ SRSXODU\TXHWDQWRVQLxRVGHVHJXQGRJUDGRVHQWLUtDQFXULRVLGDG UHVSHFWRDPLYLGD+DVLGRXQDH[SHULHQFLDPDUDYLOORVD\HVSHUR FRQDQWLFLSDFLyQLQWHUDFWXDUPiVFRQDTXHOORVTXHVHKDQSXHVWR HQFRQWDFWRFRQPLJRFRPRUHVXOWDGRGHPLKLVWRULD


$FWLYLGDGHV$FDGpPLFDV

¨*ZQTTIV\M[8WMUI[,QIUIV\M 65;, -Y]QXW8W\MV\M.]MZ\M 1V\MZM[IV\M;WZXZMVLMV\M,Q[X]M[\I :WRW-Y]QXW )UQOW[)\TM\I[ +ITUIVLW)\MZZIVLW+ITMV\IVLW )b]T*TIVKI );,* )VLZQKS+IZZWTT ¨-TM[\IVLIZ\MOIVILWZMVMT0WUMKWUQVOLMTI65;,

8WZ4I]ZQM)VLMZ[WV

4

RVSRHPDV'LDPDQWHVRQSRHPDVGHVLHWHOtQHDV YHUVRV HVFULWRVHQIRUPDGHGLDPDQWH$ODOX] GHQXHVWURUHFLHQWH)LQGH6HPDQDGHO+RPHFR PLQJORVHVWXGLDQWHVGHPLFODVHGHFRPSRVLFLyQ GHORSHULRGR$QGULFN&DUUROO-HV~V&LVQHURV &yUGRYD'DQLHO0HQGR]D\.HQGULFN6NHHWVHVFULELHURQ SRHPDVSDUDGHVFULELUHORUJXOORSRUOD106'\OD$6'% PLHQWUDVVHSUHSDUDEDQSDUDORVSDUWLGRVGHI~WERODPHULFDQR \YROHLEROGHO³+RPHFRPLQJ´ $OFUHDUORVSRHPDVORVHVWXGLDQWHVGHEtDQVHJXLUHVWH IRUPDWRHVSHFt¿FRHOYHUVR\HOUHSUHVHQWDEDQHOWHPD GHLQLFLR\GH¿QDOHOYHUVR\HOLQFOXtDQDGMHWLYRVSDUD GHVFULELUORVWHPDVGHLQLFLR\¿QDOORVYHUVRV\LQFOXtDQ JHUXQGLRVSDUDGHVFULELUDPERVWHPDV\HOYHUVRGHEtD WHQHUGRVVXVWDQWLYRV\RIUDVHVTXHFRQHFWDUDQORVWHPDVGHO LQLFLR\GHO¿QDO /RVHVWXGLDQWHVIXVLRQDURQODHVFULWXUDGHVXSRHVtDFRQVXV HVIXHU]RVFUHDWLYRVSRUGLVHxDUXQ(VWDQGDUWHGHO2UJXOOR SDUDHOUDOO\GHO+RPHFRPLQJ$QGULFN-HV~V'DQLHO\.HQ GULFNWUDEDMDURQGHPDQHUDFRODERUDWLYDSDUDTXHVXHVWDQGDU WHGHVWDFDUD£FRQFRORURUJXOOR\SRHVtD&UHDURQVXVSRHPDV \ORVFRORFDURQHQODVFXDWURHVTXLQDVGHVXHVWDQGDUWH/RV HVIXHU]RVGHORVFXDWURQLxRVSRUHVFULELUGHPDQHUDSRpWLFD YDOLHURQODSHQD£\VXHVWDQGDUWHFRQVLJXLyHOHUOXJDUHQHO FRQFXUVRGHO(VWDQGDUWHGHO2UJXOOR£(VSHURTXHKDEHUHVFUL WRSRHVtDSDUDHO(VWDQGDUWHGHO(VStULWXKD\DGHMDGRHQFODUR SDUDPLVHVWXGLDQWHVHOSRGHUGHODDOIDEHWL]DFLyQ

65;, )VQUILI7ZO]TTW[I 2]OIVLW,M[IÅIVLW;]LIVLW 8IZ\QLW-`XMZ\W[ )^MV\]ZI)UQOW[ ;WZXZMVLMV\M-VMZOQbIVLW-UWKQWVIVLW .WZUQLIJTM*]MVI );,* 3MVLZQKS;SMM\[

65;, 8W[Q\Q^I7ZO]TTW[I 2]OIVLW/IVIVLW,M[IÅIVLW =VQLIL+WUXM\QKQ~V :Q^IT2]MOW 1VKZMyJTM1V\MV\IVLW-UWKQWVIVLW /ZIVLQW[I>ITQMV\M );,* 2M[ƒ[+Q[VMZW[+~ZLW^I 65;, :WRI*TIVKI .WZ\ITMKQMVLW4]KPIVLWMV-Y]QXW 2]MOWLM+WUJI\M+WUXM\QKQ~V /]MZZMZW[.]MOW 2]OIVLW;MLQMV\I/IVIVLW )b]T*TIVKI );,* -^MZ5MVLWbI

4W[R~^MVM[XWM\I[LMQbYILMZ"3MVLZQKS;SMM\[)VLZQKS +IZZWTT2M[ƒ[+Q[VMZW[+~ZLW^Ia-^MZ5MVLWbI4W[KPQKW[ OIVIZWVXZQUMZT]OIZMVMTKWVK]Z[WLM-[\IVLIZ\M[LMT7Z O]TTWLMT0WUMKWUQVO QPSURJUHVV




$FWLYLGDGHV$FDGpPLFDV

7JZIUIM[\ZILMUW[IQKW[ 1XHVWURVLQFUHtEOHVHVWXGLDQWHVWUDEDMDURQMXQWRV£\HQHO SURFHVRDSUHQGLHURQPXFKtVLPRVREUHHOSURFHVRGHOPRVDLFR 1RVRORD\XGDURQFRQODVLGHDVFRQFHSWXDOHVVLQRTXHWDPELpQ D\XGDURQDURPSHUHOPRVDLFRHQSHGD]RVSHTXHxRV(QORV ~OWLPRVPHVHVFUHDURQOLEpOXODVGHEDUURPDULSRVDV\Ã&#x20AC;RUHV FRQYLGULRFRUWDGR7DPELpQSLQWDURQFDUDVGHEDUURSDUDGDUOH FDUiFWHUDORVQLxRVTXHHVWiQMXJDQGRHQHOPXUDO

4IXIZMLKWVMTU]ZITTIUI}IVILMTLMWK\]JZM 8WZ)JJa4WVOW

0

DFHYDULRVDxRVORVHVWXGLDQWHV\HOSHUVRQDO GHFLGLHURQFRQYHUWLUXQDHQRUPHSDUHGORFDOL ]DGDHQHOSDWLRGHMXHJRVGHOHGL¿FLR+HVWHU +DOOHQXQDKHUPRVDREUDPDHVWUDKHFKDGH PRVDLFRV'HELGRDODVOLPLWDFLRQHVGHOWLHPSR\ODVFRPSOLFD FLRQHVGHOFOLPDHOSUR\HFWRWRPyPiVWLHPSRGHOHVSHUDGR6LQ HPEDUJRDKRUDHVWR\HPRFLRQDGDGHFRPSDUWLUFRQXVWHGHV TXH£HOPXUDOGHPRVDLFRVHVWiWHUPLQDGR(VXQDVHQVDFLRQDO \FRORULGDDGLFLyQDOiUHDGHMXHJRV

+I[Q\MZUQVIVLMXMOIZTW[UW[IQKW[¨T]MOWITQUXQIZaMVTMKPIZ

(OWHPDGHOPXUDOHV³/DV&XDWUR(VWDFLRQHV´(QHOUHWUDWRGHO RWRxRORVQLxRVMXHJDQVHFROXPSLDQ\EULQFDQDOUHGHGRUGH XQiUERORWRxDOGHFRORUDPDULOOR\QDUDQMDYLEUDQWHV/DHVFHQD LQYHUQDOPXHVWUDDXQHVTXLDGRUGHOD106'GHVOL]iQGRVHSRU XQDEODQFD\EULOODQWHPRQWDxD(QODVHVFHQDVGHSULPDYHUD\ YHUDQRORVQLxRVHVFDODQ\MXHJDQDODSHORWD(OIRQGRLQFOX\H XQEULOODQWHVRO\XQDJORULRVDPH]FODGHFDIpV\YHUGHVTXH FRQWUDVWDFRQHOFLHOR\ODVPRQWDxDVGH6DQWD)H

(O\GHRFWXEUHPiVGHFXDUHQWDYROXQWDULRVHVWXGLDQWHV PLHPEURVGHOSHUVRQDOPLHPEURVGHODVIDPLOLDV\DPLJRV SHJDURQPLOHVGHSHGDFLWRVGHPRVDLFR\HVSHMRHQODSDUHG 8QDYH]TXHORVPRVDLFRVTXHGDURQHQVXOXJDUVHOLPSLyWRGD ODSDUHGSDUDTXLWDUHOH[FHVRGHPRUWHUR(QWRQFHVVHFXEULy ODSDUHGFRQXQDOHFKDGD8QDYH]TXHODOHFKDGDTXHGyVHFD VHYROYLyDOLPSLDUODSDUHG\£YRLOi£TXHGyWHUPLQDGDODREUD PDHVWUDGHPRVDLFRV£4XpPDUDYLOORVRSUR\HFWRFRPXQLWD ULR$KRUDHOSDWLRGHMXHJRVGH+HVWHU+DOOHVWiWRGDYtDPiV FHQWUDGRHQORVQLxRV£*UDFLDVDWRGRVORVTXHQRVD\XGDURQD WHUPLQDUHVWHSUR\HFWRPDVLYR

4W[M[\]LQIV\M[aMTXMZ[WVIT\ZIJIRIVR]V\W[MVMTU]ZIT

4IPMZUW[IXIZMLLMUW[IQKW[M[\n\MZUQVILI¨;WUW[TI65;,



QPSURJUHVV


(GXFDFLyQ0XOWLFXOWXUDO

,yILMT.M[\yV1VLyOMVI MDURQ\SLQWDURQXQDLOXVWUDFLyQVLPEyOLFDSDUDFDGDGLUHFFLyQ \ODFRORFDURQHQODVSDUHGHVFRUUHVSRQGLHQWHVDOQRUWHVXU HVWH\RHVWHGHO*LPQDVLR&RQQRU 3DUDPDQWHQHUQRVGHQWURGHOWHPDGHODVFXDWURGLUHFFLRQHV HOHJLPRVWHQHUFXDWURFHQWURVGHDFWLYLGDGHQORVTXHJUXSRV SHTXHxRVGHHVWXGLDQWHVWRPDURQWXUQRVHQURWDFLyQSDUD WHQHUODRSRUWXQLGDGGHLQWHUDFWXDUFRQORVH[SRVLWRUHVLQGtJH QDV1XHVWURVLQYLWDGRVLQFOX\HURQXQKDFHGRUGHPRFDVLQHV XQDUWLVWDGRVFXHQWDFXHQWRVEDLODULQHV\XQPLHPEURTXH EHQGLMRHOHYHQWR4XHUtDPRVTXHWRGRVWXYLHUDQODKDELOLGDG GHDFHUFDUVHSHUVRQDOPHQWHFRQORVH[SRVLWRUHV\HVWR\IHOL] GHUHSRUWDUTXHHVWHPpWRGRIXHXQHQRUPHp[LWR 4W[UQMUJZW[LMT+WVKQTQWLMT;QTMVKQW.]MZ\M[MXZM[MV\IVaKWUXIZ\MVLM Y]u\ZQJ]W8]MJTW[WV 8WZ,IV<QUTMV-TQbIJM\P/WZLWVaTW[UQMUJZW[LMT+WVKQTQWLMT ;QTMVKQW.]MZ\M

-

$GHPiVGHOHYHQWRTXHVHGLRHQHO*LPQDVLR&RQQRUWRGRV ORVHVWXGLDQWHV\PLHPEURVGHOSHUVRQDOGHOD106'FRPLH URQXQDGHOLFLRVDFRPLGDLQGtJHQDSUHSDUDGDSRUQXHVWUR LQFUHtEOHHTXLSRGHOFRPHGRULQFOX\HQGRXQHVWRIDGRGH PDt]WDFRVGHSDQIULWRWpLQGtJHQDSDUDEHEHU\SDSLOODGH PDt]D]XO

O&RQFLOLRGHO6LOHQFLR)XHUWHGHOD106'RIUHFLyHO 'tDDQXDOGHO)HVWtQ,QGtJHQDHOGHQRYLHPEUH HQHO*LPQDVLR&RQQRU(VWHHYHQWRHVSHFLDOGLROD RSRUWXQLGDGDQXHVWURVHVWXGLDQWHVLQGtJHQDVDPHULFDQRV GHSODQHDUXQDH[SHULHQFLDFXOWXUDO\HGXFDWLYDSDUDWRGDOD FRPXQLGDGGHOD106' (O&RQFLOLRGHO6LOHQFLR)XHUWHTXHUtDDVHJXUDUVHTXHHO SURJUDPDGHHVWHDxRIXHUDLQWHUDFWLYR\SUiFWLFR3DUDORJUDU HVWDPHWDHQYH]GHTXHWRGRVORVHVWXGLDQWHVDVLVWLHUDQD XQDVHVLyQFRPRKDVLGRHQORV~OWLPRVDxRVORTXHKLFLPRV IXHSUHVHQWDUGRVVHVLRQHVVHSDUDGDVXQDSDUDORVHVWXGLDQ WHVPiVMyYHQHVGHSUHNtQGHUDRJUDGR\RWUDSDUDORV HVWXGLDQWHVGHVHFXQGDULD\SUHSDUDWRULD 7DPELpQLQFRUSRUDPRVODVFXDWURGLUHFFLRQHV1257(685 (67(\2(67(DOHYHQWR(QVHxDPRVDORVHVWXGLDQWHV VREUHFDGDGLUHFFLyQ\ORTXHUHSUHVHQWDQ/XHJRHOORVGLEX

=VILMTI[IK\Q^QLILM[QVKT]a~I]VIZ\Q[\I1VLyOMVI)UMZQKIVWY]MTMXMLyI QLMI[ITW[M[\]LQIV\M[Y]MuTT]MOWQVKWZXWZIJII[][XQV\]ZI[

$TXtWLHQHQGRVFRPHQWDULRVGHDOJXQRVGHQXHVWURVPX\ RUJXOORVRVPLHPEURVGHO&RQFLOLRGHO6LOHQFLR)XHUWH ยน5M[MV\yNMTQbLM^MZY]MTW[M[\]LQIV\M[[MLQ^MZ\yIVaIXZMVLyIVLM TI[IK\Q^QLILM[Y]MXTIVMIUW[ยบ&HGULF7ROHGR ยนAWLQ[NZ]\uKWUXIZ\QZUQM`XMZQMVKQIKWVUQ[KWUXI}MZW[LMKTI[M 5MPQbW[MV\QZM[XMKQITaWZO]TTW[ILMUQPMZMVKQIยบ0DUJDUHW$SSD

)VLZQKS+IZZWTTaBIKPMZa4MM\WKIVTW[\IUJWZM[

(O&RQFLOLRGHO6LOHQFLR)XHUWHTXLVLHUDDJUDGHFHUDORV H[SRVLWRUHV\DFDGDXQDGHODVSHUVRQDVTXHSDUWLFLSDURQ HQHVHGtDWDQHVSHFLDO<DHVWiQHVSHUDQGRFRQDQWLFLSDFLyQ HOHYHQWRGHOSUy[LPRDxR)HOLFLWDFLRQHVDORVVLJXLHQWHV PLHPEURVGHO&RQFLOLRGHO6LOHQFLR)XHUWHSRUXQHYHQWRHGX FDWLYRELHQSODQHDGR0DUJDUHW$SSD$QGULFN&DUUROO9HUJHQD &KHH6LOYDQR)UDQN/XFLOOH*UHJRU\.DOHE/DUNLQV=DFKHU\ /HH-DHO\Q6iQFKH].HQGULFN6NHHWV0RQLVD6PLOH\&HGULF 7ROHGR\8ULDK:DJQHU

QPSURJUHVV




9LGD(VWXGLDQWLO

,WUQVQW[ (VWHSODQGHHVWXGLRVVHFRQFHQWUDHQGRPLQLRVTXHVRQ GHLPSRUWDQFLDFUtWLFDSDUDODPDGXUDFLyQGHOFDUiFWHUGH ORVVHUHVKXPDQRV\ORVSUHSDUDSDUDODYLGDLQGHSHQGLHQWH OXHJRGHTXHKD\DQWHUPLQDGRVXHVWDQFLDDTXt(VWHSODQGH HVWXGLRVVHKDHVWDGRXVDQGR\VXHIHFWLYLGDGKDVLGRFRP SUREDGDHQGLYHUVDVHVFXHODVUHVLGHQFLDOHV/D106'DGRSWy GLFKRSODQGHHVWXGLRVKDFHWUHVDxRVSHURKDVLGRYDORUDGR GHPDQHUDSURIXQGDSDUDTXHWHQJDXQHIHFWRVLJQL¿FDWLYR SDUDORVPHUHFLGRVHVWXGLDQWHVGHOSURJUDPDUHVLGHQFLDODTXt HQOD106''HVSXpVGHWRGR£HVDTXtGRQGHHVWiQQXHVWURV HVWXGLDQWHV 9DPRVDGHVJORVDUHOSODQGHHVWXGLRV\YHUGHTXpPDQH UDLPSDFWDHQORVLQGLYLGXRVHQODSRUFLyQUHVLGHQFLDOGHOD HVFXHOD/RVGRPLQLRVVRQ Â&#x2021;-T,M[IZZWTTW0]UIVW"KLJLHQHSHUVRQDO\FRQWLQXLGDGHQ XQDDWPyVIHUDDPLJDEOH\DFRJHGRUD 8WZ,WV?QTLQVO

Â&#x2021;5IVMRWLM<QMUXW"XWLOL]DUGHPHMRUPDQHUDQXHVWUDV UXWLQDV\QHFHVLGDGHVFRWLGLDQDV

OSURJUDPDGH9LGD(VWXGLDQWLODTXtHQOD106' WLHQHXQDGHFODUDFLyQSURSLDGHVXPLVLyQ 1RVRWURVHO'HSDUWDPHQWRGH9LGD(VWXGLDQWLO HVWDPRVFRPSURPHWLGRVDOGHVDUUROORLQWHJUDOGHO QLxRDORIUHFHUXQHQWRUQRDFFHVLEOHHVWLPXODQWH\FHQWUDGR HQHOHVWXGLDQWHHQHOTXHVXVQLxRVMyYHQHVSDUWLFLSDQFRPR PLHPEURVLQYROXFUDGRV3DUDSRGHUFXPSOLUFRQHOFULWHULR GHXQ³GHVDUUROORLQWHJUDOGHOQLxR´HOGHSDUWDPHQWRGH9LGD (VWXGLDQWLOVHDGKLHUHDXQSURJUDPDGHHVWXGLRVGLVHxDGR SDUDPD[LPL]DUHOFUHFLPLHQWRLQGLYLGXDOGHFDGDQLxRTXH HVWpEDMRQXHVWURFXLGDGR

Â&#x2021;,M[\ZMbI[+]T\]ZITM[;WKQITM["DWHQGHUODVQHFHVLGDGHV GHFRPXQLFDFLyQ\ODVGHVWUH]DVLQWHUSHUVRQDOHVLQFOX\HQ GRUHVSHWRSRUODGLYHUVLGDG

-

Â&#x2021;+WVLQKQ~V.y[QKI-UWKQWVIT"HOPDQWHQLPLHQWRGH QXHVWUDVSURSLDVQHFHVLGDGHVItVLFDVFRPR VHUtDQQHFHVLGDGHVHPRFLRQDOHVGHHMHUFLFLR\QXWULFLyQ Â&#x2021;,M[\ZMbI[XIZIMT-[\]LQW1V\MTMK\]ITM["GHVDUUROORGHO p[LWRFRQGHVWUH]DVSDUDGHSHQGHUGHXQRPLVPR\SDUD PHMRUDUODFRQ¿DQ]DHQXQRPLVPR Â&#x2021;8WTy\QKW"WHQHUFRQFLHQFLDGHORVHYHQWRVSROtWLFRVD GLVWLQWRVQLYHOHV

.W\WUn[IZZQJI"4M[TQM8IU;QI[)TQ[[I>IZOI[2IMTaV;nVKPMba4]KQTTM /ZMOWZaKWUXZIVTW[QVOZMLQMV\M[Y]M][IZnVXIZIKWKQVIZ]VIV]\ZQ\Q^I KMVI)ZZQJI"5QMUJZW[LM4I;WKQMLIL.WTST~ZQKIKWUXIZ\MVQVNWZUIKQ~V KWVTW[M[\]LQIV\M[[WJZMTW[M^MV\W[K]T\]ZITM[PQ[XnVQKW[Y]MMTTW[XI\ZWKQ VIVMV;IV\I.ML]ZIV\MMTI}W



QPSURJUHVV

Â&#x2021;8TIVMIKQ~VXIZITI>QLI"HWLTXHWDJHQHUDO\UHVSRQVDELOL GDGHVJHQHUDOHV  <DWHQHPRVHQPRYLPLHQWRSURJUDPDVTXHSHUPLWHQTXHFDGD HVWXGLDQWHDSUHQGL]VHIDPLOLDULFHFRQORVGLIHUHQWHVDVSHFWRV GHODYLGD(O'HSDUWDPHQWRGH$FWLYLGDGHV$WOpWLFDVMXHJDXQ LPSRUWDQWHSDSHOHQQXHVWURSODQGHHVWXGLRV\HO3URJUDPD GH7XWRUtDWDPELpQFRQWULEX\HHQRUPHPHQWH1XHVWURSURSLR 3URJUDPDGH$FWLYLGDGHVGHVSXpVGH&ODVHV $6$3SRUVXV VLJODVHQLQJOpV WDPELpQIXHGHVDUUROODGRSDUDDTXHOORVTXH HOLJHQQRSDUWLFLSDUHQODViUHDVDWOpWLFDV'HQWURGHFDGD SURJUDPDVHGLVHxDQDFWLYLGDGHVTXHLQFRUSRUDQFDGDXQR GHORVGRPLQLRVGHPDQHUDTXHORVHVWXGLDQWHVWRPHQSDUWH \GLVIUXWHQVLQGDUVHFXHQWDGHTXHOHVHVWiQHQVHxDQGR DFWLYLGDGHVTXHHQVLPLVPDVVRQXQDOHFFLyQSUiFWLFDVREUH ODYLGD £(O'HSDUWDPHQWRGH9LGDHVWXGLDQWLOGHOD106'GDODELHQ YHQLGDDHVWDRSRUWXQLGDGGHD\XGDUDFULDUDVXQLxRDSDUD TXHWHQJDXQDYLGDH[LWRVD


9LGD(VWXGLDQWLO

=VV]M^WXIJMTT~VXIZITI^QLIM[\]LQIV\QT (OSDEHOOyQVHWHUPLQyDO¿QDOGHODSULPDYHUD\ RIUHFHXQiUHDFyPRGD\PDUDYLOORVDPHQWHVRPEUHDGD SDUDTXHORVHVWXGLDQWHVPLHPEURVGHOSHUVRQDOIDPL OLDV\YLVLWDQWHVVHUH~QDQ$GHPiVGHOQXHYRSDEHOOyQ KD\YDULDVPHVDVGHSLFQLF\WDPELpQERWHVGHEDVXUD (VWHSDWLRDOH[WHULRUVHKDFRQYHUWLGRHQXQDSDUWHLP

8WZ:WLLa+IJJIOMa>WVVQM*I[PIU

;

LXVWHGKDYLVLWDGRUHFLHQWHPHQWHHO&DP SXVGHOD106'£HVSUREDEOHTXHKD\D QRWDGRHOKHUPRVR3DEHOOyQQXHYRORFDOL]D GRGHWUiVGHO&HQWURGH$FWLYLGDGHVGHO&R UUHFDPLQRV 5$& (OSHUVRQDOGH9LGD(VWXGLDQWLO\ORV HVWXGLDQWHVKDQVRxDGRFRQHVWH3DEHOOyQGHVGHTXH ORVQXHYRVGRUPLWRULRV\HO5$&TXHGDURQWHUPLQDGRV HQHO&RQHOIXHUWHVROEULOODQGRGXUDQWHGtDV GHODxRHOiUHDQHFHVLWDEDXQDHVWUXFWXUDSDUDFUHDU VRPEUD(QHVWRVDxRVORVHVWXGLDQWHV\HOSHUVRQDO GLVFXWLHURQ\UHDOL]DURQOOXYLDVGHLGHDVGLYHUVDVKDVWD TXH¿QDOPHQWHHQFRQWUDURQXQKHUPRVRGLVHxRXVDQGR PDGHUD\XQWHFKR3UR3DQHO

-TXIJMTT~V\MZUQVILW

.W\WUn[IZZQJI"=VINW\WLMTXI\QWIV\M[ )ZZQJI"¨1VQKQITIKWV[\Z]KKQ~VLMTXIJMTT~V

*IRWTI[WUJZILMTXIJMTT~V,WV?QTLQVOa?IT\MZ*IQTMaKWVTW[M[\]LQIV\M[ LMTXZWOZIUILM^MZIVWLMTI65;,KZMIVJZIbITM\M[M[\IUXILW[LMXQMT

SRUWDQWHGHQXHVWUR&RPSOHMR5HVLGHQFLDOSDUDOD9LGD (VWXGLDQWLO\ORXVDPRVH[WHQVLYDPHQWHGXUDQWHWRGR HODxR\GXUDQWHORVSURJUDPDVGHYHUDQRGHOD106' (VXQOXJDUSHUIHFWRSDUDORVDVDGRVHO¿QGHVHPDQD GHO+RPHFRPLQJODVUHFHSFLRQHV\ODVDFWLYLGDGHVSDUD FUHDUHTXLSR/RVHVWXGLDQWHV\HOSHUVRQDOWDPELpQ HVWXYLHURQFRPLHQGRDKtGXUDQWHODVUHQRYDFLRQHVDO FRPHGRUTXHVHUHDOL]DURQGXUDQWHHORWRxRSDVDGR 8QHQRUPHDJUDGHFLPLHQWRSDUD7KRUSH\-RFHO\Q1LF NHUVRQGHOD)XQGDFLyQ:DOWHU6FRWW6LQVXJHQHURVD GRQDFLyQHVWHSUR\HFWRQRKXELHUDVLGRSRVLEOH

QPSURJUHVV




$FWLYLGDGHV$WOpWLFDV

.ƒ\JWT)UMZQKIVW >IZ[Q\a

>WTMQJWT>IZ[Q\a

,MQbYILMZÅTILMILMTIV\M".MZVIVLW;QT^I1UUIV]MT6M]JI]MZ5IZS +Pn^Mb;QT^IVW.ZIVS+MLZQK<WTMLW2]TQW:]QbaMT<uKVQKWLMTMY]QXW 2M[ƒ[5MLZIVW)\Zn["-V\ZMVILWZ)[Q[\MV\M;\M^M>IZOI[-[\ILy[\QKW ,ITM4WXMZ<uKVQKWLMTMY]QXW=ZQIP?IOVMZ)VLZQKS+IZZWTT5QKPIMT 2MVL][I<aZMTT?QTLQVO-^MZ5MVLWbI*QTT/WZUIVBIKPIZa4MM2IQUM 4~XMb:IUyZMb3MVLZQKS;SMM\[-V\ZMVILWZ)[Q[\MV\M:WJMZ\0IVMa2Za -V\ZMVILWZMV2MNM:WJMZ\0]QbIZ

+IUXMWVI[,Q[\ZQ\W*,MQbYILMZÅTILMILMTIV\M"3QUJMZTa 0MZZMZI:W[QVI/IZKyI)UJMZTMa4]VI5IZQI-TMVI:MVL~V+ITLWVQI ?QTLQVO.QTILMMVUMLQW">QK\WZQI7Z\Qb)UIVLI;]ZL]SIV5IZQ[WT;nV KPMb:W[MVLI*][\IUIV\M*IZZQW[.QTILMI\Zn[2WQ0WT[IXXTM-V\ZMVILWZI )[Q[\MV\M;\IKa6W_IS-V\ZMVILWZIMV2MNM8ZQ[KQTTI*Q[S]XQIS-V\ZMVI LWZI)[Q[\MV\MVWNIT\IVILQMMVTINW\WLMTMY]QXW^IZ[Q\a

>WTMQJWT2]VQWZ>IZ[Q\a

>WTMQJWT;MK]VLIZQI

,MQbYILMZÅTILMILMTIV\M"2IY]MTQVM;nVKPMb0ILI[[IP)O]QTIZ,I^Q[ :WKPMTTM/IZKyI2IMTaV;nVKPMb5IZOIZM\)XXI.QTILMI\Zn["+Za[\IT 5Q\KPMU-V\ZMVILWZI)[Q[\MV\M2IVMTT5QTTMZ:W[MVLI*][\IUIV\M*IZZQW[ 5IZQ[WT;nVKPMb5MTIVQM*MOIa8ZQ[KQTTI*Q[S]XQIS-V\ZMVILWZIMV2MNM 6W[ITMMVTINW\W·5IaOIV;IQb

,MQbYILMZÅTILMILMTIV\M"2IMTaV;nVKPMb;PMZZMVI*WJ:WKPMTTM /IZKyI2IY]MTQVM;nVKPMb.QTILMI\Zn["8ZQ[KQTTI*Q[S]XQIS-V\ZMVILWZI )[Q[\MV\M>MZOMVI+PMM5MTIVQM*MOIa2IVMTT5QTTMZ5IZOIZM\)XXI +Za[\IT5Q\KPMU-V\ZMVILWZIMV2MNM



QPSURJUHVV


$FWLYLGDGHV$WOpWLFDV

4I[+WZZMKIUQVW[OIVIVMT +IUXMWVI\WLMT,Q[\ZQ\W*

;WKKMZ2]^MVQT=

)ZZWLQTTILW[LMQbYILMZ"4QbbQM4WVOW)LZQIV.MZVnVLMb2]TTQIV)ZVILI ;W\MTW5I\\MI3QVOaBI^QI*]Z\WV.QTILMI\Zn["-V\ZMVILWZ:QKPQM5W[M[

4I[+WZZMKIUQVW[MV]VIMUWKQWVIV\MTTMOILIPI[\ITIZMLLMZZW\IVITI M[K]MTIZQ^IT>QK\WZa+PZQ[\QIVaOIVIVMT+IUXMWVI\WLMT,Q[\ZQ\W*

:M\ZI\WLM]VI;MVQWZ

;WKKMZ2]^MVQT=

+ITLWVQI?QTLQVOOWTXMILWZIM`\MZQWZJTWY]MILWZI\MZUQVI]VILM[\I KILIKIZZMZIZWUXQMVLWTW[ZuKWZL[LMTI65;,MVVツザMZWLMXQKILI[a JTWY]MW[

)ZZWLQTTILW",][\QV0IVL.QTILMMVUMLQWLMQbYILMZ"+WNNMa3QVO 3QMZIV>WTTUIZ3QMZIV-ZKWTQVW.QTILMI\Zn["-V\ZMVILWZI+IVLQ0IZJQ[WV

QPSURJUHVV




$FWLYLGDGHV$WOpWLFDV

5WUMV\W[LM[\IKILW[LMT0WUMKWUQVO

4I+WZ\M:MITLMT0WUMKWUQVO,MQbYILMZ"LMTWOZILW3QU JMZTa0MZZMZIa3MVLZQKS;SMM\[#LMTWOZILWMT:Ma5QKPIMT2MVL][Ia :W[MVLI*][\IUIV\M*IZZQW[TI:MQVI+ITLWVQI?QTLQVOa*QTT/WZUIV# LMTWOZILW:W[QVI/IZKyIa<a?QTLQVO#aLMT!WOZILW>QK\WZQI7Z\Qba +MLZQK<WTMLW

4IKWUXM\MVKQILMTI;MUIVILMT7ZO]TTWLMT0WUMKWUQVOM[\]^WTTMVILM M^MV\W[\WLW[TW[LyI[LM[LMTW[[WUJZMZW[Un[TWKW[Y]M[M^MVIZZQJIPI[\I MTLQ[M}WUn[KZMI\Q^WLMM[\IVLIZ\MLMTWZO]TTW

5IZQI-TMVI:MVL~VLM^]MT^M]V[IY]MMVMTXIZ\QLWKWV\ZITI[;MV\QVMTI[ LMTI);,*4I[+WZZMKIUQVW[OIVIZWVIUJW[XIZ\QLW[LMT[nJILWaLMT LWUQVOW



QPSURJUHVV

,MQbYILMZ"3QMZIV>WTTUIZ,][\QV0IVL+WNNMa3QVOa3QMZIV-ZKWTQVW QV\MZXZM\IVMTPQUVWVIKQWVITUQMV\ZI[]V^M\MZIVWLMTIO]MZZIMV1ZIS [IT]LITIJIVLMZILM--==

1UUIV]MT6M]JI]MZLMRII]VLMNMV[ILMTI);,*KWVMTJZIbWM[\QZILWUQMV \ZI[KWZZMXIZIUIZKIZ]V\W]KPLW_V4W[+WZZMKIUQVW[[QUXTMUMV\MN]MZWV LMUI[QILWXIZITW[^Q[Q\IV\M[;MV\QVMTI[OIVIVLWNnKQTUMV\MIJIRWTI ZMOTILMTIKTMUMVKQIIV\M[LM\MZUQVIZMTツサ\QUWK]IZ\W

4IUILZMVI\]ZITMbI[MXWZ\~IUIJTMKWVMTXツカTQKWMVMT0WUMKWUQVO [IT]LnVLWTWKWV\MUXMZI\]ZI[MVTW[ ツシ[ITIPWZILMTXIZ\QLW ツィ>IUW[+WZZMKIUQVW[


6HUYLFLRVGH$SR\RDOD)DPLOLD

=VLyIMVTI^QLILM]V-[XMKQITQ[\IMV)XWaWITI.IUQTQI (QRFDVLRQHVQRVFRPXQLFDPRVHQWUHQRVRWURVPHGLDQWHFR UUHRVHOHFWUyQLFRVRPHQVDMHVGHWH[WR2WUDVYHFHVXVDPRVHO YLGHyIRQRTXHHVXQDWHFQRORJtDLQFUHtEOH$OJXQDVGHQXHVWUDV IDPLOLDVWLHQHQVXSURSLRYLGHyIRQRHQFDVD\HVRVLJQL¿FDTXH SRGHPRVOODPDUQRVGHPDQHUDGLUHFWD DHVWRVHOHOODPDFRPX QLFDFLyQ³GHSXQWRDSXQWR´ 'HRWUDPDQHUDQRVFRPXQLFDPRV XVDQGRHO6HUYLFLRGH5HWUDQVPLVLyQGH9LGHRHOFXDOSHUPLWH UHDOL]DUOODPDGDVWHOHIyQLFDVHQ$6/SDUDTXHVHDQLQWHUSUHWDGDV DYR]HQLQJOpVRHVSDxROKDEODGR(VWDWHFQRORJtDWDQLPSRUWDQ WHD\XGDDTXHVHFRPSDUWDXQDDEXQGDQFLDGHLQIRUPDFLyQVH GHQGLVFXVLRQHV\RSOiWLFDVHQWUHODVIDPLOLDV\\R\ROD106'

8WZ0MLa=LSW^QKP;\MZV

-

QPLQXHYDSRVLFLyQFRPRHOHQODFHHQWUHODHVFXHOD \HOKRJDUKHWHQLGRHOJUDQSODFHUGHWUDEDMDUFRQ \GHDSR\DUDODVIDPLOLDVGHQXHVWURVHVWXGLDQWHV /D106'UHFRQRFH\YDORUDHOKHFKRGHTXHODV IDPLOLDVVRQXQVRFLRGHLPSRUWDQFLDFUtWLFDSDUDODHGXFDFLyQ GHVXVQLxRV\DXQTXHQRVR\QLODPDHVWUDQLHO(GXFDGRUGH 9LGD(VWXGLDQWLOHOFRQVHMHURQLODHQIHUPHUDGHVXVQLxRVVR\ DOJXLHQQHXWUDOFRQTXLHQODVIDPLOLDVSXHGHQVHQWLUVHVHJXURV  3DVRPLVGtDVHQHOFDPSXVSULQFLSDOGH6DQWD)H\PLHQWUDV TXHFDVLQLQJXQDIDPLOLDWLHQGHDYHQLUDOFDPSXVGLDULDPHQWH\R SDVRFDGDPLQXWRGHPLGtDWUDEDMDQGRFRQHOORVHQXQDYDULHGDG GHIRUPDV$OJXQDVIDPLOLDVYLHQHQDYHUPHHQSHUVRQD\QRV VHQWDPRVHQPLPX\FyPRGD\KRJDUHxDR¿FLQDSDUDSODWLFDU VLWRGDYtDQRKDQYHQLGR£ORVDQLPRSDUDTXHSDVHQDYHUPH SURQWR 

3DUDORVHVWXGLDQWHVGHQXHYRLQJUHVR\VXVIDPLOLDV\RVR\OD SHUVRQDGHFRQWDFWR$\XGRDODWUDQVLFLyQGHORVHVWXGLDQWHV DOD106'DVHJXUiQGRPHTXHORVHVWXGLDQWHVVHLQVWDOHQ\ HQWUHQ³HQODRQGD´WDQWRHQORVVDORQHVGHFODVHVFRPRHQHO GRUPLWRULRVLVRQHVWXGLDQWHVUHVLGHQWHV7DPELpQGR\DSR\R DORVPLHPEURVGHODIDPLOLDGXUDQWHHVWHWLHPSRGHWUDQVLFLyQ \DTXHDSUHFLDQVHQWLUVHWUDQTXLORVDOVDEHUTXHVXVQLxRVVH HVWiQDMXVWDQGRELHQDODQXHYDHVFXHOD7HQJRFRPXQLFDFLyQ IUHFXHQWHFRQHOORVHQUHODFLyQFRQHVWR\\WDPELpQYHUL¿FRFRQ

-^MTaVa[]UIUnKWVWKMVIT,Z;\MZVL]ZIV\M[]^Q[Q\IITI65;,MTW\W}W XI[ILW

QXHVWURVRWURVHVWXGLDQWHVSDUDDVHJXUDUPHTXHWDPELpQOHV HVWi\HQGRELHQ &RPRSDUWHGHQXHVWUR3ODQ(VWUDWpJLFRSDUDWRGDODHVFXHOD KD\XQiUHDGHHQIRTXHUHODFLRQDGDFRQOD3DUWLFLSDFLyQGHORV 3DGUHVGH)DPLOLD4XHUHPRVTXHQXHVWUDVIDPLOLDVHVWpQORPiV LQYROXFUDGDVSRVLEOHFRQODHGXFDFLyQGHVXVQLxRV\TXH³YHQ JDQDODHVFXHOD´ORPiVVHJXLGRTXHSXHGDQ8QDGHODViUHDV HQODVTXHPHHVWR\FRQFHQWUDQGRVHUHODFLRQDFRQRUJDQL]DU XQDYDULHGDGGHWDOOHUHVVLJQL¿FDWLYRVTXHVHHQIRTXHQHQODYD ULHGDGGHQHFHVLGDGHVGHODVIDPLOLDV$GHPiVGHDSR\DUDORV HVWXGLDQWHV\VXVIDPLOLDVHQODVIRUPDV\DPHQFLRQDGDVHQPL R¿FLQDVHJHQHUDHOEROHWtQPHQVXDOGHOD106'³/DV1RWLFLDV GHO&RUUHFDPLQRV´HOFXDOVHHQYtDSRUFRUUHRGLUHFWDPHQWHDODV IDPLOLDV

.W\WUn[IZZQJI"0MLaMA^WVVMUIUnLM]VXW[QJTMM[\]LQIV\MV]M^W^Q[Q \IV0M[\MZ0ITT)ZZQJI",]ZIV\M[]^Q[Q\I-^MTaV]VM[\]LQIV\MXW\MVKQIT[M ]VQ~I]VIIK\Q^QLILMVMT[IT~VLMXZQUMZOZILWLMTI65;,

8QDGHPLVSULQFLSDOHVPHWDVHVWHDxRHVFRQRFHUDFDGDXQD GHODVIDPLOLDVGHOD106'\HVWRORKHLGRORJUDQGRGHPDQHUD OHQWDSHURVHJXUD6LWRGDYtDQRKHWHQLGRHOSODFHUGHFRQRFHU ORVSRUIDYRUSDVHQSRUPLR¿FLQD\SUHVpQWHQVH\FODURTXH £HVSHURYHUORVHQXQRGHORVPXFKRVHYHQWRVTXHRUJDQL]DOD 106'

QPSURJUHVV




6HUYLFLRVDO3~EOLFR

8ZWaMK\W:M[]T\ILW[LMT-[\]LQIV\M

4IM[XMKQITQ[\IMV;MZ^QKQW[IT8ƒJTQKW4MIP/ZMOOMV\ZM^Q[\II8I]T]VWLM [][M[\]LQIV\M[MVZMTIKQ~VI[][M`XMZQMVKQI[M[KWTIZM[ 8WZ8ZQ[KQTTI;PIVVWV/]\QuZZMb

+

RPRSDUWHGHVXSURFHVRGHSODQHDFLyQHVWUDWp JLFDHO'HSDUWDPHQWRGH6HUYLFLRV(VSHFLDOHVDO 3~EOLFRKDGHVDUUROODGRXQSUR\HFWRTXHFRPHQ ]DUiDPHGLUHOLPSDFWRGHORVVHUYLFLRVDOS~EOL FRHQORVHVWXGLDQWHVWRWDO\SDUFLDOPHQWHVRUGRV HQWRGRHOHVWDGR+D\PXFKRVGLVWLQWRVIDFWRUHVTXHDIHFWDQ HOp[LWRDFDGpPLFR/XHJRGHXQDFXLGDGRVDFRQVLGHUDFLyQHO FRPLWpGHSODQHDFLyQHVWUDWpJLFDVHOHFFLRQyODSDUWLFLSDFLyQ GHOHVWXGLDQWHHQHOVDOyQGHFODVHVFRPRHOiUHDGHHQIRTXH SDUDHO3UR\HFWR5HVXOWDGRVGHO(VWXGLDQWH6HLGHQWL¿FDURQ WUHVFRPSRQHQWHVFRPRVXEFDWHJRUtDVVREUHODVTXHVHKDUi ODHYDOXDFLyQ\UHFROHFFLyQGHGDWRV 7UHVFRPSRQHQWHVHVFRODUHVTXHFRQWULEX\HQD ODSDUWLFLSDFLyQGHOHVWXGLDQWH





 

 

‡,QWHUDFFLyQFRQORVFRPSDxHURV ‡$FWLWXGHVKDFLDODHVFXHOD\HODSUHQGL]DMH ‡/DFRPXQLFDFLyQ

3DUDSRGHUREWHQHULQIRUPDFLyQEDVHVREUHORVHVWXGLDQWHV VHOHFFLRQDGRVSDUDHOSUR\HFWRORV(VSHFLDOLVWDVHQ6HUYLFLRV DO3~EOLFRHVWiQGLVWULEX\HQGRXQFRQMXQWRGHWUHVHQFXHVWDV GHVDUUROODGDVSRUHOFRPLWp8QDHQFXHVWDVHHQIRFDHQHO HVWXGLDQWHVRWUDODFRPSOHWDHOSDGUHGHIDPLOLD\ODWHUFHUD HVSDUDXQRRPiVGHORVPLHPEURVGHOHTXLSRHGXFDWLYRTXH WUDEDMDFRQHOHVWXGLDQWH/RVUHVXOWDGRVGHODVHQFXHVWDV SHUPLWLUiQDO(VSHFLDOLVWDHQ6HUYLFLRVDO3~EOLFRLGHQWL¿FDUORV QLYHOHVDFWXDOHVGHSDUWLFLSDFLyQGHOHVWXGLDQWHDVtFRPRODV iUHDVGHQHFHVLGDGHVSHFt¿FDVDOHVWXGLDQWHGHQWURGHODV WUHVVXEFDWHJRUtDVPHQFLRQDGDVDQWHULRUPHQWH



QPSURJUHVV

(MHPSORVGHHVWUDWHJLDVTXHSXHGHQPHMRUDUODSDUWLFL SDFLyQGHOHVWXGLDQWH«

‡ 3URYHHUOHRSRUWXQLGDGHVGHDSUHQGL]DMH%DVDGDVHQ 3UR\HFWRV

‡ &UHDUDFWLYLGDGHVGHDSUHQGL]DMHGHFRODERUDFLyQHQ JUXSRSHTXHxR

‡ (QVHxDUDORVHVWXGLDQWHV\FRPSDxHURVWpFQLFDVGH UHSDUDFLyQGHODFRPXQLFDFLyQ

‡ +DFHUYLVLEOHVSDUDORVHVWXGLDQWHVODVGHVWUH]DVGH UD]RQDPLHQWR\SHQVDPLHQWR

8QDYH]TXHVHKDQLGHQWL¿FDGRODViUHDVGHQHFHVLGDGHO (VSHFLDOLVWDHQ6HUYLFLRVDO3~EOLFRWUDEDMDUiHQFRODERUDFLyQ FHUFDQDFRQHOHTXLSRHGXFDWLYRGHOHVWXGLDQWHSDUDHQVHxDU OHVHVWUDWHJLDVHVSHFt¿FDVTXHSXHGHQD\XGDUDPHMRUDUVX FRPSURPLVR\VXSDUWLFLSDFLyQ (QODSULPDYHUDOXHJRGHTXHHOPDHVWURHTXLSRHGXFDWLYRGH XQHVWXGLDQWHKD\DWHQLGRWLHPSRGHLPSOHPHQWDUODVHVWUDWH JLDVGHVLJQDGDVVHYROYHUiQDGLVWULEXLUODVHQFXHVWDVDORV HVWXGLDQWHVORVSDGUHV\ORVPDHVWURVSDUDUHFROHFWDUGDWRV SRVWHULRUHVDODLQWHUYHQFLyQ<DTXHODVHVWUDWHJLDVXWLOL]D GDVVHUiQHVSHFt¿FDVDFDGDHVWXGLDQWHHVSHUDPRVYHUXQ DXPHQWRHQORVQLYHOHVGHSDUWLFLSDFLyQGHOHVWXGLDQWH (OHTXLSRGH6HUYLFLRVDO3~EOLFRWDPELpQHVSHUDTXHOD LQIRUPDFLyQGHO3UR\HFWRGH5HVXOWDGRVGHO(VWXGLDQWHLGHQ WL¿FDUiODPDQHUDHQTXHXQDPD\RUSDUWLFLSDFLyQDXPHQWD ODVRSRUWXQLGDGHVGHDSUHQGL]DMHSDUDORVHVWXGLDQWHVWRWDO\ SDUFLDOPHQWHVRUGRVHVSHFLDOPHQWHHQHQWRUQRVGHHGXFD FLyQUHJXODU(VWHSUR\HFWRUHSUHVHQWDHOHVIXHU]RLQLFLDOSRU PHGLUHOLPSDFWRGHORV6HUYLFLRV(VSHFLDOHVDO3~EOLFR\OD LQIRUPDFLyQGHOPLVPRVHUiXQDJXtDSDUDODIXWXUDSODQHDFLyQ HVWUDWpJLFDGHOGHSDUWDPHQWR


6HUYLFLRVDO3~EOLFR

-TXZWOZIUI);4)UMZQ+WZX[[M^IMVZIQbIVLWMV\WLWMTM[\ILW (OVHJXQGRDxRGLRLQLFLRHOGHVHSWLHPEUHGHO$PHUL &RUSV¿QDQFLyGRVSRVLFLRQHVDGLFLRQDOHVSDUDHOVHJXQGR DxRSHUPLWLHQGRTXHHOSURJUDPDH[SDQGLHUDVXVHUYLFLRDGRV UHJLRQHVPiV$KRUDVHSXHGHRIUHFHUSURJUDPDFLyQHQODV FRPXQLGDGHVGH&ORYLV\3RUWDOHV\HQWRGDODUHJLyQQRUWH \QRUHVWHGHOHVWDGR/DJHQWHTXHUHFLELyHOVHUYLFLRHODxR SDVDGRHVWDEDQDQVLRVRVSRUFRQWLQXDUORHVWHDxR\HVSHUDEDQ FRQHQWXVLDVPRODOOHJDGDGHVXPLHPEURGH$PHUL&RUSV+XER LQFOXVRXQOXJDUTXHVHEHQH¿FLyFRQHOUHJUHVRGHOPLHPEUR TXHHVWXYRFRQHOORVHODxRDQWHULRUTXLHQVHFRPSURPHWLyDXQ VHJXQGRDxRGHVHUYLFLR

8WZ+QVLa0]NN

4

RTXHLQLFLyFRPRXQVXHxRKDFH\DYDULRVDxRV VHKDFRQYHUWLGRHQXQDUHDOLGDGELHQYHQLGDHQ WRGR1XHYR0p[LFR(O3URJUDPD$6/$PHUL&RUSV FRPHQ]yHQRFWXEUHGHOFRQVLHWHLQGLYLGXRV (VWRVPLHPEURVGH$PHUL&RUSVWRGRVHOORVVRUGRV VHFRPSURPHWLHURQDXPHVHVGHVHUYLFLRJDQDQGRXQ HVWLSHQGLRSHTXHxRDFDPELRGHODRSRUWXQLGDGGHKDFHUOD GLIHUHQFLDHQODVYLGDVGHQLxRVVRUGRV\HQODVSHUVRQDVGHVXV FRPXQLGDGHV (OSURJUDPDWLHQHXQFRQFHSWRVLPSOHSHURULQGHUHVXOWDGRV SRGHURVRV/RVPLHPEURVHQVHxDQ$6/DODVIDPLOLDVTXHWLHQHQ QLxRVVRUGRV\HQORVSURJUDPDVHVFRODUHVDGRQGHDVLVWHQORV QLxRV'XUDQWHHOSULPHUDxRGHOSURJUDPDVHGLRVHUYLFLRD HVFXHODV\IDPLOLDVGHHVWXGLDQWHVHQFLQFRUHJLRQHVGHO HVWDGR6HFDOFXODTXHHQWUH\SHUVRQDVSRUQLxRUHFLELHURQ FLHUWDFDQWLGDGGHLQVWUXFFLyQGHOHQJXDGHVHxDV(VWRTXLHUH GHFLUTXHVHOOHJyDHQWUH\SHUVRQDVFRQHOVHUYLFLR $PHUL&RUSVDWUDYpVGHDSR\RLQGLYLGXDOFODVHVVHPDQDOHVFRQ WLQXDVLQVWUXFFLyQHQJUXSRVSHTXHxRVRWDOOHUHVGHXQVRORGtD (QXQDxRHOSURJUDPDWXYRPXFKRVLPSDFWRVLPSUHVLRQDQWHV 3DUDYHUHO5HSRUWHGH$YDQFHGHO3URJUDPDHQVX WRWDOLGDGYLVLWHHOVLWLRHQLQWHUQHWGH$PHUL&RUSVKWWSZZZ QPVGNQPXVDPHULFRUSVLQGH[SKS

5QMUJZW[LM)UMZQ+WZX[LMTI65;,R]V\WKWV+PZQ[\QVM3IVMa+QVLa 0]NN\WUIV]VLM[KIV[WT]MOWLM\ZIJIRIZMV]VU]ZITKWU]VQ\IZQWL]ZIV\M MTM^MV\WLM4IVbIUQMV\WLMTXZWOZIUIM[\I\ITLM)UMZQKWZX[MV;QT^MZ+Q\a 65

&RPRSUHSDUDFLyQSDUDVXWUDEDMRORVPLHPEURVUHFLEHQFD SDFLWDFLyQLQWHQVLYDHQ6DQWD)HDQWHVGHVHUHQYLDGRVDVXV OXJDUHVDVLJQDGRV/RVWHPDVGHODFDSDFLWDFLyQLQFOX\HQLQIRU PDFLyQFXOWXUDOHVSHFt¿FDD1XHYR0p[LFRHOVLVWHPDIDPLOLDU FyPRHQVHxDU\HYDOXDUOD$6/\VXUROHQODHVWUXFWXUDGHOD 106'7DPELpQDSUHQGHQPXFKRVREUHODUHGGH$PHUL&RUSV HQHOHVWDGR$GHPiVGHODFDSDFLWDFLyQHQ6DQWD)HWDPELpQ UHFLEHQRULHQWDFLyQ³HQHOFDPLQR´GXUDQWHYLVLWDVDORVOXJDUHV GHVHUYLFLR\SHUPLWLHQGRTXHORVPLHPEURVYD\DQFRQRFLHQGRD ODVIDPLOLDV\DOSHUVRQDOHVFRODUDOTXHYDQDVHUYLU /DUHWURDOLPHQWDFLyQVREUHHOSURJUDPDIRUPDOHLQIRUPDOKD VLGRDEUXPDGDPHQWHIDYRUDEOH8QPLHPEURGH$PHUL&RUSV UHSRUWy³&XDQGRHVWDED\RUHDOL]DQGRXQDYLVLWDDGRPLFLOLRXQD PDPiPHGLMRTXHVXKLMDOHYLQRDSUHJXQWDUFXiOHUDODVHxD SDUDFLHUWDFRVD'LMRTXHHUDODSULPHUDYH]TXHHVWRVXFHGtD £)LQDOPHQWHHOODSXHGHGHFLUOHDVXKLMDORVQRPEUHVGHFLHUWDV FRVDVHQOHQJXDGHVHxDV´3DUDFDGDIDPLOLD\HVFXHODORV EHQH¿FLRVYDUtDQSHURVHJ~QWRGRVORVWHVWLJRV£HVWiQVXFH GLHQGRFDPELRVPDUDYLOORVRVHQWRGRVORVOXJDUHVGRQGHHVWiQ SUHVHQWHVORVPLHPEURVGH$PHUL&RUSV3DUDPiVLQIRUPDFLyQ VREUHHOSURJUDPD\SDUDFRQRFHUDOHTXLSRYLVLWHQHOVLWLRHQHO LQWHUQHWGH$PHULFRUSVKWWSZZZQPVGNQPXVDPHULFRUSV PHPEHUVBORFDWLRQVSKS

3KRWRE\7DUDV'\NVWUD

+WVWKQuVLW[MMV\ZM[QMV]V[IT~VLMKTI[M[MV<PWZMI]65

.W\W[]XMZQWZQbY]QMZLI"4M^Q)VLMZ[WVTMMV[M}I[M}I[LM6]M^W5u`QKWI UQMUJZW[LM)UMZQ+WZX[

QPSURJUHVV




5HODFLRQHVFRQOD&RPXQLGDG

)J]VLITIOMVMZW[QLIL

8WZ3MZQ4aVV5K*ZQLM

+

DGDDJRVWR0DUFLD%HUULGJHSURGXFWRUDGHORV 6KRZVGH$QWLJHGDGHVGH:KLWHKDZN\HVSRVD GH7HG%HUULGJHDQWHULRUPLHPEURGHOD0HVD 'LUHFWLYDGHOD106'DWUDHDDFLHQWRFLQFXHQWD FRPHUFLDQWHVGHDUWHDVXVH[KLELFLRQHVDQXDOHV GHDUWH'HQRPLQDGRFRPR³HODEXHOLWRGHWRGRV´SRUODUHYLVWD ³0DLQH$QWLTXH'LJHVW´GH$OLFH.DXIPDQHVWHLQFUHtEOHVKRZKD VLGRXQDWUDGLFLyQHQ6DQWD)HSRUPiVGHWUHLQWDDxRV (O6KRZGH$UWH(WQRJUi¿FR$QWLJXRSUHVHQWDDUWHHWQRJUi¿FR RFHiQLFRSUHFRORPELQRFRORQLDOHVSDxRODIULFDQRRULHQWDO LQGRQHVLR\GHRWUDVSDUWHGHOPXQGR(O6KRZGH$UWH,QGtJHQD $QWLJXRODH[KLELFLyQGHVXWLSRPiVJUDQGH\TXHOOHYDVXFHGLHQ GRGXUDQWHPiVWLHPSRSUHVHQWDXQDGHODVPD\RUHVVHOHFFLRQHV GHREMHWRVGHDUWHLQGtJHQDDQWLJXRV9DQGHVGHPiVFDUDVGH OD&RVWDGHO1RURHVWHKDVWDEDUURGHOVXURHVWH\GHMR\HUtDD WH[WLOHVDFDQDVWDVGH&DOLIRUQLD/DVHOHFFLyQWDPELpQLQFOX\H WUDEDMRGHFXHQWDVGHWRGRWLSRDVtFRPRDUWHIDFWRVGHODVWULEXV GHO2HVWHGHORV*UDQGHV/DJRV\GHO1RUHVWH &RPRUHVXOWDGRGHODFRQH[LyQ%HUULGJH\GHOSURIXQGRDSUHFLR TXHWLHQHQSRUQXHVWUDHVFXHOD\QXHVWUDPLVLyQXQDYH]PiV KHPRVUHFLELGRXQDJHQHURVDGRQDFLyQGHORUHFDXGDGRHQHVWD IDPRVDH[SHULHQFLDHQHOPXQGRGHODUWH(VWDPRVDJUDGHFLGRV SRUHODSR\RFRQWLQXRTXHQRVGDODIDPLOLD%HUULGJH\VX6KRZ GH$QWLJHGDGHVGH:KLWHKDZN£KDFHQXQDJUDQGLIHUHQFLDHQ ODVYLGDVGHQXHVWURVHVWXGLDQWHV£*UDFLDV0DUFLD\7HG

.W\WUn[IZZQJI"5IZKQIa<ML*MZZQLOM)ZZQJI"¨=VIQUIOMVLM]VWLMTW[ [PW_[IV]ITM[LMIV\QO†MLILM[Y]M[MLIVMVMT+MV\ZWLM+WV^MVKQWVM[LM ;IV\I.M



QPSURJUHVV

)TQUMV\IVLWMTVWZ\MLM 6]M^W5u`QKW

8WZ,IZQV)ZIOWV

)

OJXQDVSHUVRQDVHVWiQYLYLHQGRXQPRPHQWR DJRELDQWH$SHQDV\WLHQHQVX¿FLHQWHGLQHUR SDUDSDJDUVXVFXHQWDVYLYLUHQXQDFDVDR FRPSUDUXQDXWR/DYLGDHVGLItFLOSDUDHOORV\ DKRUDDGHPiVKDFHIUtRDIXHUD

1RTXHUHPRVTXHODJHQWHHVWpWULVWHRKDPEULHQWD'XUDQWH ODVSULPHUDVGRVVHPDQDVGHQRYLHPEUHOD(VFXHODSDUD 6RUGRVGH1XHYR0p[LFRUHFROHFWyODWDVGHDOLPHQWRVSDUD D\XGDUDODVSHUVRQDVTXHWLHQHQKDPEUH\QRWLHQHQVX¿FLHQ WHFRPLGD£(OSUHHVFRODUGH$OEXTXHUTXHWDPELpQUHFROHFWy\ FRQWyODWDV (OGHQRYLHPEUHQXHVWUDFODVHGH7UDEDMR(VWXGLR \R .DUOD:LOVRQ-DLPH/ySH]5DPtUH]'RPLQLF&DVWLOOR,PPD QXHO1HXEDXHU\QXHVWUDPDHVWUD/DXULH$QGHUVRQ HQWUHJy ORVDUWtFXORVDO'HSyVLWRGH$OLPHQWRVGH6DQWD)H/D106' UHFROHFWyOLEUDVGHDOLPHQWRV\RWURVELHQHV£(VRHV VX¿FLHQWHSDUDFRPLGDVSDUDODJHQWHGHOQRUWHGH1XHYR 0p[LFR  *5$&,$6DWRGRVSRUGDUDO'HSyVLWRGH$OLPHQWRV\DOD &RPXQLGDGGHOQRUWHGH1XHYR0p[LFR£*UDFLDVSRUKDFHUGH HVWHXQ)HOL]'tDGH$FFLyQGH*UDFLDV

.W\WUn[IZZQJI",IZQVM1UUIV]MT6M]JI]MZKTI[QÅKIVTW[JQMVM[MVTI\ILW[ aVWXMZMKMLMZW[MVXZMXIZIKQ~VXIZI[]MV\ZMOIIT,MX~[Q\WLM)TQUMV\W[ LM;IV\I.M)ZZQJI",MQbYILMZ"3IZTI?QT[WV2IQUM4~XMb:IUyZMb ,WUQVQK+I[\QTTW4I]ZQM)VLMZ[WVM1UUIV]MT6M]JI]MZMVMT;IV\I.M .WWL,MXW\


$FWXDOL]DFLyQGHODFRQVWUXFFLyQ

4IMV\ZILIITXZQUMZXQ[WLM,QTTWV0ITTIV\M[LMY]MQVQKQIZITIKWV[\Z]K KQ~V

>Q[\ILMTIZMVW^IKQ~VMVMTXZQUMZXQ[WKWVXIZMLM[ZMUW^QLI[aV]M^I[ ^QOI[KWTWKILI[MV[]T]OIZ

-TnZMILMTIZIUXIY]MTTM^IIT)VM`WLM,QTTWV0ITT\ITaKWUW[M^MyIMT LMIJZQTLMIV\M[LMTIKWV[\Z]KKQ~V

=VINW\WIK\]ITLMTnZMILMTIZIUXIKWVTI[V]M^I[^QOI[LM[WXWZ\M [Q[\MUI[LMKITMNIKKQ~VaMVNZQIUQMV\WaKWVMTKIJTMILWMTuK\ZQKW[QMVLW QV[\ITILW

=VI^Q[\ILMTTILWWM[\MLMT[~\IVWLM,QTTWV0ITTKWVMTIZUILWV]M^WaTI QV[\ITIKQ~VLM\]JMZyILM0>)+

-T[MO]VLWXQ[WLM,QTTWV0ITTKWVXIZMLM[ZMUW^QLI[aTIQV[\ITIKQ~VLM [Q[\MUI[LM^MV\QTIKQ~V

~OWLPDSiJLQD


8:;:<;<, =;87;<)/8)1, 8-:51< ! )4*65

-[K]MTIXIZI;WZLW[LM6]M^W5u`QKW &(55,//2652$'6$17$)(1(:0(;,&2

ZZZQPVGNQPXV

1(:0(;,&2352*5(66GHVGH 8636O,661 9RO1RO9HUDQR2WRxRµ¶ (GLWRU.HUL/\QQ0F%ULGH (GLWRUHV$VRFLDGRV.DWK\*O\HU\%D\$QDSRO (GLWRUGH'LVHxR\'LVHxR*Ui¿FR +HQUt*UDX 7UDGXFWRU\HGLWRUDOHVSDxRO3LODU5RGUtJXH]$UDQGD (QYtRV2¿FLQDGH'HVDUUROOR\5HODFLRQHVFRQOD&RPXQLGDG (QFDGDQ~PHURQXHYR1HZ0H[LFR3URJUHVVOHEULQGDUiXQDYDQFHFRQ IRWRVGHORVSUR\HFWRVGHFRQVWUXFFLyQGH106'7DPELpQSXHGHHQFRQWUDU IRWRVGHODFRQVWUXFFLyQHQODVHFFLyQGHQRYHGDGHV ³1(:6´ HQQXHVWUD SiJLQD HQ HO LQWHUQHW ZZZQPVGNQPXV 6L GHVHD VXVFULELUVH D 1HZ 0H[LFR 3URJUHVV HVFULED D .HUL/\QQ0F%ULGH#QPVGNQPXV R OODPH DO 3ULQWHGE\

Profile for New Mexico School for the Deaf

New Mexico Progress Summer/Fall 2011-2012 Spanish Edition  

New Mexico Progress Summer/Fall 2011-2012 Spanish Edition  

Profile for keri-lynn
Advertisement