Issuu on Google+

72'26/261,f26(1/$(6&8(/$(1

,QLFLDWLYD*OREDOSRUORV 1LxRV)XHUDGHOD(VFXHOD

&203/(7$5/$(6&8(/$ 8Q'HUHFKRSDUD&UHFHUXQ'HEHUSDUD&RPSDUWLU

$PpULFD/DWLQD\HO&DULEH


72'26/261,f26(1/$(6&8(/$(1

,QLFLDWLYD*OREDOSRUORV 1LxRV)XHUDGHOD(VFXHOD

&203/(7$5/$(6&8(/$ 8Q'HUHFKRSDUD&UHFHUXQ'HEHUSDUD&RPSDUWLU

$PpULFD/DWLQD\HO&DULEH


7tWXOR&RPSOHWDUOD(VFXHOD 6XEWtWXOR8Q'HUHFKRSDUD&UHFHUXQ'HEHUSDUD&RPSDUWLU (TXLSRGHHODERUDFLyQ &RRUGLQDFLyQ,UHQH.LW 5HVSRQVDEOHVGHFDStWXORV 3UHVHQWDFLyQ\UHFRPHQGDFLRQHV,UHQH.LW &DStWXOR0DUWtQ6FDVVR &DStWXOR6HUJLR(VSDxD$OHMDQGUR0RUGXFKRZLF] &DStWXOR,UHQH.LW$OHMDQGUR0RUGXFKRZLF] $QH[RPHWRGROyJLFR0DUWtQ6FDVVR 5HVSRQVDEOHGHLQWHJUDFLyQ\HGLFLyQ+XJR/DEDWH 6HDJUDGHFHDVLPLVPRODSDUWLFLSDFLyQGHORVSURIHVLRQDOHVTXHDSR\DURQHOSURFHVRFRQDSRUWHV DVHFFLRQHVHVSHFtILFDV&pVDU$PEURJKHWWL9HURQD%DWLXN,UHQH%XFKWHU'DQLHOD&XUD $QGUHD*DOHDQR$OEHUWR/DUGHOHVYVN\&DUROD-XOL0DUtD/XMiQ9DJR\9tFWRU9ROPDQ 'LVHxR\GLDJUDPDFLyQ6DQWLOODQD(VSDxD

/RVDQiOLVLV\GHVDUUROORVSURGXFLGRV\H[SUHVDGRVHQHVWHGRFXPHQWRVHDVXPHQFRPR UHVSRQVDELOLGDGGHOHTXLSRDXWRUDOVLQFRPSURPHWHUODSRVLFLyQGHORVRUJDQLVPRV\HQWLGDGHV LQYROXFUDGDVFRQOD,QLFLDWLYD /RVPDSDVGHHVWDSXEOLFDFLyQQRUHIOHMDQODSRVLFLyQGH81,&()VREUHHOHVWDGROHJDO GHFXDOTXLHUSDtVRWHUULWRULRQLWDPSRFRODGHPDUFDFLyQGHFXDOTXLHUIURQWHUD (OVLJXLHQWHDQiOLVLVHVWDGtVWLFRHVWiEDVDGRHQGDWRVDGPLQLVWUDWLYRVGHORVSDtVHVGHODUHJLyQ(VWRVGDWRV IXHURQSXHVWRVDGLVSRVLFLyQSDUDHOGHVDUUROORGHOSUHVHQWHLQIRUPHDSDUWLUGHODEDVHGHGDWRVGHO8,6 FRUUHVSRQGLHQWHDPD\RGH$VLPLVPRHQDOJXQRVFDVRVVHUHDOL]yDWUDYpVGHO8,6XQDVROLFLWXG HVSHFtILFDGHLQIRUPDFLyQSDUDFRPSOHPHQWDULQIRUPDFLyQQRGLVSRQLEOH(VWRVIXHURQORVFDVRVGH$UJHQWLQD %UDVLO&KLOH-DPDLFD0p[LFR3DUDJXD\3HU~\8UXJXD\(QFXDQWRDORVGDWRVGHSREODFLyQHOHVWXGLR KDFHXVRGHODVSUR\HFFLRQHVGHSREODFLyQUHDOL]DGDVSRUOD'LYLVLyQGH3REODFLyQGHODV1DFLRQHV8QLGDV 5HYLVLyQ 318' 1RWDUTXHDOPRPHQWRGHODSXEOLFDFLyQGHHVWHLQIRUPHODVHVWLPDFLRQHV GHOD5HYLVLyQIXHURQSXEOLFDGDV\HO8,6DMXVWyVXVLQGLFDGRUHVGHPDQHUDDFRUGHSRUORTXHSXHGHQ H[LVWLUDOJXQDVGLVFUHSDQFLDVHQWUHDOJXQRVGHORVYDORUHVDTXtSUHVHQWDGRV\ORVGLVSRQLEOHVHQODEDVH GHGDWRVGHO8,6PiVUHFLHQWH

‹81,&() )RQGRGHODV1DFLRQHV8QLGDVSDUDOD,QIDQFLD 2ILFLQD5HJLRQDOSDUD$PpULFD/DWLQD\HO&DULEH &LXGDGGHO6DEHU (GLILFLR $SDUWDGR%DOERD$QFyQ 3DQDPi5HS~EOLFDGH3DQDPi 7HO   )D[   :HEKWWSZZZXQLFHIRUJODF ,6%1 &UpGLWRVGHODIRWRGHSRUWDGD81,&()7$&52*RQ]DOR%HOO3DQDPi


&RQWHQLGR /DLQLFLDWLYDJOREDOSRUORVQLxRVIXHUDGHODHVFXHODXQDSHUVSHFWLYD SDUDVXPDUHVIXHU]RVTXHVXSHUHQODH[FOXVLyQHGXFDWLYD   /DV'LPHQVLRQHVGHODH[FOXVLyQ   /DVEDUUHUDV\FXHOORVGHERWHOODTXHFRQILJXUDQODH[FOXVLyQ   /DVHVWUDWHJLDVSDUDVXSHUDUODH[FOXVLyQODHVFRODUL]DFLyQWRWDORSRUWXQD VRVWHQLGD\SOHQDFRPRFRQWUDFDUDGHODH[FOXVLyQHVFRODU   5HFRPHQGDFLRQHVSULRULWDULDVGHDFFLyQKDFLDODPHWDGHODHVFRODUL]DFLyQ WRWDORSRUWXQDVRVWHQLGD\SOHQD   6HFXHQFLDPHWRGROyJLFDGHODLQLFLDWLYD1)(HQHVWHLQIRUPHUHJLRQDO   &DStWXOR 3HUILOHVGHODH[FOXVLyQHGXFDWLYDHQ$PpULFD/DWLQD \HO&DULEH   /DV'LPHQVLRQHVGHODH[FOXVLyQSHUILOJHQHUDO   (OSHUILOGHDFFHVR\SHUPDQHQFLDHQ$PpULFD/DWLQD\HO&DULEH \VXVLQHTXLGDGHV±'LPHQVLRQHVD   'LPHQVLyQ1LxRVHQHGDGGHDVLVWLUDODHGXFDFLyQLQLFLDOTXHQRHVWiQ HQODHVFXHODLQLFLDOQLHQSULPDULD   ¢&XiQWRVVRQORVQLxRV\QLxDVHQHVWD'LPHQVLyQ"   ¢4XpRWURVSURFHVRVGHH[FOXVLyQVHSXHGHQGLVWLQJXLUHQWRUQR DOD'LPHQVLyQ"   ¢&yPRHVODGLQiPLFDHQWUHOD'LPHQVLyQ\OD'LPHQVLyQ"   'LPHQVLyQ1LxRVHQHGDGGHDVLVWLUDODHVFXHODSULPDULDTXHQRHVWiQ HQODHVFXHODSULPDULDQLVHFXQGDULDEiVLFD   ¢&XiQWRVVRQORVQLxRV\QLxDVHQHVWD'LPHQVLyQ"   ¢&XiQWDVIRUPDVGHLQJUHVRWDUGtRVHSXHGHQUHFRQRFHU"   ¢&XiQWRVQLxRV\QLxDVLQLFLDQ\OXHJRDEDQGRQDQODHGXFDFLyQ SULPDULD"   'LPHQVLyQ1LxRVHQHGDGGHSULPHURVDxRVGHHGXFDFLyQVHFXQGDULD TXHQRHVWiQHQODHVFXHODSULPDULDQLVHFXQGDULDEiVLFD   ¢&XiQWRVVRQORVDGROHVFHQWHVHQHVWD'LPHQVLyQ"   ¢&XiQWRVDGROHVFHQWHVDEDQGRQDQVXHVFXHODWHQLHQGRHGDGGHHVWDU HQODVHFXQGDULDEiVLFD"   ¢4XpSURFHVRVGHH[FOXVLyQVHSXHGHQDQDOL]DUHQWRUQRDHVWD 'LPHQVLyQ"  




(OSHUILOGHODSURJUHVLyQHQHOVLVWHPDHGXFDWLYRHQ$PpULFD/DWLQD\HO&DULEH \VXVLQHTXLGDGHV±'LPHQVLRQHV\   (OUH]DJRHVFRODUFRPRDSUR[LPDFLyQDOULHVJRGHH[FOXVLyQ   ¢&yPRHVHOSHUILOJHQHUDOGHODFRQGLFLyQGHUH]DJRHVFRODU"   ¢&yPRVHFRQVWUX\HODVLWXDFLyQGHUH]DJR"¢&yPRVLJXHVXFXUVR"   'LPHQVLyQ1LxRVTXHHVWiQHQODHVFXHODSULPDULDSHURTXHFRUUHQHOULHVJR GHDEDQGRQDU   ¢&XiQWRVVRQORVQLxRV\QLxDVHQHVWD'LPHQVLyQ"   ¢4XpSURFHVRVGHH[FOXVLyQSXHGHQLGHQWLILFDUVHHQWRUQRDHVWD'LPHQVLyQ"   'LPHQVLyQ$GROHVFHQWHVTXHHVWiQHQODVHFXQGDULDEiVLFDSHURTXHFRUUHQ HOULHVJRGHDEDQGRQDU   ¢&XiQWRVVRQORVDGROHVFHQWHVHQHVWD'LPHQVLyQ"   ¢4XpSURFHVRVGHH[FOXVLyQSXHGHQLGHQWLILFDUVHHQWRUQRDHVWD'LPHQVLyQ"   'LVSDULGDGHVTXHDJXGL]DQODH[FOXVLyQ   /DVLWXDFLyQGHJpQHUR   /DV]RQDVUXUDOHV   (OWUDEDMRLQIDQWLO   /DVSREODFLRQHVLQGtJHQDV   1LxRV\QLxDV\DGROHVFHQWHVFRQGLVFDSDFLGDG   1LxRVQLxDV\DGROHVFHQWHVDIURGHVFHQGLHQWHV   &DStWXOR %DUUHUDVTXHSURGXFHQRDJUDYDQODH[FOXVLyQ   (QFXDGUHVREUHEDUUHUDV\VXViPELWRV   ÈPELWR±%DUUHUDVHFRQyPLFDVSRUUHVWULFFLyQGHLQJUHVRVIDPLOLDUHV   $JUXSDPLHQWR,QVXILFLHQFLDGHLQJUHVRVSDUDVXEVLVWHQFLD   $JUXSDPLHQWR'LILFXOWDGSDUDDIURQWDUFRVWRVGHODHVFRODUL]DFLyQ   ÈPELWR±%DUUHUDVVRFLRFXOWXUDOHVHQODGHPDQGDSRUHGXFDFLyQ   $JUXSDPLHQWR'HVDMXVWHVHQODVUHSUHVHQWDFLRQHVVREUHHOGHUHFKR DODHGXFDFLyQ   ÈPELWR±%DUUHUDVPDWHULDOHVSHGDJyJLFDV\VLPEyOLFDVTXHVHPDQLILHVWDQ HQODVHVFXHODV   $JUXSDPLHQWR(VFXHODVTXHQRFXHQWDQFRQUHFXUVRVPDWHULDOHVEiVLFRV   $JUXSDPLHQWR(VFXHODVGRQGHVHJHQHUDQRWROHUDQSURFHVRV GHVHJPHQWDFLyQ   $JUXSDPLHQWR(VFXHODVTXHSRVLELOLWDQHVFDVDVRSRUWXQLGDGHVGHDSUHQGHU   $JUXSDPLHQWR(VFXHODVFRQFOLPDYLQFXODU\SHGDJyJLFRGHWHULRUDGR   


ÈPELWR±%DUUHUDVSROtWLFDVWpFQLFDV\GHILQDQFLDPLHQWRGHOVLVWHPDHGXFDWLYR   $JUXSDPLHQWR2IHUWDHGXFDWLYDIDOWDQWHHVFDVDLQDGHFXDGD REXURFUDWL]DGD   $JUXSDPLHQWR)LQDQFLDPLHQWRLQVXILFLHQWH   $JUXSDPLHQWR3URSXHVWDVWpFQLFDVTXHQRVRQHILFDFHV\SHUWLQHQWHV SDUDORJUDUODLQFOXVLyQ  &DStWXOR (VWUDWHJLDVSDUDVXSHUDUODH[FOXVLyQHGXFDWLYD  (QFXDGUHVREUHSURSyVLWRV\iPELWRVGHODVHVWUDWHJLDV  3URSyVLWRVGHODVHVWUDWHJLDVSXHQWHVDFRQVWUXLU\GDxRVDUHSDUDU  ÈPELWR±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDVHFRQyPLFDVSURJUHVDU KDFLDPD\RUMXVWLFLDHQUHFXUVRV\SRVLELOLGDGHV  $JUXSDPLHQWR%DODQFHDULQJUHVRVIDPLOLDUHV  $JUXSDPLHQWR6XSOLUFRVWRVGHHVFRODUL]DFLyQ  ÈPELWR±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDVVRFLRFXOWXUDOHVHQULTXHFHU ODSHUVSHFWLYDVRFLDOVREUHHOGHUHFKRDODHGXFDFLyQ  $JUXSDPLHQWR)RUWDOHFHUODFRPSUHQVLyQHQWUHORVDFWRUHV GHOVLVWHPDHGXFDWLYR  ÈPELWR±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDVPDWHULDOHVSHGDJyJLFDV\VLPEyOLFDV HQODRIHUWDHVFRODUSURPRYHUHVFXHODVFRPSURPHWLGDVFRQODLQFOXVLyQ  $JUXSDPLHQWR&UHDUFRQGLFLRQHVPDWHULDOHVGHIXQFLRQDPLHQWR \YLQFXODUODVFRQHODSUHQGL]DMH  $JUXSDPLHQWR&RQYHUWLUORVSURFHVRVGHRUJDQL]DFLyQHVFRODU HQRSRUWXQLGDGHVSDUDODLQFOXVLyQ  $JUXSDPLHQWR$PSOLDUODVRSRUWXQLGDGHVGHDSUHQGHUSDUDORVHVWXGLDQWHV  $JUXSDPLHQWR,QVWDODUXQFOLPDHVFRODUSURGXFWLYRUHVSHWXRVR\WROHUDQWH  ÈPELWR±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDVSROtWLFDVWpFQLFDV\GHILQDQFLDPLHQWR GHOVLVWHPDHGXFDWLYRJHVWLRQDUHOVLVWHPDHGXFDWLYRKDFLDPHWDVGHLQFOXVLyQ  $JUXSDPLHQWR5HYLWDOL]DUODRUJDQL]DFLyQGHODRIHUWDHGXFDWLYD  $JUXSDPLHQWR3URWHJHU\DPSOLDUHOILQDQFLDPLHQWR  $JUXSDPLHQWR'HVDUUROODUXQDSHGDJRJtDUDFLRQDOSDUDVXSHUDU ODH[FOXVLyQ  5HIOH[LRQHVILQDOHV  5HIHUHQFLDV  $QH[RPHWRGROyJLFR  0DSD  


$JUDGHFLPLHQWRV (VWHGRFXPHQWRKDVLGRHODERUDGRHQHOPDUFRGHOD,QLFLDWLYD*OREDOSRU ORV1LxRV)XHUDGHOD(VFXHODHQXQDFXHUGRLQVWLWXFLRQDOFRQOD$VRFLDFLyQ &LYLO(GXFDFLyQSDUD7RGRV /DVFRQVWDQWHVUHYLVLRQHV\SHUWLQHQWHVVXJHUHQFLDVGH$QQD/XFtD'¶(PLOLR KDQVLGRIXQGDPHQWDOHVSDUDDOFDQ]DUHVWDYHUVLyQGHO,QIRUPH5HJLRQDO /DVLQWHUDFFLRQHVFRQHOHTXLSRGHO8,681(6&2KDQSHUPLWLGRFRQWDUFRQ GDWRVVLVWHPiWLFRV\GHFDOLGDG\KDQKHFKRSRVLEOHSURFHGHUDVXFHVLYDV PHMRUDVPHWRGROyJLFDVHQHOSURFHVDPLHQWR\SUHVHQWDFLyQGHODLQIRUPDFLyQ (QSDUWLFXODUODFRRSHUDFLyQGH6KHHQD%HOO\GH-XDQ&UX]3HUXVLDKDVLGR DWHQWDFRQWLQXD\UHOHYDQWH /DVYLQFXODFLRQHVFRQORVHTXLSRVTXHSUHSDUDURQORVLQIRUPHVQDFLRQDOHV KDQVLGRSURYHFKRVDVSDUDDPSOLDUODVSHUVSHFWLYDVTXHVHLQFOX\HQHQHVWH LQIRUPH&RODERUDURQSRU%ROLYLD.DWULQ,PKRI'DQLHOH'L3LOOR(UQHVWR<ixH] ,YiQ9LGDXUUH1\XUND9LOODOSDQGR6D~O6DQWD0DUtD\.DWKOHHQ/L]DUUDJDSRU %UDVLO0DULDGH6DOHWH6LOYD-~OLD5LEHLUR/~FLR*RQoDOYHV$QD&ULVWLQD0DWRV 0DUFRV$XUpOLR5DPRV,UDFHPD1DVFLPHQWR\$QGUpLD3HUHVSRU&RORPELD 5RVDULR5LFDUGR&ODXGLD&DPDFKR&HFLOLD5LYDV&ULVWLDQ+LHGULFK0DXULFLR &DVWLOOR\&DUORV/DQ]LDQR




3UHVHQWDFLyQ (O)RQGRGHODV1DFLRQHV8QLGDVSDUDOD,QIDQFLD81,&()\HO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 LPSXOVDQOD,QLFLDWLYD*OREDOSRUORV1LxRV\1LxDV)XHUDGHOD(VFXHODTXHDSXQWDDFRQVWUXLUHYLGHQFLDV VREUHHOIHQyPHQRGHODH[FOXVLyQHGXFDWLYD\DLGHQWLILFDUHVWUDWHJLDVGHUHVROXFLyQTXHSHUPLWDQODSOHQD UHDOL]DFLyQGHOGHUHFKRDHVWDUHQODHVFXHOD\ORJUDUDSUHQGL]DMHVGHFDOLGDG(QHOPDUFRGHHVWDLQLFLDWLYD ODQ]DGDHQVHKDQSURGXFLGRXQDVHULHGHHVWXGLRVGHSDtV\GHSDQRUDPDVUHJLRQDOHV (QQXHVWUDUHJLyQVHKDQSURGXFLGRHVWXGLRVQDFLRQDOHVHQ&RORPELD%UDVLO\%ROLYLD\HVWHLQIRUPHUHJLRQDO TXHWHQHPRVHODJUDGRGHSUHVHQWDUDORVOHFWRUHV(QWRGRVHOORVODFDUDFWHUL]DFLyQGHOIHQyPHQR GHODH[FOXVLyQHGXFDWLYDKDFRQVLGHUDGRORVSHUILOHVGHORVJUXSRVPiVDIHFWDGRVSRUODH[FOXVLyQ ODVEDUUHUDVTXHREVWDFXOL]DQODHGXFDFLyQVRVWHQLGD\RSRUWXQD\ODVHVWUDWHJLDVSDUDUHPRYHUODV (QOtQHDFRQHOPDUFRFRQFHSWXDO\PHWRGROyJLFRJOREDOWRGRVORVHVWXGLRVUHDOL]DGRVKDQFRQVLGHUDGRWDQWR DORVQLxRVQLxDV\DGROHVFHQWHVIXHUDGHODHVFXHODFRPRDDTXHOORVTXHDXQHVWDQGRHQODHVFXHODHVWiQ HQULHVJRGHDEDQGRQDUOD$GLIHUHQFLDGHRWURVDQiOLVLVHLQWHUSUHWDFLRQHVGHOD~OWLPDGpFDGDTXH VHKDQFRQFHQWUDGRVREUHWRGRHQORVSUREOHPDVGHODGHPDQGDHVWHHVWXGLRLGHQWLILFDPXFKRVSUREOHPDV UHODFLRQDGRVFRQODRIHUWDHGXFDWLYD6LQGHVFRQRFHUODDOWDSULRULGDGTXHPHUHFHODDWHQFLyQ GHODVQHFHVLGDGHVHFRQyPLFDV\GHLQVHUFLyQVRFLDOGHODVIDPLOLDVPiVGHVIDYRUHFLGDVHOHQIRTXH SODQWHDGREXVFDOODPDUODDWHQFLyQVREUHHOUROGHORVIDFWRUHVSHGDJyJLFRV\GHODVVLWXDFLRQHV GHHQVHxDQ]DFRPRHOHPHQWRVLQGLVSHQVDEOHVSDUDTXHWRGRVORVHVWXGLDQWHVSXHGDQDSUHQGHU 'LDJQRVWLFDGRHOIHQyPHQRGHODH[FOXVLyQORVGHVDItRVSULQFLSDOHVVHHQFXHQWUDQDKRUDHQ ODLPSOHPHQWDFLyQGHHVWUDWHJLDVTXHSHUPLWHQPHMRUDUODRIHUWDHGXFDWLYD3DUDHOOR81,&()VHSURSRQH DSR\DUDORVPLQLVWHULRVGHHGXFDFLyQGHORVSDtVHVGHODUHJLyQ\DORVGHPiVDFWRUHVGHODFRPXQLGDG HGXFDWLYDDDEULUHVSDFLRVGHGLiORJR\FRQFHUWDFLyQHQWRUQRDODVSROtWLFDVHGXFDWLYDV\DHQFDUDU XQDHVWUDWHJLDGHFRPXQLFDFLyQVRFLDODOUHGHGRUGHODVFRQFOXVLRQHVGHHVWHLQIRUPH/DPD\RUtD GHORVSDtVHVGHODUHJLyQD~QWLHQHQTXHFRQVHJXLUFREHUWXUDXQLYHUVDOHVSHFLDOPHQWHHQORVQLYHOHVGH SUHHVFRODU\VHFXQGDULDSHURDODYH]VLTXLHUHQDFDEDUFRQODH[FOXVLyQWLHQHQHOJUDQUHWRGHHOLPLQDU HOUH]DJRHVFRODU\SURPRYHUHOLQJUHVRRSRUWXQRHQODHVFXHOD (VSHUDPRVTXHODXWLOL]DFLyQGHORVGDWRV\SURFHGLPLHQWRVGHHVWDGtVWLFDHGXFDWLYDTXHDTXtVHRIUHFHQ SHUPLWDSURPRYHUIUXFWtIHUDVGLVFXVLRQHV\DYDQFHVHQODSURGXFFLyQGHFRQRFLPLHQWRVREUHORVSURFHVRV GHH[FOXVLyQLQFOXVLyQDXPHQWDQGRODFRPSUHQVLyQ\ODFDOLGDGGHODVLQWHUYHQFLRQHV(QHVHVHQWLGR GHVHDPRVUHFRQRFHU\DJUDGHFHUDGHPiVGHODSR\RFRQWLQXRGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 DYDULRVRWURVRUJDQLVPRVLQWHUQDFLRQDOHVTXHKDQFRODERUDGRHQYLDQGRVXJHUHQFLDV\FRPHQWDULRVD YHUVLRQHVSUHOLPLQDUHVGHOSUHVHQWHGRFXPHQWROD2UJDQL]DFLyQGH(VWDGRV,EHURDPHULFDQRVHO%DQFR 0XQGLDOHO%DQFR,QWHUDPHULFDQRGH'HVDUUROOROD2ILFLQD5HJLRQDOGHOD81(6&2SDUD$PpULFD/DWLQD \&DULEHHO6LVWHPDGH,QIRUPDFLyQGH7HQGHQFLDV(GXFDWLYDVHQ$PpULFD/DWLQD 6,7($/ \HOSURJUDPD LQWHUDJHQFLDO8QGHUVWDQGLQJ&KLOGUHQ¶V:RUN 8&:  8QVLQFHURUHFRQRFLPLHQWRDOHTXLSRGHOD$VRFLDFLyQ(GXFDFLyQSDUD7RGRVSRUVXHQWUHJD\SURIHVLRQDOLGDG HQODHODERUDFLyQGHHVWHGRFXPHQWR (OGHUHFKRDXQDHGXFDFLyQGHFDOLGDGQRSXHGHVHUSRVWHUJDGR

%HUQW$DVHQ 'LUHFWRU5HJLRQDOGH81,&()SDUD$PpULFD/DWLQD\HO&DULEH




ËQGLFHGHJUiILFRV *UiILFR

3iJLQD

*UiILFR

,QGLFDGRUHVVHOHFFLRQDGRVVREUHHVFRODUL]DFLyQGHODSREODFLyQSRUSDtV 3DtVHVGH$PpULFD/DWLQD\HO&DULEH&LUFD



*UiILFR

'LPHQVLRQHVGHODH[FOXVLyQDSDUWLUGHGDWRVGHHVWXGLDQWHVSRUHGDG \FRQGLFLyQGHHGDG$PpULFD/DWLQD\HO&DULEH&LUFD(QPLOHV GHDOXPQRV



*UiILFR

7DVDHVSHFtILFDGHPDWUtFXODSRUHGDGDDxRV3DtVHVFRQHGDGQRUPDWLYD GHLQJUHVRDODSULPDULDDORVDxRVGHHGDG$PpULFD/DWLQD\HO&DULEH



*UiILFR

&RQVHUYDFLyQLQWHUDQXDOGHHVWXGLDQWHVSRUHGDGVLPSOH$PpULFD/DWLQD \HO&DULEH&LUFD(QPLOHVGHDOXPQRV



*UiILFR

%UHFKDGHFREHUWXUDHVSHFtILFDGHHGXFDFLyQLQLFLDO\PDWUtFXODLQVFULWD HQHGXFDFLyQLQLFLDOFRQUH]DJR$PpULFD/DWLQD\HO&DULEH&LUFD



*UiILFR

(VWLPDFLyQGHOLQJUHVRVLQHGXFDFLyQLQLFLDO\GHOLQJUHVRWDUGtR$PpULFD/DWLQD \HO&DULEH&LUFD



*UiILFR

7DVDGHLQJUHVRDOSULPDULRFRQUH]DJRDFDUUHDGRGHHGXFDFLyQLQLFLDO\WDVD GHLQJUHVRWDUGtRSXUR$PpULFD/DWLQD\HO&DULEH&LUFD



*UiILFR

7DVDGHFRQVHUYDFLyQGHHVWXGLDQWHVSRUHGDGVLPSOHWUDPRGHDDxRV GHHGDG$PpULFD/DWLQD\HO&DULEH&LUFD



*UiILFR

7DVDGHFRQVHUYDFLyQGHHVWXGLDQWHVSRUHGDGVLPSOHWUDPRGHDDxRV GHHGDG$PpULFD/DWLQD\HO&DULEH&LUFD



*UiILFR

(VWXGLDQWHVSRUHGDG\FRQGLFLyQGHHGDG$PpULFD/DWLQD\HO&DULEH &LUFD(QPLOHVGHDOXPQRV



*UiILFR

3RUFHQWDMHGHUHSHWLGRUHVSRUJUDGR$PpULFD/DWLQD\HO&DULEH&LUFD



*UiILFR

3RUFHQWDMHGHUHSHWLGRUHV\SRUFHQWDMHGHUH]DJRQRH[SOLFDGRSRUUHSHWLFLyQ HQSULPHUJUDGR$PpULFD/DWLQD\HO&DULEH&LUFD



*UiILFR

(VWXGLDQWHVLQVFULWRVFRQHGDGWHyULFD\UH]DJRžDžJUDGR 3DtVHVVHOHFFLRQDGRVGHODUHJLyQ $PpULFD/DWLQD\HO&DULEH&LUFD (QPLOHVGHDOXPQRV



*UiILFR

(VWXGLDQWHVLQVFULWRVFRQHGDGWHyULFD\UH]DJRžDžJUDGR%UDVLO $xR(QPLOHVGHDOXPQRV



*UiILFR

(VWXGLDQWHVLQVFULWRVSRUJUDGRžDžJUDGR%UDVLO$xR(QPLOHV GHDOXPQRV



*UiILFR

(VWXGLDQWHVPDWULFXODGRVHQVHFXQGDULDEiVLFDSRUFRQGLFLyQGHHGDG $PpULFD/DWLQD\HO&DULEH&LUFD(QPLOHVGHDOXPQRV



*UiILFR

7DVDQHWDDMXVWDGDGHPDWUtFXODHQSULPDULDSRUSDtV DJUXSDGRVVHJ~Q,1% SHUFiSLWDHQ86' &LUFD






*UiILFR

3iJLQD

*UiILFR

5D]yQGHPDVFXOLQLGDGSDUDHOWRWDOGHHVWXGLDQWHV\SRUFRQGLFLyQGHHGDG SRUJUDGR$PpULFD/DWLQD\HO&DULEH&LUFD



*UiILFR

7DVDGHDVLVWHQFLDHVFRODUHQSULPDULD\VHFXQGDULD SRU]RQD\SDtV 3DtVHVGH$PpULFD/DWLQD\HO&DULEH&LUFD



*UiILFR

3RUFHQWDMHGHQLxRV\QLxDVGHDDxRVGHHGDGTXHDVLVWHQDODHVFXHOD WRWDO\VHJ~QSDUWLFLSDFLyQHQDFWLYLGDGHVHFRQyPLFDV%ROLYLD%UDVLO&RORPELD \0p[LFR&LUFD



*UiILFR

3RUFHQWDMHGHQLxRV\QLxDVGHDDxRVGHHGDGTXHHVWiQHQVLWXDFLyQ GHWUDEDMRLQIDQWLO \SRUFHQWDMHTXHDVLVWHDODHVFXHODSRUQLYHOHGXFDWLYR GHOMHIHGHOKRJDU\SRUSDtV$PpULFD/DWLQD\HO&DULEH&LUFD



*UiILFR

,QGLFDGRUHVVHOHFFLRQDGRVGHDVLVWHQFLDGHSREODFLyQLQGtJHQD\QRLQGtJHQD HQHGDGHVFRODU(FXDGRU\3HU~$xR



*UiILFR

3RUFHQWDMHGHDVLVWHQFLDGHODSREODFLyQGHDDxRVSRUSHUWHQHQFLD DSXHEORVLQGtJHQDV3DtVHVGH$PpULFD/DWLQD\HO&DULEH&LUFD



*UiILFR

3RUFHQWDMHGHDVLVWHQFLDGHODSREODFLyQGHDDxRVSRUSHUWHQHQFLD DSXHEORVLQGtJHQDV\VH[R3DtVHVGH$PpULFD/DWLQD\HO&DULEH&LUFD



*UiILFR

3RUFHQWDMHGHODSREODFLyQ±SRUFRQGLFLyQGHGLVFDSDFLGDG±TXHVHHQFXHQWUD PDWULFXODGDHQHOVLVWHPDHGXFDWLYR(VWDGRSOXULQDFLRQDOGH%ROLYLD\5HS~EOLFD GH&RORPELD



*UiILFR

(VWXGLDQWHVSRUHGDG\FRQGLFLyQGHHGDGWRWDO\SHUWHQHFLHQWHDSREODFLyQ DIURGHVFHQGLHQWH&RORPELD\%UDVLO$xR



*UiILFR

)DFWRUHVDVRFLDGRVDODSUHQGL]DMH\SRUFHQWDMHGHRFDVLRQHVHQTXHORVIDFWRUHV VHDVRFLDQDODSUHQGL]DMHHQWRGDVODViUHDV\JUDGRVHYDOXDGRV3DtVHV GH$PpULFD/DWLQD\HO&DULEH



*UiILFR

$WUDVRHVFRODU GRV\PiVDxRVGHGHVIDVDMH HQWUHHVWXGLDQWHVGH DDxRVVHJ~QFOLPDHGXFDFLRQDOGHOKRJDU\iUHDVJHRJUiILFDVSDtVHV GH,EHURDPpULFD$OUHGHGRUGH



*UiILFR

-yYHQHVGHDDxRVTXHSURJUHVDURQRSRUWXQDPHQWHHQHOVLVWHPD HGXFDWLYRSRUGHFLOGHLQJUHVRV3DtVHVGH,EHURDPpULFD$OUHGHGRUGH



*UiILFR

(MHPSOLILFDFLyQSDVDMHGHORVDORVDxRVGHHGDGHQXQSDtVFRQLQJUHVR DODSULPDULDDODHGDGGHDxRV






Ã&#x2039;QGLFHGHQRWDVFRQUHIHUHQFLDVFRPSOHPHQWDULDV 1RWD

3iJLQD

1RWD

(OGHVDItRGHOFUHFLPLHQWRGHODSREODFLyQ



1RWD

(ODFFHVRDOVLVWHPDHGXFDWLYRHQHGXFDFLyQLQLFLDO\SULPDULDHOFDVRGH%ROLYLD



1RWD

0DWHUQLGDGDGROHVFHQWH\DEDQGRQRGHODHVFXHOD



1RWD

$SRUWHFRQFHSWXDOFRPXQLFDFLyQPRYLOL]DFLRQSDUDHOFDPELR \UHSUHVHQWDFLRQHVVRFLDOHV



1RWD

8VRGHOWLHPSRHVFRODU$OFDOGtDPHWURSROLWDQDGH&DUDFDV



1RWD

$SRUWHFRQFHSWXDOHOGHVDUUROORGHFDSDFLGDGHVFRJQLWLYDV\VRFLDOHVFRPRYtD GHLQFOXVLyQ



1RWD

1RUPDWLYDVUHJODPHQWDULDV\SURFHVRVGHVHJPHQWDFLyQRH[FOXVLyQ



1RWD

$SRUWHFRQFHSWXDOFXiQWRLQYHUWLU\FyPRGLVWULEXLU



1RWD

(VWUDWHJLDVSDUDDWHQGHUHOWUDVSRUWHHVFRODUHQ&RORPELD



1RWD

(VWUDWHJLDVSDUDDWHQGHUODDOLPHQWDFLyQHVFRODUHQ&RORPELD



1RWD

3UHVWDFLRQHVVRFLDOHVTXHRFXUUHQHQODHVFXHODWHQVLRQHVFRQHOWLHPSR HGXFDWLYR



1RWD

(VWUDWHJLDVGHFRPXQLFDFLyQHQ&RORPELD



1RWD

(VWUDWHJLDVGHSURYLVLyQGHOLEURVHVFRODUHVHQ%UDVLO



1RWD

$SRUWHFRQFHSWXDOFRPSHWHQFLDVGHHQVHxDQ]DSDUDPDVRSRUWXQLGDGHV GHDSUHQGHU



1RWD

1RUPDVHVFRODUHVTXHVHSXHGHQFRQVWUXLUDIDYRUGHODLQFOXVLyQ



1RWD

3HUIHFFLRQDPLHQWRGRFHQWH\YtQFXORVFRQORVQLxRV\QLxDVHQ%ROLYLD



1RWD

(MHVGHHYROXFLyQHQODIRUPDFLyQGRFHQWH



1RWD

(OILQDQFLDPLHQWRGHODHGXFDFLyQHQSDtVHVGHODUHJLyQ






Ã&#x2039;QGLFHGHWDEODVFRQLQIRUPDFLyQFXDQWLWDWLYD 7DEOD

3iJLQD

7DEOD

'LPHQVLRQHVGHODH[FOXVLyQ



7DEOD

(VTXHPDLQWHJUDGRGHODVGLPHQVLRQHVGHODH[FOXVLyQ



7DEOD

'LPHQVLyQ±1LxRV\QLxDVGHDxRVTXHQRDVLVWHQDHGXFDFLyQLQLFLDO



7DEOD

'LPHQVLyQ±1LxRV\QLxRVHQHGDGHVFRODUTXHQRDVLVWHQDODHVFXHOD SULPDULD



7DEOD

1LxRVHQODGLPHQVLyQVHJ~QLQJUHVRWDUGtRDEDQGRQRRH[FOXVLyQWRWDO $PpULFD/DWLQD\HO&DULEH\SDtVHVVHOHFFLRQDGRV



7DEOD

'LPHQVLyQ±$GROHVFHQWHVTXHQRDVLVWHQDODHVFXHODVHFXQGDULD



7DEOD

'LPHQVLyQ±1LxRV\QLxDVHQULHVJRHGXFDWLYR



7DEOD

'LPHQVLyQ±$GROHVFHQWHVHQULHVJRHGXFDWLYR



7DEOD

3REODFLyQGHDDxRVSRUVLWXDFLyQGHGLVFDSDFLGDG



7DEOD

+RUDVGHHQVHxDQ]D\VHPDQDVOHFWLYDV3DtVHVVHOHFFLRQDGRV



7DEOD

(VWXGLDQWHVSRUGRFHQWHSRUQLYHOHGXFDWLYR3DtVHVGH$PpULFD/DWLQD



7DEOD

3XQWRVFODYHGHOLWLQHUDULRHVFRODUDFFHVRVDFDGDQLYHOHGXFDWLYR



7DEOD

3XQWRVFODYHGHOLWLQHUDULRHVFRODUIUDFDVRHVFRODUHQFDGDQLYHOHGXFDWLYR \HQODVWUDQVLFLRQHV



7DEOD

Ã&#x2019;OWLPRDxRFRQGDWRVGLVSRQLEOHVSDUDHOFiOFXORGHORVLQGLFDGRUHVVHJ~QSDtV \WLSRGHGDWR3DtVHVGH$PpULFD/DWLQD\HO&DULEH



7DEOD

(GDG\GXUDFLyQGHORVQLYHOHVFLQHDFLQHSRUSDtV 3DtVHVGH$PpULFD/DWLQD\HO&DULEH



7DEOD

(GDGGHFXUVDGRGHORVDxRVHVFRODUHVSDUDHOFiOFXORGHOUH]DJRHVFRODU



7DEOD

,QVFULWRVUHSHWLGRUHV\UHFXUVDQWHV3DtVHVGH$PpULFD/DWLQD\HO&DULEH






Ã&#x2039;QGLFHGHFXDGURVSURFHVDPLHQWRV \FDWHJRUL]DFLRQHVFXDOLWDWLYDV &XDGUR

3iJLQD

5HFRPHQGDFLRQHVSULRULWDULDVGHDFFLyQSDUDSUHYHQLURVXSHUDUODH[FOXVLyQ



&XDGUR

(VWUXFWXUDGHORVVLVWHPDVHGXFDWLYRVQDFLRQDOHV



&XDGUR

5HODFLyQHQWUHODVGLPHQVLRQHVGHH[FOXVLyQ\ORViPELWRV\DJUXSDPLHQWRV GHEDUUHUDVHLQIOXHQFLDV



&XDGUR

5HODFLyQHQWUHODVEDUUHUDV\ODVHVWUDWHJLDVSDUDVXSHUDUODV



&XDGUR

'LPHQVLRQHVGHH[FOXVLyQ\EDUUHUDVDVRFLDGDV



&XDGUR

5HVXPHQGHEDUUHUDV\HVWUDWHJLDVSDUDVXSHUDUODH[FOXVLyQ



&XDGUR

,GHDVIXHU]DSDUDFRPXQLFDFLRQHVGLULJLGDVDIDPLOLDVHVWXGLDQWHV\FRPXQLGDG HQJHQHUDO



&XDGUR

'LPHQVLRQHVGHODH[FOXVLyQ\UHVXOWDGRVVXSHUDGRUHV



&XDGUR

5DVJRVSURSLFLRV\QHJDWLYRVHQODVUHJXODFLRQHVGHDFFHVRDODHGXFDFLyQ IRUPDO



&XDGUR

(QIRTXHVJHQHUDOHVGHUHLQVHUFLyQHQHOVLVWHPDHGXFDWLYRVHJ~QQLYHO \EDUUHUDVTXHRSHUDURQ



Â&#x2039;81,&()+RQGXUDV3LUR]L

&XDGUR




7DEODGHDEUHYLDWXUDV %,'

%DQFR,QWHUDPHULFDQRGH'HVDUUROOR

%0

%DQFR0XQGLDO

&(&&

&RRUGLQDFLyQ(GXFDWLYD\&XOWXUDO&HQWURDPHULFDQD

&('/$6

&HQWURGH(VWXGLRV'LVWULEXWLYRV/DERUDOHV\6RFLDOHV 6HGODFSRUVXVVLJODVHQLQJOpV

&(/$'(

&HQWUR/DWLQRDPHULFDQR\&DULEHxRGH'HPRJUDItD

&(3$/

&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD

&,1(

&ODVLILFDFLyQ,QWHUQDFLRQDO1RUPDOL]DGDGHOD(GXFDFLyQ

&,3'

&RQIHUHQFLD,QWHUQDFLRQDOVREUH3REODFLyQ\'HVDUUROOR

&21$/,7(* &RPLVLyQ1DFLRQDOGH/LEURVGH7H[WR*UDWXLWRV 0p[LFR

('8&2

3URJUDPDGH(GXFDFLyQFRQ3DUWLFLSDFLyQGHOD&RPXQLGDG

(,%

(GXFDFLyQLQWHUFXOWXUDOELOLQJH

(+

(QFXHVWDGH+RJDUHVGH%ROLYLD

(10+

(VWXGLR1DFLRQDO0XHVWUDOGH+RJDUHV 31$'SRUVXVVLJODVHQSRUWXJXpV

(37

(GXFDFLyQSDUD7RGRV

)81'(%

)RQGRGH0DQWHQLPLHQWR\'HVDUUROORGHOD(GXFDFLyQ%iVLFD\GHOD9DORUL]DFLyQ GHORV3URIHVLRQDOHV'RFHQWHV %UDVLO

)81'()

)RQGRGH0DQWHQLPLHQWR\'HVDUUROORGHOD(QVHxDQ]D)XQGDPHQWDO\9DORUL]DFLyQ GHO0DJLVWHULR %UDVLO

,&%)

,QVWLWXWR&RORPELDQRGH%LHQHVWDU)DPLOLDU

,'(%

ËQGLFHGH'HVDUUROORGHOD(GXFDFLyQ%iVLFDGH%UDVLO

,QGHV

,QVWLWXWRLQWHUDPHULFDQRSDUDHOGHVDUUROORHFRQyPLFR\VRFLDO

,1(

,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDGH%ROLYLD

//(&(

/DERUDWRULR/DWLQRDPHULFDQRGH(YDOXDFLyQGHOD&DOLGDGGHOD(GXFDFLyQ

0(1

0LQLVWHULRGH(GXFDFLyQ1DFLRQDOGH&RORPELD

1)(

1LxRVIXHUDGHODHVFXHOD 226&SRUVXVLJODHQLQJOpV

11$

1LxRVQLxDV\DGROHVFHQWHV

2&'(

2UJDQL]DFLyQSDUDOD&RRSHUDFLyQ\HO'HVDUUROOR(FRQyPLFR

2&(

2UJDQL]DFLyQGH&RRSHUDFLyQ(FRQyPLFD

2'0

2EMHWLYRVGH'HVDUUROORGHO0LOHQLR

2(,

2UJDQL]DFLyQGH(VWDGRV,EHURDPHULFDQRVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD

2,(

2ILFLQD,QWHUQDFLRQDOGH(GXFDFLyQ

2,7

2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR ,/2SRUVXVVLJODVHQLQJOpV

21*

2UJDQL]DFLyQQRJXEHUQDPHQWDO

25($/&

2ILFLQD5HJLRQDOGH(GXFDFLyQGH81(6&2SDUD$PpULFD/DWLQD\HO&DULEH




3URGXFWR,QWHUQR%UXWR

31%(

3URJUDPD1DFLRQDO%LEOLRWHFDGH(VFXHOD

31/'

3URJUDPD1DFLRQDOGHO/LEUR'LGiFWLFR

35($/

3URJUDPDGH3URPRFLyQGHOD5HIRUPD(GXFDWLYDGH$PpULFD/DWLQD\HO&DULEH

3520(&$

3UR\HFWRGH0HMRUDPLHQWRGHOD&DOLGDGGHOD(QVHxDQ]D(VFRODU %ROLYLD

3521$'(

3URJUDPD1DFLRQDOGH$XWRJHVWLyQSDUDHO'HVDUUROOR(GXFDWLYR *XDWHPDOD

37&

3URJUDPDGH7UDQVIHUHQFLD&RQGLFLRQDGD

6(3

6XEYHQFLyQ(VFRODU3UHIHUHQFLDO

6(5&(

6HJXQGR(VWXGLR5HJLRQDO&RPSDUDWLYR\([SOLFDWLYR

6*3

6LVWHPD*HQHUDOGH3DUWLFLSDFLRQHV

6,&$

6LVWHPDGHOD,QWHJUDFLyQ&HQWURDPHULFDQD

6,0$7

6LVWHPD,QWHJUDGRGH0DWUtFXOD &RORPELD

6LVEpQ

6LVWHPDGH,GHQWLILFDFLyQGH3RWHQFLDOHV%HQHILFLDULRVGH3URJUDPDVVRFLDOHV &RORPELD

6,633,

6LVWHPDGH,QGLFDGRUHV6RFLRGHPRJUiILFRVGH3REODFLRQHV\3XHEORV,QGtJHQDV

8&:

3UR\HFWR(QWHQGLHQGRHO7UDEDMR,QIDQWLO

8,6

,QVWLWXWRGH(VWDGtVWLFDVGH81(6&2 8,6SRUVXVLJODHQLQJOpV

81(6&2

2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD

81,&()

)RQGRGHODV1DFLRQHV8QLGDVSDUDOD,QIDQFLD

813'

'LYLVLyQGH3REODFLyQGH1DFLRQHV8QLGDV 813'SRUVXVVLJODVHQLQJOpV

99$$

9DULRVDXWRUHV

Â&#x2039;81,&()3DUDJXD\/XLV9HUD

3,%




('8&$&,Ï135,0$5,$¢4XpWHSDVyFXDQGRHPSH]DVWHDOHHU\HVFULELU"

-RHODxRV$UJHQWLQD ‡ ©PHSDVRTXHPHSXVHDOORUDUSRUTXHWRVGRVVDELDQOHHULxRQRSRGLDDOHHU\HVFULELUª-HQLIHU/ODQHWH DxRV*XDWHPDOD ‡ ©&8$1'2/(,0(75$%$%$/$/(1*8$</(,$08<'(63$6,2<(6&5,9,$&21/(75$)($ <7$0%,(1120($385$%$<12&803/,$&20,7$5($ª'DQLHO$OHMDQGURDxRV1LFDUDJXD

&DUOD$UJHQWLQD ‡ ©$OHJULDHPRFLyQ)HOLVLGDGª&ULVWLDQDxRV3DQDPi ‡ ©0HSXVHIHOL]\PHLQSLUpDODHGXFDFLyª<DHO5HS~EOLFD'RPLQLFDQD

('8&$&,Ï16(&81'$5,$%È6,&$¢4XpTXHUpVFRQWDUGHODHVFXHOD"

*ULVHOGDDxRV$UJHQWLQD

%UXQRDxRV$UJHQWLQD ‡ ©0HHQWHUDEDTXHLEDDUHQGLUXQDPDWHULD\PHGDJDQDVGHGHMDUHOFROHJLRª5RFtRDxRV$UJHQWLQD ‡ ©6LTXHQXQFDPHJXVWDUtDUHSHWLU\TXHQRPHJXVWDUtDLUDUHQGLUQLQJXQDPDWHULDª1D]DUHQD DxRV$UJHQWLQD ‡ ©6LSRUTXHHQHVWDHVFXHODORVDGXOWRVVRQUHFRSDGRV\QRWHIDOWDQHOUHVSHWR\WRGRVORVDGXOWRV WHQGUtDQTXHVHUDVLª7LWRDxRV$UJHQWLQD




,QWURGXFFLyQ 1RHVFDVXDOTXHODVSULPHUDVOtQHDVGHO,QIRUPH5HJLRQDOGHOD,QLFLDWLYDSRUORV1LxRV)XHUDGHOD(VFXHOD ,QLFLDWLYD1)( WUDQVPLWDQODYR]GLUHFWDGHORVHVWXGLDQWHVDOJXQRVORKDFHQFRQHQWXVLDVPR\RWURVHVWiQ HQXQPRPHQWRGHOLFDGRGHVXHVFRODULGDGHQHOTXHHOGHVDOLHQWRHOUH]DJRHVFRODU\ODEDMDHVWLPD VHHQFXHQWUDQSUHVHQWHV3RUHOORFRQVWLWX\HQXQDLQWHUSHODFLyQDODUHVSRQVDELOLGDGDFDGpPLFDWpFQLFD \SROtWLFDFRQODTXHKD\TXHHQIUHQWDUODH[FOXVLyQHGXFDWLYD\SRVLELOLWDUHODYDQFHGHOHMHUFLFLRGHOGHUHFKR DODHGXFDFLyQUHFRQRFLGRHQOD&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR $PpULFD/DWLQD\HO&DULEHKDQDYDQ]DGRPXFKRHQODVUHFLHQWHVGpFDGDV$SDUWLUGHORVHVIXHU]RVSROtWLFRV \ILQDQFLHURVGHODVGHPDQGDVVRFLDOHV\GHODDERJDFtD\RULHQWDFLyQGHODVHQWLGDGHVLQWHUQDFLRQDOHVORV VLVWHPDVHGXFDWLYRVGHORVSDtVHVGHODUHJLyQVHKDQDPSOLDGRSDUDUHFLELUDXQDHQRUPHPD\RUtDGHQLxRV QLxDV\DGROHVFHQWHVHQWUHORV\ORVDxRV3HURHVWHSURJUHVRGHMDD~QPXFKRVEROVRQHVGHH[FOXVLyQ WRWDODFWXDORSRWHQFLDOQLxRV\QLxDVTXHLQJUHVDQWDUGHDOVLVWHPDHGXFDWLYRTXHIUDFDVDQUHLWHUDGDPHQWH TXHQRHQFXHQWUDQH[SHULHQFLDVSHGDJyJLFDVTXHOHVSHUPLWDQGHVDUUROODUVXVFDSDFLGDGHV\TXHYLYHQ VLWXDFLRQHVGHGLVFULPLQDFLyQ1LxRVQLxDV\DGROHVFHQWHVTXHHQPXFKRVFDVRVDJUHJDQDHVDV VLWXDFLRQHVHVFRODUHVODLQMXULDGHFRQGLFLRQHVGHYLGDGUDPiWLFDPHQWHHPSREUHFLGDVSUHFDULDVKXPLOODQWHV $QWHHVWHSDQRUDPDSXHGHQWRPDUVHGRVSRVWXUDV8QDHVSHUDUKDVWDTXHODLQHUFLD\HOLPSXOVRDOFDQFHQ HIHFWLYDPHQWHDWRGRVORVQLxRVQLxDV\DGROHVFHQWHV2WUDWRPDUODGHFLVLyQGHLQWHUYHQLUDFHOHUDQGRORV SURFHVRVGHLQFOXVLyQHQXQSURFHVRTXHSDUWDGHODQiOLVLVGHODVLWXDFLyQDFWXDOTXHLGHQWLILTXHODVEDUUHUDV \ORVDVSHFWRVIDYRUHFHGRUHV\TXHLPSXOVHFRQLQWHOLJHQFLD\YROXQWDGORVHVIXHU]RVQHFHVDULRVSDUD TXHODHGXFDFLyQDFW~HPiVSOHQDPHQWHDIDYRUGHWRGRVFRQHVSHFLDODPRUKXPDQR\FDOLGDGSURIHVLRQDO KDFLDDTXHOORVTXHYLYHQVLWXDFLRQHVGLYHUVDVRLQMXVWDV ,PSXOVDGDSRU81,&()\HO,QVWLWXWRGH(VWDGtVWLFDVGH81(6&2OD,QLFLDWLYDSRUORV1LxRV)XHUDGHOD (VFXHODHVXQDSRUWHDHVHSURFHVRGHDQiOLVLV\GHDFFLyQDELHUWRDLQWHJUDUFRPSURPLVRVGHSHQVDPLHQWR \GHUHDOL]DFLyQSRUSDUWHGHJRELHUQRVRUJDQLVPRVLQWHUQDFLRQDOHV\RUJDQL]DFLRQHVGHODVRFLHGDGFLYLO (VWHGRFXPHQWRUHIOHMDORVUHVXOWDGRVGHXQLQIRUPHUHJLRQDOTXHDEDUFDSDtVHV(QpOVHH[SRQH XQDEDVHSDUDGHVDUUROODUPDUFRVGHFRPSUHQVLyQ\GHUHVROXFLyQGHOIHQyPHQRGHODH[FOXVLyQHGXFDWLYD DSDUWLUGHODFDUDFWHUL]DFLyQGHORVSHUILOHVUHJLRQDOHVGHODQiOLVLVGHODVEDUUHUDVTXHODDOLPHQWDQ \GHODVLVWHPDWL]DFLyQGHYtDVGHDFFLyQSDUDVXSHUDUHVDVEDUUHUDV\UHPRYHUODH[FOXVLyQ /DH[SUHVLyQ©FRPSOHWDUODHVFXHODªTXHVHUHWRPDUiHQORVVLJXLHQWHVSiUUDIRV\TXHHVSDUWHGHOWtWXORGH HVWHLQIRUPHLQGLFDTXHHQQXHVWUDUHJLyQODHVFXHODHVXQDLQVWLWXFLyQSUHVHQWH\DPSOLDPHQWHGLVHPLQDGD SHURTXHHVWiD~QLQFRPSOHWDHQPXFKRVVHQWLGRVQLxRVQLxDV\DGROHVFHQWHVTXHQRLQJUHVDQHQODHGDG RSRUWXQDRTXHQRSHUPDQHFHQHQHOODKDVWDFRPSOHWDUODHGXFDFLyQREOLJDWRULD$GHPiVORVDSUHQGL]DMHV PXFKDVYHFHVVRQGpELOHVLPSHUIHFWRVHLQVXILFLHQWHV<ODVFDUHQFLDVPDWHULDOHVHGLOLFLDV\ODVGLILFXOWDGHV SDUDODFREHUWXUDGHFDUJRVGRFHQWHVWDPELpQGHMDQLQFRPSOHWDODHVFXHOD 3RURWURODGRODH[SUHVLyQ©XQGHUHFKRDSURWHJHUªDSHODDUDWLILFDUODLPSRUWDQFLDTXHWLHQHODHGXFDFLyQ SDUDHOGHVDUUROORLQWHJUDOGHORVQLxRVQLxDV\DGROHVFHQWHVSRUVXSRWHQFLDOLGDGSDUDGHVSOHJDUVXV FDSDFLGDGHVHMHUFLWDUODVGLVIUXWDUODV\HQULTXHFHUODV3URWHJHUHOGHUHFKRDODHGXFDFLyQDPSOtDWDPELpQ ODVFRQGLFLRQHVSDUDGHPDQGDU\HMHUFHURWURVGHUHFKRV )LQDOPHQWHODH[SUHVLyQ©XQGHEHUSDUDFRPSDUWLUªHVXQDQXHYDHLQVLVWHQWHFRQYRFDWRULDDHYLWDUHOUHSDUWR GHFXOSDVHQRWURVVHFWRUHV\DDVXPLUFROHFWLYD\FRRSHUDWLYDPHQWHORVHVIXHU]RVTXHKD\TXHUHDOL]DU SDUDJDUDQWL]DUHOGHUHFKRDODHGXFDFLyQ(QORTXHFRPSHWHDOVLVWHPDHVFRODUHVWDGRVQDFLRQDOHV \VXEQDFLRQDOHVRUJDQLVPRVGHILQDQFLDPLHQWR\GHFRRSHUDFLyQHQWLGDGHVVLQGLFDOHVPDJLVWHULDOHVPHGLRV GHFRPXQLFDFLyQIDPLOLDVFRPXQLGDGHVXQLYHUVLGDGHV\FHQWURVGHLQYHVWLJDFLyQQRSXHGHQPDQWHQHUVH DOPDUJHQ (QVtQWHVLVFRPSOHWDUODHVFXHODHVXQGHEHUSDUDFRPSDUWLU\WDPELpQXQDHVSHUDQ]DSDUDDFWXDU XQGHUHFKRDSURWHJHU




/DLQLFLDWLYDJOREDOSRUORVQLxRVIXHUDGHODHVFXHOD XQDSHUVSHFWLYDSDUDVXPDUHVIXHU]RV TXHVXSHUHQODH[FOXVLyQHGXFDWLYD HQHOWUDEDMRGHHTXLSRVGHFDGDSDtV LQWHJUDGRV SRUORVVRFLRVGHOJRELHUQR\ORVSULQFLSDOHV WRPDGRUHVGHGHFLVLRQHV XQSDQRUDPDGHFDGD XQDGHODVUHJLRQHVXQHVWXGLRJOREDO\XQD FRQIHUHQFLDPXQGLDOSDUDPRYLOL]DUUHFXUVRVSDUD ODHTXLGDG

(QODVGRV~OWLPDVGpFDGDVHQVLWXDFLRQHV SROtWLFDV\HFRQyPLFDVPX\GLYHUVDVWRGRVORV SDtVHVGH$PpULFD/DWLQD\HO&DULEH±XQDUHJLyQ TXHDFXPXODEDYDULDGDVGHVLJXDOGDGHV\DWUDVRV UHODWLYRV±KDQWRPDGRGHFLVLRQHV\DVLJQDGR UHFXUVRVILQDQFLHURVSDUDDPSOLDUODVRSRUWXQLGDGHV GHHVFRODUL]DFLyQGHVXSREODFLyQLQIDQWLO\MXYHQLO 7DQWRHVRVHVIXHU]RVFRPRVXSRWHQFLDOLGDGGH ORJURD~QGHEHQVRVWHQHUVH\DILQDUVH(QWRUQR DODxRHQ$PpULFD/DWLQD\HO&DULEHKDEtD DSUR[LPDGDPHQWHPLOORQHVGHQLxRVQLxDV \DGROHVFHQWHV 11$ HQHGDGGHDVLVWLUDOD HGXFDFLyQLQLFLDO SRUORPHQRVXQDxRDQWHV GHODSULPDULD HGXFDFLyQSULPDULD\HGXFDFLyQ VHFXQGDULDEiVLFD6LQHPEDUJRPLOORQHVQR DVLVWtDQDODHVFXHOD\PLOORQHVDVLVWtDQ DUUDVWUDQGRIUDFDVRV\VHxDOHVGHGHVLJXDOGDG H[SUHVDGDVHQGRVRPiVDxRVGHGHVIDVHJUDGR HGDGRUH]DJRHVFRODU

/DV'LPHQVLRQHVGHODH[FOXVLyQ (OLPSHUDWLYRGHDOFDQ]DUHQORVSUy[LPRVDxRV ODSOHQDHVFRODUL]DFLyQGHVGHODHGXFDFLyQLQLFLDO SRUORPHQRVXQDxRDQWHVGHODSULPDULD KDVWD ODVHFXQGDULDEiVLFDVHHQFXHQWUDDYDODGR \VXVFULSWRSRUGLYHUVDVLQVWDQFLDVTXHLQFOX\HQ FXPEUHVSUHVLGHQFLDOHVGRFXPHQWRVGHFRQVHQVR GHHQWLGDGHVPXOWLODWHUDOHVGHFRRSHUDFLyQ \ILQDQFLDPLHQWR\P~OWLSOHVH[SUHVLRQHVJOREDOHV GHSDUWLFLSDFLyQ\PRYLOL]DFLyQSRUODHGXFDFLyQ

3DUDDSR\DUHVRVSURFHVRVTXHSXHGDQKDFHU HIHFWLYRHOGHUHFKRGHWRGRVORVQLxRV DODHGXFDFLyQ81,&()\HO,QVWLWXWRGH(VWDGtVWLFD GHOD81(6&2 8,6 ODQ]DURQOD,QLFLDWLYD*OREDO SDUDORV1LxRV)XHUDGHOD(VFXHODDLQLFLRV GH/DLQLFLDWLYDDSXQWDDWUDEDMDU FRQSDtVHV%ROLYLD%UDVLO&RORPELD.LUJXLVWiQ 5XPDQLD7D\LNLVWiQ7XUTXtD&DPER\D,QGRQHVLD )LOLSLQDV7LPRU(VWH(WLRStD0R]DPELTXH =DPELD6XGiQGHO6XU6XGiQGHO1RUWH 0DUUXHFRV%DQJODGHVK,QGLD3DNLVWiQ6UL/DQND 5HS~EOLFD'HPRFUiWLFDGHO&RQJR*KDQD/LEHULD \1LJHULD

/D,QLFLDWLYD*OREDOSRUORV1)(WRPD HQFRQVLGHUDFLyQWDQWRDORVPLOORQHVGH11$GH DDxRVTXHQRHVWiQDVLVWLHQGRDODHVFXHOD HVGHFLUORVTXH©KR\HVWiQIXHUDGHODHVFXHODª FRPRDORVHVWXGLDQWHVTXHVLELHQFRQFXUUHQ DODHVFXHODWLHQHQXQDHVFRODUL]DFLyQOiELO \SUHFDULD\TXHVLQRVHDFW~DFRQHILFDFLDVHUiQ ORVTXHHVWpQ©IXHUDGHODHVFXHODGHOIXWXUR SUy[LPRª /DHVFRODUL]DFLyQIRUPDOREOLJDWRULDTXHVHOHJLVOD GLVHxD\SUHWHQGHSDUDWRGRVORV11$VHEDVD HQXQVXSXHVWRGHSURJUDPDFLyQGRQGHDFDGD JUDGRFRUUHVSRQGHXQDHGDG)UHQWHDHVWH HVTXHPDWHyULFRHOHQIRTXHSURSXHVWRSRU 81,&()\HO8,681(6&2VLW~DODFRPSUHQVLyQ GHO©HVWDUIXHUDGHODHVFXHODªFRPRXQSURFHVR VRFLDOUHDOGLQiPLFR\UHFXUUHQWH

(VHSURSyVLWRJOREDOLPSOLFDFRPELQDUHODQiOLVLV GHLQIRUPDFLyQHVWDGtVWLFDVREUHORVQLxRVQLxDV \DGROHVFHQWHVIXHUDGHODHVFXHODODLGHQWLILFDFLyQ GHORVIDFWRUHVGHH[FOXVLyQGHODHVFRODUL]DFLyQ \ODSUHVHQWDFLyQGHSROtWLFDVSDUDVXSHUDUOD H[FOXVLyQ

(QHOPDUFRGHHVWD,QLFLDWLYD*OREDOVHGHWHUPLQDQ FLQFRGLPHQVLRQHVGHH[FOXVLyQHVGHFLUFLQFR SRVLELOLGDGHVGHHVWDUKR\RPDxDQDIXHUDGHOD HVFXHOD\GHOPDSDGHUHFRUULGRHVFRODUGHVHDEOH SDUDWRGRV6HODVSUHVHQWDHQOD7DEOD FXDQWLILFDGDVSDUDODUHJLyQGH$PpULFD/DWLQD \HO&DULEH

/DLQWHQFLyQHVSURIXQGL]DUXQHQIRTXHPiV VLVWHPiWLFRSDUDDERUGDUHOSUREOHPDGHORV11$ IXHUDGHODHVFXHOD\DPSOLDUODRULHQWDFLyQ DUHIRUPDVFRQFUHWDVGHOVHFWRUHGXFDWLYR HQHVWHVHQWLGR/DVDFWLYLGDGHVGHOD,QLFLDWLYD1)( LQFOX\HQHVWXGLRVQDFLRQDOHVEDVDGRV




7$%/$ 'LPHQVLRQHVGHOD([FOXVLyQ

+2<)8(5$ '(/$(6&8(/$

,QHTXLGDGHVGHDFFHVR RSHUPDQHQFLD 'LPHQVLyQH[FOXVLyQGH KHFKRGHODHGXFDFLyQ LQLFLDO

PLOORQHVGHQLxRV\QLxDVHQHGDGGHDVLVWLU DODHGXFDFLyQLQLFLDOTXHQRSDUWLFLSDQGHHOOD SRUORPHQRVGXUDQWHXQDxRDQWHVGHLUDODHVFXHOD SULPDULD\TXHWDPSRFRDVLVWHQDODSULPDULD

'LPHQVLyQH[FOXVLyQGH KHFKRWRWDORSDUFLDOGH ODHGXFDFLyQSULPDULD

PLOORQHVGHQLxRV\QLxDVHQHGDGGHDVLVWLU DODHGXFDFLyQSULPDULDTXHQRHVWiQHQODSULPDULD QLHQODVHFXQGDULDSRUTXHQRDFFHGHQQXQFD DODHVFXHODSULPDULDDFFHGHQHQIRUPDWDUGtD RKDQSDUWLFLSDGRGHHOODSRUXQWLHPSRUHVWULQJLGR \DEDQGRQDURQVLQDFUHGLWDUHOQLYHOFRPSOHWR

'LPHQVLyQH[FOXVLyQGH KHFKRWRWDORSDUFLDOGH ODHGXFDFLyQVHFXQGDULD

PLOORQHVGHDGROHVFHQWHVTXHWHQLHQGRHGDGGH HVWDUHQVHFXQGDULDEiVLFDQRHVWiQHQODHVFXHOD SULPDULDQLVHFXQGDULDRWUDVKDEHULQJUHVDGRDHOOD WDUGtDPHQWHRSDUWLFLSDGRSRUEUHYHVSHUtRGRV ODDEDQGRQDURQWHPSUDQDPHQWH

,QHTXLGDGHVGHSURJUHVR \DSUHQGL]DMH

(15,(6*2'((67$5 )8(5$'(/$(6&8(/$

(Q$PpULFD/DWLQD\HO&DULEH

(Q$PpULFD/DWLQD\HO&DULEH

'LPHQVLyQH[FOXVLyQ ODWHQWHSRWHQFLDO RVLOHQFLRVDGH ODHGXFDFLyQSULPDULD

PLOORQHVGHQLxRVQLxDVHLQFOXVRDGROHVFHQWHV TXHVHPDQWLHQHQHVFRODUL]DGRVHQORVyJUDGRV GHSULPDULDSHURWUDQVLWDQGRXQDH[SHULHQFLD HGXFDWLYDVLJQDGDSRUIUDFDVRVGHGLYHUVDtQGROH \SRUHOORHQULHVJRGHDEDQGRQDU

'LPHQVLyQH[FOXVLyQ ODWHQWHSRWHQFLDO RVLOHQFLRVDGH ODHGXFDFLyQVHFXQGDULD EiVLFD

PLOORQHVGHORVDGROHVFHQWHVTXHVHKDQLQVFULSWR HQDOJXQRGHORVyJUDGRVGHODHGXFDFLyQ VHFXQGDULDEiVLFD\D~QDVLVWHQSHURHQVLWXDFLyQ SUHFDULDHQIXQFLyQGHVXDFXPXODFLyQGHIUDFDVRV SUHYLRV\GHORVGHVDItRVFRPSOHMRVGHOD RUJDQL]DFLyQHVFRODUGHHVWHQLYHO

)XHQWHSURFHVDPLHQWRSURSLRHQEDVHDGDWRVGHO8,681(6&2ODVHVWLPDFLRQHVGHODVGLPHQVLRQHVDFRUUHVSRQGHQDODxR /DVHVWLPDFLRQHVGHODVGLPHQVLRQHV\FRUUHVSRQGHQDODxR

9DOHGHVWDFDUDGHPiVTXHODHVWLPDFLyQGHOD FDQWLGDGGHQLxRV\QLxDVFRUUHVSRQGLHQWHDODV GLPHQVLRQHV\VHUHDOL]DFRQVLGHUDQGRDORV DOXPQRVTXHDVLVWHQFRQGRVRPiVDxRVGH UH]DJRSRUORTXHVHHQFXHQWUDQHQULHVJRJUDYH 6LQHPEDUJRDORVILQHVGHOSUHVHQWHHVWXGLRVH FRQVLGHUDUHOHYDQWHVHxDODUTXHH[LVWHXQFRQMXQWR GHHVWXGLDQWHVTXHDVLVWHQDODSULPDULDR VHFXQGDULDFRQXQDxRGHUH]DJR\TXHVHUiQ FDUDFWHUL]DGRVFRPRHQULHVJRPRGHUDGR(VWD VLWXDFLyQUHSUHVHQWDDORVDOXPQRVTXHKDQ

LQJUHVDGRHQIRUPDWDUGtDRTXHKDQDWUDYHVDGR XQDH[SHULHQFLDGHIUDFDVRHQVXLWLQHUDULRHVFRODU 3RUHVWDUD]yQHQHOGHVDUUROORGHHVWHGRFXPHQWR VHLQFOX\HHODQiOLVLVGHHVWDVVLWXDFLRQHVHQOD FXDQWLILFDFLyQGHODVGLPHQVLRQHV\\DTXHVH ODVFRQVLGHUDFRPRXQDVHxDOGHDOHUWDSDUDOD VLWXDFLyQGHH[FOXVLyQ &RQGLVWLQWDVPDJQLWXGHVHQORVSDtVHVGHOD UHJLyQVHREVHUYDQODVPDQLIHVWDFLRQHVGHWRGDV HVWDVGLPHQVLRQHVGHODH[FOXVLyQHVFRODU(QVX




*5È),&2,1',&$'25(66(/(&&,21$'2662%5((6&2/$5,=$&,Ï1'(/$32%/$&,Ï1 3253$Ë63$Ë6(6'($0e5,&$/$7,1$<(/&$5,%(&,5&$ 7DVDQHWDGHDVLVWHQFLDDHGXFDFLyQVHFXQGDULD 



+RQGXUDV 

0p[LFR 

















8UEDQR 5XUDO %UHFKDXUEDQRUXUDO



*XDWHPDOD 



 %ROLYLD 



(FXDGRU 

3DUDJXD\ 

3DQDPi 

&KLOH 



&RORPELD 









%UDVLO 





1LFDUDJXD 



5HS~EOLFD'RPLQLFDQD 



&RVWD5LFD 



8UXJXD\ 























5HS~EOLFD'RPLQLFDQD 





























4XLQWLO9 4XLQWLO, %UHFKD4XLQWLO9 4XLQWLO,

*XDWHPDOD 



+RQGXUDV 



1LFDUDJXD 



%UDVLO 



(O6DOYDGRU 



9HQH]XHOD 



3DUDJXD\ 

$UJHQWLQD 

&KLOH 





&RORPELD 





3HU~ 





0p[LFR 



&RVWD5LFD 

$xRVSURPHGLRGHHGXFDFLyQ3REODFLyQGHDDxRVGHHGDG

Ecuador (2009)





%ROLYLD 





8UXJXD\ 







3DQDPi 





3HU~ 

     

7DVDGHDVLVWHQFLDHVFRODU3REODFLyQGHDDxRVGHHGDG









 







 +RQGXUDV 

9HQH]XHOD 



3DUDJXD\ 





(FXDGRU 



0p[LFR 



&RVWD5LFD 



*XDWHPDOD 



%ROLYLD 





3DQDPi 



%UDVLO 

     

3REODFLyQQRLQGtJHQD 3REODFLyQLQGtJHQD %UHFKDLQGtJHQD QRLQGtJHQD

)XHQWHSURFHVDPLHQWRVSURSLRVVREUH6RFLR(FRQRPLF'DWDEDVHIRU/DWLQ$PHULFDDQGWKH&DULEEHDQ &('/$6\7KH:RUOG%DQN  \6LVWHPDGH,QGLFDGRUHV6RFLRGHPRJUiILFRVGH3REODFLRQHV\3XHEORV,QGtJHQDV 6,633, &(/$'(

PD\RUSDUWHHVWiQSREODGDVSRUORV11$HQ VLWXDFLyQGHSREUH]D\GHGHVLJXDOGDG$PRGR GHHMHPSORVHSUHVHQWDQDOJXQRVLQGLFDGRUHVHQ HO*UiILFR

WDPELpQDOLQWHULRUGHFDGDXQRGHHOORVHQIXQFLyQ GHOD]RQDGHUHVLGHQFLDODSREUH]DROD SHUWHQHQFLDDSREODFLRQHVLQGtJHQDV/DYDULDFLyQ \DPSOLWXGGHODVEUHFKDVH[SUHVDGDVHQEDUUDV URMDVHVVyORXQHMHPSORGHODVGHVLJXDOGDGHV SUHVHQWHVHQFDGDSDtVGHODUHJLyQ

/RVGDWRVPXHVWUDQYDULDFLRQHVVHQVLEOHVHQORV LQGLFDGRUHVQRVRODPHQWHHQWUHSDtVHVVLQR




DFFHVRSHUPDQHQFLDSURJUHVR\DSUHQGL]DMH GHORV11$

/RVUHVXOWDGRVGHHVWRVLQGLFDGRUHVVHWUDGXFHQ HQGHVDItRVTXHUHTXLHUHQUHVROYHUVLPXOWiQHDPHQWH SUREOHPDVGHGLYHUVDtQGROHGHQWURGHOSODQR HGXFDWLYRGpILFLWVGHFREHUWXUDSRUIDOWD GHHVFXHODVRGHSOD]DVGHELOLGDGHVGHODV SURSXHVWDVHVFRODUHVHLQDGHFXDFLyQSUHVHQWH RDIXWXURGHHVDVSURSXHVWDVHQUHODFLyQFRQ ODVFDUDFWHUtVWLFDVGHODSREODFLyQLQIDQWLO\MXYHQLO IXHUDGHODHVFXHOD/DE~VTXHGDGHODHTXLGDG \FDOLGDGGHOGHUHFKRDODHGXFDFLyQVHLQVFULEH WDPELpQHQHOSODQRPiVJOREDOGHODVXSHUDFLyQ GHODSREUH]DODMXVWLFLDVRFLDO\ODSURWHFFLyQ HIHFWLYDGHWRGRVORVGHUHFKRVGHORVQLxRVQLxDV \DGROHVFHQWHV

/RVDFXHUGRVPHWRGROyJLFRVGHVDUUROODGRV SDUDHVWDLQLFLDWLYDFODVLILFDQODVEDUUHUDVHQGRV JUDQGHViPELWRVODVTXHVHSURGXFHQHQ ODYLQFXODFLyQ GHPDQGD GHVGHODSREODFLyQ KDFLDHOVLVWHPDHGXFDWLYR\ODVTXHVHSURGXFHQ GHQWURGHOSURSLRVLVWHPDHGXFDWLYR RIHUWD  /DVEDUUHUDVGHGHPDQGDH[SUHVDQGLYHUVRV REVWiFXORVTXHHQFXHQWUDQODVIDPLOLDVSDUDLQLFLDU RVRVWHQHUODHVFRODULGDGRSRUWXQDGHORVQLxRV \DGROHVFHQWHV5HVXOWDSURYHFKRVRSDUD HODQiOLVLVVHSDUDUODVEDUUHUDVDVRFLDGDV DGLVWLQWRVSUREOHPDVHFRQyPLFRVGHULYDGRV GHODUHVWULFFLyQGHLQJUHVRVTXHSDGHFHQPLOORQHV GHIDPLOLDVHQODUHJLyQ\TXHOHVLPSLGHQDIURQWDU ORVFRVWRVGLUHFWRVHLQGLUHFWRVGHODHVFRODULGDG \DTXHGLFKRVFRVWRVFRPSLWHQFRQORVOLJDGRV DODVXSHUYLYHQFLDPiVEiVLFD3RURWUDSDUWH RWURWLSRGHEDUUHUDVGHODGHPDQGDVHH[SUHVDQ HQGLYHUVRVPRGRVGHGHVDFRSOHHQWUHODFXOWXUD HVFRODU\ODFXOWXUDSRSXODUTXHRSHUDQFRPR REVWiFXORVVRFLRFXOWXUDOHVDOHMHUFLFLRSOHQR GHOGHUHFKRDODHGXFDFLyQGHVYDORUL]DFLRQHV PXWXDVHVFDVRVGLiORJRV\SDXWDVGHFULDQ]D TXHFROLVLRQDQFRQODVSDXWDVGHHVFRODUL]DFLyQ &RQWRGRPiVDOOiGHHVWDGLVWLQFLyQDQDOtWLFD TXHHV~WLOSDUDSHQVDUOtQHDVGHDFFLyQ HQODYLGDUHDOHVWDVEDUUHUDVHFRQyPLFDV \VRFLRFXOWXUDOHVGHODGHPDQGDLQWHUDFW~DQ HQP~OWLSOHVVHQWLGRVSRUORTXHSDUDFRPSUHQGHU \DFWXDUVREUHHOODVHOVLVWHPDHGXFDWLYRTXHGD HQODQHFHVLGDGGHLQWHUDFWXDUFRQRWURVVHFWRUHV SURWHFFLyQVRFLDOVDOXG\FRPXQLFDFLyQVRFLDO HQWUHRWURV

(QHOPDUFRGHOD,QLFLDWLYD*OREDO1)( ODHODERUDFLyQGHSHUILOHVGHH[FOXVLyQEXVFD FXDQWLILFDU\FDUDFWHUL]DUFDGDXQDGHODV GLPHQVLRQHVGHH[FOXVLyQ(QHO&DStWXOR3HUILOHV GHODH[FOXVLyQHGXFDWLYDHQ$PpULFD/DWLQD \HO&DULEHGHVGHHVWDSHUVSHFWLYDGHDQiOLVLVVH H[SRQHQHQGHWDOOHGDWRVHLQGLFDGRUHVHGXFDWLYRV GHODUHJLyQHQWRUQRDODxR

/DVEDUUHUDV\FXHOORVGHERWHOOD TXHFRQILJXUDQODH[FOXVLyQ 3DUDDFWXDU\DOFDQ]DUUHVXOWDGRVGHHVFRODUL]DFLyQ WRWDORSRUWXQDVRVWHQLGD\SOHQDHVLPSRUWDQWH GLPHQVLRQDU\FDUDFWHUL]DUODVLWXDFLyQDFWXDO 6REUHHVRVSHUILOHVFODUDPHQWHGHILQLGRVKDEUi OXHJRTXHH[DPLQDUULJXURVDPHQWHFXiOHVVRQODV UHVWULFFLRQHVTXHFRQILJXUDQODH[FOXVLyQHGXFDWLYD HLPSLGHQDOVLVWHPDHGXFDWLYR±FRPRDFXDOTXLHU RWUDRUJDQL]DFLyQ±DOFDQ]DUVXPHWD

/DVEDUUHUDVGHRIHUWDGHOVLVWHPDHGXFDWLYRVRQ ODVTXHOLPLWDQODSRWHQFLDGHODHVFXHODSDUD HQVHxDU\SDUDTXHVXVHVWXGLDQWHVDSUHQGDQ 7DPELpQHVUHOHYDQWHDTXtKDFHUXQDVHSDUDFLyQ DQDOtWLFDHQWUHEDUUHUDVTXHVHPDQLILHVWDQ HQODHVFXHOD±\DVHDHQHOSODQRPDWHULDO SHGDJyJLFRRVLPEyOLFR±\ODVTXHVHH[SUHVDQ HQODJHVWLyQGHOVLVWHPDHGXFDWLYR±\DVHDQ GHJREHUQDELOLGDGWpFQLFDVRILQDQFLHUDV± (VWDGLVWLQFLyQFRQFHSWXDOEXVFDVHSDUDU GLILFXOWDGHVTXHVHHYLGHQFLDQHQODPLVPDXQLGDG GHSUHVWDFLyQGHOVLVWHPDHGXFDWLYR±ODHVFXHOD HQWDQWRHQWLGDGTXHLQWHUDFW~DHQIRUPDGLUHFWD

/DVRUJDQL]DFLRQHVVRFLDOHVWLHQHQ FRPSRUWDPLHQWRVTXHUHVSRQGHQHQJUDQPHGLGD DOSDVDGRUHSUHVHQWDGRSRUODVLQHUFLDV\ORV PDQGDWRVIXQGDFLRQDOHVTXHVXHOHQSRVWHUJDU ODVRULHQWDFLRQHV\QHFHVLGDGHVGHOSUHVHQWH &XDQWRPiVJUDQGH\PiVDQWLJXDVHD ODRUJDQL]DFLyQPiVLQHUFLDVVHDFXPXODQ\DOVHU HOVLVWHPDHGXFDWLYRXQDYDVWDRUJDQL]DFLyQVRFLDO QRHVFDSDDHVWDSDXWD(QHOPDUFRGHHVWD LQLFLDWLYDVHSURSRQHDQDOL]DUULJXURVDPHQWH ORVIDFWRUHVTXHFRQVWUX\HQODH[FOXVLyQ HQHGXFDFLyQHQVXVGLVWLQWDVGLPHQVLRQHVVLQ DFRWDUVHDODVPLUDGDVWUDGLFLRQDOHVRDILUPDFLRQHV ©DSULRULª(VWRVIDFWRUHV±REDUUHUDV±VHFRPELQDQ HQWUHVtGHGLVWLQWDVPDQHUDVFRQILJXUDQGR©FXHOORV GHERWHOODªTXHUHGXFHQODVRSRUWXQLGDGHVGH





 81,&() 81(6&2,QVWLWXWHIRU6WDWLVWLFV  ©$OOFKLOGUHQ LQVFKRROE\±*OREDOLQLWLDWLYHRQ2XWRI6FKRRO&KLOGUHQ &RQFHSWXDODQG0HWKRGRORJLFDO)UDPHZRUNª


FRQODSREODFLyQSRUHMHPSORXQHGLILFLR GHWHULRUDGRIDOWDGHOLEURVGRFHQWHVTXHURWDQ HQH[FHVRSREUHVSURSXHVWDVGHHQVHxDQ]D HVWUDWHJLDVGHVEDODQFHDGDVGHHYDOXDFLyQRFOLPD HVFRODULQWROHUDQWH±\DTXHOODVTXHVHSURGXFHQ HQHOSODQRGHODJHVWLyQSROtWLFDILQDQFLHUD \WpFQLFDGHOVLVWHPDHGXFDWLYR±GpILFLWV GHSODQHDFLyQLQVXILFLHQWHILQDQFLDPLHQWRREDMD FDOLGDGGHORVSURJUDPDVHVSHFtILFRV±TXHHVWiQ HQODUDt]GHPXFKRVGHORVSUREOHPDVGH ODVHVFXHODVFX\RVHVWXGLDQWHVDEDQGRQDQ RSHUPDQHFHQFRQEDMRVORJURV\GHORVSUREOHPDV GHLQH[LVWHQFLDGHRIHUWDHVFRODUSDUD ORVH[FOXLGRV

'HQWURGHHVWDLQLFLDWLYDODLGHQWLILFDFLyQGH EDUUHUDVEXVFDFRPSUHQGHUODVLWXDFLyQGH H[FOXVLyQGHODHGXFDFLyQGHVGHXQDSHUVSHFWLYD RULHQWDGDDODDFFLyQSUHYHQWLYD\UHSDUDGRUD (QHO&DStWXOR%DUUHUDV\FXHOORVGHERWHOODTXH SURGXFHQRDJUDYDQODH[FOXVLyQVHH[SRQHQ FRQHVWHHQFXDGUHODVEDUUHUDVHFRQyPLFDV \VRFLRFXOWXUDOHVGHODGHPDQGD\ODVGHRIHUWD GHOVLVWHPDHGXFDWLYRHQWRGDVVXVH[SUHVLRQHV PDWHULDOHVSHGDJyJLFDV\VLPEyOLFDV  RUJDQL]DQGRGLVWLQWDVUHVWULFFLRQHVTXHDIHFWDQ ODVRSRUWXQLGDGHVHGXFDWLYDV

/DVHVWUDWHJLDVSDUDVXSHUDUOD H[FOXVLyQODHVFRODUL]DFLyQWRWDO RSRUWXQDVRVWHQLGD\SOHQDFRPR FRQWUDFDUDGHODH[FOXVLyQHVFRODU

'RVUDVJRVGLVWLQWLYRVGHODPHWRGRORJtD GHVDUUROODGDHQOD,QLFLDWLYD*OREDO1)(OHGDQ XQFDUiFWHUGHVDILDQWH8QRGHHOORVHVFRQVLGHUDU WDQWRORVIDFWRUHVHFRQyPLFRVRPDWHULDOHVFRPR ORVFXOWXUDOHVVLPEyOLFRVSHGDJyJLFRV \RUJDQL]DFLRQDOHV(VWDRSFLyQOOHYDDLQFOXLU\DOD YH]WUDVFHQGHUODVHYLGHQWHVGLVSDULGDGHVGH UHFXUVRVItVLFRVRILQDQFLHURV WDQWRDQLYHO GHHVFXHODVFRPRGHIDPLOLDV LQFRUSRUDQGR IDFWRUHVPiVHVWUXFWXUDOHVGHODSURSLD RUJDQL]DFLyQTXHPXFKDVYHFHVSHUVLVWHQD~Q FXDQGRVHPRGLILFDQORVHOHPHQWRVPDWHULDOHV (OVHJXQGRUDVJRHVVHSDUDUFODUDPHQWHHQ HODQiOLVLVORVSHUILOHVGHORVVXMHWRVH[FOXLGRV GHODVFDXVDVGHH[FOXVLyQ$VtVHHYLWD HOIUHFXHQWHHUURUPHWRGROyJLFRGHFRQVLGHUDU DODVFDUDFWHUtVWLFDVGHODSREODFLyQ HOSHUILO FRPR XQDFDXVDGHODH[FOXVLyQ ODEDUUHUD (VWDQ~WLO DQDOL]DUODVFDUDFWHUtVWLFDVGHODSREODFLyQH[FOXLGD FRPRLQDGHFXDGRSRQHUODVFRPRIDFWRUHV UHVSRQVDEOHVGHODH[FOXVLyQ$PRGRGHHMHPSOR ORV11$HQ]RQDVUXUDOHVWLHQHQPHQRUHV RSRUWXQLGDGHV\SHRUHVLWLQHUDULRVHVFRODUHV ORTXHVHFDUDFWHUL]DHQHOFRUUHVSRQGLHQWHSHUILO 3HURPLHQWUDVODH[SOLFDFLyQKDELWXDOHVDWULEXLU UDVJRVGHILFLWDULRVDODFXOWXUDVDEHUHVSUHYLRV \RUJDQL]DFLyQGHODVSREODFLRQHVUXUDOHV HOHQIRTXHGHHVWDLQLFLDWLYD©LQYLHUWHODFDUJD GHODSUXHEDª\SUHWHQGHGHVWDFDUTXHODEDUUHUD SULQFLSDOVHHQFXHQWUDHQODPDQHUDHQTXH HOVLVWHPDHGXFDWLYRDQLYHOJOREDO\HQSDUWLFXODU HQODVHVFXHODVUXUDOHVSURGXFH±RQRSURGXFH± RSRUWXQLGDGHVHGXFDWLYDVSHUWLQHQWHV\UHOHYDQWHV SDUDODSREODFLyQUXUDO

8QDYH]FXDQWLILFDGDV\FDUDFWHUL]DGDVODV GLPHQVLRQHVGHODH[FOXVLyQHLGHQWLILFDGDV ODVEDUUHUDVTXHODFRQILJXUDQDSDUHFHHOSXQWR FUXFLDOGHHVWDLQLFLDWLYDDFWXDUSRVLWLYDPHQWH SDUDVXSHUDUODH[FOXVLyQYLJHQWH\SDUDSUHYHQLU VXUHSURGXFFLyQSDUDODVVXFHVLYDVJHQHUDFLRQHV GH11$ $OPRPHQWRGHDQDOL]DU\GLVHxDUWRGDSROtWLFDHV SUHFLVRGHILQLUODPHWDHQIXQFLyQGHODFXDODFWXDU \PRQLWRUHDUORVORJURV(QHVWHSODQRVHSODQWHD FRPRYLVLyQXQUHFRUULGRHVFRODUTXHYDGHVGH HOSUHHVFRODUKDVWDSRUORPHQRVHOILQGHOD HVFXHODVHFXQGDULDEiVLFD\TXHLQFOX\HORV VLJXLHQWHVUDVJRV ±(VFRODUL]DFLyQWRWDOLPSOLFDDWHQGHUDODWRWDOLGDG GHODSREODFLyQGHVGHHODFFHVRKDVWDSRU ORPHQRVODILQDOL]DFLyQGHODHVFRODUL]DFLyQ REOLJDWRULD ±(VFRODUL]DFLyQRSRUWXQD\VRVWHQLGDLPSOLFD HOLQJUHVRHQODHGDGSUHYLVWDQRUPDWLYDPHQWH DFDGDQLYHOGHVGHODHGXFDFLyQLQLFLDOKDVWD SRUORPHQRVHOILQGHODHGXFDFLyQVHFXQGDULD \HOUHFRUULGRUHJXODU\IOXLGRGHORVLWLQHUDULRV HVFRODUHVFXEULHQGRODVHWDSDVHQHOWLHPSR SUHYLVWRVLQIUDFDVDUSRUUHSHWLFLyQRDEDQGRQR \VLQDFXPXODUUH]DJRHVFRODU ±(VFRODUL]DFLyQSOHQDH[SUHVDODFDOLGDG\ SHUWLQHQFLDGHORVDSUHQGL]DMHVTXHFRQVROLGDQ \SXHGHQHYLGHQFLDUORV\ODVHVWXGLDQWHVHQ VXUHFRUULGR\DVXHJUHVR

(VWRVFULWHULRVLPSOLFDQTXHWDQWRDOIRUPXODU ODVEDUUHUDVFXDQWRDODSUR[LPDUSROtWLFDVSDUD VXSHUDUODH[FOXVLyQVHRWRUJXHSULRULGDG DORViPELWRVGHDFFLyQSURSLRVGHOVLVWHPD HGXFDWLYR

(OFRQFHSWRDTXtSUHVHQWDGRGHHVFRODUL]DFLyQ WRWDORSRUWXQDVRVWHQLGD\SOHQDH[SUHVDHQIRUPD




SREUH]DHLQGLJHQFLDTXHVLJQLILFDQP~OWLSOHV YLRODFLRQHVGHORVGHUHFKRVGHORV11$

UHVXPLGDORVFRPSURPLVRVLQWHUQDFLRQDOHVYLJHQWHV HQUHODFLyQFRQODHGXFDFLyQGHORV11$HQ HVSHFLDOORV2EMHWLYRVGH'HVDUUROORGHO0LOHQLR 2'0 ORVDFXHUGRVGH(GXFDFLyQSDUD7RGRV (37 \ODV0HWDV(GXFDWLYDVSDUD /DWLQRDPpULFD(VWRVFRPSURPLVRVVHDVXPHQ FRPRRULHQWDFLRQHVGHSROtWLFDFRPRSDUiPHWURV SDUDWRPDUGHFLVLRQHV\DVLJQDUUHFXUVRVFRPR GHVDItRVSDUDODVUHVROXFLRQHVWpFQLFDV\ RUJDQL]DWLYDV\FRPRHVWtPXORVSDUDPRYLOL]DUORV HVIXHU]RVGHJRELHUQRV\RUJDQLVPRVPXOWLODWHUDOHV

'HQWURGHHVWDLQLFLDWLYDODVLVWHPDWL]DFLyQGH HVWUDWHJLDVEXVFDDPSOLDUODVKHUUDPLHQWDVSDUD VXSHUDU\SUHYHQLUODVLWXDFLyQGHH[FOXVLyQGHOD HGXFDFLyQ(QHO&DStWXOR(VWUDWHJLDVSDUD VXSHUDUODH[FOXVLyQHGXFDWLYDVHH[SRQHQODV YLQFXODGDVDODPHMRUDGHFRQGLFLRQHVHFRQyPLFDV GHODVIDPLOLDVSDUDDIURQWDUODHVFRODUL]DFLyQDOD DPSOLDFLyQGHUHSUHVHQWDFLRQHVVREUHHOGHUHFKRD ODHGXFDFLyQDODWUDQVIRUPDFLyQGHFRQGLFLRQHV PDWHULDOHVSHGDJyJLFDV\VLPEyOLFDVHQODV HVFXHODV\DODHYROXFLyQHQODJHVWLyQSROtWLFD ILQDQFLHUD\WpFQLFDGHOVLVWHPDHGXFDWLYR(VWDV HVWUDWHJLDVVHRUGHQDQHQSDUDOHORFRQODVEDUUHUDV SUHVHQWDGDVHQHO&DStWXOR

'HVGHODSHUVSHFWLYDGHORVHVWXGLDQWHVHO FRQFHSWRGHLWLQHUDULRHVFRODURSRUWXQR±HQWHQGLGR FRPRHOFXUVDGRUHJXODUHQWLHPSR\IRUPDGHFDGD HWDSDGHODHGXFDFLyQREOLJDWRULD±DVXPHHO HQIRTXHGHGHUHFKRVHQHOiPELWRHGXFDWLYR\VH RSRQHDODVGLVWLQWDVH[SUHVLRQHVGHOIUDFDVR HVFRODUTXHFXOPLQDQHQODSpUGLGDRGHWHULRURGH HVHGHUHFKR

5HFRPHQGDFLRQHVSULRULWDULDV GHDFFLyQKDFLDODPHWDGH ODHVFRODUL]DFLyQWRWDORSRUWXQD VRVWHQLGD\SOHQD

3URWHJHUORVLWLQHUDULRVHVFRODUHVFRQPHGLGDVTXH UHPXHYHQODVEDUUHUDVGHDFFHVRDFHUFDQODRIHUWD HVFRODUDODVFRPXQLGDGHVHVWLPXODQODGHPDQGD SRUPiV\PHMRUHVFRODULGDGSURPXHYHQ RSRUWXQLGDGHVGHDSUHQGL]DMHVLJQLILFDWLYDV\ DWLHQGHQSHGDJyJLFDPHQWHHQIRUPDHILFD]ODV H[LJHQFLDVGHULYDGDVGHODVFRQGLFLRQHVGHORV HVWXGLDQWHVHVXQDLGHDIXHU]DSDUDHOWUDEDMRFRQ IXQFLRQDULRV\WpFQLFRVHQODHWDSD GHGLPHQVLRQDPLHQWR\FDUDFWHUL]DFLyQGHO SUREOHPD\GXUDQWHHOSURFHVRGHDGRSFLyQR PHMRUDGHSROtWLFDV\SURJUDPDVHGXFDWLYRV

/DHQYHUJDGXUDGHOGHVDItRGHODHVFRODUL]DFLyQ WRWDORSRUWXQD\VXILFLHQWHSDUDWRGRVGHOD LQFOXVLyQHIHFWLYDTXHJDUDQWLFHHOGHUHFKRDOD HGXFDFLyQGHWRGRV\WRGDVVHXELFDHQHOSODQRGH ODDFFLyQGHORV(VWDGRVQDFLRQDOHV\GHOD FRRSHUDFLyQLQWHUQDFLRQDODVXVHUYLFLR/DV SROtWLFDVHVWUDWHJLDVRSURJUDPDVGHDFFLyQ SRVLWLYDGHORV(VWDGRVVRQODKHUUDPLHQWDFRQFUHWD DSDUWLUGHODFXDOVHRULHQWDODFRQVWUXFFLyQR PHMRUDGHXQHVFHQDULRVHDVLJQDQUHFXUVRV\VH PRYLOL]DQSHUVRQDV\JUXSRVSDUDODWDUHD

6HHQWLHQGHTXHSURWHJHUORVLWLQHUDULRVHVFRODUHV HVXQHVIXHU]RDDVXPLUSRUHOVLVWHPDHGXFDWLYR HQVXFRQMXQWR'HORFRQWUDULRVHFRUUHHOULHVJR GHTXHODVSROtWLFDVTXHEXVFDQHOUHLQJUHVRGHORV 11$TXHKDQSDGHFLGRIRUPDVGHH[FOXVLyQHQODV GLPHQVLRQHV\ HVGHFLUKDOODUVHDFWXDOPHQWH IXHUDGHODHVFXHOD QRVHDQHIHFWLYDV\QRHYLWHQ TXHHVRV11$FRPLHQFHQDSURWDJRQL]DU VLWXDFLRQHVSURSLDVGHODVGLPHQVLRQHV\ HV GHFLUHVWDUGHQWURGHODHVFXHODSHURHQULHVJRGH DEDQGRQRWHPSUDQR IUXVWUDQGRODVRSRUWXQLGDGHV \H[SHFWDWLYDVJHQHUDGDVUHVSHFWRGHOD UHFXSHUDFLyQGHXQGHUHFKRQHJDGR

/DVHQVLELOLGDGSDUDDUWLFXODUODVDVSLUDFLRQHVORV HVWLORV\ODVHVSHUDQ]DVGHXQDVRFLHGDGOD DXGDFLDSDUDFRQYRFDUDXQDpSLFDGHVDILDQWHSHUR SRVLEOH\ODVROLGH]WpFQLFDGHORTXHSURSRQJDOD SROtWLFDHGXFDWLYD\VRFLDOVRQHOHPHQWRVFODYHSDUD DOFDQ]DUORVFDPELRVPDVLYRVFXOWXUDOHV\VRFLDOHV SURIXQGDPHQWHUHQRYDGRUHV\FDUJDGRVGHMXVWLFLD TXHLPSOLFDQKDELOLWDUHOGHUHFKRDODHGXFDFLyQ SDUDWRGRV $OPRPHQWRGHSODQWHDUOtQHDVGHDFFLyQVXUJHQ GLYHUVRVUHFDXGRVGLILFXOWDGHVILQDQFLHUDV FRPSOHMLGDGHVGHJHVWLyQFRQIOLFWRVHQHOKRUL]RQWH WHPSRUDOGHODJHVWLRQHVSROtWLFDVLQVXILFLHQFLDR LQPDGXUH]GHODVSURSXHVWDVWpFQLFDV\ SHUVLVWHQFLDGHOHQWRUQRJHQHUDOGHGHVLJXDOGDG /DVVLJXLHQWHVUHFRPHQGDFLRQHVGHDFFLyQWRPDQ FXHQWDGHHVRVUHFDXGRVVLQHOXGLUODSULRUL]DFLyQ±

3RURWUDSDUWHODSURSLDUD]yQGHVHUGHORV VLVWHPDVS~EOLFRVGHHGXFDFLyQ\GHODVGHILQLFLRQHV OHJDOHVGHREOLJDWRULHGDGUHTXLHUHLGHQWLILFDU\SRQHU HQDFFLyQIRUPDVGHDWHQGHUDDTXHOORVTXHVH LQVHUWDQHQODHVFXHODFRQXQFDSLWDOFXOWXUDO DFDGpPLFRSHUVRQDORIDPLOLDUGLYHUVRDOHVSHUDGR HQODVLQVWLWXFLRQHVHVFRODUHVRHQVLWXDFLRQHVGH




EDVDGDHQHOFULWHULRGHDWHQFLyQPiVLQPHGLDWDGH ODH[FOXVLyQDFWXDO\SRWHQFLDOGHOVLVWHPD HGXFDWLYR±GHDOJXQDVOtQHDVSRUVREUHRWUDV 5HVXHOWRHOSULPHUQLYHOGHH[FOXVLyQHVLPSHUDWLYR VHJXLUSURIXQGL]DQGR\DPSOLDQGRODGLYHUVLGDG LQWHQVLGDG\FDOLGDGGHODVRSRUWXQLGDGHV HGXFDWLYDV\GHORVORJURVLQWHJUDOHVGHOVLVWHPD HGXFDWLYR

/DVUHFRPHQGDFLRQHVTXHVHSUHVHQWDQ HQHO&XDGURVLQWHWL]DQHLQWHJUDQ ODVHVWUDWHJLDVSUHVHQWDGDVDWHQGLHQGR DORVSUREOHPDVPiVXUJHQWHV\DORVIDFWRUHV PiVHVWUXFWXUDOHV6HDJUXSDQHQWUHVIDPLOLDV ODVTXHFRUUHVSRQGHQDOSODQRSROtWLFRODV GHOSODQRWpFQLFR\ODVGHSURGXFFLyQGH FRQRFLPLHQWR

&8$'52 5HFRPHQGDFLRQHVSULRULWDULDVGHDFFLyQSDUDSUHYHQLURVXSHUDUODH[FOXVLyQ

5(9,7$/,=$5(1/26*2%,(5126/$0(7$35,1&,3$/'(683(5$5 /$(;&/86,Ï1('8&$7,9$ UHFXUVRVSRUVXSDUWHHOVDEHUSHGDJyJLFRGHEHGDU ORVFDXFHVGHDFFLyQHILFD]/DVIXHQWHVDGPLQLVWUDWLYDV SHUPLWHQVLWXDUFRQGHWDOOHODVVLWXDFLRQHVGHH[FOXVLyQ HQHOWHUULWRULR\FRQFHQWUDUODVDFFLRQHVHQUHJLRQHV\ HVFXHODVWDPELpQSRVLELOLWDQXVDUHVWDLQIRUPDFLyQ FRPRLQVXPRHQODHYDOXDFLyQGHSROtWLFDVHVWUDWHJLDV \SURJUDPDV3RURWUDSDUWHSHUPLWHQFDUDFWHUL]DU\ PRQLWRUHDUHOSURJUHVRGHSREODFLRQHVHVSHFLDOPHQWH FDVWLJDGDVSRUODH[FOXVLyQSXHEORVLQGtJHQDV FRPXQLGDGHVUXUDOHVGLVSHUVDV\11$FRQGLVFDSDFLGDG $VLPLVPRVHUHODFLRQDQIXHUWHPHQWHFRQODV LQYHUVLRQHVItVLFDVQHFHVDULDVSDUDDPSOLDUODFREHUWXUD

 3URPRYHUHOLQFUHPHQWRGHODSDUWLFLSDFLyQGHO VHFWRUHGXFDFLyQHQHO3,%SDUDORVSDtVHV TXHVHHQFXHQWUDQUH]DJDGRVHQHVWDLQYHUVLyQ /RVUHFXUVRVVHUHTXLHUHQSDUDGRVHMHV FRPSOHPHQWDULRV D LQYHUVLyQSDUDPD\RUFREHUWXUD \GHPHMRUHVUHVXOWDGRV FDSDFLWDFLyQPDWHULDOHV GLGiFWLFRVLQIUDHVWUXFWXUD \ E DWHQFLyQGHORVJDVWRV FRUULHQWHV PDVDVDODULDO\IXQFLRQDPLHQWRGHORV VHUYLFLRVHGXFDWLYRV HVSHFLDOPHQWHFODYHHQSDtVHV FRQEDMDSDUWLFLSDFLyQGHOVHFWRUHQHO3,%RHQHO*DVWR 3~EOLFR7RWDO$OLQHDGRVFRQORVHVIXHU]RVQDFLRQDOHVVH QHFHVLWDQDXQDU\DUWLFXODUHVIXHU]RVGHORVRUJDQLVPRV FRRSHUDQWHV\GHILQDQFLDFLyQ3DUDORJUDUHOHMH D HV SULRULWDULRDFRUGDUHQODVPHVDVGHFRRSHUDFLyQTXHORV DSRUWHVGHILQDQFLDPLHQWRH[WHUQRVHSURJUDPHQKDFLD ODVXSHUDFLyQGHODVEDUUHUDV HQWDQWRUHVWULFFLRQHV PDWHULDOHV\VLPEyOLFDVLGHQWLILFDGDVHQFDGDSDtV GHVGHODRIHUWDGHOVLVWHPDHGXFDWLYR\GHVGHODV QHFHVLGDGHVGHODSREODFLyQ FRRUGLQDQGRORVHVIXHU]RV KDFLDSURJUDPDVXQLILFDGRVFRQVHQVXDGRVFRQORV PLQLVWHULRV3DUDORJUDUHOHMH E HVSULRULWDULRLQFLGLUHQ TXHORVSDtVHVFRQEDMRILQDQFLDPLHQWRLQFRUSRUHQ PHWDVGHLQFUHPHQWRGHODSDUWLFLSDFLyQGHUHFXUVRV SDUDHOVHFWRUHGXFDFLyQHQHOJDVWRWRWDO\HQORVSODQHV GHDVLVWHQFLDILQDQFLHUDDFRUGDGRVFRQORVRUJDQLVPRV LQWHUQDFLRQDOHV 8QLyQ(XURSHD%0%,' (QHVWDV QHJRFLDFLRQHVDOPiVDOWRQLYHO81,&()\81(6&2 MXQWRFRQRWUDVDJHQFLDVPXOWLODWHUDOHVFRPROD2(,VH FRPSURPHWHQFRQODDERJDFtDDIDYRUGHOGHUHFKRDOD HGXFDFLyQGHORV11$HQHOPDUFRGHORVSURFHVRVGH GHFLVLyQJXEHUQDPHQWDO

→(VWDVLGHDVVHDPSOtDQHQHO&DStWXOR GHQWURGHODV(VWUDWHJLDV\  $  UWLFXODUORVHVIXHU]RVGHOVHFWRUHGXFDFLyQFRQ ORVTXHUHDOL]DQORVVHFWRUHVGHSURWHFFLyQ VRFLDOVDOXG\QXWULFLyQSDUDDWHQGHUORV GHVDItRVGHODLQFOXVLyQHGXFDWLYD $PSOLDUODVRSRUWXQLGDGHVHGXFDWLYDVSDUDORVVHFWRUHV H[FOXLGRVRHQULHVJRUHTXLHUHFRPRVRSRUWHTXHD  VHJDUDQWLFHQXWULFLyQDGHFXDGDFRQSURYLVLyQGH DOLPHQWRV\PLFURQXWULHQWHVDVtFRPRHODFFHVR RSRUWXQRDODDWHQFLyQGHODVDOXGLQIDQWLOE VHGHILQD XQGLVSRVLWLYRGHDWHQFLyQPXOWLVHFWRULDODQWHODVDOHUWDV TXHODVHVFXHODVSXHGDQGHWHFWDUSRUVLWXDFLRQHV VRFLDOHVVDQLWDULDVIDPLOLDUHV\HFRQyPLFDVDGYHUVDV\ TXHDIHFWDQGHUHFKRVGHVXEVLVWHQFLD\SURWHFFLyQ EiVLFDF VHDUWLFXOHFRQODVHVWUDWHJLDVGHLQJUHVRV SDUDODVSREODFLRQHVSULRULWDULDVHQHOFDVRGHORV VLVWHPDVGHWUDQVIHUHQFLDFRQGLFLRQDGD±HVGHFLU FXDQGRDFDPELRGHOLQJUHVRPRQHWDULRVHH[LJHOD LQVFULSFLyQHQODHVFXHODREOLJDWRULD±HVQHFHVDULR SURWHJHUODWDUHDFHQWUDOGHODVHVFXHODVODHQVHxDQ]D YDOXDQGRFXLGDGRVDPHQWHORVPHFDQLVPRVGHFRQWURO GHODVFRQGLFLRQDOLGDGHVVLQVRPHWHUDODVHVFXHODVD SUHVLRQHVFRPSOHMDVSRUODVFHUWLILFDFLRQHV GRFXPHQWDOHV\SRVLELOLWDUDORVHTXLSRVHVFRODUHVORV DSR\RVSURIHVLRQDOHVSDUDDFWXDUHQIRUPDRSRUWXQD\ UHDOHQFDVRVGHULHVJRGHDEDQGRQR$VLPLVPRKDEUi TXHSURFXUDUTXHORVUHFXUVRVKXPDQRV\ILQDQFLHURV

→(VWDVLGHDVVHDPSOtDQHQHO&DStWXOR GHQWURGHODV(VWUDWHJLDV\  )  LMDUPHWDVSDUDODVXSHUDFLyQGHODH[FOXVLyQD PHGLRSOD]RSHURTXHVHSXHGDQPRQLWRUHDUHQ IRUPDDQXDO (ODQiOLVLVSRUGLPHQVLRQHVGHH[FOXVLyQHGXFDWLYD SHUPLWHGHILQLUODPDJQLWXGDFWXDOGHODH[FOXVLyQ(QHO SODQRSROtWLFRVHGHEHQILMDUODVPHWDVGHSURJUHVR\ORV




GHODDOLPHQWDFLyQHVFRODUVHDQSURJUHVLYDPHQWH UHVSRQVDELOLGDG\JHVWLyQGHODVGHSHQGHQFLDV JXEHUQDPHQWDOHVTXHWLHQHQFRPSHWHQFLDGLUHFWDHQ VDOXG\QXWULFLyQ(OVHFWRUHGXFDFLyQGHEHSDUWLFLSDUHQ IRUPDSURWDJyQLFDSDUDUHGXFLUFRVWRVGLUHFWRV HVSHFtILFRVDODSDUWLFLSDFLyQHVFRODU

→(VWDVLGHDVVHDPSOtDQHQHO&DStWXOR GHQWURGHODV(VWUDWHJLDV\

25,(17$5/26352*5$0$6+$&,$/2*526'($&&(62352*5(6,Ï1 <$35(1',=$-(  5HFRQRFHUODIXQFLyQGHHQVHxDQ]DFRPRFODYH \DODHVFXHODFRPRHOiPELWRHQTXHVH FRQFUHWDODLQFOXVLyQHGXFDWLYDFRQDFFHVR SHUPDQHQFLDSURJUHVR\DSUHQGL]DMH

 (  YLWDUODJHQHUDFLyQ\UHSURGXFFLyQGHOUH]DJR HVFRODU\SURWHJHUDORVTXHHVWiQHQULHVJRSRU UH]DJR\DDGTXLULGRFRQEDVHHQHOHQIRTXHGH GHVDUUROORGHFDSDFLGDGHVGHDSUHQGL]DMH

/DSREODFLyQHMHUFHHOGHUHFKRDODHGXFDFLyQHQODV HVFXHODVGHVXHQWRUQR\HVHQFDGDXQDGHHOODV GRQGHGHEHHQFRQWUDUXQDEXHQDSURSXHVWD(O VLVWHPDHGXFDWLYRGHEHDVLVWLU\DFRPSDxDUDORV HTXLSRVHVFRODUHVHQDWHQFLyQDORVUHVXOWDGRVGH LQFOXVLyQFDQDOL]DQGRVDEHUHVGHVGH\KDFLDORV GRFHQWHVHQVXWDUHDGHHQVHxDU\HGXFDUWDPELpQ GHEHLPSXOVDU\UHYLWDOL]DUODDXWRQRPtDTXHSHUPLWH ORJUDUSHUWLQHQFLDFRQUHVXOWDGRVVLQTXHHOORVLJQLILTXH GHMDUDODHVFXHODVROD(QHVHVHQWLGRODLQIRUPDFLyQ SHUPLWHLGHQWLILFDUGyQGHHVWiQODVPD\RUHV QHFHVLGDGHV\DFWXDUSDUDUHYHUWLUSURFHVRVGH H[FOXVLyQ7DPELpQH[LVWHQUHFXUVRVKXPDQRVEDMROD ILJXUDGHVXSHUYLVRUHVDVHVRUHVHTXLSRVWpFQLFRV\ SURIHVLRQDOHVDXQFXDQGRSXHGDVHUQHFHVDULRDPSOLDU VXGRWDFLyQ(VWDUHFRPHQGDFLyQLPSOLFDJHQHUDUXQD PRGDOLGDGGHDSR\RDORVGRFHQWHVTXHVHRULHQWHD UHVXOWDGRVVXVWHQWDEOHVGHDSUHQGL]DMH\SHUPDQHQFLD HQODHVFXHODTXHQRVHVDWLVIDJDFRQLQLFLDUSURFHVRV TXHORVPDHVWURVSXHGHQ±RQR±FRQWLQXDU

/RVIRFRVSULQFLSDOHVGHSURGXFFLyQ\DJUDYDPLHQWR GHOUH]DJRHVFRODUVRQODUHSHWLFLyQ\HODEDQGRQR HVSHFLDOPHQWHDJXGRVHQHOSULPHUJUDGRGHOD HGXFDFLyQEiVLFDRSULPDULD\HQODWUDQVLFLyQHQWUHFLFORV RQLYHOHV(OGHVDUUROORGHFDSDFLGDGHVGHDSUHQGL]DMH HVXQHQIRTXHGLGiFWLFRTXHHQULTXHFHODHQVHxDQ]D TXHKR\SUHGRPLQDHQODVDXODV\TXHSHUPLWHWDQWR SUHYHQLUHOIUDFDVRFRPRSDOLDUVXVFRQVHFXHQFLDV (VWHHQIRTXHSHGDJyJLFRUHWRPDHLQWHJUDORV FRQWHQLGRVFXUULFXODUHVSDUDGHVSOHJDU\HMHUFLWDU FDSDFLGDGHVIXQGDPHQWDOHVFRPSUHQVLyQOHFWRUD SURGXFFLyQGHWH[WRVDSOLFDFLyQSUiFWLFDGHFRQFHSWRV \RSHUDFLRQHVOyJLFRPDWHPiWLFDVMXLFLRFUtWLFR UHVROXFLyQGHSUREOHPDVXVDQGRVDEHUHVFLHQWtILFRV WUDEDMRFRRSHUDWLYR\HQUHODFLyQPHWDFRJQLFLyQ \DXWRUUHJXODFLyQGHOSURFHVRGHDSUHQGL]DMH7RGDV HVWDVFDSDFLGDGHVVHEDVDQHQGLVSRVLFLRQHV XQLYHUVDOHVGHORVVHUHVKXPDQRVTXHSDUDGHVSOHJDUVH UHTXLHUHQGHXQDVVHFXHQFLDVGHDFWLYLGDGHVGH DSUHQGL]DMHH[WHQVDVHVWUXFWXUDGDV\RUJDQL]DGDVFRQ LQWHQFLRQDOLGDGSHGDJyJLFD/DVFDSDFLGDGHVFRJQLWLYDV \VRFLDOHVVRQUHOHYDQWHVWDQWRSDUDODSHUVRQDFRPR SDUDODFRPXQLGDGHQODTXHVHLQVHUWDHQORVSODQRV FXOWXUDOHVVRFLDOHVSURGXFWLYRV\HFRQyPLFRV(VWH UD]RQDPLHQWRHVH[WHQVLYRDORV11$FRQGLVFDSDFLGDG

→(VWDVLGHDVVHDPSOtDQHQHO&DStWXOR GHQWURGHODV(VWUDWHJLDV\  0RYLOL]DU\SUHSDUDUHOLQJUHVRRSRUWXQRD HGXFDFLyQLQLFLDO\SULPHUJUDGR

→(VWDVLGHDVVHDPSOtDQHQHO&DStWXOR GHQWURGHODV(VWUDWHJLDV\

3URFXUDUODLQWHJUDFLyQGHSROtWLFDVHGXFDWLYDV\ VRFLDOHVSDUDJDUDQWL]DUXQDRIHUWDDFFHVLEOH HVSHFLDOPHQWHGHHGXFDFLyQLQLFLDO\HQ]RQDVUXUDOHV \XUEDQDVHPSREUHFLGDVDORVQLxRV\QLxDVFRQ HVWUDWHJLDVGHFRPXQLFDFLyQ\PRYLOL]DFLyQVRFLDOSDUD TXHODVIDPLOLDVOOHYHQDVXVQLxRVDODHVFXHODHQ IRUPDRSRUWXQDFRQRUGHQDPLHQWRGHQRUPDWLYDV FRQIXVDVVREUHHGDGGHLQJUHVR\VREUHREOLJDWRULHGDG GHHGXFDFLyQLQLFLDOFRQLQFOXVLyQHQORV SURJUDPDVGHWUDQVIHUHQFLDFRQGLFLRQDGDGHLQJUHVRV GHODHGXFDFLyQLQLFLDO\ODDVLVWHQFLDRSRUWXQDFRQ DWHQFLyQSHGDJyJLFDGHORVQLxRV\QLxDVTXHLQJUHVDQ FRQPD\RUHVQHFHVLGDGHVGHDSUHQGL]DMH

 &  RQFHQWUDUHVIXHU]RVWpFQLFRVSUHVXSXHVWDULRV \VRFLDOHVSDUDHVTXHPDVGHUHLQVHUFLyQHQHO VLVWHPDHGXFDWLYR 6HWUDWDGHKDFHUTXHTXLHQHVDEDQGRQDURQVH UHLQVHUWHQORPiVSURQWRSRVLEOHSDUDTXHFRPSOHWHQ VXHVFRODULGDGREOLJDWRULD6LQRHVSRVLEOHOD UHLQVHUFLyQHQODHVFXHODFRP~QKDFHUORDWUDYpVGH GLVSRVLWLYRVFRQYLVLELOLGDG\UHFRQRFLPLHQWRVRFLDO LQFOX\HQGRFHUWLILFDFLyQ TXHSHUPLWDQODFRQWHQFLyQ \FRQVWUXFFLyQGHJUXSRVGHSDUHV →(VWDVLGHDVVHDPSOtDQHQHO&DStWXOR GHQWURGHOD(VWUDWHJLD

→(VWDVLGHDVVHDPSOtDQHQHO&DStWXOR GHQWURGHODV(VWUDWHJLDV\




GHODUJRSOD]RTXHSHUPLWDQFRQWDUFRQGRFHQWHVFRQ GRPLQLRGHODOHQJXD\ODFXOWXUDSDUWLFXODUDODYH]TXH FRQSUHSDUDFLyQGLGiFWLFDHQGHVDUUROORGHFDSDFLGDGHV \SHQVDUSURFHVRVGHSURJUHVLyQ\WUDQVLFLyQGHVGHOD VLWXDFLyQDFWXDO\ODVLWXDFLyQGHVHDGD

 5HVSDOGDU\MHUDUTXL]DUODHGXFDFLyQUXUDO ,PSOLFDHPSUHQGHUORVGHVDUUROORVWpFQLFRVHVSHFtILFRV \UHPRYHUSUHMXLFLRVVREUHHOFRQWH[WRUXUDO /DHVFXHODUXUDOSXHGHFRQFHELUVHFRPRFHQWUR HGXFDWLYRTXHDVXPDWRGDODHGXFDFLyQREOLJDWRULD FRQPRGDOLGDGHVRUJDQL]DWLYDVSHFXOLDUHV\UHFXUVRV KXPDQRVWHFQROyJLFRV\FRPXQLWDULRVSHUWLQHQWHV DVXSRWHQFLDOLGDG\QRVLPSOHVUpSOLFDVGHODV HVFXHODVXUEDQDVWUDGLFLRQDOHV

→(VWDVLGHDVVHDPSOtDQHQHO&DStWXOR GHQWURGHOD(VWUDWHJLD  3  URIXQGL]DUSUiFWLFDVGHVRSRUWH HPRFLRQDO\EXHQWUDWRDHVWXGLDQWHVQLxRV \DGROHVFHQWHV

→(VWDVLGHDVVHDPSOtDQHQHO&DStWXOR GHQWURGHOD(VWUDWHJLD

,PSOLFDFRQVWUXLUHOJUXSRFODVH\ODFRPXQLGDG LQVWLWXFLRQDOFRPRiPELWRSURWHFWRU$SR\DU DORVGRFHQWHV\GLUHFWLYRVGHODVHVFXHODVSDUD TXHSXHGDQHMHUFHUHOUROGHFRQGXFLUFRRUGLQDU DSURYHFKDUHOJUXSRFODVH\ODFRPXQLGDGLQVWLWXFLRQDO HYLWDQGREXUODVGLVFULPLQDFLRQHV\SUiFWLFDVLQWROHUDQWHV HQWUHORVQLxRVQLxRV\DGXOWRV\DGXOWRVHQWUHVt JHQHUDQGRXQHVSDFLRFRRSHUDWLYRGHPRFUiWLFR LQWHJUDGR\DWHQWRDOORJURGHWRGRV\WRGDV

 $VXPLUHOGHVDItRSHGDJyJLFR\VRFLDOGHOD HGXFDFLyQGHORVSXHEORVLQGtJHQDV &RUUHVSRQGHFRQVWUXLUFRQRFLPLHQWRSHGDJyJLFR\ GLGiFWLFRSDUDJDUDQWL]DUHQODVHVFXHODVHOPD\RU GHVDUUROORGHODVFDSDFLGDGHVFRJQLWLYDV\VRFLDOHVGH WRGRVORV11$GHORVSXHEORVLQGtJHQDV3DUDHOORVH SURSRQHSULRUL]DUHOWUDWDPLHQWRGHFRQWHQLGRV FXOWXUDOPHQWHUHOHYDQWHVDOGHVDUUROORGHHVWDV FDSDFLGDGHVGHPRGRWDOGHVXSHUDUODDJUHJDFLyQGH FRQWHQLGRVTXHVXHOHSURGXFLUVHLPSXOVDUSURFHVRV

→(VWDVLGHDVVHDPSOtDQHQHO&DStWXOR GHQWURGHODV(VWUDWHJLDV

&216758,5&212&,0,(172<029,/,=$55(35(6(17$&,21(6$)$925 '(/$,1&/86,Ï1 ±3UiFWLFDVDGHFXDGDV\H[LWRVDVGHHGXFDFLyQUXUDO HGXFDFLyQLQWHUFXOWXUDO\ELOLQJH\FRQSXHEORV DIURGHVFHQGLHQWHVTXHORJUHQDSUHQGL]DMHV\HYLWHQ HOIUDFDVRGHORVHVWXGLDQWHV

 &RQYRFDU\OLGHUDULQLFLDWLYDVGHFRQVWUXFFLyQ GHFRQRFLPLHQWRVREUHSURFHVRV\UHVXOWDGRV GHODH[FOXVLyQHGXFDWLYD ,QLFLDU\VRVWHQHUSUR\HFWRVFRQULJRUPHWRGROyJLFR FRQHVTXHPDVGHWUDEDMRSRWHQWHVSDUDODHVFDOD UHJLRQDOFRQFRPSRQHQWHVGHFDSWDFLyQGLUHFWDGHOD YR]\H[SHULHQFLDGHORVH[FOXLGRVHQSDUWLFXODUVREUH

±3URSXHVWDVHILFDFHVGHHQVHxDQ]DSDUDSRVLELOLWDU DSUHQGL]DMHVHQODSREODFLyQLQIDQWLO\DGROHVFHQWH FRQGLVFDSDFLGDG →(VWDVLGHDVVHDPSOtDQHQHO&DStWXOR GHQWURGHODV(VWUDWHJLDV \

±3UiFWLFDVGHOFXUUtFXORUHDOHQODHVFXHODTXH REVWDFXOL]DQODLQFOXVLyQ HQVHxDQ]DIDOOLGD GLVFULPLQDFLyQ\UDFLVPRGHVLQWHUpVSRUHO DEDQGRQRGHVDOLHQWRGHORVGRFHQWHVHQUHODFLyQ FRQODVFDSDFLGDGHVGHVXVDOXPQRVFXUUtFXORV IRUPDOHVH[FHVLYRVTXHGLUHFFLRQDQDXQD HQVHxDQ]DHSLVyGLFD 

 '  LIXQGLU\FRPXQLFDUHOFRQRFLPLHQWR FRQVWUXLGRRDPSOLDGR 8WLOL]DUHVWUDWHJLDVDGHFXDGDVSDUDGLVWLQWDV DXGLHQFLDVTXHSRVLELOLWHQPRYLOL]DU\DPSOLDUODV UHSUHVHQWDFLRQHV\UHPRYHUORVSUHMXLFLRVLQVWDODGRV FRQUHVSHFWRDODVFDSDFLGDGHVGHDSUHQGL]DMHGHORV 11$TXHDWUDYLHVDQWRGRWLSRGHVLWXDFLRQHVGH DGYHUVLGDGRGLYHUVLGDG(VWDFRPXQLFDFLyQGHEH GLULJLUVHDTXHORVDGXOWRVFUHDQHIHFWLYDPHQWHHQODV FDSDFLGDGHV\SRWHQFLDOLGDGHVGHWRGRVORVQLxRV\VH FRPSURPHWDQFRQVXFXLGDGRDWHQFLyQ\SURPRFLyQ PX\HVSHFLDOPHQWHHQDTXHOORVPiVYXOQHUDEOHV\ H[FOXLGRV

±5HSUHVHQWDFLRQHV\YDORUDFLRQHVVREUHODHVFXHOD SRUSDUWHGHORVVHFWRUHVSRSXODUHVUXUDOHV LQGtJHQDVH[FOXLGRVWUDEDMDQGRFRQIXHQWHV SULPDULDV\QRSRUGLFKRVGHRWURV ±3URFHVRVGHGHFLVLyQVREUHODHVFRODUL]DFLyQ SURWDJRQL]DGRVSRUORVDGROHVFHQWHV LUDWUDEDMDU HPEDUD]RGHVLQWHUpV WUDEDMDQGRFRQIXHQWHV SULPDULDV\HVTXHPDVSDUWLFLSDWLYRVTXHSHUPLWDQ HVFXFKDUDORVMyYHQHV\QRVRORSRUGLFKRVGHRWURV \SURFHVDPLHQWRVHVWDGtVWLFRV

→(VWDVLGHDVVHDPSOtDQHQHO&DStWXOR GHQWURGHODV(VWUDWHJLDV\

±,QFLGHQFLDGHORVIDFWRUHVGHJpQHURVREUHORV UHVXOWDGRVGHOVLVWHPDHGXFDWLYR




Â&#x2039;81,&()%ROLYLD&XHOODU

6HFXHQFLDPHWRGROyJLFDGHOD LQLFLDWLYD1)(HQHVWHLQIRUPH UHJLRQDO

GH/DWLQRDPpULFD\HO&DULEHGHVGHODGHILQLFLyQ DPSOLDGDSURSLDGHOD,QLFLDWLYD1)( Â&#x2021; &DStWXORGRQGHVHLGHQWLILFDQODVEDUUHUDVTXH IRPHQWDQRPDQWLHQHQORVQLYHOHVGHH[FOXVLyQ VREUHODEDVHGHODLQIRUPDFLyQHVWDGtVWLFD DQDOL]DGD\RWURVHVWXGLRVGLVSRQLEOHV

/DPHWDGHOD,QLFLDWLYD*OREDOSRUORV1)(HV DWHQGHUORVGHVDItRVGHODH[FOXVLyQ\DSR\DUDORV SDtVHVHQODUHGXFFLyQGHOQ~PHURGHQLxRVIXHUD GHODHVFXHOD/RVREMHWLYRVHVSHFtILFRVVRQ

Â&#x2021; &DStWXORGRQGHVHGHVDUUROODXQPHQ~GH DFFLRQHVHQFDPLQDGDVDVROXFLRQDUODVEDUUHUDV HQIXQFLyQGHODVH[SHULHQFLDVGHSUiFWLFD HIHFWLYDUHFRJLGDVHQORVSDtVHVGHODUHJLyQ

Â&#x2021; 0HMRUDUODLQIRUPDFLyQ\HODQiOLVLVHVWDGtVWLFR VREUHORVQLxRVTXHHVWiQIXHUDGHODHVFXHOD\ GHVDUUROODUSHUILOHVFRPSOHMRVGHHVWRVQLxRVTXH UHIOHMHQODVP~OWLSOHVSULYDFLRQHV\GLVSDULGDGHV TXHHQIUHQWDQHQVXHGXFDFLyQ

$FRQWLQXDFLyQVHSUHVHQWDQDOJXQDVDGYHUWHQFLDV \DFODUDFLRQHVSUHYLDVSDUDRULHQWDUODOHFWXUD GHORVFDStWXORV

Â&#x2021; ,GHQWLILFDUORVFXHOORVGHERWHOODDQDOL]DUODV LQWHUYHQFLRQHVH[LVWHQWHVUHODFLRQDGDVFRQXQD PHMRUSDUWLFLSDFLyQHQODHVFRODULGDG\GHVDUUROODU SROtWLFDV\HVWUDWHJLDVTXHDFHOHUHQ\DXPHQWHQ ODHVFDODGHODPDWULFXODFLyQ\VRVWHQJDQODV WDVDVGHDVLVWHQFLDSDUDORVH[FOXLGRV\ORV PDUJLQDGRV

&20(17$5,26*(1(5$/(6 (VLPSRUWDQWHWHQHUSUHVHQWHTXHHOPDUFR FRQFHSWXDOGHHVWDLQLFLDWLYDDVXPHOD HVFRODUL]DFLyQFRPRXQDH[SUHVLyQ±SULQFLSDOSHUR QR~QLFD±GHOGHUHFKRDODHGXFDFLyQ<GHQWURGH ODHVFRODUL]DFLyQVHHQIRFDHQHOWUDPRTXHVHYD JHQHUDOL]DQGRFRPRREOLJDWRULRXQDxRGH HGXFDFLyQLQLFLDOODHGXFDFLyQSULPDULD\HOSULPHU WUDPRGHHGXFDFLyQVHFXQGDULD HVWRV~OWLPRVHQ DOJXQRVSDtVHVVHDJUXSDQFRQHOQRPEUH

'HDFXHUGRFRQHVWRVREMHWLYRVHVWHLQIRUPHVH RUJDQL]DGHODVLJXLHQWHPDQHUD Â&#x2021; &DStWXORGRQGHVHFDUDFWHUL]DQHVWDGtVWLFDPHQWH ORVSHUILOHVGHODH[FOXVLyQHGXFDWLYDGHORV11$




GHHGXFDFLyQEiVLFD (QWpUPLQRVJHQHUDOHVHVWD LQLFLDWLYDVHFRQFHQWUDHQDxRVGH HVFRODUL]DFLyQPHWDUHLWHUDGDPHQWHVXVFULSWDHQ DFXHUGRVPXQGLDOHV\UHJLRQDOHV

HGXFDWLYRVHVODEDVHGHODQRPHQFODWXUDTXHVH XWLOL]DUiORODUJRGHWRGRHOGRFXPHQWR ±(GXFDFLyQ,QLFLDOLQFOXLGDGHQWURGHODFDWHJRUtD &,1(6HFRQVLGHUDFRQHVWHQRPEUHDXQDxR GHHVFRODULGDGSUHYLDDOLQJUHVRDODHGXFDFLyQ SULPDULD(VWHQLYHOUHFLEHGLIHUHQWHVQRPEUHVHQ ORVSDtVHVGHODUHJLyQHGXFDFLyQSDUYXODULD SUHHVFRODUSUHSULPDULDSUHSDUDWRULDHLQLFLDO

3RUORH[SXHVWRTXHGDIXHUDGHOPDUFRGHDQiOLVLV \WUDWDPLHQWRGHHVWDLQLFLDWLYDWDQWRODHGXFDFLyQ VHFXQGDULDVXSHULRUHGXFDFLyQPHGLDREDFKLOOHUDWR ±FRPRVHODGHQRPLQDHQDOJXQRVSDtVHV±DOLJXDO TXHORVJUDGRVGHODHGXFDFLyQLQLFLDOSUHYLRVDO LQPHGLDWRDODFFHVRDODHGXFDFLyQSULPDULD

±(GXFDFLyQSULPDULDHTXLYDOHQWHDO&,1((Q FDVLWRGDODUHJLyQFRUUHVSRQGHDOQLYHOSULPDULRR DODHGXFDFLyQEiVLFD FRPSOHWDRHQDOJ~Q WUDPR FRQXQDGXUDFLyQHQWUH\DxRV

(QHOSUHVHQWHLQIRUPHDOJXQRVWHPDVWLHQHQXQ GHVDUUROORVXFLQWRHQIXQFLyQGHODHVFDVD LQIRUPDFLyQGLVSRQLEOHODHGXFDFLyQGHORVSXHEORV LQGtJHQDVORV11$PLJUDQWHVRGHVSOD]DGRVFRQ GLVFDSDFLGDGORVTXHWUDEDMDQ\ODVFRPXQLGDGHV GHDIURGHVFHQGLHQWHV

±(GXFDFLyQVHFXQGDULDVHUHIHUHQFLDFRQ&,1( (QORVSDtVHVGHODUHJLyQHVOODPDGR7HUFHU&LFOR GHHGXFDFLyQEiVLFDHGXFDFLyQVHFXQGDULDR PHGLD\WLHQHXQDHGDGQRUPDWLYDGHFXOPLQDFLyQ HQWUHORV\DxRV

&20(17$5,263$5$(/&$3Ë78/2 /263(5),/(6'(/$(;&/86,Ï1('8&$7,9$ (1$0e5,&$/$7,1$<(/&$5,%(

(O&,1(FRQVXVGLYHUVDVGHQRPLQDFLRQHVHQORV SDtVHVGHODUHJLyQ HGXFDFLyQPHGLDYRFDFLRQDO EDFKLOOHUDWR QRVHLQWHJUDHQHOPDUFRFRQFHSWXDO GHOD,QLFLDWLYDSRUORV1)(

&RPRIRUPDGHIDFLOLWDUODOHFWXUDGHXQLQIRUPH UHJLRQDOTXHDEDUFDSDtVHVVHKDQXQLIRUPDGR ODVGHQRPLQDFLRQHVFRUUHVSRQGLHQWHVDORVQLYHOHV HGXFDWLYRVHQORVWUDPRVHVSHFtILFDPHQWHIRFDOL]DGRV HQHVWDLQLFLDWLYD$WDOILQOD&ODVLILFDFLyQLQWHUQDFLRQDO 1RUPDOL]DGDGHOD(GXFDFLyQ &,1(  GHVDUUROODGDSRUOD81(6&2SDUDFRPSDUDUQLYHOHV

(O&XDGURSUHVHQWDODHVWUXFWXUDGHORVVLVWHPDV HGXFDWLYRVFRQIRUPHODFODVLILFDFLyQ&,1(\HQHO PDUFRGHORVQLYHOHVDWUDEDMDUHQHVWHGRFXPHQWR (ORUGHQDPLHQWRDJUXSDORVSDtVHVTXHSUHVHQWDQ XQDRUJDQL]DFLyQVLPLODUGHODHVFRODULGDG

&8$'52 (VWUXFWXUDGHORVVLVWHPDVHGXFDWLYRVQDFLRQDOHV                DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV %DUEDGRV

&,1( 

&,1(

%HOLFH

&,1( 

&,1(

$QWLJXD \%DUEXGD

&,1( 

&,1(

&,1(

&,1(

'RPLQLFD

&,1( 

&,1(

&,1(

&,1(

*UDQDGD

&,1( 

&,1(

&,1(

&,1(

6DQ&ULVWyEDO &,1( \1LHYHV 

&,1(

&,1(

&,1(

&,1( 

&,1(

&,1(

&,1(

6DQ9LFHQWH\ &,1( ODV*UDQGDV 

&,1(

&,1(

&,1(

7ULQLGDG \7REDJR

&,1(

&,1(

&,1(

6DQWD/XFtD

&,1( 

&,1( &,1(



&,1( &,1(


               DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV &RORPELD

&,1( 

&RVWD5LFD

&,1( 

&,1(

&,1(

&,1(

*XD\DQD

&,1( 

&,1(

&,1(

&,1(

-DPDLFD

&,1( 

&,1(

&,1(

&,1(

1LFDUDJXD

&,1( 

&,1(

&,1(

&,1(

3HU~

&,1( 

&,1(

&,1(

&,1(

9HQH]XHOD

&,1( 

&,1(

&,1(

&,1(

%ROLYLD

&,1( 

&,1(

&,1(

&,1(

&KLOH

&,1( 

&,1(

&,1(

&,1(

5HS~EOLFD 'RPLQLFDQD

&,1( 

&,1(

&,1(

&,1(

%UDVLO

&,1( 

$UJHQWLQD

&,1( 

&,1(

&,1(

&,1(

&XED

&,1( 

&,1(

&,1(

&,1(

(FXDGRU

&,1( 

&,1(

&,1(

&,1(

+RQGXUDV

&,1( 

&,1(

&,1(

&,1(

0p[LFR

&,1( 

&,1(

&,1(

&,1(

3DQDPi

&,1( 

&,1(

&,1(

&,1(

3DUDJXD\

&,1( 

&,1(

&,1(

&,1(

8UXJXD\

&,1( 

&,1(

&,1(

&,1(

6XULQDP

&,1( 

&,1(

&,1(

&,1(

&,1(

&,1(

&,1(

&,1(

&,1(

*XDWHPDOD

&,1(

&,1(

&,1(

(O6DOYDGRU

&,1(

&,1(

&,1(

&,1( &,1( &,1(

%UDVLOVHHQFXHQWUDHQSURFHVRGHFDPELRGHODHGDGGHLQJUHVRDODSULPDULDGHORVDORVDxRVGHHGDGLQFRUSRUDQGR XQJUDGRPiVDO&,1((VWDWDEODUHIOHMDODQXHYDHVWUXFWXUDGHQLYHOHV )XHQWH,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 




FRWLGLDQDHVWDVEDUUHUDVVHVXSHUSRQHQ \UHIXHU]DQHQWUHVtHQORVSURFHVRVGH H[FOXVLyQ

&20(17$5,263$5$(/&$3Ë78/2 %$55(5$6<&8(//26'(%27(//$48( 352'8&(12$*5$9$1/$(;&/86,Ï1 (6&2/$5

(O&XDGURSUHVHQWDORViPELWRV\DJUXSDPLHQWRV GHODVEDUUHUDVDVtFRPRVXVYLQFXODFLRQHV±GH GLVWLQWDLQWHQVLGDG±FRQORVSHUILOHVGHH[FOXVLyQGH ODVFLQFRGLPHQVLRQHV(O&DStWXORDQDOL]DHQ GHWDOOHGLFKRVSHUILOHVHO&DStWXORGHVDJUHJDODV EDUUHUDVDOPD\RUQLYHOGHGHWDOOH

/DVEDUUHUDVSURSXHVWDVHQHOPDUFRFRQFHSWXDO \PHWRGROyJLFRGHHVWDLQLFLDWLYDVHHVWUXFWXUDQ DQDOtWLFDPHQWHHQFXDWURiPELWRVHFRQyPLFRV FXOWXUDOHVGHRIHUWDHVFRODU\GHJHVWLyQ GHOVLVWHPD6LQHPEDUJRHQODUHDOLGDGVRFLDO

&8$'52  5HODFLyQHQWUHODVGLPHQVLRQHVGHH[FOXVLyQ\ORViPELWRV\DJUXSDPLHQWRVGHEDUUHUDV HLQIOXHQFLDV ,QIOXHQFLDPX\LQWHQVD

,QIOXHQFLDLQWHQVD

%DUUHUDV\FXHOORVGHERWHOODTXHJHQHUDQRDJUDYDQ ODH[FOXVLyQ

3HUILOHVGHODH[FOXVLyQ ([FOXVLyQDFWXDO RGHDFFHVR

([FOXVLyQ SRWHQFLDORGH DSUHQGL]DMHV

'LPHQVLRQHVGHODH[FOXVLyQ 







,QIOXHQFLDPHGLD

È0%,726

$*583$0,(1726

 %DUUHUDVHFRQyPLFDVSRU UHVWULFFLyQGHUHFXUVRV IDPLOLDUHV %DUUHUDVVRFLRFXOWXUDOHVHQ ODGHPDQGDSRUHGXFDFLyQ

,QVXILFLHQFLDGHLQJUHVRVSDUD VXEVLVWHQFLD 'LILFXOWDGSDUDDIURQWDUFRVWRV GHHVFRODUL]DFLyQ 'HVDMXVWHVGHUHSUHVHQWDFLRQHV VREUHHOGHUHFKRDODHGXFDFLyQ (VFXHODVTXHQRFXHQWDQFRQ UHFXUVRVPDWHULDOHVVXILFLHQWHV REiVLFRV

%DUUHUDVPDWHULDOHV SHGDJyJLFDV\VLPEyOLFDV TXHVHPDQLILHVWDQHQOD RIHUWDGHODHVFXHOD

(VFXHODVGRQGHVHJHQHUDQR WROHUDQPHFDQLVPRVGHVHJUHJDFLyQ (VFXHODVTXHSRVLELOLWDQHVFDVDV RSRUWXQLGDGHVGHDSUHQGHU (VFXHODVFRQFOLPDSHGDJyJLFR \YLQFXODUGHWHULRUDGR 2IHUWDHGXFDWLYDIDOWDQWHHVFDVD LQDGHFXDGDREXURFUDWL]DGD

%DUUHUDVSROtWLFDV ILQDQFLHUDVRWpFQLFDVGHOD )LQDQFLDPLHQWRLQVXILFLHQWH RIHUWDGHOVLVWHPDHGXFDWLYR 3URSXHVWDVWpFQLFDVLQHILFDFHV SDUDORJUDULQFOXVLyQ




SXHGH±\GHEHUtD±LQWHJUDUYDULDVHVWUDWHJLDVSDUD DERUGDUGLVWLQWDVEDUUHUDVTXHFRQIOX\HQJHQHUDQGR VLWXDFLRQHVGHH[FOXVLyQ(O&XDGURSUHVHQWDORV iPELWRV\DJUXSDPLHQWRVGHODV HVWUDWHJLDVHQHVSHMRFRQODVEDUUHUDV\D SODQWHDGDV(O&DStWXORH[SRQHODVHVWUDWHJLDV FRQPD\RUGHVDJUHJDFLyQ

&20(17$5,263$5$(/&$3Ë78/2 (675$7(*,$63$5$683(5$5%$55(5$6 /$(;&/86,Ï1('8&$7,9$ /DVHVWUDWHJLDVSUHVHQWDGDVSDUDVXSHUDUODV EDUUHUDVVHRUJDQL]DQFRQODPLVPDOyJLFDDQDOtWLFD TXHHVWDV(QODJHVWLyQHIHFWLYDXQDSROtWLFD

&8$'52 5HODFLyQHQWUHODVEDUUHUDV\ODVHVWUDWHJLDVSDUDVXSHUDUODV %DUUHUDVTXHJHQHUDQ RDJUDYDQODH[FOXVLyQ ÈPELWRV %DUUHUDV HFRQyPLFDV SRUUHVWULFFLyQ GHUHFXUVRV IDPLOLDUHV %DUUHUDV VRFLRFXOWXUDOHV HQODGHPDQGD SRUHGXFDFLyQ

%DUUHUDV PDWHULDOHV SHGDJyJLFDV\ VLPEyOLFDVTXH VHPDQLILHVWDQ HQODRIHUWDGH ODHVFXHOD

%DUUHUDV SROtWLFDV ILQDQFLHUDVR WpFQLFDVGHOD RIHUWDGHO VLVWHPD HGXFDWLYR

$JUXSDPLHQWRV

(VWUDWHJLDVSDUDVXSHUDUEDUUHUDV \FXHOORVGHERWHOOD %DUUHUDV

ÈPELWRV

$JUXSDPLHQWRV

(VWUDWHJLDV

%DODQFHDULQJUHVRV IDPLOLDUHV

(VWUDWHJLDV \

6XSOLUFRVWRVGH HVFRODUL]DFLyQ

(VWUDWHJLDV D

,QVXILFLHQFLDGH LQJUHVRVSDUD VXEVLVWHQFLD

%DUUHUDV \

'LILFXOWDGSDUD DIURQWDUFRVWRVGH HVFRODUL]DFLyQ

%DUUHUDV D

'HVDMXVWHVGH UHSUHVHQWDFLRQHV VREUHHOGHUHFKRDOD HGXFDFLyQ

%DUUHUDV \

(QULTXHFHUODSHUVSHFWLYDVRFLDOVREUH HOGHUHFKRDODHGXFDFLyQ

(VWUDWHJLDV \

(VFXHODVTXHQR FXHQWDQFRQ UHFXUVRVPDWHULDOHV VXILFLHQWHVREiVLFRV

%DUUHUDV D

&UHDUFRQGLFLRQHV PDWHULDOHV \YLQFXODUODVFRQHO DSUHQGL]DMH

(VWUDWHJLDV D

(VFXHODVGRQGHVH JHQHUDQRWROHUDQ PHFDQLVPRVGH VHJUHJDFLyQ

%DUUHUDV D

&RQVLGHUDU ODRUJDQL]DFLyQ HVFRODUFRPR RSRUWXQLGDG GHLQFOXVLyQ

(VWUDWHJLDV D

(VFXHODVTXH SRVLELOLWDQHVFDVDV RSRUWXQLGDGHVGH DSUHQGHU

%DUUHUDV D

$PSOLDUODV RSRUWXQLGDGHVGH DSUHQGHUSDUD ORVHVWXGLDQWHV

(VWUDWHJLDV D

(VFXHODVFRQFOLPD SHGDJyJLFR\ YLQFXODUGHWHULRUDGR

%DUUHUDV D

,QVWDODUXQFOLPD HVFRODUUHVSHWXRVR \WROHUDQWH

(VWUDWHJLDV D

2IHUWDHGXFDWLYD IDOWDQWHHVFDVD LQDGHFXDGD REXURFUDWL]DGD

%DUUHUDV D

5HYLWDOL]DUOD RUJDQL]DFLyQGHOD RIHUWDHGXFDWLYD SDUDODLQFOXVLyQ

(VWUDWHJLDV D

)LQDQFLDPLHQWR LQVXILFLHQWH

%DUUHUDV \

3URWHJHU\DPSOLDU HOILQDQFLDPLHQWR

(VWUDWHJLDV \

3URSXHVWDVWpFQLFDV LQHILFDFHVSDUD ORJUDULQFOXVLyQ

%DUUHUDV D

'HVDUUROODU XQDSHGDJRJtD UDFLRQDOSDUD VXSHUDUODH[FOXVLyQ

(VWUDWHJLDV D

3URJUHVDUHQ PD\RUMXVWLFLD GHUHFXUVRV \SRVLELOLGDGHV

3URPRYHU HVFXHODV FRPSURPHWLGDV FRQODLQFOXVLyQ

*HVWLRQDU HOVLVWHPD HGXFDWLYRKDFLD PHWDVGH LQFOXVLyQ




&DStWXOR 3HUILOHVGHODH[FOXVLyQHGXFDWLYDHQ$PpULFD /DWLQD\HO&DULEH (QHVWHFDStWXORVHUHDOL]DODFDUDFWHUL]DFLyQ HVWDGtVWLFDGHODH[FOXVLyQHGXFDWLYDGHORVQLxRV QLxDV\DGROHVFHQWHVGH/DWLQRDPpULFD\HO&DULEH GHVGHODGHILQLFLyQDPSOLDGDSURSLDGHOD,QLFLDWLYD 1)(LQFOX\HODSREODFLyQTXHWLHQHHGDGGHDVLVWLU DODHVFXHODSHURQRORHVWiKDFLHQGRFRPRDVt WDPELpQDORVTXHDVLVWHQHQVLWXDFLyQGHH[FOXVLyQ ODWHQWHSHUPDQHFLHQGRRFXOWRVDORVDQiOLVLVTXH VHKDFHQVREUHHOSULPHUJUXSR

ILQHVGHODLQLFLDWLYD1)('HHVWDPDQHUDVHKD EXVFDGRDPSOLDU\SRWHQFLDUODLQIRUPDFLyQ HVWDGtVWLFDGLVSRQLEOHSDUDFDUDFWHUL]DUHQ SURIXQGLGDGORVFXHOORVGHERWHOODGHORVLWLQHUDULRV HVFRODUHV\VHxDODUORVSURFHVRVGHH[FOXVLyQ/D FDUDFWHUL]DFLyQREWHQLGDSRQHGHPDQLILHVWRODV IRUPDVHVFRODUHVTXHDVXPHODH[FOXVLyQHGXFDWLYD \JHQHUDSUHJXQWDVPiVSUHFLVDVTXHSHUPLWHQ SURIXQGL]DUHQVXVFDXVDV/DFRPSUHQVLyQGH HVWRVSURFHVRVHGXFDWLYRVUHTXLHUHDEULUVHD HQIRTXHVPHQRVWUDGLFLRQDOHV\FRQVWUXLU FRQRFLPLHQWRVQXHYRV\DFWXDOL]DGRVTXH VXVWHQWHQSROtWLFDV\HVWUDWHJLDVPiVHILFDFHV

(ODQiOLVLVGHODLQIRUPDFLyQVHDSR\D IXQGDPHQWDOPHQWHHQGDWRVVLVWHPDWL]DGRVSRUHO 8,681(6&2TXHKDQVLGRSXHVWRVDGLVSRVLFLyQ SRUHORUJDQLVPRSDUDHOGHVDUUROORGHOSUHVHQWH LQIRUPH(VWDLQIRUPDFLyQSUHVHQWDXQFRQMXQWRGH LQGLFDGRUHVEiVLFRVTXHSHUPLWHQGDUFXHQWDGHODV SULQFLSDOHVFDUDFWHUtVWLFDVGHODHVFRODUL]DFLyQHQOD UHJLyQVHJ~QHOLQJUHVRODSHUPDQHQFLD\OD SURJUHVLyQGHODSREODFLyQDORODUJRGHVX HVFRODULGDG

/DV'LPHQVLRQHVGHOD H[FOXVLyQ3HUILOJHQHUDO /DVGLVWLQWDVGLPHQVLRQHVGHODH[FOXVLyQHVFRODU DFWXDORSRWHQFLDOHQ$PpULFD/DWLQD\HO&DULEH DIHFWDQDPLOORQHVGH11$FRQVLGHUDQGR GHVGHXQDxRGHHGXFDFLyQLQLFLDOKDVWDOD ILQDOL]DFLyQGHODVHFXQGDULDEiVLFDSDUDORVDxRV \FRPRPXHVWUDOD7DEOD

/RVGDWRVWDPELpQKDQVLGRXWLOL]DGRVSDUDHODERUDU XQFRQMXQWRGHLQGLFDGRUHVSURSLRVDHVWHLQIRUPH HVSHFLDOPHQWHGLVHxDGRVSDUDSURIXQGL]DUDOJXQRV DVSHFWRVGHODHVFRODUL]DFLyQTXHDWDxHQDORV

7$%/$ (VTXHPDLQWHJUDGRGHODVGLPHQVLRQHVGHODH[FOXVLyQ 7RWDOGHH[FOXVLyQHGXFDWLYDDFWXDORSRWHQFLDO 'LPHQVLyQ

'LPHQVLyQ

1LxRVHQHGDGGHDVLVWLUDODHGXFDFLyQLQLFLDOTXHQR HVWiQHQODHVFXHODLQLFLDORSULPDULD 1LxRVHQHGDGGHDVLVWLUDODHVFXHODSULPDULDTXH QRHVWiQHQODHVFXHODSULPDULDQLHQODVHFXQGDULDEiVLFD 'HORVFXDOHVHQHVFXHODLQLFLDOFRQUH]DJR



PLOORQHV PLOORQHV

PLOORQHV

PLOORQHV

$GHPiV HQULHVJR PRGHUDGR

'LPHQVLyQ

1LxRVDGROHVFHQWHVHQHGDGGHDVLVWLUDODHGXFDFLyQ VHFXQGDULDEiVLFDTXHQRHVWiQHQODHVFXHODSULPDULD QLHQODVHFXQGDULD

PLOORQHV

'LPHQVLyQ

1LxRVTXHHVWiQHQODHVFXHODSULPDULDSHURTXHHVWiQHQ ULHVJRJUDYHGHDEDQGRQDU

PLOORQHV

RWURV PLOORQHV

'LPHQVLyQ

1LxRVDGROHVFHQWHVTXHHVWiQHQODHVFXHODVHFXQGDULD EiVLFDSHURTXHHVWiQHQULHVJRJUDYHGHDEDQGRQDU

PLOORQHV

RWURV PLOORQHV

)XHQWH HVWLPDFLRQHVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 SDUDODUHJLyQFRUUHVSRQGLHQWHVDODxR HVWLPDFLRQHVSURSLDVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 FRUUHVSRQGLHQWHVD




*5Ã&#x2C6;),&2  'LPHQVLRQHVGHODH[FOXVLyQDSDUWLUGHGDWRVGHHVWXGLDQWHVSRUHGDG\FRQGLFLyQGHHGDG $PpULFD/DWLQD\HO&DULEH&LUFD(QPLOHVGHDOXPQRV 'LPHQVLyQ1LxRVGHVHVFRODUL]DGRV HQHGDGGHLUDODSULPDULD 'LPHQVLyQ1LxRV H[FOXLGRVGHOSUHHVFRODU \SULPDULD

'LPHQVLyQ$GROHVFHQWHV GHVHVFRODUL]DGRVHQHGDGGHLU DODVHFXQGDULDEiVLFD

1LxRVTXHDVLVWHQDOSUHHVFRODU HQFRQGLFLyQGHUH]DJR HQYH]GHLU DSULPHUJUDGR

 





%







$



% $

 

(GDGWHyULFD

DxRUH]DJR

\PiVDxRVUH]DJR

'LPHQVLyQ(VWXGLDQWHVTXHDVLVWHQD SULPDULDFRQUH]DJRHVFRODUDxRGHUH]DJR ]RQD$ FRPRLQGLFLRGHULHVJR\RPiVDxRV GHUH]DJRFRPRULHVJRJUDYH ]RQD% 

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV



DxRV



3REODFLyQ

'LPHQVLyQ(VWXGLDQWHVTXHDVLVWHQ DVHFXQGDULDEiVLFDFRQUH]DJRHVFRODUDxRGH UH]DJR ]RQD$ FRPRLQGLFLRGHULHVJR\RPiV DxRVGHUH]DJRFRPRULHVJRJUDYH ]RQD% 

&RQGLFLyQGHHGDG&RQGLFLyQGHPDWUtFXODFLyQ GHORVHVWXGLDQWHVFRQVLGHUDQGRODUHODFLyQHQWUH VXHGDG\HOJUDGR6HLGHQWLILFDQWUHVFDWHJRUtDV

DxRGHUH]DJR$VLVWHDFXDOTXLHUJUDGRFRQXQDxR PiVGHHGDGGHORTXHHVWLSXODODQRUPDWLYDGHOSDtV SDUDHVHJUDGR

(GDGWHyULFD$VLVWHDFXDOTXLHUJUDGRFRQODPLVPD RFRQPHQRU HGDGDODTXHFRUUHVSRQGHVHJ~Q HVWLSXODODQRUPDWLYDGHOSDtV

\PiVDxRVGHUH]DJR$VLVWHDFXDOTXLHUJUDGRFRQ GRVRPiVDxRGHHGDGGHORTXHHVWLSXODODQRUPDWLYD GHOSDtVSDUDHVHJUDGR

)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 \HVWLPDFLRQHVGHSREODFLyQ GHOD'LYLVLyQGH3REODFLyQGHODV1DFLRQHV8QLGDV5HYLVLyQSDtVHVGHODUHJLyQ

6REUHHVHGDWRJOREDOSRUGLPHQVLyQHO*UiILFR HVTXHPDWL]DODVLWXDFLyQSRUHGDGVLPSOH\  DSUR[LPDDOSHUILOGHHYROXFLyQHQWUHGLPHQVLRQHV 

6HXWLOL]DFRPSOHPHQWDULDPHQWHLQIRUPDFLyQ GHSREODFLyQ\GHOQLYHODOTXHDVLVWHQ ORVHVWXGLDQWHV

 3DUDODHODERUDFLyQGHOJUiILFRVHUHVSHWySDUDFDGDSDtV ODGHILQLFLyQGHORVQLYHOHVSUHHVFRODUSULPDULR\VHFXQGDULR EiVLFRGHFDGDXQRGHORVSDtVHVFRQVLGHUDQGRWDQWRODRIHUWD S~EOLFDFRPRODSULYDGD3DUDHOFiOFXORGHOUH]DJR VHFRQVLGHUyODHGDGHVWDEOHFLGDSRUQRUPDWLYDHQFDGDSDtV

SDUDHOLQJUHVRDODSULPDULD3DUDODLGHQWLILFDFLyQGH ORVQLYHOHVHGXFDWLYRVVHWRPyHQFRQVLGHUDFLyQ OD&ODVLILFDFLyQ,QWHUQDFLRQDO1RUPDOL]DGDGHOD(GXFDFLyQ &,1( (OGHWDOOHSDUDFDGDSDtVVHHQFXHQWUDHQHODQH[R PHWRGROyJLFR




(OSHUILOGHDFFHVR\SHUPDQHQFLD HQ$PpULFD/DWLQD\HO&DULEH \VXVLQHTXLGDGHV± 'LPHQVLRQHVD

(GDGVLPSOH&RUWHVGHHGDGGHSREODFLyQ RHVWXGLDQWHVSRUXQLGDGHVLQGLYLGXDOHV DxRV DxRVDxRVHWF YVJUXSRVRWUDPRVGHHGDG

3RUORWDQWRHVWXGLDUGDWRVHLQGLFDGRUHV HGXFDWLYRVSRUHGDGVLPSOHSHUPLWHREVHUYDU GHWDOOHVUHOHYDQWHVGHODVWUD\HFWRULDVHVFRODUHV/D WDVDHVSHFtILFDGHPDWUtFXODSRUHGDGPXHVWUDOD SURSRUFLyQGHODSREODFLyQGHXQDHGDGFRQFUHWD HQXQSDtVPDWULFXODGDHQHOVLVWHPDHGXFDWLYR &XDQGRVHDSOLFDQORVFHQVRVQDFLRQDOHVGH SREODFLyQODDVLVWHQFLDGHORVKDELWDQWHVHV VHQFLOODGHFDOFXODU(QRWURVPRPHQWRVKD\TXH WRPDUGHFLVLRQHVVREUHHVWLPDFLRQHVGHSREODFLyQ \VREUHODUHODFLyQFRQODLQIRUPDFLyQHGXFDWLYD SURYHQLHQWHGHFHQVRVHVFRODUHVRUHJLVWURV DGPLQLVWUDWLYRV1RREVWDQWHODSpUGLGDGH SUHFLVLyQTXHVHGHULYDHVWHLQGLFDGRUHV VXPDPHQWHYDOLRVRSDUDDQDOL]DUODH[FOXVLyQ

(QHOSUHVHQWHDSDUWDGRVHDQDOL]DJOREDOPHQWH HOSURFHVRGHDFFHVRSHUPDQHQFLD\VDOLGD GHODSREODFLyQHQHGDGHVFRODUHQHOVLVWHPD HGXFDWLYR/DLQIRUPDFLyQGLVSRQLEOHSHUPLWH LGHQWLILFDUGHQWURGHOIOXMRGHODHVFRODUL]DFLyQ ORVFXHOORVGHERWHOODTXHUHVWULQJHQHOGHUHFKR GHHGXFDFLyQDOXQLYHUVRGHQLxRV\QLxDVGH $PpULFD/DWLQD\HO&DULEH/DHOHYDGDFREHUWXUD GHODHGXFDFLyQSULPDULDHQODUHJLyQ QRHVH[SUHVLyQGHXQDSHUPDQHQFLDSURORQJDGD HQHOVLVWHPDHGXFDWLYR\D~QPHQRV GHXQSURJUHVRH[LWRVRHQHOQLYHORGHVX ILQDOL]DFLyQ

*5Ã&#x2C6;),&2 7DVDHVSHFtILFDGHPDWUtFXODSRUHGDGDDxRV3DtVHVFRQHGDGQRUPDWLYDGHLQJUHVR DODSULPDULDDORVDxRVGHHGDG$PpULFD/DWLQD\HO&DULEH 





          

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV

 





 3DUDORVDxRVQRFHQVDOHVVHSXHGHQXWLOL]DUGRVDOWHUQDWLYDV XWLOL]DUORVGDWRVGHODVHQFXHVWDVGHKRJDUHVRFRPELQDU SUR\HFFLRQHVGHSREODFLyQFRQGDWRVDGPLQLVWUDWLYRVGHO VLVWHPDHGXFDWLYR(QHVWHHVWXGLRVHKDWUDEDMDGRFRPELQDQGR GDWRVGHORVVLVWHPDVHVWDGtVWLFRVQDFLRQDOHV SURYLVWRVSRU HO8,6 \SUR\HFFLRQHVGHSREODFLyQ HVWLPDGDVSRUOD813' 





 (VGHFLUH[FOX\HQGRD*XDWHPDOD\(O6DOYDGRUFX\DHGDG GHLQJUHVRHVDORVDxRVGHHGDG\DOJXQRVSDtVHV GHO&DULEHGRQGHHOLQJUHVRDODSULPDULDVHHVWLSXOD DORVDxRV

   )XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 \HVWLPDFLRQHVGHSREODFLyQ GHOD'LYLVLyQGH3REODFLyQGHODV1DFLRQHV8QLGDV5HYLVLyQ 813' SDtVHVGHODUHJLyQ



 $UJHQWLQD%HOLFH%ROLYLD%UDVLO&KLOH&RORPELD&RVWD5LFD &XED5HS~EOLFD'RPLQLFDQD(FXDGRU(O6DOYDGRU*UHQDGD *XDWHPDOD*X\DQD+RQGXUDV-DPDLFD0p[LFR1LFDUDJXD 3DQDPi3DUDJXD\3HU~6DQ&ULVWyEDO\1LHYHV6DQWD/XFtD 6DQ9LFHQWH\ODV*UDQDGLQDV6XULQDP7ULQLGDG\7REDJR 8UXJXD\\9HQH]XHOD


SHTXHxDODSURSRUFLyQGHSREODFLyQTXHQRDVLVWH DOVLVWHPDHGXFDWLYR

(QHO*UiILFRVHSXHGHQDQDOL]DUWUHVVHJPHQWRV GLIHUHQWHVVREUHODHVFRODUL]DFLyQ PDUFDGRVHQOD SDUWHVXSHULRUFRQQ~PHURV 

±6HJPHQWR/DGHVHVFRODUL]DFLyQDSDUWLU GHORVDxRVGHHGDGODVWDVDVHVSHFtILFDVGH PDWUtFXODFRPLHQ]DQDGLVPLQXLU SURJUHVLYDPHQWHVtQWRPDGHSURFHVRV GHDEDQGRQRHVFRODU+DFLDORVDxRV GHFDGDMyYHQHVQRHVWiPDWULFXODGR HQODHVFXHOD'HHVWHJUXSRODJUDQPD\RUtD DVLVWLySHURDEDQGRQyGHILQLWLYDPHQWH HOVLVWHPDHGXFDWLYR(VWDVLWXDFLyQVHLUi DJUDYDQGRSURJUHVLYDPHQWHHQODVVLJXLHQWHV HGDGHV

±6HJPHQWR/DHVFRODUL]DFLyQSHQGLHQWHKD\XQ FRQMXQWRLPSRUWDQWHGHQLxRV\QLxDVGH\ DxRVGHHGDGTXHSHUPDQHFHQIXHUDGHOVLVWHPD HGXFDWLYRVLQKDEHULQLFLDGRD~QVXHVFRODULGDG 3DUDORVDxRVHQORVSDtVHVDQDOL]DGRVXQD SURSRUFLyQHQWRUQRDOGHODSREODFLyQHVWi IXHUDGHODHVFXHODUHSUHVHQWDQGRHOGHVDItRGH XQLYHUVDOL]DFLyQGHO~OWLPRDxRGHODHGXFDFLyQ LQLFLDO$ORVDxRVHOGHODSREODFLyQGHOD UHJLyQHVWDUiHQODHVFXHODSHURFHUFDGHXQ GHORVQLxRVGHHVWDHGDGD~QSHUPDQHFHQIXHUD HQVXPD\RUtDVRQDTXHOORVTXHLQJUHVDUiQHQ IRUPDWDUGtDDOVLVWHPDHGXFDWLYR

8QDSHUVSHFWLYDPiVGLQiPLFDVHSHUFLEH DOFRPSDUDUODFDQWLGDGGHHVWXGLDQWHVSRUHGDG VLPSOHHQGRVDxRVFRQVHFXWLYRV(VWHDQiOLVLV REVHUYDODFRQVHUYDFLyQLQWHUDQXDOSRUHGDG \FRQVLVWHHQFRPSDUDUODFDQWLGDGGHHVWXGLDQWHV FRQHGDG(HQHODxRLQLFLDOFRQODGHORV HVWXGLDQWHVGHHGDG(GHODxRVLJXLHQWH (O*UiILFRPXHVWUDODVLWXDFLyQHQODUHJLyQ

±6HJPHQWR/DHVFRODUL]DFLyQWRWDOHQWUHORV \ORVDxRVGHHGDGODVWDVDVHVSHFtILFDV GHHVFRODUL]DFLyQDOFDQ]DQYDORUHVFHUFDQRVDO (VWRLQGLFDTXHSDUDHVWHWUDPRGHHGDG ODFREHUWXUDHVFDVLXQLYHUVDO\SRUWDQWRHVPX\

*5Ã&#x2C6;),&2  &RQVHUYDFLyQLQWHUDQXDOGHHVWXGLDQWHVSRUHGDGVLPSOH$PpULFD/DWLQD\HO&DULEH&LUFD (QPLOHVGHDOXPQRV



DxRV

DxRV DxRV



DxRV

DxRV

DxRV DxRV

DxRV

DxRV DxRV

DxRV

DxRV DxRV

DxRV

DxRV DxRV



DxRV

DxRV



DxRV



DxRV



DxRV



DxRV



(VWXGLDQWHVHQHODxR$ (VWXGLDQWHVHQHODxR$ ,QJUHVR



$EDQGRQR 

)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 SDtVHVGHODUHJLyQ ©$xRILQDOª $ HVHODxRPiVUHFLHQWH\©$xRLQLFLDOª $ HODxRDQWHULRUHQWRUQRDVHJ~QORVGDWRV  GLVSRQLEOHVSDUDFDGDSDtV



 (OLQGLFDGRUGH7DVD(VSHFtILFDGH0DWUtFXODSRU(GDGHQ WHRUtDQRGHEHUtDSRGHUVXSHUDUHO6LQHPEDUJRGDGR TXHHVWDLQIRUPDFLyQSURYLHQHGHGRVIXHQWHVGHGDWRV GLVWLQWDV HVWLPDFLRQHVGHSREODFLyQGHOD'LYLVLyQGH

3REODFLyQGHODV1DFLRQHV8QLGDV\GDWRVGHORVVLVWHPDV HVWDGtVWLFRVQDFLRQDOHV HQODVHGDGHVFRQPX\HOHYDGD FREHUWXUDSXHGHGDUVHTXHHOLQGLFDGRUH[FHGDOLJHUDPHQWH HO




/DVWHQGHQFLDVVRQVLPLODUHVDODVGHOJUiILFR DQWHULRUSHURVHSXHGHQUHFRQRFHUODVVLJXLHQWHV VLWXDFLRQHVHQFDGDVHJPHQWR

±6HJPHQWR±(QWUHORV\DxRVGHHGDGGHO DxRLQLFLDO\ORVDGHODxRILQDOVHREVHUYD XQDVLWXDFLyQHVWDEOHHQHODJUHJDGRWRWDOQRKD\ QLQXHYRVLQJUHVRVQLDEDQGRQR

±6HJPHQWR±(QHODxRLQLFLDOKD\PLOORQHV GHHVWXGLDQWHVGHDxRVHODxRVLJXLHQWHKD\ PLOORQHVGHDxRVHVGHFLUKD\PLOORQHV GHDOXPQRVQXHYRVGHDxRVTXHQRHVWXYLHURQ HQHOVLVWHPDHODxRDQWHULRU(VHSURFHVRGH LQFRUSRUDFLyQSRUSULPHUDYH] DFFHVRWDUGtRHQ PXFKRVFDVRV FRQWLQ~DKDVWDORVDxRV

±6HJPHQWR±$SDUWLUGHORVDxRVFRPLHQ]D RWURSURFHVRHOGHVDOLGDWHPSUDQD(QHODxR LQLFLDOKD\PLOORQHVHVWXGLDQWHVGHDxRV\ HQHODxRILQDOKD\PLOORQHVHVWXGLDQWHVGH DxRV(VWHSURFHVRGHDEDQGRQRLQWHUDQXDOHQWUH XQDHGDG\ODVLJXLHQWHHVXQGUHQDMHFRQWLQXR

127$ (OGHVDItRGHOFUHFLPLHQWRGHODSREODFLyQ (VWDGLYHUVLGDGGHVLWXDFLRQHVVHWUDGXFHHQ GLIHUHQWHVGHVDItRVSDUDHOVLVWHPDHGXFDWLYR HVSHFLDOPHQWHSDUDORVSDtVHVFRQFUHFLPLHQWR SREODFLRQDODOWRTXHGHEHQDPSOLDUDxRDDxR ODFDSDFLGDGGHOVLVWHPDHGXFDWLYRSDUDUHFLELU HQWRGRVORVJUDGRV \HVSHFLDOPHQWHHQORVSULPHURV  DFRKRUWHVSURJUHVLYDPHQWHPD\RUHV 3DUDORVSDtVHVTXHPDQLILHVWDQXQGHFUHFLPLHQWR VHSUHVHQWDXQDRSRUWXQLGDGSDUDDSURYHFKDU ODDPSOLDFLyQGHFDSDFLGDGGHOVLVWHPDHGXFDWLYR TXHSURGXFHQHVWDVJHQHUDFLRQHVPHQRV QXPHURVDV

Â&#x2039;81,&()+RQGXUDV3LUR]L

(Q$PpULFD/DWLQD\HO&DULEHD~QVHREVHUYDXQD WHQGHQFLDGHHQYHMHFLPLHQWRSREODFLRQDOFRQXQD PDUFDGDHVWDELOLGDGGHOWDPDxRGHODVQXHYDV FRKRUWHVGHSREODFLyQHQHGDGHVFRODU6LQHPEDUJR HVWDVLWXDFLyQQRHVVLPLODUHQWRGRVORVSDtVHVGHOD UHJLyQ3RUHMHPSORHQHOFDVRGH*XDWHPDODVHJ~Q HVWLPDFLRQHVGHOD'LYLVLyQGH3REODFLyQGHODV 1DFLRQHV8QLGDVSDUDHOKD\QLxRVGH DxRVFDGDMyYHQHVGH(QFDPELRHQFDVRV FRPRHOGH&KLOHHOGHFUHFLPLHQWRSREODFLRQDOLPSOLFD XQDUHGXFFLyQGHODVQXHYDVFRKRUWHVGHDOXPQRV VHJ~QODVPLVPDVHVWLPDFLRQHVKD\QLxRV GHDxRVFDGDMyYHQHVGH




'LPHQVLyQ1LxRVHQHGDG GHDVLVWLUDODHGXFDFLyQLQLFLDO TXHQRHVWiQHQODHVFXHODLQLFLDO QLHQSULPDULD

HQHODFFHVRDXQJUDGRGHHGXFDFLyQLQLFLDODQWHV GHODHGXFDFLyQSULPDULD

¢4XpRWURVSURFHVRVGHH[FOXVLyQ VHSXHGHQGLVWLQJXLUHQWRUQR DOD'LPHQVLyQ"

¢&XiQWRVVRQORVQLxRV\QLxDVHQHVWD 'LPHQVLyQ"

$QDOL]DQGRORVGDWRVGHVGHRWUDSHUVSHFWLYDHV SRVLEOHFRQVLGHUDUDORVQLxRVTXHFXUVDQHOSULPHU JUDGRGHODHGXFDFLyQSULPDULD\SUHJXQWDUVHTXp H[SHULHQFLDHGXFDWLYDWXYLHURQHODxRDQWHULRU(VWR SHUPLWHUHJLVWUDUXQRVSULPHURVSURFHVRVGHH[FOXVLyQ TXHVHREVHUYDQHQODKHWHURJHQHLGDGGHWUD\HFWRULDV HVFRODUHVSUHYLDVDODHGXFDFLyQSULPDULDODVTXH PDUFDQXQSXQWRGHSDUWLGDGHVLJXDOSDUDORVQLxRV\ QLxDV\TXHSODQWHDQGHVDItRVDODSROtWLFDHGXFDWLYD

/DHGXFDFLyQLQLFLDOVHFRQVLGHUDKR\XQDLQVWDQFLD HVWUDWpJLFDSDUDIRUWDOHFHUODVRSRUWXQLGDGHV HGXFDWLYDVGHORVQLxRV\QLxDVGHODUHJLyQ\ PXFKRVSDtVHVKDQLQFOXLGRHQORV~OWLPRVDxRVOD REOLJDWRULHGDGGHODDVLVWHQFLDDOQLYHOHQVXV QRUPDWLYDVDPSOLDQGRVXRIHUWD\FREHUWXUD(QWUH \VHLQFUHPHQWyHQXQOD FDQWLGDGGHHVWXGLDQWHVTXHDVLVWHDODHGXFDFLyQ LQLFLDOLQFRUSRUDQGRDPiVGHPLOORQHVGHQLxRV \QLxDV

$VtVLFRQVLGHUDPRVDORVQLxRVTXHWLHQHQODHGDG GHLQJUHVRDOQLYHOSULPDULR TXHVHPXHVWUDQHQHO *UiILFR SRUFDGDHVWXGLDQWHVGHHVDHGDG

1RREVWDQWHHVWRVHVIXHU]RVD~QKD\QLxRV\QLxDV TXHQRDFFHGHQDHVWHQLYHOHGXFDWLYRHQODHGDG RSRUWXQD 7DEOD (OGHVDItRDVRFLDGRHVDPSOLDU ODFREHUWXUDGHODHGXFDFLyQLQLFLDOFXLGDQGRWDQWR ODGLVSRQLELOLGDGGHRIHUWDFRPRODGHPDQGDGHOD SREODFLyQSDUDHOQLYHO(VWDLQLFLDWLYDVHFRQFHQWUD

±QRKDQFXUVDGRHGXFDFLyQLQLFLDO ±LQLFLDQHOSULPDULRKDELHQGRDVLVWLGRHODxR DQWHULRUDODHGXFDFLyQLQLFLDO ±KDQLQLFLDGRHOSULPDULRFRQSUHFRFLGDGHV GHFLUDQWHVGHODHGDGQRUPDWLYD

7$%/$ 'LPHQVLyQ±1LxRV\QLxDVGHDxRVTXHQRDVLVWHQDHGXFDFLyQLQLFLDO $PpULFD/DWLQD\HO&DULEH $xR

',0(16,Ï1 7RWDO

PLOORQHVGHQLxRVGHHGDGGHDVLVWLU DODHGXFDFLyQLQLFLDOTXHQRHVWiQ HQODHGXFDFLyQLQLFLDORSULPDULD GHOWRWDOGHQLxRVGHDxRV

0XMHUHV

PLOQLxDVGHGHHGDGGHDVLVWLU DODHGXFDFLyQLQLFLDOTXHQRHVWiQHQOD HGXFDFLyQLQLFLDORSULPDULD GHOWRWDO

9DURQHV PLOQLxRVGHHGDGGHDVLVWLU DODHGXFDFLyQLQLFLDOTXHQRHVWiQHQOD HGXFDFLyQLQLFLDORSULPDULD GHOWRWDO





%UDVLO

%ROLYLD

&RORPELD

PLO 

PLO 

PLO 

)XHQWHHVWLPDFLRQHV UHJLRQDOHV\QDFLRQDOHV GHO,QVWLWXWR GH(VWDGtVWLFDGH OD81(6&2 8,6  /DVHVWLPDFLRQHV QDFLRQDOHVWLHQHQ ORVVLJXLHQWHVDxRV GHUHIHUHQFLD %ROLYLD  %UDVLO  \ &RORPELD 

 6HJ~QHVWLPDFLRQHVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2SDUD$PpULFD/DWLQD\HO&DULEHHQVXFHQWURGHGDWRVPDU]RGH




/DVLQHTXLGDGHVGHDFFHVRDODHGXFDFLyQSULPDULD\VXUHODFLyQFRQ ODHGXFDFLyQLQLFLDOSXHGHQVLQWHWL]DUVHGHODVLJXLHQWHPDQHUD

1LxRVTXHDVLVWLUiQDOD HGXFDFLyQLQLFLDOSHURFRQ UH]DJRRGHVIDVHGHHGDG OOHJDQSRUSULPHUDYH]DO VLVWHPDHGXFDWLYRFRQHGDGGH SULPHUJUDGRSHURHVWiQ DQRWDGRVHQHGXFDFLyQLQLFLDO

/DDVLVWHQFLDFRQUH]DJRDODHGXFDFLyQLQLFLDODSUR[LPD DXQDVLWXDFLyQFRPSOHMDTXHSDGHFHHOGHORVQLxRV HQHGDGGHLQLFLDUODHGXFDFLyQSULPDULDFXUVDUODHGXFDFLyQ LQLFLDOHQYH]GHOSULPHUJUDGR(VWRWLHQHXQGREOHSHUMXLFLR HVWRVQLxRVFRPHQ]DUiQLQHYLWDEOHPHQWHODSULPDULDHQIRUPD WDUGtD\DVXYH]©RFXSDQªODVYDFDQWHVGHRWURVQLxRVGH VXFRPXQLGDGTXHWLHQHQHGDGGHHVWDUHQHGXFDFLyQLQLFLDO /RVURFHVRVTXHRULJLQDHVWDVLWXDFLyQGHEHQVHUWHPDGH HVWXGLRVHVSHFtILFRVSDUDSHQVDUSROtWLFDVTXHJHQHUDOLFHQ HODFFHVRRSRUWXQRDODHGXFDFLyQLQLFLDO\DODHGXFDFLyQ SULPDULD

1LxRVTXHQXQFDDVLVWLUiQDOD HVFXHODQLDODHGXFDFLyQLQLFLDO QLDODHGXFDFLyQSULPDULD

(VWHFDVRVHDQDOL]DHQOD'LPHQVLyQGHODH[FOXVLyQ

Â&#x2039;81,&()(O6DOYDGRU%(//

1LxRVTXHDVLVWLUiQDOD HGXFDFLyQSULPDULDVLQKDEHU DVLVWLGRDODHGXFDFLyQLQLFLDO

/DEUHFKDGHFREHUWXUDHVSHFtILFDGHODHGXFDFLyQLQLFLDOHV XQDPHGLGDSDUDDSUR[LPDUVHDODGHPDQGDSHQGLHQWH\ UHIOHMDODSURSRUFLyQGHQLxRVTXHWLHQHQODHGDGGHDVLVWLUD ODHGXFDFLyQLQLFLDO\HVWiQIXHUDGHODHVFXHOD(QQ~PHURV DEVROXWRVSDUDHODxRPLOORQHVGHQLxRVGHODUHJLyQ KDEUtDQDVLVWLGRDODHGXFDFLyQSULPDULDVLQKDEHUFXUVDGR HGXFDFLyQLQLFLDOHQODHGDGDGHFXDGD([SUHVDGR SRUFHQWXDOPHQWHODEUHFKDHVGHOHQUHODFLyQFRQORV HVWXGLDQWHVGHSULPHUJUDGRHQHGDGRSRUWXQD




*5Ã&#x2C6;),&2  %UHFKDGHFREHUWXUDHVSHFtILFDGHHGXFDFLyQLQLFLDO\PDWUtFXODLQVFULWDHQHGXFDFLyQLQLFLDO FRQUH]DJRDPpULFDODWLQD\HOFDULEHFLUFD 6LQHGXFDFLyQLQLFLDO HQODHGDGDGHFXDGD

6LQHGXFDFLyQSULPDULD HQODHGDGDGHFXDGD

$xR$

$xR$





 

(QHGXFDFLyQSULPDULD FRQODHGDGDGHFXDGD



%UHFKDGHFREHUWXUDHVSHFtILFDGHO~OWLPR JUDGRGHOQLYHO



,QJUHVDUiQHQIRUPDWDUGtD 



,QVFULSWRHQ3ULPDULD ,QVFULSWRHQ3UHHVFRODU



(QURMRLQHTXLGDGHVGHDFFHVRDOVLVWHPD HGXFDWLYR

 

 0DWUtFXOD GH(± DxRV

(QHGXFDFLyQSULPDULD DQWHVGHODHGDG DGHFXDGD

(QD]XODFFHVRUHJXODUDOVLVWHPDHGXFDWLYR

0DWUtFXOD GH( DxRV

(QHGXFDFLyQLQLFLDO FRQODHGDGDGHFXDGD

(QHGXFDFLyQLQLFLDO FRQHGDGQRDGHFXDGD

)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 SDtVHVGHODUHJLyQ (GDG(HGDGQRUPDWLYDGHLQJUHVRDOQLYHOSULPDULRTXHYDUtDHQWUHSDtVHV

(O*UiILFRFRPSDUDGDWRVGHHVWXGLDQWHVHQHGDG GHHGXFDFLyQLQLFLDO\GHSULPHUJUDGRGH HGXFDFLyQSULPDULD (\( HQGRVDxRV FRQVHFXWLYRV $\$ $PERVLQGLFDGRUHVUHFLpQ SUHVHQWDGRVGHULYDQGHOWUDWDPLHQWRGHHVWRVGDWRV VLHPSUHFRQODPLVPDUHIHUHQFLD

±1LxRVTXHLQJUHVDUiQWDUGtDPHQWHDODHGXFDFLyQ SULPDULDFRPRSULPHUDFFHVRDOVLVWHPD HGXFDWLYR\SRUORWDQWRVLQFXUVDUHGXFDFLyQ LQLFLDO WUDQVLWDQGLPHQVLyQ\GLPHQVLyQ  ±1LxRVTXHLQJUHVDUiQWDUGtDPHQWHDODHGXFDFLyQ SULPDULDFRPRUHVXOWDGRLQHYLWDEOHGHKDEHU FXUVDGRHGXFDFLyQLQLFLDOFRQUH]DJR WUDQVLWDQ GLPHQVLyQ 

¢&yPRHVODGLQiPLFDHQWUHOD 'LPHQVLyQ\OD'LPHQVLyQ"

±1LxRVTXHLQJUHVDQRSRUWXQDPHQWH DODHGXFDFLyQSULPDULDSHURVLQKDEHUFXUVDGR HGXFDFLyQLQLFLDO WUDQVLWDURQODGLPHQVLyQ GHH[FOXVLyQSHURQRLQLFLDQHQGLPHQVLyQ 

3DUDLGHQWLILFDUEDUUHUDV\GLVHxDUHVWUDWHJLDVGH VXSHUDFLyQUHVXOWDUHOHYDQWHGLVWLQJXLUHQHVWD WUDQVLFLyQGLVWLQWDVVLWXDFLRQHVGHH[FOXVLyQ 

3DUDHVWLPDUODPDJQLWXGGHHVWDVVLWXDFLRQHV VHYLQFXODURQGDWRVGHWUHVDxRVFRQVHFXWLYRV HQORVTXHVHSXHGHLGHQWLILFDUHOJUXSRGHDOXPQRV TXHLQJUHVDGLUHFWDPHQWHDODHGXFDFLyQSULPDULD HQHGDGRSRUWXQD LQJUHVRVLQHGXFDFLyQLQLFLDO  \DTXHOTXHLQJUHVDUiDODSULPDULDFRQPD\RUHGDG LQJUHVRWDUGtR (VWHVHJXLPLHQWRLQWHUDQXDOGHXQD FRKRUWHGHHGDGVLPSOHSHUPLWHUHDOL]DUXQD DSUR[LPDFLyQDOSRUFHQWDMHGHSREODFLyQTXH

 (QWRUQRD%UDVLOVHHQFXHQWUDHQPHGLRGHOFDPELR GHODHGDGQRUPDWLYDGHLQJUHVRDODSULPDULDGHORV DORVDxRVGHHGDG3DUDORVILQHVGHOHVWXGLRVHRSWy SRUDMXVWDUORVGDWRVGH%UDVLO FX\RLPSDFWRHQHOWRWDO GHHVWXGLDQWHVHVPX\LPSRUWDQWH GLYLGLHQGRHQGRVJUXSRV DORVHVWXGLDQWHVEUDVLOHxRVGHDxRVTXHHVWiQHQHOQLYHO LQLFLDOSDUFLDOPHQWHFRPRLQVFULWRVFRQHGDGWHyULFD \SDUFLDOPHQWHFRPRLQVFULWRVFRQUH]DJR(QHODQH[R PHWRGROyJLFRVHGHWDOODHODMXVWHUHDOL]DGR




127$ (ODFFHVRDOVLVWHPDHGXFDWLYRHQHGXFDFLyQLQLFLDO\SULPDULDHOFDVRGH%ROLYLD

/DVLQHTXLGDGHVGHDFFHVRDOVLVWHPDHGXFDWLYRHOFDVRGH%ROLYLD WUD\HFWRULDHVFRODUDORVDxRVVRQLQVFULSWRVFRQ UH]DJRHQHOQLYHOLQLFLDO3RUORWDQWRDODQDOL]DUODV EDUUHUDVYLQFXODGDVDODEUHFKDGHFREHUWXUDGHOQLYHO LQLFLDOODIDOWDGHRIHUWDQRSXHGHVHUXQIDFWRU GHWHUPLQDQWHKD\XQDJUDQFDQWLGDGGHYDFDQWHV RFXSDGDVSRUQLxRVGHDxRV3RUWDQWRSDUD FRPSUHQGHU\DFWXDUVREUHODH[FOXVLyQHQHGXFDFLyQ LQLFLDOHVLPSRUWDQWHLGHQWLILFDURWUDVEDUUHUDV SUHVHQWHVHQHODFFHVRDOQLYHO(QUHODFLyQFRQORV FRPSRUWDPLHQWRVGHRIHUWDHVLPSRUWDQWHLGHQWLILFDU FyPRVHSURGXFHHVWDGHFLVLyQGHLQVFULELUHQ HGXFDFLyQLQLFLDODQLxRVFRQDxRVGHHGDG

/DVLWXDFLyQGHHVFRODUL]DFLyQDORV\DxRVGH HGDGHQ%ROLYLDHVLQWHUHVDQWHSDUDDQDOL]DUHOSURFHVR GHDFFHVR\DTXHPXHVWUDXQDVLWXDFLyQIUHFXHQWHHQ ODUHJLyQHOLQJUHVRDOQLYHOLQLFLDOFRQUH]DJR/DEDUUD VXSHULRUUHSUHVHQWDDODSREODFLyQGHDxRVDOOtVH GHVWDFDHOTXHQRDVLVWHDODHVFXHODHQ (QODEDUUDLQIHULRUVHPXHVWUDHOWRWDOGHLQVFULSWRV FRQDxRV HGDGGHLQLFLRDODSULPDULD DOOtGH FDGDHVWXGLDQWHVGHHVDHGDGHVWiHQHGXFDFLyQ LQLFLDOFXUVDQGRFRQUH]DJR 'HDTXtVHGHVSUHQGHTXHPXFKRVQLxRV\QLxDVQR DVLVWHQDODHVFXHODFRQDxRVSHURDOLQLFLDUVX

$xR $OXPQRVDxRV

 

$xR $OXPQRVDxRV



 



 

 

,QVFULSWRHQ3UHHVFRODU

 

 

 

 

 

,QVFULSWRHQ3ULPDULD

 

 

 

 

 

,QJUHVDUiQFRQDxRV

Â&#x2039;81,&()&RORPELD4XLQWHUR

)XHQWHHODERUDFLyQSURSLDHQEDVHDGDWRVGHO6LVWHPDGH,QIRUPDFLyQ(GXFDWLYD5HS~EOLFDGH%ROLYLDDxRV\




*5È),&2  (VWLPDFLyQGHOLQJUHVRVLQHGXFDFLyQLQLFLDO\GHOLQJUHVRWDUGtR$PpULFD/DWLQD\HO&DULEH&LUFD 0DWUtFXODGH(%DVH $xR FLUFD  GHFDGDIXHUD GHODHVFXHOD(GDG(

$xR$

 

$xR$

 

 

$xR$

 

 



 

 

 

,QJUHVyFRQ(DxRVRPHQRV

 

 

 

 

,QJUHVDFRQ(DxRV

 

 

$xR FLUFD  GHFDGDIXHUD GHODHVFXHOD±(GDG(  

$xR FLUFD  %DVHGHFRPSDUDFLyQ (GDG(

 

,QJUHVDUiQFRQ(DxRV

)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 SDtVHVGHODUHJLyQ 1RWD6HFRQVLGHUD©(GDG(ªDODHGDGQRUPDWLYDGHLQJUHVRDOQLYHOSULPDULRVHJ~QFDGDSDtV

LQJUHVDSRUSULPHUDYH]DODHVFXHODHQODHGDG GHLQLFLRDODHGXFDFLyQSULPDULDVHJ~Q ODQRUPDWLYDGHFDGDSDtV HGDG( \DTXHOORVTXH VHLQVFULELUiQSRUSULPHUDYH]HQIRUPDWDUGtD HGDG( 

SDUDHOHJUHVRVHJ~QORVSDtVHV QRDVLVWHDOD HVFXHODSULPDULDRDVLVWHDODHGXFDFLyQLQLFLDO $FRQWLQXDFLyQVHDERUGDUiODFDUDFWHUL]DFLyQ HVWDGtVWLFDGHHVWDGLPHQVLyQDSDUWLUGHOD LQIRUPDFLyQHVWDGtVWLFDGLVSRQLEOH

(QODUHJLyQFHUFDGHOGHORVDOXPQRVDVLVWH DODHVFXHODDOPHQRVGHVGHHO~OWLPRJUDGRGHOD HGXFDFLyQLQLFLDO3RUORWDQWRGHOUHVWDQWH SRFRPiVGHODPLWDGLQJUHVDUiDODHGXFDFLyQ SULPDULDRLQLFLDODODxRVLJXLHQWH\SRFRPHQRVGH ODPLWDGORKDUiHQIRUPDWDUGtD *UiILFR 

¢&XiQWRVVRQORVQLxRV\QLxDV HQHVWD'LPHQVLyQ" /RVVLVWHPDVHGXFDWLYRVGHODUHJLyQKDQLQYHUWLGR FXDQWLRVRVHVIXHU]RVHQDPSOLDUODFREHUWXUDGHOD RIHUWDGHHGXFDFLyQSULPDULDHQODVHJXQGDPLWDG GHOVLJOR;;&RPRHYLGHQFLDGHHOORODWDVDQHWD DMXVWDGDGHPDWUtFXODSULPDULDDOFDQ]DDDOUHGHGRU GHOGHORVQLxRV\QLxDV

(QWpUPLQRVDEVROXWRVPLOORQHVGHQLxRV LQWHJUDQODGLPHQVLyQHQSRUWHQHUHGDGGH HGXFDFLyQLQLFLDO\QRWHQHURSRUWXQLGDGGHDVLVWLU GHHOORVSDVDUiQHQDLQWHJUDUOD GLPHQVLyQ\DTXHD~QQRLQJUHVDUiQDODHVFXHOD HQQLQJ~QQLYHOHGXFDWLYR

6LQHPEDUJRODVWHQGHQFLDVDFWXDOHVPXHVWUDQ TXHHOSURJUHVRHVLQVXILFLHQWHSDUDDOFDQ]DU ODVPHWDVHVWDEOHFLGDVSRUODGHFODUDFLyQ GHORV2EMHWLYRVGH'HVDUUROORGHO0LOHQLR HQODFXPEUHGHODV1DFLRQHVHQUHODFLyQDOD XQLYHUVDOL]DFLyQGHOQLYHOSULPDULRFRQIRUPHVXUJH GHOD7DEODGHSURJUHVRGH3DUDODUHJLyQ HVWHREMHWLYRVLJQLILFDEDDWDFDUHOQ~FOHRGXURGH GHVHVFRODUL]DFLyQUHSUHVHQWDGRSRUORVQLxRV\ QLxDVTXHSHUPDQHFHQHQVLWXDFLyQGHPD\RU GHVLJXDOGDG

'LPHQVLyQ1LxRVHQHGDG GHDVLVWLUDODHVFXHODSULPDULD TXHQRHVWiQHQODHVFXHOD SULPDULDQLVHFXQGDULDEiVLFD /DGLPHQVLyQGHODH[FOXVLyQUHILHUHDDTXHOORV QLxRV\QLxDVTXHXELFiQGRVHHQODIUDQMDGHHGDG TXHFRUUHVSRQGHDOQLYHOSULPDULRR&,1( HQWUH ORVySDUDHOLQLFLR\HQWUHORVDxRV 





 9HUQRWDDOSLH1žVREUHHOFiOFXORGHODHGDGGHLQJUHVR DODSULPDULDSDUD%UDVLO



 5HVROXFLyQDGRSWDGDHOGHVHSWLHPEUHGHSRU OD$VDPEOHD*HQHUDOGHODV1DFLRQHV8QLGDV

 1DFLRQHV8QLGDV2EMHWLYRVGH'HVDUUROORGHO0LOHQLR7DEOD GHSURJUHVRHQ


7$%/$ 'LPHQVLyQ±1LxRV\QLxRVHQHGDGHVFRODUTXHQRDVLVWHQDODHVFXHODSULPDULD $PpULFD/DWLQD\HO&DULEH

',0(16,Ï1

$xR 7RWDO

PLOORQHVGHQLxRVTXHQRHVWiQHQ ODHGXFDFLyQSULPDULDQLVHFXQGDULDEiVLFD GHOWRWDOGHQLxRVHQHGDGGHDVLVWLU DODSULPDULD

0XMHUHV

PLOORQHVGHQLxDVTXHQRHVWiQHQOD HGXFDFLyQSULPDULDQLVHFXQGDULDEiVLFD GHOWRWDO

9DURQHV PLOORQHVGHQLxRVTXHQRHVWiQHQ ODHGXFDFLyQSULPDULDQLVHFXQGDULDEiVLFD GHOWRWDO

%UDVLO

%ROLYLD

&RORPELD

PLO 

PLO 

PLO 

)XHQWHHVWLPDFLRQHV UHJLRQDOHV\QDFLRQDOHV GHO,QVWLWXWR GH(VWDGtVWLFDGH OD81(6&2 8,6  /DVHVWLPDFLRQHV QDFLRQDOHVWLHQHQFRPR DxRVGHUHIHUHQFLD  %ROLYLD  %UDVLO \ &RORPELD 

7$%/$  1LxRVHQODGLPHQVLyQVHJ~QFDWHJRUtDVGHLQJUHVRWDUGtRDEDQGRQRRH[FOXVLyQWRWDO $PpULFDODWLQD\HO&DULEH\SDtVHVVHOHFFLRQDGRV $PpULFD/DWLQD \HO&DULEH

%ROLYLD

%UDVLO

&RORPELD

,QJUHVDURQDODHVFXHOD SHUROXHJRDEDQGRQDURQ

PLO 

PLO 

PLO 

PLO 

6HHVSHUDTXHLQJUHVHQ HQIRUPDWDUGtD

PLOORQHV 

PLO 

PLO 

PLO 

PLOOyQ 

 

0HQRVGHPLO 

PLO 

6HVXSRQHTXHQRLQJUHVHQ QXQFDDODHVFXHOD 727$/

PLOORQHV

)XHQWHHVWLPDFLRQHVUHJLRQDOHVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 SDUDHODxR\HVWLPDFLRQHVQDFLRQDOHV UHDOL]DGDVSRUHOSDtVDSDUWLUGHORVGDWRVGHODVHQFXHVWDVGHKRJDUHV\HVWLPDFLRQHVGHSREODFLyQ %ROLYLD(+H,1( %UDVLO31$' (QHOFDVRGH%UDVLOODHVWLPDFLyQQRLQFOX\HDODSREODFLyQGHDxRV

(VWDGLPHQVLyQFRPELQDGLVWLQWDVVLWXDFLRQHV LQJUHVRWDUGtRDODHGXFDFLyQSULPDULDDEDQGRQR WHPSUDQR\H[FOXVLyQWRWDO\DEVROXWD([LVWHQ 

HVWLPDFLRQHVUHJLRQDOHV\QDFLRQDOHVSDUDOD FDQWLGDGGHQLxRVLQYROXFUDGRVHQFDGDXQDGH HVWDVVLWXDFLRQHVFRPRORPXHVWUDOD7DEOD (QODUHJLyQGH/DWLQRDPpULFD\HO&DULEHFDVLOD PLWDGGHODH[FOXVLyQDFWXDOGHODHGXFDFLyQ SULPDULD GLPHQVLyQ VHH[SOLFDSRUQLxRVTXHQR HVWiQHVFRODUL]DGRVHQHOSULPHUJUDGRWHQLHQGROD HGDGGHLQJUHVRSHURTXHVtHVWiQHVFRODUL]DGRV

 &DEHVHxDODUTXHODVHVWLPDFLRQHVGH%UDVLO%ROLYLD \&RORPELDIXHURQUHDOL]DGDVSRUORVHTXLSRVWpFQLFRVGHODV RILFLQDVGH81,&()GHFDGDSDtVDSDUWLUGHODVHQFXHVWDV GHKRJDU3RUHVWDUD]yQORVWRWDOHVGLILHUHQGHODV HVWLPDFLRQHVUHDOL]DGDVSRUHO8,681(6&2




*5È),&2  7DVDGHLQJUHVRDOSULPDULRFRQUH]DJRDFDUUHDGRGHHGXFDFLyQLQLFLDO\WDVDGHLQJUHVRWDUGtRSXUR $PpULFD/DWLQD\HO&DULEH&LUFD 1RDVLVWHQDODHVFXHODSHURDVLVWLUiQ

$VLVWHQDODHVFXHOD

  

 

 

   

 

 

  

 

 

 

 



 

 

 

 

 

 

$VLVWHQDSULPDULD $VLVWHQDSUHHVFRODU

   

,QJUHVDUiQ DORV(DxRV

,QJUHVDUiQ DORV(DxRV

 

$VLVWLHURQDODHVFXHOD HOFLFORDQWHULRU ,QJUHVDURQSRUSULPHUDYH] DODHVFXHOD

 

  

 

 

)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 SDtVHVGHODUHJLyQ (GDG©(ªHGDGGHLQVFULSFLyQDSULPHUJUDGRSURSLDGHFDGDSDtV

ODIDOWDGHLQVFULSFLyQRSRUWXQDHVWpYLQFXODGDD GHFLVLRQHVIDPLOLDUHVRSUREOHPDVSXQWXDOHVGH DFFHVLELOLGDG

HQHOQLYHOLQLFLDO(VGHFLUIRUPDQSDUWHGHOD FDWHJRUtDGHOD7DEOD&XDQGRLQJUHVHQDOD HVFXHODSULPDULDORKDUiQFRQHGDGWDUGtDSHUR HVWRQRH[SUHVDHOSULPHUFRQWDFWRGHOQLxRFRQHO VLVWHPDHGXFDWLYR

±©,QJUHVRWDUGtRDFDUUHDGRGHODHGXFDFLyQ LQLFLDOªORVQLxRVTXHDFFHGHQDODHGXFDFLyQ SULPDULDFRQHGDGPD\RUDODQRUPDWLYDSHURHOOR QRUHSUHVHQWDVXSULPHUDFFHVRVLQRTXH\DKDQ FXUVDGRODHGXFDFLyQLQLFLDO(OSUREOHPDQRHVWi VLWXDGRHQODGHPDQGDSRUTXHORVQLxRVDFFHGHQ DODRIHUWDHVFRODU(OQXGRHVWiHQODRIHUWD HVFRODUHQODVGLQiPLFDVTXHSURYRFDQTXHXQ DOXPQRVHDLQVFULSWRHQHGXFDFLyQLQLFLDOFRQ UH]DJRHQYH]GHHQSULPHUJUDGRHQHGDG RSRUWXQD

¢&XiQWDVIRUPDVGHLQJUHVRWDUGtR VHSXHGHQUHFRQRFHU" 6LVHFRQVLGHUDHOHQIRTXHGHOGHUHFKRDOD HGXFDFLyQORVQLxRVTXHLQJUHVHQWDUGtDPHQWH DODHGXFDFLyQSULPDULDUHFLELUiQDWHQFLyQ HGXFDWLYDDXQTXHVXFRQGLFLyQGHLQJUHVRWDUGtR ORVVLW~DHQXQD]RQDGHPD\RUULHVJRGHIUDFDVR DOLQLFLR\GHDEDQGRQRSRVWHULRU(VGHFLU GHWHULRUDVXGHUHFKRDODHGXFDFLyQ'HVGH ODSHUVSHFWLYDDQDOtWLFDGHOSUHVHQWHGRFXPHQWR HVWHJUXSRVHPRYLOL]DUiGHVGHODGLPHQVLyQ H[FOXVLyQDFWXDO DODGLPHQVLyQ H[FOXVLyQ SRWHQFLDO 

(O*UiILFRUHVXPHODVGLVWLQWDVVLWXDFLRQHV YLQFXODGDVDOLQJUHVRDODSULPDULDSHUILODQGROD FRQGLFLyQGHDVLVWHQFLDGHORVQLxRV\QLxDVHQ HGDGGHLQLFLDUOD(QpOSXHGHREVHUYDUVHTXHSDUD HODxRGHFDGDQLxRVHQHGDGGH FRPHQ]DUDFXUVDUHOQLYHOSULPDULR

(QHVWHFRQMXQWRGHHVWXGLDQWHVVHGLIHUHQFLDQGRV JUXSRV

±DVLVWHQDODHVFXHODHQWUHORVFXDOHV ±HVWiQLQVFULWRVHQODHVFXHODSULPDULDHQHGDG WHyULFDRSUHFRFLGDG

±©,QJUHVRWDUGtRSXURªORVQLxRVTXHDFFHGHQ DODHGXFDFLyQSULPDULDFRQHGDGPD\RUDOD QRUPDWLYD\HVHDFFHVRDOVLVWHPDHGXFDWLYRHV SRUSULPHUDYH]3RUODJUDQFREHUWXUDGHOD HGXFDFLyQSULPDULDHQODUHJLyQHVSUREDEOHTXH





 9HUQRWDDOSLH1žVREUHHOFiOFXORGHODHGDGGHLQJUHVR DODSULPDULDSDUD%UDVLO


*5Ã&#x2C6;),&2  7DVDGHFRQVHUYDFLyQGHHVWXGLDQWHVSRUHGDGVLPSOHWUDPRGHDDxRVGHHGDG $PpULFD/DWLQD\HO&DULEH&LUFD

 

DxRV DxRV

DxRV

DxRV DxRV

DxRV DxRV

DxRV

DxRV DxRV

DxRV

DxRV

DxRV

DxRV

 

DxRV

 

DxRV

DxRV DxRV

 



DxRV

 DxRV



3URFHVRGHGHVHVFRODUL]DFLyQ  

 

 

 

 

  ± 

±  ± 

3URFHVRGHLQFRUSRUDFLyQ

± 

±  ±  ± 

$xR$ D DxRV

D DxRV

D DxRV

$xR$ D DxRV

D DxRV

D DxRV

)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 SDtVHVGHODUHJLyQ

RWDUGtR(VGLItFLOHVWDEOHFHUFRQORVGDWRV GLVSRQLEOHVFXiQWRVGHHVRVQLxRVDEDQGRQDQ ODHGXFDFLyQSULPDULDGXUDQWHODHGDGQRUPDWLYD 8QDHVWLPDFLyQFRQVHUYDGRUDPXHVWUDTXHFHUFD GHQLxRV\QLxDVDEDQGRQDUiQODHVFXHOD SULPDULDDQWHVGHORVDxRV(VWRVHVWXGLDQWHV KDQWHQLGRDFFHVR\DOJ~QWLHPSRGHSHUPDQHQFLD SHURQRFRPSOHWDQHOQLYHOHQWUHHOLQJUHVR \ORVDxRV

±DVLVWHQDHGXFDFLyQLQLFLDOFRQUH]DJR\SRUOR WDQWRLQLFLDUiQODHGXFDFLyQSULPDULDFRQUH]DJR DFDUUHDGRGHODHGXFDFLyQLQLFLDO ±GHHOORVLQLFLDUiQHOSULPDULRFRQUH]DJR VLQKDEHUDVLVWLGRSUHYLDPHQWHDODHVFXHOD WDVDGHLQJUHVRWDUGtR LQJUHVDUiQFRQXQDxR GHUH]DJR\FRQGRVDxRVGHUH]DJR 3RUORWDQWRGHFDGDQLxRVHQHGDGGH DVLVWLUDODHGXFDFLyQSULPDULDLQJUHVDUiQDHVWH QLYHOFRQPD\RUHGDGDODTXHFRUUHVSRQGHSRU QRUPDWLYD0iVGHODPLWDGGHOLQJUHVRWDUGtRHV DFDUUHDGRGHODHGXFDFLyQLQLFLDO

(OLQGLFDGRUGHFRQVHUYDFLyQLQWHUDQXDO GHHVWXGLDQWHVSRUHGDGVLPSOHTXHUHIOHMD HO*UiILFRVLUYHWDPELpQSDUDDSUR[LPDUDHVWD VLWXDFLyQ6HFRQVWUX\HFDOFXODQGRODFDQWLGDG GHHVWXGLDQWHVTXHLQJUHVDQDODHVFXHOD \DEDQGRQDQHQODVHGDGHVLQFOXLGDVHQ ODGLPHQVLyQSUHYLDPHQWHHVWLPDGRVHQ HO*UiILFRGHOSUHVHQWHGRFXPHQWR $TXtVHLQFOX\HQ~QLFDPHQWHODVHGDGHV FRUUHVSRQGLHQWHVDODGLPHQVLyQ

¢&XiQWRVQLxRV\QLxDVLQLFLDQ\OXHJR DEDQGRQDQODHGXFDFLyQSULPDULD" (Q$PpULFD/DWLQD\HO&DULEHFDVLODWRWDOLGDGGH QLxRV\QLxDVDFFHGHDSRUORPHQRVDDOJXQRV DxRVGHODHGXFDFLyQSULPDULDFRQLQJUHVRRSRUWXQR




'LPHQVLyQ1LxRVHQHGDG GHSULPHURVDxRVGHHGXFDFLyQ VHFXQGDULDTXHQRHVWiQ HQODHVFXHODSULPDULDQL VHFXQGDULDEiVLFD

H[FOXLGRDSHVDUGHOHVIXHU]RUHJLRQDOSDUDDPSOLDU ODFREHUWXUD 7DEOD  (VWDH[FOXVLyQFRPELQDDUUDVWUHVGHH[SHULHQFLDV IDOOLGDVHQODHVFXHODSULPDULDIXHUWHIUDFDVR DOLQLFLRGHODVHFXQGDULD\EUHFKDVSHQGLHQWHV GHRIHUWDHVFRODUHQHVWHQLYHO3DUDPRGLILFDU ODVLWXDFLyQWDPELpQGHEHQFRPELQDUVHDFFLRQHV HVWDEOHFHUHVWUDWHJLDVHILFDFHVSDUDODUHLQVHUFLyQ GHORVGHVHVFRODUL]DGRV\DSXQWDODUWUD\HFWRV HVFRODUHVH[LWRVRVKDVWDWHUPLQDUODVHFXQGDULD

(VWDGLPHQVLyQDEDUFDHOFRQMXQWRGHDGROHVFHQWHV HQHGDGGHDVLVWLUDODVHFXQGDULDEiVLFDTXHHVWiQ GHVHVFRODUL]DGRVLQFOX\HORVDGROHVFHQWHV HJUHVDGRVGHHGXFDFLyQSULPDULDTXHQR DFFHGLHURQDODHGXFDFLyQVHFXQGDULDORVTXH DFFHGLHURQDODVHFXQGDULD\DEDQGRQDURQ\ORV TXHDEDQGRQDURQODHGXFDFLyQSULPDULD VLQFRPSOHWDUOD(VFRPSOHMRLGHQWLILFDU HVWDGtVWLFDPHQWHHVWRVJUXSRVSRUORTXH FRQVWLWX\HXQEXHQWHPDGHDJHQGDDYDQ]DU HQIRUPDVGHFDUDFWHUL]DUHVWDVLWXDFLyQ

¢&XiQWRVDGROHVFHQWHVDEDQGRQDQ VXHVFXHODWHQLHQGRHGDGGHHVWDU HQODVHFXQGDULDEiVLFD"

¢&XiQWRVVRQORVDGROHVFHQWHV HQHVWD'LPHQVLyQ"

6HLQFOX\HQ~QLFDPHQWHODVHGDGHV FRUUHVSRQGLHQWHVDODGLPHQVLyQ

8QFRQMXQWRLPSRUWDQWHGHDGROHVFHQWHVHQHGDG GHHVWDUHQODHVFXHODVHFXQGDULDEiVLFDHVWi

(O*UiILFRPRVWUyTXHHODEDQGRQRDQLYHO UHJLRQDOFRPLHQ]DDPDQLIHVWDUVHDSDUWLUGHORV

(ODEDQGRQRHQHOWUDPRGHHGDGFRUUHVSRQGLHQWH DODGLPHQVLyQVHHVWLPDXWLOL]DQGRQXHYDPHQWH ODFRQVHUYDFLyQLQWHUDQXDOGHHVWXGLDQWHVSRUHGDG VLPSOHWDOFRPRIXHXWLOL]DGDHQODGLPHQVLyQ

7$%/$ 'LPHQVLyQ±$GROHVFHQWHVTXHQRDVLVWHQDODHVFXHODVHFXQGDULD $PpULFD/DWLQD\HO&DULEH

',0(16,Ï1

$xR 7RWDO

PLOORQHVGHDGROHVFHQWHVHQHGDG GHDVLVWLUDODHGXFDFLyQVHFXQGDULDEiVLFD TXHQRHVWiQHQODHVFXHODSULPDULDQL HQODVHFXQGDULDGHOWRWDO

0XMHUHV

PLOORQHVGHDGROHVFHQWHVHQHGDG GHDVLVWLUDODHGXFDFLyQVHFXQGDULDEiVLFD TXHQRHVWiQHQODHVFXHODSULPDULDQL HQODVHFXQGDULD GHOWRWDO

9DURQHV PLOORQHVGHDGROHVFHQWHVHQHGDG GHDVLVWLUDODHGXFDFLyQVHFXQGDULDEiVLFD TXHQRHVWiQHQODHVFXHODSULPDULDQLHQ ODVHFXQGDULD GHOWRWDO

%UDVLO

PLO 

%ROLYLD

&RORPELD

PLO 

PLO 



)XHQWHHVWLPDFLRQHV UHJLRQDOHV\QDFLRQDOHV GHO,QVWLWXWRGH (VWDGtVWLFDGHOD 81(6&2 8,6  /DVHVWLPDFLRQHV QDFLRQDOHVWLHQHQFRPR DxRVGHUHIHUHQFLD  %ROLYLD \ &RORPELD  3DUD%UDVLO HVWLPDFLRQHV QDFLRQDOHVUHDOL]DGDV SRUHOSDtVDSDUWLU GHORVGDWRVGHO 31$'


&RQVHUYDFLyQLQWHUDQXDOGHHVWXGLDQWHVSRUHGDGVLPSOH



DxRV

DxRV DxRV



DxRV

DxRV

DxRV DxRV

DxRV

DxRV DxRV

DxRV

DxRV DxRV

DxRV

DxRV DxRV



DxRV



DxRV

DxRV



DxRV



DxRV



DxRV



(VWXGLDQWHVHQHODxR$ (VWXGLDQWHVHQHODxR$ ,QJUHVR



$EDQGRQR 

DxRV&HUFDGHOGHORVTXHDVLVWtDQDOD HVFXHODHQWUHORV\DxRVHQHODxRLQLFLDO DEDQGRQyHQHOSDVDMHDODxRVLJXLHQWH (QWpUPLQRVDEVROXWRVKD\PLOORQHVGH DGROHVFHQWHVHQHVWHWUDPRGHHGDGTXH DEDQGRQDQODHVFXHOD\DVHDODSULPDULDROD VHFXQGDULDHQHOSDVDMHGHXQDxRDRWUR

/DVLWXDFLyQQRHVSDUHMDHQIXQFLyQGHHGDGHV VLPSOHV\DTXHHODEDQGRQRHVFRODUVHLQWHQVLILFD DPHGLGDTXHDXPHQWDODHGDGGHODSREODFLyQ 0LHQWUDVDEDQGRQDODHVFXHODHQHOSDVDMH GHORVDORVDxRVHQWUHORV\DxRV ODSURSRUFLyQVHPXOWLSOLFDYHFHV

(O*UiILFRHYLGHQFLDFyPRVHDFHOHUDHVH SURFHVRHGDGSRUHGDG

¢4XpSURFHVRVGHH[FOXVLyQVHSXHGHQ DQDOL]DUHQWRUQRDHVWD'LPHQVLyQ"

*5Ã&#x2C6;),&2  7DVDGHFRQVHUYDFLyQGHHVWXGLDQWHVSRUHGDG VLPSOHWUDPRGHDDxRVGHHGDG$PpULFD /DWLQD\HO&DULEH&LUFD

/RVQLYHOHVGHUH]DJRGHWHFWDGRVHQODHGXFDFLyQ SULPDULDLQGLFDQTXHXQFRQMXQWRLPSRUWDQWHGH DOXPQRVD~QVHHQFXHQWUDFXUVDQGRHVWHQLYHO WHQLHQGRHGDGGHDVLVWLUDODVHFXQGDULD/D~OWLPD LQIRUPDFLyQGLVSRQLEOHLQGLFDTXHHQODUHJLyQFHUFD GHOGHORVHVWXGLDQWHVGHHVWHWUDPRGHHGDG D~QQRDOFDQ]yDILQDOL]DUODSULPDULD$OUHVSHFWR HVSUREDEOHTXHXQFRQMXQWRLPSRUWDQWHGHHVWRV DOXPQRVDEDQGRQHODHVFXHODDQWHVGHFRPSOHWDU ODHGXFDFLyQSULPDULD

  ± 

± 

± 

±

± 

±

±

± 

5H]DJRHVFRODU

± 

5HILHUHDDTXHOORVHVWXGLDQWHVTXHDVLVWHQ DODHVFXHODFRQPD\RUHGDGDODFRUUHVSRQGLHQWH DOJUDGRVHJ~QODQRUPDWLYDGHLQJUHVRYLJHQWH HQFDGDSDtV

±  ±  ± 

$xR$ $xR$ D DxRV

D DxRV

± D DxRV

D 7RWDO DxRV DDxRV



)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWR GH(VWDGtVWLFDGHOD81(6&2 8,6 SDtVHVGHODUHJLyQ



 &RQVLGHUDQGRODVHVWUXFWXUDV&,1(SURSLDVGHFDGDXQR GHORVSDtVHV(VWDHVWLPDFLyQVXUJHGHSURFHVDPLHQWRV SURSLRVHQEDVHDGDWRVGHO8,681(6&2SDUDSDtVHV GHODUHJLyQ


6LELHQQRHVSRVLEOHHVWLPDUHQIRUPDSUHFLVDOD PDJQLWXGGHHVWHDEDQGRQRSRUOLPLWDFLRQHVHQODV HVWDGtVWLFDVGLVSRQLEOHVHVYLDEOHKDFHUXQD DSUR[LPDFLyQVLJXLHQGRDXQDFRKRUWHGHDOXPQRV SRUHGDGHQGRVDxRVFRQVHFXWLYRV(QSULPHUOXJDU VHLGHQWLILFDXQDFRKRUWHWHyULFDGHHVWXGLDQWHV DTXHOORVTXHDVLVWHQDHGXFDFLyQSULPDULDFRQ HGDGGH&,1(H[FOX\HQGRDORVLQVFULSWRVHQHO ~OWLPRDxRGHOQLYHOHQXQDxR$(VWDFRKRUWH SDUDHODxR$DVLVWLUiDODSULPDULDFRQXQDxR PiVGHHGDGRKDEUiDEDQGRQDGRODHVFXHOD

GHEHFRQIXQGLUODVLWXDFLyQSRWHQFLDOFRQOD HIHFWLYDHOULHVJRGHDEDQGRQDUODHVFXHODQR QHFHVDULDPHQWHLPSOLFDXQDEDQGRQRHIHFWLYR(Q HOPDUFRGHHVWHHVWXGLRVHKDRSWDGRSRUXWLOL]DU HOUH]DJRHVFRODUFRPRLQGLFDGRUGHODVLWXDFLyQGH ULHVJRGHH[FOXVLyQHQODUHJLyQ

3RUORWDQWRVHFXHQWDDORVHVWXGLDQWHVGHHVWH WUDPRGHHGDGGHVFRQWDQGRDDTXHOORVTXHVRQ UHSHWLGRUHVGHO~OWLPRDxRGHHGXFDFLyQSULPDULD \DTXHQRSHUWHQHFHQDHVWDFRKRUWHWHyULFD&RPR HVWHGDWRQRVHUHJLVWUDVHKDFHXQDHVWLPDFLyQGH FXiQWRVUHSHWLGRUHVWLHQHQHGDGGH&,1( $SOLFDQGRHVWRVFiOFXORVVHSXHGHHVWLPDUTXH DOUHGHGRUGHPLOHVWXGLDQWHVHQHGDGGHDVLVWLU DODHGXFDFLyQVHFXQGDULDDVLVWtDQDHGXFDFLyQ SULPDULD\ODDEDQGRQDURQDQWHVGHILQDOL]DUHO QLYHO 9HUDOUHVSHFWRHO$QH[R0HWRGROyJLFRDO SUHVHQWH,QIRUPH

(OGHVIDVDMHJUDGRHGDGHQ$PpULFD/DWLQD\HO &DULEHHVWiFDXVDGRSRUGLVWLQWRVSURFHVRV

3XHGHQHQXPHUDUVHFLQFROtQHDVGHDUJXPHQWRV TXHVXVWHQWDQHVWDGHFLVLyQ  ([SUHVDHOHQIRTXHGLQiPLFR\DFXPXODWLYR GHH[FOXVLyQ

±(OLQJUHVRWDUGtR©SXURªTXHVXHOHH[SUHVDU EDUUHUDVGHGHPDQGD ±(OLQJUHVRWDUGtR©DFDUUHDGRªGHODHGXFDFLyQ LQLFLDOTXHQRHVLPSXWDEOHDEDUUHUDVYLQFXODGDV DODGHPDQGD ±/DUHSUREDFLyQGHOJUDGRDOILQDOGHOFLFOROHFWLYR\ ODSRVWHULRULQVFULSFLyQGHORVHVWXGLDQWHVHQHO PLVPRJUDGRDODxRVLJXLHQWH ±(ODEDQGRQRLQWUDDQXDO\SRVWHULRULQVFULSFLyQDO DxRVLJXLHQWHHQHOPLVPRJUDGRTXH SDUFLDOPHQWHVHYLQFXODFRQHOIUDFDVRGXUDQWHOD FXUVDGD

(OSHUILOGHODSURJUHVLyQHQ HOVLVWHPDHGXFDWLYRHQ$PpULFD /DWLQD\HO&DULEH\VXV LQHTXLGDGHV±'LPHQVLRQHV\

(OUH]DJRHVFRODUVHJHQHUD\DFXPXODKD\ HVWXGLDQWHVTXHFXUVDQFRQXQRGRVWUHV\PiV DxRVGHDWUDVR$ODYDQ]DUHQODHGXFDFLyQSULPDULD \OXHJRHQODVHFXQGDULDEiVLFDVHLQFUHPHQWDOD LQFLGHQFLDGHODEDQGRQRHQODSREODFLyQFRQPiV UH]DJR(OUH]DJRHVFRODUDYDQ]DGRHVXQLQGLFLRR DOHUWDSUHYLRGHH[FOXVLyQ

/DVSULPHUDVWUHVGLPHQVLRQHVGHODH[FOXVLyQVH UHILHUHQDODH[FOXVLyQDFWXDOHVGHFLUDOD SREODFLyQTXHQRDVLVWHDODHVFXHOD(QFDPELR ODVGLPHQVLRQHV\VHUHILHUHQDODSREODFLyQTXH HVWiHQODHVFXHODSHURHQULHVJRGHH[FOXVLyQ (VWHFRQFHSWRGHULHVJRGHH[FOXVLyQHVXQRGHORV DSRUWHVPiVLQQRYDGRUHVGHOD,QLFLDWLYD1)( SRUTXHSRQHHOIRFRHQORVTXHKR\HVWiQ HVFRODUL]DGRVSHURWLHQHQSUREDELOLGDGVLJQLILFDWLYD GHDEDQGRQDUGHELGRDOIUDFDVRTXHDFXPXODQOD EDMDFDOLGDGGHVXVDSUHQGL]DMHV\RWURVIDFWRUHV DGYHUVRV'HHVWDIRUPDVHSXHGHRULHQWDUOD DFFLyQKDFLDODVHVFXHODVDQWHVGHTXHHO DEDQGRQRVHDHIHFWLYR

 3HUPLWHILMDUODDWHQFLyQHQODVSROtWLFDV HGXFDWLYDVTXHSXHGHQHYLWDU\UHSDUDUHO UH]DJR (OUH]DJRHVFRODUVHSURGXFHFRPRUHVXOWDGRGHODV SUiFWLFDVSURSLDVGHOVLVWHPDHGXFDWLYR1RVRQORV HVWXGLDQWHVTXLHQHV©UHSLWHQªVLQRTXHHVHO VLVWHPDHGXFDWLYRHOTXHWRPDODGHFLVLyQGH KDFHUORVUHSHWLU/RVQLxRVTXHOOHJDQDODHVFXHOD FRQHGDGGHSULPDULDWDPSRFRSLGHQLQVFULELUVHHQ HGXFDFLyQLQLFLDOSDGHFHQXQDGHFLVLyQWRPDGDHQ ODHVFXHODSRURSFLyQRSRURPLVLyQGHXQDSROtWLFD H[SUHVD

(OUH]DJRHVFRODUFRPRDSUR[LPDFLyQ DOULHVJRGHH[FOXVLyQ

 3HUPLWHSURWHJHUODH[SHULHQFLDHVFRODU\ YLYHQFLDOGHORV11$

'HVGHHODQiOLVLVHVWDGtVWLFRUHVXOWDFRPSOHMR DSUR[LPDUXQDPHGLFLyQGHOULHVJRGHH[FOXVLyQ TXHVHDH[KDXVWLYD\TXHSHUPLWDXQD FXDQWLILFDFLyQUHJLRQDO'HVGHORFRQFHSWXDOQRVH

(OUH]DJRHVFRODUVHFRQVWUX\HRUHIXHU]DFRQ VLWXDFLRQHVGHIUDFDVRHVFRODUSURSXHVWDV SHGDJyJLFDVLQHILFDFHV\VLQDOWHUQDWLYDVSDUD




*5È),&2  (VWXGLDQWHVSRUHGDG\FRQGLFLyQGHHGDG$PpULFD/DWLQD\HO&DULEH&LUFD (QPLOHVGHDOXPQRV 

 

 



 





    

  

  













































 



 





  























DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

(GDGWHyULFD

DxRUH]DJR

\PiVDxRVUH]DJR

7RWDO

)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 SDtVHVGHODUHJLyQ

HVWXGLDQWHVFRQHVWLORVRULWPRVIXHUDGHOSURPHGLR /RVDOXPQRVSDGHFHQHVWUpVVRVWHQLGRORTXH JHQHUDUHVSXHVWDVDXWRPDWL]DGDVGHIHQVLYDV \GLVIXQFLRQDOHVSDUDODYLGDHVFRODU

LU\YHQLUGHVGHHOPi[LPRDOPtQLPRQLYHOGH DJUHJDFLyQ6HSRVLELOLWDDVtDQDOL]DUODORFDOL]DFLyQ PDJQLWXG\FDUDFWHUL]DFLyQGHOSUREOHPD

¢&yPRHVHOSHUILOJHQHUDO GHODFRQGLFLyQGHUH]DJRHVFRODU"

 5HVDOWDHOOXJDUGHODHQVHxDQ]DFRPRYtDSDUD UHPRYHUHOIUDFDVRHVFRODU

/DLQIRUPDFLyQGLVSRQLEOHSHUPLWHWUD]DUHOSHUILO GHODJHQHUDFLyQ\DJUDYDPLHQWRGHODFRQGLFLyQGH UH]DJRHVFRODU(O*UiILFRPXHVWUDORV HVWXGLDQWHVLQVFULSWRVDOLQLFLRGHOFLFORHVFRODU SRUHGDGVLPSOHHQWUHORV\ORVDxRVVHJ~Q ODFRQGLFLyQGHHGDGHQODTXHDVLVWHQ

/DVHYDOXDFLRQHVLQWHUQDFLRQDOHVLQGLFDQTXHORV DOXPQRVFRQUH]DJRDOFDQ]DQPHQRUHVQLYHOHVGH DSUHQGL]DMHTXHVXVFRPSDxHURVHQHGDG DGHFXDGD/DHQVHxDQ]DGHFDOLGDGHVHOIDFWRU IXQGDPHQWDOGHSURGXFFLyQGHp[LWRHVFRODU\OD FDOLGDGLPSOLFDSRGHUDWHQGHUHQIRUPDRSRUWXQD ODVQHFHVLGDGHVGHORVHVWXGLDQWHV

(OSHUILOHVVLPLODUDOGHODWDVDHVSHFtILFDGH PDWUtFXODSRUHGDG *UiILFR \VHSXHGHQ LGHQWLILFDUFRQFODULGDGORVWUDPRVGHHVFRODUL]DFLyQ SHQGLHQWH\GHVHVFRODUL]DFLyQ

 (VVHQFLOORGHPHGLUHQWRGDODH[WHQVLyQ \FREHUWXUDGHOVLVWHPDHGXFDWLYR (OLQGLFDGRUGHUH]DJRHVFRODUHVPX\VHQFLOORGH PHGLUGHVGHFDGDDXODHQSDUWLFXODUKDVWDHOJUDQ DJUHJDGRQDFLRQDORUHJLRQDO(Q$PpULFD/DWLQD ORVVLVWHPDVGHUHJLVWURGHLQIRUPDFLyQ DGPLQLVWUDWLYDUHFRJHQHVWHGDWRVLVWHPiWLFDPHQWH SRUORTXHHVSRVLEOHKDFHUFRPSDUDFLRQHV\ FKHTXHRVGHFRQVLVWHQFLDLQWHUDQXDOHV\HVIDFWLEOH 

&RQGLFLyQGHHGDG /DFRQGLFLyQFRQODTXHDVLVWHXQHVWXGLDQWH DODHVFXHODWRPDGDDSDUWLUGHODUHODFLyQHQWUH HGDGJUDGR3XHGHVHUD HGDGWHyULFDRE UH]DJR (OUH]DJRSXHGHGLYLGLUVHHQGRVVXEJUXSRVDxR GHUH]DJR VLPSOH \RPiVDxRVGHUH]DJR DYDQ]DGR 

 9HUQRWDDOSLH1žVREUHHOFiOFXORGHODHGDGGHLQJUHVR DODSULPDULDSDUD%UDVLO




DSURJUHVDUHQODHVFRODUL]DFLyQFRQIRUPHODV DFWXDOHVUHJODVGHRUJDQL]DFLyQGHOVLVWHPD HGXFDWLYR

(OJUiILFRUHVDOWDHOIOXMRHQWUHODHGDGWHyULFD\HO UH]DJRHOVHFWRUFHOHVWHPXHVWUDDTXLHQHV±HGDG SRUHGDG±SXHGHQPDQWHQHUVHUHJXODUPHQWHHQHO JUDGRTXHFRUUHVSRQGHDVXHGDG\ODFRQVWUXFFLyQ GHOUH]DJRHQWUHVVHJPHQWRV

±5HFXUVDGRHVWHFRQFHSWRDOXGHDFXUVDUGRVR PiVYHFHVHOPLVPRJUDGR/DUHSHWLFLyQHVXQ VXEFRQMXQWRGHQWURGHOUHFXUVDGRHORWUR VXEFRQMXQWRSULQFLSDOORIRUPDHODEDQGRQR WHPSRUDOGXUDQWHRHQWUHFLFORVOHFWLYRV XVXDOPHQWHQRUHJLVWUDGRFRPRUHSHWLFLyQFXDQGR HODOXPQRVHUHLQVFULEHHQHOPLVPRJUDGRDODxR VLJXLHQWH

±6HJPHQWR(ODFFHVRDOVLVWHPDHGXFDWLYR JHQHUDGLYHUVDVVLWXDFLRQHVTXHFRQFOX\HQ HQUH]DJR,QJUHVRWDUGtRSXUR\DFDUUHDGR DORTXHVHVXPDHQPD\RUPDJQLWXGHOSURSLR IUDFDVRGHORVSULPHURVJUDGRVGHODSULPDULD D~QHQGpPLFRHQODUHJLyQ+DFLDORVDxRV GHHGDGFRQFOXLGRSUiFWLFDPHQWHHVHSURFHVRGH LQFRUSRUDFLyQDOVLVWHPDHGXFDWLYRGHFDGD QLxRVTXHDVLVWHQDODHVFXHODHVWiQ UH]DJDGRV

%UHFKDGHFREHUWXUDHVSHFtILFDGHHGXFDFLyQLQLFLDO \PDWUtFXODLQVFULWDHQHGXFDFLyQLQLFLDOFRQUH]DJR $PpULFD/DWLQD\HO&DULEH&LUFD

±6HJPHQWR(QWUHORV\ORVDxRVKD\ FRQVHUYDFLyQGHODFDQWLGDGWRWDOGHHVWXGLDQWHV SRUHGDGSHURDXPHQWDQGRSURJUHVLYDPHQWH HOUH]DJRDORVDxRVGHFDGD HVWXGLDQWHVHVWiQGHVIDVDGRVGHVXJUDGR GHHOORVHQGRVRPiVJUDGRV(VGHFLUHQYH] GHHVWDUFXUVDQGRODVHFXQGDULDEiVLFDHVWi HQHOJUDGRžRPHQRV

$xRLQLFLDO

$xRILQDO

 

 

   

 

 

±6HJPHQWR$SDUWLUGHORVDxRVRFXUUHXQ GREOHSURFHVRGHDJUDYDPLHQWRGHODFRQGLFLyQ GHUH]DJR\GHVHVFRODUL]DFLyQ$ORVDxRVKD\ DOUHGHGRUGHXQPHQRVGHPDWUtFXODTXH HQWUHORVDDxRVSRFRPiVGHODPLWDGGH ORVHVWXGLDQWHVHVWiHQUH]DJRUHSDUWLGRVHQ SDUWHVLJXDOHVHQWUHHOUH]DJRVLPSOH\HO DYDQ]DGR

   

 

  

  0DWUtFXOD GH(± DxRV

0DWUtFXOD GH( DxRV

¢&yPRVHFRQVWUX\HODVLWXDFLyQ GHUH]DJR"¢&yPRVLJXHVXFXUVR"

%UHFKDGHFREHUWXUDHVSHFtILFDGHO~OWLPR JUDGRGHOQLYHO

(ODQiOLVLVWUDGLFLRQDOGHODVHVWDGtVWLFDVHGXFDWLYDV VRORLOXPLQDSOHQDPHQWHXQRGHORVIDFWRUHVGH SURGXFFLyQGHOUH]DJRODUHSHWLFLyQ(OLQJUHVR WDUGtRVHPHQFLRQDSHURFRQPHQRVGHWDOOHGH DQiOLVLV/DPDJQLWXGGHOUH]DJRQRVHH[SOLFDHQ IRUPDDFDEDGDFRQHVWRVGRVSURFHVRV(VWD LQLFLDWLYDLQFOX\HHODQiOLVLVWUDGLFLRQDO\WDPELpQOR DPSOtDFRQLQGLFDGRUHVTXHSHUPLWHQLGHQWLILFDU SURFHVRVGHFRQVWUXFFLyQ\DJUDYDPLHQWRGHO UH]DJRHVFRODU

,QVFULSWRHQ3ULPDULD

,QJUHVDUiQHQIRUPDWDUGtD ,QVFULSWRHQ3UHHVFRODU

/DUHSHWLFLyQGHJUDGR/DLQIRUPDFLyQHVWDGtVWLFD GLVSRQLEOHSHUPLWHSHUILODUODVFDUDFWHUtVWLFDVGHOD UHSHWLFLyQGHJUDGRSDUDFDGDJUDGRGHOQLYHO SULPDULRGHQWURGHXQFRQMXQWRDPSOLRGHSDtVHV$O UHVSHFWRSDUDHOHVWXGLRGHODSREODFLyQHVFRODUHQ ULHVJRGHH[FOXVLyQUHVXOWDUHOHYDQWHREVHUYDUQR VyORODVGLIHUHQFLDVREVHUYDGDVHQWUHSDtVHV\ GHQWURGHFDGDXQRGHHOORVDSDUWLUGHXQFRQMXQWR GHFUXFHVGHYDULDEOHVVLQRWDPELpQHOKHFKRGH SRGHUDQDOL]DUODHVWUXFWXUDTXHDVXPHODUHSHWLFLyQ SRUJUDGRHODQiOLVLVGHOUH]DJRHVFRODUEULQGD DOJXQDVSLVWDVVREUHPRPHQWRVGHOWUDPRGH HVFRODULGDGGRQGHVHLQWHQVLILFDQORVQLYHOHVGH UHSHWLFLyQ\IUDFDVRHVFRODU

±,QJUHVRWDUGtRHQVXVGRVPDQLIHVWDFLRQHVSXUR \DFDUUHDGRGHHGXFDFLyQLQLFLDOWDOFRPRVHKDQ GHVFULWRHQORVDSDUWDGRVSUHYLRV ±5HSHWLFLyQGHJUDGRODUHSHWLFLyQHVXQD FRQGLFLyQQRUPDWLYDYLQFXODGDDODUHSUREDFLyQ HVGHFLUDFRQFOXLUXQFLFOROHFWLYRFRQXQEDMR QLYHOGHFDOLILFDFLRQHVHVFRODUHVORFXDOLQKDELOLWD




*5È),&2 3RUFHQWDMHGHUHSHWLGRUHVSRUJUDGR$PpULFD/DWLQD\HO&DULEH&LUFD    

 

 

 

   

 

   

   

    

*UDGR

*UDGR

*UDGR

*UDGR

*UDGR

*UDGR

7RWDO*UDGR D

)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 SDtVHVGHODUHJLyQ

&HUFDGHPLOORQHVGH11$TXHDVLVWHQDORV SULPHURVVHLVJUDGRVGHODSULPDULDVHKDQLQVFULWR QXHYDPHQWHHQHOPLVPRJUDGRDOTXHDVLVWtDQHO DxRDQWHULRU(QHO*UiILFRVHREVHUYDTXHOD PD\RUFDQWLGDGVHFRQFHQWUDHQHOSULPHUJUDGRGH ODHGXFDFLyQSULPDULD HOGHUHSHWLFLyQ H[SUHVDODVLWXDFLyQGHPLOORQHVGHQLxRV SRU ORTXHODLQWHQVLGDGGHHVWDSUREOHPiWLFDFRQILJXUD \SURIXQGL]DODVLWXDFLyQGHULHVJRGHH[FOXVLyQGH ORVHVWXGLDQWHVDIXWXUR(VWHSHUILOGHODUHSHWLFLyQ SRUJUDGRVHPDQWLHQHFRQGLVWLQWRVQLYHOHVGH LQWHQVLGDGHQORVSDtVHVGHODUHJLyQ

GHUHSHWLGRUHVUHSUHVHQWDDSUR[LPDGDPHQWHHO GHORVUHFXUVDQWHV(VGHFLUXQRGHFDGD FXDWURUHFXUVDQWHVQRVHUHJLVWUDUtDFRPRUHSHWLGRU \SHUPDQHFHUtDRFXOWRHQHOHQIRTXHKDELWXDOGHODV HVWDGtVWLFDVHGXFDWLYDV (OIUDFDVRHVFRODUQRUHIOHMDGRHQODUHSHWLFLyQGH JUDGR/DLQIRUPDFLyQHVWDGtVWLFDGLVSRQLEOHQR UHJLVWUDDGHFXDGDPHQWHODVLWXDFLyQGHUHFXUVDGR 6LQHPEDUJRHVSRVLEOHGHVDUUROODUDOJXQRV FiOFXORVTXHSRQJDQHQHYLGHQFLDODSUHVHQFLDGH HVWHIHQyPHQR8QRGHHOORVHVHODQiOLVLVGHOD FRPSRVLFLyQGHHGDGHQHOSULPHUJUDGRGHO SULPDULRDTXtSXHGHGLVFULPLQDUVH LQHTXtYRFDPHQWHODFRQGLFLyQGHUH]DJRVHJ~QVHD UHVXOWDGRGHGHOLQJUHVRWDUGtRDOQLYHORUHSHWLFLyQ GHOPLVPRJUDGRDOTXHVHDVLVWH

%UDVLOUHSUHVHQWDXQFDVRSDUWLFXODUHQODUHJLyQ SRUVXWDPDxR\HVWUXFWXUDHOJUDGRžHVHOLQLFLR GHO&,1(HQHOSDtV\HQHVWDWUDQVLFLyQUHSLWHQ PXFKRVDOXPQRV([FOX\HQGR%UDVLOHQHOUHVWR GHORVSDtVHVHOSRUFHQWDMHGHUHSHWLGRUHVHQHVWH JUDGRHVGH

/RVLQGLFDGRUHVGHSRUFHQWDMHGHUHSHWLGRUHV \SRUFHQWDMHGHUH]DJRQRH[SOLFDGRSRUUHSHWLFLyQ HQHOSULPHUJUDGRGHOSULPDULRVHKDQGLVHxDGR SDUDDERUGDUHQIRUPDFRQMXQWDHVWDVLWXDFLyQ PLOORQHVGHQLxRV\QLxDVWLHQHQUH]DJRQR H[SOLFDGRSRUUHSHWLFLyQHQSULPHUJUDGR(QHO *UiILFRVHDSUHFLDTXHGHFDGDHVWXGLDQWHV TXHDVLVWHQDSULPHUJUDGRHVWiQLQVFULWRVFRQ UH]DJRSHURVyORVRQUHSHWLGRUHV/RVRWURV VHGLVWULEX\HQDSUR[LPDGDPHQWHGHODVLJXLHQWH

([LVWHXQFRQMXQWRGHHYLGHQFLDVTXHSHUPLWHQ LGHQWLILFDUTXHHOIUDFDVRHVFRODUHQODUHJLyQ DGTXLHUHXQDGLPHQVLyQPD\RUDODUHJLVWUDGDSRU ODVRODUHSHWLFLyQGHJUDGR$OJXQRVHVWXGLRVKDQ SXHVWRHQIRFRKDFHDxRVHVWDVXEHVWLPDFLyQGHO IUDFDVRUHDOHQODSURJUHVLyQGHORVDOXPQRV $SDUWLUGHODLQIRUPDFLyQGLVSRQLEOHGHXQFRQMXQWR GHSDtVHVGHODUHJLyQVHHVWLPDTXHHOSRUFHQWDMH 

 $OJXQRVGRFXPHQWRVTXHKDFHQUHIHUHQFLDDOWHPD 6FKLHIHOEHLQ(  5HSHWLFLyQ/D~OWLPDEDUUHUDSDUD XQLYHUVDOL]DUOD(GXFDFLyQHQ$PpULFD/DWLQD%ROHWtQ1ž 3UR\HFWR3ULQFLSDOGH(GXFDFLyQ25($/&81(6&2 6DQWLDJRGH&KLOH81(6&2  /DUHSHWLFLyQHVFRODUHQ ODHQVHxDQ]DSULPDULDXQDSHUVSHFWLYDJOREDO*LQHEUD 81(6&22,(





 (QHO$QH[R0HWRGROyJLFRVHLQFOX\HHOGHWDOOH GHORVSURFHGLPLHQWRVUHDOL]DGRVSDUDODHVWLPDFLyQGH ORVUHFXUVDQWHV



 (VWHLQGLFDGRUHVXWLOL]DGRHQIRUPDDQiORJDHQODVHULH GHLQGLFDGRUHVHGXFDWLYRVGHVDUUROODGRVSRUODUHJLyQ ODWLQRDPHULFDQD9pDVH6HULH5HJLRQDOGH,QGLFDGRUHV (GXFDWLYRV &(&&6,&$ 


PDQHUDKDQLQJUHVDGRDODHVFXHODHQIRUPD WDUGtD LQJUHVRWDUGtRSXUR DSULPHUJUDGR LQJUHVDURQWDUGHFRQUH]DJRDFDUUHDGRGHVGH ODHGXFDFLyQLQLFLDO\VRQDOXPQRVTXHUHFXUVDURQ HOJUDGR\QRVRQUHJLVWUDGRVFRPRUHSHWLGRUHV

/RVHVWXGLDQWHVTXHUHFXUVDQHOJUDGR(QHOPDUFR GHHVWHHVWXGLRVHKDGLVHxDGRXQPRGHORGH DQiOLVLVEDVDGRHQODFRPSDUDFLyQLQWHUDQXDOGHOD PDWUtFXODSRUHGDG\FRQGLFLyQGHHGDGTXHEXVFD LGHQWLILFDUODSUHVHQFLDGHHVWDVLWXDFLyQDWUDYpV GHOHPSHRUDPLHQWRGHODFRQGLFLyQGHHGDGGHORV HVWXGLDQWHVJUDGRDJUDGR3DUDHOORVHLPSXWD FRPRHVWXGLDQWHVUHFXUVDQWHVDDTXHOORVJUXSRV TXHHQWUHGRVDxRVFRQVHFXWLYRVSLHUGHQVX FRQGLFLyQGHDVLVWHQFLDHQHGDGWHyULFDR LQFUHPHQWDQODFDQWLGDGGHDxRVGHUH]DJR DLVODQGRHOHIHFWRGHOLQJUHVRWDUGtR\GHO DEDQGRQR

*5Ã&#x2C6;),&2  3RUFHQWDMHGHUHSHWLGRUHV\SRUFHQWDMHGH UH]DJRQRH[SOLFDGRSRUUHSHWLFLyQHQSULPHU JUDGR$PpULFD/DWLQD\HO&DULEH&LUFD

 

/DDSOLFDFLyQGHHVWHPRGHORDOFiOFXORGHORV UHFXUVDQWHVSHUPLWHHVWLPDUTXHHOGHORV HVWXGLDQWHVTXHDVLVWHQDOQLYHOSULPDULR\HO GHORVTXHDVLVWHQDOVHFXQGDULREiVLFRQRORJUDQ SURPRYHUDILQGHDxR\VHLQVFULEHQDODxR VLJXLHQWHDOPLVPRJUDGR

   

/DFDQWLGDGGHUHFXUVDQWHVVXSHUDODGH UHSHWLGRUHVGHFDGDXQRGHORVQLYHOHVHQ HGXFDFLyQSULPDULDODFDQWLGDGGHDOXPQRV UHSHWLGRUHVHVGHPLOORQHV\VHHVWLPDQ PLOORQHVGHUHFXUVDQWHVHQHGXFDFLyQ VHFXQGDULDODFDQWLGDGGHUHSHWLGRUHVHVGH PLOORQHVPLHQWUDVTXHVHHVWLPDTXHH[LVWHQ XQRVPLOORQHVGHUHFXUVDQWHVHQHOQLYHO

(VWXGLDQWHVHQHGDGWHyULFDRSUHFRFLGDG (VWXGLDQWHV5HSLWLHQWHV (VWXGLDQWHVFRQUH]DJRQRH[SOLFDGR SRUUHSHWLFLyQGHJUDGR

Â&#x2039;81,&()+RQGXUDV)ODQQHU\

)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWR GH(VWDGtVWLFDGHOD81(6&2 8,6 SDtVHVGHODUHJLyQ




7$%/$ 'LPHQVLyQ±1LxRV\QLxDVHQULHVJRHGXFDWLYR $PpULFD/DWLQD\HO&DULEH

',0(16,Ï1

$xR PLOORQHVGHQLxRV\QLxDVHQULHVJR JUDYH $GLFLRQDOPHQWHDVLVWHQFRQULHVJR PRGHUDGRPLOORQHV (QWUHHOORVPLOORQHVGHQLxRV\QLxDV DVLVWHQFRQUH]DJRDOHUJUDGR6RODPHQWH VRQUHSHWLGRUHV

%UDVLO

%ROLYLD

&RORPELD

*UDYHPLOORQHV

*UDYHPLO

*UDYHPLOORQHV

0RGHUDGRPLOORQHV

0RGHUDGRPLO

0RGHUDGRPLO

)XHQWHHVWLPDFLRQHV SURSLDVHQEDVHDGDWRV GHO,QVWLWXWRGH (VWDGtVWLFDGH OD81(6&2 8,6 

'LPHQVLyQQLxRVTXHHVWiQHQ ODHVFXHODSULPDULDSHURTXH FRUUHQHOULHVJRGHDEDQGRQDU

GHHGDG/OHJDGRHVHSXQWRXQFRQMXQWR LPSRUWDQWHGHDOXPQRVGH\PiVDxRVDVLVWHQD ODSULPDULDFRQYDULRVDxRVGHUH]DJRDXQTXH WLHQHQHGDGGHDVLVWLUDOVHFXQGDULREiVLFR

¢&XiQWRVVRQORVQLxRV\QLxDVHQHVWD 'LPHQVLyQ"

3DUDDQDOL]DUHVWRVSURFHVRVVHGLVFULPLQDHQWUH ODVVLWXDFLRQHVGHFXUVDUXQJUDGRFRQXQDxRGH UH]DJR ULHVJRPRGHUDGRGHH[FOXVLyQ \FRQGRV RPiVDxRVGHUH]DJRRGHVIDVDMHJUDGRHGDG ULHVJRJUDYHGHH[FOXVLyQ (OFiOFXORGHHVWH LQGLFDGRUVHUHDOL]DFRQVLGHUDQGRODVHGDGHV QRUPDWLYDVGHLQJUHVRGHFDGDXQRGHORVSDtVHV GHODUHJLyQ\VXGLVWULEXFLyQSXHGHDSUHFLDUVHHQ HO*UiILFR

(VWDGLPHQVLyQDERUGDODH[FOXVLyQSRWHQFLDOGHORV HVWXGLDQWHV±HVGHFLUORVTXHFRUUHQPiVULHVJRGH DEDQGRQDU±GHQWURGHOUDQJRGHODHGXFDFLyQ SULPDULD &,1( 6LELHQODFXDQWLILFDFLyQGHOD GLPHQVLyQFRQWHPSODVRORDTXHOORVDOXPQRVFRQ ULHVJRJUDYH GRVRPiVDxRVGHUH]DJR VH DERUGDQWDPELpQODVVLWXDFLRQHVGHULHVJR PRGHUDGR XQDxRGHUH]DJR FRQVLGHUiQGRORFRPR VHxDUGHDOHUWD 7DEOD 

(QORVSDtVHVGHODUHJLyQVHSXHGHLGHQWLILFDU \DHQHOLQLFLRGHODSULPDULDXQDFDQWLGDGPX\ VLJQLILFDWLYDGHHVWXGLDQWHVTXHDVLVWHQFRQXQR GRVRPiVDxRVGHUH]DJRPLOORQHVGHQLxRV \QLxDVHVWiQHQHOSULPHUJUDGRGHODSULPDUDFRQ

¢4XpSURFHVRVGHH[FOXVLyQSXHGHQ LGHQWLILFDUVHHQWRUQRDHVWD'LPHQVLyQ" &RPRVHKDPHQFLRQDGRDOLQLFLRGHODSDUWDGR DERUGDUODSUREOHPiWLFDGHOUH]DJRHQHOQLYHO SULPDULRLPSOLFDSRQHUHOIRFRHQXQHVSHFWUR DPSOLRGHHGDGHV(QODUHJLyQHOUH]DJRHQ SULPDULDVHKDFHSUHVHQWHDORVXDxRVGHHGDG VHJ~QODHGDGGHLQLFLRHVWDEOHFLGDSDUDHOSDtV \ VHLQFUHPHQWDSURJUHVLYDPHQWHKDVWDORVDxRV





 3DUDDOJXQRVSDtVHVGHODUHJLyQHOWUDPRFRUUHVSRQGLHQWHDO &,1(DEDUFDVyORKDVWDHOžJUDGRSRUORWDQWRQRWRGRV ORVLQVFULWRVHQžJUDGRFRUUHVSRQGHQDODGLPHQVLyQGHOD H[FOXVLyQ(VWDVLWXDFLyQHVWiUHSUHVHQWDGDSRUPLOORQHV GHHVWXGLDQWHVGHORVFXDOHVPLOORQHVSHUWHQHFHQD %UDVLO3DUDIDFLOLWDUODFRPSUHQVLyQHOJUiILFRVHSUHVHQWDVLQ VHSDUDUDHVWHJUXSRDXQTXHQRVRQFRQVLGHUDGRVHQORV FiOFXORV


*5È),&2  (VWXGLDQWHVLQVFULWRVFRQHGDGWHyULFD\UH]DJRžDžJUDGR3DtVHVVHOHFFLRQDGRVGHODUHJLyQ  $PpULFD/DWLQD\HO&DULEH&LUFD(QPLOHVGHDOXPQRV    

  

  



























   













HU*UDGR

ž*UDGR

HU*UDGR

ž*UDGR

ž*UDGR

ž*UDGR

 

(GDGWHyULFD

DxRUH]DJR

\PiVDxRVUH]DJR

7RWDO

(OJUiILFRSUHVHQWDGDWRVGHSDtVHVGHODUHJLyQH[FOX\HQGRLQWHQFLRQDOPHQWHD%UDVLO )XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 SDtVHVGHODUHJLyQ

PD\RUHGDGDODHVWDEOHFLGDSRUQRUPDWLYD $SUR[LPDGDPHQWHPLOORQHVGHQLxRV\QLxDV LQJUHVDQDODSULPDULDHQIRUPDWDUGtD\RWURV PLOORQHVDGTXLHUHQRDJUDYDQVXUH]DJRGHQWURGH VXSURSLDHVFRODULGDG

PHQRVTXHHQHOžJUDGR(VWDGLVPLQXFLyQVHYH DFRPSDxDGDSRUXQLQFUHPHQWROHYHGHOJUXSRGH HVWXGLDQWHVFRQUH]DJRHQYDORUHVDEVROXWRVTXH LPSOLFDDVXYH]HOLQFUHPHQWRGHVXSDUWLFLSDFLyQ SURSRUFLRQDOHQODPDWUtFXOD

([FHSWXDQGRHOFDVRGH%UDVLOHQORVSDtVHVGHOD UHJLyQVHREVHUYDXQDHVWUXFWXUD©HVFDORQDGDªGH ODFDQWLGDGGHLQVFULWRVSRUJUDGRFRQXQD LQFOLQDFLyQPiVLQWHQVDHQORVSULPHURVJUDGRVGHO QLYHO(VWDGLVPLQXFLyQHQODFDQWLGDGGHLQVFULWRV HVHOHIHFWRGHORVQLYHOHVGHUHSHWLFLyQ\IUDFDVR HVFRODUHQHOLQLFLRGHO&,1(TXHSURYRFDXQ ©HIHFWRHPEXGRªHQODVWUD\HFWRULDVHVFRODUHVORV HVWXGLDQWHVTXHUHSLWHQRDEDQGRQDQHQIRUPD WHPSRUDOHQORVSULPHURVJUDGRVYXHOYHQD LQVFULELUVH\HQJURVDQODFDQWLGDGGHLQVFULWRVHQ HVWHWUDPR

%UDVLOSUHVHQWDXQDVLWXDFLyQSDUWLFXODUGHVGHHO DxRVHKDHVWDEOHFLGRODREOLJDWRULHGDGGHO LQJUHVRDODHGXFDFLyQEiVLFDFRQDxRVGH HGDGDWUDYpVGHODFUHDFLyQGHXQDxRDGLFLRQDO DOLQLFLRGHOQLYHO/DLPSOHPHQWDFLyQVHHIHFW~DHQ IRUPDJUDGXDOHQGLVWLQWDV]RQDVSRUORTXH VLPXOWiQHDPHQWHKD\HVWXGLDQWHVLQLFLDQGRVX HVFRODULGDGDGLVWLQWDVHGDGHVHOVHJXQGRJUDGR LQFOX\HQRVyORDTXLHQHVDVLVWHQDOVHJXQGRDxR GHODSULPDULDGHODWUD\HFWRULDLQLFLDGDFRQDxRV VLQRWDPELpQDTXLHQHVWRGDYtDLQLFLDQVXWUD\HFWR SRUODSULPDULDDORVDxRV

(VWHIUDFDVRHVFRODUVHLGHQWLILFDWDPELpQHQOD SDXODWLQDGLVPLQXFLyQGHODFDQWLGDGGHDOXPQRV FRQHGDGWHyULFDFRQVLGHUDQGRHOFRQMXQWRGH SDtVHVGHODUHJLyQVLQ%UDVLOHQHOžJUDGR DVLVWHQFRQHGDGWHyULFDPLOORQHVGHHVWXGLDQWHV

&RPRSXHGHREVHUYDUVHHQHO*UiILFRHVWD SDUWLFXODULGDGOHRWRUJDXQDHVWUXFWXUDDWtSLFDDOD FDQWLGDGGHLQVFULWRVHQžDžJUDGRFRQXQD HVFDVDLQVFULSFLyQHQHOSULPHUJUDGRGHOD SULPDULDFRQVHFXHQFLDGHOSURFHVRJUDGXDOGH LPSOHPHQWDFLyQGHODREOLJDWRULHGDGGHOLQJUHVRD ORVDxRV3RURWUDSDUWHHQHOžJUDGRVH PDQLILHVWDXQLQFUHPHQWRVLJQLILFDWLYRGHOD



 (OFDVRGH%UDVLOVHSUHVHQWDSRUVHSDUDGRSRUTXHHVWi HQFDUDQGRODPRGLILFDFLyQGHODHVWUXFWXUDGHOVLVWHPD HGXFDWLYRSRUVXPDJQLWXGHQFDVRGHSUHVHQWDUVHMXQWRFRQ HOUHVWRGHORVSDtVHVSURYRFDXQDGLVWRUVLyQHQHODQiOLVLV UHJLRQDO





 $WUDYpVGHOD/H\1žFRQIHFKDGHIHEUHUR GH


*5È),&2  (VWXGLDQWHVLQVFULWRVFRQHGDGWHyULFD\UH]DJRžDžJUDGR%UDVLO$xR (QPLOHVGHDOXPQRV   





























   





 

  













HU*UDGR

ž*UDGR 6HULH

HU*UDGR 6HULH

ž*UDGR 6HULH

ž*UDGR 6HULH

ž*UDGR 6HULH

DxRUH]DJR

Edad teórica

\PiVDxRVUH]DJR

7RWDO

1RWDVHXWLOL]DODQRPHQFODWXUD©JUDGRªSDUDODHVWUXFWXUDGHHGXFDFLyQEiVLFDFRQLQJUHVRDORVDxRV\©VHULHªSDUDDTXHOOD TXHFRUUHVSRQGHDODHGXFDFLyQEiVLFDFRQLQJUHVRDORVDxRV )XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 

FDQWLGDGGHLQVFULWRVDVLVWHQDHVWHJUDGRFHUFDGH PLODOXPQRVPiVHQUHODFLyQDž(VWH LQFUHPHQWRVHGHEHDTXHHQWUHHVWRVJUDGRV RFXUUHXQFDPELRGHFLFORHOžJUDGRHQ%UDVLO FRUUHVSRQGHDOSULPHUDxRGHHVWXGLRGHO&,1( 6LELHQHODQiOLVLVGHHVWHJUDGRFRUUHVSRQGHDO GHVDUUROORGHODGLPHQVLyQFDEHPHQFLRQDUTXH HVWHLQFUHPHQWRGHLQVFULWRVVHGHEHDTXHHQHVH JUDGRVHLQWHQVLILFDQORVQLYHOHVGHIUDFDVRHVFRODU

$QWHVGHHVDPRGLILFDFLyQHOSHUILOGHOVLVWHPD HGXFDWLYRSRUJUDGRHQ%UDVLOHUDVHPHMDQWH DODHVWUXFWXUDHVFDORQDGDSUHVHQWDGDHQHO *UiILFRWDOFRPRVHH[SRQHHQHO*UiILFR (QHODxRORVJUDGRVVHGHQRPLQDEDQVHULHV \ODSULPHUDVHULHFRPHQ]DEDDORVDxRV GHHGDGQRUPDWLYDHQODTXLQWDVHULH HTXLYDOHQWH DOžJUDGR WDPELpQDXPHQWDHOIUDFDVRHVFRODU HQHOLQLFLRGHO&,1(WDOFRPRVXFHGHHQ

*5È),&2 (VWXGLDQWHVLQVFULWRVSRUJUDGRžDžJUDGR%UDVLO$xR(QPLOHVGHDOXPQRV  













 

1RWDVHXWLOL]DODQRPHQFODWXUD ©JUDGRªSDUDODHVWUXFWXUDGH HGXFDFLyQEiVLFDFRQLQJUHVR DORVDxRV\©VHULHªSDUDDTXHOOD TXHFRUUHVSRQGHDODHGXFDFLyQ EiVLFDFRQLQJUHVRDORVDxRV

  

HU*UDGR

ž*UDGR 6HULH

HU*UDGR 6HULH

ž*UDGR 6HULH

ž*UDGR 6HULH



ž*UDGR 6HULH



)XHQWHSURFHVDPLHQWRVSURSLRV HQEDVHDGDWRVGHO,QVWLWXWRGH (VWDGtVWLFDGHOD81(6&2 8,6 


'LPHQVLyQ$GROHVFHQWHV TXHHVWiQHQODVHFXQGDULDEiVLFD SHURTXHFRUUHQHOULHVJR GHDEDQGRQDU

HGDGHVPXFKRPD\RUHVDODVTXHFRUUHVSRQGHUtD SRUQRUPDWLYD /RVGHVDItRVHVSHFtILFRVTXHSODQWHDDOHVWXGLDQWHOD WUDQVLFLyQDOQLYHOVHFXQGDULRWUDPRHQHOFXDOVH PRGLILFDQVXVWDQWLYDPHQWHORVSURFHVRVGH HQVHxDQ]DHQODPD\RUtDGHORVSDtVHVDOHUWDQ VREUHODQHFHVLGDGGHDQDOL]DUODVFRQGLFLRQHVGH SHUPDQHQFLDGHORVDOXPQRVHQHOQLYHO HVSHFLDOPHQWHGHDTXHOORVTXHLQJUHVDQFRQUH]DJR

¢&XiQWRVVRQORVDGROHVFHQWHV HQHVWD'LPHQVLyQ" (VWDGLPHQVLyQDERUGDODH[FOXVLyQSRWHQFLDOGH ORVHVWXGLDQWHV±HVGHFLUORVTXHFRUUHQPiVULHVJR GHDEDQGRQDU±GHQWURGHOUDQJRGHODHGXFDFLyQ VHFXQGDULDEiVLFD &,1( 7RPDORVHVWXGLDQWHV GHFXDOTXLHUHGDGGHQWURGHOQLYHOHQHOFDVRGH ODUHJLyQGH$PpULFD/DWLQD\HO&DULEHGHFDGD HVWXGLDQWHVWLHQHHGDGGHHVWDU HQODVHFXQGDULDVXSHULRU$OLJXDOTXHSDUDOD GLPHQVLyQDTXtWDPELpQVHVXPDODHVWLPDFLyQGH ORVHVWXGLDQWHVHQULHVJRPRGHUDGRGHDEDQGRQR

/RVGDWRVDEVROXWRVUHYHODQXQDGLVPLQXFLyQ HVFDORQDGDGHDSUR[LPDGDPHQWHXQPLOOyQ GHHVWXGLDQWHVDPHGLGDTXHVHDYDQ]D HQORVJUDGRV3RUFDGDDOXPQRVTXHDVLVWHQ DžJUDGRVyORORKDFHQDžJUDGR (VWDGLVPLQXFLyQGHODFDQWLGDGGHLQVFULWRVVHGHEH DXQGREOHHIHFWRDOWRVQLYHOHVGHIUDFDVRDOLQLFLR GHOQLYHOTXHSURYRFDQXQDUHWHQFLyQFRQUH]DJRGH ORVHVWXGLDQWHVeVWDMXQWRFRQHODEDQGRQR SURJUHVLYDPHQWHPiVLQWHQVRHQHVWHWUDPRYDQ WUD]DQGRHVWHSDWUyQGHHVFDORQHVHPSLQDGRV

¢4XpSURFHVRVGHH[FOXVLyQSXHGHQ LGHQWLILFDUVHHQWRUQRDHVWD'LPHQVLyQ"

$OFRPSDUDUODFDQWLGDGGHFUHFLHQWHGHLQVFULWRV HQž\žJUDGRVHJ~QFRQGLFLyQGHHGDG *UiILFR VHREVHUYDTXHODVSURSRUFLRQHVHQ HOFRQMXQWRGHHVWXGLDQWHVFRQHGDGWHyULFD \FRQUH]DJRVRQVLPLODUHVVLVHXVDQH[SUHVLRQHV

/RVDOWRVQLYHOHVGHUH]DJRREVHUYDGRVHQHOQLYHO SULPDULRLPSDFWDUiQHQODFRQIRUPDFLyQGHHGDGGH HVWHQLYHOSXGLpQGRVHLGHQWLILFDUXQFRQMXQWR VLJQLILFDWLYRGHHVWXGLDQWHVTXHDVLVWHQDOQLYHOFRQ

7$%/$ 'LPHQVLyQ±$GROHVFHQWHVHQULHVJRHGXFDWLYR $PpULFD/DWLQD\HO&DULEH

',0(16,Ï1

$xR PLOORQHVGHDGROHVFHQWHVHQULHVJR JUDYH $GLFLRQDOPHQWHPLOORQHVGH DGROHVFHQWHVHQULHVJRPRGHUDGR PLOORQHVWLHQHQHGDGGHDVLVWLU DO&,1(

%UDVLO

%ROLYLD

&RORPELD

*UDYHPLOORQHV

*UDYHPLO

*UDYHPLOORQHV

0RGHUDGRPLOORQHV

0RGHUDGRPLO

0RGHUDGRPLO



)XHQWHHVWLPDFLRQHV SURSLDVHQEDVHDGDWRV GHO,QVWLWXWR GH(VWDGtVWLFDGH OD81(6&2 8,6 


*5È),&2  (VWXGLDQWHVPDWULFXODGRVHQVHFXQGDULDEiVLFD SRUFRQGLFLyQGHHGDG$PpULFD/DWLQD \HO&DULEH&LUFD(QPLOHVGHDOXPQRV  

(QUHODFLyQDORVGDWRVREVHUYDGRVUHVXOWD VLJQLILFDWLYRLQWURGXFLUODSUHJXQWDDFHUFDGHORV PRPHQWRVGHOLWLQHUDULRHVFRODUTXHRFDVLRQDQFRQ PD\RULQWHQVLGDGODDVLVWHQFLDFRQUH]DJR

   



UH]DJRFRQXQSULPHUIUDFDVR \SDUDHOFRQMXQWRGH HVWXGLDQWHVFRQPD\RUEUHFKDHGDGJUDGRVHDXQD H[SUHVLyQGHODEDQGRQRRUHWLURGHODHVFXHOD



6LELHQSDUWHGHOUH]DJRHVFRODUVHJHQHUDR SURIXQGL]DHQHOVHFXQGDULREiVLFRXQJUXSR LPSRUWDQWHGHHVWXGLDQWHVDUUDVWUDODFRQGLFLyQGH UH]DJRGHVGHHOQLYHOSULPDULR(QHVWHVHQWLGRHV SUREDEOHTXHODVGLILFXOWDGHVHQHOWUiQVLWRSRU HVWRVSULPHURVDxRVGHOQLYHO\HODEDQGRQR REVHUYDGRHQHOSHUtRGRVHGHEDQHQPXFKRV FDVRVDVLWXDFLRQHVGHULHVJRTXHVHDUUDVWUDQ GHVGHHOQLYHOSULPDULR

 







  







ž*UDGR

ž*UDGR

ž*UDGR

'LVSDULGDGHVTXHDJXGL]DQ ODH[FOXVLyQ

)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH (VWDGtVWLFDGHOD81(6&2 8,6 SDtVHVGHODUHJLyQ

/DVLWXDFLyQGHJpQHUR

SRUFHQWXDOHVSDUHFHUtDTXHODVLWXDFLyQVH PDQWLHQHHVWDEOH GHUH]DJRWRWDOHQHOQLYHO 

/DVGLIHUHQFLDVHQODHVFRODULGDGUHODWLYDVDOJpQHUR KDQVLGRREMHWRGHQXPHURVRVHVWXGLRVHQODV ~OWLPDVGpFDGDV/DLQIRUPDFLyQGLVSRQLEOHSHUPLWH UHFRQRFHUVLWXDFLRQHVGHGHVLJXDOGDGWDQWRHQHO LQJUHVRFRPRHQODSHUPDQHQFLD\ILQDOL]DFLyQGHOD HVFRODULGDG(VWDGHVLJXDOGDGSRUJpQHURPXHVWUD GRVFDUDVHQDOJXQRVFRQWH[WRVVRQORVYDURQHV TXLHQHVPDQLILHVWDQVLWXDFLRQHVGHPD\RU

‹81,&()+RQGXUDV3LUR]L

6LELHQVHUtDQHFHVDULDXQDLQYHVWLJDFLyQHVSHFtILFD FRQVLGHUDQGRORVLQGLFLRVTXHYLQFXODQODFRQGLFLyQ GHUH]DJRFRQPD\RUHVSUREDELOLGDGHVGH DEDQGRQRHVSUREDEOHTXHODFDtGDHQODFDQWLGDG GHHVWXGLDQWHVFRQHGDGWHyULFDVHDXQDH[SUHVLyQ GHIUDFDVRHVFRODUHQHOQLYHO LQJUHVRDOD]RQDGH




*5È),&2  7DVDQHWDDMXVWDGDGHPDWUtFXODHQSULPDULDSRUSDtV DJUXSDGRVVHJ~Q,1% SHUFiSLWDHQ86' &LUFD    

0XMHUHV

$PpULFD/DWLQD\HO&DULEH

$QWLJXD\%DUEXGD

6DQWD/XFtD

6DQ&ULVWyEDO\1HYLV

'RPLQLFD

7ULQLGDG\7REDJR

6DQ9LFHQWH\ODV*UDQDGLQDV

*UHQDGD

3DUDJXD\

%ROLYLD

1LFDUDJXD

*XDWHPDOD

*X\DQD

3%,SHUFiSLWD 0HQRVGH

3%,SHUFiSLWD (QWUH\ 7RWDO

+RQGXUDV

-DPDLFD

5HS~EOLFD'RPLQLFDQD

6XULQDP

&RORPELD

3HU~

(O6DOYDGRU

(FXDGRU

&XED

%HOLFH

&KLOH

3%,SHUFiSLWD 0iVGH

9HQH]XHOD

%UDVLO

3DQDPi

8UXJXD\



0p[LFR



3HTXHxDV,VODV GHO&DULEH 9DURQHV

(O,QJUHVR1DFLRQDO%UXWRHVXQDPHGLGDGHULTXH]DGHORVSDtVHVTXHFRQVLGHUDODVXPDGHOYDORUDJUHJDGRSRUWRGRV ORVSURGXFWRUHVUHVLGHQWHVPiVWRGRVORVLPSXHVWRVDORVSURGXFWRV PHQRVORVVXEVLGLRV QRLQFOXLGRVHQODYDOXDFLyQGHOSURGXFWR PiVODVHQWUDGDVQHWDVGHLQJUHVRSULPDULR UHPXQHUDFLyQGHHPSOHDGRVHLQJUHVRSRUSURSLHGDG GHOH[WHULRU(QHVWHFDVR VHFDOFXODSRUSDULGDGGHOSRGHUDGTXLVLWLYR 33$ HVGHFLUFRQYHUWLGRDGyODUHVFRQHOPLVPRSRGHUDGTXLVLWLYRVREUHHO,1% TXHHOTXHSRVHHHOGyODUGHORV(VWDGRV8QLGRVHQHVHSDtV KWWSGDWRVEDQFRPXQGLDORUJLQGLFDGRU1<*133&$333&'  )XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 SDtVHVGHODUHJLyQ

ORVYDURQHV±KDVWDOOHJDUDXQDPD\RUH[FOXVLyQ DFWXDOSDUDODVHGDGHVPiVDYDQ]DGDV

H[FOXVLyQPLHQWUDVTXHHQRWURVHVSHFLDOPHQWHHQ ODV]RQDVUXUDOHVRHQODHGXFDFLyQLQGtJHQDODV PXMHUHVVRQPiVDIHFWDGDVSRUVLWXDFLRQHVGH YXOQHUDELOLGDGHGXFDWLYD

$KRUDELHQHQHOFRQMXQWRGHSREODFLyQTXHDVLVWH DOVLVWHPDHGXFDWLYRWDPELpQHVSRVLEOH DSUR[LPDUVHDODVGHVLJXDOGDGHVSUHVHQWHVSRU JpQHURSDUDDTXHOORVTXHHVWiQHQULHVJRGH H[FOXVLyQ3DUDFXDQWLILFDUHVWDGHVLJXDOGDGSXHGH DQDOL]DUVHODUD]yQGHPDVFXOLQLGDGGHODFRQGLFLyQ GHHGDGHVGHFLUODFDQWLGDGGHYDURQHVFDGD PXMHUHVSUHVHQWHVHQHOWRWDOGHDOXPQRV \HQFDGDXQDGHODVFDWHJRUtDVGHUH]DJR

(QODUHJLyQODWLQRDPHULFDQDODWDVDQHWDDMXVWDGD GHPDWUtFXODHQSULPDULD TXHUHSUHVHQWDHO SRUFHQWDMHGHSREODFLyQHQHGDGGHDVLVWLUDO SULPDULRTXHDVLVWHDOQLYHOSULPDULRRVHFXQGDULR  DOFDQ]DDOUHGHGRUGHOGHORVQLxRV\QLxDVGH HVWHWUDPRGHHGDG *UiILFR (QHVWHWRWDOGHOD UHJLyQQRVHPDQLILHVWDXQDGHVLJXDOGDGHQHO DFFHVR6LQHPEDUJRDOJXQRVSDtVHVPXHVWUD VLWXDFLRQHVEDVWDQWHGLYHUJHQWHVFRQUHODFLyQD HVWHSURPHGLRHQDOJXQRVFDVRV -DPDLFD\ *XDWHPDODHQWUHRWURV ODVWDVDVQHWDVVRQPiV DOWDVHQHOJUXSRGHORVYDURQHV(QFDPELRHQ RWURVSDtVHV (FXDGRU+RQGXUDV ODUHODFLyQHV LQYHUVDDTXtORVYDURQHVHQHGDGGHDVLVWLUDOD SULPDULDHVWiQPiVH[FOXLGRVGHODHGXFDFLyQ

(O*UiILFRPXHVWUDFyPRHQHOJUXSRGH HVWXGLDQWHVFRQDxRGHUH]DJR\HQHOGHGRV RPiVODFDQWLGDGGHYDURQHVFDGDPXMHUHV HVDPSOLDPHQWHVXSHULRUTXHHQHOWRWDO$VLPLVPR DSDUWLUGHOžJUDGRTXHHQODPD\RUtDGHORV SDtVHVFRUUHVSRQGHDOLQLFLRGHODVHFXQGDULD VHREVHUYDGLVPLQXFLyQGHODUD]yQGH PDVFXOLQLGDGHQHOWRWDOGHDOXPQRV\HQFDGD FDWHJRUtDGHFRQGLFLyQGHHGDGHVWRHVVHxDO GHXQDPD\RULQWHQVLILFDFLyQGHODEDQGRQRSDUD ORVHVWXGLDQWHVYDURQHV

6LELHQHODFFHVRDOQLYHOSULPDULRHVUHODWLYDPHQWH SDUHMRSRUVH[RODVGHVLJXDOGDGHVDSDUHFHQ DODYDQ]DUHQHOSURFHVRHVFRODU±HQSHUMXLFLRGH




*5Ã&#x2C6;),&2  5D]yQGHPDVFXOLQLGDGSDUDHOWRWDOGHHVWXGLDQWHV\SRUFRQGLFLyQGHHGDGSRUJUDGR $PpULFD/DWLQD\HO&DULEH&LUFD   

7RWDO



DxRGHUH]DJR



\PiVDxRVGHUH]DJR



3REODFLyQGHHTXLOLEULR

  

*UDGR *UDGR *UDGR *UDGR *UDGR *UDGR *UDGR *UDGR *UDGR

)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 SDtVHVGHODUHJLyQ /DSRVLFLyQGHHTXLOLEULRVHFRORFDFRPRXQSXQWRGHUHIHUHQFLDDSUR[LPDGRTXHUHSUHVHQWDODUD]yQGHPDVFXOLQLGDGGHODSREODFLyQ GHODUHJLyQSDUDHOWUDPRGHHGDGGHDDxRV

/DV]RQDVUXUDOHV

HVFRODUHQSULPDULDHQODV]RQDVUXUDOHVVRQ PHQRUHVTXHHQODVXUEDQDVFRQGLIHUHQFLDVTXH RVFLODQHQWUHORV\SXQWRVSRUFHQWXDOHV

/DRIHUWD\FREHUWXUDGHORVVLVWHPDVHGXFDWLYRV QDFLRQDOHVGH$PpULFD/DWLQD\HO&DULEHD~Q PDQLILHVWDQDPSOLDVEUHFKDVGHHVFRODUL]DFLyQ HQWUHODV]RQDVUXUDOHV\XUEDQDV+LVWyULFDPHQWH ORVGLIHUHQWHVLQWHQWRVGHSODQLILFDFLyQVRFLDO \HFRQyPLFDDVtFRPRODVUHIRUPDVHGXFDFLRQDOHV VHKDQSUHRFXSDGRIXQGDPHQWDOPHQWHSRUHO GHVDUUROORGHODV]RQDVXUEDQDVUHOHJDQGRODV UXUDOHVDXQVHJXQGRSODQR3DUDOHODPHQWHVHKDQ PDQLIHVWDGRSURIXQGRVSURFHVRVGHFRQFHQWUDFLyQ XUEDQDTXHFRQWLQ~DQDJUDYDQGRODVLWXDFLyQGH DLVODPLHQWR\YXOQHUDELOLGDGGHODSREODFLyQUXUDO SHUMXGLFDGDSRUXQDGHVLJXDOGLVWULEXFLyQGHWLHUUDV \UHFXUVRVSURGXFWLYRV

6LELHQHQHOQLYHOSULPDULRODVEUHFKDVGHFREHUWXUD VRQUHODWLYDPHQWHSHTXHxDV\IRFDOL]DGDVHQ DOJXQRVSDtVHVODVLWXDFLyQGHOQLYHOVHFXQGDULRHV

/RVLQGLFDGRUHVHGXFDWLYRVGHODUHJLyQVRQUHIOHMR GHHVWDVGHVLJXDOGDGHV\DTXHPDQLILHVWDQODV EUHFKDVGHDFFHVR\SHUPDQHQFLDGHODSREODFLyQ UXUDO (O*UiILFRSUHVHQWDODVWDVDVGHDVLVWHQFLD HVFRODUHQSULPDULD\VHFXQGDULDGHVDJUHJDGDVSRU ]RQDDSDUWLUGHLQIRUPDFLyQGHODVHQFXHVWDVGH KRJDUHVGHXQFRQMXQWRGHSDtVHVGHODUHJLyQ Â&#x2039;81,&()&RORPELD4XLQWHUR

/DVWDVDVGHDVLVWHQFLDHVFRODUHQSULPDULD HYLGHQFLDQHOHVIXHU]RUHDOL]DGRSRUORVSDtVHVGH ODUHJLyQHQDOFDQ]DUODXQLYHUVDOLGDGGHOD FREHUWXUDGHOQLYHOHQODPD\RUtDGHORVSDtVHV SUHVHQWDGRVHQHOJUiILFRODWDVDGHDVLVWHQFLD DVXPHYDORUHVVLPLODUHVWDQWRSDUDODSREODFLyQ XUEDQDFRPRUXUDO$OJXQRVSDtVHVD~QPDQLILHVWDQ SUREOHPDVQRUHVXHOWRVGHFREHUWXUDHQODV]RQDV UXUDOHVHQORVFDVRVGH%ROLYLD(O6DOYDGRU *XDWHPDOD\1LFDUDJXDODVWDVDVGHDVLVWHQFLD




*5Ã&#x2C6;),&2  7DVDGHDVLVWHQFLDHVFRODUHQSULPDULD\VHFXQGDULD SRU]RQD\SDtV3DtVHVGH$PpULFD/DWLQD \HO&DULEH&LUFD 

 















    

















 

 

7DVDGHDVLVWHQFLDHVFRODUHQSULPDULD

(FXDGRU

&RORPELD

&RVWD5LFD

&KLOH

%UDVLO

%ROLYLD

8UXJXD\

5HS'RPLQLFDQD

3HU~

3DUDJXD\

3DQDPi

0p[LFR

1LFDUDJXD

+RQGXUDV

*XDWHPDOD

(FXDGRU

(O6DOYDGRU

&RVWD5LFD

&KLOH

&RORPELD

%UDVLO





 %ROLYLD

 







8UXJXD\

8UEDQR

   

0p[LFR

5XUDO







+RQGXUDV





 











 

3HU~



5HS'RPLQLFDQD



    

3DQDPi





3DUDJXD\



 

1LFDUDJXD





*XDWHPDOD



     

(O6DOYDGRU



7DVDGHDVLVWHQFLDHVFRODUHQVHFXQGDULD

/RVGDWRVSUHVHQWDGRVHQHOJUiILFRTXHFRUUHVSRQGHQDODVHFXQGDULDLQFOX\HQ&,1(\ )XHQWHSURFHVDPLHQWRVSURSLRVVREUH6RFLR(FRQRPLF'DWDEDVHIRU/DWLQ$PHULFDDQGWKH&DULEEHDQ &('/$6\7KH:RUOG%DQN 

GHXQDPX\LQWHQVDGHVLJXDOGDG(QODPLWDGGHORV SDtVHVLQFOXLGRVHQHOJUiILFRODDVLVWHQFLDGHOD SREODFLyQHQHGDGGHHVWDUHQODVHFXQGDULD DOFDQ]DDPHQRVGHOHQODV]RQDVUXUDOHV

(QODUHJLyQHOGHORVQLxRVGHHQWUH\ DxRVTXHWUDEDMDORKDFHHQDFWLYLGDGHVDJUtFRODV (OVHJXQGRVHFWRUTXHPiVHPSOHDDHVWD SREODFLyQHVHOGHVHUYLFLRV 0DJRJD 

1RVHFXHQWDFRQLQIRUPDFLyQUHJLRQDO VLVWHPDWL]DGDSDUDDQDOL]DUODVLWXDFLyQGHULHVJR GHODSREODFLyQUXUDOTXHDVLVWHDODHVFXHOD 6LQHPEDUJRHVWRVLQGLFDGRUHVSHUPLWHQGHGXFLU TXHHVPX\SUREDEOHHQFRQWUDUHQHVWDVHVFXHODV SURIXQGRV\JHQHUDOL]DGRVQLYHOHVGHUH]DJR HVFRODUSURGXFWRGHXQDPD\RULQFLGHQFLD GHOLQJUHVRWDUGtRODUHSHWLFLyQGHJUDGR \HOUHFXUVDGR

(OWUDEDMRHQFRQGLFLRQHVSHOLJURVDV KD]DUGRXV ZRUN FRPSUHQGHODVWDUHDVTXHSRQHQHQULHVJROD VDOXGVHJXULGDGRFUHFLPLHQWRGHTXLHQHVOD UHDOL]DQ$OJXQRVHMHPSORVVRQWUDEDMRVQRFWXUQRV GHODUJDVMRUQDGDVHQOXJDUHVSHOLJURVRVRHQ FRQGLFLRQHVGHDEXVR/RVGDWRVGHSDUDOD UHJLyQLQGLFDQTXHHQHOJUXSRGHHQWUH\ DxRVDOUHGHGRUGHPLOORQHVGHQLxRVUHDOL]DEDQ WUDEDMRVGHHVWHWLSR(VWRHTXLYDOHDGRVGHFDGD WUHVQLxRVTXHWUDEDMDQ\DXQGHODSREODFLyQ HQHVDHGDG ,/2 

(OWUDEDMRLQIDQWLO

/D&RQYHQFLyQGHOD2UJDQL]DFLyQ ,QWHUQDFLRQDOGHO7UDEDMR 2,7 HVWDEOHFHSDUDORV SDtVHVPLHPEURVODREOLJDFLyQGHILMDUXQDHGDG PtQLPDSDUDODHQWUDGDDOWUDEDMRGRPpVWLFR(VWD QRSXHGHVHULQIHULRUDODTXHHVWDEOHFHQODV OHJLVODFLRQHVQDFLRQDOHVSDUDORVWUDEDMDGRUHVHQ JHQHUDO$GHPiVTXLHQHVUHDOLFHQHVWHWLSRGH WDUHDV\WHQJDQHQWUH\DxRVQRGHEHQVHU SULYDGRVGHODHGXFDFLyQREOLJDWRULD\VXODERUQR

$OFRQFHQWUDUVHHQODHYROXFLyQGHODSREODFLyQ GHHQWUH\DxRVTXHWUDEDMDHQODUHJLyQ VHSDVyGHPLOORQHVHQDPLOORQHV HQ&RPRSRUFHQWDMHGHOWRWDOGHQLxRV ODSDUWLFLSDFLyQGHFUHFLyGHXQDXQ 6LVHREVHUYDODSREODFLyQGHDDxRVHQ WUDEDMDEDHOGHORVQLxRVGHHVWDHGDG ,/2 




GHEHLQWHUIHULUHQODVSRVLELOLGDGHVGHFRQWLQXDUVXV HVWXGLRVRDGTXLULUIRUPDFLyQSURIHVLRQDO

&RPRVHREVHUYDHQHO*UiILFRHQGRVGH ORVFXDWURSDtVHVSUHVHQWDGRV &RORPELD\0p[LFR  HOSRUFHQWDMHGHDVLVWHQFLDGHORVDGROHVFHQWHV TXHWUDEDMDQHVPDUFDGDPHQWHPHQRUDOWRWDO XQRGHFDGDWUHVDGROHVFHQWHVWUDEDMDGRUHVQR DVLVWHDODHVFXHODLQGLFDQGRTXHODFRQGLFLyQ ODERUDOHQHVWRVSDtVHVLPSOLFDPD\RUULHVJR GHDEDQGRQR(QFDPELRHQ%ROLYLD\%UDVLO ODEUHFKDHVPHQRUODGLIHUHQFLDVHVLW~D SRUGHEDMRGHORVSXQWRVSRUFHQWXDOHV HQHOSULPHUFDVR\SRUGHEDMRGHORVSSHQ HOVHJXQGR(QHVWRVSDtVHVVLELHQHOULHVJR GHDEDQGRQRVLJXHSUHVHQWHVHPXHVWUD FRQPHQRULQWHQVLGDG

(OWUDEDMRLQIDQWLOHVXQSUREOHPDDQLYHOPXQGLDO\ UHJLRQDOTXHFRQVWLWX\HXQYHUGDGHURGHVDItRSDUD ODSURWHFFLyQGHORVGHUHFKRVGHODLQIDQFLD\ DGROHVFHQFLD0XFKDVIRUPDVGHWUDEDMRLQIDQWLO SHUPDQHFHQHQXQFDPSRGHLQYLVLELOLGDGHQODV HVWDGtVWLFDVHLQYHVWLJDFLRQHVORTXHOLPLWDODV SRVLELOLGDGHVGHLPSOHPHQWDUSROtWLFDVHVSHFtILFDV 6HJ~QOD&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR ORV11$WLHQHQGHUHFKRDHVWDUSURWHJLGRVFRQWUDOD H[SORWDFLyQHFRQyPLFD\FRQWUDHOGHVHPSHxRGH FXDOTXLHUWUDEDMRTXHSXHGDVHUSHOLJURVRR HQWRUSHFHUVXHGXFDFLyQRTXHVHDQRFLYRSDUDVX VDOXGRSDUDVXGHVDUUROORItVLFRPHQWDOHVSLULWXDO PRUDORVRFLDO3RUHVHPRWLYRORV11$TXH WUDEDMDQFRQVWLWX\HQXQDFDWHJRUtDGHODLQIDQFLD PHUHFHGRUDGHSURWHFFLyQHVSHFLDO\GHQWURGH HVWD,QLFLDWLYDSRUORV1)(UHVXOWDGHYLWDO LPSRUWDQFLDDOFDQ]DUXQDFDUDFWHUL]DFLyQGHOD SUHVHQFLDHLQWHQVLGDGGHOWUDEDMRLQIDQWLOHQOD UHJLyQ6HDVXPHQFRPRSURSLDVODVGHILQLFLRQHV HVWDEOHFLGDVSRU8QGHUVWDQGLQJ&KLOGUHQ¶V:RUN 8&: ODDJHQFLDGHFRRSHUDFLyQUHVSRQVDEOH 'LFKRRUJDQLVPRHQWUHJyORVGDWRVGHFXDWUR SDtVHV%ROLYLD&RORPELD%UDVLO\0p[LFR

*5È),&2  3RUFHQWDMHGHQLxRV\QLxDVGHDDxRV GHHGDGTXHDVLVWHQDODHVFXHODWRWDO \VHJ~QSDUWLFLSDFLyQHQDFWLYLGDGHV HFRQyPLFDV%ROLYLD%UDVLO&RORPELD\0p[LFR &LUFD 



























 





&RORPELD

0p[LFR



/DWHQGHQFLDTXHDUURMDQORVGDWRVSHUPLWH HVWDEOHFHUXQDFODUDYLQFXODFLyQHQWUHODFRQGLFLyQ GHWUDEDMRLQIDQWLO\ODDVLVWHQFLDDODHVFXHODORV HVWXGLDQWHVGHHQWUH\DxRVTXHWUDEDMDQVL ELHQPXFKRVHVWiQHVFRODUL]DGRVPXHVWUDQWDVDV GHDVLVWHQFLDPHQRUHVDORVTXHQRWUDEDMDQ

   

%ROLYLD

%UDVLO

GHDVLVWHQFLD GHDVLVWHQFLDGHORVTXHWUDEDMDQ



 /DVGHILQLFLRQHVPHWRGROyJLFDVGHGLFKRRUJDQLVPR HVWDEOHFHQFULWHULRVGHPHGLFLyQYLQFXODGRVFRQ ODVRULHQWDFLRQHVHODERUDGDVHQHOPDUFRGHODž &RQIHUHQFLD,QWHUQDFLRQDOGH(VWDGtVWLFRVGHO7UDEDMR 6HGHILQHQWUHVFULWHULRVGHPHGLFLyQGHOWUDEDMRLQIDQWLO

GHDVLVWHQFLDGHORVTXHQRWUDEDMDQ )XHQWHHODERUDFLyQSURSLDHQEDVHDGDWRVGH8QGHUVWDQGLQJ &KLOGUHQ¶V:RUN 8&: 

 3REODFLyQGHDDxRVGHHGDGTXHUHDOL]DDOJXQD DFWLYLGDGHFRQyPLFDDOPHQRVXQDKRUDHQODVHPDQDGH UHIHUHQFLD/DVDFWLYLGDGHVHFRQyPLFDVQRQHFHVDULDPHQWH UHILHUHQDSURGXFFLyQYLQFXODGDDOPHUFDGRSRUTXH LQFOX\HQFLHUWDVIRUPDVGHSURGXFFLyQSRUIXHUDGHOPLVPR HLQFOX\HQWDQWRDODVDFWLYLGDGHVGHORVVHFWRUHVIRUPDOHV HLQIRUPDOHVFRPRDTXHOODVTXHVHUHDOL]DQGHQWUR\IXHUD GHOiPELWRIDPLOLDU

/DDVLVWHQFLDHVFRODUGHORVQLxRV\QLxDVTXH WUDEDMDQFRQIRUPDXQIDFWRUGHULHVJRGHH[FOXVLyQ GHHVSHFLDOQHFHVLGDGGHDWHQFLyQ3RUHOOR VXFRQGLFLyQGHDVLVWHQFLDUHJXODUDOVLVWHPD HGXFDWLYRHVWDEOHFHXQPDUFRGHUHIHUHQFLDGHYLWDO LPSRUWDQFLDSDUDODLGHQWLILFDFLyQGHEDUUHUDV \HOGLVHxRGHSROtWLFDVHVSHFtILFDV

 3REODFLyQGHDDxRVGHHGDGTXHUHDOL]DDFWLYLGDGHV HFRQyPLFDV GHVGHODPLVPDFRQFHSFLyQPHQFLRQDGD DQWHULRUPHQWH GXUDQWHDOPHQRVKRUDVHQODVHPDQD GHUHIHUHQFLD



 3REODFLyQGHDDxRVGHHGDGHQDFWLYLGDGHV HFRQyPLFDVUHDOL]DGDVHQHOKRJDUQRSDJDV\ FRQVLGHUDGDVSHOLJURVDVSDUDODVDOXGODVHJXULGDGROD PRUDOLGDGGHORVPHQRUHV



 /DLQIRUPDFLyQGLVSRQLEOHVREUHWUDEDMRLQIDQWLOSUHVHQWD HVWLPDFLRQHVVREUHHVWHWUDPRGHHGDG&DEHDFODUDU TXHQRVHFRUUHVSRQGHH[DFWDPHQWHFRQORVLQWHUYDORV GHHGDGTXHVHYLQFXODQDODVGLPHQVLRQHVGHODH[FOXVLyQ HQFDGDXQRGHORVSDtVHVLQFOXLGRVHQHOJUiILFR














 













 



%UDVLO

GHQLxRV\QLxDVHQWUDEDMRLQIDQWLO



&RORPELD





 6HFXQGDULDLQFRPSOHWD



3ULPDULDFRPSOHWD

 

3ULPDULDLQFRPSOHWD



1LQJXQR



0D\RU



1LQJXQR3UHHVFRODU



0D\RU



3ULPDULD

6HFXQGDULD

3ULPDULD

1LQJXQR

%ROLYLD



1LQJXQR





0D\RU



6HFXQGDULD





















0D\RU



6HFXQGDULD





3ULPDULD



6HFXQGDULDFRPSOHWD

*5Ã&#x2C6;),&2  3RUFHQWDMHGHQLxRV\QLxDVGHDDxRVGHHGDGTXHHVWiQHQVLWXDFLyQGHWUDEDMRLQIDQWLO  \SRUFHQWDMHTXHDVLVWHDODHVFXHODSRUQLYHOHGXFDWLYRGHOMHIHGHOKRJDU\SRUSDtV $PpULFD/DWLQD\HO&DULEH&LUFD

0p[LFR

GHQLxRV\QLxDVHQWUDEDMRLQIDQWLOTXHDVLVWHQDODHVFXHOD

)XHQWHHODERUDFLyQSURSLDHQEDVHDGDWRVGH8QGHUVWDQGLQJ&KLOGUHQ¶V:RUN 8&:  3DUDHOWUDPRGHDDxRVGHHGDGVHFRQVLGHUDDTXLHQHVSDUWLFLSDURQHQDFWLYLGDGHVHFRQyPLFDVDOPHQRVXQDKRUD HQODVHPDQDGHUHIHUHQFLD3DUDHOWUDPRGHDORVFULWHULRVVHPRGLILFDQSRUSDtVHQ%UDVLOVHFRQVLGHUDDTXLHQHV SDUWLFLSDURQHQDFWLYLGDGHVHFRQyPLFDVDOPHQRVXQDKRUDHQODVHPDQDGHUHIHUHQFLDHQ%ROLYLD\&RORPELDVHFRQVLGHUDQ DOPHQRVKRUDVHQ0p[LFRRPiVKRUDV

(O*UiILFRTXHUHSUHVHQWDDODSREODFLyQGH DDxRVSHUPLWHH[WUDHUGLYHUVDVFRQFOXVLRQHV DFHUFDGHOSHUILOGHORVQLxRV\QLxDVTXHDVLVWHQD ODHVFXHOD\WUDEDMDQVHJ~QHOSDtV(QSULPHU OXJDUVHPXHVWUDXQDFODUDUHODFLyQHQWUHWUDEDMR LQIDQWLO\QLYHOHGXFDWLYRGHOMHIHGHOKRJDUORVQLxRV \QLxDVGHIDPLOLDVFX\RVMHIHVKDQWHQLGRPHQRU DFFHVRDODHGXFDFLyQIRUPDOPXHVWUDQPD\RUHV QLYHOHVGHSDUWLFLSDFLyQHQDFWLYLGDGHVODERUDOHV (Q%UDVLO&RORPELD\0p[LFRODLQWHQVLGDGGHODV EUHFKDVHVVLPLODUSRUFDGDQLxRWUDEDMDGRU SURYHQLHQWHGHXQKRJDUFRQDOWRQLYHOHGXFDWLYR KD\QLxRVWUDEDMDGRUHVSURYHQLHQWHVGHXQ KRJDUFRQEDMDHGXFDFLyQ(Q%ROLYLDHVWDUHODFLyQ HVGHFDGD

±&RORPELD\0p[LFR/RVQLxRV\QLxDVTXH WUDEDMDQ\QRDVLVWHQDODHVFXHODSHUWHQHFHQ SULQFLSDOPHQWHDORVVHFWRUHVPiVH[FOXLGRV GHODVRFLHGDGPLHQWUDVTXHHQHOUHVWRGH ODSREODFLyQODFRQGLFLyQODERUDOGHOQLxRVHYH DFRPSDxDGDGHODSHUPDQHQFLDHQODHVFXHOD HQVLWXDFLyQGHULHVJR

3RURWUDSDUWHODSDUWLFLSDFLyQHQHOVLVWHPD HGXFDWLYRGHORVQLxRV\QLxDVTXHWUDEDMDQWDPELpQ HVGHVLJXDOSHURDTXtODVEUHFKDVVHPDQLILHVWDQ HQGLVWLQWDPDJQLWXG6HSXHGHQLGHQWLILFDU DOUHVSHFWRGRVWLSRORJtDVGHSDtVHV



±%ROLYLD\%UDVLO/DJUDQPD\RUtDGH ODSREODFLyQLQIDQWLOTXHVHYHLQYROXFUDGD HQDFWLYLGDGHVGHWUDEDMRLQIDQWLO LQGHSHQGLHQWHPHQWHGHVXRULJHQ VRFLRHFRQyPLFRHVWiHQODHVFXHODHQVLWXDFLyQ GHULHVJRGHH[FOXVLyQHGXFDWLYD



 (VLPSRUWDQWHUHVDOWDUTXHHOFULWHULRGHGHILQLFLyQGHWUDEDMR LQIDQWLOHQHOWUDPRGHDDxRVHVHQ%UDVLOPXFKRPiV DPSOLRTXHHQHOUHVWRGHORVSDtVHV\DTXHODVHVWDGtVWLFDV FRQVLGHUDQDDTXHOORVTXHWUDEDMDURQDOPHQRVKRUDHQ ODVHPDQDGHUHIHUHQFLDPLHQWUDVTXHHQHOUHVWRFRQVLGHUDQ DOPHQRVKRUDVGHWUDEDMRHQODVHPDQD


*5È),&2  ,QGLFDGRUHVVHOHFFLRQDGRVGHDVLVWHQFLDGHSREODFLyQLQGtJHQD\QRLQGtJHQDHQHGDGHVFRODU (FXDGRU\3HU~$xR 3(5Ò

(&8$'25

7DVDQHWDGHHVFRODUL]DFLyQ 

3RUFHQWDMHGHDVLVWHQFLD 

 







 







 





 

 

 

 'HDDxRV

'HDDxRV

/HQJXD0DWHUQD

&DVWHOODQR



'HDDxRV

4XHFKXD

'HDDxRV

'HDDxRV

3HUWHQHQFLDDSXHEORLQGtJHQD

'HDDxRV

1R,QGtJHQD

,QGtJHQD

)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGH(QFXHVWD1DFLRQDOGH+RJDUHV(1$+2,1(, 3HU~ \GHO&HQVR 1DFLRQDOGH3REODFLyQ\9LYLHQGD,1(& (FXDGRU  1RWD'HELGRDODVFDUDFWHUtVWLFDVGHODVGLVWLQWDVIXHQWHVGHGDWRVORVLQGLFDGRUHVSUHVHQWDGRVQRVRQFRPSDUDEOHVWDQWR HQHOLQGLFDGRUXWLOL]DGR WDVDQHWDGHHVFRODUL]DFLyQHQ3HU~\SRUFHQWDMHGHDVLVWHQFLDHQ(FXDGRU HQODLGHQWLILFDFLyQ GHODSREODFLyQLQGtJHQDTXHXWLOL]DHOUHOHYDPLHQWR HQ3HU~VHXWLOL]DODOHQJXDPDWHUQD\SRUUD]RQHVGHPXHVWUHRSXHGH FRPSDUDUVH~QLFDPHQWHHOHVSDxROFRQHOTXHFKXD±pVWH~OWLPRUHSUHVHQWDDOGHODSREODFLyQFRQOHQJXDPDWHUQDGLVWLQWD DOHVSDxROHQ(FXDGRUVHXWLOL]DHOFULWHULRGHODDXWRLGHQWLILFDFLyQDXQDFRPXQLGDGLQGtJHQD \HQORVJUXSRVGHHGDGFRQVWUXLGRV

/DVSREODFLRQHVLQGtJHQDV

$FWXDOPHQWHQRVHFXHQWDFRQLQIRUPDFLyQ DFWXDOL]DGDGHODPD\RUtDGHORVSDtVHVGH ODUHJLyQ6LQHPEDUJRDOJXQRVGDWRVSHUPLWHQ HYLGHQFLDUTXHHVWDVSREODFLRQHVDOFDQ]DQQLYHOHV PHQRUHVGHDFFHVRSHUPDQHQFLD\ILQDOL]DFLyQ HQUHODFLyQDOVLVWHPDHGXFDWLYR *UiILFR 

6HHVWLPDTXHHQ$PpULFD/DWLQDH[LVWHQPiV GHSXHEORVLQGtJHQDVTXHKDEODQPiVGH OHQJXDV\UHSUHVHQWDQXQDVPLOORQHVGH SHUVRQDV(VWRVSUHVHQWDQXQDGLVWULEXFLyQ PDUFDGDPHQWHGHVLJXDOHQWUHUHJLRQHV\SDtVHV \ODHQRUPHGLYHUVLGDGGHSXHEORV\OHQJXDV LQGtJHQDVKDFHPiVFRPSOHMRHOHVFHQDULR (QDOJXQRVFDVRVFRPR%ROLYLDVHHQFXHQWUD XQDDOWDSUHVHQFLDGHSREODFLyQLQGtJHQD GHPiVGHO\FRQXQDGLYHUVLGDGPHGLDGH OHQJXDV HQHOSDtVVHKDEODQOHQJXDV RULJLQDULDV PLHQWUDVTXHHQRWURVFRPR%UDVLO VXWDPDxRUHODWLYRHQPXFKRPHQRU ODSREODFLyQ LQGtJHQDUHSUHVHQWDPHQRVGHO SHUR PDQLILHVWDXQDDOWtVLPDGLYHUVLGDGGHOHQJXDV FRQPiVGHJUXSRVVRFLROLQJtVWLFRV GLIHUHQWHV 

 'HO3RSROR)\2\DUFH$0  3REODFLyQLQGtJHQD GH$PpULFD/DWLQDSHUILOVRFLRGHPRJUiILFRHQHOPDUFRGH OD&,3'\GHODV0HWDVGHO0LOHQLR&(/$'('LYLVLyQ GH3REODFLyQ&(3$/$xR



 81,&()  $WODVVRFLROLQJtVWLFRGHSXHEORVLQGtJHQDV HQ$PpULFD/DWLQD(QZZZPRYLOL]DQGRRUJDWODVBWRPR SDJHVWRPRBSGI

7DOFRPRVHREVHUYDHQORVJUiILFRVH[LVWHQ EUHFKDVGHDVLVWHQFLDSDUDODSREODFLyQLQGtJHQD HQUHODFLyQDODQRLQGtJHQDTXHDIHFWDQDWRGRV ORVJUXSRVGHHGDGDXQTXHVHPDQLILHVWDQ HQIRUPDPiVLQWHQVDHQODVHGDGHVWHPSUDQDV DxRV\PHQRV \HQODVTXHFRUUHVSRQGHQ DOQLYHOVHFXQGDULR GHORVDxRVHQDGHODQWH  $ILQGHSRGHUSURIXQGL]DUODFDUDFWHUL]DFLyQ GHHVWpIHQyPHQRHQHO*UiILFRVHSUHVHQWDQ GDWRVPiVFRPSOHWRVTXHUHILHUHQDORVFHQVRV UHDOL]DGRVDSULQFLSLRVGHODGpFDGD(VWD LQIRUPDFLyQGLVSRQLEOHSHUPLWHREVHUYDUTXH HODFFHVRSHUPDQHQFLD\ILQDOL]DFLyQGHOD VHFXQGDULDVHHQFRQWUDEDYHGDGRSDUDODPD\RUtD GHODVSREODFLRQHVLQGtJHQDVGHODUHJLyQDLQLFLRV GHOHQODPD\RUtDGHORVSDtVHVPiVGHO GHODSREODFLyQHQHGDGGHDVLVWLU DODVHFXQGDULD DDxRV VHHQFRQWUDEDIXHUD GHODHVFXHOD




*5Ã&#x2C6;),&2  3RUFHQWDMHGHDVLVWHQFLDGHODSREODFLyQGHDDxRVSRUSHUWHQHQFLDDSXHEORVLQGtJHQDV 3DtVHVGH$PpULFD/DWLQD\HO&DULEH&LUFD 3REODFLyQLQGtJHQD

  





 











3REODFLyQQRLQGtJHQD













 









 

    

%ROLYLD *XDWHPDOD 



3DQDPi 

0p[LFR 

(FXDGRU +RQGXUDV 



&RVWD5LFD 9HQH]XHOD 



(QWUHHO \HO  GHSREODFLyQLQGtJHQD

0iVGHO GH SREODFLyQLQGtJHQD

%UDVLO 

3DUDJXD\ 

0HQRVGHO GH SREODFLyQLQGtJHQD

(VWDLQIRUPDFLyQHYLGHQFLDTXHODVRSRUWXQLGDGHVGHDFFHVRDODHGXFDFLyQVHFXQGDULDGHODVSREODFLRQHVLQGtJHQDVGHODUHJLyQ KDQVLGRUHGXFLGDV\TXHHVWDVEUHFKDVD~QSHUVLVWHQ$KRUDELHQHVLPSRUWDQWHWDPELpQSRGHUREVHUYDUODVGHVLJXDOGDGHVTXHVH PDQLIHVWDEDQDOLQWHULRUGHODVHVWDVSREODFLRQHV(O*UiILFRPXHVWUDODVGLIHUHQFLDVHQHODFFHVRDODHGXFDFLyQSRUVH[R )XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGH6LVWHPDGH,QGLFDGRUHV6RFLRGHPRJUiILFRVGH3REODFLRQHV \3XHEORV,QGtJHQDV 6,633, &(/$'(

*5Ã&#x2C6;),&2 3RUFHQWDMHGHDVLVWHQFLDGHODSREODFLyQGHDDxRVSRUSHUWHQHQFLDDSXHEORVLQGtJHQDV\VH[R 3DtVHVGH$PpULFD/DWLQD\HO&DULEH&LUFD 

*XDWH PDOD 

3DQDPi 

0p[LFR 

(FXDGRU 

+RQGXUDV 

(QWUHHO \HO  GHSREODFLyQLQGtJHQD

0iVGHO GH SREODFLyQLQGtJHQD

3REODFLyQLQGtJHQD

&RVWD 5LFD 

9HQH]XHOD 

%UDVLO 

 0XMHU

 +RPEUH



 

0XMHU



 

 

0XMHU



 

+RPEUH

+RPEUH

0XMHU

+RPEUH

0XMHU

+RPEUH

%ROLYLD 



0XMHU







 

+RPEUH



0XMHU





 





+RPEUH



 

0XMHU







+RPEUH

 











+RPEUH



0XMHU







+RPEUH



 

0XMHU



3DUDJXD\ 

0HQRVGHO GH SREODFLyQLQGtJHQD

3REODFLyQQRLQGtJHQD

%UHFKDLQGtJHQDQRLQGtJHQD

)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGH6LVWHPDGH,QGLFDGRUHV6RFLRGHPRJUiILFRVGH3REODFLRQHV\3XHEORV,QGtJHQDV 6,633, &(/$'(

GHODVHVWDVSREODFLRQHV(O*UiILFRPXHVWUDODV GLIHUHQFLDVHQHODFFHVRDODHGXFDFLyQSRUVH[R

(VWDLQIRUPDFLyQHYLGHQFLDTXHODVRSRUWXQLGDGHV GHDFFHVRDODHGXFDFLyQVHFXQGDULDGHODV SREODFLRQHVLQGtJHQDVGHODUHJLyQKDQVLGR UHGXFLGDV\TXHHVWDVEUHFKDVD~QSHUVLVWHQ $KRUDELHQHVLPSRUWDQWHWDPELpQSRGHUREVHUYDU ODVGHVLJXDOGDGHVTXHVHPDQLIHVWDEDQDOLQWHULRU

(QODSREODFLyQQRLQGtJHQDHQDOJXQRVSDtVHVODV PXMHUHVPDQLIHVWDEDQPD\RUHVSRUFHQWDMHVGH DVLVWHQFLD 3DQDPi+RQGXUDV9HQH]XHOD 




PLHQWUDVTXHHQRWURVODGLIHUHQFLDHUDDIDYRUGH ORVKRPEUHV %ROLYLD*XDWHPDOD0p[LFR (QOD PD\RUtDGHORVFDVRVHVWDVEUHFKDVQRVXSHUDEDQ ORVGRVRWUHVSXQWRVSRUFHQWXDOHVORTXHSHUPLWH DILUPDUTXHORVSHUILOHVGHDVLVWHQFLDHUDQVLPLODUHV

SDtVHVGHLQJUHVRPHGLRVHHQFXHQWUDHQWRUQRDO SURPHGLRPXQGLDO (QORVSDtVHVFRQPHQRUHVLQJUHVRVGHOPXQGR KD\GLIHUHQFLDHQHOSURPHGLRGHDxRVGH HVFRODULGDGHQWUHODSREODFLyQFRQ\VLQ GLVFDSDFLGDG YHUVXVDxRVGHHVFRODULGDG D VXYH]HQUHODFLyQFRQODWHUPLQDFLyQGHOD HGXFDFLyQSULPDULDKD\XQDEUHFKDGHFDVLSS HQWUHDPERVJUXSRV YHUVXVGHOD SREODFLyQFRQSULPDULDFRPSOHWD ([LVWHQ GLIHUHQFLDVVHJ~QHOVH[RHOGHORVYDURQHV TXHUHJLVWUDDOJXQDGLVFDSDFLGDGILQDOL]DHOQLYHO SULPDULRDOWLHPSRTXHHOGHODVPXMHUHVOR KDFH

6LQHPEDUJRDOREVHUYDUORVGDWRVGHODSREODFLyQ LQGtJHQDVHHYLGHQFLDEDXQDEUHFKDGHDVLVWHQFLD SRUVH[RVRVWHQLGDJHQHUDOL]DGDHLQWHQVD ([FHSWR+RQGXUDVHQHOUHVWRGHORVSDtVHVODV PXMHUHVPDQLIHVWDEDQSRUFHQWDMHVGHDVLVWHQFLD VHQVLEOHPHQWHPHQRUHVHVSHFLDOPHQWHHQDTXHOORV FRQPD\RUSREODFLyQLQGtJHQD(VWHLQGLFDGRU H[SUHVDODVGHVLJXDOHVRSRUWXQLGDGHVTXHWLHQHQ ODVPXMHUHVLQGtJHQDVGHDFFHGHUDXQDHGXFDFLyQ VHFXQGDULDHQODUHJLyQODWLQRDPHULFDQDTXLHQHV SRUHOORFRQVWLWX\HQXQDSREODFLyQGHDWHQFLyQ SULRULWDULDSDUDODLGHQWLILFDFLyQ\UHPRFLyQGHODV EDUUHUDVTXHJHQHUDQ\VRVWLHQHQHVWDH[FOXVLyQ HGXFDWLYD$VLPLVPRHVWRDOHUWDVREUHODQHFHVLGDG GHHODERUDULQIRUPDFLyQUHJLRQDOPiVDFWXDOL]DGD\ FRPSOHWDDFHUFDGHODVLWXDFLyQGHHVFRODULGDGGH ODVSREODFLRQHVLQGtJHQDV

3DUDHOFDVRUHJLRQDOHOLQIRUPHSUHVHQWD LQIRUPDFLyQGHDOJXQRVSDtVHVGRQGHVHUDWLILFD TXHODHVFRODUL]DFLyQGHODSREODFLyQFRQ GLVFDSDFLGDGHVVLJQLILFDWLYDPHQWHPHQRU DSUR[LPDGDPHQWHODPLWDG DODHVFRODUL]DFLyQGH ODSREODFLyQVLQGLVFDSDFLGDGSDUDHOPLVPRWUDPR GHHGDGFRPRVHREVHUYDHQORVGRVSDtVHVGHO *UiILFR

1LxRV\QLxDV\DGROHVFHQWHV FRQGLVFDSDFLGDG

*5Ã&#x2C6;),&2  3RUFHQWDMHGHODSREODFLyQ±SRUFRQGLFLyQGH GLVFDSDFLGDG±TXHVHHQFXHQWUDPDWULFXODGD HQHOVLVWHPDHGXFDWLYR(VWDGR3OXULQDFLRQDO GH%ROLYLD\5HS~EOLFDGH&RORPELD

8QDGHODVPD\RUHVGLILFXOWDGHVSDUDHVWXGLDUHQ SURIXQGLGDGODFREHUWXUD\FDOLGDGGHODRIHUWD HGXFDWLYDSDUD11$FRQGLVFDSDFLGDGHVODIDOWDGH LQIRUPDFLyQUHJLRQDO\QDFLRQDOVREUHHVWD VLWXDFLyQ(O(VWXGLR*OREDO©5HSRUWRQ 'LVDELOLWLHVªFRQGXFLGRSRUOD2UJDQL]DFLyQ 0XQGLDOGHOD6DOXG\%DQFR0XQGLDOHVXQYDOLRVR VRSRUWHGHDQiOLVLVHQHOPDUFRGHORVFRPSURPLVRV DVXPLGRVHQOD&RQYHQFLyQ,QWHUQDFLRQDOGHORV 'HUHFKRVGHODV3HUVRQDVFRQ'LVFDSDFLGDG YLJHQWHGHVGH

 

 

 



 

 

  

 

   

 



/RVGDWRVSUHVHQWDGRVHQHO(VWXGLR*OREDO HVWLPDQTXHDOUHGHGRUGHOGHODSREODFLyQ GHOPXQGRSRVHHGLVFDSDFLGDGHVGHVGHOHYHV\ WUDQVLWRULDVKDVWDPRGHUDGDVRVHYHUDVHQWRGRV ORVWUDPRVGHHGDG(QUHODFLyQFRQODSREODFLyQGH DDxRV 7DEOD ODSUHYDOHQFLDHQODUHJLyQGH GLVFDSDFLGDGHVPRGHUDGDV\VHYHUDVSDUDORV



%ROLYLD

%ROLYLD

&RORPELD

DDxRVGHHGDG 3REODFLyQVLQGLVFDSDFLGDG

&RORPELD

DDxRVGHHGDG 3REODFLyQFRQGLVFDSDFLGDG

)XHQWH*OREDO5HSRUWRQ'LVDELOLWLHV2UJDQL]DFLyQ0XQGLDOGH OD6DOXG\%DQFR0XQGLDODxR

7$%/$ 3REODFLyQGHDDxRVSRUVLWXDFLyQGHGLVFDSDFLGDG 3URPHGLRPXQGLDO

3DtVHVGHDOWRLQJUHVR

3DtVHVGH$PpULFDGHEDMRRPHGLRLQJUHVR

6HYHUD







0RGHUDGD







)XHQWH*OREDO5HSRUWRQ'LVDELOLWLHV2UJDQL]DFLyQ0XQGLDOGHOD6DOXG\%DQFR0XQGLDODxR




SDUDOD&RRSHUDFLyQ\HO'HVDUUROOR(FRQyPLFR 2&'( HVWLPDTXHHQWUHXQ\XQGHORV HVWXGLDQWHVWHQGUiQQHFHVLGDGHVHGXFDWLYDV HVSHFLDOHVHQDOJ~QPRPHQWRGHVXLWLQHUDULR HVFRODU(QHOHVWXGLRGHUHIHUHQFLDVHSRQHHOIRFR HQODHGXFDFLyQGHHVWXGLDQWHVFRQ GLVFDSDFLGDGHVHQYH]GHHQODGHILQLFLyQPiV DPSOLDGHQLxRV\DGROHVFHQWHVFRQQHFHVLGDGHV HVSHFLDOHV

$OFRPSDUDUODSURSRUFLyQGHHVWXGLDQWHVFRQ GLVFDSDFLGDGSDUDORVTXHVHGHVWLQDQDFFLRQHV GHQWURGHOVLVWHPDHGXFDWLYRHQUHODFLyQFRQOD SREODFLyQTXHVHFRQVLGHUDSDGHFHDOJXQD GLVFDSDFLGDGVHREVHUYDXQDEUHFKDLPSRUWDQWH (QHOWUDPRGHODHGXFDFLyQSULPDULDTXHVHJ~QVH KDSUHVHQWDGRSUHYLDPHQWHWLHQHXQDDPSOLD FREHUWXUDHQODUHJLyQORVHVWXGLDQWHVFRQ GLVFDSDFLGDGTXHSDUWLFLSDQGHUHFXUVRVGHO VLVWHPDHGXFDWLYRRVFLODQHQWUHHOHQ 1LFDUDJXD\FDVLHOHQ8UXJXD\$~QHQHVWH ~OWLPRFDVRVHHVWDUtDDWHQGLHQGRPHQRVGHOD PLWDGGHODSREODFLyQFRQGLVFDSDFLGDG&DEH GHVWDFDUTXHODFREHUWXUDHQHGXFDFLyQLQLFLDOHV DQiORJDHQHGXFDFLyQVHFXQGDULDEiVLFDFDH GUiVWLFDPHQWH\HVFDVLLQH[LVWHQWHHQHGXFDFLyQ PHGLDVXSHULRU

5HVXOWDFRPSOHMRGLVSRQHULQIRUPDFLyQDFHUFDGHOD LQFLGHQFLDODGLVWULEXFLyQ\ODVWHQGHQFLDVVREUH GLVFDSDFLGDG\DTXHQRH[LVWHQDFXHUGRVVREUHVX GHILQLFLyQQLVREUHFXiOHVODPHWRGRORJtDDGHFXDGD SDUDPHGLUHOIHQyPHQR(OHQIRTXHPiVGLIXQGLGR VXHOHDERUGDUODGLVFDSDFLGDGDWUDYpVGHXQ~QLFR DVSHFWRORVLPSHGLPHQWRVVHQVRULDOHVItVLFRV PHQWDOHVRLQWHOHFWXDOHV/DVSHUVRQDVFRQ HQIHUPHGDGHVFUyQLFDVGLILFXOWDGHVSDUD FRPXQLFDUVHXRWURVLPSHGLPHQWRVQRVLHPSUH TXHGDQLQFOXLGDVHQODVHVWLPDFLRQHVDSHVDUGH HQFRQWUDUGLILFXOWDGHVHQVXYLGDFRWLGLDQD

1RKD\DFXHUGRVXQLYHUVDOHVDFHUFDGHORV FRQFHSWRVGHQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHV\ GHHGXFDFLyQLQFOXVLYDORTXHGLILFXOWDOD FRPSDUDFLyQGHORVGDWRV/DFDWHJRUtDFXELHUWD SRUORVWpUPLQRV©QHFHVLGDGHVGHHGXFDFLyQ HVSHFLDOª©QHFHVLGDGHVHGXFDWLYDVHVSHFLDOHVª\ ©HGXFDFLyQHVSHFLDOªHVPiVDEDUFDGRUDTXHODGH HGXFDFLyQGHQLxRV\QLxDVFRQGLVFDSDFLGDG SRUTXHLQFOX\HDQLxRVFRQRWUDVQHFHVLGDGHVSRU HMHPSORQHFHVLGDGHVJHQHUDGDVSRUFLHUWDV GHVYHQWDMDVGHJpQHURGHHWQLDSRUODFRQGLFLyQ GHSREUH]DSRUJXHUUDXRUIDQGDG/D2UJDQL]DFLyQ

Â&#x2039;81,&()9LOODU

8QFRQFHSWRPiVGLQiPLFR\PXOWLGLPHQVLRQDO SURSRQHDQDOL]DUODGLVFDSDFLGDGDWUDYpVGHODV OLPLWDFLRQHVDODDFFLyQ\ODSDUWLFLSDFLyQ\GHVWDFD ODLPSRUWDQFLDGHFRQRFHUORVIDFWRUHVFRQWH[WXDOHV \DTXHSHUVRQDVFRQHOPLVPRLPSHGLPHQWR SXHGHQH[SHULPHQWDUGLVWLQWRVWLSRV\JUDGRVGH UHVWULFFLRQHVGHSHQGLHQGRGHOFRQWH[WR




*5Ã&#x2C6;),&2  (VWXGLDQWHVSRUHGDG\FRQGLFLyQGHHGDGWRWDO\SHUWHQHFLHQWHDSREODFLyQDIURGHVFHQGLHQWH &RORPELD\%UDVLO$xR &RORPELD 7RWDOSDtV           

%UDVLO 7RWDOSDtV         

           DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV

           DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV

$IURDPHULFDQRV          

$IURDPHULFDQRV

           DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV

(GDGWHyULFD

          

DxRUH]DJR

           DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV

\PiVDxRVUH]DJR

7RWDO

)XHQWHHODERUDFLyQSURSLDHQEDVHDGDWRVGH,QVWLWXWR1DFLRQDOGH(VWXGRVH3HVTXLVDV(GXFDFLRQDLV5HS~EOLFDGH%UDVLO\6LVWHPD GH0DWUtFXOD0LQLVWHULRGH(GXFDFLyQ1DFLRQDO5HS~EOLFDGH&RORPELD

1LxRVQLxDV\DGROHVFHQWHV DIURGHVFHQGLHQWHV

PD\RUYXOQHUDELOLGDGVRFLDOTXHHOUHVWRGHORV KDELWDQWHV

'HVGHHOSHUtRGRKLVWyULFRTXHVHLQLFLDFRQOD FRORQL]DFLyQGH$PpULFD/DWLQD\FRPR FRQVHFXHQFLDGHODWUDWDWUDQVDWOiQWLFDGH SHUVRQDVPiVGHPLOORQHVGHDIULFDQRV DUULEDURQDHVWDVWLHUUDVHQIRUPDIRU]DGD SDUDWUDEDMDUHQFRQGLFLyQGHHVFODYRVHQHO VLVWHPDGHYLROHQFLDLQVWLWXFLRQDOL]DGDGHPD\RU PDJQLWXGGHODKLVWRULD'HVGHORVSURFHVRV LQGHSHQGHQWLVWDVGHORVSDtVHVGHODUHJLyQKDVWD ODDFWXDOLGDGVHKDDYDQ]DGRVLJQLILFDWLYDPHQWHHQ HOSODQROHJDO\VRFLDOSDUDJDUDQWL]DUODLJXDOGDG GHGHUHFKRV\RSRUWXQLGDGHVSDUDORV GHVFHQGLHQWHVGHHVWDVSREODFLRQHVGHRULJHQ DIULFDQR6LQHPEDUJRD~QKR\HQGtDHQ QXPHURVRVSDtVHVGHODUHJLyQODVSREODFLRQHV DIURGHVFHQGLHQWHVVHHQFXHQWUDQHQVLWXDFLyQGH

(QHOiPELWRHGXFDWLYRQXPHURVRVQLxRV\QLxDV SHUWHQHFLHQWHVDSREODFLRQHVDIURGHVFHQGLHQWHV SDGHFHQODYXOQHUDFLyQGHVXVGHUHFKRVGH DSUHQGL]DMHSURGXFWRGHODH[FOXVLyQVRFLDOGHVXV FRPXQLGDGHV\VRQDIHFWDGRVSRUDFWLWXGHV UDFLVWDV\[HQyIREDVTXHVHPDQLILHVWDQHQODV HVFXHODV6LQHPEDUJRODIDOWDGHLQIRUPDFLyQ VLVWHPDWL]DGDFRQVWUX\HXQHVFHQDULRGH ©LQYLVLELOLGDGHVWDGtVWLFDªGHHVWDVSREODFLRQHV TXHGDQGRUHOHJDGRV\SRFRDWHQGLGRVHQVXV GHPDQGDVSRUPD\RUHTXLGDG\OLPLWiQGRVHODV SRVLELOLGDGGHDFFLyQGHORV(VWDGRVQDFLRQDOHV &RQHOREMHWRGHFDUDFWHUL]DUODVGHVLJXDOHV RSRUWXQLGDGHVHGXFDWLYDVGHODSREODFLyQ DIURDPHULFDQDHQHO*UiILFRVHSUHVHQWDQ DOJXQRVGDWRVGH&RORPELD\%UDVLOVLVWHPDWL]DGRV SDUDHVWDLQLFLDWLYD





 81,&()  0DQXDOGHORV$IURGHVFHQGLHQWHVGH ODV$PpULFDV\HO&DULEH(QZZZXQLFHIRUJODF PDQXDODIURGHVFSGI



 &(3$/  ©/DH[SHULHQFLDDIURGHVFHQGLHQWH\OD YLVLELOLGDGHVWDGtVWLFDHQ(FXDGRUª(QZZZHFODFRUJ SXEOLFDFLRQHV[PO:DIURGHVFHQGLHQWHSGI


Â&#x2039;81,&()&RVWD5LFD%HOO

3RURWUDSDUWHHOWRWDOGHLQVFULWRVSRUHGDGSHUPLWH DQDOL]DUORVQLYHOHVGHSURJUHVLyQHVFRODU\ DEDQGRQRODUHODFLyQHQWUHODGLDJRQDOFUHFLHQWHHQ ODVHGDGHVLQLFLDOHV\ODGLDJRQDOGHFUHFLHQWHGHODV HGDGHVILQDOHVUHIOHMDGLVWLQWRVQLYHOHVGH DEDQGRQR'HVGHHVWDPLUDGDSRGHPRVREVHUYDU GLYHUVLGDGGHVLWXDFLRQHVHQ&RORPELDVH HYLGHQFLDXQDWHQGHQFLDGHDEDQGRQRPXFKRPiV LQWHQVDHQODSREODFLyQDIURGHVFHQGLHQWHSRUFDGD QLxRVDIURGHVFHQGLHQWHVTXHDVLVWHQFRQ DxRVKD\HQODHVFXHODDORV&DEHGHVWDFDU TXHHQHOWRWDOSDtVHVWDUHODFLyQHVGHD (QFDPELRHQ%UDVLOHVWHGLIHUHQFLDOHQODFDtGDGHO WRWDOGHHVWXGLDQWHVHVWiSUHVHQWHSHURQRHVWDQ PDUFDGRSRUFDGDHVWXGLDQWHV DIURGHVFHQGLHQWHVGHDxRVKD\GHDxRV HQHOWRWDOGHOSDtVODUHODFLyQHVGHD  &DEHGHVWDFDUTXHDXQTXHORVHVWXGLDQWHV DIURGHVFHQGLHQWHVSHUPDQHFHQPiVWLHPSRHQHO VLVWHPDHGXFDWLYRORKDFHQFRQPD\RUHVQLYHOHV GHUH]DJR

/DUHODFLyQHQWUHOD]RQDGHUH]DJR QDUDQMD\URMD  \ODGHHGDGWHyULFD FHOHVWH LQGLFDODSURSRUFLyQGH HVWXGLDQWHVFRQUH]DJRHQODVHGDGHVSUHVHQWDGDV 'HHVWDIRUPDHOFUHFLPLHQWRGHOD]RQDQDUDQMD \HOGHFUHFLPLHQWRGHODFHOHVWHLQGLFDQXQDPD\RU SURSRUFLyQGHHVWXGLDQWHVTXHDVLVWHQDXQJUDGR PHQRUDOTXHOHFRUUHVSRQGHSRUVXHGDG (VWDFRQGLFLyQGHUH]DJRGHORVHVWXGLDQWHVSHUPLWH LGHQWLILFDUODVGLIHUHQFLDVHQODVWUD\HFWRULDV HGXFDWLYDVHQUHODFLyQDOWRWDOWDQWRHQ&RORPELD FRPRHQ%UDVLOODSREODFLyQDIURGHVFHQGLHQWH PXHVWUDQLYHOHVGHUH]DJRPXFKRPiVDPSOLRVTXH HOWRWDOGHOSDtVORTXHLQGLFDTXHORVQLxRV\QLxDV GHHVWDVFRPXQLGDGHVKDQDWUDYHVDGRPiV IUHFXHQWHPHQWHVLWXDFLRQHVGHLQJUHVRWDUGtR\ IUDFDVRHVFRODU(Q&RORPELDDORVDxRVGHHGDG ORVHVWXGLDQWHVDIURGHVFHQGLHQWHVWLHQHQXQ PiVGHSUREDELOLGDGHVGHHVWDUHQUH]DJRHVFRODU TXHHOUHVWRGHODSREODFLyQ(Q%UDVLOSDUDOD PLVPDHGDGHVWDSUREDELOLGDGHVXQPD\RU




&DStWXOR %DUUHUDVTXHSURGXFHQRDJUDYDQODH[FOXVLyQ (QFXDGUHVREUHEDUUHUDV \VXViPELWRV

SRUTXHFRQHOORVHJHQHUDXQSHQVDPLHQWREDVDGR SULQFLSDOPHQWHHQSHUFHSFLRQHVKDELWXDOHV \OXJDUHVFRPXQHV'HDOOtHVIiFLOOOHJDU DFRQFOXVLRQHVHUUDGDVTXHGLVLPXODQODVFDXVDV UHDOHVGHOSUREOHPD\TXLWDQLPSXOVRDODE~VTXHGD GHQXHYRVFRQRFLPLHQWRV\GHODVDFFLRQHV QHFHVDULDVSDUDVXSHUDUOR

(QHO&DStWXORVHFDUDFWHUL]yODVLWXDFLyQ GHH[FOXVLyQDSDUWLUGHLQGLFDGRUHVFODYHTXH UHIOHMDQORVFRPSRUWDPLHQWRVGHOVLVWHPDHOQR DFFHVRDOQLYHOLQLFLDORODLQVFULSFLyQFRQUH]DJR HOLQJUHVRWDUGtRDODHGXFDFLyQSULPDULDOD HVFRODULGDGFRQUH]DJRHQSULPDULD\HQVHFXQGDULD \HODEDQGRQRHVFRODUSRUSDUWHGHDGROHVFHQWHV $VtORVLWLQHUDULRVHVFRODUHVVHYHQSHUWXUEDGRVSRU HOLQJUHVRWDUGtR\HODOWRIUDFDVRPDQLIHVWDGRFRPR UHSLWHQFLD\DEDQGRQR7DOHVVLWXDFLRQHVUHYLVWHQ JUDYHGDGYDULDEOHVHJ~QFLHUWRVIDFWRUHVFRPRSRU HMHPSORODUHVLGHQFLDHQiPELWRVUXUDOHVRXUEDQRV RODSHUWHQHQFLDDJUXSRVpWQLFRV\HOJpQHUR6H UHJLVWUDFRQFODULGDGXQSDWUyQFRP~QDWRGDVODV VLWXDFLRQHVDQWHVPHQFLRQDGDVHOVLVWHPDDSOLFD XQ©ILOWURªDOLQLFLRGHFDGDWUDPRHGXFDWLYRFRQ PDWLFHVSURSLRVGHFDGDFRQWH[WRSHUR VRVWHQLHQGRHOFDUiFWHUHVWUXFWXUDOGHO FRPSRUWDPLHQWR

(VWHFDStWXORDQDOL]DORVSURFHVRVTXHVHUHIOHMDQ HQORVUHVXOWDGRVGHORVVLVWHPDVHGXFDWLYRV GHODUHJLyQFRQXQDPLUDGDDWHQWDDORVSHUILOHV LGHQWLILFDGRVVLQOLPLWDUVHDORVIDFWRUHV GHPD\RUYLVLELOLGDGQLFRQIRUPDUVHFRQ DILUPDFLRQHVDSULRULWHQLHQGRVLHPSUHFRPR UHIHUHQFLDODPHWDGHORJUDUODHVFRODUL]DFLyQWRWDO RSRUWXQDVRVWHQLGD\SOHQDGHQLxDVQLxRV \DGROHVFHQWHV 3DUDODRUJDQL]DFLyQGHHVWHFDStWXORVHXWLOL]D ODFODVLILFDFLyQGHODVEDUUHUDVRULHQWDGD SRUHOPDUFRPHWRGROyJLFR\FRQFHSWXDOGH OD,QLFLDWLYD*OREDOSRUORV1)(FRQVLGHUDQGR FXDWURiPELWRV

(OVHJXQGRSDVRGHOHQIRTXHDGRSWDGRSRU 81,&()\HO8,681(6&2SDUDOD,QLFLDWLYD*OREDO SRUORV1)(LQFOX\HHODQiOLVLVGHORVIDFWRUHVTXH LQWHUYLHQHQHQORVSURFHVRVGHH[FOXVLyQHVFRODU DFWXDORSRWHQFLDO(VWRLPSOLFDUHYLVDUODVEDUUHUDV TXHRSHUDQSDUDFRQVWUXLUORVFXHOORVGHERWHOODTXH LPSLGHQORJUDUODVPHWDVGHHVFRODUL]DFLyQSDUD FDGDJUXSRGHHGDG

Ã&#x2C6;PELWR%DUUHUDVHFRQyPLFDVGHODGHPDQGDGH HGXFDFLyQ Ã&#x2C6;PELWR%DUUHUDVVRFLRFXOWXUDOHVHQODGHPDQGD SRUHGXFDFLyQ Ã&#x2C6;PELWR%DUUHUDVPDWHULDOHVSHGDJyJLFDV \VLPEyOLFDVGHODRIHUWDHQODVHVFXHODV

/DH[SUHVLyQFXHOORGHERWHOODDOXGHDORV PRPHQWRVGRQGHVHSURGXFHXQDUHVWULFFLyQ RDOWHUDFLyQGHOUHFRUULGRGHORVHVWXGLDQWHV SRUHOVLVWHPDHGXFDWLYRVLWXDFLyQGHVFULSWDFRPR XQDIRWRJUDItDGHODVFLQFRGLPHQVLRQHVGH ODH[FOXVLyQ

Ã&#x2C6;PELWR%DUUHUDVSROtWLFDVILQDQFLHUDV\WpFQLFDV GHODRIHUWDGHOVLVWHPDHGXFDWLYR &DGDXQRGHHVWRViPELWRVFRQWLHQH DJUXSDPLHQWRVGHEDUUHUDVFRQIRUPH ODVFDUDFWHUtVWLFDVGHORVIDFWRUHV TXHODVFRQILJXUDQ

8QDFXHVWLyQIXQGDPHQWDODWHQHUSUHVHQWHDTXt HVODGLVWLQFLyQHQWUHIDFWRUHVFRQFXUUHQWHV \IDFWRUHVFDXVDOHVGHODH[FOXVLyQHGXFDWLYD 6LELHQORVIDFWRUHVFRQFXUUHQWHVRFRQFRPLWDQWHV VRQLPSUHVFLQGLEOHVSDUDODFDUDFWHUL]DFLyQGHODV VLWXDFLRQHV±SRUORTXHQRSXHGHQVHULJQRUDGRVQL VXEHVWLPDGRV±KD\XQULHVJRHQDVLJQDUYDORU H[SOLFDWLYRDXQIDFWRUFRQFXUUHQWH VHDOD SREUH]DHOFDUiFWHUpWQLFRODFRQGLFLyQUXUDO 

(QHO&XDGURVHHVTXHPDWL]DODUHODFLyQHQWUH ODVGLPHQVLRQHVGHH[FOXVLyQFXDQWLILFDGDV \FDUDFWHUL]DGDVHQHO&DStWXOR\ORViPELWRV GHEDUUHUDVLQFRUSRUDGDVHQHOLQIRUPH 6HGHVDJUHJDQORVDJUXSDPLHQWRV\VHSUHVHQWD ODLGHDFHQWUDOGHFDGDEDUUHUDTXHVHGHVDUUROODUi HQHVWHFDStWXOR




&8$'52 'LPHQVLRQHVGHH[FOXVLyQ\EDUUHUDVDVRFLDGDV Ã&#x2C6;PELWRVGHEDUUHUDV

$JUXSDPLHQWRVGHEDUUHUDV

%DUUHUDVHFRQyPLFDVHQ ODGHPDQGDSRUHGXFDFLyQ ,QVXILFLHQFLDGH LQJUHVRVSDUD VXEVLVWHQFLD

'LILFXOWDGSDUD DIURQWDUFRVWRV GLUHFWRV

'LPHQVLyQ 1LxRV\QLxDV HQHGDGGH HGXFDFLyQ LQLFLDODQWHVGH ODSULPDULDTXH QRDVLVWHQDOD HVFXHOD

PLOORQHVGH &RVWRGHWUDVODGR 3REUH]DH[WUHPD QLxRV\QLxDV \FRPLGD H[FOXLGRVGHOD HGXFDFLyQ &RVWRVGH LQLFLDO PDWUtFXOD

'LPHQVLyQ 1LxRV\QLxDV HQHGDGGH HGXFDFLyQ SULPDULDTXHQR DVLVWHQDOD HVFXHOD

PLOORQHVGH &RVWRGHWUDVODGR 3REUH]DH[WUHPD QLxRV\QLxDV \FRPLGD H[FOXLGRVGHO VLVWHPD HGXFDWLYR &RVWRVGH 7UDEDMRLQIDQWLO PDWUtFXOD

'LPHQVLyQ $GROHVFHQWHV HQHGDGGH VHFXQGDULDTXH QRDVLVWHQDOD HVFXHOD

PLOORQHVGH &RVWRGHWUDVODGR 3REUH]DH[WUHPD DGROHVFHQWHV \FRPLGD H[FOXLGRVGHO VLVWHPD &RVWRVGH HGXFDWLYR 7UDEDMRLQIDQWLO PDWHULDOHVSDUD ODHVFXHOD &RVWRVGH PDWUtFXOD



%DUUHUDVVRFLRFXOWXUDOHV HQODGHPDQGDSRU HGXFDFLyQ

%DUUHUDVPDWHULDOHV

'HVDMXVWHVHQODV (VFXHODVTXHQR UHSUHVHQWDFLRQHVVREUH FXHQWDQFRQUHFXUVRV HOGHUHFKRDOD PDWHULDOHVEiVLFRV HGXFDFLyQ ([SHFWDWLYDV GHVDMXVWDGDV RGHVIDYRUDEOHV

)DOWDRGHWHULRURGH HGLILFLRVHVFRODUHV

'HVDFXHUGRVHQWUH FXOWXUDSRSXODU\FXOWXUD HVFRODU

([SHFWDWLYDV GHVDMXVWDGDV RGHVIDYRUDEOHV

)DOWDRGHWHULRURGH HGLILFLRVHVFRODUHV

'HVDFXHUGRVHQWUH FXOWXUDSRSXODU\FXOWXUD HVFRODU

([SHFWDWLYDV GHVDMXVWDGDVR GHVIDYRUDEOHV 'HVDFXHUGRVHQWUH FXOWXUDSRSXODU\FXOWXUD HVFRODU

)DOWDRGHWHULURGH HGLILFLRVHVFRODUHV


SHGDJyJLFDV\VLPEyOLFDVHQODRIHUWDHVFRODU (VFXHODVGRQGH VHJHQHUDQR WROHUDQSURFHVRV GHVHJUHJDFLyQ

(VFXHODVTXH SRVLELOLWDQHVFDVDV RSRUWXQLGDGHVGH DSUHQGHU

0HFDQLVPRV HQFXELHUWRVGH VHJUHJDFLyQ

0HFDQLVPRV HQFXELHUWRVGH VHJUHJDFLyQ

'RFHQWHVFRQ SRFRGRPLQLR SHGDJyJLFR

%DUUHUDVSROtWLFDVWpFQLFDV\GHILQDQFLDPLHQWRGHOVLVWHPD HGXFDWLYR 3URSXHVWDV WpFQLFDVTXHQRVRQ HILFDFHV\ SHUWLQHQWHVSDUD ORJUDUODLQFOXVLyQ

(VFXHODVFRQ FOLPDYLQFXODU\ SHGDJyJLFR GHWHULRUDGR

2IHUWDHGXFDWLYD IDOWDQWHHVFDVD LQDGHFXDGDR EXURFUDWL]DGD

3UHMXLFLRVVREUH ORVHVWXGLDQWHV

%UHFKDVGHRIHUWD 5HVWULFFLyQ HVFRODU SUHVXSXHVWDULD

)DOORVHQJHVWLyQ GHHGXFDFLyQLQLFLDO

'HVFXLGRVHQODV UHJODPHQWDFLRQHV

(GXFDFLyQQR SHUWLQHQWHSDUD SXHEORVLQGtJHQDV

)DOODVGH LQIRUPDFLyQVREUH ODH[FOXVLyQ

,QVXILFLHQWH DWHQFLyQDOD GLVFDSDFLGDG

,QDGHFXDFLyQGH QRUPDV

0DODVSUiFWLFDVGH 3UHMXLFLRVVREUH HYDOXDFLyQ\ ORVHVWXGLDQWHV SURPRFLyQ

)LQDQFLDPLHQWR LQVXILFLHQWH

%UHFKDVGHRIHUWD 5HVWULFFLyQ HVFRODU SUHVXSXHVWDULD )RUPDFLyQ GRFHQWHOHMDQDGH ODLQFOXVLyQ

3URSXHVWD HPSREUHFLGDSDUD SURJUHVDUHQ SULPDULD

'HVFXLGRVHQODV UHJODPHQWDFLRQHV

'HVYDORUL]DFLyQGH ODHVFXHODUXUDO

)DOODVGH LQIRUPDFLyQVREUH ODH[FOXVLyQ

(GXFDFLyQQR SHUWLQHQWHSDUD SXHEORVLQGtJHQDV

(VFXHODV GHVDWHQGLGDVSRU HOVLVWHPD

,QHILFDFLDGHO UHLQJUHVRGHORV HVWXGLDQWHV H[FOXLGRV ,QVXILFLHQWH DWHQFLyQDOD GLVFDSDFLGDG

0HFDQLVPRV HQFXELHUWRVGH VHJUHJDFLyQ

'RFHQWHVFRQ SRFRGRPLQLR SHGDJyJLFR

,QDGHFXDFLyQGH QRUPDV

0DODVSUiFWLFDVGH &OLPDHVFRODU HYDOXDFLyQ\ DJUHVLYR SURPRFLyQ 3UHMXLFLRVVREUH ORVHVWXGLDQWHV

%UHFKDVGHRIHUWD 5HVWULFFLyQ HVFRODU SUHVXSXHVWDULD

'HVSURWHFFLyQGHOD WUDQVLFLyQDOD VHFXQGDULD

)RUPDFLyQ GRFHQWHOHMDQDGH ODLQFOXVLyQ

'HVYDORUL]DFLyQGH ODHVFXHODUXUDO

'HVFXLGRVHQODV UHJODPHQWDFLRQHV

(GXFDFLyQQR SHUWLQHQWHSDUD SXHEORVLQGtJHQDV

)DOODVGH LQIRUPDFLyQVREUH ODH[FOXVLyQ

,QHILFDFLDGHO UHLQJUHVRGHORV HVWXGLDQWHV H[FOXLGRV

(VFXHODV GHVDWHQGLGDVSRU HOVLVWHPD

,QVXILFLHQWH DWHQFLyQDOD GLVFDSDFLGDG




Â&#x2039;81,&()+RQGXUDV3LUR]L

Ã&#x2C6;PELWRVGHEDUUHUDV

$JUXSDPLHQWRVGHEDUUHUDV

%DUUHUDVHFRQyPLFDVHQODGHPDQGD SRUHGXFDFLyQ

%DUUHUDVVRFLRFXOWXUDOHV HQODGHPDQGDSRU HGXFDFLyQ

,QVXILFLHQFLDGH LQJUHVRVSDUD VXEVLVWHQFLD

'HVDMXVWHVHQODV (VFXHODVTXHQR UHSUHVHQWDFLRQHVVREUH FXHQWDQFRQUHFXUVRV HOGHUHFKRDOD PDWHULDOHVEiVLFRV HGXFDFLyQ

'LILFXOWDGSDUD DIURQWDUFRVWRV GLUHFWRV

'LPHQVLyQ 1LxRVQLxDV\ DGROHVFHQWHV TXHDVLVWHQDOD HGXFDFLyQ SULPDULDFRQ ULHVJRGH DEDQGRQDU

&RVWRVGH PLOORQHVGH 3REUH]DH[WUHPD PDWHULDOHVSDUD QLxRV\QLxDV ODHVFXHOD HQULHVJRJUDYH \PLOORQHV HQULHVJR 7UDEDMRLQIDQWLO PRGHUDGRGH H[FOXVLyQ

'LPHQVLyQ $GROHVFHQWHV HQODHGXFDFLyQ VHFXQGDULD DVLVWHQFRQ ULHVJRGH DEDQGRQDU

&RVWRVGH PLOORQHVGH 3REUH]DH[WUHPD PDWHULDOHVSDUD DGROHVFHQWHV ODHVFXHOD HQULHVJRJUDYH \HQULHVJR PRGHUDGRGH 7UDEDMRLQIDQWLO H[FOXVLyQ

%DUUHUDVPDWHULDOHV

'HVDFXHUGRVHQWUH (TXLSDPLHQWR FXOWXUDSRSXODU\FXOWXUD GLGiFWLFRHPSREUHFLGR HVFRODU RLQH[LVWHQWH $XVHQFLDRHVFDVH] GHOLEURV )DOWDRGHWHULRURGH HGLILFLRVHVFRODUHV

([SHFWDWLYDV GHVDMXVWDGDVR GHVIDYRUDEOHV 'HVDFXHUGRVHQWUH FXOWXUDSRSXODU\FXOWXUD HVFRODU

$XVHQFLDRHVFDVH] GHOLEURV )DOWDRGHWHULRURGH HGLILFLRVHVFRODUHV

,QWHQVLGDGGHLQIOXHQFLDGHODEDUUHUDHQHOSURFHVRGHH[FOXVLyQGHFDGDGLPHQVLyQ  ,QIOXHQFLDPX\LQWHQVD   

(TXLSDPLHQWR GLGiFWLFRHPSREUHFLGR RLQH[LVWHQWH

 ,QIOXHQFLDLQWHQVD   

 ,QIOXHQFLDPHGLD




Â&#x2039;81,&()%HOLFH9LOODU

SHGDJyJLFDV\VLPEyOLFDVHQODRIHUWDHVFRODU (VFXHODVGRQGH VHJHQHUDQR WROHUDQSURFHVRV GHVHJUHJDFLyQ

(VFXHODVTXH SRVLELOLWDQHVFDVDV RSRUWXQLGDGHVGH DSUHQGHU

(TXLSRVGLUHFWLYRV 'RFHQWHVFRQ \GRFHQWHV SRFRGRPLQLR GpELOHV SHGDJyJLFR

(VFXHODVFRQ FOLPDYLQFXODU\ SHGDJyJLFR GHWHULRUDGR

2IHUWDHGXFDWLYD IDOWDQWHHVFDVD LQDGHFXDGDR EXURFUDWL]DGD

,QDGHFXDFLyQGH QRUPDV

)RUPDFLyQ 5HVWULFFLyQ GRFHQWHOHMDQDGH SUHVXSXHVWDULD ODLQFOXVLyQ

0HFDQLVPRVGH VHJUHJDFLyQ

0DODVSUiFWLFDVGH &OLPDHVFRODU HYDOXDFLyQ\ DJUHVLYR SURPRFLyQ

7LHPSRHVFRODU HVFDVR\QR DSURYHFKDGR

'RFHQWHVTXHQR 3UHMXLFLRVVREUH SXHGHQWUDEDMDUHQ ORVHVWXGLDQWHV ODGLYHUVLGDG

(TXLSRVGLUHFWLYRV 'RFHQWHVFRQ \GRFHQWHV SRFRGRPLQLR GpELOHV SHGDJyJLFR 0DODVSUiFWLFDVGH 0HFDQLVPRVGH HYDOXDFLyQ\ VHJUHJDFLyQ SURPRFLyQ 7LHPSRHVFRODU 'RFHQWHVTXHQR HVFDVR\QR SXHGHQWUDEDMDUHQ DSURYHFKDGR ODGLYHUVLGDG

%DUUHUDVSROtWLFDVWpFQLFDV\GHILQDQFLDPLHQWRGHOVLVWHPD HGXFDWLYR

&XUUtFXORV VDWXUDGRV

)LQDQFLDPLHQWR LQVXILFLHQWH

6REUHFRVWRGHO IUDFDVRHVFRODU

)DOODVGH LQIRUPDFLyQVREUH ODH[FOXVLyQ (VFXHODV GHVDWHQGLGDVSRU HOVLVWHPD

3URSXHVWDV WpFQLFDVTXHQRVRQ HILFDFHV\ SHUWLQHQWHVSDUD ORJUDUODLQFOXVLyQ 3URSXHVWDVIDOOLGDV GHDOIDEHWL]DFLyQ LQLFLDO 3URSXHVWD HPSREUHFLGDSDUD SURJUHVDUHQ SULPDULD 'HVYDORUL]DFLyQGH ODHVFXHODUXUDO

,QDGHFXDFLyQGH QRUPDV

)RUPDFLyQ 5HVWULFFLyQ GRFHQWHOHMDQDGH SUHVXSXHVWDULD ODLQFOXVLyQ

(GXFDFLyQQR SHUWLQHQWHSDUD SXHEORVLQGtJHQDV ,QVXILFLHQWH DWHQFLyQDOD GLVFDSDFLGDG 'HVSURWHFFLyQGHOD WUDQVLFLyQDOD VHFXQGDULD

&OLPDHVFRODU DJUHVLYR

&XUUtFXORV VDWXUDGRV

'HVYDORUL]DFLyQGH ODHVFXHODUXUDO

3UHMXLFLRVVREUH ORVHVWXGLDQWHV

)DOODVGH LQIRUPDFLyQVREUH ODH[FOXVLyQ (VFXHODV GHVDWHQGLGDVSRU HOVLVWHPD



6REUHFRVWRGHO IUDFDVRHVFRODU

(GXFDFLyQQR SHUWLQHQWHSDUD SXHEORVLQGtJHQDV ,QVXILFLHQWH DWHQFLyQDOD GLVFDSDFLGDG


(VWDVEDUUHUDVVHFRPELQDQGHGLVWLQWRVPRGRV SDUDFRQILJXUDUODH[FOXVLyQUDUDPHQWHXQDVROD EDUUHUDGHXQVRORiPELWRVHDXQIDFWRUH[SOLFDWLYR VXILFLHQWHPHQWHSRGHURVR0iVELHQHVQHFHVDULR LGHQWLILFDUHQFDGDFRQWH[WRODFRPELQDFLyQ HLQWHQVLGDGGHODVEDUUHUDVGHGLVWLQWRViPELWRV \DJUXSDPLHQWRV/DLQWHQVLGDGGHLQIOXHQFLDTXH VHDVLJQDHQHVWRVFXDGURVHVXQDUHIHUHQFLD JHQHUDO\WHQWDWLYDVXMHWDDDPSOLDUHOPDUFR GHFRQRFLPLHQWR

\QLxDVDODHVFXHOD %UDFKR\=DPXGLR 2&(0RUGXFKRZLF] 

$ORODUJRGHOWH[WRVHLQFOX\HXQDVHULHGHDSRUWHV FRQFHSWXDOHVFRPRLQVXPRVSDUDDQDOL]DU ODVEDUUHUDV\DYL]RUDUYtDVGHLQWHUYHQFLyQTXHVH GHVDUUROODUiQFRQPiVGHWDOOHHQHO&DStWXOR

(VWDVEDUUHUDVVHRUJDQL]DQHQGRVDJUXSDPLHQWRV ODVTXHUHILHUHQDODLQVXILFLHQFLDGHLQJUHVRVGH VXEVLVWHQFLD\ODVTXHPDQLILHVWDQODGLILFXOWDGSDUD HQIUHQWDUORVFRVWRVGLUHFWRVGHODHVFRODUL]DFLyQ

Ã&#x2C6;0%,72±%DUUHUDVHFRQyPLFDV SRUUHVWULFFLyQGHLQJUHVRV IDPLOLDUHV

$JUXSDPLHQWR ,QVXILFLHQFLDGHLQJUHVRVSDUD VXEVLVWHQFLD

/RVIDFWRUHVHFRQyPLFRVFRPRDTXHOORVOLJDGRV DODLQVXILFLHQFLDGHLQJUHVRVIDPLOLDUHVSXHGHQ LQFLGLUHQODH[FOXVLyQGHORV11$GHOVLVWHPD HGXFDWLYR(VWDLQVXILFLHQFLDWLHQHXQPD\RUQLYHO GHJUDYHGDGFXDQGRGLILFXOWDDODVIDPLOLDVDIURQWDU ODVQHFHVLGDGHVEiVLFDVGHVXEVLVWHQFLDFRQ ORFXDOQXPHURVRVGHUHFKRVGHODLQIDQFLD \DGROHVFHQFLDVHYHQDIHFWDGRVVHYHUDPHQWH VLWXDFLyQTXHUHTXLHUHXQDUHVROXFLyQXUJHQWH $GHPiV\VXSHUDQGRHYHQWXDOPHQWHHOXPEUDO GHVXEVLVWHQFLDODHVFDVH]GHUHFXUVRVGLILFXOWD DIURQWDUFRVWRVGLUHFWRVGHHVFRODULGDG\FRVWRV LQGLUHFWRVFRPRHOOODPDGRFRVWRGHRSRUWXQLGDG $QLYHOJHQHUDOKD\XQDFRUUHODFLyQSRVLWLYDHQWUH SRUXQODGRHOLQJUHVRGHORVKRJDUHV\SRUHORWUR ODVWDVDVGHHVFRODUL]DFLyQILQDOL]DFLyQ \SURPRFLyQGHVXVKLMRV\GHORVSURSLRVSDGUHV 1RREVWDQWHGLFKDUHODFLyQQRLPSOLFD QHFHVDULDPHQWHFDXVDOLGDGQLGHWHUPLQLVPR DEVROXWRHQUHODFLyQFRQHOIUDFDVRGHQWUR GHODHVFXHODRFRQHODEDQGRQR

%± ,168),&,(1&,$(;75(0$'(,1*5(626 )$0,/,$5(6

/RVGHUHFKRVGHLQVFULSFLyQRPDWUtFXODWDPELpQ REVWDFXOL]DQHODFFHVRDODHGXFDFLyQ$XQHQ ORVFDVRVTXHHO(VWDGRSURWHJHDORVVHFWRUHVPiV SREUHVFRQH[FHSFLRQHVDWDOHVFREURVHQOD SUiFWLFDVXHOHUHVXOWDUGLItFLOHODFFHVRDHVRV GLVSRVLWLYRVSRUTXHPXFKDVIDPLOLDVQRSXHGHQ FXPSOLUXQUHTXLVLWRRIRUPDOLGDGSDUDORJUDUOR

&RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

'

'

'LYHUVDVH[SORUDFLRQHVVREUHODVGHVLJXDOGDGHV GHUHVXOWDGRVHGXFDWLYRV \DVHDHQWpUPLQRVGH LWLQHUDULRHVFRODURGHDSUHQGL]DMHV XWLOL]DQ YDULDEOHVGHLQJUHVRIDPLOLDURHOQLYHOHGXFDWLYR GHORVSDGUHVSDUDGHVFULELUFDWHJRUL]DURH[SOLFDU HVRVUHVXOWDGRV'LFKDVYDULDEOHVVHHQFXHQWUDQ GLVSRQLEOHVDWUDYpVGHODVHQFXHVWDVGHKRJDUHV RGHODVHQFXHVWDVFRPSOHPHQWDULDVHQORV RSHUDWLYRVQDFLRQDOHVUHJLRQDOHVRLQWHUQDFLRQDOHV GHHGXFDFLyQ (QODUHJLyQDSHVDUGHORVSURJUHVRVHQPDWHULD VRFLDOTXHVHGLHURQHQORV~OWLPRVDxRVHV HOHYDGRHOSRUFHQWDMHGHSREODFLyQFRQEDMRV UHFXUVRV/RV~OWLPRVGDWRVGHSREUH]DH LQGLJHQFLDHODERUDGRVSRU&(3$/SDUDSDtVHV GHODUHJLyQLQGLFDQTXHHQHOGHOD SREODFLyQSHUWHQHFtDDODSULPHUDFDWHJRUtD\HO DODVHJXQGD &(3$/ 

(OYtQFXORHQWUHHOSDJRGHPDWUtFXODVRWURV FRVWRVGLUHFWRVHLQGLUHFWRV\ORVFRVWRVGH RSRUWXQLGDGKDVLGRWUDWDGRSRUODOLWHUDWXUD GHORTXHVHVDEHTXHORVJDVWRVGLUHFWRVH LQGLUHFWRVSDUDDVLVWLUDODHVFXHOD XQLIRUPHV ~WLOHVFRVWRVH[WUDHVFRODUHVWUDQVSRUWH DOLPHQWDFLyQ\VDOXG WLHQHQXQDPD\RU SDUWLFLSDFLyQHQORVJDVWRVHQTXHLQFXUUHQ ODVIDPLOLDVSREUHVHQFRPSDUDFLyQFRQODV GHPD\RUHVLQJUHVRV$VtODVIDPLOLDVSREUHVQR VXHOHQFRQWDUFRQVXILFLHQWHVUHFXUVRVSDUD HQIUHQWDUHVWRVFRVWRVTXHDFW~DQFRPREDUUHUD DIHFWDQGRODDVLVWHQFLDFRWLGLDQDGHORVQLxRV

/DIRUPDHQTXHODHVFDVH]GHUHFXUVRVIDPLOLDUHV UHSHUFXWHVREUHODHVFRODUL]DFLyQGHORVKLMRV UHYLVWHGLYHUVRVyUGHQHVGHJUDYHGDGGHPD\RU 



 &(3$/  6LWLRZHEHQKWWSZZZHFODFFOHVWDGLVWLFDV /RVSDtVHVVRQ$UJHQWLQD(VWDGR3OXULQDFLRQDOGH%ROLYLD %UDVLO&KLOH&RORPELD&RVWD5LFD(FXDGRU(O6DOYDGRU *XDWHPDOD+DLWt+RQGXUDV0p[LFR1LFDUDJXD3DQDPi 3DUDJXD\3HU~5HS~EOLFD%ROLYDULDQDGH9HQH]XHOD 5HS~EOLFD'RPLQLFDQD\8UXJXD\


DPHQRUL KD\IDPLOLDVPX\SREUHVTXHWLHQHQ LQJUHVRVLQVXILFLHQWHVGLUHFWDPHQWHSDUD ODVXEVLVWHQFLDSRUORTXHQRHVWiQHQFRQGLFLRQHV GHHVFRODUL]DUDVXVKLMRVLL DOJXQRVKRJDUHVGH EDMRVLQJUHVRVHVFRODUL]DQDVXVKLMRVSHURDIHFWDQ QHJDWLYDPHQWHVXLWLQHUDULRHVFRODUDOSDOLDUOD LQVXILFLHQFLDGHLQJUHVRVFRQHOWUDEDMRGHORV QLxRVLLL DOJXQDVIDPLOLDVFRQLQJUHVRVFHUFDQRV DODOtQHDGHVXEVLVWHQFLDQRSXHGHQSDJDU ORVFRVWRVGHWUDQVSRUWH\DOLPHQWDFLyQTXHLPSOLFD WHQHUDVXVKLMRVHQODHVFXHODLY DOJXQRVKRJDUHV TXHDOFDQ]DQDOOHYDUDVXVKLMRVHQODHVFXHODQR SXHGHQDIURQWDUORVFRVWRVGHPDWHULDOHVSDUD WUDEDMDUHQODHVFXHOD\HQFDVD\ILQDOPHQWH Y DOJXQDVIDPLOLDVQRSXHGHQDIURQWDUORVFRVWRV GHPDWULFXODFLyQTXHSHUFLEHQDOJXQDVHVFXHODV /RVFDVRVLL DY VHDQDOL]DQFRPREDUUHUDV HVSHFtILFDVDFRQWLQXDFLyQ

VHUtDPXFKRPiVDOWRTXHSDUDHOUHVWRGH ORVDOXPQRVSRUTXHVDEUtDQTXHORPiVSUREDEOHHV TXHQRORORJUHQ\ E HOEHQHILFLRVHUtDLQIHULRU SRUTXHWHQGUtDQXQFDSLWDOVRFLDOPiVEDMR\ HQFRQVHFXHQFLDXQDUHGGHFRQWDFWRVSDUDKDFHU YDOHUHOWtWXORPX\SHTXHxD'HDOOtVXUJHTXH ORUDFLRQDOQRVHUtD©VXELUHOPRQWRªSDUDILQDQFLDU HVHPD\RUSUHFLRVLQRRSHUDUVREUHHOULHVJRGHQR FRPSOHWDUORVQLYHOHVREOLJDWRULRVGHHGXFDFLyQ 3RUVXSDUWH\HQRWURiQJXORGHDQiOLVLV+DQGD \'DYLV  H[SUHVDQODSRVWXUDGHTXHHVRV SURJUDPDVSRGUtDQQRWHQHULPSDFWRHQOD HVFRODUL]DFLyQGHELGRDTXHVLELHQODHGXFDFLyQ HVFRQVLGHUDGDXQELHQQRUPDO HVGHFLUFX\D GHPDQGDDXPHQWDFRQHOLQFUHPHQWRGHOLQJUHVR  ORVPRQWRVWUDQVIHULGRVVHUtDQLQVXILFLHQWHV SDUDPRGLILFDUHOFRPSRUWDPLHQWRGHORVKRJDUHV GHPDQHUDTXHGHVWLQHQXQDSURSRUFLyQGHHVH GLQHURDORVJDVWRVGHHVFRODUL]DFLyQ

+D\TXHFRQVLGHUDUDGLFLRQDOPHQWHTXHSDUD PXFKDVIDPLOLDVGHHVFDVRVUHFXUVRVORVFRVWRV DVRFLDGRVDODHVFRODUL]DFLyQGHORVQLxRV \MyYHQHV±FRPRHOWUDQVSRUWHDOLPHQWR~WLOHV XQLIRUPHVHWF±WLHQHQXQDPD\RULQFLGHQFLD HQODHVWUXFWXUDGHLQJUHVRVVLVHFRPSDUDFRQ ORTXHVXFHGHHQKRJDUHVTXHGLVSRQHQGHPD\RU FDSDFLGDGHFRQyPLFD(QRWUDVSDODEUDVGDGD XQDGHWHUPLQDGDHVWUXFWXUDGHFRVWRVILMDpVWD UHSUHVHQWDXQSRUFHQWDMHPD\RUFXDQGRORV UHFXUVRVIDPLOLDUHVWRWDOHVVRQPHQRUHV

(QORV~OWLPRVWLHPSRVVHOOHYDURQDFDER HQDOJXQRVSDtVHVORVOODPDGRVSURJUDPDV GHWUDQVIHUHQFLDFRQGLFLRQDGD 37& TXHH[LJHQ TXHODVIDPLOLDVSREUHVRH[WUHPDGDPHQWHSREUHV FXPSODQFLHUWRVFRPSURPLVRVDVRFLDGRVD ODPHMRUDGHOFDSLWDOKXPDQRSDUDUHFLELUUHFXUVRV PRQHWDULRV$KRUDELHQDXQVXSRQLHQGRTXHHVRV LQJUHVRVDOFDQ]DUDQSDUDLPSXOVDUODHVFRODUL]DFLyQ GHEHWHQHUVHHQFXHQWDTXHODLQVFULSFLyQ HQXQHVWDEOHFLPLHQWR\ODDVLVWHQFLDDFODVHVQR EDVWDQSDUDTXHHODSUHQGL]DMHVHDHIHFWLYR\SDUD TXHVHSURJUHVHHQODHVFXHODVLQIUDFDVRV(VSRU HVRTXHHVWRVSURJUDPDVGHEHQHVWDUDFRPSDxDGRV GHRWURVPiVHVSHFtILFRVGHVGHHOODGRGHODRIHUWD HGXFDWLYD6LHVWDFRPSOHPHQWDULHGDGQRH[LVWH HVHREMHWLYRGHODUJRSOD]RGHORV37&SHUGHUtD VHQWLGR +DQGD\'DYLV (VWRVDXWRUHV WDPELpQOODPDQODDWHQFLyQVREUHHOKHFKRTXH HVWRVSURJUDPDVVHFRQFHQWUDUtDQHQODV JHQHUDFLRQHVPiVMyYHQHV\GHMDUtDQGHODGRHO REMHWLYRGHDFXPXODFLyQGHFDSLWDOKXPDQRHQ DGXOWRVTXHH[FHGHQODHGDGHVFRODU

/RVSURJUDPDVGHWUDQVIHUHQFLDVWUDGLFLRQDOHV GHLQJUHVRSXHGHQWHQHUHIHFWRVSRVLWLYRV HQODHVFRODULGDGHQFLHUWRVFRQWH[WRV1RREVWDQWH VLVXREMHWLYRFHQWUDOHVODDWHQFLyQGHUHFXUVRV GLUHFWRVSDUDODVIDPLOLDVHQVLWXDFLyQGHH[WUHPD SREUH]DHQODSHUVSHFWLYDGHODGLVWULEXFLyQ GHLQJUHVRVGHELHUDQDQDOL]DUVHPiVSRU VXVLPSDFWRVHFRQyPLFRV\VRFLDOHVHQHOFRQVXPR GHELHQHVEiVLFRVTXHSRUVXLPSDFWRHQ ODHVFRODUL]DFLyQ/RVGDWRVLQGLFDQTXHORV SURJUDPDVGHWUDQVIHUHQFLDVLPSOLFDQXQDPHMRU GLVWULEXFLyQGHOLQJUHVR\EHQHILFLDUtDQDODQLxH] HQVXVFRQGLFLRQHVJHQHUDOHVGHYLGD$VtGHVGH HOSXQWRGHYLVWDGHODHTXLGDGHOUHVXOWDGR GHODLPSOHPHQWDFLyQGHHVWRVSURJUDPDVVHUtD SRVLWLYRDXQTXHHODQiOLVLVH[KDXVWLYRH[FHGH ORVOtPLWHVGHHVWHWUDEDMR

3RURWURODGR9LOODWRUR  FRQVLGHUDTXHD~Q UHVWDUtDDPSOLDUORV37&DOQLYHOSUHHVFRODU HQDOJXQRVSDtVHV\ORSODQWHDFRPRXQD RSRUWXQLGDGSDUD©OLEHUDUªDPLHPEURVGHODIDPLOLD GHOFXLGDGRGHORVQLxRVGHPRGRTXHVH SURPRYHUtDVXIRUPDFLyQRLQVHUFLyQHQHOPHUFDGR ODERUDO(VWRDVXYH]FRQWULEXLUtDDPHMRUDU HOLQJUHVRGHOKRJDU 9LOODWRUR$UDXMR \/ySH]%RR 

%RXUGLHX\3DVVHURQ  VXJLHUHQKLSyWHVLVTXH SRGUtDQVHU~WLOHVSDUDH[SOLFDUHOHVFDVRHIHFWR TXHHVWDVDFFLRQHVWLHQHQHQODHVFRODUL]DFLyQ HQUHODFLyQFRQODVH[SHFWDWLYDVSUHYLDV 3DUDTXLHQHVWLHQHQDOWDVFKDQFHVGHIUDFDVDU HQHOLQWHQWRGHWHUPLQDUODHVFXHODVHLQVWDOD ODSHUFHSFLyQGHTXH D HOFRVWRGHSHUPDQHFHU

6LQHPEDUJRYDOHGHVWDFDUTXHGDGRTXHORV37& EXVFDUtDQURPSHUFRQODUHSURGXFFLyQ




FDVRVXHOHWHQHUFDUiFWHUHVWDFLRQDO FRVHFKDV ODEUDQ]DV PLHQWUDVTXHHQODVXUEDQDV HQJHQHUDOHVPiVSHUPDQHQWH(VWRVFDVRV GHEHQVHUVHYHUDPHQWHSHUVHJXLGRVHQWDQWRQR VRORDIHFWDQHOGHUHFKRDODHGXFDFLyQVLQRTXH WDPELpQQLHJDQGHUHFKRVKXPDQRVHOHPHQWDOHV \SRQHQHQVHYHURVULHVJRVODVDOXGItVLFD\ HPRFLRQDOGHORVQLxRV

LQWHUJHQHUDFLRQDOGHODSREUH]DHOSRFRWLHPSR WUDQVFXUULGRGHVGHODLPSOHPHQWDFLyQGHHVWDV SROtWLFDVKDFHTXHWRGDYtDQRVHSXHGDGHWHUPLQDU VXp[LWRQRKDEUtDVXILFLHQWHVSHUVRQDVTXHKD\DQ OOHJDGRDODHGDGDGXOWDFRPRSDUDWRPDUSRVLFLyQ DOUHVSHFWR 'HVGHXQHQIRTXHHGXFDWLYRORVHVWXGLRV UHDOL]DGRVKDVWDHOPRPHQWRQRVRQGHWHUPLQDQWHV DODKRUDGHFRQFOXLUUHVSHFWRGHOLPSDFWRHQOD DVLVWHQFLDHVFRODU,QFOXVRORVDQiOLVLVTXH PXHVWUDQLQFUHPHQWRVHQODHVFRODUL]DFLyQVH HQIUHQWDQFRQGLILFXOWDGHVSDUDH[SOLFDUOD FDXVDOLGDGHVGHFLUVLHVWHDXPHQWRVHGHEHDOD FRQGLFLRQDOLGDGRDODPHMRUDHQORVLQJUHVRV3RU HOOR\GDGDODFRPSOHMLGDGGHORVFRPSRUWDPLHQWRV HVQHFHVDULROOHYDUDFDERHVWXGLRVPiVSURIXQGRV DFHUFDGHOWHPD

±$FWLYLGDGHVHQODVSURSLDVFDVDVHVWHIDFWRUWLHQH YDULDQWHV\DVHDSRUHOFDUiFWHUHFRQyPLFR GLUHFWRGHOWUDEDMRGHORVQLxRVRELHQSRUVX FDUiFWHULQGLUHFWR(QHOSULPHUFDVRVXHOHVHU FRP~QHQ]RQDVUXUDOHV±QLxRVTXHD\XGDQ HQODVWDUHDVGHFDPSR±PLHQWUDVTXHHOVHJXQGR DIHFWDHVSHFLDOPHQWHDODVQLxDVTXHGHEHQ IDOWDUDFODVHSDUDFXLGDUKHUPDQRVSHTXHxRV RKDFHUWDUHDVGHODFDVD 9DOHODSHQDREVHUYDUTXHHOWUDEDMRGRPpVWLFR\D VHDUHPXQHUDGRRQRUHFDHHQSDUWLFXODUVREUHODV QLxDV\DGROHVFHQWHVPXMHUHV

'HPDQHUDFRPSOHPHQWDULDRWUDKLSyWHVLV FRQVLGHUDTXHHVWHWLSRGHSROtWLFDVKDFHIRFRHQ ODVEDUUHUDVHFRQyPLFDVGHODGHPDQGDHQXQ FRQWH[WRHQTXHWRGDYtDKDEUtDQXPHURVRV SUREOHPDVGHRIHUWDSRUUHVROYHU3RUHOORDOJXQDV SRVWXUDVFXHVWLRQDQVLXQLQFHQWLYRPRQHWDULRHV ODYtDSULQFLSDOSDUDKDFHUHIHFWLYRHOGHUHFKR DODHGXFDFLyQVLQFRQIURQWDUODLGHDGHGLVWULEXLU \JDUDQWL]DULQJUHVRVDWUDYpVGHHVWRV SURJUDPDV

/DH[SUHVLyQ©WUDEDMRLQIDQWLOªQRVHUHILHUHDWRGRV ORVWLSRVGHWDUHDVUHDOL]DGDVSRUQLxRVPHQRUHV GHDxRVGHHGDGFRPRORVGHEHUHVHVFRODUHV D\XGDUGHVSXpVGHODHVFXHODHQORVWUDEDMRV GHODFDVDHOFXLGDGRGHQLxRVRFXDOTXLHURWUD ODERUOLJHUD6HGHILQHDOWUDEDMRLQIDQWLOFRPR FXDOTXLHUODERUTXHVXSHUHODVLJXLHQWHFDQWLGDG PtQLPDGHKRUDVGHSHQGLHQGRGHODHGDGGHOQLxR \GHOWLSRGHWUDEDMR

%± 7(16,Ï1&21(/&2672 '(2325781,'$'3$5$$6,67,5 $/$6(6&8(/$6

±(QWUH\DxRVFXDOTXLHUWUDEDMRUHPXQHUDGR RKRUDVVHPDQDOHVGHWUDEDMRGRPpVWLFR

&RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

±(QWUH\DxRVKRUDVVHPDQDOHVGH WUDEDMRUHPXQHUDGRRKRUDVVHPDQDOHV GHWUDEDMRGRPpVWLFR

'

/RVFRVWRVGHRSRUWXQLGDGVHYLQFXODQFRQOD ©SpUGLGDGHLQJUHVRVªTXHVLJQLILFDUtDSDUDXQ KRJDUQRFRQWDUFRQODFRQWULEXFLyQHFRQyPLFDTXH SXHGHJHQHUDUXQQLxRQLxDRDGROHVFHQWHHQHO WLHPSRTXHGHVWLQDDODHVFRODULGDG3RUHMHPSORVL XQHVWXGLDQWHUHFLELHUDXQVDODULRGHHQFDVR GHWUDEDMDUHOFRVWRGHRSRUWXQLGDGGHHVWXGLDU HTXLYDOHDHVHYDORU\UHSUHVHQWDODSpUGLGDGH LQJUHVRVSRUODVKRUDVTXHORVHVWXGLDQWHVQR SXHGHQGHGLFDUDOWUDEDMR

±(QWUH\DxRVKRUDVVHPDQDOHV GHWUDEDMRUHPXQHUDGRRGHWUDEDMRGRPpVWLFR

([LVWHQGLIHUHQWHVWLSRVGHVLWXDFLRQHVTXHDIHFWDQ D11$HQODVTXHVXDFWLYLGDGFRPSLWHFRQ HOWLHPSRHVFRODUHQWUHHOODVODVGHTXLHQHV UHDOL]DQ

3RURWURODGRFRQHIHFWRVFRQYHUJHQWHV HQODH[FOXVLyQVHYHULILFDFRQIUHFXHQFLDTXH ODVHVFXHODVDODVTXHDVLVWHQORVQLxRV RDGROHVFHQWHVSREUHVTXHWUDEDMDQDFXPXODQ GLVWLQWDVH[SUHVLRQHVGHGHWHULRURGHODRIHUWD HVFRODUODVTXHVHGHVDJUHJDQHQHODSDUWDGR VLJXLHQWH3XHGHQVHUHVFXHODVSUHFDULDVHQVXV HGLILFLRVFRQHTXLSRVGRFHQWHVGHDOWDURWDFLyQ FRQSURSXHVWDVSHGDJyJLFDVUXWLQDULDV\SDXWDV HUUiWLFDVRGLVFUHFLRQDOHVGHHYDOXDFLyQRFRQ SUiFWLFDVGHVHJUHJDFLyQ\GLVFULPLQDFLyQ

±7UDEDMRVUHPXQHUDGRVHVWHIDFWRUDIHFWD FRQGLIHUHQWHVFDUDFWHUtVWLFDVDORV11$TXH YLYHQHQ]RQDVUXUDOHV\XUEDQDV(QHOSULPHU

$XQSDUDORVQLxRVTXHVHPDQWLHQHQ HVFRODUL]DGRVHOULHVJRGHDSUHQGHUPHQRVHVWi HYLGHQFLDGRHQORVUHVXOWDGRVGHO6HJXQGR(VWXGLR




5HJLRQDO&RPSDUDWLYR\([SOLFDWLYR 6(5&(  ODYDULDEOHWUDEDMRLQIDQWLOHVVLJQLILFDWLYDHQ GHORVPRGHORVGHDQiOLVLVHVWDGtVWLFRFRQXQD UHODFLyQQHJDWLYDHQHOGHVHPSHxRGHORVDOXPQRV $VtHQODVSUXHEDVGHHYDOXDFLyQGHODFDOLGDG DSOLFDGDVUHJLRQDOPHQWHORVQLxRVTXHWUDEDMDQ REWLHQHQHQSURPHGLRHQWUH\SXQWRVPHQRV TXHORVHVWXGLDQWHVTXHQRWUDEDMDQ 25($/& 81(6&2\//(&( 1RREVWDQWHHVWDFLIUD FRPRVHYHUiPiVDGHODQWHKD\VLWXDFLRQHV HVFRODUHVTXHGXSOLFDQODLQIOXHQFLDGHOWUDEDMR LQIDQWLORDGROHVFHQWH

FRQODVSULPHUDVWUHVGLPHQVLRQHVGHODH[FOXVLyQ VRQ ±7UDQVSRUWH$IHFWDHVSHFLDOPHQWHHQORVFDVRVHQ TXHODRIHUWDVHHQFXHQWUDDOHMDGDGHGRQGHYLYHQ ORVDOXPQRVFRPRVXHOHVHUHQ]RQDVUXUDOHV(Q DOJXQDVVLWXDFLRQHVREOLJDDOWUDVODGRGHTXLHQHV YLYHQHQODVSHULIHULDVRHQHOFDPSR ±$OLPHQWDFLyQ6HJ~QGDWRVGHOLQIRUPH20' HQ$PpULFD/DWLQD\HO&DULEHHOGHORV QLxRVPHQRUHVGHDxRVWLHQHQSHVRLQVXILFLHQWH HVWLPDFLyQSDUDHO (VWRVHSXHGHHVWDU FDXVDGRSRUGHVQXWULFLyQ\RWURVSUREOHPDV GHVDOXG(VWDFLIUDTXHPDUFDORVQLYHOHVHQTXH ODDOLPHQWDFLyQGHILFLWDULDWLHQHLPSDFWRHQHO SHVRFRUSRUDOGHEHH[WHQGHUVHSDUDLQFRUSRUDU ORVFDVRVGHQLxRVTXHOOHJDQFRWLGLDQDPHQWH DODHVFXHODVLQKDEHULQJHULGRXQDSRUWHFDOyULFR VXILFLHQWHSDUDSHUPLWLUXQDGHFXDGRUHQGLPLHQWR GXUDQWHODMRUQDGDHVFRODU

3RU~OWLPRVRQIUHFXHQWHVORVDUJXPHQWRVTXH H[SOLFDQODGHFLVLyQGHDEDQGRQRTXHWRPDQORV DGROHVFHQWHVHQODHGXFDFLyQVHFXQGDULD \DVHD FRQWDQGRSUHYLDPHQWHFRQXQHPSOHRRVDOLHQGR DEXVFDUWUDEDMROXHJRGHDEDQGRQDUODHVFXHOD  FRPRHOIUXWRGHXQDHTXLYRFDGDHYDOXDFLyQGH ORVEHQHILFLRVIXWXURVGHFRPSOHWDUODHVFRODUL]DFLyQ HQWpUPLQRVGHHPSOHRHLQJUHVRV(VLPSRUWDQWH SURIXQGL]DUHQHOFRQRFLPLHQWRGHHVWRVSURFHVRV GHGHFLVLyQGHORVDGROHVFHQWHV±VRORVR LQIOXHQFLDGRVSRUVXHQWRUQR±FRQKHUUDPLHQWDV PHWRGROyJLFDVTXHSHUPLWDQLGHQWLILFDU\GLVFULPLQDU HOSHVRGHORVYDULRVIDFWRUHVTXHSXHGHQLQIOXLUORV GHVGHODSHUVSHFWLYDGHVXVQHFHVLGDGHV HFRQyPLFDVDFWXDOHVVXVSRVLELOLGDGHVDFWXDOHVGH LQJUHVRV\HPSOHRODSHUVSHFWLYDIXWXUDGHPHMRUDU HVDLQVHUFLyQFRQWDQGRFRQXQWtWXORHOFDSLWDO VRFLDOTXHSRVHHQSDUDLQVHUWDUVHHQHPSOHRV GRQGHHVRVWtWXORVVHUHFRQR]FDQ\ODVH[SHULHQFLDV HVFRODUHVPiVRPHQRVVLJQLILFDWLYDVHQWUHRWURV

±$OEHUJXH$IHFWDDORVDOXPQRVTXHSRUOD GLVWDQFLDGHOKRJDUDODHVFXHODVHYHQREOLJDGRVD EXVFDUDORMDPLHQWRHQHOHVWDEOHFLPLHQWRHGXFDWLYR RHQFDVDVDOHGDxDVVHDQRQRGHSDULHQWHV %± ',),&8/7$'3$5$&217$5 &21/26,1680263$5$/$(6&8(/$ &RQLPSDFWRHQODVGLPHQVLRQHV '

%± ',),&8/7$'3$5$//(*$5<(67$5 (1/$(6&8(/$ &RQLPSDFWRHQODVGLPHQVLRQHV '

'

$OJXQRVFRVWRVLQGLUHFWRVTXHOLPLWDQHODFFHVR RODSHUPDQHQFLD\SRUORWDQWRVHUHODFLRQDQ 

'

(OJDVWRGHODVIDPLOLDVHQLQVXPRVSDUDOD HGXFDFLyQFRPSUHQGHGHVGHXQLIRUPHV~WLOHV \GHPiVPDWHULDOHVFRPROLEURV\WH[WRVHVFRODUHV (ODSRUWHGLUHFWRGHORVKRJDUHVDOVRVWHQLPLHQWR GHOVLVWHPDHVWDWDOGHHGXFDFLyQ±HQIRUPD FRHUFLWLYDRQR±\ODDGTXLVLFLyQGHELHQHV \VHUYLFLRVQHFHVDULRVSDUDODHVFRODUL]DFLyQ SRGUtDQOOHJDUDYXOQHUDUHOFRPSURPLVRGH HGXFDFLyQREOLJDWRULD\JUDWXLWDHQSDUWLFXODUVL ORVQLxRV\MyYHQHVDEDQGRQDQGHELGRDOD GLILFXOWDGGHDIURQWDUGLFKRVFRVWRV(OKHFKR GHTXHPXFKRVGHHVWRVJDVWRVH[LJLGRVSRUODV HVFXHODVGHSHQGDQGHORVXVRV\FRVWXPEUHV GHORVHVWDEOHFLPLHQWRVHVFRODUHVKDFHTXHHQ RFDVLRQHVVHSLGDFRPRLQGLVSHQVDEOHDOJRTXHQR WLHQHLPSRUWDQFLDGHVGHHOSXQWRGHYLVWD SHGDJyJLFR\GHORJUDUUHVXOWDGRVHGXFDWLYRV 3RUHMHPSORLPSRQHUDODVIDPLOLDVORVHOHYDGRV FRVWRVUHODWLYRVGHXQXQLIRUPHFRPSOHMRGH GHWHUPLQDGRFDO]DGRRGHSURFXUDUVHXQDODUJD OLVWDGHPDWHULDOHVHVFRODUHVDSULQFLSLRGHDxR SXHGHQFRQVWLWXLUVHHQXQREVWiFXORTXHOOHYH DDOJXQDVDQRHQYLDUDVXVKLMRVDODHVFXHOD SRUQRSRGHUVROYHQWDUHVWRVJDVWRV

$JUXSDPLHQWR 'LILFXOWDGSDUDDIURQWDUFRVWRV GHODHVFRODUL]DFLyQ

'

'

 6HJXQGR(VWXGLR5HJLRQDO&RPSDUDWLYR\([SOLFDWLYR 6(5&( (O6(5&(IXHRUJDQL]DGR\FRRUGLQDGR SRUHO/DERUDWRULR/DWLQRDPHULFDQRGH(YDOXDFLyQ GHOD&DOLGDGGHOD(GXFDFLyQ //(&( \VHHQPDUFy GHQWURGHODVDFFLRQHVGHOD2ILFLQDUHJLRQDOGH(GXFDFLyQ GHOD81(6&2SDUD$PpULFD/DWLQD\HO&DULEH 25($/& 81(6&26DQWLDJR WHQGLHQWHVDDVHJXUDUHOGHUHFKR GHWRGRVORVHVWXGLDQWHVODWLQRDPHULFDQRV\FDULEHxRV DUHFLELUXQDHGXFDFLyQGHFDOLGDG




GHORVMyYHQHVUHSUHVHQWDGRVSRUEDMRLQJUHVR GHOKRJDUHPEDUD]RDGROHVFHQWHGLVIXQFLRQDOLGDG IDPLOLDUFRQVXPRGHGURJDV\EDMDVH[SHFWDWLYDV GHODIDPLOLD±HQSDUWLFXODUGHORVSDGUHV± FRQUHVSHFWRDODHGXFDFLyQ

%± ',),&8/7$'3$5$$)5217$5&26726 '(0$75Ã&#x2039;&8/$ &RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

(QWRGRVORVSDtVHVGHODUHJLyQVHHVWDEOHFH ODHGXFDFLyQJUDWXLWDSDUDORVQLYHOHVREOLJDWRULRV HQHOVHQWLGRGHTXHHO(VWDGRQRSHUFLEHDUDQFHOHV SRURIUHFHUODSUHVWDFLyQHGXFDWLYD6LQHPEDUJR DQWHODXQLYHUVDOLGDGGHODQRUPDVXDSOLFDFLyQ SXHGHVHUFRQWUDUUHVWDGDHQODSUiFWLFDSXHVHV IUHFXHQWHTXHODVHVFXHODVVROLFLWHQSDJRVHQ GLQHURDORVDOXPQRV$XQHQORVFDVRVTXH HO(VWDGRSURWHJHDORVVHFWRUHVPiVSREUHV FRQH[FHSFLRQHVDWDOHVFREURVHQODSUiFWLFD VXHOHUHVXOWDUGLItFLOHYLWDUORV$GHPiVHQPiV GHXQDRFDVLyQHVWRVSDJRVVRQXQHOHPHQWRGH VHJUHJDFLyQVRFLDO\DTXHODSREODFLyQGHODV HVFXHODVVHGHWHUPLQDHQWRQFHVSRUORVLQJUHVRV IDPLOLDUHV\VXXELFDFLyQ 0RUGXFKRZLF]  /DEDUUHUDDSDUHFHWRGDYtDFRQPD\RULQFLGHQFLD FXDQGR D ORVDOXPQRVGHEHQLQVFULELUVHHQHO VHFWRUSULYDGRQRSRUHOHFFLyQVLQRSRUTXHQRKD\ RIHUWDHVWDWDORSRUTXHHOVHUYLFLRHVGHXQD FDOLGDGPX\LQIHULRUDODGHODRIHUWDSULYDGD\HVWR H[SXOVDDORVDOXPQRVGHOVLVWHPDHVWDWDO\ E HO SURSLR(VWDGRIDFXOWDRLQFHQWLYDDODVHVFXHODV DFREUDUGHUHFKRVGHLQVFULSFLyQPDWUtFXOD RDUDQFHOHV

6HJ~Q*RQ]iOH]\/DEDQGDO  KD\WUHV IDFWRUHVGHULHVJRTXHSXHGHQLQFOXLUVHEDMRHVWH VXEWtWXORYXOQHUDELOLGDGHGXFDFLRQDOUHODFLRQDGD DODVLWXDFLyQHGXFDWLYDGHODPDGUHDQDOIDEHWD RDQDOIDEHWDSRUGHVXVRYXOQHUDELOLGDGKDELWDFLRQDO TXHUHPLWHDODVFRQGLFLRQHVGHODYLYLHQGDFRPR FDVDVWRPDGDVYLOODVGHHPHUJHQFLDRFRQYLYHQFLD KDFLQDGD\YXOQHUDELOLGDGIDPLOLDUOLJDGDD ODIUDJLOLGDGHQORVOD]RVIDPLOLDUHVLQVXILFLHQFLD RLQDGHFXDFLyQHQODIXQFLyQSDWHUQDPDWHUQD $VXYH]VHJ~QHOLQIRUPHGH3URJUDPDGH 3URPRFLyQGHOD5HIRUPD(GXFDWLYDHQ$PpULFD /DWLQD\HO&DULEH35($/  HODEDQGRQR HVWDUtDLQIOXLGRSRUORVVLJXLHQWHVIDFWRUHV D SUREOHPDVIDPLOLDUHVTXHKDFHUHVGHOKRJDU HPEDUD]R\PDWHUQLGDG E GHVLQWHUpV F SUREOHPDVGHGHVHPSHxRHVFRODUEDMR UHQGLPLHQWRSUREOHPDVGHFRQGXFWD\DVRFLDGRV DODHGDG\ G RWUDVUD]RQHVFRPRGLVFDSDFLGDG VHUYLFLRPLOLWDUHQIHUPHGDGRDFFLGHQWH\DVLVWHQFLD DFXUVRVHVSHFLDOHV&DEHVHxDODUTXHHVWRV HVWXGLRVVXHOHQOOHJDUDHVWDVFRQFOXVLRQHVDSDUWLU GHODVDVHYHUDFLRQHVGHORVDGXOWRVHPSOHDGRV HQHOVLVWHPDHGXFDWLYR\PHQRVIUHFXHQWHPHQWH SRUHVWXGLRVGLUHFWRVTXHLQWHUDFFLRQHQ DWHQWDPHQWHFRQORVQLxRV\VXVIDPLOLDV

Ã&#x2C6;0%,72±%DUUHUDV VRFLRFXOWXUDOHVHQODGHPDQGD SRUHGXFDFLyQ

3HURFRQYLHQHDQDOL]DUFUtWLFDPHQWHHVWD FDUDFWHUL]DFLyQHQWDQWRODVGLVWLQWDV PDQLIHVWDFLRQHVGHODH[FOXVLyQVHGDQDQWHWRGR SRUXQDFRPELQDFLyQGHIDFWRUHVSURSLRVGHOD HVFXHODTXHVHSRWHQFLDQQHJDWLYDPHQWHFXDQWR PiVGHVIDYRUHFLGRHVHOFRQWH[WR(VGHFLUOD SREUH]D\ODVGLIHUHQWHVSDXWDVFXOWXUDOHVQRVRQ HQVtPLVPDVH[SOLFDFLRQHVDEVROXWDVVLQRUHODWLYDV GHODSUREOHPiWLFDGHODH[FOXVLyQ

(VWHDSDUWDGRVHIRFDOL]DHQODFRPSOHMD LQWHUDFFLyQHQWUHODVFRQGLFLRQHVVRFLDOHV \FXOWXUDOHVGHORVQLxRV\DGROHVFHQWHVQR HVFRODUL]DGRV±RHQULHVJRGHHVWDUOR±\ODVSDXWDV SURSLDVGHODFXOWXUDHVFRODU(QHVWDFDWHJRUtDVH LQFOX\HQODVSDXWDVFXOWXUDOHVODOHQJXDPDWHUQD HVSHFLDOPHQWHODGHORVSXHEORVLQGtJHQDVOD HVFDVDYDORUDFLyQTXHSDUHFHUtDWHQHUXQDSDUWHGH ODSREODFLyQHQFRQGLFLRQHVGHSREUH]D\ PDUJLQDOLGDGUHVSHFWRGHORVVDEHUHVTXHSURSRQH ODHVFXHODDVtFRPRWDPELpQODGHVFRQILDQ]DTXH DOJXQDVIDPLOLDVPDQLILHVWDQVREUHODVSRVLELOLGDGHV GHSURJUHVRGHVXVKLMRV

(QHVWHVHQWLGRFDEHDGYHUWLUTXHODFDSDFLGDGGH DQiOLVLVGHTXLHQHVHVWXGLDQHVWRVIHQyPHQRV QHFHVLWDVHUDGYHUWLGDSXHVWRTXHVLHQGR SRUWDGRUHVGHUHSUHVHQWDFLRQHVFXOWXUDOHV\ FRQFHSWXDOL]DFLRQHVWHxLGDVSRUODSDUWLFXODU SRVLFLyQVRFLDO\RODIRUPDFLyQDFDGpPLFDTXH RVWHQWDQWLHQHQGLILFXOWDGHVSDUDFRPSUHQGHUOD VXEMHWLYLGDGGHODSREODFLyQTXHVXIUHHVWHWLSRGH PDUJLQDFLyQFRQPD\RULQWHQVLGDG6HSURSRQHD FRQWLQXDFLyQXQDSULPHUUHYLVLyQGHYDULDV ©H[SOLFDFLRQHVKDELWXDOHVª\©FRQVHQVRV JHQHUDOL]DGRVªVREUHHVWRVIDFWRUHV

$EXQGDQWHOLWHUDWXUDFRORFDHQHVWDVEDUUHUDV FXOWXUDOHVEXHQDSDUWHGHODVUD]RQHVGHOD H[FOXVLyQ3RUHMHPSOR(VStQROD  VHLQWHUHVD SRUORVIDFWRUHVH[WUDHVFRODUHVTXHFRQWULEX\HQ DODEDQGRQRGHODHVFXHODGHVWDFDQGRHQWUHHOORV DODVLWXDFLyQVRFLRHFRQyPLFD\DOFRQWH[WRIDPLOLDU




(VWDVEDUUHUDVVHRUJDQL]DQHQXQ~QLFR DJUXSDPLHQWRTXHUH~QHGRVSHUVSHFWLYDVVREUH ODPHQRUGHPDQGDSRUHGXFDFLyQGHELGD DUHSUHVHQWDFLRQHVVRFLDOHV\GLYHUVLGDGFXOWXUDO

$JUXSDPLHQWR 'HVDMXVWHVHQODVUHSUHVHQWDFLRQHV VREUHHOGHUHFKRDODHGXFDFLyQ %± 326785$65(75$Ë'$63$5$ '(0$1'$52(-(5&(5(/'(5(&+2 $/$('8&$&,Ï1 &RQLPSDFWRHQODVGLPHQVLRQHV '

'

' ‹81,&()0p[LFR*XHUUHUR

'

/DVUHSUHVHQWDFLRQHVTXHVHWLHQHQVREUHXQD GHWHUPLQDGDSREODFLyQ\VXVFRPSRUWDPLHQWRVVRQ FRQMXQWRVGHFUHHQFLDVHLQWHUSUHWDFLRQHVTXHVH FRQVWUX\HQVREUHODEDVHGHXQUHFRUWHGH LQIRUPDFLyQXVXDOPHQWHLQFRPSOHWR\TXHOXHJR ©FRQWDPLQDQªODPLUDGDGHWDOPRGRTXHUHVXOWDQ GLItFLOHVGHGHVQDWXUDOL]DU 3RUHMHPSORORVFLWDGRVHVWXGLRVPDQLILHVWDQTXH ODVIDPLOLDVPiVSREUHV\GHPHQRUHVQLYHOHV HGXFDWLYRV©WLHQHQXQDHVFDVDYDORUDFLyQGHOD HGXFDFLyQGHVXVKLMRVª&RQHVWDDILUPDFLyQVH WUDWDGHH[SOLFDUFDXVDOPHQWHHODXVHQWLVPR UHLWHUDGRHOLQJUHVRWDUGtRODQRLQVFULSFLyQDORV QLYHOHVLQLFLDO\VHFXQGDULR3HURVHSXHGHWDPELpQ WHQHUODKLSyWHVLVGHTXHODVKLVWRULDVGHYLGDGH HVWDVIDPLOLDVFRQGLFLRQDQVXSRVLELOLGDGGH SHUWHQHQFLDDOPXQGRHVFRODU\HQPXFKRVFDVRV SXHGHQFRORFDUODVHQXQOXJDUGHWDODMHQLGDG UHVSHFWRGHODVSURSXHVWDVHVFRODUHVTXHpVWDV GHMDQGHIRUPDUSDUWHGHXQXQLYHUVRDQKHODGR(Q SDUWHSRUHOORFXDQGRDSDUHFHQODVSULPHUDV VHxDOHVGHIUDFDVRJHQHUDOPHQWHORVHVWXGLDQWHV\ VXVIDPLOLDVVHUHWUDHQ\FDVLQXQFDPDQLILHVWDQVX RSLQLyQDORVGRFHQWHV\PHQRVD~QDORV GLUHFWLYRV/XHJRVXHOHQFRPHQ]DUDPDQLIHVWDUVH UHLWHUDGRVDXVHQWLVPRVPXFKDVYHFHVSDUDHYLWDU ODVVLWXDFLRQHVGHHYDOXDFLyQDTXHORVVRPHWH©HO RWURªSUXHEDVGXUDQWHHOFXUVR\H[iPHQHVILQDOHV TXHGHDQWHPDQRVXSRQHQIUXVWUDQWHV'HVGHHVWD SHUVSHFWLYDORTXHODFXOWXUDGRPLQDQWHSHUFLEH FRPRHVFDVDYDORUDFLyQGHODHGXFDFLyQDPHULWDUtD VHUHVWXGLDGRFRPRXQDUHVSXHVWDGHIHQVLYD DXQTXHIDOOLGDDQWHHOIUDFDVRFRQVLGHUDGR LQHYLWDEOH

GHODVIDPLOLDV6HVHxDODTXHORVSDGUHV©QR YDORUDQORVDSUHQGL]DMHVQRORVD\XGDQDKDFHUOD WDUHDQRORVHVWLPXODQDHVWXGLDUQLVHSUHRFXSDQ SRUVXVLQDVLVWHQFLDVª(VWDVDFWLWXGHVVRQ LQWHUSUHWDGDVSRUODHVFXHODHQFODYHGHGHVLQWHUpV VLQFRQVLGHUDUTXHORVSDGUHVSRFRLQVWUXLGRV± PXFKDVYHFHVDQDOIDEHWRV±WLHQHQREYLDV GLILFXOWDGHVSDUDUHDOL]DUHVDVIXQFLRQHV\ VLPSOLVWDPHQWHVHORVSHUFLEHFRPRLQGLIHUHQWHVD ODVXHUWHGHVXVKLMRV(VWDSHUFHSFLyQGLVPLQX\HOD H[SHFWDWLYDVREUHODVSRVLELOLGDGHVGHp[LWRGHHVRV HVWXGLDQWHV\HQOXJDUGHLQWHQVLILFDUVHFRQHOORV ODVWDUHDVGHHQVHxDQ]DVHORVUHOHJDSDUD FRQFHQWUDUORVHVIXHU]RVHQDTXHOORV©TXHVHOR PHUHFHQSRUTXHVXVIDPLOLDVVHHVIXHU]DQPXFKRª 6HJHQHUDQDVtIUHFXHQWHPHQWHGHQWURGHXQ PLVPRFXUVRFLUFXLWRVSDUDOHORVXQRYLUWXRVR\RWUR TXHUHIRU]DUiODYtDGHOIUDFDVR 3RUVXSDUWHHOFOLPDGHYLROHQFLDSHULHVFRODU SDUHFHWHQHUFLHUWRQLYHOGHFRQVHQVRJHQHUDOL]DGR FRPRIDFWRUFXOWXUDOTXHGLILFXOWDODHVFRODULGDG \DTXHHQDOJXQDV]RQDVODYLROHQFLDKDDIHFWDGR GUDPiWLFDPHQWHHOFOLPDVRFLDO/DVPDUDVR SDQGLOODVODGHOLQFXHQFLDDVRFLDGDDOQDUFRWUiILFR ORVHVSDFLRVUXUDOHVQRSOHQDPHQWHJREHUQDGRV SRUODOH\\HO(VWDGRRHSLVRGLRVFRWLGLDQRV GHYLROHQFLDHQ]RQDVDOHGDxDVDODVHVFXHODV KDFHQTXHPLOHVGH11$VXIUDQSHOLJURVHQVX VHJXULGDGTXHVHWUDGXFHQHQDOWRDXVHQWLVPR \DEDQGRQR

2WUDH[SUHVLyQUHFXUUHQWHSUHVHQWHHQORV GLDJQyVWLFRV\TXHFRPSOHPHQWDORGLFKR DQWHULRUPHQWHUHILHUHDOHVFDVRDFRPSDxDPLHQWR




127$ 0DWHUQLGDGDGROHVFHQWH\DEDQGRQR GHODHVFXHOD

ODVFXOWXUDV©GHJHQHUDFLyQHQJHQHUDFLyQª HQWUHORVGRFHQWHV\GLUHFWLYRV(VSRFRHVWXGLDGD FRPREDUUHUDODEUHFKDHQWUHODFXOWXUDHVFRODU \ODVFXOWXUDVGHYDVWRVVHFWRUHVSRSXODUHV\QR H[LVWHPXFKDLQIRUPDFLyQVREUHHOHVIXHU]RTXH OHWRPDDHVWRVVHFWRUHV©DGDSWDUVHªDYLYLUGH XQDPDQHUDGLIHUHQWHHQODHVFXHOD(VWDDXVHQFLD GHLQIRUPDFLyQGHSULPHUDPDQRUHIOHMDXQYDFtR GHFRQRFLPLHQWRSHFXOLDUHQWDQWRVHKDFHQ LQWHUSUHWDFLRQHVVREUHHOIUDFDVRHVFRODUTXHQR LQGDJDQVREUHODSHUFHSFLyQGHORVDFWRUHV GHPDQHUDTXHVHUHYHOHQODVGLILFXOWDGHVVLQ RFXOWiUVHODVSRUYHUJHQ]D7DPELpQPXHVWUD XQGpILFLWWpFQLFRDODKRUDGHLQWHUYHQLUVREUHHVWDV UHSUHVHQWDFLRQHVFRQDFFLRQHVFRPXQLFDFLRQDOHV WUDWDQGRGHHQULTXHFHUODSHUVSHFWLYDGHODV FRPXQLGDGHVVREUHVXGHUHFKRDODHGXFDFLyQ 9HUDSRUWHFRQFHSWXDO0RYLOL]DFLyQSDUDHOFDPELR \UHSUHVHQWDFLRQHVVRFLDOHV 

$OJXQRVHVWXGLRVFLWDQDOHPEDUD]RDGROHVFHQWH FRPRXQIDFWRUVRFLRFXOWXUDOTXHRSHUDUtDFRPR UHVWULFFLyQDODHVFRODULGDGFRQLPSDFWRGLUHFWR HQORVSURFHVRVGHH[FOXVLyQGHODVIXWXUDVPDGUHV (VWHWHPDKDVLGRGLVFXWLGRGHVGHRWUDSHUVSHFWLYD HQXQHVWXGLRSXEOLFDGRHQSRUOD5HYLVWD 0pGLFDGH&KLOHHQHOTXH©VHGHPRVWUyTXHOD GHVHUFLyQHVFRODUHQODVDGROHVFHQWHVQRVRODPHQWH RFXUUHGXUDQWHHOHPEDUD]RVLQRWDPELpQHQXQ SRUFHQWDMHLPSRUWDQWH  DQWHVGHOHPEDUD]Rª (OHVWXGLRPXHVWUDDVLPLVPRTXHODPDJQLWXGGHO DEDQGRQRGHQLxDV\DGROHVFHQWHVHQORVSDtVHV GHODUHJLyQHVYDULDVYHFHVVXSHULRUDOQ~PHURGH HPEDUD]RVHQHVDVHGDGHVSRUORFXDOQRHV FRUUHFWRFRQVLGHUDUDOHPEDUD]RXQDFDXVD VLJQLILFDWLYDGHDEDQGRQRHQHOFXDGURJHQHUDO GHODVGLPHQVLRQHV1)( /DVDGROHVFHQWHVHPEDUD]DGDVGHVSXpVGHGHMDU ODHVFXHODHVWDEDQHQVXPD\RUtDVLQQLQJXQD DFWLYLGDGHGXFDWLYDODERUDORUHFUHDWLYD RWUDEDMDEDQHQDFWLYLGDGHVSVHXGRODERUDOHV \PDOUHPXQHUDGDV$ODLQYHUVDGHORVXSXHVWR HODEDQGRQRGHODHVFXHODHVHQPXFKRVFDVRV HODEDQGRQRGHXQSUR\HFWRGHYLGD\HOYDFtRTXH VHJHQHUDVHFXEUHFRQXQDQXHYDLGHQWLGDGFXDVL DGXOWDDSRUWDGDSRUODPDWHUQLGDGVLWXDFLyQ UHFRQRFLGDSRUHVWXGLRVUHFLHQWHVFRPRHO UHDOL]DGRSRU1lVOXQG+DGOH\\%LQVWRFN  

&RPRHMHPSORORVLQGLFDGRUHVHGXFDWLYRV PXHVWUDQXQDDOWDSUHYDOHQFLDGHOIUDFDVRHVFRODU HQWUHORV11$GHFRPXQLGDGHVDERUtJHQHVDXQ HQORVFDVRVHQORVFXDOHVVHGHVDUUROODQ HVWUDWHJLDVGHHGXFDFLyQLQWHUFXOWXUDO\ELOLQJH HQODVHVFXHODV/RPLVPRVXFHGHHQ]RQDVGRQGH ORV11$KDEODQDOJXQDYDULDQWHGLDOHFWDOTXHQRVH FRUUHVSRQGHHVWULFWDPHQWHFRQODOHQJXDHVWiQGDU YDORUDGDHQODHVFXHODFRQVROLGiQGRVHDVtODLGHD TXHGLFKRVSDWURQHVOLQJtVWLFRVFRQVWLWX\HQGHSRU VtXQDEDUUHUDSDUDODHVFRODULGDG$OUHVSHFWRVH SXHGHQLGHQWLILFDUGRVWLSRVGHVLWXDFLRQHVTXHVRQ YLYLGDVFRPRGpILFLWVLQVDOYDEOHVHQPXFKDV HVFXHODV L iUHDVGHSREODFLyQLQGtJHQDHQODV FXDOHVPDHVWUR\DOXPQRQRFRPSDUWHQODPLVPD OHQJXD\ LL HVFDVDLQWHUDFFLyQOLQJtVWLFDHQWUH SDGUHVHKLMRVHQVHFWRUHVSREUHVGHGLIHUHQWH FDQWLGDG\FDOLGDGTXHODTXHVHGDHQVHFWRUHV PHGLRV 99$$81,&() 

/DVHVFXHODVHQODUHJLyQQRKDQGHVDUUROODGR HVWUDWHJLDVGHDGDSWDFLyQSDUDODVDOXPQDVTXHVH HQFXHQWUDQHQHVDVLWXDFLyQ3RUHOFRQWUDULR PDQWLHQHQH[LJHQFLDVGHDVLVWHQFLD\IRUPDVGH DFUHGLWDFLyQFODUDPHQWHUHVWULFWLYDVSDUDHOODVpVWDV SDVDQDVHUODVYHUGDGHUDVEDUUHUDVPiVTXH HOSURSLRHPEDUD]R

%± ',)(5(1&,$6(175(/$6&8/785$6 3238/$5(6</$&8/785$6267(1,'$ (1/$(6&8(/$&21(6&$62',È/2*2 (,17(*5$&,Ï1

(VSRVLEOHTXHHVWDVFDUDFWHUtVWLFDVSURYRTXHQ FLHUWDVGLILFXOWDGHVHQHOSURFHVRGHHQVHxDQ]D SHURODEDUUHUDHVWiPiVHQHOSODQRGHODV UHSUHVHQWDFLRQHVTXHHQODVSRVLELOLGDGHVWpFQLFDV GHUHVROYHUODSRUTXHHVWRVSDWURQHVOLQJtVWLFRV VRQSHUFLELGRVSRUODHVFXHODFRPRXQDUHVWULFFLyQ VXPDPHQWHJUDYHDXQTXHODLQYHVWLJDFLyQKD\D PRVWUDGRTXHDXQHQHVRVFDVRVORVQLxRV\QLxDV WLHQHQSOHQDVFDSDFLGDGHVSDUDDSUHQGHU\ GHVDUUROODUFRUUHFWDPHQWHORVGLIHUHQWHVQLYHOHVGH DOIDEHWL]DFLyQ LQLFLDODYDQ]DGRGLVFLSOLQDU VL UHFLEHQXQDHQVHxDQ]DDGHFXDGDVRVWHQLGD \VXILFLHQWH

&RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

'

'

/DHVFXHODWLHQHXQDFXOWXUDSURSLDVLJQDGD SRUXQDVUHJODVGHFRQYLYHQFLDXQDVIRUPDOLGDGHV VREUHHOXVRGHOWLHPSR\HOPDQHMRGHOFXHUSR \HOOHQJXDMHTXHSURFHGHQGHWUDGLFLRQHV IXQGDGRUDVWUDQVPLWLGDVFRPRHQWRGDV 

/DVFXHVWLRQHVGHJpQHURTXHKDQRSHUDGRFRPR EDUUHUDVHUHODFLRQDEDQFRQSDXWDVGHFULDQ]D

 5HYLVWDPpGLFDGH&KLOH9(56,Ï1,035(6$,661 5HYPpG&KLOHYQ6DQWLDJRHQH




WUDGLFLRQDOHVTXHDVLJQDEDQUROHVGLIHUHQWHVD YDURQHV\PXMHUHVODVQLxDVQHFHVLWDEDQPHQRV HVFXHODSRUTXHHOKRJDU©HUDVXOXJDUª3HUR DXQTXHDOJXQDVGHHVWDVSDXWDVVLJXHQSUHVHQWHV HQVHFWRUHVGHODSREODFLyQORVSURFHVRVVRFLDOHV GHODV~OWLPDVGpFDGDVSDUHFHQPRVWUDUXQD WHQGHQFLDGLIHUHQWHHODFFHVRDODHGXFDFLyQLQLFLDO \SULPDULDHVSDUHMRHQWUHDPERVVH[RV\HQORV ~OWLPRVDxRVGHSULPDULD\VHFXQGDULDKD\PD\RU FDQWLGDGGHQLxDVTXHGHYDURQHV(VWH FRPSRUWDPLHQWRHVFRQJUXHQWHFRQODPD\RU FDQWLGDGGHYDURQHVTXHUHSLWHQHQORVSULPHURV JUDGRV\TXHDEDQGRQDQWHPSUDQDPHQWHOD HVFXHODOXHJRGHYDULRVIUDFDVRV(VQHFHVDULR SURIXQGL]DUODFRPSUHQVLyQGHHVWHIHQyPHQRTXH UHOHYDQODVHVWDGtVWLFDVDHIHFWRVGHFRQRFHUORV QXHYRVSURFHVRVFXOWXUDOHVTXHHVWiQPDQLIHVWDQGR \VXVFRQVHFXHQFLDVSDUDODVSROtWLFDVWDQWRHQOR SHGDJyJLFRFXDQWRHQORLQVWLWXFLRQDO

LQLFLDO©SRUTXHVRQPX\SHTXHxRVD~Qª$O UHVSHFWRYDOHDFODUDUTXHHVWDSHUFHSFLyQVXHOH VHUUHIRU]DGDSRUHOSURSLRVLVWHPDHGXFDWLYRGHVGH FRQFHSFLRQHVWHyULFDV\DVXSHUDGDVVREUHOD PDGXUDFLyQGHORVQLxRVFRPRSURFHVRPHUDPHQWH WHPSRUDOVLWXDFLyQTXHVHYHUHIOHMDGDHQORVGDWRV GHHVWXGLDQWHVFRQUH]DJR\DHQODHGXFDFLyQ LQLFLDO(VWHWHPDVHUiUHWRPDGRDOWUDWDUODV EDUUHUDVGHODRIHUWDTXHRFXUUHQHQODHVFXHOD 3RURWURODGRKDEUtDIDPLOLDVTXHQRPDQWLHQHQ DVXVKLMRVHQODVHVFXHODV©SRUTXH\DHVWiQ JUDQGHVª 'HVGHXQDSHUVSHFWLYDFUtWLFDVHHQWLHQGHTXH DPEDVUHDFFLRQHVVRQHVSHUDEOHVHVSHFLDOPHQWH HQORVFDVRVHQORVTXHKDDXPHQWDGRODFDQWLGDG GHDxRVGHHVFRODULGDGREOLJDWRULD8QDSULPHUD JHQHUDFLyQGHVHFWRUHVGHODSREODFLyQ WUDGLFLRQDOPHQWHH[FOXLGDVHDFHUFDUiDODV HVFXHODVDQVLRVDGHHMHUFHUHOGHUHFKRDOD HGXFDFLyQSHURWDPELpQKDEUiIDPLOLDVTXHQR KD\DQLQFRUSRUDGRD~QGLFKRGHUHFKRDVXVSDXWDV FXOWXUDOHV&RPRWRGRSURFHVRWUDQVLFLRQDOHVWD DFWLWXGQRGHEHUtDFRQVLGHUDUVHXQDUHDFFLyQ FULVWDOL]DGD\SHUPDQHQWHVLQRHVSHUDEOH\SRVLEOH GHVHUPRGLILFDGDFRQSROtWLFDVVRVWHQLGDV

Â&#x2039;81,&()3DQDPi%(//

(QUHODFLyQFRQODVHGDGHVGHORV11$VH REVHUYDQGRVPDQLIHVWDFLRQHVYLQFXODGDVFRQ SHUFHSFLRQHVIDPLOLDUHVTXHSDUHFHQFRQVWLWXLUVH HQEDUUHUDVSDUDODHVFRODULGDG3RUXQODGRXQ H[FHVLYRFHORGHODVIDPLOLDVHQHOFXLGDGRGHORV KLMRVTXHODVOOHYDUtDDQRLQVFULELUORVHQHOQLYHO




127$ $SRUWHFRQFHSWXDOFRPXQLFDFLyQ\PRYLOL]DFLyQ SDUDHOFDPELR\UHSUHVHQWDFLRQHVVRFLDOHV

029,/,=$&,Ï13$5$(/&$0%,2<5(35(6(17$&,21(662&,$/(6 HYLGHQFLDSDUDHOVXMHWR(OVLVWHPDSHULIpULFRVXPD HOHPHQWRVFRJQLWLYRVHPRFLRQDOHV\SUiFWLFDV GHULYDGDVGHODUHSUHVHQWDFLyQTXHPRYLOL]DQPDWL]DQ \IOH[LELOL]DQHVHQ~FOHREiVLFR

(OFRQFHSWRGH©UHSUHVHQWDFLyQVRFLDOªTXHFRPELQD SHUVSHFWLYDV\FRQFHSWRVGHODVLFRORJtD\OD VRFLRORJtDHVIpUWLOSDUDFRPSUHQGHUFRPRVH SRVLFLRQDQODVIDPLOLDVHQUHODFLyQFRQODHVFRODUL]DFLyQ GHVXVKLMRVHQHVSHFLDODTXHOODVTXHVXSXHVWDPHQWH WHQGUtDQXQDEDMDYDORUDFLyQGHODHGXFDFLyQIRUPDO $EXQGDQODVDILUPDFLRQHVVREUHHOVXSXHVWRGHVLQWHUpV GHODVIDPLOLDVSRUODHGXFDFLyQFRPRDUJXPHQWRSDUD H[SOLFDUHOIUDFDVRGHORVHVWXGLDQWHV3HURHVWDV DILUPDFLRQHVVRQYHUWLGDVSRULQIRUPDQWHVFODYHTXHQR SURYLHQHQGHODVSURSLDVIDPLOLDV

/DVUHSUHVHQWDFLRQHVVRFLDOHVSHUPLWHQL ©FRQRFHUª ODUHDOLGDGGHDFXHUGRDOHQFXDGUHTXHHOODV SURSRUFLRQDQLL JHQHUDULGHQWLGDGHVJUXSDOHVHQWRUQR DXQSRVLFLRQDPLHQWRFRPSDUWLGRHQFXDQWRDHVDV UHSUHVHQWDFLRQHVLLL RULHQWDUFRQGXFWDV\DFFLRQHV SURSLDVDVtFRPRDQWLFLSDULQWHUSUHWDU\RWRUJDUOLFLWXG DODVGHORVGHPiVLY MXVWLILFDURSLQLRQHV\MXLFLRVGH YDORU

8QEUHYHUHSDVRGHDOJXQRVHOHPHQWRVGHOFRQFHSWR GHUHSUHVHQWDFLRQHVVRFLDOHV GHVDUUROODGRFRPR FRUSXVFRQFHSWXDOSRU6HUJH0RVFRYLFL'HQLVH-RGHOHW \-HDQ&ODXGH$EULFHQWUHRWURV EULQGDLQVXPRVSDUD SHQVDUHQXQDHVWUDWHJLDTXHHQXQSULPHUPRPHQWR SHUPLWDFRQRFHU\OXHJRHQULTXHFHUODVSHUFHSFLRQHV \DFWLWXGHVGHIDPLOLDVFRQKLMRVH[FOXLGRVGHODHVFXHOD RHQULHVJRGHHVWDUOR

+D\TXHLQYHVWLJDUFXLGDGRVDPHQWHSDUDYHULILFDUVL YHUGDGHUDPHQWHKD\UHSUHVHQWDFLRQHVVRFLDOHV FRQVROLGDGDVFRQWUDULDVRDWHQWDWRULDV DODHVFRODUL]DFLyQGHORVKLMRVHQORVVHFWRUHVGHORV TXHVHGLFHRVWHQWDQHVWDDFWLWXG(OORLPSOLFDUtDWUDWDU GHFRPSUHQGHUDIRQGRORVSURFHVRVGHGHFLVLyQVLQ ROYLGDUORVVHQWLPLHQWRVGHH[FOXVLyQRORVPHFDQLVPRV GHGHIHQVDTXHVHKDQFRQVWUXLGRHQGLFKRVVHFWRUHV $PSOLDUODPLUDGDULJXURVDVREUHODVUHSUHVHQWDFLRQHV WDPELpQLQFOX\HDODVTXHHVWiQYLJHQWHV HQORVDJHQWHVGHOVLVWHPDHGXFDWLYRGHVGH ORVGRFHQWHVKDVWDORVIXQFLRQDULRVSDUDFDSWDU FyPRVHSURGXFHQRFyPRLQFLGHQSDUDUDWLILFDU RSLQLRQHVVREUHORVJUXSRVSREODFLRQDOHVTXH UHTXLHUHQGHDWHQFLyQSULRULWDULDSDUDVXSHUDU ODH[FOXVLyQHGXFDWLYD

‹81,&()(O6DOYDGRU%(//

/DVUHSUHVHQWDFLRQHVVRFLDOHVVRQXQVDEHUSUiFWLFR RULHQWDGRUGHODSHUFHSFLyQ\ODDFFLyQFRQXQQ~FOHR HVWDEOH\HOHPHQWRVSHULIpULFRVPiVGLQiPLFRV(O VLVWHPDFHQWUDORQ~FOHRVHEDVDHQSRFRVHOHPHQWRV FRJQLWLYRVWDPL]DGRVSRUHOWLHPSR\ODVSUiFWLFDVGHO FLUFXLWRVRFLDOTXHSURGXFHODUHSUHVHQWDFLyQHQ FXHVWLyQ\TXHDGTXLHUHXQFDUiFWHUFRQVHQVXDO(VH Q~FOHRSURGXFHODQDWXUDOL]DFLyQSURFHVRSRUHOTXH HVDFRQVWUXFFLyQGHOREMHWRDGTXLHUHHVWDWXVGH




/$&2081,&$&,Ï1&202(675$7(*,$'((15,48(&,0,(172 '(5(35(6(17$&,21(6 FRPRVXSHUYLVRUHVIXQFLRQDULRVRGLUHFWRUHVLL ORV DFDGpPLFRV\HVSHFLDOLVWDVTXHDWUDYpVGHOD SURGXFFLyQRUHSURGXFFLyQGHFRQRFLPLHQWR\GHODV LQVWDQFLDVGHIRUPDFLyQHLQYHVWLJDFLyQLQVWDODQ RGHVLQVWDODQYDORUL]DQRGHVYDORUL]DQHQIRTXHV FRQFHSWXDOHV\PHWRGROyJLFRVLLL HOJUDQJUXSRGHORV UHHGLWRUHVVRFLDOHVHVGHFLUSHUVRQDVFRQGLVWLQWDV HVIHUDV\QLYHOHVGHDFFLyQS~EOLFDTXHFRQWULEX\HQ ±HQIRUPDPiVRPHQRVFRQFLHQWHRH[SOtFLWD± DODSURGXFFLyQUHSURGXFFLyQ\WUDQVIRUPDFLyQ GHVLJQLILFDGRVVREUHODHGXFDFLyQODHVFXHOD ORVHVWXGLDQWHV\ORVGRFHQWHV

/DJUDQKHUUDPLHQWDSDUDGLQDPL]DU\HQULTXHFHU ODVUHSUHVHQWDFLRQHVVRFLDOHVGHODVIDPLOLDVGHORV HVWXGLDQWHV\GHODVFRPXQLGDGHVHVODFRPXQLFDFLyQ $OGHFLU©HQULTXHFHUODVUHSUHVHQWDFLRQHVªVHUHPLWH DXQDSRVWXUDHQODFXDOQRVHSUHWHQGHUHPRYHU RFXHVWLRQDUODVSHUFHSFLRQHV\SUiFWLFDVFXOWXUDOHVGH ODVIDPLOLDVVLQRSRQHUODVHQGLiORJRFRQSDXWDVGHOD FXOWXUDHVFRODUTXHYDORUDQRWURVDFWRUHVSRUHMHPSOR FLHUWRULWPRHQODGHGLFDFLyQDODVWDUHDVODUHJXODFLyQ WHPSRUDOGHOFLFOROHFWLYR\GHODMRUQDGDGHFODVH LQFOX\HQGRODSXQWXDOLGDGGHOOHJDGDODYDORUDFLyQ\ DWHQFLyQDODVQHFHVLGDGHVGHORVQLxRVODUHJXODFLyQ GHORVWLHPSRVGHMXHJR\GHGHVFDQVR

(QSDODEUDVGHORVDXWRUHV©&RPRLQWHUYHQFLyQHQVt PLVPDODFRPXQLFDFLyQ>«@HVXWLOL]DGDSDUDPRYLOL]DU VHFWRUHVHVSHFtILFRVGHODSREODFLyQKDFLDVLJQLILFDGRV \DFFLRQHVFRQVHQVXDOHV\YDOLRVDV>«@HVHOSULPHU SDVRKDFLDODFUHDFLyQGHXQLQWHUpVFROHFWLYRKDFLD ODFUHDFLyQGHFHUWH]DVFRPSDUWLGDV3RUGLULJLUVH DUHHGLWRUHVVRFLDOHVOHJtWLPRV>«@HVXQD FRPXQLFDFLyQS~EOLFD TXHFRQYLHQHDWRGRV >«@ TXHFDUHFHGHLQVWUXPHQWRGHFRDFFLyQ \VHIXQGDPHQWDHQHOFRPSURPLVRDXWyQRPR GHOUHHGLWRU\HQODDGKHVLyQOLEUHGHODSREODFLyQ FRQYRFDGDª

(QFDUDUODFRPXQLFDFLyQVRFLDOGHVGHHOPDUFRGHOD JHVWLyQS~EOLFDLPSOLFDDVXPLUXQFRPSURPLVR WUDQVIRUPDGRUTXHGHVERUGDDPSOLDPHQWHHOWUDGLFLRQDO VHQWLGRGHSXEOLFLGDGSURSDJDQGDRGLIXVLyQFRQOD TXHVXHOHOLPLWDUVHVXSRWHQFLDO(QSDODEUDVGH7RUR \5RGUtJXH]©$XQTXHH[LVWDHOFRQRFLPLHQWROD FDSDFLGDGLQVWLWXFLRQDO\ORVUHFXUVRVSDUDKDFHUXQD UHIRUPDRLQWURGXFLUXQDLQQRYDFLyQRXQFDPELRVRFLDO VyORHVSRVLEOHKDFHUFDPELRVHQODVRFLHGDGDWUDYpV GHODFRQYRFDFLyQGHODYROXQWDGGHORVDFWRUHV LPSOLFDGRVHVGHFLUGHODVSHUVRQDVTXHSXHGDQ FRQYHUWLUHQDFFLRQHV\GHFLVLRQHVFRWLGLDQDVORV SURFHVRV\ORJURVTXHUHTXLHUHXQDUHIRUPD LQQRYDFLyQSUR\HFWRRSURJUDPDª

5()(5(1&,$6 7RUR-%\5RGUtJXH]0  /DFRPXQLFDFLyQ \ODPRYLOL]DFLyQVRFLDOHQODFRQVWUXFFLyQGHELHQHVS~EOLFRV 'RFXPHQWRSXEOLFDGRSRUHO%,',1'(66HULH'RFXPHQWRV GH7UDEDMR,:DVKLQJWRQ'&6HSWLHPEUH

8QUHHGLWRUHVFDGDDJHQWHVRFLDO SHUVRQD TXHWLHQH XQ©S~EOLFRSURSLRª±HVGHFLUXQJUXSRGHSHUVRQDV DQWHTXLHQHVRVWHQWDFRQILDELOLGDG±DVFHQGLHQWH\ UHFRQRFLPLHQWRSHUVRQDO\WpFQLFRSDUDSUHVHQWDU DFFLRQHVSURSRQHUSUiFWLFDVLQVWDODUPHQVDMHV(Q HGXFDFLyQSXHGHQUHFRQRFHUVHWUHVJUDQGHVJUXSRVGH SRVLEOHVUHHGLWRUHVL ORVSURSLRVDJHQWHVGHOVLVWHPD

-RGHOHW'  ©/DUHSUHVHQWDFLyQVRFLDOIHQyPHQR FRQFHSWR\WHRUtDªHQ0RVFRYLFL63VLFRORJtD6RFLDO,, (GLWRULDO3DLGyV%DUFHORQD(VSDxD

È0%,72± %DUUHUDVPDWHULDOHV SHGDJyJLFDV\VLPEyOLFDVTXHVH PDQLILHVWDQHQODVHVFXHODV

FDVRGHOHVWXGLRGH©)DFWRUHVDVRFLDGRVDOORJUR FRJQLWLYRGHORVHVWXGLDQWHVHQ$PpULFD/DWLQD \HO&DULEHªSURGXFLGRSRUHO//(&(FRQORV UHVXOWDGRVGHO6(5&( 7UHYLxR9DOGpV\RWURV  TXHLQFOX\HXQGHWDOODGRDQiOLVLVVREUHORV HIHFWRVQHWRVGHORVUHFXUVRVHVFRODUHV /RVLQVXPRVHVFRODUHVDQDOL]DGRVVRQHOQ~PHUR GHFRPSXWDGRUDVGLVSRQLEOHVSDUDORVHVWXGLDQWHV HODFFHVRDVHUYLFLRVEiVLFRVHQODHVFXHODOD LQIUDHVWUXFWXUDHVFRODUHOKHFKRGHTXHHOGRFHQWH WHQJDRWURWUDEDMR\ORVDxRVGHH[SHULHQFLDGHO SURIHVRU6HDILUPDHQHOHVWXGLRTXHHODFFHVR DORVVHUYLFLRVEiVLFRVGHODHVFXHODJXDUGDDOJ~Q JUDGRGHFRUUHODFLyQFRQODXELFDFLyQ

0XFKRVIDFWRUHVVHFRQMXJDQSDUDDUWLFXODUODRIHUWD GHHGXFDFLyQHQODVHVFXHODV/DVFRQGLFLRQHV PDWHULDOHVDGYHUVDVVRQODVPiVHYLGHQWHV \GHPDVLDGRIUHFXHQWHPHQWHVHHVWUDWLILFDQ HQFRQVRQDQFLDFRQHOQLYHOVRFLRHFRQyPLFRGHVXV HVWXGLDQWHV5HVSHFWRGHODVEDUUHUDVDVRFLDGDV DODVFRQGLFLRQHVPDWHULDOHVVLELHQQRVHKDQ HQFRQWUDGRHVWXGLRVHVSHFtILFRVVREUHFyPRLQIOX\H ODGLVSRQLELOLGDGRQRGHORVUHFXUVRVVREUHODV GLPHQVLRQHVGHH[FOXVLyQDQDOL]DGDVVtH[LVWHQHQ FDPELRDOJXQRVTXHUHODFLRQDQHVDGLVSRQLELOLGDG FRQPHMRUHVUHVXOWDGRVGHDSUHQGL]DMH7DOHVHO





 )XHQWHSDUWHGHORVUHVXOWDGRVH[SOLFDGRVSRUHOFOLPDHVFRODU \SRUHOtQGLFHVRFLDOHFRQyPLFR\FXOWXUDO0HWDVSiJ


FRQVWLWX\HXQDEDUUHUDHQUHODFLyQFRQODVFLQFR GLPHQVLRQHV1)(SRUORFXDOHOWHPDQRVHUi DQDOL]DGRHQHVWHLQIRUPH (VQHFHVDULRIRUPXODUGRVDGYHUWHQFLDVUHODWLYDVD ODGHVFULSFLyQTXHDTXtVHKDFHGHODVEDUUHUDVGH ODRIHUWD L QRVHLQWHQWDDEDUFDUDOVLVWHPD HGXFDWLYRHQJHQHUDOSRUHOFRQWUDULRVHDVSLUDD DERUGDUVLWXDFLRQHVTXHSXHGHQVHUPiV IUHFXHQWHVHQODVLQVWLWXFLRQHVGRQGHVHUHJLVWUDQ ODVPD\RUHVUHFXUUHQFLDVGHIUDFDVRHVFRODU\ LL  DOJXQRVGHORVDVSHFWRVSXQWXDOL]DGRVGHEHQVHU FRQVLGHUDGRVFRQMXQWDPHQWHFRQODVEDUUHUDVGH GHPDQGD±HVSHFLDOPHQWHODVVRFLRFXOWXUDOHVYHU SRUHMHPSORODVEDUUHUDV\±\DTXH DPERVWLSRVGHEDUUHUDVVHSRWHQFLDQ QHJDWLYDPHQWHHQWUHVt (VWDVEDUUHUDVGHVGHODRIHUWDVHRUJDQL]DQHQ FXDWURDJUXSDPLHQWRVUHIHULGRVD  ODHVFDVH]GH UHFXUVRVPDWHULDOHVHQODVHVFXHODV  OD H[LVWHQFLDGHPHFDQLVPRVGHVHJUHJDFLyQGH HVWXGLDQWHVTXHVHJHQHUDQRWROHUDQHQODV HVFXHODV  ODVHVFDVDVSRVLELOLGDGHVGHDSUHQGHU HQDOJXQDVHVFXHODV  HOGHWHULRURGHOFOLPD HVFRODU

$JUXSDPLHQWR (VFXHODVTXHQRFXHQWDQFRQUHFXUVRV PDWHULDOHVEiVLFRV %± )$/7$2'(7(5,252'((',),&,26 (6&2/$5(6

Â&#x2039;81,&()3DUDJXD\9HUD

&RQLPSDFWRHQODVGLPHQVLRQHV

GHOHVWDEOHFLPLHQWRHVFRODU(ODFFHGHU DXQVHUYLFLREiVLFRDGLFLRQDOOOHYDUtDDTXH ORVHVWXGLDQWHVREWHQJDQHQWUH\SXQWRV DGLFLRQDOHVHQODVGLVWLQWDVSUXHEDVDSOLFDGDV /DLQFOXVLyQGHXQHOHPHQWRPiVGHLQIUDHVWUXFWXUD HQODHVFXHODFRQOOHYDXQLQFUHPHQWRHQHO DSUHQGL]DMHGHORVHVWXGLDQWHVTXHRVFLODHQWUH \SXQWRV

'

'

'

'

'

1RREVWDQWHODVLJQLILFDFLyQGHHVWHQ~PHURFDEH GHVWDFDUTXHHOPLVPRHVWXGLRLGHQWLILFDWUHV IDFWRUHVGHPXFKDPD\RULQFLGHQFLDL FRPSRVLFLyQ VRFLRHFRQyPLFDGHOHVWXGLDQWDGRLL FOLPDHVFRODU SHUFLELGRSRUORVHVWXGLDQWHVLLL FRQGLFLyQGH UHSHWLFLyQ

/DVLWXDFLyQGHODUHJLyQHVPX\YDULDGDHQWUH SDtVHV\DOLQWHULRUGHFDGDXQRGHHOORV+D\ OXJDUHVGRQGHGpFDGDVGHLQYHUVLyQHQ LQIUDHVWUXFWXUDHVFRODUSHUPLWHQWHQHUVXILFLHQWH FDQWLGDGGHHVWDEOHFLPLHQWRVHQUHODFLyQFRQOD SREODFLyQPLHQWUDVTXHHQRWURVD~QSHUVLVWHQ GpILFLWVLPSRUWDQWHVGDGRTXHHOFUHFLPLHQWR GHODGHPDQGDVXSHUDDOGHODRIHUWD&RPRVH YHUiHVWRVXHOHSHUMXGLFDUGREOHPHQWHDORV VHFWRUHVSRVWHUJDGRVHQWDQWRODLQVXILFLHQFLDItVLFD VXHOHGLVSDUDUFULWHULRVVHOHFWLYRVSDUDHODFFHVR \SURJUHVR$OUHVSHFWRFDEHFRQVLJQDUODV VLJXLHQWHVVLWXDFLRQHV

&DEHVHxDODUTXHHQODUHJLyQVHHQFXHQWUDQ DFWXDOPHQWHHQFXUVRLQLFLDWLYDVGHLQFRUSRUDFLyQ GHODV7HFQRORJtDVGH,QIRUPDFLyQ\&RPXQLFDFLyQ TXHVRQGHWUDVFHQGHQFLDGHVGHXQDSHUVSHFWLYD GHMXVWLFLDVRFLDO6LQHPEDUJRVXIDOWDQR

±(VFDVH]GHHGLILFLRVHVFRODUHVHVSHFLDOPHQWH HQ]RQDVUXUDOHVSDUDHOQLYHOEiVLFR\HQDPERV iPELWRVGHPXFKRVSDtVHVSDUDHOQLYHO VHFXQGDULR([LVWHQSODQHVGHFRQVWUXFFLyQTXH VHUiQHFHVDULRVRVWHQHU\DPSOLDUGDGRTXH




ODUHVROXFLyQGHHVWDVQHFHVLGDGHVUHTXLHUH GpFDGDVGHLQYHUVLyQ(QHVWHDVSHFWRGHEHQ FRQWHPSODUVHQRVyORODDXVHQFLDWRWDOVLQR WDPELpQRWURVDVSHFWRVTXHVXHOHQVXPDUVHDHOOD ODVDWXUDFLyQGHHVSDFLRVGLVSRQLEOHV \VXGHWHULRURSRUIDOWDGHPDQWHQLPLHQWR7DPELpQ VHUHJLVWUDQLQVXILFLHQFLDVGHSXSLWUHV\PXHEOHV GHDXODTXHDIHFWDQHOQ~PHURGHSOD]DV

UHJLRQDOHOGHODVHVFXHODVWLHQHDJXD SRWDEOHDXQTXHHVWDVLWXDFLyQDEDUFDGLYHUVLGDGHV PiVGHOGHODVLQVWLWXFLRQHVHGXFDWLYDVGH &KLOH&XED8UXJXD\\1XHYR/HyQ 0p[LFR  DFFHGHDHVWHVHUYLFLRPLHQWUDVTXHPHQRVGHOD PLWDGGHODVHVFXHODVGH1LFDUDJXDFXHQWDFRQpO $VXYH]VyORGRVWHUFLRVGHORVFHQWURVHGXFDWLYRV GHODUHJLyQWLHQHQEDxRVVXILFLHQWHVSDUDORV HVWXGLDQWHV6LHODFFHVRDDJXDSRWDEOH\OD GLVSRQLELOLGDGGHEDxRVVXILFLHQWHVVRQPHGLGDV EiVLFDVGHODVFRQGLFLRQHVGHLQIUDHVWUXFWXUDGH ODHVFXHODHVWRVGDWRVUHYHODQTXHXQLPSRUWDQWH SRUFHQWDMHGHLQVWLWXFLRQHVGHODUHJLyQQRHVWi HQFRQGLFLRQHV

±7XUQRVUHGXFLGRV\KRUDULRVLQFRQYHQLHQWHVFRPR FRQVHFXHQFLDGHODLQVXILFLHQWHLQIUDHVWUXFWXUD DPHQXGRDFRSODGRVFRQPHFDQLVPRVGH VHOHFFLyQGHORVDVSLUDQWHVTXHFRQVROLGDQ SUiFWLFDVH[SXOVLYDV ±2EVROHVFHQFLDGHODLQIUDHVWUXFWXUDHQ ORVVLVWHPDVHGXFDWLYRVTXHVHH[SDQGLHURQ WHPSUDQDPHQWH SURFHVRLQLFLDGRHQHOORV DILQHVGHOVLJOR;,; \VXFRQWUDFDUDFUHFLPLHQWR GHVRUGHQDGR\VROXFLRQHVGHHPHUJHQFLDHQ VLVWHPDVGHH[SDQVLyQUHFLHQWH

%± (48,3$0,(172','Ã&#x2C6;&7,&2 (032%5(&,'22,1(;,67(17( &RQLPSDFWRHQODVGLPHQVLRQHV '

±)DOWDGHPDQWHQLPLHQWRGHORVHGLILFLRV\IDOWD GHHVSDFLRVFRPSOHPHQWDULRVFRPRELEOLRWHFDV ODERUDWRULRVRJDELQHWHVHQDTXHOORVFDVRV GRQGHODQHFHVLGDGGHDPSOLDUODFDQWLGDG GHEDQFRVKDFHTXHORVUHFXUVRVHFRQyPLFRV VHGHVWLQHQFDVLH[FOXVLYDPHQWHDODFRQVWUXFFLyQ GHDXODV

/DVUHVWULFFLRQHVPDWHULDOHVWDPELpQVHH[SUHVDQ HQODDXVHQFLDRLQVXILFLHQFLDGHRWURVHVSDFLRV \UHFXUVRVTXHLQIOX\HQHQODFDOLGDG\FOLPD HVFRODU(QWUHHOORVVHHQFXHQWUDQPDWHULDOHV GLGiFWLFRV~WLOHVOLEURVMXHJRVGHMDUGtQ HVSDFLRVHLQVXPRVSDUDGHSRUWHV\UHFXUVRV SDUDHOWUDEDMRFRQHVWXGLDQWHVFRQ GLVFDSDFLGDG

(O8,681(6&2  OOHYyDFDERXQD HQFXHVWDDGLUHFWRUHVGHHVFXHODVUHVSHFWRGHO HVWDGRHGLOLFLRGHORVHVWDEOHFLPLHQWRVHQGLVWLQWRV SDtVHV(QODUHJLyQSDUWLFLSDURQ$UJHQWLQD%UDVLO &KLOH3HU~\8UXJXD\(Q3HU~PiVGHOGH ORVDOXPQRVHQHVFXHODVUXUDOHV\PiVGHO HQODVXUEDQDVDVLVWHQDHVWDEOHFLPLHQWRVTXH VHJ~QORVGLUHFWRUHVQHFHVLWDQXQDUHQRYDFLyQ FRPSOHWDRPHMRUDVHGLOLFLDVLPSRUWDQWHV (QHOUHVWRGHORVSDtVHVORVSRUFHQWDMHVIXHURQ PHQRUHV&KLOHIXHHOSDtVTXHSUHVHQWyORV SRUFHQWDMHVPiVEDMRVGHODUHJLyQ \ UHVSHFWLYDPHQWH 

9pOH]6FKLHIHOEHLQ\9DOHQ]XHOD   HQVXVLVWHPDWL]DFLyQGHLQYHVWLJDFLRQHVVREUH IDFWRUHVTXHLQFLGHQHQORVUHVXOWDGRVGH DSUHQGL]DMHHQFXHQWUDQFRUUHODFLyQSRVLWLYDHQWUH PDWHULDOHVHGXFDWLYRV\UHQGLPLHQWRGHORV HVWXGLDQWHVPX\HVSHFLDOPHQWHHQORTXHUHVSHFWD DOXVRGHOLEURV VREUHHVWXGLRVTXH HQFXHQWUDQVLJQLILFDWLYRHVWHIDFWRU (QFDPELR DFFHGHUDRWURVPDWHULDOHVHGXFDWLYRVFRPR SL]DUUyQJORERWHUUiTXHR\PDSDVWDPELpQWLHQH XQHIHFWRSRVLWLYRHQHOUHQGLPLHQWRSHURODLPDJHQ HVPHQRVFODUDVREUHHVWXGLRV HQHQFRQWUDURQXQDUHODFLyQSRVLWLYD\ QRPXHVWUDQUHODFLyQDOJXQDLQFOXVRHQFDVRV VHHQFRQWUyUHODFLyQQHJDWLYD

/DVFRQVXOWDVUHDOL]DGDVDORVGLUHFWRUHVHQHO PDUFRGHO6(5&(\UHYHODQTXHHQHOiPELWR 

 8,681(6&2  $YLHZLQVLGHSULPDU\VFKRROV$:RUOG (GXFDWLRQ,QGLFDWRUV :(, FURVVQDWLRQDOVWXG\'LVSRQLEOH HQKWWSZZZXLVXQHVFRRUJ/LEUDU\'RFXPHQWVZHLHQSGI



 25($/&81(6&2  /RVDSUHQGL]DMHVGHORVHVWXGLDQWHV GH$PpULFD/DWLQD\HO&DULEH3ULPHU5HSRUWHGHO6HJXQGR (VWXGLRUHJLRQDO\&RPSDUDWLYR 6(5&( 6DQWLDJRGH&KLOH \8,681(6&2,QIRUPH*OREDOGH(VWDGtVWLFD(GXFDWLYD



 25($/&81(6&2  )DFWRUHVDVRFLDGRVDOORJUR FRJQLWLYRGHORVHVWXGLDQWHVGH$PpULFD/DWLQD\HO&DULEH 6DQWLDJRGH&KLOH

'

3RUVXSDUWHHODQiOLVLVJOREDOGHORVIDFWRUHV HVFRODUHVHODERUDGRSRUHO/DERUDWRULR /DWLQRDPHULFDQRGH(YDOXDFLyQGHOD&DOLGDGGHOD (GXFDFLyQHQRFDVLyQGHO6HJXQGR(VWXGLR 5HJLRQDO 6(5&( PXHVWUDTXHODFRQWULEXFLyQGH ODLQIUDHVWUXFWXUDORVVHUYLFLRVEiVLFRVORVOLEURV 



 3RUXQDFXHUGRFRQ25($/81(6&2HVWHHVWDGRPH[LFDQR IXHHYDOXDGRHVSHFtILFDPHQWH


*5Ã&#x2C6;),&2  )DFWRUHVDVRFLDGRVDODSUHQGL]DMH\SRUFHQWDMHGHRFDVLRQHVHQTXHORVIDFWRUHVVHDVRFLDQ DODSUHQGL]DMHHQWRGDVODViUHDV\JUDGRVHYDOXDGRV3DtVHVGH$PpULFD/DWLQD\HO&DULEH ±

(VFXHODUXUDO &RQWH[WR



±

(VFXHODXUEDQDSULYDGD

 

Ã&#x2039;QGLFHGHFRQWH[WRHGXFDWLYRGHOKRJDU 

&RPSXWDGRUDVGLVSRQLEOHVSDUDHVWXGLDQWHV



Ã&#x2039;QGLFHGHLQIUDHVWUXFWXUD ,QVXPR



Ã&#x2039;QGLFHGHVHUYLFLRVGHODHVFXHOD 'RFHQWHWLHQHRWURWUDEDMR

± 

$xRVGHH[SHULHQFLDGRFHQWH

± 

  

&OLPDHVFRODU

3URFHVR



Ã&#x2039;QGLFHGHJHVWLyQGHOGLUHFWRU 

Ã&#x2039;QGLFHGHGHVHPSHxRGRFHQWH



Ã&#x2039;QGLFHGHVDWLVIDFFLyQGRFHQWH

)XHQWHHODERUDFLyQSURSLDVREUHHOLQIRUPH)DFWRUHVDVRFLDGRVDOORJURFRJQLWLYRGHORVHVWXGLDQWHVGH$PpULFD/DWLQD\HO&DULEH 6DQWLDJRGH&KLOH25($/&81(6&2 (OFOLPDHVFRODUUHILHUHDOSURFHVDPLHQWRGHODVUHVSXHVWDVGHORVDOXPQRVDXQFRQMXQWRGHSUHJXQWDVVREUH FyPRVHVLHQWHQHQODHVFXHOD 1RWDORVSDtVHVHYDOXDGRVHQHO6(5&(IXHURQ$UJHQWLQD%UDVLO&KLOH&RORPELD&RVWD5LFD&XED(FXDGRU(O6DOYDGRU *XDWHPDOD1LFDUDJXD3DQDPi3DUDJXD\3HU~5HS~EOLFD'RPLQLFDQD\8UXJXD\

%± $86(1&,$2(6&$6(='(/,%526 $'(&8$'26

GHODELEOLRWHFDHVFRODU\ODH[SHULHQFLDGHORV GRFHQWHVVHUHODFLRQDQGHPDQHUDFRQVLVWHQWH\ SRVLWLYDFRQHOORJURHQFDVLWRGDVODViUHDV\ JUDGRVHYDOXDGRVDXQTXHFRQPHQRUSHVRTXH RWUDVYDULDEOHVFRPRSRUHMHPSORHOFOLPDHVFRODU *UiILFR 

&RQLPSDFWRHQODVGLPHQVLRQHV '

'

(QODUHJLyQHQSURPHGLRODPLWDGGHORV HVWDEOHFLPLHQWRVHGXFDWLYRVFXHQWDQFRQELEOLRWHFD HVFRODU6LQHPEDUJRH[LVWHQGLIHUHQFLDVHQWUH SDtVHVORVGDWRVUHOHYDGRVSRUHO6(5&( SHUPLWHQDILUPDUTXHHQ&RVWD5LFD(FXDGRU 1LFDUDJXD3DQDPi3DUDJXD\\5HS~EOLFD 'RPLQLFDQDPHQRVGHOGHORV HVWDEOHFLPLHQWRVWLHQHQELEOLRWHFDHVFRODUHQ %UDVLO&RORPELD(O6DOYDGRU1XHYR/HyQ0p[LFR \3HU~DVFLHQGHQDO\HOILQDOPHQWHHQ $UJHQWLQD&XED&KLOH*XDWHPDOD\8UXJXD\HVWH SRUFHQWDMHHVPD\RUDO

(QODV~OWLPDVGpFDGDVODUHJLyQKDLQYHUWLGR HQHVWRVUXEURVHQJUDQPHGLGDFRQDSR\R GHODFRRSHUDFLyQLQWHUQDFLRQDO\JUDFLDV DORVSURJUDPDVGHILQDQFLDPLHQWRH[WHUQR /DH[SHULHQFLDKDGHPRVWUDGRTXHQRVLHPSUH HOUHVXOWDGRIXHHOHVSHUDGRHQWpUPLQRVGHXVR \DSURSLDFLyQGHORVELHQHVHQODVHVFXHODV 3RUXQODGRXQDKLVWRULDGHFDUHQFLDVKDOOHYDGR DTXHORVGRFHQWHVQRWHQJDQLQFRUSRUDGRHOXVR GHHVRVELHQHVHQVXVSUiFWLFDVGHFODVHSRURWUR PXFKDVYHFHVORVUHFXUVRVIXHURQVXPLQLVWUDGRV HQEDVHDSURSXHVWDVFXUULFXODUHVDOHMDGDVGH ODVSUiFWLFDVXVXDOHVGHORVGRFHQWHV/DWHUFHUD EDUUHUDTXHGHWHUPLQyODVXEXWLOL]DFLyQGHHVWRV UHFXUVRVIXHODLGHDGHTXHOOHJDQSRU~QLFDYH] ORTXHUHIRU]yDFWLWXGHVFRQVHUYDFLRQLVWDVDQWH HOWHPRUGHYROYHUDHVWDUHQSRFRWLHPSRVLQ PDWHULDOHV

(QFXDQWRDOSURPHGLRGHOLEURVFRQORVTXHFXHQWDQ ODVELEOLRWHFDVGHODVHVFXHODVGHODUHJLyQHVWH  25($/&81(6&2  )DFWRUHVDVRFLDGRVDOORJUR FRJQLWLYRGHORVHVWXGLDQWHVGH$PpULFD/DWLQD\HO&DULEH 6DQWLDJRGH&KLOH




UHVWULFFLyQDOJXQDVGHFDUiFWHUSUHVXSXHVWDULR\ RWUDVVXUJLGDVGHODQRUPDWLYDTXHUHJXODODFDUUHUD SURIHVLRQDO\ODIRUPDFLyQGHORVGRFHQWHVTXH VHUiQDERUGDGDVPiVDGHODQWH$TXtLQWHUHVD LGHQWLILFDULQVXILFLHQFLDVTXHDIHFWDQ SDUWLFXODUPHQWHDORVVHFWRUHVHQTXHVH PDQLILHVWDQFRQPiVLQFLGHQFLDODVFLQFR GLPHQVLRQHVGHODH[FOXVLyQLGHQWLILFDGDVSRUOD ,QLFLDWLYD*OREDO1)( D ODHVFDVH]GHGRFHQWHVR LQVXILFLHQWHFRQWUDWDFLyQGHGRFHQWHVGLVSRQLEOHV E ODLQVXILFLHQFLDGHGRFHQWHVHVSHFLDOL]DGRVHQ PRGDOLGDGHVRGLVFLSOLQDVTXHDIHFWDODIDFWLELOLGDG GHDPSOLDUODRIHUWDHQFLHUWDViUHDV F OD LQVXILFLHQFLDGHGRFHQWHVKDEODQWHVGHOHQJXDV RULJLQDULDV G ODDOWDURWDFLyQGHGRFHQWHVTXH FRPLHQ]DQVXVFDUUHUDVHQ]RQDVUXUDOHVR PDUJLQDOHV\UiSLGDPHQWHGHMDQORVFDUJRVHQ FXDQWRFRQVLJXHQXQDXELFDFLyQTXHOHVUHVXOWDGH VXSUHIHUHQFLD

YDORUHTXLYDOHDYRO~PHQHV(QSDtVHVFRPR $UJHQWLQD%UDVLO&RORPELD\&KLOHODFDQWLGDGGH OLEURVVXSHUDORVYRO~PHQHVDOWLHPSRTXHHQ HORWURH[WUHPRSDtVHVFRPR(FXDGRU\*XDWHPDOD DOFDQ]DQYDORUHVFHUFDQRVDORVOLEURV /RVOLEURVVLJXHQVLHQGRWRGDYtDHOPHGLR SULYLOHJLDGRGHSRQHUDORVHVWXGLDQWHVHQFRQWDFWR FRQORVSURGXFWRVGHODFXOWXUDHODERUDGDWHQLHQGR HOUDVJRSRVLWLYRDGLFLRQDOGHVHUPDWHULDOHV SURFHVDGRVGLGiFWLFDPHQWHSDUDDGHFXDUVH DGLVWLQWRVPRPHQWRVGHODHYROXFLyQGHODOXPQR \TXHSRGUtDQIDFLOLWDUDERUGDMHVULFRV\GLYHUVRV HQHOWUDEDMRHQFODVH 6LQHPEDUJRXQDFRQMXQFLyQGHIDFWRUHVTXHWLHQH TXHYHUFRQORVPRGRVGHSURYLVLyQGHORVOLEURV HVFRODUHVSXHGHOOHYDUDVLWXDFLRQHVHQTXHHO PHUFDGRRHOSURSLRJRELHUQRSULRULFHODSURGXFFLyQ GHOLEURVSDUDORVJUXSRVGHSREODFLyQPiVJUDQGHV \GHPD\RUSRGHUDGTXLVLWLYRIDOWDQGRSURSXHVWDV HVSHFtILFDVSDUDJUXSRVPiVSHTXHxRVSRU HMHPSORPDWHULDOGHOHFWXUD\GHHQVHxDQ]D GHOHQJXDV\FXOWXUDVORFDOHV(VWDFDUHQFLDOLPLWD HOWUDEDMRVLVWHPiWLFRHQHGXFDFLyQLQWHUFXOWXUDO \ELOLQJHORFXDODIHFWDLQLFLDWLYDVTXHPXFKRV JRELHUQRVHVWiQLPSXOVDQGRHQODUHJLyQ

/DGRFHQFLDHQSULPDULDHVXQDSURIHVLyQFRQ SDUWLFLSDFLyQPD\RULWDULDGHODVPXMHUHV/DVFLIUDV LQGLFDQTXHVRQPXMHUHVHOGHORVGRFHQWHV TXHLPSDUWHQFODVHVHQHUJUDGRGHSULPDULD(VWD SURSRUFLyQVXSHUDHQSXQWRVSRUFHQWXDOHVDO SURPHGLRJOREDOGHOPXQGR GHIHPLQHLGDGHQ ODSURIHVLyQGRFHQWH (OSRUFHQWDMHHVGH HQHOFDVRGHžJUDGRORVFDVRVH[WUHPRVVRQ *XDWHPDOD\0p[LFRGRQGHPHQRVGHODPLWDG GHORVGRFHQWHVGHžJUDGRVRQPXMHUHV

/DDOWHUQDWLYDGHSURGXFLUOLEURV©RILFLDOHVªGHVGH ODyUELWDGHORVPLQLVWHULRVGHHGXFDFLyQSXHGHHQ DOJXQDPHGLGDRIUHFHUYHQWDMDVSHURODHVFDODGH HVWDSURGXFFLyQHGLWRULDORILFLDOHQPXFKRVSDtVHV HVWiUHVWULQJLGDSRUFXHVWLRQHVSUHVXSXHVWDULDV \GHFRQRFLPLHQWRWpFQLFR3RURWURODGRKD\TXH FRQVLGHUDUODQHFHVLGDGGHORVGRFHQWHVGHSRGHU HOHJLUORVOLEURVPiVDGHFXDGRVDVXSURSXHVWD GHHQVHxDQ]DORTXHHQRFDVLRQHVORVOOHYDDQR XWLOL]DUORVOLEURVHQYLDGRVSRUHOPLQLVWHULRQDFLRQDO SRUKDOODUORVLQDGHFXDGRVFRQODFRQVLJXLHQWH HVWHULOL]DFLyQGHOHVIXHU]RS~EOLFRSRUGRWDU GHOLEURVDORVQLxRV

(OQ~PHURGHGRFHQWHVTXHUHTXLHUHHOVLVWHPD FUHFHVLJQLILFDWLYDPHQWHFRPRFRQVHFXHQFLD GHODVSROtWLFDVGHDPSOLDFLyQGHODRIHUWD6LQ HPEDUJRHVDGHPDQGDQRVLHPSUHKDSRGLGRVHU DWHQGLGDSRUODPDVDGHGRFHQWHVTXHFDGDSDtV JHQHUDDQXDOPHQWHHQSDUWLFXODUHQHGXFDFLyQ LQLFLDO\VHFXQGDULD(OOROOHYDDEXVFDUVROXFLRQHV GHHPHUJHQFLDPDGUHVFXLGDGRUDVRMyYHQHVGH ODFRPXQLGDGSDUDMDUGLQHVGHLQIDQWHVDOWHUQDWLYRV PDHVWURVGHSULPDULDGLFWDQGRFODVHVHQ VHFXQGDULD\DXQHQQLYHOVXSHULRUVHUHFXUUH HQRFDVLRQHVDSURIHVLRQDOHVDILQHVGRQGHQRKD\ VXILFLHQWHVGRFHQWHVGHVHFXQGDULD(VWHGHVDMXVWH HQWUHRIHUWD\GHPDQGDGHGRFHQWHVHVGHGLItFLO VROXFLyQLQPHGLDWD

$JUXSDPLHQWR (VFXHODVGRQGHVHJHQHUDQRWROHUDQ SURFHVRVGHVHJPHQWDFLyQ %± (48,326'2&(17(6'e%,/(6 26,1&2162/,'$5

/RVSURFHVRVYLJHQWHVSDUDDFFHGHUDOHMHUFLFLR GHODGRFHQFLDVRQDOWDPHQWHIRUPDOL]DGRVHQWRGD ODUHJLyQ\HQIXQFLyQGHHVWRVSURFHGLPLHQWRV ORVQXHYRVGRFHQWHVIUHFXHQWHPHQWHWHQJDQDOWD SUREDELOLGDGGHLQLFLDUVXHMHUFLFLRSURIHVLRQDO GHQWURGHODVHVFXHODVS~EOLFDVPiVFRPSOHMDV \GLVWDQWHVGHOPRGHORLGHDOL]DGRHVFXHODVUXUDOHV

&RQLPSDFWRHQODVGLPHQVLRQHV '

'

/DH[LVWHQFLDGHODRIHUWDHGXFDWLYDHVWi FRQGLFLRQDGDSRUODDVLJQDFLyQGHOSHUVRQDO GRFHQWHQHFHVDULR(QHVWHDVSHFWRFDEH GLIHUHQFLDUGLYHUVDVVLWXDFLRQHVTXHRSHUDQFRPR




/DIDOWDGHPHFDQLVPRVSDUDUHFRQRFHUORVEXHQRV GHVHPSHxRVGHORVGRFHQWHVTXHWUDEDMDQFRQ HVWXGLDQWHVHQULHVJRGHH[FOXVLyQRTXHWLHQHQ TXHUHFLELU11$H[FOXLGRVGHODHGXFDFLyQHVFRODU SHUMXGLFDHOOHQWRSURFHVRGHDFXPXODFLyQGH VDEHUHVWpFQLFRVH[SHULHQFLDKXPDQD\ FRQVROLGDFLyQGHOLGHUD]JRVTXHVRQQHFHVDULRV SDUDVRVWHQHUHVWUDWHJLDVGHLQFOXVLyQ$GHPiV UHVXOWDPiVGLItFLOTXHORQRUPDODOFDQ]DUXQ PRGHORGHHQVHxDQ]DLQVWLWXFLRQDOPHQWHDFRUGDGR HQHOTXHVHFRRUGLQHQ\SRWHQFLHQODV PHWRGRORJtDVXWLOL]DGDVSRUXQGRFHQWH\ODVTXH DSOLFDVXFROHJDGHOJUDGRVXFHVLYRSDUDSURWHJHU HOLWLQHUDULRHVFRODUGHORVDOXPQRV

DLVODGDVFRQDOEHUJXHQRFWXUQDV\XELFDGDV HQFRQWH[WRVGHH[WUHPDSREUH]D\PDUJLQDFLyQ XUEDQD(VDVLQVWLWXFLRQHVVXHOHQHYLGHQFLDU XQDDOWDWDVDGHURWDFLyQGHGRFHQWHVSRUHVRVRQ ODVTXHOLEHUDQSXHVWRVGHDFFHVRDSRVWXODQWHV FRQPHQRUDQWLJHGDG\H[SHULHQFLD$VXYH] ORVPHFDQLVPRVGHWLWXODUL]DFLyQGHORVFDUJRV \GHPRYLOLGDGGRFHQWHLPSXOVDQDTXHHQVX E~VTXHGDGHPHMRUDUODHFXDFLyQGHWDUHD UHFRQRFLPLHQWRVDODULRVORVGRFHQWHVEXVTXHQ PLJUDUGHVGHODSHULIHULDKDFLDHOFHQWUR (VWRRFXUUHWDPELpQFRQORVGLUHFWRUHVVLWXDFLyQ SDUWLFXODUPHQWHJUDYHSRUTXHODURWDFLyQIUHFXHQWH GHORVPLVPRVTXLHEUDORVSURFHVRVGHFRQVWUXFFLyQ GHOLGHUD]JRSHGDJyJLFR

%± 352&(626'(25*$1,=$&,Ï1 (6&2/$548(352'8&(16(*5(*$&,Ï1 (1&8%,(57$

/DHGDGGHORVGRFHQWHVD\XGDDHQWHQGHUOD FRPSRVLFLyQGHODIXHU]DODERUDOGHODHGXFDFLyQ SULPDULD(QHOFDVRGHORVGRFHQWHVGHž \žJUDGRVHUHJLVWUDXQSURPHGLRUHJLRQDOGH DxRVGHHGDG6LELHQHQ&KLOH\(FXDGRUOD HGDGSURPHGLRGHORVGRFHQWHVVREUHSDVDORV HQHOUHVWRGHODVQDFLRQHVHVHHVHOOtPLWHVXSHULRU GHOSURPHGLR3DUDSDtVHVFRPR$UJHQWLQD%UDVLO R&KLOHORVPDHVWURVGHPHQRVGHDxRVQR VREUHSDVDQHO

&RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

'

/DRUJDQL]DFLyQHQJUXSRVFODVHPiVRPHQRV HVWDEOHVHVFDUDFWHUtVWLFDHVHQFLDOGHOVLVWHPD HGXFDWLYRGHHVFDODPDVLYDTXHFRQRFHPRVKR\ /DHVWUXFWXUDGHDJUXSDPLHQWRVSDUDXQD HQVHxDQ]DVLPXOWiQHDHVWiEDVDGDHQSDXWDV KRPRJpQHDVGHULYDGDVGHODHGDGFURQROyJLFD \GHODVFHUWLILFDFLRQHVHVFRODUHVFRQYDOLGDGD DVXYH]SRUXQFXUULFXOXPJUDGXDGRTXHVXSRQH TXHWRGRVSXHGHQ±\GHEHQ±DSUHQGHUORPLVPR DSUR[LPDGDPHQWHDOPLVPRWLHPSR\GHDFXHUGR FRQXQRVHVWiQGDUHVJHQHUDOHVSDUDFDGDSDtV

$XQTXHORVGRFHQWHVODWLQRDPHULFDQRVVRQ UHODWLYDPHQWHMyYHQHVQRVRQQyYHOHVFRQODHGDG SURPHGLRLQGLFDGDWLHQHQDPSOLDVSRVLELOLGDGHVGH KDEHUDFXPXODGRDOPHQRVDxRVGHH[SHULHQFLD SURIHVLRQDO

&RPRUHVXOWDGRGHHVWDVUHJODVGHIXQFLRQDPLHQWR PXFKRVGHORVHTXLSRVGRFHQWHVGHFLHUWDV HVFXHODV ODVTXHPiVLQWHUHVDQSDUDVXSHUDUOD H[FOXVLyQ VHHQFXHQWUDQHQSHUPDQHQWHURWDFLyQ VHVLHQWHQ©HQWUiQVLWRªHVWiQHQE~VTXHGDGH SXHVWRVPHMRUXELFDGRVQRWHUPLQDQGHKDFHU OD]RVFRQVXVFROHJDVQLFRQVXFRPXQLGDG HQVtQWHVLVHVWiQLQVDWLVIHFKRVFRQVXGHVWLQR SURIHVLRQDOHQHODTXt\DKRUD\HVPX\GLItFLOTXH HVRQRVHWUDVXQWHHQVXWDUHDGHDXODHQVX DVLVWHQFLDFRWLGLDQDHQVXYtQFXORFRQORV HVWXGLDQWHV\ODVIDPLOLDV$GLFLRQDOPHQWH\ WDPELpQHPSDUHQWDGRFRQHOHVFDVRSUHVWLJLR\DOWD GLILFXOWDGGHHVWDVHVFXHODV©GLItFLOHVªVXHOHQ GDUVHGHPRUDVRVXVSHQVLRQHV©VLQHGLHªGHORV SURFHVRVSDUDFXEULUODVSOD]DVGRFHQWHV$VtVH SHUMXGLFDHOWLHPSRGHDSUHQGL]DMHSXHVORV HVWXGLDQWHVGLUHFWDPHQWHQRWLHQHQGRFHQWHV QRPEUDGRVHQIRUPDRSRUWXQD\HQWRQFHVQRWLHQHQ FODVHVRVRQUHSDUWLGRVHQWUHORVGRFHQWHV H[LVWHQWHVJHQHUiQGRVHJUXSRVFODVHPiVJUDQGHV GHORFRQYHQLHQWH

/DVQRUPDWLYDVGHLQVFULSFLyQSDUDHODFFHVR DSULPDULD\DODHGXFDFLyQLQLFLDOGLVWDQGHVHU SUHFLVDVFODUDV\RULHQWDGRUDV+D\PXFKRV PiUJHQHVSDUDODGLVFUHFLRQDOLGDGTXHSHUPLWHQ TXHDOJXQDVHVFXHODVS~EOLFDVHOLMDQDVXV DOXPQRVSRUHMHPSORFXDQGRDUJXPHQWDQIDOWDGH YDFDQWHVDDOJXQDVIDPLOLDVVLQGDUHYLGHQFLDV GHHOORRFRQODVVXJHUHQFLDVGHDQRWDUORVHQRWUD HVFXHOD$GLFLRQDOPHQWHHQODVHVFXHODVSXHGHQ GDUVHSURFHVRVGH©VHJUHJDFLyQLQWHUQDªDWUDYpV GHODPDQHUDHQTXHVHRUJDQL]DDORVHVWXGLDQWHV HQJUXSRVSRUHMHPSORGLIHUHQFLiQGRORVSRUQLYHOHV GHGHVHPSHxR HLQFOXVRSRUH[SHFWDWLYDVGH GHVHPSHxR RDJUXSDQGRHQDOJXQDVVHFFLRQHV RWXUQRV JHQHUDOPHQWHHOWXUQRGHODWDUGH  DORVHVWXGLDQWHVUHSHWLGRUHV\FRQVREUHHGDG (ODUJXPHQWRXWLOL]DGRHVTXHDVtVHFRQFHQWUDUi PHMRUDWHQFLyQ\GHGLFDFLyQDORVHVWXGLDQWHV HQULHVJRRFRQPD\RUQHFHVLGDGSHURKD\ DEXQGDQWHHYLGHQFLDGHTXHVXFHGHPiVELHQ ORRSXHVWR




$VLJQDUDORVHVWXGLDQWHVDXQJUXSRXRWURSXHGH VHUXQDGHFLVLyQFUXFLDOTXHGHWHUPLQHHOIXWXUR LWLQHUDULRHVFRODUSXHVVHVDEHTXHHQHO UHQGLPLHQWRHVFRODUGHORVDOXPQRVLQIOX\HQODV H[SHFWDWLYDVSURSLDV\DMHQDVUHVSHFWRDVX GHVHPSHxR\VXVSRVLELOLGDGHV/DIDPLOLDORV PDHVWURV\ORVFRPSDxHURVYDQFRQILJXUDQGRXQ KRUL]RQWHGHH[SHFWDWLYDVHQHOFXDOFDGDDOXPQR FRQVWUX\HXQDDXWRLPDJHQTXHIDFLOLWDUiRLQKLELUi VXUHQGLPLHQWR\FRQVHFXHQWHPHQWHVXWUD\HFWRULD HGXFDWLYD(VWHWHPDHVSDUWLFXODUPHQWHUHOHYDQWH HQFRQWH[WRVVRFLDOHVGHVIDYRUHFLGRV\FRQULHVJR GHIUDFDVR

0LHQWUDVWDQWRORVGRFHQWHVFRQPiVH[SHULHQFLD \WLWXODUHVGHVXVFDUJRVHVWiQPHMRUSRVLFLRQDGRV SDUDGHPDQGDUOHDOGLUHFWLYRTXHGDUVHFRQ VHFFLRQHVGHHVWXGLDQWHVTXH±GHQWURGHOSHUILO GHPDWUtFXODGHODHVFXHOD±VRQPiV©IiFLOHVª SRUHVWDUFRQVWLWXLGDSRU©EXHQRVDOXPQRVª %± 7,(032/(&7,92(6&$62 <'(6$3529(&+$'2 &RQLPSDFWRHQODVGLPHQVLRQHV '

'

/DVLWXDFLyQHQFXDQWRDOWLHPSRGLVSRQLEOHSDUDOD HQVHxDQ]DYDUtDVHJ~QSDtV\QLYHOHGXFDWLYR GHWHFWiQGRVHGLIHUHQFLDVGHPiVGHFLHQKRUDV DQXDOHVHQWUHDOJXQRVSDtVHVDXQTXHHOQ~PHUR GHVHPDQDVHVUHODWLYDPHQWHSDUHFLGRFRPR SXHGHREVHUYDUVHHQOD7DEOD

/DFRQILJXUDFLyQVHJUHJDGDWLHQHHIHFWRVQHJDWLYRV HQODDXWRHVWLPDGHORVHVWXGLDQWHVTXHVRQ DVLJQDGRVDOJUXSR©GHORVOHQWRVª$VLPLVPRHVH HIHFWRVHDPSOtDDODSHUFHSFLyQGHORVGRFHQWHV DTXLHQHVWRFDHQVHxDUHQHVWRVJUXSRVTXH HQFDUDQVXHQVHxDQ]DFRQSUHMXLFLRQHJDWLYRVREUH ODVFDSDFLGDGHVGHVXVDOXPQRV

/DFDQWLGDGGHKRUDVTXHORVDOXPQRVHVWiQHQOD HVFXHODHVORTXHODOLWHUDWXUDOODPD©WLHPSRHVFRODU DVLJQDGRª1RUPDOPHQWHHQORVSDtVHVGHOD UHJLyQHVHWLHPSRDVLJQDGRURQGDODVWUHVDFXDWUR KRUDVHQODVHVFXHODVS~EOLFDVH[FHSWXDQGR DTXHOODVTXHWLHQHQRIHUWDVGHWLHPSRFRPSOHWR/D FDQWLGDGGHKRUDVSXHGHVHUWRGDYtDPHQRUHQORV FDVRVHQTXHSRUGpILFLWGHLQIUDHVWUXFWXUDH[LVWHQ WUHVWXUQRVHVFRODUHVSRUGtDFRQORTXHODMRUQDGD HVFRODUQRDOFDQ]DDWUHVKRUDV

2WURIDFWRUGHVHJUHJDFLyQRFXOWDDSDUHFHHQOD DVLJQDFLyQGHORVGRFHQWHVDORVJUXSRVFODVH(VWD ©DGPLQLVWUDFLyQªGHODVSHUVRQDVHVXQSURFHVR TXHHQPXFKRVFDVRVVHUHDOL]DLQHUFLDOPHQWH RFRQFULWHULRVLPSOtFLWRVTXHYDQDFRQWUDPDQR GHODVXSHUDFLyQGHODLQHTXLGDG6LORVJUXSRVGH HVWXGLDQWHVVHKDQHVWUDWLILFDGRVHJ~QUHQGLPLHQWR \HOSHUVRQDOGRFHQWHVHDVLJQDVHJ~QODFRQGLFLyQ GHWLWXODULGDGRDQWLJHGDGSXHGHVXFHGHUTXH ORVSURIHVRUHVFRQPHQRVH[SHULHQFLDTXHGHQ DFDUJRGHORVJUDGRVTXHQHFHVLWDUtDQXQGRFHQWH PiVH[SHUWRSRUODFRPSOHMLGDGTXHVLJQLILFD DWHQGHUDOXPQRVTXHKDQDWUDYHVDGRIUDFDVRV SUHYLRVRTXHQHFHVLWDQD\XGDGHPX\GLYHUVRWLSR

$VXYH]GHOWLHPSRDVLJQDGRQRWRGRVHXVDHQOD LQVWUXFFLyQXQSRUFHQWDMHLPSRUWDQWHGHODV HVFDVDVKRUDVGHHVFXHODVHXWLOL]DHQDFWLYLGDGHV UXWLQDULDVTXHQRUHGXQGDQHQDSUHQGL]DMHVFRPR SDVDUOLVWDVDOXGDUDORVVtPERORVSDWULRVIRUPDU

7$%/$ +RUDVGHHQVHxDQ]D\VHPDQDVOHFWLYDV3DtVHVVHOHFFLRQDGRV +RUDVGHHQVHxDQ]DSRUDxR

6HPDQDVGHOFLFOROHFWLYR

(GXFDFLyQ SULPDULD

(GXFDFLyQ VHFXQGDULD

(GXFDFLyQ SULPDULD

(GXFDFLyQ VHFXQGDULD

&KLOH



 





-DPDLFD



 





0p[LFR









3DUDJXD\



 





3HU~









8UXJXD\



 





)XHQWH&RPSHQGLR0XQGLDOGH(GXFDFLyQ±8,681(6&20RQWUHDO




HQILODVUHSDUWLUODVYLDQGDVGHFRPLGD(OWLHPSR UHVWDQWHRWLHPSRLQVWUXFFLRQDOHVHOTXH HIHFWLYDPHQWHVHHPSOHDHQHODXODSDUDOD HQVHxDQ]DVLQHPEDUJRWDPSRFRVHDSURYHFKDHQ VXWRWDOLGDGSRUTXHKD\PRGRVGHHQVHxDQ]DSRFR HIHFWLYRVTXHKDFHQTXHORVDOXPQRVQRHVWpQWRGR HOWLHPSRLQWHUHVDGRVHQODWDUHDGHDSUHQGHU

DSUHQGL]DMHVVXHOHQWHQHUSRFRVRVWpQHQFDVD \QHFHVLWDQPiVGHODHVFXHOD$OGHFLUGH9i]TXH] 5HFLR  HOWLHPSRHVXQUHFXUVROLPLWDGR \SRUHVRVHSUHFLVDQHVWUDWHJLDVTXHSHUPLWDQ VDFDUOHHOPD\RUSURYHFKRDVHJXUDQGRHOORJUR GHORVREMHWLYRVILMDGRV 3RURWUDSDUWH\DSHVDUGHTXHPXFKRV UHJODPHQWRVHVFRODUHVORSUHYpQODVHVFXHODVQR DSURYHFKDQORVWLHPSRVGHDWHQFLyQ FRPSOHPHQWDULDDORVHVWXGLDQWHVTXHHVWiQHQ ULHVJRGHQRSURPRYHU(QORVFDVRVTXHORKDFHQ HVWHWLHPSRVHGHVWLQDDDFWLYLGDGHVGHFDUiFWHU HYDOXDWLYRTXHQRVHSUHSDUDQFRQVXILFLHQWH WUDEDMRGHDSR\R\H[SHFWDWLYDGHVXSHUDFLyQOR FXDOOLPLWDODVRSRUWXQLGDGHVSDUDHYLWDUHOIUDFDVR

127$8VRGHOWLHPSRHVFRODU$OFDOGtD 0HWURSROLWDQDGH&DUDFDV 6HSUHVHQWDQDTXtORVUHVXOWDGRVGHXQHVWXGLR VREUHXQWRWDOGHPLQXWRVDQDOL]DGRVHQ HVFXHODVSHUWHQHFLHQWHVDOD$OFDOGtD 0HWURSROLWDQDGH&DUDFDVTXHUHSUHVHQWD WHQGHQFLDVGHOXVRGHOWLHPSRHVFRODUHQODUHJLyQ ±8QGHOWLHPSRIXHWLHPSRSODQLILFDGR UHDOL]DFLyQGHWDUHDVFRPRFRSLDUGHODSL]DUUD\ UHVSRQGHUFXHVWLRQDULRV 

$JUXSDPLHQWR (VFXHODVTXHSRVLELOLWDQHVFDVDV RSRUWXQLGDGHVGHDSUHQGHU

±7LHPSROLEUH UHFUHRVMXHJRHQHOSDWLR  ±7LHPSRSHUGLGR  HQFX\RWUDQVFXUVRQRVH GHVDUUROODQLQJXQDDFWLYLGDGDFDGpPLFDHQWDQWR TXHDORVDOXPQRVQRVHOHVDVLJQDQDFWLYLGDGHV FRQFUHWDV3RUHOFRQWUDULRVHOLPLWDQDDFRPRGDU ORVSXSLWUHVRUJDQL]DUHVWDQWHVVDFDUSXQWD OHYDQWDUVHGHVXVDVLHQWRVFRQYHUVDUSRUHO FHOXODUUHFLELUYLVLWDV\VDOLUGHODXODHVFULELU HQFDEH]DGRVHVSHUDUDTXHVXHQHHOWLPEUH DFRPRGDUORVOLEURV\HVSHUDUDTXHHOGRFHQWH OOHJXHFRQYHUVHFRQRWURVGRFHQWHV\DWLHQGD DUHSUHVHQWDQWHV

%± '2&(17(6&2132&2'20,1,2'( 0(72'2/2*Ë$6(),&$&(6'((16(f$1=$ &RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

/DOLWHUDWXUDDFDGpPLFDUHIXHU]DGHVGHYDULDV DSUR[LPDFLRQHVODLGHDGHTXHODFDOLGDGGHOD WDUHDGHHQVHxDQ]DGHORVGRFHQWHVWLHQHXQIXHUWH YtQFXORFRQODFDOLGDGGHORVDSUHQGL]DMHVGHORV HVWXGLDQWHV 9DLOODQW7HULJL $JXHUURQGR 

±7LHPSRYDULDEOH  TXHLQFOX\HHQWUHRWUDV DFWLYLGDGHVHQWRQDUHOKLPQRQDFLRQDOUHQGLU KRPHQDMHDODEDQGHUD\UHVSRQGHUFXDQGR HOGRFHQWHSDVDODOLVWD

(QHVHVHQWLGRODVSUiFWLFDVGHHQVHxDQ]DWtSLFDV HQODVHVFXHODVFRQPD\RUSUHYDOHQFLDGH SREODFLyQ1)(PXHVWUDQGHELOLGDGHVSDUD RUJDQL]DUXQWUDEDMRPHWyGLFRTXHD\XGHDORV HVWXGLDQWHVHQULHVJRDVXSHUDUWDOVLWXDFLyQ $OUHVSHFWR6KXOPDQ  LGHQWLILFDTXH ORVGRFHQWHVWLHQHQGHELOLGDGHVHQVXFRPSUHQVLyQ GHOFRQRFLPLHQWRHQODDFFLyQTXHLQFOX\HDVSHFWRV SURSLRVGHODUDFLRQDOLGDGWpFQLFDHQFXDQWR DODFDSDFLGDGGHMXLFLR$VXYH]WLHQHQ GLILFXOWDGHVHQODLPSURYLVDFLyQHLQWXLFLyQSURSLDV GHODUDFLRQDOLGDGSUiFWLFD\HQODFDSDFLGDGGH UD]RQDPLHQWR\DFFLyQSHGDJyJLFDVSDUDDSOLFDU VXFRPSUHQVLyQDOSUREOHPDGHHQVHxDUDOJRHQ XQFRQWH[WRSDUWLFXODU\SDUDDFWXDURSRUWXQDPHQWH FRUULJLHQGRVXSURSLDDFFLyQHQYLUWXGGHORV LPSUHGHFLEOHVPRPHQWRVGHODHQVHxDQ]D

/RLQWHUHVDQWHGHODQiOLVLVHVTXHWRPDQGRSRU HMHPSORHOWLHPSRSODQLILFDGRHQODPXHVWUDKD\ HVFXHODVTXHGHGLFDURQDODHQVHxDQ]DHIHFWLYD VRORGHPLQXWRVIUHQWHDRWUDVTXHOH DVLJQDURQSRUORTXHSXHGHVXSRQHUVHTXH ODYDULDELOLGDGHQHODSURYHFKDPLHQWRGHOWLHPSR GHHQVHxDQ]DGHSHQGHGHGHFLVLRQHV LQVWLWXFLRQDOHV3DWURQHVGHGLYHUVLGDGVLPLODUVH GHWHFWDQHQHOWLHPSRSHUGLGRHQFDGDHVFXHOD GHDPLQXWRVVREUHXQWRWDOGH

/DHURVLyQGHOWLHPSRGHVWLQDGRDODSUHQGHUUHVXOWD PiVJUDYRVDSDUDORVHVWXGLDQWHVHQULHVJRGH H[FOXVLyQTXLHQHVGHVGHHOSXQWRGHYLVWDGHORV 

'

 5RGUtJXH]0LULDP(OXVRGHOWLHPSRHQODSUiFWLFD SHGDJyJLFDGHODVHVFXHODVDGVFULSWDVDOD$OFDOGtD 0HWURSROLWDQD3XEOLFDGRHQ6DSLHQV5HYLVWDXQLYHUVLWDULD GHLQYHVWLJDFLyQ$xR1žGLFLHPEUHGH8QLYHUVLGDG 3HGDJyJLFD([SHULPHQWDO/LEHUWDGRU&DUDFDV





 9i]TXH]5HFLR55HIOH[LRQHVVREUHHOWLHPSRHVFRODU 5HYLVWD,EHURDPHULFDQDGH(GXFDFLyQQž±GHPD\R GH


/DVSREUHVPHWRGRORJtDVGHHYDOXDFLyQTXHVH DSOLFDQQRVXHOHQDQWLFLSDUHOVHQWLGR\ODILQDOLGDG GHORVDSUHQGL]DMHV\VXFRUUHODWRFRQODVSUiFWLFDV HYDOXDWLYDVHYDO~DQVLWXDFLRQHVTXHQRKDQVLGR SUHYLDPHQWHWUDEDMDGDVFRQORVHVWXGLDQWHV \WLHQHQLQVWUXPHQWRVTXHQRVRQLGyQHRVSDUD GHWHFWDUDYDQFHVVLQRSDUDSURGXFLUXQDQRWDHQ EDVHDDFLHUWRVRHUURUHV7RGDVHVWDVVLWXDFLRQHV SRQHQHQHYLGHQFLDTXHODHYDOXDFLyQQRHV FRQVLGHUDGDFRPRSDUWHGHXQSURFHVRGH DSUHQGL]DMH/DVRSRUWXQLGDGHVSDUDTXHOD HYDOXDFLyQDSRUWHOX]DODGLDJQRVLVGHOSXQWR GHSDUWLGDDODYHULILFDFLyQ©SDVRDSDVRªGHORV SHTXHxRVORJURV\GHORVGHVDItRVSHQGLHQWHV \DODYHULILFDFLyQGHOGRPLQLRHIHFWLYRGHFLHUWRV VDEHUHVIXQGDPHQWDOHVTXHGDPX\GHVGLEXMDGD

6LQHPEDUJRHQYH]GHUHYLVDUODPHWRGRORJtDGH HQVHxDQ]DVHHQVD\DQUHVSXHVWDVTXHWUDVODGDQ DORVHVWXGLDQWHVHOSHVRGHOIUDFDVRGHFRGLILFDQGR ODVLWXDFLyQHQWpUPLQRVGHVXSXHVWRV©SUREOHPDV GHDSUHQGL]DMHªRVHDOHJDTXHHVLPSRVLEOHTXH XQDPHWRGRORJtDSXHGDEDVWDUSDUDDWHQGHUOD ©H[WUHPDGLYHUVLGDGªHQFRQWUDGDHQODVDXODVTXH KDUtDQHFHVDULDODH[LVWHQFLDGHXQWUDWDPLHQWR DGKRFSDUDFDGDFDVR $SHVDUGHTXHHOSURFHVRGHGHVDUUROORFLHQWtILFR TXHSHUPLWHHVWXGLDUORVSURFHVRVGHDSUHQGL]DMH \ORVFRPSRUWDPLHQWRVKXPDQRVHVFDGDYH]PiV GLQiPLFRH[LVWHQEDUUHUDVFRQFHSWXDOHVTXH VXHOHQIUHQDUODHYROXFLyQGHODSHGDJRJtDFRPR FLHQFLD\ODLQFOXVLyQGHVXVHQIRTXHVDSOLFDGRV HQODIRUPDFLyQGHORVGRFHQWHV\ODVSURSXHVWDV GHHQVHxDQ]D'RVFDVRVQRWDEOHVSRUVXLPSDFWR HQODSURGXFFLyQGHH[FOXVLyQHGXFDWLYDVRQODV GHELOLGDGHVPHWRGROyJLFDVTXHVHDGYLHUWHQHQORV SURFHVRVGHHQVHxDQ]DGHODDOIDEHWL]DFLyQLQLFLDO \HQODVQRFLRQHVEiVLFDVGHPDWHPiWLFDHQORV SODQHVGHIRUPDFLyQGRFHQWHQRVHEULQGD VXILFLHQWHIRUPDFLyQPHWRGROyJLFDDFWXDOL]DGDSDUD DWHQGHUHVWRVSURFHVRVEDVDOHVGHODFRQVWUXFFLyQ GHLWLQHUDULRVHVFRODUHVVyOLGRV\HOGRFHQWHQRYHO HQIUHQWDFRQEDMDSUHSDUDFLyQHOGHVDItRGH FRQVWUXLUHVWRVVDEHUHVFRQDOXPQRVGLYHUVRV ORTXHVHWUDGXFHHQHOHYDGRVLQGLFDGRUHV GHIUDFDVRHVFRODUHQžJUDGR

'HVGHHOODGRRILFLDOODVQRUPDWLYDVGHHYDOXDFLyQ \SURPRFLyQVXHOHQH[SUHVDUXQDSHUVSHFWLYDGHO DSUHQGL]DMH\GHOVXMHWRGHDSUHQGL]DMHFRQGRV UDVJRVIXQGDPHQWDOHVL ODDWRPL]DFLyQGHO FRQRFLPLHQWRFX\DHYLGHQFLDVHEXVFDHQHO HVWXGLDQWHLL ODUHVSRQVDELOL]DFLyQGHODOXPQRSDUD DOFDQ]DUHOQLYHOGHILQLGRHQHOODV(VWDV QRUPDWLYDVDXQTXHLQFOX\HQUDVJRVGHFODUDWLYRV SRVLWLYRVHQIXQFLyQGHUHVSHWDUORVSURFHVRVGH HYDOXDFLyQIRUPDWLYDVHFHQWUDQHQDGPLQLVWUDUORV SURFHVRVGHFDOLILFDFLyQ\SURPRFLyQ6RQ UHVLJQLILFDGDVFXDQGRVHDSOLFDQOXHJR FRQFUHWDPHQWHHQODVLQVWLWXFLRQHVHVFRODUHV

%± 35È&7,&$6'((9$/8$&,Ï1 (55È7,&$6<352&(',0,(1726'( 35202&,Ï1&21$5%,75$5,('$'(6 &RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

'

‹81,&()%5$=,/&DYDGDV

0XFKDVLQYHVWLJDFLRQHV\ORVSURFHVDPLHQWRV VREUHSUXHEDVLQWHUQDFLRQDOHVGHHYDOXDFLyQGHOD FDOLGDGVHxDODQTXHODIUHFXHQFLD\HOWLSRGH H[DPHQGLGiFWLFRTXHVHSURSRQJDQDVXV HVWXGLDQWHVWLHQHQLQFLGHQFLDHQORVUHVXOWDGRVGH DSUHQGL]DMH6LELHQHQODVGHILQLFLRQHVFXUULFXODUHV VHSODQWHDHOFRQWLQXRGHODHYDOXDFLyQGLGiFWLFD HYDOXDFLyQGLDJQyVWLFDSDUDLGHQWLILFDUVDEHUHV GHSDUWLGDHYDOXDFLyQIRUPDWLYDSDUDFDUDFWHUL]DU HOSURFHVRGHDSUHQGL]DMH\HYDOXDFLyQVXPDWLYD SDUDDVLJQDUYDORU\FHUWLILFDUDSUHQGL]DMHVGH DFXHUGRDODVSDXWDV SRUODVH[LJHQFLDVGHOULWPR HVFRODUJUDQSDUWHGHODVHYDOXDFLRQHVHVFRODUHV HVWiQGLUHFWDPHQWHYLQFXODGDVFRQODFDOLILFDFLyQ \pVWDFRQODSURPRFLyQRQRSURPRFLyQGHORV HVWXGLDQWHVFRQORTXHWLHQHQLQFLGHQFLDHQORV SURFHVRVGHH[FOXVLyQ




3HURDXQHQFXUVRVGHWDPDxRUD]RQDEOHODUHDOLGDG GHOJUXSRFODVHHVGHSRUVtKHWHURJpQHDLQFOXVRHQ ORVJUXSRVJUDGXDGRVTXHQRSUHVHQWDQJUDQGHV GHVIDVDMHVGHHGDG$QWHHVWRODVSURSXHVWDVGH HQVHxDQ]DIUHFXHQWHPHQWHREVHUYDGDVDVXPHQ FRPRLGHDODXQJUXSRGHUHQGLPLHQWRSDUHMR\ KRPRJpQHRGHOTXHVHHVSHUDXQDUHVSXHVWDPiV RPHQRVXQLIRUPHSRUORTXHODVHYDOXDFLRQHV VXHOHQFDOLEUDUVDEHUHVHVIXHU]RV\PpULWRVGH FDGDHVWXGLDQWHUHVSHFWRGHHVH©UHQGLPLHQWR PHGLRª

GRQGHLQWHUDFW~DQFRQUHSUHVHQWDFLRQHVIXHUWHPHQWH PHULWRFUiWLFDV\GLVFULPLQDGRUDV(QSDUWLFXODU VHDFW~DEDMRHOWHPRUGHTXHIOH[LELOL]DUORV SURFHVRVGHSURPRFLyQVLJQLILTXHXQIDFLOLVPR \XQDGLVPLQXFLyQGHODH[LJHQFLDPLHQWUDVTXH SRURWURODGRVHUHLYLQGLFDODGHFLVLyQGHSURPRFLyQ FRPRH[SUHVLyQGHODOLEHUWDG\FULWHULRSURIHVLRQDO GHOGRFHQWH 3HURORVSDUiPHWURVGHSURPRFLyQLPSOtFLWRVTXH XWLOL]DQORVGRFHQWHVVLJXHQEDVDGRVHQFRQFHSWRV ODUJDPHQWHVXSHUDGRVSRUHOFRQRFLPLHQWR FLHQWtILFRFRPRHVODLGHDGH©PDGXUDFLyQ FRJQLWLYDªTXHUHVXOWDUtDGHOVLPSOHGHOSDVRGHO WLHPSRGHVYLQFXODGRGHODVDFFLRQHVGH HQVHxDQ]D5RVD07RUUHV  VHxDODTXHHVWD SUiFWLFDGHVFDQVDVREUHHOVXSXHVWRHTXLYRFDGRGH TXHUHSHWLUDVHJXUDHODSUHQGL]DMHVLHQGRTXHHQ ODSUiFWLFDH[LVWHQHYLGHQFLDVGHORFRQWUDULRORV DOXPQRVTXHKDQUHSHWLGRWLHQHQPHQRUHVORJURV GHDSUHQGL]DMH\DGHPiVVHHOHYDODSRVLELOLGDGGH TXHDEDQGRQHQODHVFXHODDQWHVGHFRPSOHWDUVXV HVWXGLRVREOLJDWRULRV

7$%/$ (VWXGLDQWHVSRUGRFHQWHSRUQLYHO HGXFDWLYR3DtVHVGH$PpULFD/DWLQD

&RPRVHKDGHWDOODGRHQHO&DStWXORGHOSUHVHQWH LQIRUPHODUHSHWLFLyQGHJUDGRHVXQRGHORV LQGLFDGRUHVPiVSHUVLVWHQWHV\GLIXQGLGRVHQOD UHJLyQD~QFRPSDUDQGRSDtVHVGHVLWXDFLRQHV VRFLRHFRQyPLFDVPX\GLIHUHQWHVVREUHYLYLHQGR DFDPELRVGHOH\HV\GHQRUPDWLYDVHVSHFtILFDV TXHHVWDEOHFHQODHVFXHODFLFODGDHLQFOXVR ODSURPRFLyQDXWRPiWLFD(OFDUiFWHUSHUPDQHQWH GHODUHSHWLFLyQDSHVDUGHWRGRFDPELRFRQWH[WXDO UHYHODTXHVHWUDWDGHXQFRPSRUWDPLHQWRHVWUXFWXUDO FX\DUHPRFLyQUHTXLHUHGHXQDWDUHDLQWHJUDO \VRVWHQLGDGHVGHORWpFQLFR\GHVGHORSROtWLFR %± '2&(17(648(7,(1(1',),&8/7$'(6 3$5$25*$1,=$5/$(16(f$1=$ (1*58326',9(5626 &RQLPSDFWRHQODVGLPHQVLRQHV '

'

(GXFDFLyQ LQLFLDO &,1(

(GXFDFLyQ SULPDULD &,1(

(GXFDFLyQ VHFXQGDULD &,1(

$UJHQWLQD







%ROLYLD

VG





%UDVLO







&KLOH







&RORPELD







&RVWD5LFD







5HS~EOLFD 'RPLQLFDQD







(FXDGRU







(O6DOYDGRU







*XDWHPDOD







+RQGXUDV





VG

0p[LFR







1LFDUDJXD







3DQDPi







3HU~





VG

8UXJXD\



_



9HQH]XHOD







)XHQWH&RPSHQGLR0XQGLDOGH(GXFDFLyQ±8,681(6&2 0RQWUHDO

(QODUHJLyQKD\HQSURPHGLRHVWXGLDQWHVSRU FDGDGRFHQWHHQHGXFDFLyQLQLFLDO\SULPDULD &RPSDUDGRFRQ]RQDVGHÃ&#x2C6;IULFD\$VLDHQODVTXH HOYDORUSURPHGLRWUHSDD\DOXPQRVSRU GRFHQWHQRHVXQQ~PHURHOHYDGR\VLELHQFRPR VHREVHUYDHQOD7DEODDOJXQRVSDtVHVVXSHUDQ HVHYDORU &RORPELD0p[LFR*XDWHPDOD\ 1LFDUDJXDWLHQHQHQWUH\HVWXGLDQWHVSRU GRFHQWHHQSULPDULD HOQ~PHURLJXDOPHQWHHV UD]RQDEOHSDUDHOWUDEDMRHQFODVHHQODPHGLGDHQ TXHORVSURIHVRUHVUHFLEDQODIRUPDFLyQDGHFXDGD

3DUDHQIUHQWDUODWDUHDGHHQVHxDQ]DHQJUXSRV GLYHUVRVVXSRQLHQGRTXHVHORJUDQVXSHUDUODV UHSUHVHQWDFLRQHVUHFLpQPHQFLRQDGDVVHSUHFLVD XQVDEHUWpFQLFRSRUSDUWHGHORVGRFHQWHVTXHOHV SHUPLWDFRQGXFLUDFWLYLGDGHVJUXSDOHVGDQGRD FDGDXQRGHVXVDOXPQRVRSRUWXQLGDGHVGH FUHFLPLHQWR3HURODIRUPDFLyQLQLFLDOGHORV GRFHQWHVQRFRQVWUX\HPXFKDH[SHULHQFLD




/RVHVWXGLDQWHVGHVHFWRUHVVRFLDOHVUHFLHQWHPHQWH LQFOXLGRVHQHOVLVWHPDHGXFDWLYRSXHGHQWHQHU GLILFXOWDGHVSDUDLGHQWLILFDU\FRPSUHQGHUHVDV QRUPDVHVFRODUHV\SDUDSURGXFLUORV FRPSRUWDPLHQWRVDFHSWDEOHVRYDORUDGRV JHQHUiQGRVHVLWXDFLRQHVGHYLROHQFLDREMHWLYD3RU RWUDSDUWHORVDGXOWRVGHODHVFXHODHLQFOXVRRWURV HVWXGLDQWHVFRQPD\RUDILQLGDGFXOWXUDODODV ©PDQHUDVGHHVWDUªYDORUDGDVSRUODLQVWLWXFLyQ SXHGHQWHQHUGLILFXOWDGHVSDUDUHFRQRFHUHO FDUiFWHUFRQYHQFLRQDOGHPXFKDVGHHVDVQRUPDV SURSLDVGHOD©JUDPiWLFDHVFRODUª\GDUOHVXQD YDORUDFLyQREMHWLYD\XQLYHUVDO(VDVLWXDFLyQSXHGH SURYRFDUSUHMXLFLRVDFHUFDGHODFDSDFLGDGR FRPSURPLVRFRPRHVWXGLDQWHVGH©ORVRWURVª DTXHOORVTXHQRVHLQWHJUDQHQIRUPDQDWXUDOH LQPHGLDWDDHVRVIXQFLRQDPLHQWRVFRQOD FRQVHFXHQFLDGHLQWHQVLILFDUPHFDQLVPRVGH FRQWURO\VDQFLyQTXHGHPDQGDQPXFKDHQHUJtDH LQFUHPHQWDQHOPDOHVWDU\SRVWHUJDURWURV PHFDQLVPRVGHDFRPSDxDPLHQWR\H[SOLFDFLyQ

\IRUPDFLyQSDUDHOPDQHMRGHODFODVHFRPRJUXSR ORFXDOSURGXFHPXFKDIUXVWUDFLyQHQHOORV\HQORV HVWXGLDQWHV/DVWDUHDVJUXSDOHVVXHOHQVHU HVSRUiGLFDVHSLVyGLFDVVLQTXHHODGXOWRPRGHOLFH ORVGHVHPSHxRVHVSHUDGRVODVHYDOXDFLRQHV JUXSDOHVVRQLQXVXDOHV\HVWiQWHxLGDVGH VRVSHFKD3RURWUDSDUWHVLELHQODHQVHxDQ]D WUDVFXUUHHQXQHVFHQDULRJUXSDOSRFDVYHFHVVH WUDEDMDLQWHQFLRQDOPHQWHHQFRQILJXUDUHOJUXSR IRUWDOHFHUDVSHFWRVYLQFXODUHVUHPRYHUORV UHFKD]RVLQVWDODUODWROHUDQFLDFRPRXQSULQFLSLR IXQGDPHQWDO\HQGHVDUUROODUODPHWDFRJQLFLyQ VREUHORVSURFHVRVJUXSDOHV 3HURQRVRORVHWUDWDGHXQYDFtRIRUPDWLYRVLQR TXHWDPELpQVHGHWHFWDXQDIDOWDGHSURSXHVWDV GLGiFWLFDVSDUDWUDEDMDUFRQODGLYHUVLGDGODV SROtWLFDVHGXFDWLYDV\ODVDFDGHPLDVQRDVXPHQ HQODPHGLGDQHFHVDULDHOSURIXQGRWUDEDMRGH SURGXFFLyQGHVDEHUGLGiFWLFRTXHKD\TXHUHDOL]DU SDUDTXHVHDSRVLEOHXQDHGXFDFLyQTXHDEUDFHOD GLYHUVLGDG1RUPDOPHQWHSROtWLFRVHLQWHOHFWXDOHV KDQFRQVLGHUDGRTXHODHQVHxDQ]DHVXQSUREOHPD GRPpVWLFRXQSUREOHPDTXHPDHVWURV\SURIHVRUHV GHEHQUHVROYHUSHURDOGHFLUGH7HULJL  QRKD UHVXOWDGRH[LWRVR©GHILQLUQXHYRVSURSyVLWRVSDUD ODHVFXHOD\GHMDUDORVGRFHQWHVDFDUJRGH DOFDQ]DUORVVLQTXHQLQJ~QPHGLRSUREDGR GHDOFDQ]DUORVVHKD\DSXHVWRDVXGLVSRVLFLyQª

%± &/,0$(6&2/$5&203(7,7,92 &2081,&$&,Ï1$*5(6,9$ &RQLPSDFWRHQODVGLPHQVLRQHV '

%± 1250$6(6&2/$5(6$-(1$6<12 75$%$-$'$6&21/26(678',$17(6 &RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

/DHYLGHQFLDUHFRJLGDHQRFDVLyQGHO6HJXQGR (VWXGLR5HJLRQDO&RPSDUDWLYR\([SOLFDWLYR 6(5&( HQHOTXHVHHYDOXDURQORV DSUHQGL]DMHVGHHVWXGLDQWHVGH$PpULFD/DWLQD \HO&DULEHPXHVWUDTXHHOFOLPDHVFRODULQIOX\H SRVLWLYDPHQWHHQHODSUHQGL]DMHHQGHORV PRGHORVGHDQiOLVLVHVWDGtVWLFRFRQVLGHUDQGRHO QLYHOGHHVFXHODPLHQWUDVTXHODSHUFHSFLyQ LQGLYLGXDOGHORVHVWXGLDQWHVUHVSHFWRGHOFOLPD SUHGLFHVLJQLILFDWLYDPHQWHHOORJURHQGHORV PRGHORVHVWDGtVWLFRVDMXVWDGRVDHVHQLYHOGH DQiOLVLV3HURDVDELHQGDVGHHVWDLQIOXHQFLDGHO FOLPDHVFRODUODVLQVWLWXFLRQHVDGPLWHQOD UHSURGXFFLyQGHFRPSRUWDPLHQWRVFRPSHWLWLYRV \GHVFDOLILFDGRUHVHQWUHORVSURSLRVHVWXGLDQWHVVLQ HVWDEOHFHUSDXWDVVROLGDULDV\GHD\XGDSDUD IRUWDOHFHUODVSRVLELOLGDGHVGHp[LWRGHORV11$HQ ULHVJR

$JUXSDPLHQWR (VFXHODVFRQFOLPDYLQFXODU \SHGDJyJLFRGHWHULRUDGR

'

'

'

/DFRQYLYHQFLDHQWUHORVHVWXGLDQWHVODUHODFLyQ FRQORVDGXOWRVODVLQWHUDFFLRQHVHQODVFODVHV \HQORVUHFUHRV\HOWUDEDMRFRQMXQWRSDUDORJURV FRPXQHVVRQSURFHVRVSDUDORVTXHODSUiFWLFD HVFRODUWLHQHXQDH[SHFWDWLYDUHJXODGDDFHUFD GHORVFRPSRUWDPLHQWRVYDORUDGRVDFHSWDEOHV LQGLIHUHQWHVRLQDSURSLDGRV0XFKDVYHFHVHVDV UHJXODFLRQHVQRHVWiQH[SUHVDGDVIRUPDOPHQWH VLQRTXHIRUPDQSDUWHGHORVKiELWRVHVWDEOHVGH ODVLQVWLWXFLRQHV1RREVWDQWHHVWHFDUiFWHULPSOtFLWR GHPXFKDVQRUPDVODSHUFHSFLyQGHVX LQFXPSOLPLHQWRFRQWDPLQDGHPDOHVWDUFRWLGLDQR HOFOLPDHVFRODU\VHWUDGXFHHQXQDYLYHQFLDGH YLROHQFLDFRPRSODQWHDHOUHFLHQWHLQIRUPH GH(OMDFK  

(QHVHVHQWLGRUHVXOWDFXULRVRTXHHOEXVFDUD\XGD GHOFRPSDxHURVHDYLVWRHQODHVFXHOD IUHFXHQWHPHQWHFRPRXQDHVSHFLHGHWUDPSD RFRPRGLGDGPLHQWUDVTXHODVLWXDFLyQGHWUDEDMR HQODYLGDUHDOUHTXLHUHH[DFWDPHQWHGHOR FRQWUDULRDOSXQWRTXHQRDSR\DUVHHQHOHTXLSRHV FRQVLGHUDGRFRPRLPSUXGHQFLDRYDQLGDG (OFRQIOLFWRFRJQLWLYR\HPRFLRQDOTXHJHQHUD




8QDPDQLIHVWDFLyQJUDYHGHODFRQFHSFLyQGHO GpILFLWFXOWXUDOHVODEDMDH[SHFWDWLYDTXHVHWLHQH VREUHORVDOXPQRVTXHQRUHVSRQGHQDOSHUILO HVSHUDGRTXHVHFRQYLHUWHHQRWURIDFWRUPiV GHH[FOXVLyQ6HWUDWDGHODSURIHFtDDXWRFXPSOLGD H[SXHVWDSRU5RVHQWKDO\-DFREVRQ   HQVXOLEUR3LJPDOLyQHQOD(VFXHODORVQLxRV TXHVRQSHUFLELGRVFRPRSRWHQFLDOPHQWH©EXHQRV DOXPQRVªWLHQHQDOWDVSUREDELOLGDGHVGHOOHJDU DVHUORPLHQWUDVTXHTXLHQHVQRHQWUHQ HQHVDFDWHJRUtDWLHQHQDOWDVSUREDELOLGDGHV GHVXIULUUHLWHUDGRVIUDFDVRV$OUHVSHFWRVHxDOD WDPELpQ7HQWLTXH©HVSUREDEOHTXHHVWH PHFDQLVPRWHQJDXQDLPSRUWDQFLDGHFLVLYD DOPRPHQWRGHUHQGLUFXHQWDVGHODVIXHUWHV FRUUHVSRQGHQFLDVREVHUYDGDVHQIRUPD VLVWHPiWLFDHQWUHODVFDUDFWHUtVWLFDVVRFLRFXOWXUDOHV GHORVDOXPQRV\HOp[LWRRIUDFDVRHVFRODUª

ODSUiFWLFDHVFRODUDOSURPRYHUHOLQGLYLGXDOLVPR SXHGHQOOHYDUDPXFKRVQLxRV\QLxDVHLQFOXVR S~EHUHVDXQVLOHQFLR\DXQDUHVHUYDTXHVXV GRFHQWHVSXHGHQFRQIXQGLUFRQEDMDVFDSDFLGDGHV GHDSUHQGHU 3RURWURODGRHVIUHFXHQWHHQFRQWUDUTXHORV FRPSDxHURVYDORUDQQHJDWLYDPHQWHDTXLHQHV HVWiQPiVFHUFDGHODH[FOXVLyQFRPSRUWDPLHQWR TXH'XEHWKDVLQWHWL]DGRDOGHFLU©3DUDFRQILUPDU TXHQXHVWURp[LWRHVSRUPpULWRSURSLRHVQHFHVDULR FUHHUTXHHOIUDFDVRHVUHVSRQVDELOLGDGGHOTXH IUDFDVD(QHVWHHVFHQDULRQDFHXQDSDUHMD IRUPDGDSRUYHQFHGRUHV\YHQFLGRV3DUDTXH ORVSULPHURVPHUH]FDQHOp[LWRHVQHFHVDULR TXHORVVHJXQGRVPHUH]FDQVXGHUURWD\VXIUDQ HOSHVRGHOIUDFDVR/DVYtFWLPDVGHOIUDFDVRVRQ FXOSDELOL]DGDV\UHVSRQVDELOL]DGDVª 'XEHW  6yORH[FHSFLRQDOPHQWHVHHQFXHQWUDQHQOD UHJLyQSURSXHVWDVGHWUDEDMRLQWHQFLRQDGRGH FRQVWUXFFLyQGHJUXSRVFODVHVROLGDULRVQR FRPSHWLWLYRV\RULHQWDGRVSRUORVDGXOWRVSDUD D\XGDUDORVMyYHQHVDODSR\RPXWXR

(VWHVHxDODPLHQWRVHDOLQHDFRQORVGHVDUUROORV GH3%RXUGLHX\-&3DVVHURQ  HQVXREUD /RV+HUHGHURV/RVDOXPQRVGHKRJDUHVPiV IDYRUHFLGRVQRVyORKHUHGDQXQFDSLWDOHFRQyPLFR \FXOWXUDOTXHLQFOX\HFLHUWRVKiELWRV\DFWLWXGHV WDPELpQKHUHGDQXQ©VDYRLUIDLUHªXQJXVWR\XQDV PDQHUDVSURSLDVGHODVOODPDGDVFODVHVFXOWLYDGDV TXHDFDUUHDQEHQHILFLRVSDUDVXGHVHPSHxR HVFRODUGDGRTXHFRLQFLGHQFRQORVYDORUDGRV HQODHVFXHODPLHQWUDVTXHODVFODVHVEDMDVWLHQHQ TXHHQIUHQWDUXQSURFHVRGHDFXOWXUDFLyQTXH GLILFXOWDVXGHVHPSHxR3RUORWDQWRODH[LJHQFLD GHODHVFXHODGHFRQWDUFRQFLHUWDV SUHGLVSRVLFLRQHV\VDEHUHVGHSDUWLGDKDFHTXHORV HVWXGLDQWHVVHDQVyORIRUPDOPHQWHLJXDOHVDQWHHO VLVWHPDHVFRODU

%± 35(-8,&,261(*$7,92662%5( /$6&$3$&,'$'(6'(/26(678',$17(6 &RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

'

8QRGHORVVXSXHVWRVTXHIXQGDPHQWDODH[LVWHQFLD GHEDUUHUDVVLPEyOLFDVHQODRIHUWDHVFRODUHV SHQVDUTXHHOQLxRDVHUHGXFDGRUHTXLHUHXQ GHWHUPLQDGRSHUILOFRPRSXQWRGHSDUWLGD(VWRKD VLGRVHxDODGRSRUGLYHUVRVDXWRUHVHQODUHJLyQ FRPR(PLOLR7HQWLTXLHQDILUPD©(OVLVWHPD HGXFDWLYRVHIRUPySHQVDQGRHQXQQLxRFRQ FLHUWDVDFWLWXGHV\DSWLWXGHVGHVDUUROODGDVHQVX KRJDUVREUHODVFXDOHVODHVFXHODSXHGHRSHUDU (OQLxRTXHVHLQFRUSRUDDODHVFXHODGHEHUHXQLU UHTXLVLWRVWDOHVFRPRLQWHUpV\PRWLYDFLyQSRUHO HVWXGLRVDEHUKDEODUDVHRSXQWXDOLGDG DOLPHQWDFLyQ\FRQWHQFLyQDIHFWLYD(VH LJXDOLWDULVPRLGHDOFRORFDDXWRPiWLFDPHQWHDEXHQD SDUWHGHODSREODFLyQIXHUDGHOHVSHFWURVREUHHO FXDOODHVFXHODSXHGHDFWXDUFRUUHFWDPHQWH \SUHGLVSRQHDWRGRV±GRFHQWHVSDGUHV\ORV SURSLRVDOXPQRV±DHVSHUDUHOIUDFDVRFRPR FRQVHFXHQFLDOyJLFDGHHVHVXSXHVWRGpILFLW FXOWXUDOª(VQHFHVDULRGHWHQHUODPLUDGDVREUH HVWHVXSXHVWRGpILFLWFXOWXUDOGDGRTXH±FRPRWRGR GpILFLW±HVHOUHVXOWDGRGHXQDUHODFLyQORTXHOD HVFXHODHVSHUDFRPR©SXQWRGHSDUWLGDªTXH WUDLJDQVXVDOXPQRV\ORTXHpVWRVVRQSRUWDGRUHV HQODSUiFWLFD

/DVUHSUHVHQWDFLRQHVPHQFLRQDGDVRSHUDQFRQ PD\RULQWHQVLGDGHQODPHGLGDTXHORVQLxRV SURYHQJDQGHIDPLOLDVFRQFXOWXUDVPiVGLVWDQWHV GHODVWLSLILFDGDVFRPRSURGXFWRUDVGHODOXPQR LGHDO TXHHQJHQHUDOVHFRUUHVSRQGHQFRQODV FODVHVPHGLDVXUEDQDV $VtORVQLxRVGHSXHEORV LQGtJHQDVORVGH]RQDVUXUDOHVDLVODGDVORVGHORV VHFWRUHVXUEDQRVPDUJLQDOHVORVPLJUDQWHV\ORV TXHYLYHQVLQVXVSDGUHV\PDGUHVVXIUHQXQGREOH SHUMXLFLRHOSURYRFDGRGLUHFWDPHQWHSRUODV FRQGLFLRQHVFRQFUHWDVGHYLGDFRQGLFLRQDGDSRUOD SREUH]D±RLQGLJHQFLDHQPXFKRVFDVRV±\HO SURYRFDGRSRUODUHSUHVHQWDFLyQQHJDWLYD\ODV EDMDVH[SHFWDWLYDVTXHWLHQHQORVPDHVWURVVREUH VXVFDSDFLGDGHV 



 %RXUGLHX3\3DVVHURQ-&  /RVKHUHGHURV /RVHVWXGLDQWHV\ODFXOWXUD(GLWRULDO6LJOR;;, (GLFLyQ±(GLFLyQ


127$  $SRUWH&RQFHSWXDOHOGHVDUUROORGHFDSDFLGDGHVFRJQLWLYDV\VRFLDOHVFRPRYtDGHLQFOXVLyQ

&$3$&,'$'(6&2*1,7,9$6< 62&,$/(6'(72'$6/$63(5621$6

(/&(5(%52(13(50$1(17( 5(&216758&&,Ï16('('(/ '(6$552//2'(&$3$&,'$'(6

'HVGHODSHUVSHFWLYDTXHRULHQWDHVWHWUDEDMRODJUDQ PD\RUtDORV11$WLHQHQORTXHVHSUHFLVDSDUD WUDQVLWDUXQDHGXFDFLyQH[LWRVDXQFHUHEURFRQ FDSDFLGDGHVFRJQLWLYDV\HPRWLYDVRULHQWDGRSRUHO GHVHRGHDSUHQGHU6yORFDEUtDXQDH[FHSFLyQDQWH ODVVLWXDFLRQHVGHJUDYHVGLVFDSDFLGDGHV GLDJQRVWLFDGDVSURIHVLRQDOPHQWH

&RQRFHUFyPRVHSURGXFHHOGHVDUUROORFHUHEUDOPHMRUD ODVSRVLELOLGDGHVGHORVHGXFDGRUHVSDUDJHQHUDU GHVDUUROORVTXHSHUPLWDQWUDEDMDUFRQODGLYHUVLGDGHQ HODXODDSR\iQGRVHHQODHYLGHQFLDGHODLQYHVWLJDFLyQ (QORV~OWLPRVGHFHQLRVODLQYHVWLJDFLyQHQ QHXURFLHQFLDVUDWLILFDTXHODELRORJtDQRHVGHVWLQR HVWDPRV©HVFULWRVªHQOHQJXDMHELROyJLFRSHURVLQ HPEDUJRQRHVWDPRV©GHWHUPLQDGRVªSRUORELROyJLFR HQIXQFLyQGHOQRWDEOHSDSHOTXHWLHQHODH[SHULHQFLD VREUHODIRUPDFLyQGHODVFRQH[LRQHVFHUHEUDOHVDOR ODUJRGHWRGDODYLGD

(QHVHVHQWLGRYDOHGHVWDFDUTXH©FDSDFLGDGªLPSOLFD XQDFXDOLGDGRFRQMXQWRGHFXDOLGDGHVLQWHOHFWXDOHV DQtPLFDV\HMHFXWLYDVLQKHUHQWHVGHODVSHUVRQDV ±FX\DPDQLIHVWDFLyQVHGDDWUDYpVGHGHWHUPLQDGRV FRQWHQLGRV\HQXQFRQWH[WR ±TXHVRQSODWDIRUPDSDUDHOGHVDUUROORGHQXHYDV FDSDFLGDGHV

+DVWDKDFHSRFRVHSHQVDEDTXHKDEtDXQRV PRPHQWRVFUtWLFRVHQORVTXHODVHVWUXFWXUDVEiVLFDV GHOFHUHEURFODXVXUDUtDQDOJXQDVSRVLELOLGDGHVVLQR UHFLEtDQODHVWLPXODFLyQDSURSLDGD+R\ODLQYHVWLJDFLyQ UHODWLYL]DHVDSRVLELOLGDGPRVWUDQGRFyPRXQDYH] SDVDGRHVHPRPHQWRODVHVWUXFWXUDVEiVLFDVVH SXHGHQVHJXLUFRQILJXUDQGRDXQTXHVHDDRWURULWPR

±FX\RGHVDUUROORSXHGHDFHOHUDUVHFRQLQWHUYHQFLRQHV HGXFDWLYDVHVSHFtILFDV\ ±FX\RJUDGRGHGHVDUUROOROHVSHUPLWHQSDUWLFLSDU\VHU SURGXFWLYDVHQODYLGDVRFLDOFXOWXUDO\HFRQyPLFDHQ FRQGLFLRQHVPiVIDYRUDEOHV 'RVFDUDFWHUtVWLFDVFHQWUDOHVGHODVFDSDFLGDGHVVRQ VXWUDQVYHUVDOLGDGHQWDQWRVHSRQHQHQMXHJRHQ GLVWLQWRVGRPLQLRVGHFRQWHQLGRV\VXSRWHQFLDOLGDG HYROXWLYD(VWDHYROXFLyQSXHGHGDUVHHQGLVWLQWRV VHQWLGRVDOJXQRVGHHOORVDFXPXODWLYRV8QD FDSDFLGDGSXHGHHYROXFLRQDUSDUDL DSOLFDUVHFRQ PD\RUUDSLGH]LL UHDOL]DUVHFRQPD\RUSUHFLVLyQ LLL WHQHUPD\RUFRQILDELOLGDGHQODVGLVWLQWDV DSOLFDFLRQHV

$~QHQORVFDVRVHQTXHVHKDSURGXFLGRGHSULYDFLyQ \SDGHFLPLHQWRODHGXFDFLyQQRGHEHGHVHVWLPDU HOSRWHQFLDOGHUHFXSHUDFLyQGHOFHUHEURHVWHyUJDQR GHPXHVWUDSODVWLFLGDGHVGHFLUHVFDSD]GH RUJDQL]DUVH\UHRUJDQL]DUVHGXUDQWHWRGDODYLGD(VWR VLJQLILFDTXHKD\RSRUWXQLGDGHVSDUDLQWHUYHQLUHQ GLUHFFLyQDODVXSHUDFLyQGHODVLQMXULDVPRGLILFDQGR ODVFRQGLFLRQHVGHGHVDUUROORFRQODHGXFDFLyQ \HQWUHQDPLHQWR

'HVDUUROODUXQDFDSDFLGDGH[LJHDSURYHFKDUUHSHWLGDV RSRUWXQLGDGHVGHSRQHUHQMXHJRODVGHVWUH]DV\ VDEHUHVGLVSRQLEOHVGHWRGRWLSRHQXQDIDPLOLDGH VLWXDFLRQHVGLVWLQWDVTXHUHTXLHUDQXWLOL]DUODVGHPRGR HVWUDWpJLFRFXLGDQGRGHTXHH[LVWDQDVSHFWRV GLIHUHQWHV\QRYHGRVRVHQWUHXQD\RWUDVLWXDFLyQ

7RPDQGRHQFXHQWDORVDSRUWHVGHODVQHXURFLHQFLDV ODHVFXHODWLHQHRSRUWXQLGDGGHEULQGDUDVXV HVWXGLDQWHVH[SHULHQFLDVVLVWHPiWLFDVUHFXUUHQWHVH LQWHQFLRQDOHVSDUDHOGHVDUUROORGHVXVFDSDFLGDGHV TXHTXHGHQGLVSRQLEOHVHQVXFHUHEURFRPR FRQH[LRQHVHVWDEOHV\DFRPSDxHQDODSHUVRQDSRU GpFDGDV$VLPLVPRKDFH\DWLHPSRTXHODV QHXURFLHQFLDVKDQHVWDEOHFLGRTXHXQDSUHQGL]DMH HILFLHQWHQRVHORJUDEDMRVLWXDFLyQGHHVWUpVRPLHGR SRUORTXHORJUDUXQDPELHQWHGHVHJXULGDG\ELHQHVWDU LQIOX\HSRVLWLYDPHQWHHQHODSUHQGL]DMH

/DVFDSDFLGDGHVVHSRQHQGHPDQLILHVWRHQGLIHUHQWHV GRPLQLRVFRQFHSWXDOHVDFWLWXGLQDOHV SURFHGLPHQWDOHVSHUFHSWXDOHVUHODFLRQDOHV\VH FRPELQDQHQWUHHOODVGHPDQHUDVGLYHUVDVHQJUDGRV FUHFLHQWHVGHFRPSOHMLGDG3DUDHOFRQWH[WRGHHVWH HVWXGLRPHUHFHQGHVWDFDUVHODVFDSDFLGDGHV FRPSOHMDVYLQFXODGDVDGHWHUPLQDGRVDSUHQGL]DMHV HVFRODUHVTXHDVXYH]VRQUHOHYDQWHVSDUDHO GHVDUUROORSHUVRQDO\VRFLDOHOGRPLQLRGHODOHQJXD HVFULWD FRPROHFWRU\FRPRSURGXFWRU ODDSOLFDFLyQ GHFRQFHSWRV\HVWUDWHJLDVDODUHVROXFLyQGH SUREOHPDVODVLVWHPDWL]DFLyQGHHOHPHQWRVSDUD HMHUFHUHOMXLFLRFUtWLFRHQGLVWLQWDVVLWXDFLRQHV\OD FDSDFLGDGGHWUDEDMDUMXQWRDRWURVHQXQDWDUHD FRP~Q

5()(5(1&,$6 %ODNHPRUH6-\)ULWK8  &yPRDSUHQGHHOFHUHEUR /DVFODYHVSDUDODHGXFDFLyQ(GLWRULDO$ULHO%XHQRV$LUHV *ROHPDQ'  ,QWHOLJHQFLD6RFLDO/DQXHYDFLHQFLDSDUD PHMRUDUODVUHODFLRQHVKXPDQDV(GLWRULDO3ODQHWD0p[LFR 7KH5R\DO6RFLHW\  %UDLQ:DYHV0RGXOH 1HXURVFLHQFHLPSOLFDWLRQVIRUHGXFDWLRQDQGOLIHORQJOHDUQLQJ KWWSUR\DOVRFLHW\RUJSROLF\SURMHFWVEUDLQZDYHVHGXFDWLRQ OLIHORQJOHDUQLQJ




Ã&#x2C6;0%,72± %DUUHUDVSROtWLFDV WpFQLFDV\GHILQDQFLDPLHQWR GHOVLVWHPDHGXFDWLYR

SDQRUDPDGHHVWDELOLGDGFRQVWLWXFLRQDOFRQ IXQFLRQDPLHQWRGHORVPHFDQLVPRVGHPRFUiWLFRV ODVOLEHUWDGHVFtYLFDV\ORVGHUHFKRVKXPDQRV(OOR KDVLJQLILFDGRXQFDPELRIXQGDPHQWDOHQODV IRUPDVGHJHVWLRQDUHO(VWDGRORFXDOLPSOLFDXQ GHVDItRSDUDWRGDVODViUHDVS~EOLFDVHQWUHHOODVOD HGXFDWLYDTXHDGHPiVGHEHHQFDUDUODVPHWDVGH LQFOXVLyQSODQWHDGDVHQHVWHHVWXGLR

/DVDFWXDOHVFDUDFWHUtVWLFDVGHODRIHUWDGHOVLVWHPD HGXFDWLYRVRQSURGXFWRGHXQD©DFXPXODFLyQ JHROyJLFDªGHLPSURQWDVPXFKDVYHFHV FRQWUDGLFWRULDVHQWUHVt(QVXLQLFLRVHDVLJQy DODHGXFDFLyQXQSDSHOFODVLILFDGRUGHODSREODFLyQ HQHOPDUFRGHXQSUR\HFWRVRFLDOSRFRLQWHJUDGRU 6LQHPEDUJRHQODDFWXDOLGDGORVYDORUHV GHPRFUiWLFRVSURSRQHQDODHGXFDFLyQFRPR LQVWUXPHQWRFODYHGHODMXVWLFLDVRFLDO(VWRKDFH TXHHQODVHVFXHODVDSDUH]FDQVLWXDFLRQHV FRPSOHMDVGRQGHHVWDVGRVYLVLRQHVHQWUDQHQ FRQIOLFWRPXFKDVYHFHVGHPDQHUDLQFRQFLHQWH SURYRFDQGRH[FOXVLyQ

/RVSURFHVRVGHSODQLILFDFLyQ\RUJDQL]DFLyQGHOD RIHUWDGHORVVLVWHPDVHVFRODUHVGHODUHJLyQVH HQFXHQWUDQDWUDYHVDGRVSRUIDFWRUHVFUX]DGRVTXH GLILFXOWDQODDFFLyQSRVLWLYDSDUDVXSHUDUOD H[FOXVLyQ ±8QIXHUWHFRPSRQHQWHLQHUFLDOTXHOOHYD DSULRUL]DUHOIXQFLRQDPLHQWR\FRQWLQXLGDGGH ODRIHUWDYLJHQWH ±3UHVLRQHVLQWHQVDVSRUSDUWHGHRUJDQLVPRV \FRPXQLGDGHVFRQSRVLELOLGDGGHYLVLELOL]DU VXVSHGLGRV XQLYHUVLGDGHVSREODFLyQGH JUDQGHVFHQWURVXUEDQRVOHJLVODGRUHVDOFDOGHV VLQGLFDWRVGRFHQWHV 

(OVLVWHPDHGXFDWLYRWUDGLFLRQDOIXHUHODWLYDPHQWH LGyQHRSDUDFRQVROLGDUODSUHHPLQHQFLDGHORV HVWUDWRVSULYLOHJLDGRVHLQWHUPHGLRVGHFDGDSDtV± ODVHOLWHVLQWHOHFWXDOHVODVFODVHVPHGLDV FDOLILFDGDV±PLHQWUDVGHMDEDIXHUDGHHVRV FLUFXLWRVDDPSOLRVVHFWRUHVGHODSREODFLyQ (OGHILQLWLYRHVWDEOHFLPLHQWRGHODGHPRFUDFLDFRPR HVWLORGHYLGDODVFRQTXLVWDVVRFLDOHV\ODVSROtWLFDV DFWXDOHVGHPXFKRVJRELHUQRVSURPXHYHQ±DO PHQRVWHyULFDPHQWH±ODLQFOXVLyQGHWRGRVORV VHFWRUHVSHURDOKDFHUORHQWUDQHQFRQIOLFWRFRQODV FDUDFWHUtVWLFDVHVWUXFWXUDOHVGHOPRGHORFODVLILFDGRU WUDGLFLRQDO6HSODQWHDDTXtTXHSDUDSRGHUDYDQ]DU HQOD,QLFLDWLYD1)(VHUiQHFHVDULRVDFDUDODOX] ORVVXSXHVWRVD~QDFWLYRVGHOPRGHORWUDGLFLRQDO SDUDUHYLVDUORVHQSURIXQGLGDG

±([LJHQFLDVSROtWLFDVSDUDIRUPXODUSODQHV DPELFLRVRVHQVXVREMHWLYRVHLGHDULRV FUHDFLyQ GHHVFXHODVPRGHORLQQRYDFLRQHVWHFQROyJLFDV DPSOLDFLyQGHMRUQDGDHVFRODU FRQHVFDVDV HYLGHQFLDVGHUHVXOWDGRVHLQVXILFLHQWH FRUUHODFLyQFRQORVUHFXUVRVSUHVXSXHVWDULRV DVLJQDGRV &RPRUHVXOWDGRODVFRPXQLGDGHVTXHWLHQHQ PHQRVFDSDFLGDGGHKDFHUYDOHUVXVSHGLGRVVRQ ODVTXHYHQPiVGLILFXOWDGGHUHFLELUXQDRIHUWD HGXFDWLYDDGHFXDGDFDUHQFLDTXHVHQRWDPiVHQ ORVQLYHOHVGHHGXFDFLyQLQLFLDO\GHVHFXQGDULD EiVLFDHQHOPHGLRUXUDO

(VWDVEDUUHUDVVHRUJDQL]DQHQWUHVDJUXSDPLHQWRV UHIHULGRVD  ODVGLILFXOWDGHVSDUDJDUDQWL]DURIHUWD HVFRODUDOOtGRQGHVHUHTXLHUH  ODLQVXILFLHQFLD RLQHILFLHQFLDGHOILQDQFLDPLHQWR  ORVHVFDVRV UHVXOWDGRVGHORVSURJUDPDV\GHVDUUROORVWpFQLFRV

(QDTXHOORVOXJDUHVGRQGHHIHFWLYDPHQWHVH JHQHUDQQXHYDVRIHUWDVODVQXHYDVHVFXHODVVH FRQVWUX\HQ\JHVWLRQDQGHDFXHUGRFRQXQDLPDJHQ GHHVWXGLDQWHTXHQRVLHPSUHFRLQFLGHFRQHO FRQWH[WRUHDOWDQWRHQORVSODQHVGHHVWXGLRFRPR HQODVSDXWDVQRUPDWLYDV±KRUDULRVSODQWDV GRFHQWHVHWF±ORTXHDIHFWDHVSHFLDOPHQWHDODV FRPXQLGDGHVUXUDOHVLPSRQLpQGROHVFRSLDV GHJUDGDGDVGHORVPRGHORVXUEDQRV6LJXHYLJHQWH HOPDQGDWRGHKDFHUGHODVHVFXHODVUXUDOHVXQ PRMyQGHODFLYLOL]DFLyQGHVDSURYHFKDQGRODV SRWHQFLDOLGDGHVTXHEULQGDHOEDMRQ~PHURGH HVWXGLDQWHVHOYtQFXORGHUHVSHWR\FRODERUDFLyQ SRUSDUWHGHODVIDPLOLDVHOFOLPDHVFRODU\ODV LQQXPHUDEOHVSRVLELOLGDGHVGHFUHDWLYLGDGH LQQRYDFLyQSHGDJyJLFD\GLGiFWLFDGDGRHOEDMR QLYHOGHFRPSOHMLGDGLQVWLWXFLRQDO

$JUXSDPLHQWR 2IHUWDHGXFDWLYDIDOWDQWHHVFDVD LQDGHFXDGDREXURFUDWL]DGD %± %5(&+$6'(2)(57$(6&2/$5(1 '(7(50,1$'261,9(/(6</2&$/,=$&,21(6 &RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

/DPD\RUSDUWHGHORVSDtVHVGHODUHJLyQKDQ VXIULGRGXUDQWHHOVLJOR;;XQDKLVWRULDGHFRQIOLFWRV SROtWLFRVHLQVWLWXFLRQDOHVGHHQRUPHJUDYHGDG 5HFLpQODV~OWLPDVGRVGpFDGDVPXHVWUDQXQ




DxRHVFRODU4XLHQQRFXPSODFRQHVWDSUHPLVD WLHQHPD\RUHVSRVLELOLGDGHVGHIUDFDVDU HQODHVFXHOD

%± )250$&,Ï1'2&(17(48( 1235(3$5$3$5$/$,1&/86,Ï1 &RQLPSDFWRHQODVGLPHQVLRQHV '

%± '(%,/,'$'(6'(5(*/$0(17$&,Ï1 48($80(17$15,(6*26'((;&/86,Ï1

'

+DFHDSUR[LPDGDPHQWHGRVGpFDGDVTXH(UQHVWR 6FKLHIHOEHLQ  SODQWHDEDTXHODIRUPDFLyQ GRFHQWHLQLFLDOHQPXFKDVRFDVLRQHVFDUHFHGHXQD FODUDRULHQWDFLyQUHVSHFWRGHORTXHVHUiHO GHVHPSHxRFRWLGLDQRGHORVPDHVWURVHQOD HVFXHOD(VSRVLEOHREVHUYDUFRPRVHSURGXFHXQD LQFRKHUHQFLDHQWUHHOGLVFXUVRSHGDJyJLFRGHORV PDHVWURV\ODVSUiFWLFDVUHDOHVHQODVLQVWLWXFLRQHV HVFRODUHV(VWDLQFRKHUHQFLDSDUWHFXDQGRHQOD IRUPDFLyQLQLFLDOGHORVGRFHQWHVQRVHSRQHHQ GLVFXVLyQODGLVWDQFLDHQWUHHOFXUUtFXORUHDO\HO FXUUtFXORIRUPDO(VWDYDFDQFLDKDFHTXHFXDQGRHO GRFHQWHQRYHOOOHJXHDODHVFXHODDFHSWHOD LPSRVLFLyQGHWUDGLFLRQHVHVFRODUHVTXHQRVRORQR VHFRUUHVSRQGHQFRQODSURSXHVWDFXUULFXODURILFLDO VLQRTXHUHIXHU]DQLGHDVFRQVXHWXGLQDULDVUHVSHFWR GHODRUJDQL]DFLyQGHORVJUXSRVHVFRODUHVORV WHPDVLUUHPSOD]DEOHVGHODHQVHxDQ]D\ORVTXH SXHGHQVHUHYLWDGRV

&RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

/DQRUPDWLYDUHJODPHQWDULDSXHGHVHUHQ RFDVLRQHVXQREVWiFXORDODLQFOXVLyQFXDQGRVXV LQGLFDFLRQHVVRQFRQIXVDVVXSHUSXHVWDVRGHMDQ YDFtRVSRUHMHPSORHQUHODFLyQFRQORVSURFHVRVGH DFFHVRDOVLVWHPDHVFRODUORVUHJtPHQHVGH DVLVWHQFLDDFODVHV\ORVSURFHGLPLHQWRVGH HYDOXDFLyQXSURPRFLyQ3RURWUDSDUWHHV IUHFXHQWHTXHODVQRUPDV WDQWRODVOH\HVFRPRORV UHJODPHQWRV QRHVWpQDFFHVLEOHVHQGRV DFHSFLRQHVGHDFFHVLELOLGDGL HQWpUPLQRVGHTXH GLUHFWRUHVPDHVWURV\SDGUHVFXHQWHQFRQHOWH[WR SURSLRGHODQRUPD\LL HQWpUPLQRVGHOD FRPSOHMLGDG\DULGH]GHOWH[WRQRUPDWLYR /DIDOWDGHWH[WRVUHJODPHQWDULRVSURFHVDGRVSDUD VXEXHQDFRPXQLFDFLyQ\TXHVHDQILHOHVDOR UHJODPHQWDGRLQKDELOLWDXQEXHQFRQRFLPLHQWR GHODVQRUPDVSRUSDUWHGHGRFHQWHVHVWXGLDQWHV IDPLOLDV\FRPXQLGDGGHUHIHUHQFLD$VtODV UHJODPHQWDFLRQHVVHPDQWLHQHQHQXQFDPSR GHVFRQRFLGR\VHDXPHQWDHOULHVJRGHTXHVH KDJDXQDUHIHUHQFLDJHQpULFDD©ORTXHGLFHOD QRUPDªSDUDMXVWLILFDUDFFLRQHVXRPLVLRQHV SHUPLVRVRSURKLELFLRQHV(QODVQRUPDV UHJODPHQWDULDVVXHOHKDEHUPXFKRPDUJHQSDUD SHGLUFLHUWDVH[FHSFLRQHVRDGHFXDFLRQHVHQ VHUYLFLRVFRPSOHPHQWDULRVYDFDQWHVFDQWLGDGGH LQDVLVWHQFLDVIHFKDVDGLFLRQDOHVGHUHFXSHUDFLyQ GHHYDOXDFLRQHVSHURVLVHGHVFRQRFHQHVWDV SRVLELOLGDGHVQRVHODVSXHGHVROLFLWDU

5HVSHFWRGHODRUJDQL]DFLyQGHORVJUXSRV HVFRODUHVODIRUPDFLyQGRFHQWHQRFXHVWLRQDXQ VXSXHVWRSRUHOFXDOORVHVWXGLDQWHVTXHHVWiQHQHO PLVPRJUDGRVRQ±RGHELHUDQVHU±KRPRJpQHRV (VWDDILUPDFLyQSRQHHQULHVJRGHH[FOXVLyQD DTXHOORVDOXPQRVTXHSRUVXVKLVWRULDVSHUVRQDOHV IDPLOLDUHVFRPXQLWDULDVRH[SHULHQFLDVGHYLGDVH DOHMDQGHODUHSUHVHQWDFLyQTXHWLHQHQORVPDHVWURV GHO©VXMHWRSURPHGLRª(VWDGLVWRUVLyQJHQHUD YXOQHUDELOLGDGHQHVWRVHVWXGLDQWHVTXHQRFXPSOHQ FRQODVH[SHFWDWLYDVLGHDOHVGHORVGRFHQWHV SRUTXHHO©VHUHVWXGLDQWHªVHGHILQHVHJ~QHVWDV H[SHFWDWLYDVSRUXQFRQMXQWRGHFRPSRUWDPLHQWRV UHJXODUHVTXHWRGRVORVQLxRV\ODVQLxDVWLHQHQTXH FXPSOLU/DVGLIHUHQFLDVVXHOHQVHU©VDQFLRQDGDVª DWUDYpVGHPHFDQLVPRVGHGHULYDFLyQDRWURV VXEVLVWHPDVGHOVLVWHPDHGXFDWLYRRSRUXQ IUHFXHQWHVHxDODPLHQWRGHLQFXPSOLPLHQWRHVFRODU

8QDVSHFWRTXHOODPDODDWHQFLyQHVHOIUHFXHQWH GHVOL]DPLHQWRGHORTXHSUHVFULEHQODVQRUPDV HVFULWDVFXDQGRVHODVGHEHDSOLFDUSRUODIXHU]D TXHWLHQHODQRUPDFRQVXHWXGLQDULDRGHFRVWXPEUH /DYLJHQFLDGHXQDQRUPD\VXEXHQDFRPXQLFDFLyQ QRVLHPSUHDOFDQ]DQSDUDJDUDQWL]DUVXHIHFWLYR FXPSOLPLHQWRDXQTXHHVWRQRVHGHEHLQWHUSUHWDU QHFHVDULDPHQWHFRPRUHFKD]RH[SUHVRVLQRTXH PiVELHQSDUHFHVHUXQDDSOLFDFLyQVXSHUSXHVWD GHUXWLQDVHLQHUFLDVTXHWLHQHQXQDMXVWH LPSHUIHFWRFRQODQRUPDYLJHQWH3RUHMHPSORKD\ SDtVHVTXHGHVGHKDFHPiVGHDxRVFXHQWDQ FRQQRUPDVGHSURPRFLyQGLUHFWDHQHOSULPHUFLFOR SHURTXHD~QSURGXFHQSRUFHQWDMHVGHUHSHWLFLyQ TXHVXSHUDQHO

6HSURGXFHHQWRQFHVXQDWUDGXFFLyQHUUDGD GHODVSURSXHVWDVFXUULFXODUHVFRQVWLWX\pQGRVH XQDUHSUHVHQWDFLyQTXHSXHGHPDQLIHVWDUVH GHODVLJXLHQWHPDQHUD©/RVWHPDVSULQFLSDOHV GHOFXUUtFXOXPQRFDPELDQ\ODJUDGXDOLGDGGH ODHQVHxDQ]DVXSRQHODKRPRJHQHLGDGGHORV JUXSRVHVFRODUHVª$QWHODSULPHUDSURSRVLFLyQHV SRVLEOHGHVFRQRFHUODVSURSXHVWDVGHLQQRYDFLyQ \FDPELRFXUULFXODUGDGRTXHIUHQWHD©ODVPRGDVª H[LVWHQSDUiPHWURVFRQVWDQWHVLQYDULDEOHV\DQWH ODVHJXQGDWRGRVORVQLxRVLJXDOHVYDQDOPLVPR




RILFLDOPHQWHHQIRTXHVFRQVWUXFWLYLVWDVFHQWUDGRV HQHOGHVDUUROORGHFDSDFLGDGHVPiVTXHHQOD DFXPXODFLyQGHFRQWHQLGRVPHPRUtVWLFRV6LQ HPEDUJRODVDSHUWXUDVGHFRQWHQLGRVTXHHVWRV PLVPRVGRFXPHQWRVSUHVHQWDQHODERUDGDVGHVGH RWUDOyJLFDTXHUHPLWHDOVDEHUGLVFLSOLQDUFRQWLQ~DQ SODQWHDQGRHOSURFHVRIRUPDWLYRGHVGHORV FRQWHQLGRVIUDJPHQWiQGRORVSRUGLVFLSOLQDV \QLYHOHVUHQXQFLDQGRDLQWHUYHQLUGHVGHOD HQVHxDQ]DSDUDSURPRYHUORVSURFHVRVGH LQWHJUDFLyQ\GHVDUUROORFRJQLWLYRGHEDVHDPSOLD &RPRUHVXOWDGR\D~QOXHJRGHYDULDVUHIRUPDV FXUULFXODUHVKDVLGRPX\GLILFXOWRVRGHVSRMDUDORV FXUUtFXORVYLJHQWHVHQJUDQSDUWHGHORVSDtVHVGH ODUHJLyQGHXQYDVWRGHVSOLHJXHGHFRQWHQLGRV FRQFHSWXDOHV(QYDULRVSDtVHVGHODUHJLyQVH HQXQFLDQPiVGHHVWiQGDUHVTXHGHEHQ DOFDQ]DUVHHQSULPHUJUDGR\VHORVGHILQHFRPR ©PtQLPRVªR©EiVLFRVªVXSRQLHQGRTXHD~Q TXHGDWLHPSROLEUHSDUDOD©FRQWH[WXDOL]DFLyQ FXUULFXODUª

127$ 1RUPDWLYDVUHJODPHQWDULDV\SURFHVRV GHVHJPHQWDFLyQRH[FOXVLyQ $OJXQDVQRUPDWLYDVUHJODPHQWDULDVTXHSXHGHQ DSRUWDUDJHQHUDURDJUDYDUSURFHVRVGH VHJUHJDFLyQFRQULHVJRGHH[FOXVLyQVRQ ±5pJLPHQGHLQVFULSFLyQ\DFFHVRDODHVFRODULGDG REOLJDWRULDHVWDEOHFHFRQGLFLRQHVRSHUDWLYDVSDUD ODPDWULFXODFLyQGHORVHVWXGLDQWHVTXHVH WUDGXFHQHQODVUXWLQDVFRQFUHWDVFRQODVTXHVH HQFXHQWUDODSREODFLyQFXDQGREXVFDDFFHGHU RFRQWLQXDUHQHOVLVWHPDHGXFDWLYR6XHOHVHU SRFRFODURRSUHVHQWDU©]RQDVJULVHVªTXH SHUPLWHQGLVFUHFLRQDOLGDG ±5pJLPHQGHDVLVWHQFLDDFODVHVSDXWDODV FRQGLFLRQHVGHUHJXODULGDGGHDVLVWHQFLDDFODVHV 6LELHQHOYDORUGHODSUHVHQFLDFRWLGLDQD \ODSXQWXDOLGDGHVIXQGDPHQWDODYHFHVLJQRUD ODVVLWXDFLRQHVGHHVWXGLDQWHVGHIDPLOLDV PLJUDQWHVRGHVSOD]DGDVDGROHVFHQWHVTXH WUDEDMDQRD\XGDQHQVXVKRJDUHVHVWXGLDQWHV HPEDUD]DGDV\PDGUHVQLxRV\QLxDVTXH LQJUHVDQDYDQ]DGRHOFLFOROHFWLYR\HVWXGLDQWHV GHFXOWXUDVTXHWLHQHQSDXWDVGHRUJDQL]DFLyQ GHOWLHPSRGLIHUHQWHDODGHODHVFXHOD

&RQHOORORVFXUUtFXORVUHVXOWDQXQDHQXQFLDFLyQGH DOWDFRPSOHMLGDGSDUDORVGRFHQWHV/DDWHQFLyQGH ORVHVWiQGDUHVSURSXHVWRVHQHVRVFXUUtFXORVTXH LQWHJUDQODVHYDOXDFLRQHVQDFLRQDOHVSODQWHDXQD JUDQWHQVLyQHQWUHHOWLHPSRFRWLGLDQR\ODV SUHVFULSFLRQHVFXUULFXODUHVTXHVHUHVXHOYHFRQXQ WUDWDPLHQWRVXSHUILFLDOHSLVyGLFR\DFHOHUDGRGHORV WHPDV(OJUDQGHFLVRUFXUULFXODUDFDEDVLHQGRHO DOPDQDTXH\ODDFWLYLGDGGHHQVHxDQ]DUHFRUUHORV FRQWHQLGRVSULRUL]DQGRFREHUWXUDDSURIXQGLGDG FRQEDMDVSRVLELOLGDGHVGHJHQHUDUDSUHQGL]DMHV GXUDGHURV'RVDJUDYDQWHVFRPSOHWDQXQ SDQRUDPDGHOLFDGRHOSULPHURHVTXHDO©QRKDEHU WLHPSRªSDUDLQFRUSRUDUORVVDEHUHV\SUiFWLFDV ORFDOHVVHOHVUDWLILFDXQOXJDUGHPHQRUYDORUHO VHJXQGRHVTXHORVHVWiQGDUHVFXUULFXODUHVVH FRQYLHUWHQHQSDUiPHWURVSDUDODVHYDOXDFLRQHV TXHGHWHUPLQDQODVFDOLILFDFLRQHV\ODSURPRFLyQ DXQFXDQGRQRKD\DQSRGLGRVHUJXtDVSDUDXQD HQVHxDQ]DHILFD]

±5pJLPHQGHFDOLILFDFLyQHYDOXDFLyQ\SURPRFLyQ UHJXODODVFRQGLFLRQHVJHQHUDOHVSDUDDFUHGLWDU HODSUHQGL]DMHDVLJQDUOHXQYDORU\GLVSRQHU ORVQLYHOHVGHFDOLILFDFLyQSDUDSDVDUDOJUDGR VLJXLHQWH7DPELpQVXHOHGHWHUPLQDU SURFHGLPLHQWRVSDUDUHFXSHUDUDSUHQGL]DMHV \DPSOLDUVXVSRVLELOLGDGHVGHSURPRYHU1RHVWi VLHPSUHJDUDQWL]DGRTXHORTXHVHHYDO~DVHDOR TXHVHKD\DHQVHxDGR\PXFKDVYHFHVORV FULWHULRVGHFDOLILFDFLyQVRQREMHWLYRVVyORHQ XQSODQRIRUPDOFRQPXFKRVPiUJHQHVGH GLVFUHFLRQDOLGDG&XDQGRQRLQFOX\HIRUPDV GHHYDOXDFLyQPiVLQWHJUDOHV\DFXPXODWLYDV \DOWHUQDWLYDVGHSURPRFLyQSRUFLFORVUHVXOWD XQREVWiFXORSDUDXQDWUD\HFWRULDHGXFDWLYDVLQ WURSLH]RV ±5pJLPHQGHFRQYLYHQFLDRGLVFLSOLQDHVFRODU IUHFXHQWHPHQWHHVWHUpJLPHQGLVSRQHOD IRUPXODFLyQGHXQUHJODPHQWRGHQLYHOHVFRODU DXQTXHQRVLHPSUHWLHQHHQFXHQWDSDWURQHV FXOWXUDOHVVREUH©ORFRUUHFWRªQLPHFDQLVPRVSDUD LQFOXLUHVWDVSHUVSHFWLYDVHQVXHODERUDFLyQ

(QODH[SHULHQFLDGHORVPDHVWURVODVOyJLFDV FXUULFXODUHVDGPLQLVWUDWLYDV\ODERUDOHVRSHUDQ VLPXOWiQHDPHQWHLQWHJUiQGRVHHQXQD UHSUHVHQWDFLyQ\XQDH[SHULHQFLDXQtYRFDVGHVX WUDEDMR3RUHOORDQWHODVUHVWULFFLRQHVJHQHUDGDV SRUODH[FHVLYDFDUJDFXUULFXODUHOORVVHDSURSLDQ UHFRQVWUX\HQ\FRQVWUX\HQODVSUiFWLFDVVHJ~QVH ORVSHUPLWHODFXOWXUDLQVWLWXFLRQDO (]SHOHWD  PXFKDVYHFHVVLQGLVFULPLQDUORTXHHVEiVLFRH LPSUHVFLQGLEOHGHWRGRORGHVHDEOH(OUHVXOWDGRHV TXHHOFXUUtFXOXPUHDOGHODVHVFXHODVVXHOHVHUXQ UHFRUWHPX\HPSREUHFLGRGHOFXUUtFXOXPIRUPDO XQDVXPDWRULDGHSDUWHVSRFRDUWLFXODGDVTXHVH

%± &855Ã&#x2039;&8/26)250$/(6352)8626 <6$785$'26 &RQLPSDFWRHQODVGLPHQVLRQHV '

'

'HVGHKDFHDxRVODVIXQGDPHQWDFLRQHV SHGDJyJLFDVGHORVFXUUtFXORVKDQDFHSWDGR




SpUGLGDVLJQLILFDWLYDGHLQGLFDGRUHVUHOHYDQWHVSDUD HODQiOLVLVGHODHILFLHQFLDLQWHUQDGHOVLVWHPD HGXFDWLYR(QHOFDVRGH%UDVLO\%ROLYLDOD LPSOHPHQWDFLyQGHXQVLVWHPDQRPLQDOLPSOLFy ODSpUGLGDGHOGDWRGHDOXPQRVUHSHWLGRUHV(Q HOFDVRGH&RORPELDODVLWXDFLyQHVD~QPiV JUDYH\DTXHSHUGLHURQHOUHJLVWURGHODFRQGLFLyQ ILQDOGHORVHVWXGLDQWHVHOVLVWHPDQRUHJLVWUD FXiQWRVDOXPQRVILQDOL]DQHOFLFORHVFRODU HQFRQGLFLyQGHSURPRYLGRVRQRSURPRYLGRV

WUDWDQGHPDQHUDVXSHUILFLDO\DFHOHUDGDSDUD ©WHUPLQDUHOSURJUDPDªHQOXJDUGHVHUXQSURFHVR DUPyQLFRFRQWLQXDGRDORODUJRGHOLWLQHUDULRHVFRODU GHXQDOXPQR %± ,1$'(&8$'2',$*1Ï67,&2 <021,725(2'(/26352&(626'( (;&/86,Ï1 &RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

'

'

(OXVRLQVXILFLHQWHRLQDGHFXDGRGHODLQIRUPDFLyQ GLVSRQLEOHOLPLWDYDULDVIXQFLRQHVFODYH GLDJQRVWLFDUFRQSUHFLVLyQ\HQHOPDUFRGHODPHWD GHSROtWLFDHGXFDWLYDTXHVHSULRUL]DFRQVWUXLU LQGLFDGRUHVTXHUHVXPDQ\GHQVHQWLGRDORVGDWRV DLVODGRVUHFRQRFHUODGLQiPLFDGHODVWUD\HFWRULDV HVFRODUHVTXHSHUILODQORVLQGLFDGRUHVHVWiWLFRV LGHQWLILFDUWHUULWRULRVRXQLGDGHVHGXFDWLYDVGH DWHQFLyQSULRULWDULDHQIXQFLyQGHHVRVLQGLFDGRUHV PRQLWRUHDUORVSURFHVRV\SULPHURVUHVXOWDGRV GHODVHVWUDWHJLDVSURJUDPDV\SROtWLFDV

(OXVRGHLQIRUPDFLyQHQODJHVWLyQHGXFDWLYDIRUPD SDUWHGHXQFRQMXQWRPiVDPSOLR\FRPSOHMRGH LQWHUDFFLRQHVTXHFRQVWLWX\HQHOYtQFXORHQWUHHO PXQGRGHODSROtWLFD\HOGHOVDEHUWpFQLFR$PEDV HVIHUDVWLHQHQOyJLFDVGHWHUPLQDGDVSRUVXV IXQFLRQHVHVSHFtILFDVSHURWDPELpQSRUSHUILOHV \IRUPDFLyQSURIHVLRQDOPXFKDVYHFHVGLIHUHQWHV (QPXFKRVFDVRVHVDVGLIHUHQFLDVSDUHFHQ GLILFXOWDUTXHORVUHVSRQVDEOHVGHJHVWLRQDU HOVLVWHPDXWLOLFHQH[KDXVWLYDPHQWHORVGDWRV HVWDGtVWLFRVDODYH]TXHFRQWULEX\HQDTXHVH VXEXWLOLFHODLQIRUPDFLyQSURGXFLGDSRUORVVLVWHPDV HVWDGtVWLFRVFRQILDEOHV\RSRUWXQRV

%± ,16$7,6)$&725,$5(/(9$1&,$ <(),&$&,$'(/$32<2$/$6(6&8(/$6 &210$<25(6'(6$)Ë26

(QFDVLWRGRVORVSDtVHVH[LVWHQPHFDQLVPRVGH UHFROHFFLyQ\SURFHVDPLHQWRGHORVGDWRV\D QRUPDOL]DGRVHQPXFKRVFDVRVFRQPRGHUQRV VRSRUWHVWHFQROyJLFRVTXHIDFLOLWDQVXH[SORWDFLyQ 6LQHPEDUJRRFXUUHPXFKDVYHFHVTXHOD DEXQGDQFLDGHGDWRVQRKDFHSRVLEOHLGHQWLILFDU \UHSUHVHQWDUFRPXQLFDWLYDPHQWHODLQIRUPDFLyQ TXHSHUPLWHLQWHUSUHWDUXQSURFHVRRVLWXDFLyQ (OWUDWDPLHQWRGHORVSUREOHPDVGHFDOLGDGGHORV GDWRVSRUVHSDUDGRGHODVFRQGLFLRQHV\SUiFWLFDV GHXVRSDUDODJHVWLyQHGXFDWLYDSXHGHGHYHQLUHQ HOGHVDUUROORGHSROtWLFDVFRQPXFKDLQYHUVLyQ HQUHFXUVRVTXHQRUHVXHOYHQORVSUREOHPDV HVWUXFWXUDOHVHLQFOXVRSXHGHQLQFRUSRUDU GLILFXOWDGHVDGLFLRQDOHV

&RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

'

/DFRQVWUXFFLyQGHXQVLVWHPDHGXFDWLYRHTXLWDWLYR HQVXVUHVXOWDGRVGHLQFOXVLyQUHTXLHUHDFWXDUD WLHPSR\FRQKHUUDPLHQWDVDGHFXDGDVHQODV HVFXHODVGRQGHHVRVUHVXOWDGRVHVWiQ FRPSURPHWLGRV/DJHVWLyQGHOVLVWHPDHGXFDWLYR HQDSR\RDHVWDVHVFXHODVD~QGHEHORJUDUXQ GHOLFDGRHTXLOLEULRTXHQRQLHJXHODDXWRQRPtD HVFRODU\WDPSRFRODVGHMHOLEUDGDVDODSURSLD LQHUFLDDFWXDO /DDPSOLDFLyQGHODREOLJDWRULHGDG\ODFRQVHFXHQWH LQFOXVLyQPDVLYDGHSREODFLRQHVSUHYLDPHQWH H[FOXLGDVODH[SDQVLyQGHODVGHPDQGDVGH IRUPDFLyQTXHVHGHSRVLWDQHQODHVFXHODSDUD KDFHUIUHQWHDXQPXQGRPiVFRPSOHMR\ODV SUREOHPiWLFDVVRFLDOHVQXHYDV±RWDOYH]PiV DQWLJXDVSHURDKRUDYLVLELOL]DGDV±VRQSURFHVRV TXHFRQFXUUHQHQTXHHODSR\RWUDGLFLRQDO DFDUJR GHVXSHUYLVRUHV\GLUHFWRUHV \DQRVHDVXILFLHQWH 5HFLHQWHPHQWHHQWRGDODUHJLyQVHKDQFUHDGR YDULHGDGGHQXHYRVFDUJRV\IXQFLRQHV SURIHVLRQDOHVSDUDDVHVRUDUHQODHQVHxDQ]D\HQ ODJHVWLyQLQVWLWXFLRQDO7DOHVFDUJRVVHDJUHJDQD ODWUDPDSUHYLDGHPHGLDFLRQHVHQWUHODFRQGXFFLyQ FHQWUDO\ODHVFXHODDVHVRUHVSHGDJyJLFRV

8QHMHPSORLQWHUHVDQWHDOUHVSHFWRHVHOGHVDUUROOR GHVLVWHPDVQRPLQDOHVGHLQIRUPDFLyQ 5HFLHQWHPHQWHDOJXQRVSDtVHVKDQRULHQWDGRVX SROtWLFDGHLQIRUPDFLyQKDFLDHOGHVDUUROORGHHVWRV VLVWHPDVGHLQIRUPDFLyQQRPLQDOL]DGDGHORV HVWXGLDQWHVFRQWDQGRFRQXQUHJLVWUR~QLFRH LQGLYLGXDOGHFDGDQLxRQLxD\DGROHVFHQWHTXH DVLVWHRDVLVWLyDODHVFXHOD/RVWUHVSDtVHVGHOD UHJLyQTXHSDUWLFLSDQHQODLQLFLDWLYDKDQVLGR SURWDJRQLVWDVGHHVWRVSURFHVRV6LELHQHVWRV GHVDUUROORVKDQSHUPLWLGRDOFDQ]DUPD\RUHVQLYHOHV GHWUDQVSDUHQFLDHQODFDQWLGDGGHLQVFULWRVHVWH FDPELRKDLPSOLFDGRSDUDHVWRVWUHVSDtVHVXQD




QLYHOGHHVIXHU]RGHLQYHUVLyQILQDQFLHUDVHFWRULDO WLHQGHDVHUPiVEDMRTXHHOGHSDtVHVPiV GHVDUUROODGRV(QWDQWR$PpULFD/DWLQD\HO&DULEH GHVWLQDQSRFRPiVGHOGHOJDVWRS~EOLFR WRWDO\HOGHO3,%DODHGXFDFLyQORVSDtVHV PiVGHVDUUROODGRVGH$PpULFDGHO1RUWH\(XURSD DVLJQDQ\UHVSHFWLYDPHQWH$GHPiV ODVLWXDFLyQHVPX\GLVSDUDOLQWHULRUGHODUHJLyQ DFWXDOL]DFLyQSURSLDDSDUWLUGH0RUGXFKRZLF] $\'XUR/ 



GLUHFWRUHVWHUULWRULDOHVHTXLSRVGHSURIHVLRQDOHVGH ODVDOXG VLFyORJRVIRQRDXGLyORJRVWHUDSLVWDV VLFRSHGDJRJRV DQLPDGRUHVVRFLRFXOWXUDOHVQR REVWDQWHORVUHVXOWDGRVSHUPDQHFHQFRQSRFDV YDULDFLRQHV &LHUWRVPRGRVGHFRQFHELU\DFWXDUODIXQFLyQGH DVHVRUDPLHQWRSXHGHQLQKLELUVXSRWHQFLDO\ FRQYHUWLUVHHQXQREVWiFXORFRQIXVLyQDOLGHQWLILFDU VLQLQIRUPDFLyQREMHWLYDORVSURFHVRV\UHVXOWDGRV VREUHORVTXHDFWXDUWUDQVPLVLyQGHHOHPHQWRV WHyULFRVTXHWHUPLQDQVDWXUDQGRDORVGRFHQWHV\ REOLJDQGRDTXHGHEDQKDFHUSURFHVRVGH LQWHJUDFLyQ\DGDSWDFLyQSDUDORVFXDOHVQRHVWiQ SUHSDUDGRV\WLHQHQHVFDVRWLHPSRGHPDVLDGR DSHJRDOGLVFXUVR©FRUUHFWRª\HVFDVDDWHQFLyQD ODVHYLGHQFLDVGHODWDUHDSHGDJyJLFD FXDGHUQRV GHFODVHHYDOXDFLRQHVWDUHDVSDUDHOKRJDU JHVWLyQGHOJUXSRFODVH /RVSHUILOHVSURIHVLRQDOHV TXHUHDOL]DQHODSR\RDPHQXGRWUDVODGDQHO HQIRTXHFOtQLFRHQVXIRUPDFLyQSRUORTXHWLHQHQ WHQGHQFLDDFRQVLGHUDUODVVLWXDFLRQHV LQGLYLGXDOPHQWH \DVHDHQODSHUVRQDGHFDGD HVWXGLDQWHRGHFDGDGRFHQWH PiVTXHDDSUHFLDU ORVSURFHVRV\UHVXOWDGRVHQXQDIRUPDVLVWpPLFD 6LHVWRVSHUILOHVVHFRQFHQWUDQVyORHQORVDVSHFWRV DFDGpPLFRVGHOFRQRFLPLHQWRGHOGRFHQWHQRVH LQFOX\HQRWURVHOHPHQWRVUHOHYDQWHVFRPRODV FRQGLFLRQHVGHRUJDQL]DFLyQGHORVJUXSRV FUHHQFLDV\UHSUHVHQWDFLRQHVGHORVGRFHQWHVR SDXWDVGHFRPXQLFDFLyQLQVWLWXFLRQDO

/D2UJDQL]DFLyQGH(VWDGRV,EHURDPHULFDQRVSDUD OD(GXFDFLyQOD&LHQFLD\OD&XOWXUD 2(, FRRUGLQD OD,QLFLDWLYD0HWDVFX\RREMHWLYRHVPHMRUDUOD FDOLGDG\HTXLGDGHGXFDWLYDV\ODLQFOXVLyQVRFLDO &(3$/  OOHYyDFDERHOFRVWHRGHGLFKDV PHWDV\FRQFOX\yTXHDOILQDOL]DUHOJDVWRHGXFDWLYR DGLFLRQDOUHVSHFWRDODVLWXDFLyQDFWXDOSDUDFXPSOLU ODVPHWDVDVFHQGHUtDDFDVLPLOORQHVGH GyODUHVDQXDOHV6LELHQEDMRODySWLFDDFWXDOHVWD FLIUDLPSUHVLRQDGHEHWHQHUVHHQFXHQWDOD JUDGXDOLGDG$VtHQUHVSHFWRGHODxR DQWHULRUHOLQFUHPHQWRVRORVHUtDGH PLOORQHVGHGyODUHV6LVHFRQVLGHUDQODV SUR\HFFLRQHVGHFUHFLPLHQWRGHODUHJLyQ\ODPHWD TXHHOPLVPRSURJUDPDSURSRQHGHLQFUHPHQWDUXQ GHO3,%DQXDOPHQWHKDVWDHO$PpULFD /DWLQDSRGUtDHQFDPLQDUVHDODSURVHFXFLyQGHODV DFFLRQHVQHFHVDULDVSDUDHOOR (OILQDQFLDPLHQWRHVXQDFRQGLFLyQSDUDVXSHUDU DOJXQDVEDUUHUDVFRPRODHVFDVH]GHHVFXHODVR SDJDUHOSHUVRQDOGRFHQWHUHTXHULGRSDUDDPSOLDUOD FREHUWXUD\PHMRUDUGLVWLQWRVDVSHFWRVGHOVHUYLFLR SHURGHEHVHUFRQVLGHUDGRFRPRXQLQVWUXPHQWR SDUDORJUDUREMHWLYRV\QRFRPRXQILQHQVtPLVPR (QHODQiOLVLVGHORVSURFHVRVGHODV~OWLPDV GpFDGDVHPHUJHQGRVDVSHFWRVTXHPHUHFHQ FRQVLGHUDFLyQSROtWLFD

$GLFLRQDOPHQWHDOJXQRVGHHVWRVLQWHQWRV VXSHUDGRUHVKDQSHUGLGRVXLPSXOVRSRUIDOWDGH UHFXUVRVSUHVXSXHVWDULRVSRUHVFDVH]GHDFFLRQHV GHFDSDFLWDFLyQSRULQHILFDFLDGHODVHVWUDWHJLDV DSOLFDGDV\RWURVSURFHVRVTXHOOHYDQDOD EXURFUDWL]DFLyQGHVXDFFLyQ\VXQHXWUDOL]DFLyQHQ ODVLQHUFLDVGHOVLVWHPD

D  (OILQDQFLDPLHQWRHGXFDWLYRVXHOHHVWDUDWDGRD ORVFLFORVHFRQyPLFRVDXQTXHGHPDQHUD GHVLJXDOUHJLVWUDQFLHUWRFUHFLPLHQWR JUDGXDOPHQWHHQFLFORVSRVLWLYRVGHODHFRQRPtD ±HQJHQHUDOFRQPD\RUOHQWLWXGTXHHO LQFUHPHQWRGHORVUHFXUVRVILVFDOHV±\VXIUHQ FRQPD\RUUDSLGH]ORVHIHFWRVGHFRUUHFFLyQHQ ORVFLFORVGHHVWDQFDPLHQWR0XFKDVYHFHV HVWRVDMXVWHVVRQHIHFWRGHODLQIODFLyQFRQ FRQVHFXHQFLDVJUDYHVSRUTXHLPSLGHQXQD DGHFXDGDSURJUDPDFLyQGHDFFLRQHVTXH±FRPR ODVGHHVFRODUL]DFLyQ±GHEHQVHUSODQLILFDGDVHQ HOPHGLDQRSOD]R

$JUXSDPLHQWR )LQDQFLDPLHQWRLQVXILFLHQWH %± 5(675,&&,Ï135(6838(67$5,$ 3$5$$7(1'(5/$6&21',&,21(6 *(1(5$/(6'(/6,67(0$ &RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

'

'

(QORV~OWLPRVOXVWURVODPD\RUtDGHORVSDtVHVGH ODUHJLyQGHVWLQyUHFXUVRVFUHFLHQWHVDOVHFWRUHQ Q~PHURVDEVROXWRV\FRPRSDUWLFLSDFLyQGHOD ULTXH]DJHQHUDGDHQFDGDSDtV1RREVWDQWHHO

E  /DFRRSHUDFLyQLQWHUQDFLRQDOVHKDFRQYHUWLGR HQXQDFWRUFODYHHQPDWHULDGHILQDQFLDPLHQWR




SDUDVXSHUDUODH[FOXVLyQ(QJHQHUDOHO ILQDQFLDPLHQWRSURSLRGHFDGDSDtVVHGHEH GHVWLQDUFDVLWRWDOPHQWHDORVJDVWRVFRUULHQWHV TXHSHUPLWHQHOIXQFLRQDPLHQWRGHOVHUYLFLR\ ORVGHVDItRVGHFREHUWXUD\FDOLGDGGHSHQGHQHQ EXHQDPHGLGDGHODFRRSHUDFLyQ(QFLHUWRV FDVRVHVHDSR\RVHYHDIHFWDGRSRUSUREOHPDV GHDUWLFXODFLyQGHORVSURJUDPDVFRQODVOtQHDV GHDFFLyQQDFLRQDOHVHVWHULOL]iQGRVHPX\ EXHQDVRSRUWXQLGDGHV\±HQPXFKRVFDVRV± VXEXWLOL]DQGRORVUHFXUVRVDVLJQDGRV6LELHQVH KDQUHJLVWUDGRDYDQFHVHQODPDWHULDVLJXHQ VLHQGRSDUWHGHODDJHQGDGHORVSUy[LPRVDxRV ORVOLQHDPLHQWRV\DFXHUGRVFRQVDJUDGRVSRUOD 'HFODUDFLyQGH3DUtV6REUH(ILFDFLDGHOD$\XGD DO'HVDUUROOR

GHORVIRQGRVVHGHVWLQDQDODHGXFDFLyQSULPDULD $XQDVtODLQWHQVLGDGGHODDVRFLDFLyQHQWUHHO HVIXHU]RGHLQYHUVLyQHQHGXFDFLyQSULPDULD\OD ULTXH]DGHORVSDtVHVHVEDVWDQWHGpELOORTXH PDWL]DODSULRULGDGTXHQXPHURVRVSDtVHVRWRUJDQ DHVWHQLYHO6LQHPEDUJRHQFXDWURGHORVVLHWHORV SDtVHVPiVULFRVGHODUHJLyQ $UJHQWLQD%UDVLO &KLOH\8UXJXD\ ODHGXFDFLyQVHFXQGDULDHVODTXH GHWHQWDODPD\RUSDUWLFLSDFLyQHQHOJDVWR HGXFDWLYRWRWDO/DFRUUHODFLyQHQWUHHOSRUFHQWDMH GHOJDVWRHQHOQLYHOGHQWURGHOJDVWRWRWDO\OD ULTXH]DHQ3,%SHUFiSLWDGHOSDtVVHKDFHPiV IXHUWH 6LELHQHQODUHJLyQHQORV~OWLPRVDxRVODV LQLFLDWLYDV\SURJUDPDVHGXFDWLYRVKDQGDGRVXV IUXWRVSDUDLQFUHPHQWDUODHVFRODUL]DFLyQGHOD SREODFLyQHOFUHFLPLHQWRGHODVPDWUtFXODVHQOD HGXFDFLyQLQLFLDO\VHFXQGDULDQRIXHDFRPSDxDGR SRUXQLQFUHPHQWRSURSRUFLRQDOGHODLQYHUVLyQ S~EOLFDHQHOVHFWRU(QSDUDOHORKDQVLGRSRFR HILFDFHVSDUDPHMRUDUODFDOLGDGGHORV DSUHQGL]DMHV

(QODPD\RUtDGHORVSDtVHVGHODUHJLyQFXDQGRVH REVHUYDODGLVWULEXFLyQGHORVUHFXUVRVHQWUHORV GLIHUHQWHVQLYHOHVVHDGYLHUWHTXHODPD\RUSDUWH 

 'HFODUDFLyQDSUREDGDSRUHO)RURGH$OWR1LYHOUHXQLGRHQ 3DUtVHQIHEUHURPDU]RGH

127$ $SRUWHFRQFHSWXDOFXiQWRLQYHUWLU\FyPRGLVWULEXLU

&8È172,19(57,5<&Ï02 ',675,%8,5'26$63(&726'(/ ),1$1&,$0,(172('8&$7,92

HOFXDQWLWDWLYR\HOFXDOLWDWLYR$SHVDUGHWRGDVODV FRPSOHMLGDGHVTXHSXHGHQDSDUHMDUORVGLVWLQWRV FiOFXORVODDULVWDFXDQWLWDWLYDHVPHQRVGLILFXOWRVDGH UHVROYHUSXHVODHVWUXFWXUDGHFRVWRVGHFDGDVLVWHPD \ODGHPDQGDHIHFWLYD\SRWHQFLDOSHUPLWHQSUR\HFWDU ODQHFHVLGDGILQDQFLHUDSDUDLQFUHPHQWDUODFREHUWXUD $VtFRQRFLHQGRORVSDUiPHWURVFRUUHVSRQGLHQWHVORV SURFHGLPLHQWRVWpFQLFRVSDUDFDOFXODUORVUHFXUVRV QHFHVDULRVSDUDDPSOLDUODFREHUWXUDVHHQFXHQWUDQ GLVSRQLEOHV\VRQPiVRPHQRVHVWiQGDUHV3RUOR WDQWRHVSRVLEOHDSUR[LPDUODVFLIUDVGHORVUHFXUVRV QHFHVDULRVSDUDHVHILQ

(ODQiOLVLVGHOILQDQFLDPLHQWRHGXFDWLYRVHSXHGH GLYLGLUHQGRVDVSHFWRV(OSULPHURFRQFLHUQHDOD FDQWLGDGGHUHFXUVRVTXHVHGHVWLQDDOVHFWRUFRPR SRUFHQWDMHGHO3URGXFWR,QWHUQR%UXWR 3,% RGHOJDVWR S~EOLFRWRWDOGHXQSDtVRUHJLyQ(OVHJXQGRHVWi UHODFLRQDGRFRQORVFULWHULRVGLVWULEXFLyQGHHVHJDVWR TXHGHEHUtDQVHJXLUSULQFLSLRVGHHILFLHQFLD\HTXLGDG

(QSURPHGLRHOHVIXHU]RILQDQFLHURTXHUHDOL]DQORV SDtVHVGHODUHJLyQHVGLVSDU\EDMRHQFRPSDUDFLyQ FRQHOGHORVPiVGHVDUUROODGRV/DVPD\RUHV GHVLJXDOGDGHVVHSUHVHQWDQHQODHGXFDFLyQLQLFLDO\ VHFXQGDULDHQDPERVQLYHOHVD~QHVWiQSHQGLHQWHVHO GHVDItRGHODXQLYHUVDOL]DFLyQ\VREUHWRGRHQHO VHJXQGRGHXQVHUYLFLRGHFDOLGDG3RUHOORHQWDQWR LQVWUXPHQWRTXHSHUPLWHYLDELOL]DUDFFLRQHVGHSROtWLFD HOLQFUHPHQWRGHORVUHFXUVRVGHVWLQDGRVDOVHFWRUHV XQDFRQGLFLyQQHFHVDULDSDUDDPSOLDU\PHMRUDUHO VHUYLFLR

$KRUDELHQSDUDGDUVROXFLyQDODID]FXDOLWDWLYDKD\ TXHFRQVLGHUDUHOWLSRGHVHUYLFLRTXHUHTXLHUHOD HVFRODUL]DFLyQGHORV1)(RHQULHVJRGHDEDQGRQDUOD (VSUREDEOHTXHWHQJDDOJXQDVFDUDFWHUtVWLFDV VRFLRFXOWXUDOHV\HFRQyPLFDVHVSHFtILFDVTXH LPSOLTXHQXQPD\RUFRVWRSDUDORJUDUVXLQFOXVLyQR FRQWLQXLGDG(VSRUHOORTXHUHVSRQGHUDHVWDFXHVWLyQ QHFHVLWDGHGHILQLFLRQHVTXHHVFDSDQDO ILQDQFLDPLHQWREiVLFRGHOVLVWHPDHGXFDWLYR(QRWUDV SDODEUDVODHVWLPDFLyQGHODLQYHUVLyQQHFHVDULDTXH SHUPLWLUtDPHMRUDUHOVLVWHPDQRSXHGHKDFHUVHVLQ HVWDEOHFHUFRQREMHWLYRVFODURV\FRQWXQGHQWHVODV SROtWLFDVSUR\HFWRV\DFFLRQHVFRQFUHWDVSDUDORJUDU ODVPHWDV

3DUDUHVSRQGHUDOLQWHUURJDQWHGHODPDJQLWXG UHTXHULGDVHGHEHGLYLGLUHOSUREOHPDHQGRVDVSHFWRV

(QFRQGLFLRQHVLGHDOHVHOILQDQFLDPLHQWRGHXQ VHUYLFLRGHFDOLGDGGHEHUtDVHUHOUHVXOWDGRGHOFiOFXOR

¢&8È172&8(67$0(-25$5 18(675266,67(0$6('8&$7,926"




GHORVUHFXUVRV3RUHMHPSORDQLYHOPDFURSULPHURHO )XQGHI\OXHJRHO)XQGHEEUDVLOHxRVLQVWDXUDURQXQ PHFDQLVPRGHGLVWULEXFLyQTXHVHEDVDHQODPDWUtFXOD \SRQGHUDHOFRVWRHVWLPDGRGHOHVWXGLDQWHHQFDGD iPELWRWHUULWRULDOPRGDOLGDGQLYHO\JUDGRGH HQVHxDQ]D$GHPiVHVWDEOHFLHURQXQJDVWRSRU DOXPQRPtQLPRTXHGHEHVHUFXPSOLGRHQWRGRHOSDtV

GHWRGRVORVUHFXUVRVTXHVHSXHGDQLGHQWLILFDUSDUD ORJUDUHVWHREMHWLYR(VWDVQHFHVLGDGHVSDUHFHUtDQ VXSHUDUHOLQWHUpVRODYROXQWDG\HQYDULRVFDVRVOD SRVLELOLGDGGHVDWLVIDFHUODV'HELGRDHVWRKD\DOJXQRV SDtVHVTXH\DKDFHDOJ~QWLHPSRSUHYpQPHWDV QDFLRQDOHVGHLQYHUVLyQHGXFDWLYDHQVXV FRQVWLWXFLRQHVROH\HV\RWURVVHKDQVXPDGRHQORV ~OWLPRVDxRV(QFLHUWRVFDVRVODVQRUPDVHVWDEOHFHQ TXHVHGHVWLQHDHGXFDFLyQXQSRUFHQWDMHGHO3,%\HQ RWURVGHOJDVWRS~EOLFRWRWDO(QODSUiFWLFDHQ DOJXQRVSDtVHVHVWDVUHJXODFLRQHVVHFXPSOHQ\HQ RWURVQR

$QLYHOPLFUR&KLOHFXHQWDFRQOD6XEYHQFLyQ(VFRODU 3UHIHUHQFLDO 6(3 'HVGHODGpFDGDGHO¶HQHVWH SDtVHOILQDQFLDPLHQWRHQHOVHFWRUHVWDWDOVHEDVDVyOR HQODFDQWLGDGGHHVWXGLDQWHVHQFDGDHVWDEOHFLPLHQWR \GLVWULEX\HHOPLVPRPRQWRSRUFDGDDOXPQR/D QXHYDSROtWLFDPHQFLRQDGDDVLJQDXQDWUDQVIHUHQFLD DGLFLRQDOSRUVREUHODDVLJQDFLyQWUDGLFLRQDODODV HVFXHODVTXHWHQJDQHQVXPDWUtFXODHVWXGLDQWHV SULRULWDULRVHVGHFLUTXHVHHQFXHQWUHQHQXQD FRQGLFLyQVRFLRHFRQyPLFDGHVIDYRUHFLGD(VWDSROtWLFD SHUPLWLUtDFRPSHQVDUORVSUREOHPDVGHLQHTXLGDGTXH VHJHQHUDURQDSDUWLUGHOHVTXHPDTXHFRPHQ]yHQ ORVDxRV¶

1RVLHPSUHVHWUDWDGHODPHMRURSFLyQ\DTXHVH YLQFXODHOILQDQFLDPLHQWRVHFWRULDODORVYDLYHQHVGHOD PDFURHFRQRPtD1RREVWDQWHSDUHFHUtDVHUOD VHJXQGDHQXQRUGHQGHDOWHUQDWLYDVSRVLEOHV $VXYH]HQORVSDtVHVIHGHUDOHVRVLVWHPDV HGXFDWLYRVTXHWXYLHURQSURFHVRVGHGHVFHQWUDOL]DFLyQ ODVQXHYDVQRUPDVWDPELpQWRPDURQHQFXHQWDOD GLVWULEXFLyQGHORVUHFXUVRVDOLQWHULRUGHOSDtV(VWDV UHJODVSHUPLWHQUHJXODU\FRRUGLQDUHOHVIXHU]RHQWUH ORVGLVWLQWRVQLYHOHVGHJRELHUQR

,1&5(0(17$5/265(&85626< 7$0%,e1/$()(&7,9,'$''(68862

&5,7(5,26'(',675,%8&,Ï1'( 5(&85626

&RPRLQVWUXPHQWRHOILQDQFLDPLHQWRHGXFDWLYRHVXQD GHODVKHUUDPLHQWDVPiVLPSRUWDQWHVGHODVTXHVH GLVSRQHORVUHFXUVRVSHUPLWHQYLDELOL]DUSROtWLFDVTXH PHMRUHQHOVHUYLFLR(OLQFUHPHQWRSURPHGLRHQHO ILQDQFLDPLHQWRHGXFDWLYRHQODUHJLyQTXHVHGLRHQORV ~OWLPRVOXVWURVSHUPLWLUtDJHQHUDUFLHUWDVFRQGLFLRQHV PtQLPDVSDUDXQDHGXFDFLyQGHHTXLGDG\FDOLGDG 3HURHOFUHFLPLHQWRKDVLGRSDUDHOFRQMXQWR0LUDGRV HQIRUPDLQGLYLGXDOSDtVHVFRPR*XDWHPDOD(FXDGRU 1LFDUDJXD\3HU~TXHGHVWLQDQPHQRVGHOGHO3,% DOVHFWRUGHEHQLQFUHPHQWDUHQPD\RUPHGLGDHO HVIXHU]RHQFRPSDUDFLyQDOUHVWR

3HURDSHODUDOPD\RUILQDQFLDPLHQWRQRHVVXILFLHQWH LQVLVWLUHQODFDQWLGDGWRWDOGHGLQHURVLQUHSDUDUHQVX IRUPDGHGLVWULEXFLyQSRGUtDGLILFXOWDUHOORJURGHO REMHWLYRGHOGHUHFKRDXQDHGXFDFLyQGHFDOLGDGSDUD WRGRV (QSULPHUOXJDUVHGHEHUtDDYDQ]DUKDFLDXQD DVLJQDFLyQPiVHILFLHQWHGHORVUHFXUVRVTXHWHQJDHQ FXHQWDODPDJQLWXGGHORGHVWLQDGRDHGXFDFLyQ\VX GHVHPSHxR(QRWUDVSDODEUDVHQHOSODQRGHODPLFUR DVLJQDFLyQGHUHFXUVRVHVQHFHVDULRSURPRYHU DFFLRQHVFRVWRHIHFWLYDV(QJHQHUDOORVDYDQFHVD QLYHOPDFURVHFRQFHQWUDURQHQODDVLJQDFLyQGH PD\RUHVUHFXUVRVSHURQRHQVXHILFLHQWHXWLOL]DFLyQ

6LQHPEDUJRQRKD\UD]RQHVSDUDVRVWHQHUTXHHO DXPHQWRGHORVUHFXUVRVSRUVtVRORLPSDFWH PiJLFDPHQWHHQHOGHVHPSHxR&RPRVHVHxDOyHO ILQDQFLDPLHQWRHVXQLQVWUXPHQWRFX\RILQHVSURPRYHU FRQGLFLRQHVQHFHVDULDVSHURQRHVXQDFRQGLFLyQ VXILFLHQWHQLXQREMHWLYRHQVtPLVPR3RUHOORXQDYH] DOFDQ]DGDFLHUWDPDJQLWXGORVORJURVVRQ UHVSRQVDELOLGDGGHOGLVHxRHLPSOHPHQWDFLyQGHODV DFFLRQHVGHSROtWLFD\GHVXHIHFWLYLGDG

(QVHJXQGROXJDUXQRGHORVDFXHUGRVFHQWUDOHVFRQ ORVTXHFRQWDPRVHQHGXFDFLyQHVTXHQXHVWURV VLVWHPDVHVFRODUHVVRQLQHTXLWDWLYRV3RUORWDQWROD GLVWULEXFLyQGHOILQDQFLDPLHQWRHGXFDWLYRGHEHUtD VHJXLUFULWHULRVGHHTXLGDG(QVRFLHGDGHVWDQ GHVLJXDOHVFRPRODVQXHVWUDVODSDXWDQRGHEHUtDVHU ODLJXDOGDGGHUHFXUVRV SRUDOXPQR VLQRPiVELHQOD FRQVLGHUDFLyQGHORVGLVWLQWRVFRVWRVGHHVFRODUL]DFLyQ VHJ~QHOFRQWH[WRHQTXHVHGHVDUUROODHOVHUYLFLR 6RORDVtVHSRGUtDQLYHODUHOSXQWRGHSDUWLGDTXH SHUPLWDTXHWRGRVORVQLxRVFXHQWHQFRQLJXDOGDGGH RSRUWXQLGDGHVSDUDDOFDQ]DUHOHYDGRVQLYHOHVPtQLPRV GHUHVXOWDGRV

+DVWDHOPRPHQWRODVGLVFXVLRQHV\UHFODPRV SUHVXSXHVWDULRVKDQJLUDGRHQWRUQRDOLQFUHPHQWRGH ODDVLJQDFLyQSHURQRDOXVRGHODWRWDOLGDGGHORV UHFXUVRV$VtQRSRFDVYHFHVHQHOVHFWRUVXHOH FRQYLYLUODLQVXILFLHQFLDHQODPDJQLWXG\ODLQHILFLHQFLD HLQHTXLGDGHQODGLVWULEXFLyQ$SHVDUGHORVFDPELRV LQWURGXFLGRVHQORV~OWLPRVDxRVWRGDYtDTXHGD SHQGLHQWHODQHFHVLGDGGHXQDPD\RU\PHMRU DVLJQDFLyQGHUHFXUVRVSDUDORJUDUXQDPD\RU FREHUWXUDFRQHILFLHQFLD\HTXLGDG

(Q$PpULFD/DWLQDDOJXQRVSDtVHVKDQHPSUHQGLGR DFFLRQHVTXHFRQVLGHUDQODHTXLGDGHQODGLVWULEXFLyQ




8QGHEDWHFOiVLFRHQHODQiOLVLVGHOILQDQFLDPLHQWR HGXFDWLYRHVHODSDUHQWHFRQIOLFWRHQWUHHVWDVGRV ~OWLPDVGLPHQVLRQHVHQDOJXQRVFDVRVSHUVHJXLU ODHILFLHQFLDLPSDFWDUtDGHPRGRQHJDWLYRHQOD HTXLGDG \YLFHYHUVD 1RREVWDQWHHQORV~OWLPRV OXVWURVORVDQDOLVWDVHQFRQWUDURQTXHHVWDGLV\XQWLYD QRHVWDUtDSUHVHQWHFXDQGRFRPRHQQXHVWURV VLVWHPDVKD\WDQWRLQHILFLHQFLDFRPRLQHTXLGDG (QHVWRVFDVRVHVSRVLEOHD PHMRUDUODHTXLGDG VLQUHGXFLUODHILFLHQFLDE PHMRUDUODHILFLHQFLDVLQ UHGXFLUODHTXLGDGRF PHMRUDUDPEDVDODYH]

(VPiVGHVGHXQSXQWRGHYLVWDVRFLDOVHSXHGH FRQVLGHUDUHILFLHQWHLQFOXLUDWRGDODSREODFLyQ DXQVLVWHPDGHFDOLGDG\DTXHODVH[WHUQDOLGDGHV TXHJHQHUDODHGXFDFLyQEHQHILFLDQDODVRFLHGDG HQVXFRQMXQWR 5()(5(1&,$6 0RUGXFKRZLF]$  $VLJQDFLyQGHUHFXUVRV HQVLVWHPDVGHVFHQWUDOL]DGRVGH$PpULFD/DWLQD ,,3(81(6&2

$JUXSDPLHQWR3URSXHVWDVWpFQLFDV TXHQRVRQHILFDFHV\SHUWLQHQWHV SDUDORJUDUODLQFOXVLyQ

%± ,1(),&,(1&,$<62%5(&26726 '(/)5$&$62(6&2/$5 &RQLPSDFWRHQODVGLPHQVLRQHV '

'

%± ',),&8/7$'3$5$*(1(5$/,=$5 &2%(5785$(1('8&$&,Ï1,1,&,$/

(OIUDFDVRHVFRODUPDQLILHVWRHQODUHSHWLFLyQ\HO UHFXUVDGRJHQHUDQXQVREUHFRVWRLPSURGXFWLYR SDUDHOVLVWHPDVHSDJDGRV RPiV YHFHVSRU DOFDQ]DUXQPLVPRJUDGRRDxRGHHVWXGLR(VWR LQFUHPHQWDDVXYH]HOFRVWRGH©SURGXFLUªXQ HJUHVDGR\DTXHVHUHTXLHUHQPiVDxRVGH HVWXGLRSRUDOXPQRTXHORTXHVHSODQLILFD(OJDVWR GHULYDGRGHODUHSHWLFLyQHQ,EHURDPpULFD DVFHQGHUtDDPLOORQHVGHGyODUHVHV GHFLUWUHVYHFHVHOFRVWRGHODVPHWDVGHFREHUWXUD XQLYHUVDOGHVGHHOQLYHOLQLFLDOKDVWDHOVHFXQGDULR LQIHULRUHVWLSXODGRHQODV0HWDV(VWR UHSUHVHQWDDSUR[LPDGDPHQWHHOGHO3,% UHJLRQDO\XQGHOJDVWRHGXFDWLYRGH ,EHURDPpULFD(VWDVFLIUDVVHGHULYDQGHTXHHQ ,EHURDPpULFDORVUHFXUVDQWHVUHSUHVHQWDQFDVLHO GHOWRWDOGHODPDWUtFXODGHHVRVQLYHOHV (VWDLQHILFLHQFLDVXHOHTXHGDURFXOWDJUDFLDV DTXHHOQ~PHURWRWDOGHDOXPQRVVHHTXLOLEUD PHGLDQWHHOGREOHURVWURGHOIUDFDVRHOGREOH RWULSOHFXUVDGRGHORVSULPHURVJUDGRVVH FRPSHQVDFRQHODEDQGRQRWHPSUDQRDQWHVGH WHUPLQDUORVQLYHOHVREOLJDWRULRV

&RQLPSDFWRHQODVGLPHQVLRQHV '

/DRSRUWXQLGDGGHSDUWLFLSDUHQXQDxRGH HGXFDFLyQLQLFLDOVHYHSHUWXUEDGDHQYDULRV VHQWLGRVTXHVHKDQGHVDUUROODGRHQRWUDVEDUUHUDV L HVFDVH]GHRIHUWDHQVHUYLFLRVHGXFDWLYRV IRUPDOHV LQVXILFLHQWHVFHQWURVHGXFDWLYRVOHMDQRV SDUDDOJXQDVSREODFLRQHVFRQLUUHJXODUFREHUWXUD GHORVSODQWHOHVGRFHQWHV LL FRQFHSFLRQHV\ SUiFWLFDVGRFHQWHVLQDGHFXDGDVGHVGHHOSXQWRGH YLVWDGLGiFWLFR\GHVFRQRFLPLHQWRGHODVLWXDFLyQGH ORVQLxRVTXHYLYHQSDXWDVFXOWXUDOHVGLYHUVDVGH ODVHVFRODUHVRTXHKDEODQRWUDOHQJXDPDWHUQD LLL EDUUHUDVVRFLRFXOWXUDOHVHQUHODFLyQFRQOD REOLJDWRULHGDGHVFRODUHQHVWHQLYHOTXHVXUJHQSRU ODGLYHUJHQFLDGHSUiFWLFDVGHFULDQ]DVREUHHO PRPHQWRGHDOHMDPLHQWRGHORVQLxRVGHVXV IDPLOLDVLY SUHVHQFLDGHFRVWRVGLUHFWRVGH LQVFULSFLyQRPDWHULDOHVGLGiFWLFRV 0XFKRV(VWDGRVQRKDQSRGLGRJHQHUDOL]DUXQD RIHUWDHGXFDWLYDIRUPDOSDUDWRGRVORVQLxRV\QLxDV ±SULQFLSDOPHQWHSRUUHVWULFFLRQHVSUHVXSXHVWDULDV± \VHKDEXVFDGRH[SDQGLUODRIHUWDFRQSURSXHVWDV QRIRUPDOHVGHPXFKRPHQRUFRVWRSRUHVWXGLDQWH TXHLQFOX\HQSDUWLFLSDFLyQFRPXQLWDULDSDUDFRQWDU FRQHVSDFLRVItVLFRV\FRQDGXOWRVTXHSXHGDQ FXLGDUGHORVPiVSHTXHxRV$WDOHIHFWRVHKDQ GHVDUUROODGRPDWHULDOHVGLGiFWLFRVSDUDORVQLxRV \QLxDVTXHHVWUXFWXUDQODSURSXHVWDSHGDJyJLFD\ WDPELpQVHKDDYDQ]DGRHQSURFHVRVGH FDSDFLWDFLyQGHFXLGDGRUHV3HURQXHYDVEDUUHUDV DSDUHFHQHQHVWHIRUPDWRHGXFDWLYRFUHDFLyQ

$VtPLHQWUDVPD\RUHVHOIUDFDVRHVFRODUPiV LQHILFLHQFLDV\VREUHFRVWRVVHJHQHUDQHQHO VLVWHPD(QFRQWH[WRVGHUHVWULFFLyQGHUHFXUVRV FRPRVXFHGHHQOHUHJLyQVHSULRUL]DPDQWHQHUD ORVDOXPQRVHQODHVFXHODDXQTXHUHSLWDQ6LQ HPEDUJRODGLVPLQXFLyQGHOIUDFDVRSRGUtDOLEHUDU UHFXUVRVTXHVHSRGUtDQGHVWLQDUDLQFRUSRUDU QXHYRVDOXPQRVDOVLVWHPD 

 (ODERUDFLyQSURSLDHQEDVHDGDWRVGH8,681(6&2




UHSHWLFLyQ\ODGHVHUFLyQVRQDXWpQWLFRVSUREOHPDV GHODHGXFDFLyQLEHURDPHULFDQD/DUHSHWLFLyQQR QLYHODDIXWXURORVDSUHQGL]DMHVDQWHVELHQ VLVWHPiWLFDPHQWHSUHGLFHSHRUHVUHVXOWDGRVTXH ORVTXHDOFDQ]DUiQVXVFRPSDxHURVQRUHSHWLGRUHV FRQWURODQGRRWURVIDFWRUHVSHUVRQDOHV/RVDOXPQRV TXHKDQUHSHWLGRXQRRPiVFXUVRVWLHQHQSHRUHV UHVXOWDGRVHQODVSUXHEDVUHJLRQDOHVGH DSUHQGL]DMHFRQEUHFKDVVLJQLILFDWLYDV(VWDV EUHFKDVDOLQWHULRUGHFDGDSDtVHQWUHUHSHWLGRUHV \QRUHSHWLGRUHVVRQPD\RUHVTXHODVTXHH[LVWHQ HQWUHORVSDtVHVFRQPHMRUHV\SHRUHVUHVXOWDGRV HQHVDVSUXHEDV

HUUiWLFDGHORVVHUYLFLRVLUUHJXODUDFRPSDxDPLHQWR DORVYROXQWDULRVRFXLGDGRUHV\GLILFXOWDGHVHQOD HQWUHJDRSRUWXQDGHORVPDWHULDOHVSDUDORVQLxRV /DRIHUWDHQVXFRQMXQWRVLJXHVLHQGRLQVXILFLHQWH HVSHFLDOPHQWHHQODV]RQDVUXUDOHV\HQODV SHULIHULDVGHODVFLXGDGHV $OJXQDVGHHVWDVEDUUHUDVVRQFRPXQHVDODVTXH SURYRFDQLQJUHVRWDUGtRHQODHGXFDFLyQSULPDULD\ H[SUHVDQGHVDMXVWHVHQODWUDQVLFLyQHQWUHODIDPLOLD \HOSULPHUDFFHVRDOVLVWHPDHGXFDWLYR HVSHFLDOPHQWHFRPSOHMRSDUDVHFWRUHVGHOD SREODFLyQFX\DFXOWXUDHVGLIHUHQWHDODFXOWXUD HVFRODU GRPLQDQWHHQODHVFXHOD (QHVRVFDVRV ODGHFLVLyQGHLQLFLDUODHVFRODUL]DFLyQ±HQHO VXSXHVWRHQTXHHVWiFHUFDQD\GLVSRQLEOH±SDUD ORVQLxRVSHTXHxRVSXHGHHQFRQWUDUUHVLVWHQFLDV DGLFLRQDOHVHLQFOXVRFLHUWRGHVDSHJRDOLQLFLRHQOD HGDGREOLJDWRULD

$OGHFLUGH7RUUHV  HOVLVWHPDHGXFDWLYR XWLOL]DODUHSHWLFLyQFRPRXQPHFDQLVPRUHJXODU SDUDOLGLDUFRQORVFRPSOHMRVIDFWRUHVLQWUD\H[WUD HVFRODUHVTXHLQKLEHQXQDHQVHxDQ]D\XQ DSUHQGL]DMHHIHFWLYRVHQODHVFXHOD(VWDVLWXDFLyQ HVDVXPLGDSRUODVLQVWLWXFLRQHVHVFRODUHVFRPRXQ SUREOHPDH[WHUQRDVXDFFLyQHGXFDWLYD\ORXELFD HQODIDPLOLD\HQHOSURSLRHVWXGLDQWHFRQORTXH ODVVROXFLRQHVWHQGUtDQTXHYHQLUGHVGHDIXHUD/RV SDGUHVGHIDPLOLDSRUVXSDUWHWLHQGHQD LQWHUQDOL]DUHOSXQWRGHYLVWDHVFRODUDFHSWDQGRORV GLDJQyVWLFRV\YDWLFLQLRVGHORVGRFHQWHVUHVSHFWR GHODVFDSDFLGDGHVGHDSUHQGL]DMHGHVXVKLMRV

)LQDOPHQWH\D~QSDUDPXFKRVGHORVQLxRV\ QLxDVTXHDVLVWHQXQDEDUUHUDPHQRVHYLGHQWHVH FRQVWUX\HGHVGHHOVLVWHPDHGXFDWLYRFXDQGRVH VRVWLHQHXQDFRQFHSFLyQGHODHGXFDFLyQLQLFLDO H[FOXVLYDPHQWHFRPRSUHSDUDWRULDSDUDOD HGXFDFLyQSULPDULD\FRPRSUHWHQGLGRJDUDQWHGH ODVXSHUDFLyQGHOIUDFDVRHVFRODU$VtODV SURSXHVWDVSHGDJyJLFDVRVFLODQHQWUHXQD LQDGHFXDGD©SULPDUL]DFLyQª HVGHFLUH[LJLURWHQHU ODH[SHFWDWLYDGHORJURV\SURFHVRVTXH FRUUHVSRQGHQDODHGXFDFLyQSULPDULD TXHSRQHD ORVHVWXGLDQWHVDKDFHUWUD]RVHQFXDGHUQRV PHPRUL]DUOHWUDVUHSURGXFLUFiOFXORVSRUXQD SDUWH\XQHPSREUHFLGR©DFWLYLVPRªTXHSRQHD ORVDOXPQRVDUHDOL]DUWDUHDVGLVSHUVDVGHHVFDVD VLJQLILFDFLyQFRQMXQWD\SRFDLQFLGHQFLDHQOD FRQVWUXFFLyQGHFDSDFLGDGHVFRJQLWLYDV\VRFLDOHV /DFXOWXUDSRSXODU\RULJLQDULD\HQPXFKRVFDVRV ODOHQJXDPDWHUQDGHORVQLxRV\QLxDVWLHQHSRFR OXJDU/DVRIHUWDVQRIRUPDOHVTXHODVEXVFDQ LQFOXLUVXHOHQVHUGHVYDORUL]DGDVSRUQRFRQWHPSODU LQFOXLU FRQWHQLGRVHLQFRUSRUDUHQFDPELRUXWLQDV HVFRODUHVHQODSHUVSHFWLYDGHODSUHSDUDFLyQSDUD ODHGXFDFLyQSULPDULD

6LELHQODUHSHWLFLyQHVVtQWRPDGHEDMDFDOLGDG HGXFDWLYDFRQIUHFXHQFLDORVSDGUHVGHIDPLOLD\ PXFKDVDXWRULGDGHVHVFRODUHVDVRFLDQODUHSHWLFLyQ FRQVHULHGDGGLVFLSOLQD\DOWRVHVWiQGDUHVSRU SDUWHGHODSODQWDGLUHFWLYD\GRFHQWHGHOSODQWHO /DSHUFHSFLyQVRFLDOSXHGHOOHJDUDYHUOD UHSHWLFLyQFRPRXQDVXHUWHGHD\XGDGH©VHJXQGD RSRUWXQLGDGªTXHVHRIUHFHDDTXHOORVTXHGH WRGRVPRGRVQRVRQ©DSWRVªRQRHVWiQ ©PDGXURVªSDUDDSUHQGHU /DUHSHWLFLyQHQORVSULPHURVJUDGRVHVWi HVWUHFKDPHQWHYLQFXODGDDSUREOHPDVHQOD HQVHxDQ]DGHODOHFWXUD\ODHVFULWXUD(VWDHVWi EDVDGDHQFRPSUHQVLRQHVHVWUHFKDV\DWUDVDGDV GHOOHQJXDMH\GHORVSURFHVRVGHDSUHQGL]DMH LQIDQWLO\HVWiDWDGDDYLHMRVPpWRGRVSHGDJyJLFRV /RVSUREOHPDVUHODFLRQDGRVFRQODHQVHxDQ]DGHO OHQJXDMHHVFULWRVHDJUDYDQGDGDVODVRWUDV FRQGLFLRQHVTXHDPHQXGRFDUDFWHUL]DQDORV SULPHURVJUDGRVGHODHVFXHODHQORVSDtVHVHQ GHVDUUROORWDOHVFRPRSURIHVRUHVVLQFDOLILFDFLyQQL H[SHULHQFLD\IDOWDGHPDWHULDOHVLQVWUXFFLRQDOHV /DVLWXDFLyQVHH[DFHUEDHQFRQWH[WRVELOLQJHVR PXOWLOLQJHVFRPRORVTXHDEXQGDQHQORVSDtVHV HQGHVDUUROOR\HQORVTXHORVDOXPQRV \ IUHFXHQWHPHQWHORVSURIHVRUHV GHEHQDSUHQGHU \HQVHxDU HQXQDOHQJXDTXHGHVFRQRFHQRQR

%± ',),&8/7$'(63$5$2)5(&(5 81$$/)$%(7,=$&,Ï1(),&$=$/,1,&,2 '(/$('8&$&,Ï135,0$5,$ &RQLPSDFWRHQODVGLPHQVLRQHV '

(OIUDFDVRDOLQLFLRGHODHGXFDFLyQSULPDULDVH PDQLILHVWDFRPRUHSHWLFLyQTXHJHQHUDUH]DJR 6HJ~QORSUHVHQWDHO,QIRUPH0HWDV 2(, OD




GRPLQDQ/DHQVHxDQ]DLQLFLDOGHODPDWHPiWLFD WDPELpQHQIUHQWDVHULDVUHVWULFFLRQHV HQPDVFDUDGDVSRUXQGRPLQLRDSDUHQWHGHDOJXQRV DOJRULWPRVTXHQRKDQSURSLFLDGRODFRPSUHQVLyQ SURIXQGDGHOVLVWHPDVLPEyOLFROyJLFRPDWHPiWLFR

&XDQGRORVGRFHQWHVGHEHQWUDEDMDUFRQ HVWXGLDQWHVFRQJUDQGHVGLIHUHQFLDVGHHGDGSRU HMHPSORDODERUGDUFRQWHQLGRVGHžJUDGRFRQ DOXPQRVGH\GHDxRVHQFXHQWUDQ DXPHQWDGDODGLILFXOWDGSURSLDGHGDUFODVH DJUXSRVGHUHQGLPLHQWRKHWHURJpQHR

%± ',),&8/7$'(63$5$*$5$17,=$5 81$('8&$&,Ï13/(1$$/2/$5*2 '(72'$/$('8&$&,Ï135,0$5,$

$OJXQRVQLxRV\QLxDVVHUiQFRPSDUDGRV FRQORVGHPiVVHxDOiQGRORVFRPR©OHQWRVª R©HVWXGLDQWHVFRQGLILFXOWDGHVªSRUORTXHSXHGHQ YHUVHPiVLQWHUHVDGRVHQRFXSDURWURVUROHVIXHUD GHODHVFXHODGRQGHVXDSRUWHVHDPiVYDORUDGR /DVIDPLOLDVHVSHFLDOPHQWHODVPiVSREUHV SXHGHQFDHUHQHOGHVDOLHQWRDQWHORVHVIXHU]RV TXHGHEHQVHJXLUUHDOL]DQGR\YDORUDUGHRWUD PDQHUDHOFRVWRGHRSRUWXQLGDGGHWHQHUDVXVKLMRV HVFRODUL]DGRVORTXHSXHGHWUDGXFLUVHHQ DEDQGRQRDELHUWRRHQXQDSHUPDQHQFLDPHQRV LQWHUHVDGD\FRQDSUHQGL]DMHVPX\GpELOHV

&RQLPSDFWRHQODVGLPHQVLRQHV '

'

(OUH]DJRDYDQ]DGRHVGHFLUWHQHUGRVRPiVDxRV GHGHVIDVDMHJUDGRHGDGTXHDIHFWDDPLOORQHV GHHVWXGLDQWHVHQODUHJLyQHVSURGXFLGRSRUOD DFXPXODFLyQGHORVIUDFDVRVGHOVLVWHPDHGXFDWLYR (QHOTXLQWRJUDGRGHODHGXFDFLyQEiVLFDGH FDGDHVWXGLDQWHVHVWiQHQHVWDFRQGLFLyQ\RWURV GHFDGDWLHQHQXQDxRGHGHVIDVDMH

%± ,1$'(&8$&,Ï1'(/$35238(67$ '(/$('8&$&,Ï16(&81'$5,$

(VWHUH]DJRHQODHGXFDFLyQSULPDULDHVXQD VLWXDFLyQTXHDIHFWDWRGDYtDFRQPD\RUJUDYHGDGD JUXSRVSDUWLFXODUHVGHHVWXGLDQWHVSRUHMHPSOR GHFDGDDOXPQRVGHDDxRVTXHYLYHQHQ ]RQDVUXUDOHVWLHQHGRV\PiVDxRVGHUH]DJRHV GHFLUTXHHVPX\SUREDEOHTXHVHHQFXHQWUH FXUVDQGRODHGXFDFLyQSULPDULDHQYH]GHHVWDUHQ ODVHFXQGDULDEiVLFD *UiILFR 3RUVXSDUWH SDUDORVHVWXGLDQWHVTXHWLHQHQSDGUHVGHEDMR QLYHOHGXFDWLYRODSUREDELOLGDGGHFXUVDUFRQ UH]DJRHVFDVLYHFHVVXSHULRUDTXLHQHVWLHQHQ SDGUHVGHDOWRQLYHOHGXFDWLYR

&RQLPSDFWRHQODVGLPHQVLRQHV '

(OVLVWHPDHGXFDWLYRHQVXFRQMXQWR LQFOX\HQGR DORVH[SHUWRV KDIUDFDVDGRKDVWDDKRUDHQ JHQHUDUXQDSURSXHVWDRUJDQL]DWLYDTXHFRQWHQJD DORVMyYHQHVHQWUH\DxRV/RVSDtVHV HQODUHJLyQKDQGHVDUUROODGRDFFLRQHVTXH SHUPLWLHURQHOLQFUHPHQWRGHODFFHVRDODHGXFDFLyQ VHFXQGDULDEiVLFDSHURODUHWHQFLyQGHODPDWUtFXOD KDVWDHOILQDOGHODHVFRODULGDGREOLJDWRULDHV D~QXQDGHXGDSHQGLHQWH(QSDUWLFXODU ORVHVWXGLDQWHVDGROHVFHQWHVGHIDPLOLDVFRQ PHQRUHVLQJUHVRVVRQTXLHQHVPHQRVFKDQFH WLHQHQGHVHJXLUUHJXODUPHQWHVXVHVWXGLRVPHQRV GHODPLWDGGHOSULPHUTXLQWLOKDQFXUVDGR HQODHGDGRSRUWXQDPLHQWUDVTXHFXDWUR GHFDGDFLQFRMyYHQHVGHOTXLQWLOGHPD\RULQJUHVR HVWiQHQHVDFRQGLFLyQ *UiILFR $SR\DUOD WUDQVLFLyQDOLQLFLRGHODHGXFDFLyQVHFXQGDULDHV XQDDFFLyQTXHEHQHILFLDUiHVSHFLDOPHQWHDORV PiVSREUHV

*5È),&2  $WUDVRHVFRODU GRV\PiVDxRVGHGHVIDVDMH  HQWUHHVWXGLDQWHVGHDDxRVVHJ~QFOLPD HGXFDFLRQDOGHOKRJDU\iUHDVJHRJUiILFDV SDtVHVGH,EHURDPpULFDDOUHGHGRUGH 50 45

Porcentaje

40 35

37,9

30

32,4

25 20

22,3

15 5

3HURORVDGROHVFHQWHVTXHKDVWDKDFHSRFRVDxRV QRDVSLUDEDQDODHVFXHODPHGLDDKRUDODWUDQVLWDQ ORTXHKDFRPSOHML]DGRHQRUPHPHQWHODGLQiPLFD HVFRODUFRQSRFDVSUHYLVLRQHVGHDSR\RDORV GRFHQWHVSDUDDWHQGHUOD$OPLVPRWLHPSRHVWRKD SXHVWRGHPDQLILHVWRFLHUWDVUHVLVWHQFLDVLQWHUQDV DHVWDLQFRUSRUDFLyQTXHVHPXHVWUDQHQHOHYDGRV QLYHOHVGHIUDFDVR\DEDQGRQRDOLQLFLRGH ODVHFXQGDULD

15,8

15,0

10

4,0

0 Bajo

Medio

Alto

Clima educacional del hogar

Zonas urbanas

Zonas rurales

'

Total nacional

Área geográfica

)XHQWH0HWDVHGXFDWLYDVHVWXGLRGHFRVWRV&(3$/ 6DQWLDJRGH&KLOH




*5È),&2  -yYHQHVGHDDxRVTXHSURJUHVDURQRSRUWXQDPHQWHHQHOVLVWHPDHGXFDWLYRSRUGHFLO GHLQJUHVRVSDtVHVGH,EHURDPpULFD$OUHGHGRUGH 100 90

85

80

Porcentaje

70

69

68

80

Decil 7

Decil 8

72

62

56

60

76

88

52 50

44

40 30 20 10 0 Total

Decil 1

Decil 2

Decil 3

Decil 4

Decil 5

Decil 6

Decil 9

Decil 10

)XHQWH0HWDVHGXFDWLYDVHVWXGLRGHFRVWRV&(3$/6DQWLDJRGH&KLOH

HOWHUULWRULR\HVSHFLDOPHQWHHQODV]RQDVUXUDOHV /DVUHSUHVHQWDFLRQHVVRFLDOHVYLJHQWHVDERQDQ XQHQIRTXHTXHHVWLSXODFRPRLGHDOGHFDOLGDG HGXFDWLYDDOJXQRVDWULEXWRVTXHWHQVLRQDQ DODHGXFDFLyQUXUDO/RVFULWHULRVYLJHQWHV GHODVHVFXHODVXUEDQDVHQFDQWLGDGGH HVWXGLDQWHVHQSHUILOGHSURIHVRUHVHQ RUJDQL]DFLyQGHORVJUDGRV\HQSURSXHVWD FXUULFXODUSDVDQDVHUHOSDUiPHWURGHFRPSDUDFLyQ SDUDODVHVFXHODVUXUDOHV(VDSHUVSHFWLYD UHSUHVHQWDFRPRGHILFLWDULDODRUJDQL]DFLyQ GHODHVFXHODUXUDO\HOJUDGRP~OWLSOHRPXOWLJUDGR SURSLRGHODRUJDQL]DFLyQGHODHVFXHODUXUDOVXHOH VHUPLQXVYDORUDGRDOFRPSDUDUORFRQXQJUXSR FODVHJUDGXDGR&RPRFRQVHFXHQFLDVHDOLPHQWD XQDWHQGHQFLDDPRYLOL]DUDORVHVWXGLDQWHV TXHYLYHQHQ]RQDVUXUDOHVKDFLDHVFXHODV XUEDQDVGHSXHEORVRFLXGDGHVYHFLQDVJHQHUDQGR DOWRVFRVWRVUHFXUUHQWHV\DODYH]FRQHO LQFRQYHQLHQWHGHVHSDUDUDORV11$GHVXHQWRUQR GHUHIHUHQFLD

8QREVWiFXORTXHSODQWHDODHQWUDGDHQODHVFXHOD VHFXQGDULDHVODHVFDVDFRQVLGHUDFLyQLQWHJUDGD GHODOXPQRFRPRXQVXMHWR~QLFRLQVHUWRHQXQ JUXSRGHWHUPLQDGRVXPDGDDODIUDJPHQWDFLyQGHO FRQRFLPLHQWRHQWUHODVGLVFLSOLQDVFRQOD FRQVLJXLHQWHSpUGLGDGHOIRFR\ODFRQFHQWUDFLyQ $HVWRVHDJUHJDXQDPDWUL]LQVWLWXFLRQDOVHOHFWLYD TXHEDVDODSURJUHVLyQHQODHVFXHODHQXQ PHFDQLVPRLQHUFLDOGHDSUREDFLyQGHORVDxRVSRU DVLJQDWXUDV([LVWHDGHPiVODFRPSOHMLGDG DGLFLRQDOVXUJLGDGHODHWDSDVXEMHWLYDPHQWH FRPSOHMDTXHWUDQVLWDQORVDOXPQRVGHODHVFXHOD VHFXQGDULDSXHVHQODSXEHUWDGFRPLHQ]DQD FRQVWUXLUODLGHQWLGDGSHUVRQDOTXHLQWHUQDPHQWH FRQVLGHUDQGHVHDEOHSDUDVtPLVPRVHLQLFLDQORV SUR\HFWRVSHUVRQDOHVTXHODSXHGHQFRQFUHWDU %ORV$EHUDVWXU\ (OFDPELRGUiVWLFR GHODH[SHULHQFLDHVFRODUUHVSHFWRGHODTXHWUDHQ GHOQLYHOHGXFDWLYRSUHYLRLPSDFWDHQHVWHSURFHVR SXHVHVXQHQRUPHGHVDItRHMHUFHUXQQXHYRUROHQ XQDQXHYDLQVWLWXFLyQ\ORVSULPHURVSDVRVGHMDQ KXHOODVSURIXQGDV

/RVGRFHQWHVTXHDFFHGHQDODHVFXHODUXUDOSRU ORJHQHUDOQRKDQUHFLELGRXQDIRUPDFLyQLQLFLDO RFRQWLQXDHVSHFtILFDHQPXFKRVFDVRVHODFFHVR DFDUJRVGRFHQWHVHQODVHVFXHODVUXUDOHVVH FRQFLEHFRPRXQSXQWRGHHQWUDGDDOTXHVHEXVFD DEDQGRQDU(QRFDVLRQHVQLVLTXLHUDVHFXHQWDFRQ PDHVWURVWLWXODGRVTXHDFHSWHQHVWRVFDUJRV\OD WDUHDGHHQVHxDUTXHGDDFDUJRGHSHUVRQDVFRQ RWUDVWLWXODFLRQHVRQLYHOHVHGXFDWLYRV8QD

%± ('8&$&,Ï1585$/'(69$/25,=$'$ (168,'(17,'$' &RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

'

/RVVLVWHPDVHGXFDWLYRVHQIUHQWDQXQJUDQGHVDItR SDUDRUJDQL]DUODRIHUWDHVFRODUREOLJDWRULDHQWRGR




VLWXDFLyQUHFXUUHQWHHQODHGXFDFLyQUXUDO\TXHGD FXHQWDGHHVWDIDOWDGHHVSHFLILFLGDGHVODJHVWLyQ GHOPXOWLJUDGRGHPDQHUDVHFXHQFLDOFRQDSHJRD ODHVWUXFWXUDJUDGXDGD$VtVHHQVHxDQPLQXWRV DORVDOXPQRVGHSULPHUJUDGRDTXLHQHVVHOHV GHMDXQDWDUHDOXHJRRWURVPLQXWRVDORVGH VHJXQGRJUDGRRWURVPLQXWRVDORVGHWHUFHU JUDGR\DVtVXFHVLYDPHQWH(VWHHQIRTXHGHOD HQVHxDQ]DTXHGHVFRQRFHRWUDVHVWUDWHJLDVPiV HIHFWLYDVOLPLWDHQJUDQPHGLGDODVRSRUWXQLGDGHV GHDSUHQGHU

HLQFRPSOHWDVHVGHFLUTXHRIUHFHQVRORWUHVR FXDWURJUDGRVGHHGXFDFLyQ(QHVWDVFRQGLFLRQHV VHKDQREVHUYDGRFDVRVHQORVTXHORVDOXPQRV UHSLWHQHOJUDGRQRSRUTXHQRKD\DQWHQLGREXHQRV UHVXOWDGRVVLQRSDUDDVHJXUDUODUHODFLyQPtQLPD PDHVWURDOXPQRV\DVtPDQWHQHUHOtWHPGHO PDHVWUR0X\SRFDVYHFHVVHFXHQWDFRQPDWHULDO ELEOLRJUiILFRHQODVOHQJXDVLQGtJHQDVTXHSUHVHQWH SURSXHVWDVFXOWXUDOPHQWHUHOHYDQWHVSDUDWRGRVORV JUDGRV\SDUDWRGDVODViUHDVOHQJXDPDWHPiWLFD FLHQFLDVVRFLDOHV\QDWXUDOHV

/DEDMDYDORUDFLyQGHODHVFXHODUXUDO\ODV GLILFXOWDGHVSDUDGLVHxDUXQDRIHUWDHVSHFtILFDSDUD ODHGXFDFLyQVHFXQGDULDEiVLFDDOLPHQWDQXQD WHQGHQFLDGHSROtWLFDV\SURJUDPDVTXHPRYLOL]DQD ORVHVWXGLDQWHVTXHYLYHQHQ]RQDVUXUDOHVKDFLD HVFXHODVXUEDQDVGHSXHEORVRFLXGDGHVYHFLQDV RFUHDQHVFXHODVFRQLQWHUQDGRRDOEHUJXH(VWDV DOWHUQDWLYDVGHEHQVHUFXLGDGRVDPHQWHDQDOL]DGDV WDQWRSRUODFRPSOHMLGDGGHVXVFRVWRVUHFXUUHQWHV FRPRSRUORVHIHFWRVGHVHSDUDUDORV11$GHVX HQWRUQRGHUHIHUHQFLD

&RQIUHFXHQFLDORVFDUJRVGRFHQWHVWDUGDQHQ FXEULUVHWLHQHQDOWDURWDFLyQ\ODFDQWLGDGGH SURIHVRUHVLQGtJHQDVHVLQVXILFLHQWHSDUDFXEULU WRGRVORVSXHVWRV(QORVSDtVHVHQTXHVHSUHYp FRQWUDWDUSHUVRQDVGHODFRPXQLGDGFRPR DX[LOLDUHVGRFHQWHVHVWDSUiFWLFDQRHVWi JHQHUDOL]DGDRGLFKRVDX[LOLDUHVWLHQHQIXQFLRQHV LPSUHFLVDV 3URSXHVWDVHVFRODUHVTXHQRUHVSHWDQDOQLxR\OD QLxDSRULPSRVLFLyQRSRUFRQIXVLyQ0iVDOOiGH PXFKDVIRUPXODFLRQHVSROtWLFDV\FRQFHSWXDOHVHQ ODVDXODVVLJXHPX\YLJHQWHODUHVROXFLyQLQHUFLDOGH ODHQVHxDQ]DGHODOHQJXDHVFULWDHQODHVFXHOD SULPDULDDWUDYpVGHOXVRH[FOXVLYRGHOLGLRPD KHJHPyQLFR7DPSRFRVHUHFRQRFHTXHODV PDWHPiWLFDVRILFLDOHVGHOFXUUtFXORVRQXQSURGXFWR FXOWXUDOSHFXOLDUQRQHFHVDULDPHQWHXQLYHUVDO 0XFKRVFDUJRVVRQFXELHUWRVFRQPDHVWURVTXHQR FRQRFHQODOHQJXD\ODFXOWXUDGHVXVHVWXGLDQWHV\ TXHQRWLHQHQPHWRGRORJtDVSDUDWUDEDMDUHQHVD FRQGLFLyQ,QFOXVRPXFKRVGHHOORVVHHQFXHQWUDQ D~QDWUDSDGRVSRUSUHMXLFLRV\UHSUHVHQWDFLRQHV QHJDWLYDVR©FRPSDVLYDVªVREUHORVSXHEORV LQGtJHQDVRDIURGHVFHQGLHQWHV(QHVWDVHVFXHODV FREUDQIXHU]DWRGDVODVEDUUHUDVVRFLRFXOWXUDOHV\D SUHVHQWDGDVFRQVXVGHVDFRSOHVHQWUHODFXOWXUD FRPXQLWDULD\ODHVFRODUHOGHVHQFXHQWURGH H[SHFWDWLYDV\ORVUHFHORVPXWXRV

%± 2)(57$(6&2/$5(032%5(&,'$ <&21)86$3$5$/$32%/$&,Ï1,1'Ë*(1$ 2%8(1$6(;3(5,(1&,$648(1238('(1 $/&$1=$5/$(6&$/$1(&(6$5,$ &RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

'

/DVRSRUWXQLGDGHVHGXFDWLYDVGHODSREODFLyQ LQGtJHQDVRQGHILFLWDULDVWDQWRVLVHPLGHOD FDQWLGDGGHDxRVGHHVWXGLRFRPRODSURSRUFLyQGH IUDFDVRV\WDPELpQDGROHFHQHQDVSHFWRVPiV FXDOLWDWLYRVGHSHUWLQHQFLD\UHOHYDQFLDFXOWXUDO 'LYHUVRVIDFWRUHVVHFRPELQDQSDUDSURGXFLUHVWD GHVYHQWDMDHVFRODUTXHVHVXPDDODVP~OWLSOHV SRVWHUJDFLRQHV\DJUDYLRVVRFLDOHVHFRQyPLFRV\ SROtWLFRVTXHSDGHFHQORVSXHEORVLQGtJHQDVHQOD UHJLyQ(QPXFKDVRFDVLRQHVODSREODFLyQ DIURGHVFHQGLHQWHSDGHFHVLPLODUHVQLYHOHVGH H[FOXVLyQ

$~QQRKDQVHGLPHQWDGRFRQFODULGDGODVRSFLRQHV GHHQVHxDQ]DTXHSHUPLWHQDOFDQ]DUHQHVWRV FRQWH[WRVEXHQRVUHVXOWDGRVHQODJUDQHVFDODTXH VHUtDQHFHVDULD(QSDUWLFXODUUHVSHFWRGHOD HQVHxDQ]DGHODVOHQJXDV±FXDQGRODOHQJXD PDWHUQDHVGLYHUVDGHODHVFXHOD±VREUHYLYHXQD WHQVLyQHQWUHODDWHQFLyQDDVSHFWRVPHWRGROyJLFRV GHODGLGiFWLFD\SRVWXUDVPiVLGHROyJLFDVHQ UHODFLyQDODVUHODFLRQHVHQWUHOHQJXDFXOWXUD HVFXHOD\SRGHU$OGRFHQWHOHWRFDPHGLDUHQHVWD WHQVLyQWRGDYH]TXHWRPDGHFLVLRQHVSHGDJyJLFDV SHURDPHQXGRQRWLHQHODIRUPDFLyQVXILFLHQWH SDUDHOOR

&RQGLFLRQHVPDWHULDOHVGHIXQFLRQDPLHQWRGH H[WUHPRGHWHULRUR/DVHVFXHODVDODVTXHSXHGHQ DVLVWLUORV11$LQGtJHQDV\ODPD\RUSDUWHGHORV DIURGHVFHQGLHQWHVVXHOHQVHULQVWDODFLRQHV SUHFDULDVHQPDOHVWDGRGHFRQVHUYDFLyQR ORFDOL]DGDVHQHVSDFLRVQRSHQVDGRVSDUD LQVWLWXFLRQHVHVFRODUHV/DRIHUWDHVFRODUVXHOHVHU LQVXILFLHQWHRDOHMDGDHQSDUWLFXODUHQHGXFDFLyQ LQLFLDO\VHFXQGDULDEiVLFD(QPXFKRVFDVRV DGHPiVODVHVFXHODVSULPDULDVVRQXQLGRFHQWHV




‹81,&()%HOLFH9LOODU

+D\DGHPiVFLHUWDVGLILFXOWDGHVSRUVLWXDFLRQHV ORFDOHV D ODIDOWDGHWUDGLFLyQHVFULWDGHODV OHQJXDVLQGtJHQDVTXHDGHPiVHQPXFKRVFDVRV SXHGHQSUHVHQWDUPXFKDVYDULDQWHVORFDOHVORTXH DJUHJDFRQIXVLRQHVVREUHODOHQJXD\± REYLDPHQWH±ODVPHWRGRORJtDVGHHQVHxDQ]D E  ODVGLIHUHQWHVFRQGLFLRQHVGHORVDOXPQRVHQ UHODFLyQFRQODOHQJXDDOLQLFLDUVXHVFRODUL]DFLyQ SXHVDOJXQRVOOHJDQWRWDOPHQWHPRQROLQJHVRWURV KDEODQWHVGHVXOHQJXDPDWHUQDFRQGLVWLQWRV QLYHOHVGHFRPSUHQVLyQGHODOHQJXDRILFLDO GRPLQDQWH\RWURVELOLQJHVFRQXQVXILFLHQWHQLYHO GHFDSDFLGDGHVGHHVFXFKDU\KDEODUHQDPEDV OHQJXDV(VWDVGLYHUVDVVLWXDFLRQHVWHUPLQDQHQ XQDFRQIXVLyQPHWRGROyJLFDFRQHOULHVJRGH VHPLOLQJLVPRRELOLQJLVPRVXVWUDFWLYRGHDFDEDU SRUQRVDEHUELHQQLXQDQLRWUDOHQJXD)LQDOPHQWH ODGHVYHQWDMDOLQJtVWLFDVHWUDGXFHHQXQSREUH UHQGLPLHQWRDFDGpPLFR\HQXQDPD\RU SUREDELOLGDGGHIUDFDVR

(QODUHJLyQORVFXUUtFXORVWLHQGHQDVHU PRQRFXOWXUDOHV\GHQWURGHHOORVH[SUHVDQ\GDQ SUHHPLQHQFLDDODFXOWXUDGRPLQDQWH$VXYH]ORV HQIRTXHVLQWHUFXOWXUDOHVVRQLQFLSLHQWHVHQODV SURSXHVWDVFXUULFXODUHV\HQODIRUPDFLyQGRFHQWH &XDQGRVHHVWXGLDQORVSXHEORVDPHULFDQRVHV IUHFXHQWHTXHVHORVDERUGHFRQKHFKRVHSLVyGLFRV GHVXKLVWRULDUHPRWDVLQUHFRQRFHUORHQVX YLWDOLGDGDFWXDO&RQHOORWRGRVORVHVWXGLDQWHV SLHUGHQODULTXH]DGHODGLYHUVLGDGPXOWLFXOWXUDOGH ORVSDtVHV\GHODUHJLyQHQVXFRQMXQWR /RVVLVWHPDVHGXFDWLYRVHQODUHJLyQWLHQHQ QXPHURVRVIDOORVHQODSODQHDFLyQH LPSOHPHQWDFLyQGHXQDHVWUDWHJLDJHQHUDOHQ UHODFLyQFRQORVPDHVWURVLQGtJHQDVTXHLQFOX\D IRUPDFLyQGRFHQWHLQLFLDOFRQWLQXD\FDUUHUD GRFHQWH(VWRVHPDQLILHVWDHQL SRFDFDQWLGDGGH PDHVWURVVXUJLGRVGHORVSURSLRVSXHEORV LQGtJHQDVVLQHVWUDWHJLDVGHPHGLRSOD]RTXH FRPLHQFHQDSR\DQGRKR\DORVHVWXGLDQWHVHQOD HGXFDFLyQVHFXQGDULDLL GHVDMXVWHVHQOD DVLJQDFLyQGHORVPDHVWURVLQGtJHQDVDORVSXHEORV HQORVTXHVHKDEODVXOHQJXD\GHQWURGHOD HVFXHODDORVJUDGRVPiVLQLFLDOHVLLL LQDGHFXDGDV HLQVXILFLHQWHVSURSXHVWDVTXHLQWHJUHQFRQFDOLGDG DPLHPEURVDGXOWRVGHODFRPXQLGDGFRPR UHIHUHQWHVGHQWURGHODHVFXHODPLHQWUDVVH GHVDUUROODQRWUDVOtQHDVGHPiVODUJRSOD]RSDUD FRQWDUFRQPDHVWURVLQGtJHQDV

6LVWHPDHGXFDWLYRGHVDWHQWRDODVQHFHVLGDGHV\ SHFXOLDULGDGHVGHHVWDVSREODFLRQHV/RVHQIRTXHV FXUULFXODUHVDJUHJDQFRPSOHMLGDGDODVSURSXHVWDV TXHODVHVFXHODVGHEHQSURSRQHUDVXVHVWXGLDQWHV LQGtJHQDVRDIURGHVFHQGLHQWHV/DUHVROXFLyQ FXUULFXODUPiVIUHFXHQWHVHEDVDHQ©SHUPLWLUªR ©LQGLFDUªODDJUHJDFLyQGHFRQWHQLGRV©ORFDOHVª R©FXOWXUDOHVªDGLFLRQDOHVDORVSUHVFULSWRVHQORV FXUUtFXORVRILFLDOHV(VDVREUHDEXQGDQFLDGH FRQWHQLGRVDXPHQWDODGLILFXOWDGGHODSURSXHVWD \UHIXHU]DODVHQVDFLyQGHEDMRVORJURV \FDSDFLGDGHV GHHVWRVQLxRV\QLxDV

3RUVXSDUWHH[LVWHQLPSRUWDQWHVYDFtRV HVWDGtVWLFRVSDUDDYDQ]DUHQHOFRQRFLPLHQWRGHOD




VXHOHQVHUHOJXLyQSUHHVWDEOHFLGRTXHVLQXQD UHQRYDGDHQVHxDQ]DWLHQGHQDFXPSOLUVH

VLWXDFLyQ\HQODSODQHDFLyQGHVXPHMRUD VXVWHQWDEOH(QJHQHUDOVHGLVSRQHGHGRVIXHQWHV ODVHVWDGtVWLFDVHGXFDWLYDV\ORVFHQVRVGH SREODFLyQSHURDPEDVFRQOLPLWDFLRQHV LPSRUWDQWHV L ODVSULPHUDVSRUTXHVXHOHQEDVDUVH HQGDWRVVXPLQLVWUDGRVSRUORVGRFHQWHVFRPR LQIRUPDQWHV~QLFRVFRQHOULHVJRGHGLVWRUVLyQSRU SUHMXLFLRV\VHVJRVFXOWXUDOHV\ LL ORVFHQVRVSRU ODGHVDFWXDOL]DFLyQSURGXFWRGHVXFDUiFWHU GHFHQDO

'HVGHRWUDPRGDOLGDGHVFRODUORVHOHYDGRVQLYHOHV GHIUDFDVRHQORVVHUYLFLRVHGXFDWLYRVGHMyYHQHV\ DGXOWRVPXHVWUDQTXHODVHVWUDWHJLDVGH VXSHUDFLyQDOWHUQDWLYDVRFRPSHQVDGRUDVSXHGHQ UHSURGXFLUPHFDQLVPRVGHH[FOXVLyQTXHHVWD SREODFLyQ\DKDSDGHFLGR3HVHDVXVLQWHQFLRQHV LQQRYDGRUDVPXFKRVVHUYLFLRVHQHVWDRIHUWD WLHQHQPRGDOLGDGHVSRFRIOH[LEOHVFRQIXHUWHV DQDORJtDVRUJDQL]DWLYDVFRQHOVLVWHPDHGXFDWLYR TXH\DORVH[SXOVyWDQWRHQODRUJDQL]DFLyQGHO WLHPSRHVFRODUODSURSXHVWDFXUULFXODUVHJPHQWDGD \SRFRUHODFLRQDGDFRQODVQHFHVLGDGHVYLWDOHVGH ORVTXHDEDQGRQDURQODHVFXHODFRP~Q\OD DXVHQFLDGHDSR\RVHVSHFtILFRVTXHSHUPLWDQDORV HVWXGLDQWHVVXSHUDUODVGLILFXOWDGHVDFDGpPLFDV\ GHYLQFXODFLyQTXHVXIULHURQHQHOSURFHVRSUHYLR GHHVFRODUL]DFLyQ

%± %$-$&2%(5785$<(),&$&,$ '(/$635238(67$63$5$5(,16(57$5 (678',$17(648($%$1'21$521 &RQLPSDFWRHQODVGLPHQVLRQHV '

'

$OJXQRVGHORVDGROHVFHQWHVRQLxRVTXH DEDQGRQDQODHVFXHODODKDQGHMDGR\DHQORV ~OWLPRVDxRVGHODSULPDULDRWURVORJUDURQFRQFOXLU HVWHQLYHOHLQWHQWDURQLQLFLDUODHVFXHODVHFXQGDULD SHURIUDFDVDURQ\RWURVGLUHFWDPHQWHQLOR LQWHQWDURQ'LVWLQWDVDFFLRQHVVHGLULJHQDUHSDUDU HVWHDEDQGRQR\DUHLQFRUSRUDUDHVWRV11$DO VLVWHPDHGXFDWLYRSURJUDPDVPDVLYRVGH WUDQVIHUHQFLDFRQGLFLRQDGDGHLQJUHVRVTXHH[LJHQ PDWULFXODUDORV11$SROtWLFDVSDUDHUUDGLFDUHO WUDEDMRLQIDQWLORDGROHVFHQWHDPSOLDFLyQGHRIHUWD HVFRODUGHQLYHOVHFXQGDULRHQ]RQDVUXUDOHV\ FUHDFLyQGHPRGDOLGDGHVDOWHUQDWLYDV VHPLSUHVHQFLDOHVPXOWLPHGLDOHVHQKRUDULRV IOH[LEOHV HQWUHRWUDVPHGLGDVTXHSXHGHQLPSXOVDU HOUHJUHVRDODHVFXHODGHORVHVWXGLDQWHVTXH DEDQGRQDURQ\TXHHQVXFDVLWRWDOLGDGWLHQHQ UH]DJRHVFRODU1RREVWDQWHHVRVHVIXHU]RVORV GDWRVHVWDGtVWLFRVPXHVWUDQTXHODVWHQGHQFLDVGH HVFRODUL]DFLyQQRUHJLVWUDQUHLQFRUSRUDFLRQHV VLJQLILFDWLYDVXQDYH]GHVHQFDGHQDGRHOSURFHVR GHDEDQGRQR

%± ',),&8/7$'3$5$$7(1'(5 /$32%/$&,Ï1&21',6&$3$&,'$' (1)250$2325781$<352)(6,21$/ &RQLPSDFWRHQODVGLPHQVLRQHV '

'

'

'

'

/RV11$FRQGLVFDSDFLGDGHQIUHQWDQEDUUHUDV DGLFLRQDOHVSDUDDFFHGHU\SHUPDQHFHUHQOD HVFXHOD\PiVD~QSDUDSDUWLFLSDUGH RSRUWXQLGDGHVHGXFDWLYDVTXHGHVSOLHJXHQDO Pi[LPRVXVSRWHQFLDOLGDGHV(QODVGLILFXOWDGHVHQ HOSURFHVRGHDFFHVRGHODSREODFLyQFRQ GLVFDSDFLGDGVHFRPELQDQGLVWLQWRVWLSRVGH EDUUHUDV(QWUHODVVRFLRFXOWXUDOHVVHHQFXHQWUDQ ODVUHSUHVHQWDFLRQHVYLJHQWHVSUHMXLFLRV\ HVWLJPDWL]DFLRQHVGHODVRFLHGDGVREUHODV SHUVRQDVFRQGLVFDSDFLGDGTXHLQHYLWDEOHPHQWH DIHFWDQORVHVIXHU]RVIDPLOLDUHVSRUOD HVFRODUL]DFLyQ/DVEDUUHUDVHFRQyPLFDVLQFLGHQ SRUHOFRVWRLQFUHPHQWDOSDUDHOSUHVXSXHVWR KRJDUHxRTXHLPSOLFDQORVVHUYLFLRVGHVDOXG\ DWHQFLyQSDUDXQDSHUVRQDFRQGLVFDSDFLGDG 7DPELpQKD\P~OWLSOHVEDUUHUDVHQODRIHUWD HGXFDWLYDHQFXDQWRDODFHUFDQtDODGLVSRQLELOLGDG GHHTXLSDPLHQWR\UHFXUVRVHVSHFtILFRV\OD HVFDVH]GHGRFHQWHVTXHSXHGDQHQFDUDU HILFD]PHQWHSUiFWLFDVLQFOXVLYDV(O,QIRUPH*OREDO VREUH'LVFDSDFLGDGHODERUDGRSRUOD2UJDQL]DFLyQ 0XQGLDOGHOD6DOXGHQUHVHxDODDPSOLWXG\ SURIXQGLGDGGHHVWDVEDUUHUDVHVSHFLDOPHQWHODV VLPEyOLFDVTXHOLPLWDQODHGXFDFLyQSDUDORV11$ FRQGLVFDSDFLGDG

1XHYDVH[SUHVLRQHVGHODVEDUUHUDV\DDQDOL]DGDV GHEHQFRQVLGHUDUVHHQHVWHSXQWRODVHVFXHODVGH HGXFDFLyQFRP~QRGHUpJLPHQJHQHUDOHQFXHQWUDQ GLILFXOWDGHVSHGDJyJLFDV\RUJDQL]DFLRQDOHVSDUD DWHQGHUODGLYHUVLGDGGHUHFRUULGRV/DSUHVHQFLD GHHVWXGLDQWHVTXHVHKDQGHVDSHJDGRGHOVLVWHPD HGXFDWLYRFRQPD\RUHGDGTXHODQRUPDWLYD\FRQ H[SHULHQFLDVGHYLGDSUREDEOHPHQWHPX\DGYHUVDV UHVXOWDGLItFLOGHSURFHVDUSRVLWLYDPHQWH/DV HVFXHODVHQODVTXHVHVLJXHHQFDUDQGRODWDUHD GRFHQWHFRQODH[SHFWDWLYDRLOXVLyQGHOHVWXGLDQWH SURPHGLRVHYHQSDUWLFXODUPHQWHVHQVLELOL]DGDV\ GLILFXOWDGDVSDUDWUDEDMDUSHGDJyJLFDPHQWHFRQ HVWRVDOXPQRVODVSURIHFtDVGHXQQXHYRIUDFDVR




0XFKRVSDtVHVGHODUHJLyQEXVFDURQGDUDFFHVRD ODHGXFDFLyQDODVSHUVRQDVFRQGLVFDSDFLGDGD SDUWLUGHODFUHDFLyQGHVHUYLFLRVHGXFDWLYRV SURSLRVGHQRPLQDGRVHQJHQHUDO©HGXFDFLyQ HVSHFLDOª(VWRVVHUYLFLRVH[SUHVDURQSRUXQD SDUWHODGHFLVLyQGHDVLJQDUUHFXUVRVILQDQFLHURV ItVLFRV\KXPDQRVSDUDDWHQGHUODVQHFHVLGDGHVGH HVWDSREODFLyQ\SRURWUDSDUWHSXHGHQ FRQVLGHUDUVHFRPRLWLQHUDULRVHVFRODUHVWRWDOPHQWH HQFHUUDGRVHQHVWDPRGDOLGDG&DEHVHxDODUTXH HVIUHFXHQWHTXHORVHVWXGLDQWHVFRQGLVFDSDFLGDG \VXVIDPLOLDVHQIXQFLyQGHODVH[SHULHQFLDVGH GLVFULPLQDFLyQTXHYLYHQHQODVRFLHGDGWHQJDQ SUHIHUHQFLDSRUODVHVFXHODVHVSHFLDOHV\VX HQWRUQRGHSDUHV6LELHQHVWDSHUVSHFWLYDGHEH UHFRQRFHUVHFRPRSDUWHGHXQODUJRSURFHVRGH UHFRQRFLPLHQWRGHODVLWXDFLyQGHODVSHUVRQDVFRQ GLVFDSDFLGDG\GHFUHDFLyQGHXQHQIRTXHGH DERUGDMHHQHOPDUFRGHORVGHUHFKRVKXPDQRVD ODYH]SXHGHVHUXQDEDUUHUDDUHVROYHUSDUD HQFDUDUHOHQIRTXHLQFOXVLYRTXHVHKDFRQVWUXLGR HQORVDxRVUHFLHQWHV

XQDSDUWHPXFKRVQLxRVTXHVRQDVtHWLTXHWDGRV LQJUHVDQLQDGHFXDGDPHQWHDFLUFXLWRVGH HGXFDFLyQHVSHFLDOVREUHFDUJDQGRHVHVXEVLVWHPD TXHQRSXHGHDWHQGHUELHQDTXLHQHVQHFHVLWDQHQ IRUPDHIHFWLYDXQDDWHQFLyQSURIHVLRQDODGLFLRQDO 3RUVXSDUWHODVGLVFDSDFLGDGHVP~OWLSOHV\ODV GLVFDSDFLGDGHVPHQWDOHVVHYHUDV\SURIXQGDV VXHOHQWHQHUFHQWURHQORVVHUYLFLRVGHVDOXGHQ HVRVFDVRVSXHGHQUHODWLYL]DUVHODVH[SHFWDWLYDV SXHVWDVHQODIRUPDFLyQ &RPRUHVXPHQODDWHQFLyQHGXFDWLYDGHOD SREODFLyQFRQGLVFDSDFLGDGHVHQIUHQWDIHQyPHQRV GHLQVXILFLHQFLD\GHLQDGHFXDFLyQGHODRIHUWDTXH VHSRQHDVXGLVSRVLFLyQ/DVIDPLOLDVFRQQLxRV FRQGLVFDSDFLGDGVXHOHQGLVSRQHUVHDFRPSOLFDGRV \ODUJRVWUDVODGRVDHVFXHODVGHHGXFDFLyQ HVSHFLDORWLHQHQTXHQHJRFLDUELODWHUDOPHQWHFRQ ODVHVFXHODVGHHGXFDFLyQFRP~QSDUDTXHORV LQFOX\DQ6XPDGRDODVHVWLJPDWL]DFLRQHV KDELWXDOHVTXHSHVDQVREUHHVWRV11$ DGROHVFHQWHVHVWRVIDFWRUHVGHVDOLHQWDQOD GHPDQGDSRUODHVFRODUL]DFLyQFRPSOHWD

(QFXDQWRDODVEDUUHUDVGHSHUPDQHQFLDORVQLxRV TXHDFFHGHQDRIHUWDVGHHGXFDFLyQHVSHFLDO SXHGHQOOHJDUDWUDQVLWDUODUJRVSHUtRGRVLQFOXVR KDVWDVXDGXOWH]SHURHQPXFKRVFDVRVVLQ DOFDQ]DUQLQJ~QWLSRGHWLWXODFLyQ/DVSURSXHVWDV SHGDJyJLFDVDODVTXHDFFHGHQSXHGHQHVWDU RFXSDGDVFDVLHQVXWRWDOLGDGSRUDVSHFWRVGH DXWRYDOLPLHQWR\GHVHPSHxRGHODYLGDGLDULDFRQ PXFKDPHQRUSUHVHQFLDGHDFWLYLGDGHV HVWLPXODQWHVGHDSUHQGL]DMHTXHDSXQWDOHQHO GHVSOLHJXHGHVXVFDSDFLGDGHV

Â&#x2039;81,&()+RQGXUDV3LUR]L

/DYDULHGDGGHGLVFDSDFLGDGHVTXHSXHGHQVXIULU ORVQLxRVQLxDV\DGROHVFHQWHVUHSUHVHQWDXQ GHVDItRSDUDHOVLVWHPDHGXFDWLYRHVSHFLDOPHQWH FXDQGRVHDEUHODSHUVSHFWLYDGHDWHQGHUORVHQODV HVFXHODVFRPXQHV\DVHDHQODVDXODVJHQHUDOHVR HVSHFtILFDV/DSREODFLyQFRQGLVFDSDFLGDGPRWRUD VXHOHHQIUHQWDUEDUUHUDVGHDFFHVLELOLGDGItVLFD JUDGDVVLQUDPSDVPXHEOHVQRDGHFXDGRVEDxRV HVWUHFKRV ODSREODFLyQFRQGLVFDSDFLGDGYLVXDOR DXGLWLYD±VLQFRPSURPLVRFRJQLWLYR±VXHOHHQIUHQWDU HVFDVH]GHUHFXUVRVUHTXHULGRVSDUDOD FRPXQLFDFLyQ GHVGHPDWHULDOHVHQEUDLOOHKDVWD GRFHQWHVTXHPDQHMHQOHQJXDVGHVHxDV 8QWHPD PX\GHOLFDGRVHSODQWHDFRQODVGLVFDSDFLGDGHV TXHLPSOLFDQFRPSURPLVRFRJQLWLYRODIXHUWHLQHUFLD DFRQVLGHUDUSDWROyJLFRVXQRVULWPRVGLIHUHQWHVGH DSUHQGL]DMHOOHYDDXQDVREUHHVWLPDFLyQGHOD PDJQLWXGGHODVtOODPDGR©UHWDUGRPHQWDOOHYHªOR FXDOWDPELpQKDVLGRGHVFULSWRHQHOFLWDGRLQIRUPH JOREDO&RQHOORVHSURGXFHXQGREOHSHUMXLFLRSRU




&DStWXOR (VWUDWHJLDVSDUDVXSHUDUODH[FOXVLyQHGXFDWLYD (QFXDGUHVREUHSURSyVLWRV \iPELWRVGHODVHVWUDWHJLDV

3HURIDYRUHFHUHOHMHUFLFLRGHOGHUHFKRDOD HGXFDFLyQHVXQDWDUHDHQODTXHVHQHFHVLWD SHQVDULQWHJUDOPHQWHHQODVSHUVRQDVGHVGH ODSHUVSHFWLYDGHWRGRVXFLFORGHYLGD3RUHOOR HOLPLQDUORVREVWiFXORVGHOLWLQHUDULRHVFRODU UHTXLHUHDWHQGHUODH[FOXVLyQVRFLDO\HGXFDWLYD GHORV11$HQVLWXDFLRQHVGLItFLOHVHQIRUPD HVSHFLDO\DUWLFXODGDFRQRWURVVHFWRUHVVRFLDOHV SURFXUDQGRFRQWHQHU\PLWLJDUODJUDYHGDGGHHVD VLWXDFLyQ

/RVFDStWXORVDQWHULRUHVKDQSUHVHQWDGR ODPDJQLWXGFDUDFWHUL]DFLyQ\SHUILOGHODH[FOXVLyQ HGXFDWLYD\KDQGHVDUUROODGRODVEDUUHUDVTXH ODFRQVWUX\HQ\SHUSHW~DQ(OSUHVHQWHFDStWXOR LQWHJUDHVHFRQRFLPLHQWRIRUPXODQGRSURSXHVWDV FRQODSHUVSHFWLYD\ODYRFDFLyQGHDFWXDU SDUDVXSHUDUHVDVEDUUHUDV\SDUDUHFRQYHUWLU HOSHUILOGHODH[FOXVLyQHGXFDWLYDHQUHDOLGDGHV GHLQFOXVLyQ

¢3DUDTXLpQHVKD\TXHPHMRUDUODVFRQGLFLRQHV GHVXLWLQHUDULRHVFRODU"

/DHQYHUJDGXUDGHOGHVDItRGHODHVFRODUL]DFLyQ WRWDORSRUWXQD\SOHQDSDUDWRGRVODLQFOXVLyQ HIHFWLYDTXHJDUDQWLFHHOGHUHFKRDODHGXFDFLyQGH WRGRV\WRGDVVHXELFDHQHOSODQRGHODDFFLyQ GHORV(VWDGRVQDFLRQDOHV\GHODFRRSHUDFLyQ LQWHUQDFLRQDODVXVHUYLFLR/DVSROtWLFDVHVWUDWHJLDV RSURJUDPDVGHDFFLyQSRVLWLYDGHORV(VWDGRVVRQ ODKHUUDPLHQWDFRQFUHWDDSDUWLUGHODFXDOVH RULHQWDODFRQVWUXFFLyQRPHMRUDGHXQHVFHQDULR VHDVLJQDQUHFXUVRV\VHPRYLOL]DQSHUVRQDV \JUXSRVSDUDODWDUHD

±3DUDWRGRVORV11$HQORVFDVRVGHSREODFLyQ UXUDO HQHVSHFLDOODTXHYLYHHQHVSDFLRV GHDPSOLDGLVSHUVLyQ SREODFLyQLQGtJHQD HQSDUWLFXODUODVQLxDV\DGROHVFHQWHV  SREODFLyQDIURDPHULFDQDSREODFLyQHQVLWXDFLyQ GHSREUH]DRPDUJLQDOLGDGXUEDQDH[WUHPD SHUVRQDVTXHWLHQHQGLVFDSDFLGDGHVTXH GLILFXOWDQVXDFFHVR\SHUPDQHQFLDHQODV LQVWLWXFLRQHVHGXFDWLYDVRSREODFLyQPLJUDQWH RHQVLWXDFLyQGHGHVSOD]DPLHQWRSRUHYHQWRV GHYLROHQFLD ±3DUDORVQLxRV\QLxDVSHTXHxRV HQDGLFLyQRQR DODVFRQGLFLRQHVDQWHULRUHV HQORVFDVRV GHTXLHQHVSDGHFHQWUDEDMRLQIDQWLODEDQGRQR SRUSDUWHGHORVDGXOWRVLQYROXFUDPLHQWRHQ VLWXDFLRQHVMXGLFLDOHVDEXVRV\YLROHQFLDIDPLOLDU VLWXDFLRQHVGHGHVQXWULFLyQFRPSUREDGD HQIHUPHGDGHVGHODUJRRGLItFLOWUDWDPLHQWR GLVFDSDFLGDGHVQRDWHQGLGDVH[WUHPD SUHFDULHGDGHFRQyPLFDRPLJUDFLyQSRU VLWXDFLRQHVGHYLROHQFLDRGHWUDEDMRIDPLOLDU

3URSyVLWRVGHODVHVWUDWHJLDVSXHQWHV DFRQVWUXLU\GDxRVDUHSDUDU $ORODUJRGHOFDPLQRTXHORV11$WLHQHQTXH WUDQVLWDUHQODHVFXHODKD\YDULRVGHVYtRVWUDPRV GHWHULRUDGRVDFFHVRVUHVWULQJLGRV\]RQDVGH GHWHQFLyQREOLJDGDSDUDDOJXQRV/DLGHDGH LWLQHUDULRHVFRODUTXHDSDUHFHIUHFXHQWHPHQWHHQ HVWHHVWXGLREXVFDVLQWHWL]DUHVHODUJRSURFHVR TXHLPSOLFDFXPSOLUODHVFRODULGDG±SDVRDSDVR± FRQIRUPHDXQPDSDSULQFLSDO\DHVWDEOHFLGR

±3DUDORVDGROHVFHQWHV HQDGLFLyQRQRDODV FRQGLFLRQHVDQWHULRUHV HQORVFDVRVGRQGHKD\ WUDEDMRDGROHVFHQWH HQHVSHFLDOHOULHVJRVR  FRQGXFWDVDGLFWLYDVHQWRUQRV\SUiFWLFDV GHYLROHQFLDPDWHUQLGDGRSDWHUQLGDG

3DUDSRVLELOLWDUHOHMHUFLFLRSOHQRGHOGHUHFKRDOD HGXFDFLyQORV(VWDGRVQHFHVLWDQDOODQDUORV REVWiFXORVTXHHVHFDPLQRLPSRQHKR\DPXFKRV 11$DODYH]TXHGHEHQPHMRUDUODVFRQGLFLRQHV SDUDHQWUDU\PDQWHQHUVHHQHVHFDPLQRKDVWD DOFDQ]DUODPHWDTXHHQFDGDSDtVVHGHWHUPLQH OHJDOPHQWHFRPRHGXFDFLyQREOLJDWRULD5HVXOWD XQDFRQWUDGLFFLyQSODQWHDUTXHXQUHFRUULGRHV REOLJDWRULR\TXHOXHJRORVGLVSRVLWLYRVTXH GHELHUDQIDFLOLWDUORYD\DQGHMDQGRDIXHUDR GHPRUDQGRDODPLWDGGHODSREODFLyQDDWHQGHU

(QORVVLJXLHQWHVDSDUWDGRVVHKLOYDQDQXQDVHULH GHHVWUDWHJLDVGLULJLGDVDODUHPRFLyQGHODV EDUUHUDVTXHGLILFXOWDQRLPSLGHQODHVFRODUL]DFLyQ \DVtJHQHUDQH[FOXVLyQGHOGHUHFKRDODHGXFDFLyQ /DVSROtWLFDVHGXFDWLYDVQHFHVDULDPHQWHLQWHJUDQ GLYHUVDVHVWUDWHJLDV\DTXHHQFDGDVLWXDFLyQ GHH[FOXVLyQLQFLGHQGLVWLQWDVEDUUHUDV<DVXYH]




7$%/$ 3XQWRVFODYHGHOLWLQHUDULRHVFRODUDFFHVRVDFDGDQLYHOHGXFDWLYR &XLGDUSDVRDSDVRHOLWLQHUDULRHVFRODUVLJQLILFD7(1'(538(17(6« ±*DUDQWL]DQGRHODFFHVRGHWRGRVORVQLxRV\QLxDVDSRUOR PHQRVXQDxRGHHGXFDFLyQLQLFLDOHQODHGDGTXH FRUUHVSRQGHDODQRUPDWLYDGHVXSDtVSDUDSDUWLFLSDUGH XQDSURSXHVWDTXHGHVDUUROOHODVFDSDFLGDGHVFRJQLWLYDV \VRFLDOHVGHGLFKDHGDG

PLOORQHVGHQLxRV\QLxDV QHFHVLWDQYDFDQWHSDUD FXUVDUODHGXFDFLyQLQLFLDO

±,PSXOVDQGRHODFFHVRRSRUWXQRDODHGXFDFLyQSULPDULD FRQODVRODFRQGLFLyQGHFXPSOLUORVUHTXLVLWRVGHHGDGTXH FDGDSDtVVHILMH

3RUORPHQRV LQJUHVDQHQIRUPDWDUGtD DODHVFXHODSULPDULDVLQ KDEHUFXUVDGRHGXFDFLyQ LQLFLDO PLOORQHVTXHWLHQHQHGDG GHHVWDUHQSULPDULDHVWiQ LQVFULSWRVHQHGXFDFLyQ LQLFLDO

±,GHQWLILFDQGR\UHLQFRUSRUDQGRDODHVFXHODSULPDULDDORV HVWXGLDQWHVTXHQRKD\DQSRGLGRFRPSOHWDUOD LQWHJUiQGRORVGHODPDQHUDPiVHILFD]\SUHFR]TXHVHD SRVLEOHFRQDSR\RVHVSHFtILFRVSDUDSHUPLWLUOHVFRPSOHWDU VXVHVWXGLRV

PLOORQHVGHQLxRV\QLxDV HQWUH\DxRV DEDQGRQDQODHVFXHODHQWUH GRVDxRVFDOHQGDULR

±3URWHJLHQGRHODFFHVRLQPHGLDWRXQLYHUVDO\H[LWRVR DODHGXFDFLyQVHFXQGDULDLQPHGLDWDPHQWHGHVSXpV GHWHUPLQDUODHGXFDFLyQSULPDULDHQODIRUPDPiV FHUFDQD HQORJHRJUiILFR\VRFLRFXOWXUDO TXHVHDSRVLEOH

(OGHORVPLOORQHV GHHVWXGLDQWHVGHO~OWLPR JUDGRGHSULPDULDDEDQGRQD HQHOWUiQVLWRDODVHFXQGDULD VLQLQFOXLU%UDVLO  &RPRPtQLPR HVWXGLDQWHVHQHGDGGH DVLVWLUDODVHFXQGDULDEiVLFD DEDQGRQDQODHVFXHODDQWHV GHFRPSOHWDUODSULPDULD

±,GHQWLILFDQGR\UHLQFRUSRUDQGRDORVHVWXGLDQWHV \DOXPQDVTXHQRKD\DQFRPSOHWDGRVXHVFXHOD VHFXQGDULDEiVLFDLQWHJUiQGRORVGHODPDQHUDPiV LQPHGLDWD\DGHFXDGDTXHVHDSRVLEOHHQXQHVTXHPD GHDSR\RVTXHOHVSHUPLWDFRPSOHWDUVXVHVWXGLRVVLQ DJUHJDUGHPRUDV

ODVSROtWLFDVVRFLDOHVWLHQHQXQGLiORJRUHFtSURFR GHVHUYLFLRFRQODVSROtWLFDVHGXFDWLYDVDPEDV GHEHQSRWHQFLDUVHSDUDORJUDUPD\RUMXVWLFLD

PLOORQHVGHQLxRV\QLxDV HQHGDGGHDVLVWLUDOD VHFXQGDULDEiVLFDHVWiQ IXHUDGHODHVFXHOD

DODJHVWLyQHGXFDWLYD3DUDVLVWHPDWL]DU \VHOHFFLRQDUODVSURSXHVWDVVHKDQWHQLGR HQFRQVLGHUDFLyQDOJXQRVFULWHULRVYLQFXODGRV DORVGHVDItRVGHHVWDLQLFLDWLYD

/RVHOHPHQWRVTXHVHGHVDUUROODQHQHVWHFDStWXOR SUHVHQWDQFRPRRULHQWDFLyQJHQHUDOXQDVtQWHVLV GHEXHQDVSUiFWLFDV\GHGLVHxRVFRQFHSWXDOHVHV GHFLUDERUGDMHVVRVWHQLGRVHQGHVDUUROORV GHODVYDULDGDVGLVFLSOLQDV\WpFQLFDVYLQFXODGDV

±'LUHFFLRQDUVHFODUDPHQWHDODLQFOXVLyQ HGXFDWLYDVXVWHQWDGDHQXQDSURSXHVWDGLGiFWLFD HLQVWLWXFLRQDOLQWHJUDGDGHVGHODVSHUVSHFWLYDV GHORV11$




7$%/$  3XQWRVFODYHGHOLWLQHUDULRHVFRODUIUDFDVRHVFRODUHQFDGDQLYHOHGXFDWLYR\HQODVWUDQVLFLRQHV &XLGDUSDVRDSDVRHOLWLQHUDULRHVFRODUVLJQLILFD(9,7$5&$Ë'$6<5(3$5$5'$f26« ±3UHYLQLHQGR\HYLWDQGRODVVLWXDFLRQHVGHIUDFDVR HVFRODUDODVTXHVHYHQH[SXHVWRVHQPD\RUPHGLGD ORVQLxRV\QLxDVGHORVVHFWRUHVVRFLDOHVPiV GHVDYHQWDMDGRVRTXHDWUDYLHVDQVLWXDFLRQHV H[FHSFLRQDOPHQWHGLItFLOHV(QSDUWLFXODUODDFXPXODFLyQ GHUH]DJRTXHGHULYDGHOIUDFDVRHQORVSULPHURVJUDGRV \ODPD\RUSUREDELOLGDGGHDEDQGRQRDODYDQ]DU HQODHGXFDFLyQSULPDULDREiVLFD

&DGDDxRPLOORQHVGHQLxRV HQODHGXFDFLyQSULPDULD DGTXLHUHQFRQGLFLyQGHUH]DJR RDJUDYDQODTXH\DSDGHFtDQ

±3DOLDQGR\UHSDUDQGRORVHIHFWRVDFXPXODGRV GHORVIUDFDVRVSUHYLRVTXHKDQSDGHFLGRORV HVWXGLDQWHVSURFXUDQGRFRPRPtQLPRIRUWDOHFHU VXDXWRHVWLPDSHUVRQDO\VXFRQILDQ]DHQVtPLVPRV SRWHQFLDQGRHOGHVDUUROORGHVXVFDSDFLGDGHVGH DSUHQGL]DMHYLQFXOiQGRORVSRVLWLYDPHQWHFRQVXV JUXSRVGHUHIHUHQFLDGHJUDGR\GHHGDG\GHVHU SRVLEOHJHQHUDQGRLQVWDQFLDVDOWHUQDWLYDVSDUDUHGXFLU HOUH]DJRFRQHOTXHFXUVDQODHVFXHODSULPDULD

(QWUHORVJUDGRV\KD\ PLOORQHVGHQLxRVTXHFXUVDQ FRQGRVDxRVGHUH]DJR \PLOORQHVFRQWUHV\PiVDxRV GHUH]DJR

±$QGDPLDQGRODWUDQVLFLyQHQWUHODHGXFDFLyQLQLFLDO \ODSULPDULDDVtFRPRHQWUHORVFLFORVGHODHGXFDFLyQ SULPDULDFRQPHGLGDVTXHHYLWHQORVLQFUHPHQWRV GHIUDFDVRTXHVHHYLGHQFLDQHQHVWDVWUDQVLFLRQHV

(QSULPHUJUDGRIUDFDVDQ DQXDOPHQWHPLOORQHVGHQLxRV

PLOORQHVGHQLxRV\QLxDV FXUVDQSULPHUJUDGRFRQUH]DJR (OKDDGTXLULGRRDJUDYDGR VXUH]DJRHQHVWHJUDGR

(QžJUDGRDVLVWHQFRQHGDG WHyULFDPLOORQHVPHQRVTXH HQžJUDGRSURGXFWR GHODVH[SHULHQFLDVGHIUDFDVR \DEDQGRQRDORODUJR GHODSULPDULD

±$QGDPLDQGRODWUDQVLFLyQHQWUHODHGXFDFLyQSULPDULD \ODVHFXQGDULDJHQHUDQGRGLVSRVLWLYRVTXHHYLWHQ HODJXGRSLFRGHIUDFDVRTXHSDGHFHQORVHVWXGLDQWHV HQHOSULPHUDxRGHODHGXFDFLyQVHFXQGDULDEiVLFD

(QWUHHOSULPHU\VHJXQGRDxR GHODVHFXQGDULDEiVLFDKD\ XQDFDtGDFHUFDQDDO GHODPDWUtFXODTXHUHSLWH RDEDQGRQDFHUFDGHXQPLOOyQ GHHVWXGLDQWHVSRUDxR

±3UHYLQLHQGR\HYLWDQGRODVVLWXDFLRQHVGHIUDFDVR HVFRODUDODVTXHVHYHQH[SXHVWRVHQPD\RUPHGLGD ORVDGROHVFHQWHVGHORVVHFWRUHVVRFLDOHVPiV GHVDYHQWDMDGRVRTXHDWUDYLHVDQVLWXDFLRQHV H[FHSFLRQDOPHQWHGLItFLOHVDWHQGLHQGRHQIRUPD RSRUWXQDODVGLILFXOWDGHVSDUDDSUREDUUHJXODUPHQWH HOFLFOROHFWLYR

&DGDDxRPLOORQHV GHDGROHVFHQWHVHQODVHFXQGDULD EiVLFDDGTXLHUHQFRQGLFLyQ GHUH]DJRRDJUDYDQODTXH\D SDGHFtDQDFXPXOiQGRVH FRQHOUH]DJRSUHYLR\DOFDQ]DQGR PLOORQHVHQHVWHQLYHO

±3DOLDQGR\UHSDUDQGRORVHIHFWRVDFXPXODGRV GHIUDFDVRVSUHYLRVTXHKDQSDGHFLGRORVHVWXGLDQWHV SURFXUDQGRFRPRPtQLPRIRUWDOHFHUVXDXWRHVWLPD SHUVRQDO\VXFRQILDQ]DHQVtPLVPRVSRWHQFLDQGR HOGHVDUUROORGHVXVFDSDFLGDGHVGHDSUHQGL]DMH YLQFXOiQGRORVSRVLWLYDPHQWHFRQVXVJUXSRV GHUHIHUHQFLDGHJUDGR\GHHGDG\GHVHUSRVLEOH JHQHUDQGRLQVWDQFLDVDOWHUQDWLYDVSDUDDWHQXDU HOUH]DJRFRQHOTXHFXUVDQODHVFXHODVHFXQGDULD

(QWUHORVJUDGRV\KD\ PLOORQHVGHDGROHVFHQWHVTXH FXUVDQFRQGRVDxRVGHUH]DJR \PLOORQHVFRQWUHV\PiVDxRV GHUH]DJR

)XHQWHSURFHVDPLHQWRSURSLRHQEDVHDGDWRVGHO8,681(6&2




3RUODVFDUDFWHUtVWLFDVGHHVWHLQIRUPHUHJLRQDO VHGDSUHIHUHQFLDDODLQFOXVLyQGHIRUPXODFLRQHV JHQHUDOHVVLQUHIHULUHVSHFLDOPHQWHDQLQJ~Q SDtV

±3RVLELOLWDUXQDHMHFXFLyQJUDGXDO\VHQFLOOD SDUDSHUPLWLUORVSURFHVRVGHDSURSLDFLyQ HLQYROXFUDPLHQWRGHGRFHQWHVIDPLOLDVHTXLSRV WpFQLFRV\IXQFLRQDULRV ±7HQHUSODVWLFLGDGSDUDVXLPSOHPHQWDFLyQHQORV GLVWLQWRVHVFHQDULRVGHDSOLFDFLyQGHODHVWUXFWXUD GHFLFORV\QLYHOHVYLJHQWHDVtFRPRSDUDORV iPELWRVUXUDOHVRXUEDQRV

/DHVSHFLDOUHOHYDQFLDGHOSURFHVRGHDFXHUGRV JXEHUQDPHQWDOHV\GHDOLDQ]DV LQWHULQVWLWXFLRQDOHVSDUDODRULHQWDFLyQKDFLD ODV0HWDVOLGHUDGDSRUOD2(,KDVLGR GHVWDFDGDHQHVWHFDStWXORLQVHUWDQGRODVPHWDV REMHWLYRVJHQHUDOHV\HVSHFtILFRVHQFDGDEORTXH YLQFXODGR

±3RVHHUIDFWLELOLGDG\UD]RQDELOLGDGWpFQLFDHQHO VHQWLGRGHDSR\DUVHHQODVFRPSHWHQFLDV SURIHVLRQDOHVH[LVWHQWHVGHORVGRFHQWHV \HTXLSRVGHOVLVWHPDHGXFDWLYR

3DUDUHIHUHQFLDUODOHFWXUDGHHVWHDSDUWDGR HO&XDGURDUWLFXODODVEDUUHUDVSUHVHQWDGDV HQHOFDStWXORDQWHULRUFRQODVHVWUDWHJLDV TXHVHGHVDUUROODQHQHOSUHVHQWHDSDUWDGR 7DQWRODVEDUUHUDVFRPRODVHVWUDWHJLDV VHGHVDUUROODQRUJDQL]DGDVSRUORViPELWRV \DJUXSDPLHQWRVHVWDEOHFLGRVHQHODQiOLVLV

±7HQHUHQFXHQWDODVXVWHQWDELOLGDGILQDQFLHUDGH FRUWR\PHGLDQRSOD]R ±,QFOXLUODSHUVSHFWLYDGHDFHSWDFLyQ\OHJLWLPDFLyQ GHODFRPXQLGDGFRPRSURFHVRGLDOyJLFRDWHQWR DODSURWHFFLyQGHORVGHUHFKRVGHODLQIDQFLD \DGROHVFHQFLD

&8$'52 5HVXPHQGHEDUUHUDV\HVWUDWHJLDVSDUDVXSHUDUODH[FOXVLyQ Ã&#x2C6;0%,72±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDV HFRQyPLFDVSURJUHVDUHQPD\RUMXVWLFLD GHUHFXUVRV\SRVLEOLGDGHV

Ã&#x2C6;0%,72±%DUUHUDVHFRQyPLFDV SRUUHVWULFFLyQGHLQJUHVRVIDPLOLDUHV $JUXSDPLHQWR GHEDUUHUDV  ,QVXILFLHQFLD GHLQJUHVRVSDUDOD VXEVLVWHQFLD

 'LILFXOWDGSDUD DIURQWDUFRVWRVGH HVFRODUL]DFLyQ

$JUXSDPLHQWR GHHVWUDWHJLDV

%DUUHUDV %

,QVXILFLHQFLDH[WUHPD GHLQJUHVRVIDPLOLDUHV

%

7HQVLyQFRQHOFRVWR GHRSRUWXQLGDGSDUD DVLVWLUDODVHVFXHODV

%

'LILFXOWDGSDUDOOHJDU \HVWDUHQODHVFXHOD

%

%

 %DODQFHDU LQJUHVRV IDPLOLDUHV

(VWUDWHJLDV (

,PSOHPHQWDUSURJUDPDV GHWUDQVIHUHQFLDV FRQGLFLRQDGDVGHLQJUHVR

(

1HXWUDOL]DUHOFRVWR GHRSRUWXQLGDGTXH SURSLFLDHOWUDEDMRLQIDQWLO

(

&XEULUORVFRVWRV GHDFFHVR\SHUPDQHQFLD HQODHVFXHOD WUDVSRUWH \QXWULFLyQ

'LILFXOWDGSDUDFRQWDU FRQORVLQVXPRVSDUD ODHVFXHOD

(

3URYHHUPDWHULDOHV SDUDODDVLVWHQFLD FRWLGLDQDDFODVHV XQLIRUPHV\~WLOHV HVFRODUHV

'LILFXOWDGSDUDDIURQWDU FRVWRVGHPDWUtFXOD

(

(OLPLQDUWRGRFRVWR GHPDWULFXODFLyQ HQODHGXFDFLyQ REOLJDWRULD

 6XSOLU FRVWRVGH HVFRODUL]DFLyQ




Ã&#x2C6;0%,72±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDV VRFLRFXOWXUDOHVHQULTXHFHUODSHUVSHFWLYDVRFLDO VREUHHOGHUHFKRDODHGXFDFLyQ

Ã&#x2C6;0%,72±%DUUHUDVVRFLRFXOWXUDOHV HQODGHPDQGDSRUHGXFDFLyQ $JUXSDPLHQWR GHEDUUHUDV  'HVDMXVWHVGH UHSUHVHQWDFLRQHV VREUHHOGHUHFKR DODHGXFDFLyQ

$JUXSDPLHQWR GHHVWUDWHJLDV

%DUUHUDV %

3RVWXUDVUHWUDtGDV SDUDGHPDQGDU RHMHUFHUHOGHUHFKR DODHGXFDFLyQ

(  )RUWDOHFHU ODFRPSUHQVLyQ HQWUHORVDFWRUHV GHOVLVWHPD HGXFDWLYR

%

'LIHUHQFLDVHQWUH ODFXOWXUDVRVWHQLGD HQODHVFXHOD\ODV FXOWXUDVSRSXODUHV TXHQRVHGLDORJDQ QLLQWHJUDQ

(

$JUXSDPLHQWR GHEDUUHUDV

 (VFXHODVTXH SRVLELOLWDQHVFDVDV RSRUWXQLGDGHV SDUDDSUHQGHU

$JUXSDPLHQWR GHHVWUDWHJLDV

%DUUHUDV

 (VFXHODVTXHQR % FXHQWDQFRQ UHFXUVRVPDWHULDOHV % VXILFLHQWHV

,PSOHPHQWDUXQD HVWUDWHJLDVLVWHPiWLFD GHFRPXQLFDFLyQSDUD UHPRYHUEDUUHUDV VRFLRFXOWXUDOHV ,QWHJUDU SHGDJyJLFDPHQWH FRQWHQLGRV\SDXWDV FXOWXUDOHVORFDOHV

Ã&#x2C6;0%,72±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDV GHRIHUWDSURPRYHUHVFXHODVFRPSURPHWLGDV FRQODLQFOXVLyQ

Ã&#x2C6;0%,72±%DUUHUDVGHRIHUWDHVFRODU

 (VFXHODVGRQGH VHJHQHUDQ RWROHUDQ PHFDQLVPRV GHGLVFULPLQDFLyQ

(VWUDWHJLDV

(VWUDWHJLDV

)DOWDRGHWHULRURGH HGLILFLRVHVFRODUHV

 &UHDU ( FRQGLFLRQHV PDWHULDOHVGH (TXLSDPLHQWR IXQFLRQDPLHQWR ( GLGiFWLFRHPSREUHFLGR \YLQFXODUODVFRQ RLQH[LVWHQWH HODSUHQGL]DMH

$WHQGHUODQHFHVLGDG GHHGLILFLRVHVFRODUHV

%

$XVHQFLDRHVFDVH] GHOLEURVDGHFXDGRV

(

*DUDQWL]DUODSUHVHQFLD GHDEXQGDQWHVOLEURV SDUDDSUHQGHU

%

(TXLSRVGRFHQWHV GpELOHVRVLQ FRQVROLGDU

(

3RWHQFLDUHTXLSRV GLUHFWLYRV\GRFHQWHV

%

3URFHVRVGH RUJDQL]DFLyQHVFRODU TXHSURGXFHQ VHJUHJDFLyQ HQFXELHUWD

(

(YLWDUSURFHVRV GHGLVFULPLQDFLyQ HQLQVFULSFLyQ \FRQILJXUDFLyQ GHJUXSRVFODVH

%

7LHPSROHFWLYRHVFDVR \GHVDSURYHFKDGR

(

$SURYHFKDUDOPi[LPR ODMRUQDGDHVFRODU

%

'RFHQWHVFRQSRFR GRPLQLRGH PHWRGRORJtDVHILFDFHV GHHQVHxDQ]D

(

$FWLYDUODVFRPSHWHQFLDV GHHQVHxDQ]D GHORVGRFHQWHV HQHMHUFLFLR

 &RQYHUWLUORV SURFHVRVGH RUJDQL]DFLyQ HVFRODUHQ RSRUWXQLGDGHV SDUDODLQFOXVLyQ

 $PSOLDUODV RSRUWXQLGDGHV GHDSUHQGHU SDUDORV HVWXGLDQWHV



3RVLELOLWDUHTXLSDPLHQWR GLGiFWLFRSDUDVXXVR LQWHQVR


Ã&#x2C6;0%,72±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDV GHRIHUWDSURPRYHUHVFXHODVFRPSURPHWLGDV FRQODLQFOXVLyQ

Ã&#x2C6;0%,72±%DUUHUDVGHRIHUWDHVFRODU $JUXSDPLHQWR GHEDUUHUDV  (VFXHODVTXH SRVLELOLWDQHVFDVDV RSRUWXQLGDGHV SDUDDSUHQGHU

 (VFXHODVFRQ FOLPDYLQFXODU \SHGDJyJLFR GHWHULRUDGR

$JUXSDPLHQWR GHHVWUDWHJLDV

%DUUHUDV %

3UiFWLFDVGH HYDOXDFLyQHUUiWLFDV \SURFHGLPLHQWRV GHSURPRFLyQFRQ DUELWUDULHGDGHV

%

%

%

%

 $PSOLDUODV RSRUWXQLGDGHV GHDSUHQGHU SDUDORV HVWXGLDQWHV

(

0HMRUDUSUiFWLFDV GHHYDOXDFLyQ \VXYtQFXOR FRQODSURPRFLyQ

'RFHQWHVTXHWLHQHQ GLILFXOWDGHV SDUDRUJDQL]DU ODHQVHxDQ]D HQJUXSRVGLYHUVRV

(

2UJDQL]DUHOJUXSRFODVH SDUDHODSUHQGL]DMH FRRSHUDWLYR

1RUPDVHVFRODUHV  ,QVWDODUXQ DMHQDV\QRWUDEDMDGDV FOLPDHVFRODU FRQORVHVWXGLDQWHV SURGXFWLYR UHVSHWXRVR &OLPDHVFRODU \WROHUDQWH FRPSHWLWLYR FRPXQLFDFLyQ DJUHVLYD

(

3ODQWHDUQRUPDVFODUDV FRPSUHQVLEOHV \UHOHYDQWHV

(

&RPXQLFDUVHHQIRUPD IOXLGD\FRQVLGHUDGD FRQ\HQWUHORV HVWXGLDQWHV

3UHMXLFLRVQHJDWLYRV VREUHODVFDSDFLGDGHV GHORVHVWXGLDQWHV

(

5HPRYHUODLQHUFLD HVFRODUHQOD UHSURGXFFLyQ GHSUHMXLFLRV VREUHORVVHFWRUHV H[FOXLGRV

Ã&#x2C6;0%,72±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDV SROtWLFDVWpFQLFDV\GHILQDQFLDPLHQWRJHVWLRQDU HOVLVWHPDHGXFDWLYRKDFLDPHWDVGHLQFOXVLyQ

Ã&#x2C6;0%,72±%DUUHUDVSROtWLFDVWpFQLFDV \GHILQDQFLDPLHQWRGHOVLVWHPDHGXFDWLLYR $JUXSDPLHQWR GHEDUUHUDV

$JUXSDPLHQWR GHHVWUDWHJLDV

%DUUHUDV

 2IHUWDHGXFDWLYD % IDOWDQWHHVFDVD LQDGHFXDGD EXURFUDWL]DGD

(VWUDWHJLDV

%UHFKDVGHRIHUWD HVFRODUHQ GHWHUPLQDGRVQLYHOHV \ORFDOL]DFLRQHV

5HYLWDOL]DU ODRUJDQL]DFLyQ GHODRIHUWD HGXFDWLYD

(VWUDWHJLDV (

2UJDQL]DUODRIHUWD HVFRODUDOFDQ]DGR DWRGDODSREODFLyQ FRQHVWUDWHJLDV RULHQWDGDVDUHVXOWDGRV

%

)RUPDFLyQGRFHQWH TXHQRSUHSDUD SDUDODLQFOXVLyQ

(

2ULHQWDUODIRUPDFLyQ GRFHQWHLQLFLDOKDFLD ODVXSHUDFLyQ GHODH[FOXVLyQ

%

'HELOLGDGHV GHUHJODPHQWDFLyQ TXHDXPHQWDQULHVJRV GHH[FOXVLyQ

(

5HJODPHQWDU DGHFXDGDPHQWH ORVSURFHVRVHVFRODUHV SDUDODLQFOXVLyQ




Ã&#x2C6;0%,72±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDV SROtWLFDVWpFQLFDV\GHILQDQFLDPLHQWRJHVWLRQDU HOVLVWHPDHGXFDWLYRKDFLDPHWDVGHLQFOXVLyQ

Ã&#x2C6;0%,72±%DUUHUDVSROtWLFDVWpFQLFDV \GHILQDQFLDPLHQWRGHOVLVWHPDHGXFDWLLYR $JUXSDPLHQWR GHEDUUHUDV  2IHUWDHGXFDWLYD % IDOWDQWHHVFDVD LQDGHFXDGD EXURFUDWL]DGD %

)LQDQFLDPLHQWR LQVXILFLHQWH

 3URSXHVWDV WpFQLFDVLQHILFDFHV SDUDORJUDU LQFOXVLyQ

$JUXSDPLHQWR GHHVWUDWHJLDV

%DUUHUDV &XUUtFXORVIRUPDOHV SURIXVRV\VDWXUDGRV

5HYLWDOL]DU ODRUJDQL]DFLyQ GHODRIHUWD HGXFDWLYD

,QDGHFXDGR GLDJQyVWLFR \PRQLWRUHRGH ORVSURFHVRVGH H[FOXVLyQ

(VWUDWHJLDV (

3ULRUL]DUHOFXUUtFXOR KDFLDHOGHVDUUROOR GHFDSDFLGDGHV

(

8VDUODLQIRUPDFLyQ HGXFDWLYDFRPRUHFXUVR

(

$VLVWLUDODVHVFXHODV HVSHFtILFDPHQWH SDUDTXHDXPHQWHQ ODLQFOXVLyQ

(

)LQDQFLDUHOVLVWHPD HGXFDWLYR

%

,QVDWLVIDFWRULDHILFDFLD GHODSR\RDODV HVFXHODVFRQPD\RUHV GHVDItRV

%

,QVXILFLHQWH ILQDQFLDPLHQWR SDUDDWHQGHU ODVFRQGLFLRQHV JHQHUDOHV GHOVLVWHPD

%

,QHILFLHQFLD \VREUHFRVWRVGHO IUDFDVRHVFRODU

(

)LQDQFLDUHOVLVWHPD SDUDDPSOLDUODFREHUWXUD \GLVPLQXLUHOIUDFDVR HVFRODU

%

'LILFXOWDGSDUD JHQHUDOL]DUFREHUWXUD HQHGXFDFLyQLQLFLDO

(

*HQHUDURSRUWXQLGDGHV YDULDGDVSDUDOD HGXFDFLyQLQLFLDO

%

'LILFXOWDGHVSDUD RIUHFHUXQD DOIDEHWL]DFLyQHILFD] DOLQLFLRGHOD HGXFDFLyQSULPDULD

(

$PSDUDUHOSULPHUWUDPR GHODHGXFDFLyQSULPDULD

%

'LILFXOWDGHVSDUD JDUDQWL]DU XQDHGXFDFLyQSOHQD DORODUJRGHOD SULPDULD

(

3RVLELOLWDUODSURJUHVLyQ KDVWDWHUPLQDUOD HGXFDFLyQSULPDULD

%

,QDGHFXDFLyQ GHODSURSXHVWDGH ODHGXFDFLyQ VHFXQGDULD

(

3URWHJHUODWUDQVLFLyQ KDFLDODVHFXQGDULD EiVLFD

%

(GXFDFLyQUXUDO GHVYDORUL]DGD HQVXLGHQWLGDG

(

3URGXFLUGLVSRVLWLYRV SDUDDSR\RDOD HGXFDFLyQUXUDO

3URWHJHU \DPSOLDUHO ILQDQFLDPLHQWR

 'HVDUUROODU XQDSHGDJRJtD UDFLRQDOSDUD VXSHUDUOD H[FOXVLyQ




È0%,72±(VWUDWHJLDVSDUDVXSHUDUEDUUHUDV SROtWLFDVWpFQLFDV\GHILQDQFLDPLHQWRJHVWLRQDU HOVLVWHPDHGXFDWLYRKDFLDPHWDVGHLQFOXVLyQ

È0%,72±%DUUHUDVSROtWLFDVWpFQLFDV \GHILQDQFLDPLHQWRGHOVLVWHPDHGXFDWLLYR $JUXSDPLHQWR GHEDUUHUDV  3URSXHVWDV WpFQLFDVLQHILFDFHV SDUDORJUDU LQFOXVLyQ

$JUXSDPLHQWR GHHVWUDWHJLDV

%DUUHUDV

(VWUDWHJLDV (

3URGXFLUGLVSRVLWLYRV GHHOGHVDUUROOR \SURJUHVRHQOD HGXFDFLyQLQWHUFXOWXUDO \ELOLQJH

%DMDFREHUWXUD \HILFDFLDHQOD UHLQVHUFLyQGH HVWXGLDQWHVTXH DEDQGRQDURQ

(

3URGXFLUGLVSRVLWLYRV GHDSR\RDORVSURFHVRV GHUHLQVHUFLyQ

'LILFXOWDGSDUDDWHQGHU ODSREODFLyQFRQ GLVFDSDFLGDGHQIRUPD RSRUWXQD\SURIHVLRQDO

(

3URGXFLUGLVSRVLWLYRV GHDSR\RDODSREODFLyQ FRQGLVFDSDFLGDG

%

2IHUWDHVFRODU HPSREUHFLGD\FRQIXVD SDUDODSREODFLyQ LQGtJHQDREXHQDV H[SHULHQFLDVTXHQR SXHGHQDOFDQ]DU ODHVFDODQHFHVDULD

%

%

 'HVDUUROODU XQDSHGDJRJtD UDFLRQDOSDUD VXSHUDUOD H[FOXVLyQ

È0%,72±(VWUDWHJLDVSDUD VXSHUDUEDUUHUDVHFRQyPLFDV SURJUHVDUKDFLDPD\RUMXVWLFLD HQUHFXUVRV\SRVLELOLGDGHV

/DVH[SHULHQFLDVUHFLHQWHVHQSROtWLFDVGH SURWHFFLyQVRFLDOVHYDQFRQVROLGDQGRFRQOD LQFOXVLyQGHWUDQVIHUHQFLDVPRQHWDULDVMXQWRFRQ GLVWLQWDVPHGLGDVSDUDIDYRUHFHUHODFFHVRD SUHVWDFLRQHVVRFLDOHVUHOHYDQWHVFRPRVDOXG QXWULFLyQSURWHFFLyQMXUtGLFD\HGXFDFLyQ$OJXQDV KDQSULRUL]DGRIXHUWHPHQWHHVWtPXORV\DSR\RVDOD GHPDQGDSRUHGXFDFLyQ\DOVRVWHQLPLHQWRGHO HVIXHU]RIDPLOLDUSDUDHQYLDUDVXVKLMRVDOD HVFXHOD1RREVWDQWHVLQRVHVXSHUDQORVDFWXDOHV FXHOORVGHERWHOODLQWHUQRVGHOVLVWHPDHGXFDWLYR TXHKR\VHPDQLILHVWDQHQORVTXLHEUHVGHORV LWLQHUDULRVHVFRODUHVGHORVPiVSREUHVQR EDVWDUiQODVSROtWLFDVGHSURWHFFLyQVRFLDOSDUD JDUDQWL]DUHOFXPSOLPLHQWRGHODREOLJDWRULHGDG \HQ~OWLPDLQVWDQFLDHOGHUHFKRDODHGXFDFLyQ 3RUHOORHVWHiPELWRGHHVWUDWHJLDVGHEHDOLQHDUVH FRQORVTXHFRUUHVSRQGHQDODRIHUWDHVFRODU \ODSROtWLFDHGXFDWLYDDPEDVVRQQHFHVDULDV \FHQWUDOHVSDUDXQDSOHQDVLQHUJLDSDUD ODSURWHFFLyQLQWHJUDOGHWRGRVORVGHUHFKRVGHOD LQIDQFLD

/DHVFDVH]GHLQJUHVRVOLPLWDWDQWRHODFFHVR\OD SHUPDQHQFLDHQHOVLVWHPDHGXFDWLYRFRPRHO DFFHVRDODVDOXG\HOORJURGHXPEUDOHV QXWULFLRQDOHVEiVLFRV(VSRUHOORTXHODVSROtWLFDVD OOHYDUDFDERLQFOX\HQDXQTXHH[FHGHQDODV HGXFDWLYDV/RVSURJUDPDVGHWUDQVIHUHQFLDVGH LQJUHVRHQSDUWLFXODUORVTXHORVGLVWULEX\HQEDMR FLHUWDVFRQGLFLRQHVGHDVLVWHQFLDDODHVFXHODSRU SDUWHGHORVEHQHILFLDULRVVHKDQJHQHUDOL]DGRHQ ODUHJLyQFRPRHVWUDWHJLDDFHSWDGDGHFRUUHJLUODV GHVLJXDOGDGHVGHSRVLFLyQUHGLVWULEXLUORVUHFXUVRV WULEXWDULRV\SRVLELOLWDUXQQLYHOPtQLPRGH VXEVLVWHQFLDHQORVJUXSRVIDPLOLDUHV (YLGHQWHPHQWHSDUDTXHHVWRVSURJUDPDVWHQJDQ p[LWRHVQHFHVDULRFRQWDUFRQODGLVSRQLELOLGDGGH HVFXHODVFHUFDQDVSDUDORVQLYHOHVGHWHUPLQDGRV FRPRREOLJDWRULRV\VHGHEHQHVWXGLDUORVFRVWRV GLUHFWRVHLQGLUHFWRVHQTXHGHEHQLQFXUULUODV IDPLOLDVPiVSREUHVSDUDLQFRUSRUDU\VRVWHQHUD VXVKLMRVHQODHVFXHOD

(VWDVHVWUDWHJLDVVHRUJDQL]DQHQGRV DJUXSDPLHQWRV  HOTXHVHGLULJHDORVLQJUHVRV IDPLOLDUHV  HOTXHEXVFDDWHQXDUORVFRVWRV GLUHFWRVGHODHVFRODUL]DFLyQ




$JUXSDPLHQWR %DODQFHDULQJUHVRVIDPLOLDUHV

/DVPHWDVSURSRQHQ

(± ,03/(0(17$5352*5$0$6 '(75$16)(5(1&,$6'(,1*5(62 &21',&,21$'$6212&21',&,21$'$6

/RV37&FRQVLVWHQHQODHQWUHJDGHUHFXUVRV PRQHWDULRV\QRPRQHWDULRVDIDPLOLDVHQVLWXDFLyQ GHSREUH]DRH[WUHPDSREUH]DFRQODFRQGLFLyQGH TXHHVWDVFXPSODQFRQFLHUWRVFRPSURPLVRV DVRFLDGRVDPHMRUDUVXFDSLWDOKXPDQR$OJXQRV GHHVRVSURJUDPDVUHTXLHUHQODDVLVWHQFLDDOD HVFXHOD\ODYLVLWDSHULyGLFDDXQFHQWURGHVDOXG HQODFXDOVHUHFLEHQRULHQWDFLRQHVDFHUFDGH QXWULFLyQ\GHOFXLGDGRGHODVDOXG2WURVDGHPiV HVWLSXODQODDVLVWHQFLDGHORVDGXOWRVDFKDUODVR WDOOHUHVGHRULHQWDFLyQDFHUFDGHWHPDVGLYHUVRV &HFFKLQL\0DGDULDJD RDVHVLRQHVGH DSUHQGL]DMH\IRUPDFLyQSDUDPHMRUDUODV SUREDELOLGDGHVGHLQVHUFLyQHQHOPHUFDGRODERUDO 9LOODWRUR 6LQHPEDUJRH[LVWHQ37&TXHVH KDQFHQWUDGRHQODGLVWULEXFLyQGLUHFWDGHUHFXUVRV DODVIDPLOLDVFRPRLQJUHVRVVRFLDOHVJDUDQWL]DGRV PtQLPRVREiVLFRVVLQDJUHJDUH[LJHQFLDV FRQGLFLRQDGDV

0HWD JHQHUDO VHJXQGD

/RJUDUODLJXDOGDGHGXFDWLYD \VXSHUDUWRGDIRUPD GHGLVFULPLQDFLyQHQHGXFDFLyQ

0HWD (VSHFtILFD 1ž

*DUDQWL]DUHODFFHVR\OD SHUPDQHQFLDGHWRGRVORVQLxRV HQHOVLVWHPDHGXFDWLYRPHGLDQWH ODSXHVWDHQPDUFKDGHSURJUDPDV GHDSR\R\GHVDUUROORGHODV IDPLOLDVSDUDIDYRUHFHUOD SHUPDQHQFLDGHVXVKLMRVHQOD HVFXHOD

1LYHOGH /RJUR DO

GHODVIDPLOLDVTXHVHVLW~DQ SRUGHEDMRGHOXPEUDOGHSREUH]D UHFLEDDOJ~QWLSRGHD\XGD HFRQyPLFD

1LYHOGH /RJURDO 

GHODVIDPLOLDVTXHVHVLW~DQ SRUGHEDMRGHOXPEUDOGHSREUH]D UHFLEDDOJ~QWLSRGHD\XGD HFRQyPLFD

(± 1(875$/,=$5(/&2672 '(2325781,'$'48(3523,&,$ (/75$%$-2,1)$17,/

&RQVXVVLPLOLWXGHV\GLIHUHQFLDVXQRV\RWURV SURJUDPDVKDQEXVFDGRUHPRYHUGLVWLQWDVEDUUHUDV GHDFFHVRDVHUYLFLRVVRFLDOHVGHFDOLGDGHQVDOXG QXWULFLyQ\FDSDFLWDFLyQGHDGXOWRV6LQHPEDUJR HVLPSRUWDQWHGHVWDFDUTXHODLPSOHPHQWDFLyQGH HVWRVSURJUDPDVGHEHUtDSUHYHUTXHQRVHHMHU]D SUHVLyQVXSOHPHQWDULDDWUDYpVGHPD\RUHV UHVSRQVDELOLGDGHVVREUHORVGRFHQWHVTXH\D WUDEDMDQHQODVHVFXHODVRVREUHHOUHVWRGHO VLVWHPDHGXFDWLYR

/DVSROtWLFDVGHVXVWLWXFLyQGHLQJUHVRVDWUDYpV GHHVWtPXORVUHPXQHUDGRVDODLQIDQFLDRDODV IDPLOLDVVRQDOWDPHQWHUHFRPHQGDGDVSDUDOXFKDU FRQWUDHOWUDEDMRLQIDQWLOLQFOXVRFXDQGR ODVUHPXQHUDFLRQHVVHDQPtQLPDV (OSUREOHPDGHOWUDEDMRLQIDQWLOGHEHUtDGHMDU GHYLVXDOL]DUVHFRPRXQSUREOHPDVRFLDOSDUD FRPHQ]DUDVHUFRQVLGHUDGRXQSUREOHPDSROtWLFR GHYXOQHUDFLyQGHGHUHFKRV3DUDDERUGDUSROtWLFDV GHSUHYHQFLyQ\HUUDGLFDFLyQGHOWUDEDMRLQIDQWLOKD\ TXHVRVWHQHUWUHVSULQFLSLRV

3RURWURODGRDSHVDUGHFRPSDUWLUREMHWLYRV \PDQHUDVGHDFWXDUORVSURJUDPDVVHGLIHUHQFLDQ HQHOXVR\PRGDOLGDGHVGHSDJRVHQOD GHWHUPLQDFLyQGHORVPRQWRVGHODWUDQVIHUHQFLDVX DFWXDOL]DFLyQ\DGDSWDELOLGDGDGLVWLQWRVFRQWH[WRV HQODPDQHUDHQTXHVHVHOHFFLRQDDORV EHQHILFLDULRVHQODSDUWLFLSDFLyQGHORVGLVWLQWRV QLYHOHVGHJRELHUQR\GHOWHUFHUVHFWRU\HQODV UHJODVGHHJUHVR\HQODGXUDFLyQGHORVSURJUDPDV

 'HUHFKRVGHLQIDQFLD\WUDEDMRLQIDQWLOVRQ H[FOX\HQWHV  (OWUDEDMRLQIDQWLOHPHUJHSRUFDXVDVVRFLDOHV TXHH[LJHQXQDUHVSXHVWDSROtWLFD  /DHGXFDFLyQHVHOFDPLQRPiVHIHFWLYR GHUHVSXHVWDDQWHHOSUREOHPD

/RVSURJUDPDVFRQGLFLRQDGRVWLHQHQREMHWLYRV GREOHV(QHOFRUWRSOD]RGLVPLQX\HQODSREUH]D GHODSREODFLyQ\HQHOODUJRUHIXHU]DQHOGHVDUUROOR GHFDSLWDOKXPDQR +DQGD\'DYLV (VWR LPSOLFDXQHQIRTXHPXOWLVHFWRULDOTXHQHFHVLWD GHODDUWLFXODFLyQGHGLVWLQWRVDFWRUHV\yUJDQRVGH JRELHUQR SRUHMHPSORODLQWHUDFFLyQ GHORVPLQLVWHULRVGHGHVDUUROOR\GHHFRQRPtD 

6LELHQHQWUH\ODUHJLyQUHJLVWUyXQ FUHFLPLHQWRHFRQyPLFRVLJQLILFDWLYRHVWDHYROXFLyQ QRPRVWUyXQLPSDFWRLPSRUWDQWHHQHOGHVFHQVR GHODGHPDQGDGHPDQRGHREUDLQIDQWLOHQHO PLVPRSHUtRGR(VWRLQGLFDUtDFLHUWDLQHODVWLFLGDG HQWUHDPEDVYDULDEOHVHVGHFLUHOFUHFLPLHQWR




HFRQyPLFRQRVHWUDGXFLUtDHQXQDGLVPLQXFLyQ HQSURSRUFLyQVLPLODUGHOWUDEDMRLQIDQWLO /RVPLQLVWHULRVGHWUDEDMR\GHGHVDUUROORVRQ ORVUHVSRQVDEOHVGHOOHYDUDFDERODVSROtWLFDVTXH EXVTXHQHUUDGLFDUHVWHWLSRGHODERU

3RURWURODGRKD\TXHWHQHUHQFXHQWDTXH ODVEHFDVQRIXHURQFRQFHELGDVFRPRXQDPDQHUD GHVROYHQWDUJDVWRVGLUHFWRVGHHVFRODUL]DFLyQ(VWR VHUtDXQSDOLDWLYRSDUDTXLHQGHWRGRVPRGRVDXQ VLQHVDFRPSHQVDFLyQKDEUtDFRQFXUULGRDXQ HVWDEOHFLPLHQWRHVFRODU 0RUGXFKRZLF] 6L ORVHVWXGLDQWHVSURYLHQHQGHKRJDUHVTXHHVWiQ GHEDMRGHODOtQHDGHLQGLJHQFLDQRHVHOPHMRU GHORVDWUDFWLYRVSURYHHUORVVRORGHUHFXUVRVTXH VRQVXILFLHQWHVSDUDFXEULUXQJDVWRTXHGHQR FRQFXUULUDODHVFXHODLJXDOQRKXELHUDQWHQLGRTXH KDFHU

6HHVSHUDWDPELpQTXHODVPHMRUDVJHQHUDOHV GHRIHUWDGHODHVFXHOD\GHOVLVWHPDHGXFDWLYR JHQHUHQPiVRSRUWXQLGDGHVGHLQFOXVLyQSDUD ORVHVWXGLDQWHVSREUHVTXHWUDEDMDQRTXHEXVFDQ WUDEDMDUFRRSHUDQGRHQUHYHUWLUGHFLVLRQHV GHDEDQGRQDUODHVFRODUL]DFLyQVLQFRPSOHWDU ODHGXFDFLyQREOLJDWRULD\DXPHQWDQGRWDPELpQ VXVH[SHFWDWLYDVGHIXWXUR

+D\YHFHVTXHDSULRULQRH[LVWLUtDXQFRVWRGH RSRUWXQLGDG\VLQHPEDUJRVHGHFLGHDVLJQDUEHFDV DORVDOXPQRVPiVDXQHQDOJXQRVFDVRVFRQ XQQRWDEOHJUDGRGHHILFDFLDHQHOFXPSOLPLHQWR GHORVREMHWLYRVTXHODVRULJLQDURQ(QULJRUFXDQGR HOORVXFHGHORTXHKDFHODLPSOHPHQWDFLyQ GHODEHFDHVFUHDUHOFRVWRGHRSRUWXQLGDG PRQHWDULRGRQGHQRORKDEtDSDUDTXHODIDPLOLD RHOMRYHQFRQVLGHUHQHQVXVFiOFXORVOD LQ

FRQYHQLHQFLDGHDFWXDUGHXQDPDQHUD\QR GHRWUD

Â&#x2039;81,&()*XDWHPDOD9HUVLDQL

7RPDUFRQUHFDXGRODVEHFDVHVWXGLDQWLOHV(V QHFHVDULRHQFRQWUDUHQFDGDFRQWH[WRHOPRQWR TXHORJUHFXPSOLUODWULSOHPLVLyQGHFXEULUORV JDVWRVGLUHFWRVGHODHVFRODUL]DFLyQPLQLPL]DU ORVFRVWRVGHRSRUWXQLGDG\PD[LPL]DUODFDOLGDG (QHVHVHQWLGRODEHFDGHEHJXLDUVHPiVSRU ODVFDUDFWHUtVWLFDVVRFLRHGXFDWLYDVODVFDQDVWDV GHFRQVXPR\ORVPHUFDGRVGHWUDEDMRORFDOHVTXH SRUHVWiQGDUHVLQWHUQDFLRQDOHV(VWDSROtWLFDHV UHVSRQVDELOLGDGGHOPLQLVWHULRGHHGXFDFLyQ




$JUXSDPLHQWR 6XSOLUFRVWRVGHHVFRODUL]DFLyQ

GHSREUH]DHVJHQHUDOL]DGDHQODUHJLyQ7DPELpQ KD\PXFKRVRUJDQLVPRVGHODFRRSHUDFLyQ LQWHUQDFLRQDO\HQWLGDGHVQDFLRQDOHVSULYDGDVTXH DFW~DQSDUDSURWHJHUHODFFHVRDODDOLPHQWDFLyQ \TXHHQFXHQWUDQHQODHVFXHODHOFDQDO IXQGDPHQWDOSDUDDWHQGHUUHJXODUPHQWHDJUDQGHV FRQWLQJHQWHVGHSHUVRQDVHQXQDYHQWDQDFUtWLFD GHVXGHVDUUROOR\FRQEHQHILFLRVSDUDHOHVWDGR JHQHUDOGHVDOXGGHORVQLxRV\QLxDV(VWRQR GHVFRQRFHTXHHVFUXFLDOJDUDQWL]DUODQXWULFLyQ DGHFXDGDHQPRPHQWRVSUHYLRVDODHVFRODUL]DFLyQ HQODSULPHUDLQIDQFLD

(± &8%5,5/26&26726'($&&(62 <3(50$1(1&,$(1/$(6&8(/$ 75$163257(<1875,&,Ï1

7UDQVSRUWH([LVWHQGLVWLQWDVIRUPDVGHDSR\DU ODDVLVWHQFLDFRWLGLDQDDFODVHVTXHSXHGHQ SUHYHUVHHVSHFLDOPHQWHSDUDTXHORVQLxRVPX\ SHTXHxRVDFFHGDQDODHGXFDFLyQLQLFLDO\SDUDTXH ORVDGROHVFHQWHVDFFHGDQDODHGXFDFLyQ VHFXQGDULDEiVLFDFXDQGRKD\RIHUWDLQFRPSOHWD HQVXUDGLRGHLQIOXHQFLD

/DSUHVWDFLyQFRQFUHWDTXHVHEULQGDD ORVHVWXGLDQWHVSXHGHYDULDUHQWUHVXSOHPHQWRV QXWULFLRQDOHVGHVD\XQRRPHULHQGDFRP~QR UHIRU]DGD FRSDGHOHFKHPiVDOLPHQWRVyOLGR  RFRPLGDVFRPSOHWDV(VWHWLSRGHSUHVWDFLyQ GHOVHUYLFLRQXWULFLRQDOGHFDUiFWHUGLUHFWRHQOD HVFXHODWLHQHYHQWDMDVGHORJtVWLFD\FREHUWXUD1R REVWDQWHHOORHQORV~OWLPRVDxRVVHKDLQVWDODGR ODSUHRFXSDFLyQSRUSUHVHUYDUODVLWXDFLyQIDPLOLDU GHODFRPLGDFRPSDUWLGDSURYH\HQGRYtYHUHV RUHFXUVRVPRQHWDULRVSDUDTXHORVQLxRVQLxDV \DGROHVFHQWHVFRPDQHQVXKRJDU

±&UHDUXQVLVWHPDH[FOXVLYRGHWUDVSRUWHHVFRODU ±6XEVLGLDUHOWUDVSRUWHS~EOLFR DOJ~QWLSR GHFRVSHOREROHWRHVFRODU  ±$VLJQDUUHFXUVRVDODVIDPLOLDVRDODHVFXHOD SDUDSDJDUHVHFRVWR ±'LVWULEXLUELFLFOHWDVFDEDOORVXRWURVPHGLRV GHORFRPRFLyQDGHFXDGRVSDUDHOXVRGH11$ (QPXFKRVSDtVHVODOHJLVODFLyQDVLJQDDOQLYHO PXQLFLSDOODVFRPSHWHQFLDVVREUHHOWUDQVSRUWH HVFRODU\WDPELpQODUHVSRQVDELOLGDGJHQHUDO GHREWHQHUUHFXUVRVSDUDILQDQFLDUOR

3RURWURODGRODSODQLILFDFLyQGHODDOLPHQWDFLyQ GHORVHVFRODUHV±HQODHVFXHODRHQVXKRJDU± SXHGHFRQFHQWUDUVHHQORVDVSHFWRVSUHVXSXHVWDULRV \RUJDQL]DWLYRVRSXHGHLQFOXLUDVSHFWRVGHXQD DWHQFLyQQXWULFLRQDOPiVFLHQWtILFDLQFOX\HQGR LQFOXVRDOLPHQWRVHVSHFLDOPHQWHSUHSDUDGRV PLFURQXWULHQWHVRGLHWDVGHDSOLFDFLyQPHWyGLFD

127$ (VWUDWHJLDVSDUDDWHQGHUHOWUDVSRUWH HVFRODUHQ&RORPELD 3DUDHOFDVRGH&RORPELDODHVWUDWHJLDGH WUDQVSRUWHHVFRODUVHLPSOHPHQWDGHPDQHUDVPX\ GLYHUVDVHQODVHQWLGDGHVWHUULWRULDOHV(QWpUPLQRV JHQHUDOHVSUHYDOHFHODFRQWUDWDFLyQGHXQWHUFHUR SDUDSUHVWDUHOVHUYLFLRDORVHVWXGLDQWHVTXHDVtOR UHTXLHUDQ3RUVXSDUWHHQHOGHORVFDVRVVH XWLOL]DQORVYDOHVERQRVRWLTXHWHUDVSDUDHOSDJR GHOWUDQVSRUWHFROHFWLYRFRPRKHUUDPLHQWDVSDUD LPSOHPHQWDUODHVWUDWHJLDGHWUDQVSRUWHHVFRODU (OGHODVHQWLGDGHVWHUULWRULDOHVFHUWLILFDGDV LPSOHPHQWDQODHVWUDWHJLDFRQYHKtFXORVSURSLRV (QPHQRUPHGLGDVHHPSOHDQODHQWUHJDHQHVSHFLH GHPHGLRVGHWUDQVSRUWHDORVHVWXGLDQWHV   \ORVVXEVLGLRVHQGLQHURDSDGUHV\DOXPQRV  2WUDVPRGDOLGDGHVTXHVHSRQHQHQ SUiFWLFDHQHVSHFLDOHQODVVHFUHWDUtDVGH HGXFDFLyQGHSDUWDPHQWDOHVHVJLUDUUHFXUVRV GLUHFWDPHQWHDORVHVWDEOHFLPLHQWRVHGXFDWLYRV VXEVLGLDUODFRPSUDGHFRPEXVWLEOHSDUDORV YHKtFXORVRDVXPLUHOVDODULRGHORVFRQGXFWRUHV

(QHVHVHQWLGRFRQVLGHUDQGRTXHODDOLPHQWDFLyQ HQODHVFXHODQRHVXQDSROtWLFDHGXFDWLYDVLQRXQD SROtWLFDVDQLWDULD\VRFLDOHVUHDOPHQWHLPSRUWDQWH FRQVROLGDUODVHVWUDWHJLDVGHVGHHVDSHUVSHFWLYD LQWHJUDOHYDOXDQGRODFDOLGDGGHORVSURFHVRV \UHVXOWDGRVFRQFULWHULRVRFLDO\FRPXQLWDULR /DSRQGHUDFLyQGHODVGLVWLQWDVHVWUDWHJLDVSDUD JDUDQWL]DUODVLWXDFLyQQXWULFLRQDOGHORVQLxRV QLxDV\DGROHVFHQWHVDPHULWDXQDERUGDMHSURSLR HQXQHVWXGLRHVSHFtILFRHQIXQFLyQGHVXV LPSRUWDQWHVUHSHUFXVLRQHV 3RUHVRPLVPRHQFDVRGHPDQWHQHUVHHQHO iPELWRHVFRODUHVGHVHDEOHTXHODUHVSRQVDELOLGDG SUHVXSXHVWDULD\RUJDQL]DWLYDGHHVWDIXQFLyQ QXWULFLRQDOVHDSULQFLSDOPHQWHDVXPLGDSRUODV iUHDVUHVSRQVDEOHVGHODJHVWLyQGHSROtWLFDV VRFLDOHV(VWRLPSOLFDFRPRPtQLPRFRQWDUFRQ SHUVRQDVTXHSXHGDQRFXSDUVHGHODJHVWLyQGH UHFXUVRV\GHODDOLPHQWDFLyQFRWLGLDQD\TXHVHDQ ILQDQFLDGDVFDSDFLWDGDV\VXSHUYLVDGDVSRUODV iUHDVFRQFRPSHWHQFLDHVSHFtILFD

$OLPHQWDFLyQHVFRODU/DGHFLVLyQGHEULQGDU VHUYLFLRVQXWULFLRQDOHVHQODHVFXHODHVSHFLDOPHQWH HQODVTXHDWLHQGHQDSREODFLyQHQVLWXDFLyQ




127$ (VWUDWHJLDVSDUDDWHQGHU ODDOLPHQWDFLyQHVFRODUHQFRORPELD

6HHQWLHQGHTXHHVWDVVROXFLRQHVKDQGHVHU FRQWLQJHQWHV\WHPSRUDULDV\TXHQRSXHGHQ VXVWLWXLUODFUHDFLyQGHRIHUWDGRQGHHVWDQRH[LVWD (VQHFHVDULRWHQHUXQDSRQGHUDFLyQFXLGDGRVD GHFXiQGRHODOHMDPLHQWRGHODIDPLOLDHVUHDOPHQWH OD~QLFDRSFLyQSDUDJDUDQWL]DUHOGHUHFKR DODHGXFDFLyQSXHVWRTXHRUJDQL]DUODIXQFLyQ GHDORMDPLHQWRVLJQLILFDXQHVIXHU]RILQDQFLHUR HOHYDGRSDUDHOVLVWHPDHGXFDWLYR$GHPiVWRPDU ODGHFLVLyQHQWUDxDODUHVSRQVDELOLGDGGHQR DIHFWDUODQHFHVLGDGGHOJUXSRIDPLOLDU GHPDQWHQHUVHFHUFDQRGHQWURGHVXVSDXWDV FXOWXUDOHVGHFULDQ]D\GLQiPLFDGHUHODFLyQ

(Q&RORPELDDOUHVSHFWRGHODDOLPHQWDFLyQHVFRODU H[LVWHQXQDVHULHGHGLUHFWULFHVJHQHUDOHVHPLWLGDV SRUHO0(1\HO,&%)TXHGDQRULHQWDFLRQHVSDUD GDUFXPSOLPLHQWRDORHVWLSXODGRHQOD/H\ GHHQFXDQWRDODIRFDOL]DFLyQGHORV HVWDEOHFLPLHQWRVHGXFDWLYRVRILFLDOHVGDQGR SUHODFLyQDDTXHOORVTXHDWLHQGHQSREODFLyQ HQVLWXDFLyQGHGHVSOD]DPLHQWRFRPXQLGDGHV UXUDOHVHLQGtJHQDV\DORVHVWDEOHFLPLHQWRV HGXFDWLYRVFRQODPD\RUSURSRUFLyQGHODSREODFLyQ FODVLILFDGDHQORVQLYHOHV\GHO6,6%(1

(± 3529((50$7(5,$/(63$5$ /$$6,67(1&,$&27,',$1$$&/$6(6 81,)250(6<Ã&#x2019;7,/(6(6&2/$5(6

(QPXFKDVGHODVHQWLGDGHVWHUULWRULDOHVVH VXPLQLVWUDGHIRUPDDGLFLRQDODORHQWUHJDGR SRUHO,&%)XQDUDFLyQGLDULDGHDOLPHQWRVGXUDQWH VXDVLVWHQFLDDODMRUQDGDHVFRODUHQFDOLGDG GHGHVD\XQRUHIULJHULRRDOPXHU]R$GHPiVVH EULQGDDSR\RDODVHQWLGDGHVWHUULWRULDOHVSDUDHOXVR GHODVGLIHUHQWHVIXHQWHVGHUHFXUVRVGHVWLQDGRV DOSURJUDPDGHDOLPHQWDFLyQHVFRODU ,QVWLWXWR &RORPELDQRGH%LHQHVWDU)DPLOLDU6LVWHPD*HQHUDO GH3DUWLFLSDFLRQHV 6*3 UHFXUVRVSURSLRVGH ORVGHSDUWDPHQWRV\PXQLFLSLRVLQYHUVLRQHV GHH[FHGHQWHVILQDQFLHURVGHOVHFWRUVROLGDULR \UHFXUVRVGHRUJDQLVPRVLQWHUQDFLRQDOHVTXH SDUWLFLSDQGHOSURJUDPDGHDOLPHQWDFLyQHVFRODU FRPRHO3URJUDPD0XQGLDOGH$OLPHQWRV

8QLIRUPHVHVFRODUHV0XFKRVSDtVHVWLHQHQ XQLIRUPHVHVFRODUHVGHFRVWRVUHODWLYDPHQWH HOHYDGRVSDUDORVVHFWRUHVPiVSREUHV]DSDWRV GHFXHURIDOGDV\SDQWDORQHVGHFRQIHFFLyQ FDPLVDVERUGDGDV\VDFRV2WURVVRQPiVVHQFLOORV \OOHYDQHOJXDUGDSROYRREDWDHVFRODU3DUD UHVROYHUODGLVSRQLELOLGDGGHXQLIRUPHVKD\SDtVHV TXHKDQRSWDGRSRUGLVWULEXFLRQHVPDVLYDV \JUDWXLWDVGHODVSUHQGDVHVWLSXODGDVFRPR REOLJDWRULDVPDQWHQLHQGRFRPRXQDFRQVWDQWH ODGHILQLFLyQPLVPDGHODWXHQGR6LQHPEDUJR HVWDGHFLVLyQFRPSOLFDHQRUPHPHQWHORVSURFHVRV GHDGPLQLVWUDFLyQ VREUHWRGRFXDQGRVHWUDWDGH XQLIRUPHVFRPSOHMRV HVQHFHVDULRHVWLPDU ODFDQWLGDGGHSUHQGDVSRUWDOOHDGTXLULUORV LQVXPRVRODVSUHQGDVWHUPLQDGDVVXSHUYLVDUOD SURGXFFLyQFRQXQDWHPSRUDOLGDGPX\DMXVWDGD SDUDFXPSOLUFRQHOFLFOROHFWLYRUHSDUWLUORV DODVHVFXHODV\HQWUHJDUORVDORVHVWXGLDQWHV(Q RWURVFDVRVVHFRQVLGHUDQTXHODVIDPLOLDVSXHGHQ DWHQGHUHVWRVFRVWRVPHGLDQWHODVWUDQVIHUHQFLDV FRQGLFLRQDGDVGHLQJUHVRVRODVEHFDV

$ORMDPLHQWR(QRFDVLRQHVHQTXHODHVFRODUL]DFLyQ REOLJDWRULDD~QQROOHJDDOOtGRQGHYLYHQ ODVSHUVRQDVDSDUHFHODQHFHVLGDGGHWUDVODGDU DORVHVWXGLDQWHVKDFLDODHVFXHOD\SRVLELOLWDU TXHYLYDQFHUFDGHORVVHUYLFLRVHGXFDWLYRV (VWDPRGDOLGDGSXHGHVHU©SULYDGDª\VHFRQFUHWD DWUDYpVGHORVHVIXHU]RVIDPLOLDUHVSDUDPDQGDUD QLxRVRS~EHUHVDFDVDGHDEXHORVWtRVIDPLOLDUHV RVLPSOHPHQWHDFDVDVTXHEULQGDQHVHVHUYLFLR SDUDTXHFRPSOHWHQVXHGXFDFLyQSULPDULD RVHFXQGDULDKDVWDWDQWRVHFUHHXQDRIHUWDPiV FHUFDQDDVXKRJDU$XQTXHWDPELpQSXHGHVHU ©HVWDWDOª\DTXHHQYDULRVSDtVHVGHODUHJLyQ HO(VWDGRDVXPHUHVSRQVDELOLGDGHVDOUHVSHFWR FUHDQGRGLYHUVDVIRUPDVGHLQWHUQDGRVRHVFXHODV FRQKRJDURDOEHUJXHVGRQGHORVHVWXGLDQWHVYLYHQ GXUDQWHHOWLHPSRGHFODVHVUHWRUQDQGR DVXVKRJDUHVFRQUHJXODULGDGVHPDQDOTXLQFHQDO RPHQVXDO 

 ,&%),QVWLWXWR&RORPELDQRGH%LHQHVWDU)DPLOLDU



 6,6%(16LVWHPDGH,GHQWLILFDFLyQGH3RWHQFLDOHV %HQHILFLDULRVGH3URJUDPDV6RFLDOHV&RORPELD

/DVXJHUHQFLDDTXtSDUDORVSDtVHVHQTXH FRUUHVSRQGDHVHOLPLQDUORVXQLIRUPHVTXHVH VROLFLWDQFRPRREOLJDWRULRVSDUDORVHVWXGLDQWHV RVLPSOLILFDUORVORPiVSRVLEOH(VWDVHJXQGDRSFLyQ SHUPLWHGLVPLQXLUODFRPSOHMLGDGGHODJHVWLyQTXH LPSOLFDSDUDXQPLQLVWHULRGHHGXFDFLyQDVHJXUDU ODFRQIHFFLyQRFRPSUD\GLVWULEXFLyQSRVWHULRU HQWLHPSR\IRUPDGHXQLIRUPHVHVFRODUHVGH PHGLDRDOWDFRPSOHMLGDG3RUHMHPSORHVWDEOHFHU FRORUGHIDOGD\SDQWDOyQ\FRORUGHUHPHUDREOXVD RJXDUGDSROYRVREDWDVHVFRODUHVEODQFDVJULVHV RFHOHVWHVTXHSXHGDQVHUDGTXLULGDVDHVFDOD PDVLYD\FRQSRFDFRPSOHMLGDGHQVXGLVWULEXFLyQ \DVLJQDFLyQ




ÒWLOHVHVFRODUHV8QDGLVSRQLELOLGDGEiVLFDGH~WLOHV HVFRODUHVGHEHVHUJDUDQWL]DGDSDUDDTXHOORV HVWXGLDQWHVTXHQRWLHQHQSRVLELOLGDGHV GHDGTXLULUORV(VWDGLVSRQLELOLGDGUHTXLHUHGH UHFXUVRVTXHVHHMHFXWHQHQIRUPDUHFXUUHQWH \VXOOHJDGDDPDQRVGHORVDOXPQRVSXHGH JDUDQWL]DUVHGHPX\GLYHUVDVPDQHUDVGHVGH ODFRPSUDFHQWUDOL]DGD\ODSRVWHULRUGLVWULEXFLyQ KDVWDODDVLJQDFLyQGHUHFXUVRVDODVHQWLGDGHV ORFDOHV \DVHDUHJLRQHVHVFRODUHVRHVFXHODV  SDUDODDGTXLVLFLyQGHPDWHULDOHVSDUDVXVDOXPQRV $VLPLVPRHQFLHUWRVFDVRVVHFRQVLGHUDTXHHVWH JDVWRGHELHUDTXHGDUFXELHUWRSRUODVWUDQVIHUHQFLDV FRQGLFLRQDGDVODVEHFDVHVFRODUHVRDOJ~QWLSR GHDVLJQDFLyQGLQHUDULDSUHYLVWDSDUDODVIDPLOLDV

GHODHGXFDFLyQREOLJDWRULDDORVDGXOWRV UHVSRQVDEOHVGHORV11$HVSHFLDOPHQWHORVTXH YLYHQHQVLWXDFLRQHVGHSREUH]DHVTXHSXHGD DFFHGHUVHDXQVHUYLFLRJUDWXLWR (VWRSXHGHKDFHUVHPHGLDQWHSURJUDPDVTXH DVLJQHQDORVHVWDEOHFLPLHQWRVORVUHFXUVRV TXHSURYHQtDQGHODVIDPLOLDVSDUDTXHQRKD\D XQDGLVPLQXFLyQGHUHFXUVRV\TXHODSROtWLFDVH SXHGDOOHYDUDFDERFRQPHQRVRSRVLFLyQ0iVDOOi GHOFREURGHPDWUtFXODRWURVJDVWRVFRPR ODFRPSUDGHWH[WRVHVFRODUHVXQLIRUPHVHWF WDPELpQGHEHUtDQVHUHUUDGLFDGRVHQHOFDVR GHIDPLOLDVGHHVFDVRVLQJUHVRV 1RHVWiGHPiVKDFHUKLQFDSLpHQTXHODJUDWXLGDG QRGHEHVHUVRORQRUPDWLYDVLQRTXHGHEHDSOLFDUVH GHKHFKR6RQYDULRVORVSDtVHVTXHODHVWLSXODQ SHURTXHPXHVWUDQHYLGHQFLDGHFREURVLQGHELGRV 0XFKRVGHHVWRVFDVRVIXHURQSXHVWRVGH PDQLILHVWRSRURUJDQL]DFLRQHVQRJXEHUQDPHQWDOHV \ODVGHIHQVRUtDVGHOSXHEOR

127$  3UHVWDFLRQHVVRFLDOHVTXHRFXUUHQHQOD HVFXHODWHQVLRQHVFRQHOWLHPSRHGXFDWLYR /DIRUPDHQTXHHVWiQRUJDQL]DGDVODVSUHVWDFLRQHV VRFLDOHV±SRUHMHPSORORVVHUYLFLRVGHDOLPHQWDFLyQ HQODHVFXHODRODHQWUHJDGHXQLIRUPHVHVFRODUHV± VHWUDGXFHHQXQDUHGXFFLyQGHOWLHPSRHIHFWLYRGH FODVH\HQXQDVREUHFDUJDSDUDORVGLUHFWLYRV\ORV GRFHQWHVTXHRSHUDHQSHUMXLFLRGHVXSRVLELOLGDG GHGHGLFDUVHDODVIXQFLRQHVSHGDJyJLFDVFRQHO FRQVLJXLHQWHGHWULPHQWRGHORVDSUHQGL]DMHVGHORV HVWXGLDQWHV3RUVXSDUWHODIXQFLyQFHQWUDOGHORV GLUHFWLYRVGHHVFXHODHVKDFHUVHFDUJRGHOD FRQGXFFLyQGHOHTXLSRGHHQVHxDQ]DGDUUHVSXHVWD DHVWiQGDUHVQDFLRQDOHVGHORJUR\PHGLDUHQODV UHODFLRQHVYLQFXODUHV\FRPXQLWDULDVHQODHVFXHOD SRUORTXHDxDGLUDVXWDUHDODDUWLFXODFLyQ\JHVWLyQ DGPLQLVWUDWLYDGHUHFXUVRVVRFLDOHVUHVXOWDDWRGDV OXFHVH[FHVLYR

È0%,72±(VWUDWHJLDVSDUD VXSHUDUEDUUHUDVVRFLRFXOWXUDOHV HQULTXHFHUODSHUVSHFWLYDVRFLDO VREUHHOGHUHFKRDODHGXFDFLyQ /DVSULQFLSDOHVEDUUHUDVVRFLRFXOWXUDOHVTXHVH UHLWHUDQHQHVWXGLRV\GLVFXUVRVUHILHUHQDSUiFWLFDV IDPLOLDUHVFRQWUDULDVDODHVFRODUL]DFLyQRSRUWXQD RDPDQWHQHUHOHVIXHU]RGHODSHUPDQHQFLD HVFRODUD©HVFDVDYDORUDFLyQªSRUODHGXFDFLyQ HLQFOXVRDGLVFULPLQDFLyQGHJpQHUR1RREVWDQWH HOORQRKD\GXGDVGHTXHODDFXPXODFLyQGH SRVWHUJDFLRQHV\GLVFULPLQDFLRQHVTXHDIHFWDQ DODVSREODFLRQHVUXUDOHVLQGtJHQDVTXHYLYHQ HQ]RQDVGHH[WUHPDSREUH]DXUEDQDRTXHHVWiQ HQDVHQWDPLHQWRVSUHFDULRVGHVSOD]DGRV SRUODYLROHQFLD\ODVIRUPDVHQODV TXHVXVLQWHJUDQWHVVRUWHDQODVGLILFXOWDGHV GHYLGDWLHQHQLQFLGHQFLDHQODUHODFLyQFRQ ODHVFRODULGDG

6HFRQVLGHUDQHFHVDULRHQWRQFHVUHJXODU\OLPLWDU HVWDVGHPDQGDVP~OWLSOHVVREUHODHVFXHOD3RU HMHPSORGHQWURGHORVSURJUDPDVGHSURWHFFLyQ VRFLDOHVQHFHVDULRSUHYHUILQDQFLDPLHQWRSDUD JHVWRUHVGHSURJUDPDV\DGPLQLVWUDGRUHVGH UHFXUVRV SDUDODDOLPHQWDFLyQHQODHVFXHODHQWUH RWURV TXHUHDOLFHQFRQSURIHVLRQDOLGDG\DSR\R HVSHFtILFRODVWDUHDVTXHKR\FDHQVREUHORV GLUHFWRUHV

3DUHFLHUDGLItFLOHQFRQWUDUSROtWLFDVTXHUHPXHYDQ HVHWLSRGHEDUUHUDVWDQWRHQHOSODQRWpFQLFRFRPR HQHOSROtWLFRDFDXVDGHTXHVHODVSHUFLEH FRPRLQPXWDEOHVHLQPRGLILFDEOHVRSRUORPHQRV LQFRQPRYLEOHVHQHOFRUWRSOD]R(VWDDSUHFLDFLyQ TXHGHULYDHQXQDSRVWXUDIDWDOLVWDDQWHODVSURSLDV IDPLOLDVDVtFRPRDOSRWHQFLDOGHODSURSXHVWD SHGDJyJLFDQRWRPDHQFXHQWDTXHODV UHSUHVHQWDFLRQHVVRFLDOHVVRQFRQVWUXFFLRQHV

(± (/,0,1$572'2&2672'( 0$75,&8/$&,Ï1(1/$('8&$&,Ï1 2%/,*$725,$ (O3RGHU/HJLVODWLYRGHFDGDSDtVGHEHJDUDQWL]DU ODJUDWXLGDGGHODHGXFDFLyQREOLJDWRULD /DFRQGLFLyQPtQLPDSDUDKDFHUH[LJLEOH HOFXPSOLPLHQWRGHODDVLVWHQFLDHVFRODUDORODUJR




KLVWyULFDV3RUORWDQWRQRVHFRQVLGHUDVX SODVWLFLGDGQLORVIDFWRUHVGHLQWHUYHQFLyQDODOFDQFH GHSROtWLFRVIXQFLRQDULRV\WpFQLFRVHQHGXFDFLyQ

3DUDFUHDULPiJHQHVFRPSDUWLGDVUHPRYHU HVWHUHRWLSRV\HVFODUHFHUGHUHFKRVVHUHTXLHUH XQDFRPXQLFDFLyQVRFLDOELHQGLYHUVDGHXQD FDPSDxDHSLVyGLFDSXQWXDOGHODVTXHVXHOHQ KDFHUVHSRUHMHPSORSDUDHOLQLFLRGHFODVHV6H UHTXLHUHXQDFRPXQLFDFLyQVRFLDOSUHFLVDHQVX RULHQWDFLyQGLYHUVDHQVXVKHUUDPLHQWDVGXUDGHUD HQHOWLHPSR\FRQVWDQWHHQORVPHQVDMHV3XHGH GHFLUVHTXHHVXQDDFWLYLGDGVLVWHPiWLFDGH HGXFDFLyQLQIRUPDOTXHSHUPLWHFRQVROLGDU DSUHQGL]DMHVGXUDGHURVHQHOSODQR GHODVUHSUHVHQWDFLRQHV\GHODVFRQGXFWDVTXHVH VXVWHQWDQHQHOODV 9HUDSRUWHFRQFHSWXDO 0RYLOL]DFLyQSDUDHOFDPELR\UHSUHVHQWDFLRQHV VRFLDOHV 

(OHMHUFLFLRGHOGHUHFKRDODHGXFDFLyQVHDILDQ]D FRQODYDORUDFLyQTXHODSREODFLyQKDJDGHOD HVFXHODFRPRiPELWRGRQGHFRQFUHWDUOR(VWR UHTXLHUHIRUWDOHFHU\HVWLPXODUORVHVIXHU]RV IDPLOLDUHV\FRPXQLWDULRVSDUDVRVWHQHUOD HVFRODUL]DFLyQJHQHUDQGRXQDPELHQWHVRFLDO SURSLFLRDODLQFOXVLyQWRWDORSRUWXQD\SOHQDGRQGH ODVWHQGHQFLDVGHGLVFULPLQDFLyQ\VHJUHJDFLyQ VHDQGHVYDORUL]DGDV /DVHVWUDWHJLDVDTXtSUHVHQWDGDVVHRUJDQL]DQHQ WRUQRDXQ~QLFRDJUXSDPLHQWRTXHEXVFDUHSDUDU ORVGHVDMXVWHVHQODVSHUFHSFLRQHVHQWRUQRDO GHUHFKRDODHGXFDFLyQPRYLOL]DQGRFRPSURPLVRV \PRWLYDFLyQHQODVRFLHGDG&DEHGHVWDFDUTXH RWURVDERUGDMHVPiVYLQFXODGRVDHVWUDWHJLDV LQWHJUDOHVGHSURWHFFLyQVRFLDOFRPROD PRGLILFDFLyQGHOHJLVODFLyQQDFLRQDOGHDWHQFLyQ LQWHJUDODODPDGUH\DOQLxRRGHVHJXULGDGMXUtGLFD HQHODFFHVRDGHUHFKRVVRQRSXHGHQVHUDIXWXUR LPSRUWDQWHVSXQWDOHVHQODVXSHUDFLyQGHEDUUHUDV GHDFFHVRTXHSDGHFHQORVJUXSRVH[FOXLGRV

8QRGHORVPHQVDMHVSULQFLSDOHVDSXQWDDOD UHPRFLyQGHORVSUHMXLFLRVVREUHORVPiVSREUHV ORVKDELWDQWHVGH]RQDVUXUDOHV\ORVLQGtJHQDVHQ UHVXPHQ©ORVRWURVªTXHDQLGDQHQDPSOLRV VHFWRUHVVRFLDOHVUDWLILFDGRVPXFKDVYHFHVSRUHO VRPHWLPLHQWR\DXWRGLVFULPLQDFLyQFRQVWUXLGRVSRU HVRVPLVPRVJUXSRV&DEHVHxDODUTXHSDUD HVWUXFWXUDUXQDHVWUDWHJLDFRPXQLFDFLRQDOHQHVWH VHQWLGR81,&()WLHQHXQDDPSOLDOHJLWLPLGDG\ FRQVHQVRDFXPXODGRSDUDFRQYHUWLUVHHQXQ SURPRWRUHQDOLDQ]DFRQORVJRELHUQRV\RWUDV HQWLGDGHV

1XHYDPHQWHHOFULWHULRGHHVWHLQIRUPHKDVLGR FRQFHQWUDUVHHQODVHVWUDWHJLDVPiVYLQFXODGDV GLUHFWDPHQWHFRQODVUHVSRQVDELOLGDGHV\ IXQFLRQDPLHQWRVGHOVLVWHPDHGXFDWLYR\DTXHHQ RWURVFRPSRQHQWHVGHHVWD,QLFLDWLYD*OREDOVH SURIXQGL]DQORVGHVDUUROORVORJURV\GHVDItRV SHQGLHQWHVGHODVDFFLRQHVGHSURWHFFLyQVRFLDO

$JUXSDPLHQWR )RUWDOHFHUODFRPSUHQVLyQHQWUH ORVDFWRUHVGHOVLVWHPDHGXFDWLYR (± ,03/(0(17$581$(675$7(*,$ 6,67(0È7,&$'(&2081,&$&,Ï13$5$ 5(029(5%$55(5$662&,2&8/785$/(6

‹81,&()3DQDPi%(//

5HFUHDUHQULTXHFHUODYDORUDFLyQGHOD HVFRODUL]DFLyQSRUSDUWHGHWRGRVORVVHFWRUHV VRFLDOHV8QDHVWUDWHJLDGHFRPXQLFDFLyQSDUD UHPRYHUEDUUHUDVVRFLRFXOWXUDOHVGHEHGLVHxDUVH SDUDDPSOLDUORVQ~FOHRVGHODVUHSUHVHQWDFLRQHV VRFLDOHVTXHL FLUFXODQHQODVRFLHGDGHLQFOXVRHQ PHGLRVDFDGpPLFRV\TXHQDWXUDOL]DQHOIUDFDVR HVFRODUGHORVPiVSREUHVLL KDQFRQVWUXLGRORV VHFWRUHVH[FOXLGRVUHSOHJiQGRVHGHVXGHUHFKRD ODHGXFDFLyQHMHUFLHQGRXQDVXHUWHGH©UHVLVWHQFLD SDVLYDª\HQRFDVLRQHVDXWRLQFXOSiQGRVHSRUHO IUDFDVRHVFRODU




&8$'52  ,GHDVIXHU]DSDUDFRPXQLFDFLRQHVGLULJLGDVDIDPLOLDVHVWXGLDQWHV\FRPXQLGDGHQJHQHUDO ,GHDVIXHU]DSDUDFRPXQLFDFLyQGLULJLGDDODVIDPLOLDV $WLHPSRHQOD HVFXHOD

$QRWDUDORVQLxRV\QLxDVHQODHGDGREOLJDWRULDHQODHGXFDFLyQLQLFLDO\HQHOSULPHU JUDGRGHODHGXFDFLyQSULPDULD ,UWRGRVORVGtDVDFODVHV /OHJDUWHPSUDQRDODHVFXHOD 7HQHURUJDQL]DGRHOPRPHQWRSDUDKDFHUODVWDUHDVSDUDHOKRJDU

(ODXODXQ HVSDFLRSDUD FUHFHU

$SUHQGHUHQFODVHFRQORVFRPSDxHURVFRQORVPDHVWURVHVXQDRSRUWXQLGDGSDUD HQWUHQDUQXHVWUDPHQWH 9DORUDUODVWDUHDVHVFRODUHV

/DHVFXHOD XQPXQGRGH UHVSHWRPXWXR

3DUWLFLSDUHQODVDFWLYLGDGHVGHODHVFXHOD (VFXFKDU\FRQWDUFRPSUHQGHU\KDFHUVHHQWHQGHU 3URPRYHUGLiORJRVFRUGLDOHV\FHQWUDGRVHQODVFXHVWLRQHVDUHVROYHUFRQGLUHFWLYRV \GRFHQWHV 3UHRFXSDUVHSRUHOFXLGDGRGHORVKLMRVGHWRGRV /DHGXFDFLyQHVLJXDOPHQWHQHFHVDULDSDUDPXMHUHV\YDURQHV

+D\XQOXJDUSDUD DFXGLU

1RGHMDUSDVDUHOPRPHQWRSDUDSODQWHDUQHFHVLGDGHV HVFXHODVPiVFHUFDQDVRWURV WXUQRVSDUDODHVFXHODSUREOHPDVGHYDFDQWHVFRQIOLFWRVGHQWURGHODHVFXHOD  ,GHDVIXHU]DSDUDFRPXQLFDFLyQGLULJLGDDORVHVWXGLDQWHV

7XOXJDUHVOD HVFXHODWRGRV ORVGtDV

3HUGHUGtDVGHHVFXHODWHDOHMDGHWXVSURSLRVORJURV (MHUFLWDUVHKDFHUODVWDUHDVSUHJXQWDUSUHJXQWDUSUHJXQWDU 7UDWDGHGHVFDQVDUWHPSUDQRTXHPDxDQDKD\TXHLUDFODVHV 3UHVWDWXFDUSHWDDOTXHIDOWDStGHODFXDQGRIDOWDV 3RUHOELHQGHWXKLMRWHUPLQDODHVFXHOD

7XVFDSDFLGDGHV WHKDFHQFUHFHU

7LHQHVWRGRORTXHVHQHFHVLWDSDUDDSUHQGHUW~PLVPRWXVFRPSDxHURVWXHVFXHOD $YHFHVQRVDOHODSULPHUDYH]QRVVHQWLPRVWULVWHV«£SHURQDGLHDSUHQGH DFDPLQDUGHSULPHULQWHQWR &XDQWRPiVXVDVWXFDEH]DPHQWHPHMRUWHYDHQODHVFXHOD $SUHQGHDSHGLUD\XGDQRFDOOHVWXVQHFHVLGDGHV

&HUREXUODFHUR DJUHVLyQ

¢4XLpQQHFHVLWDKR\HQWXJUXSRXQDSDODEUDGHDPLJR" 1RWHGHMHVPDOWUDWDU7HKDFHQGDxR\VHHPSREUHFHHOPXQGR$FXGHDORVDGXOWRV GHWXHVFXHOD ,GHDVIXHU]DSDUDFRPXQLFDFLyQGLULJLGDDODFRPXQLGDGHQJHQHUDO

7RGRVORVQLxRV \QLxDVVRQHO IXWXURGHQXHVWUD FRPXQLGDG

5HSUHVHQWDQORPHMRUTXHSRGHPRVOOHJDUDVHU 7RGRVORVDGXOWRVVRPRVUHVSRQVDEOHVGHOGHVDUUROORGHORVQLxRV\QLxDV &DGDYH]TXHKDFHPRVRSHUPLWLPRVTXHXQQLxRWHQJDPLHGRUHFRUWDPRVXQDUDPD GHVXIXWXUR\GHOQXHVWUR /DHVFXHODXQHVSDFLRGHSD]

/XJDUSDUDWRGRV HQODHVFXHOD REOLJDWRULD

/DHVFXHODREOLJDWRULDGHEHHVWDUDODOFDQFHGHWRGRV &DGDSURJUHVRHQODHGXFDFLyQREOLJDWRULDHVXQDPXHVWUDGHTXHHVWDPRV PHMRUDQGRFRPRVRFLHGDG /DHVFXHODVLUYHSDUDVXSHUDUQRVFRPRVRFLHGDG\MXVWDPHQWHSRUHVRWLHQHTXH DSRUWDUFRVDVTXHDYHFHVORVSDGUHVQRWLHQHQSRVLELOLGDGGHGDU

1LPHMRUHVQL SHRUHVGLVWLQWRV

/DHVFXHODHVXQOXJDUSDUDDSUHQGHUODYLGDHQFRPXQLGDG (QODHVFXHODWRGDVODVFXOWXUDVHWQLDV\OHQJXDMHVVRQYDOLRVRV




LQWHJUDUSHGDJyJLFDPHQWHFRQWHQLGRV\SDXWDV FXOWXUDOHVORFDOHV\HQIDWL]DUHOYDORUGHOD HVFRODUL]DFLyQRSRUWXQD\KDVWDWHUPLQDUOD REOLJDWRULHGDG

8QDDGHFXDGDFRPELQDFLyQGHFDQDOHVPDVLYRV FRQFDQDOHVPiVSHTXHxRVTXHDSURYHFKH ODWUDPDGHFRPXQLFDFLRQHVLQWHUQDGHOVLVWHPD FRQODSURSLDHVFXHOD\GHHVWDFRQVXFRPXQLGDG FHUFDQDFRQVWUX\HFRQGLFLRQHVSDUDLQVWDODU FRQFODULGDGODHVFRODUL]DFLyQGHWRGRV VLQH[FOXVLyQ\FRQODFDOLGDGFRPRPHWD VRFLDOPHQWHDQKHODGD\DFWLYDPHQWHVRVWHQLGD

6HDSXQWDDJHQHUDUXQHQWRUQRUHFHSWLYRHQOD HVFXHOD\XQDFRPXQLGDGIRUWDOHFLGDSDUDSDUWLFLSDU HQODHGXFDFLyQ3RUHOORHVQHFHVDULDXQD FRPELQDFLyQGHDSR\RWpFQLFRDORVHTXLSRV GHODVHVFXHODVSDUDHQFDUDUHVWDWDUHD FRQODDXWRUL]DFLyQSDUDTXHHQHOODVSXHGDQ GHFLUVHDOJXQRVDVSHFWRVGHODUHJODPHQWDFLyQ GHWLHPSRHVSDFLR\FRQWHQLGRVHQIXQFLyQGH ORVDFXHUGRVFRQODFRPXQLGDG/RVRUJDQLVPRV FRQUHVSRQVDELOLGDGHQODSURPRFLyQVRFLDO \ORVQLYHOHVORFDOHVGHJRELHUQRWDPELpQWLHQHQ XQDPSOLRSURWDJRQLVPRSDUDDSR\DUODYLQFXODFLyQ KDFLDODHVFXHOD\ODDILUPDFLyQGHODVLGHQWLGDGHV SDUWLFXODUHV

8QDEXHQDHVWUDWHJLDFRPXQLFDFLRQDOGHEHUtD DWHQGHUFyPRHQULTXHFHUHVDVUHSUHVHQWDFLRQHV VRFLDOHVVLQFRQIURQWDUDWUDYpVGHODDPSOLDFLyQ GHVHQWLGRVSDUDODPRYLOL]DFLyQVRFLDODIDYRUGH ODLQFOXVLyQWRWDORSRUWXQD\SOHQD 127$ (VWUDWHJLDVGHFRPXQLFDFLyQ HQ&RORPELD (Q&RORPELDODFDPSDxDGHFRPXQLFDFLyQ©1LXQR PHQRVªGHVDUUROODGDGHVGH\EDVDGD HQODSHOtFXODGHOPLVPRQRPEUHGHOGLUHFWRU=KDQJ <LPRXEXVFDGLYXOJDU\PRYLOL]DUDODFRPXQLGDG HGXFDWLYDHQWRUQRDODUHVSRQVDELOLGDGGHO(VWDGR ODIDPLOLD\ODVRFLHGDGVREUHHODFFHVR \SHUPDQHQFLDGHODSREODFLyQHQHGDGHVFRODU KDVWDILQDOL]DUVXVHVWXGLRV7XYRXQQXHYR ODQ]DPLHQWRHQFRQHOOHPD©1RKD\H[FXVD &DGDQLxRTXHQRYDDOFROHJLRHVXQDRSRUWXQLGDG TXHVHOHQLHJDDpO\DOSDtVª(QHVWD~OWLPD RFDVLyQVHHQIDWL]yODVLWXDFLyQGHORVLQGtJHQDV SHUVRQDVFRQQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHV DIHFWDGRVSRUODYLROHQFLDDIURFRORPELDQRV\QLxDV QLxRV\MyYHQHVWUDEDMDGRUHV 0(1 

,PSXOVDUGHVGHODHVFXHODHOGLiORJR \UHFRQRFLPLHQWRLQWHUFXOWXUDO6HSURSRQH HOFDPLQRGHFRQVWUXLUFRPXQLGDGHVHGXFDWLYDV HVWXGLDQWHVGRFHQWHV\VXVIDPLOLDV TXHSXHGDQ LQWHUDFWXDUHQEDVHDOGLiORJR\DOUHFRQRFLPLHQWR GHVXVSURSLDVSDXWDVFXOWXUDOHV\ODVGHRWURV VHFWRUHVYDORUDQGRDWRGDVHOODVHQWDQWR H[SUHVLyQGHXQDFXOWXUDTXHLGHQWLILFDDXQD FRPXQLGDGRJUXSRGHQWURGHOPDUFRPiVDPSOLR GHODVRFLHGDG(VHGLiORJRHVDFXPXODWLYR VHFXHQFLDO\YDULDGRHQVXVFRQWHQLGRVSHURWLHQH TXHFRQVLGHUDUHQWRGRPRPHQWRXQWHPDFHQWUDO ODLQVFULSFLyQRSRUWXQDGHWRGRVORVQLxRVQLxDV \DGROHVFHQWHVHQODHVFXHOD±DXQTXHODIDPLOLD ORVVLHQWD©GHPDVLDGRSHTXHxRVªR©GHPDVLDGR JUDQGHVª±VXDVLVWHQFLDFRWLGLDQDDFODVHV \VXFRQWLQXLGDGKDVWDFRPSOHWDUODHGXFDFLyQ REOLJDWRULD

(OFRPSRQHQWHGHPRYLOL]DFLyQVRFLDOGHOD FDPSDxDVHOOHYyDFDERHQPXQLFLSLRVTXH SUHVHQWDEDQDOWRVQLYHOHVGHGHVHUFLyQ\DOWLHPSR EDMDVWDVDVGHFREHUWXUD,PSOLFyGLIHUHQWHV DFWLYLGDGHVFRPRWDOOHUHVVREUHODVFDXVDV SDUWLFXODUHVGHGHVHUFLyQHVFRODUDFWRVVLPEyOLFRV E~VTXHGDSXHUWDDSXHUWDGHSREODFLyQ GHVHVFRODUL]DGD\ILUPDGHDFXHUGRV HQWUHODFRPXQLGDGHGXFDWLYD\ODVDXWRULGDGHV ORFDOHV

/DFRQIOLFWLYLGDGORFDOGHEHUHFRQRFHUVH \HVWXGLDUVH'HDOJXQDPDQHUDVLHPSUHLQYROXFUD DODHVFXHODULYDOLGDGHVWHUULWRULDOHVGLIHUHQFLDV pWQLFDV\FXHVWLRQHVUHOLJLRVDVVHPDQLILHVWDQ HQODHVFXHODWDQWRFRPRHQODVRFLHGDG8QD FXHVWLyQHVHQFLDOTXHSXHGHWUDEDMDUVHHQOD HVFXHODLPSUHVFLQGLEOHWDQWRSDUDFUHDUXQFOLPD SURSLFLRSDUDHODSUHQGL]DMHFRPRSDUDPHMRUDUOD FDOLGDGGHYLGDHQXQDFRPXQLGDGHVODIRUPDFLyQ HQHOGLiORJRWROHUDQWH\HQHOUHFKD]RDODVEXUODV \WRGDIRUPDGHGLVFULPLQDFLyQ\MXLFLRSUHMXLFLRVR VREUHORVGHPiV

(± ,17(*5$53('$*Ï*,&$0(17( &217(1,'26<3$87$6&8/785$/(6 /2&$/(6 3DUDDPSOLRVVHFWRUHVGHODVRFLHGDGODFXOWXUD HVFRODUHVXQDVtQWHVLVGHSUiFWLFDVFRQWHQLGRVH LGHDOHVTXHVRQGLYHUVRVDORVGHVXSURSLDFXOWXUD /RJUDUHOGHUHFKRDODHGXFDFLyQLPSOLFDYDORUDU DPEDVFXOWXUDVHQYDULRVVHQWLGRVLPSXOVDU DODVIDPLOLDVDHPSRGHUDUHOYDORUGHVXFXOWXUD DFHSWDUSDXWDVFXOWXUDOHVORFDOHVHQODYLGDHVFRODU

(QHVWDHVWUDWHJLDORVHTXLSRVGHODHVFXHOD± HQFRQWDFWR\FRQDSR\RGHHQWLGDGHVORFDOHV GHJRELHUQR\FLYLOHV±SURFXUDQFRQWDFWDU\GLDORJDU




FRQUHIHUHQWHVGHODFRPXQLGDGHQTXHVHLQVHUWD SDUDSURIXQGL]DUHOFRQRFLPLHQWRGHODVSDXWDV FXOWXUDOHV$SUHQGHQDVtDSRQHUDPDUUDV\SXQWRV GHUHIHUHQFLDHQWUHODFXOWXUDHVFRODU GHWHUPLQDGD HQJUDQSDUWHSRUHOFXUUtFXOR\SRUODLGHQWLGDG FXOWXUDOGHORVGRFHQWHV \ODFXOWXUDORFDO (QPXFKRVFDVRVODHVFXHODWHQGUiTXHGHILQLU SURFHVRVJUDGXDOHV\IRUPDOL]DUDFXHUGRV TXHVHPRQLWRUHHQSRUHMHPSORJHQHUDU XQSURFHVRVHFXHQFLDGRSDUDOOHJDU DOFXPSOLPLHQWRHVWULFWRGHORVKRUDULRVDGHFXDU IRUPDVGHRUJDQL]DUODVHQWUDGDVVDOLGDV \UHFUHRV\IOH[LELOL]DUHODOPDQDTXHDQXDO UHFRQRFLHQGRGtDVRSHUtRGRVHQORVTXH ODFRPXQLGDGUHDOL]DDFWLYLGDGHVFODYH\SDFWDU FyPRUHFXSHUDUOR/RVRUJDQLVPRVORFDOHV DSHODUiQFRPSOHPHQWDULDPHQWHDRWUDVIRUPDV SDUDSURPRYHUODSDUWLFLSDFLyQHVFRODUHLGHQWLILFDU HQIRUPDWHPSUDQDODVEDUUHUDVTXHVXEVLVWDQ RODVTXHVHJHQHUHQ

3URPRYHUODSUHVHQFLDHQODHVFXHODGHODV LGHQWLGDGHVFXOWXUDOHVGHODFRPXQLGDG8QFUXFH VHQFLOOR\YDOLRVRHQWUHODVFXOWXUDVTXHGHEHQ FRQYLYLUHQODHVFXHOD\FRQRFHUVHSDUDGLDORJDU HQWUHVtHVLQFOXLUWDUHDVGHORVHVWXGLDQWHVTXH LPSOLTXHQUHOHYDPLHQWR\VLVWHPDWL]DFLyQ GHODVSHUFHSFLRQHV\SUiFWLFDVVREUHOD HVFRODULGDGHOPHGLRDPELHQWHODQLxH]ODVDOXG HOWUDEDMRODFUHDFLyQDUWtVWLFDHORFLROD WUDVFHQGHQFLD\ODVSHUVSHFWLYDVGHIXWXUR /RVUHVXOWDGRVGHHVDVWDUHDVEULQGDQLQIRUPDFLyQ PX\LPSRUWDQWHDORVGRFHQWHV$GHPiVWUDEDMDU HQODHVFXHODSDUDSRQHUORVHQOHQJXDHVFULWD LQVWUXPHQWRFX\DHQVHxDQ]DHVWiHQFRPHQGDGR DODLQVWLWXFLyQHVFRODUSXHGHGDUXQJUDQ HPSRGHUDPLHQWRDODVIDPLOLDVORFDOHV SDUDH[SUHVDU\REMHWLYDUVXVH[SHULHQFLDV \YDORUHV 2WURiPELWRSURSLFLRSDUDHOGLiORJRHQWUH ODHVFXHOD\ODFRPXQLGDGVHEDVDHQODODUJD WUDGLFLyQHQ$PpULFD/DWLQD\HO&DULEHFRQ UHVSHFWRDOD©FRRSHUDFLyQªGHODIDPLOLD FRQODHVFXHODHQHODSR\RDODVFRQGLFLRQHV GHIXQFLRQDPLHQWRFRWLGLDQR FRPHGRUHVFRODU UHSDUDFLRQHVPHQRUHVJHVWLRQHVDQWH RUJDQLVPRVHQWUHRWUDV 5HFLHQWHPHQWH PXFKRVSDtVHVGHODUHJLyQKDQUHJXODGR ODFUHDFLyQGHyUJDQRVGHJRELHUQRHVFRODU TXHLQFOX\HQDUHSUHVHQWDQWHVGHORVSDGUHV HLQFOXVRGHORVHVWXGLDQWHVSDUDDFWLYLGDGHV TXHYDQGHVGHODJHVWLyQGHIRQGRV FRQ WUDVSDUHQFLD\FRQWUROVRFLDO KDVWDODIRUPXODFLyQ GHSUR\HFWRVHVFRODUHV(QODPLVPDOtQHD GHQWURGHODVUHFLHQWHVHVWUDWHJLDV GHDXWRHYDOXDFLyQLQVWLWXFLRQDOVHVXHOHQ LQFOXLUDFWLYLGDGHVRSUHJXQWDVHVSHFLDOPHQWH GLULJLGDVDORVSDGUHV\RWURVPLHPEURV GHODFRPXQLGDG

3DUDLQFOXLUHOHQIRTXHLQWHUFXOWXUDOHQODYLGD HVFRODUORVSDGUHV\HVWXGLDQWHVGHEHQFRQWDU FRQH[SHULHQFLDV±SURGXFLGDVGHVGHODHVFXHOD \FRQSDUWLFLSDFLyQGHHQWLGDGHV\UHIHUHQWHV ORFDOHV±TXHSHUPLWDQ©IDFLOLWDUOHVHODSUHQGL]DMH GHORVFyGLJRVGHODFXOWXUDJHQHUDOTXHODHVFXHOD GHEHSURSRUFLRQDUVLQTXHHOORVSLHUGDQODFXOWXUD SURSLD « ORVSDGUHVGHEHQHQWHQGHU ORVHOHPHQWRVIXQGDPHQWDOHVGHODOyJLFD GHODSUHQGL]DMH\GHORVFRPSRQHQWHVSULQFLSDOHV GHHVWDWDUHDHQODHVFXHODª 'XUVWRQ  8QHMHSDUDODSDUWLFLSDFLyQHVHOFRPSURPLVR GHODFRPXQLGDGFRQODDVLVWHQFLDFRWLGLDQDGH ORVHVWXGLDQWHVFRQXQHVSHFLDOLQWHUpVHQIRUPDV GHSURWHJHU\DFRPSDxDUDORVTXHHVWpQ HQGHVYHQWDMDSRUHMHPSORQLxRVTXHWLHQHQTXHLU VRORVDODHVFXHODRGHVSHUWDUVHVRORVSDUDLUDOD HVFXHOD\TXHSRUGLVWLQWRVPRWLYRVQHFHVLWDQ XQDSR\RH[WHUQRDODIDPLOLD

(VSRVLEOHFRQWDUFRQDSRUWHVGHODVIDPLOLDV SDUDSUiFWLFDVHVFRODUHVWDOHVFRPRVHxDODU OXJDUHVSHUVRQDVHLQVWLWXFLRQHVSDUDUHDOL]DU VDOLGDV\UHFRUULGRVGHORVHVWXGLDQWHVDFRUGDU FULWHULRV\FRQWHQLGRVSDUDDGHFXDUODVWDUHDV HVFRODUHVDUHDOL]DUHQHOKRJDUGHPRGRWDOTXH ORVVDEHUHVGHODIDPLOLDVHDQUHOHYDQWHV GLYHUVLILFDUSDXWDVSDUDODDOLPHQWDFLyQGHQWUR GHODHVFXHOD\DQDOL]DUODVFRPRFRQWHQLGR \DSRUWDUWHPDVSDUDHVSHFLILFDU\FRQWH[WXDOL]DU HOFXUUtFXOR&RQHOORVHSXHGHDSURYHFKDUHO SRWHQFLDOHGXFDWLYRGHODUHDOLGDGFRWLGLDQDGHXQD FRPXQLGDG\GHVXVSURWDJRQLVWDVFRQYLUWLpQGROR HQVDEHUHVTXHODHVFXHODSXHGHLQFOXLUHQVX SURSXHVWDIRUPDWLYD

/DVIDPLOLDVGHORVVHFWRUHVPiVSREUHV \HQHVSHFLDOODVPDGUHVPiVMyYHQHV\GHPHQRU QLYHOGHLQVWUXFFLyQGHEHQVHUDFRPSDxDGDV HQHOGLiORJRFRQHOVLVWHPDHGXFDWLYR IXQGDPHQWDOPHQWHHQORVPRPHQWRVFODYH LQVFULSFLyQFLHUUHVGHFLFOROHFWLYR©SURFHVRV GHGHULYDFLyQªUHSHWLFLyQ /$&2081,'$''(%(6$%(5&Ï02$%2*$5 3$5$7(1(568/8*$5



 'XUVWRQ-  ©3ROtWLFDVRFLDOUXUDOHQXQDHVWUDWHJLD GHGHVDUUROORVRVWHQLGRª5HYLVWDGHOD&(3$/SiJV




Ã&#x2C6;0%,72±(VWUDWHJLDVSDUD VXSHUDUEDUUHUDVPDWHULDOHV SHGDJyJLFDV\VLPEyOLFDV HQODRIHUWDHVFRODUSURPRYHU HVFXHODVFRPSURPHWLGDV FRQODLQFOXVLyQ

XQDWUDPDTXHGHILQHODVFRQGLFLRQHV GHHQVHxDQ]D PtQLPDVGHVHDEOHV RGHH[FHOHQFLDVHJ~QHOFDVRGHOSUR\HFWR  /DLQWHQFLyQSXHGHFRQMXJDUGHGLVWLQWDVPDQHUDV ODLGHDGH©SLVRªHTXLYDOHQWHSDUDWRGRV R©HVFDORQHVªSDUDHTXLSDUDUHVFXHODV HQVLWXDFLRQHVGHVYHQWDMRVDV7RGDVHVWDV FRQGLFLRQHVVHFRQMXJDUtDQSDUDGDUFRPR UHVXOWDGREXHQDVSUiFWLFDVPHMRUHVDSUHQGL]DMHV \XQDPD\RUYDORUDFLyQKDFLDODHVFXHOD1R REVWDQWHODH[SHULHQFLD\ODVHYLGHQFLDVKDFHQ VLWXDUHVWRVVRSRUWHVPDWHULDOHVFRPRFRQGLFLRQHV QHFHVDULDVRGHGLJQLGDGGHODVLWXDFLyQHVFRODU PDVQRVXILFLHQWHVHQVtPLVPDVSDUDHYLWDU ODVGLIHUHQWHVIRUPDVGHH[FOXVLyQHGXFDWLYD

©/RVGHUHFKRVKXPDQRVSURYHHQXQREMHWLYRFHQWUDOGH ODHGXFDFLyQHOGHVDUUROORGHODKDELOLGDGGHDSUHQGHU \FRQWLQXDUDSUHQGLHQGRDORODUJRGHWRGDODYLGDª &RPLVLyQGH'HUHFKRV+XPDQRV1DFLRQHV8QLGDV

/DDWHQFLyQGHODVGLVWLQWDVQHFHVLGDGHV GHODLQIDQFLD\DGROHVFHQFLDSDUDXQGHVDUUROOR SOHQR\SDUDHOHMHUFLFLRGHVXVGHUHFKRVUHTXLHUH ODLQWHJUDFLyQFRQYHUJHQFLD\DUPRQL]DFLyQGHORV GLVWLQWRVHMHVGHODSURWHFFLyQLQWHJUDO/RVQLxRV QLxDV\DGROHVFHQWHVQXWULGRVVDQRV\FRQ JDUDQWtDVMXUtGLFDVDVXLGHQWLGDG\VHJXULGDG FXLGDGRVHQVXKRJDUFRQVXJUXSRIDPLOLDUHVWiQ HMHUFLHQGRPXFKRVGHVXVGHUHFKRVHVHQFLDOHV VLQHPEDUJRHVWRHVD~QXQGHVDItRSHQGLHQWH HQODUHJLyQ

(VWDVHVWUDWHJLDVVHRUJDQL]DQHQFXDWUR DJUXSDPLHQWRVFHQWUDGRVHQ  ODVFRQGLFLRQHV PDWHULDOHV  ORVPHFDQLVPRVGHLQFRUSRUDFLyQ \RUJDQL]DFLyQGHORVHVWXGLDQWHV  ODVSUiFWLFDV SHGDJyJLFDV\  HOFOLPDHVFRODU

$JUXSDPLHQWR &UHDUFRQGLFLRQHVPDWHULDOHV GHIXQFLRQDPLHQWR\YLQFXODUODV FRQHODSUHQGL]DMH

(OGHUHFKRDODHGXFDFLyQVHDOLPHQWDGHHVWRV GHUHFKRVHVHQFLDOHV\DODYH]ORVIRUWDOHFH XQHQIRTXHLQWHJUDGRJHQHUDLQGXGDEOHVEHQHILFLRV SDUDODFRPXQLGDGHQVXFRQMXQWR/DSURWHFFLyQ GHHVWRVGHUHFKRVUHTXLHUHFRQPLQDU ODVHVSHFLILFLGDGHV\FRPSURPLVRVGHJHVWLyQ GHFDGDiPELWRGHO(VWDGRFRQUHVSRQVDELOLGDGHV LQDOLHQDEOHVDOUHVSHFWR

(± $7(1'(5/$1(&(6,'$''((',),&,26 (6&2/$5(6 /RVHGLILFLRVHVFRODUHVFHUFDQRVDODUHVLGHQFLD GHORV11$TXHVHDQVHJXURVOXPLQRVRVFXHQWHQ FRQVHUYLFLRV DJXDHOHFWULFLGDGFOLPDWL]DFLyQ  FRQHVSDFLRVGHFODVH\RWURVDPELHQWHV GHVWLQDGRVDDFWLYLGDGHVUHOHYDQWHVVRQXQEXHQ UHVSDOGRSDUDODDVLVWHQFLDHVFRODU\SDUDHO DSUHQGL]DMHHVGHFLUSDUDGDUEDVHDODVXSHUDFLyQ GHODVFLQFRGLPHQVLRQHVGHH[FOXVLyQ

(QHOSODQRGHOGHUHFKRDODHGXFDFLyQWRGDOD SREODFLyQ\HQSDUWLFXODUDTXHOODH[FOXLGDRHQ ULHVJRGHEHSRGHUHQFRQWUDUHQFXDOTXLHUHVFXHOD VXRSRUWXQLGDGGHHMHUFHUHVHGHUHFKR(VD RSRUWXQLGDGUHTXLHUHFRQGLFLRQHVPDWHULDOHV GLJQDVSHURPXFKRPiVTXHHVRGHPDQGDXQD SURSXHVWDRUJDQL]DWLYD±OLGHUDGDHLPSXOVDGD GHVGHODSROtWLFDHGXFDWLYD±SHGDJyJLFD\YLQFXODU TXHUHFLEDDWRGRVOHVSHUPLWDDSUHQGHU\ORVOOHYH DODWHUPLQDFLyQGHVXVHVWXGLRVHQXQFOLPD KXPDQRWROHUDQWH\UHVSHWXRVR

/RVHGLILFLRVHVFRODUHVHVWiQVRPHWLGRVDXQD RFXSDFLyQPX\LQWHQVDSRUSDUWHGHPXFKRV XVXDULRVGXUDQWHPXFKRVDxRV6HUHTXLHUH FRQFLHQWL]DUDODFRPXQLGDGXVXDULDGHODV HVFXHODV\DODTXHYLYHHQVXDOUHGHGRUDFHUFDGHO YDORUSDWULPRQLDO\VLPEyOLFR$VLPLVPRWUDVODV VLWXDFLRQHVGHFDWiVWURIHVQDWXUDOHVRKXPDQLWDULDV ORVHGLILFLRVHVFRODUHVTXHQRKD\DQVLGRDIHFWDGRV VXHOHQVHUXWLOL]DGRVFRPRVHGHGHDORMDPLHQWR WHPSRUDULRORFXDOSHUMXGLFDDGLFLRQDOPHQWHVXV LQVWDODFLRQHV

(GLILFLRVOLEURVFRPSXWDGRUDVHTXLSRVPXOWLPHGLD \PDWHULDOHVSDUDGRFHQWHVIRUPDQSDUWHGHFDVL WRGRVORVSURJUDPDVGHLQYHUVLyQTXHVH GHVDUUROODQHQODUHJLyQGHVGHKDFHGpFDGDV 7RGRVHVWRVFRPSRQHQWHVVXHOHQFRQVLGHUDUVH 

6HSURSRQHQHVWUDWHJLDVRULHQWDGDVDXQDPHMRUD SDXODWLQDGHODVFRQGLFLRQHVGHLQIUDHVWUXFWXUD SUHYLHQGRVXVWHQWDELOLGDG\FXLGDGRGHORV HVSDFLRVSRUODSDUWLFLSDFLyQGHODFRPXQLGDG HGXFDWLYD(VWDVHVWUDWHJLDVHQIUHQWDQLQHYLWDEOHV

 /RV'HUHFKRV(FRQyPLFRV6RFLDOHV\&XOWXUDOHV(O'HUHFKR DOD(GXFDFLyQ,QIRUPH




UHVWULFFLRQHVSUHVXSXHVWDULDV\VXHOHQVHUREMHWR GHSUHVLRQHVYDULDGDVGHGLVWLQWRVVHFWRUHV SROtWLFRV\VRFLDOHVSDUDUHFLELUORVVLHPSUH LQVXILFLHQWHVIRQGRV/RVFULWHULRVDQDOtWLFRV GHODVGLPHQVLRQHVGHH[FOXVLyQHGXFDWLYDVRQ SRGHURVRVSDUDDUPDUSODQHVSOXULDQXDOHVSDUD JHVWLRQDUODLQYHUVLyQFRQSDUiPHWURVREMHWLYRV\ MXVWLILFDGRV

HVSHFtILFRVFDVRSRUFDVRDFUHFLHQWDHQSDUWLFXODU HOFRVWRHQGLQHUR\HQWLHPSRGHOGLVHxRGHHVRV SUR\HFWRV'LVWLQWDVIRUPDVGHLQWHUDFFLyQFRQ FiWHGUDVXQLYHUVLWDULDVGHLQJHQLHUtDFLYLO RDUTXLWHFWXUDFRQFROHJLRVSURIHVLRQDOHVRLQFOXVR FRQSURIHVLRQDOHVLQGLYLGXDOHVSXHGHSRQHUHQ YDORUHVWDOtQHDGHWUDEDMRDOLYLDUORVFRVWRV\ FRQWDUFRQDSR\RVSDUDVXQHJRFLDFLyQ

(QFDUDUXQDDFFLyQDPSOLDGHFRQVWUXFFLyQGH QXHYRVHGLILFLRVHVFRODUHV\XQDDFFLyQPDVLYD GHUHIXQFLRQDOL]DFLyQGHORV\DH[LVWHQWHV/RV SDtVHVTXHD~QGHEHQHQFDUDUSURFHVRVGH FREHUWXUDHVSHFLDOPHQWHHQHGXFDFLyQLQLFLDO\ VHFXQGDULDVHHQFXHQWUDQHVSHFLDOPHQWH GHPDQGDGRVSDUDODFRQVWUXFFLyQGHHGLILFLRV HVFRODUHVTXHDOEHUJXHQQXHYDRIHUWD$XQ FRQWDQGRFRQUHFXUVRVSDUDHGLILFDFLRQHV WRWDOPHQWHQXHYDVHQPXFKRVWHMLGRVXUEDQRV\D QRKD\WHUUHQRVSDUDFRQVWUXLUJUDQGHVSODQWDV FRPRODVTXHUHTXHULUtDQPXFKDVHVFXHODV

(VWDEOHFHUXQGLVSRVLWLYRSHUPDQHQWHGH PDQWHQLPLHQWRFRUUHFWLYR\SUHYHQWLYR\GH FRQVWUXFFLyQGHHVSDFLRVFRPSOHPHQWDULRV0iV DOOiGHLQVWDODUXQDFXOWXUDGHFXLGDGRLQWHQVLYRGH ORVHGLILFLRVHVFRODUHVLQHYLWDEOHPHQWHVHSURGXFH GHVJDVWHGHXVR3RUHOORHVQRUPDUD]RQDEOH\GH DSOLFDFLyQHQPXFKRViPELWRVODILMDFLyQGHUXWLQDV GHPDQWHQLPLHQWRFRUUHFWLYR HOTXHVREUHYLHQHD URWXUDVQRSODQLILFDGR \GHPDQWHQLPLHQWR SUHYHQWLYR HOTXHDQWLFLSDHOGHVJDVWHGHILQLWLYR\ TXHVHSODQLILFDHQIXQFLyQGHODVFDUDFWHUtVWLFDV GHOHGLILFLR (VLPSRUWDQWHEXVFDUDOWHUQDWLYDVSDUD GLVSRQHUGHIRQGRVGHPDQWHQLPLHQWRFRUUHFWLYR\ SUHYHQWLYRFRQSURFHGLPLHQWRViJLOHV\IOXLGRVTXH HYLWHQPDOHVWDUHVSRUWHQHUTXHHQFDUDU SURFHGLPLHQWRVHQJRUURVRVFXDQGRODXUJHQFLDVH KDGHVDWDGR$VLPLVPRHVWHWLSRGHUHFXUVRV SXHGHQDUWLFXODUFRQORVJRELHUQRVORFDOHV\ JHQHUDUHVSDFLRVGHSDUWLFLSDFLyQGHODFRPXQLGDG WDQWRHQHOFRQWUROGHORVIRQGRVFRPRLQFOXVRHQ ORVSURSLRVWUDEDMRVDUHDOL]DUDXPHQWDQGRHO FRPSURPLVRORFDO

Â&#x2039;81,&()&XED%HOO

3RUHVHPRWLYR\GHELGRDODREVROHVFHQFLDGH HGLILFLRVHVFRODUHV\DDJRWDGDVHVFUXFLDO±VLELHQ PHQRVFRQVLGHUDGR±SUHYHUXQDLQYHUVLyQ VXVWDQWLYDHQREUDVUHIXQFLRQDOL]DFLyQDPSOLDFLyQ \UHSDUDFLRQHVPD\RUHVGHHVFXHODV3DUDHVWDV DFFLRQHVKD\TXHGHVSOHJDUXQDVHVWUDWHJLDVGH JHVWLyQHVSHFtILFDVDGHPiVGHODGLVSRQLELOLGDGGH IRQGRV(OHQIRTXHGHFRQVWUXFFLRQHVGHPHGLDQD FRPSOHMLGDG\HQYHUJDGXUDFRQSUR\HFWRVGHREUD




/RVPXHEOHVHVFRODUHV EDQFRVSXSLWUHV ELEOLRWHFDV VRQXQHTXLSDPLHQWREiVLFRDOTXH SXHGHQDSOLFDUVHFULWHULRVVLPLODUHV\DTXH SDGHFHQORVPLVPRVPDOHVREVROHVFHQFLD LQDGHFXDFLyQVREUHXWLOL]DFLyQHVFDVH]GHFDQWLGDG \HVFDVRVUHFXUVRVDVLJQDGRVDODVUHSDUDFLRQHV PHQRUHV

HQYLDQGRFDWiORJRVSDUDODGHILQLFLyQLQVWLWXFLRQDO GHQWURGHXQPHQ~HOHJLEOHRWURVSUHYpQ DXWRUL]DFLyQSDUDHVWHXVRFXDQGRDVLJQDQIRQGRV SDUDSUHVXSXHVWRVGHDGPLQLVWUDFLyQHVFRODU $YDQ]DUHQHVWDOtQHDVHHVSHUDWHQJDXQGREOH EHQHILFLRFRPSURPHWHUDHVWXGLDQWHV\IDPLOLDVHQ ODFRQVWUXFFLyQGHSDXWDVSDUDXVDU\FXLGDU HOHTXLSDPLHQWRELEOLRJUiILFR\GLGiFWLFRHQJHQHUDO \PRYLOL]DUYDULHGDGGHDOWHUQDWLYDVDFRUGHVD FULWHULRVGHUHOHYDQFLD\H[SHFWDWLYDVFXOWXUDOHVGH ODFRPXQLGDG\SUHGLOHFFLyQGHORVGRFHQWHV

8QDHVWUDWHJLDTXHSXHGHFRPELQDUVHR GHVDUUROODUVHHQIRUPDLQGHSHQGLHQWHDODV UHIDFFLRQHV\UHIXQFLRQDOL]DFLRQHVPD\RUHVUHILHUH DODFRQVWUXFFLyQGHHVSDFLRVFRPSOHPHQWDULRVD HGLILFLRVH[LVWHQWHVDXODVQXHYDVVDORQHVGHXVR P~OWLSOHSDQHOHVGHVDQLWDULRV(VWHWLSRGHREUDV FRQWDQGRFRQODGLUHFFLyQWpFQLFDGHSURIHVLRQDOHV GHSHQGLHQWHVGHRILFLQDVJXEHUQDPHQWDOHV PLQLVWHULRVGHHGXFDFLyQPXQLFLSLRVHQWLGDGHVGH REUDVS~EOLFDV SXHGHQVHUHQFDUDGDVPRYLOL]DQGR PDQRGHREUDGHODFRPXQLGDG FRQVX FRUUHVSRQGLHQWHSDJRRHQIRUPDSDUFLDOPHQWH YROXQWDULD DSDUWLUGHSURWRWLSRVVHQFLOORV\ UHDOL]DGRVFRQPDWHULDOHV\WpFQLFDVFRQVWUXFWLYDV YLJHQWHVHQODFRPXQLGDG

(O©XVRUHDOGHLQVWUXPHQWRVUHDOHVGHODYLGD FRWLGLDQDªVXVWHQWDDFWLYLGDGHVSHGDJyJLFDVPiV SHUWLQHQWHV\UHOHYDQWHVSDUDODFRPXQLGDGGRQGH IDPLOLDUHV\RWUDVSHUVRQDVIXHUDGHODHVFXHOD SXHGHQDSRUWDUFRQRFLPLHQWRVREUHODXWLOL]DFLyQGH KHUUDPLHQWDVPiTXLQDVRLQVWUXPHQWDO ,QVLVWLUHQODXWLOL]DFLyQLQWHQVLYDGHOHTXLSDPLHQWR GLGiFWLFRHQVLWXDFLRQHVGHDSUHQGL]DMH(OFULWHULR GHYDORUDFLyQVREUHHOHTXLSDPLHQWRGLGiFWLFRHQ XQDHVFXHODQRHVODSUHVHQFLDGHORVPDWHULDOHVHQ VtPLVPRVVLQRVXXWLOL]DFLyQLQWHQVLYDHQ SURSXHVWDVSHGDJyJLFDVIUHFXHQWHV\YDULDGDV 3DUDVXSHUDUODVUHVWULFFLRQHVTXHREVWDFXOL]DQHVD XWLOL]DFLyQHVLPSRUWDQWHLQFOXLUHVWUDWHJLDVTXH DWLHQGDQDIDFWRUHVSHGDJyJLFRV\RUJDQL]DWLYRV L LQFOXLUHQORVHVTXHPDVGHIRUPDFLyQLQLFLDO\ FRQWLQXDODVFRPSHWHQFLDVTXHSHUPLWHQGLYHUVLILFDU ODVSURSXHVWDVGHHQVHxDQ]DFRQUHFXUVRV GLGiFWLFRVLL DSR\DUDORVGRFHQWHVSDUDPHMRUDU VXJHVWLyQFXUULFXODUSDUDQRGHVFDUWDUHOXVRGH HTXLSDPLHQWRSRUHOWLHPSRGHFODVHTXHUHTXLHUHQ LLL DMXVWDUODVQRUPDWLYDVSDWULPRQLDOHVVREUHHO HTXLSDPLHQWRTXHGLILFXOWHQHOXVRFXDQGR UHVSRQVDELOL]DQHQH[FHVRDGLUHFWLYRV\GRFHQWHV SRUODUHSRVLFLyQGHURWXUDVRH[WUDYtRVLY DQDOL]DU SRVLEOHVSDXWDVGHGLVFULPLQDFLyQTXHHVWpQ RSHUDQGRSDUDGLVPLQXLUVLWXDFLRQHVGHH[SORUDFLyQ \PDQLSXODFLyQGHPDWHULDOGLGiFWLFRDORVQLxRV\ QLxDVPiVSREUHVSRUWHPRURSUHMXLFLRVGHTXHORV GHWHULRUHQRQRORVYDORUHQVLIXHUDHOFDVREXVFDU YtDVSDUDVXSHUDUHVHWHPRU

(± 326,%,/,7$5(48,3$0,(172','Ã&#x2C6;&7,&2 3$5$68862,17(162 (OHTXLSDPLHQWRGLGiFWLFR GHVGHORVMXHJRVSDUD HGXFDFLyQLQLFLDO\SDUDHOSULPHUWUDPRGHOD SULPDULDODERUDWRULRVVHQFLOORVGHFLHQFLDVSDUD HGXFDFLyQSULPDULD\PiVVRILVWLFDGRVSDUD VHFXQGDULDKHUUDPLHQWDV\PiTXLQDVEiVLFDVSDUD WHFQRORJtDPHGLRWHFDVHQWUHORVSULQFLSDOHV  SHUPLWHDJUHJDUYDORUDODVH[SHULHQFLDV SHGDJyJLFDVJHQHUDQGRSRVLELOLGDGHVHVSHFtILFDV GHH[SHULPHQWDFLyQLQWHUDFFLyQFRQRWURV HVFHQDULRVPDQLSXODFLyQVLPXODFLyQ&DEH DJUHJDUTXHPXFKRVHOHPHQWRVGHODYLGDUHDO GHXQDFRPXQLGDGVRQ©GLGDFWL]DEOHVªHVGHFLU TXHSXHGHQVHUXWLOL]DGRVHQODYLGDHVFRODUFRPR VRSRUWHVGHOHQULTXHFLPLHQWRGHORVDSUHQGL]DMHV SRUHMHPSORKHUUDPLHQWDVXWLOL]DGDVSDUDRILFLRV HOHPHQWRVSDUDDUWHVDQtDVSURGXFWRVGHFRFLQD MXHJRVSRSXODUHVLQVWUXPHQWRVPXVLFDOHV ([SORUDUIRUPDVGHVHOHFFLyQ\JHVWLyQGHORV PDWHULDOHVTXHSHUPLWDQSURWDJRQLVPRORFDO(QHO PDUFRGHODLQLFLDWLYD1)(\FRPRSDUWHGH SURFHVRVPiVDPSOLRVGHSDUWLFLSDFLyQ\ FRPSURPLVRFRQODFRPXQLGDGGHUHIHUHQFLDVH FRQVLGHUDLPSRUWDQWHH[SORUDUSURFHGLPLHQWRVTXH SHUPLWDQTXHORVSURIHVRUHVSXHGDQHMHUFHU RSFLRQHVGLGiFWLFDV\ODVFRPXQLGDGHVH[SUHVDU VXVSUHIHUHQFLDVDXQFXDQGRIXHUDSDUDXQD SURSRUFLyQGHORVUHFXUVRVDVLJQDGRV$OJXQRV SDtVHVGHODUHJLyQKDQDYDQ]DGRHQHVWDOtQHD

(± *$5$17,=$5/$35(6(1&,$'( $%81'$17(6/,%5263$5$$35(1'(5 /DGLVSRQLELOLGDGGHOLEURVHVXQLPSRUWDQWHVRSRUWH SDUDHOSURJUHVLYRGRPLQLRGHODOHQJXDHVFULWDTXH GHEHSURYHHUODHVFXHOD(VWHGRPLQLRGHEH SODVPDUVHGHVGHHOGHVHQWUDxDPLHQWRGHOFyGLJR HVFULWRKDVWDHOXVRGHODSDODEUDHVFULWD\DVHDHQ ORVOLEURVRHQODSDQWDOODGHODFRPSXWDGRUDSDUD DSUHQGHUQXHYRVFRQWHQLGRVVLVWHPDWL]DU \H[SRQHUHOFRQRFLPLHQWRDGTXLULGRH[SUHVDU




ODSURSLDLQWHULRULGDG\DFFHGHU\GLVIUXWDUGHO FDSLWDOFXOWXUDODFXPXODGRHQIRUPDHVFULWD

ORFDOHV(QFDUDUPRGDOLGDGHVSDUDHYDOXDUODV DOWHUQDWLYDVGHDGTXLVLFLyQDSOLFDGDV\VX YLQFXODFLyQFRQVXXWLOL]DFLyQHQODVDXODVSHUPLWLUtD FRQWDUFRQLQIRUPDFLyQREMHWLYDTXHDJUHJXH IXQGDPHQWRVDODVRSFLRQHVGHJHVWLyQ

6HOHFFLRQDU\GLVWULEXLUOLEURVSDUDDSUHQGHU(Q $PpULFD/DWLQD\HO&DULEHKD\SROtWLFDVPX\ HVWDEOHFLGDV\GHODUJDGDWDHQUHODFLyQFRQOD SURYLVLyQVLVWHPiWLFDGHOLEURVDORVHVWXGLDQWHVRD ODVHVFXHODV3RUHMHPSORORVPRGHORVVHxHURVGH 0p[LFRTXHVHUHPRQWDQDODxRFRQOD &RPLVLyQ1DFLRQDOGH/LEURVGH7H[WR*UDWXLWRV &21$/,7(* HQ&KLOHHOSURJUDPDGHFRPSUD\ GLVWULEXFLyQSDUDHVFXHODVSULPDULDV\PHGLDV GHVGHHODxR\HQ%UDVLOGHVGH(VD WUDGLFLyQKDLGRSHUPHDQGRDWRGDODUHJLyQ\FRQ GLYHUVDVPRGDOLGDGHVXQDJUDQFDQWLGDGGHSDtVHV FXHQWDQFRQHVWUDWHJLDVSDUDDPSOLDUHODFFHVRGH ORVOLEURVHQHOiPELWRHVFRODU

3DUDORJUDUQRVyORODGLVSRQLELOLGDGGHOLEURVVLQR WDPELpQVXXWLOL]DFLyQLQWHQVLYDHVQHFHVDULRWHQHU HVWUDWHJLDVSDUDGLVWLQWRVDVSHFWRVGHVXGLQiPLFD GHJHVWLyQRUJDQL]DFLRQDO\GLGiFWLFDDOJXQDV GHODVFXDOHVVHGHWDOODQDFRQWLQXDFLyQ 8WLOL]DUORVOLEURVHQODVSURSXHVWDVGHHQVHxDQ]D \GDUDFFHVLELOLGDGDORVHVWXGLDQWHV(VLPSRUWDQWH SODQWHDUFRQPXFKDFODULGDGXPEUDOHVRSDXWDV PtQLPDVGHXWLOL]DFLyQGHORVOLEURVGLVSRQLEOHV HQORVGLVWLQWRVQLYHOHVHGXFDWLYRV3DUDDSXQWDODU ODSURJUHVLyQHQODHVFRODUL]DFLyQHQODHVFXHODVH KDQGHSUDFWLFDULQWHQVLYDPHQWHORVGLVWLQWRVWLSRV GHSURSyVLWRVGHOHFWXUD\HVFULWXUDDSUHQGHU QXHYRVFRQFHSWRVVLVWHPDWL]DU\UHODFLRQDU FRQWH[WRVDPSOLDULQIRUPDFLyQ/RVHVWXGLDQWHVVH EHQHILFLDQVLORVSURIHVRUHVPRGHOL]DQ UHFXUUHQWHPHQWHHOSURFHVRGHFRQVXOWD\DFFHVR DODLQIRUPDFLyQGHORVOLEURV

127$ (VWUDWHJLDVGHSURYLVLyQGHOLEURV HVFRODUHVHQ%UDVLO

3URJUDPD1DFLRQDOGR/LYUR 'LGiWLFR 31/'

(O0LQLVWHULRSXEOLFDODVREUDVUHFRPHQGDGDV \FDGDHVFXHODVHOHFFLRQDODVTXHPHMRUDFRPSDxDQ DVXSUR\HFWRLQVWLWXFLRQDO(OSURJUDPDHV HMHFXWDGRHQFLFORVGHWUHVDxRVDOWHUQDGRV&DGD DxRHO0LQLVWHULRGLVWULEX\HOLEURVSDUDHVWXGLDQWHV GHXQFLFOR SULPHURVDxRVGHHQVHxDQ]DEiVLFD DxRVILQDOHVGHHQVHxDQ]DEiVLFDXHQVHxDQ]D PHGLD $H[FHSFLyQGHORVOLEURVTXHVHFRPSOHWDQ WRGRVORVHMHPSODUHVGHEHQTXHGDUHQODVHVFXHODV DOILQDOL]DUHODxRHVFRODUSDUDTXHSXHGDQVHU XWLOL]DGRVSRURWURVHVWXGLDQWHV

2WURIDFWRUUHOHYDQWHHVODYLQFXODFLyQFRQOD OLWHUDWXUDORFDOUHJLRQDO\XQLYHUVDO\VXJRFH HLPSXOVRDODSURGXFFLyQGHWH[WRVH[SUHVLYRV SURSLRVSRUSDUWHGHORVHVWXGLDQWHV(VWRVWH[WRV SHUPLWHQXVDUODSDODEUDHVFULWDFRPRH[SUHVLyQ GHODLQWHULRULGDG\ODDILUPDFLyQSHUVRQDO \FRPXQLWDULD (VWHXVRSHGDJyJLFRSURIXQGRGHORVOLEURVVyORHV SRVLEOHSURWHJLHQGRVXDFFHVLELOLGDG\ GLVSRQLELOLGDGSRUSDUWHGHORVHVWXGLDQWHV LPSOHPHQWDQGRPHFDQLVPRVGHSUpVWDPR GRPLFLOLDULRKRUDULRVDPSOLRVGHFRQVXOWDH LQFOXVLyQVRVWHQLGDHQODVDFWLYLGDGHVGHFODVH 7DPELpQHVSURYHFKRVRLQYROXFUDUDORVSURSLRV HVWXGLDQWHVHQODIRUPXODFLyQGHSDXWDVGHFXLGDGR \XVRGHORVPDWHULDOHVDYDQ]DQGRHQODJHVWLyQ \DWHQFLyQGHQRUPDVVRFLDOHVFRPSDUWLGDV

3URJUDPD1DFLRQDO%LEOLRWHFDGD (VFROD 31%(

(OSURJUDPDGLVWULEX\HREUDVOLWHUDULDVGHWH[WRV HQSURVDHQYHUVROLEURVGHLPiJHQHVHKLVWRULHWDV SHULyGLFRVGHFRQWHQLGRGLGiFWLFR\PHWRGROyJLFR SDUDODVHVFXHODVGHHGXFDFLyQLQIDQWLO\PHGLD \SDUDSURIHVRUHV

&XLGDUODYDULHGDGHQODSURYLVLyQ\GLVSRQLELOLGDG GHOLEURV(VLPSRUWDQWHEDODQFHDUODSUHVHQFLDGH OLEURVGHWH[WR±VXMHWRVDVXSHUYLVLyQLQWHQVDSRU SDUWHGHORVJRELHUQRVHQVXFRPSUDHLQFOXVRHQ VXHODERUDFLyQ±TXHVHFRQVWLWX\HQHQVRSRUWHVGH ODVGHFLVLRQHVGLGiFWLFDVGHORVGRFHQWHVFRQRWURV OLEURVGHGLYXOJDFLyQFLHQWtILFDFXOWXUDOOLWHUDWXUD XQLYHUVDODPHULFDQD\ORFDO\RWURVSURGXFWRVGH RULJHQ©QRHVFRODUªLQFOX\HQGRUHYLVWDV\RWURV VRSRUWHVWH[WXDOHV(VWDYDULHGDGHVXQYHFWRU LPSRUWDQWHSDUDVRVWHQHUODDWHQFLyQDODGLYHUVLGDG FXOWXUDO\GHULWPRVGHDSUHQGL]DMH

(VWDVHVWUDWHJLDVHQODPHGLGDHQTXHWLHQGDQD DWHQGHUDSREODFLRQHVDPSOLDVHQIUHQWDQ SUREOHPDVSRUUHVWULFFLRQHVSUHVXSXHVWDULDV FXiQWRGLQHURVHDVLJQD \DGPLQLVWUDWLYR ILQDQFLHUDV FyPRVHJHVWLRQDQODVDGTXLVLFLRQHV  $VLPLVPRGHQWURGHFDGDSDtVVXHOHQH[LVWLU WHQVLRQHVDQWHFDGDXQDGHODVRSFLRQHVSDUD ODVHOHFFLyQ\DGTXLVLFLyQGHOLEURVSRUORV LQWHUHVHVGHHGLWRULDOHVPiVJUDQGHVDOJXQDV LQFOXVRWUDVQDFLRQDOHV\RWUDVPiVSHTXHxDV\




HVDWHQGHQFLDLQHUFLDOUHFXSHUDQGRSURWDJRQLVPR DQLYHOLQVWLWXFLRQDOJHQHUDHVWUDWHJLDVTXHQR UHTXLHUHQUHFXUVRVILQDQFLHURVDGLFLRQDOHV\TXH WLHQHQJUDQSRWHQFLDOLGDGSDUDKDFHUHYROXFLRQDU ODVRSRUWXQLGDGHVSDUDDSUHQGHU

*DUDQWL]DUODFDQWLGDG\UHSRVLFLyQFRQWLQXDGHORV OLEURV3DUDVRVWHQHUODFRQILDQ]DGHODFRPXQLGDG HVFRODUHQODXWLOL]DFLyQLQWHQVLYDGHORVOLEURVHV QHFHVDULRWRPDUGHILQLFLRQHVFRQUHVSHFWRDOD SHULRGLFLGDG\UHFXUUHQFLDTXHGHEHQWHQHUODV SROtWLFDVSURYLVLyQ\VREUHTXpFDQWLGDGGHOLEURVHV VXILFLHQWHHQXQDHVFXHODGHQWURGHHVDSROtWLFD 3RURWUDSDUWHVHJ~QHOWLSRGHOLEURVVHDJUHJD ODFXHVWLyQGHODSURSLHGDGGHORVPLVPRV ¢&XiOHVGHHOORVVHUiQSURSLHGDGGHORV HVWXGLDQWHV\FXiOHVVHUiQSURSLHGDG GHODHVFXHOD"7RGDVHVWDVGHFLVLRQHVWLHQHQ XQFRVWDGRSUHVXSXHVWDULR\ILQDQFLHURTXHVHGHEH DQDOL]DUFRQGHWDOOH\DTXHH[LJHODSURYLVLyQ GHOLEURV\VXHQWUHJDHQIRUPDRSRUWXQDHLPSOLFD SURFHGLPLHQWRVGHJHVWLyQ\GHDVLJQDFLyQ GHUHFXUVRVDOWDPHQWHFRPSOHMRVGHQWURGH ODEXURFUDFLDJXEHUQDPHQWDO

(± 327(1&,$5(48,326',5(&7,926 <'2&(17(6 /RVHVWXGLDQWHVVHEHQHILFLDQPXFKRFXDQGRKD\ GRFHQWHVTXHOHVRIUHFHQDORDQFKRGHORV HVSDFLRVFXUULFXODUHV\DORODUJRGHOLWLQHUDULR HVFRODUXQDSURSXHVWDSHGDJyJLFDDUWLFXODGDTXH VyORRFXUUHFXDQGRGLUHFWLYRV\SURIHVRUHV VRVWLHQHQXQDWUDPDFRP~QGHGHFLVLRQHV \DFFLRQHV 'LVWLQWRVFLUFXLWRVGHJHVWLyQVHFRPELQDQSDUD GHWHUPLQDUHVDWUDPDGHGRFHQWHVTXHVH GHVHPSHxDQHQFDGDDXODHQFDGDHVFXHOD $QLYHOPDFURQDFLRQDORGHSDUWDPHQWDOODOOHJDGD \VDOLGD GHOSODQWHOGRFHQWHDXQDHVFXHODHQ SDUWLFXODUGHSHQGHGHXQSURFHGLPLHQWR GHWHUPLQDGROHJLVODWLYDRUHJODPHQWDULDPHQWH DQLYHOLQVWLWXFLRQDOODDVLJQDFLyQDORVJUDGRV RJUXSRVFODVHSUHVHQWDPiVRSFLRQHVGHGHFLVLyQ HQHOSODQRHVFRODUFRQPD\RUSDUWLFLSDFLyQ GHODJHVWLyQGHOGLUHFWLYR

'DUSDUWLFLSDFLyQDGRFHQWHVHLQVWDQFLDVORFDOHV HQODVHOHFFLyQGHOLEURV3DUHFHHVSHFLDOPHQWH YDOLRVREXVFDUDOWHUQDWLYDVTXHHTXLOLEUHQODV GHFLVLRQHVGHJRELHUQRFHQWUDO HQHVSHFLDOFRQ ODFODUDUHIHUHQFLDDORVFXUUtFXORVQDFLRQDOHV  FRQODVSUHIHUHQFLDVGRFHQWHVTXHSHUPLWHQ PD\RUHVQLYHOHVGHDSURSLDFLyQ\PRGDOLGDGHV GHXVRLQWHQVRHQHODXOD8QDDOWHUQDWLYDSXHGH VHUDFHUFDUVHDIRUPDVPiVFHQWUDOL]DGDVSDUD OLEURVGHWH[WR\PiVGHVFHQWUDOL]DGDVSDUDOLEURV GHOLWHUDWXUD\WHPiWLFDVORFDOHV(OULHVJRGHH[FOXLU DORVGRFHQWHVGHWRGRPDUJHQGHGHILQLFLyQ GHORVOLEURVHVXQDSRVLEOHLQGLIHUHQFLDKDFLD HOXVRGHORVPDWHULDOHVUHFLELGRVSRUSDUWHGHO JRELHUQR\ODWHQGHQFLDGHORVPDHVWURVDLQGLFDU DODVIDPLOLDVODDGTXLVLFLyQGHRWURVPDWHULDOHV FRQORVTXHORVGRFHQWHVVHVLHQWHQPiVDJXVWR

7UDVIRUPDUHVWRVSURFHGLPLHQWRVSXHGHVHU UHVLVWLGRSRUJUHPLRVPDJLVWHULDOHVFRPRXQD UHDFFLyQJHQpULFDDQWHODVPRGLILFDFLRQHVGHODV SDXWDVHVWDELOL]DGDVGHRUJDQL]DFLyQPiVTXHSRU UD]RQHVSURIHVLRQDOHV(QWpUPLQRVGHHTXLGDG HQODGLVWULEXFLyQGHOWUDEDMRHQWUHORVGRFHQWHV GHXQDHVFXHODHVSRVLEOHSODQWHDUXQDQiOLVLVTXH FRQJHQLHGHPHMRUIRUPDORVVDEHUHV\H[SHULHQFLDV FRQODPHMRUDWHQFLyQDORVHVWXGLDQWHVFRPR FULWHULRSULQFLSDO$VXYH]HVLPSRUWDQWHTXHVH SODQWHHQHVTXHPDVGHYDORUDFLyQSDUDGLUHFWLYRV \GRFHQWHVTXHORJUDQSURJUHVRVGHDSUHQGL]DMH\ SURPRFLyQHQVXVHVWXGLDQWHV

$JUXSDPLHQWR &RQYHUWLUORVSURFHVRVGHRUJDQL]DFLyQ HVFRODUHQRSRUWXQLGDGHV SDUDODLQFOXVLyQ 'HQWURGHOHVFHQDULRTXHFRQILJXUDQODV FRQGLFLRQHVPDWHULDOHVODHVFXHODHVXQD LQVWLWXFLyQYLYD\VX©VXVWDQFLDYLWDOªVRQODV SHUVRQDVTXHODKDELWDQTXLHQHVFDGDGtDVH UH~QHQDOOtSDUDXQWUDEDMRFRPSDUWLGR HVWXGLDQWHV GRFHQWHVGLUHFWLYRV \HQXQWLHPSRUHJXODGRGLDULD \DQXDOPHQWH/DVLQHUFLDVGHODRUJDQL]DFLyQ HVFRODUGHSHUVRQDV\WLHPSRVSXHGHQVHU XQDILVXUDSRUODTXHVHJHQHUDQRSHUSHW~DQ PHFDQLVPRVTXHGLVWDQFLDQGLUHFWDPHQWH DORVJUXSRVPiVH[FOXLGRVRORVSHUMXGLFDQ LQGLUHFWDPHQWHSRUODURWDFLyQLQHVWDELOLGDG \©OHMDQtDªGHGRFHQWHV\GLUHFWLYRV&DPELDU

3DUDTXHORVGLUHFWLYRVSXHGDQGHVDUUROODUDSOHQR ODVUHVSRQVDELOLGDGHVSULQFLSDOHVGHODFRQGXFFLyQ GHUHVXOWDGRVSHGDJyJLFRVH[LJLEOHVDODHVFXHOD KD\TXHGHVSHMDUODWHQVLyQTXHJHQHUDQORVUROHV TXHKR\VHOHVDVLJQDQSRUHMHPSORODJHVWLyQGH UHFXUVRVDVLVWHQFLDOHVRODSDUWLFLSDFLyQHQUHGHVGH SURWHFFLyQVRFLDO 6HUtDSHUWLQHQWHFRQVLGHUDURWURVDJHQWHVSDUD DGPLQLVWUDUSURJUDPDVGHDOLPHQWDFLyQHVFRODU WUDQVSRUWHXQLIRUPHVFRQWUROGHWUDQVIHUHQFLDV FRQGLFLRQDGDVGHVFDUJDQGRSHVRGHODHVFXHOD HQJHQHUDO\GHORVGLUHFWRUHVHQSDUWLFXODU




&RQVROLGDUDORVGLUHFWRUHVFRPREXHQRV FRQGXFWRUHVGHHTXLSRVGRFHQWHVHVXQSURFHVRGH FUHFLPLHQWRSURIHVLRQDOTXHSXHGHVHUDSR\DGRFRQ SURFHVRVRUJDQL]DFLRQDOHVDQLYHOGHVLVWHPD FRQHVWUDWHJLDVFRPRODVTXHVHSUHVHQWDQ DFRQWLQXDFLyQ

SDUDUHFRQYRFDUFRQPHMRUHVSRVLELOLGDGHVGH p[LWRDORVTXH\DIXHURQH[FOXLGRV 3URWHJHUHODFFHVR\ODFRQWLQXLGDGGHFDUUHUD \GHVDUUROORSURIHVLRQDOGHORVGLUHFWLYRV+D\ HVFXHODVS~EOLFDVTXHSODQWHDQXQGHVDItR SHGDJyJLFRVXSHULRUGHVHPSHxDUVHHQHOODVWLHQH HVFDVDYLVLELOLGDG\YDORUDFLyQVRFLDOFDVLQXOD YDORUDFLyQDFDGpPLFDHLQVXILFLHQWH UHFRQRFLPLHQWRVDODULDO6HUGLUHFWLYRHQHVWDV HVFXHODVWLHQGHDVHUXQD©SXHUWDGHHQWUDGDªDOD IXQFLyQTXHEULQGDODVFRQGLFLRQHVGHH[SHULHQFLD SDUDSRVWXODUDRWURVHVWDEOHFLPLHQWRVORTXH SXHGHSURPRYHUFLHUWRGHVDSHJR3DUDVXSHUDUHVD LQHUFLDHVLPSRUWDQWHSHQVDUDOWHUQDWLYDV QRUPDWLYDV\UHJODPHQWDULDVSDUDTXHL HODFFHVR DORVFDUJRVGLUHFWLYRVLQFOX\DODSRQGHUDFLyQ GHOFRPSURPLVRGHORVSRVWXODQWHVFRQHOFRQWH[WR WRPDQGRHYLGHQFLDVGHORVGHVHPSHxRVGHORV FDQGLGDWRVHQVXIXQFLyQGRFHQWH FRPSURPLVR DVLVWHQFLDUHVXOWDGRVGHORVHVWXGLDQWHV FRQDOWR YDORUHQUHODFLyQFRQDFUHGLWDFLRQHVDFDGpPLFDV RGHPHUDDQWLJHGDGLL ODFRQWLQXLGDGGHOD FDUUHUD\GHVDUUROORSURIHVLRQDOGHORVGLUHFWRUHV

‹81,&()%HOL]H9LOODU

$SR\DUDORVGLUHFWLYRVHQODFRQVWUXFFLyQGHOURO /RVGLUHFWRUHV\GLUHFWRUDVFRQVWUX\HQ\SRUWDQVX SURSLRHVWLORGHOLGHUD]JRHQPXFKRVFDVRVVLQ DSR\RQLPRGHODMHDUPiQGRORHQEDVHDUHWD]RVGH REVHUYDFLRQHVOHFWXUDVGLVFXUVRVYROXQWDULVWDV LGHDV\H[SHFWDWLYDVSUHYLDV/RVGLUHFWRUHV± HVSHFLDOPHQWHORVTXHDFFHGHQSRUSULPHUDYH]DO FDUJR±VHYHUtDQEHQHILFLDGRVFRQXQ DVHVRUDPLHQWRVLWXDGRSRUSDUWHGHDVHVRUHV VXSHUYLVRUHVRHTXLSRVWpFQLFRVPLQLVWHULDOHVTXH D\XGHQDFRQILJXUDUXQDFXLGDGDDUWLFXODFLyQHQWUH HOHPHQWRVWHyULFRVJHVWLRQDOHV\PRWLYDFLRQDOHV HQVXWDUHDLQVWLWXFLRQDO(OIRFRGHFRPSURPLVR FRP~QGHDVHVRUHV\GLUHFWRUHVHVODHYROXFLyQ GHSUiFWLFDVSHGDJyJLFDV\RUJDQL]DWLYDVSDUDTXH SURGX]FDQUHVXOWDGRVPiVLQFOX\HQWHVSDUDWRGRV ORVHVWXGLDQWHVHVRWDPELpQSUHSDUDDODVHVFXHODV




TXHYDQDSURSLiQGRVHGHODVHVWUDWHJLDVSDUD FRQGXFLUHVFXHODVHQHVWRVFRQWH[WRV\YDQ WHQLHQGREXHQRVUHVXOWDGRVGHLQFOXVLyQHGXFDWLYD FXHQWHQFRQPHFDQLVPRVGHUHFRQRFLPLHQWR VDODULDOVRFLDO\DFDGpPLFR

FROHFWLYDFRPRHTXLSRDGXOWRTXHDWLHQGHDORV QLxRVFDGDGtDHQODVDXODVGHEHQSRGHUDFXGLUD DSR\RVWpFQLFRVHVSHFtILFRV\PiUJHQHVGHDFFLyQ LQVWLWXFLRQDOSDUDORJUDUOR /DDVLJQDFLyQGHORVGRFHQWHVDORVJUXSRVFODVH $VLJQDUDORVGRFHQWHVDORVJUXSRVFODVHFRQXQ FULWHULRSURSLFLRDODHTXLGDG\ODFDOLGDGQRHVXQD WDUHDLUUHOHYDQWHRDXWRPiWLFD5HTXLHUHFRPELQDU HOVDEHU\ODH[SHULHQFLDSURIHVLRQDOHOLQWHUpVR JXVWRSRUXQJUDGRRiUHDGHWHUPLQDGD\OD HPSDWtDFRQORVQLxRVRDGROHVFHQWHVGHGLVWLQWD HGDGGHQWURGHOHTXLSRGRFHQWHGLVSRQLEOHHQFDGD HVFXHOD6HJ~QVHDQODVQRUPDVGHGHVLJQDFLyQGH SODQWHOHVGRFHQWHVHQFDGDSDtV\SDUDFDGDQLYHO HGXFDWLYRKDEUiPiVRPHQRVPDUJHQIRUPDOSDUD ORVPRYLPLHQWRVLQWHUQRVHQODHVFXHOD6LODV QRUPDVVRQPX\ILMDV\UHVWULFWLYDVVHUiLPSRUWDQWH SUHYHUFLHUWDIOH[LELOLGDGSDUDTXHHQODHVFXHODVH SXHGDPD[LPL]DUODSHUWLQHQFLDHQODUHODFLyQHQWUH SHUILOHVGRFHQWHV\FDUDFWHUtVWLFDVGHORVJUXSRV FODVH'HWRGRVPRGRVVLHPSUHKD\XQPDUJHQGH PRWLYDFLyQRUJDQL]DFLyQ\JHVWLyQLQVWLWXFLRQDOHQ ODHVFXHODTXHSXHGHGDUPXFKRIUXWR

/DOOHJDGD\SHUPDQHQFLDGHORVGRFHQWHVHQ ODHVFXHOD/DURWDFLyQGHORVGRFHQWHVHQODV HVFXHODVGHPD\RUGHVDItRSHGDJyJLFRHVXQD FRQVWDQWHTXHGHEHLUVHPRGLILFDQGR3RU XQDSDUWHVHSXHGHQGHVDUUROODUDQLYHOPDFUR HVWUDWHJLDVFRPXQLFDFLRQDOHV\FHUWLILFDFLRQHVTXH GHVWDTXHQORVORJURV\YLVLELOLFHQORVHVIXHU]RV VLJQLILFDWLYRV\ORVSURJUHVRVD~QLQFLSLHQWHVGHODV HVFXHODVTXHHVWiQHQFRQGLFLRQHVPiVGLItFLOHV (OORSXHGHVHUDQWHFHGHQWH\FUHDFLyQGH OHJLWLPLGDG\FRQVHQVRSDUDPRGLILFDFLRQHV QRUPDWLYDVTXHLQIOX\DQHQODFDUUHUDGRFHQWH HQFDWHJRUtDV\VDODULRVDSDUWLUGHGHVHPSHxRV H[LWRVRVHQODVLQVWLWXFLRQHVHGXFDWLYDVHQODVTXH VHPDWULFXODRPDWULFXODUtDODSREODFLyQPHWD GHHVWDLQLFLDWLYD 3RURWUDSDUWHDQLYHOPLFURGDGRTXHORV GLUHFWLYRVWLHQHQTXHFRQGXFLUHOSURFHVRGH LQGXFFLyQHLQFRUSRUDFLyQGHORVGRFHQWHVHQVXV HVFXHODVDSHODQGRDOGHVDUUROORGHXQDPHQWDOLGDG

Â&#x2039;81,&()+RQGXUDV3LUR]]L

1RREVWDQWHVXIDFWLELOLGDGSXHGHUHVXOWDUXQD DFFLyQLQFyPRGDDQLYHOHVFRODU\DTXHLPSOLFD




PRGLILFDUFLHUWDVUXWLQDVDODVTXHHOVLVWHPD HGXFDWLYRVHKD©DFRPRGDGRª3RUHMHPSORSXHGH VXFHGHUTXHORVGRFHQWHVFRQPD\RUDQWLJHGDG HOLMDQORVJUDGRVRVHFFLRQHVGHVXSUHIHUHQFLD PiVDOOiGHTXHVHORVQHFHVLWHHQRWURSXHVWR

FRQUH]DJRDFDUUHDGRGHVGHODHGXFDFLyQLQLFLDO 3DUDHYLWDUHVWHSURFHVRGHH[FOXVLyQKD\WUHV YHUWLHQWHVGHDFFLyQLQGLVSHQVDEOHV\ FRPSOHPHQWDULDVL FODULILFDUODQRUPDWLYDHYLWDQGR WRGD]RQDJULVHQUHODFLyQFRQHOFULWHULRGH LQVFULSFLyQLL LQIRUPDU\HPSRGHUDUDODVIDPLOLDV SDUDTXHLQVFULEDQDVXVKLMRVHQODHGXFDFLyQ LQLFLDO\VLHOORQRHVSRVLEOHHQODHGDGRSRUWXQD GHSULPHUJUDGRLLL EULQGDUKHUUDPLHQWDVDODV HVFXHODVSULPDULDVSDUDTXHSXHGDQLQWHQVLILFDU\ FXDOLILFDUVXVSURSXHVWDVSHGDJyJLFDV GHDOIDEHWL]DFLyQHQSULPHUFLFORSDUDORVQLxRV\ QLxDVTXHQRFXUVDURQODHGXFDFLyQLQLFLDO

(± (9,7$5352&(626 '(',6&5,0,1$&,Ï1(1,16&5,3&,Ï1 <&21),*85$&,Ï1'(*58326&/$6( (O©HVFHQDULRDQXDOªFRQILJXUDGRSRUHOJUXSR HVWDEOHGHHVWXGLDQWHVTXHFRPSDUWHQXQDxR OHFWLYRWLHQHLQIOXHQFLDWUDVFHQGHQWHHQODV RSRUWXQLGDGHVGHDSUHQGL]DMH3DUDTXHHVD LQIOXHQFLDVHDSRVLWLYDKD\TXHFRPEDWLUOD GLVFULPLQDFLyQHQFXELHUWD\SODQWHDUHVWUDWHJLDV HVSHFtILFDVL HQODLQVFULSFLyQGHORVHVWXGLDQWHV \DTXHSXHGHQRSHUDUIRUPDVGHDGPLVLyQEDVDGDV HQSUHMXLFLRVRUHSUHVHQWDFLRQHVLL HQOD RUJDQL]DFLyQGHORVJUXSRVFODVHGRQGHVHSXHGH OOHJDUDHVWUDWLILFDUSRUFULWHULRVGHGHVHPSHxR GLIHUHQFLDQGR©FDOLGDGHVªGHHVWXGLDQWHV

/DRUJDQL]DFLyQGHORVHVWXGLDQWHVHQJUXSRV KHWHURJpQHRV2UJDQL]DUORVJUXSRVGHHVWXGLDQWHV HYLWDQGRFULWHULRVGLVFULPLQDWRULRV\ VHJUHJDFLRQLVWDVHVXQDPHGLGDQHFHVDULDSDUD FRQVWUXLUXQDFRPXQLGDGHGXFDWLYDLQFOXVLYD\HVWi DODOFDQFHGHWRGDHVFXHODTXHGHVHHHQFDUDUOD 6LQHQIUHQWDUUHVWULFFLRQHVHQORSUHVXSXHVWDULR HVWDHVWUDWHJLDHQFXHQWUDVXSULQFLSDOGLILFXOWDGHQ ODVUHSUHVHQWDFLRQHVVRFLDOHVTXHYDOLGDQOD HVWUDWLILFDFLyQSRUQLYHOHVGHGHVHPSHxR DWULEX\HQGRDO©PpULWRªLQGLYLGXDOORVPHMRUHV ORJURVGHDOJXQRVHVWXGLDQWHVVREUHRWURV3RUHOOR HVYLWDOSUREOHPDWL]DUHVWHWHPDHLQFOXLUORHQXQD HVWUDWHJLDFRPXQLFDFLRQDODPSOLD\GLULJLGDDODV GLVWLQWDVDXGLHQFLDVPRYLOL]DQGRVXDFWLWXGKDFLD XQDPD\RUUHFHSWLYLGDGDODLQFOXVLyQKHWHURJpQHD

&ODULGDGHQODVSDXWDVGHLQVFULSFLyQGHORV HVWXGLDQWHVSDUDDFFHGHUDODVHVFXHODV/DV QRUPDWLYDVYLJHQWHVGHEHQVHUDQDOL]DGDV SUROLMDPHQWHSRUODVDXWRULGDGHVFRPSHWHQWHVSDUD HYLWDUSURFHVRVLQYROXQWDULDPHQWHGLVFULPLQDWRULRV \GHVHJUHJDFLyQHQODLQVFULSFLyQGHORV11$HQ ODVHVFXHODVPiVFHUFDQDVDVXUHVLGHQFLD(VRV DVSHFWRVQRUPDWLYRVSXHGHQVHUDJUDYDGRVSRU LQHUFLDVLQVWLWXFLRQDOHV'HUHVXOWDVGHDPERV SURFHVRVSXHGHRFXUULUTXHDOJXQDVHVFXHODV ©HOLMDQªDVXVHVWXGLDQWHVGHULYDQGRODLQVFULSFLyQ DRWURVHVWDEOHFLPLHQWRVVLQPRWLYRVREMHWLYRV \JHQHUDQGRRWUDVIRUPDVGHGHVDOHQWDUOD SDUWLFLSDFLyQHVFRODU(VSUHFLVRFRPSUHQGHUTXH SDUWHGHHVRVSURFHVRVGHGLVFULPLQDFLyQRFXUUHQ HQRFDVLRQHVSRUTXHORVGRFHQWHV\GLUHFWLYRVQR KDQVLGRDFRPSDxDGRVSDUDHQIUHQWDUHVWDV VLWXDFLRQHV\SRUTXHVHUiQMX]JDGRVSRUORV UHVXOWDGRVGHORVHVWXGLDQWHV SRUHMHPSORHQ ODVHYDOXDFLRQHVQDFLRQDOHV GHHVWHPRGRKD\ LQFHQWLYRVSDUDHOHJLUODPDWUtFXODPHQRV FRPSOLFDGDTXHIXHUDSRVLEOH

(± $3529(&+$5$/0È;,02 /$-251$'$(6&2/$5 3RUPXFKRVPRWLYRVODFDQWLGDGGHMRUQDGDVGHO FLFOROHFWLYRYDUtDVLJQLILFDWLYDPHQWHGHXQDHVFXHOD DRWUDSUREOHPDVGHLQIUDHVWUXFWXUDDXVHQWLVPRGH GRFHQWHV\HVWXGLDQWHVFDWiVWURIHVQDWXUDOHV DGKHVLyQDSDURVPDJLVWHULDOHV6REUHHVRDVX YH]HOWLHPSRHIHFWLYRGHFODVHVHPRGLILFDHQ IXQFLyQGHODVUXWLQDVGHRUJDQL]DFLyQHVFRODU HQWUDGD\VDOLGDDFODVHVWLHPSRVGHUHFUHRV PRYLPLHQWRGHHVWXGLDQWHV \GHDWHQFLyQDRWUDV QHFHVLGDGHVGHORVDOXPQRVFRPRWUDVSRUWHR QXWULFLyQHQODHVFXHOD

2WUDH[SUHVLyQGHGLVFULPLQDFLyQTXHSHUPLWH DQDOL]DUGLYHUVDVFDXVDV\HVWUDWHJLDVGH VXSHUDFLyQRFXUUHFXDQGROOHJDQDLQVFULELUVHQLxRV \QLxDVHQHGDGGHLQLFLDUODHGXFDFLyQSULPDULD SHURTXHQRKDQFXUVDGRODHGXFDFLyQLQLFLDO GHPDVLDGRVGHHOORVVRQGHULYDGRVDFXUVDUOD HGXFDFLyQLQLFLDODQWHVGHHPSH]DUSULPHUJUDGR &RPR\DVHKDH[SXHVWRHQHO&DStWXORHVWR LPSOLFDTXHFRPHQ]DUiQODHGXFDFLyQSULPDULD

8QDYH]PiVKD\FXHVWLRQHVSDUDSURWHJHUHQ XQSODQRFHQWUDOL]DGRFRQDVSHFWRVQRUPDWLYRV \SUHYHQWLYRV<RWUDVFXHVWLRQHVTXHVHGHILQHQ H[SOtFLWDRLPSOtFLWDPHQWH HQHOSODQRHVFRODU \TXHSXHGHQPRGLILFDUVHFRQODPRYLOL]DFLyQ\ DUWLFXODFLyQGHFRPSURPLVRVHQHOHTXLSRGRFHQWH \FRQODFRPXQLGDGHGXFDWLYD,QVWDODUXQDIXHUWH YDORUDFLyQGHOWLHPSRHVFRODUFRPRGLPHQVLyQ HVWUDWpJLFDD\XGDDSURWHJHUWRGDV




ODVRSRUWXQLGDGHVHGXFDWLYDVFRQHVSHFLDO DWHQFLyQDL PDQWHQHU\DXPHQWDUODDVLVWHQFLD GHGRFHQWHV\HVWXGLDQWHVDORODUJRGHWRGRHOFLFOR OHFWLYR\LL PD[LPL]DUHOWLHPSRXWLOL]DGRFRQ LQWHQFLRQDOLGDGSHGDJyJLFDHQODVUXWLQDVHVFRODUHV \ODVVLWXDFLRQHVGHFODVH

SDGHFHQPXFKRV11$0iVDOOiGHODVREYLDV QHFHVLGDGHVPDWHULDOHVSDUDODWDUHDHVFRODU\GH LPSHUIHFFLRQHVHQORVSURFHVRVGHDVLJQDFLyQ \RUJDQL]DFLyQGHUHFXUVRVKXPDQRVSDUDFDGD HVWXGLDQWHHQSDUWLFXODUVXVDSUHQGL]DMHVHVWDUiQ SULQFLSDOPHQWHGHWHUPLQDGRVSRUODDFFLyQHILFD] GHVXVGRFHQWHV

(OWLHPSRHQHOKRJDUQRGHEHVHUHVSDFLRSDUD DSUHQGHUFRVDVQXHYDVSXHVHVDHVSUHFLVDPHQWH ODWDUHDTXHWLHQHTXHFRQGXFLUHOSURIHVLRQDO GRFHQWH+D\TXHSODQLILFDUODMRUQDGDHVFRODUSDUD TXHORVDSUHQGL]DMHVVHSURGX]FDQHQODHVFXHOD QRHVDGPLVLEOHWUDQVIHULUDODIDPLOLDOD UHVSRQVDELOLGDGGHVXSOLUSRUVtRSDJDQGR DWHUFHURVORTXHODHVFXHODQRKDHQVHxDGR

(VQHFHVDULRWHQHUUHFDXGRVSDUDHOFDVRHQTXH ORVGRFHQWHVRODVRUJDQL]DFLRQHVPDJLVWHULDOHV SXHGDQGHVSHUWDUVXDOHUWDVLVLHQWHQ FXHVWLRQDPLHQWRVGHIRQGRDVXGHVHPSHxRVL SHUFLEHQHVWRFRPRFXOSDELOL]DFLyQRVLOR LGHQWLILFDQFRQXQDPD\RUFDUJDGHWUDEDMR 7DPELpQSXGLHUDQDFWLYDUVHUHFHORVHQHQWLGDGHV DFDGpPLFDVSRUSHUFLELUXQHYHQWXDOMXLFLRGHYDORU DORTXHUHDOL]DQRSRUFLHUWRGHVFRQFLHUWRHQ SHUILODUXQHQIRTXHUHQRYDGRTXHVHDHILFD]SDUD ORVGRFHQWHV\HVWXGLDQWHVDODYH]TXHFRQ HQFXDGUHHQODVGHILQLFLRQHVGHSROtWLFDHGXFDWLYD GHXQSDtV

$JUXSDPLHQWR $PSOLDUODVRSRUWXQLGDGHVGHDSUHQGHU SDUDORVHVWXGLDQWHV ©7RPDUFRQFLHQFLDGHTXHHODSUHQGL]DMHHV XQIHQyPHQRVRFLDOTXHVHFRQVWUX\H HQXQFRQWH[WRHPRFLRQDOSDUWLFXODUSHUPLWH FRPSUHQGHUTXHXQDPDHVWUR©VXILFLHQWHPHQWH EXHQRªQRVyORHQVHxDVLQRTXHHQVHxD HQHOPDUFRGHXQDUHODFLyQ SHUVRQDOFRQFDGD HVWXGLDQWH\JUXSDOFRQWRGDHOJUXSRFXUVR ([LVWHQ DPELHQWHV\HVWLORVGHUHODFLyQTXHIDYRUHFHQ HODSUHQGL]DMH\RWURVTXHORREVWDFXOL]DQHLQFOXVR ORLQKLEHQGHILQLWLYDPHQWHª

(± $&7,9$5/$6&203(7(1&,$6 '((16(f$1=$'(/26'2&(17(6 (1(-(5&,&,2 +DFHUHYROXFLRQDUODVFRPSHWHQFLDVDFWXDOHV UHTXLHUHXQDDFFLyQLQWHJUDOTXHLQFOX\HDOD HVFXHODFRPRiPELWRFRWLGLDQRGHWUDEDMR\DODV DFWLYLGDGHVGHLQWHUDFFLyQFRQSDUHV\FRQ HVSHFLDOLVWDVTXHDFHUTXHQSHUVRQDOPHQWHR PHGLDGRSRUVRSRUWHVGLYHUVRVHOFRQRFLPLHQWR FLHQWtILFR\ODVSURSXHVWDVPHWRGROyJLFRVTXH SHUPLWDQHYROXFLRQDUODVFRPSHWHQFLDV

0HQD,%XUJXHxR;\9DOGpV$0  

3DUDTXHORVHVWXGLDQWHVWHQJDQRSRUWXQLGDGHV FRQFUHWDVGHGHVSOHJDUVXVFDSDFLGDGHVGH DSUHQGL]DMHVXVPDHVWURV\PDHVWUDVWLHQHTXH FRQWDUHQVXDFHUYRFRQFRPSHWHQFLDVGH HQVHxDQ]DSUREDGDPHQWHHILFDFHV\GLULJLGDVKDFLD HVDPHWD&RQGHPDVLDGDIUHFXHQFLD\HQJUDQ SDUWHSRUORVGpILFLWVGHORVSURFHVRVIRUPDWLYRVGH ORVSURIHVRUHVVHDSHODDXQDHQVHxDQ]DFHQWUDGD HQODWUDVPLVLyQGHEORTXHVGHFRQWHQLGRVDLVODGRV \UXWLQL]DGRVTXHGHEHQVHUPHPRUL]DGRVSRUORV HVWXGLDQWHVFRQHOSURSyVLWRSULQFLSDOGHVHU H[SXHVWRVHQXQDHYDOXDFLyQHVFULWDTXHORVFDOLILFD SDUDFRQWLQXDU RQR HQVXLWLQHUDULRHVFRODU 3URPRYHUHOGHVDUUROORGHFDSDFLGDGHVFRJQLWLYDV \VRFLDOHVHQODHVFXHODUHTXLHUHTXHORVGRFHQWHV FXHQWHQFRQHVDVFRPSHWHQFLDVGHHQVHxDQ]D

/DVDFWLYLGDGHVGHGHVDUUROORSURIHVLRQDOTXHORV RUJDQLVPRVGHJRELHUQR\ODVLQVWLWXFLRQHV DFDGpPLFDVSURSRQJDQDORVGRFHQWHVHQHMHUFLFLR KDQGHHVWDUPX\LQYROXFUDGDVHQGHVDUUROODUVXV FRPSHWHQFLDVGHHQVHxDQ]DFXHVWLyQTXHLQFOX\H SHURVXSHUDODDFWXDOL]DFLyQHQVDEHUHVFLHQWtILFRV ODH[SORUDFLyQGHPHWRGRORJtDVGLGiFWLFDV\OD LQIRUPDFLyQVREUHODVPRGLILFDFLRQHVFXUULFXODUHV &XDOHVTXLHUDVHDHOIRUPDWRDGRSWDGR FXUVRV SUHVHQFLDOHVRDGLVWDQFLDFRQFHUWLILFDFLRQHV\ HYDOXDFLRQHVFtUFXORVGHFDOLGDGHQWUHGRFHQWHV DSR\RVLWXDGRHQODVHVFXHODVDWHQHRVGLGiFWLFRV  WLHQHTXHLQFOXLUXQHVTXHPDSRUHOFXDOORV IRUPDGRUHVWpFQLFRVRVXSHUYLVRUHVDFRPSDxHQOD WUDQVIHUHQFLDGHODVSURSXHVWDVGHODFDSDFLWDFLyQ DODVSUiFWLFDVGHHQVHxDQ]D\ORVGHVHPSHxRV DFWXDOHVGHORVGRFHQWHVDJUHJXHQFRQFHSWRV \PHWRGRORJtDVTXHD\XGHQDPHMRUDUODV VLWXDFLRQHVFRQFUHWDV\SRVLELOLWHQODVSURSXHVWDV TXHVHLQFOX\DQHQORVHVTXHPDVHVWDEOHVGH DFFLyQGHORVSURIHVRUHV

(VWDVHVWUDWHJLDVVRQLQHOXGLEOHVSDUDVXSHUDU ODVHPSREUHFLGDVRSRUWXQLGDGHVGHDSUHQGHUTXH 

 9tQFXORSHGDJyJLFRSRVLWLYRSULQFLSLRVSDUDVXGHVDUUROOR )LFKDVGHWUDEDMRGH3URSXHVWD9DORUDV8&)DFXOWDGGH 3VLFRORJtDGHOD8&DWyOLFDGH&KLOH




127$ $SRUWHFRQFHSWXDO FRPSHWHQFLDVGHHQVHxDQ]D SDUDPiVRSRUWXQLGDGHVGHDSUHQGHU

(VWHDERUGDMHFRPSURPHWHVHULDPHQWHDTXLHQHV SODQLILFDQ\DTXLHQHVHMHFXWDQODIRUPDFLyQ FRQWLQXDGHORVSURIHVRUHVGHEHQLQYROXFUDUVH PXFKRPiVDIRQGRFRQRSFLRQHVGHDSOLFDFLyQ SUiFWLFDLQPHGLDWDDODVTXHGHEHQWXWHODU \DFRPSDxDU\DFX\DFDOLGDGWpFQLFDGHEHQ FRQWULEXLU/DLQHUFLDDYHQFHUHQODFDSDFLWDFLyQHV ODPLVPDTXHRSHUDHQODHQVHxDQ]DUHJXODUHVWDU PiVFHQWUDGDHQORTXHHOH[SHUWRRHOFDSDFLWDGRU ©HQWUHJDªTXHHQORTXHHOHVWXGLDQWHRHOGRFHQWH HQIRUPDFLyQ©DSUHQGHª0LUDUODFDOLGDG GHOGHVDUUROORSURIHVLRQDOVHJ~QORVDSUHQGL]DMHV \UHWHQFLyQGHORVHVWXGLDQWHVD\XGDDVXERUGLQDU WRGRHOSURFHVRDORVUHVXOWDGRVGHHVFRODUL]DFLyQ WRWDORSRUWXQD\SOHQD

7UHVFRPSHWHQFLDVSULQFLSDOHV SDUDODHQVHxDQ]D &RPSHWHQFLDGHRUJDQL]DUHLPSOHPHQWDU SURSXHVWDVGHHQVHxDQ]DSDUDGHVDUUROODU HOFXUUtFXORFRUUHVSRQGLHQWHDOJUDGRiUHD DFDUJR ±FRQRFHUORVFRQWHQLGRVTXHKD\TXHHQVHxDU \VXWUDGXFFLyQHQREMHWLYRVGHDSUHQGL]DMH ±WUDEDMDUDSDUWLUGHODVLWXDFLyQDFWXDOGHVXV HVWXGLDQWHV

/$60(7$6352321(1

±HVWDEOHFHUYtQFXORVFRQODVWHRUtDVTXHVRVWLHQHQ ODVDFWLYLGDGHVGHDSUHQGL]DMH ±FRQVWUXLU\DGDSWDUFUHDWLYDPHQWHGLVSRVLWLYRV \VHFXHQFLDVGLGiFWLFDV ±HVWDEOHFHUFRQWUROHVGHORJURV\WRPDUGHFLVLRQHV GHSURJUHVLyQSDUDORVHVWXGLDQWHV &RPSHWHQFLDGHGLYHUVLILFDUHLQWHQVLILFDUVXV DFWLYLGDGHVGHHQVHxDQ]DSDUDDWHQGHUDORV HVWXGLDQWHVTXHQRSXHGHQVHJXLUHOULWPR SURPHGLR ±GHWHFWDUORVRSRUWXQDPHQWHFRQHYDOXDFLRQHV IRUPDWLYDVJHQXLQDV ±JUDGXDUHOSURFHVRJUXSDOSDUDGHGLFDUWLHPSR DHVWXGLDQWHVFRQGLILFXOWDGHV ±GHVDUUROODUFRRSHUDFLyQHQWUHHVWXGLDQWHV \IRUPDVVLPSOHVGHHQVHxDQ]DPXWXD ±RIUHFHUDFWLYLGDGHVGHIRUPDFLyQFRQRSFLRQHV SDUDFRQVROLGDUDSUHQGL]DMHV

)RUWDOHFHUODSURIHVLyQGRFHQWH

0HWD (VSHFtILFD 1ž

3RUFHQWDMHGHHVFXHODV \GRFHQWHVTXHSDUWLFLSDQ HQSURJUDPDVGHIRUPDFLyQ FRQWLQXD\GHLQQRYDFLyQ HGXFDWLYD

1LYHOGH /RJURDO

$OPHQRVHOGHODV HVFXHODV\GHORVSURIHVRUHV SDUWLFLSDGHSURJUDPDV GHIRUPDFLyQFRQWLQXD

1LYHOGH /RJURDO

$OPHQRVHOGHODV HVFXHODV\GHORVSURIHVRUHV SDUWLFLSDGHSURJUDPDV GHIRUPDFLyQFRQWLQXD

(± 0(-25$535È&7,&$6'((9$/8$&,Ï1 <689Ë1&8/2&21/$35202&,Ï1

&RPSHWHQFLDGHWUDEDMDUFRQORVJUXSRVFODVH DFDUJRHQXQPDUFRLQVWLWXFLRQDOGDQGRFRKHUHQFLD GHOLWLQHUDULRIRUPDWLYRGHVXVHVWXGLDQWHVMXQWR DVXVFROHJDVGRFHQWHVGHJUDGRVSUHYLRV \VXFHVLYRV

3RWHQFLDUODHYDOXDFLyQFRPRLQVXPRGHODPHMRUD GHHQVHxDQ]D/DHYDOXDFLyQGLGiFWLFDHVWDQWR XQDKHUUDPLHQWDGHPHMRUDGHODHQVHxDQ]D\HO DSUHQGL]DMH HYDOXDFLyQIRUPDWLYD FRPR XQGLVSRVLWLYRSDUDFDOLILFDU\FHUWLILFDU HYDOXDFLyQ VXPDWLYD HVGHFLUSDUDGDUFRQWLQXLGDG RQR  DOUHFRUULGRHVFRODU/DHYDOXDFLyQGLGiFWLFDFRPR SUiFWLFDHVFRODUQRHVVyORFDOLILFDFLyQDXQTXH HQORVKHFKRVWLHQGHDVHUDVtUHVWULQJLGD

±DGTXLULUXQDYLVLyQORQJLWXGLQDOGHORVREMHWLYRV GHHQVHxDQ]D ±DFRUGDUHVWUDWHJLDVFRQFROHJDVGRFHQWHV IXQGDGDVHQODYLVLyQSHGDJyJLFDLQVWLWXFLRQDO \FRQVHJXLPLHQWRULJXURVRHQEDVHDGDWRV REMHWLYRV

5HFRQRFLHQGRODYLJHQFLD\YDORUDFLyQRWRUJDGD DODSUXHEDHVFULWDSDUDFDOLILFDUSXHGHQ LQWURGXFLUVHLPSRUWDQWHVPHMRUDVVLHQLQVWDQFLDV GHGHVDUUROORSURIHVLRQDOVHIRUWDOHFH DORVGRFHQWHVSDUDL HODERUDUFRQVLJQDVTXH OLJXHQQtWLGDPHQWHODHYDOXDFLyQDODHQVHxDQ]D

±DFFLRQDUSDUDFRQFUHWDU\YLVLELOL]DUHOWUDEDMRSRU FLFORVGHDSUHQGL]DMH



0HWDJHQHUDO RFWDYD

 )XHQWH,QVSLUDGRHQ3HUUHQRXG  




SHUVSHFWLYD\DHVWiSUHVHQWHHQODPD\RUSDUWHGH ORVGLVHxRVFXUULFXODUHVQDFLRQDOHVHQODUHJLyQHQ HOSODQRIRUPDOSHURQRVHSUDFWLFDHIHFWLYDPHQWH /DPD\RUGXUDFLyQGHHVWDXQLGDGFRPSDUDGDFRQ HODxRSHUPLWHGHVSOHJDUHVWUDWHJLDVSHGDJyJLFDV VRVWHQLGDVSDUDTXHORVHVWXGLDQWHVSXHGDQKDFHU VX\RVORVDSUHQGL]DMHVSUHYLVWRVSDUDHOFLFOR 3RUHOFRQWUDULRODLGHQWLILFDFLyQGHFRUWHVGUiVWLFRV GHORJURVSRUJUDGRDOILQGHXQFLFOROHFWLYRVH DVRFLDDODYDORUL]DFLyQGHFRQWHQLGRVPiV DWRPL]DGRV\DODVROXFLyQGHUHSHWLUHOJUDGRFRPR HVWUDWHJLDSHGDJyJLFDFRPSHQVDGRUD

LPSDUWLGDTXHVHDQFODUDV\SUHFLVDVTXHDSXQWHQ DFDSWDUDSUHQGL]DMHVPiVDOOiGHODUHSURGXFFLyQ GHPHPRULDLL SUHSDUDUHVTXHPDVVHQFLOORV JULOODVPDWULFHVGHFRQWHQLGRVFULWHULRV  SDUDHOSURFHVRGHFRUUHFFLyQ\FDOLILFDFLyQ GHODVSUXHEDVLLL LQWHUSUHWDUORVUHVXOWDGRVGH ODVHYDOXDFLRQHVWDPELpQFRPRLQVXPRVSDUD VXVSRVWHULRUHVGHFLVLRQHVGHHQVHxDQ]D LY GLYHUVLILFDUSURJUHVLYDPHQWHODVPDQHUDVHQ ODVFXDOHVVHHYDO~D\FDOLILFD&RQHOORVHSURSLFLD TXHODVFDOLILFDFLRQHVGLVPLQX\DQVXDFWXDOQLYHO GHYDULDFLyQ\VXEMHWLYLGDG /RVHVWXGLDQWHVDGTXLHUHQUiSLGDPHQWH UHSUHVHQWDFLRQHVVREUHODVLWXDFLyQGHSUXHED \VREUHHOLPSDFWRGLUHFWRTXHpVWDWLHQHHQVX H[SHULHQFLDHVFRODUSDUDPXFKRVQLxRVOD HYDOXDFLyQTXHGDPX\WHPSUDQDPHQWHDVRFLDGD DXQDVLWXDFLyQWHPLEOH\HVWLJPDWL]DQWH(OROYLGR LQYROXQWDULRRLQYROXQWDULRODLQDVLVWHQFLDROD QHJDWLYDDFRQWHVWDUQDGDVXHOHQVHUUHVSXHVWDV KDELWXDOHVSDUDHVWRVQLxRV

/RVWHVWV\H[iPHQHVVXHOHQVHUXQDH[SUHVLyQ Pi[LPDGHODGLVWDQFLDHQWUHODVUXWLQDVHVFRODUHV \ODVSUiFWLFDVFRWLGLDQDVGHXQDFRPXQLGDG HQSDUWLFXODUGHODVSDXWDVGHLQWHUDFFLyQOLQJtVWLFD RUDORHVFULWD (VLPSRUWDQWHTXHORVGRFHQWHVDGTXLHUDQUXWLQDV SDUDREVHUYDUODVLQWHUDFFLRQHVUHDOHVGHORVQLxRV QLxDV\DGROHVFHQWHVHQWUHVt\FRQORVDGXOWRVGH VXFRPXQLGDGOXHJRJHQHUDUVLWXDFLRQHVHQTXH VXVHVWXGLDQWHVSXHGDQSUDFWLFDUHQFRQWH[WRVQR HYDOXDWLYRVVXVGHVHPSHxRVFRPXQLFDWLYRV RUDOHV HVFULWRV\QRYHUEDOHV 

/RVDFXHUGRVHVWDEOHVVREUHODHYDOXDFLyQTXH FRPXQLFDQFODUDPHQWHORVFULWHULRV\VRUWHDQ ODGLVFUHFLRQDOLGDGSHUPLWHQDORVHVWXGLDQWHV DSUHQGHUDGHVSOHJDUVHPiV\PHMRUHQODV VLWXDFLRQHVGHHYDOXDFLyQ\VRQEHQHILFLRVRV SDUDVXSHUDUH[SHULHQFLDVGHIUDFDVR\DYLYLGDV

6LHPSUHGHEHWHQHUVHSUHVHQWHHVWDLQIOXHQFLD FXOWXUDOHQODVIRUPDVGHUHVSXHVWDDOWRPDU GHFLVLRQHVDOFRUUHJLU\FDOLILFDUVXVGHVHPSHxRV HQVLWXDFLRQHVHYDOXDWLYDVTXHWHQJDQXQUHFRUULGR GHSURJUHVLYDH[LJHQFLD

3DVDQGRDXQDGLPHQVLyQLQVWLWXFLRQDOHV LPSRUWDQWHLQFLWDUDIRUMDUDFXHUGRVVREUHSUiFWLFDV HYDOXDWLYDVHQODLQVWLWXFLyQTXHVHH[SUHVHQ HQLQVWUXPHQWRVGHHYDOXDFLyQPiVRUGHQDGRV DSURSRUFLRQDULQIRUPDFLyQSDUDODHQVHxDQ]D FRQFULWHULRVFRQVHQVXDGRVVREUHODXWLOL]DFLyQ SHGDJyJLFDFRQUXWLQDVGHDXWRHYDOXDFLyQ GHORVHVWXGLDQWHVUHYLVDGDVFRQVXJUXSRGHSDUHV \HOSURIHVRU\FRQSUiFWLFDVGHUHYLVLyQFUX]DGD HQWUHGRFHQWHVGHXQDHVFXHODVREUHORVUHVXOWDGRV GHODVHYDOXDFLRQHV(QODPHGLGDHQTXHHVRV DFXHUGRVVHFRQYLHUWHQHQSUiFWLFDVSHGDJyJLFDV KDELWXDOHVORVHVWXGLDQWHVYLYHQXQDVLWXDFLyQGH PXFKDPD\RUFRKHUHQFLDHQVXLWLQHUDULRHGXFDWLYR GXUDQWHHODxRDOSDVDUGHJUDGRDOFDPELDU GHPDHVWURKD\XQDSUiFWLFDGHHYDOXDFLyQ TXHPDQWLHQHQ

3DUDXQHQIRTXHLQWHJUDGRGHHYDOXDFLyQ FDOLILFDFLyQ\SURPRFLyQHVQHFHVDULRXQPDUFR QRUPDWLYRFODURMXVWRIOH[LEOH\DPSOLDPHQWH FRQRFLGRSDUDHOFXDOVHPRQLWRUHHVX LPSOHPHQWDFLyQ\VHDMXVWHQORVSURFHGLPLHQWRV TXHVHDQQHFHVDULRVFRQVHQVLELOLGDGDORV FDPELRVTXHVHSURGXFHQ/RVGRFHQWHVWLHQHQTXH UHFLELURULHQWDFLRQHVFRQFUHWDVSDUDDPSOLDUODV FRPSHWHQFLDVGHHQVHxDQ]DHLQVWLWXFLRQDOHV LQYROXFUDGDVHQODVGHFLVLRQHVGHSURPRFLyQ $QLYHOHVFRODUORVGLUHFWLYRVWLHQHQXQUROFODYH SDUDTXHVHIRUPXOHQ\FXPSODQFULWHULRVH[SOtFLWRV GHHYDOXDFLyQ\SURPRFLyQRULHQWDGRVDOGHVDUUROOR GHFDSDFLGDGHVFRQXQDDGHFXDGDSURJUHVLyQ DORODUJRGHFDGDFLFOR\HQWUHFLFORV(VLPSRUWDQWH SDUDHVWRGLIXQGLUODVVyOLGDVHYLGHQFLDV DFXPXODGDVTXHGDQFXHQWDGHORVHIHFWRV SHUQLFLRVRV\GHORVQXORVUHVXOWDGRV HQOD©QLYHODFLyQªTXHVHSURGXFHOXHJRGHOD UHSHWLFLyQ$GHPiVHVFHQWUDOFRQGXFLUXQD HVWUDWHJLDFRPSDFWD SHGDJyJLFDRUJDQL]DFLRQDO \FRPXQLFDFLRQDO GRQGHODPHGLGDSULQFLSDO DQWHPHQRUHVDSUHQGL]DMHVVHDPiVHQVHxDQ]D

/DSHUVSHFWLYDGHFLFORSDUDODSURPRFLyQ /DSHUVSHFWLYDGHFLFORLPSOLFDFRQVLGHUDUXQSOD]R SOXULDQXDO GRVDFXDWURDxRVFRQVHFXWLYRV FRPR HOSHUtRGRLQWHJUDOHQHOFXDOORVHVWXGLDQWHVWLHQHQ VXILFLHQWHRSRUWXQLGDGGHGRPLQDUFLHUWRV DSUHQGL]DMHVFRPSOHMRVLQFOX\HQGRODKDELOLGDG GHHYLGHQFLDUHVDFDSDFLGDGDGTXLULGDHQODV LQVWDQFLDVGHHYDOXDFLyQ\DFUHGLWDFLyQ(VWD




GRFHQWHVDPSOtHQHVWDFRPSHWHQFLDHVSHFtILFD \SXHGDQWUDWDUFRQVXVJUXSRVGHHVWXGLDQWHV FRQPHQRUWHQVLyQ7DPELpQHVQHFHVDULD XQDEXHQDHVWUDWHJLDFRPXQLFDFLRQDOGLULJLGD DGLVWLQWDVDXGLHQFLDVLQFOX\HQGRDORVSURSLRV HVWXGLDQWHV

(± 25*$1,=$5(/*5832&/$6( 3$5$(/$35(1',=$-(&223(5$7,92 /DVLFRORJtDFRJQLWLYD\ODVQHXURFLHQFLDVKDQ FRQILUPDGRTXHDSUHQGHPRVPHMRUHQODPHGLGD HQTXHVHFRQMXJDQHQXQJUXSRPLUDGDVP~OWLSOHV VREUHHOREMHWRGHFRQRFLPLHQWR\VREUHODIRUPD GHDSURSLDFLyQ(OORQRHVHVSRQWiQHRVLQRTXH UHTXLHUHDFFLyQFRQLQWHQFLRQDOLGDGSHGDJyJLFD SDUDSURGXFLUHVRVUHVXOWDGRVDWHQGLHQGR DVXYH]DODVSDUWLFXODULGDGHVGHRUJDQL]DFLyQ \FRPSRUWDPLHQWRJUXSDOGHQLxRVSHTXHxRV GHQLxRVHQLQIDQFLDLQWHUPHGLDRDGROHVFHQWHV

8QHMHPSORGHXQDHVWUDWHJLDLPSOHPHQWDGDHVOD GHQRPLQDGD©$XODVURPSHFDEH]DVªH[SHULHQFLD VLVWHPDWL]DGDSRU'DQLHO*ROHPDQHQVXOLEUR /D,QWHOLJHQFLD6RFLDO /RVSURIHVRUHVRUJDQL]DQODGLVWULEXFLyQGH FRQWHQLGRVHQWRUQRDWHPDVFODYHGHQWURGHFDGD GLVFLSOLQD/RVHVWXGLDQWHVWUDEDMDQHQHTXLSRVSDUD DSUHQGHU\UHQGLUOXHJRODVHYDOXDFLRQHVVHDVLJQD DFDGDHVWXGLDQWHXQDVSHFWRGHHVHWHPD\VHOH HQWUHJDODLQIRUPDFLyQFRUUHVSRQGLHQWH&DGDSDUWH VHVHOHFFLRQDGHPRGRWDOTXHVHDYLWDOSDUD ODFRPSUHQVLyQFRPSOHWD

(VWiGHPRVWUDGRTXHODRUJDQL]DFLyQGHWUDEDMR FRRSHUDWLYRHQWUHHVWXGLDQWHVDSDUWLUGHOD LQWHUDFFLyQHVWDEOHHQWUHJUXSRVSHTXHxRVHQHO VHQRGHOJUXSRWRWDOFRQDFWLYLGDGHVJXLDGDV \UHJXODGDVTXHSHUPLWDQDSUHQGHUHQIRUPD FRODERUDWLYDYLDELOL]DHOGHVDUUROORGHFDSDFLGDGHV FRPSOHMDV([LVWHQIXQGDPHQWRVVLFROyJLFRV QHXURELROyJLFRV\GLGiFWLFRVSDUDVRVWHQHUHVWD HVWUDWHJLD

3DUDGRPLQDUHOWHPDWRWDOWRGRHOJUXSRGHEH HVFXFKDUORTXHFDGDXQRWLHQHTXHGHFLU6LORV RWURVOHVKDFHQEXUODRORVPROHVWDQSRUTXHQROHV FDHQELHQVHDUULHVJDQDTXHOHVYD\DPDOHQHO H[DPHQ(ODSUHQGL]DMHVHFRQYLHUWHHQXQ ODERUDWRULRTXHDOLHQWDHOHVFXFKDUUHVSHWDU \FRRSHUDUFRQHORWUR

(OJUXSRFRRSHUDWLYRHVXQDXQLGDGLQWHUPHGLD HQWUHHOJUXSRFODVHWRWDO\HOHVWXGLDQWHLQGLYLGXDO TXHSHUPLWHDORVGRFHQWHVFRPELQDUUHJXODFLyQ GHULWPRVPiVSHUVRQDOL]DGRVFRQODHQVHxDQ]D JOREDOFRQHOJUXSR7DPELpQHQODPHGLGD HQTXHODVLWXDFLyQVHRUJDQLFHGLGiFWLFDPHQWH \VHDWHQ~HQORVFRPSRQHQWHVPHULWRFUiWLFRV VHGDUiRSRUWXQLGDGFDEDOSDUDTXHODV GLYHUVLGDGHVGHHVWLORV\ULWPRVGHDSUHQGL]DMHVH DSR\HQHQWUHVt1RVyORVHDSUHQGHQIRUPDV GLVWLQWDVGHUHODFLRQDUVHHQYtQFXORVXQRDXQR VLQRWDPELpQDSHUWHQHFHUDJUXSRVRFRPXQLGDGHV GRQGHODPDQHUDGHUHODFLRQDUVH\WUDWDUVHHVWiQ GHILQLGDVSDUDTXHWRGRVVHVLHQWDQELHQWUDWDGRV \VHSXHGDFXPSOLUHOREMHWLYRGHDSUHQGHU 6HFRQWULEX\HDVtDOGHVDUUROORGHODFDSDFLGDG GHWUDEDMRFRQRWURVDSUHYHQLUFRQIOLFWRV LQWHUSHUVRQDOHV\FRQGXFWDVYLROHQWDV \DSURPRYHUODDGTXLVLFLyQ\FRQVROLGDFLyQ GHODVKDELOLGDGHVVRFLDOHVQHFHVDULDVSDUD UHVROYHUORVFXDQGRVXUMDQ

$JUXSDPLHQWR,QVWDODUXQFOLPD HVFRODUSURGXFWLYRUHVSHWXRVR \WROHUDQWH ©  HOHVSDFLRGHODSUHQGL]DMHHVXQHVSDFLRWLHPSR FRPSDUWLGRFRQRWURV/RTXHHVWiHQMXHJR HQHVHHVSDFLRWLHPSRQRHVPHUDPHQWHHSLVWpPLFR \GLGiFWLFR(VWiQHQMXHJRWDPELpQUHODFLRQHV FRQORVRWURV\FRQVLJRPLVPRTXLpQVR\\R SDUDORVRWURV\SDUDPtPLVPR\RTXHVR\FDSD] GHDSUHQGHUHVRRTXHQRORFRQVLJR$QDOL]DU HVWHSXQWRHVWUDEDMDUODUHODFLyQFRQHOVDEHU HQFXDQWRUHODFLyQLGHQWLWDULDª %HUQDUG&KDUORW  

/DFRWLGLDQHLGDGGHOWUDEDMRGHODHVFXHODIRUPD SDUWHHVHQFLDOGHODEDVHVREUHODFXDOVHDVLHQWDQ ORVSURFHVRVGHHQVHxDQ]D\DSUHQGL]DMH \VHUHFRUUHHOLWLQHUDULRHVFRODU&RPRWDOSXHGH DOHQWDUXREVWDFXOL]DUODFDOLGDGGHODVH[SHULHQFLDV GHDSUHQGL]DMH\HOSURJUHVRHQHOLWLQHUDULR HVFRODU

8QRGHORVDOHUWDVSDUDHVWDSROtWLFDHV ODWHQGHQFLDHQODRSLQLyQS~EOLFDJHQHUDO \HVSHFLDOL]DGDGHHGXFDFLyQGHGHIHQGHU OD©PHULWRFUDFLDªLQGLYLGXDOFRPRLGHDOGHFDOLGDG 7DPELpQGHVGHHOVHFWRUODERUDOGRFHQWHSXHGH SHUFLELUVHHVWHHQIRTXHFRPRXQMXLFLRGHYDORU RFRPRXQDFDUJDDGLFLRQDOGHWUDEDMR/RVULHVJRV SXHGHQPLWLJDUVHFRQXQEXHQSODQGHIRUPDFLyQ± LQWHJUDGRSDUDWRGRHOHQIRTXHFRQDFWLYLGDGHV YDULDGDV\VRVWHQLGDV±DWUDYpVGHOFXDOORV





 &KDUORW%  'DUHODFmRFRPRVDEHU(OHPHQWRV SDUDXPDWHRULD3RUWR$OHJUH$UWPHG


&RPRKDTXHGDGRGHPRVWUDGRHQORVHVWXGLRV UHJLRQDOHV6(5&(HODSUHQGL]DMHQRHV LQGHSHQGLHQWHGHOFOLPDHVFRODU8QFOLPDVHJXUR UHJXODGRSUHYLVLEOH\TXHHQULTXH]FD ODFRQYLYHQFLDSRVLELOLWDXQDGHFXDGRVXVWUDWR TXHSHUPLWHDSUHQGHUPHMRUDWRGRV\HV XQVRSRUWHSDUDHQFDUDUEXHQDVUHLQVHUFLRQHV (OJUXSRFODVHHVXQDRSRUWXQLGDGLQVXVWLWXLEOH SDUDODSUiFWLFDGHODWROHUDQFLDHOFRPSURPLVR FRQHORWURODFRQVWUXFFLyQGHSUR\HFWRVFRPXQHV \ODVXSHUDFLyQGHODGLVFULPLQDFLyQ(OFOLPD HVFRODUSURSLFLRDODLQFOXVLyQVHFRQVWUX\HFRQ EDVHHQODWDUHDSURGXFWLYDFRPRSUR\HFWR FRPSDUWLGRHQODVUHJODVFODUDVHQ ODFRPXQLFDFLyQLQWHUSHUVRQDO\HQODUHPRFLyQ GHSUHMXLFLRV

127$ 1RUPDVHVFRODUHVTXHVHSXHGHQ FRQVWUXLUDIDYRUGHODLQFOXVLyQ

7HPiWLFDVGHQRUPDVHVFRODUHV DWHQWDVDODLGHQWLGDGFXOWXUDO HOFOLPDYLQFXODU\ODDWHQFLyQ DODWDUHDSDUDIRUPXODUMXQWR FRQODFRPXQLGDGHGXFDWLYD Â&#x2021; ,PSOHPHQWDFLyQGHSDXWDVGHYLGDFRWLGLDQD GHODHVFXHODIOH[LEOHV\GLQiPLFDVDSURSLDGDV DODVLQVWLWXFLRQHV\DODVSDUWLFXODULGDGHVGHOD FXOWXUDORFDODPSOLDPHQWHFRQRFLGDVSDUDORV HVSDFLRV\WLHPSRVFRPSDUWLGRVDQLYHOGHODV DXODV\GHWRGDODHVFXHOD Â&#x2021; 9LJHQFLDGHSUiFWLFDVTXHHQFDUQHQORVYDORUHVGH FRRSHUDFLyQ\ODVROLGDULGDG\GHODHYLWDFLyQ GHWRGDEXUODYLROHQFLD\GLVFULPLQDFLyQ

(± 3/$17($51250$6&/$5$6 &2035(16,%/(6<5(/(9$17(6

Â&#x2021; $FXHUGRVVREUHODVWDUHDVSDUDHOKRJDUTXHVH SHGLUiQJHQHUDQGRFRPSURPLVRVP~OWLSOHVORV GRFHQWHVIRUPXODQGRHMHUFLWDFLRQHVUHOHYDQWHV TXHUHFRQR]FDQODGLYHUVLGDGFXOWXUDO\OR WUDEDMDGRHQFODVHODVIDPLOLDVUHVSDOGDQGROD GHGLFDFLyQDHVDVWDUHDVORVHVWXGLDQWHV DVXPLHQGRHOFXPSOLPLHQWRFRQSURJUHVLYD DXWRQRPtD

/DHVFXHODQRHVVyORXQHVSDFLRGHGHVDUUROOR GHFDSDFLGDGHVFRJQLWLYDVVLQRTXHHVXQiPELWR GRQGHVHDSUHQGHQ\SUDFWLFDQIRUPDVGH LQWHUDFFLyQVRFLDOFRQRWURVRULHQWDGDVDSURSyVLWRV FRPXQHV(OFRQRFLPLHQWRGHODVQRUPDV HODQiOLVLVGHVXVVHQWLGRVODSDUWLFLSDFLyQHQ ODSUHSDUDFLyQGHUHJODVGHPHQRUDOFDQFH FRPRHOWUDEDMRHQFODVHHOFXPSOLPLHQWRGH WDUHDVHOGHVDUUROORGHXQSUR\HFWR HVXQDSUiFWLFD TXHHPSRGHUDDORV11$\ORVIRUPD UHVSRQVDEOHPHQWH

Â&#x2021; &XLGDGRGHODPELHQWHItVLFRLQVWLWXFLRQDOSRUSDUWH GHHVWXGLDQWHVGRFHQWHV\IDPLOLDVFRPRDSRUWH DOHQULTXHFLPLHQWRGHODLGHQWLGDGGHODHVFXHOD HVSDFLRVSDUDYLVLELOL]DUODSURGXFFLyQGHORV HVWXGLDQWHVSDUDVXOLEUHH[SUHVLyQSDUDVHU GHFRUDGRVRSRUDOXPQRVRSRUIDPLOLDV

/DHVFXHODSXHGHSRWHQFLDUODYLQFXODFLyQGHORV HVWXGLDQWHVFRQODVQRUPDVVRFLDOHV(VWRVHSXHGH ORJUDUDSDUWLUGHXQUHFRUULGRSURJUHVLYRTXH DFRPSDxHHOFUHFLPLHQWRGHORVQLxRV±GHVGHOD HGXFDFLyQLQLFLDOKDVWDORVDGROHVFHQWHVGHOD VHFXQGDULD±HQHOFRQRFLPLHQWR\MXVWLILFDFLyQGH ODVSDXWDVHVFRODUHVHQVXLQWHUSUHWDFLyQ\GRPLQLR GHOVHQWLGR\HQHOFXPSOLPLHQWR\HYDOXDFLyQGH GLFKRFXPSOLPLHQWR(VWDH[SOLFLWDFLyQHV LPSRUWDQWHHQSDUWLFXODUSDUDORVJUXSRVVRFLDOHV TXHWLHQHQXQDUHODFLyQPHQRURPiVUHFLHQWHFRQ ODHVFXHOD

(± &2081,&$56((1)250$)/8,'$ <&216,'(5$'$&21<(175( /26(678',$17(6 /DFRPXQLFDFLyQLQWHUSHUVRQDOHVHOVXVWUDWRHQHO FXDOVHEDVDQWDQWRODLQWHUDFFLyQGHHQVHxDQ]D \DSUHQGL]DMHHQHODXODFRPRODFRQVWUXFFLyQGH YtQFXORV\UROHVGHQWURGHOJUXSRFODVH(QWDO VHQWLGRODVSDXWDVGHLQWHUFDPELRFRPXQLFDFLRQDO YHUEDO\QRYHUEDO VRQXQiPELWRSULYLOHJLDGRSDUD PRGHODU\DSRUWDUDFUHDUXQFOLPDEiVLFR LQWHUSHUVRQDOTXHSHUPLWDDSOLFDUODVHVWUDWHJLDV FRRSHUDWLYDVGHDSUHQGL]DMHSURGXFFLyQ \HYDOXDFLyQGHFRQRFLPLHQWRV

3URJUHVLYDPHQWHORVHVWXGLDQWHVSXHGHQSDUWLFLSDU HQODIRUPXODFLyQGHUHJXODFLRQHVTXHORV LQYROXFUHQ\SXHGHQFRQWDUFRQHVSDFLRVSDUD SURSRQHUPHMRUDVRH[FHSFLRQHVIXQGDGDV6HJ~Q HOWHPD\HOQLYHOHGXFDWLYRODSUHVHQFLD FRQFRPLWDQWHGHORVSDGUHVVLUYHSDUDDXPHQWDUOD SHUWHQHQFLD\DUWLFXODFLyQ7RGRHVWRD\XGDDTXH HVWXGLDQWHV\IDPLOLDVFRQItHQHQODVHVFXHODVHQ VXIXQFLRQDPLHQWRQRGLVFUHFLRQDOVLQRVXMHWRD UHJODV

3DUDPXFKRVHVWXGLDQWHVODVSDXWDVGHLQWHUDFFLyQ SURSXHVWDVSRUODHVFXHODSDUDHOGLiORJRFRQ DGXOWRV\FRQSDUHVFRQIURQWDQFRQODVUHJODVGH EXHQDFRUWHVtDTXHVHHQVHxDQHQVXVKRJDUHV 3RUHMHPSOREXVFDUD\XGDGHOFRPSDxHURVXHOH




PDHVWURVSDUDTXHPRWLYHQ\YDORUHQOD FRPXQLFDFLyQFRPRIXHU]DGHFRQVWLWXFLyQGHOJUXSR DVXYH]KD\TXHEULQGDUORVFRQRFLPLHQWRVSDUDTXH VHDQFRQVFLHQWHVGHTXHHOFOLPDYLQFXODUJHQHUDXQ FDXGDOGHHQHUJtDTXHORVD\XGDHQVXWDUHD

VHUYLVWRFRPRXQDHVSHFLHGHWUDPSDRFRPRGLGDG HQODHVFXHODPLHQWUDVTXHQRKDFHUORHQHVSDFLRV GHODYLGDUHDOSXHGHVHUYLVWRFRPRLPSUXGHQFLD RYDQLGDG/RVFRQIOLFWRVFRJQLWLYRV\HPRFLRQDOHV TXHVHJHQHUDQDVtHQODVSUiFWLFDVHVFRODUHV SXHGHQOOHYDUDPXFKRVQLxRV\QLxDVHLQFOXVR S~EHUHVDOVLOHQFLR\ODUHVHUYDPLHQWUDVTXHORV GRFHQWHVSXHGHQFRQIXQGLUHVHVLOHQFLRFRQEDMDV FDSDFLGDGHVGHDSUHQGHU

127$ 3HUIHFFLRQDPLHQWRGRFHQWH\YtQFXORV FRQORVQLxRV\QLxDVHQEROLYLD

/DVPHWDVSURSRQHQ 0HWDJHQHUDO TXLQWD

0HMRUDUODFDOLGDGGHOD HGXFDFLyQ\HOFXUUtFXORHVFRODU

0HWD (VSHFtILFD 1ž

3RWHQFLDUODHGXFDFLyQHQ YDORUHVSDUDXQDFLXGDGDQtD GHPRFUiWLFDDFWLYDWDQWRHQHO FXUUtFXORFRPRHQOD RUJDQL]DFLyQ\JHVWLyQ GHODVHVFXHODV

1LYHOGH /RJUR

6HUHIXHU]DODHGXFDFLyQHQ YDORUHV\SDUDODFLXGDGDQtDHQ ODVGLVWLQWDViUHDV\PDWHULDV

(Q%ROLYLDVHDQDOL]yODLPSOHPHQWDFLyQGHO 3UR\HFWRGH0HMRUDPLHQWRGHOD&DOLGDGGHOD (QVHxDQ]D(VFRODU 3520(&$ FRQVXFREHUWXUD GHPDHVWURVDVGHSULPDULDFDSDFLWDGRV HQPHWRGRORJtDV\WpFQLFDVGHHQVHxDQ]DHQHO DXOD\DGPLQLVWUDFLyQGHODXQLGDGHGXFDWLYD'LFKR DQiOLVLVSODQWHDSHUVSHFWLYDVDOHQWDGRUDV PRVWUiQGRVHHOPHMRUDPLHQWRGHOGHVHPSHxR DOFDQ]DGRSRUORVPDHVWURVHQGLIHUHQWHVHVFDODV EDMRHOFRQFHSWRGHTXH©ORVQLxRV\QLxDVVRQ SURWDJRQLVWDVHQVXDSUHQGL]DMHª/RVFXDWUR LQGLFDGRUHVGHPHMRUDPLHQWRGHGHVHPSHxRVRQ L SODQLILFDFLyQGHODFODVHLL HMHFXFLyQGHODFODVH LLL HQWXVLDVPRGHORVQLxRVDV\LY SURWDJRQLVPR GHORVQLxRVDVHQVXDSUHQGL]DMH(VWRVDYDQFHV HQHOPHMRUDPLHQWRGHOGHVHPSHxRGHORVPDHVWURV SXHGHQVHUREVHUYDGRVGHVGHHOSODQRSURIHVLRQDO PHGLDQWHHOSHUIHFFLRQDPLHQWRGHVXVSUiFWLFDV GHWUDEDMRHQHODXODKDVWDHOSODQRSHUVRQDO PHGLDQWHHOFDPELRGHDFWLWXGKDFLDORVQLxRV \QLxDV\KDFLDVXVPLVPRVFROHJDV

(OGHVDUUROORGHFRPSHWHQFLDVGHHQVHxDQ]DSDUD ORVGRFHQWHVWLHQHTXHLQFOXLUHVWHFRQRFLPLHQWR VREUHODIXHU]DFRPXQLFDFLRQDO\VXHIHFWRJUXSDO \YLQFXODUFRQRFLPLHQWRTXHKDVLGRSRFR IUHFXHQWDGRKDVWDDKRUDHQODIRUPDFLyQGRFHQWH +D\TXHDSRUWDUKHUUDPLHQWDVFRQFUHWDVDORV

(± 5(029(5/$,1(5&,$(6&2/$5 (1/$5(352'8&&,Ï1'(35(-8,&,26

‹81,&()3DUDJXD\9HUD

(VLPSRUWDQWHDOHQWDUSURFHVRVGHUHIOH[LyQHQ WRGRVORVQLYHOHVGHJHVWLyQGHOVLVWHPDHGXFDWLYR SDUDLGHQWLILFDU\UHPRYHUORVSUHMXLFLRVTXH DWULEX\HQ©DXWRPiWLFDPHQWHªORVIUDFDVRV HVFRODUHVDORVGpILFLWVGHORVHVWXGLDQWHVGHELGRV DVXSREUH]DGLYHUVLGDGFXOWXUDORFRQGXFWD(VWD UHIOH[LyQLQFOX\HDSUR[LPDUVHDFRQRFLPLHQWRV FLHQWtILFRVTXHDSXQWDODQODRULHQWDFLyQSROtWLFD ILORVyILFD\pWLFDYLQFXODGDDODVFDSDFLGDGHV KXPDQDVUHYLVDUODVSURSLDVLGHDVFRQWUDVWDUODV FRQRWUDVUHYLVDUODVQRUPDWLYDVUXWLQDV\ GLVFXUVRVTXHVHKDQHVWDEOHFLGR\UHFRQRFHU ODVLQIOXHQFLDVGHODFXOWXUDFHQWUDOGHORVGRFHQWHV 



 6DQWD0DUtD6D~O  ©1LxRVQLxDV\DGROHVFHQWHVIXHUD GHODHVFXHODHQHOWUySLFR\DOWLSODQRGH%ROLYLDª0LQLVWHULR GH(GXFDFLyQ81,&()\/L]iUUDJD=DPRUD.DWKOHQ   ©$QiOLVLVGHODVFDXVDV\FRQVHFXHQFLDVGHODLQDVLVWHQFLD HVFRODU\HQVHFXQGDULDHQOD5HJLyQGH9DOOHV\iUHDVGH )URQWHUDª0LQLVWHULRGH(GXFDFLyQ81,&()


Â&#x2039;81,&()*XDWHPDOD&KHZV

GLVFULPLQDWRULDVLLL HVWUDWHJLDVGLGiFWLFDVFRQFUHWDV SDUDWUDEDMDUHQFRQWH[WRVFXOWXUDOPHQWHGLYHUVRVD ODFXOWXUDHVFRODU(VQHFHVDULRDGHPiVVXPDUOD FRODERUDFLyQGHUHFRQRFLGRVSURIHVLRQDOHVGHODV FLHQFLDVGHODVDOXGSDUDGLIXQGLULGHDVTXHHYLWHQ ODPHGLFDOL]DFLyQGHORV11$TXHPROHVWDQSRUQR DGHFXDUVHDODVSDXWDV©QRUPDOL]DGDVª

Ã&#x2C6;0%,72±(VWUDWHJLDV SDUDVXSHUDUEDUUHUDVSROtWLFDV WpFQLFDV\GHILQDQFLDPLHQWR GHOVLVWHPDHGXFDWLYRJHVWLRQDU HOVLVWHPDHGXFDWLYRKDFLDPHWDV GHLQFOXVLyQ (VWDLQLFLDWLYDSURSRQHTXHODPHWDGHODLQFOXVLyQ HGXFDWLYDWRWDORSRUWXQD\SOHQDVHDSDUiPHWURGH JUDQSDUWHGHODVGHFLVLRQHVSROtWLFDVDUWLFXODQGR FRPSRQHQWHVSHGDJyJLFRVSUHVXSXHVWDULRV GHFRQVWUXFFLyQGHLPDJLQDULRVRFLDO\QRUPDWLYRV (VDGHFLVLyQSROtWLFDRULHQWD\DOLQHDWRGRVHVWRV IDFWRUHVVLSUHWHQGHDOFDQ]DUUHVXOWDGRV

/DYDORUDFLyQGHODVFXOWXUDVSRSXODUHVHVPiV GHFODPDGDTXHSOHQDPHQWHDVXPLGD3ROtWLFDV \SURJUDPDVHGXFDWLYRVFRQFHSWXDOPHQWHPX\ YDOLRVRVFRPRODHGXFDFLyQLQLFLDOWHPSUDQDOD H[WHQVLyQGHODMRUQDGDHVFRODURODIRUPDFLyQ SURIHVLRQDOGHORVMyYHQHVVHSUHVHQWDQHQ RFDVLRQHVFRPRXQDPDQHUDGH©VDOYDUDOQLxR GHVXPHGLRª7DOHQIRTXHWLHQHVXVUDtFHVHQOD FUHHQFLD\DPHQFLRQDGDGHTXHODFDXVDGHO IUDFDVRHVHOFDSLWDOFXOWXUDOGHODVIDPLOLDVTXH ODHVFXHODFRQVLGHUDLQVXILFLHQWH

7RGDVODVHVFXHODVGHEHQSRVLELOLWDUHOHMHUFLFLR GHOGHUHFKRDXQDHVFRODUL]DFLyQWRWDORSRUWXQD VRVWHQLGD\SOHQD&RQPD\RUDWHQFLyQVHKDQGH SURWHJHUODVRSRUWXQLGDGHV±\SRUWDQWRODV HVFXHODV±DODVTXHDFFHGHODSREODFLyQSREUH \H[FOXLGD/DFRPSUREDFLyQHPStULFDGHOD VLWXDFLyQDFWXDOQRVPXHVWUDTXHXQDJUDQSDUWH HVWDVHVFXHODVFRQPD\RUGHVDItRREWLHQHQ PHQRUHVUHVXOWDGRVSHURDOJXQDVGHHOODV HQXQQ~PHURTXHQRHVtQILPRQLH[FHSFLRQDO UHVXHOYHQHVHGHVDItRKDFLHQGRTXHVXV HVWXGLDQWHV SREUHVLQGtJHQDVDIURGHVFHQGLHQWHV UXUDOHVWUDEDMDGRUHV DSUHQGDQ\FRPSOHWHQOD HVFXHODSRUORTXHH[LVWHQFRQWUDHMHPSORVTXHQR FRQYDOLGDQHOVXSXHVWRGHWHUPLQLVPRHQWUHSREUH]D \PDORVUHVXOWDGRV

/DHVFXHODFRPRWUDVPLVRUDGHOFDSLWDOGH FRQRFLPLHQWRFRQVLGHUDGRIXQGDPHQWDOHQXQD VRFLHGDGHQWUDHQGLiORJRFRQIDPLOLDVQLxRV \MyYHQHVFRQUDLJDPEUHUXUDOLQGtJHQD DIURGHVFHQGLHQWHFRQORVPLJUDQWHVORV GHVSOD]DGRVRORVTXHYLYHQHQJUDYHVVLWXDFLRQHV GHSREUH]DXUEDQD5HFRQRFHUTXHHVWRVJUXSRV VtWLHQHQXQFDSLWDOFXOWXUDOUHOHYDQWHSDUWLFXODU \SURGXFLGRHQGLYHUVDVFRQGLFLRQHVKLVWyULFDV\ VRFLDOHVLPSOLFDUiUHVSHWDUHLQFRUSRUDURWURV YRFDEXODULRVRWUDVFDWHJRUL]DFLRQHVGHODUHDOLGDG \RWURVULWPRVGHRUJDQL]DFLyQ

/DGHFLVLyQSROtWLFDGHHQIUHQWDUODH[FOXVLyQ HGXFDWLYDDFWXDO\SRWHQFLDOEULQGDFULWHULRVPX\ FRQFUHWRVSDUDRULHQWDUODVGHFLVLRQHVGH RUJDQL]DFLyQJHQHUDOGHOVLVWHPDHGXFDWLYR ORFDOL]DFLyQGLPHQVLRQDPLHQWRUHJODPHQWDFLyQ DUWLFXODFLyQFRQODVHVFXHODV 

/RVRUJDQLVPRVGHHGXFDFLyQWLHQHQKHUUDPLHQWDV SDUDFRQVWUXLUHVWHSURFHVRFRQODIRUPDFLyQ GRFHQWHLQLFLDO\FRQWLQXD\ORVPHFDQLVPRVGH DSR\RVLWXDGRDODVHVFXHODV7DPELpQSXHGHQ HQFDUDUXQDVRVWHQLGDHVWUDWHJLDGHFRPXQLFDFLyQ HLQIRUPDFLyQRULHQWDGDDDPSOLDUODVSHUVSHFWLYDV \UHPRYHUORVSUHMXLFLRVTXHVHDUUDVWUDQSRU LQHUFLDLQFOX\HQGRL FRQWHQLGRVGHOVDEHUFLHQWtILFR TXHUHVSDOGDQODVFDSDFLGDGHVFRJQLWLYDVGHORV QLxRVGHWRGDVODVFXOWXUDV\VHFWRUHV LL UHIOH[LRQHVVREUHHOYDORUKXPDQRSURIHVLRQDO \pWLFRGHVXSHUDUSUHMXLFLRV\FRQGXFWDV

/DSODQLILFDFLyQ\HVWUXFWXUDFLyQGHOVLVWHPD HGXFDWLYRHVXQDIXQFLyQSURSLDGHORV(VWDGRV 'RVDVSHFWRVFODYHVGHHVWDIXQFLyQVRQODSRWHVWDG QRUPDWLYD ILMDUUHJODVGHFXPSOLPLHQWRPDQGDWRULR  \ODSRWHVWDGDGPLQLVWUDWLYD DVLJQDUUHFXUVRV S~EOLFRVHQIXQFLyQGHODVSULRULGDGHVJHQHUDOHV 




IDPLOLDVVLELHQHVWRHVFLHUWRHVLPSRUWDQWH FRQVLGHUDUTXHODJUDWXLGDGHVFRQGLFLyQQHFHVDULD SHURQRVXILFLHQWHSDUDFRQVLGHUDUTXHOD REOLJDWRULHGDGHVH[LJLEOH

/DVPHGLGDVGHSODQHDPLHQWR\JHVWLyQGHEHQ SUHYHUIRUPDVGHDSOLFDFLyQTXHPLWLJXHQORV ULHVJRVGHGLOXLUVHRDGDSWDUVHHQODVUXWLQDV SUHYLDV7DPELpQGHEHUVHUDQDOL]DGDVUHJXODUPHQWH HQVXVHIHFWRVHQUHODFLyQFRQHODFFHVROD SHUPDQHQFLD\HODSUHQGL]DMHGHWRGRVORV11$

(PSDUHQWDGDVFRQODGHILQLFLyQOHJDOGH REOLJDWRULHGDGVHXELFDQODSODQLILFDFLyQ\JHVWLyQ GHODRIHUWDHGXFDWLYDTXHSHUPLWDGDUFXHQWDGH HVDREOLJDWRULHGDGFRPRPtQLPR/RV11$TXHKR\ QRDFFHGHQDODHVFXHODRVHYDQSUHPDWXUDPHQWH PX\IUHFXHQWHPHQWHSDGHFHQYDULDVIRUPDVGH H[FOXVLyQVRFLDO/DHVFDVDFDSDFLGDGGHDUWLFXODU GHPDQGDVSRUHGXFDFLyQREOLJDWRULDSRUSDUWHGH VXVIDPLOLDVUHTXLHUHFRPRFRQWUDSDUWHXQDPX\ DWHQWDPLUDGD\GHGLFDFLyQSRUSDUWHGHORV JRELHUQRV/DGHPDQGDQRVHUiH[SUHVD\HQ RFDVLRQHVKDEUiTXHHVWLPXODUODDWUDYpVGH HVWUDWHJLDVFRPXQLFDFLRQDOHVWUDEDMRWHUULWRULDO \DUWLFXODFLyQFRQSROtWLFDVVRFLDOHVPiVLQWHJUDOHV

(VWDVHVWUDWHJLDVVHRUJDQL]DQHQWUHV DJUXSDPLHQWRVGLUHFFLRQDGRVD  ODJHVWLyQ JHQHUDOGHOVLVWHPDHGXFDWLYR\VXRIHUWDHVFRODU  HOILQDQFLDPLHQWRHGXFDWLYR\  ORVGHVDUUROORV \SURJUDPDVWpFQLFRSHGDJyJLFRVSDUDGLVWLQWRV GHVWLQDWDULRV\QLYHOHVHGXFDWLYRV

$JUXSDPLHQWR5HYLWDOL]DUOD RUJDQL]DFLyQGHODRIHUWDHGXFDWLYD (± 25*$1,=$5/$2)(57$(6&2/$5 $/&$1=$'2$72'$/$32%/$&,Ï1 &21(675$7(*,$625,(17$'$6$ 5(68/7$'26

$PRGRGHHMHPSORHOFUHFLPLHQWRGHODHGXFDFLyQ LQLFLDO FRQODFRQVHFXHQWHDVLJQDFLyQGHQXHYRV UHFXUVRVILQDQFLHURVTXHUHTXLHUH SXHGHRULHQWDUVH DXQDH[SDQVLyQ©YHUWLFDOªHVGHFLUDJUHJDUPiV JUDGRVRQLYHOHVDOOtGRQGH\DVHHVWiEULQGDQGROD RIHUWDRSXHGHRULHQWDUVHDXQDH[SDQVLyQ ©KRUL]RQWDOªHVGHFLUJDUDQWL]DUTXHDEVROXWDPHQWH WRGRVORVQLxRV\QLxDVWHQJDQDFFHVRDSRUOR PHQRVXQDxRGHHGXFDFLyQLQLFLDO3RVLEOHPHQWH HQHOSULPHUFDVRVHSDUWDGHXQDGHPDQGDDFWLYD GHPiVDxRVGHHGXFDFLyQSRUSDUWHGHVHFWRUHV VRFLDOHVPiVLQFOXLGRVPLHQWUDVTXHHQHOVHJXQGR FDVRKDEUiTXHUHDOL]DUDFFLRQHVWHUULWRULDOHVSDUD FDSWDUQLxRV\QLxDVTXHQRYDQDODHVFXHOD/D LQYHUVLyQSUHVXSXHVWDULDSXHGHVHUVHPHMDQWH SHURHOWLSRGHHVWUDWHJLDVTXHGHEHQHQFDUDUVHHV ELHQGLIHUHQWHHQXQFDVR\HQRWUR

&RQFUHWDUODREOLJDWRULHGDGRUJDQL]DQGRODRIHUWD HVFRODUDOOtGRQGHHVWiODSREODFLyQFRQGHUHFKRV QRDWHQGLGRV/RVSDtVHVGHODUHJLyQVH FRPSURPHWLHURQFRQODSOHQDYLJHQFLDGHOGHUHFKR DODHGXFDFLyQQRVyORDWUDYpVGHVXVSURSLDV OH\HVVLQRWDPELpQSRUPHGLRGHODVXVFULSFLyQD GLVWLQWRVSDFWRVGHFODUDFLRQHV\FXPEUHV LQWHUQDFLRQDOHVHQWUHHOODVODV0HWDV(QVXV FRQVWLWXFLRQHVVHHVWDEOHFHXQLIRUPHPHQWHHO GHUHFKRDODHGXFDFLyQDGHPiVWRGDVODV QDFLRQHVGHODUHJLyQVXVFULELHURQOD&RQYHQFLyQ VREUHORV'HUHFKRVGHO1LxR 3DUDFXPSOLUFRQHVWHGHUHFKRHVQHFHVDULR GLVSRQHUGHHVFXHODVPDHVWURV\HOLPLQDUFXDOTXLHU REVWiFXORTXHSXHGDLPSHGLUVXFRQFUHFLyQ/DV FRQGLFLRQHVGHREOLJDWRULHGDG\GHJUDWXLGDG UHVXOWDQIXQGDPHQWDOHVSDUDVXUHDOL]DFLyQDPEDV WLHQHQXQDUHODFLyQLQWHUGHSHQGLHQWHSRUTXHOD HVFXHODQRSXHGHVHUREOLJDWRULDVLQRHVDFFHVLEOH \JUDWXLWD 7RPDVHYVNLD (QRWUDVSDODEUDV VLHO(VWDGRQRRIUHFHXQVHUYLFLRJUDWXLWRQRSXHGH H[LJLUDODVIDPLOLDVGHHVFDVRVUHFXUVRV HFRQyPLFRVTXHHQYtHQDVXVKLMRVDODHVFXHOD (QWRQFHVSDUDTXHODHGXFDFLyQVHDREOLJDWRULD GHEHVHUJUDWXLWD

‹81,&()%HOLFH9LOODU

3RURWUDSDUWHQRDOFDQ]DHOFDUiFWHUGHJUDWXLGDG FRPRFRQGLFLyQGHFXPSOLPLHQWRGHOD REOLJDWRULHGDG&DEHDTXtSUHJXQWDUVH¢DTXLHQHV ©REOLJDªHVWDREOLJDWRULHGDG"(VIUHFXHQWHDVXPLU XQDYH]FXPSOLGDODFRQGLFLyQGHJUDWXLGDGGHOD RIHUWDTXHODREOLJDWRULHGDGHVXQDKHUUDPLHQWD SDUDLQVWDODURUHIRU]DUFLHUWDVFRQGXFWDVHQODV




‹81,&()&RVWD5LFD%HOO

(QWRUQRDODVSULRULGDGHVPDUFDGDVSRUODOXFKD FRQWUDODH[FOXVLyQHQHGXFDFLyQHOHQIRTXH FRQFHSWXDOGHHVWDLQLFLDWLYD1)(SODQWHDFULWHULRV PX\FRQFUHWRVSDUDSHQVDUODDSHUWXUDGHQXHYD RIHUWDHVFRODU\SDUDODVDGHFXDFLRQHVGHOD\D H[LVWHQWH8QRGHORVFULWHULRVGHEDVHHVUHFRQRFHU HOLPSDFWRGHORVDFWXDOHVQLYHOHVGHLQHILFLHQFLD GHOVLVWHPDHGXFDWLYR\SRQHUHQHYLGHQFLDOD JUDYHGDGGHFRQWLQXDUODSODQHDFLyQ SUHVXSXHVWDFLyQ\JHVWLyQGHOVLVWHPDPDQWHQLHQGR LQPXWDEOHHVWDVLWXDFLyQJHQHUDGDHQSDUWHSRU IDFWRUHVH[WHUQRVSHURHQJUDQSDUWHSRUIDFWRUHV SURSLRVGHODPLVPDRIHUWDHVFRODU /DPHMRUDHIHFWLYDVHSURGXFHFRQODLQWHUDFFLyQGH WUHVFRPSRQHQWHVEDODQFHDGRVL VRSRUWHV PDWHULDOHVGHFDUiFWHUDVLVWHQFLDOUHJLVWUDQGR FRPRGDWRLQVRVOD\DEOHODVGHVLJXDOGDGHVGHSXQWR GHSDUWLGDGHORVHVWXGLDQWHVLL RIHUWDGHYDFDQWHV SOD]DVHVFRODUHVDFFHVLEOHVFHUFDQDV\SHUWLQHQWHV SDUDHVWDVSREODFLRQHVFRPRPtQLPRSDUDWRGRV ORVQLYHOHVREOLJDWRULRVGHHGXFDFLyQTXHFDGDSDtV GLVSRQJDLLL SURSXHVWDVSHGDJyJLFDVFRQ FRPSRQHQWHVWpFQLFRV\PDWHULDOHVGLVSRQLEOHVHQ ODVHVFXHODVSDUDTXHORVPiVSREUHVRORVTXH SDGHFHQGLYHUVDVIRUPDVGHH[FOXVLyQGHVDUUROOHQ VXVFDSDFLGDGHVFRJQLWLYDV\VRFLDOHV\SXHGDQ DSUHQGHU

SUR\HFWRVTXHEXVTXHQVXSHUDUODH[FOXVLyQQR SXHGHIDOWDUXQDIXHUWHRULHQWDFLyQDORVUHVXOWDGRV H[SUHVDGRVHQLWLQHUDULRVHVFRODUHVFRPSOHWRV \IOXLGRV3ODQWHDUHQSULPHUSODQRODSUHRFXSDFLyQ SRUORVUHVXOWDGRVGHLQFOXVLyQHVXQDPHGLGD SROtWLFDFRPSURPHWLGD7DPELpQGHVDItD DOFRQRFLPLHQWRWpFQLFR\OHGHPDQGDGHVDUUROORV HIHFWLYRV\SHUWLQHQWHVKD\TXHFRQYRFDU\PRWLYDU DHTXLSRVWpFQLFRVPLQLVWHULDOHVLQVWLWXFLRQHV XQLYHUVLWDULDV\DFDGpPLFDVFHQWURVIRUPDGRUHVGH GRFHQWHVXQLYHUVLGDGHVIRUPDGRUHV21*\ HQWLGDGHVGHFRRSHUDFLyQSDUDDSRUWDU\SDUWLFLSDU HQSURSXHVWDVGHUHDOL]DFLyQDSHJDGDVD UHVXOWDGRV(VWDFRQYRFDWRULDSXHGHVXVFLWDUOHV LQTXLHWXGQRSRUODQRYHGDGGHXQDVLWXDFLyQ\D FRQRFLGDSHURVtSRUODGHILQLFLyQGHUHPRYHU EDUUHUDVDFXPXODGDVLQFOXVRGHQWURGHOSURSLR VLVWHPDHGXFDWLYR

)LQDOPHQWHFRQFHQWUDUVHHQPHMRUDUODFDOLGDGGH ODVSURSXHVWDVGHHQVHxDQ]D HQWDQWR GHWHUPLQDQWHFUXFLDOGHODSUHQGL]DMH LPSOLFDOXFKDU FRQWUDFLHUWDVUHSUHVHQWDFLRQHVDUUDLJDGDVHQHO VLVWHPDHGXFDWLYR\WDPELpQHQPXFKRVHVWXGLRV TXHDSOLFDQKHUUDPLHQWDVHFRQRPpWULFDV(VWDV UHSUHVHQWDFLRQHVGHVYLQFXODQODFRQWLQXLGDGGHORV HVWXGLDQWHVGHQWURGHOVLVWHPDGHODV RSRUWXQLGDGHVHIHFWLYDVGHDSUHQGL]DMHGHODVTXH SDUWLFLSDQ6HGDSRUFLHUWRHOVXSXHVWRGHTXHOD UHSLWHQFLD\HODEDQGRQRVRQSURGXFWRVGLUHFWRV GHODSREUH]D\QRGHODGLVIXQFLRQDOLGDGGHOD SURSXHVWDSHGDJyJLFDSDUDVDWLVIDFHUODV QHFHVLGDGHVHGXFDWLYDVGHORVDOXPQRVSREUHV6H SUHWHQGHTXHHODEDQGRQRHVXQDGHFLVLyQWRPDGD FRQUDFLRQDOLGDGSOHQDHQIXQFLyQGHORVFRVWRVGH RSRUWXQLGDGFRQXQSDGUHTXHOHGLFHDOKLMR ©'HFLGtTXHQRYD\DVPiVDODHVFXHODªLJQRUDQGR TXHHOGHMDUODHVFRODULGDGSXHGHVHUSURGXFWR DFXPXODWLYRGHSHTXHxDVUHVLJQDFLRQHVFRWLGLDQDV GHHVWXGLDQWHVTXHFDUJDQFRQODIUXVWUDFLyQGHQR DSUHQGHUODYHUJHQ]DGHQRVDEHU\ODWULVWH]DGH QRLPSRUWDUOHDQDGLH

7UHVFODYHVGHJHVWLyQRULHQWDGD DUHVXOWDGRV $FFLRQHVJUDGXDOHV'LVHxDUXQUHFRUULGR SURJUHVLYRGHVGHORTXHODJHQWHVDEHKDFHUKR\ \ORTXHSXHGHDSUHQGHUHQODDFFLyQ &RUUHFFLRQHVRSRUWXQDV0RQLWRUHDUSDVRDSDVR \DFWXDURSRUWXQDPHQWHGRQGHVHFRQFHQWUDQORV SUREOHPDV &RQVWUXFFLyQFROHFWLYD&RQYRFDUDOORJUR FRPSDUWLGRGHXQPHMRUHVFHQDULRGHIXWXUR

(VWDFXHVWLyQFDHGHQWURGHXQRGHORV©SXQWRV FLHJRVªGHODIRUPXODFLyQGHSROtWLFDVHGXFDWLYDV VHKDQHQFRQWUDGRPX\HVFDVRVHMHPSORVGH HYDOXDFLyQGHSROtWLFDVHQIXQFLyQGHORVUHVXOWDGRV

'LVHxDU\DSOLFDUFRQHILFDFLD\HIHFWLYLGDG SURJUDPDV\SUR\HFWRVRULHQWDGRV\HYDOXDEOHVSRU UHVXOWDGRVGHVXSHUDFLyQGHODH[FOXVLyQ(QORV




HGXFDWLYRVTXHORJUDQ\DXQVLTXLHUDGH LQIRUPDFLyQGHVFULSWLYDVREUHUHVXOWDGRVDXQ FXDQGRQRFRQVWLWX\DQHYDOXDFLRQHVTXHDSOLTXHQ DQiOLVLVFRQGLFLRQDOHV&LHUWDFRPSOHMLGDGWpFQLFD \FRQFHSWXDOHQSRGHUHYDOXDUPHMRUDV GHUHVXOWDGRVQRSXHGHVHUXQDH[FXVDVLQRGpILFLW GHFRQRFLPLHQWRHQHOiUHDTXHGHEHVXSHUDUVH

(QHOPDUFRGHODLQLFLDWLYD1)(ORVUHVXOWDGRVD ORJUDUVRQHYLGHQWHV\PHGLEOHVHQIXQFLyQGHFDGD GLPHQVLyQGHODH[FOXVLyQ3DUDFDGDXQRGHHVRV UHVXOWDGRVKDEUiTXHPRQLWRUHDUVLVHDYDQ]D HQODGLUHFFLyQHVSHUDGDXVDQGRORVGDWRVH LQGLFDGRUHVSURGXFLGRVSRUORVVLVWHPDVKDELWXDOHV GHLQIRUPDFLyQHVWDGtVWLFD

&8$'52 'LPHQVLRQHVGHODH[FOXVLyQ\UHVXOWDGRVVXSHUDGRUHV 'LPHQVLRQHVTXHH[SUHVDQLQHTXLGDGHVGHDFFHVR\SHUPDQHQFLD 'LPHQVLRQHV 'LPHQVLyQ ([FOXVLyQWRWDOGH HGXFDFLyQLQLFLDOSDUDORV QLxRV\QLxDVHQODHGDG 3DUFLDO&,1(

'LPHQVLyQ ([FOXVLyQWRWDOGH HGXFDFLyQSULPDULDSDUD ORVQLxRV\QLxDVHQHO WUDPRGHHGDG FRUUHVSRQGLHQWH

'HILQLFLyQGHODSREODFLyQ 1LxRV\QLxDVGHDxRV GHHGDGSDUDODPD\RUtDGH ORVSDtVHVDxRVGHHGDGSDUD (O6DOYDGRU*XDWHPDOD\%UDVLO HQSURFHVRGHWUDQVLFLyQ \DxRVGHHGDGSDUDSDtVHV GHO&DULEHTXHFRPLHQ]DQDQWHV ODSULPDULD

*HQHUDOL]DFLyQGHODFFHVRRSRUWXQR DXQDxRGHHGXFDFLyQLQLFLDO SDUDPLOORQHVGHQLxRV\QLxDV

1LxRV\QLxDVKDVWDDxRVGH HGDGHVFRODUHQODPD\RUtDGH ORVSDtVHVHQDOJXQRVSDtVHV &RORPELD%UDVLO HOWUDPR FRQFOX\HDORVDxRV

$FFHVRRSRUWXQRDODHGXFDFLyQSULPDULD \VLQDEDQGRQRDQWHVGHWHUPLQDUOD SDUDPLOORQHVGHQLxRV\QLxDV

$GROHVFHQWHVGHKDVWDDxRV HQODPD\RUtDGHORVSDtVHV DFRQWLQXDFLyQGHWHUPLQDU ODSULPDULDSDUDDOJXQRVSDtVHV &KLOH%ROLYLD5HS~EOLFD 'RPLQLFDQD%HOLFH HOWUDPR FRQFOX\HDORVDxRV

$FFHVRRSRUWXQRDODHGXFDFLyQ VHFXQGDULDEiVLFD\VLQDEDQGRQRDQWHV GHWHUPLQDUODSDUDPLOORQHV GHDGROHVFHQWHVTXHQRDVLVWHQ DODHVFXHOD

(VWXGLDQWHVGHJUDGRVDHQ ODPD\RUtDGHORVSDtVHV&DULEH LQFOX\HKDVWDJUDGR\%UDVLO \&RORPELDWLHQHQPHQRVGH JUDGRVHQODSULPDULD

3HUPDQHQFLD\SURJUHVRVLQIUDFDVDU DORODUJRGHODHGXFDFLyQSULPDULDSDUD PLOORQHVGH11$TXHFXUVDQHVWRV QLYHOHVFRQGRVRPiVDxRVGHUH]DJR

(VWXGLDQWHVGHWUHVJUDGRV GHHGXFDFLyQVHFXQGDULDEiVLFD HQODPD\RUtDGHORVSDtVHV

3HUPDQHQFLD\SURJUHVRVLQIUDFDVDU DORODUJRGHODHGXFDFLyQVHFXQGDULD EiVLFDSDUDPLOORQHVGH DGROHVFHQWHVTXHFXUVDQHVWRVQLYHOHV FRQGRVRPiVDxRVGHUH]DJR

&,1(

'LPHQVLyQ ([FOXVLyQWRWDOGH HGXFDFLyQVHFXQGDULD EiVLFDHQHOWUDPRGHHGDG FRUUHVSRQGLHQWH &,1(

'LPHQVLyQ 5LHVJRGHH[FOXVLyQ GHORVHVWXGLDQWHVGH ODHGXFDFLyQSULPDULD FRQFXDOTXLHUHGDG

0DJQLWXGGHOUHVXOWDGRDDOFDQ]DU

/DPLWDGGHHVWHSUREOHPDVHFRQFHQWUD HQTXLHQHVHVWiQHQHOVLVWHPD HGXFDWLYRSHURQRHQHOQLYHOTXH FRUUHVSRQGHDVXHGDG PLOORQHV TXHDVLVWHQDHGXFDFLyQLQLFLDO FRQUH]DJR 

&,1(

'LPHQVLyQ 5LHVJRGHH[FOXVLyQ GHORVHVWXGLDQWHV HGXFDFLyQVHFXQGDULD EiVLFDFRQFXDOTXLHUHGDG &,1(




(± 25,(17$5/$)250$&,Ï1'2&(17( ,1,&,$/+$&,$/$683(5$&,Ï1 '(/$(;&/86,Ï1

127$ (MHVGHHYROXFLyQHQODIRUPDFLyQ GRFHQWH

&LQFRFODYHVSDUDRULHQWDUOD IRUPDFLyQGRFHQWHFRPRVXVWHQWR GHODLQFOXVLyQGRFHQWH\GHO GRFHQWHLQFOXVLYR

/DIRUPDFLyQGRFHQWHLQLFLDOGHORVPDHVWURV \SURIHVRUHVGHORVGLVWLQWRVQLYHOHVGHEHLQFOXLUORV GHVDItRVGHULYDGRVGHORVSURFHVRVGH GHPRFUDWL]DFLyQGHODHGXFDFLyQREOLJDWRULD\OD FRQVHFXHQWHOXFKDFRQWUDODH[FOXVLyQHGXFDWLYD &XHVWLRQHVFRPRODFRQVWUXFFLyQ\DJUDYDPLHQWR GHOIUDFDVRHVFRODUSRUIDFWRUHVSHGDJyJLFDVODV HVWUDWHJLDVGHDWHQFLyQDODGLYHUVLGDGGHORV HVWXGLDQWHVSDUDKDFHUVXVUHFRUULGRVGH DSUHQGL]DMH\ODIXQFLyQGHODHVFXHODGHQWURGH XQDUHGGHDWHQFLyQ\SURWHFFLyQLQWHJUDOGHORV GHUHFKRVGHODLQIDQFLDGHEHQLQFOXLUVHHQORV GLVWLQWRVHVSDFLRVIRUPDWLYRV

±3RVLFLRQDUODLQFOXVLyQ\ODGLYHUVLGDGFRPRHMHV WUDQVYHUVDOHVGHOFXUUtFXORGHIRUPDFLyQGRFHQWH FRQpQIDVLVHQWUHVWHPDV L HQWHQGHUORV DSUHQGL]DMHV LL MXVWLFLDVRFLDO\ LLL IRUMDQGRXQ SURIHVLRQDODFWLYR ±,QFOXLUHQODIRUPDFLyQLQLFLDORSRUWXQLGDGHVSDUD ODUHIOH[LyQ\HOGHEDWHVREUHORVHQIRTXHV LQFOXVLYRV\DTXHpVWRVVHEDVDQHQFRQMXQWRVGH YDORUHV\DFWLWXGHVDVtFRPRHQFRQRFLPLHQWRV\ FRPSHWHQFLDVSHGDJyJLFDV\VRFLDOHV

/DVFXHVWLRQHVUHIHULGDVFRQVWLWX\HQWHPDV WUDQVYHUVDOHVGHODIRUPDFLyQLQLFLDO\FRPRWDOHV GHEHQVHUFRQVLGHUDGDVREOLJDWRULDV FXUULFXODUPHQWH7DPELpQHVFUXFLDOVX LQFRUSRUDFLyQHQODIRUPDFLyQGRFHQWHFRQWLQXD FRPRVHH[SUHVDHQODVHVWUDWHJLDVD

±)RUWDOHFHUODIRUPDFLyQHQGLYHUVLGDGGHSURFHVRV HGXFDWLYRV\UHVXOWDGRVSHUWLQHQWHV\UHOHYDQWHV TXHFRPSUHQGDQ\FRELMHQHOUDQJRDPSOLRGH LQWHOLJHQFLDVHQFRQWUDGDVHQHVFXHODV FUHFLHQWHPHQWHKHWHURJpQHDV ±3URPRYHUXQDSHGDJRJtDLQFOXVLYDHQORVFHQWURV GHIRUPDFLyQGRFHQWHDUWLFXODQGRGRVDFFLRQHV  $WHQGHUODVQHFHVLGDGHVGHORVGRFHQWHVSDUD WUDEDMDUHQFRQWH[WRVPXOWLFXOWXUDOHV\GH FUHFLHQWHGLYHUVLGDGUHIOHMDGDHQODVHVFXHODV \HQODVDXODV  3URPRYHUTXHSHUVRQDVGHGLYHUVDV SURFHGHQFLDVHLGHQWLGDGHVVHDQGRFHQWHV ±)RUWDOHFHUODFRRUGLQDFLyQLQVWLWXFLRQDOFXUULFXODU SHGDJyJLFD\GRFHQWHHQWUHODHGXFDFLyQEiVLFD PHGLD\ODIRUPDFLyQGRFHQWH

(± 5(*/$0(17$5$'(&8$'$0(17(/26 352&(626(6&2/$5(63$5$/$,1&/86,Ï1 /DQRUPDWLYDUHJODPHQWDULDSXHGHVHUXQVRSRUWH UHOHYDQWHSDUDODLPSOHPHQWDFLyQHIHFWLYDGHOD LQFOXVLyQHVFRODURWDPELpQSXHGHVHUXQREVWiFXOR (VWRVHGHEHWDQWRDDVSHFWRVVXVWDQWLYRVGHVX FRQWHQLGRFRPRDFXHVWLRQHVVXEMHWLYDVR IXQFLRQDOHV/DVUHJODPHQWDFLRQHVLQFOXVLYDV DGHPiVGHEHQHVWDUSUHSDUDGDVSDUDVX FRPSUHQVLyQPDVLYDSDUDTXHHVWDSRWHQFLHVXV HIHFWRVEHQHILFLRVRV 

‹81,&()+RQGXUDV3LUR]L



 2SHUWWL5  ©,QFOXVLyQGRFHQWH\GRFHQWHVLQFOXVLYRV HMHVSDUDIRUWDOHFHUXQDDJHQGDGHFDPELRVª3UHVHQWDFLyQ DO&RQJUHVR,QWHUQDFLRQDO(GXFDFLyQSDUD7RGRV±ORVUHWRV GHHGXFDUHQODGLYHUVLGDGFRPXQLFDFLyQSHUVRQDO


&8$'52 5DVJRVSURSLFLRV\QHJDWLYRVHQODVUHJXODFLRQHVGHDFFHVR DODHGXFDFLyQIRUPDO

(GDGGHLQJUHVR

5DVJRVTXHDSR\DQODLQFOXVLyQ

5DVJRVTXHSRVLELOLWDQH[FOXVLyQ

‡ ,GHQWLILFDUFRQSUHFLVLyQODHGDGDSDUWLU GHODFXDOVHLQJUHVDHQFDGDQLYHO 3RUHMHPSOR©WHQHUDxRVFXPSOLGRV DOGHPD\RSDUDSRGHULQJUHVDUDO SULPHUJUDGRª

‡ /DLPSUHFLVLyQHQHOFRUWHGHHGDGSDUD ODLQVFULSFLyQSRUHMHPSOR©WHQHUVHLV DxRV\PHGLRSDUDLQJUHVDUDODHVFXHOD SULPDULDª

‡ 5HVSDOGDUHQHOSODQRRSHUDWLYR ODJUDWXLGDGTXHVHKD\DILMDGRSRUOH\ *UDWXLGDGGHOD HGXFDFLyQ REOLJDWRULD

&ULWHULRVGH DFFHVRSRUQLYHO HGXFDWLYR

9DFDQWHVHQORV FHQWURV HVFRODUHV

‡ (QHOFDVRGHHVWDUSHUPLWLGDV LPSRVLFLRQHVRDUDQFHOHVH[SUHVDU FODUDPHQWHSDXWDVSDUDORVPRQWRV \XQSURFHGLPLHQWRVHQFLOORSDUD VXVSHQGHUORVSDUDODSREODFLyQPiV SREUH

‡ 5HTXLVLWRVGHSUXHEDVGLDJQyVWLFDV TXHSHUPLWDQPRGLILFDUODHGDG GHLQJUHVRHQEDVHDIDFWRUHV GLVFUHFLRQDOHVTXHQRVHDQGH FRQRFLPLHQWRJHQHUDOL]DGR ‡ /RVPiUJHQHVGHDPELJHGDGTXH SHUPLWDQHOFREURGHDUDQFHOHV RPDWUtFXODVRODQHJDWLYDGH LQVFULSFLyQMXVWLILFiQGRODHQEDVHDOQR SDJRGHODPDWUtFXOD ‡ /DIDOWDGHXQPHFDQLVPRFODUR GHH[FHSFLyQDHVWRVSDJRV

‡ ([SUHVDUFODUDPHQWHTXHODHGDGRILFLDO HVHO~QLFRUHTXLVLWRSDUDLQJUHVDUD HGXFDFLyQSULPDULD D~QVLHQGR REOLJDWRULDODHGXFDFLyQLQLFLDO 

‡ &OiXVXODVTXHSHUPLWDQHQYLDUDFXUVDU ODHGXFDFLyQSUHHVFRODURSDUYXODULDD XQHVWXGLDQWHFRQODHGDGGHLQJUHVR DSULPHUJUDGR

‡ ([SUHVDUFODUDPHQWHTXHODDSUREDFLyQ GHODHGXFDFLyQEiVLFDSULPDULDHVHO ~QLFRUHTXLVLWRSDUDFRQWLQXDUHVWXGLRV

‡ ([iPHQHVGHQLYHODFLyQXRWUDVIRUPDV GHUHVWULQJLUHODFFHVRDODHGXFDFLyQ VHFXQGDULDEiVLFDSRVSULPDULD

‡ (QXPHUDUORVUHTXLVLWRVREMHWLYRV GHLQVFULSFLyQHQXQHVWDEOHFLPLHQWR S~EOLFROXJDUUHVLGHQFLDSULRULGDGGH JUXSRIDPLOLDUSXQWDMHGHH[DPHQ GHLQJUHVRVLHVTXHHVWiSHUPLWLGR

‡ 5HTXLVLWRVGLVFUHFLRQDOHVRVXEMHWLYRV FRPSURPLVRIDPLOLDUFRQODHVFXHOD PDGXUDFLyQGHOHVWXGLDQWH

‡ 7UDQVSDUHQWDUORVSURFHVRV GHDFHSWDFLyQGHORVHVWXGLDQWHV DVLJQDFLyQGHYDFDQWHV 

‡ &ULWHULRVGLVFULPLQDWRULRVSDUDHODFFHVR HQIXQFLyQGHODFRQGLFLyQ GHUHSLWHQFLDUH]DJR]RQDGH UHVLGHQFLDFRQGXFWDGHORV HVWXGLDQWHV

HQVXLQWHUSUHWDFLyQ\DSOLFDFLyQLY PDQWHQHU HODOHUWD\ODGLVSRVLFLyQDDMXVWDUODQRUPD VXFRPXQLFDFLyQRVXLPSOHPHQWDFLyQSDUD DXPHQWDUODSURWHFFLyQGHORVLWLQHUDULRVHVFRODUHV HYLWDQGRHIHFWRVSDUDGRMDOHVRQRGHVHDEOHV Y SUHYHUH[SOtFLWDPHQWHFLHUWRVPiUJHQHV GHIOH[LELOLGDGSDUDSURWHJHUODLQFOXVLyQHQ VLWXDFLRQHVHVSHFLDOHVDSR\DQGRDORVGLUHFWRUHV SDUDDSOLFDUHVRVPiUJHQHVFRQFRQFLHQFLD \IXQGDPHQWR

&LHUWRVFULWHULRVHVWUDWpJLFRVSHUPLWHQLQWHQVLILFDU HODSRUWHGHEXHQDVUHJODPHQWDFLRQHVL QRUPDU SURFHGLPLHQWRVFRQODDQWLFLSDFLyQPiVUHDOLVWD SRVLEOHDFHUFDGHODVFRQVHFXHQFLDVLL DWHQGHU DTXHVHFRPXQLTXHQODVQRUPDVFRQFODULGDG \H[KDXVWLYLGDGLLL PRQLWRUHDUODDSOLFDFLyQ GHODVQRUPDV\YHULILFDUTXHORVUHVXOWDGRVVHDQ FRQFRUGDQWHVFRQODVSUHYLVLRQHVWHQLHQGR SUHVHQWHTXHHQODVLQVWLWXFLRQHVHVFRODUHV ODVQRUPDVVH©GHVDFRSODQª\KD\GHVOL]DPLHQWRV




6HGHWDOODQHQHO&XDGURDOJXQDVSRVLEOHVOtQHDV SDUDUHYLVDUODVQRUPDWLYDVHQHVWHVHQWLGR WRPDQGRHOFDVRGHODVQRUPDVUHJODPHQWDULDVGH LQVFULSFLyQHQHOSULPHUDxRGHODHGXFDFLyQLQLFLDO RSULPDULD

YHU$SRUWHFRQFHSWXDO(OGHVDUUROORGH FDSDFLGDGHVFRJQLWLYDV\VRFLDOHVFRPRYtD GHLQFOXVLyQ  (QIRFDUODJHVWLyQFXUULFXODUSDUDHOGHVDUUROOR GHFDSDFLGDGHVSULQFLSDOHV FRPSUHQVLyQOHFWRUD \SURGXFFLyQHVFULWDDSOLFDFLyQGHOHQJXDMHOyJLFR PDWHPiWLFRGHXWLOL]DFLyQGHFRQFHSWRVSDUD UHVROXFLyQGHSUREOHPDVWUDEDMRFRRSHUDWLYR MXLFLRFUtWLFRHQWUHRWUDV HVXQDHVWUDWHJLD IXQGDPHQWDOSDUDDPSOLDUODVRSRUWXQLGDGHV GHLQFOXVLyQSOHQDTXHUHFRQRFHODGLQiPLFDGHO VLVWHPDHGXFDWLYRDODYH]TXHODRULHQWDDFDPELDU HQGRVDVSHFWRVFODYH

(± 35,25,=$5(/&855Ã&#x2039;&8/2+$&,$ (/'(6$552//2'(&$3$&,'$'(6 ©(QHOFXUUtFXOXPGHODHGXFDFLyQEiVLFD>«@OREiVLFR LPSUHVFLQGLEOHKDFHUHIHUHQFLDDDTXHOORVDSUHQGL]DMHV TXHHQFDVRGHQROOHYDUVHDFDERFRQGLFLRQDQ RGHWHUPLQDQQHJDWLYDPHQWHHOGHVDUUROORSHUVRQDO \VRFLDOGHODOXPQDGRDIHFWDGRFRPSURPHWHQ VXSUR\HFWRGHYLGDIXWXUR\ORVLW~DQHQXQDVLWXDFLyQ GHFODURULHVJRGHH[FOXVLyQVRFLDOª

D  $PSOLDUORVOtPLWHVWHPSRUDOHVGHODSUHQGL]DMH UHFRQRFLHQGRSHURVXSHUDQGRODHVWUXFWXUD JUDGXDGDODLQWHJUDFLyQGXUDGHUDGHORV FRPSRQHQWHVGHODVFDSDFLGDGHVUHTXLHUH GHDFWLYLGDGHVGHDSUHQGL]DMHUHFXUUHQWHV VRVWHQLGDVGHVSOHJDGDVFRQSURIXQGLGDG \WLHPSRVXILFLHQWHHQXQDOyJLFDSOXULDQXDO FRQSHUVSHFWLYDGHFLFOR

&HVDU&ROO  

$VXPLUORVGHVDFRSOHVHQWUHHOFXUUtFXORIRUPDO \HOUHDODEUHXQDPSOLRFDPSRGHDFFLyQ3DUD PHMRUDUODHILFDFLDFXUULFXODUSRVLELOLWDQGR DSUHQGL]DMHVUHOHYDQWHVKD\TXHUHFRQRFHU ODWHQVLyQJHQHUDGDHQWUHODIRUPXODFLyQGH GRFXPHQWRVFXUULFXODUHVDPELFLRVRVH[WHQVRV \RUJDQL]DGRVFRQXQDOyJLFD©GHFROHFFLyQª %HUQVWHLQ \ODVPDQHUDVFRQFUHWDVHQODV TXHORVGRFHQWHVWRPDQGHFLVLRQHVGHHQVHxDQ]D \FRQVWUX\HQHOFXUUtFXORUHDO

E  9DORUL]DUODVHOHFFLyQGHFRQWHQLGRVUHOHYDQWHV SDUDGLVWLQWDVSREODFLRQHV HQWRUQRVUXUDOHV SXHEORVDIURDPHULFDQRVFRPXQLGDGHV LQGtJHQDV FRPRYtDDGHFXDGDSDUDFRQVWUXLU FDSDFLGDGHVFRJQLWLYDV\VRFLDOHV HTXLYDOHQWHV

&HQWUDUODDFFLyQGHORVHTXLSRVHVFRODUHVHQ HOGHVDUUROORGHFDSDFLGDGHVGHORVHVWXGLDQWHV &RQHVWHSDQRUDPDGHEHQSODQWHDUVHOLQHDPLHQWRV PX\HVSHFtILFRVDORVHTXLSRVGLUHFWLYRV\GRFHQWHV \DORVHTXLSRVGHIRUPDFLyQ\DVLVWHQFLDWpFQLFD ORFDOHVSDUDTXHVHFRQFHQWUHQHQGHVDUUROODUODV FDSDFLGDGHVFRJQLWLYDV\VRFLDOHVGHORV HVWXGLDQWHVFRPRUHVXOWDGRVEiVLFRV LPSUHVFLQGLEOHV(OGHVDUUROORGHFDSDFLGDGHVQR GHVGHxDORVFRQWHQLGRVFXUULFXODUHVQLFRPSLWHFRQ HOORVSXHVWRTXHQRHVSRVLEOHGHVSOHJDU FDSDFLGDGHVHQXQVHQWLGRSXUDPHQWHIXQFLRQDOVLQ XQGRPLQLRGHFRQWHQLGRV6LQHPEDUJRODV FDSDFLGDGHVQRVRQ©UHKHQHVªGHXQFRQWHQLGR HVSHFtILFRVLQRTXHSXHGHQGHVDUUROODUVHFRQEDVH HQGLYHUVRVFRQWHQLGRVORFDOHVQDFLRQDOHV XQLYHUVDOHV(VRVFRQWHQLGRVVHSULRUL]DQSDUDHO ORJURGHFDSDFLGDGHVODVHOHFFLyQFXUULFXODUSXHGH JHQHUDURSFLRQHVTXHLQWHJUDQ\HVWDELOL]DQ FDSDFLGDGHVFRJQLWLYDV\VRFLDOHVHTXLYDOHQWHV 

$SOLFDUHVWDHVWUDWHJLDUHTXLHUHXQDSURIXQGD FRQYLFFLyQSRUSDUWHGHORVHTXLSRVFHQWUDOHV ORVIRUPDGRUHV\ODVLQVWLWXFLRQHVDFDGpPLFDV 6XIRFRSDVDDVHUDSXQWDODUDOGRFHQWH HQVXVFRPSHWHQFLDVGHHQVHxDQ]DSDUD VHOHFFLRQDU\SULRUL]DUFRQWHQLGRVGHQWURGHODV IXHQWHVFXUULFXODUHVGLVSRQLEOHVSDUDSURSRQHU DVXVHVWXGLDQWHVH[SHULHQFLDVGHDSUHQGL]DMH TXHVHLQWHJUHQHQFDSDFLGDGHV$GHPiVGHEHQ FRPSDWLELOL]DUVHORVPHFDQLVPRV\ODVSUiFWLFDV GHHYDOXDFLyQGLGiFWLFDKR\IXHUWHPHQWHFHQWUDGDV HQHOFKHTXHRGHFRQWHQLGRVPHPRUL]DGRV 2WUDWHQVLyQDUHVROYHUHVXQDVSHFWRGH ODVUHSUHVHQWDFLRQHVVRFLDOHVVREUHOD©FDOLGDG GHODHGXFDFLyQª3DUDODVDXGLHQFLDVQR HVSHFLDOL]DGDV©FDSDFLGDGHVªHVXQFRQFHSWR PiVLQDVLEOHTXH©FRQWHQLGRVª SRUHMHPSORXVDU HVWUDWHJLDVPDWHPiWLFDVSDUDUHVROYHUSUREOHPDV YHUVXVVDEHUODVWDEODVGHPXOWLSOLFDU /DFDOLGDG TXHGDDVRFLDGDDSUiFWLFDVTXHLQFOXVRSXHGHQ SHUMXGLFDUHOGHVDUUROORGHFDSDFLGDGHVFRJQLWLYDV \VRFLDOHV(VLPSRUWDQWHHVWDEOHFHUXQDVRVWHQLGD OtQHDGHFRPXQLFDFLyQ\GLIXVLyQSDUDHQULTXHFHU ORVHOHPHQWRVGHHVDUHSUHVHQWDFLyQVRFLDO

 &ROO(  /REiVLFRHQODHGXFDFLyQEiVLFD 5HIOH[LRQHVHQWRUQRDODUHYLVLyQ\DFWXDOL]DFLyQGHO FXUUtFXORGHODHGXFDFLyQEiVLFD5HYLVWD(OHFWUyQLFD GH,QYHVWLJDFLyQ(GXFDWLYD   KWWSUHGLHXDEFP[YROQRFRQWHQLGRFROOKWPO




/DVPHWDVSURSRQHQ 0HWDJHQHUDO TXLQWD

0HMRUDUODFDOLGDGGHOD HGXFDFLyQ\HOFXUUtFXORHVFRODU

0HWD (VSHFtILFD 1ž

0HMRUDUHOQLYHOGHDGTXLVLFLyQ GHODVFRPSHWHQFLDVEiVLFDV\ GHORVFRQRFLPLHQWRV IXQGDPHQWDOHVSRUSDUWHGHORV DOXPQRV

1LYHOGH /RJUR

$OJXQDVLQLFLDWLYDVQDFLRQDOHVHLQWHUQDFLRQDOHVGH LQWHUpVSDUDHODFFHVRGLQiPLFRDLQGLFDGRUHV HGXFDWLYRVVRQHO8,6'DWD&HQWHUGH81(6&2HO VLWLRSDUDQDYHJDUSRUHOËQGLFHGH'HVDUUROORGHOD (GXFDFLyQ%iVLFD ,'(% GH%UDVLOOD6HULH 5HJLRQDOGH,QGLFDGRUHV(GXFDWLYRVGHOD&(&& 6,&$\HOVLVWHPDGH$QiOLVLVGH,QGLFDGRUHV (GXFDWLYRV\GH$OHUWD7HPSUDQDGH5HS~EOLFD 'RPLQLFDQD

'LVPLQX\HHQDOPHQRVXQ HOQ~PHURGHDOXPQRVVLWXDGRV HQORVGRVQLYHOHVPiVEDMRVGH UHQGLPLHQWRLQWHUQDFLRQDOHQORV TXHSDUWLFLSDQORVSDtVHV

TXHPXFKDVYHFHVVHGDQSRUYiOLGRVVLQVHU ULJXURVDPHQWHDQDOL]DGRVDODOX]GHORVGDWRV $SURYHFKDUHOPDSDWHUULWRULDOGHODLQIRUPDFLyQ HVWDGtVWLFD/DXWLOL]DFLyQLQWHQVDGHORVGDWRVGH PDWUtFXOD SRUHGDGSRUJUDGRSRUFRQGLFLyQGH DSUREDFLyQ SHUPLWHFHQWUDUODDWHQFLyQHQHO DFFHVR\HOIOXMRGHODLQVFULSFLyQ\DVtLOXPLQDUOR TXHHVWiRFXUULHQGRHQODVHVFXHODVHQUHODFLyQ FRQODVRSRUWXQLGDGHVHGXFDWLYDV&RQHVRVH SXHGHQUHFRQRFHU\FDUDFWHUL]DUORV©FXHOORVGH ERWHOODªFODYHVWDOHVFRPRHOLQJUHVRWDUGtRDOD SULPDULDODVLQWHUUXSFLRQHVHQHOIOXMR±UHSHWLFLyQ\ DEDQGRQRWUDQVLWRULR±\ILQDOPHQWHODGHVHUFLyQ GHILQLWLYDFRPRSDVRLQLFLDOGHOSURFHVRSDUD FRQYHUWLUORVGDWRVHQLQIRUPDFLyQSDUDSRGHU LQWHUSUHWDUODVLWXDFLyQ\DJUHJDUOHVLJQLILFDGR/RV GDWRVDGPLQLVWUDWLYRVSHUPLWHQVHJXLUODVLWXDFLyQ KDVWDHOPi[LPRQLYHOGHGHVDJUHJDFLyQ

$XPHQWDQHQDOPHQRVXQ ORVHVWXGLDQWHVHQORVGRV QLYHOHVPiVDOWRVGH UHQGLPLHQWRHQHVDVSUXHEDV

(± 86$5/$,1)250$&,Ï1('8&$7,9$ &2025(&8562 /DLQIRUPDFLyQHGXFDWLYDHVXQDKHUUDPLHQWD SRWHQWHSDUDHOGLPHQVLRQDPLHQWRGHODV VLWXDFLRQHVGHH[FOXVLyQ\SDUDODLGHQWLILFDFLyQGH ODVEDUUHUDV\FXHOORVGHERWHOODHQODUHJLyQ $SUHQGHUDXWLOL]DULQIRUPDFLyQHVWDGtVWLFD HGXFDWLYDFRPRUHFXUVRGHFRPSUHQVLyQ\GH DFFLyQ7RGRDQiOLVLVGHLQIRUPDFLyQYLQFXODGRD GHFLVLRQHVUHTXLHUHXQDLGHQWLILFDFLyQSUHFLVDGH ODPHWDGHSROtWLFDHGXFDWLYDTXHVHSULRUL]D/D VHOHFFLyQGHORVLQGLFDGRUHVVHUHODFLRQDFRQORV GHVDItRVSODQWHDGRVHQFDGDHWDSDGHOSURFHVRGH FRQVWUXLUPHMRUHVRIHUWDVHGXFDWLYDVSRUORTXHORV LQGLFDGRUHVSULRULWDULRVSXHGHQYDULDUVHJ~Q HOSURJUHVRGHODVSROtWLFDV3RUHMHPSORFLHUWRV LQGLFDGRUHVFRPRODVWDVDVQHWDV\EUXWDVGH HVFRODUL]DFLyQUHVXOWDURQPX\~WLOHVSDUDVHJXLUOD PHWDGHLQFUHPHQWRGHFREHUWXUDTXHIXHHO SULQFLSDOGHVDItRGXUDQWHGpFDGDV3HURHODYDQFH ORJUDGRHQODFREHUWXUDLQVWDODQXHYRVGHVDItRVQR \DGHDFFHVRVLQRGHSHUPDQHQFLD\IOXMRSRUOR TXHHVQHFHVDULREXVFDULQGLFDGRUHVTXHUHIOHMHQ HVWDVYDULDEOHVGHODPDQHUDPiVFODUD\FRQILDEOH

/DVHJPHQWDFLyQGHODRIHUWDHGXFDWLYDDVtFRPR ODVHJUHJDFLyQHVSDFLDOXUEDQDKDFHTXHHQXQ Q~PHURGHWHUPLQDGRGHHVFXHODVVHFRQFHQWUHXQD SURSRUFLyQPX\VLJQLILFDWLYDGH11$SREUHV ,GHQWLILFDUHVDVHVFXHODVSHUPLWHKDFHUODV EHQHILFLDULDVGHORVHQIRTXHVXQLYHUVDOHV\TXH FXHQWHQFRQUHFXUVRVWpFQLFRVKXPDQRV\ PDWHULDOHVHVSHFLDOPHQWH©VREUHDVLJQDGRVª *HQHUDOL]DUKDELOLGDGHVGHLQWHUSUHWDFLyQ\ DSOLFDFLyQGHLQIRUPDFLyQHGXFDWLYD3DUDTXHVHD IHFXQGDODUHODFLyQHQWUHODJHVWLyQSROtWLFDGHXQ VLVWHPDHGXFDWLYR\ODLQIRUPDFLyQFRPRVRSRUWHGH GHFLVLRQHVGHEHVHUXQSURFHVRFRQWLQXR\ HQULTXHFHGRU(VWRVLJQLILFDRSHUDUQRVyORSDUD PHMRUDUODFDOLGDGGHODLQIRUPDFLyQ\ODV FRPSHWHQFLDVGHORVHTXLSRVGHHVWDGtVWLFD

(VLPSRUWDQWHQRWDUTXHSURGXFLULQIRUPDFLyQQR JHQHUDODVUHVSXHVWDVSHURSHUPLWH L LGHQWLILFDU ODVSUHJXQWDVTXHKD\TXHKDFHUSDUDFRPSUHQGHU HOIHQyPHQRVREUHHOFXDOVHYDDLQWHUYHQLU\ LL GHVFDUWDU©YHUGDGHVDFHSWDGDVªGHWDQWRVHU UHSHWLGDV(VXQPRPHQWRGH©GHVPLWLILFDFLyQªHQ HOFXDOGHEHQVHUUHYLVDGRVWRGRVORVVXSXHVWRV





 9pDVH8,6'DWD&HQWHUZZZXLVXQHVFRRUJËQGLFHGH 'HVDUUROORGHOD(GXFDFLyQ%iVLFD ,'(% KWWS VLVWHPDVLGHELQHSJRYEUUHVXOWDGROD6HULH5HJLRQDOGH ,QGLFDGRUHV(GXFDWLYRVGHOD&(&&6,&$KWWSZZZVLFDLQW FHFFHVWDGLVWLFDVBVLVWHPDDVS[HOVLVWHPDGH$QiOLVLVGH ,QGLFDGRUHV(GXFDWLYRV\GH$OHUWD7HPSUDQDGH5HS~EOLFD 'RPLQLFDQDKWWSDSSVVHHJREGRDQDOLVLVGHLQGLFDGRUHV


HGXFDWLYDVLQRWDPELpQ \PiVSULRULWDULDPHQWH  SDUDLQFUHPHQWDUODVKDELOLGDGHVGHOHFWXUD LQWHUSUHWDFLyQ\FRPXQLFDFLyQGHODLQIRUPDFLyQ HGXFDWLYDSRUSDUWHGHGLVWLQWRVHTXLSRVWpFQLFRV FHQWUDOHV\WHUULWRULDOHV VXSHUYLVRUHVDVHVRUHV PRQLWRUHVGHSURJUDPDV\SUR\HFWRV 

±3URGXFLUUHSRUWHVSDUDORVHTXLSRVGHVXSHUYLVLyQ RGHVHJXLPLHQWRGHORVSURJUDPDVFRQ DSHUWXUDVJHRJUiILFDVTXHRULHQWHQODDWHQFLyQ VREUHHOFRQMXQWRGHHVFXHODVJUDGRVRJUXSRV GHHVWXGLDQWHVHQVLWXDFLRQHVFUtWLFDV SRU HMHPSORXQOLVWDGRGHOGHODVHVFXHODVFRQ PD\RUJUDYHGDGHQORVLQGLFDGRUHVYLQFXODGRV DODH[FOXVLyQRDTXHOODVTXHPDQLILHVWDQ WHQGHQFLDVQHJDWLYDVDORODUJRGHOWLHPSR 

/DVLQWHUDFFLRQHVHQWUHHTXLSRVGHHVWDGtVWLFD \HTXLSRVWpFQLFRSHGDJyJLFRVGHEHQFRQIRUPDU XQFRQMXQWRVLVWHPiWLFR\VHFXHQFLDGRGH DFWLYLGDGHVUHOHYDQWHVSDUDPHMRUDUSURFHVRV GHGHFLVLyQ\DSR\RDODVHVFXHODV

±)DFLOLWDUIRUPDVGHDFFHVRGLQiPLFR\ SHUVRQDOL]DGRDORVGDWRVDWUDYpVGHSODWDIRUPDV RQOLQHFRQDPSOLRVQLYHOHVGHGHVDJUHJDFLyQ WHUULWRULDOLQVWLWXFLRQDOSRUQLYHOHVPRGDOLGDGHV XRWURV

±,GHQWLILFDULQGLFDGRUHVUHOHYDQWHVSDUDVHJXLUODV SROtWLFDVHQFXUVR\SURGXFLUXQUHSRUWHGH VHJXLPLHQWRTXHGHFXHQWDGHVXHYROXFLyQ

/DVPHWDVSURSRQHQ 0HWDJHQHUDO GpFLPR SULPHUD

(YDOXDUHOIXQFLRQDPLHQWR GHORVVLVWHPDVHGXFDWLYRV

0HWD (VSHFtILFD 1ž

5HIRU]DUORVLQVWLWXWRVGH HYDOXDFLyQORVVLVWHPDVGH SODQLILFDFLyQ\ODVXQLGDGHV GHHVWDGtVWLFDGHORVSDtVHV

1LYHOGH /RJURDO

/RVSDtVHVKDQFRQVROLGDGR VXVLQVWLWXWRVGHHYDOXDFLyQ \ODVXQLGDGHVGHHVWDGtVWLFD

‹81,&()-DPDLFD1RRUDQL

±5HDOL]DUWDOOHUHVSHULyGLFRVGHDQiOLVLV GHORVGDWRVHLQGLFDGRUHVTXHUH~QDQ IXQFLRQDULRVGHODViUHDVGHHVWDGtVWLFD \GHJHVWLyQGHGLYHUVDVGHSHQGHQFLDV GHOPLQLVWHULRGHHGXFDFLyQ(QHVWRVHQFXHQWURV VHSXHGHQUHFRUUHUODVGLPHQVLRQHV GHODH[FOXVLyQSRUHMHPSORHOLQJUHVR ODUHSLWHQFLDHODEDQGRQRODSURPRFLyQHIHFWLYD \ODVREUHHGDGDQDOL]DQGRGLYHUVDVDSHUWXUDV VHJ~QLQWHUpVGHHTXLSRVWpFQLFRV\SROtWLFRV GHFDGDiUHD JHRJUiILFDVSRU]RQDSRUVHFWRU SRUSREODFLyQLQGtJHQDSRUQLYHOHGXFDWLYRSRU VH[RHWFpWHUD 




(± $6,67,5$/$6(6&8(/$6 (63(&Ë),&$0(17(3$5$48($80(17(1 /$,1&/86,Ï1

HVWXGLDQWHFRQODVFRUUHFFLRQHVTXHKDQUHDOL]DGR ORVGRFHQWHVLL ORVSURWRFRORVGHODVHYDOXDFLRQHV TXHKDQWRPDGRORVGRFHQWHV\ODVFDOLILFDFLRQHV XREVHUYDFLRQHVTXHKDQSODQWHDGRLLL ODVWDUHDV TXHKDQHQFDUJDGRDORVDOXPQRVSDUDKDFHUHQHO KRJDU\ODVPDQHUDVHQTXHVHKDQUHYLVDGRHQ FODVH(VWDVHYLGHQFLDVSRQHQGHPDQLILHVWRODV FRQFHSFLRQHVGLGiFWLFDVGHORVGRFHQWHV\DO WUDEDMDUVREUHHOODVHVSRVLEOHSUREOHPDWL]DUODV SUREDUQXHYDVRSFLRQHVKDFHUFDPLQRVGHUHYLVLyQ \PHMRUD\XVDUODVFRPRPDWHULDOSDUDFRPSDUWLU FRQFROHJDVGHODPLVPDXRWUDHVFXHOD

(O(VWDGRHQHOPDUFRGHXQDSROtWLFDHGXFDWLYD RULHQWDGDDUHVXOWDGRVGHLQFOXVLyQHVUHVSRQVDEOH GHHMHUFHUHODSR\R\DVLVWHQFLDDORVSURFHVRVGH HQVHxDQ]DHQODVHVFXHODVFRPRLQWHUYHQFLyQTXH UHFRQRFHSURYLVLRQHVPDWHULDOHVDSRUWHVDODV IDPLOLDV\GHVDUUROORGHUDVJRVLQGLYLGXDOHV LQWHJUiQGRORVHQXQDWUDPDGHVHQWLGRSHGDJyJLFR (ODVHVRUDPLHQWRGHODIXQFLyQGHHQVHxDQ]DFRPR XQSURFHVRFRQWLQXRLQWHJUDGRDOGHVDUUROOR SURIHVLRQDOGRFHQWH\HVSHFLDOPHQWHDOD FDSDFLWDFLyQRULHQWDGRSRUUHVXOWDGRVTXHVH GHILQHQGHVGHODSROtWLFDHGXFDWLYD\DWHQGLHQGRHQ IRUPDVLWXDGDODVFXHVWLRQHVGLGiFWLFDVFODYHSDUD FRQFUHWDUXQDHGXFDFLyQGHFDOLGDG\HTXLGDGSDUD WRGRVHVXQDLQVWDQFLDSRWHQFLDGRUDGHOD LQFOXVLyQ

8QDIXQFLyQFODYHGHDVHVRUDPLHQWRRVXSHUYLVLyQ SDUDTXHHQODHVFXHODVHVXSHUHQODVGLVWLQWDV GLPHQVLRQHVGHODH[FOXVLyQHVFRRSHUDUFRQHO GRFHQWHDWUDYpVHVWUDWHJLDVGLGiFWLFDVTXH PHMRUHQRSRUWXQLGDGHVDORVHVWXGLDQWHVFRQ GLIHUHQFLDVHQORVULWPRVRPRGRVGHDSUHQGL]DMHR TXHDWUDYLHVDQVLWXDFLRQHVHVSHFLDOPHQWHGLItFLOHV HQIHUPHGDGPDOWUDWRWUDEDMRLQIDQWLOPDWHUQLGDG SURFHVRVGHUHLQVHUFLyQOXHJRGHKDEHU DEDQGRQDGRODHVFXHOD 6LXQGRFHQWHDPSOtDVXV FRPSHWHQFLDVSURIHVLRQDOHVSDUDHVWRV11$WRGRV ORVHVWXGLDQWHVVHEHQHILFLDUiQ

$OJXQDVKHUUDPLHQWDVGHHVHHQIRTXHGH DVHVRUDPLHQWRFRPSURPHWLGRFRQORVUHVXOWDGRV GHDSUHQGL]DMH\SURJUHVRHQODHVFXHODVRQ ±$SOLFDFLyQGHVHFXHQFLDVGHHQVHxDQ]DTXHVHDQ VRSRUWHGHOGHVDUUROORGHFDSDFLGDGHVDORODUJR GHWRGDODHVFRODULGDG\TXHXVHQORVFRQWHQLGRV FXUULFXODUHVFRPRUHFXUVRHQOXJDUGHDFWLYLGDGHV GLVSHUVDVTXHVyORUHTXLHUHQGHVHPSHxRV PHPRUtVWLFRV\UXWLQDULRV

$GLFLRQDOPHQWHVHUiFRQYHQLHQWHTXHJRELHUQRV DFDGHPLDVHLQVWLWXFLRQHVGHQSULRULGDGDOD LQYHVWLJDFLyQ\FRQVWUXFFLyQGHFRQRFLPLHQWRVREUH ORVIDFWRUHVSHGDJyJLFRV\RUJDQL]DWLYRVTXH SHUPLWHQORJUDULQFOXVLyQHGXFDWLYD\DVX H[SORUDFLyQHQGLVSRVLWLYRVHVFDODEOHV\DGHFXDGRV SDUDHOFRQWH[WRGHJHVWLyQS~EOLFD(VGHFLUTXH QRGHSHQGDQGHODSHUVRQDOLGDGGHOGLUHFWRUGH HVFXHODRGHXQJUDGRH[FHSFLRQDOGHYRFDFLyQ GRFHQWH\TXHTXLHQHVRFXSHQODIXQFLyQGH VXSHUYLVLyQPRQLWRUHRRDVHVRUDPLHQWRHVWpQHQ FRQWLQXDDSURSLDFLyQGHHVHFRQRFLPLHQWR

±'LYHUVLILFDFLyQGHWDUHDV\DFWLYLGDGHVGHQWUR GHHVHPLVPRPDUFRPHWRGROyJLFRSDUD HVWXGLDQWHVTXHWLHQHQGLVWLQWRVULWPRGH DSUHQGL]DMHRLQWHUHVHV ±(ODERUDFLyQGHHYDOXDFLRQHVGLGiFWLFDVTXH SHUPLWDQLGHQWLILFDUHOSURFHVRGHGHVDUUROOR GHFDSDFLGDGHVGHORVHVWXGLDQWHV\TXHEULQGHQ RULHQWDFLRQHV\VHxDOHVSDUDLQWHQVLILFDUOD HQVHxDQ]DGHORVFRQWHQLGRVFXUULFXODUHV SHUWLQHQWHV

$JUXSDPLHQWR3URWHJHU\DPSOLDU HOILQDQFLDPLHQWR (± ),1$1&,$5(/6,67(0$('8&$7,92

±0RYLOL]DFLyQGHORVHVWXGLDQWHVKDFLDODDFFLyQ FRRSHUDWLYDWROHUDQWH\VROLGDULDGRQGHWRGRV SXHGDQDSUHQGHUHQXQEXHQFOLPDGHWUDEDMRGHO JUXSRFODVH

3DUDHQIUHQWDUFRQp[LWRORVGHVDItRVGH HVFRODUL]DFLyQPXFKRVSDtVHVGHEHUiQ LQFUHPHQWDU\SURWHJHUVXVSUHVXSXHVWRV HGXFDWLYRV\DTXHD~QWLHQHQEDMDVSDUWLFLSDFLRQHV HQUHODFLyQFRQHOJDVWRS~EOLFRWRWDO\FRPRSDUWH GHO3,%3RUHOORUHVXOWDYDOLRVRSURSLFLDUQRUPDV SDUDODPDFURDVLJQDFLyQGHUHFXUVRVFRPRODV VDQFLRQDGDVHQYDULRVSDtVHVGHODUHJLyQ 'HEHUtDQDFRPSDxDUVHGHXQFiOFXORSUHYLR EDVDGRHQODWHQGHQFLDGHFUHFLPLHQWRGHPRJUiILFD \HQORVFRVWRVGHODHVFRODUL]DFLyQGHFDGDSDtV %ULQGDQSULRULGDGDOSUHVXSXHVWRHGXFDWLYRHQ

±5HYLVLyQGHVXSXHVWRVSUHMXLFLRV UHSUHVHQWDFLRQHV\HVWLJPDWL]DFLRQHVFRQ DXWRQRPtDFUHFLHQWHHQHOVHQRGHOHTXLSR GHFDGDHVFXHOD 6HSURSRQHTXHHVWDVFODYHVGLGiFWLFDVVHWUDEDMHQ DSURYHFKDQGRODVHYLGHQFLDV\SURGXFWRVTXH JHQHUDFRQWLQXDPHQWHODWDUHDSHGDJyJLFDHQ HVSHFLDOL HOFXDGHUQRRFDUSHWDGHFODVHVGHO




PRPHQWRVGHHVWDELOLGDG\FUHFLPLHQWRHFRQyPLFR \ORSURWHJHQHQPRPHQWRVGHHVWDQFDPLHQWR6L ELHQDO©DWDUªORVUHFXUVRVGHOVHFWRUHGXFDFLyQ DORVYDLYHQHVGHODHFRQRPtDXQDFDtGDHQHO3%, SRGUtDOOHJDUDGLVPLQXLUORVUHFXUVRVTXHVHOH GHVWLQDQHVWDPHGLGDSURWHJHHOHVIXHU]R ILQDQFLHURTXHXQSDtVUHDOL]DHQORHGXFDWLYRFRPR SDUWHGHOSURGXFWR\DTXHHVWLSXODXQSLVRSDUD HVDGLVPLQXFLyQFR\XQWXUDO$GHPiVHQSHUtRGRV GHFULVLV\GpILFLWGHODVFXHQWDVS~EOLFDVORVIRQGRV SURYHQLHQWHVGHFRRSHUDFLyQLQWHUQDFLRQDOMXHJDQ XQUROFRPSHQVDWRULRHQDOJXQRVSDtVHVHQ SDUWLFXODUHQ$PpULFD&HQWUDO

HIHFWRUHV±TXHLQWHUYLHQHQHQODJHVWLyQGHOVLVWHPD HGXFDWLYR(QOD1RWDVHH[SRQHQDOJXQDV GHHVWDVLQLFLDWLYDVTXHSRGUtDQVHUGHYDOLRVD FRQWULEXFLyQSDUDLPSXOVDUPHMRUDVHQODUHJLyQ

/$60(7$63/$17($1

$VLPLVPRUHVXOWDSRVLWLYDODH[SHULHQFLD GHVDUUROODGDSDUDHVWDEOHFHUPHFDQLVPRVFODURV \WUDQVSDUHQWHVSDUDHOIOXMRGHOILQDQFLDPLHQWR HQWUHORVGLYHUVRViPELWRVHVWDGXDOHV±FHQWUDO ILQDQFLDGRUVXEQDFLRQDOORFDORHVFRODUFRPR

0HWDJHQHUDO GpFLPD

,QYHUWLUPiVHLQYHUWLUPHMRU

0HWD (VSHFtILFD 1ž

$XPHQWDUHOHVIXHU]R HFRQyPLFRGHFDGDSDtVSDUDHO ORJURGHODV0HWDV(GXFDWLYDV 

1LYHOGH /RJUR

6HDSUXHEDXQSODQHQFDGD SDtVVHHYDO~D\VHDGDSWD FDGDWUHVDxRV

127$ (OILQDQFLDPLHQWRGHODHGXFDFLyQHQSDtVHVGHODUHJLyQ TXHGyDFDUJRGHOUHVSHFWLYRGHSDUWDPHQWR(Q VHGHOLQHyODFHUWLILFDFLyQGHORVPXQLFLSLRVPiV SHTXHxRV$SDUWLUGHDOOtORVGHSDUWDPHQWRV FRPHQ]DURQDFHUWLILFDU\WUDQVIHULUORVVHUYLFLRV HGXFDWLYRVDORVPXQLFLSLRVTXHDFUHGLWDVHQODV FRQGLFLRQHVUHTXHULGDV'HHVWHPRGRVHGHILQLHURQ FULWHULRVGHDVLJQDFLyQTXHVXVWLWX\HURQHO ILQDQFLDPLHQWRWUDGLFLRQDOGHODRIHUWDSRUXQUpJLPHQ EDVDGRHQODGHPDQGDUHDO\SRWHQFLDOHVWRHVORV DOXPQRVDFWXDOHV\ODSREODFLyQIXHUDGHOVLVWHPD HGXFDWLYR$VtHVWDSROtWLFDWRPDHQFXHQWDODVFLQFR GLPHQVLRQHV

(Q%UDVLOOD&RQVWLWXFLyQHVWDEOHFHTXHHOGHORV UHFXUVRVILVFDOHVGHORV(VWDGRV\PXQLFLSLRVGHEH GHVWLQDUVHDHGXFDFLyQ6LQHPEDUJRKDVWDPHGLDGRV GHODGpFDGDGHOQRYHQWDODVUHVSRQVDELOLGDGHV UHVSHFWRGHOILQDQFLDPLHQWRVHFWRULDOQRHUDQFODUDV (QHO)RQGRGH0DQWHQLPLHQWR\'HVDUUROORGH OD(QVHxDQ]D)XQGDPHQWDO\9DORUL]DFLyQGHO 0DJLVWHULR )81'() HVWDEOHFLyQRUPDVSDUD VROYHQWDUHOQLYHOSULPDULR'LVSXVRGHVWLQDUXQD SRUFLyQGHORVSUHVXSXHVWRVGHORV(VWDGRV\ PXQLFLSLRVDHVWHQLYHO$VtHVWDSROtWLFDVHUHODFLRQy FRQODVGLPHQVLRQHVGRV\FXDWUR6HHVWDEOHFLyXQD HVWUXFWXUDGHILQDQFLDPLHQWRJDUDQWL]DGDSDUD VRVWHQHUHOVLVWHPDHGXFDWLYR\PHMRUDUORVVDODULRV(O )RQGRGH0DQWHQLPLHQWR\'HVDUUROORGHOD(GXFDFLyQ %iVLFD\GHOD9DORUL]DFLyQGHORV3URIHVLRQDOHV 'RFHQWHV )81'(% FRPHQ]yHQ\DPSOLyHO SURJUDPDDODHGXFDFLyQLQLFLDOVHFXQGDULDWpFQLFD SURIHVLRQDOHVSHFLDO\GHMyYHQHV\DGXOWRV7RPDHQ FXHQWDODVFLQFRGLPHQVLRQHVGHH[FOXVLyQ6X YLJHQFLDVHH[WLHQGHKDVWD

(Q$UJHQWLQDHQVHVDQFLRQyXQD/H\GH )LQDQFLDPLHQWR(GXFDWLYRFRQYLJHQFLDDSDUWLUGH GLFKRDxR(VWDQRUPDLQWURGXMRQXHYDVUHJODVGH MXHJRSDUDFRRUGLQDUODLQYHUVLyQVHFWRULDOHQWUHORV GLVWLQWRVQLYHOHVGHJRELHUQRFRQODPHWDGHOOHJDUDO GHO3,%HQHODxRREMHWLYRTXHVHFXPSOLy (VWHPDUFRVHUHODFLRQDFRQODVFLQFRGLPHQVLRQHVHQ ODPHGLGDTXHHVQHFHVDULRFRQWDUFRQUHFXUVRV DGLFLRQDOHVSDUDOOHYDUDFDERSROtWLFDVUHODFLRQDGD FRQ1)(

(Q&RORPELDHQVHFUHyHO6LVWHPD*HQHUDOGH 3DUWLFLSDFLyQ 6*3 (VXQIRQGRFRQVWLWXLGRSRU UHFXUVRVTXHHOJRELHUQRQDFLRQDOWUDQVILHUHDODV HQWLGDGHVWHUULWRULDOHVSDUDODSUHVWDFLyQGHGLYHUVRV VHUYLFLRVHQWUHORVFXDOHVHVWiHOHGXFDWLYR(O GHORVUHFXUVRVVRQSDUDHVWHVHFWRU$QWHVGHOOHYDUD FDERODWUDQVIHUHQFLDHOJRELHUQRQDFLRQDOFHUWLILFyD HQWLGDGHVWHUULWRULDOHV\PXQLFLSLRVFRQPiVGH KDELWDQWHV\OHVRWRUJyODUHVSRQVDELOLGDG WpFQLFDDGPLQLVWUDWLYD\ILQDQFLHUDGHODSUHVWDFLyQGH ORVVHUYLFLRVHGXFDWLYRVQRXQLYHUVLWDULRVGHQWURGHVX MXULVGLFFLyQ/DUHVSRQVDELOLGDGGHDGPLQLVWUDUHO VHUYLFLRHGXFDWLYRGHORVPXQLFLSLRVQRFHUWLILFDGRV

(Q&KLOHGRQGHODDVLJQDFLyQGHUHFXUVRVDODV HVFXHODVHVSRUFDSLWDFLyQGHVGHODGpFDGDGHO RFKHQWDHQVHSURPXOJyXQDOH\TXHFUHyOD 6XEYHQFLyQ(VFRODU3UHIHUHQFLDO0HGLDQWHODPLVPD VHHVWDEOHFHTXHHOPRQWRTXHVHWUDQVILHUHSRU DOXPQRVHDPD\RUHQHVFXHODVGRQGHHOFRQWH[WR VRFLRHFRQyPLFRHVPiVFRPSOHMR'DGRTXHODSROtWLFD VHGLVHxyGHVGHHOQLYHOLQLFLDOKDVWDHOVHFXQGDULR EiVLFR\TXHODPD\RUFDQWLGDGGHUHFXUVRVSURPXHYH QRVRORSROtWLFDVGHUHWHQFLyQVLQRTXHWDPELpQHVXQ LQFHQWLYRSDUDLQFOXLUQXHYRVDOXPQRVDOVLVWHPDHVWD UHIRUPDWLHQHHQFXHQWDDODVFLQFRGLPHQVLRQHV




(± ),1$1&,$5(/6,67(0$3$5$$03/,$5 /$&2%(5785$<',60,18,5(/)5$&$62 (6&2/$5

GHODD\XGDDOGHVDUUROORSDVDQGRSRUWRGDV ODVIRUPDVGHODD\XGD(QHOPRPHQWRGH GHWHUPLQDUODVIRUPDVPiVHILFDFHVSDUD VXPLQLVWUDUODD\XGDQRVJXLDUHPRVSRUODV HVWUDWHJLDV\SULRULGDGHVGHGHVDUUROORHVWDEOHFLGDV SRUORVSDtVHVVRFLRV,QGLYLGXDO\FROHFWLYDPHQWH HOHJLUHPRV\GLVHxDUHPRVODVIRUPDVDGHFXDGDV \FRPSOHPHQWDULDVWHQGLHQWHVDSRWHQFLDUORPiV SRVLEOHVXHILFDFLDFRPELQDGDª

7UDGLFLRQDOPHQWHODDPSOLDFLyQGHODFREHUWXUD HVFRODUKDGHELGRSDGHFHUODWHQVLyQHQWUHOD GLILFXOWDGGHDIURQWDUORVFRVWRV\ODUHQWDELOLGDG IXWXUDGHHVDLQYHUVLyQ(VWDWHQVLyQVHYLR SRWHQFLDGDSRUFRQWH[WRVHFRQyPLFRVGHFULVLV UHFXUUHQWHV\ODVVLWXDFLRQHVGHPRJUiILFDV H[LJHQWHV±FUHFLPLHQWRGHSREODFLyQHQHGDG HVFRODUPX\VLJQLILFDWLYRUHVSHFWRGHORFXUULGR GHGpFDGDVDQWHULRUHV±/DUHJLyQSUHVHQWD XQSDQRUDPDSRFRXVXDOFRQSUHYLVLRQHV GHFUHFLPLHQWRHFRQyPLFRSDUDORVSUy[LPRVDxRV ±VLWXDFLyQTXHSRGUtDYDULDUVHJ~QHYROXFLRQHVOD FULVLVILQDQFLHUDHQSDtVHVDOWDPHQWHGHVDUUROODGRV± \GHERQRGHPRJUiILFRJHQHUDGRSRUODWHQGHQFLD GHFUHFLHQWHGHQDFLPLHQWRVTXHSHUPLWLUtDQ HQFDUDUSROtWLFDVGLULJLGDVDXQLYHUVDOL]DUOD HGXFDFLyQ$GHPiVVLVHUHYLUWLHUDODHOHYDGD LQHILFLHQFLDLQWHUQDHGXFDWLYDUHJLRQDOVHFRQWDUtD FRQUHFXUVRVDGLFLRQDOHVSDUDDFRPSDxDUFRQ PD\RUp[LWRHOFXPSOLPLHQWRGHOGHUHFKRDOD HGXFDFLyQGHPLOORQHVGHQLxRV\DGROHVFHQWHVTXH HQODDFWXDOLGDGDVLVWHQDODHVFXHODSHURQR SURJUHVDQ\DEDQGRQDQWHPSUDQDPHQWH

$OUHVSHFWRFDEHQGRVSODQRVGHWUDEDMRVHJ~QHO WLSRGHDSR\RVHFWRULDOPHGLDQWHSURJUDPDVGH LQYHUVLyQDVLJQDGDDHGXFDFLyQ\SUHVXSXHVWDULR JHQHUDOSDUDPDQWHQHUPHWDVILVFDOHVGH FRQWHQFLyQGHOGpILFLW&DEHSURSLFLDU D  /DSURIXQGL]DFLyQGHOWUDEDMRGHDUPRQL]DFLyQ HQHOPDUFRGHODV0HVDVGH&RRSHUDQWHVTXH VHKDQFRQVWLWXLGRHQORVSDtVHVDHIHFWRVGH DOLQHDUPHMRUODVDFFLRQHVFRQORVREMHWLYRV HVWUDWpJLFRV(VWRLPSOLFDXQDFXHUGRJHQHUDOGH SULRUL]DUODDWHQFLyQHQODVEDUUHUDV±\DVHJXUDU UHFXUVRVSDUDUHPRYHUODV±GHPRGRGHDERUGDU GHPDQHUDDUWLFXODGD\VRVWHQLGDFDGDXQDGH ODVGLPHQVLRQHVGHH[FOXVLyQ E  /DLQFRUSRUDFLyQGHPHWDVGHHVFRODULGDG\OD SURWHFFLyQGHUHFXUVRVSDUDORVSURJUDPDV FRUUHVSRQGLHQWHV\GHOVHFWRUHGXFDWLYRHQ JHQHUDOFRPRWULJJHUVRLQGLFDGRUHVFODYHSDUD ORVGHVHPEROVRVGHSURJUDPDVGHDSR\R SUHVXSXHVWDULRLQGLIHUHQFLDGRDORVSDtVHVGH EDMRVLQJUHVRV

(QJHQHUDOWDQWRODVSROtWLFDVGHXQLYHUVDOL]DFLyQ GHODFREHUWXUDFRPRGHGLVPLQXFLyQGHOIUDFDVR HVFRODUHVWiQSUHVHQWHVHQORVPDUFRVQRUPDWLYRV GHOVHFWRU3RUORWDQWRHOGHVDItRGHO ILQDQFLDPLHQWRHVSURYHHUUHFXUVRVSDUDKDFHU FXPSOLUHVRVREMHWLYRV/DUHVSRQVDELOLGDGGHHVH PRGRUHFDHHQHOVHFWRUS~EOLFR\HQSDUWLFXODU HQHO3RGHU(MHFXWLYR\HQHO/HJLVODWLYR /RVUHFXUVRVQHFHVDULRVSDUDLQFUHPHQWDU ODFREHUWXUD\GLVPLQXLUHOIUDFDVRSRGUtDQSURYHQLU GHGLVWLQWDVIXHQWHVWDOHVFRPRXQDPD\RUSUHVLyQ LPSRVLWLYD\ODUHDVLJQDFLyQGHSDUWLGDV SUHVXSXHVWDULDVGHVGHRWURVVHFWRUHV&RPRVH SRGUiLQWXLUHVWRSRGUtDLPSOLFDUHOUHFKD]RGHORV HYHQWXDOHVDIHFWDGRV8QDVDOLGDFRQPHQRUHV FRVWRVSROtWLFRVSRGUtDVHUODVHJXLGDSRU$UJHQWLQD TXHHQXQFRQWH[WRGHDXPHQWRGHVX3,%LPSXOVy XQDOH\GHILQDQFLDPLHQWRVHJ~QODFXDOORV UHFXUVRVSURYHQGUtDQGHOSURSLRFUHFLPLHQWR HFRQyPLFR

/DPD\RUFREHUWXUD6HJ~QHVWLPDFLRQHVSURSLDV FDOFXODGDVVREUHODEDVHGHGDWRVGH8,6 81(6&2GH&(3$/\GHO%DQFR0XQGLDOOD UHJLyQGHEHUtDGHVWLQDUXQWRWDOGHPLOORQHV GHGyODUHVSDUDORJUDUODFREHUWXUDXQLYHUVDOGHVGH HOQLYHOLQLFLDOKDVWDHOVHFXQGDULRLQIHULRU6LHO SHUtRGRGHILQDQFLDPLHQWRVHHVWDEOHFLHUDHQWUH \ORVJRELHUQRVSRGUtDQGHEHUtDQ LQYHUWLUFDGDDxRXQDQXDODFXPXODWLYRGHO PRQWRLQGLFDGR(VGHFLUPLOORQHVGHGyODUHV HQPLOORQHVHQ\DVt VXFHVLYDPHQWHKDVWDDOFDQ]DUHOPRQWRWRWDOHQ 6LVHFRQVLGHUDODLQYHUVLyQWRWDO\HO FUHFLPLHQWRGHO3,%SUR\HFWDGRSRUOD&(3$/SDUD ODSUy[LPDGpFDGDHOFRVWRWRWDODDVFHQGHUtD DOGHO3,%UHJLRQDO&RPRVHYHORV REMHWLYRVUHIHULGRVDODFREHUWXUDXQLYHUVDOQR GHEHUtDQFRQVWLWXLUPHWDVOHMDQDVDOPHQRVHQOR TXHDWDxHDOHVIXHU]RILQDQFLHUR

$VLPLVPRWDPELpQGHEHQVHUFRQVLGHUDGRVORV UHFXUVRVSURYHQLHQWHVGHODFRRSHUDFLyQ LQWHUQDFLRQDO7HQLHQGRHQFXHQWDVXSHVR VLJQLILFDWLYRSDUDODVPHWDVGHLQFOXVLyQUHVXOWD RSRUWXQRUHWRPDUODVUHFRPHQGDFLRQHVGHOD 'HFODUDFLyQGH3DUtV©5HFRQRFHPRVTXHHV UHDOL]DEOH\QHFHVDULRDXPHQWDUODHILFDFLD





 'HFODUDFLyQGH3DUtV$SDUWDGR


RUJDQL]DWLYDVTXHDWLHQGDQWUDPRVHVSHFtILFRVGHOD H[FOXVLyQHGXFDWLYD

(OFRVWRGHOIUDFDVR/DGLVPLQXFLyQ RUHYHUVLyQ WRWDO GHORVVREUHFRVWRVRULJLQDGRVSRUOD UHSHWLFLyQ\SRUORVUHFXUVDQWHVQRGHWHFWDGRV FRPRUHSHWLGRUHVSHUPLWLUtDDSURYHFKDUHOGLQHUR TXHXVXDOPHQWHVHOOHYDQHVWRVFRVWRVFRPRIXHQWH QRWUDGLFLRQDOGHUHFXUVRVHQHOVHFWRU(QHIHFWROD PDJQLWXGGHODKRUURTXHSRGUtDJHQHUDUVHVL PHMRUDUDODHILFLHQFLDLQWHUQDFRQOOHYDODSRVLELOLGDG GHUHDVLJQDUUHFXUVRVSDUDHOILQDQFLDPLHQWR VHFWRULDOSRUHMHPSORSDUDODFRQVHFXFLyQGHODV PHWDVGHFREHUWXUDXQLYHUVDO

(VSRVLEOHTXLWDUHOVHVJRVHOHFWLYRGHODHVFXHOD UHWLUDQGRWRGRVORVUDVWURVGHYLROHQFLDVLPEyOLFD HMHUFLGDSRUODDUELWUDULHGDGFXOWXUDODSDUWLUGHOD FRQVWUXFFLyQGHXQDSHGDJRJtDUDFLRQDODODTXH %RXUGLHX\3DVVHURQ  GHILQHQFRPROD ©HQVHxDQ]DUHDOPHQWHGHPRFUiWLFD>«@DTXHOOD TXHVHSURSRQHFRPRILQLQFRQGLFLRQDOSHUPLWLUDO PD\RUQ~PHURSRVLEOHGHLQGLYLGXRVHODGTXLULUHQ HOPHQRUWLHPSRSRVLEOHORPiVFRPSOHWD\ SHUIHFWDPHQWHSRVLEOHHOPD\RUQ~PHURSRVLEOHGH ODVDSWLWXGHVTXHFRQIRUPDQODFXOWXUDHGXFDFLRQDO HQXQPRPHQWRGDGRª

5HFLHQWHPHQWHYDULRVSDtVHVGHODUHJLyQ\ RUJDQLVPRVLQWHUQDFLRQDOHVVXVFULELHURQREMHWLYRV GHPHGLDQRSOD]RSDUDHOVHFWRUFRPRODV0HWDV (OFRVWRGHODVDFFLRQHVTXHSHUPLWLUtDQHO ORJURGHORVREMHWLYRVUHSUHVHQWDXQSRUFHQWDMH UHODWLYDPHQWHEDMRGHO3,%UHJLRQDO$GHPiVGDGR TXHHOIUDFDVRHVFRODUHVXQDIXHQWHGHLQHILFLHQFLD HOp[LWRGHODVSROtWLFDVSDUDUHGXFLUODUHSHWLFLyQ JHQHUDUtDXQDGLVSRQLELOLGDGDGLFLRQDOGHUHFXUVRV HQHOPHGLDQRSOD]R$HVWRVHVXPDQORV SURQyVWLFRVUHVSHFWRGHOFUHFLPLHQWRHFRQyPLFR SDUDODUHJLyQHQORVSUy[LPRVDxRV

'HVGHHVWDSHUVSHFWLYDVHSURSRQHTXHODHVFXHOD QRVHPDQWHQJDLQGLIHUHQWHDODVVLWXDFLRQHVGHODV TXHSURYLHQHQORVHVWXGLDQWHVVLQRTXHEXVTXH DFWLYDPHQWHQHXWUDOL]DUODVGLIHUHQFLDVVRFLDOHV3RU HVRODSHGDJRJtDUDFLRQDOHQWDQWRVHDUHVSDOGDGD SRUODGHFLVLyQSROtWLFD\HODSR\RGHODVRFLHGDG VHRIUHFHFRPRXQDVRFLRORJtDGHODV GHVLJXDOGDGHVFXOWXUDOHVTXHSHUPLWH©QHXWUDOL]DU PHWyGLFD\FRQWLQXDPHQWHGHVGHHOMDUGtQGH LQIDQWHVKDVWDODXQLYHUVLGDGODDFFLyQGHORV IDFWRUHVVRFLDOHVGHGHVLJXDOGDGFXOWXUDOª %RXUGLHX\3DVVHURQRSFLW 

(QHVWHFRQWH[WRGHH[FHSFLyQODLPSOHPHQWDFLyQ GHHVWDVDFFLRQHVQRLPSOLFDUtDXQSHVRDGLFLRQDO VLJQLILFDWLYRHQHO3,%GHORVSDtVHV(QRWUDV SDODEUDVH[LVWHIDFWLELOLGDGHFRQyPLFDSDUD HPSUHQGHUORVGHVDItRV(VWRQRHVPHQRU\DTXH ODUHVWULFFLyQGHUHFXUVRVIXHXQDUD]yQUHFXUUHQWH TXHHQRWURVWLHPSRVIUHQyHODYDQFHGHHVWHWLSR GHSROtWLFDV$VtHQHVWDRFDVLyQHOSUREOHPD HVFDSDUtDDODHVIHUDGHODQiOLVLVWpFQLFR\VH GHVSOD]DUtDDOiPELWRGHODGHFLVLyQSROtWLFD YHU $SRUWH&RQFHSWXDO©&XiQWRLQYHUWLU\FyPR GLVWULEXLUGRVDVSHFWRVGHOILQDQFLDPLHQWR HGXFDWLYR 

(± *(1(5$52325781,'$'(69$5,$'$6 3$5$/$('8&$&,Ï1,1,&,$/ 6REUHODEDVHGHOUHFRQRFLPLHQWRGHODLPSRUWDQFLD FUXFLDOGHODHGXFDFLyQLQLFLDOORVJRELHUQRVGHOD UHJLyQKDQDVXPLGRFRPSURPLVRVQRUPDWLYRV\GH LQLFLDWLYDVGHSROtWLFDEDVDGRVHQHOLQFUHPHQWRGH ODRIHUWDDXPHQWDQGRORVQLYHOHVGHDFFHVR\ RWRUJDQGRSURJUHVLYDPHQWHXQFDUiFWHUHGXFDWLYR\ FXOWXUDODODVSURSXHVWDVHQODVLQVWLWXFLRQHV

$JUXSDPLHQWR'HVDUUROODU XQDSHGDJRJtDUDFLRQDOSDUDVXSHUDU ODH[FOXVLyQ

/DVLQLFLDWLYDVUHJLRQDOHVDOUHVSHFWRKDQGHILQLGR TXHODHGXFDFLyQLQLFLDOVHFHQWUHHQXQDSURSXHVWD GHFDUiFWHUHGXFDWLYRGHDFFHVRDODFXOWXUD VXSHUDQGRSRVLFLRQHVWUDGLFLRQDOHVGHDWHQFLyQDOD SULPHUDLQIDQFLDGHGLFDGDVH[FOXVLYDPHQWHDO FXLGDGR\DFRPSDxDPLHQWRGHOFUHFLPLHQWR\ GHVDUUROORGHORVQLxRV\QLxDV(QHVWHVHQWLGRVH DVXPHQSURSXHVWDVEDVDGDVHQHOUHVSHWRSRUOD LQIDQFLD\HQODGHILQLFLyQGHSUiFWLFDVGH HQVHxDQ]DOLJDGDVDGLYHUVRVFRQWHQLGRVGHO PXQGRVRFLDOQDWXUDOOLWHUDULRGHDSUR[LPDFLyQD H[SUHVLRQHV\H[SHULHQFLDVGHHGXFDFLyQDUWtVWLFD\ VREUHWRGRHQHOUHFRQRFLPLHQWRGHOMXHJRFRPR FRQWHQLGR\PHGLRGHDSUHQGL]DMHVLQJXODUGHOD QLxH]\GHHVWHQLYHOHGXFDWLYR$VLPLVPRVH SURFXUDQH[SHULHQFLDVTXHDSXQWDQDODIRUPDFLyQ

,PSXOVDUHVFXHODVFRPSURPHWLGDVFRQODLQFOXVLyQ RULHQWDUODJHVWLyQGHOVLVWHPDKDFLDODLQFOXVLyQ SOHQDUHPRYHUEDUUHUDVVRFLRFXOWXUDOHV\DWHQGHU ODVGHVLJXDOGDGHVHFRQyPLFDVGHODSREODFLyQVRQ HVWUDWHJLDVJOREDOHVSDUDODPHMRUDGH RSRUWXQLGDGHV/DVSURSXHVWDVGHHVWUDWHJLDVTXH VHSUHVHQWDQDFRQWLQXDFLyQGHVDUUROODQDOJXQRV DVSHFWRVHVSHFtILFRVGHHVWDVHVWUDWHJLDV JHQHUDOHVSODQWHDGDVDQWHULRUPHQWH/DVDUWLFXODQ FRQDOJXQRVpQIDVLV\SURSXHVWDVHQIXQFLyQGHO GHVDItRDVXSHUDUDWUDYpVGHODPRGLILFDFLyQ RFUHDFLyQGHSUiFWLFDVSHGDJyJLFDV\




E  ,PSXOVDUHOGHVDUUROORFRJQLWLYRDIHFWLYRpWLFR HVWpWLFRPRWRU\VRFLDOHQSDUWLFXODUDWUDYpVGHO MXHJRFRPRFRQWHQLGR\PHGLRSDUDDSUHQGHU RWURVFRQWHQLGRVDWUDYpVGHSURSXHVWDVGH HQVHxDQ]DFRQXQDVHFXHQFLDLQWHQFLRQDO VLVWHPiWLFD\SODQLILFDGDTXHHQULTXH]FD\ H[WLHQGDHOXQLYHUVR\UHSHUWRULRO~GLFR LQGLYLGXDOIDPLOLDU\FRPXQLWDULRGHORVQLxRV DVXPLHQGRREMHWLYRVHVSHFtILFRVSURSLRVGHO LWLQHUDULRHVFRODU

GHODFRQILDQ]DEiVLFDFRPRHMHIXQGDPHQWDOGHO GHVDUUROORLQIDQWLO (QHVWHPDUFR\HQIXQFLyQGHOFXPSOLPLHQWRGH HVWDVLQLFLDWLYDVUHJLRQDOHVORVJRELHUQRVGHOD UHJLyQLEHURDPHULFDQDKDQVXVFULSWRFRPSURPLVRV IRUPDOHVHQODLPSOHPHQWDFLyQGHVXVSROtWLFDVSDUD LQFUHPHQWDU\PHMRUDUODRIHUWD\FDOLGDGGHOD HGXFDFLyQLQIDQWLODWUDYpVGHO3UR\HFWR0HWDV (GXFDWLYDV/DHGXFDFLyQTXHTXHUHPRVSDUD ODJHQHUDFLyQGHORV%LFHQWHQDULRV

F  6HUODSXHUWDGHHQWUDGDSDUDHOFRQRFLPLHQWR GHXQDFXOWXUDSDUWLFXODUODHVFRODUSHUPLWLHQGR TXHORVQLxRV\QLxDVUHFRQR]FDQODV UHJXODFLRQHVGHWLHPSRHVSDFLRFRPXQLFDFLyQ JUXSDOWUDEDMRFRRSHUDWLYRFRQORVSDUHVXVRGH PDWHULDOHVLQWHUDFFLyQFRQOLEURVUHODFLyQFRQ DGXOWRVHQGLVWLQWDVIXQFLRQHVDOWHUQDQFLDGH IRFRVGHDWHQFLyQHQWURRWURVUDVJRVSURSLRVGHO VLVWHPDHGXFDWLYR

/DVPHWDVSURSRQHQ 0HWD JHQHUDO WHUFHUD

$XPHQWDUODRIHUWDGHHGXFDFLyQ LQLFLDO\SRWHQFLDUVXFDUiFWHU HGXFDWLYR

0HWD (VSHFtILFD 1ž

$XPHQWDUODRIHUWDGHHGXFDFLyQ LQLFLDOSDUDQLxRVGHDDxRV

1LYHOGH /RJUR DO

1LYHOGH /RJUR DO

(QHOFDVRGHODHGXFDFLyQIRUPDOTXHFXHQWDFRQ XQDHVWUXFWXUDRUJiQLFD\PD\RUPHQWHFRQ GRFHQWHVWLWXODGRVGHEHSUHVHUYDUVHHOFDUiFWHU HVSHFtILFRGHODHGXFDFLyQLQLFLDOHYLWDQGROD SULPDUL]DFLyQ\ODVREUHFDUJDFXUULFXODU(V SDUWLFXODUPHQWHLPSRUWDQWHTXHORVGRFHQWHVHVWpQ DWHQWRVDOUHFRQRFLPLHQWRGHSDXWDVFXOWXUDOHV ORFDOHVTXHSXHGDQVHUGLYHUVDVGHODVSURSLDVVLQ LQFOLQDUVHDMXLFLRV\SUHMXLFLRVVREUHODVIDPLOLDV \VXVSDXWDV

(QWUHHO\HOGHORV QLxRVGHDDxRVUHFLEH DWHQFLyQHGXFDWLYDWHPSUDQD (QWUHHO\HOGHQLxRV GHDDxRVSDUWLFLSDHQ DFWLYLGDGHVHGXFDWLYDV (OGHORVQLxRVGH DDxRVUHFLEHDWHQFLyQHGXFDWLYD WHPSUDQD (QWUHHO\HOGHQLxRVGH DDxRVSDUWLFLSDHQDFWLYLGDGHV HGXFDWLYDV

(QODWHQVLyQHQWUHODREOLJDWRULHGDGGHODHGXFDFLyQ LQLFLDO\HODFFHVRRSRUWXQRDOSULPHUJUDGRHV QHFHVDULRSODQWHDUXQUHFRUULGRSURJUHVLYR

(QORTXHUHVSHFWDDODXPHQWRGHOFDUiFWHU HGXFDWLYRVHSURSRQHDXPHQWDUHOSRUFHQWDMH GHHGXFDGRUHVTXHWLHQHQHOWtWXORHVSHFtILFRGH HGXFDFLyQLQLFLDO(QHQWUHHO\HO GHORVHGXFDGRUHVTXHWUDEDMDQFRQQLxRVGH DDxRVWLHQHODWLWXODFLyQHVWDEOHFLGD\HQWUH HO\HOODWLHQHHQ

(QSDtVHVRUHJLRQHVGHQWURGHFDGDSDtVGRQGH D~QQRHVWpJHQHUDOL]DGDVXILFLHQWHPHQWHODRIHUWD GHHGXFDFLyQLQLFLDO\QRVHKD\DWUDEDMDGR FRPXQLFDFLRQDO\FRPXQLWDULDPHQWHVREUHHODFFHVR DHVWHQLYHOHVFUXFLDOHYLWDUTXHORVQLxRV\QLxDV TXHOOHJDQDOVLVWHPDHGXFDWLYRFRQHGDGDGHFXDGD SDUDSULPHUJUDGRVHDQDQRWDGRVHQHGXFDFLyQ LQLFLDOSUHHVFRODUSUHEiVLFDJHQHUiQGROHVXQD VLWXDFLyQDUWLILFLDOGHUH]DJRHVFRODUGHVGH VXPLVPRLQLFLRGHHVFRODULGDG

$YDQ]DQGRHQODVSURSXHVWDVRUJDQL]DWLYDVSDUDHO QLYHOHVWDVGHEHUtDQRULHQWDUVHHQWUHVHMHV SULQFLSDOHV

$VLPLVPRHVFUXFLDOJDUDQWL]DUHQHOLQJUHVR DODSULPDULDSURSXHVWDVGHHQVHxDQ]DGHFDOLGDG TXHVHEDVHQHQXQDFRQWLQXLGDGGHSUR\HFWRV \HVWUDWHJLDVHQPDWHULDGHFRQWHQLGRV\ PHWRGRORJtDOLJDGDVSULQFLSDOPHQWHDOD DOIDEHWL]DFLyQLQLFLDO\HOMXHJR

D  $UPRQL]DUODWUDQVLFLyQIDPLOLDHVFXHOD JDUDQWL]DQGRTXHORVQLxRV\QLxDV± HVSHFLDOPHQWHFXDQGRVHSUHVHQWDQGLVWLQWRV FDSLWDOHVFXOWXUDOHV±VHDQHVFXFKDGRVTXHODV SUiFWLFDVGHVXVIDPLOLDVVHDQUHFRQRFLGDV\ TXHWHQJDQVHJXULGDGHQODWUDPDGHDGXOWRVD FDUJRGHVXHGXFDFLyQ

/DFDSDFLWDFLyQGRFHQWHHQHOMXHJRFRPRPHGLR \FRQWHQLGRTXHSRWHQFLDHOGHVDUUROORFRJQLWLYRHV FUXFLDO$VLPLVPRHVQHFHVDULRSRQGHUDU




DGHFXDGDPHQWHODLQWURGXFFLyQSDXODWLQDHQ ODLQWHUDFFLyQFRQODOHQJXDHVFULWD\HO SHQVDPLHQWRVLPEyOLFRPDWHPiWLFR/DSURGXFFLyQ GHVHFXHQFLDVGHHQVHxDQ]DRUGHQDGDV FRQYHUJHQWHV\VLQpUJLFDVSDUDHOGHVDUUROORGH FDSDFLGDGHVFRJQLWLYDV\VRFLDOHVGHORVFKLFRVHV XQVRSRUWHQHFHVDULRSDUDODPHMRUDGHOD HQVHxDQ]DHQHOQLYHO

8VRGHPHWRGRORJtDVGHHQVHxDQ]DGHOD PDWHPiWLFDTXHGHQFXHQWDGHOVDEHUPDWHPiWLFR SUHYLRGHORVHVWXGLDQWHV\VHFHQWUHQHQOD UHVROXFLyQGHSUREOHPDV&RPRUHJODJHQHUDOHO FRQRFLPLHQWRPDWHPiWLFRTXHVHHQVHxDHQODV DXODVVHSUHVHQWDDOHMDGRGHOVLJQLILFDGR\GHODV FRQGLFLRQHVGHSURGXFFLyQ\DSOLFDFLyQGHGLFKR VDEHUSRUORTXHHVPX\GLItFLOTXHORVHVWXGLDQWHV SXHGDQDGTXLULUXQDGHFXDGRVHQWLGRPDWHPiWLFR (VRORVOOHYDDGLIHUHQFLDUODPDWHPiWLFD©GHOD HVFXHODªTXHVHDSUHQGHSDUDDSUREDU RQRVH DSUHQGH\HQWRQFHVVHIUDFDVD \ODPDWHPiWLFD ©GHODYLGDª

(± $03$5$5(/35,0(575$02 '(/$('8&$&,Ï135,0$5,$ (VSRVLEOHUHGXFLUGUiVWLFDPHQWHRHOLPLQDU ODUHSLWHQFLDHQSULPHU\VHJXQGRJUDGRVLQDFXGLU DODSURPRFLyQDXWRPiWLFDFRPRPHGLGD DGPLQLVWUDWLYD3DUDHOORHVQHFHVDULRHQULTXHFHU ODVDFWXDOHVSURSXHVWDVGHHQVHxDQ]D GHODDOIDEHWL]DFLyQLQLFLDO\GHODPDWHPiWLFD EiVLFD\GHEDWLUDIRQGRODQDWXUDOL]DFLyQ \YDORUL]DFLyQGHODUHSLWHQFLDTXHHVWiLQVWDODGD HQODFRPXQLGDGGRFHQWH/RVDSRUWHV GHODVQHXURFLHQFLDVODVFLHQFLDVGHOOHQJXDMH \ODVLQYHVWLJDFLRQHVGLGiFWLFDVEULQGDQEDVHV VyOLGDVSDUDDPSOLDUODFDOLGDGGHODLQWHUYHQFLyQ GRFHQWHSDUDORJUDUHOGHVDUUROORGHVXV HVWXGLDQWHV

$SUHQGHUPDWHPiWLFDVLJQLILFDFRQVWUXLUHOVHQWLGR GHORVFRQRFLPLHQWRVORTXHVHIDYRUHFHFXDQGR HVWRVDSDUHFHQFRPRKHUUDPLHQWDVSDUDSRGHU UHVROYHUSUREOHPDV\VLWXDFLRQHVVLJQLILFDWLYDV (QWRQFHVUHVXOWDIXQGDPHQWDOSODQWHDUEXHQRV SUREOHPDVTXHSURSRQJDQXQJUDGRGHGHVDItR DGHFXDGRTXHSHUPLWDQODHODERUDFLyQGHGLYHUVRV SURFHGLPLHQWRV\IRUPDVGHUHSUHVHQWDFLyQ\TXH IDYRUH]FDQHOLQWHUFDPELRGHRSLQLRQHVOD FRQIURQWDFLyQVHOHFFLyQ\RSWLPL]DFLyQGH HVWUDWHJLDV/DHQVHxDQ]DGHODPDWHPiWLFD JDQDUtDHQVLJQLILFDWLYLGDGVLLQFRUSRUDVHHOHPHQWRV GHODSUiFWLFDFRWLGLDQDDVXVDFWLYLGDGHVWtSLFDV ©PiVIRUPDOHVª &DUUDKHU\RWURV 

(VWDVDFFLRQHVQRUHTXLHUHQUHFXUVRVH[DJHUDGRV SDUDVXHMHFXFLyQVLQRTXHVHEDVDQ SULQFLSDOPHQWHHQODDPSOLDFLyQGHODVFDSDFLGDGHV GHHQVHxDQ]DGHORVGRFHQWHVHQODJHVWLyQGHO WLHPSRHVFRODU\HQODDGHFXDFLyQQRUPDWLYD

5HYLVLyQGHODVQRUPDVGHSURPRFLyQSDUDSHUPLWLU SURFHVRVGHSURPRFLyQFLFODGD,QVWDODUHQODV HVFXHODVSURFHVRVGHSURPRFLyQSRUFLFORHQHO PDUFRGHSURFHVRVGHHQVHxDQ]DIXHUWHPHQWH PHMRUDGRVHVXQDVXSHUDFLyQGHODDSOLFDFLyQ DGPLQLVWUDWLYDGHXQDVLPSOHSURPRFLyQDXWRPiWLFD HQWUHORVJUDGRVSHUPLWHVXSHUDUHOIUDFDVR\QR JHQHUDDFXPXODFLyQGHORVUHSHWLGRUHV3DUDHVR HVQHFHVDULRD\XGDUDGLUHFWLYRV\GRFHQWHVD DQDOL]DUDOWHUQDWLYDVDHYDOXDUIXQGDPHQWRV\ FRQVHFXHQFLDVGHFDGDXQD\DWRPDUGHFLVLRQHV IXQGDPHQWDGDV6LQHPEDUJRHQPXFKRVFDVRVVH QHFHVLWDUiQDFFLRQHV\GHFLVLRQHVSUHYLDVSRUSDUWH GHODVDXWRULGDGHVMXULVGLFFLRQDOHV8QHMHPSOR SDUDGLJPiWLFRHVHOGHODQRUPDWLYDFXDQGRpVWD DSDUH]FDFRPRDVSHFWRREVWDFXOL]DGRUGHOD SURWHFFLyQGHORVLWLQHUDULRVHVFRODUHVGHEHUiQ SRQHUVHHQMXHJRGHFLVLRQHVGHPDFURSROtWLFD 0XFKDVSUiFWLFDVSHGDJyJLFDV\DVHDSRUTXHVRQ GLIHUHQWHVRSRUTXHQHFHVLWDQGHLQQRYDFLRQHV FXUULFXODUHV\RUJDQL]DFLRQDOHVQRHVWiQUHVXHOWDV HQODVQRUPDWLYDVYLJHQWHVSRUDXVHQFLDRSRU REVROHVFHQFLD(QHVWRVFDVRVKDEUiTXHHVWXGLDU ODVSRVLELOLGDGHV\QHFHVLGDGHVGHIOH[LELOL]DFLyQR PRGLILFDFLyQGHQRUPDWLYDYLJHQWHRELHQGH HODERUDFLyQGHRWUDQXHYD )DUtDV 

8VRGHPHWRGRORJtDVGHHQVHxDQ]DGHOD DOIDEHWL]DFLyQTXHVHDQHILFDFHVD~QSDUDQLxRV TXHQRKDQWHQLGRH[SHULHQFLDVGH SUHDOIDEHWL]DFLyQ/DDOIDEHWL]DFLyQFRPRSURFHVR HVFRODUWLHQHTXHVHUVLVWHPiWLFD\SDUDHVROD HVFXHODKDGHSURSRQHUGHWHUPLQDGRVFRQWHQLGRV \IRUPDVGHOKDFHUGHPRGRFXLGDGRVDPHQWH VHFXHQFLDGRHQHOWLHPSR\SUHFLVDPHQWH DUWLFXODGR)UHFXHQWHPHQWHOXHJRGHDOJXQDV LQWHUYHQFLRQHVORVGRFHQWHVFRQVLGHUDQTXH\DKDQ SXHVWRHQSUiFWLFDORVSURFHGLPLHQWRVGHJXtDSDUD ODFRPSUHQVLyQOHFWRUD\ODSURGXFFLyQHVFULWD\TXH VXUHLWHUDFLyQSXHGHIDWLJDUDORVHVWXGLDQWHV 6LQHPEDUJRODDSURSLDFLyQGHHVWUDWHJLDV GHOHFWXUD\HVFULWXUDHVXQSURFHVRUHFXUVLYR HVGHFLUTXHKDGHVHUUHSHWLGRFRQYDULRVWH[WRV GHOPLVPRWLSR\©HVSLUDODGRªHVGHFLUSXHVWRHQ MXHJRFRQRWURVWH[WRVTXHUHSLWHQFDUDFWHUtVWLFDV \UDVJRVGHPRGHORVDQWHULRUHVSHURTXHDGHPiV YDQSODQWHDQGRSDXODWLQDPHQWHRWUDVGLILFXOWDGHV SRUTXHVRQPiVH[WHQVRVPiVFRPSOHMRV\PiV HVSHFtILFRV




'LYHUVLILFDFLyQGHVLWXDFLRQHVGHDSUHQGL]DMHHQ SDUWLFXODUSDUDUHFXSHUDUHVWXGLDQWHVGHEDMD DVLVWHQFLD$OJXQRVHVWXGLDQWHVQHFHVLWDQHQ RFDVLRQHVXQSURJUDPDGHWUDEDMRTXHORVSRQJD HQXQDPELHQWHIDFLOLWDGRUSDUDSURIXQGL]DUHQODV WDUHDVHVFRODUHVHVSHFtILFDV(VSRVLEOHKDFHUXVR GHORVPiUJHQHVGHDXWRQRPtDTXHFRPSHWHQDODV LQVWLWXFLRQHVHVFRODUHVSDUDLQWURGXFLU PRGLILFDFLRQHVRUJDQL]DWLYDV\GLGiFWLFDVTXH SHUPLWDQLQVWDODUSURFHVRVGHDFRPSDxDPLHQWR\ DVLVWHQFLDDORVDOXPQRVGHPRQLWRUHRGHWDOHV SURFHVRV\GHVXVUHVXOWDGRVSDUDTXHWRGRVORV QLxRVSXHGDQORJUDUp[LWRHQVXDSUHQGL]DMH 3RUHMHPSORLPSOHPHQWDFLyQGHLQVWDQFLDVGH DSR\RHVFRODUGXUDQWHWRGRHODxRUHRUJDQL]DQGR ORVJUXSRVGHFODVHSDUDTXHORVPDHVWURVSXHGDQ FRQFHQWUDUHVIXHU]RVFRQORVHVWXGLDQWHVGHPD\RU QLYHOGHGLILFXOWDGGXUDQWHDPLQXWRVHQOD VHPDQDLPSOHPHQWDFLyQGHLQVWDQFLDV VXSOHPHQWDULDVGHDSR\RHVFRODUHQORVPHVHVGH FLHUUHHLQLFLRGHOFLFOROHFWLYRSDUDORVHVWXGLDQWHV TXHQHFHVLWHQLQWHQVLILFDUVXH[SRVLFLyQ DDFWLYLGDGHVGHDSUHQGL]DMHGHODOHQJXDRUDO \HVFULWD

‹81,&()3DUDJXD\9HUD

(± 326,%,/,7$5/$352*5(6,Ï1+$67$ 7(50,1$5/$('8&$&,Ï135,0$5,$ 3DUDORVHVWXGLDQWHVTXHFXUVDQODHVFXHODSULPDULD DUUDVWUDQGRIUDFDVRVSUHYLRVVHSURFXUDUi UHJXODUL]DUORVLWLQHUDULRVHVFRODUHVSHUWXUEDGRV (VWRVDOXPQRVFRQVWLWX\HQXQJUXSRHQULHVJRGH DEDQGRQDUTXH\DPLVPRGHELHUDVHU HVSHFLDOPHQWHDWHQGLGR\DFRPSDxDGRKDVWD JDUDQWL]DUTXHFRPSOHWHFRPRPtQLPRODHGXFDFLyQ REOLJDWRULD3HURHVWRKDGHKDFHUVHFRQXQD SURSXHVWDGHHQVHxDQ]DULFD\GHVDILDQWH SDUDORVHVWXGLDQWHVTXHLQVWDOHKiELWRVGHHVWXGLR \TXHOHVDEUDKRUL]RQWHVDOPXQGRVRFLDO\QDWXUDO (VWDVHVWUDWHJLDVGHHVWXGLR\DSUHQGL]DMHTXHOHV SHUPLWLUiQHQFDUDUODVHFXQGDULDFRQp[LWRVH FRQVWUX\HQOHQWDPHQWH\GHVDUUROODUODVUHTXLHUH DFFLRQHVFRKHUHQWHVGHODVLQVWLWXFLRQHVHGXFDWLYDV GHGLVWLQWRVQLYHOHV

HGXFDWLYDVGHFDOLGDGVHLQWHJUHQ\PDGXUHQ\DO WLHPSRTXHODVDFFLRQHVSUHYHQWLYDVVHYD\DQ LQVWLWX\HQGRFRPRSDUWHVFRQVWLWXWLYDVGHODV SUiFWLFDVGHHQVHxDQ]DODVPHGLGDVSDOLDWLYDV WHQGHUiQDGHVDSDUHFHURPLQLPL]DUVHSRU©IDOWD GHGHVWLQDWDULRVª (VWDVDFFLRQHVUHTXLHUHQLQWHQVLILFDUODSHUVSHFWLYD GHOGHVDUUROORGHFDSDFLGDGHVFRJQLWLYDV\VRFLDOHV FRPRSURFHVRSDUDVXSHUDUODH[FOXVLyQHGXFDWLYD HVSHFLDOPHQWHODTXHWUDQVLWDQORVDOXPQRVTXHQR DEDQGRQDQODHVFXHODSHURTXHDFXPXODQIUDFDVRV \EDMRVORJURV$VLPLVPRODIOH[LELOL]DFLyQ QRUPDWLYD\ODHMHFXFLyQGHSUR\HFWRVDWpUPLQR PX\RULHQWDGRVDUHVXOWDGRVVRQDSR\RVSDUDXQD DFFLyQHILFD]

/DUHODFLyQFRPSOHPHQWDULDHQWUHDFFLRQHV SDOLDWLYDV\SUHYHQWLYDVVHSXHGHDQDOL]DUDO UHFRQRFHUORVHVIXHU]RVTXHDOJXQRVSURJUDPDV KDQSODQWHDGRSDUDOD©DFHOHUDFLyQªRSURPRFLyQ GHGRVRPiVJUDGRVSDUDORVHVWXGLDQWHVFRQ UH]DJRHVFRODUDYDQ]DGR6RQDFFLRQHVDGHFXDGDV SDUDSDOLDUORVHIHFWRVGHIUDFDVRVSUHYLRV1R REVWDQWHHVGHHVSHUDUTXHSURJUHVLYDPHQWHHQOD PHGLGDHQTXHODVSURSXHVWDVXQLYHUVDOHV\ VHOHFWLYDVGHPHMRUDPLHQWRGHODVRSRUWXQLGDGHV

8VRGHPHWRGRORJtDVGHHQVHxDQ]DGHOD DOIDEHWL]DFLyQDYDQ]DGD6HWUDWDGHGHVDUUROODU FRPSHWHQFLDVGHOHFWXUDGHWH[WRVFRQILQDOLGDGGH




WLHPSRSHUGLGR8QDSRVLELOLGDGHVHVWUXFWXUDU HVSDFLRVGHDFHOHUDFLyQGHORVDSUHQGL]DMHVFRPR SXHGHQVHUKRUDULRVDFRQWUDWXUQRRSURFHVRVGH HVWXGLRHQORVSHUtRGRVGHYDFDFLRQHVFRQ VXSHUYLVLyQGHGRFHQWHVGHDSR\R &RPSOHPHQWDULDPHQWHFRQHOSXQWRDQWHULRUVH UHTXLHUHQDFFLRQHVQRUPDWLYDVSDUDDXWRUL]DUOD SURPRFLyQDFHOHUDGDGHORVHVWXGLDQWHVFRQ VREUHHGDG

DSUHQGL]DMH\GHSURGXFFLyQGHWH[WRVFRQREMHWLYRV FRPXQLFDWLYRVSURSLRVGHODVGLVWLQWDViUHDV FXUULFXODUHV 'DGRTXHKD\XQDSRGHURVDLQWHUUHODFLyQHQWUH HOKDEODODOHFWXUD\ODHVFULWXUDODRUDOLGDGSXHGH FDSLWDOL]DUVHSDUDORJUDUDSUHQGL]DMHVGHFDOLGDG HQODOHFWXUD\ODHVFULWXUD$OKDEODUVREUHORTXH VDEHQRQRVDEHQDFHUFDGHXQWHPDVREUHHOTXH OXHJRYDQDOHHU\RHVFULELUORVHVWXGLDQWHVDFWLYDQ VXSHQVDPLHQWRH[SRQHQORVSURSLRVSURFHVRV GHLQIHUHQFLD\VHHQULTXHFHQFRQHOLQWHUFDPELRHQ HODXOD(OGRFHQWHORVD\XGDDVLVWHPDWL]DUHQHO SL]DUUyQ\HQORVFXDGHUQRVODV©SDODEUDVFODYHª OXHJRODVUHFXSHUDQHQHOWH[WRTXHSURGXFHQ \FRQILUPDQRGHVFRQILUPDQORTXHSHQVDEDQVREUH VXVLJQLILFDGRVLHPSUHFRQODJXtD\HODQGDPLDMH GHOPDHVWURKDVWDTXHDSUHQGHQDKDFHUORVRORV SHURYROYLHQGRDODQGDPLDMHGRFHQWHFXDQGR HOWH[WRHVQXHYR

/DVPHWDVSURSRQHQ

8VRGHPHWRGRORJtDVGHHQVHxDQ]DGHPDWHPiWLFD TXHVHFHQWUHQHQODUHVROXFLyQGHSUREOHPDV \HQODDGTXLVLFLyQGHFRQFHSWRVPDWHPiWLFRV /DDPSOLDFLyQGHOFDPSRQXPpULFRSDUDLQFOXLU ODVIUDFFLRQHV\ORVQ~PHURVUHDOHVHQHVWDHWDSD GHODHVFRODULGDGVHEHQHILFLDGHXQDERUGDMH HQHOFXDOHOWUDWDPLHQWRGHHVWRVQ~PHURV\ODV RSHUDFLRQHVHQTXHSDUWLFLSDQWHQJDQVHQWLGR GHQWURGHSUREOHPDVTXHORVHVWXGLDQWHVSXHGDQ UHVROYHU$VLPLVPRHOWUDEDMRPDWHPiWLFRVREUH PDJQLWXGHVODPHGLFLyQODVSUREDELOLGDGHV\HO GHVDUUROORGHOSHQVDPLHQWRJHRPpWULFRVRQFDPSRV IpUWLOHVSDUDHOGHVDUUROORGHXQDPLUDGDGHOD PDWHPiWLFDTXHQRVHFHQWUHVyORHQHOQ~PHUR \ODVRSHUDFLRQHV

0HWD JHQHUDO VHJXQGD

8QLYHUVDOL]DUODHGXFDFLyQSULPDULD \ODVHFXQGDULDEiVLFD\DPSOLDUHO DFFHVRDODHGXFDFLyQVHFXQGDULD VXSHULRU

0HWD (VSHFtILFD 1ž

$VHJXUDUODHVFRODUL]DFLyQGH WRGRVORVQLxRVHQODHGXFDFLyQ SULPDULD\HQODHGXFDFLyQ VHFXQGDULDEiVLFDHQFRQGLFLRQHV VDWLVIDFWRULDV

1LYHOGH /RJUR DO

(OGHODOXPQDGRHVWi HVFRODUL]DGRHQHGXFDFLyQSULPDULD \HQWUHHO\HOOD WHUPLQDDODHGDGFRUUHVSRQGLHQWH

1LYHOGH /RJUR DO

0iVGHOGHORVDOXPQRV WHUPLQDODHGXFDFLyQSULPDULD DODHGDGHVWDEOHFLGD

(± 3527(*(5/$75$16,&,Ï1+$&,$ /$6(&81'$5,$ &XDOTXLHUDVHDODHVWUXFWXUDFXUULFXODUHLQFOXVR HOiPELWRGHIXQFLRQDPLHQWRORVHVWXGLDQWHVTXH LQJUHVDQDODHGXFDFLyQVHFXQGDULDGHEHQVHU DFRPSDxDGRVHQHVWDWUDQVLFLyQHQIRUPDPX\ SDUWLFXODU\UHVSRQVDEOHSRUSDUWHGHODVRFLHGDG DGXOWDHVSHFLDOPHQWHFXDQGRDUUDVWUDQIUDFDVRVGH DxRVSUHYLRVGHVXLWLQHUDULRHVFRODU\FXDQGRYLYHQ HQVLWXDFLyQGHSREUH]DRLQGLJHQFLD

*UXSRVHVFRODUHVGHFRQIRUPDFLyQIOH[LEOHSDUD IDFLOLWDUWDUHDVGHHQVHxDQ]DGLYHUVLILFDGDV(Q HVWDHWDSDGHODSULPDULDDGHPiVGHOWLHPSR SULQFLSDOGHGLFDGRDOJUXSRFODVHH[LVWHOD SRVLELOLGDGGHUHFRQILJXUDUORVJUXSRVSDUDWDUHDV HVSHFtILFDV3RUHMHPSORORVHVWXGLDQWHVGHž \žSXHGHQWUDEDMDUMXQWRVXQDYH]SRUVHPDQD SDUDEXVFDULQIRUPDFLyQVREUHXQWHPDGHHVWXGLR FRPSDUWLGREDMRODVXSHUYLVLyQGHXQRGHORVGRV GRFHQWHVPLHQWUDVTXHHORWURGRFHQWHWUDEDMD UHIRU]DQGRORVDSUHQGL]DMHVGHHVWXGLDQWHVTXH RSWHQSRUUHFXSHUDUHOUHWUDVR

0XFKRVSDtVHVVHYHQWHQVLRQDGRVHQWUHORV UHFXUVRVILQDQFLHURV\WpFQLFRVQHFHVDULRVSDUD DPSOLDUODFREHUWXUDGHODHGXFDFLyQVHFXQGDULD\OD DWHQFLyQDORVDOWRVQLYHOHVGHIUDFDVR/RVGLVFXUVRV KDQFRQWUDSXHVWRPiVGHXQDYH]OD©FREHUWXUDª FRQOD©FDOLGDGªGHPRGRTXHXQDVLUYHFRPR H[FXVDSDUDQRSRGHUORJUDUODRWUD6LQHPEDUJR

5HFXSHUDFLyQGHODVREUHHGDGDWUDYpVGH SURSXHVWDVTXHSHUPLWDQDGHODQWDUGHJUDGRHQ HVFXHODVGHYHUDQRRGXUDQWHHODxR©7UHVHQ GRVª6HSODQWHDODSRVLELOLGDGGHRIUHFHUHVSDFLRV GHHQVHxDQ]DSDUDTXHORVQLxRVTXHWUDQVLWDQHO VHJXQGRFLFORFRQVREUHHGDGSXHGDQUHFXSHUDUHO





 2(,  0HWDV(GXFDWLYDV/DHGXFDFLyQTXH TXHUHPRVSDUDODJHQHUDFLyQGHORV%LFHQWHQDULRV 'RFXPHQWR)LQDO


WRGDDFFLyQSDUDVXSHUDUHOIUDFDVRHVFRODUHQHVWH WUDPRQRVyORSURWHJHSURIXQGDPHQWHDORV HVWXGLDQWHVVLQRTXHDGHPiVOLEHUDUHFXUVRVSDUD DPSOLDUODFREHUWXUD/DVDFFLRQHVTXHVHSURSRQHQ DFRQWLQXDFLyQQRUHTXLHUHQUHFXUVRVH[DJHUDGRV SDUDVXHMHFXFLyQVLQRTXHVHEDVDQSULQFLSDOPHQWH HQODDPSOLDFLyQGHODVFDSDFLGDGHVGHHQVHxDQ]D GHORVGRFHQWHVODJHVWLyQGHOWLHPSRHVFRODU\OD DGHFXDFLyQQRUPDWLYD

'HVDUUROORGHDFWLYLGDGHVHOHFWLYDV\SOXULDQXDOHV 3DUDDFRPSDxDUDOMRYHQHQHOSURFHVRGHUHIOH[LyQ VREUHVXLGHQWLGDG\HQHOUHFRQRFLPLHQWR GHVXVSUHIHUHQFLDV\FDSDFLGDGHVDGTXLHUH UHOHYDQFLDHVWUXFWXUDUDFFLRQHVHQHOVHQR GHODLQVWLWXFLyQ\GHOJUXSRFODVHVREUHODVFXDOHV ORVHVWXGLDQWHVSXHGDQHMHUFHUPiUJHQHV GHGHFLVLyQ\TXHVHSUR\HFWHQHQXQPHGLDQR SOD]R6LELHQQRQHFHVDULDPHQWHVHWUDWD GHHVSDFLRVFXUULFXODUHVDFUHGLWDEOHV ODSDUWLFLSDFLyQHQHVWDVDFWLYLGDGHVSXHGHVHU PHULWXDGDFRQFHSWXDOPHQWHLQWURGXFLHQGR LQFHQWLYRVSDUDTXHORVHVWXGLDQWHVLQLFLHQHVH UHFRUULGR

$FXHUGRVLQWHUQRVGHODHVFXHODSDUDGDUPD\RU FRKHUHQFLD\FRQYHUJHQFLDDODH[SHULHQFLDHGXFDWLYD GHORVHVWXGLDQWHV'HQWURGHFDGDLQVWLWXFLyQ HGXFDWLYDORVDFXHUGRVHQWUHGRFHQWHVSDUDDSOLFDU SDXWDVFRPXQHVGHSURPRFLyQGHSUHVHQWDFLyQGH WUDEDMRVSUiFWLFRVGHFDOLGDGGHODVH[SRVLFLRQHV RUDOHVGHWUDEDMRVHQJUXSRVGHHVWXGLDQWHVGH WDUHDVSDUDHOKRJDU\GHH[iPHQHVGHILQGHDxR GHEHQVHUGHFLVLRQHVFROHFWLYDVPDUFDGDVSRUXQD FRKHUHQFLDLQVWLWXFLRQDO1RKD\DUJXPHQWRVQL SUHVXSXHVWDULRVQLODERUDOHVQLGHLQIUDHVWUXFWXUDQL VRFLRHFRQyPLFRVTXHLPSRVLELOLWHQFUHDUHVWHPDUFR FRP~QSDUDODVH[SHULHQFLDVHGXFDWLYDVGHORV HVWXGLDQWHV\FRPXQLFiUVHODVH[SUHVDPHQWH $GHPiVHVGHVHDEOHTXHHVHFRQMXQWRGHSDXWDV WHQJDXQGHVDUUROORHYROXWLYRDORODUJRGHOFLFOR HVWDEOHFLHQGRXQUHFRUULGRGHFRPSOHMLGDG \DXWRQRPtDFUHFLHQWHV

,QWURGXFFLyQGHVLVWHPDVGHSURPRFLyQ DFXPXODWLYD/DSpUGLGDGHODFRQGLFLyQGH UHJXODULGDGRODUHSHWLFLyQGHXQDxRSRUVXSHUDUVH HOQ~PHURGHDVLJQDWXUDVVXVSHQGLGDVUHSUHVHQWD XQDEDUUHUDTXHOOHYDDPXFKRVMyYHQHVDGHVHUWDU GHODHVFXHOD/DLQVWDODFLyQGHXQUpJLPHQGH SURPRFLyQGHVYLQFXODGRGHODDFUHGLWDFLyQGHORV HVSDFLRVFXUULFXODUHVSHUPLWLUtDDOMRYHQHVWDELOL]DU VXSHUWHQHQFLDDXQJUXSRHQWDQWRTXH ODFHUWLILFDFLyQGHKDEHUFRPSOHWDGRODHVFRODULGDG UHTXHULUtDUHXQLUODWRWDOLGDGGHODVDFUHGLWDFLRQHV VLQOtPLWHGHWLHPSR

$FXHUGRLQVWLWXFLRQDOSDUDHOGHVDUUROORGH FDSDFLGDGHVSULRULWDULDV/RVMyYHQHVQHFHVLWDQ SRGHUFRQFHQWUDUVXVHVIXHU]RVHQHOGHVDUUROOR GHDOJXQDVFDSDFLGDGHVUHFRQRFLEOHVFRQYDORU VLPEyOLFRSDUDHOORV\SDUDODVRFLHGDG 5\FKHQ \RWURV 3RUHMHPSORODFRPSUHQVLyQOHFWRUD RHOWUDEDMRHQHTXLSRSXHGHQVHUHOIRFRGHWUDEDMR GHWRGRHODxRHQIRUPDWUDQVYHUVDODODV GLIHUHQWHVDVLJQDWXUDV/DDGRSFLyQGHHVHIRFRGH WUDEDMRFRPRPHWDLQVWLWXFLRQDO\HODOLQHDPLHQWR GHODVDFWLYLGDGHVGHHQVHxDQ]DGHWRGRVORV GRFHQWHVSHUPLWHTXHORVHVWXGLDQWHVDXPHQWHQOD SHUFHSFLyQGHHVDPHWD\SXHGDQGLULJLUVXV HVIXHU]RVDDOFDQ]DUOD

/DVPHWDVSURSRQHQ 0HWD JHQHUDO VHJXQGD

8QLYHUVDOL]DUODHGXFDFLyQSULPDULD \ODVHFXQGDULDEiVLFD\DPSOLDUHO DFFHVRDODHGXFDFLyQVHFXQGDULD VXSHULRU

0HWD (VSHFtILFD 1ž

$VHJXUDUODHVFRODUL]DFLyQGH WRGRVORVQLxRVHQODHGXFDFLyQ SULPDULD\HQODHGXFDFLyQ VHFXQGDULDEiVLFDHQFRQGLFLRQHV VDWLVIDFWRULDV

1LYHOGH /RJUR DO

(QVHxDQ]DH[SOtFLWDGHHVWUDWHJLDVGHHVWXGLRHQ FDGDFDPSRGHOFRQRFLPLHQWR/RVGRFHQWHVQR GHEHQGDUSRUVXSXHVWRTXHVXVHVWXGLDQWHV©\D VDEHQHVWXGLDUª$FFHGHUDORVFRQWHQLGRV HVSHFtILFRVGHXQDGLVFLSOLQDSUHFLVDGHXQ DFHUFDPLHQWRDODVPDQHUDVGHSHQVDU\SURGXFLU FRQRFLPLHQWRHQHVDGLVFLSOLQD 6WRQH:LVNH  3RUHVHPRWLYRHVLPSRUWDQWHFRPRSDUWH GHODHQVHxDQ]DTXHHOGRFHQWHDGHPiVGHSRQHU DORVDOXPQRVHQFRQWDFWRFRQORVFRQWHQLGRV PRGHOLFH\HQVHxHODVHVWUDWHJLDVSDUDDSURSLDUVH GHORVPLVPRV

1LYHOGH /RJUR DO





(QWUHHO\HOGHODOXPQDGR HVWiHVFRODUL]DGRHQHGXFDFLyQ VHFXQGDULDEiVLFD (QWUHHO\HOWHUPLQDOD HGXFDFLyQVHFXQGDULDEiVLFD 0iVGHOGHORVDOXPQRV WHUPLQDODHGXFDFLyQSULPDULDDOD HGDGHVWDEOHFLGD

 2(,  0HWDVHGXFDWLYDV/DHGXFDFLyQTXH TXHUHPRVSDUDODJHQHUDFLyQGHORV%LFHQWHQDULRV 'RFXPHQWR)LQDO


(± 352'8&,5',6326,7,926'($32<2 $/$('8&$&,Ï1585$/ /DDPSOLDFLyQGHODHGXFDFLyQREOLJDWRULDSUHYLVWD HQODOHJLVODFLyQUHFLHQWHHQODUHJLyQHQFXHQWUDXQ UHWRPi[LPRSDUDODHGXFDFLyQUXUDOORJUDURIUHFHU HQWUH\DxRVGHHVFRODULGDGDORODUJRGHWUHV QLYHOHVHGXFDWLYRVFRQXQSLVRGHDSUHQGL]DMHV\ SHUPDQHQFLDHQODHVFXHOD(VWHUHWRFRQYRFDDOD PD\RUH[SHUWLFLDWpFQLFD\FRQRFLPLHQWRGHOWHUUHQR SDUDDFHUWDUODHFXDFLyQHQWUHSHUWLQHQFLDFDOLGDG HTXLGDGFRVWRV\FRQGLFLRQHVGHIXQFLRQDPLHQWR GHOVLVWHPD 8ELFDUDOPXOWLJUDGRFRPRHVWUDWHJLDRUJDQL]DWLYD SRWHQWHSDUDGRFHQWHVTXHUHFLEHQHODSR\R\ IRUPDFLyQDGHFXDGRV/DSURGXFFLyQGHPHGLRV SDUDHQFDUDUODWDUHDHQODHVFXHODUXUDOGHVGHOD HGXFDFLyQLQLFLDOKDVWDODVHFXQGDULDEiVLFD HQWHQGLGRVQRVyORFRPRVRSRUWHVPDWHULDOHVVLQR WDPELpQFRPRPHWRGRORJtDVGHHQVHxDQ]D IXQGDGDV\HILFDFHVHVXQDUHVSRQVDELOLGDGGHOD FRQGXFFLyQHGXFDWLYDFHQWUDO/DVDFFLRQHVGH DSR\RSHGDJyJLFRDORVGRFHQWHVHQODHVFXHOD UXUDOWDPELpQWLHQHQTXHHQFRQWUDUVXHVSHFLILFLGDG \VXHILFDFLD

‹81,&()&RVWD5LFD%HOO

/DHVFXHODPXOWLJUDGRGHEHFRQWDUFRQDSR\R WpFQLFR\IRUPDFLyQHVSHFtILFDSDUDSRGHUVXVWLWXLU XQGLVSRVLWLYRGLGiFWLFRTXHIXHSHQVDGRSDUDOD HVFXHODJUDGXDGDODVHFXHQFLDFLyQGHOD HQVHxDQ]DHQJUDGRVVXFHVLYRV/DWHQGHQFLDTXH VLJXHQORVGRFHQWHVQRIRUPDGRVSDUDODGLYHUVLGDG HVJHVWLRQDUHOWLHPSRGHOPXOWLJUDGRGHPDQHUD VHFXHQFLDOHQVHxDQGRXQRVPLQXWRVDFDGD SHTXHxRJUXSRSRUJUDGRORTXHOLPLWDHQJUDQ PHGLGDODVRSRUWXQLGDGHVGHDSUHQGHU8QHQIRTXH FHQWUDGRHQHOGHVDUUROORGHFDSDFLGDGHVFRJQLWLYDV \VRFLDOHVEULQGDXQHVFHQDULRFXUULFXODUPX\ SURPLVRULRSDUDSHQVDUDFWLYLGDGHVTXHSXHGDQ HQFDUDUHQIRUPDFRPSDUWLGDHVWXGLDQWHVGH GLVWLQWDHGDG

(OPLVPRFRQFHSWRVHPDQLILHVWDWDQWRHQHO GHVDUUROORGHPDWHULDOHVDXGLRYLVXDOHVWUDVPLWLGRV SRU79RHQODWDGRVFRPRSHOtFXODV±HVTXHPDTXH IXHHQVXPRPHQWRODLQVLJQLDGHOD(GXFDFLyQ 7HOHVHFXQGDULDHQ0p[LFR±FRPRGHODVJXtDVGH DSUHQGL]DMHSDUDTXHORVHVWXGLDQWHVHQFDUHQORV FRQWHQLGRVFXUULFXODUHVFRQDXWRQRPtD\ JHQHUDOPHQWHHQSHTXHxRVJUXSRVVLPLODUHVHQ HGDG\FRQRFLPLHQWRVSUHYLRV(VWDVHVWUDWHJLDV XWLOL]DGDVHQSURJUDPDVWDQYDULDGRVFRPR1XHYD (VFXHODHQ&RORPELD3URQDGHHQ*XDWHPDOD R('8&2HQ(O6DOYDGRUVXHOHQFRQVLGHUDUVH VRSRUWHVGHODHQVHxDQ]DHQPXOWLJUDGRHQGRV VHQWLGRVL SHUPLWLHQGRTXHORVHVWXGLDQWHVSXHGDQ DYDQ]DUPLHQWUDVHOPDHVWURDWLHQGHDRWURVJUXSRV

3HUIHFFLRQDUHOGLVHxR\XVRGHUHFXUVRVGLGiFWLFRV \WHFQROyJLFRVDGHFXDGRV/DVLWXDFLyQGHOPHGLR UXUDOVHFDUDFWHUL]DSRUXQRVSRFRVGRFHQWHV HLQFOXVRXQRVyORHQPXFKRVFDVRV TXHGHEHQ DWHQGHUYDULRVJUDGRV±TXHHQRFDVLRQHV FRUUHVSRQGHQDGLVWLQWRVQLYHOHVHGXFDWLYRV±TXH VXHOHQFRQWDUFRQPHQRUFDOLILFDFLyQDFDGpPLFDR H[SHULHQFLD\TXHURWDQIUHFXHQWHPHQWH)UHQWHD HVWDVLWXDFLyQVHKDYXHOWRXQDUHVROXFLyQ IUHFXHQWHSDUDDWHQGHUODGLYHUVLGDGHOGHVSOHJDUHO FXUULFXOXPDWUDYpVGHVRSRUWHVGLGiFWLFRVTXH DSHODQDODDXWRQRPtDGHORVHVWXGLDQWHVSDUD LQWHUDFWXDUFRQHOFRQRFLPLHQWR\DSUHQGHU




GHHVWXGLDQWHVLL FRPSOHPHQWDQGRHODERUGDMHGH FRQWHQLGRVSDUDORVFXDOHVORVGRFHQWHVQRWXYLHUDQ ODIRUPDFLyQFRUUHVSRQGLHQWHHVSHFLDOPHQWH FXDQGRGHEHQKDFHUVHFDUJRGHOQLYHOVHFXQGDULR /DHVWUDWHJLDHVPX\YDOLRVD\VLQGXGDVWDPELpQ WUDVIHULEOHDODHGXFDFLyQJUDGXDGD\DTXHSRQH DORVHVWXGLDQWHVHQXQURODFWLYR\FRRSHUDWLYR

(± &216758,581$35238(67$ 3('$*Ï*,&$25'(1$'$<)257$/(&,'$ 3$5$/$32%/$&,Ï1,1'Ë*(1$&21 0(&$1,6026'(75$16,&,Ï1+$&,$ 8102'(/23/(1$0(17(,17(5&8/785$/ <%,/,1*h( 6LELHQKD\PXFKRVGHVDItRVSHQGLHQWHVHV LPSRUWDQWHGHVWDFDUTXHODVH[SHULHQFLDVGH HGXFDFLyQLQWHUFXOWXUDOELOLQJHKDQVLGRXQWHUUHQR HQHOTXHFDVLWRGRVORV(VWDGRV\ORVSXHEORV LQGtJHQDVGH/DWLQRDPpULFD\HO&DULEHKDQORJUDGR DEULUXQGLiORJRVRVWHQLGRHQHOWLHPSRFRQ DFFLRQHVFRQFUHWDVVREUHODVTXHVHSXHGHQ GHWHUPLQDUORJURV\GHXGDVPRQLWRUHDUUHVXOWDGRV \SODQWHDUDMXVWHV8QDHGXFDFLyQLQWHUFXOWXUDO\ ELOLQJHELHQLPSOHPHQWDGDSHUPLWHHOGHVDUUROOR LQWHQVLYRGHODVKDELOLGDGHVOLQJtVWLFDV\FRJQLWLYDV GHORVHVWXGLDQWHVFRQVLGHUDQGRTXHQRVHWUDWD VyORGHDSUHQGHUVLVWHPDVOLQJtVWLFRVGLIHUHQWHV VLQRWDPELpQYLVLRQHV\FODVLILFDFLRQHVGHOD UHDOLGDGGLYHUVDVTXHSRVLELOLWDQSHQVDPLHQWR ODWHUDO$VXYH]KDFHSRVLEOHSUDFWLFDUVLQHUJLDV HQWUHSHUVSHFWLYDVGHLQWHUSUHWDFLyQ\DPSOLDUOD FDSDFLGDGGHUHVROXFLyQGHSUREOHPDVFRPSOHMRV

/DRSWLPL]DFLyQGHORVPDWHULDOHV\UHFXUVRV UHTXLHUH ±*DUDQWL]DUODGLVSRQLELOLGDGGHJXtDVVXILFLHQWHV SDUDWRGRVORVHVWXGLDQWHVHLQFOXVRSRVLELOLWDUVX HQWUHJDHQSURSLHGDGDFDGDDOXPQR(VXQ UHFXUVRUHFXUUHQWHGHGHVJDVWHDQXDO\TXHKD\ TXHLQWURGXFLUHQODVUXWLQDVGHSUHYLVLyQ SUHVXSXHVWDULDDGTXLVLFLyQ\GLVWULEXFLyQDJUDQ HVFDOD ±*DUDQWL]DUXQXPEUDOLPSRUWDQWHGHGRPLQLRGHOD SDODEUDHVFULWDSRUSDUWHGHORVHVWXGLDQWHVWDQWR SDUDODOHFWXUDFRPRSDUDODHVFULWXUDWDUHDTXH HQSDUWHHVSUHYLDDOWUDEDMRFRQJXtDV\HQSDUWH VHSXHGHGHVDUUROODUDOXVDUODVSHURFRPR REMHWLYRGLGiFWLFRHVSHFtILFR /DGLVSRQLELOLGDGGHHVWRVVRSRUWHVEHQHILFLRVRVQR VLJQLILFDTXHORVGRFHQWHVVHUHWLUHQGHIXQFLRQHV FODYHHVWUXFWXUDUODWDUHDJUDGXDUODVGLILFXOWDGHV VXJHULUFRPSOHPHQWRV\GHULYDFLRQHV\D\XGDUD VXVDOXPQRVHQHOGHVDUUROORGHFDSDFLGDGHV FRJQLWLYDVPiVFRPSOHMDV

0HMRUDUODVFRQGLFLRQHVPDWHULDOHV\GH IXQFLRQDPLHQWRGHODVHVFXHODVTXHDWLHQGHQD SREODFLyQLQGtJHQD\DIURGHVFHQGLHQWHV'RV SULRULGDGHVVHGHVWDFDQ D ODFRQVWUXFFLyQR UHIDFFLyQ\HTXLSDPLHQWRGHHGLILFLRVHVFRODUHV\ E ODGLVSRQLELOLGDGGHSXEOLFDFLRQHVHQODV GLVWLQWDVOHQJXDVDGHFXDGDVDORVFRQWHQLGRV HVFRODUHVSULRUL]DGRV\DGLVWLQWRVSXHEORVSDUDOR FXDOHVQHFHVDULRHQFDUDUXQDVHFXHQFLDFRPSOHMD \SOXULDQXDOGHDFWLYLGDGHVTXHHQPXFKRVFDVRV SXHGHDEDUFDUDPiVGHXQSDtV\DTXHKD\ QDFLRQHVLQGtJHQDVTXHVHH[WLHQGHQHQYDULRV WHUULWRULRV

/DVPHWDVSURSRQHQ 0HWD JHQHUDO VHJXQGD

/RJUDUODLJXDOGDGHGXFDWLYD\ VXSHUDUWRGDIRUPDGH GLVFULPLQDFLyQHQHGXFDFLyQ

0HWD (VSHFtILFD 1ž

3UHVWDUDSR\RHVSHFLDODODV PLQRUtDVpWQLFDVSREODFLRQHV RULJLQDULDV\DIURGHVFHQGLHQWHVD ODVDOXPQDV\DODOXPQDGRTXH YLYHHQ]RQDVXUEDQDVPDUJLQDOHV \HQ]RQDVUXUDOHVSDUDORJUDUOD LJXDOGDGHQODHGXFDFLyQ

1LYHOGH /RJUR

(OSRUFHQWDMHGHQLxRVGHPLQRUtDV pWQLFDVSREODFLRQHVRULJLQDULDV \DIURGHVFHQGLHQWHVUHVLGHQWHHQ ]RQDVXUEDQDVPDUJLQDOHV\]RQDV UXUDOHV\GHJpQHURIHPHQLQR GHEHUtDVHUDOPHQRVLJXDODOD PHGLDGHODOXPQDGRHVFRODUL]DGR HQODHGXFDFLyQLQLFLDOSULPDULD\ VHFXQGDULDEiVLFD

2UJDQL]DUXQDSURSXHVWDHVFRODUDWHQWD\ UHVSHWXRVDGHODVFDSDFLGDGHV\DFHUYRFXOWXUDOGH ORV11$/DSURWHFFLyQGHOLWLQHUDULRGHODHGXFDFLyQ LQLFLDO\HOSULPHUFLFORGHODSULPDULDUHTXLHUHOD FRQIRUPDFLyQGHXQHVSDFLRSHGDJyJLFRHQHOTXH ORVQLxRVVHHQFXHQWUHQFRQKDEODQWHVGHVXOHQJXD PDWHUQD&XDQGRHVWDOHQJXDPDWHUQDQRHVOD OHQJXDGHOGRFHQWHHVLPSRUWDQWHSDXWDUHQIRUPD DGHFXDGDODSUHVHQFLDGHDGXOWRVKDEODQWHVGHOD FRPXQLGDGHQXQPHFDQLVPRFXLGDGRGHDFFLRQHV FRQMXQWDVTXHVHDIDYRUDEOHDOSURFHVRGH DSUHQGL]DMH(VLPSRUWDQWHSDXWDUHOGHVDUUROORHQ IRUPDDGHFXDGDSDUDTXHQRVHFRQYLHUWDHQPHUDV SUiFWLFDVGHWUDGXFFLyQFDVLVLPXOWiQHDVREUHODV TXHVHWLHQHHYLGHQFLDGHTXHLQKLEHQSURFHVRVGH DSUHQGL]DMHGHODVHJXQGDOHQJXD




3DUDORVQLxRV\QLxDVTXHFRQFXUUHQDHVWDV HVFXHODVHOHVSDxRORHOSRUWXJXpVHVXQDOHQJXD VHJXQGDSRUTXHQRHVODTXHXWLOL]DQSULPDULDPHQWH HQORVFRQWH[WRVIDPLOLDUHV\FRPXQLWDULRV $VLPLVPRJUDQSDUWHGHODVOHQJXDVLQGtJHQDVQR WLHQHQD~QXQDFODUDILMDFLyQHVFULWD'HHVWHPRGR ODFRQTXLVWDGHODOHQJXDHVFULWDTXHHVXQDGHODV DGTXLVLFLRQHVFXOWXUDOHVPiVLPSRUWDQWHTXHORV QLxRVGHEHQUHDOL]DUHQODHVFXHODVHYHGLILFXOWDGD SRUHOXVRGHXQPRGHORDOIDEHWL]DGRULQDGHFXDGR\ SRUXQDRIHUWDHVFRODUTXHQRLQWHJUDODV SDUWLFXODULGDGHVFXOWXUDOHVGHODVFRPXQLGDGHV pWQLFDVFRQODVTXHWUDEDMD3RUHVWDUD]yQUHVXOWD LQGLVSHQVDEOHGRWDUDPDHVWURV\GLUHFWRUHVGH UHFXUVRVSHGDJyJLFRV\GHHQVHxDQ]DEDVDGRVHQ ODOHQJXDPDWHUQDGHODFRPXQLGDGFRPELQDGRV FRQHOREMHWLYRFHQWUDOGHDFFHVRDXQD DOIDEHWL]DFLyQH[LWRVDTXHOHVSHUPLWDGHVDUUROODU FRPSHWHQFLDVDGHFXDGDVGHFRPSUHQVLyQOHFWRUD\ SURGXFFLyQHVFULWDHQHVSDxROFRPROHQJXDVHJXQGD

GLVSRQLHQGRDVXYH]ORVUHFXUVRVGLGiFWLFRV\ ELEOLRJUiILFRVQHFHVDULRV (VLPSRUWDQWHHYLWDUODDFXPXODFLyQGHFRQWHQLGRV ORFDOHVDORVFRQWHQLGRVJHQHUDOHVGHOFXUUtFXOR\ UHIRU]DUHOGHVDUUROORGHFDSDFLGDGHVFRJQLWLYDV\ VRFLDOHVEDVDGDVHQVXSXQWRGHSDUWLGDHQ VDEHUHVFXOWXUDOPHQWHUHOHYDQWHVSRUVHUSURSLRV GHOFRQWH[WRQDFLRQDO\UHJLRQDO $ODSDUHVQHFHVDULRSUHSDUDUSURFHVRVGH WUDQVLFLyQKDVWDWDQWRVHFXHQWHFRQVXILFLHQWHV GRFHQWHVHVSHFLDOPHQWHIRUPDGRV\ DGHFXDGDPHQWHDVLJQDGRV(QHVRVSURFHVRVGH WUDQVLFLyQKD\TXHSODQWHDU±SRUHMHPSOR±DOJXQRV FULWHULRVPX\FODURVSDUDTXHD~QVLQVDEHUOD OHQJXDGHORVHVWXGLDQWHVVHFRQVWUX\D\SURWHMDHO ELOLQJLVPRHIHFWLYRGHORVDOXPQRV\DTXHHVXQD H[SUHVLyQVXSHULRUGHFDSDFLGDGFRJQLWLYD 3ODQLILFDU\JHVWLRQDUXQDRIHUWDSHGDJyJLFDGH FDOLGDG/DSDUWLFLSDFLyQGHODVRUJDQL]DFLRQHV LQGtJHQDVORFDOHVHQODSODQLILFDFLyQHGXFDWLYDHV LPSRUWDQWH\VHQHFHVLWDTXHODHVFXHODORJUHXQ GLiORJRDELHUWRFRQODFRPXQLGDGSDUDWRPDU GHFLVLRQHVLQIRUPDGDVHVGHFLUEDVDGDVHQHO FRQRFLPLHQWR\ODVLPSOLFDFLRQHVSHGDJyJLFDVGHOR TXHVHKDJDSDUDHYLWDUTXHVHHFKHQPXWXDPHQWH ODFXOSDGHORVIUDFDVRVHVFRODUHV/DSUHVHQFLDGH GRFHQWHVLQGtJHQDVGHODPLVPDFXOWXUDGHVXV HVWXGLDQWHVIRUPDGRVFRQSURSXHVWDV

‹81,&()+RQGXUDV3LUR]L

/RVGRFHQWHVTXHWUDEDMDQHQHVWDVHVFXHODV GHEHQUHFLELUDSR\RVLVWHPiWLFR\FRQWLQXRSDUD WRPDUPHMRUHVGHFLVLRQHVGHHQVHxDQ]D\SDUD JHQHUDURPHMRUDUVXVOD]RVGHYLQFXODFLyQFRQOD FXOWXUDORFDO(VQHFHVDULRFRQWLQXDUSURIXQGL]DQGR \VLVWHPDWL]DQGRODVPHWRGRORJtDVGLGiFWLFDVPiV DGHFXDGDVSDUDGLVWLQWDVVLWXDFLRQHV VRFLROLQJtVWLFDV7DPELpQVHGHEHVHJXLU SUHSDUDQGRVXWUDVPLVLyQDORVGRFHQWHV




PHWRGROyJLFDVGHHQVHxDQ]DSDUDXQDSURSXHVWD LQWHUFXOWXUDO\ELOLQJHHVXQHOHPHQWRFHQWUDOGH FDOLGDG\SHUWLQHQFLDGHODHVFXHODSDUDHVWDV SREODFLRQHV/RVGRFHQWHVLQGtJHQDVGHEHQUHFLELU XQDIRUPDFLyQGLGiFWLFDGHDOWDFDOLGDG\WDPELpQ GHEHJDUDQWL]DUVHTXHGRPLQHQHOHVSDxRORHO SRUWXJXpVFRQSUHFLVLyQDSURYHFKDQGRLQFOXVRORV UHFXUVRVWHFQROyJLFRVKR\GLVSRQLEOHV

/$60(7$6352321(1

/DJUDQGLVWDQFLDFXDQWLWDWLYD\FXDOLWDWLYDGHOD QHFHVLGDGGHSHUVRQDOGRFHQWHFRQODVLWXDFLyQ DFWXDOOOHYDDSHQVDUXQDHVWUDWHJLDLQWHJUDGD\ SURJUHVLYDSDUDDPSOLDUODGLVSRQLELOLGDGGH GRFHQWHVLQGtJHQDVTXHFRPLHQFHLQFOXVR DSR\DQGRDDFWXDOHVHVWXGLDQWHVGHODHGXFDFLyQ VHFXQGDULDRTXHKDJDIRUPDFLyQGHPDHVWURV HPStULFRVRLGyQHRVQRWLWXODGRV'HEH FRQVLGHUDUVHXQODUJRSURFHVRGHWUDQVLFLyQ FRQRULHQWDFLRQHVFRQFUHWDVGHDFFLyQ(QHVD WUDQVLFLyQKD\TXHLGHQWLILFDUFULWHULRVRSHUDWLYRV SDUDHYLWDUTXHKD\DVLWXDFLRQHVDJXGDVGH UHFKD]RHQWUHGRFHQWHVQRLQGtJHQDV\HVWXGLDQWHV \FRPXQLGDGHV$ODYH]HVQHFHVDULRFUHDU PHFDQLVPRVGHIRUPDFLyQFRQWLQXD\DSR\R VLVWHPiWLFRDHVWDVHVFXHODVSDUDTXHSXHGDQ LPSOHPHQWDUHVWUDWHJLDVTXHFRQVLGHUHQHOHVSDxRO RSRUWXJXpVFRPRVHJXQGDOHQJXD TXHUHFRQR]FDQODHWQLFLGDGGHODPDWHPiWLFD\ TXHLPSXOVHQHQIRTXHVLQWHUFXOWXUDOHVHQOD VHOHFFLyQGHFRQWHQLGRV\DFWLYLGDGHV

0HWD JHQHUDO VHJXQGD

/RJUDUODLJXDOGDGHGXFDWLYD \VXSHUDUWRGDIRUPDGH GLVFULPLQDFLyQHQHGXFDFLyQ

0HWD (VSHFtILFD 1ž

*DUDQWL]DUXQDHGXFDFLyQ LQWHUFXOWXUDOELOLQJHGHFDOLGDGD ORVDOXPQRVSHUWHQHFLHQWHVD PLQRUtDVpWQLFDV\SXHEORV RULJLQDULRV

1LYHOGH /RJUR

/DVHVFXHODV\ORVDOXPQRV UHFLEHQPDWHULDOHV\OLEURVHQVX OHQJXDPDWHUQD\VXVPDHVWURVORV XWLOL]DQGHIRUPDKDELWXDO ©7RGRVORVPDHVWURVTXHWUDEDMDQ HQDXODVELOLQJHVGRPLQDQHO PLVPRLGLRPDRULJLQDULRGHVXV HVWXGLDQWHVª

(± 352'8&,5',6326,7,926 (63(&Ë),&26'($32<2$/26352&(626 '(5(,16(5&,Ï1'((678',$17(6 48($%$1'21$521/$(6&8(/$ /RV11$TXHLQWHQWDQUHLQVHUWDUVHHQODHVFXHOD OXHJRGHXQDEDQGRQRWHPSRUDULRGHVXLWLQHUDULR HVFRODUVRQKHWHURJpQHRVSRUODHGDGORVORJURV SUHYLRV\ODVEDUUHUDVTXHJHQHUDURQHVDUXSWXUD FRQODHVFRODUL]DFLyQ2UJDQL]DUSURSXHVWDVSDUD TXH11$UHWRPHQVXLWLQHUDULRHGXFDWLYRLPSOLFD LGHQWLILFDU\VXSHUDUODVEDUUHUDVTXHOHVKDQ UHVXOWDGRLQVDOYDEOHVRH[WUHPDGDPHQWHGLItFLOHV (VQHFHVDULRLGHQWLILFDUORVPHMRUHVPRGRVGH FRPSOHPHQWDUGRVYtDVSULQFLSDOHV

7DPELpQHVLPSRUWDQWHSUHYHUIRUPDVVHQFLOODVSDUD TXHHOVLVWHPDHGXFDWLYRWRPHSHULyGLFDPHQWH LQIRUPDFLyQDFHUFDGHODVLWXDFLyQVRFLROLQJtVWLFD HQVXVHVFXHODV\DTXHHVXQDFRQGLFLyQTXH SXHGHYDULDUHQHOWLHPSR+D\H[SHULHQFLDVFRQ GLYHUVRVLQVWUXPHQWRVGHGLDJQyVWLFROLQJtVWLFR TXHSXHGHQVHUDSOLFDGRVSRUGRFHQWHV\TXHOHV GDQODSDXWDGHVLVXVDOXPQRVVRQWRWDOPHQWH PRQROLQJHVHQVXOHQJXDPDWHUQDLQGtJHQDVL WLHQHQDOJXQDFRPSUHQVLyQHQODHVFXFKDGHO HVSDxROSRUWXJXpVRODOHQJXDRILFLDOGHODHVFXHOD RVLSXHGHQKDEODUHQHVDOHQJXD&DGDXQDGH HVDVVLWXDFLRQHVGHEHVHUUHJLVWUDGDSDUDDMXVWDU ODVHVWUDWHJLDVGHHQVHxDQ]DHQODOHQJXDLQGtJHQD \ODOHQJXDRILFLDOFRPROHQJXDVHJXQGD

±/DUHLQFRUSRUDFLyQHQXQDHVFXHOD GHUpJLPHQ JHQHUDORGHRWUDVPRGDOLGDGHV TXHKD\D DXPHQWDGRVXFDSDFLGDGLQFOXVLYD\SXHGDUHFLELU DHVWRVDOXPQRVVLQSUiFWLFDVGHVYDORUL]DQWHVR GLVFULPLQDWRULDV ±/DSUHSDUDFLyQGHHVSDFLRVHGXFDWLYRVHVSHFtILFRV SDUDHVWDSREODFLyQFRQFDUDFWHUtVWLFDVGHPD\RU IOH[LELOLGDGRUJDQL]DWLYD\FXUULFXODU

/DLPSRUWDQFLDSROtWLFDTXHDOFDQ]DODSUREOHPiWLFD LQGtJHQDHQFDGDSDtVMXVWLILFDPD\RUHVQLYHOHV GHGHVDUUROORGHGLVSRVLWLYRVQDFLRQDOHV VLVWHPiWLFRVRSXQWXDOHVGHUHFROHFFLyQGH LQIRUPDFLyQORVTXHGHEHQVRVWHQHUVH\PHMRUDUVH $VLPLVPRHVGHVHDEOHDPSOLDUHODOFDQFHDXQ SODQRUHJLRQDOSXHVWRTXHPXFKRVSXHEORV FRQVWLWX\HQFXOWXUDV\QDFLRQHVTXHWUDVFLHQGHQODV IURQWHUDVGHORVSDtVHV

&RPRFULWHULRJHQHUDOVHSURSRQHTXHVHWLHQGDHQ ORPiVSRVLEOHDODUHLQFRUSRUDFLyQDOVLVWHPD HGXFDWLYRDXQTXHSURFXUDQGRTXHVHWUDWHHQ LQVWLWXFLRQHVHVFRODUHVSUREDGDPHQWH FRPSURPHWLGDVFRQXQHQIRTXHLQFOXVLYR\TXH FXHQWHQFRQHODSR\RGHO(VWDGRSDUDHVWDWDUHD /DUHLQFRUSRUDFLyQGHORVQLxDV\QLxDVHQHVDV HVFXHODV±HVSHFLDOPHQWHDSR\DGDVGHVGHHO




HTXLYDOHQFLDHQVXFHUWLILFDFLyQILQDOGHHGXFDFLyQ SULPDULDRVHFXQGDULDEiVLFDGHEHFRPELQDU IOH[LELOLGDGFXUULFXODUFRQSHUWHQHQFLDLQVWLWXFLRQDO \JUXSDOGHEHFRQMXJDUGLYHUVLGDGGHLWLQHUDULRV SHUVRQDOHVFRQPHWDVFROHFWLYDVGHEHJHQHUDU H[SHULHQFLDVSHUVRQDOHVJUXSDOHV\GHYLQFXODFLyQ FRQODFRPXQLGDG\GHEHEDVDUVHHQGHVDUUROORV SHGDJyJLFRVH[LJHQWHVSDUDTXHORVHVWXGLDQWHV SXHGDQUHFXSHUDUGHVDUUROORGHVXVFDSDFLGDGHV FRJQLWLYDV\VRFLDOHV

VLVWHPDHGXFDWLYR±HVXQDIRUPDGHUHWRPDU HOLWLQHUDULRHVFRODUSOHQR\FRPSOHWR 3DUDHOFDVRGHORVDGROHVFHQWHVVHSURSRQH FRQVLGHUDUODGLIHUHQFLDFLyQVHJ~QHOQLYHO HGXFDWLYR\HOWLSRGHEDUUHUDVLQRKDQWHUPLQDGR ODHGXFDFLyQSULPDULDHVFRQYHQLHQWHSHQVDUHQ HVSDFLRVHVSHFtILFRVTXHSXHGDQDWHQGHU LQWHQVLYDPHQWHHVDVLWXDFLyQVLQDJUDYDUHOUH]DJR TXHSXHGDQWHQHU\DSRVWHULRULSURWHJHUOD WUDQVLFLyQDODHGXFDFLyQVHFXQGDULD3DUDHOFDVR GHMyYHQHVTXHKDQDEDQGRQDGRVXHVFXHOD VHFXQGDULDSRUEDUUHUDVGHGHPDQGD HVGHFLU FXHVWLRQHVVRFLRFXOWXUDOHVRHFRQyPLFDV VH SURSRQHSULRUL]DUODLQFRUSRUDFLyQDHVSDFLRV HVSHFtILFRVQRHVFRODUHV\DTXHODSUREDEOH FRQWLQXLGDGGHHVDVEDUUHUDVGLILFXOWHHOFXUVDGR UHJXODUGHODHVFXHOD3DUDHOFDVRGHDGROHVFHQWHV TXHDEDQGRQDURQGHELGRDEDUUHUDVGHRIHUWDVH SURSRQHLQWHQWDUVXUHLQFRUSRUDFLyQHQXQD HGXFDFLyQVHFXQGDULDRULHQWDGDDODLQFOXVLyQ/DV SURSXHVWDVVHUHVXPHQHQHO&XDGUR

8QDSURSXHVWDSHGDJyJLFDDGHFXDGDDHVWD VLWXDFLyQ\HOFRUUHVSRQGLHQWHPRGHORGH RUJDQL]DFLyQLQVWLWXFLRQDOFDSD]GHVRVWHQHUOD SRGUtDQEDVDUVHHQODVVLJXLHQWHVSUHPLVDV ±6DWLVIDFHUSDUDHVWRVDGROHVFHQWHVODQHFHVLGDG GHLQFOXVLyQLQVWLWXFLRQDOUHJXODUL]DGDGLVSRQLHQGR DODYH]GHXQHVSDFLRGHOLEHUWDG\IOH[LELOLGDG SDUDSDUWLFLSDU ±'DUVRVWpQDOJUXSRGHSDUHVFRPRHVFHQDULRGH DSUHQGL]DMHFRRSHUDWLYRJHQHUDQGRXQ FRPSURPLVRJUXSDO\SHUVRQDO

(QHVWHGRFXPHQWRVHKDQGHVDUUROODGR H[WHQVLYDPHQWHORVGLVWLQWRVUDVJRVGHXQDHVFXHOD LQFOXVLYD\TXH±SRUORWDQWR±VXSHUDODH[FOXVLyQ (QHVWHSXQWRVHGHWDOODUiQGLYHUVDVFXHVWLRQHV VREUHORVUDVJRVGHHVSDFLRVHGXFDWLYRVQR HVFRODUHVSHURYLQFXODGRVDODFHUWLILFDFLyQGH QLYHOHVHGXFDWLYRV(VQHFHVDULRRUJDQL]DUHVWRV HVSDFLRVHGXFDWLYRVFRQUDVJRVGLIHUHQWHVDORVGH ODHVFXHODFRP~QSRUHMHPSORRUJDQL]DGRHQWRUQR DSUR\HFWRVTXHORVHVWXGLDQWHVSXHGHQLU UHFRUULHQGRDVXULWPRKDVWDFRPSOHWDUORVORJURV SUHYLVWRVSDUDSRGHUFHUWLILFDUODHVFRODULGDG REOLJDWRULD(OGLVHxRGHHVWHGLVSRVLWLYRGHEHWHQHU SRWHQFLDOLGDG SRUVXWLSRGHRUJDQL]DFLyQ\VXV FRVWRV GHFRQYHUWLUVHHQXQDRSRUWXQLGDG DPSOLDEOHDOWDPDxRGHODQHFHVLGDGFRQ

±*HQHUDUXQWLHPSRHVFRODUH[WHQGLGRFRQXQD GHGLFDFLyQVHPDQDOIOH[LEOHSRVLELOLWDQGR LWLQHUDULRVSHUVRQDOHVGHDSUHQGL]DMH ±&RQVWLWXLUDORVDGXOWRVGHODLQVWLWXFLyQ\GHRWUDV RUJDQL]DFLRQHVFRPSURPHWLGDVHQXQDWUDPD UHVSRQVDEOHSRUHODSUHQGL]DMHGHHVWRV HVWXGLDQWHVGHPRGRWDOTXHSHUFLEDQTXHVX HGXFDFLyQHVXQDRFXSDFLyQGHWRGDXQD FRPXQLGDGDGXOWD ±&RQIRUPDUXQHQIRTXHSHGDJyJLFRFHQWUDGRHQHO GHVDUUROORGHVXVFDSDFLGDGHVSDUDUHVROYHU VLWXDFLRQHVGHYLGDHQODSURGXFFLyQSHUVRQDO\ JUXSDO\HQODSHUPDQHQWHUHIOH[LyQFUtWLFD\ SURSXHVWDHQWRUQRDORTXHVHDSUHQGH

&8$'52  (QIRTXHVJHQHUDOHVGHUHLQVHUFLyQHQHOVLVWHPDHGXFDWLYRVHJ~QQLYHO\EDUUHUDVTXHRSHUDURQ 1LYHOHQHOTXH VHDEDQGRQy 1LxRV \QLxDV

$GROHVFHQWHV

%DUUHUDVGHVGHODRIHUWD )UDFDVRHVFRODUIDOWDGHRIHUWD ULJLGH]QRUPDWLYD

%DUUHUDVGHVGHODGHPDQGD 7UDEDMRLQIDQWLORDGROHVFHQWH SUHFDULHGDGH[WUHPD

(GXFDFLyQ SULPDULD

5HLQFRUSRUDFLyQHQHVFXHODV FRPSURPHWLGDVFRQODLQFOXVLyQ

5HLQFRUSRUDFLyQHQHVFXHODV FRPSURPHWLGDVFRQODLQFOXVLyQ

(GXFDFLyQ SULPDULD

,QFRUSRUDFLyQDHVSDFLRV HGXFDWLYRVHVSHFtILFRV

,QFRUSRUDFLyQDHVSDFLRV HGXFDWLYRVHVSHFtILFRV

(GXFDFLyQ VHFXQGDULD

5HLQFRUSRUDFLyQHQHVFXHOD LQFOXVLYD

,QFRUSRUDFLyQDHVSDFLRV HGXFDWLYRVHVSHFtILFRV




(OVHQWLGRGHODLQFOXVLyQHQHGXFDFLyQTXHSODQWHD OD&RQYHQFLyQHVTXHODHGXFDFLyQGHORVQLxRV\ QLxDVFRQGLVFDSDFLGDGHV±FRPRWRGRVORVRWURV QLxRV±GHEHHVWDUEDMRODUHVSRQVDELOLGDGGHO VLVWHPDHGXFDWLYRFRQQRUPDV\SURFHGLPLHQWRV FRPXQHV(OLWLQHUDULRDWUDYpVGHORVQLYHOHV HGXFDWLYRVSXHGHWHQHUOXJDUHQGLYHUVRVIRUPDWRV VHJ~QODKLVWRULD\ORVHVWLORVGHFDGDSDtV HVFXHODV\FHQWURVGHHGXFDFLyQHVSHFLDO RUJDQL]DGDVSRUGLVFDSDFLGDG~QLFD HVFXHODVGH FLHJRVGHVRUGRV RHVFXHODVTXHUHFLEHQ HVWXGLDQWHVFRQGLYHUVDVGLVFDSDFLGDGHVJUXSRV GHFODVHHVSHFLDOHVHQHVFXHODVFRPXQHVTXH DGKLHUHQDXQSUR\HFWRLQWHJUDGRUDOXPQRVFRQ GLVFDSDFLGDGLQVHUWRVHQFODVHVUHJXODUHVHQODV HVFXHODVFRPXQHV1RKD\VROXFLRQHV~QLFDVSHUR VHSURSRQHWHQGHUDOPi[LPRHQHOSULQFLSLRGH ©XELFDUDOQLxRHQHODPELHQWHPHQRVUHVWULFWLYRª (VWDLQWHUSUHWDFLyQVXSRQHTXHWRGRVORVQLxRV SXHGHQVHUHGXFDGRV\TXHLQGHSHQGLHQWHPHQWH GHODFRQILJXUDFLyQRODVDGDSWDFLRQHVQHFHVDULDV WRGRVORVHVWXGLDQWHVGHEHUtDQWHQHUDFFHVRD XQFXUUtFXORTXHVHDUHOHYDQWH\TXHSURGX]FD UHVXOWDGRVVLJQLILFDWLYRV$VLPLVPRHVWHDFFHVRD ODHGXFDFLyQGHEHGDUVHHQODIRUPDPiVWHPSUDQD TXHUHVXOWHSRVLEOH

±3RVLELOLWDUHOXVRLQWHQVLYRGHUHFXUVRVGLGiFWLFRV WHFQROyJLFRVELEOLRJUiILFRV\WRGRWLSRGH SURGXFWRVFXOWXUDOHVYLJHQWHVHQODVRFLHGDGGH UHIHUHQFLD ±3URPRYHUODLQWHUDFFLyQGHORVMyYHQHVFRQ LQWHQFLRQDOLGDGSHGDJyJLFDFRQODPD\RU GLYHUVLGDGGHUROHVSHUVRQDV\RUJDQL]DFLRQHV ±(VWUXFWXUDUODSDUWLFLSDFLyQGHORVMyYHQHVHQHO JRELHUQRGHODLQVWLWXFLyQ\HVWLPXODUOD FRQYRFDWRULDGHVGHODFRPXQLGDG\VXV RUJDQL]DFLRQHV /DFRQYRFDWRULDDODSREODFLyQH[FOXLGDGHOVLVWHPD HGXFDWLYRHVXQDIDVHFUXFLDO5HTXLHUHJHVWLRQDU ODDUWLFXODFLyQGHHVIXHU]RV\FRQYRFDWRULDVGHVGH YDULRVQLYHOHVGHODFRPXQLGDGUHOHYDUGHVGHOD HVFXHODODVDVRFLDFLRQHV\ODVLJOHVLDVGyQGH HVWiQORVSRVLEOHVGHVWLQDWDULRVHLUDEXVFDUORV /RVSURFHVRVYLQFXODGRVDODJHVWLyQGHORV SURJUDPDVGHWUDQVIHUHQFLDFRQGLFLRQDGDGH LQJUHVREULQGDQRSRUWXQLGDGHVPX\YDOLRVDVSDUD DSURYHFKDU<ODSURSLDHVFXHODUHJXODU FRPSURPHWLGDFRQODLQFOXVLyQSXHGHD\XGDU DLGHQWLILFDUKHUPDQRV\DOOHJDGRVGHVXVSURSLRV HVWXGLDQWHVTXHQRKD\DQFRPSOHWDGRODHGXFDFLyQ REOLJDWRULD

(QORVSDtVHVFRQODUJDWUDGLFLyQHQVHUYLFLRV GHHGXFDFLyQHVSHFLDOGHEHQHQFDUDUVHDGHFXDGRV HVIXHU]RVSROtWLFRV\WpFQLFRVSDUDUHFRORFDU HVRVUHFXUVRVHQODSHUVSHFWLYDGHXQDHGXFDFLyQ LQFOXVLYD(QORVSDtVHVHQORVTXHKD\PiV WUDGLFLyQGHPRGDOLGDGHVPiVLQWHJUDGDV HVQHFHVDULRYHULILFDUODSHUWLQHQFLDSHGDJyJLFD \HOFDUiFWHUYHUGDGHUDPHQWHLQFOXVLYR /DLQWHJUDFLyQGHQWURGHODVHVFXHODVFRPXQHV HVXQDHVWUDWHJLDSULQFLSDOSDUDODLQFOXVLyQSHUR HQVXDSOLFDFLyQSUiFWLFDSXHGHQKDEHU GHVOL]DPLHQWRVTXHJHQHUHQH[FOXVLRQHV \VHJUHJDFLRQHVQXHYDVSRUHMHPSORKD\TXH HYLWDUHVWUDWHJLDVTXHUHVXOWDQHQXQDUHSHWLFLyQ UHLWHUDGDGHXQPLVPRJUDGR

(± 352'8&,5',6326,7,9263$5$ $03/,$5/$62325781,'$'(6('8&$7,9$6 '(/$32%/$&,Ï1&21',6&$3$&,'$' /D&RQYHQFLyQ,QWHUQDFLRQDOVREUHORV'HUHFKRVGH ODV3HUVRQDVFRQ'LVFDSDFLGDGDSUREDGDHQ \YLJHQWHGHVGHLQFRUSRUDHVSHFtILFDPHQWHHQ VX$UWtFXORXQDVRULHQWDFLRQHVVREUHHOGHUHFKR DODHGXFDFLyQ(OSULPHULQFLVRH[SUHVDOD REOLJDFLyQGHRUJDQL]DUXQVLVWHPDHGXFDWLYR LQFOXVLYRHOVHJXQGRGHWDOODFRQSUHFLVLyQTXHODV SHUVRQDVFRQGLVFDSDFLGDGGHEHQSRGHU©DFFHGHUD XQDHGXFDFLyQSULPDULD\VHFXQGDULDLQFOXVLYDGH FDOLGDG\JUDWXLWDHQLJXDOGDGGHFRQGLFLRQHVFRQ ODVGHPiVHQODFRPXQLGDGHQTXHYLYDQª\TXH SDUDHOORVHGHEHQUHDOL]DUORVDMXVWHVUD]RQDEOHV TXHFRUUHVSRQGDQ\EULQGDUVHHODSR\R SHUVRQDOL]DGRHQHQWRUQRVTXHPD[LPLFHQODV RSRUWXQLGDGHVGHGHVDUUROORFRJQLWLYR\VRFLDO(O LQFLVRSODQWHDTXHVHJHQHUDOLFHSDUDODV SHUVRQDVFRQGLVFDSDFLGDGODSRVLELOLGDG GHLQVHUFLyQSDUWLFLSDFLyQ\DXWRYDOLPLHQWRFRQ HVSHFLDOpQIDVLVHQORVDVSHFWRVFRPXQLFDFLRQDOHV TXHGHEHQVHUHVSHFLDOPHQWHIDFLOLWDGRVDWUDYpVGH ODIRUPDFLyQ\DFFHVRDPRGRVPHGLRV\IRUPDWRV GHFRPXQLFDFLyQDXPHQWDWLYRV\DOWHUQDWLYRV DSURSLDGRVSDUDFDGDWLSRGHGLVFDSDFLGDG

/DQRUPDWLYDGHHYDOXDFLyQ\SURPRFLyQUHTXLHUH XQDIOH[LELOLGDGSHFXOLDUODVLQHUFLDVGHODHVFXHOD JUDGXDGDVHYHUiQLQWHUSHODGDVSRURWURVUHFRUULGRV \PRGRVGHDSUREDFLyQ6HLPSRQHODQHFHVLGDGGH UHFRQFHSWXDOL]DUODDSUREDFLyQDQXDOSRUDxRVGH HVWXGLR\SRVLELOLWDUFHUWLILFDFLRQHVGHHVWXGLRV FXUVDGRVSURFHVRVGHSURPRFLyQFRQ DFRPSDxDPLHQWR\DSUREDFLRQHVSDUFLDOHV(Q FXDQWRDODIRUPDFLyQGRFHQWHWDPELpQHVSRVLEOH UHFRQRFHUGLVWLQWRVIRUPDWRVGHVGHODVHSDUDFLyQ HVWULFWDHQODIRUPDFLyQGRFHQWHLQLFLDOSUHSDUDQGR GRFHQWHVHVSHFLDOHVSRUGLVFDSDFLGDGKDVWDODV




IRUPDFLRQHVSRUHVSHFLDOLGDGHVDOILQDOGHOD IRUPDFLyQRFRPRSRVWtWXORV

7DPELpQVHGHEHFRQVWUXLUFRQRFLPLHQWRUHOHYDU LQIRUPDFLyQGHXQDPDQHUDPiVUHILQDGD\ HQULTXHFHUODVKHUUDPLHQWDVGHJHVWLyQ RUJDQL]DFLRQDOGHOVLVWHPDHGXFDWLYR\DTXHHV SUREDEOHTXHDOJXQRV11$FRQGLVFDSDFLGDG SHUWHQHFLHQWHVDJUXSRVHVSHFLDOPHQWHYXOQHUDEOHV SREODFLyQUXUDOGLVSHUVDSREODFLyQGHVDUUDLJDGD SRUGLVWLQWRVPRWLYRVSXHEORVLQGtJHQDV D~QHVWpQ IXHUDGHWRGDDWHQFLyQHGXFDWLYD

/DLQFOXVLyQGHFRQRFLPLHQWRFLHQWtILFR QHXURFLHQFLDVVLFRORJtDFRJQLWLYDFLHQFLDVGHO OHQJXDMH DSOLFDGRDOFDPSRGLGiFWLFRHVFUXFLDO SDUDHQIUHQWDUHOHVWLJPDGHO©UHWDUGRPHQWDOOHYHª FRPRHWLTXHWDJHQpULFDFRQODFXDOVHURWXODD GHPDVLDGRVQLxRV\QLxDVHQODUHJLyQ\TXHHV PiVELHQXQDPHGLGDGHODVGLILFXOWDGHVSDUD HQFDUDUSURSXHVWDVSHGDJyJLFDVHILFDFHVSDUD TXLHQHVOOHJDQDODHVFXHODGHVGHFXOWXUDV GLIHUHQWHVDODVGRPLQDQWHVRSDUDTXLHQHVYLYHQ HQVLWXDFLRQHVGHH[WUHPDSREUH]DRVLPSOHPHQWH WLHQHQXQHVWLORGLIHUHQWHGHDSUHQGL]DMHDOTXHVH HVSHUDHQODHVFXHOD

/DVPHWDVSODQWHDQ /RJUDUODLJXDOGDGHGXFDWLYD \VXSHUDUWRGDIRUPDGH GLVFULPLQDFLyQHQHGXFDFLyQ

0HWD (VSHFtILFD 1ž

$SR\RDODLQFOXVLyQHGXFDWLYDGHO DOXPQDGRFRQQHFHVLGDGHV HGXFDWLYDVHVSHFLDOHVPHGLDQWH ODVDGDSWDFLRQHV\ODVD\XGDV SUHFLVDV

1LYHOGH /RJURDO 

(QWUHHO\HOGHO DOXPQDGRFRQQHFHVLGDGHV HGXFDWLYDVHVSHFLDOHVHVWp LQWHJUDGRHQODHVFXHODRUGLQDULD

1LYHOGH /RJURDO 

(QWUHHO\HOGHO DOXPQDGRFRQQHFHVLGDGHV HGXFDWLYDVHVSHFLDOHVHVWp LQWHJUDGRHQODHVFXHODRUGLQDULD

‹81,&()*XDWHPDOD&KHZV

/DFUHDFLyQGHFRQGLFLRQHVGHRUJDQL]DFLyQ HVFRODUODIRUPDFLyQGRFHQWHODRULHQWDFLyQ FXUULFXODUKDFLDHOGHVDUUROORGHFDSDFLGDGHVOD VXSHUDFLyQGHSUHMXLFLRVVREUHORVHVWXGLDQWHV\OD DWHQFLyQDOJUXSRFODVHVRQHVWUDWHJLDVJHQHUDOHV SDUDHOVLVWHPDHGXFDWLYR\SDUDODVXSHUDFLyQGH ODH[FOXVLyQTXHJHQHUDQXQVRSRUWHFRP~Q\ DGHFXDGRSDUDLQFUHPHQWDUVXVWDQFLDOPHQWHOD SDUWLFLSDFLyQHVFRODUGHODVSHUVRQDVFRQ GLVFDSDFLGDG(VQHFHVDULRLGHQWLILFDUHVWUDWHJLDV FRVWRHIHFWLYDV\DTXHODSURSRUFLyQGHOD PDWUtFXODFRQGLVFDSDFLGDGLQVHUWDHQHOVLVWHPD HGXFDWLYRHQORVQLYHOHVREOLJDWRULRVURQGDODPLWDG GHODFREHUWXUDDOFDQ]DGDHQSDtVHVGHOD2&'(

0HWD JHQHUDO VHJXQGD




5HIOH[LRQHVILQDOHV (OHQIRTXHFRQFHSWXDO\PHWRGROyJLFRGHOD,QLFLDWLYD*OREDOSRUORV1LxRV)XHUDGHOD (VFXHODWLHQHODSRWHQFLDOLGDGGHHQULTXHFHUHODQiOLVLVSDUDUHJLRQHV\SDtVHVFRQGLYHUVRV UHFRUULGRVORJURV\GHVDItRVGHHVFRODUL]DFLyQREOLJDWRULD$~QHQVLWXDFLRQHVQDFLRQDOHV TXHRVWHQWDQDOJXQRVLQGLFDGRUHVSRVLWLYRVODSURIXQGL]DFLyQGHOFRQRFLPLHQWRGHODV GLVSDULGDGHVLQWHUQDVLQWHUSHODDODPD\RUFRPSUHQVLyQ\ODPHMRUDFFLyQ 3DUDGDUFLHUUHDHVWHGRFXPHQWRGRQGHVHSODVPDXQSULPHUHVIXHU]RVLVWHPiWLFRGH DSOLFDFLyQGHHVWHHQIRTXHDODUHDOLGDGGH$PpULFD/DWLQD\HO&DULEHVHH[SRQHQDOJXQDV UHIOH[LRQHVVREUHVXVDSRUWHVSDUDHOFRQRFLPLHQWR\ODLQWHUYHQFLyQSDUDODVXSHUDFLyQGH ODH[FOXVLyQ\DIDYRUGHODHVFRODUL]DFLyQWRWDORSRUWXQDVRVWHQLGD\SOHQDGHWRGRVORV QLxRVQLxDV\DGROHVFHQWHGHODUHJLyQ (OHQIRTXH1LxRV)XHUDGHOD(VFXHOD 1)( FDSWDHOFDUiFWHUGLQiPLFR\DFXPXODWLYR GHORVSURFHVRVGHH[FOXVLyQ(ODERUGDMHGLVFULPLQDGRSHURFRPSOHPHQWDULRGHOD H[FOXVLyQDFWXDOGHODHVFXHOD FRQVXVREVWiFXORVGHDFFHVR\SHUPDQHQFLD \GHOD H[FOXVLyQSRWHQFLDOTXHYDRFXUULHQGRHQODHVFXHOD FRQORVREVWiFXORVGHSURJUHVLyQ\ DSUHQGL]DMHV SRQHHQIRFRODVVHxDOHVWHPSUDQDVGHH[FOXVLyQ(QODUHJLyQODPD\RU SDUWHGHTXLHQHVVHKDQLGRWHPSUDQDPHQWHGHODHVFXHODKDQHVWDGRYDULRVDxRV HVFRODUL]DGRVDFXPXODQGRGLVWLQWDVPDUFDVGHIUDFDVRV (OHQIRTXH1)(EULQGDXQPDUFRLQWHJUDGRUSDUDODVSROtWLFDVHGXFDWLYDV\GH SURWHFFLyQ/RVRUJDQLVPRVUHVSRQVDEOHVGHOVLVWHPDHGXFDWLYRWLHQHQVXiPELWRGH DFFLyQHVSHFtILFDHQODDWHQFLyQGHODVEDUUHUDVGHRIHUWDHQLQWHUDFFLyQFRQRWURViPELWRV GHSURWHFFLyQGHGHUHFKRVGHODLQIDQFLD\DGROHVFHQFLDTXHDSR\DQRWURVDVSHFWRVGHVGH ODGHPDQGDGHODSREODFLyQKDFLDODHGXFDFLyQ (OHQIRTXH1)(VXSHUDHOIDOVRGLOHPDHQWUHHTXLGDGFREHUWXUD\FDOLGDGDSUHQGL]DMH (ODQiOLVLVULJXURVRGHORVGDWRVPXHVWUDTXHQRVHSXHGHQDOFDQ]DUODVPHWDVGHFREHUWXUD VLQUHGXFLUHOIUDFDVRTXHH[SXOVDWHPSUDQDPHQWHDORVPiVSREUHVGHODHVFXHOD7DPELpQ ODPHMRUDGHORVUHVXOWDGRVSURPHGLRGHDSUHQGL]DMHDGTXLULUiYROXPHQVLJQLILFDWLYRVyORHQ ODPHGLGDGHXQDPHMRUDVXVWDQFLDOGHORVUHVXOWDGRVGHTXLHQHVKR\IUDFDVDQ3RUHOOR FREHUWXUD\FDOLGDGQRVRQGRVPRPHQWRVGLVWLQWRVGHODQiOLVLV\PHQRVD~QGHODDFFLyQ VLQRTXHVHDOLQHDQSDUDDOFDQ]DUUHVXOWDGRVGHLQFOXVLyQ 9LVWRGHVGHORVHVWXGLDQWHV\VXVIDPLOLDVVHEXVFDHUUDGLFDUODLGHDGHTXHHODEDQGRQRHV XQDGHFLVLyQWRPDGDFRPRXQDRSFLyQRSRUWXQLVWDFRQXQSDGUHTXHOHGLFHDOKLMR©'HFLGt TXHQRYD\DVPiVDODHVFXHOD\YD\DVDKRUDDWUDEDMDUª(VWDLGHDGHVFRQRFHTXHOD DXWRH[FOXVLyQRDEDQGRQRSXHGHVHUSURGXFWRDFXPXODWLYRGHSHTXHxDVUHVLJQDFLRQHV FRWLGLDQDVGHDOXPQRV\DOXPQDVTXHFDUJDQFRQODIUXVWUDFLyQGHQRDSUHQGHUOD YHUJHQ]DGHQRVDEHU\ODWULVWH]DGHQRLPSRUWDUOHDQDGLH (OHQIRTXH1)(LQWHJUDORVHVIXHU]RVHQPDUFKD\SURSRQHHOHPHQWRV FRPSOHPHQWDULRV/RVSDtVHV\ORVRUJDQLVPRVGHILQDQFLDPLHQWR\GHFRRSHUDFLyQKDQ LQYHUWLGRPXFKRVHVIXHU]RV\UHFXUVRVHQORV~OWLPRVDxRVSDUDIRUWDOHFHUODGHPDQGD SRUHGXFDFLyQSULQFLSDOPHQWHDSDUWLUGHPDVLYRVSURJUDPDVGHWUDQVIHUHQFLDVGHLQJUHVRV SDUDODVIDPLOLDVPiVSREUHV\GHHVWUDWHJLDVGHDOLPHQWDFLyQHVFRODUGHJUDQDOFDQFH 7DPELpQHVWiQHQPDUFKDDPELFLRVRVSUR\HFWRVGHFRQVWUXFFLRQHVHVFRODUHVGRWDFLyQGH UHFXUVRVWHFQROyJLFRV\GLGiFWLFRV\RWURVVRSRUWHVPDWHULDOHVGHODHGXFDFLyQ 3RUHOOR\JUDFLDVDHVWRVHVIXHU]RVDFXPXODGRVHVSRVLEOHILMDUODDWHQFLyQHQRWURV DVSHFWRVGHODRIHUWDHVFRODU\GHODGHPDQGDSRUHGXFDFLyQ(QHOFDVRGHODRIHUWD




HVFRODUVHSXHGHQDWHQGHUDVSHFWRVGHODVLWXDFLyQUHDOGHHQVHxDQ]DGHOFOLPDYLQFXODU GHODVXSHUDFLyQGHSUHMXLFLRV\GHORVSURFHGLPLHQWRVGHRUJDQL]DFLyQ\VHJUHJDFLyQHQODV HVFXHODV(QHOSODQRGHOVLVWHPD\VXJRELHUQRKD\KHUUDPLHQWDVFODYHGHXVRGH LQIRUPDFLyQGHVHOHFFLyQ\SULRUL]DFLyQFXUULFXODUHQIXQFLyQGHOGHVDUUROORGHFDSDFLGDGHV GHDSR\RDODVHVFXHODVGHVREUHFRVWRILQDQFLHURGHOIUDFDVRHVFRODU\GHLQVWDODFLyQGH HVWUDWHJLDVHVSHFtILFDVTXHREWHQJDQUHVXOWDGRVPHGLEOHV (OHQIRTXH1)(DJUHJD\GHVWDFDODVFXHVWLRQHVVRFLRFXOWXUDOHVHQHOSODQRGHOD GHPDQGDGRQGHLQWHUDFW~DQQHJDWLYDPHQWHXQDSRVWXUDUHWUDtGDHQODGHPDQGDSRU HGXFDFLyQGHORVPiVSREUHVFRQSRVLFLRQHVUDFLVWDV\SUHMXLFLRVDVGHRWURVVHFWRUHV VRFLDOHV/RVDSRUWHVGHODVQHXURFLHQFLDV\XQHQIRTXHFRPXQLFDFLRQDOHVSHFtILFRVRQ SRWHQWHVUHFXUVRVSDUDDFWXDUVREUHHVWDVUHSUHVHQWDFLRQHV (OHQIRTXH1)(LGHQWLILFDLQGLFDGRUHVFODYHSDUDORVUHVXOWDGRV&RPRFRQFOXVLyQGH HVWDSULPHUDDSOLFDFLyQGHOHQIRTXHD$PpULFD/DWLQD\HO&DULEHVHSURSRQHSRWHQFLDUHO XVRGHGDWRVGLVSRQLEOHV\UHOHYDQWHVODLQIRUPDFLyQGHLWLQHUDULRVHVFRODUHVDSDUWLUGHORV GDWRVGHJUDGR\HGDGSDUDLGHQWLILFDUFXDQWLILFDU\ORFDOL]DUODH[FOXVLyQDSURYHFKDQGROD LQIRUPDFLyQFHQVDOGHOVLVWHPDHGXFDWLYRDPSOLDPHQWHVRVWHQLGR\ILQDQFLDGRSRUOD FRRSHUDFLyQ\ILQDQFLDPLHQWRLQWHUQDFLRQDO (VWDSULRULGDGFRPSOHPHQWDRWURVHQIRTXHV DOJXQRVEDVDGRVHQHQFXHVWDVGHKRJDUHV\ RWURVHQHYDOXDFLRQHVGHDSUHQGL]DMH TXHDSRUWDQFXHVWLRQHVYDOLRVDVSHURWLHQHQDOJXQDV UHVWULFFLRQHVSRUODVIXHQWHVODFREHUWXUDRODSHULRGLFLGDG (QODUHJLyQHODQiOLVLVGHORVLWLQHUDULRVHVFRODUHVOOHYDDGHVWDFDUDOUH]DJRHVFRODUFRPR XQLQGLFDGRUFODYH(VWHLQGLFDGRUVHGHEHLQWHUSUHWDUMXQWRFRQRWURV LQJUHVRWDUGtR DEDQGRQRDQXDOFRQVHUYDFLyQGHPDWUtFXODUHSUREDFLyQ SDUDFDUDFWHUL]DUDGHFXDGDPHQWH ODVVLWXDFLRQHVGHORVLWLQHUDULRVHVFRODUHV$GHPiVHVYDOLRVRSRUVXVHQFLOOH] FRQVLVWHQFLD\SRVLELOLGDGGHWUDEDMDUORGHVGHHOQLYHOQDFLRQDOKDVWDHOQLYHOGHHVFXHOD HLQFOXVRGHDXOD (OHQIRTXH1)(HVWLPXODXQDSURIXQGDFRQILDQ]DHQODVFDSDFLGDGHV\FRPSURPLVRV GHODVSHUVRQDV6HEXVFDPRYLOL]DUHOFRPSURPLVRGHORVJRELHUQRV\GHORV RUJDQLVPRVGHFRRSHUDFLyQ\ILQDQFLDPLHQWRSDUDFDQDOL]DU\UHQRYDUODFRQILDQ]DHQORV DFWRUHVFODYHGHODHGXFDFLyQ &RQILDQ]DHQTXHWRGRVORVQLxRVQLxDV\DGROHVFHQWHVVRQVXMHWRVFRQFDSDFLGDGHV FRJQLWLYDV\VRFLDOHVTXHSXHGHQVHUHVWLPXODGDV\GHVDUUROODGDVHQiPELWRVSURIHVLRQDOHV TXHGHVSOLHJXHQHQIRUPDVLVWHPiWLFDH[SHULHQFLDVGHDSUHQGL]DMHVLJQLILFDWLYDV\HQXQ FOLPDYLQFXODUUHVSHWXRVR\WROHUDQWH &RQILDQ]DHQTXHWRGDVODVIDPLOLDVSXHGHQDSR\DUHOGHVDUUROORGHVXVKLMRVHQHOPDUFR GHVXFXOWXUD\VXVSDXWDVEULQGiQGROHVODFHUWH]DGHVXDPRURSRUWXQLGDGHVGH H[SORUDFLyQSURWHJLGDGHVXHQWRUQR\ODRSRUWXQLGDG\UHJXODULGDGGHVXDVLVWHQFLDD FODVHV(VWRVLQROYLGDUTXHODVIDPLOLDVTXHYLYHQHQVLWXDFLRQHVGHSREUH]DGHEHQFRQWDU FRQDSR\RVSDUDJDUDQWL]DUODQXWULFLyQ\VDOXGGHVXVKLMRV &RQILDQ]DHQTXHWRGRVORVGRFHQWHVSXHGHQDPSOLDUVXVFRPSHWHQFLDVGHHQVHxDQ]DSDUD GHVDUUROODUHVDVFDSDFLGDGHVHQODPHGLGDHQTXHFXHQWHQFRQORVDSR\RVWpFQLFRVODV RULHQWDFLRQHV\ORVUHFXUVRVGHHQVHxDQ]DHVSHFtILFRVTXHUHYLWDOLFHQVXHQWXVLDVPRVX FRPSURPLVRVXVDEHUSURIHVLRQDO\VXDPRUSRUQLxRVQLxDV\DGROHVFHQWHVFRQORVTXH FRPSDUWHQFDGDGtDGHFODVHGtDSRUGtDKDVWDTXHHVWRVFRPSOHWHQODHVFXHOD




5HIHUHQFLDV $EHUDVWXU\$\.QREHO0  /DDGROHVFHQFLDQRUPDOXQHQIRTXHSVLFRDQDOtWLFR%DUFHORQD%XHQRV $LUHV3DLGyV $JXHUURQGR,  /RVGHVDItRVGHODSROtWLFDHGXFDWLYDUHODWLYRVDODVUHIRUPDVGHODIRUPDFLyQGRFHQWH (Q99$$0DHVWURVHQ$PpULFD/DWLQD1XHYDVSHUVSHFWLYDVVREUHVXIRUPDFLyQ\GHVHPSHxR 6DQWLDJRGH&KLOH35($/±&,1'( $UDXMR0&\/ySH]%RR)  ©,QYHUWLUHQORVSULPHURVDxRVGHYLGD8QDSULRULGDGSDUDHO%,'\ORV SDtVHVGH$PpULFD/DWLQD\HO&DULEHª1RWDWpFQLFD,'%71%DQFR,QWHUDPHULFDQRGH'HVDUUROOR 'LYLVLyQGHOD3URWHFFLyQ6RFLDO\6DOXGQRYLHPEUH'LVSRQLEOHHQ KWWSLGEGRFVLDGERUJZVGRFVJHWGRFXPHQWDVS["GRFQXP  %ODNHPRUH6-\)ULWK8  &yPRDSUHQGHHOFHUHEUR/DVFODYHVSDUDODHGXFDFLyQ%XHQRV$LUHV (GLWRULDO$ULHO %ORV3  7KHDGROHVFHQWSDVVDJH0DGLVRQ&RQQHFWLFXW,QWHUQDWLRQDO8QLYHUVLWLHV3UHVV,QF %ROtYDU$  ©(OFXUUtFXORFRPRSUR\HFWRFXOWXUDOª(Q5HYLVWD1RYHGDGHV(GXFDWLYDV$xR 1ž%XHQRV$LUHV %RXUGLHX3\3DVVHURQ-&  /DUHSURGXFFLyQ(OHPHQWRVSDUDXQDWHRUtDGHOVLVWHPDGH HQVHxDQ]D(GLWRULDO/DLD%DUFHORQD'LVSRQLEOHHQ KWWSZZZWHUUDVHGXDUELEOLRWHFD787B%RXUG8,6B8QLGDGBSGI %RXUGLHX3\3DVVHURQ-&  /RVKHUHGHURV/RVHVWXGLDQWHV\ODFXOWXUD%XHQRV$LUHV6LJOR;;, 6HJXQGDHGLFLyQ %UDFKR7\$=DPXGLR  ©(OJDVWRSULYDGRHQHGXFDFLyQHQ0p[LFRª(Q)LQDQFLDPLHQWRGHOD HGXFDFLyQHQ$PpULFD/DWLQD35($/6DQWLDJRGH&KLOH %UDVODYVN\&  ©%DVHVRULHQWDFLRQHV\FULWHULRVSDUDHOGLVHxRGHSURJUDPDVGHIRUPDFLyQGH SURIHVRUHVª(Q5HYLVWD,EHURDPHULFDQDGH(GXFDFLyQ1~PHUR±0DGULG2(, &DUUDKHU71HWDO  (QOD9LGD'LH]HQOD(VFXHOD&HUR0p[LFR(G6LJOR9HLQWLXQR &HFFKLQL6\0DGDULDJD$  /DWUD\HFWRULDGHORV3URJUDPDVGH7UDQVIHUHQFLDVFRQ &RUUHVSRQVDELOLGDG 37& HQ$PpULFD/DWLQD %RUUDGRU 'LYLVLyQGH'HVDUUROOR6RFLDO&(3$/ 'LVSRQLEOHHQKWWSZZZUOFIDRRUJLQLFLDWLYDH[SHUWRVGRFXPHQWRVLQWHUHVSGI &(3$/  ©3URJUDPDVGHWUDQVIHUHQFLDVPRQHWDULDVFRQGLFLRQDGDVH[SHULHQFLDVHQ$PpULFD/DWLQDª (Q5HYLVWDGHOD&(3$/QžDJRVWR &(3$/  ©/DVWUDQVIHUHQFLDVFRQGLFLRQDGDVHQ$PpULFD/DWLQDªGRFXPHQWRSUHVHQWDGRHQHO VHPLQDULR(YROXFLyQ\GHVDItRVGHORVSURJUDPDVGHWUDQVIHUHQFLDVFRQGLFLRQDGDVQRYLHPEUHGLVSRQLEOH HQKWWSZZZUOFIDRRUJHVSULRULGDGHVVHJXULGDGLQJUHVRSGILQYHVWSGI &(3$/  0HWDVHGXFDWLYDVHVWXGLRGHFRVWRV6DQWLDJRGH&KLOH'LVSRQLEOHHQ KWWSZZZHFODFRUJSXEOLFDFLRQHV[POPHWDVHGXFDWLYDVSGI &(3$/  /DH[SHULHQFLDDIURGHVFHQGLHQWH\ODYLVLELOLGDGHVWDGtVWLFDHQ(FXDGRU'LVSRQLEOHHQ ZZZHFODFRUJSXEOLFDFLRQHV[PO:DIURGHVFHQGLHQWHSGI &KDUORW%  'DUHODFmRFRPRVDEHU(OHPHQWRVSDUDXPDWHRULD3RUWR$OHJUH$UWPHG &ROO(  ©/REiVLFRHQODHGXFDFLyQEiVLFD5HIOH[LRQHVHQWRUQRDODUHYLVLyQ\DFWXDOL]DFLyQGHO FXUUtFXORGHODHGXFDFLyQEiVLFDª(Q5HYLVWD(OHFWUyQLFDGH,QYHVWLJDFLyQ(GXFDWLYD  'LVSRQLEOH HQKWWSUHGLHXDEFP[YROQRFRQWHQLGRFROOKWPO




'HO3RSROR)\2\DUFH$0  3REODFLyQLQGtJHQDGH$PpULFD/DWLQDSHUILOVRFLRGHPRJUiILFRHQHO PDUFRGHOD&,3'\GHODV0HWDVGHO0LOHQLR&(/$'('LYLVLyQGH3REODFLyQ&(3$/ 'XEHW)\0DUWXFFHOOL'  (QODHVFXHOD6RFLRORJtDGHODH[SHULHQFLDHVFRODU%DUFHORQD/RVDGD 'XUVWRQ-  ©3ROtWLFDVRFLDOUXUDOHQXQDHVWUDWHJLDGHGHVDUUROORVRVWHQLGRª(Q5HYLVWDGHOD &(3$/SiJV (OMDFK6  9LROHQFLDHVFRODUHQ$PpULFD/DWLQD\HO&DULEH6XSHUILFLH\IRQGR3DQDPi3ODQ ,QWHUQDWLRQDO81,&() (VStQROD9  ©,QWHUYHQFLRQHVWHPSUDQDVSDUDSUHYHQLUODGHVHUFLyQHQODHGXFDFLyQVHFXQGDULDª (Q'HEDWHQž8QLYHUVDOL]DUHODFFHVR\FRPSOHWDUODHGXFDFLyQVHFXQGDULD(QWUHODPHWDVRFLDO \ODUHDOLGDGODWLQRDPHULFDQD6,7($/ (VStQROD9\&ODUR-  ©(VWUDWHJLDVGHSUHYHQFLyQGHODGHVHUFLyQHQOD(GXFDFLyQ6HFXQGDULD SHUVSHFWLYDODWLQRDPHULFDQDª(Q5HYLVWDGH(GXFDFLyQQ~PHURH[WUDRUGLQDULRGLVSRQLEOHHQ KWWSZZZUHYLVWDHGXFDFLRQHGXFDFLRQHVUHUHBSGI (]SHOHWD-XVWD  (VFXHODV\0DHVWURV&RQGLFLRQHVGHO7UDEDMRGRFHQWHHQ$UJHQWLQD6DQWLDJR GH&KLOH25/($&81(6&2 )DUtDV0)LRO'.LW,\0HOJDU6  3URSXHVWDVSDUDVXSHUDUHOIUDFDVRHVFRODU 81,&()±$VRFLDFLyQ&LYLO(GXFDFLyQSDUDWRGRVGLVSRQLEOHHQ KWWSZZZ8QLFHIRUJDUJHQWLQDVSDQLVK35238(67$BZHESGI )HUUHU*XLOOHUPR  /DVUHIRUPDVFXUULFXODUHVGH3HU~&RORPELD&KLOH\$UJHQWLQD¢TXLpQUHVSRQGH SRUORVUHVXOWDGRV"/LPD*UXSRGH$QiOLVLVSDUDHO'HVDUUROOR *5$'(

*ROHPDQ'  ,QWHOLJHQFLD6RFLDO/DQXHYDFLHQFLDSDUDPHMRUDUODVUHODFLRQHVKXPDQDV0p[LFR (GLWRULDO3ODQHWD *RQ]iOH]'\/DEDQGDO/  ©/DLQIDQFLDHQFRQWH[WRGHYXOQHUDELOLGDGODHGXFDFLyQFRPRDSXHVWD DOIXWXURª7UDEDMRSUHVHQWDGRHQHO;&RQJUHVR1DFLRQDO\,,&RQJUHVR,QWHUQDFLRQDO5HSHQVDUODQLxH] HQHOVLJOR;;,0HQGR]D$UJHQWLQDGLVSRQLEOHHQ KWWSZZZIHH\HXQFXHGXDUZHE;&15('8(,HMH*RQ]DOH]SGI +DQGD6\'DYLV%  ©7KH([SHULHQFHVRI&RQGLWLRQDO&DVK7UDQVIHUVLQ/DWLQ$PHULFDDQGWKH &DULEEHDQª(6$:RUNLQJ3DSHU1RPD\R7KH)RRGDQG$JULFXOWXUH2UJDQL]DWLRQRIWKH8QLWHG 1DWLRQV'LVSRQLEOHHQIWSIWSIDRRUJGRFUHSIDRDJHDJHSGI ,/2  *OREDO&KLOG/DERXU'HYHORSPHQWV0HDVXULQJWUHQGVIURPWR,QWHUQDWLRQDO/DERXU 2UJDQL]DWLRQ,QWHUQDWLRQDO3URJUDPPHRQWKH(OLPLQDWLRQRI&KLOG/DERXU ,3(&  -RGHOHW'  ©/DUHSUHVHQWDFLyQVRFLDOIHQyPHQRFRQFHSWR\WHRUtDª(Q0RVFRYLFL63VLFRORJtD 6RFLDO,,%DUFHORQD3DLGyV .LW,(VSDxD6/DEDWH+  3URSXHVWDVHGXFDWLYDVSDUDODGLVPLQXFLyQGHODVGHVLJXDOGDGHVHQORV LWLQHUDULRVHVFRODUHVGHODSREODFLyQGHDDxRV(Q.UtQHLQ5HYLVWDGH(GXFDFLyQ1~PHUR 8QLYHUVLGDG&DWyOLFDGH6DQWD)H /L]iUUDJD=DPRUD.  ©$QiOLVLVGHODVFDXVDV\FRQVHFXHQFLDVGHODLQDVLVWHQFLDHVFRODU\HQ VHFXQGDULDHQOD5HJLyQGH9DOOHV\iUHDVGH)URQWHUDª0LQLVWHULRGH(GXFDFLyQ81,&() 0DJRJD$  7UDEDMRLQIDQWLO\VHFWRUSULYDGR3UHVHQWDFLyQGLVSRQLEOHHQ KWWSSUH]LFRPIXJMFQEK]WUDEDMRLQIDQWLO\VHFWRUSULYDGR 0HQD,%XUJXHxR;\9DOGpV$0  9tQFXORSHGDJyJLFRSRVLWLYRSULQFLSLRVSDUDVXGHVDUUROOR )LFKDVGHWUDEDMRGH3URSXHVWD9DORUDV8&±)DFXOWDGGH3VLFRORJtDGHOD8&DWyOLFDGH&KLOH 0ROLQD0HWDO  ©(PEDUD]RHQODDGROHVFHQFLD\VXUHODFLyQFRQODGHVHUFLyQHVFRODUª(Q5HYLVWD PpGLFDGH&KLOHYQ6DQWLDJRHQH




0RUGXFKRZLF]$\'XUR/  ©/DVGHPDQGDVGHILQDQFLDPLHQWR\DVLJQDFLyQGHUHFXUVRVHQ$PpULFD /DWLQD\HO&DULEHª,,3(81(6&2%XHQRV$LUHV25($/&81(6&2&KLOH%XHQRV$LUHV 0RUGXFKRZLF]$  (OGHUHFKRDODHGXFDFLyQILQDQFLDPLHQWRS~EOLFR\FRVWRVSULYDGRV ,,3(81(6&281,&() 0RUGXFKRZLF]$  $VLJQDFLyQGHUHFXUVRVHQVLVWHPDVGHVFHQWUDOL]DGRVGH$PpULFD/DWLQD ,,3(81(6&2 1lVOXQG±+DGOH\(\%LQVWRFN*  (OIUDFDVRHGXFDWLYRHPEDUD]RVSDUDQRLUDODFODVH%DQFR ,QWHUDPHULFDQRGH'HVDUUROOR±'LYLVLyQGH(GXFDFLyQ 6&/('8 1RWDVWpFQLFDV,'%71 2$&'+  &RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR'LVSRQLEOHHQ KWWSZZZRKFKURUJVSDQLVKODZFUFKWP 2&'(  'HFODUDFLyQGH3DUtVVREUHOD(ILFDFLDGHOD$\XGDDO'HVDUUROOR'LVSRQLEOHHQ KWWSZZZRHFGRUJGDWDRHFGSGI 2&(  ©/DQXHYDKDFLHQGD\ODHGXFDFLyQª&RPXQLFDGRV2&(HQ KWWSZZZREVHUYDWRULRRUJFRPXQLFDGRVFRPXQKWPO 2(,  0HWDV(GXFDWLYDV/DHGXFDFLyQTXHTXHUHPRVSDUDODJHQHUDFLyQGHORV%LFHQWHQDULRV 'RFXPHQWR)LQDO0DGULG2(,'LVSRQLEOHHQKWWSZZZRHLHVPHWDVOLEURKWP 2,7  7UHQGVLQFKLOGUHQ¶VHPSOR\PHQWDQGFKLOGODERXULQWKH/DWLQ$PHULFDDQG&DULEEHDQ UHJLRQ2,78&:KWWSZZZXFZSURMHFWRUJ3DJHVELEBGHWDLOVDVS["LG  218  'HFODUDFLyQGHO0LOHQLR'LVSRQLEOHHQKWWSZZZXQRUJVSDQLVKPLOOHQQLXPJRDOVDUHVKWPO 2SHUWWL5  ©,QFOXVLyQGRFHQWH\GRFHQWHVLQFOXVLYRVHMHVSDUDIRUWDOHFHUXQDDJHQGDGHFDPELRVª 3UHVHQWDFLyQDO&RQJUHVR,QWHUQDFLRQDO(GXFDFLyQSDUD7RGRV±ORVUHWRVGHHGXFDUHQODGLYHUVLGDG FRPXQLFDFLyQSHUVRQDO 25($/&81(6&2\//(&(  6(5&(/RVDSUHQGL]DMHVGHORVHVWXGLDQWHVGH$PpULFD/DWLQD \HO&DULEH3ULPHUUHSRUWHGHORVUHVXOWDGRVGHO6HJXQGR(VWXGLR5HJLRQDO&RPSDUDWLYR\([SOLFDWLYR 6DQWLDJR&KLOH'LVSRQLEOHHQKWWSXQHVGRFXQHVFRRUJLPDJHV6SGI 25($/&81(6&2\//(&(  6(5&(/RVDSUHQGL]DMHVGHORVHVWXGLDQWHVGH$PpULFD/DWLQD\HO &DULEH5HSRUWHWpFQLFR'LVSRQLEOHHQKWWSXQHVGRFXQHVFRRUJLPDJHVVSGI 25($/&81(6&2\//(&(  )DFWRUHVDVRFLDGRVDOORJURFRJQLWLYRGHORVHVWXGLDQWHVGH$PpULFD /DWLQD\HO&DULEH'LVSRQLEOHHQKWWSXQHVGRFXQHVFRRUJLPDJHV6SGI 2UJDQL]DFLyQ0XQGLDOGHOD6DOXG\%DQFR0XQGLDO  ,QIRUPHPXQGLDOVREUHODGLVFDSDFLGDG'LVSRQLEOH HQKWWSZZZZKRLQWGLVDELOLWLHVZRUOGBUHSRUWHVLQGH[KWPO 3HUUHQRXG3  'LH]QXHYDVFRPSHWHQFLDVSDUDHQVHxDU%DUFHORQD*UDR 35($/  ©'HVHUFLyQHVFRODU8QSUREOHPDXUJHQWHTXHKD\TXHDERUGDUª(Q)RUPDV 5HIRUPDVGH ODHGXFDFLyQ6HULH3ROtWLFDV$xRQžGLVSRQLEOHHQKWWSKGUQHWRUJ'HVHUFLRQB(VFRODUSGI 5RGUtJXH]0  (OXVRGHOWLHPSRHQODSUiFWLFDSHGDJyJLFDGHODVHVFXHODVDGVFULSWDVDOD$OFDOGtD 0HWURSROLWDQD3XEOLFDGRHQ6DSLHQV5HYLVWDXQLYHUVLWDULDGHLQYHVWLJDFLyQ$xR1žGLFLHPEUH GH8QLYHUVLGDG3HGDJyJLFD([SHULPHQWDO/LEHUWDGRU&DUDFDV 5RVHQWKDO5\-DFREVRQ/  3\JPDOLRQHQODHVFXHOD([SHFWDWLYDVGHOPDHVWUR\GHVDUUROOR LQWHOHFWXDOGHODOXPQR0DGULG(G0DURYD 5\FKHQ'7LDQD$  'HYHORSLQJNH\FRPSHWHQFLHVLQHGXFDWLRQVRPHOHVVRQVIURPLQWHUQDWLRQDODQG QDWLRQDOH[SHULHQFH3DUtV81(6&2 6DQWD0DUtD6  ©1LxRVQLxDV\DGROHVFHQWHVIXHUDGHODHVFXHODHQHOWUySLFR\DOWLSODQRGH%ROLYLDª 0LQLVWHULRGH(GXFDFLyQ81,&()




6FKLHIHOEHLQ(  5HSHWLFLyQ/D~OWLPDEDUUHUDSDUDXQLYHUVDOL]DUOD(GXFDFLyQHQ$PpULFD/DWLQD %ROHWtQ1ž3UR\HFWR3ULQFLSDOGH(GXFDFLyQ6DQWLDJRGH&KLOH25($/&81(6&2 6KXOPDQ/6  7HDFKLQJDVFRPPXQLW\SURSHUW\&KDQJH 1RY'HF  6WHQKRXVH/  ,QYHVWLJDFLyQ\GHVDUUROORGHOFXUULFXOXP0DGULG0RUDWD 6WRQH:LVNH0 (G   /DHQVHxDQ]DSDUDODFRPSUHQVLyQ%XHQRV$LUHV(GLWRULDO3DLGyV 7HQWL)DQIDQL(  /DHVFXHOD\ODFXHVWLyQVRFLDO(QVD\RVGHVRFLRORJtDGHODHGXFDFLyQ%XHQRV $LUHV6LJOR;;,(GLWRUHV 7HULJL)  7UHVSUREOHPDVSDUDODVSROtWLFDVGRFHQWHV3UHVHQWDFLyQHQHOSDQHO©'RFHQWHV¢YtFWLPDV RFXOSDEOHV"8QDPLUDGDUHQRYDGDVREUHODFXHVWLyQGRFHQWHHQHOPDUFRGHORVFDPELRVVRFLDOHV\ HGXFDWLYRVª(QFXHQWUR,QWHUQDFLRQDO©/DGRFHQFLD¢XQDSURIHVLyQHQULHVJR"0RQWHYLGHR25($/& 7HULJL)  'HVDUUROORSURIHVLRQDOFRQWLQXR\FDUUHUDGRFHQWHHQ$PpULFD/DWLQD ZZZSUHDORUJ$UFKLYRV%DMDUDVS"&DUSHWD$UFKLYR WHULJLBSZSGI35($/ 7KH,QWHU$JHQF\&RPPLVVLRQ 81'281(6&281,&():25/'%$1. :RUOG&RQIHUHQFHRQ(GXFDWLRQ IRU$OO0HHWLQJ%DVLF/HDUQLQJ1HHGV-RPWLHQ7KDLODQG0DUFK1XHYD<RUN81,&() 7KH5R\DO6RFLHW\  %UDLQ:DYHV0RGXOH1HXURVFLHQFHLPSOLFDWLRQVIRUHGXFDWLRQDQGOLIHORQJ OHDUQLQJKWWSUR\DOVRFLHW\RUJSROLF\SURMHFWVEUDLQZDYHVHGXFDWLRQOLIHORQJOHDUQLQJ 7RPDVHYVNL. D 'XOFHVSDODEUDVDPDUJRVKHFKRV(OSDQRUDPDJOREDOGHODHGXFDFLyQ HQKWWSQRUEHUWRERWWDQLIUHHIUVSLS,0*SGI6DQB6HEDVWLDQSGI 7RPDVHYVNL. E 7KH6WDWHRIWKH5LJKWWR(GXFDWLRQ:RUOGZLGH)UHHRU)HH*OREDO5HSRUW HQKWWSZZZNDWDULQDWRPDVHYVNLFRPLPDJHV*OREDOB5HSRUWSGI 7RUR-%\5RGUtJXH]0  /DFRPXQLFDFLyQ\ODPRYLOL]DFLyQVRFLDOHQODFRQVWUXFFLyQGHELHQHV S~EOLFRV'RFXPHQWRSXEOLFDGRSRUHO%,',1'(66HULH'RFXPHQWRVGH7UDEDMR,±:DVKLQJWRQ'& VHSWLHPEUH 7RUUHV50  WHVLVSDUDHOFDPELRHGXFDWLYR-XVWLFLDHGXFDWLYD\MXVWLFLDHFRQyPLFD0RYLPLHQWR ,QWHUQDFLRQDOGH(GXFDFLyQ3RSXODU\3URPRFLyQ6RFLDO)H\$OHJUtDGLVSRQLEOHHQ KWWSZZZIH\DOHJULDRUJLPDJHVDFUREDWWHVLVBSGI 7RUUHV50  ©5HSHWLFLyQHVFRODU¢IDOODGHODOXPQRRIDOODGHOVLVWHPD"ª(Q(YDOXDFLyQ$SRUWHV SDUDODFDSDFLWDFLyQGLVSRQLEOH HQKWWSZZZHGXFDFLRQHVFLGHHVSDQROLQYHVWLJDFLRQULHPHGRFXPHQWRVILOHVWRUUHVWRUUHVUHSGI 7UHYLxR(9DOGpV+\RWURV  ©)DFWRUHVDVRFLDGRVDOORJURFRJQLWLYRGHORVHVWXGLDQWHVHQ$PpULFD /DWLQD\HO&DULEHª6DQWLDJRGH&KLOH6(5&(//(&(25($/&81(6&2 8,681(6&2  &ODVLILFDFLyQ,QWHUQDFLRQDO1RUPDOL]DGDGHOD(GXFDFLyQ&,1('LVSRQLEOHHQ KWWSXQHVGRFXQHVFRRUJLPDJHVVSGI 8,681(6&2  $YLHZLQVLGHSULPDU\VFKRROV$:RUOG(GXFDWLRQ,QGLFDWRUV :(, FURVVQDWLRQDO VWXG\'LVSRQLEOHHQKWWSZZZXLVXQHVFRRUJ/LEUDU\'RFXPHQWVZHLHQSGI 8,681(6&2  &RPSHQGLR0XQGLDOGH(GXFDFLyQ0RQWUHDO 8,681(6&2  ,QIRUPH*OREDOGH(VWDGtVWLFD(GXFDWLYD 81(6&2  /DUHSHWLFLyQHVFRODUHQODHQVHxDQ]DSULPDULDXQDSHUVSHFWLYDJOREDO*LQHEUD 81(6&22,( 81(6&2  7KH'DNDU)UDPHZRUNIRU$FWLRQ±(GXFDWLRQIRU$OO0HHWLQJRXU&ROOHFWLYH&RPPLWPHQWV $GRSWHGE\WKH:RUOG(GXFDWLRQ)RUXP'DNDU6HQHJDO$SULO3DULV 81(6&225($/&/DFRQFOXVLyQXQLYHUVDOGHODHGXFDFLyQSULPDULDHQ$PpULFD/DWLQD¢(VWDPRV UHDOPHQWHWDQFHUFD"




81,&() 81(6&2,QVWLWXWHIRU6WDWLVWLFV  ©$OOFKLOGUHQLQVFKRROE\±*OREDOLQLWLDWLYHRQ 2XWRI6FKRRO&KLOGUHQ&RQFHSWXDODQG0HWKRGRORJLFDO)UDPHZRUN 81,&()  $WODVVRFLROLQJtVWLFRGHSXHEORVLQGtJHQDVHQ$PpULFD/DWLQD(Q ZZZPRYLOL]DQGRRUJDWODVBWRPRSDJHVWRPRBSGI 81,&()  0DQXDOGHORV$IURGHVFHQGLHQWHVGHODV$PpULFDV\HO&DULEH(Q ZZZXQLFHIRUJODFPDQXDODIURGHVFSGI 816$0  ©,QIRUPHKHPLVIpULFRFRPSDUDWLYRGHSROtWLFDV\HVWUDWHJLDVSDUDODSUHYHQFLyQGHOIUDFDVR HVFRODUª(Q3UR\HFWR(ODERUDFLyQGH3ROtWLFDV\HVWUDWHJLDVSDUDODSUHYHQFLyQGHOIUDFDVRHVFRODU GLVSRQLEOHHQKWWSZZZUHGOLJDUHRUJ,0*SGILQIRUPHBFRPSDUDWLYRBSUHYHQFLRQBIUDFDVRBHVFRODUSGI 9DLOODQW'  ©&RQVWUXFFLyQGHODIRUPDFLyQGRFHQWHHQ$PpULFD/DWLQD7HQGHQFLDVWHPDV\GHEDWHVª 35($/'RFXPHQWRGHWUDEDMR1ž'LFLHPEUHGH 9DLOODQW'\5RVVHO&  0DHVWURVGHHVFXHODEiVLFDHQ$PpULFD/DWLQD+DFLDXQDUDGLRJUDItD GHODSURIHVLyQ35($/ 9i]TXH]5HFLR5  5HIOH[LRQHVVREUHHOWLHPSRHVFRODU5HYLVWD,EHURDPHULFDQDGH(GXFDFLyQ Qž±GHPD\RGH 9pOH](6FKLHIHOEHLQ(\9DOHQ]XHOD-  )DFWRUHVTXHDIHFWDQHOUHQGLPLHQWRDFDGpPLFRHQOD HGXFDFLyQSULPDULD 5HYLVLyQGHOD/LWHUDWXUDGH$PpULFD/DWLQD\HO&DULEH 2(,'LVSRQLEOHHQ KWWSZZZRHLHVFDOLGDG9HOH]G3') 9LOODWRUR3  ©/DVWUDQVIHUHQFLDVFRQGLFLRQDGDVHQ$PpULFD/DWLQDOXFHV\VRPEUDVª'RFXPHQWRGH OD&(3$/SDUDHO6HPLQDULR,QWHUQDFLRQDO©(YROXFLyQ\GHVDItRVGHORVSURJUDPDVGHWUDQVIHUHQFLDV FRQGLFLRQDGDVªOOHYDGRDFDERHQ%UDVLOLD%UDVLOORVGtDV\GHQRYLHPEUHGH'LVSRQLEOHHQ KWWSZZZHFODFRUJGGVQRWLFLDVSDJLQDV&(3$/B3DEOR9LOODWRURB37&SGI 99$$81,&()  /RVSXHEORVLQGtJHQDVHQ$UJHQWLQD\HOGHUHFKRDODHGXFDFLyQ6LWXDFLyQ VRFLRHGXFDWLYDGHQLxDVQLxRV\DGROHVFHQWHVGHFRPXQLGDGHVUXUDOHVZLFKt\PE\iJXDUDQt81,&() %XHQRV$LUHV :ROII/6FKLHIHOEHLQ(\6FKLHIHOEHLQ3  ©3ULPDU\(GXFDWLRQLQ/DWLQ$PHULFD7KH8QILQLVKHG $JHQGDª%DQFR,QWHUDPHULFDQRGH'HVDUUROORGLVSRQLEOHHQ KWWSLGEGRFVLDGERUJZVGRFVJHWGRFXPHQWDVS["GRFQXP  (QODFHVDVLWLRVZHE &(3$/KWWSZZZHFODFFOHVWDGLVWLFDV ËQGLFHGH'HVDUUROORGHOD(GXFDFLyQ%iVLFD ,'(% KWWSVLVWHPDVLGHELQHSJRYEUUHVXOWDGR 0(1&RORPELD  ±©1LXQRPHQRVªKWWSZZZPLQHGXFDFLRQJRYFRSURSHUW\YDOXHKWPO 0LQLVWpULRGD(GXFDomRGR%UD]LOKWWSSRUWDOPHFJRYEULQGH[SKS 0LQLVWHULRGH(GXFDFLyQGH%ROLYLDKWWSZZZPLQHGXJREERHGXFDFLRQLQGH[SKS 0LQLVWHULRGH(GXFDFLyQ1DFLRQDOGH&RORPELDKWWSZZZPLQHGXFDFLRQJRYFRZFKDQQHOKWPO 6HULH5HJLRQDOGH,QGLFDGRUHV(GXFDWLYRVGHOD&(&&6,&$ KWWSZZZVLFDLQWFHFFHVWDGLVWLFDVBVLVWHPDDVS[ 6LVWHPDGH$QiOLVLVGH,QGLFDGRUHV(GXFDWLYRV\GH$OHUWD7HPSUDQDGH5HS~EOLFD'RPLQLFDQD KWWSDSSVVHHJREGRDQDOLVLVGHLQGLFDGRUHV 8,6'DWD&HQWHUZZZXLVXQHVFRRUJ




$QH[RPHWRGROyJLFR (QHO&DStWXORGHHVWHLQIRUPHVHGHVDUUROODXQD FDUDFWHUL]DFLyQGHORVSHUILOHVGHODH[FOXVLyQEDMR HOPDUFRGHOD,QLFLDWLYD1)(DWUDYpVGHXQ FRQMXQWRGHLQGLFDGRUHVVHOHFFLRQDGRV$OJXQRVGH HVWRVLQGLFDGRUHVKDQVLGRUHFROHFWDGRV \VLVWHPDWL]DGRVGHIXHQWHVVHFXQGDULDVGH LQIRUPDFLyQ6LQHPEDUJRRWURVKDQVLGR HODERUDGRVHVSHFtILFDPHQWHSDUDHVWHLQIRUPH DSDUWLUGHORVGDWRVHGXFDWLYRVGHORVSDtVHVGHOD UHJLyQSXHVWRVDGLVSRQLELOLGDGSRUHO,QVWLWXWRGH (VWDGtVWLFDGHOD81(6&2 8,6 

±'DWRVVLVWHPDWL]DGRVHQHOPDUFRGHODLQLFLDWLYD /RVSDtVHVSDUWLFLSDQWHVGHHVWXGLRVQDFLRQDOHV VLVWHPDWL]DURQXQFRQMXQWRGHGDWRVHGXFDWLYRV TXHVHXWLOL]DURQHQHOGHVDUUROORGHVXVLQIRUPHV \TXHIXHURQSXHVWRVDGLVSRVLFLyQSDUDLQFOXLUHQ HVWHGRFXPHQWR

(QHVWHPDUFRHODQH[RPHWRGROyJLFRSUHVHQWDODV SULQFLSDOHVGHILQLFLRQHVPHWRGROyJLFDV\FULWHULRV FRQFHSWXDOHVTXHVXVWHQWDQHOFiOFXORGHHVWRV LQGLFDGRUHVSDUDTXHFRQWULEX\DQDODFRPSUHQVLyQ \UHSOLFDFLyQGHORVLQGLFDGRUHVPHQFLRQDGRV

(VWRVGDWRVSXHGHQGHVDJUHJDUVHDQLYHOGHSDtV JUDGRHGDGVLPSOH\VH[R6LELHQHO8,6UHDOL]D XQDVROLFLWXGDQXDOGHGDWRVDWRGRVORVSDtVHVQR VLHPSUHVHDOFDQ]DDUHFROHFWDULQIRUPDFLyQ FRPSOHWD3RUORWDQWRQRWRGRVORVSDtVHVFXHQWDQ FRQLQIRUPDFLyQSDUDHOPLVPRDxR3DUDDOFDQ]DU XQDHVWLPDFLyQUHJLRQDOVHRSWySRUFDOFXODUORV LQGLFDGRUHVUHJLRQDOHVFRQVLGHUDQGRHO~OWLPRDxR GLVSRQLEOH'HODPLVPDIRUPDSDUDDTXHOORV LQGLFDGRUHVTXHUHTXHUtDQGHGDWRVGHGRVDxRV FRQVHFXWLYRVVHFRQVLGHUDURQORVGRV~OWLPRVDxRV FRQVHFXWLYRVFRQLQIRUPDFLyQGLVSRQLEOH

/RVLQGLFDGRUHVFRQVWUXLGRVVHEDVDURQ SULQFLSDOPHQWHHQWUHVGDWRVUHJLVWUDGRVSRUORV VLVWHPDVQDFLRQDOHVGHHVWDGtVWLFDHGXFDWLYDWRWDO GHHVWXGLDQWHVHVWXGLDQWHVSRUHGDG\UHSHWLGRUHV

(QSULPHUOXJDUVHSUHVHQWDUiQODVREVHUYDFLRQHV PHWRGROyJLFDVYLQFXODGDVDORVFULWHULRVGH VLVWHPDWL]DFLyQ\XWLOL]DFLyQGHORVGDWRV HVWDGtVWLFRV(QXQVHJXQGROXJDUVHGHVDUUROODUiQ ORVLQGLFDGRUHVXWLOL]DGRVHQHOLQIRUPHFRQVXV GHILQLFLRQHV\IyUPXODVGHFiOFXOR

3DUDHOFiOFXORGHORVLQGLFDGRUHVTXHLQYROXFUDQ GDWRVGHSREODFLyQVHXWLOL]DURQODVSUR\HFFLRQHV GH813'SDUDHOPLVPRDxRGHUHIHUHQFLD(QOD 7DEODVHSUHVHQWDQORVDxRVTXHVHXWLOL]DURQ FRPR~OWLPRVGDWRVGLVSRQLEOHVGHFDGDSDtVGHOD UHJLyQTXHIXHURQFRQVLGHUDGRVSDUDHOFiOFXOR GHORVLQGLFDGRUHV

2EVHUYDFLRQHVPHWRGROyJLFDVJHQHUDOHV )8(17(6'('$726 ±'DWRVDGPLQLVWUDWLYRV(VWDLQIRUPDFLyQHV VROLFLWDGD\DFWXDOL]DGDDQXDOPHQWHSRUHO8,6D WRGRVORVSDtVHVGHODUHJLyQ(VWRVGDWRVIXHURQ SXHVWRVDGLVSRVLFLyQSDUDHOGHVDUUROORGHO SUHVHQWHLQIRUPHDSDUWLUGHODEDVHGHGDWRVGHO 8,6FRUUHVSRQGLHQWHDPD\RGH$VLPLVPR HQDOJXQRVFDVRVVHUHDOL]yDWUDYpVGHO8,6XQD VROLFLWXGHVSHFtILFDGHLQIRUPDFLyQSDUD FRPSOHPHQWDULQIRUPDFLyQQRGLVSRQLEOH(VWRV IXHURQORVFDVRVGH$UJHQWLQD%UDVLO&KLOH -DPDLFD0p[LFR3DUDJXD\3HU~\8UXJXD\

(6758&785$'(/266,67(0$6('8&$7,926 1$&,21$/(6 (ODERUGDMHPHWRGROyJLFRGHODVGLPHQVLRQHVGHOD H[FOXVLyQGHVGHXQDSHUVSHFWLYDUHJLRQDOSRQHHQ HYLGHQFLDODVGLIHUHQFLDVTXHH[LVWHQHQORVSDtVHV HQWRUQRDODIRUPDGHRUJDQL]DUHOSURJUDPD HGXFDWLYR/DQRPHQFODWXUDIXQFLyQ\GXUDFLyQGH ORVQLYHOHVHGXFDWLYRVODVHGDGHVQRUPDWLYDVGH LQJUHVR\ODVPRGDOLGDGHVGHRIHUWDVRQDOJXQRV HMHPSORVGHORVFRPSRQHQWHVGHOSURJUDPD HGXFDWLYRTXHYDUtDQVLJQLILFDWLYDPHQWHHQWUH SDtVHV

±'DWRVGHSREODFLyQ3UR\HFFLRQHVGHSREODFLyQ UHDOL]DGDVSRUOD'LYLVLyQGH3REODFLyQGHODV 1DFLRQHV8QLGDV5HYLVLyQ 318' 1RWDU TXHDOPRPHQWRGHODSXEOLFDFLyQGHHVWH LQIRUPHODVHVWLPDFLRQHVGHOD5HYLVLyQ IXHURQSXEOLFDGDV\HO8,6DMXVWyVXVLQGLFDGRUHV GHPDQHUDDFRUGHSRUORTXHSXHGHQH[LVWLU DOJXQDVGLVFUHSDQFLDVHQWUHDOJXQRVGHORV YDORUHVDTXtSUHVHQWDGRV\ORVGLVSRQLEOHVHQOD EDVHGHGDWRVGHO8,6PiVUHFLHQWH

3DUDHVWDEOHFHUXQDHVWUXFWXUDYiOLGDTXHSHUPLWD DJUHJDUHQORVFiOFXORVDORVGDWRVGHFDGDXQRGH ORVVLVWHPDVHGXFDWLYRVQDFLRQDOHVVHXWLOL]yOD &ODVLILFDFLyQ,QWHUQDFLRQDO1RUPDOL]DGDGHOD




7$%/$  Ã&#x2019;OWLPRDxRFRQGDWRVGLVSRQLEOHVSDUDHOFiOFXORGHORVLQGLFDGRUHVVHJ~QSDtV\WLSRGHGDWR 3DtVHVGH$PpULFD/DWLQD\HO&DULEH 7RWDOGHHVWXGLDQWHV\ HVWXGLDQWHVSRUHGDG DxR

7RWDOGHHVWXGLDQWHV\ HVWXGLDQWHVSRUHGDG DxRVFRQVHFXWLYRV

5HSHWLGRUHV

3REODFLyQ

$QJXLOD









$UJHQWLQD



±





%DUEDGRV



±





%HOLFH



±





%ROLYLD



±





%UDVLO



±





&KLOH



±





&RORPELD



±





&RVWD5LFD









&XED



±





'RPLQLFD



±





(FXDGRU



±





(O6DOYDGRU



±





*UHQDGD



±





*XDWHPDOD



±





*X\DQD



±





+RQGXUDV



±





-DPDLFD



±





0p[LFR



±





1LFDUDJXD



±





3DQDPi



±





3DUDJXD\



±





3HU~



±





5HS~EOLFD'RPLQLFDQD



±





6DQ&ULVWyEDO\1HYLV



±





6DQ9LFHQWH\ODV *UDQDGLQDV



±





6DQWD/XFtD



±





6XULQDP



±





7ULQLGDG\7REDJR



±





8UXJXD\



±





9HQH]XHOD



±





)XHQWHSURFHVDPLHQWRVSURSLRVHQEDVHDGDWRVGHO,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 \GHOD'LYLVLyQGH3REODFLyQGHODV 1DFLRQHV8QLGDV5HYLVLyQ 813' 




(GXFDFLyQ &,1(± HODERUDGDSRUOD81(6&2 (VWHLQVWUXPHQWRSHUPLWHHVWDEOHFHUHTXLYDOHQFLDV HQWUHODVGLVWLQWDVHVWUXFWXUDVQDFLRQDOHVDSDUWLU GHXQFRQMXQWRGHFDUDFWHUtVWLFDVEiVLFDVFRPXQHV TXHGHILQHQDFDGDWUDPR

±&,1(RIHUWDHTXLYDOHQWHDORVSULPHURVDxRV GHOQLYHOVHFXQGDULR

6HXWLOL]yHVWDGHILQLFLyQSDUDHOFiOFXORGHODV GLPHQVLRQHVGHODH[FOXVLyQFRQVLGHUDQGRODV VLJXLHQWHVHTXLYDOHQFLDV

6HJ~QHVWDFODVLILFDFLyQLQWHUQDFLRQDOFDGDSDtV WLHQHGHILQLGRVDTXpQLYHO&,1(FRUUHVSRQGH FDGDXQRGHORVWUDPRVGHVXVLVWHPDHGXFDWLYR WDQWRHQVXGXUDFLyQFRPRHQODVHGDGHV FRUUHVSRQGLHQWHVDFDGDXQR(QOD7DEOD VHPXHVWUDQODVHVSHFLILFDFLRQHVGHFDGDSDtV

±&,1(RIHUWDHTXLYDOHQWHDODVHFXQGDULD VXSHULRU

±&,1(RIHUWDGHQLYHOSUHHVFRODU ±&,1(RIHUWDGHQLYHOSULPDULR

7$%/$  (GDG\GXUDFLyQGHORVQLYHOHVFLQHDFLQHSRUSDtVSDtVHVGH$PpULFD/DWLQD\HO&DULEH &,1( ~OWLPRDxR

&,1(

&,1(

&,1(

(GDG

(GDG

'XUDFLyQ

(GDG

'XUDFLyQ

(GDG

'XUDFLyQ

$QWLJXD\%DUEXGD















$UJHQWLQD















%DUEDGRV















%HOLFH















%ROLYLD















%UDVLO















&KLOH















&RORPELD















&RVWD5LFD















&XED















'RPLQLFD















(FXDGRU















(O6DOYDGRU















*UHQDGD















*XDWHPDOD















*X\DQD















+RQGXUDV















-DPDLFD















0p[LFR















1LFDUDJXD















3DQDPi















3DUDJXD\















3HU~


















&,1( ~OWLPRDxR

&,1(

&,1(

&,1(

(GDG

(GDG

'XUDFLyQ

(GDG

'XUDFLyQ

(GDG

'XUDFLyQ

5HS~EOLFD'RPLQLFDQD















6DQ&ULVWyEDO\1HYLV















6DQWD/XFtD















6DQ9LFHQWH\ODV*UDQDGLQDV















6XULQDP















7ULQLGDG\7REDJR















8UXJXD\















9HQH]XHOD















)XHQWH,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 

(OFiOFXORGHOUH]DJRHVFRODU

JUDGRQLDEDQGRQDU4XLHQHVHVWpQLQVFULWRVSRU HQFLPDGHHVWHXPEUDOGHHGDGVRQFRQVLGHUDGRV HVWXGLDQWHVFRQUH]DJR

(QHOLQIRUPHUHJLRQDOVHLQFOX\HXQFRQMXQWRGH LQGLFDGRUHVTXHWRPDQFRPREDVHODFDQWLGDGGH HVWXGLDQWHVLQVFULWRVFRQUH]DJR(VWHGDWRKDVLGR FRQVWUXLGRHVSHFLDOPHQWHSDUDHVWDLQLFLDWLYD FRQVLGHUDQGRODUHODFLyQHGDGJUDGRHQFDGDXQR GHORVSDtVHV

/D7DEODPXHVWUDDPRGRGHHMHPSORHOFULWHULR GHLGHQWLILFDFLyQGHORVHVWXGLDQWHVTXHVHXELFDQ SRUHQFLPDGHOXPEUDOGHHGDGVHJ~QODVGLVWLQWDV HGDGHVGHLQLFLRGHODSULPDULDTXHHVWiQYLJHQWHV HQODQRUPDWLYDGHORVSDtVHVGHODUHJLyQ

6HHQWLHQGHFRPRHVWXGLDQWHVFRQUH]DJRD DTXHOORVTXHHVWiQLQVFULWRVHQXQJUDGRFRQPD\RU HGDGDODTXHFRUUHVSRQGHHQXQDUHODFLyQ VHFXHQFLDOSDUWLHQGRGHODHGDGGHLQLFLRGHOD SULPDULDTXHHVWDEOHFHODQRUPDWLYDYLJHQWHGH FDGDSDtV

3DUDHOFiOFXORGHOUH]DJRVHFRQVLGHUDODHGDG HVFRODUGHORVHVWXGLDQWHV0XFKRVGHORVVLVWHPDV QDFLRQDOHVGHHVWDGtVWLFDHGXFDWLYDHQODFDSWXUD GHORVGDWRVSUHYpQHOUHJLVWURGHODHGDGGHORV HVWXGLDQWHVHQUHODFLyQDXQDIHFKDHVSHFtILFD (VWDIHFKDHVHOSDUiPHWURSDUDFRQVLGHUDUDORV LQVFULWRVHQHGDGFRUUHVSRQGLHQWHSDUDLQLFLDUOD SULPDULD\YDUtDGHSDtVHQSDtV(VWDHGDGHVFRODU SHUPLWHSRUORWDQWRHVWDEOHFHUODFRQGLFLyQGH DVLVWHQFLDGHOHVWXGLDQWHHQUHODFLyQDODHGDG DGHFXDGDVHJ~QGHILQHFDGDODQRUPDWLYDQDFLRQDO

(QRWUDVSDODEUDVLPSOLFDGHILQLUSDUDFDGDJUDGR XQXPEUDOGHHGDGTXHFRUUHVSRQGHDORVDxRV FXPSOLGRVTXHGHEHUtDQWHQHUORVHVWXGLDQWHVVL LQLFLDQVXHVFRODULGDGHQODHGDGFRUUHVSRQGLHQWH \VLFRQWLQ~DQVXWUD\HFWRULDHGXFDWLYDVLQUHSHWLUHO

7$%/$ (GDGGHFXUVDGRGHORVDxRVHVFRODUHVSDUDHOFiOFXORGHOUH]DJRHVFRODU (GDGGHLQLFLR GHODSULPDULD

3ULPDULD *UDGR

*UDGR

*UDGR

*UDGR

«

,QLFLRDORV DxRV

$VLVWHFRQ DxRV\PiV

$VLVWHFRQ DxRV\PiV

$VLVWHFRQ DxRV\PiV

$VLVWHFRQ DxRV\PiV

$VLVWHFRQ« DxRV\PiV

,QLFLRDORV DxRV

$VLVWHFRQ DxRV\PiV

$VLVWHFRQ DxRV\PiV

$VLVWHFRQ DxRV\PiV

$VLVWHFRQ DxRV\PiV

$VLVWHFRQ« DxRV\PiV

,QLFLRDORV DxRV

$VLVWHFRQ DxRV\PiV

$VLVWHFRQ DxRV\PiV

$VLVWHFRQ DxRV\PiV

$VLVWHFRQ DxRV\PiV

$VLVWHFRQ« DxRV\PiV




$ORVILQHVGHOSUHVHQWHLQIRUPHVHRSWDSRU VXEGLYLGLUODFRQGLFLyQGHUH]DJRHQGRVFDWHJRUtDV D DTXHOORVTXHDVLVWHQFRQXQDxRPiV DOHVWDEOHFLGRFRPRXPEUDO DxRGHUH]DJR  \ E DTXHOORVTXHDVLVWHQFRQGRVRPiVDxRV UHVSHFWRGHOXPEUDOGHHGDG RPiVDxRV GHUH]DJR 

FRQXQFULWHULRTXHVHDFRQVLVWHQWHFRQORVQLYHOHV GHUH]DJRGHODVHGDGHVVLJXLHQWHV&RQVLGHUDQGR TXHSDUDHVHPLVPRDxRFHUFDGHOGHOD PDWUtFXODGH&,1(VHHQFRQWUDEDHQODPRGDOLGDG DPSOLDGDGHDxRVGHGXUDFLyQVHGHFLGLyDVLJQDU ODFRQGLFLyQGHUH]DJRDOGHORVHVWXGLDQWHVGH DxRVHQSUHHVFRODU

$TXHOORVHVWXGLDQWHVQRLGHQWLILFDGRVFRQUH]DJR VHFRQVLGHUDQHQHGDGWHyULFDFDWHJRUtDTXH LQFOX\HD

&RQVLGHUDQGRHVWHFULWHULRHOSRUFHQWDMHGH HVWXGLDQWHVGHDxRVFRQUH]DJRVHHVWLPyHQXQ SDUDHODxR7HQLHQGRHQFXHQWDTXH HQHVHPLVPRDxRHOSRUFHQWDMHGHUH]DJR DVFLHQGHDOSDUDORVHVWXGLDQWHVGHDxRV ODDVLJQDFLyQDVXPHYDORUHVDFHSWDEOHVSDUD HOSDtV

‡ 4XLHQHVDVLVWHQFRQODPLVPDHGDGTXHODTXHHV GHILQLGDFRPRXPEUDO ‡ 4XLHQHVDVLVWHQFRQPHQRUHGDGDOD FRUUHVSRQGLHQWHDOXPEUDO

(VWLPDFLyQGHHVWXGLDQWHVUHFXUVDQWHV

‡ 4XLHQHVDVLVWHQHQPRGDOLGDGHVQRJUDGXDGDV GHODRIHUWDHGXFDWLYD

([LVWHXQFRQMXQWRGHHYLGHQFLDVTXHSHUPLWHQ LGHQWLILFDUTXHHOIUDFDVRHVFRODUDGTXLHUH XQDGLPHQVLyQPD\RUDODUHJLVWUDGDSRUOD UHSHWLFLyQGHJUDGR$OJXQRVHVWXGLRVGDQFXHQWD GHHVWHIHQyPHQR\DOJXQRVDQiOLVLVHVWDGtVWLFRV EULQGDQHOHPHQWRVSDUDVXVWHQWDUHVWDVKLSyWHVLV &RQHOFRQFHSWRGHUHFXUVDGRVHKDFHUHIHUHQFLD DWRGDVODVIRUPDVSRUODVFXDOHVXQHVWXGLDQWH HVWiLQVFULWRHQHOPLVPRJUDGRDOTXHDVLVWtDHODxR HVFRODUDQWHULRU,QFOX\HDODUHSHWLFLyQGHJUDGR \DWRGDVRWUDVIRUPDVTXHQRVHUHJLVWUDQFRPR UHSHWLFLyQ

3DUDWRGRVORVSDtVHVGHODUHJLyQODLGHQWLILFDFLyQ GHORVHVWXGLDQWHVFRQUH]DJRVHKDUHDOL]DGRGH HVWDIRUPDFRQVLGHUDQGRWUHVIDFWRUHV D ODHGDG QRUPDWLYDGHLQJUHVRDODSULPDULDR&,1( E OD HGDGGHOHVWXGLDQWH F HOJUDGRHQHOTXHHVWi LQVFULWR (OFDVRGH%UDVLOFRQVWLWX\HXQDH[FHSFLyQ\GHELy VHUWUDWDGRGHIRUPDSDUWLFXODU(QHVWHSDtVD SDUWLUGHODVDQFLyQGHOD/H\QžVH GHWHUPLQy D XQFDPELRHQODGXUDFLyQGHO&,1( SDVDQGRGHDDxRV\ E XQFDPELRHQOD HGDGGHLQLFLRGHO&,1(GHORVDORVDxRVGH HGDG$VLPLVPRVHHVWDEOHFLyTXHHVWHFDPELRVH LPSOHPHQWDUtDGHIRUPDJUDGXDOKDVWDHODxR LQFRUSRUDQGRSDXODWLQDPHQWHGLVWLQWDVUHJLRQHV JHRJUiILFDV

(QHOPDUFRGHGHVDUUROORGHOLQIRUPHUHJLRQDO1)( UHVXOWDUHOHYDQWHSRGHUHVWDEOHFHUXQD FXDQWLILFDFLyQDSUR[LPDGDGHHVWHIHQyPHQR\ GLPHQVLRQDUDTXHOODIRUPDGHUHFXUVDGRTXHQRHV UHJLVWUDGDFRPRUHSHWLFLyQGHJUDGR 3RUHVWDUD]yQVHGLVHxyXQPRGHORGHHVWLPDFLyQ GHODFDQWLGDGGHHVWXGLDQWHVUHFXUVDQWHV(VWH PRGHORQRSUHWHQGHDOFDQ]DUXQDFXDQWLILFDFLyQ SUHFLVDVLQRPiVELHQHVWDEOHFHUXQDDSUR[LPDFLyQ HVWDGtVWLFDFRQHOREMHWRGHVHxDODUODSUHVHQFLDGHO UHFXUVDGRQRUHJLVWUDGR\DOHUWDUVREUHOD QHFHVLGDGGHSURIXQGL]DUORVFRQRFLPLHQWRVDFHUFD GHOIHQyPHQR

/DLQIRUPDFLyQHVWDGtVWLFDGLVSRQLEOHGH%UDVLO VHJ~QODVIXHQWHVGHGDWRVDQWHVGHWDOODGDVUHILHUH DODxRIHFKDHQODTXHHOSDtVVHHQFRQWUDED HQSOHQRSURFHVRGHWUDQVLFLyQ(VWHPDUFR LPSOLFDEDGLILFXOWDGHVSDUDODGHILQLFLyQGHOD FRQGLFLyQGHUH]DJRGHORVHVWXGLDQWHVGHDxRV TXHDVLVWtDQD&,1( /DLQIRUPDFLyQGHODxRLQGLFDTXHHO GHORVHVWXGLDQWHVGHDxRVVHHQFRQWUDEDQ DVLVWLHQGRD&,1(8QFRQMXQWRGHHVWRV HVWXGLDQWHVDVLVWtDQDOQLYHOHQHGDGWHyULFDHQ ]RQDVGRQGHD~QQRVHLPSOHPHQWDEDODUHIRUPD 2WURJUXSRHQODV]RQDVGRQGH\DVHKDEtD LPSOHPHQWDGRHOFDPELRDVLVWtDFRQUH]DJR

(OPRGHORVHEDVDHQODFRPSDUDFLyQHQWUH GRVDxRVFRQVHFXWLYRVGHODFRQGLFLyQGHHGDG GHORVHVWXGLDQWHVSDUDFDGDXQDGHODVHGDGHV VLPSOHV (OPRGHORSDUWHGHODVLJXLHQWHDILUPDFLyQORV HVWXGLDQWHVGHHGDGHLQVFULWRVHQXQDxR$FRQ ODFRQGLFLyQGHHGDGFHDODxRVLJXLHQWH D  DVLVWLUiQFRQHGDGHHQHOJUDGRVLJXLHQWHFRQ ODFRQGLFLyQGHHGDGFHR E DVLVWLUiQFRQHGDG

$IDOWDGHLQIRUPDFLyQPiVSUHFLVDSDUDLGHQWLILFDUD FDGDXQRGHHVWRVJUXSRVVHGHFLGLyUHDOL]DUXQD DVLJQDFLyQDUELWUDULDGHHVWHJUXSRGHHVWXGLDQWHV




HHQHOPLVPRJUDGRFRQODFRQGLFLyQGH HGDGFHR F QRDVLVWLUiQDODHVFXHOD

DxRV$FRQWLQXDFLyQVHPXHVWUDXQHMHPSOR *UiILFR DSOLFDGRDOSDVDMHGHORVDORV DxRVGHHGDGHQXQSDtVGRQGHHOLQJUHVRDOD SULPDULDRFXUUHDORVDxR3DUDVLPSOLILFDUHO HMHPSORQRVHFRQWHPSODODSRVLELOLGDGGHTXH HVWXGLDQWHVGHDxRVDVLVWDQDSUHHVFRODUR LQJUHVHQDOVLVWHPDHGXFDWLYRDORVDxRV

(VWDDILUPDFLyQSXHGHDSOLFDUVHWDQWRDORV HVWXGLDQWHVFRQHGDGWHyULFD FH HGDGWHyULFD  RORVGLVWLQWRVWUDPRVGHUH]DJRDxRDxRVR PiVDxRVGHUH]DJR3RUORWDQWRODFRPSDUDFLyQ LQWHUDQXDOHQWUHODVGLVWLQWDVFRQGLFLRQHVGHHGDG SHUPLWHKDFHUHOVHJXLPLHQWRGHODFRQVHUYDFLyQR LQFUHPHQWRGHODFRQGLFLyQGHHGDG

3DUDUHSUHVHQWDUODVHFXHQFLDGHFiOFXORVVHXWLOL]D HOVLJXLHQWHFyGLJR

3DUDFRPSOHWDUHOPRGHORHVQHFHVDULRUHDOL]DUGRV HVWLPDFLRQHVDGLFLRQDOHV

(GDG

D  (VWLPDUXQLQJUHVRWDUGtR±YHUHVWLPDFLyQGHO LQJUHVRWDUGtR±

($

F

F

$xR

G

G

E  (VWLPDUODGLVWULEXFLyQGHODEDQGRQRHQWUH ODVGLVWLQWDVFRQGLFLRQHVGHHGDGWHyULFD \UH]DJR

(VWXGLDQWHV

*UDGR

(VWHPRGHORDSOLFDGRDWRGRVORVJUDGRV\HGDGHV SDUDWRGRVORVSDtVHVGHODUHJLyQDUURMD XQDHVWLPDFLyQGHODFDQWLGDGGHHVWXGLDQWHVTXH HQHOSDVDMHGHXQDxRDRWURDGTXLHUHQ RLQFUHPHQWDQVXFRQGLFLyQGHUH]DJR HVWLPDFLRQHV\ (VWHHPSHRUDPLHQWR GHODFRQGLFLyQGHHGDGLQGLFDODFRQGLFLyQGH UHFXUVDGRGHXQJUDGR

3DUDHOORVHHODERUyXQDOJRULWPREDMRODKLSyWHVLV GHTXHORVHVWXGLDQWHVFRQUH]DJRWLHQHQPD\RUHV SUREDELOLGDGHVGHDEDQGRQRUHVSHFWRGHTXLHQHV DVLVWHQFRQHGDGWHyULFD &RQHVWRVHOHPHQWRVHVSRVLEOHUHDOL]DUXQ HMHUFLFLRGHUHFRQVWUXFFLyQGHOSDVDMHHQWUHGRV

*5È),&2  (MHPSOLILFDFLyQSDVDMHGHORVDORVDxRVGHHGDGHQXQSDtVFRQLQJUHVRDODSULPDULD DODHGDGGHDxRV (VWXGLDQWHV GHDxRV $xR$ žJUDGR žJUDGR žJUDGR HUJUDGR



       

(VWXGLDQWHV GHDxRV $xR$ žJUDGR žJUDGR



$=($+-($

   3RQGHUDFLyQSGHODEDQGRQRGLVWULEXLGRHQWUHORVJUDGRV    &RQVHUYDQHGDGWHyULFD($+    $GTXLHUHQXQDxRGHUH]DJR($-($+-$ S

   &RQVHUYDQXQDxRGHUH]DJR($+- 

žJUDGR žJUDGR

   $GTXLHUHQGRVDxRVGHUH]DJR($-  -$ S

   &RQVHUYDQGRVDxRVGHUH]DJR($+- 

   $GTXLHUHQWUHVDxRVGHUH]DJR($-  -$ S

HUJUDGR  (GDGWHyULFD

   (VWLPDFLyQGHODEDQGRQR

5H]DJR  DxR

 DxRV

 DxRV

 DxRV

   &RQVHUYDQWUHVDxRVGHUH]DJR($+- 

  $GTXLHUHQFXDWURDxRVGHUH]DJR($-  -$ S

)XHQWH,QVWLWXWRGH(VWDGtVWLFDGHOD81(6&2 8,6 




/DDSOLFDFLyQGHOPRGHORHQSDtVHVGHODUHJLyQ DUURMyORVUHVXOWDGRVTXHVHSUHVHQWDQ HQOD7DEOD

7DOFRPRVHREVHUYDODIyUPXODFRQWHPSOD XQDHVWLPDFLyQGHODSREODFLyQTXHLQJUHVDUi HQIRUPDWDUGtDDODxRVLJXLHQWHGHOTXHVHXWLOL]D FRPRUHIHUHQFLD(VWDHVWLPDFLyQVHDOFDQ]D VXSRQLHQGRXQLQJUHVRWDUGtRGHSURSRUFLyQVLPLODU DOREVHUYDGRHQHODxRGHUHIHUHQFLD3DUD XQGHWDOOHGHHVWDHVWLPDFLyQYHUHOLQGLFDGRUWDVD GHLQJUHVRWDUGtRSXUR

$SDUWLUGHHVWDVHVWLPDFLRQHVVHREVHUYDTXH ORVPLOORQHVGHHVWXGLDQWHVUHJLVWUDGRVFRPR UHSHWLGRUHVUHSUHVHQWDQSRFRPiVGHOGHORV PLOORQHVGHUHFXUVDQWHVHVWLPDGRVDSDUWLU GHOPRGHOR

'HVFULSFLyQ3HUPLWHGLPHQVLRQDUODSURSRUFLyQGH HVWXGLDQWHVGHXQDFRKRUWHGHHGDGVLPSOHTXH LQJUHVDQSRUSULPHUDYH]DOVLVWHPDHGXFDWLYR D DQWHVGHODHGDGFRUUHVSRQGLHQWHDOLQLFLRGHOD SULPDULD E FRQODHGDGGHLQLFLDUODSULPDULD ±LQJUHVRVLQSUHHVFRODU±R F FRQPD\RUHGDGDOD TXHFRUUHVSRQGHDOLQLFLRGHODSULPDULD±LQJUHVR WDUGtR±'HHVWDIRUPDHVSRVLEOHDSUR[LPDUVH DXQSHUILOGHODGLQiPLFDGHODFFHVRDOVLVWHPD HGXFDWLYRSDUDODVQXHYDVFRKRUWHVGHHVWXGLDQWHV

(67,0$&,Ï1'(/,1*5(626,135((6&2/$5 <'(/,1*5(627$5'Ë2 )yUPXOD ‡ ,QJUHVRVLQSUHHVFRODU   - --   +  +

 

($=,QVFULWRVHQFXDOTXLHUJUDGRRQLYHOTXH WLHQHQODHGDGFRUUHVSRQGLHQWHDOSULPHUJUDGR GHO&,1(HQXQDxR$

)XHQWHXWLOL]DGDSDUDHOFiOFXORGDWRVGHO,QVWLWXWR GH(VWDGtVWLFDGHOD81(6&2

(-$-=,QVFULWRVHQFXDOTXLHUJUDGRRQLYHOTXH WLHQHQXQDxRPHQRVTXHODHGDG FRUUHVSRQGLHQWHDOSULPHUJUDGRGHO&,1(HQ XQDxR$-

'HILQLFLyQGHORVLQGLFDGRUHV (QHVWHDSDUWDGRVHSUHVHQWDQODVGHILQLFLRQHV \IyUPXODVGHFiOFXORGHORVLQGLFDGRUHVTXHIXHURQ HODERUDGRVSDUDHOLQIRUPHUHJLRQDO

,7௘$=SREODFLyQGHHGDGHTXHLQJUHVDUiHQ IRUPDWDUGtDHQHODxR$+  ‡ ,QJUHVRWDUGtR

7$6$(63(&Ë),&$'(0$75Ë&8/$325('$'

 +   +  +

)yUPXOD

($=,QVFULWRVHQFXDOTXLHUJUDGRRQLYHOTXH WLHQHQODHGDGFRUUHVSRQGLHQWHDOSULPHUJUDGR GHO&,1(HQXQDxR$

    ,H=(VWXGLDQWHVLQVFULWRVHQHGDGH