CAP3-plan-estrategico-eafit-2012-2018

&RPSURPLVRV GH OD DFDGHPLD

&$3Ì78/2 ,,,

&RPSURPLVRV GH OD DFDGHPLD

(Q HVWH FDStWXOR VH SUHVHQWDQ RUGHQDGRV SRU HMHV WHPiWLFRV ORV REMHWLYRV HVSHFtILFRV R FRPSURPLVRV DQXQFLDGRV SRU FDGD GHSDU WDPHQWR DFDGpPLFR HQ VX SURSyVLWR GH KDFHU UHDOLGDG HO SODQ GH GHVDUUROOR SURSXHVWR (Q OR TXH FRQFLHUQH DO SULPHU HMH ´3UHVHUYDU OD H[FHOHQFLD DFDGpPLFDµ GDGR HO FDUiFWHU WUDQVYHUVDO GH ODV OtQHDV GH DFFLyQ HVWUDWpJLFD ORV FRPSURPLVRV VRQ FRPXQHV D WRGRV ORV GHSDUWDPHQWRV DFDGpPLFRV \ SRU HOOR QR VH SUHVHQWDQ RUGHQDGRV SRU (VFXHODV FRPR VH KDFH SDUD ORV GHPiV HMHV \ OtQHDV GH DFFLyQ HVWUDWpJLFDV

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

35,0(5 (-( '( '(6$552//2

3UHVHUYDU OD H[FHOHQFLD DFDGpPLFD &203520,626

/Ì1($ (675$7e*,&$ &RQVHUYDU OD SROtWLFD GH DFUHGLWDFLyQ GH WRGRV ORV SURJUDPDV GH SUHJUDGR &RPSURPLVR

'HSHQGHQFLD UHVSRQVDEOH

$xR GH ORJUR

2EWHQHU OD UHQRYDFLyQ GH OD DFUHGLWDFLyQ SDUD HO SURJUDPD GH (FRQRPtD

'HSDUWDPHQWR GH (FRQRPtD

2EWHQHU OD UHQRYDFLyQ GH OD DFUHGLWDFLyQ SDUD HO SURJUDPD GH &RQWDGXUtD

'HSDUWDPHQWR GH &RQWDGXUtD

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URFHVRV

'HSDUWDPHQWR GH 0~VLFD

2EWHQHU DFUHGLWDFLyQ SDUD HO SURJUDPD GH &LHQFLDV 3ROtWLFDV

'HSDUWDPHQWR GH +XPDQLGDGHV

2EWHQHU DFUHGLWDFLyQ SDUD HO SURJUDPD GH &RPXQLFDFLyQ 6RFLDO

'HSDUWDPHQWR GH +XPDQLGDGHV

2EWHQHU DFUHGLWDFLyQ SDUD HO SURJUDPD GH ,QJHQLHUtD 0DWHPiWLFD

'HSDUWDPHQWR GH &LHQFLDV %iVLFDV

2EWHQHU OD UHQRYDFLyQ GH OD DFUHGLWDFLyQ SDUD HO SURJUDPD GH *HRORJtD

'HSDUWDPHQWR GH *HRORJtD

2EWHQHU OD UHQRYDFLyQ GH OD DFUHGLWDFLyQ SDUD HO SURJUDPD GH ,QJHQLHUtD GH 'LVHxR

'HSDUWDPHQWR GH ,QJHQLHUtD GH 'LVHxR

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URGXFFLyQ

'HSDUWDPHQWR GH ,QJHQLHUtD 0HFiQLFD

'HSDUWDPHQWR GH ,QJHQLHUtD GH 6LVWHPDV

'HSDUWDPHQWR GH &LHQFLDV %iVLFDV

2EWHQHU OD UHQRYDFLyQ GH OD DFUHGLWDFLyQ SDUD HO SURJUDPD GH ,QJHQLHUtD GH 3URFHVRV 2EWHQHU OD UHQRYDFLyQ GH OD DFUHGLWDFLyQ SDUD HO SURJUDPD GH 0~VLFD

2EWHQHU OD UHQRYDFLyQ GH OD DFUHGLWDFLyQ SDUD HO SURJUDPD GH ,QJHQLHUtD GH 3URGXFFLyQ 2EWHQHU OD UHQRYDFLyQ GH OD DFUHGLWDFLyQ SDUD HO SURJUDPD GH ,QJHQLHUtD 0HFiQLFD 2EWHQHU OD UHQRYDFLyQ GH OD DFUHGLWDFLyQ SDUD HO SURJUDPD GH ,QJHQLHUtD GH 6LVWHPDV 2EWHQHU DFUHGLWDFLyQ SDUD HO SURJUDPD GH ,QJHQLHUtD )tVLFD

&RPSURPLVRV GH OD DFDGHPLD

&RPSURPLVR

'HSHQGHQFLD UHVSRQVDEOH

$xR GH ORJUR

2EWHQHU OD UHQRYDFLyQ GH OD DFUHGLWDFLyQ SDUD 'HSDUWDPHQWR GH 2UJDQL]DFLyQ \ *HUHQFLD HO SURJUDPD GH $GPLQLVWUDFLyQ GH 1HJRFLRV

2EWHQHU OD UHQRYDFLyQ GH OD DFUHGLWDFLyQ SDUD HO SURJUDPD GH 1HJRFLRV ,QWHUQDFLRQDOHV

'HSDUWDPHQWR GH 1HJRFLRV ,QWHUQDFLRQDOHV

2EWHQHU OD UHQRYDFLyQ GH OD DFUHGLWDFLyQ SDUD HO SURJUDPD GH 'HUHFKR

'HSDUWDPHQWR GH 'HUHFKR

/Ì1($ (675$7e*,&$ 9LQFXODU ORV SRVJUDGRV DO VLVWHPD QDFLRQDO GH DFUHGLWDFLyQ &RPSURPLVR

'HSHQGHQFLD UHVSRQVDEOH

$xR GH ORJUR

2EWHQHU DFUHGLWDFLyQ SDUD OD 0DHVWUtD HQ )LQDQ]DV

'HSDUWDPHQWR GH )LQDQ]DV

2EWHQHU DFUHGLWDFLyQ SDUD OD 0DHVWUtD HQ $GPLQLVWUDFLyQ

'HSDUWDPHQWR GH 2UJDQL]DFLyQ \ *HUHQFLD

2EWHQHU DFUHGLWDFLyQ SDUD OD 0DHVWUtD HQ &LHQFLDV GH OD $GPLQLVWUDFLyQ

'HSDUWDPHQWR GH 2UJDQL]DFLyQ \ *HUHQFLD

2EWHQHU DFUHGLWDFLyQ SDUD OD 0DHVWUtD HQ &LHQFLDV GH OD 7LHUUD

'HSDUWDPHQWR GH *HRORJtD

2EWHQHU DFUHGLWDFLyQ SDUD OD 0DHVWUtD HQ ,QJHQLHUtD

(VFXHOD GH ,QJHQLHUtD

2EWHQHU DFUHGLWDFLyQ SDUD OD 0DHVWUtD HQ 0DWHPiWLFDV $SOLFDGDV

'HSDUWDPHQWR GH &LHQFLDV %iVLFDV

2EWHQHU DFUHGLWDFLyQ SDUD OD 0DHVWUtD HQ $GPLQLVWUDFLyQ )LQDQFLHUD

'HSDUWDPHQWR GH )LQDQ]DV

2EWHQHU DFUHGLWDFLyQ SDUD OD 0DHVWUtD HQ (FRQRPtD

'HSDUWDPHQWR GH (FRQRPtD

2EWHQHU DFUHGLWDFLyQ SDUD HO 'RFWRUDGR HQ $GPLQLVWUDFLyQ

'HSDUWDPHQWR GH 2UJDQL]DFLyQ \ *HUHQFLD

2EWHQHU DFUHGLWDFLyQ SDUD OD 0DHVWUtD HQ 0~VLFD

'HSDUWDPHQWR GH 0~VLFD

2EWHQHU DFUHGLWDFLyQ SDUD OD 0DHVWUtD HQ (VWXGLRV +XPDQtVWLFRV

'HSDUWDPHQWR GH +XPDQLGDGHV

2EWHQHU DFUHGLWDFLyQ SDUD OD 0DHVWUtD HQ +HUPHQpXWLFD /LWHUDULD

'HSDUWDPHQWR GH +XPDQLGDGHV

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

/Ì1($ (675$7e*,&$ (YDOXDU OD UHIRUPD FXUULFXODU UHFLHQWH &RPSURPLVR

'HSHQGHQFLD UHVSRQVDEOH

$xR GH ORJUR

+DFHU VHJXLPLHQWR D OD UHIRUPD GH ORV FXUVRV GH IRUPDFLyQ EiVLFD HQ PDWHPiWLFDV ItVLFD \ HVWDGtVWLFD

'HSDUWDPHQWR GH &LHQFLDV %iVLFDV

(YDOXDU OD UHIRUPD FXUULFXODU GHO SURJUDPD GH 'HUHFKR

'HSDUWDPHQWR GH 'HUHFKR

+DFHU VHJXLPLHQWR D OD UHIRUPD FXUULFXODU \ DO Q~FOHR GH IRUPDFLyQ LQVWLWXFLRQDO

'HSDUWDPHQWR GH +XPDQLGDGHV

'HSDUWDPHQWR GH &LHQFLDV %iVLFDV

5HYLVDU HO FXUUtFXOR GHO SUHJUDGR FRQ HO ILQ GH PDQWHQHU VX DFWXDOL]DFLyQ \ FRPSHWLWLYLGDG WDQWR ORFDO FRPR JOREDO

'HSDUWDPHQWR GH ,QJHQLHUtD GH 'LVHxR GH 3URGXFWR

5HYLVDU ORV FXUUtFXORV GH ODV HVSHFLDOL]DFLRQHV FRQ HO ILQ GH PDQWHQHU VX DFWXDOL]DFLyQ \ FRPSHWLWLYLGDG WDQWR ORFDO FRPR JOREDO

'HSDUWDPHQWR GH ,QJHQLHUtD GH 'LVHxR GH 3URGXFWR

+DFHU XQ VHJXLPLHQWR D OD UHIRUPD FXUULFXODU GH ORV SUHJUDGRV GHO 'HSDUWDPHQWR

/Ì1($ (675$7e*,&$ )RUWDOHFHU HO GHVDUUROOR GH FRPSHWHQFLDV SHGDJyJLFDV HQ ORV GRFHQWHV &RPSURPLVR

'HSHQGHQFLD UHVSRQVDEOH

$xR GH ORJUR

5HDOL]DU XQD MRUQDGD GH UHIOH[LyQ SHGDJyJLFD DO ILQDO GH FDGD VHPHVWUH

'HSDUWDPHQWR GH &RQWDGXUtD

&DSDFLWDU D ORV GRFHQWHV HQ 7,&·V SDUD OD HGXFDFLyQ

'HSDUWDPHQWR GH 'HUHFKR

5HDOL]DU XQD MRUQDGD DQXDO GH FDSDFLWDFLyQ HQ PHWRGRORJtDV GHO DSUHQGL]DMH

'HSDUWDPHQWR GH 'HUHFKR

,PSOHPHQWDU \ PRQLWRUHDU H[SHULHQFLDV GH DSUHQGL]DMH VRSRUWDGDV HQ 7,&

'HSDUWDPHQWR GH ,QJHQLHUtD GH 'LVHxR GH 3URGXFWR

)RUPDU GRFHQWHV \ PRQLWRUHV HQ ODV QXHYDV WHFQRORJtDV GH DSR\R SDUD ORV SURFHVRV GH DSUHQGL]DMH

'HSDUWDPHQWR GH ,QJHQLHUtD 0HFiQLFD

&RPSURPLVRV GH OD DFDGHPLD

&RPSURPLVR

'HSHQGHQFLD UHVSRQVDEOH

$xR GH ORJUR

+DFHU XQ PHMRU DSURYHFKDPLHQWR GHO &RQVXOWRULR 0DWHPiWLFR FRQ XQ SODQ GH FDSDFLWDFLyQ DQXDO TXH D\XGH D ORV HVWXGLDQWHV D PHMRUDU VX GHVHPSHxR HQ ORV (&$(6

'HSDUWDPHQWR GH &LHQFLDV %iVLFDV

&DSDFLWDU D ORV GRFHQWHV HQ QXHYDV PHWRGRORJtDV GH HQVHxDQ]D DSUHQGL]DMH TXH LQYROXFUHQ DO HVWXGLDQWH

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URGXFFLyQ

&RQILJXUDU HTXLSR GH GRFHQWHV FDSDFLWDGRV HQ RIUHFHU HGXFDFLyQ YLUWXDO

'HSDUWDPHQWR GH &LHQFLDV %iVLFDV

'HSDUWDPHQWR GH +XPDQLGDGHV

0HMRUDU HO VLVWHPD GH HYDOXDFLyQ GH FRPSHWHQFLDV HQ HO SURJUDPD

'HSDUWDPHQWR GH ,QJHQLHUtD GH 'LVHxR GH 3URGXFWR

$GTXLULU FRPSHWHQFLDV SDUD OD JHQHUDFLyQ GH FRQWHQLGRV TXH VRSRUWHQ HO GHVDUUROOR GH H[SHULHQFLDV GH DSUHQGL]DMH YLUWXDO

'HSDUWDPHQWR GH ,QJHQLHUtD GH 'LVHxR GH 3URGXFWR

5HDOL]DU SODQ GH FDSDFLWDFLyQ HQ 7,& SDUD SURIHVRUHV GHO GHSDUWDPHQWR

'HSDUWDPHQWR GH )LQDQ]DV 3UR\HFWR ,QIRUPiWLFD (GXFDWLYD

&DSDFLWDU D WRGRV ORV GRFHQWHV GHO GHSDUWDPHQWR HQ HO XVR GH ODV 7,&

'HSDUWDPHQWR GH ,QJHQLHUtD GH 'LVHxR GH 3URGXFWR

)RUPDU D WRGRV ORV GRFHQWHV GHO GHSDUWDPHQWR HQ HO XVR GH ODV 7,&

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URFHVRV

'HVDUUROODU KHUUDPLHQWDV GH WUDEDMR HQ DPELHQWHV YLUWXDOHV SDUD H[SORUDU QXHYDV PHWRGRORJtDV GRFHQWHV H LQYHVWLJDWLYDV

'HSDUWDPHQWR GH &LHQFLDV %iVLFDV

(VWDEOHFHU SODQHV GH PHMRUDPLHQWR SHGDJyJLFR H LQFRUSRUDFLyQ GH GLYHUVDV PHWRGRORJtDV GH HQVHxDQ]D DSUHQGL]DMH

'HSDUWDPHQWR GH 1HJRFLRV ,QWHUQDFLRQDOHV

&RQWULEXLU DO 3UR\HFWR FRQ OD SURGXFFLyQ GH FRQWHQLGRV GLJLWDOHV LQWHUDFWLYRV SDUD SURFHVRV SHGDJyJLFRV

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

6(*81'2 (-( '( '(6$552//2

&RQVROLGDU OD XQLYHUVLGDG GH GRFHQFLD FRQ LQYHVWLJDFLyQ &203520,626 (VFXHOD GH $GPLQLVWUDFLyQ

/Ì1($ (675$7e*,&$ )RUWDOHFHU OD FDSDFLGDG LQYHVWLJDWLYD 'HSDUWDPHQWR GH )LQDQ]DV

$xR GH ORJUR

%DODQFHDU DVLJQDFLyQ DFDGpPLFD HQWUH GRFHQFLD H LQYHVWLJDFLyQ SDUD IDYRUHFHU HO GHVDUUROOR GH HVWD ~OWLPD

$XPHQWDU OD SURGXFWLYLGDG GHO *UXSR GH ,QYHVWLJDFLyQ HQ )LQDQ]DV \ %DQFD 3URGXFLU DUWtFXORV WLSR ,6,

/RJUDU OD JUDGXDFLyQ GHO GH ORV DOXPQRV HQ OD 0DHVWUtD HQ $GPLQLVWUDFLyQ )LQDQFLHUD

/HYDQWDU LQIRUPDFLyQ VREUH 3\PHV GH ORV SDtVHV $QGLQRV SDUD HYDOXDU VX DYDQFH FRPSHWLWLYR

(ODERUDU LQYHVWLJDFLyQ GH 3\PHV UHODFLRQDGDV FRQ 7,&

5HDOL]DU LQYHVWLJDFLyQ VREUH RSRUWXQLGDGHV SDUD ODV 3\PHV /DWLQRDPHULFDQDV

'HSDUWDPHQWR GH 0HUFDGHR

$xR GH ORJUR

3XEOLFDU DUWtFXORV HQ UHYLVWDV QDFLRQDOHV \ R LQWHUQDFLRQDOHV

3XEOLFDU DUWtFXORV ,6, 6&2386

9LQFXODU HO 6HPLOOHUR GH ,QYHVWLJDFLyQ HQ 0HUFDGHR 60$57 DO HQFXHQWUR DQXDO GH VHPLOOHURV GH LQYHVWLJDFLyQ

3UHVHQWDU FDGD GRV DxRV ORV UHVXOWDGRV GHO *(0 HQ HYHQWRV HPSUHVDULDOHV

2EWHQHU FODVLILFDFLyQ HQ OD FDWHJRUtD $ GH &ROFLHQFLDV SDUD HO *UXSR GH (VWXGLRV HQ 0HUFDGHR *(0

&RPSURPLVRV GH OD DFDGHPLD

'HSDUWDPHQWR GH &RQWDGXUtD 3~EOLFD

$xR GH ORJUR

)RUWDOHFHU ORV VHPLOOHURV GH LQYHVWLJDFLyQ $PSOLDU YLQFXODFLyQ GH HVWXGLDQWHV GH SRVJUDGR HQ ODV LQYHVWLJDFLRQHV GHO 'HSDUWDPHQWR 3UHVHQWDU FDGD DxRV HQ HYHQWRV QDFLRQDOHV R LQWHUQDFLRQDOHV ORV UHVXOWDGRV GH OD DFWLYLGDG LQYHVWLJDWLYD 'LYLGLU HQ PDWHULDV HO FXUVR GH 7HRUtD H ,QYHVWLJDFLyQ &RQWDEOH 7HRUtD &RQWDEOH \ 0HWRGRORJtD GH OD ,QYHVWLJDFLyQ &UHDU OD DVLJQDWXUD GH 7UDEDMR GH *UDGR SDUD OD FDUUHUD GH &RQWDGXUtD 3~EOLFD &UHDU PDWHULD TXH IRPHQWH LQYHVWLJDFLyQ DSOLFDGD HQ ODV HVSHFLDOL]DFLRQHV GHO 'HSDUWDPHQWR 2EWHQHU OD FDWHJRUtD $ GH &ROFLHQFLDV SDUD HO *UXSR GH ,QYHVWLJDFLyQ HQ ,QIRUPDFLyQ \ *HVWLyQ &UHDU UHYLVWD YLUWXDO VHPHVWUDO SDUD GLYXOJDFLyQ GH WUDEDMRV H LQYHVWLJDFLRQHV GH GRFHQWHV VHPLOOHURV \ FRQVXOWRULR FRQWDEOH 'HVDUUROODU SUR\HFWRV GH LQYHVWLJDFLyQ YLQFXODGRV D ODV OtQHDV GH pQIDVLV GHO SURJUDPD &UHDU OtQHD GH pQIDVLV HQ FRQWDELOLGDG LQWHUQDFLRQDO S~EOLFD GH HPSUHVDV DJUtFRODV LQGXVWULDOHV EDQFRV HWF $EULU XQ JUXSR GH HVWXGLR SDUD FDGD OtQHD GH pQIDVLV

'HSDUWDPHQWR GH (FRQRPtD 3URGXFLU DUWtFXORV ,6, 6&2386 5HRUJDQL]DU OD DVLJQDFLyQ DFDGpPLFD GH ORV GRFHQWHV SDUD IDYRUHFHU OD LQYHVWLJDFLyQ &UHDU XQ :RUNLQJ 6HULHV GHO 'HSDUWDPHQWR /RJUDU OD FODVLILFDFLyQ HQ FDWHJRUtD $ GH &ROFLHQFLDV SDUD HO *UXSR GH (VWXGLRV HQ (FRQRPtD \ (PSUHVD \ HQ FDWHJRUtD & SDUD HO 5,6( /RJUDU OD FODVLILFDFLyQ HQ FDWHJRUtD $ GH &ROFLHQFLDV SDUD OD 5HYLVWD (&26

'HSDUWDPHQWR GH 1HJRFLRV ,QWHUQDFLRQDOHV 9LQFXODU SURIHVRUHV FRQ SURGXFFLyQ DFDGpPLFD UHFRQRFLGD FLHQWtILFDPHQWH 3URGXFLU DUWtFXORV ,6, 6&2386 /RJUDU LQGH[DFLRQHV SDUD OD 5HYLVWD GH 1HJRFLRV ,QWHUQDFLRQDOHV HQ 3XEOLQGH[ HQ FDWHJRUtD & GH &ROFLHQFLDV HQ FDWHJRUtD % GH &ROFLHQFLDV ,QGH[DFLyQ ,6, %XVFDU PHFDQLVPRV SDUD KDFHU FRODERUDFLyQ LQYHVWLJDWLYD FRQ DFDGpPLFRV LQWHUQDFLRQDOHV 3UHVHQWDU XQ SUR\HFWR DQXDO HQ ,QYHVWLJD 5HGHILQLU ODV OtQHDV GH LQYHVWLJDFLyQ DFWXDOHV 6HU XQ FHQWUR UHJLRQDO HQ IRUPDFLyQ GH LQYHVWLJDGRUHV HQ 1HJRFLRV ,QWHUQDFLRQDOHV 2EWHQHU FODVLILFDFLyQ HQ $ SDUD HO *UXSR GH ,QYHVWLJDFLyQ HQ (VWXGLRV ,QWHUQDFLRQDOHV

$xR GH ORJUR

$xR GH ORJUR

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

'HSDUWDPHQWR GH 2UJDQL]DFLyQ \ *HUHQFLD

$xR GH ORJUR

3XEOLFDU DUWtFXORV ,6, 6&2386

&RQVHUYDU FODVLILFDFLyQ HQ FDWHJRUtD $ GH &ROFLHQFLDV SDUD HO *UXSR GH +LVWRULD (PSUHVDULDO

2EWHQHU FODVLILFDFLyQ HQ FDWHJRUtD $ GH &ROFLHQFLDV SDUD HO *UXSR /D *HUHQFLD HQ &RORPELD

3URGXFLU XQ DUWtFXOR DQXDO HQ RWURV LGLRPDV

'HVDUUROODU LQYHVWLJDFLRQHV DQXDOHV FRQ HO *8,(

&RQVROLGDU *UXSR GH (VWXGLRV HQ 3UR\HFWRV )LQDQ]DV \ &RVWRV

&UHDU OtQHD GH LQYHVWLJDFLyQ DGVFULWD DO *UXSR /D *HUHQFLD HQ &RORPELD

&UHDU HO *UXSR GH (VWXGLR HQ 0HWRGRORJtD GH ,QYHVWLJDFLyQ

&UHDU OtQHD GH LQYHVWLJDFLyQ HQ 3VLFRORJtD 7UDEDMR \ 2UJDQL]DFLyQ

&UHDU 6HPLOOHUR GH LQYHVWLJDFLyQ HQ 3VLFRORJtD 7UDEDMR \ 2UJDQL]DFLyQ

3XEOLFDU XQ DUWtFXOR HQ 6WUDWHJLF 0DQDJHPHQW -RXUQDO

2EWHQHU FODVLILFDFLyQ HQ FDWHJRUtD $ GH &ROFLHQFLDV SDUD HO *UXSR HQ ,QQRYDFLyQ \ (PSUHVDULVPR

3XEOLFDU XQ DUWtFXOR HQ -RXUQDO RI %XVLQHVV 5HVHDUFK

,QWHUQDFLRQDOL]DU OD UHYLVWD )RUXP 'RFWRUDO

/Ì1($ (675$7e*,&$ $PSOLDU OD RIHUWD GH PDHVWUtDV \ GRFWRUDGRV 'HSDUWDPHQWR GH )LQDQ]DV

$xR GH ORJUR

5HDOL]DU HVWXGLR GH IDFWLELOLGDG SDUD RIUHFHU OD 0DHVWUtD HQ )LQDQ]DV HQ %RJRWi HQ FRQYHQLR FRQ XQD XQLYHUVLGDG GH SUHVWLJLR

&RQYHUWLU OD 0DHVWUtD HQ )LQDQ]DV HQ RSFLyQ GH FLFOR EiVLFR SDUD HO 'RFWRUDGR HQ $GPLQLVWUDFLyQ

&RQYHUWLU OD (VSHFLDOL]DFLyQ HQ 3\PHV HQ XQ pQIDVLV GHO 0%$

'HSDUWDPHQWR GH 0HUFDGHR

$xR GH ORJUR

7HQHU HQ IXQFLRQDPLHQWR HO ODERUDWRULR HQ 0HUFDGHR

*UDGXDU OD SULPHUD FRKRUWH GH OD 0DHVWUtD HQ 0HUFDGHR HQ 0HGHOOtQ

&UHDU HO VLVWHPD PHWUR HQWUH OD (VSHFLDOL]DFLyQ HQ 0HUFDGHR \ OD 0DHVWUtD HQ 0HUFDGHR

$EULU HQ 0HGHOOtQ OD SULPHUD FRKRUWH GH OD 0DHVWUtD HQ &LHQFLDV GHO 0HUFDGHR

2IUHFHU OD 0DHVWUtD HQ 0HUFDGHR HQ PRGDOLGDG YLUWXDO

&RPSURPLVRV GH OD DFDGHPLD

'HSDUWDPHQWR GH &RQWDGXUtD 3~EOLFD &UHDU OD 0DHVWUtD HQ $GPLQLVWUDFLyQ GH 5LHVJRV

'HSDUWDPHQWR GH (FRQRPtD

$xR GH ORJUR

$xR GH ORJUR

2IUHFHU 0DHVWUtD HQ (FRQRPtD HQ FLXGDGHV LQWHUPHGLDV

$EULU 'RFWRUDGR HQ (FRQRPtD

'HSDUWDPHQWR GH 1HJRFLRV ,QWHUQDFLRQDOHV

$xR GH ORJUR

2IUHFHU XQ ([HFXWLYH 0DVWHU LQ ,QWHUQDWLRQDO %XVLQHVV

3RVLFLRQDU OD 0DHVWUtD HQ 1HJRFLRV ,QWHUQDFLRQDOHV HQ /DWLQRDPpULFD

2IUHFHU 'RFWRUDGR HQ 1HJRFLRV ,QWHUQDFLRQDOHV HQ FRQYHQLR FRQ UHGHV DFDGpPLFDV 3DFLEHU $,% /DWLQRDPpULFD

'HSDUWDPHQWR GH 2UJDQL]DFLyQ \ *HUHQFLD

$xR GH ORJUR

2IUHFHU HQ PRGDOLGDG YLUWXDO OD 0DHVWUtD HQ $GPLQLVWUDFLyQ

'LVHxDU \ SRQHU HQ PDUFKD 0DHVWUtD HQ *HUHQFLD GH 3UR\HFWRV

'LVHxDU \ SRQHU HQ PDUFKD 0DHVWUtD HQ *HUHQFLD GHO 'HVDUUROOR +XPDQR

&UHDU pQIDVLV HQ LQQRYDFLyQ HVWXGLRV RUJDQL]DFLRQDOHV \ JHVWLyQ KXPDQD SDUD HO 'RFWRUDGR HQ $GPLQLVWUDFLyQ

'LVHxDU \ RIUHFHU pQIDVLV HQ (VWUDWHJLD SDUD HVWXGLDQWHV GHO 0%$

'LVHxDU \ RIUHFHU VHPLQDULRV HQ 3VLFRDQiOLVLV \ 2UJDQL]DFLyQ \ HQ 7UDEDMR \ 2UJDQL]DFLyQ SDUD OD 0DHVWUtD HQ &LHQFLDV GH OD $GPLQLVWUDFLyQ

&UHDU 0DHVWUtD HQ ,QYHVWLJDFLyQ \ 0HWRGRORJtD GH OD ,QYHVWLJDFLyQ

&UHDU 0DHVWUtD HQ 3VLFRORJtD 2UJDQL]DFLRQDO

'LVHxDU \ SRQHU HQ PDUFKD 0DHVWUtD HQ (PSUHVDULVPR

2IUHFHU OtQHD GH pQIDVLV HQ SUR\HFWRV SDUD HO 'RFWRUDGR HQ $GPLQLVWUDFLyQ

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

/Ì1($ (675$7e*,&$ 2IUHFHU QXHYRV SURJUDPDV GH SUHJUDGR \ HVSHFLDOL]DFLyQ 'HSDUWDPHQWR GH )LQDQ]DV 9LQFXODU SURIHVRUHV GH SODQWD SDUD GRFHQFLD HQ SUHJUDGR $EULU JUXSR GH SUHJUDGR HQ )LQDQ]DV FRQ HVWXGLDQWHV &UHDU OtQHDV GH pQIDVLV SDUD HO SUHJUDGR HQ )LQDQ]DV UHODFLRQDGDV FRQ ODV PDHVWUtDV HQ )LQDQ]DV \ HQ $GPLQLVWUDFLyQ )LQDQFLHUD *UDGXDU FRKRUWHV GH OD (VSHFLDOL]DFLyQ GH 3\PHV PRGDOLGDG YLUWXDO

'HSDUWDPHQWR GH &RQWDGXUtD 3~EOLFD

$xR GH ORJUR

$xR GH ORJUR

&UHDU (VSHFLDOL]DFLRQHV HQ 7ULEXWDFLyQ ,QWHUQDFLRQDO

&UHDU (VSHFLDOL]DFLyQ HQ (VWiQGDUHV ,QWHUQDFLRQDOHV GH &RQWDELOLGDG

/LGHUDU SUR\HFWR SDUD FUHDFLyQ GH FDUUHUD HQ ,QQRYDFLyQ \ 'HVDUUROOR 2UJDQL]DFLRQDO

'HSDUWDPHQWR GH 0HUFDGHR

$xR GH ORJUR

,QFOXLU HO XVR GHO /DERUDWRULR HQ 0HUFDGHR HQ OD HQVHxDQ]D GH ODV GLVWLQWDV PDWHULDV GHO SURJUDPD

2IUHFHU OD SULPHUD (VSHFLDOL]DFLyQ HQ 7HPDV (VSHFtILFRV GH 0HUFDGHR FRQ GXUDFLyQ GH XQ DxR

&UHDU &RPLWp GH &DUUHUD SDUD HO SUHJUDGR HQ 0HUFDGHR

*UDGXDU OD SULPHUD FRKRUWH GHO SUHJUDGR HQ 0HUFDGHR

2IUHFHU XQD HVSHFLDOL]DFLyQ YLUWXDO

'HSDUWDPHQWR GH 1HJRFLRV ,QWHUQDFLRQDOHV 2IUHFHU HQ PRGDOLGDG YLUWXDO OD (VSHFLDOL]DFLyQ HQ &RPHUFLR ,QWHUQDFLRQDO

'HSDUWDPHQWR GH 2UJDQL]DFLyQ \ *HUHQFLD 2IUHFHU HQ PRGDOLGDG YLUWXDO ODV VLJXLHQWHV HVSHFLDOL]DFLRQHV *HUHQFLD GH 3UR\HFWRV &DOLGDG \ $GPLQLVWUDFLyQ

$xR GH ORJUR

$xR GH ORJUR

&RPSURPLVRV GH OD DFDGHPLD

&203520,626 (VFXHOD GH ,QJHQLHUtD /Ì1($ (675$7e*,&$ )RUWDOHFHU OD FDSDFLGDG LQYHVWLJDWLYD 'HSDUWDPHQWR GH ,QJHQLHUtD &LYLO

$xR GH ORJUR

&UHDU XQ JUXSR R OtQHD GH LQYHVWLJDFLyQ DVRFLDGD DO iUHD GH *HRWHFQLD

'HVDUUROODU SUR\HFWRV GH LQYHVWLJDFLyQ FRQ XQLYHUVLGDGHV H[WUDQMHUDV TXH LQFOX\DQ HVWXGLDQWHV GH GRFWRUDGR \ R PDHVWUtD FRQ pQIDVLV HQ LQJHQLHUtD VLVPR UHVLVWHQWH

9LQFXODU SURIHVRUHV FRQ GRFWRUDGR HQ ODV iUHDV GRQGH VH SUHVHQWD HO UHOHYR JHQHUDFLRQDO

$XPHQWDU OD FDQWLGDG GH HVWXGLDQWHV GH PDHVWUtD \ R GRFWRUDGR DVRFLDGRV D SUR\HFWRV GH LQYHVWLJDFLyQ HQ ODV iUHDV GH LQJHQLHUtD VtVPLFD JHRWHFQLD PHFiQLFD FRPSXWDFLRQDO \ FRQVWUXFFLyQ

3XEOLFDU OLEUR +LGUiXOLFD GH 7XEHUtDV

3XEOLFDU OLEUR 0HFiQLFD GH )OXLGRV

3XEOLFDU OLEUR +LGUiXOLFD ([SHULPHQWDO

&UHDU OtQHDV GH LQYHVWLJDFLyQ DVRFLDGDV DO JUXSR GH JHVWLyQ GH OD FRQVWUXFFLyQ TXH DSR\H OD HVSHFLDOL]DFLyQ GH 'LVHxR 9LDO H ,QJHQLHUtD GH 3DYLPHQWRV

3XEOLFDU OLEUR 'LQiPLFD (VWUXFWXUDO GH 9DULRV *UDGRV GH /LEHUWDG

&UHDU XQ ODERUDWRULR GH HQVD\R D HVFDOD UHDO

&UHDU ODERUDWRULR GH 0HFiQLFD GH 5RFDV FRQ VRFLRV HVWUDWpJLFRV

3XEOLFDU OLEUR 'LQiPLFD &OiVLFD

9LQFXODU ODV OtQHDV GH HVSHFLDOL]DFLyQ HQ 7XUERPiTXLQDV \ 'LVHxR 9LDO H ,QJHQLHUtD GH 3DYLPHQWRV D OD 0DHVWUtD HQ ,QJHQLHUtD

$PSOLDU OD OtQHDV GH LQYHVWLJDFLyQ GHO JUXSR *(6&21 HQ FRQVWUXFFLyQ VRVWHQLEOH

&UHDU ODERUDWRULR GH 0iTXLQDV +LGUiXOLFDV DVRFLDGR D ORV JUXSRV GH LQYHVWLJDFLyQ *(0, \ 0HFiQLFD $SOLFDGD

6HU OtGHUHV HQ LQYHVWLJDFLyQ D QLYHO QDFLRQDO HQ HO iUHD GH FRQFUHWR

&UHDU OtQHD GH LQYHVWLJDFLyQ DVRFLDGD DO JUXSR GH PHFiQLFD DSOLFDGD HQ LQVWUXPHQWDFLyQ GH HGLILFLRV

&RQVROLGDU OtQHD GH LQYHVWLJDFLyQ HQ RFHDQRJUDItD ItVLFD \ PRGHODFLyQ GH SURFHVRV FRVWHURV

,QFUHPHQWDU OD SXEOLFDFLyQ HQ UHYLVWDV LQGH[DGDV LQWHUQDFLRQDOHV

9LQFXODU HVWXGLDQWHV GH PDHVWUtD \ R GRFWRUDGR DVRFLDGRV D SUR\HFWRV GH LQYHVWLJDFLyQ HQ ODV iUHDV GH KLGUiXOLFD \ YtDV

)RUPDU HO SULPHU GRFWRU HQ HO iUHD GH FRQVWUXFFLyQ

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

'HSDUWDPHQWR GH ,QJHQLHUtD GH 'LVHxR GH 3URGXFWR

$xR GH ORJUR

,QFUHPHQWDU OD SURGXFFLyQ DFDGpPLFD \ OD GLYXOJDFLyQ GH OD PLVPD

)DYRUHFHU HO GHVDUUROOR \ OLFHQFLDPLHQWR GH DFWLYRV GH SURSLHGDG LQWHOHFWXDO \ JHQHUDFLyQ GH LQLFLDWLYDV GH HPSUHQGLPLHQWR \ 63,1 2))6

)DYRUHFHU OD JHQHUDFLyQ GH LQLFLDWLYDV GH HPSUHQGLPLHQWR 67$57 83·6 SRU SDUWH GH ORV HVWXGLDQWHV D SDUWLU GH ORV UHVXOWDGRV GH ORV SUR\HFWRV DFDGpPLFRV H LQYHVWLJDWLYRV GHVDUUROODGRV SRU HOORV

&RQVROLGDU HO JUXSR GH LQYHVWLJDFLyQ GHO 'HSDUWDPHQWR FRPR VRSRUWH GH ODV DFWLYLGDGHV GH IRUPDFLyQ H LQWHUDFFLyQ FRQ OD FRPXQLGDG

'HVDUUROODU XQD LQIUDHVWUXFWXUD ItVLFD \ WHFQROyJLFD SURSLD SDUD HO JUXSR GH LQYHVWLJDFLyQ GHO GHSDUWDPHQWR DGPLQLVWUDGD SRU HO PLVPR

*HQHUDU UHGHV GH WUDEDMR FRODERUDWLYR FRQ HPSUHVDV JRELHUQR \ RWUDV LQVWLWXFLRQHV DFDGpPLFDV QDFLRQDOHV H LQWHUQDFLRQDOHV

'HSDUWDPHQWR GH ,QJHQLHUtD 0HFiQLFD

$xR GH ORJUR

&RQVROLGDU iUHDV GH LQYHVWLJDFLyQ HQ ORV JUXSRV GHO GHSDUWDPHQWR

0HMRUDU OD FODVLILFDFLyQ GH ORV JUXSRV GH LQYHVWLJDFLyQ ORJUDQGR VX XELFDFLyQ HQ ODV FDWHJRUtDV PiV DOWDV GHO 6LVWHPD 1DFLRQDO GH &LHQFLD \ 7HFQRORJtD GRV JUXSRV HQ FDWHJRUtD $

&XOPLQDU OD IRUPDFLyQ GRFWRUDO GH ORV GRFHQWHV TXH VH HQFXHQWUDQ HQ HO SURFHVR

9LQFXODU SURIHVRU GH WLHPSR FRPSOHWR SDUD DSR\DU ODV DFWLYLGDGHV GH LQYHVWLJDFLyQ

,QFUHPHQWDU OD SDUWLFLSDFLyQ GH ORV HVWXGLDQWHV GH PDHVWUtD \ GRFWRUDGR HQ ORV JUXSRV \ SUR\HFWRV GH LQYHVWLJDFLyQ

0HMRUDU OD DUWLFXODFLyQ GH WUDEDMRV GH JUDGR \ SXEOLFDFLRQHV R DVHVRUtDV

9LQFXODU HO HTXLYDOHQWH D GRV SURIHVRUHV GH WLHPSR FRPSOHWR HQ DVLVWHQWHV GH LQYHVWLJDFLyQ PDWULFXODGRV HQ SURJUDPDV GH PDHVWUtD \ GRFWRUDGR

,QFUHPHQWDU HO Q~PHUR GH SDVDQWtDV LQWHUQDFLRQDOHV GH ORV DVLVWHQWHV GH LQYHVWLJDFLyQ

,QFUHPHQWDU HO LPSDFWR GH OD LQYHVWLJDFLyQ UHDOL]DGD SHUWLQHQFLD \ YLVLELOLGDG

$XPHQWDU OD SDUWLFLSDFLyQ GH ORV VHFWRUHV HPSUHVDULDOHV \ JXEHUQDPHQWDO HQ ORV SUR\HFWRV GH LQYHVWLJDFLyQ

0HMRUDU ORV LQGLFDGRUHV GHO 6LVWHPD 1DFLRQDO GH &LHQFLD \ 7HFQRORJtD SXEOLFDFLRQHV SDWHQWHV JUDGXDGRV GH PDHVWUtD GRFWRUDGR QXHYDV HPSUHVDV HWF

3UR\HFWDU QXHYDV LQVWDODFLRQHV FRQ GRWDFLyQ SDUD DSR\DU ORV SURFHVRV LQYHVWLJDWLYRV \ GH SRVJUDGR P SRU JUXSR

,QFUHPHQWDU HO Q~PHUR GH VHPLOOHURV XQ VHPLOOHUR SRU JUXSR \ FRPSURPHWHUORV D UHDOL]DU FRQJUHVRV HVWXGLDQWLOHV XQR FDGD FLQFR DxRV

'HVDUUROODU SURJUDPDV GH IRUPDFLyQ SDUD HVWXGLDQWHV GH SUHJUDGR TXH DSR\DQ ORV SURFHVRV GH LQYHVWLJDFLyQ R IRUPDFLyQ FRPR PRQLWRUHV R DVLVWHQWHV

)RUWDOHFHU HO GHVDUUROOR GH OD UHYLVWD GH OD HVFXHOD SDUD ORJUDU HO UHFRQRFLPLHQWR SRU SDUWH GH &ROFLHQFLDV \ ORJUDU UHFRQRFLPLHQWR LQWHUQDFLRQDO 6&2386

&RPSURPLVRV GH OD DFDGHPLD

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URFHVRV

$xR GH ORJUR

'HILQLU \ GHFODUDU ODV OtQHDV HVWUDWpJLFDV GH LQYHVWLJDFLyQ

3DUWLFLSDU HQ JUXSRV GH LQYHVWLJDFLyQ LQWHUGHSDUWDPHQWDOHV HQ ORV WHPDV HQHUJtDV VRVWHQLEOHV \ PDWHULDOHV GH LQJHQLHUtD HQWUH RWURV

9LQFXODU SRU OR PHQRV XQ HVWXGLDQWH GH SRVJUDGR FRPR DVLVWHQWH GH LQYHVWLJDFLyQ HQ ORV SUR\HFWRV GH ILQDQFLDFLyQ LQWHUQD

'HVWLQDU P SDUD XQ ODERUDWRULR GH SURFHVRV

'HVWLQDU P SDUD HO HVWDEOHFLPLHQWR GH FXEtFXORV GH LQYHVWLJDFLyQ DVLJQDEOHV D ORV HVWXGLDQWHV GH PDHVWUtD \ GRFWRUDGR TXH SDUWLFLSHQ GH ORV SUR\HFWRV GH LQYHVWLJDFLyQ

)RUPDU D QLYHO GRFWRUDO GRV SURIHVRUHV GH WLHPSR FRPSOHWR HQ HO iUHD GH %LRSURFHVRV

0HMRUDU OD FODVLILFDFLyQ GH ORV JUXSRV GH LQYHVWLJDFLyQ $ SDUD HO *,3$% % SDUD HO ''3

(VWDEOHFHU SRU OR PHQRV DOLDQ]DV R FRQYHQLRV SDUD LQYHVWLJDFLyQ FRQ HPSUHVDV ORFDOHV R UHJLRQDOHV

/RJUDU GH KRUDV SURIHVRU GHGLFDGDV D LQYHVWLJDFLyQ

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URGXFFLyQ

$xR GH ORJUR

ÉUHD GH PDWHULDOHV ,QFHQWLYDU HQ ORV HVWXGLDQWHV GH SUHJUDGR HO LQWHUpV SRU HO HVWXGLR \ FRQRFLPLHQWR GH ORV PDWHULDOHV &RQWDU FRQ GRV HVWXGLDQWHV GH PDHVWUtD SRU FDGD SURIHVRU 9LQFXODU SURIHVRUHV FRQ IRUPDFLyQ GRFWRUDO SDUD ODV iUHDV GH PDWHULDOHV FRPSXHVWRV QDQR PDWHULDOHV \ FHUiPLFRV

,QLFLDU WUDEDMRV GH LQYHVWLJDFLyQ HQ HO iUHD GH QDQR PDWHULDOHV

/RJUDU UHFRQRFLPLHQWR QDFLRQDO SRU ORV ORJURV LQYHVWLJDWLYRV

&RQWDU FRQ GRV HVWXGLDQWHV GH GRFWRUDGR SRU FDGD SURIHVRU

$EULU SOD]DV SRVGRFWRUDOHV SDUD LQYHVWLJDFLRQHV HVSHFtILFDV

0HMRUDU HO HVFDODIyQ DQWH &ROFLHQFLDV GHO *UXSR GH ,QYHVWLJDFLyQ HQ 0DWHULDOHV GH ,QJHQLHUtD KDVWD OD FDWHJRUtD $

/RJUDU UHFRQRFLPLHQWR LQWHUQDFLRQDO SRU ORV ORJURV LQYHVWLJDWLYRV

ÉUHD GH DXWRPDWL]DFLyQ 0RGLILFDU ODV PRGDOLGDGHV GH RIHUWD DFDGpPLFD GH JUXSRV SRU Q~PHUR GH HVWXGLDQWHV D JUXSRV SRU WHPiWLFD DFDGpPLFD

)RUWDOHFHU OD LQYHVWLJDFLyQ FRQ WHPiWLFDV GH LQWHUHV VHQVyULFD GH DOWR QLYHO DOJRUtWPLFD GH FRQWURO GHVDUUROOR HILFLHQWH GH GH DFWXDGRUHV PHFDWUyQLFRV

&DSDFLWDU D WtWXOR GH GRFWRU XQ GRFHQWH HQ UHHPSOD]R GH XQR GH ORV GRFHQWHV TXH VH MXELODQ

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URGXFFLyQ

$xR GH ORJUR

ÉUHD JHVWLyQ GH OD SURGXFFLyQ 3UHVHQWDU GRV SUR\HFWRV GH LQYHVWLJDFLyQ TXH LQYROXFUHQ SRU OR PHQRV XQ HVWXGLDQWH GH PDHVWUtD HQ FDGD SUR\HFWR 3XEOLFDU HQ UHYLVWDV LQGH[DGDV GRV DUWtFXORV 5HDOL]DU GRV SRQHQFLDV HQ HYHQWRV DFDGpPLFRV GH GLYXOJDFLyQ TXH LQYROXFUHQ DO PHQRV XQ HVWXGLDQWH GH OD FDUUHUD $GHFXDU HVSDFLR ItVLFR SDUD HO VHPLOOHUR FRQ DO PHQRV FXDWUR PyGXORV HTXLSDGRV HVFULWRULR FRPSXWDGRU \ XQ HVSDFLR DGLFLRQDO SDUD UHXQLRQHV SUHJUDGR

,QFUHPHQWDU HO Q~PHUR GH HVWXGLDQWHV GHO VHPLOOHUR KDVWD WUHLQWD SUHJUDGR

$VHJXUDU OD FDOLGDG GH ORV WUDEDMRV GH LQYHVWLJDFLyQ UHDOL]DGRV SRU ORV HVWXGLDQWHV GH PDHVWUtD *DUDQWL]DU XQD SXEOLFDFLyQ HQ UHYLVWD LQWHUQDFLRQDO LQGH[DGD

ÉUHD GH PDQXIDFWXUD 0RQWDU WDOOHUHV GH SURFHVDPLHQWR GH SOiVWLFRV SURFHVDPLHQWR GH OiPLQD PHWiOLFD SURFHVDPLHQWR GH FHUiPLFDV \ YLGULRV 3/0

5HDOL]DU FDSDFLWDFLyQ HQ HVFULWXUD SDUD SXEOLFDU DUWtFXORV FLHQWtILFRV \ SDWHQWHV

/RJUDU OD SXEOLFDFLyQ GH GRV DUWtFXORV D QLYHO LQWHUQDFLRQDO

'HVDUUROODU XQ EDQFR GH SUR\HFWRV

/RJUDU OD FODVLILFDFLyQ GHO JUXSR GH LQYHVWLJDFLyQ HQ OD FDWHJRUtD & GH &ROFLHQFLDV

3XEOLFDU OLEUR GHO iUHD GH PDQXIDFWXUD 6ROLFLWDU XQD SDWHQWH 9LQFXODU GRV SURIHVRUHV FRQ GRFWRUDGR

&ODVLILFDU HO JUXSR GH LQYHVWLJDFLyQ HQ OD FDWHJRUtD % GH &ROFLHQFLDV &ODVLILFDU HO JUXSR GH LQYHVWLJDFLyQ HQ FDWHJRUtD $ GH &ROFLHQFLDV

&UHFHU HO HQ HO VRSRUWH GH OD JHVWLyQ GH SUR\HFWRV

([LJLU XQ PD\RU SHUILO DFDGpPLFR D ORV HVWXGLDQWHV TXH VH LQFRUSRUDQ GHVGH ODV PRQLWRUtDV SDUD TXH VLUYDQ GH VHPLOOHUR HQ ODV DFWLYLGDGHV GH LQYHVWLJDFLyQ \ GRFHQFLD

&RPSURPLVRV GH OD DFDGHPLD

'HSDUWDPHQWR GH *HRORJtD

$xR GH ORJUR

&RQVWUXLU ODERUDWRULRV GH PLFURSDOHRQWRORJtD \ JHRPLFURELRORJtD

$OFDQ]DU OD FDWHJRUtD $ GH &ROFLHQFLDV HQ ORV JUXSRV GH LQYHVWLJDFLyQ &LHQFLDV GHO 0DU \ *HRORJtD $PELHQWDO

'HVDUUROODU GRFWRUDGR HQ &LHQFLDV GH OD 7LHUUD

,QFUHPHQWDU HO Q~PHUR GH HVWXGLDQWHV GH PDHVWUtD

0HMRUDU \ RSWLPL]DU ORV ODERUDWRULRV GH LQYHVWLJDFLyQ

,QFUHPHQWDU HO Q~PHUR GH SUR\HFWRV GH LQYHVWLJDFLyQ \ OD SURGXFFLyQ FLHQWtILFD SULQFLSDOPHQWH DUWtFXORV HQ UHYLVWDV LQWHUQDFLRQDOHV LQGH[DGDV

(MHFXWDU SUR\HFWRV GH LQYHVWLJDFLyQ ILQDQFLDGRV H[WHUQDPHQWH /RJUDU TXH FDGD DxR VH FXHQWH FRQ XQ SUR\HFWR ILQDQFLDGR FRQ UHFXUVRV H[WHUQRV

'HSDUWDPHQWR GH ,QJHQLHUtD GH 6LVWHPDV 'HILQLU SODQ HVWUDWpJLFR GHO QXHYR JUXSR GH LQYHVWLJDFLyQ

$xR GH ORJUR

'HILQLU VRFLRV SDUD OD LQYHVWLJDFLyQ GHQWUR \ IXHUD GH OD XQLYHUVLGDG SDUWLFLSDU HQ FXDWUR UHGHV DFDGpPLFDV SDUWLFLSDU HQ RFKR UHGHV DFDGpPLFDV

'HILQLU \ SRQHU HQ IXQFLRQDPLHQWR HVWUDWHJLD GH UHOHYR SURIHVRUHV FRQ 3K ' HQ iUHDV FODYHV

(VWDEOHFHU PHWDV \ OtQHDV GH SURGXFWLYLGDG 3XEOLFDFLRQHV SDVDU GH FXDWUR D TXLQFH 3RQHQFLDV SDVDU GH FXDWUR D TXLQFH

3DWHQWHV XQD SDUD ORV DxRV 5HJLVWURV GRV SRU DxR

'HILQLU SUR\HFWRV GH WUDQVIHUHQFLD WHFQROyJLFD DVHVRUtDV \ FRQVXOWRUtDV

7UHV HO DxR VHLV SRU DxR DO

0HMRUDU OD SURGXFWLYLGDG GH HVWXGLDQWHV GH PDHVWUtD \ GRFWRUDGR

,QWHJUDU FRPSRQHQWHV GH LQYHVWLJDFLyQ HQ ODV DVLJQDWXUDV SDUD ORV GLYHUVRV QLYHOHV GH IRUPDFLyQ

,PSOHPHQWDU FXUUtFXOR SRU FRPSHWHQFLDV DSUHQGL]DMH SRU SUR\HFWRV

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

/Ì1($ (675$7e*,&$ $PSOLDU OD RIHUWD GH PDHVWUtDV \ GRFWRUDGRV 'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URGXFFLyQ ÉUHD GH DXWRPDWL]DFLyQ 3URPRYHU SURJUDPDV DFDGpPLFRV TXH VXUWDQ HO UHVSDOGR GH LQYHVWLJDGRUHV D ODV WHPiWLFDV SURSXHVWDV

'HSDUWDPHQWR GH *HRORJtD

$xR GH ORJUR

,QLFLDU HVWXGLR GH PHUFDGR SDUD SRVJUDGRV HQ &LHQFLDV GH OD 7LHUUD HQ $PpULFD &HQWUDO \ HQ (FXDGRU

'HVDUUROODU GRFWRUDGR HQ &LHQFLDV GH OD 7LHUUD

'HSDUWDPHQWR GH ,QJHQLHUtD 0HFiQLFD &XOPLQDU OD IRUPDFLyQ GRFWRUDO GH ORV GRFHQWHV TXH VH HQFXHQWUDQ HQ HO SURFHVR LQFUHPHQWDQGR OD FDSDFLGDG GH RIHUWD HQ SURJUDPDV GH PDHVWUtD \ GRFWRUDGR

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URFHVRV $SRUWDU DO SURJUDPD GH 0DHVWUtD HQ ,QJHQLHUtD SRU OR PHQRV HVWXGLDQWHV SRU DxR HQ OtQHDV GH SURIXQGL]DFLyQ SURSLDV GH OD ,QJHQLHUtD GH 3URFHVRV

$xR GH ORJUR

$xR GH ORJUR

$xR GH ORJUR

&RPSURPLVRV GH OD DFDGHPLD

/Ì1($ (675$7e*,&$ 2IUHFHU QXHYRV SURJUDPDV GH SUHJUDGR \ HVSHFLDOL]DFLyQ 'HSDUWDPHQWR GH ,QJHQLHUtD &LYLO &UHDU SURJUDPD HQ *HVWLyQ H ,QJHQLHUtD GH &RQVWUXFFLyQ

2IUHFHU XQD QXHYD HVSHFLDOL]DFLyQ HQ 3DWRORJtD \ 5HKDELOLWDFLyQ GH (GLILFDFLRQHV H ,QIUDHVWUXFWXUD

2IUHFHU OD HVSHFLDOL]DFLyQ HQ *HVWLyQ GH OD &RQVWUXFFLyQ 'LVHxR 9LDO H ,QJHQLHUtD GH 3DYLPHQWRV 7XUERPiTXLQDV \ 0HFiQLFD &RPSXWDFLRQDO HQ PRGDOLGDG VHPLSUHVHQFLDO \ R YLUWXDO

'HSDUWDPHQWR GH ,QJHQLHUtD 0HFiQLFD 2IUHFHU OD HVSHFLDOL]DFLyQ HQ 0DQWHQLPLHQWR ,QGXVWULDO HQ RWUDV FLXGDGHV

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URFHVRV

$xR GH ORJUR

$xR GH ORJUR

&UHDU XQD OtQHD GH LQYHVWLJDFLyQ HQ HO iUHD GH JHVWLyQ GH SURFHVRV WHFQRORJtD H LQQRYDFLyQ GHQWUR GHO ''3 OD FXDO GH VRSRUWH D XQD QXHYD HVSHFLDOL]DFLyQ

2IUHFHU HQ PRGDOLGDG YLUWXDO XQR GH ORV SURJUDPDV GH HVSHFLDOL]DFLyQ

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URGXFFLyQ 'HVDUUROODU SURJUDPD EDVH GH FRQRFLPLHQWRV

'HSDUWDPHQWR GH ,QJHQLHUtD GH 6LVWHPDV &UHDU GRV SUHJUDGRV \ GRV HVSHFLDOL]DFLRQHV

'HSDUWDPHQWR GH ,QJHQLHUtD GH 'LVHxR GH 3URGXFWR &RQVROLGDU ODV OtQHDV GH HVSHFLDOL]DFLyQ GHO GHSDUWDPHQWR

$xR GH ORJUR

$xR GH ORJUR

$xR GH ORJUR

$xR GH ORJUR

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

&203520,626 (VFXHOD GH &LHQFLDV \ +XPDQLGDGHV

/Ì1($ (675$7e*,&$ )RUWDOHFHU OD FDSDFLGDG LQYHVWLJDWLYD 'HSDUWDPHQWR &LHQFLDV %iVLFDV

$xR GH ORJUR

'HVDUUROODU DFFLRQHV SDUD DXPHQWDU OD DFWLYLGDG \ YLVLELOLGDG GH ORV JUXSRV GH LQYHVWLJDFLyQ GHO GHSDUWDPHQWR

0DQWHQHU HTXLOLEULR HQWUH DFWLYLGDGHV GH LQYHVWLJDFLyQ DSOLFDGD H LQYHVWLJDFLyQ EiVLFD

5HDOL]DU SUR\HFWRV DQXDOHV GH LQYHVWLJDFLyQ FRQ UHFXUVRV LQWHUQRV \ FRQ UHFXUVRV H[WHUQRV

9LQFXODU ORV JUXSRV GH LQYHVWLJDFLyQ GHO GHSDUWDPHQWR D ORV SURJUDPDV GH IRUPDFLyQ GHO PLVPR

3URSRQHU DO &RQVHMR $FDGpPLFR OD LQFOXVLyQ GH OD DVLJQDWXUD GH WUDEDMR GH JUDGR HQ ,QJHQLHUtD 0DWHPiWLFD

7HQHU XQ GLDJQyVWLFR FRPSOHWR DFHUFD GH OD YLDELOLGDG GH XQ FHQWUR GH LQYHVWLJDFLyQ \ GHVDUUROOR HQ FLHQFLDV DSOLFDGDV

3XEOLFDU FXDUHQWD \ VLHWH DUWtFXORV QDFLRQDOHV H LQWHUQDFLRQDOHV HQ UHYLVWDV LQGH[DGDV /RJUDU OD FODVLILFDFLyQ HQ FDWHJRUtD $ GH &ROFLHQFLDV SDUD JUXSRV GH LQYHVWLJDFLyQ GHO GHSDUWDPHQWR

$SR\DU HO SURFHVR GH LQGH[DFLyQ GH OD UHYLVWD ,QJHQLHUtD \ &LHQFLD

3XEOLFDU RFKHQWD \ QXHYH DUWtFXORV HQWUH QDFLRQDOHV H LQWHUQDFLRQDOHV HQ UHYLVWDV LQGH[DGDV

5HGXFLU GH D ORV JUXSRV GH LQYHVWLJDFLyQ GHO GHSDUWDPHQWR PHGLDQWH OD IXVLyQ GH DOJXQRV

7HQHU HO GH ORV JUXSRV H[LVWHQWHV HQ HO GHSDUWDPHQWR HQ OD FDWHJRUtD $ R $ GH &ROFLHQFLDV

&RQWDU FRQ OD IRUPDFLyQ D QLYHO GRFWRUDO GHO GH OD SODQWD GRFHQWH

'HSDUWDPHQWR GH 0~VLFD 2EWHQHU FODVLILFDFLyQ HQ % GH &ROFLHQFLDV SDUD HO *UXSR GH (VWXGLRV HQ 0~VLFD

$xR GH ORJUR

&RPSURPLVRV GH OD DFDGHPLD

'HSDUWDPHQWR GH +XPDQLGDGHV

$xR GH ORJUR

3XEOLFDU SRU OR PHQRV DUWtFXORV HQ UHYLVWDV LQGH[DGDV FRQ WLSRORJtD $ $ \ % 3URSHQGHU SRU OD UHDOL]DFLyQ GH SRU OR PHQRV GRV SUR\HFWRV GH LQYHVWLJDFLyQ FRILQDQFLDGRV SRU DxR SDUD XQ WRWDO GH VHLV SUR\HFWRV FRILQDQFLDGRV 3XEOLFDU OLEURV 3URSRQHU DO )RQGR (GLWRULDO GH OD 8QLYHUVLGDG OD &ROHFFLyQ 0LQLRU FRPR QXHYD FROHFFLyQ HQFDUJDGD GH SXEOLFDU WH[WRV PRQRJUiILFRV GH SHTXHxR IRUPDWR 6H HVSHUD FRQWULEXLU FRQ WH[WRV PRQRJUiILFRV &RQVHUYDU OD FODVLILFDFLyQ GHO JUXSR (VWXGLRV VREUH 3ROtWLFD \ /HQJXDMH HQ OD FDWHJRUtD $ GHO HVFDODIyQ GH &ROFLHQFLDV /RJUDU HO DVFHQVR HQ OD FODVLILFDFLyQ GH &ROFLHQFLDV GHO JUXSR 6RFLHGDG 3ROtWLFD H +LVWRULDV &RQHFWDGDV SDVDQGR GH FDWHJRUtD $ D $ 'LVHxDU XQD HVWUDWHJLD GH DFRPSDxDPLHQWR \ UHHVWUXFWXUDFLyQ GHO JUXSR (VWXGLRV &XOWXUDOHV FRQ REMHWR GH HOHYDU VX FDWHJRUtD HQ HO HVFDODIyQ GH &ROFLHQFLDV 5HGHILQLU SDUiPHWURV LQWHUQRV SDUD DSUREDFLyQ GH SUR\HFWRV GH LQYHVWLJDFLyQ $WHQGHU ODV FRQYRFDWRULDV GH &ROFLHQFLDV \ HMHFXWDU ORV SODQHV GH GHVDUUROOR GH ORV WUHV JUXSRV JDUDQWL]DQGR OD FUHDFLyQ GH XQ EDQFR GH SUR\HFWRV 5HDOL]DU SODQHV GH LQYHVWLJDFLyQ GH PDQHUD FRQMXQWD FRQ SDUHV DFDGpPLFRV QDFLRQDOHV H LQWHUQDFLRQDOHV 5HDILUPDU \ DPSOLDU ORV FRQYHQLRV GH FRRSHUDFLyQ H[LVWHQWHV FRQ RWURV JUXSRV GH LQYHVWLJDFLyQ \ GLVHxDU HVWUDWHJLDV RULHQWDGDV D OD E~VTXHGD GH ILQDQFLDFLyQ H[WHUQD GH SUR\HFWRV )RUWDOHFHU ORV YtQFXORV GHO &HQWUR GH $QiOLVLV 3ROtWLFR FRQ VHFWRUHV HPSUHVDULDOHV \ JXEHUQDPHQWDOHV D WUDYpV GH SUR\HFWRV GH FRQVXOWRUtD LQYHVWLJDFLyQ DSOLFDGD \ DVHVRUtD *DUDQWL]DU OD YLQFXODFLyQ HIHFWLYD GH ORV HVWXGLDQWHV GH ODV 0DHVWUtDV HQ (VWXGLRV +XPDQtVWLFRV \ +HUPHQpXWLFD /LWHUDULD D ORV JUXSRV GH LQYHVWLJDFLyQ GHO GHSDUWDPHQWR IDYRUHFLHQGR HO SURFHVR WHUPLQDO GH VXV WUDEDMRV GH WHVLV 7UDQVIHULU ORV UHVXOWDGRV GH LQYHVWLJDFLyQ D ORV SURJUDPDV GH SUHJUDGR \ SRVJUDGR GHO GHSDUWDPHQWR D WUDYpV GHO IRUWDOHFLPLHQWR GH ORV VHPLOOHURV GH LQYHVWLJDFLyQ 6LKXH /LWHUDWXUD H +LVWRULD $QiOLVLV GH 0HGLRV \ 3UD[LV 3XEOLFDU DUWtFXORV HQ UHYLVWDV LQGH[DGDV GH QLYHO QDFLRQDO H LQWHUQDFLRQDO WLSRORJtDV $ \ $ *DUDQWL]DU KDFLD HO DxR OD UH LQGH[DFLyQ GH OD UHYLVWD &R KHUHQFLD HQ OD FDWHJRUtD $ GHO tQGLFH GH SXEOLFDFLRQHV VHULDGDV GH &ROFLHQFLDV DVt FRPR VX LQFOXVLyQ HQ RWURV tQGLFHV \ EDVHV GH GDWRV FRQ FRPLWp GH VHOHFFLyQ ,PSOHPHQWDU OD PHWRGRORJtD 6FLHOR HQ ORV FXDWUR ~OWLPRV Q~PHUR GH OD UHYLVWD &R KHUHQFLD SDUD JDUDQWL]DU HO DFFHVR D GLFKR tQGLFH $YDQ]DU HQ OD SXEOLFDFLyQ HQ FRHGLFLRQHV FRQ RWUDV HGLWRULDOHV GHO SDtV 6LJOR GHO +RPEUH 3ODQHWD \ (GLWRULDOHV 8QLYHUVLWDULDV

'LVHxDU \ HGLWDU XQ PHGLR GH GLIXVLyQ HVFULWR SDUD OD SXEOLFDFLyQ GH ORV WUDEDMRV GH JUDGR GH ORV HVWXGLDQWHV GH OD PDHVWUtD HQ +HUPHQpXWLFD /LWHUDULD &RQWDU FRQ WUHV JUXSRV GH LQYHVWLJDFLyQ HQ OD FDWHJRUtD $ GHO HVFDODIyQ GH &ROFLHQFLDV OLEURV SXEOLFDGRV HQWUH ODV FROHFFLRQHV $FDGpPLFD 0LQLRU \ $UHQD OLEURV HQ IRUPDWR GLJLWDO \ OLEURV HQ FRHGLFLRQHV FRQ RWUDV HGLWRULDOHV GHO SDtV 5H LQGH[DFLyQ GH OD UHYLVWD &R KHUHQFLD HQ OD FDWHJRUtD $ GHO (VFDODIyQ GHO &ROFLHQFLDV \ VX LQFOXVLyQ HQ EDVHV ELEOLRJUiILFDV 6FLHOR 66&, \ 6&,

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

/Ì1($ (675$7e*,&$ $PSOLDU OD RIHUWD GH PDHVWUtDV \ GRFWRUDGRV 'HSDUWDPHQWR GH &LHQFLDV %iVLFDV

$xR GH ORJUR

'HILQLU ORV JUXSRV GH LQYHVWLJDFLyQ TXH DSR\DUiQ HO SUR\HFWR GH 'RFWRUDGR HQ 0DWHPiWLFDV

5HIRUPDU 0DHVWUtD HQ 0DWHPiWLFDV $SOLFDGDV FRQ PLUDV D FUHDU QXHYRV SRVJUDGRV

&XOPLQDU OD SULPHUD FRKRUWH GH OD 0DHVWUtD HQ )tVLFD $SOLFDGD

&RQVROLGDU ODV OtQHDV GH SURIXQGL]DFLyQ 2SWLPL]DFLyQ \ &RQWURO GH OD 0DHVWUtD HQ 0DWHPiWLFDV $SOLFDGDV

3UHVHQWDU SURSXHVWD SDUD XQ SURJUDPD GH PDHVWUtD HQ OD PRGDOLGDG GH SURIXQGL]DFLyQ HQ (VWDGtVWLFD $SOLFDGD HQ HO FRPLWp SULPDULR GH OD (VFXHOD

$EULU GRFWRUDGR HQ 0DWHPiWLFDV

'HSDUWDPHQWR GH +XPDQLGDGHV

$xR GH ORJUR

'LVHxDU JHVWLRQDU \ RIUHFHU OD SULPHUD SURPRFLyQ GHO 'RFWRUDGR HQ +XPDQLGDGHV

'LVHxDU JHVWLRQDU \ RIUHFHU OD SULPHUD SURPRFLyQ GH OD 0DHVWUtD GH 3URIXQGL]DFLyQ HQ HO ÉUHD GH &RPXQLFDFLyQ

2IUHFHU OD SULPHUD SURPRFLyQ GH OD 0DHVWUtD GH (VWXGLRV 3ROtWLFRV

/Ì1($ (675$7e*,&$ 2IUHFHU QXHYRV SURJUDPDV GH SUHJUDGR \ HVSHFLDOL]DFLyQ 'HSDUWDPHQWR GH &LHQFLDV %iVLFDV

$xR GH ORJUR

(YDOXDU OD SHUWLQHQFLD GH XQD HVSHFLDOL]DFLyQ HQ PRGHODFLyQ DPELHQWDO

3UHVHQWDU OD SURSXHVWD SDUD XQ SURJUDPD GH HVSHFLDOL]DFLyQ HQ OD DGPLQLVWUDFLyQ FLHQWtILFD GHO ULHVJR DFWXDUtD

)RUWDOHFHU ODV OtQHDV GH %LRItVLFD \ %LRPDWHPiWLFD FRPR DSR\R D ORV SUHJUDGRV H[LVWHQWHV D OD LQYHVWLJDFLyQ \ D QXHYRV SUHJUDGRV

3UHVHQWDU OD SURSXHVWD GH XQ SURJUDPD GH HVSHFLDOL]DFLyQ HQ OD PRGDOLGDG YLUWXDO HQ HO FRPLWp SULPDULR GH OD (VFXHOD

'HSDUWDPHQWR GH 0~VLFD

$xR GH ORJUR

&UHDU SUHJUDGR HQ 3URGXFFLyQ 0XVLFDO H ,QJHQLHUtD GH 6RQLGR

&UHDU XQD (VSHFLDOL]DFLyQ HQ *HVWLyQ 0XVLFDO \ $UWtVWLFD

&RPSURPLVRV GH OD DFDGHPLD

'HSDUWDPHQWR GH +XPDQLGDGHV

'LVHxDU JHVWLRQDU \ RIUHFHU XQ SURJUDPD LQWHUGLVFLSOLQDULR GH (VSHFLDOL]DFLyQ HQ (VWXGLRV VREUH $UWH $EULU SUHJUDGR HQ )LORVRItD $EULU SUHJUDGR HQ +LVWRULD $EULU OD (VSHFLDOL]DFLyQ GH (VWXGLRV 3ROtWLFRV HQ OD 6HGH GH 3HUHLUD 7HQHU GRV FRKRUWHV GH OD QXHYD (VSHFLDOL]DFLyQ HQ (VWXGLRV GHO $UWH

$xR GH ORJUR

&203520,626 (VFXHOD GH 'HUHFKR /Ì1($ (675$7e*,&$ )RUWDOHFHU OD FDSDFLGDG LQYHVWLJDWLYD 'HSDUWDPHQWR 'HUHFKR

$xR GH ORJUR

'HILQLU XQ VLVWHPD GH SXEOLFDFLRQHV GH OD (VFXHOD GH 'HUHFKR *HQHUDU SURGXFWRV GH LQYHVWLJDFLyQ DUWtFXORV OLEURV FDStWXORV GH OLEUR

&UHDU XQ VLVWHPD GH LQYHVWLJDFLyQ HQ 'HUHFKR &ODVLILFDU HQ OD FDWHJRUtD $ R $ GH &ROFLHQFLDV DO JUXSR GH LQYHVWLJDFLyQ 'HUHFKR \ 3RGHU &ODVLILFDU HQ OD FDWHJRUtD $ R $ GH &ROFLHQFLDV DO JUXSR GH LQYHVWLJDFLyQ -XVWLFLD \ &RQIOLFWR *HQHUDU SURGXFWRV GH LQYHVWLJDFLyQ DUWtFXORV OLEURV FDStWXORV GH OLEUR

&ODVLILFDU HQ OD FDWHJRUtD $ GH &ROFLHQFLDV DO JUXSR GH LQYHVWLJDFLyQ 'HUHFKR 3URFHVDO

/Ì1($ (675$7e*,&$ $PSOLDU OD RIHUWD GH PDHVWUtDV \ GRFWRUDGRV 'HSDUWDPHQWR GH 'HUHFKR 2IUHFHU OD SULPHUD FRKRUWH GH 0DHVWUtD HQ 'HUHFKR 2IUHFHU OD SULPHUD FRKRUWH GH 'RFWRUDGR HQ 'HUHFKR

$xR GH ORJUR

/Ì1($ (675$7e*,&$ 2IUHFHU QXHYRV SURJUDPDV GH SUHJUDGR \ HVSHFLDOL]DFLyQ 'HSDUWDPHQWR GH 'HUHFKR

2IUHFHU SULPHUD FRKRUWH GH OD (VSHFLDOL]DFLyQ HQ 'HUHFKR )LQDQFLHUR 2IUHFHU SULPHUD FRKRUWH GH OD (VSHFLDOL]DFLyQ HQ 3URSLHGDG ,QWHOHFWXDO

$xR GH ORJUR

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

7(5&(5 (-( '( '(6$552//2

0HMRUDU HO UHFRQRFLPLHQWR QDFLRQDO H LQWHUQDFLRQDO GH OD 8QLYHUVLGDG &203520,626 (VFXHOD GH $GPLQLVWUDFLyQ

/Ì1($ (675$7e*,&$ &UHDU FHQWURV GH GHVDUUROOR HPSUHVDULDO HQ %RJRWi \ 3HUHLUD 'HSDUWDPHQWR GH 0HUFDGHR &UHDU FRQ HJUHVDGRV JUXSRV GH WUDEDMR SDUD SUR\HFWRV GH DVHVRUtD H[WHQVLyQ H LQYHVWLJDFLyQ

'HSDUWDPHQWR GH (FRQRPtD 'HILQLU JUXSR GH SURIHVRUHV UHVSRQVDEOH GH FRQVXOWRUtDV \ HGXFDFLyQ FRQWLQXD HQ HVWDV FLXGDGHV

'HSDUWDPHQWR GH 1HJRFLRV ,QWHUQDFLRQDOHV %XVFDU DOLDQ]DV FRQ XQLYHUVLGDGHV GH %RJRWi SDUD FXUVRV FRPSDUWLGRV HQ HO ([HFXWLYH 0DVWHU LQ ,QWHUQDWLRQDO %XVLQHVV

'HSDUWDPHQWR GH 2UJDQL]DFLyQ \ *HUHQFLD

$xR GH ORJUR

$xR GH ORJUR

$xR GH ORJUR

$xR GH ORJUR

2IUHFHU HQ FRODERUDFLyQ FRQ HO &,&( FXUVRV GH HQWUHQDPLHQWR \ DVHVRUtDV HQ HPSUHVDULVPR SDUD HVWRV &HQWURV

'LVHxDU \ RIUHFHU VHUYLFLRV GH , ' L GHVGH OD 0DHVWUtD HQ ,QYHVWLJDFLyQ D ODV HPSUHVDV GH WRGDV ODV FLXGDGHV

&RPSURPLVRV GH OD DFDGHPLD

/Ì1($ (675$7e*,&$ )RUWDOHFHU OD SURPRFLyQ QDFLRQDO H LQWHUQDFLRQDO GH OD RIHUWD DFDGpPLFD GH ($),7 'HSDUWDPHQWR GH )LQDQ]DV

$xR GH ORJUR

&RQVHUYDU OLGHUD]JR HQ FRQYHQLRV FRQ OD %ROVD GH 9DORUHV GH &RORPELD %9&

,QFUHPHQWDU HQ OD RIHUWD GH HGXFDFLyQ FRQWLQXD GHO 'HSDUWDPHQWR

5HDOL]DU FRQVXOWRUtDV DQXDOHV SDUD HO &,&(

&RQWDU FRQ FRQYHQLRV LQWHUQDFLRQDOHV SDUD LQYHVWLJDFLyQ

&RQWDU FRQ FRQYHQLRV QDFLRQDOHV SDUD RIUHFHU OD 0DHVWUtD HQ $GPLQLVWUDFLyQ )LQDQFLHUD HQ RWUDV FLXGDGHV

5HDOL]DU SRQHQFLDV HQ FRQIHUHQFLDV QDFLRQDOHV H LQWHUQDFLRQDOHV

5HDOL]DU SRQHQFLDV HQ FRQIHUHQFLDV QDFLRQDOHV H LQWHUQDFLRQDOHV

'HSDUWDPHQWR GH 0HUFDGHR

$xR GH ORJUR

&UHDU JUXSR GH HJUHVDGRV HQ &HQWURDPpULFD

5HDOL]DU HQ &HQWURDPpULFD HYHQWRV GH UHODFLRQDPLHQWR HQWUH OD FRPXQLGDG \ OD ,QVWLWXFLyQ

'HSDUWDPHQWR GH &RQWDGXUtD 3~EOLFD

$xR GH ORJUR

&RPHUFLDOL]DU HO VRIWZDUH 5LVLFDU HQ RWUDV XQLYHUVLGDGHV

2IUHFHU HVSHFLDOL]DFLRQHV HQ PRGDOLGDG YLUWXDO

)LUPDU FRQYHQLR FRQ XQLYHUVLGDG H[WUDQMHUD SDUD GREOH WLWXODFLyQ GH ORV &RQWDGRUHV 3~EOLFRV

,QFUHPHQWDU KDVWD HO OD YLUWXDOLGDG GHO FXUUtFXOR

'HSDUWDPHQWR GH (FRQRPtD

$xR GH ORJUR

'HVDUUROODU HYHQWRV DFDGpPLFRV GH DPSOLD FRQYRFDWRULD

&RQWLQXDU SURPRFLyQ QDFLRQDO GHO SUHJUDGR FRQ HO SURSyVLWR GH FRQIRUPDU XQD SREODFLyQ GH HVWXGLDQWHV SDUD HO

&UHDU HTXLSR GH WUDEDMR SDUD EORJ GHO 'HSDUWDPHQWR \ SXEOLFDFLyQ GH DUWtFXORV GH FR\XQWXUD HQ SHULyGLFRV ORFDOHV

2IUHFHU 0DHVWUtD HQ (FRQRPtD HQ FLXGDGHV FHUFDQDV D 0HGHOOtQ

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

'HSDUWDPHQWR GH 1HJRFLRV ,QWHUQDFLRQDOHV 3URPRYHU \ KDFHU XVR GHO DxR VDEiWLFR HQ LQYHVWLJDFLyQ \ HQ LQWHUFDPELR GRFHQWH LQWHUQDFLRQDO &RQVROLGDU OD SDUWLFLSDFLyQ DFWLYD HQ ODV UHGHV LQWHUQDFLRQDOHV YL 81&7$' 3DFLEHU $,% H $,% /DW 2IUHFHU XQ ([HFXWLYH 0DVWHUV LQ ,QWHUQDWLRQDO %XVLQHVV 'LYHUVLILFDU ODV PRGDOLGDGHV GH HQVHxDQ]D DSUHQGL]DMH FRPELQDQGR 9LDMHV GH HVWXGLR &XUVRV YLUWXDOHV &XUVRV PRGXODUHV WHRUtD GLFWDGD SRU SURIHVRUHV GH SODQWD \ HVWUDWHJLD \ SUiFWLFD SRU JHUHQWHV GH HPSUHVDV LQWHUQDFLRQDOHV 3RVLFLRQDU OD 0,% D QLYHO QDFLRQDO \ /DWLQR $PHULFDQR FRPR XQ SURJUDPD GH FDOLGDG \ UHOHYDQFLD SDUD OD IRUPDFLyQ DYDQ]DGD GH 1HJRFLDGRUHV ,QWHUQDFLRQDOHV ([SORUDU SRVLELOLGDGHV GH FUHDU XQ 3+ ' GH FDUiFWHU LQWHUQDFLRQDO HQ FRQYHQLR FRQ UHGHV 3$&,%(5 $,% /DW

$xR GH ORJUR

'HSDUWDPHQWR GH 2UJDQL]DFLyQ \ *HUHQFLD 3RQHU HQ PDUFKD SURJUDPD GH &HUWLILFDFLyQ HQ *HUHQFLD GH 3UR\HFWRV HQ FRQYHQLR FRQ -RQHV ,QWHUQDWLRQDO 8QLYHUVLW\ 2IUHFHU XQD GLSORPDWXUD HQ HPSUHVDULVPR GH HPSUHVDV GH EDVH WHFQROyJLFD HQ FRQYHQLR FRQ XQD XQLYHUVLGDG H[WUDQMHUD 'HVDUUROODU HYHQWRV LQWHUQDFLRQDOHV VREUH &LHQFLDV GH OD $GPLQLVWUDFLyQ 'LVHxDU \ SRQHU HQ PDUFKD SODWDIRUPD WHFQROyJLFD HPSUHVDULDO SDUD HPSUHQGHGRUHV

$xR GH ORJUR

/Ì1($ (675$7e*,&$ $PSOLDU OD RIHUWD GH SURJUDPDV HQ HO H[WHULRU 'HSDUWDPHQWR GH )LQDQ]DV $SR\DU OD RIHUWD LQWHUQDFLRQDO GH SURJUDPDV HQ HO iUHD GH )LQDQ]DV SRU SDUWH GHO &(& (YDOXDU YLDELOLGDG GH RIUHFHU XQD FRKRUWH GH OD 0$) HQ HO H[WHULRU

'HSDUWDPHQWR GH &RQWDGXUtD 3~EOLFD 2IUHFHU OD 0DHVWUtD HQ $GPLQLVWUDFLyQ GH 5LHVJRV HQ &HQWURDPpULFD

'HSDUWDPHQWR GH 0HUFDGHR 2IUHFHU OD 0DHVWUtD HQ 0HUFDGHR HQ FLXGDG GH *XDWHPDOD

'HSDUWDPHQWR GH 2UJDQL]DFLyQ \ *HUHQFLD 2IUHFHU SURJUDPDV GH SRVJUDGR HQ SDtVHV GH &HQWUR $PpULFD GLIHUHQWHV D *XDWHPDOD 2IUHFHU SURJUDPDV GH SRVJUDGR HQ SDtVHV GH 6XU $PpULFD &RQWLQXDU FRQ XQD FRKRUWH DQXDO GHO 0%$ HQ *XDWHPDOD

$xR GH ORJUR

$xR GH ORJUR

$xR GH ORJUR

$xR GH ORJUR

&RPSURPLVRV GH OD DFDGHPLD

'HSDUWDPHQWR GH (FRQRPtD

$xR GH ORJUR

3DUWLFLSDU HQ ODV ODERUHV GH 0HUFDGHR ,QVWLWXFLRQDO HQ &HQWURDPpULFD )RUPXODU HVWUDWHJLDV SDUD TXH HVWXGLDQWHV GH &HQWURDPpULFD SDUWLFLSHQ HQ ORV SURJUDPDV GHO GHSDUWDPHQWR

'HSDUWDPHQWR GH 1HJRFLRV ,QWHUQDFLRQDOHV

$xR GH ORJUR

3RVLFLRQDU OD 0DHVWUtD HQ 1HJRFLRV ,QWHUQDFLRQDOHV HQ $PpULFD /DWLQD 'LVHxDU XQ SURJUDPD GH PDHVWUtD SDUD HMHFXWLYRV 0,%

/Ì1($ (675$7e*,&$ &RQVROLGDU \ DPSOLDU ORV FRQYHQLRV GH PRYLOLGDG GH GRFHQWHV \ HVWXGLDQWHV 'HSDUWDPHQWR GH 1HJRFLRV ,QWHUQDFLRQDOHV 3URPRYHU HO XVR GHO SHUtRGR VDEiWLFR HQ LQYHVWLJDFLyQ \ SDVDQWtDV LQWHUQDFLRQDOHV 3URPRYHU OD PRYLOLGDG LQWHUQDFLRQDO GH OD SODQWD SURIHVRUDO

'HSDUWDPHQWR GH (FRQRPtD 3URSLFLDU OD YLQFXODFLyQ D UHGHV DFDGpPLFDV GH ORV SURIHVRUHV LQYHVWLJDGRUHV GHO GHSDUWDPHQWR 5HDOL]DU FRQYHQLRV FRQ ODV XQLYHUVLGDGHV D ODV TXH SHUWHQHFHQ ODV UHGHV DFDGpPLFDV GH ORV SURIHVRUHV ,QFUHPHQWDU ORV FXUVRV HQ LQJOpV HQ HO SUHJUDGR \ OD PDHVWUtD

'HSDUWDPHQWR GH 2UJDQL]DFLyQ \ *HUHQFLD )RPHQWDU y SDVDQWtDV QDFLRQDOHV H LQWHUQDFLRQDOHV HQ XQLYHUVLGDGHV \ HPSUHVDV SDUD SURIHVRUHV GHO 'HSDUWDPHQWR &UHDU FRQYHQLRV GH PRYLOLGDG GH SURIHVRUHV \ HVWXGLDQWHV FRQ OD 5HG 3LODUHV SURIHVRU \ HVWXGLDQWH DO DxR

'HSDUWDPHQWR GH &RQWDGXUtD 3~EOLFD

&RQVHJXLU XQLYHUVLGDGHV H[WUDQMHUDV FRPR VRFLDV GHO SURJUDPD GH &RQWDGXUtD 3~EOLFD

'HSDUWDPHQWR GH )LQDQ]DV 3URSLFLDU OD PRYLOLGDG GH HVWXGLDQWHV GH ($),7 KDFLD RWUDV LQVWLWXFLRQHV FRQ SURJUDPDV VLPLODUHV

'HSDUWDPHQWR GH 0HUFDGHR

(VWDEOHFHU XQD DOLDQ]D FRQ XQD XQLYHUVLGDG H[WUDQMHUD SDUD HO LQWHUFDPELR GRFHQWH \ HVWXGLDQWLO

$xR GH ORJUR

$xR GH ORJUR

$xR GH ORJUR

$xR GH ORJUR

$xR GH ORJUR

$xR GH ORJUR

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

&203520,626 (VFXHOD GH ,QJHQLHUtD

/Ì1($ (675$7e*,&$ &UHDU FHQWURV GH GHVDUUROOR HPSUHVDULDO HQ %RJRWi \ 3HUHLUD 'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URFHVRV

$xR GH ORJUR

$SR\DU SUR\HFWRV GH FRQVXOWRUtD H LQYHVWLJDFLyQ FRQMXQWD GLUHFFLRQDGRV GHVGH ODV VHGHV %RJRWi 3HUHLUD \ /ODQRJUDQGH

/Ì1($ (675$7e*,&$ )RUWDOHFHU OD SURPRFLyQ QDFLRQDO H LQWHUQDFLRQDO GH OD RIHUWD DFDGpPLFD GH ($),7 'HSDUWDPHQWR GH ,QJHQLHUtD GH 'LVHxR GH 3URGXFWR &RQVROLGDU ODV OtQHDV GH HVSHFLDOL]DFLyQ GHO GHSDUWDPHQWR

,QFUHPHQWDU HO Q~PHUR GH HVWXGLDQWHV PDWULFXODGRV HQ ODV RSFLRQHV GH SRVJUDGR

&RQIRUPDU XQ FXHUSR SURIHVRUDO SURSLR SDUD ORV SRVJUDGRV

3RVLFLRQDU HO VLPSRVLR LQWHUQDFLRQDO GH ,QJHQLHUtD GH 'LVHxR FRPR XQ HYHQWR GH UHOHYDQFLD QDFLRQDO

'HSDUWDPHQWR GH ,QJHQLHUtD 0HFiQLFD

$xR GH ORJUR

,QFUHPHQWDU HO Q~PHUR GH HVWXGLDQWHV GH OD FDUUHUD JUDGXDGRV SRU DxR HVWXGLDQWHV QXHYRV SRU DxR HVWXGLDQWHV DFWLYRV GHVHUFLyQ GHO

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URFHVRV

$xR GH ORJUR

'HVDUUROODU WUHVFLHQWDV KRUDV GH HGXFDFLyQ FRQWLQXD DO DxR

2IHUWDU SRU DxR GRV SUR\HFWRV GH DVHVRUtD \ FRQVXOWRUtD

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URGXFFLyQ

$xR GH ORJUR

$xR GH ORJUR

&RQVROLGDU OD HVSHFLDOL]DFLyQ HQ 5HGLVHxR GH 3URGXFWR

'HVDUUROODU OtQHD GH pQIDVLV HQ PDQXIDFWXUD SDUD OD PDHVWUtD

&RQVROLGDU OtQHD GH SURIXQGL]DFLyQ HQ OD 0DHVWUtD GH 5HGLVHxR GH 3URGXFWR

&RPSURPLVRV GH OD DFDGHPLD

/Ì1($ (675$7e*,&$ $PSOLDU OD RIHUWD GH SURJUDPDV HQ HO H[WHULRU 'HSDUWDPHQWR GH ,QJHQLHUtD GH 'LVHxR GH 3URGXFWR

$xR GH ORJUR

,QFUHPHQWDU \ FRQVROLGDU OD RIHUWD GH FRQIHUHQFLDV \ FXUVRV GH H[WHQVLyQ YLUWXDOHV

,QFUHPHQWDU HO Q~PHUR GH SUR\HFWRV FRODERUDWLYRV FRQ LQVWLWXFLRQHV \ XQLYHUVLGDGHV LQWHUQDFLRQDOHV FRQ ODV TXH VH WLHQH FRQYHQLR

&RQVROLGDU OD RIHUWD GH SURJUDPDV GH LQQRYDFLyQ VRFLDO HQ ORV TXH SDUWLFLSHQ HQWLGDGHV S~EOLFDV \ SULYDGDV QDFLRQDOHV H LQWHUQDFLRQDOHV

$GTXLULU FRPSHWHQFLDV SDUD OD JHQHUDFLyQ GH FRQWHQLGRV TXH VRSRUWHQ HO GHVDUUROOR GH H[SHULHQFLDV GH DSUHQGL]DMH YLUWXDO

'HVDUUROODU SRUWDIROLR GH DVHVRUtD \ FRQVXOWRUtD HVWDQGDUL]DGRV

&RQVROLGDU OD RIHUWD GH DVHVRUtD \ FRQVXOWRUtD

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URFHVRV

$xR GH ORJUR

3RVLELOLWDU OD RIHUWD GH SRVJUDGRV HQ PRGDOLGDG YLUWXDO R VHPLSUHVHQFLDO FRQ HO PRQWDMH HQ SODWDIRUPD YLUWXDO GH WRGDV ODV DVLJQDWXUDV GH RSFLyQ SRVJUDGR

$XPHQWDU HO DWUDFWLYR GH QXHVWURV SURJUDPDV SDUD HVWXGLDQWHV QDFLRQDOHV H LQWHUQDFLRQDOHV RIUHFLHQGR HO GH ODV DVLJQDWXUDV GH RSFLyQ SRVJUDGR HQ LQJOpV

$XPHQWDU HO DWUDFWLYR GH QXHVWURV SURJUDPDV SDUD HVWXGLDQWHV QDFLRQDOHV H LQWHUQDFLRQDOHV RIUHFLHQGR HO GH ODV DVLJQDWXUDV GH RSFLyQ SRVJUDGR HQ LQJOpV

0RQWDU HQ SODWDIRUPD YLUWXDO WRGDV ODV DVLJQDWXUDV GH RSFLyQ SRVJUDGR HQ LQJOpV

'HSDUWDPHQWR GH *HRORJtD 5HDOL]DU HVWXGLR GH PHUFDGR SDUD SRVJUDGR HQ &LHQFLDV GH OD 7LHUUD HQ $PpULFD &HQWUDO \ HQ (FXDGRU

$xR GH ORJUR

/Ì1($ (675$7e*,&$ &RQVROLGDU \ DPSOLDU ORV FRQYHQLRV GH PRYLOLGDG GH GRFHQWHV \ HVWXGLDQWHV 'HSDUWDPHQWR GH ,QJHQLHUtD 0HFiQLFD

$xR GH ORJUR

,QFUHPHQWDU ORV FRQYHQLRV FRQ XQLYHUVLGDGHV H[WUDQMHUDV

(ODERUDU FRQYHQLRV GH LQWHUFDPELR FRQ RWUDV XQLYHUVLGDGHV SDUD ODV iUHDV GH pQIDVLV

$SR\DU ORV SURJUDPDV GH EHFDV \ FRQYHQLRV GH LQWHUFDPELR GH HVWXGLDQWHV

$WUDHU HVWXGLDQWHV H[WUDQMHURV SDUD UHDOL]DU HVWDGtDV HQ ORV JUXSRV

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URFHVRV

$xR GH ORJUR

&XPSOLU HO SUHVXSXHVWR GH LQWHUFDPELR GH SURIHVRUHV GDQGR SULRULGDG D ODV LQVWLWXFLRQHV FRQ ODV TXH VH WLHQHQ FRQYHQLRV

(VWDEOHFHU QXHYRV FRQYHQLRV SDUD OD PRYLOLGDG LQWHUQDFLRQDO \ OD SDUWLFLSDFLyQ HQ SUR\HFWRV FRODERUDWLYRV

$FWLYDU FRQYHQLRV GH PRYLOLGDG H[LVWHQWHV GHVDUUROODQGR SRU OR PHQRV XQD DFWLYLGDG GH PRYLOLGDG GHQWUR GH FDGD FRQYHQLR SRU DxR

,QFUHPHQWDU HO Q~PHUR GH HVWXGLDQWHV SRU VHPHVWUH TXH KDFH XVR GH ODV SRVLELOLGDGHV GH PRYLOLGDG QDFLRQDO H LQWHUQDFLRQDO SRU OR PHQRV HO GH ORV HJUHVDGRV SRU VHPHVWUH GHEH KDEHU YLYLGR XQD H[SHULHQFLD GH PRYLOLGDG

,QFUHPHQWDU HO Q~PHUR GH HVWXGLDQWHV SRU VHPHVWUH TXH KDFH XVR GH ODV SRVLELOLGDGHV GH PRYLOLGDG QDFLRQDO H LQWHUQDFLRQDO SRU OR PHQRV HO GH ORV HJUHVDGRV SRU VHPHVWUH GHEH KDEHU YLYLGR XQD H[SHULHQFLD GH PRYLOLGDG

'HSDUWDPHQWR GH ,QJHQLHUtD GH 3URGXFFLyQ

$xR GH ORJUR

3URPRYHU HQ OD FRPXQLGDG DFDGpPLFD ORV FRQYHQLRV H[LVWHQWHV \ H[SORUDU OD SRVLELOLGDG GH GHVDUUROODU QXHYRV FRQYHQLRV \ DFXHUGRV

&RQWDU FRQ OD SDUWLFLSDFLyQ GH SURIHVRUHV YLVLWDQWHV TXH DSR\HQ ORV SURJUDPDV GH SUHJUDGR \ SRVJUDGR

&RQWDU FRQ SUHVXSXHVWR SDUD HQYLDU SRU OR PHQRV XQ HVWXGLDQWH SRU VHPHVWUH D GHVDUUROODU HVWXGLRV HQ HO H[WHULRU SUHJUDGR

'HSDUWDPHQWR GH ,QJHQLHUtD GH 6LVWHPDV (VWDEOHFHU HVWUDWHJLDV GH PRYLOLGDG GH HVWXGLDQWHV \ SURIHVRUHV

)DFLOLWDU ODV FRQGLFLRQHV SDUD TXH ORV SURIHVRUHV IRUPHQ SDUWH GH ODV UHGHV DFDGpPLFDV LQWHUQDFLRQDOHV HVWR LPSOLFD HO GHVDUUROOR GH SUR\HFWRV \ SXEOLFDFLRQHV FRQMXQWDV

'LIXQGLU ORV ORJURV \ SRVLELOLGDGHV GH LQWHUQDFLRQDOL]DFLyQ GHO GHSDUWDPHQWR

&UHDU QXHYRV DFXHUGRV SDUD OD LQWHUQDFLRQDOL]DFLyQ \ H[WHQGHU ORV DFWXDOHV

%ULQGDU SRVLELOLGDGHV GH H[SHULHQFLDV LQWHUQDFLRQDOHV D ORV HVWXGLDQWHV KDVWD OOHJDU DO SXQWR HQ TXH VHDQ REOLJDWRULDV

'HSDUWDPHQWR GH ,QJHQLHUtD 0HFiQLFD

$xR GH ORJUR

$xR GH ORJUR

$SR\DU ORV SURJUDPDV GH EHFDV \ FRQYHQLRV GH LQWHUFDPELR GH HVWXGLDQWHV

$WUDHU HVWXGLDQWHV H[WUDQMHURV SDUD UHDOL]DU HVWDGtDV HQ ORV JUXSRV

,QFUHPHQWDU HO Q~PHUR GH SDVDQWtDV LQWHUQDFLRQDOHV GH ORV DVLVWHQWHV GH LQYHVWLJDFLyQ

(ODERUDU FRQYHQLRV GH LQWHUFDPELR FRQ RWUDV XQLYHUVLGDGHV SDUD ODV iUHDV GH pQIDVLV

,QFUHPHQWDU ORV FRQYHQLRV FRQ XQLYHUVLGDGHV H[WUDQMHUDV

&RPSURPLVRV GH OD DFDGHPLD

&203520,626 (VFXHOD GH &LHQFLDV \ +XPDQLGDGHV

/Ì1($ (675$7e*,&$ &UHDU FHQWURV GH GHVDUUROOR HPSUHVDULDO HQ %RJRWi \ 3HUHLUD 'HSDUWDPHQWR GH +XPDQLGDGHV

$xR GH ORJUR

$PSOLDU ODV DFWLYLGDGHV GH FRQVXOWRUtD \ GH LQYHVWLJDFLyQ DSOLFDGD UHDOL]DGDV SRU HO &HQWUR GH $QiOLVLV 3ROtWLFR D ODV VHGHV GH %RJRWi \ 3HUHLUD

/Ì1($ (675$7e*,&$ )RUWDOHFHU OD SURPRFLyQ QDFLRQDO H LQWHUQDFLRQDO GH OD RIHUWD DFDGpPLFD GH ($),7 'HSDUWDPHQWR GH 0~VLFD

$xR GH ORJUR

([SDQGLU QXHVWUD RIHUWD DFDGpPLFD HQ VXV GLVWLQWDV iUHDV HQ &HQWUR $PpULFD \ HQ RWURV SDtVHV

'HSDUWDPHQWR GH +XPDQLGDGHV

$xR GH ORJUR

,QLFLDU DFWLYLGDGHV GH PHUFDGHR LQVWLWXFLRQDO \ GLIXVLyQ HQ HO HMH FDIHWHUR \ OD FRVWD QRUWH GH ORV SURJUDPDV GH SUHJUDGR \ SRVJUDGR GHO GHSDUWDPHQWR GH +XPDQLGDGHV 0DQWHQHU ORV PHGLRV GH GLIXVLyQ GH OD DFWLYLGDG DFDGpPLFD GH ODV FDUUHUDV D WUDYpV GH IRUWDOHFLPLHQWR GH %LWiFRUD $F~VWLFD \ &XDGHUQRV GH &LHQFLDV 3ROtWLFDV &RQVROLGDU OD SUHVHQFLD LQWHUQDFLRQDO GH ORV SURJUDPDV GHO GHSDUWDPHQWR GH +XPDQLGDGHV D WUDYpV GH OD SDUWLFLSDFLyQ HQ UHGHV GH LQYHVWLJDFLyQ FRQYHQLRV GH FRRSHUDFLyQ IRUPXODFLyQ FRQMXQWD GH SUR\HFWRV LQWHUFDPELR GH SURIHVRUHV \ SDVDQWtDV GH HVWXGLDQWHV 'LVHxDU XQ SURJUDPD GH IRUPDFLyQ HQ FRQWH[WR SROtWLFR FRORPELDQR \ ODWLQRDPHULFDQR SDUD H[WUDQMHURV 5HDOL]DU DFWLYLGDGHV HVSHFtILFDV HQ HO PDUFR GH ORV FRQYHQLRV LQWHUQDFLRQDOHV YLJHQWHV FRQ OD 8QLYHUVLGDG ,EHURDPHULFDQD GH 0p[LFR (O ,QVWLWXWR 7HFQROyJLFR GH 0RQWHUUH\ &(51$ \ 0$6,32 OD (VFXHOD GH $OWRV (VWXGLRV GH OD 8QLYHUVLGDG GH 3DUtV OD 8QLYHUVLGDG GH 0XUFLD OD $VRFLDFLyQ /DWLQRDPHULFDQD GH $QiOLVLV GHO 'LVFXUVR $/(' OD $VRFLDFLyQ /DWLQRDPHULFDQD GH )DFXOWDGHV GH &RPXQLFDFLyQ 6RFLDO )(/$)$&6 OD $VRFLDFLyQ GH &RORPELDQLVWDV /D )DFXOWDG /DWLQRDPHULFDQD GH &LHQFLDV 6RFLDOHV )/$&62 \ 5,6& &RQYHUWLU D $F~VWLFD HQ XQ UHIHUHQWH SDUD OD FLXGDG \ HO SDtV HQ ORV WHPDV GH UDGLR HQ LQWHUQHW XQLYHUVLWDULR \ UDGLR GLJLWDO ,QVWLWXFLRQDOL]DU HO VHPLQDULR LQWHUQDFLRQDO -RUQDGDV GH OHFWXUDV KXPDQtVWLFR ² OLWHUDULDV &RQWDU FRQ XQ GH HVWXGLDQWHV QXHYRV SURYHQLHQWHV GH RWUDV UHJLRQHV GHO SDtV HQ ORV SURJUDPDV GH SUHJUDGR /RJUDU OD UHDOL]DFLyQ GH SRU OR PHQRV SDVDQWtDV LQWHUQDFLRQDOHV SDUD ORV HVWXGLDQWHV GHO GRFWRUDGR

3ODQ GH 'HVDUUROOR (VWUDWpJLFR ă ($),7

'HSDUWDPHQWR GH &LHQFLDV %iVLFDV

$xR GH /RJUR

5HDOL]DU XQD YHUVLyQ DQXDO GH 'tDV GH OD &LHQFLD $SOLFDGD

5HDOL]DU XQD YHUVLyQ DQXDO GHO &LFOR GH &RQIHUHQFLDV GH ,QJHQLHUtD )tVLFD

5HDOL]DU XQD YHUVLyQ DQXDO GHO &RQFXUVR GH 0DWHPiWLFDV \ )tVLFD SDUD %DFKLOOHUHV

$XPHQWDU OD SXEOLFDFLyQ GH FXUVRV GHO 'HSDUWDPHQWR HQ 2&:

/Ì1($ (675$7e*,&$ $PSOLDU OD RIHUWD GH SURJUDPDV HQ HO H[WHULRU 'HSDUWDPHQWR GH +XPDQLGDGHV /RJUDU OD H[WHQVLyQ \ DSHUWXUD GH OD (VSHFLDOL]DFLyQ GH &RPXQLFDFLyQ 3ROtWLFD HQ &HQWUR $PpULFD *XDWHPDOD \ R 3DQDPi

$xR GH ORJUR

'HSDUWDPHQWR GH &LHQFLDV %iVLFDV

$xR GH ORJUR

([SORUDU HO PHUFDGR SDUD OD 0DHVWUtD HQ 0DWHPiWLFDV $SOLFDGDV HQ SDtVHV FRPR (FXDGRU 3DQDPi \ (O 6DOYDGRU

2IUHFHU OD HVSHFLDOL]DFLyQ HQ ,QYHVWLJDFLyQ GH 2SHUDFLRQHV HQ PRGDOLGDG YLUWXDO

/Ì1($ (675$7e*,&$ &RQVROLGDU \ DPSOLDU ORV FRQYHQLRV GH PRYLOLGDG GH GRFHQWHV \ HVWXGLDQWHV 'HSDUWDPHQWR GH &LHQFLDV %iVLFDV

$xR GH ORJUR

*HVWLRQDU OD ILUPD GH QXHYRV FRQYHQLRV GH FRRSHUDFLyQ FRQ ODV LQVWLWXFLRQHV H[WUDQMHUDV FRQ ODV TXH DFWXDOPHQWH VH WLHQH DOJ~Q WLSR GH FRQWDFWR TXH LQFOX\DQ OD SDUWLFLSDFLyQ GH ORV SURJUDPDV GH SRVJUDGR

0DQWHQHU DFWLYRV ORV FRQYHQLRV DFWXDOHV \ ILUPDU RWURV SDUD LQFUHPHQWDU OD PRYLOLGDG GH GRFHQWHV

,QFUHPHQWDU HO Q~PHUR GH SURIHVRUHV YLVLWDQWHV TXH SXHGDQ DSR\DU HO SUR\HFWR GH 'RFWRUDGR HQ 0DWHPiWLFDV

'HSDUWDPHQWR GH 0~VLFD &UHDU QXHYDV DOLDQ]DV HVWUDWpJLFDV FRQ RWUDV LQVWLWXFLRQHV \ DSURYHFKDU ORV FRQYHQLRV SDUD ORJUDU XQD SUR\HFFLyQ PXVLFDO GH PD\RU LPSDFWR HQ HO PHGLR \ OD FRQVWUXFFLyQ GH XQD FRPXQLGDG PXVLFDO LQWHUDFWLYD HQ OD FLXGDG \ SRVWHULRUPHQWH HQ RWUDV ODWLWXGHV

$xR GH ORJUR

&RPSURPLVRV GH OD DFDGHPLD

'HSDUWDPHQWR GH +XPDQLGDGHV $YDQ]DU HQ OD UHDOL]DFLyQ GH FRQYHQLRV HVSHFtILFRV GH LQWHUFDPELR DFDGpPLFR FRQ LQVWLWXFLRQHV XQLYHUVLWDULDV HQ SDtVHV FRPR %UDVLO ,QJODWHUUD \ (VWDGRV 8QLGRV

$xR GH ORJUR

&203520,626 (VFXHOD GH 'HUHFKR /Ì1($ (675$7e*,&$ &UHDU FHQWURV GH GHVDUUROOR HPSUHVDULDO HQ %RJRWi \ 3HUHLUD 'HSDUWDPHQWR GH 'HUHFKR

$xR GH ORJUR

'HILQLU FRQMXQWDPHQWH FRQ HO &(& \ ODV 6HGHV iUHDV GH LQWHUpV \ HQ SDUWLFXODU WHPDV ´H[SRUWDEOHVµ HPSUHVDULDOHV JpQHUR KLGURFDUEXURV HWF

(VWUXFWXUDU \ RIHUWDU FXUVRV SUHVHQFLDOHV YLUWXDOHV WHOHSUHVHQFLDOHV

/Ì1($ (675$7e*,&$ $PSOLDU OD RIHUWD GH SURJUDPDV HQ HO H[WHULRU 'HSDUWDPHQWR GH 'HUHFKR ([SRUWDU QDFLRQDO H LQWHUQDFLRQDOPHQWH SRU PHGLR GH OD YLUWXDOLGDG R OD WHOH SUHVHQFLD ORV SURJUDPDV GH HVSHFLDOL]DFLyQ 'HUHFKR 3HQDO ² 'HUHFKR 3~EOLFR

$xR GH ORJUR

/Ì1($ (675$7e*,&$ &RQVROLGDU \ DPSOLDU ORV FRQYHQLRV GH PRYLOLGDG GH GRFHQWHV \ HVWXGLDQWHV 'HSDUWDPHQWR GH 'HUHFKR

$xR GH ORJUR

'HILQLU UHGHV \ UHODFLRQHV SULRULWDULDV DVt FRPR UHVSRQVDEOHV GH VX JHVWLyQ GH DFXHUGR FRQ ORV REMHWLYRV HQ FXDQWR D GRFHQFLD H LQYHVWLJDFLyQ GH OD (VFXHOD HQ HO PHGLDQR \ ODUJR SOD]R

'HILQLU REMHWLYRV HVWUDWHJLDV \ FRQWUDSUHVWDFLRQHV HQ FXDQWR D OD JHVWLyQ \ DFFHVR D UHODFLRQHV LQWHUQDFLRQDOHV