)2508/$5,2

'(502&260e7,&2

$8725<(',725 (15,48( $/Ë$ )(51È1'(=  0217(6

)$50$&e87,&2

'DGDODJUDQDFRJLGDGHPLVHJXQGROLEUR³)RUPXODFLyQGHSUHSDUDGRV
GHUPRFRVPpWLFRV´HQWUHPLVFRPSDxHURVIDUPDFpXWLFRV\HOHVWtPXORUHFLELGRSRU
SDUWHGHPXFKRVGHHOORVHQVHJXLUSXEOLFDQGRWHPDVGHIRUPXODFLyQKHGHFLGLGR
HVFULELU\HGLWDUODSUHVHQWHREUD³)RUPXODULRGHUPRFRVPpWLFR´(VWHIRUPXODULR
UHFRSLODXQJUDQQ~PHURGHIyUPXODVGHUPRFRVPpWLFDVGHIiFLOHODERUDFLyQHQOD
2ILFLQDGH)DUPDFLDWDQWRSDUDHOIDUPDFpXWLFRLQLFLDGRHQIRUPXODFLyQFRPRSDUD
HOQyYHO

/DREUDFRQVWDGHIyUPXODVGLYLGLGDVVHJ~QVXDFFLyQGHUPRFRVPpWLFD
(QFDGDIRUPXODFLyQSURSXHVWDVHDQDOL]DQFRQGHWDOOHODIRUPDGHHODERUDFLyQ\ODV
DFWLYLGDGHVGHUPRFRVPpWLFDVGHVXVDFWLYRV\H[FLSLHQWHV$OILQDOGHODREUDVH
DGMXQWDXQDWDEODFRQODVGHQRPLQDFLRQHV,1&,GHORVH[FLSLHQWHVUHJLVWUDGRVSRUODV
GLVWLQWDVFDVDVFRPHUFLDOHVTXHKDQVLGRHPSOHDGRVHQODVGLVWLQWDVIRUPXODFLRQHV

(QULTXH$OtD)HUQiQGH]± 0RQWHV

0DGULG PDU]RGH
 ,1',&('(/$2%5$

,QVWUXFFLRQHVSDUDUHDOL]DUE~VTXHGDVSRVLFLRQHHOSXQWHURGHOUDWyQHQHO
WH[WRTXHGHVHHEXVFDU\TXHHVWpVXEUD\DGR8QDYH]SRVLFLRQDGRKDJDFOLFN

75$7$0,(1726)$&,$/(6
)Ï508/$6+,'5$7$17(6

)Ï508/$1Ò0 &5(0$:23$5$3,(/(608<6(&$6<
'(6&$0$7,9$6
)Ï508/$1Ò0&5(0$2:+,'5$7$17(3$5$3,(/(66(&$6
)Ï508/$1Ò0&5(0$2:+,'5$7$17(3$5$3,(/(61250$/(6
<0,;7$6
)Ï508/$1Ò0 &5(0$:6+,'5$7$17(3$5$3,(/(6*5$6$6

)Ï508/$61875,7,9$6

)Ï508/$1Ò0 &5(0$:2&21$&(,7(69(*(7$/(6<
9,7$0,1$(
)Ï508/$1Ò0 (08/6,Ï1:2)/8,'$&219,7$0,1$6
)Ï508/$1Ò0 &5(0$:208<*5$6$3$5$3,(/(608<
'(61875,'$6

)Ï508/$6$17,$558*$6

)Ï508/$1Ò0 &5(0$2:&21&2/È*(12<(/$67,1$
)Ï508/$1Ò0 &5(0,*(/2:&21(;75$&72'(&(17(//$<
3527(2*/,&$126
)Ï508/$1Ò0 *(/&21&2/È*(12'($/7$$&7,9,'$'
7(1625$
)Ï508/$1Ò0 *(/&2172512'(2-26&21(/$67,1$<
(;75$&726'(3/$17$6

)Ï508/$65(*(1(5$'25$6<$17,(19(-(&,0,(172

)Ï508/$1Ò0&5(0$:62&21$&,'25(7,12,&2 SUHVFULSFLyQ
PpGLFD
)Ï508/$1Ò0 *(/3((/,1*&21È&,'2*/,&Ï/,&2$/
SUHVFULSFLyQPpGLFD
)Ï508/$1Ò0 &5(0$2:5(*(1(5$'25$&21$&(,7('(
526$02648(7$$/7$&21&(175$&,Ï1
)Ï508/$1Ò0 &5(0$2:&21$&,'2*/,&Ï/,&2$/
)Ï508/$1Ò0 &5(0$2:'(63,*0(17$17(&21È&,'2
.Ï-,&2)2723527(&725
)Ï508/$1Ò0 *(/ 3$67$'(63,*0(17$17(&21È&,'2
$=(/$,&2
)Ï508/$1Ò0 &5(0$2:&21+,'5248,121$<È&,'2
5(7,12,&2SUHVFULSFLyQPpGLFD

)Ï508/$6$17,$&1(,&$6

)Ï508/$1Ò0 *(/&21%,2$=8)5(<(5,7520,&,1$SUHVFULSFLyQ

PpGLFD
)Ï508/$1Ò0 &5(0$:66(%25(*8/$'25$
)Ï508/$1Ò0 /2&,Ï1&21&/,1'$0,&,1$<7,02/SUHVFULSFLyQ
PpGLFD
)Ï508/$1Ò0 0$6&$5,//$ 6863(16,Ï1$17,6(%255(,&$
)Ï508/$1Ò0 /2&,Ï1$17,6e37,&$<$17,6(%255(,&$

+,*,(1()$&,$/
)Ï508/$6/,03,$'25$6

)Ï508/$1Ò0 (08/6,Ï12:)/8,'$/(&+(/,03,$'25$

3$5$3,(/(66(&$6<0,;7$6
)Ï508/$1Ò0 (08/6,Ï12:)/8,'$/(&+(/,03,$'25$
3$5$3,(/(6*5$6$6
)Ï508/$1Ò0 (08/6,Ï1:2)/8,'$/(&+(/,03,$'25$
3$5$3$5$3,(/(608<6(&$6<6(16,%/(6
)Ï508/$1Ò0 *(/'(7(5*(17(3$5$3,(/(6*5$6$6
)Ï508/$1Ò0 62/8&,Ï1'(7(5*(17(3$5$3,(/(66(&$6(
,172/(5$17(6

)Ï508/$6'(60$48,//$17(63$5$2-26

)Ï508/$1Ò0 &5(0$:2'(60$48,//$17(3$5$2-26
)Ï508/$1Ò0 /2&,Ï1'(60$48,//$17(3$5$2-26
)Ï508/$1Ò0*(/'(60$48,//$17(3$5$2-26

)Ï508/$6721,),&$17(6

)Ï508/$1Ò0 7Ï1,&23$5$3,(/(66(&$6
)Ï508/$1Ò0 7Ï1,&23$5$3,(/(60,;7$6
)Ï508/$1Ò0 7Ï1,&23$5$3,(/(66(%255(,&$6<$&1(,&$6

0$6&$5,//$6

)Ï508/$1Ò0 0$6&$5,//$$17,6(%255(,&$<$17,%,Ï7,&$
3$5$(/75$7$0,(172'(/$&1eSUHVFULSFLyQPpGLFD
)Ï508/$1Ò0 0$6&$5,//$(02/,(17(3$5$3,(/6(&$

+,*,(1()$&,$/0$6&8/,1$)Ï508/$63$5$(/$)(,7$'2

)Ï508/$1Ò0 /2&,Ï13$5$$17(6'(/$)(,7$'2(/(&75,&2
35(6+$9(
)Ï508/$1Ò0 &5(0$3$5$(/$)(,7$'26,1%52&+$
)Ï508/$1Ò0 -$%Ï16<1'(76(0,)/8,'23$5$(/$)(,7$'2
&21%52&+$
)Ï508/$1Ò0 /2&,Ï13$5$'(638e6'(/$)(,7$'2$)7(5 
6+$9(
)Ï508/$1Ò0 %È/6$023$5$'(638e6'(/$)(,7$'2$)7(5
6+$9(3$5$3,(/(66(16,%/(6

75$7$0,(1726&25325$/(6
)Ï508/$63$5$$',326,6/2&$/,=$'$6

)Ï508/$1Ò0 &5(0$:2&21&$)(,1$ <(;75$&72'(18(=

'(.2/$
)Ï508/$1Ò0 320$'$3$5$0$6$-(&21<2'852327$6,&2

)Ï508/$6$17,&(/8/Ë7,&$6

)Ï508/$1Ò0 (08/6,Ï12:)/8,'$/(&+(&21 (;75$&726

'(3/$17$6<&$)(Ë1$
)Ï508/$1Ò0 *(/'(632/,0(5,=$17(
)Ï508/$1Ò0 *(/&21(;75$&726'()8&86<+,('5$
/,32620$'26
)Ï508/$1Ò0 -$%Ï16<1'(76Ï/,'2&21(;75$&726'(
)8&86<+$0$0(/,6

)Ï508/$6$17,(675Ë$6<5($),50$17(6

)Ï508/$1Ò0 &5(0$:2$17,(675Ë$6&21$&(,7(6
9(*(7$/(6<(;75$&72 '(&(17(//$
)Ï508/$1Ò0 *(/6(0,)/8,'25($),50$17(3$5$6(126&21
(/$67,1$<3527(2*/,&$126

)Ï508/$69(127Ï1,&$63$5$3,(51$6

)Ï508/$1Ò0 (08/6,Ï12:)/8,'$/(&+(&21$*8$'(

+$0$0(/,6<(;75$&72'(586&86
)Ï508/$1Ò0 &5(0,*(/2:&21(;75$&726'(+,('5$
+$53$*23+<72&$67$f2'(,1',$6<7,1785$'(0,57,/2
)Ï508/$1Ò0 62/8&,Ï19(127Ï1,&$(02/,(17(
+,'5$7$17(<'(6&21*(67,9$

)Ï508/$648(5$72/Ë7,&$6<(;)2/,$17(63$5$3,(6

)Ï508/$1Ò0 &5(0$:2$17,'85(=$6&2185($<È&,'2
6$/,&Ë/,&2
)Ï508/$1Ò0 &5(0$2:$17,'85(=$6&21*5È18/26'(
32/,(7,/(12
)Ï508/$1Ò0 &2/2',Ï13$5$/$(/,0,1$&,Ï1'(&$//26
&21È&,'26/È&7,&2<6$/,&Ë/,&2

)Ï508/$6'(6&21*(67,21$17(6<721,),&$17(63$5$3,(6
&$16$'26

)Ï08/$1Ò0 6$/(6'(%$f22;,*(1$17(6
)Ï508/$1Ò0 6$/(6'(%$f2()(59(6&(17(6
)Ï508/$1Ò0 &5(0$5()5(6&$17(<721,),&$17(

)Ï508/$6$17,75$163,5$17(6<'(62'25$17(63$5$3,(6

)Ï508/$1Ò0 32/926$%625%(17(65()5(6&$17(6
'(62'25$17(6<02'(5$'$0(17($17,75$163,5$17(6
)Ï508/$1Ò0 32/926$%625%(17(6'(62'25$1 7(6<
$17,75$163,5$17(6
)Ï508/$1Ò0 /2&,Ï1$17,75$163,5$17(<'(62'25$17(

)Ï508/$6+,'5$7$17(63$5$3,(66(&26

)Ï508/$1Ò0 &5(0$:2&21/$&7$72$0Ï 1,&2<

*/,&(5,1$
)Ï508/$1Ò0 &5(0$:2+,'5$7$17(<1875,7,9$&2185($
$&(,7('(*(50(1'(75,*2<32/,2/(6

)Ï508/$63$5$0$126

)Ï508/$1Ò0 &5(0$+,'5$7$17( <3527(&725$3$5$

0$126&2185($*/,&(5,1$<$&(,7('(6,/,&21$
)Ï508/$1Ò0 &5(0$:62+,'5$7$17(<5(*(1(5$'25$
&2185($$/$172Ë1$<$&(,7('(526$02648(7$
)Ï508/$1Ò0 &5(0$:2+,'5$7$17(3$5$0$12608<
6(&$6<'(6&$0$7,9$6SUHVFULSFLyQPpGLFD

)Ï508/$63$5$8f$6

)Ï508/$1Ò0 *(/)/8,'2)257$/(&('25
)Ï508/$1Ò0 48,7$(60$/7(6
)Ï508/$1Ò0 48,7$&87Ë&8/$6

+,*,(1(&25325$/
)Ï508/$6'('8&+$<%$f2

)Ï508/$1Ò0 -$%Ï16<1'(76Ï/,'23,(/(66(16,%/(6<

5($&7,9$6&21(;75$&72&2/2,'$/'($9(1$
)Ï508/$1Ò0 *(/'(%$f23(5/$'2&216,/,&21$<-8*2'(
$/2(
)Ï508/$1Ò0 *(/'(%$f2&21(;75$&72&2/2,'$/'(
$9(1$<$/)$%,6$%2/2/
)Ï508/$1Ò0 $&(,7(',63(56$%/(3$5$(/%$f2
)Ï508/$1Ò0 (08/6,Ï1:2)/8,'$/(&+(+,'5$7$17(<
1875,7,9$3$5$'(638e6'(/%$f22'8&+$

)Ï508/$6'(62'25$17(6<$17,75$163 ,5$17(6

)Ï508/$1Ò0 (08/6,Ï12:)/8,'$'(62'25$17(3$5$
(19$6$5(1)5$6&252//21
)Ï508/$1Ò0 *(/$17,75$163,5$17(&21&/25+,'5Ï;,'2
'($/80,1,2
)Ï508/$1Ò0  &5(0$:6'(62'25$17(&2175,&/26$1<
(6(1&,$'(720,//2
)Ï508/$1Ò0 %$55$'(62'25$17(67,&.&2175,&/26$1<
)$51(62/

)Ï508/$63$5$/$+,*,(1(<&8,'$'2'(/$3,(/,1)$17,/

)Ï508/$1Ò0 32/9263527(&725(6
)Ï508/$1Ò0 $&(,7(+,'5$7$17(<1875,7,923$5$'(638e6
'(/%$f2
)Ï508/$1Ò0 (08/6,Ï1:62)/8,'$/(&+(&21$/0,'Ï1
'(75,*2<(;75$&72'(0$1=$1,//$
)Ï508/$1Ò0 3$67$35(9(17,9$'(50$7,7,6'(/3$f$/
)Ï508/$1Ò0 &+$03Ò/Ë48,'208<68$9(³QRHVFXHFHDORV
RMRV´

75$7$0,(1726&$3,/$5(6
)Ï508/$6$17,&$63$

)Ï508/$1Ò0 &+$03Ò$17,&$63$&213,5,7,21$'(=,1&
)Ï508/$1Ò0 /2&,Ï1$17,&$63$&213,52&721$2/$0,1$
85($<È&,'26$/,&Ë/,&2
)Ï508/$1Ò0 *(/$17,&$63$'($3/,&$&,Ï112&7851$&21
&2$/7$53,5,7,21$'(=,1&<3523,/(1*/,&2/

)Ï508/$6$17,6(%255(,&$6

)Ï508/$1Ò0 &+$03Ò$17,6(%255(,&2&21%,2$=8)5(<
7+,2;2/21(
)Ï508/$1Ò0 /2&,Ï1$17,6(%255(,&$&21$0,12È&,'26
3$17(12/<75,&23e37,'26
)Ï508/$1Ò0 /2&,Ï13$5$'(50$7,7,66(%255(,&$

)Ï508/$6$17,$/23e&,&$6
)Ï508/$1Ò0 /2&,Ï1&$3,/$5)257$/(&('25$&21
75,&26$&È5,'26 75,&23e37,'269,7$0,1$%<%,27,1$
)Ï508/$1Ò0 0$6&$5,//$&$3,/$59,7$0,1$'$
$17,$/23e&,&$
)Ï508/$1Ò0 /2&,Ï1$17,$/23e&,&$&210,12;,',/
352*(67(521$<9,7$0,1$%SUHVFULSFLyQPpGLFD

+,*,(1(&$3,/$5
)Ï508/$6/,03,$'25$6&+$03Ò6

)Ï508/$1Ò0 &+$03Ò3$5$&$%(//261250$/(6
)Ï508/$1Ò0 &+$03Ò08<68$9('(862)5(&8(17(
)Ï508/$1Ò0 &+$03Ò3$5$&$%(//26*5$626
)Ï508/$1Ò0 &+$03Ò3$5$&$%(//266(&26

)Ï508/$69$5,$6

)Ï508/$1Ò0 &5(0$2:)/8,'$$&21',&,21$'25$&21
75,&23e37,'26<$&(,7('(*(50(1'(75,*2
)Ï508/$1Ò0 *(/),-$'25*20,1$$&21',&,21$'25

+,*,(1('(/$&$9,'$'%8&$/
)Ï508/$1Ò0 3$67$'(',(17(6)/825$'$
)Ï508/$1Ò0 *(/'(17Ë)5,&2
)Ï508/$1Ò0 &2/8725,23$5$862',$5,2&21)/825
)Ï508/$1Ò0 &2/8525,23$5$(1&Ë$6,1)/$0$'$6

35(3$5$'2662/$5(6
)Ï508/$1Ò0 (08/6,Ï12:)/8,'$/(&+(&21),/7526
48Ë0,&2689$<89%
)Ï508/$1Ò0 &5(0$:65(6,67(17($/$*8$&21),/752
)Ë6,&23$17$//$727$/
)Ï508/$1Ò0 /2&,Ï1%521&($'25$6,162/&21
',+,'52;,$&(721$
)Ï508/$1Ò0 &5(0,*(/2:3$5$'(638e6'(/62/
$)7(5681
)Ï508/$1Ò0 /È3,=/$%,$/&21),/752)Ë6,&23$17$//$
727$/

'(120,1$&,Ï1'(/26$&7,926<(;&,3,(17(6&260e7, &26
5(*,675$'26325/$6',67,17$6&$6$6&20(5&,$/(6
 75$7$0,(1726
)$&,$/(6

)Ï508/$6 +,'5$7$17(6

)Ï508/$1Ò0 &5(0$ :2 3$5$ 3,(/(6 08< 6(&$6 <

'(6&$0$7,9$6

9DVHOLQDILODQWHJ
0LULVWDWRGHLVRSURSLORJ
)+1ŠIDFWRUKLGUDWDQWHQDWXUDOJ
8UHDJ
*OLFHULQDJ
6SDQŠ J
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
(VHQFLDGHURVDVJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPODYDVHOLQDDž&DxDGLHQGRHOPLULVWDWR\HO6SDQDODPLVPD
WHPSHUDWXUD3RURWURODGRFDOHQWDUDEPHODJXDGHVWLODGDDž&\GLVROYHUODXUHDOD
JOLFHULQD\HO1LSDJtQVyGLFR6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHOD
JUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$xDGLUHO)+1\ODHVHQFLD
GHURVDVDJLWDQGRKDVWDODSHUIHFWDLQWHUSRVLFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

$ODDFFLyQKLGUDWDQWHSRUFDSDWDFLyQGHDJXDGHODXUHDODJOLFHULQD\HO)+1
VHOHXQHODKLGUDWDQWH\HPROLHQWHSRURFOXVLYLGDGGHOH[FLSLHQWHZRIRUPXODGR'LFKR
H[FLSLHQWHGHMDXQDSHOtFXODJUDVDVREUHODSLHOTXHIDFLOLWDODKLGUDWDFLyQ\SURWHFFLyQ
&UHPDLGyQHDSDUDSLHOHVPX\VHFDVLUULWDWLYDV\GHVFDPDWLYDV
 &5(0$ 2: +,'5$7$17( 3$5$ 3,(/(6 6(&$6
)Ï508/$1Ò0&

1HRSFORZŠJ
3URSLOHQJOLFROJ
$FHLWHGHJHUPHQGHWULJRJ
3DQWHQROJ
3KHQRQLSŠ FRQVHUYDQWHJ
9LWDPLQD(DQWLR[LGDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPHO1HRSFODž&3RURWURODGRFDOHQWDUDEPHODJXDGHVWLODGD
DODPLVPDWHPSHUDWXUD\DxDGLUODVROXFLyQIRUPDGDSUHYLDPHQWHHQWUHHO3KHQRQLS\HO
SURSLOHQJOLFRO6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDV
SRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$xDGLUHODFHLWHGHJHUPHQGHWULJRHOSDQWHQRO
\ODYLWDPLQD(DJLWDQGRKDVWDODSHUIHFWDLQWHUSRVLFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

(OSDQWHQROWLHQHDFFLyQKLGUDWDQWHSRUFDSWDFLyQGHDJXD\WDPELpQ HVHPROLHQWH
DOLJXDOTXHHOSURSLOHQJOLFRO(ODFHLWHGHJHUPHQGHWULJRDSRUWDiFLGRVJUDVRV
LQVDWXUDGRVWHQLHQGRDFFLyQHPROLHQWH(OH[FLSLHQWHRZIRUPXODGRDSRUWDPRGHUDGD
HPROLHQFLDDOSUHVHQWDUOLJHUDRFOXVLYLGDG
 &5(0$ 2: +,'5$7$17( 3$5$ 3,(/(6 1250$/(6
)Ï508/$1Ò0&
< 0,;7$6

6RIWFDUHŠ««J
/DFWDWRDPyQLFRJ
-XJRIUHVFRGHDORHYHUDJ
3URSLOHQJOLFROJ
3KHQRQLSFRQVHUYDQWHJ
3HUIXPHFV
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPHO6RIWFDUHDž&3RURWURODGRFDOHQWDUHODJXDDOD
PLVPDWHPSHUDWXUD\DxDGLUODVROXFLyQIRUPDGDSUHYLDPHQWHHQWUHHO3KHQRQLS\HO
SURSLOHQJOLFRO6DFDUDPEDVIDVHVGHOEP\DxDGLUGHJROSHODDFXRVDVREUHODJUDVD
DJLWDQGRDDOWDYHORFLGDGPHGLDQWHDJLWDGRUPHFiQLFRVLQLQWURGXFLUDLUHGXUDQWHGRV
PLQXWRV6HJXLUFRQDJLWDFLyQOHQWDPHFiQLFDRPDQXDOKDVWDHQIULDPLHQWR$xDGLUHO
ODFWDWRDPyQLFRHOMXJRIUHVFRGHDORH\HOSHUIXPHDJLWDQGRKDVWDODSHUIHFWD
LQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

(OODFWDWRDPyQLFRHOSURSLOHQJOLFRO\HOMXJRIUHVFRGHDORHWLHQHQDFFLyQ
KLGUDWDQWHSRUFDSWDFLyQGHDJXD(OMXJRIUHVFRGHDORHWDPELpQHVHPROLHQWHQRJUDVR
(OH[FLSLHQWHRZIRUPXODGRHVLGyQHRSDUDSLHOHVQRUPDOHVRPL[WDVSRUVXPRGHUDGD
HYDQHVFHQFLD
 &5(0$ :6 +,'5$7$17( 3$5$ 3,(/(6 *5$6$6
)Ï508/$1Ò0&

$ELOZVŠ «««J
$ELO.Š«J
)+1ŠIDFWRUKLGUDWDQWHQDWXUDOJ
([WUDFWRKLGURJOLFyOLFRGHKDPDPHOLVJ
*OLFHULQDJ
&ORUXURVyGLFRJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
(VHQFLDGHPDQ]DQLOODJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

0H]FODUHO$ELO.\HO$ELOZVIDVHVLOLFyQLFD3RURWURODGRGLVROYHUHO

)+1HOH[WUDFWRGHKDPDPHOLVODJOLFHULQDHOFORUXURVyGLFR\HO1LSDJtQVyGLFRHQ
HODJXD$xDGLUODIDVHDFXRVDHQSHTXHxDVSRUFLRQHVVREUHODVLOLFyQLFDDJLWDQGRDDOWD
YHORFLGDGPHGLDQWHDJLWDGRUPHFiQLFRVLQLQWURGXFLUDLUH8QDYH]REWHQLGDODHPXOVLyQ
UHDOL]DUXQDDJLWDFLyQPDQXDORPHFiQLFDDEDMDYHORFLGDG$xDGLUODHVHQFLDGH
PDQ]DQLOOD

$FWLYLGDG GHUPRFRVPpWLFD

(O)+1WLHQHDFFLyQKLGUDWDQWHSRUFDSWDFLyQGHDJXD\HOH[WUDFWRGH
KDPDPHOLVWLHQHDFFLyQDVWULQJHQWH(OH[FLSLHQWHZVIRUPXODGRHVLGyQHRHQSLHOHV
JUDVDVSRUVXDOWDHYDQHVFHQFLD\QXODDFFLyQFRPHGRJpQLFD7DPELpQVRQOODPDGRV
H[FLSLHQWHVRLOIUHH'LFKDGHQRPLQDFLyQVHUHILHUHDTXHHVWRVH[FLSLHQWHVHVWiQH[HQWRV
GHJUDVDVRDFHLWHVFRQSRGHUFRPHGRJpQLFR
 75$7$0,(1726
)$&,$/(6
)Ï508/$6 1875,7,9$6

)Ï508/$1Ò0 &5(0$ :2 &21 $&(,7(6 9(*(7$/(6 <

9,7$0,1$ (

$FHLWH]DQDKRULDVJ
$FHLWHGHJHUPHQGHWULJRJ
$FHLWHGHMRMREDJ
9LWDPLQD(J
(VHQFLDGHMD]PtQJ
(XFHULQXPZR ŠFVSJ

(ODERUDFLyQ

6LWXDUHO(XFHULQXPHQXQPRUWHUR\DxDGLUHQSHTXHxDVSRUFLRQHVODPH]FOD
IRUPDGDSUHYLDPHQWHSRUORVDFHLWHVODYLWDPLQD(\ODHVHQFLDEDWLHQGRKDVWDOD
SHUIHFWDLQWHUSRVLFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/RVDFHLWHVYHJHWDOHVWLHQHQDFFLyQHPROLHQWH\VRQXQJUDQDSRUWHGHiFLGRV
JUDVRVLQVDWXUDGRV/DYLWDPLQD(DGHPiVGHSURWHJHUDORVDFHLWHVIUHQWHDOD
R[LGDFLyQDFW~DFRQWUDORVUDGLFDOHVOLEUHV\HVHPROLHQWH(OH[FLSLHQWHZR
IRUPXODGRVHH[SHQGHOLVWRSDUDVXXVRWLHQHDOWDDFFLyQKLGUDWDQWHSRURFOXVLYLGDG
 (08/6,Ï1 :2 )/8,'$ &21 9,7$0,1$6
)Ï508/$1Ò0(

/DQROLQDDQKLGUDJ
9DVHOLQDOtTXLGDJ
(VSHUPDGHEDOOHQDJ
6SDQŠ«««J
7ZHHQŠ«««J
3URSLOHQJOLFRO«J
9LWDPLQD)HVWHUJOLFpULGRJ
9LWDPLQD$KLGURVROXEOHXL
9LWDPLQD(J
)1+Š IDFWRUKLGUDWDQWHQDWXUDOJ
3KHQRQLSŠFRQVHUYDQWH«J
3HUIXPH«FV
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPODODQROLQDHOHVSHUPDGHEDOOHQD\HO6SDQDž&$xDGLUOD
YDVHOLQDFDOHQWDGDDODPLVPDWHPSHUDWXUD3RURWURODGRFDOHQWDUDEPHODJXDDž&
\DxDGLUHO7ZHHQSUHYLDPHQWHIXQGLGR\HO3KHQRQLSGLVXHOWRSUHYLDPHQWHHQHO
SURSLOHQJOLFRO6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDV
SRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$JUHJDUODVYLWDPLQDVHO)1+\HOSHUIXPH
DJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ)yUPXODLGHDOSDUDVHUHQYDVDGDHQIUDVFR
GRVLILFDGRU

$FWLYLGDG GHUPRFRVPpWLFD

/DYLWDPLQD)WLHQHDFFLyQHPROLHQWH\DSRUWDiFLGRVJUDVRVHVHQFLDOHV/D
YLWDPLQD$WLHQHDFFLyQUHJHQHUDGRUD\SURWHFWRUDIUHQWHDORVUDGLFDOHVOLEUHVDOLJXDO
TXHODYLWDPLQD(TXHWDPELpQHVHPROLHQWH\SURWHJHGHODR[LGDFLyQDORVGLYHUVRV
FRPSRQHQWHVGHODIyUPXOD(O)1+WLHQHDFFLyQKLGUDWDQWHSRUFDSWDFLyQGHDJXD\HO
H[FLSLHQWHZRIRUPXODGRKLGUDWDSRURFOXVLyQ\SUHVHQWDDFWLYLGDGSURWHFWRUDDOIRUPDU
XQDSHTXHxDSHOtFXODJUDVDVREUHODSLHO
 &5(0$ :2 08< *5$6$ 3$5$ 3,(/(6 08<
)Ï508/$1Ò0&
'(61875,'$6

/DQROLQDDQKLGUDJ
$FHLWHGHURVDPRVTXHWDJ
$FHLWHDFHLWHGHMRMREDJ
$FHLWHGHJHUPHQWULJRJ
%+7DQWLR[LGDQWHJ
3KHQRQLSFRQVHUYDQWHJ
(VHQFLDGHURVDV J
$JXDGHURVDVFVSJ

(ODERUDFLyQ

&DOHQWDUDEP\DXQRVž&ODODQROLQD\DxDGLUORVDFHLWHVEDWLHQGRKDVWDOD
SHUIHFWD PH]FOD $JUHJDU HQ SHTXHxDV SRUFLRQHV HO DJXD GH URVDV D ž& EDWLHQGR
KDVWD OD SHUIHFWD LQWHUSRVLFLyQ )LQDOPHQWH DxDGLU HO %+7 VH GLVROYHUi HQ  PO GH
DOFRKROHO3KHQRQLS\ODHVHQFLD

$FWLYLGDG GHUPRFRVPpWLFD

/RVDFHLWHVYHJHWDOHVWLHQHQDFFLyQHPROLHQWH\VRQXQJUDQDSRUWHGHiFLGRV
JUDVRVLQVDWXUDGRV(OH[FLSLHQWHZRIRUPXODGRKLGUDWDSRURFOXVLyQ\SUHVHQWD
DFWLYLGDGSURWHFWRUDDOIRUPDUXQDSHTXHxDSHOtFXODJUDVDVREUHODSLHO/DRFOXVLYLGDG
HVPD\RUTXHODSURGXFLGDHQODVGRV IyUPXODVDQWHULRUHV
 75$7$0,(1726
)$&,$/(6

)Ï508/$6 $17,$558*$6

&5(0$ 2: &21 &2/È*(12 < (/$67,1$

)Ï508/$1Ò0&

;DOLItQŠJ
3URSLOHQJOLFROJ
&ROiJHQRVROXEOHJ
(ODVWLQDKLGUROL]DGDJ
3KHQRQLSŠFRQVHUYDQWH«J
3HUIXPH«FV
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHO;DOLItQDž&3RURWURODGRFDOHQWDUDEPHODJXDDOD
PLVPDWHPSHUDWXUD\GLVROYHUODVROXFLyQIRUPDGDSUHYLDPHQWHHQWUHHO3KHQRQLS\HO
SURSLOHQJOLFRO6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDV
SRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$xDGLUHOFROiJHQRODHODVWLQD\HOSHUIXPH
DJLWDQGRKDVWDODSHUIHFWDLQWHUSRVLFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

7DQWRHOFROiJHQRFRPRODHODVWLQDWLHQHQDFFLyQWHQVRUDVXSHUILFLDO\DXPHQWDQ
HOJUDGRGHKLGUDWDFLyQSRUFDSWDFLyQGHDJXDPDQLIHVWiQGRVHODDFFLyQDQWLDUUXJDVGH
IRUPDLQPHGLDWD(QSLHOHVVHFDVVHSXHGHLQFOXLUDOJ~QDFHLWHYHJHWDOHQ
FRQFHQWUDFLRQHVGHO
)Ï508/$1Ò0 &5(0,*(/ 2: &21 (;75$&72 '( &(17(//$ <
3527(2*/,&$126

1HRSFORZŠJ
3URSLOHQJOLFROJ
([WUDFWRKLGURJOLFyOLFRGHFHQWHOODJ
3URWHRJOLFDQRVJ
$FHLWHGHMRMREDJ
&DUERSROŠJ
%+7EXWLOKLGUR[LWROXHQRDQWLR[LGDQWHJ
3KHQRQLSŠFRQVHUYDQWHJ
7ULHWDQRODPLQDFVS+
(VHQFLDGHEHUJDPRWDIRWRGHVHQVLELOL]DGDJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHU ODVROXFLyQSUHYLDPHQWHREWHQLGDHQWUHHOSURSLOHQJOLFRO\HO3KHQRQLS
HQHODJXD'LVSHUVDUHO&DUERSROWDSDUELHQODPH]FOD\UHSRVDUKDVWDHOGtDVLJXLHQWH
$xDGLUODWULHWDQRODPLQDJRWDDJRWD\EDMRFRQVWDQWHDJLWDFLyQKDVWDS+6HREWLHQH
XQJHO WUDQVSDUHQWH)XQGLUDEPHO1HRSFORZDž&3RURWURODGRFDOHQWDUDEP
HOJHOREWHQLGRDQWHULRUPHQWHDODPLVPDWHPSHUDWXUD6DFDUDPEDVIDVHVGHOEP\
DxDGLUODJUDVDVREUHODJHOLILFDGDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR
$xDGLUHOH[WUDFWRGHFHQWHOODORVSURWHRJOLFDQRVHODFHLWHGHMRMRED\ODHVHQFLD
DJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ)LQDOPHQWHDJUHJDUHO%+7GLVXHOWRHQXQDV
JRWDVGHDOFRKROž

$FWLYLGDG GHUPRFRVPpWLFD

(OH[WUDFWRGHFHQWHOODWLHQHDFWLYLGDGILEUREOiVWLFDDXPHQWDQGRODVtQWHVLVGH
FROiJHQRDODUJRSOD]R(OHIHFWRDQWLDUUXJDVLQPHGLDWRVHREWLHQHSRUODDFWLYLGDG
WHQVRUDVXSHUILFLDOGDGDSRUHOJHOGH&DUERSRO\ORVSURWHRJOLFDQRV(VWRV~OWLPRV
WDPELpQWLHQHQDFFLyQKLGUDWDQWHSRUFDSWDFLyQGHDJXD/DOLJHUDRFOXVLYLGDGGDGDSRU
ODHPXOVLyQ1HRSFORZKDFHTXHODFUHPDVHDDSWDSDUDSLHOHVVHFDV
 *(/ &21 &2/È*(12 '( $/7$ $&7,9,'$'
)Ï508/$1Ò0*
7(1625$

&DUERSROŠ««««J
3URSLOHQJOLFRO«««J
8UHD«J
&ROiJHQRVROXEOHJ
7ULHWDQRODPLQDFVS+
3KHQRQLSŠFRQVHUYDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUODXUHD\ODVROXFLyQIRUPDGDSUHYLDPHQWHHQWUHHO3KHQRQLS\HO
SURSLOHQJOLFROHQHODJXD'LVSHUVDUHO&DUERSROHQODVROXFLyQREWHQLGDDQWHULRUPHQWH
GHMDQGRODPH]FODELHQWDSDGDKDVWDHOGtDVLJXLHQWH$xDGLUODWULHWDQRODPLQDJRWDD
JRWD\EDMRFRQVWDQWHDJLWDFLyQKDVWDS+6HREWLHQHXQJHOWUDQVSDUHQWH$xDGLUHO
FROiJHQRHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

*HOFRQHOHYDGDDFWLYLGDGWHQVRUDLQPHGLDWDGHELGDDODDOWDFRQFHQWUDFLyQGH
FROiJHQR\DOSURSLRJHOGH&DUERSROIRUPXODGR/DXUHDDW~DFRPRKLGUDWDQWHSRU
FDSWDFLyQGHDJXD8QDYH]DGPLQLVWUDGRHOJHOHQFDSDILQDSXHGHDSOLFDUVHHO
PDTXLOODMHODFUHPDFRORUHDGDRODFUHPDGHGtD
)Ï508/$1Ò0 *(/ &2172512 '( 2-26 &21 (/$67,1$ <
(;75$&726 '( 3/$17$6

&DUERSROŠ J
(ODVWLQDKLGUROL]DGDJ
([WUDFWRKLGURJOLFyOLFRGHPDQ]DQLOODJ
([WUDFWRKLGURJOLFyOLFRGHFHQWHOODDVLiWLFDJ
$JXDGHURVDVJ
3URSLOHQJOLFROJ
3KHQRQLSŠ FRQVHUYDQWHJ
7ULHWDQRODPLQDFV3K
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUHO3KHQRQLSHQHOSURSLOHQJOLFRO\DxDGLUODVROXFLyQUHVXOWDQWHVREUHOD
PH]FODREWHQLGDSUHYLDPHQWHHQWUHHODJXDGHURVDV\HODJXDGHVWLODGD'LVSHUVDUHO
&DUERSROWDSDUELHQODPH]FOD\UHSRVDUKDVWDHOGtDVLJXLHQWH$xDGLUODWULHWDQRODPLQD
JRWDDJRWD\EDMRFRQVWDQWHDJLWDFLyQKDVWDS+6HREWLHQHXQJHOWUDQVSDUHQWH$xDGLU
ODHODVWLQD\ORVH[WUDFWRVGHPDQ]DQLOOD\HODVWLQDDJLWDQGRKDVWDODSHUIHFWD
LQWHUSRVLFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

*HOFRQDFWLYLGDGWHQVRUDLQPHGLDWDGHELGDDODHODVWLQD\DOJHOGH&DUERSRO
IRUPXODGR(ODJXDGHURVDVWLHQHDFFLyQWRQLILFDQWHHOH[WUDFWRGHPDQ]DQLOODDFW~D
FRPRGHVFRQJHVWLYR\HOH[WUDFWRGHFHQWHOODWLHQHDFWLYLGDGILEUREOiVWLFDDXPHQWDQGROD
VtQWHVLVGHFROiJHQRDODUJRSOD]R
 75$7$0,(1726
)$&,$/(6
)Ï508/$6 5(*(1(5$'25$6
< $17,(19(-(&,0,(172

&5(0$ :62 &21 $&,'2 5(7,12,&2 SUHVFULSFLyQ

)Ï508/$1Ò0&
PpGLFD

$ELOZVŠ ««J
9DVHOLQDOtTXLGDJ
$FLGRUHWLQRLFRJ
*OLFHULQDJ
&ORUXURVyGLFRJ
1LSDJtQVyGLFR ŠFRQVHUYDQWHJ
%+7EXWLOKLGUR[LWROXHQRDQWLR[LGDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

0H]FODUHO$ELOZVFRQODYDVHOLQD3RURWURODGR'LVROYHUODJOLFHULQDHO
FORUXURVyGLFR\HO1LSDJtQHQHODJXD$xDGLUODIDVHDFXRVDHQSHTXHxDVSRUFLRQHV
VREUHODJUDVDDJLWDQGRDDOWDYHORFLGDGPHGLDQWHDJLWDGRUPHFiQLFRVLQLQWURGXFLUDLUH
8QDYH]REWHQLGDODHPXOVLyQUHDOL]DUXQDDJLWDFLyQPDQXDORPHFiQLFDDEDMD
YHORFLGDG
$xDGLUHO%+7GLVXHOWRSUHYLDPHQWHHQPOGHDOFRKROž6LWXDUHOiFLGRUHWLQRLFR
HQXQPRUWHURDxDGLUXQDVJRWDVGHYDVHOLQDOtTXLGD\EDWLUKDVWDIRUPDUXQDSDVWD
$JUHJDUHQSHTXHxDVSRUFLRQHVODHPXOVLyQDQWHULRUEDWLHQGRKDVWDODSHUIHFWD
LQWHUSRVLFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

3RUVXVDFFLRQHVTXHUDWROtWLFDV\H[IROLDQWHVHOiFLGRUHWLQRLFRIDYRUHFHOD
UHJHQHUDFLyQHSLGpUPLFDHQSLHOHVHQYHMHFLGDVFRQWHQGHQFLDDODKLSHUTXHUDWRVLV(O
H[FLSLHQWHZVRIRUPXODGRKLGUDWDSRURFOXVLYLGDGVLHQGRpVWDPXFKRPHMRUDFHSWDGD
TXHODSURGXFLGDSRUODFOiVLFDZR/DHPXOVLyQZVRHVWiIRUPDGDSRUXQDIDVH
H[WHUQDVRFRPSXHVWDSRUVLOLFRQDVV\YDVHOLQDOtTXLGDR
)Ï508/$1Ò0* *(/ 3((/,1* &21 È&,'2 */,&Ï/,&2 $/  
SUHVFULSFLyQ PpGLFD

$FLGRJOLFyOLFRJ

&DUERSROJ
3URSLOHQJOLFROJ
7ULHWDQRODPLQDFVS+
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

$xDGLUODWULHWDQRODPLQDHQSHTXHxDVSRUFLRQHVVREUHODVROXFLyQGHOiFLGR
JOLFyOLFRKDVWDOOHJDUDOS+FLWDGR'HMDUODVROXFLyQREWHQLGDHQHQYDVHELHQWDSDGR3RU
RWUR ODGRGLVROYHUHOSURSLOHQJOLFROHQHODJXDUHVWDUGHpVWDODWULHWDQRODPLQDJDVWDGD
DQWHULRUPHQWH\GLVSHUVDUHO&DUERSRO'HMDUODPH]FODELHQWDSDGDKDVWDHOGtD
VLJXLHQWHUHDOL]DQGRDJLWDFLRQHVHVSRUiGLFDV$JUHJDUODVROXFLyQWDPSRQDGDGHO
JOLFyOLFRHQSHTXHxDVSRUFLRQHVVREUHHOJHOREWHQLGRDJLWDQGRKDVWDODSHUIHFWD
LQFRUSRUDFLyQ6HREWLHQHXQJHOGHDOWDFRQVLVWHQFLD\HVWDELOLGDG$MXVWDUHOS+D


$FWLYLGDG GHUPRFRVPpWLFD

(OiFLGRJOLFyOLFRWLHQHDOWDDFFLyQH[IROLDQWHUHQRYDGRUFHOXODUDHVD

FRQFHQWUDFLyQ\DXPHQWDODVtQWHVLVGHFROiJHQR/DDOWDFRQFHQWUDFLyQGH
SURSLOHQJOLFROFRDG\XYDODDFFLyQH[IROLDQWHFLWDGD'HVGHXQSXQWRGHYLVWDJDOpQLFR
HOSURSLOHQJOLFRODHVDFRQFHQWUDFLyQKDFHSRVLEOHODJHOLILFDFLyQGHO&DUERSROSRUOD
IRUPDFLyQGHSXHQWHVGHKLGUyJHQR\QRSRUQHXWUDOL]DFLyQ(VWRSHUPLWHODSOHQD
FRPSDWLELOLGDGGHOJHOFRQDFWLYRViFLGRV
 &5(0$ 2: 5(*(1(5$'25$ &21 $&(,7( '(
)Ï508/$1Ò0&
526$ 02648(7$ $/7$ &21&(175$&,Ï1

%DVH3)&ŠJ
$FHLWHGHURVDPRVTXHWDJ
3URSLOHQJOLFROJ
9LWDPLQD(DQWLR[LGDQWHJ
3KHQRQLSŠFRQVHUYDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPODEDVH3)&Dž&3RURWURODGRFDOHQWDUHODJXDDEP\DOD
PLVPDWHPSHUDWXUD\DxDGLUODVROXFLyQSUHYLDPHQWHIRUPDGDHQWUHHO3KHQRQLS\HO
SURSLOHQJOLFRO6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDV
SRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$xDGLUHODFHLWHGHURVDPRVTXHWD\ODYLWDPLQD
(

$FWLYLGDG GHUPRFRVPpWLFD

3RUVXDOWRFRQWHQLGRHQiFLGRVJUDVRVLQVDWXUDGRVHODFHLWHGHURVDPRVTXHWD
WLHQHXQDJUDQDFFLyQUHJHQHUDGRUD\HPROLHQWH/DFUHPDHVWiLQGLFDGDHQSLHOHVPX\
HQYHMHFLGDV\FDVWLJDGDVSRUHOVROUHJHQHUDFLyQSRVWSHHOLQVWUDWDPLHQWRUHJHQHUDWLYR
GHTXHORLGHV\FLFDWULFHVHWF
 &5(0$ 2: &21 $&,'2 */,&Ï/,&2 $/  
)Ï508/$1Ò0&

$FLGRJOLFyOLFRJ

7ULHWDQRODPLQDFVS+
0LULVWDWRGHLVRSURSLORJ
$OIDELVDEROROJ
(VHQFLDGHURVDVJ
(XFHULQXPRZŠ FVS«J

(ODERUDFLyQ

$xDGLUODWULHWDQRODPLQDHQSHTXHxDVSRUFLRQHVVREUHODVROXFLyQGHOiFLGR
JOLFyOLFRKDVWDOOHJDUDOS+FLWDGR$JUHJDUODVROXFLyQUHVXOWDQWHHQSHTXHxDVSRUFLRQHV
VREUHHO(XFHULQXPDJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ$xDGLUHODOIDELVDEROROHO
PLULVWDWR\ODHVHQFLDDJLWDQGRKDVWDODSHUIHFWDLQWHUSRVLFLyQ$MXVWDUDS+

$FWLYLGDG GHUPRFRVPpWLFD

(OiFLGRJOLFyOLFRWLHQHOLJHUDDFFLyQH[IROLDQWHUHQRYDGRUFHOXODUDHVD

FRQFHQWUDFLyQ\DXPHQWDODVtQWHVLVGHFROiJHQR(ODOIDELVDEROROSRUVXDFFLyQ
GHVHQVLELOL]DQWH\OHYHPHQWHDQWLLQIODPDWRULDHYLWDHOOLJHURHVFR]RUSURGXFLGRSRUHO
iFLGRJOLFyOLFRDOVHUDSOLFDGDODFUHPD(OH[FLSLHQWHRZIRUPXODGR\HOPLULVWDWR
KLGUDWDQDOSURGXFLUOLJHUDRFOXVLYLGDG&UHPDGHXVRGLDULRLQGLFDGDHQSLHOHVPDGXUDV
 75$7$0,(1726
)$&,$/(6
)Ï508/$6
'(63,*0(17$17(6

&5(0$ 2: '(63,*0(17$17( &21 È&,'2

)Ï508/$1Ò0&
.Ï-,&2  )2723527(&725

$OFRKROFHWRHVWHDUtOLFRJ
0LULVWDWRGHLVRSURSLORJ
3URSLOHQJOLFRO««J
7ZHHQŠ««J
$FLGRNyMLFRJ
'Ly[LGRGHWLWDQLRPLFURQL]DGRROHRGLVSHUVDEOHJ
3KHQRQLSŠFRQVHUYDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPHODOFRKROFHWRHVWHDUtOLFRDž&\DxDGLUHOPLULVWDWRGHLVRSURSLOR
DODPLVPDWHPSHUDWXUD3RURWURODGRFDOHQWDUDEPHODJXD\GLVROYHUHO7ZHHQ\OD
VROXFLyQSUHYLDPHQWHIRUPDGDHQWUHHOSURSLOHQJOLFRO\HO3KHQRQLS6DFDUDPEDVIDVHV
GHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWD
HQIULDPLHQWR(QXQPRUWHURPH]FODUHOiFLGRNyMLFR\HOGLy[LGRGHWLWDQLRSUHYLDPHQWH
UHGXFLGRVDSROYRILQR\IRUPDUXQDSDVWDVHFDDxDGLHQGRXQDVJRWDVGH 7ZHHQ
$xDGLUODHPXOVLyQDQWHULRUHQSHTXHxDVSRUFLRQHVEDWLHQGRKDVWDODSHUIHFWD
LQWHUSRVLFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

(OiFLGRNyMLFRDFW~DLQKLELHQGRODVtQWHVLVGHPHODQLQD\HOGLy[LGRGHWLWDQLR
SRUVXDOWDIRWRSURWHFFLyQHYLWDHODXPHQWRGHSLJPHQWDFLyQGHODVPDQFKDVPHOiQLFDV
H[LVWHQWHV\SUHYLHQHODDSDULFLyQGHODVPLVPDV
 *(/  3$67$ '(63,*0(17$17( &21 È&,'2
)Ï508/$1Ò0*
$=(/$,&2

&0&1DFDUER[LPHWLOFHOXORVDVyGLFDJ

$FLGRD]HODLFRJ
%+7EXWLOKLGUR[LWROXHQRDQWLR[LGDQWHJ
$OFRKROJ
3URSLOHQJOLFROJ
3KHQRQLSŠFRQVHUYDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUHO%+7\HO3KHQRQLSHQODVROXFLyQSURSLOHQDOFRKyOLFD(QXQ
PRUWHURGLVSHUVDUOD&0&1DHQODVROXFLyQDQWHULRUKDVWDIRUPDUXQDVXVSHQVLyQ
KRPRJpQHD3RURWURODGRFDOHQWDUDEPHODJXDDž&\GLVROYHUHOiFLGR
D]HODLFR$xDGLUODVROXFLyQREWHQLGDVLQHVSHUDUDTXHVHHQIUtHVREUHODVXVSHQVLyQ
DQWHULRU\EDWLUKDVWDHQIULDPLHQWR

$FWLYLGDG GHUPRFRVPpWLFD

(OiFLGRD]HODLFRDFW~DLQKLELHQGRODVtQWHVLVGHPHODQLQD\HO%+7SRUVXDOWD
DFFLyQDQWLR[LGDQWHDHVDFRQFHQWUDFLyQLPSLGHHOSURFHVRR[LGDWLYRGHOD'23$D
PHODQLQD\DFODUDODIRUPDGDSUHYLDPHQWH
)Ï508/$1Ò0&&5(0$ 2: &21 +,'5248,121$ < È&,'2
5(7,12,&2 SUHVFULSFLyQ PpGLFD

$OFRKROFHWtOLFRJ
&HUDEODQFDJ
0LULVWDWRGHLVRSURSLORJ
+LGURTXLQRQDJ
$FLGRUHWLQRLFRJ
%+7EXWLOKLGUR[LWROXHQRDQWLR[LGDQWHJ
3DOPLWDWRGHDVFRUELORDQWLR[LGDQWHJ
3URSLOHQJOLFROJ
3KHQRQLSŠFRQVHUYDQWHJ
/DXULOVXOIDWRVyGLFRJ
$OFRKROžJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPHODOFRKROFHWtOLFR\ODFHUDEODQFDDž&\DxDGLUHOPLULVWDWR
GHLVRSURSLORDODPLVPDWHPSHUDWXUD3RURWURODGRFDOHQWDUDEPHODJXDDž&
GLVROYHUHOODXULOVXOIDWRVyGLFR\ODVROXFLyQIRUPDGDSUHYLDPHQWHHQWUHHO3KHQRQLS\
HOSURSLOHQJOLFRO6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQ
SHTXHxDVSRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR0H]FODUHQXQPRUWHURHOiFLGR
UHWLQRLFRHOSDOPLWDWRGHDVFRUELOR\ODKLGURTXLQRQDUHGXFLGRVDSROYRILQR
$xDGLUODHPXOVLyQREWHQLGDDQWHULRUPHQWHHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWDOD
SHUIHFWDLQWHUSRVLFLyQ'LVROYHUHO%+7HQHODOFRKRO\DxDGLUODVROXFLyQREWHQLGDHQ
SHTXHxDVSRUFLRQHVVREUHODFUHPDEDWLHQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/DKLGURTXLQRQDDFW~DLQKLELHQGRODVtQWHVLVGHPHODQLQD\ODDVRFLDFLyQ
%+7SDOPLWDWRGHDVFRUELORSRUVXDOWDDFFLyQDQWLR[LGDQWHDHVDFRQFHQWUDFLyQLPSLGH
HOSURFHVRR[LGDWLYRGHOD'23$DPHODQLQD\DFODUDODIRUPDGDSUHYLDPHQWH(OiFLGR
UHWLQRLFRSRUVXDFFLyQTXHUDWROtWLFDIDFLOLWDODGLVSHUVLyQ\HOLPLQDFLyQGHODPHODQLQD
\WDPELpQIDFLOLWDODSHQHWUDFLyQGHORVDFWLYRVFRVPpWLFRVDQWHULRUPHQWHFLWDGRV
 75$7$0,(1726
)$&,$/(6
)Ï508/$6 $17,$&1(,&$6

*(/ &21 %,2$=8)5( < (5,7520,&,1$ SUHVFULSFLyQ

)Ï508/$1Ò0*
PpGLFD

&DUERSROŠJ
3URSLOHQJOLFROJ
$OFRKROžJ
%LRD]XIUHIOXLGRŠ J
(ULWURPLFLQDJ
7ULHWDQRODPLQDFVS+
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVSHUVDUHO&DUERSROHQHODJXDGHMDQGRODPH]FODELHQWDSDGDKDVWDHOGtD
VLJXLHQWH$xDGLUODWULHWDQRODPLQDJRWDDJRWD\EDMRFRQVWDQWHDJLWDFLyQKDVWDS+6H
REWLHQHXQJHOWUDQVSDUHQWH'LVROYHUODHULWURPLFLQD\HOELRD]XIUHHQODVROXFLyQ
SURSLOHQDOFRKyOLFD$xDGLUODVROXFLyQREWHQLGDVREUHHOJHODQWHULRUHQSHTXHxDV
SRUFLRQHVDJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/DHULWURPLFLQDWLHQHDFFLyQEDFWHULRVWiWLFDVREUHORVPLFURRUJDQLVPRV
LPSOLFDGRVHQHODFQpSULQFLSDOPHQWHHO3URSLRQLEDFWHULXPDFQpV\HOELRD]XIUHWLHQH
DFFLyQDQWLVHERUUHLFD\DQWLVpSWLFD(OH[FLSLHQWHJHOLILFDGRIRUPXODGRHVLGyQHRSRUQR
GHMDUUHVLGXRJUDVRVREUHODSLHO\IDFLOLWDUODDFFLyQGHORVSULQFLSLRVDFWLYRV
 &5(0$ :6 6(%25(*8/$'25$
)Ï508/$1Ò0&

$ELOZV Š««J
$ELONŠJ
1DFHWLOFLVWHLQD J
0HWLRQLQDJ
*OLFHULQDJ
&ORUXURVyGLFRJ
3KHQRQLSŠFRQVHUYDQWHJ
(VHQFLDGHPDQ]DQLOODJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUOD1DFHWLOFLVWHLQDODPHWLRQLQDODJOLFHULQD\HOFORUXURVyGLFRHQHO
DJXD3RURWURODGR'LVROYHUHO3KHQRQLS\HODELO.HQHODELOZVIDVHVLOLFyQLFD
$xDGLUODIDVHDFXRVDHQSHTXHxDVSRUFLRQHVVREUHODVLOLFyQLFDDJLWDQGRDDOWD
YHORFLGDGPHGLDQWHDJLWDGRUPHFiQLFRVLQLQWURGXFLUDLUH8QDYH]REWHQLGDODHPXOVLyQ
UHDOL]DUXQDDJLWDFLyQPDQXDORPHFiQLFDDEDMDYHORFLGDG$xDGLUODHVHQFLDGH
PDQ]DQLOOD

$FWLYLGDG GHUPRFRVPpWLFD

/RVDPLQRiFLGRVD]XIUDGRVDFW~DQUHJXODQGRODVHFUHFLyQVHEiFHDGHXQDIRUPD
ILVLROyJLFD(OH[FLSLHQWHZVIRUPXODGRHVLGyQHRSRUDSHQDVGHMDUUHVtGXRJUDVRVREUH
ODSLHOQRVHUFRPHGRJpQLFR\GHMDUXQDSLHOPDWHVLQEULOORV
 /2&,Ï1 &21 &/,1'$0,&,1$ < 7,02/ SUHVFULSFLyQ
)Ï508/$1Ò0/
PpGLFD

&ORUKLGUDWRGHFOLQGDPLFLQDJ
7LPRO««J
$OFRKROž««J
3URSLOHQJOLFROJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUODFOLQGDPLFLQDHQHODJXD3RURWURODGRGLVROYHUHOWLPROHQOD
VROXFLyQSURSLOHQDOFRKyOLFD$xDGLUODVROXFLyQUHVXOWDQWHVREUHODGHFOLQGDPLFLQDHQ
SHTXHxDVSRUFLRQHV\EDMRDJLWDFLyQFRQVWDQWH)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

/DFOLQGDPLFLQDWLHQHDFFLyQEDFWHULRVWiWLFDVREUHORVPLFURRUJDQLVPRV
LPSOLFDGRVHQHODFQpSULQFLSDOPHQWHHO3URSLRQLEDFWHULXPDFQpV\HOWLPROWLHQH
SRWHQWHDFFLyQDQWLVpSWLFD
 0$6&$5,//$  6863(16,Ï1 $17,6(%255(,&$
)Ï508/$1Ò00

&HUD/DQHWWH6;Š J
2[LGRGH]LQFJ
&DUERQDWREiVLFRGH]LQFJ
$FLGRVDOLFtOLFRJ
%LRD]XIUHSROYRŠJ
7KLR[RORQHJ
(VHQFLDGHWRPLOORJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPOD&HUD/DQHWWHDž&3RURWURODGRFDOHQWDUDEPHODJXDDOD
PLVPDWHPSHUDWXUD6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQ
SHTXHxDVSRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR(QXQPRUWHURPH]FODUUHGXFLGRVD
SROYRILQRHOy[LGRGH]LQFHOFDUERQDWREiVLFRGH]LQFHOiFLGRVDOLFtOLFRHOELRD]XIUH
\HO7KLR[RORQH\DxDGLUODHPXOVLyQREWHQLGDDQWHULRUPHQWHHQSHTXHxDVSRUFLRQHV
EDWLHQGRKDVWDODSHUIHFWDLQWHUSRVLFLyQ$JUHJDUODHVHQFLDGHWRPLOOR

$FWLYLGDG GHUPRFRVPpWLFD

/DDFFLyQDQWLVHERUUHLFDGHOELRD]XIUH\HOWKLR[RORQHVHFRPSOHPHQWDFRQOD
TXHUDWROtWLFDVDOLGDGHFRPHGRQHVGHOVDOLFtOLFR\ODDVWULQJHQWHGHOFDUERQDWR\y[LGR
GH]LQF/DHVHQFLDGHWRPLOORWLHQHDFFLyQDQWLVpSWLFD
 /2&,Ï1 $17,6e37,&$ < $17,6(%255(,&$
)Ï508/$1Ò0/

(VHQFLDGHFDQHODJ
(VHQFLDGHHXFDOLSWXVJ
(VHQFLDGHWRPLOORJ
(VHQFLDGHSLQRJ
&ORUXURGHEHQ]DOFRQLRJ
7LPROJ
$OFDQIRUJ
3URSLOHQJOLFROJ
$JXDGHVWLODGDJ
7ZHHQŠ J
$OFRKROžFVSJ

(ODERUDFLyQ

'LVROYHUHQHODOFRKROODVHVHQFLDVHOWLPROHODOFDQIRUHOSURSLOHQJOLFRO\HO
7ZHHQ3RURWURODGRGLVROYHUHOFORUXURGHEHQ]DOFRQLRHQHODJXDGHVWLODGD$xDGLU
ODVROXFLyQDFXRVDVREUHODDOFRKyOLFDHQSHTXHxDVSRUFLRQHV\EDMRFRQVWDQWHDJLWDFLyQ
)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

7DQWRODVHVHQFLDVFRPRHOFORUXURGHEHQ]DOFRQLRHOWLPRO\HODOFDQIRU
PDQLILHVWDQDFFLRQHVDQWLVpSWLFDV\WLHQHQEXHQDFDSDFLGDGSDUDGLVROYHUHOVHER
FXWiQHR
 +,*,(1( )$&,$/
)Ï508/$6 /,03,$'25$6

(08/6,Ï1 2: )/8,'$ /(&+( /,03,$'25$

)Ï508/$1Ò0(
3$5$ 3,(/(6 6(&$6 < 0,;7$6

%DVH/ ŠJ
0LULVWDWRGHLVRSURSLORJ
3URSLOHQJOLFROJ
7HJREHWDtQD/ŠJ
(VHQFLDGHURVDVJ
(VHQFLDGHYLROHWDVJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPOD%DVH/Dž&DJUHJDQGRHOPLULVWDWRGHLVRSURSLORD OD
PLVPDWHPSHUDWXUD3RURWURODGRFDOHQWDUDEPHODJXDDž&\GLVROYHUHO
1LSDJtQVyGLFR\HOSURSLOHQJOLFRO6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHOD
JUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$JUHJDUODVHVHQFLDV\OD
7HJREHWDtQDDJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/D7HJREHWDtQD\ORVHPXOJHQWHVQRLyQLFRVGHOD%DVH/WLHQHQVXDYH
DFFLyQOLPSLDGRUDHOSURSLOHQJOLFRODSRUWDJUDQKXPHFWDFLyQ\HOPLULVWDWRGH
LVRSURSLOR\ODVJUDVDVGHOD%DVH/GLVXHOYHQHOVHERFXWiQHR
)Ï508/$1Ò0 (08/6,Ï1 2: )/8,'$ /(&+( /,03,$'25$
3$5$ 3,(/(6 *5$6$6

&HUD/DQHWWH6;ŠJ
&HWLRO9Š«J
0HQWROJ
$OFDQIRUJ
%LRD]XIUHIOXLGRŠJ
$JXDGHKDPDPHOLVJ
1LSDJtQŠFRQVHUYDQWHJ
3HUIXPHFV
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHODJXDDž&\GLVROYHUHO1LSDJtQ8QDYH]GLVXHOWRGHMDU
HQIULDU\PDQWHQHUODVROXFLyQDž&3RURWURODGRFDOHQWDUDEPOD&HUD/DQHWWH6;D
ž&\DxDGLUHO&HWLRO9DODPLVPDWHPSHUDWXUD6DFDUDPEDVIDVHVGHOEP\DxDGLUOD
DFXRVDVREUHODJUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$xDGLUHO
DJXDGHKDPDPHOLVHOELRD]XIUHHOPHQWRO\HODOFDQIRUGLVXHOWRVHQXQDVJRWDVGH
DOFRKRO\HOSHUIXPHDJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

(OODXULOVXOIDWRVyGLFRWHQVLRDFWLYRDQLyQLFRFRQWHQLGRHQODFHUD/DQHWWH

DFW~DFRPRGHWHUJHQWHHOPHQWRO\HODOFDQIRUGLVXHOYHQHOVHERFXWiQHR\WLHQHQ
DFFLyQDQWLVpSWLFDHOELRD]XIUHDFW~DFRPRDQWLVHERUUHLFR\DQWLVpSWLFR\HODJXDGH
KDPDPHOLVFRQILHUHOLJHUDDFFLyQDVWULQJHQWH
)Ï508/$1Ò0 (08/6,Ï1 :2 )/8,'$ /(&+( /,03,$'25$
3$5$ 3$5$ 3,(/(6 08< 6(&$6 < 6(16,%/(6

/DQROLQDDQKLGUDJ
9DVHOLQDOtTXLGDJ
(VSHUPDGHEDOOHQDJ
*OLFHULQDJ
$OIDELVDEROROJ
([WUDFWRKLGURJOLFyOLFRGHFDOpQGXODJ
6SDQŠ«««J
7ZHHQŠ««J
3KHQRQLSŠ FRQVHUYDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPODODQROLQDHOHVSHUPDGHEDOOHQD\HO6SDQDž&$xDGLUOD
YDVHOLQD\HO3KHQRQLSDODPLVPDWHPSHUDWXUD3RURWURODGRFDOHQWDUDEPHODJXDD
ž&\DxDGLUODJOLFHULQD\HO7ZHHQ6DFDUDPEDVIDVHVGHOEP\DxDGLUOD
DFXRVDVREUHODJUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$xDGLUHO
DOIDELVDERORO\HOH[WUDFWRGHFDOpQGXODDJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/RVHPXOJHQWHVQRLyQLFRV\ODVJUDVDVFRQWHQLGDVHQODHPXOVLyQOLPSLDQSRU
DUUDVWUH\RDILQLGDG\QRSRUGHWHUJHQFLD(ODOIDELVDERORO\HOH[WUDFWRGHFDOpQGXOD
FRQILHUHQXQDOLJHUDDFWLYLGDGDQWLLQIODPDWRULD\GHVHQVLELOL]DQWH
 *(/ '(7(5*(17( 3$5$ 3,(/(6 *5$6$6
)Ï508/$ 1Ò0*

7H[DSyQ1ŠJ
7HJREHWDtQD/ŠJ
(VSHVDPLGDŠJ
$JXDGHKDPDPHOLVJ
7LPROJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
9LVFRVLWWŠ«««J
3HUIXPH«FV
$FLGROiFWLFRFVS+
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPODPH]FODIRUPDGDSRUHO7H[DSyQOD(VSHVDPLGDHOSHUIXPH\OD
VROXFLyQIRUPDGDSUHYLDPHQWHHQWUHHOWLPRO\XQDVJRWDVGHDOFRKRODž&3RU
RWURODGRFDOHQWDUDEP\D ODPLVPDWHPSHUDWXUDODVROXFLyQIRUPDGDSRUOD7HJR
EHWDtQD/HO1LSDJtQVyGLFRHODJXDGHKDPDPHOLV\HODJXDGHVWLODGD6DFDUDPEDV
VROXFLRQHVGHOEP\DxDGLUODDFXRVDVREUHODGHO7H[DSyQDJLWDQGRVXDYHPHQWH$xDGLU
HO9LVFRVLWW\DMXVWDUDS+FRQiFLGROiFWLFR

$FWLYLGDG GHUPRFRVPpWLFD

/DDVRFLDFLyQ7H[DSyQ7HJREHWDtQD/DFW~DFRPRGHWHUJHQWHHODJXDGH
KDPDPHOLVWLHQHPRGHUDGDDFFLyQDVWULQJHQWH\HOWLPRODFW~DFRPRDQWLVpSWLFR\
GLVROYHQWHGHOVHERFXWiQHR
 62/8&,Ï1 '(7(5*(17( 3$5$ 3,(/(6 6(&$6 (
)Ï508/$1Ò06
,172/(5$17(6

7ZHHQŠ««J
7ZHHQŠ«J
7HJREHWDtQD/ŠJ
([WUDFWRKLGURJOLFyOLFRGHPDQ]DQLOODJ
3URSLOHQJOLFROJ
3KHQRQLSŠ FRQVHUYDQWHJ
$FLGROiFWLFRFVS+
6XHURILVLROyJLFRFVSJ

(ODERUDFLyQ

'LVROYHUORVGLVWLQWRVFRPSRQHQWHVHQHOVXHURILVLROyJLFR7HQLHQGRSUHVHQWH
TXHHO3KHQRQLSGHEHGLVROYHUVHSUHYLDPHQWHHQHOSURSLOHQJOLFRO\HO7ZHHQ
FDOHQWDUVHHQHOFDVRGHTXHHVWpVROLGLILFDGRDEPOLJHUDPHQWHKDVWDOOHYDUORDOHVWDGR
OtTXLGR8QDYH]REWHQLGDODVROXFLyQDMXVWDUDS+FRQiFLGROiFWLFR

$FWLYLGDG GHUPRFRVPpWLFD

/DDVRFLDFLyQ7ZHHQV7HJREHWDtQD/DHVDFRQFHQWUDFLyQDFW~DFRPR
GHWHUJHQWHQRLyQLFRPX\VXDYH\HOH[WUDFWRGHPDQ]DQLOODFRPRGHVHQVLELOL]DQWH\
GHVFRQJHVWLYR
 +,*,(1( )$&,$/
)Ï508/$6
'(60$48,//$17(6 3$5$
2-26

&5(0$ :2 '(60$48,//$17( 3$5$ 2-26

)Ï508/$1Ò0&

([WUDFWRKLGURJOLFyOLFRGHDYHQDJ
7HJREHWDtQD/ŠJ
6XHURILVLROyJLFRJ
3KHQRQLSŠJ
(XFHULQXPDQK\GULFXPŠFVS«J

(ODERUDFLyQ

'LVROYHUHO H[WUDFWRGHDYHQD\OD7HJREHWDtQD/HQHOVXHURILVLROyJLFR\
OOHYDUODVROXFLyQUHVXOWDQWHDS+(QXQPRUWHURFDOHQWDUOLJHUDPHQWHHO
(XFHULQXPž&\DxDGLUHO3KHQRQLS\ODVROXFLyQDQWHULRUHQSHTXHxDV
SRUFLRQHVEDWLHQGRKDVWDODSHUIHFWDLQWHUSRVLFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/DVJUDVDVFRQWHQLGDVHQHO(XFHULQXP\OD7HJREHWDtQD/DSRUWDQHOFDUiFWHU
OLPSLDGRUHOH[WUDFWRGHDYHQDDFW~DFRPRFDOPDQWH\GHVFRQJHVWLYR/DDFFLyQ
OLPSLDGRUDGHODHPXOVLyQTXHGDHTXLOLEUDGDSRUHOFDUiFWHURFOXVLYRGHODPLVPD
 /2&,Ï1 '(60$48,//$17( 3$5$ 2-26
)Ï508/$1Ò0/

7HJREHWDtQD/ŠJ
7ZHHQŠ«««J
3URSLOHQJOLFRO««J
$]XOHQRVROKLGURVROXEOHJ
$ODQWRtQDJ
1LSDJtQVyGLFRŠ FRQVHUYDQWHJ
6XHURILVLROyJLFRFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHOVXHURILVLROyJLFR\GLVROYHUODDODQWRtQD8QDYH]IUtDOD
VROXFLyQDxDGLUHOUHVWRGHORVFRPSRQHQWHV$MXVWDU DS+)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

/DDVRFLDFLyQ7ZHHQ7HJREHWDtQD/DFW~DFRPRGHWHUJHQWHQRLyQLFRPX\
VXDYHODDODQWRtQDWLHQHDFFLyQHSLWHOL]DQWH\HOD]XOHQRDFW~DFRPRGHVFRQJHVWLYR\
GHVHQVLELOL]DQWH(VLPSRUWDQWHHODMXVWHGHOS+GHODVROXFLyQREWHQLGDD
YDORUHVVLPLODUHVDOGHOOtTXLGRODJULPDOSDUDHYLWDULUULWDFLRQHVHQODFRQMXQWLYD
RFXODUHQHOFDVRGHTXHODVROXFLyQVHSXVLHUDHQFRQWDFWRGHIRUPDDFFLGHQWDOFRQOD
PLVPD
 *(/ '(60$48,//$17( 3$5$ 2-26
)Ï508/$1Ò0*

&DUERSROŠ«««J
7ZHHQŠ««J
3URSLOHQJOLFRO«J
-XJRIUHVFRGHDORHJ
([WUDFWRKLGURJOLFyOLFRGHPDQ]DQLOODJ
3KHQRQLSŠFRQVHUYDQWHJ
7ULHWDQRODPLQDFVS+
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVSHUVDUHO&DUERSROHQHODJXDWDSDUELHQODPH]FOD\GHMDUUHSRVDUKDVWDHO
GtDVLJXLHQWH$xDGLUODWULHWDQRODPLQDJRWDDJRWD\EDMRFRQVWDQWHDJLWDFLyQKDVWDS+
6HREWLHQHXQJHOWUDQVSDUHQWH$xDGLUODVROXFLyQIRUPDGDHQWUHHO3KHQRQLSHO7ZHHQ
\HOSURSLOHQJOLFRODJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ)LQDOPHQWHDJUHJDUHO
MXJRIUHVFRGHDORH\HOH[WUDFWRGHPDQ]DQLOOD

$FWLYLGDG GHUPRFRVPpWLFD

(O7ZHHQWLHQHVXDYHDFFLyQGHWHUJHQWHODFXDOVHYHUHIRU]DGDSRUOD
KXPHFWDFLyQSURGXFLGDSRUHOH[FLSLHQWHJHOLILFDGRSURSXHVWR(OH[WUDFWRGHPDQ]DQLOOD
WLHQHDFFLyQFDOPDQWH\GHVFRQJHVWLYD\HOMXJRIUHVFRGHDORHDFW~DFRPRHPROLHQWH
 +,*,(1( )$&,$/
)Ï508/$6 721,),&$17(6

7Ï1,&2 3$5$ 3,(/(6 6(&$6

)Ï508/$1Ò07

8UHDJ
$ODQWRtQDJ
([WUDFWRKLGURJOLFyOLFRGHPDQ]DQLOODJ
([WUDFWRKLGURJOLFyOLFRGHFDOpQGXODJ
)+1IDFWRUKLGUDWDQWHQDWXUDOJ
$JXDGHURVDVJ
$ELOJUDVVŠJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
$FLGROiFWLFRFVS+
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHODJXDDž&\GLVROYHUODXUHDODDODQWRtQD\HO1LSDJtQ
VyGLFR8QDYH]IUtDODVROXFLyQUHVXOWDQWHDxDGLUORVH[WUDFWRVKLGURJOLFyOLFRVHO
)1+HO$ELOJUDVV\HODJXDGHURVDV$MXVWDUDS+FRQiFLGROiFWLFR)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

/DXUHDDSDUWHGHWHQHUDFFLyQKLGUDWDQWHSRUFDSWDFLyQGHDJXDDFW~DFRPR
HSLWHOL]DQWHDOLJXDOTXHODDODQWRtQD/RVH[WUDFWRVGHFDOpQGXOD\PDQ]DQLOODDFW~DQ
FRPRFDOPDQWHV\GHVFRQJHVWLYRVHO)1+WLHQHDFFLyQKLGUDWDQWHSRUFDSWDFLyQGH
DJXDHO$ELOJUDVVHVHPROLHQWH\HODJXDGHURVDVWLHQHOLJHUDDFFLyQDVWULQJHQWH
 7Ï1,&2 3$5$ 3,(/(6 0,;7$6
)Ï508/$1Ò07

$ODQWRtQDJ
=LQFVXOIDWRJ
$JXDGHKDPDPHOLVJ
$JXDGHURVDVJ
$OFRKROž«J
7ZHHQŠ«J
3URSLOHQJOLFROJ
(VHQFLDGHKLHGUD,,,JRWDV
3KHQRQLSŠFRQVHUYDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPODVROXFLyQIRUPDGDHQWUHODVDJXDVYHJHWDOHV\DJXDGHVWLODGDD
ž&GLVROYLHQGRODDODQWRtQD\HOVXOIDWRGH]LQF'HMDUHQIULDU3RURWURODGR
GLVROYHUHO3KHQRQLS\ODHVHQFLDHQODVROXFLyQIRUPDGDHQWUHHODOFRKROžHO7ZHHQ
\HOSURSLOHQJOLFRO$xDGLUpVWDVROXFLyQVREUHODDFXRVDREWHQLGDDQWHULRUPHQWHHQ
SHTXHxDVSRUFLRQHV\EDMRFRQVWDQWHDJLWDFLyQ)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

/DDFFLyQDVWULQJHQWHYLHQHGDGDSRUHOVXOIDWRGH]LQFODVDJXDYHJHWDOHV\HO
DOFRKROž/DDODQWRtQDDFW~DFRPRHSLWHOL]DQWH
 7Ï1,&2 3$5$ 3,(/(6 6(%255(,&$6 < $&1(,&$6
)Ï508/$1Ò07

7LPROJ
$OFDQIRUJ
0HQWROJ
(VHQFLDGHURPHURJ
$FLGRWiQLFRJ
$OFRKROžJ
7ZHHQŠ«J
3URSLOHQJOLFRO«J
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUHOiFLGRWiQLFRHQHODOFRKROž$xDGLUHO7ZHHQHO

SURSLOHQJOLFROHOWLPROHODOFDQIRUHOPHQWRO\ODHVHQFLDGHURPHURDJLWDQGRKDVWDOD
SHUIHFWDGLVROXFLyQ$xDGLUODVROXFLyQREWHQLGDVREUHHODJXDHQSHTXHxDVSRUFLRQHV\
EDMRFRQVWDQWHDJLWDFLyQ)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

(OWLPROHOPHQWROHODOFDQIRUODHVHQFLDGHURPHUR\HODOFRKROžQR

ROYLGDUVXDFFLyQDVWULQJHQWHWLHQHQDFFLyQDQWLVpSWLFD\DQWLVHERUUHLFD(OiFLGRWiQLFR
DFW~DFRPRDVWULQJHQWH
 +,*,(1( )$&,$/
0$6&$5,//$6

0$6&$5,//$ $17,6(%255(,&$ < $17,%,Ï7,&$

)Ï508/$1Ò00
3$5$ (/ 75$7$0,(172 '(/ $&1e SUHVFULSFLyQ PpGLFD

9HHJXP+9ŠJ
&OLQGDPLFLQDFORUKLGUDWR J
%LRD]XIUHSROYRŠ J
$OFDQIRUJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHODJXDUHVHUYDUPOSDUDGLVROYHUDODFOLQGDPLFLQDDž&

\GLVROYHUHO1LSDJtQVyGLFR6DFDUODVROXFLyQGHOEPVLQGHMDUHQIULDUDxDGLUHO
9HHJXP\UHDOL]DUDJLWDFLyQPHFiQLFDDDOWDYHORFLGDGKDVWDODIRUPDFLyQGHXQDSDVWD
KRPRJpQHD7DSDUELHQODPH]FOD\GHMDUUHSRVDUXQDVKRUDV6LWXDUHOELRD]XIUHHQXQ
PRUWHUR\DxDGLUODSDVWDDQWHULRUHQSHTXHxDVSRUFLRQHVEDWLHQGRKDVWDODSHUIHFWD
LQWHUSRVLFLyQ$xDGLUODFOLQGDPLFLQDGLVXHOWDSUHYLDPHQWHHQORVPOUHVHUYDGRV
SUHYLDPHQWH\EDWLUKDVWDODSHUIHFWDLQFRUSRUDFLyQ3RU~OWLPRDxDGLUHODOFDQIRU
GLVXHOWRHQXQDVJRWDVGHDOFRKROž

$FWLYLGDG GHUPRFRVPpWLFD

/DFOLQGDPLFLQDWLHQHQDFFLyQDQWLELyWLFDIUHQWHDO3URSLRQLEDFWHULXPDFQpVHO
ELD]XIUH\HODOFDQIRUWLHQHQDFFLyQDQWLVpSWLFD\DQWLVHERUUHLFD(O9HHJXPDFW~DFRPR
OLPSLDGRUFXWiQHRGDGDVXFDSDFLGDGDEVRUEHQWH
 0$6&$5,//$ (02/,(17( 3$5$ 3,(/ 6(&$
)Ï508/$1Ò00

$OPLGyQJ
&DROtQJ
(VWHDUDWRGHPDJQHVLRJ
9DVHOLQDOtTXLGDJ
(XFHULQXPZRŠFVSJ

(ODERUDFLyQ

0H]FODUORVSROYRVHQXQPRUWHURDxDGLUODYDVHOLQDOtTXLGD\EDWLUKDVWDIRUPDU
XQDSDVWD$JUHJDUHO(XFHULQXPZRHQSHTXHxDVSRUFLRQHVEDWLHQGRKDVWDODSHUIHFWD
LQWHUSRVLFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

$SDUWHGHODDFFLyQOLPSLDGRUDSRUDEVRUFLyQGHORVGLVWLQWRVFRPSRQHQWHV
SXOYHUXOHQWRVKD\TXHGHVWDFDUODDFFLyQHPROLHQWHGHGRVGHHOORVHODOPLGyQ\HO
HVWHDUDWRGHPDJQHVLR/DYDVHOLQDOtTXLGD\HOSURSLRH[FLSLHQWHZRWDPELpQWLHQHQ
GLFKDDFFLyQ
 +,*,(1( )$&,$/
+,*,(1( )$&,$/ 0$6&8/,1$
)Ï508/$6 3$5$ (/
$)(,7$'2

/2&,Ï1 3$5$ $17(6 '(/ $)(,7$'2 (/(&75,&2

)Ï508/$1Ò0/
35(6+$9(

$FLGROiFWLFRJ
0HQWROJ
(VHQFLDGHODYDQGDJ
0LULVWDWRGHLVRSURSLORJ
$OFRKROžFVS««J

(ODERUDFLyQ

'LVROYHUHOiFLGROiFWLFRHOPHQWRO\ODHVHQFLDGHODYDQGDHQHODOFRKROž
$xDGLUHOPLULVWDWRGHLVRSURSLOR)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

(OiFLGROiFWLFR\HODOFRKROWLHQHQDFFLyQDVWULQJHQWHIDFLOLWDQGRHODIHLWDGRHO
PLULVWDWRGHLVRSURSLORWLHQHDFFLyQOXEULFDQWHPHMRUDQGRHOGHVOL]DPLHQWRGHODV
FXFKLOODV\HOPHQWROWLHQHOLJHUDDFFLyQDQHVWpVLFD\GLVXHOYHHOVHERFXWiQHRDOLJXDO
TXHHODOFRKRO
 &5(0$ 3$5$ (/ $)(,7$'2 6,1 %52&+$
)Ï508/$1Ò0&

$FLGRHVWHiULFRJ
$ELOJUDVV Š«J
*OLFHULQD«J
7ULHWDQRODPLQDJ
3KHQRQLSŠFRQVHUYDQWHJ
(VHQFLDGHODYDQGDJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPHOiFLGRHVWHiULFRDž&\DxDGLUHO3KHQRQLSDODPLVPD
WHPSHUDWXUD3RURWURODGRFDOHQWDUHODJXDDž&\GLVROYHUODJOLFHULQD\OD
WULHWDQRODPLQD6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDV
SRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$JUHJDUODHVHQFLD\HO$ELOJUDVVDJLWDQGR
KDVWDODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

&UHPDRZHYDQHVFHQWHFRQDFFLyQKXPHFWDQWH\OXEULFDQWHGDGDVSRUOD
JOLFHULQD\$ELOJUDVVUHVSHFWLYDPHQWH
 -$%Ï1 6<1'(7 6(0,)/8,'2 3$5$ (/ $)(,7$'2
)Ï508/$1Ò0-
&21 %52&+$

(VSHVDPLGDŠJ
0LULVWDWRGHLVRSURSLORJ
*OLFHULQDJ
0HQWROJ
3HUIXPHFV
$JXDGHVWLODGDJ
3KHQRQLSŠFRQVHUYDQWHJ
7H[DSyQ&6SDVWDŠFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHO7H[DSyQ&6Dž&\DxDGLUOD(VSHVDPLVDHOPLULVWDWR\HO
3KHQRQLSFDOHQWDGRVDODPLVPDWHPSHUDWXUD3RURWURODGRFDOHQWDUDEPODVROXFLyQ
IRUPDGDHQWUHODJOLFHULQD\HODJXDDž&\DxDGLUODHQSHTXHxDVSRUFLRQHVVREUHOD
PH]FODGHO7H[DSyQDJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ6DFDUGHOEP\DJLWDU
KDVWDHQIULDPLHQWR$JUHJDUHOPHQWROGLVXHOWRSUHYLDPHQWHHQXQDVJRWDVGH
DOFRKROž\HOSHUIXPH

$FWLYLGDG GHUPRFRVPpWLFD

$ODDFFLyQOXEULFDQWH\KXPHFWDQWHGHOPLULVWDWR\ODJOLFHULQDUHVSHFWLYDPHQWH
VHOHXQHQODDOWDHVSXPDIRUPDGDSRUODVLQHUJLDSURGXFLGDHQWUHHO7H[DSyQ\OD
(VSHVDPLGDPHMRUDQGRODVDFFLRQHVFLWDGDVDQWHULRUPHQWH/DOLJHUDDFFLyQDQHVWpVLFD
GHOPHQWROIDYRUHFHHOSURFHVRGHODIHLWDGR
)Ï508/$1Ò0 /2&,Ï1 3$5$ '(638e6 '(/ $)(,7$'2 $)7(5
6+$9(

&ORUKLGUy[LGRGHDOXPLQLRJ
0HQWROJ
(VHQFLDGHODYDQGDJ
(VHQFLDGHOLPyQJ
3URSLOHQJOLFROJ
7ZHHQŠJ
$OFRKROžJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUHOFORUKLGUy[LGRGHDOXPLQLRHQHODJXD3RURWURODGR'LVROYHUHO
PHQWRO\ODVHVHQFLDVHQODVROXFLyQIRUPDGDHQWUHHOSURSLOHQJOLFROHO7ZHHQ\HO
DOFRKROž$xDGLUODVROXFLyQUHVXOWDQWHVREUHODDFXRVDHQSHTXHxDVSRUFLRQHVEDMR
DJLWDFLyQFRQVWDQWHDMXVWDUDS+)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

(OFORUKLGUy[LGRGHDOXPLQLR\HODOFRKROžWLHQHQDFFLyQDVWULQJHQWH(O

PHQWROODVHVHQFLDV\HODOFRKROžWLHQHQDFFLyQUHIUHVFDQWHDQWLVpSWLFD\
OLJHUDPHQWHDQHVWpVLFD
 %È/6$02 3$5$ '(638e6 '(/ $)(,7$'2 $)7(5
)Ï508/$1Ò0%
6+$9( 3$5$ 3,(/(6 6(16,%/(6

%DVH3)&ŠJ
3URSLOHQJOLFROJ
0LULVWDWRGHLVRSURSLORJ
$]XOHQRKLGURVROXEOHJ
$OIDELVDEROROJ
$ODQWRtQDJ
)+1ŠIDFWRUKLGUDWDQWHQDWXUDOJ
([WUDFWRKLGURJOLFyOLFRGHDYHQDJ
3KHQRQLSŠFRQVHUYDQWHJ
3HUIXPHFV
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPODEDVH3)&Dž&\DxDGLUHOPLULVWDWRGHLVRSURSLORDOD
PLVPDWHPSHUDWXUD3RURWURODGRFDOHQWDUDEPHODJXDDž&GLVROYHUOD
DODQWRtQD\DxDGLUODVROXFLyQIRUPDGDSUHYLDPHQWHHQWUHHO3HQRQLS\HOSURSLOHQJOLFRO
6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDVSRUFLRQHV
DJLWDQGRKDVWDHQIULDPLHQWR$xDGLUHOD]XOHQRHODOIDELVDEROROHO)+1\HOH[WUDFWR
GHDYHQDDJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ$MXVWDUDS+

$FWLYLGDG GHUPRFRVPpWLFD

(PXOVLyQIOXLGDRZFRQDFFLRQHVFDOPDQWH\GHVFRQJHVWLYDGDGDVSRUHO
D]XOHQRHODOIDELVDERORO\HOH[WUDFWRGHDYHQDODDODQWRtQDDFW~DFRPRHSLWHOL]DQWHHO
)+1FRPRKLGUDWDQWHSRUFDSWDFLyQGHODJXD\HOPLULVWDWRGHLVRSURSLORFRPR
HPROLHQWH/DJUDQHYDQHVFHQFLDGHODHPXOVLyQ3)&FRDG\XYDODDFFLyQGHVFRQJHVWLYD
 75$7$0,(1726
&25325$/(6
)Ï508/$6 3$5$ $',326,6
/2&$/,=$'$6

&5(0$ :2 &21 &$)(,1$ < (;75$&72 '( 18(=

)Ï508/$1Ò0&
'( .2/$

9DVHOLQDILODQWHJ
0LULVWDWRGHLVRSURSLORJ
&DIHtQDDQKLGUD J
([WUDFWRKLGURJOLFyOLFRGHQXH]GHNRODJ
6SDQŠ «J
3KHQRQLSŠFRQVHUYDQWH«J
3HUIXPHFV
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPODYDVHOLQDILODQWHDž&\DxDGLUHOPLULVWDWRGHLVRSURSLORHO
6SDQ\HO3KHQRQLSDODPLVPDWHPSHUDWXUD3RURWURODGRFDOHQWDUDEPHODJXDD
ž&\GLVROYHUODFDIHtQD6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHOD
JUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$JUHJDUHOH[WUDFWRGHNROD\
HOSHUIXPHDJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

7DQWRODFDIHtQDFRPRHOH[WUDFWRGHQXH]GHNRODULFRVHQPHWLO[DQWLQDV
WLHQHQDFFLyQOLSROtWLFDDOLQKLELUODIRVIRGLHVWHUDVDDFWLYiQGRVHOD OLSDVD(OH[FLSLHQWH
ZRIRUPXODGRIDFLOLWDHOPDVDMHGHOD]RQD
 320$'$ 3$5$ 0$6$-( &21 <2'852 327$6,&2
)Ï508/$1Ò03

<RGXURSRWiVLFRJ
0HQWROJ
$OFDQIRUJ
%+7EXWLOKLGUR[LWROXHQRDQWLR[LGDQWHJ
$OFRKROžJ
$JXDGHVWLODGDJ
(VHQFLDGHODYDQGDJ
(XFHULQXPDQK\GULFXPŠ FVSJ

(ODERUDFLyQ

'LVROYHUHO\RGXURSRWiVLFRHQHODJXD3RURWURODGRGLVROYHUHOPHQWROHO
DOFDQIRUHO%+7\ODHVHQFLDGHODYDQGDHQHODOFRKROž&DOHQWDUOLJHUDPHQWHž
&HO(XFHULQXPVLWXDUORHQXQPRUWHUR\DxDGLUODVGRVVROXFLRQHVDQWHULRUHVEDWLHQGR
KDVWDODSHUIHFWDLQWHUSRVLFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

(O\RGXURSRWiVLFRWLHQHDFFLyQOLSROtWLFDDOLQKLELUODIRVIRGLHVWHUDVD\HO
PHQWRO\HODOFDQIRUSRUVXDFFLyQUXEHIDFLHQWHDFWLYDQHOPHWDEROLVPRORFDO(O
H[FLSLHQWHHQIRUPDGHSRPDGDIDFLOLWDHOPDVDMHGHOD]RQD
 75$7$0,(1726
&25325$/(6
)Ï508/$6
$17,&(/8/Ë7,&$6

)Ï508/$1Ò0 (08/6,Ï1 2: )/8,'$ /(&+( &21 (;75$&726

'( 3/$17$6 < &$)(Ë1$

%DVH/ŠJ
&DIHtQDDQKLGUDJ
([WUDFWRKLGURJOLFyOLFRGHIXFXVJ
([WUDFWRKLGURJOLFyOLFRGHFDVWDxRGHLQGLDVJ
([WUDFWRKLGURJOLFROLFRGHKDPDPHOLVJ
3KHQRQLSŠFRQVHUYDQWH J
(VHQFLDGHQDUDQMDVGXOFHVJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPODEDVH/Dž&\DxDGLUHO3KHQRQLSDODPLVPD
WHPSHUDWXUD3RURWURODGRFDOHQWDUDEPHODJXDDž&\GLVROYHUODFDIHtQD6DFDU
DPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGR
KDVWDHQIULDPLHQWR$JUHJDUORVH[WUDFWRVKLGURJOLFyOLFRV\ODHVHQFLDDJLWDQGRKDVWDOD
SHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/DFDIHtQD\HOH[WUDFWRGHIXFXVGHELGRDVXFRQWHQLGRHQ\RGRWLHQHQDFFLyQ

OLSROtWLFDDOLQKLELU ODIRVIRGLHVWHUDVD\ORVH[WUDFWRVGHFDVWDxRGHLQGLDV\KDPDPHOLV
WLHQHQDFFLyQYHQRWyQLFD
 *(/ '(632/,0(5,=$17(
)Ï508/$1Ò0*

.OXFHO+)Š J
+LDOXURQLGDVDJ
([WUDFWRKLGURJOLFyOLFRGHUXVFXVJ
$OFRKROž«J
7ZHHQŠ««J
3URSLOHQJOLFROJ
3KHQRQLSŠFRQVHUYDQWHJ
(VHQFLDGHFRFRJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUODHVHQFLD\HO3KHQRQLSHQODVROXFLyQIRUPDGDHQWUHHO7ZHHQHO
SURSLOHQJOLFRO\HODOFRKROž3RURWURODGRGLVROYHUODKLDOXURQLGDVD\HOH[WUDFWRGH
UXVFXVHQHODJXD$xDGLUODVROXFLyQDOFRKyOLFDVREUHODDFXRVDHQSHTXHxDVSRUFLRQHV
\EDMRDJLWDFLyQFRQVWDQWH'LVSHUVDUHO.OXFHO+)HQODVROXFLyQREWHQLGDDJLWDQGR
HQpUJLFDPHQWHGHMDUODPH]FODELHQWDSDGD\UHSRVDUXQDVKRUDVUHDOL]DQGRDJLWDFLRQHV
HVSRUiGLFDV

$FWLYLGDG GHUPRFRVPpWLFD

/DKLDOXURQLGDVDDFW~DFRPRGHVSROLPHUL]DQWHIDFLOLWDQGRODSHUPHDELOLGDGGHO
WHMLGRFRQHFWLYR\HOH[WUDFWRGHUXVFXVDFW~DFRPRYHQRWyQLFR(OH[FLSLHQWHJHO
IRUPXODGRWLHQHQFLHUWDDFFLyQGHVFRQJHVWLYDSRUVXJUDQHIHFWRUHIUHVFDQWH\IDFLOLWDHO
PDVDMH
 *(/ &21 (;75$&726 '( )8&86 < +,('5$
)Ï508/$1Ò0*
/,32620$'26

&DUERSROŠJ
/HFLWLQDGHVRMDHQSROYRJ
([WUDFWRKLGURJOLFyOLFRGHIXFXVJ
([WUDFWRKLGURJOLFyOLFRGHKLHGUDJ
&ORUXURVyGLFRJ
3URSLOHQJOLFROJ
7ZHHQŠJ
(VHQFLDGHKLHGUDJ
3KHQRQLSŠFRQVHUYDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

 2EWHQFLyQGHORVOLSRVRPDV
6LWXDUODOHFLWLQDHQXQDYDVRGHSUHFLSLWDGRVDxDGLUPOGH
FORURIRUPR\DJLWDUHQpUJLFDPHQWHKDVWDGLVROXFLyQ'HMDUHYDSRUDUWRWDOPHQWHHO
FORURIRUPRKDVWDODIRUPDFLyQGHXQDFDSDVyOLGDKRPRJpQHDFRORUiPEDU3RURWUR
ODGRGLVROYHUHOFORUXURVyGLFRHQPOGHODJXDGHODIyUPXOD\ DxDGLUORVH[WUDFWRVGH
IXFXV\KLHGUD&DOHQWDUODVROXFLyQREWHQLGDDž&\DxDGLUOHQWDPHQWHVREUHODFDSD
GHOHFWLQDDQWHULRUEDMRXQDFRQVWDQWHDJLWDFLyQVXDYH\VLQYDULOOD'HMDUUHSRVDUHQWUH
PLQXWRV7UDQVFXUULGRGLFKRWLHPSRYHUWHUODVROXFLyQOLSRVRPDGDHQXQHQYDVH
FULVWDOWRSiFLR\JXDUGDUHQQHYHUDKDVWDODREWHQFLyQGHOJHO
 2EWHQFLyQGHOJHO
'LVSHUVDUHO&DUERSROHQHODJXDUHVWDUORVPOJDVWDGRV
DQWHULRUPHQWHGHMDQGRODPH]FODELHQWDSDGDKDVWDHOGtDVLJXLHQWH$xDGLUOD
WULHWDQRODPLQDJRWDDJRWD\EDMRFRQVWDQWHDJLWDFLyQKDVWDS+6HREWLHQHXQJHO
WUDQVSDUHQWH'LVROYHUHO3KHQRQLS\ODHVHQFLDHQODPH]FODIRUPDGDHQWUHHO7ZHHQ
\HOSURSLOHQJOLFRO$xDGLUODVROXFLyQREWHQLGDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWD
ODSHUIHFWDLQFRUSRUDFLyQ3RU~OWLPRDxDGLUODVROXFLyQOLSRVRPDGDREWHQLGD
DQWHULRUPHQWHVREUHHOJHOHQSHTXHxDVSRUFLRQHVDJLWDQGRPX\VXDYHPHQWHKDVWDOD
SHUIHFWDLQWHUSRVLFLyQ/DDJLWDFLyQGHEHGHVHUPX\VXDYHSDUDHYLWDUODGHVWUXFFLyQGH
ORVOLSRVRPDV

$FWLYLGDG GHUPRFRVPpWLFD

/DDFFLyQOLSROtWLFDGHOH[WUDFWRGHIXFXV\ODYDVRFRQVWULFWRUDGHOH[WUDFWRGH
KLHGUDVHSRWHQFLDSRUVXYHKLFXOL]DFLyQHQIRUPDGHOLSRVRPDVDODXPHQWDUOD
DEVRUFLyQ\GLVSRQLELOLGDGDWUDYpVGHODSLHO
 -$%Ï1 6<1'(7 6Ï/,'2 &21 (;75$&726 '(
)Ï508/$1Ò0-
)8&86 < +$0$0(/,6

7H[DSyQFVSDVWDŠJ
(VSHVDPLGDŠJ
3ROLHWLOHQJOLFROJ
([WUDFWRKLGURJOLFyOLFRGHIXFXVJ
([WUDFWRKLGURJOLFyOLFRGHKDPDPHOLVJ
&ORURILOLQDKLGURVROXEOHSROYRJ
3KHQRQLSŠJ
(VHQFLDGHKLHGUDJ
$FLGROiFWLFRFVS+

(ODERUDFLyQ

)XQGLUDEPODPH]FODIRUPDGDSRUHO7H[DSyQOD(VSHVDPLGDHO
3ROLHWLOHQJOLFRO\HO3KHQRQLSDž&8QDYH]IXQGLGDDxDGLUODHVHQFLD\ORV
H[WUDFWRVSUHYLDPHQWHFDOHQWDGRVDODPLVPDWHPSHUDWXUDDJLWDQGRKDVWD
KRPRJHQHLGDG$xDGLUODFORURILOLQDKDVWD WRWDOVROXELOL]DFLyQ$MXVWDUDS+FRQ
iFLGROiFWLFR\VDFDUGHOEPDJLWDQGRKDVWDFRQVHJXLUXQOLJHURHVSHVDPLHQWRGHOD
PH]FOD9HUWHUHQPROGHVSUHYLDPHQWHIUtRV\OXEULFDGRVFRQYDVHOLQDOtTXLGD'HMDU
UHSRVDUXQDVKRUDVHQQHYHUDž

$FWLYLGDG GHUPRFRVPpWLFD

6XDYH³V\QGHW´VyOLGRHVSXPRVRFRQDFFLRQHVOLSROtWLFDV\YHQRWyQLFDVGDGDV
SRUHOH[WUDFWRGHIXFXV\KDPDPHOLVUHVSHFWLYDPHQWH
 75$7$0,(1726
&25325$/(6
)Ï508/$6 $17,(675Ë$6 <
5($),50$17(6

&5(0$ :2 $17,(675Ë$6 &21 $&(,7(6

)Ï508/$1Ò0&
9(*(7$/(6 < (;75$&72 '( &(17(//$

1HRSFORZŠ J
3URSLOHQJOLFROJ
$FHLWHGHURVDPRVTXHWD J
$FHLWHGHJHUPHQGHWULJRJ
$FHLWHGHDJXDFDWHJ
([WUDFWRKLGURJOLFyOLFRGHFHQWHOODJ
9LWDPLQD(DQWLR[LGDQWHJ
1LSDJtQVyGLFRŠFRQVHUYDQWH J
(VHQFLDGHMD]PtQJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPHO1HRSFODž&3RURWURODGRFDOHQWDUDEPHODJXDDOD
PLVPDWHPSHUDWXUD\GLVROYHUHOSURSLOHQJOLFRO\HO1LSDJtQVyGLFR6DFDUDPEDVIDVHV
GHOEP\DxDGLUODDFXRVD VREUHODJUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWD
HQIULDPLHQWR$xDGLUORVDFHLWHVODYLWDPLQD(ODHVHQFLD\HOH[WUDFWRGHFHQWHOOD
DJLWDQGRKDVWDODSHUIHFWDLQWHUSRVLFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/RVDFHLWHVYHJHWDOHVWLHQHQDFFLyQHPROLHQWH\VRQXQJUDQDSRUWHGHiFLGRV
JUDVRVLQVDWXUDGRVHOH[WUDFWRGHFHQWHOODDXPHQWDODIXQFLyQILEUREOiVWLFD/DOLJHUD
RFOXVLYLGDGGDGDSRUODHPXOVLyQ1HRSFORZDXPHQWDHOJUDGRGHKLGUDWDFLyQ\IDFLOLWD
HOPDVDMHGHOD]RQD
 *(/ 6(0,)/8,'2 5($),50$17( 3$5$ 6(126 &21
)Ï508/$1Ò0*
(/$67,1$ < 3527(2*/,&$126

&DUERSROŠ J
3URSLOHQJOLFROJ
(ODVWLQDKLGUROL]DGDJ
3URWHRJOLFDQRVJ
)+1ŠIDFWRUKLGUDWDQWHQDWXUDOJ
7ZHHQŠ J
(VHQFLDGH<ODQJODQJJ
7ULHWDQRODPLQDFVS+
3KHQRQLSŠFRQVHUYDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVSHUVDUHO&DUERSROHQHODJXDWDSDUELHQODPH]FOD\UHSRVDUKDVWDHOGtD
VLJXLHQWH$xDGLUODWULHWDQRODPLQDJRWDDJRWDKDVWDS+6HREWLHQHXQJHO
WUDQVSDUHQWH$xDGLUODHODVWLQDORVSURWHRJOLFDQRV\HO)+1DJLWDQGRKDVWDOD
SHUIHFWDLQFRUSRUDFLyQ'LVROYHUODHVHQFLD\HO3KHQRQLSHQODVROXFLyQIRUPDGD
SUHYLDPHQWHHQWUHHO7ZHHQ\HOSURSLOHQJOLFRO$xDGLUODVROXFLyQREWHQLGDVREUHHO
JHO\DJLWDUKDVWDKRPRJHQHLGDG

$FWLYLGDG GHUPRFRVPpWLFD

/DHODVWLQD\ORVSURWHRJOLFDQRVWLHQHQDFFLyQWHQVRUDVXSHUILFLDO\
UHHVWUXFWXUDQWHHO)+1WLHQHDFFLyQKLGUDWDQWHSRUFDSWDFLyQGHDJXD(OJHOGH
&DUERSROPDQLILHVWDOLJHUDDFFLyQWHQVRUD
 75$7$0,(1726
&25325$/(6
)Ï508/$6 9(127Ï1,&$6
3$5$ 3,(51$6

)Ï508/$1Ò0(08/6,Ï12:)/8,'$/(&+(&21$*8$'(

+$0$0(/,6<(;75$&72'(586&86

&HUD/DQHWWH6;Š J
&HWLRO9ŠJ
([WUDFWRKLGURJOLFyOLFRGHUXVFXVJ
0HQWRO«J
7LPROJ
3HUIXPH«FV
$JXDGHKDPDPHOLVFVSJ

(ODERUDFLyQ

)XQGLUDEPODFHUD/DQHWWH6;Dž&\DxDGLUHO&HWLRO 9DODPLVPD
WHPSHUDWXUD3RURWURODGR&DOHQWDUHODJXDGHKDPDPHOLVDž&6DFDUDPEDVIDVHV
GHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWD
HQIULDPLHQWR$xDGLUHOH[WUDFWRGHUXVFXVHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWDOD
SHUIHFWDLQFRUSRUDFLyQ)LQDOPHQWHDxDGLUHOPHQWRO\HOWLPROGLVXHOWRVHQXQDVJRWDV
GHDOFRKRO\HOSHUIXPH

$FWLYLGDG GHUPRFRVPpWLFD

(OH[WUDFWRGHUXVFXV\HODJXDGHKDPDPHOLVDFW~DQFRPRYHQRWyQLFRV\OD
DVRFLDFLyQWLPROPHQWRODFW~DFRPRDQWLSUXUtWLFR\UHIUHVFDQWH(OH[FLSLHQWHRZ
IRUPXODGRWLHQHDFFLyQUHIUHVFDQWHSRUVXDOWRJUDGRGHHYDQHVFHQFLD
 &5(0,*(/ 2: &21 (;75$&726 '( +,('5$
)Ï508/$1Ò0&
+$53$*23+<72 &$67$f2 '( ,1',$6 < 7,1785$ '( 0,57,52

$OFRKROFHWtOLFRJ
0RQRHVWHDUDWRGHJOLFHULORJ
(XPXOJtQ%Š J
([WUDFWRKLGURJOLFyOLFRGHKLHGUDJ
([WUDFWRKLGURJOLFyOLFRGHKDUSDJRSK\WRJ
([WUDFWRKLGURJOLFyOLFRGHFDVWDxRGHLQGLDVJ
7LQWXUDGHPLUWLOR J
&DUERSROŠJ
7ULHWDQRODPLQDFVS+
3URSLOHQJOLFROJ
3KHQRQLSŠFRQVHUYDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUHO3KHQRQLSHQHOSURSLOHQJOLFRO\DxDGLUODVROXFLyQUHVXOWDQWHVREUHHO
DJXD'LVSHUVDUHO&DUERSROHQODVROXFLyQDQWHULRUWDSDUELHQODPH]FOD\UHSRVDUKDVWD
HOGtDVLJXLHQWH$xDGLUODWULHWDQRODPLQDJRWDDJRWDKDVWDS+6HREWLHQHXQJHO
WUDQVSDUHQWH)XQGLUDEPHODOFRKROFHWtOLFRHOPRQRHVWHDUDWRGHJOLFHULOR\HO
(XPXOJtQ%Dž&3RURWURODGRFDOHQWDUHOJHOREWHQLGRDQWHULRUPHQWHDODPLVPD
WHPSHUDWXUD6DFDUDPEDVIDVHVGHOEP\DxDGLUODJUDVDVREUHHOJHOHQSHTXHxDV
SRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$xDGLUORVGLVWLQWRVH[WUDFWRVHQSHTXHxDV
SRUFLRQHVDJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

(OH[WUDFWRGHFDVWDxR\ODWLQWXUDGHPLUWLORWLHQHQDFFLyQYHQRWyQLFDHOH[WUDFWR
GHKDUSDJRSK\WRDFW~DFRPRDQWLLQIODPDWRULR\HOH[WUDFWRGHKLHGUDFRPR
YDVRFRQVWULFWRU(OH[FLSLHQWHFUHPLJHORZIRUPXODGRWLHQHDFFLyQUHIUHVFDQWHSRUVX
DOWRJUDGRGHHYDQHVFHQFLD
 62/8&,Ï1 9(127Ï1,&$ (02/,(17(
)Ï508/$1Ò06
+,'5$7$17( < '(6&21*(67,9$

*OLFHULQDJ
([WUDFRKLGURJOLFyOLFRGHFDVWDxRGHLQGLDVJ
([WUDFWRKLGURJOLFyOLFRGHPDQ]DQLOODJ
([WUDFWRKLGURJOLFyOLFRGHPDOYDJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
$JXDGHKDPDPHOLVFVSJ

(ODERUDFLyQ

'LVROYHUHO1LSDJtQVyGLFRHQHODJXDGHKDPDPHOLV\DxDGLUHOUHVWRGHORV
FRPSRQHQWHV)yUPXODLGyQHDSDUDVHUDSOLFDGDHQVSUD\

$FWLYLGDG GHUPRFRVPpWLFD

(OH[WUDFWRGHFDVWDxR\HODJXDGHKDPDPHOLVDFW~DQFRPRYHQRWyQLFRVHO
H[WUDFWRGHPDQ]DQLOODFRPRGHVFRQJHVWLYR\ODJOLFHULQD\HOH[WUDFWRGHPDOYDFRPR
KLGUDWDQWHV\HPROLHQWHV
 75$7$0,(1726
&25325$/(6
)Ï508/$6 48(5$72/Ë7,&$6
< (;)2/,$17(6
3$5$ 3,(6

&5(0$ :2 $17,'85(=$6 &21 85($ < È&,'2

)Ï508/$1Ò0&
6$/,&Ë/,&2

9DVHOLQDILODQWHJ
0LULVWDWRGHLVRSURSLORJ
8UHDJ
$FLGRVDOLFtOLFRJ
6SDQŠ«J
3URSLOHQJOLFRO«J
(VHQFLDGHSLQRJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPODYDVHOLQDDž&DxDGLHQGRHOPLULVWDWR\HO6SDQDODPLVPD
WHPSHUDWXUD3RURWURODGRFDOHQWDUDEPHODJXDGHVWLODGDDž&\GLVROYHUODXUHD\HO
SURSLOHQJOLFRO6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDV
SRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR(QXQPRUWHURUHGXFLUDSROYRILQRHOiFLGR
VDOLFtOLFRIRUPDUXQDSDVWDDxDGLHQGRXQDVJRWDVGHYDVHOLQDOtTXLGD\DJUHJDUODFUHPD
DQWHULRUHQSHTXHxDVSRUFLRQHVEDWLHQGRKDVWDODSHUIHFWDLQWHUSRVLFLyQ$xDGLUOD
HVHQFLD

$FWLYLGDG GHUPRFRVPpWLFD

7DQWRODXUHDFRPRHOiFLGRVDOLFtOLFRDFW~DQFRPRPRGHUDGRVTXHUDWROtWLFRVD
ODVFRQFHQWUDFLRQHVIRUPXODGDVLGyQHDVSDUDODHOLPLQDFLyQGHGXUH]DV(OH[FLSLHQWH
ZRIRUPXODGRIDFLOLWDODDFFLyQTXHUDWROtWLFDDOKLGUDWDUSRURFOXVLYLGDG$SOLFDUXQD
FDSDILQDGHFUHPDVREUHODGXUH]DGRVYHFHVDOGtD
 &5(0$ 2: $17,'85(=$6 &21 *5È18/26 '(
)Ï508/$1Ò0&
32/,(7,/(12

0RQRHVWHDUDWRGHJOLFHULORJ
*UiQXORVGHSROLHWLOHQRŠ J
7ZHHQŠ«J
3URSLOHQJOLFROJ
3KHQRQLSŠFRQVHUYDQWH«J
3HUIXPH««FV
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPHOPRQRHVWHDUDWRGHJOLFHULORDž&3RURWURODGRFDOHQWDUDEPHO
DJXD\DxDGLUHOWZHHQ\ODVROXFLyQSUHYLDPHQWHIRUPDGDHQWUHHO3KHQRQLS\HO
SURSLOHQJOLFRO6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDV
SRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$xDGLUHOSHUIXPH\ORVJUiQXORVGHSROLHWLOHQR
DJLWDQGRKDVWDKRPRJHQHLGDG

$FWLYLGDG GHUPRFRVPpWLFD

/RVJUiQXORVGHSROLHWLOHQRWLHQHQDFFLyQH[IROLDQWH$SOLFDUXQDFDSDJUXHVD
VREUHODGXUH]D\IURWDUFRQOD\HPDGHORVGHGRV5HDOL]DUHVWDRSHUDFLyQYDULDVYHFHV
DOGtD
 &2/2',Ï1 3$5$ /$ (/,0,1$&,Ï1 '( &$//26
)Ï508/$1Ò0&
&21 È&,'26 /È&7,&2 < 6$/,&Ë/,&2

$FLGRVDOLFtOLFRJ
$FLGROiFWLFRJ
&RORGLyQHOiVWLFRFVSJ

(ODERUDFLyQ

6LWXDUHOFRORGLyQHQXQHQYDVHFULVWDOWRSDFLRDxDGLUORViFLGRV\DJLWDUKDVWD
GLVROXFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

7DQWRHOiFLGRVDOLFtOLFRFRPRHOOiFWLFRDFW~DQFRPRSRWHQWHVTXHUDWROtWLFRVD
ODVFRQFHQWUDFLRQHVIRUPXODGDV$SOLFDUPHGLDQWHXQDYDULOODVREUHHOFDOORGRVYHFHVDO
GtD(VLPSRUWDQWHHVSHFLILFDUTXHHOSURGXFWRHVDOWDPHQWHLQIODPDEOH
 75$7$0,(1726
&25325$/(6
)Ï508/$6
'(6&21*(67,21$17(6 <
721,),&$17(6 3$5$ 3,(6
&$16$'26

6$/(6 '( %$f2 2;,*(1$17(6

)Ï08/$1Ò06

3HUERUDWRVyGLFRJ
/DXULOVXOIDWRVyGLFRSROYRJ
0HQWROJ
(VHQFLDGHURPHURJ
%LFDUERQDWRVyGLFRFVSJ

(ODERUDFLyQ

6LWXDUHOODXULOVXOIDWRVyGLFRHQ XQPRUWHUR\DxDGLUHOPHQWROSUHYLDPHQWH
GLVXHOWRHQXQDVJRWDVGHDOFRKROž\ODHVHQFLDGHURPHUREDWLHQGRKDVWD
KRPRJHQHL]DFLyQ(QRWURPRUWHURPH]FODUHOSHUERUDWR\HOELFDUERQDWRUHGXFLGRVD
SROYRILQR)LQDOPHQWHDxDGLUODPH]FODGHOODXULOVXOIDWRVyGLFRDQWHULRUEDWLHQGR
KDVWDKRPRJHQHL]DFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

(OSHUERUDWRWLHQHDFFLyQR[LJHQDQWHHOELFDUERQDWRDQWLIORJtVWLFDHOPHQWRO
UHIUHVFDQWHODHVHQFLDGHURPHURWRQLILFDQWH\HOODXULOVXOIDWRVyGLFRKLJLHQL]DQWH\
HVSXPDQWH$xDGLUVREUHHODJXDWLELD\UHDOL]DUEDxRVGXUDQWHPLQXWRV
 6$/(6 '( %$f2 ()(59(6&(17(6
)Ï508/$1Ò06

/DXULOVXOIDWRVyGLFRJ
%LFDUERQDWRVyGLFRJ
$FLGRFtWULFRJ
$FLGRWiQLFRJ
&ORUXURVyGLFRJ
&DROtQJ
&ORURILOLQDKLGURVROXEOHJ
6DOLFLODWRGHPHWLORJ
0HQWROJ
(VHQFLDGHPDQ]DQLOODJ

(ODERUDFLyQ

6LWXDUHOODXULOVXOIDWRVyGLFRHQXQPRUWHUR\DxDGLUHOPHQWROSUHYLDPHQWH
GLVXHOWR HQXQDVJRWDVGHDOFRKROžHOVDOLFLODWRGHPHWLOR\ODHVHQFLDGH
PDQ]DQLOODEDWLHQGRKDVWDKRPRJHQHL]DFLyQ(QRWURPRUWHURPH]FODUHOELFDUERQDWR
VyGLFRHOiFLGRFtWULFRHOFORUXURVyGLFRODFORURILOLQDHOiFLGRWiQLFR\HOFDROtQ
)LQDOPHQWHDxDGLUODPH]FODGHOODXULOVXOIDWRVyGLFRDQWHULRUEDWLHQGRKDVWD
KRPRJHQHL]DFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/DHIHUYHVFHQFLDSURGXFLGDSRUODDVRFLDFLyQELFDUERQDWRiFLGRFtWULFRFRQILHUH
DFFLyQUHODMDQWH\DQWLIORJtVWLFD(OPHQWROWLHQHDFFLyQUHIUHVFDQWHHOiFLGRWiQLFR\HO
VDOLFLODWRGHPHWLORWRQLILFDQWHHOFORUXURVyGLFR\ODHVHQFLDGHPDQ]DQLOODVRQ
GHVFRQJHVWLYRVODFORURILOLQDGHVRGRUDQWH\HOODXULOVXOIDWRVyGLFRKLJLHQL]DQWH\
HVSXPDQWH$xDGLUVREUHHODJXDWLELD\UHDOL]DUEDxRV GXUDQWHPLQXWRV
 &5(0$ 5()5(6&$17( < 721,),&$17(
)Ï508/$1Ò0&

$OFRKROFHWtOLFRJ
&HUDEODQFDJ
0HQWROJ
7LQWXUDGHiUQLFDJ
([WUDFWRKLGURJOLFyOLFRGHUXVFXVJ
([WUDFWRKLGURJOLFyOLFRGHFLSUpVJ
3URSLOHQJOLFROJ
/DXULOVXOIDWRVyGLFRJ
(VHQFLDGHODYDQGDJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPHODOFRKROFHWtOLFR\ODFHUDEODQFDDž&3RURWURODGR
FDOHQWDUDEPHODJXDDODPLVPDWHPSHUDWXUD\GLVROYHUHOODXULOVXOIDWRVyGLFR\HO
SURSLOHQJOLFRO6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDV
SRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$xDGLUHOPHQWROGLVXHOWRHQXQDVJRWDVGH
DOFRKROžODWLQWXUDORVH[WUDFWRV\ODHVHQFLDDJLWDQGRKDVWDODSHUIHFWD
LQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

(OPHQWROWLHQHQDFFLyQUHIUHVFDQWHODWLQWXUDGHiUQLFD\ODHVHQFLDGHODYDQGD
VRQWRQLILFDQWHV\ORVH[WUDFWRVGHUXVFXV\FLSUpVDXPHQWDQODFLUFXODFLyQ(O
H[FLSLHQWHRZIRUPXODGRFRQWULEX\HFRQXQDPRGHUDGDDFFLyQUHIUHVFDQWH
 75$7$0,(1726
&25325$/(6
)Ï508/$6
$17,75$163,5$17(6 <
'(62'25$17(6 3$5$ 3,(6

32/926 $%625%(17(6 5()5(6&$17(6

)Ï508/$1Ò03
'(62'25$17(6 < 02'(5$'$0(17( $17,75$163,5$17(6

$FLGREyULFRJ
$OXPEUHJ
2[LGRGH]LQFJ
7LPROJ
0HQWROJ
(VHQFLDGHFDQHODJ
(VHQFLDGHHVSOLHJRJ
&DROtQJ
7DOFRFVS«J

(ODERUDFLyQ

0H]FODUHQXQPRUWHURHOFDROtQHOWDOFR\HOy[LGRGH]LQF$xDGLUODVHVHQFLDV
\ODPH]FODGHOWLPRO\PHQWROGLVXHOWRVHQXQDVJRWDVGHDOFRKROžEDWLHQGR
KRPRJHQHLGDG5HGXFLUDSROYRILQRHOiFLGREyULFR\HODOXPEUHPH]FODU\DxDGLU
VREUHORVSROYRVDQWHULRUHV7DPL]DU

$FWLYLGDG GHUPRFRVPpWLFD

(OiFLGREyULFRHOWLPRO\ODVHVHQFLDVWLHQHQDFFLyQDQWLVpSWLFDHOy[LGRGH]LQF
\HODOXPEUHVRQDVWULQJHQWHV\OLJHUDPHQWHDQWLVpSWLFRVHOWDOFR\FDROtQDFW~DQFRPR
DEVRUEHQWHV\HOPHQWROWLHQHDFFLyQUHIUHVFDQWH
 32/926 $%625%(17(6 '(62'25$17(6 <
)Ï508/$1Ò03
$17,75$163,5$17(6

&ORUKLGUy[LGRGHDOXPLQLRJ
3KHQRQLSŠJ
(VWHDUDWRGHPDJQHVLRJ
(VHQFLDGHVDOYLDJ
(VHQFLDGHODYDQGDJ
7DOFRFVS«J

(ODERUDFLyQ

0H]FODUHQXQPRUWHURHOFORUKLGUy[LGRGHDOXPLQLRHOHVWHDUDWRGHPDJQHVLR\
HOWDOFREDWLHQGRKDVWDKRPRJHQHLGDG$xDGLUODVHVHQFLDV\HO3KHQRQLS7DPL]DU

$FWLYLGDG GHUPRFRVPpWLFD

(OFORUKLGUy[LGRGHDOXPLQLRWLHQHSRWHQWHDFFLyQDVWULQJHQWHDODFRQFHQWUDFLyQ
IRUPXODGD\PRGHUDGDDFFLyQDQWLVpSWLFD(O3KHQRQLSWLHQHDOWDDFFLyQDQWLVpSWLFD\HO
WDOFR\HOHVWHDUDWRGHPDJQHVLRDFW~DQFRPRDEVRUEHQWHV
 /2&,Ï1 $17,75$163,5$17( < '(62'25$17(
)Ï508/$1Ò0/

&ORUKLGUy[LGRGHDOXPLQLRJ
7ZHHQŠJ
3URSLOHQJOLFROJ
$OFRKROJ
(VHQFLDGHWRPLOORJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUHOFORUKLGUy[LGRGHDOXPLQLRHQHODJXD3RURWURODGRGLVROYHUOD
HVHQFLDGHWRPLOORHQODVROXFLyQSUHYLDPHQWHIRUPDGDHQWUHHO7ZHHQHO
SURSLOHQJOLFRO\HODOFRKROž$xDGLUODVROXFLyQREWHQLGDHQSHTXHxDVSRUFLRQHV
VREUHODDFXRVDEDMRFRQVWDQWHDJLWDFLyQ)LOWUDU)yUPXODLGyQHDSDUDVHUHQYDVDGDHQ
VSUD\

$FWLYLGDG GHUPRFRVPpWLFD

(OFORUKLGUy[LGRGHDOXPLQLRWLHQHSRWHQWHDFFLyQDVWULQJHQWHDODFRQFHQWUDFLyQ
IRUPXODGD\PRGHUDGDDFFLyQDQWLVpSWLFD/DHVHQFLDGHWRPLOORFRQILHUHDFFLyQ
DQWLVpSWLFD
 75$7$0,(1726
&25325$/(6
)Ï508/$6 +,'5$7$17(6
3$5$ 3,(6 6(&26

&5(0$ :2 &21 /$&7$72 $0Ï1,&2 <

)Ï508/$1Ò0&
*/,&(5,1$

/DFWDWRDPyQLFRJ
*OLFHULQDJ
$JXDGHVWLODGDJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
3HUIXPH««FV
(XFHULQXPDQK\GULFXPŠFVS«J

(ODERUDFLyQ

'LVROYHUHOODFWDWRDPyQLFRODJOLFHULQD\HO1LSDJtQVyGLFRHQHODJXD(QXQ
PRUWHURFDOHQWDUOLJHUDPHQWHHO(XFHULQXPž&\DxDGLUODVROXFLyQDQWHULRUHQ
SHTXHxDVSRUFLRQHVEDWLHQGRKDVWDODSHUIHFWDLQWHUSRVLFLyQ$xDGLUHOSHUIXPH

$FWLYLGDG GHUPRFRVPpWLFD

(OODFWDWRDPyQLFR\ODJOLFHULQDWLHQHQDFFLyQKLGUDWDQWHSRUFDSWDFLyQGHDJXD
(OH[FLSLHQWHZRIRUPXODGRDFW~DFRPRKLGUDWDQWHSRUVXHIHFWRRFOXVLYR
)Ï508/$1Ò0&5(0$:2+,'5$7$17(<1875,7,9$&2185($
$&(,7('(*(50(1'(75,*2<32/,2/(6

1HRSFOZR Š J
$FHLWHGHJHUPHQGHWULJRJ
3ROLHWLOHQJOLFRO««J
*OLFHULQD««J
6RUELWROVROJ
8UHDJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
9LWDPLQD(DQWLR[LGDQWHJ
(VHQFLDGHODYDQGDJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHO1HRSFOZRDž&3RURWURODGRFDOHQWDUDEPHODJXD\
GLVROYHUORVSROLROHVODXUHD\HO1LSDJtQVyGLFR6DFDUDPEDVIDVHVGHOEPVLWXDUOD
JUDVDHQXQPRUWHUR\DxDGLUODDFXRVDHQSHTXHxDVSRUFLRQHVEDWLHQGRKDVWDODWRWDO
DEVRUFLyQ8QDYH]IUtDODFUHPDDxDGLUHODFHLWHODYLWDPLQD(\ODHVHQFLDEDWLHQGR
KDVWDODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/RVSROLROHV\ODXUHDWLHQHQDFFLyQKLGUDWDQWHSRUFDSWDFLyQGHDJXD\HODFHLWH
GHJHUPHQGHWULJRDSRUWDiFLGRVJUDVRVLQVDWXUDGRVWHQLHQGRDFFLyQHPROLHQWH(O
H[FLSLHQWHZRIRUPXODGRDFW~DFRPRKLGUDWDQWH\HPROLHQWHSRUVXHIHFWRRFOXVLYR
 75$7$0,(1726
&25325$/(6
)Ï508/$6 3$5$ 0$126

&5(0$ +,'5$7$17( < 3527(&725$ 3$5$

)Ï508/$1Ò0&
0$126 &21 85($ */,&(5,1$ < $&(,7( '( 6,/,&21$

1HRSFORZŠ J
8UHDJ
$FHLWHGHVLOLFRQDJ
*OLFHULQDJ
1LSDJtQVyGLFRŠJ
(VHQFLDGHURVDVJ
(VHQFLDGHMD]PtQJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPHO1HRSFODž&3RURWURODGRFDOHQWDUDEPHODJXDGHVWLODGD
DODPLVPDWHPSHUDWXUD\GLVROYHUODXUHDODJOLFHULQD\HO1LSDJtQVyGLFR6DFDUDPEDV
IDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWD
HQIULDPLHQWR$xDGLUHODFHLWHGHVLOLFRQD\ODVHVHQFLDVDJLWDQGRKDVWDODSHUIHFWD
LQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/DXUHD\ODJOLFHULQDWLHQHQDFFLyQKLGUDWDQWHSRUFDSWDFLyQGHDJXD\HODFHLWH
GHVLOLFRQDWLHQHXQDPDUFDGDDFFLyQSURWHFWRUDIUHQWHDVXVWDQFLDVKLGURVROXEOHV\
WDPELpQSUHVHQWDDFFLyQKLGUDWDQWHSRURFOXVLYLGDG(OH[FLSLHQWHRZIRUPXODGRWLHQH
PRGHUDGDDFFLyQKLGUDWDQWHDOSUHVHQWDUFLHUWDRFOXVLYLGDG
 &5(0$ :62 +,'5$7$17( < 5(*(1(5$'25$
)Ï508/$1Ò0&
&21 85($ $/$172Ë1$ < $&(,7( '( 526$ 02648(7$

$ELOZVŠ ««J
$FHLWHGHURVDPRVTXHWDJ
9DVHOLQDOtTXLGDJ
8UHDJ
$ODQWRtQDJ
*OLFHULQDJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
%+7EXWLOKLGUR[LWROXHQRDQWLR[LGDQWHJ
&ORUXURVyGLFRJ
3HUIXPHFV
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

0H]FODUHO$ELOZVFRQODYDVHOLQD\HODFHLWHGHURVDPRVTXHWD3RURWUR
ODGR'LVROYHUODJOLFHULQDHOFORUXURVyGLFRHO1LSDJtQ\ODXUHDHQHODJXD$xDGLUOD
IDVHDFXRVDHQ SHTXHxDVSRUFLRQHVVREUHODJUDVDDJLWDQGRDDOWDYHORFLGDGPHGLDQWH
DJLWDGRUPHFiQLFRVLQLQWURGXFLUDLUH8QDYH]REWHQLGDODHPXOVLyQUHDOL]DUXQD
DJLWDFLyQPDQXDORPHFiQLFDDEDMDYHORFLGDG$xDGLUHO%+7GLVXHOWRSUHYLDPHQWHHQ
POGHDOFRKROž\HOSHUIXPHDJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

3RUVXDOWRFRQWHQLGRHQiFLGRVJUDVRVLQVDWXUDGRVHODFHLWHGHURVDPRVTXHWD
WLHQHXQDJUDQDFFLyQUHJHQHUDGRUD\HPROLHQWHODXUHDWLHQHDFFLyQKLGUDWDQWHSRU
FDSWDFLyQGHDJXD\ODDODQWRtQDDFW~DFRPRHSLWHOL]DQWH(OH[FLSLHQWHZVRIRUPXODGR
KLGUDWDSRURFOXVLYLGDGVLHQGRpVWDPXFKRPHMRUDFHSWDGDTXHODSURGXFLGDSRUOD
FOiVLFDZR/DIDVHH[WHUQDGHODHPXOVLyQZVRGHODHPXOVLyQIRUPXODGDHVWi
FRPSXHVWDSRUVLOLFRQDVVDFHLWHGHURVDPRVTXHWDR\YDVHOLQDOtTXLGDR
 &5(0$ :2 +,'5$7$17( 3$5$ 0$126 08<
)Ï508/$1Ò0&
6(&$6 < '(6&$0$7,9$6 SUHVFULSFLyQ PpGLFD

/DQROLQDDQKLGUDJ
9DVHOLQDOtTXLGDJ
(VSHUPDGHEDOOHQDJ
$FLGRVDOLFtOLFRJ
+LGURFRUWLVRQDDFHWDWRJ
3URSLOHQJOLFRO«J
6SDQŠ««J
7ZHHQ ŠJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPODODQROLQDHOHVSHUPDGHEDOOHQD\HO6SDQDž&$xDGLUOD
YDVHOLQDDODPLVPDWHPSHUDWXUD3RURWURODGRFDOHQWDUDEPHODJXDDž&\
DxDGLUHOSURSLOHQJOLFRO\HO7ZHHQ6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVD
VREUHODJUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR5HGXFLUDSROYRILQR
HOiFLGR VDOLFtOLFR\ODKLGURFRUWLVRQDPH]FODUHQXQPRUWHUR\DxDGLUXQDVJRWDVGH
YDVHOLQDOtTXLGDEDWLHQGRKDVWDORJUDUXQDSDVWD$xDGLUODDPXOVLyQDQWHULRUHQ
SHTXHxDVSRUFLRQHVEDWLHQGRKDVWDODSHUIHFWDLQWHUSRVLFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

(OiFLGRVDOLFtOLFRDFW~DFRPRTXHUDWROtWLFR\ODKLGURFRUWLVRQDFRPR
DQWLLQIODPDWRULR(OH[FLSLHQWHZRIRUPXODGRIDYRUHFHODKLGUDWDFLyQSRUVX
RFOXVLYLGDG6XVWLWX\HQGRHOiFLGRVDOLFtOLFRSRUXUHD\ODKLGURFRUWLVRQDSRU
DOIDELVDERORO\H[WUDFWRKLGURJOLFyOLFRGHPDQ]DQLOODVHFRQVLJXHXQ
WUDWDPLHQWRFRVPHWROyJLFRGHDSR\RTXH\DQRH[LJHSUHVFULSFLyQPpGLFD
 75$7$0,(1726
&25325$/(6
)Ï508/$6 3$5$ 8f$6

*(/ )/8,'2 )257$/(&('25

)Ï508/$1Ò0*

$OXPEUHSRWiVLFRJ
1DFHWLOFLVWHLQDJ
3URSLOHQJOLFRO«J
7ZHHQŠ «J
-DJXDU+3Š J
3KHQRQLSŠJ
(VHQFLDGHYLROHWDVJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUHODOXPEUH\OD1DFHWLOFLVWHLQDHQHODJXD3RURWURODGR'LVROYHUOD
HVHQFLDGHYLROHWDVHQODVROXFLyQIRUPDGDSUHYLDPHQWHHQWUHHO SURSLOHQJOLFROHO7ZHHQ
\HO3KHQRQLS$xDGLUHO-DJXDU+3VREUHODVROXFLyQDFXRVDHQSHTXHxDVSRUFLRQHV
\DJLWDUKDVWDODIRUPDFLyQGHXQJHOKRPRJpQHR$JUHJDUODVROXFLyQSURSLOHQJOLFyOLFD
HQSHTXHxDVSRUFLRQHVEDMRDJLWDFLyQFRQVWDQWH6HIRUPDXQJHOIOXLGRTXHFRQYLHQH
GHMDUUHSRVDUGXUDQWHXQDVKRUDVHQHQYDVHELHQWDSDGR

$FWLYLGDG GHUPRFRVPpWLFD

(ODOXPEUHDFW~DFRPRPRGHUDGRDVWULQJHQWHOD1DFHWLOFLVWHLQDDFWLYDOD
TXHUDWRJpQHVLV\HOSURSLOHQJOLFROHVKLGUDWDQWHSRUFDSWDFLyQGHDJXD\HPROLHQWH
 48,7$(60$/7(6
)Ï508/$1Ò04

$FHLWHGHJHUPHQGHWULJRJ
$FHLWHGHMRMREDJ
9LWDPLQD(DQWLR[LGDQWHJ
$FHWRQDFVSJ

(ODERUDFLyQ

'LVROYHUORVDFHLWHV\ODYLWDPLQD(HQODDFHWRQD)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

/DDFHWRQDWLHQHXQDSRWHQWHDFFLyQGLVROYHQWH\ORVDFHLWHVVHDxDGHQSDUD
FRQWUDUUHVWDUHOJUDQHIHFWRGHVOLSLGL]DQWHGHODPLVPDSURGXFLGRVREUHODXxD
 48,7$&87Ë&8/$6
)Ï508/$1Ò04

7ULHWDQRODPLQDJ
*OLFHULQDJ
(VHQFLDGHURVDVJ
7ZHHQŠJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUODHVHQFLDGHURVDVHQODVROXFLyQSUHYLDPHQWHIRUPDGDHQWUHOD
JOLFHULQDHO7ZHHQ\ODWULHWDQRODPLQD$xDGLUODVROXFLyQREWHQLGDHQSHTXHxDV
SRUFLRQHVVREUHHODJXD\EDMRDJLWDFLyQFRQVWDQWH

$FWLYLGDG GHUPRFRVPpWLFD

/DWULHWDQRODPLQDDFW~DFRPRPRGHUDGRGLVJUHJDQWHGHODFXWtFXOD\ODJOLFHULQD
WLHQHHIHFWRFRPRDEODQGDGRUSRUVXDFFLyQKLGUDWDQWH\HPROLHQWH
 +,*,(1( &25325$/
)Ï508/$6 '( '8&+$ <
%$f2

-$%Ï1 6<1'(7 6Ï/,'2 3,(/(6 6(16,%/(6 <

)Ï508/$1Ò0-
5($&7,9$6 &21 (;75$&72 &2/2,'$/ '( $9(1$

7H[DSyQFVSDVWDŠJ
(VSHVDPLGDŠJ
3ROLHWLOHQJOLFROJ
([WUDFWRFRORLGDOGHDYHQDJ
&UHPRSKRUŠJ
3KHQRQLSŠFRQVHUYDQWH J
$FLGROiFWLFRFVS+

(ODERUDFLyQ

)XQGLUDEPODPH]FODIRUPDGDSRUHO7H[DSyQOD(VSHVDPLGDHO
3ROLHWLOHQJOLFROHO&UHPRSKRU\HO3KHQRQLSDž&8QDYH]IXQGLGD$MXVWDUDS+
FRQiFLGROiFWLFR\VDFDUGHOEPDJLWDQGRKDVWDFRQVHJXLUXQOLJHURHVSHVDPLHQWRGH
ODPH]FODDxDGLUHOH[WUDFWRGHDYHQD\YHUWHU HQPROGHVSUHYLDPHQWHIUtRV\OXEULFDGRV
FRQYDVHOLQDOtTXLGD'HMDUUHSRVDUXQDVKRUDVHQQHYHUDž

$FWLYLGDG GHUPRFRVPpWLFD

(OH[WUDFWRFRORLGDOGHDYHQDDFW~DFRPRFDOPDQWHHPROLHQWH\GHVFRQJHVWLYR
(OH[FLSLHQWHGHWHUJHQWHIRUPXODGRHVPX\VXDYH\DOWDPHQWHHPROLHQWH
 *(/ '( %$f2 3(5/$'2 &21 6,/,&21$ < -8*2 '(
)Ï508/$1Ò0*
$/2(

7H[DSyQ1Š J
7HJREHWDtQD/ ŠJ
(VSHVDPLGDŠJ
$ELOJUDVVŠJ
-XJRIUHVFRGHDORHJ
9LVFRVLWWŠJ
3KHQRQLSŠFRQVHUYDQWHJ
(VWHDUDWRGHPDJQHVLRJ
(VHQFLDGHPDQ]DQLOODJ
(VHQFLDGHODYDQGDJ
$FLGROiFWLFRFVS+
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHO7H[DSyQDž&\DxDGLUOD(VSHVDPLGDHO$ELOJUDVVHO
3KHQRQLS\ODVHVHQFLDV3RURWURODGRFDOHQWDUDEPHODJXDDODPLVPDWHPSHUDWXUD\
DxDGLUHOMXJRGHDORH\OD7HJREHWDtQD/6DFDUDPEDVVROXFLRQHVGHOEP\DxDGLUOD
DFXRVDVREUHODWHQVLRDFWLYDHQSHTXHxDVSRUFLRQHVDJLWDQGRVXDYHPHQWHKDVWD
HQIULDPLHQWR$xDGLUHO9LVFRVLWW\DMXVWDUHOS+6LWXDUHOHVWHDUDWRGHPDJQHVLRHQ
XQPRUWHUR\DJUHJDUHOJHOREWHQLGRDQWHULRUPHQWHSUHYLDPHQWHFDOHQWDGRDEPD
ž&HQSHTXHxDVSRUFLRQHVEDWLHQGRKDVWDHQIULDPLHQWR

$FWLYLGDG GHUPRFRVPpWLFD

(OMXJRGHDORHWLHQHDFFLyQHPROLHQWH\HO$ELOJUDVVDFW~DFRPRUHHQJUDVDQWH
/DEDVHGHWHUJHQWHHVPRGHUDGDPHQWHVXDYHSDUDODSLHO
 *(/ '( %$f2 &21 (;75$&72 &2/2,'$/ '(
)Ï508/$1Ò0*
$9(1$ < $/)$%,6$%2/2/

7H[DSyQ&6SDVWDŠJ
7HJREHWDtQD/ŠJ
&UHPRSKRUŠJ
(VSHVDPLGDŠJ
([WUDFWRFRORLGDOGHDYHQDJ
$OIDELVDEROROJ
([WUDFWRKLGURJOLFyOLFRGHOODQWpQJ
3KHQRQLSŠFRQVHUYDQWH J
$FLGROiFWLFRFVS+
(VHQFLDGHODYDQGDJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPHO7H[DSyQDž&\DxDGLUOD7HJREHWDtQD/HO&UHPRSKRUOD
(VSHVDPLGD\HO3KHQRQLSDODPLVPDWHPSHUDWXUD3RURWURODGRFDOHQWDUDEPHODJXD
Dž&6DFDUDPERVOtTXLGRVGHOEP\DxDGLUHODJXDVREUHODPH]FODWHQVLRDFWLYDHQ
SHTXHxDVSRUFLRQHVDJLWDQGRVXDYHPHQWHKDVWDHQIULDPLHQWR$JUHJDUHOH[WUDFWRGH
OODQWHQHODOIDELVDERORO\ODHVHQFLDDJLWDQGRKDVWDODSHUIHFWDPH]FOD$MXVWDUHOS+
FRQiFLGROiFWLFR6LWXDUHOH[WUDFWRGHDYHQDHQXQPRUWHUR\DJUHJDUHOJHOREWHQLGR
DQWHULRUPHQWHHQSHTXHxDVSRUFLRQHVEDWLHQGRKDVWDKRPRJHQHLGDG5RWXODUHQHO
HWLTXHWDGR³$JLWDUDQWHVGHXVDU´

$FWLYLGDG GHUPRFRVPpWLFD

/DVDFFLRQHVFDOPDQWHHPROLHQWH\GHVFRQJHVWLYDGHODDYHQDTXHGDQ
UHIRU]DGDVSRUODDQWLLQIODPDWRULD\GHVHQVLELOL]DQWHGHOH[WUDFWRGHOODQWHQ\GHODOID
ELVDERORO/DEDVHGHWHUJHQWHHVDOJRPiVVXDYHTXHODYLVWDHQODIyUPXODDQWHULRU*HO
HVSHFLDOPHQWHLQGLFDGRHQODKLJLHQHGHSLHOHVDWySLFDV
 $&(,7( ',63(56$%/( 3$5$ (/ %$f2
)Ï508/$1Ò0$

$FHLWHGHDOPHQGUDVGXOFHVJ
0LULVWDWRGHLVRSURSLORJ
(XPXOJtQ%ŠJ
(VHQFLDGHODYDQGDJ
(VHQFLDGHOLPyQJ
(VHQFLDGHQDUDQMDGXOFHJ
3KHQRQLSŠFRQVHUYDQWHJ
9LWDPLQD(DQWLR[LGDQWHJ

(ODERUDFLyQ

)XQGLUDEPHO(XPXOJtQ%Dž&\DxDGLUHOPLULVWDWRGHLVRSURSLORDOD
PLVPDWHPSHUDWXUD6DFDUGHOEP\DJLWDUKDVWDHQIULDPLHQWR$xDGLUHODFHLWHGH
DOPHQGUDVHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWDKRPRJHQHLGDG)LQDOPHQWHDJUHJDU
ODVHVHQFLDVHO3KHQRQLS\ODYLWDPLQD(5RWXODUHQHOHWLTXHWDGR³$JLWDUDQWHVGH
XVDU´

$FWLYLGDG GHUPRFRVPpWLFD

(ODFHLWHGHDOPHQGUDV\HOPLULVWDWRGHLVRSURSLORWLHQHQDOWDDFFLyQHPROLHQWH
(O(XPXOJtQ%FRQVLJXHHPXOVLRQDUHVWRVDFHLWHVHQHODJXD GHOEDxR
)Ï508/$1Ò0(08/6,Ï1:2)/8,'$/(&+(+,'5$7$17(<
1875,7,9$3$5$'(638e6'(/%$f22'8&+$

/DQROLQDDQKLGUDJ
9DVHOLQDOtTXLGDJ
(VSHUPDGHEDOOHQDJ
6SDQŠ««J
7ZHHQŠ«J
9LWDPLQD)HVWHUJOLFpULGRJ
3URSLOHQJOLFROJ
8UHD«J
9LWDPLQD(DQWLR[LGDQWHJ
3KHQRQLSŠ FRQVHUYDQWHJ
(VHQFLDGHFRFRJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPODODQROLQDHOHVSHUPDGHEDOOHQD\HO6SDQDž&DxDGLHQGROD
YDVHOLQDOtTXLGDFDOHQWDGDDODPLVPDWHPSHUDWXUD3RURWURODGRFDOHQWDUDEPHODJXDD
ž&\DxDGLUHO7ZHHQSUHYLDPHQWHIXQGLGRODXUHD\HO3KHQRQLSGLVXHOWR
SUHYLDPHQWHHQHOSURSLOHQJOLFRO6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHOD
JUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$xDGLUODYLWDPLQD)OD
YLWDPLQD(\ODHVHQFLDGHFRFRDJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/DXUHDWLHQHDFFLyQKLGUDWDQWHSRUFDSWDFLyQGHDJXD\ODYLWDPLQD)WLHQH
DFFLyQHPROLHQWH\DSRUWDiFLGRVJUDVRVHVHQFLDOHV(OH[FLSLHQWHZRIRUPXODGRKLGUDWD
SRURFOXVLYLGDG
 +,*,(1( &25325$/
)Ï508/$6 '(62'25$17(6
< $17,75$163,5$17(6

(08/6,Ï1 2: )/8,'$ '(62'25$17( 3$5$

)Ï508/$1Ò0(
(19$6$5 (1 )5$6&2 52//21

%DVH/ ŠJ
3URSLOHQJOLFROJ
)DUQHVROJ
9LWDPLQD(J
1LSDJtQVyGLFRŠFRQVHUYDQWH J
3HUIXPHFV
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPODEDVH/Dž&3RURWURODGRFDOHQWDUHODJXDDOD
PLVPDWHPSHUDWXUD\GLVROYHUHO1LSDJtQVyGLFR\HOSURSLOHQJOLFRO6DFDUDPEDVIDVHV
GHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWD
HQIULDPLHQWR$JUHJDUHO)DUQHVROODYLWDPLQD(\HOSHUIXPHDJLWDQGRKDVWDODSHUIHFWD
LQFRUSRUDFLyQ(QYDVDUHQIUDVFRUROORQ

$FWLYLGDG GHUPRFRVPpWLFD

/DYLWDPLQD(HYLWDODR[LGDFLyQGHORVOtSLGRVGHOVXGRU\HO)DUQHVRO\HO
1LSDJtQVyGLFRDFW~DQFRPRDQWLVpSWLFRV(OH[FLSLHQWHRZIRUPXODGRWLHQHEXHQD
DFHSWDELOLGDGDOVHUDOWDPHQWHHYDQHVFHQWH
 *(/ $17,75$163,5$17( &21 &/25+,'5Ï;,'2
)Ï508/$1Ò0*
'( $/80,1,2

-DJXDU+3Š J
3URSLOHQJOLFROJ
&ORUKLGUy[LGRGHDOXPLQLRJ
7ZHHQŠ ««J
3KHQRQLS«J
3HUIXPHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUHOFORUKLGUy[LGRGHDOXPLQLRHQHODJXDGHVWLODGD'LVSHUVDUHO-DJXDU
+3\DJLWDUKDVWDODIRUPDFLyQGHXQJHOKRPRJpQHR'LVROYHUHOSHUIXPH\HO
3KHQRQLSHQODPH]FODIRUPDGDHQWUHHO7ZHHQ\HOSURSLOHQJOLFRO$xDGLUOD
VROXFLyQUHVXOWDQWHVREUHHOJHODQWHULRUDJLWDQGRKDVWDODSHUIHFWDDEVRUFLyQ7DSDUELHQ
ODPH]FOD\GHMDUUHSRVDUXQDVKRUDV7UDEDMDQGRFRQ-DJXDU+3DOVHORJUDQJHOHV
VHPLIOXLGRVLGyQHRVSDUDHQYDVDUHQUROORQ

$FWLYLGDG GHUPRFRVPpWLFD

(OFORUKLGUy[LGRGHDOXPLQLRWLHQHDFFLyQDVWULQJHQWH(OH[FLSLHQWHHQJHO
IRUPXODGRWLHQHEXHQDDFHSWDELOLGDGDOVHUDOWDPHQWHHYDQHVFHQWH
 &5(0$ :6 '(62'25$17( &21 75,&/26$1 <
)Ï508/$1Ò0&
(6(1&,$ '( 720,//2

$ELOZVŠ ««J
$ELO.Š««J
7ULFORVDQŠ ««J
(VHQFLDGHWRPLOORJ
*OLFHULQDJ
3URSLOHQJOLFROJ
&ORUXURVyGLFRJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

0H]FODUHO$ELO.\HO$ELOZVIDVHVLOLFyQLFD3RURWURODGRGLVROYHUOD

JOLFHULQDHOFORUXURVyGLFR\HO1LSDJtQVyGLFRHQHODJXD$xDGLUODIDVHDFXRVDHQ
SHTXHxDVSRUFLRQHVVREUHODVLOLFyQLFDDJLWDQGRDDOWDYHORFLGDGPHGLDQWHDJLWDGRU
PHFiQLFRVLQLQWURGXFLUDLUH8QDYH]REWHQLGDODHPXOVLyQUHDOL]DUXQDDJLWDFLyQ
PDQXDORPHFiQLFDDEDMDYHORFLGDG$xDGLUODVROXFLyQSUHYLDPHQWHIRUPDGDHQWUHHO
WULFORVDQ\HOSURSLOHQJOLFRODJLWDQGRKDVWDODSHUIHFWDLQFRUSRUDFLyQ)LQDOPHQWH
DJUHJDUODHVHQFLDGHWRPLOOR

$FWLYLGDG GHUPRFRVPpWLFD

(OWULFORVDQ\ODHVHQFLDGHWRPLOORDFW~DQFRPRDQWLVpSWLFRV(OH[FLSLHQWHZV
IRUPXODGRWLHQHEXHQDDFHSWDELOLGDGDOVHUDOWDPHQWHHYDQHVFHQWH
 %$55$ '(62'25$17( 67,&. &21 75,&/26$1 <
)Ï508/$1Ò0%
)$51(62/

$FLGRHVWHiULFRJ
3URSLOHQJOLFROJ
*OLFHULQDJ
+LGUy[LGRVyGLFRJ
(VSHVDPLGDŠJ
7ULFORVDQŠJ
)DUQHVROJ
(VHQFLDGHODYDQGDJ
(VHQFLDGHPDQ]DQLOODJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPHOiFLGRHVWHiULFRDž&\DxDGLUOD(VSHVDPLGD\ODVROXFLyQ
SUHYLDPHQWHIRUPDGDHQWUHHOWULFORVDQ\HOSURSLOHQJOLFRODODPLVPDWHPSHUDWXUD3RU
RWURODGRFDOHQWDUDEPHODJXDDž&\GLVROYHUODJOLFHULQD\HOKLGUy[LGRVyGLFR
6DFDUDPEDVIDVHVGHOEP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDVSRUFLRQHV\
EDMRFRQVWDQWHDJLWDFLyQ$xDGLUODPH]FODIRUPDGDSUHYLDPHQWHHQWUHODVHVHQFLDV\HO
IDUQHVROFDOHQWDGDDž&DJLWDUXQRVPLQXWRV\YHUWHUHQPROGHVSUHYLDPHQWHIUtRV

$FWLYLGDG GHUPRFRVPpWLFD

(OWULFORVDQ\HO)DUQHVROWLHQHQDFFLyQDQWLVpSWLFD
 +,*,(1( &25325$/
)Ï508/$6 3$5$ /$ +,*,(1(
< &8,'$'2 '( /$ 3,(/
,1)$17,/

32/926 3527(&725(6
)Ï508/$1Ò03

(VWHDUDWRGHPDJQHVLRJ
2[LGRGH]LQFJ
&DROtQJ
&ORUXURGHEHQ]DOFRQLRJ
(VHQFLDGHURVDVJ
7DOFRFVS«J

(ODERUDFLyQ

0H]FODUHQXQPRUWHURORVGLVWLQWRVFRPSRQHQWHVSXOYHUXOHQWRV$xDGLUOD
PH]FODSUHYLDPHQWHIRUPDGDHQWUHHOFORUXURGHEHQ]DOFRQLR\ODHVHQFLDURVDVEDWLHQGR
KDVWDKRPRJHQHLGDG7DPL]DU

$FWLYLGDG GHUPRFRVPpWLFD

(Oy[LGRGH]LQFDFW~DFRPROLJHURDVWULQJHQWH\DQWLVpSWLFRHOHVWHDUDWRGH
PDJQHVLROXEULFD\UHSHOHHODJXDHOWDOFR\HOFDROtQDFW~DQFRPRDEVRUEHQWHV\HO
FORUXURGHEHQ]DOFRQLRHVDQWLVpSWLFR
 $&(,7( +,'5$7$17( < 1875,7,92 3$5$ '(638e6
)Ï508/$1Ò0$
'(/ %$f2

$FHLWHGHJHUPHQGHWULJRJ
9DVHOLQDOtTXLGDJ
6SDQŠJ
%+7ŠEXWLOKLGUR[LWROXHQRDQWLR[LGDQWHJ
3KHQRQLSŠFRQVHUYDQWH J
3HUIXPHFV
0LULVWDWRGHLVRSURSLORFVSJ

(ODERUDFLyQ

&DOHQWDUDž&ODPH]FODIRUPDGDSRUODYDVHOLQDHO6SDQ\HOPLULVWDWR
GHLVRSURSLORGLVROYLHQGRHO%+7\HO3KHQRQLS'HMDUHQIULDUODVROXFLyQUHVXOWDQWH\
DxDGLUHODFHLWHGHJHUPHQGHWULJR\HOSHUIXPH

$FWLYLGDG GHUPRFRVPpWLFD

(ODFHLWHGHJHUPHQGHWULJRHVHPROLHQWHDSRUWDQGRiFLGRVJUDVRVLQVDWXUDGRV\
ODYDVHOLQD\HOPLULVWDWRGHLVRSURSLORKLGUDWDQSRURFOXVLyQ\VRQHPROLHQWHV
)Ï508/$1Ò0(08/6,Ï1:62)/8,'$/(&+(&21$/0,'Ï1
'(75,*2<(;75$&72'(0$1=$1,//$

$ELOZVŠ J
0LULVWDWRGHLVRSURSLORJ
9DVHOLQDOtTXLGDJ
$OPLGyQGHWULJRJ
([WUDFWRKLGURJOLFyOLFRGHPDQ]DQLOODJ
3KHQRQLS ŠFRQVHUYDQWH J
&ORUXURVyGLFRJ
*OLFHULQDJ
(VHQFLDGHEHUJDPRWDIRWRGHVHQVLELOL]DGDJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

0H]FODUHO$ELOZVFRQODYDVHOLQDHOPLULVWDWRGHLVRSURSLOR\HO3KHQRQLS
3RURWURODGRGLVROYHUHOFORUXURVyGLFRODJOLFHULQD\HOH[WUDFWRGHPDQ]DQLOODHQHO
DJXD$xDGLUODIDVHDFXRVDHQSHTXHxDVSRUFLRQHVVREUHODJUDVDDJLWDQGRDDOWD
YHORFLGDGPHGLDQWHDJLWDGRUPHFiQLFRVLQLQWURGXFLUDLUH8QDYH]REWHQLGDODHPXOVLyQ
UHDOL]DUXQDDJLWDFLyQPDQXDORPHFiQLFDDEDMDYHORFLGDG$xDGLUODHVHQFLD6LWXDUHO
DOPLGyQHQXQPRUWHUR\DJUHJDUODHPXOVLyQDQWHULRUHQSHTXHxDVSRUFLRQHVEDWLHQGR
KDVWDORJUDUXQDVXVSHQVLyQKRPRJpQHD5RWXODUHQHOHWLTXHWDGR³$JLWDUDQWHVGH
XVDU´

$FWLYLGDG GHUPRFRVPpWLFD

(ODOPLGyQDFW~DFRPRSURWHFWRU\HPROLHQWH\HOH[WUDFWRGHPDQ]DQLOODFRPR
GHVFRQJHVWLYR(OH[FLSLHQWHZVRIRUPXODGRKLGUDWDSRURFOXVLyQGDQGRPHQRU
VHQVDFLyQJUDVDTXHODWtSLFDHPXOVLyQZR
 3$67$ 35(9(17,9$ '(50$7,7,6 '(/ 3$f$/
)Ï508/$1Ò03

2[LGRGH]LQFJ
7DOFRJ
'Ly[LGRGHWLWDQLRJ
$ODQWRtQDJ
([WUDFWRKLGURJOLFyOLFRGHDYHQDJ
$FHLWHGHPDQ]DQLOODJ
3KHQRQLSŠFRQVHUYDQWHJ
9LWDPLQD(DQWLR[LGDQWHJ
/DQROLQDDQKLGUDJ
9DVHOLQDILODQWHFVSJ

(ODERUDFLyQ

0H]FODUHQXQPRUWHURHOy[LGRGH]LQFHOWDOFRODDODQWRtQD\HOGLy[LGRGH
WLWDQLR$xDGLUHODFHLWHGHPDQ]DQLOODEDWLHQGRKDVWDIRUPDUXQDSDVWDKRPRJpQHD(Q
RWURPRUWHURPH]FODUODYDVHOLQD\ ODODQROLQDDž&\EDWLUKDVWDHQIULDPLHQWR
$xDGLUHOH[WUDFWRGHDYHQDODYLWDPLQD(\HO3KHQRQLSHQSHTXHxDVSRUFLRQHV\EDWLU
KDVWDODSHUIHFWDDEVRUFLyQ$JUHJDUODSRPDGDREWHQLGDHQSHTXHxDVSRUFLRQHVVREUHOD
SDVWDDQWHULRUEDWLHQGRKDVWD KRPRJHQDLGDG

$FWLYLGDG GHUPRFRVPpWLFD

(OWDOFR\HOGLy[LGRGHWLWDQLRDFW~DQFRPRSURWHFWRUHV\DEVRUEHQWHVHOy[LGR
GH]LQFHVOLJHUDPHQWHDVWULQJHQWH\DQWLVpSWLFRODDODQWRtQDDFW~DFRPRHSLWHOL]DQWH\
HODFHLWHGHPDQ]DQLOOD\HOH[WUDFWRGH DYHQDWLHQHQDFFLyQGHVHQVLELOL]DQWH\
GHVFRQJHVWLYD
 &+$03Ò /Ë48,'2 08< 68$9( ³QR HVFXHFH D ORV
)Ï508/$1Ò0&
RMRV´

7HJREHWDtQD/ŠJ
7ZHHQŠJ
(VSHVDPLGDŠJ
/DQROLQDHWR[LODGDJ
1LSDJtQVyGLFRŠ FRQVHUYDQWH J
(VHQFLDGHODYDQGDJ
6XHURILVLROyJLFRFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHO7ZHHQDž&\DxDGLUOD(VSHVDPLGD\ODHVHQFLDSRU
RWURODGRFDOHQWDUDEPHOVXHURDODPLVPDWHPSHUDWXUDDxDGLUOD7HJREHWDtQD\
GLVROYHUHO1LSDJtQVyGLFR\ODODQROLQDHWR[LODGD6DFDUDPEDVVROXFLRQHVGHOEP\
DxDGLUODDFXRVDVREUHODGHO7ZHHQDJLWDQGRVXDYHPHQWHKDVWDHQIULDPLHQWR$MXVWDUHO
S+DYDORUHVHQWUH

$FWLYLGDG GHUPRFRVPpWLFD

&KDPS~FRQXQDEDVHGHWHUJHQWHPX\VXDYHH[HQWDGHWHQVLRDFWLYRVDQLyQLFRV
(VWHKHFKRXQLGRDOS+TXtPLFDPHQWHQHXWUR\DOXVRGHVXHURILVLROyJLFRKDFHQTXHHO
FKDPS~VHDGHPtQLPDLUULWDFLyQSDUDODFRQMXQWLYDRFXODUGHOEHEp
 75$7$0,(1726
&$3,/$5(6
)Ï508/$6 $17,&$63$

&+$03Ò $17,&$63$ &21 3,5,7,21$ '( =,1&

)Ï508/$1Ò0&

7H[DSyQ1ŠJ
7HJREHWDtQD/ŠJ
3LULWLRQDGH]LQFJ
(VHQFLDGHODYDQGDJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
&ORUXURVyGLFRJ
$FLGROiFWLFRFVS+
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHO7H[DSyQ1Dž&\DxDGLUODHVHQFLD3RURWURODGR
FDOHQWDUDEPHODJXDUHVHUYDUPOSDUDGLVROYHUHOFORUXURVyGLFRDž&\
GLVROYHUHO1LSDJtQVyGLFR\ODWHJREHWDtQD/6DFDUDPEDVVROXFLRQHVGHOEP\
DxDGLUODDFXRVDVREUHODGHO7H[DSyQHQSHTXHxDVSRUFLRQHVDJLWDQGRVXDYHPHQWH
$MXVWDUDS+FRQiFLGROiFWLFR$xDGLUODVROXFLyQGHFORUXURVyGLFRHQSHTXHxDV
SRUFLRQHVDJLWDQGRVXDYHPHQWH6LWXDUODSLULWLRQDHQXQPRUWHUR\DxDGLUHOFKDPS~
DQWHULRUHQSHTXHxDVSRUFLRQHVEDWLHQGRKDVWDORJUDUXQDVXVSHQVLyQKRPRJpQHD
5RWXODUHQHOHWLTXHWDGR³$JLWDUDQWHVGHXVDU´

$FWLYLGDG GHUPRFRVPpWLFD

/DSLULWLRQDGH]LQFWLHQHDFFLyQDQWLFDVSDUHGXFWRUGHODPLWRVLV/DEDVH

GHWHUJHQWHGHOFKDPS~IRUPXODGRHVSRFRDJUHVLYDSDUDHOFXHURFDEHOOXGR
 /2&,Ï1 $17,&$63$ &21 3,52&721$ 2/$0,1$
)Ï508/$1Ò0/
85($ < È&,'2 6$/,&Ë/,&2

3LURFWRQDRODPLQDVROJ
$FLGRVDOLFtOLFRJ
3URSLOHQJOLFROJ
$OFRKROžJ
7ZHHQŠJ
(VHQFLDGHURPHURJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUODSLURFWRQDHOiFLGRVDOLFtOLFRODHVHQFLDHOSURSLOHQJOLFRO\HO7ZHHQ
HQHODOFRKROž$xDGLUODVROXFLyQREWHQLGDVREUHHODJXDHQSHTXHxDVSRUFLRQHV
\EDMRDJLWDFLyQFRQVWDQWH)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

/DDFFLyQDQWLFDVSDUHGXFWRUGHODPLWRVLVGHODSLURFWRQDRODPLQDVH

FRPSOHPHQWDFRQODGLVFUHWDDFFLyQTXHUDWROtWLFDDODFRQFHQWUDFLyQIRUPXODGDGHOiFLGR
VDOLFtOLFR
)Ï508/$1Ò0 *(/$17,&$63$'($3/,&$&,Ï112&7851$&21
&2$/7$53,5,7,21$'(=,1&<3523,/(1*/,&2/

&DUERSROŠ J
3URSLOHQJOLFROJ
&RDOWDUVDSRQLQDGRJ
3LULWLRQDGH]LQFJ
3KHQRQLSŠJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUHO3KHQRQLSHQHOSURSLOHQJOLFRODxDGLUHODJXD\GLVSHUVDUHO&DUERSRO
'HMDUODPH]FODELHQWDSDGDKDVWDHOGtDVLJXLHQWHUHDOL]DQGRDJLWDFLRQHVHVSRUiGLFDV6H
REWLHQHXQJHOWUDQVSDUHQWH$xDGLUHOFRDOWDUVDSRQLQDGRDJLWDQGRKDVWDODSHUIHFWD
PH]FOD6LWXDUODSLULWLRQDHQXQPRUWHUR\DxDGLUHOJHOHQSHTXHxDVSRUFLRQHVEDWLHQGR
KDVWDODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/DSLULWLRQD\HOFRDOWDUWLHQHQDFFLyQDQWLFDVSDUHGXFWRUHVGHODPLWRVLV\HO

SURSLOHQJOLFRODODFRQFHQWUDFLyQIRUPXODGDDFW~DFRPRGLVFUHWRTXHUDWROtWLFR(OJHOVH
GHEHGHDSOLFDUDQWHVGHDFRVWDUVH\UHWLUDUVHFRQDJXDRODYDQGRFRQXQFKDPS~QHXWUR
DODPDxDQDVLJXLHQWH



 75$7$0,(1726
&$3,/$5(6
)Ï508/$6
$17,6(%255(,&$6

&+$03Ò $17,6(%255(,&2 &21 %,2$=8)5( <

)Ï508/$1Ò0&
7+,2;2/21(

7H[DSyQ1Š«««J
7HJREHWDtQD/Š«J
7DJDW/Š«J
(VSHVDPLGDŠ J
7KLR[RORQHJ
%LRD]XIUHIOXLGRJ
'RZLFLOŠFRQVHUYDQWHJ
9LVFRVLWWŠJ
$FLGROiFWLFRFVS+
3HUIXPHFV
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHO7DJDW/Dž&\GLVROYHUHOWKLR[RORQH&DOHQWDUDEPHO
7H[DSyQDž&\DxDGLUODVROXFLyQDQWHULRUOD(VSHVDPLGDHOELRD]XIUH\HO
SHUIXPH3RURWURODGRFDOHQWDUDEPHODJXDDODPLVPDWHPSHUDWXUD6DFDUDPEDV
VROXFLRQHVGHOEP\DxDGLUODDFXRVDVREUHODGHO7H[DSyQHQSHTXHxDVSRUFLRQHV
DJLWDQGRVXDYHPHQWH$xDGLUHO'RZLFLOGLVXHOWRSUHYLDPHQWHHQXQDVJRWDVGH
DJXD$xDGLUHO9LVFRVLWW\ILQDOPHQWHDMXVWDUDS+FRQiFLGROiFWLFR

$FWLYLGDG GHUPRFRVPpWLFD

7DQWRHOELRD]XIUHFRPRHOWKLR[RORQHWLHQHQDFFLyQDQWLVHERUUHLFD/DEDVH
GHWHUJHQWHGHOFKDPS~IRUPXODGRHVSRFRDJUHVLYDSDUDHOFXHURFDEHOOXGR
 /2&,Ï1 $17,6(%255(,&$ &21 $0,12È&,'26
)Ï508/$1Ò0/
3$17(12/ < 75,&23e37,'26

1DFHWLOFLVWHLQD J
0HWLRQLQDJ
7ULFRSpSWLGRVJ
3DQWHQROJ
$OFRKROžJ
%+7EXWLOKLGUR[LWROXHQRDQWLR[LGDQWHJ
7ZHHQŠJ
(VHQFLDGHODYDQGDJ
(VHQFLDGHOLPyQJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUOD1DFHWLOFLVWHLQDODPHWLRQLQDORVWULFRSpSWLGRV\HOSDQWHQROHQHO
DJXD3RURWURODGRGLVROYHUHO%+7HO 7ZHHQ\ODVHVHQFLDVHQHODOFRKROž
$xDGLUODVROXFLyQDOFRKyOLFDVREUHODDFXRVDHQSHTXHxDVSRUFLRQHV\EDMRDJLWDFLyQ
FRQVWDQWH)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

/RVDPLQRiFLGRVORVWULFRSpSWLGRV\HOSDQWHQROUHJXODQODVHERJpQHVLVGHXQD
IRUPDILVLROyJLFDQRSURGXFHQVHERUUHDGHUHERWH
 /2&,Ï1 3$5$ '(50$7,7,6 6(%255(,&$
)Ï508/$1Ò0/

$FLGRWiQLFRJ
3LULWLRQDGH]LQFJ
$FLGRVDOLFtOLFRJ
%LRD]XIUHSROYRJ
3URSLOHQJOLFRO««J
$OFRKROž««J
7ZHHQŠ««J
(VHQFLDGHURPHURJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUHOiFLGRWiQLFRHQHODJXDGHVWLODGD3RURWURODGRGLVROYHUHOiFLGR
VDOLFtOLFRODHVHQFLDGHURPHUR\HO7ZHHQHQHODOFRKROž$xDGLUODVROXFLyQ
DOFRKyOLFDVREUHODDFXRVDHQSHTXHxDVSRUFLRQHV\EDMRFRQVWDQWHDJLWDFLyQ0H]FODUHQ
XQPRUWHURODSLULWLRQD\HOELRD]XIUHDxDGLUHOSURSLOHQJOLFRO\EDWLUKDVWDIRUPDUXQD
SDVWDKRPRJpQHD$JUHJDUODVROXFLyQDQWHULRUHQSHTXHxDVSRUFLRQHVEDWLHQGRKDVWD
ORJUDUXQDVXVSHQVLyQKRPRJpQHD5RWXODUHQHOHWLTXHWDGR³$JLWDUDQWHVGHXVDU´

$FWLYLGDG GHUPRFRVPpWLFD

(OiFLGRWiQLFRSRWHQWHDVWULQJHQWH\HOELRD]XIUHWLHQHQDFFLyQDQWLVHERUUHLFD

ODSLULWLRQDGH]LQFWLHQHDFFLyQDQWLFDVSDUHGXFWRUGHODPLWRVLVHOiFLGRVDOLFtOLFRHV
TXHUDWROtWLFR\ODHVHQFLDGHURPHURDHVDFRQFHQWUDFLyQHVWRQLILFDQWH\OHYHPHQWH
DQWLVHERUUHLFD/RFLyQDOWHUQDWLYDDOWUDWDPLHQWRFRQFRUWLFRLGHVWySLFRVGHODGHUPDWLWLV
VHERUUHLFD
 75$7$0,(1726
&$3,/$5(6
)Ï508/$6 $17,$/23e&,&$6

)Ï508/$1Ò0 /2&,Ï1 &$3,/$5 )257$/(&('25$ &21

75,&26$&È5,'26 75,&23e37,'26 9,7$0,1$ % < %,27,1$

7ULFRVDFiULGRVJ
7ULFRSpSWLGRVJ
9LWDPLQD%SLULGR[LQDFORUKLGUDWRJ
%LRWLQDJ
$OFRKROžJ
3URSLOHQJOLFRO««J
3KHQRQLSŠ FRQVHUYDQWH«J
%+7EXWLOKLGUR[LWROXHQRDQWLR[LGDQWH«J
7ZHHQ Š ««J
3HUIXPHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUORVWULFRVDFiULGRVORVWULFRSpSWLGRVODYLWDPLQD%\ODELRWLQDHQHO
DJXD3RURWURODGRGLVROYHUHO3KHQRQLSHO%+7HO7ZHHQ\HOSHUIXPHHQOD
VROXFLyQSURSLOHQDOFRKyOLFD$xDGLUODVROXFLyQDOFRKyOLFDVREUHODDFXRVDHQSHTXHxDV
SRUFLRQHV\EDMRFRQVWDQWHDJLWDFLyQ)LOWUDU

$FWLYLGDGGHUPRFRVPpWLFD

/RVWULFRVDFiULGRV\ORVWULFRSpSWLGRVIRUWDOHFHQHOFDEHOORDXPHQWDODVtQWHVLV
GHTXHUDWLQD\VRQILOPyJHQRV\UHJXODQODVHERJpQHVLV/DELRWLQDWLHQHDFFLyQ
HVWLPXODQWHFDSLODU\ODYLWDPLQD%QRUPDOL]DODVHFUHFLyQVHEiFHD)yUPXODLGyQHD
SDUDVHUHQYDVDGDHQDPSROODV
 0$6&$5,//$ &$3,/$5 9,7$0,1$'$
)Ï508/$1Ò00
$17,$/23e&,&$

&DUERSROŠ J
9LWDPLQD)J
9LWDPLQD$KLGURVROXEOHXL
9LWDPLQD(J
3DQWHQROJ
7ULFRSpSWLGRVJ
8UHDJ
0HQWRO««J
3URSLOHQJOLFRO«J
$OFRKROž««J
7ZHHQŠ ««J
3KHQRQLSŠFRQVHUYDQWH J
7ULHWDQRODPLQDFVS+
(VHQFLDGHODYDQGDJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUODXUHDHQHODJXD'LVSHUVDUHO&DUERSROHQODVROXFLyQREWHQLGDWDSDU
ELHQODPH]FOD\GHMDUUHSRVDUKDVWDHOGtDVLJXLHQWH$xDGLUODWULHWDQRODPLQDJRWDD
JRWD\EDMRFRQVWDQWHDJLWDFLyQKDVWDS+6HREWLHQHXQJHOWUDQVSDUHQWH'LVROYHUHO
SDQWHQROHOPHQWROHOSURSLOHQJOLFROHO7ZHHQ\ODHVHQFLDHQODVROXFLyQSURSLOHQ
DOFRKyOLFD$xDGLUODVROXFLyQREWHQLGDVREUHHOJHOHQSHTXHxDVSRUFLRQHVDJLWDQGR
KDVWDODSHUIHFWDDEVRUFLyQ$JUHJDUORVWULFRSpSWLGRVODYLWDPLQD)ODYLWDPLQD$\OD
YLWDPLQD(DJLWDQGRKDVWDODSHUIHFWDPH]FOD

$FWLYLGDG GHUPRFRVPpWLFD

/DYLWDPLQD$LPSLGHODKLSHUTXHUDWRVLVIROLFXODUODYLWDPLQD(WLHQHDFFLyQ
DQWLUUDGLFDODUODYLWDPLQD)DSRUWDEULOOR\VXDYLGDGDOFDEHOORHOSDQWHQROUHJXODOD
VHERJpQHVLVORVWULFRSpSWLGRVIRUWDOHFHQHOFDEHOORDXPHQWDODVtQWHVLVGHTXHUDWLQD\
VRQILOPyJHQRV\WDPELpQUHJXODQODVHERJpQHVLVODXUHDWLHQHDFFLyQHQJURVDGRUDGHO
FDEHOORSRUVXSRGHUKLGUDWDQWH\HOPHQWRODFW~DFRPROLJHURUXEHIDFLHQWHDXPHQWDHO
IOXMRVDQJXtQHRHQORVIROtFXORVSLORVRV/DPDVFDULOODHVGHXVRGLDULRVHGHEHGH
DSOLFDUSRUODQRFKH\GHEHGHVHUUHWLUDGDDODPDxDQDVLJXLHQWHFRQDJXDRFKDPS~
QHXWUR
 /2&,Ï1 $17,$/23e&,&$ &21 0,12;,',/
)Ï508/$1Ò0/
352*(67(521$ < 9,7$0,1$ % SUHVFULSFLyQ PpGLFD

0LQR[LGLOJ
9LWDPLQD%J
3URJHVWHURQDJ
3URSLOHQJOLFROJ
$JXDGHVWLODGDJ
%+7EXWLOKLGUR[LWROXHQRDQWLR[LGDQWHJ
$OFRKRODEVROXWRFVSJ

(ODERUDFLyQ

'LVROYHUHOPLQR[LGLOODSURJHVWHURQD\HO%+7HQODVROXFLyQSURSLOHQ
DOFRKyOLFDPHGLDQWHDJLWDGRUDDOWDYHORFLGDG3RURWURODGRGLVROYHUODYLWDPLQD%HQ
HODJXD$xDGLUODVROXFLyQDFXRVDVREUHODDOFRKyOLFDHQSHTXHxDVSRUFLRQHVEDMR
DJLWDFLyQFRQVWDQWH)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

(OPLQR[LGLOWLHQHDFFLyQYDVRGLODWDGRUDODYLWDPLQD%QRUPDOL]DODVHFUHFLyQ
VHEiFHD\ODSURJHVWHURQDDXPHQWDHOFLFORDQiJHQRDFWLYDFLyQFDSLODU\GLVPLQX\HOD
VHERJpQHVLV
 +,*,(1( &$3,/$5
)Ï508/$6 /,03,$'25$6
&+$03Ò6

&+$03Ò 3$5$ &$%(//26 1250$/(6

)Ï508/$1Ò0&

7H[DSyQ1Š J
7HJREHWDtQD/Š J
0LULVWDWRGHLVRSURSLORJ
(VSHVDPLGDŠJ
$ELOJUDVVŠ J
(VHQFLDGHODYDQGDJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
&ORUXURVyGLFRJ
$FLGROiFWLFRFVS+
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHO7H[DSyQ1Dž&\DxDGLUHOPLULVWDWRGHLVRSURSLOROD
(VSHVDPLGDHO$ELOJUDVV\ODHVHQFLD3RURWURODGRFDOHQWDUHODJXDUHVHUYDUPO
SDUDGLVROYHUHOFORUXURVyGLFRDODPLVPDWHPSHUDWXUD\GLVROYHUHO1LSDJtQVyGLFR\OD
7HJREHWDtQD/6DFDUDPEDVVROXFLRQHVGHOEP\DxDGLUODDFXRVDVREUHODGHO
7H[DSyQHQSHTXHxDVSRUFLRQHVDJLWDQGRVXDYHPHQWHKDVWDHQIULDPLHQWRDxDGLUOD
VROXFLyQGHFORUXURVyGLFRHQSHTXHxDVSRUFLRQHVDJLWDQGRVXDYHPHQWH$MXVWDUDS+
FRQiFLGROiFLFR

$FWLYLGDG GHUPRFRVPpWLFD

&KDPS~FRQEDVHGHWHUJHQWHDQLyQLFDDQIyWHUDPRGHUDGDPHQWHVXDYH&RQWLHQH
$ELOJUDVVPLULVWDWRGHLVRSURSLOR\(VSHVDPLGDFRPRUHHQJUDVDQWHV
 &+$03Ò 08< 68$9( '( 862 )5(&8(17(
)Ï508/$1Ò0&

7HJREHWDtQD/Š J
7ZHHQŠ «J
7DJDW/Š«J
(VSHVDPLGDŠ J
9LVFRVLWWŠJ
3KHQRQLSŠFRQVHUYDQWH J
(VHQFLDGHPDQ]DQLOODJ
$FLGROiFWLFRFVS+
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPOD(VSHVDPLGDDž&\ DxDGLUHO7ZHHQHO7DJDW/HO
3KHQRQLS\ODHVHQFLD3RURWURODGRFDOHQWDUDEP\DODPLVPDWHPSHUDWXUDODVROXFLyQ
IRUPDGDSRUHODJXD\OD7HJREHWDtQD/6DFDUDPEDVVROXFLRQHVGHOEP\DxDGLUOD
DFXRVDHQSHTXHxDVSRUFLRQHVVREUHODGHO7ZHHQDJLWDQGRVXDYHPHQWHKDVWD
HQIULDPLHQWR$JUHJDUHO9LVFRVLWW\DMXVWDUDS+FRQiFLGROiFWLFR

$FWLYLGDG GHUPRFRVPpWLFD

&KDPS~FRQEDVHGHWHUJHQWHDQIyWHUDQRLyQLFDPiVVXDYHTXHHODQWHULRUGHXVR
IUHFXHQWH/RVWHQVLRDFWLYRVQRLyQLFRV\ OD(VSHVDPLGDDFW~DQFRPRUHHQJUDVDQWHV
 &+$03Ò 3$5$ &$%(//26 *5$626
)Ï508/$1Ò0&

7H[DSyQ1Š J
/DXULOVXOIDWRGHWULHWDQRODPLQDOtTXLGRJ
7HJREHWDtQD/Š J
7DJDW/Š J
(VSHVDPLGDŠ J
7KLR[RORQHJ
%LRD]XIUHIOXLGRŠ J
'RZLFLOŠFRQVHUYDQWH J
(VHQFLDGHOLPyQJ
(VHQFLDGHQDUDQMDVGXOFHVJ
(VHQFLDGHODYDQGDJ
9LVFRVLWWŠ J
$FLGROiFWLFRFVS+
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHO7DJDW/Dž&\GLVROYHUHOWKLR[RORQH&DOHQWDUDEPHO
7H[DSyQDž&\DxDGLUODVROXFLyQDQWHULRUHOODXULOVXOIDWRGHWULHWDQRODPLQDOD
(VSHVDPLGDHOELRD]XIUH\ODVHVHQFLDV3RURWURODGRFDOHQWDUDEPHODJXDDODPLVPD
WHPSHUDWXUD\DxDGLUOD7HJREHWDtQD/6DFDUDPEDVVROXFLRQHVGHOEP \DxDGLUOD
DFXRVDVREUHODGHO7H[DSyQDJLWDQGRVXDYHPHQWHKDVWDHQIULDPLHQWR$JUHJDUHO
'RZLFLOGLVXHOWRHQXQDVJRWDVGHDJXD\HO9LVFRVLWW$MXVWDUDS+FRQiFLGR
OiFWLFR

$FWLYLGDG GHUPRFRVPpWLFD

&KDPS~FRQEDVHGHWHUJHQWHDQLyQLFDDQIyWHUDLGyQHDSDUDFDEHOORVJUDVRV
REVpUYHVHODLQFOXVLyQGHGRVWHQVLRDFWLYRVDQLyQLFRVHQGRQGHWDQWRHOELRD]XIUH
FRPRHOWKLR[RORQHDFW~DQFRPRDQWLVHERUUHLFRV
 &+$03Ò 3$5$ &$%(//26 6(&26
)Ï508/$1Ò0&

/DQROLQDKLGURVROXEOHJ
8UHDJ
&UHPRSKRUŠJ
&KDPS~IyUPXODQ~PFVSJ

(ODERUDFLyQ

$xDGLUODODQROLQD\HO&UHPRSKRUDODPH]FODIRUPDGDSRUOD(VSHVDPLGDHO
7DJDW/\HO7ZHHQ'LVROYHUODXUHDHQHODJXD6HJLUODPLVPDHODERUDFLyQTXHOD
FLWDGDHQODIyUPXODQ~P
$FWLYLGDG GHUPRFRVPpWLFD

7DQWRODODQROLQDFRPRHO&UHPRSKRUDSRUWDQFXHUSREULOOR\HPROLHQFLD/D
XUHDDXPHQWDHOJUDGRGHKLGUDWDFLyQ
 +,*,(1( &$3,/$5
)Ï508/$6 9$5,$6

)Ï508/$1Ò0 &5(0$ 2: )/8,'$ $&21',&,21$'25$ &21

75,&23e37,'26 < $&(,7( '( *(50(1 '( 75,*2

$OFRKROFHWRHVWHiULFRJ
&HWULPLGHŠ J
7ULFRSpSWLGRVJ
$FHLWHGHJHUPHQGHWULJRJ
9LWDPLQD(DQWLR[LGDQWHJ
(VHQFLDGHKLHGUDJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHODOFRKROFHWRHVWHiULFRDž&3RURWURODGRFDOHQWDUDEPHO
DJXDDODPLVPDWHPSHUDWXUD\GLVROYHUHO&HWULPLGH6DFDUDPEDVIDVHVGHOEP\DxDGLU
ODDFXRVDVREUHODJUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWDHQIULDPLHQWR$JUHJDU
ORVWULFRSpSWLGRVHODFHLWHGHJHUPHQGHWULJRODYLWDPLQD(\ODHVHQFLDDJLWDQGRKDVWD
ODSHUIHFWDLQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

(OFHWULPLGHWHQVLRDFWLYRFDWLyQLFRWLHQHDFFLyQDFRQGLFLRQDGRUDORV

WULFRSpSWLGRVDFW~DQFRPRUHSDUDGRUHV\ILOPyJHQRV\HODFHLWHGHJHUPHQGHWULJR
FRPRHPROLHQWH8QDYH]ODYDGRHOFDEHOOR\WRGDYtDK~PHGRDSOLFDUODFUHPDHVSHUDU
XQRVPLQXWRV\DFODUDUFRQDEXQGDQWHDJXD
 *(/ ),-$'25 *20,1$ $&21',&,21$'25
)Ï508/$1Ò0*

&DUERSROŠ«««J
$ELOJUDVVŠ««J
3URSLOHQJOLFRO««J
-XJRIUHVFRGHDORHYHUDJ
3KHQRQLSŠFRQVHUYDQWH J
7ULHWDQRODPLQDFVS+
$JXDGHURVDVFVSJ

(ODERUDFLyQ

'LVSHUVDUHO&DUERSROHQHODJXDGHURVDVWDSDUELHQODPH]FOD\GHMDUUHSRVDU
KDVWDHOGtDVLJXLHQWH$xDGLUODWULHWDQRODPLQDJRWDDJRWD\EDMRFRQVWDQWHDJLWDFLyQ
KDVWDS+6HREWLHQHXQJHOWUDQVSDUHQWH$xDGLUHO$ELOJUDVVHO3KHQRQLSGLVXHOWR
SUHYLDPHQWHHQHOSURSLOHQJOLFRO\HOMXJRIUHVFRGHDORHDJLWDQGRKDVWDODSHUIHFWD
DEVRUFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

7DQWRHO$ELOJUDVVFRPRHOMXJRGHDORHWLHQHQDFFLyQHPROLHQWH\
DFRQGLFLRQDGRUD(OJHOIRUPXODGRDFW~DFRPRILMDGRUQRJUDVRVLHQGRIiFLOPHQWH
UHWLUDEOHFRQDJXD(OILMDGRUGHEHGHDSOLFDUVHFRQHOFDEHOORK~PHGR
 +,*,(1( '( /$
&$9,'$' %8&$/

3$67$ '( ',(17(6 )/825$'$

)Ï508/$1Ò03

&DUERQDWRFiOFLFRJ
6tOLFHJ
'Ly[LGRGHWLWDQLRJ
*OLFHULQDJ
/DXULOVXOIDWRVyGLFR J
&0&1DFDUER[LPHWLOFHOXORVDVyGLFDJ
0RQRIOXRUIRVIDWRVyGLFRJ
6DFDULQDHQJRWDVFV
(VHQFLDGHPHQWDJ
0HQWROJ
1LSDJtQVyGLFRŠFRQVHUYDQWH J
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUHOPRQRIOXRUIRVIDWRVyGLFRODVDFDULQD\HO1LSDJtQVyGLFRHQHODJXD
'LVSHUVDUOD&0&1D\GHMDUUHSRVDUXQDVKRUDVHQHQYDVHELHQWDSDGRKDVWDOD
IRUPDFLyQGHXQJHO3RURWURODGRPH]FODUHQXQPRUWHURHOFDUERQDWRFiOFLFRODVtOLFH
HOGLy[LGRGHWLWDQLR\HOODXULOVXOIDWRVyGLFRUHGXFLGRVDSROYRILQR$xDGLUODJOLFHULQD
HQSHTXHxDVSRUFLRQHVEDWLHQGRKDVWDIRUPDUXQDSDVWDKRPRJpQHD$xDGLUHOPHQWRO
SUHYLDPHQWHGLVXHOWRHQXQDVJRWDVGHDOFRKRO\ODHVHQFLDGHPHQWDEDWLHQGRKDVWDOD
SHUIHFWDLQWHUSRVLFLyQ$JUHJDUHOJHODQWHULRUHQSHTXHxDVSRUFLRQHVEDWLHQGRKDVWDOD
SHUIHFWDPH]FOD

$FWLYLGDG GHUPRFRVPpWLFD

(OFDUERQDWRFiOFLFR\ODVtOLFHDFW~DQFRPRDEUDVLYRVHOPRQRIOXRUIRVIDWR
VyGLFRSUHYLHQHODFDULHVSRUVXDSRUWHGHIOXRU\HOGLy[LGRGHWLWDQLRDFW~DFRPR
GLVFUHWREODQTXHDQWH
 *(/ '(17Ë)5,&2
)Ï508/$1Ò0*

&0&1DFDUER[LPHWLOFHOXORVDVyGLFDJ

$OFRKROžJ
3URSLOHQJOLFROJ
/DXULOVXOIDWRVyGLFRJ
(VHQFLDGHPHQWDJ
(VHQFLDGHDQtV J
&ORURILOLQDKLGURVROXEOHSROYRJ
3KHQRQLSŠFRQVHUYDQWHJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUHO3KHQRQLS\ ODVHVHQFLDVHQODVROXFLyQSURSLOHQDOFRKyOLFD6LWXDUOD
&0&1DHQXQPRUWHUR\DxDGLUODVROXFLyQDQWHULRUEDWLHQGRKDVWDORJUDUXQD
VXVSHQVLyQKRPRJpQHD3RURWURODGRGLVROYHUHOODXULOVXOIDWRVyGLFRHQHODJXD
UHVHUYDUPOSDUDGLVROYHUODFORURILOLQD$xDGLUODVROXFLyQREWHQLGDVREUHOD
VXVSHQVLyQDQWHULRUHQSHTXHxDVSRUFLRQHVEDWLHQGRKDVWDORJUDUXQJHOKRPRJpQHR
'LVROYHUODFORURILOLQDHQHODJXDUHVHUYDGDDQWHULRUPHQWH\DxDGLUDOJHO

$FWLYLGDG GHUPRFRVPpWLFD

(OODXULOVXOIDWRVyGLFRWLHQHDFFLyQGHWHUJHQWH\HVSXPDQWH\ODFORURILOLQD
DFW~DFRQWUDODKDOLWRVLV
 &2/8725,2 3$5$ 862 ',$5,2 &21 )/825
)Ï508/$1Ò0&

)OXRUXURVyGLFRJ
3URSLOHQJOLFROJ
/DXULOVXOIDWRVyGLFRJ
$OFRKROžJ
(VHQFLDGHIUDPEXHVDJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
6DFDULQDHQJRWDVFV
&RORUDQWHDOLPHQWDULRURMRRSFLRQDOFV
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUODHVHQFLDHQODVROXFLyQSURSLOHQDOFRKyOLFD3RURWURODGRGLVROYHUHO
ODXULOVXOIDWRVyGLFRHOIOXRUXURVyGLFRODVDFDULQD\HO1LSDJtQVyGLFRHQHODJXD
$xDGLUODVROXFLyQDOFRKyOLFDVREUH ODDFXRVDHQSHTXHxDVSRUFLRQHVEDMRDJLWDFLyQ
FRQVWDQWH$xDGLUHOFRORUDQWH&RQYLHQHDMXVWDUHOS+DYDORUHVTXHIDYRUHFHQOD
OLEHUDFLyQGHOIOXRU)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

(OIOXRUXURVyGLFRWLHQHDFFLyQSUHYHQWLYDGHODFDULHV
 &2/8525,2 3$5$ (1&Ë$6 ,1)/$0$'$6
)Ï508/$1ž&

$ODQWRtQDJ
$]XOHQRJ
([WUDFWRKLGURJOLFyOLFRGHFDOpQGXODJ
/DXULOVXOIDWRVyGLFRJ
$OFRKROžJ
3URSLOHQJOLFROJ
6DOLFLODWRGHPHWLORJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
6DFDULQDHQJRWDVFV
$JXDGHKDPDPHOLVFVSJ

(ODERUDFLyQ

&DOHQWDUDEPHODJXDGHKDPDPHOLVDž&\GLVROYHUODDODQWRtQD\HO
ODXULOVXOIDWRVyGLFR'HMDUHQIULDU\DxDGLUHO H[WUDFWRGHPDQ]DQLOODHO1LSDJtQVyGLFR
ODVDFDULQD\HOD]XOHQR3RURWURODGRGLVROYHUHOVDOLFLODWRGHPHWLORHQODVROXFLyQ
SURSLOHQDOFRKyOLFD$xDGLUODVROXFLyQUHVXOWDQWHVREUHODDFXRVDHQSHTXHxDV
SRUFLRQHVEDMRDJLWDFLyQFRQVWDQWH)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

(OH[WUDFWRGHFDOpQGXODHODJXDGHKDPDPHOLV\ODDODQWRtQDWLHQHQDFFLyQ
DVWULQJHQWH\HOD]XOHQRDQWLLQIODPDWRULD
35(3$5$'26 62/$5(6

)Ï508/$1Ò0((08/6,Ï1 2: )/8,'$ /(&+( &21 ),/7526

48Ë0,&26 89$ < 89%

%DVH/Š«J
1HR+HOLRSDQ(ŠLVRDP\OS0HWKR[\
FLQQDPDWH««««««««««««««««J
1HR+HOLRSDQ%%ŠEHQ]RSKHQRQH«J
0LULVWDWRGHLVRSURSLORJ
*OLFHULQDJ
1LSDJtQVyGLFRŠJ
(VHQFLDGHFRFRJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

)XQGLUDEPOD%DVH/Dž&\DxDGLUORV+HOLRSDQWLHQHQTXHTXHGDU
SHUIHFWDPHQWHGLVXHOWRVHQODEDVH\HOPLULVWDWRGHLVRSURSLOR3RURWURODGRFDOHQWDUD
EPHODJXDDž&\GLVROYHUHO1LSDJtQVyGLFR\ODJOLFHULQD6DFDUDPEDVIDVHVGHO
EP\DxDGLUODDFXRVDVREUHODJUDVDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWD
HQIULDPLHQWR$JUHJDUODHVHQFLDGHFRFR

$FWLYLGDG GHUPRFRVPpWLFD

/DFRPELQDFLyQGHORVILOWURVTXtPLFRV1HR+HOLRSDQ(\HO1HR
+HOLRSDQ%%FRQILHUHQDODHPXOVLyQXQIDFWRUGHSURWHFFLyQVRODUPRGHUDGDPHQWH
DOWRDSUR[LPDGRD
 &5(0$ :6 5(6,67(17( $/ $*8$ &21 ),/752
)Ï508/$1Ò0&
)Ë6,&2 3$17$//$ 727$/

$ELOZVŠ «J
$ELO.ŠJ
'Ly[LGRGHWLWDQLRPLFURQL]DGR
ROHRGLVSHUVDEOHJ
3DQWHQROJ
*OLFHULQDJ
&ORUXURVyGLFRJ
1LSDJtQVyGLFRŠFRQVHUYDQWHJ
(VHQFLDGHEHUJDPRWDIRWRGHVHQVLELOL]DGDJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

0H]FODUHO$ELO.\HO$ELOZVIDVHVLOLFyQLFD3RURWURODGRGLVROYHUOD

JOLFHULQDHOFORUXURVyGLFR\HO1LSDJtQVyGLFRHQHODJXD$xDGLUODIDVHDFXRVDHQ
SHTXHxDVSRUFLRQHVVREUHODVLOLFyQLFDDJLWDQGRDDOWDYHORFLGDGPHGLDQWHDJLWDGRU
PHFiQLFRVLQLQWURGXFLUDLUH8QDYH]REWHQLGDODHPXOVLyQUHDOL]DUXQDDJLWDFLyQ
PDQXDORPHFiQLFDDEDMDYHORFLGDG6LWXDUHOGLy[LGRGHWLWDQLRHQXQPRUWHUR\DxDGLU
ODFUHPDDQWHULRUHQSHTXHxDVSRUFLRQHVEDWLHQGRKDVWDODSHUIHFWDLQWHUSRVLFLyQ
)LQDOPHQWHDJUHJDUHOSDQWHQRO\ODHVHQFLD

$FWLYLGDGGHUPRFRVPpWLFD

(OGLy[LGRGHWLWDQLRDFW~DFRPRSDQWDOODWRWDOLQWROHUDQFLDVVRODUHVSUHYHQFLyQ
GHPDQFKDVVRODUHVSLHOHVUHDFWLYDV\GHEHEpVHWF(OSDQWHQRODFW~DFRPRKLGUDWDQWH
SRUFDSWDFLyQGHDJXD\HPROLHQWH(OH[FLSLHQWHZVIRUPXODGRKDFHTXHODHPXOVLyQ
VHDUHVLVWHQWHDODJXD
 /2&,Ï1 %521&($'25$ 6,1 62/ &21
)Ï508/$1Ò0/
',+,'52;,$&(721$

'LKLGUR[LDFHWRQDJ
3URSLOHQJOLFROJ
7ZHHQ«J
$OFRKROžJ
%+7 EXWLOKLGUR[LWROXHQRDQWLR[LGDQWHJ
3KHQRQLSŠFRQVHUYDQWHJ
(VHQFLDGHURVDVJ
$FLGROiFWLFRFVS+
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUHO%+7HO3KHQRQLS\ODHVHQFLDHQODVROXFLyQSUHYLDPHQWHIRUPDGD
SRUHOSURSLOHQJOLFROHO7ZHHQ\HODOFRKRO3RURWURODGRGLVROYHUOD
GLKLGUR[LDFHWRQDHQHODJXD$xDGLUODVROXFLyQDOFRKyOLFDVREUHODDFXRVDHQSHTXHxDV
SRUFLRQHVEDMRDJLWDFLyQFRQVWDQWH$MXVWDUDS+FRQiFLGROiFWLFR)LOWUDU

$FWLYLGDG GHUPRFRVPpWLFD

/DGLKLGUR[LDFHWRQDSURGXFHXQDSLJPHQWDFLyQDUWLILFLDOVREUHODSLHOLPLWDQGRHO
EURQFHDGRVRODUDOUHDFFLRQDUTXtPLFDPHQWHFRQFLHUWRVDPLQRiFLGRVGHODFDSDFyUQHD
 &5(0,*(/ 2: 3$5$ '(638e6 '(/ 62/
)Ï508/$1Ò0&
$)7(5681

$OFRKROFHWtOLFRJ
0RQRHVWHDUDWRGHJOLFHULORJ
(XPXOJtQ%ŠJ
$ODQWRtQDJ
$OIDELVDEROROJ
$JXDGHKDPDPHOLVJ
8UHDJ
$FHLWHGHJHUPHQGHWULJRJ
0HQWROJ
&DUERSROŠJ
3URSLOHQJOLFRO J
7ULHWDQRODPLQDFVS+
3KHQRQLSŠFRQVHUYDQWHJ
9LWDPLQD(DQWLR[LGDQWHJ
(VHQFLDGHPDQ]DQLOODJ
$JXDGHVWLODGDFVSJ

(ODERUDFLyQ

'LVROYHUODXUHDODDODQWRtQD\ODVROXFLyQIRUPDGDSUHYLDPHQWHHQWUHHO
3KHQRQLS\HOSURSLOHQJOLFROHQHODJXDFDOHQWDGDDž&8QDYH]GLVXHOWRVORV
GLVWLQWRVFRPSRQHQWHVGHMDUHQIULDUGLVSHUVDUHO&DUERSROWDSDUELHQODPH]FOD\GHMDU
UHSRVDUKDVWDHOGtDVLJXLHQWH$xDGLUODWULHWDQRODPLQDJRWDDJRWD\EDMRFRQVWDQWH
DJLWDFLyQKDVWDS+6HREWLHQHXQJHOWUDQVSDUHQWH&DOHQWDUDEPHOJHOREWHQLGRD
ž&3RURWURODGRIXQGLUDEPODPH]FODIRUPDGDSRUHODOFRKROFHWtOLFRHO
PRQRHVWHDUDWRGHJOLFHULOR\HO(XPXOJtQ%DODPLVPDWHPSHUDWXUD6DFDUDPEDV
IDVHVGHOEP\DxDGLUODJUDVDVREUHODJHOLILFDGDHQSHTXHxDVSRUFLRQHVDJLWDQGRKDVWD
HQIULDPLHQWR$JUHJDUHODOIDELVDEROROHODJXDGHKDPDPHOLVHODFHLWHGHJHUPHQGH
WULJRODYLWDPLQD(HO
PHQWROGLVXHOWRHQXQDVJRWDVGHDOFRKRO\ODHVHQFLDDJLWDQGRKDVWDODSHUIHFWD
LQFRUSRUDFLyQ

$FWLYLGDG GHUPRFRVPpWLFD

/DDODQWRtQD\HODJXDGHKDPDPHOLVWLHQHQDFFLyQFLFDWUL]DQWHHODOIDELVDERORO
DFW~DFRPRDQWLLQIODPDWRULRODXUHDKLGUDWDSRUFDSWDFLyQGHDJXDHODFHLWHGHJHUPHQ
GHWULJRHVHPROLHQWH\DSRUWDiFLGRVJUDVRVLQVDWXUDGRV\HOPHQWRODFW~DFRPR
UHIUHVFDQWH\OHYHPHQWHDQHVWpVLFR(OH[FLSLHQWHRZJHOLILFDGRIRUPXODGRFRQILHUHD
ODHPXOVLyQXQDOWRSRGHUUHIUHVFDQWHSRWHQFLDQGRODDFFLyQGHOPHQWRO
 /È3,= /$%,$/ &21 ),/752 )Ë6,&2 3$17$//$
)Ï508/$1Ò0/
727$/

&HUDEODQFDGHDEHMDVJ
$FHLWHGHULFLQRJ
$FHLWHGHVLOLFRQDJ
'Ly[LGRGHWLWDQLRROHRGLVSHUVDEOHJ
9LWDPLQD)HVWHUJOLFpULGRJ
9LWDPLQD(DQWLR[LGDQWHJ
3KHQRQLSJ
(VHQFLDGHURVDVJ
9DVHOLQDILODQWHFVSJ

(ODERUDFLyQ

)XQGLUDEPODYDVHOLQD\ODFHUDEODQFDDž&\DxDGLUDODPLVPD
WHPSHUDWXUDODPH]FODIRUPDGDSRUORVDFHLWHVGHULFLQR\VLOLFRQDODYLWDPLQD)OD
YLWDPLQD(\HO3KHQRQLSDJLWDQGRVXDYHPHQWH6DFDUGHOEPODPH]FODJUDVD\FXDQGR
HPSLHFHDHVSHVDUDxDGLU ODHVHQFLD\HOGLy[LGRGHWLWDQLRDJLWDQGRKDVWDODWRWDO
GLVSHUVLyQKRPRJpQHDVLHQHVWHSURFHVRVHSURGXFHQOLJHUDVVROLGLILFDFLRQHVGHOD
PH]FODYROYHUDFDOHQWDUXQRVPLQXWRV9HUWHUHQPROGHVSUHYLDPHQWHIUtRV\
OXEULFDGRVFRQYDVHOLQDOtTXLGD\ PHWHUHQQHYHUDž&3DVDGDVXQDVKRUDVVDFDUORV
OiSLFHVGHORVPROGHV\SDVDUORVUiSLGDPHQWHSRUXQDOODPDGHJDVRGHPHFKHURGH
DOFRKROSDUDFRQVHJXLUVXSHUILFLHVKRPRJpQHDV\EULOODQWHV,QWURGXFLUORVOiSLFHVHQORV
VWLFNV

$FWLYLGDG GHUPRFRVPpWLFD

/iSL]ODELDOFRQDOWDSURWHFFLyQVRODUGDGDSRUHOGLy[LGRGHWLWDQLR\FRQEXHQD
DFFLyQHPROLHQWH\SURWHFWRUDGDGDSRUHODFHLWHGHULFLQRDFHLWHGHVLOLFRQD\YLWDPLQD
)
 '(120,1$&,Ï1 '(
/26 $&7,926 <
(;&,3,(17(6
&260e7,&26
5(*,675$'26 325
/$6 ',67,17$6 &$6$6
&20(5&,$/(6
6HH[SRQHXQDWDEODFRQODGHQRPLQDFLyQ,1&,R'&,GHORVDFWLYRV\
H[FLSLHQWHVFRVPpWLFRVUHJLVWUDGRVSRUODVGLVWLQWDVFDVDVFRPHUFLDOHVTXHKDQHQWUDGR
HQODFRPSRVLFLyQGHODVIyUPXODVFLWDGDVHQHOIRUPXODULRFRVPpWLFR

$&7,922(;&,3,(17( '(120,1$&,Ï1,1&,
&260e7,&2
$%,/*5$66 'LPHWKLFRQH&RSROLRO
$%,/. &\FORSHQWDPHWKLFRQH
$%,/:6 &HW\O'LPHWKLFRQH&RSRO\RO
3RO\JO\FHU\O,VRVWHDUDWH+H[\O/DXUDWH
%,2$=8)5( 6XOSKXU
&$5%232/ &DUERPHU
&(75,0,'( 7ULPHWLOWHWUDGHFLODPRQLR%URPXUR
&(7,2/9 'HF\O2OHDWH
&5(023+25 3(*+\GURJHQDWHG&DVWRU2LO
'2:,&,/ 4XDWHUQLXP
(63(6$0,'$ &RFDPLGH'($
(8&(5,180$1+<'5,&80 3HWURODWXP/DQROLQ$OFRKRO
&HWHDU\ODOFRKRO
(8&(5,1802: :DWHUGHPLQ,VRSURS\O3DOPLWDWH*OLFHU\O
6WHDUDWH*O\FHULQ3(*6WHDU\O6WHDUDWH
0LQHUDO2LO9DVHOLQH6WHDUDWK%HQ]\O
$OFRKRO'LPHWKLFRQH/DQROLQ$OFRKRO
3KHQR[\HWKDQRO6RGLXP+\GUR[LGH
(8&(5,180:2 :DWHUGHPLQ0LQHUDO2LO3URSLOHQH
*O\FRO'LFDSU\ODWH'LFDSUDWH&HUHVLQ
*O\FHULQ6RUELWDQ,VRVWHDUDWH3(*
+\GURJHQDWHG&DVWRU2LO0HWKR[\3(*
'RGHF\O*O\FRO&RSRO\PHU3(*
'RGHF\O*O\FRO&RSRO\PHU0DJQHVLXP
6XOIDWH3KHQR[\HWKDQRO+\GURJHQDWHG
&DVWRU2LO/DQROLQ$OFRKRO
0HWK\OGLEURPR*OXWDURQLWULOH
(808/*,1% &HWHDUHWK
*5È18/26'(32/,(7,/(12 3RO\HWK\OHQH
-$*8$5+3 +\GUR[\SURS\O*XDU
/EDVHDXWRHPXOVLRQDEOH 3DUDIILQXP/LTXLGXP,VRSURS\O0\ULVWDWH
&DSU\OLF&DSULF7ULJO\FHULGH6WHDUHWK
6WHDU\O$OFRKRO&HWHDU\O 2FWDQRDWH
&HWHUHWK*O\FHU\OVWHDUDWH
/$1(77(6;FHUDDXWRHPXOVLRQDEOH &HWHDU\O$OFRKRO6RGLXP/DXU\O6XOIDWH
6RGLXP&HWHDU\O6XOIDWH
/$12/,1$(72;,/$'$ /DQKLGURO
1(2+(/,23$1%% %HQ]RSKHQRQH
1(2+(/,23$1( ,VRDP\OS0HWKR[\&LQQDPDWH
1(23&/2:EDVHDXWRHPXOVLRQDEOH &HWHDUHWK%HHZD[6WHDU\O+HSWDQRDWH
&HW\O2FWDQRDWH6SHUPDFHWL0\ULVWR\O
'LPHWKLFRQH0LQHUDO2LO/DQROLQ2LO
1,3$*Ë1 0HWK\OSDUDEHQ
1,3$*Ë16Ï',&2 6RGLXP0HWK\OSDUDEHQ
3&)EDVHDXWRHPXOVLRQDEOH 0\ULVW\O0\ULVWDWH&HW\O$OFRKRO
0RQRJO\FHU\O/DXUDWH&HWHDUHWK
'($&HW\O3KRVSKDWH&HWHDU\O2FWDQRDWH
,VRSURS\O0\ULVWDWH%+7
3RORGLPHWLOVLOR[DQR
3+(121,3 3KHQR[\HWKDQRO0HWK\OSDUDEHQ
(WK\OSDUDEHQ3URS\OSDUDEHQ
%XW\OSDUDEHQ
*O\FHU\O6WHDUDWH3DUDIILQXP/LTXLGXP
,VRSURS\O6WHDUDWH&HWHDU\O2FWDQRDWH
62)7&$5(EDVH
6WHDU\O$OFRKRO&HWHWK6WHDUR[\
DXWRHPXOVLRQDEOH
'LPHWKLFRQH6WHDUHWK,VRSURS\O
0\ULVWDWH6WHDUHWK
63$1 6RUELWDQ6WHDUDWH
63$1 6RUELWDQ2OHDWH
7$*$7/ 3(**OLFHU\O/DXUDWH
7(*2%(7$Ë1$/ &RFDPLGRSURS\O%HWDLQH
7(;$3Ï1&63$67$ 6RGLXP/DXU\O6XOIDWH6RGLXP0\ULW\O
6XOIDWH6RGLXP&HW\O6XOIDWH6RGLXP
6WHDU\O6XOIDWH/DXUHWK
7(;$3Ï11 6RGLXP/DXUHWK6XOIDWH
7:((1 3RO\VRUEDWH
7:((1 3RO\VRUEDWH
7:((1 3RO\VRUEDWH
9((*80+9 0DJQHVLXP$OXPLQXP6LOLFDWH
9,6&26,77 3(*3URS\OHQH*O\FRO2OHDWH
;$/,)Ë1EDVHDXWRHPXOVLRQDEOH 3(*0RQRGLODXUDWH3(*0RQR
GLP\ULVWDWH3(*0RQRGLSDOPLWDWH
3(*0RQRGLVWHDUDWH3(* 0RQR
GLDUDFKLGDWH

%LEOLRJUDItDFRQVXOWDGDSDUDODUHDOL]DFLyQGHHVWDWDEOD
 )OLFN:(UQHVW&RVPHWLFDQGWRLOHWU\IRUPXODWLRQV9ROXPHVHFRQGHGLWLRQ1R\HVSXEOLFDWLRQV

 )LFKDVWpFQLFDVFHGLGDVSRU$FRIDUPDVFRRS
 ,QIRUPDFLyQWpFQLFDFHGLGDSRU&RIDUHV
 ,QIRUPDFLyQWpFQLFDFHGLGDSRU'HUH[VD
 ,QIRUPDFLyQWpFQLFDFHGLGDSRU5RLJIDUPD