',0(16,2162&,2&8/785$/5(&5($1'27(-,'262&,$/3$5$/$&203(7,9,'$'</$35263(5,'$'

6(&725('8&$&,21

,1',&$'25'( /,1($ 6HFWRUHVGHFRPSHWHQFLD

352*5$0$6(675$7(*,&26 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
5(68/7$'2 %$6( FRPSURPHWLGRV

3RUFHQWDMHGHSHUVRQDVYLQFXODGDVDODSODQWDGHSHUVRQDOGHO $WHQFLyQDOGHODVSHUVRQDVYLQFXODGDVDODSODQWDGH
0DQWHQHUHQXQOD7DVDGH /265(&85626'(/$ VHFWRUHGXFDWLYREHQHILFLDGDVFRQDFFLRQHVGHVDOXG SHUVRQDOGHOVHFWRUHGXFDWLYRFRQDFFLRQHVGHVDOXG
7DVDGH&REHUWXUD RFXSDFLRQDO RFXSDFLRQDODQXDOPHQWH 5(63216$%/(
&REHUWXUD1HWDHQ6LVWHPD(GXFDWLYR ('8&$&,Ð13$5$81$
1HWDWRGRVORV  6HFUHWDULDGH(GXFDFLyQ\

/$
2ILFLDO3UHHVFRODU%iVLFD0HGLD\ $'0,1,675$&,Ð1

&21/$
QLYHOHV 3RUFHQWDMHGHSHUVRQDVYLQFXODGDVDODSODQWDGHSHUVRQDOGHO
$WHQFLyQDOGHODVSHUVRQDVYLQFXODGDVDODSODQWDGH &XOWXUD
()(&7,9$

&$/,'$'<
7pFQLFD

62*$0262
SHUVRQDOGHOVHFWRUHGXFDWLYRFRQORV3ODQHV$QXDOHVGH

&2%(5785$
VHFWRUHGXFDWLYREHQHILFLDGDVFRQORV3ODQHV%LHQHVWDU6RFLDO

&203520(7,'$
&203(7,7,9,'$'

('8&$&,213$5$
%LHQHVWDU6RFLDO
&DSDFLWDFLyQDOGHGRFHQWHV\GLUHFWLYRVGRFHQWHVD
WUDYpVGHO3ODQ7HUULWRULDOGH)RUPDFLyQ\&DSDFLWDFLyQ
3RUFHQWDMHGHGRFHQWHV\GLUHFWLYRVGRFHQWHVFDSDFLWDGRV 'RFHQWHFRQpQIDVLVHQDFFLRQHVHVSHFtILFDVGHUHIXHU]R
SHGDJyJLFRGHORVHVWXGLDQWHVFRQGLILFXOWDGHVGH
DSUHQGL]DMH

5HDOL]DFLyQGHXQ)RURDQXDOVREUHLQQRYDFLyQH
1~PHURGH)RURV(GXFDWLYRV0XQLFLSDOHVVREUHSODQHVGH LQYHVWLJDFLyQSHGDJyJLFDSDUDGHVWDFDUH[SHULHQFLDV
LQQRYDFLyQHLQYHVWLJDFLyQUHDOL]DGRV VLJQLILFDWLYDVGHORVHVWDEOHFLPLHQWRVHGXFDWLYRVRILFLDOHV\
',5(&7,926'2&(17(6< SULYDGRV
7DVDGHGHVHUFLyQ 5(63216$%/(
'2&(17(6
LQWUDDQXDOHQ 'LVPLQXLUODWDVDGHGHVHUFLyQDFWXDO ,QYHVWLJDFLyQSHGDJyJLFDFUHDFLyQGHOD8QLGDG/RFDOGH 6HFUHWDULDGH(GXFDFLyQ\
 &203520(7,'26&21 8QLGDGFUHDGD
SUHHVFRODUEiVLFD\ HQXQ LQYHVWLJDFLyQFLHQWtILFDHLQQRYDFLyQGH6RJDPRVR8,&, &XOWXUD
/$6&203(7(1&,$6
PHGLD
3$5$(/&$0%,2 3URPRFLRQDUREUDVOLWHUDULDVRSHGDJyJLFDVSRUDxR\R
1~PHURGHREUDVOLWHUDULDV\SHGDJyJLFDVSURGXFLGDVSRU
FRPLVLRQHVGHHVWXGLRSDUDRSWDUWtWXORVGHGRFWRUDGR\
GRFHQWHV\RWtWXORVHQPDHVWUtDV\GRFWRUDGRVSDUDDFFHGHUDO
PDHVWUtDVDWUDYpVGHXQSODQGHLQFHQWLYRVSDUDDVFHQVRV
VLVWHPDGHDVFHQVRVHQHOHVFDODIyQ
HQHOHVFDODIyQ

5HDOL]DFLyQGHXQFRQFXUVRDQXDOSDUDODVHOHFFLyQ\
1~PHURGHFRQFXUVRVUHDOL]DGRVSDUDODVHOHFFLyQ\ SUHPLDFLyQGHODVPHMRUHVLQYHVWLJDFLRQHVGHVDUUROODGDVSRU
SUHPLDFLyQGHLQYHVWLJDFLRQHVSUiFWLFDV GRFHQWHV\VXLPSOHPHQWDFLyQSUiFWLFDHQORV3UR\HFWRV
(GXFDWLYRV,QVWLWXFLRQDOHV3(,

,1129$&,21+$&,$/$&203(7,7,9$'&213(57,1(1&,$('8&$7,9$
)RUWDOHFLPLHQWRGHVLVWHPDVGHLQIRUPDFLyQDGRSWDGRVHQ
1~PHURGHVLVWHPDVGHLQIRUPDFLyQSDUDHOVHFWRUHGXFWLYR
OD6HFUHWDULDGH(GXFDFLyQSDUDHOUHSRUWHGHODLQIRUPDFLyQ
IRUWDOHFLGRV
GHOVHFWRU
,PSOHPHQWDFLyQDOGHODVDFFLRQHVSUHYLVWDVHQHO
3ODQGH$FFLyQGHODGHSHQGHQFLDWHQGLHQWHVDREWHQHUOD
FHUWLILFDFLyQGHVHJXLPLHQWRHQFDOLGDGSDUDORVWUHV 5(63216$%/(
ËQGLFHGH 6HFUHWDULDGH(GXFDFLyQ\
$XPHQWDUDHOtQGLFHGH 62*$026202'(/2'( 3RUFHQWDMHGHLPSOHPHQWDFLyQGHODVDFFLRQHVFRQWHPSODGDV PDFURSRFHVRVFHUWLILFDGRV&REHUWXUD(GXFDWLYD$WHQFLyQOD
'HVHPSHxR,QWHJUDO
1'
GHOD6HFUHWDUtDGH
HGXFDFLyQPXQLFLSDO
75$163$5(17(
&LXGDGDQR\7DOHQWR+XPDQR &XOWXUD
GHVHPSHxRLQWHJUDOGHOD6HFUHWDUtDGH (),&,(1&,$(),&$&,$< HQHO3ODQGH$FFLyQGHODGHSHQGHQFLDSDUDORVSURFHVRVGH
&255(63216$%/(6
(GXFDFLyQ0XQLFLSDO 3(57,1(1&,$('8&$7,9$ FHUWLILFDFLyQHQFDOLGDG
,PSOHPHQWDFLyQDOGHODVDFFLRQHVSDUDREWHQHUOD 6HFUHWDULD*HQHUDO\GH
&HUWLILFDFLyQHQFDOLGDGGHGRVQXHYRVPDFURSRFHVRV 7DOHQWR+XPDQR
*HVWLyQGHOD&DOLGDG(GXFDWLYD\&RQWURO\6HJXLPLHQWR
)LQDQFLHUR

*(67,21'(/6(&725('8&$7,9281$
3RUFHQWDMHGHLQSOHPHQWDFLyQGHOSURFHVRGHUHRUJDQL]DFLyQ ,PSOHPHQWDFLyQDOGHOSURFHVRGHUHRUJDQL]DFLyQ

$/7(51$7,9$+$&,$/$$'0,16,75$&,Ð1
DGPLQLVWUDWLYDGHOD6(& DGPLQLVWUDWLYDGHOD6HFUHWDUtDGH(GXFDFLyQPXQLFLSDO
3URFHVRGHHODERUDFLyQ3ODQGHGHVDUUROOOR62*$0262&,8'$'&203(7,7,9$3$57((675$7(*,&$
0$75,='()2508/$&,212%-(7,926352*5$0$6<352<(&726
',0(16,2162&,2&8/785$/
6(&7256$/8'

352*5$0$6
68%352*5$0 6HFWRUHVGHFRPSHWHQFLD
(675$7(*,&2 ,1',&$'25'(5(68/7$'2 /,1($%$6( 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
$6 FRPSURPHWLGRV
6

%ULQGDULQIRUPDFLyQ\RFDSDFLWDFLyQDXQGHORV
3RUFHQWDMHGHSREODFLyQ
DFWRUHVGHO6LVWHPD*HQHUDOGH6HJXULGDG6RFLDOHQ6DOXG
LQIRUPDGD\RFDSDFLWDGD
&REHUWXUDGHO5pJLPHQ6XEVLGLDGR 
6*666XVXDULRV\SUHVWDGRUHVGHORVVHUYLFLRVGHVDOXG
VREUHGHEHUHVGHUHFKRV\SURFHVRVGHDILOLDFLRQ 5(63216$%/(
$PSOLDUODFREHUWXUDGHDVHJXUDPLHQWRD
6HFUHWDULDGH6DOXG
WUDYpVGHOUpJLPHQVXEVLGLDGRHQXQ $6(*85$0,(172<5(*,0(1
 3RUFHQWDMHGHSREODFLyQ &255(63216$%/(
SURSRUFLRQDODODSREODFLyQGHQLxRVQLxDV\ 68%6,',$'23$5$72'26 $ILOLDFLyQDOGHODSREODFLyQHQFRQGLFLyQGH
GHSOD]DGD\YtFWLPDVGHFRQIOLFWR 2ILFLQDDVHVRUDGH3ODQHDFLRQ
DGROHVFHQWHV GHVSOD]DPLHQWR\YtFWLPDVGHOFRQIOLFWRLQWHUQR
3RUFHQWDMHGHXVXDULRVTXHFDOLILFDQ
VDWLVIDFWRULDPHQWHORVVHUYLFLRV
UHFLELGRV
6(*85,'$'62&,$/(16$/8'5(63216$%,/,'$''(72'26
DILOLDGD
1~PHURGHQXHYDVDILOLDFLRQHVDO
5pJLPHQ6XEVLGLDGR
3RUFHQWDMHGH,36VYLQFXODGDVDO
SURJUDPDGHFDSDFLWDFLyQSDUD
IRUWDOHFLPLHQWRGHO6LVWHPDGH
*DUDQWtDGHOD&DOLGDG
+$&,$/$&$/,'$'(1/26
6(59,&,26'(6$/8'
/RJUDUXQQLYHOGHVDWLVIDFFLyQGHOHQORV 3RUFHQWDMHGHHVWDEOHFLPLHQWRV
*DUDQWL]DUODVDFFLRQHVGHLQVSHFFLyQYLJLODQFLD\FRQWURODO
XVXDULRVDWHQGLGRVFRQORVVHUYLFLRVGHVDOXG VXMHWRVDODVDFFLRQHVGH

HQ6DOXG6RJDPRVR\6HFUHWDUtD/RFDOGH LQVSHFFLyQYLJLODQFLD\FRQWURO
6DOXG VDQLWDULR
$7(1&,21'(85*(1&,$6&21 1~PHURGHPRWRDPEXODQFLDV
&$/,'$'<2325781,'$' DGTXLULGDV
6HFUHWDULDGH(GXFDFLRQ
$ILOLDFLyQGHQXHYDVSHUVRQDVSHUWHQHFLHQWHVD
SREODFLyQSREUHQRDILOLDGD
9LQFXODUHOGHODV,QVWLWXFLRQHV3UHVWDGRUDVGH
6HUYLFLRVGH6DOXG,36VDXQSURJUDPDGHFDSDFLWDFLyQ
RULHQWDGRDOIRUWDOHFLPLHQWRGHO6LVWHPDGH*DUDQWLDGHOD
&DOLGDGHQORVVHUYLFLRVGHVDOXG
5(63216$%/(6
6HFUHWDULDGH6DOXG
GHORVHVWDEOHFLPLHQWRVGHLQGXVWULD\FRPHUFLR
(PSUHVD6RFLDOGH(VWDGR6DOXG
SRWHQFLDOPHQWHJHQHUDGRUHVGHULHVJRVDQLWDULR
6RJDPRVR
$GTXLVLFLyQGHPRWRDPEXODQFLDVSDUDODDWHQFLRQLQLFLDOGH
XUJHQFLDV
352*5$0$6
68%352*5$0 6HFWRUHVGHFRPSHWHQFLD
(675$7(*,&2 ,1',&$'25'(5(68/7$'2 /,1($%$6( 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
$6 FRPSURPHWLGRV
6

3RUFHQWDMHGHHVWDEOHFLPLHQWRV
1~PHURGHHVWDEOHFLPLHQWRVTXH ,QFUHPHQWDUDHOQ~PHURGH *DUDQWL]DUODVDFFLRQHVGHLQVSHFFLyQYLJLODQFLD\FRQWURODO
 VXMHWRVDODVDFFLRQHVGH
FXPSOHQFRQODQRUPDWLYLGDG HVWDEOHFLPLHQWRVTXHFXPSOHQFRQOD GHORVHVWDEOHFLPLHQWRVGHLQGXVWULD\FRPHUFLR
HQ LQVSHFFLyQYLJLODQFLD\FRQWURO
VDQLWDULDYLJHQWH QRUPDWLYLGDGVDQLWDULDYLJHQWH SRWHQFLDOPHQWHJHQHUDGRUHVGHULHVJRVDQLWDULR
VDQLWDULR

1~PHURGHFDVRVGHUDELD
SUHVHQWDGRVHQKXPDQRV
3RUFHQWDMHGHFDVRVGH
5HDOL]DUYLJLODQFLDHSLGHPLROyJLFDVREUHHOGHFDVRV
DFFLGHQWHVUiELFRVFRQYLJLODQFLD
QRWLILFDGRVGHDFFLGHQWHVUiELFRVHQHOPXQLFLSLR 5(63216$%/(
HSLGHPLROyJLFD
6HFUHWDULDGH6DOXG
&XDWURFDPSDxDVDQXDOHVHQUHVSRQVDELOLGDGGHWHQHQFLD 6HFUHWDULDGH'HVDUUROOR\0HGLR
62*$026281(172512 (VWUDWHJLDLPSOHPHQWDGD $PELHQWH
GHPDVFRWDV
 0DQWHQHUHO0XQLFLSLRGH6RJDPRVROLEUHGH 6$/8'$%/( &RVHUYLFLRV
FDVRVHQ UDELDKXPDQD
1~PHURGHMRUQDGDVGH 5HDOL]DFLyQGHXQDMRUQDGDDQXDOGHYDFXQDFLyQDQWLUUiELFD 6HFUHWDULDGH*RELHUQR
YDFXQDFLyQDQWLUUiELFDUHDOL]DGDV GHFDQLQRV\IHOLQRVJDUDQWL]DQGRXQDFREHUWXUDGHO 2ILFLQD$VHVRUDGH3ODQHDFLRQ
,&$
8QLGDG0RYLOPHGLFR9HWHULQDULD $GTXLVLFLyQGHXQDXQLGDGPHGLFRYHWHULQDULDPRYLOSDUDHO
DGTXLULGD FRQWUROGHSREODFLRQFDQLQD\IHOLQD

0HMRUDUODVFRQGLFLRQHVVDQLWDULDVGHOGH 1~PHURGHYLYLHQGDVLQWHUYHQLGDV 0HMRUDPLHQWRGHODVFRQGLFLRQHVVDQLWDULDVGH

3RUFHQWDMHGHIDPLOLDVTXHPHMRUDQ
 ODVIDPLOLDVLQWHUYHQLGDVFRQODHVWUDWHJLDGH FRQODHVWUDWHJLDGH(QWRUQRV\ YLYLHQGDVXUEDQDV\UXUDOHVFRQHOSURJUDPDGH
VXVFRQGLFLRQHVVDQLWDULDV
(QWRUQRV\9LYLHQGDV6DOXGDEOHV 9LYLHQGDV6DOXGDEOHV (QWRUQRV\9LYLHQGDV6DOXGDEOHV

$WHQFLyQ\VHJXLPLHQWRDOGHFDVRVGHSHUVRQDVFRQ
5HGXFLUDSRUKDELWDQWHVODWDVD
 GHFDVRVGH,QWHQWRGH6XLFLGLR LGHDFLyQVXLFLGDDSDUWLUGHOSURWRFRORGHYLJLODQFLDGH
7DVDGH,QWHQWRGH6XLFLGLR GHLQWHQWRGHVXLFLGLRDWLHQGHDQLxRVQLxDV
SRUKDELWDQWHV DWHQGLGRV\FRQVHJXLPLHQWR LQWHQWRGHVXLFLGLR\ODVUXWDVGHDWHQFLyQLQWHJUDODODV
\DGROHVFHQWHV 5(63216$%/(
SHUVRQDVFRQFRQGXFWDVXLFLGD
6HFUHWDULDGH6DOXG
&255(63216$%/(6
6HFUHWDULDGH(GXFDFLRQ
6$/8'0(17$/3$5$72'26
6HFUHWDUtDGHOD0XMHU,QIDQFLD\
3RUFHQWDMHGHSHUVRQDVFRQ (VWDEOHFLPLHQWRGHXQSURJUDPDSDUDODDWHQFLyQ )DPLOLD
*DUDQWL]DUODDWHQFLyQLQWHJUDODOGH
DWHQFLyQLQWHJUDOSRUHOFRQVXPRGH WUDWDPLHQWR\UHKDELOLWDFLyQGHQLxRVQLxDVDGROHVFHQWHV 6HFUHWDUtDGH*RELHUQR
 MyYHQHV\DGXOWRVDIHFWDGRVSRUHOFRQVXPR 3URJUDPDHVWDEOHFLGR
VXVWDQFLDVSVLFRDFWLYDVDWLHQGHD MyYHQHV\DGXOWRVDIHFWDGRVSRUHOFRQVXPRGHVXVWDQFLDV ,36(36
GHVXVWDQFLDVSVLFRDFWLYDV

6$/8'3$5$/$&203(7,7,9,'$'
QLxRVQLxDV\DGROHVFHQWHV SVLFRDFWLYDV63$
7DVDGHLQFLGHQFLDHQ9,+
7DVDGHPRUWDOLGDGSRU9,+6,'$
6$/8'38%/,&$
SRU+DE
7DVDGHPRUWDOLGDGSRUFiQFHUGH
FpUYL[HQPXMHUHVHQWUH\
DxRV
3RUFHQWDMHGHFDVRVGHGHVQXWULFLyQ
\RPDOQXWULFLyQFRQVHJXLPLHQWRHQ
DGXOWRVPD\RUHV
3RUFHQWDMHGHSREODFLyQGHD
DxRVFRQREHVLGDG
 0DQWHQHUODWDVDGHLQFLGHQFLDGH9,+SRU
HQ GHEDMRGHSRUKDELWDQWHV 1~PHURGHFDPSDxDVSDUDOD 5HDOL]DFLyQGHFDPSDxDVPDVLYDVGHSDUDODSUHYHQFLyQ\
SUHYHQFLyQ\GHWHFFLyQGHO9,+ GHWHFFLyQGHO9,+6,'$SDUDWRGDODSREODFLyQFRQpQIDVLV
0DQWHQHUSRUGHEDMRGHODWDVDGH 6,'$UHDOL]DGDV HQORVJUXSRVGHULHVJR

PRUWDOLGDGSRU9,+6,'$
 5HGXFLUODWDVDGHPRUWDOLGDGSRUFiQFHUGH $WHQFLyQDOGHPXMHUHVHQWUHORV\DxRVDWUDYpV
3RUFHQWDMHGHPXMHUHVDWHQGLGDV
HQ FHUYL[DSRUPXMHUHVGHDDxRV GHHOSURJUDPDGHGHWHFFLyQWHPSUDQDGHFiQFHUGHFHUYL[
(/$872&8,'$'2(-(
35,025',$/'(/$6$/8'
5HDOL]DUVHJXLPLHQWRDOGHORVFDVRV 38%/,&$
6LVWHPDGH9LJLODQFLD$OLPHQWDULD ,PSOHPHQWDFLyQGHO6LVWHPDGH9LJLODQFLD$OLPHQWDULD\
 GHVQXWULFLyQ\PDOQXWULFLyQLGHQWLILFDGRVHQ
\1XWULFLRQDOLPSOHPHQWDGR 1XWULFLRQDO6,69$1HQHOPXQLFLSLR
DGXOWRVPD\RUHV
9LQFXODFLyQGHSHUVRQDVHQWUHORV\DxRVHQ
1~PHURGHSHUVRQDVYLQFXODGDVD
 5HGXFLUDOHOSRUFHQWDMHGHSREODFLyQ WRUQRDSURJUDPDV\RHVSDFLRVGHIRPHQWRGHODDFWLYLGDG
ORVSURJUDPDV\HVSDFLRVSDUDHO
HQHO HQWUH\DxRVFRQREHVLGDG ItVLFDSDUDODSUHYHQFLyQGHODREHVLGDG\RWUDV
IRPHQWRGHODDFWLYLGDGItVLFD
HQIHUPHGDGHVFUyQLFDV
352*5$0$6
68%352*5$0
(675$7(*,&2 ,1',&$'25'(5(68/7$'2
$6
6
1RGHGLDJQyVWLFRVLWXDFLRQDOHV
HODERUDGRV\DQDOL]DGRVSRUHO
HTXLSRGHVDOXG
1žGHHPSUHVDVFRQSURJUDPDGH
HQWRUQRVODERUDOHVVDOXGDEOHV
IRUPXODGRHLPSOHPHQWDGR
6HFWRUHVGHFRPSHWHQFLD
/,1($%$6( 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
FRPSURPHWLGRV
0DQWHQHUDFWLYRHO6LVWHPDGH9LJLODQFLD(SLGHPLROyJLFDGH
6LVWHPDGH9LJLODQFLDHQ
(YHQWRVGH,QWHUpVHQ6DOXG3~EOLFD6,9,*,/$VHJ~Q
RSHUDFLyQ
(ODERUDFLRQGHXQGLDJQyVWLFRVLWXDFLRQDO OLQHDPLHQWRVQDFLRQDOHV
 DQXDOFRQHODQDOLVLV\ODVUHFRPHQGDFLRQHV
SDUDODJHVWLyQGHOULHVJRHQVDOXG
1~PHURGHVLVWHPDVGH 0DQWHQHUDFWLYRVVLVWHPDVGHLQIRUPDFLyQPXQLFLSDOSDUD
LQIRUPDFLyQDFWLYRV HODYDQFHGHORVLQGLFDGRUHVGHVDOXG 5(63216$%/(6
6HFUHWDULD/RFDOGH6DOXG
2ILFLQDGH7UDEDMRGHO0LQ7UDEDMR
)257$/(&,0,(172'(/$ $GPLQLVWUDGRUDVGH5LHVJRV
0HMRUDUHODPELHQWHODERUDOGHHPSUHVDVGHOPXQLFLSLR
*(67,21(16$/8'38%/,&$ 3URIHVLRQDOHV$53V
FRQODLQWHUYHQFLyQGHODV$GPLQLVWUDGRUDVGH5LHVJRV
1~PHURGHHPSUHVDV &23$620XQLFLSDO
3URIHVLRQDOHV$53\ODFRRUGLQDFLyQGHORV&23$626
EHQHILFLDGDVFRQODHVWUDWHJLDGH &23$626GHODV(PSUHVDV
PHGLDQWHDFFLRQHVGHSUHYHQFLyQQRWLILFDFLyQ\
VDOXGRFXSDFLRQDO ,36V
HPSUHVDVFRQIRUPXODFLyQH VHJXLPLHQWRDWUDYHVGHO6LVWHPDGH9LJLODQFLDGH
 LPSOHPHQWDFLyQGHOSURJUDPDGHHQWRUQRV $FFLGHQWHVGH7UDEDMR
ODERUDOHVVDOXGDEOHV
9LQFXODUDWUDEDMDGRUHVGHOVHFWRULQIRUPDODXQ
1~PHURGHWUDEDMDGRUHV
SURJUDPDGH6DOXG2FXSDFLRQDOFRQDFFLRQHVGHSURPRFLyQ
LQIRUPDOHVYLQFXODGRV
GHODVDOXG\SUHYHQFLyQGHODHQIHUPHGDG
',0(16,2162&,2&8/785$/5(&5($1'27(-,'262&,$/3$5$/$&203(7,9,'$'</$35263(5,'$'
6(&725&8/785$
2%-(7,92 (VWDEOHFHUXQHQWRUQRFXOWXUDOGRQGHLQWHUDFW~HQODDFDGHPLDODVRFLHGDG\ODDGPLQLVWUDFLyQS~EOLFDSDUDODIRUPXODFLyQ\GHVDUUROORGHHVWUDWHJLDVTXHDSR\HQHOGHVDUUROORLQWHJUDOGHOVHUKXPDQR\TXHJHQHUHQHQ6RJDPRVRXQDFXOWXUDSDUDODFRPSHWLWLYLGDGHQWRGDVVXV
(675$7e*,&2 GLPHQVLRQHVFRQSULQFLSLRVGHLGHQWLGDGWROHUDQFLD\GHPRFUDFLD

352*5$0$6 ,1',&$'25'( /,1($

0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV 6HFWRUHVGHFRPSHWHQFLDFRPSURPHWLGRV
(675$7(*,&26 5(68/7$'2 %$6(

1~PHURGHSHUVRQDVYLQFXODGDVDORV
9LQFXODFLyQGHSHUVRQDVDSURFHVRVGHIRUPDFLyQDUWtVWLFD\ 5(63216$%/(
SURJUDPDVGHIRUPDFLyQDUWtVWLFD\
FXOWXUDO 8QLGDGGH&XOWXUD6HFUHWDUtDGH(GXFDFLyQ
3HUVRQDV FXOWXUDO
$PSOLDUDHOQ~PHURGH \&XOWXUD
YLQFXODGDVD '  (   (
 SHUVRQDVDWHQGLGDVFRQORVSURJUDPDV 1~PHURGHDUWLVWDVIRUPDGRV\R $WHQFLyQDDUWLVWDVDWUDYpVGHXQSURJUDPDGHIRUPDFLyQ\ &255(63216$%/(6
SURFHVRVGH



HQ GHIRUPDFLyQFXOWXUDOQLxRVQLxDV FDSDFLWDGRV FDSDFLWDFLyQHQORVSURFHVRVGHDFWXDOL]DFLyQ\SURIHVLRQDOL]DFLyQ 6HFUHWDUtDGHOD0XMHU,QIDQFLD\)DPLOLD
IRUPDFLyQDUWtVWLFD
\DGROHVFHQWHV &HQWURGH&RQYLYHQFLD&LXGDGDQD
\FXOWXUDO 1~PHURGHJUXSRVFXOWXUDOHV
2UJDQL]DFLyQ\IRUWDOHFLPLHQWRGHJUXSRVFXOWXUDOHVJUXSRVGHQLxRV (PSUHVDULRVGHOVHFWRUSULYDGR
FRQIRUPDGRVRUJDQL]DGRV\ -XDQWDVGH$FFLyQ&RPXQDO
QLxDV\DGROHVFHQWHV
IRUWDOHFLGRV
1~PHURGHVHVLRQHVGHO&RQVHMR &RQVHMR0XQLFLSDOGH&XOWXUDFRQIRUPDGR\DFWLYRFRQPtQLPRVHLV
0XQLFLSDOGH&XOWXUD VHVLRQHVSRUDxR

2FKRDFFLRQHVGHOD3ROtWLFDS~EOLFDPXQLFLSDOGHFXOWXUD
1~PHURGHDFFLRQHV
LPSOHPHQWDGD\FRQVHJXLPLHQWRSRUHO&RQVHMR0XQLFLSDOGH&XOWXUD

*HVWLyQDQWHHO0LQLVWHULRGH&XOWXUDSDUDEXVFDUHVWUDWHJLDVTXH
9LQFXODFLyQGHFUHDGRUHV\JHVWLRQHV
SHUPLWDQUHDOL]DUODYLQFXODFLyQGHFUHDGRUHV\JHVWRUHVFXOWXUDOHVDO
FXOWXUDOHVDO6LVWHPD*HQHUDOGH
6LVWHPD*HQHUDOGH6HJXULGDG6RFLDORODHMHFXFLyQGHHVWRVUHFXUVRVGH 5(63216$%/(
6HJXULGDG6RFLDO 6HFUHWDUtDGH(GXFDFLyQ\&XOWXUD8QLGDG
/H\
GH&XOWXUD
$SR\RDOGHVDUUROORGHLQGXVWULDVFUHDWLYDVFXOWXUDOHV\SUR\HFWRV &255(63216$%/(6
1~PHURGHLQLFLDWLYDVSURGXFWLYDV
SURGXFWLYRVFXOWXUDOHVHQJHQHUDOFRQpQIDVLVHQHOUHVFDWH\

% 
FXOWXUDOHVDSR\DGDV $OFDOGH
FRQVHUYDFLyQGHOSDWULPRQLRFXOWXUDOGHOPXQLFLSLR

% #""&"
3ROtWLFD3~EOLFDGH 6HFUHWDUtDGH'HVDUUROOR\0HGLR$PELHQWH
)RUWDOHFLPLHQWRGHO6LVWHPD0XQLFLSDO
&XOWXUD0XQLFLSDO 
 



 1~PHURGHRUJDQL]DFLRQHVFXOWXUDOHV 2ILFLQD$VHVRUDGH3ODQHDFLyQ
 GH&XOWXUDPHGLDQWHODIRUPXODFLyQGH $SR\RDRUJDQL]DFLRQHVFXOWXUDOHVHQODIRUPXODFLyQSDUDOD
DGRSWDGD\HQ  DSR\DGDVHQODIRUPXODFLyQGH
XQDSROLWLFDS~EOLFDGHFXOWXUD
HMHFXFLyQ SUR\HFWRV
,QVWLWXFLyQRILFLDOGHFXOWXUD
HVWUXFWXUDGD\HQIXQFLRQDPLHQWR
3RUFHQWDMHGHDYDQFHHQODHMHFXFLyQ
GHODSULPHUDHWDSDGHFRQVWUXFFLyQGHO
(GLILFLRGH$SR\RGHO7HDWUR6RJDPRVR
3UR\HFWRYLDELOL]DGR
2UJDQL]DFLyQJHVWLRQDGD\FRQIRUPDGD
6HFUHWDUtD*HQHUDO\GHO7DOHQWR+XPDQR
LPSOHPHQWDFLyQ\IRUWDOHFLPLHQWRGHSUR\HFWRVFXOWXUDOHVHQHOPXQLFLSLR
6HFUHWDUtDGH,QIUDHVWUXFWXUD\9DORUL]DFLyQ
$FDGHPLD
*HVWLRQDUODFUHDFLyQ\FRQIRUPDFLyQGHXQDLQVWLWXFLyQRILFLDOGHFXOWXUD
&UHDGRUHV\*HVWRUHVGHORVGLIHUHQWHV
SDUDGHVFHQWUDOL]DUODJHVWLyQGHOHQWHWHUULWRULDOHQHVWHVHFWRUGH
6HFWRUHV$UWtVWLFRV
LQYHUVLyQVRFLDO
&RQVHMR0XQLFLSDOGH&XOWXUD&0&
0LQLVWHULRGH&XOWXUD
&RQVWUXFFLyQDOGHODSULPHUDHWDSDGHO(GLILFLRGH$SR\RGHO
7HDWUR6RJDPRVRDWUDYpVGHODODJHVWLyQGHUHFXUVRV
9LDELOL]DFLyQGHO3UR\HFWRGHFRQVWUXFFLyQGHO3DUTXH7HPSORGHO6RO\HO
&HQWUR&XOWXUDO-XDQ/RUHQ]R$OFDQWX]
*HVWLyQSDUDODFRQIRUPDFLyQGHODRUJDQL]DFLyQHQFDUJDGDGHODV
)HULDV\)LHVWDV
 3RUFHQWDMHGH0RQXPHQWRV ,QWHUYHQLU\DSDGULQDUHOGHORVPRQXPHQWRVSDWULPRQLDOHVGHOD
SDWULPRQLDOHVLQWHUYHQLGRV\ FLXGDGFDUDFWHUL]DGRV\SULRUL]DGRVHQORV3ODQHV(VSHFLDOHVGH0DQHMR
DSDGULQDGRV \3URWHFFLyQ
5(63216$%/(
1~PHURGHSHUVRQDVTXHDFFHGHQD 6HFUHWDUtDGH(GXFDFLyQ\&XOWXUD8QLGDG
1~PHURGH ODVDFWLYLGDGHVDUWtVWLFDV\FXOWXUDOHV %ULQGDUDFFHVRDSHUVRQDVDFRQWHQLGRVFXOWXUDOHV GH&XOWXUD
,QFUHPHQWDUDHOQ~PHURGH SURJUDPDGDV
SHUVRQDV &255(63216$%/(6
SHUVRQDVTXHSDUWLFLSDQHQ
SDUWLFLSDQWHHQ  3URJUDPDSDUDODGLIXVLyQGHO 2ILFLQD$VHVRUDGH3ODQHDFLyQ
DFWLYLGDGHVSDUDODDSURSLDFLyQVRFLDO 





 (VWDEOHFLPLHQWRGHXQSURJUDPDSDUDODGLIXVLyQFLUFXODFLyQSURPRFLyQ
DFWLYLGDGHVGH HQ SDWULPRQLRFXOWXUDOHKLVWyULFR 6HFUHWDUtDGH,QIUDHVWUXFWXUD\9DORUL]DFLyQ
GHOSDWULPRQLRFXOWXUDOGHOPXQLFLSLR \DFFHVRGHOSDWULPRQLRFXOWXUDOHKLVWyULFR
FRQVHUYDFLyQGHO LPSOPHQWDGR 9LJtDVGHO3DWULPRQLR
QLxRVQLxDV\DGROHVFHQWHV
SDWULPRQLRFXOWXUDO &UHDGRUHV\JHVWRUHVFXOWXUDOHV
*HVWLRQDUODFHVLRQGHORVGHUHFKRVGHOD(VWDFLRQGHO)HUURFDUULOSDUD
,QPXHEOHHQSRVHVLyQSRUSDUWHGHO (VFXHODVGH)RUPDFLyQ$UWtVWLFD\&XOWXUDO
FRQYHUWLUODHQHO&HQWUR&XOWXUDO0XVHRGH$UWHV\7UDGLFLRQHVGH
0XQLFLSLR (PLVRUDV&RPXQLWDULDV
6XJDPX[L
)RUWDOHFLPLHQWRGHXQDHPLVRUDFRPXQLWDULDJHQHUDQGRHVSDFLRVSDUDOD
(PLVRUDFRPXQLWDULDIRUWDOHFLGD
HPLVLyQGHFRQWHQLGRVFXOWXUDOHV

9DULDFLyQSRUFHQWXDOHQHOQ~PHURGH $XPHQWDUHQXQHOQ~PHURGHXVXDULRVGHODELEOLRWHFDS~EOLFD 'LUHFFLyQ%LEOLRWHFD-RDTXtQ*RQ]DOH]

XVXDULRVGHOD%LEOLRWHFDS~EOLFD PXQLFLSDOFRQORVVHUYLFLRVHQODVDODGHOHFWXUD\DXODYLUWXDOVHJ~QOtQHD &DPDUJR8QLGDGGH&XOWXUD6HFUHWDUtDGH
PXQLFLSDO EDVHGHODxRLPSOLFDFREHUWXUDSDUDQLxRVQLxDV\DGROHVFHQWHV (GXFDFLyQ

% 
$GTXLVLFLyQGHQXHYDVFROHFFLRQHVSURSXHVWDVSRUHO&RPLWp$VHVRU
1~PHURGHQXHYDVFROHFFLRQHV
GHOD%LEOLRWHFD3~EOLFD0XQLFLSDOLPSOLFDFREHUWXUDSDUDQLxRVQLxDV\

% #""&"
$PSOLDUDHOQ~PHURGH DGTXLULGDVSDUDOD%LEOLRWHFD3~EOLFD
1~PHURGH DGROHVFHQWHV
 XVXDULRVFRQFREHUWXUDGHORV
SHUVRQDVTXH )RUWDOHFHU\FRQVROLGDUSURJUDPDVSDUDODSURPRFLyQGHODOHFWXUD
8VXDULRVHQ VHUYLFLRVELEOLRWHFDULRV\GHSURPRFLyQ        1~PHURGHSURJUDPDVGHSURPRFLyQ
XWLOL]DQODV IDFLOLWDQGRHODFFHVRGHODSREODFLyQHQ]RQDVXUEDQDV\UXUDOHVDORV
 GHODOHFWXUDQLxRVQLxDV\ GHODOHFWXUDIRUWDOHFLGRV\ 'LUHFFLyQ%LEOLRWHFD-RDTXtQ*RQ]DOH]
ELEOLRWHFDVS~EOLFDV PDWHULDOHVGHODELEOLRWHFDLPSOLFDFREHUWXUDSDUDQLxRVQLxDV\
DGROHVFHQWHV FRQVROLGDGRV &DPDUJR8QLGDGGH&XOWXUD6HFUHWDUtDGH
DGROHVFHQWHV
(GXFDFLyQ
3RUFHQWDMHGHDYDQFHHQODHMHFXFLyQ
GHOSUR\HFWRGHFRQVWUXFFLyQGHOD &RQVWUXFFLyQDOGHODSULPHUDHWDSDGHOD*UDQ%LEOLRWHFD3~EOLFD
SULPHUDHWDSDGHOD*UDQ%LEOLRWHFD 0XQLFLSDOLPSOLFDFREHUWXUDSDUDQLxRVQLxDV\DGROHVFHQWHV
3~EOLFD0XQLFLSDO
',0(16,2162&,2&8/785$/5(&5($1'27(-,'262&,$/3$5$/$&203(7,9,'$'</$35263(5,'$'
6(&7255(&5($&,21<'(3257(
25*$1,=$5<(6758&785$5/$$&7,9,'$'),6,&$\'(3257,9$$75$9(6'(352*5$0$63(57,1(17(63$5$8162*$0262(1&$0,1$'2$/$&203(7,7,9,'$'
2%-(7,926
(675$7e*,&26

352*5$0$ 6HFWRUHVGHFRPSHWHQFLD
,1',&$'25'(5(68/7$'2 /,1($%$6( 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
(675$7(*,&2 FRPSURPHWLGRV

1~PHURGHSHUVRQDVTXHSUDFWLFDQ ,QFUHPHQWDUDHOQ~PHURGHSHUVRQDV 1~PHURGHFDPSHRQDWRV\HYHQWRV 5HDOL]DFLyQGHFDPSHRQDWRV


DOJXQDDFWLYLGDGGHSRUWLYD TXHSUDFWLFDQDOJXQDDFWLYLGDGGHSRUWLYDV GHSRUWLYRVUHDOL]DGRV \HYHQWRVGHSRUWLYRV

1~PHURGHSHUVRQDVTXHSUDFWLFDQ ,QFUHPHQWDUDHOQ~PHURGHSHUVRQDV (VWDEOHFLPLHQWRGHXQ3URJUDPD

DOJXQDDFWLYLGDGUHFUHDWLYD\R  TXHSUDFWLFDQGHDFWLYLGDGHVUHFUHDWLYDV\R 3URJUDPDHVWDEOHFLGR SDUDHOIRPHQWR\PDVLILFDFLyQGH
DILFLRQDGD DILFLRQDGDV ODDFWLYLGDGItVLFD\ODUHFUHDFLyQ

1~PHURGHSHUVRQDVGLVFDSDFLWDGDV ,QFUHPHQWDUDHOQ~PHURGHSHUVRQDV
TXHSUDFWLFDQDOJXQDDFWLYLGDG  GLVFDSDFLWDGDVYLQFXODGDVHQHYHQWRV
GHSRUWLYD GHSRUWLYRV 5HDOL]DFLyQGH2OLPSLDGDVSDUD 5(63216$%/(
1~PHURGH2OLPSLDGDVUHDOL]DGDV SREODFLyQHQFRQGLFLyQGH ,5'6
1~PHURGHDGXOWRVPD\RUHVTXH ,QFUHPHQWDUDHOQ~PHURGHDGXOWRV GLVFDSDFLGDG\DGXOWRVPD\RUHV &255(63216$%/(6
 '(3257(3$5$/$
SUDFWLFDQDOJXQDDFWLYLGDGGHSRUWLYD PD\RUHVYLQFXODGRVHQHYHQWRVGHSRUWLYRV 6HFUHWDUtD/RFDOGH6DOXG
&2081,'$'
6HFUHWDUtDGHOD0XMHU,QIDQFLD\
)DPLOLD
RUJDQL]DU\UHDOL]DU

QXPHURGHFDSDFLWDFLRQHV &DSDFLWDFLRQHVWpFQLFDV
&$3$&,7$&,21(6
RUJDQL]DGDV\UHDOL]DGDV DGPLQLVWUDWLYDV\ILQDQFLHUDV
7(1,&$6
61'GXUDQWHHOFXDWUHQLR

RUJDQL]DU\UHDOL]DUHYHQWRVGH
(9(1726'(
QXPHURGHHYHQWRVGHDFWLYLGDGILVLFD DFWLYLGDGILVLFD\PHMRUDPLHQWR
$&7,9,'$'),6,&$
\PHMRUDPLHQWRGHODFDOLGDGGHYLGD GHODFDOLGDGGHYLGDSDUD
3$5$(/$'8/72
RUJDQL]DGRV\UHDOL]DGRV MRYHQHV\SDUDDGXOWRV
0$<25
PD\RUHV

(VWDEOHFLPLHQWRGHXQD

'(3257(<&219,9(1&,$&8,'$'$1$3$5$/$&203(7,7,9,'$'
HVWUDWHJLDSDUDDSR\DUDOD
SDUWLFLSDFLRQGHGHSRUWLVWDVGH
(VWUDWHJLDHVWDEOHFLGD
DOWRUHQGLPLHQWRHQHYHQWRVGH 5(63216$%/(
,QFUHPHQWDUDHOQ~PHURGHGHSRUWLVWDVGH
FDUiFWHUGHSDUWDPHQWDOQDFLRQDO ,5'6
1~PHURGHGHSRUWLVWDVGHDOWR DOWRUHQGLPLHQWRDSR\DGRVSDUDVX
 '(3257(&203(7,7,92 HLQWHUQDFLRQDO &255(63216$%/(6
UHQGLPLHQWRDSR\DGRV SDUWLFLSDFLyQHQMXHJRV\FRPSHWHQFLDV
,QGHSRUWHV%R\DFi
UHJLRQDOHVQDFLRQDOHVHLQWHUQDFLRQDOHV
&ROGHSRUWHV

$SR\RDFOXEHVGHSRUWLYRV
1~PHURGHFOXEHVGHSRUWLYRV
SDUDODRUJDQL]DFLyQGH
DSR\DGRV
FRPSHWHQFLDVGHSRUWLYDV
',0(16,2162&,2&8/785$/5(&5($1'27(-,'262&,$/3$5$/$&203(7,9,'$'</$35263(5,'$'
6(&7256(*85,'$'<&219,9(1&,$&,8'$'$1$
$%!$"!"$$!"&'#$$%( ")!$&"&$!"!" $'!$&!"*$%$+,%"!
2%-(7,926
(675$7(*,&26 (%!" $$ &")"$(")%",'"#$"!$#"!)&-!!"$. #"$ !"%%")$!"$%$,%'#&%!$&"&$!"', $%!"$$%!# $"

352*5$0$6 ,1',&$'25'( /,1($ 6HFWRUHVGHFRPSHWHQFLD

0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
(675$7(*,&26 5(68/7$'2 %$6( FRPSURPHWLGRV

1~PHURGHFXDGUDQWHVFRQ3ODQGH &XEULPLHQWRGH&XDGUDQWHVDWUDYpVGHO3ODQGH9LJLODQFLD
9LJLODQFLDFRPXQLWDULD &RPXQLWDULD
1~PHURGH$X[LOLDUHV%DFKLOOHUHVGH ,QFRUSRUDFLyQGH$X[LOLDUHV%DFKLOOHUHVGH3ROLLFtDDO
3ROLFtDYLQFXODGRV DxRDODERUHVGHVHJXULGDG\FRQYLYHQFLD
1~PHURGHLQVWLWXFLRQHV\RUJDQLVPRV $SR\RDLQVWLWXFLRQHV\RUJDQLVPRVSDUDJDUDQWL]DUHO
GHVHJXULGDGDSR\DGRV GHVDUUROORGHDFFLRQHVGHVHJXULGDG\FRQYLYHQFLD
5HDOL]DFLyQGH&DPSDxDVDQXDOHVSDUDODSUHYHQFLyQ\ 5(63216$%/(
9DULDFLyQSRUFHQWXDO 1~PHURGHFDPSDxDVUHDOL]DGDV
UHGXFFLyQGHOGHOLWR 6HFUHWDUtDGH*RELHUQR\
HQHOQ~PHURGH FDVRV 5HGXFLUHQXQORVGHOLWRVGHPD\RU
GHOLWRVGHPD\RU HQ LPSDFWR 5HDOL]DFLyQGH2SHUDWLYRVGH&RQWUROSDUDODSUHYHQFLyQ3DUWLFLSDFLyQ&RPXQLWDULD
1~PHURGH2SHUDWLYRVGH&RQWURO &255(63216$%/(6



 LPSDFWR \UHGXFFLyQGHGHOLWRV\FRQGXFWDVTXHDIHFWHQOD
UHDOL]DGRV 3ROLFtD1DFLRQDO
   62*$02626(*85$< FRQYLYHQFLD\VHJXULGDGFLXGDGDQD
(MpUFLWR1DFLRQDO



 &203(7,7,9$ 5HFXSHUDFLyQGHVLWLRVRiUHDVS~EOLFDVDEDQGRQDGDVR &XHUSR7pFQLFRGH,QYHVWLJDFLRQHV
 1~PHURGHVLWLRV\RiUHDVS~EOLFDV
YXOQHUDEOHVTXHVHFRQVWLWX\DQHQIDFWRUIDFLOLWDGRUGHO )LVFDOtD
UHFXSHUDGDV
DFFLRQDUGHOLQFXHQFLDO ,QWUDVRJ
)RUPXODFLyQSUHVHQWDFLyQ\JHVWLyQGHOSUR\HFWRSDUDHO ,QVSHFFLRQHVGH3ROLFtD
3UR\HFWRYLDELOL]DGRV\SUHVHQWDGR HVWDEOHFLPLHQWRGHOD8QLGDG3HUPDQHQWHGH-XVWLFLDHQHO 5HGGH&RQFLOLDGRUHVHQ(TXLGDG
PXQLFLSLR

9DULDFLyQSRUFHQWXDO
HQHOQ~PHURGHFDVRV
1'
UHVXHOWRVSRUODYtDGH
ODFRQFLOLDFLyQ
$XPHQWDUHQXQHOQ~PHURGHFDVRV
UHVXHOWRVSRUODYtDGHODFRQFLOLDFLyQ
VHJ~QOtQHDEDVHOHYDQWDGDSDUDHO
HQ,QVSHFFLRQHVGH3ROLFtD
$WHQFLyQGHOGHORVFDVRVSDUDODSURWHFFLyQGHORV
3RUFHQWDMHGHFDVRV$WHQGLGRVSRU
GHUHFKRVKXPDQRV\UHVROXFLyQGHFRQIOLFWRVGHFRQYLYHQFLD
,QVSHFWRUHVGH3ROLFtD
DWUDYpVGHODV,QVSHFFLRQHVGH3ROLFtD
 1~PHURGHSURJUDPDVGHSDUWLFLSDFLyQ )RUWDOHFLPLHQWROGH3URJUDPDVGH3DUWLFLSDFLyQ&LXGDGDQD
FLXGDGDQDIRUWDOHFLGRV
3RUFHQWDMHGH,QVWLWXFLRQHV(GXFDWLYDV
2ILFLDOHVFRQOD&iWHGUDHQ
&RQYLYHQFLD&LYLOLGDG\&LXGDGDQtD
LPSOHPHQWDGD
3RUFHQWDMHGHLPSOHPHQWDFLyQGHO3ODQ
GH$FFLyQSDUDOD(VWUDWHJLDGH&XOWXUD
&LXGDGDQD
3ODQGHSUHYHQFLyQIRUPXODGRH
LPSOHPHQWDGR
6(*85,'$'< 9DULDFLyQSRUFHQWXDO 1~PHURGHMRUQDGDVGH

&219,9(1&,$3$5$/$ HQHOQ~PHURGHFDVRV 5HGXFLUHQXQHOQ~PHURGHFDVRVGH &219,9(1&,$ GHVFHQWUDOL]DFLyQUHDOL]DGDV
FDVRVHQ
&203(7,7,9,'$''( GHYLROHQFLD YLROHQFLDLQWUDIDPLOLDU9,) &,8'$'$1$
 1~PHURGHSHUVRQDVDWHQGLGDVSRUOD
62*$0262 LQWUDIDPLOLDU9,)
5HGGHO%XHQ7UDWR
1~PHURGHIXQFLRQDULRVVHUYLGRUHV
'HUHFKR,QWHUQDFLRQDO+XPDQLWDULR\RHQJHVWLyQSUHYHQWLYD ,5'6
S~EOLFRV\SHUVRQDVFDSDFLWDGDV
1~PHURGHFDPSDxDVUHDOL]DGDV
1~PHURGHMRUQDGDVGHUHFUHDFLyQ\
FDOLGDGGHYLGDUHDOL]DGDV
LPSOHPHQWDGRVSRUOD3ROLFtD&RPXQLWDULD
(VWDEOHFLPLHQWRGHOD&iWHGUDGH&RQYLYHQFLD&LYLOLGDG\
&LXGDGDQtDHQHOGHODV,QVWLWXFLRQHV(GXFDWLYDV
2ILFLDOHV
,PSOHPHQWDFLyQDOGHO3ODQGH$FFLyQGHOD(VWUDWHJLD 5(63216$%/(
6HFUHWDUtDGH*RELHUQR
GH&XOWXUD&LXGDGDQDSURSXHVWDSDUDHOPXQLFLSLR
&255(63216$%/(6
3ROLFtD&RPXQLWDULD
)RUPXODFLyQHLPSOHPHQWDFLyQGHO3ODQGH3UHYHQFLyQHQ
&HQWURGH&RQYLYHQFLD
YLGDOLEHUWDGLQWUHJULGDG\VHJXULGDGSHUVRQDO
&RPLVDUtDVGH)DPLOLD
5HDOL]DFLyQGHMRUQDGDVGHGHVFHQWUDOL]DFLyQGHORV ,QVSHFFLRQHVGH3ROLFtD
VHUYLFLRVGHO&HQWURGH&RQYLYHQFLD&LXGDGDQD 3HUVRQHUtD0XQLFLSDO
6HFUHWDUtDGH(GXFDFLyQ
$WHQFLyQDSHUVRQDVSHUWHQHFLHQWHVDIDPLOLDV ,QVWLWXFLRQHV(GXFDWLYDV
YXOQHUDEOHVDWUDYpVGHOD5HGGHO%XHQ7UDWR 6HFUHWDUtDGHOD0XMHU,QIDQFLD\
)DPLOLD
&DSDFLWDFLyQGHSHUVRQDVLQFOXLGRVIXQFLRQDULRV\ 6HFUHWDUtDGH6DOXG
VHUYLGRUHVS~EOLFRVHQWHPDVGH'HUHFKRV+XPDQRV 5HGGHO%XHQ7UDWR
GHOULHVJRDORVGHUHFKRVDODYLGDOLEHUWDGLQWHJULGDG\
VHJXULGDGSHUVRQDO
5HDOL]DFLyQGHFDPSDxDVSDUDODDSOLFDFLyQHIHFWLYDGH
VDQFLRQHVFRQWUDWRGDVODVIRUPDVGHYLROHQFLD\
GLVFULPLQDFLyQFRQWUDODVPXMHUHV
5HDOL]DFLyQGHMRUQDGDVSDUDODUHFUHDFLyQ\FDOLGDGGH
YLGD
',0(16,2162&,2&8/785$/5(&5($1'27(-,'262&,$/3$5$/$&203(7,9,'$'</$35263(5,'$'
6(&725*5832698/1(5$%/(6-89(178'
352*5$0$6 ,1',&$'25'(
(675$7(*,&26 5(68/7$'2
1~PHURGHMyYHQHV
YLQFXODGRVDSURFHVRVGH
SDUWLFLSDFLyQFRPXQLWDULD
7DVDGHFREHUWXUDDQXDO
HQORVSURJUDPDVGH
SUHYHQFLyQ\SURPRFLyQGH
/,1($
0(7$'(5(68/7$'2
%$6(
9LQFXODUMyYHQHVDSURFHVRVGH
HOHFFLyQ\UHSUHVHQWDFLyQSDUDLQWHJUDU
1' HVSDFLRVHLQVWDQFLDVGHSDUWLFLSDFLyQ
\GHFLVLyQHQDVSHFWRVGHGHVDUUROOR
VRFLDO\FRPXQLWDULR
0DQWHQHUXQDFREHUWXUDDQXDOGHO
GHODSREODFLyQMyYHQFRQ

SURJUDPDVGHSUHYHQFLyQSURPRFLyQ\
,1',&$'25'(
352<(&726 0(7$6'(352'8&72$62&,$'$6 6(&725(6'(&203(7(1&,$&203520(7,'26
352'8&72
1~PHURGHMyYHQHVIRUPDGRV )RUPDFLyQGHMyYHQHVHQWHPDVGHLQWHUpVSDUD
SDUDODFRPSHWLWLYLGDG ODFRQVROLGDFLyQGHODSROtWLFDS~EOLFDGHMXYHQWXG
5HDOL]DFLyQGHXQDFDPSDxDDQXDOSDUDODGLIXVLyQ
1~PHURGHFDPSDxDV
GHODSROtWLFDS~EOLFDGHMXYHQWXG\ODRIHUWD
UHDOL]DGDV
LQVWLWXFLRQDODIDYRUGHORVMyYHQHVGHOPXQLFLSLR
&RQIRUPDFLyQGH0LQL-XQWDVGH$FFLyQ&RPXQDO
1~PHURGH0LQLMXQWDVGH
DOLQWHULRUGHODV-$&UHFRQRFLGDVHQHOPXQLFLSLR
$FFLyQ&RPXQDOFRQIRUPDGDV
SDUDODSDUWLFLSDFLyQGHORVMyYHQHV
5(63216$%/(6
6HFUHWDULDGHOD0XMHU,QIDQFLD\)DPLOLD
1~PHURGHMyYHQHVTXH
3URPRFLRQDUORVVHUYLFLRVGHSURPRFLyQSUHYHQFLyQ &255(63216$%/(6
DFFHGHQDORVVHUYLFLRVGH
\DWHQFLyQHQVDOXGSDUDHODFFHVRGHMRYHQHV6HFUHWDUtDGH*RELHUQR\3DUWLFLSDFLyQ&RPXQLWDULD
-29(1(6 SURPRFLyQSUHYHQFLyQ\
ODVDOXGGHORVMyYHQHV
1~PHURGHMyYHQHV
/$)$0,/,$(-('(/$&203(7,7,9,'$'62&,$/
YLQFXODGRVDSURFHVRVGH
LQFOXVLyQDSDUWLUGHOD
RIHUWDLQVWLWXFLRQHVOHQ
FXOWXUDGHSRUWH
UHFUHDFLyQ\
HPSUHQGLPLHQWR
DWHQFLyQHQVDOXG &203(7,7,926
9LQFXODUMyYHQHVDORVSURFHVRV
GHLQFOXVLyQVRFLDOHQDFWLYLGDGHV
 FXOWXUDOHVDUWtVWLFDVGHSRUWLYDV
UHFUHDWLYDVDPELHQWDOHV\
HPSUHVDULDOHV
DODRIHUWDLQVWLWXFLRQDOGLVSXHVWDSRUODHQWLGDG 6HFUHWDUtD/RFDOGH6DOXG(36VH,36V
DWHQFLyQHQVDOXG 6HFUHWDUtDGH(GXFDFLyQ\&XOWXUD8QLGDGGH&XOWXUD
6HFUHWDUtDGH'HVDUUROOR\0HGLR$PELHQWH
&RQVHMR0XQLFLSDOGH-XYHQWXG
1~PHURGHVHPDQDVGHOD 5HDOL]DFLyQGHXQDVHPDQDGHODFXOWXUD\HOGHSRUWH ,5'6
FXOWXUD\HOGHSRUWHMXYHQLO MXYHQLODQXDOSDUDHOIRPHQWRGHORVHVSDFLRVGH
UHDOL]DGDV SDUWLFLSDFLyQMXYHQLO
1~PHURGH)HULDVSDUDHO
5HDOL]DFLyQGHXQD)HULDDQXDOSDUDHO
HPSUHQGLPLHQWR\HOHPSOHR
HPSUHQGLPLHQWR\HOHPSOHRMXYHQLO
MXYHQLOUHDOL]DGDV
1~PHURGHLQLFLDWLYDV
$SR\DULQLFLDWLYDVDPELHQWDOHVOLGHUDGDVSRU
DSR\DGDVSDUDODJHVWLyQ
MyYHQHVGHOPXQLFLSLRDWUDYpVGHFRQYHQLRVGH
DPELHQWDOGHORVMyYHQHVGHO
UHVSRQVDELOLGDGVRFLDOHPSUHVDULDO
PXQLFLSLR
DIMENSION SOCIOCULTURAL "RE-CREANDO TEJIDO SOCIAL PARA LA COMPETIVIDAD Y LA PROSPERIDAD"
SECTOR GRUPOS VULNERABLES - MUJER Y GENERO
OBJETIVOS GARANTIZAR A LAS MUJERES EL DERECHO A UNA VIDA LIBRE DE VIOLENCIA
ESTRATEGICOS DISMUNUIR LA BRECHA DE INGRESOS LABORALES ENTRE MUJERES YHOMBRES

PROGRAMAS INDICADOR DE SECTORES DE COMPETENCIA

LINEA BASE META DE RESULTADO PROYECTOS INDICADOR DE PRODUCTO METAS DE PRODUCTO ASOCIADAS
ESTRATEGICOS RESULTADO COMPROMETIDOS

ZĞĂůŝnjĂĐŝſŶĚĞϯĐĂŵƉĂŹĂƐŵĂƐŝǀĂƐƉĂƌĂƉƌĞǀĞŶĐŝſŶ
EƷŵĞƌŽĚĞŝŶŝĐŝĂƚŝǀĂƐƉĂƌĂƉƌĞǀĞŶŝƌ
ĚĞǀŝŽůĞŶĐŝĂĐŽŶƚƌĂůĂŵƵũĞƌ
ϴϮ͕ϲϮ ůĂǀŝŽůĞŶĐŝĂĐŽŶƚƌĂůĂƐŵƵũĞƌĞƐLJůĂ
ZĞĂůŝnjĂĐŝſŶĚĞϮϬŽŶƐĞũŽƐĚĞ^ĞŐƵƌŝĚĂĚƉĂƌĂĞů
ĐĂƐŽƐƉŽƌĐĂĚĂ ŝƐŵŝŶƵŝƌůĂƚĂƐĂĚĞǀŝŽůĞŶĐŝĂ ǀŝŽůĞŶĐŝĂĚĞŐĠŶĞƌŽ
dĂƐĂĚĞs/&ĐŽŶƚƌĂ ƐĞŐƵŝŵŝĞŶƚŽĂůĂǀŝŽůĞŶĐŝĂĐŽŶƚƌĂůĂŵƵũĞƌ Z^WKE^>͗
ϭϬ͘ϬϬϬŵƵũĞƌĞƐ ĐŽŶƚƌĂůĂŵƵũĞƌĂůϳϱ͕ϬϬĐĂƐŽƐ
ůĂŵƵũĞƌ ^ĞŶƐŝďŝůŝnjĂĐŝſŶĂϭ͘ϬϬϬŵƵũĞƌĞƐǀƵůŶĞƌĂďůĞƐ ^ĞĐƌĞƚĂƌşĂĚĞůĂDƵũĞƌ͕/ŶĨĂŶĐŝĂLJ
ƉĂƌĂĞůĂŹŽ ƉŽƌĐĂĚĂϭϬ͘ϬϬϬŵƵũĞƌĞƐ
ĨŽĐĂůŝnjĂĚĂƐĞŶƉƌŽŐƌĂŵĂƐƐŽĐŝĂůĞƐĂƚƌĂǀĠƐĚĞƵŶĂ &ĂŵŝůŝĂ
ϮϬϭϬ ATENCION INTEGRAL EƷŵĞƌŽĚĞŵƵũĞƌĞƐƐĞŶƐŝďŝůŝnjĂĚĂƐ
ĞƐƚƌĂƚĞŐŝĂƉĂƌĂĞůƌĞƐĐĂƚĞĚĞǀĂůŽƌĞƐLJĞůĚĞƐĂƌƌŽůůŽ KZZ^WKE^>^͗
A MUJERES EN
ŚƵŵĂŶŽ ŽŶƐĞũŽĚĞ'ŽďŝĞƌŶŽ
CONDICION DE
ƚĞŶĐŝſŶĂůϭϬϬйĚĞŵƵũĞƌĞƐĞŶĐŽŶĚŝĐŝſŶĚĞ ^ĞĐƌĞƚĂƌŝĂĚĞ^ĂůƵĚ
VULNERABILIDAD
WŽƌĐĞŶƚĂũĞĚĞŵƵũĞƌĞƐĂƚĞŶĚŝĚĂƐ ǀƵůŶĞƌĂďŝůŝĚĂĚƋƵĞĂĐĐĞĚĞŶĂůĞŶƚƌŽĚĞƚĞŶĐŝſŶ ZĞĚĚĞůƵĞŶdƌĂƚŽ
WŽƌĐĞŶƚĂũĞĚĞ
ŝŶƚĞŐƌĂůŵĞŶƚĞ /ŶƚĞŐƌĂůĂůĂDƵũĞƌĞŶŽŶĚŝĐŝſŶĚĞsƵůŶĞƌĂďŝůŝĚĂĚ ŽŵŝƐĂƌşĂƐĚĞ&ĂŵŝůŝĂ
ŵƵũĞƌĞƐĐŽŶ ZĞƐƚŝƚƵŝƌůŽƐĚĞƌĞĐŚŽƐĂůϰϬйĚĞ
Ϭй ;,ŽŐĂƌĚĞWĂƐŽͿ &ŝƐĐĂůşĂ
ĚĞƌĞĐŚŽƐ ŵƵũĞƌĞƐĂƚĞŶĚŝĚĂƐ
KƌŝĞŶƚĂĐŝſŶƉƐŝĐŽƐŽĐŝĂůĂůϭϬϬйĚĞŵƵũĞƌĞƐĂƚƌĂǀĠƐ
ƌĞƐƚŝƚƵŝĚŽƐ WŽƌĐĞŶƚĂũĞĚĞŵƵũĞƌĞƐŽƌŝĞŶƚĂĚĂƐ
ĚĞůĂ^ĂůĂĚĞƚĞŶĐŝſŶĚĞůĂ^ĞĐƌĞƚĂƌşĂĚĞůĂDƵũĞƌ͕
ĞŶĂƐƉĞĐƚŽƐƉƐŝĐŽƐŽĐŝĂůĞƐ
/ŶĨĂŶĐŝĂLJ&ĂŵŝůŝĂ
LA FAMILIA EJE DE /ŵƉƵůƐĂƌůĂĨŽƌŵƵůĂĐŝſŶĚĞůĂWŽůşƚŝĐĂWƷďůŝĐĂ
LA COMPETITIVIDAD WŽůşƚŝĐĂWƷďůŝĐĂĚĞDƵũĞƌLJ'ĠŶĞƌŽ DƵŶŝĐŝƉĂůĚĞDƵũĞƌLJ'ĠŶĞƌŽďƵƐĐĂŶĚŽůĂĂƌƚŝĐƵůĂĐŝſŶ
SOCIAL ĂĚŽƉƚĂĚĂĞŝŵƉůĞŵĞŶƚĂĚĂ ĚĞůĂŽĨĞƌƚĂŝŶƐƚŝƚƵĐŝŽŶĂůĂĨĂǀŽƌĚĞůĂŵƵũĞƌLJůĂ
ǀĂŶnjĂƌĞŶůĂĞƋƵŝĚĂĚĚĞ
ƌĞƐƚŝƚƵĐŝſŶĚĞƐƵƐĚĞƌĞĐŚŽƐ
ŐĠŶĞƌŽĞŶƌĞůĂĐŝſŶĐŽŶŝŶŐƌĞƐŽƐ
ƌĞĐŚĂĚĞ EƷŵĞƌŽĚĞŵƵũĞƌĞƐǀŝŶĐƵůĂĚĂƐĂůŽƐ sŝŶĐƵůĂĐŝſŶĚĞϭϬϬŵƵũĞƌĞƐĞŶĐŽŶĚŝĐŝſŶĚĞ Z^WKE^>
E͘͘ ůĂďŽƌĂůĞƐĂƉĂƌƚŝƌĚĞůĂůşŶĞĂ
ŝŶŐƌĞƐŽƐůĂďŽƌĂůĞƐ ƉƌŽĐĞƐŽƐĚĞĂƐŽĐŝĂĐŝſŶLJ ǀƵůŶĞƌĂďŝůŝĚĂĚĂƉƌŽĐĞƐŽƐĂƐŽĐŝĂƚŝǀŽƐLJĚĞ ^ĞĐƌĞƚĂƌşĂĚĞůĂDƵũĞƌ͕/ŶĨĂŶĐŝĂLJ
ďĂƐĞƋƵĞƐĞůĞǀĂŶƚĞƉĂƌĂĞůĂŹŽ
ŽƌŐĂŶŝnjĂĐŝſŶ ŽƌŐĂŶŝnjĂĐŝſŶ &ĂŵŝůŝĂ
ϮϬϭϮ
EQUIDAD DE GÉNERO ZĞĂůŝnjĂĐŝſŶĚĞŽŶĐƵƌƐŽĂŶƵĂůƉĂƌĂĚĞƐƚĂĐĂƌLJ KZZ^WKE^>^͗
COMPROMISO DE UN EƷŵĞƌŽĚĞŽŶĐƵƌƐŽƐƌĞĂůŝnjĂĚŽƐ ƉƌĞŵŝĂƌůĂƐŵĞũŽƌĞƐĞdžƉĞƌŝĞŶĐŝĂƐĞdžŝƚŽƐĂƐĞŶ ^ĞĐƌĞƚĂƌşĂĚĞĞƐĂƌƌŽůůŽLJDĞĚŝŽ
GOBIERNO ƉƌŽLJĞĐƚŽƐƉƌŽĚƵĐƚŝǀŽƐůŝĚĞƌĂĚŽƐƉŽƌŵƵũĞƌĞƐ ŵďŝĞŶƚĞ
COMPETITIVO WƌŽĨĞƐŝŽŶĂůĚĞŶůĂĐĞWƌŽŐƌĂŵĂ
EƷŵĞƌŽĚĞŵƵũĞƌĞƐǀŝŶĐƵůĂĚĂƐĂůŽƐ
/ŶĐƌĞŵĞŶƚŽĚĞůϱйĞŶĞůşŶĚŝĐĞ &ŽƌƚĂůĞĐŝŵŝĞŶƚŽĚĞϭ͘ϬϬϬŵƵũĞƌĞƐĞŶƉƌŽĐĞƐŽƐƉĂƌĂůĂ &ĂŵŝůŝĂƐĞŶĐĐŝſŶ
/ŶĚŝĐĞĚĞ ƉƌŽĐĞƐŽƐĚĞĞŵƉŽĚĞƌĂŵŝĞŶƚŽƉĂƌĂ
ĚĞůĂƌĞƉƌĞƐĞŶƚĂĐŝſŶĚĞůĂƐ ƉĂƌƚŝĐŝƉĂĐŝſŶƐŽĐŝĂůLJƉŽůşƚŝĐĂ ŽŐĞƐƚŽƌĞƐZĞĚhŶŝĚŽƐ
ƌĞƉƌĞƐĞŶƚĂĐŝſŶĚĞ ůĂƉĂƌƚŝĐŝƉĂĐŝſŶƉŽůşƚŝĐĂLJƐŽĐŝĂů
ŵƵũĞƌĞƐĞŶŝŶƐƚĂŶĐŝĂƐĚĞ
ůĂƐŵƵũĞƌĞƐĞŶ E͘͘
ƉĂƌƚŝĐŝƉĂĐŝſŶĂƉĂƌƚŝƌĚĞůĂůşŶĞĂ
ŝŶƐƚĂŶĐŝĂƐĚĞ ŽŶĨŽƌŵĂĐŝſŶĚĞƵŶĂZĞĚĚĞƉŽLJŽƐŽĐŝĂůĞ
ďĂƐĞƋƵĞƐĞůĞǀĂŶƚĞƉĂƌĂĞůĂŹŽ ZĞĚĚĞĂƉŽLJŽƐŽĐŝĂůĞŝŶƐƚŝƚƵĐŝŽŶĂů
ƉĂƌƚŝĐŝƉĂĐŝſŶ ŝŶƐƚŝƚƵĐŝŽŶĂůƉĂƌĂƉƌŽŵŽǀĞƌůĂĞƋƵŝĚĂĚĚĞŐĠŶĞƌŽLJůĂ
ϮϬϭϮ ĐŽŶĨŽƌŵĂĚĂ
ŐĂƌĂŶƚşĂĚĞůŽƐĚĞƌĞĐŚŽƐĚĞůĂƐŵƵũĞƌĞƐ
/DE^/KE^K/Kh>dhZ>ͲZͲZEKd:/K^K/>WZ>KDWd/d/s/zWZK^WZ/
^dKZ͗'ZhWK^sh>EZ>^Ͳh>dKDzKZ

WZK'ZD
^ ^hWZK'Z /E/KZ >/E /E/KZ ^ĞĐƚŽƌĞƐĚĞĐŽŵƉĞƚĞŶĐŝĂ
DdZ^h>dK WZKzdK^ DĞƚĂƐĚĞƉƌŽĚƵĐƚŽĂƐŽĐŝĂĚĂƐ
^dZd'/ D^ Z^h>dK ^ WZKhdK ĐŽŵƉƌŽŵĞƚŝĚŽƐ
K^

^ĞĐƌĞƚĂƌŝĂĚĞƐĂůƵĚLJŽŵŝƚĠ
sŝŶĐƵůĂĐŝſŶĚĞϭ͘ϴϬϬƉĞƌƐŽŶĂƐĂĚƵůƚŽƐ
EƷŵĞƌŽĚĞĂĚƵůƚŽƐ DƵŶŝĐŝƉĂůĚĞůĚƵůƚŽDĂLJŽƌ
ŵĂLJŽƌĞƐĂƵŶƉƌŽŐƌĂŵĂƉĂƌĂůĂƉƌŽŵŽĐŝſŶ
ŵĂLJŽƌĞƐǀŝŶĐƵůĂĚŽƐ
LJŐĂƌĂŶƚşĂĚĞůŽƐĚĞƌĞĐŚŽƐŚƵŵĂŶŽƐ
^ĞĐƌĞƚĂƌŝĂĚĞƐĂůƵĚLJŽŵŝƚĠ
DĂŶƚĞŶĞƌĞůϵϴйĚĞĐƵƉŽƐĂĐƚŝǀŽƐĞŶĞů
WŽƌĐĞŶƚĂũĞĚĞĐƵƉŽƐ DƵŶŝĐŝƉĂůĚĞůĚƵůƚŽDĂLJŽƌ
WŽƌĐĞŶƚĂũĞĚĞĂǀĂŶĐĞ ĚĂƉƚĂƌĞŝŵƉůĞŵĞŶƚĂƌĞŶƵŶ ƉƌŽŐƌĂŵĂĚĞƉƌŽƚĞĐĐŝſŶƐŽĐŝĂůĂůĂĚƵůƚŽ
ĂĐƚŝǀŽƐ
ĞŶůĂ ϲϬйůĂƉŽůşƚŝĐĂŶĂĐŝŽŶĂůĚĞ ŵĂLJŽƌ;ϭ͘ϱϯϴĐƵƉŽƐĂĐƚŝǀŽƐĂĐƚƵĂůĞƐͿ
ŝŵƉůĞŵĞŶƚĂĐŝſŶĚĞ ĞŶǀĞũĞĐŝŵŝĞŶƚŽLJǀĞũĞnjĞŶ h>dKDzKZ͗
sŝŶĐƵůĂĐŝſŶĚĞϭ͘ϴϬϬƉĞƌƐŽŶĂƐĂĚƵůƚŽƐ ^ĞĐƌĞƚĂƌŝĂĚĞƐĂůƵĚLJŽŵŝƚĠ
ůĂƉŽůşƚŝĐĂƉƷďůŝĐĂ E͘͘ ƐƵƐĐƵĂƚƌŽĞũĞƐĚĞ ^/hZ/z EƷŵĞƌŽĚĞĂĚƵůƚŽƐ
ŵĂLJŽƌĞƐĂƵŶƉƌŽŐƌĂŵĂƋƵĞƉƌŽŵƵĞǀĂĞů DƵŶŝĐŝƉĂůĚĞůĚƵůƚŽDĂLJŽƌ
ŵƵŶŝĐŝƉĂůĚĞ ŝŶƚĞƌǀĞŶĐŝſŶ͕ĂƉĂƌƚŝƌĚĞůĂ KDWd/d/s/ ŵĂLJŽƌĞƐǀŝŶĐƵůĂĚŽƐ
ĞŶǀĞũĞĐŝŵŝĞŶƚŽĂĐƚŝǀŽ
ĞŶǀĞũĞĐŝŵŝĞŶƚŽLJ ůşŶĞĂďĂƐĞƋƵĞƐĞůĞǀĂŶƚĞĞŶ
ǀĞũĞnj ϮϬϭϮ ZĞĂůŝnjĂĐŝſŶĚĞĐƵĂƚƌŽũŽƌŶĂĚĂƐĚĞ
ƐĞŶƐŝďŝůŝnjĂĐŝſŶLJĂĐƚƵĂůŝnjĂĐŝſŶĚŝƌŝŐŝĚĂƐĂ
EƷŵĞƌŽĚĞũŽƌŶĂĚĂƐ ƉĞƌƐŽŶĂůĚĞůƐĞĐƚŽƌĚĞůĂƐĂůƵĚLJƉŽďůĂĐŝſŶ
ƌĞĂůŝnjĂĚĂƐ ĞŶŐĞŶĞƌĂůƉĂƌĂĞůŵĂŶĞũŽĚĞƉĞƌƐŽŶĂƐ
ŵĂLJŽƌĞƐĐŽŶĚĞŵĞŶĐŝĂ͕ĚŝƐĐĂƉĂĐŝĚĂĚLJ
ĐŽŶĚŝĐŝŽŶĞƐĚĞĚĞƉĞŶĚĞŶĐŝĂ
/DE^/KE^K/Kh>dhZ>ΗZͲZEKd:/K^K/>WZ>KDWd/s/z>WZK^WZ/Η
^dKZ͗'ZhWK^sh>EZ>^ͲWŽďůĂĐŝſŶEKE//KE/^W/
K:d/sK^dZd'/K͗&ŽƌƚĂůĞĐĞƌůŽƐƉƌŽŐƌĂŵĂƐĚĞĂƚĞŶĐŝſŶĂƉŽďůĂĐŝſŶǀƵůŶĞƌĂďůĞƋƵĞƉƌŽŵƵĞǀĂŶůĂŝŶĐůƵƐŝſŶƐŽĐŝĂůLJĞůŵĞũŽƌĂŵŝĞŶƚŽĚĞƐƵĐĂůŝĚĂĚĚĞǀŝĚĂ͘
WZK'ZD
^ /E/KZ >/E ^ĞĐƚŽƌĞƐĚĞĐŽŵƉĞƚĞŶĐŝĂ
DdZ^h>dK WZKzdK^ /E/KZWZKhdK DĞƚĂƐĚĞƉƌŽĚƵĐƚŽĂƐŽĐŝĂĚĂƐ
^dZd'/ Z^h>dK ^ ĐŽŵƉƌŽŵĞƚŝĚŽƐ
K^
sŝŶĐƵůĂĐŝſŶĚĞϮ͘ϬϬϬƉĞƌƐŽŶĂƐĞŶůŽƐ
EƷŵĞƌŽĚĞƉĞƌƐŽŶĂƐĞŶĐŽŶĚŝĐŝſŶĚĞ
ƉƌŽŐƌĂŵĂƐĚĞƉƌŽŵŽĐŝſŶ͕ƉƌĞǀĞŶĐŝſŶLJ
ĚŝƐĐĂƉĂĐŝĚĂĚǀŝŶĐƵůĂĚĂƐ
ĚĞƚĞĐĐŝſŶƚĞŵƉƌĂŶĂĚĞĚŝƐĐĂƉĂĐŝĚĂĚ
sŝŶĐƵůĂĐŝſŶĚĞϮ͘ϬϬϬƉĞƌƐŽŶĂƐĞŶĐŽŶĚŝĐŝſŶ
EƷŵĞƌŽĚĞƉĞƌƐŽŶĂƐĞŶĐŽŶĚŝĐŝſŶĚĞ
ĚĞĚŝƐĐĂƉĂĐŝĚĂĚĞŶůĂĞƐƚƌĂƚĞŐŝĂĚĞ
ĚŝƐĐĂƉĂĐŝĚĂĚǀŝŶĐƵůĂĚĂƐĂůĂĞƐƚƌĂƚĞŐŝĂ
ZĞŚĂďŝůŝƚĂĐŝſŶĂƐĂĚĂĞŶŽŵƵŶŝĚĂĚͲZ
Z^WKE^>͗
EƷŵĞƌŽĚĞƉĞƌƐŽŶĂƐĚŝƐĐĂƉĂĐŝƚĂĚĂƐ/ŶĐůƵƐŝſŶůĂďŽƌĂůĚĞϰϬƉĞƌƐŽŶĂƐĞŶĐŽŶĚŝĐŝſŶ
^ĞĐƌĞƚĂƌŝĂ>ŽĐĂůĚĞ^ĂůƵĚ
ǀŝŶĐƵůĂĚĂƐůĂďŽƌĂůŵĞŶƚĞ ĚĞĚŝƐĐĂƉĂĐŝĚĂĚ
KZZ^WKE^>^͗
^ĞĐƌĞƚĂƌşĂĚĞĚƵĐĂĐŝſŶLJƵůƚƵƌĂ
/ŵƉůŵĞŶƚĂĐŝſŶĚĞůϲϬй EƷŵĞƌŽĚĞƉĞƌƐŽŶĂƐĚŝƐĐĂƉĂĐŝƚĂĚĂƐ /ŶĐůƵƐŝſŶĞƐĐŽůĂƌĂϯϬϬƉĞƌƐŽŶĂƐĞŶĐŽŶĚŝĐŝſŶ
^ĞĐƌĞƚĂƌşĂĚĞ/ŶĨƌĂĞƐƚƌƵĐƚƵƌĂLJ
WŽƌĐĞŶƚĂũĞĚĞ ĚĞĂĐĐŝŽŶĞƐ ǀŝŶĐƵůĂĚĂƐĂůƐŝƐƚĞŵĂĞĚƵĐĂƚŝǀŽ ĚĞĚŝƐĐĂƉĂĐŝĚĂĚ
^K'DK^K/E>hzEdz sĂůŽƌŝnjĂĐŝſŶ
ŝŵƉůĞŵĞŶƚĂĐŝſŶ ĐŽŶƚĞŵƉĂůĚĂƐĞŶĐĂĚĂ
KDWd/d/sKWZ> ^ĞĐƌĞƚĂƌşĂĚĞĞƐĂƌƌŽůůŽLJDĞĚŝŽ
ĚĞůĂWŽůşƚŝĐĂ E͘͘ ůşŶĞĂĚĞůĂWŽůşƚŝĐĂ ZĞĂůŝnjĂĐŝſŶĚĞĐĂŵƉĂŹĂĂŶƵĂůƉĂƌĂůĂ
WK>/KEKE/sZ^/ ŵďŝĞŶƚĞ
WƷďůŝĐĂĚĞ WƷďůŝĐĂĚĞŝƐĐĂƉĂĐŝĚĂĚ͕ EƷŵĞƌŽĚĞĐĂŵƉĂŹĂƐĚĞƌĞĂůŝnjĂĚĂƐ ƐĞŶƐŝďŝůŝnjĂĐŝſŶLJƉƌŽŵŽĐŝſŶĚĞůŽƐĚĞƌĞĐŚŽƐ
&hE/KE> /͘Z͘͘^͘
ŝƐĐĂƉĂĐŝĚĂĚ ĂƉĂƌƚŝƌĚĞůĂůşŶĞĂďĂƐĞ ĚĞůĂƐƉĞƌƐŽŶĂƐĞŶĐŽŶĚŝĐŝſŶĚĞĚŝƐĐĂƉĂĐŝĚĂĚ
&KEs/^K'
ƋƵĞƐĞůĞǀĂŶƚĞĞŶϮϬϭϮ
/EdZ^K'
ĚĂƉƚĂĐŝſŶĚĞϮĞƐĐĞŶĂƌŝŽƐƉƷďůŝĐŽƐĚĞ
EƷŵĞƌŽĚĞĞƐĐĞŶĂƌŝŽƐĚĞƉŽƌƚŝǀŽƐLJͬŽ ,ŽƐƉŝƚĂůZĞŐŝŽŶĂůĚĞ^ŽŐĂŵŽƐŽ
ĐĂƌĄĐƚĞƌĚĞƉŽƌƚŝǀŽLJĐƵůƚƵƌĂůŐĂƌĂŶƚŝnjĂŶĚŽĞů
ĐƵůƚƵƌĂůĞƐĚĞĐĂƌĄĐƚĞƌƉƷďůŝĐŽ 'ƌƵƉŽƐĨĂŵŝůŝĂƌĞƐĚĞ
ĂĐĐĞƐŽ͕ƵƐŽLJŵŽǀŝůŝĚĂĚĚĞůĂƉŽďůĂĐŝſŶĞŶ
ĂĚĂƉƚĂĚŽƐ ĚŝƐĐĂƉĂĐŝƚĂĚŽƐ
ĐŽŶĚŝĐŝſŶĚĞĚŝƐĐĂƉĂĐŝĚĂĚ

>&D/>/:>KDWd/d/s/^K/>
ĚƋƵŝƐŝĐŝſŶĚĞƵŶǀĞŚşĐƵůŽĂĚĂƉƚĂĚŽƉĂƌĂĞů
sĞŚşĐƵůŽƐĚĞƚƌĂŶƐƉŽƌƚĞĂĚƋƵŝƌŝĚŽ
ƐĞƌǀŝĐŝŽĚĞƚƌĂŶƐƉŽƌƚĞĂĚŝƐĐĂƉĂĐŝƚĂĚŽƐ

EƷŵĞƌŽĚĞŽůŝŵƉŝĂĚĂƐĞƐƉĞĐŝĂůĞƐ ZĞĂůŝnjĂĐŝſŶĚĞϮKůŝŵƉŝĂĚĂƐƐƉĞĐŝĂůĞƐƉĂƌĂ
ƌĞĂůŝnjĂĚĂƐ͘ ƉŽďůĂĐŝſŶĞŶĐŽŶĚŝĐŝſŶĚĞĚŝƐĐĂƉĂĐŝĚĂĚ
',0(16,2162&,2&8/785$/5(&5($1'27(-,'262&,$/3$5$/$&203(7,7,9,'$'<35263(5,'$'
3REODFLyQ9,&7,0$'(/&21)/,&72$50$'2

2%-(7,926
*DUDQWL]DUHOJRFHHIHFWLYRGHGHUHFKRVGHODSREODFLyQYtFWLPDGHOFRQIOLFWRDUPDGRLQWHUQR\GHVSOD]DPLHQWRIRU]DGRSRUODYLROHQFLD
(675$7(*,&26

352*5$0$6 /,1($ 6HFWRUHVGHFRPSHWHQFLD

,1',&$'25'(5(68/7$'2 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
(675$7(*,&26 %$6( FRPSURPHWLGRV

3URSRUFLyQGHKRJDUHVLQFOXLGRVHQHO583'HQORVTXHQLQJXQR
GHVXVPLHPEURVKDVXIULGRSULYDFLyQGHVXOLEHUWDGGHVSXpVGHO 
GHVSOD]DPLHQWRHVWpQRQRHQHOKRJDUDFWXDO
3URSRUFLyQGHKRJDUHVLQFOXLGRVHQHO583'HQORVTXH
QLQJXQDSHUVRQDIXHYtFWLPDGHOGHOLWRGHKRPLFLGLRGHVSXpVGHO  352*5$0$$7(1&,21
GHVSOD]DPLHQWR $6,67(1&,$<5(3$5$&,21
3URSRUFLyQGHKRJDUHVLQFOXLGRVHQHO583'HQORVTXHQLQJXQR ,17(*5$/$/$69,&7,0$6'(/
GHVXVPLHPEURVKDVXIULGRWRUWXUDYLROHQFLDVH[XDORURER  &21)/,&72$50$'2,17(512
GHVSXpVGHOGHVSOD]DPLHQWR

3RUFHQWDMHGHKRJDUHVLQFOXLGRVHQ583TXHQRKDQVLGR

YtFWLPDVGHDFFLRQHVTXHDWHQWHQFRQWUDVXVHJXULGDGSHUVRQDO

3RUFHQWDMHGHKRJDUHVLQFOXLGRVHQHO583'TXHFXHQWDQFRQ
6(*85,'$'62&,$/(16$/8' 3RUFHQWDMHGHDILOLDFLyQGHSHUVRQDV
WRGRVORVPLHPEURVDILOLDGRVDO6LVWHPD*HQHUDOGH6HJXULGDG  
5(63216$%,/,'$''(72'26 LQFOXLGDVHQHO583'DO6*666
6RFLDOHQ6DOXG

3RUFHQWDMHGHSHUVRQDVLQFOXLGDVHQHO GHSHUVRQDVLQFOXLGDVHQ 5(63216$%/(&20,7e'(

3RUFHQWDMHGHSHUVRQDVLQFOXLGDVHQHO583'TXHUHFLELHURQ
 6$/8'0(17$/3$5$72'26 583'DODVTXHVHEULQGyDSR\R HO583'TXHVROLFLWDQDSR\R -867,&,$75$16,&,21$/
DSR\RSVLFRVRFLDO
SVLFRVRFLDO SVLFRVRFLDO\VHOHVEULQGD

3RUFHQWDMHGHKRJDUHVFRQQLxRVLQFOXLGRVHQHO583'FRQ 1,f261,f$6<$'2/(6&(17(6

YDFXQDVGH'37\7ULSHYLUDO 6$/8'$%/(6
3RUFHQWDMHGHQLxRV\QLxDVGHKRJDUHV
LQFOXLGRVHQHO583'FRQHVTXHPDGH 
YDFXQDFLyQFRPSOHWRDFRUGHDVXHGDG

35,0(5$,1)$1&,$*e1(6,6'( 3RUFHQWDMHGHSREODFLyQYLFWLPDGHO

8162*$0262&203(7(17( GHVSOD]DPLHQWRIRU]DGRFXELHUWDSRUHO SHUVRQDV
VLVWHPDHGXFDWLYRJUDWXLWR
7DVDGHFREHUWXUDQHWDGHHGXFDFLyQHQSREODFLyQGHVSOD]DGD
SRUQLYHOHGXFDWLYR
&2%(5785$3$5$/$
(48,'$'&$/,'$'< 1~PHURGHHVWXGLDQWHVGHIDPLOLDV
&$3$&,'$' LQFOXLGDVHQHO583'EHQHILFLDGRVFRQHO HVWXGLDQWHV

,03/(0(17$&,21'(/3/$1,17(*5$/81,&23,8$32%/$&,219,&7,0$'(/$9,2/(1&,$

VHUYLFLRGHDOLPHQWDFLyQHVFRODU

3URSRUFLyQGHKRJDUHVLQFOXLGRVHQHO583'HQORVTXHVXV 3RUFHQWDMHGHSHUVRQDVLQFOXLGDVHQHO GHSHUVRQDVLQFOXLGDVHQ

PLHPEURVFXHQWDQFRQWRGRVORVGRFXPHQWRVGHLGHQWLILFDFLyQ  (675$7(*,$5('81,'26 583'DODVTXHVHDSR\DHQWUiPLWHGH HO583'FRQGRFXPHQWRVVHJ~Q
TXHOHVFRUUHVSRQGHVHJ~QHGDG\JpQHUR GRFXPHQWRV ODHGDG\JpQHUR
 352*5$0$6 /,1($ 6HFWRUHVGHFRPSHWHQFLD
,1',&$'25'(5(68/7$'2 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
(675$7(*,&26 %$6( FRPSURPHWLGRV

1XPHURGHKRJDUHVTXHUHFLELHURQ KRJDUHVHQDOLPHQWDFLyQ\
D\XGDKXPDQLWDULDGHHPHUJHQFLD HQDORMDPLHQWR\YHVWXDULR
3URSRUFLyQGHKRJDUHVTXHUHFLELHURQODVWUHVFRPSRQHQWHV
EiVLFDVGHD\XGDKXPDQLWDULDGHHPHUJHQFLDDOLPHQWDFLyQ  5(63216$%/(6HFUHWDUtDGH
DORMDPLHQWR\VDOXGLQFOX\HQGRDX[LOLRVHQGLQHUR 3RUFHQWDMHGHDWHQFLyQ\UHSRUWHD *RELHUQR
GHFDVRVDWHQGLGRV\
LQVWDQFLDVQDFLRQDOHVGHSREODFLyQ
UHSRUWDGRV
YLFWLPDGHOGHVSDO]DPLHQWRIRU]DGR

62*$02626,1
3URSRUFLyQGHKRJDUHVTXHQHFHVLWDEDQ\UHFLELHURQODVWUHV ',6&5,0,1$&,Ð1 3RUFHQWDMHGHKRJDUHVTXHQHFHVLWDEDQ VXPLQLVWURGHD\XGDKXPDQLWDULD
HQ
FRPSRQHQWHVGHD\XGDLQPHGLDWDDORMDPLHQWRDOLPHQWDFLyQ\  \UHFLELHURQD\XGDKXPDQLWDULDGH GHHPHUJHQFLDDOGH

VDOXGHQODHPHUJHQFLD HPHUJHQFLD KRJDUHVTXHORQHFHVLWDEDQ

3URSRUFLyQGHKRJDUHVTXHKDQVXIULGRGHODVHSDUDFLyQGH
3RUFHQWDMHGHKRJDUHVTXHKDQVXIULGRGHOD
DOJXQRGHVXVPLHPEURVKDQVROLFLWDGRD\XGDGHO(VWDGR\KDQ
VHSDUDFLyQGHDOJXQRGHVXVPLHPEURVKDQ DSR\DGRVSRUHOPXQLFLSLRSDUD 5(63216$%/(6HFUHWDUtDGH
VLGRUHLQWHJUDGRVFRQUHODFLyQDOWRWDOGHKRJDUHVTXHKDQ 
VROLFLWDGRD\XGDGHO(VWDGR\KDQVLGR ODUHLQWHJUDFLyQGHVXVPLHPEURV *RELHUQR
VXIULGRGHODVHSDUDFLyQGHDOJXQRGHVXVPLHPEURV\KDQ
UHLQWHJUDGRV
VROLFLWDGRD\XGDGHO(VWDGR
1XPHURSHUVRQDVLQFOXLGRVHQHO583'
'(6$552//2 DSR\DGRVSRUHOPXQLFLSLRDWUDYpVGHO
HOGHODVVROLFLWXGHVGH
25*$1,=$&,21$/',1$0,&$'( DFRPSDxDPLHQWRHQHOGHVDUUROORGHORV
LQFOXVLRQDO583' 5(63216$%/(6HFUHWDUtDGH'HVDUUROOR
&203(7,7,9,'$'/2&$/ SUR\HFWRVGHJHQHUDFLyQGHLQJUHVRV\
\0HGLR$PELRHQWH
HPSOHRSUHVHQWDGRV
 &255(63216$%/(6$JHQFLDSDUDOD
3URSRUFLyQGHKRJDUHVLQFOXLGRVHQHO583'TXHSRVHHDO VXSHUDFLyQGHODSREUH]DH[WUHPD
)257$/(&,(1'2(/5(&8562 1XPHURSHUVRQDVLQFOXLGRVHQHO583'
PHQRVXQDIXHQWHGHLQJUHVRVDXWyQRPD\VXLQJUHVRVXSHUD &RJHVWRUHVHVWUDWHJLD5HG8QLGRV
+80$12+$&,$/$ DSR\DGRVSRUHOPXQLFLSLRHQSURFHVRVGH SHUVRQDV
FRPRPtQLPRDOtQHDGHSREUH]D
&203(7,7,9,'$' FRQVHFXFLRQGHHPSOHR

1XPHURGHFXSRVGHOSURJUDPDDVLJQDGRV
$'8/720$<256$%,'85,$<
DSREODFLyQYLFWLPDGHOGHVSOD]DPLHQWR QXHYRVFXSRV 5(63216$%/(6HFUHWDUtDGH6DOXG
&212&,0,(172
IRU]DGR

$FRPSDxDPLHQWRDOGHORV
DVHQWDPLHQWRVGHSREODFLRQ
7RWDOGHKRJDUHVLQFOXLGRVHQHO583'FRQKDELWDFLyQOHJDOGHO
YLFWLPDGHOFRQIOLFWRHQORV
SUHGLR
SURFHVRVGHOHJDOL]DFLRQGH
SUHGLRV

GHRUJDQL]DFLRQHVGH
7RWDOGHRUJDQL]DFLRQHVGHSREODFLyQGHVSOD]DGD±23'TXH GHRUJDQL]DFLRQHVGHSREODFLyQ GHRUJDQL]DFLRQHVGH
SREODFLyQGHVSOD]DGDFRQ
SDUWLFLSDQHIHFWLYDPHQWHHQODVGHFLVLRQHVGHODVSROtWLFDS~EOLFD GHVSOD]DGDFRQDFRPSDxDPLHQWRSDUDOD SREODFLyQGHVSOD]DGDFRQ

,03/(0(17$&,21'(/3/$1,17(*5$/81,&23,8$32%/$&,219,&7,0$'(/$9,2/(1&,$

DFRPSDxDPLHQWRSDUDOD
VREUHGHVSOD]DPLHQWRIRU]DGR SDUWLFLSDFLyQ DFRPSDxDPLHQWRPXQLFLSDO
SDUWLFLSDFLyQ
 352*5$0$6 /,1($ 6HFWRUHVGHFRPSHWHQFLD
,1',&$'25'(5(68/7$'2 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
(675$7(*,&26 %$6( FRPSURPHWLGRV

3RUFHQWDMHGHKRJDUHVLQFOXLGRVHQHO583'FRQGpILFLW 0HMRUDPLHQWRGHYLYLHQGDXUEDQD\ 1~PHURGHYLYLHQGDVHQWUHJDGDVD

YLYLHQGDV
FXDOLWDWLYRGHYLYLHQGD UXUDO SREODFLyQYLFWLPDGHOGHVSOD]DPLHQWR

1~PHURGHVXEVLGLRVGHYLYLHQGD
JHVWLRQDGRVSDUDSREODFLyQ
YLFWLPDGHOGHVSOD]DPLHQWR
3RUFHQWDMHGHKRJDUHVLQFOXLGRVHQHO583'FRQGpILFLW
FXDQWLWDWLYRGHYLYLHQGD
&RQVWUXFFLyQGHYLYLHQGDHQ6LWLR
SURSLR&RQVWUXFFLyQGHYLYLHQGD
QXHYD(VSHUDQ]D\&RPSUDGH
YLYLHQGDQXHYD
1~PHURGHYLYLHQGDVSDUDSREODFLyQ
YLYLHQGDV
YtFWLPDGHOGHVSOD]DPLHQWR

,QVWDQFLDGHDUWLFXODFLyQWHUULWRULDOSDUD
JDUDQWL]DUODSUHYHQFLyQDVLVWHQFLD
DWHQFLyQ\UHSDUDFLyQLQWHJUDOGHODV
YtFWLPDV
&RPLWp7HUULWRULDOGH-XVWLFLD
7UDQVLFLRQDOFRQIRUPDGR
8QLGDGGH$WHQFLyQRSRUWXQDD
ODSREODFLyQYtFWLPDGHOFRQIOLFWR
IXQFLRQDQGR

3ODQGHDFFLyQSDUDHVWDEOHFHUPHGLGDVGHDWHQFLyQ $WHQFLyQLQWHJUDOVHJ~Q3ODQGH /DWRWDOLGDGGHGHOHJDGRVGH

1XPHURGHYLFWLPDVSDUWLFLSDQWHVHQOD
DVLVWHQFLD\UHSDUDFLyQLQWHJUDODODVYLFWLPDVGHOFRQIOLFWR DFFLyQDOGHSREODFLyQ DVRFLDFLRQHVGHYLFWLPDV
IRUPXODFLyQHMHFXFLyQVHJXLPLHQWR\
DUPDGRLQWHUQR YLFWLPD SDUWLFLSDQHQHOSURFHVRGH
HYDOXDFLyQGHO3ODQGH$FFLyQ7HUULWRULDO
HODERUDFLyQGHOSODQGHDFFLyQ
GHDVLVWHQFLDDWHQFLyQ\UHSDUDFLyQ
WHUULWRULDOSDUDODDWHQFLyQ\
LQWHJUDODODVYtFWLPDV
UHSDUDFLyQDODVYtFWLPDV

3RUFHQWDMHGHLPSOHPHQWDFLyQGHO3ODQ
GHO3ODQGH$FFLyQ
GH$FFLyQGXUDQWHORVFXDWURDxRVGH
LPSOHPHQWDGR

$7(1&,21$6,67(1&,$<5(3$5$&,21,17(*5$/
JRELHUQR

$/$69,&7,0$6'(/&21)/,&72$50$'2,17(512
 (675$7(*,$1$&,21$/5('81,'26
0(7$*(1(5$/ /RJUDUJUDGXDUHOGHODVIDPLOLDVDFRPSDxDGDVSRUOD5HG81,'26SDUDTXHVXSHUHQVXVLWXDFLyQGHSREUH]DH[WUHPD

/,1($%$6(SHQGLHQWHSRU
&DQWLGDGGH )2508/$&,213/$1'('(6$552//2
FXPSOLUORJUR 5(63216$%/(6
SHUVRQDVR
68%352*5$0$ 0(7$6'(352'8&72 /2*526
IDPLOLDVGHODPHWD
&DQWLGDG 3(5621$6 SURGXFWR 352*5$0$ 352<(&726
)$0,/,$6

7RGRV,GHQWLILFDGRV/RJUDUTXHWRGRVORV
LQWHJUDQWHVGHODVIDPLOLDVHQSREUH]DH[WUHPD
FXHQWHQFRQORVGRFXPHQWRVHVHQFLDOHVTXHORV
LGHQWLILFDQFRPRFLXGDGDQRVFRORPELDQRV
,QJUHVRV\WUDEDMRSDUDODVIDPLOLDV81,'26
*DUDQWL]DUTXHODVIDPLOLDVHQSREUH]DH[WUHPD XQDIXHQWHGHLQJUHVRRVXVWHQWRHFRQyPLFR
DFFHGHQDLQJUHVRVPRQHWDULRVRHQHVSHFLHD
WUDYpVGHGLIHUHQWHVPHGLRVGHVXVWHQWR
1,f261,f$6<
/RVPHQRUHVHQWUH\DxRVWLHQHQUHJLVWURFLYLOORVQLxRVHQWUH\
/RJUDUTXHHOGHODVIDPLOLDVHQSREUH]DH[WUHPDWHQJDQVXV $'2/(6&(17(6+2<0$f$1$'HOHJDGR0XQLFLSDO5HJLVWUDGXUtD0XQLFLSDO0LQLVWHULRGH'HIHQVD%DWDOOyQ
DxRVWLHQHQWDUMHWDGHLGHQWLGDG\ODVSHUVRQDVPD\RUHVGHDxRVWLHQHQ  3(5621$6 
GRFXPHQWRVGHLGHQWLGDGORVKRPEUHVWHQJDQOLEUHWDPLOLWDU\OD /$)$0,/,$(-('( <6,(035(35(3$5$1'26( 7DUTXt6RJDPRVR$JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQGHOD3REUH]D
FpGXODRFRQWUDVHxDFHUWLILFDGD
IDPLOLDHVWpUHJLVWUDGDHQODEDVHGHGDWRVGHO6LVEpQ /$&203(7,7,9,'$' 3$5$/$&203(7,7,9,'$' ([WUHPD2ILFLQD0XQLFLSDOGHO6LVEpQ6HFUHWDUtDGH6DOXG
62&,$/
/RVKRPEUHVHQWUH\DxRVWLHQHQOLEUHWDPLOLWDU  3(5621$6 
3URPRYHUTXHHOGHORVDGXOWRVPD\RUHVGHDxRVWHQJDQ 1RHVWDSULRUL]DGR
/RVPD\RUHVGHDxRVWHQHPRVDOJ~QLQJUHVRPRQHWDULRRHQHVSHFLH SDUDHOPXQLFLSLR
*HQHUDUFDSDFLGDGHVODERUDOHVHQHOGHODVIDPLOLDV 6LORQHFHVLWDPRVUHFLELPRVDSR\RRFDSDFLWDFLyQSDUDPHMRUDUQXHVWUR 1RHVWDSULRUL]DGR
81,'26\SURPRYHUVXYLQFXODFLyQODERUDOHIHFWLYD WUDEDMRRDFFHGHUDpO SDUDHOPXQLFLSLR

*DUDQWL]DUTXHHOGHORVQLxRV\QLxDVPHQRUHVGHDxRV
/RVQLxRV\QLxDVPHQRUHVGHDxRVHVWiQYLQFXODGRVDDOJ~QSURJUDPD 3ULPHUDLQIDQFLDJpQHVLVGHXQ 'HOHJDGR0XQLFLSDO6HFUHWDULDGH(GXFDFLyQ6HFUHWDULDGHOD0XMHU\OD
DFFHGHQDDOJ~QSURJUDPDGHDWHQFLyQLQWHJUDOHQFXLGDGR  3(5621$6 
GHDWHQFLyQLQWHJUDOHQFXLGDGRQXWULFLyQ\HGXFDFLyQLQLFLDO 6RJDPRVR 6RJDPRVRFRPSHWHQWH )DPLOLD,&%)$JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQGHOD3REUH]D([WUHPD
QXWULFLyQ\HGXFDFLyQLQLFLDO
FRPSURPHWLGDFRQOD
/RVPHQRUHVHQHGDGHVFRODUGHVGHORVKDVWDORVDxRVTXHQR HGXFDFLyQ/$
)$0,/,$(-('(/$ &REHUWXUDSDUDOD(TXLGDG
/RJUDUTXHGHORVQLxRVQLxDVDGROHVFHQWHV\MyYHQHV KD\DQWHUPLQDGRHOFLFOREiVLFRKDVWDžJUDGRHVWiQVLHQGRDWHQGLGRVSRU
&203(7,7,9,'$' 6RJDPRVRLQFOX\HQWH\ 6HFUHWDULDGH(GXFDFLyQ6(1$$JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQGHOD
DFFHGDQDOFLFOREiVLFRGHHGXFDFLyQLQFOXLGDODSREODFLyQHQ HOVHUYLFLRHGXFDWLYRIRUPDO\ODVSHUVRQDVHQVLWXDFLyQGHGLVFDSDFLGDG  3(5621$6 
62&,$/ FRPSHWLWLYRSDUDODSREODFLRQFRQ 3REUH]D([WUHPD
GLVFDSDFLGDG\TXHORVDGXOWRVHVWpQDOIDEHWL]DGRV KDVWDORVDxRVHVWiQVLHQGRDWHQGLGDVSRUHOVHUYLFLRHGXFDWLYRIRUPDOR
GLYHUVLGDGIXQFLRQDO
HQXQVLVWHPDDOWHUQDWLYRTXHOHVSHUPLWDHOGHVDUUROORGHVXVFRPSHWHQFLDV

/RVDGXOWRVHQWUH\DxRVLQFOXLGRVDTXHOORVHQVLWXDFLyQGH SRUYHULILFDUHQEDVH

/RJUDUTXHGHORVDGXOWRVHVWpQDOIDEHWL]DGRV  3(5621$6
)RUPDQGR&DSLWDO+XPDQR/RJUDUTXHORV GLVFDSDFLGDGHVWiQDOIDEHWL]DGRV GDWRV5HG8QLGRV
QLxRVMyYHQHV\DGXOWRVDFXPXOHQFDSLWDO
KXPDQR\DFFHGDQDOFRQRFLPLHQWRTXHOHV 6RJDPRVRFDPLQRDOD
JDUDQWLFHVXGHVDUUROORKXPDQRLQWHJUDO FRPSHWLWLYLGDG
/DVSHUVRQDVTXHORGHVHHQXQDYH]FRQFOXLGRHOFLFOREiVLFRVHYLQFXODQ )RUWDOHFLHQGRHOUHFXUVRKXPDQR
/RJUDUTXHHOGHODVSHUVRQDVTXHORGHVHDQFRQWLQ~HQVX 6RJDPRVR
DODHGXFDFLyQPHGLDWpFQLFDWHFQROyJLFDRXQLYHUVLWDULDRDFFHGHQD  3(5621$6  KDFLDODFRPHSWLWLYLGDG&REHUWXUD 6(1$8QLYHUVLGDGHV6HFUHWDULDGH'HVDUUROOR\0HGLR$PELHQWH
SUHSDUDFLyQSURIHVLRQDO FRPSURPHWLGDFRQOD
SURJUDPDVGHIRUPDFLyQSDUDHOWUDEDMR SDUDOD(TXLGDG
HGXFDFLyQSDUDOD
FRPSHWLWLYLGDG

6RJDPRVR
FRPSURPHWLGDFRQOD
HGXFDFLyQSDUDOD &RPLWp0XQLFLSDO3(7,6HFUHWDUtDGH(GXFDFLyQ6HFUHWDULDGH6DOXG
/RJUDUTXHHOGHORVPHQRUHVGHDxRVQRHVWHQ /RVQLxRV\ODVQLxDVPHQRUHVGHDxRVQRHVWiQYLQFXODGRVD
 3(5621$6  FRPSHWLWLYLGDG/$ &REHUWXUDSDUDOD(TXLGDG 6HFUHWDULDGHOD0XMHU\OD)DPLOLD&HQWURGH&RQYLYHQFLD,&%)$JHQFLD
YLQFXODGRVDDFWLYLGDGHVODERUDOHV DFWLYLGDGHVODERUDOHV
)$0,/,$(-('(/$ 1DFLRQDOSDUDOD6XSHUDFLyQGHOD3REUH]D([WUHPD
&203(7,7,9,'$'
62&,$/
7RGRVVDOXGDEOHV/RJUDUODYLQFXODFLyQHIHFWLYD
9LQFXODUDOGHODVSHUVRQDVHQSREUH]DH[WUHPDDO6LVWHPD /RVLQWHJUDQWHVGHODIDPLOLDHVWiQDILOLDGRVDO6LVWHPD*HQHUDOGH 6HFUHWDUtDGH6DOXG$JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQGHOD3REUH]D
DOVLVWHPDGHVDOXG\JDUDQWL]DUTXHWRGDVODV  3(5621$6 
GH6HJXULGDG6RFLDOHQ6DOXG 6HJXULGDG6RFLDOHQ6DOXG±6*66 ([WUHPD
IDPLOLDVHQSREUH]DH[WUHPDUHFLEHQVHUYLFLRV 6HJXULGDGVRFLDOHQVDOXG
HQVDOXG\SDUWLFLSDQGHORVSURJUDPDVGH /RJUDUTXHHOGHODVSHUVRQDVHQSREUH]DH[WUHPDDFFHGDQ UHVSRQVDELOLGDGGHWRGRV 6HFUHWDUtDGH6DOXG6HFUHWDUtDGH(GXFDFLyQ6HFUHWDULDGHOD0XMHU\OD
/DIDPLOLDDFFHGHDLQWHUYHQFLRQHVGHSURPRFLyQGHODVDOXGDODVFXDOHV 6DOXGSDUDOD
SUHYHQFLyQ\SURPRFLyQUHGXFLHQGRORVtQGLFHV DORVSURJUDPDVGHSUHYHQFLyQ\SURPRFLyQGHODVDOXG  3(5621$6  )DPLOLD&HQWURGH&RQYLYHQFLD,&%)$JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQGH
WLHQHQGHUHFKRHQHOPDUFRGHO6*66HQVDOXG FRPSHWLWLYLGDG
GHPRUELOLGDG\PRUWDOLGDG OD3REUH]D([WUHPD
6RJDPRVR&RPSHWLWLYD
7RGRV1XWULGRV\$OLPHQWDGRVGHPDQHUD HPSUHQGHGRUD\ 6RJDPRVRXQHQWRUQRVDOXGDEOH6HFUHWDUtDGH6DOXG6HFUHWDULDGHOD0XMHU\OD)DPLOLD&HQWURGH
VDOXGDEOH3URPRYHUTXHWRGRVORVLQWHJUDQWHV 3URPRYHUTXHHOGHODVIDPLOLDVHQSREUH]DH[WUHPD WXUtVWLFD
/DIDPLOLDSUDFWLFDKiELWRVVDOXGDEOHVHQODPDQLSXODFLyQ\SUHSDUDFLyQGH 6HPLOODGHDOLPHQWRV3ODQ &RQYLYHQFLD6HFUHWDUtDGH'HVDUUROOR<0HGLR$PELHQWH,&$&RUSRER\DFi
GHODIDPLOLDFXHQWHQFRQXQDDOLPHQWDFLyQ SUDFWLTXHQKiELWRVVDOXGDEOHVGHDOLPHQWDFLyQ\DFFHGDQGH  )$0,/,$6 
DOLPHQWRV PXQLF,SDOGHVHJXULGDG &HQWURVGHLQYHVWLJDFLyQ0LQDPELHQWH$JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQ
DGHFXDGD\WHQJDQEXHQRVKiELWRVHQHOPDQHMRPDQHUDRSRUWXQDDORVDOLPHQWRV
$OLPQHQWDULD0$,6 GHOD3REUH]D([WUHPD
GHORVDOLPHQWRV
 $FXHGXFWRXQVHUYLFLRUHVSRQVDEOH
\HILFLHQWH$OFDQWDULOODGRVDQLWDULR
/DYLYLHQGDFXHQWDFRQDEDVWHFLPLHQWRGHDJXDSRWDEOH\XQVLVWHPDGH \SOXYLDO\WUDWDPLHQWRGHDJXDV &RVHUYLFLRV6$(636HFUHWDUtDGH3ODQHDFLyQ6HFWRU3ULYDGR6HFUHWDULR
GHVDJHV',)(5(1&,$5727$/85%$12<585$/6(352321((/  )$0,/,$6  UHVLGXDOHVHQHOVHFWRUXUEDQR(O GH'HVDUUROOR\0HGLR$PELHQWH)RQYLVRJ$JHQFLD1DFLRQDOSDUDOD
3$5$&21&5(7$5GHODO 6HUYLFLRVS~EOLFRVSDUD FDPSRFRQVHUYLFLRVS~EOLFRV 6XSHUDFLyQGHOD3REUH]D([WUHPD
WRGDV\WRGRV HILFLHQWHV6DQHDPLHQWREiVLFR
UXUDO

&RVHUYLFLRV6$(636HFWRU3ULYDGR6HFUHWDULRGH'HVDUUROOR\0HGLR
/DIDPLOLDGLVSRQHRWUDQVIRUPDODVEDVXUDV  )$0,/,$6  *HVWLyQLQWHJUDOGHUVLGXRVVyOLGRV $PELHQWH)RQYLVRJ$JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQGHOD3REUH]D
([WUHPD
9LYLHQGD'LJQDSDUD7RGRV*DUDQWL]DUTXH %HQHILFLDUDOGHODVIDPLOLDVHQSREUH]DH[WUHPDDWUDYpVGH (OHFWULILFDFLyQ\DPSOLDFLyQGH
WRGDVODVIDPLOLDVHQSREUH]DH[WUHPDWHQJDQ VXEVLGLRVGHYLYLHQGDQXHYDPHMRUDPLHQWRVFRQVWUXFFLyQHQVLWLR/DYLYLHQGDFXHQWDFRQGRWDFLyQGHXQVLVWHPDGHHQHUJtDFRQYHQFLRQDOR (QHUJtDHOpFWLUFDSDUD UHGHVHOpFWULFDVGHPHGLD\EDMD (%6$6HFWRU3ULYDGR6HFUHWDULRGH'HVDUUROOR\0HGLR$PELHQWH)RQYLVRJ
 )$0,/,$6 
FRQGLFLRQHVGHKDELWDELOLGDGVHJXUDV\DFRUGHV SURSLR\DVHVRUDPLHQWRHQWLWXODFLyQGHSUHGLRVGHDFXHUGRDVXV DOWHUQDWLYD ODFRPSHWLWLYLGDG WHQVLyQHQYHUHGDVGHO $JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQGHOD3REUH]D([WUHPD
FRQVXFRQWH[WRFXOWXUDO QHFHVLGDGHV PXQLFLSLR
/DYLYLHQGDFXHQWDFRQHVSDFLRVGLIHUHQFLDGRVGHEDxRFRFLQDODYDGHUR\ 6HFUHWDULRGH'HVDUUROOR\0HGLR$PELHQWH)RQYLVRJ6HFWRU3ULYDGR$JHQFLD
 )$0,/,$6 
GRUPLWRULRV 1DFLRQDOSDUDOD6XSHUDFLyQGHOD3REUH]D([WUHPD
(QODYLYLHQGDQRYLYHQPiVGHWUHVSHUVRQDVHQFDGDFXDUWR\ORVQLxRV (%6$6HFWRU3ULYDGR6HFUHWDULRGH'HVDUUROOR\0HGLR$PELHQWH)RQYLVRJ
 )$0,/,$6 
GXHUPHQVHSDUDGRVGHORVDGXOWRV $JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQGHOD3REUH]D([WUHPD
&RQVWUXFFLyQGHYLYLHQGDHQVLWLR )RQYLVRJ6HFWRU3ULYDGR$JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQGHOD3REUH]D
/DYLYLHQGDQRWLHQHSLVRVGHWLHUUD  )$0,/,$6  7RGDV\7RGRVFRQ
SURSLR0HMRUDPLHQWRGHYLYLHQGD ([WUHPD
YLYLHQGDGLJQD
/DYLYLHQGDSRVHHPDWHULDOHVDGHFXDGRVTXHSRVLELOLWDQODVHJXULGDGHQOD XUEDQD\UXUDO
)RQYLVRJ6HFWRU3ULYDGR$JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQGHOD3REUH]D
LQIUDHVWUXFWXUDItVLFD\PD\RUELHQHVWDUSDUDODIDPLOLDHQWpUPLQRVGHVDOXG  )$0,/,$6 
([WUHPD

/DYLYLHQGDFXHQWDFRQLOXPLQDFLyQYHQWLODFLyQQDWXUDO\SULYDFLGDG )RQYLVRJ6HFWRU3ULYDGR$JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQGHOD3REUH]D
 )$0,/,$6 
IDPLOLDV ([WUHPD
6HFUHWDULDGH*RELHUQR&RPLVDUtDVGH)DPLOLD&HQWURGH&RQYLYHQFLD
5HGXFLUORVQLYHOHVGHYLROHQFLDLQWUDIDPLOLDU\ODRFXUUHQFLDGH /DIDPLOLDDFFHGHDLQIRUPDFLyQ\VHUYLFLRVGHGHWHFFLyQWHPSUDQD 6DOXGSDUDOD 6HFUHWDUtDGH(GXFDFLyQ6HFUHWDUtDGHOD0XMHU\OD)DPLOLD6HFUHWDUtDGH
 3(5621$6  6DOXGPHQWDOSDUDWRGRV
KHFKRVUHODFLRQDGRVFRQDEXVRVH[XDOHQODVIDPLOLDV81,'26 DWHQFLyQ\UHFXSHUDFLyQGHODVYtFWLPDVGHYLROHQFLDLQWUDIDPLOLDU\VH[XDO FRPSHWLWLYLGDG 6DOXG,&%)5HGGHO%XHQ7UDWR6XEFRPLWpGH,QIDQFLD$GROHVFHQFLD\
)DPLOLD
/RVPLHPEURVGHODIDPLOLDFRQRFHQORVHVSDFLRV\RSRUWXQLGDGHVSDUD
&XOWXUDSDUDOD ,5'66HFUHWDULDGH(GXFDFLyQ8QLGDGGH&XOWXUD6HFUHWDULDGH*RELHUQR
DFFHGHUDSURJUDPDV\VHUYLFLRVGLVSRQLEOHVHQVXORFDOLGDGRUJDQL]DFLRQHV
81,'26HQIDPLOLD3URPRYHUTXHODIDPLOLD /RJUDUTXHHOGHODVSHUVRQDV81,'26SDUWLFLSHHQORV &RPSHWLWLYLGDG $GHFXDFLyQ\PDQWHQLPLHQWRGHOD &HQWURGH&RQYLYHQFLD6HFUHWDULDGHOD0XMHU\OD)DPLOLD6HFUHWDULDGH6DOXG
FRPXQLWDULDVHVSDFLRVGHUHFUHDFLyQ\FXOWXUDFOXEHVGHSRUWLYRVFHQWURVGH
FXHQWHFRQXQWHMLGRVRFLDOIRUWDOHFLGR\ HVSDFLRVGHDSURYHFKDPLHQWRGHOWLHPSROLEUHDELHUWRVGHQWURGHO  3(5621$6  'HSRUWH\FRQYLYHQFLD LQIUDHVWUXFWXUDUHFUHRGHSRUWLYDGH (6(6$/8'6RJDPRVR,&%)5HGGHO%XHQ7UDWR6XEFRPLWpGH,QIDQFLD
UHFUHDFLyQSDUDQLxRVMyYHQHV\SDUDDGXOWRVPD\RUHVDVRFLDFLRQHVGH
PHFDQLVPRVVDOXGDEOHVGHFRQYLYHQFLD\GH PXQLFLSLR FLXGDGDQDSDUDOD ODFLXGDG $GROHVFHQFLD\)DPLOLD6HFWRU3ULYDGR$JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQ
SDGUHVGHIDPLOLDFHQWURVGHHGXFDFLyQOXGRWHFDVHWF\SDUWLFLSDQHQ
H[SUHVLyQGHDIHFWRUHFRQRFLHQGROD FRPSHWLWLYLGDG GHOD3REUH]D([WUHPD
DOJXQRGHHOORV
LPSRUWDQFLDGHODVUHODFLRQHVHQWUHVXV
LQWHJUDQWHVSDUDVXSURSLRGHVDUUROOR 6RJDPRVR
FRPSURPHWLGDFRQOD 6HFUHWDULDGH(GXFDFLyQ8QLGDGGH&XOWXUD6HFUHWDULDGH*RELHUQR&HQWUR
HGXFDFLyQSDUDOD GH&RQYLYHQFLD6HFUHWDULDGHOD0XMHU\OD)DPLOLD6HFUHWDULDGH6DOXG(6(
/RJUDUTXHHOGHODVIDPLOLDVDSOLTXHSDXWDVGHFULDQ]DVL 3ULPHUDLQIDQFLDJpQHVLVGHXQ
/DIDPLOLDFRQPHQRUHVGHDxRVFRQRFHQ\DSOLFDQSDXWDVGHFULDQ]D  )$0,/,$6  FRPSHWLWLYLGDG/$ 6$/8'6RJDPRVR,&%)5HGGHO%XHQ7UDWR6XEFRPLWpGH,QIDQFLD
DSOLFD\JHQHUHHVSDFLRVGHGLiORJR\FRQYLYHQFLDIDPLOLDU 6RJDPRVRFRPSHWHQWH
)$0,/,$(-('(/$ $GROHVFHQFLD\)DPLOLD6HFWRU3ULYDGR$JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQGH
&203(7,7,9,'$' OD3REUH]D([WUHPD
62&,$/
7RGRV&RQ2SRUWXQLGDGHV\DKRUUDQGR
/DIDPLOLDDKRUUDDWUDYpVGHOVLVWHPDILQDQFLHURRGHPHFDQLVPRVQR
/RJUDUTXHODIDPLOLDVHYLQFXOHDOVLVWHPD  )$0,/,$6 (QWLGDGHV)LQDQFLHUDVSULYDGDV\S~EOLFDV$JHQFLD1DFLRQDOSDUDOD
IRUPDOHV 
ILQDFLHURFRPRXQPHFDQLVPRGHDFFHVRDODV 3URPRYHUODYLQFXODFLyQGHOGHODVIDPLOLDVDOVLVWHPD 6XSHUDFLyQGHOD3REUH]D([WUHPD
/DIDPLOLDFRQRFHODVFDUDFWHUtVWLFDVGHDOPHQRVXQRGHORVVLJXLHQWHV
RSRUWXQLGDGHVGHWUDEDMRLQJUHVRV\VHJXULGDG ILQDQFLHUR\JHQHUDUFXOWXUDGHDKRUUR  )$0,/,$6 5HDOL]DUFRQYHQLRVFRQHQWLGDGHVEDQFDULDVGHVHJXQGRSLVRSDUDHODSR\RD
VHUYLFLRVILQDQFLHURVDKRUURFUpGLWR\VHJXURV 
IDPLOLDUFUHDQGRFXOWXUDGHDKRUURSDUDORJUDU ODVIDPLOLDV
ODVPHWDVSURSXHVWDV 1RWHQHPRVSUpVWDPRVGHXVXUDJRWDDJRWD  )$0,/,$6 
$FFHVRDORVVHUYLFLRVGHOD-XVWLFLDSDUD7RGRV
6HFUHWDUtDGH*RELHUQR&RPLVDUtDGH)DPLOLD&HQWURGH&RQYLYHQFLD
*DUDQWL]DUTXHODIDPLOLDWHQJDDFFHVRDORV (QODIDPLOLDFRQRFHPRVQXHVWURVGHUHFKRV\GHEHUHVWDPELpQVDEHPRV
3URPRYHUTXHHOGHODVIDPLOLDVHQSREUH]DH[WUHPD  3(5621$6  6HJXULGDG\ ,QVSHFFLyQGH3ROLFtD3ROLFtD0XQLFLSDO3HUVRQHUtD)LVFDOtD-X]JDGRV
VHUYLFLRVGHODMXVWLFLDIRUPDO\QRIRUPDOSDUDOD TXpLQVWLWXFLRQHVQRVSXHGHQD\XGDUDUHVROYHUQXHVWURVFRQIOLFWRV
FRQR]FDQODVUXWDVGHDWHQFLyQGHORVVHUYLFLRVGHMXVWLFLD\ &RQYLYHQFLDSDUDOD &RQYLYHQFLDFLXGDGDEQD 3ROLFtD6XEFRPLWpGH,QIDQFLD$GROHVFHQFLD\)DPLOLD,&%)5HGGHO%XHQ
VROXFLyQGHVXVFRQIOLFWRVFRQRFLPLHQWRGHVXV
DFFHGDQDHVWRVGHPDQHUDRSRUWXQD\HILFD] &RQRFHPRV\KDFHPRVXVRGHORVDSR\RVLQVWLWXFLRQDOHVTXHWHQHPRV FRPSHWLWLYLGDG 7UDWR6HFWRU3ULYDGR$JHQFLD1DFLRQDOSDUDOD6XSHUDFLyQGHOD3REUH]D
GHUHFKRVIRPHQWRGHORVYDORUHV\  3(5621$6 
SDUDUHVROYHUQXHVWUDVQHFHVLGDGHVMXUtGLFDV ([WUHPD
IRUWDOHFLPLHQWRGHODFRQYLYHQFLDGHPDQHUD

127$6/DVPHWDVVHDVLJQDQUHDOL]DQGRXQDQiOLVLVMXLFLRVRGHODFDSDFLGDGDGPLQLVWUDWLYD\ILQDQFLHUDGHOPXQLFLSLRODOLQHDGHEDVH\ODSRVLELOLGDGUHDOGHFXPSOLPLHQWR3DUDODVPHWDVTXHQRHVWiQGHQWURGHQLQJ~QSURJUDPDVHSODQWHDUDQHVWUDWHJLDVGHDSR\R
',0(16,Ð1 $0%,(17(1$785$/
2%-(7,92(675$7e*,&2 3URSHQGHUSRUODJHVWLyQDPELHQWDOSDUDODFRQVHUYDFLyQ\SURWHFFLyQGHORVUHFXUVRVQDWXUDOHVHQDUPRQtDFRQHOGHVDUUROORHFRQyPLFR\VRFLDOGHO0XQLFLSLR
6(&725 0(',2$0%,(17(<5(&856261$785$/(6

2%-(7,926(&725,$/ 0HMRUDUODFDOLGDGDPELHQWDOPHGLDQWHOD,PSOHPHQWDFLyQHMHFXFLyQGHDFFLRQHV\DFWLYLGDGHVGHSURWHFFLyQGHORVUHFXUVRVQDWXUDOHV\GHJHVWLyQDPELHQWDOGHO0XQLFLSLRGH6RJDPRVREXVFDQGRORVREMHWLYRVGHOGHVDUUROORVRVWHQLEOH\IRUWDOHFLPLHQWRLQVWLWXFLRQDO

352*5$0$6 6HFWRUHVGHFRPSHWHQFLD
,1',&$'25'(5(68/7$'2 /,1($%$6( 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
(675$7(*,&26 FRPSURPHWLGRV
237,0,=$&,Ð1'(/$5(''(021,725(2'(
/$&$/,'$''(/$,5('(/9$//('( 1XPHURGHHVWDFLRQHVGHPRQLWRUHRDXWRPDWL]DGDV $XWRPDWL]DFLRQGHGRVHVWDFLRQHVGHPRQLWRUHR
62*$0262
6HFUHWDULDGH'HVDUUROOR\
&203(7,7,9,'$'
—JP30 5HGXFLU D  —JP 30 6,67(0$'(&$3785$'((0,6,21(6 PHGLRDPELHQWH±
$0%,(17$/3$5$ ,QGLFHGHFDOLGDGGHODLUH &RQVWUXFFLyQGH6LVWHPDVGHFDSWXUD\FRQWUROGHHPLVLRQHVSDUD
HQ HQHO9DOOHGH6RJDPRVR &217$0,1$17(6(1+25126$57(6$1$/(6 1~PHURVLVWHPDVFRQVWUXLGRV &RUSRER\DFi6HFUHWDULDGH
62*$0262 KRUQRV
'()$%5,&$&,Ð1'(/$'5,//26 *RELHUQR3ROLFtD1DFLRQDO

)257$/(&,0,(172'(/&21752/< 1~PHURGHIXHQWHVJHQHUDGRUDVGHLPSDFWR
(MHUFLFLRGHOFRQWURO\YLJLODQFLDDPELHQWDOVREUHIXHQWHVLGHQWLILFDGDV
9,*,/$1&,$$0%,(17$/ DPELHQWDOVXMHWDVDVHJXLPLHQWRDPELHQWDO

,QFUHPHQWDU HQ XQ  HO
3RUFHQWDMHGHLQFUHPHQWRGH
KHFWiUHDVDGTXLULGDVDODxR iUHD DGTXLULGD HQ ]RQDV &216(59$&,Ð1<5(67$85$&,Ð1'(
iUHDVDGTXLULGDVFRQILQHVGH 1~PHURGHKHFWiUHDVDGTXLULGDV $GTXLVLFLyQ\SURWHFFLyQGHQXHYDVKHFWiUHDVHQ]RQDVGHSiUDPRV
 GH SiUDPR R ]RQDV (&26,67(0$6(675$7e*,&26
SURWHFFLyQ
DIHUHQWHVGHDFXHGXFWRV 6HFUHWDULDGH'HVDUUROOR\
0HGLR$PELHQWH
0$1(-2,17(*5$/'(/ 1~PHURGHKHFWiUHDV KDVUHVWDXUDGDVR 1XPHURGHKHFWiUHDVUHIRUHVWDGDVHQ]RQDVGH
KHFWiUHDVDxR5HIRUHVWDGDV 5HIRUHVWDFLyQGHKHFWiUHDVHQFXHQFDV\PLFURFXHQFDVGHOPXQLFLSLR &26(59,&,266HFUHWDULDGH
$*8$68(/2)/25$</$ UHIRUHVWDGDV 5HIRUHVWDGDV FXHQFDV\PLFURFXHQFDV
6DOXG&RPXQLGDG5XUDO
%,2',9(56,'$'
0LWLJDUHOLPSDFWRGH &/23$'(6HFUHWDULDGH
0$1(-2,17(*5$/<$3529(&+$0,(172 ,QIUDHVWUXFWXUD
'LVPLQXFLyQSRUFHQWXDOHQ LQXQGDFLRQHVHQHO 6267(1,%/('(0,&52&8(1&$6
KHFWiUHDVDIHFWDGDVSRUHO 1~PHURGHPHWURVOtQHDOHVGHFDXFHV\GUHQDMHV
iUHDVVXVFHSWLEOHVGH GHiUHDVFRQSRWHQFLDO 0DQWHQLPLHQWRKLGUiXOLFRDPHWURVOtQHDOHVGHFDXFH\GUHQDMHV
IHQyPHQRGHLQXQGDFLRQHVHQ FRQPDQWHQLPLHQWRKLGUiXOLFR
LQXQGDFLyQ DJUROyJLFRVXVFHSWLEOHVGH
LQXQGDFLRQHV

&DSDFLWDFLyQDOGHODSREODFLyQHVWXGLDQWLOGHOPXQLFLSLRLQFOXLGRV
3RUFHQWDMHGHSREODFLyQ
&8/785$08,6&$
YLQFXODGDDODHVWUDWHJLDGH
$0%,(17$/
HGXFDFLyQDPELHQWDO
,QYROXFUDUDOGHOD
SREODFLyQWRWDOGHO
SHUVRQDVYLQFXODGDVDORV
PXQLFLSLRHQWRUQRDXQD
3UR\HFWRV$PELHQWDOHV(VFRODUHV
HVWUDWHJLDGH(GXFDFLyQ
$PELHQWDO
3RUFHQWDMHGHSREODFLyQHVWXGLDQWLOFDSDFLWDGD
1~PHURGH3UR\HFWRV&LXGDGDQRVGH(GXFDFLyQ
$PELHQWDOLPSOHPHQWDGRV
('8&$&,Ð1$0%,(17$/3$5$/$
1~PHURGHQXHYRV3UR\HFWRV$PELHQWDOHV
&203(7,7,9,'$'
(VFRODUHVLPSOHPHQWDGRV
&UHDFLyQ\FRQIRUPDFLyQGHXQD5HGGH(GXFDFLyQ$PELHQWDOVRSRUWDGDHQ 8QLYHUVLGDGHV(PSUHVDV
5HGFRQIRUPDGDGHVDUUROODQGRXQDHVWUDWHJLDGH
HGXFDFLyQDPELHQWDODWUDYpVGH7,&
1~PHURGHDFWLYLGDGHVUHDOL]DGDV
GRFHQWHV\SDGUHVGHIDPLOLDHQHOSURJUDPDSDUDODVHQVLELOL]DFLzQ
DFFLRQDPELHQWDO
6HFUHWDULDGH'HVDUUROOR\
,PSOHPHQWDFLyQGH3UR\HFWRV&LXGDGDQRVGH(GXFDFLyQ$PELHQWDO0HGLR$PELHQWH6HFUHWDULDGH
352&('$6DQLYHOGHRUJDQL]DFLRQHVVRFLDOHVRFRPXQLWDULDV (GXFDFLyQ\FXOWXUD
6HFUHWDUtDGH*RELHUQR
,PSOHPHQWDFLyQGHQXHYRV3UR\HFWRV$PELHQWDOHV(VFRODUHV35$(6
&RPXQLGDG(GXFDWLYD
LQFOXLGRVHQORV3(,GHODV,QVWLWXFLRQHV(GXFDWLYDV
&/23$'(&26(59,&,26
ODDSOLFDFLyQ\XVRGHODVQXHYDV7HFQRORJtDVGHOD,QIRUPDFLyQ\ 3ULYDGDV
&RPXQLFDFLRQHV7,&
*HVWLyQSDUDYLDELOL]DFLyQWHQGLHQWHDODLPSOHPHQWDFLyQGHXQ-DUGtQ
%RWiQLFR
 ',0(16,Ð1 
2
2%-(7,92(675$7e*,&2 %(%&$*")-*&%&!$+!",%*!!"(&$!$$*&$)#!&($&&!")!,$!&(&!%
6(&725  
  
  

2%-(7,926(&725,$/
 !"#$!$%!&'!$&()$!)(&&*)*!)%**+,)-&!&)()-*.'-$'!)&*)&)/)*(&!&(((+(($$0-**$,&($&&*&(&**1

 



2

 
2
 3  



2 *$(%(!*$!($ !*$(!)%*!!)%)*($
 

5(63216$%/(
2ILFLQD$VHVRUDGH3ODQHDFLyQ
&255(63216$%/(6
6HFUHWDUtDVGH'HVSDFKR
5(9,6,21*(1(5$/3/$1'( &XPSOLPLHQWRGHODVIDVHVFRQWHPSODGDV
1XPHURGHIDVHVDGHODQWDGDV (QWLGGDHVGHVFHQWUDOL]DGDV
25'(1$0,(1727(55,725,$/ HQHOSURFHVRGH5HYLVLyQ*HQHUDOGHO327
&RUSRER\DFi
&RQVHHMR&RQVXOWLYRGH2UGHQDPLHQWR
&RQFHMR0XQLFLSDO
&RPXQLGDG6RFLHGDG&LYLO

$YDQFHGHOHQHOSURFHVRGH
   
 3RUFHQWDMHGHDYDQFHGHO30*5 IRUPXODFLyQGHO3ODQ0XQLFLSDOGH*HVWLyQ
  

GHO5LHVJR  

&ORSDG
5HDOL]DFLyQGHXQDFDPSDxDSDUDOD   

VRFLDOL]DFLyQHLPSOHPHQWDFLyQGHO3ODQ 6HFUHWDULDGH,QIUDHVWUXFWXUD
&DPSDxDUHDOL]DGD
1~PHURGHSHUVRQDVPXHUWDVSRU 0DQWHQHUHOQ~PHURGHSHUVRQDV 2
 
 /RFDOGH(PHUJHQFLDV\&RQWLQJHQFLDV 6HFUHWDULDGH'HVDUUROOR
 3/(&
6
GHVDVWUHVSRUDxR PXHUWDVSRUGHVDVWUHVSRUDxR  6HFUHWDULDGH*RELHUQR
6HFUHWDULDGH(GXFDFLyQ
$WHQFLyQGHOGHHYHQWRVGH &26(59,&,26
3RUFHQWDMHGHDWHQFLyQGHHYHQWRV
HPHUJHQFLDV\GHVDVWUHVGHFODUDGRV &RUSRER\DFi
2UJDQLVPRVGH6RFRUUR
0RQLWRUHRDOGHORVVLVWHPDVGH
3RUFHQWDMHGHVLVWHPDVPRQLWRUHDGRV
DOHUWDVHQRSHUDFLyQ
 ',0(16,Ð1 $0%,(17(&216758,'2,1)5$(6758&785$<(48,3$0,(17263$5$/$&203(7,7,9,'$'
(7,92(675$7e*,&2 3RWHQFLDU\DGHFXDUODLQIUDHVWUXFWXUD\HTXLSDPLHQWRVFRQHOILQGHIRUWDOHFHUHOGHVDUUROORLQWHJUDOGHOPXQLFLSLRGH6RJDPRVR
6(&725 ,1)5$(6758&785$9,$/<'(75$163257(
%-(7,926(&725,$/ 3RWHQFLDU\&RQVROLGDUODLQIUDHVWUXFWXUDYLDOWUDQVSRUWH\HVSDFLRS~EOLFRFRQHOILQGHJDUDQWL]DUODDFFHVLELOLGDG\FRQHFWLYLGDGXUEDQD\UHJLRQDOGHOPXQLFLSLRGH6RJDPRVR

352*5$0$6 /,1($
,1',&$'25'(5(68/7$'2 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV 6HFWRUHVGHFRPSHWHQFLDFRPSURPHWLGRV
(675$7(*,&26 %$6(
5(63216$%/(
1~PHURGHWUDPRVYLDOHVXUEDQRV ,QWHUYHQFLyQGHWUDPRVYLDOHV
6HFUHWDUtDGH,QIUDHVWUXFWXUD\9DORUL]DFLyQ
0$17(1,0,(172'(/$0$//$ LQWHUYHQLGRV HQ]RQDXUEDQD
&255(63216$%/(6
0HMRUDUHQXQHOHVWDGR 9,$/85%$1$<585$/ ,QWHUYHQFLyQGHNLOyPHWURVGH 2ILFLQD$VHVRUDGH3ODQHDFLyQ
.LOyPHWURVGHYtDVUXUDOHVLQWHUYHQLGRV
9DULDFLyQSRUFHQWXDOGHYtDV GHODPDOODYLDOPXQLFLSDO PDOODYLDOUXUDO
1' 5(63216$%/(
PHMRUDGDV XUEDQD\UXUDODSDUWLUGHORV 1XPHURGHFRQHFWRUHVYLDOHV
HVWXGLRVGHO3ODQ9LDO &RQVWUXFFLyQGHFRQHFWRUHVYLDOHV 6HFUHWDUtDGH,QIUDHVWUXFWXUD\9DORUL]DFLyQ
9,$6$0$%/(63$5$/$ FRQVWUXLGRV
&255(63216$%/(6
2*$0262&21 029,/,'$'85%$1$ &RQVWUXFFLyQGHNLOyPHWURVGH 2ILFLQD$VHVRUDGH3ODQHDFLyQ
.POLQHDOHVGHQXHYDVYtDVXUEDQDV
)5$(6758&785$ QXHYDVYtDVXUEDQDV
&203(7,7,9$ 1~PHURGHSXHQWHVSHDWRQDOHV &RQVWUXFFLyQGH3XHQWHV
FRQVWUXLGRV SHDWRQDOHV 5(63216$%/(
PGH 6HFUHWDUtDGH,QIUDHVWUXFWXUD\9DORUL]DFLyQ
&RQVWUXFFLyQGHNLOyPHWURVGH
0HWURVFXDGUDGRVGHHVSDFLR HVSDFLR $XPHQWDUHOtQGLFHGH(VSDFLR (63$&,238%/,&23$5$/$ .LOyPHWURVGHFLFORUXUDVFRQVWUXLGRV &255(63216$%/(6
FLFORUXWDV
S~EOLFRSRUKDELWDQWH S~EOLFRSRU 3~EOLFRSRUKDELWDQWHDP &203(7,7,9,'$' 2ILFLQD$VHVRUDGH3ODQHDFLyQ
KDELWDQWH 0HWUURVFXDGUDGRVGHHVSDFLRS~EOLFR &RQVWUXFFLyQGHPGH ,175$62*
FRQVWUXLGRV HVSDFLRS~EOLFR

1~PHURGHHVWXGLRVWpFQLFRV
9,$'8&72'(/62/ (ODERUDFLyQ(VWXGLRV7pFQLFRV
HODERUDGRV
5(63216$%/(
(-(9Ì$/',$*21$/ .LOyPHWURVGHYtDFRQVWUXLGRV &RQVWUXFFLyQGHNLOyPHWURGHYtD 6HFUHWDUtDGH,QIUDHVWUXFWXUD\9DORUL]DFLyQ
&255(63216$%/(6
&RQVWUXFFLyQGHNLOyPHWURVGH 2ILFLQD$VHVRUDGH3ODQHDFLyQ
9DULDFLyQSRUFHQWXDOHQHO &2/(&7259,$/&$55(5$ .LOyPHWURVGHYtDFRQVWUXLGRV
5HGXFLUHOWLHPSR YLD
WLHPSRSURPHGLRGH
&7,9,'$'5(*,21$/ SURPHGLRGHGHVSOD]DPLHQWR &21(&725(69,$/(6
GHVSOD]DPLHQWRSRUNLORPHWUR 1' &RQHFWRUHVYLDOHVFRQVWUXLGRV &RQVWUXFFLyQGHFRQHFWRUHVYLDOHV
&203(7,7,9$ SRUNPUHFRUULGRDSDUWLUGH 5(*,21$/(6
UHFRUULGRKDFLDODVYtDV
PHGLFLRQHVHQHODxR
UHJLRQDOHV
5(63216$%/(
7HUPLQDOGH7UDQVSRUWHV
7(50,1$/'(75$163257(6'( 9LDELOL]DFLyQGHSUR\HFWR7HUPLQDO
1~PHURGHSUR\HFWRVYLDELOL]DGRV &255(63216$%/(6
3$6$-(526 GH7UDQVSRUWHV
2ILFLQD$VHVRUDGH3ODQHDFLyQ
*UHPLRVGHO7UDQVSRUWHH,QYHUVLRQLVWDV
 ',0(16,Ð1 $0%,(17(&216758,'2,1)5$(6758&785$<(48,3$0,(17263$5$/$&203(7,7,9,'$'
(7,92(675$7e*,&2 3RWHQFLDU\DGHFXDUODLQIUDHVWUXFWXUD\HTXLSDPLHQWRVFRQHOILQGHIRUWDOHFHUHOGHVDUUROORLQWHJUDOGHOPXQLFLSLRGH6RJDPRVR
6(&725 029,/,'$'<75$163257(
'HVDUUROODUXQDHVWUDWHJLDRULHQWDGDDPHMRUDUODLQIUDHVWUXFWXUDYLDO\DIRUWDOHFHUODVODERUHVGHFRQWURO\YLJLODQFLDVREUHDFWRUHVYLDOHVFRQHOILQGHPHMRUDUODVFRQGLFLRQHVGHPRYLOLGDGHQHOPXQLFLSLR\FRQWULEXLUFRQODUHGXFFLyQ
%-(7,926(&725,$/
GHORVtQGLFHVGHDFFLGHQWDOLGDG

352*5$0$6 /,1($ 6HFWRUHVGHFRPSHWHQFLD

,1',&$'25'(5(68/7$'2 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
(675$7(*,&26 %$6( FRPSURPHWLGRV

9DULDFLRQSRUFHQWXDOHQHOWLHPSR
SURPHGLRGHGHVSOD]DPLHQWRSRU
NLORPHWURUHFRUULGR
,/,'$'6267(1,%/(
/$&203(7,7,9,'$'
ËQGLFHGHDFFLGHQWDELOLGDG
1~PHURGH(VWUDWHJLDVGHO3ODQGH ,PSOHPHQWDFLyQGHWUHVHVWUDWHJLDV
5HGXFLUHOWLHPSRSURPHGLRGH 0RYLOLGDGLPSOHPHQWDGDV GHO3ODQGH0RYLOLGDG
1' GHVSOD]DPLHQWRSRUNPUHFRUULGRHQYtDVORFDOHV 5(63216$%/(
DSDUWLUGHPHGLFLRQHVHQHODxR 029,/,'$'
6267(1,%/( 3RUFHQWDMHGHUXWDVGHWUDQVSRUWH 5HHVWUXFWXUDFLyQGHOGHUXWDVGH ,175$62*
S~EOLFRUHHVWUXFWXUDGDV 7UDQVSRUWH3XEOLFR &255(63216$%/(
25*$1,=$'$<
2ILFLQD$VHVRUDGH3ODQHDFLyQ
(),&,(17(
5HGXFFLyQGHOGHOtQGLFHGHDFFLGHQWDOLGDG 1~PHURGHFDPSDxDVGH 5HDOL]DFLyQGHFDPSDxDVGHHGXFDFLyQ
DSDUWLUGHODOtQHDEDVHTXHVHFRQWUX\DHQHO HGXFDFLyQYLDOUHDOL]DGDV YLDO
1'
 1~PHURGH.LOyPHWURVGHYtDV
'DWRVKHULGRVPXHUWHV 6HxDOL]DFLRQKRUL]RQWDOGHNPGHYtDV
VHxDOL]DGRV
 ',0(16,Ð1 $0%,(17(&216758,'2,1)5$(6758&785$<(48,3$0,(17263$5$/$&203(7,7,9,'$'
7,92(675$7e*,&2 3RWHQFLDU\DGHFXDUODLQIUDHVWUXFWXUD\HTXLSDPLHQWRVFRQHOILQGHIRUWDOHFHUHOGHVDUUROORLQWHJUDOGHOPXQLFLSLRGH6RJDPRVR
6(&725 $*8$327$%/(<6$1($0,(172%$6,&2
*DUDQWL]DUODSUHVWDFLyQGHORVVHUYLFLRVGH$JXDSRWDEOH\VDQHDPLHQWREiVLFRHQIRUPDHILFLHQWHFXPSOLHQGRFRQSDUiPHWURVGHFREHUWXUDFRQWLQXLGDG\FDOLGDGRWRUJDQGRVXEVLGLRVSURSHQGLHQGRSRUFHUWLILFDUVHIDFLOLWDQGRHOGHVDUUROORGHiUHDVSULRULWDULDVGHILQLGDVHQHO327JHVWLRQDQGRUHFXUVRV
%-(7,926(&725,$/
HFRQyPLFRVSDUDODLQIUDHVWUXFWXUDGHOVHFWRU
352*5$0$6
,1',&$'25'(5(68/7$'2 /,1($%$6( 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV 6HFWRUHVGHFRPSHWHQFLDFRPSURPHWLGRV
675$7(*,&26

&REHUWXUDGHDJXDSRWDEOHHQ]RQD $PSOLDFLyQGHFREHUWXUDDOHQHOVXPLQLVWUR

XUEDQD GHDJXDSRWDEOHDODSREODFLyQXUEDQD

,5&$
3RUFHQWDMHGHFRQWLQXLGDGHQHOVHUYLFLR
GHDJXDSRWDEOHHQ]RQDXUEDQD
1~PHURGHXVXDULRVFRQHFWDGRVDO
VHUYLFLRGHDOFDQWDULOODGRHQ]RQD
XUEDQD
,&,2638%/,&26
3$5$/$
03(7,9,'$'
1~PHURGHXVXDULRVFRQHOVHUYLFLRGH
DVHRHQ]RQDXUEDQD
&REHUWXUDGHOVHUYLFLRGHDJXDSRWDEOH
GHOVHFWRUUXUDO
&REHUWXUDGHVDQHDPLHQWREiVLFRUXUDO
5(63216$%/(
0DQWHQHUHOtQGLFHGHULHVJRGHFDOLDGDGGHO &26(59,&,266$(63
 ā0HWURVOLQHDOHVGHUHGHVFRQVWUXLGDV &RQVWUXFFLyQGHPHWURVOLQHDOHVGHUHGHV
DJXD,5&$SRUGHEDMRGHO $&8('8&72816(59,&,2 &255(63216$%/(6
5(63216$%/(<(),&,(17( 6HFUHWDUtDGH,QIUDHVWUXFWXUD\9DORUL]DFLyQ
0DQWHQHUHQHOODFRQWLQXLGDGHQOD 6HFUHWDULDGH'HVDUUROOR\0HGLR$PELHQWH
 SUHVWDFLyQGHOVHUYLFLRGHDFXHGXFWRHQiUHD 6HFUHWDULDGH6DOXG
XUEDQD
(MHFXFLyQGHSUR\HFWRVSULRUL]DGRVHQHO3URJUDPDGH8VR
1~PHURGHSUR\HFWRVHMHFXWDGRV
(ILFLHQWH\$KRUURGH$JXD38($$
5(63216$%/(6
ā2WRUJDPLHQWRGHVXEVLGLRVDOGHXVXDULRV 2ILFLQD$VHVRUDGH3ODQHDFLyQ
6(59,&,2638%/,&2662/,'$5,26
3RUFHQWDMHGHXVXDULRVVXEVLGLDGRV SHUWHQHFLHQWHVDORVHVWUDWRV 6HFUHWDUtDGH+DFLHQGD\JHVWLyQ)LQDQFLHUD
3$5$72'26
\ &255(63216$%/(
&26(59,&,26
3RUFHQWDMHGHUHPRFLRQGHPDWHULDRUJDQLFDGHOD 5(63216$%/(
*(67,21'(/6(59,&,2'( 37$5UHPRYLHQGRHOGHPDWHULDRUJiQLFD &26(59,&,266$(63
37$5
$XPHQWRHQXVXDULRVODFREHUWXUDHQHO $/&$17$5,//$'26$1,7$5,2< &255(63216$%/(6
 ā3UR\HFWR9LDELOL]DGR 9LDELOL]DFLRQGHODVHJXQGDHWDSDGHOSUR\HFWR37$5
VHUYLFLRGHDOFDQWDULOODGRXUEDQR 3/89,$/<75$7$0,(172'($*8$6 6HFUHWDUtDGH,QIUDHVWUXFWXUD\9DORUL]DFLyQ
(MHFXFLyQGHSUR\HFWRVSULRUL]DGRVHQHO3ODQGH
56'(1(/6(&72585%$12 1~PHURGHSUR\HFWRVHMHFXWDGRV 6HFUHWDULDGH'HVDUUROOR\0HGLR$PELHQWH
6DQHDPLHQWR\0DQHMRGH9HUWLPLHQWRV3609 6HFUHWDULDGH6DOXG
5HDOL]DFLyQGHXQDFDPSDxDDQXDOGHVHOHFFLyQHQODIXHQWH
1~PHURGHFDPSDxDVUHDOL]DGDV QREDVXUD\SUHVHQWDFLyQDGHFXDGDGHORVUHVLGXRVVyOLGRV
GRPLFLOLDULRV56'
0DQWHQLPLHQWRGHPLFURUXWDVGHUHFROHFFLyQGH56'FRQORV
1~PHURGHPLFURUXWDVHVWDEOHFLGDV
KRUDULRV\IUHFXHQFLDVHVWDEOHFLGDV 5(63216$%/(
&26(59,&,266$(63
9LQFXODFLyQGHOGHUHFXSHUDGRUHVLGHQWLILFDGRVD &255(63216$%/(6
3RUFHQWDMHGHUHFXSHUDGRUHVYLQFXODGRV
$XPHQWRHQXVXDULRVODFREHUWXUDHQHO 3/$1'(*(67,21,17(*5$/'( SURFHVRVGHVDHOHFFLyQ\UHFXSHUDFLyQGHUHVLGXRVUHFLFODEOHV 2ILFLQD$VHVRUDGH3ODQHDFLyQ

VHUYLFLRGHDVHR 5(6,'82662/,'26 6HFUHWDUtDGH,QIUDHVWUXFWXUD\9DORUL]DFLyQ
.LOyPHWURVGHEDUULGR\OLPSLH]D %DUULGR\OLPSH]DHQ.LOyPHWURVGHYtDVPHQVXDOPHQWH 6HFUHWDULDGH'HVDUUROOR\0HGLR$PELHQWH
6HFUHWDULDGH6DOXG
3RGD\PDQWHQLPLHQWRDiUEROHVHQ]RQDVYHUGHV &RUSRER\DFi
1~PHURGHiUEROHVFRQSRGD\PDQWHQLPLHQWR
DQXDOPHQWH
(VWXGLRVHODERUDGR (ODERUDFLyQGHXQHVWXGLRGHDFWXDOL]DFLyQGHO3*,56
9LDELOL]DFLyQGHOSUR\HFWRSDUDHOHVWDEOHFLPLHQWRGHOD
3UR\HFWRYLDELOL]DGR
HVFRPEUHUD0XQLFLSDO
5(63216$%/(
6HFUHWDULDGH'HVDUUROOR\0HGLR$PELHQWH
,QFUHPHQWDUDOODFREHUWXUDGHDJXDSRWDEOH (/&$032&216(59,&,2638%/,&26 $XPHQWRGHODFREHUWXUDHQHOVHUYLFLRGHDJXDSRWDEOHD &255(63216$%/(6
 1~PHURGHQXHYDVSHUVRQDVEHQHILFLDGDV
DQLYHOUXUDO (),&(17(6 SHUVRQDVGHOD]RQDUXUDO $FXHGXFWRV9HUHGDOHV
&26(59,&,26
6HFUHWDUtDGH6DOXG
1~PHURGHXQLGDGHVVDQLWDULDVFRQVWUXLGDV &RQVWUXFFLyQGHXQLGDGHVVDQLWDULDV 5(63216$%/(6
,QFUHPHQWRDOODVYLYLHQGDVUXUDOHVFRQ 6HFUHWDULDGH'HVDUUROOR\0HGLR$PELHQWH
 6$1($0,(172%$6,&2585$/ (ODERUDFLyQGHXQHVWXGLRSDUDHOPDQHMRGHYHUWLPLHQWRVHQ
VDQHDPLHQWREDVLFR (VWXGLRVHODERUDGR &26(59,&,266$(63
FHQWURVSREODGRV
&255(63216$%/(
 ',0(16,Ð1 
 
  



-(7,92(675$7e*,&2  !"#$%#&!'#$(#" )$#*$'!'$#%+'",#-" *! ()" &)$#(!$(&*#$$((" .$#(&(-' "!","&.#-*
6(&725  
 
 

 /

2%-(7,926(&725,$/
  


 !$*&!-, !"#

 

   



 #*&,$&'!#*!"#&#*
  
!-,$-"&*

5(63216$%/(
$PSOLDFLyQDOGH    6HFUHWDUtDGH,QIUDHVWUXFWXUD\
&REHUWXUDGHO &RQVWUXFLyQGHUHGHVHOpFWULFDVSDUD
FREHUWLUDGHOVHUYLFLRGH



 1~PHURGHYLYLHQGDV 9DORUL]DFLyQ
VHUYLFLRGHHQHUJtD  LQWHUFRQH[LyQGHYLYLHQGDVHQ]RQD
HQHUJtDHOpFWULFDDQLYHO 
  
 LQWHUFRQHFWDGDV &255(63216$%/(
HOpFWULFD]RQDUXUDO UXUDO
UXUDO
 (%6$
*REHUQDFLyQ

0 1~PHURGHOXPLQDULDVLQVWDODGDV ,QVWDODFLyQGHOXPLQDULDV

  


1~PHURGHOXPLQDULDV
$KRUURGH.:+ 5HSRWHQFLDFLyQGHOXPLQDULDV
UHSRWHQFLDGDV
1~PHURGH.:+ HQFRQVXPRSDUDOD  


 $OFDOGtDGH6RJDPRVR&26(59,&,26

DKRUUDGRV SUHVWDFLyQGHOVHUYLFLRGH 
 


0RGHUQL]DFLyQGHWUDPRVGHUHGHVGH &RPXQLGDG(QWHVGH&RQWURO
DOXPEUDGRS~EOLFR 1~PHURGHWUDPRVPRGHUQL]DGRV
DOXPEUDGRS~EOLFRHQ]RQDFpQWULFD

3RUFHQWDMHGHOVLVWHPDFRQ 0DQWHQLPLHQWRGHOGHOVLVWHPDGH
PDQWHQLPLHQWR DOXPEUDGRS~EOLFR
 ',0(16,Ð1 
 
+,   


-(7,92(675$7e*,&2  &!$.' !)$& #)!). /)$"-$ &#!& $&'  !  ' #$& 0' -)&$!$"$' 0-#
6(&725  
2%-(7,926(&725,$/  ! " #!$%&' # ($!$#$&#$)!$& #*

  


 


  ! #' !-"  &!$


 

    #' "')!#!$'#
  

 !-"- $'#

5HDOL]DFLyQGHHVWXGLR7pFQLFRGH
YXOQHUDELOLGDGDGHFXDFLyQIXQFLRQDO
1~PHURGHHVWXGLRV
\JHRUHIHUHQFLDFLyQGHORV
WpFQLFRVUHDOL]DGRV
LQPXHEOHVPXQLFLSDOHVGH(T3
H[LVWHQWHV 5(63216$%/(
6HFUHWDUtDGH,QIUDHVWUXFWXUD\

 
1~PHURGH 9DORUL]DFLyQ
  
 

HTXLSDPLHQWRV HTXLSDPLHQWRVLQWHUYHQLGRV &255(63216$%/(6
 
 
LQWHUYHQLGRV (QWHVGHVFHQWUDOL]DGRV2ILFLQD
$VHVRUDGH3ODQHDFLyQ
(ODERUDFLyQGHXQSODQPDHVWUR
SDUDODDUWLFXODFLyQGHORV
  1XPHURGH $GHFXDFLyQGH 3ODQPDHVWURHODERUDGR HTXLSDPLHQWRVS~EOLFRVFRQHO
 
 HTXLSDPLHQWRV  HTXLSDPLHQWRV VLVWHPDGHHVSDFLRS~EOLFR\
  

DGHFXDGRV PXQLFLSDOHV HVWUXFWXUDYLDO

9LDELOL]DFLyQGHSUR\HFWRVSDUDOD
FRQVWUXFFLyQGHHTXLSDPLHQWRV
1~PHURGHSUR\HFWRV S~EOLFRV(GLILFLR$GPLQLVWUDWLYR 5(63216$%/(
YLDELOL]DGRV $UFKLYR0XQLFLSDO3DUTXHGH 6HFUHWDUtDGH,QIUDHVWUXFWXUD\
(YHQWRV\0HGLDWHFD&HQWUR 9DORUL]DFLyQ
   &XOWXUDO-XDQ/RUHQ]R$OFDQWX] &255(63216$%/(6
(QWHVGHVFHQWUDOL]DGRV2ILFLQD
$VHVRUDGH3ODQHDFLyQ
$GTXLVLFLyQGHPHWURV
0HWURVFXDGUDGRVGH
FXDGUDGRVGHLQIUDHVWUXFWXUDSDUDHO
,QIUDHVWUXFWXUDDGTXLULGD
IRUWDOHFLPLHQWRLQVWLWXFLRQDO
 ',0(16,Ð1 
 
   


2%-(7,92(675$7e*,&2  !"#$"% &"#'"!(#")#& &#"$*&!+",!) '(!%(#"' #'%)"##''!-#"'%',&! !+!%-",)
6(&725  


2%-(7,926(&725,$/ "#"!."#'" )"'"/!/!%"%!-"%'"+0'" !1( "'!."%"2"#"/3)%'"!,+'," !1%+'4! ")$+#-#",")-&0#","')2/! &'"%"')" #)+50'! )+#!/"%)$ ,&!"#!)6

1XPHURGH9LYLHQGDV9,6 9,9,(1'$3$5$/26 1XPHURGHVXEVLGLRV

 9LYLHQGDVLQLFLDGDV $VLJQDFLyQGHVXEVLGLRVGHYLYLHQGD )219,62*1$&,21
,QLFLDGDV     DVLJQDGRV
*REHUQDFLyQ*5(0,26


 
(035(6$35,9$'$
 


5HGXFFLyQDHO $62&,$&,21(6
  
  
 1XPHURGHVXEVLGLRV $VLJQDFLyQGHVXEVLGLRVGHYLYLHQGD
'pILFLWFXDOLWDWLYRGHYLYLHQGD  GpILFLWFXDOLWDWLYRGH &2081,7$5,$6

 DVLJQDGRV SDUDPHMRUDPLHQWRGHYLYLHQGD
YLYLHQGD
/DE^/KEKEMD/Ͳ^K'DK^KKDWd/d/s͕DWZEKZzdhZ1^d/
K:d/sK'EZ>͗ƉŽLJĂƌĞůƉƌŽĐĞƐŽĚĞŵŽĚĞƌŶŝnjĂĐŝſŶĚĞůƐĞĐƚŽƌƉƌŽĚƵĐƚŝǀŽ͕ĞůĞǀĂƌůĂŐĞŶĞƌĂĐŝſŶĚĞǀĂůŽƌĂŐƌĞŐĂĚŽLJĂŵƉůŝĂƌůĂĚŝƐƉŽŶŝďŝůŝĚĂĚĚĞƐĞƌǀŝĐŝŽƐƉĂƌĂŝŵĐƌĞŵĞŶƚĂƌůĂƉƌŽĚƵĐƚŝǀŝĚĂĚLJŵĞũŽƌĂƌůĂƐĐŽŶĚŝĐŝŽŶĞƐĚĞǀŝĚĂ͕ůĂƉĂƌƚŝĐŝƉĂĐŝſŶĞŶĞůW/ĚĞƉĂƌƚĂŵĞŶƚĂůLJůĂ
ĞŵƉůĞĂďŝůŝĚĂĚĞŶĞůŵƵŶŝĐŝƉŝŽ

WZK'ZD^ >/E ^dKZ^KDWdE/

K:d/sK^^dKZ/>^ /E/KZ DdZ^h>dK WZKzdK^ /E/KZWZKhdK Dd^WZKhdK^K/^
^dZd'/K^ ^ KDWZKDd/K^

ƉŽLJĂƌůŽƐƉƌŽĐĞƐŽƐĚĞůƵĐŚĂ
ĐŽŶƚƌĂůĂƉŽďƌĞnjĂĂƚƌĂǀĠƐĚĞůĂ
ŐĞŶĞƌĂĐŝſŶĚĞĞŵƉůĞŽĞŝŶŐƌĞƐŽƐ
ƉĂƌĂůŽƐƉƌŽĚƵĐƚŽƌĞƐ͕ŵĞũŽƌĂŶĚŽ
ůĂƉƌŽĚƵĐƚŝǀŝĚĂĚ͕ĐŽŵƉĞƚŝƚŝǀŝĚĂĚĞ
ŝŶƚĞŐƌĂĐŝſŶĂůŽƐŵĞƌĐĂĚŽƐ
ƌĞŐŝŽŶĂůĞƐ͕ŶĂĐŝŽŶĂůĞƐLJŐůŽďĂůĞƐ
ĞŶĞůŵĂƌĐŽĚĞƵŶĂƉŽůşƚŝĐĂ
ƉƷďůŝĐĂŵƵŶŝĐŝƉĂůĨƵŶĚĂŵĞŶƚĂĚĂ
ĞŶůŽƐƉƌŝŶĐŝƉŝŽƐĚĞĞƋƵŝĚĂĚ͕
ƐŽƐƚĞŶŝďŝůŝĚĂĚLJƌĞƐƉŽŶƐĂďŝůŝĚĂĚ
ĚŽƉƚĂƌƉŽůşƚŝĐĂƐƉƷďůŝĐĂƐ
ĞŶĨŽĐĂĚĂƐĂůĂƉƌŽŵŽĐŝſŶLJ
ƉƌŽƚĞĐĐŝſŶĚĞůŵĞƌĐĂĚŽůĂďŽƌĂůĞŶ ^K'DK^KKDWd/d/sK
^ŽŐĂŵŽƐŽ
ƐƚĂďůĞĐĞƌĞƐƚƌĂƚĞŐŝĂƐƋƵĞ
ƉĞƌŵŝƚĂŶĞůĚĞƐĂƌƌŽůůŽĚĞů
ůŝĚĞƌĂnjŐŽLJĞŵƉŽĚĞƌĂŵŝĞŶƚŽĚĞůĂ
ĐŽŵƵŶŝĚĂĚƌƵƌĂůĞŶƉƌŽĐĞƐŽƐ
ĂƐŽĐŝĂƚŝǀŽƐ͕ƉƌŽĚƵĐƚŝǀŽƐLJ
ĂŐƌŽĞŵƉƌĞƐĂƌŝĂůĞƐ͕ƉƌŽŵŽǀŝĞŶĚŽ
ůĂǀŝŶĐƵůĂĐŝſŶĚĞůŽƐŵĞĚŝĂŶŽƐLJ
ƉĞƋƵĞŹŽƐƉƌŽĚƵĐƚŽƌĞƐ
ŽƌŐĂŶŝnjĂĚŽƐ;ĐŽŵĞƌĐŝĂůŝnjĂĚŽƌĞƐ͕
ĂŐƌŽŝŶĚƵƐƚƌŝĂůĞƐƉƌŽǀĞĞĚŽƌĞƐĚĞ
ŝŶƐƵŵŽƐͿƉĂƌĂĚĞƐĂƌƌŽůůĂƌ
ƉƌŽLJĞĐƚŽƐƉƌŽĚƵĐƚŝǀŽƐ
ĂŐƌŽƉĞĐƵĂƌŝŽƐĂŵĞĚŝĂŶŽLJůĂƌŐŽ
ƉůĂnjŽĚŽŶĚĞĞŶĐŽŶũƵŶƚŽ
ĐŽŶƐƚƌƵLJĂŶĂůŝĂŶnjĂƐƉƌŽĚƵĐƚŝǀĂƐ
ƋƵĞŐĞŶĞƌĞŶďĞŶĞĨŝĐŝŽƐ
ĞĐŽŶſŵŝĐŽƐƉĂƌĂƚŽĚŽƐůŽƐ
ŝŶǀŽůƵĐƌĂĚŽƐ
sĂƌŝĂĐŝſŶƉŽƌĐĞŶƚƵĂů
^K'DK^KD/EK>
ĞŶůŽƐŝŶŐƌĞƐŽƐďƌƵƚŽƐ
KDWd/d/s/
ĚĞĐůĂƌĂĚĂƐ
DW>KWZhE EƷŵĞƌŽĚĞĞŵƉůĞŽƐ
ŐĞŶĞƌĂĚŽƐ
EƷŵĞƌŽĚĞŐƌƵƉŽƐ
ĐŽŶĨŽƌŵĂĚŽƐ
^K/d/s/WZ>
WZKhd/s/͕>
KDWd/d/s/z>
^ZZK>>KZhZ>
sĂƌŝĂĐŝſŶƉŽƌĐĞŶƚƵĂů
ĚĞůĂƉƌŽĚƵĐĐŝſŶ
ĂŐƌŽƉĞĐƵĂƌŝĂ
EƷŵĞƌŽĚĞƵŶŝĚĂĚĞƐ
&ŽƌƚĂůĞĐŝŵŝĞŶƚŽĚĞϭϰϳƵŶŝĚĂĚĞƐƉƌŽĚƵĐƚŝǀĂƐ͘
ĨŽƌƚĂůĞĐŝĚĂƐ
EƷŵĞƌŽĚĞƵŶŝĚĂĚĞƐ
ŽŶĨŽƌŵĂĐŝſŶĚĞϭϰƵŶŝĚĂĚĞƐĚĞĞŵƉƌĞŶĚŝŵŝĞŶƚŽ Z^WKE^>͗
ĐŽŶĨŽƌŵĂĚĂƐ
^ZZK>>KKZ'E//KE> ^ĞĐƌĞƚĂƌşĂĚĞĞƐĂƌƌŽůůŽLJDĞĚŝŽ
/ŶĐƌĞŵĞŶƚĂƌĞŶƵŶϬ͕ϱй /ED/KDWd/d/s/ sŝŶĐƵůĂĐŝſŶĚĞϯϬϬƉĞƋƵĞŹŽƐĐŽŵĞƌĐŝĂŶƚĞƐĞŶ ŵďŝĞŶƚĞ
ůŽƐŝŶŐƌĞƐŽƐďƌƵƚŽƐ EƷŵĞƌŽĚĞƉĞƋƵĞŹŽƐ
>K> ŵŽĚĞůŽƐĚĞŐĞƐƚŝſŶĞŵƉƌĞƐĂƌŝĂůĞŶĞƋƵŝƉĂŵŝĞŶƚŽƐ KZZ^WKE^>^͗
ĚĞĐůĂƌĂĚŽƐƉŽƌĞŵƉƌĞƐĂƐ ĐŽŵĞƌĐŝĂŶƚĞƐǀŝŶĐƵůĂĚŽƐ
ŵƵŶŝĐŝƉĂůĞƐŝŶĐůƵŝĚŽ^ŽŐĂďĂƐƚŽƐ ŵƉƌĞƐĂƌŝŽƐLJĞŵƉƌĞŶĚĞĚŽƌĞƐ
E͘ ĞƐƚĂďůĞĐŝĚĂƐůŽĐĂůŵĞŶƚĞ͕
EƷŵĞƌŽĚĞĞǀĞŶƚŽƐ ZĞĂůŝnjĂĐŝſŶĚĞƵŶĞǀĞŶƚŽĂŶƵĂůƉĂƌĂůĂƉƌŽŵŽĐŝſŶĚĞ
ƐĞŐƷŶůşŶĞĂďĂƐĞ
ůĞǀĂŶƚĂĚĂƉĂƌĂĞůĂŹŽ ƌĞĂůŝnjĂĚŽƐ ƵŶŝĚĂĚĞƐƉƌŽĚƵĐƚŝǀĂƐ
ϮϬϭϭ EƷŵĞƌŽĚĞƉƌŽĚƵĐƚŽƌĞƐ ^ĞŶƐŝďŝůŝnjĂĐŝſŶĚĞϱϬϬƉƌŽĚƵĐƚŽƌĞƐĞŶƉƌŽĐĞƐŽƐĚĞ Z^WKE^>͗
/EEKs/MEdE/z ƐĞŶƐŝďŝůŝnjĂĚŽƐ ŝŶŶŽǀĂĐŝſŶLJĚĞƐĂƌƌŽůůŽƚĞĐŶſůŽŐŝĐŽ ^ĞĐƌĞƚĂƌşĂĚĞĞƐĂƌƌŽůůŽLJDĞĚŝŽ
dEK>M'/W>/> ŵďŝĞŶƚĞ
^ŝƐƚĞŵĂĚĞŝŶĨŽƌŵĂĐŝſŶ /ŵƉůĞŵĞŶƚĂĐŝſŶĚĞƵŶƐŝƐƚĞŵĂĚĞŝŶĨŽƌŵĂĐŝſŶƉĂƌĂ
KEKD1>K> KZZ^WKE^>^͗
ŝŵƉůĞŵĞŶƚĂĚŽ ĞůƐĞĐƚŽƌƉƌŽĚƵĐƚŝǀŽ
KĨŝĐŝŶĂƐĞƐŽƌĂĚĞWůĂŶĞĂĐŝſŶ
EƷŵĞƌŽĚĞƉĞƌƐŽŶĂƐ ĂƉĂĐŝƚĂĐŝſŶĂϭ͘ϱϬϬƉĞƌƐŽŶĂƐĞŶĐŽŵƉĞƚĞŶĐŝĂƐ
ĐĂƉĂĐŝƚĂĚĂƐ ůĂďŽƌĂůĞƐ
Z^WKE^>͗
ƐƚĂďůĞĐŝŵŝĞŶƚŽĚĞƉƌŽŐƌĂŵĂƉĂƌĂůĂĨŽƌŵĂůŝnjĂĐŝſŶ ^ĞĐƌĞƚĂƌşĂĚĞĞƐĂƌƌŽůůŽLJDĞĚŝŽ
&KZd>/EK>ZhZ^K WƌŽŐƌĂŵĂŝŵƉůĞŵĞŶƚĂĚŽ ĚĞĞŵƉůĞŽƐƚĞŵƉŽƌĂůĞƐĂƚƌĂǀĠƐĚĞƉƌŽLJĞĐƚŽƐ ŵďŝĞŶƚĞ
'ĞŶĞƌĂƌϭ͘ϭϮϬĞŵƉůĞŽƐ
Ϭ ,hDEK,/> ŝŶŝĐŝĂĚŽƐLJĂƉŽLJĂĚŽƐƉŽƌĞůĞŶƚĞƚĞƌƌŝƚŽƌŝĂů KZZ^WKE^>^͗
ĨŽƌŵĂůĞƐĞŶůĂĞŶƚŝĚĂĚ
KDWd/d/s/ ^EͲhŶŝǀĞƌƐŝĚĂĚĞƐ
ƐŝŐŶĂĐŝſŶĚĞĐĂƉŝƚĂůƐĞŵŝůůĂĂůϭϬϬйĚĞƉƌŽLJĞĐƚŽƐ ŽŶƚƌĂƚŝƐƚĂƐĚĞůĞŶƚĞƚĞƌƌŝƚŽƌŝĂů
WŽƌĐĞŶƚĂũĞĚĞƉƌŽLJĞĐƚŽƐĐŽŶ
ƉƌŽĚƵĐƚŝǀŽƐǀŝĂďůĞƐƉĂƌĂĨĂŵŝůŝĂƐǀşĐƚŝŵĂƐĚĞůĂ ŵƉƌĞƐĂƌŝŽƐLJĞŵƉƌĞŶĚĞĚŽƌĞƐ
ĐĂƉŝƚĂůƐĞŵŝůůĂĂƐŝŐŶĂĚŽ
ǀŝŽůĞŶĐŝĂ
Z^WKE^>͗
^ĞĐƌĞƚĂƌşĂĚĞĞƐĂƌƌŽůůŽLJDĞĚŝŽ
ŽŶĨŽƌŵĂƌƚƌĞƐ;ϯͿ
^K/d/s/WZ>h>dhZ EƷŵĞƌŽĚĞ ĂƉĂĐŝƚĂĐŝſŶĚĞϯϬϬƉƌŽĚƵĐƚŽƌĞƐĂŐƌŽƉĞĐƵĂƌŝŽƐƉĂƌĂ ŵďŝĞŶƚĞ
ϭϮ ŐƌƵƉŽƐĂƐŽĐŝĂƚŝǀŽƐĚĞů
>DWZ^Z/^DK ƉƌŽĚƵĐƚŽƌĞƐĐĂƉĂĐŝƚĂĚŽƐ ůĂĂƐŽĐŝƚŝǀŝĚĂĚ KZZ^WKE^>^͗
ƐĞĐƚŽƌĂŐƌŽƉĞĐƵĂƌŝŽ
^ĞĐƌĞƚĂƌşĂĚĞĚƵĐĂĐŝſŶLJƵůƚƵƌĂ
^EͲhŶŝǀĞƌƐŝĚĂĚĞƐ
EƷŵĞƌŽĚĞƉĞƋƵĞŹŽƐ
ƚĞŶĐŝſŶĂϲϬϬƉĞƋƵĞŹŽƐƉƌŽĚƵĐƚŽƌĞƐĂŐƌŽƉĞĐƵĂƌŝŽƐ
ƉƌŽĚƵĐƚŽƌĞƐĂŐƌŽƉĞĐƵĂƌŝŽƐ
ĐŽŶĂƐŝƐƚĞŶĐŝĂƚĠĐŶŝĐĂĚŝƌĞĐƚĂ
ĂƐŝƐƚŝĚŽƐ Z^WKE^>͗
sŝĂďŝůŝnjĂƌƵŶƉƌŽLJĞĐƚŽĚĞŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂƉĂƌĂ ^ĞĐƌĞƚĂƌşĂĚĞĞƐĂƌƌŽůůŽLJDĞĚŝŽ
WƌŽLJĞĐƚŽǀŝĂďŝůŝnjĂĚŽ
ƉŽƚĞŶĐŝĂƌĞůƐĞĐƚŽƌĂŐƌŽƉĞĐƵĂƌŝŽ ŵďŝĞŶƚĞ
/ŶĐƌĞŵĞŶƚĂƌĞŶƵŶϮ͕Ϭй
E^WZKhd/s^ KZZ^WKE^>^͗
ůĂƉƌŽĚƵĐĐŝſŶ
'ZKWhZ/^KE^/^dE/ ŵƉƌĞƐĂƐWƌĞƐƚĂĚŽƌĂƐĚĞ^ĞƌǀŝĐŝŽƐ
E͘ ĂŐƌŽƉĞĐƵĂƌŝĂ͕ƐĞŐƷŶůşŶĞĂ
dE/WZ>KDWd/d/s/ ŐƌŽƉĞĐƵĂƌŝŽƐͲW^'ZK^
ďĂƐĞƋƵĞƐĞůĞǀĂŶƚĞƉĂƌĂ
ZhZ> WĞƋƵĞŹŽƐƉƌŽĚƵĐƚŽƌĞƐĂŐƌŽƉĞĐƵĂƌŝŽƐ
ĞůĂŹŽϮϬϭϮ EƷŵĞƌŽĚĞĂůŝĂŶnjĂƐ ƐƚĂďůĞĐŝŵŝĞŶƚŽĚĞƚƌĞƐ;ϯͿĂůŝĂŶnjĂƐƉƌŽĚƵĐƚŝǀĂƐ
^ĞĐƌĞƚĂƌşĂĚĞ&ŽŵĞŶƚŽŐƌŽƉĞĐŝĂƌŝŽ
ĞƐƚĂďůĞĐŝĚĂƐ ĂŐƌŽƉĞĐƵĂƌŝĂƐƉĂƌĂĞůĂĨŝĂŶnjĂŵŝĞŶƚŽĚĞŵĞƌĐĂĚŽƐ
DŝŶŝƐƚĞƌŝŽĚĞŐƌŝĐƵůƚƵƌĂLJĞƐĂƌƌŽůůŽ
ZƵƌĂů
 EƷŵĞƌŽĚĞĞŵƉƌĞƐĂƌŝŽƐ ^ĞŶƐŝďŝůŝnjĂĐŝſŶLJĐĂƉĂĐŝƚĂĐŝſŶĂϭϱĞŵƉƌĞƐĂƌŝŽƐĚĞů
ƐĞŶƐŝďŝůŝnjĂĚŽƐLJĐĂƉĂĐŝƚĂĚŽƐ ƐĞĐƚŽƌŚŽƚĞůĞƌŽĞŶƉƌŽĐĞƐŽƐĚĞĐĂƚĞŐŝƌŝnjĂĐŝſŶ
dhZ/^DK͕hE/Eh^dZ/KE EƷŵĞƌŽĚĞŝŶŝĐŝĂƚŝǀĂƐ ZĞĂĐƚŝǀĂĐŝſŶĚĞϯŝŶŝĐŝĂƚŝǀĂƐƉƌŽĚƵĐƚŝǀĂƐĂƌƚĞƐĂŶĂůĞƐ
WZKz/KE ƌĞĂĐƚŝǀĂĚĂƐ ŝŵƉƵůƐĂĚĂƐƉŽƌĞůĞŶƚĞƚĞƌƌŝƚŽƌŝĂů
EƷŵĞƌŽĚĞĐŽŵƵŶŝĚĂĚĞƐ sŝŶĐƵůĂĐŝſŶĚĞϯĐŽŵƵŶŝĚĂĚĞƐĐŽŶƉŽƚĞŶĐŝĂůƚƵƌşƐƚŝĐŽ
ǀŝŶĐƵůĂĚĂƐ ĞŶĂĐƚŝǀŝĚĂĚĞƐĚĞĚĞƐĂƌƌŽůůŽĚĞůƐĞĐƚŽƌ
ƐƚĂďůĞĐĞƌƵŶƉƌŽŐƌĂŵĂƉĂƌĂůĂŝĚĞŶƚŝĨŝĐĂĐŝſŶ͕
ǀĂůŽƌĂĐŝſŶ͕ƌĞĐƵƉĞƌĂĐŝſŶ͕ĐŽŶƐĞƌǀĂĐŝſŶLJƉƌŽŵŽĐŝſŶ
WƌŽŐƌĂŵĂĞƐƚĂďůĞĐŝĚŽ
ĚĞůƉĂƚƌŝŵŽŶŝŽĂƌƋƵĞŽůſŐŝĐŽ͕ĐƵůƚƵƌĂůLJŶĂƚƵƌĂůĚĞů
ŵƵŶŝĐŝƉŝŽ
ZĞĂůŝnjĂĐŝſŶĚĞĐƵĂƚƌŽ;ϰͿĐĂŵƉĂŹĂƐƉĂƌĂůĂ
EƷŵĞƌŽĚĞĐĂŵƉĂŹĂƐ Z^WKE^>͗
ƉƌŽŵŽĐŝſŶĚĞůĂĐƵůƚƵƌĂŵƵŝƐĐĂĐŽŵŽĂƚƌĂĐƚŝǀŽ
ƌĞĂůŝnjĂĚŽƐ ^ĞĐƌĞƚĂƌşĂĚĞĞƐĂƌƌŽůůŽLJDĞĚŝŽ
ƚƵƌşƐƚŝĐŽ
/ŵƉƵůƐĂƌůŽƐƉƌŽĐĞƐŽƐĚĞ ^K'DK^K͕^d/EKDh/^WZ ŵďŝĞŶƚĞ
ĐŽŶƐŽůŝĚĂĐŝſŶĚĞůƐĞĐƚŽƌƚƵƌşƐƚŝĐŽ /ŶĐƌĞŵĞŶƚĂƌŚĂƐƚĂĞů >DhEK EƷŵĞƌŽĚĞĂĐƚŝǀŝĚĂĚĞƐĚĞ ZĞĂůŝnjĂƌƚƌĞƐ;ϯͿĂĐƚŝǀŝĚĂĚĞƐĚĞƉƌŽŵŽĐŝſŶĚĞůWĂƌƋƵĞ KZZ^WKE^>^͗
dhZ/^DKDKdKZ dĂƐĂĚĞŽĐƵƉĂĐŝſŶ ϯϱ͘ϭϬй
ĐŽŶǀŝƌƚŝĠŶĚŽůŽĞŶĞůĞũĞƉƌŝŵŽƌĚŝĂů ϰϱ͕ϲϯйůĂŽĐƵƉĂĐŝſŶ ƉƌŽŵŽĐŝſŶƌĞĂůŝnjĂĚĂƐ ĐŽůſŐŝĐŽĚĞWŝůĂƌLJĞŝďŝƚĂĐŽŵŽĚĞƐƚŝŶŽƚƵƌşƐƚŝĐŽ KĨŝĐŝŶĂƐĞƐŽƌĂĚĞWůĂŶĞĂĐŝſŶ
^ZZK>>K ŚŽƚĞůĞƌĂ ĞŶĞůϮϬϬϵ
ƉĂƌĂƉƌŽLJĞĐƚĂƌĞůĚĞƐĂƌƌŽůůŽ ŚŽƚĞůĞƌĂĞŶĞůŵƵŶŝĐŝƉŝŽ ^ĞĐƌĞƚĂƌşĂĚĞ/ŶĨƌĂĞƐƚƌƵĐƚƵƌĂLJ
EƷŵĞƌŽĚĞĞǀĞŶƚŽƐ ZĞĂůŝnjĂĐŝſŶĚĞƚƌĞƐ;ϯͿĞǀĞŶƚŽƐĂŶƵĂůĞƐĚĞƉƌŽŵŽĐŝſŶ
ĞĐŽŶſŵŝĐŽĚĞůŵƵŶŝĐŝƉŝŽ ǀĂůŽƌŝnjĂĐŝſŶ
ƌĞĂůŝnjĂĚŽƐ ĚĞĂƚƌĂĐƚŝǀŽƐůŽƐƐĞƌǀŝĐŝŽƐƚƵƌşƐƚŝĐŽƐ
ŵƉƌĞƐĂƌŝŽƐƚƵƌşƐƚŝĐŽƐ
EƷŵĞƌŽĚĞƉĂƌƚŝĐŝƉĂĐŝŽŶĞƐ WĂƌƚŝĐŝƉĂĐŝſŶĞŶĚŽƐ;ϮͿĞǀĞŶƚŽƐĂŶƵĂůĞƐĚĞĐĂƌĄĐƚĞƌ ŽŵƵŶŝĚĂĚĞƐŽƌŐĂŶŝnjĂĚĂƐ
ĞŶĞǀĞŶƚŽƐ ŶĂĐŝŽŶĂůĚĞƉƌŽŵŽĐŝſŶĚĞůƐĞĐƚŽƌ
EƷŵĞƌŽĚĞƵŶŝĚĂĚĞƐ
/ŶƚĂůĂĐŝſŶĚĞϯϬƵŶŝĚĂĚĞƐĚĞƐĞŹĂůŝnjĂĐŝſŶƚƵƌşƐƚŝĐĂ
ŝŶƐƚĂůĂĚĂƐ
EƷŵĞƌŽĚĞƉĂƌĂĚŽƌĞƐLJ
/ŶƐƚĂůĂĐŝſŶĚĞϰƉĂƌĂĚŽƌĞƐLJƉƵŶƚŽƐĚĞŝŶĨŽƌŵĂĐŝſŶ
ƉƵŶƚŽƐĚĞŝŶĨŽƌŵĂĐŝſŶ
ƚƵƌşƐƚŝĐĂ
ŝŶƐƚĂůĂĚŽƐ
/E&Z^dZhdhZKDWd/d/s
^ĞŶĚĞƌŽĞĐŽůſŐŝĐŽ
WZ>^ZZK>>KdhZ1^d/K ŽŶƐƚƌƵĐĐŝſŶĚĞƵŶƐĞŶĚĞƌŽĞĐŽůſŐŝĐŽ
ĐŽŶƐƚƌƵŝĚŽ
sŝĂďŝůŝnjĂĐŝſŶĚĞůWƌŽLJĞĐƚŽWĂƌƋƵĞdĞŵƉůŽ
WƌŽLJĞĐƚŽǀŝĂďŝůŝnjĂĚŽ
ĚĞů^Žů
sŝĂďŝůŝnjĂĐŝſŶĚĞůWƌŽLJĞĐƚŽĞŶƚƌŽĚĞǀĞŶƚŽƐLJ
WƌŽLJĞĐƚŽǀŝĂďŝůŝnjĂĚŽ
ŽŶǀĞŶĐŝŽŶĞƐĚĞ^ŽŐĂŵŽƐŽ
',0(16,2132/,7,&$$'0,16,75$7,9$25'(1<%8(1*2%,(512&$0,12$/$&203(7,7,9,'$'
6(&725)257$/(&,0,(172,167,78&,21$/3/$1($&,21081,&,3$/
2%-(7,926 )RUWDOHFHUODDGPLQLVWUDFLyQS~EOLFDFRQYLUWLHQGRODHQXQHVFHQDULRFRPSHWLWLYRFRQSDUWLFLSDFLyQFRPXQLWDULD
(675$7(*,&26

352*5$0$6 6HFWRUHVGHFRPSHWHQFLD
,1',&$'25'(5(68/7$'2 /,1($%$6( 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
(675$7(*,&26 FRPSURPHWLGRV

9DULDFLyQSRUFHQWXDOHQHO
Q~PHURGHFRQIOLFWRV\
FRQWUDYHQFLRQHVXUEDQtVWLFDV
SUHVHQWDGDVHQHOPXQLFLSLRSRU
LQWHUYHQFLRQHVVREUHHOWHUULWRULR
3RUFHQWDMHGHWUiPLWHVSDUD $WHQFLyQGHOGHWUiPLWHVSDUD
LQWHUYHQFLyQGHOWHUULWRULR LQWHUYHQFLRQHVGHFDUiFWHUXUEDQtVWLFRVREUHHO
5HGXFLUHQXQHQQ~PHURGH DWHQGLGRV WHUULWRULR
FRQIOLFWRV\FRQWUDYHQFLRQHVXUEDQtVWLFDV
1XPHURGHSURFHVRV $GHODQWDUSURFHVRVGHHYDOXDFLyQGH
TXHVHSUHVHQWDQHQORVGLIHUHQWHV
1' DGHODQWDGRV GHVHPSHxR\GHVLJQDFLyQGH&XUDGRUHV
SURFHVRVGHLQWHUYHQFLyQVREUHHO 5(63216$%/(
WHUULWRULRVHJ~QOtQHDEDVHTXHVHOHYDQWH 2ILFLQD$VHVRUDGH3ODQHDFLyQ
1~PHURGH3ODQHVGH0DQHMR\ )RUPXODFLyQHLPSOHPHQWDFLyQGH3ODQHV
SDUDHODxR &255(63216$%/(6
&,8'$'< 3URWHFFLyQ3(03 (VSHFLDOHVGH0DQHMR\3URWHFFLRQHQ]RQDV
6HFUHWDUtDGH*RELHUQR\3DUWLFLSDFLyQ
7(55,725,2 LPSOHPHQWDGRV GHLQWHUpVSDWULPRQLDO
&XUDGRUHV8UEDQRV
&RQVHMR&RQVXOWLYRGH2UGHQDPLHQWR
1~PHURGHSODFDVGH
,QVWDODFLyQGHQXHYDVSODFDVGH 7HUULWRULDO
QRPHQFODWXUDYLDO\XUEDQD
QRPHQFODWXUDYLDO\XUEDQD
LQVWDODGDV

)257$/(&,0,(172 3ODQGH'HVDUUROORSDUDOD $GRSFLyQGHOQXHYR3ODQGH'HVDUUROOREDMRXQ

,167,78&,21$/3$5$/$ YLJHQFLDDGRSWDGR HVTXHPDSDUWLFLSDWLYR
&203(7,7,9,'$'<
()(&7,9,'$'(1/$ $FWXDOL]DFLyQGHUHJLVWURVGHSHUVRQDV
35(67$&,21'(/ 1~PHURGHSHUVRQDVFRQ
HQODEDVHGHGDWRVGHO6,6%(1DSDUWLUGHUH
6(59,&,2 LQIRUPDFLyQDFWXDOL]DGD
$PSOLDUHQXQODFREHUWXUDGHO HQFXHVWDV
7DVDGHFREHUWXUDGHO6,6%(1 
6,6%(1
1~PHURGHQXHYDVSHUVRQDV ,QFRUSRUDFLyQGHQXHYDVSHUVRQDVDODV
LQFRUSRUDGDVDO6,6%(1 EDVHVGHGDWRVGHO6,6%(1 5(63216$%/(
2ILFLQD$VHVRUDGH3ODQHDFLyQ
6,67(0$'( (VWDEOHFLPLHQWRGHXQSURJUDPDSDUDHO &255(63216$%/(6
,1)250$&,Ð1 3URJUDPDLPSOHPHQWDGR IRUWDOHFLPLHQWRGHODVKHUUDPLHQWDV 6HFUHWDUtDGH*RELHUQR\3DUWLFLSDFLyQ
081,&,3$/ LQIRUPiWLFDVSDUDODSODQLILFDFLyQ &XUDGRUHV8UEDQRV
&RQVHMR&RQVXOWLYRGH2UGHQDPLHQWR
$PSOLDUHQHOQ~PHURGH 5HDOL]DFLyQGHHVWXGLRSDUDODDFWXDOL]DFLRQH
3RUFHQWDMHGHGHSHQGHQFLDVFRQ 7HUULWRULDO
 GHSHQGHQFLDVFRQSURFHVRV (VWXGLRUHDOL]DGR LPSOHPHQWDFLyQGHOD(VWUDWLILFDFLRQXUEDQDHQ
SURFHVRVVLVWHPDWL]DGRV
VLVWHPDWL]DGRV HOPXQLFLSLR
'LVHxDUHVWUXFWXUDUHLPSOHPHQWDUQXHYDV
1~PHURGHKHUUDPLHQWDV
KHUUDPLHQWDVLQIRUPiWLFDVSDUDODJHVWLyQGH
LQIRUPiWLFDVGHVDUUROODGDV
LQIRUPDFLyQVHFWRULDO
6(&5(7$5,$'(+$&,(1'$
',0(16,2132/,7,&$$'0,16,75$7,9$25'(1<%8(1*2%,(512&$0,12$/$&203(7,7,9,'$'
6(&725'(6$552//2,17,78&,21$/
2%-(7,926 6HQVLELOL]DUORVFLXGDGDQRVUHFRQRFLHQGRVXSDSHOFRPRVHUHVFtYLFRVVROLGDULRV\DFWRUHVGHVXGHVDUUROORVRFLDO
(675$7(*,&26

352*5$0$6 ,1',&$'25'( /,1($ 6HFWRUHVGHFRPSHWHQFLD

0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
(675$7(*,&26 5(68/7$'2 %$6( FRPSURPHWLGRV

,PSOHPHQWDUHQXQHOSURFHVRGH
3RUFHQWDMHGHLPSOHPHQWDFLyQGHOSURFHVRGH
LQFRUSRUDFLyQGHSUHGLRV\DFWXDOL]DFLyQFDWDVWUDO
LQFRUSRUDFLyQGHSUHGLRV\DFWXDOL]DFLyQFDWDVWUDO
SDUDHOLPSXHVWRSUHGLDO

5HDOL]DFLyQGHXQDFDPSDxDDQXDOGH&XOWXUD
1~PHURGHFDPSDxDVUHDOL]DGDV
7ULEXWDULD
0DQWHQHUHOQLYHOVREUHVDOLHQWH 5(63216$%/(
3RUFHQWDMHSURPHGLRDQXDOHQ  6HFUHWDUtDGH+DFLHQGD\
DOFDQ]DGRHQHOLQGLFDGRUGH
)RUWDOHFLPLHQWR HOtQGLFHGHGHVHPSHxRILVFDO SDUDHO ),1$1=$6
GHVHPSHxRILVFDOGHODHQWLGDG 1~PHURGH3URJUDPDVSDUDODRSWLPDFLyQGHORV (VWDEOHFLPLHQWRGHSURJUDPDVSDUDIDFLOLWDU *HVWLyQ)LQDQFLHUD
,QVWLWXFLRQDOSDUDOD GHOPXQLFLSLR DxR &25(63216$%/(6
GXUDQWHHOFXDWUHQLR 3Ó%/,&$6,'Ð1($6 WUiPLWHVGHOLTXLGDFLyQSUHVHQWDFLyQ\SDJRGH WUiPLWHV\PHFDQLVPRVGHUHFDXGRHQORV
FRPSHWLYLGDG\ 3$5$81 REOLJDFLRQHVWULEXWDULDV LPSXHVWRVSUHGLDOHLQGXVWULD\FRPHUFLR ,QVWLWXWR*HRJUiILFR$JXVWtQ
HIHFWLYLGDGHQOD 62*$0262 &RGD]]L,*$&
SUHVWDFLyQGHOVHUYLFLR &203(7,7,92 ',$1
&iPDUDGH&RPHUFLR
$PSOLDFLyQHQXQODEDVHGHFRQWULEX\HQWHV
,175$62*
9DULDFLyQSRUFHQWXDOHQHOQ~PHURGH SDUDHOLPSXHVWRGHLQGXVWULD\FRPHUFLRPHGLDQWH
FRQWULEX\HQWHVLQFRUSRUDGRV XQDDOLDQ]DHVWUDWpJLFDFRQRWUDVHQWLGDGHV
UHFDXGDGRUDV

0DQWHQHUSRUHQFLPDGHSXQWRVHO
1LYHOGHFDOLILFDFLyQGHO
QLYHOGHFDOLILFDFLyQGHO6LVWHPDGH 3URJUDPDSDUDHOIRUWDOHFLPLHQWRGHORVSURFHVRV (VWDEOHFLPLHQWRGHXQSURJUDPDSDUDHO
6LVWHPDGH&RQWURO,QWHUQR 
&RQWURO,QWHUQR&RQWDEOHGHOD FRQWDEOHVLPSOHPHQWDGR IRUWDOHFLPLHQWRGHORVSURFHVRVFRQWDEOHV
&RQWDEOH
HQWLGDG
',0(16,2132/,7,&$$'0,16,75$7,9$25'(1<%8(1*2%,(512&$0,12$/$&203(7,7,9,'$'
6(&7256(*85,'$'<&219,9(1&,$&,8'$'$1$
352*5$0$6
,1',&$'25'(5(68/7$'2
(675$7(*,&26
3RUFHQWDMHGHSURSXHVWDV\R
UHFRPHQGDFLRQHVDFRJLGDV
3RUFHQWDMHGH-XQWDVGH$FFLyQ
&RPXQDOSDUWLFLSDQWHV
1~PHURGHVHFWRUHV\
6(*85,'$'<
RUJDQL]DFLRQHVUHSUHVHQWDGRV
&219,9(1&,$3$5$/$
&203(7,7,9,'$''(
6RJDPRVR
3RUFHQWDMHGH-XQWDVGH$FFLyQ
&RPXQDOIRUWDOHFLGDV
/,1($
0(7$'(5(68/7$'2
%$6(
$FRJHU\VLVWHPDWL]DUHOGHODV
SURSXHVWDVYLDEOHVSUHVHQWDGDVSRUODV
 RUJDQL]DFLRQHVVRFLDOHVHLQVWDQFLDVTXH
LQWHUYLHQHQHQHOSURFHVRGHIRUPXODFLyQGHO
3ODQGH'HVDUUROOR
*DUDQWL]DUODSDUWLFLSDFLyQGHOGH
FRPXQLGDGHVUHSUHVHQWDGDVSRU-XQWDVGH
1'
$FFLyQ&RPXQDOHQORVSURFHVRVGH
5HQGLFLyQGH&XHQWDV
,QWHJUDUUHSUHVHQWDQWHVGHVHFWRUHV\
RUJDQL]DFLRQHVGHFDUiFWHUVRFLDO\
 FRPXQLWDULRHQWRUPRDOWUDEDMRHQ'HUHFKRV
+XPDQRV\'HUHFKR,QWHUQDFLRQDO
+XPDQLWDULR
)RUWDOHFLPLHQWRGHOGH-XQWDVGH
1' $FFLyQ&RPXQDODWUDYpVGHDFFLRQHV\R
SURJUDPDVGHODHQWLGDG
6HFWRUHVGHFRPSHWHQFLD
352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
FRPSURPHWLGRV
1~PHURGH0HVDVGHWUDEDMRUHDOL]DGDV 5HDOL]DFLyQGHPHVDVGHWUDEDMRFRQODFRPXQLGDGSDUD
FRQODFRPXQLGDG IRUPXODFLyQGHO3ODQGH'HVDUUROOR0XQLFLSDO
&RQIRUPDFLyQGHLQVWDQFLDVIRUPDOHVHLQIRUPDOHVSDUD
1~PHURGH,QVWDQFLDVFRQIRUPDGDV ODUHSUHVHQWDFLyQ\SDUWLFLSDFLyQGHODFLXGDGDQtDHQWHPDV
VHFWRULDOHVHLQWHUVHFWRULDOHV
5HDOL]DFLyQGH$XGLHQFLDV3~EOLFDVSDUD5HQGLFLyQGH
1~PHURGH$XGLHQFLDVS~EOLFDVUHDOL]DGDV
&XHQWDVDOD&LXGDGDQtD
5(6326$%/(6
2ILFLQD$VHVRUDGH3ODQHDFLyQ
&RQVWLWXFLyQGHXQDLQVWDQFLDWHUULWRULDOGH'HUHFKRV 6HFUHWDUtDGH*RELHUQR\
3$57,&,3$&,21 ,QVWDQFLD7HUULWRULDOFRQVWLWXLGD +XPDQRV\'HUHFKR,QWHUQDFLRQDO+XPDQLWDULRDOLQWHULRU 3DUWLFLSDFLyQ&RPXQLWDULD
&,8'$'$1$&$0,12 GHO&RQVHMRGH3ROtWLFD6RFLDO &255(63216$%/(6
$/$&203(7,7,9,'$' 6HFUHWDUtDGHOD0XMHU,QIDQFLD\
'(62*$0262 )DPLOLD
9LQFXODFLyQGHGLJQDWDULRVGHODV-XQWDVGH$FFLyQ -XQWDVGH$FFLyQ&RPXQDO
1~PHURGH-XQWDVGH$FFLyQ&RPXQDO
&RPXQDOUHFRQRFLGDVDOSURJUDPDSDUDHOIRUWDOHFLPLHQWR 5HSUHVHQWDQWHVGH*UHPLRV\
YLQFXODGDVDOSURJUDPD
GHODLGHQWLGDG\FXOWXUDGHODRUJDQL]DFLyQ &RPXQLGDG
9LQFXODFLyQGHKDELWDQWHVHQHOSURFHVRGHHOHFFLyQ
1~PHURGHSHUVRQDVYLQFXODGDVDOSURFHVR
GHQXHYRVGLJQDWDULRV\UHQRYDFLyQGHFXDGURVGLUHFWLYRV
GHHOHFFLyQGHGLJQDWDULRV
GH-XQWDVGH$FFLyQ&RPXQDO
&DSDFLWDFLyQGHSHUVRQDVTXHFRQIRUPDQORVQXHYRV
1~PHURGHPLHPEURVGHODV-$&
FXDGURVGLUHFWLYRV\FRPLWpVGHWUDEDMRGHODV-XQWDVGH
FDSDFLWDFLWDGRV
$FFLyQ&RPXQDO-$&HOHJLGDV
,QVSHFFLyQFRQWURO\YLJLODQFLDDORVSURFHVRVGHHOHFFLyQ
3RUFHQWDMHGH-XQWDVGH$FFLyQ&RPXQDO
FRQIRUPDFLyQOHJDOL]DFLyQ\IXQFLRQDPLHQWRGHOGH
VXMHWDVDLQVSHFFLyQFRQWURO\YLJLODQFLD
ODV-XQWDVGH$FFLyQ&RPXQDO-$&
6(&5(7$5,$*(1(5$/<'(/7$/(172+80$12
',0(16,2132/,7,&$$'0,16,75$7,9$25'(1<%8(1*2%,(512&$0,12$/$&203(7,7,9,'$'
6(&725)257$/(&,0,(172,167,78&,21$/
)RUWDOHFHUODDGPLQLVWUDFLyQS~EOLFDFRQYLUWLHQGRODHQXQHVFHQDULRFRPSHWLWLYRFRQSDUWLFLSDFLyQFRPXQLWDULD
2%-(7,926(675$7(*,&26

352*5$0$6 ,1',&$'25'( 0(7$'( 6HFWRUHVGHFRPSHWHQFLD

/,1($%$6( 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
(675$7(*,&26 5(68/7$'2 5(68/7$'2 FRPSURPHWLGRV

3RUFHQWDMHGHIXQFLRQDULRVFDSDFLWDGRV &DSDFLWDFLyQSHUWLQHQWHDOGHORVIXQFLRQDULRV
HQWHPDVSHUWLQHQWHV GHODHQWLIGDG

)257$/(&,0,(172
,167,78&,21$/3$5$/$
&203(7,7,9,'$'<
()(&7,9,'$'(1/$ DGPLQLVWUDWLYD
35(67$&,21'(/6(59,&,2
3RUFHQWDMHGHIXQFLRQDULRVYLQFXODGRVD 9LQFXODFLyQGHOGHORVIXQFLRQDULRVGHOD
$XPHQWDUDHO ODVDFWLYLGDGHVGHO3ODQ$QXDOGH DGPLQLVWUDFLyQFHQWUDOHQDFWLYLGDGHVGHO3ODQ$QXDO
tQGLFHGHFDSDFLGDG %LHQHVWDU GH%LHQHVWDU6RFLDO
DGPLQLVWUDWLYDHQOD
HYDOXDFLyQGHO 3RUFHQWDMHGHIXQFLRQDULRVFRQGHUHFKR 2WRUJDPLHQWRGHLQFHQWLYRVSHFXQLDULRV\QR 5(63216$%/(
GHVHPSHxRLQWHJUDO *(67,Ð16,67(0É7,&$3$5$ EHQLILFLDGRVSRUHOSODQDQXDOGH SHFXQLDULRVDOGHIXQFLRQDULRVGHFDUUHUD 6HFUHWDUtD*HQHUDO\GHO7DOHQWR
PXQLFLSDO (/'(6$552//2 LQFHQWLYRV DGPLQLVWUDWLYDRFRQGHUHFKRV +XPDQR
3$57,&,3$7,92'(/7$/(172 &255(63216$%/(6
ÌQGLFHGH +80$12 'HSHQGHQFLDVGHODDGPLQLVWUDFLyQ
 9LQFXODFLyQGHOGHIXQFLRQDULRVGHOD
FDSDFLGDG 3RUFHQWDMHGHIXQFLRQDULRVEHQHILFLDGRV FHQWUDO
$xR DGPLQLVWUDFLyQFHQWUDODDFWLYLGDGHVGHVDOXG
FRQDFWLYLGDGHVGHVDOXGRFXSDFLRQDO
RFXSDFLRQDO

1~PHURGHDFWXDOL]DFLRQHVSDUDHO 5HSRUWHGHDFWXDOL]DFLRQHVFXDWULPHVWUDOHVGHO
SURFHVRGHFiOFXORDFWXDULDOGHOSDVLYR 3DVLYR3HQVLRQDOSDUDVXFXDQWLILFDFLyQ\UHJLVWUR
SHQVLRQDO FRQWDEOH

5(25*$1,=$&,Ð1 ,PSOHPHQWDFLyQGHOGHOSURFHVRGH 5(63216$%/(

3RUFHQWDMHGHLQSOHPHQWDFLyQGHO
$'0,1,675$7,9$3$5$/$ UHRUJDQL]DFLyQDGPLQLVWUDWLYDDWHQGLHQGR 6HFUHWDUtD*HQHUDO\GHO7DOHQWR
SURFHVRGHUHRUJDQL]DFLyQDGPLQLVWUDWLYD
&203(7,7,9,'$' FRPSHWHQFLDVDVLJQDGDV +XPDQR
 $XPHQWDUDHO $YDQFHGHOHQHOSURFHVRGHLPSOHPHQWDFLyQ\
3RUFHQWDMHGHDYDQFHGHLPSOHPHQWDFLyQ
tQGLFHGHFDSDFLGDG PDQWHQLPLHQWRGHO0RGHOR(VWiQGDUGH&RQWURO
\PDQWHQLPLHQWRGHO0(&,
DGPLQLVWUDWLYDHQOD ,QWHUQR0(&,
5(63216$%/(6
HYDOXDFLyQGHO
6HFUHWDULD*HQHUDO\GHO7DOHQWR
GHVHPSHxRLQWHJUDO
35(67$&,Ð1'(6(59,&,26 +XPDQR
PXQLFLSDO
&21&$/,'$'3$5$/$
3RUFHQWDMHGHLPSOHPHQWDFLyQGH $YDQFHGHOHQODLPSOHPHQWDFLyQGHSURFHVRV 2ILFLQDGH&RQWURO,QWHUQR
&203(7,7,9,'$'
SURFHVRVVHJ~Q1RUPD7pFQLFDGH VHJ~Q1RUPD7pFQLFDGH&DOLGDGGHOD*HVWLyQ &255(63216$%/(6
&DOLGDGGHOD*HVWLyQ3~EOLFD 3~EOLFD17&*3\FRPSOHPHQWDULDV 'HSHQGHQFLDVGHODDGPLQLVWUDFLyQ
FHQWUDO

3RUFHQWDMHGHSHWLFLRQHVTXHMDV\ $WHQFLyQGHOGHSHWLFLRQHVTXHMDV\
UHFODPDFLRQHVGHORVFLXGDGDQRV UHFODPDFLRQHVSUHVHQWDGDVSRUORVFLXGDGDQRVD
)257$/(&,0,(172 DWHQGLGDVSRUODHQWLGDG WUDYpVGHOD2ILFLQDGH$WHQFLyQDO&LXGDGDQR
,167,78&,21$/3$5$/$ ÌQGLFHGH

&203(7,7,9,'$'< FDSDFLGDG
$xR 3RUFHQWDMHGHDYDQFHHQODDSOLFDFLyQGH $SOLDFLyQGHSURFHVRVDUFKLYtVWLFRVDOGH
()(&7,9,'$'(1/$ DGPLQLVWUDWLYD
35(67$&,21'(/6(59,&,2 SURFHVRVDUFKLYtVWLFRVDIRQGR GRFXPHQWRVGLVSXHVWRVSRUIRQGRDFXPXODGRHQHO
DFXPXODGR DUFKLYRFHQWUDOGHO0XQLFLSLRGH6RJDPRVR

3RUFHQWDMHGHDYDQFHHQODDFWXDOL]DFLyQ $FWXDOL]DFLyQHLPSOHPHQWDFLyQGHOGHODWDEOD
5(&83(5$&,21< HLPSOHPHQWDFLyQGHODWDEODGHUHWHQFLyQ GHUHWHQFLyQGRFXPHQWDODODVGHSHQGHQFLDVTXH
GRFXPHQWDO FRQIRUPDQODDGPLQLVUDFLyQFHQWUDO 5(63216$%/(
&216(59$&,21'(/
6HFUHWDULD*HQHUDO\GHO7DOHQWR
3$75,021,2'2&80(17$/<
+XPDQR
&8/785$/'(/081,&,3,2
3RUFHQWDMHGHKLVWRULDVODERUDOHVGH 'LJLWDOL]DFLyQGHOGHODVKLVWRULDVODERUDOHV
SHUVRQDOLQDFWLYRGLJLWDOL]DGDV GLVSXHVWDVHQHODUFKLYRFHQWUDOGHODHQWLGDG

5HDOL]DFLyQGHHYHQWRVSDUDODSURPRFLyQ\
1~PHURGHHYHQWRVUHDOL]DGRV GLYXOJDFLyQGHOSDWULPRQLRGRFXPHQWDOHKLVWyULFRGHO
PXQLFLSLRGH6RJDPRVR
6(&5(7$5,$*(1(5$/<'(/7$/(172+80$12
',0(16,2132/,7,&$$'0,16,75$7,9$25'(1<%8(1*2%,(512&$0,12$/$&203(7,7,9,'$'
6(&725)257$/(&,0,(172,167,78&,21$/7,&V
2%-(7,926(675$7(*,&26
352*5$0$6(675$7(*,&26
62*$0262',*,7$/
'RWDUGHLQIUDHVWUXFWXUDSDUDLQFUHPHQWDUHODFFHVRDLQWHUQHWDORVFLXGDGDQRV
3URSRUFLRQDUORVLPSOHPHQWRVEiVLFRVSDUDSHUPLWLUHODFFHVRDODV7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHV7,&V
,1',&$'25'(5(68/7$'2
3RUFHQWDMHGHIXQFLRQDULRVGHORVQLYHOHV
GLUHFWLYRDVHVRUSURIHVLRQDOWpFQLFR\
DVLVWHQFLD\FRQWUDWLVWDVFRQDFFHVRDVHUYLFLRV
WHFQROyJLFRV
1~PHURGHHVWXGLDQWHVSRUFRPSXWDGRUHQ
,QVWLWXFLRQHV(GXFDWLYDV2ILFLDOHV
3RUFHQWDMHGHSREODFLyQHVWXGLDQWLOFRQDFFHVR
DLQWHUQHW
9DULDFLyQSRUFHQWXDOHQHOQ~PHURGH
FLXGDGDQRVIRUPDGRV\FDSDFLWDGRV
DQXDOPHQWHHQ7,&V
3RUFHQWDMHGHiUHDXUEDQDGHOPXQLFLSLRFRQ
DFFHVRJUDWXLWRDLQWHUQHW
3RUFHQWDMHGHDYDQFHHQHOËQGLFHGH*RELHUQR
HQ/tQHD7HUULWRULDO
6HFWRUHVGHFRPSHWHQFLD
/,1($%$6( 0(7$'(5(68/7$'2 352<(&726 ,1',&$'25'(352'8&72 0HWDVGHSURGXFWRDVRFLDGDV
FRPSURPHWLGRV
'RWDUFRQLQIUDHVWUXFWXUDWHFQROyJLFDSDUDDFFHVR\FRQHFWLYLGDGDO 1~PHURGHHVWDFLRQHVGHWUDEDMR $GHFXDFLyQGHSXQWRVGHGDWRV\HOpFWULFRVSDUD
 GHSHUVRQDOGLUHFWLYRDVHVRUSURIHVLRQDOWpFQLFR\DVLVWHQFLDO\ LQWHJUDGDVDO&HQWURGHGDWRVGHOD HODFFHVRDVHUYLFLRVGHUHGHQSXHVWRVGHWUDEDMRGH
FRQWUDWLVWDVGHDSR\RDODJHVWLyQGHODHQWLGDG VHGHFHQWUDOGHODHQWLGDG ODHQWLGDG
*HVWLRQDUODDVLJQDFLyQGHFRPSXWDGRUHVSDUD 5(63216$%/(
$OFDQ]DUXQDUHODFLyQGHHVWXGLDQWHVSRUFRPSXWDGRUHQ,QVWLWXLRQHV 1~PHURGHQXHYRVFRPSXWDGRUHV
 ODV,QVWLWXFLRQHV(GXFDWLYDV2ILFLDOHVGHO0XQLFLSLR 'HVSDFKRGHO$OFDOGH
(GXFDWLYDV2ILFLDOHVGHOPXQLFLSLR SDUDHGXFDUDVLJQDGRVDO0XQLFLSLR
DQWHHO3URJUDPD&RPSXWDGRUHVSDUD(GXFDU &255(63216$%/(6
,1)5$(6758&785$< 6HFUHWDUtD*HQHUDO\GHO7DOHQWLR
,QFUHPHQWDUHQODFREHUXUDGHDFFHVRDLQWHUQHWSDUDHVWXGLDQWHVGH &21(&7,9,'$''(7(&12/2*,$6 %ULQGDUFRQHFWLYLGDGDLQWHUQHWSRUILEUDySWLFDD +XPDQR
1~PHURGH6HGHVGH,(2
1' ODV,QVWLWXFLRQHV(GXFDWLYDV2ILFLDOHVVHJ~QOtQHDEDVHTXHVHOHYDQWH '(/$,1)250$&,Ð1< 6HGHVGH,QVWLWXFLRQHV(GXFDWLYDV2ILFLDOHVGHOD 6HFUHWDUtDGH(GXFDFLyQ\&XOWXUD
FRQHFWDGDVDLQWHUQHWSRUILEUDySWLFD
SDUDHODxR &2081,&$&,21(63$5$/$ ]RQDXUEDQDGHOPXQLFLSLR 6HFUHWDUtDGH'HVDUUROOR\0HGLR
&203(7,9,'$''(62*$0262 $PELHQWH
(VWDEOHFLPLHQWRGH3XQWR9LYH'LJLWDOFRPR&HQWUR 6HFUHWDUtDGH*RELHUQR\
3XQWR9LYH'LJLWDOHVWDEOHFLGRV
$PSOLDUHQXQDQXDOODFREHUWXUDGHORVVHUYLFLRV7,&DOD GH$FFHVR&RPXQLWDULRSDUDEULQGDUVHUYLFLRV7,& 3DUWLFLSDFLyQ&RPXQLWDULD

FRPXQLGDGVHJ~QOtQHDEDVHOHYDQWDGDHQ
$GHFXDFLyQGH7HFQRFHQWURVSDUDEULQGDUVHUYLFLRV
1~PHURGH7HFQRFHQWURVDGHFXDGRV
7,&VDODFRPXQLGDG
1~PHURGH]RQDV:L)LHQRSHUDFLyQ 5HGLVHxRGH]RQDVHLQWHJUDFLyQGHFXDWURQXHYDV
&XEULUHOGHOiUHDXUEDQDGHOPXQLFLSLRFRQVHUYLFLRVGHDFFHVR
 SDUDODSUHVWDFLyQGHOVHUYLFLRGH ]RQDV:L)LDOVLVWHPDGHFRQH[LyQLQDOiPEULFDSDUD
JDUWXLWRDLQWHUQHW
DFFHVRJUDWXLWRDLQWHUQHW VHUYLFLRJUDWXLWRGHLQWHUQHW
0HMRUDPLHQWRGHODFDOLGDGGHODLQIRUPDFLyQ\GH
3RUFHQWDMHGHFXPSOLPLHQWRGHODV
WUiPLWHV\VHUYLFLRVSUHVWDGRVSRUPHGLRVHOHFWUyQLFRV
HWDSDVGHODHVWUDWHJLDGHJRELHUQR
GHIRUPDTXHUHVSRQGDQDODVQHFHVLGDGHVGHORV
HQOLQHDWHUULWRULDO
FLXGDGDQRVHPSUHVDV\VHUYLGRUHVS~EOLFRV
$XWRPDWL]DUQXHYRVWUiPLWHV\VHUYLFLRVGHDOWR
1~PHURGHQXHYRVWUiPLWHV\ LPSDFWRSDUDODHQWLGDGWHUULWRULDORIUHFLHQGR
VHUYLFLRVDXWRPDWL]DGRV SRVLELOLGDGHVGHLQWHUDFFLyQDOFLXGDGDQRFRQOD
DGPLQLVWUDFLyQPXQLFLSDO 5(63216$%/(
6HFUHWDUtD*HQHUDO\GHO7DOHQWR
 $YDQ]DUDOHQHOFXPSOLPLHQWR\VRVWHQLELOLGDGGHODVIDVHVGH ,03/(0(17$&,21'(/$
1~PHURGHIXQFLRQDULRVFDSDFLWDGRV &DSDFLWDFLyQ\DFRPSDxDPLHQWRDIXQFLRQDULRVHQ +XPDQR
SURPHGLRHQHO LQIRUPDFLyQLQWHUDFFLyQ\WUDQVDFFLyQGHOD(VWUDWHJLDGH*RELHUQRHQ (675$7(*,$'(*2%,(512(1
SDUDHOGHVDUUROORGHOD(VWUDWHJLDGH HOGHVDUUROORGHOD(VWUDWHJLDGH*RELHUQRHQ/tQHD &255(63216$%/(6
DxR /tQHD7HUULWRULDO /,1($7(55,725,$/
*RELHUQRHQ/tQHD7HUULWRULDO 7HUULWRULDO &RPLWpGH*RELHUQRHQ/tQHD
6HFUHWDUtDVGH'HVSDFKR6HFWRULDOHV
2EWHQFLyQGHVLWLRVZHELQVWLWXFLRQDOHVSDUD
1~PHURGHVLWLRVZHEREWHQLGRV HQWLGDGHVGHOVHFWRUFHQWUDO\GHVFHQWUDOL]DGR
PXQLFLSDO
$UWLFXODFLyQGHODHVWUDWHJLDGH*RELHUQRHQ/tQHD
1~PHURGH6XEVLVWHPDVGHO0(&, 7HUULWRULDOFRQHO0RGHOR(VWDQGDUGH&RQWURO,QWHUQR
DUWLFXODGRVFRQOD(VWUDWHJLDGH 0(&,DSDUWLUGHORVVXEVLVWHPDVGH&RQWURO
*RELHUQRHQ/tQHD (VWUDWpJLFR&RQWUROGH*HVWLyQ\&RQWUROGH
(YDOXDFLyQ

9DULDFLyQSRUFHQWXDOHQHOQ~PHURGHXVXDULRV
GHWUiPLWHV\VHUYLFLRVEULQGDGRVDOFLXGDGDQRD
WUDYpVGHPHGLRVHOHFWUyQLFRV
3RUFHQWDMHGHVHUYLGRUHVS~EOLFRVTXHKDFHQ
XVRDSURSLDGRV\SHUPDQHQWHGHODV7,&VHQ
ORVSURFHVRVDGPLQLVWUDWLYRVHQORVTXH
LQWHUYLHQHQ
1~PHURGHSUR\HFWRVHQ7,&HQHMHFXFLyQ
IRUPXODGRVSRUGLUHFWLYRVGRFHQWHV\
HVWXGLDQWHVGH,QVWLWXFLRQHVHGXFDWLYDV
2ILFLDOHV
3RUFHQWDMHGHHVWXGLDQWHVLQWHUDFWXDQGRFRQ
GRFHQWHVDWUDYpVGHKHUUDPLHQWDVWHFQROyJLFDV
DSOLFDGDVHQORVSURFHVRVSHGDJyJLFRV
1~PHURGHPLS\PHVTXHDSURSLDQKHUUDPLHQWDV
7,&HQSURFHVRVGHSURGXFFLyQDGPLQLVWUDFLyQ
GLVWULEXFLyQ\FRPHUFLDOL]DFLyQGHELHQHV\
VHUYLFLRV
3RUFHQWDMHGHIXQFLRQDULRVXWLOL]DQGR
1~PHURGHXVXDULRVTXHDFFHGHQDO 6HQVLELOL]DFLyQ\FDSDFLWDFLyQDSHUVRQDVSDUD
,QFUHPHQWDUHQXQHOQ~PHURGHXVXDULRVTXHDFFHGHQ\XWLOL]DQ
VLWLRZHEGLVHxDGRSRUODHQWLGDG ODHIHFWLYDXWLOL]DFLyQ\ySWLPRDSURYHFKDPLHQWRGHODV
1' WUiPLWHV\VHUYLFLRVYLUWXDOHVHQODHQWLGDGWHUULWRULDOVHJ~QOLQHDEDVHTXH
SDUDEULQGDUFDSDFLWDFLyQHQHOXVR\ 7,&\VXLQWHUDFFLyQFRQORVVHUYLFLRVHOHFWUyQLFRV
VHOHYDQWHSDUDHODxR
DSOLFDFLyQSUiFWLFDGHODV7,&V RIUHFLGRVSRUODDGPLQLVWUDFLyQPXQLFLSDO
3UHSDUDFLyQGHVHUYLGRUHVS~EOLFRVGHOD
*DUDQWL]DUTXHHOGHORVVHUYLGRUHVS~EOLFRVFDSDFLWDGRV DGPLQLVWUDFLyQFHQWUDOHQWHVGHVFHQWUDOL]DGRV\
1~PHURGHIXQFLRQDULRVGHOD
 DSURYHFKDQODV7,&VHQORVSURFHVRVDGPLQLVWUDWLYRVLQWHUQRV\GH RUJDQLVPRVGHFRQWUROSDUDYDOLGDUVXFRQRFLPLHQWR
DGPLQLVWUDFLyQFHQWUDOHQWHV
DWHQFLyQRSRUWXQD\HILFD]DOFLXGDQR KDFLDODHIHFWLYDXWLOL]DFLyQ\ySWLPRDSURYHFKDPLHQWR 5(3216$%/(
GHFHQWUDOL]DGRV\RUJDQLVPRVGH 6HFUHWDUtD*HQHUDO\GHO7DOHQWR
GHOD7,&
FRQWUROLQFOXLGRVGRFHQWHV\ +XPDQR
$3523,$&,21'(7,&63$5$/$ GLUHFWLYRVGRFHQWHVFHUWLILFDGRV &255(63216$%/(6
&203(7,7,9,'$' 3UHSDUDFLyQGHGRFHQWHV\GLUHFWLYRVGRFHQWHV
FRPR&LXGDGDQRV'LJLWDOHV 6HFUHWDUtDGH(GXFDFLyQ\&XOWXUD
,QGXFLUSURFHVRVGHDSURSLDFLyQGH7,&HQORVHVWXGLDQWHV\GRFHQWHV SDUDYDOLGDUVXFRQRFLPLHQWRKDFLDODHIHFWLYD
 6HFUHWDUtDGH'HVDUUROOR\0HGLR
GHVHGHVGH,QVWLWXFLRQHV(GXFDWLYDV2ILFLDOHV XWLOL]DFLyQ\ySWLPRDSURYHFKDPLHQWRGH7,&HQ
$PELHQWH
SURFHVRVSHGDJyJLFRV
9LQFXODFLyQGHOGHGRFHQWHVHQSURFHVRVSDUDOD
3RUFHQWDMHGHGRFHQWHVXWLOL]DQGR
,QYROXFUDUHOGHORVHVWXGLDQWHVGH,QVWLWXFLRQHV(GXFDWLYDV2ILFLDOHV XWOL]DFLyQGHKHUUDPLHQWDVWHFQROyJLFDVHQOD
 KHUUDPLHQWDVWHFQROyJLFDVHQOD
HQSURFHVRVSHGDJyJLFRVPHGLDQWHHOXVRGHKHUUDPLHQWDVWHFQROyJLFDV GRFHQFLDWDOHVFRPR*RRJOH$SSV0RRGOH\RWUDV
GRFHQFLD
DSOLFDFLRQHV
6HQVLELOL]DFLyQ\FDSDFLWDFLyQDWUDEDMDGRUHV
1~PHURGHWUDEDMDGRUHVYLQFXODGRV
&RQWULEXLUHQORVSURFHVRVGHXVR\DSURSLDFLyQGH7,&HQPLS\PHV YLQFXODGRVDODV0LS\PHVHQHOXVRGHKHUUDPLHQWDV
 D0LS\PHVFDSDFLWDGRVHQHOXVR\
GHOPXQLFLSLR SDUDHOPHMRUDPLHQWRGHODSURGXFWLYLGDG\OD
DSUR\HFKDPLHQWRGH7,&
FRPSHWLWLYLGDGPHGLDQWHHOXVRGH7,&
,QGXFLUDOGHORVIXQFLRQDULRVGHOD$GPLQLVWUDFLyQ0XQLFLSDOHQORV
 ,PSOHPHQWDU*RRJOH$SSVDSOLFDFLRQHVGH*RRJOH
DSOLFDFLRQHV*RRJOH SURFHVRVGHXVR\DSURSLDFLyQGHDSOLFDFLRQHV*RRJOH 1~PHURGHGHSHQGHQFLDVXWLOL]DQGR
HQGHSHQGHQFLDVGHOD$GPLQLVWUDFLyQ&HQWUDO
5HGXFLUHQXQHOFRQVXPRGHSDSHOXWLOL]DGRHQODHQWLGDGHQORV ODVDSOLFDFLRQHVGH*RRJOH*RRJOH
9DULDFLyQSRUFHQWXDOHQODVFRPSUDVGHSDSHO 0XQLFLSDOEXVFDQGRPHMRUDUORVSURFHVRVGH
1' SURFHVRVGHFRPXQLFDFLyQLQWHUQD\H[WHUQDGHDFXHUGRFRQODOtQHD $SSV

62*$0262',*,7$/
WLQWD\RWURVLQVXPRVGHLPSUHVLyQ
9DULDFLyQSRUFHQWXDODQXDOHQHOQ~PHURGH
XVXDULRVRYLVLWDQWHVDOSRUWDOGHFLXGDG\VLWLRV
ZHELPSOHPHQWDGRV
EDVHTXHVHOHYDQWHSDUDHODxR
'LVHxRHLPSOHPHQWDFLyQXQVLWLRZHELQWHUDFWLYRSDUD
6LWLR:HELPSOHPHQWDGRSDUDOD
ODSURPRFLyQGHORVDWUDFWLYRV\VHUYLFLRVWXUtVWLFRVGH
SURPRFLyQWXUtVWLFD
6LWLR:HELPSOHPHQWDGRSDUDOD
&217(1,'26<6(59,&,26:(%
IRUPDFLyQ\FDSDFLWDFLyQHQWHPDV
3$5$/$&203(7,9,'$''(/$
DPELHQWDOHV
&,8'$'
,QFUHPHQWDUHQXQDQXDOHOQ~PHURGHXVXDULRVRYLVLWDQWHVDOSRUWDO
1' GHFLXGDG\VLWLRVZHERIHUWDGRVDSDUWLUGHODHVWDGtVWLFDTXHVHOHYDQWH
HQHODxR 6LWLR:HELPSOHPHQWDGRSDUDHO
GHVDUUROORGHOD&iWHGUD6XDPR[
FRPXQLFDFLyQLQWHUQD\H[WHUQD
ODFLXGDG 5(63216$%/(
'HVSDFKRGHO$OFDOGH
'LVHxRHLPSOHPHQWDFLyQGHXQVLWLRZHELQWHUDFWLYR
&255(63216$%/(6
SDUDLQWHJUDUOD5HGGH(GXFDFLyQ$PELHQWDOSDUDOD
6HFUHWDUtD*HQHUDO\GHO7DOHQWLR
FDSDFLWDFLyQHQEXHQDVSUiFWLFDVDPELHQWDOHVHQHO
+XPDQR
PXQLFLSLR
6HFUHWDUtDGH(GXFDFLyQ\&XOWXUD
'LVHxRHLPSOHPHQWDFLyQGHXQVLWLRZHELQWHUDFWLYR 6HFUHWDUtDGH'HVDUUROOR\0HGLR
SDUDHOGHVDUUROORGHFRQWHQLGRVGHOD&iWHGUD $PELHQWH
6XDPR[GHVGHODV,QVWLWXFLRQHV(GXFDWLYDV
GHO0XQFLSLR

'LVHxRHLPSOHPHQWDFLyQGHXQ3RUWDOGH&LXGDGTXH
3RUWDO,QVWLWXFLRQDOLPSOHPHQWDGR RIUH]FDDORVFLXGDGDQRVXQ~QLFRDFFHVRDORV
LQWHJUDGR\HQIXQFLRQDPLHQWR GLIHUHQWHVVLWLRVZHEGHOPXQLFLSLRWDQWRGHOVHFWRU
RILFLDOFRPRDFDGpPLFRLQVWLWXFLRQDO\HPSUHVDULDO

5(63216$%/(
2ILFLQDGH&RPXQLFDFLRQHV
1~PHURGHSHUVRQDVSDUWLFLSDQWHVHQORV 1~PHURGHHYHQWRVGHSURPRFLyQGH 5HDOL]DFLyQGHXQHYHQWRDQXDOSDUDODSURPRFLyQGH &255(63216$%/(6
9LQFXODUSHUVRQDVSRUHYHQWRGHSURPRFLyQGHFRQWHQLGRV\VHUYLFLRV /$&2081,'$'&216758<(
HYHQWRVGHSURPRFLyQGHODRIHUWDLQVWLWXFLRQDO  ODRIHUWDLQVWLWXFLRQDOHQ7,&SDUD ORVFRQWHQLGRV\VHUYLFLRVYLUWXDOHVRIHUWDGRVSRUOD 6HFUHWDUtD*HQHUDO\GHO7DOHQWR
7,&V 62*$0262',*,7$/
HQFRQWHQLGRV\VHUYLFLRVHQ7,&V EHQHILFLRGHODFRPXQLGDG HQWLGDGWHUULWRULDOHQ7,&V +XPDQR
6HFUHWDUtDGH'HVDUUROOR\0HGLR
$PELHQWH