(19Ì26'((175(*$5É3,'$

(19Ë26'((175(*$5È3,'$
352&(',0,(172*(1(5$/

3URFHGLPLHQWR*HQHUDO 3URFHG(VSHFtILFR ,QVWUXFWLYRV


3URF,17$3*
9LJHQFLD
5HVROXFLyQ
(QYtRVGH(QWUHJD 9HUVLyQ &RQWUROGH&DPELRV
5iSLGD &LUFXODUHV$QH[DV
3XEOLFDFLyQ /LVWD&RPSOHPHQWDULD
)HFKD5HV


,2%-(7,92

(VWDEOHFHUODVSDXWDVDVHJXLUSDUDHOGHVSDFKRGHORVHQYtRVDWUDYpVGHOUpJLPHQDGXDQHURHVSHFLDOGHHQYtRVGHHQWUHJD
UiSLGDHQOD,QWHQGHQFLDGH$GXDQD$pUHDGHO&DOODRFRQODILQDOLGDGGHORJUDUHOGHELGRFXPSOLPLHQWRGHODVQRUPDVTXH
ORUHJXODQ

,,$/&$1&(

(VWi GLULJLGR DO SHUVRQDO GH OD 6XSHULQWHQGHQFLD 1DFLRQDO GH $GPLQLVWUDFLyQ 7ULEXWDULD  681$7 RSHUDGRUHV GH FRPHUFLR
H[WHULRU\SHUVRQDVTXHLQWHUYLHQHQHQORVSURFHVRVGHLQJUHVR\VDOLGDGHORVHQYtRVGHHQWUHJDUiSLGD

,,,5(63216$%,/,'$'

/D DSOLFDFLyQ FXPSOLPLHQWR \ VHJXLPLHQWR GH OR HVWDEOHFLGR HQ HO SUHVHQWH SURFHGLPLHQWR HV GH UHVSRQVDELOLGDG GH OD
,QWHQGHQFLDGH$GXDQD$pUHDGHO&DOODRGHOD,QWHQGHQFLD1DFLRQDOGH7pFQLFD$GXDQHUDGHOD,QWHQGHQFLDGH3UHYHQFLyQ
GHO &RQWUDEDQGR \ &RQWURO )URQWHUL]R GH OD ,QWHQGHQFLD GH )LVFDOL]DFLyQ \ *HVWLyQ GH 5HFDXGDFLyQ $GXDQHUD \ GH OD
,QWHQGHQFLD1DFLRQDOGH6LVWHPDVGH,QIRUPDFLyQ

,99,*(1&,$

$ SDUWLU GHO  GH 'LFLHPEUH GH  FRQ H[FHSFLyQ GHO OLWHUDO E GHO QXPHUDO  GHO UXEUR % GH OD 6HFFLyQ 9,, \ ORV
QXPHUDOHV\GHOUXEUR%GHOD6HFFLyQ9,,GHO3URFHGLPLHQWR*HQHUDO³(QYtRVGH(QWUHJD5iSLGD´,17$3*
YHUVLyQTXHHQWUDUiQHQYLJHQFLDGHDFXHUGRDORHVWDEOHFLGRHQODV'LVSRVLFLRQHV7UDQVLWRULDV7HUFHUD&XDUWD4XLQWD
\6H[WDGHOD5HVROXFLyQGH6XSHULQWHQGHQFLD1DFLRQDO$GMXQWDGH$GXDQDVTXHDSUXHEDHOSUHVHQWHSURFHGLPLHQWR
(OOLWHUDOEGHOQXPHUDOGHOUXEUR%GHOD6HFFLyQ9,,HQWUDUDHQYLJHQFLDHOORVQXPHUDOHV\
GHOUXEUR%GHOD6HFFLyQ9,,HQWUDURQHQYLJHQFLDHOVHJ~Q561$$1ƒ681$7$

9%$6(/(*$/

/H\*HQHUDOGH$GXDQDVDSUREDGDSRUHO'HFUHWR/HJLVODWLYR1žSXEOLFDGRHO\PRGLILFDWRULD
       5HJODPHQWR GH OD /H\ *HQHUDO GH $GXDQDV DSUREDGR SRU HO 'HFUHWR 6XSUHPR 1ž () SXEOLFDGR HO
\PRGLILFDWRULDV
       7DEOD GH 6DQFLRQHV $SOLFDEOHV D ODV ,QIUDFFLRQHV SUHYLVWDV HQ OD /H\ *HQHUDO GH $GXDQDV DSUREDGD SRU 'HFUHWR
6XSUHPR1ž()SXEOLFDGRHO\PRGLILFDWRULD
5HJODPHQWRGHO5pJLPHQ$GXDQHUR(VSHFLDOGH(QYtRVGH(QWUHJD5iSLGDDSUREDGRSRUHO'HFUHWR6XSUHPR1ž
()SXEOLFDGRHO\PRGLILFDWRULDV
&DUWLOODGHLQVWUXFFLRQHVGHOGRFXPHQWRDGXDQHUR³'HFODUDFLyQ6LPSOLILFDGD´DSUREDGRSRU5HVROXFLyQGH,QWHQGHQFLD
1DFLRQDO 1ž  SXEOLFDGD HO  \ DPSOLDGD SRU OD &LUFXODU 1ƒ $'8$1$6,17$ SXEOLFDGD HO

7H[WRÒQLFR2UGHQDGRGHOD/H\GHO,PSXHVWR*HQHUDODODV9HQWDVH,PSXHVWR6HOHFWLYRDO&RQVXPRDSUREDGRSRU
'HFUHWR6XSUHPR1ž()SXEOLFDGRHO\PRGLILFDWRULDV
7H[WRÒQLFR2UGHQDGRGHO&yGLJR7ULEXWDULRDSUREDGRSRU'HFUHWR6XSUHPR1ž()SXEOLFDGRHO\
PRGLILFDWRULDV
/H\GHORV'HOLWRV$GXDQHURV/H\1žSXEOLFDGDHO\PRGLILFDWRULD
       5HJODPHQWR GH OD /H\ GH ORV 'HOLWRV $GXDQHURV DSUREDGR SRU 'HFUHWR 6XSUHPR   1ž () SXEOLFDGR HO
\PRGLILFDWRULD
/H\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR*HQHUDO/H\1žSXEOLFDGDHO\PRGLILFDWRULDV
$UDQFHOGH$GXDQDVDSUREDGRSRU'HFUHWR6XSUHPR1ž()SXEOLFDGRHO\PRGLILFDWRULDV
       1RUPD TXH DSUXHED ODV GLVSRVLFLRQHV UHJODPHQWDULDV GHO 'HFUHWR /HJLVODWLYR 1ž  /H\ GHO 5HJLVWUR ÒQLFR GH
&RQWULEX\HQWHV DSUREDGD SRU 5HVROXFLyQ GH 6XSHULQWHQGHQFLD 1ƒ 681$7 SXEOLFDGD HO  \
PRGLILFDWRULDV
5HJODPHQWRGH&RPSUREDQWHVGH3DJRDSUREDGRSRU5HVROXFLyQGH6XSHULQWHQGHQFLD1ž681$7SXEOLFDGDHO
\PRGLILFDWRULDV
5HJODPHQWRGH2UJDQL]DFLyQ\)XQFLRQHVGHOD6XSHULQWHQGHQFLD1DFLRQDOGH$GPLQLVWUDFLyQ7ULEXWDULDDSUREDGRSRU
'HFUHWR6XSUHPR1ž3&0SXEOLFDGRHO\PRGLILFDWRULDV

9,1250$6*(1(5$/(6

7HUPLQRORJtD

3DUDHIHFWRGHOSUHVHQWHSURFHGLPLHQWRVHHQWLHQGHSRU
D'6'HFODUDFLyQ6LPSOLILFDGDGHHQYtRVGHHQWUHJDUiSLGD
E'HSyVLWRWHPSRUDO((5'HSyVLWRWHPSRUDODXWRUL]DGRSDUDHQYtRVGHHQWUHJDUiSLGD
F'HSyVLWRWHPSRUDO'HSyVLWRWHPSRUDOGHFDUJD
G     'RFXPHQWR GH 7UDQVSRUWH 'RFXPHQWR GH WUDQVSRUWH HPLWLGR SRU HO WUDQVSRUWLVWD R VX UHSUHVHQWDQWH R SRU HO
DJHQWHGHFDUJDLQWHUQDFLRQDO
H'8$)RUPDWRGHOD'HFODUDFLyQÒQLFDGH$GXDQDV

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
I(PSUHVD(PSUHVDGHO6HUYLFLRGH(QWUHJD5iSLGD
J(QYtR(QYtRGHHQWUHJDUiSLGD
K*XtD*XtDGHHQYtRVGHHQWUHJDUiSLGD
L/H\/H\*HQHUDOGH$GXDQDV
M0DQLILHVWR((50DQLILHVWRGH(QYtRVGH(QWUHJD5iSLGD
N2SHUDGRUHV2SHUDGRUHVGHFRPHUFLRH[WHULRU
O5HJODPHQWR5HJODPHQWRGHOD/H\*HQHUDOGH$GXDQDV
P5pJLPHQ((55pJLPHQDGXDQHURHVSHFLDOGHHQYtRVGHHQWUHJDUiSLGD
Q5HJODPHQWR((55HJODPHQWRGHO5pJLPHQ$GXDQHUR(VSHFLDOGH(QYtRVGH(QWUHJD5iSLGD
R6,*$'6LVWHPD,QWHJUDGRGH*HVWLyQ$GXDQHUD

2SHUDGRUHVIDFXOWDGRVSDUDVROLFLWDUHOGHVSDFKRGHORVHQYtRV

(OGHVSDFKRGHORVHQYtRVPHGLDQWH'6SXHGHVHUVROLFLWDGRSRUORVVLJXLHQWHVRSHUDGRUHV
D/DHPSUHVD
E(OGHVSDFKDGRUGHDGXDQD
F(OGXHxRRFRQVLJQDWDULRGHODPHUFDQFtD
3DUDVROLFLWDUHOGHVSDFKRHOGXHxRRFRQVLJQDWDULRVHLGHQWLILFDFRQORVVLJXLHQWHVGRFXPHQWRVVHJ~QFRUUHVSRQGD
D'RFXPHQWR1DFLRQDOGH,GHQWLGDG'1,ODVSHUVRQDVQDWXUDOHVSHUXDQDV
E3DVDSRUWH&DUQpGH([WUDQMHUtDR6DOYRFRQGXFWRODVSHUVRQDVQDWXUDOHVH[WUDQMHUDV\SHUXDQDVFRQUHVLGHQFLDHQ
HOH[WUDQMHUR
F5HJLVWURÒQLFRGH&RQWULEX\HQWH58&ORVVXMHWRVREOLJDGRVDLQVFULELUVHGHDFXHUGRDORGLVSXHVWRHQHODUWtFXOR
žGHOD5HVROXFLyQGH6XSHULQWHQGHQFLD1ž681$7

&ODVLILFDFLyQGHORVHQYtRV

/RVHQYtRVVHFODVLILFDQHQODVVLJXLHQWHVFDWHJRUtDV
D&DWHJRUtDFRPSUHQGHORVHQYtRVGHFRUUHVSRQGHQFLDGRFXPHQWRVGLDULRV\SXEOLFDFLRQHVSHULyGLFDVVLQILQHV
FRPHUFLDOHV$HVWDFDWHJRUtDOHFRUUHVSRQGHODVXESDUWLGDQDFLRQDO
E     &DWHJRUtD  FRPSUHQGH ORV HQYtRV TXH DPSDUHQ PHUFDQFtDV KDVWD SRU XQ YDORU )2% GH GRVFLHQWRV \ 
GyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD86SRUHQYtR$HVWDFDWHJRUtDOHFRUUHVSRQGHODVXESDUWLGD
QDFLRQDO
F&DWHJRUtDFRPSUHQGHORVHQYtRVTXHDPSDUHQPHUFDQFtDVFX\RYDORU)2%VHDVXSHULRUDGRVFLHQWRV\
GyODUHV GH ORV (VWDGRV 8QLGRV GH $PpULFD 86  KDVWD XQ Pi[LPR GH GRV PLO \  GyODUHV GH ORV
(VWDGRV 8QLGRV GH $PpULFD 86   SRU HQYtR $ HVWD FDWHJRUtD OH FRUUHVSRQGH OD VXE SDUWLGD QDFLRQDO

G&DWHJRUtDFRPSUHQGHORVHQYtRVTXHDPSDUHQODVVLJXLHQWHVPHUFDQFtDVFX\DFODVLILFDFLyQDUDQFHODULDH[FOX\H
ODSDUWLGD
G&X\RYDORU)2%VHDVXSHULRUDORVGRVPLO\GyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD86
SRUHQYtR
G&X\RYDORU)2%VHDLQIHULRURLJXDODORVGRVPLO\GyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD86
SRUHQYtR\TXH
6XLPSRUWDFLyQSDUDHOFRQVXPRVHHQFXHQWUHDIHFWDDO,PSXHVWR6HOHFWLYRDO&RQVXPRVLHPSUHTXHVX
YDORU)2%VHDVXSHULRUDGRVFLHQWRV\GyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD86
SRUHQYtR
6XLPSRUWDFLyQSDUDHOFRQVXPRHVWpVXMHWDDUHFDUJRV
*RFHQGHEHQHILFLRWULEXWDULRWUDWRSUHIHUHQFLDOROLEHUDWRULR
&RQVWLWX\DQPHUFDQFtDUHVWULQJLGD
&RQVWLWX\DQGRQDFLRQHV
&RQVWLWX\DQYDOLMDGLSORPiWLFD
&RQVWLWX\DQPXHVWUDVVLQYDORUFRPHUFLDO
5HJXODULFHQDOJ~QUpJLPHQDGXDQHURSUHFHGHQWH
6HHQFXHQWUHQVXMHWDVDGLVSRVLFLRQHVRUHJXODFLRQHVQRDUDQFHODULDV
6HHQFXHQWUHQDIHFWDVDPHGLGDFDXWHODU
6HGHVWLQHQDRWURVUHJtPHQHVDGXDQHURVGLIHUHQWHVDORVUHJtPHQHVGHLPSRUWDFLyQSDUDHOFRQVXPRR
H[SRUWDFLyQGHILQLWLYD
6HGHVWLQHQSRUHOGXHxRRFRQVLJQDWDULR
6HWUDQVILHUDQDQWHVGHVXQDFLRQDOL]DFLyQ
2WUDVTXHVHUHTXLHUDQGHVWLQDUFRQVXESDUWLGDQDFLRQDOGLIHUHQWHDODVFRQWHQLGDVHQODSDUWLGD
/DVFDWHJRUtDVVHxDODGDVHQHOQXPHUDOSUHFHGHQWHVHHQFXHQWUDQRUGHQDGDVGHPHQRUDPD\RUUDQJR&XDQGRHOHQYtR
HVVXVFHSWLEOHGHFODVLILFDUVHHQPiVGHXQDFDWHJRUtDHOHQYtRVHFODVLILFDHQODFDWHJRUtDGHPD\RUUDQJR

5HFROHFFLyQWUDQVSRUWH\HQWUHJDGHORVHQYtRV

   /D HPSUHVD HVWi IDFXOWDGD SDUD OD UHFROHFFLyQ WUDQVSRUWH \ HQWUHJD GH ORV HQYtRV VLHPSUH TXH ILJXUH FRPR
FRQVLJQDWDULRRFRQVLJQDQWHHQHOGRFXPHQWRGHWUDQVSRUWH
7RGRVORVHQYtRVGHEHQHVWDUFRQVLJQDGRVHQHOGRFXPHQWRGHWUDQVSRUWHFRPR³FDUJDFRXULHU´³VDFDVFRXULHU´³FRXULHU
EDJV´RWpUPLQRVLPLODU\PDQLIHVWDGRGHLJXDOIRUPDD~QFXDQGRVHWUDWHGHFDUJDFRQVROLGDGD
&DGDHQYtRGHEHHVWDULGHQWLILFDGRGHVGHRULJHQFRQVXJXtDDGKHULGDDpVWH

'HOPDQLILHVWR((5

/DHPSUHVDHVHO~QLFRRSHUDGRUIDFXOWDGRSDUDQXPHUDURUHFWLILFDUHOPDQLILHVWR((5HLQFOXVRLQFRUSRUDUJXtDV3DUDOD
QXPHUDFLyQGHOPDQLILHVWR((5ODHPSUHVDGHEHWUDQVPLWLUXQVRORPDQLILHVWR((5SRUFDGDPHGLRGHWUDQVSRUWHSDUD
ORFXDOVHYHULILFDTXHFRQFXUUDQORVVLJXLHQWHVGDWRV
D(PSUHVDGHWUDQVSRUWH
E)HFKDSUREDEOHGHOOHJDGDRHPEDUTXHVHJ~QFRUUHVSRQGD
F1~PHURGHYXHOR
8QPLVPRGRFXPHQWRGHWUDQVSRUWHQRGHEHDPSDUDUFDUJDFRXULHU\FDUJDJHQHUDO
   (O PDQLILHVWR ((5 DPSDUD XQD R PiV JXtDV UHODFLRQDGDV D XQR R PiV GRFXPHQWRV GH WUDQVSRUWH GHO PLVPRPHGLRGH
WUDQVSRUWH8QDPLVPDJXtDQRGHEHUHSHWLUVHHQXQPLVPRPDQLILHVWR

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
&XDQGRDWUDYpVGHOPDQLILHVWR((5VHVROLFLWHODGHVWLQDFLyQDGXDQHUDGHXQDRPiVJXtDVVHGHEHFRQVLJQDUHOWLSRGH
HQYtR ³´ \ GH H[LVWLU JXtDV GH FDWHJRUtD  HVWDV GHEHQ VHU GHVWLQDGDV HQ VX WRWDOLGDG (Q FDVR VH WUDQVPLWD HO
PDQLILHVWR((5VLQVROLFLWDUGHVWLQDFLyQDGXDQHUDDOJXQDVHGHEHFRQVLJQDUHOWLSRGHHQYtR³´HOFXDOSXHGHFRQWHQHU
JXtDVGHODFDWHJRUtDR
/DLQIRUPDFLyQGHOPDQLILHVWR((5GHEHVHUWUDQVPLWLGDDOD681$7HQXQD~QLFDWUDQVPLVLyQ

'HVWLQDFLyQDGXDQHUD

/DGHVWLQDFLyQGHOUpJLPHQ((5VHVROLFLWDPHGLDQWHSUHVHQWDFLyQItVLFDRWUDQVPLVLyQHOHFWUyQLFDGHOD'6(OOOHQDGRGH
OD '6 VH UHDOL]D FRQIRUPH D OD FDUWLOOD GH LQVWUXFFLRQHV GHO GRFXPHQWR DGXDQHUR ³'HFODUDFLyQ 6LPSOLILFDGD´ \ OD
WUDQVPLVLyQHOHFWUyQLFDVHHIHFW~DFRQIRUPHDODVHVWUXFWXUDVSXEOLFDGDVHQHOSRUWDOZHEGHOD681$7
/D'6SXHGHVHULQGLYLGXDORFRQVROLGDGD/D'6LQGLYLGXDODPSDUDXQHQYtR\OD'6FRQVROLGDGDFRPSUHQGHGRVRPiV
GHFODUDFLRQHVLQGLYLGXDOHV
   &XDQGR OD HPSUHVD VROLFLWD OD GHVWLQDFLyQ GH ORV HQYtRV pVWD GHEH VHU OD PLVPD TXH WUDQVPLWLy OD LQIRUPDFLyQ SDUD
QXPHUDUHOPDQLILHVWR((57UDWiQGRVHGH'6FRQVROLGDGDHOGHFODUDQWH\HOLPSRUWDGRUH[SRUWDGRUGHEHQVHUODPLVPD
HPSUHVD
   (O GHFODUDQWH GHEH FRQVLJQDU HQ OD '6 LQIRUPDFLyQ HQ LGLRPD HVSDxRO OD PLVPD TXH GHEH VHU OHJLEOH VLQ ERUURQHV QL
HQPHQGDGXUDVDVLPLVPRGHEHFRLQFLGLUFRQODLQIRUPDFLyQWUDQVPLWLGDHOHFWUyQLFDPHQWH
   /D GHVWLQDFLyQ GH ORV HQYtRV TXH FRQVWLWX\DQ GRQDFLRQHV VH ULJH SRU ODV GLVSRVLFLRQHV SUHYLVWDV HQ HO SUHVHQWH
SURFHGLPLHQWR HQ OR TXH FRUUHVSRQGD \ VXSOHWRULDPHQWH SRU ODV QRUPDV FRQWHQLGDV HQ HO SURFHGLPLHQWR HVSHFtILFR GH
³'RQDFLRQHV´,17$3(

0HUFDQFtDVSURKLELGDVRUHVWULQJLGDV

/RVHQYtRVFRQWHQLHQGRPHUFDQFtDVSURKLELGDVRUHVWULQJLGDVVHUHJXODQSRUORHVWDEOHFLGRHQHOSURFHGLPLHQWRHVSHFtILFR
GH³&RQWUROGHPHUFDQFtDVUHVWULQJLGDV\SURKLELGDV´,17$3(HQORTXHFRUUHVSRQGD

&DQDOHVGHFRQWURO\&RQWUROQRLQWUXVLYR

/D$GPLQLVWUDFLyQ$GXDQHUDVRPHWHORVHQYtRVDPSDUDGRVHQXQD'6D
D&DQDOYHUGHQRUHTXLHUHGHUHYLVLyQGRFXPHQWDULDQLGHUHFRQRFLPLHQWRItVLFR
E     &DQDO QDUDQMD HQ HO LQJUHVR UHTXLHUH GH UHYLVLyQ GRFXPHQWDULD \ HQ OD VDOLGD HO HQYtR TXHGDH[SHGLWRSDUDVX
HPEDUTXH
F&DQDOURMRUHTXLHUHGHUHYLVLyQGRFXPHQWDULD\GHUHFRQRFLPLHQWRItVLFR
G&RQWURO1RLQWUXVLYRUHTXLHUHGHLQVSHFFLyQSRULPiJHQHV
    (Q HO FDVR GH '6 VHOHFFLRQDGDV D FDQDO YHUGH R QDUDQMD OD HPSUHVD HO GHVSDFKDGRU GH DGXDQDV R HO GXHxR R
FRQVLJQDWDULRSXHGHQVROLFLWDUHOH[DPHQItVLFRGHODPHUFDQFtDPHGLDQWHODSUHVHQWDFLyQGHXQH[SHGLHQWHGHELGDPHQWH
IXQGDPHQWDGR DQWHV GH VX UHWLUR GHO GHSyVLWR WHPSRUDO ((5 HQ LQJUHVR R GHSyVLWR WHPSRUDO HQ VDOLGD VHJ~Q
FRUUHVSRQGD

9DORUDFLyQ

/DYDORUDFLyQGHORVHQYtRVVHVXMHWDQDORHVWDEOHFLGRHQHO$FXHUGRVREUHYDORUDFLyQHQ$GXDQDGHOD20&DSUREDGR
SRU 5HVROXFLyQ /HJLVODWLYD 1ž  OD 'HFLVLyQ  GH OD &RPXQLGDG $QGLQD ³9DORU HQ DGXDQD GH ODV PHUFDQFtDV
LPSRUWDGDV´OD5HVROXFLyQ5HJODPHQWR&RPXQLWDULRGHOD'HFLVLyQOD5HVROXFLyQ±3URFHGLPLHQWRGHORV
&DVRV (VSHFLDOHV GH 9DORUDFLyQ $GXDQHUD HO 5HJODPHQWR SDUD OD 9DORUDFLyQ GH 0HUFDQFtDV VHJ~Q HO $FXHUGR VREUH
9DORUDFLyQHQ$GXDQDGHOD20&DSUREDGRSRUHO'HFUHWR6XSUHPR1ž()\PRGLILFDWRULDV7DPELpQVHDSOLFDQ
ORVGHPiVSURFHGLPLHQWRVLQVWUXFWLYRV\FLUFXODUHVDVtFRPRODV'HFLVLRQHVGHO&RPLWpGH9DORUDFLyQ$GXDQHUD20&\
ORVLQVWUXPHQWRVGHO&RPLWp7pFQLFRGH9DORUDFLyQHQ$GXDQD%UXVHODV

/HJDMDPLHQWRGHODVGHFODUDFLRQHV

(OOHJDMDPLHQWRGHODV'6VHULJHSRUHOSURFHGLPLHQWRHVSHFtILFRGH³/HJDMDPLHQWRGHOD'HFODUDFLyQ´,17$3(\
SRUHOSUHVHQWHSURFHGLPLHQWRHQORTXHFRUUHVSRQGD

0HGLGDVHQIURQWHUD

/DVXVSHQVLyQGHOOHYDQWHGHODVPHUFDQFtDVSRUDSOLFDFLyQGHPHGLGDVHQIURQWHUDVHUHDOL]DFRQIRUPHDORHVWDEOHFLGR
HQHOSURFHGLPLHQWRHVSHFtILFRGH³$SOLFDFLyQGH0HGLGDVHQ)URQWHUD´,17$3(

9,,'(6&5,3&,Ï1

$,1*5(62'(/26(19Ë26

$0$1,),(672((5

1XPHUDFLyQGHOPDQLILHVWR((5

/DHPSUHVDGHEHWUDQVPLWLUSRUPHGLRVHOHFWUyQLFRVXQVRORPDQLILHVWR((5GHLQJUHVRSRUFDGDPHGLRGHWUDQVSRUWH
(VWD WUDQVPLVLyQ VH UHDOL]D DXQ FXDQGR HO WUDQVSRUWLVWD R VX UHSUHVHQWDQWH HQ HO SDtV R OD HPSUHVD TXH DFW~D FRPR
DJHQWHGHFDUJDLQWHUQDFLRQDOQRKD\DQWUDQVPLWLGRHOPDQLILHVWRGHFDUJDRPDQLILHVWRGHFDUJDGHVFRQVROLGDGR
/DHPSUHVDVyORSXHGHWUDQVPLWLUHOPDQLILHVWR((5FX\DFDUJDSURYHQJDGHXQDHPSUHVDGHVHUYLFLRGHHQWUHJDUiSLGD
RFRXULHUGHOH[WUDQMHURFRQODTXHKD\DDFUHGLWDGRYLQFXODFLyQFRQWUDFWXDORVXUHSUHVHQWDFLyQ DQWH OD $GPLQLVWUDFLyQ
$GXDQHUD (Q FDVR FRQWUDULR OD HPSUHVD SXHGH VROLFLWDU HO UHHPEDUTXH GH OD PLVPD FXPSOLHQGR ODV IRUPDOLGDGHV
HVWDEOHFLGDVSDUDGLFKRUpJLPHQ1RSURFHGHHOUHHPEDUTXHHQWDQWRH[LVWDXQDPHGLGDSUHYHQWLYDRDFFLyQGHFRQWURO
H[WUDRUGLQDULR
   /D HPSUHVD WUDQVPLWH HOHFWUyQLFDPHQWH D OD $GPLQLVWUDFLyQ $GXDQHUD ORV GDWRV GHO PDQLILHVWR ((5 GH DFXHUGR D OD
HVWUXFWXUDSXEOLFDGDHQHOSRUWDOZHEGHOD681$7'LFKDWUDQVPLVLyQGHEHHIHFWXDUVHKDVWDGRVKRUDVDQWHVGHOD
OOHJDGDGHOPHGLRGHWUDQVSRUWH(QFDVRTXHHOWUDQVSRUWHVHUHDOLFHHQXQSOD]RPHQRUDOVHxDODGRHVWDLQIRUPDFLyQ
GHEHVHUWUDQVPLWLGDKDVWDHOPRPHQWRGHODOOHJDGDGHOPHGLRGHWUDQVSRUWH
   (O 6,*$' YDOLGD ORV GDWRV WUDQVPLWLGRV HQ HO PDQLILHVWR ((5 GH LQJUHVR GH UHVXOWDU FRQIRUPH JHQHUD HO Q~PHUR GH

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
PDQLILHVWRFDVRFRQWUDULR FRPXQLFD ORV PRWLYRV GHO UHFKD]R &XDQGR VH VROLFLWH OD GHVWLQDFLyQ DGXDQHUD PHGLDQWH OD
WUDQVPLVLyQ GHO PDQLILHVWR ((5 XQD YH] HIHFWXDGDV ODV YDOLGDFLRQHV FRUUHVSRQGLHQWHV HO VLVWHPD SURFHGH D OD
QXPHUDFLyQGHOPDQLILHVWR((5\ODV'6HQIRUPDFRQMXQWDFDVRFRQWUDULRFRPXQLFDORVPRWLYRVGHOUHFKD]R
(QFDVRGHLQWHUUXSFLyQGHOVLVWHPDLQIRUPiWLFRGHOD681$7TXHLPSLGDODWUDQVPLVLyQGHOPDQLILHVWR((5ODHPSUHVD
GHEH SUHVHQWDU HO IRUPDWR LPSUHVR FRQ  ORV GDWRV GH DFXHUGR D OD HVWUXFWXUD GHO PDQLILHVWR ((5 FRQ SRVWHULRULGDG DO
DUULERGHOPHGLRGHWUDQVSRUWH\KDVWDDQWHVGHODVDOLGDGHODFDUJDFRXULHUGHOSXQWRGHOOHJDGDSDUDHIHFWRGHOFRQWURO
GHODFDUJDSRUODDXWRULGDGDGXDQHUD

7UDVODGRGHORVHQYtRV

   (O WUDVODGR GH ORV HQYtRV GHVGH HO SXQWR GH OOHJDGD KDFLD HO GHSyVLWR WHPSRUDO ((5 VH HIHFW~D PHGLDQWH XQ DFWD GH
WUDVODGRJHQHUDGDSRUHOUHIHULGRGHSyVLWRDWUDYpVGHOSRUWDOZHEGHOD681$7
(ODFWDGHWUDVODGRSXHGHVHUQXPHUDGDDQWHVGHODUULERGHOPHGLRGHWUDQVSRUWH\KDVWDDQWHVGHODVDOLGDGHORVHQYtRV
GHOSXQWRGHOOHJDGD
3RUFDGDGRFXPHQWRGHWUDQVSRUWHPiVWHUFRQVROLGDGRRGLUHFWRVHQXPHUDXQDFWDGHWUDVODGRFRQHOUHJLVWURGHOD
VLJXLHQWHLQIRUPDFLyQHPSUHVDGHWUDQVSRUWHQ~PHURGHYXHORIHFKD\KRUDGHOYXHORFDQWLGDGGHEXOWRV\SHVRVORV
PLVPRVTXHGHEHQVHULJXDOHVDORVFRQVLJQDGRVHQHOPDQLILHVWRGHFDUJD
&RQSRVWHULRULGDGDODQRWDGHWDUMDGHOGRFXPHQWRGHWUDQVSRUWHTXHDPSDUDODFDUJD\DQWHVGHVXVDOLGDGHOSXQWRGH
OOHJDGDHOGHSyVLWRWHPSRUDO((5TXHQXPHUy HO DFWD GH WUDVODGR YHULILFD \ UHJLVWUD HQ HO SRUWDO ZHEGHOD681$7OD
VLJXLHQWHLQIRUPDFLyQ
D)HFKD\KRUDGHLQLFLRGHOWUDVODGRGHODFDUJD
E1~PHURGHOPDQLILHVWRGHFDUJD
F'RFXPHQWRGHWUDQVSRUWHGLUHFWRRFRQVROLGDGR
G1~PHURGHOPDQLILHVWR((5
H%XOWRV\SHVRGHOGRFXPHQWRGHWUDQVSRUWH
I1~PHURGHSODFDGHOYHKtFXOR
J1~PHURGHORVSUHFLQWRVFRORFDGRVDOYHKtFXOR
(QHOSXQWRGHOOHJDGDHOWUDQVSRUWLVWDRVXUHSUHVHQWDQWHHQWUHJDDOGHSyVLWRWHPSRUDO((5ORVHQYtRVSDUDVXWUDVODGR
KDFLDVXUHFLQWR3DUDVXVDOLGDHOWUDQVSRUWLVWDRVXUHSUHVHQWDQWHHQHOSDtVYHULILFDHQHOSRUWDOZHEGHOD681$7TXHHO
DFWDGHWUDVODGRWHQJDUHJLVWUDGDODIHFKD\KRUDGHLQLFLRGHWUDVODGR
&XDQGRODWRWDOLGDGGHEXOWRVGHODFWDGHWUDVODGRKD\DLQJUHVDGRDOGHSyVLWRWHPSRUDO((5pVWHUHJLVWUDHQHOSRUWDO
ZHEGHOD681$7FRPRFRQVWDQFLDGHOWpUPLQRGHOWUDVODGRODVLJXLHQWHLQIRUPDFLyQ
D7RWDOGHWUDVODGRVUHDOL]DGRV
E)HFKD\KRUDGHOLQJUHVRDVXUHFLQWR
1RSURFHGHHOWUDVODGRGHXQGHSyVLWRWHPSRUDO((5DRWUR

7DUMDDOGHWDOOH

/DHPSUHVD\HOGHSyVLWRWHPSRUDO((5VXVFULEHQODWDUMDDOGHWDOOHpVWH~OWLPRWUDQVPLWHDOD$GPLQLVWUDFLyQ$GXDQHUD
OD LQIRUPDFLyQ GH OD SUHFLWDGD WDUMD GHQWUR GHO SOD]R GH GRV  KRUDV FRPSXWDGR D SDUWLU GHO LQJUHVR DO GHSyVLWR
WHPSRUDO((5GHO~OWLPREXOWRDUULEDGRGHOPDQLILHVWR((5
(O SHVR D WUDQVPLWLU HQ OD WDUMD DO GHWDOOH SDUD ORV HQYtRV GH FDWHJRUtD  SXHGH VHU HO SHVR WRWDO UHFLELGR GH GLFKD
FDWHJRUtD SURUUDWHDGR HQWUH HO SHVR PDQLIHVWDGR GH ORV HQYtRV DUULEDGRV 375370 [ 30($ GRQGH 375  3HVR WRWDO
UHFLELGR370 3HVRWRWDOPDQLIHVWDGR\30($ 3HVRPDQLIHVWDGRGHFDGDHQYtRDUULEDGR
/DWDUMDDOGHWDOOHGHORVHQYtRVFRQVLJQDGRVHQXQPDQLILHVWR((5VHUHDOL]DHQXQDRYDULDVWUDQVPLVLRQHVHOHFWUyQLFDV
GHDFXHUGRDODHVWUXFWXUDSXEOLFDGDHQHOSRUWDOZHEGHOD681$7FRQVLJQDQGRODLQIRUPDFLyQGHFDGDJXtD(QFDVR
TXH OD WDUMD DO GHWDOOH VH UHDOLFH HQ YDULDV WUDQVPLVLRQHV HOHFWUyQLFDV FDGD WUDQVPLVLyQ GHEH FRPSUHQGHU D WRGDV ODV
JXtDVFRQWHQLGDVHQXQGRFXPHQWRGHWUDQVSRUWH
7UDWiQGRVHGHHQYtRVQRDUULEDGRVVHWUDQVPLWHODWDUMDDOGHWDOOHGHOSHVR\EXOWRVFRQYDORUFHURHQFDGDJXtD\HQ
ORVGRFXPHQWRVGHWUDQVSRUWHFXDQGRFRUUHVSRQGD1RVHDFHSWDODWDUMDDOGHWDOOHFRQYDORUFHURSDUDHOGRFXPHQWR
GHWUDQVSRUWHFXDQGRpVWHWHQJDUHJLVWUDGRQRWDGHWDUMDRLQLFLRGHOWUDVODGR
(OGHSyVLWRWHPSRUDO((5WUDQVPLWHODLQIRUPDFLyQGHEXOWRVIDOWDQWHVRVREUDQWHV\HOQ~PHURGHODFWDGHLQYHQWDULRGH
ORVHQYtRVHQPDOHVWDGRFRQMXQWDPHQWHFRQODWUDQVPLVLyQGHODWDUMDDOGHWDOOH

,QIRUPDFLyQFRQILUPDWRULDGHOPDQLILHVWR((5

/DHPSUHVDWUDQVPLWHSRU~QLFDYH]ODLQIRUPDFLyQFRQILUPDWRULDGHOPDQLILHVWR((5GHQWURGHOSOD]RGHFLQFRGtDV
KiELOHV FRPSXWDGR D SDUWLU GHO UHJLVWUR GHO WpUPLQR GHO WUDVODGR GH OD WRWDOLGDG GH OD FDUJD DO GHSyVLWR WHPSRUDO ((5
GDWDQGR HO GRFXPHQWR GH WUDQVSRUWH FRQ HO PDQLILHVWR ((5 7UDWiQGRVH GH GRFXPHQWRV GH WUDQVSRUWH TXH FRQWHQJDQ
FDUJDFRQVROLGDGDGHPiVGHXQDHPSUHVDSUHYLDDODWUDQVPLVLyQGHODLQIRUPDFLyQFRQILUPDWRULDGHOPDQLILHVWR((5HO
GHSyVLWRWHPSRUDO((5GHEHKDEHUWUDQVPLWLGRODWDUMDDOGHWDOOHGHOPDQLILHVWR((5
/DLQIRUPDFLyQFRQILUPDWRULDFRQVWDGH
D$xR\Q~PHURGHOPDQLILHVWRGHFDUJD
E$xR\Q~PHURGHOPDQLILHVWR((5
F1XPHURGHORVGRFXPHQWRVGHWUDQVSRUWHKLMRVRGLUHFWRV

$75$0,7$&,Ï1'(/5e*,0(1

'RFXPHQWDFLyQVXVWHQWDWRULDGHOD'6GHLQJUHVR

/RVGRFXPHQWRVVXVWHQWDWRULRVGHOD'6GHEHQHVWDUOHJLEOHV\VLQHQPHQGDGXUDV(VWRVVRQ
D     )DFWXUD GRFXPHQWR HTXLYDOHQWH R FRQWUDWR 6H HQWLHQGH FRPR GRFXPHQWRV RULJLQDOHV ORV HPLWLGRV SRU HO
SURYHHGRU TXH DFUHGLWDQ ORV WpUPLQRV GH OD WUDQVDFFLyQ FRPHUFLDO GH DFXHUGR D ORV XVRV \ FRVWXPEUHV GHO
FRPHUFLR 'LFKR GRFXPHQWR SRGUi VHU WUDQVPLWLGR HPLWLGR LPSUHVR R UHFLELGR SRU FXDOTXLHU PHGLR ItVLFR R
HOHFWUyQLFR
(Q FDVR GH QR FRQWDU FRQ ORV GRFXPHQWRV DQWHV VHxDODGRV \ VLHPSUH TXH VH WUDWH GH PHUFDQFtD VLQ FDUiFWHU
FRPHUFLDO HVWRV SXHGHQ VHU UHHPSOD]DGRV SRU XQD 'HFODUDFLyQ -XUDGD GHO 9DORU FRQVLJQDQGR ORV GDWRV GHO
FRQVLJQDWDULRGHOSURYHHGRUGHVFULSFLyQ\FDUDFWHUtVWLFDVGHODPHUFDQFtDFDQWLGDG\YDORUODPLVPDTXHSXHGH
VHUWUDQVPLWLGDSRUPHGLRVHOHFWUyQLFRVVLQSHUMXLFLRGHHOORHOIXQFLRQDULRDGXDQHURGHVLJQDGRSXHGHVROLFLWDUHO
RULJLQDOGHODUHIHULGDGHFODUDFLyQHQHMHUFLFLRGHODSRWHVWDGDGXDQHUD
E*XtD(VWHGRFXPHQWRGHEHHVWDUHQGRVDGRSRUHOGXHxRRFRQVLJQDWDULRFXDQGRHOGHVSDFKRORUHDOL]DHODJHQWHGH

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
DGXDQDRHOGHVSDFKDGRURILFLDO
F'RFXPHQWRGHVHJXURGHWUDQVSRUWHFXDQGRHOHQYtRVHHQFXHQWUDDVHJXUDGR(QHOFDVRGHXQDSyOL]DJOREDOR
IORWDQWHHOGRFXPHQWRTXHDFUHGLWDODFREHUWXUD GH ODV PHUFDQFtDV VXMHWDV D GHVSDFKR 6H FRQVLGHUDQRULJLQDOHV
LQFOXVRORVGRFXPHQWRVJHQHUDGRVSRUPHGLRVHOHFWUyQLFRVSRUODVFRPSDxtDVGHVHJXURVQDFLRQDOHVRH[WUDQMHUDV
HLPSUHVRVSRUORVFRUUHGRUHVGHVHJXURRSRUORVGXHxRVRFRQVLJQDWDULRV
G     'RFXPHQWR GH DXWRUL]DFLyQ HPLWLGR SRU HO VHFWRU FRPSHWHQWH FXDQGR VH WUDWH GH PHUFDQFtD UHVWULQJLGD R
GHFODUDFLyQ MXUDGD VXVFULWD SRU HO UHSUHVHQWDQWH OHJDO GHO GXHxR R FRQVLJQDWDULR FXDQGR OD QRUPD HVSHFtILFD OR
SHUPLWD
H)RWRFRSLDOHJDOL]DGDDXWRFRSLDRFRSLDFDUERQDGDGHOFRPSUREDQWHGHSDJR\FRSLDDGLFLRQDOGHpVWHFXDQGRVH
HIHFW~HWUDQVIHUHQFLDGHELHQHVDQWHVGHVXQDFLRQDOL]DFLyQ(VWHGRFXPHQWRQRHVH[LJLEOHHQORVVLJXLHQWHVFDVRV
&XDQGRODWUDQVIHUHQFLDGHELHQHVKD\DVLGRHIHFWXDGDSRUFRPLVLRQLVWDVTXHDFW~HQSRUFXHQWDGHWHUFHURV
VHDFUHGLWDGLFKDVLWXDFLyQSUHVHQWDQGRDQWHVGHVROLFLWDUHOGHVSDFKR\SRU~QLFDYH]HOFRQWUDWRGHFRPLVLyQ
GRQGHFRQVWHGLFKRPDQGDWR
&XDQGRODVHQWLGDGHVGHO6LVWHPD)LQDQFLHUR1DFLRQDOKD\DQHQGRVDGRORVGRFXPHQWRVGHWUDQVSRUWHDIDYRU
GHORVLPSRUWDGRUHV
(QORVFDVRVGHWUDQVIHUHQFLDDWtWXORJUDWXLWRGHORVELHQHVTXHLQJUHVDQDOSDtVFRQVLJQDGRVDQRPEUHGHXQD
HQWLGDGGHO6HFWRU3~EOLFR1DFLRQDOH[FHSWRHPSUHVDVGHO(VWDGRRDOD,JOHVLD&DWyOLFD
I&HUWLILFDGRGHRULJHQFXDQGRFRUUHVSRQGD
J&DUWDSRGHUFRQILUPDOHJDOL]DGDQRWDULDOPHQWHTXHDXWRULFHDUHDOL]DUORVWUiPLWHVDGXDQHURVGHO5pJLPHQ((5HQ
HOFDVRTXHXQWHUFHURUHDOLFHHOGHVSDFKRHQUHSUHVHQWDFLyQGHOLPSRUWDGRUGXHxRRFRQVLJQDWDULR
K2WURVTXHODQDWXUDOH]DXRULJHQGHODVPHUFDQFtDV\GHOSUHVHQWHUpJLPHQUHTXLHUDQFRQIRUPHDODVGLVSRVLFLRQHV
HVSHFtILFDVVREUHODPDWHULD

3OD]RVSDUDGHVWLQDUORVHQYtRV

/DGHVWLQDFLyQGHORVHQYtRVSXHGHVROLFLWDUVHDQWHVGHODUULERGHODDHURQDYHSHURFRQSRVWHULRULGDGDODQXPHUDFLyQGHO
PDQLILHVWR((5\KDVWDHOSOD]R GH WUHLQWD  GtDV FDOHQGDULR FRPSXWDGR D SDUWLU GHO GtD VLJXLHQWH GHO WpUPLQR GH OD
GHVFDUJD

'HVWLQDFLyQGHORVHQYtRV

/DV'6FRQVROLGDGDVVyORDPSDUDQGHFODUDFLRQHVLQGLYLGXDOHVGHHQYtRVGHFDWHJRUtD\ODV'6LQGLYLGXDOHVFRPSUHQGHQ
HQYtRVGHODVFDWHJRUtDV\G
   /DV '6 VROR DPSDUDQ HQYtRV GH XQD PLVPD FDWHJRUtD WHQLHQGR HQ FXHQWD HO OtPLWH GH YDORU HVWDEOHFLGR SDUD FDGD
FDWHJRUtD
/RVHQYtRVSXHGHQGHVWLQDUVHPHGLDQWHGHFODUDFLyQDOPRPHQWRGHODWUDQVPLVLyQGHOPDQLILHVWR((5RFRQSRVWHULRULGDG
DOPLVPRVHJ~QHOVLJXLHQWHGHWDOOH
D/RVHQYtRVGHFDWHJRUtDGHEHQGHVWLQDUVHPHGLDQWHODWUDQVPLVLyQGHOPDQLILHVWR((5DWUDYpVGHXQDRPiV'6
FRQVROLGDGDV \R '6 LQGLYLGXDOHV ([FHSFLRQDOPHQWH HO HQYtR GH FDWHJRUtD  SRGUi GHVWLQDUVH GHVSXpV GH
WUDQVPLWLGRHOPDQLILHVWR((5PHGLDQWHXQD'6LQGLYLGXDOFXDQGRVHWUDWHGHXQDJXtDLQFRUSRUDGD
E     /RV HQYtRV GH ODV FDWHJRUtDV  \  SXHGHQ GHVWLQDUVH PHGLDQWH OD WUDQVPLVLyQ GHO PDQLILHVWR ((5 R GHVSXpV GH
WUDQVPLWLGRpVWHPHGLDQWH'6LQGLYLGXDOHV
F     /RV HQYtRV GH FDWHJRUtD G VyOR SXHGHQ GHVWLQDUVH GHVSXpV GH WUDQVPLWLGR HO PDQLILHVWR ((5 PHGLDQWH '6
LQGLYLGXDOHV
6yOR VH SHUPLWH GHVSDFKRV SDUFLDOHV GH HQYtRV GH FDWHJRUtD  R G FRQ SRVWHULRULGDG D OD WUDQVPLVLyQ GH OD WDUMD DO
GHWDOOH
/D GHVWLQDFLyQ DGXDQHUD GH ORV HQYtRV GH ODV FDWHJRUtDV  G \ G VH VROLFLWD PHGLDQWH IRUPDWR '8$ X RWURIRUPDWR
HVWDEOHFLGR SRU OD $GPLQLVWUDFLyQ $GXDQHUD VHJ~Q HO UpJLPHQ TXH FRUUHVSRQGD FXPSOLHQGR FRQ ODV IRUPDOLGDGHV
HVWDEOHFLGDVSDUDFDGDUpJLPHQ
0RGLILFDGRSRUOD561$$1ƒ681$7$

1XPHUDFLyQGHOD'6SRUWUDQVPLVLyQ

/DHPSUHVDVROLFLWDODGHVWLQDFLyQDGXDQHUDGHORVHQYtRVGHODFDWHJRUtDDWUDYpVGH'6FRQVROLGDGDVFRQVLJQDQGRHO
WLSRGHRSHUDFLyQRPHGLDQWH'6LQGLYLGXDOHVFRQVLJQDQGRHOWLSRGHRSHUDFLyQGHFODUiQGRVHORVHQYtRVHQXQD
VRODVHULH
8QDYH]QXPHUDGDOD'6FRQVROLGDGDHOVLVWHPDPXHVWUDDWUDYpVGHO3RUWDO:HE681$7ODVGHFODUDFLRQHVLQGLYLGXDOHV
FRQWHQLGDVHQHOODFRQHOFyGLJRLGHQWLILFDGRUVLJXLHQWH$GXDQDDxRUpJLPHQ1ž'6FRQVROLGDGDVHULHJXtD
   /D HPSUHVD R HO GHVSDFKDGRU GH DGXDQD VROLFLWDQ OD GHVWLQDFLyQ DGXDQHUD GH ORV HQYtRV GH ODV FDWHJRUtDV   \ G
PHGLDQWH'6LQGLYLGXDOHVFRQVLJQDQGRHOWLSRGHRSHUDFLyQGHFODUiQGRVHHOHQYtRHQXQDRPiVVHULHV
   3DUD OD GHVWLQDFLyQ DGXDQHUD GH ORV HQYtRV GH ODV FDWHJRUtDV   \ G VH GHEH WUDQVPLWLU OD PDUFD \ PRGHOR GH OD
PHUFDQFtDGHFRUUHVSRQGHU\DGLFLRQDOPHQWH FXDQGR VH WUDWH GH HQYtRV GH ODV FDWHJRUtDV  \  VH WUDQVPLWH SRU FDGD
VHULHHOFyGLJRGHOSURGXFWRVHJ~QHO$QH[R
1RVHDFHSWDODGHVWLQDFLyQDGXDQHUDGHOHQYtRFXDQGRODJXtDTXHVHVROLFLWDGHVWLQDUWLHQHXQDUHFWLILFDFLyQSHQGLHQWH
GHDWHQFLyQ
'HHQFRQWUDUVHFRUUHFWDODWUDQVPLVLyQGHODLQIRUPDFLyQOD$GPLQLVWUDFLyQ$GXDQHUDFRPXQLFDDOGHFODUDQWHHOQ~PHUR
GHODGHFODUDFLyQSRUHOPLVPRPHGLRFDVRFRQWUDULRFRPXQLFDORVPRWLYRVGHOUHFKD]R
&RQIRUPHDORGLVSXHVWRSRUHOOLWHUDOPGHODUWtFXORƒGHOD/H\\OD/H\1ƒVHHQFXHQWUDQLQDIHFWRVGHOSDJR
GH ORV GHUHFKRV DUDQFHODULRV \ GHO ,PSXHVWR *HQHUDO D ODV 9HQWDV ,*9 ORV HQYtRV GH HQWUHJD UiSLGD UHDOL]DGRV HQ
FRQGLFLRQHVQRUPDOHVFRQIRUPHDORVHxDODGRHQHODUWtFXORžGHO5HJODPHQWR((5TXHFRQVWLWX\HQ
D&RUUHVSRQGHQFLDGRFXPHQWRVGLDULRV\SXEOLFDFLRQHVSHULyGLFDVVLQILQHVFRPHUFLDOHV
E0HUFDQFtDVKDVWDSRUXQYDORU)2%GHGRVFLHQWRV\GyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD86
SRUHQYtR
$VLPLVPR QR HV DSOLFDEOH HO UpJLPHQ GH SHUFHSFLRQHV GHO ,PSXHVWR *HQHUDO D ODV 9HQWDV D OD LPSRUWDFLyQ SDUD HO
FRQVXPRGHHQYtRVGHHQWUHJDUiSLGDVLHPSUHTXHVXYDORU)2%QRH[FHGDGHORVGRVPLOGyODUHVGHORV(VWDGRV8QLGRV
GH$PpULFD86
3DUDDFRJHUVHDODLQDIHFWDFLyQGHOSDJRGHORVGHUHFKRVDUDQFHODULRV\GHO,PSXHVWR*HQHUDODODV9HQWDVFRQIRUPHDOR
VHxDODGRHQHOQXPHUDOSUHFHGHQWHHOGHFODUDQWHGHEHWUDQVPLWLUGHDFXHUGRDORVLJXLHQWH
&DWHJRUtDOD631
&DWHJRUtDOD631
&DWHJRUtDGFX\RYDORU)2%VHDLJXDORPHQRUDGRVFLHQWRV\GyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
86HOFyGLJROLEHUDWRULR

1XPHUDFLyQGHOD'6SRUPyGXOR

(OGXHxRRFRQVLJQDWDULRRHOGHVSDFKDGRURILFLDOGHFRUUHVSRQGHUVROLFLWDODGHVWLQDFLyQGHORVHQYtRVGHODFDWHJRUtD
G DQWH HO iUHD HQFDUJDGD GHO UpJLPHQ GHVSXpV GH OD WDUMD DO GHWDOOH PHGLDQWH OD SUHVHQWDFLyQ ItVLFD GH OD '6
DGMXQWDQGRHQRULJLQDO\FRSLDORVGRFXPHQWRVVXVWHQWDWRULRVVHxDODGRVHQHOQXPHUDOGHOUXEUR$GHOD6HFFLyQ9,,
GHOSUHVHQWHSURFHGLPLHQWR
(O IXQFLRQDULR DGXDQHUR SXHGH UHFWLILFDU GH RILFLR HQ HO PDQLILHVWR ((5 OD FDWHJRUtD GH OD JXtD  HQ ORV FDVRV TXH OD
GHVWLQDFLyQODUHDOLFHHOFRQVLJQDWDULR
$GLFLRQDOPHQWHHOGHVSDFKDGRURILFLDOSXHGHGHVWLQDUHQYtRVGHODVFDWHJRUtDV\SRUHVWHPHGLRFXDQGRHOHQYtRQR
HVWpFRQVLJQDGRDQRPEUHGHODHQWLGDGDODTXHUHSUHVHQWD
   (O IXQFLRQDULR DGXDQHUR GHVLJQDGR UHYLVD OD GRFXPHQWDFLyQ 'H HVWDU FRQIRUPH ILUPD \ VHOOD HO IRUPXODULR GH OD '6
DXWRUL]DQGRODFRQWLQXDFLyQGHOWUiPLWHFDVRFRQWUDULRGHYXHOYHODGRFXPHQWDFLyQ\HOIRUPXODULRGHOD'6DOGHFODUDQWH
SDUDODVXEVDQDFLyQFRUUHVSRQGLHQWH
(OIXQFLRQDULRDGXDQHURGHVLJQDGRHPLWH OD *XtD GH (QWUHJD GH 'RFXPHQWRV *(' H LQJUHVD OD LQIRUPDFLyQDO6,*$'
JHQHUiQGRVH HO Q~PHUR GH OD '6 OXHJR UHIUHQGD WRGRV ORV HMHPSODUHV \ GHYXHOYH ODV FRSLDV DO GHFODUDQWH TXHGDQGR
H[SHGLWRHOHQYtRSDUDVXUHFRQRFLPLHQWRItVLFR

/LTXLGDFLyQ\&DQFHODFLyQGHODGHXGDWULEXWDULDDGXDQHUD\RUHFDUJRV

   /D $GPLQLVWUDFLyQ $GXDQHUD HQ EDVH D OD LQIRUPDFLyQ WUDQVPLWLGD R SUHVHQWDGD JHQHUD OD OLTXLGDFLyQ GH OD GHXGD
WULEXWDULDDGXDQHUD\RUHFDUJRVVLHPSUHTXHOD'6KD\DVLGRDFHSWDGDHQORVPRPHQWRVVLJXLHQWHV
D&RQODQXPHUDFLyQGHOD'6HQORVFDVRVTXHpVWDVHKD\DQXPHUDGRSRUWUDQVPLVLyQ
E&RQSRVWHULRULGDGDOUHJLVWURGHODGLOLJHQFLDHQORVFDVRVTXHOD'6VHKD\DQXPHUDGRSRUPyGXOR
/DHPSUHVDHOGHVSDFKDGRUGHDGXDQD  R  HO GXHxR R FRQVLJQDWDULR FDQFHOD OD GHXGD WULEXWDULDDGXDQHUD\UHFDUJRV
FRQVLGHUDGRV HQ OD OLTXLGDFLyQ GH WULEXWRV HPLWLGD SRU HO 6,*$' \ HQ OD OLTXLGDFLyQ GH FREUDQ]D FRPSOHPHQWDULD SRU
DSOLFDFLyQ GHO ,6& GH FRUUHVSRQGHU HQ HIHFWLYR \R FKHTXH HQ ODV RILFLQDV EDQFDULDV DXWRUL]DGDV R PHGLDQWH SDJR
HOHFWUyQLFRHQORVVLJXLHQWHVSOD]RV
D3DUDOD'6QXPHUDGDSRUWUDQVPLVLyQDQWHVGHODOOHJDGDGHOPHGLRGHWUDQVSRUWHGHVGHODIHFKDGHQXPHUDFLyQ
GHODGHFODUDFLyQKDVWDODIHFKDGHOWpUPLQRGHODGHVFDUJD
E3DUDOD'6QXPHUDGDSRUWUDQVPLVLyQGHVSXpVGHODOOHJDGDGHOPHGLRGHWUDQVSRUWHHOPLVPRGtDGHODIHFKDGH
QXPHUDFLyQGHODGHFODUDFLyQ
F3DUDOD'6QXPHUDGDSRUPyGXORHOPLVPRGtDGHODIHFKDGHHPLVLyQGHODOLTXLGDFLyQGHWULEXWRV
9HQFLGRVORVSOD]RVVHxDODGRVVHOLTXLGDQORVLQWHUHVHVPRUDWRULRVSRUGtDFDOHQGDULRKDVWDODIHFKDGHSDJRLQFOXVLYH
&XDQGRVXUMDGLVFUHSDQFLDHQHOGHVSDFKRDGXDQHURGHODVPHUFDQFtDVVHSXHGHFRQFHGHUHOOHYDQWHSUHYLRSDJRGHOD
GHXGDQRLPSXJQDGD\HORWRUJDPLHQWRGHJDUDQWtDSRUHOPRQWRTXHVHLPSXJQDGHFRQIRUPLGDGDORHVWDEOHFLGRHQHO
SURFHGLPLHQWRHVSHFtILFRGH³*DUDQWtDVGH$GXDQDV2SHUDWLYDV´,)*5$3(

&DQDO\WLSRGHFRQWURO

/DDVLJQDFLyQGHOFDQDOGHWHUPLQDHOWLSRGHFRQWURODOTXHVHVXMHWDQODVPHUFDQFtDV\VHUHDOL]DFXDQGRFRQFXUUDQODV
VLJXLHQWHVFRQGLFLRQHV
D6LOD'6HVQXPHUDGDSRUWUDQVPLVLyQ
L&XDQGRORVWULEXWRV\RUHFDUJRV\ODOLTXLGDFLyQGHFREUDQ]DFRPSOHPHQWDULDSRUDSOLFDFLyQGHO,6&KD\DQ
VLGRFDQFHODGRVRLPSXJQDGRV
LL&RQHOUHJLVWURGHOWpUPLQRGHOWUDVODGRGHORVHQYtRVDOGHSyVLWRWHPSRUDO((5
LLL(QFDVRH[LVWDXQDVROLFLWXGHOHFWUyQLFDGHUHFWLILFDFLyQGHOD'6FXDQGRpVWDFRQFOX\D
E6LOD'6HVQXPHUDGDSRUPyGXORFRQODQXPHUDFLyQGHODPLVPDFRUUHVSRQGLpQGROHHOFDQDOURMR
&RQWUROQRLQWUXVLYR&DWHJRUtD

   /DV '6 VHOHFFLRQDGDV D FRQWURO QR LQWUXVLYR VRQ VRPHWLGDV D LQVSHFFLyQ SRU LPiJHQHV HVFiQHU UD\RV [ X RWURV VLQ
UHTXHULU DEULU ORV EXOWRV R VDFDV TXH FRQWLHQHQ D ORV HQYtRV VLQ SHUMXLFLR TXH HO IXQFLRQDULR DGXDQHUR UHDOLFH RWUDV
DFWLYLGDGHVGHFRQWURO
/DHPSUHVDVHSUHVHQWDDQWHHOIXQFLRQDULRDGXDQHURGHVLJQDGRSDUDHIHFWXDUHOFRQWUROQRLQWUXVLYRGHORVHQYtRVGHOD
FDWHJRUtD  HQ HO GHSyVLWR WHPSRUDO ((5  LQGLFDQGR HO Q~PHUR GH OD '6 HIHFWXiQGRVH OD UHYLVLyQ FRQ OD SULRULGDG
UHTXHULGD
(OIXQFLRQDULRDGXDQHURGHVLJQDGRLQJUHVDHOQ~PHURGHOD'6HQHO6,*$'UHJLVWUiQGRVHODFRQILUPDFLyQGHODPLVPD
SDUDHOLQLFLRGHOFRQWURODGXDQHUR
   (O SHUVRQDO GHVLJQDGR SRU HO GHSyVLWR WHPSRUDO ((5 HV HO HQFDUJDGR GH RSHUDU HO HTXLSR GH LQVSHFFLyQ QR LQWUXVLYR
UHDOL]DQGR OD PRYLOL]DFLyQ GH ORV EXOWRV SDUD TXH HO IXQFLRQDULR DGXDQHUR GHVLJQDGR UHDOLFH OD LQVSHFFLyQ GH ODV
LPiJHQHV
(IHFWXDGRHOFRQWUROQRLQWUXVLYR\GHFRPSUREDUVHTXHORVHQYtRVFRUUHVSRQGHQDODFDWHJRUtDHOIXQFLRQDULRDGXDQHUR
GHVLJQDGRUHJLVWUDVXGLOLJHQFLDHQHO6,*$'
'HQRVHUFRQIRUPHHOIXQFLRQDULRDGXDQHURSURFHGHDLQPRYLOL]DUODPHUFDQFtDTXHQRFRUUHVSRQGHDODFDWHJRUtDSDUD
ODV DFFLRQHV TXH FRUUHVSRQGDQ VLQ LQWHUUXPSLU HO GHVSDFKR GH OR FRUUHFWDPHQWH GHFODUDGR (O GHSyVLWR WHPSRUDO (55
GHEHSURSRUFLRQDUDODDGPLQLVWUDFLyQDGXDQHUDODVLPiJHQHVHQXQVRSRUWHLQIRUPiWLFRFXDQGRpVWDVHORVROLFLWH

5HFHSFLyQGHODGRFXPHQWDFLyQ

/DHPSUHVDRHOGHVSDFKDGRUGHDGXDQDSUHVHQWDOD'6VHOHFFLRQDGDDFDQDOURMRRQDUDQMDDQWHHOIXQFLRQDULRDGXDQHUR
GHOiUHDHQFDUJDGDGHOUpJLPHQFRQSRVWHULRULGDGDODWDUMDDOGHWDOOHDGMXQWDQGRORVGRFXPHQWRVVXVWHQWDWRULRVTXHVH
PHQFLRQDQHQHOQXPHUDOGHOUXEUR$GHOD6HFFLyQ9,,GHOSUHVHQWHSURFHGLPLHQWRHQRULJLQDO\FRSLDGHELGDPHQWH
IROLDGRV
(OIXQFLRQDULRDGXDQHURUHFLEHOD'6\ORVGRFXPHQWRVVXVWHQWDWRULRVLQJUHVDQGRODLQIRUPDFLyQDO6,*$'SDUDHIHFWRV
GHODHPLVLyQGHXQD*XtDGH(QWUHJDGH'RFXPHQWRV*('FRQODIHFKD\KRUDGHODUHFHSFLyQSRUFDGD'6
3DUDHIHFWRVGHOFyPSXWRGHOSOD]RVHxDODGRHQHOOLWHUDODGHODUWtFXORžGHO5HJODPHQWR((5HQHOFDVRGHODV'6
FDQDOQDUDQMDODFRQILUPDFLyQVHHIHFW~DGHIRUPDDXWRPiWLFDFRQODSULPHUDUHFHSFLyQ*('

5HYLVLyQGRFXPHQWDULD


KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
(OIXQFLRQDULRDGXDQHURGHVLJQDGRSDUDODUHYLVLyQGRFXPHQWDULDYHULILFD\FRQWUDVWDODLQIRUPDFLyQFRQWHQLGDHQOD'6\
ODWUDQVPLWLGDHOHFWUyQLFDPHQWHFRQORVGRFXPHQWRVSUHVHQWDGRVItVLFDPHQWH
'HVHUFRQIRUPHSURFHGHDUHJLVWUDUVXGLOLJHQFLDHQOD'6FRQVLJQDQGRVXILUPD\VHOOR\ODUHJLVWUDHQHO6,*$'&DVR
FRQWUDULR UHTXLHUH D WUDYpV GH OD *(' OD GRFXPHQWDFLyQ R LQIRUPDFLyQ SHUWLQHQWH SDUD VXEVDQDU ODV REVHUYDFLRQHV
HQFRQWUDGDV UHJLVWUiQGRODV HQ HO PyGXOR GH UHFHSFLyQ GHO 6,*$' TXHGiQGRVH FRQ XQD FRSLD GH OD *(' \ ORV
GRFXPHQWRVSUHVHQWDGRV
   3UHVHQWDGD OD GRFXPHQWDFLyQ R LQIRUPDFLyQ UHTXHULGD HO IXQFLRQDULR DGXDQHUR GHVLJQDGR UHJLVWUD HQ HO 6,*$' OD
UHFHSFLyQ \ HIHFW~D OD UHYLVLyQ GRFXPHQWDULD 'H VHU FRQIRUPH GLOLJHQFLD OD '6 FRQVLJQDQGR VX ILUPD \ VHOOR \ OD
UHJLVWUDHQHO6,*$'
(OIXQFLRQDULRDGXDQHURGHVLJQDGRHQWUHJDDOGHFODUDQWHOD'6GHDFXHUGRDODGLVWULEXFLyQVHxDODGDHQHOQXPHUDO
VLJXLHQWHGHOSUHVHQWHSURFHGLPLHQWR\ORVGRFXPHQWRVVXVWHQWDWRULRVFRQVLJQDQGRFRPRFRQVWDQFLDGHODUHFHSFLyQVX
QRPEUHILUPD\IHFKDHQODSDUWHLQIHULRUGHOD'6
(OIXQFLRQDULRDGXDQHURGHVLJQDGRSDUD OD UHYLVLyQ GRFXPHQWDULD SXHGH UHFRPHQGDU TXH OD PHUFDQFtD VHD VRPHWLGD D
UHFRQRFLPLHQWRItVLFRSDUDORFXDOVROLFLWDODDXWRUL]DFLyQGHOMHIHGHOiUHDRGHOIXQFLRQDULRDGXDQHURDTXLHQODMHIDWXUD
GHVLJQH SDUD WDO IXQFLyQ TXLHQ GHWHUPLQD OD SURFHGHQFLD GH OD UHFRPHQGDFLyQ HQ FX\R FDVR GHVLJQD DO IXQFLRQDULR
DGXDQHURSDUDHOUHFRQRFLPLHQWRItVLFR\ODSURVHFXFLyQGHOGHVSDFKR

5HFRQRFLPLHQWRItVLFR

(OIXQFLRQDULRDGXDQHURGHVLJQDGRSDUDHIHFWXDUHOUHFRQRFLPLHQWRItVLFRUHFLEHOD'6\ORVGRFXPHQWRVVXVWHQWDWRULRV
UHJLVWUDQGRHQHO6,*$'ODFRQILUPDFLyQGHGLFKDUHFHSFLyQSDUDHIHFWRVGHOFyPSXWRGHOSOD]RVHxDODGRHQHODUWtFXOR
žGHO5HJODPHQWR((5
(OUHFRQRFLPLHQWRItVLFRVHUHDOL]DGHDFXHUGRDORHVWDEOHFLGRHQHOSURFHGLPLHQWRGH³5HFRQRFLPLHQWR)tVLFR([WUDFFLyQ
\$QiOLVLVGH0XHVWUDV´,17$3(HQORTXHFRUUHVSRQGD
'HVHUFRQIRUPHSURFHGHDUHJLVWUDUVXGLOLJHQFLDHQOD'6FRQVLJQDQGRVXILUPD\VHOOR\ODUHJLVWUDHQHO6,*$'&DVR
FRQWUDULR UHTXLHUH D WUDYpV GH OD *(' OD GRFXPHQWDFLyQ R LQIRUPDFLyQ SHUWLQHQWH SDUD VXEVDQDU ODV REVHUYDFLRQHV
HQFRQWUDGDVUHJLVWUiQGRODVHQHO6,*$'TXHGiQGRVHFRQXQDFRSLDGHOD*('\ORVGRFXPHQWRVSUHVHQWDGRV
   3UHVHQWDGD OD GRFXPHQWDFLyQ R LQIRUPDFLyQ UHTXHULGD HO IXQFLRQDULR DGXDQHUR GHVLJQDGR UHJLVWUD HQ HO 6,*$' OD
UHFHSFLyQ\HYDO~DGLFKRVGRFXPHQWRV'HHVWDUFRQIRUPHGLOLJHQFLDOD'6FRQVLJQDQGRVXILUPD\VHOOR\ODUHJLVWUDHQ
HO6,*$'\UHVXHOYHHOPLVPRGtDGHVXSUHVHQWDFLyQ
(OIXQFLRQDULRDGXDQHURGHVLJQDGRHQWUHJDDOGHFODUDQWHOD'6GHDFXHUGRDORVHxDODGRHQHOQXPHUDOVLJXLHQWHGHO
SUHVHQWHSURFHGLPLHQWR\ORVGRFXPHQWRVVXVWHQWDWRULRVFRQVLJQDQGRFRPRFRQVWDQFLDGHODUHFHSFLyQVXQRPEUHILUPD
\IHFKDHQODSDUWHLQIHULRUGHOD'6
(QORVFDVRVGH'6QXPHUDGDSRUPyGXORHOIXQFLRQDULRDGXDQHURGHVLJQDGRSDUDWDOILQUHJLVWUDHQHO6,*$'ORVGDWRV
FRPSOHPHQWDULRV \ OD UHVSHFWLYD GLOLJHQFLD GH OD '6 3RVWHULRUPHQWH HQWUHJD DO LPSRUWDGRU OD '6 GH DFXHUGR D OR
VHxDODGR HQ HO QXPHUDO  VLJXLHQWH GHO SUHVHQWH SURFHGLPLHQWR SUHYLD YHULILFDFLyQ GH OD FDQFHODFLyQ GH ORV WULEXWRV
FRUUHVSRQGLHQWHV
0RGLILFDGRSRUOD561$$1ƒ681$7$


/HYDQWHGHODVPHUFDQFtDV

(QWRGRVORVFDVRVOD$GPLQLVWUDFLyQ$GXDQHUDRWRUJDHOOHYDQWHDODVPHUFDQFtDVVLHPSUHTXH
D6HKD\DWUDQVPLWLGRODWDUMDDOGHWDOOH
E1RH[LVWDQWULEXWRV\RUHFDUJRVSHQGLHQWHVGHFDQFHODFLyQRVHHQFXHQWUHQUHVSDOGDGRVFRQJDUDQWtDDGXDQHUD\
F1RFXHQWHQFRQPHGLGDSUHYHQWLYDRDFFLyQGHFRQWUROH[WUDRUGLQDULR
$GLFLRQDOPHQWHODV'6FRQFDQDOYHUGHRFRQWUROQRLQWUXVLYRWHQGUiQHOOHYDQWHGHODVPHUFDQFtDVVLHPSUH\FXDQGRORV
EXOWRVGHFODUDGRVHQOD'6QXPHUDGDDQWHVGHODWDUMDDOGHWDOOHVHDQLJXDOHVDORVEXOWRVUHFLELGRVHQODJXtDDVRFLDGDD
OD'6
/DV'6VHOHFFLRQDGDVDFRQWUROQRLQWUXVLYRRFRQFDQDOQDUDQMDRURMRGHEHQFRQWDUFRQHOUHJLVWURGHODGLOLJHQFLDGHO
IXQFLRQDULRDGXDQHURHQHO6,*$'SDUDHOOHYDQWHGHODPHUFDQFtDGHPDQHUDDGLFLRQDODORVHxDODGRHQHOQXPHUDO
SUHFHGHQWH

'LVWULEXFLyQGHOD'6

/RVHMHPSODUHVGHOD'6FRQOHYDQWHVRQGLVWULEXLGRVGHODVLJXLHQWHPDQHUD
(QHOFDVRTXHOD'6KD\DVLGRQXPHUDGDPHGLDQWHWUDQVPLVLyQ
2ULJLQDO'HFODUDQWH
žFRSLD$GXDQDGHGHVSDFKR
žFRSLD,PSRUWDGRU
žFRSLD'HSyVLWRWHPSRUDO((5

(QHOFDVRTXHOD'6KD\DVLGRQXPHUDGDSRUPyGXOR
2ULJLQDO$GXDQDGHGHVSDFKR
žFRSLD'HFODUDQWH
žFRSLD,PSRUWDGRU
žFRSLD'HSyVLWRWHPSRUDO((5

(QWUHJDGHODPHUFDQFtD

(OUHVSRQVDEOHGHOGHSyVLWRWHPSRUDO((5HQWUHJDDOGHFODUDQWHRDOGXHxRRFRQVLJQDWDULRODVPHUFDQFtDVDOPDFHQDGDV
HQVXUHFLQWR
D3UHYLDYHULILFDFLyQHQHOSRUWDOZHEGHOD681$7TXHVHKD\DRWRUJDGRHOOHYDQWH
E     3UHYLD FRPSUREDFLyQ TXH OD PHUFDQFtD QR VH HQFXHQWUH VXMHWD D XQD PHGLGD SUHYHQWLYD QL DFFLyQ GH FRQWURO
H[WUDRUGLQDULR
F3UHYLRUHJLVWURHQHOSRUWDOZHEGHOD681$7GHODIHFKD\KRUDGHODDXWRUL]DFLyQGHVDOLGDGHODPHUFDQFtD

5HJLVWURHOHFWUyQLFRGHORVHQYtRV

/DHPSUHVDGHEHPDQWHQHUDFWXDOL]DGRXQUHJLVWURHOHFWUyQLFRSRUFDGDHQYtRGHVGHODUHFROHFFLyQKDVWDVXHQWUHJDDO
GHVWLQDWDULRRDOD$GPLQLVWUDFLyQ$GXDQHUDFRQWHQLHQGRODVLJXLHQWHLQIRUPDFLyQPtQLPD

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
D1~PHURGHODJXtD
E3HVRGHOHQYtR
F)HFKD\KRUDGHODVDOLGDGHOHQYtRGHRULJHQ
G)HFKD\KRUDGHHQWUHJDGHHQYtR
   /D LQIRUPDFLyQ HVWDEOHFLGD HQ HO QXPHUDO SUHFHGHQWH GHEH HVWDU GLVSRQLEOH ODV YHLQWLFXDWUR  KRUDV GHO GtD \
PDQWHQHUVH SRU HO SOD]R GH WUHV  PHVHV FRPSXWDGR D SDUWLU GHO GtD VLJXLHQWH GHO LQJUHVR GHO HQYtR DO GHSyVLWR
WHPSRUDO((5(VWHUHJLVWURGHEHSHUPLWLUVXFRQVXOWDHQOtQHDDOIXQFLRQDULRDGXDQHUR\ODWUDQVIHUHQFLDSRUSDUWHGHOD
HPSUHVDGHODLQIRUPDFLyQUHTXHULGDDWUDYpVGHDUFKLYRVH[SRUWDEOHVHQIRUPDWR([FHO

$352&(626(63(&,),&26

5HFWLILFDFLyQGHOPDQLILHVWR((5

/DHPSUHVDTXHWUDQVPLWHHOPDQLILHVWR((5HVHO~QLFRRSHUDGRUIDFXOWDGRSDUDVROLFLWDUVXUHFWLILFDFLyQ(OIXQFLRQDULR
DGXDQHURSRGUiUHFWLILFDUGHRILFLRHOPDQLILHVWR((5
/DUHFWLILFDFLyQHVVROLFLWDGDSRUWUDQVPLVLyQHOHFWUyQLFDRDWUDYpVGHODSUHVHQWDFLyQGHXQH[SHGLHQWH
   /D UHFWLILFDFLyQ HV VROLFLWDGD PHGLDQWH WUDQVPLVLyQ HOHFWUyQLFD KDVWD DQWHV GH OD VDOLGD GH OD PHUFDQFtD GHO GHSyVLWR
WHPSRUDO((5\VLHPSUHTXHQRVHHQFXHQWUHWRWDOPHQWHGHVWLQDGDODJXtDTXHVHSUHWHQGHUHFWLILFDU(OQ~PHURGHOD
JXtD SXHGH UHFWLILFDUVH PHGLDQWH WUDQVPLVLyQ HOHFWUyQLFD VLHPSUH TXH OD JXtD QR VH HQFXHQWUH GHVWLQDGD SDUFLDO R
WRWDOPHQWH
0RGLILFDGRSRUOD561$$1ƒ681$7$

   /D VROLFLWXG SRU WUDQVPLVLyQ HOHFWUyQLFD HV DWHQGLGD SRU OD $GPLQLVWUDFLyQ $GXDQHUD GH IRUPD DXWRPiWLFD R SUHYLD
HYDOXDFLyQ
/DUHFWLILFDFLyQHOHFWUyQLFD GH ORV GDWRV GH OD JXtD HV DWHQGLGD SRU OD $GPLQLVWUDFLyQ $GXDQHUD GH IRUPD DXWRPiWLFD
KDVWDDQWHVGHODGHVWLQDFLyQDGXDQHUDVLHPSUHTXH
D/DJXtDQRWHQJDWDUMDDOGHWDOOHRHQFDVRGHWHQHUODTXHODUHFWLILFDFLyQQRHVWpUHIHULGDDSHVRVQLEXOWRV
E1RKD\DVLGRUHFWLILFDGRHOQ~PHURGHJXtD
F1RVHWUDWHGHODGHVFULSFLyQGHPHUFDQFtD
G(OGDWRQRKD\DVLGRUHFWLILFDGRSRUHOIXQFLRQDULRDGXDQHUR\
H1RH[LVWDDFFLyQGHFRQWUROH[WUDRUGLQDULRQLPHGLGDSUHYHQWLYDDVRFLDGDDODJXtD
7UDWiQGRVHGHODUHFWLILFDFLyQHOHFWUyQLFDGHOQ~PHURGHODJXtDpVWDVHDFHSWDGHIRUPDDXWRPiWLFDVLHPSUHTXH
D/DJXtDQRWHQJDWDUMDDOGHWDOOH
E$OJ~QGDWRGHODJXtDLQFOXVLYHHOQ~PHURGHODJXtDQRKD\DVLGRUHFWLILFDGR\
F1RH[LVWDDFFLyQGHFRQWUROH[WUDRUGLQDULRQLPHGLGDSUHYHQWLYDDVRFLDGDDODJXtD
0RGLILFDGRSRUOD561$$1ƒ681$7$
/RVFDVRVQRFRPSUHQGLGRVHQHOQXPHUDOSUHFHGHQWHVRQDWHQGLGRVSUHYLDHYDOXDFLyQSRUXQIXQFLRQDULRDGXDQHUR/D
VROLFLWXG GH UHFWLILFDFLyQ GH ORV GDWRV GHO GRFXPHQWR GH WUDQVSRUWH  FyGLJR GH HPSUHVD GH WUDQVSRUWH FyGLJR GH
GHSyVLWR WHPSRUDO \ Q~PHUR GH YXHOR WUDQVPLWLGRV FRQ SRVWHULRULGDG DO UHJLVWUR GHO LQLFLR GHO WUDVODGR WDPELpQ VRQ
DWHQGLGRVSUHYLDHYDOXDFLyQ
'HQWUR GHO SOD]R GH WUHV  GtDV KiELOHV FRPSXWDGR D SDUWLU GHO GtD VLJXLHQWH GH WUDQVPLWLGD VX VROLFLWXG OD HPSUHVD
GHEHSUHVHQWDUDQWHHOiUHDGHPDQLILHVWRVORVGRFXPHQWRVTXHODVXVWHQWDQGHWDOODGRVUHIHUHQFLDOPHQWHHQHO$QH[R
HQFDVRTXHODJXtDQRWHQJDGHVWLQDFLyQDGXDQHUDRVHHQFXHQWUHSDUFLDOPHQWHGHVWLQDGDFDVRFRQWUDULRVHSURFHGHGH
DFXHUGRDORSUHYLVWRHQHOQXPHUDOVLJXLHQWH
(QFDVRVHVROLFLWHUHFWLILFDU~QLFDPHQWHODFDWHJRUtDGHOHQYtRODHPSUHVDGHEHSUHVHQWDUDQWHHOiUHDGHPDQLILHVWRVXQ
H[SHGLHQWHFRQFDUiFWHUGH'HFODUDFLyQ-XUDGDVHJ~QIRUPDWRHVWDEOHFLGRHQHO$QH[RHOFXDOEDVWDUiSDUDVXVWHQWDU
OD UHFWLILFDFLyQ VROLFLWDGD QR UHTXLULpQGRVH GRFXPHQWDFLyQ DGLFLRQDO DOJXQD QL LQVSHFFLyQ ItVLFD GHO HQYtR SDUD VX
HYDOXDFLyQ
0RGLILFDGRSRUOD561$$1ƒ681$7$
'HVHUFRQIRUPHORVROLFLWDGRHOIXQFLRQDULRDGXDQHURGHVLJQDGRVLQUHTXHULUODHPLVLyQGHLQIRUPHSUHYLRUHJLVWUDHQ
HO6,*$'ODSURFHGHQFLDGHODUHFWLILFDFLyQYLVXDOL]iQGRVHORVQXHYRVGDWRVDWUDYpVGHOSRUWDOZHEGHOD681$7FRQOR
FXDOVHWLHQHSRUQRWLILFDGRHOUHVXOWDGRGHODVROLFLWXGFDVRFRQWUDULRHOIXQFLRQDULRDGXDQHURUHJLVWUDHQHO6,*$'OD
LPSURFHGHQFLD GH OD UHFWLILFDFLyQ \ SURFHGH D SRQHU HQ FRQRFLPLHQWR GH OD HPSUHVD HO UHVXOWDGR GH OD HYDOXDFLyQ
PHGLDQWH  OD QRWLILFDFLyQ GHO DFWR DGPLQLVWUDWLYR FRUUHVSRQGLHQWH (O SOD]R SDUD UHVROYHU HVWD VROLFLWXG HV GH WUHV 
GtDV KiELOHV FRQWDGR  D SDUWLU GHO GtD VLJXLHQWH GH OD SUHVHQWDFLyQ GH OD GRFXPHQWDFLyQ VXVWHQWDWRULD VDOYR TXH VH
UHTXLHUDPHGLDQWHQRWLILFDFLyQGRFXPHQWDFLyQ R LQIRUPDFLyQ DGLFLRQDO (Q FDVR TXH VH VROLFLWH UHFWLILFDU ~QLFDPHQWH OD
FDWHJRUtD GHO HQYtR HVWD VROLFLWXG VH UHVXHOYH HO PLVPR GtD GH SUHVHQWDGR HO H[SHGLHQWH FRQ FDUiFWHU GH GHFODUDFLyQ
MXUDGD
'HMDGRVLQHIHFWRSRUOD561$$1ƒ681$7$
1RSURFHGHODDSUREDFLyQGHUHFWLILFDFLyQGHOPDQLILHVWR((5FXDQGRH[LVWDDFFLyQGHFRQWUROH[WUDRUGLQDULRRPHGLGD
SUHYHQWLYDSHQGLHQWHDVRFLDGDDODJXtD
   (O IXQFLRQDULR DGXDQHUR SXHGH UHFWLILFDU GH RILFLR OD LQIRUPDFLyQ GHO PDQLILHVWR ((5 FXDQGR GHWHFWD HUURUHV DQWHV
GXUDQWHRFRQSRVWHULRULGDGDOGHVSDFKRGHOHQYtR
(QFDVRGHKDEHUVHQXPHUDGROD'6\HQFRQWUiQGRVHWRWDOPHQWHGHVWLQDGDODJXtDODHPSUHVDVROLFLWDODUHFWLILFDFLyQ
HOHFWUyQLFDGHOD'6ODPLVPDTXHXQDYH]DFHSWDGDSUHYLDHYDOXDFLyQSRUHOIXQFLRQDULRDGXDQHURHO6,*$'DFWXDOL]D
DXWRPiWLFDPHQWH HO SHVR ORV EXOWRV \R OD FDWHJRUtD GHO PDQLILHVWR ((5 FXDQGR FRUUHVSRQGD ORV GHPiV GDWRV GH OD
JXtDVRQUHFWLILFDGRVHQHOPyGXORGHPDQLILHVWRSRUHOIXQFLRQDULRDGXDQHURGHOiUHDHQFDUJDGDGHOUpJLPHQ(QFDVRGH
UHFWLILFDFLyQGHFDWHJRUtDHQOD'6VyORVHDFWXDOL]DUi HVH GDWR HQ HO PDQLILHVWR ((5 VL HO YDORU )2% FRQVLJQDGR HQ HO
UHIHULGRPDQLILHVWRVHHQFXHQWUDGHQWURGHORVUDQJRVHVWDEOHFLGRVSDUDFDGDFDWHJRUtD
   6L FRPR FRQVHFXHQFLD GH OD UHFWLILFDFLyQ GHO PDQLILHVWR ((5 HO GRFXPHQWR GH WUDQVSRUWH QR DPSDUD QLQJXQD JXtDOD
HPSUHVDGHEHSUHVHQWDUXQH[SHGLHQWHDQWHHOiUHDGHPDQLILHVWRGHQWURGHOSOD]RGHWUHVGtDVKiELOHVFRPSXWDGR
DSDUWLUGHOGtDVLJXLHQWHGHQRWLILFDGDODUHFWLILFDFLyQDHIHFWRTXHGLFKRGRFXPHQWRGHWUDQVSRUWH\DQRIRUPHSDUWH
GHOPDQLILHVWR((5

,QFRUSRUDFLyQGHJXtDVDOPDQLILHVWR((5

/DHPSUHVDTXHWUDQVPLWHHOPDQLILHVWR((5HVHO~QLFRRSHUDGRUIDFXOWDGRSDUDVROLFLWDUODLQFRUSRUDFLyQGHJXtDV
/DLQFRUSRUDFLyQGHJXtDVDOPDQLILHVWR((5HVVROLFLWDGDSRUWUDQVPLVLyQHOHFWUyQLFDRDWUDYpVGHODSUHVHQWDFLyQGHXQ
H[SHGLHQWH
/DLQFRUSRUDFLyQGHJXtDVDOPDQLILHVWR((5VHVROLFLWDKDVWDGRVKRUDVGHVSXpVGHWUDQVPLWLGDODWDUMDDOGHWDOOH
PHGLDQWH WUDQVPLVLyQ HOHFWUyQLFD OD FXDO HV DWHQGLGD SRU OD $GPLQLVWUDFLyQ $GXDQHUD GH IRUPD DXWRPiWLFD R SUHYLD

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
HYDOXDFLyQ
   /D $GPLQLVWUDFLyQ $GXDQHUD DFHSWD OD LQFRUSRUDFLyQ GH JXtDV DO PDQLILHVWR ((5 HQ IRUPD DXWRPiWLFD VLHPSUH TXH QR
H[LVWD DFFLyQ GH FRQWURO H[WUDRUGLQDULR QL PHGLGD SUHYHQWLYD DVRFLDGD DO PDQLILHVWR ((5 &DVR FRQWUDULR VH DFHSWD OD
WUDQVPLVLyQSDUDVXHYDOXDFLyQSUHYLDSRUHOIXQFLRQDULRDGXDQHURGHVLJQDGRSDUDORFXDOODHPSUHVDSUHVHQWDDQWHHO
iUHD GH PDQLILHVWRV GHQWUR GHO SOD]R GH WUHV  GtDV KiELOHV FRPSXWDGR D SDUWLU GHO GtD VLJXLHQWH GH WUDQVPLWLGD VX
VROLFLWXGODGRFXPHQWDFLyQVXVWHQWDWRULDTXHDFRQWLQXDFLyQVHGHWDOODGHPDQHUDUHIHUHQFLDO
D*XtD
E7DUMDDOGHWDOOH
F2WURV
'HVHUFRQIRUPHORVROLFLWDGRHOIXQFLRQDULRDGXDQHURGHVLJQDGRVLQUHTXHULUODHPLVLyQGHLQIRUPHSUHYLRUHJLVWUDHQHO
6,*$'ODSURFHGHQFLDGHODLQFRUSRUDFLyQGHODJXtDYLVXDOL]iQGRVHDWUDYpVGHOSRUWDOZHEGHOD681$7ORVGDWRVGHOD
JXtDLQFRUSRUDGDFRQORFXDOVHWLHQHSRUQRWLILFDGRHOUHVXOWDGRGHODVROLFLWXGFDVRFRQWUDULRHOIXQFLRQDULRDGXDQHUR
UHJLVWUDHQHO6,*$'ODLPSURFHGHQFLDGHODLQFRUSRUDFLyQGHODJXtD\SURFHGHDSRQHUHQFRQRFLPLHQWRGHODHPSUHVD
HOUHVXOWDGRGHODHYDOXDFLyQPHGLDQWHODQRWLILFDFLyQGHODFWRDGPLQLVWUDWLYRFRUUHVSRQGLHQWH
   (O SOD]R SDUD UHVROYHU OD VROLFLWXG GH LQFRUSRUDFLyQ GH JXtDV DO PDQLILHVWR ((5 HV GH WUHV  GtDV KiELOHV FRQWDGRD
SDUWLUGHOGtDVLJXLHQWHGHODSUHVHQWDFLyQGHODGRFXPHQWDFLyQVXVWHQWDWRULDVDOYRTXHVHUHTXLHUDPHGLDQWHQRWLILFDFLyQ
GRFXPHQWDFLyQRLQIRUPDFLyQDGLFLRQDO
1RSURFHGHODDSUREDFLyQGHODLQFRUSRUDFLyQGHJXtDVDOPDQLILHVWR((5FXDQGRH[LVWDDFFLyQGHFRQWUROH[WUDRUGLQDULRR
PHGLGDSUHYHQWLYDSHQGLHQWHUHVSHFWRDODJXtD
(QFDVRGHLQFRUSRUDFLyQGHJXtDVDOPDQLILHVWR((5DVRFLDGDVDXQGRFXPHQWRGHWUDQVSRUWHFX\DWDUMDDOGHWDOOH\DIXH
WUDQVPLWLGD OD WDUMD DO GHWDOOH GH GLFKDV JXtDV VH FRPXQLFD PHGLDQWH OD SUHVHQWDFLyQ GH XQ H[SHGLHQWHGHELGDPHQWH
VXVWHQWDGR DQWH HO iUHD GH PDQLILHVWRV (O IXQFLRQDULR DGXDQHUR GHVLJQDGR HYDO~D \ GH VHU FRQIRUPH UHJLVWUD HQ HO
6,*$'ODLQIRUPDFLyQUHODFLRQDGDFRQODWDUMDDOGHWDOOHFDVRFRQWUDULRQRWLILFDDOXVXDULRDHIHFWRVGHTXHVXEVDQHORV
HUURUHVXRPLVLRQHV

5HFWLILFDFLyQGHOD'6

(OGHFODUDQWHHVHO~QLFRIDFXOWDGRSDUDVROLFLWDUODUHFWLILFDFLyQGHOD'6
   /D UHFWLILFDFLyQ GH XQD '6 QXPHUDGD SRU PHGLRV HOHFWUyQLFRV VH VROLFLWD SRU HO PLVPR PHGLR HQ FXDOTXLHU PRPHQWR
WUDQVPLWLHQGRDGLFLRQDOPHQWHORVGDWRVGHODVDXWROLTXLGDFLRQHVFDQFHODGDVDVRFLDGDVDOD'6SRUWULEXWRV\RUHFDUJRV
GLIHUHQFLDOHV \ SRU ODV PXOWDV DSOLFDEOHV SURGXFWR GH OD UHFWLILFDFLyQ VROLFLWDGD FXDQGR FRUUHVSRQGD (Q FDVR GH '6
QXPHUDGDSRUPyGXORODUHFWLILFDFLyQVHVROLFLWDPHGLDQWHH[SHGLHQWH
/DVROLFLWXGGHUHFWLILFDFLyQHVDWHQGLGDSRUOD$GPLQLVWUDFLyQ$GXDQHUDGHIRUPDDXWRPiWLFDRSUHYLDHYDOXDFLyQ
/DVROLFLWXGGHUHFWLILFDFLyQHOHFWUyQLFDHVYDOLGDGDSRUHO6,*$'GHHVWDUFRQIRUPHODWUDQVPLVLyQHOVLVWHPDFRPXQLFD
DOGHFODUDQWHVXDFHSWDFLyQFDVRFRQWUDULRFRPXQLFDORVPRWLYRVGHOUHFKD]R
/RVWULEXWRV\RUHFDUJRVGLIHUHQFLDOHVSURGXFWRGHODUHFWLILFDFLyQGHEHQHQFRQWUDUVHWRWDOPHQWHFDQFHODGRVPHGLDQWHODV
DXWROLTXLGDFLRQHV WUDQVPLWLGDV VLHPSUH TXH OD OLTXLGDFLyQ GH OD '6 VH HQFXHQWUH FDQFHODGD (Q FDVR OD '6 QR VH
HQFXHQWUHFDQFHODGDHOVLVWHPDUHOLTXLGDORVWULEXWRV\RUHFDUJRVQRVLHQGRQHFHVDULDODDXWROLTXLGDFLyQ

5HFWLILFDFLyQGHOD'6GHIRUPDDXWRPiWLFD

/D$GPLQLVWUDFLyQ$GXDQHUDDFHSWDODUHFWLILFDFLyQGHOD'6HQIRUPDDXWRPiWLFDVLHPSUHTXH
D/DVROLFLWXGGHUHFWLILFDFLyQVHWUDQVPLWDDQWHVGHODDVLJQDFLyQGHOFDQDOGHFRQWURO
E1RVHWUDWHGHORVGDWRVVHxDODGRVHQHO$QH[R
F1RH[LVWDDFFLyQGHFRQWUROH[WUDRUGLQDULRRPHGLGDSUHYHQWLYDDVRFLDGDDOD'6RDODJXtD
G(OGDWRQRKD\DVLGRUHFWLILFDGRFRQHYDOXDFLyQSUHYLD
(QFDVRGHQRFXPSOLUFRQODVFRQGLFLRQHVDQWHULRUHVODUHFWLILFDFLyQUHTXHULUiGHHYDOXDFLyQSUHYLD

5HFWLILFDFLyQGHOD'6FRQHYDOXDFLyQSUHYLD

/DUHFWLILFDFLyQGHOD'6FRQHYDOXDFLyQSUHYLDUHTXLHUHODSUHVHQWDFLyQGHGRFXPHQWRVVXVWHQWDWRULRV(QFDVRTXHOD
UHFWLILFDFLyQ VH WUDQVPLWD DQWHV GHO UHJLVWUR GH OD GLOLJHQFLD ORV GRFXPHQWRV VH DGMXQWDQ DO PRPHQWR GH SUHVHQWDU OD
GRFXPHQWDFLyQSDUDHOGHVSDFKR\GHWUDQVPLWLUVHODUHFWLILFDFLyQGHVSXpVGHODUHIHULGDGLOLJHQFLDRVLVHWUDWDGH'6
FDQDOYHUGHODGRFXPHQWDFLyQVHSUHVHQWDPHGLDQWHH[SHGLHQWHGHQWURGHOSOD]RGHWUHVGtDVKiELOHVFRPSXWDGRD
SDUWLU GHO GtD VLJXLHQWH GH WUDQVPLWLGD VX VROLFLWXG (O IXQFLRQDULR DGXDQHUR GHVSXpV GH HYDOXDU OD GRFXPHQWDFLyQ
SUHVHQWDGDGHWHUPLQDODSURFHGHQFLDRLPSURFHGHQFLDGHODUHFWLILFDFLyQODDSOLFDFLyQGHVDQFLRQHV\ODDFHSWDFLyQGHO
DFRJLPLHQWRDOUpJLPHQGHLQFHQWLYRVHQFDVRFRUUHVSRQGD
'HVHUFRQIRUPHORVROLFLWDGRHOIXQFLRQDULRDGXDQHURVLQUHTXHULUODHPLVLyQGHLQIRUPHSUHYLRUHJLVWUDHQHO6,*$'OD
SURFHGHQFLDGHODUHFWLILFDFLyQYLVXDOL]iQGRVHORVQXHYRVGDWRVDWUDYpVGHOSRUWDOZHEGHOD681$7FRQORFXDOVHWLHQH
SRUQRWLILFDGRHOUHVXOWDGRGHODVROLFLWXGFDVRFRQWUDULRHOIXQFLRQDULRDGXDQHURUHJLVWUDHQHO6,*$'ODLPSURFHGHQFLD
GH OD UHFWLILFDFLyQ \ SURFHGH D SRQHU HQ FRQRFLPLHQWR GHO GHFODUDQWH HO UHVXOWDGR GH OD HYDOXDFLyQ PHGLDQWH  OD
QRWLILFDFLyQGHODFWRDGPLQLVWUDWLYRFRUUHVSRQGLHQWH
(QORVFDVRVTXHODDFHSWDFLyQGHODUHFWLILFDFLyQGHOD'6LPSOLTXHODDSOLFDFLyQGHWULEXWRV\RUHFDUJRVGLIHUHQFLDOHVHO
IXQFLRQDULRDGXDQHURGHVLJQDGR UHJLVWUD OD SURFHGHQFLD GH OD UHFWLILFDFLyQ VLHPSUH TXH OD DXWROLTXLGDFLyQ GH DGHXGRV
GHELGDPHQWHFDQFHODGDFXEUDODWRWDOLGDGGHODGHXGDWULEXWDULDDGXDQHUD&DVRFRQWUDULRHO6,*$'FDOFXOD\PXHVWUDDO
IXQFLRQDULRDGXDQHURHOVDOGRSRUFDQFHODUTXHGDQGRODVROLFLWXGSHQGLHQWHGHHYDOXDFLyQSRUSDUWHGHOD$GPLQLVWUDFLyQ
$GXDQHUDKDVWDODFDQFHODFLyQWRWDOGHODGHXGD
   6L OD UHFWLILFDFLyQ HOHFWUyQLFD GH OD '6 LQFLGH HQ DOJ~Q GDWR UHODFLRQDGR DO PDQLILHVWR ((5 HO 6,*$' DFWXDOL]D
DXWRPiWLFDPHQWHHOGDWDGRGHODJXtD
/D$GPLQLVWUDFLyQ$GXDQHUDSXHGHUHFWLILFDUGHRILFLROD'6\RGLVSRQHUHOUHFRQRFLPLHQWRItVLFRHQFDVRGHFRQVLGHUDUOR
SHUWLQHQWH

/HJDMDPLHQWRDXWRPiWLFRGHOD'6

   (Q FDVR GH HQYtRV QR DUULEDGRV HO OHJDMDPLHQWR GH OD '6 VH VROLFLWD D WUDYpV GHO SRUWDO ZHE GH OD 681$7 VLHQGR HO
GHFODUDQWHHO~QLFRIDFXOWDGRSDUDVROLFLWDUOR
6HSXHGHVROLFLWDUHOOHJDMDPLHQWRGHOD'6LQGLYLGXDORGHOD'6FRQVROLGDGD(QFDVRGH'6FRQVROLGDGDODVROLFLWXGGH
OHJDMDPLHQWRSXHGHVHUSDUFLDOFXDQGRHVWpUHIHULGD~QLFDPHQWHDDOJXQDVGHODVGHFODUDFLRQHVLQGLYLGXDOHVFRQWHQLGDV
HQHOOD
3DUDODDFHSWDFLyQGHOOHJDMDPLHQWRHVUHTXLVLWRTXHODWDUMDDOGHWDOOHGHODVJXtDVFRQVLJQDGDVHQOD'6WHQJDQFRPR
SHVR\EXOWRVUHFLELGRVHOYDORUFHUR\TXHOD'6

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
D1RFXHQWHFRQFDQDOGHFRQWUROR
E6LFXHQWDFRQFDQDOGHFRQWURO
L1RWHQJDGLOLJHQFLDGHGHVSDFKRFDQDOHVQDUDQMDRURMRR
LL1RWHQJDOHYDQWHDXWRUL]DGRFDQDOYHUGH
F&RQFRQWUROQRLQWUXVLYRQRFXHQWHFRQOHYDQWHDXWRUL]DGR

&XPSOLGRVORVUHTXLVLWRVPHQFLRQDGRV HQ HO QXPHUDO DQWHULRU HO VLVWHPD DFHSWD OD VROLFLWXG GH OHJDMDPLHQWR HQ IRUPD
DXWRPiWLFDSURFHGLHQGRDODHOLPLQDFLyQGHOGDWDGRGHODVJXtDVDVRFLDGDV(QFDVRVHGHMHVLQHIHFWRHOOHJDMDPLHQWRHO
IXQFLRQDULRDGXDQHURGHEHHIHFWXDUHOQXHYRGDWDGRDWUDYpVGHOPyGXOR

5HWRUQRGHHQYtRVGHVGHXQ'HSyVLWR7HPSRUDOGH&DUJDDO3XQWRGH/OHJDGD

&XDQGRSRUHUURUHOWUDQVSRUWLVWDRVXUHSUHVHQWDQWHHQHOSDtVKD\DHQWUHJDGRODFDUJDDUULEDGDH[FOXVLYDPHQWHFRPR
HQYtR D XQ 'HSyVLWR 7HPSRUDO GH &DUJD '7& HO WUDQVSRUWLVWD R VX UHSUHVHQWDQWH HQ HO SDtV VROLFLWD PHGLDQWH
H[SHGLHQWHHOUHWRUQRGHODFDUJD((5DO3XQWRGH/OHJDGD7HUPLQDOGH&DUJD7&DGMXQWDQGRODGRFXPHQWDFLyQTXH
DFUHGLWHODXELFDFLyQItVLFDGHODFDUJDHQHO'7&
8QDYH]QRWLILFDGDODUHVROXFLyQGHOiUHDGHPDQLILHVWRVTXHDXWRUL]DORVROLFLWDGRHOWUDQVSRUWLVWDRVXUHSUHVHQWDQWHHQ
HOSDtVHIHFW~DHOUHWRUQRGHODFDUJD((5DO3XQWRGH/OHJDGD7&\SURFHGHDVXVFULELUODQRWDGHWDUMDFRQMXQWDPHQWH
FRQHOUHVSRQVDEOHGHO'HSyVLWR7HPSRUDO((5HQWUHJiQGROHODFDUJD((5SDUDVXWUDVODGR
(OWUDQVSRUWLVWDRVXUHSUHVHQWDQWHHQHOSDtVSUHVHQWDDQWHHOiUHDGHPDQLILHVWRVODQRWDGHWDUMDDQWHVUHIHULGDDILQ
TXHHOIXQFLRQDULRDGXDQHURGHVLJQDGRSURFHGDDUHFWLILFDUHQHOVLVWHPDORVLJXLHQWH
D/DQRWDGHWDUMDDQWHULRUHIHFWXDGDHQWUHHOWUDQVSRUWLVWDRVXUHSUHVHQWDQWHHQHOSDtV\HO'7&FRQVLJQDQGRORV
GDWRVGHO&yGLJRGHO'HSyVLWR7HPSRUDO((5ODIHFKD\ODKRUD
E(OGRFXPHQWRGH,QJUHVRGH&DUJDDO$OPDFpQ,&$FRQVLJQDQGRFHURHQORVFDPSRVFRUUHVSRQGLHQWHVDOSHVR
\Q~PHURGHEXOWRV\HOLPLQDODIHFKD

5HYDOXDFLyQGHO5LHVJR

6LODVROLFLWXGHOHFWUyQLFDGHUHFWLILFDFLyQGHOD'6VHWUDQVPLWHFRQDQWHULRULGDGDODGLOLJHQFLDSDUDODV'6FDQDOQDUDQMD
URMRRFRQWUROQRLQWUXVLYRRDOOHYDQWHGHODPHUFDQFtDSDUDODV'6FDQDOYHUGH\SURGXFWRGHODHYDOXDFLyQSRUSDUWH
GHOIXQFLRQDULRDGXDQHURVHGHWHUPLQDTXHODUHFWLILFDFLyQHVSURFHGHQWHHO6,*$'UHYDO~DHOULHVJR\GHFRUUHVSRQGHU
DVLJQDXQQXHYRFDQDOGHFRQWURODOD'6HQFX\RFDVRUHHPSOD]DHOFDQDOGHFRQWURODVLJQDGRRULJLQDOPHQWHJXDUGDHO
FDQDOSUHYLRFRPRKLVWyULFR\DFWXDOL]DORVPRWLYRVGHDVLJQDFLyQHLQIRUPDFLyQGHULHVJR\DOHUWDV
7UDWiQGRVHGHXQD'6FX\RFDQDOGHFRQWUROKDVLGRUHHPSOD]DGRSURGXFWRGHODUHYDOXDFLyQGHOULHVJRVHSURVLJXHFRQHO
WUiPLWH TXH FRUUHVSRQGH DO QXHYR FDQDO DVLJQDGR 6L HO QXHYR FDQDO DVLJQDGR HV QDUDQMD R URMR OD HPSUHVD R HO
GHVSDFKDGRUGHDGXDQDGHEHSUHVHQWDUOD'6\ORVGRFXPHQWRVVXVWHQWDWRULRVGHOGHVSDFKRSDUDHOUHVSHFWLYRFRQWURO
DGXDQHUR VLQ HPEDUJR VL HO FDPELR HV GH FDQDO QDUDQMD D FDQDO URMR QR VH UHTXLHUH SUHVHQWDU QXHYDPHQWH OD
GRFXPHQWDFLyQGHELHQGRHOIXQFLRQDULRDGXDQHURHIHFWXDUHOUHJLVWURGHODFRQILUPDFLyQ
/RVFDPELRVGHFDQDOGHFRQWUROSXHGHQVHUYLVXDOL]DGRVHQHOSRUWDOZHEGHOD681$7\HQHO6,*$'SDUDFRQRFLPLHQWR
GHORVRSHUDGRUHVGHFRPHUFLRH[WHULRU\GHORVIXQFLRQDULRVDGXDQHURVUHVSHFWLYDPHQWH
,QFRUSRUDGRVSRUOD561$$1ƒ681$7$

%6$/,'$'(/26(19Ë26'((175(*$5È3,'$

%180(5$&,Ï1<&$1&(/$&,Ï1'(/0$1,),(672((5

1XPHUDFLyQGHOPDQLILHVWR((5SURYLVLRQDO

/DHPSUHVDGHEHWUDQVPLWLUXQVRORPDQLILHVWR((5SURYLVLRQDOSRUFDGDPHGLRGHWUDQVSRUWH
    /D HPSUHVD WUDQVPLWH HOHFWUyQLFDPHQWH D OD $GPLQLVWUDFLyQ $GXDQHUD ORV GDWRV GHO PDQLILHVWR ((5 SURYLVLRQDO GH
DFXHUGRDODHVWUXFWXUDSXEOLFDGDHQHOSRUWDOZHEGHOD681$7'LFKDWUDQVPLVLyQGHEHHIHFWXDUVHFRQXQDDQWLFLSDFLyQ
PtQLPDGHWUHVKRUDVDQWHVGHOWpUPLQRGHOHPEDUTXH
   (O 6,*$' YDOLGD ORV GDWRV WUDQVPLWLGRV HQ HO PDQLILHVWR ((5 SURYLVLRQDO GH UHVXOWDU FRQIRUPH JHQHUD HO Q~PHUR GHO
PDQLILHVWRFDVRFRQWUDULRFRPXQLFDORVPRWLYRVGHOUHFKD]R(QFDVRTXHVHVROLFLWHODGHVWLQDFLyQDGXDQHUDPHGLDQWH
ODWUDQVPLVLyQGHOPDQLILHVWR((5SURYLVLRQDOXQDYH]HIHFWXDGDVODVYDOLGDFLRQHVFRUUHVSRQGLHQWHVHOVLVWHPDSURFHGH
D OD QXPHUDFLyQ GHO PDQLILHVWR ((5 SURYLVLRQDO \ ODV '6 HQ IRUPD FRQMXQWD FDVR FRQWUDULR FRPXQLFD ORV PRWLYRV GHO
UHFKD]R
7RGRVORVGRFXPHQWRVGHWUDQVSRUWHGHFODUDGRVHQHOPDQLILHVWR((5SURYLVLRQDOGHEHQWHQHUDVRFLDGRVSRUORPHQRVXQD
JXtD
/RVHQYtRVGHFDWHJRUtDV\SXHGHQDJUXSDUVHHQXQ~QLFRGRFXPHQWRGHWUDQVSRUWHDVtFRPRWDPELpQORVHQYtRV
GHFDWHJRUtDVG\RGSXHGHQDJUXSDUVHHQRWURGRFXPHQWRGHWUDQVSRUWH
(QFDVRGHLQWHUUXSFLyQGHOVLVWHPDLQIRUPiWLFRGHOD681$7TXHLPSLGDODWUDQVPLVLyQGHOPDQLILHVWR((5SURYLVLRQDOOD
HPSUHVD GHEH SUHVHQWDU HO PDQLILHVWR ((5 SURYLVLRQDO GH IRUPD LPSUHVD OXHJR GHO LQJUHVR GH ORV HQYtRV DO GHSyVLWR
WHPSRUDO\SUHYLRDVXHPEDUTXHDQWHHOiUHDGHPDQLILHVWRVGHQWURGHOKRUDULRGHRILFLQD\DQWHHOiUHDGH2ILFLDOHVGH
$GXDQDFRQSRVWHULRULGDGDGLFKRKRUDULRViEDGRVGRPLQJRV\IHULDGRVSDUDHOWUiPLWHTXHFRUUHVSRQGD

1XPHUDFLyQGHOPDQLILHVWR((5GHILQLWLYR

/DHPSUHVDWUDQVPLWHHOHFWUyQLFDPHQWHDOD$GPLQLVWUDFLyQ$GXDQHUDORVGDWRVGHOPDQLILHVWR((5GHILQLWLYRGHDFXHUGRD
ODHVWUXFWXUDSXEOLFDGDHQHOSRUWDOZHEGHOD681$7WHQLHQGRHQFXHQWDORVLJXLHQWH
D7RGDVODVJXtDVGHEHQHVWDUGHVWLQDGDV
E/DV'6VHOHFFLRQDGDVDFDQDOURMRGHEHQFRQWDUFRQGLOLJHQFLDUHJLVWUDGDHQHO6,*$'
F7RGDVODVJXtDVFRQWHQLGDVHQOD'6GHEHQVHUDTXHOODVTXHVHHQFXHQWUDQDVRFLDGDVDOGRFXPHQWRGHWUDQVSRUWH
'LFKDWUDQVPLVLyQGHEHHIHFWXDUVHGHQWURGHOSOD]RGHGRVGtDVFDOHQGDULRFRPSXWDGRDSDUWLUGHOGtDVLJXLHQWHGHO
WpUPLQRGHOHPEDUTXH'HEHHQWHQGHUVHFRPRWpUPLQRGHOHPEDUTXHODIHFKDGHO~OWLPRHPEDUTXHGHODVPHUFDQFtDV
DPSDUDGDVHQXQPDQLILHVWR((5SURYLVLRQDO
    3DUD OD QXPHUDFLyQ GHO PDQLILHVWR ((5 GHILQLWLYR VH UHTXLHUH TXH OD FRPSDxtD WUDQVSRUWLVWD KD\D WUDQVPLWLGR HO
PDQLILHVWRGHFDUJD6LQHPEDUJRVLQRVHKDWUDQVPLWLGRHOPDQLILHVWRGHFDUJDOD$GPLQLVWUDFLyQ$GXDQHUDFRQVLGHUD
SDUDHIHFWRGHOFXPSOLPLHQWRGHOSOD]RVHxDODGRHQHOQXPHUDODQWHULRUODIHFKDGHODWUDQVPLVLyQHQODTXHHOPRWLYRGH
UHFKD]RKD\DVLGR~QLFDPHQWHODQRWUDQVPLVLyQGHOPDQLILHVWRGHFDUJDGHELHQGRODHPSUHVDUHDOL]DUQXHYDPHQWHOD
WUDQVPLVLyQGHOPDQLILHVWR((5GHILQLWLYRXQDYH]WUDQVPLWLGRHOPDQLILHVWRGHFDUJD
    &RQ OD WUDQVPLVLyQ \ DFHSWDFLyQ SRU OD $GPLQLVWUDFLyQ $GXDQHUD GHO PDQLILHVWR ((5 GHILQLWLYR HO VLVWHPD HIHFW~D OR
KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
VLJXLHQWH
D$FWXDOL]DODLQIRUPDFLyQGHOPDQLILHVWR((5SURYLVLRQDOUHVSHFWRDODPHUFDQFtDUHDOPHQWHHPEDUFDGDFRQIRUPHVH
VHxDODHQHO$QH[RDVtFRPRORVGDWRVGHOD'6VHxDODGRVHQHO$QH[R
E    5HJXODUL]D OD '6 QXPHUDGD SRU OD HPSUHVD TXH DPSDUD PHUFDQFtDV FODVLILFDGDV HQ OD SDUWLGD  DVRFLDGD DO
PDQLILHVWR((5SURYLVLRQDO
F'DWDORVGRFXPHQWRVGHWUDQVSRUWHHQHOPDQLILHVWRGHFDUJD
G    $QXOD ODV JXtDV \R GRFXPHQWRV GH WUDQVSRUWH QR HPEDUFDGRV TXH QR FXHQWHQ FRQ '6 R TXH FXHQWHQ FRQ '6
OHJDMDGD3DUDWDOHIHFWRODHPSUHVDQRGHEHFRQVLJQDUORVHQODWUDQVPLVLyQGHOPDQLILHVWR((5GHILQLWLYR
(O PDQLILHVWR ((5 GHILQLWLYR SXHGH KDFHU UHIHUHQFLD D XQR R PiV PDQLILHVWRV GH FDUJD VLHPSUH TXH FRUUHVSRQGDQ D OD
PLVPDFRPSDxtDGHWUDQVSRUWH
/RVGDWRVFRUUHVSRQGLHQWHVDOQ~PHURGHYXHOR\IHFKDGHHPEDUTXHWUDQVPLWLGRVHQHOPDQLILHVWR((5GHILQLWLYRVHUiQ
ORVPLVPRVTXHORVWUDQVPLWLGRVHQHOPDQLILHVWRGHFDUJDORVFXDOHVVHUiQYDOLGDGRVSRUFDGDGRFXPHQWRGHWUDQVSRUWH
(OSHVR\FDQWLGDGGHEXOWRVGHORVGRFXPHQWRVGHWUDQVSRUWHGHOPDQLILHVWR((5GHILQLWLYRGHEHQVHULJXDOHVDORVTXH
ILJXUDQHQHOGRFXPHQWRGHWUDQVSRUWHGHOPDQLILHVWRGHFDUJD
  (O QRPEUH R UD]yQ VRFLDO GHO H[SRUWDGRU R FRQVLJQDQWH \ OD GHVFULSFLyQ GH OD PHUFDQFtD QR SXHGHQ GLIHULU HQWUH OR
FRQVLJQDGRHQOD'6\ODLQIRUPDFLyQWUDQVPLWLGDHQHOPDQLILHVWR((5GHILQLWLYR
  (Q HO FDVR GH ODV '6 VHOHFFLRQDGDV D FDQDO URMR QR VH DFWXDOL]D OD FDWHJRUtD HO YDORU )2% \ OD FDQWLGDG GH EXOWRV
FRQVLJQDGRVHQODVJXtDVGHOPDQLILHVWR((5SURYLVLRQDOGHELHQGRVHULJXDOHVDORVFRQVLJQDGRVHQVXFRUUHVSRQGLHQWH
'6
(O6,*$'YDOLGDORVGDWRVWUDQVPLWLGRVHQHOPDQLILHVWR((5GHILQLWLYRGHVHUFRQIRUPHFDPELDHOHVWDGRGHOPDQLILHVWR
((5SURYLVLRQDODGHILQLWLYRPDQWHQLHQGRHOPLVPRQ~PHURGHOPDQLILHVWR((5SURYLVLRQDOFDVRFRQWUDULRFRPXQLFDORV
PRWLYRVGHOUHFKD]R

&DQFHODFLyQGHOPDQLILHVWR((5GHILQLWLYR

  (O PDQLILHVWR ((5 GHILQLWLYR VH FDQFHOD DXWRPiWLFDPHQWH XQD YH] WUDQVFXUULGR HO SOD]R GH GLH]  GtDV FDOHQGDULR
FRPSXWDGR D SDUWLU GHO GtD VLJXLHQWH GHO WpUPLQR GHO HPEDUTXH TXHGDQGR FRQFOXLGD WRGD DFFLyQ VREUH HO PLVPR SRU
SDUWHGHODHPSUHVD
/DDXWRULGDGDGXDQHUDSXHGHUHFWLILFDUGHRILFLRHOPDQLILHVWRGHILQLWLYRHQFDVRGHFRQVLGHUDUORSHUWLQHQWH

%75$0,7$&,Ï1'(/5e*,0(1'(6$/,'$

'RFXPHQWDFLyQVXVWHQWDWRULDGHOD'6GHVDOLGD

/RVGRFXPHQWRVVXVWHQWDWRULRVGHOD'6GHEHQHVWDUOHJLEOHV\VLQHQPHQGDGXUDV(VWRVVRQ
D&RPSUREDQWHGHSDJRIDFWXUDFRSLD681$7FXDQGRQRVHDHOHFWUyQLFDREROHWDGHYHQWDRGHFODUDFLyQMXUDGDGH
YDORU FXDQGR QR H[LVWD YHQWD HQWUH ODV SDUWHV FRQWHQLHQGR OD GHVFULSFLyQ GH OD PHUFDQFtD FDQWLGDG GDWRV GHO
UHPLWHQWHGDWRVGHOGHVWLQDWDULR\YDORU(VWHOLWHUDOQRDSOLFDSDUDORVHQYtRVGHFDWHJRUtD
E&RSLDGHOGRFXPHQWRGHWUDQVSRUWH
F2WURVGRFXPHQWRVTXHSRUODQDWXUDOH]DGHODPHUFDQFtDVHUHTXLHUDSDUDVXH[SRUWDFLyQ

'HVWLQDFLyQGHORVHQYtRV
/RVHQYtRVGHFDWHJRUtD\SXHGHQGHVWLQDUVHPHGLDQWHGHFODUDFLRQHVLQGLYLGXDOHV\FRQVROLGDGDV(QXQD'6
LQGLYLGXDOHOH[SRUWDGRUHVODSHUVRQDQDWXUDORMXUtGLFDTXHVHHQFXHQWUDHQODJXtDFRPRFRQVLJQDQWH
/RVHQYtRVSXHGHQGHVWLQDUVHPHGLDQWHODWUDQVPLVLyQGHOPDQLILHVWR((5SURYLVLRQDORFRQSRVWHULRULGDGDOPLVPRKDVWD
DQWHVGHODWUDQVPLVLyQGHODUHFHSFLyQGHODFDUJDSRUSDUWHGHOGHSyVLWRWHPSRUDOVHJ~QHOVLJXLHQWHGHWDOOH
D/RVHQYtRVGHFDWHJRUtDGHEHQGHVWLQDUVHPHGLDQWHODWUDQVPLVLyQGHOPDQLILHVWR((5SURYLVLRQDODWUDYpVGHXQD
RPiV'6FRQVROLGDGDV\R'6LQGLYLGXDOHV([FHSFLRQDOPHQWHHOHQYtRGHFDWHJRUtDSRGUiGHVWLQDUVHGHVSXpV
GHWUDQVPLWLGRHOPDQLILHVWR((5SURYLVLRQDOPHGLDQWHXQD'6LQGLYLGXDOFXDQGRVHWUDWHGHXQDJXtDLQFRUSRUDGD
E/RVHQYtRVGHODVFDWHJRUtDV\SXHGHQGHVWLQDUVHPHGLDQWHODWUDQVPLVLyQGHOPDQLILHVWR((5SURYLVLRQDOD
WUDYpVGHXQDRPiV'6FRQVROLGDGDV\R'6LQGLYLGXDOHV
F    /RV HQYtRV GH FDWHJRUtDV   \  SXHGHQ GHVWLQDUVH FRQ SRVWHULRULGDG D OD WUDQVPLVLyQ GHO PDQLILHVWR ((5
SURYLVLRQDOPHGLDQWH'6LQGLYLGXDOHV
G8QD'6FRQVROLGDGDSXHGHDPSDUDUHQYtRVGHODVFDWHJRUtDV\RDVtFRPRRWUD'6SXHGHDPSDUDUHQYtRVGH
ODVFDWHJRUtDVG\RG
/RVHQYtRVTXHDPSDUHQPHUFDQFtDVFX\RYDORU)2%VHDVXSHULRUDGRVPLO\GyODUHVGHORV(VWDGRV8QLGRVGH
$PpULFD86KDVWDXQPi[LPRGHFLQFRPLO\GyODUHVGHORV(VWDGRV8QLGRVGH$PpULFD86
SRUHQYtRVHGHVWLQDQHQODFDWHJRUtDGPHGLDQWH'6

1XPHUDFLyQGHOD'6SRUWUDQVPLVLyQ

/DHPSUHVDVROLFLWDODGHVWLQDFLyQDGXDQHUDGHORVHQYtRVGHFDWHJRUtDVyDWUDYpVGHODWUDQVPLVLyQGHORVGDWRV
GHOPDQLILHVWR((5SURYLVLRQDOGHQWURGHOSOD]RHVWDEOHFLGRHQHOQXPHUDOGHOUXEUR%GHOD6HFFLyQ9,,SUHFHGHQWH
VHJ~Q ODV HVWUXFWXUDV SXEOLFDGDV HQ HO SRUWDO ZHE GH OD 681$7 \ VLHPSUH TXH VH HQFXHQWUH VXVWHQWDGD HQ OD
GRFXPHQWDFLyQH[LJLEOHGHDFXHUGRDFDGDFDWHJRUtD
$VROLFLWXGGHODHPSUHVDOD$GPLQLVWUDFLyQ$GXDQHUDQXPHUDGHFODUDFLRQHVVLPSOLILFDGDVLQGLYLGXDOHVRFRQVROLGDGDVD
WUDYpVGHODWUDQVPLVLyQGHOPDQLILHVWR((5SURYLVLRQDO
7RGDVODVJXtDVFRUUHVSRQGLHQWHVDXQGRFXPHQWRGHWUDQVSRUWHVHGHVWLQDQHQXQDVROD'6QRVHDGPLWHGHVWLQDFLRQHV
SDUFLDOHVGHODVJXtDVQLGHOGRFXPHQWRGHWUDQVSRUWH
/DLQIRUPDFLyQGHOD'6FRUUHVSRQGLHQWHDODVJXtDVHQFXDQWRDOYDORU)2%FDWHJRUtDSHVR\FDQWLGDGGHEXOWRVGHEH
VHU OD PLVPD TXH VH HQFXHQWUD FRQVLJQDGD HQ HO PDQLILHVWR ((5 SURYLVLRQDO $VLPLVPR OD LQIRUPDFLyQ GH ORV GDWRV
JHQHUDOHVGHOD'6HQFXDQWRDOGRFXPHQWRGHWUDQVSRUWHSHVREUXWR\FDQWLGDGGHEXOWRVGHEHVHUODPLVPDTXHVH
HQFXHQWUDFRQVLJQDGDHQHOPDQLILHVWR((5SURYLVLRQDO
8QD'6LQGLYLGXDODPSDUDXQDVRODJXtD\XQ~QLFRGRFXPHQWRGHWUDQVSRUWH
&XDQGRVHVROLFLWHQXPHUDUXQD'6LQGLYLGXDOVHGHEHFRQVLJQDUHOWLSRGHRSHUDFLyQ&DGD'6LQGLYLGXDODPSDUDXQ
VRORWLSRGHFDWHJRUtDSXGLHQGRpVWDVHUy
&XDQGRVHVROLFLWHQXPHUDUXQD'6FRQVROLGDGDGHODVFDWHJRUtDV\VHFRQVLJQDFRPRWLSRGHRSHUDFLyQ
7UDWiQGRVHGHHQYtRVGHODFDWHJRUtDVHSXHGHGHVWLQDUPHUFDQFtDGHXQDJXtDHQXQDRPiVVHULHVGHOD'6LQGLYLGXDO
R FRQVROLGDGD DVLJQDQGR OD FRUUHVSRQGLHQWH VXE SDUWLGD QDFLRQDO  D FDGD PHUFDQFtD FRQ OD LQIRUPDFLyQ GH OD JXtD
GHVDJUHJDGDDQLYHOGHVHULH
/D'6FRQVROLGDGDVHQXPHUD~QLFDPHQWHDWUDYpVGHOPDQLILHVWR((5SURYLVLRQDO8QDYH]QXPHUDGDOD'6FRQVROLGDGD
HOVLVWHPDPXHVWUDDWUDYpVGHO3RUWDO:HE681$7ODV'6LQGLYLGXDOHVGHFDWHJRUtD\FRQWHQLGDVHQHOODFRQHO
KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
HOVLVWHPDPXHVWUDDWUDYpVGHO3RUWDO:HE681$7ODV'6LQGLYLGXDOHVGHFDWHJRUtD\FRQWHQLGDVHQHOODFRQHO
FyGLJRLGHQWLILFDGRU³$GXDQDDxRUpJLPHQ ± 1ž '6 FRQVROLGDGD  VHULH ± JXtD´ \ ODV '6 LQGLYLGXDOHVGHFDWHJRUtD
G\RGFRQHOFyGLJRLGHQWLILFDGRU³$GXDQDDxRUpJLPHQ±1ž'6FRQVROLGDGD,±JXtD´
(QOD'6FRQVROLGDGDGHFDWHJRUtDV\FDGDFDWHJRUtDGHEHGHVWLQDUVHHQXQDVRODVHULHFRQWHQLHQGRJXtDVGHOD
PLVPDFDWHJRUtD
/RVHQYtRVGHODFDWHJRUtDG\RGSXHGHQDJUXSDUVHHQXQD'6FRQVROLGDGDFRQHOWLSRGHRSHUDFLyQGHELHQGR
GHFODUDU HQ FDGD VHULH ODV PHUFDQFtDV FRQWHQLGDV HQ FDGD JXtD FRQ VX FRUUHVSRQGLHQWH VXE SDUWLGD QDFLRQDO FDQWLGDG
XQLGDGHVItVLFDVSHVR\YDORU)2%QRGHELHQGRXQDVHULHGHOD'6FRQWHQHULQIRUPDFLyQGHPiVGHXQDJXtD8QD'6
FRQVROLGDGD QR SXHGH DPSDUDU HQYtRV GH FDWHJRUtD G \R G FRQMXQWDPHQWH FRQ HQYtRV GH FDWHJRUtDV   \ 
UHVSHFWLYDPHQWH
  3DUD DFRJHUVH D ORV UHJtPHQHV GH $GPLVLyQ 7HPSRUDO SDUD 3HUIHFFLRQDPLHQWR $FWLYR $GPLVLyQ 7HPSRUDO SDUD
5HH[SRUWDFLyQHQHOPLVPRHVWDGR\5HSRVLFLyQGH0HUFDQFtDVFRQ)UDQTXLFLD$UDQFHODULDRDO3URFHGLPLHQWR6LPSOLILFDGR
GH 5HVWLWXFLyQ GH 'HUHFKRV $UDQFHODULRV HO GHFODUDQWH GHEH GHFODUDU HQ OD '6 GH FDWHJRUtD G \R G HQ OD FDVLOOD
 ³'HFODUDFLyQ 5pJLPHQ 3UHFHGHQWH´ HO FyGLJR GHO UpJLPHQ HQ OD VHULH TXH FRUUHVSRQGD GH DFXHUGR D OD VLJXLHQWH
FRGLILFDFLyQ
D(QORVUHJtPHQHVGH$GPLVLyQ7HPSRUDOSDUD3HUIHFFLRQDPLHQWR$FWLYRR$GPLVLyQ7HPSRUDOSDUD5HH[SRUWDFLyQHQ
HO PLVPR HVWDGR HO QXPHUR GH OD 'HFODUDFLyQ DGXDQD DxR UpJLPHQ Q~PHUR FRUUHODWLYR \ GH OD VHULH
FRUUHVSRQGLHQWH
E(QHO5pJLPHQGH5HSRVLFLyQGHPHUFDQFtDFRQ)UDQTXLFLD$UDQFHODULDHOFyGLJR
F(QHO3URFHGLPLHQWR6LPSOLILFDGRGH5HVWLWXFLyQGH'HUHFKRV$UDQFHODULRVHOFyGLJR
6LXQD'6FRQVROLGDGDGHFDWHJRUtDG\RGFXHQWDFRQXQDRPiVVHULHVDFRJLGDVDO3URFHGLPLHQWR6LPSOLILFDGRGH
5HVWLWXFLyQ GH 'HUHFKRV $UDQFHODULRV OD HPSUHVD GHEH WUDQVPLWLU HO DUFKLYR GH IDFWXUDV SRU WHUFHURV R FRQWUDWR
HPSUHVDULDOGHDFXHUGRDODHVWUXFWXUDSXEOLFDGDHQHOSRUWDOZHEGHOD681$7DOPRPHQWRGHVROLFLWDUVXGHVWLQDFLyQD
WUDYpVGHODWUDQVPLVLyQGHOPDQLILHVWR((5SURYLVLRQDO(QFDVRGHXQD'6LQGLYLGXDOQRGHEHHQYLDUGLFKRDUFKLYR
  /D QXPHUDFLyQ GH OD '6 D WUDYpV GHO PDQLILHVWR ((5 SURYLVLRQDO VH GHEH HIHFWXDU HQ XQD ~QLFD WUDQVPLVLyQ GH VHU
FRQIRUPHHO6,*$'DVLJQDXQQ~PHURWDQWRDOPDQLILHVWR((5SURYLVLRQDOFRPRDOD'6UHVSHFWLYDPHQWHFRPXQLFDQGR
DODHPSUHVDGLFKRUHVXOWDGRFDVRFRQWUDULRFRPXQLFDORVPRWLYRVGHOUHFKD]R
&RQSRVWHULRULGDGDODWUDQVPLVLyQGHOPDQLILHVWR((5SURYLVLRQDOODHPSUHVDRHOGHVSDFKDGRUGHDGXDQDVVROLFLWDQOD
QXPHUDFLyQGH'6LQGLYLGXDOHVGHORVHQYtRVGHODVFDWHJRUtDVy
  'H HVWDU FRQIRUPH ORV GDWRV WUDQVPLWLGRV OD $GPLQLVWUDFLyQ $GXDQHUD QXPHUD OD '6 \ FRPXQLFD D OD HPSUHVD R DO
GHVSDFKDGRUGHDGXDQDHOQ~PHURDVLJQDGRFDVRFRQWUDULRQRWLILFDORVPRWLYRVGHOUHFKD]R

,QJUHVRGHORVHQYtRVDOGHSyVLWRWHPSRUDO\WUDQVPLVLyQGHODUHFHSFLyQGHODPHUFDQFtD

  /RV HQYtRV D HPEDUFDUVH FRQ GHVWLQR DO H[WHULRU GHEHQ LQJUHVDU D XQ GHSyVLWR WHPSRUDO D~Q FXiQGR QR VH KD\D
QXPHUDGROD'6
&RQFOXLGDODUHFHSFLyQGHORVHQYtRVHOGHSyVLWRGHEHOOHYDUXQUHJLVWURHOHFWUyQLFRHQHOFXDOFRQVLJQHODIHFKD\KRUDGHO
LQJUHVRWRWDOGHORVHQYtRVDVtFRPRODIHFKDKRUD\QRPEUHGHOGHVSDFKDGRUGHODHPSUHVDTXHSUHVHQWDOD'6
  (O GHSyVLWR WHPSRUDO GHEH WUDQVPLWLU HOHFWUyQLFDPHQWH D OD $GPLQLVWUDFLyQ $GXDQHUD OD LQIRUPDFLyQ UHODWLYD D OD
PHUFDQFtDUHFLELGDSDUDVXHPEDUTXHGHQWURGHOSOD]RGHGRVKRUDVFRPSXWDGRDSDUWLUGHOR~OWLPRTXHVXFHGDOD
UHFHSFLyQGHODWRWDOLGDGGH OD PHUFDQFtD R OD SUHVHQWDFLyQ GH OD '6 'LFKD LQIRUPDFLyQ GHEH FRQWHQHU OD FDQWLGDG GH
EXOWRVSHVREUXWRIHFKD\KRUDGHUHFHSFLyQGHODPHUFDQFtDDVRFLDGDDOQ~PHURGHOD'6
6HFRQVLGHUDFRPRWpUPLQRGHUHFHSFLyQGHODWRWDOLGDGGHODPHUFDQFtDHOPRPHQWRHQTXHHOGHSyVLWRWHPSRUDOUHFLEH
HO~OWLPREXOWRFRUUHVSRQGLHQWHDOD'6
'HH[LVWLUGLIHUHQFLDHQHOSHVR\EXOWRVSUHYDOHFHHOSHVR\Q~PHURGHEXOWRVUHFLELGRSRUHOGHSyVLWRWHPSRUDOUHVSHFWR
GHORVGDWRVFRQVLJQDGRVHQHOGRFXPHQWRGHWUDQVSRUWH\OD'6QRUHTXLULpQGRVHODUHFWLILFDFLyQGHODGHFODUDFLyQSDUD
VXHPEDUTXH3RVWHULRUPHQWHPHGLDQWHUHFWLILFDFLyQHOHFWUyQLFDGHOD'6RWUDQVPLVLyQGHOPDQLILHVWR((5GHILQLWLYRVH
DFWXDOL]DHOSHVR\QXPHURGHEXOWRVHQHOPDQLILHVWR((5SURYLVLRQDO\HQOD'6

&DQDOHVGHFRQWURO

/DDVLJQDFLyQGHOFDQDOGHWHUPLQDHOWLSRGHFRQWURODOTXHVHVXMHWDQODVPHUFDQFtDV\VHUHDOL]DOXHJRTXHHOGHSyVLWR
WHPSRUDOKD\DWUDQVPLWLGRODLQIRUPDFLyQUHODWLYDDODPHUFDQFtDUHFLELGDSDUDVXHPEDUTXHDOH[WHULRU
  /D HPSUHVD GHVSDFKDGRU GH DGXDQD GHSyVLWR WHPSRUDO \ GHPiV RSHUDGRUHV GHEHQ FRQVXOWDU HQ HO SRUWDO ZHE GH OD
681$7HOFDQDOGHFRQWURODVLJQDGRDOD'6SDUDODSURVHFXFLyQGHOWUiPLWHFRUUHVSRQGLHQWH

5HFRQRFLPLHQWRItVLFR

/DHPSUHVDRHOGHVSDFKDGRUGHDGXDQDSUHVHQWDOD'6LQGLYLGXDO\R'6FRQVROLGDGDGHHQYtRVGHFDWHJRUtDFRQORV
GRFXPHQWRV VHxDODGRV HQ HO QXPHUDO  GHO SUHVHQWH 5XEUR DQWH HO IXQFLRQDULR DGXDQHUR GHVLJQDGR SDUD HO FRQWURO
FRUUHVSRQGLHQWHTXLpQSUHYLDPHQWHGHEHYHULILFDUTXHODGRFXPHQWDFLyQFRUUHVSRQGDFRQODLQIRUPDFLyQUHJLVWUDGDHQHO
6,*$' 7UDWiQGRVH GH FRPSUREDQWHV GH SDJR HPLWLGRV HOHFWUyQLFDPHQWH QR HVWi REOLJDGR D SUHVHQWDUOR GH IRUPD
LPSUHVD
(QFDVRGH'6FRQVROLGDGDGHHQYtRVGHFDWHJRUtDV\SUHVHQWDODPLVPDGRFXPHQWDFLyQH[FHSWRODVHxDODGDHQHO
OLWHUDODGHOQXPHUDOGHOSUHVHQWHUXEURSRUHQFRQWUDUVHDGLVSRVLFLyQGHOD$XWRULGDG$GXDQHUDDGKHULGRVDOHQYtR
'HVHUFRQIRUPHSURFHGHDOUHFRQRFLPLHQWRItVLFRGHODPHUFDQFtDFDVRFRQWUDULRQRWLILFDODVREVHUYDFLRQHVHQFRQWUDGDV
SDUDODVXEVDQDFLyQFRUUHVSRQGLHQWH
  (O UHFRQRFLPLHQWR ItVLFR VH UHDOL]D HQ SUHVHQFLD GHO UHSUHVHQWDQWH GH OD HPSUHVD R GHO GHVSDFKDGRU GH DGXDQD \ GHO
UHSUHVHQWDQWHGHOGHSyVLWRWHPSRUDOFXDQGRFRUUHVSRQGD'HUHVXOWDUFRQIRUPHHOUHFRQRFLPLHQWRItVLFRHOIXQFLRQDULR
DGXDQHURUHJLVWUDVXGLOLJHQFLDHQOD'6\HQHO6,*$'
6LGXUDQWHHOUHFRQRFLPLHQWRItVLFRHOIXQFLRQDULRDGXDQHURFRQVWDWD
D    'LIHUHQFLD HQWUH OR GHFODUDGR \ OR UHFRQRFLGR SURFHGH D UHDOL]DU ODV UHFWLILFDFLRQHV WDQWR HQ OD '6 FRPR HQ HO
6,*$'DQRWDQGRWDOVLWXDFLyQHQVXGLOLJHQFLD
E/DH[LVWHQFLDGHPHUFDQFtDVSURKLELGDVRUHVWULQJLGDVVLQDXWRUL]DFLyQVXVSHQGHHOWUiPLWHGHOGHVSDFKR'HVHUHO
FDVRVHSDUDODPHUFDQFtDSURKLELGDRUHVWULQJLGD \ FRQWLQXD FRQ HO GHVSDFKR GH OD '6 UHVSHFWR GH ODPHUFDQFtD
TXHQRWLHQHLQFLGHQFLD
F/DSUHVXQFLyQGHGHOLWRVXVSHQGHHOWUiPLWHGHOGHVSDFKR
(QORVFDVRVERFGHOQXPHUDOSUHFHGHQWHDGLFLRQDOPHQWHHOIXQFLRQDULRDGXDQHURIRUPXODHOLQIRUPHFRUUHVSRQGLHQWHDO
MHIH GHO iUHD HQFDUJDGD GHO UpJLPHQ SDUD OD GHWHUPLQDFLyQ GH ODV DFFLRQHV OHJDOHV SHUWLQHQWHV (Q FDVR TXH ODV
LQFLGHQFLDV VHDQ VXEVDQDGDV HO UHIHULGR MHIH SXHGH GLVSRQHU OD FRQWLQXDFLyQ GHO GHVSDFKR GHELHQGR HO IXQFLRQDULR
DGXDQHURGHMDUFRQVWDQFLDGHOKHFKRHQVXGLOLJHQFLD
/DUHFWLILFDFLyQUHDOL]DGDHQOD'6FRPRFRQVHFXHQFLDGHOUHFRQRFLPLHQWRItVLFRDFWXDOL]DDXWRPiWLFDPHQWHODLQIRUPDFLyQ

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
GHOPDQLILHVWR((5SURYLVLRQDOUHVSHFWRDORVGDWRVGHWDOODGRVGHODQH[RORVGDWRVQRFRQWHQLGRVHQHOUHIHULGRDQH[R
VRQUHFWLILFDGRVHQHOPyGXORGHPDQLILHVWR
3DUD HO UHFRQRFLPLHQWR ItVLFR HV GH DSOLFDFLyQ OR SUHYLVWR HQ HO SURFHGLPLHQWR GH 5HFRQRFLPLHQWR )tVLFR  ([WUDFFLyQ \
$QiOLVLV GH 0XHVWUDV ,17$3( HQ OR TXH QR VH RSRQJD DO SUHVHQWH SURFHGLPLHQWR LQFOXVR FXDQGR ORV HQYtRV
UHTXLHUDQDQiOLVLVTXtPLFRH[WUDFFLyQGHPXHVWUDVKHFKRTXHQRLQWHUUXPSHHOGHVSDFKR
'H SUHVHQWDUVH LQFLGHQFLDV HQ HO GHVSDFKR GH OD '6 LQGLYLGXDO FRPSUHQGLGD HQ XQD '6 FRQVROLGDGD QR VH GHWHQGUi HO
GHVSDFKR UHVSHFWR GH ODV GHPiV GHFODUDFLRQHV LQGLYLGXDOHV (Q FDVR GH PHUFDQFtD QR HPEDUFDGD HO IXQFLRQDULR
DGXDQHURGHEHHOLPLQDUODJXtDGXUDQWHHOUHJLVWURGHODGLOLJHQFLD

'LVWULEXFLyQGHOD'6

/RVHMHPSODUHVGHOD'6GLOLJHQFLDGDVRQGLVWULEXLGRVGHODVLJXLHQWHPDQHUD
2ULJLQDO'HFODUDQWH
žFRSLD$GXDQDGHGHVSDFKR
žFRSLD([SRUWDGRU
žFRSLD'HSyVLWRWHPSRUDO

(PEDUTXHGHORVHQYtRV

/RVHQYtRVGHEHQVHUHPEDUFDGRVGHQWURGHOSOD]RGHWUHVGtDVFDOHQGDULRFRPSXWDGRDSDUWLUGHOGtDVLJXLHQWHGHOD
IHFKDGHQXPHUDFLyQGHOD'6
(OGHSyVLWRWHPSRUDOVyORSHUPLWHHOHPEDUTXHGHORVHQYtRVFX\D'6FXHQWDFRQFDQDOGHFRQWURODVLJQDGRGHVHUFDQDO
URMR OD GLOLJHQFLD GHEH  HQFRQWUDUVH UHJLVWUDGD HQ HO 6,*$' $VLPLVPR OD '6 QR GHEH FRQWDU FRQ DFFLyQ GH FRQWURO
H[WUDRUGLQDULR(VWDVFRQGLFLRQHVVHUiQYHULILFDGDVHQHOSRUWDOZHEGHOD681$7
$QWHVGHODVDOLGDGHORVHQYtRVGHVXUHFLQWRHOGHSyVLWRWHPSRUDOEDMRUHVSRQVDELOLGDGWUDQVPLWHDOD$GPLQLVWUDFLyQ
$GXDQHUDODUHODFLyQGHWDOODGDGHODPHUFDQFtDDHPEDUFDUVH
1RHVWiSHUPLWLGRHOHPEDUTXHSDUFLDOGHODVPHUFDQFtDVFRQVLJQDGDVHQXQD'6

5HJXODUL]DFLyQGHOD'6

(OSOD]RSDUDODUHJXODUL]DFLyQGHOD'6HVGLH]GtDVFDOHQGDULRFRPSXWDGRDSDUWLUGHOGtDVLJXLHQWHGHOWpUPLQRGHO
HPEDUTXHGHODFDUJD((5
/DUHJXODUL]DFLyQGHOD'6HVVROLFLWDGDSRUHOGHFODUDQWHPHGLDQWHODWUDQVPLVLyQHOHFWUyQLFD
D'HOPDQLILHVWRGHILQLWLYRFXDQGRODPHUFDQFtDVHHQFXHQWUHFODVLILFDGDHQODSDUWLGDDUDQFHODULDGHO$UDQFHO
GH$GXDQDV\VLHPSUHTXHOD'6KD\DVLGRQXPHUDGDSRUODHPSUHVDR
E    'H OD LQIRUPDFLyQ FRPSOHPHQWDULD GH OD '6 \ ORV GRFXPHQWRV GLJLWDOL]DGRV TXH VXVWHQWDQ OD H[SRUWDFLyQ D
VDWLVIDFFLyQGHODDXWRULGDGDGXDQHUDSDUDODV'6QRLQFOXLGDVHQHOOLWHUDODSUHFHGHQWH
3DUDTXHSURFHGDODUHJXODUL]DFLyQGHOD'6VHGHEHFXPSOLUFRQORVVLJXLHQWHVUHTXLVLWRV
D/D'6FXHQWHFRQFDQDOGHFRQWURO
E/D'6FRQFDQDOGHFRQWUROURMRFXHQWHFRQGLOLJHQFLDGHUHFRQRFLPLHQWRItVLFRUHJLVWUDGDHQHO6,*$'
F/DVJXtDVUHJLVWUDGDVHQOD'6FRUUHVSRQGDQDODVWUDQVPLWLGDVHQHOPDQLILHVWRGHILQLWLYR
G/RVSHVRV\EXOWRVWUDQVPLWLGRVHQFDGDGRFXPHQWRGHWUDQVSRUWHVHDQORVPLVPRVTXHILJXUDQHQHOPDQLILHVWRGH
FDUJD

%352&(626(63(&,),&26

/DHPSUHVDTXHWUDQVPLWHHOPDQLILHVWR((5HVHO~QLFRRSHUDGRUIDFXOWDGRSDUDVROLFLWDUVXUHFWLILFDFLyQRLQFRUSRUDFLyQ
GH JXtDV DO PDQLILHVWR ((5 SURYLVLRQDO PHGLDQWH WUDQVPLVLyQ HOHFWUyQLFD VLHQGR GH DFHSWDFLyQ DXWRPiWLFD OXHJR GH
YDOLGDGDODLQIRUPDFLyQRDWUDYpVGHODSUHVHQWDFLyQGHXQH[SHGLHQWH
1RSURFHGHODUHFWLILFDFLyQRLQFRUSRUDFLyQGHJXtDVDOPDQLILHVWR((5PLHQWUDVKD\DXQDDFFLyQGHFRQWUROH[WUDRUGLQDULR
VREUHODPHUFDQFtDHQDOJXQDGHODVJXtDVDVRFLDGDVDODGHFODUDFLyQ
/DUHFWLILFDFLyQLQFRUSRUDFLyQ\DQXODFLyQGHJXtDVHQHOPDQLILHVWR((5SURYLVLRQDOSXHGHQVHUYLVXDOL]DGRVHQHOSRUWDO
ZHEGHOD681$7

5HFWLILFDFLyQGHOPDQLILHVWR((5SURYLVLRQDO

/DHPSUHVDVROLFLWDPHGLDQWHWUDQVPLVLyQHOHFWUyQLFDODUHFWLILFDFLyQGHOPDQLILHVWR((5SURYLVLRQDOKDVWDODWUDQVPLVLyQ
GHOPDQLILHVWR((5GHILQLWLYRH[FHSWRHQHOFDVRGHLQFRUSRUDFLyQ\DQXODFLyQGHJXtDV
&XDQGRHOHQYtRFXHQWDFRQGHVWLQDFLyQDGXDQHUDODHPSUHVDGHEHVROLFLWDUODUHFWLILFDFLyQGHOD'6ODPLVPDTXHGHVHU
DFHSWDGDSRUOD$GPLQLVWUDFLyQ$GXDQHUDDFWXDOL]DDXWRPiWLFDPHQWHHOPDQLILHVWR((5SURYLVLRQDOUHVSHFWRGHORVGDWRV
VHxDODGRVHQHODQH[R
    &XDQGR HO HQYtR QR FXHQWD FRQ GHVWLQDFLyQ DGXDQHUD OD HPSUHVD GHEH VROLFLWDU OD UHFWLILFDFLyQ GHO PDQLILHVWR ((5
SURYLVLRQDOGHORVGDWRVTXHVHHQFXHQWUDQVHxDODGRVHQHO$QH[R
&XDQGRHOHQYtRFXHQWDFRQGHVWLQDFLyQDGXDQHUDODHPSUHVDGHEHVROLFLWDUODUHFWLILFDFLyQGHOPDQLILHVWR((5SURYLVLRQDO
GHORVGDWRVTXHVHHQFXHQWUDQVHxDODGRVHQHO$QH[R
/DHPSUHVDSXHGHUHFWLILFDUHOHFWUyQLFDPHQWHXQPLVPRGDWRGHOPDQLILHVWR((5SURYLVLRQDOPiVGHXQDYH]OXHJRGH
FXOPLQDGDODWUDQVPLVLyQGHUHFWLILFDFLyQFRQDFHSWDFLyQDXWRPiWLFD

,QFRUSRUDFLyQGHJXtDVDOPDQLILHVWR((5SURYLVLRQDO

/DHPSUHVDDWUDYpVGHPHGLRVHOHFWUyQLFRVSXHGHLQFRUSRUDUJXtDVHQHOPDQLILHVWR((5SURYLVLRQDOKDVWDHOPRPHQWR
HQTXHHOGHSyVLWRWHPSRUDOHIHFW~HODWUDQVPLVLyQDOD$GPLQLVWUDFLyQ$GXDQHUDGHODFRQILUPDFLyQGHODUHFHSFLyQGH
ORVHQYtRVSDUDVXH[SRUWDFLyQ
3DUDTXHSURFHGDODLQFRUSRUDFLyQGHODJXtDDOPDQLILHVWR((5SURYLVLRQDOSRUWUDQVPLVLyQHOHFWUyQLFDGHEHFXPSOLUODV
VLJXLHQWHVFRQGLFLRQHV
D/DJXtDQRGHEHH[LVWLUHQRWURPDQLILHVWR((5SDUDODPLVPDHPSUHVD'HVHUHOFDVRGHEHFRUUHVSRQGHUDRWUD
FRPSDxtDWUDQVSRUWLVWD\GHSyVLWRWHPSRUDO
E/DJXtDVHLQFRUSRUHDXQGRFXPHQWRGHWUDQVSRUWHTXHFXHQWHFRQGHVWLQDFLyQ
F/DJXtDGHEHHVWDUDVRFLDGDDXQVRORPDQLILHVWR((5SURYLVLRQDO\DXQVRORGRFXPHQWRGHWUDQVSRUWH
G/D'6QRGHEHFRQWDUFRQFDQDOGHFRQWURODVLJQDGR
H6LOD'6HVLQGLYLGXDOpVWDGHEHKDEHUVLGRQXPHUDGDDWUDYpVGHOPDQLILHVWR

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
/DHPSUHVDSXHGHLQFRUSRUDUDOPDQLILHVWR((5SURYLVLRQDOPiVGHXQDJXtDHQXQDRPiVWUDQVPLVLRQHVHOHFWUyQLFDV
  /D VROLFLWXG GH LQFRUSRUDFLyQ GHEH HVWDU DVRFLDGD D XQ VROR PDQLILHVWR ((5 SURYLVLRQDO \ D XQ VROR GRFXPHQWR GH
WUDQVSRUWH
/XHJRGHLQFRUSRUDGDODJXtDHQHOPDQLILHVWR((5SURYLVLRQDOVHGHEHUHDOL]DUODWUDQVPLVLyQGHODUHFWLILFDFLyQGHOD'6
DILQGHLQFRUSRUDUGLFKDJXtDDODGHFODUDFLyQ

$QXODFLyQGHJXtDV\GRFXPHQWRVGHWUDQVSRUWH

3URFHGHODDQXODFLyQGHJXtDVVLHPSUHTXHpVWDVQRFXHQWHQ FRQ GHVWLQDFLyQ DGXDQHUD FDVR FRQWUDULR GHEH VROLFLWDUOD
UHFWLILFDFLyQHOHFWUyQLFDGHOD'6
3DUDDQXODUJXtDVODHPSUHVDWUDQVPLWHODVROLFLWXGGHUHFWLILFDFLyQGHOPDQLILHVWR((5SURYLVLRQDOGHMDQGRGHWUDQVPLWLU
ODVJXtDVTXHVHSUHWHQGHDQXODU
3DUDDQXODUXQGRFXPHQWRGHWUDQVSRUWHODHPSUHVDWUDQVPLWHODVROLFLWXGGHUHFWLILFDFLyQGHOPDQLILHVWR((5SURYLVLRQDO
GHMDQGRGHWUDQVPLWLUHOGRFXPHQWRGHWUDQVSRUWH\VXVJXtDVDVRFLDGDV

5HFWLILFDFLyQGHOPDQLILHVWR((5GHILQLWLYR

/DHPSUHVDVROLFLWDPHGLDQWHWUDQVPLVLyQHOHFWUyQLFDODUHFWLILFDFLyQGHOPDQLILHVWR((5GHILQLWLYRKDVWDHOPRPHQWRGHOD
UHJXODUL]DFLyQGHOD'6VLHPSUHTXHHOPDQLILHVWR((5GHILQLWLYRQRWHQJDODFRQGLFLyQGHFDQFHODGR
/DHPSUHVDVRORSXHGHUHFWLILFDUHOHFWUyQLFDPHQWHORVGDWRVGHODVJXtDVGHOPDQLILHVWR((5GHILQLWLYRDVRFLDGRVDOD'6
QXPHUDGDSRUODHPSUHVDVHxDODGRVHQHO$QH[R
/DHPSUHVDQRSXHGHUHFWLILFDUHOHFWUyQLFDPHQWHXQPLVPRGDWRGHOPDQLILHVWR((5GHILQLWLYRPiVGHXQDYH]

5HFWLILFDFLyQGHOD'6

/DHPSUHVDRHOGHVSDFKDGRUGHDGXDQDSXHGHVROLFLWDUODUHFWLILFDFLyQGHOD'6PHGLDQWHWUDQVPLVLyQHOHFWUyQLFDVLHQGR
GHDFHSWDFLyQDXWRPiWLFDOXHJRGHYDOLGDGDODLQIRUPDFLyQ/DUHFWLILFDFLyQGHOD'6WDPELpQSXHGHVROLFLWDUVHDWUDYpV
GHODSUHVHQWDFLyQGHXQH[SHGLHQWH
  /D HPSUHVD HV OD ~QLFD DXWRUL]DGD SDUD VROLFLWDU OD UHFWLILFDFLyQ GH OD '6 QXPHUDGD D WUDYpV GHO PDQLILHVWR ((5
SURYLVLRQDO
/RVGDWRVGHOD'6TXHSXHGHQVHUUHFWLILFDGRVVHHQFXHQWUDQVHxDODGRVHQHODQH[R
1RSURFHGHODUHFWLILFDFLyQHOHFWUyQLFDGHOD'6FXDQGR
D&XHQWDFRQFDQDOGHFRQWUROURMR
E6HHQFXHQWUDOHJDMDGD
F6HHQFXHQWUDUHJXODUL]DGD
G&XHQWDFRQDFFLyQGHFRQWUROH[WUDRUGLQDULD
H$TXHOORVGDWRVTXHSUHYLDPHQWHKD\DQVLGRUHFWLILFDGRVSRUHOIXQFLRQDULRDGXDQHUR
/D'6QXPHUDGDSRUHOGHVSDFKDGRUGHDGXDQDVRORSXHGHVHUUHFWLILFDGDHQORVVLJXLHQWHVGDWRV
D3HVRQHWRWRWDO
E&yGLJRGHQDFLRQDOLGDGGHOH[SRUWDGRU
F3HVRQHWRGHODVHULH
G&ODVHGHEXOWRVGHODVHULH
H3DUWLGDDUDQFHODULDVRORSDUDODFDWHJRUtDG\G
/DLQIRUPDFLyQUHIHUHQWHDORVUHJtPHQHVSUHFHGHQWHVRGHDSOLFDFLyQVRORSRGUiVHUUHFWLILFDGDHOHFWUyQLFDPHQWHKDVWD
DQWHVGHODWUDQVPLVLyQGHODUHFHSFLyQGHODFDUJDSRUSDUWHGHOGHSyVLWRWHPSRUDO1RVHSHUPLWHGHFODUDUHQODVVHULHV
GHOD'6ORVUHJtPHQHVGHDSOLFDFLyQ\VLHQODQXPHUDFLyQQRIXHURQGHFODUDGRV/DLQFOXVLyQRPRGLILFDFLyQGHO
FyGLJRGHOSURFHGLPLHQWRVLPSOLILFDGRGH5HVWLWXFLyQGH'HUHFKRV$UDQFHODULRVSURFHGHVLHPSUHTXHDQLYHOGHVHULHGH
OD'6FRQVWHDOJXQDH[SUHVLyQTXHPDQLILHVWHODYROXQWDGGHDFRJHUVHDGLFKRSURFHGLPLHQWR
  6H SHUPLWH OD LQFOXVLyQ GH JXtDV D OD '6 VLHPSUH TXH pVWDV KD\DQ VLGR SUHYLDPHQWH LQFRUSRUDGDV DO PDQLILHVWR ((5
SURYLVLRQDO\KDVWDDQWHVGHODWUDQVPLVLyQDOD$GPLQLVWUDFLyQ$GXDQHUDGHODFRQILUPDFLyQGHODUHFHSFLyQGHORVHQYtRV
SRUHOGHSyVLWRWHPSRUDO
6LODLQFOXVLyQGHODJXtDVHUHDOL]DVREUHXQD'6LQGLYLGXDOVHWHQGUiHQFXHQWDORVLJXLHQWH
D/D'6GHEHKDEHUVLGRQXPHUDGDDWUDYpVGHOPDQLILHVWRSURYLVLRQDO
E/D'6SDVDDVHUFRQVROLGDGDGHELHQGRHOGHFODUDQWHUHFWLILFDUHOWLSRGHRSHUDFLyQGHD
6LODLQFOXVLyQGHODJXtDVHUHDOL]DVREUHXQD'6FRQVROLGDGDVHWHQGUiHQFXHQWDORVLJXLHQWH
D'6FRQJXtDVGHFDWHJRUtDV\R
L6LODFDWHJRUtDGHODJXtDTXHVHYDDLQFOXLUVHHQFXHQWUDGHFODUDGDHQDOJXQDVHULHGHOD'6pVWDVH
LQFOX\HHQGLFKDVHULHDFWXDOL]DQGRORVGDWRVTXHFRUUHVSRQGD
LL6LODFDWHJRUtDGHODJXtDTXHVHYDDLQFOXLUQRVHHQFXHQWUHGHFODUDGDHQOD'6HQWRQFHVVHDSHUWXUD
XQDQXHYDVHULHSDUDGLFKDFDWHJRUtD
E'6FRQJXtDVGHFDWHJRUtDVG\RG
L6LHPSUHVHDSHUWXUDXQDRPiVVHULHVDVRFLDGDVDODJXtDDLQFOXLU
3RUWUDQVPLVLyQHOHFWUyQLFDVHSRGUiDSHUWXUDUVHULHVHQOD'6VRORVLVHLQFOX\HJXtDVHQOD'6

$QXODFLyQGHJXtDV\GRFXPHQWRVGHWUDQVSRUWH

6HSHUPLWHODDQXODFLyQGHJXtDVGHOD'6PLHQWUDVHOPDQLILHVWR((5VHHQFXHQWUHHQHVWDGRSURYLVLRQDOHVWRVHKDUi
GHMDQGR GH WUDQVPLWLU GLFKDV JXtDV HQ OD UHFWLILFDFLyQ GH OD '6 $O HOLPLQDU XQD JXtD GH OD '6 VH HOLPLQD
DXWRPiWLFDPHQWHGLFKDJXtDHQHOPDQLILHVWR((5SURYLVLRQDO
7UDWiQGRVHGHXQD'6FRQVROLGDGDTXHDPSDUDHQYtRVGHODVFDWHJRUtDV\RHQHOTXHVHDQXOHQWRGDVODVJXtDVGH
XQDFDWHJRUtDVHDQXODODVHULHGHGLFKDFDWHJRUtD6LOD'6FRQVROLGDHQYtRVGHODVFDWHJRUtDVG\RGDODQXODU
XQD JXtD WDPELpQ VH DQXOD ODV VHULHV DVRFLDGDV D GLFKD JXtD DVt FRPR OD LQIRUPDFLyQ GH ODV IDFWXUDV SRU WHUFHURV GH
GLFKDVHULH
(QOD'6LQGLYLGXDOQRSURFHGHODDQXODFLyQGHJXtDVDVLPLVPRQRVHSHUPLWHODDQXODFLyQGHWRGDVODVJXtDVGHXQD'6
FRQVROLGDGDFRUUHVSRQGLHQGRHQDPERVFDVRVODVROLFLWXGGHOHJDMDPLHQWRGHOD'HFODUDFLyQ
  6L FRPR UHVXOWDGR GH OD DQXODFLyQ GH JXtDV HQ OD '6  SDVD GH FRQVROLGDGD D LQGLYLGXDO VH GHEH UHFWLILFDU HO WLSR GH
RSHUDFLyQGHD

/HJDMDPLHQWRGHOD'6

/DHPSUHVDRHOGHVSDFKDGRUGHDGXDQDPHGLDQWHWUDQVPLVLyQHOHFWUyQLFDVROLFLWDQHOOHJDMDPLHQWRGHOD'6LQGLYLGXDOR

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
FRQVROLGDGDFX\DPHUFDQFtDQRKDVLGRHPEDUFDGD\ QR FXHQWH FRQ FDQDO GH FRQWURO R DTXHOODV TXH WHQLHQGR FDQDOGH
FRQWUROKD\DQVLGRVHOHFFLRQDGDVDFDQDOQDUDQMDRODVGHFDQDOURMRTXHFXHQWHQFRQGLOLJHQFLDUHJLVWUDGDHQHO6,*$'
(QORVFDVRVPHQFLRQDGRVVHGHEHFXPSOLUFRQODVVLJXLHQWHVFRQGLFLRQHV
D/DHPSUHVDRHOGHVSDFKDGRUGHDGXDQDTXHVROLFLWDOHJDMDUOD'6VHDHOPLVPRTXHQXPHUyOD'6
E1RVHKD\DWUDQVPLWLGRHOPDQLILHVWR((5GHILQLWLYR
F/D'6QRVHHQFXHQWUHUHJXODUL]DGD
  'H VHU FRQIRUPH HO 6,*$' OHJDMD DXWRPiWLFDPHQWH OD '6 GHMD VLQ HIHFWR OD WUDQVPLVLyQ GH OD UHFHSFLyQ GH OD FDUJD
DVRFLDGDDGLFKD'6\HOGDWDGRGHODJXtD
/DFRQGLFLyQGHOHJDMDGDGHOD'6VHYHULILFDHQHOSRUWDOZHEGHOD681$7
(OGHSyVLWRWHPSRUDOSHUPLWHHOUHWLURGHODPHUFDQFtDSUHYLDYHULILFDFLyQGHODFRQGLFLyQGHOHJDMDGDGHOD'6HQHOSRUWDO
ZHEGHOD681$7
(OOHJDMDPLHQWRGHOD'6DVLJQDGDDFDQDOURMRVLQGLOLJHQFLDGHUHFRQRFLPLHQWRItVLFRVHVROLFLWDPHGLDQWHODSUHVHQWDFLyQ
GH XQ H[SHGLHQWH DQWH HO iUHD HQFDUJDGD GHO UpJLPHQ (O IXQFLRQDULR DGXDQHUR GHVLJQDGR SRU HO iUHD HYDO~D HO
H[SHGLHQWH\UHDOL]DHOUHFRQRFLPLHQWRItVLFRGHOD PHUFDQFtD GH VHU FRQIRUPH UHJLVWUD HO OHJDMDPLHQWR GH OD '6HQHO
PyGXORGHO6,*$'
/DHPSUHVDRHOGHVSDFKDGRUGHDGXDQDVROLFLWDHOUHWLURGHORVHQYtRVGHOGHSyVLWRWHPSRUDOTXLpQYHULILFDSUHYLDPHQWH
HQHOSRUWDOGHOD681$7TXHOD'6VHHQFXHQWUHHQODFRQGLFLyQGHOHJDMDGD

%5((;3(',&,Ï1<'(92/8&,Ï1'(/26(19Ë26

1XPHUDFLyQGHODVROLFLWXG

    /D UHH[SHGLFLyQ GH ORV HQYtRV  RFXUUH FXDQGR HVWDQGR PDQLIHVWDGRV D XQ WHUFHU SDtV VRQ GHVHPEDUFDGRV SRU HUURU R
FXDQGRH[LVWHFDPELRGHGLUHFFLyQGHOGHVWLQDWDULR/DGHYROXFLyQGHORVHQYtRVRFXUUHFXDQGRHOGHVWLQDWDULRGHOHQYtR
QRHVXELFDGRRKDELHQGRVLGRXELFDGRpVWHQRDFHSWDHOHQYtR\GHEHGHYROYHUVHDRULJHQ
/DHPSUHVDHVHO~QLFRRSHUDGRUTXHSXHGHVROLFLWDUODUHH[SHGLFLyQRGHYROXFLyQGHHQYtRVTXHDUULEDURQDOSDtVFX\D
JXtDVHHQFXHQWUHHQXQPDQLILHVWR((5GHLQJUHVRQXPHUDGRSRUHOOD
1RSURFHGHODUHH[SHGLFLyQRGHYROXFLyQGHHQYtRVFXDQGRHVWpQVXMHWRVDXQDDFFLyQGHFRQWUROH[WUDRUGLQDULRRPHGLGD
SUHYHQWLYD
/DHPSUHVDVROLFLWDPHGLDQWHWUDQVPLVLyQHOHFWUyQLFDODQXPHUDFLyQGHODVROLFLWXGGHGHYROXFLyQRUHH[SHGLFLyQGHORV
HQYtRVPHGLDQWHHOIRUPXODULRGHQRPLQDGR³6ROLFLWXGGH5HH[SHGLFLyQ'HYROXFLyQ´FRQWHQLGDHQHO$QH[RVLHPSUH
TXH
D    1R KD\D WUDQVFXUULGR PiV GH WUHLQWD  GtDV FDOHQGDULR FRPSXWDGR D SDUWLU GHO GtD VLJXLHQWH GHO WpUPLQR GHOD
GHVFDUJD
E(OHQYtRVHHQFXHQWUHHQHOGHSyVLWRWHPSRUDO((5
F(OHQYtRQRWHQJDGHVWLQDFLyQDGXDQHUD
/DHPSUHVDSUHVHQWDDQWHHOiUHDHQFDUJDGDGHOUpJLPHQODVROLFLWXGQXPHUDGDDGMXQWDQGRFRSLDGHODIDFWXUDFRPHUFLDO
RGRFXPHQWRHTXLYDOHQWH\ODJXtDORVPLVPRVTXHGHEHQHVWDUOHJLEOHV\VLQHQPHQGDGXUDV
(OIXQFLRQDULRDGXDQHURGHVLJQDGRUHFLEHODVROLFLWXG\ORVGRFXPHQWRVTXHODVXVWHQWDQYHULILFDTXHODGRFXPHQWDFLyQ
SUHVHQWDGD FRUUHVSRQGD D OD LQIRUPDFLyQ UHJLVWUDGD HQ HO 6,*$' GH HQFRQWUDUVH FRQIRUPH SURFHGH D UHJLVWUDU VX
GLOLJHQFLDHQODVROLFLWXGFRQVLJQDQGRXQSOD]RSDUDVXHPEDUTXHHOPLVPRTXHQRGHEHVXSHUDUHOSOD]RHVWDEOHFLGRHQ
HOQXPHUDOVLJXLHQWH

7UDVODGRGHORVHQYtRV

/RVHQYtRVDPSDUDGRVHQODVVROLFLWXGHVGH5HH[SHGLFLyQ'HYROXFLyQGHEHQVHUSUHVHQWDGRVDQWHHOIXQFLRQDULRDGXDQHUR
HQHOGHSyVLWRWHPSRUDO((5SDUDVXYHULILFDFLyQGHHQFRQWUDUVHFRQIRUPHODHPSUHVDFRORFDORVEXOWRVFRUUHVSRQGLHQWH
DOHQYtRHQXQDVDFD\ORSUHFLQWD&RQFOXLGDODYHULILFDFLyQHOIXQFLRQDULRDGXDQHURGLOLJHQFLDODVROLFLWXGDQRWDQGR
ODFDQWLGDGGHEXOWRV\Q~PHURGHSUHFLQWRSDUDVXSRVWHULRUWUDVODGRDOGHSyVLWRWHPSRUDO
    /DV PHUFDQFtDV DPSDUDGDV HQ VROLFLWXGHV GH 5HH[SHGLFLyQ'HYROXFLyQ GHEHQ HVWDU FRQVLJQDGDV HQ GRFXPHQWRV GH
WUDQVSRUWHGLIHUHQWHVGHORVTXHFRQWLHQHQHQYtRVGHH[SRUWDFLyQ
/DHPSUHVDWUDVODGDODVVDFDVTXHFRQWLHQHQHQYtRVSDUDODGHYROXFLyQRUHH[SHGLFLyQSDUDVXHPEDUTXHFRQGHVWLQRDO
H[WHULRUGHVGHHOGHSyVLWRWHPSRUDO((5KDVWDHOGHSyVLWRWHPSRUDO

&RQWURODGXDQHUR

  (Q HO GHSyVLWR WHPSRUDO OD HPSUHVD SUHVHQWD OD VROLFLWXG DFRPSDxDGD GH ORV GRFXPHQWRV TXH OD VXVWHQWDQ DQWH HO
IXQFLRQDULRDGXDQHURTXLpQGHEHYHULILFDUTXHVHHQFXHQWUHGHQWURGHOSOD]RRWRUJDGRSDUDVXHPEDUTXHTXHODVVDFDV
QR SUHVHQWHQ LQGLFLRV GH KDEHU VLGR DELHUWDV TXH OD GRFXPHQWDFLyQ FRUUHVSRQGD FRQ OD LQIRUPDFLyQ UHJLVWUDGD HQ HO
6,*$''HVHUFRQIRUPHSURFHGHDGLOLJHQFLDUODVROLFLWXGFDVRFRQWUDULRQRWLILFDODVREVHUYDFLRQHVHQFRQWUDGDVSDUDOD
VXEVDQDFLyQFRUUHVSRQGLHQWH\RHIHFW~DODVDFFLRQHVTXHFRUUHVSRQGDQ
 (O IXQFLRQDULR DGXDQHUR UHPLWH D OD RILFLQD GH RILFLDOHV GH DGXDQD ODV VROLFLWXGHV GH  5HH[SHGLFLyQ'HYROXFLyQ FRQ OD
GRFXPHQWDFLyQFRUUHVSRQGLHQWHGHELGDPHQWHGLOLJHQFLDGDSDUDVXFRQVROLGDFLyQ\SRVWHULRUUHPLVLyQDOiUHDHQFDUJDGD
GHOUpJLPHQHQHOSULPHUGtDKiELOVLJXLHQWHDOHPEDUTXH
/DVVROLFLWXGHV5HH[SHGLFLyQ'HYROXFLyQVHGLVWULEX\HQFRPRVLJXH
2ULJLQDO,QWHQGHQFLDGHOD$GXDQD$pUHDGHO&DOODR
UDFRSLD(PSUHVD
GDFRSLD'HSyVLWRWHPSRUDO((5
UDFRSLD'HSyVLWRWHPSRUDO

(PEDUTXHGHORVHQYtRV

/DVPHUFDQFtDVDPSDUDGDVHQVROLFLWXGHVGH5HH[SHGLFLyQ'HYROXFLyQGHEHQHPEDUFDUVHGHQWURGHOSOD]RGHWUHLQWD
GtDVFDOHQGDULRFRPSXWDGRDSDUWLUGHOGtDVLJXLHQWHGHVXQXPHUDFLyQ
3UHYLDDODVDOLGDGHOGHSyVLWRWHPSRUDOpVWHYHULILFDTXHODVROLFLWXGGHUHH[SHGLFLyQRGHYROXFLyQFXHQWHFRQODGLOLJHQFLD
ILUPD\VHOORGHOIXQFLRQDULRDGXDQHURTXHHIHFWXyHOFRQWURODGXDQHUR
  (O GHSyVLWR WHPSRUDO GHEH FRPXQLFDU DO iUHD HQFDUJDGD GHO UpJLPHQ VREUH DTXHOODV VROLFLWXGHV GH
5HH[SHGLFLyQ'HYROXFLyQTXHQRKD\DQVLGRHPEDUFDGDVHQHOSOD]RDXWRUL]DGRSRUOD$GPLQLVWUDFLyQ$GXDQHUDGHQWUR
GHORVSULPHURVFLQFRGtDVGHOPHVVLJXLHQWH
0RGLILFDGRSRUOD561$$1ƒ681$7$


KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
9,,,)/8-2*5$0$

3XEOLFDGRVHQHOSRUWDOZHEGHOD681$7ZZZVXQDWJRESH

,;,1)5$&&,21(66$1&,21(6<'(/,726

/DVLQIUDFFLRQHV\VDQFLRQHVDSOLFDEOHVDODV(PSUHVDVGH6HUYLFLRGH(QWUHJD5iSLGD\DTXHOODVVHJ~QVXSDUWLFLSDFLyQ
FRPRWUDQVSRUWLVWDDJHQWHGHFDUJDLQWHUQDFLRQDOGHSyVLWRWHPSRUDORXQDFRPELQDFLyQGHHOORVVRQODVGLVSXHVWDVHQ
OD/H\\OD7DEODGH6DQFLRQHVUHVSHFWLYDPHQWHDVtFRPROD/H\GHORV'HOLWRV$GXDQHURV\VX5HJODPHQWRSDUDORTXH
FRUUHVSRQGD

;5(*,67526

$,1*5(62'((19Ë26'((175(*$5È3,'$

5HODFLyQGHPDQLILHVWRV((5QXPHUDGRV
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGHPDQLILHVWRV((5QXPHUDGRVIXHUDGHSOD]R
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGHPHUFDQFtDVHQDEDQGRQROHJDOVLQGHVWLQDFLyQ
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGH6ROLFLWXGHVGHUHFWLILFDFLyQHOHFWUyQLFDGHPDQLILHVWR((5SRUHVWDGR
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGHVROLFLWXGHVGHLQFRUSRUDFLyQGHJXtDV
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGHGHFODUDFLRQHVVLPSOLILFDGDVQXPHUDGDV
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGHGHFODUDFLRQHVVLPSOLILFDGDVHQDEDQGRQROHJDO
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGHVROLFLWXGHVGHUHFWLILFDFLyQHOHFWUyQLFDGHOD'6SRUHVWDGR
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

%6$/,'$'((19Ë26'((175(*$5È3,'$

5HODFLyQGHPDQLILHVWRV((5QXPHUDGRV
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGHPDQLILHVWRV((5SURYLVLRQDOHVWUDQVPLWLGRVIXHUDGHSOD]R

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO 
 (19Ì26'((175(*$5É3,'$
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGHPDQLILHVWRV((5GHILQLWLYRVWUDQVPLWLGRVIXHUDGHSOD]R
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGHGHFODUDFLRQHVVLPSOLILFDGDVQXPHUDGDV
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGHGHFODUDFLRQHVVLPSOLILFDGDV((5VDOLGDUHJXODUL]DGDV
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGHGHFODUDFLRQHVVLPSOLILFDGDV((5VDOLGDSHQGLHQWHVGH5HJXODUL]DFLyQ
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGHGHFODUDFLRQHVVLPSOLILFDGDV((55HJXODUL]DGDVIXHUDGHSOD]R
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

5HODFLyQGHGHFODUDFLRQHVVLPSOLILFDGDVOHJDMDGDV
&yGLJR5&,17$3*
7LSRGH$OPDFHQDPLHQWR(OHFWUyQLFR
7LHPSRGHFRQVHUYDFLyQ3HUPDQHQWH
8ELFDFLyQ6,*$'
5HVSRQVDEOH,QWHQGHQFLDGH$GXDQD

;,$1(;26

3XEOLFDGRVHQHOSRUWDOZHEGHOD681$7ZZZVXQDWJRESH

&DWiORJRGHOFyGLJRGHSURGXFWRHQ'6GHLQJUHVR
'RFXPHQWRVVXVWHQWDWRULRVGHODUHFWLILFDFLyQGHOPDQLILHVWR((5GHLQJUHVR
'HFODUDFLyQ-XUDGDGHUHFWLILFDFLyQGHFDWHJRUtDHQHOPDQLILHVWR((5GHLQJUHVR
'DWRVTXHQRVHUHFWLILFDQHQIRUPDDXWRPiWLFDHQOD'6GHLQJUHVR
    'DWRV TXH VH DFWXDOL]DQ DXWRPiWLFDPHQWH HQ HO PDQLILHVWR ((5 SURYLVLRQDO FRQ OD WUDQVPLVLyQ GHO PDQLILHVWR ((5
GHILQLWLYR
'DWRVTXHVHDFWXDOL]DQDXWRPiWLFDPHQWHHQOD'6GHVDOLGDFRQODWUDQVPLVLyQGHOPDQLILHVWR((5GHILQLWLYR
'DWRVTXHVHDFWXDOL]DQDXWRPiWLFDPHQWHHQHOPDQLILHVWR((5SURYLVLRQDODOUHFWLILFDUOD'6GHVDOLGD
'DWRVUHFWLILFDEOHVDXWRPiWLFDPHQWHHQHOPDQLILHVWR((5SURYLVLRQDO±JXtDVVLQGHVWLQDFLyQDGXDQHUD
'DWRVUHFWLILFDEOHVDXWRPiWLFDPHQWHHQHOPDQLILHVWR((5SURYLVLRQDO±JXtDVFRQGHVWLQDFLyQDGXDQHUD
'DWRVUHFWLILFDEOHVDXWRPiWLFDPHQWHHQHOPDQLILHVWR((5GHILQLWLYR
'DWRVUHFWLILFDEOHVDXWRPiWLFDPHQWHHQOD'6GHVDOLGD
)RUPXODULRGHVROLFLWXGGH5HH[SHGLFLyQ'HYROXFLyQHLQVWUXFWLYRGHWUDEDMR
0RGLILFDGRSRUOD561$$1ƒ681$7$



KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVHQYLR(QW5DSSURF*HQHUDOLQGH[KWPO