¢)21$6$R,6$35("2ULHQWDFLyQHQ6DOXG6XSHULQWHQGHQFLDGH6DOXG*RELHUQRGH&KLOH

YROYHU

$QWHVGHWRPDUXQDGHFLVLyQLQIyUPHVH

¢)21$6$R,6$35("
7RGRVORVWUDEDMDGRUHVGHSHQGLHQWHVWLHQHQODREOLJDFLyQGHGHVWLQDUHOGHVXVXHOGREUXWRDXQDDVHJXUDGRUDGHVDOXG(QHOVLJXLHQWHFXDGURWH
SUHVHQWDPRVORVSULQFLSDOHVGDWRVFRPSDUDWLYRVQHFHVDULRVSDUDWRPDUXQDGHFLVLyQLQIRUPDGD

 )21$6$ ,6$35(6
7LSRGH (O)RQGR1DFLRQDOGH6DOXG)21$6$HVXQRUJDQLVPRS~EOLFR /DV,QVWLWXFLRQHVGH6DOXG3UHYLVLRQDO,6$35(6VRQDVHJXUDGRUDVSULYDGDV
LQVWLWXFLyQ HQFDUJDGRGHRWRUJDUFREHUWXUDGHDWHQFLyQHQVDOXG GHVDOXG
6HFRQVLGHUDQ 6RQEHQHILFLDULRVGH)RQDVDWDQWRODVSHUVRQDVTXHFRWL]DQHOGH 6RQEHQHILFLDULRVGHLVDSUHVHOFRWL]DQWHVXVFDUJDVOHJDOHV\RWUDVFDUJDV
EHQHILFLDULRV VXVLQJUHVRVPHQVXDOHVSDUDODVDOXGVXVFDUJDVOHJDOHV\DTXHOODV PpGLFDVTXHODLVDSUHDFHSWHFRPRWDO
GHOVHJXURGH TXHSRUFDUHFHUGHUHFXUVRVSURSLRVILQDQFLDHO(VWDGRDWUDYpVGHXQ
VDOXG DSRUWHILVFDOGLUHFWR (QFXDQWRDOUHFLpQQDFLGR
3DUDTXHHVWHQXHYREHQHILFLDULRSXHGDFRQWDUGHVGHODIHFKDGHVX
QDFLPLHQWRFRQORVHIHFWRVGHOFRQWUDWRSXHGHVHULQVFULWRHQODLVDSUHFRQ
DQWHODFLyQDVXQDFLPLHQWRRDQWHVGHFXPSOLUXQPHVGHYLGD
$ILOLDFLyQ 6LGHFLGLVWHSHUWHQHFHUD)RQDVDODDILOLDFLyQHVDXWRPiWLFDFXDQGR /DDILOLDFLyQDXQDLVDSUHVHUHDOL]DPHGLDQWHODVXVFULSFLyQGHXQFRQWUDWR
HUHVWUDEDMDGRUGHSHQGLHQWHFRQFRQWUDWRGHWUDEDMR(VWHVHJXUR SULYDGRVXMHWRDGHWHUPLQDGDVQRUPDVTXHVRQVXSHUYLJLODGDVSRUOD
FODVLILFDDVXVDILOLDGRVHQORVVLJXLHQWHVWUDPRVGHDFXHUGRDVX 6XSHULQWHQGHQFLDGH6DOXG
LQJUHVRLPSRQLEOH
$FDUHQWHVGHUHFXUVRVSRUORWDQWRQRWLHQHQFRSDJRVDVRFLDGRVD &XDQGRVHWUDWDGHODSULPHUDLQFRUSRUDFLyQSUHYLRDODVXVFULSFLyQGHO
ODVDWHQFLRQHVGHVDOXGTXHUHTXLHUD FRQWUDWRVHGHEHUiFRPSOHWDUOD'HFODUDFLyQGH6DOXGGRFXPHQWRTXHVHUi
VRPHWLGRDODHYDOXDFLyQGHOD&RQWUDORUtD0pGLFDGHOD,VDSUHODTXHSRGUi
HVWDEOHFHUOLPLWDFLRQHVDODFREHUWXUDGHGHWHUPLQDGDVSDWRORJtDV
%LQJUHVRPHQRUDOVXHOGRPtQLPRWDPSRFRWLHQHFRSDJRDVRFLDGR SUHH[LVWHQWHVHLQFOXVRUHFKD]DUODLQFRUSRUDFLyQGHXQDSHUVRQDFRPRQXHYR
DILOLDGRSRUWDOHVPRWLYRV
&\'LQJUHVRPD\RUDOVXHOGRPtQLPRWLHQHQFRSDJRVHVWDEOHFLGRV

7XFRQWUDWR
1RUHTXLHUHVILUPDUXQFRQWUDWRSDUDHVWDUDILOLDGRD)RQDVD 3DUDLQFRUSRUDUWHDXQDLVDSUHGHEHVQHFHVDULDPHQWHILUPDUXQFRQWUDWR
GRQGHVHHVWLSXOHHQIRUPDSUHFLVDODVSUHVWDFLRQHVEHQHILFLRVLQFOXLGRVTXH
WHRIUHFHODLVDSUH\FXiQWRV\TXLpQHVVRQORVEHQHILFLDULRVGHWXSODQ\D
VHDQFDUJDVOHJDOHVRPpGLFDV

(VPX\UHFRPHQGDEOHQRILUPDUHOFRQWUDWRVLQTXHODLVDSUHUHVSHFWLYDKD\D
UHYLVDGRPX\ELHQWXGHFODUDFLyQGHVDOXG\WHFRQILUPHTXHQRWLHQHQLQJ~Q
UHSDURFRQpVWD

/HHPX\ELHQWXFRQWUDWRDQWHVGHILUPDUOR
/DV $OFRWL]DUHQ)RQDVDGHEHVGHVWLQDUREOLJDWRULDPHQWHHOGHWX $OFRWL]DUHQLVDSUHVGHEHVGHVWLQDUREOLJDWRULDPHQWHHOGHWXVXHOGR
FRWL]DFLRQHV VXHOGREUXWRPHQVXDOD)RQDVD PHQVXDOEUXWR

PRQWRGH $KRUDELHQVLHOSODQTXHGHVHDVFRQWUDWDUWLHQHXQYDORUVXSHULRUDOGHWX
GLQHURTXH FRWL]DFLyQOHJDOREOLJDWRULD\DVHDSRUTXHHQWUHJDPD\RUHVERQLILFDFLRQHVR
GHVWLQDVDWX SUHVWDGRUHVTXHVRQGHWXLQWHUpVGHEHUiVSDJDUXQFRVWRDGLFLRQDO
DVHJXUDGRUDGH
VDOXG
&RPR (Q0RGDOLGDGLQVWLWXFLRQDORFRQFRQYHQLR0$,HVGHFLU /DVLVDSUHVFXHQWDQFRQODVVLJXLHQWHVPRGDOLGDGHVSDUDODDWHQFLyQGHO
EHQHILFLDULR DWHQFLyQHQODUHGS~EOLFDGHVDOXG EHQHILFLDULR
SXHGHVRSWDUD
DWHQGHUWHGH 3ODQGHOLEUHHOHFFLyQHQTXHHOEHQHILFLDULRSXHGHHOHJLUORTXHHOPHUFDGR
GLYHUVDV %HQHILFLRVHQWUHJDGRVHQLQVWLWXFLRQHVS~EOLFDV\FRQVXOWRULRVGH OHRIUHFH\FDQFHODUORVFRSDJRVGHDFXHUGRDODFREHUWXUDSDFWDGDHQVX
IRUPDV DWHQFLyQSULPDULD SODQ
3DUDWUDPRV$%\PD\RUHVGHDxRVODDWHQFLyQHVJUDWXLWD
3DUDJUXSR&)RQDVDOHGDUiXQDFREHUWXUDGHO
3DUDJUXSR')RQDVDOHFXEULUiXQ
(Q0RGDOLGDGOLEUHHOHFFLyQ
3ODQFHUUDGRHVXQDRSFLyQPiVHFRQyPLFDHQpVWHORVEHQHILFLDULRV
SRGUiQXWLOL]DUVyORDOJXQRVSUHVWDGRUHVGHVDOXGH[SUHVDPHQWHLGHQWLILFDGRV
HQHOSODQVLVHDWLHQGHHQXQSUHVWDGRUGLVWLQWRQRWHQGUiFREHUWXUDDOJXQD
GHSDUWHGHOD,VDSUH
3ODQFRQSUHVWDGRUHVSUHIHUHQWHVHVXQDFRPELQDFLyQGHORVGRV
DQWHULRUHV\DTXHHODILOLDGRSXHGHRSWDUSRUDWHQGHUHQORVSUHVWDGRUHV
SUHIHUHQWHVTXHVHxDODHOSODQGHVDOXGFRQXQFRSDJRGHPHQRUYDORUSDUD
0/(HVGHFLUSXHGHVRSWDUSRUDWHQFLyQHQHVWDEOHFLPLHQWRV ODVSUHVWDFLRQHVDPSDUDGDVSRUHVWDFREHUWXUDSUHIHUHQFLDORDWHQGHUVHHQ
SULYDGRVGHVDOXGVLDVtORGHVHDV FXDOTXLHURWURSUHVWDGRUGHVXHOHFFLyQFRQXQFRSDJRPiVDOWR

3XHGHVKDFHUORVLWLHQHV)RQDVDJUXSR%&R'\PHGLDQWHHOSDJR
FRQERQRVVLQHPEDUJRODFREHUWXUDTXHWHGD)RQDVDHQHVWD
KWWSZZZVXSHUVDOXGJREFOGLIXVLRQZSULQWHUKWPO 
 ¢)21$6$R,6$35("2ULHQWDFLyQHQ6DOXG6XSHULQWHQGHQFLDGH6DOXG*RELHUQRGH&KLOH
FRQERQRVVLQHPEDUJRODFREHUWXUDTXHWHGD)RQDVDHQHVWD
PRGDOLGDGHVPHQRU\SRUWDQWRHOFRSDJRSDUDWLVHUiPiVDOWR
3ODQGH )RQDVDWLHQHVRODPHQWHXQ3ODQ~QLFRFRQGRVPRGDOLGDGHVGH 3ODQHVFRQGLIHUHQWHVPRGHORVGHDWHQFLyQPRQWRVGHERQLILFDFLyQFREHUWXUD
VDOXG DWHQFLyQ \SUHVWDGRUHV
0RGDOLGDG/LEUH(OHFFLyQ0/(R0RGDOLGDG$WHQFLyQ,QVWLWXFLRQDO
0$, (VLPSRUWDQWHGHVWDFDUTXHHOSODQGHVDOXGQRQHFHVDULDPHQWHLPSOLFDTXH
VHRWRUJXHFREHUWXUDDWRGDVODVSUHVWDFLRQHV\DTXHDOJXQDVGHHOODVSXHGHQ
HQFRQWUDUVHH[FOXLGDV
0RGDOLGDGHV (QODPRGDOLGDGGHOLEUHHOHFFLyQODPRGDOLGDGGHSDJRHVDWUDYpVGH /DVSRVLELOLGDGHVHQFXDQWRDPRGDOLGDGHVGHSDJRV
GHSDJR ERQRV\HVWRVYDQGHDFXHUGRDOQLYHOGHDWHQFLyQ1LYHO\TXH
WLHQHFDGDDILOLDGR /RVERQRVXyUGHQHVGHDWHQFLyQGHEHQVHUHPLWLGRVSUHYLRSDJRGHOFRSDJR
UHVSHFWLYRDQWHVGHTXHVHUHDOLFHODDWHQFLyQPpGLFD
)RQDVDWDPELpQFXHQWDFRQDOJXQRVSURJUDPDVFRPRHO3DJR
$VRFLDGRD'LDJQyVWLFR3$'\HO3DJR$VRFLDGRD(PHUJHQFLDV (OUHHPEROVRGHXQDEROHWDRGHYROXFLRQHVGHOYDORUFREUDGRVHHQWUHJDQXQD
3$(
,PSRUWDQWH)RQDVDQRFXHQWDFRQXQVLVWHPDGHUHHHPEROVRVR
GHYROXFLRQHVGHGLQHURVXQDYH]UHDOL]DGDODSUHVWDFLyQUHTXHULGD
3UHVWDFLRQHVR (Q)RQDVDODVSUHVWDFLRQHVGHVDOXGVHLGHQWLILFDQFRQXQFyGLJR
VHUYLFLRVGH GHWHUPLQDGR\XQYDORUTXHORDFRPSDxDDPERVGDWRVFRQIRUPDQHO
YH]UHDOL]DGDODSUHVWDFLyQ
(QDOJXQRVFDVRVORVERQRVVHUiQHPLWLGRVFRQSRVWHULRULGDGDODVDWHQFLRQHV
SRUHMHPSORWUDWiQGRVHGHFLUXJtDVSUHYLDHPLVLyQGHXQ3URJUDPD0pGLFR
SRUSDUWHGHOSUHVWDGRU
/DVSUHVWDFLRQHVGHVDOXGIXQFLRQDQVREUHODEDVHGHSODQHV\SXHGHQVHU
GLIHUHQWHVGHSHQGLHQGRGHODFRWL]DFLyQTXHSDFWHFDGDDILOLDGR
DWHQFLyQ DUDQFHO
PpGLFD (QORVFRQWUDWRVODVSUHVWDFLRQHVVHLGHQWLILFDQFRQXQDUDQFHOGHWHUPLQDGR
(Q)RQDVDHOILQDQFLDPLHQWRGHODVSUHVWDFLRQHVHVGHFLUORTXHWH FDGDXQRFRQVXVUHVSHFWLYRVYDORUHVVLPLODUDXQFDWiORJRFRQQRPEUHGH
/DV DSRUWD)RQDVDRODSDUWHGHOYDORUGHODSUHVWDFLyQTXHQRVDOHGHWX DUWtFXORV\VXVSUHFLRV
SUHVWDFLRQHVGH EROVLOORVHHQFXHQWUDUHODFLRQDGDFRQHOWUDPRHQTXHWHHQFXHQWUHV$
VDOXGHVWiQ %&R' (OYDORUGHFDGDSUHVWDFLyQVHH[SUHVDUiHQSHVRV8QLGDGHVGH)RPHQWR
FRGLILFDGDV\ 8)RYDORUDUDQFHO9$
YDORUL]DGDV
VHJ~Q$UDQFHO <HOFRSDJRDFDQFHODUSRUFDGDSUHVWDFLyQGHSHQGHUiGHOSODQFRQWUDWDGRSRU
HODILOLDGRDODLVDSUH

/DERQLILFDFLyQ &DGDSUHVWDFLyQWLHQHXQDERQLILFDFLyQRPRQWRGHGLQHURTXHHV
TXHSXHGHV ILQDQFLDGRSRUOD$VHJXUDGRUD
REWHQHU
/XHJRGHFRQRFHUHODUDQFHORYDORUGHODSUHVWDFLyQRDWHQFLyQTXH
UHFLELUiVGHEHVVDEHUFXiQWRWHERQLILFDUi)RQDVDSRUFDGDSUHVWDFLyQ
(VLPSRUWDQWHDQWHVGHODHOHFFLyQGHOSODQDFRQWUDWDUSHGLUHQGLVWLQWDV
LVDSUHVXQGRFXPHQWROODPDGR6HOHFFLyQGHSUHVWDFLRQHVYDORUL]DGDVFRQ
HOILQGHFRPSDUDUORVGLVWLQWRVDUDQFHOHVSDUDSUHVWDFLRQHVHQSODQHVGH
VLPLODUYDORU
&DGDSUHVWDFLyQTXHWHQJDFRQWHPSODGDFREHUWXUDHQHOSODQWLHQHXQD
ERQLILFDFLyQ
6HGHEHDYHULJXDUHQODLVDSUHDFXiQWRDVFLHQGHHVDERQLILFDFLyQVROLFLWDQGR
\SRUWDQWRFXiQWRGHEHUiVSDJDUW~HQFDGDFDVRFRSDJR/DV TXHORVDUDQFHOHVHVSHFLILTXHQVXSRUFHQWDMHGHERQLILFDFLyQ\WRSHGH
GLIHUHQFLDVGHSHQGHUiQSULQFLSDOPHQWHGHOJUXSRGH)RQDVDDOTXp FREHUWXUDFRQHOILQGHFRPSDUDUHQWUHGLVWLQWRVSODQHV\HOHJLUHOTXHPiVWH
SHUWHQH]FDVPRGDOLGDGLQVWLWXFLRQDORGHOQLYHOGHERQRR FRQYLHQHSUHYLRDFRQWUDWDU
PRGDOLGDGGHOLEUHHOHFFLyQ
&REHUWXUDGHWX (QOD0RGDOLGDG,QVWLWXFLRQDO)RQDVDFXEUHDODVSHUVRQDVTXHFRWL]DQ
DVHJXUDGRUD XQGHVXUHQWDSHURWDPELpQFXEUHDODVSHUVRQDVFDUHQWHVGH
UHFXUVRVFRQXQDSRUWHGLUHFWRGHO(VWDGR
6L\DHVWiVDILOLDGRDXQD,VDSUH\QRVDEHVFXiQWRWHERQLILFDUiSDUDXQD
GHWHUPLQDGDSUHVWDFLyQSXHGHVVROLFLWDUXQSUHVXSXHVWRSUHYLRDUHDOL]DUWHOD
DWHQFLyQ
7XLVDSUHWLHQHODREOLJDWRULHGDGGHRWRUJDUODFREHUWXUDSDFWDGDHQHOSODQGH
VDOXGFRQWUDWDGR\DOPHQRVpVWDGHEHVHUGHXQGHFREHUWXUDGHOR
SDFWDGRHQHOSODQRORTXHERQLILFD)RQDVDHQ0RGDOLGDG/LEUH(OHFFLyQ
(OSRUFHQWDMHTXHFXEUH)21$6$GHSHQGHUiGHOWUDPRHQTXHVH
HQFXHQWUHHOEHQHILFLDULRHQUHODFLyQDVXQLYHOGHLQJUHVRV (VGHFLUQRSRGUiQWHQHUXQDERQLILFDFLyQLQIHULRUDODFREHUWXUDILQDQFLHUD
3DUDWUDPRV$%\PD\RUHVGHODDWHQFLyQHVJUDWXLWD
3DUDJUXSR&)RQDVDOHGDUiXQDFREHUWXUDGHO
3DUDJUXSR')RQDVDOHFXEULUiXQ
7RSHV (VPX\LPSRUWDQWHFRQVLGHUDUTXHODV1RUPDV7pFQLFDVGHO$UDQFHOGHO
)21$6$FRQWHPSODQWRSHVSDUDDOJXQDVGHVXVSUHVWDFLRQHVTXH
GHEHVWRPDUHQFRQVLGHUDFLyQ3RUHMHPSORXQWRSHGHDQXDOHV
SDUDFRQVXOWDVPpGLFDVHQPRGDOLGDGOLEUHHOHFFLyQ
5HVWULFFLRQHV (Q)RQDVDQRVHFRQWHPSODQUHVWULFFLRQHVGH&REHUWXUDHQDWHQFLyQD
HQIHUPHGDGHVDQWHULRUHVDOLQJUHVR
/DV )RQDVDQRFRQVLGHUDODVSUHH[LVWHQFLDVFRPRXQLPSHGLPHQWRSDUD
HQIHUPHGDGHV LQJUHVDUDODDVHJXUDGRUDQLOLPLWDODVFREHUWXUDVDRWRUJDUSRUHVWH
SUHH[LVWHQWHV PRWLYR
$WHQFLRQHVGH
XUJHQFLDV /DVXUJHQFLDVPpGLFDVGHEHQVHUDWHQGLGDVLGHDOPHQWHHQXQ
HVWDEOHFLPLHQWRS~EOLFRGHVDOXG
6LLQJUHVDVDXQSUHVWDGRUSULYDGR\ODVLWXDFLyQHVGHXUJHQFLDYLWDOR
ULHVJRGHVHFXHODIXQFLRQDOJUDYHHOSUHVWDGRUGHEHFHUWLILFDUGLFKD
KWWSZZZVXSHUVDOXGJREFOGLIXVLRQZSULQWHUKWPO
QLYHO
TXHHO)RQGR1DFLRQDOGH6DOXGDVHJXUDHQHVWDPRGDOLGDG
1RWRGDVODVSUHVWDFLRQHVGHVDOXGWLHQHQFREHUWXUD\DTXHHOSODQVyORHVWi
REOLJDGRDLQFRUSRUDUODVTXHVHHQFXHQWUDQHQHO$UDQFHOGH5HIHUHQFLDGHO
)RQDVDSXGLHQGRH[LVWLURWUDVTXHQRWHQGUiQFREHUWXUDVLQRKD
H[SUHVDPHQWHDVtHQHOSODQ
/DVLVDSUHVFRQWHPSODQHQVXVGLVWLQWRVSODQHVWRSHVGHFREHUWXUDSRU
SUHVWDFLyQ\WRSHVJHQHUDOHVDQXDOHVSRUEHQHILFLDULR
(QLVDSUHVH[LVWHQUHVWULFFLRQHVGHFREHUWXUDSDUDODVSUHVWDFLRQHVGHULYDGDV
GHHQIHUPHGDGHVSUHH[LVWHQWHVODVTXHVHOLPLWDQDOSOD]RGHWLHPSRTXHOD
,VDSUHVHxDOHDODQDOL]DUODUHVSHFWLYD'HFODUDFLyQGH6DOXG
(QHOFDVRGHTXHHOEHQHILFLDULRRVXVFDUJDVSUHVHQWHQXQDHQIHUPHGDG
SUHH[LVWHQWHHVWRGHEHUiVHUGHFODUDGRHQXQIRUPXODULROODPDGR'HFODUDFLyQ
GHVDOXGSXGLHQGRODLVDSUHFRQGLFLRQDUVXLQJUHVROXHJRGHVHUHYDOXDGR
SRUHVWDLQVWLWXFLyQ
3HURVLODHQIHUPHGDGODDGTXLHUHVFRQSRVWHULRUDODILUPDGHOFRQWUDWRGH
VDOXGWXLVDSUHQRSXHGHGDUWpUPLQRDOFRQWUDWRQLOLPLWDUODVFREHUWXUDVD
RWRUJDUSRUHVWHPRWLYR
/DVDWHQFLRQHVGHXUJHQFLDVGHEHQVHUDWHQGLGDVLGHDOPHQWHHQHOSUHVWDGRU
LQGLFDGRHQWXSODQGHVDOXGHQHOTXHWHQJDVXQDPHMRUFREHUWXUD

 ¢)21$6$R,6$35("2ULHQWDFLyQHQ6DOXG6XSHULQWHQGHQFLDGH6DOXG*RELHUQRGH&KLOH
ULHVJRGHVHFXHODIXQFLRQDOJUDYHHOSUHVWDGRUGHEHFHUWLILFDUGLFKD
XUJHQFLD\OXHJRQRWLILFDUDO&HQWUR5HJXODGRUGH(PHUJHQFLDVSDUD
TXHHOSDFLHQWHVHDWUDVODGDGRDXQSUHVWDGRUGHOD5HG3~EOLFDGRQGH
FRQWLQXDUiVXKRVSLWDOL]DFLyQ
/LFHQFLDV /DVOLFHQFLDVGHEHQSUHVHQWDUVHHQOD&203,1&RPLVLyQGH0HGLFLQD /DVLVDSUHVUHFLEHQODVOLFHQFLDVPpGLFDV\ODVDXWRUL]DQRUHFKD]DQ7DPELpQ
PpGLFDV 3UHYHQWLYDH,QYDOLGH]HQHOFDVRGHORVWUDEDMDGRUHVLQGHSHQGLHQWHV SXHGHQPRGLILFDUHOSHUtRGRGHUHSRVRUHTXHULGR
SDUDTXHUHVXHOYDVXSURFHGHQFLD\SDJRRDQWHHOHPSOHDGRUHQHO
FDVRGHORVWUDEDMDGRUHVGHSHQGLHQWHVTXLHQODKDUiOOHJDUDOD $VLPLVPRGHEHQSDJDUHOVXEVLGLRSRULQFDSDFLGDGODERUDOVLHPSUHTXHpVWH
&203,1SDUDORVPLVPRVILQHV VHDPD\RUDWUHVGtDV
6HJXUR )RQDVDRIUHFHXQVHJXUR&DWDVWUyILFRSRUGLDJQyVWLFRTXHFXEUH $OJXQDVLVDSUHVQRWRGDVRIUHFHQXQVHJXURTXHFXEUHDGLFLRQDOPHQWHODV
FDWDVWUyILFR DGLFLRQDOPHQWHDOJXQDVHQIHUPHGDGHVHVSHFtILFDV HQIHUPHGDGHVTXHSRUDOWRFRVWRVHFRQVLGHUDQFDWDVWUyILFDV&$(&
(QHVHFDVRODERQLILFDFLyQGH)RQDVDVHUiGHXQGH (VWHFXEUHHOGHORVJDVWRVHIHFWXDGRVTXHH[FHGDQHOGHGXFLEOHTXHWH
ILQDQFLDPLHQWRGHOWRWDOGHJDVWRVVLHPSUHTXHWHDWLHQGDVHQORV FRUUHVSRQGHSDJDUFRPRFRWL]DQWHVLHPSUHTXHWHDWLHQGDVHQORV
HVWDEOHFLPLHQWRVPpGLFRVTXH)RQDVDGHVWLQHSDUDHOOR HVWDEOHFLPLHQWRVPpGLFRVTXHOD,VDSUHGHVWLQHSDUDHOOR
7HFRQYLHQHYHULILFDUHQWXFRQWUDWRVLWXLVDSUHWHRIUHFHHVWHVHJXURDGLFLRQDO
&$(&
7pUPLQRGHO (Q)RQDVDQRKD\FDXVDOHVSDUDWpUPLQRGHOFRQWUDWR /DVLVDSUHVHVWiQIDFXOWDGDVSDUDSRQHUWpUPLQRDOFRQWUDWR
FRQWUDWRSRU 3RUTXHHOEHQHILFLDULRKD\DHQWUHJDGRLQIRUPDFLyQIDOVDHQOD'HFODUDFLyQGH
SDUWHGHOD 6DOXGDPHQRVTXHKD\DH[LVWLGRXQDMXVWDFDXVDGHHUURU
DVHJXUDGRUD 3RUHOQRSDJRGHFRWL]DFLRQHVSRUSDUWHGHODVSHUVRQDVFRWL]DQWHV
YROXQWDULDVHLQGHSHQGLHQWHV
3RURPLWLUHQHOFRQWUDWRDDOJXQDFDUJDOHJDORIDPLOLDUEHQHILFLDULDTXH
UH~QDODVFRQGLFLRQHVSDUDVHUFDXVDQWHGHDVLJQDFLyQIDPLOLDUFRQHOILQGH
SHUMXGLFDUDODLVDSUH

(QHOFDVRGHTXHKXELHUHXQWpUPLQRGHOFRQWUDWRSRUTXHHODILOLDGRTXHGDUD
VLQWUDEDMRODLVDSUHPDQWLHQHODYLJHQFLDGHOFRQWUDWRKDVWDHOPHVVLJXLHQWH
GHODYLVRSRUSDUWHGHODILOLDGR

$ODPHGD7RUUH$WHQFLyQGH3~EOLFRHQ/RFDO6DQWLDJR&KLOH0HWUR/D0RQHGD
)RQR
+RUDULRGHDWHQFLyQ/XQHVDMXHYHVGHDKRUDV9LHUQHVGHDKRUDV

+RUDULRGHDWHQFLyQ/XQHVDYLHUQHVGHDKRUDV

KWWSZZZVXSHUVDOXGJREFOGLIXVLRQZSULQWHUKWPO