$FWLYLGDGHVH[WUDHVFRODUHVSDUDHOFXUVR 3DFN&,(1&,$ 'HVFXEUHHOSRUTXpGHODVFRVDV 'HVGHORVDOERUHVGHQXHVWUDKLVWRULDODFXULRVLGDGKDVLGRHOPRWRUTXHKDSHUPLWLGRHODYDQFHGHOD KXPDQLGDG(OPi[LPRH[SRQHQWHGHHVWDFDSDFLGDGKXPDQDHVODFLHQFLDHQODV~OWLPDVGpFDGDV KHPRVSURGXFLGRPiVFRQRFLPLHQWRFLHQWtILFRTXHHQORV~OWLPRVFLHQWRVGHDxRV(QWHQGHUHVWH FRQRFLPLHQWRHVGHFLVLYRSDUDQXHVWURIXWXUR (V SRU HVR TXH KR\ HQ GtD HO FRQRFLPLHQWR FLHQWtILFR QRV KDFH OLEUHV SHUR SDUD OOHJDU D VX FRPSUHQVLyQHVQHFHVDULRSURIXQGL]DUHQORVFRQFHSWRVDORVTXHQRUPDOPHQWHQRVHOHGHGLFDHO WLHPSRVXILFLHQWH /D~QLFDIRUPDGHHQWHQGHUXQDH[SOLFDFLyQHQVXWRWDOLGDGHVH[SHULPHQWDUGHIRUPDPDWHULDOOR DSUHQGLGR\EXVFDUXQDDSOLFDFLyQSUiFWLFDDQXHVWURQXHYRFRQRFLPLHQWR6LHQGRHVWRXQDVSHFWR PiVGHODLQYHVWLJDFLyQ\QRVXILQ 3RUHVRGHVGH9HUPLV/$%SUHVHQWDPRVXQDDFWLYLGDGTXHSHUPLWLUiDQXHVWURVDOXPQ#VDFHUFDUVHD OD FLHQFLD GH IRUPD GLYHUWLGD DSUHQGLHQGR OD PHWRGRORJtD LQYHVWLJDGRUD \ DSOLFiQGROD D ORV GLIHUHQWHVFDPSRVGHODFLHQFLD ZZZYHUPLVODEFRP & &RPSHWHQFLDVGHVDUUROODGDV 6H WUDEDMDUiQ ODV RFKR FRPSHWHQFLDV EiVLFDV GHILQLGDV SRU OD 8QLyQ (XURSHD FRPSHWHQFLD PDWHPiWLFDFRPSHWHQFLDHQHOFRQRFLPLHQWR\ODLQWHUDFFLyQFRQHOPXQGRItVLFRWUDWDPLHQWRGHOD LQIRUPDFLyQ\FRPSHWHQFLDGLJLWDOFRPSHWHQFLDVRFLDO\FLXGDGDQDFRPSHWHQFLDFXOWXUDO\DUWtVWLFD FRPSHWHQFLD SDUD DSUHQGHU D DSUHQGHU DXWRQRPtD \ LQLFLDWLYD SHUVRQDO \ FRPSHWHQFLD HQ FRPXQLFDFLyQOLQJtVWLFD +RUDULRV\SUHFLRV /DDFWLYLGDGFRQVLVWLUiHQKVHPDQDOHVGHRFWXEUHDMXQLRKSUHVHQFLDOKFRQWHQLGRVRQOLQH 6HGHVDUUROODUiHQKRUDULRGHWDUGHFUHDFLyQGHJUXSRVVHJ~QGLVSRQLELOLGDGKRUDULD 3RGUiQSDUWLFLSDUDOXPQ#VDSDUWLUGHDxRV (OSUHFLRSRUDOXPQRVHUiGHbPHVPDWUtFXODLQLFLDOSRUHOPLVPRYDORUORVPDWHULDOHVDXVDU HQHOGHVDUUROORGHODDFWLYLGDGHVWiQLQFOXtGRVHQHOSUHFLR (QHOFDVRGHIDPLOLDVVHDSOLFDUiXQGHVFXHQWRGHOHQHOFRVWHGHODDFWLYLGDG 6HWUDEDMDUiHQJUXSRVUHGXFLGRVSRUHGDGHVGHXQPi[LPRGHDOXPQRV 3URJUDPDGHODDFWLYLGDG HU7ULPHVWUH 3HQVDPLHQWRFLHQWtILFR ¢&yPRIXQFLRQDQXHVWURHQWRUQR" 0iVDOOiGHORViWRPRV (QWHQGLHQGRODPDWHULD 7ULPHVWUH /DYHQWDQDPDWHPiWLFD 0XQGRPLFURVFySLFR 0XQGRPDFURVFySLFR 7ULPHVWUH 8QYLDMHDWUDYpVGHQXHVWURFXHUSR 5HVROXFLyQGHSUREOHPDVUHDOHV²$SOLFDFLyQGHFRQRFLPLHQWR PDWHPiWLFRSDUDUHVROYHUGLIHUHQWHVWLSRVGHSUREOHPiWLFDV 8QXQLYHUVRGHItVLFD²$VWURItVLFDSDUDH[SOLFDUPiVDOOiGH QXHVWURSODQHWD 3UR\HFWRILQGHFXUVR $OILQDOGHOFXUVRO#VDOXPQ#VUHDOL]DUiQXQSUR\HFWRFRQWRGR ORDSUHQGLGR\ORSUHVHQWDUiQHQXQHYHQWRHQHOPHVGHMXQLR /RV SUR\HFWRV FRQ XQ PD\RU JUDGR GH LQQRYDFLyQ SRGUiQ VHU SUHVHQWDGRVDFRQFXUVRVDQLYHOLQWHUQDFLRQDO &RQGLFLRQHV ,QFOX\HPDWHULDOHVGRFHQWHV\XWLOL]DFLyQGHODVLQVWDODFLRQHV/RVKRUDULRVVHDGDSWDUiQGHODPHMRUPDQHUD SRVLEOHDODVQHFHVLGDGHVGHORVDOXPQRV(VWRVSUHFLRVOOHYDQHO,9$LQFOXtGR ZZZYHUPLVODEFRP