,163ODQ]DFDSDFLWDFLyQYLUWXDOHQSUHYHQFLyQGHOHPEDUD]RHQDGROHVFHQWHV (O,QVWLWXWR1DFLRQDOGH6DOXG3~EOLFDHVUHIHUHQFLDREOLJDGDSDUDGLVHxDU\HYDOXDUSROtWLFDVS~EOLFDVHQVDOXG (O,QVWLWXWR 'LUHFWRU*HQHUDO ¢4XLpQHVVRPRV" 0LVLyQ\YLVLyQ ,GHDULR 9DORUHV &XHUSRGLUHFWLYR 8ELFDFLyQ 2UJDQLJUDPD *DOHUtDIRWRJUiILFD *DOHUtDGHYLGHRV $FWLYLGDGHVGHO'LUHFWRU*HQHUDO &HQWURV ,QYHVWLJDFLyQHQ6DOXG3REODFLRQDO ,QYHVWLJDFLyQHQ6LVWHPDVGH6DOXG ,QYHVWLJDFLyQHQ1XWULFLyQ\6DOXG ,QYHVWLJDFLyQVREUH(QIHUPHGDGHV,QIHFFLRVDV ,QYHVWLJDFLyQHQ(YDOXDFLyQ\(QFXHVWDV 5HJLRQDOGH,QYHVWLJDFLyQHQ6DOXG3~EOLFD ,QIRUPDFLyQSDUD'HFLVLRQHVHQ6DOXG3~EOLFD ,QIRUPDFLyQDFDGpPLFD 2IHUWDDFDGpPLFD $OXPQRV 'RFHQWHV (JUHVDGRV 0RYLOLGDGDFDGpPLFD 6HFUHWDUtD$FDGpPLFD ,QYHVWLJDFLyQ 3UHYHQFLyQ\FRQWUROGHFiQFHU KWWSZZZLQVSP[DYLVRVLQVSFDSDFLWDFLRQYLUWXDOKWPO ,163ODQ]DFDSDFLWDFLyQYLUWXDOHQSUHYHQFLyQGHOHPEDUD]RHQDGROHVFHQWHV 6DOXG\JUXSRVYXOQHUDEOHV 3UHYHQFLyQ\FRQWUROGHHQIHUPHGDGHVWUDQVPLWLGDVSRUYHFWRU 3UHYHQFLyQ\FRQWUROGHWXEHUFXORVLV 6DOXGDPELHQWDO 3UHYHQFLyQGHOHVLRQHV\YLROHQFLD 6DOXGVH[XDO\SUHYHQFLyQGHVLGDH,76 3URPRFLyQGHHVWLORVGHYLGDVDOXGDEOHV 0HGLFDPHQWRVHQVDOXGS~EOLFDDFFHVRXVR\UHVLVWHQFLDDQWLPLFURELDQD 5HFXUVRVKXPDQRVHQVDOXG 3URWHFFLyQVRFLDOHQVDOXG (YDOXDFLyQGHSURJUDPDV\SROtWLFDVGHVDOXG 2EHVLGDGGLDEHWHV\HQIHUPHGDGHVFDUGLRYDVFXODUHV 'HVQXWULFLyQ 6DOXGUHSURGXFWLYD 9DFXQDV 7DEDTXLVPR 3URGXFFLyQHGLWRULDO %LHQYHQLGD&RPXQLFDFLyQ&LHQWtILFD\3XEOLFDFLRQHV 1RYHGDGHVHGLWRULDOHV 3XEOLFDFLRQHVDQWHULRUHV 3ULRUL]DFLyQGHDFFLRQHVSDUDUHGXFLUODGLDEHWHVHQ0p[LFR &RQWDFWR 3ODQHDFLyQHVWUDWpJLFD 3URJUDPDVLQVWLWXFLRQDOHV ,QIRUPHVLQVWLWXFLRQDOHV %DODQFHG6FRUHFDUG%6& 'HVDUUROORRUJDQL]DFLRQDO 'RFXPHQWRVGHLQWHUpV $XGLWRUtDVDO'HVHPSHxR,QVWLWXFLRQDO$6) &RQWDFWRFRQPHGLRVGHFRPXQLFDFLyQ 7UDQVSDUHQFLD 1RUPDWLYLGDG &RPLWpGHLQIRUPDFLyQ 7UDQVSDUHQFLD)RFDOL]DGD ,QGLFDGRUHVGH3URJUDPDV3UHVXSXHVWDULRV 5HFRPHQGDFLRQHVHPLWLGDVSRUOD&1'+,108-(5(6\&21$35(' (VWXGLRV\RSLQLRQHV 5HQGLFLyQGHFXHQWDV KWWSZZZLQVSP[DYLVRVLQVSFDSDFLWDFLRQYLUWXDOKWPO ,163ODQ]DFDSDFLWDFLyQYLUWXDOHQSUHYHQFLyQGHOHPEDUD]RHQDGROHVFHQWHV 3DUWLFLSDFLyQFLXGDGDQD ,QLFLR,QLFLR 'LUHFWRULR'LUHFWRULR &RQWDFWR&RQWDFWR %XVFDGRU%XVFDGRU 0DSDGHO6LWLR0DSDGHO6LWLR 566566 (QJOLVK(QJOLVK ,QWUDQHW,QWUDQHW ,QLFLR $YLVRV ,163ODQ]DFDSDFLWDFLyQYLUWXDOHQSUHYHQFLyQGHOHPEDUD]RHQDGROHVFHQWHV ,163ODQ]DFDSDFLWDFLyQYLUWXDOHQSUHYHQFLyQGHOHPEDUD]RHQDGROHVFHQWHV 7ZLWWHDU &RPSDUWLU 0HJXVWD 8VRGHWHFQRORJtDGHYDQJXDUGLDIXQGDPHQWDOSDUDHOGHVDItRGH(1$3($ KWWSZZZLQVSP[DYLVRVLQVSFDSDFLWDFLRQYLUWXDOKWPO ,163ODQ]DFDSDFLWDFLyQYLUWXDOHQSUHYHQFLyQGHOHPEDUD]RHQDGROHVFHQWHV $ILQGHIRUWDOHFHUOD(VWUDWHJLD1DFLRQDOSDUDOD3UHYHQFLyQGHO(PEDUD]RHQ$GROHVFHQWHV(1$3($HO,QVWLWXWR1DFLRQDOGH6DOXG 3~EOLFD,163\HO,QVWLWXWR1DFLRQDOGHODV0XMHUHV,10XMHUHVSUHVHQWDURQHOFXUVRYLUWXDO³6DOXGVH[XDO\UHSURGXFWLYD\SUHYHQFLyQ GHOHPEDUD]RHQDGROHVFHQWHV´GLULJLGRDOSHUVRQDOGHVDOXG (QOD&LXGDGGH0p[LFRHOPLpUFROHVGHRFWXEUHDFRPSDxDGRSRU0DUFHOD(WHUQRG$UiPEXODVHFUHWDULDHMHFXWLYDGHO,10XMHUHV-HV~V =LPEUyQ*XDGDUUDPDGLUHFWRUJHQHUDODGMXQWRGH$QiOLVLV(FRQyPLFR\6RFLDOGHO&RQVHMR1DFLRQDOGH3REODFLyQ&21$329tFWRU +XJR%RUMD$EXUWRWLWXODUGHDWHQFLyQSULPDULDGHO,0665XILQR/XQD*RUGLOORGLUHFWRUJHQHUDODGMXQWRGH6DOXG5HSURGXFWLYDGHO&HQWUR 1DFLRQDOGH(TXLGDG\*pQHUR\6DOXG5HSURGXFWLYD&1(*65HO'U0DXULFLR+HUQiQGH]ÈYLODGLUHFWRUJHQHUDOGHO,163SUHVHQWyHVWH QXHYRFXUVRPDVLYRHQOtQHD022&SRUODVVLJODVHQLQJOpVGLULJLGRDODFDSDFLWDFLyQGHORVSUHVWDGRUHVGHDWHQFLyQSULPDULDGHVDOXGHQ 0p[LFR 'HVDUUROODGRSRUH[SHUWRVQDFLRQDOHVHLQWHUQDFLRQDOHVGHSHGDJRJtDSVLFRORJtDPHGLFLQD\VDOXGHVWHFXUVRPDVLYRHQOtQHDWLHQHHO REMHWLYRGHLQFUHPHQWDUODVKDELOLGDGHV\FRQRFLPLHQWRVGHORVSUHVWDGRUHVGHVHUYLFLRVGHVDOXGSDUDDWHQGHUDORVDGROHVFHQWHVFRQEDVHHQ UHFRPHQGDFLRQHVDFWXDOL]DGDV\DSHJDGDVDODQRUPDWLYLGDGPH[LFDQD\HYLGHQFLDFLHQWtILFD$GHPiVFXHQWDFRQXQDSUHLQVFULSFLyQGH PLOSHUVRQDVSDUDHOSUHVHQWHDxRHQWDQWRTXHSDUDHOVHHVSHUDWHQHUXQUHJLVWURGHPLOSURIHVLRQDOHVGHOVHFWRUVDOXGHLQFOXVR VXSHUDUORVPLO $OUHVSHFWRHOGLUHFWRUJHQHUDOGHO,163H[SXVRTXHODXWLOL]DFLyQGHWHFQRORJtDGHYDQJXDUGLDHVIXQGDPHQWDOSDUDHOGHVDItRGHOD FDSDFLWDFLyQTXHH[LJHOD(VWUDWHJLD1DFLRQDOSDUDOD3UHYHQFLyQGHO(PEDUD]RHQ$GROHVFHQWHVWRGDYH]TXH0p[LFRRFXSDHOSULPHUOXJDU GHQWURGHORVSDtVHVGHOD2&'(HQHPEDUD]RDGROHVFHQWHFRQXQDWDVDGHQDFLPLHQWRVSRUFDGDPLOPXMHUHVGHDDxRV ([SOLFyTXHHVWH³FXUVRPDVLYRYLUWXDOHQOtQHDHVHOUHVXOWDGRGHGLIHUHQWHVHVWXGLRVGHLQYHVWLJDFLyQUHDOL]DGRVSRUHO,163TXH SHUPLWLHURQGHVDUUROODUXQGLDJQyVWLFRTXHHQIUHQWDHOVHFWRUVDOXGLGHQWLILFDQGRSUREOHPDVHQODGHPDQGDGHVHUYLFLRV\HQODFDUHQFLDGH RIHUWDGHVHUYLFLRVIDPLOLDUHVGLVSRQLELOLGDGGHLQIRUPDFLyQ\DFFHVRSDUDXVRGHDQWLFRQFHSWLYRVSDUDODSREODFLyQDGROHVFHQWH´ $VtPLVPRUHILULyTXHHVWHFXUVRHQOtQHDHVXQDUHVSXHVWDDODQHFHVLGDGGHFDSDFLWDFLyQFRQWLQXD\GDVHJXLPLHQWRDODLPSOHPHQWDFLyQGHO SRUWDOGHLQWHUQHW¢&yPROH+DJR"TXHHVWiHQIRFDGRHQEULQGDULQIRUPDFLyQVREUHODVDOXGVH[XDO\UHSURGXFWLYDDORVDGROHVFHQWHV\ KWWSZZZLQVSP[DYLVRVLQVSFDSDFLWDFLRQYLUWXDOKWPO ,163ODQ]DFDSDFLWDFLyQYLUWXDOHQSUHYHQFLyQGHOHPEDUD]RHQDGROHVFHQWHV SXHVWRHQPDUFKDHOPHVSDVDGR 3RUVXSDUWHOD'UD/DXUD0DJDxD9DOODGDUHVVHFUHWDULDDFDGpPLFDGHO,163H[SOLFyTXHHOSUHVHQWHFXUVRIRUPDSDUWHGHODH[SHULHQFLD GHO,163HQHOGHVDUUROORGHORV022&TXHHPSH]yDLPSOHPHQWDUGHVGHKDFHDxRVFRQORFXDOHOLQVWLWXWRKDFDSDFLWDGRDPLO SUHVWDGRUHVGHVHUYLFLRHQHOVHFWRUVDOXGGH0p[LFRHQGLVWLQWDVWHPiWLFDVUHODFLRQDGDVFRQODSUHYHQFLyQ\DWHQFLyQGHHQIHUPHGDGHV WUDQVPLWLGDVSRUYHFWRUHVpERODHQIHUPHGDGHVUHVSLUDWRULDVFiQFHUGHPDPD\ODSURPRFLyQGHODVDOXG (QWDQWROD'UD)LOLSDGH&DVWURLQYHVWLJDGRUDGHO,163DKRQGyHQODPHWRGRORJtDXVDGDSDUDEULQGDUHVWDFDSDFLWDFLyQDOSHUVRQDOPpGLFR FRQFHELGDSDUDPHMRUDUODRIHUWD\ODFDOLGDGGHODDWHQFLyQSDUDODSREODFLyQGHORVDGROHVFHQWHVGHQWURGHXQPDUFRGHHTXLGDGLQFOXVLyQ \JpQHUR )LQDOPHQWHHOGLUHFWRUJHQHUDODGMXQWRGH6DOXG5HSURGXFWLYDGHO&1(*65UHILULyFRQEDVHHQFLIUDVGHO6LVWHPD1DFLRQDOGH,QIRUPDFLyQ HQ6DOXGTXHHQVHUHJLVWUySRFRPiVGHPLOQDFLGRVYLYRVGHPDGUHVDGROHVFHQWHVPHQRUHVGHDxRVGHHGDGORTXHUHSUHVHQWD HOGHOWRWDOGHQDFLGRVYLYRVUHJLVWUDGRVHQHOSDtV(VWRVLJQLILFDTXHDGLDULRKD\DSUR[LPDGDPHQWHPLOQDFLPLHQWRVSRUSDUWHGH PDGUHVGHDDxRVGHHGDG$GHPiVWDPELpQVHUHJLVWUDURQQDFLGRVYLYRVIXHURQGHPDGUHVPHQRUHVGHDxRVGHHGDG 3DUDPD\RULQIRUPDFLyQHLQVFULELUVHDOFXUVRSRQHPRVDGLVSRVLFLyQGHORVLQWHUHVDGRVHOVLJXLHQWHHQODFH KWWSPRRFVLQVSYLUWXDOP[DGROHVFHQWHV ÒOWLPDDFWXDOL]DFLyQ KWWSZZZLQVSP[DYLVRVLQVSFDSDFLWDFLRQYLUWXDOKWPO ,163ODQ]DFDSDFLWDFLyQYLUWXDOHQSUHYHQFLyQGHOHPEDUD]RHQDGROHVFHQWHV ÒOWLPDDFWXDOL]DFLyQ 0LpUFROHVGH1RYLHPEUHGHDODVSRU:HEPDVWHU,163 ÒQHWHD)DFHERRNVHJXLGRUHV 6tJXHQRVHQ7ZLWWHUVHJXLGRUHV 9HUHQ<RXWXEH6XVFUtEHWHDOFDQDO &RQWiFWDQRV¢1HFHVLWDVD\XGD" 'LUHFWRULRWHOHIyQLFR (O,163HVWiFRPSURPHWLGRHQRIUHFHUUHVXOWDGRVGHLQYHVWLJDFLyQTXHDWLHQGDQSUREOHPDVUHOHYDQWHVHQVDOXGS~EOLFD ,167,78721$&,21$/'(6$/8'3Ò%/,&$0e;,&2'(5(&+265(6(59$'2632/Ë7,&$6'(35,9$&,'$' 8QLYHUVLGDG1R&RORQLD6DQWD0DUtD$KXDFDWLWOiQ&HUUDGD/RV3LQRV\&DPLQHUD&3&XHUQDYDFD0RUHORV0p[LFR7HO &RPHQWDULRVVREUHHVWH6LWLRGH,QWHUQHW KWWSZZZLQVSP[DYLVRVLQVSFDSDFLWDFLRQYLUWXDOKWPO