0yGXOR 9, 6LVWHPD GH LQYHUVLyQ S~EOLFD SDUD ORV VHUYLFLRVS~EOLFRVWUHVGtDV y y y y y (O61,3\ODLQYHUVLyQS~EOLFDSHUXDQD 1DWXUDOH]DGHODVLQYHUVLRQHV /RVSUR\HFWRVGHLQYHUVLyQS~EOLFD ,GHQWL¿FDFLyQ\IRUPXODFLyQGHSUR\HFWRV 0pWRGRVGHHYDOXDFLyQGHORVSUR\HFWRV 0yGXOR9,,6LVWHPDGHORJtVWLFDSDUDODVHQWLGDGHVGHO VHFWRUS~EOLFRWUHVGtDV y y y y (OVLVWHPDGHORJtVWLFD (OSURFHVRGHGH¿QLFLyQGHODVQHFHVLGDGHVGHJDVWR /RVSODQHVDQXDOHVGHFRQWUDWDFLyQ\DGTXLVLFLRQHV (OVLVWHPDGHFRQWUDWDFLRQHVGHO(VWDGRFDVXtVWLFD 0yGXOR 9,,, JHVWLyQ GH OD FDOLGDG HQ ORV VHUYLFLRV S~EOLFRV /DJHVWLyQGHODFDOLGDGHQORVVHUYLFLRV $QiOLVLV GH HVWiQGDUHV GH FDOLGDG HQ ORV VHUYLFLRV S~EOLFRV y ,QVWUXPHQWRV SDUD OD GHWHUPLQDFLyQ GH VLVWHPDV GH JHVWLyQGHODFDOLGDGHQHOVHFWRUS~EOLFR y /D JHUHQFLD VRFLDO FRPR LQVWUXPHQWR SDUD HO HVWDEOHFLPLHQWRGHODFDOLGDGHQORVVHUYLFLRV y y 9,3(5),/'(/3$57,&,3$17( y $XWRULGDGHV \ IXQFLRQDULRV GHO *RELHUQR 5HJLRQDO ' L U H F F L R Q H V 5 H J L R Q D O H V 0 X Q L F L S D O L G D G H V 3URYLQFLDOHV\'LVWULWDOHV 9,,5(48,6,726 )RWRFRSLD OHJDOL]DGD GHO WtWXOR SURIHVLRQDO R GHO EDFKLOOHUDWR y &RSLDVLPSOHGHO'1, y )LFKDGHSRVWXODFLyQGHELGDPHQWHFXPSOLPHQWDGD y 9,,,&(57,),&$&,Ï1 3DUDREWHQHUODUHVSHFWLYDFHUWL¿FDFLyQTXHVHUiDYDODGD SRU OD 8QLYHUVLGDG &DWyOLFD 6HGHV 6DSLHQWLDH VHUi QHFHVDULR TXH ORV DOXPQRV FXPSODQ FRQ ORV VLJXLHQWHV UHTXLVLWRV 3HUPDQHQFLD HQ ODV DFWLYLGDGHV DFDGpPLFDV HQ XQ 6RODPHQWH VH DFHSWDUi LQDVLVWHQFLDV GHELGDPHQWH MXVWL¿FDGDV TXH HQ FXDOTXLHU FDVR QR SRGUiQH[FHGHUHOGHOWRWDOGHKRUDVSUHYLVWDV y $SUREDU FRQ XQ SURPHGLR PtQLPR GH &$725&( VREUH 9(,17( HO SURFHVR GH HYDOXDFLRQHV HVWDEOHFLGR y 8QLYHUVLGDG&DWyOLFD 6HGHV6DSLHQWLDH *(5(1&,$'('(6$552//2 +80$12<62&,$/ 081,&,3$/,'$'3529,1&,$/'(/&86&2 ',3/20$'2 ,;&5212*5$0$'(/$66(6,21(602'8/$5(6 (O GLFWDGR GH FODVHV VH OOHYDUi D FDER ORV GtDV YLHUQHV PHGLRGtDViEDGRVPDxDQD\WDUGH\DOJXQRVPyGXORV KDVWDHOGtD'RPLQJR ,QYHUVLyQ (O FRVWR GHO GLSORPDGR HV GH 6 TXH LQFOX\H PDWHULDO \ FHUWL¿FDFLyQ 6H RWRUJDUiQ EHFDV SDUFLDOHVHTXLYDOHQWHDOGHOFRVWRWRWDOGHOGLSORPDGR HVGHFLUHOSDUWLFLSDQWHSDJDUi~QLFDPHQWH6 &5212*5$0$'(32678/$&,Ï1 3RVWXODFLyQ'HODOGHGLFLHPEUHGHO (YDOXDFLyQ\VHOHFFLyQGHEHFDULRVGHGLFLHPEUH 3XEOLFDFLyQGHUHVXOWDGRVGHGLFLHPEUH ,QLFLRGHFODVHV\GHGLFLHPEUH /RFDO$XGLWRULRGHO&HQWUR*XDPDQ3RPDGH$\DOD ,1)250(6(,16&5,3&,21(6 &(&*XDPDQ3RPD'H$\DOD -LUyQ5HWLUR1UR%DUULRGH7DZDQWLQVX\R 7HOpIRQRV± (PDLOHVFXHODJREHUQDELOLGDG#JXDPDQSRPDRUJ ZZZJXDPDQSRPDRUJ 3ODQL¿FDFLyQ LQVWLWXFLRQDO \JHVWLyQ SUHVXSXHVWDULD SDUDHO 6HFWRU 3~EOLFR ,2%-(7,926 ,,,(6758&785$'(/352*5$0$'()250$&,Ï1 935238(67$02'8/$5 2EMHWLYRJHQHUDO (O SURJUDPD GH IRUPDFLyQ FRPSUHQGH KRUDV DFDGpPLFDVTXHHTXLYDOHQDFUpGLWRVGLVWULEXLGRVHQOD VLJXLHQWHHVWUXFWXUDFXUULFXODU 0yGXOR , /D DUWLFXODFLyQ HQWUH HO VLVWHPD GH SODQL¿FDFLyQ \ HO VLVWHPD GH SUHVXSXHVWR HQ ODV HQWLGDGHVS~EOLFDV 3URPRYHU OD PHMRUD HQ OD SODQL¿FDFLyQ LQVWLWXFLRQDO \ JHVWLyQSUHVXSXHVWDULDSDUDHOVHFWRUS~EOLFR y 2EMHWLYRHVSHFt¿FR 7UDQVIHULU \ DFWXDOL]DU FRQRFLPLHQWRV WHyULFRV PHWRGROyJLFRV\WpFQLFRVUHVSHFWRDODSODQL¿FDFLyQ LQVWLWXFLRQDO \ JHVWLyQ SUHVXSXHVWDULD SDUD HO VHFWRU S~EOLFR 3URPRYHU FDSDFLGDGHV \ DFWLWXGHV HQ DXWRULGDGHV IXQFLRQDULRV \ VHUYLGRUHV PXQLFLSDOHV \ UHJLRQDOHV SDUDODJHVWLyQSUHVXSXHVWDULDEDVDGDHQUHVXOWDGRV ,,(1)248(0(72'2/Ï*,&2 /DHVWUXFWXUDSHGDJyJLFDGHORVPyGXORVFRPSUHQGHOD IRUPDFLyQ WHyULFD FRQ SURSXHVWDV LQQRYDGRUDV \ FRQ HMHUFLFLRV SUiFWLFRV SDUD PHMRUDU OD SODQL¿FDFLyQ LQVWLWXFLRQDO\JHVWLyQSUHVXSXHVWDULD 1XHVWUR HQIRTXH PHWRGROyJLFR SUHWHQGH FRQWULEXLU DO IRUWDOHFLPLHQWRGHODLQVWLWXFLRQDOLGDGORFDO\5HJLRQDO (Q HO GHVDUUROOR GH ODV VHVLRQHV GHO 'LSORPDGR HVWR VH YLDELOL]DUi D WUDYpV GH ODV LQLFLDWLYDV TXH HODERUHQ ORV SDUWLFLSDQWHVSDUDVXVSURSLDVLQVWLWXFLRQHV 6HVLRQHVSUHVHQFLDOHV 'XUDQWHPHVHVVHGHVDUUROODUDQRFKRPyGXORVKDFLHQGR XQ WRWDO GH KRUDV DFDGpPLFDV TXH HTXLYDOHQ D FUpGLWRVGHOWRWDO/DGXUDFLyQGHFDGDVHVLyQHVHQWUHD KRUDVVHJ~QORVFRQWHQLGRVGHOPyGXOR/DVVHVLRQHV SUHVHQFLDOHVHTXLYDOHQDOGHODQRWD¿QDO y 3ODWDIRUPD9LUWXDO &RPSOHPHQWD OD IRUPDFLyQ SUHVHQFLDO (O GHVDUUROOR GH ODV VHVLRQHV YLUWXDOHV FRLQFLGLUi FRQ HO SHUtRGR GH GXUDFLyQ GH ODV VHVLRQHV GHO 'LSORPD VLHQGR HO WRWDO DFXPXODGRGHSDUWLFLSDFLyQKRUDVDFDGpPLFDVORTXH HTXLYDOHDFUpGLWRV\HVGHODQRWD¿QDO y (ODERUDFLyQGHXQD,QLFLDWLYD /DLQLFLDWLYDIRUPDSDUWHGHXQSURFHVRTXHEXVFDTXHORV DOXPQRV DV LGHQWL¿TXHQ iUHDV GH LQQRYDFLyQ \ DSOLFDFLyQ GH KHUUDPLHQWDV \ HVWUDWHJLDV HQ VXV LQVWLWXFLRQHV 3DUD OD HODERUDFLyQ GH ODV LQLFLDWLYDV VH RIUHFHUiDVHVRUtDVHVSHFLDOL]DGDVDWUDYpVGHWXWRUtDV/D HODERUDFLyQGHODLQLFLDWLYDFRUUHVSRQGHDKRUDVTXH HTXLYDOHDFUpGLWRVGHOWRWDOFRUUHVSRQGLHQGRDOGH ODQRWD¿QDO $VLPLVPRVHHVSHUDTXHORVDOXPQRVDVDVXPDQXQURO DFWLYR\GLQiPLFRGXUDQWHWRGRHVWHSURFHVRDSDUWLUGHOD OHFWXUD GH ORV PDWHULDOHV GH HVWXGLR OD ELEOLRJUDItD UHFRPHQGDGD SDUD DPSOLDU \R SURIXQGL]DU ORV WHPDV GHVDUUROODGRV\ODVDFWLYLGDGHVGHDSOLFDFLyQ\UHÀH[LyQ TXHVHUiQHQWUHJDGDVDORVDOXPQRV /D HYDOXDFLyQ VH OOHYDUi D FDER GH XQD IRUPD LQGLYLGXDOL]DGD\SHUVRQDOL]DGDVLHQGRORVPHFDQLVPRV GHHYDOXDFLyQORVVLJXLHQWHV /RVHQIRTXHSHGDJyJLFRVDXWLOL]DUVHUiQ y y y (GXFDFLyQSDUDHOGHVDUUROOR (GXFDFLyQEDVDGDHQFRPSHWHQFLDV ,9(9$/8$&,Ï1'(/352&(62'($35(1',=$-( 3UXHEDVHVFULWDV/DHYDOXDFLyQVHOOHYDUiDFDERGH XQDIRUPDLQGLYLGXDOL]DGD\SHUVRQDOL]DGDDWUDYpVGH SUXHEDV GH HQWUDGD \ VDOLGD FRQ FXHVWLRQDULRV \ H[iPHQHVSDUDFDGDPyGXOR (OVLVWHPDGHSUHVXSXHVWR (OVLVWHPDGHSODQL¿FDFLyQ (OFLFORGHOSUHVXSXHVWR (OFLFORGHODSODQL¿FDFLyQ\VXDUWLFXODFLyQWHUULWRULDO HLQVWLWXFLRQDO y (O FLFOR GH OD SODQL¿FDFLyQ \ VX DUWLFXODFLyQ FRQ OD JHVWLyQSUHVXSXHVWDULD y y y y 0yGXOR,,3ODQL¿FDFLyQLQVWLWXFLRQDO y y y y (OSODQGHGHVDUUROORLQVWLWXFLRQDO (OSODQRSHUDWLYRLQVWLWXFLRQDO (ODERUDFLyQGHSURJUDPDV\SUR\HFWRV $UWLFXODFLyQGHORVLQVWUXPHQWRVGHSODQL¿FDFLyQ 0yGXOR,,,3UHVXSXHVWRSRUUHVXOWDGRV /DJHVWLyQSRUUHVXOWDGRV /RVSURJUDPDVSUHVXSXHVWDOHV 2SHUDWLYL]DFLyQ GH ORV SURJUDPDV SUHVXSXHVWDOHV GH FRPSHWHQFLDVGHOVHFWRUS~EOLFR y 6LVWHPDGHPRQLWRUHRGHORVSURJUDPDVSUHVXSXHVWDOHV y y y 0yGXOR,96LVWHPDGHSHUVRQDOHQODVHQWLGDGHVGHO VHFWRUSXEOLFR *HVWLyQ GHO WDOHQWR KXPDQR FRPR LQVXPR SDUD OD FDOLGDGGHOVHUYLFLR y *HVWLyQSUHVXSXHVWDOGHOSHUVRQDO y (ODERUDFLyQGHO3$3\&$3 y 6LVWHPD GH FRQWUDWDFLRQHV DSOLFDGR DO VLVWHPD GH SHUVRQDOSDUDHOVHFWRUS~EOLFR y 0yGXOR90HMRUDGHSURFHVRVHQORVVHUYLFLRVS~EOLFRV 3ULQFLSLRVGHVLPSOL¿FDFLyQDGPLQLVWUDWLYD /RVLQVWUXPHQWRVSDUDHODQiOLVLVGHSURFHVRVGHODV HQWLGDGHVGHOVHFWRUS~EOLFR y /RVÀXMRJUDPDV\WDEODV$60( y ,GHQWL¿FDFLyQGHSXQWRVFUtWLFRVSDUDODPHMRUDGHORV VHUYLFLRV y y