25*$1,=$&,Ï1081',$/'(/$6$/8' &216(-2(-(&87,92 UHXQLyQ 3XQWRGHORUGHQGHOGtDSURYLVLRQDO (% GHGLFLHPEUHGH $VLJQDFLRQHVGHOSUHVXSXHVWRRUGLQDULR DODVUHJLRQHV ,QIRUPHGHOD6HFUHWDUtD $17(&('(17(6 (QVXUHXQLyQHO&RQVHMR(MHFXWLYRH[DPLQyXQLQIRUPHGHXQJUXSRHVSHFLDOHQ FDUJDGRGHUHYLVDUOD&RQVWLWXFLyQLQFOXLGRVORVDUUHJORVUHJLRQDOHV(QWUHODVUHFRPHQGDFLRQHVGHO JUXSRILJXUDEDXQDSURSXHVWDGHTXHVHPRGLILFDUDODPDQHUDGHGHWHUPLQDUORVSUHVXSXHVWRVUHJLRQD OHV(OJUXSRREVHUYyTXHODSUiFWLFDYLJHQWHHQHVHPRPHQWRHUDTXHHO'LUHFWRU*HQHUDOSURSRQtDD OD$VDPEOHDGHOD6DOXGODVDVLJQDFLRQHVGHOSUHVXSXHVWRDODVUHJLRQHVSULQFLSDOPHQWHVREUHODEDVH GH SUHFHGHQWHV KLVWyULFRV ([SUHVy SUHRFXSDFLyQ SRUTXH ORV PRQWRV KDEtDQ FDPELDGR SRFR FRQ HO WUDQVFXUVRGHOWLHPSR\UHFRPHQGyODLQWURGXFFLyQGHXQPRGHORTXHRULHQWDUDODGHWHUPLQDFLyQGH GLFKDVDVLJQDFLRQHV (O&RQVHMR\VXEVLJXLHQWHPHQWHOD$VDPEOHDGHOD6DOXGDSUREDURQHVDUHFRPHQGDFLyQ(QOD UHVROXFLyQ:+$VHUHFRPHQGDEDTXHODDVLJQDFLyQUHJLRQDOLQWHUSDtVHV\GHSDtVVHJXLDUDHQVX PD\RUSDUWHSRUXQPRGHORTXH HVWXYLHUD EDVDGR HQ HO ËQGLFH GH 'HVDUUROOR +XPDQR GHO 318' D VHU SRVLEOH DMXVWDGR HQ IXQFLyQGHODFREHUWXUDGHLQPXQL]DFLyQ LQFRUSRUDUD GDWRV GHPRJUiILFRV GH ORV SDtVHV FDOFXODGRV GH DFXHUGR FRQ PpWRGRV FRP~Q PHQWHDFHSWDGRVFRPRHO©DOLVDPLHQWRORJDUtWPLFRª SXGLHUDDSOLFDUVHJUDGXDOPHQWHGHIRUPDTXHODUHGXFFLyQSDUDFXDOTXLHUUHJLyQQRUHEDVDUD HOSRUDxR\VHH[WHQGLHUDDORODUJRGHXQSHULRGRGHWUHVELHQLRV 6H SLGLy DO 'LUHFWRU *HQHUDO TXH SUHVHQWDUD XQD HYDOXDFLyQ PLQXFLRVD GHO PRGHOR D OD $VDPEOHD0XQGLDO GH OD 6DOXG FRQ PLUDV DUHVSRQGHU GH PDQHUD FRQVWDQWH DODV QHFHVLGDGHV GH VDOXG\DVLJQDUHTXLWDWLYDPHQWHORVUHFXUVRVGHOD206(QODSUHSDUDFLyQGHHVHLQIRUPHVHUHFDED URQDSRUWDFLRQHVGHORVVHLVFRPLWpVUHJLRQDOHVHQVXVUHVSHFWLYDVUHXQLRQHVFHOHEUDGDVHQVHSWLHPEUH GH (O SUHVHQWH GRFXPHQWR WLHQH SRU REMHWR RIUHFHU DO &RQVHMR (MHFXWLYR XQD RSRUWXQLGDG GH IRUPXODUREVHUYDFLRQHVVREUHHODVXQWR 9pDVHHOGRFXPHQWR(%5(&DQH[R 5HVROXFLRQHV(%5\:+$UHSURGXFLGDHQHODQH[R (% $3/,&$&,Ï1'(/$5(62/8&,Ï1:+$ (OPRGHORVLUYLyGHRULHQWDFLyQHQODIRUPXODFLyQGHODVUHFRPHQGDFLRQHVGHO'LUHFWRU*HQHUDO DOD$VDPEOHDGHOD6DOXGVREUHODVDVLJQDFLRQHVGHOSUHVXSXHVWRRUGLQDULRDODVUHJLRQHVSDUDORVELH QLRV\/DVSURSXHVWDVIRUPXODGDVDOUHVSHFWRSRUHO'LUHFWRU*H QHUDOIXHURQDGRSWDGDVSRUOD$VDPEOHDGHOD6DOXG (O SURJUDPD FRUUHVSRQGLHQWH DO PRGHOR VH DSOLFy XWLOL]DQGR ORV ~OWLPRV GDWRV GLVSRQLEOHV GX UDQWHODSUHSDUDFLyQGHODVSURSXHVWDVSUHVXSXHVWDULDVSDUDFDGDXQRGHHVRVWUHVELHQLRV/RVUHVXOWD GRVHUDQSDUWHVSRUFHQWXDOHVGHOSUHVXSXHVWRRUGLQDULRFRQH[FOXVLyQGHOD6HGHTXHVHDVLJQDUtDQD FDGDUHJLyQVREUHODEDVHGHO~OWLPR ËQGLFHGH'HVDUUROOR+XPDQR6LQHPEDUJRHQODVSURSXHVWDV SUHVXSXHVWDULDVHIHFWLYDVIRUPXODGDVSRUHO'LUHFWRU*HQHUDODOD$VDPEOHDGHOD6DOXGHVRVUHVXOWDGRV VH PRGLILFDURQ GH FRQIRUPLGDG FRQ ODV GLVSRVLFLRQHV \ FULWHULRV HQXQFLDGRV HQ OD UHVROX FLyQ:+$ 3DUDHOELHQLRHO'LUHFWRU*HQHUDO DMXVWy HO PRGHOR DILQ GH WHQHU HQFXHQWDOD FREHUWXUDGHLQPXQL]DFLyQ6LQHPEDUJRGHELGRDODVIOXFWXDFLRQHVHLQFHUWLGXPEUHVGHDO JXQDVHVWDGtVWLFDVVREUHODFREHUWXUDGHLQPXQL]DFLyQHVDYDULDEOHQRVHXWLOL]yHQORVELH QLRVQL /DUHGXFFLyQPi[LPDSUHYLVWDHQHOSiUUDIRFGHODUHVROXFLyQ:+$GHOSRUDxR SRUUHJLyQVHDSOLFyHQHOSULPHUELHQLR6XEVLJXLHQWHPHQWHODUHGXFFLyQPi [LPDSDUDFDGDUHJLyQVHOLPLWyDXQSRUDxRHQHOELHQLR\DXQSRUDxR HQHOELHQLR(VWDGHFLVLyQVHDGRSWyHQSDUWHSRUHOKHFKRGHTXHHQHVRVELHQLRV ODV UHJLRQHV GHEtDQ DEVRUEHU DXPHQWRV GH ORV FRVWRV DGHPiV GH ODV GLVPLQXFLRQHV GH ODV DVLJQDFLRQHVGHOSUHVXSXHVWRRUGLQDULRUHVXOWDQWHVGHODDSOLFDFLyQGHOPRGHOR /RVSDtVHVPHQRVDGHODQWDGRVQRTXHGDURQVXMHWRVDUHGXFFLRQHV (OUHVXOWDGRJHQHUDOGHODDSOLFDFLyQGHOPRGHOR\GHODVGLVSRVLFLRQHVDUULEDLQGLFDGDVIXHXQ DXPHQWRGHODSDUWHFRUUHVSRQGLHQWHDOD5HJLyQGHÈIULFDTXHSDVyGHXQGHODVDVLJQDFLRQHVGHO SUHVXSXHVWRRUGLQDULRHQDXQHQ/DSDUWHFRUUHVSRQGLHQWHDOD5HJLyQGH (XURSDDXPHQWyGHXQDSUR[LPDGDPHQWHDXQGXUDQWHHOPLVPRSHULRGR/DVDVLJQDFLRQHV SDUDODVRWUDVFXDWURUHJLRQHVVHUHGXMHURQDILQGHVXIUDJDUHVRVDXPHQWRV (OFXDGURGHODQH[RPXHVWUDORVHIHFWRVDFXPXODWLYRVGHOPRGHORGHVGHHOSXQWRGHYLVWDIL QDQFLHUR(QHVHSHULRGRGHVHLVDxRVKXERXQDXPHQWRWRWDODFXPXODWLYRGHORVUHFXUVRVGHOSUHVX SXHVWR RUGLQDULR GH DSUR[LPDGDPHQWH 86 PLOORQHV SDUD OD 5HJLyQ GH ÈIULFD \ GH DSUR[LPDGD PHQWH86PLOORQHVSDUDOD5HJLyQGH(XURSD/RVUHFXUVRVWRWDOHVDVLJQDGRVDODVGHPiVUHJLRQHV VH UHGXMHURQ FRPR VLJXH 5HJLyQGH ODV $PpULFDV ±86 PLOORQHV 5HJLyQ GH $VLD 6XGRULHQWDO ±86PLOORQHV5HJLyQGHO0HGLWHUUiQHR 2ULHQWDO ±86 PLOORQHV 5HJLyQ GHO 3DFtILFR 2FFL GHQWDO±86PLOORQHV$XQTXHQRHVWDEDSUHYLVWRHQHOPRGHORHQHOWUDQVFXUVRGHOSHULRGRGH VHLVDxRVVHxDODGRWDPELpQVHKL]RXQDWUDQVIHUHQFLDDFXPXODWLYDGH86PLOORQHVHQEHQHILFLRGH ODVGRVUHJLRQHVLQWHUHVDGDVFRQFDUJRDOSUHVXSXHVWRGHOD6HGHHVDWUDQVIHUHQFLDHVWiLQFOXLGDHQODV FLIUDVDUULEDPHQFLRQDGDV (OPRGHORVHGHVFULEHHQHOGRFXPHQWR(% (% 2%6(59$&,21(662%5((/02'(/2 (VLPSRUWDQWHVHxDODUTXHHOPRGHORRULHQWyVRODPHQWHODDVLJQDFLyQJHQHUDODFDGDUHJLyQ1R VHXWLOL]ySDUDGHWHUPLQDUODVDVLJQDFLRQHVDFDGDSDtVGHQWURGHXQDUHJLyQDXQTXHHOPRGHORJHQHUD HVDVFLIUDV(VDVDVLJQDFLRQHVVHEDVDURQHQORVFULWHULRVGHO'LUHFWRU5HJLRQDO\GHO'LUHFWRU*HQHUDO \ HQ ODV GHOLEHUDFLRQHV GH ORV FRPLWpV UHJLRQDOHV 6LQ HPEDUJR OD 5HJLyQ GHO 3DFtILFR 2FFLGHQWDO DSOLFySDUFLDOPHQWHHOPRGHORFRPRDX[LOLDUGHODVGHFLVLRQHVVREUHODVDVLJQDFLRQHVDORVSDtVHV /DVGRVUHJLRQHVTXHUHFLELHURQUHFXUVRVDGLFLRQDOHVXWLOL]DURQORVIRQGRVSULQFLSDOPHQWHSDUD IRUWDOHFHUVXVSURJUDPDVHQORVSDtVHV/DVUHJLRQHVTXHWXYLHURQTXHKDFHUUHGXFFLRQHVODVKLFLHURQ WDQWRHQODVRILFLQDVUHJLRQDOHVFRPRHQORVSURJUDPDVGHSDtV (OPRGHORQRVHDSOLFDDOSUHVXSXHVWRGHOD6HGH(QUHDOLGDGQRHVDSURSLDGRSDUDHOORSRUTXH UHFXUUHDODDJUXSDFLyQGHSDtVHVHQUHJLRQHVSDUDUHSDUWLUORVIRQGRV (OPRGHORQRVHXWLOL]DSDUDSURUUDWHDUORVUHFXUVRVH[WUDSUHVXSXHVWDULRVGRQDWLYRVDORVTXH QRVHDSOLFDODUHVROXFLyQ&DVLODVGRVWHUFHUDVSDUWHVGHOSUHVXSXHVWRWRWDOSDUDHOELHQLR SUREDEOHPHQWHVHILQDQFLDUiQFRQFDUJRDHVWRVIRQGRV\VHSUHYpDOJRVHPHMDQWHSDUD &RQUHVSHFWRDOEDODQFHGHORVUHFXUVRVWRWDOHVGLVSRQLEOHVHQOD6HGH\HQODVRILFLQDVUHJLRQD OHV\GHSDtVHO'LUHFWRU*HQHUDOWLHQHODLQWHQFLyQGHSURSRQHUXQDPRGLILFDFLyQGHOSURUUDWHRDSOLFD GRHQHOELHQLRFXDQGRDSUR[LPDGDPHQWHHOGHORVUHFXUVRVWRWDOHVHOGHOSUHVX SXHVWRRUGLQDULR\HOGHORVUHFXUVRVH[WUDSUHVXSXHVWDULRVVHDVLJQDURQDODVRILFLQDVUHJLRQDOHV\ GHSDtV(OREMHWLYRHVOOHJDUDXQDVLWXDFLyQHQODFXDOVHDVLJQHDpVWDVHOGHORVUHFXUVRVHQHO ELHQLRHOHQ\HO HQ &DGD UHSUHVHQWD DSUR[LPDGD PHQWH86PLOORQHVFRQORVSUHVHQWHVQLYHOHVSUHVXSXHVWDULRV /RVGHEDWHVKDELGRVHQORVFRPLWpVUHJLRQDOHVHQVHSWLHPEUHGHLQGLFDQTXHODVFXDWURUH JLRQHVFX\DVDVLJQDFLRQHVVHUHGXMHURQHVWiQDIDYRUGHTXHVHDEDQGRQHHOPRGHORDOILQDOGHOSHULRGR GHVHLVDxRV/RVFRPLWpVHQFXHVWLyQDGRSWDURQUHVROXFLRQHVHQHVHVHQWLGR (Q HO &RPLWp 5HJLRQDO SDUD ÈIULFD ORV GHOHJDGRV H[SUHVDURQ DSUHFLR SRU OD UHVROXFLyQ :+$ORVIRQGRVDGLFLRQDOHVFRQWULEXLUiQDVDWLVIDFHUODVQHFHVLGDGHVGHVDOXGGHODSREODFLyQ GHOD5HJLyQ6XJLULHURQTXHODUHVROXFLyQVHDSOLFDUDSOHQDPHQWHHQHOSOD]RPiVEUHYHSRVLEOH\VH SURQXQFLDURQ D IDYRU GH XQD HYDOXDFLyQ GHO PRGHOR (O &RPLWp 5HJLRQDO SDUD (XURSD H[DPLQy OD FXHVWLyQ GHODVDVLJQDFLRQHV UHJLRQDOHV FRQ FDUJR DO SUHVXSXHVWR RUGLQDULR \ IRUPXOy REVHUYDFLRQHV VREUHODQHFHVLGDGGHXQSURUUDWHRMXVWR\HTXLWDWLYR &8(67,21(6325(;$0,1$5 /DPRGDOLGDGGHDVLJQDFLyQGHORVUHFXUVRVGHXQSUHVXSXHVWRELHQDODOVLJXLHQWHQRGHEHUtDVHU GHILQLWLYD(VSUHFLVRTXHHYROXFLRQHVHJ~QODVQHFHVLGDGHV\SULRULGDGHVGHODVDOXGPXQGLDO/OHJD GRHOFDVRHO'LUHFWRU*HQHUDO\ORV(VWDGRV0LHPEURVWHQGUiQTXHFRQVLGHUDUODSRVLELOLGDGGHLQWUR GXFLUPRGLILFDFLRQHVEDVDGDVHQVXDSUHFLDFLyQGHODVLWXDFLyQVDQLWDULDPXQGLDO &XDQGRVHSURSXVRHOPRGHORVHFRQVLGHUyTXHSHUPLWLUtDVXSHUDUODVULJLGHFHVGHOSURFHVRGH DGRSFLyQGHGHFLVLRQHVTXHKDEtDGDGROXJDUDODVDVLJQDFLRQHVILMDV(QFRPSDUDFLyQFRQFLQFRDxRV DWUiVODDVLJQDFLyQGHUHFXUVRVSXHGHVHUDKRUDPiVIOH[LEOHHQUHODFLyQWDQWRFRQHODXPHQWRJHQHUDO GHOQLYHOGHOSUHVXSXHVWRWRWDOSUHVXSXHVWRRUGLQDULRPiVUHFXUVRVH[WUDSUHVXSXHVWDULRVFRPRFRQOD (% SUy[LPDGHOHJDFLyQFUHFLHQWHGHIRQGRVDIDYRUGHODVUHJLRQHV\ORVSDtVHV$KRUDVHGLVSRQHGHGD WRVPiVDPSOLRV\DFWXDOL]DGRVVREUHODVLWXDFLyQVDQLWDULDHQODVGLYHUVDVSDUWHVGHOPXQGR\HOORID FLOLWDHOSURFHVR ,17(59(1&,Ï1'(/&216(-2(-(&87,92 6HLQYLWDDO&RQVHMR(MHFXWLYRDTXHIRUPXOHREVHUYDFLRQHVSDUDD\XGDUDO'LUHFWRU*HQHUDOHQ ODSUHSDUDFLyQGHVXLQIRUPHDOD$VDPEOHDGHOD6DOXG\FRQVLGHUHVLGHVHDDVHVRUDUDpVWDVREUHHO DVXQWR (% $1(;2 :+$ $VLJQDFLRQHVGHOSUHVXSXHVWRRUGLQDULRDODVUHJLRQHV /DD$VDPEOHD0XQGLDOGHOD6DOXG 5HFRUGDQGRODUHVROXFLyQ(%5UHIHUHQWHDORVDUUHJORVUHJLRQDOHVGHQWURGHOFRQWH[WRGH ODUHIRUPDGHOD206 2EVHUYDQGRTXHODVDVLJQDFLRQHVGHOSUHVXSXHVWRRUGLQDULRDODVUHJLRQHVQRVHKDQEDVDGRHQ FULWHULRVREMHWLYRVVLQRPiVELHQHQODKLVWRULD\HQODSUiFWLFDVHJXLGDDQWHULRUPHQWH 3UHRFXSDGDSRUHOKHFKRGHTXHFRPRFRQVHFXHQFLDGHHOORODFXRWDGHHVDVDVLJQDFLRQHVSHU FLELGDSRUFDGDUHJLyQDSHQDVKDFDPELDGRGHVGHORVLQLFLRVGHOD2UJDQL]DFLyQ 5HFRUGDQGRTXHGRVSULQFLSLRVEiVLFRVTXHULJHQODVDFWLYLGDGHVGHOD206VRQODHTXLGDG\HO DSR\RDORVSDtVHVPiVQHFHVLWDGRV\VXEUD\DQGRODQHFHVLGDGGHTXHOD2UJDQL]DFLyQDSOLTXHSULQFL SLRVTXHVXV(VWDGRV0LHPEURVKD\DQDGRSWDGRFROHFWLYDPHQWH (QWHUDGD GH TXH RWUDV RUJDQL]DFLRQHV GHO VLVWHPD GH ODV 1DFLRQHV 8QLGDV HQ SDUWLFXODU HO 81,&()\DKDQDGRSWDGRPRGHORVEDVDGRVHQFULWHULRVREMHWLYRVSDUDDVHJXUDUXQDGLVWULEXFLyQPiV HTXLWDWLYDGHORVUHFXUVRVSURJUDPiWLFRVHQWUHORVSDtVHV '$/$6*5$&,$6DO&RQVHMR(MHFXWLYR\DVX*UXSR(VSHFLDOSDUDOD5HYLVLyQGHOD&RQVWLWX FLyQSRUHODPSOLRHVWXGLRVREUHODVDVLJQDFLRQHVGHOSUHVXSXHVWRRUGLQDULRDODVUHJLRQHV 5($),50$HO$UWtFXORGHOD&RQVWLWXFLyQTXHHVWDEOHFH TXH HV SUHUURJDWLYD GHO 'LUHFWRU *HQHUDOSUHSDUDU\VRPHWHUDO&RQVHMRHOSUR\HFWRGHSUHVXSXHVWRGHOD2UJDQL]DFLyQ\SLGHDO'L UHFWRU *HQHUDO TXH DO SUHSDUDU ORV IXWXURV SUHVXSXHVWRV SRU SURJUDPDV WHQJD HQ FXHQWD ORV GHEDWHV KDELGRVVREUHHVWHDVXQWRHQODD$VDPEOHD0XQGLDOGHOD6DOXG 5(&20,(1'$TXHPXQGLDOPHQWHODDVLJQDFLyQUHJLRQDOLQWHUSDtVHV\GHSDtVHQORVIXWXURV SUHVXSXHVWRVSRUSURJUDPDVDSUREDGRVSRUOD$VDPEOHDGHOD6DOXGVHJXtHHQVXPD\RUSDUWHSRUXQ PRGHORTXH D HVWpEDVDGRHQHOËQGLFHGH'HVDUUROOR+XPDQRGHO318'DVHUSRVLEOHDMXVWDGRHQIXQ FLyQGHODFREHUWXUDGHLQPXQL]DFLyQ E LQFRUSRUHGDWRVGHPRJUiILFRV GHORV SDtVHVFDOFXODGRV GH DFXHUGR FRQ PpWRGRV FRP~Q PHQWHDFHSWDGRVFRPRHO©DOLVDPLHQWRORJDUtWPLFRª F SXHGDDSOLFDUVHJUDGXDOPHQWHGHIRUPDTXHODUHGXFFLyQSDUDFXDOTXLHUUHJLyQQRUHEDVH HOSRUDxR\VHH[WLHQGDDORODUJRGHXQSHULRGRGHWUHVELHQLRV 'RFXPHQWR(%5(&DQH[R (% $QH[R 3,'( DO 'LUHFWRU *HQHUDO TXH SUHVHQWH XQD HYDOXDFLyQ PLQXFLRVD GH HVH PRGHOR D OD $VDPEOHD0XQGLDO GH OD 6DOXG FRQ PLUDV DUHVSRQGHU GH PDQHUD FRQVWDQWH DODV QHFHVLGDGHV GH VDOXG\DDVLJQDUHTXLWDWLYDPHQWHORVUHFXUVRVGHOD206 '(&,'(TXHHOPRGHORVHDSOLTXHGHPDQHUDIOH[LEOH\QRPHFiQLFDPHQWHDILQGHUHGXFLUDO PtQLPRHQODPHGLGDGHORSRVLEOHORVHYHQWXDOHVHIHFWRVDGYHUVRVSDUDORVSDtVHVFX\DVDVLJQDFLRQHV SUHVXSXHVWDULDVVHYHDQUHGXFLGDV 3,'(DO'LUHFWRU*HQHUDO TXHYHOHSRUTXHGXUDQWHHOELHQLRVHJDUDQWLFHDWRGRVORVSDtVHVPHQRVDGH ODQWDGRV TXHVX DVLJQDFLyQ FRQ FDUJR DO SUHVXSXHVWR RUGLQDULR QR VHD LQIHULRU D OD DVLJQDFLyQ FRQFDUJRDOSUHVXSXHVWRGHXWLOL]DQGRODWUDQVIHUHQFLDGHOGHVGHODVDFWLYLGDGHV PXQGLDOHVH LQWHUUHJLRQDOHV SUHYLVWD HQODUHVROXFLyQ :+$H LQJUHVRVRFDVLRQDOHV VL ORV KXELHUHGLVSRQLEOHV\TXHHQORVELHQLRVVXEVLJXLHQWHVVLJDGDQGRDOWDSULRULGDGDSURWHJHUOD VLWXDFLyQGHORVSDtVHVPHQRVDGHODQWDGRV TXHSHUPLWDTXHODVUHJLRQHVHQHOPDUFRGHOD&RQVWLWXFLyQGHWHUPLQHQSRUVtPLVPDVHO UHSDUWR HQWUH ORV SUHVXSXHVWRV GH SDtV LQWHUSDtVHV \ GH ODV RILFLQDV UHJLRQDOHV VXEUD\DQGR DO PLVPRWLHPSRTXHFXDOHVTXLHUDIRQGRVDGLFLRQDOHVUHVXOWDQWHVGHOSUHVHQWHSURFHVRGHUHDVLJQD FLyQGHEHQDVLJQDUVHDORVSDtVHV TXHVLJD\HYDO~HGHFHUFDHOIXQFLRQDPLHQWR\ODVUHSHUFXVLRQHVGHHVWHQXHYRSURFHVRD ODOX]HQSDUWLFXODUGHORVFDPELRVGHODVFRQGLFLRQHVVRFLDOHV\HFRQyPLFDVLQWHUQDFLRQDOHV\ TXHLQIRUPHDQXDOPHQWHDO&RQVHMR(MHFXWLYR\DOD$VDPEOHDGHOD6DOXGFRQPLUDVDLQWURGX FLUFXDOHVTXLHUDPHMRUDVDGHODQWRVRPRGLILFDFLRQHVXOWHULRUHVSDUDDVHJXUDUODUHVSXHVWDDODV QHFHVLGDGHVGHVDOXG\XQDDVLJQDFLyQHTXLWDWLYDGHORVUHFXUVRVGHOD206 TXHLQIRUPHDO&RQVHMR(MHFXWLYRHQVXUHXQLyQ\DOD$VDPEOHD0XQGLDOGHOD 6DOXGVREUHORVGHWDOOHVGHOPRGHOR\GHODVDVLJQDFLRQHVUHJLRQDOHVLQWHUSDtVHV\GHSDtVTXH KD\DQGHDSOLFDUVHDOELHQLR TXHLQIRUPHDO&RQVHMR(MHFXWLYRHQVXDUHXQLyQ\DODD$VDPEOHD0XQGLDOGHOD 6DOXGHQHOFRQWH[WRGHORTXHVHSLGHHQHOSiUUDIRVXSUDVREUHHOXVRGHDVLJQDFLRQHVH[WUD SUHVXSXHVWDULDVHQORVSURJUDPDVUHJLRQDOHVLQWHUSDtVHV\GHSDtVHQORVWUHVELHQLRVSUHFHGHQWHV 'pFLPDVHVLyQSOHQDULDGHPD\RGH &RPLVLyQ%VH[WRLQIRUPH (% $1(;2 $6,*1$&,21(6'(/35(6838(67225',1$5,2$/$65(*,21(6 $ PLOHVGH86 /DV$PpULFDV 3UHVXSXHVWRRUGLQDULRDSUREDGRSDUD 3UHVXSXHVWR 3UHVXSXHVWRVLQ WHyULFRGHVSXpV PRGLILFDU GHDSOLFDUHO PRGHOR 5HGXFFLyQ GHELGDDOD DSOLFDFLyQGHO PRGHOR 2WUDV PRGLILFDFLRQHV SUHVXSXHVWDULDV 3UHVXSXHVWR HIHFWLYDPHQWH DGRSWDGR 5HFXUVRVWRWDOHV $VLD6XGRULHQWDO 3UHVXSXHVWRRUGLQDULRDSUREDGRSDUD 3UHVXSXHVWR 3UHVXSXHVWRVLQ WHyULFRGHVSXpV PRGLILFDU GHDSOLFDUHO PRGHOR 5HGXFFLyQ GHELGDDOD DSOLFDFLyQGHO PRGHOR 2WUDV PRGLILFDFLRQHV SUHVXSXHVWDULDV 3UHVXSXHVWR HIHFWLYDPHQWH DGRSWDGR 5HFXUVRVWRWDOHV 0HGLWHUUiQHR2ULHQWDO 3UHVXSXHVWRRUGLQDULRDSUREDGRSDUD 3UHVXSXHVWR 3UHVXSXHVWRVLQ WHyULFRGHVSXpV GHDSOLFDUHO PRGLILFDU PRGHOR 5HGXFFLyQ GHELGDDOD DSOLFDFLyQGHO PRGHOR 2WUDV PRGLILFDFLRQHV SUHVXSXHVWDULDV 3UHVXSXHVWR HIHFWLYDPHQWH DGRSWDGR 5HFXUVRVWRWDOHV (% $QH[R 3DFtILFR2FFLGHQWDO 3UHVXSXHVWRRUGLQDULRDSUREDGRSDUD 3UHVXSXHVWR 3UHVXSXHVWRVLQ WHyULFRGHVSXpV PRGLILFDU GHDSOLFDUHO PRGHOR 5HGXFFLyQ GHELGDDOD DSOLFDFLyQGHO PRGHOR 2WUDV PRGLILFDFLRQHV SUHVXSXHVWDULDV 3UHVXSXHVWR HIHFWLYDPHQWH DGRSWDGR 5HFXUVRVWRWDOHV ÈIULFD 3UHVXSXHVWRRUGLQDULRDSUREDGRSDUD 3UHVXSXHVWR 3UHVXSXHVWRVLQ WHyULFRGHVSXpV GHDSOLFDUHO PRGLILFDU PRGHOR $XPHQWR GHELGRDOD DSOLFDFLyQGHO PRGHOR 2WUDV PRGLILFDFLRQHV SUHVXSXHVWDULDV 3UHVXSXHVWR HIHFWLYDPHQWH DGRSWDGR 5HFXUVRVWRWDOHV (XURSD 3UHVXSXHVWRRUGLQDULRDSUREDGRSDUD 3UHVXSXHVWR 3UHVXSXHVWRVLQ WHyULFRGHVSXpV PRGLILFDU GHDSOLFDUHO PRGHOR $XPHQWR GHELGRDOD DSOLFDFLyQGHO PRGHOR 2WUDV PRGLILFDFLRQHV SUHVXSXHVWDULDV 3UHVXSXHVWR HIHFWLYDPHQWH DGRSWDGR 5HFXUVRVWRWDOHV $QH[R (% 6HGH 3UHVXSXHVWRRUGLQDULRDSUREDGRSDUD 3UHVXSXHVWRVLQ PRGLILFDU 3UHVXSXHVWR WHyULFRD 5HGXFFLyQE 2WUDV PRGLILFDFLRQHV SUHVXSXHVWDULDV 3UHVXSXHVWR HIHFWLYDPHQWH DGRSWDGR F 5HFXUVRVWRWDOHV D (OPRGHORQRPRGLILFDHOSUHVXSXHVWRGHOD6HGH E /DUHGXFFLyQHVUHVXOWDGRGHODDSOLFDFLyQGHXQDUHFRPHQGDFLyQIRUPXODGDSRUHO'LUHFWRU*HQHUDODOD$VDPEOHD GHOD6DOXGSDUDFRQWULEXLUDODWUDQVIHUHQFLDGHUHFXUVRV F (OSUHVXSXHVWRWRWDODGRSWDGRSDUDFRPSUHQGH86PLOORQHVSDUDJDVWRVYDULRV/D$VDPEOHDGHOD 6DOXGQRSURUUDWHyHVWDVXPDHQWUHODVUHJLRQHV\OD6HGH