)(&+$'(62/,&,78' 'tD 0HV $xR 62/,&,78''(6(*8526'( 75$163257(0$5Ë7,02<$e5(2 5,)1-± ,QVFULWDHQOD6XSHULQWHQGHQFLDGH6HJXURVEDMRHO1 ,'$726'(/720$'25 $SHOOLGRV\1RPEUHV5D]yQ6RFLDO 7LSRGH3HUVRQD 1DWXUDO -XUtGLFD 1URGH&,3DVDSRUWH5,)1URGH1,7 6H[R ) 3DtV /XJDUGH1DFLPLHQWR 0 (VWDGR&LYLO 6 & ' 1DFLRQDOLGDG 9 2WUR ,QJUHVR3URPHGLR$QXDO%V) 0!0!02WUR )HFKDGH1DFLPLHQWR (GDG 2ILFLRX2FXSDFLyQ3HUVRQD1DWXUDOHV 1RPEUHGHO5HJLVWUR0HUFDQWLO (VWDGR (MHUFLFLR,QGHSHQGLHQWH3HUVRQDV1DWXUDOHV 6L 1R 'DWRVGHO5HJLVWUR0HUFDQWLO3HUVRQDV-XUtGLFDV )HFKD 1UR 7RPR 3DtV &LXGDG $FWLYLGDGDODFXDOVHGHGLFD ,QJUHVR$QXDO%V) 5HSUHVHQWDQWH/HJDOGHOD(PSUHVD &DUJRTXH2FXSDHQOD(PSUHVD 1GH&pGXOD3DVDSRUWH $SHOOLGRV\1RPEUHV )HFKD\1GHO2ILFLRHQTXHIXHGHVLJQDGRSRU OD-XQWD'LUHFWLYDFRPR5HSUHVHQWDQWH/HJDO ,,',5(&&,Ï1'(+$%,7$&,Ï1 &DOOH $YHQLGD 6HFWRU 8UEDQL]DFLyQ (GLILFLR7RUUH4XLQWD 3LVR$SWR1UR (VWDGR &LXGDG 0XQLFLSLR 3DUURTXLD =RQD3RVWDO &RQGLFLRQHVGHOD9LYLHQGD 7HOpIRQRGH+DELWDFLyQ&HOXODU 1GHO)D[ (PDLO 3URSLD 1RPEUHGHOD(PSUHVDGRQGH7UDEDMD $OTXLODGD ,,,',5(&&,Ï1'(/$(035(6$ &DUJRTXH'HVHPSHxD $YHQLGD 6HFWRU &DOOH 8UEDQL]DFLyQ (GLILFLR7RUUH4XLQWD 3LVR$SWR1UR (VWDGR &LXGDG 0XQLFLSLR 3DUURTXLD =RQD3RVWDO 7HOpIRQRGH2ILFLQD 7HOpIRQR&HOXODU 1GHO)D[ (PDLO ,9',5(&&,Ï1'(&2%52 2WUD,QGLTXH 6HFWRU &DOOH 8UEDQL]DFLyQ (GLILFLR7RUUH4XLQWD 3LVR$SWR1UR (VWDGR &LXGDG 0XQLFLSLR 3DUURTXLD =RQD3RVWDO 7HOpIRQRGH+DE2ILF82WUD 7HOpIRQR&HOXODU 1GHO)D[ (PDLO +DELWDFLyQ $YHQLGD (PSUHVD 2ILFLQD3ULQFLSDO(GLILFLR6HJXURV9HQH]XHOD3LVRV\$Y)UDQFLVFRGH0LUDQGD8UE&DPSR$OHJUH &KDFDR&DUDFDV±9HQH]XHOD 7HOpIRQRV0DVWHU±)D[ )275$EULO 9$6(*85$'2$',&,21$/ 7LSRGH3HUVRQD 1DWXUDO -XUtGLFD $SHOOLGRV\1RPEUHV5D]yQ6RFLDO 1URGH&,5,) (VWDGR&LYLO 6H[R ) 0 6 & ' 1URGH1,7 /XJDUGH1DFLPLHQWR 3DtV (VWDGR )HFKDGH1DFLPLHQWR (GDG 2ILFLRX2FXSDFLyQ3HUVRQD1DWXUDOHV 2WUR &LXGDG (MHUFLFLR,QGHSHQGLHQWH3HUVRQDV1DWXUDOHV 6L 1R 'DWRVGHO5HJLVWUR0HUFDQWLO )HFKD 1UR 1RPEUHGHO5HJLVWUR0HUFDQWLO (VWDGR 9 &LXGDG 7RPR $FWLYLGDGDODFXDOVHGHGLFD 3DtV ,QJUHVR$QXDO%V) 'LUHFFLyQ 5HSUHVHQWDQWH/HJDOGHOD(PSUHVD $SHOOLGRV\1RPEUHV 1GH&pGXOD3DVDSRUWH &DUJRTXH2FXSDHQOD(PSUHVD )HFKD\1GHO2ILFLRHQTXHIXHGHVLJQDGRSRU OD-XQWD'LUHFWLYDFRPR5HSUHVHQWDQWH/HJDO 9,'2&80(1726$&216,*1$5 3HUVRQD1DWXUDO &RSLDGHOD&pGXODGH,GHQWLGDGR3DVDSRUWH 3HUVRQD-XUtGLFD &RSLDGHO5,)1,7 &RSLDGHORV'RFXPHQWRV&RQVWLWXWLYRVGHOD(PSUHVD\0RGLILFDFLRQHV3RVWHULRUHV &RSLDGHO'RFXPHQWRHQHOFXDOVHGHVLJQDHO5HSUHVHQWDQWH/HJDOGHOD(PSUHVD &RSLDGHOD&pGXODGH,GHQWLGDGR3DVDSRUWHGHO5HSUHVHQWDQWH/HJDOGHOD(PSUHVD 9,,%,(1(6325$6(*85$52%-(72'(/75$163257( &RQVLVWHQWHHQ 3URFHGHQFLDGHORVELHQHVRLQLFLRGHO7UDQVSRUWH 'HVWLQRGHORVELHQHVRILQDOGHO7UDQVSRUWH /XJDUHVGHGHSyVLWRVWUDQVLWRULRVGHODPHUFDQFtD 7LSRGH3yOL]DTXHVHVROLFLWD 3URSLRV 'H7HUFHURV 9,,,/Ë0,7(6'(5(63216$%,/,'$' 'HFODUDWLYD 3RU'HVSDFKR 2WUD $ELHUWD 3RU(PEDUTXH 0i[LPRHQXQPLVPROXJDU\DXQPLVPRWLHPSR 3HUtRGRGHOVHJXURFRQWUDWDGR $QXDO 6HPHVWUDO 0HQVXDO 3RU9LDMH 1~PHURGHYLDMHVHVWLPDGRVVHJ~QHOSHUtRGRGHVHJXURTXHVHFRQWUDWD 9DORUGHORVELHQHVTXHVHWUDQVSRUWDQ 9ROXPHQDQXDOGHGHVSDFKRVHVWLPDGR 7UDQVSRUWH 0DULWLPR $pUHR 9DOXDFLyQVXPDDVHJXUDGD $xRGHOD1DYH /tQHD7UDQVSRUWDGRUD 7RQHODGDV (VWDGRGHOD1DYH )HFKDGH&RPLHQ]RGHO6HJXUR 3XHUWRGHSDUWLGD 3DtV 3XHUWRGHOOHJDGD 3DtV $OPDFpQGHSDUWLGDGHORVELHQHV $OPDFpQGHOOHJDGDGHORVELHQHV ,;,1)250$&,Ï1*(1(5$/ 3yOL]D$QWHULRU 6L 1R 1RPEUHGHOD&RPSDxtD$VHJXUDGRUD$QWHULRU ¢3RUTXLpQIXHUHVXHOWDOD3yOL]D" 3RUOD&RPSDxLD 3RUHO$VHJXUDGR 3RUHO,QWHUPHGLDULR 2WURV 5D]RQHVGHODWHUPLQDFLyQGHODSyOL]D 6LQLHVWUDOLGDG~OWLPRVWUHVDxRV 0RQWRGHORVVLQLHVWURV%V) 3HJDGRV 1~PHURGH6LQLHVWURV 3HQGLHQWHVGH3DJR 0RQWR6LQLHVWURV0D\RU%V) 'HVFULELUEUHYHPHQWHODFDXVDGHORVVLQLHVWURVRFXUULGRVHQORV~OWLPRVDxRV 6LQLHVWUDOLGDG~OWLPRVWUHVDxRV 0RQWRGHORVVLQLHVWURV%V) 1~PHURGH6LQLHVWURV 3HJDGRV 3HQGLHQWHVGH3DJR 0RQWR6LQLHVWURV0D\RU%V) 'HVFULELUEUHYHPHQWHODFDXVDGHORVVLQLHVWURVRFXUULGRVHQORV~OWLPRVDxRV ;275$6&2%(5785$6 ,QGLFDU VL HO VROLFLWDQWH WLHQH RWURV WLSRV GH &REHUWXUDV GH OD PLVPD QDWXUDOH]D TXH FXEUDQ ORV PLVPRV ELHQHV H LQIRUPDUODV&RPSDxtDV$VHJXUDGRUDV\ORVPRQWRVDVHJXUDGRV %HQHILFLDULRVQRPEUDGRV 2EVHUYDFLRQHV 3$5$862(;&/86,92'(/$&203$fË$'(6(*8526 021('$'(/$3Ï/,=$%2/Ë9$5(6'Ï/$5(6 &2%(5785$6 (OYDORUD$VHJXUDUVHDPSDUDFRQWUDORVFRVWRVGH 0HQVXDO 0RYLPLHQWR(VWLPDGR &RVWR1HWR $QXDO %V) 2WURV )OHWH 0RQWR0i[LPRSRU'HVSDFKR%V) 0RQWR0i[LPRSRU%XOWR%V) 2WURV 7UDQVSRUWHDGLFLRQDOGHORVELHQHV $pUHR 7HUUHVWUH +DVWD 'HVGH 6HJ~Q&RWL]DFLyQ /tQHD 'pGHWDOOHVUHIHUHQWHDOD&RWL]DFLyQRDQH[HODPLVPD '$726'(/$3Ï/,=$ 7LSRGH3yOL]D &yG&tD ,QGLYLGXDO &ROHFWLYRR)ORWD (PLVLyQ0DQXDO *UXSR 0XOWLORFDO5, 6L 1R 0XOWLORFDO5' 9LJHQFLDGHOD3yOL]D 'HVGH +DVWD &yG5DPR5JR 13yOL]D 15HFLER 3ULPD5HFLER%V) 5HQRYDFLyQ$XWRPiWLFD 6L 1R &yG6FXU 7LSRGH9LJHQFLD 1RUPDO &RUWR3OD]R 7DVD 3URUUDWD $ELHUWD 0HQVXDO 7ULPHVWUDO 6HPHVWUDO $QXDO )RUPDGH3DJR 'HFODUDWLYDFRQ3ULPDGH'HSyVLWR'' 'HFODUDWLYDFRQ$MXVWH$QXDO'$ 'HFODUDWLYDVLQ$MXVWH'6 5HFDUJR 3ULPD'HSyVLWR%V) )XHQWHGH1HJRFLR 'LUHFWR 'LUHFWRFRQ&RDVHJXUR&HGLGR 6L 1R ,QWHUPHGLDULRV &RDVHJXUR$FHSWDGR 5HDVHJXUR$FHSWDGR 2ULJHQGHO1HJRFLR 1RUPDO &XHQWDV(VSHFLDOHV 1HJRFLRV(VSHFLDOHV 1HJRFLRV5HIHULGRV $GPLQLVWUDWLYRV 1HJRFLRVGHO(VWDGR *UDO&RPLVLyQ &yG&RPELQDGR3URGXFWRU &yG3URGXFWRU 1RPEUHGHO3URGXFWRU &yG3URGXFWRU 1RPEUHGHO3URGXFWRU '$726'(/&2$6(*852$&(37$'2 &yG&RPSDxtD/tGHU 13yOL]D/tGHU 1&HVLyQ/tGHU 'DWRVGHO&RDVHJXUR&HGLGR 5HSHWLFLyQ &yG&RDVHJXUDGRU 7RWDOHV«« 'HGXFLEOH 3DUWLF &RPLVLyQ 7LSRGH 'LVWULEXFLyQ 1XHVWUR3DUWLFLSDFLyQ 'DWRVGHO5HDVHJXUR&HGLGR &yGLJR &yGLJR &yGLJR 3DUWLF 7UDWDGR 5HDVHJXUDGRU 6HULH 7RWDOHV«« &RPLVLyQ ;,'(&/$5$&,Ï1'()( <RBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB WLWXODU GH OD FpGXOD GH LGHQWLGDG 1UR BBBBBBBBBBBBBBBBBBBBBBBBBBBB HQ PL FDUiFWHU GH BBBBBBBBBBBBBBBBBBBBBBGHFODUR TXH OD LQIRUPDFLyQ SURSRUFLRQDGD HQ OD SUHVHQWH VROLFLWXG TXH IRUPDUD SDUWH LQWHJUDQWH GH OD V SyOL]D V HQ WUiPLWHV GH HPLVLyQ HV HQWHUDPHQWH FRQIRUPH D OD YHUGDG \ TXH QR KH KHFKR RPLVLRQHVQLRFXOWDGRLQWHQFLRQDOPHQWHLQIRUPDFLyQQHFHVDULDSDUDODFRUUHFWDDSUHFLDFLyQGHOULHVJR <RHOWRPDGRUGR\IpTXHHOGLQHURXWLOL]DGRSDUDHOSDJRGHODSULPDGHODSyOL]DDVXVFULELUSURYLHQHGHXQDIXHQWHOtFLWD SRUORWDQWRQRWLHQHUHODFLyQDOJXQDFRQGLQHURFDSLWDOHVELHQHVKDEHUHVYDORUHVRWtWXORVSURGXFWRGHODVDFWLYLGDGHV LOtFLWDVRGHGHOLWRVGH/HJLWLPDFLyQGH&DSLWDOHVSUHYLVWRVHQOD/H\2UJiQLFDFRQWUDOD'HOLQFXHQFLD2UJDQL]DGD )LUPDGRHQ HOGtD GHOPHVGH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB GHODxR BBBBBBBBBBBBBBBBBBBBBBBBBBBBB )LUPDGHOVROLFLWDQWHR5HSUHVHQWDQWH/HJDO )LUPDGHO,QWHUPHGLDULRGH6HJXURV &,1BBBBBBBBBBBBBBBBB &yGLJR1BBBBBBBBBBBBB &DUJRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6HOORGHOD&RPSDxtD $SUREDGRSRUOD6XSHULQWHQGHQFLDGH6HJXURVPHGLDQWH2ILFLR1GH)HFKD