IDXGXQF $&5(',7$&,Ð1&21($8 )$&8/7$''($548,7(&785$ 85%$1,602<',6(f2,1'8675,$/ 81,9(56,'$'1$&,21$/'(&Ð5'2%$ G )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ ))$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$ $&8/7 /7$' '( $548,7(&785$ 85%$1,602 < ',6(f2 '( /$ 81,9(56,'$' 1$&,21$/ '( &Ð5'2%$ )$8' ))$8' )$ $8' LQIRUPHGH DXWRHYDOXDFLyQ G ',0(16,Ð1'26 3/$1'((678',26 LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ G ,1',&( 3ODQGHHVWXGLRVSDJ 3URJUDPDVDQDOtWLFRV\&RQWHQLGRVFXUULFXODUHVSDJ $VLJQDWXUDVHOHFWLYDVSDJ 7UDEDMR)LQDO6tQWHVLV\3UiFWLFD3URIHVLRQDO$VLVWLGD33$SDJ $UWLFXODFLyQKRUL]RQWDO\YHUWLFDOSDJ 6XSHUSRVLFLyQWHPiWLFDSDJ 7tWXOR,QWHUPHGLRSDJ (VWUDWHJLDVGHWUDQVLFLyQSDJ $QiOLVLVGHODVLWXDFLyQDFWXDOGHOD&DUUHUDSDJ LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' 3/$1'((678',26 'HVFULELU EUHYHPHQWH OD HVWUXFWXUD FXUULFXODU GHOORV SODQHV GH HVWXGLR DQDOL]DU VL VH FXPSOH FRQ ORV FRQWHQLGRV FXUULFXODUHVEiVLFRVILMDGRVHQHO$QH[R,GHODUHVROXFLyQPLQLVWHULDODQDOL]DUVLVHFXPSOHFRQODFDUJDKRUDULDPtQLPD ILMDGDHQHO$QH[R,,GHODUHVROXFLyQPLQLVWHULDODQDOL]DUVLVHFXPSOHFRQORVFULWHULRVGHLQWHQVLGDGGHODIRUPDFLyQ SUiFWLFDVHJ~QHO$QH[R,,,GHODUHVROXFLyQPLQLVWHULDO6LKXERFDPELRVHQHOSODQGHHVWXGLRVH[SOLFDUORVHQGHWDOOH\ DQDOL]DUHQSURIXQGLGDGORVSXQWRVVHxDODGRVSUHYLDPHQWH&RQVLGHUDUORFRQVLJQDGRHQODVILFKDVGH$FWLYLGDGHV &XUULFXODUHVGHOIRUPXODULRHOHFWUyQLFR (O3ODQGH(VWXGLRVGHOD)$8'FXPSOHFRPSOHWDPHQWHFRQODFDUJDKRUDULDPtQLPDDVt FRPR FRQ WRGRV ORV &RQWHQLGRV &XUULFXODUHV %iVLFRV &&% UHTXHULGDV SRUOD 5HVROXFLyQ 0LQLVWHULDO (Q WpUPLQRV JHQHUDOHV ODV PRGDOLGDGHV GH IRUPDFLyQ PXHVWUDQ XQD WHQGHQFLD D GLULJLU HO SURFHVR GH HQVHxDQ]D \ DSUHQGL]DMH GH IRUPD SUHGRPLQDQWHPHQWH SUiFWLFD VXSHUDQGR OD SURSRUFLyQGHFDUJDKRUDULDSDUDFRQWHQLGRVGH3UR\HFWR8UEDQLVPR\3ODQHDPLHQWR383\ ORV UHIHULGRV D 3URGXFFLyQ GH 2EUDV 32 SUHSDUDQGR DO HVWXGLDQWH SDUD HO HMHUFLFLR SURIHVLRQDO$VLPLVPRODSURIXQGL]DFLyQGHFRQWHQLGRVUHIHULGRVDODFUtWLFD\ODWHRUtDGHOD DUTXLWHFWXUDHOXUEDQLVPR\ODSODQLILFDFLyQIRUWDOHFHQODLQWHUSUHWDFLyQGHODDUTXLWHFWXUDFRPR SDUWHGHODFXOWXUD\FRPRUHIOHMRGHXQSHQVDPLHQWRUHODWLYRGLQiPLFRHLQWHJUDGRU 6LELHQVHKDQLQFRUSRUDGRPtQLPDVPRGLILFDFLRQHVDO3ODQGH(VWXGLRVODVPLVPDV UHVSRQGHQDVXPHMRULPSOHPHQWDFLyQXRWUDVUHTXHULGDVSRU OD/H\GH(GXFDFLyQ6XSHULRU $GDSWDFLyQ GHO FXUVR GH QLYHODFLyQ 5HVRO +&6 \ FDPELR JUDGXDO GH FRUUHODWLYLGDGHV 5HVRO +&' $VLPLVPR QR FRPSURPHWH QL PRGLILFD FRQWHQLGRV FXUULFXODUHVEiVLFRVQLFDUJDKRUDULD'LFKDVPRGLILFDFLRQHVVHFRQVLGHUDQXQDDGHFXDFLyQ GHO3ODQGH(VWXGLRVDORVUHTXHULPLHQWRV\HVWUDWHJLDVGHPHMRUDVGHOQLYHOGHFXUVDGDGH ORVHVWXGLDQWHVHQXQWRGRGHDFXHUGRDODVUHJODPHQWDFLRQHV\H[LJHQFLDVGHOD81&\GHOD /H\GH(GXFDFLyQ6XSHULRU (6758&785$'(/3/$1'((678',26'(/3/$1 6HHQWLHQGHSRU3ODQGH(VWXGLRVDOGRFXPHQWRFXUULFXODUHQHOTXHVHRUJDQL]DQFRQXQLGDG\ FRKHUHQFLDODVPDWHULDVRDVLJQDWXUDVFRQVXV&RQWHQLGRV&XUULFXODUHV%iVLFRV&&%VXV IRUPDWRVSURSLRVVHPLQDULRVWDOOHUHVRWURV\H[SHULHQFLDVSDVDQWtDVWUDEDMRVGHFDPSR RWURVTXHJDUDQWL]DQODIRUPDFLyQDFDGpPLFDQHFHVDULDSDUDDOFDQ]DUODWLWXODFLyQ (O3ODQGH(VWXGLRVHVWUXFWXUD\RUGHQDORVFRQWHQLGRVSDUDIRUPDUSURIHVLRQDOHV$UTXLWHFWRV TXHHQHOPDUFRGHVXVFRPSHWHQFLDVSUHYHDQHVWXGLHQ\UHVXHOYDQSUREOHPDVUHODWLYRVDO KiELWDWFRQVWUXLGR\SRUFRQVWUXLU(ODUTXLWHFWRHVXQSURIHVLRQDOGHODSUR\HFWDFLyQHMHFXFLyQ\ SODQLILFDFLyQGHHVSDFLRV\REMHWRVDUTXLWHFWyQLFRV\RXUEDQRDUTXLWHFWyQLFRV(VWDUHDOLGDG LQFOX\H ORV FDPSRV GH OD UHIOH[LyQ WHyULFRKLVWyULFD OD H[SUHVLyQ \ FUHDFLyQ IRUPDO OD LQYHVWLJDFLyQ \ SHUIHFFLRQDPLHQWR WHFQROyJLFR HO HVWXGLR \ FRQVLGHUDFLyQ GH ORV UHFXUVRV PDWHULDOHVHFRQyPLFRV\GHJHVWLyQQHFHVDULRVSDUDODFRQFUHFLyQGHODVREUDV3DUDWDOILQVH YDOH GH LQVWUXPHQWRV FRQFHSWXDOHV SURFHGLPLHQWRV FLHQWtILFRV \ PDQHMR GH KHUUDPLHQWDV PHWRGROyJLFDV \ GH UHSUHVHQWDFLyQ GH H[SUHVLyQ \ FRPXQLFDFLyQ GH OD LPDJHQ H LGHDV FRQFHELGDVHPHUJHQWHVGHOHVWXGLRLQWHJUDOGHORVSUREOHPDVSXHVWRVDFRQVLGHUDFLyQGHO SURIHVLRQDOSDUDVXVROXFLyQ +DEODUGHODVSURSXHVWDVDFDGpPLFDVGHIRUPDFLyQSURIHVLRQDOLPSOLFDUHFRQRFHUQRVyOROD SUHVHQFLD GH FDPSRV GH FRQRFLPLHQWR TXH ODV DOLPHQWDQ VLQR WDPELpQ OD SUHVHQFLD GH HVWUXFWXUDVFXUULFXODUHVTXHSODVPDGDVHQHOWH[WRGHXQSODQGHHVWXGLRVVHFRQYLHUWHQHQ PDUFRGHUHIHUHQFLDDQWLFLSDWRULRRUJDQL]DQGR\UHJXODQGRHOSURFHVRGHIRUPDFLyQ(VGHFLU LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ GHILQHQORVOtPLWHV\ODVIRUPDVGHOFRQRFLPLHQWRDWUDQVPLWLUFRQVWLWX\HQGRXQWH[WRSULYLOHJLDGR SDUDPRVWUDUHOSHUILOSURIHVLRQDOTXHVHGHVHDIRUPDU3HUILOGHOHJUHVDGR3ODQGH(VWXGLR )$8'81& /D &DUUHUD GH $UTXLWHFWXUD \ 8UEDQLVPR WLHQH XQD GXUDFLyQ GH VHLV DxRV TXH LQFOX\H HO GHVDUUROOR GH XQD WHVLV GH JUDGR FRPR H[LJHQFLD SDUD OD JUDGXDFLyQ 6H RUJDQL]D DFDGpPLFDPHQWHHQXQDHVWUXFWXUDFRQVWLWXLGDSRUWUHV&LFORV%iVLFR0HGLR\6XSHULRUORV TXHHQWRWDODJUXSDQVHLV1LYHOHVR$xRV$FDGpPLFRV\SRUFXDWURÈUHDVGHOFRQRFLPLHQWR $UTXLWHFWXUD\'LVHxR7HFQRORJtD0RUIRORJtDH,QVWUXPHQWDFLyQ\&LHQFLDV6RFLDOHV(QHVWH PRPHQWRHVWiHQSOHQDYLJHQFLDHO3ODQGH(VWXGLRV5HV+&6QRTXHGDQGR QLQJ~QDOXPQRDOLQLFLRGHOFLFOROHFWLYRHQSODQHVGHHVWXGLRVDQWHULRUHV &8$'526tQWHVLVGHODHVWUXFWXUDGHOSODQ &XUVRGH1LYHODFLyQ 0yGXOR,GLRPDV 3UREOHPiWLFDGHOGLVHxR\VXH[SUHVLyQ (VWUDWHJLDVGHDSUHQGL]DMH\WpFQLFDVGHHVWXGLR ÈUHD 1LYHO 1LYHO 1LYHO ÈUHD 7HFQRORJtD ÈUHD$UTXLWHFWXUD \'LVHxR ,QWU$OD+LVWRULD 0DWHPiWLFD )tVLFD ,QWU$OD7HFQRORJtD $UTXLWHFWXUD, 0RUIRORJtD,, +LVWRULD, 7HRUtD\0pWRGRV &RQVWUXFFLRQHV, ,QVWDODFLRQHV, (VWUXFWXUDV, (VWUXFWXUDV, $UTXLWHFWXUD,, ,QIRUPiWLFD 0RUIRORJtD,, +LVWRULD,, &RQVWUXFFLRQHV,, ,QVWDODFLRQHV,, 0DWHPiWLFD,, (VWUXFWXUDV,, $UTXLWHFWXUD,,, +LVWRULD,,, &RQVWUXFFLRQHV,,, ,QVWDODFLRQHV,,, (VWUXFWXUDV,,, $UTXLWHFWXUD,9 8UEDQLVPR, $UTXLWHFWXUD 3DLVDMLVWD (OHFWLYDV (OHFWLYDV (VWUXFWXUDV,9 7RSRJUDItD 3URGXFFLyQ\*HVWLyQ (OHFWLYDV $UTXLWHFWXUD9 (TXLSDPLHQWR 8UEDQLVPR,, (OHFWLYDV 33$ ,',20$6 1LYHO &LFOR0(',2 (/(&7,9$6 ÈUHD&LHQFLDV 6RFLDOHV 6LVWHPDV*Ui¿FRV 0RUIRORJtD, 1LYHO &LFOR0(',2 1LYHO &LFOR%È6,&2 1LYHO ÈUHD0RUIRORJtD H,QVWUXPHQWDFLyQ ,QJOpV3RUWXJXpV ([SHULHQFLDV SUR\HFWXDOHV DOWHUQDWLYDV *Ui¿FD$UTXLWHFWyQLFD 3URFHVRVJHQHUDWLYRV GHOHVSDFLR ([SHULHQFLDV ([SHULHQFLDV SUR\HFWXDOHV SUR\HFWXDOHV DOWHUQDWLYDV DOWHUQDWLYDV 6RFLRORJtD $F~VWLFDXUEDQD H[WHULRU &UtWLFDGHOD &RQVWUXFFLRQHV $UTXLWHFWXUD LQWHULRULVWDVSRU $UTXLWHFWXUD$UWH\ YtDVHFD )LORVRItD &RQVHUYDFLyQGHO 7pFQLFDVDX[LOLDUHV\ FRPSOHPHQWRVGH 3DWULPRQLR WRSRJUDItD *5$),&26tQWHVLVGHODHVWUXFWXUDGHOSODQ LQIRUPHGHDXWRHYDOXDFLyQ $UTXLWHFWXUD9, 7HVLVGH*UDGR ([SHULHQFLDV SUR\HFWXDOHV DOWHUQDWLYDV *HVWLyQDPELHQWDO GHOSDLVDMH $UTXLWHFWXUDGHOD YLYLHQGD (VSDFLRWXUtVWLFR 7DOOHUGH LQYHVWLJDFLyQ DUTXLWHFWXUD XUEDQLVPR\GLVHxR (ODERUDFLyQGH SUR\HFWRV 7DOOHUGLVHxR FRUSRUDWLYR GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ (O3ODQGH(VWXGLRV&DUUHUDGH$UTXLWHFWXUDHVWiRUJDQL]DGRDFDGpPLFDPHQWHVHJ~QOD VLJXLHQWHHVWUXFWXUD y &LFORVFRQVXV1LYHOHVR$xRV$FDGpPLFRV y ÈUHDVDPOTVTDBNQPTEFDPOPDJNJFOUPT y $VLJQDWXUDVRPDWHULDVUHODFLRQDGDVSRUiUHDGHFRQRFLPLHQWR /RV&LFORVHVWUXFWXUDQODIRUPDFLyQDFDGpPLFDHQWUHVLQVWDQFLDVVHFXHQFLDOHV\JUDGXDOHV y (O&LFOR%iVLFR$xRGHFDUiFWHULQWURGXFWRULRLQVWUXPHQWDOSDUDDSRUWDU\RSURPRYHU HOGHVDUUROORGHFDSDFLGDGHVEiVLFDVHLQVWUXPHQWDOHV y (O&LFOR0HGLRGHDDxRVGHFDUiFWHUIRUPDWLYRSDUDDSRUWDUFRQWHQLGRVFRQFHSWXDOHV \RSHUDWLYRVGHWHUPLQDQGRODLQFXPEHQFLDSURIHVLRQDO\ y (O &LFOR 6XSHULRU \ DxRV SDUD SURIXQGL]DU FRQWHQLGRV FRQ pQIDVLV HQ OR LQWHUGLVFLSOLQDULRDERUGDMHFLHQWtILFRGHODVSUREOHPiWLFDV\ODRULHQWDFLyQKDFLDXQDIXWXUD HVSHFLDOL]DFLyQ (QXQWRGRGHDFXHUGRFRQHO$QH[R,GHOD5HVROXFLyQ0LQLVWHULDOFRQVWLWX\HQXQD ³HWDSDGHOSURFHVRIRUPDWLYRTXHWLHQHILQDOLGDGSURSLDVLQH[FOXLUODSRVLELOLGDGGHXQDDSHUWXUD D XQD HWDSD SRVWHULRU GH SHUIHFFLRQDPLHQWR R SURIXQGL]DFLyQ GH ORV HVWXGLRV IDFLOLWDGR OD FRRUGLQDFLyQKRUL]RQWDOGHODFDUUHUD\SRUORWDQWRGHOWUDEDMRLQWHUGLVFLSOLQDULRWHQLHQGRSRU REMHWLYR´XQDGHOLPLWDFLyQWHPSRUDOFRQPHWDVLQWHUPHGLDVDORJUDUHQHOFRQWH[WRJHQHUDOGHOD FDUUHUDSHUPLWLHQGRODHVWUXFWXUDFLyQGHFRQRFLPLHQWRVKDELOLGDGHV\DFWLWXGHVGHPDQHUD VLQFUyQLFD &LFOR%iVLFR&RQVWLWXLGRSRU1LYHO,3ULPHU$xR5HILHUHD³ODDGTXLVLFLyQGHFRQRFLPLHQWRV\ FDSDFLGDGHVEiVLFDVHLQVWUXPHQWDOHV´$QH[R,0(&\7'HFDUiFWHULQWURGXFWRULR\EDVDGR HQ OD FRQFHSWXDOL]DFLyQ JOREDO GH GLVFLSOLQD VX SUREOHPiWLFD VX FRPSOHMLGDG VXV SDUWHV FRQVWLWXWLYDV (VWi FRQIRUPDGR SRU DTXHOORV FRQRFLPLHQWRV QHFHVDULRV SDUD ORJUDU XQD IRUPDFLyQEiVLFDUHTXHULGDSDUDDSUHQGL]DMHVSRVWHULRUHV (VWDHWDSDDGHPiVGHHVWDEOHFHUQH[RVFRQORVFRQRFLPLHQWRVSUHYLRVGHORVLQJUHVDQWHVHVWi RULHQWDGDDODIRUPDFLyQLQLFLDOHQ$UTXLWHFWXUD\VXHVWXGLRDHVWLPXODUODVSRWHQFLDOLGDGHVGH ORVDOXPQRV\DFRQVWUXLUHQHOORVXQDHVWUXFWXUDEiVLFDGHLQIRUPDFLyQHVSHFtILFDGLVWULEXLGDHQ ODV iUHDV GH 5HSUHVHQWDFLyQ \ ([SUHVLyQ &LHQFLDV %iVLFDV 7HFQRORJtD 'LVHxR GH $UTXLWHFWXUD)RUPD$UTXLWHFWyQLFDH+LVWRULDGHOD$UTXLWHFWXUD\HO8UEDQLVPR &LFOR0HGLR&RQVWLWXLGRSRU1LYHOHV,,,,,\,96HJXQGR7HUFHU\&XDUWR$xR'HFDUiFWHU LQVWUXPHQWDOGHFRQVROLGDFLyQYRFDFLRQDO\GHIRUPDFLyQSURIHVLRQDOHVWHFLFORVHFHQWUD³HQOD IRUPDFLyQSUR\HFWXDO\WpFQLFDHVSHFtILFDSURSLDGHODGLVFLSOLQD´$QH[R,0(&\7'HVDUUROOD ODHVSHFLILFLGDGGLVFLSOLQDU (V XQ FLFOR IRUPDWLYR HQ FRQWHQLGRV FRQFHSWXDOHV SURFHGLPHQWDOHV \ RSHUDWLYRV TXH SURPXHYHDGHPiVODFDSDFLGDGGHUHIOH[LyQFUtWLFDHOSHQVDPLHQWRWHyULFR\ODFDSDFLGDG SUR\HFWXDOWDQWRHQORSURSRVLWLWRFUHDWLYRFRPRHQHOGHVDUUROORWHFQROyJLFR\FRQVWUXFWLYR &LFOR6XSHULRU&RQVWLWXLGRSRU1LYHOHV9\9,4XLQWR\6H[WR$xR³$EDUFDODFXOPLQDFLyQGH ODV RULHQWDFLRQHV HVSHFLDOL]DFLRQHV R LQWHJUDFLRQHV GH FRQRFLPLHQWRV \ FDSDFLGDGHV DGTXLULGDVGXUDQWHODVLQVWDQFLDVDQWHULRUHV´$QH[R,0(&\7(OPLVPRHVWiRULHQWDGRDOD VLPXODFLyQ GHO HMHUFLFLR GHO URO SURIHVLRQDO GHQWUR GH OD HVWUXFWXUD DFDGpPLFD GH JUDGR LQWURGXFHHQODLQYHVWLJDFLyQLQWHUGLVFLSOLQDULD\ODDGTXLVLFLyQGHFRQRFLPLHQWRV\SUiFWLFDV YLQFXODGDVFRQIXWXUDVHVSHFLDOL]DFLRQHVGHILQLHQGRRUHFRQRFLHQGRLQWHUHVHVHLQFOLQDFLRQHV SURIHVLRQDOHV (VDODYH]HWDSDGHDXWRJHVWLyQGHWDUHDVSRUSDUWHGHOHVWXGLDQWHGHQWURGHVXHQVHxDQ]DGH JUDGRHVSHFLDOPHQWHHQ1LYHO9,(VWH~OWLPRDVSHFWRSUHDQXQFLDODDFWLWXGLQWHJUDGRUD\GH UHVSRQVDELOLGDGTXHGHVDUUROODUiHQVXIXWXUDDFWLYLGDGSURIHVLRQDO(OHVWXGLDQWHUHDOL]DUiHQ HVWHFLFORHOFLHUUHGHVXSURFHVRGHHQVHxDQ]DDSUHQGL]DMH\SRGUiFRPSUREDUGHPRVWUDU\ YHULILFDUODVFRPSHWHQFLDVSURIHVLRQDOHVDGTXLULGDVDORODUJRVXVHVWXGLRV LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' È5($6 /DViUHDVGHOFRQRFLPLHQWR5HV+&'DJUXSDQODVDVLJQDWXUDVGHDFXHUGRDORV &RQWHQLGRV%iVLFRV&XUULFXODUHV (VWDGLYLVLyQHQiUHDVHVSHFLDOL]DGDVVHKDFHWDQWRPiVQHFHVDULDHQODPHGLGDTXHDXPHQWDQ \VHSURIXQGL]DQORVFRQRFLPLHQWRVDODOX]GHODVWUDQVIRUPDFLRQHVWHFQROyJLFDVVRFLDOHV HFRQyPLFDVFXOWXUDOHV\DPELHQWDOHV(O3ODQGH(VWXGLRVSURSRQHODUHFRPSRVLFLyQGHORV FRQRFLPLHQWRV VREUH OD EDVH GH XQD UHIOH[LyQ KROtVWLFD \WRWDOL]DGRUD GH OD FXOWXUD PDWHULDO FRQWHPSRUiQHD3DUDHOORVHYDOHGHXQSURFHVRLQWHJUDGRUTXHVHGHVDUUROODHQHOWLHPSRFRQ GLIHUHQWHVQLYHOHVGHSURIXQGLGDG\GHFRQRFLPLHQWRVFLHQWtILFRV\TXHUHVXHOYHORGLYHUVRHQ XQDXQLGDGHOREMHWRDUTXLWHFWyQLFRRDUTXLWHFWyQLFRXUEDQR 'HVGHHVWDSHUVSHFWLYDODGHPDUFDFLyQGHORVFRQWHQLGRVHQFDGDiUHDGHODFDUUHUDVHYXHOYH HVWUDWpJLFDHQODPHGLGDTXHVHGHEHWHQHUDGLVSRVLFLyQHOFDXGDOFRPSOHWRGHFRQWHQLGRV QHFHVDULRVTXHYDQDFRQILJXUDUODVtQWHVLVDUTXLWHFWyQLFD (Q XQ WRGR GH DFXHUGR FRQ OD 5HVROXFLyQ 0LQLVWHULDO VH UHFRQRFHQ HQ HO 3ODQ GH (VWXGLRV FXDWUR iUHDV$UTXLWHFWXUD \ 'LVHxR 7HFQRORJtD 0RUIRORJtD H ,QVWUXPHQWDFLyQ \ &LHQFLDV6RFLDOHV $6,*1$785$6 (QFXDQWRDODV$VLJQDWXUDVGHOD&DUUHUDVRQGHFDUiFWHU2EOLJDWRULR(QHO&LFOR6XSHULRUVH LQFRUSRUDQDGHPiV$VLJQDWXUDVGHFDUiFWHURSWDWLYRHOHFWLYDVVHJ~QODGHQRPLQDFLyQYLJHQWH HQOD)$8' FRQODILQDOLGDGGHSHUPLWLUHVFRJHUFDPSRVGHVXLQWHUpVDODYH]TXHDEULUOD IRUPDFLyQ KDFLD XQD IXWXUD HVSHFLDOL]DFLyQ 5HVROXFLyQ +&' \ 2UGHQDQ]DV +&' \ $GHPiV GH ODV PHQFLRQDGDV H[LVWHQ RWUDV GRV DVLJQDWXUDV FRQWHQLGDV HQ HO &XUVR GH 1LYHODFLyQSDUD,QJUHVDQWHV(VWUDWHJLDVGHDSUHQGL]DMHH,QWURGXFFLyQDODSUREOHPiWLFDGHO GLVHxR\VXH[SUHVLyQ5HV+&6\+&62UGHQDQ]D+&'\+&6 \ORV0yGXORVGH,GLRPD,QJOHVR3RUWXJXpVH[LJLGRSRUOD81&5HV+&6 &8562'(1,9(/$&,Ï1 (OFXUVRSURSRQHODFUHDFLyQGHXQHVSDFLRGHUHIOH[LyQLQLFLDWLYD\WUDEDMRFRQHOILQGHDUWLFXODU \QLYHODUORVFRQRFLPLHQWRVSUHYLRVGHORVDOXPQRVEXVFDQGRDQWLFLSDUDOJXQRVFRQWHQLGRVTXH SRVWHULRUPHQWHGHVDUUROODUiQDORODUJRGHODFDUUHUD/DVVLJQLILFDWLYDVGLIHUHQFLDVFRJQLWLYDV VRFLDOHV FXOWXUDOHV \ GH H[SHFWDWLYDV HQWUH ORV DVSLUDQWHV LPSOLFDQ UHFRQRFHU OD KHWHURJHQHLGDG DO PRPHQWR GH GLVHxDU HVWUDWHJLDV GLQiPLFDV \ SHQVDU HQ DOWHUQDWLYDV SHGDJyJLFRGLGiFWLFDV TXHDWLHQGDQDHVWDVGLIHUHQFLDVHLQWHJUHQDORVHVWXGLDQWHVHQXQ iPELWRGHSDUWLFLSDFLyQ /DV SDXWDV JHQHUDOHV GH RUJDQL]DFLyQ \ FDUiFWHU GHO &XUVR GH 1LYHODFLyQ FRPSDUWHQ XQD LPSOHPHQWDFLyQFRP~QSDUDDPEDVFDUUHUDV$UTXLWHFWXUD\'LVHxR,QGXVWULDO\HOGHVDUUROOR SUiFWLFR GLIHUHQFLDGR REMHWLYR TXH VH DOFDQ]D PHGLDQWH OD FRQIRUPDFLyQ GH FRPLVLRQHV HVSHFtILFDVSDUDFDGDXQDGHODVFDUUHUDV(OFXUVDGRVHH[WLHQGHGXUDQWHHOPHVGHIHEUHUR FRQXQDFDUJDKRUDULDGHKV\VXRULHQWDFLyQHVLQWURGXFWRULD\GLULJLGDDOUHFRQRFLPLHQWRGH DSWLWXGHVHLQWHUHVHVYRFDFLRQDOHVHQORVDVSLUDQWHV$VLPLVPRVHSURPXHYHHOFRQWDFWRFRQ ODVSURIHVLRQHVTXHHQHOODVHGLFWDQ\HOFRQRFLPLHQWRVREUHODLQVWLWXFLyQ\VXRUJDQL]DFLyQ(O PLVPRHVWiLQWHJUDGRSRUGRVDVLJQDWXUDV³,QWURGXFFLyQDOD3UREOHPiWLFDGHO'LVHxR\VX ([SUHVLyQ´\³(VWUDWHJLDVGH$SUHQGL]DMH´ (VQHFHVDULRDFODUDUTXHODGHQRPLQDFLyQ(OHFWLYDGHQWUROD)DFXOWDGGH$UTXLWHFWXUDFRUUHVSRQGHFRQODGH$VLJQDWXUDV2SWDWLYDVGH OD8QLYHUVLGDG1DFLRQDOGH&yUGRED\DTXHFRQHVHQRPEUHVHLGHQWLILFDQDODVTXHVHGLFWDQGHQWURGHODPLVPD8QLGDG$FDGpPLFD\ $VLJQDWXUDV(OHFWLYDVVRQODVTXHVHGLFWDQIXHUDGHOD8QLGDG$FDGpPLFD(VWDGLVFUHSDQFLDHQFXDQWRDODGHQRPLQDFLyQSODQWHDOD QHFHVLGDGGHPRGLILFDUODPLVPDSDUDDMXVWDUVHDOPDUFRLQVWLWXFLRQDOGHOD81& LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ $SDUWLUGH\GDQGRFXPSOLPLHQWRDOD5HVROXFLyQ\GHO+&6GHOD81&VH LPSOHPHQWDHO&LFORGH1LYHODFLyQ/RVREMHWLYRVGHOPLVPR D1LYHODUDORVLQJUHVDQWHVFRQFRQRFLPLHQWRVPtQLPRVQHFHVDULRVSDUDODFDUUHUDHQTXHVH HQFXHQWUDQLQVFULSWRV\DGLHVWUDUORVHQODPHWRGRORJtDGHODSUHQGL]DMH E2ULHQWDUDOLQJUHVDQWHHQVXYRFDFLyQLQIRUPiQGROHFRQFODULGDGORVFRQWHQLGRVREMHWLYRV\ FDUDFWHUtVWLFDVGHODFDUUHUDHOHJLGD\VREUHORVUHTXHULPLHQWRVGHODYLGDXQLYHUVLWDULD F5HFRQRFHU\HYDOXDUFRQRFLPLHQWRVPtQLPRVFDSDFLGDGFUtWLFD\UHVROXFLyQGHSUREOHPDV (QIXQFLyQGHHVWRVREMHWLYRVHOFLFORGHQLYHODFLyQHQ$UTXLWHFWXUDSURPXHYH y 5HFXSHUDUFDSLWDOHVVRFLRFXOWXUDOHVSURSLRVGHFDGDLQJUHVDQWHFRQHOILQGHLQVHUWDUVH HQHOPHGLRXQLYHUVLWDULR y $UWLFXODU ODV SUHH[LVWHQFLDV GH ORV DOXPQRV DGTXLULGDV HQ OD HGXFDFLyQ PHGLD FRQXQ DQWLFLSRGHORVFRQWHQLGRVDGHVDUUROODUVHDORODUJRGHODFDUUHUD y (YDOXDUODVFDSDFLGDGHVLQLFLDOHVGHORVLQJUHVDQWHVDORVILQHVGHGHWHUPLQDURPRGLILFDU ODVDFFLRQHVQHFHVDULDVSDUDHVWDEOHFHUQLYHOHVGHVXILFLHQFLDSDUDHODERUGDMHGHOSULPHU DxRGHODFDUUHUD (QXQWRGRGHDFXHUGRDOD/H\GH(GXFDFLyQ$UW$UW\$UW HOLQJUHVRDOD 8QLYHUVLGDG\DOD)DFXOWDGHVLUUHVWULFWRYHU',0(16,Ï1$3$57$'2 0Ï'8/2'(,',20$6 0yGXORVFUHDGRVSRU2UGHQDQ]DGHO+&6\5HVROXFLyQGHO+&'&RQXQD&DUJD +RUDULDWRWDOGHFLQFXHQWDKRUDVVXHQVHxDQ]DWLHQHFRPRREMHWLYRGHVDUUROODUHVWUDWHJLDV GHOHFWXUDHLQWHUSUHWDFLyQGHWH[WRVGHODHVSHFLDOLGDGHQLGLRPDLQJOpVRSRUWXJXpVDILQGH ORJUDU XQ OHFWRU DXWyQRPR HQ HO GLVFXUVR GH VX HVSHFLDOLGDG 3DUD VX WLWXODFLyQ HO DOXPQR GHEHUiDSUREDUFRQFDUiFWHUREOLJDWRULRXQVRORPyGXORGH,GLRPDVLQJOpVySRUWXJXpV /RV &RQWHQLGRV &XUULFXODUHV %iVLFRV &&% HVWXGLDGRV SRU FDPSR GH FRQRFLPLHQWR \ SRU DVLJQDWXUDIRUPXODGRVHQODSUHVHQWH(VWUXFWXUDGH3ODQGH(VWXGLRVVHYLQFXODQGLUHFWDPHQWH DODVLQFXPEHQFLDVSURIHVLRQDOHVODVTXHKDQVLGRFRQVLGHUDGDVFRPRSXQWRGHSDUWLGDVLQH TXDQRQSDUDRUJDQL]DUORV&RQWHQLGRV&XUULFXODUHV%iVLFRVGHODFDUUHUD &217(1,'26%È6,&26&855,&8/$5(60(&\7 (O3ODQGH(VWXGLRVGHODFDUUHUDDEDUFDWRGRVORV&RQWHQLGRV&XUULFXODUHV%iVLFRV &&%UHTXHULGRVHQOD5HVROXFLyQ0LQLVWHULDO(QODHVWUXFWXUDGHO3ODQGH(VWXGLRV GLFKRV&&%VRQDERUGDGRVGHVGHODVGLIHUHQWHViUHDVGHOFRQRFLPLHQWR(VLPSRUWDQWH GHVWDFDU TXH HO SUHVHQWH 3ODQ GH (VWXGLRV UHDILUPD HO SULQFLSLR GH ³$UTXLWHFWXUD HQWHQGLGD FRPRGLVFLSOLQDLQWHJUDO´3RUUD]RQHVRUJDQL]DWLYDVORV&&%HVWiQDVRFLDGRV\DJUXSDGRVHQ ODVGLVWLQWDViUHDVGHOFRQRFLPLHQWRVHJ~QODVOyJLFDVSDUWLFXODUHVHQORVPRGRVGHDERUGDUHO REMHWRGHOFRQRFLPLHQWRJDUDQWL]DQGRGHHVWDPDQHUDHOGHVDUUROORQHFHVDULRGHODHQVHxDQ]D GHODVKDELOLGDGHV\GHVWUH]DVTXHUHTXLHUHODVLQFXPEHQFLDVGHOWtWXOR (VWRV &RQWHQLGRV &XUULFXODUHV VRQ GHVDUUROODGRV HQ DPSOLWXG \ SURIXQGLGDG SRU ODV DVLJQDWXUDVTXHLQWHJUDQHO3ODQGH(VWXGLRV&RPRVHDSUHFLDHQHOFXDGURTXHVLQWHWL]D ODHVWUXFWXUDGHO3ODQGH(VWXGLRVHVXQDUHGGHDVRFLDFLRQHVTXH VHDUWLFXODQ YHUWLFDO\ KRUL]RQWDOPHQWH'HHVWDPDQHUDHO3ODQGH(VWXGLRVHVDERUGDGRHLPSOHPHQWDGRSRUODV iUHDV\SRUODVDVLJQDWXUDVGHPDQHUDLQWHJUDGRUDHQWHQGLHQGRTXHODIRUPDFLyQGHEHVHU UHODFLRQDOTXHHOHVWXGLR\VROXFLyQRUHVSXHVWDDFDGDSUREOHPDGHSUR\HFWRGHEHWHQHUHQ FXHQWD OD SOXUDOLGDG GH IDFWRUHV HQ pO LQWHUYLQLHQWHV KLVWyULFRV LGHROyJLFRV IRUPDOHV IXQFLRQDOHVWHFQROyJLFRVOHJDOHVHQWUHRWURV\DIXHUDQpVWRVSURSLRVGHODGLVFLSOLQDRDRWUDV GLVFLSOLQDVTXHDSRUWDQVXHVSHFLDOL]DFLyQHQODVFLHQFLDVGHOKiELWDWFRQVWUXLGR 3DUDHOORVHLPSOHPHQWDQDFWLYLGDGHVTXHLQWHJUDQFRQRFLPLHQWRVFRQGLIHUHQWHVQLYHOHVGH SURIXQGLGDGGHSHQGLHQGRGHOQLYHOGHFXUVDGRYHU',0(16,Ï1'HVGHHVWDSHUVSHFWLYDOD GHPDUFDFLyQGHORV&&%HQFDGDiUHDGHODFDUUHUDVHYXHOYHHVWUDWpJLFDHQODPHGLGDTXHVH GHEHWHQHUDGLVSRVLFLyQHOFDXGDOFRPSOHWRGHFRQWHQLGRVQHFHVDULRVTXHYDQDFRQILJXUDUOD VtQWHVLVDUTXLWHFWyQLFD LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ (VWDDUWLFXODFLyQHVWiJDUDQWL]DGDSRUODRUJDQL]DFLyQDFDGpPLFDTXHDJUXSDORVFRQWHQLGRV FXUULFXODUHV GH OD FDUUHUD SRU QLYHO KRUL]RQWDO SRU XQ ODGR \ HQ YHUWLFDO HQ ÈUHDV VHJ~Q 5HVROXFLyQ0(&\7$WUDYpVGHHOODVOD6HFUHWDUtD$FDGpPLFDFRQYRFDDOPHQRVXQD YH]DODxRDUHXQLyQGHiUHDHQODTXHVHGLVFXWHQ\GHEDWHQFRQWHQLGRVFXUULFXODUHV\ODV PRGDOLGDGHVGHHQVHxDQ]DGHORVPLVPRV (Q FXDQWR D OD DUWLFXODFLyQ KRUL]RQWDO OD PLVPD VH FRQVLGHUD \ GHEDWH HQ 5HXQLRQHV &RRUGLQDGRUDVGH1LYHO$SUREDGDSRU2UGHQDQ]D+&'UHDOL]DGDVXQDHQHOPHVGH 0DU]RDOLQLFLRGHODxROHFWLYR\RWUDHQHOPHVGH1RYLHPEUHDOILQDOL]DUHODxRDFDGpPLFR(Q HVWDV DFWLYLGDGHV SDUWLFLSD HO SODQWHO GRFHQWH GHO 1LYHO FRUUHVSRQGLHQWH \ UHSUHVHQWDQWHV HVWXGLDQWLOHVSUHVLGHQWHGHOFHQWURGHHVWXGLDQWHV\FRQVHMHURVHVWXGLDQWLOHV(QODVPLVPDV VHFRQVLGHUDQGLVFXWHQ\UHVXHOYHQHQWUHRWURVDVSHFWRVFXHVWLRQHVUHODWLYDVDDUWLFXODFLyQ GHFRQWHQLGRVGHWHPiWLFDVLQWHJUDFLyQGHWUDEDMRVSUiFWLFRV\FRRUGLQDFLyQGHIHFKDVGH HQWUHJDVSDUFLDOHV\ILQDOHVYHU',0(16,Ï1$VLPLVPRHVWDDUWLFXODFLyQHQKRUL]RQWDOVH UHIXHU]D\DQFODHQDFWLYLGDGHVUHDOL]DGDVGXUDQWHODV-RUQDGDVDFDGpPLFDV\6HPDQDGH DFFLRQHVYHU',0(16,Ï1 (VWDHVWUXFWXUDHQUHGKRUL]RQWDO\YHUWLFDOUHVSRQGHDODVLQJXODULGDGHSLVWHPROyJLFDSURSLD GHOD$UTXLWHFWXUDTXHVHFDUDFWHUL]DSRUODPXOWLGLPHQVLRQDOLGDGODFRPSOHMLGDGGHYDULDEOHV\ XQLGDGHV GH DQiOLVLV FRQRFLPLHQWRV \ SURFHGLPLHQWRV GH RUGHQ LQWHUGLVFLSOLQDULR OD WUDQVIHUHQFLD \ OD VtQWHVLV HO SHQVDPLHQWR FRPSOHMR OD JHQHUDFLyQ GH LGHDV DOWHUQDWLYDV \ PDWHULDOL]DEOHVHOWUDEDMRFROHFWLYR±HQWUHRWURVFRPRUDVJRVLGHQWLWDULRVHVSHFtILFRVGHOD GLVFLSOLQD(QXQWRGRGHDFXHUGRFRQOD5HVROXFLyQ0(&\7ODViUHDVTXHRUJDQL]DQORV &&% GHO 3ODQ GH HVWXGLRV GH OD )$8' VRQ $UTXLWHFWXUD \ 'LVHxR 0RUIRORJtD H ,QVWUXPHQWDFLyQ7HFQRORJtD\&LHQFLDV6RFLDOHV5HV+&' $5($ '($548,7(&785$ < ',6(f2 È5($ 352<(&72 < 3/$1($0,(172 0(&<7 (QUHODFLyQDORV&&%HVWDEOHFLGRVSRUOD5HVROXFLyQHVWDiUHDVHHQFXHQWUDLQWHJUDGD SRUODVVLJXLHQWHV$VLJQDWXUDV2EOLJDWRULDVGLVWULEXLGDVHQGRVFDPSRVGHOFRQRFLPLHQWR $548,7(&785$ < ',6(f2 ,QWURGXFFLyQ D OD SUREOHPiWLFD GHO GLVHxR \ VX H[SUHVLyQ $UTXLWHFWXUD,$UTXLWHFWXUD,,$UTXLWHFWXUD,,,$UTXLWHFWXUD,9$UTXLWHFWXUD9$UTXLWHFWXUD9, 7HVLVGH*UDGR$UTXLWHFWXUD3DLVDMLVWD\(TXLSDPLHQWR 85%$1,6028UEDQLVPR\3ODQLILFDFLyQ0(&\78UEDQLVPR,\8UEDQLVPR,, &RPSDUDQGRORV&RQWHQLGRV&XUULFXODUHV%iVLFRVGHGLFKDVDVLJQDWXUDVFRQORVSODQWHDGRVHQ ODUHVROXFLyQPLQLVWHULDOVHFRQFOX\H y /RVHMHVUHIHULGRVDORIRUPDOORIXQFLRQDOORWHFQROyJLFR$UTXLWHFWXUDFRPR6tQWHVLV\ 3URFHVRGH'LVHxRDWUDYpVGHORVFXDOHVVHRUJDQL]DQORVFRQWHQLGRVGHODVDVLJQDWXUDV $UTXLWHFWXUD , D OD 9 DERUGDQ HQ GLVWLQWRV QLYHOHV GH SURIXQGLGDG \ FRPSOHMLGDG HVWRV DVSHFWRVWHyULFRV\PHWRGROyJLFRVGHOGLVHxRDUTXLWHFWyQLFR\XUEDQR y /DVGHILQLFLRQHVH[SUHVDGDVHQORVFRQWHQLGRVGHORVHMHVGHOR8UEDQROR$UTXLWHFWyQLFR\ ORV UHIHULGRV D 3REODFLyQ 7HPDV3UREOHPDV \ 3URFHVR GH 'LVHxR SDUWLFXODUL]DQ ORV GLIHUHQWHVQLYHOHVGHSURIXQGLGDG\DPSOLWXGGHDQiOLVLVLQWHUSUHWDFLyQ\GHILQLFLyQGHORV SUREOHPDVGHOKiELWDWVREUHORVTXHVHRSHUDHQORVGLVWLQWRVQLYHOHVGHDSUHQGL]DMH y (OQLYHOGHGHVDUUROORGHSUR\HFWRVHQUHIHUHQFLDDORVDVSHFWRVIRUPDOHVHVSDFLDOHV\ WpFQLFRVHVWiGHILQLGRHQORVHMHVUHIHULGRVDOR$UTXLWHFWyQLFROR)RUPDOOR)XQFLRQDOOR 7HFQROyJLFR\$UTXLWHFWXUDFRPR6tQWHVLVVHJ~QORVGLVWLQWRVQLYHOHVGHFRPSOHMLGDG ³0pWRGRV\WHRUtDVGHOGLVHxRDUTXLWHFWyQLFR\XUEDQR,QWHUSUHWDFLyQGHQHFHVLGDGHV\UHVROXFLyQGHSUREOHPDVGHKiELWDW'HVDUUROOR GHSUR\HFWRVSDUDODUHVROXFLyQIXQFLRQDOIRUPDOHVSDFLDO\WpFQLFD5HVROXFLyQSUR\HFWXDOHQUHODFLyQDOFRQWH[WRVHJ~QODVYDULDEOHV GHHVFDODQRUPDWLYDVFRPSOHMLGDGHV\QLYHOHVGHUHVROXFLyQGHOSUR\HFWRDUTXLWHFWyQLFR\XUEDQR´0(&<7 LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' y /DGHILQLFLyQGHORV7HPDV3UREOHPDV\HOHMHGHOR$UTXLWHFWyQLFRHVWDEOHFHQFRQFODULGDG ODVYDULDEOHVGHHVFDODGHOSUR\HFWR y 6HLQFRUSRUDODWHRUtDXUEDQDDWUDYpVGHODWHPiWLFD/DYLVLyQGHODFLXGDGGHVGHODWHRUtD SRVWXODGRVSDUDGLJPDV\PRGHORV y (OGHVDUUROORGHSUR\HFWRVGHHVFDODXUEDQDVHVXVWHQWDHQDVSHFWRVWHyULFRFRQFHSWXDOHV VREUHHVWUXFWXUDXUEDQDHOHPHQWRVGLQiPLFDSURFHVRV\FRPSRQHQWHVFRPRVRSRUWHGH ODVDFWLYLGDGHV\ODVWUDQVIRUPDFLRQHVXUEDQRWHUULWRULDOHV y 6HDERUGDQDVSHFWRVWHyULFRFRQFHSWXDOHVPHWRGRORJtDVHLQVWUXPHQWRVGHOD*HVWLyQ SODQLILFDFLyQ\SUR\HFWDFLyQXUEDQRWHUULWRULDOTXHVHYHULILFDQHQODDFWLYLGDGSUR\HFWXDOGH HVFDODXUEDQD\UHJLRQDO $548,7(&785$ 3$,6$-,67$ \ (48,3$0,(172 (VWDV DVLJQDWXUDV VH LQFRUSRUDQ D OD FXUUtFXODGHOD)$8'\VHFRQVLGHUDQXQDIRUWDOH]DGHODPLVPD y 6LQWpWLFDPHQWHORV&RQWHQLGRV&XUULFXODUHV%iVLFRVGH$UTXLWHFWXUD3DLVDMLVWDVRQ(O SUR\HFWR SDLVDMtVWLFR XUEDQRDUTXLWHFWyQLFR \ VXV UHODFLRQHV FRQ ODV FRQGLFLRQDQWHV QDWXUDOHV\ORVYDORUHVSDWULPRQLDOHVGHOWHUULWRULR(OHVSDFLRDELHUWRXUEDQRS~EOLFRVXV IXQFLRQHVIRUPDVWLSRVWHFQRORJtD\MHUDUTXtDV1HFHVLGDGGHODLQWHUGLVFLSOLQDHQHODFWR SUR\HFWXDO(OFRQFHSWRGHVXVWHQWDELOLGDGHQHOGHVDUUROORXUEDQR\VXH[SUHVLyQHQHO 3DLVDMH y 6LQWpWLFDPHQWHORV&RQWHQLGRV&XUULFXODUHV%iVLFRVGH(TXLSDPLHQWRVRQ$UTXLWHFWXUD LQWHULRUFRPHUFLDO\GHVHUYLFLRV'HILQLFLyQFRQFHSWXDOGHOHVSDFLRLQWHULRUHTXLSDGR6XV SRVLELOLGDGHVHQUHODFLyQDOVLWLR/RVXVRV/DGHFRGLILFDFLyQGHVXFRQIRUPDFLyQ/RV HVSDFLRVH[SUHVLYRV±VLJQLILFDWLYRV&XDOLGDGHVUHODFLRQDOHV\GHVLWXDFLyQ&DWHJRUtDV UHODFLRQDOHV±IXQFLRQDOHVVLJQLILFDWLYDV\WHFQROyJLFDVHQWUHHVSDFLRLQWHULRU\HTXLSR (VWUDWHJLDVGH,QWHUYHQFLyQUHIXQFLRQDOL]DFLyQUHFLFODMHUHVWDXUDFLyQ $5($ '( 7(&12/2*Ë$ ÈUHD &LHQFLDV %iVLFDV 7HFQRORJtD 3URGXFFLyQ \ *HVWLyQ 0(&\73DUDOD&DUUHUDGH$UTXLWHFWXUDHVWDiUHDHVWiLQWHJUDGDSRUODVVLJXLHQWHV $VLJQDWXUDV2EOLJDWRULDVGLVWULEXLGDVHQFXDWURFDPSRVGHFRQRFLPLHQWR &,(1&,$6 %È6,&$6 DVLJQDWXUDV 2EOLJDWRULDV 0DWHPiWLFDV , 0DWHPiWLFDV ,, )tVLFD \ 7RSRJUDItD (6758&785$6 DVLJQDWXUDV 2EOLJDWRULDV (VWUXFWXUD , (VWUXFWXUDV ,, (VWUXFWXUDV ,,, \ (VWUXFWXUDV,9 &216758&&,21(6DVLJQDWXUDV2EOLJDWRULDV,QWURGXFFLyQDOD7HFQRORJtD&RQVWUXFFLRQHV ,&RQVWUXFFLRQHV,,&RQVWUXFFLRQHV,,,\3URGXFFLyQ\*HVWLyQ ,167$/$&,21(6DVLJQDWXUD2EOLJDWRULDV,QVWDODFLRQHV,,VWDODFLRQHV,,,QVWDODFLRQHV,,, &RPSDUDQGRORV&RQWHQLGRV&XUULFXODUHV%iVLFRVGHGLFKDVDVLJQDWXUDVFRQORVSODQWHDGRVHQ ODUHVROXFLyQPLQLVWHULDOVHFRQFOX\H ³&,(1&,$6 %È6,&$6 ³&RQFHSWRV EiVLFRV GH PDWHPiWLFD \ JHRPHWUtD DQDOtWLFD SDUD DERUGDU ODV FDSDFLGDGHV SUR\HFWXDOHV HVSDFLDOHV \ WHFQROyJLFDV &RQFHSWRV EiVLFRV GH ItVLFD HQ FXDQWR D OD QHFHVLGDG GH DERUGDU ODV FRPSHWHQFLDV SUR\HFWXDOHV WHFQROyJLFDV\FRQVWUXFWLYDV´$QH[R,0(&\7 (6758&785$6 ³'LVHxR SUR\HFWR FiOFXOR \ GLPHQVLRQDPLHQWR GH (VWUXFWXUDV 0HFiQLFD GH ORV VyOLGRV 5HVLVWHQFLD GH ORV PDWHULDOHV0HFiQLFDGHOVXHOR)XQGDFLRQHV$QiOLVLVHVWUXFWXUDOHQ6LVWHPDVLVRVWiWLFRVHKLSHUHVWiWLFRV(VWDGRVGHWHQVLyQVLPSOHV \P~OWLSOHV'HIRUPDELOLGDG(ODVWLFLGDG'LPHQVLRQDPLHQWRHQHOFDPSRHOiVWLFRHLQHOiVWLFR´$QH[R,0(&\7 &216758&&,21(6³&RPSRUWDPLHQWR\WHFQRORJtDGHORVPDWHULDOHVQDWXUDOHVHLQGXVWULDOHV/RVSURFHVRVFRQVWUXFWLYRV6LVWHPDV\ FRPSRQHQWHV7HFQRORJtDVGHFRQVWUXFFLyQ\SURGXFFLyQ6LVWHPDVGHHMHFXFLyQGHREUDV7HFQRORJtDVWUDGLFLRQDOHV\QRWUDGLFLRQDOHV 2UJDQL]DFLyQGLUHFFLyQJHVWLyQ\HMHFXFLyQGHREUDVPpWRGRV/HJLVODFLyQDSOLFDGDDOGLVHxR\DODSURGXFFLyQGHSUR\HFWRV\REUDVVX PDUFRQRUPDWLYR0RGDOLGDGHVGHOHMHUFLFLRSURIHVLRQDO'RFXPHQWDFLyQ\SUiFWLFD6HJXULGDG5LHVJRH+LJLHQHHQODFRQVWUXFFLyQ DUELWUDMHVWDVDFLRQHVSHULWDMHV\YDOXDFLRQHV´$QH[R,0(&\7 ,167$/$&,21(6 ³$QiOLVLV GLVHxR SUR\HFWR \ FiOFXOR GH ,QVWDODFLRQHV SDUD OD KDELWDELOLGDG HO FRQIRUW \ OD VHJXULGDG HQ ODV FRQVWUXFFLRQHV0DWHULDOHVLQVWDODFLRQHV\VLVWHPDVTXHSRVLELOLWDQHOFRQWUROGHODFRQGLFLRQDPLHQWR\ODHMHFXFLyQGHLQVWDODFLRQHV´ $QH[R,0(&\7 LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ &,(1&,$6%È6,&$6 /RVFRQWHQLGRVSURSXHVWRVGHiOJHEUDJHRPHWUtDSODQDJHRPHWUtDDQDOtWLFDSODQD\HQWUHV GLPHQVLRQHV\WULJRQRPHWUtDWHQGLHQWHVDVXDSOLFDFLyQHQHOSURFHVRGHGLVHxRDVtFRPRDOD DSOLFDFLyQ GH ORV VLVWHPDV &$' FRPR KHUUDPLHQWD GH UHSUHVHQWDFLyQ \ JHQHUDFLyQ GH VXSHUILFLHV\YRO~PHQHVFXEUHQORVUHTXHULPLHQWRVSODQWHDGRVSRUOD5HVROXFLyQ y /RV FRQFHSWRV JHQHUDOHV DERUGDGRV VREUH PDWHULD \ HQHUJtD HVWiWLFD FLQHPiWLFD \ GLQiPLFDDVtFRPRORVDVSHFWRVEiVLFRVVREUHDF~VWLFDySWLFD\HOHFWULFLGDGFRQVWLWX\HQ XQD EDVH FRQFHSWXDO HQ HO SULPHU QLYHO GH DSUHQGL]DMH SDUD HO GHVDUUROOR GH ODV FRPSHWHQFLDVSUR\HFWXDOHVWHFQROyJLFDV\FRQVWUXFWLYDV (6758&785$6 y (O 'LVHxR SUR\HFWR FiOFXOR \ GLPHQVLRQDPLHQWR GH HVWUXFWXUDV VH DERUGD HQ QLYHOHV FUHFLHQWHVGHFRPSOHMLGDG\HVFDODDSDUWLUGHOQLYHOGHODFDUUHUDODHVWUXFWXUDHQODV GLVWLQWDV HWDSDV GHO SURFHVR GH GLVHxR (VWUXFWXUDV , OD RUJDQL]DFLyQ HVWUXFWXUDO GHO HGLILFLR(VWUXFWXUDV,,HOHGLILFLRHQDOWXUD\PDPSRVWHUtDHQ]RQDVtVPLFD(VWUXFWXUDV ,,,HVWUXFWXUDVGHJUDQGHVOXFHV(VWUXFWXUDV,9/RVFRQWHQLGRVHVWiQFRUUHODFLRQDGRVD ODFRPSOHMLGDGGHOSUR\HFWRTXHVHDERUGDHQHO1LYHO y 6H HVWXGLDQ DVSHFWRV UHIHULGRV D PHFiQLFD GH ORV VyOLGRV UHVLVWHQFLD GH PDWHULDOHV DFHURPDGHUD\KRUPLJyQHQHOQLYHOGHODFDUUHUD(VWUXFWXUDV, y 0HFiQLFDGHOVXHOR\IXQGDFLRQHVVHGHVDUUROODHQQLYHOGHODFDUUHUD(VWUXFWXUDV,,, y (QWUH ORV QLYHOHV \ VH GHVDUUROOD HO DQiOLVLV HVWUXFWXUDO HQ VLVWHPDV LVRVWiWLFRV H KLSHUHVWiWLFRVSDUDGLIHUHQWHVPDWHULDOHV\HQGLVWLQWDVWLSRORJtDVHVWUXFWXUDOHVKRUPLJyQ UHWLFXODGRV HQ DFHUR /RV HVWDGRV GH WHQVLyQ IOH[LyQ VLPSOH WHQVLRQHV GH FRUWH (VWUXFWXUDV , WUDFFLyQ \ FRPSUHVLyQ IOH[LyQ FRPSXHVWD (VWUXFWXUDV ,, FRQWLQXLGDG HVWUXFWXUDO(VWUXFWXUDV,,, y (Q1LYHO(VWUXFWXUDV,9GHVDUUROOD&%%UHIHUHQWHVDHVWUXFWXUDVGHJUDQGHVOXFHV6X GLFWDGRHVFXDWULPHVWUDO &216758&&,21(6 y (OFRPSRUWDPLHQWR\WHFQRORJtDGHORVPDWHULDOHVVRQDVSHFWRVVHGHVDUUROODQGHPDQHUD JHQHUDOHQ,QWURGXFFLyQDOD7HFQRORJtDHQQLYHOSDUWLFXODUL]DQGRHOHVWXGLRGHPDWHULDOHV \WpFQLFDVHQHQYROYHQWHVHVWUXFWXUDXQLRQHV\WHUPLQDFLRQHVHQKRUPLJyQPDGHUD\ PHWDOHQORVQLYHOHV\&RQVWUXFFLRQHV,\,, y /RVSURFHVRVFRQVWUXFWLYRVGHORVGLVWLQWRVVLVWHPDVWHFQROyJLFRVDVtFRPRHOHVWXGLRGH VXVFRPSRQHQWHVPRGRVGHFRQVWUXFFLyQ\SURGXFFLyQVHDERUGDQHQQLYHOHVFUHFLHQWHV GHFRPSOHMLGDG\HVFDODDSDUWLUGHOQLYHOGHODFDUUHUDHQUHODFLyQDODGLILFXOWDGGHO SUR\HFWR TXH VH DERUGD HQ HO 1LYHO 6LVWHPD &RQVWUXFWLYR 7UDGLFLRQDO SDUD YLYLHQGD LQGLYLGXDODJUXSDGD&RQVWUXFFLRQHV,7pFQLFDVFRQVWUXFWLYDVSDUDHGLILFLRVHQDOWXUD &RQVWUXFFLRQHV,,\0RGRV&RQVWUXFWLYRV1R7UDGLFLRQDOHV&RQVWUXFFLRQHV,,, y (QODDVLJQDWXUD3URGXFFLyQ\*HVWLyQVHDERUGDHOHVWXGLRGHOGHVDUUROORFRPSOHWRGHO SURFHVRGHFRQFUHFLyQGHXQHPSUHQGLPLHQWRDUTXLWHFWyQLFRWDQWRHQODHWDSDGHGLVHxR FRPRODHWDSDGHHMHFXFLyQDQDOL]DQGRVXPDUFROHJDO\ORVDVSHFWRVUHODWLYRVDODKLJLHQH \VHJXULGDGHQWRGRHOSURFHVR\RWUDVIXQFLRQHVSURIHVLRQDOHVSHULFLDV\WDVDFLRQHV ,167$/$&,21(6 y /RVPLVPRVWLHQHQSDUWLFLSDFLyQHQWRGDHWDSDGHSUR\HFWRGHVGHORFDOL]DFLyQVXHOR FOLPD GHILQLHQGR WHFQRORJtDV \ PRUIRORJtDV SRVLEOHV GH DFXHUGR D ORV UHFXUVRV GLVSRQLEOHVKDVWDODVHWDSDVILQDOHVRUJDQL]DFLyQ\GHVDUUROORGHREUDUHDOL]DGRVREUHOD EDVHGHVLPXODFURVRKLSyWHVLVGHWUDEDMR LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' y 6HDERUGDHOSUREOHPDGHVGHHOVHJXQGRQLYHOGHODFDUUHUDHQHOPDUFRGHOFRQFHSWR DFRQGLFLRQDPLHQWR SDUD OD KDELWDELOLGDG GHVDUUROODQGR ODV WHPiWLFDV GH DFRQGLFLRQDPLHQWR QDWXUDO LQVWDODFLRQHV VDQLWDULDV LQVWDODFLRQHV GH JDV \ SURWHFFLyQ FRQWUD LQFHQGLR ,QVWDODFLRQHV , LQVWDODFLRQHV HOpFWULFDV DFRQGLFLRQDPLHQWR WHUPRPHFiQLFRFLUFXODFLyQYHUWLFDOHOLPLQDFLyQGHUHVLGXRV,QVWDODFLRQHV,,DF~VWLFD\ OXPLQRWHFQLD,QVWDODFLRQHV,,, y 7HQLHQGR HQ FXHQWD ORV GLVWLQWRV VLVWHPDV ODV QRUPDWLYDV YLJHQWHV HO HVWXGLR GH PDWHULDOHV\ODVSDXWDVGHGLVHxRHQWRGRVORVFDVRVDFRPSDxDQGRORVUHTXHULPLHQWRVGH ODDUWLFXODFLyQKRUL]RQWDO y 6HSURIXQGL]DQDTXHOORVFRQWHQLGRVUHIHUHQWHVDHGLILFDFLyQHQDOWXUD È5($'(&,(1&,$662&,$/(6ÈUHD+LVWRULD\7HRUtD0(&\73DUDOD&DUUHUDGH $UTXLWHFWXUDHVWDiUHDHVWiLQWHJUDGDSRUODVVLJXLHQWHV$VLJQDWXUDV2EOLJDWRULDVGLVWULEXLGDV HQGRVFDPSRVGHOFRQRFLPLHQWR +,6725,$+LVWRULDGHOD$UTXLWHFWXUD\HO8UEDQLVPR0(&\7FRQODV$VLJQDWXUDV 2EOLJDWRULDV,QWURGXFFLyQDOD+LVWRULDGHOD$UTXLWHFWXUD\HO8UEDQLVPR+LVWRULD,+LVWRULD,,H +LVWRULD,,, 7(25,$'(/$$548,7(&785$FRQODV$VLJQDWXUD2EOLJDWRULDV(VWUDWHJLDVGHDSUHQGL]DMH \7HRUtD\0pWRGRV 6RQ&RQWHQLGRV&XUULFXODUHV%iVLFRVGHHVWDiUHD³&RQFHSWRV+LVWyULFRVGHODVUHODFLRQHV HQWUHVRFLHGDGFXOWXUDHVSDFLR\IRUPDVGHKDELWDU+LVWRULDGHODFLXGDGODDUTXLWHFWXUD\HO HVSDFLRKDELWDGRHQODVGLIHUHQWHVFXOWXUDV&RQFHSWRGH7HRUtDGHOD$UTXLWHFWXUD'LIHUHQWHV SRVLFLRQHV1RFLyQGH&UtWLFDGHOD$UTXLWHFWXUD´$QH[R,0(&\7 /RVPLVPRVWLHQHQPD\RULQFLGHQFLDHQHOFRPLHQ]R\HQHOILQDOGHOSURFHVRGHGLVHxRDOLQLFLR HQODUHIOH[LyQIXQGDPHQWDFLyQHQIRTXHGHORVSUREOHPDVLGHDV\FRVPRYLVLRQHVTXHGLULJHQ LQWHQFLRQHV \ SURSyVLWRV GHO GLVHxDGRU \ DO ILQDO GHO PLVPR HQ OD UHIOH[LyQ FUtWLFD VREUH OD FRKHUHQFLD HQWUH UHVXOWDGRV \ REMHWLYRV LQLFLDOHV YHULILFDQGR VREUH HO REMHWR SUR\HFWDGR SUHPLVDV KLSyWHVLV EiVLFDV SURJUDPD \ GHVDUUROOR SUR\HFWXDO SRVWHULRU &RPSDUDQGR ORV &RQWHQLGRV &XUULFXODUHV %iVLFRV 3URJUDPD VLQWpWLFR GH GLFKDV DVLJQDWXUDV FRQ ORV SODQWHDGRVHQODUHVROXFLyQPLQLVWHULDOVHFRQFOX\H +,6725,$ /RVFRQWHQLGRVUHILHUHQDODLQWHUSUHWDFLyQ\OHFWXUDGHODDUTXLWHFWXUD\ODFLXGDGHQHOPDUFRGH OD+LVWRULD$PELHQWDO8UEDQDFRPRUHVXOWDQWHGHODLQWHUDFFLyQHQWUHHOFDPSRVRFLRFXOWXUDO\ HOFDPSRItVLFRHVSDFLDOHQHOWLHPSRODDUTXLWHFWXUDFRPRH[SUHVLyQFRQVWUXLGDGHODPELHQWH TXH FRQIRUPD FLXGDG \ FRPR SURGXFWR GH OD VRFLHGDG KXPDQD TXH OD FRQVWUX\H FRQ VXV RUJDQL]DFLRQHVSROtWLFDV\VRFLDOHVHFRQyPLFDV\VLVWHPDVSURGXFWLYRV\HQSDUWLFXODUGHVX SHQVDPLHQWRILORVRItDFLHQFLD\DUWH (VH HV HO PDUFR HQ HO TXH FRQ GLVWLQWRV QLYHOHV GH SURIXQGLGDG VH DERUGDQ ORV GLIHUHQWHV SHUtRGRV KLVWyULFRV GHVGH *UHFLD \ 5RPD KDVWD VLJOR ;; HQ RFFLGHQWH ,QWURGXFFLyQ D OD KLVWRULDGHODDUTXLWHFWXUD\HOXUEDQLVPRGHVGH*UHFLD\5RPDKDVWDVLJOR;,;KLVWRULFLVWD +LVWRULD,ODFXOWXUDRFFLGHQWDO\HOVLJOR;,;HOVLJOR;;0RYLPLHQWR0RGHUQR\$UTXLWHFWXUD &RQWHPSRUiQHD +LVWRULD ,, \ $UTXLWHFWXUD \ 8UEDQLVPR HQ &yUGRED $UJHQWLQD \ /DWLQRDPpULFD 0RGHUQLGDG 3RVWPRGHUQLGDG VLJOR ;; 3HUtRGR 5HSXEOLFDQR VLJOR ;,; \ SHUtRGRV&RORQLDO\3UHKLVSiQLFR+LVWRULD,,,(VGHGHVWDFDUTXHHVWDDVLJQDWXUD+LVWRULD,,, DERUGDODSUREOHPiWLFDORFDOHQSURIXQGLGDGFRQVWLWX\HQGRXQDIRUWDOH]DFRPSDUDWLYDPHQWH FRQORVSURJUDPDVGHRWUDV)DFXOWDGHVGH$UTXLWHFWXUD 7(25Ë$'(/$$548,7(&785$6HGHVDUUROODQDSUR[LPDFLRQHVDFRQFHSWRVGHHVSDFLR\VX LQWHUSUHWDFLyQHQREUDVXUEDQRDUTXLWHFWyQLFDVFRQFHSWRVGH0RGHUQLGDG\3RVWPRGHUQLGDG GLIHUHQWHVSRVWXUDVWHRUtDV\SURFHVRVGHGLVHxR LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ È5($'(025)2/2*Ë$(,167580(17$&,Ï1ÈUHD&RPXQLFDFLyQ\)RUPD0(&\7 3DUDOD&DUUHUDGH$UTXLWHFWXUDHVWDiUHDHVWiKPVGITCFCRQTNCUUKIWKGPVGU#UKIPCVWTCU 1DNKICVQTKCUFKUVTKDWKFCUFQUECORQUFGEQPQEKOKGPVQ 6,67(0$6'(5(35(6(17$&,Ï1FRQODV$VLJQDWXUDV2EOLJDWRULDV6LVWHPDV*UiILFRVGH ([SUHVLyQH,QIRUPiWLFD 025)2/2*Ë$ 2SHUDFLRQHV FRQ ODV IRUPDV 0(&\7 FRQ ODV $VLJQDWXUDV 2EOLJDWRULDV0RUIRORJtD,0RUIRORJtD,,\0RUIRORJtD,,, 6RQ &RQWHQLGRV &XUULFXODUHV %iVLFRV GH HVWD iUHD ³6LVWHPDV PpWRGRV \ SURFHGLPLHQWRV DQDOyJLFRV\GLJLWDOHVSDUDODUHSUHVHQWDFLyQ\SUHILJXUDFLyQLQWHJUDOGHODVGLVWLQWDVHVFDODVGHO HVSDFLR \ GH ORV REMHWRV &RQFHSWXDOL]DFLyQ JHQHUDO \ RUJDQL]DFLyQ GH ODV IRUPDV 3URSLHGDGHV FODVLILFDFLyQ \ RUGHQDPLHQWR 3ULQFLSLRV GH JHQHUDFLyQ GH OD IRUPD REMHWXDO DUTXLWHFWyQLFD\XUEDQD&RPXQLFDFLyQ\VLJQLILFDFLyQGHODVIRUPDV´$QH[R,0(&\7 /RVPLVPRVDSRUWDQDOSURFHVRGHGLVHxRORVLQVWUXPHQWRVRKHUUDPLHQWDVQHFHVDULRVSDUD RUJDQL]DUODIRUPDDSDUHQFLDOH[WHUQDHLQWHUQDGHORVREMHWRVDUTXLWHFWyQLFRVXUEDQtVWLFRV\ORV VLJQLILFDQWHVDUTXLWHFWyQLFRVTXHH[SUHVDQVXFRQWHQLGRVLJQLILFDWLYRDODYH]TXHRUJDQL]DQ\ FUHDQHOHVSDFLRDUTXLWHFWyQLFRSRUPHGLRGHOHQJXDMHVIRUPDOHVFRQFDSDFLGDGVHPiQWLFD ,QVWUXPHQWDHQVLVWHPDVGHUHSUHVHQWDFLyQPpWRGRV\SURFHGLPLHQWRVDQDOyJLFRV\GLJLWDOHV &URTXLV0RQJH,QIRUPiWLFDQHFHVDULRVSDUDODSUHILJXUDFLyQLQWHJUDOGHODVGLVWLQWDVHVFDODV GHO HVSDFLR \ GH ORV REMHWRV D OD YH] TXH FRQVWLWX\HQ KHUUDPLHQWDV JUiILFDV TXH SHUPLWHQ SHQVDUUHSUHVHQWDU \H[SUHVDU OD LPDJHQ PHQWDO GHO GLVHxDGRU SDUD VHU FRPXQLFDGD D ORV GHPiV &RPSDUDQGR ORV &RQWHQLGRV &XUULFXODUHV %iVLFRV 3URJUDPD VLQWpWLFR GH GLFKDV DVLJQDWXUDVFRQORVSODQWHDGRVHQODUHVROXFLyQPLQLVWHULDOVHFRQFOX\H 6,67(0$6'(5(35(6(17$&,Ï1 y 6H DERUGD HO FRQRFLPLHQWR GHO OHQJXDMH DUTXLWHFWyQLFR FRPR LQVWUXPHQWR SDUD HO UHOHYDPLHQWR \ UHJLVWUR GH XQ REMHWR DUTXLWHFWyQLFR UHSUHVHQWDFLyQ GH LGHDV \ SUHILJXUDFLyQ y 6H HVWXGLDQ ORV VLVWHPDV GH UHSUHVHQWDFLyQ GLpGULFR SUR\HFFLRQHV SDUDOHODV D[RQRPpWULFDV\REOLFXDV\ SUR\HFFLRQHVFyQLFDVVXVIXQGDPHQWRVJHRPpWULFRV\ORV DVSHFWRVQRUPDWLYRV\H[SUHVLYRVHQHOPDUFRGHODDSOLFDFLyQLQWHJUDOGHORVVLVWHPDV y 8VRGHGLVWLQWDVWpFQLFDVLQVWUXPHQWRV\SUiFWLFDV8VRGHORV6LVWHPDV&$' 025)2/2*Ë$ y 6HDERUGDHOFRQFHSWRGHIRUPD\HVSDFLRHQORVQLYHOHVGHVGHHOFRQFHSWRGHHVSDFLR FRQFUHWR\DEVWUDFWRVXVWLSRVGHRUGHQDPLHQWRODIRUPD\HOHVSDFLRDUTXLWHFWyQLFR RUGHQ\RUJDQL]DFLyQFRPSRVLWLYD\ODIRUPDXUEDQDVXVFULWHULRVGHRUJDQL]DFLyQHQ VXFHVLYRVFDPELRVGHHVFDOD\SURIXQGLGDG y /RVSULQFLSLRVGHJHQHUDFLyQVHHVWXGLDQGHVGHODDEVWUDFFLyQGHOSXQWRODOtQHD\HOSODQR FRPRJHQHUDGRUHVGHRUJDQL]DFLRQHVXQLWDULDVFRPSOHMDVFRQWLQXDQGRFRQHOHVWXGLRGH ODJHQHUDFLyQ\WUDQVIRUPDFLyQGHODIRUPD\HOHVSDFLRDUTXLWHFWyQLFRKDVWDODJpQHVLVGH ODLPDJHQXUEDQD y /RVDVSHFWRVUHIHULGRVDODSHUFHSFLyQ\FRPXQLFDFLyQGHODVIRUPDVVHGHVDUUROODQGHVGH OD HVWUXFWXUD GH OD LPDJHQ YLVXDO OD OX] HO FRORU \ OD WH[WXUD KDFLD OD GLPHQVLyQ FRPXQLFDWLYDGHODDUTXLWHFWXUDVLQWD[LV\VHQWLGRGHOFRORUHQHOHVSDFLRDUTXLWHFWyQLFR\ ODH[SUHVLyQGHORVVLJQLILFDGRVXUEDQRVHOFRORUDPELHQWDOXUEDQR\ODH[SUHVLyQGHOD FLXGDG /RV&&%VHFRPSOHPHQWDQFRQ$VLJQDWXUDVHOHFWLYDVTXHWLHQGHQDODHVSHFLDOL]DFLyQGH HVWXGLDQWHHQGLYHUVRVFDPSRVGHOFRQRFLPLHQWR/D)$8'FXHQWDFRQXQDRIHUWDDPSOLDGH DVLJQDWXUDV HOHFWLYDV TXH VH PRGLILFD DQXDOPHQWH \ UHVSRQGH VHJ~Q ORV FDVRV D ODV GLIHUHQWHViUHDV\FDPSRVDQWHVGHVFULSWRV LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ 'HODQiOLVLVHIHFWXDGRVHFRQFOX\HTXHQRKD\FRQWHQLGRVIDOWDQWHVFRQIRUPHDORUHTXHULGRSRU OD5HVROXFLyQ0LQLVWHULDOYHU$1(;2 &$5*$+25$5,$3/$1'((678',2 (O3ODQGH(VWXGLRVGHOD)$8'FXPSOHFRPSOHWDPHQWHFRQODFDUJDKRUDULDPtQLPD UHTXHULGD SRU OD 5HVROXFLyQ 0LQLVWHULDO 0(&\7 GHVDUUROODGR D SDUWLU GH ORV &&% GHVFULSWRV DQWHULRUPHQWH &XDGUR 'H OD FRPSDUDFLyQ HQWUH OD FDUJD KRUDULD PtQLPD UHTXHULGDSRUOD5HVROXFLyQ0LQLVWHULDO0(&\7VXUJH ÈUHDV 5HVRO 3ODQ 'LIHQKRUDV KV KV &LHQFLDV6RFLDOHV+LVWRULD\7HRUtD KV KV 0RUIRORJtD&RPXQLFDFLyQ\)RUPD KV KV KV KV &XUVRGH1LYHODFLyQ KV KV ,GLRPDV KV KV KV KV KV KV $UTXLWHFWXUD\'LVHxR3UR\HFWR\3ODQHDPLHQWR 7HFQRORJtD&LHQFLDV%iVLFDV7HFQRORJtD3URGXFFLyQ \*HVWLyQ\3UiFWLFD3URIHVLRQDO $VLJQDWXUD(OHFWLYD 7RWDOHV *5$),&25HODFLyQHQWUHODFDUJDKRUDULDSUHYLVWD5HVRO&DUJD+RUDULD3ODQHQKRUDVUHORM 'HOFXDGURDQWHULRUVHSXHGHREVHUYDUXQDVXSHUDFLyQHQORVUHTXHULPLHQWRVGHFDUJDKRUDULD PtQLPD&DEHQODVVLJXLHQWHVFRQVLGHUDFLRQHV D6HLQFOX\HHO&XUVRGH1LYHODFLyQ&1H,GLRPDVHQWDQWR0yGXORVH[LJLGRVSRUOD81&\OD $VLJQDWXUD(OHFWLYD&RQHOSURSyVLWRGHTXHODVKRUDVGHFXUVDGRGHHVWDVPDWHULDVQR DIHFWHQFRQVLGHUDEOHPHQWHHQODGXUDFLyQGHOFXUVDGRJHQHUDOGHODFDUUHUDVHKDWUDEDMDGR PX\GHWHQLGDPHQWHHQODVFRQGLFLRQHVGHFRUUHODWLYLGDG\HQHOFURQRJUDPDDQXDO y &XUVRGH1LYHODFLyQ~QLFDVDVLJQDWXUDVGLFWDGDVGXUDQWHHOPHVGHIHEUHUR y 1LYHO,,QLFLDFXUVDGDHQ0DU]RFRQODVDVLJQDWXUDVGH)tVLFD0DWHPiWLFDV,\6LVWHPDV *UiILFRV /DV GRV SULPHUDV ILQDOL]DQ HQ $EULO 'H HVWD PDQHUD VH JDUDQWL]D TXH HO HVWXGLDQWHQXQFDWHQJDPiVGHFLQFRDVLJQDWXUDVFRQFXUVDGRHQSDUDOHOR(QHOPHVGH 0D\RVHLQFRUSRUDQODVUHVWDQWHVTXHVRQGHGXUDFLyQDQXDO y 3RUVXSDUWHLGLRPDV\HOHFWLYDVGHSHQGHQGHODVFRUUHODWLYLGDGHV6HJ~QORVFDVRV SHUPLWHQDOHVWXGLDQWHVXLQVFULSFLyQGHVGHHOQLYHO,,,GHODFDUUHUDJDUDQWL]DQGRDVtODV SRVLELOLGDGHVGHRUJDQL]DUHOFXUVDGRGHHVWDVDVLJQDWXUDVHQEDVHDODVWUD\HFWRULDV SHUVRQDOHVGHOHVWXGLDQWH E/DH[LVWHQFLDGHGRV$VLJQDWXUDV(TXLSDPLHQWR\$UTXLWHFWXUD3DLVDMLVWDTXHUHVSRQGHDO SHUILOSDUWLFXODUTXHOD)DFXOWDGSURPXHYHSDUDVXVHJUHVDGRV\TXHVRVWLHQHGHVGHVX IXQGDFLyQ$PEDVVHFRQVLGHUDQXQDIRUWDOH]DGHODHVWUXFWXUDFXUULFXODUGHOD&DUUHUDSRU UHSUHVHQWDUXQDSURIXQGL]DFLyQGHFRQWHQLGRVGHGLVFLSOLQDVHVSHFtILFDVGHQWURGHOÈUHD GH'LVHxR F/DVLQVWDQFLDV\DFXHUGRVGHWUDEDMRV\HMHUFLWDFLRQHVLQWHJUDGDVSRUQLYHO\SRUiUHDVRQ SRVLEOHVDSDUWLUGHWHQHUXQDFDUJDKRUDULDPD\RU(QWUHHVWDVDFWLYLGDGHVVHGHVWDFDQ DTXHOODVFRQWHQLGDVHQHO$UWGHOD5HV+&'/DVFiWHGUDVGH,QWURGXFFLyQDOD WHFQRORJtD \ &RQVWUXFFLRQHV GHVGH OD VHPDQD D OD GHO FURQRJUDPD DQXDO VH DERFDUiQ DO DVHVRUDPLHQWR WHFQROyJLFR GHO WUDEDMR GH $UTXLWHFWXUD FRPR PRGR GH DUWLFXODU ORV FRQWHQLGRV \ D WUDYpV GH ODV PRGDOLGDGHV TXH KXELHUDQ DFRUGDGR LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' SUHYLDPHQWH &5,7(5,26'(,17(16,'$'(1/$)250$&,Ï135È&7,&$ /DRUJDQL]DFLyQGHODVSUiFWLFDVHQWDOOHUHVKDVLGRXQRGHORVSLODUHVEiVLFRVGHODIRUPDFLyQGH ORVHVWXGLDQWHV6HFRUUHVSRQGHFRQXQDYLVLyQGHODHQVHxDQ]DGHOSURFHVRGHGLVHxRFRPR LQWHJUDGRU GH ODV WDUHDV GH VtQWHVLV GHO FRQRFLPLHQWR \ VX DSOLFDFLyQ$ WUDYpV GHO 3ODQ GH (VWXGLRVVHVRVWLHQHODPRGDOLGDGGHWDOOHUFDUDFWHUtVWLFDHVHQFLDOGHODFDUUHUDGH DUTXLWHFWXUDFRPRH[SHULHQFLDGHHQVHxDQ]D\DSUHQGL]DMHGHIRUPDJUXSDOHLQYROXFUDQGROD LQWHUDFFLyQHQWUHGRFHQWHV\HVWXGLDQWHV (O WDOOHU FRPR HVSDFLR GH SURGXFFLyQ \ GH UHIOH[LyQ SHUPDQHQWH VREUH ODV LGHDV DUTXLWHFWyQLFDVORVFULWHULRVTXHRULHQWDQODUHVROXFLyQGHOSUR\HFWR\ODVSURSLDVHODERUDFLRQHV GHORVDOXPQRVVHFRQVWLWX\HHQiPELWRGHFRQVWUXFFLyQGHOFRQRFLPLHQWRFRPSDUWLGR(VWD PRGDOLGDGSHGDJyJLFDHVGRPLQDQWHHQODVDVLJQDWXUDVGHOÈUHDGH$UTXLWHFWXUD\'LVHxR\VH SUDFWLFDWRWDORSDUFLDOPHQWHHQDVLJQDWXUDVGHORVGHPiVFDPSRVGHFRQRFLPLHQWR /DV $VLJQDWXUDV GH OD &DUUHUD GHVDUUROODQ GLVWLQWDV HVWUDWHJLDV GLGiFWLFDV GHVGH iPELWRV WHyULFRV\SUiFWLFRVPXWXDPHQWHFRQVWLWXWLYRVEDVDGDVHQXQDSURJUDPDFLyQGHDFWLYLGDGHV FX\RREMHWLYRHVHVWLPXODUHOGHVDUUROORGHODFRPSHWHQFLDVSURIHVLRQDOHVDWUDYpVGHOSURFHVR GHHQVHxDQ]D±DSUHQGL]DMH(ODQiOLVLVGHORVFULWHULRVGHLQWHQVLGDGGHOD)RUPDFLyQ3UiFWLFD KDVLGRGHVDUUROODGRWHQLHQGRHQFXHQWDIXQGDPHQWDOPHQWHORGRFXPHQWDGRSRUODVGLVWLQWDV FiWHGUDVHQODV)LFKDVGH$FWLYLGDG&XUULFXODU$QH[R,,,GHOD5HVROXFLyQ0(&\7 È5($ '( $548,7(&785$ < ',6(f2 3UR\HFWRV GH DUTXLWHFWXUD XUEDQLVPR \ SODQHDPLHQWR (QFXDQWRDOFULWHULRGHJUDGXDOLGDG\FRPSOHMLGDGODVDVLJQDWXUDVGHVtQWHVLV±$UTXLWHFWXUD, D9,HQWDQWRODERUDWRULRGHH[SHULHQFLDV\SURGXFFLyQGHGLVHxR±FRQVWLWX\HQHQVtPLVPDV XQDLQVWDQFLDSURJUHVLYDGHLQFRUSRUDFLyQGHFRQWHQLGRV\VHSHUILODQFRPRHMHVHVWUXFWXUDQWHV ±DQFODGRVHQHOSURFHVRGHGLVHxRGHODIRUPDFLyQDFDGpPLFDGHJUDGRTXHVHWUDGXFHSRUOR WDQWRFRPRFRPSOHMLGDGFUHFLHQWHGHODSUREOHPiWLFDGHOSUR\HFWR y (O7HPDSUREOHPDRFDVXtVWLFDGHVDUUROODGRHQODVDVLJQDWXUD$UTXLWHFWXUD,D9LPSOLFD y y y y y XQSURFHVRGHFRPSOHMLGDGJUDGXDOGHOIHQyPHQRDUTXLWHFWyQLFR\XQDSURIXQGL]DFLyQGH VXWUDWDPLHQWRHTXLSDPLHQWRVRFLDOGHEDMDFRPSOHMLGDG±QLYHOYLYLHQGDLQGLYLGXDOH LQGLYLGXDODJUXSDGD±QLYHOYLYLHQGDFROHFWLYDHQDOWXUDVLVWHPDVGHPRYLPLHQWR±QLYHO HTXLSDPLHQWRGHFRPSOHMLGDGLQWHUPHGLD±QLYHOHTXLSDPLHQWRGHDOWDFRPSOHMLGDG FRQYLYLHQGDJHVWLyQDGPLQLVWUDFLyQVHJXULGDGFRPHUFLRHWF±HQQLYHO $SDUWLUGH$UTXLWHFWXUD,,VHSURIXQGL]DHQODLQFRUSRUDFLyQGHODWHRUtD\ODFUtWLFDFRPR IXQGDPHQWRVGHOSUR\HFWR $ SDUWLU GHO QLYHO ,9 VH LQFRUSRUD OD H[SUHVLyQ WHFQROyJLFD \ HO OHJDMR GH REUD FRPR UHVSXHVWDDODVGRVLQVWDQFLDVGHSUR\HFWR\SURGXFFLyQGHREUD /DDVLJQDWXUD$UTXLWHFWXUD,9FRPRVtQWHVLV\FLHUUHGHOFLFORPHGLRGHIRUPDFLyQGHQWUR GHO3ODQGH(VWXGLR (QORVQLYHOHV,9\9VHLQFRUSRUDODSUREOHPiWLFDGHODHODERUDFLyQGHOSURJUDPDJHVWLyQ GHO SUR\HFWR HQ ODV DVLJQDWXUDV $UTXLWHFWXUD $UTXLWHFWXUD 3DLVDMLVWD 8UEDQLVPR \ (TXLSDPLHQWR (QODDVLJQDWXUD$UTXLWHFWXUD9,VHYHULILFDODDXWRJHVWLyQ\VXILFLHQFLDHQHOPDQHMRGH WRGRV ORV FRQWHQLGRV GH OD FDUUHUD HQ UHODFLyQ D ODV LQFXPEHQFLDV SURIHVLRQDOHV 6H GHVDUUROOD XQ WUDEDMR ILQDO GRQGH VH SRQHQ GH PDQLILHVWR OD VtQWHVLV GH ORV VDEHUHV DGTXLULGRVDORODUJRGHODFDUUHUD (QFXDQWRDOFULWHULRGHLQWHJUDFLyQGHWHRUtD\SUiFWLFDODPHWRGRORJtDSURSLDGHO7DOOHUHVOD TXHYHULILFDODLQWHJUDFLyQFRPRHVSDFLRGHSURGXFFLyQ\GHUHIOH[LyQSHUPDQHQWHVREUHODV LGHDV DUTXLWHFWyQLFDV GH ORV FULWHULRV TXH RULHQWDQ OD UHVROXFLyQ GHO SUR\HFWR \ ODV SURSLDV HODERUDFLRQHVGHORVDOXPQRV y (VHQHVWDPRGDOLGDGGRQGHVXUJHODSUREOHPiWLFDGHORVFRQWHQLGRVHPHUJHQWHVTXH KDFHQDOHVWXGLRGHOWHPDSUREOHPDHQODVDVLJQDWXUDVGHVtQWHVLV y 6HLQFRUSRUDHOGHVDUUROORGHODLQYHVWLJDFLyQHQHOSURFHVRGHGLVHxRHVWXGLRGHFDVRV LQYHVWLJDFLyQELEOLRJUiILFDHWF (QFXDQWRDOFULWHULRGHUHVROXFLyQGHVLWXDFLRQHVSUREOHPiWLFDVODPRGDOLGDGGHWDOOHU\ LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' VXVPHWRGRORJtDVGLGiFWLFDVGHHMHUFLFLRV\H[SORUDFLRQHVHQWRUQRDOSUR\HFWRWUDEDMRVGH FDPSRYLVLWDVXUEDQDVVHPLQDULRV\FUtWLFDVJUXSDOHV\FROHFWLYDVLGHQWLILFDGDVHQODVILFKDV GHDFWLYLGDGFXUULFXODUGHODVDVLJQDWXUDVGHOÈUHDVHFRQVWLWX\HQHQIRUPDVGHFRQVWUXFFLyQ FROHFWLYDGHOFRQRFLPLHQWR È5($'(7(&12/2*Ë$3URGXFFLyQGHREUDV (QFXDQWRDOFULWHULRGHJUDGXDOLGDG\FRPSOHMLGDGHQWpUPLQRVJHQHUDOHVORVFDPSRVGH FRQRFLPLHQWR GH &RQVWUXFFLRQHV ,QVWDODFLRQHV \ (VWUXFWXUDV DFRPSDxDQ OD FRPSOHMLGDG FUHFLHQWHGHORVWHPDVSUREOHPDVSODQWHDGRVSRUODVDVLJQDWXUDVGHVtQWHVLVSRUQLYHO y /RVFDPSRVGHFRQRFLPLHQWRVRQ&RQVWUXFFLRQHV,QVWDODFLRQHV(VWUXFWXUDV)tVLFD \0DWHPiWLFDV 1,9(/,VHDERUGDODIRUPDFLyQSUiFWLFDGHVGHODJHQHUDOLGDGGH,QWURGXFFLyQDOD7HFQRORJtD TXH DFRPSDxD OD FRPSOHMLGDG GHO SUR\HFWR DUTXLWHFWyQLFR UHFRQRFLHQGR OD REUD GH DUTXLWHFWXUDFRPRXQDXQLGDGFRPSOHMDHQODTXHVHVLQWHWL]DQYDULDEOHVWHFQROyJLFDVPRGRV FRQVWUXFWLYRV HVWUXFWXUDOHV \ DPELHQWDOHV (Q HVWH QLYHO WDPELpQ VH LQFRUSRUDQ GHVWUH]DV FRJQLWLYDVSDUDKDFHUGHODPDWHPiWLFD\ODItVLFDDVLJQDWXUDVGHDSOLFDFLyQHQODUHVROXFLyQGH SUREOHPDVUHODFLRQDGRVFRQODDUTXLWHFWXUD 1,9(/ ,, 6H SURIXQGL]DQ FRQRFLPLHQWRV HVSHFtILFRV HQ (VWUXFWXUDV &RQVWUXFFLRQHV H ,QVWDODFLRQHVVREUHHOHVWXGLRGHODSUREOHPiWLFDGHODREUDGHDUTXLWHFWXUDGHVDUUROODQGR KDELOLGDGHVSDUD y 5HVROYHU LQVWDODFLRQHV VDQLWDULDV GH JDV \ FRQWUD LQFHQGLRV HQ FRQVWUXFFLRQHV GH GLIHUHQWHVHQYHUJDGXUDV y &RPSUHQGHU \ PDQHMDU ODV UHODFLRQHV HQWUH ORV PDWHULDOHV \ ODV WpFQLFDV GHO VLVWHPD FRQVWUXFWLYRWUDGLFLRQDOSDUDYLYLHQGD\FRPSOHMLGDGVLPLODU y 3URSRQHUXQPHFDQLVPRHVWUXFWXUDOVLPSOH\HQWHQGHUVXFRPSRUWDPLHQWR 1,9(/,,,6HDILDQ]DQORVFRQRFLPLHQWRVHQORVFDPSRVGH(VWUXFWXUDV,,&RQVWUXFFLRQHV,, ,QVWDODFLRQHV,,\0DWHPiWLFDV,SDUD y ,QVWUXLUSDUDHOGLVHxRFXDOLWDWLYR\VHFFLRQDOGHODVHVWUXFWXUDV\RULHQWDUHQHOFRUUHFWRXVR GHSURJUDPDVFRPSXWDFLRQDOHV y /DUHVROXFLyQGHSUREOHPDVFRQVWUXFWLYRVGHFRPSOHMLGDGFUHFLHQWH(GLILFDFLyQHQDOWXUD PDQHMDQGRODUHODFLRQHVHQWUHORVPDWHULDOHV\ODVWpFQLFDVFRQVWUXFWLYDVUDFLRQDOL]DGRV± HYROXFLRQDGRV y (O GLVHxR \ FiOFXOR GH LQVWDODFLRQHV HOpFWULFDV GRPLFLOLDULDV FLUFXODFLRQHV YHUWLFDOHV PHFiQLFDV \DFRQGLFLRQDPLHQWR WpUPLFR HQ YLYLHQGDV \HTXLSDPLHQWRV GH FRPSOHMLGDG PHGLD y 7UDQVIHULUORVFRQRFLPLHQWRVPDWHPiWLFRVSDUDHOPDQHMRGHOHVSDFLRDUTXLWHFWyQLFRHQ VXVWUHVGLPHQVLRQHV 1,9(/,96HFRQVROLGDQORVFRQRFLPLHQWRVHQORVFDPSRVGH(VWUXFWXUDV,,,&RQVWUXFFLRQHV,,, H,QVWDODFLRQHV,,,RULHQWDGRVKDFLD y (OGLVHxRHVWUXFWXUDOHQHGLILFLRVFRQHVWUXFWXUDVGHKRUPLJyQDUPDGR\VLVPRUHVLVWHQWHV $SRUWDQGRXQDPHWRGRORJtDGHVtQWHVLVUHODFLRQDGDDODSURSXHVWDDQiOLVLVYHULILFDFLyQ\ UHIRUPXODFLyQGHDOWHUQDWLYDVHVWUXFWXUDOHV y 6LVWHPDV FRQVWUXFWLYRV QR FRQYHQFLRQDOHV UDFLRQDOL]DGRV H LQGXVWULDOL]DGRV \ VXV FRPSRQHQWHV FRQ OD E~VTXHGD GH LQQRYDFLyQ WHFQROyJLFD (O SURGXFWR DUTXLWHFWyQLFR FRPR UHVXOWDGR GH XQ SURFHVR GH GLVHxR PiV XQ SURFHVR GH PDWHULDOL]DFLyQ PiV XQ SURFHVRGHXVR\PDQWHQLPLHQWR y /RVUHTXHULPLHQWRVDF~VWLFRV\OXPtQLFRVGHODREUDGHDUTXLWHFWXUDHQHTXLSDPLHQWRVGH EDMDFRPSOHMLGDG\YLYLHQGD 1,9(/96HSURIXQGL]DHQODIRUPDFLyQSUiFWLFDWDQWRHQODVDFWLYLGDGHVTXHKDFHQDOSUR\HFWR FRPRDTXHOODVTXHUHVSRQGHQDODSURGXFFLyQJHVWLyQGHVDUUROOR\FRQFUHFLyQGHXQDREUD6H FRPSOHWDQORVFRQRFLPLHQWRVHQ(VWUXFWXUDV,9UHVROXFLRQHVLQQRYDGRUDVSDUDHVWUXFWXUDVGH LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ JUDQGHVOXFHV6HLQFRUSRUDQPpWRGRV\VLVWHPDVSUiFWLFRVPDQHMRLQVWUXPHQWDO\WpFQLFR HVSHFtILFR UHODWLYR DO UHOHYDPLHQWR \ PDQHMR WRSRJUiILFR GHO HVSDFLR 6H FDSDFLWD HQ HO GHVHPSHxRGHODVIXQFLRQHVSURIHVLRQDOHVFRQRFLPLHQWRGHORVSULQFLSLRV\QRUPDVOHJDOHV RUJDQL]DFLyQSURJUDPDFLyQKLJLHQH\VHJXULGDG\GRFXPHQWDFLyQWpFQLFDSURSLDGHODREUDGH DUTXLWHFWXUD y (QFXDQWRDODLQWHJUDFLyQGHWHRUtD\SUiFWLFDVHEDVDHQODIRUPDFLyQ\DGTXLVLFLyQGH FRQFHSWRV\VXWUDQVIHUHQFLDDHMHUFLFLRVGHVLPXODFLyQGHSUiFWLFDSUR\HFWXDODUWLFXODQGR ORVFRQWHQLGRVFRQHOSURFHVRGHDSUHQGL]DMHGHOGLVHxR/DLQVWUXPHQWDFLyQVHHQIRFDHQ ODUHVROXFLyQGHSUREOHPDVGHGLVHxR\HMHUFLWDFLyQHQODVPHWRGRORJtDVGHWUDEDMR HMHUFLFLRV GH VLPXODFLyQ GH SUiFWLFD SUR\HFWXDO SURIHVLRQDO FRQ pQIDVLV HQ GHVDUUROOR WHFQROyJLFRVREUHODVSURSXHVWDVDUTXLWHFWyQLFDVGHORVSURSLRVDOXPQRV\XQWUDEDMR SUiFWLFRILQDOUHDOL]DGRHQEDVHDODQWHSUR\HFWRGHDUTXLWHFWXUDHQFDGDQLYHOTXHUHIXHU]D ODDUWLFXODFLyQHQKRUL]RQWDOGHODVDVLJQDWXUDVSURSLDVGHFDGDQLYHO È5($025)2/2*Ë$(,167580(17$&,Ï1 (OFULWHULRGHJUDGXDOLGDG\FRPSOHMLGDGVHYHULILFDSRUODXELFDFLyQGHODVDVLJQDWXUDVGHO ÈUHDHQORVSULPHURVDxRVGHODFDUUHUDUHVSRQGLHQGRDVXFDUiFWHULQVWUXPHQWDO y (QWUH ODV DVLJQDWXUDV 0RUIRORJtD , \ ,,, VH SODQWHDQ JUDGRV FUHFLHQWHV GH FRPSOHMLGDG GHVGHODDEVWUDFFLyQGHOFDPSRHQWLWDWLYRDODSUREOHPiWLFDGHJHQHUDFLyQGHOHVSDFLR DUTXLWHFWyQLFR\ODIRUPDHLPDJHQXUEDQD y (QODDVLJQDWXUD6LVWHPDV*UiILFRVGH([SUHVLyQVHSURSRQHQSUiFWLFDVTXHWLHQHQFRPR REMHWLYRODDGTXLVLFLyQGHOOHQJXDMHEiVLFRSDUDODOHFWXUDH[SUHVLyQ\FRPXQLFDFLyQGHO KHFKRDUTXLWHFWyQLFR(VWDLQVWDQFLDLQVWUXPHQWDOVHFRPSOHWDFRQODDSOLFDFLyQHQPHGLRV GLJLWDOHVGHVLVWHPDV&DGHQODDVLJQDWXUD,QIRUPiWLFD /DWHRUtD\ODSUiFWLFDVHLQWHJUDQDWUDYpVGHHMHUFLFLRVPRGpOLFRVTXHLPSOLFDQSUREOHPDV IRUPDOHVDUHVROYHUDSR\DGRVHQODUHIOH[LyQ\HOPDQHMRFRQFHSWXDO/DPRGDOLGDGGHWDOOHU\ VXVPHWRGRORJtDVGLGiFWLFDVGHHMHUFLFLRV\H[SORUDFLRQHVWUDEDMRVGHFDPSRYLVLWDVXUEDQDV VHPLQDULRV\FUtWLFDVJUXSDOHV\FROHFWLYDVVHFRQVWLWX\HQHQIRUPDVGHFRQVWUXFFLyQFROHFWLYD GHOFRQRFLPLHQWR&DGDHMHUFLFLRGHH[SHULPHQWDFLyQFRQWLHQHHQVD\RVSUHSUR\HFWXDOHVD QLYHO JUiILFR \ PRUIROyJLFR HQ ORV TXH VH YLQFXODQ FRQWHQLGRV RSHUDWLYRV VLJQLILFDWLYRV H LQWHJUDWLYRVSDUDODUHVROXFLyQGHSUREOHPDV È5($&,(1&,$662&,$/(6 (QFXDQWRDOFULWHULRGHJUDGXDOLGDG\FRPSOHMLGDGODVDVLJQDWXUDVGHOÈUHDVHRUJDQL]DQHQ UHODFLyQDOSURFHVRGHGHVDUUROORGHODFDSDFLGDGGHDQiOLVLV\GHFUtWLFDQHFHVDULRSDUDOD IRUPDFLyQGHORVHVWXGLDQWHVHQIXQFLyQGHDERUGDUODSUREOHPiWLFDGHODDFWLYLGDGSUR\HFWXDO HQXQFRQWH[WRDPSOLRGHLQWHUSUHWDFLyQ(OSURFHVRGHFRQRFLPLHQWRHVDERUGDGRGHVGHOD JHQHUDOLGDGGHODVUHODFLRQHVHQWUHODFLXGDGODDUTXLWHFWXUD\ODFXOWXUDHQODKLVWRULDHQHO SULPHUQLYHOGHODFDUUHUDFRQWLQXDQGRHQORVQLYHOHV,,,,,,9VXSDUWLFXODUL]DFLyQHQORVGLVWLQWRV SHUtRGRVKLVWyULFRVORVDVSHFWRVUHODWLYRVDODWHRUtDGHODDUTXLWHFWXUD\GHORVSURFHVRVGH GLVHxR \ OD LQWHUSUHWDFLyQ GH ORV SURFHVRV KLVWyULFRV HQ OD DUTXLWHFWXUD \ HO XUEDQLVPR GH /DWLQRDPpULFD$UJHQWLQD\&yUGRED /DV LQVWDQFLDV WHyULFDV \ SUiFWLFDV VRQ FRPSOHPHQWDULDV \ SRVLELOLWDQ OD LQFRUSRUDFLyQ SURJUHVLYDGHFRQWHQLGRVWHyULFRV\HOGHVDUUROORGHOVHQWLGRFUtWLFRDSOLFDGRDOGHVDUUROORGHORV VLJXLHQWHVHMHUFLFLRVSUiFWLFRV y WUDEDMRGHFDPSRHQHGLILFLRVGHODFLXGDGSDUDHOUHFRQRFLPLHQWRYLYHQFLDOGHHVSDFLRVGH ORVGLVWLQWRVSHUtRGRVKLVWyULFRV y FRQVWUXFFLyQGHPDTXHWDVFRPRPHGLRGHLQWHUSUHWDFLyQGHOHVSDFLRDUTXLWHFWyQLFR\ y WUDEDMRVPRQRJUiILFRVGHLQLFLDFLyQDODLQYHVWLJDFLyQ (Q FXDQWR DO FULWHULR GH UHVROXFLyQ GH VLWXDFLRQHV SUREOHPiWLFDV VH EDVD IXQGDPHQWDOPHQWH HQ HO HVWXGLR GH FDVRV SDUDGLJPiWLFRV UHODFLRQDGRV D ORV WHPDV GHVDUUROODGRV SRU ODV GLVWLQWDV DVLJQDWXUDV GHO ÈUHD DGHPiV GHYLVLWDV XUEDQDV JXLDGDV VHPLQDULRV \ FUtWLFDV JUXSDOHV \ FROHFWLYDV TXH VH FRQVWLWX\HQ HQ IRUPDV VRFLDOL]DGDV GH LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ FRQVWUXFFLyQGHOFRQRFLPLHQWR 'HO DQiOLVLV GHVDUUROODGR HQ FDGD ÈUHD VH HYLGHQFLD OD VXILFLHQFLD GH ODV $FWLYLGDGHV GH )RUPDFLyQ 3UiFWLFD 6XSHUYLVDGD TXH KDFHQ DO SUR\HFWR GRQGH VH YXHOFDQ FRQRFLPLHQWRV WHyULFRV KDELOLGDGHV SUR\HFWXDOHV FDSDFLGDGHV WpFQLFDV \ DTXHOODV TXH UHVSRQGHQ DOD SURGXFFLyQJHVWLyQHGLOLFLDGHVDUUROOR\FRQFUHFLyQGHXQDREUD7DPELpQVHREVHUYDTXH GLFKDVDFWLYLGDGHVDEDUFDQHOHVWXGLRGHVLVWHPDVFRQVWUXFWLYRVEiVLFRVHLQVWDODFLRQHVDVt FRPRODOHJLVODFLyQTXHUHJXODGLFKRVSURFHVRV\ORVUHIHULGRVDKLJLHQH\VHJXULGDGGHODV FRQVWUXFFLRQHV /D LQWHQVLGDG HQ ODV GRV LQVWDQFLDV GH IRUPDFLyQ SUiFWLFD SUR\HFWR \ SURGXFFLyQGHREUDFRQVLGHUDQFULWHULRVGHJUDGXDOLGDG\FRPSOHMLGDGLQWHJUDFLyQGHWHRUtD\ SUiFWLFD\UHVROXFLyQGHSUREOHPDV 'HOPLVPRDQiOLVLVVHGHVSUHQGHODH[LVWHQFLDGHiPELWRVTXHSHUPLWHQODFRQVWUXFFLyQGHO FRQRFLPLHQWRVRFLDOL]DGR\HO³HVWXGLRGHFDVRV´EDVDGRHQODPRGDOLGDGGH7DOOHUSLODUEiVLFR GHODIRUPDFLyQGHORVHVWXGLDQWHV\FDUDFWHUtVWLFDHVHQFLDOGHODFDUUHUDGHDUTXLWHFWXUDFRPR H[SHULHQFLDGHHQVHxDQ]D\DSUHQGL]DMHGHIRUPDJUXSDOHLQYROXFUDQGRODLQWHUDFFLyQHQWUH GRFHQWHV\HVWXGLDQWHV (QFXDQWRDODFDUJDKRUDULDDVLJQDGDDOD)RUPDFLyQ3UiFWLFDVHKDHODERUDGRXQFXDGUR FRPSDUDWLYRHQIXQFLyQGHODFODVLILFDFLyQGHODV$VLJQDWXUDVDJUXSDGDVSRUÈUHDVHJ~QOD PRGDOLGDG TXH GHVDUUROODQ FRQ GDWRV H[WUDtGRV GH ODV )LFKDV GH $FWLYLGDG &XUULFXODU /D VXPDWRULDGHFDUJDKRUDULDSRQHHQHYLGHQFLDHOFXPSOLPLHQWRGHODVKRUDVPtQLPDVHQ DFWLYLGDGHVUHIHULGDVD3UR\HFWR\3URGXFFLyQGHREUDKRUDV)RUPXODULR(OHFWUyQLFR )LFKD3ODQGH(VWXGLRV RTXHVHREVHUYDHQWpUPLQRVJHQHUDOHVHVTXHODVPRGDOLGDGHVGHIRUPDFLyQPXHVWUDQXQD WHQGHQFLD D GLULJLU HO SURFHVR GH HQVHxDQ]D \ DSUHQGL]DMH GH IRUPD SUHGRPLQDQWHPHQWH SUiFWLFDSUHSDUDQGRDOHVWXGLDQWHSDUDHOHMHUFLFLRSURIHVLRQDO$VLPLVPRODSURIXQGL]DFLyQGH FRQWHQLGRVUHIHULGRVDODFUtWLFD\ODWHRUtDGHODDUTXLWHFWXUDHOXUEDQLVPR\ODSODQLILFDFLyQ IRUWDOHFHQODLQWHUSUHWDFLyQGHODDUTXLWHFWXUDFRPRSDUWHGHODFXOWXUD\FRPRUHIOHMRGHXQ SHQVDPLHQWRUHODWLYRGLQiPLFRHLQWHJUDGRU $QDOL]DQGRORVHVWiQGDUHVSUHVHQWDGRVSRUODUHVROXFLyQPLQLVWHULDOODVKRUDVPtQLPDVGH IRUPDFLyQSUiFWLFDUHSUHVHQWDQXQGHOWRWDOGHKRUDVGHFDUJDKRUDULDPtQLPD(OSODQ GHHVWXGLRVSURSRQHXQWRWDOGHKRUDVGHODVFXDOHVKRUDVFRPRVXPDWRULD GHWRGDVODVDFWLYLGDGHVGHIRUPDFLyQSUiFWLFDUHSUHVHQWDQHOGHOWRWDO È5($6 $6,*1$785$ $&7,9,'$'(6'( )250$&,Ï1 35È&7,&$HQKRUDV 3$83 &XUVRGH 1LYHODFLyQ (VWUDWHJLDVGHDSUHQGL]DMH ,QWUDOD3UREOHPiWLFDGHO'LVHxR\ VX([SUHVLyQ ,QWUDOD+LVWRULDGHOD$UT\HO8UE &LHQFLDV 6RFLDOHV 32 7)R6 33$ 2WUDV 727$/ 325 È5($ +LVWRULDGHOD$UTXLWHFWXUD, +LVWRULDGHOD$UTXLWHFWXUD,, +LVWRULDGHOD$UTXLWHFWXUD,,, 7HRUtD\0pWRGRV *5$),&2&DUJDKRUDULDHQ)RUPDFLyQ3UiFWLFD±FXDGURFRPSDUDWLYR LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ $6,*1$785$ È5($6 $&7,9,'$'(6'( )250$&,Ï1 35È&7,&$HQKRUDV 3$83 6LVWHPDV*Ui¿FRVGH([SUHVLyQ 0RUIRORJtD, 0RUIRORJtDH 0RUIRORJtD,, ,QVWU 0RUIRORJtD,,, ,QIRUPiWLFD 7HFQRORJtD 32 7)R6 33$ 2WUDV 0DWHPiWLFD, 0DWHPiWLFD,, )tVLFD 7RSRJUDItD ,QWURGXFFLyQDOD7HFQRORJtD &RQVWUXFFLRQHV, &RQVWUXFFLRQHV,, &RQVWUXFFLRQHV,,, 3URGXFFLyQ\*HVWLyQ ,QVWDODFLRQHV, ,QVWDODFLRQHV,, ,QVWDODFLRQHV,,, (VWUXFWXUDV, (VWUXFWXUDV,, (VWUXFWXUDV,,, (VWUXFWXUDV,9 33$ $UTXLWHFWXUD, $UTXLWHFWXUD,, $UTXLWHFWXUD,,, $UTXLWHFWXUD,9 (TXLSDPLHQWR 8UEDQLVPR, 8UEDQLVPR,, $UTXLWHFWXUD $UTXLWHFWXUD9 \'LVHxR $UTXLWHFWXUD3DLVDMLVWD $UTXLWHFWXUD9, 727$/(63$5&,$/(6 727$/(6)250$&,Ï135È&7,&$ 727$/'(/$&$55(5$ ,GLRPDV (OHFWLYD 727$/ 325 È5($ *5$),&2&DUJDKRUDULDHQ)RUPDFLyQ3UiFWLFD±FXDGURFRPSDUDWLYR LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ &$0%,26(1(/3/$1'((678',26 5HVSHFWRDOD~OWLPDUHVROXFLyQGHDFUHGLWDFLyQVHKDQSURGXFLGRODVVLJXLHQWHVPRGLILFDFLRQHV HQHOSODQGHHVWXGLR y &XUVRGHQLYHODFLyQ5HV+&6$WHQGLHQGRDODDGDSWDFLyQGHOD)$8'DOD UHJODPHQWDFLyQGHOD81&\DOD/H\GH(GXFDFLyQ6XSHULRU1\VXPRGLILFDWRULD /H\1VHPRGLILFDQODVFRQGLFLRQHVGHUHJXODULGDGGHORVPyGXORVLQWURGXFWRULRV LQWURGXFFLyQ SUREOHPiWLFD GHO GLVHxR \ VX H[SUHVLyQ \ HVWUDWHJLDV GH DSUHQGL]DMH PDQWHQLHQGR VX FRQGLFLyQ GH FXUVDGR SUHVHQFLDO \ OD UHJXODULGDG REWHQLGD WHQGUi XQ SOD]R DFRWDGR D WUHV IHFKDV H[DPLQDGRUDV VLJXLHQWHV D OD ILQDOL]DFLyQ GHO GLFWDGR GH DPERVPyGXORV/RTXHSHUPLWHFRPHQ]DUDFXUVDUODVPDWHULDVGHPDWHPiWLFDV\ItVLFD FRQ OD UHJXODULGDG GH ORV PyGXORV LQWURGXFWRULRV VLQ KDEHU REWHQLGR OD DSUREDFLyQ GHILQLWLYD y (QHODxRHO3ODQGH(VWXGLRFRUULJLyHO6LVWHPDGH&RUUHODWLYLGDGHV\IXHPRGLILFDGR DSDUWLUGHODxR5HV+&'LPSOHPHQWiQGRORJUDGXDOPHQWHFRQVLGHUDQGROD FRKRUWHFRPRLQLFLDGRUDGHQXHYRUpJLPHQ\ODDGHFXDFLyQSDXODWLQDGHODVFRKRUWHV DQWHULRUHVLQFOXLGDVHQHO3ODQVHUHDOL]DHOFURQRJUDPDGHWDOODGRDFRQWLQXDFLyQ $xR $YDQFH&RKRUWH &RKRUWHV\DQWHULRUHVLQFOXLGDVRTXHVH LQFOX\DQDIXWXURDOSODQ DxR &RQWLQ~DVLVWHPDGHFRUUHODWLYLGDGHVV2UGSDUD DVLJQDWXUDVQLYHOHV,D9, DxR 6HLPSOHPHQWDHOQXHYR5pJLPHQGHFRUUHODWLYLGDGHVSDUD DOXPQRVTXHUHFXUVHQDVLJQDWXUDVGHOQLYHO,,1LYHOHV,,,D9, VHULJHQSRUHOVLVWHPDGHFRUUHODWLYLGDGHVGHOD2UG DxR 6HLPSOHPHQWDHOQXHYR5pJLPHQGHFRUUHODWLYLGDGHVSDUD DOXPQRVTXHUHFXUVHQDVLJQDWXUDVGHOQLYHO,,,1LYHOHV,9D9, VHULJHQSRUHOVLVWHPDGHFRUUHODWLYLGDGHVGHOD2UG DxR 6HLPSOHPHQWDHOQXHYR5pJLPHQGHFRUUHODWLYLGDGHVSDUD DOXPQRVTXHUHFXUVHQDVLJQDWXUDVGHOQLYHO,91LYHOHV9D9, VHULJHQSRUHOVLVWHPDGHFRUUHODWLYLGDGHVGHOD2UG DxR 6HLPSOHPHQWDHOQXHYR5pJLPHQGHFRUUHODWLYLGDGHVSDUD DOXPQRVTXHUHFXUVHQDVLJQDWXUDVGHOQLYHO91LYHOH9,VHULJHSRU HOVLVWHPDGHFRUUHODWLYLGDGHVGHOD2UG DxR 6HXQL¿FDLQWHJUDOPHQWHHOVLVWHPDGHFRUUHODWLYLGDGHV *5$),&2 &DPELR JUDGXDO GH FRUUHODWLYLGDGHV 5HVRO +&' FRQVLGHUDQGR OD FRKRUWH FRPR LQLFLDGRUDGHOQXHYRUpJLPHQ\ODDGHFXDFLyQSDXODWLQDGHODVFRKRUWHVDQWHULRUHVLQFOXLGDVHQHO3ODQ 'LFKDVPRGLILFDFLRQHVVRQXQDDGHFXDFLyQGHO3ODQGH(VWXGLRVDORVUHTXHULPLHQWRV\ HVWUDWHJLDVGHPHMRUDVGHOQLYHOGHFXUVDGDGHORVHVWXGLDQWHVHQXQWRGRGHDFXHUGRDODV UHJODPHQWDFLRQHV\H[LJHQFLDVGHOD81&\GHOD/H\GH(GXFDFLyQ6XSHULRU LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' 3URJUDPDVDQDOtWLFRV\&RQWHQLGRVFXUULFXODUHV $QDOL]DUDSDUWLUGHORVSURJUDPDVDQDOtWLFRVHOJUDGRGHSURIXQGLGDGHQHOGLFWDGRGHORVFRQWHQLGRVFXUULFXODUHV\OD SHUWLQHQFLD\GLVSRQLELOLGDGGHODELEOLRJUDItDXWLOL]DGD3URIXQGL]DUHODQiOLVLVHQORVSURJUDPDVDQDOtWLFRVPRGLILFDGRVR LQFOXLGRVGHVGHOD~OWLPDUHVROXFLyQGHDFUHGLWDFLyQ 6HJ~QORVSURJUDPDVDQDOtWLFRVGHODVDVLJQDWXUDVGHO3ODQGHOHVWXGLR\FRWHMiQGRODVFRQODV )LFKDV&XUULFXODUHVGHFDGDFiWHGUDSODQLOODGHUHJLVWURGHFDPELRVSXQWRIVHH[SRQHTXH y 1RKXERFDPELRVGHFRQWHQLGRVHQORVSURJUDPDVDQDOtWLFRVVHUHVSHWDQORVFRQWHQLGRV HQHO3ODQGH(VWXGLRV y /RVFDPELRVUHDOL]DGRVHQODELEOLRJUDItDVXJHULGDSRUFDGDFiWHGUDHQSDUWLFXODUVHGHEH DODVUHQRYDFLRQHVHLQFRUSRUDFLyQGHFiWHGUDVFRQQXHYDVSURSXHVWDVSHGDJyJLFDV/RV GRFHQWHVWLWXODUHVHVWXGLDQ\SUHSDUDQODELEOLRJUDItDSHUWLQHQWHDOQLYHO\ODFiWHGUD\HVWiQ HQXQWRGRGHDFXHUGRFRQORVFRQWHQLGRVTXHGLFWDHO3ODQGH(VWXGLRV\ODHVSHFLILFLGDG GHODSURSXHVWDSHGDJyJLFDSODQWHDGD y +XERFDPELRVHQODVDFWLYLGDGHVWHyULFDV\SUiFWLFDVGHVGHOD~OWLPDDFUHGLWDFLyQKDVWDOD IHFKDHQHODxRKDEtDFiWHGUDVGHDVLJQDWXUDVREOLJDWRULDV\FiWHGUDVGH PDWHULDVHOHFWLYDVHQODFDUUHUDFXHQWDFRQFiWHGUDVGHDVLJQDWXUDVREOLJDWRULDV \ FiWHGUDV GH DVLJQDWXUDV HOHFWLYDV OR TXH LPSOLFD UHQRYDFLyQ GH SURSXHVWDV SHGDJyJLFDV\QXHYDVDFWLYLGDGHVWHyULFDV\SUiFWLFDV$FRQWLQXDFLyQQRPEUDPRVODV QXHYDVFiWHGUDV ODDVLJQDWXUD)Ë6,&$GHMDGHVHUFiWHGUDFRP~QFRQODFDUUHUD'LVHxR,QGXVWULDO\ VHVHSDUDHOSODQWHOGRFHQWHFRQIRUPDQGRXQDFiWHGUDSDUDFDGDFDUUHUD GHVGREODPLHQWRFiWHGUD+,6725,$,,,±&iWHGUD$\% &UHDFLyQFiWHGUD$548,7(&785$,9& GHVGREODPLHQWRFiWHGUD&216758&&,21(6,,,±&iWHGUD$\% GHVGREODPLHQWRFiWHGUD(48,3$0,(172±&iWHGUD$\% GHVGREODPLHQWRFiWHGUD85%$1,602,,±&iWHGUD$\% y +XERFDPELRVHQORVPRGRVGHHYDOXDFLyQ6HJ~QOD2UGGHO+&'PRGLILFDOD2UG VH HVWDEOHFHQ ODV VLJXLHQWHV PRGDOLGDGHV GH DSUREDFLyQ $352%$&,Ï1 ',5(&7$±35202&,Ï1±(;$0(1),1$/ /DVLJXLHQWHQRUPDWLYDH[SUHVD $$352%$&,Ï1',5(&7$ y /DV DVLJQDWXUDV TXH VH DSUREDUiQ SRU $352%$&,Ï1 ',5(&7$ VLQ H[DPHQ ILQDO REOLJDWRULRFRQFDOLILFDFLyQGHDSXQWRVVHUiQODVTXHLQWHJUDQHOÈUHDGH$UTXLWHFWXUD \'LVHxR\0RUIRORJtDH,QVWUXPHQWDFLyQGHDPEDVFDUUHUDV y /RVHVWXGLDQWHVTXHDGHXGHQDOJXQDDVLJQDWXUDFRUUHODWLYDGLUHFWDDODVQRPEUDGDVHQHO LQFLVR DQWHULRU \R TXH PDQLILHVWHQ VX GHVHR GH FRQVHUYDU VX FRQGLFLyQ GH UHJXODU PDQWHQGUiQ OD UHJXODULGDG DFRWDGD FRQIRUPH OR HVWDEOHFH HO $UWtFXOR GH HVWD 2UGHQDQ]D9HQFLGRHOSOD]RTXHGDUiQHQFRQGLFLyQGH/,%5( LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' %35202&,Ï1 y /DV DVLJQDWXUDV TXH FRUUHVSRQGDQ D ODV ÈUHDV GH FRQRFLPLHQWR GH 7HFQRORJtD \ GH &LHQFLDV6RFLDOHVSRGUiQDSUREDUVHEDMRHOUpJLPHQGH35202&,Ï1VLQH[DPHQILQDO HQWDQWRDGKLHUDQDHVWDPRGDOLGDG\VHFXPSODQODVH[LJHQFLDVGHWDOODGDVHQHO$UWtFXOR RPHGLDQWH(;$0(1),1$/VLHQGRSRUPDWHULDVLQGLVWLQFLyQGHFiWHGUD(QFDVRGH LQFOXLUODSULPHUDPRGDOLGDGHVWDGHEHUiFRPXQLFDUVHIHKDFLHQWHPHQWHDOD6HFUHWDULD $FDGpPLFD\6HFUHWDUtDGH$VXQWRV(VWXGLDQWLOHVSDUDKDELOLWDUORVUHJLVWURVSHUWLQHQWHVHQ HO6,67(0$6,8*8$5$1,HLQIRUPDUGHELGDPHQWHDORVHVWXGLDQWHVHVWDSRVLELOLGDG y &RQGLFLRQHVGHDSUREDFLyQ D +DEHU DVLVWLGR D FODVHV SUiFWLFDV WHyULFRSUiFWLFDV VHJ~Q OD PRGDOLGDG GH OD DVLJQDWXUD\RFiWHGUDHQXQDSURSRUFLyQQRLQIHULRUDO E+DEHUREWHQLGRFRPRPtQLPRODFDOLILFDFLyQGHVLHWHSXQWRVHQWRGDVODVLQVWDQFLDV HYDOXDWLYRVGHH[iPHQHVSDUFLDOHV\RWUDEDMRVSUiFWLFRV/DVLQVWDQFLDVHYDOXDWLYRV VHUiQFRPRPtQLPRWUHV F &DGD FiWHGUD LQIRUPDUi VREUH HVWD PRGDOLGDG D VXV DOXPQRV \ D OD 6HFUHWDUtD $FDGpPLFDDOFRPHQ]DUHOFLFOROHFWLYR &(;$0(1),1$/ y &RPRDOXPQRUHJXODU y &RPRDOXPQROLEUH /RDQWHULRUQRLPSOLFDFDPELRGHODVFRQGLFLRQHVGHGXUDFLyQGHUHJXODULGDGGHODVPDWHULDV SHUWHQHFLHQWHV D FDGD iUHD GH FRQRFLPLHQWR $Vt ODV PDWHULDV GH ORV 'HSDUWDPHQWRV GH $UTXLWHFWXUD \ 'LVHxR \ GH 0RUIRORJtD H ,QVWUXPHQWDFLyQ WHQGUiQ UHJXODULGDGHV YLJHQWHV GXUDQWHWUHVIHFKDVGHH[iPHQHVFRQVHFXWLYRVLQPHGLDWDPHQWHSRVWHULRUHVDODILQDOL]DFLyQ GHVXGLFWDGR$UW<ODVGHORV'HSDUWDPHQWRVGH7HFQRORJtD\&LHQFLDV6RFLDOHVYLJHQFLD SRUGRVDxRV\GRVIHFKDVGHH[iPHQHVFRQVHFXWLYRVDSDUWLUGHODIHFKDGHILQDOL]DFLyQGHVX GLFWDGR$UW LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ $1$/,6,6'(352*5$0$6$1$/,7,&26<&217(1,'26 È5($$548,7(&785$<',6(f2 $548,7(&785$, &217(1,'265HVRO 0,1&\7 0pWRGRV \ WHRUtDV GHO GLVHxR DUTXLWHFWyQLFR \ XUEDQR ,QWHUSUH WDFLyQ GH ODV QHFHVL GDGHV \ UHVROXFLyQ GH SUREOHPDVGHOKiELWDW 'HVDUUROOR GH SUR\HF WRV SDUD OD UHVROXFLyQ IXQFLRQDO IRUPDO HV SDFLDO\WpFQLFD 5HVROXFLyQ SUR\HFWXDO HQUHODFLyQDOFRQWH[WR\ VHJ~Q ODV YDULDEOHV GH HVFDOD QRUPDWLYDV F R P S O H M L G D G H V \ QLYHOHV GH UHVROXFLyQ G H O S U R \ H F W R D U T X L W H F W y Q L F R \ XUEDQR &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 ,$ &RQWHQLGRV*HQHUDOHV y $UTXLWHFWXUD QHFHVLGDG \ UHDOLGDG y $UTXLWHFWXUD\VRFLHGDG(O KiELWDW FRQWHPSRUiQHR &DUDFWHUtVWLFDV FXOWXUDOHV GHODpSRFD y & D W H J R U t D V G H O S H Q V D P L H Q W R D U T X L W H F W y Q L F R O R V FRQWHQLGRV VRFLDOHV ORV WHPDV\ORVSURJUDPDV y (O HVSDFLR S~EOLFR OD FLXGDG\OD$UTXLWHFWXUD y (OSURFHVRGHGLVHxR y $ U T X L W H F W X U D F R P R VtQWHVLV &RPR\DVHKDH[SUHVDGRHOSURFHVRSHGDJyJLFR SUR\HFWXDOVHHVWUXFWXUDHQGRVXQLGDGHVWHPiWLFDV $,'($'(&,8'$'SURSXHVWDGHSDLVDMHXUEDQR\ HVSDFLRH[WHULRUGHHQFXHQWURDQLYHOEDUULDO % ,'($ '( $548,7(&785$ SURGXFFLyQ GH XQ HTXLSDPLHQWRVRFLDOGHEDMDFRPSOHMLGDG\HVFDOD (VWDVGRVXQLGDGHVVHDUWLFXODQHQHOWLHPSRDWUDYpV GH FXDWUR PyGXORV 5(&212&,0,(172 < 352 3 8 ( 6 7$ ' ( ( 6 3$ & , 2 8 5 % $ 1 2 , ' ( $ *(1(5$'25$ GHO SUR\HFWR GH HTXLSDPLHQWR ' ( 6 $ 5 5 2 / / 2 ' ( / $ , ' ( $ < $ - 8 6 7 ( 6 352<(&78$/(6 /RVFXDWURPyGXORVTXHSUHVHQWDQXQDDXWRQRPtD U H O D W L Y D G L I H U H Q F L D G R V S R U V X V R E M H W L Y R V SHGDJyJLFRV \ QLYHOHV GH FRPSOHMLGDG HVWiQ VLQ HPEDUJRLQGLVROXEOHPHQWHYLQFXODGRVHQWUHVtSRUOD FRQWLQXLGDG GH FRQFHSWRV FRQWHQLGRV \ SURFHVR /DV DFWLYLGDGHV SURSXHVWDV SDUD HO GHVDUUROOR GH HVWHSURFHVRVRQ &ODVHVWHyULFDV&ODVHVWDOOHUTXHLQFOX\HQ WDOOHUHV GH H[SORUDFLyQ VHPLQDULRV WUDEDMRV GH LQYHVWLJDFLyQ\DQiOLVLVHVWXGLRGHFDVRVYLVLWDVD REUDV FULWLFDV FROHFWLYDV \ JUXSDOHV FRUUHFFLRQHV L Q G L Y L G X D O H V /D $VLJQDWXUD SHUWHQHFH DO 5 e * , 0 ( 1 $ 3 5 2 % $ & , Ï 1 ',5(&7$ FRQ FDOL¿FDFLyQ PtQLPD GH \ (;$0(1 (VWH ~OWLPR HQ VX PRGDOLGDG GH H[DPHQ UHJXODU FRQVLVWH HQ OD SUHVHQWDFLyQ FRPSOHWD FRQ SDVDGR HQ OLPSLR GHO WUDEDMR ¿QDO \ HO PDWHULDO FRUUHVSRQGLHQWH D OD WRWDOLGDG GHOSURFHVRGHODxR (Q FDVR GH H[iPHQHV OLEUHV VH SUHYp XQD SUXHED WHyULFR FRQFHSWXDO VREUH HO FRQWHQLGR GHODVFODVHVWHyULFDVDODTXH V H V X P D U i X Q W U D E D M R SUR\HFWXDODGHVDUUROODUVHFRQ ODPRGDOLGDGGH³HQFLHUUR´TXH LQFOX\H SLH]DV JUi¿FDV D GHWHUPLQDUGLEXMDGDVHQWLQWD ,% y &RQWHQLGRV*HQHUDOHV y /DFLXGDGORXUEDQR y (VSDFLR H[WHULRU \ VX GH¿QLFLyQ y 3UR\HFWRDUTXLWHFWyQLFR y / D P D W H U L D O L G D G G H O y SUR\HFWR 87 VH LQWURGXFH DO HVWXGLDQWH HQ OD LQWHU SUHWDFLyQGHODREUDGHDUTXLWHFWXUDHOFRQWH[WR GHLQWHUYHQFLyQORVFRQFHSWRVTXHRUJDQL]DQOD OyJLFDGHOSUR\HFWRODPDWHULDOLGDGGHOHGL¿FLR\ HOVLJQL¿FDGRGHOPLVPR0HWRGRORJtD$QiOLVLV 'HVFULSFLyQ,QWHUSUHWDFLyQ 6LPXOWiQHDPHQWHVHUHDOL]DXQDPDTXHWD\WUHV SLH]DVJUi¿FDVTXHODGHVFULEHQSODQWDFRUWH YLVWDSDUDDYDQ]DUHQODLQVWUXPHQWDFLyQGHOD FRPXQLFDFLyQ\UHSUHVHQWDFLyQDUTXLWHFWyQLFD 873UR\HFWRGHXQDLQVWLWXFLyQEDUULDOGHEDMD FRPSOHMLGDGFRPRELEOLRWHFDJXDUGHUtDMDUGtQ PDWHUQDOFHQWURGHVDOXGFHQWURFRPXQLWDULR FHQWURGHH[SRVLFLyQHQWUHRWUDV/DVXSHU¿FLH D SUR\HFWDU HV GH DSUR[ ± P FXELHUWRV (Q VH ORFDOL]DUi HQ %DUULR *HPHV HQ WHUUHQRV HQ HVTXLQD SUy[LPRV DO 3DVHRGH/DV$UWHV6HEXVFDDFRWDU\IDFLOLWDUD ORV HVWXGLDQWHV OD HWDSD GH GLDJQyVWLFR S U L Y L O H J L D Q G R H O D Q i O L V L V G H O O X J D U H LQFRUSRUDQGR XQ QXHYR UHFRQRFLPLHQWR GH OD VLWXDFLyQ D LQWHUYHQLU HQ IXQFLyQ GH ORV UHTXHULPLHQWRVGHODLQVWLWXFLyQ (QOD87/DHYDOXDFLyQGHOD H Q V H x D Q ] D D S U H Q G L ] D M H FRQVLGHUD y (O SURFHVR UHDOL]DGR TXH LQFOX\H XQD YDORUDFLyQ DFWLWXGLQDO (Q OD 87 OD HYDOXDFLyQ FRQVLGHUDUi y /D FDSDFLGDG GHO DOXPQR S D U D F R P S U H Q G H U \ GHVFULELU OD VLWXDFLyQ HV SDFLDOXUEDQD y /D FDSDFLGDG GH WUDQV IHUHQFLD HQ OD H[SRVLFLyQ R U D O \ H Q O D J U i ¿ F D UHDOL]DGD /D HYDOXDFLyQ GHO SUR\HFWR UHFXSHUD ORV DVSHFWRV FRQ VLGHUDGRVHQODVHYDOXDFLRQHV SUHFHGHQWHV ,QFRUSRUD PD\RU HVSHFL¿FLGDG HQ OD HYDOXDFLyQ GHO SURFHVR GH GLVHxR \ HO UHVXOWDGR DOFDQ]DGR HQ HO SUR\HFWR GH OD LQVWLWXFLyQ EDUULDO HQ IXQFLyQ GH ORV FRQWHQLGRVGHODDVLJQDWXUD y &ODVHVWHyULFDV 0RPHQWRV GH DSHUWXUD R FLHUUH UHÀH[LYR GH OR DFWXDGR (O REMHWLYR GH HVWDV FODVHV HV DPSOLDU OD PLUDGD HQVDQFKDU HO FDPSR GLVFLSOLQDU \ DSRUWDU FRQFHSWRV TXH OXHJR GHEHQ VHU GLVFXWLGRV R UH HODERUDGRVHQHOWDOOHU y 6HVLRQHVFUtWLFDVRWUDEDMRHQWDOOHU /D FRPXQLFDFLyQ VH KDFH SHUVRQDO \ GLUHFWD HO GHVDUUROORGHOWUDEDMRHVXQHVTXLFLRSHUPDQHQWH XQSURJUHVRSURSRVLWLYRTXHYDGHVGHHOGLDJUDPD EiVLFRODUHÀH[LyQLQWHOHFWXDORHOGLEXMRGHOGHWDOOH TXH FRQFHQWUDGRV HQ HO WDOOHU FRQWULEX\DQ DO DSUHQGL]DMHFROHFWLYR y (OWUDEDMRHQJUXSRV 'H GRV R WUHV LQWHJUDQWHV HVWLPXOD OD SURGXFFLyQ FROHFWLYDDSRUWDFDQWLGDG\FDOLGDGHQHOUHVXOWDGR ¿QDO(QHOWDOOHUVHSRQHHQFULVLVOD $ S U R E D F L y Q ' L U H F W D 5HJXODULGDG([DPHQ /D SURSXHVWD VH FHQWUD HQ OD FRQFHSWXDOL]DFLyQ \ SUiFWLFD GHODVLQVWDQFLDVSURSXHVWDV 6HHYDO~DTXHHODOXPQRKD\D D G T X L U L G R L Q I R U P D F L y Q \ FDSDFLWDFLyQLQLFLiWLFDSDUDHO PDQHMR GH HVD LQIRUPDFLyQ FRPRWDPELpQGHKHUUDPLHQWDV G H U H S U H V H Q W D F L y Q \ SURFHGLPLHQWRV /RV PXFKRV WHPDV \ iUHDV TXH FRPSRQHQ OD FRPSOHMD HVWUXFWXUD GH XQD FDUUHUDXQLYHUVLWDULDQHFHVLWDQ VHU y ,& /$ 0,5$'$ FRQWHPSODU \ HQWHQGHU SUHWH[WRV \ FRQ WH[WRVODFLXGDG\ORXUEDQR +$%,7$5SURFHVRGHGLVHxR SURJUDPD HO VLWLR IRUPD IXQFLyQWpFQLFD\WHFQRORJtD U H T X H U L P L H Q W R V \ FRQGLFLRQDQWHV ',6(f$5 352<(&7$5 0$7(5,$/,=$5GHODLGHDD OD PDWHULDOL]DFLyQ GHO SUR \HFWR 6,17(6,6 WUDEDMR ¿QDO VtQWHVLV FRQFHSWXDO \ SUR \HFWXDO LQIRUPHGHDXWRHYDOXDFLyQ y GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ SURGXFFLyQ FRQ HO REMHWLYR TXH ORV LQWHJUDQWHV GHO JUXSR UHÀH[LRQHQ \ GLDORJXHQ PLHQWUDV PiV SURIXQGR HV HO JUDGR GH GLVFXVLyQ PHMRU VHUiQ ORV UHVXOWDGRV HO WUDEDMR QR VHUi HO UHVXOWDGR GH XQ SURFHVROLQHDOVLQRODYHUL¿FDFLyQGHLGHDVSRUPHGLR GHODUHSUHVHQWDFLyQGHHVWDVHQXQSUR\HFWR y /DELWiFRUD (VHOLQVWUXPHQWRSRUH[FHOHQFLDTXHGHEHOOHYDUHO DOXPQRGHPDQHUDSHUPDQHQWHHQHVWHFDVRFRPR XQDKHUUDPLHQWDSHUVRQDOTXHOHSHUPLWHYROFDUDOOt FXDOUHVHUYRULRGHFRQRFLPLHQWRVGLDJUDPDVIUDVHV FURTXLV DSXQWHV OLWHUDOHV R JUi¿FRV QRWDV GH UHFRUULGRGHODFLXGDGHWF ,' y y y y y y y /R SUHSUR\HFWXDO (O HV SDFLR OD VHFXHQFLD OD PDWHULDOLGDG /D)RUPDHO'LVHxR\VXV SULQFLSLRV RSHUDWLYRV (O y KRPEUH\HOHVSDFLR /DLGHDHOVLWLR\HOSDLVDMH \HOHQWRUQRDPELHQWDOHO SURJUDPDODWpFQLFD\ORV PDWHULDOHV /D VtQWHVLV ,QWURGXFFLyQ DO SUR\HFWR (O KDELWDQWH GH OD DUTXL WHFWXUD \ ODV DFWLYLGDGHV TXHGHVDUUROOD 5RO GH OD WHFQRORJtD VX VHQWLGRDFRQGLFLRQDQWHVX YDORU FRPR FRQ¿JXUDGRU G H O H V S D F L R V X V FXDOLGDGHVH[SUHVLYDV\VX URO UHVSHFWR GHO PHGLR DPELHQWH 'LVHxR GH XQ VLVWHPD GH OXJDUHV S~EOLFRV TXH FRODERUH D HQULTXHFHU OD UHODFLyQ FRQ HO DPELHQWH D WUDYpV GH OD SURSXHVWD GH XQD DUTXLWHFWXUDTXHIDYRUH]FDODUHODFLyQSRVLWLYD\ FUHDWLYDHQWUHHOPHGLR\ORVKDELWDQWHV 'HVDUUROORSUR\HFWXDOGHXQFHQWURGH$UWH ,QFRUSRUDGRV SURJUHVLYD PHQWHHLQWHJUDGRVSDUDTXHHO DOXPQR GHVDUUROOH XQ FRQMXQWR GH FRQRFLPLHQWRV JOREDOHV \ J H Q H U D O H V T X H IXQGDPHQWDOPHQWHSXHGDQVHU DSOLFDEOHV IXHUD GHO FRQWH[WR HVSHFt¿FR GH FDGD PDWHULD T X H S U R G X ] F D Q X Q FRQRFLPLHQWR VRFLDO \ SHUVR QDO y 8QLGDGWHPiWLFD &DGD HMHUFLFLR (QWUHJD GH FDUSHWDGHSURFHVRGHGLVHxR \ PDTXHWD (YDOXDFLyQ HQ D F X H U G R F R Q R E M H W L Y R V H[SOLFLWDGRV HQ HO PLVPR \ DVHQWDGR FRQ KHUUDPLHQWD GH ¿FKDGHHYDOXDFLyQWpFQLFD y 8QLGDG7HPiWLFD (VTXLFLRV \ VHPLQDULRV (Q WUHJD GH SDQHOHV \R FDUSHWD FRQ SURFHVR GH GLVHxR GH DFXHUGR D REMHWLYRV GH ORV PLVPRV(YDOXDFLyQDVHQWDGD FRQ KHUUDPLHQWD GH ¿FKD GH HYDOXDFLyQWpFQLFD y (175(*$),1$/ (YDOXDFLyQ FRQ SURFHVR GH GLVHxR \ OHJDMR WpFQLFR PD TXHWDV GH SURFHVR \ ¿QDOHV 3RU WULEXQDO LQWHJUDGR SRU 3URIHVRU 7LWXODU 3URIHVRU $GMXQWR -73 \ DVHQWDGD HQ DFWDVGHH[DPHQR¿FLDOHV $548,7(&785$,, &217(1,'265HVRO 0,1&\7 0pWRGRV \ WHRUtDV GHO GLVHxR DUTXLWHFWyQLFR \XUEDQR,QWHUSUHWDFLyQ GH ODV QHFHVLGDGHV \ U H V R O X F L y Q G H SUREOHPDVGHOKiELWDW 'HVDUUROOR GH SUR\HF WRV SDUD OD UHVROXFLyQ IXQFLRQDO IRUPDO HV SDFLDO\WpFQLFD 5HVROXFLyQ SUR\HFWXDO HQUHODFLyQDOFRQWH[WR\ VHJ~Q ODV YDULDEOHV GH HVFDOD QRUPDWLYDV F R P S O H M L G D G H V \ QLYHOHV GH UHVROXFLyQ G H O S U R \ H F W R DUTXLWHFWyQLFR\XUEDQR &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 ,,$ y /DYLYLHQGDLQGLYLGXDO y /D PDWHULDOLGDG $UTXL WHFWXUD\FRQWH[WR y 1XHYDVIRUPDVGHKDELWDU y /DFLXGDG y (OKDELWDUFROHFWLYR (VWXGLR GH OD UHODFLyQ FRQ HO F R Q W H [ W R S D L V D M H O X J D U $QiOLVLV GH DQWHFHGHQWHV 3UR\HFWDUXQOXJDUXQKiELWDW F U L V L V G H O R V H V S D F L R V KDELWDEOHV +DELWDU FRQWHP SRUiQHR(VWUXFWXUDFRPRLGHD 5HVROYHU HQ UHVSXHVWD DO FOLPDYLYLHQGDSDVLYD (VWUXFWXUD FRPR SRVLELOLGDG LQLFLDO HQ HO SUR\HFWR GH DU T X L W H F W X U D / D Y L Y L H Q G D &RQWHPSRUiQHDUHODFLyQHQWUH ORLQGLYLGXDO\ORFROHFWLYR/D DUTXLWHFWXUD(Q/DWLQRDPpULFD G L V H x D U S D U D Q X H V W U R V FRQWH[WRV\SRVLELOLGDGHV /D &iWHGUD $UTXLWHFWXUD SODQWHD XQ YLDMH HQ OD SULPHU HWDSD GHO DQR GH IXQGDPHQWDO LPSRUWDQFLD SDUDHOGHVDUUROORGHOHVWXGLDQWH\ODLPSOHPHQWDFLyQ GHO WDOOHU XQ YLDMH GH GtDV GH LQWHQVLGDG HQ ODV YLVLWDVDREUDVGHH[FHOHQFLDUHFLELGRVSRUGRFHQWHV GH UHOHYDQFLD QDFLRQDO H LQWHUQDFLRQDO GRQGH HO H V W X G L D Q W H F R P S U H Q G H H O I H Q y P H Q R G H O D DUTXLWHFWXUD VH DSDVLRQD SRU OR TXH HVWXGLD \ VH YLQFXOD FRQ VXV GRFHQWHV \ FRPSDxHURV FRQ HO PLVPR¿Q 6H UHDOL]DUiQ WUHV WLSRV GH HYDOXDFLRQHV /D(YDOXDFLyQ'LDJQyVWLFD VREUH HO SULPHU WUDEDMR TXH S U R G X F H H O D O X P Q R H Q O D &iWHGUD(YDOXDFLyQLQGLYLGXDO /D(YDOXDFLyQ)RUPDWLYD )XQGDPHQWDOPHQWHDFDUJRGHO 3URIHVRU$VLVWHQWHDSDUWLUGHVX ODERUWXWRULDOVREUHORVWUDEDMRV TXHYDGHVDUUROODQGRFDGDXQR GH VXV DOXPQRV D OR ODUJR GHO FXUVR'HFDUiFWHULQGLYLGXDO /D(YDOXDFLyQ)LQDO SHUPLWH FRQRFHU VL VH DOFDQ ]DURQ \ HQ TXp JUDGR ORV REMHWLYRVSODQWHDGRV6HFHQWUD H Q O D Y D O R U D F L y Q G H O R V UHVXOWDGRV DOFDQ]DGRV SRU HO DOXPQR HQ HO SURFHVR GH DSUHQGL]DMH 6HUHDOL]DVREUHHOWUDEDMR¿QDO TXHHVHODERUDGRHQJUXSRGH G R V D O X P Q R V \ E D M R O D PRGDOLGDGGHDSUREDFLyQGHOD DVLJQDWXUDSRUSURPRFLyQ LQIRUPHGHDXWRHYDOXDFLyQ &21&8562 /D FiWHGUD SODQWHD SRVLEOHV LQVWDQFLDV GH SDUWL FLSDFLyQ D FRQFXUVRV GH DUTXLWHFWXUD SDUD HVWX GLDQWHVVLHQGRGHLPSRUWDQFLDQXHVWUDSDUWLFLSDFLyQ HQ HO UHFLHQWH FRQFXUVR 218 +$%,7$7 GRQGH HO HVWXGLDQWHUHDOL]DODSUHVHQWDFLyQFRQHOWUDEDMR¿QDO \ SRVWHULRUPHQWH SXHGH HYDOXDU ODV SURSXHVWDV SUHVHQWDGDV \ SRGHV VDFDU FRQFOXVLRQHV GH IXQGDPHQWDO LPSRUWDQFLD SDUD VX GHVDUUROOR GH H[SUHVLyQRUDO\HVFULWD GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ ,,% y (OSURFHVRGHGLVHxR\VXV HWDSDV y $VSHFWRV FXDOLWDWLYRV \ FXDQWLWDWLYRVGHOSURJUDPD DUTXLWHFWyQLFR/RVQXHYRV PRGRVGHYLGD y (OEDUULRHQODFLXGDGFRPR F R Q W H [ W R J H Q H U D O ( O FRQFHSWR GH HVSDFLR \ OXJDUHQHOPHGLRXUEDQR y /DVHVFDODV\IXQFLRQHVGHO HVSDFLRS~EOLFRDOHVSDFLR SULYDGR 5HODFLyQ REMHWRV DUTXLWHFWyQLFRV\HQWRUQR y 5HODFLyQLQWHULRUH[WHULRU y 7LSRV WLSRORJtD VLJQL¿ FDFLyQ VRFLR FXOWXUDO GH OD YLYLHQGD \ HO DJUXSD PLHQWR y $VSHFWRV IXQFLRQDOHV WHFQROyJLFRV\H[SUHVLYRV GH OD YLYLHQGD ORV D JUXSDPLHQWRV \ HO HTXL SDPLHQWRVRFLDO y ,QWURGXFFLyQ VREUH DV SHFWRV GHO DFRQGLFLRQD PLHQWR SDVLYR HQ OD DU TXLWHFWXUD y /D PDWHULDOLGDG HQ HO SURFHVRGHGLVHxR y /D LQWHUDFFLyQ HQWUH HO PHGLR QDWXUDO \ FXOWXUDO &RQFHSWR GH VXVWHQWD ELOLGDG ,,& y $ U T X L W H F W X U D O y J L F D V )RUPD IXQFLyQ WHFQR ORJtDVLJQL¿FDFLyQ y 5HFXUVRV WLSR VLVWHPD OXJDUFRQWH[WR y /D FDVD LGHD ±SDUWLGR ± O H Q J X D M H W H F Q R O R J t D D G H F X D G D D S U R S L D E O H 5 H S U H V H Q W D F L y Q $ J U X S D P L H Q W R P R G R V YLGD HVSDFLRV 7HMLGR XUEDQR HVSDFLR S~EOLFR ± S D U W L F L S D F L y Q (OSURFHVRSHGDJyJLFRVHGHVDUUROODHQWUHVWUDEDMRV 73$QiOLVLV\HVWXGLRGHOEDUULR6XLQVHUFLyQHQOD HVWUXFWXUD XUEDQD (VWXGLR GH ORV FRPSRQHQWHV XUEDQRVWHMLGRFDOOHVIUDFFLRQDPLHQWR\RFXSDFLyQ GHO WHUULWRULR HVSDFLRV S~EOLFRV HQ VXV GLIHUHQWHV HVFDODV\XVRV(VWXGLRGHODVUHODFLRQHVVRFLDOHV PRGRVGHYLGDDFWLYLGDGHVFRVWXPEUHV'HWHFFLyQ GH Gp¿FLWV \ SRWHQFLDOLGDGHV GHO VHFWRU XUEDQR HQ HVWXGLR (VWXGLRHQSDUWLFXODUGHODPDQ]DQD6XRFXSDFLyQ DFWXDO\ODVGLIHUHQWHVDOWHUQDWLYDVGHGHQVL¿FDFLyQ $ERUGDMHFRQFHSWXDOGHORVQXHYRVPRGRVGHKDELWDU \GLVWLQWDVDVRFLDFLRQHVKXPDQDVGHOSUHVHQWH 73 /D DUTXLWHFWXUD FRPR VtQWHVLV OD IXQFLyQ OD IRUPDODWHFQRORJtDODHVWUXFWXUDODVHQYROYHQWHV ODV LQVWDODFLRQHV \ ODV FLUFXQVWDQFLDV HQ TXH VH SURGXFHHOSUR\HFWR /D H[SORUDFLyQ GHO (VSDFLR \ OD 7HFQRORJtD /D UHODFLyQ ,QWHULRU ± ([WHULRU OD OX] ODV YLVXDOHV HO DFRQGLFLRQDPLHQWRQDWXUDO 73 'HVDUUROOR GH XQ SUR\HFWR TXH FRQWHPSOH ODV QXHYDV GHQVLGDGHV EDUULDOHV \ VH RULHQWH D XQD RFXSDFLyQ LQWHQVLYD GHO ORWH FRQ YLYLHQGDV DJUXSDGDV (O3URFHVRGHGLVHxRFRQWHPSODXQDVHFXHQFLDTXH YD GHVGH HO FRQRFLPLHQWR H[KDXVWLYR GHO FRQWH[WR X U E D Q R G R Q G H V H L Q V H U W D O D V V X F H V L Y D V DSUR[LPDFLRQHV SDUD DOFDQ]DU XQD SURSXHVWD GH LQWHUYHQFLyQJHQHUDO\HOGHVDUUROORGHOFRQMXQWRFRQ HOFRQVLJXLHQWHHVWXGLRWLSROyJLFR y y y y y y y y y y ,,' y ,QWURGXFFLyQDOSUR\HFWRHQ ORXUEDQR y /D 9LYLHQGD 8UEDQD GHO VLJOR;;,([SORUDFLyQGHOD 9LYLHQGDXQLIDPL LQIRUPHGHDXWRHYDOXDFLyQ 6HPLQDULRV FRQ HYDOXDFLyQ FROHFWLYD &UtWLFD FROHFWLYD \ HYDOXDFLyQ 3DUFLDOHV ,QGL YLGXDOHV (Q FDGD HWDSD VH KDFHXQFLHUUHFRQHYDOXDFLyQ LQGLYLGXDO\JUXSDO (YDOXDFLyQ)LQDO 3URJUDPDFLyQPRGXODGD$SHUWXUDV\FLHUUHV y FRQDQFODMHV7HyULFRVPDJLVWUDOHVFRQIHUHQFLDV LQYLWDGRV\WHyULFRVFRPSDUWLGRV&RQVWUXFFLyQ DSOLFDWLYDGHFRQWHQLGRVWHyULFRV ,QWHUGLVFLSOLQD \ 7UDQVYHUVDOLGDG GH ORV FRQWHQLGRV &UtWLFDRSHUDWLYDGHVGHREUDVHPEOHPiWLFDVFRQ VLJQRV WUDQVFHQGHQWHV y PHPRUDEOHV TXH H[SUHVHQ HO SHQVDPLHQWR SUR\HFWXDO GH OD &iWHGUD(MHPSORVXQLYHUVDOPHQWH³SHULIpULFRV´ \ ORFDOHV 5HFRQRFLPLHQWR \ XWLOL]DFLyQ GH VLJQRVFRQWHPSRUiQHRV &RQVWUXFFLyQ 7HyULFD GHVGH OD $UTXLWHFWXUD± 5 H H O D E R U D F L R Q H V H Q 7D O O H U 7D O O H U D E VROXWDPHQWH SUHVHQFLDO DFWLYR LGHQWLWDULR \ GHVLQKLELWRULR ([SHULHQFLD\IRUPDWLYLGDG'LQiPLFDGHJUXSRV RFXSDFLyQ SURGXFWLYD FROHFWLYD GHO WLHPSR 7RUEHOOLQR GH LGHDV \7UDEDMR FRQ &RQFHSWRV \ RWURV GHVHQFDGHQDQWHV SDUD HO &RQFHSWR GHO 7UDEDMR &UtWLFDGHODFUtWLFDDXWRFUtWLFD\FUtWLFDLQGLYLGXDO \FROHFWLYD 3URGXFFLyQ KLVWRULDGD FRQ ELWiFRUD \ RWURV UHFXUVRV 3URGXFLGRV DELHUWRV UHIXWDEOHV R ³LQDFDEDGRV´&RQWLQXLGDGGHOSHQVDPLHQWR\HO KDFHUDUTXLWHFWyQLFR 3ODQL¿FDFLyQ \ RUJDQL]DFLyQ GH OD SURGXFFLyQ SDUDHOPDQHMRWHPSRUDOGHODSUiFWLFD &RQVWUXFFLyQ GH /D &LXGDG SRFR D SRFR D SUHQGLHQGRGHHOODQRUPDVFRPRSRVLELOLWDQWHV 6tQWHVLV SUR\HFWXDO OD MXVWD PHGLGD \ HO EXHQ VHQWLGR /DPDWHULDVHRUJDQL]DDSDUWLUGHOGHVDUUROORGHGRV LQVWDQFLDVSUR\HFWXDOHVFRQWHPDV\SUREOHPiWLFDV FRQWHPSRUiQHDV FDGD XQD GH HOOD WLHQH XQ GHVDUUROOR HQ FDGD XQR GH ORV VHPHVWUHV FRQ GLVWLQWRV *UDGRVGHFRPSOHMLGDG (YDOXDFLyQFRPRVLWXDFLyQ GH DSUHQGL]DMH $FWLWXG SDUD OD DSWLWXG 7LHPSR HYDOXDWLYR QHFHVDULR DO SURGXFWLYRTXHHVOLPLWDGR SHUR GH SURFHVR DELHUWR (YDOXDFLyQ LQGLYLGXDO HQ F R Q W H [ W R F R O H F W L Y R \ YLFHYHUVD SDUFLDO \ ¿QDO 7LSL¿FDFLyQGHSUREOHPDV SDTXHWHV VLWXDFLRQDOHV HTXLGDG HQ HYDOXDFLyQ HQ OD GLYHUVLGDG SRU SDXWDV SUHHVWDEOHFLGDV\SRUFRP SHWHQFLDV(YDOXDFLyQFRQ FHSWXDO&ODVL¿FDFLyQFDOL ¿FDFLyQ FRQVROLGDFLyQ GH QLYHOHV R XPEUDOHV DOFDQ ]DGRV&UtWLFDFRPRIRUPD GHHYDOXDFLyQVHQWLGRIRU PDVWLHPSRVHTXLOLEULR $SUREDFLyQ'LUHFWDPtQ DVLVWHQFLD ± WUDEDMRV UHDOL]DGRV± $SUREDFLyQHQWUHFXDWUR\ GLH]SXQWRV GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ OLDUHQEDUULRFRQVROLGDGR SDUDXQDIDPLOLDDFWXDO y 3UR\HFWR GH 9LYLHQGDV HQ &RQMXQWR FRQ HTXL S D P L H Q W R H Q W H M L G R ([SORUDFLyQ GHO &RQMXQWR GH YLYLHQGD LQVHUWR HQ WHMLGRFRQVROLGDGR y ,QWURGXFFLyQDOSUR\HFWRHQ HOSDLVDMH y 3UR\HFWR GH XQ UHIXJLR HQ HO SDLVDMH ([SORUDFLyQ GH ODV FRQGLFLRQHV PtQLPDV GHOKDELWDU y y y y 8QD YLYLHQGD PtQLPD ,QWURGXFFLyQ D ODV YDULDEOHVGHSUR\HFWR)RUPDWRHVTXLFLR 8Q UHIXJLR SHUVRQDO ([SORUDFLyQ GH ODV FRQGLFLRQHV PtQLPDV GHO KDELWDU )RUPDWR HVTXLFLR /DYLYLHQGDXUEDQDGHO6;;,([SORUDFLyQGHOD YLYLHQGD XQLIDPLOLDU HQ EDUULR FRQVROLGDGR SDUD XQDIDPLOLDDFWXDO)RUPDWRHMHUFLFLRVHPHVWUDO 9LYLHQGDV HQ FRQMXQWR 3UR\HFWR GH 9LYLHQGDV HQ &RQMXQWR FRQ HTXLSDPLHQWR HQ WHMLGR ([SORUDFLyQGHO&RQMXQWRGHYLYLHQGDLQVHUWRHQ WHMLGRFRQVROLGDGR)RUPDWRHMHUFLFLRVHPHVWUDO $548,7(&785$,,, &217(1,'265HVRO 0,1&\7 0pWRGRV \ WHRUtDV GHO GLVHxR DUTXLWHFWyQLFR \XUEDQR,QWHUSUHWDFLyQ GH ODV QHFHVLGDGHV \ U H V R O X F L y Q G H SUREOHPDVGHOKiELWDW 'HVDUUROOR GH SUR\HF WRV SDUD OD UHVROXFLyQ IXQFLRQDO IRUPDO HV SDFLDO\WpFQLFD 5HVROXFLyQ SUR\HFWXDO HQUHODFLyQDOFRQWH[WR\ VHJ~Q ODV YDULDEOHV GH HVFDOD QRUPDWLYDV F R P S O H M L G D G H V \ QLYHOHV GH UHVROXFLyQ G H O S U R \ H F W R DUTXLWHFWyQLFR\XUEDQR &217(1,'26 ,,,$ y / D D U T X L W H F W X U D G H O D FLXGDG0DSDVXUEDQRVHO WHMLGR \ VXV HOHPHQWRV HVWUXFWXUDQWHV H LUUHGXF WLEOHV y /D FLXGDG GH OD DUTXL WHFWXUD (TXLSDPLHQWR FRPXQLWDULR \ HVSDFLR S~EOLFR y 9LYLHQGD P~OWLSOH H[SH ULPHQWDO y 9LYLHQGDVRFLDOFROHFWLYD y / H Q J X D M H V W H y U L F R V J U i ¿ F R V \ P R G p O L F R V 1RUPDV \ WpFQLFDV GH UHSUHVHQWDFLyQ([SUHVLyQ GHODVLGHDV y 3URFHVRV \ SUR\HFWR GH GLVHxR SURGXFFLRQHV GH SODQRV\PRGHORVHQGRV\ W U H V G L P H Q V L R Q H V ,QVWUXPHQWRV GH H[SUH V L y Q J U i ¿ F D ,,,% y $UTXLWHFWXUD /DWLQRDPH ULFDQD y &LXGDG ± (GL¿FLRV KDEL WDFLRQDOHV FXOWXUDOHV \ GH VHUYLFLR±(VSDFLR3~EOLFR y 5HFXSHUDFLyQ \ UHFLFODMH SXHVWDHQYDORUGHHGL¿FLRV S~EOLFRV y (VSDFLR $UTXLWHFWyQLFR /X] ± (VFHQD ± (VWUXF WXUD 0DWHULDOLGDGHV ± (QYROYHQWHV $UTXLWHF WyQLFDV y (VWUXFWXUD PiV 'LVHxR ± 0RGHORV(VWUXFWXUDOHV y (O 'LVHxR GHO 'HWDOOH $UTXLWHFWyQLFR /RV (V SDFLRV6LJQL¿FDWLYRV\VXV 6LJQL¿FDQWHV +DOO 6DODV (VFDOHUDV(QYROYHQWH y 9LYLHQGD FLXGDG ± 9L YLHQGD 6RFLHGDG &LX GDGDQtD y /D 9LYLHQGD &ROHFWLYD 7LSRORJtD /RV (VWXGLRV 7LSROyJLFRV y /XJDU \ 1RUPDWLYD LQIRUPHGHDXWRHYDOXDFLyQ '(6$552//2 )250$'((9$/8$&,Ï1 (O SURJUDPD GH DFWLYLGDGHV LQFOX\H HQ VX GHVDUUROOR RSHUDWLYR GRV HWDSDV FRPSOH PHQWDULDV H LQFOXVLYDV DUWLFXODGRV FRQ ORV FRQWHQLGRVGHOFLFOR\GHOQLYHO 6H GLVSRQH GH GRV PRGDOLGDGHV GH WUDEDMR LQGLYLGXDO\HQJUXSRHMHUFLFLRVFRPELQDGRVGH FRUWD\ODUJDGXUDFLyQ /RV WHPDVSUREOHPDV XUEDQRDUTXLWHFWyQLFRV HMHUFLWDGRV FRQWHQGUiQ XQ SHULRGR GH LQIRUPDFLyQ H LQVWUXPHQWDFLyQ \ RWUR GH GH VDUUROOR\WUDQVIHUHQFLDDWHQGLHQGRDXQDPHMRU RUJDQL]DFLyQWHPSRUDOGHWUDEDMRGLGiFWLFR %DUULR \ FLXGDG KLSyWHVLV GH WUDEDMR VREUH HO HVSDFLR VRFLDO GH KiELWDW ,QWHUSUHWDFLyQ \ HVWUDWHJLD DOWHUQDWLYDV FLXGDG VXVWHQWDEOH FRPSDFWDHLQFOXVLYD 5HÀH[LyQ FUtWLFD GH ODV H[SHULHQFLDV GH ODV YDQJXDUGLDV V;; OR PDHVWURV GHO PRYLPLHQWR PRGHUQR OD PRGHUQLGDG HQ /DWLQRDPpULFD (VWXGLRV GH ODV OyJLFDV \ PHWRGRORJtDV GH GLVHxR 9LYLHQGD VRFLDO FROHFWLYD HQ UHODFLyQ D XQ FRQWH[WR \ DO KiELWDW SDUWLFXODU (QVD\RV \ SUR\HFWRV GH OD YLYLHQGD FRQWHPSRUiQHD 3UR\HFWRDUTXLWHFWyQLFRGHVDUUROODGRHQHVFDODV GHFRQMXQWRDOGHWDOOH 6H HYDOXDUi HO SURFHVR \ SURGXFWR DUTXLWHFWyQLFR \ OD LQWHJUDFLyQGHODVGLYLVDViUHDV GH FRQRFLPLHQWR GHO FLFOR HQ FDGD XQR GH ORV HMHUFLFLRV SURSXHVWRV\HWDSDVGHODxR 6H SURPRYHUi OD HYDOXDFLyQ FROHFWLYD \ UHÀH[LyQ FUtWLFD HQ FDGD WDOOHU /D FRUUHFFLyQ LQGLYLGXDO\ODDXWRHYDOXDFLyQ HQ UHODFLyQ D OR REMHWLYRV JHQHUDOHV\HVSHFt¿FRVGHODV DFWLYLGDGHVUHDOL]DGDVGXUDQWH HODxR /DHYDOXDFLyQ¿QDOVHUiDQXDO GH SURPRFLyQ \ UHJXODULGDG X W L O L ] D Q G R O D P R G D O L G D G S U H Y L V W D S R U H O È U H D G H $ U T X L W H F W X U D 0RGDOLGDG GH 'LVHxR $UTXLWHFWyQLFR ,QGLYLGXDO 0RGDOLGDGHV JUXSDOHV \ GH ,QWHUFDPELR 7DOOHUHV 6HPLQDULRV7DOOHUHV 7DOOHUHV ,QWHUGLVFLSOLQDULRV &UtWLFDV ,QGLYLGXDOHV &UtWLFDV &ROHFWLYDV &ODVHV 7HyULFDV$SR\DWXUDV7HyULFDV3DQHOHVGH,QYLWDGRV \&RQIHUHQFLDV6HPLQDULRV7DOOHUHV,QWHUFXOWXUDOHVD QLYHOHLQWHUQLYHO9LVLWDV\7UDEDMRGHFDPSR9LVLWDV D2EUDV*XLDGDV\&UtWLFDV7UDQVIHUHQFLDV7UDEDMRV GH ,QYHVWLJDFLyQ (VWXGLRV GH FDVRV FDVXtVWLFDV 3DUFLDO ,QGLYLGXDO (VWXGLR GH (MHPSOR GH &DVDV &ROHFWLYDV HQ OD &XOWXUD$UTXLWHFWyQLFD )LQDO,QGLYLGXDO 3DUFLDO ,QGLYLGXDO ± 3OD]D 3XHQWH ,QGLYLGXDO )LQDO ,Q GLYLGXDO 3DUFLDO ,QGLYLGXDO ± (GL¿FLR GH 2¿FLQDV)LQDO,QGLYLGXDO 3DUFLDO *UXSDO ,QGLYLGXDO 3URSXHVWD (GL¿FLRV 9LYLHQGD &ROHFWLYD & R O H F W L Y D V J U X S D O H V 0RGDOLGDGHV GH $XWR H ,Q WHUHYDOXDFLyQSURSLDVGH7DOOHU &UtWLFD&ROHFWLYDFRPRPRGR G H ( Y D O X D F L y Q y y y y y y GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ 7HMLGR8UEDQR y 3URJUDPD\3DUWLGR±,GHDV 3UR\HFWRV/RV(VWXGLRV GH$UTXLWHFWXUD y 0DWHULDOLGDG 7HFQp ± /D & R Q V W U X F F L y Q K R \ ± 0DWHULDOHV y /D 5HSUHVHQWDFLyQ GH ODV ,GHDV ± /D 5HSUH VHQWDFLyQ 7pFQLFD \ VXV 1RUPDV y 0DWHULDOLGDG\%LRFOLPD/D 7H F Q p G H V G H O R % L R FOLPiWLFR0DWHULDOHV y (O'HVDUUROORGH3UR\HFWR ,,,& (VSDFLRKDELWDFLRQDO$VSHFWRV TXH LQFLGHQ HQ VX SURGXFFLyQ VRFLDO MXUtGLFD HFRQyPLFD WHFQROyJLFD GHPRJUi¿FD GH GLVHxR DERUGDGRV HQ GRV H M H U F L F L R V S U R \ H F W X D O H V HGL¿FLR HQ DOWXUD \ FRQMXQWR KDELWDFLRQDO GH DOWDPHGLD GHQVLGDG FRQ XVRV PL[WRV ,,,' y $UTXLWHFWXUD \ FLXGDG LQWURGXFFLyQ DO SUR\HFWR XUEDQR y 5HSURJUDPDFLyQ GH WH MLGRV y 6REUH HO KDELWDU FRQWHP SRUiQHR y (O SUR\HFWR FRPR XQD IRUPD SDUWLFXODU GHO SHQ VDPLHQWR (O SUR\HFWR DUTXLWHFWyQLFR /D WLSRORJtDHO SURJUDPD OD HVWUXFWXUD ODV LQIUDHVWUXF WXUDV OD PDWHULDOLGDG OD EHOOH]DHOOXJDUHOFRQWH[WR O D V t Q W H V L V (OSURFHVRSHGDJyJLFRVHHVWUXFWXUDHQHWDSDV y 'LDJQyVWLFR y ,GHQWL¿FDFLyQ \ DQiOLVLV GHO VHFWRU GH LQWHU YHQFLyQ y 5HOHYDPLHQWR GH LQIUDHVWUXFWXUD VHUYLFLRV \ QRUPDWLYDV y 5HVROXFLyQGHXQSUR\HFWRGHYLYLHQGDVHQDOWXUD FRQVHUYLFLRVHOPLVPRVHXELFDUDHQXQEDUULR FRQ YRFDFLyQ GH UHQRYDFLyQ HGLOLFLD SRU VHU SDUWH GHO iUHD SHULFHQWUDO GH OD FLXGDG ELHQ FRQHFWDGDV SRU FRUUHGRUHV XUEDQRV \ FRQ VHUYLFLRVHLQIUDHVWUXFWXUDV $SUREDFLyQ'LUHFWDPtQ DVLVWHQFLD ± WUDEDMRV UHDOL]DGRV± $SUREDFLyQHQWUHFXDWUR\ G L H ] S X Q W R V &ODVHV7HyULFDV\SUiFWLFDVGH7DOOHULQGDJDFLRQHVH LQYHVWLJDFLRQHVVREUH([SORUDFLRQHV\H[SHULHQFLDV DFRWDGDVHLQWHJUDGDVGHODVYDULDEOHV\GLPHQVLRQHV GHOGLVHxRFRQHMHHQHOKiELWDWYLYLHQGDPXOWLIDPLOLDU /DERUDWRULR7DOOHU6HPLQDULRV\GHEDWHV (MHUFLFLR SUR\HFWXDO IRFDOL]DGR HQ SXQWRV FHQWUDOHV /R WLSROyJLFR /R WHFQROyJLFR /D HV WUXFWXUD(OFRQWH[WR (MHUFLFLR ~QLFR GHVDUUROODGR SRU ODV FiWHGUDV GH $UTXLWHFWXUD'&RQVWUXFFLRQHV$\%+LVWRULD $\%TXHLQFOX\HHODQiOLVLV\VtQWHVLVWUDQVYHUVDO GH QLYHO XWLOL]DQGR HGL¿FLRV GH YLYLHQGD FROHFWLYD SDUDGLJPiWLFRVGHVGHODPRGHUQLGDGKDVWDHGL¿FLRV FRQWHPSRUiQHRVSDUDHODQiOLVLVHVSHFt¿FRGHFDGD PDWHULDFRQHOREMHWLYRGHXQDFRPSUHQVLyQDFDEDGD GHWRGRVORVHOHPHQWRVHQMXHJRFRQVWLWXWLYRVDOD KRUDGHSUR\HFWDUXQHGL¿FLRGHYLYLHQGDVFROHFWLYDV 6HHYDO~DODFRKHUHQFLDHQWUH ODV LGHDV SODQWHDGDV \ VX FRQFUHFLyQ (Q VXV $VSHFWRV GH IXQGD PHQWDFLyQ WHyULFD FRQFHS WXDOL]DFLyQ GHO SUREOHPD \ GHVDUUROOR FRQFUHWR GH OD SURSXHVWD (Q OR XUEDQR \ DUTXLWHFWyQLFR \ ODV GLYHUVDV HVFDODVFRUUHVSRQGLHQWHV $VSHFWRV IXQFLRQDOHV GL PHQVLRQDOHV GH LQWHUSUHWD FLyQ GHO SURJUDPD HVSDFLD OHVPRUIRORJtD \ OHQJXDMH GH¿QLFLyQFRQVWUXFWLYD (VWRVHKDFHHQODVGRVHWDSDV FRQFLHUUHVSDUFLDOHVSDUDFDGD XQD SHUR LQWHJUiQGRODV HQ OD HYDOXDFLyQ ¿QDO DQXDO EDMR OD PRGDOLGDG GH $SUREDFLyQ SUHYLVWD SRU HO ÈUHD $548,7(&785$,9 &217(1,'265HVRO 0,1&\7 0pWRGRV \ WHRUtDV GHO GLVHxRDUTXLWHFWyQLFR\ XUEDQR ,QWHUSUHWDFLyQ GH ODV QHFHVLGDGHV \ U H V R O X F L y Q G H SUREOHPDVGHOKiELWDW 'HVDUUROORGHSUR\HFWRV S D U D O D U H V R O X F L y Q I X Q F L R Q D O I R U P D O HVSDFLDO\WpFQLFD 5HVROXFLyQ SUR\HFWXDO HQUHODFLyQDOFRQWH[WR\ VHJ~Q ODV YDULDEOHV GH HVFDOD QRUPDWLYDV F R P S O H M L G D G H V \ QLYHOHVGHUHVROXFLyQ &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 ,9$ 87 (MHUFLFLRV LQLFLDOHV GH H[SH ULPHQWDFLyQ y $UTXLWHFWXUD\/XJDU y /DLGHDFLyQ\HOGHVDUUROOR GHODLGHDDODQWHSUR\HFWR DUTXLWHFWyQLFR y (O FRQFHSWR WLSROyJLFR PL[WRDSDUWLUGHOHVWXGLRGH ORV VXEVLVWHPDV \ GH ODV UHODFLRQHV H¿FLHQWHV IXQFLRQDOHV \ VLPEyOLFR VLJQL¿FDWLYDV H[LVWHQWHV HQWUHHOORV y (O 3DUWLGR 6LWLR \ 7LSROR JtD &DGD XQD GH ODV XQLGDGHV GLGiFWLFDV VRQ GH VDUUROODGDVDWUDYpVGHGLYHUVDVPHWRGRORJtDV y &ODVHV7HyULFDV'LFWDGDVSRUHO3URIHVRU7LWXODU \HO$GMXQWRFRQODSDUWLFLSDFLyQGHORV-73\ORV DOXPQRV y 7UDEDMRGH7DOOHU(VHOHMHGHOFXUVRHQORVTXH DSOLFDQORVFRQWHQLGRVWHyULFRVGHODVXQLGDGHV GLGiFWLFDVUHVSHFWLYDV y (VTXLFLRV VREUH WHPDV HVSHFt¿FRV VH GHVD UUROODQGHVGHHOPHVGH$JRVWRHQDGHODQWH y 6HPLQDULRV VREUH WHPDV HVSHFt¿FRV GLVHxR FRQWHPSRUiQHRFRQSURIHVRUHVLQYLWDGRV(VWH SXQWRDERUGDODSUREOHPiWLFDGHODFRQHFWLYLGDG GLVFLSOLQDU\WHPiWLFDGH¿QLGDSRUHOSHU¿OGHO DOXPQR y 9LVLWD D (VFXHODV \ (GL¿FLRV UHOHYDQWHV GH OD &LXGDGGH&yUGREDHQHVSHFLDOORVGHGLFDGRVD OD GH¿QLFLyQ GH HVSDFLRV LQVWLWXFLRQDOHV \ OD GLIXVLyQGHGLYHUVDVH[SUHVLRQHVDUWtVWLFDV(VWH SXQWR SHUPLWH LQFRUSRUDU OR VROLFLWDGR SRU OD ) D F X O W D G H Q U H O D F L y Q D O D /D HYDOXDFLyQ WHQGUi GRV LQVWDQFLDV y /D HYDOXDFLyQ H[WUD DFDGpPLFD GHO &RQFXUVR TXHSODQWHDOD&iWHGUD y /DHYDOXDFLyQDFDGpPLFD TXH FRQVLGHUD WRGR HO SURFHVRDQXDOGHODOXPQR O D S U H V H Q W D F L y Q G H O F R Q F X U V R P i V H O GHVDUUROOR GH OD GRFX PHQWDFLyQ WpFQLFD GHO SUR\HFWR (QODHQWUHJD¿QDOVHHYDO~D y $GTXLVLFLyQ GH PHWRGR ORJtDV \ WpFQLFDV GH WUD EDMR \ OD SURSRVLFLyQ GH VROXFLRQHV SHUWLQHQWHV D ORVSUREOHPDVSODQWHDGRV 87 y &RQVWUXFFLyQ GH XQD VH FXHQFLD GH HVSDFLRV DU TXLWHFWyQLFRV LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ G H O S U R \ H F W R y DUTXLWHFWyQLFR\XUEDQR 'H¿QLFLyQ SHUFHSWXDO \ PDWHULDO /D HVWUXFWXUD FRQFHSWXDO V R S R U W H G H O G L V H x R DUTXLWHFWyQLFR /D OX] FRPR IDFWRU VLJ QL¿FDWLYR HQ OD $UTXLWHF WXUD $SOLFDFLyQ GH ODV 2ULHQWDFLRQHV FHUFDPLHQWRDODVDUWHV\ODFXOWXUDD¿QGH GHVDUUROODUXQDSHUVRQDOLGDGFUHDWLYDXQLGD y DXQVHQWLGRKXPDQLVWDGHODIRUPDFLyQ\ UHVSRQGHUDVLPLVPRDODFRQHFWLYLGDGGLVFL SOLQDU\WHPiWLFD\DTXHYLQFXODDODUTXLWHF y WXUDFRQHODQiOLVLVFUtWLFR\ODJUi¿FD y 3DUFLDOHV/DVHQWUHJDVSDUFLDOHVGHOGHVDUUROOR GH ORV WUDEDMRV FRQ PRGDOLGDG GH H[SRVLFLyQ FROHFWLYDOOHYDXQDHYDOXDFLyQSDUFLDO y 6H UHDOL]DQ WpFQLFDV GH SDQHO \ IRUR SDUD OD GLVFXVLyQGHWHPDVSDUWLFXODUHV 87 y $UTXLWHFWXUD FRPR 6tQ y 7pFQLFDV DXGLRYLVXDOHV YLGHRV 3RZHU3RLQW \ GLDSRVLWLYDVVRQHPSOHDGRVHQORVSUiFWLFRV\ WHVLV GH DVLJQDWXUDV GL WHyULFRV YHUVDV 8UEDQLVPR 3DL V D M H , Q V W D O D F L R Q H V y &RPR HVWUDWHJLD PHWRGROyJLFD SODQWHDPRV OD VXPD JUDGXDO GH FRQWHQLGRV SURSRUFLRQDQGR &RQVWUXFFLRQHV (VWUXF XQD QRFLyQ GH FRPSOHMLGDG SDUD HO PDQHMR WXUDV 7HRUtD \ &LHQFLDV SDXODWLQR GH HVWD GLVFLSOLQD HQ SDUWLFXODU 6RFLDOHV ' R F X P H Q W D F L y Q W p F Q L F D $ERUGDMH GHO 3UR\HFWR (MH FXWLYR *UDGR GH WUDQVIHUHQFLD \ G H U H O D F L y Q F R Q O R V FRQWHQLGRVYHUWLGRVGHVGH ODV GHPiV DVLJQDWXUDV \ GH OD SURSLD DUTXLWHFWXUD HQHOSURFHVRGHODOXPQR y *UDGRGHFRQVROLGDFLyQGHO FRQRFLPLHQWR y &DOLGDG JHQHUDO GHO WUD EDMR MXQWR FRQ OD GHGL FDFLyQ SHUVRQDO GHO D OXPQR $VLPLVPR OD FiWHGUD UHDOL]D XQD HYDOXDFLyQ FRQWLQXD GHO DOXPQR D WUDYpV GH HQWUHJDV S D U F L D O H V U H D O L ] D Q G R H O VHJXLPLHQWR GHO GHVHPSHxR GHODOXPQRDORODUJRGHODxR ,9% y / D $ U T X L W H F W X U D V X V FRQVWDQWHV \ VXV YDULD EOHV y &DWHJRUtDV GHO SHQVD PLHQWR$UTXLWHFWyQLFR y (O +iELWDW FRQWHPSR UiQHR y (O (VSDFLR 3~EOLFR OD &LXGDG\OD$UTXLWHFWXUD y &LXGDG\(TXLSDPLHQWRV y $UTXLWHFWXUD \ (TXLSD PLHQWRV &ROHFWLYRV 3~ EOLFRV\3ULYDGRV y (O3URFHVRGH'LVHxR y $UTXLWHFWXUD 1DWXUDOH]D 7pFQLFD\$UWH ā (VSDFLR /tPLWH \ 0DWHULDOLGDG ā (TXLSDPLHQWRV H ,QVWLWXFLRQHV6RFLDOHV ā ( V F D O D DUTXLWHFWyQLFDS~EOLFD(VSDFLR S~EOLFR LQVWLWXFLRQDO (VSDFLR ,QWHULRU(OSODQR&HUR (OSURFHVRSHGDJyJLFRVHGHVDUUROODHQHVTXLFLRV\ HMHUFLFLRV GHQ VHPLQDULRV WDOOHU GH DQiOLVLV FRQFHSWXDOHVWXGLRGHDQWHFHGHQWHV\\H[SORUDFLyQ SUR\HFWXDO &RQVWDGHPyGXORVFRQFODVHVWHyULFDV\SUiFWLFDV y 02'8/2(16$<2'(,17(59(1&,Ï1(1 /$&,8'$'&216758,'$ y 02'8/2 $548,7(&785$ < 7(0$ ± 352%/(0$ y 02'8/2$548,7(&785$</8*$5 y 02'8/2(675$7(*,$352<(&78$/ y 0 2 ' 8 / 2 $ 5 4 8 , 7 ( & 7 8 5 $ < 0$7(5,$/,'$' y 02'8/2$548,7(&785$<(63$&,2 y 02'8/2$548,7(&785$<6Ë17(6,6 0RGDOLGDGHV HQ HO GHVDUUROOR GHO3URJUDPD ,9& y 'H¿QLFLyQGHO7HPD y 'HVDUUROOR FRPSOHWR GH GRFXPHQWDFLyQ WpFQLFD , Q W H J U D F L y Q G H O D V GLIHUHQWHV YDULDEOHV TXH LQWHUYLHQHQHQXQSUR\HFWR XUEDQRDUTXLWHFWyQLFR GH UHVSRQVDELOLGDG FRQ HO DPELHQWH OXJDU FLXGDG \ F X O W X U D D G R Q G H SHUWHQHFHQ y (TXLSDPLHQWR XUEDQR \ H V S D F L R S ~ E O L F R UHVROYLHQGRSUREOHPiWLFDV V R F L D O H V X U E D Q D V G H P H G L D Q D \ D O W D FRPSOHMLGDG /D 3URSXHVWD 3UR\HFWXDO D HODERUDU SRU HO DOXPQR FRQWLHQH OD UHDOL]DFLyQ WUHV 0Ï'8/26 SDUFLDOHV GHVDUUROODGRVHQHODxROHFWLYR y 0Ï'8/2(GL¿FLRVTXHFUHDQ3OD]DV y 0Ï'8/2/D(VFXHOD(O$XOD7DOOHU y 0Ï'8/20DWHULDOLGDG LQIRUPHGHDXWRHYDOXDFLyQ y (YDOXDFLyQ SDUFLDO GH ORV HMHUFLFLRV &RUUHFFLyQ GHO 7UDEDMR FRQ VHxDODPLHQWRV HVFULWRVVREUHOiPLQDV\RUDOHV FRQ GHYROXFLyQ (YDOXDFLyQ PHGLDQWH )LFKD GH 9DORUDFLyQ G H 1 L Y H O H V G H / R J U R FRPSDUDQGR ORV 5HVXOWDGRV (VSHUDGRVFRQORVLQGLFDGRUHV SURSLRVGHODHWDSD 0RGDOLGDGHV HQ ([iPHQHV )LQDOHV /D $VLJQDWXUD SHUWHQHFH DO 5pJLPHQ GH 3URPRFLyQ FRQ FDOL¿FDFLyQGHRPiVSXQWRV \ ([DPHQ (VWH ~OWLPR HQ VX PRGDOLGDGGH([DPHQ5HJXODU FRQVLVWH HQ OD SUHVHQWDFLyQ FRPSOHWD \ HQ OLPSLR GHO 7UDEDMR)LQDO\WRGRHO3URFHVR GHODxR(QFDVRGH([iPHQHV /LEUHV VH SUHYp XQD SUXHED 7HyULFR FRQFHSWXDO VREUH HO F R Q W H Q L G R G H O D V F O D V H V W H y U L F D V P i V X Q W U D E D M R SUR\HFWXDO HQ HQFLHUUR TXH LQFOX\H SLH]DV GLEXMDGDV HQ W L Q W D $SUREDFLyQ'LUHFWDPtQ DVLVWHQFLD ± WUDEDMRV UHDOL]DGRV± $SUREDFLyQHQWUHFXDWUR\ GLH]SXQWRV GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ $548,7(&785$9 &217(1,'265HVRO 0,1&\7 0pWRGRV \ WHRUtDV GHO GLVHxRDUTXLWHFWyQLFR\ XUEDQR ,QWHUSUHWDFLyQ GH ODV QHFHVLGDGHV \ U H V R O X F L y Q G H SUREOHPDVGHOKiELWDW 'HVDUUROORGHSUR\HFWRV S D U D O D U H V R O X F L y Q I X Q F L R Q D O I R U P D O HVSDFLDO\WpFQLFD 5HVROXFLyQ SUR\HFWXDO HQUHODFLyQDOFRQWH[WR\ VHJ~Q ODV YDULDEOHV GH HVFDOD QRUPDWLYDV F R P S O H M L G D G H V \ QLYHOHV GH UHVROXFLyQ G H O S U R \ H F W R DUTXLWHFWyQLFR\XUEDQR &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 9$ /DV HVIHUDV GH OR FROHFWLYR S~EOLFR \ SULYDGR HQPDUFDGDV HQ HO FRQFHSWR GHO KDELWDU KXPDQR /R FROHFWLYR (O IHQyPHQR XUEDQR OD FLXGDG FRPR SUREOHPD REMHWR GH HVWXGLR H LQWHUYHQFLyQ GHVGH VXVGLYHUVDVYDULDEOHVHVFDODV \ PRGDOLGDGHV GHO KDELWDU & L X G D G F L X G D G FRQWHPSRUiQHD QXHVWUDV F L X G D G H V , Q W H U Y H Q F L R Q H V X U E D Q R D U T X L W H F W y Q L F D V GLYHUVDV LQVWDQFLDV HVFDODV \ Y D U L D E O H V H V W U D W H J L D SURSXHVWDXUEDQD DUTXLWHFWyQLFD VLWXDFLRQHV XUEDQDV GH VLJQL¿FDFLyQ /HFWXUD \ UHJLVWUR XUEDQR SRWHQFLDOLGDGHV (VSDFLR XUEDQR HVSDFLR S~EOLFR URO VRFLDO XUEDQR /R S~EOLFR ,QVWLWXFLRQHV GH OD FRPXQLGDG H G L ¿ F L R V V L Q J X O D U H V HTXLSDPLHQWRV URO VRFLDO XUEDQR GLYHUVDV HVFDODV EDUULDOXUEDQDRPHWURSROLWDQD 5HODFLyQ DUTXLWHFWXUD FLXGDG FRQWH[WR XUEDQR QDWXUDO FXOWXUDO/RSULYDGR9LYLHQGD\ FLXGDG YLYLHQGD LQGLYLGXDO \R F R O H F W L Y D H Q P D U F D G D H Q SURSXHVWDV \R SURJUDPDV X U E D Q R V 7 L S R O R J t D V DUTXLWHFWyQLFDV \ XUEDQDV U H F R Q R F L P L H Q W R U H À H [ L y Q F U t W L F D 0RGDOLGDG 7HyULFR 3UiFWLFD GLVHxR XUEDQR DUTXLWHFWyQLFR &ODVHV WHyULFDV JHQHUDOHV \ HVSHFt¿FDVWUDEDMRHQWDOOHUHQGLIHUHQWHVLQVWDQFLDV JUXSDOHV H LQGLYLGXDOHV FUtWLFDV LQGLYLGXDOHV GH WDEOHUR FUtWLFDV FROHFWLYDV FUtWLFDV \ WUDEDMRV LQWHUQLYHO FRPR LQVWUXPHQWRV GH DSUHQGL]DMH FROHFWLYR GHVDUUROOR GH OD IXQGDPHQWDFLyQ FRQFHSWXDO \ WpFQLFD UHÀH[LyQ FUtWLFD FDSDFLGDG GHFLVLRQDO (QVD\RV SUR\HFWXDOHV SODQWHR \ GHVDUUROORGHDQWHSUR\HFWRLQGLYLGXDOJUXSDOJUXSDO FRQ GHVDUUROORV LQGLYLGXDOHV 7UDEDMR GH FDPSR WUDEDMRGHLQYHVWLJDFLyQELEOLRJUi¿FDVHPLQDULRV\ VHPLQDULRV WDOOHU GH H[SORUDFLyQ SUR\HFWXDO ([SRVLFLyQ GH ORV WUDEDMRV RWURV HYHQWRV DFDGpPLFRV \ FXOWXUDOHV &KDUODV \ FUtWLFDV FRQ LQYLWDGRV SDUWLFLSDFLyQ HQ VHPLQDULRV WDOOHU HQ GLYHUVRViPELWRVLQWHUFDPELRVDFDGpPLFRVYLDMHV GH HVWXGLR HYDOXDFLyQ FRQ H[SRVLFLyQ JHQHUDO \ OD LQWHUYHQFLyQ GH WRGR HO FXHUSR GRFHQWH MXU\V FRQ S U R I H V R U H V L Q Y L W D G R V 6HHYDO~DDODOXPQRVXMHWRHQ VX DFWLWXG GH UHÀH[LyQ FUtWLFD FRPSURPLVR SDUWLFLSDFLyQ FDSDFLGDGGHDXWRJHVWLyQ /D SURGXFFLyQ FRQFUHWD GHO DOXPQR FRPR SURGXFWRV TXH SXHGDQ UHÀHMDU VX QLYHO GH UHÀH[LyQ\R¿FLRYHUL¿FDQGR/D F R K H U H Q F L D G H O D V L G H D V SODQWHDGDV\VXFRQFUHFLyQHQ V X V D V S H F W R V G H I X Q G D P H Q W D F L y Q W H y U L F D F R Q F H S W X D O L ] D F L y Q G H O SUREOHPD\GHVDUUROORFRQFUHWR GHODVSURSXHVWDVHQORXUEDQR \ D U T X L W H F W y Q L F R H Q O D V GLYHUVDVHVFDODV/DVYDULDEOHV \ DVSHFWRV TXH DWDxHQ D XQ SURGXFWR SUR\HFWXDO DVSHFWRV XUEDQRV DPELHQWDOHV GH LQVHUFLyQ LQWHUSUHWDFLyQ GHO SUREOHPD SURJUDPD PHGLR D P E L H Q W H D V S H F W R V I X Q F L R Q D O H V GLPHQVLRQDOHVHVSDFLDOHVPRUI ROyJLFRV GH OHQJXDMH \ VXV YtQFXORV FULWHULRV \ GH¿QLFLyQ FRQVWUXFWLYD (VWRVHKDFHHQGRVHWDSDVFRQ FLHUUHV SDUFLDOHV SDUD FDGD XQD SHUR LQWHJUiQGRODV HQ OD HYDOXDFLyQ ¿QDO DQXDO EDMR OD PRGDOLGDG GH DSUREDFLyQ G L U H F W D S U H Y L V W D S R U H O GHSDUWDPHQWR /D SUHVHQFLD GH SURIHVRUHV LQYLWDGRVFRPR-XU\VVXPDGDV D O D V H [ S H U L H Q F L D V G H LQWHUFDPELR FRQ WUDEDMRV DFDGpPLFRV \ SDUWLFLSDFLyQ DFWLYD GH GRFHQWHV H[WHUQRV F R Q V W L W X \ H Q W D P E L p Q X Q PHFDQLVPR GH HYDOXDFLyQ \ DXWRHYDOXDFLyQGHOD&iWHGUD (-(5&,&,26 '( 7$//(5 0$3(2 352<(&726 0DSDFRPSRQHUODLPDJHQGHOVHFWRUXUEDQRV 3UR\HFWRGH,QIUDHVWUXFWXUD&RQHFWLYD3HDWRQDO SUR\HFWRSDUDHO3ODQ0DHVWURGHO6HFWRU8UEDQR 3DLVDMHV+DELWDWLYRVQXHYRVPRGRVGHKDELWDUOD SHULIHULD 3UR\HFWR GH WHMLGR UHVLGHQFLDO GHQVR XVRV FRPSOHPHQWDULRV 1XHYRV (TXLSDPLHQWRV 8UEDQRV 5HJLRQDOHV 6H HYDO~D OD FRKHUHQFLD HQWUH ODV LGHDV SODQWHDGDV \ VX FRQFUHFLyQ ( Q V X V $ V S H F W R V G H I X Q G D P H Q W D F L y Q W H y U L F D F R Q F H S W X D O L ] D F L y Q G H O SUREOHPD \ FRQFUHWR GH OD SURSXHVWD (Q OR XUEDQR \ DUTXLWHFWyQLFR \ ODV GLYHUVDV HVFDODVFRUUHVSRQGLHQWHV $ V S H F W R V I X Q F L R Q D O H V G L P H Q V L R Q D O H V G H LQWHUSUHWDFLyQ GHO SURJUDPD H V S D F L D O H V P R U I R O R J t D \ O H Q J X D M H G H ¿ Q L F L y Q FRQVWUXFWLYD (VWRVHKDFHHQFDGDHWDSDFRQ FLHUUHV SDUFLDOHV SDUD FDGD XQD SHUR LQWHJUiQGRODV HQ OD HYDOXDFLyQ ¿QDO DQXDO EDMR OD PRGDOLGDG GH $SUREDFLyQ S U H Y L V W D S R U H O È U H D 9% y $ 5 4 8 , 7 ( & 7 8 5 $ &,8'$'7(55,725,2 0XOWLHVFDODULGDG0XOWLSOLFLGDG ' H Q V L G D G , Q W H Q V L G D G &RPSDFLGDG y $ 5 4 8 , 7 ( & 7 8 5 $ < &,8'$' (/ 352<(&72 85%$12 y $ 5 4 8 , 7 ( & 7 8 5 $ 2325781$ ā $548,7(&785$ &21&,(1&,$'(//Ë0,7(/D WLSRORJtD HO SURJUDPD OD HVWUXFWXUDODVLQIUDHVWUXFWXUDV ODPDWHULDODEHOOH]DHOOXJDU ODVtQWHVLV ā 352*5$0$ '( $&&,21(6 LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ $548,7(&785$9, &217(1,'265HVRO 0,1&\7 0pWRGRV \ WHRUtDV GHO GLVHxRDUTXLWHFWyQLFR\ XUEDQR ,QWHUSUHWDFLyQ GH ODV QHFHVLGDGHV \ U H V R O X F L y Q G H SUREOHPDVGHOKiELWDW 'HVDUUROORGHSUR\HFWRV S D U D O D U H V R O X F L y Q I X Q F L R Q D O I R U P D O HVSDFLDO\WpFQLFD 5HVROXFLyQ SUR\HFWXDO HQUHODFLyQDOFRQWH[WR\ VHJ~Q ODV YDULDEOHV GH HVFDOD QRUPDWLYDV F R P S O H M L G D G H V \ QLYHOHV GH UHVROXFLyQ G H O S U R \ H F W R DUTXLWHFWyQLFR\XUEDQR &217(1,'26 9,$ &RQFHSWXDOL]DPRVXQWDOOHUGH S U R \ H F W R V H Q H O T X H V H UHÀH[LRQH\H[SHULPHQWHVREUH ODV QXHYDV SUREOHPiWLFDV F R Q W H P S R U i Q H D V SURIXQGL]DQGRHQWRUQRDOWHPD GH ODV FRPSOHMLGDGHV \ GH ODV PXWDFLRQHV DUTXLWHFWyQLFDV \ XUEDQtVWLFDV/DGLYXOJDFLyQGH OD DFWLYLGDG DFDGpPLFD GHO WDOOHU SUHWHQGH VXEUD\DU HO SURWDJRQLVPR HIHFWLYR GH ORV D O X P Q R V \ G H Q X H Y D V JHQHUDFLRQHV GRFHQWHV TXH SDUWLFLSDQHQpO(VREYLRTXHOD SUiFWLFDGHXQWDOOHUVyORSXHGH OHJLWLPDUVH HQ OD GLPHQVLyQ ¿QDOGHOSUR\HFWRHQXQVyOLGR D S U H Q G L ] D M H G H O D V KHUUDPLHQWDV GHO R¿FLR HQ OD SRWHQFLDFLyQ GH OD FDSDFLGDG UHÀH[LYD GHO HVWXGLDQWH /D F R Q F H S F L y Q T X H V X V W H Q W D QXHVWUR FRQYHQLR DFDGpPLFR HVTXHODV³DJHQGDV´WHPiWLFDV O D V S R Q H O D V R F L H G D G 5HFRQRFHPRV XQD FR\XQWXUD FRQWHPSRUiQHDSURYRFDGRUD\ GHVD¿DQWH TXH VH LQWHUSUHWD F R P R X Q D O L H Q W R D O D LQYHVWLJDFLyQSUR\HFWXDO\DOD H[SHULPHQWDFLyQ LQQRYDGRUD '(6$552//2 )250$'((9$/8$&,Ï1 6HPLQDULRVGHRULHQWDFLyQWHPiWLFD\H[SRVLFLyQGH ORVSURGXFLGRVSRUORVHTXLSRVHQFXUVRVDQWHULRUHV 6HPLQDULRV VREUH WHPDV HVSHFt¿FRV 3RVLELOLGDGHV GHDFWXDFLyQHQODFLXGDGGH&yUGREDHQWHPDVGH LQWHUYHQFLyQ XUEDQD PXQLFLSDO (YDOXDFLyQ GH 3UR\HFWRV GH ,QYHUVLyQ 7HQGHQFLDV FXOWXUDOHV \ DFWLWXGHVSUR\HFWXDOHVHWF 3UHVHQWDFLyQ GH ORV WHPDV ± SUREOHPDV SRU ORV HTXLSRV GH DOXPQRV SDUD HO GHEDWH \ DFXHUGR D F D G p P L F R H Q F D G D J U X S R G H W U D E D M R \ HYHQWXDOPHQWH SRU JUXSRV GH D¿QLGDG WHPiWLFD &UtWLFDVLQGLYLGXDOHV\FROHFWLYDV 3URSRVLFLyQGHSURFHVRVGHGLVHxRSHUVRQDOL]DGRV OLJDGRV D ODV GLYHUVDV OyJLFDV SUR\HFWXDOHV UHFRQRFLEOHV D OD QDWXUDOH]D VLQJXODU GH ORV SURJUDPDVXUEDQRV±DUTXLWHFWyQLFRVFRQVLGHUDGRV\ DORVDQFODMHVIRUPDWLYRVGHORVGLYHUVRVHTXLSRVGH WUDEDMR&UtWLFDVLQGLYLGXDOHV (WDSDGHGHVDUUROORGHSURSXHVWDV 3UHWHVLV ( Y D O X D F L y Q ¿ Q D O 9,% / R V F R Q W H Q L G R V V R Q O R V HPHUJHQWHVGHOWHPDHOHJLGR\ SHUPLWHQ GHWHFWDU HO JUDGR GH LQWHJUDFLyQ GH ORV PLVPRV YHUL¿FDU HO PDQHMR GH ODV WHRUtDV GH OD GLVFLSOLQD HQ UHODFLyQ D OD FLXGDG \ D OD DUTXLWHFWXUD DVt FRPR OD VROYHQFLD SUR\HFWXDO HQ OD S U R S X H V W D ā $548,7(&785$ &21&,(1&,$'(//Ë0,7(/D WLSRORJtD HO SURJUDPD OD HVWUXFWXUDODVLQIUDHVWUXFWXUDV ODPDWHULDODEHOOH]DHOOXJDU ODVtQWHVLV ā 352*5$0$ '( $&&,21(6 LQIRUPHGHDXWRHYDOXDFLyQ 6HFRQFLEHFRPRWHVLQD(VXQHMHUFLFLRDFDGpPLFR SODQWHDGR FRQ EDVWDQWH OLEHUWDG SRU SDUWH GH ORV DOXPQRVTXHSURSRQHQVXPHWRGRORJtDVXWHPiWLFD VXVWLHPSRVGHQWURGHXQPDUFRJHQHUDORWRUJDGRSRU ODFiWHGUD3URFHVRSHGDJyJLFR6HPLQDULRWDOOHUGH LQLFLDFLyQGHODxR7LHQHFRPRREMHWLYRHQVD\DUHQ IRUPDJHQpULFDORTXHVHUiGHVSXpVHOGHVDUUROORGH OD WHVLQD 9HUL¿FDQ IRUPDV GH IRUPXODU XQ WHPD WHPDWL]DFLyQGHOPLVPRUHFRUWHGHODLQYHVWLJDFLyQ IRUPXODFLyQ GH KLSyWHVLV JHQHUDOHV \ SDUWLFXODUHV KDVWDDUULEDUDXQDSURSXHVWDJHQHUDOGHHVWUDWHJLD GHSDUWLGR 'LYLVLyQGHJUXSRVSRUWXWRUHVTXHORVFRQGXFHQHQ IRUPDSHUVRQDOL]DGD &RUUHFFLRQHV JHQHUDOHV SRU SDUWH GH WRGRV ORV GRFHQWHVGHODFiWHGUDLQFOX\HQGRDORVHVSHFLDOLVWDV GHO FDPSR GHO XUEDQLVPR HO SDLVDMH \ ODV FRQVWUXFFLRQHV (VWDV FRUUHFFLRQHV VH GHEHQ UHDOL]DUSRUORPHQRVYHFHVDORODUJRGHOGHVDUUROOR GHXQWUDEDMR /DVHYDOXDFLRQHVSDUFLDOHVVRQ FRQFHSWXDOHV \ JHQHUDQ R S X H G H Q J H Q H U D U F D P E L R V VLJQL¿FDWLYRV HQ HO WUDEDMR GHO DOXPQR&XDQGRHOSURFHVRGH U H W U R D O L P H Q W D F L y Q V H K D FRQFOXtGR FRQ XQ SURGXFLGR VDWLVIDFWRULR SDUD GRFHQWH \ D O X P Q R V H R U J D Q L ] D X Q D L Q V W D Q F L D G H H Y D O X D F L y Q OODPDGD SUHWHVLV (Q HVWD LQVWDQFLDHOWUDEDMRHVHYDOXDGR FRQULJRUHQVXWRWDOLGDGFRPR XQ SURFHVR FRPSOHWR 6L HVWD HYDOXDFLyQ HV VDWLVIDFWRULD VL KD\ FRKHUHQFLD HQWUH SODQWHR JHQHUDO KLSyWHVLV JHQHUDOHV \ S D U W L F X O D U H V S U R S X H V W D S U R \ H F W X D O \ G H V D U U R O O R WHFQROyJLFR VH DXWRUL]D DO H[DPHQ¿QDO(VWHFRQVLVWHHQ XQD H[SRVLFLyQ RUDO GH WUHLQWD PLQXWRV GH GXUDFLyQ DSR\DGD FRQUHSUHVHQWDFLyQJUi¿FDTXH LOXVWUDODSURSXHVWD(VS~EOLFR F R Q D V L V W H Q F L D O L E U H G H H V W X G L D Q W H V G R F H Q W H V \ IDPLOLDUHV /D HYDOXDFLyQ ¿QDO HV QXPpULFD GH D (VWD QRWDHVFRQVHQVXDGDSRUWRGRV ORV GRFHQWHV GH OD FiWHGUD GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' 9,& ( V T X H P D T X H H Q X P H U D SRVLEOHV WHPDVSUREOHPDV \ HVFDODVDVHUGHVDUUROODGRV y (VFDOD8UEDQR±7HUULWRULDO , Q W H U S U H W D F L R Q H V H LQWHUYHQFLRQHVXUEDQDV 5HODFLyQFXOWXUDWHUULWRULR 3 O D Q L ¿ F D F L y Q G H HTXLSDPLHQWRV\YLYLHQGDV 0RGRV GH KDELWDU HVSDFLR SXEOLFRiUHDVDPELHQWDOHV y (VFDOD $UTXLWHFWXUD ± &LXGDG $UTXLWHFWXUDODWLQRDPHULFDQD 0XWDFLRQHV GHO KiELWDW VX HVWUXFWXUDWpFQLFD\HVSDFLDO 9LYLHQGDFRQWHPSRUiQHD (TXLSDPLHQWRV SURJUDPDV FRPSOHMRV ā ( V F D O D ,QYHVWLJDFLRQHVWHFQROyJLFD 3UR\HFWR\UHFLFODMH 7HFQRORJtDV DSURSLDGDV \ HQHUJtDVDOWHUQDWLYDV 1 X H Y R V S D U D G L J P D V WHFQROyJLFRV\PDWHULDOHV 'LVHxR \ PDWHULDOLGDG GH OD D U T X L W H F W X U D 0RGRVRSHUDWLYRVGHSUR\HFWRVGHWHVLV 3ODQWHDPLHQWRGHOSUR\HFWR$ERUGDMH\HOHFFLyQGHO WHPDSUREOHPDHVFDODVGHLQWHUYHQFLyQHVWUDWHJLDV GH GHVDUUROOR GHO SURFHVR GH GLVHxR PRGHORV WHyULFRV\PHWRGROyJLFRV 'HVDUUROOR GHO SUR\HFWR (ODERUDFLyQ GHKLSyWHVLV \ HQVD\RV GH SUR\HFWR (VWXGLR \ DQiOLVLV GH DOWHUQDWLYDV HQ FRQWH[WRV (ODERUDFLyQ GH $QWH SUR\HFWR \ 3UR\HFWR GRQGH HVSDFLRV SURJUDPDV WHFQRORJtDV VLQWHWL]DQ \ DUWLFXODQ ODV VROXFLRQHV FUHDWLYDV GH ORV UHTXHULPLHQWRV \ UHFXUVRV TXH SURSRQHODFXOWXUDDUTXLWHFWyQLFD 3UHVHQWDFLyQGHOSUR\HFWR([SRVLFLyQGHO7UDEDMRGH WHVLV&RPXQLFDFLyQ\SUHVHQWDFLyQHQVXVGLYHUVDV IRUPDV WpFQLFDV JUi¿FDV \ VX WUDWDPLHQWR WHyULFR (ODERUDFLyQ GH OHJDMRV WpFQLFRV PRGHORV \ HVTXHPDVJUi¿FRVUHGDFFLyQFRQFHSWXDOGHOWHPD SUREOHPD \ RWUD GLYHUVDV IRUPDV GH FRPXQLFDU HO S H Q V D P L H Q W R D U T X L W H F W y Q L F R (O7DOOHUGH7HVLVVHHYDOXDUDGH PRGRLQWHJUDOFRQXQWUDEDMRGH SUR\HFWR DUTXLWHFWyQLFR R XUEDQR 6HUiQYDORUDGRVHQORVWUDEDMRV ORVVLJXLHQWHVDVSHFWRV /DSURIXQGLGDGGHORVSURFHVRV G H G L V H x R H Q V D \ R V D O W H U Q D W L Y R V \ S O D Q W H R V FUHDWLYRV /RVSURFHVRVGHLQYHVWLJDFLyQ \ HVWXGLR GHO KiELWDW HQ VXV D V S H F W R V F X D Q W L W D W L Y R V \ FXDOLWDWLYRV /D SHUWLQHQFLD H LQVHUFLyQ GH ORV SUR\HFWRV HQ OD UHDOLGDG ODWLQRDPHULFDQD /RVSUR\HFWRVVXVHVFDODVGH GHVDUUROOR VXV FXDOLGDGHV WpFQLFDVHVSDFLDOHVHVWpWLFDV IXQFLRQDOHV \ VX LGHD GH P D W H U L D O L ] D F L y Q H Q F D G D FRQWH[WRFXOWXUDOHKLVWyULFR /D HYDOXDFLyQ ¿QDO VHUi SRU PHGLR GH XQ H[DPHQ S~EOLFR /DH[SRVLFLyQGHWHVLVGHJUDGR V H U i H Q I R U P D J U i ¿ F D \ PRGpOLFD GHO SURFHVR GH L Q Y H V W L J D F L y Q \ H Q V D \ R V SURJUDPDV HVWUDWHJLDV \ SUR\HFWRV GHVDUUROORV GH Y D U L D E O H V \ G H W D O O H V H V S H F t ¿ F R V 9,' 7HVLVSURSRQHXQD6tQWHVLV1R WLHQH&RQWHQLGRVSURSLRVSHUR V t G H V D U U R O O D & R Q W H Q L G R V (PHUJHQWHVGHORV7UDEDMRVGH ORV HVWXGLDQWHV H LQFLWD D VX DPSOLDFLyQ SURIXQGL]DFLyQ \ DQFODMH FRQ RWURV GH OD $U TXLWHFWXUD D ¿Q GH TXH HQ HO IXWXUR 3URIHVLRQDO QR KDJD REUDV FDSULFKRVDV VLQR REUDV FRQWH[WXDOHV(QHVWD&iWHGUD VHWUDWDGH y 8QWUDEDMRGHFRPSOHMLGDG S U R J U D P i W L F D y WHFQROyJLFD R GH SUHV WDFLRQHV y GH FRPSOHMD VtQWHVLVVtJQLFROLQJtVWLFD y 4XH VHD XQD SUXHED GH VX¿FLHQFLD TXH VLQWHWL]D XQD H[SHULHQFLD GH D SUHQGL]DMH \ DXWRJHVWLyQ HQ VX SURGXFFLyQ LQWH OHFWXDO ± SUR\HFWXDO \R FLHQWt¿FD y 4 X H V H D V t Q W H V L V G H S U R F H G L P L H Q W R V G H FRKHUHQFLD FRQFHSWXDO \ OyJLFD \ GH SURFHGLPLHQ WRVLQWXLWLYR±VHQVLEOHV y 4XH FRQFHSWXDOLFH ODV VLWXDFLRQHVHPHUJHQWHVGH OD FRQFHSFLyQ \ ORFD OL]DFLyQHVSDFLR±WHPSRUDO GHO 7HPD ± 3UREOHPD \ S U R E O H P D W L F H O D V UHVSXHVWDVSRVLEOHV y 4XH VHD XQD UHVSXHVWD RULJLQDOLQWHJUDO\FRQFRQ J U D G R V G H 'HVDUUROOR DUTXLWHFWyQLFR \R XUEDQtVWLFR \R WHFQROyJLFR VREUH XQ WHPD GH HOHFFLyQ FRQWURODGR SRU OD FiWHGUD (VWD GLULJH HO SURFHVR \ RIUHFH VHPLQDULRV FODVHV \ FRQVXOWDV KDVWD YHUL¿FDU ODV DSWLWXGHVSDUDODVLQFXPEHQFLDVGHOWtWXORDWUDYpVGHO H[DPHQ¿QDOS~EOLFR(QUD]yQGHODOLEUHHOHFFLyQGH WHPDV VH FRQVLGHUD TXH HO HVSDFLR S~EOLFR \ ODV LQVWLWXFLRQHV VRFLDOHV FRQVWLWX\HQ XQ VXVWUDWR JHQpULFRFRP~Q8QVHPLQDULRDOTXHVRQLQYLWDGRV WDPELpQ GLVHUWDQWHV DMHQRV D OD FiWHGUD DERUGD DQXDOPHQWHHVHVXVWUDWRHQODFRQYLFFLyQGHTXHDOD YHUL¿FDFLyQ GH FRQRFLPLHQWRV GHEH VXPiUVHOH OD DVXQFLyQ GH HVWDGRV VXSHULRUHV GH FRQFLHQFLD DGHPiV ORV DOXPQRV UHDOL]DQ HQ FDGD FDVR ODV WDUHDV GH FDPSR SHUWLQHQWHV /RV GRFHQWHV GLFWDQ FODVHVDFRUGHVVHDWLHQGHQFRQVXOWDVLQGLYLGXDOHV\ JUXSDOHV HIHFW~DQ UHYLVLRQHV SHULyGLFDV \ WRPDQ H[iPHQHV¿QDOHVTXHSRUVHUS~EOLFRVFRQIRUPDQ R W U D I R U P D G L G i F W L F D 0RGRV (YDOXDWLYRV GXUDQWH HO 3URFHVR 3DUFLDO ,QGLYLGXDO ± HQ(TXLSR 0 R G D O L G D G H V G H $ X W R H ,QWHUHYDOXDFLyQ SURSLDV GH 7DOOHU &UtWLFD &ROHFWLYD FRPR PRGRGH(YDOXDFLyQ ( Y D O X D F L y Q G H 3 U H W H V L V ,QGLYLGXDO y HQ (TXLSR \ $ S U H F L D F L y Q ) L Q D O G H 3 U H V H Q W D F L y Q G H 7H V L V LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ UHOHYDQFLDDFRUGHDODV FDSDFLGDGHVDGTXLULGDV SRUORV7HVLVWDV y 4XH YHUL¿TXH OD DSWLWXG SDUD HO FXPSOLPLHQWR GH L Q F X P E H Q F L D V SURIHVLRQDOHV 7LSRVGH7UDEDMRVSURSXHVWRV y ,QYHVWLJDFLRQHV DSOLFDEOHV DO3UR\HFWR y 7UDEDMRV 3UR\HFWXDOHV F R P R , Q Y H V W L J D F L y Q 3 U R \ H F W X D O $548,7(&785$3$,6$-,67$ &217(1,'265HVRO 0,1&\7 0pWRGRV \ WHRUtDV GHO GLVHxRDUTXLWHFWyQLFR\ XUEDQR ,QWHUSUHWDFLyQ GH ODV QHFHVLGDGHV \ U H V R O X F L y Q G H SUREOHPDVGHOKiELWDW 'HVDUUROORGHSUR\HFWRV S D U D O D U H V R O X F L y Q I X Q F L R Q D O I R U P D O HVSDFLDO\WpFQLFD 5HVROXFLyQ SUR\HFWXDO HQUHODFLyQDOFRQWH[WR\ VHJ~Q ODV YDULDEOHV GH HVFDOD QRUPDWLYDV F R P S O H M L G D G H V \ QLYHOHV GH UHVROXFLyQ G H O S U R \ H F W R DUTXLWHFWyQLFR\XUEDQR &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 $ (1)248( 352<(&78$/ UHSHQVDQGRGHVGHODpWLFD\OD HVWpWLFD OD UHODFLyQ HQWUH ORV GRV HMHV FRQFHSWXDOHV H LQVWUXPHQWDOHV &8/785$ < 1 $ 7 8 5 $ / ( = $ ( Q O D F R Q V W U X F F L y Q G H O K i E L W D W KXPDQR\GHVXKDELWDUHQHO HVSDFLR DELHUWR FRQ DSRUWHV GHVGH HO SUR\HFWDU FRQ OD QDWXUDOH]D UHWRPDQGRODVWUHV G L P H Q V L R Q H V Y L W U X Y L D Q D V ',6(f2&216758&&,Ï1< 862 HQ HO SHQVDU \ KDFHU GHVGH OD DUTXLWHFWXUD GHO S D L V D M H S D U D ' , 6 ( f $ 5 &216758,5 < +$%,7$5 QXHYRV HVSDFLRV DELHUWRV S~EOLFRV GHVGH OD OyJLFD GHO (&2 352<(&72 < '( /$6 , 1 ) 5 $ ( 6 7 5 8 & 7 8 5 $ 6 9 ( 5 ' ( 6 (O 3URJUDPD GH &RQWHQLGR VH RUJDQL]D HQ ODV VLJXLHQWHV8QLGDGHV7HPiWLFDV 8 7 3$ , 6 $ - ( + 2 0 % 5 ( < 1 $7 8 5 $ / ( = $ $548,7(&785$'(/3$,6$-($57(<3$,6$-( 873$,6$-(<&,8'$' 87&,8'$'<(63$&,238%/,&2 87&8/785$<1$785$/(=$$548,7(&785$ <3$,6$-( 87 352<(&72 '( 3$,6$-( (63$&,2 < 0$7(5,$ 87 6867(17$%,/,'$' 7(&1,&$ < (&2 7(&1,&$ 6H SUHWHQGH HMHUFLWDU FRPR SULQFLSLRV UHFWRUHV ORV PRGRVRSHUDWLYRVGH WDOOHU LQYHVWLJDFLyQ SUR\HFWXDO WUDQVIHUHQFLD H[WHQVLyQJHVWLzQ (VWRVSULQFLSLRVVRQSODQWHDGRVFRPRHMHVFODYHVGH OD HQVHxDQ]D SUR\HFWXDO GRQGH VH HMHUFLWD XQ DSUHQGL]DMHHVWUDWpJLFRDWUDYpVGHODLPSOHPHQWFLzQ GH HVWUDWHJLDV PHWDFRJQLWLYDV KHUUDPLHQWDV G L G j F W L F D V \ D F W L Y L G D G H V F R Q F H S W X D O H V \ P H W R G R O z J L F D V & R P S U H Q G L H Q G R H O 3 D L V D M H HPHUJHQWHGHODUHODFLyQ1DWXUDOH]D$UTXLWHFWXUD /D VXVWHQWDELOLGDG FRPR DVSHFWR HVHQFLDO HQ HO SDLVDMH(OSUR\HFWRODH[SUHVLRQ\ODWHFQLFDFRPR XQKHFKRLQWHJUDOGHXQEXHQSHUIRUPDFHSURFHVR SURGXFWRYLVLRQSURIHVLRQDO &RPR XQD DFWLYLGDG GH DSUR[LPDFLyQ DO HMHUFLFLR SURIHVLRQDOVHSODQWHDTXHHOGHVDUUROORGHOSUR\HFWR GH3DLVDMHHQVD\RVHDPRWLYRGHXQFRQFXUVR LQWHUQRGHLGHDV\SUR\HFWRVSDUDWRGRVORVDOXPQRV TXHFXUVDQHQIRUPDUHJXODUODDVLJQDWXUD (QHVHPDUFRDFDGpPLFRVHGHEHUiGHVDUUROODU8Q HVSDFLRS~EOLFR3DUTXH8UEDQRSDUDODLQQRYDFLyQ \ODLQWHJUDFLyQVRFLDODORFDOL]DUHQXQERUGHXUEDQR DPRGRGHLQWHUIDVHEDUULRODLQVWLWXFLyQ 3URSXHVWDTXHGHEHUiHVWDULQWHJUDGDDOSUR\HFWRGH DUTXLWHFWXUD \ XUEDQLVPR WUDQV¿ULHQGR ORV FRQRFLPLHQWRV DGTXLULGRV VREUH SDLVDMH (VWD PRGDOLGDGHVDELHUWD\ORVWUDEDMRVVHGHVDUUROODQHQ HO W D O O H U ( Y D O X D F L y Q G H F D U i F W H U H Y D O X D W L Y R 3 5 ( ) , 1 $ / FXDOLWDWLYR\FXDQWLWDWLYR06H GH¿QHHOQLYHOSDUDUHJXODUL]DU HOFXUVDGRHYDOXDFLyQGH0< 0 DVLVWHQFLD VHPLQDULRV ELEOLRJUi¿FRVHQVD\RV ( Y D O X D F L y Q G H F D U i F W H U HYDOXDWLYR ),1$/ FXDQWLWDWLYR 0(YDOXDFLyQSUR\HFWR¿QDO HODERUDGR HQ JUXSR GH WUHV D O X P Q R V F R Q L Q V W D Q F L D V L Q G L Y L G X D O H V & R K H U H Q F L D FRQFHSWRGHVDUUROORWpFQLFD\ R¿FLRHQHO3UR\HFWR([SUHVLyQ 5HSUHVHQWDFLyQ ([LJHQFLDV SDUD UHJXODUL]DU OD PDWHULD VH HVWDEOHFHQ ORV VLJXLHQWHVSDUiPHWURV y G H D V L V W H Q F L D $ V L V W H Q F L D D F O D V H V WHyULFDV FODVHV SUiFWLFDV GHWDOOHU\GHFDPSR\GH H[WHQVLyQ y GH ORV HQVD\RV DSUREDGRV y GH ORV VHPLQDULRV ELEOLRJUi¿FRV H[SXHVWRV \ HQWUHJDGRV ([LJHQFLDV SDUD DSUREDFLyQ G L U H F W D G H O D P D W H U L D V H HVWDEOHFHQ ORV VLJXLHQWHV SDUiPHWURV y G H D V L V W H Q F L D $ V L V W H Q F L D D F O D V H V WHyULFDV FODVHV SUiFWLFDV GHWDOOHU\GHFDPSR\GH H[WHQVLyQ y GH ORV HQVD\RV DSUREDGRV y GH ORV VHPLQDULRV ELEOLRJUi¿FRV H[SXHVWRV \ H Q W U H J D G R V % 3ULPHUDVQRFLRQHV FRQFHSWXDOHVGHOD GLVFLSOLQD$UTXLWHFWXUD 3DLVDMLVWD (OFRQRFLPLHQWR LQWHJUDGRGHODV FRPSRQHQWHVQDWXUDOHV\ DQWUySLFDVHQHOVLVWHPD GH($83/DLGHQWLGDGGHO SDLVDMH\VXYDORU SHUFHSWXDO 6HIRPHQWDODUHÀH[LyQFUtWLFDODLQYHVWLJDFLyQ\HO DSUHQGL]DMHEDVDGRHQODUHVROXFLyQGHSUREOHPDV PHGLDQWHODUHDOL]DFLyQGHDFWLYLGDGHVGHFDPSR\ WDUHDVGHSUR\HFWR &RQVLGHUiQGRVHFODYHODLQWHUDFFLyQHQWUHDOXPQRV\ GRFHQWHVUHDOL]DQGRXQLQWHUFDPELRSHUPDQHQWHGH LGHDV LQIRUPDFLyQ H[SHULHQFLDV SURIHVLRQDOHV \ S U i F W L F D V D F D G p P L F D V V R E U H O D V G L V W L Q W D V SUREOHPiWLFDV GH OD UHDOLGDG FRQWH[WXDO HVWXGLDGD SURSRUFLRQDQGR XQ DSUHQGL]DMH DELHUWR D OD FRPXQLFDFLyQ±DFFLyQJHQHUDQGRQXHYRV 6HHYDO~DHOSURFHVRGHO DOXPQRVXVQLYHOHVGH PDGXUDFLyQHO FRQRFLPLHQWRHVSHFt¿FR HIHFWXDGRGHODGLVFLSOLQD \VXVFDPELRV DFWLWXGLQDOHV6LUYHDO GRFHQWHSDUDSURJUDPDUR UHSURJUDPDUODVWpFQLFDV GHDSUHQGL]DMHPiV DSURSLDGDV(OFLHUUH HYDOXDWLYRFXOPLQDFRQOD LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ HVSDFLDOL]DFLyQ $UTXLWHFWyQLFD3DLVDMLVWD /DVFRPSRQHQWHV VRFLRFXOWXUDOHV\ORVXVRV FRPXQLWDULRVGHO(VSDFLR $ELHUWR8UEDQR3~EOLFR /RVFRPSRQHQWHV QDWXUDOHV\HOGLVHxR DUTXLWHFWyQLFRGHOSDLVDMH /DFRQVWUXFFLyQ DUTXLWHFWyQLFDGHOSDLVDMH FRQRFLPLHQWRV\FUHDQGRFRQFLHQFLDGHFRPSURPLVR FRQODVRFLHGDG)RUPDQGRFDSDFLGDGHVDFWLWXGHV KDELOLGDGHV SDUD OD FRPSUHQVLyQ \ UHVROXFLyQ LQWHJUDGD GH ODV SUREOHPiWLFDV SODQWHDGDV SRU OD GLVFLSOLQDHVWDEOHFLHQGRUHODFLRQHVFRQODUHDOLGDG\ HVWLPXODQGR OD H[SORUDFLyQ GH SXQWRV GH YLVWD DOWHUQDWLYRV H[SHULPHQWDQGR GH QXHYDV LGHDV \ UHDOL]DFLRQHV SRVLELOLGDGGHWUHV H[iPHQHVFRQVHFXWLYRV LQPHGLDWRVDOFLFOROHFWLYR FXUVDGR\OLEUHVLHO DOXPQRQRFXPSOHFRQOD FRQGLFLyQGHUHJXODULGDG DVLVWHQFLDDWHyULFRV\ WDOOHU(QWUHJD PLFURVGHHQVD\R\ 6HPLQDULRVVHJ~Q &URQRJUDPDVLQ UHFXSHUDWRULRV6LHO DOXPQRQRDSUXHEDHQ DOJXQDGHODVLQVWDQFLDV PHQFLRQDGDVGHEHUHQGLU HQFDUiFWHUGH$OXPQR LEUHR5HFXUVDUOD0DWHULD 85%$1,602, &217(1,'265HVRO 0,1&\7 $QiOLVLV \ UHOHYDPLHQWR G H S U R E O H P D V WHUULWRULDOHV \ XUEDQRV L Q F O X \ H Q G R O R V FRPSRQHQWHV VRFLDOHV H F R Q y P L F R V \ W H F Q R O y J L F R V , Q W H U Y H Q F L R Q H V \ S U R S X H V W D V H Q O D V GLVWLQWDVHVFDODV &217(1,'26 ,$ y y y y y y /D FLXGDG XQ SURFHVR GH WUDQVIRUPDFLyQJOREDO 3URFHVRV VXE\DFHQWHV HQ ODGLQiPLFDXUEDQD )XQFLRQDPLHQWR GH OD FLXGDG/RVHOHPHQWRVTXH ODFRPSRQHQ 'LPHQVLyQ DPELHQWDO GHO IHQyPHQRXUEDQR (VWUDWHJLDVXUEDQDVSODQ\ HFRSUR\HFWRVXUEDQRV /RV LQVWUXPHQWRV DFWXDOHV GH LQWHUYHQFLyQ HQ OD FLXGDG /RV DFWRUHV '(6$552//2 )250$'((9$/8$&,Ï1 &ODVHV WHyULFDV FRQ DSR\R GLJLWDOL]DGR GH ORV FRQWHQLGRVGHODV8QLGDGHV7HPiWLFDV y &ODVHV WHyULFRSUiFWLFDV H[SOLFDFLyQ D ORV DOXPQRVGHOGHVDUUROORGHORV7UDEDMRV y 3UiFWLFRVSDUDODUHDOL]DFLyQGHORVHMHUFLFLRVGH WDOOHU y 6HPLQDULRV UHHODERUDFLyQ GH ORV WHyULFRV \ VX WUDQVIHUHQFLD DO 7UDEDMR SUiFWLFR FRPR DVt WDPELpQ DXWRFUtWLFD GH FDGD JUXSR XQD YH] ¿QDOL]DGRHOFRUUHVSRQGLHQWHSUiFWLFR y (MHUFLFLRVGHWDOOHU (YDOXDFLyQ GH FRQWHQLGRV W H y U L F R V \ S U i F W L F R V F X H V W L R Q D U L R V 3 U X H E D V HVFULWDV LQGLYLGXDOHV FRQ SUHJXQWDV TXH DSXQWDQ D OD UHÀH[LyQ \ WRPD GH SRVLFLyQ SHUVRQDO GH FDGD DOXPQR UHVSHFWRDODWHPiWLFD6HWUDWD TXH HO HGXFDQGR DUWLFXOH FRQFHSWRV YHUWLGRV HQ ORV WHyULFRV FRQ HO GHVDUUROOR GHO S U i F W L F R \ O D J U D ¿ F D F L y Q SHUWLQHQWH (VTXLFLRV JUXSDO HMHUFLWDFLyQ HQHOGLVHxRXUEDQRGHGLVWLQWRV WLSRV XUEDQR DUTXLWHFWyQLFR \ VX UHVXOWDGR HQ GHQVLGDGHV GHVDUUROORJUi¿FRFRQFHSWXDO (MHUFLFLRVGH7DOOHUWUDEDMRV\ HYDOXDFLRQHV WUDEDMR DQiOLVLV GH OD &LXGDG GH & y U G R E D W U D E D M R U H O H Y D P L H Q W R D Q i O L V L V \ GLDJQyVWLFRGHXQVHFWRUGHOD FLXGDG EDMR HO FRQFHSWR GH 8QLGDGHV $PELHQWDOHV WUDEDMR SURSXHVWD GH 3ODQ 0 D H V W U R D Q L Y H O V H F W R U FXOPLQDQGRHQHO(FRSUR\HFWR GHXQDVXEiUHD(FRSUR\HFWR HYDOXDFLyQ FRQ YDORUDFLyQ FXDOLWDWLYD H[FHOHQWH PX\ EXHQR EXHQR UHJXODU QR DOFDQ]y HO QLYHO 6H SRQGHUD D FRPSUHQVLyQ \ PDQHMR GHO LQVWUXPHQWDO WHyULFRSUiFWLFR DQDOtWLFR \ GH GLDJQyVWLFR E PHWRGRORJtDSURFHVR VHJXLGR F FRKHUHQFLD SURFHVR SURGXFWR G FUHDWLYLGDG RULJLQDOLGDG GHO SURGXFWR OD F R Q F H S W X D O L ] D F L y Q G H O S U R E O H P D \ O D H [ S U H V L y Q JUi¿FDHUHÀH[LyQ¿QDO\WRPD GH SRVLFLyQ SHUVRQDOJUXSDO SRUSDUWHGHORVHGXFDQGRV /RVDOXPQRVTXHREWHQJDQXQD FDOL¿FDFLyQHQWUH\SXQWRV DFFHGHUiQ D XQ H[DPHQ HQ FRQGLFLyQ GH UHJXODU HQ ODV IHFKDV SUHYLVWDV D WDO ¿Q 3ULPHU WUDEDMR SUiFWLFR JUXSRV GH D DOXPQRV $QiOLVLVXUEDQRFRQpQIDVLVHQOD&LXGDGGH&yUGRED FRQWHPSODQGRORVDVSHFWRVVRFLRDPELHQWDOItVLFR IXQFLRQDO \ PRUIROyJLFRSHUFHSWXDO 'RFXPHQWR DSRUWDGR SRU OD &iWHGUD 5HLQWHUSUHWDFLyQ \ UHHODERUDFLyQ 6 H J X Q G R W U D E D M R S U i F W L F R S U L P H U D H W D S D UHOHYDPLHQWR DQiOLVLV \ GLDJQyVWLFR GH XQ VHFWRU XUEDQR FRQ SODQLOODV DGKRF SDUD OD GHWHFFLyQ GH VXEiUHDV SUREOHPDV \ YHQWDMDV SDUD OXHJR SURSRQHU 8QLGDGHV $PELHQWDOHV GH 'HVDUUROOR SUR\HFWR\JHVWLyQJUXSRVGHDDOXPQRV 6HJXQGDHWDSDSURSXHVWDGHXQ3ODQPDHVWURSDUD HOVHFWRUJUXSRGHDDOXPQRVEDMRHOFRQFHSWR GH 8QLGDGHV $PELHQWDOHV \ SURSXHVWD GH (FR SUR\HFWRHQXQDVXEiUHDGHDKD6XEJUXSRGH GHRDOXPQRV6HWUDWDGHXQDSURSXHVWDFRQPL[ GHXVRVUHVLGHQFLDOGHPHGLD\DOWDGHQVLGDGFLXGDG FRPSDFWD FRPHUFLDO FXOWXUDO (VSDFLRV YHUGHV 3~EOLFRVVHUYLFLRVHTXLSDPLHQWRVMHUDUTXL]DFLRQHV YLDOHV LQIUDHVWUXFWXUDV VRVWHQLEOHV FRQGLFLRQDQWHV GHOSDWULPRQLRQDWXUDO\FRQVWUXLGR5HVXOWDGRGHOD SURSXHVWD HQ WpUPLQRV QRUPDWLYRV LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ ,% y y y y y y 4XpHVHO8UEDQLVPRSDUD $UTXLWHFWRV &LXGDG\HVSDFLRXUEDQR )RUPDXUEDQD (VWUXFWXUDXUEDQD / L Q H D P L H Q W R V G H LQWHUYHQFLyQXUEDQtVWLFD , Q V W U X P H Q W R V G H LQWHUYHQFLyQ XUEDQtVWLFD (OGHVDUUROORHQFODVHVWHyULFDVGHODVXQLGDGHVVH UHDOL]DFRQH[SRVLFLyQGLDORJDGDHQODPHGLGDTXH HVSRVLEOHGHELGRDODFDQWLGDGGHHVWXGLDQWHV /RV6HPLQDULRVGHUHÀH[LyQFRQGXFLGRVSRUORVODV 3URI $VLVWHQWHV \ VXSHUYLVDGDV SRU OD 3URIHVRUD 7LWXODU\HO3URI$GMXQWRWLHQHQOD¿QDOLGDGGHGHEDWLU VREUHWHPDVSURSLRVGHODGLVFLSOLQDDWUDYpVGHOD LQYHVWLJDFLyQ ELEOLRJUi¿FD \ VREUH HO DQiOLVLV GH HVWXGLRVGHFDVRV /RV (VTXLFLRV WLHQHQ OD ¿QDOLGDG OD YHUL¿FDFLyQ LQGLYLGXDOGHODWUDQVIHUHQFLDGHFRQWHQLGRVWHyULFRV DODSUiFWLFDSUR\HFWXDO /RV(MHUFLFLRVGH7DOOHUVHUHDOL]DQHQJUXSRVGH H V W X G L D Q W H V 7D P E L p Q V H U H D O L ] D Q W D U H D V FRODERUDWLYDV HQWUH HVWXGLDQWHV FUtWLFDV FUX]DGDV FRQVWUXFFLyQ FROHFWLYD GH PDTXHWDV (YDOXDFLyQ GLDJQyVWLFD SDUDYHUL¿FDUHOQLYHOGHDQFODMH GH ORV FRQRFLPLHQWRV SUHYLRV TXHWUDHQORVDOXPQRVDWUDYpV GHXQDHMHUFLWDFLyQSUiFWLFD (YDOXDFLyQSHUPDQHQWHGHODV HMHUFLWDFLRQHV SUiFWLFDV FRQ FUtWLFDVLQGLYLGXDOHVJUXSDOHV\ FROHFWLYDV (YDOXDFLyQ FXDOL \ F X D Q W L W D W L Y D 8 Q D HYDOXDFLyQ WHyULFRSUiFWLFD GH F L H U U H D O ¿ Q D O G H O FXDWULPHVWUH SUXHED HVFULWD LQGLYLGXDO FRQ FXHVWLRQDULR VHPLHVWUXFWXUDGR HQ IRUPD FRQFHSWXDO\JUi¿FDHVTXLFLRV LQGLYLGXDOHVJUi¿FR FRQFHSWXDOHVSDUDYHUL¿FDFLyQ GHGLYHUVRVDVSHFWRVSUiFWLFRV (YDOXDFLyQ FXDQWLWDWLYD FRQ XQDLQVWDQFLDGHUHFXSHUDFLyQ (Q OD HYDOXDFLyQ GH ORV WUDEDMRV SUiFWLFRV VH HYDO~DQ WDQWR ORV SURFHVRV FRPR ORV UHVXOWDGRV OD FRPSUHQVLyQ \ WUDQVIHUHQFLDGHORVFRQWHQLGRV W H y U L F R V F R Q F H S W X D O H V S U R F H G L P H Q W D O H V H LQVWUXPHQWDOHV QLYHO \ FDOLGDG G H O R V D Q i O L V L V \ G H O D V SURSXHVWDVSUR\HFWXDOHVQLYHO GH H[SUHVLyQ YHUEDO \ GH UHSUHVHQWDFLyQ JUi¿FD VHJ~Q XWLOL]DFLyQ GH ODV WpFQLFDV SURSLDV GLVFLSOLQDUHV 85%$1,602,, &217(1,'265HVRO 0,1&\7 &217(1,'26 $QiOLVLV \ UHOHYDPLHQWR ,,$ G H S U R E O H P D V y ( O H Q I R T X H WHUULWRULDOHV \ XUEDQRV P X O W L G L P H Q V L R Q D O \ L Q F O X \ H Q G R O R V P X O W L H V F D O D U G H O R V FRPSRQHQWHV VRFLDOHV HVWXGLRVXUEDQR H F R Q y P L F R V \ WHUULWRULDOHV W H F Q R O y J L F R V y /D FLXGDG GHO 6LJOR ;;, \ , Q W H U Y H Q F L R Q H V \ V X V S U R F H V R V G H S U R S X H V W D V H Q O D V WUDQVIRUPDFLyQ SUREOH GLVWLQWDVHVFDODV P D V \ G H V D I t R V / D V YLVLRQHVGHVGHODWHRUtD y /DFLXGDG\HOWHUULWRULRHQ VXVGLVWLQWDVGLPHQVLRQHV H V S D F L D O V R F L D O H F R Q y P L F D W p F Q L F D \ DPELHQWDO y / D , Q W H U Y H Q F L y Q 8 U E D Q t V W L F D * H V W L y Q 3ODQL¿FDFLyQ \ 3UR\HF WDFLyQ8UEDQD7HUULWRULDO y 3ODQL¿FDFLyQ \ *HVWLyQ DVSHFWRVWHyULFR FRQFHSWXDOHV y / R V D E R U G D M H V P H W R G R O y J L F R V G H O D 3 O D Q L ¿ F D F L y Q \ O D 3UR\HFWDFLyQ 8UEDQD WHUULWRULDO y /RV LQVWUXPHQWRV GH OD 3 O D Q L ¿ F D F L y Q \ G H O D 3UR\HFWDFLyQ 8UEDQD W H U U L W R U L D O '(6$552//2 )250$'((9$/8$&,Ï1 (OGHVDUUROORHQFODVHVWHyULFDVGHODVXQLGDGHVVH UHDOL]DFRQH[SRVLFLyQGLDORJDGDHQODPHGLGDTXH HVSRVLEOHGHELGRDODFDQWLGDGGHHVWXGLDQWHV /RV6HPLQDULRVGHUHÀH[LyQFRQGXFLGRVSRUORVODV 3URI $VLVWHQWHV \ VXSHUYLVDGDV SRU OD 3URIHVRUD 7LWXODU\HO3URI$GMXQWRWLHQHQOD¿QDOLGDGGHGHEDWLU VREUHWHPDVSURSLRVGHODGLVFLSOLQDDWUDYpVGHOD LQYHVWLJDFLyQ ELEOLRJUi¿FD \ VREUH HO DQiOLVLV GH HVWXGLRVGHFDVRV /RV (VTXLFLRV WLHQHQ OD ¿QDOLGDG OD YHUL¿FDFLyQ LQGLYLGXDOGHODWUDQVIHUHQFLDGHFRQWHQLGRVWHyULFRV DODSUiFWLFDSUR\HFWXDO /RV(MHUFLFLRVGH7DOOHUVHUHDOL]DQHQJUXSRVGH H V W X G L D Q W H V 7D P E L p Q V H U H D O L ] D Q W D U H D V FRODERUDWLYDV HQWUH HVWXGLDQWHV FUtWLFDV FUX]DGDV FRQVWUXFFLyQ FROHFWLYD GH PDTXHWDV (YDOXDFLyQGLDJQyVWLFDSDUD YHUL¿FDU HO QLYHO GH DQFODMH GH ORVFRQRFLPLHQWRVSUHYLRVTXH WUDHQ ORV DOXPQRV D WUDYpV GH XQD HMHUFLWDFLyQ SUiFWLFD (YDOXDFLyQSHUPDQHQWHGHODV HMHUFLWDFLRQHV SUiFWLFDV FRQ FUtWLFDVLQGLYLGXDOHVJUXSDOHV\ FROHFWLYDV (YDOXDFLyQ FXDOL \ F X D Q W L W D W L Y D 8 Q D HYDOXDFLyQ WHyULFRSUiFWLFD GH F L H U U H D O ¿ Q D O G H O FXDWULPHVWUH SUXHED HVFULWD LQGLYLGXDO FRQ FXHVWLRQDULR VHPLHVWUXFWXUDGR HQ IRUPD F R Q F H S W X D O H V T X L F L R V LQGLYLGXDOHVJUi¿FR FRQFHSWXDOHVSDUDYHUL¿FDFLyQ GHGLYHUVRVDVSHFWRVSUiFWLFRV (YDOXDFLyQ FXDQWLWDWLYD FRQ XQDLQVWDQFLDGHUHFXSHUDFLyQ (Q OD HYDOXDFLyQ GH ORV W U D E D M R V S U i F W L F R V V H FRQVLGHUDQ WDQWR ORV SURFHVRV F R P R O R V U H V X O W D G R V O D FRPSUHQVLyQ\WUDQVIHUHQFLDGH ORVFRQWHQLGRVWHyULFRV ā LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ FRQFHSWXDOHV SURFHGLPHQWDOHVH LQVWUXPHQWDOHVQLYHO\ FDOLGDGGHORVDQiOLVLV\GH ODVSURSXHVWDVGH SODQL¿FDFLyQQLYHOGH H[SUHVLyQYHUEDO\GH UHSUHVHQWDFLyQJUi¿FD VHJ~QXWLOL]DFLyQGHODV WpFQLFDVSURSLDV ,,% y &yUGRED\VXÈUHD 0HWURSROLWDQDSODQHV \SUiFWLFDVXUEDQDV y 7HRUtDV\PRGHORV XUEDQRV/DVQXHYDV FRQGLFLRQHVGHO 8UEDQLVPR y /DHVFDODGHO6LVWHPD 8UEDQR7HUULWRULDO y /LQHDPLHQWRV SUR\HFWXDOHVSDUDXQ QXHYRVRSRUWH WHUULWRULDO y /DHVFDODLQWHUPHGLD HQWUHORPHWURSROLWDQR \ORXUEDQR y (OSUR\HFWRGHO WHUULWRULRSHULXUEDQR y /DHVFDODGHO IUDJPHQWRXUEDQR y (OSUR\HFWRGHODV SLH]DVXUEDQDV (O3URJUDPDGH&RQWHQLGRVHRUJDQL]DHQ ORVVLJXLHQWHVPyGXORV 0Ï'8/2,&yUGREDFLXGDG\WHUULWRULR/D HVFDODPHWURSROLWDQD\VXVVLVWHPDVXUEDQR WHUULWRULDOHV$SUR[LPDFLRQHVWHyULFDVH LQVWUXPHQWDOHV 0Ï'8/2,,&yUGREDFLXGDG\WHUULWRULR/DV HVFDODVWHUULWRULDOHVPHQRUHV /RVSUR\HFWRVGHO6LVWHPD8UEDQR7HUULWRULDO 6HGHVDUUROODQDSDUWLUGH73TXHDERUGDQ (OPDSHRJUi¿FRGHODVOyJLFDVGH FRQ¿JXUDFLyQGHOWHUULWRULRGH&yUGREDHQ XQSURFHVRTXHYDGHODFLXGDGDVXHQWRUQR PHWURSROLWDQR6tQWHVLVLQWHUSUHWDWLYDORV 6LVWHPDV8UEDQR7HUULWRULDOHV/LQHDPLHQWRV SDUDHO6LVWHPD8UEDQR7HUULWRULDO 6 H S U R S R Q H Q G R V HYDOXDFLRQHVXQDSRU0yGXOR (YDOXDFLyQ (QWUHJD GHO ([SHGLHQWH FRQ 73 \ 73 \ 3DUFLDO 7HyULFR R (QVD\R WHyULFR 7H[WRV \ FDVXtVWLFD VHOHFFLRQDGD (YDOXDFLyQ )LQDO (QWUHJD GHO([SHGLHQWHFRQ73\73 PiVXQD&DUSHWDFRQHO73\ 73 (O ([DPHQ )LQDO DOXPQRV ³/LEUHV´SDUDODDSUREDFLyQGH OD DVLJQDWXUD FRQWDUi GH GRV SDUWHVH[DPHQWHyULFRTXH GHEHUiDSUREDUVHSDUDSDVDUD O D V H J X Q G D L Q V W D Q F L D H[DPHQSUiFWLFRTXHFRQVLVWH HQXQ(VTXLFLRGHGtDFRPSOHWR HQ HO TXH HO DOXPQR GHEH GHPRVWUDU VROYHQFLD SDUD GHVDUUROODU ODV WDUHDV D ORV WUDEDMRV SUiFWLFRV UHDOL]DGRV GXUDQWH HO DxR DFDGpPLFR GH FXUVDGRUHJXODU /RV FULWHULRV GH HYDOXDFLyQ JLUDQHQWRUQRDPDQHMRGHOD L Q I R U P D F L y Q F U L W H U L R V G H V H O H F F L y Q G L Y H U V L G D G G H I X H Q W H V F R Q V X O W D G D V E FRQFHSWXDOL]DFLyQ\DSOLFDFLyQ GH WHRUtDV H LQVWUXPHQWRV GH SODQL¿FDFLyQ F FDSDFLGDG GH DQiOLVLVLQWHUSUHWDFLyQ\FUtWLFD \ V X W U D G X F F L y Q D O D HVSDFLDOL]DFLyQJUi¿FDGXVR GH PHWRGRORJtDV SURSXHVWDV H F R P X Q L F D F L y Q G H O D V SURSXHVWDVISDUWLFLSDFLyQHQ VHPLQDULRV\RWUDVDFWLYLGDGHV G H 7D O O H U (48,3$0,(172 &217(1,'265HVRO 0,1&\7 &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 0pWRGRV\WHRUtDV GHOGLVHxR DUTXLWHFWyQLFR\ XUEDQR ,QWHUSUHWDFLyQGHODV QHFHVLGDGHV\ UHVROXFLyQGH SUREOHPDVGHO KiELWDW 'HVDUUROORGH SUR\HFWRVSDUDOD UHVROXFLyQIXQFLRQDO IRUPDOHVSDFLDO\ WpFQLFD 5HVROXFLyQ $ +iELWDW&RQRFLPLHQWRGH ODFLXGDGHQWRUQR 6HOHFFLyQGHiUHDVD WUDEDMDU 6LWLRV(VSDFLRV SHUFHSFLyQFDOL¿FDFLyQ UHFRQRFLPLHQWR GHWHUPLQDFLyQ 7LSRORJtDVIXQFLRQDOHV UHFRQRFLPLHQWRHVWXGLR DFWXDOL]DFLyQGHOPHUFDGR &XOWXUDDUTXLWHFWyQLFD GLVHxRGHHVSDFLRVLGHDV GHVDUUROORV 6HLQWHUYLHQHHQXQVLWLRH[LVWHQWHGHOD FLXGDGGH&yUGREDTXHHVGHVLJQDGRSRUOD &iWHGUDDOFXDOOHFDPELDODIXQFLyQ\DVHD DGPLQLVWUDWLYDRFRPHUFLDOFRQHOSRWHQFLDO FUHDWLYRGHOGLVHxRVXPDGRGHVGHHOLQLFLR GHOSURFHVRDXQGHVDUUROORWHFQROyJLFR WUDQVGLVFLSOLQDU(ODOXPQRJHQHUDUi HVSDFLRV\HTXLSRVUHTXHULGRVSRUHO XVXDULRTXHRSWLPLFHQVXTXHKDFHU FRWLGLDQRGHVDUUROODQGRXQSUR\HFWRLQWHJUDO FRQGHVDUUROORSURIXVRHQWUHVGLPHQVLRQHV\ GHGHWDOOHVHQHVFDOD 6HHYDOXDUiHOXVRGHOD LQIRUPDFLyQ\ODLQYHQFLyQ 7UDQVPLWLUiHODOXPQRFRQ VXSURFHVRVXFDSDFLGDG GHDXWRFUtWLFDVX FDSDFLGDGGH FRPXQLFDFLyQGHLGHDV FODULGDGLQWHQVLGDG\GH FRQRFLPLHQWRV WHFQROyJLFRV &DOLGDGGHODLQWHUYHQFLyQ GLIHUHQFLDUORFRPSOHMRGH ORFRPSOLFDGR6LPSOL¿FDU 3UR\HFWDUQRVyORSDUDHO VHQWLGRGHODYLVWD LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ VHJ~QODVYDULDEOHV GHHVFDOD QRUPDWLYDV FRPSOHMLGDGHV\ QLYHOHVGH UHVROXFLyQGHO SUR\HFWR DUTXLWHFWyQLFR\ XUEDQR LQWHUDFFLyQ ,QYHQFLyQIRUPDO )XQFLRQHVGHORVREMHWRV\ GHORVHVSDFLRV 9DULDEOHVUHODFLRQDOHV HQWUHODVGRVFDWHJRUtDV (VSDFLR(TXLSRIRUPD IXQFLyQ\WHFQRORJtDGH FRQVWUXFFLyQGHORV PLVPRV /DVHQYROYHQWHV,QWHULRUHV \ODIDFKDGDFRPR VLVWHPDODYLGULHUD /DVWHFQRORJtDV\ORV PDWHULDOHVFRQVX IDFWLELOLGDGH[SUHVLYLGDG\ PHQVDMHV ,QFRUSRUDFLyQGHODV WHFQRORJtDVGHYDQJXDUGLD SDUDHOFRQIRUWHQHO HVSDFLR\HOGLVHxRFRQ WHFQRORJtDSDUDSURPRYHU ODLQWHUDFFLyQFRQHO XVXDULR (VWXGLRVDQWURSRPpWULFRV (UJRQRPtD ,OXPLQDFLyQQDWXUDO\ DUWL¿FLDO/DOX]FRPR HOHPHQWRGHGLVHxR6X LPSDFWRHQODH[SHULHQFLD GHOHVSDFLRLQWHULRU &DSDFLGDGVHPiQWLFD VtPERORV&UHDFLyQGHXQ SURSLRFyGLJRGHVtPERORV /DSHUFHSFLyQHOGLVHxR SDUDORVVHQWLGRV 6LVWHPDVGHH[SUHVLyQ UHSUHVHQWDFLyQ (OGLVHxR6LQJXODU\HO GLVHxR&RUSRUDWLYR ,PDJHQ,QVWLWXFLRQDO (MHUFLFLRFRQPDUFDV H[LVWHQWHVHQQXHVWUD VRFLHGDG % 'H¿QLFLyQ&RQFHSWXDOGHO 2EMHWR$UTXLWHFWyQLFR (TXLSDGR5HODFLyQ &LXGDG$UTXLWHFWXUD (TXLSDPLHQWR/DV WD[RQRPtDVGHOFDPSRHQ ODVGLVFLSOLQDVGHO'LVHxR $UTXLWHFWXUD6LPEyOLFD ,PDJHQH,GHQWLGDGGHORV REMHWRV$UTXLWHFWyQLFRV 6XUHODFLyQFRQHOHQWRUQR /DWLUDVWULSSFRPR FRQ¿JXUDFLyQGHXQ UHFRUWHXUEDQRDVHU LQWHUYHQLGRHOVFDOHOLQH VLPEyOLFRFRPRSDUWHGHOD FRQ¿JXUDFLyQGHODFLXGDG 0DSHRXUEDQR (OOtPLWHFRPR GHWHUPLQDQWHGHORV HVSDFLRVDUTXLWHFWyQLFRV PL[WXUDVGHXVRV (O2EMHWR$UTXLWHFWyQLFR &RQ¿JXUDFLyQH LQGHWHUPLQDFLyQGHOREMHWR $UTXLWHFWyQLFR5H IXQFLRQDOL]DFLyQ5HFLFODMH \5HXVR,QWHULRULGDG 2WUHGDG$PELJHGDG 'XDOLGDG LQIRUPHGHDXWRHYDOXDFLyQ )$8' OHFWXUDFODUD &RQIRUPDFLyQFRKHUHQWH ,QÀXHQFLDRPRGRV HItPHURV6W\OLQJ 'REOHVLPiJHQHV 9DORUDFLyQGHHOHPHQWRV FRPXQHV\GHGLIHUHQFLD &ULWHULRVGHDQWLFLSDFLyQ VROLGH]WHyULFDFUHDWLYLGDG \FDOLGDGGH UHSUHVHQWDFLyQ 7HyULFR±3UiFWLFRWUDEDMRGHWDOOHU VHPLQDULRV ([SORUDFLRQHVVHQVLEOHVHQHOWDOOHU IRUPXODFLyQGHGLVSRVLWLYRVRSHUDWLYRVFRPR JHQHUDGRUHVGHOQXHYRHVSDFLR $UTXLWHFWyQLFR ,QFRUSRUDFLyQGH(TXLSRV ([LVWHQGRVLQVWDQFLDVGH HYDOXDFLyQXQDJUXSDO\ RWUDLQGLYLGXDO ,QVWDQFLDVHHYDOXDUi FDSDFLGDGGH LQYHVWLJDFLyQOHFWXUD\ SURIXQGLGDGGHDQiOLVLVGHO DOXPQR JUDGRGHDYDQFHHQHO UHFRQRFLPLHQWRGHODV FDUDFWHUtVWLFDVTXH GLIHUHQFLDQHOREMHWR DUTXLWHFWyQLFRFRPRFDMDD VHUPRGL¿FDGD\VX UHODFLyQHQHOFRQWH[WR LQPHGLDWR ,QVWDQFLDVHHYDOXDUi (QHVWDHWDSDVH LQFRUSRUDQFRQRFLPLHQWRV D~QPiVHVSHFt¿FRVGHOD GLVFLSOLQD /DHQWUHJD¿QDOSDUDOD DSUREDFLyQGH¿QLWLYDGHOD PDWHULDVHUiODVXPDGH ODVHQWUHJDVSDUFLDOHVHQ IRUPDGHELWiFRUD\OD SUHVHQWDFLyQ¿QDOGHO SUR\HFWRFRQODVGLVWLQWDV LQVWDQFLDV\HVFDODVGH UHVROXFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ &RQGLFLRQDQWHV IXQFLRQDOHV I R U P D O H V W H F Q R O y J L F D V \ DPELHQWDOHV HTXLSRV FRPSOHMRV GHVGH VX FRQGLFLRQDQWH VLJQL¿FDWLYD \ WHFQROyJLFD È5($&,(1&,$662&,$/(6 ,1752'8&&,Ï1$/$+,6725,$'(/$$548,7(&785$<(/85%$1,602 &217(1,'265HVRO 0,1&\7 &RQFHSWRVKLVWyULFRVGH ODV UHODFLRQHV HQWUH V R F L H G D G F X O W X U D HVSDFLR \ IRUPDV GH KDELWDU +LVWRULD GH OD FLXGDG OD DUTXLWHFWXUD \HOHVSDFLRKDELWDGRHQ ODVGLIHUHQWHVFXOWXUDV &RQFHSWRGHSDWULPRQLR DUWtVWLFR DUTXLWHFWyQLFR \XUEDQR &217(1,'26 $ y y y y y y $ S U R [ L P D F L R Q H V D O FRQRFLPLHQWR GH OD FLXGDG \ODDUTXLWHFWXUD &LXGDG\$UTXLWHFWXUDHQOD (GDG$QWLJXD &LXGDG\$UTXLWHFWXUDHQOD (GDG0HGLD &LXGDG\$UTXLWHFWXUDHQOD (GDG0RGHUQD &LXGDG\$UTXLWHFWXUDHQOD (GDG&RQWHPSRUiQHD &LXGDG\$UTXLWHFWXUDHQOD D F W X D O L G D G % 8 Q L G D G G L G i F W L F D 3ULPHUDODUJDGXUDFLyQ (O DPELHQWH KXPDQR GHVGH OD UHYROXFLyQ DJUtFROD KDVWD HO U H V X U J L P L H Q W R X U E D Q R PHGLHYDO y 8 Q L G D G G L G i F W L F D 6HJXQGDODUJDGXUDFLyQ (O DPELHQWH KXPDQR GHVGH HO UHVXUJLPLHQWR XUEDQR EDMR PHGLHYDO KDVWD OD UHYROXFLyQ LQGXVWULDO y 8 Q L G D G ' L G i F W L F D 7HUFHUDODUJDGXUDFLyQ (O DPELHQWH KXPDQR GHVGH OD UHYROXFLyQ LQGXVWULDO KDVWD OD D F W X D O L G D G y LQIRUPHGHDXWRHYDOXDFLyQ '(6$552//2 )250$'((9$/8$&,Ï1 5HFXUULU D XQ PpWRGR RUJiQLFR R LQWHJUDO SDUD HQIUHQWDU D OD WDUHD GRFHQWH DO SURFHVR GH HQVHxDQ]D±DSUHQGL]DMHLPSOLFDFRPSUHQGHUDHVWH FRPRXQHQFXHQWURYLWDO\SHUVRQDOHQWUHGRFHQWH\ DOXPQR DFWR FRPXQLFDGRU GH YLGD TXH LPSOLFD LQHYLWDEOHPHQWH DSHUWXUD \ H[SDQVLyQ QR VROR GHO FRQRFLPLHQWRVLQRWDPELpQGHODSHUVRQD 5HIHULUVH D XQ PpWRGR RUJiQLFR R LQWHJUDO LPSOLFD FRQMXJDUDODQDWXUDOH]DGHOREMHWRHQUHODFLyQFRQOD LQWHOLJHQFLD GHO DOXPQR VH UH¿HUH D OD HVWUXFWXUD RUJiQLFD GHO VDEHU HQ Vt PLVPR \ VH UH¿HUH D ORV VXSXHVWRV OyJLFRV TXH GHEHQ SUHFHGHU SDUD TXH UHVXOWH LQWHOLJLEOH HO FRQWHQLGR TXH VH SUHWHQGH HQVHxDU6LJQL¿FDWDPELpQDVXPLUHOSURFHVRYLWDO GHOHVWDGRHQTXHHODOXPQRVHGDFRPRSHUVRQD KDFH D OD RUJDQLFLGDG GHO VXMHWR HQVHxDGR 6X DSOLFDFLyQLPSOLFDGRVWpUPLQRVHQFXDQWRDORTXHVH HQVHxD ODPDWHULD /DLQVHUFLyQGHODPLVPDHQHOWRGRLQWHJUDOGHO VDEHUDUTXLWHFWyQLFRXUEDQR\GHOVDEHUHQJHQHUDO (QUHODFLyQDTXLHQVHHQVHxDLPSOLFDRWURVGRV /DDSUR[LPDFLyQROHMDQtDGHORVFRQRFLPLHQWRV GHODOXPQRFRQUHVSHFWRDORVFRQRFLPLHQWRVGHOD PDWHULD /DH[LJHQFLDLQQDWDFRQFLHQWHRQRGHWRGDOD UD]yQ KXPDQD GH VHU FRQGXFLGD D XQD LQWXLFLyQ LQWHJUDOGHODUHDOLGDG (O MXHJR DUPyQLFR HQWUH ODV SDUWHV HQXQFLDGDV LPSOLFD SRGHU GHFLU TXH VH WUDEDMD FRQ XQ PpWRGR LQWHJUDO SDUD KDEHU SRVLEOH OD FRPSUHQVLyQ \ DVLPLODFLyQGHORTXHVHSUHWHQGHHQVHxDU &RQ OD DSOLFDFLyQ GH XQ PpWRGR GH WDO FDUiFWHU DELHUWR\YLWDOVHOHSHUPLWHDODOXPQRGHVGHVXVHU HQIUHQWDUDOWRGRGHVXVFLUFXQVWDQFLDV6HWUDWDDQWH WRGRGHXQDSRVWXUDPHQWDOTXHQRQLHJDQLH[FOX\H ORV WUDGLFLRQDOPHQWH FRQRFLGRV PpWRGRV LQGXFWLYR GHGXFWLYR IHQRPHQROyJLFR R OyJLFR D ORV FXDOHV VHJ~QODVFLUFXQVWDQFLDVVHUHFXUULUiSDUDDOFDQ]DU ORV REMHWLYRV SURSXHVWRV SHUR QXQFD FRQ H[FOXVLYLGDG 'XUDQWH HO GLFWDGR GHO FXUVR HVWi SUHYLVWR HO GHVDUUROOR GH FXDWUR 7UDEDMRV 3UiFWLFRV FRQ V X V F R U U H V S R Q G L H Q W H V VHPLQDULRV LQWURGXFWRULRV \ GH SXHVWDHQFRP~Q /D DSUREDFLyQ ¿QDO GH OD DVLJQDWXUDVHREWLHQHDWUDYpV GH XQ ([DPHQ )LQDO HO FXDO W H Q G U i G R V L Q V W D Q F L D V V X F H V L Y D V X Q D H V F U L W D GH¿QLWRULD\XQDRUDO(QpOVH YHUL¿FDUiIXQGDPHQWDOPHQWHHO FRQRFLPLHQWRGHORVFRQWHQLGRV GH OD DVLJQDWXUD OD FDSDFLGDG GH HVWDEOHFHU UHODFLRQHV OD DJXGH]DHQODPLUDGDDQDOtWLFR FUtWLFD \ OD KDELOLGDG SDUD H V W U X F W X U D U X Q G L V F X U V R U L J X U R V R \ F R K H U H Q W H (OFXUVRHVWiRUJDQL]DGRHQWUHVXQLGDGHVGLGiFWLFDV FDGD XQD GH ODV FXDOHV VH FRUUHVSRQGH FRQ XQ SHUtRGR GH ODUJD GXUDFLyQ VHJ~Q HO FULWHULR GH SHULRGL]DFLyQ GH ORV FRQWHQLGRV KLVWyULFRV TXH SURSRQHODFiWHGUD 3DUDFDGDXQDGHODVXQLGDGHVVHSURSRQHXQWUDEDMR SUiFWLFR FRQVWLWXLGR D VX YH] SRU HMHUFLFLRV GH FRPSOHMLGDG FUHFLHQWH &DGD XQD GH ODV HWDSDV LQFRUSRUD SURJUHVLYDPHQWH QXHYRV LQVWUXPHQWRV FRQFHSWXDOHVTXHVHVXPDQDORV\DDGTXLULGRV /RVWUDEDMRVSUiFWLFRVVHHODERUDQHQIRUPDJUXSDO /D XQLGDG VH FRPSOHWD FRQ XQD HYDOXDFLyQ SDUFLDO L Q G L Y L G X D O W H y U L F R S U i F W L F D 3DUDREWHQHUODUHJXODULGDGGH OD$VLJQDWXUDHODOXPQRGHEHUi FRQWDUFRQHOGHDVLVWHQFLD D ODV DFWLYLGDGHV SUiFWLFDV \ KDEHUDSUREDGRHOGHORV W U D E D M R V S U i F W L F R V \ O D V HYDOXDFLRQHVSDUFLDOHVFRQXQD QRWDGHFRPRPtQLPR 6H FRQVLGHUD D OD HYDOXDFLyQ FRPR XQD LQVWDQFLD PiV GHO SURFHVR GH HQVHxDQ]D DSUHQGL]DMH &DGD XQLGDG GLGiFWLFD HV HYDOXDGDDSDUWLUGHXQWUDEDMR SUiFWLFRJUXSDO\XQDSUXHEDGH VX¿FLHQFLD LQGLYLGXDO FRQ FDUiFWHUGH3DUFLDO &DGDXQLGDGGLGiFWLFDVH GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ FRPSOHWD FRQ XQD HYDOXDFLyQ SDUFLDO LQGLYLGXDO REWHQLGD D S D U W L U G H X Q D S U X H E D G H VX¿FLHQFLD HVFULWD \ JUi¿FD T X H V H H Y D O ~ D F R Q Q R W D QXPpULFDFRQODHVFDODD (OUHVXOWDGRREWHQLGRSRUFDGD 8 Q L G D G ' L G i F W L F D V H U i UHJLVWUDGRSRUHOGRFHQWHHQOD OLEUHWDGHWUDEDMRVSUiFWLFRVGHO D O X P Q R \ H Q O D ¿ F K D G H LGHQWL¿FDFLyQ \ FRQWURO GHO GRFHQWH +,6725,$'(/$$548,7(&785$, &217(1,'265HVRO 0,1&\7 &RQFHSWRVKLVWyULFRVGH ODV UHODFLRQHV HQWUH V R F L H G D G F X O W X U D HVSDFLR \ IRUPDV GH KDELWDU +LVWRULD GH OD FLXGDG OD DUTXLWHFWXUD \HOHVSDFLRKDELWDGRHQ ODVGLIHUHQWHVFXOWXUDV &RQFHSWRGHSDWULPRQLR DUWtVWLFR DUTXLWHFWyQLFR \ X U E D Q R &217(1,'26 $ y y y 8 Q L G D G 7H P i W L F D , 'LDJQRVWLFR VLWXDFLRQDO \ DQFODMHGHFRQRFLPLHQWRV 8QLGDG 7HPiWLFD ,, /D 2 E U D G H D U T X L W H F W X U D (VWXGLR D SDUWLU GH ODV FRQGLFLRQHVGHSURGXFFLyQ 8QLGDG 7HPiWLFD ,,, /D REUDGHDUTXLWHFWXUDFRPR WH[WRFXOWXUDOQROLQJtVWLFR &LHUUH,QWHJUDGRU % 8QLGDG&RQFHSWRVJHQHUDOHV 8QLGDG/DYLVLyQGHOHVSDFLR HQODDQWLJHGDGFOiVLFD 8QLGDG(OHVSDFLRFULVWLDQR\ ODUHODFLyQKRPEUHGLRV 8QLGDG/DQXHYDSHUVSHFWLYD G H O H V S D F L R G H O K R P E U H PRGHUQR 8QLGDG /DV DFDGHPLDV G H ¿ Q H Q H O H V S D F L R G H UHYROXFLRQDULRVHKLVWRULFLVWDV LQIRUPHGHDXWRHYDOXDFLyQ '(6$552//2 )250$'((9$/8$&,Ï1 $SR\DGR SRU OD WULORJtD GH ODV 7UHV 'LPHQVLRQHV )XQGDQWHVSODQWHDGDVHQOD3URSXHVWD$FDGpPLFD PRWLYDFLyQFUHDWLYLGDG\SUR\HFWDFLyQHVWHHQIRTXH VH FRQYLHUWH HQ XQ PRGR GH FRQRFLPLHQWR H LQWHUSUHWDFLyQ GH ODV UHODFLRQHV HQWUH +LVWRULD $PELHQWH \ $UTXLWHFWXUD TXH SUR\HFWD KDFLD OD SURIHVLyQGHO$UTXLWHFWR 81,'$''((678',2,&RQFHSWRV)XQGDPHQWDOHV &RQFHSWRV2SHUDWLYRV (WDSD,QVWUXPHQWDO5D]RQDPLHQWRVLQFUpWLFR 81,'$' '( (678',2 ,, &RQVWDQWHV GH OD $UTXLWHFWXUD$PELHQWH (WDSDGH$QiOLVLV5D]RQDPLHQWR$QDOtWLFR 81,'$''((678',2,,,&,(55(,17(*5$'25 ,QWHJUDFLyQGH&RQWHQLGRV6tQWHVLV (WDSDGH$SOLFDFLyQ5D]RQDPLHQWR6LQWpWLFR (WDSD GH 6tQWHVLV 0HWDFRJQLFLyQ 'XUDQWHHOGHVDUUROORGHOFXUVR VHUHDOL]DUiQGLVWLQWRVWLSRVGH HYDOXDFLRQHVSURJUHVLYDV ( Y D O X D F L y Q G L D J Q y V W L F D D S U R [ L P D W L Y D G H O D V 3 R W H Q F L D O L G D G H V \ O D V ' H E L O L G D G H V G H O D O X P Q R LQJUHVDQWHDOD&iWHGUD 7UDEDMRSUiFWLFR,VHHYDOXDUi y ,QWHUpVSRUHOHVWXGLRGHOD +LVWRULDGHOD$UTXLWHFWXUD y 6tQWHVLVGH&RQRFLPLHQWRV SUHYLRV FRQ UHVSHFWR D OD PDWHULD ,QWURGXFFLyQ D OD +LVWRULD GH OD$UTXLWHFWXUD GH3ULPHU$xR y ,QIRUPDFLyQ JHQHUDO \ HVSHFt¿FDGHOiUHD y &DSDFLGDG GH WUDQVPLVLyQ GHODVLGHDV (VWHWLSRGHHYDOXDFLRQHVTXH L Q L F L D X Q S U R F H V R G H VHJXLPLHQWR SHUPDQHQWH GHO DOXPQRHQOD&iWHGUDSHUPLWLUi K D F H U X Q G L D J Q y V W L F R DSUR[LPDGRGHOSHU¿OGHOPLVPR \ UHDOL]DU SRVLEOHV DMXVWHV GHO 3ODQ (YDOXDFLRQHV ,QGLYLGXDOHV \ &ROHFWLYDVHQ&ODVHV3UiFWLFDV (675$7(*,$6'((16(f$1=$ 3UHVHQWDFLyQ RUDO GLDORJDGD GH ORV WHPDV D GHVDUUROODU $QiOLVLVHLQWHUSUHWDFLyQGHHMHPSORV )XQGDPHQWDFLyQGHFRQFHSWRV &RPSDUDFLyQ\GLIHUHQFLDFLyQFRQHMHPSOL¿FDFLyQGH REUDV 5HFXUVRV &XDGURV FRPSDUDWLYRV JUi¿FRV SRZHU SRLQW\YLGHRV (675$7(*,$6'($35(1',=$-( %~VTXHGDGHLQIRUPDFLyQ ,QWHUSUHWDFLyQ GH WH[WRV \ SUHVHQWDFLRQHV RUDOHV GLDORJDGDV $QiOLVLVJUi¿FRVGHHMHPSORVFRQIURQWDFLyQGHORV PLVPRVHQVHPLQDULRV ,QWHUSUHWDFLyQ FRPSDUDWLYD GH GLIHUHQFLDV \ VLPLOLWXGHV 5HVROXFLyQGHSUREOHPDV 5HFXUVRV 5HJLVWUR JUi¿FR FRQFHSWXDO GH ODV FRQVLJQDVHQOiPLQDVHQSRZHUSRLQWFRPRDSR\R SDUDODE~VTXHGDHLQWHUSUHWDFLyQGHORVWHPDV 6H UHDOL]DUiQ 6HPLQDULRV HQ WDOOHU HQWUH OD WRWDOLGDG GH ORV JUXSRV RULHQWDGRV SRU ORV 3URIHVRUHV$VLVWHQWHV 3DUD HO GHVDUUROOR GH ORV 7 U D E D M R V 3 U i F W L F R V O R V 3 U R I H V R U H V $ V L V W H Q W H V H[SOLFDUiQODVJXtDVGHWUDEDMR SUiFWLFRDGMXGLFDUiQORVWHPDV GH HVWXGLR D FDGD JUXSR \ FRQGXFLUiQ VX GHVDUUROOR 6H YHUL¿FDUDQ FRQWHQLGRV GH SUiFWLFRV FRQ HVTXLFLRV R FXHVWLRQDULRVFRQFHSWXDOHV 6H UHQGLUiQ 3DUFLDOHV FRQ GHVDUUROOR JUi¿FRFRQFHSWXDO VLPLODU DO GHVDUUROODGR HQ ORV WUDEDMRVSUiFWLFRV /DPDWHULDVHDSUXHEDFRQXQ H[DPHQ¿QDO GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ +,6725,$'(/$$548,7(&785$,, &217(1,'265HVRO 0,1&\7 &RQFHSWRVKLVWyULFRV GHODVUHODFLRQHVHQWUH VRFLHGDGFXOWXUD HVSDFLR\IRUPDVGH KDELWDU+LVWRULDGHOD FLXGDGODDUTXLWHFWXUD \HOHVSDFLRKDELWDGR HQODVGLIHUHQWHV FXOWXUDV &RQFHSWRGH SDWULPRQLRDUWtVWLFR DUTXLWHFWyQLFR\ XUEDQR &217(1,'26 $ 8QLGDG7HPiWLFD D&8/785$ $548,7(&785$\&,8'$' '(6'(+$67$(/ 029,0,(17202'(512 %&8/785$ $548,7(&785$\&,8'$' '(6'($ y 8QLGDG7HPiWLFD D&8/785$ $548,7(&785$\&,8'$' '(6'(D E&8/785$ $548,7(&785$<&,8'$' '(6'($+2< y 8QLGDG7HPiWLFD &21&(3726 ,167580(17$/(6 D(O(VSDFLR E&XOWXUDGHOD0RGHUQLGDG\ &XOWXUDGHOD3RVPRGHUQLGDG F3URFHVRGHGLVHxR %~VTXHGDVXQLYHUVDOHV\ SDUWLFXODUHV y % 81,'$'7(0È7,&$ $548,7(&785$\&,8'$' D 81,'$'7(0È7,&$ $548,7(&785$\&,8'$' GHVGHD 81,'$'7(0È7,&$ $548,7(&785$\&,8'$' DKR\DUTXLWHFWXUDGHOD FUtWLFD\ODFRQGLFLyQ SRVPRGHUQD 81,'$'7(0È7,&$ $548,7(&785$\&,8'$' DKR\DUTXLWHFWXUD SRVPRGHUQDDKR\ PXOWLWHQGHQFLD LQIRUPHGHDXWRHYDOXDFLyQ '(6$552//2 )250$'((9$/8$&,Ï1 /DSURSXHVWDVHHVWUXFWXUDHQEDVHDODVVLJXLHQWHV HVWUDWHJLDV y /DGLYLVLyQGHOWLHPSRKLVWyULFRREMHWRGH HVWXGLRGHODDVLJQDWXUDHQFXDWURSHUtRGRV FRQVLGHUDQGRORVGRVPRPHQWRVFXOWXUDOHVPiV VLJQL¿FDWLYRVGHVGHHOVLJOR;;KDVWDKR\ 0RGHUQLGDG\3RVPRGHUQLGDG\VXV DQWHFHGHQWHVLQPHGLDWRVSDUWHGHO6LJOR;,; \'pFDGDVGHO LQFOXLGDVHJXQGDSRVJXHUUD \ y /DRUJDQL]DFLyQGHORVFRQWHQLGRVHQGRV 8QLGDGHV'LGiFWLFDVFRQFHELGDVDSDUWLUGHGRV JUDQGHVHMHV WHPiWLFRVGRQGHORKLVWyULFR\ORLQVWUXPHQWDOHVWiQ HVWUHFKDPHQWHYLQFXODGRVVLJXLHQGRXQ RUGHQDPLHQWRJUDGXDOGHFRPSOHMLGDGFUHFLHQWH 8QLGDG'LGiFWLFD (/029,0,(17202'(512 8QLGDG'LGiFWLFD $548,7(&785$<&,8'$'$3$57,5'($ +2< y /DDSOLFDFLyQGHGLIHUHQWHVQLYHOHVGH DSUR[LPDFLyQDODSUREOHPiWLFDDUTXLWHFWyQLFD\ XUEDQD±9LVLRQHVGHDFHUFDPLHQWR\ DOHMDPLHQWRWRPDQGRORVFRQWHQLGRV WRWDOL]DGRUHVGHXQSHUtRGRRELHQUHDOL]DQGRHO HVWXGLRSDUWLFXODUGHPRYLPLHQWRV DUTXLWHFWyQLFRV\DUWtVWLFRVRGHDXWRUHV\REUDV GHWHUPLQDGDV$SDUWLU GHHOORVODLQIRUPDFLyQVHRUJDQL]DHQWUHVQLYHOHV 1LYHO*HQHUDO(OPDUFRFXOWXUDOGHODDUTXLWHFWXUD\ ODFLXGDGDQLYHOPXQGLDO 1LYHO,QWHUPHGLR/RVPRYLPLHQWRVHVFXHODV\ WHQGHQFLDVHQODDUTXLWHFWXUD\HOXUEDQLVPR 1LYHO(VSHFt¿FR3HQVDPLHQWRV\DFFLRQHV 3URSXHVWDVDUTXLWHFWyQLFDV\XUEDQtVWLFDV /RVFRQWHQLGRVVRQDERUGDGRVDSDUWLUGHODV FODVHVWHyULFDVTXHFRQVWLWX\HQHOHMHGHOD LQIRUPDFLyQVREUHODFXDOVHSURIXQGL]D\WUDEDMDHQ ODVFODVHVSUiFWLFDV /DSURSXHVWDJHQHUDOGHDFWLYLGDGHVSUiFWLFDVVH FHQWUDHQODVOHFWXUDVTXHHODOXPQRGHEHUHDOL]DU SDUD $QDOL]DU\UHÀH[LRQDUVREUHHOGHVDUUROORKLVWyULFR GHODFLXGDG\ODDUTXLWHFWXUD\VREUHODDUTXLWHFWXUD HQSDUWLFXODU 'XUDQWHHOGHVDUUROORGHOFXUVR VHHYDOXDUiQODVDFWLYLGDGHV SUiFWLFDVJUXSDOHVH LQGLYLGXDOHV\DOSURPHGLDU FDGDVHPHVWUHVHUHDOL]DXQD HYDOXDFLyQLQGLYLGXDOHVFULWD &ULWHULRVGHHYDOXDFLyQ 0DQHMRGHODLQIRUPDFLyQ LQWHUSUHWDFLyQGHFRQVLJQDV LQYHVWLJDFLyQSHUVRQDO FDSDFLGDGGHVHOHFFLyQ 'HVDUUROORGHODFDSDFLGDG GHDQiOLVLVGHUHÀH[LyQ\GH FUtWLFD &RPXQLFDFLyQRUDOHVFULWD \JUi¿FD &RPSURPLVRFXPSOLPLHQWR\ SDUWLFLSDFLyQ (O&XDGHUQRLQGLYLGXDO ([DPHQ¿QDO $OXPQRVUHJXODUHV (YDOXDFLyQRUDOHQODTXHVH YHUL¿FDUi HOFRQRFLPLHQWRGHORVWHPDV ODKDELOLGDGSDUDGHVDUUROODU XQWHPDHQIRUPDFRKHUHQWH ODDSWLWXGSDUDHODQiOLVLV FUtWLFR /DVPRGDOLGDGHVGLGiFWLFDVSUHYLVWDVVRQ FODVHVWHyULFDV\ FODVHVSUiFWLFDVWUDEDMRVSUiFWLFRVVHPLQDULRV\ HYDOXDFLRQHVGHVDUUROODGRVHQWDOOHU 0RGDOLGDGHVTXHUHVSRQGHUiQSDUWLFXODUPHQWHD ORVGLIHUHQWHVFRQWHQLGRVDERUGDGRV\DODV GLVWLQWDVLQVWDQFLDVGHOGHVDUUROORGHOFXUVROHFWLYR GHWDOODGDVHQHOFURQRJUDPDDQXDO (QFXDQWRDTXp\FyPRVHHVWXGLDHQSULPHUD LQVWDQFLDVHUHFXUUHDFRQFHSWRVTXHDPRGRGH LQVWUXPHQWRVSHUPLWHQDERUGDUORVFRQWHQLGRV HVSHFt¿FRVFDEHUHVDOWDUTXHSDUDHOHVWXGLRGH ORVPLVPRVVHSULRUL]DODPRGDOLGDGGHOD LQGDJDFLyQFUtWLFDSRUVREUHODGHVFULSFLyQ H[KDXVWLYDVXJLULHQGRFLHUWDVSDXWDV 3DUDDERUGDUORVFRQWHQLGRVHVSHFt¿FRVVHSDUWH GHORJHQHUDOSDUDHQIRFDUSURJUHVLYDPHQWHOR SDUWLFXODUDODPDQHUDGHXQ³]RRP´GHXQD FiPDUDGHIRWRVYLGHRRFLQHTXHSXHGH 5iSLGDPHQWHFDPELDUHO³HQIRTXH´\PRYHUVHGHOR SDUWLFXODUDORJHQHUDOHVWDEOHFLHQGRODVUHODFLRQHV QHFHVDULDVSDUDSRQHUHQDFFLyQXQSHQVDPLHQWR FRPSOHMRDQLPDGRSRUXQDWHQVLyQSHUPDQHQWH HQWUHODDVSLUDFLyQDXQ /DHYDOXDFLyQVHRULHQWDUiDOD YHUL¿FDFLyQGHOFXPSOLPLHQWR GHORVREMHWLYRVSODQWHDGRV SDUDODWDUHDGHTXHVHWUDWH\ HVHQFLDOPHQWHVHFRQVLGHUDUi HQHOOD y (OPDQHMRGHOD LQIRUPDFLyQFULWHULRVGH VHOHFFLyQFDOLGDGGHOD PLVPDGLYHUVLGDGGH IXHQWHVFRQVXOWDGDV y /RVFRQWHQLGRVHQFXDQWR DODFRQFHSWXDOL]DFLyQGHO WHPDDERUGDGR\DORV SURFHGLPLHQWRV XWLOL]DGRV y /DFDSDFLGDGGHDQiOLVLV\ GHFUtWLFD y /DFRPXQLFDFLyQGHORV UHVXOWDGRV (QFXDQWRDOWUDEDMRHQHO 7DOOHUVHWHQGUi HVSHFLDOPHQWHHQFXHQWDOD SDUWLFLSDFLyQWDQWRHQHO WUDEDMRJUXSDOFRPRHQOD $OXPQRVOLEUHV (YDOXDFLyQHVFULWDGH FDUiFWHUHOLPLQDWRULRHQODTXH VHYHUL¿FDUi HOFRQRFLPLHQWRGHORVWHPDV ODFDSDFLGDGGHDQiOLVLV\GH VtQWHVLV (YDOXDFLyQRUDO HOFRQRFLPLHQWRGHORVWHPDV ODKDELOLGDGSDUDGHVDUUROODUXQ WHPDHQIRUPDFRKHUHQWH /DDSWLWXGSDUDHODQiOLVLV FUtWLFR GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ VDEHUQRSDUFHODGRQRGLYLGLGRQRUHGXFFLRQLVWD <HOUHFRQRFLPLHQWRGHORLQDFDEDGRHLQFRPSOHWR GHWRGRFRQRFLPLHQWR SXHVWDHQFRP~Q\RWUDV DFWLYLGDGHVFRQMXQWDVDVt FRPRHOFXPSOLPLHQWR\ FRPSURPLVRUHVSHFWRDOD WDUHDHQFRPHQGDGD /DPRGDOLGDGGHOH[DPHQ¿QDO HVJUi¿FRFRQFHSWXDO3DUD DSUREDUHOH[DPHQVHUi QHFHVDULR TXHHOHVWXGLDQWHHMHPSOL¿TXH GHIRUPDJUi¿FDORVGRV WHPDVTXHGHEHGHVDUUROODU SXGLHQGRFRQIHFFLRQDUORV JUi¿FRVFURTXLVERFHWRVD PDQRDO]DGDDOPRPHQWRGHO H[DPHQR SDUDHOFDVRGHORUDOUHFXUULU DOPDWHULDOSUHSDUDGRSRUOD &iWHGUDUHVXOWDGRGHORV WUDEDMRVGH )LFKDVFRQIHFFLRQDGDVHQHO WDOOHUGXUDQWHHOFXUVROHFWLYR +,6725,$'(/$$548,7(&785$,,, &217(1,'265HVRO 0,1&\7 &RQFHSWRVKLVWyULFRV GHODVUHODFLRQHVHQWUH VRFLHGDGFXOWXUD HVSDFLR\IRUPDVGH KDELWDU+LVWRULDGHOD FLXGDGODDUTXLWHFWXUD \HOHVSDFLRKDELWDGR HQODVGLIHUHQWHV FXOWXUDV &RQFHSWRGH SDWULPRQLRDUWtVWLFR DUTXLWHFWyQLFR\ XUEDQR &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 $ /RVFRQWHQLGRVFXUULFXODUHVGH OD$VLJQDWXUDDERUGDQHQ JHQHUDOORVSURFHVRV KLVWyULFRVRSHUDGRVHQOD DUTXLWHFWXUD\HOXUEDQLVPR HQGLYHUVRVHVFHQDULRV ODWLQRDPHULFDQRVVHJ~QVXV UHVSHFWLYRVFRQWH[WRV DPELHQWDOHV(OSURJUDPDGH ODPDWHULDHVWiGLYLGLGRHQ FLQFR8QLGDGHV7HPiWLFDV 3HUtRGRGHODVFXOWXUDV DERUtJHQHVDPHULFDQDVR 3HUtRGR3UHKLVSiQLFR3HUtRGR &RORQLDO6LJOR;,;RHWDSD UHSXEOLFDQD6LJOR;;SULPHUD SDUWH\6LJOR;;VHJXQGD SDUWH 7RGRVORVFRQWHQLGRVHVWiQ SODQWHDGRVGHVGHXQ(QIRTXH WHyULFRFUtWLFRSDUWLFXODU EDVDGRHQODDSOLFDFLyQGHORV VLJXLHQWHVFRQFHSWRV LQVWUXPHQWDOHV5HJLyQ\ 5HJLRQDOLVPRV,GHQWLGDG\ 3DWULPRQLR'LYHUVDV PRGDOLGDGHVHQORV3URFHVRV GH7UDQVFXOWXUDFLyQ *OREDOL]DFLyQ\SDUHV GLDOpFWLFRVFRPR7UDGLFLyQ\ 9DQJXDUGLDOR8QLYHUVDO\OR 3DUWLFXODUOR&HQWUDO\OR 3HULIpULFROR,GHDO\OR5HDO HWF /DPRGDOLGDGGH6HPLQDULRV HQ7DOOHUHVDGRSWDGDGHVGHHO LQLFLRFRQODOHFWXUDDVLJQDGD GHDUWtFXORVGHFUtWLFRV ODWLQRDPHULFDQRV FRQWHPSRUiQHRVTXHVH FHQWUDQHQHVWRVFRQFHSWRV /DVSUiFWLFDVDERUGDGDV WDPELpQLQFOX\HQ(VTXLFLRV 6HPLQDULRVHQ7DOOHU\ 6HPLQDULRV0XOWLPHGLDFRQHO DQiOLVLVLQWHJUDOHVGH (OSURFHVRSHGDJyJLFRVHGHVDUUROODHQEDVHDOD VLJXLHQWHPHWRGRORJtD 2EVHUYDFLyQWpFQLFDGHUHFROHFFLyQGHGDWRVTXH H[SORUDGHVFULEHFRPSUHQGHLGHQWL¿FD\JHQHUD KLSyWHVLVVREUHDPELHQWHVFRQWH[WRVVXEFXOWXUDV \ODPD\RUtDGHORVDVSHFWRVGHODYLGDVRFLDO &DEHDSOLFDUHQHVWHSUR\HFWRODREVHUYDFLyQQR SDUWLFLSDQWHHVGHFLUFXDQGRHOLQYHVWLJDGRUQRVH LQYROXFUDHQHOSURFHVR>GHGLVHxR@ +LVWyULFRLQWHUSUHWDWLYR>DUTXLWHFWXUDKLVWRULD VRFLRORJtD@$SUR[LPDFLyQ0HWRGROyJLFDGHVGHOD $QWURSRORJtD\OD*HRJUDItD+XPDQD0LOWRQ 6DQWRVQRFLRQHVGH¿MRV\ÀXMRVUXJRVLGDGHVH LQHUFLDVGLQiPLFDVHQHOHVSHVRUKLVWyULFRGHO WHUULWRULR 3DUDHOLQLFLRGHODVREVHUYDFLRQHVGHREUDVVH UDVWUHDURQODVSXEOLFDFLRQHVUHFLHQWHVHQHVSHFLDO ODVSHULyGLFDVTXHLQJUHVDQPHQVXDOPHQWHDOD %LEOLRWHFD\+HPHURWHFDGHOD)$8'\HQODUHG FRPHQ]DQGRVXVHOHFFLyQGHDFXHUGRDOD FRUUHVSRQGHQFLDFRQORV&RQFHSWRV,QVWUXPHQWDOHV GHOD&iWHGUD7DPELpQVHLQFRUSRUDQODV SURSXHVWDVGHORV3URIHVRUHV$VLVWHQWHVGHOD &iWHGUDODVSUHVHQWDFLRQHVPXOWLPHGLDGHVWDFDGDV GHORVHVWXGLDQWHVHQORV6HPLQDULRV\RWUDVTXH GHVSLHUWDQHOLQWHUpVGHDGVFULSWRV\HVWXGLDQWHVHQ ODFLXGDGFDSLWDO\HQVXVFLXGDGHVGHRULJHQ 6HJ~QXQD¿FKDEDVHVHSURFHGHDVLVWHPDWL]DUOD LQIRUPDFLyQ\DFDUJDUODHQXQDEDVHGHGDWRV VHJ~QXQSURJUDPDHVSHFLDOPHQWHGLVHxDGRD HVWDVQHFHVLGDGHVGHLQYHVWLJDFLyQ\SRVWHULRU VRFLDOL]DFLyQHQODUHG &DGDFLHUWRWLHPSRHVWLSXODGRSRUOD&RRUGLQDFLyQ VHGHEDWHHQUHXQLyQGHJUXSRODVREUDV LGHQWL¿FDGDVSDUDRULHQWDUVXYDORUDFLyQFUtWLFD\ FRPSDUDFLyQWLSROyJLFDDVtFRPRVXSRVLEOH DFWLYDFLyQHQODUHG $SDUWLUGHHVWDLQVWDQFLD\VXPDGRDORV FRQWHQLGRVGHO0XVHR9LUWXDOGH$UTXLWHFWXUDOD &iWHGUDGLVSRQGUiGHXQEDQFRGHGDWRVJUi¿FRV ¿DEOHSDUDXWLOL]DUFRPRKHUUDPLHQWDGLGiFWLFD (QWRGRSURFHVRGH (QVHxDQ]D$SUHQGL]DMHVH SURGXFHQWUHVLQVWDQFLDV IXQGDPHQWDOHVGHHYDOXDFLyQ DFUHGLWDFLyQ (YDOXDFLyQGLDJQyVWLFD (YDOXDFLyQSHUPDQHQWHGHO SURFHVRGHWUDEDMR (YDOXDFLyQGHFLHUUH (QUHODFLyQDODHYDOXDFLyQGHO SURFHVRGHWUDEDMRVH HVWDEOHFHTXHHOHVWXGLDQWH DOFDQ]DODFRQGLFLyQGH DOXPQRUHJXODUVLKD FXPSOLPHQWDGRORVVLJXLHQWHV UHTXLVLWRV y 73REOLJDWRULRV DSUREDGRV y 3DUWLFLSDFLyQHQORV 6HPLQDULRV 5HVROXFLyQGHORV(VTXLFLRV *Ui¿FRV y (YDOXDFLRQHV3DUFLDOHV HVFULWDVLQGLYLGXDOHV DSUREDGRVXQD UHFXSHUDFLyQ 3DUDREWHQHUODFLWDGD 5HJXODULGDGHVQHFHVDULR KDEHUDSUREDGRODV (YDOXDFLRQHV3DUFLDOHV\OD SDUWLFLSDFLyQHIHFWLYDHQ 6HPLQDULRV\(VTXLFLRV (YDOXDFLyQ)LQDO(QHVWD ~OWLPDLQVWDQFLDVH LQVWUXPHQWDXQH[DPHQ HVFULWRTXHLPSOLFDGLVSRQHU GHXQWLHPSRGHHVWXGLR\GH UHÀH[LyQ LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' REUDV\WUD]DGRVXUEDQtVWLFRV UHSUHVHQWDWLYRVGHFDGDXQD GHHVWDVHWDSDVGHOD SHULRGL]DFLyQHQWUDEDMRV JUXSDOHVVLHQGRUHIRU]DGDV SRUHOFRQRFLPLHQWRYLYHQFLDO TXHSURSRQHQODV9LVLWDV *XLDGDVDWHVWLPRQLRV VLJQL¿FDWLYRVGHODDUTXLWHFWXUD GH&yUGRED % /DWLQRDPpULFDFRPR SUREOHPD\FRPR HVFHQDULR y 3ULPHUDIDVHGH PRGHUQL]DFLyQHQODWLQR DPpULFD /DFRQVWUXFFLyQGH ORDPHULFDQR /DV/XFHVHQ $PpULFD\ODFRQÀLFWLYD GH¿QLFLyQGHORVHVWDGRV QDFLRQDOHV y 6HJXQGDIDVHGH PRGHUQL]DFLyQHQODWLQR DPHULFD (ORUGHQOLEHUDO 3D]\DGPLQLVWUDFLyQ ±,QGDJDFLRQHV VREUHODQDFLyQ\HO QDFLRQDOLVPRHQODWLQR $PpULFD y 7HUFHUDIDVHGH PRGHUQL]DFLyQHQODWLQR DPpULFD 3URJUHVR\ DXWRULGDG&RQVHUYDGXULVPR LQGXVWULDOL]DFLyQ\SRSXOLVPRV y &XDUWDIDVHGH PRGHUQL]DFLyQHQODWLQR DPpULFD 'HOSURJUHVRDO GHVDUUROOR,GHRORJL]DFLyQ\ YLROHQFLDSROtWLFD y 4XLQWDIDVHGH PRGHUQL]DFLyQHQODWLQR DPpULFD/D SRVPRGHUQLGDG ±-yYHQHV GHPRFUDFLDVQHROLEHUDOLVPR\ PXQGLDOL]DFLyQ y 3DUDOOHYDUDGHODQWHHOSURFHVRGHDSUHQGL]DMHVH UHFXUULUiDGLIHUHQWHVPRGDOLGDGHVRHVWUDWHJLDV GLGiFWLFDVFODVHVWHyULFDVWUDEDMRVSUiFWLFRV/D SXHVWDHQFRP~QGHORGHVFXELHUWR\DSUHQGLGR/D VHFXHQFLDFODVHWHyULFD±WUDEDMRSUiFWLFR± VHPLQDULRSOHQDULRGHEDWHFRPRSURFHGLPLHQWR SDUDRUJDQL]DUHOSURFHVRGHFRQRFLPLHQWRHQHO QLYHOGHJUDGRGHPDQGDHOFRPSURPLVRGHOD SDUWLFLSDFLyQDFWLYDGHGRFHQWHV\DOXPQRVHQODV WUHVLQVWDQFLDVODVTXHLQHYLWDEOHPHQWHVH UHWURDOLPHQWDQHQWUHVt 'XUDQWHHOGLFWDGRGHOFXUVRHVWiSUHYLVWRHO GHVDUUROORGHFLQFR7UDEDMRV3UiFWLFRV(VTXLFLRV FRQVXVFRUUHVSRQGLHQWHVVHPLQDULRVLQWURGXFWRULRV DWUDYpVGHODOHFWXUD\GLVFXVLyQGHWH[WRV\GH SXHVWDHQFRP~Q/RVHVTXLFLRVFRUUHVSRQGLHQWHV DOD6HJXQGD7HUFHUD\&XDUWD)DVHGH 0RGHUQL]DFLyQHQODWLQR$PpULFDVHJ~QHO SURJUDPDGHODPDWHULDWLHQHQHOUDQJRGH (YDOXDFLyQ3DUFLDO 'XUDQWHHOGLFWDGRGHOFXUVR HVWiSUHYLVWRHOGHVDUUROORGH FLQFR7UDEDMRV3UiFWLFRV (VTXLFLRVFRQVXV FRUUHVSRQGLHQWHVVHPLQDULRV LQWURGXFWRULRVDWUDYpVGHOD OHFWXUD\GLVFXVLyQGHWH[WRV\ GHSXHVWDHQFRP~Q/RV HVTXLFLRVFRUUHVSRQGLHQWHVD OD6HJXQGD7HUFHUD\&XDUWD )DVHGH0RGHUQL]DFLyQHQ ODWLQR$PpULFDVHJ~QHO SURJUDPDGHODPDWHULDWLHQHQ HOUDQJRGH(YDOXDFLyQ 3DUFLDO3DUDREWHQHUOD FRQGLFLyQGHDOXPQRUHJXODU HVQHFHVDULRDSUREDUHO GHODVDFWLYLGDGHVSUiFWLFDV\ ORVWUHV (VTXLFLRV(YDOXDFLRQHV 3DUFLDOHVVRORVHSRGUi UHFXSHUDUHQFDVRGH DXVHQFLDRDSOD]RXQRGH HVWRV~OWLPRVDGHPiVGH FXPSOLUFRQODDVLVWHQFLDDO GHODVFODVHVSUiFWLFDV 7(25Ë$<0e72'26 &217(1,'265HVRO 0,1&\7 &RQFHSWRGHWHRUtDGH ODDUTXLWHFWXUD GLIHUHQWHVSRVLFLRQHV 1RFLyQGHFUtWLFDGHOD DUTXLWHFWXUD &217(1,'26 $ 7HRULD\DUTXLWHFWXUD (OSURFHVRGH FRQIRUPDFLyQ (OPRPHQWRIRUPDWLYR (OPRPHQWRKLVWyULFR /DUHÀH[LyQFUtWLFD LQIRUPHGHDXWRHYDOXDFLyQ '(6$552//2 )250$'((9$/8$&,Ï1 /DVHVWUDWHJLDV\RSURFHGLPLHQWRVJHQHUDOHV HPSOHDGRVSRUODFiWHGUDSDUDODHQVHxDQ]DGHOD GLVFLSOLQDHQIXQFLyQGHORVREMHWLYRV\FRQWHQLGRV GHODDVLJQDWXUDVRQEiVLFDPHQWH &ODVHVWHyULFDV 3UHVHQWDFLyQ\DQiOLVLVGHFDVRVHQEDVHD HMHPSORVSDUDGLJPiWLFRVGH/DDUTXLWHFWXUD FRQWHPSRUiQHD 6HPLQDULRVGHGLVFXVLyQGHWH[WRV\UHHODERUDFLyQ GHFRQFHSWRVSODQWHDGRVFRPRDQFODMHV\ RUJDQL]DGRUHVDYDQ]DGRVHQORVWHyULFRV 7UDEDMRVSUiFWLFRVHQEDVHDODQiOLVLVGHHMHPSORV SDUDGLJPiWLFRVGHODDUTXLWHFWXUDFRQWHPSRUiQHD HQHOPHGLRORFDOUHJLRQDOHLQWHUQDFLRQDO WUDQV¿ULHQGRFRQFHSWRVEiVLFRVGHVDUUROODGRVHQOD 3DUWH,,XQLGDGHV\GHOSURJUDPDGH FRQWHQLGRV $ORV¿QHVGHGHWHUPLQDUOD VLWXDFLyQ¿QDOGHFDGDDOXPQR VHWLHQHHQFXHQWDORV UHVXOWDGRVTXHKD\D DOFDQ]DGRHQFDGDXQDGHODV DFWLYLGDGHVSURJUDPDGDV FXUULFXODUPHQWHSRUOD &iWHGUD6HKDSUHYLVWROD UHDOL]DFLyQGHVHPLQDULRVGH UHHODERUDFLyQGHFRQWHQLGRV WHyULFRV\GLVFXVLyQGHWH[WRV VHOHFFLRQDGRVHQ FRUUHVSRQGHQFLDFRQFDGD XQLGDGWHPiWLFDGRV HYDOXDFLRQHVSDUFLDOHVXQDHQ HOSULPHUVHPHVWUH\RWUD GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ % 8QLGDGWHPiWLFD7HRUtD \DUTXLWHFWXUD XQLGDGWHPiWLFD(O SURFHVRGHFRQIRUPDFLyQ 8QLGDGWHPiWLFD(O PRPHQWRIRUPDWLYR XQLGDGWHPiWLFD(O PRPHQWRKLVWyULFR 8QLGDGWHPiWLFDOD UHÀH[LyQFUtWLFD 'HVDUUROORGHFUtWLFDJUXSDO\FROHFWLYDDSDUWLUGH ODVSURGXFFLRQHVGHORVJUXSRVGHWUDEDMRV SUiFWLFRV HQHOVHJXQGR\FXDWUR WUDEDMRVSUiFWLFRV73 DQiOLVLVSHUFHSWXDODPELHQWDO GHFRQWH[WRXUEDQR73 DQiOLVLVGHFRQIRUPDFLyQ73 DQiOLVLVGHSURFHVR\OyJLFDV GHGLVHxR73DQiOLVLVFUtWLFR GHOSURSLRKDFHUHQODPDWHULD $UTXLWHFWXUD/RVWUHV SULPHURVVHGHVDUUROODQGH PDQHUDJUXSDOHQWDQWRTXHHO FXDUWRHVLQGLYLGXDO /DDVLJQDWXUDVHGHVDUUROODUiDWUDYpVGHFODVHV WHyULFRSUiFWLFDVHQODVFXDOHVVHLUi FRQVWUX\HQGRSRUDSUR[LPDFLRQHVVXFHVLYDVHO FRQRFLPLHQWRVXVWDQWLYRTXHFRQVWLWX\HHOFXHUSR FRQFHSWXDOLQVWUXPHQWDOGHODPDWHULD/D DSURSLDFLyQ\FRQVROLGDFLyQGHOPLVPRVHRSHUDUi HQLQWHUDFFLyQFRQODSUiFWLFDPHGLDQWHOD WUDQVIHUHQFLD\YHUL¿FDFLyQHQVHPLQDULRV LQVWUXPHQWDOHV\WUDEDMRVSUiFWLFRV/RVVHPLQDULRV VHSODQWHDQFRPRPRPHQWRGHUHVLJQL¿FDFLyQGH ORVFRQWHQLGRVGHODVXQLGDGHVWHPiWLFDVGHO SURJUDPD/RVFRQWHQLGRVGHODVXQLGDGHV WHPiWLFDV\LQWHUDFWXDQGRFRQORVGHODVH WUDQVIHULUiQDWUDEDMRVSUiFWLFRVVREUHDQiOLVLVGH REMHWRVGHGLVHxRSURFHVRLQWHQFLRQHV\ FRQVHFXHQFLDVGHOGLVHxR/DXQLGDGWHPiWLFDVH WUDQV¿HUHHQXQWUDEDMRGHUHÀH[LyQFUtWLFDVREUHHO SURSLRKDFHUSUR\HFWXDOGHODOXPQRHQODPDWHULD DUTXLWHFWXUD 6HUHDOL]DQ6HPLQDULRVDO FLHUUHGHFDGDXQLGDGWHPiWLFD FRQH[SRVLFLyQRUDO\ HYDOXDFLyQGHODSDUWLFLSDFLyQ GHODOXPQR (VWDDVLJQDWXUDVHUHJXODUL]D FRQHOGHDVLVWHQFLDD FODVHVWHyULFDV\SUiFWLFDV\HO GHORVWUDEDMRVSUiFWLFRV DSUREDGRV\GRVSDUFLDOHV DSUREDGRVOXHJRGHXQD LQVWDQFLDGHUHFXSHUDFLyQ 3URPRFLyQFRQRDSUREDFLyQ FRQHQH[DPHQ¿QDOFRQ PRGDOLGDGHVFULWD\RRUDO FRORTXLR 025)2/2*Ë$(,167580(17$&,Ï1 6,67(0$6*5È),&26'((;35(6,Ï1 &217(1,'265HVRO 0,1&\7 6LVWHPDVPpWRGRV \SURFHGLPLHQWRV DQDOyJLFRV\ GLJLWDOHVSDUDOD UHSUHVHQWDFLyQ\ SUH¿JXUDFLyQ LQWHJUDOGHODV GLVWLQWDVHVFDODVGHO HVSDFLR\GHORV REMHWRV &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 $ $EVWUDFFLyQ\UHVROXFLyQ JHRPpWULFD2EVHUYDFLyQ\ UHSUHVHQWDFLyQGH UHJLVWURLQWXLWLYRWpFQLFR PDQROLEUH6LVWHPDV SUR\HFFLRQHVSDUDOHODV GLpGULFR\D[RQRPpWULFR RUWRJRQDOHVREOLFXRV SUR\HFFLRQHVFyQLFDV ,OXPLQDFLyQ\VRPEUDV 0pWRGRVGHUHVROXFLyQ /DSURJUDPDFLyQVHHVWUXFWXUDHQXQLGDGHV GLGiFWLFDVTXHH[SUHVDQGLVWLQWDVLQVWDQFLDVGHO SURFHVRGHDSUHQGL]DMHLQWURGXFFLyQ\ DSUHVWDPLHQWR $SUR[LPDFLyQLQWXLWLYDDORVVLVWHPDVGH UHSUHVHQWDFLyQJUi¿FDLQWXLWLYD/RVVLVWHPDVGH UHSUHVHQWDFLyQGHVDUUROORGHORVGLVWLQWRVVLVWHPDV GHSUR\HFFLyQULJXURVLGDGWpFQLFDQRUPDWLYD/DOX] \ODVRPEUDODDFFLyQGHOX]HQODH[SUHVLyQGHOD PDWHULDOLGDG([SORUDFLyQGHWpFQLFDVJUi¿FDV 7UDEDMR¿QDODSOLFDFLyQ\FRPSOHPHQWDULHGDGGH ORVVLVWHPDVGHUHSUHVHQWDFLyQ6HGHVDUUROODQ PRGDOLGDGHVGHWUDEDMRHQFDGDXQDGHODV8' RSHUDFLyQFRQPRGHORVODUHSUHVHQWDFLyQGHXQ PRGHORWULGLPHQVLRQDOFRPRPHGLDWL]DGRUGHO REMHWRUHDO$EVWUDFFLyQJHRPpWULFDHMHUFLFLRV JHRPpWULFRVSDUD¿MDUFRQFHSWRV\FRQRFLPLHQWRV VREUHODOyJLFDGHOVLVWHPDGHSUR\HFFLyQ&yGLJRV ODQRUPDWLYDGHODUHSUHVHQWDFLyQDUTXLWHFWyQLFD 5HJLVWURVHQVLEOHHOFURTXLVH[SUHVLYRHQOD SUH¿JXUDFLyQOHFWXUDHLQWHUSUHWDFLyQGHOHVSDFLR HQHOSURFHVRGHGLVHxR /DHYDOXDFLyQVHHIHFW~DD SDUWLUGHODYHUL¿FDFLyQ\ HYROXFLyQGHOSURFHVRGH DSUHQGL]DMHGHOHVWXGLDQWH /DHYDOXDFLyQVHUHDOL]DHQ GLVWLQWDVLQVWDQFLDV\GLVWLQWDV PRGDOLGDGHV y 6HJXLPLHQWRFRQWLQXRGHO SURFHVRGHHQVHxDQ]D DSUHQGL]DMH y 9HUL¿FDFLyQGHOD LQFRUSRUDFLyQGHORV FRQRFLPLHQWRVWHyULFRV IXQGDQWHV y 9HUL¿FDFLyQGHOD LQFRUSRUDFLyQGH KDELOLGDGHV\GHVWUH]DV y *HQHUDFLyQGHOD FDSDFLGDGGHDXWRFUtWLFD DSDUWLUGHODYDORUDFLyQGH VXVSURSLRVORJURV\ GL¿FXOWDGHV 6HUHDOL]DQGRVWLSRVGH 7UDEDMRV3UiFWLFRV D'HHMHUFLWDFLyQ %'HVHJXLPLHQWR % 6LVWHPDVGHUHSUHVHQWDFLyQ $EVWUDFFLyQ\UHVROXFLyQ JHRPpWULFDREVHUYDFLyQ GLEXMRLQWXLWLYRFURTXLV 6LVWHPDGLpGULFR 3UR\HFFLRQHVSDUDOHODV D[RQRPpWULFDV\REOLFXDV 6LVWHPDFyQLFR,OXPLQDFLyQ\ VRPEUDV$SOLFDFLyQLQWHJUDO GHORVVLVWHPDV 8QDYH]LPSDUWLGDODFODVHWHyULFDORVDOXPQRV GHEHQGHVDUUROODUSUiFWLFDVJUi¿FDVFRQFUHWDVHQ ORVWDOOHUHVFRQGXFLGRVSRUORVGRFHQWHVGHOD DVLJQDWXUD(QODVSULPHUDVHWDSDVGH LPSOHPHQWDFLyQORVHMHUFLFLRVGHDSUHVWDPLHQWR JUi¿FRUHDOL]DGRVSRUHODOXPQRWDPELpQLQFOX\HQ YLVLWDVDVLWLRVXUEDQRVFRQHO¿QGHTXHpVWH DGTXLHUDODGHVWUH]DHQHOPDQHMRGHODV SURSRUFLRQHVHVSDFLDOHVVREUHODVTXHGHVDUUROODUi VXDFWLYLGDGSURIHVLRQDO(VWRVHMHUFLFLRVVH UHDOL]DQVREUHPDWHULDOHV\ (QFDGD8QLGDGWHPiWLFDVH HYDOXDUiHOSURFHVRVHJXLGR SRUHODOXPQRHOPDQHMRGH DOWHUQDWLYDVHOXVRGHODV GLVWLQWDVWpFQLFDVGHGLEXMR\ SUHVHQWDFLyQ6HFRQVLGHUDUi SRVLWLYDPHQWHHOWUDEDMR UHDOL]DGRHQWDOOHU\ODFRUUHFWD GLDJUDPDFLyQ\XVRGHOWLHPSR SDUDODSUHVHQWDFLyQ LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ VRSRUWHVDSRUWDGRVSRUORVSURSLRVDOXPQRVWDOHV FRPRFDUWRQHVFDUWXOLQDVDFXDUHODVWpPSHUDV WLQWDVHWF/RVFRQWHQLGRVVREUHORVFXDOHVVH UHDOL]DODHMHUFLWDFLyQSUiFWLFDVRQDSR\DGRVFRQ PDWHULDOJUi¿FR\DSXQWHVUHDOL]DGRVSRUODPLVPD FiWHGUD\GLVSRQLEOHSDUDORVDOXPQRV(QHWDSDV PiVDYDQ]DGDVGHODDVLJQDWXUDVHLPSDUWHHO FRQRFLPLHQWRGHLQVWUXPHQWDOHVJUi¿FRVGH~OWLPD JHQHUDFLyQWDOHVFRPRODIRWRJUDItDGLJLWDO\ SURJUDPDVGHFRPSXWDFLyQXWLOL]DGRVSRUORV DUTXLWHFWRV 025)2/2*Ë$, &217(1,'265HVRO 0,1&\7 &RQFHSWXDOL]DFLyQ JHQHUDO\RUJDQL]DFLyQ GHODIRUPD 3URSLHGDGHV FODVL¿FDFLyQ\ RUGHQDPLHQWR 3ULQFLSLRVGH JHQHUDFLyQGHODIRUPD REMHWXDODUTXLWHFWyQLFD \XUEDQD &RPXQLFDFLyQ\ VLJQL¿FDFLyQGHODV IRUPDV &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 $ $UTXLWHFWXUD\PRUIRORJtD FRPRIRUPDFXOWXUDO (VSDFLR\GLDOpFWLFD GLPHQVLyQSUDJPiWLFD )RUPD\GLDOpFWLFD 'LPHQVLyQLGHROyJLFD /tPLWHIRUPD\HVSDFLR 0DWHULDOLGDG (VSDFLRLPDJHQ SHUFHSFLyQ\UHSUHVHQWDFLyQ /DSURJUDPDFLyQVHRUJDQL]DHQGRVFXDWULPHVWUHV JUDQSDUWHGHOSULPHURUHIHULGRDODSUREOHPiWLFD GHO+DELWDUOD&DVD87GHXQKDELWDUWySLFRHO HVSDFLRVXEMHWLYRHVWDEOHFRQpQIDVLVHQODV OyJLFDVIHQRPHQROyJLFDSHUFHSWXDOVLJQL¿FDWLYD\ SROtWLFDWHUULWRULDO'HVDUUROORGHSUiFWLFDVFX\R REMHWLYRIXQGDPHQWDOHVODDUWLFXODFLyQFRQ $UTXLWHFWXUD,,\7HRUtD\0pWRGRV(OVHJXQGR FXDWULPHVWUH\SDUWHGHOSULPHURUHIHULGRDOD SUREOHPiWLFDGHO+DELWDUHO$FRQWHFLPLHQWR87 \SDUWHKDELWDUDWySLFRLQHVWDEOH GHVSOD]DGRGHORVKiELWRVRDUTXHWLSRV SHUFHSWLYRVGHWHUPLQDGRSRUHVWUXFWXUDV HVSDFLDOHVGHyUGHQHVDELHUWRVTXHKDELOLWDQOR DOHDWRULRLQHVSHUDGR\SDUDGyMLFRORTXH GHVHVWDELOL]DXQVLVWHPDH[SHULHQFLDHVSDFLDO 0iVDOOiTXHLPSOLFDWDPELpQXQDDUWLFXODFLyQFRQ $UTXLWHFWXUD,,HOpQIDVLVHVWiSXHVWRVREUHXQD H[SHULPHQWDFLyQPRUIROyJLFDHVSDFLDOTXHKDELOLWD ODGHULYDXQPRGRGHDSURSLDFLyQGHODQGDU QyPDGHTXHVXEYLHUWHODVFRQVWULFFLRQHVGHO HVSDFLRGDGR\MHUDUTXL]DGR 6HFRQVLGHUDUiSDUDHO SURFHVRGHHYDOXDFLyQ FRQWLQXDODDGTXLVLFLyQGH SURFHVRVPHWRGROyJLFRV PRGRV \WpFQLFDVGHWUDEDMRTXHOH SHUPLWDQDOHVWXGLDQWHDIURQWDU SURFHVRVVLPLODUHV\JHQHUDU VHQWLGRFUtWLFRVREUHVXV FRQRFLPLHQWRVDFWLYLGDGHVR SURGXFWRV\VREUHODV FXDOLGDGHV\FDOLGDGHVGHORV SURFHVRV\ORVJUDGRVGH WUDQVIHUHQFLDYHUWLGRVDODV GHPiVDVLJQDWXUDVGHOQLYHO 6HUHDOL]DUiQVRQGHRVGHORV SURFHVRVGHORVHVWXGLDQWHVD WUDYpVGHHVTXLFLRVD GHVDUUROODUVHHQWDOOHU\GHOD ELWiFRUDSHUVRQDO /DVIRUPDVGHHYDOXDFLyQVH HODERUDQFRPRLQVWUXPHQWRV GHWLSRJUi¿FRFRQFHSWXDO\ PRGpOLFRV % (QWLGDGHVSODQDV\HVSDFLDOHV VLPSOHV&RQ¿JXUDFLRQHV FRPSOHMDV/H\HVGHHQODFH\ VLPHWUtD(VWUXFWXUDVGHO FDPSR/DGHOLPLWDFLyQGHO HVSDFLR/DSHUFHSFLyQGHO HVSDFLR/HFWXUDVHFXHQFLD(O FRORU\ODWH[WXUD/H\HV\ VLVWHPDWL]DFLyQ /DDFWLYLGDGFXUULFXODUVHGHVDUUROODDWUDYpVGH FODVHVWHyULFDVDFWLYLGDGHVGHWDOOHU\WDUHDVGH FDPSRXJHQHUDFLyQGHPRGHORVPRUIROyJLFRV RSHUDFLRQHVFRQHQWLGDGHVJHRPpWULFDVVLPSOHV H[SORUDFLyQGHUHSHUWRULRVIRUPDOHVH[SORUDFLyQ GHODHVSDFLDOLGDGLQWHULRUUHFRQRFLPLHQWRGHODV YDULDEOHVHQHVSDFLRVUHDOHV0DTXHWDV\JUi¿FRV FRPSOHPHQWDULRVXOHFWXUDGHOHVSDFLR$QiOLVLV GHOOXJDUDLQWHUYHQLU(QHOWUDEDMRGHDUTXLWHFWXUD, SDUDIDFLOLWDUODWUDQVIHUHQFLDDOSURFHVRGH GLVHxRFURTXLVGHUHJLVWURVVHFXHQFLDOHV DEVWUDFFLyQJHRPpWULFDGHOHVSDFLR\WUD]DGRV RUGHQDGRUHV5HJLVWURVJUi¿FRV\PDTXHWD HMHUFLFLRVGHDXWRJHVWLyQVREUHFRORU\WH[WXUDX WUDEDMR¿QDOJHQHUDFLyQGHPRGHORVPRUIROyJLFRV GHPD\RUFRPSOHMLGDGGHHVFDODVHPHMDQWHDOGHO SUR\HFWRGHDUTXLWHFWXUD,(QODVFODVHVWHyULFDVVH DQDOL]DQORVFRQWHQLGRVHVSHFt¿FRVHQREUDVGH DUTXLWHFWXUDVLJQL¿FDWLYDV0DTXHWDVHVF JUi¿FRVFRPSOHPHQWDULRV\SDQHOHV /DHYDOXDFLyQVHUHDOL]DVREUH ODVVLJXLHQWHVFRQVWUXFFLRQHV y &RQVWUXFFLyQGHOSURFHVR GHDSUHQGL]DMH (YDOXDFLyQGHORV SURFHVRVODFXDOHV SHUPDQHQWHHQHO7DOOHU\ DGRSWDGLIHUHQWHVIRUPDV FROHFWLYDJUXSDOH LQGLYLGXDODWUDYpVGHOD FUtWLFDXWLOL]DGDFRPR KHUUDPLHQWDGH UHHODERUDFLyQFRQFHSWXDO \GHFRQWUROGHDYDQFHGH ORVSURFHVRV y &RQVWUXFFLyQGHO FRQRFLPLHQWR(YDOXDFLyQ GHOQLYHOGHORV FRQRFLPLHQWRVFDSDFLGDG GHWUDQVIHUHQFLD\ KDELOLGDGHVDGTXLULGDV H[SUHVDGRHQORVWUDEDMRV SUiFWLFRVGHFDGD8QLGDG y /DHYDOXDFLyQ¿QDO 9HUL¿FDORVDVSHFWRVGH FRQWLQXLGDG\DYDQFHGHO SURFHVRGHDSUHQGL]DMH QHFHVDULDPHQWHHVXQ FLHUUHGHOFXUVRTXH KDELOLWDRQRODSURPRFLyQ DOVHJXQGRQLYHOGH 0RUIRORJtD LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ 'HYROXFLyQ\(YDOXDFLyQHQ UHG(175(/$=$0,(1726 (YDOXDFLyQFROHFWLYDFRQOD SDUWLFLSDFLyQGHODV H[SHULHQFLDVUHDOL]DGDVHQ WRGRVORVWDOOHUHV/D LQWHUDFFLyQGHWRGDVODV H[SHULHQFLDVSHUPLWHYLVXDOL]DU QXHYDVPLUDGDVSURSXHVWDVR HVWUDWHJLDVTXHRSHUDUiQ FRPRSRWHQFLDOLGDGHVHQHO SURFHVRGHHQVHxDQ]D DSUHQGL]DMH 025)2/2*Ë$,, &217(1,'265HVRO 0,1&\7 &RQFHSWXDOL]DFLyQ JHQHUDO\RUJDQL]DFLyQ GHODIRUPD 3URSLHGDGHV FODVL¿FDFLyQ\ RUGHQDPLHQWR 3ULQFLSLRVGH JHQHUDFLyQGHODIRUPD REMHWXDODUTXLWHFWyQLFD \XUEDQD &RPXQLFDFLyQ\ VLJQL¿FDFLyQGHODV IRUPDV &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 $ (OREMHWRDUTXLWHFWyQLFRFRPR IRUPDFXOWXUDOJHQHUDFLyQ WUDQVIRUPDFLyQRUGHQ RUJDQL]DFLyQHVSDFLR DUTXLWHFWyQLFRJHRPpWULFR DEVWUDFWRFRQFUHWR SHUFHSWXDOFXOWXUDOFRQWH[WXDO HOOtPLWHDUTXLWHFWyQLFRFRPR OHQJXDMH6LQWD[LVGHOFRORU 3HUFHSFLyQHLPDJHQ 2UJDQL]DFLyQGLGiFWLFDHODERUGDMHGHORVGLVWLQWRV Q~FOHRVWHPiWLFRVVHSURSRQHGHVGHFLHUWRVSODQRV GHOD³PLUDGDPRUIROyJLFD´TXHFRQVWUX\HQXQ SRVLFLRQDPLHQWRGHOREMHWRHVSDFLDO\ WHPSRUDOPHQWH(OSODQRJHRPpWULFRHOSODQR SHUFHSWLYRHOSODQRVLJQL¿FDWLYR(VWRVSODQRV GHEHQVHUPHGLDGRVSRUODVWpFQLFDV\HOOHQJXDMH GHODUHSUHVHQWDFLyQJUi¿FDPRGpOLFD\YHUEDO 6RQGLPHQVLRQHVRUJDQL]DGRUDVGHXQDGLGiFWLFD\ SHUPLWHQSRQHUDODOXPQRHQFRQWDFWRFRQXQ FRQMXQWRGHYDULDEOHVPiVTXHFRQXQDYLVLyQ XQtYRFDGHOHQIRTXHPRUIROyJLFR 3URJUDPDFLyQHMHUFLFLRVFRUWDGXUDFLyQFRQ pQIDVLVHQORVSURFHGLPLHQWRVRSHUDWLYRV\HQODV SUiFWLFDVUHÀH[LYDV0DQHMRGHUHIHUHQWHV\XVRGH ODELEOLRJUDItD3UiFWLFRODUJDGXUDFLyQGLVWLQWDV LQVWDQFLDVGHDSUR[LPDFLyQ\DUWLFXODFLRQHVFRQ DUTXLWHFWXUD,,/DVH[SHULHQFLDVGHORVHMHUFLFLRV FRUWRVVHUiQWUDQVIHULGDVDOWUDEDMR¿QDOTXHGHEH LQFRUSRUDUODUHÀH[LyQFRQFHSWXDOODVOyJLFDV\ORV SULQFLSLRVTXHGDQVHQWLGRDOWUDEDMR (YDOXDFLRQHVSDUFLDOHVHQ 87\JUXSDOHVHQ87GHORV WUDEDMRVSUHVHQWDGRVDWUDYpV GHODVELWiFRUDVSHUVRQDOHVGH SURFHVRVPDTXHWDV\OiPLQDV VtQWHVLVTXHFRQGHQVDQHO SURFHVRSUR\HFWXDO\GH DSUHQGL]DMHDWUDYpVGH 'LDJUDPDVHVSHFt¿FRV /RVHVTXLFLRVGHWDOOHUVH YLVDQDPRGRGHVHJXLPLHQWR GLDULRSRUSDUWHGHOGRFHQWH 6HVROLFLWDDGHPiVDORV DOXPQRVHQFXHVWDVGHRSLQLyQ \HYDOXDFLyQGHODFiWHGUD SDUDDMXVWHVSRVLEOHVDIXWXUR HQODIRUPXODFLyQGHSUiFWLFRV FRQWHQLGRVSURFHGLPLHQWRV\ QLYHOHVGHFRPSOHMLGDGGH FDGDXQLGDGWHPiWLFD % (O(63$&,2 $548,7(&7Ï1,&2ODIRUPD \ODGLPHQVLyQWHPSRUDOSDUD JHQHUDUHOHVSDFLR/RV FRQWHQLGRVFRQFHSWXDOHVGHOD DVLJQDWXUDVHRUJDQL]DQHQ 8QLGDGHV7HPiWLFDV GHQRPLQDGDVHQHVWH SURJUDPDGHFiWHGUDFRPR 9$5,$%/(6 025)2/Ï*,&$6 FRQ¿JXUDWLYDV\VLJQL¿FDWLYDV GHOHVSDFLRIRUPDWLHPSR y 9$5,$%/(6 6(0È17,&$6FRQWH[WR DVRFLDFLyQHVFDOD y 9$5,$%/(6 *(20e75,&$6 GLPHQVLyQSURSRUFLyQ WUD]DGR y 9$5,$%/(6 7(&12/Ï*,&$6 PDWHULDOLGDGOOHQRYDFLR HVWUXFWXUD y 9$5,$%/(6 6(16,%/(6OX]FRORU WH[WXUD (OGHVDUUROORGHORVFRQWHQLGRVFRQFHSWXDOHV²VX LPSOHPHQWDFLyQWHyULFD\SUiFWLFD²HVSURSXHVWR GHVGHODLQFRUSRUDFLyQGHOD&5($7,9,'$'OD &21&(378$/,=$&,Ï1\OD&5Ë7,&$FRPR FRQWHQLGRVSURFHGLPHQWDOHV(OLQWHUpVUDGLFDHQHO HVWLPXORHLPSXOVRSDUDODSUiFWLFDH[SHULPHQWDO GHOSURFHVRSUR\HFWXDORULHQWDGRDOGHVFXEULPLHQWR GHOyJLFDV\SURFHGLPLHQWRVSDUWLFXODUHVGHORV HVWXGLDQWHV/RVFRQWHQLGRVSURFHGLPHQWDOHVVH WUDEDMDQHQIRUPDWUDQVYHUVDOVLPXOWiQHDH LQWHJUDGDFRQORVFRQWHQLGRVFRQFHSWXDOHV /DPRGDOLGDGGHWUDEDMRSUHYpODVVLJXLHQWHV LQVWDQFLDV\DFWLYLGDGHV y &ODVHVWHyULFDVH[SRVLWLYDVGHGHVDUUROOR FRQFHSWXDO\PHWRGROyJLFR y 7UDEDMRVSUiFWLFRVLQGLYLGXDOHV\JUXSDOHVGH WDOOHU y $QiOLVLV\GHEDWHVJUXSDOHVGHELEOLRJUDItD y $QiOLVLVGHFDVRVGHODFXOWXUDDUTXLWHFWXUD y 6HPLQDULRVGHH[SRVLFLyQ\UHÀH[LyQFUtWLFDGH WUDEDMRVSURGXFLGRV y 3DUWLFLSDFLyQHQ-RUQDGDVGH$FFLRQHV $FDGpPLFDV 6HSURJUDPDQORVVLJXLHQWHVWUDEDMRVSUiFWLFRV 73(O25'(1*(20e75,&2 73'HOD0$7(5,$/,'$'DOD)250$ 73'HO$548(7,3268(/2DO(63$&,2 (OSODQGHWUDEDMRSHUPLWH UHDOL]DUGRVPLFURV H[SHULPHQWDOHVGHWHPiWLFDV HVSHFt¿FDV731\FRQ OD¿QDOLGDGGHFRODERUDUFRQ ORVHVWXGLDQWHVPHGLDQWHXQ PRGRGHGHVFLIUDU\VLPSOL¿FDU ODFRPSOHMLGDGGHOHVTXHPD GHFRQWHQLGRV(QHO~OWLPR WUDEDMRSUiFWLFRVHHVSHUDTXH ORVHVWXGLDQWHVSURGX]FDQ WUDQVIHUHQFLDVGHORV FRQWHQLGRV\SUiFWLFDV HMHUFLWDGDVHQORVPLFURV H[SHULPHQWDOHVDOWUDEDMR ¿QDODGTXLULHQGRFDSDFLWHV SDUDVHOHFFLRQDU\DSOLFDUORV PHMRUHVLQVWUXPHQWRV ²KHUUDPLHQWDVFRQFHSWXDOHV \KHUUDPLHQWDV RSHUDFLRQDOHV²IUHQWHDFDGD SUREOHPDFRQVHQWLGR HVWUDWpJLFR\FUtWLFR LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ 025)2/2*Ë$,,, &217(1,'265HVRO 0,1&\7 &RQFHSWXDOL]DFLyQ JHQHUDO\ RUJDQL]DFLyQGHOD IRUPD3URSLHGDGHV FODVL¿FDFLyQ\ RUGHQDPLHQWR 3ULQFLSLRVGH JHQHUDFLyQGHOD IRUPDREMHWXDO DUTXLWHFWyQLFD\ XUEDQD &RPXQLFDFLyQ\ VLJQL¿FDFLyQGHODV IRUPDV &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 /$)250$85%$1$7HMLGR\ HVWUXFWXUDXUEDQD 6XEVLVWHPDV9LDULR 3DUFHODULR(GLOLFLR\GH (VSDFLRV/LEUHV&ULWHULRVGH RUJDQL]DFLyQWRSROyJLFR JHRPpWULFR\GLPHQVLRQDO $SDULHQFLDHLGHD0DWHULD\ IRUPD &RQFHSWR\PRGDOLGDGHVGH LQWHUYHQFLyQXUEDQD&RQFHSWR PRUIROyJLFRGHWLSRORJtD $UTXLWHFWyQLFDV\HVSDFLDOHV XUEDQDV,QWHJUDFLyQFRQ &iWHGUDVGH$UTXLWHFWXUD 'HVDUUROORFODVHWHyULFD 1RFLyQGHIRUPD\HVSDFLR0RGDOLGDGHVGH H[LVWHQFLDGHODIRUPD\HOHVSDFLRHVFDODXUEDQD VLJQL¿FDFLyQHQWLWDWLYDGHODIRUPDXUEDQD &RPSRQHQWHVGHO(VSDFLR*HRPpWULFR0RGRV GHDSUHKHQVLyQ\VLQWD[LV /DH[SHULHQFLDXUEDQD)RUPD(VWUXFWXUD\ 7HMLGRXUEDQR&RPSRQHQWHV\3ULQFLSLRV RUGHQDGRUHVGHODFRQIRUPDFLyQXUEDQD 7LSRORJtDV$UTXLWHFWyQLFDV\HVSDFLDOHV 8UEDQDV $FWLYLGDG3UiFWLFD/DIRUPDDUTXLWHFWyQLFD\HO HVSDFLRXUEDQR (QXQVHFWRUGHODFLXGDGOHFWXUDHLQWHUSUHWDFLyQ GHVXIRUPDDQiOLVLVGHOWHMLGRXUEDQR\GHORV 6XEVLVWHPDV9LDULR3DUFHODULR(GLOLFLR\GH (VSDFLROLEUHV &ULWHULRVWRSROyJLFRJHRPpWULFR\GLPHQVLRQDO $QiOLVLVHLQWHUSUHWDFLyQGHODHVWUXFWXUDHVSDFLDO FRQIRUPDFLyQ\OH\HVGHRUJDQL]DFLyQ $FWLYLGDGHQWDOOHUHQJUXSRGHGRVRWUHVDOXPQRV FRQJXtDGHWUDEDMRSUiFWLFR\GRFXPHQWDFLyQ JUi¿FDGHOVHFWRUGHHVWXGLR7UDEDMRGHFDPSRHQ HOVHFWRUFRQGXFLGRVSRU'RFHQWHV 6HHYDO~D/DFDSDFLGDGGH FRPSUHQVLyQGHODSURSXHVWD GHODFiWHGUDHOWUDEDMR DQDOtWLFR\H[SORUDWRULRVX FODULGDG\SHUWLQHQFLD/D WUDQVIHUHQFLDGHORVFRQFHSWRV GHVDUUROODGRVHQODFODVH WHyULFD/DJUi¿FDH[SUHVLYD\ ODGLDJUDPDFLyQ &LHUUH6tQWHVLV*Ui¿FR &RQFHSWXDOGHORVFRQWHQLGRV WHyULFRVGHVDUUROODGRV\VX WUDQVIHUHQFLD$FWLYLGDG LQGLYLGXDO y y y y y /$(;35(6,Ï1'(/$ &,8'$' (/&2/2585%$12 /$(;35(6,Ï1'(/26 6,*1,),&$'26 85%$126 /8*$585%$12 3$,6$-(85%$12 ,1)250È7,&$ &217(1,'265HVRO 0,1&\7 6LVWHPDVPpWRGRV \SURFHGLPLHQWRV DQDOyJLFRV\ GLJLWDOHVSDUDOD UHSUHVHQWDFLyQ\ SUH¿JXUDFLyQ LQWHJUDOGHODV GLVWLQWDVHVFDODVGHO HVSDFLR\GHORV REMHWRV &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 7pFQLFDVGHUHSUHVHQWDFLyQ ELGLPHQVLRQDO'HVDUUROORGH ODVFRPSHWHQFLDVQHFHVDULDV SDUDHOGLEXMRGHSODQWDV FRUWHHOHYDFLRQHV\SODQRGH XELFDFLyQFRQODVVLPERORJtDV FRUUHVSRQGLHQWHVODV OH\HQGDVWH[WXDOHVHWF 3UHVHQWDFLyQDHVFDODV\ FRPSDJLQDFLyQGHODVSLH]DV JUD¿FDVHQIRUPDWRVGHSDSHO QRUPDOL]DGRV7pFQLFDV SDUDODVUHSUHVHQWDFLRQHVGH ODVIRUPDVHQHOHVSDFLR *HQHUDFLRQHVIRUPDOHVVXV OH\HVGHWUDQVIRUPDFLRQHV\ YLVXDOL]DFLRQHV WULGLPHQVLRQDOHV /DVFDUDFWHUtVWLFDVGHOGLFWDGRVHDSR\DQHQ HVWUDWHJLDVGHHQVHxDQ]DTXHVHWUDGXFLUiQHQ PRPHQWRVGHFRQVWUXFFLyQGHFRQRFLPLHQWRV DQWHVGXUDQWH\GHVSXpVGHOWUDWDPLHQWRGHXQ FRQWHQLGRFXUULFXODU /RVFRQWHQLGRVVHGLFWDQEDMRODPRGDOLGDGGH &ODVH7HyULFRSUiFWLFDHYLWDQGRHOWUDGLFLRQDO IUDFFLRQDPLHQWRHQWUHWHRUtD\SUiFWLFDSHUPLWLHQGR XQGHVDUUROORDOWHUQDGRGHORVFRQWHQLGRVWHyULFRV \SUiFWLFRV\HQIXQFLyQGHODFDSDFLGDG\ UHFHSWLYLGDGGHORVDOXPQRV6HUHFXUULUiDWUDEDMDU ORVFRQWHQLGRVSUHVHQWDUORV\H[SOLFDUORV VXSHUYLVDQGRODVSUiFWLFDVGHORVDOXPQRVSDUDHO ORJURGHODFRQVROLGDFLyQGHGHVWUH]DV\UXWLQDV IXQGDPHQWDOHVHQHOXVRGHKHUUDPLHQWDV LQIRUPiWLFDV /RVFRQWHQLGRVVHGHVDUUROODQHQGRVPRGDOLGDGHV y 0RGDOLGDG3UHVHQFLDO(VWDPRGDOLGDGGH WUDEDMRGRQGHVHPDQWLHQHHOGLiORJRGLGiFWLFR GRFHQWHDOXPQRORVGRVHQHODXODHQWLHPSR UHDOSRWHQFLDHOUHQGLPLHQWRGHODWDUHD GRFHQWHHQODDWHQFLyQSHUVRQDOL]DGDTXHVHOH EULQGDDODOXPQRHQVXSXHVWRGHWUDEDMR\D TXHODWUDQVIHUHQFLDGHFRQWHQLGRVDOHVWDUD FDUJRGHXQGRFHQWHHQHODXODSXHVWRHPLVRU SHUPLWHOLEHUDUDORVGHPiVHQODWDUHDGH VXSHUYLVLyQLQGLYLGXDODXODVSXHVWRV UHFHSWRUHV y 0RGDOLGDGVHPLSUHVHQFLDO(OGRFHQWHHPLWH GHVGHVXSXHVWRGHWUDEDMR/RVDOXPQRV UHFHSWDQHQVXVGRPLFLOLRVSDUWLFXODUHV 7UDQVIHUHQFLDGHFRQWHQLGRVFRQHOVRSRUWHGH OD3ODWDIRUPD$GREH&RQQHFW 7RGRVORVH[iPHQHV3DUFLDOHV \)LQDOHVVRQHQ3F/RV DOXPQRVSXHGHQDVLVWLUDORV H[iPHQHVFRQVXVHTXLSRV 1RWHERRNV /RVH[iPHQHVHQ3FR 1RWHERRNVRQGHFDUiFWHU LQGLYLGXDO6HOHSURSRUFLRQDDO DOXPQRXQPRGHOREDVHHQ '\'VHJ~QFRQGLFLyQ 5HJXODUR/LEUH(VWRVGHEHQ SURGXFLUXQWUDEDMRHQIRUPDWR GLJLWDOHQXQWLHPSR GHWHUPLQDGR/RVH[iPHQHV VRQFRQJUDGRVGHGL¿FXOWDGHV GLIHUHQWHVVHJ~QVHWUDWHGH XQ([DPHQSDUDDOXPQR 5HJXODUR/LEUH(VWRV HMHPSORVSURSRUFLRQDGRVSRU ODFDWHGUDVRQGHOWLSRGHORV GHVDUUROODGRVHQFODVH3DUD DOFDQ]DUXQDSXQWXDFLyQGH FXDWURSXQWRVHODOXPQR GHEHUiGHPRVWUDUXQ FRQRFLPLHQWRJHQHUDOGHORV FRQWHQLGRVGHODPDWHULDFRQ DFHSWDEOHGHVWUH]DSDUDORV SURFHGLPLHQWRVRSHUDFLRQDOHV HQPiTXLQDH[iPHQHV 3DUFLDOHV\KDEHUHQWUHJDGR\ DSUREDGRORV73/RVWUDEDMRV SUiFWLFRVTXHVHGHVDUUROODQ GXUDQWHHOFLFOROHFWLYR\HQ' QRVRQHVSHFt¿FRVGHOD PDWHULD,1)250$7,&$VLQR TXHDUWLFXODQGRFRQODV PDWHULDVGHO1LYHO,,,ORV DOXPQRVOLEUHPHQWHHOLJHQOD WHPiWLFDVREUHODFXDO DSOLFDUiQODVKHUUDPLHQWDV DSUHQGLGDV LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' È5($7(&12/2*Ë$ 0$7(0È7,&$ &217(1,'265HVRO 0,1&\7 &RQFHSWRVEiVLFRVGH PDWHPiWLFD\ JHRPHWUtDDQDOtWLFD SDUDDERUGDUODV FDSDFLGDGHV SUR\HFWXDOHV HVSDFLDOHV\ WHFQROyJLFDV &RQFHSWRVEiVLFRVGH ItVLFDHQFXDQWRDOD QHFHVLGDGGHDERUGDU ODVFRPSHWHQFLDV SUR\HFWXDOHV WHFQROyJLFDV\ FRQVWUXFWLYDV &217(1,'26 ,$ 6LVWHPDVQXPpULFRV ±7ULJRQRPHWUtD6LVWHPDVGH PHGLFLyQGHiQJXORV± (VFDODV5D]RQHV\ SURSRUFLRQHV *HRPHWUtDDQDOtWLFD3ODQD 3RVLELOLGDGHVGHORV VLVWHPDV&$'FRPR KHUUDPLHQWDGH UHSUHVHQWDFLyQ '(6$552//2 ,PSRUWDQFLDGHOD0DWHPiWLFDHQOD&DUUHUDGH $UTXLWHFWXUD6XDSOLFDFLyQFRPRKHUUDPLHQWD HQFDGDHWDSDGHOSURFHVRGHGLVHxR5HYLVLyQ GHOFRQFHSWRGHQ~PHUR&RQMXQWRV1XPpULFRV 3URSLHGDGHV([SUHVLRQHVDOJHEUDLFDV 6LVWHPDVGHHFXDFLRQHV$SOLFDFLRQHV(QWHV *HRPpWULFRV3XQWR5HFWD\3ODQR3RVWXODGRV \D[LRPDVÈQJXORV&LUFXQIHUHQFLD±&tUFXOR± 6HFWRU\7UDSHFLR(OHPHQWRVGHODV¿JXUDV JHRPpWULFDVSODQDVHQJHQHUDO *HRPHWUtDSODQD7ULJRQRPHWUtD3ROtJRQRV &RPSRVLFLRQHV0RGXODUHV5D]yQ3URSRUFLyQ 3URSLHGDGHV0yGXOR0RGXODFLyQ(VFDOD $SOLFDFLRQHVHQORVFDPSRVGHFRQRFLPLHQWR GHODDUTXLWHFWXUD ,QWURGXFFLyQDODJHRPHWUtDDQDOtWLFD6LVWHPDV GH&RRUGHQDGDV )XQFLRQHV±&ODVL¿FDFLyQ(FXDFLyQGHODUHFWD (MHUFLFLRVGHDSOLFDFLyQ ,PSRUWDQFLDGHOD0DWHPiWLFDHQOD&DUUHUDGH $UTXLWHFWXUD6XDSOLFDFLyQFRPRKHUUDPLHQWD HQFDGDHWDSDGHOSURFHVRGHGLVHxR5HYLVLyQ GHOFRQFHSWRGHQ~PHUR&RQMXQWRV1XPpULFRV 3URSLHGDGHV([SUHVLRQHVDOJHEUDLFDV 6LVWHPDVGHHFXDFLRQHV$SOLFDFLRQHV(QWHV *HRPpWULFRV3XQWR5HFWD\3ODQR3RVWXODGRV \D[LRPDVÈQJXORV&LUFXQIHUHQFLD±&LUFXOR± 6HFWRU\7UDSHFLR(OHPHQWRVGHODV¿JXUDV JHRPpWULFDVSODQDVHQJHQHUDO *HRPHWUtDSODQD7ULJRQRPHWUtD3ROtJRQRV &RPSRVLFLRQHV0RGXODUHV5D]yQ3URSRUFLyQ 3URSLHGDGHV0yGXOR0RGXODFLyQ(VFDOD $SOLFDFLRQHVHQORVFDPSRVGHFRQRFLPLHQWR GHODDUTXLWHFWXUD ,QWURGXFFLyQDODJHRPHWUtDDQDOtWLFD6LVWHPDV GH&RRUGHQDGDV )XQFLRQHV±&ODVL¿FDFLyQ(FXDFLyQGHODUHFWD (MHUFLFLRVGHDSOLFDFLyQ ,% 6LVWHPDVQXPpULFRV± 6LVWHPDVGHPHGLFLyQGH iQJXORV± (VFDODV\SURSRUFLRQHV *HRPHWUtDDQDOtWLFD3ODQD 3RVLELOLGDGHVGHORVVLVWHPDV *HRPHWUtD$QDOtWLFD3ODQD6HFFLRQHV&yQLFDV &LUFXQIHUHQFLD(FXDFLyQ)yUPXODJHQHUDO &$'FRPRKHUUDPLHQWDGH (FXDFLRQHVLQFRPSOHWDV(OLSVH(FXDFLyQ UHSUHVHQWDFLyQ 'HWHUPLQDFLyQGHORVIRFRV&RQVWUXFFLyQ 3DUiEROD(FXDFLyQ\&RQVWUXFFLyQ+LSpUEROD 'H¿QLFLyQ(OHPHQWRV(FXDFLyQ&RQVWUXFFLyQ *HRPHWUtDDQDOtWLFDHQWUHVGLPHQVLRQHV 6LVWHPDVGH&RRUGHQDGDVHQHOHVSDFLR/RV HMHV\SODQRVFRRUGHQDGRV&RRUGHQDGDV &DUWHVLDQDV&RVHQRV'LUHFWRUHV &RPSRQHQWHVGHXQDUHFWD'LVWDQFLDHQWUH GRVSXQWRVÈQJXORGHGRVUHFWDV5HODFLRQHV TXHOLJDQODV&RRUGHQDGDV3RODUHV\ 5HFWDQJXODUHVGHXQ3XQWR&RRUGHQDGDV &LOtQGULFDV&RRUGHQDGDV(VIpULFDV 7UDQVIRUPDFLRQHV 'HWHUPLQDFLyQGHODV¿JXUDVHQHOHVSDFLR 6XSHU¿FLHV&ODVL¿FDFLyQ(OSODQR(FXDFLyQ ,, JHQHUDO,QWHUVHFFLRQHVFRQORVHMHV *HRPHWUtD$QDOtWLFD3ODQD FRRUGHQDGRV7UD]DV 6HFFLRQHV&yQLFDV 6XSHU¿FLHVUHGRQGDVRGHUHYROXFLyQ *HRPHWUtDDQDOtWLFDHQWUHV &RQFHSWRGHGLUHFWUL]\JHQHUDWUL]&XiGULFDV GLPHQVLRQHV6LVWHPDVGH &XiGULFDVFRQFHQWUR&XiGULFDVVLQFHQWUR &RRUGHQDGDVHQHOHVSDFLR &XiGULFDVUHGRQGDVRGHUHYROXFLyQ(FXDFLyQ 6XSHU¿FLHV&ODVL¿FDFLyQ JHQHUDO(OLSVRLGH+LSHUERORLGH3DUDERORLGH 6XSHU¿FLHVUHGRQGDVRGH 6LVWHPDV&$'\6RIWZDUHPDWHPiWLFRHQOD UHYROXFLyQ&XiGULFDV JHQHUDFLyQGHVXSHU¿FLHV\YRO~PHQHV $SOLFDFLyQGHORV6LVWHPDV &$'\6RIWZDUH0DWHPiWLFR HQODJHQHUDFLyQGH VXSHU¿FLHV\YRO~PHQHV )250$'((9$/8$&,Ï1 (OGHVDUUROORGHORVH[iPHQHV SDUFLDOHVHVGHFDUiFWHU LQGLYLGXDO(OWLHPSRDVLJQDGR DFDGDXQRGHORVH[iPHQHV HVGHKV/DDSUREDFLyQ GHODPDWHULDSDUDDOXPQRV 5HJXODUHV\/LEUHVHVFRQ ([DPHQ)LQDO(VFULWR 'XUDFLyQKV /RVDOXPQRVHQFRQGLFLyQGH OLEUHVVRQHYDOXDGRVHQGRV LQVWDQFLDV7HyULFRFRQFHSWXDO \3UiFWLFR 7LHPSRGHGXUDFLyQGHO H[DPHQDPEDVLQVWDQFLDV KRUDV /RVFRQRFLPLHQWRVDGTXLULGRV VRQHYDOXDGRVSRU H[iPHQHVSDUFLDOHV\XQD HYDOXDFLyQ¿QDO6LHQGR QHFHVDULRSDUDREWHQHUOD FRQGLFLyQGH³$OXPQR 5HJXODU´KDEHUFRPSOHWDGRORV GHORVWUDEDMRVSUiFWLFRV SURSXHVWRV\KDEHUDSUREDGR ORVH[iPHQHVSDUFLDOHV8QR GHORVH[iPHQHVSDUFLDOHV SXHGHVHUUHFXSHUDGRDO¿QDO GHOSHUtRGR /RVH[iPHQHVVRQHVFULWRV HQEDVHDXQDHMHUFLWDFLyQ SURSXHVWDTXHVHFRUUHVSRQGH FRQORVWHPDVGHVDUUROODGRV HQFDGDXQRGHORVSHUtRGRV 'RV([iPHQHV3DUFLDOHV HVFULWRV\XQ3DUFLDOGH 5HFXSHUDFLyQTXHUHHPSOD]DUiD XQRGHORVDQWHULRUHVH[iPHQHV DSOD]DGRV (OGHVDUUROORGHORVH[iPHQHV SDUFLDOHVHVGHFDUiFWHU LQGLYLGXDO(OWLHPSRDVLJQDGRD FDGDXQRGHORVH[iPHQHVHVGH KV 7UDEDMR)LQDOGHVtQWHVLV±JUXSDO 7LHPSRDVLJQDGRSDUDOD HODERUDFLyQPHV /DDSUREDFLyQGHODPDWHULDSDUD DOXPQRV5HJXODUHV\/LEUHVHV FRQ([DPHQ)LQDO(VFULWR 'XUDFLyQKVHQFDVRGHO $OXPQR5HJXODU /RVDOXPQRVHQFRQGLFLyQGH OLEUHVVRQHYDOXDGRVHQGRV LQVWDQFLDV7HyULFRFRQFHSWXDO\ SUiFWLFR7LHPSRGHGXUDFLyQGHO H[DPHQDPEDVLQVWDQFLDV KRUDV LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )Ë6,&$ &217(1,'265HVRO 0,1&\7 &RQFHSWRVEiVLFRVGH PDWHPiWLFD\ JHRPHWUtDDQDOtWLFD SDUDDERUGDUODV FDSDFLGDGHV SUR\HFWXDOHV HVSDFLDOHV\ WHFQROyJLFDV &RQFHSWRVEiVLFRVGH ItVLFDHQFXDQWRDOD QHFHVLGDGGHDERUGDU ODVFRPSHWHQFLDV SUR\HFWXDOHV WHFQROyJLFDV\ FRQVWUXFWLYDV &217(1,'26 '(6$552//2 ,QWURGXFFLyQDODItVLFD JHQHUDOPDWHULD\HQHUJtD HVWiWLFDFLQHPiWLFD\ GLQiPLFDGHORVVyOLGRV\ORV ÀXLGRV± 7UDEDMRSRWHQFLDPiTXLQDV VLPSOHVFRQFHSWRVJHQHUDOHV GHRQGDVOX]FRORUySWLFD\ VRQLGR &DGDWHPDVHSUHVHQWDFRQXQDFODVHWHyULFD LQWURGXFWRULD\FRQUHVROXFLyQGHSUREOHPDV/XHJR HQHOSUiFWLFRVHUHD¿UPDHOWHPDGDGR\VH UHVXHOYHQVLWXDFLRQHVSUREOHPiWLFDVGRQGHVH WUDQV¿HUHQORVFRQFHSWRVGDGRVDFDVRVSURSLRVGH $UTXLWHFWXUD (ODOXPQRQRVRORUHVXHOYHFDVRVHQIRUPD QXPpULFDVLQRTXHUHDOL]DH[SHULPHQWDFLyQSDUD ¿MDUORVWHPDVDSUHQGLGRV )250$'((9$/8$&,Ï1 5HJXODULGDG7UDEDMR 3UiFWLFRVHYDOXDEOHV 3DUFLDOHVHYDOXDEOHV $SUREDFLyQH[DPHQ¿QDO HVFULWRRUDO 7232*5$)Ë$ &217(1,'265HVRO 0,1&\7 &RQFHSWRVEiVLFRVGH PDWHPiWLFD\ JHRPHWUtDDQDOtWLFD SDUDDERUGDUODV FDSDFLGDGHV SUR\HFWXDOHV HVSDFLDOHV\ WHFQROyJLFDV &RQFHSWRVEiVLFRVGH ItVLFDHQFXDQWRDOD QHFHVLGDGGHDERUGDU ODVFRPSHWHQFLDV SUR\HFWXDOHV WHFQROyJLFDV\ FRQVWUXFWLYDV &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 'H¿QLFLRQHVEiVLFDV 2SHUDFLRQHVGH3ODQLPHWUtD $OWLPHWUtD(OPpWRGRGHOD 1LYHODFLyQ*HRPpWULFD 0pWRGRVGH3ODQLDOWLPHWUtD /DVFXUYDVGHQLYHO&iOFXOR 7RSRJUi¿FR2SHUDFLRQHVGH UHSODQWHR\FRQWUROYHUWLFDOGHO SUR\HFWR&iOFXORGH YRO~PHQHVGHPRYLPLHQWRVGH VXHOR /DDVLJQDWXUDVHHVWUXFWXUDHQXQLGDGHV WHPiWLFDV 'H¿QLFLRQHVEiVLFDV &iOFXORHQ7RSRJUDItD &iOFXORGHFRRUGHQDGDV 2SHUDFLRQHVGHUHSODQWHR\FRQWURO5HSODQWHR GHHGL¿FLRV 0pWRGRVHLQVWUXPHQWRVGH$OWLPHWUtD 0pWRGRGHOD1LYHODFLyQ*HRPpWULFD 0pWRGRVGH3ODQLDOWLPHWUtD &XUYDVGHQLYHO &iOFXORGHYRO~PHQHVGHPRYLPLHQWRGHVXHOR 7UDEDMRV3UiFWLFRV'HEHUiQ VHUUHDOL]DGRV\SUHVHQWDGRV FRPSOHWRV\HQWpUPLQR 5HFLEHQODFDOL¿FDFLyQGH ³DSUREDGR´R³QRDSUREDGR´ ([iPHQHV3DUFLDOHV&RQ WHPDVWHyULFRV\SUiFWLFRV 5HFLEHQFDOL¿FDFLyQGHD \VHUHTXLHUHQRWDPtQLPD\ SURPHGLRPtQLPRGHSXQWRV SDUDREWHQHUOD5HJXODUL]DFLyQ \QRWDPtQLPDGHSXQWRV\ SURPHGLRGHSXQWRVSDUDOD 3URPRFLyQ 3DUFLDOGH5HFXSHUDFLyQVH RWRUJDODSRVLELOLGDGGH UHFXSHUDUXQRGHORVGRV SDUFLDOHVHQFDVRGHQRKDEHU DOFDQ]DGRHOSXQWDMHPtQLPR ([DPHQ/LEUH&RQVWDGHGRV SDUWHV7HyULFR3UiFWLFRRUDOR HVFULWR\3UiFWLFRVREUHHOXVR GHLQVWUXPHQWDOWRSRJUi¿FR LQIRUPHGHDXWRHYDOXDFLyQ &ODVHV7HyULFDVFRQXWLOL]DFLyQGHPHGLRV DXGLRYLVXDOHVGLVSRQLEOHV\UHVROXFLyQGHHMHPSORV SUiFWLFRVGHDSOLFDFLyQ &ODVHV3UiFWLFDVHQ$XOD3DUDHQVHxDQ]DGHO LQVWUXPHQWDOWRSRJUi¿FR\UHVROXFLyQGHSUREOHPDV UHODFLRQDGRVHVSHFt¿FDPHQWHFRQODSURIHVLyQ &ODVHV3UiFWLFDVGH&DPSR&RQXWLOL]DFLyQGHO LQVWUXPHQWDOWRSRJUi¿FR\SRVWHULRUFRQIHFFLyQGH ORVSODQRV\GRFXPHQWDFLyQSHUWLQHQWH $O¿QDOL]DUFDGDFODVHHODOXPQRGHEHUHVSRQGHU XQFXHVWLRQDULRVREUHORVWHPDVWUDWDGRVDORV¿QHV GH¿MDUFRQRFLPLHQWRV GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' ,1752'8&&,Ï1$/$7(&12/2*Ë$ &217(1,'265HVRO 0,1&\7 &RQFHSWRVEiVLFRVGH PDWHPiWLFD\ JHRPHWUtDDQDOtWLFD SDUDDERUGDUODV FDSDFLGDGHV SUR\HFWXDOHV HVSDFLDOHV\ WHFQROyJLFDV &RQFHSWRVEiVLFRVGH ItVLFDHQFXDQWRDOD QHFHVLGDGGHDERUGDU ODVFRPSHWHQFLDV SUR\HFWXDOHV WHFQROyJLFDV\ FRQVWUXFWLYDV &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 $ 5HTXHULPLHQWRVDPELHQWDOHV FOLPDV,QWHUFDPELRV HQHUJpWLFRVGHODHQYROYHQWH (VWUXFWXUD3UREOHPDV EiVLFRV7LSRORJtDV 0DWHULDOHV3URSLHGDGHV GLVSRQLELOLGDG6LVWHPDV FRQVWUXFWLYRV&RPSRQHQWHV IXQGDFLRQHVFHUUDPLHQWRV DEHUWXUDVWHFKRV LQVWDODFLRQHV /DVPRGDOLGDGHVGH HYDOXDFLyQXWLOL]DGDVVRQ (YDOXDFLyQFRQWLQXD/D &iWHGUDUHDOL]DUi SHULyGLFDPHQWHEUHYHV HYDOXDFLRQHVDOLQLFLRRDO¿QDO GHODVFODVHVSUiFWLFDV 'RVHYDOXDFLRQHVSDUFLDOHVHQ HOSULPHUVHPHVWUH (YDOXDFLRQHVSDUFLDOHV DSUREDGDVFRQFXDWUR FRQVLGHUDQGR GH DFLHUWR6HSHUPLWHOD /DVDFWLYLGDGHVSULQFLSDOHVVRQ UHFXSHUDFLyQ &ODVHVWHyULFDV &ODVHVSUiFWLFDVGHGLYHUVDVFDUDFWHUtVWLFDVVHJ~Q 8QDHYDOXDFLyQWHyULFD LQWHJUDGRUDHQHOVHJXQGR ODVXQLGDGHVWHPiWLFDVGHH[SHULPHQWDFLyQGH VHPHVWUH HMHUFLWDFLRQHV &RUUHFFLyQGHORV7UDEDMRV 7DOOHUGHSUR\HFWRWHFQROyJLFR 3UiFWLFRV(YDOXDFLyQGHO73 7UDEDMRVDXWRJHVWLRQDGRVE~VTXHGDVGH (YDOXDFLyQGHOWUDEDMR LQIRUPDFLyQUHOHYDPLHQWRVHWFHQWHPD LQWHJUDGRFRQDUTXLWHFWXUD 0DWHULDOHV0yGXORVGHDXWRHVWXGLRSDUD (YDOXDFLyQGHODELWiFRUD D¿DQ]DPLHQWRGHORVWHPDVGHVDUUROODGRVHQ (YDOXDFLyQ¿QDOHQH[DPHQ SUiFWLFRV $OXPQRV5HJXODUHV([DPHQ 9LVLWDDREUDV ¿QDORUDO$OXPQRV/LEUHV 7DOOHULQWHJUDGRFRQOD$UTXLWHFWXUDGHOQLYHO DFRPSDxDPLHQWRGHOSURFHVRGHDUTXLWHFWXUDSDUD ([DPHQHVFULWR\RUDO (QFXHVWDVDDOXPQRV ODUHVROXFLyQWHFQROyJLFDGHOWUDEDMR¿QDO % 73(OWUDEDMRVHUiJUXSDO&XHVWLRQDULRGH RULHQWDFLyQUHVSXHVWDPHGLDQWHE~VTXHGD ELEOLRJUi¿FD FRQVXOWDDSURYHHGRUHV\RIDEULFDQWHV LQVWDODGRUHVXVXDULRVHWF6HSUHVHQWDUiQ /DVOiPLQDVLQGLFDGDVGHXQWDPDxRVX¿FLHQWH SDUDVHUYLVXDOL]DGDHQWDOOHU 8QUHVXPHQGRQGHVHH[SOLTXHQODVOiPLQDVHQ IRUPDEUHYHSHURFRPSOHWD 0XHVWUDULRGHPDWHULDOHV\IROOHWRVFRPHUFLDOHV 73(OWUDEDMRVHUiJUXSDO&XHVWLRQDULR 73([SHULPHQWDFLyQJUXSDOFRQUHJLVWUR LQGLYLGXDO 73'LVHxRGHXQDXQLGDGIXQFLRQDOPHQWHVLPSOH HQGLYHUVDVVLWXDFLRQHVFOLPiWLFDV$QiOLVLV\ GLVHxRGHVXVHFXHQFLDFRQVWUXFWLYD 73'HVDUUROORGHOWUDEDMRLQWHJUDGRFRQHOWDOOHU GHDUTXLWHFWXUD y y y y 5HTXHULPLHQWRV DPELHQWDOHV\FOLPD (VWUXFWXUD\VROLFLWDFLRQHV HVWUXFWXUDOHV /RVPDWHULDOHVGHOD FRQVWUXFFLyQ /DVWpFQLFDVGHOD FRQVWUXFFLyQ /DHVWUDWHJLDEiVLFDHVODSUHVHQWDFLyQGHORV SUREOHPDVWHFQROyJLFRFHQWUDOHVGHVGHGLVWLQWRV SXQWRVGHREVHUYDFLyQFRQGLVWLQWRVQLYHOHVGH SURIXQGLGDGHQIRUPDVHFXHQFLDO\SURJUHVLYD3RU HOORVHGLIHUHQFLDQPRPHQWRV y /DPDWHULDOL]DFLyQGHODDUTXLWHFWXUDHQ UHODFLyQDORVIHQyPHQRVItVLFRVTXHLQYROXFUD y /DPDWHULDOL]DFLyQGHODDUTXLWHFWXUDHQ UHODFLyQDODVIRUPDVGHFRQVWUXLU y /DPDWHULDOL]DFLyQGHODDUTXLWHFWXUDHQHO SURFHVRGHGLVHxR /DVPRGDOLGDGHVGH HYDOXDFLyQXWLOL]DGDVVRQ (YDOXDFLyQFRQWLQXD/D &iWHGUDUHDOL]DUi SHULyGLFDPHQWHEUHYHV HYDOXDFLRQHVDOLQLFLRRDO¿QDO GHODVFODVHVSUiFWLFDV 'RVHYDOXDFLRQHVSDUFLDOHVHQ HOSULPHUVHPHVWUH (YDOXDFLRQHVSDUFLDOHV DSUREDGDVFRQFXDWUR FRQVLGHUDQGR GH DFLHUWR6HSHUPLWHOD UHFXSHUDFLyQ 8QDHYDOXDFLyQWHyULFD LQWHJUDGRUDHQHOVHJXQGR VHPHVWUH &RUUHFFLyQGHORV7UDEDMRV 3UiFWLFRV(YDOXDFLyQGHO73 (YDOXDFLyQGHOWUDEDMR LQWHJUDGRFRQDUTXLWHFWXUD (YDOXDFLyQGHODELWiFRUD (YDOXDFLyQ¿QDOHQH[DPHQ $OXPQRV5HJXODUHV([DPHQ ¿QDORUDO$OXPQRV/LEUHV ([DPHQHVFULWR\RUDO (QFXHVWDVDDOXPQRV &216758&&,21(6, &217(1,'265HVRO 0,1&\7 &RPSRUWDPLHQWR\ WHFQRORJtDGHORV PDWHULDOHVQDWXUDOHVH LQGXVWULDOHV/RV SURFHVRVFRQVWUXFWLYRV &217(1,'26 ,$ %ORTXH(/352<(&72\/$ 2%5$&RQWH[WXDOL]DFLyQ *HQHUDO%ORTXH/26 /Ë0,7(6'(/$ $548,7(&785$ LQIRUPHGHDXWRHYDOXDFLyQ '(6$552//2 &ODVHVSUiFWLFDVHQ2%5$)È%5,&$6 *$%,1(7(6/$%25$725,26HWF 6HJXLPLHQWRGHSURFHVRVFRQVWUXFWLYRVGH REUDVFRQWXWRUtDVGRFHQWHV $FWLYLGDGHVGHLQWHJUDFLyQ\VRFLDOL]DFLyQGH FRQWHQLGRV6HPLQDULRV\0HVDV5HGRQGDV )250$'((9$/8$&,Ï1 /DVSULQFLSDOHVYDULDEOHV JHQHUDOHVDHYDOXDUVRQODV VLJXLHQWHV &RKHUHQFLDHQWUHOD UHVSXHVWDWHFQROyJLFD\ORV FRQGLFLRQDQWHV GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ 6LVWHPDV\ FRPSRQHQWHV 7HFQRORJtDVGH FRQVWUXFFLyQ\ SURGXFFLyQ6LVWHPDV GHHMHFXFLyQGHREUDV 7HFQRORJtDV WUDGLFLRQDOHV\QR WUDGLFLRQDOHV 2UJDQL]DFLyQ GLUHFFLyQJHVWLyQ\ HMHFXFLyQGHREUDV PpWRGRV/HJLVODFLyQ DSOLFDGDDOGLVHxR\D ODSURGXFFLyQGH SUR\HFWRV\REUDVVX PDUFRQRUPDWLYR 0RGDOLGDGHVGHO HMHUFLFLRSURIHVLRQDO 'RFXPHQWDFLyQ\ SUiFWLFD6HJXULGDG 5LHVJRH+LJLHQHHQOD FRQVWUXFFLyQ DUELWUDMHVWDVDFLRQHV SHULWDMHV\YDOXDFLRQHV %ORTXH',6(f2 7(&12/Ï*,&2\&$/,'$' &216758&7,9$ $FWLYLGDGHVGH6tQWHVLVSDUFLDOHV\WRWDO 3DUFLDOHV\7UDEDMR)LQDO FRQWH[WXDOHVJHRJUi¿FRV FOLPiWLFRVFXOWXUDOHV\GH HQWRUQR &RKHUHQFLDLQWHUQDHQWUH ODVGLIHUHQWHVGLPHQVLRQHVGH ODREUDIXQFLRQDOHVSDFLDO HVWpWLFRIRUPDOWHFQROyJLFD WpFQLFD\HFRQyPLFD &RKHUHQFLDLQWHUQDHQWUH ORVGLIHUHQWHVVXEVLVWHPDVGH ODREUD &RKHUHQFLDLQWHUQDGHORV GLIHUHQWHVVXEVLVWHPDVGHOD REUD (QODVPLVPDVVHFRQMXJDQ REMHWLYRVFRQFHSWXDOHV DFWLWXGLQDOHV\ SURFHGLPHQWDOHV ,% y /DFRQVWUXFFLyQGHOD DUTXLWHFWXUD y /RVPDWHULDOHVGH FRQVWUXFFLyQ y /DVWpFQLFDVGHOD FRQVWUXFFLyQ y /RV&RPSRQHQWHVGHO VLVWHPDFRQVWUXFWLYR y /HJDMRGHREUDGHOD SURSXHVWDGHOWDOOHUGH DUTXLWHFWXUD /DHVWUDWHJLDSHGDJyJLFDWHQGUiFRPRREMHWLYRV (VWDEOHFHUODSHUWLQHQFLDGHWRVFRQWHQLGRVGHOD FXUULFXODHQUHODFLyQDOHMHUFLFLRSURIHVLRQDO )DFLOLWDUHLQFHQWLYDUVXVDQFODMHVHQODIXWXUD FRQGXFWDSURIHVLRQDOGHODOXPQRHQIRUPDFLyQ $UWLFXODUWRVFRQWHQLGRVGHODDVLJQDWXUDFRQHO SURFHVRGHDSUHQGL]DMHGHOGLVHxR $FWLYLGDGHVSULQFLSDOHV y &ODVHVWHyULFDV y 0yGXORVGHDXWRHVWXGLRSDUDD¿DQ]DPLHQWRGH ORVWHPDVGHVDUUROODGRV y &ODVHVSUiFWLFDVGLYHUVDVVHJ~QODXQLGDG WHPiWLFDGHH[SHULPHQWDFLyQGHHMHUFLWDFLyQ y 7UDEDMRVDXWRJHVWLRQDGRVE~VTXHGDVGH LQIRUPDFLyQUHOHYDPLHQWRHWF y 9LVLWDVDREUDV y 7DOOHUGHSUR\HFWRWHFQROyJLFR 6LVWHPDGHHYDOXDFLyQ /DVHYDOXDFLRQHVVHUiQ VHJ~QVXVSURSyVLWRV y )RUPDWLYDVFXDQGRWLHQHQ FRPRSURSyVLWRHO VXPLQLVWURGHLQIRUPDFLyQ TXHFRQGX]FDDOD PRGL¿FDFLyQ\ PHMRUDPLHQWRFRQWLQXRGH ODXQLGDGTXHVHHVWi HYDOXDQGRGHODFiWHGUD\ GHORVDOXPQRV y &RUUHFFLyQGHORV 7UDEDMRV3UiFWLFRV y (YDOXDFLyQGHOWUDEDMR ¿QDOGHVtQWHVLV y (QFXHVWDVDDOXPQRV y (YDOXDFLyQVXPDWLYDTXH WLHQHFRPRSURSyVLWR WRPDUXQDGHFLVLyQ EDVDGDHQODVX¿FLHQFLD YDORURPpULWRGHOD HQWLGDGTXHHVWiVLHQGR HYDOXDGD'HORVDOXPQRV HQUHODFLyQDFDGDHWD SDGHVXIRUPDFLyQ 8QDHYDOXDFLyQSDUFLDOHQHO SULPHUVHPHVWUHDSUREDGD FRQFXDWUR&RQVLGHUDQGR LJXDODGHDFLHUWR6H SHUPLWHODUHFXSHUDFLyQGHOD HYDOXDFLyQSDUFLDO (YDOXDFLyQ¿QDOHQH[DPHQ $OXPQRV5HJXODUHV([DPHQ ¿QDORUDO$OXPQRV/LEUHV ([DPHQHVFULWR\RUDO &216758&&,21(6,, &217(1,'265HVRO 0,1&\7 y &RPSRUWDPLHQWR\ WHFQRORJtDGHORV PDWHULDOHV QDWXUDOHVH LQGXVWULDOHV/RV SURFHVRV FRQVWUXFWLYRV 6LVWHPDV\ FRPSRQHQWHV 7HFQRORJtDVGH FRQVWUXFFLyQ\ SURGXFFLyQ 6LVWHPDVGH &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 ,,$ 7pFQLFDVFRQVWUXFWLYDVSDUD (GL¿FLRVHQ$OWXUD /RVFRPSRQHQWHV FRQVWUXFWLYRV(VWUXFWXUDV HQYROYHQWHV,QVWDODFLRQHV6X LQWHUUHODFLyQ\FRRUGLQDFLyQ &LUFXODFLyQYHUWLFDO &RQGLFLRQHVGH+DELWDELOLGDG 'HVDUUROOR7HFQROyJLFRGHORV 3UR\HFWRVGH$UTXLWHFWXUD,,, (OSURFHVRVHGHVDUUROODGHODVLJXLHQWHPDQHUD(O UHFRQRFLPLHQWRLQWHUSUHWDFLyQ\IXQFLRQDPLHQWRGH ORVFRPSRQHQWHVWHFQROyJLFRVHQXQDREUDGH DUTXLWHFWXUD\VXDSOLFDFLyQDXQSURFHVRGHGLVHxR FRPRHVHOFDVRGH$UTXLWHFWXUD,,,$YDQ]DQGRHQ HOGLEXMRWpFQLFRSURSLRGHODUHSUHVHQWDFLyQJUi¿FD GHORVGHVDUUROORGHSUR\HFWRVDUTXLWHFWyQLFRV(Q HVHSURFHVRVHDERUGDODWRWDOLGDGGHORV FRQWHQLGRVGHOD$VLJQDWXUD/DPHWRGRORJtDGH WUDEDMRVHUi7UDEDMRGHWDOOHUSHUPDQHQWH\DSR\R GHFODVHV7HyULFDV /RVVHLVWUDEDMRVSUiFWLFRV DQWHVGHVDUUROODGRVVHUiQGH SUHVHQWDFLyQREOLJDWRULD\ HYDOXDRVHQWRGRVORVFDVRV FRQH[SRVLFLyQLQGLYLGXDOGH FDGDDOXPQRRJUXSR LQWHJUDQWHFRQSUHVHQFLDGHOD WRWDOLGDGGHORVDOXPQRV\ GRFHQWHVGHOWDOOHU /RVWUDEDMRVSUiFWLFRVVHUiQ HYDOXDGRVFRQFDOL¿FDFLyQ FRQFHSWXDO\HOWUDEDMR LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ y SUiFWLFRFRQIRUPDUiHOWUDEDMR ¿QDOTXHVLQWHWL]DORV FRQRFLPLHQWRVLPSDUWLGRV GXUDQWHHOFLFORVHLQWHJUDDO 3UR\HFWRGH$UTXLWHFWXUD,,, (QHVDLQVWDQFLDHODOXPQRV SXHGHDOFDQ]DUOD3URPRFLyQ HQDPEDVDVLJQDWXUDVFRQ QRWDVTXHYDQGHODX REWHQHUODUHJXODULGDG\VHU HYDOXDGRHQH[DPHQ(QHVWH FDVRODQRWDPtQLPDSDUD DSUREDUODDVLJQDWXUDVHUiGH FXDWURSXQWRV(QOD HYDOXDFLyQVHFRQVLGHUDUiOD DVLVWHQFLDD7DOOHU\DFODVHV WHyULFDV\ODDSUREDFLyQGHOD WRWDOLGDGGHORVWUDEDMRV SUiFWLFRV(QODHYDOXDFLyQVH FRQVLGHUDUiHOSURFHVRGHO DOXPQRFXPSOLPLHQWR GHGLFDFLyQ\SURGXFFLyQ HMHFXFLyQGHREUDV 7HFQRORJtDV WUDGLFLRQDOHV\QR WUDGLFLRQDOHV 2UJDQL]DFLyQ GLUHFFLyQJHVWLyQ\ HMHFXFLyQGHREUDV PpWRGRV /HJLVODFLyQ DSOLFDGDDOGLVHxR \DODSURGXFFLyQ GHSUR\HFWRV\ REUDVVXPDUFR QRUPDWLYR 0RGDOLGDGHVGHO HMHUFLFLR SURIHVLRQDO 'RFXPHQWDFLyQ\ SUiFWLFD 6HJXULGDG5LHVJR H+LJLHQHHQOD FRQVWUXFFLyQ DUELWUDMHV WDVDFLRQHV SHULWDMHV\ YDOXDFLRQHV ,,% y 8QLGDGWHPDWLFD VLVWHPDVHYROXFLRQDGRV y 8QLGDGWHPDWLFDODV HQYROYHQWHV\OD HVWUXFWXUD y 8QLGDGWHPDWLFDODV HQYROYHQWHV\HOFDORU /DHVSHFL¿FLGDG\SDUWLFXODULGDGHVVXUJLGDVHQ WLSRVTXHSRQHQHQFULVLVORVPRGRVFRQVWUXFWLYRV DUWHVDQDOHVSRUYtDK~PHGD(OHQVD\RWLSROyJLFR FRQIXHUWHDQFODMHHQVXOyJLFDPDWHULDO9HUL¿FDU ODVUHODFLRQHVJHRPpWULFDVFRQVXVSHUIRUPDQFHV HQHUJpWLFDV\FOLPiWLFDV$SUHVWDUDODOXPQRHQHO FRQRFLPLHQWR\SXHVWDHQSUR\HFWRGHGLVSRVLWLYRV SDVLYRVGHDGHFXDFLyQFOLPiWLFD/DVHQYROYHQWHV HYROXFLRQDGDVHQFHUUDPLHQWRVYHUWLFDOHV H[WHULRUHVHLQWHULRUHV/DWRUUHWHUFLDULD\ODWRUUH PXUDULD\VXVOyJLFDVWpFQLFRFRQVWUXFWLYDV6H YHUL¿FDUiQDVLPLVPRWpFQLFDVSURSLDVGHODV HQYROYHQWHVHYROXFLRQDGDVHQODVWLSRORJtDVGH UHFLQWRVGHPHGLDQDVDJUDQGHVOXFHV6HKDUi IRFRHQWLSRVGHFXELHUWDVSHVDGDVHYROXFLRQDGDV 6HLQWURGXFLUiDORVDOXPQRVHQHOHVWXGLR SDUWLFXODUL]DGRGHODVSLHOHVYHQWLODGDV6XVOyJLFDV \UHVROXFLRQHV6HUHFRQRFHUiQORVVXEVLVWHPDV GHUHGHV\HVSDFLRVWpFQLFRVHVSHFt¿FRV6yWDQRV \iWLFRVWpFQLFRV6HHQJOREDUiHOHVWXGLRGHORV VHFWRUHVGHERPEHRJDELQHWHV\ORFDOHV HVSHFt¿FRVSDUDPHGLFLyQFRQWURO\GLVWULEXFLyQGH UHGHV\HTXLSRVGHWUDWDPLHQWR\ DFRQGLFLRQDPLHQWRGHDLUH6HHVWDEOHFHUiFRPR FDPSRGHHVWXGLRODFRQVLGHUDFLyQGHORVVLVWHPDV FRQVWUXFWLYRVGHWHUPLQDGRVHLQGHWHUPLQDGRVVXV DSOLFDFLRQHV\UHODFLRQHVIRU]RVDVFRQVXPHGLR HFRQyPLFR\FXOWXUDOFRQODLQVRVOD\DEOH SRQGHUDFLyQGHODVUHDOLGDGHVWHFQROyJLFDV UHIRU]DQGRODLQYHVWLJDFLyQGHJUDGRXQLYHUVLWDULR FRPRSULQFLSDOREMHWLYRGHVDOHQWDQGRORV GHVDUUROORVPiVHVSHFt¿FRVGHXQDLQYHVWLJDFLyQ GHSRVWJUDGR6HYHUL¿FDUiORVVLVWHPDVGH WpFQLFDVGHWHUPLQDGDV6LVWHPDVFRPSXHVWRV FRPSRVLWHVSDUDIDFKDGDV3DQHOHVGHPDGHUDV SODVWL¿FDGDV6LVWHPDVLQWHJUDOHVGHIDFKDGDV ÀRWDQWHV6XEVLVWHPDVGHFLUFXODFLyQYHUWLFDO (VFDOHUDVUDPSDV\DVFHQVRUHV(VFDOHUDV¿MDV\ PHFiQLFDV5DPSDV¿MDV\PHFiQLFDV$VFHQVRUHV FROJDGRVHKLGUiXOLFRVSLVWyQFHQWUDO\SLVWyQ ODWHUDOPRQWDFDUJDV$VFHQVRUHVSDUDYHKtFXORV /RV&ULWHULRVSDUDOD &DOL¿FDFLyQVRQ7UDQVIHUHQFLD DOD3UXHED3DUFLDO\y7UDEDMR 3UiFWLFRGHORVFRQWHQLGRV WHyULFRVGHODPDWHULD 'HVDUUROORHLQWHUUHODFLyQ LQWHJUDGD\DUPyQLFDHQWUH SUR\HFWRHQYROYHQWHV HVWUXFWXUDVHLQVWDODFLRQHV 3UHVHQWDFLyQHQ FDOLGDG\FDQWLGDG\R H[SUHVLyQRUDOHQFODULGDG\ VtQWHVLV$¿QGH JDUDQWL]DUODPi[LPD WUDQVIHUHQFLDHQODV FRUUHFFLRQHVWDQWRJUXSDOHV FRPRLQGLYLGXDOHVHVWDVVH GHVDUUROODUiQVREUHVRSRUWH SDSHOHVTXLFLRVSODQRV SHUVSHFWLYDVUHQGHUVHWF HYLWiQGRVHHQODPHGLGDGHOR SRVLEOHODFRUUHFFLyQHQWDOOHU GHOWUDEDMRVREUHGLJLWDO DFHSWiQGRVHHYHQWXDOPHQWH SUR\HFFLRQHVHQSDQWDOOD &216758&&,21(6,,, &217(1,'265HVRO 0,1&\7 &RPSRUWDPLHQWR\ WHFQRORJtDGHORV PDWHULDOHVQDWXUDOHV &217(1,'26 ,,,$ 3URIHVLyQHFRQRPtDODWDUHD SURIHVLRQDOPDUFR LQIRUPHGHDXWRHYDOXDFLyQ '(6$552//2 )250$'((9$/8$&,Ï1 3DUDWRGRVORVWHPDVVHSUHYpFODVHVWHyULFR SUDFWLFDV\WUDQVIHUHQFLDGHFRQWHQLGRVDWHyULFRV GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ HLQGXVWULDOHV/RV SURFHVRVFRQVWUXFWLYRV 6LVWHPDV\ FRPSRQHQWHV 7HFQRORJtDVGH FRQVWUXFFLyQ\ SURGXFFLyQ6LVWHPDV GHHMHFXFLyQGHREUDV 7HFQRORJtDV WUDGLFLRQDOHV\QR WUDGLFLRQDOHV 2UJDQL]DFLyQ GLUHFFLyQJHVWLyQ\ HMHFXFLyQGHREUDV PpWRGRV/HJLVODFLyQ DSOLFDGDDOGLVHxR\D ODSURGXFFLyQGH SUR\HFWRV\REUDVVX PDUFRQRUPDWLYR 0RGDOLGDGHVGHO HMHUFLFLRSURIHVLRQDO 'RFXPHQWDFLyQ\ SUiFWLFD6HJXULGDG 5LHVJRH+LJLHQHHQOD FRQVWUXFFLyQ DUELWUDMHVWDVDFLRQHV SHULWDMHV\YDOXDFLRQHV )$8' QRUPDWLYRLQFXPEHQFLDV pWLFD 3UiFWLFDSURIHVLRQDOGLVHxR DVSHFWRVIRUPDOHVIXQFLyQ 7HFQFRVWRSOD]RVFDOLGDG (MHFXFLyQRUJDQL]DFLyQGH SURGXFFLyQUHFXUVRV SURJUDPDFLyQ+LJLHQH\ VHJXULGDG 2WUDVPRGDOLGDGHVSHULFLDV\ WDVDFLRQHV /DSURIHVLyQW31FXDGURVGHPRVWUDWLYRVGH ODHYROXFLyQGHODFRQVWUXFFLyQ 3DQHOHVLQYLWDGRV(FRQRPLVWDVODFiPDUDGHOD FRQVWUXFFLyQGHODXRFUD\HOFROHJLRGH DUTXLWHFWRV /DSUDFWLFDSURIHVLRQDOW31 IRUPXODFLyQGHXQHPSUHQGLPLHQWRDUTXLWHFWyQLFR HQWRGRHOSURFHVR /HJDMRGHREUDJHVWLyQ\FRQWUROGXUDQWHOD HMHFXFLyQKDVWD¿QDOGHREUD 731UHOHYDPLHQWRDQiOLVLV\FRQFOXVLRQHV GHODVYLVLWDVDREUDREUDGRUKLJLHQH\VHJXULGDG 731HYDOXDFLyQGHOHPSUHQGLPLHQWR DUTXLWHFWyQLFR$QiOLVLVWpFQLFR\HFRQyPLFR 2WUDVPRGDOLGDGHVGHOHMHUFLFLRSURIHVLRQDOW3 1VREUHHO73QFDOFXORGHPHGLDQHUtD\ VXEGLYLVLyQHQS+W31LQIRUPHSHULFLDO VREUHGDxRV\WDVDFLyQGHXQDSURSLHGDG ,,,% (MH7HPiWLFR13URFHVRGH GLVHxR7HFQROyJLFR 5DFLRQDOL]DFLyQGHO3URFHVR GH'LVHxR (MH7HPiWLFR13URFHVRGH &RQVWUXFFLyQ 5DFLRQDOL]DFLyQGHO3URFHVR GH&RQVWUXFFLyQ (MH7HPiWLFR13URFHVRGH 0DQWHQLPLHQWR 5DFLRQDOL]DFLyQGHO 0DQWHQLPLHQWR 6HHVWDEOHFHQORVWUDEDMRV (YDOXDFLyQ,QLFLDO±'LDJQyVWLFD SUiFWLFRV73DO73FRPR 735(/(9$0,(1722%5$6,16,78 LQVWDQFLDVGHHYDOXDFLyQORV %,%/,2*5$),&$6 735$&,21$/,=$&,Ï1'(/$(6758&785$ TXHVHUHDOL]DUiQ &ULWHULRV6LPSOL¿FDFLyQGHPHGLGDV&RRUGLQDFLyQ LQGLYLGXDOPHQWH\VHSRGUiQ UHFXSHUDU'HEHUiQ PRGXODU8WLOL]DFLyQGHPyGXORVHVWUXFWXUDOHV HQWUHJDUVHHQVXWRWDOLGDGHQ 8QL¿FDFLyQGHHOHPHQWRVHVWUXFWXUDOHV7LSR\ 7,(032(67$%/(&,'2SRU FRPSRUWDPLHQWR 735$&,21$/,=$&,21'(/$(192/9(17( OD&È7('5$<HQ)250$ &ULWHULRV6LPSOL¿FDFLyQGHPHGLGDV&RRUGLQDFLyQ $&25'$'$ /DFDOL¿FDFLyQPtQLPD PRGXODU8WLOL]DFLyQGHPyGXORV8QL¿FDFLyQGH HOHPHQWRV7LSRVGHHQYROYHQWH&RPSRUWDPLHQWR FRUUHVSRQGHD&XDWUR\ UHSUHVHQWDHOVHVHQWDSRU IUHQWHDOFOLPD5HODFLyQFRQODHVWUXFWXUD FLHQWRGHOFRQWHQLGR 735$&,21$/,=$&,21'(/$6 GHVDUUROODGRHQFRQGLFLRQHV ,167$/$&,21(6&ULWHULRV6LPSOL¿FDFLyQGH GHVX¿FLHQWH\UHVSHWDQGRODV PHGLGDV&RRUGLQDFLyQPRGXODU&RQFHQWUDFLyQ KRUL]RQWDO\YHUWLFDO8QL¿FDFLyQGHHOHPHQWRV7LSR FRQVLJQDVHVWLSXODGDVHQODV \FRPSRUWDPLHQWR5HODFLyQFRQODHVWUXFWXUD\FRQ JXtDV 6HGHEHUiQHQWUHJDUOD ODHQYROYHQWH WRWDOLGDGGHODDFWLYLGDG 735$&,21$/,=$&,Ï1'(/$6 SUiFWLFDVHVWDEOHFLGDV &,5&8/$&,21(66,67'H029&ULWHULRV 6LPSOL¿FDFLyQGHPHGLGDV&RRUGLQDFLyQPRGXODU LQFOXLGRHO7UDEDMR¿QDOD 8WLOL]DFLyQGHPyGXORV8QL¿FDFLyQGHHOHPHQWRV GHVDUUROODUFRQOD&iWHGUDGH $UTXLWHFWXUDGHO1LYHO 7LSR\IXQFLRQDPLHQWR 73),1$/75$%$-2GH6,17(6,6$UWLFXODFLyQGH (YDOXDFLyQ¿QDOH[DPHQ¿QDO SDUDDSUREDUODPDWHULD &RQWHQLGRVHQWUH$548,7(&785$,9$%±&\ &216758&&,21(6$ 9HUL¿FDFLyQGHFRPSHWHQFLDV DOFDQ]DGDV&RQVLVWLUiHQXQ ³(VTXLFLR´PHGLDQWHHOFXDO /DVDFWLYLGDGHVVHGHVDUUROODQDSRVWHULRULGHOD HOHVWXGLDQWHGHEHUi H[SRVLFLyQWHPiWLFDSRUSDUWHGHOGRFHQWH&ODVH 7HyULFD6HUHDOL]DQHQHOHVSDFLR$XOD7DOOHUVH GHPRVWUDUVROYHQFLDSDUD SURSRQHUDOWHUQDWLYDV KDFHODSUHVHQWDFLyQGHOSUREOHPDDUHVROYHUVH WHFQROyJLFDV'HVDUUROOR FRQVLGHUDQSURSXHVWDVGHVROXFLyQFRQOD *Ui¿FR&RQFHSWXDO(Q HODERUDFLyQGHLGHDVSHUVRQDOHV\JUXSDOHVFRQ pVWDVSURSXHVWDVVH LQWHUFDPELRGHH[SHULHQFLDVGLVFXVLyQ\ FRQFUHFLyQGHXQDLGHDGHUHVROXFLyQ FRQVWDWDUiQORVFULWHULRVGH 5DFLRQDOL]DFLyQXWLOL]DGRV SDUDUHVROYHUORV &RPSRQHQWHV(VWUXFWXUD (QYROYHQWHV,QVWDODFLRQHV\ FLUFXODFLRQHV ,167$/$&,21(6, &217(1,'265HVRO 0,1&\7 $QiOLVLVGLVHxR SUR\HFWR\FiOFXORGH ,QVWDODFLRQHVSDUDOD KDELWDELOLGDGHOFRQIRUW \ODVHJXULGDGHQODV FRQVWUXFFLRQHV 0DWHULDOHV LQVWDODFLRQHV\ VLVWHPDVTXH SRVLELOLWDQHOFRQWUROGHO &217(1,'26 ,$ y 8QLGDG7HPiWLFD $FRQGLFLRQDPLHQWR 1DWXUDO y 8QLGDG7HPiWLFD ,QVWDODFLRQHV6DQLWDULDV y 8QLGDG7HPiWLFD ,QVWDODFLRQHVGH*DV y 8QLGDG7HPiWLFD 3UHYHQFLyQFRQWUD LQFHQGLR LQIRUPHGHDXWRHYDOXDFLyQ '(6$552//2 )250$'((9$/8$&,Ï1 6HSODQWHDQHMHVWHPiWLFRVSDUDHOGHVDUUROORGH ORVFRQWHQLGRVEiVLFRVFXUULFXODUHV(OSULPHURVH UH¿HUHDDFRQGLFLRQDPLHQWRQDWXUDOSDUDUHIRU]DUHO HQIRTXHELRFOLPiWLFRHQHOGLVHxR\FRPR FRQWLQXLGDGGHORVFRQFHSWRVDGTXLULGRVHQSULPHU DxR (OVHJXQGR\HOWHUFHURVHUH¿HUHQDODV LQVWDODFLRQHVEiVLFDVGHVDQHDPLHQWR\JDVSDUD YLYLHQGDVRHGL¿FLRVDLVODGRVRDJUXSDGRVSHUR PDQWHQLHQGRORVIXQGDPHQWRVGHOGLVHxR /RVDOXPQRVGHEHUiQ GHPRVWUDUVXFRQRFLPLHQWR\ FRPSUHQVLyQGHORV FRQWHQLGRVGHOD DVLJQDWXUDDWUDYpVGH 7UDEDMRV3UiFWLFRV LQGLYLGXDOHV\(YDOXDFLRQHV 3DUFLDOHV LQGLYLGXDOHVVREUHFRQWHQLGRV WHyULFRV\SUiFWLFRV GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ ELRDPELHQWDO <HOWHUFHURVHUH¿HUHDODSUHYHQFLyQFRQWUD LQFHQGLRTXHVLUYHFRPRVtQWHVLV\FLHUUHGHOQLYHO \DTXHVHGHVDUUROODDUWLFXODQGRORVFRQFHSWRVGH HVWDWHPiWLFDFRQORVHVSDFLRVWpFQLFRV QHFHVDULRV\ORVDVSHFWRVFRQVWUXFWLYRVGHWRGDV ODVLQVWDODFLRQHVDSUHQGLGDVTXHSRVLELOLWDUiQOD WUDQVIHUHQFLDHQHOSUR\HFWRGHDUTXLWHFWXUD,,, /RVWUDEDMRVSUiFWLFRVVRQ 731&OLPDGH&yUGRED±GLDJQyVWLFR ±HVWUDWHJLD\UHFXUVRV 731HYDOXDFLyQGHODVROHDPLHQWR 731LQVWDODFLyQGHDJXDIUtD\FDOLHQWHHQYL YLHQGDDVLJQDGD± 731GHVDJHVSOXYLDOHVHQYLYLHQGDDVLJQDGD ±FiOFXOR\GLPHQVLRQDGR 731GHVDJHVFORDFDOHVSULPDULRV\VHFXQGDULR VHQYLYLHQGDDVLJQDGD 731GLVWULEXFLyQGHJDVQDWXUDO\FiOFXORGH GLiPHWURGHFDxHUtD 7317UDEDMR)LQDOGHVDUUROORGHODVLQVWDODFLR QHVVDQLWDULDVGHJDVHLQFHQGLRFRQ GLPHQVLRQDGRGHWDQTXHV\GHHVSDFLRVWpFQLFRV SDUDXQHGL¿FLRHQDOWXUDPHQRVGH 3LVRVDVLJQDGRSRUOD&iWHGUDHQJUXSRGH DOXPQRV DFRQGLFLRQDPLHQWR\OD HMHFXFLyQGH LQVWDODFLRQHV 3DUDREWHQHUOD35202&,Ï1 HVQHFHVDULRGH DVLVWHQFLDDWHyULFRV\ SUiFWLFRV± GHWUDEDMRVSUiFWLFRV HQWUHJDGRV\DSUREDGRV SDUFLDOHVDSUREDGRV 7UDEDMR¿QDODSUREDGR 3DUDREWHQHUOD 5(*8/$5,'$'HVQHFHVDULR GHDVLVWHQFLDDWHyULFRV\ SUiFWLFRV± GHWUDEDMRVSUiFWLFRV HQWUHJDGRV\DSUREDGRV± SDUFLDOHVDSUREDGRV 7UDEDMR¿QDODSUREDGRFRQ FXDWUR 3DUDORVDOXPQRVUHJXODUHVOD DVLJQDWXUDWLHQH $352%$&,Ï1&21 (;È0(1),1$/RUDOVREUH WUHVWHPDVGHODDVLJQDWXUD\ XQFRORTXLRVREUHODFDUSHWD GH7UDEDMRVSUiFWLFRV 3DUDORVDOXPQRVOLEUHVOD DSUREDFLyQHVFRQXQ (;È0(1),1$/TXHWLHQHGRV LQVWDQFLDV 3ULPHURGHEHQDSUREDUXQ SUXHEDHVFULWDVREUHWUHV WHPDVGHODDVLJQDWXUDSDUD OXHJRSDVDUDXQFRORTXLR RUDO ,% y 8QLGDG7HPiWLFD ,QVWDODFLRQHV6DQLWDULDV y 8QLGDG7HPiWLFD ,QVWDODFLRQHVGH*DV y 8QLGDG7HPiWLFD 3UHYHQFLyQFRQWUD LQFHQGLR y 8QLGDG7HPiWLFD (VSDFLRVWpFQLFRV± 'HVDUUROORGHOSUR\HFWR JOREDOHQHGL¿FLRHQ DOWXUD ,167$/$&,21(6,, &217(1,'265HVRO 0,1&\7 $QiOLVLVGLVHxR SUR\HFWR\FiOFXORGH ,QVWDODFLRQHVSDUDOD KDELWDELOLGDGHOFRQIRUW \ODVHJXULGDGHQODV FRQVWUXFFLRQHV 0DWHULDOHV LQVWDODFLRQHV\ VLVWHPDVTXH SRVLELOLWDQHOFRQWUROGHO DFRQGLFLRQDPLHQWR\OD HMHFXFLyQGH LQVWDODFLRQHV &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 ,,$ 1RFLRQHVVREUHFDORU 3URSLHGDGHVGHODLUH 7HUPR¿VLRORJtD 7HUPRWHFQLD %DODQFHWpUPLFR 6LVWHPDVGHFDOHIDFFLyQ 6LVWHPDVGHUHIULJHUDFLyQ 'LVWULEXFLyQGHODLUHHQORV ORFDOHV (VSDFLRVWpFQLFRV &LUFXODFLyQYHUWLFDO ,QVWDODFLRQHVHOpFWULFDV (OLPLQDFLyQGHUHVLGXRV /DPDWHULDHVWiRUJDQL]DGDHQWUHVPyGXORVDO¿QDO GHFDGDXQRGHHOORVWLHQHXQH[DPHQSDUFLDO\ OXHJRODHQWUHJDGHXQWUDEDMRSUDFWLFRSRUPRGXOR &DGDPyGXORFRPLHQ]DFRQXQDLQWURGXFFLyQ WHyULFDJOREDOGHOPyGXORTXHVHFRPSOHPHQWD VHPDQDOPHQWHFRQWHyULFRVUHODWLYRVDODVSHFWR SDUFLDOGHFDGDPyGXOR\TXHYDGHVDUUROOiQGRVH VHPDQDOPHQWH 3UHYLRDOFLHUUHGHFDGDPyGXORKD\XQH[DPHQ SDUFLDOTXHWUDWDVREUHORVDVSHFWRVWHyULFRV\ SUiFWLFRVGHVDUUROODGRVHQFDVRGHQRDSUREDUVH DOJXQRGHORVGRVSULPHURV 6HDEUHXQDLQVWDQFLDGHUHFXSHUDFLyQGHOPLVPR IXHUDGHOKRUDULRFXUULFXODUGHORVDOXPQRV &DGDXQRGHORVSUiFWLFRV OXHJRGHVXHQWUHJDHV FRUUHJLGRSRUORV-73\VH DEUHQGRV RSFLRQHVVLHOPLVPRVH GHVDUUROODGRFRUUHFWDPHQWH VHORGDSRUDSUREDGRHQ FDVR FRQWUDULRVHOHRWRUJDDO DOXPQRXQDVHJXQGDLQVWDQFLD GHSUHVHQWDFLyQ UHFXSHUDGRGHEHQDSUREDUVH GRVGHORVWUHVSUiFWLFRV /DDFWLYLGDGVHFRPSOHPHQWD FRQGRVYLVLWDVDREUDV REOLJDWRULDV\GH DVLVWHQFLD\ DSUREDFLyQGHXQ GRFXPHQWRVtQWHVLVGHOR REVHUYDGR ,,% 6XVWHQWDELOLGDG\8VR UDFLRQDOGHOD(QHUJtD )XQGDPHQWRV)tVLFRVGHO (OSURFHVRGHHQVHxDQ]DVHHVWUXFWXUDHQWUHV LQVWDQFLDVTXHVHUHSLWHQSDUDFDGDXQDGHODV VHFFLRQHVWHPiWLFDVHQTXHVHRUJDQL]DOD DVLJQDWXUD &DGDXQRGHORVSUiFWLFRV OXHJRGHVXHQWUHJDHV FRUUHJLGRSRUORV-73\VH DEUHQGRV LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ &RPSRUWDPLHQWR7pUPLFR ,QVWDODFLRQHV 7HUPRPHFiQLFDVGH $FRQGLFLRQDPLHQWR ,QVWDODFLRQHV(OpFWULFDV\ (OHFWURPHFiQLFDV /RVFRQWHQLGRVWHyULFRVEiVLFRVVRQ GHVDUUROODGRVHQFODVHVH[SRVLWLYDVSHULyGLFDV FRQGHQVDQGRORVDVSHFWRVHVHQFLDOHV FRUUHVSRQGLHQWHVDOWHPDHQHVWXGLR6HDSR\DFRQ PDWHULDOELEOLRJUi¿FRFX\DOHFWXUDFRPSOHPHQWD\ SURIXQGL]DODFODVHH[SRVLWLYD /RVFRQWHQLGRVWpFQLFRVGHDSOLFDFLyQSUiFWLFD UHIHULGRVDFiOFXORVEiVLFRVGHODHVSHFLDOLGDG\ SURFHVRV\PHWRGRORJtDVGHSUHGLPHQVLRQDGR\ HYDOXDFLyQVRQGHVDUUROODGRVPHGLDQWHOD DSOLFDFLyQGHJXtDVGHHMHUFLWDFLyQLQGLYLGXDOHV UHVXHOWDVHQWDOOHUFRQDSR\RGLUHFWR\FRQGXFFLyQ GHOHTXLSRGRFHQWH6HEXVFDYHUL¿FDU\FRQVROLGDU ODIRUPDFLyQHQORVDVSHFWRVWpFQLFRVFXDQWLWDWLYRV /RVFRQWHQLGRVWHyULFRVHQJHQHUDO\SUiFWLFRV GHFDUiFWHUWpFQLFRVRQLQWHJUDGRVHQSUiFWLFRVGH DSOLFDFLyQDOSUR\HFWRDUTXLWHFWyQLFR/DLQWHJUDFLyQ HVGHVDUUROODGDGHPDQHUDFRRUGLQDGDFRQ &RQVWUXFFLRQHV,,VXPDQGRORVFRQWHQLGRVDXQ ~QLFR73(VWiQGHVWLQDGRVDODSXHVWDGHSUiFWLFD GHORVDVSHFWRVWpFQLFRVFXDOLWDWLYRVWUDQVIHULEOHVDO SUR\HFWRDUTXLWHFWyQLFR RSFLRQHVVLHOPLVPRVH GHVDUUROODGRFRUUHFWDPHQWH VHORGDSRUDSUREDGRHQ FDVR FRQWUDULRVHOHRWRUJDDO DOXPQRXQDVHJXQGDLQVWDQFLD GHSUHVHQWDFLyQ UHFXSHUDGRGHEHQDSUREDUVH GRVGHORVWUHVSUiFWLFRV /DDFWLYLGDGVHFRPSOHPHQWD FRQGRVYLVLWDVDREUDV REOLJDWRULDV\GH DVLVWHQFLD\ DSUREDFLyQGHXQ GRFXPHQWRVtQWHVLVGHOR REVHUYDGR ,167$/$&,21(6,,, &217(1,'265HVRO 0,1&\7 $QiOLVLVGLVHxR SUR\HFWR\FiOFXORGH ,QVWDODFLRQHVSDUDOD KDELWDELOLGDGHOFRQIRUW \ODVHJXULGDGHQODV FRQVWUXFFLRQHV 0DWHULDOHV LQVWDODFLRQHV\ VLVWHPDVTXH SRVLELOLWDQHOFRQWUROGHO DFRQGLFLRQDPLHQWR\OD HMHFXFLyQGH LQVWDODFLRQHV &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 $F~VWLFDFRQFHSWRV JHRPHWUtDPDWHULDOHV UHYHUEHUDFLyQUXLGR YLEUDFLRQHV OXPLQRWHFQLDFRQFHSWRV YLVLyQPDJQLWXGHV OiPSDUDVDUWHIDFWRV FiOFXORVDOXPEUDGRGH HPHUJHQFLDVLVWHPDV LQWHJUDGRV 6HJ~QHOWHPDDGHVDUUROODUVHXWLOL]DUiQODV VLJXLHQWHVPHWRGRORJtDV 3DUDWUDEDMRVLQGLYLGXDOHVGDOWRQHVWXGLRGLULJLGR LQVWUXFFLyQSURJUDPDGD\HGXFDFLyQSHUVRQDOL]DGD GHDXWRQRPtD 3DUDWUDEDMRVJUXSDOHVSDQHOFXFKLFKHR VRFLRGUDPDUROHSOD\LQJ 3DUDWUDEDMRVFROHFWLYRVH[SRVLWLYRFRJQRVFLWLYR ([SRVLWLYRGLGiFWLFRLQGXFWLYRGHGXFWLYRGH GHPRVWUDFLyQGHPHGLRVGHFRPXQLFDFLyQ /RVFULWHULRVGHHYDOXDFLyQ FRQWHPSODUiQORVVLJXLHQWHV DVSHFWRV 0DQHMRGHORVFRQRFLPLHQWRV WHyULFRV\SUiFWLFRVGHODVGRV iUHDVTXHFRPSUHQGHOD PDWHULD $F~VWLFD\/XPLQRWHFQLD 5HVROXFLyQLQWHJUDOGHORV SUREOHPDVGHGLVHxRDF~VWLFR \OXPtQLFRHQLQWHUUHODFLyQFRQ RWUDVSUREOHPiWLFDV IXQGDPHQWDOPHQWHFRQODV UHIHULGDVDO'LVHxR,QWHJUDOGHO HGL¿FLR\HQWRUQRXUEDQR 'HPRVWUDFLyQGHFDSDFLGDG SDUDUHVROYHUORVSUREOHPDV GHGLVHxRFiOFXOR\ PDWHULDOL]DFLyQGHODV SURSXHVWDVFRQFULWHULRV YiOLGRVFLHQWt¿FDPHQWH 'HPRVWUDFLyQGHH[SUHVLyQGH FODULGDGFDOLGDG\ VXVWHQWDELOLGDGHQODV UHVROXFLRQHVGHORVSUREOHPDV GHGLVHxRUHODWLYRVDORV DFRQGLFLRQDPLHQWRVDF~VWLFR OXPtQLFRHQIRUPDLQWHJUDO OX]VRQLGRFDORU /DVIRUPDVGHHYDOXDFLyQGH ,QVWDODFLRQHV,,,FRQWHPSODUiQ ORVVLJXLHQWHVDVSHFWRV 7UDEDMRVSUiFWLFRV LQGLYLGXDOHVFX\RFRQFHSWRGH DSUREDFLyQHVGHEXHQR (VFDODGHUHIHUHQFLD ,QVX¿FLHQWHUHJXODUEXHQR PX\EXHQR\H[FHOHQWH 7UDEDMRVSUiFWLFRVJUXSDOHV GHLQWHJUDFLyQFRQHO3UR\HFWR GH'LVHxR$UTXLWHFWyQLFR,9 FX\RFRQFHSWRGHDSUREDFLyQ HVGHEXHQR(VFDODGH UHIHUHQFLD,QVX¿FLHQWH UHJXODUEXHQRPX\EXHQR\ H[FHOHQWH LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ (6758&785$6, &217(1,'265HVRO 0,1&\7 'LVHxRSUR\HFWR FiOFXOR\ GLPHQVLRQDPLHQWRGH (VWUXFWXUDV0HFiQLFD GHORVVyOLGRV 5HVLVWHQFLDGHORV PDWHULDOHV0HFiQLFD GHOVXHOR )XQGDFLRQHV$QiOLVLV HVWUXFWXUDOHQ6LVWHPDV LVRVWiWLFRVH KLSHUHVWiWLFRV(VWDGRV GHWHQVLyQVLPSOHV\ P~OWLSOHV 'HIRUPDELOLGDG (ODVWLFLGDG 'LPHQVLRQDPLHQWRHQ HOFDPSRHOiVWLFRH LQHOiVWLFR´ &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 ,$ 8QLGDG0HFDQLVPR HVWUXFWXUDOGHVGHOR FXDOLWDWLYR 8QLGDG0HFDQLVPRPtQLPR HVWDEOH 8QLGDG&DUJDV 8QLGDG6ROLFLWDFLRQHV 8QLGDG$FHUR\PDGHUD 8QLGDG+RUPLJyQDUPDGR 8QLGDG&ULWHULRVGHGLVHxR HVWUXFWXUDO 6HGLFWDQFODVHVWHyULFRSUiFWLFDVHQPyGXORV WHPiWLFRVHQODVTXHVHGHVDUUROODQORVFRQWHQLGRV WHyULFRVQHFHVDULRV\HMHPSORVGHDSOLFDFLyQ/RV DOXPQRVHQJUXSRVGHRUHDOL]DQ73GH SUR\HFWR\GLPHQVLRQDGRHQFRUUHVSRQGHQFLDFRQ ORVWHPDVGHVDUUROODGRVHQORVPyGXORV WHPiWLFRV(VWRV73VHUHDOL]DQHQWDOOHUFRQHO DVHVRUDPLHQWRGHORVGRFHQWHV\VHFRPSOHWDQ IXHUDGHOPLVPR6RQHYDOXDGRVHQWDOOHU LQGLYLGXDOPHQWH$PLWDGGHOFXUVRVHUHDOL]DXQD HYDOXDFLyQSDUFLDOSUiFWLFDLQGLYLGXDOVREUH SUREOHPDVFRQHO¿QGHFRQWURODUDGTXLVLFLyQGH FRQRFLPLHQWRVQHFHVDULRVSDUDODSDUWHGHO FXUVR 'XUDQWHHOGHVDUUROORGHORV 7UDEDMRV3UiFWLFRVVH UHDOL]DUiXQVHJXLPLHQWR DWHQWRSRUJUXSRVSHUROD HYDOXDFLyQHVLQGLYLGXDO /DV(YDOXDFLRQHV3DUFLDOHV VHUiQLQGLYLGXDOHV6HULQGHQ DOLEURFHUUDGR\FDUHFHQGH FRPSOHMLGDGUHPLWLGDD SURFHVRVQXPpULFRVRD PHPRUL]DFLyQGHIyUPXODV /DVSUXHEDVVHUiQ UHHODERUDGDV\H[SOLFDGDV /RVSULQFLSDOHVDVSHFWRVD HYDOXDUVRQFRKHUHQFLDGHO SURFHVRYHUVDFLyQGHORV FRQWHQLGRVFDSDFLGDGGH DQDOL]DUFXDOLWDWLYDPHQWHXQD HVWUXFWXUDSHQVDPLHQWR FUtWLFR\KDELOLGDG\GHVWUH]D SDUDUHVROXFLyQWpFQLFDGHO SUREOHPD 3DUDDOFDQ]DUODFRQGLFLyQGH 5HJXODUVHUHTXLHUHHOGH DVLVWHQFLDDODVFODVHV SUiFWLFDVWHQHUDSUREDGRVHO GHORV7UDEDMRV 3UiFWLFRV\ODV HYDOXDFLRQHV3DUFLDOHV (OH[DPHQ¿QDOLQGLYLGXDOTXH H[LJHODQRUPDWLYDYLJHQWH VHUiHVFULWR\FRQ FDUDFWHUtVWLFDVVLPLODUHVDOD SUiFWLFDGHVDUUROODGDGXUDQWH HOFXUVR(VWDUiSUHFHGLGRGH KRUDULRVGHFRQVXOWD ,% ,QWHUYHQFLyQGHOD HVWUXFWXUDHQODVGLVWLQWDV HWDSDVGHOSURFHVRGHGLVHxR 2SHUDFLRQHVGHODHVWiWLFD &RQGLFLRQHVGHHTXLOLEULR 9tQFXORV $FFLRQHVHQODV FRQVWUXFFLRQHV )XQFLRQDPLHQWRHVSDFLDOGH XQDHVWUXFWXUDV2UJDQL]DFLyQ GHSODQRVUHVLVWHQWHV )OH[LyQVLPSOH± 'HWHUPLQDFLyQGH VROLFLWDFLRQHV 5HVLVWHQFLDGHPDWHULDOHV± $FHUR\PDGHUD 'LPHQVLRQDPLHQWR VHFFLRQDOHQPDGHUD\DFHUR 9HUL¿FDFLyQGHODVHJXULGDG 9HUL¿FDFLyQGHOD UHVLVWHQFLDDOFRUWHHQPDGHUD \DFHUR'HIRUPDFLRQHV Pi[LPDVYLJDVLVRVWiWLFDV +RUPLJyQJHQHUDOLGDGHV FDSDFLGDGUHVLVWHQWH 'LPHQVLRQDGRGH VHFFLRQHVUHFWDQJXODUHVGH KRUPLJyQDUPDGR 'LPHQVLRQDGRGH DUPDGXUDVSDUDUHVLVWLU WHQVLRQHVGHFRUWHFRQ /DVVHPDQDVGHFODVHDVLJQDGDVVHGLVWULEX\HQ HQFODVHVWHyULFDVSUiFWLFDVHYDOXDFLRQHV SDUFLDOHV\FODVHVSUiFWLFDVGHLQWHJUDFLyQDO SUR\HFWRGH$UTXLWHFWXUDGHO1LYHO (QODVFODVHVWHyULFDVVHGHVDUUROODQORVFRQWHQLGRV FRQFHSWXDOHVDSR\DGDVFRQPHGLRVGLJLWDOHV\ PRVWUDQGRHMHPSORVHQREUDVFRQVWUXLGDVHQ UHODFLyQDOWHPD(QFRUUHVSRQGHQFLDFRQFDGD WHyULFRVHUHDOL]DXQDHMHUFLWDFLyQSUiFWLFD\ QXPpULFDGHOWHPDGHVDUUROODGRHQFRPLVLRQHV GLULJLGDVSRUSURIHVRUHVDVLVWHQWHV/DDFWLYLGDGGH ODVFODVHVSUiFWLFDVVHUHDOL]DHQODPRGDOLGDG WDOOHU\HQJUXSRV /RVWUDEDMRVSUiFWLFRVSODQWHDGRVSDUDUHVROYHUVRQ DEDUFDQGRORVPiVLPSRUWDQWHVWHPDVWHyULFRV GHVDUUROODGRV(QHVSHFLDOVHGHVDUUROODXQWUDEDMR JUXSDOOODPDGR7UDEDMR6tQWHVLV\WDPELpQHQHO WUDEDMR¿QDOGH,17(*5$&,21&21 $548,7(&785$,,GRQGHDORODUJRGHWRGRHO DxRORVDOXPQRVYDQDSOLFDQGRORVFRQFHSWRVGH HVWDELOLGDGHVSDFLDORUJDQL]DFLyQHVWUXFWXUDO DQiOLVLVGHFDUJD\GLPHQVLRQDGRYLVWRVHQHO WHyULFR\HQORVHMHUFLFLRVLQGLYLGXDOHVDODQiOLVLV GHXQDREUDHMHFXWDGD\DOSUR\HFWRGHODVPDWHULDV GHGLVHxRUHDOL]DQGRXQDWUDQVIHUHQFLDGH FRQFHSWRV\XQSURFHVRGHUHÀH[LyQVREUHORV FRQWHQLGRVSUHVHQWDGRVHQODVFODVHV(VWHWUDEDMR HVWiRUJDQL]DGRHQYDULDVHWDSDVTXHVHLUiQ FXPSOLHQGRDORODUJRGHODxRFRQOD¿QDOLGDGGH LQWHJUDUORVFRQFHSWRVHVWUXFWXUDOHVEiVLFRVDO SUR\HFWRGH$UTXLWHFWXUD(QOD~OWLPDHWDSDORV DOXPQRVWUDEDMDUiQVREUHVXVSURSLRVSUR\HFWRVGH $UTXLWHFWXUD,,SHUROD /RV(MHUFLFLRVVHUHDOL]DQHQ IRUPDJUXSDO\SDUD UHJXODUL]DUVHUHTXLHUHORV HMHUFLFLRVSURSXHVWRV FRPSOHWRV/RVHMHUFLFLRV YHUVDUDQVREUHWRGRVORV WHPDVGHOSURJUDPD (VWRVFRPSUHQGHQORV Q~FOHRVWHPiWLFRV IXQGDPHQWDOHVGHOSULPHU QLYHOGH(VWUXFWXUDV 6LVHFRQVLGHUDQHFHVDULR SDUDHOD¿DQ]DPLHQWRHQ SDUWLFXODUGHDOJXQRV FRQFHSWRVVHUHDOL]DUiQWHVW LQGLYLGXDOHVFRQODPRGDOLGDG GHSUXHEDREMHWLYD 6HUHDOL]DQGRVHYDOXDFLRQHV SDUFLDOHVWHyULFRVSUDFWLFDV TXHORVDOXPQRVWHQGUiQTXH DSUREDUFRQQRWDPtQLPD FXDWUR\H[LVWLUiXQD LQVWDQFLDGHUHFXSHUDFLyQ SDUDDTXHOORVTXHQRORORJUHQ SDUDFDGDXQRGH ORVSDUFLDOHV1RVHSHUPLWH FRQVXOWDUPDWHULDOHVHVFULWRV GXUDQWHODHYDOXDFLyQ (OH[DPHQ¿QDOGHODPDWHULD VHUiLQGLYLGXDOGHIRUPD HVFULWD/D&iWHGUDSURYHHUi HOPDWHULDOGHDSR\R QHFHVDULRWDEODV\ LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ HVWULERV FiWHGUDVHHQFXHQWUDHQXQSURFHVRGHLQWHJUDFLyQ FRQORVWDOOHUHVGH$UTXLWHFWXUDGHIRUPDTXHHQ RWUDVIHFKDV\GXUDQWHHODxRORVGRFHQWHVDVLVWHQ DORVDOXPQRVHQWRGRVORVSUR\HFWRVTXHUHDOL]DQ HQODVPDWHULDVGHGLVHxR 6HFXHQWDFRQXQDXODYLUWXDOGRQGHVHUHDOL]DXQ GLFWDGRSDUDDOXPQRVUHFXUVDQWHVHQIRUPDWRVHPL ÀH[LEOH\RWUDGRQGHORVDOXPQRVGHOFXUVR SUHVHQFLDOHQFXHQWUDQORVHQXQFLDGRVGHORV SUiFWLFRVTXHVHGHVDUUROODUDQHQFODVHVDVtFRPR WRGRHOPDWHULDOWHyULFRTXHSXHGDQQHFHVLWDUSDUD ODFRPSUHQVLyQGHORVWHPDV IyUPXODVSDUDODUHDOL]DFLyQ GHOPLVPRVLHQGRpVWHHO ~QLFRPDWHULDOTXHSRGUi XWLOL]DU (ODOXPQRHQODHYDOXDFLyQ ¿QDO (6758&785$6,, &217(1,'265HVRO 0,1&\7 'LVHxRSUR\HFWR FiOFXOR\ GLPHQVLRQDPLHQWRGH (VWUXFWXUDV0HFiQLFD GHORVVyOLGRV 5HVLVWHQFLDGHORV PDWHULDOHV0HFiQLFD GHOVXHOR )XQGDFLRQHV$QiOLVLV HVWUXFWXUDOHQ6LVWHPDV LVRVWiWLFRVH KLSHUHVWiWLFRV(VWDGRV GHWHQVLyQVLPSOHV\ P~OWLSOHV 'HIRUPDELOLGDG (ODVWLFLGDG 'LPHQVLRQDPLHQWRHQ HOFDPSRHOiVWLFRH LQHOiVWLFR´ &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 ,,$ /DFRQWLQXLGDGHVWUXFWXUDO± 'HIRUPDGDGHYLJDVFRQWLQXDV \SyUWLFRVEDMRFDUJDV JUDYLWDWRULDV±$QiOLVLVGH FDUJDVGHYLJD\FROXPQDV± 5HVROXFLyQGHORVDVPDFL]DV DUPDGDVHQXQD\GRV GLUHFFLRQHV±/RVDV QHUYXUDGDV±(O3DQGHR 0RGHODGRHVWUXFWXUDO± +LSyWHVLV\FRPELQDFLRQHVGH FDUJDV±'LDJUDPDVGH PRPHQWRVÀHFWRUHVHVIXHU]RV GHFRUWH\GHIRUPDFLyQ± $UPDGRGHORVDVFROXPQDV\ YLJDV±(VWUXFWXUDV UHWLFXODGDVFDPSRGH DSOLFDFLyQFRQGLFLRQHV UHVROXFLyQYHUL¿FDFLyQ\ GLPHQVLRQDGR±5LJLGL]DFLyQ GHHVWUXFWXUDVUHWLFXODGDV 6HGHVDUUROODUiQSUiFWLFRVVREUHDQiOLVLVGHFDUJD HQYLJDVHQORVFDVRVGHORVDVDUPDGDVHQXQD\ GRVGLUHFFLRQHV±ÈUHDVGHLQÀXHQFLDGHFROXPQDV ±'HIRUPDGDGHYLJDV±0RGHODGRHVWUXFWXUDO LQFOX\HQGRKLSyWHVLVGHFDUJDV\FRPELQDFLRQHV± $UPDGRGHYLJDFRQWLQXD±$UPDGRGHORVDV PDFL]DVHQGRVGLUHFFLRQHV±$UPDGR\PDFL]DGR HQORVDVQHUYXUDGDV±$UPDGRGHFROXPQDV\ GLVHxRGHEDVHFHQWUDGD±3UiFWLFDGHDUPDGR UHDOL]DGDHQWDOOHUFODVHVSUiFWLFDV±'LVHxRGH HVWUXFWXUDUHWLFXODGD±0DTXHWDGHULJLGL]DFLyQGH XQDHVWUXFWXUDUHWLFXODGD 6HWUDEDMDHQJUXSRFRQXQGHVDUUROORLQGLYLGXDOGH FDUSHWDTXHFRQWLHQHORVSUiFWLFRVUHDOL]DGRV 6HUHDOL]DQGLYHUVDVH[SHULHQFLDVFRQPRGHORV GHVDUUROODGRVHQHOWDOOHUSRUORVDOXPQRVGHHVWD IRUPDSXHGHQDSUHFLDUVHODGHIRUPDFLyQGHYLJDV FRQWLQXDV\SyUWLFRVYHUL¿FDUVHODGLVWULEXFLyQGH FDUJDVGHODORVDHQODVFROXPQDVVHGHVDUUROODHQ WUHVFODVHVHODUPDGRGHXQSyUWLFRDHVFDODFRQ VXVDUPDGXUDV\VHUHDOL]DHOOOHQDGRGHORVPROGHV TXHUHSUHVHQWDQORVHQFRIUDGRVPHGLDQWHOD DSOLFDFLyQGHPRUWHURFHPHQWLFLR/D~OWLPD H[SHULHQFLDFRQPDTXHWDWLHQHSRUREMHWRHVWXGLDU ODGLVSRVLFLyQGHORVHOHPHQWRVULJLGL]DQWHVGHXQD HVWUXFWXUDUHWLFXODGDWULGLPHQVLRQDOUHDOL]DGDFRQ VRUEHWHV (VWDVDFWLYLGDGHVVHFRPSOHPHQWDQFRQHO GHVDUUROORGHSUiFWLFRVWHQGLHQWHVDDGTXLULU KDELOLGDGHVHQHOGLVHxR\ODHYDOXDFLyQGHOPLVPR SDUDHVWRVHHPSOHDQSURIXVDPHQWHGLYHUVRV SURJUDPDVLQIRUPiWLFRVGHVDUUROODGRVSRUOD FiWHGUD\VHJUD¿FDQORVSODQRVGHDUPDGR FRUUHVSRQGLHQWHV 7UHVSDUFLDOHVHVFULWRVGH KRUD\PHGLDGHGXUDFLyQ VREUHORVWHPDVGHVDUUROODGRV HQHOSHUtRGRSUHYLR(V SRVLEOHUHFXSHUDUXQRGHORV GRVSULPHURV\WDPELpQHO WHUFHUR ,,% 81,'$'(VWUXFWXUDV KLSHUHVWiWLFDV 81,'$'&ULWHULRVGHGLVHxR HVWUXFWXUDOHQHGL¿FLRVHQ DOWXUDGHPHGLDQDFRPSOHMLGDG \HQ+RUPLJyQ$UPDGR 81,'$'(OKRUPLJyQ DUPDGR 81,'$''LPHQVLRQDGRHQ +RUPLJyQ$UPDGR /DPHFiQLFDRSHUDWLYDGHOGHVDUUROORGHOFXUVRVH FHQWUDHQ LQIRUPHGHDXWRHYDOXDFLyQ &ODVHVWHyULFDVHQODVTXHSUHVHQWDUiQORVWHPDV GHHVWXGLRVLHPSUHUHIHULGRVDREUDVGH DUTXLWHFWXUD \UHODFLRQDGRVFRQORVFRQWHQLGRVTXH\DSRVHHHO DOXPQR &ODVHVSUiFWLFDVHQ7DOOHUWUDEDMRVLQGLYLGXDOHVR WUDEDMRVJUXSDOHVLQFHQWLYDQGRHOWUDEDMR FRRSHUDWLYRHQWUHDOXPQRV\GRFHQWHV\FRPR PRGDOLGDGVHDGRSWDODUHVROXFLyQGHFDVRVFRQ GDWRVLQGLYLGXDOHVSDUDFDGDJUXSRRLQWHJUDQWHHQ HOFDVRGHORVWUDEDMRVLQGLYLGXDOHV 6HPLQDULRVGHIRUPDFLyQGRFHQWH$GHPiVGHODV WDUHDVHVSHFt¿FDVIUHQWHDDOXPQRVHOFXHUSR GRFHQWHUHDOL]DVHPLQDULRVGHDFWXDOL]DFLyQGH FRQRFLPLHQWRV\GHIRUPDFLyQSHGDJyJLFD 6HLPSOHPHQWDQHQFXHVWDVDDOXPQRVFRPRXQD LQVWDQFLDSHUPDQHQWHSDUDFRUUHJLU\WUDQVIRUPDU ORVDVSHFWRV GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ SHGDJyJLFR±GLGiFWLFRVHLQFHQWLYDUDORVGRFHQWHV DODUHÀH[LyQVREUHODSURSLDSUiFWLFDDOHQWDQGRHO FRPSURPLVRSHUVRQDO\pWLFRSURIHVLRQDOGH PHMRUDPLHQWRFRQWLQXRGHODFDOLGDGGHODWDUHD (6758&785$6,,, &217(1,'265HVRO 0,1&\7 'LVHxRSUR\HFWR FiOFXOR\ GLPHQVLRQDPLHQWRGH (VWUXFWXUDV0HFiQLFD GHORVVyOLGRV 5HVLVWHQFLDGHORV PDWHULDOHV0HFiQLFD GHOVXHOR )XQGDFLRQHV$QiOLVLV HVWUXFWXUDOHQ6LVWHPDV LVRVWiWLFRVH KLSHUHVWiWLFRV(VWDGRV GHWHQVLyQVLPSOHV\ P~OWLSOHV 'HIRUPDELOLGDG (ODVWLFLGDG 'LPHQVLRQDPLHQWRHQ HOFDPSRHOiVWLFRH LQHOiVWLFR´ y y y y y &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 'LDJQyVWLFR\SXQWRGH QLYHODFLyQ 1RFLRQHVGHVLVPRORJtD 3yUWLFRVFRQQXGRV GHVSOD]DEOHV (OHGL¿FLRHQDOWXUD /DPDPSRVWHUtD VLVPRUUHVLVWHQWH /RVWUDEDMRVSUiFWLFRVVRQGHVDUUROODGRVHQIRUPD LQGLYLGXDOHQODSULPHUDPLWDGGHOFXUVR\HQJUXSRV GHyDOXPQRVFXDQGRVHLQFXUVLRQDHQHO GLVHxR(OGHODDVLVWHQFLDLQGLYLGXDOHV UHTXHULGD/DGLQiPLFDSURSLDGHOJUXSRHV YDORUDEOH /RVWUDEDMRVSUiFWLFRVVRQ 3yUWLFRVVLPSOHVDQXGRVGHVSOD]DEOHV 3yUWLFRVP~OWLSOHVFRQIXHU]DVKRUL]RQWDOHV (GL¿FLRHQDOWXUD 0DPSRVWHUtDVLVPRUUHVLVWHQWH /DPD\RUtDGHODVFODVHVWHyULFDVVHGLFWDQDOWXUQR FRPSOHWRRWUDVODVPiVHVSHFt¿FDV SURFHGLPLHQWRVHWFVHUHHODERUDQHQORVWDOOHUHV (QHOODVVHXWLOL]DQPRGHORVItVLFRVTXHVRQ HQVD\DGRVDQWHODSUHVHQFLDGHORVDOXPQRV¿OPHV VREUHWHPDVLPSRUWDQWHVLPiJHQHVGLJLWDOL]DGDV DQLPDGDVHWF 'XUDQWHHOWLHPSRGHGHVDUUROORGHOWUDEDMRGHO DOXPQRVHORHMHUFLWDFRQSUREOHPDVVHQFLOORV FRQFHSWXDOHV\GHHVFDVDFRPSOHMLGDGQXPpULFD WtSLFRVGHHYDOXDFLRQHV/DUHVROXFLyQGHHVWRV SUREOHPDVHVPRWLYRGHFODVHVWHyULFDVRGH UHHODERUDFLyQHQORVPLVPRVWDOOHUHV /RVDOXPQRVGHEHUiQ GHPRVWUDUVXFRQRFLPLHQWR\ FRPSUHQVLyQGHORV FRQWHQLGRVGHODDVLJQDWXUDD WUDYpVGHXQSURFHVRGH 7UDEDMRV3UiFWLFRVGH FRPSOHMLGDGFUHFLHQWHFRQ HYDOXDFLRQHVSDUFLDOHV\ HQWUHJDVGHORVWUDEDMRV SUiFWLFRV /RVSULQFLSDOHVDVSHFWRVD HYDOXDUVRQFRKHUHQFLDGHO SURFHVRYHUVDFLyQGHORV FRQWHQLGRVFDSDFLGDGGH DQDOL]DUFXDOLWDWLYDPHQWHXQD HVWUXFWXUDHPSOHRGH KHUUDPLHQWDVGHVRIWZDUH SHQVDPLHQWRFUtWLFR\ KDELOLGDG\GHVWUH]DSDUDOD UHVROXFLyQWpFQLFDGHO SUREOHPD HYDOXDFLRQHVSDUFLDOHV /RVDOXPQRVGHEHQDSUREDU ODV(YDOXDFLRQHV3DUFLDOHV 7UDEDMRV3UiFWLFRV\R HQWUHJDVSDUFLDOHV\R FXHVWLRQDULRV\XRWUDV HMHUFLWDFLRQHVHYDOXDEOHV GLVWULEXLGDVGXUDQWHHOFXUVR GHO$xR$FDGpPLFR\ FXPSOLPHQWDUFRQHOGH DVLVWHQFLDDFODVHV (;$0(1),1$/5(*8/$5 (QHO([DPHQ)LQDOORV DOXPQRV5HJXODUHVULQGHQ XQDSUXHEDHVFULWDGHWUHV KRUDVGHGXUDFLyQHQODTXH VHGHVDUUROODQWRGRVORVWHPDV GDGRVGXUDQWHHOFXUVR 3XHGHUHTXHULUGHFiOFXORV PDQXDOHV (6758&785$6,9 &217(1,'265HVRO 0,1&\7 'LVHxRSUR\HFWR FiOFXOR\ GLPHQVLRQDPLHQWRGH (VWUXFWXUDV0HFiQLFD GHORVVyOLGRV 5HVLVWHQFLDGHORV PDWHULDOHV0HFiQLFD GHOVXHOR )XQGDFLRQHV$QiOLVLV HVWUXFWXUDOHQ6LVWHPDV LVRVWiWLFRVH KLSHUHVWiWLFRV(VWDGRV GHWHQVLyQVLPSOHV\ P~OWLSOHV 'HIRUPDELOLGDG (ODVWLFLGDG 'LPHQVLRQDPLHQWRHQ HOFDPSRHOiVWLFRH LQHOiVWLFR´ &217(1,'26 y y y y y 8QLGDG(OPHFDQLVPR HVWUXFWXUDOHQREUDVGH JUDQGHVOXFHV 8QLGDG(VWUXFWXUDV 5HWLFXODGDV3ODQDV\ (VSDFLDOHV 8QLGDG(VWUXFWXUDVGH WUDFFLyQ 8QLGDG(VWUXFWXUDVGH FRPSUHVLyQGRPLQDQWH 8QLGDG(VWUXFWXUDV ODPLQDUHV LQIRUPHGHDXWRHYDOXDFLyQ '(6$552//2 )250$'((9$/8$&,Ï1 6HGLFWDQFODVHVWHyULFDVGHFRQWHQLGR FRQFHSWXDODSR\DGDVFRQPHGLRVGLJLWDOHV\ PRVWUDQGRHMHPSORVHQREUDVFRQVWUXLGDVHQ UHODFLyQDOWHPD(QFRUUHVSRQGHQFLDFRQHOWHyULFR VHUHDOL]DXQDHMHUFLWDFLyQSUiFWLFDGHOWHPD GHVDUUROODGRHQFRPLVLRQHVGLULJLGDVSRU SURIHVRUHVDVLVWHQWHV 7UDEDMR3UiFWLFR'LVHxRGHXQHGL¿FLRFRQ FXELHUWDGHJUDQGHVOXFHV*UXSDO'LVHxDUXQ REMHWRDUTXLWHFWyQLFRGHFLHUWDFRPSOHMLGDG UHFRQRFLHQGRODYDULDEOHWHFQROyJLFDFRPRXQDGH ODVFRQGLFLRQDQWHVUHOHYDQWHVHQUHODFLyQDODLGHD JHQHUDGRUD\DOGHVDUUROORSRVWHULRUGHOSUR\HFWR /DHVWUXFWXUDGHEHUiGHVHPSHxDUXQURO SURWDJyQLFRFRPRHOHPHQWRFRQ¿JXUDQWHGHO HVSDFLR\GHODFDUDFWHUL]DFLyQGHODREUD y 7(0$6$/7(51$7,926 &8%,(57$3,67$'(6.$7( 3$6$5(/$3($721$/FRQMXQWDPHQWHFRQ $548,7(&785$9% 3$57,&,3$&,Ï1(1(/³&21&8562 /DFiWHGUDWLHQHSUHYLVWRV GLIHUHQWHVWLSRVGHHYDOXDFLyQ (YDOXDFLyQGLDJQyVWLFDVREUH HOFRQRFLPLHQWREDVHSDUDOD FRPSUHVLyQGHORVFRQWHQLGRV GHODDVLJQDWXUD (YDOXDFLyQIRUPDWLYD 6HJXLPLHQWR\FRQWURO SHUVRQDOL]DGRGHODHYROXFLyQ GHODSUHQGL]DMHORJUDGR GXUDQWHHOFXUVR (YDOXDFLyQVXPDWLYD (YDOXDFLyQGHUHVXOWDGRV REWHQLGRV (YDOXDFLRQHVLQGLYLGXDOHV SDUFLDOHV6HHYDOXDUiODV KDELOLGDGHVDGTXLULGDVSDUDOD UHVROXFLyQFRQFHSWXDOGH HVWUXFWXUDVGHJUDQGHVOXFHV KDFLHQGRKLQFDSLpHQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ '(',6(f2(1$&(523$5$(678',$17(6'( OD(VWDELOLGDG(VSDFLDOGHOD $548,7(&785$´ HVWUXFWXUDHQVXFRQMXQWR &RQGLFLyQGH5HJXODULGDG $SUREDFLyQGHOSDUFLDOTXH WLHQHLQVWDQFLDGH UHFXSHUDWRULR6RODPHQWHVH SRGUiQUHFXSHUDUXQD HMHUFLWDFLyQSUiFWLFD\HO WUDEDMRSUiFWLFR 352'8&&,Ï1<*(67,Ï1 &217(1,'265HVRO 0,1&\7 2UJDQL]DFLyQGLUHFFLyQ \HMHFXFLyQGHREUD 0pWRGRV /HJLVODFLyQDSOLFDGDDO GLVHxR\DOD SURGXFFLyQGH SUR\HFWRV\REUDV 0DUFRQRUPDWLYR PRGDOLGDGHVGHO HMHUFLFLRSURIHVLRQDO 'RFXPHQWDFLyQ\ SUiFWLFD 6HJXULGDGULHVJRH KLJLHQHHQOD FRQVWUXFFLyQ $UELWUDMHVWDVDFLRQHV SHULWDMHV\YDOXDFLRQHV &217(1,'26 '(6$552//2 )250$'((9$/8$&,Ï1 /DVLQVWDQFLDVSHGDJyJLFRGLGiFWLFDVSODQWHDGDV VRQODVVLJXLHQWHV &ODVHVWHyULFDVGHGHVDUUROORGHFRQWHQLGRV FRQFHSWXDOHVFRQUHIHUHQFLDVFRQFUHWDVDODV GLIHUHQWHVVLWXDFLRQHVHQODVTXHHO$UTXLWHFWR LQWHUYLHQHHQOD352'8&&,Ï1<*(67,Ï1'(/$ 2%5$'($548,7(&785$ &ODVHVWHyULFRSUiFWLFDVGHDSOLFDFLyQ\ 8QLGDG7HPiWLFD/D WUDQVIHUHQFLDGHFRQWHQLGRVFRQFHSWXDOHVFRQ 3UiFWLFD3URIHVLRQDOHQOD HWDSDGH'LVHxR6LVWHPDVGH WUDEDMRVSUiFWLFRV*583$/(6GHVDUUROODGRVHQ WDOOHU(VWDVFODVHVVHGHVDUUROODQHQODVHPDQD DGMXGLFDFLyQ6LVWHPDVGH FRQWUDWDFLyQ(QODHWDSDGH VLJXLHQWHDODFODVHWHyULFDFRUUHVSRQGLHQWHFRQHO (MHFXFLyQ2UJDQL]DFLyQGHOD SURSyVLWRGHIDFLOLWDUODLQWHUQDOL]DFLyQ\DSURSLDFLyQ 3URGXFFLyQGHDFXHUGRDOD FRJQLWLYDGHORVFRQWHQLGRVFRQFHSWXDOHV\ YLDELOL]DUVXWUDQVIHUHQFLD FRQWUDWDFLyQ+LJLHQH\ 6HJXULGDGHQREUD $VLJQDFLyQGH5HFXUVRV 3ODQL¿FDFLyQ\SURJUDPDFLyQ GHODREUD7DVDFLRQHV 8QLGDG7HPiWLFD/D 3URIHVLyQ/DWDUHD SURIHVLRQDOeWLFD 3URIHVLRQDO3URPRFLyQGHOD $UTXLWHFWXUD\GHO(MHUFLFLR 3URIHVLRQDO /RVFULWHULRVGHHYDOXDFLyQ FRQVLGHUDGRVVHUiQORV VLJXLHQWHV 'RPLQLRGHOPDUFR FRQFHSWXDOSURSXHVWRHQHO SURJUDPDGHODDVLJQDWXUD 7UDQVIHUHQFLDGHODWHRUtDD VLWXDFLRQHVSUDFWLFDV &RKHUHQFLDHQHOSURFHVR +DELOLGDGHVSDUDXVDU PDWHULDOHVKHUUDPLHQWDV\R WHFQRORJtDVLPSRUWDQWHVHQ HVWDGLVFLSOLQD 'HVDUUROORGHKDELOLGDGHV HQODUHVROXFLyQGHSUREOHPDV 'HVDUUROORGHKDELOLGDGHV SDUDRUJDQL]DUVLQWHWL]DUH LQWHJUDULQIRUPDFLRQHVHLGHDV 8WLOL]DFLyQGHWpFQLFDV\ PpWRGRVSDUDREWHQHUQXHYRV FRQRFLPLHQWRVGHODGLVFLSOLQD 'HVDUUROORGHXQ FRPSURPLVRSDUDHMHUFHUORV GHUHFKRV\UHVSRQVDELOLGDGHV FRPRDUTXLWHFWR &DSDFLGDGSDUDWRPDU GHFLVLRQHVpWLFDVIXQGDGDV 'HVDUUROORGHKDELOLGDGHV GHOLGHUD]JR 2UJDQL]DFLyQGHVX WLHPSR 3DUDREWHQHUOD 5(*8/$5,'$' $SUREDFLyQGHORV 7UDEDMRVSUiFWLFRVGH DSOLFDFLyQ\WUDQVIHUHQFLDGH FRQWHQLGRVFRQFHSWXDOHV 7UDEDMRV3UiFWLFRVD 5HFXSHUDUPi[LPRGRV GHDVLVWHQFLDDODV FODVHVGH7DOOHU y 3DUD$352%$5OD DVLJQDWXUD ([DPHQ¿QDO7HyULFR3UiFWLFR HVFULWRLQGLYLGXDO y 35È&7,&$352)(6,21$/$6,67,'$33$ &217(1,'265HVRO 0,1&\7 2UJDQL]DFLyQGLUHFFLyQ \HMHFXFLyQGHREUD 0pWRGRV /HJLVODFLyQDSOLFDGDDO GLVHxR\DOD SURGXFFLyQGH &217(1,'26 '(6$552//2 ([SHULHQFLDSUiFWLFDLQGLYLGXDO TXHUHDOL]DHOHVWXGLDQWHHQ WDUHDVUHODFLRQDGDVDODV LQFXPEHQFLDVGHOWtWXORGH $UTXLWHFWR &RPR3UiFWLFD$VLVWLGDR6XSHUYLVDGDVHOOHYDUiD FDERHQLQVWLWXFLRQHVS~EOLFDVRSULYDGDVVHFWRUHV SURGXFWLYRV\RGHVHUYLFLRVRHQSUR\HFWRV FRQFUHWRVTXHSDUDWDO¿QGHVDUUROOHOD)$8' (7$3$,167580(17$&,21*(1(5$/\ LQIRUPHGHDXWRHYDOXDFLyQ )250$'((9$/8$&,Ï1 6HHYDO~DQORVVLJXLHQWH SDUiPHWURV y (9$/8$&,21'(/ 78725(;7(512 35(6(17$'$&202 ³$QHR[´(1 GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ SUR\HFWRV\REUDV 0DUFRQRUPDWLYR PRGDOLGDGHVGHO HMHUFLFLRSURIHVLRQDO 'RFXPHQWDFLyQ\ SUiFWLFD 6HJXULGDGULHVJRH KLJLHQHHQOD FRQVWUXFFLyQ $UELWUDMHVWDVDFLRQHV SHULWDMHV\YDOXDFLRQHV (1)248(GHDVLVWHQFLD SUiFWLFDDOHVWXGLDQWH (-(67(0$7,&26 352)(6,21 ,19(67,*$&,21 '2&(1&,$*(67,21 3$57,&8/$5 (7$3$'(),1,&,21$6,*1$&,21'( (63$&,2'(35$&7&,$(17,'$' 5(&(3725$ (7$3$$6,67(,&,$'(/$53$&7,&$ (7$3$&,(55('(,1)250('( (;3(5,(1&,$'(35$&7&,$1$72 (9$/8$&,21 (175(*$),1$/ 352)(6,21$/,'$' '(02675$'$(1(/ '(6$552//2 (1)248( y &203520,62 $680,'2 y &$3$&,'$''( $872*(67,21 352$&7,9,'$'\ $872&5,7&,$ y &$3$&,'$''( 6,17(6,6 7LHPSR\PRGRGHHYDOXDFLyQ 'XUDQWHHOGHVDUUROORGHOD PDWHULDVHSODVPDOD HYDOXDFLyQGHORVSDUiPHWURV PiVVLJQL¿FDWLYRV 4XHGDQGRSDUDHOFLHUUHGHO SURFHVRODHYDOXDFLyQ¿QDO y y *5$),&23URJUDPDVDQDOtWLFRV\FRQWHQLGRVFXUULFXODUHV 'HDFXHUGRDORH[SUHVDGRHQHOFXDGURDQWHULRUTXHGHVFULEHSRUFiWHGUD y HOSURJUDPDDQDOtWLFRGHDFXHUGRDORVFRQWHQLGRVFXUULFXODUHVGHO3ODQGH(VWXGLRV y HOGHVDUUROORGHODPDWHULDHQXQLGDGHVWHPiWLFDV y ODIRUPDGHHYDOXDFLyQ TXHGDH[SOLFLWDGRHOJUDGRGHSURIXQGLGDGHQHOFRQWHQLGRGHORVFRQWHQLGRVFXUULFXODUHV %,%/,2*5$),$ (QELEOLRWHFD\HQHOÈUHD0HGLRVHVWiGLVSRQLEOHSDUDWRGRVORVDOXPQRV\GRFHQWHVGHOD FRPXQLGDGHGXFDWLYDHODFHUYRGRFXPHQWDOOLEURVUHYLVWDVSHULyGLFRVIROOHWRVGLDSRVLWLYDV &GVYLGHRV\'YGVFRQTXHFXHQWDOD)DFXOWDGVLHQGRHOPLVPRPX\DGHFXDGR\SHUWLQHQWH FRPRFRPSOHPHQWRLQGLVSHQVDEOHGHORVSURFHVRVGHIRUPDFLyQ\HQFXDQWRDODHVSHFLILFLGDG GHORVGLVWLQWRVFDPSRVGHFRQRFLPLHQWR2IUHFHXQDJUDQYDULHGDGHQFXDQWRDOQ~PHURGH WtWXORV\VRSRUWHVDOWHUQDWLYRV\HVVXILFLHQWHHQFDQWLGDGGHWtWXORV\HMHPSODUHVDVHJXUDQGRHO QRUPDOGHVDUUROORGHWRGDVODVDFWLYLGDGHVFXUULFXODUHV\GHLQYHVWLJDFLyQ (ODFHUYRGRFXPHQWDOGHOD)DFXOWDG\HQSDUWLFXODUHOHVSHFtILFDPHQWHUHIHULGRDOD&DUUHUDGH $UTXLWHFWXUDHVDEVROXWDPHQWHDGHFXDGR\SHUWLQHQWHQRVyORDORVFRQWHQLGRVFXUULFXODUHV VLQR WDPELpQ D FRQWHQLGRV FRPSOHPHQWDULRV \R VXSOHPHQWDULRV GLVFLSOLQDUHV H LQWHUGLVFLSOLQDUHVTXHPXOWLSOLFDQHOHVSHFWURGHLGHDVYLVLRQHV\WHQGHQFLDVDPSOLDQGRODV SRVLELOLGDGHVGHHQULTXHFHUHOFRQRFLPLHQWRWDQWRDORVHVWXGLDQWHVFRPRDORVGRFHQWHVH LQYHVWLJDGRUHV (QODV)LFKDVGH$FWLYLGDGHV&XUULFXODUHVGHFDGDXQDGHODV&iWHGUDVGHOD&DUUHUDVHOLVWDQ ORV ³WH[WRV GH HVWXGLR´ \ ODV ³OHFWXUDV UHFRPHQGDGDV R VXJHULGDV´ TXH VH DFRQVHMDQ D ORV DOXPQRV'LIHUHQFLDGRVHQ%LEOLRJUDItD%iVLFD\%LEOLRJUDItD&RPSOHPHQWDULDFRSLDVGHHVRV OLVWDGRV VRQ JLUDGRV DO ÈUHD %LEOLRWHFD OD TXH OXHJR GH YHULILFDU HQ VX EDVH GH GDWRV OD H[LVWHQFLD R QR GH ORV WtWXORV HOHYD D ODV DXWRULGDGHV ODV VXJHUHQFLDV R SHGLGRV GH DGTXLVLFLRQHV /D SURSLD )DFXOWDG HIHFW~D SHULyGLFDPHQWH XQD R GRV YHFHV DO DxR VHJ~Q GLVSRQLELOLGDG SUHVXSXHVWDULD ODV DGTXLVLFLRQHV FRUUHVSRQGLHQWHV VHJ~Q XQ RUGHQ GH SULRULGDGHV SUHYLDPHQWHHVWDEOHFLGR'HHVWHPRGRVHHVWDEOHFHXQVLVWHPDGHDFWXDOL]DFLyQGRFXPHQWDO TXHUHFHSWD±\WUDWDGHVDWLVIDFHUODVQHFHVLGDGHV\ODVLQTXLHWXGHVGHODSODQWDFRPSOHWDGH GRFHQWHVHLQYHVWLJDGRUHV 3RU RWUD SDUWH ODV VXVFULSFLRQHV D SXEOLFDFLRQHV WDQWR SHULyGLFRV UHYLVWDV QDFLRQDOHV R H[WUDQMHUDVFRPRSXEOLFDFLRQHVYLUWXDOHVPXFKDVGHHOODVFRQFRQWHQLGRVGHJUiILFRV\WH[WRV GHH[FHOHQWHFDOLGDGTXHORVDVHPHMDQDOLEURVDVHJXUDQHOLQPHGLDWRDFFHVRDODV~OWLPDV QRYHGDGHV WHQGHQFLDV \ YDQJXDUGLDV HQ IRUPD FDVL VLPXOWiQHD D VX ODQ]DPLHQWR HQ ORV OXJDUHVGHRULJHQYHU',0(16,Ï1 LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ $VLJQDWXUDVHOHFWLYDV 'HWDOODU OD RIHUWD GH DVLJQDWXUDV HOHFWLYDVRSWDWLYDV \ VL KXER FDPELRV VHxDODUORV \ MXVWLILFDUORV DVLJQDWXUDV LQFRUSRUDGDV\DVLJQDWXUDVHOLPLQDGDV 5HVSHFWRGHODVDVLJQDWXUDVHOHFWLYDVVLVHUHDOL]DURQFDPELRVWDQWRHQODUHJODPHQWDFLyQ 5HV+&'FRPRHQODRIHUWDGHODVPLVPDV5HV+&' /DV$VLJQDWXUDV(OHFWLYDVGHODFDUUHUD$UTXLWHFWXUDFRQVWLWX\HQXQHQULTXHFLPLHQWRGHO3ODQGH (VWXGLRVDODPSOLDUODRIHUWDGHFRQRFLPLHQWRVHVWUXFWXUDGRVFRQXQVHQWLGRGHRULHQWDFLyQ\ SURIXQGL]DFLyQFXUULFXODU/RVFRQWHQLGRVIRUPDQSDUWHGHODViUHDVWHPiWLFDVSXGLHQGRVHU FXUVDGDVSRUDOXPQRVLQVFULSWRVHQ&XDUWR\R4XLQWR1LYHO /DV$VLJQDWXUDV(OHFWLYDVHQWDQWRPDWHULDVGHOLEUHHOHFFLyQWLHQGHQDSURGXFLUODDUWLFXODFLyQ HQWUHORVGLYHUVRVFDPSRVGHFRQRFLPLHQWRGHQWURGHODFDUUHUD\ODHOHFFLyQGHXQDWHPiWLFDD GHVDUUROODUWDQWRHQOD3UiFWLFD3URIHVLRQDO$VLVWLGDFRPRHQHOWUDEDMRILQDOGH$UTXLWHFWXUD9, 7HVLV GH *UDGR 3URPXHYHQ DGHPiV XQD RULHQWDFLyQ YRFDFLRQDO KDFLD XQD SRVLEOH HVSHFLDOL]DFLyQHQHOSRVWJUDGRSRUSDUWHGHOHJUHVDGR(OFRQMXQWRGHHVWDVPDWHULDVGHOLEUH HOHFFLyQ FRQIRUPD XQD LQVWDQFLD GHO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH GH JUDGR OR VXILFLHQWHPHQWH IOH[LEOH TXH SRVLELOLWD VX SHUPDQHQWH DGHFXDFLyQ D ODV QHFHVLGDGHV \ UHTXHULPLHQWRVGHOPHGLR\DODVGHPDQGDVGHOD8QLGDG$FDGpPLFD /RVREMHWLYRVGHLQFRUSRUDU$VLJQDWXUDV(OHFWLYDVHQHO3ODQGH(VWXGLRVVRQORVVLJXLHQWHV y 3URSRUFLRQDUXQFRQMXQWRGHRIHUWDVGHFRQRFLPLHQWRGHLQWHUpVUHIRU]DQGRODVVLQJXODUHV FDUDFWHUtVWLFDV\QHFHVLGDGHVUHJLRQDOHVGHOD8QLGDG$FDGpPLFDDSDUWLUGHOFRQWH[WR SDUWLFXODUHQHOTXHVHLQVHUWD y ,QGXFLUXQDRULHQWDFLyQHQODVÈUHDV\6XEiUHDVLQWHJUDQGRJUXSRVGLVFLSOLQDULRVTXH RULHQWHQDODLQYHVWLJDFLyQ\DODLQWHUGLVFLSOLQD (QHODxRVHSURSRQHXQQXHYRUHJODPHQWRTXHFRQWHPSOHPHFDQLVPRVTXHIRPHQWHQHO DXPHQWRGHODRIHUWDDFDGpPLFDGHHVWRVHVSDFLRV\TXHORVPLVPRVVHUHQXHYHQFDGDGRV DxRVGHPRGRTXHFDGDFLFORDFDGpPLFRFXHQWHFRQQXHYDVSURSXHVWDVTXHGLYHUVLILTXHQ\ GLQDPLFHQ ODV WHPiWLFDV LQKHUHQWHV D ORV GLVWLQWRV FDPSRV GH FRQRFLPLHQWR GH PRGR GH FRQVROLGDU ORV SHUILOHV SURIHVLRQDOHV SUHWHQGLGRV SRU ORV DVSLUDQWHV DEULHQGR DGHPiV OD SRVLELOLGDGGHFUHDUGLVWLQWDVPRGDOLGDGHVGHFXUVDGRWHPSRUDOUHVSHWDQGRHQWRGRVORVFDVRV ODFDUJDKRUDULDHVWDEOHFLGD3DUDORJUDUHVHREMHWLYRVHSURSRQHLQFRUSRUDUILQDQFLDPLHQWR SDUDDUPDUHTXLSRVGRFHQWHVTXHDFRPSDxHQDO3URIHVRU(QFDUJDGRGHODDVLJQDWXUDHOHFWLYD\ GHHVHPRGRDXPHQWDUODFDSDFLGDGGHLQVFULSFLyQGHpVWDV&DEHDFODUDUTXHHQHODxR VHLQFRUSRUDXQDQXHYDPRGDOLGDGGHPDWHULDHOHFWLYDSRU5HV+&' VHDXWRUL]DOD LQFOXVLyQ GH OD DVLJQDWXUD (;7(16,Ï1 81,9(56,7$5,$ FRPR PDWHULD HOHFWLYD HQ ODV FDUUHUDVGH$UTXLWHFWXUD\'LVHxR,QGXVWULDO LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ 0$7(5,$6(/(&7,9$6 ÈUHD0RUIRORJtD H,QVWUXPHQWDFLyQ ÈUHD&LHQFLDV 6RFLDOHV ÈUHD 7HFQRORJtD ÈUHD$UTXLWHFWXUD \'LVHxR ([SHULHQFLDV SUR\HFWXDOHV DOWHUQDWLYDV ([SHULHQFLDV SUR\HFWXDOHV DOWHUQDWLYDV ([SHULHQFLDV SUR\HFWXDOHV DOWHUQDWLYDV ([SHULHQFLDV SUR\HFWXDOHV DOWHUQDWLYDV *Ui¿FD$UTXLWHFWyQLFD 6RFLRORJtD 3URFHVRVJHQHUDWLYRV GHOHVSDFLR &UtWLFDGHOD $UTXLWHFWXUD $F~VWLFDXUEDQD H[WHULRU *HVWLyQDPELHQWDO GHOSDLVDMH &RQVWUXFFLRQHV LQWHULRULVWDVSRU YtDVHFD $UTXLWHFWXUDGHOD YLYLHQGD &RQVHUYDFLyQGHO 7pFQLFDVDX[LOLDUHV\ FRPSOHPHQWRVGH 3DWULPRQLR WRSRJUDItD /DERUDWRULRGH GLVSRVLWLYRVSDUDHO HVSDFLRS~EOLFR (YDOXDFLyQGHOD H¿FLHQFLDHQHUJpWLFD GHHGL¿FLRV 7DOOHUGH LQYHVWLJDFLyQHQ DUTXLWHFWXUD XUEDQLVPR\GLVHxR (ODERUDFLyQGH SUR\HFWRV 7DOOHUGHGLVHxR FRRSHUDWLYR $UTXLWHFWXUD$UWH\ )LORVRItD (VSDFLRWXUtVWLFR *5$),&2$VLJQDWXUDVHOHFWLYDVHQHOSODQGHHVWXGLRV È5($ $6,*1$785$6(/(&7,9$6 $UTXLWHFWXUDSDUDODVDOXG *HVWLyQDPELHQWDOGHOSDLVDMH *HVWLyQDPELHQWDOGHOSDLVDMH ([SHULHQFLDVSUR\HFWXDOHV DOWHUQDWLYDV $UTXLWHFWXUDGHODYLYLHQGD (VSDFLRWXUtVWLFR $548,7(&785$ <',6(f2 /DERUDWRULRGHGLVSRVLWLYRSDUD HOHVSDFLRS~EOLFR 7DOOHGHLQYHVWLJDFLyQHQ DUTXLWHFWXUDXUEDQLVPR\ GLVHxR(ODERUDFLyQGH SUR\HFWRV 7DOOHUGHGLVHxRFRRSHUDWLYR LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ È5($ $6,*1$785$6(/(&7,9$6 'LVHxRELRFOLPiWLFRGHYLYLHQGD (VWUXFWXUDGHJUDQGHVOXFHV 7(&12/2*Ë$ $F~VWLFDXUEDQD\H[WHULRU $F~VWLFDXUEDQD\H[WHULRU &RQVWUXFFLyQLQWHULRULVWDSRU YtDVHFD &RQVWUXFFLyQLQWHULRULVWDSRU YtDVHFD 33$7HFQRORJtDDSOLFDGD 7pFQLFDVDX[LOLDUHV\ FRPSOHPHQWRVGHWRSRJUDItD (YDOXDFLyQGHH¿FLHQFLD HQHUJpWLFDGHHGL¿FLRV ([SHULHQFLDVSUR\HFWXDOHV DOWHUQDWLYDV *Ui¿FDDUTXLWHFWyQLFD ([SHULHQFLDVSUR\HFWXDOHV DOWHUQDWLYDV 025)2/2*Ë$( ,167580(17$&,Ï1 3URFHGLPLHQWRVJHQHUDWLYRVGHO HVSDFLR &RQVHUYDFLyQ\UHFXSHUDFLyQ GHOSDWULPRQLR &RQVHUYDFLyQ\UHFXSHUDFLyQ GHOSDWULPRQLR 6HPLyWLFD &,(1&,$662&,$/(6 6RFLRORJtD 6RFLRORJtD 3UREOHPiWLFDGHODYLYLHQGD SRSXODU, 3UREOHPiWLFDGHODYLYLHQGD SRSXODU 3UREOHPiWLFDGHODYLYLHQGD SRSXODU,, $UTXLWHFWXUDDUWH\¿ORVRItD ([SHULHQFLDVSUR\HFWXDOHV DOWHUQDWLYDV &UtWLFDGHODDUTXLWHFWXUD *5$),&2&RPSDUDFLyQRIHUWDGHPDWHULDVHOHFWLYDV 'HODQiOLVLVGHOFXDGURSUHFHGHQWHYHPRVXQLQFUHPHQWRFRQVLGHUDEOHHQODRIHUWDGH0DWHULDV (OHFWLYDV GHVGH DO DxR D OD IHFKD SURPRYLHQGR QXHYRV FRQRFLPLHQWRV TXH UHVXOWHQ SHUWLQHQWHVDORVFRQWH[WRVDFWXDOHV\RULHQWDGRVKDFLDXQFDPSRGHLQWHUpVHVSHFtILFRGHO HVWXGLDQWH3ODQLOODGHUHJLVWURGHFDPELRVSXQWRJ (QHODxRDSURSXHVWDGHOD6HFUHWDUtD$FDGpPLFDHO+&'DXWRUL]DODFUHDFLyQGHXQ HVSDFLRFXUULFXODUGHQRPLQDGR³([SHULHQFLDV3UR\HFWXDOHV$OWHUQDWLYDV´TXHQXFOHDXQDVHULH GHDFWLYLGDGHV DFDGpPLFDV TXHVHGLFWDQEDMRIRUPDWRVGHWDOOHUVHPLQDULRVZRUNVKRSVR VLPLODUHV(VWDVDFWLYLGDGHVVRQUHFRQRFLGDVGHQWURGHHVWHHVSDFLRVL ORVIRUPDWRVDQWHV GHVFULSWRVDFUHGLWDQWHQHULQGLYLGXDORHQHOFRQMXQWRGHYDULDVSURSXHVWDVXQDFDUJDKRUDULD LJXDORVXSHULRUDKVKDEHUVLGRSUHYLDPHQWHGHFODUDGRVGHLQWHUpVDFDGpPLFRSRUHO+&'\ FXPSOLPHQWDUFRQORVUHTXLVLWRVIRUPDOHVGHVROLFLWXGGHORGHORVGRFHQWHVHQFDUJDGRVGHOD PLVPDGHWHUPLQDGRVHQHOPDUFRUHJODPHQWDULRGHGLFKDPRGDOLGDG5HV+&'1UR\ LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' (OFXPSOLPLHQWRGHODSDUWLFLSDFLyQ\DSUREDFLyQSRUSDUWHGHORVHVWXGLDQWHVGHWRGDV HVWDVDFWLYLGDGHV LQFOXLGDVHQORVIRUPDWRVQRPEUDGRVVRQGHELGDPHQWHFRQWURODGRVSRUOD 6HFUHWDUtD$FDGpPLFDDWUDYpVGHFHUWLILFDFLRQHV\DSUREDFLRQHVGHODVTXHGHEHGLVSRQHUGHO +&' SDUD FDGD WLSR GH DFWLYLGDG SDUD VHUOHV UHFRQRFLGDV D ORV DOXPQRV FRPR DVLJQDWXUD HOHFWLYD LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' 7UDEDMR)LQDO6tQWHVLV\3UiFWLFD3URIHVLRQDO$VLVWLGD33$ $QDOL]DUVLHO7UDEDMRILQDORGHVtQWHVLV\ODSUiFWLFDSURIHVLRQDODVLVWLGDWDOFRPRHVWiQLPSOHPHQWDGRVFXPSOHQFRQ XQDFDUJDKRUDULDPtQLPDGHKRUDV\FRQORVSURSyVLWRVHVWDEOHFLGRVSDUDORVPLVPRVHQODUHVROXFLyQPLQLVWHULDO 6LQWHWL]DUORVFULWHULRVHVWDEOHFLGRVSDUDJDUDQWL]DUVXFDOLGDG0HQFLRQDUORVSURFHGLPLHQWRVTXHDVHJXUDQTXHWRGD SUiFWLFD SURIHVLRQDO DVLVWLGD SRVHD GXUDFLyQ \ FDOLGDG HTXLYDOHQWH SDUD WRGRV ORV DOXPQRV KDFHU KLQFDSLp HQ OD HGXFDFLyQLPSDUWLGDHQOXJDUHVLQGHSHQGLHQWHVGHODXQLGDGDFDGpPLFD6HxDODUVLHVFRQYHQLHQWHRQHFHVDULRILUPDU QXHYRVFRQYHQLRVRFRQYHQLRVGLIHUHQWHVSDUDOOHYDUDGHODQWHODSUiFWLFDSURIHVLRQDODVLVWLGD\GHVHUDVtHYDOXDUOD SRVLELOLGDGGHVXFRQFUHFLyQ 75$%$-2),1$/6,17(6,6 /D DVLJQDWXUD $UTXLWHFWXUD 9, 7HVLV GH *UDGR XELFDGD HQ HO VH[WR \ ~OWLPR DxR GH OD FDUUHUD HV XQD $VLJQDWXUD GH YHULILFDFLyQ VtQWHVLV \ FLHUUH GHO SURFHVR GH HQVHxDQ]D DSUHQGL]DMHGHOHVWXGLDQWH,QWHJUD\DSOLFDORVFRQRFLPLHQWRVGHODFDUUHUDDWUDYpVGHXQD 7HVLV GH *UDGR DXWR JHVWLRQDGD FRQFHELGD FRPR DQWLFLSDFLyQ \ VLPXODFUR GH OD SUiFWLFD SURIHVLRQDO GHELHQGR UHDOL]DU DSRUWHV LQQRYDGRUHV HQ FXDOTXLHUD GH ORV DVSHFWRV GH OD GLVFLSOLQD\VHUSXHVWRVDFRQVLGHUDFLyQGHODFRPXQLGDGDFDGpPLFDPHGLDQWHDFWRS~EOLFRGH H[SRVLFLyQ\GHIHQVD /D7HVLVGH*UDGRGHEHVHURULJLQDO\VXVDXWRUHVGHEHUiQJDUDQWL]DUODSURSLHGDGLQWHOHFWXDO GHODPLVPD/DDVLJQDWXUD$UTXLWHFWXUD9,WLHQHXQDFDUJDKRUDULDGHKRUDVSRUORTXHVH FXPSOH FRQ OD FDUJD KRUDULD H[LJLGD SRU OD 5HVROXFLyQ 0LQLVWHULDO /DV PLVPDV FRPSUHQGHQODVKRUDVSUHVHQFLDOHVGHODOXPQR\VXSDUWLFLSDFLyQHQODVGLVWLQWDVPRGDOLGDGHV GHFXUVDGRSURSXHVWDVSRUODVFiWHGUDVYHU',0(16,Ï1 /D FDOLGDG VH JDUDQWL]D D WUDYpV GH OD SDUWLFLSDFLyQ HQ HO VHJXLPLHQWR \ HYDOXDFLyQ GH ORV WUDEDMRVGHHTXLSRVGHHVSHFLDOLVWDVFRQIRUPDGRSRUORVDGMXQWRVGHFiWHGUDHQGLYHUVDV iUHDVDFRUGHDODVSDUWLFXODULGDGHV\FRPSOHMLGDGHVGHODVWHPiWLFDVGHVDUUROODGDV &RQODLQWHUYHQFLyQGHODVFiWHGUDVGHO~OWLPRQLYHOGHODFDUUHUD$548,7(&785$9, VH UHDOL]DQDFXHUGRV TXHLQYROXFUDQYDULDVLQVWLWXFLRQHVPXQLFLSDOLGDGHVRWUDVXQLYHUVLGDGHV TXHDFXHUGDQVXVFULELUXQ &RQYHQLRDORVHIHFWRVGHLQLFLDUDWUDYpVGHOSURJUDPD7(6,6\ 75$%$-26),1$/(6'(,17(5e6&2081,7$5,2YHU',0(16,Ï1LPSOHPHQWDGRSRU /D )DFXOWDG GH $UTXLWHFWXUD 8UEDQLVPR \ 'LVHxR GH OD 81& HO GHVDUUROOR GH LGHDV DUTXLWHFWyQLFDV \ GH HTXLSDPLHQWR XUEDQR TXH SXHGDQ VHU HMHFXWDGRV HQ OD FLXGDG \ TXH SURPXHYDQXQDPHMRUFDOLGDGGHYLGDGHVXVKDELWDQWHV 3RU5HVROXFLyQ1VHDSUREyHOFRQYHQLRGHGREOHWLWXODFLyQHQWUHOD&DVDGH(VWXGLRV\ OD 8QLYHUVLGDG GH 6$/(512 IRUPDOL]iQGRVH GH HVWH PRGR HO SURJUDPD GH FRRSHUDFLyQ FRQVLVWHQWH HO LQWHUFDPELR GH HVWXGLDQWHV TXLHQHV SRGUiQ REWHQHU XQD GREOH WLWXODFLyQ XQLYHUVLWDULD IRUPDFLyQ ELOLQJH \ ELFXOWXUDO SURSLFLDQGR OD JHQHUDFLyQ GH SURIHVRUHV HVSHFLDOPHQWHSUHSDUDGRVSDUDLQWHUYHQLUHQXQHVSHFWURPiVDPSOLRGHODSURIHVLyQ\HQHO FDPSRLQWHUQDFLRQDO (OSURJUDPDHVWiGHVWLQDGRDHVWXGLDQWHVGHODFDUUHUDGH$UTXLWHFWXUDTXHKD\DQDSUREDGROD WRWDOLGDGGHODVDVLJQDWXUDVGHOSODQGHHVWXGLRVYLJHQWHVH[FHSWR$548,7(&785$9,±7HVLV GHJUDGRGHELHQGRFRPSOHWDUVDWLVIDFWRULDPHQWHXQDxRGHHVWXGLRVHQOD81,6$FXUVDU\ DSUREDUFXDWURDVLJQDWXUDVWURQFDOHV\GRVHOHFWLYDVDGHPiVGHODWHVLVSDUDREWHQHUHO WtWXORGHJUDGRGHGLFKDXQLYHUVLGDG6HRWRUJDHTXLYDOHQFLDHQODDVLJQDWXUD$548,7(&785$ 9,DORVHVWXGLDQWHVGHODFDUUHUDGH$UTXLWHFWXUDTXHKD\DQFXUVDGR\DSUREDGRODWRWDOLGDGGH ODVDVLJQDWXUDVQHFHVDULDVSDUDREWHQHUHOWtWXORGH*UDGRHQOD8QLYHUVLGDGGH(VWXGLRVGH 6DOHUQR 2UGHQDQ]DGHO+RQRUDEOH&RQVHMR'LUHFWLYR1\5HVROXFLyQGHO+RQRUDEOH&RQVHMR6XSHULRU GHOD81&1 LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' 7HQLHQGRHQFXHQWDORVOD]RVTXHXQHQOD$UJHQWLQDH,WDOLDHQHOFDPSRGHODLQYHVWLJDFLyQ\ IRUPDFLyQXQLYHUVLWDULDODLQWHQFLyQGHHVWDEOHFHUYtQFXORVHQWUHOD81&H,WDOLDWDQWRHQHO FDPSRGHODLQYHVWLJDFLyQFRPRHQORFRQFHUQLHQWHDODIRUPDFLyQ\HGXFDFLyQODHTXLYDOHQFLD HQWUHVXVLQYHVWLJDFLRQHV\PLVLyQHGXFDWLYD\ODYROXQWDGPXWXDGHFRODERUDFLyQHLQWHUFDPELR HQWUH8QLYHUVLGDGHV(XURSHDV\/DWLQRDPHULFDQDVVHDFXHUGDODFUHDFLyQGHHVWHSURJUDPD TXH RWRUJD D ORV HVWXGLDQWHV XQD IRUPDFLyQ DGHFXDGD SDUD UHVSRQGHU D OD GHPDQGD GH SURIHVLRQDOHVTXHSRVHDQXQDSUHSDUDFLyQFRQXQHVSHFWURPiVDPSOLRHLQWHUQDFLRQDO (OSURJUDPDGHGREOHWLWXODFLyQDGPLWHXQQ~PHURPi[LPRGHGLH]HVWXGLDQWHVSRUFDGD XQDGHODV8QLYHUVLGDGHV\SRUFDGDDxRDFDGpPLFR(VLQWHUHVDQWHSDUWLFXODUL]DU\GHWHQHUVH HQXQDGHODVPRGDOLGDGHVGHHQVHxDQ]DXWLOL]DGDHQHO~OWLPRDxRGHODFDUUHUDORVFRQFXUVRV /DVWHPiWLFDVGHULYDGDVGHORVFRQFXUVRVGHDUTXLWHFWXUDSDUDHVWXGLDQWHVVHKDQSUHVHQWDGR FRPRXQDRSRUWXQLGDGSDUDSRQHUHQDFFLyQFXHVWLRQHVSHGDJyJLFDV\GHRILFLRHQXQ³HVSDFLR GHWUDQVIHUHQFLD´ 6H DQWLFLSD DVt D OD YLGD SURIHVLRQDO FRQYLUWLHQGR DO SUR\HFWR HQ XQ HPHUJHQWH GLUHFWR GH UHIOH[LRQHVSRUXQODGRVREUHHOPRWLYRGHOFRQFXUVR\SRURWURGHORVDFWRUHVLQWHUYLQLHQWHV\HO SUREOHPDTXHSUHVHQWD3HUPLWHDGHPiVPHGLUFDSDFLGDGHVLQGLYLGXDOHV\JUXSDOHVWUDEDMDU FRQ WLHPSRV \ SDXWDV H[WHUQDV D OR DFDGpPLFR \ FRPSDUDU GLVWLQWDV PDQHUDV GH DERUGDU LQWHUYHQLU\UHVROYHUXQPLVPRSUREOHPD &RPRWUDEDMRILQDOGH7HVLVORVDOXPQRVVHSUHVHQWDQHQXQFRQFXUVRYLJHQWHHQHODxROHFWLYR FRUUHVSRQGLHQWH\GHVDUUROODQODWHVLVHQIXQFLyQGHODVEDVHVUHTXHULPLHQWRV\WLHPSRVTXH SODQWHDHOFRQFXUVRFRPRSRUHMHPSOR$/$&(52\)81'$&,21+2/&,0 $/$&(52 DODFHURRUJ KDFH XQ OODPDGR D ODV )DFXOWDGHV(VFXHODV GH$UTXLWHFWXUD GH $PpULFD/DWLQDHVSHFLDOPHQWHDORVHVWXGLDQWHV\SURIHVRUHVWXWRUHVTXHFRQFXUVDQDILQGH TXHVHSURIXQGLFHHOHVWXGLRGHODFHURWDQWRFRPRVHDSRVLEOH\TXHVHEXVTXHXQDOWRQLYHOGH FRQRFLPLHQWR\FRPSUHQVLyQGHHVWHPDWHULDOFRPRHOHPHQWRDUTXLWHFWyQLFR\HVWUXFWXUDO(O MXUDGRHYDOXDUiHVSHFLDOPHQWHHQORVDQWHSUR\HFWRVFRQFXUVDQWHVHOFRUUHFWR\DSURSLDGRXVR GHODFHURWDQWRHQORVDVSHFWRVFRQFHSWXDOHV\DUTXLWHFWyQLFRVFRPRHQORVWHFQROyJLFRV\ FRQVWUXFWLYRV$/$&(52 SURSRUFLRQDUiGXUDQWHHODxRHODSR\RQHFHVDULRSDUDHQWUHJDUOD LQIRUPDFLyQUHTXHULGDDORVFRRUGLQDGRUHVORFDOHVGHFDGDSDtVDORVSURIHVRUHV\HVWXGLDQWHV TXHFRQFXUVDQ /DV FRQGLFLRQHV \ IRUPDOLGDGHV GHO VH SODQWHDQ HQ HVWDV %DVHV $GPLQLVWUDWLYDV \ HQ ODV 7pFQLFDV/RVREMHWLYRVGHOFRQFXUVRVRQ y $SR\DUHOGHVDUUROORGHOD$UTXLWHFWXUDFRPRGLVFLSOLQDIXQGDPHQWDOSDUDODFRQVWUXFFLyQ GHOKiELWDWKXPDQRHQORVSDtVHVSDUWLFLSDQWHV y 3URPRYHUHOWUDEDMRHQHTXLSRGHSURIHVRUHV\DOXPQRVFRQMXJDQGRORDFDGpPLFR\OR SURIHVLRQDOLQYHVWLJDQGR\SUR\HFWDQGRVREUHHOWHPDGHOFRQFXUVR y 3URPRYHUHLQFHQWLYDUHOFRQRFLPLHQWR\XVRGHODFHURFRPRPDWHULDOODLQYHVWLJDFLyQHQ WRUQRDVXHQRUPHSRWHQFLDOVXVWHFQRORJtDV\VXVP~OWLSOHVDSOLFDFLRQHVHQHOiUHDGHOD DUTXLWHFWXUD \ OD FRQVWUXFFLyQ WDOHV FRPR HQ HVWUXFWXUDV FHUUDPLHQWRV DSOLFDFLRQHV WHUPLQDFLRQHVGHFRUDFLyQ y 3URPRYHUHOYtQFXORHQWUHSURIHVRUHV\DOXPQRVFRQ$/$&(52\VXVVRFLRV y (VWLPXODUHOWUDEDMRFUHDWLYRGHORVDOXPQRVLQQRYDQGRHQODDUTXLWHFWXUDHOGLVHxR\ FRQVWUXFFLyQHQDFHUR y 6XJHULUDORVSURIHVRUHVTXHFRQGX]FDQDVXVDOXPQRVKDFLDHOGLVHxRGHHVWUXFWXUDVDO OtPLWHGHVXVSRVLELOLGDGHVEDVDGRVHQHOFRQRFLPLHQWRGHODVSURSLHGDGHVGHOPDWHULDO )81'$&,21+2/&,0ZZZKROFLQDZDUGVFRPWLHQHFRPR REMHWLYRSULQFLSDOODSURPRFLyQ QRFRPHUFLDO\HOGHVDUUROORGHFRQVWUXFFLRQHVVXVWHQWDEOHVDQLYHOHVUHJLRQDOHVQDFLRQDOHV\ JOREDOHV8VDQGRHOQLYHOGHDOFDQFHLQWHUQDFLRQDOGHO*UXSR+ROFLPODIXQGDFLyQ+2/&,0 DSR\DDFFLRQHVGLULJLGDVKDFLDODFRQVWUXFFLyQVXVWHQWDEOHLPSXOVDQGRLQLFLDWLYDVTXHJHQHUHQ YLYLHQGDHLQIUDHVWUXFWXUDHQQDFLRQHVLQGXVWULDOL]DGDV\HQGHVDUUROOR /D IXQGDFLyQ +2/&,0 EXVFD XQLILFDU GLYHUVDV H[SHULHQFLDV JOREDOHV \ JHQHUDU FRQFLHQFLD VREUHHOUROFUtWLFRTXHWLHQHODFRQVWUXFFLyQGHQWURGHODVXVWHQWDELOLGDG 3URPRYHUEXHQDV SUiFWLFDV VHU SLRQHURV HQ JHQHUDU VROXFLRQHV IUHVFDV H LQVSLUDU D MyYHQHV DUTXLWHFWRV LQJHQLHURVSODQHDGRUHVGHVDUUROODGRUHV\FRQWUDFWRUHVSDUDDGRSWDUSDUiPHWURVVXVWHQWDEOHV SDUDWRGRVVXVSUR\HFWRVGHFRQVWUXFFLyQVRQVRORDOJXQRVGHVXVDPELFLRVRVREMHWLYRV/RV REMHWLYRVGHOD)XQGDFLyQ+ROFLPVHLPSOHPHQWDQ LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' y $SR\DQGRODFRQVWUXFFLyQVXVWHQWDEOHHQHOSODQRFLHQWtILFRHQWUHH[SHUWRVGHOVHFWRUGHOD FRQVWUXFFLyQQHJRFLR\VRFLHGDG y 3UHPLDQGRSUR\HFWRVLQQRYDGRUHVRULHQWDGRVDOIXWXUR\FRQFRQVWUXFFLyQVXVWHQWDEOH WDQJLEOHDOUHGHGRUGHOPXQGR y 2UJDQL]DQGR VHPLQDULRV R VLPSRVLRV FRQ HO WHPD GH FRQVWUXFFLyQ VXVWHQWDEOH D QLYHO SURIHVLRQDO R DFDGpPLFR DGHPiV GH SURYHHU DSR\R SDUD IDFLOLWDU OD UHDOL]DFLyQ GH SUR\HFWRVGHFRQVWUXFFLyQVREUHVDOLHQWHV /D FRPSHWHQFLD 3UHPLRV +ROFLP +ROFLP$ZDUGV IRU 6XVWDLQDEOH &RQVWUXFWLRQ FRQYRFD OD SDUWLFLSDFLyQGHSUR\HFWRVGHFRQVWUXFFLyQLQQRYDGRUHVWDQJLEOHV\RULHQWDGRVDOIXWXURSDUD DOHQWDUODJHQHUDFLyQGHUHVSXHVWDVVXVWHQWDEOHVDORVGHVDItRVWHFQROyJLFRVDPELHQWDOHV VRFLRHFRQyPLFRV\FXOWXUDOHVTXHDIHFWDQODFRQVWUXFFLyQDQLYHOORFDOUHJLRQDO\JOREDO &RPR SDUiPHWUR GH FRPSDUDFLyQ GH ODV GLYHUVDV SURSXHVWDV SUHVHQWDGDV GHQWUR GH ORV 3UHPLRV +ROFLP ORV MXUDGRV VH YDOHQ GH ODV ³PHWDV´ GH OD FRQVWUXFFLyQ VXVWHQWDEOH TXH FRQWHPSODQ ORV WUHV DVSHFWRV IXQGDPHQWDOHV HO GHVHPSHxR DPELHQWDO OD UHVSRQVDELOLGDG VRFLDO\ODHILFLHQFLDHFRQyPLFD\WDPELpQLQFOX\HQODFDOLGDGDUTXLWHFWyQLFD\ODSRVLELOLGDGGH VHUDSOLFDGRVHQJUDQHVFDOD\ODPXOWLSOLFDFLyQGHODVFDUDFWHUtVWLFDVGHOSUR\HFWR /RV SUR\HFWRV GH 7HVLV GH OD )$8' VH HQFXDGUDQ GHQWUR GH OD &DWHJRUtD ³3Uy[LPD *HQHUDFLyQ´DELHUWDDMyYHQHVSURIHVLRQDOHV\HVWXGLDQWHVXQLYHUVLWDULRV y 7RGRVORVDXWRUHVGHSUR\HFWRVQRGHEHQVHUPD\RUHVGHDxRV y (VWi GLULJLGD D SUR\HFWRV YLVLRQDULRV H LGHDV DXGDFHV FRQ HO YDORU GH JHQHUDU XQ SHQVDPLHQWR ³IXHUD GH OD FDMD´ PLHQWUDV FRQWULEX\HQ FRQ VROXFLRQHV TXH DERUGHQ ORV ³WHPDVREMHWLYR´GHODFRQVWUXFFLyQVXVWHQWDEOH y /RVSUR\HFWRVGHEHQFODVLILFDUVHSDUDVXUHJLVWURHQDOJXQRGHORVVLJXLHQWHVSURGXFWRV &RQVWUXFFLRQHV \ 7UDEDMRV GH ,QJHQLHUtD &LYLO 3DLVDMLVPR 'LVHxR 8UEDQR H ,QIUDHVWUXFWXUD0DWHULDOHV3URGXFWRV\WHFQRORJtDVGHFRQVWUXFFLyQ /RV &RQFXUVRV SDUD ORV HVWXGLDQWHV GH $UTXLWHFWXUD VRQ JHQHUDOPHQWH GH LGHDV \ DQWHSUR\HFWRVVREUHWHPDVGHLQWHUpVJHQHUDORHVSHFtILFRVGHODVFXUUtFXODVGHODFDUUHUDHV GHFLUTXHVHHVWXGLDQORVPLVPRVWHPDVTXHORVDOXPQRVDERUGDQHQHODXODGXUDQWHHOPLVPR DxRGHFXUVDGRWLSRORJtDVGHHVFXHODHVSDFLRVS~EOLFRVYLYLHQGDHWF 6LELHQHQHVWHSXQWRKDFHPRVKLQFDSLpHQORVFRQFXUVRVTXHVHGHVDUUROODQHQ$UTXLWHFWXUD9, WDPELpQ PHQFLRQDPRV D FRQWLQXDFLyQ ORV SUHPLRV \ GLVWLQFLRQHV VREUH RWURV FRQFXUVRV HVWXGLDQWLOHV DSDUWH GH ORV TXH VH GHVDUUROODQ HQ7HVLV FX\R SURSyVLWR HV DFHUFDU D ORV HVWXGLDQWHVDXQDSUiFWLFDSURIHVLRQDOIXWXUD\FRPSOHPHQWDUODIRUPDFLyQDFDGpPLFDGHWDOOHU FRQ LQVWDQFLDV SXQWXDOHV FRQVLJQDV HVSHFtILFDV \ WLHPSRV DFRWDGRV PRWLYDQGR D OD UHDOL]DFLyQGHUHIOH[LRQHV\OOHJDQGRDXQDSURSXHVWDRLGHDEDMRHVWDPRGDOLGDGGHWUDEDMR\ DSUHQGL]DMH(QWHQGHPRVTXHHVWDVLQVWDQFLDVSRWHQFLDQODSURIXQGLGDGFRQFHSWXDODFHUFDGH ORVFRQWHQLGRVDSUHQGLGRVHQFODVH\SRWHQFLDQHOFRPSURPLVRFRQGLVWLQWDVFXHVWLRQHVGHOD UHDOLGDGFXOWXUDOVRFLDO\SURGXFWLYD /RV FRQFXUVRV VXHOHQ VHU GH FRQYRFDWRULD PXQLFLSDO SURYLQFLDO QDFLRQDO H LQWHUQDFLRQDO SURPRYLGRV SRU RUJDQL]DFLRQHV \ RUJDQLVPRV S~EOLFRV DVRFLDFLRQHV FLYLOHV HQWLGDGHV SURIHVLRQDOHV H LQVWLWXFLRQHV HGXFDWLYDV HWF 7RGRV FXHQWDQ FRQ VX SURSLR UHJODPHQWR GH SDUWLFLSDFLyQEDVHV\VXHOHQVHUDELHUWRVRELHQDFRWDGRVDWUDEDMRV\RSDUWLFLSDQWHVSUH VHOHFFLRQDGRVGHSHQGHHOFDVR (QODPD\RUtDGHORVFDVRVOD)DFXOWDGHVRUJDQL]DGRUDRFRRUJDQL]DGRUDFRQRWURVHQWHVX LQVWLWXFLRQHVFRPRKHPRVPHQFLRQDGRDQWHULRUPHQWHSRUHMHPSORHQHOFDVRGHO&RQFXUVR $548,6857,/218+$%,7$7HWF 3DUD WRGRV HOORV VH HVWDEOHFHQ MXUDGRV LQWHUQRV FRQIRUPH D FULWHULRV FRPSDWLEOHV FRQ OD QDWXUDOH]DGHOFRQFXUVRRVHGHVLJQDXQUHSUHVHQWDQWHSRUSDUWHGHOD)$8'\DVHDGRFHQWH HJUHVDGRRHVWXGLDQWH /DVFiWHGUDVGHSUR\HFWR\GLVHxRODVFiWHGUDVGH$548,7(&785$9,\OD6HFUHWDUtDGH $VXQWRV(VWXGLDQWLOHVUHDOL]DQODGLIXVLyQDUPDGRSUHVHOHFFLyQGHUHSUHVHQWDQWHV\RILFLDQGH LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ DVHVRUtD HQ DOJXQRV FDVRV WDPELpQ (Q ORV ~OWLPRV DxRV VH KDQ JHQHUDGR PiV GH FRQFXUVRVDELHUWRVSDUDHVWXGLDQWHVHQFDGDDxRDFDGpPLFRGLULJLGRVDDPEDVFDUUHUDV\HQ DOJXQRVFDVRVDHTXLSRVPXOWLGLVFLSOLQDUHVTXHWLHQHQODSRVLELOLGDGGHPRVWUDUXQDVROXFLyQD XQ SUREOHPD GH OD VRFLHGDG D WUDYpV GH VXV SURSXHVWDV (VWH WLSR GH DFWLYLGDGHV HVWi GLUHFWDPHQWHOLJDGDDOSURJUDPDGHODJHVWLyQ³¢&yPRHQVHxDPRV"\'LIXQGLUOR TXHSHQVDPRV\KDFHPRV´YHU',0(16,Ï1SRUORTXHODSDUWLFLSDFLyQGHORVHVWXGLDQWHV HQHVWDVLQVWDQFLDVQRVSDUHFHXQGDWRUHOHYDQWHDGHVWDFDU\VXSUHPLDFLyQPiVD~Q 6HSXHGHQVHxDODUDTXtFRPR³JDUDQWtDGHFDOLGDG´ORVSUHPLRVREWHQLGRVSRUORVDOXPQRVHQ ORVFRQFXUVRV &21&8562$f2$&$'(0,&235(0,20(1&,21(6 $/$&(52&RQODSDUWLFLSDFLyQGHOD)$8' SUHPLR$OGDQD/RUHQ]R$OGDQD-DURV0DULQD(UFROH9LUJLQLD%DUEHULV SUHPLR-XOLHWD%LDQFKLR(OLDQD&RPED,JQDFLR9LJOLRQH 0HQFLyQ0DFDUHQD0DJXQD0DUDYLFWRULD9LOODURHO 218KiELWDW2UJDQL]DGRSRUOD)$8'81&&LHUUHHQIHEUHUR &21&8562,0$*,1$(/&(1752'(/$&,8'$''(&25'2%$±FDWHJRUtDHVWXGLDQWHV SUHPLR0DULD&ODUD)UDJXHLUR%HUWHOR0DULD6RO SUHPLR.DUOHP$QD0DULD0DWRV)HUQDQGR SUHPLR0HQQD$XJXVWR0XJDV/HDQGUR0LFKHOL0LFDHOD3DVWUDQD6HUJLR &21&8562GH',6(f2'(/263$7,26DxRVFLHUUH$%5,/2UJDQL]DGRSRUOD 6$(81& &21&8562)272*5$),$$1,9(56$5,26DxRV2UJDQL]DGRSRUOD6$(81& SUHPLR3HUH\UD2YLHGR$QDEHOOD SUHPLR2URGD0LFDHOD 0HQFLyQ3RQFH%LDQFKL'D\DQD(ULND &21&8562&5248,6$1,9(56$5,26DxRV2UJDQL]DGRSRUOD6$(81& SUHPLR1H\UD)HUQDQGR SUHPLR5RGULJXH]$OYDUR)HUQDQGR &21&85623,1785$$1,9(56$5,26DxRV2UJDQL]DGRSRUOD6$(81& SUHPLR3RQFH%LDQFKL'D\DQD(ULND SUHPLR*DOYDQ-XDQ &21&8562$52=7(*8,)$8'FRRUJDQL]DGRUD &DWHJRULD%0HQFLyQ3DWLxRVROHGDG=DPSLHUL0DULD$JRVWLQD &DWHJRUtD&3ULPHUSUHPLR2UWL]0LFDHOD%HOHQ3DUDW]*XWLHUUH]2FWDYLR 0HQFLyQ%UDYR5DPLUR&RUVLFR-XDQ)HUUH\UD/XLV ,6$5&+&RQODSDUWLFLSDFLyQGHOD)$8'&RQFXUVRVGHWUDEDMRILQDO &21&8562085$/+&'2UJDQL]DGRSRUOD)$8'81& SUHPLR,JQDFLR*XVPDQ$JXVWLQ:LOOQHFNHU3HGUR&KRSLWHD 7,/&RQODSDUWLFLSDFLyQGHOD)$8' 0HQFLyQ*HUPiQ2UWt]-DYLHU%HUQDUGLQL\$JXVWtQ&DVWDJQHULV 0HQFLyQ0ROLQD*RLFR5RFtR+HUHGLD'LHJR(GXDUGR*UD]LRVL&DPLOD &21&85623/=2/(7$0$/9,1$6$5*(17,1$6&RQODSDUWLFLSDFLyQGHOD)$8' SUHPLR-XDQ&UX]%$55$8'%(/75$0,12)UDQFR6*$5,*/,$ &21&8562 ',6(f2 '( ,62/2*27,32 /$%25$725,2 GH 5(62/8&,21 3$&,),&$ '(/$)$&8/7$''('(5(&+2<&,(1&,$662&,$/(6&RQODSDUWLFLSDFLyQGHOD)$8' &RQFXUVR'LVHxR),1*(5)22'2UJDQL]DGRSRUOD)$8'81& &21&8562 +2:$5' -2+1621 2UJDQL]DGR SRU OD )DXG HQ FRQMXQWR FRQ +RWHO +RZDUG-RKQVRQ LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ 3UHPLR &RVFL 9LUJLQLD HVWXGLDQWH GH 'LVHxR ,QGXVWULDO &ULYHOOL 0DUFRV HVWXGLDQWH GH $UTXLWHFWXUD0DUDQL&ODXGLDHVWXGLDQWHGH$UTXLWHFWXUD 3UHPLR 'DWD 3DWULFLR HVWXGLDQWH GH $UTXLWHFWXUD =DQRQL $QD 3D] HVWXGLDQWH GH $UTXLWHFWXUD3pQGROD*DVWyQHVWXGLDQWHGH$UTXLWHFWXUD 3UHPLR %RVFR $OH[LD HVWXGLDQWH GH $UTXLWHFWXUD ' ÈQJHOR &DUOD HVWXGLDQWH GH $UTXLWHFWXUD)DVVL+R\RV0D*XDGDOXSHHVWXGLDQWHGH$UTXLWHFWXUD 0HQFLRQHV +RQRUtILFDV 0RQLQD &LQG\ 0XOHQD &ULVWLDQ 0XULVL &LQWLD HVWXGLDQWHV GH $UTXLWHFWXUD&RWWL-XOLD7LEDOGL'DQD5HGROIL$JXVWtQHVWXGLDQWHVGH$UTXLWHFWXUD &21&85625()81&,21$/,=$&,21%,%/,27(&$0XVHRGHOD,QGXVWULD 3UHPLR³0´(Q]R'H'tR*HUPiQ*RQ]iOH]+ROF 3UHPLR³%%&´-XDQ%LGDUW$OHMDQGUR%UXQHOOL*LRUJLV$JXVWLQD&DOLJDULV 0HQFLyQ³(175$0$'26´0DUtD($OH[DQGURII=ODWHII/XFLR&KDYHQ&DUUD)UDQFR)DUD 0HQFLyQ³(63217È1(26´7RPiV-%HYHULQD3DJpV-XDQ&UX]6HUDILQL7RPiV3RQW &21&856267$1')(5,$'(//,%52GHOD81& &21&85626$f2$&$'e0,&235(0,260(1&,21(6 &21&8562$/$&(52SDUWLFLSDFLyQGHOD)$8' 7UDEDMRVVHOHFFLRQDGRVHQOD)$8' 3UHPLR0DUtD)ORUHQFLD(VWHEDQ*XDGDOXSHGHO9DOOH1DYDUUR\*HRUJLQD3HWUXVVD SUHPLR&LQG\'DOOHJUH-XOLHWD%URQGLQR\-RDTXtQ&DYDOOLQL 0HQFLyQ(VSHFLDO&DUORV6XELOV\'DPLiQ6XJDU 0HQFLRQHV0DJDOt0HUFDGR$QD1HYDGR)XQHV$QD2EROHYLFK3DEOR'H*LRUJL-XOLiQ'H *LRUJL,JQDFLR&DQGUHYD\-XDQ0DUWtQ*RQ]DOH] $/$&(52,17(51$&,21$/ 0HQFLyQ*XDGDOXSHGHO9DOOH1DYDUUR0DUtD)ORUHQFLD(VWHEDQ*HRUJLQD3HWUXVVD (16$/$'$ '( )587$6 5()/(;,Ï1 62%5( 18(9$6 $62&,$&,21(6 (175( (/ 7(55,725,2 85%$12 < /$6 ,1)5$(6758&785$6 (678',2 0212 3DWULFLR )UDQFLVFR&XHOOR,YiQ*DEULOH%DH]$OHMDQGUR*HUDUGR$ODQL]&KULVWLDQ%DUUHUDHVWXGLDQWH GH$UTXLWHFWXUD9,% KWWSZZZKROFLPIRXQGDWLRQRUJ3URMHFWVIUXLWVDODG 35(0,2+2/&,0³1H[W*HQHUDWLRQ´$PpULFD/DWLQD 35(0,25(*(1(5$&,21<'(16,),&$&,21'(1&,7</XFtD=XQLQR0D\D:LOEHUJHU KWWSZZZUHYLVWDSORWFRPHVKROFLPDZDUGVHQODWLQRDPHULFD &21&8562(,167(,1SDUWLFLSDFLyQGHOD)$8' &21&8562$52=7(*8,SDUWLFLSDFLyQGHOD)$8' y &DWHJRUtD$0HQFLyQ$XGUH\%UHXHU y &DWHJRUtD%3UHPLR/HFXRQD3DUL]LD7RQRQL 0HQFLyQ%UDYR&RUVLFRIHUUH\UD y &DWHJRUtD'3UHPLR0LU5LJXHOHW7XHURV &21&8562',&(7(0SDUWLFLSDFLyQGHOD)$8' &21&8562,9(&2SDUWLFLSDFLyQGHOD)$8' &21&8562,'($6³8QSDVDMHXQD&LXGDG´SDUWLFLSDFLyQGHOD)$8' ,)/$&RQODSDUWLFLSDFLyQGHOD)$8' 8)/2SDUWLFLSDFLyQGHOD)$8' 3UHPLR$JXVWtQ/R]DGD 0HQFLyQ,JQDFLR3DH] &21&8562,;%,(1$/%,$8526$5,2SDUWLFLSDFLyQGHOD)$8' LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ &21&85625('685SDUWLFLSDFLyQGHOD)$8' &21&856267$1')(5,$'(//,%52GHOD81& &21&8562$f2$&$'(0,&235(0,20(1&,21(6 &21&8562$/$&(52SDUWLFLSDFLyQGHOD)$8' 3UHPLR$QWRQHOOD*LRYDQQLQL6RUD\D-DOLOH$JXVWtQ3RQVR\(VWHEDQ3RQVR 3ULPHUD0HQFLyQ$QGUpV1LKRXO/XFDV2OLV]\QVNL\1DKLU2WWDQL 35(0,2+2/&,0³1H[W*HQHUDWLRQ´$PpULFD/DWLQD 0(1&,21 5(*(1(5$&,21 85%$1$ HQ %$55,2 6$1 9,&(17( (&2352<(&72 $XWRUHV/XFLD=XQLQR0D\D:LOEHUJHU &21&8562$548,685SDUWLFLSDFLyQGHOD)$8' &21&8562LGHDV³/$&$6$$872120$´SDUWLFLSDFLyQGHOD)$8' &21&8562$57(81,&2SDUWLFLSDFLyQGHOD)$8' 3UHPLR0LUDGD8QLFD)HUQDQGDÈYLOD9i]TXH]&yUGRED &21&8562 1$&,21$/GH$17(352<(&72,1)5$(6758&785$62&,$/³&(1752 &2081,7$5,2´1SDUWLFLSDFLyQGHOD)$8' &21&8562&(7(0SDUWLFLSDFLyQGHOD)$8' &21&856267$1')(5,$'(//,%52GHOD81& &21&85626$f2$&$'e0,&235(0,260(1&,21(6 35(0,2+2/&,0³1H[W*HQHUDWLRQ´$PpULFD/DWLQD 3UHPLR6('/DIiEULFDGHDJXD-XDQ3DEOR$FFRWWR0DXUR%DUULR\0DWtDV0DUWtQ ZZZKROFLPIRXQGDWLRQRUJ7$/$QJ$5KWP6(' &21&8562$UWH~QLFR 3UHPLR6LVWHPDÒQLFR0DXULFLR0LFKHORXG&yUGRED SUHPLR3UHFLQWR%5$1&$$QWRQLR(PDQXHO*DUFtD&yUGRED 8)/2SDUWLFLSDFLyQGHOD)$8' 3UHPLR$JXVWLQ3LJQDWD0DJGDOHQD+LGDOJR 3UHPLR6DQWLDJR&DQHQ/HDQGUR3LD]]L 3UHPLR/HRQDUGR%RWHOOL'DJXP-DYLHU1DYDO)HUQDQGH]0DULD6RItD2ULWL])ORUHV 0HQFLRQ+RQRULILFD3DEOR0DUWtQ6XDUH]&ODXGLR&HVDU&DUUDQ]D:DOWHU$$OHMDQGUR&DVROOD &21&8562$548,685 &21&8562029,/,'$'85%$1$SDUWLFLSDFLyQGHOD)$8' &21&8562&5(62/ &21&856267$1')(5,$'(//,%52GHOD81& 35$&7,&$352)(6,21$/$6,67,'$33$ /D3UiFWLFD3URIHVLRQDO$VLVWLGD33$ ³(VXQDH[SHULHQFLDSUiFWLFDTXHHOHVWXGLDQWHUHDOL]DLQGLYLGXDO\REOLJDWRULDPHQWHGHQWURGHO 3ODQGH(VWXGLRVHQWDUHDVUHODFLRQDGDVDODVLQFXPEHQFLDVGHO7tWXORGH$UTXLWHFWRHQORV VLJXLHQWHVFDPSRV LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ y 3UR\HFWRVGH$UTXLWHFWXUD8UEDQLVPR\3ODQHDPLHQWR y 3URGXFFLyQGHREUDV (QDPERVFDVRVVHYHULILFDUiLPSOHPHQWDFLyQWHFQROyJLFD\GHJHVWLyQ´5HVROXFLyQ0(&\71 $QH[R,,,&ULWHULRVGHLQWHQVLGDGGHODIRUPDFLyQSUiFWLFD &RPR 3UiFWLFD DVLVWLGD HV XQD DFWLYLGDG DFDGpPLFD REOLJDWRULD TXH SRU HOHFFLyQ GHO HVWXGLDQWHSXHGHUHDOL]DUVHXQDYH]TXHKD\DDSUREDGRWRGDVODVDVLJQDWXUDVGHORVQLYHOHV, ,,\,,,\ODDVLJQDWXUD$UTXLWHFWXUD,96HOOHYDUiDFDERHQLQVWLWXFLRQHVS~EOLFDVRSULYDGDV VHFWRUHVSURGXFWLYRV\RGHVHUYLFLRVRHQSUR\HFWRVFRQFUHWRVTXHSDUDWDOILQGHVDUUROOHOD )$8'(QWRGRVORVFDVRVGHODVPRGDOLGDGHVSURSXHVWDVODVWDUHDVGH33$VHUHDOL]DUiQHQHO VHQRGHXQD(QWLGDG5HFHSWRUD(5H[WHUQDDOD)$8'\FRQWDUiFRQODVXSHUYLVLyQGHDPEDV SDUWHV 3RU WUDWDUVH GH DSUHQGL]DMH OD 33$ VH FRQVWLWX\H D WRGRV ORV HIHFWRV HQ$FWLYLGDG $FDGpPLFDTXHGDQGREDMRFRPSHWHQFLDGHORV'HSDUWDPHQWRVGHOD)$8' 2EMHWLYRVGHOD33$ y )RUWDOHFHU \ FRPSOHWDU OD IRUPDFLyQ DFDGpPLFD PHGLDQWH XQD HMHUFLWDFLyQ SUiFWLFD FRQFUHWD \ VXSHUYLVDGD D WUDYpV GH DFFLRQHV SURSLDV GHO HMHUFLFLR SURIHVLRQDO FRQVROLGDQGRGHHVWDPDQHUDODFDSDFLWDFLyQSURIHVLRQDO\DILDQ]DQGRXQDRULHQWDFLyQ YRFDFLRQDOKDFLDiUHDVGHFRQRFLPLHQWRHQODVTXHHOHVWXGLDQWHSRGUiUHDOL]DUVX7HVLVGH *UDGR$UTXLWHFWXUD9, y %ULQGDUODRSRUWXQLGDGGHXQDH[SHULHQFLDSUiFWLFDGHQWURGHO3ODQGH(VWXGLRVSDUDVX LQVHUFLyQHQHOHMHUFLFLRGHODSURIHVLyQGH$UTXLWHFWRFXDOTXLHUDVHDVXPRGDOLGDG y &DSDFLWDU DO HVWXGLDQWH HQ HO FRQRFLPLHQWR GH ODV FDUDFWHUtVWLFDV IXQGDPHQWDOHV GH OD UHODFLyQODERUDOIRUPiQGRORHQDVSHFWRVTXHOHVHUiQGHXWLOLGDGHQVXSRVWHULRUTXHKDFHU SURIHVLRQDO y )DFLOLWDU HO FRQWDFWR GHO HVWXGLDQWH FRQ LQVWLWXFLRQHV HPSUHVDV S~EOLFDV R SULYDGDV R SURIHVLRQDOHVTXHVHGHVHPSHxDQHQHOiPELWRGHODGLVFLSOLQD y *HQHUDUHVSDFLRVGHUHIOH[LyQFUtWLFDFRQUHODFLyQDORVFRQRFLPLHQWRVDGTXLULGRVHQHO QLYHOGHJUDGR y 2IUHFHUDHVWXGLDQWHV\GRFHQWHVH[SHULHQFLDV\SRVLELOLGDGHVGHFRQWDFWRFRQQXHYDV WHFQRORJtDV &DUJDKRUDULD /D33$WHQGUiXQDGXUDFLyQGHFLHQWRYHLQWHKRUDVORTXHGDFXPSOLPLHQWRDODFDUJD KRUDULDPtQLPDH[LJLGDSRUOD5HVROXFLyQ0LQLVWHULDOQRSUHVHQFLDOHVHQOD)$8'D FXPSOLPHQWDUVHHQXQODSVRGHWLHPSRQRPD\RUDVHLVPHVHVGHDFXHUGRDODPRGDOLGDG DGRSWDGD (Q JHQHUDO SXHGH SODQWHDUVH XQ GHVDUUROOR GH OD 33$ FRQ FRQWLQXLGDG HQ MRUQDGDV QR VXSHULRUHVDVHLVKRUDVGLDULDVHQQRPiVGHFLQFRGtDVDODVHPDQD (OFDVRSDUWLFXODUGHODPRGDOLGDGGHVHJXLPLHQWRGHREUDSODQWHDWLHPSRVGHDYDQFHTXHQR SXHGHQUHDOL]DUVHHQFRQWLQXLGDGSRUORWDQWRVHSURSRQHSDUDHVWHFDVRHOFXPSOLPLHQWRGH XQDRGRVMRUQDGDVVHPDQDOHVGHFXDWURKRUDVKDVWDFXPSOLPHQWDUODFDUJDKRUDULD WRWDOFRQYHQLHQWHPHQWHSODQWHDGDHQHOSODQGHDYDQFHGHOSUR\HFWRDSUREDGRSRUHOWXWRU ³(O7UDEDMR)LQDORGH6tQWHVLV\OD3UiFWLFD3URIHVLRQDO$VLVWLGDFRQVWLWX\HQGRVLQVWDQFLDV FRPSOHPHQWDULDV\QRVXVFHSWLEOHVGHVXVWLWXFLyQUHFtSURFD´5HVROXFLyQ0(&\71 $QH[R,,,&ULWHULRVGHLQWHQVLGDGGHODIRUPDFLyQSUiFWLFDSRUORWDQWRODFDUJDKRUDULDQRSRGUi FXEULUVHFRQDFWLYLGDGHVUHIHULGDVDOD7HVLVRDFXDOTXLHURWUDDFWLYLGDGDFDGpPLFD 0RGDOLGDGHV 6H UHDOL]D PHGLDQWH SDVDQWtDV HQ iPELWRV SURIHVLRQDOHV H[WHUQRV ORV PLVPRV SXHGHQ VHU LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' HPSUHVDV VRFLHGDGHV X RUJDQLVPRV S~EOLFRV R SULYDGRV FHQWURV GH LQYHVWLJDFLyQ FRQ SURJUDPDV GH DSR\R DO GHVDUUROOR FRPXQLWDULR HPSUHQGLPLHQWRV GH H[WHQVLyQ \ RWURV (V UHTXHULPLHQWRSDUDVXLPSOHPHQWDFLyQODH[LVWHQFLDGHFRQYHQLRVHQWUHOD)$8'HLQVWLWXFLRQHV UHFHSWRUDV (QWRGRVORVFDVRV\DWHQGLHQGRODGLYHUVLGDGGHPRGDOLGDGHVSRVLEOHVODVWDUHDVGH33$VH UHDOL]DUiQ HQ HO VHQR GH XQD (QWLGDG 5HFHSWRUD H[WHUQD D OD )$8' \ FRQWDUiQ FRQ OD VXSHUYLVLyQGHDPEDVSDUWHVORFXDOJDUDQWL]DVXFDOLGDG3RUWUDWDUVHGHXQDDFWLYLGDGGH DSUHQGL]DMHOD33$VHFRQVWLWX\HDWRGRVORVHIHFWRVHQ$FWLYLGDG$FDGpPLFDTXHGDQGREDMR FRPSHWHQFLDGHORV'HSDUWDPHQWRVGHOD)$8' /D )$8' FRQVLGHUDUi FXPSOLGD OD 33$ FXDQGR pVWD VH GHVDUUROOH GHQWUR GH ORV VLJXLHQWHV PDUFRV y 6LVWHPDGH3DVDQWtDV(GXFDWLYDVVHJ~QOD/H\1DFLRQDO1GHOD6HFUHWDUtDGH y y y y ([WHQVLyQ\ROD6HFUHWDUtDGH$VXQWRV(VWXGLDQWLOHVGHOD)$8'TXHVHDGHFXHQDOD FDUDFWHUL]DFLyQ SODQWHDGD (Q HO PDUFR GH FRQYHQLRV GH FRRSHUDFLyQ FRQ HQWLGDGHV S~EOLFDVXRUJDQL]DFLRQHVSULYDGDV (QWUH RWUDV SRVLEOHV VH SXHGHQ PHQFLRQDU 6HFUHWDUtD GH 3ODQLILFDFLyQ \ *HVWLyQ ,QVWLWXFLRQDO6XEVHFUHWDUtDGH3ODQHDPLHQWR)tVLFRGHOD81&0XQLFLSDOLGDG'LUHFFLyQ GH5HQWDVGHOD3URYLQFLDGH&yUGRED&DWDVWURGHOD3URYLQFLDGH&yUGRED6XEJHUHQFLD GH3DWULPRQLR&XOWXUDOGHOD3URYLQFLDGH&yUGRED'3$(PSUHVDVGH6HUYLFLRV3~EOLFRV %DQFR GH &yUGRED 21*V 7DPELpQ HQ HO PDUFR GH FRQYHQLRV FRQ HO &ROHJLR GH $UTXLWHFWRV&ROHJLRGH,QJHQLHURVHPSUHVDVFRQVWUXFWRUDVHVWXGLRVSURIHVLRQDOHV 3URJUDPDGH7HVLVGH,QWHUpV&RPXQLWDULR 3URJUDPDGH%HFDVGH([WHQVLyQ 3UR\HFWRVGHFRRSHUDFLyQFRQVHFWRUHVSURGXFWLYRVRGHVHUYLFLRV 7UDEDMRV GH H[WHQVLyQ QR SUHVHQFLDOHV JHQHUDGRV D WUDYpV GH FiWHGUDV WDOOHUHV R LQVWLWXWRV (V RSRUWXQR DFODUDU TXH FXDOTXLHU yUJDQR DFDGpPLFR GH OD )$8' HVWDUi IDFXOWDGR SDUD JHQHUDU PRGDOLGDGHV GHO VLVWHPD GH 33$ VL FXPSOLHUD FRQ OD FDUDFWHUL]DFLyQSURSXHVWD &RQYHQLRV\5HJODPHQWRV /DUHDOL]DFLyQGHOD33$SRUSDUWHGHOHVWXGLDQWHUHTXHULUiGHXQ&RQYHQLR0DUFRHQWUHOD)$8' \OD(5JHVWLRQDGRDWUDYpVGHOD6HFUHWDUtDGH([WHQVLyQ/D)$8'FHUWLILFDUiODSDUWLFLSDFLyQ GHODLQVWLWXFLyQ\GHOSHUVRQDOLQYROXFUDGRFRPR(QWLGDG5HFHSWRUDGHQWURGHOSURJUDPDGH 33$ &DUDFWHUL]DFLyQ GH OD (5 /DV LQVWLWXFLRQHV S~EOLFDV R SULYDGDV HPSUHVDV R HVWXGLRV SURIHVLRQDOHVSRGUiQFRQVWLWXLUVHFRPR(5FXDQGRUH~QDQORVVLJXLHQWHVUHTXLVLWRV y 3URSRQHU DFWLYLGDGHV GH SDVDQWtD D HVWXGLDQWHV GHQWUR GH OD FDUDFWHUL]DFLyQ GH 33$ SURSXHVWD y 3RVHHUXQPDUFROHJDOGHDFXHUGRDODVQRUPDWLYDVYLJHQWHV y +DEHU ILUPDGR FRQ OD )$8' HO &RQYHQLR 0DUFR GH 33$ \ HQFRQWUDUVH LQFRUSRUDGR DO 5HJLVWURGH(5SDUD33$GHOD)$8' /DVLQVWLWXFLRQHVS~EOLFDVRSULYDGDVHPSUHVDVRHVWXGLRVSURIHVLRQDOHVDOILUPDUHO&RQYHQLR 0DUFRVHFRPSURPHWHUiQDOPHQRVFRQ y 3UHVWDUFRODERUDFLyQ\DVHVRUDPLHQWRSDUDHOFXPSOLPLHQWRGHORVREMHWLYRVSURSXHVWRV y )DFLOLWDUODODERUGRFHQWHGHOWXWRUDVLJQDGRDOD33$ y 'HVLJQDUXQWXWRUH[WHUQRTXHRULHQWH\FRRUGLQHHOWUDEDMRGHOHVWXGLDQWH\TXHHODERUHXQ LQIRUPHILQDOVREUHODFDOLGDGSHUWLQHQFLDHLPSRUWDQFLDGHOWUDEDMRSDUDVXHYDOXDFLyQ y %ULQGDUDOSDVDQWHORVEHQHILFLRVUHJXODUHVTXHVHDFXHUGHQDOSHUVRQDOGHOD(5WDOHV FRPRFRPHGRUWUDQVSRUWHIUDQFRV /D)$8'DIURQWDUiORVJDVWRVGHFREHUWXUDGHVHJXUR\DVLVWHQFLDGHXUJHQFLDVGHOHVWXGLDQWH \D TXH OD UHODFLyQ FRQ HO PLVPR VH PDQWLHQH HQ HO iPELWR GH ODV DFWLYLGDGHV DFDGpPLFDV H[FOX\HQGRFXDOTXLHUWLSRGHYtQFXORODERUDOGHOHVWXGLDQWHFRQOD(5 LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ /RVDOXPQRVGH33$ 3DUDLQLFLDUOD33$HOHVWXGLDQWHGHEHUiWHQHUDSUREDGDVWRGDVODVDVLJQDWXUDVGHORVQLYHOHV, ,,,,,\$UTXLWHFWXUD,9/DDFWLYLGDGGH33$SRGUiGHVDUUROODUVHGHQWURGHO1LYHO9R9,GHOD FDUUHUD\HVQHFHVDULRDSUREDUOD33$SUHYLRDODSUHVHQWDFLyQGHODWHVLV6HJ~QHOiUHDGH FRQRFLPLHQWRHQHOTXHVHGHVDUUROOHOD33$SRGUiQILMDUVHFULWHULRVSDUWLFXODUHVHVWDEOHFLGRV SRUHO'HSDUWDPHQWRFRUUHVSRQGLHQWH (OHVWXGLDQWHVHFRPSURPHWHUiDGDUHVWULFWRFXPSOLPLHQWRDODVQRUPDV\UHJODPHQWRVLQWHUQRV GHOD(5DVtFRPRDORVWLHPSRV\KRUDULRVSODQWHDGRVHQHOSUR\HFWRQRSXGLHQGRUHDOL]DUHQOD PLVPDDFWLYLGDGHVGHRWUDtQGROHTXHODVTXHVHH[SOLFLWHQHQHOSUR\HFWR7DPSRFRSRGUi XWLOL]DULQIRUPDFLyQUHIHUHQWHDOD(5SRUIXHUDGHORHVWULFWDPHQWHDFDGpPLFRWDQWRPLHQWUDV GXUHODHMHFXFLyQGHOSUR\HFWRFRPROXHJRGHVXH[SHULHQFLD 3URFHGLPLHQWRVGHOD33$ (OSURFHGLPLHQWRSDUDUHDOL]DUOD33$FRQVWDUiGHODVVLJXLHQWHVLQVWDQFLDV y ,QVFULSFLyQ*XDUDQtHQODTXHHOHVWXGLDQWHGHEHUiDFUHGLWDUODVFRQGLFLRQHVGHDOXPQR GH33$SODQWHDGDVHQHOSXQWRDQWHULRU(QHVWDLQVWDQFLDHOHVWXGLDQWHDFFHGHDO5HJLVWUR GH(5GH33$\SRGUiVROLFLWDUDVHVRUDPLHQWRDODRILFLQDGH33$DFHUFDGHODILQDOLGDG\ IXQFLRQHVTXHSODQWHDQODVPRGDOLGDGHVGHVXLQWHUpV6HUHDOL]DUiQGRVLQVFULSFLRQHV GXUDQWHHODxRDFDGpPLFRXQDHQHOPHVGHPDU]R\RWUDHQHOPHVGHMXOLR y (OHVWXGLDQWHHODERUDUiHO3UR\HFWRGH33$IRUPXODULR1TXHGHEHUiSUHVHQWDUDQWHOD (QWLGDG 5HFHSWRUD SDUD VX DFHSWDFLyQ VROLFLWDQGR DGHPiV OD GHVLJQDFLyQ GH XQ WXWRU H[WHUQRGHQWURGHOD(5 y 3UHVHQWDFLyQGHO3UR\HFWRHQOD2ILFLQDGH33$IRUPXODULR1(QHVWDLQVWDQFLDHO HVWXGLDQWHSRGUiSURSRQHUXQWXWRULQWHUQRSDUDHOVHJXLPLHQWRGHVXWUDEDMR6LQROR WXYLHUDORV'HSDUWDPHQWRVOHDVLJQDUiQXQR y 'HVDUUROORGHOSUR\HFWR\SODQGHWUDEDMR y $ ORV HIHFWRV GH XQ FRUUHFWR VHJXLPLHQWR HO DOXPQR GHEHUi OOHYDU XQ UHJLVWUR GH ODV DFWLYLGDGHVTXHUHDOLFHGXUDQWHODSUiFWLFDHOFXDOVHUiUHTXHULGRSRUVXWXWRULQWHUQRDO PHQRVHQGRVLQVWDQFLDVGHDYDQFHGHOSODQGHWUDEDMRGH33$(VWHUHJLVWURIRUPDUiSDUWH GHOLQIRUPHILQDO y (YDOXDFLyQGHOSUR\HFWRGH33$SRUSDUWHGHDPERVWXWRUHVIRUPXODULR1\1 y 3UHVHQWDFLyQGHO,QIRUPH)LQDOTXHGHEHUiLQFOXLUHYDOXDFLyQ\DYDOGHDPERVWXWRUHV 3DUD IDFLOLWDU OD WDUHD GH ORV GLVWLQWRV DFWRUHV LQWHUYLQLHQWHV HQ HO SURJUDPD GH 33$ VH UHFRPLHQGDODHODERUDFLyQGHORVVLJXLHQWHV)RUPXODULRVGHFRQWURO\HYDOXDFLyQYHU$1(;2 y )RUPXODULRSDUDODSUHVHQWDFLyQGHSUR\HFWRVGH33$ y )RUPXODULRGHHYDOXDFLyQGH33$SDUDWXWRUHVH[WHUQRV y )RUPXODULRGHHYDOXDFLyQGH33$SDUDWXWRUHVLQWHUQRV 7XWRULQWHUQR3RGUiQVHU7XWRUHVGH33$ORV3URIHVRUHV7LWXODUHVR$GMXQWRV\ORV-73TXH KD\DQDFFHGLGRDVXFDUJRSRUFRQFXUVR\FX\DWUD\HFWRULDDFDGpPLFD\RSURIHVLRQDOVHDDItQ DOiUHDGHFRQRFLPLHQWRGHODSURSXHVWDGH33$(QHOFDVRGH-73HVUHTXLVLWRDGHPiVTXHVH KD\DQGHVHPSHxDGRHQVXFDUJRSRUDOPHQRVXQSHULRGRFRPSOHWRRDFUHGLWDUPiVGHGLH] DxRVGHDQWLJHGDGHQGRFHQFLD3DUDSRGHUGHVHPSHxDUVHHQHVWDIXQFLyQORV3URIHVRUHV\ -73 GHEHUiQ LQVFULELUVH HQ HO 5HJLVWUR GH 7XWRUHV ,QWHUQRV HQ OD RILFLQD GH 33$ GH ORV 'HSDUWDPHQWRV 6RQIXQFLRQHVGHO7XWRULQWHUQRGH33$ y 2ULHQWDUDOHVWXGLDQWHGHVGHODHODERUDFLyQGHOSUR\HFWR\SODQGHWUDEDMRSDUDOD33$ LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ GXUDQWHHOGHVDUUROORGHODDFWLYLGDGKDVWDODHODERUDFLyQGHO,QIRUPH)LQDO y *XLDU\VXSHUYLVDUODVDFWLYLGDGHVGHOHVWXGLDQWH y $VHVRUDUVREUHDVSHFWRVWHyULFRV\PHWRGROyJLFRVHQODLQVWDQFLDTXHHOHVWXGLDQWHOR UHTXLHUD y &RPSOHWDUHOIRUPXODULRGHHYDOXDFLyQGHWXWRUHVDGMXQWRDO,QIRUPH)LQDOSUHVHQWDGRSRU HVWXGLDQWHVSDUDODHYDOXDFLyQGHOD33$ 7XWRUH[WHUQR6HUiQGHVLJQDGRVSRUOD(5\GHEHUiQVHUSURIHVLRQDOHVFRQWtWXORXQLYHUVLWDULR HQODViUHDVGHDUTXLWHFWXUDLQJHQLHUtDRGLVFLSOLQDVDILQHVDOSUR\HFWRGHSUiFWLFDSUHVHQWDGR 6RQIXQFLRQHVGHO7XWRUH[WHUQRGH33$ y *XLDU\VXSHUYLVDUODVDFWLYLGDGHVGHOHVWXGLDQWH y &RPSOHWDU HO IRUPXODULR GH HYDOXDFLyQ GH WXWRUHV H[WHUQRV DGMXQWR DO ,QIRUPH )LQDO SUHVHQWDGRSRUHOHVWXGLDQWHSDUDODDFUHGLWDFLyQGHOD33$ (YDOXDFLyQ /DVLQVWDQFLDVGHHYDOXDFLyQSDUDJDUDQWL]DUODFDOLGDGVRQODVVLJXLHQWHV y /DSULPHUDFRQVLVWLUiHQODHYDOXDFLyQGHO3UR\HFWRGH33$\VHUiUHDOL]DGDSRUHO7XWRU LQWHUQR TXLHQ GHWHUPLQDUi OD SHUWLQHQFLD GHO 3UR\HFWR SODQWHDGR (VWD SUHVHQWDFLyQ GHEHUi LQFOXLU OD SUHLQVFULSFLyQ DFUHGLWDQGR ODV FRQGLFLRQHV GH DOXPQR UHTXHULGDV HO 3UR\HFWR HO 3ODQ GH 7UDEDMR OD DFHSWDFLyQ SRU SDUWH GH OD (QWLGDG 5HFHSWRUD \ OD GHVLJQDFLyQGHOWXWRUH[WHUQR y /DVHJXQGDFRQVLVWLUiHQODHYDOXDFLyQGHO,QIRUPH)LQDO\VHUiUHDOL]DGDSRUHO7XWRU LQWHUQR TXLHQ UHFRPHQGDUi GDU SRU FXPSOLPHQWDGD OD DFWLYLGDG GH 33$ 3DUD VX SUHVHQWDFLyQHQODRILFLQDGH33$GHEHUiLQFOXLUDGHPiVGHOPDWHULDOHODERUDGRSRUHO HVWXGLDQWHHOUHJLVWURGHDFWLYLGDGHVVXSHUYLVDGR\ORVLQIRUPHVGHOWXWRUH[WHUQR\GHOWXWRU LQWHUQR 'XUDQWH HO GHVDUUROOR GH OD PDWHULD VH SODVPD OD HYDOXDFLyQ GH ORV SDUiPHWURV PiV VLJQLILFDWLYRV TXHGDQGR SDUD HO FLHUUH GHO SURFHVR OD HYDOXDFLyQ ILQDO /D FDOLGDG GH ODV 3UiFWLFDVVHJDUDQWL]DQDSDUWLUGHLQIRUPHV\HYDOXDFLRQHVTXHFRQWHPSODQORVVLJXLHQWHV SDUiPHWURV y y y y y (YDOXDFLyQGHOWXWRUH[WHUQRTXHIRUPDSDUWHGHODHQWUHJDILQDO 3URIHVLRQDOLGDGGHPRVWUDGDHQHOGHVDUUROORHQIRTXH &RPSURPLVRDVXPLGR &DSDFLGDGGHDXWRJHVWLyQSURDFWLYLGDG\DXWRFUtWLFD &DSDFLGDGGHVtQWHVLV (QWLGDGHVUHFHSWRUHV(5VXJHULGDVSRUODFiWHGUD (PSUHVDV'HVDUUROOLVWDVVHJ~Q&219(1,20$5&2&('8&)$8'33$ (5,1*(1,(5,$65/(,1*(1,(52652%(572<&$5/26758-,//265/±87( 7(,1*)5$1&2582/2 3UiFWLFDÈUHDVWpFQLFDDGPLQLVWUDWLYD\REUD &DSDFLGDGDGPLWLGDHVWXGLDQWHV &RQWDFWR6UWD$QGUHD4XHYHGRGHDKV 0DLOGHFRQWDFWRDTXHYHGR#LQJHQLHULD\WUXMLOORFRPDU (5*1,6$ 7($UT1LFRODV5DFDJQL 3UiFWLFDÈUHDVGHVDUUROORGHSUR\HFWRV\VHJXLPLHQWRGHREUDV &DSDFLGDGDGPLWLGDHVWXGLDQWHV &RQWDFWR0HOLVD)DXFKHU55++PHOLVDIDXFKHU#JQLFRPDUGHKV 1LFROiV5DFDJQL$UTXLWHFWXUD5DFDJQL#JQLFRPDU 3DUDHQYtRGH&9VHOHFFLRQ#JQLFRPDU (5+$%XJOLRWWL$UTXLWHFWRV 7($UT+LSROLWR$OHMDQGUR%XJOLRWWL LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ 3UiFWLFDÈUHDVGHVDUUROORGHSUR\HFWRV\VHJXLPLHQWRGHREUDV &DSDFLGDGDGPLWLGDHVWXGLDQWHV &RQWDFWR$UT+LSyOLWR%XJOLRWWLDUTXLWHFWRVKDE#JPDLOFRP +RUDULRSDUDFRQWDFWRGHD\DKUV (5$ULQFR65/ 7(,QJ-RUJH3UHYHUR 3UiFWLFDVHJXLPLHQWRGHREUDV &DSDFLGDGDGPLWLGDHVWXGLDQWHV &RQWDFWRMRUJHSUHYHUR#DULQFRVUOFRPDU +RUDULRSUHIHUHQWHSDUDFRQWDFWRGHDKV ,167,78&,21(6(17,'$'(6*8%(51$0(17$/(6 (5&,$/&HQWURGH,QYHVWLJDFLRQHV$F~VWLFDV\/XPLQRWpFQLFDV ,167,78&,21(6(17,'$'(6*8%(51$0(17$/(6 (5&,$/&HQWURGH,QYHVWLJDFLRQHV$F~VWLFDV\/XPLQRWpFQLFDV 7($UT$UWXUR0DULVWDQ\$UT/HDQGUD$EDGtD$UT$OLFLD5LYRLUD 'RFHQWHV)$8'ÈUHD7HFQRORJtD 3UiFWLFD &RODERUDFLyQ HQ GHVDUUROOR GH SUR\HFWRV \ GLVHxRV HQ DF~VWLFD \ OXPLQRWHFQLD YLQFXODGRVDHPSUHVDVSULYDGDV &DSDFLGDGDGPLWLGDHVWXGLDQWHV &RQWDFWRFLDOXQF#JPDLOFRP (50XQLFLSDOLGDGGH&yUGRED,QVWLWXWRGH3ODQLILFDFLyQ0XQLFLSDO,3/$0 7($UT0DULFUX](UUDVWL 3DUDGHVDUUROORGHSUR\HFWRVXUEDQRVVHFWRULDOHV\SUR\HFWRVGHQRUPDWLYD &DSDFLGDGDGPLWLGDHVWXGLDQWHV &RQWDFWR$UT0DULFUX](UUDVWLLSODPSSD#JPDLOFRPHQYLDUDQDOtWLFR\EUHYH&9 &ROHJLRGH$UTXLWHFWRVGHOD3URYLQFLDGH&yUGRED 3DUDFRQWDFWDUFRQHVWXGLRVSURIHVLRQDOHV 5HVROXFLyQ19HUHQ KWWSZZZFROHJLRDUTXLWHFWRVFRPDULQVWLWXFLRQDO GHVSOLHJXHSKS"LGVHFFLRQ LGVXEVHFFLRQ LGLQIRUPDFLRQ ,QIRUPDFLyQ)ULXOLEDUULR&ROLQDVGH9pOH]6DUVILHOG&yUGRED$UJHQWLQD 7HO 0LQLVWHULRGH-XVWLFLD\'HUHFKRV+XPDQRV ÈUHD5HOHYDPLHQWR\0DQWHQLPLHQWR 7($UT$OLFLD&DVDV 3UiFWLFD&RODERUDFLyQHQODSUHSDUDFLyQGHSUHVXSXHVWRVGHREUDVGHPDQWHQLPLHQWR &DSDFLGDGHVWXGLDQWH &RQWDFWR$UT$OLFLD&DVDVDOLFLDFDVDV#JPDLOFRP (17,'$' 5(&(3725$ )$0$) )DFXOWDG GH 0DWHPiWLFD$VWURQRPtD \ )tVLFD 81& ÈUHD2*+6\0$/2ILFLQDGH*HVWLyQHQ+LJLHQH6HJXULGDG\0HGLRDPELHQWH/DERUDO 3UDFWLFD5HOHYDPLHQWRGHHTXLSDPLHQWRGHSURWHFFLyQFRQWUDLQFHQGLRPHGLRVGHHYDFXDFLyQ H LQVWDODFLRQHV ILMDV F HO IXHJR 'LEXMR GH SODQRV HQ DXWRFDG V IRUPDWRV HVWDQGDUL]DGRV FRPSOHWDPLHQWRGHSODQLOODVGHUHJLVWURVGHH[WLQWRUHVFRODERUDFLyQHQSUR\HFWRVHQREUDVGH UHIXQFLRQDOL]DFLyQ\HQUHDOL]DFLyQGHFyPSXWRV\SUHVXSXHVWRV &DQWLGDGHVWXGLDQWHV &RQWDFWR7XWRU([WHUQR,QJ6XVDQD3pUH]=RUULOODVXVDQDS]#\DKRRFRPDU (17,'$'5(&(3725$)&$)DFXOWDGGH&LHQFLDV$JURSHFXDULDV81& ÈUHD2*+6\0$/2ILFLQDGH*HVWLyQHQ+LJLHQH6HJXULGDG\0HGLRDPELHQWH/DERUDO 3UDFWLFD5HOHYDPLHQWRGHHTXLSDPLHQWRGHSURWHFFLyQFRQWUDLQFHQGLRPHGLRVGHHYDFXDFLyQ H LQVWDODFLRQHV ILMDV F HO IXHJR 'LEXMR GH SODQRV HQ FDG V IRUPDWRV HVWDQGDUL]DGRV FRPSOHWDPLHQWRGHSODQLOODVGHUHJLVWURVGHH[WLQWRUHVFRODERUDFLyQHQSUR\HFWRVHQREUDVGH UHIXQFLRQDOL]DFLyQ\HQUHDOL]DFLyQGHFyPSXWRV\SUHVXSXHVWRV &DQWLGDGHVWXGLDQWHV &RQWDFWR7XWRU([WHUQR,QJ6LOYLD&KDSUHVWRVFKDSUHVWR#KRWPDLOFRP LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' (17,'$'5(&(3725$+1&+RVSLWDO1DFLRQDOGH&OtQLFDV81&\)&4)DFXOWDG GH&LHQFLDV4XtPLFDV81& ÈUHD2*+6\0$/2ILFLQDGH*HVWLyQHQ+LJLHQH6HJXULGDG\0HGLRDPELHQWH/DERUDO 3UDFWLFD5HOHYDPLHQWRGHHTXLSDPLHQWRGHSURWHFFLyQFRQWUDLQFHQGLRPHGLRVGHHYDFXDFLyQ H LQVWDODFLRQHV ILMDV F HO IXHJR 'LEXMR GH SODQRV HQ FDG V IRUPDWRV HVWDQGDUL]DGRV FRPSOHWDPLHQWRGHSODQLOODVGHUHJLVWURVGHH[WLQWRUHVFRODERUDFLyQHQSUR\HFWRVHQREUDVGH UHIXQFLRQDOL]DFLyQ\HQUHDOL]DFLyQGHFyPSXWRV\SUHVXSXHVWRV &DQWLGDGHVWXGLDQWHV &RQWDFWR7XWRU([WHUQR,QJ-XDQ3LFRQHKLJLHQH\VHJXULGDG#IFPXQFHGXDU (17,'$'5(&(3725$)36)DFXOWDGGH3VLFRORJtD±81&\ÈUHD&HQWUDO81& ÈUHD2*+6\0$/2ILFLQDGH*HVWLyQHQ+LJLHQH6HJXULGDG\0HGLRDPELHQWH/DERUDO 3UDFWLFD5HOHYDPLHQWRGHHTXLSDPLHQWRGHSURWHFFLyQFRQWUDLQFHQGLRPHGLRVGHHYDFXDFLyQ H LQVWDODFLRQHV ILMDV F HO IXHJR 'LEXMR GH SODQRV HQ FDG V IRUPDWRV HVWDQGDUL]DGRV FRPSOHWDPLHQWRGHSODQLOODVGHUHJLVWURVGHH[WLQWRUHVFRODERUDFLyQHQSUR\HFWRVHQREUDVGH UHIXQFLRQDOL]DFLyQ\HQUHDOL]DFLyQGHFyPSXWRV\SUHVXSXHVWRV &DQWLGDGHVWXGLDQWHV &RQWDFWR7XWRU([WHUQR/LF)UDQFLVFR*DQGtDJDQGLDK\V#JPDLOFRP (678',26352)(6,21$/(6 (5(VWXGLR&RQVXOWRUDHQ+LJLHQH\6HJXULGDGHQOD&RQVWUXFFLyQ 7($UT*DEULHO6iQFKH] 'RFHQWH)$8'HQ3URGXFFLyQ\*HVWLyQ (VSHFLDOLVWDHQ+LJLHQH\6HJXULGDGHQOD&RQVWUXFFLyQ 3DUDDVLVWHQFLDWpFQLFD &DSDFLGDGDGPLWLGDHVWXGLDQWHV &RQWDFWRDUTJDEULHOVDQFKH]#\DKRRFRPDU (035(6$6 (58$57(6$3UR\HFWRV\HMHFXFLyQGHREUDVGHDUTXLWHFWXUD 7(,QJ&LYLO$OEHUWR'DQLHO0,5$1'$ 3UiFWLFDHQHVWXGLRSURIHVLRQDO &DSDFLGDGDGPLWLGDDOXPQRV &RQWDFWRLQIR#XUEDQL]DUWHFRPDU 6HREWLHQHQPX\EXHQRVUHVXOWDGRV\VDWLVIDFFLyQSRUSDUWHGHODV(5SRUFRQWDUFRQHVWH YDOLRVRFDSLWDOKXPDQRSDUDHOGHVDUUROORGHSUiFWLFDV\GHORVHVWXGLDQWHVSRUODSUiFWLFD DSUHQGLGD7RGRVORVDxRVVHHYDO~DQORVUHVXOWDGRVREWHQLGRV\ODFDQWLGDGGHDOXPQRVTXH UHDOL]DURQVXVSUiFWLFDVHQODV(5VXJHULGDVSRUODFiWHGUDSDUDUHQRYDUHOFRPSURPLVRGHODV LQVWLWXFLRQHV S~EOLFDV R SULYDGDV HPSUHVDV R HVWXGLRV SURIHVLRQDOHV HPSUHVDV R DEULU OD FRQYRFDWRULDDQXHYDV(5TXHHVWpQGLVSXHVWDVDSDUWLFLSDUGHHVWHSURJUDPDGHIRUPDFLyQ SUHSURIHVLRQDO LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' $UWLFXODFLyQKRUL]RQWDO\YHUWLFDO ,QGLFDUODIRUPDHQTXHVHFRQWULEX\HDODDUWLFXODFLyQKRUL]RQWDO\YHUWLFDOGHORVFRQWHQLGRVFDUDFWHUtVWLFDVGHOD HVWUXFWXUDGHOSODQGHHVWXGLRVFRUUHODWLYLGDGHVLQVWDQFLDVGHLQWHUFDPELRGRFHQWHELEOLRJUDItDHVSHFtILFDDFWLYLGDGHV LQWHJUDGRUDVSUiFWLFDVHVSHFLDOHVHWF(YDOXDUODHIHFWLYLGDGGHORVSURFHGLPLHQWRVXWLOL]DGRV /DHVWUXFWXUDFLyQGHO3ODQGH(VWXGLRVDSDUWLUGH&LFORV\ÈUHDVSHUPLWHSURPXHYH\WLHQH FRPR REMHWLYR OD DUWLFXODFLyQ KRUL]RQWDO \ YHUWLFDO GH ORV FRQWHQLGRV FXPSOLHQGR VDWLVIDFWRULDPHQWH FRQ ORV HVWiQGDUHV H[LJLGRV /DV GLIHUHQWHV HVWUDWHJLDV H LQVWDQFLDV GH DUWLFXODFLyQHQWUHDVLJQDWXUDVQLYHOHVIDFXOWDGHVGLVFLSOLQDV\RWUDVLQVWLWXFLRQHVGHOPHGLR HQULTXHFHQHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMHSDUDORJUDUODVtQWHVLVSUR\HFWXDO $VLPLVPR JDUDQWL]D \ IRUWDOHFH OD QHFHVDULD VLQHUJLD GH FRQRFLPLHQWRV \ GHVWUH]D GH ORV HVWXGLDQWHVSDUDDIURQWDUHOHMHUFLFLRSURIHVLRQDOHQODVGLYHUVDVLQVWDQFLDV\HVSDFLRVHQORV TXHXQDYH]HJUHVDGRVHGHVDUUROOH /D )$8' FRQVLGHUD D OD LQWHJUDFLyQ GH FRQWHQLGRV FRPR XQ SURFHVR GH OD HQVHxDQ]D ± DSUHQGL]DMH GH OD DUTXLWHFWXUD \ FRPR WDO FRQFHSWR QR DFDEDGR VLQR HQ SHUPDQHQWH FRQVWUXFFLyQ GHO FRQRFLPLHQWR (VWD FRQFHSWXDOL]DFLyQ GLQiPLFD GHILQH OD LQWHJUDFLyQ GH FRQWHQLGRVFRPROyJLFDPHQWHLQVHUWDHQHOPDUFRGHXQSURFHVRGHSHQVDPLHQWRFRPSOHMR HQWHQGLHQGRSRUHVWR y 8QPRGRGHSHUFLELU\FRQFHELUODUHDOLGDGTXHLQFOX\HODPD\RUFDQWLGDGGHYDULDEOHV\ SXQWRV GH YLVWD GH ORV GRFHQWHV GH ORV DOXPQRV GH OD ,QVWLWXFLyQ \ GH RWURV VXMHWRV LQYROXFUDGRVHQHVDUHDOLGDG y 8QSHQVDPLHQWRQRHVTXHPiWLFR\QRGLOHPiWLFRTXHQRSODQWHDRSFLRQHVVRODPHQWH ELQDULDV8QPRGRGHSHQVDUFRPSXHVWRQRVyORSRUUDFLRQDOL]DFLRQHV y 8QSODQWHRTXHQRKDFHGHFXDOTXLHUUHJXODULGDGXQDOH\QLGHFDGDH[FHSFLyQXQGHVYtRR DPHQD]DGHFDRV$VtFRQFHELGDODLQWHJUDFLyQGHFRQWHQLGRVHVXQSURFHVRTXHIDYRUHFH OD FUHDWLYLGDG \ OD SDUWLFLSDFLyQ GH WRGRV ORV DFWRUHV GH PRGR RUJiQLFR DUPyQLFR H LQVWLWXFLRQDO y 0RGDOLGDGHVGHLQWHJUDFLyQ/DLQWHJUDFLyQGHFRQWHQLGRVHQWHQGLGDFRPRXQSURFHVRGH SHQVDPLHQWRFRPSOHMRLPSOLFDDGPLWLUODFRH[LVWHQFLDGHGLYHUVLGDGGHDFFLRQHV\DFWRUHV SDUWLFLSDQWHV \ GLIHUHQWHV PRGDOLGDGHV SDUD VX LPSOHPHQWDFLyQ /DV PLVPDV QR VyOR UHFLEHQ GLIHUHQWHV GHQRPLQDFLRQHV DUWLFXODFLRQHV LQWHJUDFLRQHV DFXHUGRV FRRUGLQDFLRQHV LQWHUDFFLRQHV LQWHUFDPELRV HWF VLQR TXH WLHQHQ GLVWLQWRV DOFDQFHV DOJXQDVVHUHILHUHQDHMHUFLFLRVSDUFLDOHVRDODUHDOL]DFLyQGHXQHYHQWRRWUDVVRQPiV DPSOLDV \ SURSHQGHQ D PRGLILFDFLRQHV SURJUDPiWLFDV \ QRUPDWLYDV 7RGDV HOODV VRQ SURPRYLGDVSRUOD)$8' $VXPLHQGRTXHODDUWLFXODFLyQHVXQSURFHVR\XQDSUiFWLFDFROHFWLYDTXHGHEHRUJDQL]DUVHH LQFOXLUVHHQODDJHQGDDFDGpPLFDLQVWLWXFLRQDOSDUDJDUDQWL]DUHOGLVHxR\GHVDUUROORGHXQD SURSXHVWDIRUPDWLYDTXHSUHYHD\FRQFUHWHHVSDFLRVGHLQWHJUDFLyQFXUULFXODUGHVGHHODxR OD)$8'KDSXHVWRHQPDUFKDPXFKDVDFFLRQHV\SURJUDPDVFX\RREMHWLYRFHQWUDOVRQODV LQVWDQFLDVGHDUWLFXODFLyQ'HVGHODJHVWLyQ\RUJDQL]DFLyQDFDGpPLFDYHU',0(16,Ï1 SDUDORJUDUTXHVHSURGX]FDQVHKDQUHDOL]DGR5HXQLRQHVGH&RRUGLQDFLyQSRUQLYHOGRVSRU DxR LQLFLR \ ILQDO GHO FLFOR OHFWLYR 5HXQLRQHV 7RGD OD )$8' XQD SRU DxR -RUQDGDV $FDGpPLFDVSRUiUHDXQDSRUDxRHQHOPHVGHVHSWLHPEUH LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ /DVLQVWDQFLDVGHDUWLFXODFLyQLPSOHPHQWDGDVVRQ $UWLFXODFLRQHV&XUULFXODUHV ,QFOX\HODVDFFLRQHVUHDOL]DGDVHQHOPDUFRGHORGLVSXHVWRSRUOD5HVROXFLyQ+&'TXH PHQFLRQD³WRGDVODV&iWHGUDVGHEHUiQUHDOL]DUDOPHQRVXQDGHVXVHMHUFLWDFLRQHVHQIRUPD LQWHJUDGDFRQXQDRPiV&iWHGUDVGHOPLVPR1LYHO\GLIHUHQWHiUHDRFDPSRGHFRQRFLPLHQWR EDViQGRVH HQ SURFHVRV WHPDV SUREOHPDV iUHDV GH WUDEDMR R WUD\HFWRV FXUULFXODUHV FRPXQHV´6HVHxDODQDFWLYLGDGHVTXHVHKDQGHVWDFDGRSRUVXWUDVFHQGHQFLDFRPSOHMLGDG\ RUJDQL]DFLyQFRPRHO&XUVRGH1LYHODFLyQSDUD,QJUHVDQWHVRODVH[SHULHQFLDVGHLQWHUFDPELR \DUWLFXODFLyQFRQOD&DUUHUDGH'LVHxR,QGXVWULDR,QJHQLHUtD&LYLO\OD6HPDQDGH$FFLRQHV (VGHGHVWDFDUTXHODPD\RUtDGHHOODVQRVRQDFFLRQHVSXQWXDOHVVLQRTXHVRQHMHUFLFLRVTXH VHUHLWHUDQDQXDOPHQWHFRQORVDMXVWHVFRUUHVSRQGLHQWHVOXHJRGHVXHYDOXDFLyQ(OLPSDFWR UHVXOWDQWHGHHVWDSROtWLFDHVHYLGHQWHHQODWUDQVIHUHQFLDGHFRQWHQLGRVDHMHUFLFLRVFRQFUHWRV LGHDV\E~VTXHGDVTXHGHMDQHQWUHYHUODFRPSOHMDWUDPDGHVXJHVWDFLyQHLPSOHPHQWDFLyQ UHIOH[LRQHVGHEDWHVSURSXHVWDVDFXHUGRVLQWHUUHODFLRQHV\FRPSURPLVRV (VWDVDFFLRQHVWLHQHQFRPRGHQRPLQDGRUHVFRPXQHVTXHIRUPDQ³SDUWHGHORVFRQWHQLGRVGH ODVHYDOXDFLRQHVSDUFLDOHV\GHODFDUJDKRUDULD´GHODV&iWHGUDVTXHODVUHDOL]DQ5HV+&' (V GHFLU QR LPSOLFDQ VXSHUSRVLFLyQ QL GXSOLFDFLyQ GH DFWLYLGDGHV VLQR FRPSOHPHQWDFLyQ \ SURIXQGL]DFLyQ VH HMHUFLWD \ VH FRPSUHQGH PiV FDEDOPHQWH OD WUDQVIHUHQFLDGHFRQRFLPLHQWRV\ODVtQWHVLVDUTXLWHFWyQLFD\ILQDOPHQWHVHWUDGXFHSDUDORV DOXPQRVHQXQDFRQFUHWDHFRQRPtDGHHVIXHU]RVSUHVHQWDFLRQHV\WLHPSRV(MWRPDUHO PLVPR VLWLR GHO SUR\HFWR GH$UTXLWHFWXUD SDUD ORV HMHUFLFLRV GH 8UEDQLVPR R HO GLVHxR GHO 3DLVDMHRDQDOL]DUGHVGHOD+LVWRULDODVWLSRORJtDVFRLQFLGHQWHVFRQHOSUR\HFWRGHDUTXLWHFWXUD GHO QLYHO R GHVDUUROODU OD PDWHULDOL]DFLyQ WHFQROyJLFD GHO SUR\HFWR GH DUTXLWHFWXUD HQ ODV DVLJQDWXUDV &RQVWUXFFLRQHV (VWUXFWXUDV H ,QVWDODFLRQHV HWF &RQ HVWDV DFFLRQHV VH KDQ REWHQLGRHIHFWLYRVUHVXOWDGRVGHLQWHJUDFLyQ )RUPDFLyQ'RFHQWHHQDUWLFXODFLyQHLQWHJUDFLyQ /DUHDOL]DFLyQSHULyGLFDGH&XUVRVGHIRUPDFLyQGRFHQWHVHQHVWDWHPiWLFD/RVREMHWLYRVTXH VHIRUPXODQVRQORVVLJXLHQWHV y SURYHHUDOFXHUSRGRFHQWHGHKHUUDPLHQWDVFRQFHSWXDOHV\SUiFWLFDVDILQGHLPSOHPHQWDU SURFHGLPLHQWRVGHLQWHJUDFLyQDUWLFXODFLyQ\FRRUGLQDFLyQGHFRQWHQLGRVFXUULFXODUHV y SURIXQGL]DUODSUREOHPiWLFDGHODLQWHJUDFLyQKRUL]RQWDO\YHUWLFDOGHFRQWHQLGRVGHOSODQGH HVWXGLRV y PHMRUDUODVUHODFLRQHVLQWHUFiWHGUDVFRQRFHUWHRUtDV\H[SHULHQFLDVSHGDJyJLFDVTXH SHUPLWDQIXQGDPHQWDUFRQFHSWXDOPHQWHODFRQVWUXFFLyQ\WUDQVIHUHQFLDGHFRQRFLPLHQWRV yODLQQRYDFLyQHQH[SHULHQFLDVHGXFDWLYDVQRFRQYHQFLRQDOHV y SURPRYHUTXHORVDOXPQRVUHDOLFHQXQDEXHQDSDUWHGHVXDSUHQGL]DMHHQHMHUFLFLRVVREUH XQ~QLFRWHPDSUREOHPDGRQGHSXHGDQWUDQVIHULU\YHULILFDUORVFRQRFLPLHQWRVDGTXLULGRV HQGLIHUHQWHViUHDVGHFRQRFLPLHQWR y SURPRYHU OD SDUWLFLSDFLyQ DFWLYD GH GRFHQWHV \ HVWXGLDQWHV HQ HO SODQWHR GHVDUUROOR \ HYDOXDFLyQGHHVWDVH[SHULHQFLDV (O 3URJUDPD GH )RUPDFLyQ 'RFHQWH GRQGH VH FRPSDUWHQ H[SHULHQFLDV SHGDJyJLFDV FRQ SURIHVLRQDOHVGHWRGRHOPXQGRVRQHOHVSDFLRIXQGDPHQWDOSDUDWUDEDMDUFRQHOHTXLSRGRFHQWH GH WRGDV ODV iUHDV HQ HO PRGR GH HQVHxDU OD DUTXLWHFWXUD SUHJXQWiQGRQRV ¢&yPR HQVHxDPRV"YHU',0(16,Ï1 /RV&XUVRVGH)RUPDFLyQ3HGDJyJLFDSDUD$GVFULSWRVKDQLQFRUSRUDGRHQORV~OWLPRVDxRV PyGXORV TXH IXQGDPHQWDQ ORV FRQFHSWRV GH LQWHJUDFLyQ \ DUWLFXODFLyQ GH FRQWHQLGRV \ ORV HMHPSOLILFDQ FRQ DFWLYLGDGHV GHVDUUROODGDV HQ ODV GLVWLQWDV &iWHGUDV (O LPSDFWR PiV VREUHVDOLHQWHIXHTXHHOFXHUSRDFDGpPLFRHQVXFRQMXQWRFRPHQ]yDWHQHUSOHQDFRQFLHQFLD GH ORV EHQHILFLRV DSRUWDGRV D ORV SURFHVRV GH HQVHxDQ]D DSUHQGL]DMH SRU ODV GLIHUHQWHV DFFLRQHV WHQGLHQWHV D OD DUWLFXODFLyQ FXUULFXODU /D SURPRFLyQ \ YDORUDFLyQ GDGDV SRU OD ,QVWLWXFLyQDORVSUR\HFWRVHGXFDWLYRVLQQRYDGRUHVWHQGLHQWHVDDUWLFXODUHLQWHJUDUFRQWHQLGRV KDRWRUJDGRDORVGRFHQWHVXQUROPiVSURWDJyQLFRHQODJHVWLyQDFDGpPLFDDFHQWXDQGRVX YROXQWDG \ FRPSURPLVR GH LQWHUDFWXDU WDQWR HQ VX SURSLD GLVFLSOLQD FRPR LQWHUGLVFLSOLQDULDPHQWHFRQRWURVGRFHQWHV\DOXPQRVDVtFRPRGHSDUWLFLSDUHQIRURVSDUD UHODFLRQDUVHFRQRWUDVLQVWLWXFLRQHVPRVWUDU\GLYXOJDUH[SHULHQFLD LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' &RRUGLQDFLyQ+RUL]RQWDO\9HUWLFDOGHFRQWHQLGRVGHO3ODQGH(VWXGLRV /DV DFFLRQHV GH DUWLFXODFLyQ H LQWHJUDFLyQ GH FRQWHQLGRV FXUULFXODUHV TXH KHPRV FRQFHSWXDOL]DGR FRPR XQ SURFHVR GH HQVHxDQ]D DSUHQGL]DMH DVRFLDGR D ORV SURFHVRV GH SHQVDPLHQWRFRPSOHMRSUHFLVDQGHXQDHVWUXFWXUDGHVRSRUWHTXHOHVSRVLELOLWHFRQFUHWDUVHHQ XQPDUFRGHFLHUWRRUGHQDPLHQWR\FRRUGLQDFLyQ(VDHVWUXFWXUDHVWiGDGDHQVXPDWUL]SRUHO 3ODQGH(VWXGLRVSRUODVQRUPDWLYDV\ODV&RPLVLRQHV&RRUGLQDGRUDVGH1LYHO /D DUWLFXODFLyQ H LQWHJUDFLyQ YHUWLFDO GH FRQWHQLGRV H[SHULPHQWy XQD SURIXQGD \ VXVWDQFLDO WUDQVIRUPDFLyQHQFDOLGDG\HQRSHUDWLYLGDGDOLPSOHPHQWDUVHHO3ODQGH(VWXGLRV/D HVWUXFWXUDGHO3ODQGH(VWXGLRVKDUHVXHOWRDGHFXDGDPHQWHODDUWLFXODFLyQ\YLQFXODFLyQ YHUWLFDOGHORVFRQWHQLGRVFXUULFXODUHVHQFDGDXQDGHODVFXDWURÈUHDVGH&RQRFLPLHQWRGHOD FDUUHUD(OORVHHYLGHQFLDGHODOHFWXUDFRPSDUDGDGHOSURSLR3ODQORV&RQWHQLGRV&XUULFXODUHV %iVLFRVGHFDGDDVLJQDWXUDHO5pJLPHQGH&RUUHODWLYLGDGHVTXHFRQVWLWX\HOD5HJODPHQWDFLyQ *HQHUDOGHUHTXLVLWRVSDUDDFFHGHUDOFXUVDGR\SURPRFLyQRDSUREDFLyQGHODVDVLJQDWXUDV YHU',0(16,Ï1\GHPiVQRUPDV\DFFLRQHVGHVFULSWDVYHU',0(16,Ï1 6H YHULILFD WDPELpQ SRU OD RUJDQL]DFLyQ LQWHUQD GH FDGD ÈUHD TXH ILMD ORV FRQWHQLGRV FXUULFXODUHVEiVLFRVGHODVDVLJQDWXUDVTXHFRPSUHQGH\HVWDEOHFHFULWHULRVGHFRQWLQXLGDG\ FRPSOHMLGDG FUHFLHQWH GHQWUR GH XQ PLVPR &DPSR GH &RQRFLPLHQWR YHU ',0(16,Ï1 FULWHULRVGHJUDGXDOLGDG\FRPSOHMLGDGGHODIRUPDFLyQSUiFWLFD (QFXDQWRDODLQWHJUDFLyQKRUL]RQWDOGHFRQWHQLGRVVHKDQYHQLGRJHVWLRQDQGR\SURPRYLHQGR DFFLRQHVFRQFUHWDVWHQGLHQWHVDHVHHIHFWRFRQHOUHVSDOGRGHOD2UGHQDQ]D+&'1GHO DxR $UW ³$ ORV HIHFWRV GH HYLWDU GLVSHUVLRQHV \ UDFLRQDOL]DU ORV HVIXHU]RV GH ORV DOXPQRVDVtFRPRGHSRVLELOLWDUHOGHVDUUROORGHODVUHGHVLQWHUGLVFLSOLQDULDVGHVHDGDVODV PDWHULDVDQXDOHVGHFDGD1LYHOSURSHQGHUiQDFRRUGLQDU\RDUWLFXODU\RLQWHJUDUDOPHQRVXQD SDUWH GH VXV HMHUFLWDFLRQHV FRQ ODV HMHUFLWDFLRQHV GH OD DVLJQDWXUD $UTXLWHFWXUD FRUUHVSRQGLHQWH EDViQGRVH HQ SURFHVRV \R WHPDV \R SUREOHPDV \R iUHDV GH WUDEDMR FRPXQHV´ &RPSOHPHQWDULDPHQWH HQ HO DxR VH GLFWD OD 2UGHQDQ]D +&' 1 TXH FUHD ODV &RPLVLRQHV &RRUGLQDGRUDV GH 1LYHO SDUD IDYRUHFHU HO GHVDUUROOR HQ KRUL]RQWDO GH HVDV DFFLRQHV /DV &RRUGLQDGRUDV KDQ SRVLELOLWDGR OD UHDOL]DFLyQ GH GLYHUVDV H LQQRYDGRUDV H[SHULHQFLDVHGXFDFLRQDOHVHQWRUQRDODDUWLFXODFLyQHLQWHJUDFLyQKRUL]RQWDOGHFRQWHQLGRV FRQ OD SDUWLFLSDFLyQ FRQMXQWD GH OD VHFUHWDUtD DFDGpPLFD ODV &iWHGUDV ORV GRFHQWHV \ ORV DOXPQRV /D DUWLFXODFLyQ KRUL]RQWDO GH ORV FRQWHQLGRV VH DVHJXUD SRU PHGLR GH ODV DVLJQDWXUDV $UTXLWHFWXUD , D 9, TXH VRQ ODV HQFDUJDGDV GH YHULILFDU OD VtQWHVLV GH ORV FRQRFLPLHQWRV LPSDUWLGRV SRU RWURV &DPSRV GH &RQRFLPLHQWR YHU 'LPHQVLyQ 'LFKDV$VLJQDWXUDV GH VtQWHVLVLQFRUSRUDQYDULDEOHVHVSHFtILFDVHQORVGLIHUHQWHVQLYHOHVTXHGHPDQGDQFRQWHQLGRV HPHUJHQWHVGHORVRWURVFDPSRVGLVFLSOLQDULRV\SODQWHDQSRVLEOHVDUWLFXODFLRQHVHQKRUL]RQWDO \ YHUWLFDO /D DFWLYLGDG GH VtQWHVLV VH LQFOX\H HQ ODV )LFKDV GH$FWLYLGDG &XUULFXODU GH ODV $VLJQDWXUDV$UTXLWHFWXUDYHU$QH[RWDQWRHQORUHIHULGRDPRGDOLGDGHVGHIRUPDFLyQFRPRHQ FULWHULRV\SDUiPHWURVGHHYDOXDFLyQ /DV VXFHVLYDV JHVWLRQHV DFDGpPLFDV GH OD )$8' SURPXHYHQ \ DOLHQWDQ HVWH WLSR GH LQWHJUDFLRQHVGHPRVWUDQGRH[FHOHQWHVUHVXOWDGRVDOFRPSUREDUODFDQWLGDGGH&iWHGUDVTXH SURJUDPDQVXVSURSLDVHMHUFLWDFLRQHVWUDWDQGRGHHQFRQWUDUSXQWRVRVHJPHQWRVGHDFFLRQHV FRPXQHVFRQORVHMHUFLFLRVGHRWUDV&iWHGUDV\TXHORKDFHQPHGLDQWHDFXHUGRVELODWHUDOHVR FRPRHQVD\RVSDUFLDOHVTXHWHQtDQODFODUDYLUWXGGHVHUWRPDGRVFRPRHMHPSORSRUGRFHQWHV\ DOXPQRVGHGLIHUHQWHViUHDV\1LYHOHV 6HKDORJUDGRGHPRGRRUJiQLFRHLQVWLWXFLRQDO\FRQHOFRPSURPLVR\ODFRQYLFFLyQGHWRGRV VXV DFWRUHV OD SODQLILFDFLyQ FRRUGLQDFLyQ \ HMHFXFLyQ GH XQ VLJQLILFDWLYR Q~PHUR \ DPSOLD GLYHUVLGDGGHH[SHULHQFLDVHGXFDFLRQDOHVFRQMXQWDV/DVUHXQLRQHVGH&RRUGLQDGRUDVHKDQ FRQYHUWLGRHQHOiPELWRSURSLFLRSDUDGHEDWLUVREUHFRQWHQLGRVFRQFHSWXDOHVSURFHGLPHQWDOHV \DFWLWXGLQDOHVGHFDGDXQDGHODVDVLJQDWXUDV\SDUDDFRUGDUVREUHWHPiWLFDVSUREOHPDVX REMHWRV GH HVWXGLR TXH WHQJDQ SXQWRV FRPXQHV VREUH ORV FXDOHV GHVDUUROODU HMHUFLWDFLRQHV FRQMXQWDV LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' ,QWHJUDFLyQGH$OXPQRV\(JUHVDGRV /D)$8'SRVHHXQDH[SHULHQFLDTXHOOHYD\DPiVGHGRVGpFDGDVLQFRUSRUDQGRHIHFWLYDPHQWH D ORV HTXLSRV GH &iWHGUDV QR VyOR $OXPQRV VLQR WDPELpQ (JUHVDGRV EDMR OD ILJXUD GH ³$GVFULSWRV´ TXH VLPXOWiQHDPHQWH VH IRUPDQ \ FRODERUDQ HQ HO SURFHVR GH HQVHxDQ]D DSUHQGL]DMH (O³5pJLPHQGH$GVFULSWRVDOD'RFHQFLD´\HO³5pJLPHQGH$OXPQRV$GVFULSWRV´GDWDQGHODxR HOSULPHUR\GHODxRHOVHJXQGR\IXHURQDFWXDOL]DGRVHQHODxR2UG+&'1 \1UHVSHFWLYDPHQWHFRQHOSULQFLSDOREMHWLYRGHSURPRYHU\IDFLOLWDUHOHMHUFLFLR GH HVWDVDFWLYLGDGHV QR VyOR SDUD EHQHILFLDU DDTXHOORV DOXPQRV \HJUHVDGRV TXH VLHQWHQ YRFDFLyQSRUODGRFHQFLDVLQRWDPELpQSDUDTXHODV&iWHGUDVFRQWULEX\DQDODIRUPDFLyQGH UHFXUVRVKXPDQRVHLQFRUSRUHQDVXVHQRODYLVLyQGHMyYHQHVTXHHVWiQHQSOHQRFXUVDGRGHOD &DUUHUDRTXHVRQUHFLHQWHVJUDGXDGRV $Vt HO HTXLSR UHVSRQVDEOH GH OD FRQGXFFLyQ GH FDGD &iWHGUD LQWHJUDGR SRU 3URIHVRUHV 7LWXODUHV$GMXQWRV\$VLVWHQWHV\SRU$GVFULSWRV(JUHVDGRV\$OXPQRVFRQVWLWX\HHOSULQFLSLR EiVLFRGHVGHHOTXHVHJHQHUDQH[SHULHQFLDVHGXFDFLRQDOHVFRPXQHVFRQODSDUWLFLSDFLyQGH HVRVDFWRUHVTXHOXHJRVHDEULUiQ\FRPSOHPHQWDUiQHQORV7DOOHUHV\$XODVFRQHOUHVWRGHO DOXPQDGR\FRQRWUDV&iWHGUDVYHU',0(16,Ï1 *UXSRV,QWHUGLVFLSOLQDULRV (QHVWHSXQWRVHxDODPRVFyPRVHLQWHJUDQLQWHUGLVFLSOLQDULDPHQWHODPD\RUtDGHORV(TXLSRV GH,QYHVWLJDFLyQ\([WHQVLyQGHOD)$8'HQXQDGHPRVWUDFLyQGHWUDEDMRDUWLFXODGRHQWUH SHUVRQDVGHGLVWLQWDV&iWHGUDV\GLIHUHQWHViUHDVGHFRQRFLPLHQWR$FRQWLQXDFLyQVHOLVWDQODV SULQFLSDOHVDFFLRQHVUHDOL]DGDV 3DUWLFLSDFLyQ GH GRFHQWHV HQ HTXLSRV LQWHUGLVFLSOLQDULRV TXH GHVDUUROODQ SUR\HFWRV GH ,QYHVWLJDFLyQyH[WHQVLyQYHU',0(16,Ï1 (QOD&DUUHUDGH$UTXLWHFWXUDVHGHVDUUROODQSUR\HFWRVGHLQYHVWLJDFLyQ(Q(TXLSRVGH LQYHVWLJDFLyQ SDUWLFLSDQ GRFHQWHV GH GLIHUHQWHV FiWHGUDV GH XQ PLVPR 1LYHO UHODFLRQHV LQWHUGLVFLSOLQDULDV KRUL]RQWDOHV \R GH GLVWLQWRV 1LYHOHV UHODFLRQHV LQWHUGLVFLSOLQDULDV KRUL]RQWDOHV \ YHUWLFDOHV (Q (TXLSRV SDUWLFLSDQ GRFHQWHV GH XQD PLVPD iUHD GH FRQRFLPLHQWR /RVGLIHUHQWHV1LYHOHVGHOD&DUUHUD\ORV3UR\HFWRVTXHGHVDUUROODQVHUHODFLRQDQ\DUWLFXODQ YHUWLFDOPHQWHFRQHVDHVSHFLILFLGDG$VLPLVPRHQYDULRVHTXLSRVGHLQYHVWLJDFLyQSDUWLFLSDQ GRFHQWHV GH RWUDV FDUUHUDV VLWXDFLyQ TXH VXSHUD OD FDQWLGDG GH SDUWLFLSDQWHV GH RWUDV GLVFLSOLQDVHQUHODFLyQDODDFUHGLWDFLyQDQWHULRU9HU',0(16,Ï1 6yOR(TXLSRVHVWiQ LQWHJUDGRVSRUPLHPEURVGHXQDPLVPD\~QLFD&iWHGUD\HQHVWRVFDVRVORV3UR\HFWRVTXH GHVDUUROODQJXDUGDQHVWUHFKDUHODFLyQFRQORVFRQWHQLGRVFXUULFXODUHV\GLVFLSOLQDUHVGHHVD DVLJQDWXUD 3DUDEULQGDUDORVHVWXGLDQWHVXQD³LQWURGXFFLyQHQDFWLYLGDGHVTXHQRVXHOHQVHUHVSHFtILFDV GHODFXUUtFXODGHJUDGRXQDSHUVSHFWLYDPiVDPSOLDGHOUROGHORVXQLYHUVLWDULRV\XQDDSHUWXUD KDFLD RWURV FDPLQRV SDUD HO IXWXUR HMHUFLFLR SURIHVLRQDO´ \ SDUD OD UHDOL]DFLyQ GH ³QXHYDV H[SHULHQFLDVHGXFDFLRQDOHVFRPSDUWLGDVSRUDOXPQRV\GRFHQWHV´VHGLVSRQHTXHWRGRVORV (TXLSRV GH ,QYHVWLJDFLyQ TXH GHVDUUROODQ SUR\HFWRV HQ HO PDUFR GH OD 6HFUHWDUtD GH ,QYHVWLJDFLyQGHEHUiQFRQIRUPDUVHFRQSRUORPHQRVXQDOXPQRGHJUDGRSRUFDGDPLHPEUR LQYHVWLJDGRUFDWHJRUL]DGR(OGHODSODQWDGRFHQWHUHDOL]DDFWLYLGDGHVGHLQYHVWLJDFLyQ \R H[WHQVLyQ \ VH LQWHJUDQ HQ HTXLSRV TXH VH FRQVWLWX\HQ PD\RULWDULDPHQWH FRPR LQWHUGLVFLSOLQDULRVHLQFRUSRUDQDOXPQRV\DGVFULSWRVHJUHVDGRVHQIRUPDFLyQ 3DUD SRGHU DUWLFXODU FRQWHQLGRV GH GLIHUHQWHV FDPSRV GH FRQRFLPLHQWR HV QHFHVDULR ±LPSUHVFLQGLEOHTXHODVSHUVRQDVSURYHQLHQWHVGHHVRVFDPSRVVHHQFXHQWUHQGLDORJXHQ GHEDWDQFRPSDUWDQORTXHHVGHXVRFRP~QDSUHQGDQDGHILQLUGRQGHHVWiQORVOtPLWHVHQWUHXQ iUHD\RWUDSHURWDPELpQGyQGHHVRVOtPLWHVVRQIOH[LEOHVRSHUPHDEOHV /DSXEOLFDFLyQGHODVH[SHULHQFLDVGHVDUUROODGDVSRUHVWRV(TXLSRVIRUPDSDUWHGHODVSROtWLFDV \HVWUDWHJLDVDFDGpPLFDVSDUDLQFHQWLYDUODSDUWLFLSDFLyQHQDFWLYLGDGHVH[WUDFXUULFXODUHV\ SURPRYHU ODV WUDQVIHUHQFLDV H LQWHUUHODFLRQHV HQWUH GRFHQFLD LQYHVWLJDFLyQ H[WHQVLyQ \ SURIHVLyQ LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' ,QWHUDFFLRQHV 6HWUDWDGHDFWLYLGDGHVH[WUDFXUULFXODUHVTXHVHFRQVLGHUDQFRPSOHPHQWDULDVDODIRUPDFLyQ SRU OR TXH VRQ DYDODGDV LQVWLWXFLRQDOPHQWH D WUDYpV GH 5HVROXFLRQHV 'HFDQDOHV TXH ODV GHFODUDQ GH LQWHUpV DFDGpPLFR 6X FDUDFWHUtVWLFD GLVWLQWLYD HV TXH HQ VX GHVDUUROOR VH LQYROXFUDQGLVWLQWRVDFWRUHV\GLIHUHQWHVHVFHQDULRVDFDGpPLFRVFRPSUHQGHQODIRUPDFLyQGH SRVWJUDGRRDFFLRQHVGHFDSDFLWDFLyQGRFHQWH (QJHQHUDOHVWiQGHVWLQDGDVDODSDUWLFLSDFLyQDPSOLD\VLPXOWiQHDGHGRFHQWHVGHGLVWLQWDV GLVFLSOLQDV\GHDOXPQRVGHHVWD)DFXOWDG\RGHRWUDVHQGLYHUVRVUROHVSURPRYLHQGROD LQWHJUDFLyQHQSUR\HFWRVHGXFDFLRQDOHVFRPXQHV\HOLQWHUFDPELRGHH[SHULHQFLDV\GHDOOtOD GHQRPLQDFLyQGHLQWHUDFFLRQHV y ,QWHUDFFLRQHV GH RUGHQ LQWHUQDFLRQDO LQWHUDFFLRQHV TXH LQYROXFUDQ OD SDUWLFLSDFLyQ GH GRFHQWHV\DOXPQRVHQGLIHUHQWHVDFWLYLGDGHVFRPRSRUHMHPSORVHPLQDULRVMRUQDGDV FRQJUHVRV:RUNVKRSVSURJUDPDVGHLQWHUFDPELRHQFXHQWURVYLVLWDVDFDGpPLFDVYLDMHV \PXHVWUDV y ,QWHUDFFLRQHV GH RUGHQ QDFLRQDO GHVDUUROODGR GH LQWHUDFFLRQHV FRQ SDUWLFLSDFLyQ GH GRFHQWHV \ DOXPQRV HQ ODV VLJXLHQWHV DFWLYLGDGHV VHPLQDULRV MRUQDGDV FRQFXUVRV FRQJUHVRV YLDMHV WDOOHUHV GH LQWHUFDPELR SURJUDPDV GH YLVLWDV D REUDV HQFXHQWURV :RUNVKRSVFRQIHUHQFLDVVHJ~QVHFRQVLJQDHQHO$QH[R y ,QWHUDFFLRQHVRUGHQORFDOLQWHUDFFLRQHVFRQSDUWLFLSDFLyQGHGRFHQWHV\DOXPQRVHQODV VLJXLHQWHV DFWLYLGDGHV VHPLQDULRV HQFXHQWURV MRUQDGDV WDOOHUHV FRQFXUVRV DVHVRUDPLHQWRVSURJUDPDVGHYLVLWDVDREUDVWUDQVIHUHQFLDV\DFWLYLGDGHVGHH[WHQVLyQ\ RWUDVVHJ~QVHFRQVLJQDHQHO$QH[R 1RPEUDPRV DOJXQD GH ODV DFWLYLGDGHV LQWHJUDGRUDV GH GLYHUVRV WLSRV GH H[SHULHQFLDV SURPRYLHQGRODDUWLFXODFLyQGHVGHGLIHUHQWHVHQIRTXHV y &iWHGUDVGHOQLYHO 6HPLQDULRWDOOHUDUWLFXODGRU³&DVDVTXHFRQVWUX\HQFLXGDGKDFLDODIRUPDOL]DFLyQPDWHULDO GH XQ SURJUDPD´ UHDOL]DGR SRU OD FiWHGUD GH $UTXLWHFWXUD ,, & HQ DUWLFXODFLyQ FRQ (VWUXFWXUDV,$&RQVWUXFFLRQHV,$,QVWDODFLRQHV,$7HRUtD\0pWRGRV%\0RUIRORJtD,$ $ERUGDMHDUWLFXODGR\FUHDWLYRGHODPDWHULDOL]DFLyQGHXQSURJUDPD³VLWXDGR´GHFDVDV LQGLYLGXDOHV DJUXSDGDV IXQFLyQ GH KDELWDU UHTXHULPLHQWRV DPELHQWDOHV SHUFHSWXDOHV SVLFROyJLFRVLQGLYLGXDOHVVRFLDOHVHWFVRVWpQVRVWHQLELOLGDGUHODFLRQHVHVSDFLDOHV IRUPDOHVFRQRFLHQGR\UHODFLRQDQGRORVGLYHUVRVFDPSRVGHOFRQRFLPLHQWR y &iWHGUDVGHOiUHD 6HPLQDULRVTXHLQYROXFUDQODVFiWHGUDVGH$UTXLWHFWXUD3DLVDMH\8UEDQLVPRHQQLYHO,9\ QLYHO9 y &iWHGUDVHLQVWLWXWRV $UWLFXODFLyQHQWUHODFiWHGUDGH$UTXLWHFWXUD,%,QWURGXFFLyQDODWHFQRORJtD$\HO&HQWUR GH ,QYHVWLJDFLRQHV $F~VWLFDV \ /XPLQRWpFQLFDV &,$/ UHDOL]DGD HQ (VWD H[SHULHQFLD SHUPLWLy D ORV DOXPQRV YHULILFDU HO FRPSRUWDPLHQWR GH VX SURSXHVWD HQ WpUPLQRVGHDVROHDPLHQWR\SURSRQHUSDUiPHWURVGHGLVHxRELRFOLPiWLFR y &iWHGUDVRWUDVIDFXOWDGHVRGLVFLSOLQDV 0HGLDQWH XQD MRUQDGD GH FRQFHSWXDOL]DFLyQ VREUH FyGLJRV JUiILFRV DERUtJHQHV GH GLYHUVDVJHRJUDItDV\VXLQVHUFLyQHQHOPXQGRYLVXDOFRQWHPSRUiQHRVHHPSDUHQWDURQ LGHDV \ FDUDFWHUHV SRVLELOLWDQGR D ORV GLVWLQWRV FDPSRV GH GLVHxR DUWLFXODGRV HQ OD H[SHULHQFLDDSRUWDUWpFQLFDV\HVFDODVSDUDGHOLPLWDU\DERUGDUHOREMHWRGHGLVHxR %DMR OD FRQVLJQD ³+DELWDU OD 0HPRULD´ ODV FiWHGUD GH HTXLSDPLHQWR PRUIRORJtD DUTXLWHFWXUDSDLVDMLVWDHQDUWLFXODFLyQFRQODVFiWHGUDVGH(UJRQRPtDH+LVWRULDGHO'LVHxR LQGXVWULDO GH OD FDUUHUD GH 'LVHxR ,QGXVWULDO \ HVSHFLDOLVWDV HQ GLVHxR JUiILFR GH OD 8QLYHUVLGDG GH *XDGDODMDUD 8$0 &XDMLPDOSD 0p[LFR \ GH OD 81 &X\R 0HQGR]D $UJHQWLQD HMHUFLWDURQ WpFQLFDV GH ³FRPR PLUDU´ \ ³TXH VH DSUHQGH DO FDPLQDU´ SDUD DSUHKHQGHUHOFDUiFWHUGHOVHFWRU\VXLQVHUFLyQHQHOFRQWH[WRUHJLRQDO 7DOOHU GH FRPLF HQ HO TXH SDUWLFLSDURQ OD FiWHGUD GH 0RUIRORJtD ,, $ FRQ KLVWRULHWLVWDV\GLVHxDGRUHVJUiILFRVGH&yUGRED(OFRPLF\ODFDUWRJUDItDWHUULWRULDOFRPR LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' PRGRV GH UHSUHVHQWDFLyQ TXH SHUPLWHQ GHQWUR GH XQ SURFHVR SUR\HFWXDO PRUIROyJLFRDUTXLWHFWyQLFRKDFHUYLVLEOHODUHODFLyQHQWUHHOHVSDFLR\VXVFRQIRUPDFLRQHV FRQODVSUiFWLFDVFRWLGLDQDV y &iWHGUDVRWUDVFDUUHUDVFRQODHVFXHODPHGLD 6H UHDOL]DQ DFWLYLGDGHV FRQMXQWDV FRQ OD FDUUHUD GH 'LVHxR ,QGXVWULDO SRU HMHPSOR OD FiWHGUDGH(48,3$0,(172%ODVFiWHGUDVGH(6758&785$6FRQ,1*(1,(5,$&,9,/ ODFiWHGUDGH$548,7(&785$,9%FRQOD(VFXHODGH1LxRV0~VLFRVGHOD&LXGDGGH &yUGREDODFiWHGUDGH),6,&$FRQORV-DUGLQHV0XQLFLSDOHV y &iWHGUDVGHGLVWLQWRQLYHO\iUHD /DVHPDQDGHDFFLRQHVYHU',0(16,Ï1WLHQHQGHFODUDFLyQGHLQWHUpVDFDGpPLFR 3RQHPRVGHHMHPSORODSURJUDPDFLyQGHODV6HPDQDVGH$FFLRQHV±GRQGHVH DQXQFLDQODVDFWLYLGDGHVZRUNVKRSFLFORFXOWXUDOFKDUODVTXHSURPXHYHQ\IRUWDOHFHQHO LQWHUFDPELRHQWUHFiWHGUDV 7RGDVODVDFWLYLGDGHVSODQWHDGDVGXUDQWHODV6(0$1$GH$&&,21(6VRQRUJDQL]DGDV SRU XQD R YDULDV FiWHGUDV SHUR OD LQYLWDFLyQ \ SDUWLFLSDFLyQ HV H[WHQVLYD D WRGDV ODV FiWHGUDVGHODFDUUHUDHQWUHRWUDV y 7DOOHUGHFRPLFHQHOTXHSDUWLFLSDURQODFiWHGUDGH0RUIRORJtD ,,$FRQKLVWRULHWLVWDV\GLVHxDGRUHVJUiILFRVGH&yUGRED(OFRPLF\ODFDUWRJUDItD WHUULWRULDO FRPR PRGRV GH UHSUHVHQWDFLyQ TXH SHUPLWHQ GHQWUR GH XQ SURFHVR SUR\HFWXDOPRUIROyJLFRDUTXLWHFWyQLFRKDFHUYLVLEOHODUHODFLyQHQWUHHOHVSDFLR\VXV FRQIRUPDFLRQHVFRQODVSUiFWLFDVFRWLGLDQDV y +DELWDUOD&UtWLFDFiWHGUD7HRUtD\0pWRGRV% $ FRQWLQXDFLyQ SUHVHQWDPRV XQ FXDGUR GH DFWLYLGDGHV LQWHJUDGRUDV GH DUWLFXODFLyQ TXH LQFOX\HQGLYHUVRVWLSRVGHH[SHULHQFLDVGHVGHHODxRKDVWDHO LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ 2UGHQ 1RPEUH 7LSR &iWHGUD6HF &DUDYDQDJUi¿FD (QFXHQWUR &RQVHMHUDHVWXGLDQWLO ,QWHUFDPELR'RFHQWH\HVWXGLDQWLO)$8')$9 :RUNVKRS $UTXLWHFWXUD,,,& ,QWHUFDPELRDFDGpPLFRLQWHUQDFLRQDO &yUGRED7RULQR 3ODQ3HUHJULQDMH 626&LXGDGHV)$8'IDFGHEUDVLO ;;,(QFXHQWUR/DWLQRDPHULFDQRGH(VWXGLDQWHV GH$UTXLWHFWXUD(/($ (QFXHQWUR &RQJUHVR$UTXLVXU &RQJUHVR /D)$8',VH3,(16$$UTXLWHFWXUD'LVHLxR &RQIHUHQFLD $JUXSDFLRQHV(VWXGLDQWLOHV ,QWHUFDPELR$UJHQWLQD6XGiIULFD &RQJUHVR 6HF([WHQVLyQ /DOXFKDSRUOD9LYLHQGD3RSXODU &KDUOD'HEDWH $JUXSDFLRQHV(VWXGLDQWLOHV 9,,(QFXHQWUR/DWLQRDPHULFDQRGH'LVHxR (QFXHQWUR $JUXSDFLRQHV(VWXGLDQWLOHV ;9,,,(QFXHQWURGHOD5('8/$&$96DQWD)H (QFXHQWUR 3UREGHOD9LY3RSXODU 5HWD]RV8UEDQRV1XHYRV(VFHQDULRV8UEDQRD ODPDUJHQGHO0700HQGR]D :RUNVKRS $UTXLWHFWXUDV,,%\9$ :RUNVKRS,QWHUQDFLRQDO/LPDOySROLV :RUNVKRS $UTXLWHFWXUD9$ 5HIXJLRV0LQLPRV $UWLFXODFLyQGH FRQWHQLGRV $UTXLWHFWXUD,,' &RQWUDWRV\UHVSRQVDELOLGDGFRQWUDFWXDO &XUVR &ROHJLRGH$UTXLWHFWRV &ULWHULRVVXVWHQWDEOHVHQ$UT\8UEDQLVPR &XUVR &ROHJLRGH$UTXLWHFWRV 6HPLQDULR«&UHFHGHVGHHOSLH«7LSVSDUD WHVLVGHJUDGR 6HPLQDULR $UTXLWHFWXUD9,& -RUQDGDV1DFLRQDOHVGH&iWHGUDVGH/HJDO\ eWLFDGH)DFXOWDGHVGH$UTXLWHFWXUD -RUQDGDV 3URGXFFLyQ\JHVWLyQ &XUVR%iVLFRGH$GREH3KRWRVKRS &XUVR &HQWURGHHVWXGLDQWHV -RUQDGDV/HQJXDMHV$UWH'LVHxR\$UTXLWHFWXUD -RUQDGDV (VSHVRUHVXUEDQRV :RUNVKRS $UTXLWHFWXUD9$ 5HÀH[LRQHVVREUHQXHVWUDVFLXGDGHV 9LDMHGHHVWXGLRV $UTXLWHFWXUD,,,$ $ERUGDMHVFRQFHSWXDOHV\SURFHGLPHQWDOHV DMXVWH\HYDOXDFLyQGHODSURSXHVWDGHFiWHGUD &LFOR 0RUIRORJtD,% &RQJUHVR,QWHUQDFLRQDOGH'LVHxR &RQJUHVR 6HF([WHQVLyQ 6HPLQDULR,QWHUQR'RFHQWHGHDUWLFXODFLyQGH FRQWHQLGRV\SURFHGLPLHQWRV 6HPLQDULR 0RUIRORJtD,%\ $UTXLWHFWXUD,& 7DOOHUHVGHSDUWLFLSDFLyQEDUULDO 7DOOHU $UTXLWHFWXUD,,,$ 3ULPHUD6HPDQDGH$FFLRQHV &RQIHUHQFLDPDJLVWUDO3ODQ% &RQIHUHQFLD &HQWURGHHVWXGLDQWHV &LXGDGHKLVWRULD7HUFHUFLFOR+LVWRULD\SUR\HFWR 6HPLQDULR +LVWRULDGHOD$UT,$ 6HPLQDULR,QWHUQDFLRQDOGH3UR\HFWR 3DOHUPRHQODPLUD 6HPLQDULR $UTXLWHFWXUD,,& LQIRUPHGHDXWRHYDOXDFLyQ 6HF([WHQVLyQ 9LVLWDVDREUDVGH $UTXLWHFWXUD9,$ LQWHUpV &HQWURGHHVWXGLDQWHV 6HF$FDGpPLFD GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ 2UGHQ 1RPEUH 7LSR &iWHGUD6HF 9-RUQDGDVGH,QYHVWLJDFLyQ(QFXHQWUR\5HÀH[LyQ 3UR\HFWR$QGDPLRV 'RFHQWH)$8' 9LDMHD%XHQRV$LUHV $UT,,,'\&RQVWUXF,,% ,QWHUFDPELRDFDGpPLFRLQWHUQDFLRQDO &yUGRED6DOHUQR 6HF([WHQVLyQ 'HVDItRVSHGDJyJLFRVFRQWHFQRORJtDVHPHUJHQWHV -RUQDGDV 'RFHQWH)$8' /DFRQVWUXFFLyQGHODFUtWLFDSUR\HFWXDOHQHOWDOOHU 6HPLQDULR 0RUIRORJtD,,$ 5('685%RJRWi&RORPELD :RUNVKRS 'RFHQWH)$8' &RQJUHVR,QWHUQDFLRQDOGH'LVHxR\$UTXLWHFWXUD &RQJUHVR %LHQDOGH&RORTXLRGH7UDQVIRUPDFLRQHV7HUULWRULDOHV %LHQDO 'RFHQWH)$8' (¿FLHQFLDHQHUJpWLFDHQHOKiELWDW :RUNVKRS &,$/ 0HMRUDGHEDUULRVSDUDODYLGDFRWLGLDQD -RUQDGDV ,QYLKDE -RUQDGDVGH(UJRQRPtD$UJHQWLQD -RUQDGDV 'RFHQWH)$8' 3URFHVRVSUR\HFWXDOHVHQSULPHUDSHUVRQD 9LDMHDO6DORQH,QWHUQD]LRQDOHGHO0RELOH0LOiQ 9LDMHGHHVWXGLRV -RUQDGDVGH3ODQL¿FDFLyQ3DUWLFLSDWLYD -RUQDGDV ,QYLKDE HU6HPLQDULRGH*Ui¿FDGHOD)$8' 6HPLQDULR 6LVWJUi¿FRVGHH[SUHVLyQ 0LpUFROHVGH&RQFXUVRV &LFOR &iWHGUDVYV /HRQ%DWWLVWD$OEHUWL5DVJRVGHXQDQXHYDUDFLRQDOLGDG &XUVR (VF'H*UDGXDGRV 9LDMHD%XHQRV$LUHV &RQVWUXFFLRQHV,,, ([SHULHQFLDGHDUWLFXODFLyQLQWHUGLVFLSOLQDULD (VWUXFWXUDV,9 $UFKLSUL[0RVF~ %LHQDO )HULD,QWHUQDFLRQDOGH'LVHxR0LOiQ )HULD (VWXGLRGH$UTXLWHFWXUDÈUDEH &RQIHUHQFLD 9LDMHD3DUDJXD\ 9LDMHGHHVWXGLRV $UTXLWHFWXUD,,,& 9LVLWDJXLDGDDODIiEULFDDUJHQWLQDGHDYLRQHV 9LVLWD $JUXSDFLRQHVHVWXGLDQWLOHV 7DOOHU6HPLQDULRGH)RUPDFLyQ'RFHQWH 7DOOHU 0RUIRORJtD,,$ /DQGVFDSH$FFHVLELOLW\6LFLOLD,WDOLD :RUNVKRS $UTXLWHFWXUD9$ (QWUHUHDOLGDGHV6(0$$56&yUGRED 6HPLQDULR 'RFHQWH)$8' ,1129$5 -RUQDGDV &RQVHMHURHVWXGLDQWLO $F~VWLFDDPELHQWDO\PDSDGHUXLGR :RUNVKRS &,$/ 9LDMHD&KLOH 9LDMHGHHVWXGLRV $UTXLWHFWXUD,,& (VWXGLRWUDPD$UTWLSR &RQIHUHQFLD &RQVHMHURHVWXGLDQWLO 9LDMHD8UXJXD\ 9LDMHGHHVWXGLRV &RQVHMHURV)UDQMD0RUDGD %DN$UTXLWHFWXUDUHVLGHQFLDO &RQIHUHQFLD $JUXSDFLRQHVHVWXGLDQWLOHV 7DOOHUGH$GVFULSWRV,1)250$&,Ï1 7DOOHU 0RUIRORJtD,% $UTXLWHFWXUD\&LXGDG5RVDULR 9LDMHGHHVWXGLRV $UTXLWHFWXUD,,,$ %LHQDO,EHURDPHULFDQDGH$UTXLWHFWXUD\8UEDQLVPR %LHQDO &RQVHMHURV)UDQMD0RUDGD 3UiFWLFDV)RUPDWLYDVGH9LYLHQGD6RFLDO 6HPLQDULRLQWHUQRGHLQYHVWLJDFLyQPHWRGRORJtDV FRPSDUDGRV LQIRUPHGHDXWRHYDOXDFLyQ -RUQDGDV 6HF,QYHVWLJDFLyQ $UTXLWHFWXUD,,$ (TXLSDPLHQWR $JUXSDFLRQHVHVWXGLDQWLOHV 6HPLQDULR $UTXLWHFWXUD,,,$ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ 2UGHQ 1RPEUH 7LSR &iWHGUD6HF -RUQDGDV1DFLRQDOHVGH3DVDQWtDV,QWHUGLVFLSOLQDULDV -RUQDGDV $JUXSDFLRQHVHVWXGLDQWLOHV $ERUGDMHVLQVWUXPHQWDOHVGHVGHODPDWHULDOLGDG 6HPLQDULR 0RUIRORJtD,% &RQJUHVR1DFLRQDOGH([WHQVLyQ8QLYHUVLWDULD &RQJUHVR &RQVWUXFFLRQHV,,, &DPLQDQGRFLXGDGHVGHODWLQRDPHULFD 9LDMHGHHVWXGLRV &RQVHMHUDHVWXGLDQWLO 7DOOHU,WLQHUDQWH9LDMHD&yUGRED 9LDMHGHHVWXGLRV 'RFHQWH)$8' /DERUDWRULR3UR\HFWXDOSDUDHOHMHUFLFLRDFDGpPLFRGHOD FiWHGUD$UTXLWHFWXUD3DLVDMLVWD% (VTXLFLRGHUDGLR 3URJUDPDUDGLDO (JUHVDGRV)$8' 6HPLQDULRWDOOHUGHH[SORUDFLyQSUR\HFWXDO 6HPLQDULR 'RFHQWH)$8' -RUQDGDV1DFLRQDOHVGH&RORU -RUQDGDV 'RFHQWH)$8' 7DOOHUYLUWXDO$UTXLVXU9LYLHQGDVPtQLPDV 7DOOHU $UTXLWHFWXUD,,' 0XUR&XUYR &RQVWUXFFLyQHItPHUDGHSURWHFFLyQUHXVRUHXWLOL]DFLyQ &XUVR $UTXLWHFWXUD,,$ 0XHVWUDHQWUiQVLWR 0XHVWUD 0RUIRORJtD,% 8QPXHEOHSDUD$PDQFLR :RUNVKRS 'RFHQWH)$8' )HULDGH$UWH\'LVHxR )HULD $JUXSDFLRQHVHVWXGLDQWLOHV 3UiFWLFDV,QWHUGLVFLSOLQDULDVSDUDHVWXGLDQWHVGHLQJHQLHUtD 6HPLQDULR \DUTXLWHFWXUD 'RFHQWH)$8' (VSDFLRS~EOLFRFLXGDGHVYXOQHUDEOHV3UR\HFWRVR LQFHUWLGXPEUH 7DOOHU 'RFHQWH)$8' ,WLQHUDULRVFURPiWLFRV 7DOOHU 'RFHQWH)$8' -RUQDGDGHDUWLFXODFLyQLQWHUFiWHGUD -RUQDGDV ,QIRUPiWLFD /DH[SHULHQFLDSHGDJyJLFDGHO7DOOHU7RWDO (QFXHQWUR 6HPLQDULRWDOOHUGHH[SORUDFLyQSUR\HFWXDO 6HPLQDULR 'RFHQWH)$8' -RUQDGD)DFKDGDV7UDQVYHQWLODGDV -RUQDGDV 'RFHQWH)$8' 0DUDWyQWHFQROyJLFD 0DSHRFROHFWLYR5HGHVFXEULHQGR*HPHV 7DOOHU 'RFHQWH)$8' 9LVLWDDOD7VKZDQH8QLYHUVLW\RI7HFQRORJê6XGiIULFD 9LDMHGHHVWXGLRV 'RFHQWH)$8' 9LDMHDFDGpPLFRDRWUDVFLXGDGHVGHOSDtV 9LDMHGHHVWXGLRV $UTXLWHFWXUD,9% &RQIHUHQFLDVREUH(ODVWyPHWURV\7HUPRHVWDEOHHQOD ,QGXVWULD &RQIHUHQFLD 7HFQRORJtD, -RUQDGDV 'RFHQWH)$8' 7RUUHVGHSDSHO :RUNVKRS 'RFHQWH)$8' 7RFRPDGHUD 6HPLQDULR 'RFHQWH)$8' -RUQDGDVVREUHSDLVDMHGLVHxR\DUWH -RUQDGDV 'RFHQWH)$8' -RUQDGDVGHUHJLVWURXUEDQR -RUQDGDV 6LVWJUi¿FRVGHH[SUHVLyQ 6HPLQDULRWDOOHUGHIRUPXODFLyQGHSUR\HFWRV 6HPLQDULR 'RFHQWH)$8' 7DOOHUGHSUR\HFWRUHIXJLR 7DOOHU $UTXLWHFWXUD,,' (QFXHQWUR,QWHUQDFLRQDOGH0RYLOLGDG6XVWHQWDEOH (QFXHQWUR 'RFHQWH)$8' (QFXHQWURGH'RFHQWHVGH0DWHPiWLFDHQFDUUHUDVGH $UTXLWHFWXUD\'LVHxR (QFXHQWUR 0DWHPiWLFD, &RQWHQLGRVVREUHKLJLHQH\VHJXULGDGHQODLQGXVWULDGHOD FRQVWUXFFLyQHQODIRUPDFLyQGHJUDGRGHO$UTXLWHFWR 0HVDGHEDWH 'RFHQWH)$8' $UTXLWHFWXUD\9LYLHQGD&ROHFWLYD 6HPLQDULR 'RFHQWH)$8' ([SHULHQFLDWDOOHU 7DOOHU 0RUIRORJtD,,, $UTXLWHFWXUD3DLVDMLVWD% 'RFHQWH)$8' (TXLSDPLHQWR$ *5$),&2$FWLYLGDGHVGHDUWLFXODFLyQ LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' 3RGHPRV GHVWDFDU TXH SDUD DSR\DU \ SURPRYHU HVWDV DFWLYLGDGHV GH DUWLFXODFLyQ FRQ HO REMHWLYRGHLQFRUSRUDUODVHQODHMHFXFLyQGHO3ODQGH(VWXGLRV\KDFLHQGRXVRGHWRGRVORV HVSDFLRV GH JHQHUDFLyQ GH FRQRFLPLHQWR VH KDQ UHDOL]DGR ODV VLJXLHQWHV DFFLRQHV TXH IRUWDOHFHQODVH[SHULHQFLDVHQWUHOD]DGDV y &RQVWUXFFLyQGHSOD\yQGHSUiFWLFDVFRQVWUXFWLYDVSURYHHDORVDOXPQRVGHXQHVSDFLR DGHFXDGR SDUD OD UHDOL]DFLyQ GH FRQVWUXFWRV \ H[SHULPHQWDFLRQHV FRQ P~OWLSOHV PDWHULDOHVSRVHHHVSDFLRVGHDFRSLRSL]DUUyQ\DFFHVRGLUHFWRSDUDPDWHULDOHV(VWDHV XQD SURSXHVWD SHGDJyJLFD LQQRYDGRUD HQ HO PDUFR IRUPDWLYR GH XQD GLVFLSOLQD SURIHVLRQDOLVWD \D TXH SHUPLWH D ORV DOXPQRV GH OD IDFXOWDG DFFHGHU D LQVWDQFLDV GH SUiFWLFD GH FRQVWUXFFLyQ PDQLSXODQGR \ XWLOL]DQGR GLVWLQWRV WLSRV GH WHFQRORJtD $OEDxLOHUtD LQVWDODFLRQHV HOpFWULFDV ± VDQLWDULDVJDVVHxDOHV GpELOHV KHUUHUtD FDUSLQWHUtDHQWUHRWUDVYHU',0(16,Ï1 y )RUWDOHFLPLHQWRGHO7DOOHUGH0DTXHWHUtDHQUHFXUVRVPDWHULDOHV\KXPDQRVFRQKRUDULR H[WHQGLGRSDUDFXEULUODVQHFHVLGDGHVGHODVFiWHGUDVGH$548,7(&785$\GH',6(f2 ,1'8675,$/ (V XQ WDOOHU RULHQWDGR D OD SUiFWLFD SDUD OD UHDOL]DFLyQ GH PDTXHWDV \ PRGHORVXWLOL]DQGRGLIHUHQWHV WLSRGHPDWHULDOHVDGHPiVGHH[SHULPHQWDUWpFQLFDVGH PRQWDMH XQLRQHV FRPELQDFLyQ GH PDWHULDOHV GHVDUUROODQGR PDTXHWDV D HVFDOD \ SURWRWLSRV(OWDOOHUHVWiRULHQWDGRDWRGDVODVFiWHGUDVTXHORVROLFLWHQ\FXHQWDFRQOD VXSHUYLVLyQGHGRFHQWHV\D\XGDQWHVDOXPQRVYHU',0(16,Ï1 y 3XHVWDHQPDUFKDGRVSURJUDPDV ³/DELEOLRWHFDYDDOWDOOHU´/D%LEOLRWHFD³0DULR)HUQiQGH]2UGRxH]´WLHQHFRPRREMHWLYR EULQGDUDSR\RDODVDFWLYLGDGHVDFDGpPLFDV\VHUSDUWHGHOSURFHVRHQVHxDQ]DDSUHQGL]DMH 3DUWLHQGRGHHVWHFRQFHSWRVHHODERUyHO3URJUDPD³/D%LEOLRWHFDYDDODXOD´TXHVXUJLyGHOD QHFHVLGDGGHDFHUFDUORVVHUYLFLRVGHODELEOLRWHFDDODFRPXQLGDGFRQHOILQGHKDFHUFRQRFHUD ORVHVWXGLDQWHVORVUHFXUVRVLQIRUPDWLYRVTXHSRVHHODELEOLRWHFD(VWDFRRSHUDFLyQVLJQLILFD FRODERUDUFRQORVGRFHQWHVLQWHUYLQLHQGRHQODVFODVHVEULQGiQGROHVDSR\RELEOLRJUiILFRSDUD WUDEDMDU R LQYHVWLJDU GHVDUUROODU DFFLRQHV GH LQWHJUDFLyQ VXPDU HVIXHU]RV \ UHFXUVRV TXH EHQHILFLHQWDQWRDDOXPQRVFRPRDGRFHQWHV\DODELEOLRWHFD\FRQVHJXLUXQDFRPXQLFDFLyQ PiVIOXLGDHQWUHWRGRVORVLQWHJUDQWHVGHOSURFHVRHGXFDWLYR 2EMHWLYRV y y y y $FHUFDUODELEOLRWHFDDODFRPXQLGDGHGXFDWLYD /RJUDUODLQWHUDFFLyQHQWUHORVGRFHQWHVORVDOXPQRV\ODELEOLRWHFD )RPHQWDUODQHFHVLGDGHQORVDOXPQRVGHDFHUFDUVHDODELEOLRWHFD ,GHQWLILFDU VHOHFFLRQDU HYDOXDU \ RUJDQL]DU ORV UHFXUVRV LQIRUPDWLYRV SHUWLQHQWHV RULHQWDGRV DO HVWXGLDQWH HQ VX WUDEDMR GH DSUHQGL]DMH \ DO GRFHQWH HQ VX ODERU GH HQVHxDQ]DHLQYHVWLJDFLyQ ³7DOOHUGHPDTXHWHULDURGDQWH´FRQHVWHSURJUDPDVHSUHWHQGHWUDQVIRUPDUODVDXODVHQ WDOOHUHVGHSUiFWLFDDWUDYpVGHODFUHDFLyQGHXQHTXLSDPLHQWRPyYLOTXHVHWUDVODGDSRUOD IDFXOWDG\FRQWLHQHWRGDVODVKHUUDPLHQWDV QHFHVDULDV SDUDODFRQVWUXFFLyQGHPDTXHWDV\ SURWRWLSRV&RQODLQFRUSRUDFLyQGHHVWHWDOOHU VHSRVLELOLWDUiWUDEDMDUFRQORVDOXPQRVDQLYHO GLGiFWLFR\DSRUWDUiIOXLGH]DODFRQFUHFLyQGHXQPRGHORFRQFUHWRGHQWURGHOHVSDFLRiXOLFR6H HVWiQFRQVWUX\HQGRGRV³WDOOHUHVURGDQWHV´GLVSRVLWLYRURGDQWHFRQGLVSRVLWLYRVGHVSOHJDEOHV GH[[KP 'HDFXHUGRDORVUHVXOWDGRVGHODVHQFXHVWDVUHDOL]DGDVGXUDQWHODV-RUQDGDV$FDGpPLFDVODV DFFLRQHVGHVDUUROODGDVSRUOD)$8'SDUDSURPRYHUODLQWHJUDFLyQGHFRQWHQLGRVKDQUHVXOWDGR VLHPSUHSRVLWLYDVVREUHWRGRHQHOFDVRGHODVDVLJQDWXUDVTXHSXHGHQLQWHJUDQFRQWHQLGRFRQ OD $UTXLWHFWXUD GHO QLYHO $WHQGLHQGR HVWDV LQTXLHWXGHV OD )$8' SURSRQH \ SURPXHYH DUWLFXODFLyQ FRQ DVLJQDWXUDV GH GLIHUHQWH QLYHO DFWLYLGDGHV FRQMXQWDV HQWUH FiWHGUDV GLYXOJDFLyQ GH ODV SRVLEOHV WUDQVIHUHQFLDV HQWUH DVLJQDWXUDV GHO QLYHO LQWHU QLYHO (VWDV DFFLRQHV VH FDQDOL]DQ \ VH OOHYDQ D OD SUiFWLFD GXUDQWH WRGR HO DxR OHFWLYR \ GH PDQHUD HVSHFtILFD\FRQFHQWUDGDHQOD6HPDQDGH$FFLRQHV LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' 6XSHUSRVLFLyQWHPiWLFD 6HxDODUVLVHGHWHFWDVXSHUSRVLFLyQWHPiWLFDLGHQWLILFDQGRODViUHDV\DFWLYLGDGHVFXUULFXODUHVHQODVTXHHOORRFXUUH &RQVLGHUDUODLQFOXVLyQHQHOSODQGHHVWXGLRVGHFRQWHQLGRVQRH[LJLGRVSRUHOWtWXORTXHVHRWRUJD\HOSHUILOEXVFDGRHQ HOHJUHVDGR(QHVWH~OWLPRFDVRLGHQWLILFDUGLFKRVFRQWHQLGRV\ODVDVLJQDWXUDVTXHORVLQFOX\HQ\VLFRUUHVSRQGH MXVWLILFDUVXLQFOXVLyQ (Q HO DQiOLVLV GH SURJUDPDV DQDOtWLFRV GHO 3ODQ GH (VWXGLR QR VH GHWHFWDQ VXSHUSRVLFLRQHVHQWUHORVFRQWHQLGRVFXUULFXODUHVLPSDUWLGRVHQODVGLIHUHQWHVDVLJQDWXUDVQL VRQLPSDUWLGRVGXUDQWHHOGHVDUUROORGHODFDUUHUDFRQWHQLGRVQRH[LJLGRVSRUHOWtWXORRWRUJDGR \HOSHUILOGHOHJUHVDGR3DUDFRQWULEXLUFRQHVWRVHGHVDUUROODQGRVYHFHVSRUDxRODVUHXQLRQHV GH &RRUGLQDGRUD GH 1LYHO HQ HO PHV GH PDU]R \ GLFLHPEUH GRQGH DGHPiV GH DFRUGDU FURQRJUDPDV IHFKDV GH HQWUHJDV GH WUDEDMRV \ SDUFLDOHV VH GLVFXWH VREUH OD WHPiWLFD \ FRQWHQLGRV DDERUGDUHQHODxROHFWLYRFRUUHVSRQGLHQWH SRUQLYHOHV\FLFORVEiVLFRPHGLR VXSHULRU 6t H[LVWH XQD LQWHJUDFLyQ \ FRPSOHPHQWDFLyQ HQWUH DOJXQDV DVLJQDWXUDV WDO FRPR KD VLGR GHVFULSWRDQWHULRUPHQWHYHU',0(16,Ï1\DTXHFRPSDUWLUHMHVWHPiWLFRVFRPRHO+DELWDU OD'HQVLGDG8UEDQD(VSDFLR3~EOLFRORV5HFXUVRV0DWHULDOHVHQWUHRWURVSHUPLWHSURIXQGL]DU DERUGDMHV FRQ GLVWLQWRV HQIRTXHV H[SRQHU DO DOXPQR D SUiFWLFDV LQWHJUDGDV JHQHUDU GLVFXVLRQHV H LQWHUFDPELRV DFDGpPLFRV TXH SHUPLWHQ DFWLYLGDGHVDFFLRQHV FRQFUHWDV \ DGHPiVIXQGDPHQWDGRODE~VTXHGDGHXQHJUHVDGRFRQSHUILOSURIHVLRQDOKROtVWLFR (Q HVWR WDPELpQ FRQWULEX\H WDO FRPR KD VLGR H[SUHVDGR OD LQFRUSRUDFLyQ GH FRQWHQLGRV DERUGDGRV SRU ODV DVLJQDWXUDV GH 3DLVDMH \ (TXLSDPLHQWR DVt FRPR OD RIHUWD GH PDWHULDV HOHFWLYDV&RQHOORVWDPELpQVHDSXQWDDSURIXQGL]DUFRQWHQLGRV\FRQRFLPLHQWRVSDUWLFXODUHVR HVSHFLDOHVTXHUHGXQGHQOXHJRHQXQDPD\RUHVSHFLDOL]DFLyQGHOHVWXGLDQWHHQDOJXQRGHORV FDPSRVGHOVDEHUGLVFLSOLQDUGHWDOPDQHUDTXHHOHVWXGLDQWHSXHGDUHDOL]DUXQDHOHFFLyQGH WHPD SUREOHPD HQ YLVWD GHO7UDEDMR )LQDO 7HVLV GH *UDGR R VHOHFFLRQH XQ HVSDFLR H[WUD LQVWLWXFLRQDO SDUD UHDOL]DU OD 3UiFWLFD 3URIHVLRQDO (VWR SRVLELOLWDUi D IXWXUR XQD PD\RU SRVLELOLGDGGHLQVHUFLyQODERUDOHQORVGLYHUVRViPELWRVTXHSRVLELOLWDQODVLQFXPEHQFLDVGHO WtWXOR GH $UTXLWHFWR WDQWR HQ OD ODERU SURIHVLRQDO SURSLDPHQWH GLFKD FRPR HQ HO GH SHUIHFFLRQDPLHQWRHQFDUUHUDVGHFXDUWRQLYHO LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' 7tWXOR,QWHUPHGLR (QHOFDVRGHH[LVWLUXQDFDUUHUDGHWtWXORLQWHUPHGLRLQGLFDUVLVHGHWHFWDDOJ~QLPSDFWRHQODFDUUHUDGHJUDGR\GHWDOODU VXVFDUDFWHUtVWLFDV 6,ELHQOD)$8'QRFXHQWDFRQODSRVLELOLGDGGHREWHQHUXQWtWXORLQWHUPHGLRDSDUWLUGHODxR \ VHJ~Q UHVROXFLyQ GHO +&' VH LPSOHPHQWD OD HQWUHJD GH XQ FHUWLILFDGR GH %DFKLOOHU8QLYHUVLWDULRFRQIRUPHDOD5HJODPHQWDFLyQ+&69LJHQWHHQOD81&(OPLVPR WLHQHFRPRREMHWLYRVHOUHFRQRFLPLHQWRGHXQQLYHOGHIRUPDFLyQTXHSRVLELOLWHXQDLQVHUFLyQGHO HVWXGLDQWHHQHOPHUFDGRODERUDO\DPSOtHVXVSRVLELOLGDGHVGHGHVHPSHxRIXWXUR6LELHQQRHV KDELOLWDQWH SDUD HO HMHUFLFLR SURIHVLRQDO DFUHGLWD OD IRUPDFLyQ GH UHFXUVRV KXPDQRV FRQ GHWHUPLQDGRVFRQRFLPLHQWRVEiVLFRVFRQWHPSODQGRORVDFWXDOHVUHTXHULPLHQWRVGHPDQGDV VRFLDOHV\HPSUHVDULDOHV (QHODxRVHHQWUHJyXQ&HUWLILFDGR$FDGpPLFRGH%DFKLOOHU8QLYHUVLWDULRQRKDELOLWDQWH SDUDHOHMHUFLFLRSURIHVLRQDODODOXPQR/$9(==2+8%(50$15D~O)HGHULFR'1, 0DWUGHODFDUUHUDGH$UTXLWHFWXUDSUHYLRFRQWUROGHODDSUREDFLyQGHORVQLYHOHV, ,,\,,,\0yGXORVGH,GLRPDH,QIRUPiWLFD%iVLFD LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' (VWUDWHJLDVGHWUDQVLFLyQ (QHOFDVRGHKDEHUVHUHDOL]DGRPRGLILFDFLRQHVDOSODQGHHVWXGLRVGHVGHOD~OWLPDUHVROXFLyQGHDFUHGLWDFLyQH[SOLFLWDU ODVHVWUDWHJLDVGHWUDQVLFLyQLPSOHPHQWDGDVDVtFRPRODQRUPDWLYDTXHODVDSUXHED &RQVLGHUDUODGRFXPHQWDFLyQ DGMXQWDHQHO$QH[R1 (QOD)$8'HO3ODQGH(VWXGLRVYLJHQWHGHVGHOD~OWLPDDFUHGLWDFLyQHVHO3/$1'((678',26 HO FXDO QR KD VXIULGR PRGLILFDFLRQHV DO SXQWR GH WHQHU TXH LPSOHPHQWDU XQ 3ODQ GH 7UDQVLFLyQVLQRTXHVHKLFLHURQDGHFXDFLRQHVFRQUHVSHFWRDODUHJXODULGDGGHODVDVLJQDWXUDV \DOUpJLPHQGHFRUUHODWLYLGDGHVORTXHQRLPSOLFDFDPELRVHQFDUJDKRUDULDSRUDVLJQDWXUD FRQWHQLGRV FXUULFXODUHV EiVLFRVSHUILO GHO HJUHVDGR H LQFXPEHQFLDV VLHQGR VRODPHQWH DGHFXDFLRQHVGHO3ODQGH(VWXGLRVDORVUHTXHULPLHQWRV\HVWUDWHJLDVGHPHMRUDVGHOQLYHO GHFXUVDGDGHORVHVWXGLDQWHVHQXQWRGRGHDFXHUGRDODVUHJODPHQWDFLRQHV\H[LJHQFLDVGHOD 81&\GHOD/H\GH(GXFDFLyQ6XSHULRUYHU',0(16,Ï1 LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' $QiOLVLVGHODVLWXDFLyQDFWXDOGHOD&DUUHUD 5HVXPLUHQQRPiVGHOtQHDVORVDVSHFWRVPiVGHVWDFDGRVGHO3ODQGH(VWXGLRVDVtFRPRWDPELpQDTXHOODV FXHVWLRQHVTXHVRQFRQVLGHUDGRVGpILFLWV\TXHLPSLGHQTXHODFDUUHUDFXPSODFRQORVFULWHULRVGHFDOLGDGHVWDEOHFLGRV HQORVHVWiQGDUHV(QWDOVHQWLGRODVDUJXPHQWDFLRQHV\FRQFOXVLRQHVGHODGLPHQVLyQRULHQWDQ\RUJDQL]DQODE~VTXHGD HLGHQWLILFDFLyQGHORVGpILFLWV7DPELpQVHUHFRPLHQGDUHDOL]DUXQUHSDVRGHODVSDQWDOODVTXHEULQGDQLQIRUPDFLyQVREUH ODXQLGDGDFDGpPLFD\ODFDUUHUD 3DUDKDFHUHVWHUHVXPHQHVQHFHVDULRWHQHUSUHVHQWHORVHVWiQGDUHVUHODWLYRVDOD'LPHQVLyQVHxDODGRVHQHO$QH[R,9GH ODUHVROXFLyQPLQLVWHULDO (OSODQGHHVWXGLRVHHQFXHQWUDYLJHQWHGHVGH\VLELHQVHKDQLQFRUSRUDGRPtQLPDV PRGLILFDFLRQHVODVPLVPDVUHVSRQGHQDPHMRUDUVXLPSOHPHQWDFLyQ\DFDPELRVVXUJLGRVHQ ODOH\GHHGXFDFLyQVXSHULRUXRWUDVGHOD81&'LFKDVPRGLILFDFLRQHVQRFRPSURPHWHQL FDPELDFRQWHQLGRVFXUULFXODUHVEiVLFRVQLFDUJDKRUDULD (O3ODQGH(VWXGLRVGHOD)$8'FXPSOHVDWLVIDFWRULDPHQWHFRQODFDUJDKRUDULDPtQLPD DVtFRPRFRQWRGRVORV&RQWHQLGRV&XUULFXODUHV%iVLFRV&&%UHTXHULGRVSRUOD5HVROXFLyQ 0LQLVWHULDO/RVPLVPRVDEDUFDQ\DERUGDQHQIRUPDFRPSOHWDORVUHTXHULGRVSRUOD PHQFLRQDGDUHVROXFLyQ0LQLVWHULDO (Q WpUPLQRV JHQHUDOHV ODV PRGDOLGDGHV GH IRUPDFLyQ PXHVWUDQ XQD WHQGHQFLD D GLULJLU HO SURFHVR GH HQVHxDQ]D \ DSUHQGL]DMH GH IRUPD SUHGRPLQDQWHPHQWH SUiFWLFD VXSHUDQGR OD SURSRUFLyQ GH FDUJD KRUDULD UHTXHULGD SDUD FRQWHQLGRV GH 3UR\HFWR 8UEDQLVPR \ 3ODQHDPLHQWR383\ORVUHIHULGRVD3URGXFFLyQGH2EUDV32SUHSDUDQGRDOHVWXGLDQWHSDUD HOHMHUFLFLRSURIHVLRQDOFXPSOLPHQWDQGRHQVXWRWDOLGDGORVDVSHFWRVQHFHVDULRVSDUDHMHUFHUODV LQFXPEHQFLDVGHOWtWXORGH$UTXLWHFWR$VLPLVPRODSURIXQGL]DFLyQGHFRQWHQLGRVUHIHULGRVDOD FUtWLFD\ODWHRUtDGHODDUTXLWHFWXUDHOXUEDQLVPR\ODSODQLILFDFLyQIRUWDOHFHQODLQWHUSUHWDFLyQ GHODDUTXLWHFWXUDFRPRSDUWHGHODFXOWXUD\FRPRUHIOHMRGHXQSHQVDPLHQWRFRPSOHMRUHODWLYR GLQiPLFRHLQWHJUDGRU (QOD)$8'HO3ODQGH(VWXGLRVYLJHQWHGHVGHOD~OWLPDDFUHGLWDFLyQHVHO3/$1'((678',26 HOFXDOQRKDVXIULGRPRGLILFDFLRQHVVyOR VHKLFLHURQDGHFXDFLRQHVFRQUHVSHFWRDOD UHJXODULGDGGHODVDVLJQDWXUDV\DOUpJLPHQGHFRUUHODWLYLGDGHVORTXHQRLPSOLFDFDPELRVHQ FDUJD KRUDULD SRU DVLJQDWXUD HQ ORV FRQWHQLGRV FXUULFXODUHV EiVLFRV SHUILO GHO HJUHVDGR H LQFXPEHQFLDVVLHQGRVRODPHQWHDGHFXDFLRQHVSDUDIDFLOLWDUPHMRUDVHQ ODFXUVDGDGHORV HVWXGLDQWHVHQXQWRGRGHDFXHUGRDODVUHJODPHQWDFLRQHV\H[LJHQFLDVGHOD81&\GHOD/H\ GH(GXFDFLyQ6XSHULRU 6HJ~QORVSURJUDPDVDQDOtWLFRV\ORVFRQWHQLGRVFXUULFXODUHVGHODVDVLJQDWXUDVGHO3ODQ GH(VWXGLRV\FRWHMiQGRODVFRQODV)LFKDV&XUULFXODUHVGHFDGDFiWHGUDVHH[SRQHTXH ā 1R KXER FDPELRV GH FRQWHQLGRV HQ ORV SURJUDPDV DQDOtWLFRV VH UHVSHWDQ ORV FRQWHQLGRVGHO3ODQGH(VWXGLRV ā /RVFDPELRVUHDOL]DGRVHQOD ELEOLRJUDItDVXJHULGDSRUFDGDFiWHGUDHQSDUWLFXODUVH GHEHQ D OD LQFRUSRUDFLyQ GH FiWHGUDV FRQ QXHYDV SURSXHVWDV SHGDJyJLFDV /RV GRFHQWHVWLWXODUHVHVWXGLDQ\SUHSDUDQODELEOLRJUDItDSHUWLQHQWHDOQLYHO\OD FiWHGUD TXHHVWiQHQXQWRGRGHDFXHUGRFRQORVFRQWHQLGRVGHO3ODQGH(VWXGLRV\DWLHQGHQOD HVSHFLILFLGDGGHODSURSXHVWDSHGDJyJLFDFRQFXUVDGD ā +XERFDPELRVHQODVDFWLYLGDGHVWHyULFDV\SUiFWLFDVGHVGHOD~OWLPDDFUHGLWDFLyQKDVWD LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$8' )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ ODIHFKDHQHODxRKDEtDFiWHGUDVGHDVLJQDWXUDVREOLJDWRULDV\FiWHGUDVGH PDWHULDV HOHFWLYDV HQ OD FDUUHUD FXHQWD FRQ FiWHGUDV GH DVLJQDWXUDV REOLJDWRULDV \ FiWHGUDV GH DVLJQDWXUDV HOHFWLYDV OR TXH LPSOLFD UHQRYDFLyQ GH SURSXHVWDV SHGDJyJLFDV \ QXHYDV DFWLYLGDGHV WHyULFDV \ SUiFWLFDV /DV FiWHGUDV ~QLFDV TXH VH GHVGREODURQ VRQ +LVWRULD ,,, &RQVWUXFFLRQHV ,,, (TXLSDPLHQWR \ 8UEDQLVPR,,\VHFUHyXQDQXHYDFiWHGUD$UTXLWHFWXUD,9& ā +XERFDPELRVHQORVPRGRVGHHYDOXDFLyQODVPDWHULDVGHODViUHDVGH0RUIRORJtDH ,QVWUXPHQWDFLyQ\GH$UTXLWHFWXUD \'LVHxRTXHHUDQGHSURPRFLyQSDVDQDVHUGH DSUREDFLyQGLUHFWD /DV$VLJQDWXUDV (OHFWLYDV GH OD FDUUHUD$UTXLWHFWXUD HQULTXHFHQ HO 3ODQ GH (VWXGLRV DO DPSOLDU OD RIHUWD GH FRQRFLPLHQWRV HVWUXFWXUDGRV FRQ XQ VHQWLGR GH RULHQWDFLyQ \ SURIXQGL]DFLyQ FXUULFXODU /RV FRQWHQLGRV IRUPDQ SDUWH GH ODV ÈUHDV GHO FRQRFLPLHQWR SXGLHQGR VHU FXUVDGDV SRU DOXPQRV LQVFULSWRV HQ &XDUWR \R 4XLQWR 1LYHO 5HVSHFWR D ODV PLVPDVVHUHDOL]DURQFDPELRVWDQWRHQODUHJODPHQWDFLyQ5HV+&' FRPRHQOD RIHUWD GH ODV PLVPDV 5HV +&' 3RGHPRV GHVWDFDU TXH KXER XQ LQFUHPHQWR FRQVLGHUDEOHHQODRIHUWDGH0DWHULDV(OHFWLYDVGHVGHDODxRDODIHFKDSURPRYLHQGR QXHYRV FRQRFLPLHQWRV TXH UHVXOWDQ SHUWLQHQWHV D ORV FRQWH[WRV DFWXDOHV \ GLYHUVLILFDQ GLVWLQWRVSHUILOHVGHSUiFWLFDVGHODGLVFLSOLQD(QODDFWXDOLGDGODRIHUWDGLVSRQLEOHGHPDWHULDV HOHFWLYDVHQQXHVWUDFDUUHUDHVGHSURSXHVWDV /DDVLJQDWXUD$UTXLWHFWXUD9,7HVLVGH*UDGRXELFDGDHQHOVH[WR\~OWLPRDxRGHODFDUUHUD HVXQD$VLJQDWXUDGHYHULILFDFLyQVtQWHVLV\FLHUUHGHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMHGHO HVWXGLDQWH,QWHJUD\DSOLFDORVFRQRFLPLHQWRVGHODFDUUHUDDWUDYpVGHXQD7HVLVGH*UDGR WUDEDMR ILQDO GH FDUUHUD DXWR JHVWLRQDGR FRQFHELGD FRPR DQWLFLSDFLyQ \ VLPXODFUR GH OD SUiFWLFDSURIHVLRQDOGHELHQGRUHDOL]DUDSRUWHVLQQRYDGRUHVHQFXDOTXLHUDGHORVDVSHFWRVGHOD GLVFLSOLQD\VHUSXHVWRVDFRQVLGHUDFLyQGHODFRPXQLGDGDFDGpPLFDPHGLDQWHDFWRS~EOLFRGH H[SRVLFLyQ\GHIHQVD/DFDOLGDGVHJDUDQWL]DDWUDYpVGHODSDUWLFLSDFLyQHQHOVHJXLPLHQWR\ HYDOXDFLyQGHORVWUDEDMRVSRUORVHTXLSRVGRFHQWHVTXHHQHVDDVLJQDWXUDHVWiFRQIRUPDGR SRU GRFHQWHV SHUWHQHFLHQWHV D GLVWLQWDV iUHDV GHO &RQRFLPLHQWR OR TXH HQULTXHFH OD SURIXQGL]DFLyQ GH PDQHUD LQWHJUDO GH ODV SURSXHVWDV DGHPiV GH SRGHU DERUGDU ODV SDUWLFXODULGDGHV\FRPSOHMLGDGHVGHODVWHPiWLFDVGHVDUUROODGDV /D 3UiFWLFD 3URIHVLRQDO $VLVWLGD 33$ HV XQD H[SHULHQFLD TXH HO HVWXGLDQWH UHDOL]D GH PDQHUD LQGLYLGXDO \ REOLJDWRULD HQ WDUHDV UHODFLRQDGDV D ODV LQFXPEHQFLDV GHO 7tWXOR GH $UTXLWHFWR HQ ORV FDPSRV GH 3UR\HFWRV GH $UTXLWHFWXUD 8UEDQLVPR \ 3ODQHDPLHQWR \ 3URGXFFLyQGHREUD7LHQGHDIRUWDOHFHU\FRPSOHWDUODIRUPDFLyQDFDGpPLFDPHGLDQWHXQD HMHUFLWDFLyQ FRQFUHWD \ VXSHUYLVDGD D WUDYpV GH DFFLRQHV SURSLDV GHO HMHUFLFLR SURIHVLRQDO FRQVROLGDQGRGHHVWDPDQHUDODFDSDFLWDFLyQ\DILDQ]DQGRXQDRULHQWDFLyQYRFDFLRQDOKDFLD iUHDV GH OD GLVFLSOLQD HQ ODV TXH HO HVWXGLDQWH SRGUi UHDOL]DU VX 7UDEDMR )LQDO GH FDUUHUD $GHPiVVHJHQHUDQHVSDFLRVGHUHIOH[LyQFUtWLFDHQUHODFLyQDORVFRQRFLPLHQWRVDGTXLULGRV GXUDQWHVXIRUPDFLyQ 7RGRVORVDxRVVHHYDO~DQORVUHVXOWDGRVREWHQLGRV\ODFDQWLGDGGHDOXPQRVTXHUHDOL]DURQVXV SUiFWLFDVHQODV(QWLGDGHV5HFHSWRUDVVXJHULGDVSRUODFiWHGUDSDUDUHQRYDUHOFRPSURPLVRGH ODVLQVWLWXFLRQHVS~EOLFDVRSULYDGDVHPSUHVDVRHVWXGLRVSURIHVLRQDOHVRDEULUODFRQYRFDWRULD D QXHYDV (QWLGDGHV 5HFHSWRUDV TXH HVWpQ GLVSXHVWDV D SDUWLFLSDU GH HVWH SURJUDPD GH IRUPDFLyQSUHSURIHVLRQDO /DVDVLJQDWXUDV$UTXLWHFWXUD9,7HVLVGH*UDGR\33$DOLJXDOTXHHOUHVWRGHODVDVLJQDWXUDV FRQWHQLGDVHQHO3ODQGH(VWXGLRVGHODFDUUHUDGH$UTXLWHFWXUDFXPSOHQ\D~QVXSHUDQODFDUJD KRUDULD PtQLPD KV DVt FRPR FRQ ORV FRQWHQLGRV HVSHFLILFDGRV HQ OD 5HV 0LQLVWHULDO 2UGHQDQ]DGHO+RQRUDEOH&RQVHMR'LUHFWLYR1\5HVROXFLyQGHO+RQRUDEOH&RQVHMR6XSHULRUGHOD81& 1 LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV )$&8/7$''($548,7(&785$85%$1,602<',6(f2'(/$81,9(56,'$'1$&,21$/'(&Ð5'2%$ )$8' VXPDQGRHQWUHODVGRVKVPiVGHODVKVPtQLPDVH[LJLGDV /DHVWUXFWXUDFLyQGHO3ODQGH(VWXGLRVDSDUWLUGH&LFORV\ÈUHDVSHUPLWHSURPXHYH\WLHQH FRPR REMHWLYR OD DUWLFXODFLyQ KRUL]RQWDO \ YHUWLFDO GH ORV FRQWHQLGRV FXPSOLHQGR VDWLVIDFWRULDPHQWH FRQ ORV HVWiQGDUHV H[LJLGRV /DV GLIHUHQWHV HVWUDWHJLDV H LQVWDQFLDV GH DUWLFXODFLyQHQWUHDVLJQDWXUDVQLYHOHVIDFXOWDGHVGLVFLSOLQDV\RWUDVLQVWLWXFLRQHVGHOPHGLR HQULTXHFHQHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMHSDUDORJUDUODVtQWHVLVSUR\HFWXDO $VLPLVPR JDUDQWL]D \ IRUWDOHFH OD QHFHVDULD VLQHUJLD GH FRQRFLPLHQWRV \ GHVWUH]D GH ORV HVWXGLDQWHVSDUDDIURQWDUHOHMHUFLFLRSURIHVLRQDOHQODVGLYHUVDVLQVWDQFLDV\HVSDFLRVHQORV TXHXQDYH]HJUHVDGRVHGHVDUUROOH /D )$8' FRQVLGHUD D OD LQWHJUDFLyQ GH FRQWHQLGRV FRPR XQ SURFHVR GH OD HQVHxDQ]D ± DSUHQGL]DMH GH OD DUTXLWHFWXUD \ FRPR WDO FRQFHSWR QR DFDEDGR VLQR HQ SHUPDQHQWH FRQVWUXFFLyQGHOFRQRFLPLHQWR /DHMHFXFLyQGHOSODQGHHVWXGLRVFRPRKHUUDPLHQWDSRVLELOLWDGRUDODVDFFLRQHV LPSOHPHQWDGDVHLQFRUSRUDGDVDODFRRUGLQDFLyQDFDGpPLFD\DODVSUiFWLFDVGHORVHTXLSRV GHFiWHGUDKDDOFDQ]DGRQLYHOHVPX\VDWLVIDFWRULRVHQODFDOLGDGGHODVSURGXFFLRQHV DFDGpPLFDV\GHODVSURGXFFLRQHVFLHQWtILFDVGHORVHTXLSRVGHFiWHGUD(VWRVHSXHGH FRUURERUDUHQORVWUDEDMRVSUHPLDGRV\UHFRQRFLGRVHQHODOFDQFHGHORVWUDEDMRVORJUDGRV SRUODDUWLFXODFLyQGHFRQWHQLGRVHQODDPSOLDSDUWLFLSDFLyQGHOSODQWHOGRFHQWHHQODV DFWLYLGDGHVGH6HPDQDGH$FFLRQHV-RUQDGDV$FDGpPLFDV\3URJUDPDGH)RUPDFLyQ 'RFHQWH&RQWLQXD (QJHQHUDOQRVHGHWHFWDQGpILFLWVTXHSRQJDQHQULHVJRHOFXPSOLPLHQWRGHORVHVWiQGDUHV PtQLPRVILMDGRVHQOD5HV0LQLVWHULDOTXHQRKD\DQVLGRVXSHUDGRVHQHVWRVDxRVFRQ WRGRORYHUWLGRHQHVWHLQIRUPH6HREVHUYDTXHORVFRQWHQLGRV\ODVPRGDOLGDGHVGHIRUPDFLyQ PXHVWUDQ XQD WHQGHQFLD D GLULJLU HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH GH IRUPD SUHGRPLQDQWHPHQWHSUiFWLFD$VLPLVPRODSURIXQGL]DFLyQGHFRQWHQLGRVUHIHULGRVDODFUtWLFD\ OD WHRUtD GH OD DUTXLWHFWXUD HO XUEDQLVPR \ OD SODQLILFDFLyQ DVt FRPR OD LQFRUSRUDFLyQ GH DVLJQDWXUDVGHDUTXLWHFWXUDSDLVDMLVWDHTXLSDPLHQWR\ODVWHPiWLFDVDERUGDGDVSRUODRIHUWDGH ODVPDWHULDVHOHFWLYDVIRUWDOHFHQGLYHUVLILFDQ\SDUWLFXODUL]DQODIRUPDFLyQHQHQHOFDPSRGHOD DUTXLWHFWXUD /DVGLIHUHQWHVHVWUDWHJLDVHLQVWDQFLDVGHDUWLFXODFLyQHQWUHDVLJQDWXUDVQLYHOHVIDFXOWDGHV GLVFLSOLQDV\RWUDVLQVWLWXFLRQHVGHOPHGLRHQULTXHFHQHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH WDQWR FRPR OD YLQFXODFLyQ H LQWHJUDFLyQ GH FRQWHQLGRV QHFHVDULRV SDUD ORJUDU OD VtQWHVLV SUR\HFWXDO $VLPLVPR JDUDQWL]DQ \ IRUWDOHFHQ OD QHFHVDULD VLQHUJLD GH FRQRFLPLHQWRV \ GHVWUH]DVSDUDDIURQWDUHOHMHUFLFLRSURIHVLRQDOHQODVGLYHUVDVLQVWDQFLDV\HVSDFLRVHQHOTXH VHGHVDUUROOD 1RREVWDQWHUHVXOWDRSRUWXQRVHxDODUTXHVHSURSRQHXQ3ODQGH'HVDUUROORWHQGLHQWHD ORJUDU\DVHJXUDUXQDPD\RUFDOLGDGHQORVSDUiPHWURVGHVFULSWRVHQODSUHVHQWH'LPHQVLyQ $PDQHUDGHVtQWHVLVVHHQXQFLDQORVREMHWLYRVGHO3ODQGH'HVDUUROORHQHOSXQWRGHOD 'LPHQVLyQ LQIRUPHGHDXWRHYDOXDFLyQ GLPHQVLyQGRV