7HOHEDFKLOOHUDWRV&RPXQLWDULRVGHO

(VWDGRGH*XDQDMXDWR

1RPEUHGHO&HQWUR&7%&7HOHEDFKLOOHUDWR&RPXQLWDULR3eQMDPR/D &ODYHGHFHQWURGHWUDEDMR
0DGHMD (7.,
1RPEUHGHOGRFHQWH/HWLFLD5RGUfJXH] bUHDGLVFLSOLQDU6RFLDOHV\
0XQLFLSLR3eQMDPR
*RQ]dOH] +XPDQLGDGHV
3HULRGR)(%-81 6HPDQD6HPDQD 0DU]R0DU]R 3DUFLDOGR3DUFLDO
0gGXOR'(5(&+2<
+RUDVVHPDQD *UXSR V $
&8/785$'(3$=,,

3URSgVLWR*HQHUDOGHO0gGXOR$OjQDOL]DUHOPhGXORODV\ORVHVWXGLDQWHVUHFRQRFHUdQDO6LVWHPD-XUfGLFR
FRPRKHUUDPLHQWDSDUDODVROXFLhQSDFfjFDGHFRQkLFWRVTXHVHSUHVHQWDQHQVXHQWRUQRSHUVRQDOIDPLOLDU\
VRFLDODSDUWLUGHOHVWXGLRGHO'HUHFKR3RVLWLYR0H[LFDQRFRPRVXVWHQWRGHODVIDFXOWDGHVGHO(VWDGR\HO
3RGHU3iEOLFR\HO6LVWHPD1RUPDWLYR0H[LFDQR SDUWLFXODUPHQWHHO6LVWHPD3HQDO$FXVDWRULR\HO'HUHFKR
3ULYDGR FRQODjQDOLGDGGHUHFRQRFHUORVFRPRJDUDQWHVHQODFRQVWUXFFLhQGHODFXOWXUDGHSD]

0gGXOR (MH &RPSRQHQWH &RQWHQLGRFHQWUDO

,QIRUPDFLhQ3ODQ&ODVH

'eDPDUWHV 

8QLGDG,,8QDVRFLHGDGRUGHQDGD\3DFfjFD
3URSgVLWRGHOD8QLGDG
$SUHQGL]DMH V HVSHUDGR V 
$QDOL]DODVGLVWLQWDVIRUPDVGHRUJDQL]DFLhQGHOD$GPLQLVWUDFLhQ3iEOLFDDjQGHUHDOL]DUXQDUHYLVLhQ
UHkH[LYDGHODVDFWLYLGDGHVGHODVLQVWLWXFLRQHVSiEOLFDVSDUDFRPSUHQGHUVXIXQFLRQDPLHQWRHQHO
FRQWH[WRGHVXYLGDFRWLGLDQD

&RPSHWHQFLDVDGHVDUUROODU
&RPSHWHQFLDV*HQeULFDV

6HFRQRFH\YDORUDDVfPLVPR\DERUGDSUREOHPDV\UHWRVWHQLHQGRHQFXHQWDORVREMHWLYRVTXHSHUVLJXH
$FXHUGR6HFUHWDULDO 
(QIUHQWDODVGLjFXOWDGHVTXHVHOHSUHVHQWDQ\HVFRQVFLHQWHGHVXVYDORUHVIRUWDOH]DV\GHELOLGDGHV
 (VFXFKDLQWHUSUHWD\HPLWHPHQVDMHVSHUWLQHQWHVHQGLVWLQWRVFRQWH[WRVPHGLDQWHODXWLOL]DFLhQGH
PHGLRVFhGLJRV\KHUUDPLHQWDVDSURSLDGRV$FXHUGR6HFUHWDULDO 
$SOLFDGLVWLQWDVHVWUDWHJLDVFRPXQLFDWLYDVVHJiQTXLHQHVVHDQVXVLQWHUORFXWRUHVHOFRQWH[WRHQHOTXH
VHHQFXHQWUD\ORVREMHWLYRVTXHSHUVLJXH

6XVWHQWDXQDSRVWXUDSHUVRQDOVREUHWHPDVGHLQWHUeV\UHOHYDQFLDJHQHUDOFRQVLGHUDQGRRWURVSXQWRVGH
YLVWDGHPDQHUDFUfWLFD\UHkH[LYD$FXHUGR6HFUHWDULDO 
(OLJHODVIXHQWHVGHLQIRUPDFLhQPdVUHOHYDQWHVSDUDXQSURShVLWRHVSHFfjFR\GLVFULPLQDHQWUHHOODVGH
DFXHUGRDVXUHOHYDQFLD\FRQjDELOLGDG

$SUHQGHSRULQLFLDWLYDHLQWHUeVSURSLRDORODUJRGHODYLGD$FXHUGR6HFUHWDULDO 
$UWLFXODVDEHUHVGHGLYHUVRVFDPSRV\HVWDEOHFHUHODFLRQHVHQWUHHOORV\VXYLGDFRWLGLDQD

3DUWLFLSD\FRODERUDGHPDQHUDHIHFWLYDHQHTXLSRVGLYHUVRV$FXHUGR6HFUHWDULDO 
$SRUWDSXQWRVGHYLVWDFRQDSHUWXUD\FRQVLGHUDORVGHRWUDVSHUVRQDVGHPDQHUDUHkH[LYD

3DUWLFLSDFRQXQDFRQFLHQFLDFfYLFD\eWLFDHQODYLGDGHVXFRPXQLGDGUHJLhQ0e[LFR\HOPXQGR
$FXHUGR6HFUHWDULDO 
3ULYLOHJLDHOGLdORJRFRPRPHFDQLVPRSDUDODVROXFLhQGHFRQkLFWRV

&RPSHWHQFLDV'LVFLSOLQDUHV

&RPXQLFDFLhQ$FXHUGR6HFUHWDULDO 
8WLOL]DODLQIRUPDFLhQFRQWHQLGDHQGLIHUHQWHVWH[WRVSDUDRULHQWDUVXVLQWHUHVHVHQdPELWRVGLYHUVRV

&RQRFLPLHQWRV
)RUPDVGHRUJDQL]DFLhQGHOD$GPLQLVWUDFLhQ3iEOLFD&HQWUDOL]DGDGHVFHQWUDOL]DGDGHVFRQFHQWUDGD\
SDUDHVWDWDO

+DELOLGDGHV
'LVWLQJXHODV,QVWLWXFLRQHV-XUfGLFDV\VXVGLVWLQWDVIRUPDVGHRUJDQL]DFLhQ

$FWLWXGHV
)DYRUHFHHOSHQVDPLHQWRFUfWLFR\UHkH[LYRDQWHODVDFFLRQHVKXPDQDV

(YDOXDFLgQ
1$ 1RDSOLFDHYDOXDFLgQ
3URFHVRGHHQVHfDQ]D$SUHQGL]DMH
(VWUDWHJLDGLGcFWLFD

0bWRGRGH.ROE

7LHPSR
7LSR $FWLYLGDG 'HVFULSFLgQ (WDSD $FWRUHV HQ
PLQXWRV
 7LHPSR
7LSR $FWLYLGDG 'HVFULSFLgQ (WDSD $FWRUHV HQ
PLQXWRV
'RFHQWHVDOXGDGDODELHQYHQLGD\UHDOL]DHOSDVHGH 'RFHQWH\
$SHUWXUD 6DOXGR 1$ 
DVLVWHQFLDDORVDOXPQRV $OXPQRV
3URShVLWR\RUJDQL]DFLhQ GDU
DFRQRFHUDSUHQGL]DMHV 'RFHQWHGDDFRQRFHUDORVDOXPQRVORVDSUHQGL]DMHV
$SHUWXUD HVSHUDGRVRWHPDVDUHYLVDU HVSHUDGRVFRPSHWHQFLDV\WHPDDUHYLVDUGXUDQWHOD 1$ 'RFHQWH 
FRPSHWHQFLDVDFWLYLGDGHV\ VHVLhQ
IRUPDGHHYDOXDFLhQ
(OGRFHQWHLQGLFDDORVDOXPQRVTXHPHGLDQWHXQD
OOXYLDGHLGHDVFRPSDUWDQDVXVFRPSDgHURV\
GRFHQWHODVGLVWLQWDVIRUPDVGHRUJDQL]DFLhQGHOD
'HVDUUROOR /OXYLDGHLGHDV $GPLQLVWUDFLhQ3iEOLFD&HQWUDOL]DGDGHVFHQWUDOL]DGD 6HQVLELOL]DFLhQ $OXPQRV 
GHVFRQFHQWUDGD\SDUDHVWDWDOHOGRFHQWH
FRPSOHPHQWDODLQIRUPDFLhQFRPSDUWLGDSRUORV
DOXPQRV
(OGRFHQWHLQGLFDDORVDOXPQRVHOWHPDDUHYLVDUHV
/DVIRUPDVGHRUJDQL]DFLhQGHOD$GPLQLVWUDFLhQ 2EVHUYDFLhQ
'HVDUUROOR ,QYHVWLJDFLRQHV 3iEOLFDHQVHJXLGDOHVSLGHLQYHVWLJDUHOWHPD UHkH[LYD $OXPQRV 
SRVWHULRUPHQWHUHDOL]DUODOHFWXUD\DQdOLVLVGHOGHO FRQWH[WXDOL]DGD
WHPDFLWDGR
(OGRFHQWHUHDOL]DXQDH[SRVLFLhQDORVDOXPQRVGHO
WHPDHVWXGLDGRGXUDQWHODVHVLhQFRQODjQDOLGDGGH
UHIRU]DUORVDSUHQGL]DMHVDGTXLULGRVSRUORVDOXPQRV
VREUHHOWHPD/DVIRUPDVGHRUJDQL]DFLhQGHOD
&RQFHSWXDOL]DFLhQ
$GPLQLVWUDFLhQ3iEOLFDH[SOLFDQGRHQTXHFRQVLVWH
'HVDUUROOR ([SRVLFLhQ DEVWUDFWD 'RFHQWH 
FDGDXQDGHHOODV&HQWUDOL]DGDGHVFHQWUDOL]DGD
FRPSUHVLhQ
GHVFRQFHQWUDGD\SDUDHVWDWDOHQVHJXLGDHOGRFHQWH
SLGHDORVDOXPQRVFRPSDUWDQGXGDVVREUHHOWHPD
H[SXHVWRSDUDVHUUHVXHOWDVSRUHOGRFHQWH\
UHWURDOLPHQWDGDVSRUVXVFRPSDgHURV
(OGRFHQWHLQGLFDDORVDOXPQRVTXHHQEDVHDORV
DSUHQGL]DMHVDGTXLULGRVGXUDQWHODVHVLhQUHDOL]DUXQ
FXDGURFRPSDUDWLYRGHOWHPD/DVIRUPDVGH
RUJDQL]DFLhQGHOD$GPLQLVWUDFLhQ3iEOLFDHQHOFXDO ([SHULPHQWDFLhQ
'HVDUUROOR &XDGURFRPSDUDWLYR $OXPQRV 
FLWDUdQHOFRQFHSWR\FDUDFWHUfVWLFDVGHFDGDXQDGH DFWLYDSUdFWLFD
HOODVSRVWHULRUPHQWHHOGRFHQWHSLGHDXQRGHORV
DOXPQRVTXHGHPDQHUDYROXQWDULDFRPSDUWDVX
DFWLYLGDGHQSOHQDULDDVXVFRPSDgHURV\GRFHQWH
'RFHQWHUHDOL]DXQDUHWURDOLPHQWDFLhQDORVDOXPQRV
2WUR
'HVDUUROOR VREUHHOWHPDUHYLVDGRGXUDQWHODVHVLhQ\OD (YDOXDFLhQLQWHJUDGD 'RFHQWH 
5HWURDOLPHQWDFLhQ
DFWLYLGDGUHDOL]DGDSRUHVWRV
'RFHQWHSLGHDORVDOXPQRVFRQWHVWDQOD
PHWDFRJQLFLhQHQVXFXDGHUQRb4XeDSUHQGfb&hPR
0HWDFRJQLFLhQGHODVHVLhQ
ORDSUHQGf"\b&hPRSXHGRXWLOL]DUORHQPLYLGD
&LHUUH TXeDSUHQGfFhPR\SDUD 1$ $OXPQRV 
FRWLGLDQD"HQVHJXLGDHOGRFHQWHGDSRUWHUPLQDGDOD
TXe
VHVLhQDJUDGHFLHQGRDORVDOXPQRVVXDVLVWHQFLD\
SDUWLFLSDFLhQHQFODVH

5HFXUVRV
0DWHULDOHVGLGcFWLFRV )XHQWHVELEOLRJUchFDV
/LEURVGHWH[WRJUDWXLWRV 6LQIXHQWHVELEOLRJUbcFDVSDUDHVWDFODVH

'eDPLdUFROHV 

8QLGDG,,8QDVRFLHGDGRUGHQDGD\3DFfjFD
3URSgVLWRGHOD8QLGDG
$SUHQGL]DMH V HVSHUDGR V 
$QDOL]DGLIHUHQWHVFRQGXFWDVGHOLFWLYDVUHODFLRQDQGRDTXHOODVTXHVHSUHVHQWDURQFRQPD\RUIUHFXHQFLD
 HQVXFRQWH[WRVRFLDO\UD]RQDQGRVREUHVXVFDXVDVFRQHOjQGHIDYRUHFHUXQSHQVDPLHQWRFUfWLFR\
UHkH[LYR
5HODFLRQDODVGLYHUVDVSHQDV\PHGLGDVGHVHJXULGDGHQVXFRQWH[WRDWUDYeVGHODFRPSDUDFLhQHQWUH
SULVLhQWUDWDPLHQWRHQOLEHUWDGVDQFLhQSHFXQLDULDHQWUHRWUDVIDYRUHFLHQGRXQDDFWLWXGUHVSRQVDEOH
DQWHODVFRQVHFXHQFLDVGHVXDFWXDUFRWLGLDQR\JH

&RPSHWHQFLDVDGHVDUUROODU
/DVFRPSHWHQFLDVDGHVDUUROODUVRQLJXDOHVDOGeDDQWHULRU
(YDOXDFLgQ
1$ 1RDSOLFDHYDOXDFLgQ
3URFHVRGHHQVHfDQ]D$SUHQGL]DMH
(VWUDWHJLDGLGcFWLFD

0bWRGRGH.ROE

7LHPSR
7LSR $FWLYLGDG 'HVFULSFLgQ (WDSD $FWRUHV HQ
PLQXWRV
'RFHQWHVDOXGDGDODELHQYHQLGD\UHDOL]DHOSDVHGH 'RFHQWH\
$SHUWXUD 6DOXGR 1$ 
DVLVWHQFLDDORVDOXPQRV $OXPQRV
3URShVLWR\
RUJDQL]DFLhQ GDUD
FRQRFHUDSUHQGL]DMHV 'RFHQWHGDDFRQRFHUDORVDOXPQRVORVDSUHQGL]DMHV
$SHUWXUD HVSHUDGRVRWHPDVD HVSHUDGRVFRPSHWHQFLDV\WHPDDUHYLVDUGXUDQWHOD 1$ 'RFHQWH 
UHYLVDUFRPSHWHQFLDV VHVLhQ
DFWLYLGDGHV\IRUPDGH
HYDOXDFLhQ
(OGRFHQWHLQGLFDDORVDOXPQRVTXHPHGLDQWHXQDOOXYLD
GHLGHDVFRPSDUWDQHQSOHQDULDDVXVFRPSDgHURV\
'HVDUUROOR /OXYLDGHLGHDV 6HQVLELOL]DFLhQ $OXPQRV 
GRFHQWHORTXHHQWLHQGHQSRUGHUHFKRSHQDOHOGRFHQWH
FRPSOHPHQWDODLQIRUPDFLhQFRPSDUWLGDSRUORVDOXPQRV
(OGRFHQWHLQGLFDDORVDOXPQRVHOWHPDDUHYLVDUHV
(OHPHQWRVGHOGHOLWRHQVHJXLGDHOGRFHQWHOHVSLGH 2EVHUYDFLhQUHkH[LYD
'HVDUUROOR ,QYHVWLJDFLRQHV $OXPQRV 
UHDOL]DUODLQYHVWLJDFLhQGHOWHPDFLWDGRSRVWHULRUPHQWH FRQWH[WXDOL]DGD
UHDOL]DUODOHFWXUD\DQdOLVLVGHOPLVPR
(OGRFHQWHUHDOL]DXQDH[SRVLFLhQDORVDOXPQRVSDUD
UHIRU]DUORVDSUHQGL]DMHVDGTXLULGRVSRUHVWRVVREUHORV
GLYHUVRVHOHPHQWRVGHOGHOLWRHQVHJXLGDHOGRFHQWHSLGH &RQFHSWXDOL]DFLhQ
'HVDUUROOR ([SRVLFLhQ $OXPQRV 
DORVDOXPQRVFRPSDUWDQGXGDVVREUHHOWHPDUHYLVDGR DEVWUDFWDFRPSUHVLhQ
SDUDVHUUHVXHOWDVSRUHVWH\UHWURDOLPHQWDGDVSRUVXV
FRPSDgHURV
'RFHQWHSLGHDORVDOXPQRVFRQWHVWDQODPHWDFRJQLFLhQ
0HWDFRJQLFLhQGHOD HQVXFXDGHUQRb4XeDSUHQGfb&hPRORDSUHQGf"\
&LHUUH VHVLhQ TXeDSUHQGf b&hPRSXHGRXWLOL]DUORHQPLYLGDFRWLGLDQD"HQVHJXLGD 1$ $OXPQRV 
FhPR\SDUDTXe HOGRFHQWHGDSRUWHUPLQDGDODVHVLhQDJUDGHFLHQGRDORV
DOXPQRVVXDVLVWHQFLD\SDUWLFLSDFLhQHQFODVH

(VWXGLR,QGHSHQGLHQWH
7LHPSRHVWLPDGR
'HVFULSFLgQ
+RUDV
(OGRFHQWHLQGLFDDORVDOXPQRVGHVFULELUHQVXFXDGHUQRORVHOHPHQWRVGHOGHOLWRHQ'HUHFKR3HQDO

SRVWHULRUPHQWHORFRPSDUWHQDOGRFHQWHSDUDVHUUHYLVDGRHQODVLJXLHQWHVHVLhQ

5HFXUVRV
 )XHQWHVELEOLRJUchFDV

0DWHULDOHVGLGcFWLFRV
WWSVZZZJRRJOHFRPVHDUFK"T HOHPHQWRVGHOGHOLWRGHOFRGLJRIHGHUDOSHQDO UO] &$17.9BHQ0; RT HOHPHQWRVGHOGHOLWRGHOFRGLJRIHGHUDOSHQDO JVBOFUS (J=MD+-YE:8\%JJ$((8<27,,&$(4$%J:*%6$4N[1'(1:RZDMHR$J&Z$J$ VRXUFHLG FKURPH LH 87) VDIH DFWLY

/LEURVGHWH[WRJUDWXLWRV
2WURUHFXUVRGLGdFWLFR

9DOLGDFLgQ
(ODERUD 5HFLEH 9R%R $XWRUL]D
/HWLFLD5RGUfJXH] $OPD*DEULHOD$OYDUDGR %5(1'$0,5,$0
0$(/(1$0(1'2=$*21=c/(=
*RQ]dOH] 9DUJDV 9$/(1&,$)8(17(6
'LUHFFLgQGH7HOHEDFKLOOHUDWR
'RFHQWH 5HVSRQVDEOHGHFHQWUR 3ODQHDFLgQ$FDGdPLFD
&RPXQLWDULR