63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

5HJODPHQWRSDUDOD&RPHUFLDOL]DFLyQGH*DV/LFXDGRGH3HWUyOHR
'(&5(726835(021ž (0

&21&25'$1&,$6'61ƒ(0$UW
'61ƒ(0,QIRUPDFLyQVREUHSUHFLRVGHYHQWDGHFRPEXVWLEOHV

51ƒ26&'

'61ƒ(00RGLILFDQ\FRPSOHPHQWDQHO5HJODPHQWRSDUDOD&RPHUFLDOL]DFLyQGH*/3
51ž26&'3UR\HFWRGH5HVROXFLyQTXHDSUXHEDORVUHTXLVLWRVSDUDHORWRUJDPLHQWRGHORV,QIRUPHV7pFQLFRV
)DYRUDEOHVSDUDODLQVWDODFLyQ\SDUDHOXVR\IXQFLRQDPLHQWRGH
ODV3ODQWDVGH$EDVWHFLPLHQWR3ODQWDV(QYDVDGRUDV*DVRFHQWURV&RQVXPLGRUHV'LUHFWRV5HGHVGH'LVWULEXFLyQ/RFDOHV
GH9HQWD\0HGLRVGH7UDQVSRUWHGH*DV/LFXDGRGH3HWUyOHR
 51ž26&'$SUXHEDQUHTXLVLWRVSDUDHORWRUJDPLHQWRGH,QIRUPHV7pFQLFRV)DYRUDEOHVSDUDODLQVWDODFLyQ\
SDUDHOXVR\
               IXQFLRQDPLHQWR GH 3ODQWDV GH $EDVWHFLPLHQWR 3ODQWDV (QYDVDGRUDV *DVRFHQWURV &RQVXPLGRUHV 'LUHFWRV 5HGHV GH
'LVWULEXFLyQ/RFDOHV
GH9HQWD\0HGLRVGH7UDQVSRUWHGH*DV/LFXDGRGH3HWUyOHR
51ž26&'³3URFHGLPLHQWRGH&RQWUROGH&DOLGDGGHO*DV/LFXDGRGH3HWUyOHR*/3´
               5 1ž 26&' $SUXHEDQ 7H[WR 8QLILFDGR GH ORV &ULWHULRV (VSHFtILFRV SDUD OD DSOLFDFLyQ GH VDQFLRQHV SRU
LQIUDFFLRQHVDODVQRUPDV
               PHWUROyJLFDV HQ FRPEXVWLEOHV OtTXLGRV \ */3 FRQWHQLGDV HQ OD 7LSLILFDFLyQ \ (VFDOD GH 0XOWDV \ 6DQFLRQHV GH
+LGURFDUEXURV

               5 1ƒ 26&' (VWDEOHFHQ OD REOLJDFLyQ D FDUJR GH ODV 3ODQWDV GH 3URFHVDPLHQWR GH +LGURFDUEXURV
,PSRUWDGRUHVGH*/3\3ODQWDV
GH$EDVWHFLPLHQWRGH*/3GHUHPLWLULQIRUPDFLyQGLDULDDO26,1(5*0,1UHVSHFWRGHODVH[LVWHQFLDV\FDQWLGDGHVGH*/3
DVtFRPR
GHFXDOTXLHUHYHQWRTXHSXHGDDIHFWDUVXQRUPDODEDVWHFLPLHQWR

'61ƒ(01RUPDTXHRWRUJDIDFXOWDGDO26,1(5*0,1SDUDGLFWDUPHGLGDVWUDQVLWRULDVTXHSHUPLWDQH[FHSWXDU
HOFXPSOLPLHQWRGHORV
UHJODPHQWRVGHFRPHUFLDOL]DFLyQ\VHJXULGDGDQWHGLYHUVDVVLWXDFLRQHV

(/35(6,'(17('(/$5(38%/,&$

&216,'(5$1'2

     4XH HO $UWtFXOR  GH OD /H\ 1ž  /H\ 2UJiQLFD GH +LGURFDUEXURV HVWDEOHFH TXH HO WUDQVSRUWH
GLVWULEXFLyQ\FRPHUFLDOL]DFLyQGHORVSURGXFWRVGHULYDGRVGHORV+LGURFDUEXURVVHUHJLUiQSRUODVQRUPDVTXH
DSUXHEHHO0LQLVWHULRGH(QHUJtD\0LQDV

4XHHQWDOVHQWLGRVHKDFHQHFHVDULRGLFWDUODVQRUPDVTXHJDUDQWLFHQXQSURFHGLPLHQWRDGHFXDGRHILFD]\
RSRUWXQRDILQGHSHUPLWLUTXHODVDFWLYLGDGHVGHWUDQVSRUWHGLVWULEXFLyQ\FRPHUFLDOL]DFLyQGHO*DV/LFXDGRGH
3HWUyOHRWHQJDQORVPHFDQLVPRVTXHVDWLVIDJDQHODEDVWHFLPLHQWRGHOPHUFDGRLQWHUQR

'HFRQIRUPLGDGFRQHOLQFLVRGHO$UWLFXORGHOD&RQVWLWXFLyQ3ROtWLFDGHO3HU~

'(&5(7$

$UWtFXOR$SUXpEDVHHO5HJODPHQWRSDUDOD&RPHUFLDOL]DFLyQGH*DV/LFXDGRGH3HWUyOHRHOPLVPRTXH
FRQWLHQHFLQFR7tWXORVVHLV&DStWXORV\VHWHQWDDUWtFXORVQXHYH'LVSRVLFLRQHV&RPSOHPHQWDULDV
\FLQFR'LVSRVLFLRQHV7UDQVLWRULDV

     $UWtFXOR  (O SUHVHQWH 'HFUHWR 6XSUHPR VyOR SRGUi VHU GHURJDGR PRGLILFDGR R LQWHUSUHWDGR WRWDO R
SDUFLDOPHQWHSRURWUR'HFUHWR6XSUHPRTXHH[SUHVDPHQWHVHUHILHUDDHVWHGLVSRVLWLYR/HJDO

     $UWtFXOR  'HUyJDQVH ORV 'HFUHWRV 6XSUHPRV 1ž (090( \ 1ž (0 \ WRGDV ODV
GLVSRVLFLRQHVTXHVHRSRQJDQDO5HJODPHQWRTXHVHDSUXHEDSRUHOSUHVHQWH'HFUHWR6XSUHPR

$UWtFXOR(OSUHVHQWH'HFUHWR6XSUHPRVHUiUHIUHQGDGRSRUHO0LQLVWURGH(QHUJtD\0LQDV\HQWUDUiHQ
YLJHQFLDDOGtDVLJXLHQWHGHVXSXEOLFDFLyQHQHO'LDULR2ILFLDO(O3HUXDQR

     'DGR HQ OD &DVD GH *RELHUQR HQ /LPD D ORV GLH] GtDV GHO PHV GH HQHUR GH PLO QRYHFLHQWRV QRYHQWD \
FXDWUR

$/%(572)8-,025,)8-,025,

3UHVLGHQWH&RQVWLWXFLRQDOGHOD5HS~EOLFD

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

'$1,(/+2.$0$72.$6+,.,

0LQLVWURGH(QHUJtD\0LQDV

&217(1,'2

7,78/2,

',6326,&,21(6*(1(5$/(6$UWVDO

7,78/2,,

'(/2625*$1,6026&203(7(17(6$UWVDO

7,78/2,,,

'(/265(48,6,7263$5$&20(5&,$/,=$5

*$6/,&8$'2'(3(752/(2$UWVDO

&$3,78/2,

*(1(5$/,'$'(6$UWVDO

&$3,78/2,,

'(/265(48,6,7263$5$&216758,5<23(5$5

3/$17$6'(352'8&&,213/$17$6'(

$%$67(&,0,(1723/$17$6(19$6$'25$6

5('(6'(',675,%8&,21</2&$/(6'(9(17$$UWVDO

&$3,78/2,,,

'(/265(48,6,7263$5$75$163257$5*$6

/,&8$'2'(3(752/(2$UWVDO

&$3,78/2,9

'(/$6(*85,'$''(/$63/$17$6'(

352'8&&,213/$17$6'($%$67(&,0,(172

3/$17$6(19$6$'25$60(',26'(

75$163257(</2&$/(6'(9(17$$UWVDO

&$3,78/29

'(/$61250$6'(&$/,'$'<

352&(',0,(1726'(&21752/'(*$6

/,&8$'2'(3(752/(2$UWVDO

&$3,78/29,

'(/6,67(0$'(&20(5&,$/,=$&,21'(/

*$6/,&8$'2'(3(752/(2(1&,/,1'526

<$*5$1(/$UWVDO

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

7,78/2,9

'(/2635(&,26'(/*$6/,&8$'2'(3(752/(2$UWVDO

7,78/29

'(/$6,1)5$&&,21(66$1&,21(6(,167$1&,$6$UWVDO

',6326,&,21(6&203/(0(17$5,$6

',6326,&,21(675$16,725,$6

7,78/2,

',6326,&,21(6*(1(5$/(6

     $UWtFXOR(O SUHVHQWH 5HJODPHQWR FRPSUHQGH ODV DFWLYLGDGHV GH &RPHUFLDOL]DFLyQ GH *DV /LFXDGR GH
3HWUyOHR*/3HQVXVIDVHVGHSURGXFFLyQFRPHUFLRH[WHULRUDOPDFHQDPLHQWRHQYDVDGRWUDQVSRUWH\YHQWDDO
S~EOLFR

/DVGLVSRVLFLRQHVGHOSUHVHQWH5HJODPHQWRVREUHJDVOLFXDGRLQFOX\HQ

/RVUHTXLVLWRVSDUDHVWDEOHFHURSHUDU\H[SORWDUSODQWDVGHDEDVWHFLPLHQWRSODQWDVHQYDVDGRUDVPHGLRV
GHWUDQVSRUWH\HVWDEOHFLPLHQWRVGHYHQWDDOS~EOLFR

      /DV FRQGLFLRQHV GH VHJXULGDG D TXH GHEHQ VRPHWHUVH ODV LQVWDODFLRQHV SDUD HO DOPDFHQDPLHQWR
HQYDVDGRWUDQVSRUWH\YHQWDDOS~EOLFRDVtFRPRODVLQVWDODFLRQHVGHORVFRQVXPLGRUHVGLUHFWRV

/RVVLVWHPDVGHFRPHUFLDOL]DFLyQHQFLOLQGURV\DJUDQHO\UpJLPHQGHLQWHUFDPELRGHFLOLQGURV

/DVGLVSRVLFLRQHVVREUHFDOLGDGGHOSURGXFWR

(OUpJLPHQGHSUHFLRV

/DVUHODFLRQHVGHODVSHUVRQDVQDWXUDOHV\MXUtGLFDVTXHSDUWLFLSHQHQDFWLYLGDGHVGHFRPHUFLDOL]DFLyQGH
JDVOLFXDGRHQWUHVtFRQHO(VWDGR\ODV0XQLFLSDOLGDGHV

$UWtFXOR3DUDORVILQHVGHOSUHVHQWH5HJODPHQWRVHFRQVLGHUDODVVLJXLHQWHVGHILQLFLRQHV\VLJODV

$'(),1,&,21(6

$8',725,$7(&1,&$7UDEDMRUHDOL]DGRSRUXQD(PSUHVDGH$XGLWRUtDH,QVSHFWRUtDLQVFULWDHQHO5HJLVWUR
FRUUHVSRQGLHQWHGHOD'LUHFFLyQ*HQHUDOGH+LGURFDUEXURVGHO0LQLVWHULRGH(QHUJtD\0LQDVGHDFXHUGRFRQORV
SURFHGLPLHQWRV HVWDEOHFLGRV SRU HO 'HFUHWR /H\ 1ž  VX 5HJODPHQWR DSUREDGR SRU 'HFUHWR 6XSUHPR 1ž
(0\GLVSRVLFLRQHVFRQH[DV

     &$0,217$148( 3$5$ *$6 /,&8$'2 '( 3(752/(2 (Q DGHODQWH &DPLyQ 7DQTXH &RQMXQWR
FRPSXHVWR SRU XQ UHFLSLHQWH GH DFHUR FRQ FDUDFWHUtVWLFDV HVSHFLDOHV SDUD FRQWHQHU *DV /LFXDGR GH 3HWUyOHR \
FRQVWUXLGRGHDFXHUGRDODVQRUPDVWpFQLFDVYLJHQWHVLQFOX\HQGRDODXQLGDGPyYLOTXHSRUWiQGRORILUPHPHQWH
DVHJXUDGR R KDOiQGROR FRQIRUPDQ XQ FRQMXQWR VHJXUR HVSHFLDO SDUD WUDQVSRUWH \ WUDVLHJR GHO *DV /LFXDGR GH
3HWUyOHRDJUDQHO

     &(17526 '( &$1-( $8725,=$'26,QVWDODFLyQ HQ XQ ELHQ LQPXHEOH HQ OD FXDO ORV &LOLQGURV YDFtRV
SDUD *DV /LFXDGR GH 3HWUyOHR SRGUiQ LQWHUFDPELDUVH HQWUH ODV (PSUHVDV (QYDVDGRUDV TXH VXVFULEDQ &RQWUDWR
GH6HUYLFLRVFRQHOSURSLHWDULR\XRSHUDGRUGHOORFDO

     &,/,1'526 3$5$ *$6 /,&8$'2 '( 3(752/(2 (Q DGHODQWH &LOLQGURV HQYDVHV SRUWiWLOHV
HVSHFLDOHVGHDFHURIDEULFDGRVSDUDFRQWHQHUHO*DV/LFXDGR\TXHSRUVXIRUPDSHVR\PHGLGDVIDFLOLWDQVX
PDQLSXOHRWUDQVSRUWHHLQVWDODFLyQ

&,/,1'5266,15278/$5(QYDVHVSRUWiWLOHVGHDFHURGH\OLEUDVGHFDSDFLGDGH[LVWHQWHVHQHO
PHUFDGR\VLQURWXODGRHQDOWRUHOLHYHTXHSHUPLWDVXLGHQWLILFDFLyQ

     &,/,1'526 5278/$'26(QYDVHV SRUWiWLOHV GH DFHUR FRQ URWXODGR GH LGHQWLILFDFLyQ GH OD (PSUHVD
(QYDVDGRUDGHO&LOLQGUR

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

/RV&LOLQGURVURWXODGRVVRQGHGRVWLSRV

&,/,1'5265278/$'26(1.,/2*5$026$TXHOORVGH\NJVGHFDSDFLGDGURWXODGRVHQ
DOWR UHOLHYH HQ HO FXHUSR \ IDEULFDGRV VHJ~Q 1RUPD 7pFQLFD YLJHQWH ORV PLVPRV TXH VRQ GH SURSLHGDG GH XQD
(PSUHVD(QYDVDGRUD

     &,/,1'526 5278/$'26 (1 /,%5$6 $TXHOORV GH  \  OLEUDV GH FDSDFLGDG H[LVWHQWHV HQ HO
PHUFDGR\URWXODGRVSRUODV(PSUHVDV(QYDVDGRUDVVHJ~QORGLVSXHVWRHQHO$UWtFXOR  5(&7,),&$'2 325 )(
'((55$7$6 GHOSUHVHQWH5HJODPHQWR

 &21680,'25',5(&72'(*/33HUVRQD TXH DGTXLHUH HQ HO SDtV R LPSRUWD */3 SDUD XVR SURSLR \ H[FOXVLYR HQ VXV DFWLYLGDGHV \
TXHFXHQWDFRQ7DQTXHV(VWDFLRQDULRVGH*/3

'HILQLFLyQLQFOXLGDSRUHO$UWtFXORGHO'HFUHWR6XSUHPR1ƒ(0SXEOLFDGRHOHQHUR

 'HILQLFLyQ PRGLILFDGD SRU HO$UWtFXOR  GHO 'HFUHWR 6XSUHPR 1ƒ (0 SXEOLFDGR HO 
QRYLHPEUHFX\RWH[WRHVHOVLJXLHQWH

³&21680,'25 ',5(&72 '( */33HUVRQD TXH RSHUD XQD LQVWDODFLyQ VH HQFXHQWUD GHELGDPHQWH LQVFULWD
HQHO5HJLVWURGH+LGURFDUEXURV\FXHQWDFRQXQRRPiVWDQTXHVHVWDFLRQDULRVSURSLRVRFHGLGRVHQXVRSRUXQ
'LVWULEXLGRU D *UDQHO R (PSUHVD (QYDVDGRUD GRQGH HO */3 D JUDQHO HV REMHWR GH UHFHSFLyQ \ DOPDFHQDPLHQWR
SDUDFRQVXPRSURSLR'LFKDLQVWDODFLyQHVWDPELpQOODPDGD(VWDEOHFLPLHQWRGH*DV/LFXDGRGH3HWUyOHR*/3D
*UDQHO GH &RQVXPLGRU 'LUHFWR 3DUD HIHFWRV GH OD SUHVHQWH GHILQLFLyQ ORV WDQTXHV HVWDFLRQDULRV PDWHULD GH
DUUHQGDPLHQWR ILQDQFLHUR WLHQHQ HO PLVPR WUDWDPLHQWR TXH ORV GH SURSLHGDG GH ORV &RQVXPLGRUHV 'LUHFWRV GH
*/3´

     ',675,%8,'25 (1 &,/,1'5263HUVRQD QDWXUDO R MXUtGLFD GHELGDPHQWH DXWRUL]DGD SRU OD 'LUHFFLyQ
*HQHUDOGH+LGURFDUEXURVTXHVHGHGLFDDODFRPHUFLDOL]DFLyQGH*DV/LFXDGRGH3HWUyOHRHQ&LOLQGURVSDUDOR
FXDOFXHQWDFRQGHSyVLWRViUHDV\RYHKtFXORVH[FOXVLYRV

',675,%8,'25$*5$1(/3HUVRQDQDWXUDORMXUtGLFDGHELGDPHQWHDXWRUL]DGDSRUOD'LUHFFLyQ*HQHUDOGH+LGURFDUEXURVTXHVHGHGLFD
D OD FRPHUFLDOL]DFLyQ GH *DV /LFXDGR GH 3HWUyOHR D JUDQHO SDUD OR FXDO FXHQWD FRQ &DPLRQHV 7DQTXHV \R 5HGHV GH 'LVWULEXFLyQ GH *DV
/LFXDGRGH3HWUyOHR 

  'HILQLFLyQ PRGLILFDGD SRU HO$UWtFXOR  GHO 'HFUHWR 6XSUHPR 1ž (0 SXEOLFDGR HO  MXQLR
FX\RWH[WRHVHOVLJXLHQWH

 ³',675,%8,'25$*5$1(/3HUVRQDQDWXUDORMXUtGLFDGHELGDPHQWHLQVFULWDHQHO5HJLVWURGH+LGURFDUEXURV
TXH DGTXLHUH */3 D JUDQHO SDUD VX FRPHUFLDOL]DFLyQ ~QLFDPHQWH FRQ *DVRFHQWURV (VWDFLRQHV GH 6HUYLFLR FRQ
YHQWDGH*/3&RQVXPLGRUHV'LUHFWRVGH*/3\5HGHVGH'LVWULEXFLyQGH*/3SDUDORFXDOFXHQWDFRQWDQTXH
SDUD */3 PRQWDGR HQ YHKtFXOR DXWRPRWRU GH FDWHJRUtD ³1´ R VHPLUUHPROTXH GH FDWHJRUtD ³2´ GH DFXHUGR D OD
FODVLILFDFLyQYHKLFXODUGHO5HJODPHQWR1DFLRQDOGH9HKtFXORV(OYROXPHQPi[LPRTXHSRGUiYHQGHUSRUFOLHQWH
GH IRUPD PHQVXDO QR GHEHUi H[FHGHU GH  P   JDORQHV HO FXDO VHUi FRPSXWDGR
LQGHSHQGLHQWHPHQWHGHODFDQWLGDGGHLQVFULSFLRQHVFRQTXHFXHQWHFDGD'LVWULEXLGRUD*UDQHOHQHO5HJLVWURGH
+LGURFDUEXURV´

(035(6$'($8',725,$(,163(&725,$$TXHOODTXHGHELGDPHQWHFDOLILFDGDHLQVFULWDHQHO5HJLVWUR
GH (PSUHVDV GH $XGLWRUtD H ,QVSHFWRUtD GH OD 'LUHFFLyQ *HQHUDO GH +LGURFDUEXURV YHULILTXH \R FRQVWDWH SRU
GHOHJDFLyQHOFXPSOLPLHQWRGHODVREOLJDFLRQHVHVWDEOHFLGDVHQWUHRWURVHQHOSUHVHQWH5HJODPHQWR

(035(6$(19$6$'25$$TXHOODSHUVRQDQDWXUDORMXUtGLFDTXHLQGLYLGXDOPHQWHRHQIRUPDDVRFLDGDVH
GHGLFDDODH[SORWDFLyQGHXQDRPiV3ODQWDV(QYDVDGRUDVGH*DV/LFXDGRGH3HWUyOHR 

  'HILQLFLyQ PRGLILFDGD SRU HO$UWtFXOR  GHO 'HFUHWR 6XSUHPR 1ƒ (0 SXEOLFDGR HO  PD\R
FX\RWH[WRHVHOVLJXLHQWH

 ³(035(6$(19$6$'25$$TXHOODSHUVRQDQDWXUDORMXUtGLFDTXHLQGLYLGXDOPHQWHRHQIRUPDDVRFLDGDVH
GHGLFD D OD H[SORWDFLyQ GH XQD R PiV 3ODQWDV (QYDVDGRUDV GH *DV /LFXDGR GH 3HWUyOHR GH VX SURSLHGDG R GH
WHUFHURV´

(035(6$'(5(3$5$&,213HUVRQDQDWXUDORMXUtGLFDFDOLILFDGD\DXWRUL]DGDSRUOD'LUHFFLyQ*HQHUDOGH
+LGURFDUEXURV SDUD PDQWHQHU \R UHSDUDU ORV &LOLQGURV SDUD *DV /LFXDGR GH 3HWUyOHR \ 6LVWHPD GH 9iOYXOD
5HJXODGRU

     (035(6$ '( 683(59,6,213HUVRQD QDWXUDO R MXUtGLFD S~EOLFD R SULYDGD DXWRUL]DGD SRU OD 'LUHFFLyQ
*HQHUDO GH +LGURFDUEXURV SDUD RSHUDU HPLWLHQGR FHUWLILFDGRV GH LQVSHFFLyQ \R UHLQVSHFFLyQ HIHFWXDGD GH ORV
&LOLQGURVSDUD*DV/LFXDGRGH3HWUyOHRHQEDVHDQRUPDV\RHVSHFLILFDFLRQHVWpFQLFDV

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

     (67$%/(&,0,(172 '( *$6 /,&8$'2 '( 3(752/(2 $ *5$1(/ '( &21680,'25(6

',5(&726,QVWDODFLyQ HQ XQ ELHQ LQPXHEOH HQ OD FXDO HO *DV /LFXDGR GH 3HWUyOHR HV REMHWR GH UHFHSFLyQ \
DOPDFHQDPLHQWR SDUD VX SURSLR FRQVXPR HVWDQGR SURKLELGD OD YHQWD DO S~EOLFR \ FX\D FDSDFLGDG WRWDO GH
DOPDFHQDPLHQWRGH*DV/LFXDGRHVPD\RUDXQPHWURF~ELFR

     *$6 /,&8$'2 '( 3(752/(2(Q DGHODQWH */3 +LGURFDUEXURV FRPSXHVWRV SRU SURSDQR EXWDQR
SURSLOHQR \ EXWLOHQR R PH]FOD GH ORV PLVPRV HQ GLIHUHQWHV SURSRUFLRQHV TXH FRPELQDGDV FRQ HO R[tJHQR HQ
GHWHUPLQDGRVSRUFHQWDMHVIRUPDQXQDPH]FODLQIODPDEOH

     +,'52&$5%8527RGR FRPSXHVWR RUJiQLFR JDVHRVR OtTXLGR R VyOLGR TXH FRQVLVWH SULQFLSDOPHQWH GH

FDUERQRHKLGUyJHQR

     /2&$/(6 3$5$ (/ $/0$&(1$0,(172 < 9(17$ $/ 38%/,&2 '( &,/,1'526 3$5$ */3 (Q
DGHODQWH /RFDOHV GH 9HQWD LQVWDODFLyQ HQ XQ ELHQ LQPXHEOH HQ OD FXDO ORV &LOLQGURV VRQ REMHWR GH UHFHSFLyQ
DOPDFHQDPLHQWR\YHQWDDOS~EOLFR

0(',2'(75$163257(&DPLyQFDPLyQWDQTXHEDUFREDUFD]DFDUURWDQTXHGHIHUURFDUULOXRWURPHGLR
WUDQVSRUWH TXH HVWp LQVFULWR HQ HO UHJLVWUR TXH HVWDEOHFH HO $UWtFXOR ž GHO SUHVHQWH 5HJODPHQWR \ TXH VH
HQFXHQWUHDXWRUL]DGRSDUDWUDQVSRUWDU*/3HQ&LOLQGURVRDJUDQHOGHDFXHUGRDODUHJODPHQWDFLyQYLJHQWH1RVH
LQFOX\HWUDQVSRUWHSRUGXFWRVTXHVHULJHSRUODUHJODPHQWDFLyQFRUUHVSRQGLHQWH

     3/$17$ '( $%$67(&,0(172,QVWDODFLyQ HQ XQ ELHQ LQPXHEOH HQ OD FXDO HO */3 D JUDQHO SXHGH VHU
REMHWR GH ODV RSHUDFLRQHV GH UHFHSFLyQ DOPDFHQDPLHQWR \ WUDVYDVH SDUD VX SRVWHULRU GLVWULEXFLyQ VLQ TXH HQ
HOODVHUHDOLFHHOHQYDVDGRGHOSURGXFWRHQ&LOLQGURV7DPELpQVHOHGHQRPLQD3ODQWDGH9HQWDGH*/3

     3/$17$(19$6$'25$(VWDEOHFLPLHQWR HVSHFLDO H LQGHSHQGLHQWH HQ HO TXH XQD (PSUHVD (QYDVDGRUD

DOPDFHQD */3 FRQ OD ILQDOLGDG GH HQYDVDUOR HQ &LOLQGURV R WUDVHJDUOR D &DPLRQHV 7DQTXHV (VWH
HVWDEOHFLPLHQWRSXHGHDFWXDUFRPR3ODQWDGH$EDVWHFLPLHQWR\R/RFDOGH9HQWD

3/$17$'(352'8&&,21'(*/3(QDGHODQWH3ODQWDGH3URGXFFLyQ,QVWDODFLyQHQXQELHQLQPXHEOH
HQ OD FXDO ORV +LGURFDUEXURV SXHGHQ VHU REMHWR GH SURFHVRV GH WUDQVIRUPDFLyQ R EHQHILFLR FRQ HO REMHWR GH
SURGXFLU SURSDQR EXWDQR R PH]FOD GH ORV PLVPRV (Q HVH WLSR GH LQVWDODFLRQHV VH H[FOX\HQ ODV UHILQHUtDV 
5(&7,),&$'2325)('((55$7$6 

     3523,(7$5,223(5$'253HUVRQD QDWXUDO R MXUtGLFD TXH EDMR FXDOTXLHU PRGDOLGDG FRQWUDFWXDO \D VHD
SURSLHWDULRDUUHQGDWDULRFRQFHVLRQDULRXRWUDDVXPHODUHVSRQVDELOLGDGFLYLOSRUODVLQVWDODFLRQHV\0HGLRVGH
7UDQVSRUWHTXHLQVFULEHHQHO5HJLVWURTXHHVWDEOHFHHO$UWtFXORžGHOSUHVHQWH5HJODPHQWRDVtFRPRGHWRGD
RWUD REOLJDFLyQ TXH GH WDO LQVFULSFLyQ GHULYHQ GH DFXHUGR D OD UHJODPHQWDFLyQ YLJHQWH \ VLQ SHUMXLFLR GH RWUDV
H[LJHQFLDVTXHOHLPSRQJDQODVOH\HVRODVDXWRULGDGHVFRQDUUHJORDOD/H\

     352*5$0$ $18$/ '( $'(&8$&,213URJUDPD TXH HO 3URSLHWDULR 2SHUDGRU GH XQD LQVWDODFLyQ \R
PHGLRGHWUDQVSRUWHTXHHVWpHQRSHUDFLyQRHQWUiPLWHGHDSUREDFLyQSDUDVXHQWUDGDHQRSHUDFLyQDSDUWLUGHOD
SXEOLFDFLyQ GHO SUHVHQWH 5HJODPHQWR GHEH SUHVHQWDU D OD 'LUHFFLyQ *HQHUDO GH +LGURFDUEXURV FRQ HO REMHWR GH
DGHFXDUVXVLQVWDODFLRQHV\RPHGLRVGHWUDQVSRUWHDORVUHJODPHQWRVGHVHJXULGDGTXHOHVVHDQDSOLFDEOHVGH
DFXHUGR D ORV UHTXHULPLHQWRV PtQLPRV TXH GLFKD 'LUHFFLyQ HVWDEOHFHUi VHJ~Q OR QRUPDGR HQ HO SUHVHQWH
5HJODPHQWR (VWH SURJUDPD GHEHUi HMHFXWDUVH HQ HO SHUtRGR GH XQ  DxR FDOHQGDULR D SDUWLU GH OD IHFKD GH
SUHVHQWDFLyQDOD'*+

5('(6'(',675,%8&,21'(*/3(QDGHODQWH5HGHVIOXMRGH*/3GHOUHFLSLHQWHKDVWDHOSXQWRGHFRQVXPR 

  'HILQLFLyQ PRGLILFDGD SRU HO$UWtFXOR  GHO 'HFUHWR 6XSUHPR 1ƒ (0 SXEOLFDGR HO 
QRYLHPEUHFX\RWH[WRHVHOVLJXLHQWH

³5('(6'(',675,%8&,Ï1'(*/3,QVWDODFLyQ VLWXDGD HQ XQ ELHQ LQPXHEOH GHELGDPHQWH LQVFULWD HQ HO

5HJLVWUR GH +LGURFDUEXURV TXH FXHQWD FRQ XQR R PiV WDQTXHV HVWDFLRQDULRV SURSLRV R FHGLGRV HQ XVR SRU XQ
'LVWULEXLGRU D *UDQHO R (PSUHVD (QYDVDGRUD SDUD DOPDFHQDU */3 FRQ HO ILQ GH GLVWULEXLUOR PHGLDQWH WXEHUtDV D
FRQVXPLGRUHV ILQDOHV TXH OR HPSOHHQ SDUD XVR SURSLR \ H[FOXVLYR 3DUD HIHFWRV GH OD SUHVHQWH GHILQLFLyQ ORV
WDQTXHVHVWDFLRQDULRVPDWHULDGHDUUHQGDPLHQWRILQDQFLHURWLHQHQHOPLVPRWUDWDPLHQWRTXHORVGHSURSLHGDGGHO
WLWXODUGH5HGHVGH'LVWULEXFLyQGH*/3´

     7$148( (67$&,21$5,2 '( */3 5HFLSLHQWH GH DFHUR IDEULFDGR GH DFXHUGR D OD 1RUPD 7pFQLFD
1DFLRQDODSUREDGDSRU,1'(&23,RHQVXGHIHFWRGHDFXHUGRDO&yGLJR$60(6HFFLyQ9,,,'LYLVLyQ,3XHGH
VHULQVWDODGRGHIRUPDDpUHDVRWHUUDGRRPRQWLFXODGRGHSHQGLHQGRGHODVFRQGLFLRQHVGHODLQVWDODFLyQ

 (QFDVRGH7DQTXHV(VWDFLRQDULRVGH*/3SUHH[LVWHQWHVGHEHUiFXPSOLUVHFRQOD1RUPD7pFQLFD3HUXDQDDSUREDGDSRU,1'(&23,HQ
VXGHIHFWRFRQXQD1RUPD7pFQLFD,QWHUQDFLRQDOYLJHQWH´

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

'HILQLFLyQLQFOXLGDSRUHO$UWtFXORGHO'HFUHWR6XSUHPR1ƒ(0SXEOLFDGRHOHQHUR

'HILQLFLyQPRGLILFDGDSRUHO$UWtFXORGHO'HFUHWR6XSUHPR1ƒ(0SXEOLFDGRHOIHEUHUR
FX\RWH[WRHVHOVLJXLHQWH

(QFDVRGHODLQVWDODFLyQGH7DQTXHV(VWDFLRQDULRVGH*/3SUHH[LVWHQWHVGHEHUiFXPSOLUVHFRQOD1RUPD
7pFQLFD3HUXDQDDSUREDGDSRU,1'(&23,RHQVXGHIHFWRFRQHO&yGLJR$60(6HFFLyQ9,,,'LYLVLyQ,RFRQ
XQD1RUPD7pFQLFD,QWHUQDFLRQDOUHFRQRFLGDSRUHO0LQLVWHULRGH(QHUJtD\0LQDV´

%6,*/$6

'*+'LUHFFLyQ*HQHUDOGH+LGURFDUEXURV

*/3*DV/LFXDGRGH3HWUyOHR

     ,1'(&23,,QVWLWXWR 1DFLRQDO GH 'HIHQVD GH OD &RPSHWHQFLD \ GH OD 3URSLHGDG ,QWHOHFWXDO &RPLVLyQ GH
3URWHFFLyQDO&RQVXPLGRU

783$7H[WR8QLFRGH3URFHGLPLHQWRV$GPLQLVWUDWLYRVHVWDEOHFLGRSRUOD'*+H,1'(&23,

8,78QLGDG,PSRVLWLYD7ULEXWDULD

7,78/2,,

'(/2625*$1,6026&203(7(17(6

     $UWtFXOR  /D DSOLFDFLyQ GHO SUHVHQWH 5HJODPHQWR FRUUHVSRQGH DO 0LQLVWHULR GH (QHUJtD \ 0LQDV SRU
LQWHUPHGLR GH OD 'LUHFFLyQ *HQHUDO GH +LGURFDUEXURV VLQ SHUMXLFLR GH ODV DWULEXFLRQHV TXH  FRUUHVSRQGDQ D OD
&RPLVLyQGH3URWHFFLyQDO&RQVXPLGRU,QVWLWXWR1DFLRQDOGH'HIHQVDGHOD&RPSHWHQFLD\GHOD3URWHFFLyQGH
OD3URSLHGDG,QWHOHFWXDO,1'(&23,

$UWtFXOR6LQSHUMXLFLRGHORHVWDEOHFLGRHQORVGLVSRVLWLYRVOHJDOHVYLJHQWHVHOFXPSOLPLHQWRGHOSUHVHQWH
5HJODPHQWRSRGUiVHUILVFDOL]DGRSRUOD'*+DWUDYpVGH(PSUHVDVGH$XGLWRUtDH,QVSHFWRUtDGHFRQIRUPLGDG
FRQHO'HFUHWR/H\1ž\VX5HJODPHQWR

$UWtFXOR/DYHULILFDFLyQGHOFXPSOLPLHQWRGHODVQRUPDVWpFQLFDVGHFRQWUROPHWUROyJLFR\GHFDOLGDGGHO
*DV/LFXDGRGH3HWUyOHRFRUUHVSRQGHD,1'(&23,

7,78/2,,,

'(/265(48,6,7263$5$&20(5&,$/,=$5

*$6/,&8$'2'(3(752/(2

&$3,78/2,

*(1(5$/O'$'(6

$UWtFXOR/DFRPHUFLDOL]DFLyQGH*/3SXHGHVHUUHDOL]DGDSRUFXDOTXLHUSHUVRQDQDWXUDORMXUtGLFDQDFLRQDO
R H[WUDQMHUD GHQWUR GH ORV DOFDQFHV GH OD /H\ 1ž  \ GHPiV GLVSRVLFLRQHV OHJDOHV \ UHJODPHQWDULDV
VLHPSUHTXHHOSURGXFWRFXPSODFRQODVHVSHFLILFDFLRQHVWpFQLFDVYLJHQWHVVREUHFDOLGDG

     $UWtFXOR  (VWDEOp]FDVH XQ UHJLVWUR TXH VHUi OOHYDGR SRU OD '*+ HQ HO TXH GHEHUiQ LQVFULELUVH ODV
SHUVRQDV QDWXUDOHV R MXUtGLFDV TXH LPSRUWHQ \ H[SRUWHQ */3 ORV 3URSLHWDULRV2SHUDGRUHV GH 3ODQWDV GH
3URGXFFLyQ GH 3ODQWDV GH $EDVWHFLPLHQWR GH 3ODQWDV (QYDVDGRUDV GH 5HGHV GH 'LVWULEXFLyQ GH /RFDOHV GH
9HQWDVGH(VWDEOHFLPLHQWRVGH*/3D*UDQHOGH&RQVXPLGRUHV'LUHFWRV\GH0HGLRVGH7UDQVSRUWH

/DVROLFLWXGGHUHJLVWURGHEHUiFRQWHQHUORVVLJXLHQWHVDQWHFHGHQWHVVHJ~QFRUUHVSRQGD

D1RPEUHQDFLRQDOLGDG\GRPLFLOLRGHO3URSLHWDULR2SHUDGRU\9HQGHGRUGHVHUHOFDVR

E&RSLDGHORVHVWDWXWRVVRFLDOHVVLVHWUDWDGHXQDSHUVRQDMXUtGLFD

     F /LFHQFLD GH $SHUWXUD GH ODV  3ODQWDV GH 3URGXFFLyQ 3ODQWDV GH $EDVWHFLPLHQWR 3ODQWDV (QYDVDGRUDV
5HGHV GH 'LVWULEXFLyQ /RFDOHV GH 9HQWDV \ (VWDEOHFLPLHQWRV GH */3 D *UDQHO GH &RQVXPLGRUHV 'LUHFWRV H
LGHQWLILFDFLyQ GH VX XELFDFLyQ FDSDFLGDG GH DOPDFHQDPLHQWR D JUDQHO FDSDFLGDG GH DOPDFHQDPLHQWR HQ
&LOLQGURV\ORQJLWXGGHODUHGVHJ~QFRUUHVSRQGD

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

     G ,GHQWLILFDFLyQ GHO 0HGLR GH 7UDQVSRUWH FDSDFLGDG GH DOPDFHQDPLHQWR \ HQWUHJD GH ORV DQWHFHGHQWHV
HVWDEOHFLGRVHQHO$UWtFXOR 5(&7,),&$'2325)('((55$7$6GHOSUHVHQWH5HJODPHQWR

/DVWUDQVIHUHQFLDVRFDPELRVHQHOGRPLQLRGHODVLQVWDODFLRQHVHODXPHQWRRGLVPLQXFLyQGHpVWDV\DVHD
HQ VXSHUILFLH GH WHUUHQR R GH HGLILFDFLyQ HQ FDSDFLGDG GH DOPDFHQDPLHQWR \R HQ ORQJLWXG GH OD UHG VHJ~Q
FRUUHVSRQGDGHEHUiQWDPELpQLQVFULELUVHHQHOUHJLVWUR 

  $UWtFXOR PRGLILFDGR SRU HO $UWtFXOR  GHO 'HFUHWR 6XSUHPR 1ƒ (0 SXEOLFDGR HO  PD\R
FX\RWH[WRHVHOVLJXLHQWH

     ³$UWLFXOR (Q HO 5HJLVWUR GH +LGURFDUEXURV TXH DGPLQLVWUD 2VLQHUJPLQ GHEHUiQ LQVFULELUVH ODV SHUVRQDV
QDWXUDOHVRMXUtGLFDVTXHLPSRUWHQ\H[SRUWHQ*/3TXHUHDOLFHQRSHUDFLRQHVHQ3ODQWDVGH3URGXFFLyQ3ODQWDV
GH$EDVWHFLPLHQWR3ODQWDV(QYDVDGRUDV5HGHVGH'LVWULEXFLyQ/RFDOHVGH9HQWDV(VWDEOHFLPLHQWRVGH*/3
D*UDQHO\0HGLRVGH7UDQVSRUWHDVtFRPRORV&RQVXPLGRUHV'LUHFWRV\(PSUHVDV(QYDVDGRUDVSDUDORFXDO
HPLWLUiODVGLVSRVLFLRQHVQRUPDWLYDVFRUUHVSRQGLHQWHV

3DUDHOFDVRGHODVSHUVRQDVQDWXUDOHVRMXUtGLFDVTXHQRWHQJDQODFRQGLFLyQGHSURSLHWDULRVXRSHUDGRUHV
GH 3ODQWD (QYDVDGRUD SDUD UHDOL]DU DFWLYLGDG GH HQYDVDGR GH */3 GHEHUiQ LQVFULELUVH HQ HO 5HJLVWUR GH
+LGURFDUEXURV FRPR (PSUHVD (QYDVDGRUD FXPSOLHQGR SDUD WDOHV HIHFWRV ORV UHTXLVLWRV HVWDEOHFLGRV SRU HO
2VLQHUJPLQ

 $UWtFXOR  &DGD 3ODQWD GH 3URGXFFLyQ \ FDGD LPSRUWDGRU GH */3  WHQGUi OD REOLJDFLyQ GH PDQWHQHU XQD H[LVWHQFLD PHGLD GH */3
HTXLYDOHQWHDTXLQFHGtDVGHVXYHQWDSURPHGLRGHORV~OWLPRVVHLVPHVHVRGHVXLPSRUWDFLyQSURPHGLRHQHOPLVPRODSVRVHJ~Q
VHDHOFDVR

'HFRQIRUPLGDGFRQHO$UWtFXOR3ULPHURGHOD5HVROXFLyQ0LQLVWHULDO1ƒ0(0'0SXEOLFDGDHODEULO VH GLVSRQH

FRPR PHGLGD WHPSRUDO OD H[RQHUDFLyQ GHO FXPSOLPLHQWR GH OD REOLJDFLyQ FRQWHQLGD HQ HO SUHVHQWH DUWtFXOR SRU SDUWH GH ORV
3URGXFWRUHV H ,PSRUWDGRUHV GH *DV /LFXDGR GH 3HWUyOHR SRU HO WLHPSR TXH GXUH OD DIHFWDFLyQ DO DEDVWHFLPLHQWR LQWHUQR GH GLFKR
FRPEXVWLEOH 

$UWtFXORPRGLILFDGRSRUHO$UWtFXORGHO'HFUHWR6XSUHPR1ƒ(0SXEOLFDGRHOMXOLR
FX\RWH[WRHVHOVLJXLHQWH

     ³$UWtFXOR  7RGRV ORV DJHQWHV TXH DOPDFHQHQ */3 HQ 3ODQWDV GH $EDVWHFLPLHQWR HVWiQ REOLJDGRV D
PDQWHQHU XQD H[LVWHQFLD PHGLD GH GLFKR SURGXFWR HTXLYDOHQWH D TXLQFH  GtDV GH GHVSDFKR SURPHGLR GH ORV
~OWLPRVVHLVPHVHV

     3DUD HO FDVR GH ORV 3URGXFWRUHV GH */3 HQ HO FyPSXWR GH GLFKDV H[LVWHQFLDV VH FRQVLGHUDUi HO YROXPHQ
DOPDFHQDGR HQ ODV 3ODQWDV GH 3URGXFFLyQ GH */3 GRQGH UHDOLFHQ VXV DFWLYLGDGHV \ HQ ODV 3ODQWDV GH
$EDVWHFLPLHQWRDOHGDxDVDpVWDVGHVHUHOFDVR

6HSRGUiGLVSRQHUGHODVH[LVWHQFLDVVHxDODGDVHQORVSiUUDIRVDQWHULRUHVHQORVFDVRVGRQGHOD'LUHFFLyQ
*HQHUDO GH +LGURFDUEXURV GH RILFLR R SRU FRPXQLFDFLyQ GH SDUWH GHFODUH OD H[LVWHQFLD GH XQD VLWXDFLyQ TXH
DIHFWH HO DEDVWHFLPLHQWR GH */3 3DUD HO FDVR GH FRPXQLFDFLRQHV GH WHUFHURV pVWRV GHEHUiQ SUHVHQWDU OD
GRFXPHQWDFLyQQHFHVDULDTXHVXVWHQWHWDOVLWXDFLyQ´ 

 $UWtFXORPRGLILFDGRSRUHO$UWtFXORGHO'HFUHWR6XSUHPR1ƒ(0SXEOLFDGRHOMXQLR
FX\RWH[WRHVHOVLJXLHQWH

 ³$UWtFXOR7RGRVORVDJHQWHVTXHUHDOLFHQYHQWDVGH*/3DSDUWLUGHXQD3ODQWDGH$EDVWHFLPLHQWR\TXH
FXHQWHQFRQFDSDFLGDGGHDOPDFHQDPLHQWRSURSLDRFRQWUDWDGDHQODUHIHULGD3ODQWDHVWiQREOLJDGRVDPDQWHQHU
XQD H[LVWHQFLD PHGLD GH GLFKR SURGXFWR HTXLYDOHQWH D TXLQFH  GtDV GH GHVSDFKR DO PHUFDGR QDFLRQDO
SURPHGLRGHORV~OWLPRVVHLVPHVHVDVtFRPRPDQWHQHUHQHOODHQWRGRPRPHQWRGHOGtDXQDH[LVWHQFLD
PtQLPDGH*/3DOPDFHQDGRHTXLYDOHQWHDFLQFRGtDVGHGHVSDFKRSURPHGLRGHORV~OWLPRVVHLVPHVHV

/RV3URGXFWRUHVSRGUiQLQFOXLUFRPRSDUWHGHVXVH[LVWHQFLDVHOYROXPHQGHO*/3TXHWHQJDQDOPDFHQDGR
HQVX3ODQWDGH3URGXFFLyQGH*/3\HQODV3ODQWDVGH$EDVWHFLPLHQWRDOHGDxDVRDG\DFHQWHVGHVHUHOFDVR

7RGRVORVDJHQWHVTXHDOPDFHQHQYRO~PHQHVGH*/3SDUDHIHFWRVGHORHVWDEOHFLGRHQHOSULPHUSiUUDIRGHO
SUHVHQWH DUWtFXOR HQ YDULDV 3ODQWDV GH $EDVWHFLPLHQWR HQ OD PLVPD UHJLyQ SRGUiQ VXPDU ORV YRO~PHQHV GHO
UHIHULGR SURGXFWR SDUD FXPSOLU FRQ ODV H[LVWHQFLDV GH */3 3DUD HVWRV HIHFWRV ODV 3ODQWDV GH $EDVWHFLPLHQWR
ORFDOL]DGDVHQOD3URYLQFLDGH/LPD\HQOD3URYLQFLD&RQVWLWXFLRQDOGHO&DOODRVHFRQVLGHUDUiQXELFDGDVGHQWUR
GHXQDPLVPDUHJLyQ

3DUDORVILQHVGHDSOLFDFLyQGHOSUHVHQWHDUWtFXORVHFRQVLGHUDUiFRPRGHVSDFKRDWRGDVDOLGDItVLFDGH*/3
GH OD 3ODQWD GH $EDVWHFLPLHQWR RUGHQDGD SRU TXLHQ WHQJD FRQWUDWDGD OD FDSDFLGDG GH DOPDFHQDPLHQWR FRQ HO
2SHUDGRUGH3ODQWDGH$EDVWHFLPLHQWRRDTXHOODVVDOLGDVItVLFDVRUGHQDGDVSRUORV3URGXFWRUHVX2SHUDGRUHVGH
3ODQWDGH$EDVWHFLPLHQWRTXHVHHIHFW~HQGHVGHODV3ODQWDVGH$EDVWHFLPLHQWRGHVXSURSLHGDGXRSHUDGDVSRU
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 
 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

ORV PLVPRV /DV WUDQVIHUHQFLDV GH */3 HQWUH 3ODQWDV GH $EDVWHFLPLHQWR HIHFWXDGDV SRU XQD PLVPD HPSUHVD
QRVHUiQFRQVLGHUDGDVFRPRGHVSDFKR

6HSRGUiGLVSRQHUGHODVH[LVWHQFLDVVHxDODGDVHQORVSiUUDIRVDQWHULRUHVHQORVFDVRVGRQGHOD'LUHFFLyQ
*HQHUDO GH +LGURFDUEXURV GH RILFLR R SRU FRPXQLFDFLyQ GH SDUWH GHFODUH OD H[LVWHQFLD GH XQD VLWXDFLyQ TXH
DIHFWH HO DEDVWHFLPLHQWR GH */3 3DUD HO FDVR GH FRPXQLFDFLRQHV GH WHUFHURV pVWRV GHEHUiQ SUHVHQWDU OD
GRFXPHQWDFLyQQHFHVDULDTXHVXVWHQWHWDOVLWXDFLyQ´

&21&25'$1&,$6     50 1ƒ 0(0'0 ([RQHUDQ GH FXPSOLPLHQWR GH OD REOLJDFLyQ FRQWHQLGD HQ HO DUWtFXOR  GHO
5HJODPHQWR
SDUDOD&RPHUFLDOL]DFLyQGH*DV/LFXDGRGH3HWUyOHR
'61ƒ(0$UW

&$3O78/2,,

'(/265(48,6,7263$5$&216758,5<23(5$53/$17$6'(352'8&&,21

3/$17$6 '( $%$67(&,0,(172 3/$17$6 (19$6$'25$6 5('(6 '( ',675,%8&,21 < /2&$/(6
'(9(17$

$UWtFXOR&XDOTXLHUSHUVRQDQDWXUDORMXUtGLFDQDFLRQDORH[WUDQMHUDSXHGHFRQVWUXLU\RSHUDU3ODQWDVGH
$EDVWHFLPLHQWR 3ODQWDV (QYDVDGRUDV 5HGHV GH 'LVWULEXFLyQ \ /RFDOHV GH 9HQWDV HQ FXDOTXLHU OXJDU GHO
WHUULWRULRQDFLRQDOFRQODVDSUREDFLRQHVGHODVHQWLGDGHVUHVSRQVDEOHVFRQIRUPHDORHVWDEOHFLGRHQHOSUHVHQWH
5HJODPHQWR

     $UWtFXOR3DUD LQLFLDU OD FRQVWUXFFLyQ GH 3ODQWDV GH 3URGXFFLyQ 3ODQWDV GH $EDVWHFLPLHQWR 3ODQWDV
(QYDVDGRUDV5HGHVGH'LVWULEXFLyQ\/RFDOHVGH9HQWDVVHUHTXLHUHREWHQHUGHOD0XQLFLSDOLGDG3URYLQFLDOGH
OD MXULVGLFFLyQ TXH FRUUHVSRQGD HO  &HUWLILFDGR GH &RPSDWLELOLGDG GH 8VR HO &HUWLILFDGR GH $OLQHDPLHQWR \ OD
/LFHQFLD GH &RQVWUXFFLyQ 3DUD HOOR OD SHUVRQD QDWXUDO R MXUtGLFD LQWHUHVDGD GHEHUi FXPSOLU FRQ ORV UHTXLVLWRV
DGPLQLVWUDWLYRV\WpFQLFRVTXHDFRQWLQXDFLyQVHGHVFULEHQ

      3DUD REWHQHU HO &HUWLILFDGR GH &RPSDWLELOLGDG GH 8VR \ HO &HUWLILFDGR GH $OLQHDPLHQWR HO LQWHUHVDGR
GHEHUiSUHVHQWDUDOD0XQLFLSDOLGDG3URYLQFLDOGHODMXULVGLFFLyQGRQGHHVWpORFDOL]DGRHOWHUUHQRORVLJXLHQWH

D3ODQRGHXELFDFLyQGHOWHUUHQRDODHVFDOD

E3ODQRGH]RQLILFDFLyQJHQHUDOYLJHQWH

F3ODQRGHGLVWULEXFLyQJHQHUDOGHOSUR\HFWRVHxDODQGRODVSDUWHVPiVLPSRUWDQWHVWDOHVFRPRVHJ~QVHDHO
FDVR]RQDVGHHTXLSRVGHSURFHVR]RQDGHWDQTXHVFHUFRVDFFHVRVHVWDFLRQDPLHQWRVRILFLQDVHWF

G0HPRULDGHVFULSWLYDGHOSUR\HFWR

H3DUDHOFDVRGH5HGHVGH'LVWULEXFLyQDGHPiVGHORDQWHULRUODXELFDFLyQGHODVWXEHUtDVFRQUHVSHFWRD
YLYLHQGDV\RHGLILFLRV\GHPiVLQVWDODFLRQHVDQH[DV

/D0XQLFLSDOLGDG3URYLQFLDOH[SHGLUiHO&HUWLILFDGRGH&RPSDWLELOLGDGGH8VR\HO&HUWLILFDGRGH$OLQHDPLHQWR
HQXQSOD]RQRPD\RUDYHLQWHGtDVFDOHQGDULRVFRQWDGRVGHVGHODIHFKDGHUHFHSFLyQGHORVDQWHFHGHQWHV

(OLQWHUHVDGRGHEHUiSUHVHQWDUDOD'*+XQLQIRUPHIDYRUDEOHGHXQD(PSUHVDGH$XGLWRUtDWpFQLFDTXH
FHUWLILTXH TXH OD GRFXPHQWDFLyQ FRQWHQLGD HQ HO LQIRUPH FXPSOH FRQ ORV 5HJODPHQWRV GH 6HJXULGDG \
&RQVWUXFFLRQHV YLJHQWHV SDUD 3ODQWDV GH $EDVWHFLPLHQWR 3ODQWDV (QYDVDGRUDV 5HGHV GH 'LVWULEXFLyQ \
/RFDOHV GH 9HQWDV VHJ~Q VHD HO FDVR \ FRQ ORV GHPiV UHTXHULPLHQWRV GH LQIRUPDFLyQ \ DQWHFHGHQWHV
VROLFLWDGRV (Q HO PLVPR DFWR HQ TXH OD '*+ UHFHSFLRQH HO LQIRUPH IDYRUDEOH GH OD (PSUHVD GH $XGLWRUtD
GHEHUi HQWUHJDU DO LQWHUHVDGR XQ FHUWLILFDGR GH UHFHSFLyQ GHO PLVPR (O LQIRUPH IDYRUDEOH GH OD (PSUHVD GH
$XGLWRUtDGHEHUiFRQWHQHUORVLJXLHQWH

3ODQWDVGH$EDVWHFLPLHQWR\3ODQWDV(QYDVDGRUDV

     D &RSLD FHUWLILFDGD GHO WtWXOR GH SURSLHGDG GHO WHUUHQR R PLQXWD GH FRPSUD OHJDOL]DGD R GHO FRQWUDWR GH
DUUHQGDPLHQWRGHOWHUUHQRRFRQWUDWRGHFHVLyQGHXVRGHOWHUUHQRVHJ~QVHDHOFDVR

     E &HUWLILFDGR GH &RPSDWLELOLGDG GH 8VR \ &HUWLILFDGR GH $OLQHDPLHQWR RWRUJDGRV SRU OD 0XQLFLSDOLGDG
3URYLQFLDOUHVSHFWLYD

F0HPRULDGHVFULSWLYDGHOSUR\HFWR

G(VSHFLILFDFLRQHVWpFQLFDVGHPDWHULDOHVGHFRQVWUXFFLyQ

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

H(VWXGLRGHLPSDFWRDPELHQWDO

I&URQRJUDPDGHHMHFXFLyQGHOSUR\HFWR

J5HODFLyQGHSURIHVLRQDOHVUHVSRQVDEOHVGHOSUR\HFWR

K'HVFULSFLyQGHOVLVWHPDGHVHJXULGDG\SURWHFFLyQFRQWUDLQFHQGLRV

L3ODQRV

      3ODQR GH XELFDFLyQ FRQ LQGLFDFLyQ GH GLVWDQFLDV D YtDV GH IHUURFDUULO FDUUHWHUDV HGLILFLRV LQVWDODFLRQHV
OXJDUHVS~EOLFRVXRWURVGRQGHSXHGDH[LVWLUIXHJRVDELHUWRV

      3ODQR GH VLWXDFLyQ HQ HVFDOD  FRQ LQGLFDFLyQ GH FHQWURV DVLVWHQFLDOHV UHOLJLRVRV HGXFDFLRQDOHV
PHUFDGRV FLQHV WHDWURV ORFDOHV \ ]RQDV UHVHUYDGDV SDUD ILQHV PLOLWDUHV \ SROLFLDOHV HQ XQ iUHD WDO TXH
GHPXHVWUHTXHODXELFDFLyQSURSXHVWDQRLQIULQJHODVGLVSRVLFLRQHVGHOUHVSHFWLYR5HJODPHQWRGH6HJXULGDG

      3ODQRV GH GLVWULEXFLyQ HQ SODQWD VHxDODQGR ODV SDUWHV LQWHJUDQWHV TXH VHDQ DSOLFDEOHV DO SUR\HFWR WDOHV
FRPR ]RQD GH WDQTXHV ]RQD GH HQYDVDGR WDOOHUHV GH SUXHED \ UHSDUDFLyQ GH &LOLQGURV FHUFRV DFFHVR
HVWDFLRQDPLHQWRRILFLQDVHVWDFLRQHVGHERPEDVHWF

      'LDJUDPDV GH SURFHVR GH ORV VLVWHPDV UHTXHULGRV SDUD ODV LQVWDODFLRQHV GH DOPDFHQDPLHQWR GH */3 D
*UDQHO \R HQ &LOLQGURV FRPR VLVWHPD GH WUDQVIHUHQFLD GHO */3 VLVWHPD GH UHFXSHUDFLyQ \ SURFHVDPLHQWR GH
JDVHV\YDSRUHVVLVWHPDFRQWUDLQFHQGLRV\VLVWHPDGHDXWRPDWL]DFLyQ

3ODQRVGHODVREUDVFLYLOHVTXHVHDQDSOLFDEOHVDOSUR\HFWRFRPRH[SODQDFLRQHVSLVWDVYHUHGDVGUHQDMH
SOXYLDOIXQGDFLRQHVGHWDQTXHV\HTXLSRVHGLILFDFLRQHVDFFHVRVGUHQDMHLQGXVWULDO\VDQLWDULR

      3ODQRV GH ODV REUDV PHWDOPHFiQLFDV TXH VHDQ DSOLFDEOHV DO SUR\HFWR FRPR IDEULFDFLyQ GH WDQTXHV GH
DOPDFHQDPLHQWR GH OtTXLGRV WXEHUtDV SDUD WUDQVIHUHQFLD GH OtTXLGRV PRQWDMH GH HTXLSRV GH ERPEHR \ RWURV
SODQRVGHREUDVHVSHFLDOHV

3ODQRVGHREUDVHOpFWULFDVHLQVWUXPHQWDFLyQTXHVHDQDSOLFDEOHVDOSUR\HFWRFRPRGLDJUDPDVXQLILODUHV
HOpFWULFRV VLVWHPD GH SURWHFFLyQ DWPRVIpULFD \ SXHVWD D WLHUUD UHG GH FDEOHV GH HQHUJtD UHG GH LOXPLQDFLyQ
H[WHULRUVLVWHPDGHJHQHUDFLyQHOpFWULFD

(QJHQHUDOWRGRRWURSODQRTXHVHDQHFHVDULRSDUDGHILQLUHOSUR\HFWR\FRQILUPDUTXHHOPLVPRFXPSOHFRQ
ORVUHTXLVLWRVPtQLPRVGHVHJXULGDGGHOUHJODPHQWRTXHOHVHDDSOLFDEOH

/RFDOHVGHYHQWD

D&RSLDFHUWLILFDGDGHOWtWXORGHSURSLHGDGGHOWHUUHQRRPLQXWDGHFRPSUDOHJDOL]DGDFRQWUDWRGHFHVLyQGH
XVR GHO WHUUHQR R FXDOTXLHU RWUR FRQWUDWR R SURPHVD OHJDOL]DGD GRQGH H[SUHVDPHQWH HO SURSLHWDULR GHO WHUUHQR
FHGDDUULHQGHRVHDVRFLHDOVROLFLWDQWHSDUDODLQVWDODFLyQ\RFRQVWUXFFLyQGHO/RFDOGH9HQWD(QHVWH~OWLPR
FDVRGHEHUiDFRPSDxDUVHDGHPiVFRSLDFHUWLILFDGDGHOWtWXORGHSURSLHGDGGHOWHUUHQR

     E &HUWLILFDGR GH &RPSDWLELOLGDG GH 8VR \ &HUWLILFDGR GH $OLQHDPLHQWR H[WHQGLGR SRU OD 0XQLFLSDOLGDG
3URYLQFLDO

F0HPRULDGHVFULSWLYDGHOSUR\HFWR

G'HVFULSFLyQGHOVLVWHPDGHVHJXULGDG\SURWHFFLyQFRQWUDLQFHQGLRV

     H 3ODQR GH XELFDFLyQ HQ HVFDOD  FRQ LQGLFDFLyQ GH FDOOHV SLVWDV YHUHGDV SRVWHV \ WRUUHV TXH
FRQGXFHQFDEOHVGHDOWDWHQVLyQHVWDFLRQHV\VXEHVWDFLRQHVHOpFWULFDV\VHPiIRURV

     I 3ODQR GH VLWXDFLyQ HQ HVFDOD  FRQ LQGLFDFLyQ GH FHQWURV DVLVWHQFLDOHV UHOLJLRVRV HGXFDFLRQDOHV
PHUFDGRV FLQHV WHDWURV ORFDOHV \ ]RQDV UHVHUYDGDV SDUD ILQHV PLOLWDUHV \ SROLFLDOHV HQ XQ iUHD WDO TXH
GHPXHVWUHTXHODXELFDFLyQSURSXHVWDQRLQIULQJHODVGLVSRVLFLRQHVGHOUHVSHFWLYR5HJODPHQWRGH6HJXULGDG

     J 3ODQR GH GLVWULEXFLyQ GHO HVWDEOHFLPLHQWR HQ HVFDOD  VHxDODQGR ODV iUHDV GH DOPDFHQDPLHQWR GH
FLOLQGURVOXJDUHVGHDWHQFLyQDOS~EOLFRRILFLQDV\RWURVFRQWHPSODGRVHQORVGLIHUHQWHVVHUYLFLRV

K3ODQRGHLQVWDODFLRQHVHOpFWULFDV\PHFiQLFDV

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

     L 3ODQRV GH ODV REUDV FLYLOHV TXH VHDQ DSOLFDEOHV DO SUR\HFWR FRPR HGLILFDFLRQHV DFFHVRV VDQLWDULRV \
RWURVGHREUDVHVSHFLDOHV

5HGHVGH'LVWULEXFLyQ

D&RSLDFHUWLILFDGDGHOWtWXORGHSURSLHGDGGHOWHUUHQRRPLQXWDGHFRPSUDOHJDOL]DGDFRQWUDWRGHFHVLyQGH
XVR GHO WHUUHQR R FXDOTXLHU RWUR FRQWUDWR R SURPHVD OHJDOL]DGD GRQGH H[SUHVDPHQWH HO SURSLHWDULR GHO WHUUHQR
FHGDDUULHQGHRVHDVRFLHDOVROLFLWDQWHSDUDODLQVWDODFLyQGHORVWDQTXHVGHDOPDFHQDPLHQWRDJUDQHOGHVGHHO
FXDOVHUHDOL]DUiODGLVWULEXFLyQGHO*/3SRUWXEHUtDVDODVYLYLHQGDV\RHGLILFLRV(QHVWH~OWLPRFDVRGHEHUi
DFRPSDxDUVHDGHPiVFRSLDFHUWLILFDGDGHOWtWXORGHSURSLHGDGGHOWHUUHQR

     E &HUWLILFDGR GH &RPSDWLELOLGDG GH 8VR \ &HUWLILFDGR GH $OLQHDPLHQWR H[WHQGLGR SRU OD 0XQLFLSDOLGDG
3URYLQFLDO

F0HPRULDGHVFULSWLYDGHOSUR\HFWR

     G 3ODQR GH XELFDFLyQ HQ HVFDOD  FRQ LQGLFDFLyQ GH FDOOHV SLVWDV YHUHGDV SRVWHV \ WRUUHV TXH
FRQGXFHQFDEOHVGHDOWDWHQVLyQHVWDFLRQHV\VXEHVWDFLRQHVHOpFWULFDV\VHPiIRURV

     H 3ODQR GH VLWXDFLyQ HQ HVFDOD  FRQ LQGLFDFLyQ GH FHQWURV DVLVWHQFLDOHV UHOLJLRVRV HGXFDFLRQDOHV
PHUFDGRV FLQHV WHDWURV ORFDOHV \ ]RQDV UHVHUYDGDV SDUD ILQHV PLOLWDUHV \ SROLFLDOHV HQ XQ iUHD WDO TXH
GHPXHVWUHTXHODXELFDFLyQSURSXHVWDQRLQIULQJHODVGLVSRVLFLRQHVGHOUHVSHFWLYR5HJODPHQWRGH6HJXULGDG

I3ODQRGHODV5HGHVGH'LVWULEXFLyQKDFLDODVYLYLHQGDV\RHGLILFLRVHQHVFDODFRQLQGLFDFLyQGH
ODVSURSLHGDGHVTXHVHDWUDYHVDUiQDVtFRPRODVREUDVHLQVWDODFLRQHVH[LVWHQWHVGHTXHSXHGDQVHUDIHFWDGDV
SRUODVQXHYDVREUDV

      /RV SODQRV UHTXHULGRV HQ HO SXQWR DQWHULRU GHEHQ VHU SUHVHQWDGRV FRQ FRSLDV OHJLEOHV ILUPDGRV SRU HO
3URSLHWDULR  2SHUDGRU \ HO SURIHVLRQDO HQ OD HVSHFLDOLGDG LQVFULWR \ KDELOLWDGR HQ HO &ROHJLR 3URIHVLRQDO
FRUUHVSRQGLHQWH

      (O SUR\HFWR GHEHUi VHU GHVDUUROODGR SRU SURIHVLRQDOHV HQ ODV HVSHFLDOLGDGHV GH LQJHQLHUtD FROHJLDGRV
KiELOHV \ FRQ H[SHULHQFLD HQ OD HMHFXFLyQ GH SUR\HFWRV VLPLODUHV /DV HVSHFLDOLGDGHV GH ORV LQJHQLHURV VHUiQ
DFRUGHVFRQODSDUWHGHOSUR\HFWRTXHHOORVGHVDUUROOHQ

3DUDREWHQHUOD/LFHQFLDGH&RQVWUXFFLyQHOLQWHUHVDGRGHEHUiSUHVHQWDUDOD0XQLFLSDOLGDG3URYLQFLDOSDUD
HOFDVRGH3ODQWDVGH$EDVWHFLPLHQWR\DOD0XQLFLSDOLGDG'LVWULWDOSDUDHOFDVRGH/RFDOHVGH9HQWD3ODQWDV
(QYDVDGRUDV\5HGHVGH'LVWULEXFLyQORVLJXLHQWH

     D &HUWLILFDGR GH &RPSDWLELOLGDG GH 8VR \ &HUWLILFDGR GH $OLQHDPLHQWR SURSRUFLRQDGR SRU OD 0XQLFLSDOLGDG
3URYLQFLDO

E&HUWLILFDGRGHUHFHSFLyQSRUSDUWHGHOD'*+GHOLQIRUPHTXHVHHVWLSXODHQHOSXQWRDQWHULRU

F8QSODQRGHGLVWULEXFLyQJHQHUDOGHODVLQVWDODFLRQHV\ORVSODQRVGHREUDVFLYLOHV

     /DV 0XQLFLSDOLGDGHV H[SHGLUiQ OD /LFHQFLD GH &RQVWUXFFLyQ HQ XQ SOD]R QR PD\RU GH YHLQWH  GtDV
FDOHQGDULRV FRQWDGRV GHVGH OD IHFKD GH UHFHSFLyQ GH ORV DQWHFHGHQWHV /DV /LFHQFLDV GH &RQVWUXFFLyQ GH
3ODQWDV GH $EDVWHFLPLHQWRV H[SHGLGDV SRU OD 0XQLFLSDOLGDG 3URYLQFLDO GHEHUiQ VHU WUDQVFULWDV SRU pVWD D OD
0XQLFLSDOLGDG'LVWULWDOTXHFRUUHVSRQGD
&21&25'$1&,$51ž26&'
51ž26&'

     $UWtFXOR  6L GHQWUR GH FLHQWR RFKHQWD  GtDV FDOHQGDULR QR VH KXELHUDQ LQLFLDGR ODV REUDV
FRUUHVSRQGLHQWHV OD /LFHQFLD GH &RQVWUXFFLyQ D TXH VH UHILHUH HO DUWtFXOR DQWHULRU TXHGDUi VLQ HIHFWR 'LFKR
SOD]R SRGUi VHU SURUURJDGR SRU OD 0XQLFLSDOLGDG KDVWD XQ Pi[LPR GH FLHQWR RFKHQWD  GtDV FDOHQGDULR
DGLFLRQDOHVSUHYLDMXVWLILFDFLyQGRFXPHQWDGDDQWHOD'*+EDMR'HFODUDFLyQ-XUDGD
&21&25'$1&,$51ž26&'
51ž26&'

$UWtFXOR'XUDQWHODHWDSDGHFRQVWUXFFLyQODSHUVRQDQDWXUDORMXUtGLFDSURSLHWDULDGHODVLQVWDODFLRQHV
GHEHUi FRQWUDWDU D XQD (PSUHVD GH $XGLWRUtD WpFQLFD FRQ HO ILQ GH HIHFWXDU OD UHYLVLyQ GHWDOODGD GH ODV
LQVWDODFLRQHV\HGLILFDFLRQHVGHDFXHUGRFRQORVUHTXLVLWRVGHORVUHJODPHQWRVGHVHJXULGDG\FRQVWUXFFLyQTXH
FRUUHVSRQGDQDVtFRPRSUHVHQFLDUODVSUXHEDVGHWDQTXHVWXEHUtDV\GHPiVHTXLSRVODVTXHVHUHDOL]DUiQGH
DFXHUGR D ODV QRUPDV GH GLVHxR \ FRQVWUXFFLyQ GDGDV SRU HO 5HJODPHQWR GH 6HJXULGDG 7HUPLQDGD FDGD
LQVSHFFLyQ HO UHSUHVHQWDQWH GH OD (PSUHVD GH $XGLWRUtD WpFQLFD SUHSDUDUi XQ DFWD GRQGH FRQVWDUi ORV
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 
 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

UHVXOWDGRVGHODLQVSHFFLyQ\SUXHEDVUHDOL]DGDV

     $UWtFXOR  3DUD LQLFLDU OD RSHUDFLyQ GH 3ODQWDV GH $EDVWHFLPLHQWR 3ODQWDV (QYDVDGRUDV 5HGHV GH
'LVWULEXFLyQ\/RFDOHVGH9HQWDVHQHOWHUULWRULRQDFLRQDOODSHUVRQDQDWXUDORMXUtGLFDLQWHUHVDGDGHEHUiFXPSOLU
FRQORVUHTXLVLWRVDGPLQLVWUDWLYRV\WpFQLFRVTXHDFRQWLQXDFLyQVHGHVFULEHQ

3UHVHQWDUDOD'*+XQLQIRUPHIDYRUDEOHGHXVR\IXQFLRQDPLHQWRH[SHGLGRSRUXQD(PSUHVDGH$XGLWRUtD
WpFQLFDTXHFHUWLILTXHTXHODGRFXPHQWDFLyQFRQWHQLGDHQHOLQIRUPHFXPSOHFRQORVUHJODPHQWRVGHVHJXULGDG\
FRQVWUXFFLRQHVYLJHQWHSDUD3ODQWDVGH$EDVWHFLPLHQWR3ODQWDV(QYDVDGRUDV5HGHVGH'LVWULEXFLyQ\/RFDOHV
GH9HQWDVVHJ~QVHDHOFDVR\FRQORVGHPiVUHTXHULPLHQWRVGHLQIRUPDFLyQ\DQWHFHGHQWHVVROLFLWDGRV3DUD
HOFDVRGH3ODQWDV(QYDVDGRUDV5HGHVGH'LVWULEXFLyQ\/RFDOHVGH9HQWDVTXHQRHVWpQXELFDGRVHQ/LPD\
&DOODRHVWHLQIRUPHSRGUiVHUSUHVHQWDGRDODV'LUHFFLRQHV5HJLRQDOHVGH(QHUJtD\0LQDV(QHOPLVPRDFWR
HQTXHOD'*+RXQD'LUHFFLyQ5HJLRQDOGH(QHUJtD\0LQDVGHVHUHOFDVRUHFHSFLRQHHOLQIRUPHIDYRUDEOHGH
8VR \ )XQFLRQDPLHQWR GH ODV LQVWDODFLRQHV HODERUDGR SRU OD (PSUHVD GH $XGLWRUtD WpFQLFD GHEHUi HQWUHJDU DO
LQWHUHVDGR XQ FHUWLILFDGR GH UHFHSFLyQ GHO PLVPR (O LQIRUPH IDYRUDEOH GH 8VR \ )XQFLRQDPLHQWR GH ODV
LQVWDODFLRQHVSUHSDUDGRSRUOD(PSUHVDGH$XGLWRUtDWpFQLFDGHEHUiFRQWHQHUORVLJXLHQWH

D3ODQRVGHILQLWLYRVGHODVLQVWDODFLRQHV\REUDVFLYLOHV

E$FWDVGHWRGDVODVLQVSHFFLRQHVSUXHEDV\UHYLVLRQHVTXHOD(PSUHVDGH$XGLWRUtDWpFQLFDUHDOL]yDODV
LQVWDODFLRQHV\HGLILFDFLRQHVGXUDQWHODHWDSDGHFRQVWUXFFLyQ

/D&RQIRUPLGDGGHREUDVFLYLOHVVHUiRWRUJDGDSRUOD0XQLFLSDOLGDG3URYLQFLDOSDUDHOFDVRGH3ODQWDVGH
$EDVWHFLPLHQWR\SRUOD0XQLFLSDOLGDG'LVWULWDOSDUDHOFDVRGH3ODQWDV(QYDVDGRUDV5HGHVGH'LVWULEXFLyQ\
/RFDOHV GH 9HQWDV 3DUD HOOR OD SHUVRQD QDWXUDO R MXUtGLFD LQWHUHVDGD GHEHUi  SUHVHQWDU D OD 0XQLFLSDOLGDG TXH
FRUUHVSRQGDORVSODQRVGHILQLWLYRVGHODVLQVWDODFLRQHV\REUDVFLYLOHV

2EWHQHUGHOD0XQLFLSDOLGDG'LVWULWDOOD/LFHQFLDGH$SHUWXUD3DUDHOORVHGHEHUiSUHVHQWDU

D(OFHUWLILFDGRGHUHFHSFLyQSRUSDUWHGHOD'*+RGHXQD'LUHFFLyQ5HJLRQDOGH(QHUJtD\0LQDVVHJ~Q
FRUUHVSRQGDGHOLQIRUPHTXHVHHVWLSXODHQHOSXQWRDQWHULRU

E&RQIRUPLGDGGH2EUDV&LYLOHV

     /D 0XQLFLSDOLGDG 'LVWULWDO GHEHUi H[SHGLU OD /LFHQFLD GH $SHUWXUD HQ XQ SOD]R QR PD\RU D YHLQWH  GtDV
FDOHQGDULRVFRQWDGRVGHVGHODIHFKDGHUHFHSFLyQGHORVDQWHFHGHQWHV

     $UWtFXOR /DV 3ODQWDV GH $EDVWHFLPLHQWR 3ODQWDV (QYDVDGRUDV 5HGHV GH 'LVWULEXFLyQ \ /RFDOHV GH
9HQWDV TXH DPSOtHQ \R PRGLILTXHQ VXV LQVWDODFLRQHV GHEHUiQ FXPSOLU FRQ ORV UHTXLVLWRV GHO SUHVHQWH
5HJODPHQWRTXHOHVHDQDSOLFDEOHV

     $UWtFXOR/D '*+ SRGUi GHVLJQDU D UHSUHVHQWDQWHV TXH LQVSHFFLRQHQ ODV LQVWDODFLRQHV GH 3ODQWDV GH
3URGXFFLyQ 3ODQWDV GH $EDVWHFLPLHQWR 3ODQWDV (QYDVDGRUDV 5HGHV GH 'LVWULEXFLyQ \ /RFDOHV GH 9HQWDV
GXUDQWHODHWDSDGHFRQVWUXFFLyQ\RSHUDFLyQHQORVDVSHFWRVUHODFLRQDGRVFRQODDSOLFDFLyQGHO5HJODPHQWRGH
6HJXULGDGTXHFRUUHVSRQGD

$UWtFXOR/D'*+SRGUiVROLFLWDUDOD0XQLFLSDOLGDGTXHHPLWLyOD/LFHQFLDGH$SHUWXUDVXUHYRFDFLyQVL
VHGHWHFWDUDFXDOTXLHUYLRODFLyQGHODVQRUPDVLQGLFDGDVHQHO5HJODPHQWRRHQFDVRTXHH[LVWDIDOVHGDGHQORV
UHSRUWHVRLQIRUPHVVREUHORVTXHVHKDEDVDGRHORWRUJDPLHQWRGHGLFKD/LFHQFLD

 $UWtFXOR&DGD3ODQWDGH$EDVWHFLPLHQWR\3ODQWD(QYDVDGRUDGHEHUiWHQHUXQODERUDWRULRSDUDHODQiOLVLVGHO*/3GRWDGRFRPR
PtQLPRGHHTXLSRVSDUDYHULILFDUHOFXPSOLPLHQWRGHODQRUPDVGHFDOLGDGYLJHQWHVSDUDGLFKRSURGXFWR 

 $UWtFXORPRGLILFDGRSRUHO$UWtFXORGHO'HFUHWR6XSUHPR1ƒ(0SXEOLFDGRHOQRYLHPEUH
FX\RWH[WRHVHOVLJXLHQWH

 ³$UWtFXOR&DGD3ODQWDGH3URGXFFLyQGH*/3\3ODQWDGH$EDVWHFLPLHQWRGH*/3GHEHUiFRQWDUFRQXQ
SXQWR GH PXHVWUHR \ HVWDU GRWDGDV FRPR PtQLPR GH HTXLSRV SDUD YHULILFDU HO FXPSOLPLHQWR GH ODV QRUPDV GH
FDOLGDGYLJHQWHVRHQVXGHIHFWRGHEHUiQFRQWUDWDUORVVHUYLFLRVGHXQODERUDWRULRSDUDYHULILFDUHOFXPSOLPLHQWR
GHODVPLVPDV/DV3ODQWDV(QYDVDGRUDVGHEHUiQFRQWDUFRQXQSXQWRGHPXHVWUHRSDUDHOFRQWUROGHFDOLGDGGHO
SURGXFWR

     (O 26,1(5*0,1 HVWDEOHFHUi ORV OLQHDPLHQWRV SDUD OD DSOLFDFLyQ GH ODV REOLJDFLRQHV VHxDODGDV HQ HO
SUHVHQWHDUWtFXOR´
&21&25'$1&,$6526,1(5*0,11ƒ26&'/LQHDPLHQWRVSDUDHOFXPSOLPLHQWRGHODUWtFXORGHO5HJODPHQWRSDUDOD
&RPHUFLDOL]DFLyQGH*/3DSUREDGRSRU'HFUHWR6XSUHPR1ž(03URFHGLPLHQWRSDUD
OD2EWHQFLyQGHO&HUWLILFDGRGH&RQIRUPLGDGGH&RQVXPLGRUHV'LUHFWRVGH*/3\5HGHVGH'LVWULEXFLyQGH*/3
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 
 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

$UWtFXOR/DFRQVWUXFFLyQ\RSHUDFLyQGH(VWDEOHFLPLHQWRVGH*/3D*UDQHOGH&RQVXPLGRUHV'LUHFWRV
VH  UHJLUiQ GH DFXHUGR D ODV PLVPDV QRUPDV \ SURFHGLPLHQWRV HVWDEOHFLGRV HQ HO 7tWXOR ,,, GHO SUHVHQWH
5HJODPHQWRTXHOHVVHDQDSOLFDEOHV

     $UWtFXOR/RV 3URSLHWDULRV2SHUDGRUHV GH ORV HVWDEOHFLPLHQWRV VHxDODGRV HQ HO DUWtFXOR DQWHULRU HVWiQ
REOLJDGRV D FXPSOLU ORV 5HJODPHQWRV GH 6HJXULGDG VHxDODGRV HQ HO &DStWXOR ,9 GHO 7tWXOR ,,, GHO SUHVHQWH
5HJODPHQWRHQORUHIHUHQWHDODVQRUPDV\PDWHULDVTXHOHVVHDQDSOLFDEOHVDVXVUHVSHFWLYDVLQVWDODFLRQHVDVt
FRPRDIDFLOLWDUDOD'*+RDODHQWLGDGTXHODUHSUHVHQWHODUHYLVLyQGHVXVLQVWDODFLRQHV

     $UWtFXOR  /DV GLVSRVLFLRQHV GHO 5HJODPHQWR SDUD OD 3URWHFFLyQ $PELHQWDO HQ ODV $FWLYLGDGHV GH
+LGURFDUEXURV DSUREDGR SRU 'HFUHWR 6XSUHPR 1ž (0 LQYROXFUDQ WDPELpQ D ODV DFWLYLGDGHV D TXH VH
FRQWUDHHOSUHVHQWH5HJODPHQWRHQORTXHIXHUHGHDSOLFDFLyQ

&$3,78/2,,,

'(/265(48,6,7263$5$75$163257$5*$6/O&8$'2'(3(752/(2

$UWtFXOR7RGDSHUVRQDQDWXUDORMXUtGLFDQDFLRQDORH[WUDQMHUDSXHGHWUDQVSRUWDU*/3HQFXDOTXLHUOXJDU
GHO WHUULWRULR QDFLRQDO FRQ ODV DSUREDFLRQHV GH ODV HQWLGDGHV UHVSRQVDEOHV FRQIRUPH D OR HVWDEOHFLGR HQ OD
UHJODPHQWDFLyQYLJHQWH

     $UWtFXOR3DUD PRYLOL]DU */3 HQ 0HGLRV GH 7UDQVSRUWH HV UHTXLVLWR HVWDU LQVFULWR HQ HO UHJLVWUR TXH
HVWDEOHFHHO$UWtFXORžGHOSUHVHQWH5HJODPHQWR3DUDLQVFULELUVHHQHVWH5HJLVWURODSHUVRQDQDWXUDORMXUtGLFD
LQWHUHVDGD GHEHUi SUHVHQWDU D OD '*+ XQ LQIRUPH IDYRUDEOH HPLWLGR SRU XQD (PSUHVD GH $XGLWRUtD WpFQLFD TXH
FHUWLILTXH TXH ORV 0HGLRV GH 7UDQVSRUWH D UHJLVWUDUVH FXPSOHQ FRQ ORV 5HJODPHQWRV GH 6HJXULGDG SDUD HO
WUDQVSRUWHGH+LGURFDUEXURVTXHHVWDEOHFHOD/H\1ž

$UWtFXOR/D'*+SRGUiUHYRFDUODDXWRUL]DFLyQGHRSHUDFLyQGHXQ0HGLRGH7UDQVSRUWHDXWRUL]DGRVLVH
GHWHFWDUD FXDOTXLHU YLRODFLyQ GH ODV QRUPDV LQGLFDGDV HQ HO 5HJODPHQWR GH 6HJXULGDG SDUD HO 7UDQVSRUWH GH
+LGURFDUEXURV R HQ FDVR TXH H[LVWD IDOVHGDG HQ ORV UHSRUWHV R LQIRUPHV VREUH ORV TXH VH KD EDVDGR VX
LQVFULSFLyQHQHO5HJLVWURVHxDODGRHQHODUWtFXORDQWHULRU

$UWtFXOR1RHVPDWHULDGHOSUHVHQWH5HJODPHQWRHOWUDQVSRUWHGH*/3SRUGXFWRV

     $UWtFXOR  7RGR WDQTXH GH XQ 0HGLR GH 7UDQVSRUWH LQVFULWR HQ HO UHJLVWUR GH OD '*+ GHEH HVWDU
GHELGDPHQWH FDOLEUDGR SRU HO ODERUDWRULR QDFLRQDO GH PHWURORJtD GHO ,1'(&23, R XQD HPSUHVD GH VHUYLFLRV
PHWUROyJLFRVGHDFXHUGRDODVQRUPDVHPLWLGDVSRUHO,1'(&23,

$UWtFXOR7RGRYHKtFXORTXHWUDQVSRUWH*/3DJUDQHOGHEHUiSRUWDUODIDFWXUDHQRULJLQDO\FRSLD\JXtD
GHUHPLVLyQGHOSURGXFWRTXHPRYLOL]DFRQLQGLFDFLRQHVGHFDQWLGDGFODVHGHSURGXFWRSURFHGHQFLD\GHVWLQR\
SRUWDUODFDUWLOODGHVHJXULGDG

&DGD3ODQWDGH$EDVWHFLPLHQWR\R3ODQWD(QYDVDGRUDGHEHUiOOHYDUXQUHJLVWURGHORV0HGLRVGH7UDQVSRUWH
TXH VH DEDVWHFHQ GH HOOD ORV TXH GHEHUiQ HVWDU DXWRUL]DGRV SDUD RSHUDU GH DFXHUGR DO $UWtFXOR  GHO SUHVHQWH
5HJODPHQWR

$UWtFXOR(QVHFWRUHVXUEDQRVHQQLQJ~QFDVRXQ&DPLyQ7DQTXHRFDPLyQTXHWUDQVSRUWHFLOLQGURVFRQ
*/3SXHGHTXHGDUDEDQGRQDGRHQYtDVROXJDUHVS~EOLFRVVDOYRFDVRGHIXHU]DPD\RUGHELGDPHQWHFRQVWDWDGR
SRUOD3ROLFtDHQFX\DFLUFXQVWDQFLDHOFRQGXFWRUGHOYHKtFXORGHEHUiSHUPDQHFHUHQHOPLVPR

&$3,78/2,9

'(/$6(*85,'$''(/$63/$17$6'(352'8&&O213/$17$6'($%$67(&,0,(1723/$17$6
(19$6$'25$60(',26'(75$163257(</2&$/(6'(9(17$

     $UWtFXOR  /DV 3ODQWDV GH 3URGXFFLyQ 3ODQWDV GH $EDVWHFLPLHQWR 3ODQWDV (QYDVDGRUDV 0HGLRV GH
7UDQVSRUWH5HGHVGH'LVWULEXFLyQ\/RFDOHVGH9HQWDVGHEHUiQFXPSOLUODVQRUPDVGHVHJXULGDGHVWDEOHFLGDHQ
ORVVLJXLHQWHV5HJODPHQWRVGHOD/H\1ž

5HJODPHQWRGH6HJXULGDGSDUD,QVWDODFLRQHV\7UDQVSRUWHGH*/3

5HJODPHQWRGH6HJXULGDGSDUDHO7UDQVSRUWHGH+LGURFDUEXURV

5HJODPHQWRGH6HJXULGDGSDUD$FWLYLGDGHVSRU+LGURFDUEXURV

5HJODPHQWRGH6HJXULGDGSDUDHO$OPDFHQDPLHQWRGH+LGURFDUEXURV

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

     $UWtFXOR  /D UHVSRQVDELOLGDG GHO FXPSOLPLHQWR GH ODV FRQGLFLRQHV GH VHJXULGDG HV GHO
3URSLHWDULR2SHUDGRUGHELHQGRFXPSOLUFRQODVUHJODPHQWDFLRQHVHVWDEOHFLGDVTXHOHVHDQDSOLFDEOHV$VLPLVPR
PLHQWUDV HO HVWDEOHFLPLHQWR VH HQFXHQWUH DELHUWR DO S~EOLFR SRU OR PHQRV XQ VXSHUYLVRU HQWUHQDGR HQ
RSHUDFLRQHV \  VHJXULGDG GHEH SHUPDQHFHU HQ pO \ KDFHU FXPSOLU ODV QRUPDV UHJODPHQWDULDV TXH OH VHDQ
DSOLFDEOHV

     $UWtFXOR /DV 3ODQWDV GH 3URGXFFLyQ 3ODQWDV GH $EDVWHFLPLHQWR \ 3ODQWDV (QYDVDGRUDV QHJDUiQ OD
YHQWD D 3ODQWDV (QYDVDGRUDV 'LVWULEXLGRUHV HQ &LOLQGURV \R 'LVWULEXLGRUHV D *UDQHO VHJ~Q FRUUHVSRQGD TXH
DXQTXHHVWDQGRDXWRUL]DGRVDRSHUDUHOHVWDGRGHVXVLQVWDODFLRQHVRPHGLRVGHWUDQVSRUWHVHJ~QVHDHOFDVR
HVWiQ PDQLILHVWDPHQWH WUDVJUHGLHQGR ODV QRUPDV GH VHJXULGDG YLJHQWHV TXH OH VRQ DSOLFDEOHV /D HPSUHVD TXH
QLHJD OD YHQWD LQIRUPDUi GH WDO VLWXDFLyQ SRU HVFULWR D OD '*+ OD PLVPD TXH VXVSHQGHUi DO LQIUDFWRU OD
DXWRUL]DFLyQ\5HJLVWURFRUUHVSRQGLHQWHV

     $UWtFXOR  /RV 3URSLHWDULRV2SHUDGRUHV GH 3ODQWDV GH 3URGXFFLyQ 3ODQWDV GH $EDVWHFLPLHQWR 3ODQWDV (QYDVDGRUDV 0HGLRV GH
7UDQVSRUWH 5HGHV GH 'LVWULEXFLyQ \ /RFDOHV GH 9HQWDV GHEHUiQ PDQWHQHU YLJHQWH XQD SyOL]D GH VHJXUR GH UHVSRQVDELOLGDG FLYLO
H[WUDFRQWUDFWXDOTXHFXEUDORVGDxRVDWHUFHURVHQVXVELHQHV\SHUVRQDVSRUVLQLHVWURVTXHSXHGHQRFXUULUHQVXVLQVWDODFLRQHVRPHGLRV
GHWUDQVSRUWHVHJ~QFRUUHVSRQGDH[SHGLGDSRUXQDFRPSDxtDGHVHJXURVHVWDEOHFLGD,HJDOPHQWHHQHOSDtVVLQSHUMXLFLRGHRWUDVSyOL]DV
TXHWHQJDHOSURSLHWDULRSDUDFXEULUVXVLQVWDODFLRQHV\RDFWLYRVOXFURFHVDQWHPHUFDGHUtDHQWUiQVLWRURERHWF 

  $UWtFXOR PRGLILFDGR SRU HO$UWtFXOR  GHO 'HFUHWR 6XSUHPR 1ƒ (0 SXEOLFDGR HO  IHEUHUR
FX\RWH[WRHVHOVLJXLHQWH

³$UWtFXOR/RV2SHUDGRUHVGH,QVWDODFLRQHVSDUD*/3GHEHQPDQWHQHUYLJHQWHXQDSyOL]DGHVHJXURGH
UHVSRQVDELOLGDG FLYLO H[WUDFRQWUDFWXDO TXH FXEUD ORV GDxRV D WHUFHURV HQ VXV ELHQHV \ SHUVRQDV SRU VLQLHVWURV
TXHSXHGDQRFXUULUHQVXVLQVWDODFLRQHVRPHGLRVGHWUDQVSRUWHVHJ~QFRUUHVSRQGDH[SHGLGDSRUXQDFRPSDxtD
GHVHJXURVHVWDEOHFLGDOHJDOPHQWHHQHOSDtVVLQSHUMXLFLRGHRWUDVSyOL]DVTXHWHQJDHOSURSLHWDULRX2SHUDGRU
SDUDFXEULUVXVLQVWDODFLRQHV\RDFWLYRVURERHWF

     (VWi SURKLELGR \ VH HQFXHQWUD VXMHWR D VDQFLyQ DEDVWHFHU */3 D 2SHUDGRUHV GH ,QVWDODFLRQHV SDUD */3
FX\DLQVWDODFLyQQRHVWpFXELHUWDSRUODPHQFLRQDGDSyOL]D'HRFXUULUXQVLQLHVWURHQXQD,QVWDODFLyQGH*/3\
pVWD QR WXYLHUD HO VHJXUR REOLJDWRULR YLJHQWH OD HPSUHVD TXH H[SLGLy R GHVSDFKy HO */3 VHUi VROLGDULDPHQWH
UHVSRQVDEOH SRU GDxRV D WHUFHURV KDVWD SRU XQ PRQWR HTXLYDOHQWH DO GHO VHJXUR TXH OD LQVWDODFLyQ VLQLHVWUDGD
GHEHUtDKDEHUWHQLGRYLJHQWH

     $GLFLRQDOPHQWH ODV (PSUHVDV (QYDVDGRUDV GHEHQ FRQWUDWDU \ PDQWHQHU YLJHQWH XQD SyOL]D GH VHJXUR GH
UHVSRQVDELOLGDG FLYLO H[WUDFRQWUDFWXDO TXH FXEUD ORV GDxRV D WHUFHURV HQ VXV ELHQHV \ SHUVRQDV SRU VLQLHVWURV
GHULYDGRVGHODIDOODGH9iOYXODV5HJXODGRUDVR&LOLQGURVGHVXUHVSRQVDELOLGDG´

     $UWtFXOR  /RV PRQWRV PtQLPRV HQ GLFKRV VHJXURV GH UHVSRQVDELOLGDG FLYLO H[SUHVDGRV HQ 8QLGDGHV ,PSRVLWLYDV 7ULEXWDULDV 8,7
YLJHQWHDODIHFKDGHWRPDURUHQRYDUODSyOL]DHVWDUiQFRPSUHQGLGRVHQHOUDQJR

3DUD3ODQWDVGH3URGXFFLyQGH*/3GHD8,78QLGDGHV,PSRVLWLYDV7ULEXWDULDV

 3DUD 3ODQWDV GH $EDVWHFLPLHQWR \ 5HGHV GH 'LVWULEXFLyQ GH */3 GH  D  8,7 8QLGDGHV ,PSRVLWLYDV
7ULEXWDULDV

3DUD3ODQWDV(QYDVDGRUDV(VWDEOHFLPLHQWRVGH*/3DJUDQHO\0HGLRVGH7UDQVSRUWHGH*/3GHD
8,78QLGDGHV,PSRVLWLYDV7ULEXWDULDV

3DUD/RFDOHVGH9HQWDVGH*/3GHD8,78QLGDGHV,PSRVLWLYDV7ULEXWDULDV

 3DUD HO FDVR GH ODV 3ODQWDV GH 3URGXFFLyQ $EDVWHFLPLHQWR (QYDVDGRUDV \ 5HGHV GH 'LVWULEXFLyQ OD '*+
HVWDEOHFHUiSRU5HVROXFLyQ'LUHFWRUDOHOPRQWRTXHUHJLUiSDUDFDGDLQVWDODFLyQGHQWURGHOUDQJRHVWLSXODGRHQHO
SiUUDIRDQWHULRUVHJ~QODXELFDFLyQGHODLQVWDODFLyQVXFDSDFLGDG\HOSHOLJURTXHXQVLQLHVWURSXHGDFRQOOHYDUD
GDxRVDWHUFHURVHQVXVELHQHV\SHUVRQDV 

  $UWtFXOR PRGLILFDGR SRU HO$UWtFXOR  GHO 'HFUHWR 6XSUHPR 1ƒ (0 SXEOLFDGR HO  IHEUHUR
FX\RWH[WRHVHOVLJXLHQWH

³$UWtFXOR/RVPRQWRVPtQLPRVGHORVVHJXURVGHUHVSRQVDELOLGDGFLYLOH[WUDFRQWUDFWXDOH[SUHVDGRVHQ
8QLGDG ,PSRVLWLYD 7ULEXWDULD 8,7 YLJHQWH D OD IHFKD GH WRPDU R UHQRYDU OD SyOL]D VHUiQ GH DFXHUGR FRQ OD
VLJXLHQWHWDEOD

 8QLGDG

 ,PSRVLWLYD

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

 7ULEXWDULD

 8,7
3ODQWDVGH3URGXFFLyQGH*/3 'HD
 

3ODQWDVGH$EDVWHFLPLHQWRGH*/3 'HD
 

3ODQWDV(QYDVDGRUDVFRQFDSDFLGDGGHDOPDFHQDPLHQWR 
DXWRUL]DGD 
+DVWDJOV 
+DVWDJOV 
+DVWDJOV 
+DVWDJOV 
0D\RUDJOV 
&RQVXPLGRUHV'LUHFWRVGH*/3\5HGHVGH'LVWULEXFLyQGH 
*/3FRQFDSDFLGDGGHDOPDFHQDPLHQWRDXWRUL]DGD 
+DVWDJOV 
+DVWDJOV 
0D\RUDJOV 
/RFDOHVGH9HQWD\&HQWURVGH&DQMHFRQFDSDFLGDGGH 
DOPDFHQDPLHQWRDXWRUL]DGD 
+DVWDNJ 
+DVWDNJ 
+DVWDNJ 
0D\RUDNJ   

 ([WUHPRPRGLILFDGRSRUHO$UWtFXOR  GHO 'HFUHWR 6XSUHPR 1ž (0

SXEOLFDGRHOMXQLRFX\RWH[WRHVHOVLJXLHQWH
/RFDOHVGH9HQWD\&HQWURVGH&DQMHFRQFDSDFLGDGGHDOPDFH

QDPLHQWRDXWRUL]DGD
+DVWDNJ 
+DVWDNJ 
+DVWDNJ 
+DVWDNJ 
0D\RUDNJ 
8QLGDGGH'LVWULEXLGRUD*UDQHO\0HGLRGH7UDQVSRUWHGH*/3 
D*UDQHOFRQFDSDFLGDGGHWUDQVSRUWHDXWRUL]DGD 
+DVWDJOV 
+DVWDJOV 
0D\RUDJOV 
0HGLRGH7UDQVSRUWHGH*/3HQ&LOLQGURVFRQFDSDFLGDGGH 
WUDQVSRUWHDXWRUL]DGD 

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

+DVWDNJ 
+DVWDNJ 

+DVWDNJ 
0D\RUDNJ 

3DUDHOFDVRGHODV3ODQWDVGH3URGXFFLyQ\GH$EDVWHFLPLHQWROD'LUHFFLyQ*HQHUDOGH+LGURFDUEXURVGHO
0LQLVWHULR GH (QHUJtD \ 0LQDV HVWDEOHFHUi SRU 5HVROXFLyQ 'LUHFWRUDO HO PRQWR TXH UHJLUi SDUD FDGD LQVWDODFLyQ
GHQWURGHOUDQJRHVWLSXODGRHQHOSiUUDIRDQWHULRUVHJ~QODXELFDFLyQGHODLQVWDODFLyQVXFDSDFLGDG\HOSHOLJUR
TXHXQVLQLHVWURSXHGDFRQOOHYDUDGDxRVDWHUFHURVHQVXVELHQHV\SHUVRQDV´

$UWtFXOR/DV3ODQWDVGH3URGXFFLyQQHJDUiQODYHQWDGH*/3DODV3ODQWDVGH$EDVWHFLPLHQWR\3ODQWDV
(QYDVDGRUDV TXH DO PRPHQWR GH OD FRPSUD QR DFUHGLWHQ WHQHU YLJHQWH HO VHJXUR REOLJDWRULR HVWDEOHFLGR HQ HO
SUHVHQWH &DStWXOR 'H LJXDO IRUPD ODV 3ODQWDV GH $EDVWHFLPLHQWR \ 3ODQWDV (QYDVDGRUDV QHJDUiQ OD YHQWD D
'LVWULEXLGRUHVHQ&LOLQGURV\R'LVWULEXLGRUHVD*UDQHOTXHQRDFUHGLWHQWHQHUYLJHQWHHOUHIHULGRVHJXUR

 (QFDVRGHRFXUULUXQVLQLHVWURHQXQDLQVWDODFLyQRPHGLRGHWUDQVSRUWH\pVWDQRWXYLHUDYLJHQWHHOVHJXURREOLJDWRULRODFRPSDxtDTXH
KDH[SHQGLGRHO*/3DODHPSUHVDSURSLHWDULDGHODLQVWDODFLyQRPHGLRGHWUDQVSRUWHVHUiVROLGDULDPHQWHUHVSRQVDEOHSRUGDxRVDWHUFHURV
KDVWDXQPRQWRHTXLYDOHQWHDOGHOVHJXURTXHODLQVWDODFLyQVLQLHVWUDGDGHEHUtDKDEHUWHQLGRYLJHQWH 

 3iUUDIRGHURJDGRSRUHO$UWtFXORGHO'HFUHWR6XSUHPR1ƒ(0SXEOLFDGRHOIHEUHUR

&$3O78/29

'( /$6 1250$6 '( &$/,'$' < 0(752/2*,$ < 352&(',0,(1726 '( &21752/ '(/ *$6
/,&8$'2'(3(752/(2

     $UWtFXOR  (O */3 GH XVR FRP~Q GHEHUi LGHQWLILFDUVH HQ ORV GRFXPHQWRV TXH VH HPSOHDQ SDUD VX
FRPHUFLDOL]DFLyQHQVXSXEOLFLGDG\HQORVOXJDUHVGHDOPDFHQDPLHQWR\RYHQWDDOS~EOLFRFRQODSDODEUD*DV
/LFXDGR\KDFLHQGRUHIHUHQFLDDODSURSRUFLyQGHODPH]FOD3URSDQR%XWDQR

$UWtFXOR(QORVGRFXPHQWRVTXHVHHPSOHHQSDUDODFRPHUFLDOL]DFLyQGHO*/3LQGLFDGRVHQHODUWtFXOR
DQWHULRUGHEHUiQLGHQWLILFDUVHHOYHQGHGRUWLSRFDQWLGDG\SUHFLRGHOSURGXFWRVLQSHUMXLFLRGHRWUDVH[LJHQFLDV
TXH GLVSRQJDQ ODV OH\HV R UHJODPHQWRV (Q OD FRPHUFLDOL]DFLyQ DO SRU PD\RU GHEHUi DGHPiV LGHQWLILFDUVH HO
WUDQVSRUWLVWD

     $UWtFXOR  /D FODVLILFDFLyQ FDUDFWHUtVWLFDV \ HVSHFLILFDFLRQHV GHO *DV /LFXDGR GH RULJHQ QDFLRQDO R
LPSRUWDGR GHEHUiQ VRPHWHUVH D ODV QRUPDV DSUREDGDV SRU ,1'(&23, \ D ODV GLVSRVLFLRQHV GHO SUHVHQWH
5HJODPHQWR
&21&25'$1&,$65126&'³3URFHGLPLHQWRGH&RQWUROGH&DOLGDGGHO*DV/LFXDGRGH3HWUyOHR*/3´

$UWLFXOR/DVXQLGDGHVGHPHGLGDDXWLOL]DUVHWDQWRSDUDLQGLFDUODVFDUDFWHUtVWLFDVFRPRSDUDODV
WUDQVDFFLRQHVGHO*/3VHxDODGDVHQHO$UWtFXOR  5(&7,),&$'2 325 )( '( (55$7$6 GHOSUHVHQWH5HJODPHQWR
GHEHUiQH[SUHVDUVHHPSOHDQGRHO6LVWHPD/HJDOGH8QLGDGHVGH0HGLGDGHO3HU~6LVWHPDLQWHUQDFLRQDOTXHHV
OD YHUVLyQ PRGHUQD \ PHMRUDGD GHO VLVWHPD PpWULFR VLQ SHUMXLFLR GH DJUHJDU FRPR LQIRUPDFLyQ DGLFLRQDO ORV
YDORUHVH[SUHVDGRVHQRWURWLSRGHXQLGDGHVXVDGDVHQODLQGXVWULDGHO3HWUyOHR

     $UWtFXOR  /DV 3ODQWDV (QYDVDGRUDV GH */3 GHEHUiQ FRQWDU FRQ EDODQ]DV GH ODV VLJXLHQWHV
FDUDFWHUtVWLFDV

8QDOHJLELOLGDGGHJUDPRVSDUDUHFLSLHQWHVGHFRQWHQLGRQHWRGHNJ

8QDOHJLELOLGDGGHJUDPRVSDUDUHFLSLHQWHVGHFRQWHQLGRQHWRGHNJ\NJ

8QDOHJLELOLGDGGHJUDPRVSDUDUHFLSLHQWHVGHFRQWHQLGRQHWRGHNJ

     (VWDV EDODQ]DV GHEHQ VHU GH OD FODVH ,,, VHJ~Q OD 5, 2,0/ 1ž  \ HVWDU GHELGDPHQWH DIHULGDV SRU HO
6HUYLFLR 1DFLRQDO GH 0HWURORJtD R HPSUHVDV GH 6HUYLFLRV 0HWUROyJLFRV GH DFXHUGR D ODV GLVSRVLFLRQHV GH OD
&RPLVLyQ GH 6XSHUYLVLyQ GH 1RUPDV 0HWURORJtD &RQWURO GH &DOLGDG \ 5HVWULFFLRQHV 3DUDDUDQFHODULDV GHO
,1'(&23,/DDIHULFLyQGHEHUiUHDOL]DUVHSRUORPHQRVFDGDVHLVPHVHV

$VLPLVPRODV3ODQWDV(QYDVDGRUDVGHEHUiQFRQWDUFRQPDVDVSDWURQHVTXHGHEHUiQVHUFDOLEUDGDVSRUOR

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

PHQRVXQDYH]DODxRGHPDQHUDVLPLODUDORGHVFULWRDQWHULRUPHQWH

$UWtFXOR(OFRQWUROGHOSHVRQHWRGHORV&LOLQGURVFRQ*/3VHUiUHDOL]DGRSRUOD&RPLVLyQGH3URWHFFLyQ
DO &RQVXPLGRU GHO ,1'(&23, HQ ODV 3ODQWDV (QYDVDGRUDV 0HGLRV GH 7UDQVSRUWH /RFDOHV GH 9HQWD X RWURV
FHQWURVGHGLVWULEXFLyQ

3DUDODYHULILFDFLyQGHOFRQWHQLGRQHWRHQODV3ODQWDV(QYDVDGRUDVVHVHJXLUiHOVLJXLHQWHSURFHGLPLHQWR

6HWRPDUiDOD]DUGHODOtQHDGHHQYDVDGRXQDPXHVWUDUHSUHVHQWDWLYDGHXQLGDGHVGHUHFLSLHQWHVFRQWHQLHQGR
*/3GHOPLVPRWLSRORVPLVPRVTXHVHUiQGHELGDPHQWHQXPHUDGRV

 6H LGHQWLILFD HQXPHUDQGR D FDGD UHFLSLHQWH \ VH SHVD HQ XQD EDODQ]D TXH FXPSOD FRQ OR GLVSXHVWR HQ HO
DUWtFXORDQWHULRU

6HUHJLVWUDORVYDORUHVREWHQLGRV\VHSURFHGHDOWUDVYDVHGHORVPLVPRV

6HSHVDQORVUHFLSLHQWHVYDFtRV\VHUHJLVWUDQORVYDORUHVREWHQLGRV

(OFRQWHQLGRQHWRLQGLYLGXDOUHVXOWDGHODGLIHUHQFLDGHORVGRVYDORUHVREWHQLGRVSDUDFDGDXQRGHHOORV

,1'(&23, SRGUi DSOLFDU RWUR SURFHGLPLHQWR TXH SHUPLWD REWHQHU HO PLVPR R PHMRUHV UHVXOWDGRV EDVDGRV HQ
WpFQLFDVGHPXHVWUHR\PpWRGRVHVWDGtVWLFRV
&21&25'$1&,$526,1(5*0,11ƒ26&'

$UWtFXOR(OFRQWHQLGRQHWRREWHQLGRGHFDGDXQDGHODVPXHVWUDVQRSRGUiVHUPHQRUDOSDUDORV
UHFLSLHQWHV GH  NJ  NJ \  NJ \ GHO  SDUD HO UHFLSLHQWH GH  NJ GH ORV FRQWHQLGRV QHWRV QRPLQDOHV
HVWDEOHFLGRV

     (O SHVR SURPHGLR GH OD PXHVWUD GHEHUi FRUUHVSRQGHU FRPR PtQLPR D VX FRQWHQLGR QRPLQDO R FXDQGR HV
OLJHUDPHQWHPHQRUDOTXHVHREWHQJDGHDSOLFDUHOOtPLWHHVWDGtVWLFRVXSHULRUGHFRQILDQ]DSDUDODPHGLGDGHOD
PXHVWUDFRQXQYDORUGH

     3RU UD]RQHV GH VHJXULGDG QLQJ~Q UHFLSLHQWH SRGUi WHQHU FRQWHQLGRV GH *DV /LFXDGR PD\RUHV DO  GHO
FRQWHQLGRQHWRQRPLQDOSDUDUHFLSLHQWHVGHNJNJ\NJ\GHSDUDORVUHFLSLHQWHVGHNJ
&21&25'$1&,$526,1(5*0,11ƒ26&'

     $UWtFXOR(Q FDVR GH TXH ORV UHVXOWDGRV REWHQLGRV HQ HO FRQWURO HIHFWXDGR H[FHGDQ GH ODV WROHUDQFLDV
HVWDEOHFLGDVHQHODUWtFXORDQWHULRUVHSURFHGHUiDUHDOL]DULQVSHFFLRQHVPiVH[KDXVWLYDVDSOLFDQGRWpFQLFDVGH
PXHVWUHRFRQHOILQGHGHFLGLUODFRPHUFLDOL]DFLyQGHORVORWHVLQVSHFFLRQDGRV
&21&25'$1&,$526,1(5*0,11ƒ26&'

     $UWtFXOR/D UHVSRQVDELOLGDG SRU HO FXPSOLPLHQWR GH ODV QRUPDV GH FDOLGDG \ SHVR DSOLFDEOHV DO */3
FRUUHVSRQGHDODSHUVRQDQDWXUDORMXUtGLFDTXHEDMRFXDOTXLHUPRGDOLGDGFRQWUDFWXDOHVODSURSLHWDULDGHO*/3
TXHH[SHQGHDXQWHUFHUR

&21&25'$1&,$5126&'$UW'HODUHVSRQVDELOLGDGSRUHO*/3

&$3,78/29,

'(/6,67(0$'(&20(5&,$/,=$&,21'(/*$6/,&8$'2(1&,/,1'526<$*5$1(/

     $UWtFXOR  6yOR ODV 3ODQWDV GH $EDVWHFLPLHQWR 3ODQWDV (QYDVDGRUDV \ 3URSLHWDULRV2SHUDGRUHV GH
&DPLRQHV 7DQTXHV SRGUiQ VHU DXWRUL]DGRV FRPR 'LVWULEXLGRUHV D *UDQHO SDUD OR FXDO GHEHUiQ FXPSOLU FRQ OR
HVWLSXODGRHQHOSUHVHQWH5HJODPHQWR(QHOFDVRGHODVUHIHULGDV3ODQWDVpVWDVGHEHUiQFRQWDUDGHPiVFRQ

D6HUYLFLRSHUPDQHQWHGHSRUORPHQRVXQWpFQLFRFRQFRQRFLPLHQWRV\H[SHULHQFLDHQVHJXULGDGLQGXVWULDO
HQHOPDQHMRGH*/3GHELGDPHQWHDXWRUL]DGRSRUOD'*+

E8QFRPSUHVRUSRUWiWLOSDUD*/3SDUDHOWUDVLHJRGHOSURGXFWRGHVXVWDQTXHVSRUPDQWHQLPLHQWRRSDUD
HPHUJHQFLD

     /RV &DPLRQHV7DQTXHV GHEHUiQ HVWDU FRQYHQLHQWHPHQWH HTXLSDGRV FRQ ERPED SDUD WUDVLHJR FRQWyPHWUR
FRQ VHOOR GH VHJXULGDG PDQJXHUDV GH FDUJD GHVFDUJD \ UHWRUQR DVt FRPR FRQ ORV GHPiV UHTXHULPLHQWRV TXH

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

H[LMDQORVUHJODPHQWRVGHVHJXULGDGTXHOHVHDQDSOLFDEOH

     $UWtFXOR$ SDUWLU GH OD SXEOLFDFLyQ GHO SUHVHQWH 5HJODPHQWR OD FRPHUFLDOL]DFLyQ GH &LOLQGURV SDUD HO
HQYDVDGR GH */3 LQFOX\HQGR HO 6LVWHPD GH 9iOYXOD5HJXODGRU VH KDUi H[FOXVLYDPHQWH D WUDYpV GH ODV
(PSUHVDV(QYDVDGRUDV\GHORV'LVWULEXLGRUHVGH&LOLQGURV

$UWtFXOR/DV(PSUHVDV(QYDVDGRUDVVRQUHVSRQVDEOHVGHPDQWHQHUORV&LOLQGURVGHVXSURSLHGDG\ORV
&LOLQGURV URWXODGRV FRQ VX VLJQR GH FRQIRUPLGDG FRQ ORV  127$ 63,-GLVSXHVWR SRU HO $UWLFXOR  GHO SUHVHQWH
5HJODPHQWR HQ FRQGLFLRQHV SHUPDQHQWHV GH VHJXULGDG SDUD ORV XVXDULRV DMXVWiQGRVH D ORV 5HJODPHQWRV GH
6HJXULGDG\1RUPDV7pFQLFDVTXHUHJXODQHVWDPDWHULD

/DV(PSUHVDV(QYDVDGRUDVGHEHUiQLQVFULELUVXVLJQR\FRORUGLVWLQWLYRDQWHOD'*+/D'*+VHOHFFLRQDUi\
RWRUJDUiORVVLJQRV\FRORUHVDVtFRPRORVSURFHGLPLHQWRVGHDVLJQDFLyQGHPDQHUDTXHQRH[LVWDSRVLELOLGDG
GHFRQIXVLyQ/DVHPSUHVDVH[LVWHQWHVTXHYLHQHQXVDQGRXQVLJQR\FRORUGHWHUPLQDGRVVLORVROLFLWDQWHQGUiQ
SUHIHUHQFLDSDUDTXHVHOHVDVLJQHORVPLVPRVTXHVHKDOOHQUHJLVWUDGRVKDVWDDQWHVGHODYLJHQFLDGHOSUHVHQWH
5HJODPHQWR(QFDVRGHFRQIOLFWRODSULRULGDGGHDVLJQDFLyQGHVLJQR\RFRORUVHUiGDGDSRUODDQWLJHGDGGHO
5HJLVWURGHOD(PSUHVD(QYDVDGRUD

$UWtFXOR$SDUWLUGHODYLJHQFLDGHOSUHVHQWH5HJODPHQWRODFRPHUFLDOL]DFLyQGH*/3HQ&LOLQGURVVyOR
SRGUi HIHFWXDUVH HQ &LOLQGURV 5RWXODGRV HQ .LORJUDPRV ORV PLVPRV TXH GHEHUiQ FXPSOLU FRQ ODV 1RUPDV
7pFQLFDVYLJHQWHV6HUiUHVSRQVDEOHGHVXFXPSOLPLHQWROD(PSUHVD(QYDVDGRUDSURSLHWDULDGHFDGD&LOLQGUR

(VWDUiSHUPLWLGDODFRPHUFLDOL]DFLyQGH*/3HQ&LOLQGURV5RWXODGRVHQ/LEUDVTXHKD\DQVLGRLQWURGXFLGRVHQ
HO PHUFDGR DO  GH 'LFLHPEUH GH  KDVWD VX UHWLUR SDUD VX GHVWUXFFLyQ SRU GHVJDVWH R IDOODV \ HQ
FRQVHFXHQFLDQRFXPSOLUFRQODVQRUPDVGHVHJXULGDGTXHOHVHDQDSOLFDEOHHQHVSHFLDOODSUXHEDKLGURVWiWLFDD
TXHVHUHILHUHHO$UWtFXOR 5(&7,),&$'2325)('((55$7$6GHOSUHVHQWHGLVSRVLWLYROHJDO

     $UWtFXOR  $ SDUWLU GHO  GH 0DU]R GH  DQWHV GH SURFHGHU DO HQYDVDGR GH */3 ODV (PSUHVDV
(QYDVDGRUDV URWXODUiQ HQ ODV DVDV GH ORV &LOLQGURV VLQ 5RWXODU FRQ VX VLJQR SHUIRUDGR R HQ DOWR UHOLHYH \ HQ
EDMR UHOLHYH HO Q~PHUR GH VHULH \ IHFKD GH URWXODFLyQ DVLPLVPR HO FXHUSR \ ODV DVDV GHO HQYDVH GHEHUiQ
SLQWDUORVFRQVXFRORULGHQWLILFDWRULR

     3DUD SURFHGHU D OD URWXODFLyQ ODV (PSUHVDV (QYDVDGRUDV GHEHUiQ FXPSOLU SUHYLDPHQWH FRQ OD LQVSHFFLyQ
YLVXDO GH ORV &LOLQGURV VLQ 5RWXODU VHSDUDQGR ORV TXH VH HQFXHQWUDQ DSWRV SDUD VDOLU DO PHUFDGR GH ORV TXH
UHTXLHUDQVHUUHSDUDGRVDQWHVGHVHUURWXODGRV\GHORVTXHSRUVXVGHIHFWRVGHEHQVHUGHVWUXLGRV

     (IHFWXDGD OD URWXODFLyQ SRU OD (PSUHVD (QYDVDGRUD pVWD VHUi HQ DGHODQWH UHVSRQVDEOH SRU HO HVWDGR \ OD
FRQVHUYDFLyQGHO&LOLQGURQRSXGLHQGRVHUpVWHQXHYDPHQWHURWXODGR\RSLQWDGRSRURWUD(PSUHVD(QYDVDGRUD
/DURWXODFLyQQRFRQOOHYDDODSURSLHGDGGHO&LOLQGUROLPLWiQGRVHDTXpOODDODUHVSRQVDELOLGDGGHOPDQWHQLPLHQWR\
VHJXULGDGGHOHQYDVH\GHOVLVWHPDYiOYXODUHJXODGRU

     /D UHSDUDFLyQ GH ORV &LOLQGURV VLQ 5RWXODU VHUi HIHFWXDGD SRU OD (PSUHVD GH 5HSDUDFLyQ TXH OD (PSUHVD
(QYDVDGRUDGHVLJQH

/DGHVWUXFFLyQGHORV&LOLQGURVGHIHFWXRVRVGHEHUiVHUUHDOL]DGDSRUOD(PSUHVD(QYDVDGRUDHQSUHVHQFLDGH
XQ UHSUHVHQWDQWH GH OD (PSUHVD GH 6XSHUYLVLyQ \ XQ 1RWDULR 3~EOLFR TXLHQ GHMDUi PHGLDQWH $FWD FRQVWDQFLD
GHOKHFKR

     /DV (PSUHVDV (QYDVDGRUDV GHEHUiQ UHPLWLU PHQVXDOPHQWH D OD '*+ DQWHV GHO GtD  GH FDGD PHV OD
UHODFLyQ GH &LOLQGURV LQVSHFFLRQDGRV GH DFXHUGR DO SUHVHQWH $UWtFXOR GHWDOODQGR OD FDQWLGDG GH &LOLQGURV
GHVWUXLGRV\HOQ~PHURGH&LOLQGURVDSWRVTXHKDQVLGRURWXODGRVFRQVXQ~PHURGHVHULH

$UWtFXOR&DGD(PSUHVD(QYDVDGRUDVyORWHQGUiGHUHFKRDURWXODUXQDFDQWLGDGGH&LOLQGURVVLQ5RWXODU
QR VXSHULRU D VX SURSRUFLyQ GH SDUWLFLSDFLyQ HQ ODV YHQWDV WRWDOHV GH */3 GHO SDtV HQ ORV GRFH  PHVHV
DQWHULRUHV DO PHV GH SXEOLFDFLyQ GHO SUHVHQWH 5HJODPHQWR R DO PHV HQ TXH VH UHDOLFH XQ QXHYR FiOFXOR GH
DFXHUGR DO SURFHGLPLHQWR HVWDEOHFLGR HQ HO SUHVHQWH $UWtFXOR 3DUD ORV HIHFWRV GH GHWHUPLQDU OD FDQWLGDG GH
FLOLQGURV URWXODGRV SRU XQD (PSUHVD (QYDVDGRUD VH FRQWDELOL]DUiQ DGHPiV GH ORV FLOLQGURV URWXODGRV ORV
FLOLQGURVGHIHFWXRVRVTXHODHPSUHVDKD\DGHVWUXLGRVHJ~QORHVWLSXODGRHQHODUWtFXORDQWHULRU

(VWDFDQWLGDGPi[LPDHVWDUiH[SUHVDGDHQNLORJUDPRV\VHUiGHWHUPLQDGDSRUOD'*+PHGLDQWH5HVROXFLyQ
'LUHFWRUDOODSULPHUDYH]HQIXQFLyQGHODVYHQWDVTXH3(7523(586$WHQJDUHJLVWUDGDSDUDFDGD(PSUHVD
(QYDVDGRUDHQGLFKRSHUtRGR6yORSDUDHIHFWRVGHFRQWDELOL]DFLyQFDGDFLOLQGURGHOLEUDVFRUUHVSRQGHUiD
NLORJUDPRV\ORVGHOLEUDVDNLORJUDPRV

(QORVPHVHVGH(QHUR\-XOLRGHFDGDDxRKDVWDTXHFRQFOX\DHOURWXODGRGHOSDUTXHGHFLOLQGURVVLQURWXODU
OD'*+UHFDOFXODUiODFDQWLGDGPi[LPDDVLJQDGDDFDGD(PSUHVD(QYDVDGRUDHQIXQFLyQGHVXSDUWLFLSDFLyQHQ

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

HOPHUFDGRHOFiOFXORGHODQXHYDFLIUDHVWDUiHQIXQFLyQGHODVYHQWDVTXHODV3ODQWDVGH3URGXFFLyQ3ODQWDV
GH$EDVWHFLPLHQWR\RLPSRUWDGRUHVVHJ~QVHDHOFDVRKD\DQUHDOL]DGRFRQFDGD(PSUHVD(QYDVDGRUDHQORV
GRFH  PHVHV DQWHULRUHV DO PHV TXH FRUUHVSRQGD \ SXEOLFDUi SRU 5HVROXFLyQ 'LUHFWRUDO ORV QXHYRV YDORUHV
UHVXOWDQWHVSDUDFDGDHPSUHVDDQWHVGHOGtDGHOPHVUHVSHFWLYR3DUDHOFDVRGHODV(PSUHVDV(QYDVDGRUDV
TXH\DKD\DQFRPSOHWDGRVXFDQWLGDGPi[LPDDOPRPHQWRGHOFiOFXORGHORVQXHYRVOtPLWHV\pVWRVUHVXOWDUDQ
VHU LQIHULRUHV D ORV DQWHULRUHV OD '*+ PDQWHQGUi FRPR FDQWLGDG Pi[LPD DVLJQDGD D GLFKDV HPSUHVDV ORV
OtPLWHVDQWHULRUHV

$UWtFXOR/DV(PSUHVDV(QYDVDGRUDVQRSRGUiQHQYDVDU*/3HQ&LOLQGURV5RWXODGRVHQ.LORJUDPRVTXH
QR VHDQ GH VX SURSLHGDG R HQ &LOLQGURV 5RWXODGRV HQ /LEUDV TXH WHQJDQ OD PDUFD R VLJQR GLVWLQWLYR \ FRORU
LGHQWLILFDWRULRGHRWUD(PSUHVD(QYDVDGRUDDPHQRVTXHH[LVWDXQ$FXHUGR&RQWUDFWXDOGH&RUHVSRQVDELOLGDG
HQWUHODVHQYDVDGRUDV\VHDSXHVWRSUHYLDPHQWHHQFRQRFLPLHQWRGHOD'*+

$UWtFXOR/RV'LVWULEXLGRUHVHQ&LOLQGURVSRGUiQH[SHQGHUGLUHFWDPHQWHDOS~EOLFR\HQIRUPDFRQMXQWD
&LOLQGURVSHUWHQHFLHQWHVDGLYHUVDV(PSUHVDV(QYDVDGRUDV

/RVXVXDULRVTXHKD\DQUHFLELGR&LOLQGURV5RWXODGRVHQ.LORJUDPRVRHQ/LEUDVGHXQDGHWHUPLQDGD(PSUHVD
(QYDVDGRUDWLHQHQGHUHFKRDFDQMHDUORVFRQORVGHRWUDV(PSUHVDV(QYDVDGRUDV

(QUHODFLyQDORVFLOLQGURVGHVXSURSLHGDGFDGD(PSUHVD(QYDVDGRUDGHEHUiDXWRUL]DUDORV'LVWULEXLGRUHV
HQ &LOLQGURV SDUD HMHFXWDU HQ VX UHSUHVHQWDFLyQ \ FRQ SRGHU VXILFLHQWH ORV DFWRV \ JHVWLRQHV UHIHULGRV DO
LQWHUFDPELRGHFLOLQGURV\FRPHUFLDOL]DFLyQGHOSURGXFWR

$UWtFXOR/RV&LOLQGURV5RWXODGRVHQ.LORJUDPRVGHEHUiQOOHYDUHODxRGHIDEULFDFLyQHOQ~PHURGHVHULH
ODPDUFDHOVLJQR\FRORUTXHSHUPLWDLGHQWLILFDUDOD(PSUHVD(QYDVDGRUDSURSLHWDULDGHO&LOLQGUR

     /DV (PSUHVDV (QYDVDGRUDV HQWUHJDUiQ HQ FRQGLFLyQ GH XVR D ORV XVXDULRV ORV &LOLQGURV 5RWXODGRV HQ
.LORJUDPRV 3DUD HVWH HIHFWR OD (PSUHVD SRGUi  VROLFLWDU XQD JDUDQWtD HQ GLQHUR QR VXSHULRU DO FRVWR GH
UHSRVLFLyQGHO&LOLQGURR&LOLQGURVGHTXHVHWUDWHRWRUJDQGRXQ&HUWLILFDGRTXHDFUHGLWHODJDUDQWtDUHFLELGDOD
IHFKD\RWUDVFRQGLFLRQHVTXHHVWLPHFRQYHQLHQWH

(QFXDOTXLHUFDVRHOXVXDULRSRGUiVROLFLWDUGHOD(PSUHVD(QYDVDGRUDODGHYROXFLyQGHODJDUDQWtDFRQWUD
HQWUHJD GH XQ &LOLQGUR 5RWXODGR HQ .LORJUDPRV SRU HOOD \ GHO &HUWLILFDGR FRUUHVSRQGLHQWH /D (PSUHVD
(QYDVDGRUD TXH HPLWLy HO &HUWLILFDGR SURFHGHUi D OD GHYROXFLyQ GH OD JDUDQWtD FRUUHVSRQGLHQWH HQ XQ SOD]R
Pi[LPR GH  KRUDV QR SXGLHQGR VHU HO YDORU GH OD JDUDQWtD GHYXHOWD LQIHULRU DO YDORU FRPHUFLDO SURPHGLR TXH
FREUyOD(PSUHVD(QYDVDGRUDSRUODVJDUDQWtDVGHOPLVPRWLSRGH&LOLQGURHOPHVDQWHULRUDOTXHHOXVXDULRKDFH
H[LJLEOHVXGHYROXFLyQ

$UWtFXOR'HQRH[LVWLUHO$FXHUGR&RQWUDFWXDOVHxDODGRHQHO$UWtFXORGHOSUHVHQWH5HJODPHQWRHV
UHVSRQVDELOLGDGGHODV(PSUHVDV(QYDVDGRUDVHIHFWXDUHQWUHHOODVHOLQWHUFDPELRGHORV&LOLQGURV5RWXODGRVTXH
WHQJDQHQVXSRGHU\TXHQROHVFRUUHVSRQGDSRUORPHQRVXQDYH]FDGDVHPDQDGLUHFWDPHQWHRDWUDYpVGH
XQ&HQWURGH&DQMH$XWRUL]DGR

/D(PSUHVD(QYDVDGRUDTXHKD\DUHFLELGR&LOLQGURV5RWXODGRVSRUWHUFHURVGHEHUiFRPXQLFDUHVWHKHFKR
SRU HVFULWR D OD (PSUHVD (QYDVDGRUD FRUUHVSRQGLHQWH GRV GtDV KiELOHV DQWHV GH OD IHFKD GHO LQWHUFDPELR /D
FRPXQLFDFLyQ GHEHUi VHxDODU HO Q~PHUR GH &LOLQGURV 5RWXODGRV HQ .LORJUDPRV \ HO Q~PHUR GH &LOLQGURV
5RWXODGRV HQ /LEUDV TXH WLHQH HQ VX SRGHU HO OXJDU GRQGH VH SXHGH UHDOL]DU HO LQWHUFDPELR \ HO KRUDULR
HVWDEOHFLGRSDUDHVWHHIHFWR&DGD(PSUHVD(QYDVDGRUDHVUHVSRQVDEOHGHUHFRJHUVXVFLOLQGURVSRUVXFXHQWD
\ULHVJR\RXWLOL]DQGRORVVHUYLFLRVGHXQ&HQWURGH&DQMH$XWRUL]DGR

1RSRGUiQWUDVODGDUVHFLOLQGURVRHQYDVHVDMHQRVIXHUDGHODORFDOLGDGGHRSHUDFLyQ/RVTXHLQFXPSODQVH
VRPHWHUiQDODVVDQFLRQHVTXHODDXWRULGDGFRPSHWHQWHLPSRQJD

$UWtFXOR/DV(PSUHVDV(QYDVDGRUDVHVWiQREOLJDGDVDLQWHUFDPELDUHQWUHHOODVGLUHFWDPHQWHRDWUDYpV
GH XQ &HQWUR GH &DQMH $XWRUL]DGR ORV &LOLQGURV 5RWXODGRV HQ /LEUDV TXH QR OHV FRUUHVSRQGD
LQGHSHQGLHQWHPHQWHGHFXiQWRV&LOLQGURV5RWXODGRVHQ/LEUDVUHFLEDFDGDHPSUHVD

3DUDORV&LOLQGURV5RWXODGRVHQ.LORJUDPRVHOLQWHUFDPELRVHUiREOLJDWRULRSDUDFDGDHPSUHVDVyORKDVWDXQD
FDQWLGDG LJXDO DO Q~PHUR GH &LOLQGURV 5RWXODGRV HQ .LORJUDPRV GH VX SURSLHGDG TXH UHFLED GH XQ WHUFHUR
TXHGDQGRIDFXOWDGDVSDUDUHWHQHUHOH[FHGHQWHGH&LOLQGURVQRLQWHUFDPELDGRV

     'HQWUR GH ORV SULPHURV TXLQFH  GtDV FDOHQGDULRV GH FDGD PHV ODV (PSUHVDV (QYDVDGRUDV HVWDUiQ
REOLJDGDVD

     D 5HWLUDU ORV &LOLQGURV 5RWXODGRV HQ .LORJUDPRV GH VX SURSLHGDG TXH HVWpQ HQ SRGHU GH RWUD (PSUHVD
(QYDVDGRUD \ TXH QR KD\DQ SRGLGR VHU LQWHUFDPELDGRV GH DFXHUGR DO SURFHGLPLHQWR HVWLSXODGR HQ HO SiUUDIR

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

DQWHULRU

E'HQRPHGLDU$FXHUGRHQWUHODV3DUWHVSDJDUDOD(PSUHVD(QYDVDGRUDSRUFDGD&LOLQGUR5RWXODGRHQ
.LORJUDPRV XQD FDQWLGDG LJXDO DO YDORU FRPHUFLDO SURPHGLR TXH FREUy GLFKD (PSUHVD (QYDVDGRUD SRU ODV
JDUDQWtDVGHOPLVPRWLSRGH&LOLQGURHOPHVDQWHULRUDOTXHHOODKDFHH[LJLEOHODGHYROXFLyQGHGLFKRV&LOLQGURV

     /D '*+ VDQFLRQDUi D OD (PSUHVD (QYDVDGRUD TXH HQ IRUPD LQMXVWLILFDGD QR FXPSOD FRQ HIHFWXDU HQ ORV
3OD]RVSUHYLVWRVODFRPXQLFDFLyQHQWUHJD\RUHWLURGH&LOLQGURVDTXHVHUHILHUHDOSUHVHQWH$UWtFXOR

$UWtFXOR/DV(PSUHVDV(QYDVDGRUDVHVWiQREOLJDGDVDOOHYDUORVVLJXLHQWHVUHJLVWURV

5HJLVWURGH&RPSUDGH&LOLQGURV5RWXODGRVHQ.LORJUDPRVHQHOTXHVHDQRWDUi

D5D]yQVRFLDOGHOIDEULFDQWHRLPSRUWDGRUTXHYHQGLyHO&LOLQGUR

E1~PHURGHVHULHGHFDGD&LOLQGURTXHVHFRPSUD

F7DUDGHO&LOLQGUR

G)HFKDGHFRPSUD

H(PSUHVDGH6XSHUYLVLyQUHVSRQVDEOHGHORVHxDODGRHQHO$UWtFXOR

5HJLVWURGH&LOLQGURV5RWXODGRVHQ/LEUDVVHJ~QORLQGLFDGRHQHO$UWtFXORHQHOTXHVHDQRWDUi

D)HFKDHQTXHVHUHDOL]yHOURWXODGR

E1~PHURGHVHULHGHFDGD&LOLQGUR

F7DUDGHO&LOLQGUR

/LEURGH'HVWUXFFLyQGH&LOLQGURVHQHOFXDOVHLQFOXLUiODV$FWDVGHGHVWUXFFLyQGH&LOLQGURV

/LEURGH5HJLVWURGH&HUWLILFDGRVGH*DUDQWtDVHQHOTXHVHDQRWDUi

D)HFKDGHHQWUHJDGHO&HUWLILFDGRGH*DUDQWtD

E,GHQWLILFDFLyQGHODSHUVRQDQDWXUDORMXUtGLFDDTXLHQVHOHHQWUHJDHO&HUWLILFDGRGH*DUDQWtD

5HJLVWURGH&LOLQGURV5RWXODGRVSRU7HUFHURVHQHOTXHVHDQRWDUi

D1~PHURGHVHULHGHO&LOLQGUR\QRPEUHGHOD(PSUHVDDTXLHQFRUUHVSRQGHHOHQYDVHURWXODGR

E)HFKDGHUHFHSFLyQGHO&LOLQGURHQOD3ODQWD

F)HFKDVGHFRPXQLFDFLyQHLQWHUFDPELRFRQOD(PSUHVDDTXLHQFRUUHVSRQGHHOHQYDVHURWXODGRVHJ~QHO
$UWtFXOR

(QHOiPELWRGHVXFRPSHWHQFLD,1'(&23,SRGUiVROLFLWDUHQFXDOTXLHUPRPHQWRLQIRUPDFLyQSURYHQLHQWH
GH HVWRV UHJLVWURV DVt FRPR VDQFLRQDU HQ FDVR GH HQFRQWUDU DOJXQD LUUHJXODULGDG DFFLyQ TXH VHUi SXHVWD HQ
FRQRFLPLHQWRGHOD'*+

     $UWtFXOR7UDWiQGRVH GH (PSUHVDV (QYDVDGRUDV FRQIRUPDGDV SRU SHUVRQDV \R HQWLGDGHV DVRFLDGDV
SDUD HVWD DFWLYLGDG FDGD SHUVRQD \R HQWLGDG DVRFLDGD DVXPLUi HQ IRUPD VROLGDULD ODV UHVSRQVDELOLGDGHV \
VDQFLRQHVTXHUHVXOWDUHQDSOLFDEOHV

     $UWtFXOR  /RV IDEULFDQWHV QDFLRQDOHV H LPSRUWDGRUHV GH &LOLQGURV \ 6LVWHPDV GH 9iOYXOD5HJXODGRU
GHEHUiQ FXPSOLU FRQ ODV 1RUPDV 7pFQLFDV YLJHQWHV DO PRPHQWR GH VX IDEULFDFLyQ R LPSRUWDFLyQ VHJ~Q
FRUUHVSRQGD\HPLWLUFHUWLILFDGRVGHFDOLGDGDODV(PSUHVDV(QYDVDGRUDVTXHORVDGTXLHUDQ

     /RV IDEULFDQWHV H LPSRUWDGRUHV VHUiQ UHVSRQVDEOHV SRU ORV GDxRV \ SHUMXLFLRV TXH SXHGDQ FDXVDU ORV
&LOLQGURVTXHH[SHQGDQSRUIDOODVGHIDEULFDFLyQ\RGHOPDWHULDOXWLOL]DGRGHFRQIRUPLGDGFRQORGLVSXHVWRHQ
ODVQRUPDVGHUHVSRQVDELOLGDGH[WUDFRQWUDFWXDOGHO&yGLJR&LYLO

$UWtFXOR$QWHVGHODGLVWULEXFLyQSDUDHIHFWRVGHFRPHUFLDOL]DFLyQGHORV&LOLQGURVUHFLpQDGTXLULGRVSRU
ODV (PSUHVDV (QYDVDGRUDV \ GXUDQWH VX YLGD ~WLO ODV (PSUHVDV GH 6XSHUYLVLyQ GHVLJQDGDV SRU HOODV GHEHUiQ
FRQVWDWDU OD DSWLWXG GH GLFKRV &LOLQGURV \ 6LVWHPDV 9iOYXOD5HJXODGRU HQ OD IRUPD GLVSXHVWD SRU ODV 1RUPDV
7pFQLFDVYLJHQWHV
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 
 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

     $UWtFXOR  7RGR &LOLQGUR 5RWXODGR GHEH VHU UHLQVSHFFLRQDGR SRU XQD (PSUHVD GH 6XSHUYLVLyQ TXH OD
(PSUHVD(QYDVDGRUDGHVLJQHPHGLDQWHXQSURFHVRGHGHVSLQWDGRWRWDO\XQDSUXHEDKLGURVWiWLFDGHDFXHUGRD
ORHVWDEOHFLGRSRUOD1RUPD7pFQLFDYLJHQWHFRQIRUPHDO&URQRJUDPDGH5HLQVSHFFLyQGHORV&LOLQGURVHPLWLGR
SRUOD'*+

     7RGR &LOLQGUR TXH QR SDVH ODV SUXHEDV GH UHLQVSHFFLyQ GHEHUi VHU GHVWUXLGR \ UHHPSOD]DGR SRU XQR QXHYR
SURSLHGDGGHOD(PSUHVD(QYDVDGRUDTXHKDURWXODGRHOFLOLQGURDGHVWUXLU

$UWtFXOR'HVGHODIHFKDGHSXEOLFDFLyQGHOSUHVHQWH5HJODPHQWRORV&LOLQGURVGHOLEUDVVHOOHQDUiQ
FRQODPLVPDFDQWLGDGGH*DV/LFXDGRTXHFRQWLHQHQORV&LOLQGURVGHNLORJUDPRV\ORV&LOLQGURVGHOLEUDV
FRQODPLVPDFDQWLGDGGH*/3TXHOOHYDQORV&LOLQGURVGHNLORJUDPRV

$UWtFXOR/D GHFODUDFLyQ RILFLDO GH ORV &LOLQGURV 5RWXODGRV HQ .LORJUDPRV \ HQ /LEUDV FRQ VX PDUFD R
GLVWLQWLYR GHEHUi KDFHUVH WULPHVWUDOPHQWH DQWH OD '*+ GXUDQWH ORV SULPHURV FLQFR  GtDV GH FDGD WULPHVWUH
HVSHFLILFiQGRVHHOWLSRGH&LOLQGURV\PDQWHQLHQGRVXYDOLGH]KDVWDHOWULPHVWUHVLJXLHQWH

7,78/2,9

'(/2635(&,26'(/*$6/,&8$'2'(3(752/(2

$UWtFXOR'HDFXHUGRDORHVWDEOHFLGRHQHO$UWtFXORGHOD/H\1žORVSUHFLRVUHODFLRQDGRVFRQ
HO SHWUyOHR FUXGR \ ORV SURGXFWRV GHULYDGRV GHQWUR GH HOORV HO */3 VH ULJHQ SRU OD RIHUWD \ OD GHPDQGD /RV
GLVWLQWRV DJHQWHV LQYROXFUDGRV HQ HO SURFHVR GH FRPHUFLDOL]DFLyQ GHO */3 HVWiQ IDFXOWDGRV SRU GLFKD /H\ SDUD
HVWDEOHFHU OLEUHPHQWH ORV SUHFLRV GHO */3 TXH H[SHQGDQ DVt FRPR ODV WDULIDV GH ORV VHUYLFLRV DILQHV TXH
FRUUHVSRQGDQFRQODH[FHSFLyQGHOWUDQVSRUWHSRUGXFWRFX\DVWDULIDVVHILMDUiQGHDFXHUGRFRQHO5HJODPHQWR
TXHDSUXHEHHO0LQLVWHULRGH(QHUJtD\0LQDV

$UWtFXOR/DVDFWLYLGDGHVFRPHUFLDOHVTXHGHVDUUROOHQORVGLVWLQWRVDJHQWHVLQYROXFUDGRVHQHOSURFHVR
GH FRPHUFLDOL]DFLyQ GHO */3 GHEHUiQ UHJLUVH VHJ~Q ODV QRUPDV  JHQHUDOHV \ GLFWiPHQHV TXH ,1'(&23,
HVWDEOH]FD HQ EDVH D ODV DWULEXFLRQHV TXH OH FRQILHUH OD OH\ FRQ HO ILQ GH HYLWDU TXH HQ HO GHVDUUROOR GH GLFKDV
DFWLYLGDGHVVHJHQHUHQVLWXDFLRQHVRSUiFWLFDVPRQRSyOLFDVXROLJRSyOLFDV

$UWtFXOR/RV'LVWULEXLGRUHVHQ&LOLQGURV\ORV'LVWULEXLGRUHVD*UDQHOGHEHUiQH[KLELUHQOXJDUYLVLEOHGH
ORV /RFDOHV GH 9HQWDV \ 0HGLR GH 7UDQVSRUWH HO KRUDULR GH DWHQFLyQ DO S~EOLFR DVt FRPR FRORFDU HQ SDQHOHV
YLVLEOHVHOSUHFLRGHFDGD&LOLQGUR\GHO.LORJUDPRGH*/3TXHH[SHQGHQVHJ~QFRUUHVSRQGD

7,78/29

'(/$6,1)5$&&,21(66$1&,21(6(,167$1&,$6

     $UWtFXOR  6LQ SHUMXLFLR GH ODV UHVSRQVDELOLGDGHV FLYLOHV R SHQDOHV D TXH KXELHUH OXJDU HO LQFXPSOLPLHQWR GH OR GLVSXHVWR SRU HO
SUHVHQWH5HJODPHQWRVHVDQFLRQDUiHQODIRUPDVLJXLHQWH

D/D3ODQWDGH3URGXFFLyQ\RLPSRUWDGRUTXHQRPDQWHQJDODVH[LVWHQFLDVGH*/3GHDFXHUGRDO$UWtFXOR
GHO SUHVHQWH 5HJODPHQWR VHUi VDQFLRQDGD FRQ PXOWD GH GLH]  D YHLQWH  8,7 HO GREOH HQ FDVR GH
UHLQFLGHQFLD\DVtVXFHVLYDPHQWH

     E 4XLHQHV LQVWDOHQ \R SRQJDQ HQ IXQFLRQDPLHQWR LQVWDODFLRQHV GH */3 VLQ KDEHU REWHQLGR OD GHELGD
DXWRUL]DFLyQRWRUJDGDSRUODV0XQLFLSDOLGDGHV\OD'*+VHUiQVDQFLRQDGRVFRQHOFLHUUHGHODVLQVWDODFLRQHV\
PXOWDHTXLYDOHQWHDGLH]8,7

F/DV3ODQWDVGH$EDVWHFLPLHQWR(PSUHVDV(QYDVDGRUDV/RFDOHVGH9HQWD\(VWDEOHFLPLHQWRVGH*/3D
*UDQHO GH &RQVXPLGRUHV 'LUHFWRV TXH DPSOtHQ OD FDSDFLGDG GH DOPDFHQDPLHQWR GH VXV LQVWDODFLRQHV VLQ
DXWRUL]DFLyQ VHUiQ VDQFLRQDGDV FRQ HO FLHUUH WHPSRUDO GH OD SDUWH DPSOLDGD KDVWD TXH FXHQWH FRQ OD GHELGD
DXWRUL]DFLyQ \ PXOWD HTXLYDOHQWH D FLQFR  8,7 HVWD ~OWLPD VH GXSOLFDUi HQ FDVR GH UHLQFLGHQFLD \ DVt
VXFHVLYDPHQWH

     G /DV 3ODQWDV GH $EDVWHFLPLHQWR (PSUHVDV (QYDVDGRUDV /RFDOHV GH 9HQWD \ (VWDEOHFLPLHQWRV GH *DV
/LFXDGR D *UDQHO GH &RQVXPLGRUHV 'LUHFWRV TXH HIHFW~HQ PRGLILFDFLRQHV HQ VXV LQVWDODFLRQHV TXH DWHQWHQ
FRQWUD OD VHJXULGDG VHUiQ VDQFLRQDGDV FRQ PXOWD  HTXLYDOHQWH D FLQFR  8,7 DGHPiV GHO FLHUUH GH VXV
LQVWDODFLRQHVKDVWDTXHUHDOLFHQODVFRUUHFFLRQHVUHVSHFWLYDVGHDFXHUGRDODUHJODPHQWDFLyQGHVHJXULGDGTXH
OHVHDDSOLFDEOH

H(OLQFXPSOLPLHQWRGHORGLVSXHVWRSRUHO$UWtFXORGHOSUHVHQWH5HJODPHQWRPXOWDGHGLH]8,7\OD
UHLQFLGHQFLDFRQHOFLHUUHGHOD3ODQWD(QYDVDGRUD

I(OLQFXPSOLPLHQWRGHORGLVSXHVWRHQORV$UWtFXORV\OGHOSUHVHQWH5HJODPHQWRVHVDQFLRQDUiFRQXQD
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 
 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

PXOWDGHGLH]8,7(QFDVRGHUHLQFLGHQFLDOD'*+GXSOLFDUiODPXOWD\DVtVXFHVLYDPHQWH

     J (O LQFXPSOLPLHQWR GHO &URQRJUDPD GH 5HLQVSHFFLyQ D TXH VH UHILHUH HO $UWtFXOR ž GHO SUHVHQWH
5HJODPHQWR VH VDQFLRQDUi FRQ PXOWD GH FLQFR  8,7 (Q FDVR GH UHLQFLGHQFLD VH GXSOLFDUi OD PXOWD \ DVt
VXFHVLYDPHQWH

K(OLQFXPSOLPLHQWRGHODVGLVSRVLFLRQHVOHJDOHV\UHJODPHQWDULDVDSOLFDEOHVDODFRPHUFLDOL]DFLyQGH*DV
/LFXDGRGHXQDDYHLQWH8,7HOGREOHHQFDVRGHUHLQFLGHQFLD\DVtVXFHVLYDPHQWH

L,PSHGLURHVWRUEDUODVODERUHVUHDOL]DGDVSRUODVDXWRULGDGHVHQFDUJDGDVGHYHODUSRUHOFXPSOLPLHQWRGHODV
GLVSRVLFLRQHVOHJDOHV\UHJODPHQWDULDVDSOLFDEOHVDODFRPHUFLDOL]DFLyQGH*/3GHXQDDWUHLQWD8,7HO
GREOHHQFDVRGHUHLQFLGHQFLD\DVtVXFHVLYDPHQWH 

 $UWtFXORGHMDGRVLQHIHFWRSRUHO$UWtFXORGHO'HFUHWR6XSUHPR1ž(0SXEOLFDGRHO

$UWtFXOR /DV VDQFLRQHV SRU DGXOWHUDFLyQ \R FRQWDPLQDFLyQ GH OD FDOLGDG GHO */3 SRU YHQWDV GH HVWH
FRPEXVWLEOHHQFDQWLGDGHVPHQRUHVSRUGHEDMRGHODWROHUDQFLDHVWDEOHFLGD\SRURWUDVLQIUDFFLRQHVDODVQRUPDV
GH FDOLGDG \ FRQWURO PHWUROyJLFR HVWDEOHFLGDV HQ HO SUHVHQWH 5HJODPHQWR VHUiQ LPSXHVWDV SRU OD &RPLVLyQ GH
3URWHFFLyQGHO&RQVXPLGRUGHO,1'(&23,GHFRQIRUPLGDGFRQHO'HFUHWR/HJLVODWLYR1ž

     $UWtFXOR  (O LQFXPSOLPLHQWR GH ODV GLVSRVLFLRQHV UHJODPHQWDULDV VREUH 1RUPDV GH 6HJXULGDG \ 1RUPDV GH &RQWURO $PELHQWDO HQ
&RQVWUXFFLRQHV ,QVWDODFLRQHV \ )XQFLRQDPLHQWR GH ODV 3ODQWDV GH $EDVWHFLPLHQWR 3ODQWDV GH (QYDVDGR /RFDOHV GH 9HQWD 5HGHV GH
'LVWULEXFLyQ 0HGLRV GH 7UDQVSRUWH \ (VWDEOHFLPLHQWRV GH */3 D *UDQHO GH &RQVXPLGRUHV 'LUHFWRV DVt FRPR HO LPSHGLU R HVWRUEDU OD
UHDOL]DFLyQ GH ODV IXQFLRQHV GHO SHUVRQDO IDFXOWDGR SDUD FRQWURODU GLFKDV GLVSRVLFLRQHV VHUi VDQFLRQDGR GH DFXHUGR DO 7H[WR 8QLFR GH
3URFHGLPLHQWRV$GPLQLVWUDWLYRV783$GHOD'*+ 

 $UWtFXORGHMDGRVLQHIHFWRSRUHO$UWtFXORGHO'HFUHWR6XSUHPR1ž(0SXEOLFDGRHO

$UWtFXOR(OSDJRGHODVPXOWDVSRULQIUDFFLRQHVVHHIHFWXDUiHQXQSOD]RQRPD\RUGHTXLQFHGtDV
~WLOHV HQ ODV FXHQWDV DELHUWDV HQ HO %DQFR GH OD 1DFLyQ D QRPEUH GHO 0LQLVWHULR GH (QHUJtD \ 0LQDV R
,1'(&23,VHJ~QFRUUHVSRQGD

$UWtFXOR/DVVDQFLRQHVHQJHQHUDOLQFOX\HQGRORVFLHUUHVGHODV3ODQWDVGH$EDVWHFLPLHQWR3ODQWDVGH
(QYDVDGR/RFDOHVGH9HQWD\(VWDEOHFLPLHQWRVGH*/3D*UDQHOGH&RQVXPLGRUHV'LUHFWRV\ODFDQFHODFLyQ
GHO 5HJLVWUR GH XQ 0HGLR GH 7UDQVSRUWH \ GH XQD 5HG GH 'LVWULEXFLyQ VHUiQ HMHFXWDGDV SRU OD '*+ /DV
'LUHFFLRQHV5HJLRQDOHVGH(QHUJtD\0LQDVVHHQFDUJDUiQGHGDUFXPSOLPLHQWRDORGLVSXHVWRSRUOD'*+

     $UWtFXOR  /D '*+ \ HO ,1'(&23, HVWDEOHFHUiQ HQ VX UHVSHFWLYR 7H[WR 8QLFR GH 3URFHGLPLHQWRV
$GPLQLVWUDWLYRV 783$ ODV LQVWDQFLDV DGPLQLVWUDWLYDV FRUUHVSRQGLHQWHV D ODV VDQFLRQHV D ODV LQIUDFFLRQHV DO
SUHVHQWH5HJODPHQWR

$UWtFXOR&RQVHQWLGDVRHMHFXWRULDGDVODVUHVROXFLRQHVGLVSRQLHQGRODVVDQFLRQHVDTXHKDFHUHIHUHQFLD
HVWH 5HJODPHQWR VHUiQ QRWLILFDGDV DO %DQFR GH OD 1DFLyQ D ILQ GH TXH pVWH SURFHGD GH FRQIRUPLGDG FRQ ORV
GLVSRVLWLYRVOHJDOHVYLJHQWHV

',6326,&,21(6&203/(0(17$5,$6

     3ULPHUD /DV DXWRULGDGHV SROtWLFDV 3UHIHFWXUDV 6XE3UHIHFWXUDV 0XQLFLSDOHV \ 3ROLFLDOHV SRGUiQ VHU
UHTXHULGDV SDUD DSR\R HVSHFtILFR SRU OD '*+ 'LUHFFLRQHV 5HJLRQDOHV GH (QHUJtD \ 0LQDV \ OD &RPLVLyQ GH
3URWHFFLyQGHO&RQVXPLGRUGHO,1'(&23,HQUHODFLyQDORGLVSXHVWRSRUHOSUHVHQWH5HJODPHQWR

1RHVIDFXOWDGGHDTXHOODVDXWRULGDGHVUHDOL]DUDFWLYLGDGDOJXQDVREUHFRQWUROPHWUROyJLFRRGHFDOLGDGHQOD
FRPHUFLDOL]DFLyQGHO*/3

6HJXQGD/D&RPLVLyQGH3URWHFFLyQGHO&RQVXPLGRUGHO,1'(&23,OD'*+\ODV'LUHFFLRQHV5HJLRQDOHV
GH (QHUJtD \ 0LQDV GH DFXHUGR D VXV IXQFLRQHV SRGUiQ UHDOL]DU LQVSHFFLRQHV D ORV HVWDEOHFLPLHQWRV TXH HO
SUHVHQWH5HJODPHQWRUHJXODFRQODIUHFXHQFLDTXHHVWLPHQFRQYHQLHQWH

7HUFHUD(O FRVWR GH ORV DQiOLVLV R HYDOXDFLRQHV TXH UHDOLFH HO ,1'(&23, VHUi GH FDUJR GHO FRQVXPLGRU
GHQXQFLDQWHHQHOFDVRGHDFFLRQHVLQLFLDGDVSRUGHQXQFLDGHSDUWH\GHO,1'(&23,HQHOFDVRGHODVDFFLRQHV
GHRILFLRVLQSHUMXLFLRGHODVDQFLyQDTXHKXELHVHOXJDU(QFDVRGHGHWHFWDUVHDOJXQDLUUHJXODULGDGDWULEXLEOHDO
UHVSRQVDEOHGHH[SHQGHUHOSURGXFWRpVWHGHEHUiUHHPEROVDUGLFKRFRVWR

&XDUWD/D'*+H,1'(&23,SRGUiQUHDOL]DUODERUHVGHFRQWUROGHOFXPSOLPLHQWRGHOSUHVHQWH5HJODPHQWR
VHJ~QVXFRPSHWHQFLDDWUDYpVGHWHUFHURVGHDFXHUGRDVXVUHVSHFWLYRVSURFHGLPLHQWRV

     4XLQWD &XDQGR VHD QHFHVDULR HO 0LQLVWHULR GH (QHUJtD \ 0LQDV SRU 5HVROXFLyQ 0LQLVWHULDO GLFWDUi ODV

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW« 

 63,-/HJLVODFLyQGH&DUiFWHU*HQHUDO

QRUPDVFRPSOHPHQWDULDVSDUDODPHMRUDSOLFDFLyQGHOSUHVHQWH5HJODPHQWR

     6H[WD'HQWUR GH XQ SOD]R GH FLHQWR YHLQWH  GtDV FDOHQGDULR D SDUWLU GH OD SXEOLFDFLyQ GHO SUHVHQWH
5HJODPHQWRODV3ODQWDVGH$EDVWHFLPLHQWR3ODQWDV(QYDVDGRUDV/RFDOHVGH9HQWD5HGHVGH'LVWULEXFLyQ\
0HGLRV GH 7UDQVSRUWH DVt FRPR ORV (VWDEOHFLPLHQWRV GH *DV /LFXDGR D *UDQHO GH &RQVXPLGRUHV 'LUHFWRV
GHEHUiQ VROLFLWDU VX LQVFULSFLyQ HQ HO 5HJLVWUR TXH HVWDEOHFH HO $UWtFXOR  GHO PLVPR GHELHQGR SUHVHQWDU D OD
'*+VX3URJUDPD$QXDOGH$GHFXDFLyQHQORVDVSHFWRVGHVHJXULGDGTXHHVWLSXODHOSUHVHQWH5HJODPHQWR

     'LFKR 3URJUDPD GHEHUi HVWDU DFRPSDxDGR SRU HO LQIRUPH GH XQD (PSUHVD GH $XGLWRUtD WpFQLFD FX\D
UHVSRQVDELOLGDGHVWiHVWDEOHFLGDHQHO&DStWXOR,9GHO5HJODPHQWRGH)LVFDOL]DFLyQSRU7HUFHURVDSUREDGRSRU
'HFUHWR6XSUHPR1ž(0/RVKRQRUDULRVGHODDXGLWRUtDWpFQLFDVHDFRUGDUiQHQWUHODVSDUWHV

     6pWLPD$O WpUPLQR GH ORV FLHQWR YHLQWH  GtDV FDOHQGDULR HVWLSXODGRV HQ OD GLVSRVLFLyQ DQWHULRU ORV
HVWDEOHFLPLHQWRVSODQWDV\0HGLRVGH7UDQVSRUWHTXHQRFXPSOLHUDQFRQVROLFLWDUVXLQVFULSFLyQHQHO5HJLVWUR
TXH HVWDEOHFH HO $UWtFXOR  GH HVWH 5HJODPHQWR SUHVHQWDQGR D OD '*+ VX UHVSHFWLYR 3URJUDPD $QXDO GH
$GHFXDFLyQGHMDUiQGHIXQFLRQDUSRUODDQXODFLyQDXWRPiWLFDGHODVOLFHQFLDV\SHUPLVRVFRUUHVSRQGLHQWHV

2FWDYD/DV3ODQWDV(QYDVDGRUDV\/RFDOHVGH9HQWDTXHSRUIXHU]DPD\RUGHELGDPHQWHFRPSUREDGDQR
SXHGDQ DGHFXDUVH D OR HVSHFLILFDGR HQ HO SUHVHQWH 5HJODPHQWR SRGUiQ FRRUGLQDU FRQ ODV 0XQLFLSDOLGDGHV
3URYLQFLDOHVR'LVWULWDOHVVHJ~QVHDHOFDVRODUHXELFDFLyQDOWHUQDWLYDSDUDORFXDOpVWDVGHEHQRWRUJDUOHVWRGD
ODVIDFLOLGDGHVGHOFDVRHQHORWRUJDPLHQWRGHODV/LFHQFLDVTXHFRUUHVSRQGDQHQXQSOD]RQRPD\RUGHQRYHQWD
GtDVFDOHQGDULRGHVSXpVGHKDEHUVLGRQRWLILFDGDV(QFDVRFRQWUDULRGHMDUiQGHIXQFLRQDUSRUODDQXODFLyQ
GHODVOLFHQFLDV\SHUPLVRVFRUUHVSRQGLHQWHV

1RYHQD'HQWURGHOSOD]RGHQRYHQWDGtDVFDOHQGDULRDSDUWLUGHODSXEOLFDFLyQGHOSUHVHQWHGLVSRVLWLYR
OD'*+HPLWLUiHO5HJODPHQWRTXHQRUPDUiHOIXQFLRQDPLHQWRGHORV&HQWURVGH&DQMH$XWRUL]DGRV

 ³'pFLPD(QFDVRVGRQGHVHSUHYHDRFRQVWDWHXQDJUDYHDIHFWDFLyQGHODVHJXULGDGGHODEDVWHFLPLHQWRLQWHUQRGH*/3GHWRGRHO
SDtV GH XQ iUHD HQ SDUWLFXODU R OD SDUDOL]DFLyQ GH VHUYLFLRV S~EOLFRV R DWHQFLyQ GH QHFHVLGDGHV EiVLFDV HO 0LQLVWHULR GH (QHUJtD \ 0LQDV
SRGUi HVWDEOHFHU PHGLDQWH 5HVROXFLyQ 0LQLVWHULDO PHGLGDV WUDQVLWRULDV TXH H[FHSW~HQ HQ SDUWH HO FXPSOLPLHQWR GH DOJXQRV DUWtFXORV GH ODV
QRUPDVSDUDODFRPHUFLDOL]DFLyQGH*DV/LFXDGRGH3HWUyOHR\GHORVFRUUHVSRQGLHQWHVUHJODPHQWRVGHVHJXULGDG´

'LVSRVLFLyQ&RPSOHPHQWDULDLQFOXLGDSRUHO$UWtFXORGHO'HFUHWR6XSUHPR1ƒ(0SXEOLFDGRHOHQHUR

'LVSRVLFLyQGHURJDGDSRUHO$UWtFXORGHO'HFUHWR6XSUHPR1ƒ(0SXEOLFDGRHORFWXEUH

&21&25'$1&,$501ƒ0(0'0

',6326,&,21(675$16,725,$6

     3ULPHUD /DV SHUVRQDV QDWXUDOHV R MXUtGLFDV LQWHUHVDGDV HQ LQVFULELUVH HQ HO 5HJLVWUR GH (PSUHVDV GH
$XGLWRUtD H ,QVSHFWRUtD SDUD ORV ILQHV GHO SUHVHQWH 5HJODPHQWR VH UHJLUiQ HQ OR TXH OHV VHD DSOLFDEOH D OR
HVWDEOHFLGRHQHO5HJODPHQWRGH)LVFDOL]DFLyQGHODV$FWLYLGDGHV0LQHUR(QHUJpWLFDVSRU7HUFHURVDSUREDGRSRU
'HFUHWR6XSUHPR1ž(0

6HJXQGD3DUDGDULQLFLRDODDSOLFDFLyQGHODVDXGLWRUtDVWpFQLFDVORVSOD]RVHVWLSXODGRVHQHO7tWXOR9,,
'LVSRVLFLyQ 7UDQVLWRULD GHO 5HJODPHQWR GH )LVFDOL]DFLyQ GH ODV $FWLYLGDGHV 0LQHUR (QHUJpWLFDV SRU 7HUFHURV
DSUREDGR SRU 'HFUHWR 6XSUHPR 1ž (0 ULJHQ D SDUWLU GH OD IHFKD GH SXEOLFDFLyQ GHO SUHVHQWH
5HJODPHQWR

     7HUFHUD$ SDUWLU GH FLHQWR YHLQWH GtDV  FDOHQGDULRV GH OD SXEOLFDFLyQ GHO SUHVHQWH 5HJODPHQWR HVWi
SURKLELGD OD YHQWD GH */3 HQ &LOLQGURV \R D *UDQHO D HVWDEOHFLPLHQWRV R PHGLRV GH WUDQVSRUWH TXH QR HVWpQ
LQVFULWRVHQHO5HJLVWURTXHHVWDEOHFHHO$UWtFXORžGHOSUHVHQWH5HJODPHQWRGHELHQGRODHPSUHVDTXHQLHJDOD
YHQWDLQIRUPDUSRUHVFULWRGHWDOVLWXDFLyQDOD'*+

&XDUWD0LHQWUDVVHHVWDEOH]FDOD1RUPDWLYLGDGFRUUHVSRQGLHQWHOD'*+SRGUiDXWRUL]DUHQIRUPDWUDQVLWRULD
OD LQVWDODFLyQ H[SHULPHQWDO GH *DVRFHQWURV VLHPSUH \ FXDQGR VH FXPSODQ ORV HVWDQGDUHV LQWHUQDFLRQDOHV GH
VHJXULGDG\SUHVHUYDFLyQDPELHQWDO

     4XLQWD (Q WDQWR VH DSUXHEH HO 5HJODPHQWR GH 6HJXULGDG SDUD ,QVWDODFLRQHV \ 7UDQVSRUWH GH */3
VHxDODGR HQ HO $UWtFXOR  LQFLVR  GHO SUHVHQWH GLVSRVLWLYR VHUiQ GH DSOLFDFLyQ ODV 1RUPDV GH 6HJXULGDG
FRQWHPSODGDVHQHO'HFUHWR6XSUHPR1ž(090(

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'6XPLOODVW\OH'IRQWIDPLO\$$ULDO&VDQVVHULI%IRQWZHLJKW«