Pe Sbsap Lambayeque Es PDF

GOB
BIERNO REGIONAL DE LAMBAYEQUE

GERENCIA REGIONAL DE RECURSOS NA
ATURALES
Y GESTION DEL MEDIO AMBIENTE
EST
TRATEGIA REGIONAL DE
LA DIVERSIDAD
BIOLOGICA DE
LAMBAYEQUE
Julio 2010
(VWUDWHJLD5HJLRQDOGH&RQVHUYDFLyQGHOD'LYHUVLGDG%LROyJLFDGH/DPED\HTXH

(OSUHVHQWHGRFXPHQWRKDVLGRUHDOL]DGRFRQHODSR\RGH,QVWLWXFLRQHV\SHUVRQDVFRPSURPHWLGDVFRQHO
'HVDUUROOR6RVWHQLEOH\OD&RQVHUYDFLyQGHOD'LYHUVLGDG%LROyJLFDGH/DPED\HTXHSURPRYLGRSRUOD
*HUHQFLDGH5HFXUVRV1DWXUDOHVGHO*RELHUQR5HJLRQDOGH/DPED\HTXH\HO*UXSR7pFQLFRGH
'LYHUVLGDG%LROyJLFD


81,'$'(-(&8725$³1$</$03/$0%$<(48(´
086(21$&,21$/6,&$1


*2%,('LUHFFLyQ5HJLRQDOGH$JULFXOWXUD/DPED\HTXH


35(6(17$&,Ð1

/D 'LYHUVLGDG %LROyJLFD SXHGH ´GDU ULTXH]Dµ DO 3HU~ VL HV DSURYHFKDGD GH PDQHUD
VRVWHQLEOH 1XHVWUD UHQWD HVWUDWpJLFD \ QXHVWUD LGHQWLGDG GHEHQ VHU SXHVWDV HQ YDORU SDUD
SRWHQFLDUHOGHVDUUROORSURGXFWLYRFRQVRVWHQLELOLGDGµ%UDFN$

(VDVtTXHVXDSURYHFKDPLHQWRVRVWHQLEOHHPHUJHFRPRXQDQXHYDRSFLyQSDUDHO3HU~\HQ
SDUWLFXODU SDUD /DPED\HTXH SRU OR TXH QR SRGHPRV GHMDUOD SDVDU SRU DOWR PiV ELHQ
GHEHPRV KDFHU GH HOOD XQD KHUUDPLHQWD TXH QRV D\XGH D DQGDU FDPLQRV QXHYRV TXH QRV
FRQGX]FDQ KDFLD XQ YHUGDGHUR GHVDUUROOR VRVWHQLEOH \ QRV EULQGH DOWHUQDWLYDV SDUD OXFKDU
FRQWUDODSREUH]DKDFLHQGRTXHODGLVWULEXFLyQGHORVEHQHILFLRVVHDHQIRUPDHTXLWDWLYDHQWUH
ORVPLHPEURVGHODVRFLHGDGODPED\HFDQD

3RU RWUD SDUWH OD FRQVHUYDFLyQ \ XVR VRVWHQLEOH GH OD 'LYHUVLGDG %LROyJLFD HV XQR GH ORV
PHGLRVIXQGDPHQWDOHVSDUDJDUDQWL]DUODYLDELOLGDGGHODVIXWXUDVJHQHUDFLRQHVHVXQUHWRGH
QXHVWUDJHQHUDFLyQ\DODYH]XQFRPSURPLVRDGTXLULGRSXHVWRTXHHOPDxDQDGHSHQGHGH
ORTXHKDJDPRVKR\

(VWH GRFXPHQWR TXH OHV SUHVHQWDPRV HV OD (VWUDWHJLD 5HJLRQDO GH &RQVHUYDFLyQ GH OD
'LYHUVLGDG%LROyJLFDGH/DPED\HTXH\VX3ODQGH$FFLyQTXHWLHQHODYLUWXGGHSODVPDUDOR
ODUJR GH VX FRQWHQLGR OD DSXHVWD GHFLGLGD GHO *RELHUQR 5HJLRQDO GH /DPED\HTXH \ GH OD
VRFLHGDG GH OD UHJLyQ DVt FRPR WDPELpQ GH LQVWLWXFLRQHV FRPR HO ,0$53( 6(51$13 D
WUDYpV GH OD -HIDWXUD GHO 6DQWXDULR +LVWyULFR %RVTXH GH 3yPDF $7))6 /DPED\HTXH
8QLYHUVLGDG1DFLRQDO´3HGUR5Xt]*DOORµ&RPLWpGH*HVWLyQGH%RVTXHGH3RPDF\HO596
/DTXLSDPSD %,5'/,)( $VRFLDFLyQ &5$&,'$( ² 3(5Ô &HQWUR GH 2UQLWRORJtD \
%LRGLEHUVLGDG ² &25%,', &ROHJLR GH %LyORJRV =RRFULDGHUR &5$; H LQYHVWLJDGRUHV
LQGHSHQGLHQWHV HQWUH RWURV TXLHQHV KDQ SDUWLFLSDGR DFWLYDPHQWH HQ VX HODERUDFLyQ SDUD
ORJUDU HVH UHWR \ KDFHU SRVLEOH XQ SURFHVR GH GHVDUUROOR EDVDGR HQ HO DSURYHFKDPLHQWR
VRVWHQLEOHGHQXHVWURVUHFXUVRVQDWXUDOHV\GHODGLYHUVLGDGELROyJLFDHQVXFRQMXQWR

3RUHOORHVWHGRFXPHQWRHVXQRGHORVWUDEDMRVGHPD\RULQWHUpVSDUDHVWH*RELHUQR5HJLRQDO
HO FXDO JXLDUi OD SROtWLFD UHJLRQDO \ DFFLRQHV UHODFLRQDGDV FRQ OD ELRGLYHUVLGDG FRPR HMH
FRQGXFWRU SDUD ORJUDU TXH OD FRQVHUYDFLyQ HILFD] GHO SDWULPRQLR ELROyJLFR SDLVDMtVWLFR \
FXOWXUDOGHQXHVWUDUHJLyQ/DPED\HTXHVHDXQDUHDOLGDG

1HU\6DOGDUULDJDGH.UROO
3UHVLGHQWD
*RELHUQR5HJLRQDOGH/DPED\HTXH


/,67$'(6,*/$6

$13 ÉUHDV1DWXUDOHV3URWHJLGDV
$7))6 $XWRULGDG7pFQLFD)RUHVWDO\GH)DXQD6LOYHVWUH
&5 &UtWLFDPHQWHDPHQD]DGR
&'% &RQYHQLRGHOD'LYHUVLGDG%LROyJLFD
&, &RQVHUYDFLyQ,QWHUQDFLRQDO
&,7(6 &RQYHQFLyQVREUHHO&RPHUFLR,QWHUQDFLRQDOGH(VSHFLHV$PHQD]DGDVGH)DXQD\)ORUD6LOYHVWUHV
&2)235, &RPLVLyQGH)RUPDOL]DFLyQGHOD3URSLHGDG,QIRUPDO
&21$',% &RQVHMR1DFLRQDOGHOD'LYHUVLGDG%LROyJLFD
&21$0 &RQVHMR1DFLRQDOGHO$PELHQWH
'% 'LYHUVLGDG%LROyJLFD
(1%' (VWUDWHJLD1DFLRQDOGHOD'LYHUVLGDG%LROyJLFD
(5&'%/DPED\HTXH (VWUDWHJLD5HJLRQDOGH&RQVHUYDFLyQGHOD'LYHUVLGDG%LROyJLFDGH/DPED\HTXH
)0$0 )RQGRSDUDHO0HGLR$PELHQWH0XQGLDO
)21$0 )RQGR1DFLRQDOGHO$PELHQWH
)21$13( )RQGR1DFLRQDOGHÉUHDV1DWXUDOHV3URWHJLGDV
*5/$0% *RELHUQR5HJLRQDO/DPED\HTXH
*51*0$ *HUHQFLD5HJLRQDOGH5HFXUVRV1DWXUDOHV\*HVWLyQGHO0HGLR$PELHQWH
*7'% *UXSR7pFQLFRGH'LYHUVLGDG%LROyJLFD
,1'(&23, ,QVWLWXWR1DFLRQDOGH'HIHQVDGHOD&RPSHWHQFLD\3URWHFFLyQGHOD3URSLHGDG,QWHOHFWXDO
,1(, ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
,15(1$ ,QVWLWXWR1DFLRQDOGH5HFXUVRV1DWXUDOHV
,0$53( ,QVWLWXWRGHO0DUGHO3HU~
0,1$* 0LQLVWHULRGH$JULFXOWXUD
0,1&(785 0LQLVWHULRGH&RPHUFLR([WHULRU\7XULVPR
21* 2UJDQL]DFLyQQRJXEHUQDPHQWDO
318' 3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO'HVDUUROOR
3180$ 3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO0HGLR$PELHQWH
327 3ODQGH2UGHQDPLHQWR7HUULWRULDO
352)21$13( )RQGRSDUDHO'HVDUUROORGHODVÉUHDV1DWXUDOHV3URWHJLGDV
6,1$13( 6LVWHPD1DFLRQDOGH$UHDV1DWXUDOHV3URWHJLGDVSRUHO(VWDGR
8,&1 8QLyQ0XQGLDOSDUDOD&RQVHUYDFLyQGHOD1DWXUDOH]D
=(( =RQLILFDFLyQ(FROyJLFR²(FRQyPLFD


&RQWHQLGR

35(6(17$&,Ð1
/,67$'(6,*/$6
5(680(1(-(&87,92
,1752'8&&,Ð1
,0$5&25()(5(1&,$/««««««««««««««««««««««««««««««
1(&(6,'$''(81$(675$7(*,$'(%,2',9(56,'$'«««««««««««««
352&(62(1(/&217(;721$&,21$/<5(*,21$/«««««««««««««
(675$7(*,$5(*,21$/'(&216(59$&,Ð1'(/$',9(56,'$'%,2/2*,&$'(
/$0%$<(48(

,,',$*1Ð67,&262%5(/$',9(56,'$'%,2/Ð*,&$'(/$5(*,Ð1

/$0%$<(48(««««««««««««««««««««««««««««««««««

É0%,72*(2*5É),&2««««««««««««««««««««««««««««
5(/,(9(<*(2/2*Ì$««««««««««««««««««««««««««
+,'52*5$)Ì$«««««««««««««««««««««««««««««
=21$6'(9,'$«««««««««««««««««««««««««««««
&/,0$««««««««««««««««««««««««««««««««

)$&725(662&,$/(6«««««««««««««««««««««««««««««
3REODFLyQ«««««««««««««««««««««««««««««««««
ÌQGLFHGH'HVDUUROOR+XPDQR«««««««««««««««««««««««««
3REODFLyQ(FRQyPLFDPHQWH$FWLYD3($««««««««««««««««««««
3REUH]D(YROXFLyQ\6LWXDFLyQ$FWXDO«««««««««««««««««««««
,QGLFDGRUHV6RFLDOHV«««««««««««««««««««««««««««««

(67$'2'(&216(59$&,Ð1'(/$',9(56,'$'%,2/Ð*,&$5(*,21$/««««
ÉUHDV1DWXUDOHV3URWHJLGDVGH/DPED\HTXH««««««««««««««««««««
$FFLRQHVSDUDODFRQVHUYDFLyQGHODGLYHUVLGDGELROyJLFD««««««««««««««
3UR\HFWR&RPSRQHQWH%RVTXH6HFR«««««««««««««««««««««««
3UR\HFWR´)RUWDOHFLPLHQWR'H/D&RQVHUYDFLyQ'H/D'LRGLYHUVLGDG$7UDYpV'HO3URJUDPD
1DFLRQDOGHÉUHDV1DWXUDOHV3URWHJLGDV3521$13µ«««««««««««««««««
,GHQWLILFDFLyQGHÉUHDV3ULRULWDULDV3DUD/D&RQVHUYDFLyQ5HJLRQDO«««««««
0HWRGRORJtDSDUDOD´LGHQWLILFDFLyQGHiUHDVSULRULWDULDV\UHGHVGHFRQHFWLYLGDGSDUDOD
FRQVHUYDFLyQGHODELRGLYHUVLGDGµ««««««««««««««««««««««««««
&RQVHUYDFLyQ(IHFWLYDGHODVÉUHDV3ULRULWDULDVGH&RQVHUYDFLyQ«««««««««««
6LVWHPD5HJLRQDOGHÉUHDVGH&RQVHUYDFLyQ««««««««««««««««««««

',9(56,'$'%,2/Ð*,&$'(/$0%$<(48(«««««««««««««««««««
)ORUD««««««««««««««««««««««««««««««««««
7LSRVGH%RVTXHV««««««««««««««««««««««««««««««
)DXQD««««««««««««««««««««««««««««««««««
0DPtIHURV«««««««««««««««««««««««««««««
$YHV«««««««««««««««««««««««««««««««
5HSWLOHV««««««««««««««««««««««««««««««
$QILELRV««««««««««««««««««««««««««««««
%LRGLYHUVLGDGPDULQRFRVWHUD«««««««««««««««««««««««««
3/$1,),&$&,Ð1<25'(1$0,(1727(55,725,$/««««««««««««««
$*52%,2',9(56,'$'««««««««««««««««««««««««««««
',1É0,&$(&21Ð0,&$352'8&7,9$««««««««««««««««««««
$JULFXOWXUD«««««««««««««««««««««««««««««««


3URGXFFLyQSHFXDULD«««««««««««««««««««««««««««
3HVFD«««««««««««««««««««««««««««««««««
0LQHUtD««««««««««««««««««««««««««««««««
0DQXIDFWXUD«««««««««««««««««««««««««««««««
7XULVPR««««««««««««««««««««««««««««««««
&RPHUFLR««««««««««««««««««««««««««««««««

'(7(5,252<$0(1$=$63$5$/$',9(56,'$'%,2/Ð*,&$««««««««
,167,78&,21$/,'$'<*(67,Ð1««««««««««««««««««««««
,GHQWLILFDFLyQGH6HFWRUHVLQYROXFUDGRVDQLYHOUHJLRQDO««««««««««««««
,QVWUXPHQWRV1RUPDWLYRVSDUDODJHVWLyQGHOD'LYHUVLGDG%LROyJLFD«««««««««
',$*1Ð67,&262%5(/$',9(56,'$'%,2/Ð*,&$'(/$5(*,Ð1
/$0%$<(48()2'$««««««««««««««««««««««««««««

,,,0$5&2(675$7(*,&2««««««««««««««««««««««««««««

0$5&2(675$7e*,&2«««««««««««««««««««««««««««
9LVLyQ«««««««««««««««««««««««««««««««««
2EMHWLYR*HQHUDOGHOD(VWUDWHJLD«««««««««««««««««««««««
2EMHWLYRV(VSHFtILFRV««««««««««««««««««««««««««««
(VWUDWHJLDV««««««««««««««««««««««««««««««««
3/$1,),&$&,Ð1««««««««««««««««««««««««««««««

,93/$1'($&&,21'(/$(675$7(*,$5(*,21$/'(/$',9(56,'$'
%,2/Ð*,&$'(/$0%$<(48(²«««««««««««««««««««««
9,03/(0(17$&,21'(/$(675$7(*,$«««««««««««««««««««««
9,5()(5(1&,$6%,%/,2*5$),&$6««««
9,$1(;26
$QH[R/LVWDGHDYHVGH/DPED\HTXH
$QH[R/LVWDGHUHSWLOHV\DQILELRVGH/DPED\HTXH«««««««««««««««««««
$QH[R/LVWDGHHVSHFLHVPDULQRFRVWHUDVGHLQWHUpVHFRQyPLFRUHJLVWUDGDVHQWUH\HQ
/DPED\HTXH«««««««««««««««««««««««««««««««


5(680(1(-(&87,92
( O SUHVHQWH GRFXPHQWR SUHWHQGH VLVWHPDWL]DU UHVXPLGDPHQWH HO FRQRFLPLHQWR
VREUH HO HVWDGR DFWXDO GH OD GLYHUVLGDG ELROyJLFD GH /DPED\HTXH GHVFULELHQGR
ULTXH]DV \ SRWHQFLDOLGDGHV DVt FRPR ORV IDFWRUHV TXH FDXVDQ \ GHWHUPLQDQ VX
GHWHULRUR SDUD FRQ HVWH DQiOLVLV SURSRQHU HVWUDWHJLDV SODQHV \ DFWLYLGDGHV TXH
SHUPLWDQ XQ DSURYHFKDPLHQWR VRVWHQLEOH GH OD GLYHUVLGDG ELROyJLFD \ FXOWXUDO GH OD
UHJLyQ FRPR EDVH GH WRPD GH GHFLVLRQHV FRKHUHQWHV SDUD ODV QHFHVLGDGHV GH
GHVDUUROORGHODVFRPXQLGDGHV

/DSULPHUDSDUWHGHOGRFXPHQWRWUDWDGHODVUD]RQHV\ODMXVWLILFDFLyQGHHODERUDU\
GLVSRQHUGHXQLQVWUXPHQWRFRPROD(VWUDWHJLDGH'LYHUVLGDG%LROyJLFDGHOD5HJLyQ
/DPED\HTXH DVt FRPR WDPELpQ SUHVHQWD XQD EUHYH UHVHxD GHO SURFHVR D QLYHO
QDFLRQDO\OXHJRUHJLRQDO

/DVHJXQGDSDUWHGHVFULEHHOHVWDGRGHORVFRPSRQHQWHV\IDFWRUHVGHODGLYHUVLGDG
ELROyJLFD GH OD UHJLyQ HQ SDUWLFXODU ORV DVSHFWRV ItVLFRV ELROyJLFRV IRUPDFLyQ
JHROyJLFD IDFWRUHV HFROyJLFRV \ DPELHQWDOHV \ ILQDOPHQWH ORV IDFWRUHV VRFLDOHV
FRQVLGHUDQGRHOFUHFLPLHQWRGHODSREODFLyQHQORV~OWLPRVDxRV\VXGLVWULEXFLyQHQ
ODUHJLyQ7DPELpQVHSUHVHQWDQGDWRVVREUHHGXFDFLyQ\VDOXG/DLPSRUWDQFLDGHODV
iUHDV QDWXUDOHV SURWHJLGDV WDPELpQ WLHQH VX OXJDU LQFOX\HQGR ORV QLYHOHV GH
FRQVHUYDFLyQSODQLILFDFLyQ\RUGHQDPLHQWR

(Q UHODFLyQ DO GHWHULRUR \ DPHQD]DV VREUH OD GLYHUVLGDG ELROyJLFD VH GHVFULEHQ ORV
SULQFLSDOHV IDFWRUHV FDXVDQWHV GH ORV LPSDFWRV )LQDOPHQWH VH GHVFULEH OD
LQVWLWXFLRQDOLGDG\JHVWLyQHQWHPDVGHGLYHUVLGDGELROyJLFDUHJLRQDO

6H HVSHUD TXH OD SUHVHQWH (VWUDWHJLD 5HJLRQDO GH &RQVHUYDFLyQ GH OD 'LYHUVLGDG
%LROyJLFDGH/DPED\HTXHVHDXWLOL]DGDFRPRKHUUDPLHQWDGHJHVWLyQSDUDRULHQWDUODV
SROtWLFDV \ DFFLRQHV VREUH OD ELRGLYHUVLGDG UHFRQRFLHQGR VXV YDORUHV \ SODQWHDQGR
RSRUWXQLGDGHVSDUDODFRQVHUYDFLyQ\XVRVRVWHQLEOHGHODPLVPD


,1752'8&&,21
/

D UHJLyQ /DPED\HTXH VH HQFXHQWUD ORFDOL]DGD HQ OD SDUWH QRU RFFLGHQWDO GHO
3HU~ 6X H[WHQVLyQ HV GH NP \ FXHQWD FRQ XQD SREODFLyQ GH
KDELWDQWHV DSUR[LPDGDPHQWH ,1(, /DPED\HTXH HV XQD 5HJLyQ
UHOHYDQWHHQWpUPLQRVGHELRGLYHUVLGDGSHUWHQHFLHQWHVDODHFRUUHJLyQ%RVTXH6HFROD
FXDOVHFDUDFWHUL]D SRUVXDOWRJUDGRGHHQGHPLVPR SHURWDPELpQGH DPHQD]DV DVt
FRPRSRUVXPDUFDGDGHSHQGHQFLDGHHFRVLVWHPDVIUiJLOHVHVFDVRV\EDMRFRQVWDQWH
SUHVLyQ\RDPHQD]D(VWRVHOHPHQWRVVRQHOIXQGDPHQWRSDUDXQDSODQLILFDFLyQTXH
RULHQWH OD FRQVHUYDFLyQ \ XVR VRVWHQLEOH GH OD ELRGLYHUVLGDG HO FXDO HV HO REMHWLYR
IXQGDPHQWDOGHOD(VWUDWHJLD5HJLRQDOGH&RQVHUYDFLyQGHOD'LYHUVLGDG%LROyJLFDGH
/DPED\HTXH(5&'%/DPED\HTXH

(OFRQRFLPLHQWRGHODGLYHUVLGDGELROyJLFDGHVFULELHQGRULTXH]DV\SRWHQFLDOLGDGHV
DVtFRPRORVIDFWRUHVTXHFDXVDQ\GHWHUPLQDQVXGHWHULRURVLUYHQFRPREDVHSDUDOD
WRPD FRKHUHQWH GH GHFLVLRQHV TXH FXEUDQ ODV QHFHVLGDGHV GH GHVDUUROOR GH ODV
FRPXQLGDGHV\SREODFLRQHVORFDOHVHQHOPDUFRGHHVWUDWHJLDVSODQHV\DFWLYLGDGHV
TXHSHUPLWLUiQXQDSURYHFKDPLHQWRVRVWHQLEOHGHORVUHFXUVRVELROyJLFRV\FXOWXUDOHV
GHODUHJLyQ

/D (5&'%/DPED\HTXH KD VLGR GHVDUUROODGD PHGLDQWH XQ SURFHVR SDUWLFLSDWLYR
FX\D SULQFLSDO PRWLYDFLyQ HV FRQRFHU HO YDORU GH ODV ULTXH]DV SDUD SULRUL]DU ODV
DFFLRQHV GH FRQVHUYDFLyQ \ SURSLFLDU XQ DSURYHFKDPLHQWR VRVWHQLEOH GH GLFKRV
UHFXUVRV /D HVWUDWHJLD HV HO UHVXOWDGR GH XQ DQiOLVLV UHJLRQDO \ VH LQWHJUD D ORV
SURFHVRV QDFLRQDOHV H LQWHUQDFLRQDOHV H[LVWHQWHV UHVXOWDGR GHO &RQYHQLR VREUH
'LYHUVLGDG%LROyJLFDHVWDEOHFLGDHQOD&XPEUHGHOD7LHUUDHQHODxR\UDWLILFDGD
SRU*RELHUQRVGHQWURGHORVFXDOHVHVWiHOGHO3HU~

(O *RELHUQR 5HJLRQDO GH /DPED\HTXH SRU LQWHUPHGLR GH OD *HUHQFLD GH 5HFXUVRV
1DWXUDOHV \ *HVWLyQ GHO 0HGLR $PELHQWH \ HO *UXSR 7pFQLFR GH 'LYHUVLGDG
%LROyJLFD ² *7'% /DPED\HTXH SRQH DO DOFDQFH GH OD SREODFLyQ HVWD YDOLRVD
KHUUDPLHQWD GH JHVWLyQ FRPR XQD FRQWULEXFLyQ PiV SDUD ORJUDU HO DQKHODGR
GHVDUUROORVRVWHQLEOHUHJLRQDO


,0$5&25()(5(1&,$/

1(&(6,'$''(81$(675$7(*,$'(%,2',9(56,'$'

¢4XpHVOD'LYHUVLGDG%LROyJLFDR%LRGLYHUVLGDG"

(V OD YDULDELOLGDG GH RUJDQLVPRV YLYRV GH FXDOTXLHU IXHQWH LQFOXLGRV WRGRV ORV
HFRVLVWHPDV WHUUHVWUHV PDULQRV \ RWURV HFRVLVWHPDV DFXiWLFRV OD GLYHUVLGDG GH
HVSHFLHV GH JHQHV \ WRGRV ORV FRPSOHMRV HFROyJLFRV GH ORV TXH IRUPDQ SDUWH
&RQYHQLRVREUH'LYHUVLGDG%LROyJLFD2WURVFRQFHSWRVLPSRUWDQWHVVRQ
'LYHUVLGDG JHQpWLFD YDULDELOLGDG GHQWUR GH FDGD HVSHFLH VLHQGR PHGLGD SRU OD
YDULDFLyQ GH JHQHV XQLGDGHV TXtPLFDV GH LQIRUPDFLyQ KHUHGLWDULD WUDQVPLWLGD GH
XQDJHQHUDFLyQDRWUDGHXQDHVSHFLHVXEHVSHFLHYDULHGDGRKtEULGR
'LYHUVLGDGGHHVSHFLHVYDULDFLyQGHHVSHFLHVVREUHODWLHUUDVHPLGHDHVFDODORFDO
UHJLRQDORJOREDOSRUHMHPSORHOQ~PHURGHDYHVPDPtIHURVRSHFHV
'LYHUVLGDG GH HFRVLVWHPDV FRPXQLGDG GH RUJDQLVPRV HQ VX DPELHQWH ItVLFR
LQWHUDFWXDQGRFRPRXQDXQLGDGHFROyJLFD&RPSUHQGHGLIHUHQWHVWLSRVGHKiELWDWGH
SDLVDMHV\GHSURFHVRVHFROyJLFRV
'LYHUVLGDG FXOWXUDO GLIHUHQWHV FXOWXUDV YLYDV SXHEORV LQGtJHQDV TXH SRVHHQ
FRQRFLPLHQWRVVREUHDSURYHFKDPLHQWRSURSLHGDGHV\ODVWpFQLFDVGHPDQHMR
(QIRTXHHFRVLVWpPLFRHVXQDHVWUDWHJLDTXHEXVFDORJUDUXQHTXLOLEULRHQWUHORVWUHV
REMHWLYRVGHO&'%FRQVHUYDFLyQXVRVRVWHQLEOH\ODGLVWULEXFLyQMXVWD\HTXLWDWLYDGH
ORVEHQHILFLRVREWHQLGRVGHORVUHFXUVRVJHQpWLFRV

¢3RUTXpXQDHVWUDWHJLD"

8QD HVWUDWHJLD HV HO LQVWUXPHQWR SDUD SODQLILFDU RUGHQDU \ SULRUL]DU DFFLRQHV
FRQGXFHQWHVDOORJURGHREMHWLYRVFODURV/D/H\16REUHOD&RQVHUYDFLyQ\HO
$SURYHFKDPLHQWR6RVWHQLEOHGHOD'LYHUVLGDG%LROyJLFDHQHO$UWtFXORFRQVWLWX\HD
OD (VWUDWHJLD 1DFLRQDO GH 'LYHUVLGDG %LROyJLFD (1'% FRPR OD SULQFLSDO
KHUUDPLHQWDGHSODQLILFDFLyQDQLYHOQDFLRQDOHVSHFLDOPHQWHSDUDHOFXPSOLPLHQWRGH
ORV REMHWLYRV GHO &RQYHQLR VREUH 'LYHUVLGDG %LROyJLFD &'% GHO FXDO 3HU~ HV
VLJQDWDULR'LFKD/H\PDQLILHVWDTXHODVHVWUDWHJLDVSURJUDPDV\SODQHVGHOD(1'%
GHEHQ IRUPXODUVH GH PDQHUD SDUWLFLSDWLYD LQFOX\HQGR VXV UHVXOWDGRV FRQ RUGHQ
SULRULWDULR HQ ODV SROtWLFDV GH GHVDUUROOR /D (1'% VH FRQYLUWLy OXHJR HQ HO PDUFR
IXQGDPHQWDO SDUD OD FUHDFLyQ GH HVWUDWHJLDV PDV FDUDFWHUL]DGDV OR FXDO VXPDGR DO
SRVWHULRU SURFHVR GH GHVFHQWUDOL]DFLyQ QDFLRQDO KL]R SRVLEOH LGHQWLILFDU DOJXQRV GH
ORVSURFHVRVGRQGHODPD\RUSDUWHGHVXLPSOHPHQWDFLyQGHEHUHDOL]DUVHDQLYHOORFDO
ORTXHHYLGHQFLDODQHFHVLGDGGHFUHDFLyQGHHVWUDWHJLDVGHSDUWDPHQWDOHVFRQSODQHV
GHDFFLyQHVSHFtILFRV\DGDSWDGRVSDUDFDGDUHJLyQ


¢3DUDTXp"

/D (VWUDWHJLD 5HJLRQDO GH &RQVHUYDFLyQ GH OD 'LYHUVLGDG %LROyJLFD GH /DPED\HTXH
(5&'% /DPED\HTXH FRQVWLWX\H HO LQVWUXPHQWR RULHQWDGRU GH DFWLYLGDGHV
HQFDPLQDGDV QR VyOR D UHYHUWLU ORV SURFHVRV GH GHWHULRUR GH ORV UHFXUVRV GH OD
ELRGLYHUVLGDG VLQR WDPELpQ D RULHQWDU HO DSURYHFKDPLHQWR GH ORVELHQHV \ VHUYLFLRV
TXHGLFKRVUHFXUVRVSURSRUFLRQDQSDUDODVFRPXQLGDGHVHQODUHJLyQ

¢3DUDTXLpQ"

/D (5&'%/DPED\HTXH SUHWHQGH VHU GH XWLOLGDG SDUD WRGD SHUVRQD TXH WLHQH HO
GHUHFKRLUUHQXQFLDEOHDYLYLUHQXQDPELHQWHVDOXGDEOHHTXLOLEUDGR\DGHFXDGRSDUD
HO SOHQR GHVDUUROOR GH OD YLGD \ HO GHEHU GH FRQWULEXLU D XQD HIHFWLYD JHVWLyQ ORV
UHFXUVRV QDWXUDOHV HVSHFLDOPHQWH OD ELRGLYHUVLGDG /RV ´DFWRUHVµ OODPDGRV D
LPSOHPHQWDU \ DSOLFDU OD HVWUDWHJLD SULQFLSDOPHQWH VRQ *RELHUQRV 5HJLRQDO \
/RFDOHV VHFWRU S~EOLFR VHFWRU SULYDGR RUJDQL]DFLRQHV GH EDVH RUJDQL]DFLRQHV QR
JXEHUQDPHQWDOHV 21* LQYHUVLRQLVWDV QDFLRQDOHV \ H[WUDQMHURV RUJDQL]DFLRQHV
SROtWLFDV FRRSHUDFLyQ LQWHUQDFLRQDO LQVWLWXFLRQHV HGXFDWLYDV LQVWLWXWRV GH
LQYHVWLJDFLyQ FROHJLRV SURIHVLRQDOHV &iPDUDV GH &RPHUFLR \ 7XULVPR PHGLRV GH
FRPXQLFDFLyQ\ODVRFLHGDG/DPED\HFDQDHQJHQHUDO

352&(62(1(/&217(;721$&,21$/<5(*,21$/

/D (1'% VH LQLFLy HQ FRQ OD FRQIRUPDFLyQ GH XQ &RPLWp 7pFQLFR 1DFLRQDO
SUHVLGLGD SRU HO &RQVHMR 1DFLRQDO GHO $PELHQWH &21$0 \ 3XQWRV )RFDOHV
5HJLRQDOHV LQWHJUDGRV SRU HQWLGDGHV JXEHUQDPHQWDOHV \ QR JXEHUQDPHQWDOHV (Q
FDGD UHJLyQ VH FRQIRUPy D VX YH] XQ &RPLWp 7pFQLFR 5HJLRQDO TXH FRRUGLQy HO
SURFHVR HQ JUXSRV GH WUDEDMR (Q FRPR UHVXOWDGR GHO SURFHVR GHVDUUROODGR HQ
/DPED\HTXHVHUHDOL]yOD(5&'%GH/DPED\HTXHHOTXHFRQWyFRQODSDUWLFLSDFLyQ
GH ,QVWLWXFLRQHV *XEHUQDPHQWDOHV 21*V HQWLGDGHV SULYDGDV \ HVSHFLDOLVWDV
UHJLRQDOHV+R\VHSUHVHQWDHVWD(VWUDWHJLDDFWXDOL]DGD

(675$7(*,$5(*,21$/'(&216(59$&,Ð1'(/$',9(56,'$'
%,2/2*,&$'(/$0%$<(48(

(Q/DPED\HTXHODHODERUDFLyQGHOSUHVHQWHGRFXPHQWRGHOD(VWUDWHJLD5HJLRQDOGH
&RQVHUYDFLyQGHOD'LYHUVLGDG%LROyJLFDVHLQLFLyFRQODFUHDFLyQGHO*UXSR7pFQLFR
GH 'LYHUVLGDG %LROyJLFD GHO *RELHUQR 5HJLRQDO GHO GHSDUWDPHQWR GH /DPED\HTXH
EDMRODRUGHQDQ]D25*5/$0%&56HGDLQLFLRDODDFWXDOL]DFLyQGHOD
(VWUDWHJLD HODERUDGD HQ PHGLDQWH OD UHDOL]DFLyQ GH WDOOHUHV \ UHXQLRQHV HQ HO
SHULRGRSURPRYLGRVSRUOD*HUHQFLDGH5HFXUVRV1DWXUDOHV\*HVWLyQGHO
0HGLR $PELHQWH \ SRU HO *UXSR 7pFQLFR GH 'LYHUVLGDG %LROyJLFD FRQ OD
SDUWLFLSDFLyQ GH PXFKRV DFWRUHV GH OD VRFLHGDG FLYLO WDQWR LQVWLWXFLRQDO FRPR
LQGLYLGXDO/RVSULQFLSDOHVORJURVGHOSURFHVRVRQ

§ ,GHQWLILFDFLyQ GH ODV DPHQD]DV \ SRWHQFLDOLGDGHV DFWXDOHV GH OD GLYHUVLGDG
ELROyJLFDUHJLRQDO
§ &RQRFLPLHQWRHLQIRUPDFLyQVREUHFRQVHUYDFLyQ\XVRVRVWHQLEOHGHODGLYHUVLGDG
ELROyJLFDHODERUDFLyQGHHVWUDWHJLDV\SODQGHDFFLyQVREUHELRGLYHUVLGDG

II. DIAGNOSTICO SOBRE LA DIVERSIDAD

BIOLÓGICA DE LA REGIÓN LAMBAYEQUE

É0%,72*(2*5É),&2

/D 5HJLyQ /DPED\HTXH VH ORFDOL]D HQ OD FRVWD QRUWH GHO SDtV DEDUFDQGR SHTXHxDV
iUHDVDQGLQDVDOQRUHVWHGHVXWHUULWRULRHQWUHORV\GH/DWLWXG
VXU\ORV\GH/RQJLWXGRHVWH&RQXQDVXSHUILFLHGH
NP
/LPLWDSRUHO1RUWHFRQOD5HJLyQ3LXUDSRUHOHVWHFRQ&DMDPDUFDSRUHOVXUFRQ/D
/LEHUWDG\SRUHORHVWHFRQHO2FpDQR3DFtILFR
/DPED\HTXH IXH FUHDGD FRPR GHSDUWDPHQWR HO GH HQHUR GH \ GHVGH \
KDVWD OD FRQIRUPDFLyQ GH UHJLRQHV VHJ~Q OH\ HV UHFRQRFLGD FRPR XQ *RELHUQR
5HJLRQDO&RPSUHQGHSURYLQFLDV\GLVWULWRV&KLFOD\RGLVWULWRV/DPED\HTXH
GLVWULWRV \ )HUUHxDIH GLVWULWRV /D FDSLWDO GH OD 5HJLyQ HV OD FLXGDG GH
&KLFOD\R /D SREODFLyQ WRWDO GH /DPED\HTXH HV GH PLOOyQ PLO KDELWDQWHV
,1(,&HQVR1DFLRQDO

&XDGUR16XSHUILFLH.P&DSLWDOHV\'LVWULWRV
1 3URYLQFLD 6XSHUILFLH &DSLWDO 'LVWULWRV
&KLFOD\R &KLFOD\R
/DPED\HTXH /DPED\HTXH
)HUUHxDIH )HUUHxDIH
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD,1(,
5HOLHYH\*HRORJtD
*HROyJLFDPHQWH OD PD\RU SDUWH GH /DPED\HTXH WRGR OR TXH ILVLRJHRJUiILFDPHQWH
GHQRPLQDPRV FRVWD HVWD FRQIRUPDGD SRU PDWHULDOHV UHFLHQWHV SHUWHQHFLHQWHV DO
&XDWHUQDULRFRQXQDDQWLJHGDGPHQRUGHXQPLOOyQGHDxRV(VWD]RQDFRUUHVSRQGH
HQ JUDQ SDUWH D VXV IpUWLOHV YDOOHV (Q RSRVLFLyQ DO VXU VH ORFDOL]DQ DQWLJXDV
PDQLIHVWDFLRQHV VHGLPHQWDULDV GHO 7ULiVLFR VXSHULRU \ HO -XUiVLFR LQIHULRU (OODV
FRLQFLGHQ FRQ WUDVJUHVLRQHV PDULQDV RFXUULGDV KDFH PLOORQHV GH DxRV
3RVWHULRUPHQWH HVWD FXHQFD FRQ VHGLPHQWRV FDOFiUHRV HPHUJHUtD D FRPLHQ]RV GHO
-XUiVLFRPHGLRKDFHDSUR[LPDGDPHQWHPLOORQHVGHDxRV

/DPED\HTXH VH H[WLHQGH HQ VX PD\RU SDUWH VREUH OD YHUWLHQWH RFFLGHQWDO GH OD
FRUGLOOHUDGHORV$QGHVFRQIRUPDQGRWUHVFRQMXQWRVPRUIROyJLFRVGLIHUHQFLDGRVTXH
FRUUHQSDUDOHORVHOOLWRUDOODOODQXUDFRVWHUD\OD]RQDPRQWDxRVD
(OOLWRUDOVHFDUDFWHUL]DSRUFRQVWUXLUXQDOtQHDFRQWLQXDSURORQJDFLyQGHODFRVWDGHO
VXU GH 3DLWD RULHQWDGD HQ VHQWLGR QRURHVWHVXUHVWH \ FDVL VLQ DFFLGHQWHV (VWD OtQHD
OLWRUDO TXH HQ HO GHSDUWDPHQWR GH 3LXUD WLHQH XQD H[WHQVLyQ GH FDVL NP HQ
/DPED\HTXHWLHQHNPPiVKDVWDOOHJDUDODDOWXUDGHOD&DOHUD6DQ-RVp'XUDQWH
HVWH UHFRUULGR HO SHUILO FRVWHUR HV VLQyQLPR GH GHVLHUWR HO FXDO YD GHMDQGR SDVR DO
YDOOH FXDQGR HO UtR /DPED\HTXH GHVHPERFD HQ HO 3DFtILFR $ SDUWLU GH HVWH OXJDU \
VLJXLHQGR HQ GLUHFFLyQ DO VXU VH ORFDOL]DQ ORV SXHUWRV PiV LPSRUWDQWHV 3XHUWR
3LPHQWHO\3XHUWR(WHQ'HVGHHVWHSXQWR\KDFLDHOVXUVHVXFHGHQODVSOD\DV/RERV
0DO3DVR&DODQORFKH/D3XQWD\&KpUUHSHKDVWDHOOtPLWHFRQHOGHSDUWDPHQWRGHOD
/LEHUWDG
/DPED\HTXH FXHQWD FRQ XQD DPSOLD OODQXUD FRVWHUD TXH DEDUFD PiV GHO GH OD
VXSHUILFLH GHO WHUULWRULR (OOD D PDQHUD XQD IUDQMD TXH GLVFXUUH SDUDOHOD DO RFpDQR
HVWi IRUPDGD SRU ODV SDUWHV EDMDV GH VXV IpUWLOHV YDOOHV ODV FXDOHV VH DOWHUQDQ FRQ HO
GHVLHUWR 'H WRGD OD FRVWD SHUXDQD HV HQ 3LXUD \ HO QRUWH GH /DPED\HTXH GRQGH OD
PHQFLRQDGDOODQXUDDOFDQ]DVXPD\RUH[WHQFLyQDODDOWXUDGHORVGHODWLWXGVXU
HQORVTXHNPVRQVLQyQLPRGHGHVLHUWR
(VWD OODQXUD SUHVHQWD WHUUD]DV HV GHFLU GHVQLYHOHV GH WHUUHQR D PDQHUD GH JUDQGHV
HVFDORQHVDOJXQDVGHHOODVGHRULJHQPDULQR\RWUDVGHRULJHQIOXYLDO(QORVOtPLWHV
GH ORV YDOOHV HVWDV WHUUD]DV VH HQFXHQWUDQ UHFXELHUWDV GH DUHQD SRU OD DFFLyQ GHO
YLHQWRODVFXDOHVSXHGHQFRQIRUPDUWDQWRGXQDVDLVODGDVFRPRIDPLOLDVGHGXQDV
3DUDOHODDORULHQWHGHODOODQXUDFRVWHUDVHOHYDQWDOD]RQDPRQWDxRVDODFXDOVHLQLFLD
GHVGH DSUR[LPDGDPHQWH ORV P \ VH HOHYD KDVWD SRU HQFLPD GH ORV HQ ORV
OtPLWHV FRQ HO GHSDUWDPHQWR GH &DMDPDUFD FXEULHQGR XQ iUHD DSUR[LPDGD GH
NP/DWRSRJUDItDGHHVWHFRQMXQWRHVHQJHQHUDODFFLGHQWDGDFRQPRQWHVHOHYDGRV
\TXHEUDGDVSURIXQGDVVLPLODUHVDORVYDOOHVLQWHUDQGLQRV(QHVWDVDOWLWXGHVVHOOHJDQ
D IRUPDU SHTXHxDV H[WHQVLRQHV GH VXHORV DOXYLDOHV XELFDGRV HQ WHUUD]DV 6REUH OD
EDVHGHODFODVLILFDFLyQGH+ROGULJHVHOOHJDQDLGHQWLILFDU]RQDVGHYLGDODVFXDOHV
SXHGHQVHUDJUXSDGDVHQFLQFRJUXSRVPD\RUHV
3RU VX ORFDOL]DFLyQ JHRJUiILFD D /DPED\HTXH OH FRUUHVSRQGH XQ FOLPD WHPSODGR
FiOLGR /RV SURPHGLRV DQXDOHV GH WHPSHUDWXUD HVWiQ DOUHGHGRU GH ORV &
HVWDEOHFLpQGRVHWHPSHUDWXUDVPi[LPDVTXHVHVLW~DQHQWRUQRDORV&
/DVSUHFLSLWDFLRQHVFRPRFRUUHVSRQGHDODFRVWDSHUXDQDVRQPX\HVFDVDVVDOYRHQ
ORVDxRVHQTXHODVFRQGLFLRQHVLPSXHVWDVSRUHOIHQyPHQRGH(O1LxR´WURSLFDOL]DQµ
OD UHJLyQ FRQ SUHFLSLWDFLRQHV H[FHSFLRQDOHV &RPR ORV UHJLVWURV GHO DxR GH GH
XQDSUHFLSLWDFLyQDQXDOGHPP

+LGURJUDItD
/RVUtRVTXHVXUFDQODFRVWDGH/DPED\HTXHSHUWHQHFHQDODFXHQFDKLGURJUiILFDGHO
3DFtILFR 'HO 1RUWH D 6XU VRQ ORV VLJXLHQWHV &DVFDMDO 2OPRV /D /HFKH &KDQFD\ \
6DxD $OJXQRV GH HVWRV UtRV VROR WUDQVSRUWDQ DJXD GXUDQWH OD pSRFD GH OOXYLDV
GLFLHPEUHDEULO SHUPDQHFLHQGR VHFRV HO UHVWR GHO DxR PLHQWUDV TXH RWURV
DFUHFLHQWDQVXFDXGDOGXUDQWHHOYHUDQRGLVPLQX\HQGRVXVDJXDVVLJQLILFDWLYDPHQWH
GXUDQWHHOLQYLHUQR
3DUDFRPSOHWDUHOPDUFRKLGURJUiILFRGHEHVHxDODUVHTXHHQODSDUWHDOWDGHO'LVWULWR
GH &DxDULV 3URYLQFLD GH )HUUHxDIH \ iUHDV YHFLQDV GH OD 3URYLQFLD GH /DPED\HTXH
ODVTXHEUDGDVGH-DUUR4XHEUDGR7RFUDV\-DW~Q<DFRGLVFXUUHQVXVDJXDVHQHOUtR
+XDQFDEDPED 'HSDUWDPHQWR GH &DMDPDUFD TXH IRUPDQ SDUWH GH OD FXHQFD GH OD
$WOiQWLFR
3DUD XQ PHMRU DSURYHFKDPLHQWR \ GLVWULEXFLyQ UDFLRQDO GHO UHFXUVR DJXD VH
FRQVWUX\yODUHSUHVDGH7LQDMRQHVHQHO'LVWULWRGH&KRQJR\DSHNPDO(VWHGHOD
FLXGDG GH &KLFOD\R (VWi XELFDGD HQ XQD DPSOLD SODQLFLH URGHDGD GH FHUURV HQ
PHGLRGHORVFRQWUDIXHUWHVFRUGLOOHUDQRV
/DUHSUHVDUHFLEHODVDJXDVGHORVUtRV&KDQFD\\&KRWDQRODGHHVWH~OWLPRGHULYDGD
PHGLDQWH XQ WXQHO WUDVDQGLQR GH NP GH ORQJLWXG /D FDSDFLGDG GH
DOPDFHQDPLHQWRGHOUHVHUYRULRHVGHPLOORQHVGHPORTXHKDSHUPLWLGRHOULHJR
GHKDKDELOLWDGDVSDUDHOFXOWLYRGHFDxDGHD]~FDU\DUUR]SULQFLSDOPHQWH
*UDQSDUWHGHOGHSDUWDPHQWRVHFDUDFWHUL]DSRUHODOWRQLYHOGHODQDSDIUHiWLFDODTXH
YDUtDGHDPGHELGRDODIDOWDGHXQEXHQGUHQDMHQDWXUDORDUWLILFLDO(QDOJXQDV
iUHDV HO VXEVXHOR FRQWLHQH VHGLPHQWRV DUFLOORVRV FRQ VDOHV HQ GLIHUHQWHV
FRQFHQWUDFLRQHVORVTXHDOHQWUDUHQFRQWDFWRFRQHODJXDVXEWHUUiQHD\SRUHIHFWRGHO
DVFHQVR FDSLODU KDVWD OD VXSHUILFLH KD RULJLQDGR OD VDOLQL]DFLyQ SURJUHVLYD GH ORV
VXHORV
'DGD OD LUUHJXODULGDG R EDMR YROXPHQ GH ORV UtRV HO DJXD GHO VXEVXHOR HV
DSURYHFKDGDPHGLDQWHSR]RVSDUDILQHVDJURSHFXDULRV
=RQDVGH9LGD
/D LQIRUPDFLyQ VREUH ODV ]RQDV GH YLGD KD VLGR RUGHQDGD HQ EDVH DO tQGLFH GH
HYDSRWUDQVSLUDFLyQ OD SUHFLSLWDFLyQ \ OD WHPSHUDWXUD DUUHJOR TXH KD SHUPLWLGR
HVWDEOHFHU XQLGDGHV HFROyJLFDV PD\RUHV FDOLILFDGRV FRPR JUXSRV HFROyJLFRV GH ORV
FXDOHV VH KD GHWHUPLQDGR FLQFR LGHQWLILFiQGRVH D VX YH] GHQWUR GH ORV JUXSRV XQ
WRWDOGH]RQDVGHYLGDHQHO'HSDUWDPHQWRGH/DPED\HTXH
(OJUXSRGHORVGHVLHUWRVVHHQFXHQWUDFRQIRUPDGRSRUODVVLJXLHQWHV]RQDVGHYLGD
ODVTXHVHKDQRUGHQDGRVHJ~QVXXELFDFLyQJHRJUiILFDGHRHVWHDHVWH

'HVLHUWRGHVHFDGR3UHPRQWDQR7URSLFDOGG37
'HVLHUWRVXSHUiULGR3UHPRQWDQR7URSLFDOGV37
'HVLHUWRVXSHUiULGR7URSLFDOGV7
'HVLHUWRSHUiULGR3UHPRQWDQR7URSLFDOGS73
0DWRUUDOGHVpUWLFR7URSLFDOPG7

(VWDV ]RQDV GH YLGD VH HQFXHQWUDQ XELFDGDV H[FOXVLYDPHQWH HQ OD FRVWD GHO
GHSDUWDPHQWR GH /DPED\HTXH HQWUH HO OLWRUDO \ OD FXUYD GH QLYHO HQWUH ORV
PVQP FXEULHQGR ODV SDUWHV EDMDV \ PHGLDV GH ORV SULQFLSDOHV YDOOHV GHO
GHSDUWDPHQWR
(OJUXSRGHORVGHVLHUWRVRFXSDQXQDVXSHUILFLHHVWLPDGDGHNPHTXLYDOHQWH
DO GH OD VXSHUILFLH GHSDUWDPHQWDO (O SRWHQFLDO DJURSHFXDULR HQ HVWH JUXSR HV
PX\DOWRVREUHWRGRHQORVGHVLHUWRVSUHPRQWDQRVVLHPSUHTXHVHGLVSRQJDGHDJXD
DGLFLRQDO
(VWH JUXSR DJURHFROyJLFR VH HQFXHQWUD GLVWULEXLGR HQWUH ORV \ PVQP \
HVWDFRQIRUPDGRSRUODVVLJXLHQWHV]RQDVGHYLGD
0DWRUUDOGHVpUWLFR3UHPRQWDQR7URSLFDOPG37
0RQWHHVSLQR]R3UHPRQWDQR7URSLFDOPWH37

(O JUXSR GH 7UDQVLFLyQ 'HVpUWLFD FXEUH XQD VXSHUILFLH HVWLPDGD HQ NP
HTXLYDOHQWH DO GH OD VXSHUILFLH GHSDUWDPHQWDO \ IRUPDQ ODV SULPHUDV
HVWULEDFLRQHV GHO IODQFR RFFLGHQWDO GH OD &RUGLOOHUD 2FFLGHQWDO GH ORV $QGHV
SHUWHQHFHQ D OD SURYLQFLD GH KXPHGDG ´VHFDµ SRU OR TXH VH UHTXLHUH GH DJXD
DGLFLRQDOSDUDTXHSURVSHUHODDFWLYLGDGDJURSHFXDULD
$ ORV %RVTXHV 6HFRV VH OHV FODVLILFD GHQWUR GH OD SURYLQFLD GH KXPHGDG ´6XE
K~PHGDµ6HKD\DQ HQHOHVWHGHOGHSDUWDPHQWRFXEULHQGRSDUWHGHOD SURYLQFLDGH
/DPED\HTXH\)HUUHxDIH(VWiQFRQIRUPDGRVSRUODVVLJXLHQWHV]RQDVGHYLGD
%RVTXHVHFR3UHPRQWDQR7URSLFDOEV37
%RVTXHVHFR0RQWDQR%DMR7URSLFDOEV0%7
(VWH JUXSR RFXSD XQD VXSHUILFLH HVWLPDGD HQ NP TXH HTXLYDOH DO GH OD
VXSHUILFLHGHOGHSDUWDPHQWR
/RV %RVTXHV +~PHGRV VH KD\DQ GHQWUR GH OD SURYLQFLD GH KXPHGDG ´K~PHGR ´
DTXtVHHQFXHQWUDQODV]RQDVGHYLGDVLJXLHQWH
%RVTXHK~PHGR0RQWDQR%DMR7URSLFDOEK0%7
%RVTXHK~PHGR0RQWDQR7URSLFDOEK07
6HKDOODQDOHVWHGHORVERVTXHVVHFRVHQWUHORV\PVQPFXEULHQGRXQD
VXSHUILFLH HVWLPDGD HQ NP HTXLYDOHQWH DO GHO WRWDO GHSDUWDPHQWDO HQ HVWH
JUXSR DJURHFROyJLFR ODV FRQGLFLRQHV FOLPiWLFDV VRQ PX\ IDYRUDEOHV SDUD OD
DJULFXOWXUD SULQFLSDOPHQWH GH VHFDQR (Q iUHDV EDMR ULHJR VH SURGXFHQ KRUWDOL]DV \
HQODV]RQDVDEULJDGDVVHSXHGHHQFRQWUDUIUXWDOHVFDIp\FDxDGHD]~FDU
/RV %RVTXHV 0X\ +~PHGRV VH KD\DQ FRPSUHQGLGRV GHQWUR GH OD SURYLQFLD GH
KXPHGDG´SHUK~PHGDµHVWHJUXSRHVWDFRQIRUPDGRSRUOD]RQDGHYLGDERVTXHPX\
K~PHGR0RQWDQR7URSLFDOVHHQFXHQWUDHQHOOtPLWHGHODSURYLQFLDGH)HUUHxDIHFRQ
HO GHSDUWDPHQWR GH &DMDPDUFD \ RFXSD XQD VXSHUILFLH HVWLPDGD GH NP TXH
UHSUHVHQWDQHOGHODVXSHUILFLHGHSDUWDPHQWDO


&/,0$

(O GHSDUWDPHQWR GH /DPED\HTXH SUHVHQWD GRV SDUWHV JHRJUiILFDPHQWH ELHQ
GLIHUHQFLDGDV &RVWD \ 6LHUUD (Q OD FRVWD HO FOLPD VH FDUDFWHUL]D SRU VHU iULGR
LQWHUUXPSLHQGRFDGDFLHUWRQ~PHURGHDxRVSRUOD´WURSLFDOL]DFLyQµFDXVDGDSRUHO
IHQyPHQR (O 1LxR (Q OD 6LHUUD RFXUUHQ OOXYLDV HVWDFLRQDOHV TXH IDYRUHFHQ HO
GHVDUUROORGHODDFWLYLGDGDJUtFRODGHVHFDQRVXPLQLVWUDQGRHODJXDQHFHVDULDSDUDOD
DJULFXOWXUDEDMRULHJRHQODSDUWHEDMDGHODVFXHQFDV

(QODSDUWHEDMDGHOD&RVWDGHOGHSDUWDPHQWRORVSURPHGLRVDQXDOHVGHWHPSHUDWXUDV
Pi[LPDVVHHQFXHQWUDQHQWUH&\&VLHQGRPiVDOWRVDPD\RUDOWLWXGPLHQWUDV
TXH ORV SURPHGLRV DQXDOHV GH WHPSHUDWXUDV PtQLPDV VH HQFXHQWUDQ HQWUH & \
&
/DRFXUUHQFLDGHO)HQyPHQR(O1LxRHQHVWDSDUWHGHOD&RVWD3HUXDQDVHFDUDFWHUL]D
SRUHO IHQyPHQRGH´WURSLFDOL]DFLyQµSRUHOFXDOODVWHPSHUDWXUDVGHODLUHVRQ PiV
DOWDV TXH OR TXH QRUPDOPHQWH VH H[SHULPHQWD OR FXDO DOWHUD VLJQLILFDWLYDPHQWH ORV
SURFHVRVGHFUHFLPLHQWR\GHVDUUROORGHORVFXOWLYRV

/DSUHVHQFLDGHOD&RUGLOOHUDGHORV$QGHV\GHOD&RUULHQWH3HUXDQDRGHO+XPEROGW
LQIOX\H VLJQLILFDWLYDPHQWH HQ HO FOLPD FRVWHxR HO SULPHUR FRPR EDUUHUD ItVLFD
FOLPiWLFDTXHHYLWDHOLQWHUFDPELRGHPDVDVGHDLUHGHO3DFtILFRFRQODVGHOD$WOiQWLFR
\ HO VHJXQGR FRPR IDFWRU WpUPLFR LPSULPLHQGR ODV FDUDFWHUtVWLFDV GH XQ FOLPD
WHPSODGRRVHPLWHPSODGRVLHQGRFRQWUDVWHVWpUPLFRVDFHQWXDGRVFRQYLUWLHQGRDVtD
ODFRVWDHQXQJUDQLQYHUQDGHURQDWXUDO

(Q HO GHSDUWDPHQWR GH /DPED\HTXH OD KXPHGDG UHODWLYD GHO DLUH YDUtD
FRQVLGHUDEOHPHQWHGXUDQWHHOGtDORVQLYHOHVPiVDOWRVGHKXPHGDGUHODWLYD
VHUHJLVWUDQGXUDQWHODQRFKH\ORVPiVEDMRVDOUHGHGRUGHODVKRUDV
(VWH FRPSRUWDPLHQWR GHO FOLPD LQIOXHQFLD PDUFDGDPHQWH HQ HO GHVDUUROOR GH ODV
SODQWDVPLFURRUJDQLVPRV\HQHOGHVDUUROORGHORVGLYHUVRVSURFHVRVELRTXtPLFRVGH
ODHGDIL]DFLyQ


)$&725(662&,$/(6

'HVFHQGLHQWHV GHOSXHEORPRFKLFDGH OD FRVWDQRUWH HOFXDOHVPX\IDPRVRSRUVXV
ORJURVGHOSDVDGRSHURVXUHFRQRFLPLHQWRHQODDFWXDOLGDGHVOLPLWDGRGHELGRDORV
SURFHVRVGHPDUJLQDFLyQFXOWXUDO\PHVWL]DMH6HHQFXHQWUDQHQVLWXDFLyQGHSREUH]D
\WLHQHQQLYHOHVHGXFDWLYRVEDMRV

32%/$&,Ð1

(QWUH\ODSREODFLyQGH/DPED\HTXHKDFUHFLGRHQPiVGHFXDWURYHFHV
(QHOSHULRGRFHQVDOHOFUHFLPLHQWRSREODFLRQDOGHODUHJLyQIXHGHSRU
FLHQWR SURPHGLR DQXDO PHQRU D OD WDVD UHJLVWUDGD SDUD HO SDtV \ VLJQLILFDWLYDPHQWH
PHQRUDODUHJLVWUDGDHQHOSHULRGRFHQVDOTXHIXHGHSRUFLHQWR

&XDGUR32%/$&,Ð1&(16$'$
(QPLOHV

/DPED\HTXH

8UEDQR
5XUDO
7RWDO

)XHQWH,1(,3HUILO6RFLRGHPRJUiILFRGHO3HU~VHJXQGDHGLFLyQDJRVWR
,1(,&HQVRV1DFLRQDOHV;,GH3REODFLyQ\9,GH9LYLHQGD
KWWSZZZLQHLJRESHELEOLRLQHLDVS

$QLYHOGHiUHDVJHRJUiILFDVHQWUH\ODSREODFLyQXUEDQDFUHFLyDXQDWDVD
DQXDO GH SRU FLHQWR HQ WDQWR TXH VH REVHUYD XQ HVWDQFDPLHQWR UHODWLYR HQ OD
SREODFLyQUXUDOSRUFLHQWR
(O SURFHVR GH WUDQVLFLyQ GHPRJUiILFD KD OOHYDGR D XQD FRQWLQXD UHGXFFLyQ GHO SHVR
UHODWLYR GH OD SREODFLyQ MRYHQ HQWUH \ DxRV TXH DKRUD UHSUHVHQWD HO SRU
FLHQWRHQWDQWRTXHHQUHSUHVHQWDEDHOSRUFLHQWR


&XDGUR132%/$&,Ð1683(5),&,(<'(16,'$'32%/$&,21$/
6(*Ô13529,1&,$6

3REODFLyQ 'LVWULEXFLyQ 'HQVLGDGSREODFLRQDO
HQSRUFHQWDMH +DESRUNP

/DPED\HTXH

8UEDQR
5XUDO

3URYLQFLDV

&KLFOD\R

8UEDQR
5XUDO

)HUUHxDIH

8UEDQD
5XUDO

/DPED\HTXH

8UEDQR
5XUDO
)XHQWH,1(,&HQVRV1DFLRQDOHV;,GH3REODFLyQ\9,GH9LYLHQGD
,1(,3HUILO6RFLRGHPRJUiILFRGHO3HU~VHJXQGDHGLFLyQDJRVWR

(VWD DOWD GHQVLGDG PRVWUDGD SRU DOJXQDV FLXGDGHV UHVSRQGH SULQFLSDOPHQWH D ORV
SURFHVRVPLJUDWRULRVSURGXFLGRVHQHOSDtVDQWHODE~VTXHGDGHPHMRUHVFRQGLFLRQHV
GH YLGD (VWH SURFHVR HVWi FRQILJXUDQGR XQ SDtV PD\RULWDULDPHQWH XUEDQR FX\D
SREODFLyQ VH FRQFHQWUD HQ FLXGDGHV LPSRUWDQWHV (OOR LPSOLFD HQWUH RWURV DVSHFWRV
SUHVLyQSRUHQFRQWUDUHPSOHRVHUYLFLRVGHYLYLHQGDDGHFXDGRVVHUYLFLRVGHVDOXG\
HGXFDFLyQHQWUHRWURVORTXHJHQHUDGHVDMXVWHVHQWUHODRIHUWD\ODGHPDQGD

6HJ~QHOHQIRTXHGHODPLJUDFLyQ´GHWRGDODYLGDµTXHKDFHUHIHUHQFLDDODSHUVRQD
TXHUHVLGHHQXQOXJDUGLIHUHQWHDOOXJDUGHQDFLPLHQWRVHREVHUYDTXHGHOWRWDOGHOD
SREODFLyQ LQPLJUDQWH UHJLVWUDGD HQ HO VH FRQFHQWUD HQ OD UHJLyQ
/DPED\HTXH 5HVSHFWR DO &HQVR GH HVWH SRUFHQWDMH KD YDULDGR PX\ SRFR
SXQWRVSRUFHQWXDOHV
(VWDSURSRUFLyQHVUHODWLYDPHQWHEDMDVLVHFRQVLGHUDTXHHQFRQMXQWR/LPD\&DOODR
FRQFHQWUDQ DO SRU FLHQWR GH ORV LQPLJUDQWHV GHO SDtV (Q OD GLVWULEXFLyQ GH OD
SREODFLyQLQPLJUDQWH/DPED\HTXHRFXSDHOTXLQWROXJDU
$OUHGHGRUGHOSRUFLHQWRGHODSREODFLyQLQPLJUDQWHGH/DPED\HTXHSURFHGHGHOD
UHJLyQ &DMDPDUFD SDUWLFXODUPHQWH GH ODV ]RQDV HQ SREUH]D (Q ORV DFWXDOHV
PRPHQWRV&DMDPDUFDHVODUHJLyQFRQPD\RUH[SXOVLyQGHSREODFLyQSRUFLHQWR
GHVXSREODFLyQQDWLYDUHVLGHHQRWUDVUHJLRQHV


ÌQGLFHGH'HVDUUROOR+XPDQR

(O ÌQGLFH GH 'HVDUUROOR +XPDQR ,'+ HODERUDGR SRU HO 3URJUDPD GH ODV 1DFLRQHV
8QLGDVSDUDHO'HVDUUROOR318'PLGHHOORJURPHGLRGHXQSDtVRUHJLyQEDMRWUHV
GLPHQVLRQHVFRQVLGHUDGDVEiVLFDVSDUDHOGHVDUUROORGHODVSHUVRQDVXQDYLGDODUJD\
VDOXGDEOHODHGXFDFLyQ\XQQLYHOGHFHQWHGHYLGD

%DMRHVWHHQIRTXH HO,'+HODERUDGRSDUDHO3HU~HVWiLQWHJUDGRSRUORVLQGLFDGRUHV
GHHVSHUDQ]DGHYLGDORJURHGXFDWLYRTXHFRQVLGHUDDVXYH]ODDOIDEHWL]DFLyQGHODV
SHUVRQDVPD\RUHVGHDxRV\ODHVFRODULGDGHQWUHDDxRVGHHGDGHLQJUHVRSHU
FiSLWDPHQVXDO
/D UHJLyQ /DPED\HTXH RFXSD HO VpWLPR OXJDU HQ HO RUGHQDPLHQWR UHJLRQDO GHO ,'+
GHVSXpV GH &DOODR /LPD 7DFQD ,FD $UHTXLSD \ 0RTXHJXD (O RUGHQDPLHQWR
VHJ~Q SURYLQFLDV FRQ UHODFLyQ DO WRWDO GH SURYLQFLDV GHO SDtV HVWDUtD PRVWUDQGR
GLVSDULGDGHVDOLQWHULRUGHODUHJLyQ DVt PLHQWUDV&KLFOD\RRFXSDHORUGHQ HQWUH
SURYLQFLDV)HUUHxDIHRFXSDHOSXHVWR

&XDGUR1Ì1',&('('(6$552//2+80$12<

,'+ 25'(1

3HU~

/DPED\HTXH

3URYLQFLDV

&KLFOD\R

)HUUHxDIH

/DPED\HTXH

0LHQWUDVPiVFHUFDQRHOtQGLFHDODXQLGDGPD\RUGHVDUUROORKXPDQRUHODWLYR
2UGHQRFXSDGRHQWUHSURYLQFLDVH[LVWHQWHVHQHOSDtV
)XHQWH318',QIRUPHGH'HVDUUROOR+XPDQR3HU~+DJDPRVGHOD&RPSHWLWLYLGDGXQDRSRUWXQLGDGSDUD
WRGRVH,QIRUPHGH'HVDUUROOR+XPDQR3HU~+DFLDXQDGHVFHQWUDOL]DFLyQFRQFLXGDGDQtD

(Q HO FXDGUR DQWHULRU VH DSUHFLD HO ,'+ SDUD OD UHJLyQ /DPED\HTXH \ VXV
SURYLQFLDV DVt FRPR VX HYROXFLyQ UHVSHFWR DO VH REVHUYD TXH OD UHJLyQ KD
PDQWHQLGR VX SRVLFLyQ FRQ XQ ,'+ VXSHULRU DO SURPHGLR GHO 3HU~ H LQFOXVR FRQ
PHMRUDVHQVXVWUHVSURYLQFLDVHQSDUWLFXODUODGH)HUUHxDIH


3REODFLyQ(FRQyPLFDPHQWH$FWLYD3HD

6HJ~QHO&HQVRODSREODFLyQHFRQyPLFDPHQWHDFWLYD3($WRWDOGHODUHJLyQHV
GHPLOSHUVRQDVGHODVFXDOHVSRUFLHQWRHVWiQRFXSDGDV/DWDVDGH
GHVHPSOHRHVGHSRUFLHQWR

)LJXUD1',675,%8&,Ð1'(/$)8(5=$/$%25$/5(*,Ð1/$0%$<(48(
',675,%8&,Ð1'(/$)8(5=$/$%25$/

3REODFLyQHQ(GDGGH7UDEDMDU
3(7DxRVDPiV

3REODFLyQ(FRQyPLFDPHQWH 3REODFLyQ(FRQyPLFDPHQWH
$FWLYD3($ ,QDFWLYD3(,

2FXSDGRV 'HVHPSOHR


3REUH]D(YROXFLyQ<6LWXDFLyQ$FWXDO

(QHOSDtVDSUR[LPDGDPHQWHPLOORQHVGHSHUXDQRVVHHQFXHQWUDQHQVLWXDFLyQGH
SREUH]D \ PLOORQHV HQ SREUH]D H[WUHPD HQ HO 1R REVWDQWH HOOR OD SREUH]D
WDQWR WRWDO FXDQWR H[WUHPD VH KD UHGXFLGR HQ \ SXQWRV SRUFHQWXDOHV
UHVSHFWLYDPHQWHGHVGHHO

1XHYH SXQWRV SRUFHQWXDOHV GH FDtGD HQ OD WDVD GH SREUH]D WRWDO HQ ORV ~OWLPRV WUHV
DxRVVRQVLJQLILFDWLYRV\UHVSRQGHUtDHQJUDQSDUWHDOFUHFLPLHQWRVRVWHQLGR\HVWDEOH
REVHUYDGRHQHOSDtVHQORV~OWLPRVDxRV(ODOWRFUHFLPLHQWRGHO3%,HQWUHHO\HO
SRUFLHQWRKDLQFLGLGRHQODUHGXFFLyQGHODSREUH]DHQWRGRVORViPELWRV
JHRJUiILFRVODSREUH]DXUEDQDVHUHGXMRHQSXQWRVSRUFHQWXDOHV\ODUXUDOHQ
SXQWRVSRUFHQWXDOHV6LQHPEDUJRD~QSHUVLVWHQODVIXHUWHVGLVWDQFLDVHQWUHODVWDVDV
GHSREUH]DXUEDQDSRUFLHQWR\UXUDOSRUFLHQWR
/D UHGXFFLyQ GH OD SREUH]D VH KD GDGR HQ VHFWRUHV GH OD SREODFLyQ FRQ PD\RU
YLQFXODFLyQ D ORV PHUFDGRV (Q SDUWLFXODU HQ OD FRVWD XUEDQD \ UXUDO OD SREUH]D VH
UHGXMR HQ SXQWRV SRUFHQWXDOHV UHIOHMDQGR HO DXPHQWR GHO JDVWR SURPHGLR 3HU
FiSLWDHQSRUFLHQWRHQHVWHSHULRGR


1RREVWDQWHHVWDVUHGXFFLRQHVODWDVDGHLQFLGHQFLDGHODSREUH]DWRWDOHQHOSDtVHQHO
PXHVWUDXQUDQJRTXHYDGHVGHSRUFLHQWRHQ,&$ODUHJLyQPHQRVSREUH
KDVWDXQSRUFLHQWRHQ+XDQFDYHOLFDODUHJLyQPiVSREUH/DWDVDGHSREUH]DGH
/DPED\HTXHHV SRUFLHQWRDIHFWDQGRD PLOSHUVRQDV FHUFDQDDOSURPHGLR
QDFLRQDOSRUFLHQWR3RUVXSDUWHODSREUH]DH[WUHPDDOFDQ]DDSRUFLHQWRGH
VX SREODFLyQ PLO SHUVRQDV VLHQGR GLFKD WDVD SUiFWLFDPHQWH OD PLWDG D OD
UHSRUWDGDSDUDHOQLYHOQDFLRQDOSRUFLHQWR

&RQWLQXDQGRFRQODWHQGHQFLDGHFUHFLHQWHHQHOSHULRGR/DPED\HTXHKD
GLVPLQXLGR HQ \ SXQWRV SRUFHQWXDOHV VX SREUH]D WRWDO \ H[WUHPD
UHVSHFWLYDPHQWH DXQTXHGLFKDUHGXFFLyQHVWXYRSRUGHEDMRGHOSURPHGLRQDFLRQDO
1RREVWDQWHHOOR/DPED\HTXHHVODQRYHQD\RFWDYDUHJLyQGHPHQRUWDVDGHSREUH]D
WRWDO\H[WUHPDUHVSHFWLYDPHQWHHQHO

)LJXUD1

0$3$6'(/26'(3$57$0(17263256,1*8/$55$1*2'(32%5(=$

,1(,,QIRUPHWpFQLFRGHSREUH]D


,QGLFDGRUHV6RFLDOHV

6LHQGR OD SREUH]D PRQHWDULD XQ LQGLFDGRU LPSRUWDQWH QR HV HO ~QLFR TXH PLGH HO
ELHQHVWDU GH OD SREODFLyQ /D SREUH]D HV XQ FRQFHSWR PXOWLGLPHQVLRQDO TXH DIHFWD
PXFKRV DVSHFWRV GH OD YLGD KXPDQD SRU OR WDQWR H[LVWHQ RWURV HOHPHQWRV TXH VRQ
FRQVLGHUDGRV EiVLFRV SDUD HO GHVDUUROOR GH ODV FDSDFLGDGHV H LJXDOGDG GH
RSRUWXQLGDGHVGHODVSHUVRQDVWDOHVFRPRODVDOXGHGXFDFLyQ\HODFFHVRDVHUYLFLRV
HQODYLYLHQGD
/DGHVQXWULFLyQFUyQLFDLQIDQWLOFRQWLQXDVLHQGRXQVHULRSUREOHPDGHVDOXGS~EOLFD
HQ HO 3HU~ SRUTXH SRU FLHQWR GH ORV QLxRV PHQRUHV GH FLQFR DxRV OD SDGHFHQ
SURPHGLRTXHHVFRQGHIXHUWHVGLIHUHQFLDVUHJLRQDOHV

&XDGUR1Ì1',&$'25(662&,$/(6

7DVDGHGHVQXWULFLyQ (GXFDFLyQ 6HUYLFLRVEiVLFRVGHODYLYLHQGD
FUyQLFD SRUUHGS~EOLFD

'HVQXWULFLyQ 'HVQXWULFLyQ 7DVDGH 5HQGLPLHQWR $FFHVR $FFHVRD $FFHVRD
LQIDQWLO HVFRODU DQDOIDEHWLVPR ´VXILFLHQWHµ DJXD GHVDJH DOXPEUDGR
QLxRV HVWXGLDQWHV SREODFLyQ HQ SRWDEOH HOpFWULFR
PHQRUHV HQWUHD PD\RUGH PDWHPiWLFD
GHDxRV DxRV DxRV DOXPQRVGH
WRGH
VHFXQGDULD
/DPED\HTXH

)XHQWHV'HVQXWULFLyQLQIDQWLO,1(,3HU~(QFXHVWD'HPRJUiILFD\GH6DOXG)DPLOLDUPD\R
'HVQXWULFLyQHVFRODU0LQLVWHULRGH(GXFDFLyQ(GXGDWRV10DJQLWXGHVHLQGLFDGRUHVGHOD(GXFDFLyQ
3HUXDQD5HVXOWDGRV3UHOLPLQDUHVGHO,,,&HQVR1DFLRQDOGH7DOODHQHVFRODUHVVHWLHPEUHGH
5HQGLPLHQWRHQPDWHPiWLFD0LQLVWHULRGH(GXFDFLyQ8QLGDGGH0HGLFLyQGHOD&DOLGDGEDVHGHGDWRV
7DVDGHDQDOIDEHWLVPR\VHUYLFLRVEiVLFRVGHODYLYLHQGD,1(,&HQVRV;,GH3REODFLyQ\9,GH9LYLHQGD

(QORVLQGLFDGRUHVGHGHVQXWULFLyQLQIDQWLO\HVFRODUVLELHQ/DPED\HTXHVHXELFDHQ
ODSRVLFLyQ\HQWUHUHJLRQHVGHOSDtVUHJLVWUDSURPHGLRVHOHYDGRVFRPSDUDGRV
FRQFRQWH[WRVLQWHUQDFLRQDOHV

(OLQGLFDGRUDSUR[LPDGRGHFDOLGDGGHODHGXFDFLyQPXHVWUDHOEDMRUHQGLPLHQWR(Q
SURPHGLRVyORSRUFLHQWRGHORVDOXPQRVGHTXLQWRGHVHFXQGDULDDOFDQ]yHOQLYHO
´VXILFLHQWHµ~QLFRQLYHOGHGHVHPSHxRGRQGHORVHVWXGLDQWHVDOFDQ]DQORJURVHQOD
SUXHEDGHPDWHPiWLFD</DPED\HTXHHVWiSRUHQFLPDGHOSURPHGLRODSURSRUFLyQ
GHDOXPQRVTXHDOFDQ]DQORJURVHQHVWDPDWHULDOOHJDDSRUFLHQWR

6H SUHVHQWDQ DOJXQRV LQGLFDGRUHV UHODWLYRV D VDOXG HGXFDFLyQ \ YLYLHQGD
SURYHQLHQWHV GHO &HQVR SDUD OD UHJLyQ /DPED\HTXH \ VXV SURYLQFLDV \ VX
HYROXFLyQ UHVSHFWR DO &HQVR 6H DSUHFLD HQ WpUPLQRV JHQHUDOHV TXH ORV
SULQFLSDOHV LQGLFDGRUHV VRFLDOHV GH OD UHJLyQ PXHVWUDQ XQ DYDQFH VLJQLILFDWLYR HQ
WpUPLQRVSURPHGLRQRREVWDQWHSHUVLVWHQODVEUHFKDVHQWUHHOiUHDXUEDQD\UXUDO


3DUDORVLQGLFDGRUHVGHGHVQXWULFLyQPRVWUDGRVHQHO&XDGUROD~OWLPDLQIRUPDFLyQ
SXEOLFDGD D QLYHO GH UHJLRQHV GDWD GHO DxR /DPED\HTXH UHJLVWUDED XQD
VLWXDFLyQ GH VDOXG GH OD QLxH] WRGDYtD SUHRFXSDQWH GH FDGD PLO QLxRV PRUtDQ
DQWHVGHFXPSOLUHODxRGHYLGDGHFDGDPLOQLxRVPRUtDQDQWHVGHFXPSOLUORV
DxRV GH HGDG \ SRU FLHQWR GH ORV QLxRV PHQRUHV GH DxRV SDGHFtD GH
GHVQXWULFLyQ FUyQLFD (VWRV VRQ LQGLFDGRUHV LPSRUWDQWHV GH PRQLWRUHDU SRUTXH
LQYROXFUDQHOIXWXURGHODQLxH]\VXQRUPDOGHVDUUROORFRJQLWLYR

(Q HO SRU FLHQWR GH OD SREODFLyQ GH OD UHJLyQ /DPED\HTXH WLHQH
DEDVWHFLPLHQWR GH DJXD SRU UHG S~EOLFD 6LQ HPEDUJR VH REVHUYD XQD IXHUWH
GLIHUHQFLDHQWUHHOiUHDXUEDQD\UXUDOSXHVHQHVWD~OWLPDVyORSRUFLHQWRGHODV
YLYLHQGDV WLHQH DFFHVR D HVWH VHUYLFLR VLQ GXGD SRU OD JUDQ GLVSHUVLyQ GH HVWD
SREODFLyQ&XDGUR

&XDGUR19,9,(1'$63257,32'($%$67(&,0,(172'($*8$
(QSRUFHQWDMHV

5HGS~EOLFDGHQWUR\ 3LOyQGHXVRS~EOLFR 5HVWR
IXHUDGHODYLYLHQGD DJXDSRWDEOH
DJXDSRWDEOH

/DPED\HTXH

8UEDQR
5XUDO
&DPLyQFLVWHUQDSR]RUtRDFHTXLDPDQDQWLDORVLPLODUYHFLQR\RWUR

/DGLVSRQLELOLGDGGHGHVDJHHQODUHJLyQKDFUHFLGRSXQWRVSRUFHQWXDOHVHQHO
UHVSHFWRD1XHYDPHQWHODEUHFKDHQWUH]RQDVXUEDQDV\UXUDOHVHVDOWDSRU
ODGLVSHUVLyQGHODSREODFLyQUXUDO(ODFFHVRDOVHUYLFLRGHGHVDJHSRUUHGS~EOLFD
DVFLHQGHDSRUFLHQWRHQOD]RQDXUEDQDHQWDQWRTXHVyORSRUFLHQWRGHODV
YLYLHQGDVUXUDOHVORWLHQHYHU&XDGUR
7RGDV ODV iUHDV UXUDOHV GH ODV SURYLQFLDV GH OD UHJLyQ VH HQFXHQWUDQ SUiFWLFDPHQWH
PDUJLQDGDV GHO VHUYLFLR KLJLpQLFR FRQHFWDGR D UHG S~EOLFD GHELGR D OD GLVSHUVLyQ
JHRJUiILFDGHpVWDV\DOFRVWRTXHVLJQLILFDUtDH[WHQGHUUHGHVS~EOLFDV SRUORTXHOD
DOWHUQDWLYDGHOSR]RVpSWLFRVHUtDUHFRPHQGDEOH/DRSFLyQPD\RULWDULDHQHVWDViUHDV
HVHOSR]RFLHJR OHWULQDDFHTXLDRFDQDO\HQRWURVFDVRVVLPSOHPHQWHQRVHFXHQWD
FRQHVWHVHUYLFLRVLWXDFLyQTXHWUDHUHSHUFXVLRQHVQHJDWLYDVHQHOPHGLRDPELHQWH\
OD VDOXG GH ODV SHUVRQDV SRU OD FRQWDPLQDFLyQ GH ODV DJXDV GH ORV UtRV \ DFHTXLDV R
FDQDOHV


&XDGUR19,9,(1'$6325',6321,%,/,'$''(6(59,&,2+,*,e1,&2
(QSRUFHQWDMHV

6HUYLFLRKLJLpQLFRFRQHFWDGRD
5HGS~EOLFDGH 3R]RVpSWLFR 5HVWR 1RWLHQH
GHVDJHGHQWUR\IXHUD
GHODYLYLHQGD
/DPED\HTXH

8UEDQR
5XUDO
3R]RFLHJRRQHJUROHWULQDDFHTXLDRFDQDO

(QHOiUHDUXUDOVHFRQFHQWUDQORVPD\RUHVSRUFHQWDMHVGHSREODFLyQDQDOIDEHWD
6LQHPEDUJRVXUHGXFFLyQKDVLGRGHFRQVLGHUDFLyQFRQUHODFLyQDO&HQVRHQHO
TXHVHUHJLVWUyXQDWDVDGHSRUFLHQWRHQHVWDPLVPDiUHD(QHOODUHJLyQ
SUHVHQWD XQD WDVD GH SRU FLHQWR HQ HVWD iUHD UHJLVWUDQGR )HUUHxDIH OD PiV DOWD
WDVDSRUFLHQWR&XDGUR

&XDGUR17$6$'($1$/)$%(7,602'(/$32%/$&,Ð1'($f26<0É6
325É5($*(2*5É),&$
(QSRUFHQWDMHV

7RWDO 8UEDQR 5XUDO

/DPED\HTXH

3URYLQFLD
&KLFOD\R
)HUUHxDIH
/DPED\HTXH


(67$'2'(&216(59$&,Ð1'(/$',9(56,'$'%,2/Ð*,&$
5(*,21$/

/DPED\HTXHSHUWHQHFHDODHFRUUHJLyQ%RVTXH6HFRODFXDOVHFDUDFWHUL]DSRUVXDOWR
JUDGR GH HQGHPLVPR \ DPHQD]D DVt FRPR SRU VX PDUFDGD GHSHQGHQFLD D
HFRVLVWHPDVIUiJLOHVHVFDVRV\EDMRFRQVWDQWHSUHVLyQ\RDPHQD]DORTXHFRQVWLWX\H
D/DPED\HTXHFRPRXQDUHJLyQLPSRUWDQWHSDUDODFRQHFWLYLGDG\SHUPDQHQFLDGHOD
ELRGLYHUVLGDG

/DPED\HTXHSUHVHQWDXQDGLYHUVLGDGGHDPELHQWHVFRQ]RQDVGHYLGD\DOJXQRV
HFyORJRVPDQLILHVWDQTXHVRQ]RQDVGHYLGDHVWRSRUODSUHVHQFLDGHSiUDPRVTXH
YDQ SRU HQFLPD GH ORV PVQP \ SRU SRVHHU FDUDFWHUtVWLFDV GH HVWH HFRVLVWHPD
FRQ FOLPDV GLYHUVRV GHVLHUWR SiUDPR \ OD ]RQD GH ORV ERVTXHV 0RQWDQRV ORPDV
KDVWD,VODVPDULQDV

/DPED\HTXH WLHQH XQD H[WHQVLyQ GH .P \ HO HVWi FXELHUWR SRU $13V
TXH QR WLHQHQ FRQHFWLYLGDG HQWUH Vt D SHVDU GH HQFRQWUDUVH UHODFLRQDGDV SRU
FRPSDUWLU OD PLVPD FXHQFD \ FRUUHVSRQGHU DO PLVPR HFRVLVWHPD \ KDQ UHFLELGR
HVFDVR DSR\R ILQDQFLHUR SRVHH WDPELpQ iUHDV SULRULWDULDV SDUD OD FRQVHUYDFLyQ QR
FXELHUWDV R LQVXILFLHQWHPHQWH FXELHUWDV /D IDOWD GH FRQHFWLYLGDG HFROyJLFD
HVWUXFWXUDOSRQHHQDXPHQWRODVDPHQD]DVH[LVWHQWHVGHHVWRVHFRVLVWHPDVSRUORTXH
QRVHSXHGHDVHJXUDUODVXSHUYLYHQFLDGHODVHVSHFLHVDPHQD]DGDV

*2%,(5125(*,21$/
ÉUHDV1DWXUDOHV3URWHJLGDVGH/DPED\HTXH

'HQWURGHVXWHUULWRULR/DPED\HTXHFXHQWDFRQiUHDV1DWXUDOHVSURWHJLGDVGH
FDUiFWHUQDFLRQDO6DQWXDULR+LVWyULFR%RVTXHGH3RPDF\HO5HIXJLRGH9LGD
6LOYHVWUHGH/DTXLSDPSD\GH&RQVHUYDFLyQ3ULYDGDOODPDGD&KDSDUUt

&XDGUR1É5($61$785$/(63527(*,'$6'(/$0%$<(48(

8%,&$&,Ð1 (;7(16,21
&$7(*25,$6 %$6(/(*$/ )(&+$
32/,7,&$ KD
6$178$5,26+,6725,&26
%2648('(320$& '61$* /$0%$<(48(
5()8*,2'(9,'$6,/9(675(
'61²²
/$48,3$03$ /$0%$<(48(
$*
$5($'(&216(59$&,Ð135,9$'$
&+$3$55Ì 501$* /$0%$<(48(


$FFLRQHVSDUDODFRQVHUYDFLyQGHODGLYHUVLGDGELROyJLFD

(O*RELHUQR5HJLRQDO/DPED\HTXHFRPRHQWHFRQGXFWRUGHODSROtWLFDDPELHQWDOHQ
HOiPELWRWHUULWRULDOGHVXMXULVGLFFLyQ*HVWLRQD\DGPLQLVWUDORVUHFXUVRVQDWXUDOHV\
SURPXHYHODVDFFLRQHVHQPDWHULDFRQVHUYDFLyQODELRGLYHUVLGDGGHLQWHUpV5HJLRQDO
FRQWULEX\HQGR FRQ ODV GH LQWHUpV 1DFLRQDO DVt FRPR SURPRYHU HO GHVDUUROOR
VRVWHQLEOH HVSHFLDOPHQWH HO GH ODV FRPXQLGDGHV UXUDOHV DVHQWDGDV HQ HO iPELWR GH
LQIOXHQFLDGHORVVLWLRVFRQELRGLYHUVLGDG

([LVWH XQD SUHVLyQ FUHFLHQWH VREUH ORV HFRVLVWHPDV QDWXUDOHV GH OD UHJLyQ TXH
VREUHSDVD VX FDSDFLGDG GH VRSRUWDELOLGDG VLQ HPEDUJR HO GHVDUUROOR HFRQyPLFR
EDVDGRHQODH[SORWDFLyQGHORVUHFXUVRVQDWXUDOHVVLQXQDQRUPDWLYLGDGTXHYHOHSRU
ODVRVWHQLELOLGDGGHORVPLVPRVHVWDFRQGHQiQGRQRVDVLPSOHPHQWHVHUREVHUYDGRUHV
GHO DJRWDPLHQWR GH ODV IXHQWHV GH YLGD QDWXUDO $FWLYLGDGHV FRPR OD WDOD FD]D \
PLQHUtD LOHJDO DVt FRPR OD IDOWD GH XQ RUGHQDPLHQWR WHUULWRULDO FRQWULEX\H DO
DJRWDPLHQWRGHORVUHFXUVRV\ODH[WLQFLyQGHODVHVSHFLHV

3RU HVWH PRWLYR (O *RELHUQR 5HJLRQDO KD GLFWDGR XQD VHULH GH RUGHQDQ]DV TXH
SURPXHYHODFRQVHUYDFLyQGHODGLYHUVLGDGELROyJLFDHQXQHVIXHU]RSRUVDOYDJXDUGDU
ORVHFRVLVWHPDVGHODVDPHQD]DVH[LVWHQWHV

&XDGUR125'(1$1=$6(15(/$&,Ð1$/$&216(59$&,Ð1'(/$
',9(56,'$'%,2/Ð*,&$'(/$0%$<(48(

2UGHQDQ]D5HJLRQDO 'HILQLFLyQ
251*5/$0%&5 'HFODUDFLyQGHLQWHUpVUHJLRQDOODFRQVHUYDFLyQGH
ORV ERVTXHV GH /DPED\HTXH XELFDGRV HQ ODV
FXHQFDV GH =DxD &KDQFD\ /D /HFKH 2OPRV
0RWXSH \ &DVFDMDO \ &RUUHGRU ELROyJLFR *UDQ
&KDSDUUt

25³*5/$0%&5 $SUXHED SODQ \ DJHQGD GH $FFLyQ $PELHQWDO
5HJLRQDO
25*5/$0%&5 &UHD 6LVWHPD 5HJLRQDO GH *HVWLyQ GHO 0HGLR
$PELHQWH
251*5/$0%&5 'HFODUDU ÉUHD (FROyJLFD GH ,QWHUpV 5HJLRQDO OD
]RQD GH KXPHGDOHV GH OD GHVHPERFDGXUD GHO UtR
5HTXHHQ0RQVHI~FLXGDG(WHQ\3XHUWR(WHQ
25*5/$0%&5 'HFODUDQDOJRGyQQDWLYRSURGXFWRQDWXUDOUHJLRQDO
GH/DPED\HTXH
25*5/$0%&5 'HFODUDQ GH LQWHUpV UHJLRQDO SUHVHUYDFLyQ GH
UHFXUVRV KLGURELROyJLFRV GHO iPELWR GHO OLWRUDO GH
OD UHJLyQ /DPED\HTXH \ HVWDEOHFHQ ORQJLWXG
PtQLPDGHPDOODSDUDRSHUDFLRQHVGHH[WUDFFLyQ
25*5/$0%&5 (VWDEOHFHQ &RUUHGRU %LROyJLFR GH /DPED\HTXH
VHJ~Q OD SURSXHVWD IRUPXODGD SRU OD FRPLVLyQ
PL[WDFRQIRUPDGDHQPpULWRDOD251
*5/$0%&5
25*5/$0%&5 'HFODUDQ GH LQWHUpV UHJLRQDO OD ]RQLILFDFLyQ
HFROyJLFD HFRQyPLFD GH OD UHJLyQ /DPED\HTXH \

FUHDQFRPLVLyQWpFQLFDUHJLRQDO
25*5/$0%&5 3URKtEHQ XVR GH ]XPEDGRU HQ OD H[WUDFFLyQ GH
UHFXUVRV KLGURELROyJLFRV HQ HO iPELWR GHO
GHSDUWDPHQWRGH/DPED\HTXH
25*5/$0%&5 &UHDQHOJUXSRWpFQLFRGHGLYHUVLGDGELROyJLFDGHO
*RELHUQR 5HJLRQDO GHO GHSDUWDPHQWR GH
/DPED\HTXH
25*5/$0%&5 'HFODUDQGHLQWHUpVS~EOLFRODFUHDFLyQGHOiUHDGH
FRQVHUYDFLyQUHJLRQDOGHQRPLQDGD0HGLD/XQD
25*5/$0%&5 &UHDQ6LVWHPD5HJLRQDOGHÉUHDVGH&RQVHUYDFLyQ
GH/DPED\HTXH
25*5/$0%&5 $SUXHEDQODSURSXHVWDGH
3ROtWLFDVSDUDOD$FFLyQ
%LUUHJLRQDO HQ 0DWHULD GH %RVTXHV +~PHGRV HQ
&XHQFDV&RPSDUWLGDV&DMDPDUFD/DPED\HTXH

25*5/$0%&5 'HFODUD ÉUHD GH ,QWHUpV 5HJLRQDO SDUD OD
&RQVHUYDFLyQ ORV ERVTXHV GH 3DQ GH $]~FDU ²
2\RW~Q
)XHQWH(ODERUDFLyQSURSLD

3UR\HFWR&RPSRQHQWH%RVTXH6HFR

(O*RELHUQR5HJLRQDOGH/DPED\HTXHDWUDYpVGHOD *HUHQFLD5HJLRQDOGH5HFXUVRV
1DWXUDOHV VH KDFH SUHVHQWH D OD SURSXHVWD GHO 3UR\HFWR &RPSRQHQWH %RVTXH 6HFR
PRVWUDQGRVXGLVSRQLELOLGDGGHSDUWLFLSDUHQHOSUR\HFWR

(O &RPSRQHQWH %RVTXH 6HFR FRUUHVSRQGH DO VH[WR UHVXOWDGR GHO 3URJUDPD 3$1 (O
SUHVHQWHHVWXGLRGHSUHLQYHUVLyQDFWXDOL]DHOGLDJQyVWLFRHIHFWXDGRSRUHOHVWXGLRGH
LGHQWLILFDFLyQGHO&RPSRQHQWHUHDOL]DGRHQTXHVyORLQFOXtDD3LXUD\7XPEHV
\UHDOL]DHOGLVHxRGHILQLWLYRGHOPHQFLRQDGRFRPSRQHQWHDPSOLDQGRHOiPELWRFRQ
ODLQFRUSRUDFLyQGH/DPED\HTXH3DUDVXUHDOL]DFLyQVHKDQHPSOHDGRPHWRGRORJtDV
SDUWLFLSDWLYDV H[SUHVDGDV HQ FRQVXOWDV HQWUHYLVWDV UHXQLRQHV \ WDOOHUHV GH WUDEDMR
FRQ ORV GLYHUVRV DFWRUHV ORFDOHV TXLHQHV DGHPiV KDQ YDOLGDGR ORV UHVXOWDGRV GHO
GLDJQyVWLFR\HOGLVHxRGHILQLWLYR

(VWHSUR\HFWRWLHQHSRUREMHWLYRSULQFLSDO3URPRYHU\IDFLOLWDUHOGHVDUUROORGHiUHDV
SULRULWDULDVSDUDODFRQVHUYDFLyQDUWLFXODGDVDO6,1$13(HQHOPDUFRGHXQ6LVWHPD
5HJLRQDO GH &RQVHUYDFLyQ HQ ORV GHSDUWDPHQWRV GH /DPED\HTXH 3LXUD \ 7XPEHV
SULRUL]DQGRDFFLRQHVHQOD(FRUUHJLyQ%RVTXH6HFR(FXDWRULDO

(O LQLFLR GH HVWH SURFHVR KD FRPSUHQGLGR OD LGHQWLILFDFLyQ GH ODV iUHDV SULRULWDULDV
SDUDODFRQVHUYDFLyQHQ/DPED\HTXH\VHDVXPLHURQFRPSURPLVRVSDUDSURPRYHUOD
FRQVHUYDFLyQGHUHFXUVRVQDWXUDOHV\ODGLYHUVLGDGELROyJLFD
HQODViUHDVQDWXUDOHVSURWHJLGDV
'HHVDPDQHUDVHHVWiQDUWLFXODQGRODVLQLFLDWLYDVGHFRQVHUYDFLyQUHJLRQDOHQ
HOPDUFRGHO6LVWHPD5HJLRQDOGHÉUHDVGH&RQVHUYDFLyQ


(O SUR\HFWR TXH HVWi HQ VX HWDSD ILQDO GH GHVDUUROOR FXHQWD FRQ HO UHVSDOGR GH OD
352)21$13( LQVWLWXFLyQ SULYDGD VLQ ILQHV GH OXFUR TXH WLHQH SRU ILQDOLGDG
DGPLQLVWUDU HO )RQGR 1DFLRQDO SDUD ÉUHDV 1DWXUDOHV 3URWHJLGDV SRU HO (VWDGR \
GHPiVUHFXUVRVTXHVHORJUHQFDSWDU7HQLpQGRVHXQSUHVXSXHVWRGHVGHHOLQLFLRGHOD
LPSOHPHQWDFLyQGHOSUR\HFWRGH(XURV

3UR\HFWR´)RUWDOHFLPLHQWR'H/D&RQVHUYDFLyQ'H/D'LRGLYHUVLGDG$7UDYpV
'HO3URJUDPD1DFLRQDOGHÉUHDV1DWXUDOHV3URWHJLGDV3521$13µ

(O3521$13HVXQSURJUDPDGHWUDEDMREDVWDQWHFRPSOHMR\SRUVXFDUDFWHUtVWLFDGH
DFWXDU HQ YDULDV 5HJLRQHV GHO SDtV WRGDV ODV FXDOHV WLHQHQ XQ JUDGR GH DYDQFH
GLIHUHQFLDGR HQ FXDQWR DO HVWDEOHFLPLHQWR \ JHVWLyQ GH iUHDV SURWHJLGDV QDFLRQDOHV
UHJLRQDOHV \ ORFDOHV \ HQ HO GLVHxR GH VLVWHPDV UHJLRQDOHV \ GH LQVWLWXFLRQHV
UHJLRQDOHVSDUDDGPLQLVWUDUODV VHGHVDUUROODUiGHPDQHUDHVSHFtILFDHQFDGD XQDGH
HVWDV 5HJLRQHV SRU OR TXH OD LQWHQVLGDG GH OD DSOLFDFLyQ GH FDGD XQR GH ORV
FRPSRQHQWHVGHOSUR\HFWRSRGUiYDULDUGHDFXHUGRDHOOR

(O3UR\HFWRHQVXFRQMXQWRVHRULHQWDDFXPSOLUFRQHOREMHWLYRGHLQFUHPHQWDUHOiUHD
GH HFRVLVWHPDV FODYH EDMR XQ PDQHMR HIHFWLYR GHVFHQWUDOL]DGR \ VRVWHQLEOH SDUD VX
SURWHFFLyQ \ FRQVHUYDFLyQ 5HDOL]DQGR XQD LQYLWDFLyQ DO *RELHUQR 5HJLRQDO GH
/DPED\HTXHSDUDVHUEHQHILFLDULRVGHOPLVPR(VWHSUR\HFWRFXHQWDFRQXQDSRUWHGH
3UR\HFWR *() :% FRQ XQ DSRUWH WRWDO GH 86 PLOORQHV GH ILQDQFLDPLHQWR
SDUDOHOR GHO .I: SRU XQ PRQWR GH HXURV PLOORQHV DSUR[ PLOORQHV GH 86
RULHQWDGRDLQYHUVLRQHV'RQGHHOLQLFLRGHHMHFXFLyQVHUtDDPHGLDGRVGHOFRQ
XQSOD]RGHGXUDFLyQGHFLQFRDxRV

,GHQWLILFDFLyQGHÉUHDV3ULRULWDULDV3DUD/D&RQVHUYDFLyQ5HJLRQDO

3DUD OD LGHQWLILFDFLyQ GH ODV iUHDV FRQ SULRULGDGHV GH FRQVHUYDFLyQ KD VLGR
QHFHVDULD OD HVWDQGDUL]DFLyQ GH XQD PHWRGRORJtD TXH YDOLGDGD SRU ORV DFWRUHV
ORFDOHV \ H[SHUWRV HQ WHPDV GH GLYHUVLGDG WHQGUtD FRPR ILQDOLGDG VHU XQD
KHUUDPLHQWDTXHSHUPLWDODVHOHFFLyQGHiUHDVSULRULWDULDVSDUDODFRQVHUYDFLyQ


0HWRGRORJtD SDUD OD ´LGHQWLILFDFLyQ GH iUHDV SULRULWDULDV \ UHGHV GH
FRQHFWLYLGDGSDUDODFRQVHUYDFLyQGHODELRGLYHUVLGDG

/DPHWRGRORJtDVHHQPDUFDHQHOGHVDUUROORFRQFHSWXDOGHODSODQLILFDFLyQDHVFDOD
UHJLRQDO HQ GRQGH VH PDQHMDQ P~OWLSOHV HVFDODV GH HYDOXDFLyQ GHVGH OD HVFDOD
JUXHVD R HVFDOD GH SDLVDMH D OD HVFDOD ILQD R GH HVSHFLHV (Q HO GLVHxR GH OD
HVWUXFWXUDGHODPHWRGRORJtDVHIXVLRQyHOPpWRGRSVHXGRFXDQWLWDWLYRGHODQiOLVLV
PXOWLFULWHULRHVSDFLDOGRQGHVHDVLJQDQYDORUHVDGLIHUHQWHVYDULDEOHVGHDFXHUGR
DO MXLFLR GH H[SHUWRV FRPSOHPHQWDGR OD LQIRUPDFLyQ GLVSRQLEOH GH DFXHUGR D ORV
FULWHULRVWpFQLFRVYDOLGDGRVHQWDOOHUHVHLQIRUPDFLyQVHFXQGDULDGLVSRQLEOH

$HVFDODGHSDLVDMHRILOWURJUXHVRVHWUDEDMyDWUDYpVGHODSULRUL]DFLyQGHiUHDVHQ
VLVWHPDVHFROyJLFRVDWUDYpVGHODYDORUDFLyQGHODVFDUDFWHUtVWLFDVELRItVLFDV]RQDV
GH YLGD SHQGLHQWHV DOWLWXG LPSRUWDQFLD KtGULFD TXH ORV FDUDFWHUL]DQ PpWRGR
FXDQWLWDWLYR0LHQWUDVTXHODHVFDODGHHVSHFLHVRILOWURILQRVHHQIRFDHQORVLWLRV
GRQGH VH FRQFHQWUDQ ORV YDORUHV SDUD OD FRQVHUYDFLyQ GH HVSHFLHV D WUDYpV GHO
MXLFLR GH H[SHUWRV \ GH OD LQIRUPDFLyQ GH ODV EDVHV GH GDWRV GHVDUUROODGDV
PpWRGRVFXDOLWDWLYRV)LQDOPHQWHODVGRVHVFDODVVHLQWHJUDURQ

$~Q HVWD PHWRGRORJtD QR HVWi DSUREDGD QL YDOLGDGD SDUD /DPED\HTXH SXHV VH
REVHUYDURQ GHILFLHQFLDV HQ OD UHSOLFDELOLGDG GH OD PLVPD SRU VHU QHFHVDULD XQD
EDVHGHGDWRVFRPSOHWDTXHSXHGDFRUUHUORVSURJUDPDVHQ6,*REWHQLpQGRVHXQ
VHVJR GH OD LQIRUPDFLyQ D ODV ]RQDV GH OD 5HJLyQ TXH FXHQWDQ FRQ PD\RU
LQIRUPDFLyQ R HVWXGLRV UHDOL]DGRV SRU ORV GLIHUHQWHV H[SHUWRV 7DPELpQ HV
RSRUWXQR PHQFLRQDU TXH OD FRQVXOWRUD HQFDUJDGD GH UHSOLFDU OD PHWRGRORJtD
TXLHQHVODSHUVRQDTXHODJHVWyVHUHWLUyGHODFRQVXOWRUtDORKDLPSHGLGRKDFHU
ODVPRGLILFDFLRQHVQHFHVDULDVSDUDFRUUHUHVWDPHWRGRORJtDD/DPED\HTXH

(QODVSULPHUDVIDVHVGHODPHWRGRORJtDKDLPSOLFDGROD9LVLWDGH&DPSRSDUDOD
LGHQWLILFDFLyQGHSURSXHVWDVORFDOHVHQ/DPED\HTXHUHDOL]iQGRVHODHYDOXDFLyQ
GHSURSXHVWDVORFDOHVTXHFXHQWDQFRQVXVUHVSHFWLYDVILFKDVWpFQLFDV\PDSDV
GHXELFDFLyQJHRJUiILFD\]RQDVGHLQWHUpVSURSXHVWDV

&XDGUR135238(67$6'(É5($6'(&216(59$&,Ð15(*,21$/<&2081$/

35238(67$6'(É5($6'(&216(59$&,Ð15(*,21$/\&2081$/
1RPEUHGHOD &DWHJRUtDGHOD 3URSXHVWDGH 8ELFDFLyQ ([WHQVLyQ
SURSXHVWD SURSXHVWD FRQVHUYDFLyQ 3ROtWLFD KD
ÉUHDGH $VRFLDFLyQGH
2OPRV²
fDXSH &RQVHUYDFLyQ SURWHFFLyQGH
/DPED\HTXH
5HJLRQDO 3DYDDOLEODQFD
*RELHUQR 2OPRV
ÉUHDGH
5HJLRQDOGH /DPED\HTXH
5DFDOt7RFWR &RQVHUYDFLyQ
/DPED\HTXH ²+XDUPDFD
5HJLRQDO
71& 3LXUD
3RUWDFKXHORGH2OPRV ÉUHDGH *RELHUQR 2OPRV

&RQVHUYDFLyQ 5HJLRQDO /DPED\HTXH

5HJLRQDO /DPED\HTXH
8VRHVSHFLDOSDUDOD
UHFXSHUDFLyQGH
&KRFKRSH
KDELWDWSDUDOD
+XDEDO&KyFKRSH6DODV 71& 6DODV
FRQHFWLYLGDGGH
/DPED\HTXH
FRUUHGRUGH3DYD
DOLEODQFD
$PSOLDFLyQGHO
5HIXJLRGH9LGD ([SHUWRVHQ 6DODV
/D3HVFDGHUD
6LOYHVWUH DYLIDXQD /DPED\HTXH
/DTXLSDPSD
&RPXQLGDG
,QFDKXDVL
&DPSHVLQD
%RVTXHVGH<DTXH² ÉUHDGHFRQVHUYDFLyQ /DPED\HTXH
6DQ-RVpGH
4XHEUDGD6HFD FRPXQDO ²7RFPRFKH
<DTXH
&DMDPDUFD
71&
ÉUHDGH
3REODGRUHVGH 2\RW~Q
3DQGH$]~FDU &RQVHUYDFLyQ
3DQGH$]~FDU /DPED\HTXH
5HJLRQDO
([SHUWRVHQ
ÉUHDGH )ORUD\
&DxDULV
%RVTXHVGH&DxDULV &RQVHUYDFLyQ 0XQLFLSDOLGDG
/DPED\HTXH
5HJLRQDO GLVWULWDOGH
&DxDULV
&RPLWpGH
ÉUHDGH
*HVWLyQGH &DWDFKH
%RVTXHVGH8GLPD &RQVHUYDFLyQ
%RVTXHVGH &DMDPDUFD
5HJLRQDO
8GLPD
ÉUHDGH ([SHUWRVHQ
2OPRV
+XDFUXSH &RQVHUYDFLyQ FRQVHUYDFLyQ
/DPED\HTXH
5HJLRQDO GHOSDLVDMH
([SHUWRVHQ
ÉUHDGH FXOWXUD\
%DWDQJUDQGH
7DPER5HDO &RQVHUYDFLyQ FRQVHUYDFLyQ
/DPED\HTXH
5HJLRQDO GH
ELRGLYHUVLGDG
([SHUWRVHQ
FXOWXUD\
ÉUHDGHFRQVHUYDFLyQ %DWDQJUDQGH
/DHQVHQDGD FRQVHUYDFLyQ
5HJLRQDO /DPED\HTXH
GH
ELRGLYHUVLGDG
5HYLVLyQGH
ÉUHDGH SURSXHVWDV
0RFXSH
5DIiQ &RQVHUYDFLyQ DQWHULRUHVGH
/DPED\HTXH
5HJLRQDO OD%LUG/LIH
,QWHUQDWLRQDO
ÉUHDGH
3REODGRUHV ÔFXSH
(O$OJDUUREDO &RQVHUYDFLyQ
ORFDOHV /DPED\HTXH
5HJLRQDO
%RVTXHGHFDFWiFHDVGH ÉUHDGH ([SHUWRVHQ 1XHYD$ULFD

1XHYD$ULFD &RQVHUYDFLyQ IORUD /DPED\HTXH

5HJLRQDO
*RELHUQR
5HJLRQDO
&RQFHVLyQSDUD /DPED\HTXH\ /DPED\HTXH
0RQWHVGHOD9LUJHQ
HFRWXULVPR $VRFLDFLyQGH /DPED\HTXH
FULDGRUHVGH
$YHVWUXFHV
ÉUHDGH
([SHUWRVHQ 5HTXH²
&HUUR5HTXH &RQVHUYDFLyQ
)ORUD /DPED\HTXH
5HJLRQDO
ÉUHDGH
3REODGRUHV (WHQ
+XPHGDOHVGH(WHQ &RQVHUYDFLyQ
ORFDOHV /DPED\HTXH
5HJLRQDO
ÉUHDGH
([SHUWRVHQ (WHQ
3OD\D0HGLD/XQD &RQVHUYDFLyQ
DYHV /DPED\HTXH
5HJLRQDO

)XHQWH &RQVXOWRUtD HVSHFLDOL]DGD SDUD OD ,GHQWLILFDFLyQ GH VLWLRV SULRULWDULRV SDUD OD FRQVHUYDFLyQ UHJLRQDO GH
/DPED\HTXH
(ODERUDFLyQSURSLD

&RQVHUYDFLyQ(IHFWLYDGHODVÉUHDV3ULRULWDULDVGH&RQVHUYDFLyQ

3DUD OD FRQVHUYDFLyQ GH ODV iUHDV SULRULWDULDV SDUD OD FRQVHUYDFLyQ UHJLRQDO VH YLR
QHFHVDULD OD FUHDFLyQ H LPSOHPHQWDFLyQ GHO 6LVWHPD 5HJLRQDO GH iUHDV GH
&RQVHUYDFLyQ TXH OH GLHUD VRVWHQLELOLGDG \ YLDELOLGDG FRQWDQGR FRQ LQVWUXPHQWRV
OHJDOHVGHSODQLILFDFLyQHFRQyPLFRV\FRQQLYHOHVGHRUJDQL]DFLyQ\JHVWLyQ

3RU WRGR HOOR HV TXH KD VLGR QHFHVDULR HO GHVDUUROOR GH GLIHUHQWHV HVWUDWHJLDV HQ HO
PDUFRGHODFRQVHUYDFLyQGHODELRGLYHUVLGDGXQDGHODVFXDOHVHVHOHVWDEOHFLPLHQWR
GHO6LVWHPD5HJLRQDOGHÉUHDVGH&RQVHUYDFLyQHOFXDOHVWiHQPDUFDGRGHQWURGHOD
QRUPDWLYLGDGYLJHQWH\VREUHODEDVHGHXQDSODQLILFDFLyQSDUWLFLSDWLYD\FRQFHUWDGD
DVtFRPRFRQWDUFRQXQHQIRTXHHVWUDWpJLFRGLQiPLFRIOH[LEOH\FRQWLQXR

(VWHSURFHVRGHODFUHDFLyQGHO6LVWHPD5HJLRQDOGHÉUHDVGH&RQVHUYDFLyQFRPHQ]y
FRQODIRUPDFLyQGHO*UXSR,PSXOVRUGHO6LVWHPD5HJLRQDOGHiUHDVGHFRQVHUYDFLyQ
GH /DPED\HTXH HO GtD GH 6HWLHPEUH GHO FX\RV LQWHJUDQWHV IXHURQ
FRQYRFDGRVSRUVXWUD\HFWRULD LQVWLWXFLRQDOHLQGLYLGXDOHQHOWHPDGHFRQVHUYDFLyQ
GHODELRGLYHUVLGDGHQOD5HJLyQ'HODVLQVWLWXFLRQHVLQWHJUDQWHVGHO*UXSR,PSXOVRU
WHQHPRV

• $VRFLDFLyQ&5$&,'$(3(5Ô
• 3521$785$/(=$
• ,15(1$6+%3\596/
• 086(21$&,21$/6,&$18(1D\PODS²/DPED\HTXH,1&
• 1$785$/(=$<&8/785$,17(51$&,21$/
• &225',1$'25'(/352<(&72&20321(17(%2648(6(&2


'RQGH ORV UHSUHVHQWDQWHV GH ODV ,QVWLWXFLRQHV \ RUJDQL]DFLRQHV PHQFLRQDGDV
ILUPDQWHVHQIXQFLyQGHVXVUHVSHFWLYRVFDUJRVVHFRPSURPHWLHURQD

Ø 9HODUSRUODSDUWLFLSDFLyQDFWLYDGHORVDFWRUHVFODYHV
Ø $SRUWDUFRQLQIRUPDFLyQHLQYHVWLJDFLRQHVUHDOL]DGDVSRUVXVUHVSHFWLYDV
,QVWLWXFLRQHV
Ø )DFLOLWDUHOGHVDUUROORGHODVDFWLYLGDGHVDQLYHOUHJLRQDO\ORFDO
Ø 6HxDODUUHSUHVHQWDQWHVSDUDORVHTXLSRVGHHVSHFLDOLVWDV\SDUDHOSDQHOGH
DFWRUHVORFDOHV

3DUD FRQVWLWXLU HO VLVWHPD VH UHDOL]y HO 7DOOHU ´&RQFHSWXDOL]DFLyQ GH ÉUHDV
SULRULWDULDV SDUD OD &RQVHUYDFLyQ HQ /DPED\HTXHµ GRQGH ORV SDUWLFLSDQWHV TXLHQHV
IXHURQ ORV UHSUHVHQWDQWHV GH ODV GLIHUHQWHV ,QVWLWXFLRQHV RUJDQL]DFLRQHV \ H[SHUWRV
HQHOWHPDGHFRQVHUYDFLyQ TXLHQHVHQIRUPDFRQFHQVXDGDFRQFOX\HURQHQTXHODV
ÉUHDVGH&RQVHUYDFLyQ5HJLRQDOVRQ´ÉUHDV1DWXUDOHVTXHSRVHHXQDELRGLYHUVLGDG
UHOHYDQWH SDUD HO GHVDUUROOR GH OD 5HJLyQ FRQ YDORUHV DVRFLDGRV GH LQWHUpV FXOWXUDO
SDLVDMtVWLFRHFRQyPLFR\FLHQWtILFRµ

$VtPLVPRVHGHWHUPLQDURQORV2EMHWRVGHFRQVHUYDFLyQSDUD/DPED\HTXHHVWDVVRQ
ODV GLUHFWULFHV D ODV TXH DSXQWDUtD FXDOTXLHU HVWUDWHJLD GH FRQVHUYDFLyQ HQ iUHDV GH
FRQVHUYDFLyQRiUHDVSULRULWDULDVSDUDOD&RQVHUYDFLyQ5HJLRQDOHQ/DPED\HTXHGH
ODVFXDOHVIXHURQHQHVWHRUGHQ

• (VSHFLHVHQGpPLFDV\DPHQD]DGDV
• (FRVLVWHPDV ~QLFRV ERVTXHV PRQWDQRV LVODV ORPDV KXPHGDOHV ERVTXHV
VHFRV
• ÉUHDVTXHDSRUWHQDODFRQHFWLYLGDG
• =RQDGHJHQHUDFLyQGHUHFXUVRKtGULFR
• 3DLVDMHQDWXUDO
• $JURELRGLYHUVLGDG
• &XOWXUD\QDWXUDOH]DLGLRPDVPXFKLNTXHFKXDFKDPDQLVPRGHOQRUWH
• =RQDVGHSURWHFFLyQSRUYXOQHUDELOLGDG

)LQDOPHQWH GHVSXpV GH UHXQLRQHV \ HO WUDEDMR GH OD FRQVXOWRUtD HVSHFLDOL]DGD VH
UHDOL]yHOSUR\HFWRGH2UGHQDQ]D5HJLRQDOTXHFUHDHO6LVWHPD5HJLRQDOGHÉUHDVGH
&RQVHUYDFLyQ GH /DPED\HTXH TXH IXH DSUREDGR SRU DFXHUGR UHJLRQDO FRQ OD
2UGHQDQ]D5HJLRQDO*5/$0%&5

6LVWHPD5HJLRQDOGHÉUHDVGH&RQVHUYDFLyQ

(O 6LVWHPD 5HJLRQDO GH ÉUHDV GH &RQVHUYDFLyQ GH /DPED\HTXH ² 6,5$& HV XQ
FRQMXQWR GH HOHPHQWRV IRUPDGRV SRU ODV iUHDV SULRULWDULDV ÉUHDV 1DWXUDOHV
3URWHJLGDV ÉUHDV GH &RQVHUYDFLyQ 5HJLRQDO ÉUHDV GH &RQVHUYDFLyQ 0XQLFLSDO \
3ULYDGDV PHFDQLVPRV H LQVWUXPHQWRV SDUD OD FRQVHUYDFLyQ TXH VH HQFXHQWUDQ
LQWHUUHODFLRQDGRVHLQWHUDFWXDQWHVHQWUHVL

/D FRQFHSFLyQ GH XQ 6LVWHPD 5HJLRQDO GH ÉUHDV GH &RQVHUYDFLyQ GH /DPED\HTXH
FRQVLGHUDHQHOiPELWRGHVXMXULVGLFFLyQWHUULWRULDOTXHVXVHOHPHQWRVFRQVWLWXWLYRV
KDFHQXQWRGRRUGHQDGRTXHLQWHUDFW~D\IXQFLRQDRUJiQLFDPHQWH

(O 2EMHWR GHO 6,5$& HV DVHJXUDU OD DGHFXDGD JHVWLyQ GH ODV ÉUHDV GH &RQVHUYDFLyQ
H[LVWHQWHV\SURPRYHUODFUHDFLyQGHQXHYDViUHDVTXHHQFLHUUHQODUHSUHVHQWDWLYLGDG
GHODELRGLYHUVLGDG5HJLRQDO\ODFRQHFWLYLGDGHQWUHHOODV

(O 6LVWHPD 5HJLRQDO GH ÉUHDV GH &RQVHUYDFLyQ /DPED\HTXH VH FRQVWLWX\H VREUH OD
EDVH GH ODV RUJDQL]DFLRQHV HVWDWDOHV yUJDQRV \ RILFLQDV GH ODV GLVWLQWDV HQWLGDGHV
S~EOLFDV TXH HMHU]DQ FRPSHWHQFLDV \ IXQFLRQHV HQ PDWHULD GH FRQVHUYDFLyQ GH ORV
UHFXUVRV QDWXUDOHV FRQWDQGR FRQ OD SDUWLFLSDFLyQ GH ODV FRPXQLGDGHV DVHQWDGDV HQ
ORViPELWRVGHODViUHDVGHFRQVHUYDFLyQ\ODVRFLHGDGFLYLORUJDQL]DGD

(O HMHUFLFLR GH ODV IXQFLRQHV HQ PDWHULD GH FRQVHUYDFLyQ D FDUJR GH ODV HQWLGDGHV
S~EOLFDV UHJLRQDOHV \ ORFDOHV VH OOHYD D FDER HQ FRQFRUGDQFLD FRQ OD QRUPDWLYLGDG
YLJHQWHVREUHÉUHDV1DWXUDOHV3URWHJLGDVSRUHO(VWDGR

',9(56,'$'%,2/Ð*,&$'(/$0%$<(48(

)ORUD

(O QRUWH SHUXDQR PXHVWUD XQ PRVDLFR PX\ FRPSOHMR GH FOLPDV JHRORJtD \
WRSRJUDItD ORV FXDOHV KDQ GDGR OXJDU D XQ LQFUHPHQWR GH OD ELRGLYHUVLGDG
$SUR[LPDGDPHQWH XQD GRFHQD GH ]RQDV GH YLGD GLIHUHQWHV VH HQFXHQWUDQ HQ ORV
GHSDUWDPHQWRV GHO QRUWH LQFOX\HQGR IRUPDFLRQHV GHVpUWLFDV WURSLFDOHV \
VXEWURSLFDOHVPDWRUUDOHVERVTXHV\SiUDPRV
8Q URO SUHSRQGHUDQWH TXH LQIOX\H HQ OD ELRGLYHUVLGDG IORUtVWLFD HV OD 'HIOH[LyQ GH
+XDQFDEDPEDJHRJUiILFDPHQWHPX\FRPSOHMD\FRPSXHVWDGHXQDVHULHGHEDMDV\
GLVHFDGDVPRQWDxDVFRQSURIXQGRVYDOOHVLJXDOPHQWHVHFRV
6XFRPSOHMLGDGILVLRJUiILFDKDFRQGXFLGRJHQHUDOPHQWHDXQSREUHHQWHQGLPLHQWRGH
VXLPSRUWDQFLDFRPRXQDEDUUHUDSRWHQFLDOSDUDDQLPDOHVPRQWDQRV\GHVFHQGHQFLD
GH SODQWDV \ FRPR XQ FRUUHGRU SRWHQFLDO SDUD OD IORUD \ IDXQD GHODV YHUWLHQWHV GHO
3DFtILFR\GHO$PD]RQDVGRQGHVHDWUDSDODKXPHGDGVXILFLHQWHHQHVWDVYHUWLHQWHV
DSDUHFLHQGR iUHDV ERVFRVDV \ IRUPDFLRQHV YHJHWDOHV DELHUWDV TXH FXEUHQ ODV ]RQDV
PiV DOWDV (Q HOHYDFLRQHV PiV EDMDV GH OD YHUWLHQWH GHO 3DFtILFR OD YHJHWDFLyQ
PRQWDQDVHWRUQDDFKDSDUUDGRHVSLQRVD\GHVLHUWRVH[WUHPDGDPHQWHiULGRV


&XDGUR1)/25$'(/$5(*,Ð1/$0%$<(48(
)$0,/,$ 120%5(&,(17Î),&2 120%5(/2&$/ &$7(*25,$
$PDUDQWKDFHDH $OWHUQDQWKHUDKDOLPLIROLD +LHUEDEODQFD
$QDFDUGHDFHDH /R[RSWHULJLXPKXDVDQJR KXDOWDFR &5
$SRF\QDFHDH 3UHVWRQLDFRUGLIORUD 'HVFRQRFLGR
7KHYHWLDSHUXYLDQD PDLFKLO 17
9DOOHVLDJODEUD&DY/LQN &XQFXQR

3UHVWRQLDFRUGLIORUD 'HVFRQRFLGR
$SLDFHDH &LQLDQFKXPVDWLYXP 'HVFRQRFLGR
$VWHUDFHDH $UQDOGRDPDFEULGHDQD 'HVFRQRFLGR &5
%DFKDULVJHQLVWHOLRLGHV NHUNHMD 17
2QRVHULVRGRUDWD 'HVFRQRFLGR
%DFFKDULVVDOLFLIROLD &KLOFR
3OXFKHDFKLQJR\R+%.'& &KLOFD
7HVVDULDLQWHJULIROLD5 3 3iMDURERER
3KLORJORVDSWHURFDUSD 'HVFRQRFLGR
%DWLGDFHDH %DWLVPDUtWLPD /HMtD &5
%HJRQLDFHDH %HJRQLDRFWRSHWDOD 'HVFRQRFLGR (1
%HUEHULGDFHDH %HUEHULVZHEHUEDXHUL 'HVFRQRFLGR
%RUDJLQDFHDH +HOLRWURSLXPDQJLRVSHUPXP &RODGHDODFUiQ
+HOLRWURSLXPFXUDVVDYLFXP FRODGHDODFUiQ
+HOLRWURSLXPLQGLFXP 'HVFRQRFLGR
+HOLRWURSLXPIHUUH\UDH 'HVFRQRFLGR
7LTXLOLDGLFKRWRPD 'HVFRQRFLGR
&RUGLDOXWHD/DP 2YHUR
+HOLRWURSLXPDUERUHVFHQV/ &RODGHDODFUiQ
7LTXLOLDSDUDK\FKLRLGHV 0DQLWRGHUDWyQ
3KLO$5LFK
%UDVLFDFHDH %UDVVLFDFDPSHVWUHV PRVWD]D
(QGpPLFDSDUD
6LV\PEULXPOODWDVLL 'HVFRQRFLGR /DPED\HTXH
%URPHOLDFHDH 3LWFDLUQLDGHFXUYDWD 'HVFRQRFLGR
7LOODQGVLDODWLIROLD DFKXSDOOD
7LOODQGVLDODWLIROLDYDU0DMRU FDUGRGHORPDV
7LOODQGVLDVDJDVWHJXLL DFKXSDOOD (1
&DFWDFHDH +DDJHRFHUXVSVHXGRYHUVLFRORU 5DERGH]RUUR
HQG/$
0HORFDFWXVSHUXYLDQXVHQG/$ $VLHQWRGHVXHJUD 98
$PHQ783,
1HRUDLPRQGLDDUHTXLSHQVLVHQG &DFWXV*LJDQWyQ
&$
&DSSDUDFHDH &DSSDULVVFDEULGD VDSRWH &5
&DSSDULVRYDOLIROLD 9LFKD\R
&RQYROYXODFHDH ,SRPRHDFDUQHD-DFT %RUUDFKHUD
,SRPRHDFUDVVLIROLD&DY %HMXFR

,SRPRHDKHGHULIROLD/ *UDQJDOiQ
&XFXUELWDFHDH /XIIDRSHUFXODWD/&RQJ -DERQFLOOR
(ODHRFDUSDFHDH 0XQWLQJLDFDODEXUD/ &HUH]R
(XSKRUELDFHDH $QGUDFKQHPLFURSK\OOD 'HVFRQRFLGR
)DEDFHDH $FDFLDPDFUDFDQWKD IDLTXH 17
$FDFLDKXDUDQJR HVSLQR 17
&DHVDOSLQLDSDLSDL 3DLSDL&KDUiQ
&HUFLGLXPSUDHFR[ 3DORYHUGH
0LPRVDSLJUD/ 8xDGHJDWR
3DUNLQVRQLDDFXOHDWD/ $]RWHGHFULVWR
3LWKHFRORELXPPXOWLIORUXP $QJROR
+%.%HQWK
3LWKHFRORELXPH[FHOVXP &KDTXLUR
3URVRSLVSDOOLGD $OJDUURER 98
3URVRSLVMXOLIORUDYDUKRUULGD $OJDUURER
+%. (1
6HQQDSHQGXODYDUWHQXLIROLD +LHUEDEODQFD
%HQWKDP+,UZLQ %DUQHE\
'HVPRGLXPPROOLFXOXP 'HVFRQRFLGR 17
/RUDQWDFHDH 3VLWWDFDQWKXVFKDQGX\HQVLV 6XHOGDFRQVXHOGD
(LFKO
/\WUDFHDH $GHQDULDIORULEXQGD 3DORFRORUDGR
(QGpPLFRSDUD
0DOYDFHDH .RVWHOHW]N\DGHSUHVVD 'HVFRQRFLGR /DPED\HTXH98
0DUW\QLDFHDH 3URVERVFLGHDDOWKHLIROLD 'HVFRQRFLGR
1\FWDJLQDFHDH %RHUKDYLDHUHFWD/ 3HJDSHJD
&U\SWRFDUSXVS\ULIRUPLV+%. &KRSH
3RDFHDH $ULVWLGDFKLFOD\HQVLV 'HVFRQRFLGR
3DVVSDOXPKDQNHDQXP QXGLOOR
2QDJUDFHDH /XGZLQJLDSHUXYLDQD )ORUGHFODYR
/++DUD
5KDPQDFHDH 6FXWLDVSLFDWDYDU6SLFDWD /LSH
:HEHUEDXHU
6DSLQGDFHDH 6DSLQGXVVDSRQDULD/ &KRORTXH
6FURSKXODULDFHDH *DOYHVLDIUXWLFRVD-*PHOLQ &XUL
6RODQDFHDH *UDERZVNLDERHUKDDYLDHIROLD 3DORQHJUR
/I6FKO &DQXWLOOR
1LFRWLDQDSDQLFXODGD WDEDFRFLPDUUyQ
6WHUFXOLDFHDH *XD]XPDXOPLIROLD/DP *XD]LPR
:DOWKHULDRYDWD&DY 0HPEULOOHMR
9HUEHQDFHDH /LPSLDQRGLIORUD 7XUUHKHPEUD
9LWDFHDH &LVVXVVLF\RLGHV 8YDGHFXOHEUD
8OPDFHDH &HOWLVLJXDQDH 'HVFRQRFLGR &5
9HUEHQDFHDH /DQWDQDVFDELRVLIORUD 'HVFRQRFLGR
6WDFK\WDUSKHWDFDMDPDUFHQFLV 'HVFRQRFLGR

7LSRVGH%RVTXHV
(O PDSD IRUHVWDO TXH HODERUy HO 3UR\HFWR $OJDUURER KDFH XQD FODVLILFDFLyQ
UHIHUHQWH DO WLSR GH FREHUWXUD YHJHWDO GHQVLGDG DUEyUHD \ SRUFHQWDMH GH VXHOR
FXELHUWR(QpOVHGHOLPLWDQ\FXDQWLILFDQiUHDVFXELHUWDVSRUFDGDWLSRGHERVTXH\
RWUDV IRUPDFLRQHV WLSRV GH FREHUWXUD YHJHWDO QDWXUDO GHWHUPLQDGDV GH DFXHUGR FRQ
ODVFDUDFWHUtVWLFDVGHGHQVLGDGFREHUWXUDGHFRSD\ILVLRJUDItD
/RVWLSRVGHERVTXHVLGHQWLILFDGRVHQ/DPED\HTXHVHSUHVHQWDQDFRQWLQXDFLyQ

7DEOD17,326'(%2648(<683(5),&,(

7,32'(%2648( 6Ë0%2/2 683(5),&,(KD
%RVTXHVHFR0X\5DORGH0RQWDxD %VP 5 0

%RVTXHVHFR'HQVRGH&ROLQD %V'&
%RVTXHVHFR'HQVRGH/ODQXUD %V'/O
%RVTXHVHFRVHPL'HQVRGH&ROLQD %VV'&
%RVTXHVHFRVHPL'HQVRGH/ODQXUD %VV'/O
%RVTXHVHFRVHPL'HQVRGH0RQWDxD %VV'0
%RVTXHVHFR5DORGH&ROLQD %V5&
%RVTXHVHFR5DORGH/ODQXUD %V5/O
%RVTXHVHFR5DORGH0RQWDxD %V50
%RVTXHVHFR0X\5DORGH&ROLQD %VP5&
%RVTXHVHFR0X\5DORGH/ODQXUD %VP5/O
0DWRUUDO 0D
0DWRUUDOGH'XQDV 0DG
6XEWRWDO

275$6)250$&,21(6
$JULFXOWXUD,QWHQVLYD $L
$UHD8UEDQD $X
$UHDQRHYDOXDGD $QH
&XHUSRGH$JXD &D
&XOWLYRV7HPSRUDOHV &W
/HFKRGHUtRVHFR /UV
6LQ9HJHWDFLyQ 6Y
6XEWRWDO
683(5),&,(727$/

/DWDEODDUULEDSUHVHQWDGDPXHVWUDORVWLSRVGHERVTXH\RWUDVIRUPDFLRQHVDVtFRPR
ODH[WHQVLyQHQKHFWiUHDV\SRUFHQWDMHGHORVPLVPRV


)LJXUD1&/$6,),&$&,Ð1'(/26%2648(6'(/$0%$<(48(
352<(&72$/*$552%2


)DXQD

/D)DXQDGHOD5HJLyQ/DPED\HTXHQRKDVLGRORVXILFLHQWHPHQWHLQYHVWLJDGDVyOR
VH WLHQHQ UHJLVWURV GH ODV iUHDV 1DWXUDOHV SURWHJLGDV \ GLDJQyVWLFRV DLVODGRV GH
DOJXQRVVLWLRVGHLQWHUpVGHMDQGRYDFtRVGHLQIRUPDFLyQLPSRUWDQWHVSDUDODWRPDGH
GHFLVLRQHVSDUDODFRQVHUYDFLyQGHODViUHDVGHLQWHUpV'HHVWRVHVWXGLRVORVTXHPiV
GHVWDFDQVRQORVLQYHQWDULRVGHDYHVUHSWLOHVKDFLpQGRVHQHFHVDULRODUHDOL]DFLyQGH
XQLQYHQWDULRDQLYHOGHOD5HJLyQ

0DPtIHURV

/DOLVWDGHPDPtIHURVTXHVHKDUHFRSLODGRVRQHVSHFLHVUHJLVWUDGDVSRUH[SHUWRVHQ
VXV GLIHUHQWHV VDOLGDV GH FDPSR \ HQ ORV LQYHQWDULRV GH ODV ÉUHDV 1DWXUDOHV
3URWHJLGDVDVtFRPRHVSHFLHVFRQRFLGDVSRUSREODGRUHVGHODVGLIHUHQWHV]RQDVGHOD
5HJLyQ
6H WLHQHQ IDPLOLDV FRQ XQ Q~PHUR GH HVSHFLHV HQWUH ODV FXDOHV VH WLHQHQ
PDPtIHURV WHUUHVWUHV YRODGRUHV FRPR DFXiWLFRV 6LHQGR OD IDPLOLD PiV QXPHURVD OD
0XULGDHFRQHVSHFLHV
6HJ~Q OD FDWHJRUL]DFLyQ GH HVSHFLHV DPHQD]DGDV '6 $*,15(1$
WHQHPRV HVSHFLH HQ SHOLJUR (1 TXH HV HO RVR GH DQWHRMRV 7UHPDUFWRV RUQDWRV
9XOQHUDEOH98ORERFKXVFR2WDULDE\URQLD\&DVLDPHQD]DGD173XPD3XPD
FRQFRORU

&XDGUR1)$0,/,$6<1Ô0(52'((63(&,(6'(0$0Ì)(526'(/$0%$<(48(

)$0,/,$ 1(63(&,(6
'LGHOSKLGDH
2WDULLGDH
8UVLGDH
&DQLGDH
)HOLGDH
0XVWHOLGDH
0HSKLWLGDH
0\UPHFRSKDJLGDH
&HUYLGDH
7D\DVVXLGDH
(UHWKL]RQWLGDH
6FLXULGDH
3K\OORVWRPLGDH
9HVSHUWLOLRQLGDH
&ULFHWLGDH
0RORVVLGDH
0XULGDH
)XHQWH)HUQDQGR$QJXOR%,5'/,)(
(ODERUDFLyQ3URSLD


$YHV

(VWDOLVWDHVSUHOLPLQDU\KDVLGRFRPSLODGDHQEDVHDVDOLGDVGHFDPSRGHVGHHODxR
HQWRGRHOGHSDUWDPHQWRGH/DPED\HTXHLQFOX\HQGROD]RQDGH.DxDULVHQOD
YHUWLHQWH RULHQWDO GH ORV DQGHV \ D OD UHYLVLyQ GH OD OLWHUDWXUD GLVSRQLEOH VREUH HO
GHSDUWDPHQWRGH/DPED\HTXH

/DOLVWDGHDYHVFRQWLHQHHVSHFLHVSHUWHQHFLHQWHVDIDPLOLDVODVIDPLOLDVFRQ
PD\RUQ~PHURGHUHSUHVHQWDQWHVVRQ

&XDGUR1)$0,/,$6<1Ô0(52'((63(&,(6'($9(6'(/$0%$<(48(

)DPLOLD 1XPHURGHHVSHFLHV
7\UDQQLGDH
(PEHUH]LGDH
7URFKLOLGDH
6FRORSDFLGDH
7KUDXSLGDH

/DFDWHJRUtDGHDPHQD]DQDFLRQDOSURYLHQHGHO'HFUHWR6XSUHPR1²²$*
\ODGHOD,8&1HVGHOD/LVWD5RMDGH$YHVGHOGHOD,8&1(OHQGHPLVPRVHJ~Q
iUHDV GH HQGHPLVPR (%$ SURYLHQH GH 6WDWWHUVILHOG HW DO \ HO HQGHPLVPR
SDUD3HU~SURYLHQHGH0DQXHO3OHQJHLQOLWW

&RQ UHVSHFWR D ODV HVSHFLHV DPHQD]DGDV VHJ~Q OD ,8&1 HQ HO GHSDUWDPHQWR GH
/DPED\HTXH H[LVWH XQD HVSHFLH (Q 3HOLJUR &ULWLFR &5 TXH HV OD SDYD DOLEODQFD
3HQHORSH DOELSHQQLV HVSHFLH (Q 3HOLJUR (1 \ 9XOQHUDEOHV 98 PLHQWUDV TXH
VHJ~Q OD OHJLVODFLyQ SHUXDQD H[LVWHQ HVSHFLHV (Q 3HOLJUR &ULWLFR &5 HVSHFLHV
(Q3HOLJUR(1\9XOQHUDEOHV98&DEHPHQFLRQDUTXHHQHODxRVHYLHQH
OOHYDQGR D FDER HO SURFHVR GH UHFDWHJRUL]DFLyQ GH HVSHFLHV DPHQD]DGDV SRU OR TXH
HVWDVFLIUDVSXHGHQYDULDUHQORVSUy[LPRVPHVHV

(Q UHODFLyQ DO HQGHPLVPR H[LVWHQ HVSHFLHV HQGpPLFDV GH OD UHJLyQ WXPEHVLQD
GHOYDOOHGHO0DUDxyQ\GHORV$QGHVFHQWUDOHVGHOVXU

&XDGUR1(1'(0,602'($9(6'(/$0%$<(48(

(QGpPLFR &LIUD
7XPEHVLQR7
0DUDxyQ0
70
$QGHV&HQWUDOHVGHO6XU
3HU~


$VLPLVPRH[LVWHQHVSHFLHVTXHVHVHxDODQFRPRHQGpPLFDVWDQWRGHODUHJLyQ
WXPEHVLQDFRPRGHOYDOOHGHO0DUDxyQSRURFXUULUHQ/DPED\HTXHVXEHVSHFLHVWDQWR
GHODYHUWLHQWHRFFLGHQWDOGHORV$QGHVUHJLyQWXPEHVLQDFRPRGHODYHUWLHQWH
RULHQWDO0DUDxyQ

(VSHFLH VXEHVSHFLH7XPEHVLQD VXEHVSHFLHGHO0DUDxyQ
6DNHVSKRUXVEHUQDUGL SLXUDH 6KXPEDH
$UUHPRQDEHLOOHL DEHLOOHL 1LJULFHSV

/DOLVWDWLHQHXQDPDUFDGDWHQGHQFLDDUHIOHMDUVRORODGLYHUVLGDGGHDYHVWHUUHVWUHV\
DOJXQDV GH RULOOD KXPHGDOHV \ PDULQDV 6LQ HPEDUJR HV QHFHVDULR DXQ PD\RU
LQYHVWLJDFLyQSDUDSRGHULQFOXLUODVDYHVPDULQDV\SHOiJLFDVFRPRDOEDWURVSHWUHOHV
HWF

5HSWLOHV

$Vt FRPR ORV RWURV JUXSRV WD[RQyPLFRV ORV GDWRV VREUH ORV UHSWLOHV GH OD UHJLyQ
/DPED\HTXH VRQ HVFDVRV LGHQWLILFiQGRVH HVSHFLHV DJUXSDGDV HQ IDPLOLDV
GRQGH OD IDPLOLD &ROXEULGDH HV OD PiV QXPHURVD FRQ HVSHFLHV (QWUH ODV HVSHFLHV
SUHVHQWHVHQODUHJLyQVHWLHQHQVHJ~QODFDWHJRUL]DFLyQGHHVSHFLHVDPHQD]DGDV'6
$*,15(1$ D XQD VXEHVSHFLH HQ SHOLJUR (1 OD ERD GH FRVWD %RD
FRQVWULFWRURUWRQLL\WUHVHVSHFLHVYXOQHUDEOHV98HOPDFDQFKLOOR%RWKURSVEDUQHWWL
HO FDPDOHyQ 3RO\FKUXV IHPRUDOLV \ OD ODJDUWLMD GH FDEH]D FRORUDGD 'LFURGRQ
KHWHUROHSLV \ XQD HVSHFLH FDVL DPHQD]DGD 17 OD LJXDQD PDUUyQ &DOORSLVWHV
IODYLSXQFWDWXV

&XDGUR1)$0,/,$6<1Ô0(52'((63(&,(6'(5(37,/(6'(/$0%$<(48(

)$0,/,$ 1(63(&,(
$PSKLVEDHQLGDH
3K\OORGDFW\OLGDH
,JXDQLGDH
3RO\FKURWLGDH
7HLLGDH
7URSLGXULGDH
%RLGDH
&ROXEULGDH
(ODSLGDH
/HSWRW\SKORSLGDH
9LSHULGDH
)XHQWH3DEOR9HQHJDV&25%,',


$QILELRV

/D LQIRUPDFLyQ VREUH ORV DQILELRV GH OD UHJLyQ /DPED\HTXH HV PHQRU TXH OD TXH
H[LVWHSDUDORVUHSWLOHV\KDVWDHOPRPHQWRVRORVHHQFXHQWUDQGDWRVSXEOLFDGRVVREUH
ORV DQILELRV TXH KDELWDQ HQ HO ERVTXH VHFR HFXDWRULDO 6LQ HPEDUJR HQ HO OLVWDGR GH
HVSHFLHV YHU DSpQGLFH VH LQFOX\HQ HVSHFLHV GH DQILELRV UHJLVWUDGDV UHFLHQWHPHQWH
SRU 3DEOR 9HQHJDV HQ ORV ERVTXHV PRQWDQRV GH .DxDULV HVWRV UHJLVWURV VH
HQFXHQWUDQHQSURFHVRGHVHUSXEOLFDGRV(VLPSRUWDQWHPHQFLRQDUTXHORVERVTXHV
PRQWDQRV GH /DPED\HTXH 3HQDFKL &KLQ\DPD \ .DxDULV VRQ DFWXDOPHQWH
GHVFRQRFLGRVHQWpUPLQRVKHUSHWROyJLFRV\SRGUtDQHVWDUDOEHUJDQGRXQFRQVLGHUDEOH
Q~PHUR GH HVSHFLHV HVSHUDQGR SRU VHU UHJLVWUDGDV \ HVWXGLDV 3RU OR WDQWR HQ OD
UHJLRQGH/DPED\HTXHVHHQFXHQWUDQLGHQWLILFDGDVHVSHFLHVGHDQILELRVDJUXSDGDV
HQIDPLOLDVGHQWURGHODVFXDOHVODHVSHFLH+\OR[DOXVHODFK\KLVWXVVHHQFXHQWUDHQOD
FDWHJRUtDGH(Q3HOLJUR(1VHJ~QOD,8&1

&XDGUR1)$0,/,$6<1Ô0(52'((63(&,(6'($1),%,26'(/$0%$<(48(

)$0,/,$ 1(63(&,(
%XIRQLGDH
'HQGUREDWLGDH
+HPLSKUDFWLGDH
/HLXSHULGDH
/HSWRGDFW\OLGDH
6WUDERPDQWLGDH

%LRGLYHUVLGDGPDULQRFRVWHUD

/DPED\HTXH SUHVHQWD XQD ]RQD GH FRQYHUJHQFLD HQWUH HO PDU FDOLGR GH 3LXUD \
7XPEHV\HQODPD\RUSDUWHGHOOLWRUDOKDVWDODIURQWHUDVXUVHSUHVHQWDHOVLVWHPDGH
DIORUDPLHQWRV OR TXH KDFH DO PDU ODPED\HFDQR ULFR HQ ELRGLYHUVLGDG /DV SOD\DV
]RQDVLQWHUPDUHDOHVKXPHGDOHVHLVODVFRQVWLWX\HQXQDFRPSOHMDHVWUXFWXUDYLYDGH
ODTXHVHFRQRFHPX\SRFRD~Q

'H DFXHUGR D OD LQIRUPDFLyQ SURSRUFLRQDGD SRU ,0$53( HQWUH ODV HVSHFLHV
UHJLVWUDGDV HQ OD ]RQD FRVWHUD GH /DPED\HTXH \ HO VLVWHPD LQVXODU ,VODV /RERV GH
7LHUUD\/RERVGH$IXHUDVRQGHPDFURDOJDVGHPROXVFRVGHFUXVWiFHRV
GHHTXLQRGHUPRVGHFQLGDULRVGHSROLTXHWRV\GHSHFHVGHWRUWXJDV
GHPDPtIHURVGHGLDWRPHDV

6HGHEHWHQHUHQFXHQWDTXHODELRGLYHUVLGDGUHSRUWDGDFRUUHVSRQGHVyORDORVJUXSRV
WD[RQyPLFRVPiVLPSRUWDQWHVGHVGHHOSXQWRGHYLVWDHFRQyPLFRSHFHVFUXVWiFHRV\
PROXVFRV GRQGH OD PD\RUtD GH FRPSRQHQWHV VRQ H[SORWDGRV SDUD HO FRQVXPR
KXPDQRRFLHQWtILFR²HFROyJLFRSRUVXUHODFLyQFRQODVFDGHQDVWUyILFDVPDULQDVR
FRPRLQGLFDGRUDVGHWLSRVGHPDVDVGHDJXD4XHGDQSRUUHSRUWDUSRUORWDQWRRWURV
JUXSRVPHQRVFRQRFLGRVSHURQRSRUHOORPHQRVLPSRUWDQWHV

3/$1,),&$&,Ð1<25'(1$0,(1727(55,725,$/

/DViUHDVQDWXUDOHVSURWHJLGDVH[LVWHQWHVHQODUHJLyQQRDVHJXUDQODFRQVHUYDFLyQGH
ODGLYHUVLGDGELROyJLFDGHOD5HJLyQ\PiVD~QH[LVWLHQGRXQDIDOWDGHFRQHFWLYLGDG
HQWUHHOODVSRUORTXHGHVGHODVGLIHUHQWHVSURSXHVWDVVHPDQHMDURQDFFLRQHVFRPROD
GHFUHDFLyQGHiUHDVGHFRQVHUYDFLyQUHJLRQDOHVPXQLFLSDOHV\SULYDGDVSDUDEXVFDU
ODFRQHFWLYLGDG\DVHJXUDUODFRQVHUYDFLyQGHORVFRUUHGRUHVELROyJLFRVQDWXUDOHVGH
ODV HVSHFLHV 3HUR SDUD HOOR WDPELpQ HV QHFHVDULR XQ RUGHQDPLHQWR WHUULWRULDO TXH
SDVD SRU XQD ]RQLILFDFLyQ HFROyJLFD HFRQyPLFD =(( TXH HV XQD KHUUDPLHQWD PX\
~WLOSDUDRULHQWDUHVWRVSURFHVRV\HYLWDUFRQIOLFWRVHQHOXVRGHOWHUULWRULRUHVDOWDQGR
ODV SRWHQFLDOLGDGHV DPELHQWDOHV VRFLDOHV HFRQyPLFDV \ HFROyJLFDV GH OD 5HJLyQ
$FWXDOPHQWH OD ]RQLILFDFLyQ VH HQFXHQWUD HQ SURFHVR GH HMHFXFLyQ DO KDEHUVH
GHFODUDGRSRU2UGHQDQ]D5HJLRQDO25*5/$0%&5GHLQWHUpVUHJLRQDO
OD]RQLILFDFLyQHFROyJLFD HFRQyPLFDGHODUHJLyQ/DPED\HTXH \ FUHDODUHVSHFWLYD
&RPLVLyQ7pFQLFD5JLRQDO

$*52%,2',9(56,'$'

/D DJURELRGLYHUVLGDG HV XQ FRQFHSWR UHODWLYR D OD GLYHUVLGDG SDUD OD SURGXFFLyQ
DJUtFROD \ FRPSUHQGH ORV UHFXUVRV JHQpWLFRV GH SODQWDV \ DQLPDOHV ORV RUJDQLVPRV
GHO VXHOR ORV LQVHFWRV \ RWURV RUJDQLVPRV HQ HFRVLVWHPDV PDQHMDGRV R
DJURHFRVLVWHPDV \ WDPELpQ ORV HOHPHQWRV GH FDHFRVLVWHPDV QDWXUDOHV SDUD OD
SURGXFFLyQ GH DOLPHQWRV DVt FRPR ORV FRQRFLPLHQWRV \ SUiFWLFDV FXOWXUDOHV GH ORV
DJULFXOWRUHVORFDOHV\SREODFLRQHVLQGtJHQDVDVRFLDGRVDOPDQHMRGHGLFKRVUHFXUVRV
&RPR SRU HMHPSOR HV FRQRFLGR TXH HQ ORV GLIHUHQWHV SREODGRV GH FRVWD \ VLHUUD
GHQWURGHOD5HJLyQVHKDFHXVRGHWpFQLFDVSDUDDSURYHFKDUDOJRGyQQDWLYRORFKH\
\XFD GH PRQWH FRVWD YDULHGDGHV GH SDSD FKLULPR\D WRPDWHV VLOYHVWUHV VLHUUD
DXQTXH QR VH WLHQHQ UHJLVWURV GH ODV HVSHFLHV XVDGDV SDUD HVWDV SUiFWLFDV \
SDXODWLQDPHQWH VH WLHQH XQ SURFHVR GH SpUGLGD GH DJURELRGLYHUVLGDG SRU OD
H[SDQVLyQ GH OD DJULFXOWXUD \ JDQDGHUtD LQWHQVLYD OR FXDO SURYRFD OD SpUGLGD GH
HVSHFLHVQDWLYDV\GHOFRQRFLPLHQWRWUDGLFLRQDODVRFLDGRDHOODV


',1É0,&$(&21Ð0,&$352'8&7,9$

(YROXFLyQUHFLHQWH\HVWUXFWXUDGHODSURGXFFLyQ
/DV HFRQRPtDV GHO QRUWH GHO SDtV VH FXHQWDQ HQWUH ODV PiV GLQiPLFDV GHO 3HU~
/DPED\HTXH HQ SDUWLFXODU KD VLGR XQD UHJLyQ H[LWRVD HQ SURPRYHU \ DWUDHU OD
LQYHUVLyQ SULYDGD OR TXH VH KD WUDGXFLGR HQ XQ FUHFLPLHQWR GHO QLYHO GH DFWLYLGDG
HFRQyPLFD\GHOHPSOHRSRUHQFLPDGHOSURPHGLRQDFLRQDOVLHQGRHOORFRQVHFXHQWH
FRQODPHMRUDGHORVLQGLFDGRUHVVRFLDOHVPRVWUDGRVHQODVHFFLyQDQWHULRU
(QORVWUHV~OWLPRVDxRVHOFUHFLPLHQWRGHODSURGXFFLyQHQ/DPED\HTXH PHGLGRD
WUDYpVGHOLQGLFDGRUGHYDORUDJUHJDGREUXWRGHO,1(,IXHGHSRUFLHQWRVXSHULRU
DO FUHFLPLHQWR GH OD SURGXFFLyQ QDFLRQDO SDUD LJXDO SHUtRGR SRU FLHQWR HQ
SDUWLFXODU GHVWDFD OD HYROXFLyQ GHO FXDQGR OD UHJLyQ FUHFLy SRU FLHQWR OD
WHUFHUDWDVDGHFUHFLPLHQWRPiVDOWDDQLYHOQDFLRQDO

/DPED\HTXHHVUHODWLYDPHQWHSHTXHxRHQWpUPLQRVHFRQyPLFRVUHSUHVHQWDFHUFDGHO
SRUFLHQWRGHODSURGXFFLyQQDFLRQDO\HVODRFWDYDHFRQRPtDDQLYHOQDFLRQDOVLVH
PLGHSRUHOYDORUEUXWRGHODSURGXFFLyQGHODxR
(VWD SRVLFLyQ UHODWLYD OD REWLHQH D~Q FXDQGR HQ WpUPLQRV GH VXSHUILFLH FRQ XQD
H[WHQVLyQGH.PòHVODWHUFHUDUHJLyQPiVSHTXHxDGHO3HU~OXHJRGHO&DOODR\
7XPEHV (OOR UHIOHMD HO SRWHQFLDO SURGXFWLYR GH OD UHJLyQ SXHV RFXSD HO VHJXQGR
OXJDUVLVHWLHQHHQFXHQWDHOYDORUEUXWRGHSURGXFFLyQSRU.Pò

/D UHJLyQ VH FDUDFWHUL]D SRU VHU PD\RUPHQWH FRPHUFLDO (VWD DFWLYLGDG VHJ~Q FLIUDV
GHO UHSUHVHQWD HO SRU FLHQWR GH OD JHQHUDFLyQ GH YDORU HQ OD HFRQRPtD GHO
GHSDUWDPHQWR GHVWDFDQGR WDPELpQ HO VHFWRU WUDQVSRUWHV \ FRPXQLFDFLRQHV FRQ XQ
SHVRGHOSRUFLHQWR\ODDJULFXOWXUDFRQXQDSDUWLFLSDFLyQGHOSRUFLHQWR
/D PD\RU VLJQLILFDFLyQ GHO FRPHUFLR \ HO WUDQVSRUWH \ FRPXQLFDFLRQHV UHIOHMD OD
SRVLFLyQSULYLOHJLDGDGH/DPED\HTXHFRPRSXQWRGHFRQH[LyQGHODVWLHUUDVDOWDV\
VHOYDGHOQRUWHGHOSDtV&DMDPDUFD\$PD]RQDV

$JULFXOWXUD

/DPED\HTXHHVXQDUHJLyQFRQLPSRUWDQWHVYHQWDMDVFRPSDUDWLYDVSDUDHOGHVDUUROOR
GHODDJULFXOWXUDHQYLUWXGGHXQFOLPDXQLIRUPHTXHSHUPLWHFXOWLYDUDORODUJRGH
WRGRHODxR$VLPLVPRFXHQWDFRQPiVKRUDVOX]DOGtDTXHRWUDVUHJLRQHVDJUtFRODV\
ODFDSDFLGDGGHUHDOL]DUULHJRUHJXODGR&RPRGDWRUHYHODGRUFDEHGHVWDFDUTXHHVWD
DFWLYLGDGWLHQHXQDKLVWRULD GHFDVL PLODxRVHQODUHJLyQ VHJ~QORHYLGHQFLDQORV
~OWLPRVKDOOD]JRVDUTXHROyJLFRV

/D VXSHUILFLH DJUtFROD FXOWLYDGD HV GH DOUHGHGRU GH KHFWiUHDV OR TXH
UHSUHVHQWD HO SRU FLHQWR GHO WHUULWRULR GH OD UHJLyQ /D HVFDVH] GH DJXD SDUD
LUULJDU PiV WLHUUDV VH HVWi WUDWDQGR GH VXSHUDU FRQ OD HMHFXFLyQ GHO 3UR\HFWR
+LGURHQHUJpWLFRGH2OPRVTXHDPSOLDUiODIURQWHUDDJUtFRODHQPLO+DV\DIXWXUR
FRQORVSUR\HFWRVGHLUULJDFLyQ7LQDMRQHV=DxD\-HTXHWHSHTXH

$VLPLVPR ORV QXHYRV FXOWLYRV GH DJURH[SRUWDFLyQ VH YLHQHQ LQVWDODQGR HQ EDVH D
ULHJR WHFQLILFDGR ,JXDOPHQWH ODV HPSUHVDV D]XFDUHUDV UHTXLHUHQ UHSRWHQFLDU VXV
SR]RV WXEXODUHV YDULRV GH ORV FXDOHV VH HQFXHQWUDQ KR\ HQ GtD LQRSHUDWLYRV VLHQGR
XQDDOWHUQDWLYDGHHPHUJHQFLDIUHQWHDHYHQWRVGHHVFDVH]GHOUHFXUVRKtGULFR
/D DJULFXOWXUD UHSUHVHQWD OD GpFLPD SDUWH GHO 3%, UHJLRQDO 6H KD GHVDUUROODGR
KLVWyULFDPHQWHHQEDVHDODVLHPEUDGHFXDWURFXOWLYRVDUUR]FDxDGHD]~FDUDOJRGyQ
\PDt]DPDULOORGXUR\UHFLHQWHPHQWHVHYLHQHGLYHUVLILFDQGRODRIHUWDSURGXFWLYDDO
LQFRUSRUDU QXHYRV FXOWLYRV FRPR SiSULND SLPLHQWR PRUUyQ DMt MDODSHxR XYD
PHQHVWUDVHQWUHRWURVDGHPiVGHVSXpVGH3LXUDODUHJLyQHVHOVHJXQGRSURGXFWRUD
QLYHOQDFLRQDOGHPDQJR\OLPyQ

/DPED\HTXH WLHQGH D FRQVROLGDUVH FRPR XQD GH ODV UHJLRQHV FRQ XQD RIHUWD
DJURH[SRUWDGRUDPiVDPSOLD\GLYHUVLILFDGDTXHRWUDV]RQDVGHOSDtV
6REUHVDOHHOFDIpFRPRHOSURGXFWRPiVVLJQLILFDWLYRGHQWURGHHVWDRIHUWDHQEDVHDOD
FDSWDFLyQGHOPLVPRHQGLYHUVDVSDUWHVGHOSDtV\VXSURFHVDPLHQWRHQ&KLFOD\R

$VLPLVPR OD UHJLyQ RVWHQWD XQ FODUR OLGHUD]JR HQ FXDQWR D YHQWDV DO H[WHULRU GH
PHQHVWUDV PHUFHG DO IXQFLRQDPLHQWR GH LPSRUWDQWHV SODQWDV GH VHOHFFLyQ \ HQYDVH
GHODVPLVPDV &RPSOHWDQHOSRUWDIROLRGHDJURH[SRUWDFLRQHV SURGXFWRVWDOHVFRPR
HOSLPLHQWRSLTXLOOREURWHVGHEDPE~MXJRGHPDUDFX\iDFHLWHGHOLPyQPDQJRV\
SiSULND SULQFLSDOPHQWH 8Q QXHYR SURGXFWR TXH VH LQFRUSRUDUtD HQ ORV SUy[LPRV
DxRV HV OD XYD 5HG *OREH FX\DV iUHDV GH FXOWLYR YLHQHQ FUHFLHQGR GH PDQHUD
DFHOHUDGD

3URGXFFLyQSHFXDULD

/DSURGXFFLyQSHFXDULDFHQWUDVXVIRUWDOH]DVHQODFULDQ]DGHJDQDGRYDFXQRFDSULQR
\SRUFLQRTXHDSURYHFKDQORVSDVWRVGHODUHJLyQ$VLPLVPRH[LVWHQH[SHULHQFLDVGH
FULDQ]DDYtFRODDSHVDUGHTXHHOFOLPDGHODUHJLyQQRIDYRUHFHPXFKRHVWDLQGXVWULD

3HVFD

3HVH D VHU XQ GHSDUWDPHQWR FRVWHUR OD SHVFD WLHQH SRFR SHVR HQ OD DFWLYLGDG
HFRQyPLFDGHODUHJLyQSRUFLHQWRFRQWUDXQSURPHGLRQDFLRQDOGHSRUFLHQWR
GHO YDORU DJUHJDGR EUXWR 1R REVWDQWH HO OLWRUDO ODPED\HFDQR SRVHH PiV GH
HVSHFLHV DSWDV SDUD HO FRQVXPR KXPDQR TXH VRQ H[SORWDGDV SRU SHVFDGRUHV
DUWHVDQDOHV GH OD UHJLyQ DVt FRPR LPSRUWDQWHV VWRFNV GH DQFKRYHWD \ SRWD TXH VRQ
SHVFDGRVSRUIORWDVGHRWUDVUHJLRQHV

'HVGHHODxRHQTXHVHDOFDQ]yFDVL70GHSHVFDGRGHVHPEDUDFDGRHQODV
FDOHWDVGHODUHJLyQHVWDFLIUDKDYHQLGRFD\HQGRKDVWDIOXFWXDUHQORV~OWLPRVDxRVHQ
DOUHGHGRU GH 70 ([LVWHQ YDULDV FDXVDV TXH H[SOLFDQ HVWD VLWXDFLyQ VLHQGR OD
PiVLPSRUWDQWHODIXHUWHSUHVLyQHMHUFLGDVREUHORVUHFXUVRVSDUWLFXODUPHQWHGHQWUR
GHODIUDQMDGHODVPLOODVPDULQDVTXHHVWiUHVHUYDGDH[FOXVLYDPHQWHSDUDODSHVFD
DUWHVDQDOSRUSDUWHGHODIORWDLQGXVWULDODQFKRYHWHUD\SRUORVSHVFDGRUHVHQJHQHUDO
TXH QR UHVSHWDQ ODV QRUPDV TXH UHJXODQ OD H[SORWDFLyQ GH ORV UHFXUVRV
KLGURELROyJLFRV


/DLQH[LVWHQFLDGHLQIUDHVWUXFWXUD\IDFLOLGDGHVGHGHVHPEDUTXHDVtFRPRGHFDGHQDV
GH IUtR HV RWUR GH ORV IDFWRUHV TXH SXHGH KDEHU LQIOXLGR HQ HO GHVFHQVR GH ORV
GHVHPEDUTXHV SXHV GLFKD VLWXDFLyQ KD REOLJDGR D ORV SHVFDGRUHV D SHVFDU HQ RWUDV
]RQDVRDWUDVODGDUVXSURGXFWRDRWURVSXHUWRVRFDOHWDVDPXFKRGHHOORVWDPELpQ
KD HPSXMDGR D GHGLFDUVH D OD SHVFD LQGXVWULDO EiVLFDPHQWH GH DQFKRYHWD HQ RWUDV
]RQDVGHOSDtV

0LQHUtD

6LELHQODFXOWXUD0RFKLFDTXHWXYRVXDVLHQWRHQORTXHKR\HV/DPED\HTXHSRVHtD
XQD JUDQ WUDGLFLyQ PLQHUD FRPR OR UHYHODQ VXV WUDEDMRV HQ RUIHEUHUtD KR\ HVWD
DFWLYLGDG HV FDVL LQH[LVWHQWH HQ OD UHJLyQ UHSUHVHQWD DSHQDV HO SRU FLHQWR GH OD
DFWLYLGDGHFRQyPLFDUHJLRQDOVHJ~QFLIUDVGHO,1(,DO
8QDGHHOODVHVHOSUR\HFWRFXSUtIHUR&DxDULDFRGHODFDQDGLHQVH&DQGHQWH5HVRXUFH
*URXSPLQHUDMXQLRUIXQGDGDHQ
(O SUR\HFWR &DxDULDFR IXH GHVFXELHUWR HQ HQ XQD H[SORUDFLyQ UHDOL]DGD SRU HO
6HUYLFLR1DFLRQDOGH*HRORJtD\0LQHUtD$SDUWLUGH&DQGHQWH5HVRXUFHLQLFLy
ORV WUDEDMRV GH H[SORUDFLyQ $ OD IHFKD OD HPSUHVD KD LQYHUWLGR 86 PLOORQHV HQ
WUDEDMRV GH H[SORUDFLyQ \ VH HVWLPD TXH OD LQYHUVLyQ WRWDO VXSHUDUtD ORV 86
PLOORQHVGHDFXHUGRDODVSUHYLVLRQHVGHHVWDHPSUHVDPLQHUD
6HJ~QH[SOLFDODHPSUHVDHOSUR\HFWRVHHQFXHQWUDHQODHWDSDGHDQiOLVLVHFRQyPLFR
SUHOLPLQDU/DVSUXHEDVLQLFLDOHVKDFHQSUHYHUTXHVHSRGUtDQH[WUDHUGHDPLO
70 GLDULDV GH PLQHUDO SRU OR FXDO VH WUDWDUtD GH XQ SUR\HFWR D JUDQ HVFDOD \ TXH
SRGUtDHVWDUHQWUDQGRHQRSHUDFLyQKDFtDHO

'H FRQFUHWDUVH HVWRV SUR\HFWRV ORV LQJUHVRV GH OD UHJLyQ VH LQFUHPHQWDUtDQ YtD HO
FDQRQ \ ODV UHJDOtDV UHFXUVRV TXH D OD IHFKD VRQ LQH[LVWHQWHV FRPR IXHQWH GH
ILQDQFLDPLHQWRUHJLRQDO

'H RWUR ODGR OD UHJLyQ WDPELpQ SRVHH UHFXUVRV QR PHWiOLFRV FRPR DUFLOOD DUHQD
EDULWLQDFDOL]DFDUEyQSLHGUDVGHFRUDWLYDV\VDOHQWUHRWURV

0DQXIDFWXUD

6HJ~Q FLIUDV GHO ,1(, DO OD PDQXIDFWXUD UHSUHVHQWDED HO SRU FLHQWR GHO
YDORUDJUHJDGREUXWRGHODSURGXFFLyQGHOGHSDUWDPHQWRFRQWUDXQSRUFLHQWRD
QLYHOQDFLRQDOeVWDVHFRQFHQWUDSULQFLSDOPHQWHHQODPROLHQGDGHDUUR]HODERUDFLyQ
GHD]~FDU\SURFHVDPLHQWRSULPDULRGHFDIpFRQILQHVGHH[SRUWDFLyQ
2WUR UXEUR DJURLQGXVWULDO HV HO HVWDEOHFLGR HQ 0RWXSH \ 2OPRV GHGLFDGR
SULQFLSDOPHQWHDOSURFHVDPLHQWRGHPDQJRPDUDFX\i\OLPyQ(VWDPLVPD]RQDHV
VHGHGHXQDGHODVPiVLPSRUWDQWHVSODQWDVFHUYHFHUDVGHOJUXSR%DFNXV
$VLPLVPR OD SUHSDUDFLyQ GH FRQVHUYDV HQ EDVH D FDSVLFXP DMtHV \ SLPLHQWRV \ OD
VHOHFFLyQ\HQYDVDGRGHIULMROHVVRQDFWLYLGDGHVHQSURFHVRGHFRQVROLGDFLyQ

/DIDEULFDFLyQGHILGHRVVHPDQWLHQHFRPRXQDDFWLYLGDGPDQXIDFWXUHUDGHUHODWLYD
LPSRUWDQFLDHQODPHGLGDTXHDWLHQGHHQXQSRUFLHQWRDOPHUFDGRORFDO\HQXQ
SRUFLHQWRDOPHUFDGRH[WHUQR
/D DFWLYLGDG D]XFDUHUD HVWi HPHUJLHQGR SRFR D SRFR GH XQD FULVLV GH ODUJD GDWD
JUDFLDV DO FRQFXUVR GH LQYHUVLRQLVWDV GH OD UHJLyQ \ DO LQWHUpV GH RWURV QDFLRQDOHV \
H[WUDQMHURV &DVRV HPEOHPiWLFRV HQ HVWH VHQWLGR VRQ ORV GH 3RPDOFD 7XPiQ \
$JUR3XFDOi TXH VH SUHVHQWDQ PiV DGHODQWH /DV FLIUDV PiV UHFLHQWHV UHIOHMDQ XQ
SURFHVR GH UHFXSHUDFLyQ LPSRUWDQWH HQ ORV QLYHOHV GH SURGXFFLyQ D]XFDUHUD GH
/DPED\HTXH

(Q FXDQWR D OD PROLQHUtD GH DUUR] /DPED\HTXH HV DVLHQWR GH PiV GH FLHQ
HVWDEOHFLPLHQWRVGHHVWHWLSRHOSRUFLHQWRGHSLODGRUDVH[LVWHQWHVHQHOSDtV\GD
FXHQWDGHODFXDUWDSDUWHGHFDSDFLGDGGHSLODGRGHOFHUHDO'LFKRVPROLQRVDFRSLDQ
HO DUUR] SURGXFLGR HQ OD FRVWD QRUWH \ FHMD GH VHOYD 8QD YH] SURFHVDGR pVWH VH
FRPHUFLDOL]D FDVL HQ VX WRWDOLGDG HQ HO PHUFDGR ORFDO VLHQGR PtQLPRV ORV
SRUFHQWDMHVTXHYDQDOPHUFDGRH[WHUQR&RORPELDSULQFLSDOPHQWH

(Q HO SURFHVDPLHQWR \ H[SRUWDFLyQ GH FDIp GRV HPSUHVDV GH OD UHJLyQ 3HUDOHV
+XDQFDUXQD\3521$785RFXSDQHOSULPHU\GpFLPROXJDUUHVSHFWLYDPHQWHHQHO
UDQNLQJ QDFLRQDO GH H[SRUWDGRUHV GH HVWH JUDQR HQ HO SULPHU VHPHVWUH GH 6H
WUDWD GH XQD DFWLYLGDG FRQ DPSOLRV HIHFWRV PXOWLSOLFDGRUHV HQ RWUDV ]RQDV GHO SDtV
GRQGHODVSODQWDVGH&KLFOD\RFDSWDQVXPDWHULDSULPD

7XULVPR

(OWXULVPRHVFRQVLGHUDGRFRPRXQRGHORVHMHVGHODYRFDFLyQUHJLRQDOHQHOSODQGH
GHVDUUROOR (O GHSDUWDPHQWR GH /DPED\HTXH WLHQH FRPR SULQFLSDO DWUDFWLYR VXV
PXVHRVHQSDUWLFXODUHOGHODV7XPEDV5HDOHVHOFXDODOEHUJDORVUHVWRVGHO6HxRUGH
6LSiQ GHVFXELHUWRV SRU HO DUTXHyORJR :DOWHU $OYD HQ \ FRQYHUWLGR HQ XQD
DWUDFFLyQDQLYHOPXQGLDO7DPELpQFXHQWDFRQORVPXVHRVGH6LFiQ\%UQLQJHQWUH
RWURV

/DPED\HTXHWDPELpQFXHQWDFRQDWUDFWLYRVQDWXUDOHVFRPRHO%RVTXH6HFRGH3yPDF
\NLOyPHWURVGHSOD\DVIUHQWHDVXVFRVWDVTXHSRGUtDQDWUDHUODLQYHUVLyQHQKRWHOHV
\GHVDUUROODUXQDLQIUDHVWUXFWXUDDGHFXDGDSDUDUHFLELUDORVWXULVWDV
&DEH GHVWDFDU TXH OD SUHVHQFLD GH ]RQDV QDWXUDOHV SURWHJLGDV FRPR HO %RVTXH GH
3RPDF \ HO GH &KDSDUUt WDPELpQ IRPHQWDQ XQ WLSR HVSHFLDO GH WXULVPR HO GH ORV
REVHUYDGRUHV GH DYHV TXH VHJ~Q HVWXGLRV GH 3URPSHU~ VRQ ORV TXH HQ SURPHGLR
JDVWDQ PiV SRU GtD 86 GyODUHV IUHQWH D XQ SURPHGLR QDFLRQDO GH 86 SRU
GtD
1R REVWDQWH HO FUHFLPLHQWR GHO WXULVPR HQ ORV ~OWLPRV DxRV D~Q HV LQFLSLHQWH HQ OD
UHJLyQ'HDFXHUGRDOQ~PHURGHHVWDEOHFLPLHQWRVODUHJLyQRFXSDHOSXHVWRDQLYHO
QDFLRQDO GHWUiV GH UHJLRQHV FRPR $QFDVK \ -XQtQ /D WDVD GH RFXSDELOLGDG HQ ORV
KRWHOHV JUDQGHV HQWUH \ SRU FLHQWR VH H[SOLFD EiVLFDPHQWH SRU YLVLWDQWHV TXH
OOHJDQDKDFHUQHJRFLRVFOLHQWHVFRUSRUDWLYRV


&RPHUFLR

/DPED\HTXH SRVHH XQD XELFDFLyQ HVWUDWpJLFD FRPR ]RQD GH FRQIOXHQFLD GH DJHQWHV
HFRQyPLFRVTXHSURYLHQHQGHODFRVWDVLHUUD\VHOYDKDFLHQGRGH&KLFOD\RODFLXGDG
FRQ PD\RU DIOXHQFLD FRPHUFLDO GHO 3HU~ HO FRPHUFLR FRPR SRUFHQWDMH GHO YDORU
DJUHJDGRGHODUHJLyQWLHQHXQSHVRGHSRUFLHQWRVHJXLGRGH8FD\DOLFRQ
SRUFLHQWR\/LPDFRQSRUFLHQWR

(O FRPHUFLR HQ /DPED\HTXH \ SULQFLSDOPHQWH HQ &KLFOD\R KD SDVDGR GHVGH ODV
IRUPDV PiV WUDGLFLRQDOHV KDVWD ORV JUDQGHV FHQWURV FRPHUFLDOHV 1R REVWDQWH HO
SRUFLHQWRGHODDFLYLGDGFRPHUFLDOHVUHDOL]DGRSRUODVSHTXHxDV\PLFURHPSUHVDV

'(7(5,252<$0(1$=$63$5$/$',9(56,'$'%,2/Ð*,&$

/DGLYHUVLGDGELROyJLFDDSHVDUGHVXWUHPHQGDLPSRUWDQFLDHVDIHFWDGDHQODUHJLyQ
SRU GLYHUVDV DFWLYLGDGHV HVSHFLDOPHQWH DQWUySLFDV TXH YDQ UHGXFLHQGR OD
GLVSRQLELOLGDGGHUHFXUVRVJHQpWLFRVHVSHFLHV\HFRVLVWHPDVHVWDEOHV
/DWDODGHERVTXHVHVXQSURFHVRGHHQRUPHVFRQVHFXHQFLDVDPELHQWDOHVHFRQyPLFDV
\ VRFLDOHV /D GHJUDGDFLyQ GH HFRVLVWHPDV LPSRUWDQWHV HV JUDYH FRPR WDPELpQ OD
DPHQD]DGHH[WLQFLyQGHHVSHFLHVGHODIORUD\GHODIDXQD/DVFRQVHFXHQFLDVVREUH
ODVSREODFLRQHVUXUDOHVVRQPX\GLYHUVDV\YDQGHVGHODUHGXFFLyQGHODVHJXULGDG
DOLPHQWDULDDPD\RUHPSREUHFLPLHQWRSRUODUHGXFFLyQGHUHFXUVRV

6HJ~Q HO HVWXGLR GHO 3UR\HFWR $OJDUURER UHDOL]DGR HQ HO DxR HO ULWPR GH
GHIRUHVWDFLyQ GH ORV ERVTXHV GH /DPED\HTXH HV GH XQ DSUR[LPDGR GH VLHWH PLO
KHFWiUHDVSRUDxR

$VtPLVPRODVDOLQL]DFLyQGHORVVXHORVSRUH[FHVLYRULHJRHVXQSUREOHPDFUHFLHQWH
GRQGHVHHVWLPDTXHHQ/DPED\HTXHHOGHORVVXHORVDJUtFRODVHVWiQDIHFWDGRV
HQPD\RURPHQRUPHGLGDSRUHVWHIHQyPHQR

2WURSUREOHPDHVODWDODGHORVERVTXHVHQWLHUUDVQRDSWDVSDUDILQHVDJURSHFXDULRV
ODGHUDVHPSLQDGDVERVTXHVHQWLHUUDVGHSURWHFFLyQRULOODVGHORVUtRVFXHQFDVDOWDV
GH ORV UtRV HWF &DGD DxR VH WDODQ \ TXHPDQ GHFHQDV GH PLOHV GH KHFWiUHDV SRU OD
DJULFXOWXUD PLJUDWRULD /D WDOD H[KDXVWLYD H LOHJDO GH HVSHFLHV FRPHUFLDOHV YDOLRVDV
HVWiUHGXFLHQGRODVSREODFLRQHVGHHVSHFLHVIRUHVWDOHVSRUTXHQRYDDFRPSDxDGDGH
ODUHSRVLFLyQGHODVPLVPDVFRQODUHIRUHVWDFLyQ/DHVFDVDHGXFDFLyQHQODSREODFLyQ
TXH QR HVWi LQIRUPDGD DFHUFD GH ORV EHQHILFLRV GH ORV ERVTXHV \ OD HGXFDFLyQ
QDFLRQDO QR FRQWULEX\HQ D FUHDU XQD FRQFLHQFLD FRQVHUYDFLRQLVWD HVWR VXPDGR D OD
DXVHQFLD GH XQD LQVWLWXFLRQDOLGDG VyOLGD TXH UHVJXDUGH HO EXHQ PDQHMR GH ORV
UHFXUVRVLQFUHPHQWDHOJUDGRGHDPHQD]DDODGLYHUVLGDGELROyJLFDGHODUHJLyQ


(Q ORV WDOOHUHV UHDOL]DGRV FRQ ORV H[SHUWRV \ UHSUHVHQWDQWHV GH LQVWLWXFLRQHV
UHODFLRQDGDV FRQ OD GLYHUVLGDG ELROyJLFD VH KDQ LGHQWLILFDGR SUREOHPDV FX\DV
SULQFLSDOHVFDXVDVVRQ

/DIUDJPHQWDFLyQGHKiELWDW\ODSpUGLGDGHHVSHFLHV

/DIUDJPHQWDFLyQ\ODSpUGLGDGHOKiELWDWVRQGRVGHORVSUREOHPDVDPELHQWDOHVHQOD
DFWXDOLGDG PiV LPSRUWDQWHV GH OD UHDOLGDG ODPED\HFDQD HQ OD TXH FRQVWLWX\HQ ODV
SULQFLSDOHV FDXVDV GH PRGLILFDFLyQ \ SpUGLGD GH OD GLYHUVLGDG ELROyJLFD (VWRV
SURFHVRV DXQTXH GLIHUHQWHV HVWiQ UHODFLRQDGRV HQWUH Vt \ JHQHUDQ FDPELRV HQ OD
FDOLGDGGHOKiELWDW\GHORVUHFXUVRVDIHFWDQGRHQPD\RUPHGLGDDDTXHOODVHVSHFLHV
TXHGHSHQGHQGHXQGHWHUPLQDGRWLSRGHKiELWDW


)LJXUD1352%/(0$35,1&,3$/<&$86$648($0(1$=$1/$',9(56,'$'%,2/Ð*,&$

'HVHUWLILFDFLyQ &RQWDPLQDFLyQ
GHDJXD\VXHOR 3URSDJDFLyQGH
HVSHFLHV
LQYDVRUDV

'HIRUHVWDFLyQ
SRUDJULFXOWXUD 7DODVHOHFWLYD ,QFXPSOLPLHQWR
PLJUDWRULD GHQRUPDWLYD
)UDJPHQWDFLyQ

GHKiELWDW\

SpUGLGDGH

HVSHFLHV

,QH[LVWHQFLDGH $PSOLDFLyQGH 6REUHFD]D

2UGHQDPLHQWR IURQWHUD

WHUULWRULDO DJUtFRODHQ
WLHUUDVQRDSWDV

6REUHSHVFD

&UHFLPLHQWR

SREODFLRQDOVLQ
6REUHSDVWRUHR
SODQLILFDFLyQ

8VRGHWHFQRORJtDV
'HVFRQRFLPLHQWR LQDGHFXDGDVSDUDOD
GHDOWHUQDWLYDV H[WUDFFLyQGH 3UiFWLFDGH
GHFRQVHUYDFLyQ UHFXUVRV WpFQLFDV

LQDGHFXDGDVHQOD

DJULFXOWXUD

(VFDVRVSODQHVR
SURJUDPDVGH
SURPRFLyQHGXFDFLyQ
\FDSDFLWDFLyQGH
DFWLYLGDGHVVRVWHQLEOHV

,167,78&,21$/,'$'<*(67,Ð1

(O*RELHUQR5HJLRQDO/DPED\HTXHHVHOHQWHFRQGXFWRUGHODSROtWLFDDPELHQWDO
HQ HO iPELWR WHUULWRULDO GH VX MXULVGLFFLyQ *HVWLRQD \ DGPLQLVWUD VXV DFFLRQHV
PHGLDQWH VX *HUHQFLD 5HJLRQDO GH 5HFXUVRV 1DWXUDOHV \ *HVWLyQ GHO 0HGLR
$PELHQWH TXH D OD YH] WLHQH FRPR XQD GH VXV SULQFLSDOHV IXQFLRQHV OD
SURPRFLyQ GH OD JHVWLyQ VRVWHQLEOH GH ORV UHFXUVRV QDWXUDOHV SDUD PHMRUDU OD
FDOLGDG DPELHQWDO \ ODV FRQGLFLRQHV GH YLGD GH OD SREODFLyQ GH OD UHJLyQ
7DPELpQIRUPXODFRRUGLQDFRQGXFH\VXSHUYLVD ODDSOLFDFLyQGHOD (VWUDWHJLD
5HJLRQDOGHGLYHUVLGDGELROyJLFDGHQWURGHOPDUFRGHODVHVWUDWHJLDVQDFLRQDOHV
UHVSHFWLYDV
/DV DFFLRQHV GHO *RELHUQR 5HJLRQDO WDPELpQ VH GHVFRQFHQWUDQ \ FRQFHUWDQ D
WUDYpVGHORVGLIHUHQWHVHVSDFLRVFRPRVRQOD&RPLVLyQ$PELHQWDO5HJLRQDOFRQ
VXVUHVSHFWLYRVJUXSRVWpFQLFRV*UXSR7pFQLFRGH'LYHUVLGDG%LROyJLFD\ODV
GLIHUHQWHV0HVDVGH&RQFHUWDFLyQSDUDODJHVWLyQDPELHQWDO

/D*HVWLyQGHODGLYHUVLGDGELROyJLFDGHODUHJLyQ/DPED\HTXHVH GDVREUHOD
EDVH GH ODV RUJDQL]DFLRQHV HVWDWDOHV yUJDQRV \ RILFLQDV GH ODV GLVWLQWDV
HQWLGDGHV S~EOLFDV TXH HMHUFHQ FRPSHWHQFLDV \ IXQFLRQHV HQ PDWHULD GH
FRQVHUYDFLyQ GH ORV UHFXUVRV QDWXUDOHV FRQWDQGR FRQ OD SDUWLFLSDFLyQ GH ODV
FRPXQLGDGHV DVHQWDGDV HQ ORV iPELWRV GH ODV iUHDV GH FRQVHUYDFLyQ \ OD
VRFLHGDGFLYLORUJDQL]DGD

(O HMHUFLFLR GH ODV IXQFLRQHV HQ PDWHULD GH JHVWLyQ GH OD GLYHUVLGDG ELROyJLFD
HVWi D FDUJR GH ODV HQWLGDGHV S~EOLFDV UHJLRQDOHV \ ORFDOHV VH OOHYD D FDER HQ
FRQFRUGDQFLDFRQODQRUPDWLYDYLJHQWHORTXHFRQOOHYDDLPSXOVDU\DUWLFXODUOD
SDUWLFLSDFLyQGHODVXQLYHUVLGDGHVHPSUHVDVHLQVWLWXFLRQHVGHODVRFLHGDGFLYLO
HQ OD HMHFXFLyQ GH ORV SODQHV \ HVWUDWHJLDV TXH FRQFLHUQHQ D OD GLYHUVLGDG
ELROyJLFDUHJLRQDO

,GHQWLILFDFLyQGH6HFWRUHVLQYROXFUDGRVDQLYHOUHJLRQDO

§ *RELHUQR5HJLRQDO/DPED\HTXH*551\*0$
§ 'LUHFFLyQ5HJLRQDOGH$JULFXOWXUD
§ 'LUHFFLyQ5HJLRQDOGH7XULVPR
§ 'LUHFFLyQ5HJLRQDOGH3URGXFFLyQ
§ 'LUHFFLyQ5HJLRQDOGH(GXFDFLyQ
§ ,0$53(²/DPED\HTXH
§ ,QVWLWXWR1DFLRQDOGH&XOWXUD/DPED\HTXH
§ &RPLVLyQ$PELHQWDO5HJLRQDO²&$5/DPED\HTXH
§ 8QLYHUVLGDGHV3~EOLFDV\3ULYDGDVGHOD5HJLyQ
§ 2UJDQL]DFLRQHV 1R *XEHUQDPHQWDOHV (VSHFLDOL]DGDV HQ 7HPiWLFD
$PELHQWDO
§ -HIDWXUDGHÉUHDV1DWXUDOHV3URWHJLGDV²/DPED\HTXH

§ $XWRULGDG)RUHVWDO\GH)DXQD6LOYHVWUH/DPED\HTXH
§ 0XQLFLSDOLGDGHV3URYLQFLDOHV\'LVWULWDOHV
§ 2UJDQL]DFLRQHVGH%DVHFRPSURPHWLGDVHQHOWHPD
§ &RPXQLGDGHV&DPSHVLQDV
§ &ROHJLRVSURIHVLRQDOHV
§ &RRSHUDFLyQ,QWHUQDFLRQDO
§ (PSUHVDV3ULYDGDV
§ 0LQLVWHULR3~EOLFR
§ 3ROLFtD1DFLRQDOGHO3HU~

,QVWUXPHQWRV 1RUPDWLYRV SDUD OD JHVWLyQ GH OD 'LYHUVLGDG
%LROyJLFD

§ &RQVWLWXFLyQ3ROtWLFDGHO3HU~UDWLILFDGDHOGHRFWXEUHGH
§ /H\*HQHUDOGHO$PELHQWH/H\1SXEOLFDGDGHPDQHUD
RILFLDOHOGHRFWXEUHGHO
§ /H\0DUFRGHO6LVWHPD1DFLRQDOGH*HVWLyQ$PELHQWDO/H\
1SXEOLFDGRGHPDQHUDRILFLDOHOGHMXQLRGHO
§ /H\VREUH&RQVHUYDFLyQ\$SURYHFKDPLHQWR6RVWHQLEOHGHOD
'LYHUVLGDG%LROyJLFD/H\1GHOGHMXQLRGH\VX
§ 5HJODPHQWRDSUREDGRPHGLDQWH'HFUHWR6XSUHPR1²²
3&0SXEOLFDGRGHPDQHUDRILFLDOHOGHMXQLRGHO
§ /H\GH3URWHFFLyQDO$FFHVRGHOD'LYHUVLGDG%LROyJLFD3HUXDQD\
ORV&RQRFLPLHQWRV&ROHFWLYRV/H\1GHOGHDEULOGHO

§ /H\GHÉUHDV1DWXUDOHV3URWHJLGDV/H\1GHOGHMXQLRGH
VX5HJODPHQWR$SUREDGRPHGLDQWH'HFUHWR6XSUHPR1
²²$*SXEOLFDGRGHPDQHUDRILFLDOHOGHMXQLRGHO\
HO3ODQ'LUHFWRUGHÉUHDV1DWXUDOHVSURWHJLGDVDSUREDGRPHGLDQWH
'HFUHWR6XSUHPR1²²$*SXEOLFDGRGHPDQHUDRILFLDOHO
GHDEULOGH
§ /H\GH)RUHVWDO\)DXQD6LOYHVWUH/H\1SXEOLFDGDHOGH
MXOLR GHO \ VX 5HJODPHQWR DSUREDGR PHGLDQWH 'HFUHWR
6XSUHPR1²²$*SXEOLFDGRHOGHDEULOGHO
§ /H\GH%DVHVGHOD'HVFHQWUDOL]DFLyQ/H\1 SXEOLFDGDGH
PDQHUDRILFLDOHOGHMXOLRGH
§ /H\ 2UJiQLFD GH *RELHUQR 5HJLRQDOHV /H\ 1 GHO GH
QRYLHPEUHGHO
§ /D/H\2UJiQLFDGH0XQLFLSDOLGDGHV/H\1SXEOLFDGDGH
PDQHUDRILFLDOHOGHPD\R
§ 5HJODPHQWR GH =RQLILFDFLyQ (FROyJLFD (FRQyPLFD =(( DSUREDGR
PHGLDQWH 'HFUHWR 6XSUHPR 1 ² ² 3&0 GHO GH
GLFLHPEUH GHO \ VX 'LUHFWLYD VREUH 0HWRGRORJtD SDUD OD
=RQLILFDFLyQ (FROyJLFD \ (FRQyPLFD DSUREDGR SRU HO 6XE &RPLWp
GH=((HOGHGLFLHPEUHGHO
§ /H\1²/H\GH'HPDUFDFLyQ\2UJDQL]DFLyQ7HUULWRULDO

§ 'HFUHWR 6XSUHPR 1 ²3&0 6REUH 2UGHQDPLHQWR

7HUULWRULDO$PELHQWDO
§ 'HFUHWR 6XSUHPR 1 3&0 5HJODPHQWR GH OD /H\ GH
&RQVHUYDFLyQ \ DSURYHFKDPLHQWR VRVWHQLEOH GH OD 'LYHUVLGDG
%LROyJLFD
§ 'HFUHWR 6XSUHPR 1 3&0 VREUH OD (VWUDWHJLD 1DFLRQDO
GH'LYHUVLGDG%LROyJLFDGHO3HU~
§ 'HFUHWR 6XSUHPR 1 3&0 5HJODPHQWR GH OD /H\ GH
'HPDUFDFLyQ\2UJDQL]DFLyQ7HUULWRULDO
§ 'HFUHWR 6XSUHPR 1 3&0 5HJODPHQWR GH =RQLILFDFLyQ
(FRQyPLFD(FROyJLFD
§ 'HFUHWR 6XSUHPR 1 3&0 5HJODPHQWR GH OD /H\ 1
/H\0DUFRGHO6LVWHPD1DFLRQDOGH*HVWLyQ$PELHQWDO
§ 'HFUHWR6XSUHPR1$*5HJODPHQWRGHOD/H\)RUHVWDO\
GH)DXQD6LOYHVWUH
§ (O&RQYHQLRVREUH'LYHUVLGDG%LROyJLFD
§ /DOH\1/H\*HQHUDOGHO$PELHQWH


',$*1Ð67,&2 62%5( /$ ',9(56,'$' %,2/Ð*,&$ '( /$
5(*,Ð1/$0%$<(48()2'$

$VSHFWRV )RUWDOH]DV 2SRUWXQLGDGHV 'HELOLGDGHV $PHQD]DV
&RQVHUYDFLyQGHOD ([LVWHQFLD GH ([LVWHQFLD GH 'HVWUXFFLyQ GH 3pUGLGD \ H[WLQFLyQ
'LYHUVLGDG GLYHUVLGDG IRQGRV GH KiELWDWV \ DPHQD]D GH OD ELRGLYHUVLGDG
%LROyJLFDGH ELROyJLFD FRRSHUDFLyQ GHHVSHFLHV SRU FDFHUtD
/DPED\HTXH HVSHFLHV LQWHUQDFLRQDO \ GHO VREUHSHVFD WDOD
HQGpPLFDV (VWDGR SDUD OD LQFHQGLRV IRUHVWDOHV \
QXHYHV SRU FRQVHUYDFLyQ \ XVR GHVWUXFFLyQ GH
GHVFXEULU VRVWHQLEOHGHOD KiELWDW
ELRGLYHUVLGDG
([LVWHQFLD GH 3ULRUL]DFLyQ GH OD (O SRUFHQWDMH GH 3ULRULGDG PLQHUD
iUHDV GH FRRSHUDFLyQ SRU ÉUHDV 1DWXUDOHV VREUH OD GH
FRQVHUYDFLyQ HFRVLVWHPDV 3URWHJLGDVHVEDMR FRQVHUYDFLyQ
IUiJLOHV
*RELHUQR ([LVWHQFLDGH &DUHQFLD GH WtWXORV
5HJLRQDO HQ 1RUPDWLYD GH SURSLHGDG GH
SURFHVR GH QDFLRQDO\UHJLRQDO FRPXQLGDGHV
QXHYDViUHDVSDUD
FRQVHUYDFLyQ
8VR VRVWHQLEOH GH ([LVWHQFLD GH ([LVWHQFLD GH 3UiFWLFD GH XVR QR 'HWHULRUR \ SpUGLGD
OD GLYHUVLGDG H[SHULHQFLDV PHUFDGRV GH VRVWHQLEOH GH OD GH SDWULPRQLR
ELROyJLFD H[LWRVDV HQ SURGXFWRV GH OD GLYHUVLGDG QDWXUDO\FXOWXUDO
PDQHMR GH GLYHUVLGDG ELROyJLFD
GLYHUVLGDG ELROyJLFD 3URGXFWRUHV GHO
ELROyJLFD ERVTXH
GHVRUJDQL]DGRV
SDUD OD
FRPHUFLDOL]DFLyQGH
VXVSURGXFWRV
'LYHUVLGDG &UHFLPLHQWR ,QVWLWXFLRQHV QR
ELROyJLFD SDUD WXUtVWLFR HMHFXWDQHO3ODQGH
HFRWXULVPR GHVDUUROOR WXUtVWLFR
UHJLRQDO \
([LVWHQFLD GH PDFURUHJLRQDO
3ODQ
0DFURUHJLRQDO \
5HJLRQDO GH
WXULVPR
(GXFDFLyQ ([LVWHQFLD GH 'LVSRQLELOLGDG GH (VFDVD HGXFDFLyQ D 2ULHQWDFLyQ D OD
FRQFLHQWL]DFLyQ \ LQVWLWXFLRQHV UHFXUVRVKXPDQRVH ODSREODFLyQ SURPRFLyQ GH
SDUWLFLSDFLyQ GH OD FRPR LQVWLWXFLRQHV DJURLQGXVWULDV
VRFLHGDG HQ OD XQLYHUVLGDGHV FRPSURPHWLGDVFRQ
JHVWLyQ GH OD 21*V \ OD JHVWLyQ GH OD
GLYHUVLGDG SURIHVLRQDOHV ELRGLYHUVLGDG
ELROyJLFDUHJLRQDO LQGHSHQGLHQWHV
&RPLWpV GH 2UJDQLVPRV $XVHQFLD GH ,QH[LVWHQFLDGHSODQHV
JHVWLyQ \ QDFLRQDOHV H LQFHQWLYRV GH FDSDFLWDFLyQ \
DVRFLDFLRQHV SDUD LQWHUQDFLRQDOHV SUR\HFWRV SDUD
SURWHFFLyQ LQWHUHVDGRV HQ IRUWDOHFHU
GHERVTXHV GLIXVLyQ GH OD FDSDFLGDGHV


FRQVHUYDFLyQ \
GHVDUUROOR
VRVWHQLEOH GH OD
ELRGLYHUVLGDG
,QYHVWLJDFLyQ \ ([LVWHQFLD GH ([LVWHQFLD GH 3RFR Q~PHUR GH 0LJUDFLyQ GH
FDSDFLGDGHV LQYHVWLJDGRUHV SUR\HFWRV SDUD LQYHVWLJDGRUHV \ LQYHVWLJDGRUHV
WpFQLFDV SDUD HO IRUWDOHFHU HVFDVD DVLJQDFLyQ
FRQRFLPLHQWRGHOD FDSDFLGDGHV \ GHIRQGRV
GLYHUVLGDG GHVDUUROODU ,QYHVWLJDFLRQHV QR 3pUGLGD \ GHWHULRUR
UHJLRQDO LQYHVWLJDFLyQ SXEOLFDGDV GHODELRGLYHUVLGDG
(VWXGLRV ([LVWHQFLD GH 8QLYHUVLGDGHV QR
UHDOL]DGRV VREUH LQVWLWXFLRQHV SDUD SURPXHYHQ
GLYHUVLGDG GHVDUUROODU LQYHVWLJDFLyQ D
ELROyJLFD LQYHVWLJDFLyQ WUDYpVGHWHVLVWDV
,QWHUpV SRU ([LVWHQFLD GH 3RFDV FDSDFLGDGHV
IRUWDOHFHU ODV LQVWLWXFLRQHV SDUD OD JHVWLyQ GH
FDSDFLGDGHV SURPRWRUDV GH ODELRGLYHUVLGDG
WpFQLFDV FDSDFLWDFLyQ \
ILQDQFLDPLHQWR
,QIRUPDFLyQ \ ,QVWLWXFLRQHV ,QWHUpV GH ,QH[LVWHQFLD GH XQ $XVHQFLD GH IXHQWHV
FRQRFLPLHQWR S~EOLFDV \ HQWLGDGHV VLVWHPD GH GH LQIRUPDFLyQ SDUD
VREUH GLYHUVLGDG SULYDGDV TXH QDFLRQDOHV \ LQIRUPDFLyQ %DVH ODWRPDGHGHFLVLRQHV
ELROyJLFD SURPXHYHQ HO H[WUDQMHUDV SRU GH GDWRV VREUH
GHVDUUROOR GH OD FRQRFHU OD GLYHUVLGDG
GLYHUVLGDG GLYHUVLGDG ELROyJLFD
ELROyJLFD ELROyJLFD
+D\ FDPSR GH 3UHGLVSRVLFLyQ GH 'HVLQWHUpV HQ 3pUGLGD GH OD
DFFLyQ SDUD ORV PHGLRV GH DXWRULGDGHV \ GLYHUVLGDGELROyJLFD
GHVDUUROODU HO FRPXQLFDFLyQ SDUD SREODFLyQ HQ
FRQRFLPLHQWR GH GLIXVLyQ IRPHQWDU
GHO \
OD GLYHUVLGDG FRQRFLPLHQWR GH OD
PDQWHQHU
ELROyJLFD GLYHUVLGDG LQIRUPDFLyQ \
ELROyJLFD FRQRFLPLHQWR GH
GLYHUVLGDG
ELROyJLFD
'HVFRQRFLPLHQWR
GH IXHQWHV GH
ILQDQFLDPLHQWR
SDUD OD
FRQVHUYDFLyQ GH OD
GLYHUVLGDG
'HVFRQRFLPLHQWR
GH OD SREODFLyQ
VREUH OD GLYHUVLGDG
ELROyJLFD
2UJDQL]DFLyQ H &RPSURPLVR GH 2UJDQLVPRV 3RFDV )DOWD GH
LQVWLWXFLRQDOLGDG ODV LQVWLWXFLRQHV QDFLRQDOHV RUJDQL]DFLRQHV H VRVWHQLELOLGDG GH
SRU HO GHVDUUROOR LQWHUQDFLRQDOHV \ LQVWLWXFLRQHV SUR\HFWRV \
GH OD GLYHUVLGDG 21*V FDSDFLWDGDV H SURJUDPDV TXH
ELROyJLFD FRPSURPHWLGRV LQYROXFUDGDV UHDOL]DQ ODV
RUJDQL]DFLRQHV
,QFXPSOLPLHQWRGHOD
QRUPDWLYD \ SODQHV
GHGHVDUUROOR


)LQDQFLDPLHQWR ([LVWHQFLD GH (QWLGDGHV 8VR LQDGHFXDGR GH )XHQWHV GH
IXHQWHV GH ILQDQFLHUDV ORV UHFXUVRV ILQDQFLDPLHQWR
ILQDQFLDPLHQWR LQWHUHVDGDV HQ OD ILQDQFLHURV SLHUGHQ LQWHUpV HQ
LQWHUQDV \ LQYHUVLyQ SDUD OD LQYHUWLU HQ SUR\HFWRV
H[WHUQDV FRQVHUYDFLyQ GH OD GH GLYHUVLGDG
GLYHUVLGDG ELROyJLFD
ELROyJLFD
([LVWHQFLD GH 9DORUDFLyQ GH ORV 1R VH SULRUL]DQ $XPHQWR GH OD
LQLFLDWLYDV SDUD UHFXUVRV\ VHUYLFLRV SUR\HFWRV SDUD SREUH]D
GHVDUUROOR GH DPELHQWDOHV FRQVHUYDFLyQ \
SUR\HFWRV VREUH DSURYHFKDPLHQWR
FRQVHUYDFLyQ \ VRVWHQLEOH GH OD
XVR VRVWHQLEOH GH GLYHUVLGDG
ODELRGLYHUVLGDG ELROyJLFD
3URFHVRV H[WHUQRV 6H FXHQWD FRQ ,QVWLWXFLRQHV ,QH[LVWHQFLD GH 5HFXUUHQFLD GH
TXH LQIOX\HQ HQ OD HQWLGDGHV GHO LQWHUQDFLRQDOHV \ SODQHV GH IHQyPHQRV FOLPiWLFRV
GLYHUVLGDG HVWDGR TXH QDFLRQDOHV TXH SUHYHQFLyQ DGYHUVRV
ELROyJLFD GHVDUUROODQ UHDOL]DQ
DFFLRQHV SDUD LQYHVWLJDFLRQHV
FRQVHUYDFLyQ GH VREUH PLWLJDFLyQ \
GLYHUVLGDG SUHYHQFLyQ GH
ELROyJLFD HIHFWRVQDWXUDOHV
&XPEUHV 8VR LQDGHFXDGR GH 3pUGLGD GH HVSHFLHV
PXQGLDOHV DQDOL]DQ WpFQLFDV TXH SRQHQ QDWLYDV SRU HVSHFLHV
\ SURSRQHQ HQ ULHVJR OD LQYDVRUDV \
DOWHUQDWLYDV GH GLYHUVLGDG WUDQVJpQLFRV
VROXFLyQ D ELROyJLFD
SUREOHPDV


III. ESTRATEGIA Y PLAN DE ACCIÓN SOBRE

DIVERSIDAD BIOLÓGICA

0$5&2(675$7e*,&2

$QLYHOQDFLRQDOHLQWHUQDFLRQDOH[LVWHQGLYHUVRVHQIRTXHVTXHFRQWULEX\HQDOD
IRUPXODFLyQGHSROtWLFDVHQHOWUDEDMRFRQODGLYHUVLGDGELROyJLFD/D(VWUDWHJLD
0XQGLDO SDUD OD &RQVHUYDFLyQ IXH HO SULPHU GRFXPHQWR LQWHUQDFLRQDO
VREUH OD SUREOHPiWLFD GHO DPELHQWH \ GHILQtD DO GHVDUUROOR FRPR OD
PRGLILFDFLyQGHODELRVIHUD\ODDSOLFDFLyQGHORVUHFXUVRVKXPDQRVILQDQFLHURV
YLYRV H LQDQLPDGRV HQ DUDV GH OD VDWLVIDFFLyQ GH ODV QHFHVLGDGHV KXPDQDV \
SDUD PHMRUDU OD FDOLGDG GH OD YLGD GHO KRPEUH \ D OD FRQVHUYDFLyQ GH OD
QDWXUDOH]DFRPR´ODJHVWLyQGHODXWLOL]DFLyQGHODELRVIHUDSRUHOVHUKXPDQR
GHWDOVXHUWHTXHSURGX]FDHOPD\RU\VRVWHQLGREHQHILFLRSDUDODVJHQHUDFLRQHV
DFWXDOHVSHURTXHPDQWHQJDVXSRWHQFLDOLGDGSDUDVDWLVIDFHUODVQHFHVLGDGHV\
ODV DVSLUDFLRQHV GH ODV JHQHUDFLRQHV IXWXUDVµ 9LVWR DVt VH UHTXLHUH GH XQD
YLVLyQ TXH UHIOHMD HO VXHxR GH ORV DFWRUHV SDUD TXH GH PDQHUD RUJDQL]DGD VH
WUDFHQ REMHWLYRV GH ODUJR SOD]R FRQYLQFHQWHV SDUD PDQWHQHU \ DVHJXUDU ORV
SURFHVRV ELROyJLFRV \ HFROyJLFRV TXH VXVWHQWHQ OD GLYHUVLGDG ELROyJLFD \ HO
GHVDUUROORVHVROYHQWHHQHVWDSRWHQFLDOLGDG
(Q XQ SURFHVR SDUWLFLSDWLYR VH KD FRQVWUXLGR XQ PDUFR HVWUDWpJLFR SDUD OD
FRQVHUYDFLyQ \ XVR VRVWHQLEOH GH VX GLYHUVLGDG ELROyJLFD HO TXH LQFOX\H XQD
YLVLyQREMHWLYRVHVWUDWpJLFRV\XQ3ODQGH$FFLyQFRQXQKRUL]RQWHGHDxRV
GRQGHHOHQIRTXHHVWUDWpJLFRHVHOHQIRTXHHFRVLVWpPLFRTXHVHVRVWLHQHHQORV
VLJXLHQWHVFRQFHSWRV

(O(QIRTXHSRUHFRVLVWHPDV

(O HQIRTXH SRU HFRVLVWHPDV HQIRTXH HFRVLVWpPLFR HV XQ FRQMXQWR GH GRFH
SULQFLSLRV EiVLFRV DGRSWDGRV SRU OD &RQIHUHQFLD GH ODV 3DUWHV GHO &%' FRPR
PDUFR RULHQWDGRU SDUD DOFDQ]DU ORV REMHWLYRV GHO &RQYHQLR HV GHFLU
FRQVHUYDFLyQ GH OD ELRGLYHUVLGDG XWLOL]DFLyQ VRVWHQLEOH \ GLVWULEXFLyQ MXVWD \
HTXLWDWLYDGHORVEHQHILFLRVGHULYDGRVGHODPLVPD

6H HQWLHQGH SRU HFRVLVWHPD DO FRPSOHMR GLQiPLFR GH FRPXQLGDGHV YHJHWDOHV
DQLPDOHV\GHPLFURRUJDQLVPRV\VXPHGLRQRYLYLHQWHTXHLQWHUDFW~DQFRPR
XQD XQLGDG IXQFLRQDO (Q HVWH VHQWLGR HO HQIRTXH SRU HFRVLVWHPDV HV XQD
HVWUDWHJLDSDUDODJHVWLyQLQWHJUDGDGHWLHUUDVH[WHQVLRQHVGHDJXDV\UHFXUVRV
YLYRVFRQHOSURSyVLWRGHSURPRYHUODFRQVHUYDFLyQ\XWLOL]DFLyQVRVWHQLEOHGH
PRGRHTXLWDWLYR

(O HQIRTXH UHFRQRFH TXH ORV VHUHV KXPDQRV FRQ VX GLYHUVLGDG FXOWXUDO
FRQVWLWX\HQXQFRPSRQHQWHLQWHJUDOGHPXFKRVHFRVLVWHPDV

(OHQIRTXHHFRVLVWpPLFRH[LJHWDPELpQXQDJHVWLyQDGDSWDEOHSDUDWUDWDUFRQOD
tQGROH FRPSOHMD \ GLQiPLFD GH ORV HFRVLVWHPDV R FRQ OD DXVHQFLD GH XQ
FRQRFLPLHQWR VREUH VX IXQFLRQDPLHQWR $GHPiV OD HVFDOD GH DQiOLVLV \ GH
DFFLyQVHGHEHGHWHUPLQDUHQIXQFLyQGHOSUREOHPDGHTXHVHWUDWH3XGLHUDVHU
SRU HMHPSOR XQ SRFR GH WLHUUD XQD ODJXQD XQ ERVTXH XQ ELRPD R WRGD OD
ELRVIHUD´$SUHQGL]DMHHQODSUiFWLFDµHVRWURSULQFLSLRFRPSOHPHQWDULR

9LVLyQ

$O /DPED\HTXH 5HJLyQ OtGHU HQ FRQVHUYDFLyQ \ XVR VRVWHQLEOH GH VX
GLYHUVLGDG ELROyJLFD FRQ XQ HQIRTXH HFRVLVWpPLFR \ PXOWLGLVFLSOLQDULR TXH
PDQWLHQHVXLGHQWLGDGFXOWXUDO

2EMHWLYR*HQHUDOGHOD(VWUDWHJLD

&RQVHUYDU \ DSURYHFKDU VRVWHQLEOHPHQWH OD GLYHUVLGDG ELROyJLFD SDUD HO
GHVDUUROORGHOD5HJLyQ/DPED\HTXH

2EMHWLYRV(VSHFtILFRV

&RQVHUYDU \ SURWHJHU ORV HFRVLVWHPDV GH OD 5HJLyQ SDUD PDQWHQHU ORV
KiELWDWV\ODVHVSHFLHV
3URPRYHUHOXVRVRVWHQLEOHGHODGLYHUVLGDGELROyJLFD
3URPRYHU OD SDUWLFLSDFLyQ DFWLYD GH OD SREODFLyQ HQ OD JHVWLyQ GH OD
GLYHUVLGDGELROyJLFD
3URPRYHU OD LQYHVWLJDFLyQ \ FDSDFLGDGHV WpFQLFDV SDUD OD JHVWLyQ GH OD
GLYHUVLGDGELROyJLFD
&RQWDUFRQRUJDQL]DFLRQHVHLQVWLWXFLRQHVFDSDFLWDGDVHLQYROXFUDGDV
&UHDUXQVLVWHPDGHLQIRUPDFLyQVREUHODGLYHUVLGDGELROyJLFD
3ULRUL]DUORVSUR\HFWRVSDUDFRQVHUYDFLyQ\DSURYHFKDPLHQWRVRVWHQLEOH
GHODGLYHUVLGDGELROyJLFD
'HVDUUROODU SODQHV GH SUHYHQFLyQ SDUD PLWLJDU ORV SURFHVRV QHJDWLYRV
H[WHUQRVTXHLQIOX\HQHQODGLYHUVLGDGELROyJLFD
3URPRYHU HO FRQRFLPLHQWR \ XVR VRVWHQLEOH GH ORV UHFXUVRV DFXiWLFRV
SHVTXHUtDV\ORVFXHUSRVGHDJXD


(VWUDWHJLDV

2EMHWLYR&RQVHUYDU\SURWHJHUORVHFRVLVWHPDVGHOD5HJLyQSDUDPDQWHQHU
ORVKiELWDWV\ODVHVSHFLHV
,PSXOVDUHO2UGHQDPLHQWRWHUULWRULDO
&RQVROLGDFLyQGHÉUHDV1DWXUDOHV3URWHJLGDV
)RUWDOHFLPLHQWR GHO 6LVWHPD 5HJLRQDO GH ÉUHDV GH &RQVHUYDFLyQ GH
/DPED\HTXH
&RQVHUYDFLyQGHHVSHFLHVDPHQD]DGDVGHIORUD\IDXQDUHJLRQDO
5HVWDXUDFLyQ GH iUHDV DJUtFRODV \ HFRVLVWHPDV GHJUDGDGRV SDUD OD
FRQHFWLYLGDGGHODELRGLYHUVLGDG

2EMHWLYRHVSHFtILFR3URPRYHUHOXVRVRVWHQLEOHGHODGLYHUVLGDGELROyJLFD

5HYDORUDFLyQ UHFXSHUDFLyQ \ SURPRFLyQ GH FRQRFLPLHQWRV \ WpFQLFDV
DQFHVWUDOHV GH DSURYHFKDPLHQWR \ XVR VRVWHQLEOH GH OD GLYHUVLGDG
ELROyJLFD
'HVDUUROOR GH DFWLYLGDGHV SURGXFWLYDV VRVWHQLEOHV GH OD GLYHUVLGDG
ELROyJLFDUHJLRQDO
3URPRFLyQ GH PHUFDGRV SDUD SURGXFWRV GHULYDGRV GH DFWLYLGDGHV
VRVWHQLEOHVGHODGLYHUVLGDGELROyJLFD

2EMHWLYRHVSHFtILFR3URPRYHUODSDUWLFLSDFLyQDFWLYDGHODSREODFLyQHQOD
JHVWLyQGHODGLYHUVLGDGELROyJLFD

,QFOXVLyQ GHO WHPD GH OD JHVWLyQ GH GLYHUVLGDG ELROyJLFD HQ ORV SODQHV
VRFLRHFRQyPLFRVDPELHQWDOHV\HGXFDWLYRV
(GXFDFLyQ FRQFLHQFLDFLyQ \ YLJLODQFLD VRFLDO FRQWUD ODV SUiFWLFDV
LQDGHFXDGDVTXHFDXVDQGHWHULRUR\SpUGLGDGHODGLYHUVLGDGELROyJLFD
3URPRFLyQ GH OD RUJDQL]DFLyQ GH OD SREODFLyQ \ IRUWDOHFLPLHQWR GH ODV
RUJDQL]DFLRQHVSDUDODJHVWLyQGHODGLYHUVLGDGELROyJLFD

2EMHWLYRHVSHFtILFR3URPRYHUODLQYHVWLJDFLyQ\FDSDFLGDGHVWpFQLFDVSDUD
ODJHVWLyQGHODGLYHUVLGDGELROyJLFD

)RUWDOHFLPLHQWR GH ODV FDSDFLGDGHV WpFQLFDV ORFDOHV SDUD OD JHVWLyQ \
FRQVHUYDFLyQGHODELRGLYHUVLGDG
&UHDU HVSDFLRV KHUUDPLHQWDV H LQIUDHVWUXFWXUD DGHFXDGD SDUD OD
LQYHVWLJDFLyQ
*HQHUDU IRQGRV SDUD OD FDSDFLWDFLyQ HQ HVWXGLRV UHODFLRQDGRV D OD
GLYHUVLGDGELROyJLFD

2EMHWLYRHVSHFtILFR&RQWDUFRQRUJDQL]DFLRQHVHLQVWLWXFLRQHVFDSDFLWDGDV
HLQYROXFUDGDV

3URJUDPD GH FDSDFLWDFLyQ HQ GLYHUVLGDG ELROyJLFD SDUD IXQFLRQDULRV \
UHSUHVHQWDQWHVGHLQVWLWXFLRQHV

2EMHWLYR HVSHFtILFR &UHDFLyQ GH XQ VLVWHPD GH LQIRUPDFLyQ VREUH OD
GLYHUVLGDGELROyJLFD

(ODERUDFLyQGHXQDEDVHGHGDWRV5HJLRQDOVREUHGLYHUVLGDGELROyJLFD

2EMHWLYR HVSHFtILFR 3ULRUL]DFLyQ GH SUR\HFWRV SDUD FRQVHUYDFLyQ \
DSURYHFKDPLHQWRVRVWHQLEOHGHODGLYHUVLGDGELROyJLFD

*HVWLyQGHIRQGRVGHODFRRSHUDFLyQQDFLRQDOHLQWHUQDFLRQDO

2EMHWLYR HVSHFtILFR 'HVDUUROOR GH SODQHV GH SUHYHQFLyQ SDUDPLWLJDU ORV
SURFHVRVH[WHUQRVQHJDWLYRVTXHLQIOX\HQHQODGLYHUVLGDGELROyJLFD

,GHQWLILFDFLyQGH]RQDVGHGLYHUVLGDGELROyJLFDYXOQHUDEOHV

'LVHxRHLPSOHPHQWDFLyQGHXQSODQGHSUHYHQFLyQ\FRQWUROGHLQFHQGLRV
IRUHVWDOHVHVSHFLHVLQYDVLYDVWUDQVJpQLFRVFRQWDPLQDFLyQGHHFRVLVWHPDVH
LQYDVLRQHVSURPRYLGDVSRUWUDILFDQWHVGHWLHUUDV

2EMHWLYR HVSHFtILFR 3URPRYHU HO FRQRFLPLHQWR \ XVR VRVWHQLEOH GH ORV
UHFXUVRVDFXiWLFRVSHVTXHUtDV\ORVFXHUSRVGHDJXD

0HMRUDU HO FRQRFLPLHQWR H[LVWHQWH VREUH OD VLWXDFLyQ GH HVSHFLHV HQ
SHOLJUR \ SURFHVRV HFROyJLFRV FUtWLFRV HQ HO ELRPD PDULQR DVt FRPR ORV
UHFXUVRVKLGURELROyJLFRVFRQWLQHQWDOHV\KXPHGDOHV
0HMRUDUODVSUiFWLFDV\DUWHVGHSHVFD
3URPRYHU OD GLYHUVLILFDFLyQ RUGHQDGD VXVWHQWDGD \ VRVWHQLEOH GH ORV
UHFXUVRVKLGURELROyJLFRVPDULQRV\FRQWLQHQWDOHV
0HMRUDUHOPDQHMRGHOUHFXUVRDJXDHQFRQFRUGDQFLDFRQORVREMHWLYRVGH
ODFRQVHUYDFLyQGHODVHVSHFLHV\HFRVLVWHPDVDFXiWLFRV


3/$1,),&$&,Ð1

(O SURFHVR SDUD OD HODERUDFLyQ GH OD (5&'%/DPED\HTXH IXH SDUWLFLSDWLYR \
FRQFHUWDGRFRQORVGLYHUVRVDFWRUHVHQOD5HJLyQ3DUDFDGDXQRGHORVREMHWLYRV
\ HVWUDWHJLDV VH KDQ SURSXHVWR DFFLRQHV ODV FXDOHV IXHURQ IRUPXODGDV
FRQFHUWDGDV\FRQVXOWDGDVDWUDYpVGHYDULRVWDOOHUHVUHDOL]DGRVHQODUHJLyQ(O
pQIDVLV GH ORV WDOOHUHV IXH OD FDSDFLWDFLyQ \ GLIXVLyQ GH WHPDV UHODWLYRV D OD
GLYHUVLGDGELROyJLFD\ODREWHQFLyQGHSURSXHVWDV
(O SURFHVR VH LQLFLy HQ HO DxR FRQ YDULDV UHXQLRQHV GH FRRUGLQDFLyQ ODV
FXDOHV GHVHQFDGHQDURQ OXHJR HQ WDOOHUHV GH WUDEDMR 3DUDOHODPHQWH VH IXH
UHDOL]DQGRHOWUDEDMRGHVLVWHPDWL]DFLyQGHLQIRUPDFLyQSDUDODHODERUDFLyQGHO
GLDJQyVWLFR

/RVWDOOHUHVVHGHVDUUROODURQHQODFLXGDGGH&KLFOD\RFRQODSDUWLFLSDFLyQGH
SRFDV LQVWLWXFLRQHV ODV TXH FRQ XQD DGHFXDGD FRQYRFDWRULD DVLVWLHURQ D ODV
VLJXLHQWHV UHXQLRQHV IRUPiQGRVH XQ LQWHUHVDQWH JUXSR TXH DO SUHVHQWD
FRPR UHVXOWDGR ILQDO XQD VLVWHPDWL]DFLyQ GHO GLDJQyVWLFR GH GLYHUVLGDG
ELROyJLFDXQDSURSXHVWDGHPDUFRHVWUDWpJLFR\XQDPDWUL]GH3ODQGH$FFLyQ
TXHFRQWLHQHDFFLRQHVSURSXHVWDVGHLQVWLWXFLRQHVUHVSRQVDEOHVHLQVWLWXFLRQHV
LQYROXFUDGDVHLQGLFDGRUHVGHFXPSOLPLHQWR
(OSHULRGRGHODYLVLyQGHOD(5'%/DPED\HTXHHVDO

,93/$1'($&&,Ð1'(/$(675$7(*,$5(*,21$/'(&216(59$&,Ð1
'(/$',9(56,'$'%,2/Ð*,&$'(/$0%$<(48(

9LVLyQ$O/DPED\HTXH5HJLyQOtGHUHQFRQVHUYDFLyQ\XVRVRVWHQLEOHGHVXGLYHUVLGDGELROyJLFDFRQXQHQIRTXH
HFRVLVWpPLFR\PXOWLGLVFLSOLQDULRTXHPDQWLHQHVXLGHQWLGDGFXOWXUDO

2EMHWLYRJHQHUDOGHODHVWUDWHJLD
&RQVHUYDU\DSURYHFKDUVRVWHQLEOHPHQWHODGLYHUVLGDGELROyJLFDSDUDHOGHVDUUROORGHOD5HJLyQ/DPED\HTXH

2EMHWLYRHVSHFtILFR&RQVHUYDU\SURWHJHUORVHFRVLVWHPDVGHOD5HJLyQSDUDPDQWHQHUORVKiELWDWV\ODVHVSHFLHV

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
=RQLILFDFLyQHFROyJLFDHFRQyPLFD *RELHUQR5HJLRQDO/DPED\HTXH =RQLILFDFLyQHFROyJLFDHFRQyPLFDGH
2UJDQL]DFLRQHVFLYLOHVPXQLFLSLRV /DPED\HTXHHODERUDGD
5HDOL]DUXQSODQGHRFXSDFLyQGHOWHUULWRULRHLQVWUXPHQWRVGH *RELHUQR5HJLRQDO/DPED\HTXH 'RFXPHQWRGHO3ODQ\3ROtWLFDVGH
SROtWLFDEDVDGRVHQOD=(( 2UJDQL]DFLRQHVFLYLOHVPXQLFLSLRV RFXSDFLyQGHOWHUULWRULR

3URJUDPDGHPRQLWRUHRGHFDPELRVGHFREHUWXUDYHJHWDO\XVRGH *RELHUQR5HJLRQDO/DPED\HTXH 3URJUDPDGHPRQLWRUHRGHFDPELRVGH
VXHORV 2UJDQL]DFLRQHVFLYLOHVPXQLFLSLRV FREHUWXUDYHJHWDO\XVRGHVXHORV
LPSOHPHQWDGR

(VWUDWHJLD&RQVROLGDFLyQGHÉUHDV1DWXUDOHV3URWHJLGDV
$&&,21(6 5(63216$%/(6 ,1',&$'25(6
(ODERUDFLyQGH3ODQHV0DHVWURVGHODV$13GHOD5HJLyQ 6(51$13*RELHUQR5HJLRQDO 'RFXPHQWRVGH3ODQHV0DHVWURVGHODV
/DPED\HTXH2UJDQL]DFLRQHVFLYLOHV $13GHOD5HJLyQ
&RPSDWLELOL]DUOD=((FRQOD]RQLILFDFLyQGHODV$13\VXV]RQDVGH *RELHUQR5HJLRQDO/DPED\HTXH =((FRPSDWLELOL]DGDFRQOD]RQLILFDFLyQ
DPRUWLJXDPLHQWR 2UJDQL]DFLRQHVFLYLOHV6(51$13 GHODV$13\VXV]RQDVGH
DPRUWLJXDPLHQWR
6DQHDPLHQWRItVLFROHJDOGHiUHDVHVWDEOHFLGDV 6(51$13*RELHUQR5HJLRQDO 6DQHDPLHQWRItVLFROHJDOGHiUHDV
/DPED\HTXH2UJDQL]DFLRQHVFLYLOHV HVWDEOHFLGDVUHDOL]DGR


(VWUDWHJLD)RUWDOHFLPLHQWRGHO6LVWHPD5HJLRQDOGHÉUHDVGH&RQVHUYDFLyQGH/DPED\HTXH

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
3URPRYHUODFUHDFLyQGHQXHYDViUHDVGHFRQVHUYDFLyQ *RELHUQR5HJLRQDO/DPED\HTXH GHOWHUULWRULR/DPED\HFDQRFRPR
2UJDQL]DFLRQHVFLYLOHV&RQVHMRGH iUHDVGHFRQVHUYDFLyQ
&RRUGLQDFLyQGHO6,5$&
&RPXQLGDGHVFDPSHVLQDV
6(51$13
3ODQHVPDHVWURVGHODVQXHYDViUHDVGH&RQVHUYDFLyQ *RELHUQR5HJLRQDO/DPED\HTXH 8Q3ODQ0DHVWURSRUFDGDiUHDGH
2UJDQL]DFLRQHVFLYLOHV&RQVHMRGH FRQVHUYDFLyQFUHDGD
&RRUGLQDFLyQGHO6,5$&
6(51$13
6DQHDPLHQWRItVLFROHJDOGHiUHDVDFRQVHUYDU *RELHUQR5HJLRQDO/DPED\HTXH 6DQHDPLHQWRItVLFROHJDOGHFDGDiUHDGH
2UJDQL]DFLRQHVFLYLOHV&RPXQLGDGHV FRQVHUYDFLyQFUHDGD
FDPSHVLQDV
)LQDQFLDPLHQWRSDUDODJHVWLyQGHO6,5$&\ODVÉUHDV *RELHUQR5HJLRQDO/DPED\HTXH 1GH3UR\HFWRVGH,QYHUVLyQS~EOLFDSDUD
2UJDQL]DFLRQHVFLYLOHVFRPXQLGDGHV ODJHVWLyQGHO6,5$&\ODVÉUHDV
FDPSHVLQDV 1GH3\WRV3DUD&RRSHUDFLyQ
LQWHUQDFLRQDO\SULYDGD
)RUWDOHFLPLHQWRGHODVFDSDFLGDGHVWpFQLFDVSDUDODJHVWLyQGHO *RELHUQR5HJLRQDO/DPED\HTXH 1GHSHUVRQDVFDSDFLWDGDVHQ*HVWLyQGH
6,5$&\/DVÉUHDVGHFRQVHUYDFLyQ 2UJDQL]DFLRQHVFLYLOHV6(51$13 ÉUHDVGH&RQVHUYDFLyQ


(VWUDWHJLD&RQVHUYDFLyQGHHVSHFLHVDPHQD]DGDVGHIORUD\IDXQDUHJLRQDO

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
,GHQWLILFDFLyQ\SURPRFLyQGHHVSHFLHVFODYHREDQGHUDDQLYHO *RELHUQR5HJLRQDO/DPED\HTXH 'RFXPHQWRYDOLGDGRGHOD5HODFLyQGH
UHJLRQDO 2UJDQL]DFLRQHVFLYLOHV(VSHFLDOLVWDV HVSHFLHVFODYHREDQGHUD
UHJLRQDOHV&RPXQLGDGHVFDPSHVLQDV
8QLYHUVLGDGHV',5&(785
(ODERUDFLyQHLPSOHPHQWDFLyQGH3URJUDPDGHGLIXVLyQGH *RELHUQR5HJLRQDO/DPED\HTXH SURJUDPDGHGLIXVLyQHODERUDGRH
QRUPDWLYDVREUHIORUD\IDXQDVLOYHVWUH 2UJDQL]DFLRQHVFLYLOHV6(51$13 LPSOHPHQWDGR
0LQLVWHULRS~EOLFR3ROLFtD(FROyJLFD
)RUWDOHFLPLHQWRLQVWLWXFLRQDOGHO*RELHUQR5HJLRQDO$7))6$13\ *RELHUQR5HJLRQDO/DPED\HTXH 1GH&KDUODV\7DOOHUHVHMHFXWDGRV
0LQLVWHULRS~EOLFR3ROLFtD(FROyJLFDSDUDHOFRQWUROGHOFRPHUFLR\ 2UJDQL]DFLRQHVFLYLOHV0LQLVWHULR 1GHSHUVRQDVFDSDFLWDGDV
WUiILFRLOHJDOGHHVSHFLHVGHIORUD\IDXQDVLOYHVWUHV S~EOLFR3RGHU-XGLFLDO$7))6
6(51$13&RPXQLGDGHV
FDPSHVLQDV
*RELHUQR5HJLRQDO/DPED\HTXH 3URJUDPDGHFRQVHUYDFLyQRSHUDWLYR
(VWDEOHFHUSURJUDPDVGHFRQVHUYDFLyQLQVLWX\H[VLWXGHHVSHFLHV 2UJDQL]DFLRQHVFLYLOHV(PSUHVDV
HQSHOLJUR SULYDGDV8QLYHUVLGDGHV$7))6
(VWDEOHFHU\RIRUWDOHFHUSURJUDPDVGHUHLQWURGXFFLyQGHHVSHFLHV *RELHUQR5HJLRQDO/DPED\HTXH 1GHHVSHFLHVUHLQWURGXFLGDV
HQKiELWDWVQDWXUDOHV 2UJDQL]DFLRQHVFLYLOHV(PSUHVDV
SULYDGDV8QLYHUVLGDGHV$7))6
&RPXQLGDGHV&DPSHVLQDV
(VWDEOHFHU\RIRUWDOHFHUFHQWURVGHUHVFDWH\UHKDELOLWDFLyQGH *RELHUQR5HJLRQDO/DPED\HTXH
HVSHFLHVGHIORUD\IDXQDVLOYHVWUH 2UJDQL]DFLRQHVFLYLOHV(VSHFLDOLVWDV 1GH&HQWURVHVWDEOHFLGRV
UHJLRQDOHV(PSUHVDVSULYDGDV 1GHHVSHFLHVUHFXSHUDGDV
8QLYHUVLGDGHV$7))6&RPXQLGDGHV
FDPSHVLQDV
(VWDEOHFHUSODQHVGHDFFLyQSDUDODVHVSHFLHVDPHQD]DGDV *RELHUQR5HJLRQDO/DPED\HTXH 3ODQHVGHDFFLyQSDUDHVSHFLHV
2UJDQL]DFLRQHVFLYLOHV(VSHFLDOLVWDV DPHQD]DGDVRSHUDWLYRV
UHJLRQDOHV(PSUHVDVSULYDGDV
8QLYHUVLGDGHV$7))6&RPXQLGDGHV

FDPSHVLQDV
(ODERUDUHVWXGLRVHVSHFtILFRVHQHVSHFLHVDPHQD]DGDV\REDQGHUD *RELHUQR5HJLRQDO/DPED\HTXH 1GHHVWXGLRVUHDOL]DGRV
2UJDQL]DFLRQHVFLYLOHV(VSHFLDOLVWDV
UHJLRQDOHV8QLYHUVLGDGHV,QVWLWXWRV
GH,QYHVWLJDFLyQ

(VWUDWHJLD5HVWDXUDFLyQGHiUHDVDJUtFRODV\HFRVLVWHPDVGHJUDGDGRVSDUDODFRQHFWLYLGDGGHODELRGLYHUVLGDG

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
'HVDUUROORHLPSOHPHQWDFLyQGHXQSURJUDPDGHUHVWDXUDFLyQGH *RELHUQR5HJLRQDO/DPED\HTXH 3URJUDPDGHUHVWDXUDFLyQHODERUDGRH
HFRVLVWHPDVGHJUDGDGRV 0,1$00,1$*2UJDQL]DFLRQHV LPSOHPHQWDGR
FLYLOHV(VSHFLDOLVWDVUHJLRQDOHV
(PSUHVDVSULYDGDV8QLYHUVLGDGHV
3URPRYHUHQODViUHDVDJUtFRODVUHGHVQDWXUDOHVGHFRQHFWLYLGDG *RELHUQR5HJLRQDO/DPED\HTXH 1GHUHGHVGHFRQHFWLYLGDGHQiUHDV
0,1$00,1$*2UJDQL]DFLRQHV DJUtFRODV
FLYLOHV(VSHFLDOLVWDVUHJLRQDOHV
(PSUHVDVSULYDGDV8QLYHUVLGDGHV
,GHQWLILFDFLyQ\HVWDEOHFLPLHQWRGHFRUUHGRUHVELROyJLFRVHVSHFtILFRV *RELHUQR5HJLRQDO/DPED\HTXH FRUUHGRUHVGHFRQVHUYDFLyQHVWDEOHFLGRV
2UJDQL]DFLRQHVFLYLOHV(VSHFLDOLVWDV
5HFXSHUDFLyQ\SURWHFFLyQGHIXHQWHVGHDJXDSHUPDQHQWHV *RELHUQR5HJLRQDO/DPED\HTXH 1GH-DJH\HVUHFXSHUDGRV\R
-DJH\HVSDUDODIDXQDVLOYHVWUH 2UJDQL]DFLRQHVFLYLOHV(VSHFLDOLVWDV SURWHJLGRV
DXWRULGDGHVORFDOHV

2EMHWLYRVHVSHFtILFR3URPRYHUHOXVRVRVWHQLEOHGHODGLYHUVLGDGELROyJLFD

(VWUDWHJLD5HYDORUDFLyQUHFXSHUDFLyQ\SURPRFLyQGHFRQRFLPLHQWRV\WpFQLFDVDQFHVWUDOHVGHDSURYHFKDPLHQWR\XVRVRVWHQLEOHGHODGLYHUVLGDG
ELROyJLFD

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
6LVWHPDWL]DFLyQGHODVSUiFWLFDVDQFHVWUDOHVHQHOXVRVRVWHQLEOHGHOD *RELHUQR5HJLRQDO/DPED\HTXH 'RFXPHQWRGHVLVWHPDWL]DFLyQGH
GLYHUVLGDGELROyJLFD 2UJDQL]DFLRQHVFLYLOHV SUiFWLFDVDQFHVWUDOHVHQHOXVRVRVWHQLEOH
8QLYHUVLGDGHV,QVWLWXFLRQHV GHODGLYHUVLGDGELROyJLFD
(GXFDWLYDV&RPXQLGDGHV
FDPSHVLQDV
(ODERUDFLyQHLPSOHPHQWDFLyQGH3URJUDPDGHVHQVLELOL]DFLyQDOD *RELHUQR5HJLRQDO/DPED\HTXH 8Q3URJUDPDHODERUDGRHLPSOHPHQWDGR
VRFLHGDG/DPED\HFDQDVREUHODGLYHUVLGDGFXOWXUDO\FRQRFLPLHQWRV (VSHFLDOLVWDVUHJLRQDOHV
DQFHVWUDOHVGHODSURYHFKDPLHQWRVRVWHQLEOHGHODGLYHUVLGDG 8QLYHUVLGDGHV&RPXQLGDGHV
ELROyJLFD FDPSHVLQDV
3URPRFLyQGHSUiFWLFDVDQFHVWUDOHVVREUHHOXVRVRVWHQLEOHGHOD *RELHUQR5HJLRQDO/DPED\HTXH 1GH&KDUODV\7DOOHUHVHMHFXWDGRV
GLYHUVLGDGELROyJLFD 2UJDQL]DFLRQHVFLYLOHV(PSUHVDV 0DWHULDOGHGLIXVLyQ
SULYDGDV8QLYHUVLGDGHV
,QVWLWXFLRQHV(GXFDWLYDV
&RPXQLGDGHVFDPSHVLQDVSREODFLyQ
JHQHUDO

(VWUDWHJLD'HVDUUROORGHDFWLYLGDGHVSURGXFWLYDVVRVWHQLEOHVGHODGLYHUVLGDGELROyJLFDUHJLRQDO

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
3URPRYHUHLPSOHPHQWDUiUHDVGHXVRWXUtVWLFR\DFWLYLGDGHV *RELHUQR5HJLRQDO/DPED\HTXH • 1~PHURGHiUHDVGHXVRWXUtVWLFR
SURGXFWLYDVVRVWHQLEOHV 0,1$0',5&(7852UJDQL]DFLRQHV HVWDEOHFLGDV
GH3URGXFWRUHV(PSUHVDVSULYDGDV • 1~PHURGHDFWLYLGDGHVVRVWHQLEOHV
&RPXQLGDGHVFDPSHVLQDV GHVDUUROODGDVHQOD5HJLyQ

'RPHVWLFDFLyQ\RPDQHMRGHHVSHFLHVVLOYHVWUHVSDUDSURGXFFLyQ 0,1$0'5$2UJDQL]DFLRQHVGH 3RUFHQWDMHGHSURGXFFLyQDQXDOGH
FHUWLILFDGD 3URGXFWRUHV&RPXQLGDGHV HVSHFLHV

FDPSHVLQDV
,PSOHPHQWDFLyQGHO3ODQ5HJLRQDOGH7XULVPRFRQLQFOXVLyQGH *RELHUQR5HJLRQDO/DPED\HTXH 3ODQ5HJLRQDOGH7XULVPRLPSOHPHQWDGR
DFWLYLGDGHVGHWXULVPRUXUDOVRVWHQLEOHFRQFRPXQLGDGHV 2UJDQL]DFLRQHVFLYLOHV(PSUHVDV
SULYDGDV8QLYHUVLGDGHV
3URPRFLyQGHDFWLYLGDGHVSURGXFWLYDVDPLJDEOHVFRQHOPHGLR *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHDFWLYLGDGHVSURGXFWLYDV
DPELHQWH 2UJDQL]DFLRQHVGH3URGXFWRUHV DPLJDEOHVFRQHOPHGLRDPELHQWH
2UJDQL]DFLRQHVFLYLOHV&RPXQLGDGHV GHVDUUROODGDV
FDPSHVLQDV

(VWUDWHJLD3URPRFLyQGHPHUFDGRVSDUDSURGXFWRVGHULYDGRVGHDFWLYLGDGHVVRVWHQLEOHVGHODGLYHUVLGDGELROyJLFD

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
&UHDFLyQGHXQSURJUDPDGHLQFHQWLYRVSDUDHODSURYHFKDPLHQWR '5$0,1$02UJDQL]DFLRQHVGH 1~PHURGHLQLFLDWLYDVHQ
WUDQVIRUPDFLyQ\FRPHUFLDOL]DFLyQVRVWHQLEOHGHORVUHFXUVRVGHOD 3URGXFWRUHV&RPXQLGDGHV DSURYHFKDPLHQWRWUDQVIRUPDFLyQ\
ELRGLYHUVLGDG FDPSHVLQDV(PSUHVDVSULYDGDV FRPHUFLDOL]DFLyQVRVWHQLEOHGHORV
&iPDUDGH&RPHUFLR UHFXUVRVGHODELRGLYHUVLGDG
'LVHxRH,PSOHPHQWDFLyQGHXQVLVWHPDGHUHJLVWUR\FHUWLILFDFLyQ *RELHUQR5HJLRQDO/DPED\HTXH § 8Q6LVWHPDGH5HJLVWURGLVHxDGRH
GHSURGXFWRVGHULYDGRVGHDFWLYLGDGHVVRVWHQLEOHVGHODGLYHUVLGDG ,1'(&23,2UJDQL]DFLRQHVGH LPSOHPHQWDGR
ELROyJLFDUHJLRQDO 3URGXFWRUHV&RPXQLGDGHV § 1~PHURGH3URGXFWRVUHJLVWUDGRV
FDPSHVLQDV(PSUHVDVSULYDGDV
3URPRFLyQGHLQWHUFDPELRGHH[SHULHQFLDVVREUHXVRVRVWHQLEOHGH *RELHUQR5HJLRQDO/DPED\HTXH • 1~PHURGHFRPXQLGDGHVFDPSHVLQDV
GLYHUVLGDGELROyJLFDHQWUHFRPXQLGDGHVFDPSHVLQDV\DVRFLDFLRQHV 2UJDQL]DFLRQHVGH3URGXFWRUHV SDUWLFLSDQWHV
SURGXFWRUDV (PSUHVDVSULYDGDV&RPXQLGDGHV • 1~PHURGHH[SHULHQFLDVVREUHXVRGH
FDPSHVLQDV GLYHUVLGDGELROyJLFDUHSOLFDGDV
'HVDUUROORGHIHULDVORFDOHV\UHJLRQDOHVGHELRFRPHUFLR *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHIHULDVORFDOHV\UHJLRQDOHVGH
2UJDQL]DFLRQHVGH3URGXFWRUHV ELRFRPHUFLRGHVDUUROODGDV
(PSUHVDVSULYDGDV&RPXQLGDGHV
FDPSHVLQDV
5HDOL]DUHVWXGLRVGHPHUFDGRDQLYHOORFDOQDFLRQDOHLQWHUQDFLRQDO *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHHVWXGLRVGHPHUFDGR
SDUDSURGXFWRVEDQGHUDGHELRGLYHUVLGDGUHJLRQDO 0,1$02UJDQL]DFLRQHVGH UHDOL]DGRV
3URGXFWRUHV&iPDUDGH&RPHUFLR

2EMHWLYRVHVSHFtILFR3URPRYHUODSDUWLFLSDFLyQDFWLYDGHODSREODFLyQHQODJHVWLyQGHODGLYHUVLGDGELROyJLFD

(VWUDWHJLD,QFOXVLyQGHOWHPDGHODJHVWLyQGHGLYHUVLGDGELROyJLFDHQORVSODQHVVRFLRHFRQyPLFRVDPELHQWDOHV\HGXFDWLYRV

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
&DSDFLWDFLyQSDUDODLQFOXVLyQGHWHPDVGHGLYHUVLGDGELROyJLFD *RELHUQR5HJLRQDO/DPED\HTXH • 1~PHURGHWDOOHUHVGHFDSDFLWDFLyQ
UHJLRQDO\ORFDOHQODVLQVWLWXFLRQHVHVFXHODV\XQLYHUVLGDGHV 0,1$0'5(0LQLVWHULRS~EOLFR UHDOL]DGRV
8QLYHUVLGDGHV2UJDQL]DFLRQHV • &XUUtFXODHVWDWXWRV\OLQHDPLHQWRV
FLYLOHV FRQODWHPiWLFDGHGLYHUVLGDG
ELROyJLFDLQFOXLGD
'LIXVLyQHQPHGLRVGHFRPXQLFDFLyQVREUHODFRQVHUYDFLyQ\XVR *RELHUQR5HJLRQDO/DPED\HTXH 0DWHULDOGHLQIRUPDFLyQVREUHOD
VRVWHQLEOHGHODGLYHUVLGDGELROyJLFD 2UJDQL]DFLRQHVFLYLOHV FRQVHUYDFLyQ\XVRVRVWHQLEOHGHOD
GLYHUVLGDGELROyJLFD
&KDUODVGHVHQVLELOL]DFLyQDODSREODFLyQHQFRQVHUYDFLyQ\XVR *RELHUQR5HJLRQDO/DPED\HTXH • 1~PHURGHFKDUODVUHDOL]DGRV
VRVWHQLEOHGHODGE 2UJDQL]DFLRQHVFLYLOHV • 0DWHULDOGHGLIXVLyQ

(VWUDWHJLD(GXFDFLyQFRQFLHQFLDFLyQ\YLJLODQFLDVRFLDOFRQWUDODVSUiFWLFDVLQDGHFXDGDVTXHFDXVDQGHWHULRUR\SpUGLGDGHODGLYHUVLGDGELROyJLFD

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
(VWDEOHFHUODFUHDFLyQGHFRPLWpVGHYLJLODQFLDFRPXQDOSDUDHO *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHFRPLWpVGHYLJLODQFLD
FRQWURO\WUiILFRLOtFLWRGHHVSHFLHVGHIORUD\IDXQD 2UJDQL]DFLRQHVFLYLOHV0LQLVWHULR HVWDEOHFLGRV
S~EOLFR313&RPXQLGDGHV
FDPSHVLQDVURQGDVFDPSHVLQDV
(ODERUDFLyQ\GHVDUUROORGHSURJUDPDVGHFDSDFLWDFLyQ\ *RELHUQR5HJLRQDO/DPED\HTXH 3URJUDPDVGHFDSDFLWDFLyQ\
VHQVLELOL]DFLyQHQHOPDQHMR\PRQLWRUHRGHODGLYHUVLGDGELROyJLFDD 2UJDQL]DFLRQHVFLYLOHV VHQVLELOL]DFLyQGHVDUUROODGRV
ODVFRPXQLGDGHV

(VWUDWHJLD3URPRFLyQGHODRUJDQL]DFLyQGHODSREODFLyQ\IRUWDOHFLPLHQWRGHODVRUJDQL]DFLRQHVSDUDODJHVWLyQGHODGLYHUVLGDGELROyJLFD

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
3URPRYHUODFUHDFLyQGHFRPLWpVGHJHVWLyQ\DVRFLDFLRQHVGH *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGH&RPLWpVGH*HVWLyQ\
SURWHFFLyQGH%RVTXHV *7'%/DPED\HTXH2UJDQL]DFLRQHV $VRFLDFLRQHVGHSURWHFFLyQGHERVTXHV
FLYLOHVH[SHUWRVUHJLRQDOHV
)RUWDOHFHUORVHVSDFLRVORFDOHV\UHJLRQDOHVVREUHGLYHUVLGDG *RELHUQR5HJLRQDO/DPED\HTXH , 1~PHURGHUHXQLRQHVGHWUDEDMR
ELROyJLFD&RPLVLRQHVDPELHQWDOHV*UXSRVWpFQLFRVPHVDVGH 2UJDQL]DFLRQHVFLYLOHV UHDOL]DGDV
FRQFHUWDFLyQ$VRFLDFLRQHVGHSURWHFFLyQGHERVTXHVHWF ,, 1~PHURGH,QVWLWXFLRQHVSDUWLFLSDQGR

2EMHWLYRVHVSHFtILFR3URPRYHUODLQYHVWLJDFLyQ\FDSDFLGDGHVWpFQLFDVSDUDODJHVWLyQGHODGLYHUVLGDGELROyJLFD

(VWUDWHJLD)RUWDOHFLPLHQWRGHODVFDSDFLGDGHVWpFQLFDVORFDOHVSDUDODJHVWLyQ\FRQVHUYDFLyQGHODELRGLYHUVLGDG

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
3URPRYHUODLQYHVWLJDFLyQ\DVLVWHQFLDWpFQLFDDFRPXQLGDGHVSDUD *RELHUQR5HJLRQDO/DPED\HTXH • 1~PHURGH,QYHVWLJDFLRQHVUHDOL]DGDV
HOPDQHMR\XVRVRVWHQLEOHGHODGLYHUVLGDGELROyJLFD 0,1$02UJDQL]DFLRQHVFLYLOHV HQHOPDQHMR\XVRVRVWHQLEOHGHOD
8QLYHUVLGDGHV GLYHUVLGDGELROyJLFD
• 1~PHURGHFRPXQLGDGHVFDSDFLWDGDV
HQPDQHMR\XVRVRVWHQLEOHGHOD
GLYHUVLGDGELROyJLFD
&UHDUSURJUDPDGHLQFHQWLYRV\SXEOLFDFLyQSDUDLQYHVWLJDFLRQHVHQ *RELHUQR5HJLRQDO/DPED\HTXH • 3URJUDPDGHLQFHQWLYRVGHVDUUROODGR
GLYHUVLGDGELROyJLFD 2UJDQL]DFLRQHVFLYLOHVH[SHUWRV • 1~PHURGHSXEOLFDFLRQHVHQ
UHJLRQDOHV GLYHUVLGDGELROyJLFD

(VWUDWHJLD&UHDUHVSDFLRVKHUUDPLHQWDVHLQIUDHVWUXFWXUDDGHFXDGDSDUDODLQYHVWLJDFLyQ
$&&,21(6 5(63216$%/(6 ,1',&$'25(6
*HVWLyQSDUDODFUHDFLyQGHXQLQVWLWXWRGHLQYHVWLJDFLyQGHOD *RELHUQR5HJLRQDO/DPED\HTXH • 1~PHURGHFRQYHQLRVHVWDEOHFLGRV
GLYHUVLGDGELROyJLFDHQ%RVTXH6HFR 8QLYHUVLGDGHV2UJDQL]DFLRQHV FRQIXHQWHVFRRSHUDQWHV
FLYLOHV • ,QVWLWXWRGHLQYHVWLJDFLyQGHOD
GLYHUVLGDGELROyJLFDHQ%RVTXH6HFR

3URPRYHU\JHQHUDUIXHQWHVGHWUDEDMRHQLQYHVWLJDFLRQHVHQ *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHSXHVWRVGHWUDEDMRJHQHUDGRV
GLYHUVLGDGELROyJLFD\VXXVRSUiFWLFR 8QLYHUVLGDGHV(PSUHVDVSULYDGDV

(VWUDWHJLD*HQHUDUIRQGRVSDUDODFDSDFLWDFLyQHQHVWXGLRVUHODFLRQDGRVDODGLYHUVLGDGELROyJLFD

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
&RQFUHWDUFRQYHQLRVHQWUHLQVWLWXFLRQHVFLHQWtILFDVQDFLRQDOHV\ *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHFRQYHQLRVHVWDEOHFLGRV
H[WUDQMHUDVSDUDHVWXGLRV\FDSDFLWDFLRQHVVREUHGLYHUVLGDG 0,1$18QLYHUVLGDGHV
ELROyJLFD 2UJDQL]DFLRQHVFLYLOHV

2EMHWLYRVHVSHFtILFR2UJDQL]DFLRQHVHLQVWLWXFLRQHVFDSDFLWDGDVHLQYROXFUDGDV

(VWUDWHJLD3URJUDPDGHFDSDFLWDFLyQHQGLYHUVLGDGELROyJLFDSDUDIXQFLRQDULRV\UHSUHVHQWDQWHVGHLQVWLWXFLRQHV

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
'LIXVLyQ\&DSDFLWDFLyQHQODDSOLFDFLyQGHQRUPDVHQGLYHUVLGDG *RELHUQR5HJLRQDO/DPED\HTXH • 1~PHURGHWDOOHUHVGHFDSDFLWDFLyQD
ELROyJLFDSDUDUHSUHVHQWDQWHVGHLQVWLWXFLRQHVS~EOLFDV\SULYDGDV 2UJDQL]DFLRQHVFLYLOHV0,1$0313 ,QVWLWXFLRQHVS~EOLFDV\SULYDGDV
0LQLVWHULR3~EOLFR3RGHUMXGLFLDO313-XQWDVGH8VXDULRVRWURV 0LQLVWHULR3~EOLFR3RGHU-XGLFLDO • 1~PHURGH,QVWLWXFLRQHVS~EOLFDV\
-XQWDVGHXVXDULRV,0$53( SULYDGDVSDUWLFLSDQWHV
• 0DWHULDOGHGLIXVLyQ

(ODERUDFLyQGHXQSODQGHPRQLWRUHRSDUDHOFXPSOLPLHQWRGHODV *RELHUQR5HJLRQDO/DPED\HTXH • 3ODQGHPRQLWRUHRLPSOHPHQWDGR
QRUPDVHQGLYHUVLGDGELROyJLFD 2UJDQL]DFLRQHVFLYLOHV0,1$0313
0LQLVWHULR3~EOLFR3RGHU-XGLFLDO
-XQWDVGHXVXDULRV,0$53(

2EMHWLYRVHVSHFtILFR&UHDFLyQGHXQVLVWHPDGHLQIRUPDFLyQVREUHODGLYHUVLGDGELROyJLFD

(VWUDWHJLD(ODERUDFLyQGHXQDEDVHGHGDWRV5HJLRQDOVREUHGLYHUVLGDGELROyJLFD

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
&UHDFLyQGHXQDEDVHGHGDWRV\SRUWDOGHDFFHVRDODLQIRUPDFLyQ *RELHUQR5HJLRQDO/DPED\HTXH %DVHGHGDWRV\3RUWDOGHLQIRUPDFLyQGH
JHQHUDGDGHODVLQYHVWLJDFLRQHVHQGLYHUVLGDGELROyJLFDUHJLRQDO 2UJDQL]DFLRQHVFLYLOHV LQYHVWLJDFLRQHVHQGLYHUVLGDGUHJLRQDO
RSHUDWLYR
$UWLFXODFLyQGHOVLVWHPDGHLQIRUPDFLyQFRQRWURVVLVWHPDV\ *RELHUQR5HJLRQDO/DPED\HTXH 6LVWHPDGHLQIRUPDFLyQDUWLFXODGRFRQ
IXHQWHVGHLQIRUPDFLyQGHGLYHUVLGDGELROyJLFD 2UJDQL]DFLRQHVFLYLOHV RWURVVLVWHPDV\IXHQWHVGHLQIRUPDFLyQ
GHGLYHUVLGDGELROyJLFD
&UHDFLyQGHXQREVHUYDWRULRGHODGLYHUVLGDGELROyJLFD *RELHUQR5HJLRQDO/DPED\HTXH 2EVHUYDWRULRGHGLYHUVLGDGELROyJLFD
2UJDQL]DFLRQHVFLYLOHV FUHDGRHLPSOHPHQWDGR
$PSOLDUORVLQYHQWDULRVGHOD5HJLyQIORUDIDXQDRWURVSDUD *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHLQYHQWDULRVUHDOL]DGRVHQOD
UHWURDOLPHQWDUHOGLDJQyVWLFRGHGLYHUVLGDGELROyJLFDUHJLRQDO 2UJDQL]DFLRQHVFLYLOHV&RPXQLGDGHV 5HJLyQ
FDPSHVLQDV
&UHDFLyQGHXQ6,*DUWLFXODGRDODGLYHUVLGDGELROyJLFD *RELHUQR5HJLRQDO/DPED\HTXH 6LVWHPDGH,QIRUPDFLyQ*HRJUiILFD
2UJDQL]DFLRQHVFLYLOHV0,1$0 DUWLFXODGRDODGLYHUVLGDGELROyJLFD
(QWLpQGDVHREVHUYDWRULRFRPRXQFHQWURGHUHFRSLODFLyQHLQWHUSUHWDFLyQGHODLQIRUPDFLyQFLHQWtILFDSDUDXVRGHOS~EOLFRHQ
JHQHUDO

2EMHWLYRVHVSHFtILFR3ULRUL]DFLyQGHSUR\HFWRVSDUDFRQVHUYDFLyQ\DSURYHFKDPLHQWRVRVWHQLEOHGHODGLYHUVLGDGELROyJLFD

(VWUDWHJLD*HVWLyQGHIRQGRVGHODFRRSHUDFLyQQDFLRQDOHLQWHUQDFLRQDO

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
(ODERUDFLyQGHFDUWHUDGHSUR\HFWRVSULRUL]DGRVHQFRQVHUYDFLyQ\ *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHSUR\HFWRVHODERUDGRV\
DSURYHFKDPLHQWRVRVWHQLEOHGHGLYHUVLGDGELROyJLFD SULRUL]DGRV
(VWDEOHFHUXQSURJUDPDGHE~VTXHGDGHRIHUWDVILQDQFLHUDVSDUD *RELHUQR5HJLRQDOODPED\HTXH 3URJUDPDGHE~VTXHGDGHRIHUWDV
SUR\HFWRVGHFRQVHUYDFLyQ\DSURYHFKDPLHQWRGHGLYHUVLGDG ILQDQFLHUDVRSHUDWLYR
ELROyJLFD


2EMHWLYRVHVSHFtILFR'HVDUUROORGHSODQHVGHSUHYHQFLyQSDUDPLWLJDUORVSURFHVRVH[WHUQRVQHJDWLYRVTXHLQIOX\HQHQODGLYHUVLGDGELROyJLFD

(VWUDWHJLD,GHQWLILFDFLyQGH]RQDVGHGLYHUVLGDGELROyJLFDYXOQHUDEOHV

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
(ODERUDFLyQGHPDSDVGH]RQDVGHGLYHUVLGDGELROyJLFDYXOQHUDEOHV *RELHUQR5HJLRQDO/DPED\HTXH 0DSDVVREUH]RQDVGH'%YXOQHUDEOHVD
DGHVDVWUHVQDWXUDOHV\DQWUySLFRV 2UJDQL]DFLRQHVFLYLOHV GHVDVWUHVQDWXUDOHV\DQWUySLFRV
8QLYHUVLGDGHV

(VWUDWHJLD'LVHxRHLPSOHPHQWDFLyQGHXQSODQGHSUHYHQFLyQ\FRQWUROGHLQFHQGLRVIRUHVWDOHVHVSHFLHVLQYDVLYDVWUDQVJpQLFRVFRQWDPLQDFLyQGH
HFRVLVWHPDVHLQYDVLRQHVSURPRYLGDVSRUWUDILFDQWHVGHWLHUUDV

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
(ODERUDFLyQHLPSOHPHQWDFLyQGHO3ODQGHSUHYHQFLyQGHSURFHVRV *RELHUQR5HJLRQDO/DPED\HTXH 3ODQGHSUHYHQFLyQ\FRQWUROGHSURFHVRV
H[WHUQRV 6(51$130,1$00LQLVWHULR H[WHUQRVLPSOHPHQWDGR
3~EOLFR\3ROLFtD1DFLRQDO
3URPRFLyQGHVLVWHPDVDJURVLOYRSDVWRULOHV\DJURIRUHVWDOHVFRQ *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHVLVWHPDVDJURVLOYRSDVWRULOHV\
PHGLGDVGHSUHYHQFLyQGHHVSHFLHVLQYDVLYDV 2UJDQL]DFLRQHVFLYLOHV0,1$* DJURIRUHVWDOHVFRQPHGLGDVGHSUHYHQFLyQ
&RPXQLGDGHVFDPSHVLQDV GHHVSHFLHVLQYDVLYDV
&DPSDxDGHGLIXVLyQPDVLYDVREUHODLPSRUWDQFLDDPHQD]DV\ *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHSHUVRQDVLQIRUPDGDV
SUHVLRQHVGHODGLYHUVLGDGELROyJLFD 2UJDQL]DFLRQHVFLYLOHV
(ODERUDFLyQHLPSOHPHQWDFLyQGHO3ODQGHSUHYHQFLyQSDUDHOXVR *RELHUQR5HJLRQDO/DPED\HTXH 3ODQGHSUHYHQFLyQSDUDHOGHSURFHVRV
GHWUDQVJpQLFRV 2UJDQL]DFLRQHVFLYLOHV([SHUWRV H[WHUQRVLPSOHPHQWDGR
UHJLRQDOHV

2EMHWLYRVHVSHFtILFR3URPRYHUHOFRQRFLPLHQWR\XVRVRVWHQLEOHGHORVUHFXUVRVDFXiWLFRVSHVTXHUtDV\ORVFXHUSRVGHDJXD

(VWUDWHJLD0HMRUDUHOFRQRFLPLHQWRH[LVWHQWHVREUHODVLWXDFLyQGHHVSHFLHVHQSHOLJUR\SURFHVRVHFROyJLFRVFUtWLFRVHQHOELRPDPDULQRDVtFRPRORV
UHFXUVRVKLGURELROyJLFRVFRQWLQHQWDOHV\KXPHGDOHV

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
(YDOXDUODVLWXDFLyQDFWXDOGHOPDQHMRGHORVUHFXUVRVDFXiWLFRV *RELHUQR5HJLRQDO/DPED\HTXH ,QIRUPHVUHDOL]DGRV
HFRVLVWHPDVPDULQRVKXPHGDOHV\DJXDVFRQWLQHQWDOHV ,0$53(-XQWDVGH8VXDULRV$/$V
2UJDQL]DFLRQHVFLYLOHV
(ODERUDU\DFWXDOL]DULQYHQWDULRVELROyJLFRV\HFROyJLFRVGHHVSHFLHV *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHLQYHQWDULRVUHDOL]DGRV
HQORVHFRVLVWHPDVDFXiWLFRV ,0$53(2UJDQL]DFLRQHVFLYLOHV
8QLYHUVLGDGHV
(ODERUDUH,PSOHPHQWDUSURJUDPDVGHPRQLWRUHR\VLVWHPDVGH *RELHUQR5HJLRQDO/DPED\HTXH 3URJUDPDGHPRQLWRUHRLPSOHPHQWDGR
FODVLILFDFLyQGHHVSHFLHVHQORVHFRVLVWHPDVDFXiWLFRV ,0$53(2UJDQL]DFLRQHVFLYLOHV
8QLYHUVLGDGHV
3ULRUL]DUODFRQVHUYDFLyQGHHVSHFLHVDFXiWLFDVHQULHVJRR *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHHVSHFLHVDFXiWLFDVHQULHVJRR
HQGpPLFDV ,0$53(2UJDQL]DFLRQHVFLYLOHV HQGpPLFDVSULRUL]DGDV
8QLYHUVLGDGHV
,QFOXLUFRPR]RQDVSULRULWDULDVSDUDODFRQVHUYDFLyQORVKiELWDWV *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHKiELWDWVFUtWLFRV\YXOQHUDEOHV
FUtWLFRV\YXOQHUDEOHVGHHFRVLVWHPDV~QLFRV\UHSUHVHQWDWLYRVGH ,0$53(2UJDQL]DFLRQHVFLYLOHV GHHFRVLVWHPDV~QLFRV\UHSUHVHQWDWLYRV
HVSHFLHVDFXiWLFDV 8QLYHUVLGDGHV GHHVSHFLHVDFXiWLFDVFRPR]RQDV
SULRULWDULDVSDUDODFRQVHUYDFLyQ

(VWUDWHJLD0HMRUDUODVSUiFWLFDV\DUWHVGHSHVFD
$&&,21(6 5(63216$%/(6 ,1',&$'25(6
'HVDUUROODUSURJUDPDVGHHQWUHQDPLHQWR\SURPRFLyQHQODV *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGHSURJUDPDVGHVDUUROODGRV
SHVTXHUtDVGHXVRGHHTXLSR\SURFHGLPLHQWRGHFDSWXUD ,0$53(2UJDQL]DFLRQHVFLYLOHV
8QLYHUVLGDGHV
(ODERUDFLyQHLPSOHPHQWDFLyQGHXQSODQGHPRQLWRUHRSDUDHO *RELHUQR5HJLRQDO/DPED\HTXH 3ODQGHPRQLWRUHRLPSOHPHQWDGR
FXPSOLPLHQWRGHODVQRUPDVGHODFDSWXUDGHSHFHVEDMRVXOtPLWH ,0$53(
SHUPLWLGRFDSWXUDLQFLGHQWDOWLHPSRVGHYHGD\GHVWUXFFLyQGHO
KiELWDW

(VWUDWHJLD3URPRYHUODGLYHUVLILFDFLyQRUGHQDGDVXVWHQWDGD\VRVWHQLELOLGDGGHORVUHFXUVRVPDULQRV\FRQWLQHQWDOHV

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
(ODERUDUXQSODQGHFRQWUROGHORVSRWHQFLDOHVRH[LVWHQWHVLPSDFWRV *RELHUQR5HJLRQDO/DPED\HTXH 3ODQGHFRQWUROHODERUDGR
QHJDWLYRVGHHVSHFLHVLQWURGXFLGDVHQOD'LYHUVLGDG%LROyJLFD ,0$53(2UJDQL]DFLRQHVFLYLOHV
DFXiWLFD 8QLYHUVLGDGHV
3URPRYHUOD,QYHVWLJDFLyQGHDOWHUQDWLYDVSDUDHOPDQHMRGH *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGH,QYHVWLJDFLRQHVUHDOL]DGDV
SHVTXHUtDV\RWURVUHFXUVRVDFXiWLFRV ,0$53(2UJDQL]DFLRQHVFLYLOHV
8QLYHUVLGDGHV
&RRUGLQDUFRQLQVWDQFLDVGHLQYHVWLJDFLyQDFDGpPLFD21*V *RELHUQR5HJLRQDO/DPED\HTXH 1~PHURGH,QVWLWXFLRQHV\RUJDQL]DFLRQHV
8QLYHUVLGDGHV\RWURVVHFWRUHVDFFLRQHVSDUDHOXVRVRVWHQLEOHGHOD ,0$53(2UJDQL]DFLRQHVFLYLOHV SDUWLFLSDQWHV
GLYHUVLGDGELROyJLFD 8QLYHUVLGDGHV

(VWUDWHJLD0HMRUDUHOPDQHMRGHOUHFXUVRDJXDHQFRQFRUGDQFLDFRQORVREMHWLYRVGHODFRQVHUYDFLyQGHODVHVSHFLHV\HFRVLVWHPDVDFXiWLFRV

$&&,21(6 5(63216$%/(6 ,1',&$'25(6
(ODERUDFLyQH,PSOHPHQWDFLyQGHXQSODQGHPLQLPL]DFLyQGH *RELHUQR5HJLRQDO/DPED\HTXH 3ODQGHPLQLPL]DFLyQGHFRQWDPLQDFLyQ
FRQWDPLQDFLyQGHDJXDVUHVLGXDOHVYHUWLGDVDOPDUSRUHIOXHQWHV ,0$53(0XQLFLSLRV(36(/ GHDJXDVUHVLGXDOHVLPSOHPHQWDGR
GRPpVWLFRVLQGXVWULDOHVHQWUHRWURV (PSUHVDV3ULYDGDV2UJDQL]DFLRQHV
FLYLOHV8QLYHUVLGDGHV0LQLVWHULR
S~EOLFR$/$V-XQWDVGHXVXDULRV
(ODERUDFLyQGHXQSODQGHPRQLWRUHRSDUDHOFXPSOLPLHQWRGHODV *RELHUQR5HJLRQDO/DPED\HTXH 3ODQGH0RQLWRUHRHODERUDGR
QRUPDVGHHYDFXDFLyQGHDJXDVUHVLGXDOHVSURGXFWRGHLQGXVWULDV ,0$53(0XQLFLSLRV&DSLWDQtDGH
SHVTXHUDV SXHUWRVLQGXVWULDVSHVTXHUDV


9,03/(0(17$&,21'(/$(675$7(*,$

/DFODULGDGGHOHVWDEOHFLPLHQWRGHUROHV\UHVSRQVDELOLGDGHVHQHOPDQHMRGHOD
GLYHUVLGDGELROyJLFDHVFODYHSDUDODLPSOHPHQWDFLyQGHOD(VWUDWHJLD

'H DTXt VH GHVSUHQGH TXH SDUD DERUGDU DGHFXDGDPHQHWH OD VROXFLyQ D ORV
SUREOHPDVGHODELRGLYHUVLGDGHQUHODFLyQFRQVXFRQVHUYDFLyQ\XVRVRVWHQLEOH
ODV LQVWLWXFLRQHV TXH DVXPLUiQ GLFKDV UHVSRQVDELOLGDGHV GHEHQ HVWDU
GHELGDPHQWHSUHSDUDGDVSRUORTXHHOIRUWDOHFLPLHQWRGHODLQVWLWXFLRQDOLGDG
WDPELpQHVIXQGDPHQWDOSDUDODLPSOHPHQWDFLyQGHFXDOTXLHUHVWUDWHJLD

3RU HVWD UD]yQ OD JHVWLyQ LQVWLWXFLRQDO GHEHUi LU DFRPSDxDGD SRU XQ
IRUWDOHFLPLHQWR GH FDSDFLGDGHV D QLYHO PXOWLQVWLWXFLRQDO SDUD JDUDQWL]DU HO
EXHQGLVHxRGHSROtWLFDV\ODWRPDFRUUHFWDGHGHFLVLRQHV(VGHUHVDOWDUDGHPiV
TXHODLQVWLWXFLRQDOLGDGVHYHUiFDGDYH]PiVIRUWDOHFLGD HQODPHGLGDHQTXH
ORVSURFHVRVFRQGXFHQWHVDOORJURGHORVREMHWLYRVVHDQH[LWRVRV

&DEH DQRWDU ILQDOPHQWH TXH OD FRQVHUYDFLyQ \ XVR VRVWHQLEOH GH OD
ELRGLYHUVLGDG \ HO 6LVWHPD GH ,QIRUPDFLyQ GH OD 'LYHUVLGDG %LROyJLFD VRQ
WRPDGRV FRPR HMHV WUDQVYHUVDOHV HQ WRGDV ODV DFFLRQHV D LPSOHPHQWDUVH HQ OD
SUHVHQWHHVWUDWHJLD


9,5()(5(1&,$6%,%/,2*5É),&$6

%,2'$0$=(VWUDWHJLD5HJLRQDOGHOD'LYHUVLGDG%LROyJLFDGH
$PD]RQDV

%,2'$0$=(VWUDWHJLD5HJLRQDOGHOD'LYHUVLGDG%LROyJLFDGH6DQ
0DUWtQ

%5$&.$&RQIHUHQFLDSRUOD6HPDQD1DFLRQDOGHOD'LYHUVLGDG
%LROyJLFDHQHO3HU~

*5$3ODQGH'HVDUUROOR5HJLRQDO&RQFHUWDGR*RELHUQR5HJLRQDOGH
/DPED\HTXH&KLFOD\R3HU~

*5832/$5(3Ô%/,&$$WODV5HJLRQDOGHO3HU~²/DPED\HTXHSS

,1(,3HU~3UR\HFFLRQHVGH3REODFLyQSRU$xR&DOHQGDULRVHJ~Q
GHSDUWDPHQWRVSURYLQFLDV\GLVWULWRV²

,15(1$=RQDVGH9LGDGHO3HU~/LPD3HU~

3/(1*8(+ 5:,//,$06*XtDGHOD9LGD6LOYHVWUHGH&KDSDUUt
/LPDSS

352<(&72$/*$552%20HPRULDGHVFULSWLYDGHOPDSDIRUHVWDOGH
/DPED\HTXH

52'5Ì*8(=/'LYHUVLGDG%LROyJLFDGHO3HU~]RQDVSULRULWDULDVSDUDVX
FRQVHUYDFLyQ3UR\HFWR)$13(*7=,15(1$/LPD3HU~SS

6$*$67(*8,-'LYHUVLGDG%LROyJLFD\HQGHPLVPRHQHOGHSDUWDPHQWR
GH/DPED\HTXH0+181060/LPD3HU~

6$*$67(*8,$)ORUD(QGpPLFDGHORV$QGHV1RU3HUXDQRVHQ
$UQDOGRD7UXMLOOR3HU~

6$*É67(*8,$'LYHUVLGDG)ORUtVWLFDGHO1RUWHGH3HU~SS7UXMLOOR
3HU~

6+8/(1%(5*7%LUGVRI3HU~1HZ-HUVH\SS

7+(1$785(&216(59$1&<3ODQLILFDFLyQSDUDOD&RQVHUYDFLyQGH
ÉUHDV/LPDSS


KWWSZZZLPDUSHJRESHFKLFOD\RLQIRUPHV'LDJQRVWLFR$PELHQWDO
GHO/LWRUDO/DPED\HTXH*5/SGI

ZZZIDRRUJGRFUHSDHH$((KWP

KWWSZZZPRQRJUDILDVFRPWUDEDMRVIORUDIDXQDODPED\HFDQDIORUD
IDXQDODPED\HFDQDVKWPO

KWWSZZZRQXRUJSHXSORDGGRFXPHQWRV,1(,3HUILO6RFLRGHPRJUDILFR
3HUXSGI

KWWSZZZSHUXSUHQVDRUJ1DKWP

ZZZVDFKDRUJHQYLUSHUXSHUXBVSKWP

KWWSFHQVRVLQHLJRESHGRFXPHQWRV3XEOLFRV,QIRUPHB7HFQLFRB3REUH]D
SGI


9,,$1(;26

$QH[R/LVWDGH$YHVGH/DPED\HTXH

$PHQD]D (QGHPLVPR
)DPLOLD 1RPEUH&LHQWLILFR 1RPEUHHQ(VSDxRO 1RPEUHHQ,QJOHV
,8&1 3HUX (%$ 3HUX
7,1$0,'$( &U\SWXUHOOXVWUDQVIDVFLDWXV 3HUGL]GH&HMD3iOLGD 3DOHEURZHG7LQDPRX 7
7,1$0,'$( 1RWKRSURFWDSHQWODQGLL 3HUGL]$QGLQD $QGHDQ7LQDPRX
7,1$0,'$( 1RWKRSURFWDFXUYLURVWULV 3HUGL]GH3LFR&XUYR &XUYHELOOHG7LQDPRX
$1$7,'$( 6DUNLGLRUQLVPHODQRWRV 3DWR&UHVWXGR3DWR5HDO &RPE'XFN
$1$7,'$( $QDVJHRUJLFD 3DWR-HUJyQ <HOORZELOOHG3LQWDLO
$1$7,'$( $QDVEDKDPHQVLV 3DWR*DUJDQWLOOR3DWR$ODEDQFR :KLWHFKHHNHG3LQWDLO
$1$7,'$( $QDVGLVFRUV 3DWRGH$OD$]XO %OXHZLQJHG7HDO
$1$7,'$( $QDVF\DQRSWHUD 3DWR&RORUDGR3DWR/HIH &LQQDPRQ7HDO
$1$7,'$( 1HWWDHU\WKURSKWKDOPD 3DWR0RUDGR 6RXWKHUQ3RFKDUG 98
$1$7,'$( 2[\XUDMDPDLFHQVLV 3DWR5DQD 5XGG\'XFN
&5$&,'$( 3HQHORSHEDUEDWD 3DYD%DUEDGD %HDUGHG*XDQ 98 (1 $&6
&5$&,'$( 3HQHORSHDOSLSHQQLV 3DYDGH$OD%ODQFD :KLWHZLQJHG*XDQ &5 &5 7 3
&5$&,'$( $EXUULDDEXUUL 3DYD&DUXQFXODGD :DWWOHG*XDQ
32',&,3(','$( 5ROODQGLDUROODQG =DPEXOOLGRU3LPSROOR :KLWHWXIWHG*UHEH
32',&,3(','$( 7DFK\EDSWXVGRPLQLFXV =DPEXOOLGRU0HQRU /HDVW*UHEH
32',&,3(','$( 3RGLO\PEXVSRGLFHSV =DPEXOOLGRUGH3LFR*UXHVR 3LHGELOOHG*UHEH
32',&,3(','$( 3RGLFHSVPDMRU =DPEXOOLGRU*UDQGH *UHDW*UHEH
32',&,3(','$( 3RGLFHSVRFFLSLWDOLV =DPEXOOLGRU3ODWHDGR 6LOYHU\*UHEH
3+2(1,&237(5,'$( 3KRHQLFRSWHUXVFKLOHQVLV )ODPHQFR&KLOHQR &KLOHDQ)ODPLQJR
63+(1,6&,'$( 6SKHQLVFXVKXPEROGWL 3LQJLQRGH+XPEROGW +XPEROGW3HQJXLQ 98 (1
352&(//$5,,'$( 3DFK\SWLODEHOFKHUL 3HWUHO$]XOGH3LFR'HOJDGR 6OHQGHUELOOHG3ULRQ
3(/(&$12,','$( 3HOHFDQRLGHVJDUQRWLL 3RWR\XQFR3HUXDQR 3HUXYLDQ'LYLQJ3HWUHO (1 &5


3(/(&$1,'$( 3HOHFDQXVRFFLGHQWDOLV 3HOtFDQR3DUGR %URZQ3HOLFDQ

3(/(&$1,'$( 3HOHFDQXVWKDJXV 3HOtFDQR3HUXDQR 3HUXYLDQ3HOLFDQ (1
68/,'$( 6XODQHERX[LL 3LTXHURGH3DWD$]XO %OXHIRRWHG%RRE\
68/,'$( 6XODYDULHJDWD 3LTXHUR3HUXDQR 3HUXYLDQ%RRE\ (1
68/,'$( 6XODJUDQWL 3LTXHURGH1D]FD 1D]FD%RRE\ (1
&RUPRUiQ1HRWURSLFDO3DWR
3+$/$&52&25$&,'$( 3KDODFURFRUD[EUDVLOLDQXV &XHUYR 1HRWURSLF&RUPRUDQW
3+$/$&52&25$&,'$( 3KDODFURFRUD[JDLPDUGL &RUPRUiQGH3DWD5RMD 5HGOHJJHG&RUPRUDQW (1
3+$/$&52&25$&,'$( 3KDODFURFRUD[ERXJDLQYLOOLL &RUPRUiQ*XDQD\ *XDQD\&RUPRUDQW (1
)5(*$7,'$( )UHJDWDPDJQLILFHQV $YHIUDJDWD0DJQtILFD 0DJQLILFHQW)ULJDWHELUG
$5'(,'$( 7LJULVRPDIDVFLDWXP *DU]D7LJUH2VFXUD )DVFLDWHG7LJHU+HURQ
$5'(,'$( &RFKOHDULXVFRFKOHDULXV *DU]D&XFKDUyQ %RDWELOOHG+HURQ
$5'(,'$( ,[REU\FKXVH[LOLV 0LUDVRO/HRQDGR /HDVW%LWWHUQ
$5'(,'$( 1\FWLFRUD[Q\FWLFRUD[ +XDFR&RP~Q %ODFNFURZQHG1LJKW+HURQ
$5'(,'$( 1\FWDQDVVDYLRODFHD +XDFRGH&RURQD$PDULOOD <HOORZFURZQHG1LJKW+HURQ
$5'(,'$( %XWRULGHVVWULDWD *DUFLWD(VWULDGD7DPDQTXLWD 6WULDWHG+HURQ
$5'(,'$( %XEXOFXVLELV *DUFLWD%XH\HUD &DWWOH(JUHW
$5'(,'$( $UGHDFRFRL *DU]D&XFD &RFRL+HURQ
$5'(,'$( $UGHDDOED *DU]D*UDQGH *UHDW(JUHW
$5'(,'$( (JUHWWDWULFRORU *DUFLWD7ULFRORU 7ULFRORUHG+HURQ
$5'(,'$( (JUHWWDWKXOD *DUFLWD%ODQFD 6QRZ\(JUHW
$5'(,'$( (JUHWWDFDHUXOHD *DUFLWD$]XO /LWWOH%OXH+HURQ
7+5(6.,251,7+,'$( 3OHJDGLVULGJZD\L ,ELVGHOD3XQD<DQDYLFR 3XQD,ELV
7+5(6.,251,7+,'$( 7KHUHVWLFWXVPHODQRSLV %DQGXUULD&DULQHJUD %ODFNIDFHG,ELV 98
7+5(6.,251,7+,'$( 3ODWDOHDDMDMD (VSDWXOD5RVDGD 5RVHDWH6SRRQELOO (1
&,&21,,'$( 0\FWHULDDPHULFDQD &LJHxD*DEiQ :RRG6WRUN (1
&$7+$57,'$( &DWKDUWHVDXUD *DOOLQD]RGH&DEH]D5RMD 7XUNH\9XOWXUH
&$7+$57,'$( &RUDJ\SVDWUDWXV *DOOLQD]RGH&DEH]D1HJUD %ODFN9XOWXUH
&$7+$57,'$( 6DUFRUDPSKXVSDSD .LQJ9XOWXUH .LQJ9XOWXUH


&$7+$57,'$( 9XOWXUJU\SKXV &RQGRU$QGLQR $QGHDQ&RQGRU (1

3$1',21,'$( 3DQGLRQKDOLDHWXV $JXLOD3HVFDGRUD 2VSUH\
$&&,3,75,'$( *DPSVRQ\[VZDLQVRQLL *DYLODQ3HUOD 3HDUO.LWH
$&&,3,75,'$( ,FWLQLDSOXPEHD *DYLODQ3ORPL]R 3OXPEHRXV.LWH
$&&,3,75,'$( &LUFXVFLQHUHXV *DYLOiQ&HQL]R &LQHUHRXV+DUULHU
$&&,3,75,'$( $FFLSLWHUVWULDWXV *DYLOiQ3DMDUHUR 6KDUSVKLQQHG+DZN
$&&,3,75,'$( $FFLSLWHUELFRORU *DYLODQ%LFRORU %LFRORUHG+DZN
$&&,3,75,'$( %XWHRJDOOXVXUXELWLQJD *DYLOiQ1HJUR *UHDW%ODFN+DZN
$&&,3,75,'$( %XWHRJDOOXVPHULGLRQDOLV *DYLOiQ6DEDQHUR*DYLODQ6RQVR 6DYDQQD+DZN
$&&,3,75,'$( +DUS\KDOLDHWXVVROLWDULXV $JXLOD6ROLWDULD 6ROLWDU\(DJOH
$&&,3,75,'$( *HUDQRDHWXVPHODQROHXFXV $JXLOXFKRGH3HFKR1HJUR %ODFNFKHVWHG%X]]DUG(DJOH
$&&,3,75,'$( 3DUDEXWHRXQLFLQFWXV *DYLODQ0L[WR %D\ZLQJHG+DZN
$&&,3,75,'$( %XWHRPDJQLURVWULV $JXLOXFKR&DPLQHUR 5RDGVLGH+DZN
$&&,3,75,'$( %XWHREUDFK\XUXV $JXLOXFKRGH&ROD&RUWD 6KRUWWDLOHG+DZN
$&&,3,75,'$( %XWHRDOELJXOD $JXLOXFKRGH*DUJDQWD%ODQFD :KLWHWKURDWHG+DZN
$&&,3,75,'$( %XWHRSRO\RVRPD $JXLOXFKRGH'RUVR5RMR 5HGEDFNHG+DZN
$&&,3,75,'$( %XWHRDOERQRWDWXV $JXLOXFKR&ROLIDMHDGR =RQHWDLOHG+DZN
)$/&21,'$( +HUSHWRWKHUHVFDFKLQQDQV +DOFyQ5HLGRU /DXJKLQJ)DOFRQ
)$/&21,'$( &DUDFDUDFKHULZD\ &DUDFDUD&UHVWDGR*XDUDJXDX &UHVWHG&DUDFDUD
)$/&21,'$( 3KDOFRERHQXVPHJDORSWHUXV &DUDFDUD&RUGLOOHUDQR 0RXQWDLQ&DUDFDUD
)$/&21,'$( )DOFRVSDUYHULXV &HUQtFDOR$PHULFDQR $PHULFDQ.HVWUHO
)$/&21,'$( )DOFRFROXPEDULXV +DOFyQ(VPHUHMyQ 0HUOLQ
)$/&21,'$( )DOFRUXILJXODULV +DOFyQ&D]D0XUFLpODJRV %DW)DOFRQ
)$/&21,'$( )DOFRIHPRUDOLV +DOFRQ3HUGLJXHUR $SORPDGR)DOFRQ
)$/&21,'$( )DOFRSHUHJULQXV +DOFyQ3HUHJULQR 3HUHJULQH)DOFRQ
5$//,'$( $UDPLGHVD[LOODULV 5DVFyQ0RQWpVGH&XHOOR5XIR 5XIRXVQHFNHG:RRG5DLO
5$//,'$( 1HRFUH[HU\WKURSV *DOOLQHWDGH3LFR5RMR 3DLQWELOOHG&UDNH
5$//,'$( 3DUGLUDOOXVPDFXODWXV 5DVFyQ0RWHDGR 6SRWWHG5DLO


5$//,'$( 3DUGLUDOOXVVDQJXLQROHQWXV 5DVFyQ3ORPL]R 3OXPEHRXV5DLO

5$//,'$( *DOOLQXODFKORURSXV 3ROODGH$JXD&RP~Q &RPPRQ*DOOLQXOH
3ROODGH$JXD0RUDGD3ROOD
5$//,'$( 3RUSK\ULRPDUWLQLFD 6XOWDQD 3XUSOH*DOOLQXOH
5$//,'$( )XOLFDDUGHVLDFD *DOODUHWD$QGLQD 6ODWHFRORUHG&RRW
&+$5$'5,,'$( 9DQHOOXVUHVSOHQGHQV $YHIUtD$QGLQD $QGHDQ/DSZLQJ
&+$5$'5,,'$( 3OXYLDOLVGRPLQLFD &KRUOR'RUDGR$PHULFDQR $PHULFDQ*ROGHQ3ORYHU
&+$5$'5,,'$( 3OXYLDOLVVTXDWDUROD &KRUOR*ULV %ODFNEHOOLHG3ORYHU
&+$5$'5,,'$( &KDUDGULXVVHPLSDOPDWXV &KRUOR6HPLSDOPDGR 6HPLSDOPDWHG3ORYHU
&+$5$'5,,'$( &KDUDGULXVYRFLIHUXV &KRUOR*ULWyQ7LFWLO .LOOGHHU
&+$5$'5,,'$( &KDUDGULXVDOH[DQGULQXV &KRUOR1HYDGR 6QRZ\3ORYHU
&+$5$'5,,'$( &KDUDGULXVFROODULV &KRUOR$FROODUDGR &ROODUHG3ORYHU
&+$5$'5,,'$( 2UHRSKROXVUXILFROOLV &KRUORGH&DPSR 7DZQ\WKURDWHG'RWWHUHO
+$(0$7232','$( +DHPDWRSXVSDOOLDWXV 2VWUHUR$PHULFDQR $PHULFDQ2\VWHUFDWFKHU
&LJHxXHODGH&XHOOR1HJUR
5(&859,52675,'$( +LPDQWRSXVPH[LFDQXV 3HUULWR %ODFNQHFNHG6WLOW
%85+,1,'$( %XUKLQXVVXSHUFLOLDULV $OFDUDYiQ+XHUHTXHTXH 3HUXYLDQ7KLFNNQHH
6&2/23$&,'$( *DOOLQDJRMDPHVRQL %HFDVLQD$QGLQD $QGHDQ6QLSH
6&2/23$&,'$( /LPQRGURPXVJULVHXV $JXMHWDGH3LFR&RUWR 6KRUWELOOHG'RZLWFKHU
6&2/23$&,'$( /LPRVDKDHPDVWLFD $JXMDGH0DU +XGVRQLDQ*RGZLW
6&2/23$&,'$( 1XPHQLXVSKDHRSXV =DUDSLWR7ULQDGRU :KLPEUHO
6&2/23$&,'$( $FWLWLVPDFXODULXV 3OD\HUR&ROHDGRU 6SRWWHG6DQGSLSHU
6&2/23$&,'$( 7ULQJDPHODQROHXFD 3OD\HUR3DWD$PDULOOD0D\RU *UHDWHU<HOORZOHJV
6&2/23$&,'$( 7ULQJDIODYLSHV 3OD\HUR3DWD$PDULOOD0HQRU /HVVHU<HOORZOHJV
6&2/23$&,'$( 7ULQJDVROLWDULD 3OD\HUR6ROLWDULR 6ROLWDU\6DQGSLSHU
6&2/23$&,'$( 7ULQJDVHPLSDOPDWD 3OD\HURGH$OD%ODQFD :LOOHW
6&2/23$&,'$( $UHQDULDLQWHUSUHV 9XHOYHSLHGUDV5RML]R 5XGG\7XUQVWRQH
6&2/23$&,'$( $SKUL]DYLUJDWD &KRUORGHODV5RPSLHQWHV 6XUIELUG
6&2/23$&,'$( &DOLGULVFDQXWXV 3OD\HURGH3HFKR5XIR 5HG.QRW


6&2/23$&,'$( &DOLGULVDOED 3OD\HUR$UHQHUR 6DQGHUOLQJ

6&2/23$&,'$( &DOLGULVSXVLOOD 3OD\HULWR6HPLSDOPDGR 6HPLSDOPDWHG6DQGSLSHU
6&2/23$&,'$( &DOLGULVPDXUL 3OD\HULWR2FFLGHQWDO :HVWHUQ6DQGSLSHU
6&2/23$&,'$( &DOLGULVPLQXWLOOD 3OD\HULWR0HQXGR /HDVW6DQGSLSHU
6&2/23$&,'$( &DOLGULVIXVFLFROOLV 3OD\HULWRGH/RPR%ODQFR :KLWHUXPSHG6DQGSLSHU
6&2/23$&,'$( &DOLGULVEDLUGLL 3OD\HULWRGH%DLUG %DLUG
V6DQGSLSHU
6&2/23$&,'$( &DOLGULVPHODQRWRV 3OD\HUR3HFWRUDO 3HFWRUDO6DQGSLSHU
6&2/23$&,'$( &DOLGULVKLPDQWRSXV 3OD\HURGH3DWDV/DUJDV 6WLOW6DQGSLSHU
6&2/23$&,'$( 3KDODURSXVWULFRORU )DOiURSR7ULFRORU :LOVRQ
V3KDODURSH
6&2/23$&,'$( 3KDODURSXVOREDWXV )DOiURSRGH3LFR)LQR 5HGQHFNHG3KDODURSH
6&2/23$&,'$( 3KDODURSXVIXOLFDULXV )DOiURSRGH3LFR*UXHVR 5HG3KDODURSH
7+,12&25,'$( 7KLQRFRUXVUXPLFLYRUXV $JDFKRQD&KLFD /HDVW6HHGVQLSH
/$5,'$( &KURLFRFHSKDOXVFLUURFHSKDOXV *DYLRWDGH&DSXFKR*ULV *UD\KRRGHG*XOO
/$5,'$( /HXFRSKDHXVPRGHVWXV *DYLRWD*ULV *UD\*XOO
/$5,'$( /HXFRSKDHXVDWULFLOOD *DYLRWD5HLGRUD /DXJKLQJ*XOO
/$5,'$( /HXFRSKDHXVSLSL[FDQ *DYLRWDGH)UDQNOLQ )UDQNOLQ
V*XOO
/$5,'$( /DUXVEHOFKHUL *DYLRWD3HUXDQD %DQGWDLOHG*XOO
/$5,'$( /DUXVGRPLQLFDQXV *DYLRWD'RPLQLFDQD .HOS*XOO
/$5,'$( 6WHUQXODORUDWD *DYLRWtQ3HUXDQR 3HUXYLDQ7HUQ (1 98
/$5,'$( *HORFKHOLGRQQLORWLFD *DYLRWtQGH3LFR1HJUR *XOOELOOHG7HUQ
/$5,'$( /DURVWHUQDLQFD *DYLRWtQ=DUFLOOR ,QFD7HUQ 98
/$5,'$( 6WHUQDKLUXQGR *DYLRWtQ&RP~Q &RPPRQ7HUQ
/$5,'$( 6WHUQDSDUDGLVDHD *DYLRWtQGHO$UWLFR $UFWLF7HUQ
/$5,'$( 6WHUQDKLUXQGLQDFHD *DYLRWtQ6XGDPHULFDQR 6RXWK$PHULFDQ7HUQ 98
/$5,'$( 7KDODVVHXVHOHJDQV *DYLRWtQ(OHJDQWH (OHJDQW7HUQ
/$5,'$( 7KDODVVHXVVDQGYLFHQVLV *DYLRWtQGH3DWDV1HJUDV 6DQGZLFK7HUQ
/$5,'$( 7KDODVVHXVPD[LPXV *DYLRWtQ5HDO 5R\DO7HUQ
5<1&+23,'$( 5\QFKRSVQLJHU 5D\DGRU1HJUR %ODFN6NLPPHU


&2/80%,'$( &ROXPELQDPLQXWD 7RUWROLWD0HQXGD 3ODLQEUHDVWHG*URXQG'RYH

&2/80%,'$( &ROXPELQDEXFNOH\L 7RUWROLWD(FXDWRULDQD (FXDGRULDQ*URXQG'RYH 7
&2/80%,'$( &ROXPELQDFUX]LDQD 7RUWROLWD0RWHDGD &URDNLQJ*URXQG'RYH
&2/80%,'$( 0HWULRSHOLDFHFLOLDH 7RUWROLWD0RWHDGD %DUHIDFHG*URXQG'RYH
&2/80%,'$( &ROXPEDOLYLD 3DORPD'RPpVWLFD 5RFN3LJHRQ
&2/80%,'$( 3DWDJLRHQDIDVFLDWD 3DORPDGH1XFD%ODQFD %DQGWDLOHG3LJHRQ
&2/80%,'$( =HQDLGDPHORGD 7yUWROD0HOyGLFD&XFXOt :HVW3HUXYLDQ'RYH
&2/80%,'$( =HQDLGDDXULFXODWD 7yUWROD2UHMXGD (DUHG'RYH
&2/80%,'$( /HSWRWLOODYHUUHDX[L 3DORPD&ROLEODQFD :KLWHWLSSHG'RYH
&2/80%,'$( /HSWRWLOODRFKUDFHLYHQWULV 3DORPDGH9LHQWUH2FUiFHR 2FKUHEHOOLHG'RYH 98 7
&2/80%,'$( *HRWU\JRQIUHQDWD 3DORPD3HUGL]GH*DUJDQWD%ODQFD :KLWHWKURDWHG4XDLO'RYH
36,77$&,'$( $UDWLQJDZDJOHUL &RWRUUDGH)UHQWH(VFDUODWD 6FDUOHWIURQWHG3DUDNHHW
36,77$&,'$( $UDWLQJDHU\WKURJHQ\V &RUWRUUD&DEHFLUURMD 5HGPDVNHG3DUDNHHW 7
36,77$&,'$( )RUSXVFRHOHVWLV 3HULFR(VPHUDOGD(VPHUDOGLWD 3DFLILF3DUURWOHW 7
36,77$&,'$( 3LRQXVWXPXOWXRVXV /RUR7XPXOWXRVR 6SHFNOHIDFHG3DUURW
&8&8/,'$( 3LD\DFD\DQD &XFR$UGLOOD 6TXLUUHO&XFNRR
&8&8/,'$( 3LD\DPHODQRJDVWHU &XFRGH9LHQWUH1HJUR %ODFNEHOOLHG&XFNRR
*DUUDSDWHURGH3LFR(VWULDGR
&8&8/,'$( &URWRSKDJDVXOFLURVWULV &KLFOyQ *URRYHELOOHG$QL
&8&8/,'$( 7DSHUDQDHYLD &XFOLOOR/LVWDGR 6WULSHG&XFNRR
7<721,'$( 7\WRDOED /HFKX]DGH&DPSDQDULR %DUQ2ZO
675,*,'$( 0HJDVFRSVURERUDWXV /HFKX]D3HUXDQD :HVWSHUXYLDQ6FUHHFK2ZO
675,*,'$( 0HJDVFRSVNRHSFNHDH /HFKX]DGH.RHSFNH .RHSFNH
V6FUHHFK2ZO 3
675,*,'$( 3XOVDWUL[SHUVSLFLOODWD %~KRGH$QWHRMRV 6SHFWDFOHG2ZO
675,*,'$( *ODXFLGLXPMDUGLQLL /HFKXFLWD$QGLQD $QGHDQ3\JP\2ZO
675,*,'$( *ODXFLGLXPSHUXDQXP /HFKXFLWD3HUXDQD 3HUXYLDQ3LJP\2ZO
675,*,'$( $WKHQHFXQLFXODULD /HFKX]D7HUUHVWUH %XUURZLQJ2ZO
675,*,'$( 3VHXGRVFRSVFODPDWRU %~KR/LVWDGR 6WULSHG2ZO
675,*,'$( $VLRIODPPHXV /HFKX]DGH2UHMD&RUWD 6KRUWHDUHG2ZO


67($7251,7+,'$( 6WHDWRUQLVFDULSHQVLV *XiFKDUR 2LOELUG

1<&7,%,,'$( 1\FWLELXVJULVHXV 1LFWLELR&RP~Q &RPPRQ3RWRR
&$35,08/*,'$( &KRUGHLOHVDFXWLSHQQLV &KRWDFDEUDV0HQRU /HVVHU1LJKWKDZN
&$35,08/*,'$( &KRUGHLOHVPLQRU &KRWDFDEUDV0LJUDWRULR &RPPRQ1LJKWKDZN
&$35,08/*,'$( 1\FWLGURPXVDOELFROOLV &KRWDFDEUDV&RP~Q &RPPRQ3DXUDTXH
&$35,08/*,'$( &DSULPXOJXVORQJLURVWULV &KRWDFDEUDVGH$OD%DQGHDGD %DQGZLQJHG1LJKWMDU
&$35,08/*,'$( &DSULPXOJXVDQWKRQ\L &KRWDFDEUDVGH0DWRUUDO 6FUXE1LJKWMDU 7
&$35,08/*,'$( 8URSVDOLVVHJPHQWDWD &KRWDFDEUDVGH&ROD$KRUTXLOODGD 6ZDOORZWDLOHG1LJKWMDU
$32','$( 6WHSWRSURFQHUXWLOD 9HQFHMR&XHOOLFDVWDxR &KHVWQXWFROODUHG6ZLIW
$32','$( 6WUHSWRSURFQH]RQDULV 9HQFHMRGH&ROODU%ODQFR :KLWHFROODUHG6ZLIW
$32','$( &KDHWXUDEUDFK\XUD 9HQFHMRGH&ROD&RUWD 6KRUWWDLOHG6ZLIW
$32','$( $HURQDXWHVPRQWLYDJXV 9HQFHMR0RQWDxpV :KLWHWLSSHG6ZLIW
752&+,/,'$( 3KDHWRUQLVJULVHRJXODULV (UPLWDxRGH%DUELOOD*ULV *UD\FKLQQHG+HUPLW
752&+,/,'$( 3KDHWKRUQLVORQJLURVWULVEDURQL (UPLWDxRGH3LFR/DUJR /RQJELOOHG+HUPLW
752&+,/,'$( &ROLEULWKDODVVLQXV 2UHMD9LROHWD9HUGH *UHHQ9LROHWHDU
752&+,/,'$( &ROLEULFRUXVFDQV 2UHMD9LROHWDGH9LHQWUH$]XO 6SDUNOLQJ9LROHWHDU
752&+,/,'$( +HOLDQJHOXVPLFUDVWHU $QJHOGHO6RO&KLFR /LWWOH6XQDQJHO
752&+,/,'$( +HOLDQJHOXVYLROD $QJHOGHO6ROGH*DUJDQWD3~USXUD 3XUSOHWKURDWHG6XQDQJHO $&6
752&+,/,'$( $GHORP\LDPHODQRJHQ\V &ROLEUt-DVSHDGR 6SHFNOHG+XPPLQJELUG
752&+,/,'$( /HVELDQXQD &ROLEUtGH&ROD/DUJD9HUGH *UHHQWDLOHG7UDLQEHDUHU
752&+,/,'$( 5DPSKRPLFURQPLFURUK\QFKXP 3LFR(VSLQDGH'RUVR3~USXUD 3XUSOHEDFNHG7KRUQELOO
752&+,/,'$( 0HWDOOXUDW\ULDQWKLQD &ROLEUt7LULR 7\ULDQ0HWDOWDLO
752&+,/,'$( $JODHDFWLVFXSULSHQQLV 5D\RGH6RO%ULOODQWH 6KLQLQJ6XQEHDP
752&+,/,'$( &RHOLJHQDLULV ,QFD$UFRLULV 5DLQERZ6WDUIURQWOHW $&6
752&+,/,'$( /DIUHVQD\DODIUHVQD\L &ROLEUt$WHUFLRSHODGR 0RXQWDLQ9HOYHWEUHDVW
752&+,/,'$( (QVLIHUDHQVLIHUD &ROLEUt3LFR(VSDGD 6ZRUGELOOHG+XPPLQJELUG
752&+,/,'$( 3WHURSKDQHVF\DQRSWHUXV $OD=DILUR*UDQGH *UHDW6DSSKLUHZLQJ
752&+,/,'$( %RLVVRQQHDXDPDWWKHZVLL &ROLEUtGH3HFKR&DVWDxR &KHVWQXWEUHDVWHG&RURQHW


752&+,/,'$( 3DWDJRQDJLJDV &ROLEUt*LJDQWH *LDQW+XPPLQJELUG

752&+,/,'$( +HOLRPDVWHUORQJLURVWULV (VWUHOOLWDGH9LHQWUH%ODQFR /RQJELOOHG6WDUWKURDW
752&+,/,'$( 0\UWLVIDQQ\ (VWUHOOLWD&ROODULSXUSXUD 3XUSOHFROODUHG:RRGVWDU
752&+,/,'$( 5KRGRSLVYHVSHU &ROLEUtGH2DVLV 2DVLV+XPPLQJELUG
752&+,/,'$( 7KDXPDVWXUDFRUD &ROLEUtGH&RUD 3HUXYLDQ6KHDUWDLO
752&+,/,'$( &KDHWRFHUFXVPXOVDQW (VWUHOOLWDGH9LHQWUH%ODQFR :KLWHEHOOLHG:RRGVWDU
752&+,/,'$( &KDHWRFHUFXVERPEXV (VWUHOOLWD&KLFD /LWWOH:RRGVWDU 98 98
752&+,/,'$( 0\UPLDPLFUXUD (VWUHOOLWD&ROLFRUWD 6KRUWWDLOHG:RRGVWDU 7
752&+,/,'$( /HXFLSSXVEDHUL &ROLEUtGH7XPEHV 7XPEHV+XPPLQJELUG 7
752&+,/,'$( /HXFLSSXVWDF]DQRZVNL &ROLEUtGH7DF]DQRZVNL 6SRWWKURDWHG+XPPLQJELUG 0 3
752&+,/,'$( $PD]LOLDDPD]LOLD &ROLEUtGH9LHQWUH5XIR $PD]LOLD+XPPLQJELUG
752&+,/,'$( $PD]LOLDIUDQFLDH &ROLEUt$QGLQR $QGHDQ(PHUDOG
752*21,'$( 3KDURPDFKUXVDXULFHSV 4XHW]DOGH&DEH]D'RUDGD *ROGHQKHDGHG4XHW]DO
752*21,'$( 7URJRQPHVXUXV 7URJyQ(FXDWRULDQR (FXDGRULDQ7URJRQ
752*21,'$( 7URJRQSHUVRQDWXV 7URJyQ(QPDVFDUDGR 0DVNHG7URJRQ
$/&(',1,'$( 0HJDFHU\OHWRUTXDWD 0DUWtQ3HVFDGRU*UDQGH 5LQJHG.LQJILVKHU
$/&(',1,'$( &KORURFHU\OHDPHULFDQD 0DUWtQ3HVFDGRU9HUGH *UHHQ.LQJILVKHU
02027,'$( 0RPRWXVPRPRWD 5HORMHURGH&RURQD$]XO %OXHFURZQHG0RWPRW
3,&,'$( 3LFXPQXVVFODWHUL &DUSLQWHULWR(FXDWRULDQR (FXDGRULDQ3LFXOHW 7
3,&,'$( 3LFRLGHVIXPLJDWXV &DUSLQWHUR3DUGR 6PRN\EURZQ:RRGSHFNHU
3,&,'$( 9HUQLOLRUQLVFDOORQRWXV &DUSLQWHUR'RUVHVFDUODWD 6FDUOHWEDFNHG:RRGSHFNHU
3,&,'$( &RODSWHVUXELJLQRVXV &DUSLQWHUR2OLYLGRUDGR *ROGHQROLYH:RRGSHFNHU
3,&,'$( &RODSWHVUXSLFROD &DUSLQWHUR$QGLQR $QGHDQ)OLFNHU
3,&,'$( 'U\RFRSXVOLQHDWXV &DUSLQWHURGH9LHQWUH5RMR /LQHDWHG:RRGSHFNHU
3,&,'$( &DPSHSKLOXVKDHPDWRJDVWHU &DUSLQWHURGH9LHQWUH5RMR &ULPVRQEHOOLHG:RR
3,&,'$( &DPSHSKLOXVJD\DTXLOHQVLV &DUSLQWHUR*XD\DTXLOHxR *XD\DTXLO:RRGSHFNHU
)851$5,,'$( *HRVLWWDSHUXYLDQD 0LQHUR3HUXDQR3DPSHUR &RDVWDO0LQHU 7 3
)851$5,,'$( )XUQDULXVOHXFRSXV +RUQHUR3DFLILFR&KLODOD 3DOHOHJJHG+RUQHUR


)851$5,,'$( 3KOHRFU\SWHVPHODQRSV 7RWRUHUR :UHQOLNH5XVKELUG

)851$5,,'$( 6\QDOOD[LVD]DUDH &ROD(VSLQDGH$]DUD &ROD(VSLQDGH$]DUD
)851$5,,'$( 6\QDOOD[LVVWLFWRWKRUD[ &RODHVSLQD$FROODUDGD 1HFNODFHG6SLQHWDLO 7
)851$5,,'$( +HOOPD\UHDJXODULV &ROD(VSLQDGH&HMD%ODQFD :KLWHEURZHG6SLQHWDLO
)851$5,,'$( &UDQLROHXFDDQWLVLHQVLV &ROD(VSLQDGH0HMLOOD/LQHDGD /LQHFKHHNHG6SLQHWDLO
)851$5,,'$( $VWKHQHVIODPPXODWD &DQDVWHUR0XOWLOLVWDGR 0DQ\VWULSHG&DQDVWHUR
)851$5,,'$( 3KDFHOORGRPLVUXILIURQV (VSLQHURGH)UHQWH5XID 5XIRXVIURQWHG7KRUQELUG
)851$5,,'$( 0DUJDURUQLVVTXDPLJHU 6XEHSDOR3HUODGR 3HDUOHG7UHHUXQQHU
)851$5,,'$( 3VHXGRFRODSWHVERLVVRQQHDXWLL %DUEDEODQFD5D\DGR 6WUHDNHG7XIWHGFKHHN
)851$5,,'$( 6\QGDFW\ODUXIRVXSHUFLOLDWD /LPSLD)ROODMHGH&HMD$QWHDGD %XIIEURZHG)ROLDJHJOHDQHU
)851$5,,'$( 6\QGDFW\ODUXILFROOLV /LPSLD)ROODMHGH&XHOOR5XIR 5XIRXVQHFNHG)ROLDJHJOHDQHU 98 98 7
)851$5,,'$( 7KULSDGHFWHVVFUXWDWRU 7UHSDPXVJRGH*DUJDQWD$QWHDGD 5XIRXVEDFNHG7UHHKXQWHU
)851$5,,'$( +\ORFU\SWXVHU\WKURFHSKDOXV +RMD5DVTXHURGH&DSXFKD5XID +HQQDKRRGHG)ROLDJHJOHDQHU 98 98 7
)851$5,,'$( 'HQGURFLQFODW\UDQQLQD 7UHSDGRU7LUDQLQR 7\UDQQLQH:RRGFUHHSHU
)851$5,,'$( /HSLGRFRODSWHVVRXOH\HWLL 7UHSDGRU&DEHFLUUD\DGR 6WUHDNKHDGHG:RRGFUHHSHU
)851$5,,'$( /HSLGRFRODSWHVODFU\PLJHU 7UHSDGRU0RQWDQR 0RQWDQH:RRGFUHHSHU
7+$0123+,/,'$( 7KDPQRSKLOXVUXILFDSLOOXV %DWDUiGH*RUUR5XIR 5XIRXVFDSSHG$QWVKULNH
7+$0123+,/,'$( 7KDPQRSKLOXV]DUXPDH %DWDUiGH&KDSPDQ &KDSPDQ
V$QWVKULNH 7
7+$0123+,/,'$( 7KDPQRSKLOXVEHUQDUGL %DWDUi$FROODUDGR &ROODUHG$QWVKULNH 70
7+$0123+,/,'$( 0\UPHFL]DJULVHLFHSV +RUPLJXHURGH&DEH]D*ULV *UD\KHDGHG$QWELUG 98 98 7
*5$//$5,,'$( *UDOODULDJXDWLPDOHQVLV 7RURURL(VFDPRVR 6FDOHG$QWSLWWD
*5$//$5,,'$( *UDOODULDUXILFDSLOOD 7RURURLGH&RURQD&DVWDxD &KHVWQXWFURZQHG$QWSLWWD
*5$//$5,,'$( *UDOODULDZDWNLQVL 7RURURLGH:DWNLQV 6FUXE$QWSLWWD 7
*5$//$5,,'$( *UDOODULDUXIXOD 7RURURL5XIR 5XIRXV$QWSLWWD
5+,12&5<37,'$( 0\RUQLVVHQLOLV 7DSDFXOR&HQL]R $VKFRORUHG7DSDFXOR
5+,12&5<37,'$( 6F\WDORSXVODWUDQV 7DSDFXOR1HJUX]FR %ODFNLVK7DSDFXOR
5+,12&5<37,'$( 6F\WDORSXVXQLFRORU 7DSDFXOR8QLFRORU 8QLFRORUHG7DSDFXOR 3
0(/$123$5(,,'$( 0HODQRSDUHLDPDUDQRQLFD 3HFKRGH/XQDGHO0DUDxyQ 0DUDxRQ&UHVFHQWFKHVW 0


0(/$123$5(,,'$( 0HODQRSDUHLDHOHJDQV 3HFKRGH/XQD(OHJDQWH (OHJDQW&UHVFHQWFKHVW 7

7<5$11,'$( 0\LRSDJLVVXESODFHQV )tR)tRGHO3DFtILFR 3DFLILF(ODHQLD 7
7<5$11,'$( (ODHQLDIODYRJDVWHU )tR)tRGH9LHQWUH$PDULOOR <HOORZEHOOLHG(ODHQLD
7<5$11,'$( (ODHQLDDOELFHSV )tR)tRGH&UHVWD%ODQFD :KLWHFUHVWHG(ODHQLD
7<5$11,'$( (ODHQLDSDOODWDQJDH )tR)tR6HUUDQR 6LHUUDQ(ODHQLD
7<5$11,'$( &DPSWRVWRPDREVROHWXP 0RVTXHULWR6LOEDGRU 6RXWKHUQ%HDUGOHVV7\UDQQXOHW
7<5$11,'$( 0HFRFHUFXOXVVWLFWRSWHUXV 7LUDQLOORGH$OD%DQGHDGD :KLWHEDQGHG7\UDQQXOHW
7<5$11,'$( 0HFRFHUFXOXVOHXFRSKU\V 7LUDQLOORGH*DUJDQWD%ODQFD :KLWHWKURDWHG7\UDQQXOHW
7<5$11,'$( 0HFRFHUFXOXVFDORSWHUXV 7LUDQLOORGH$OD5XID 5XIRXVZLQJHG7\UDQQXOHW
7<5$11,'$( $QDLUHWHVSDUXOXV 7RULWR&RSHWyQ 7XIWHG7LW7\UDQW
7<5$11,'$( 6HUSRSKDJDFLQHUHD 0RVFDUHWDGHORV7RUUHQWHV 7RUUHQW7\UDQQXOHW
7<5$11,'$( 3KDHRP\LDVPXULQD 0RVFDUHWD0XULQD 0RXVHFRORUHG7\UDQQXOHW
7<5$11,'$( (XVFDUWKPXVPHORU\SKXV 7LUDQR3LJPHRGH&RURQD/HRQDGD 7DZQ\FURZQHG3\JP\7\UDQW
7<5$11,'$( 3VHXGHODHQLDOHXFRVSRGLD 0RVFDUHWD*ULV\%ODQFR *UH\DQGZKLWH7\UDQQXOHW 7
7<5$11,'$( 0LRQHFWHVVWULDWLFROOLV 0RVTXHULWRGH&XHOOR/LVWDGR 6WUHDNQHFNHG)O\FDWFKHU
7<5$11,'$( 7DFKXULVUXEULJDVWUD 6LHWH&RORUHVGHOD7RWRUD 0DQ\FRORUHG5XVK7\UDQW
7<5$11,'$( 7RGLURVWUXPFLQHUHXP (VSDWXOLOOD&RPXQ &RPPRQ7RG\)O\FDWFKHU
7<5$11,'$( 7ROPRP\LDVVXOSKXUHVFHQV 3LFR$QFKR$]XIUDGR <HOORZROLYH)O\FDWFKHU
7<5$11,'$( 0\LRSKREXVIDVFLDWXV 0RVTXHULWRGH3HFKR5D\DGR %UDQFRORUHG)O\FDWFKHU
7<5$11,'$( 3\UUKRP\LDVFLQQDPRPHD 0RVTXHULWR&DQHOD &LQQDPRQ)O\FDWFKHU
7<5$11,'$( /DWKRWULFFXVJULVHLSHFWXV 0RVTXHULWRGH3HFKR*ULV *UD\EUHDVWHG)O\FDWFKHU 98 98 7
7<5$11,'$( &RQWRSXVFLQHUHXV 3LEt7URSLFDO 7URSLFDO3HZHH
7<5$11,'$( &RQWRSXVIXPLJDWXV 3LEt$KXPDGR 6PRNHFRORUHG3HZHH
7<5$11,'$( 6D\RUQLVQLJULFDQV 0RVTXHURGH$JXD %ODFN3KRHEH
7<5$11,'$( 3\URFHSKDOXVUXELQXV 3LEt$KXPDGR 9HUPLOLRQ)O\FDWFKHU
7<5$11,'$( 0\LRWKHUHWHVVWULDWLFROOLV $OD5XIDGH*DUJDQWD5D\DGD 6WUHDNWKURDWHG%XVK7\UDQW
7<5$11,'$( 0\LRWKHUHWHVIXPLJDWXV $OD5XID$KXPDGR 6PRN\%XVK7\UDQW
7<5$11,'$( 7XPEH]LDVDOYLQL 3LEt$KXPDGR 7XPEHV7\UDQW 7


7<5$11,'$( 2FKWKRHFDIURQWDOLV 3LWDMR&RURQDGR &URZQHG&KDW7\UDQW

7<5$11,'$( 2FKWKRHFDGLDGHPD 3LWDMRGH9LHQWUH$PDULOOR <HOORZEHOOLHG&KDW7\UDQW
7<5$11,'$( 2FKWKRHFDUXILSHFWRUDOLV 3LWDMRGH3HFKR5XIR 5XIRXVEUHDVWHG&KDW7\UDQW
7<5$11,'$( 2FKWKRHFDIXPLFRORU 3LWDMRGH'RUVR3DUGR %URZQEDFNHG&KDW7\UDQW
7<5$11,'$( 2FKWKRHFDSLXUDH 3LWDMRGH3LXUD 3LXUD&KDW7\UDQW (1 7 3
7<5$11,'$( 0XVFLJUDOODEUHYLFDXGD 'RUPLORQDGH&ROD&RUWD 6KRUWWDLOHG)LHOG7\UDQW
7<5$11,'$( 0\LRG\QDVWHVEDLUGLL 0RVTXHURGH%DLUG&HORVD %DLUG
V)O\FDWFKHU 7
7<5$11,'$( 0\LRG\QDVWHVPDFXODWXV 0RVTXHUR5D\DGR 6WUHDNHG)O\FDWFKHU
7<5$11,'$( 7\UDQQXVQLYHLJXODULV 7LUDQR*DUJDQWLQLYHR 6QRZ\WKURDWHG.LQJELUG
7<5$11,'$( 7\UDQQXVPHODQFKROLFXV 7LUDQR7URSLFDO 7URSLFDO.LQJELUG
7<5$11,'$( 0\LDUFKXVVHPLUXIXV &RSHWyQ5XIR 5XIRXV)O\FDWFKHU (1 7 3
7<5$11,'$( 0\LDUFKXVWXEHUFXOLIHU &RSHWyQGH&UHVWD2VFXUD 'XVN\FDSSHG)O\FDWFKHU
7<5$11,'$( 0\LDUFKXVSKDHRFHSKDOXV &RSHWyQGH&RURQD7L]QDGD 6RRW\FDSSHG)O\FDWFKHU 7
&27,1*,'$( 3LSUHRODDUFXDWD )UXWHUR%DUUDGR %DUUHG)UXLWHDWHU
&27,1*,'$( 3K\WRWRPDUDLPRQGLL &RUWDUUDPD3HUXDQD 3HUXYLDQ3ODQWFXWWHU (1 (1 7 3
&27,1*,'$( $PSHOLRQUXEURFULVWDWXV &RWLQJDGH&UHVWD5RMD 5HGFUHVWHG&RWLQJD
7,7<5,'$( 3DFK\UDPSKXVYHUVLFRORU &DEH]yQ%DUUDGR %DUUHG%HFDUG
7,7<5,'$( 3DFK\UDPSKXVDOERJULVHXV &DEH]yQ%ODQFR\1HJUR %ODFNDQGZKLWH%HFDUG
7,7<5,'$( 3DFK\UDPSKXVKRPRFKURXV &DEH]yQ8QLFRORU 2QHFRORUHG%HFDUG
9,5(21,'$( &\FODUKLVJXMDQHQVLV 9LUHyQ&HMLUUXID 5XIRXVEURZHG3HSSHUVKULNH
9,5(21,'$( 9LUHRROLYDFHXV 9tUHRGH2MR5RMR 5HGH\HG9LUHR
&259,'$( &\DQRFRUD[P\VWDFDOLV 8UUDFD&ROLEODQFD :KLWHWDLOHG-D\ 7
&259,'$( &\DQRFRUD[\QFDV 8UUDFD9HUGH *UHHQ-D\
*RORQGULQD$]XO\%ODQFR6DQWD
+,581',1,'$( 3\JRFKHOLGRQF\DQROHXFD 5RVLWD %OXHDQGZKLWH6ZDOORZ
+,581',1,'$( 6WHOJLGRSWHU\[UXILFROOLV *RORQGULQD$OLUUDVSRVD6XUHxD 6RXWKHUQ5RXJKZLQJHG6ZDOORZ
+,581',1,'$( 3URJQHWDSHUD 0DUWtQGH3HFKR3DUGR %URZQFKHVWHG0DUWLQ
+,581',1,'$( 3URJQHFKDO\EHD 0DUWtQ3HFKLJULV *UD\EUHDVWHG0DUWLQ
+,581',1,'$( 7DFK\FLQHWDVWRO]PDQQL *RORQGULQD3HUXDQD 7XPEHV6ZDOORZ


+,581',1,'$( 5LSDULDULSDULD *RORQGULQD5LEHUHxD %DQN6ZDOORZ

+,581',1,'$( +LUXQGRUXVWLFD *RORQGULQD7LMHUHWD %DUQ6ZDOORZ
+,581',1,'$( 3HWURFKHOLGRQUXIRFROODULV *RORQGULQDGH&ROODU&DVWDxR &KHVWQXWFROODUHG6ZDOORZ
752*/2'<7,'$( 7URJORG\WHVDHGRQ &XFDUDFKHUR&RP~Q +RXVH:UHQ
752*/2'<7,'$( 7URJORG\WHVVROVWLWLDOLV &XFDUDFKHUR0RQWDxHV 0RXQWDLQ:UHQ
&XFDUDFKHUR2QGHDGR&KRTXHFR
752*/2'<7,'$( &DPS\ORUK\QFKXVIDVFLDWXV &RTXLOD )DVFLDWHG:UHQ
752*/2'<7,'$( 7KU\RWKRUXVVFODWHUL &XFDUDFKHURGH3HFKR-DVSHDGR 6SHFNOHEUHDVWHG:UHQ
752*/2'<7,'$( 7KU\RWKRUXVVXSHUFLOLDULV &XFDUDFKHUR&HMyQ5XLVHxRU 6XSHUFLOLDWHG:UHQ 7
32/,237,/,'$( 3ROLRSWLODSOXPEHD 3HUOLWD7URSLFDO 7URSLFDO*QDWFDWFKHU
&,1&/,'$( &LQFOXVOHXFRFHSKDOXV 0LUOR$FXiWLFRGH*RUUR%ODQFR :KLWHFDSSHG'LSSHU
785','$( &DWKDUXVIXVFDWHU =RU]DO6RPEUtR 6ODW\EDFNHG1LJKWLQJDOH7KUXVK
785','$( 7XUGXVUHHYHL =RU]DOGH'RUVR3ORPL]R 3OXPEHRXVEDFNHG7KUXVK 7
785','$( 7XUGXVPDUDQRQLFXV =RU]DOGHO0DUDxyQ 0DUDxRQ7KUXVK 0
785','$( 7XUGXVQLJULFHSV =RU]DO3L]DUURVR 6ODW\7KUXVK
785','$( 7XUGXVIXVFDWHU =RU]DO*UDQGH *UHDW7KUXVK
785','$( 7XUGXVFKLJXDQFR =RU]DO&KLJXDQFR &KLJXDQFR7KUXVK
0,0,'$( 0LPXVORQJLFDXGDWXV &DODQGULDGH&ROD/DUJD&KLVFR /RQJWDLOHG0RFNLQJELUG
027$&,//,'$( $QWKXVOXWHVFHQV &DFKLUOD$PDULOOHQWD <HOORZLVK3LSLW
027$&,//,'$( $QWKXVERJRWHQVLV &DFKLUODGHO3iUDPR 3DUDPR3LSLW
7+5$83,'$( &RQRWKUDXSLVVSHFXOLJHUD 7DQJDUD1HJUD\%ODQFD %ODFNDQGZKLWH7DQDJHU
7+5$83,'$( +HPLVSLQJXVVXSHUFLOLDULV +HPLVSLQJR6XSHUFLOLDGR 6XSHUFLOLDULHG+HPLVSLQJXV
7+5$83,'$( +HPLVSLQJXVPHODQRWLV +HPLVSLQJRGH2UHMD1HJUD %ODFNHDUHG+HPLVSLQJXV
7+5$83,'$( 7KO\SRSVLVRUQDWD 7DQJDUDGH3HFKR5XIR 5XIRXVFKHVWHG7DQDJHU
7+5$83,'$( 7KO\SRSVLVLQRUQDWD 7DQJDUDGH9LHQWUH$QWHDGR %XIIEHOOLHG7DQDJHU 0
7+5$83,'$( 7DFK\SKRQXVOXFWXRVXV 7DQJDUDGH+RPEUR%ODQFR :KLWHVKRXOGHUHG7DQDJHU
7+5$83,'$( 7KUDXSLVHSLVFRSXV 7DQJDUDGH*RUUR$]XO %OXHJUD\7DQDJHU
7+5$83,'$( 7KUDXSLVF\DQRFHSKDOD 7DQJDUDGH*RUUR$]XO %OXHFDSSHG7DQDJHU
7+5$83,'$( 7KUDXSLVERQDULHQVLV 7DQJDUD$]XO\$PDULOOD %OXHDQG\HOORZ7DQDJHU


7+5$83,'$( $QLVRJQDWKXVODFU\PRVXV 7DQJDUDGH0RQWDxD/DFULPRVD /DFULPRVH0RXQWDLQ7DQDJHU

7+5$83,'$( 3LSUDHLGHDPHODQRQRWD 7DQJDUDGH3HFKR$QWHDGR )DZQEUHDVWHG7DQDJHU
7+5$83,'$( 7DQJDUDYLULGLFROOLV 7DQJDUD3ODWHDGR 6LOYHUEDFNHG7DQDJHU
7+5$83,'$( 7DQJDUDYDVVRULL 7DQJDUD$]XO\1HJUD %OXHDQGEODFN7DQDJHU
7+5$83,'$( &RQLURVWUXPFLQHUHXP 3LFRGH&RQR&LQpUHR &LQHUHRXV&RQHELOO
7+5$83,'$( &RQLURVWUXPVLWWLFRORU 3LFRGH&RQRGH'RUVR$]XO %OXHEDFNHG&RQHELOO
7+5$83,'$( 'LJORVVDVLWWRLGHV 3LQFKD)ORUGH3HFKR&DQHOD 5XVW\)ORZHUSLHUFHU
7+5$83,'$( 'LJORVVDKXPHUDOLV 3LQFKD)ORU1HJUR %ODFN)ORZHUSLHUFHU
7+5$83,'$( 'LJORVVDDOELODWHUD 3LQFKD)ORUGH)ODQFR%ODQFR :KLWHVLGHG)ORZHUSLHUFHU
7+5$83,'$( 'LJORVVDF\DQHD 3LQFKD)ORU(QPDVFDUDGR 0DVNHG)ORZHUSLHUFHU
7+5$83,'$( &DWDPEO\UK\QFKXVGLDGHPD *RUUR$IHOSDGR 3OXVKFDS
,1&(57$(6(',6 &RHUHEDIODYHROD 5HLQLWD0LHOHUD %DQDQDTXLW
,1&(57$(6(',6 7LDULVREVFXUXV 6HPLOOHUR3DUGR 'XOOFRORUHG*UDVVTXLW
,1&(57$(6(',6 6DOWDWRUQLJULFHSV 6DOWDGRUGH&DSXFKD1HJUD %ODFNFRZOHG6DOWDWRU 7
,1&(57$(6(',6 6DOWDWRUVWULDWLSHFWXV 6DOWDGRU/LVWDGR 6WUHDNHG6DOWDWRU
(0%(5,=,'$( =RQRWULFKLDFDSHQVLV *RUULyQGH&ROODU5XIR 5XIRXVFROODUHG6SDUURZ
(0%(5,=,'$( $LPRSKLODVWRO]PDQQL *RUULyQGH7XPEHV 7XPEHV6SDUURZ 7
(0%(5,=,'$( 3KU\JLOXVXQLFRORU )ULQJLOR3ORPL]R 3OXPEHRXV6LHUUD)LQFK
(0%(5,=,'$( 3KU\JLOXVSOHEHMXV )ULQJLORGH3HFKR&HQL]R $VKEUHDVWHG6LHUUD)LQFK
(0%(5,=,'$( 3KU\JLOXVDODXGLQXV )ULQJLOR,QFDGH$OD*ULV %DQGWDLOHG6LHUUD)LQFK
(0%(5,=,'$( 3LH]RUKLQDFLQHUHD )ULQJLOLR&LQpUHR &LQHUHRXV)LQFK 7 3
(0%(5,=,'$( ,QFDVSL]DRUWL]L )ULQJLOR,QFDGH$OD*ULV *UD\ZLQJHG,QFD)LQFK 98 98 0 3
(0%(5,=,'$( 3RRVSL]DKLVSDQLROHQVLV )ULQJLOR,QFDGH$OD*ULV &ROODUHG:DUEOLQJ)LQFK
(0%(5,=,'$( 6LFDOLVIODYHROD &KLULJH$]DIUDQDGR%RWRQGH2UR 6DIIURQ)LQFK
(0%(5,=,'$( 6LFDOLVOXWHROD &KLULJH&RP~Q *UDVVODQG<HOORZ)LQFK
(0%(5,=,'$( 6LFDOLVWDF]DQRZVNLL &KLULJH*DUJDQWLD]XIUDGD 6XOSKXUWKURDWHG)LQFK 7
6HPLOOHULWR1HJUR$]XODGR
(0%(5,=,'$( 9RODWLQLDMDFDULQD 6DOWDSDOLWR %OXHEODFN*UDVVTXLW
(0%(5,=,'$( 6SRURSKLODFRUYLQD (VSLJXHUR9DULDEOH 9DULDEOH6HHGHDWHU


(0%(5,=,'$( 6SRURSKLODOXFWXRVD (VSLJXHUR1HJUR\%ODQFR %ODFNDQGZKLWH6HHGHDWHU

(0%(5,=,'$( 6SRURSKLODSHUXYLDQD (VSLJXHUR6LPSOH 3DUURWELOOHG6HHGHDWHU
(0%(5,=,'$( 6SRURSKLODVLPSOH[ (VSLJXHUR6LPSOH 'UDE6HHGHDWHU 7
(0%(5,=,'$( 6SRURSKLODWHODVFR (VSLJXHURGH*DUJDQWD&DVWDxD &KHVWQXWWKURDWHG6HHGHDWHU
(0%(5,=,'$( &DWDPHQLDLQRUQDWD 6HPLOOHUR6LPSOH 3ODLQFRORUHG6HHGHDWHU
(0%(5,=,'$( $UUHPRQDEHLOOHL *RUULyQGH*RUUR1HJUR %ODFNFDSSHG6SDUURZ 70
(0%(5,=,'$( $UUHPRQEUXQQHLQXFKD 0DWRUUDOHURGH*RUUR&DVWDxR &KHVWQXWFDSSHG%UXVK)LQFK
(0%(5,=,'$( $UUHPRQWRUTXDWXV 0DWRUUDOHURGH&DEH]D/LVWDGD 6WULSHKHDGHG%UXVK)LQFK
(0%(5,=,'$( $WODSHWHVODWLQXFKXV 0DWRUUDOHURGH3HFKR$PDULOOR <HOORZEUHDVWHG%UXVK)LQFK
(0%(5,=,'$( $WODSHWHVOHXFRSWHUXV 0DWRUUDOHURGH$OD%ODQFD :KLWHZLQJHG%UXVK)LQFK
(0%(5,=,'$( $WODSHWHVDOELFHSV 0DWRUUDOHURGH&DEH]D%ODQFD :KLWHKHDGHG%UXVK)LQFK 7
(0%(5,=,'$( $WODSHWHVVHHERKPL 0DWRUUDOHURGH&RURQD%D\D %D\FURZQHG%UXVK)LQFK 7
(0%(5,=,'$( &RU\SKRVSLQJXVFXFXOODWXV 3LQ]yQGH&UHVWD5RMD 5HGFUHVWHG)LQFK
(0%(5,=,'$( 5KRGRVSLQJXVFUXHQWXV 3LQ]yQGH3HFKR&DUPHVt &ULPVRQEUHDVWHG)LQFK
&$5',1$/,'$( 3LUDQJDIODYD 3LUDQJD%HUPHMD +HSDWLF7DQDJHU
&$5',1$/,'$( 3LUDQJDUXEUD 3LUDQJD5RMD 6XPPHU7DQDJHU
&$5',1$/,'$( 3LUDQJDUXEULFHSV 3LUDQJDGH&DSXFKD5RMD 5HGKRRGHG7DQDJHU
&$5',1$/,'$( 3KHXFWLFXVFKU\VRJDVWHU 3LFRJUXHVR9HQWULGRUDGR/LQJDQ *ROGHQEHOOLHG*URVEHDN
&$5',1$/,'$( $PDXURVSL]DFRQFRORU 6HPLOOHUR$]XO %OXH6HHGHDWHU
3$58/,'$( 3DUXODSLWLD\XPL 3DUXOD7URSLFDO 7URSLFDO3DUXOD
3$58/,'$( 6HWRSKDJDUXWLFLOOD &DQGHOLWD$PHULFDQD $PHULFDQ5HGVWDUW
3$58/,'$( 0QLRWLOWDYDULD 5HLQLWD7UHSDGRUD %ODFNDQGZKLWH:DUEOHU
3$58/,'$( *HRWKO\SLVDHTXLQRFWLDOLV 5HLQLWD(TXLQRFFLDO 0DVNHG<HOORZWKURDW
3$58/,'$( 0\LRERUXVPLQLDWXV &DQGHOLWDGH*DUJDQWD3ORPL]D 6ODWHWKURDWHG5HGVWDUW
3$58/,'$( 0\LRERUXVPHODQRFHSKDOXV &DQGHOLWDGH$QWHRMRV 6SHFWDFOHG5HGVWDUW
3$58/,'$( %DVLOHXWHUXVIUDVHUL 5HLQLWD*ULV\'RUDGD *UD\DQGJROG:DUEOHU 7
3$58/,'$( %DVLOHXWHUXVQLJURFULVWDWXV 5HLQLWDGH&UHVWD1HJUD %ODFNFUHVWHG:DUEOHU
3$58/,'$( %DVLOHXWHUXVFRURQDWXV 5HLQLWDGH&RURQD5RML]D 5XVVHWFURZQHG:DUEOHU


3$58/,'$( %DVLOHXWHUXVWULIDVFLDWXV 5HLQLWD7ULEDQGHDGD 7KUHHEDQGHG:DUEOHU 7

,&7(5,'$( ,FWHUXVJUDFHDQQDH %ROVHUR)LOLEODQFR :KLWHHGJHG2ULROH 7
,&7(5,'$( ,FWHUXVPHVRPHODV %ROVHURGH&ROD$PDULOOD <HOORZWDLOHG2ULROH
,&7(5,'$( 'LYHVZDUV]HZLF]L 7RUGRGH0DWRUUDO&KLKXLQ 6FUXE%ODFNELUG
,&7(5,'$( 0RORWKUXVERQDULHQVLV 7RUGR%ULOORVR 6KLQ\&RZELUG
,&7(5,'$( 6WXUQHOODEHOOLFRVD 3HFKR&RORUDGR3HUXDQR3HFKH 3HUXYLDQ0HDGRZODUN
)5,1*,//,'$( &DUGXHOLVPDJHOODQLFD -LOJXHUR(QFDSXFKDGR +RRGHG6LVNLQ
)5,1*,//,'$( &DUGXHOLVSVDOWULD -LOJXHUR0HQRU /HVVHU*ROGILQFK
)5,1*,//,'$( (XSKRQLDFKORURWLFD (XIRQLDGH*DUJDQWD3~USXUD 3XUSOHWKURDWHG(XSKRQLD
)5,1*,//,'$( (XSKRQLDODQLLURVWULV (XIRQLDGH3LFR*UXHVR 7KLFNELOOHG(XSKRQLD
3$66(5,'$( 3DVVHUGRPHVWLFXV *RUULyQ&DVHUR +RXVH6SDUURZ

)XHQWH)HUQDQGR$QJXOR
%,5'/,)(

/H\HQGD
$PHQD]D (QGHPLVPR

6tPEROR 'HVFULSFLyQ 6tPEROR 'HVFULSFLyQ
&5 (Q3HOLJUR&UtWLFR 7 (QGpPLFR
7XPEHVLQR
(1 (Q3HOLJUR 0 (QGpPLFRGHO
0DUDxyQ
98 9XOQHUDEOH $&6 $QGHV&HQWUDOHVGHO
6XU
3 (QGpPLFRGHO3HU~


$QH[R/LVWDGHUHSWLOHV\DQILELRVGH/DPED\HTXH

)$0,/,$ (63(&,(
$PSKLVEDHQLGDH $PSKLVEDHQDRFFLGHQWDOLV
3K\OORGDFW\OLGDH 3K\OORGDFW\OXVNRIRUGL
3K\OORGDFW\OLGDH 3K\OORGDFW\OXVUHLVVL
3K\OORGDFW\OLGDH 3K\OORGDFW\OXVPLFURSK\OOXV
,JXDQLGDH ,JXDQDLJXDQD
3RO\FKURWLGDH 3RO\FKUXVIHPRUDOLV
7HLLGDH $PHLYDHGUDFDQWKD
7HLLGDH &DOORSLVWHVIODYLSXQFWDWXV
7HLLGDH 'LFURGRQJXWWXODWXP
7HLLGDH 'LFURGRQKHWHUROHSLV
7HLLGDH 0DFURSKROLGXVUXWKYHQL
7URSLGXULGDH 0LFURORSKXVNRHSFNHRUXP
7URSLGXULGDH 0LFURORSKXVRFFLSLWDOLV
7URSLGXULGDH 0LFURORSKXVSHUXYLDQXV
7URSLGXULGDH 0LFURORSKXVWKRUDFLFXV
7URSLGXULGDH 6WHQRFHUFXVSHUFXOWXV
7URSLGXULGDH 6WHQRFHUFXVSX\DQJR
7URSLGXULGDH 6WHQRFHUFXVVWLJPRVXV
%RLGDH %RDFRQVWULFWRURUWRQLL
&ROXEULGDH $OVRSKLVHOHJDQV
&ROXEULGDH &RQLRSKDQHVORQJLQTXXV
&ROXEULGDH 'LSVDVRUHDV
&ROXEULGDH 'U\PDUFKRQPHODQXUXV
&ROXEULGDH /HSWRGHLUDVHSWHPWULRQDOLV
&ROXEULGDH /HSWRSKLVGHSUHVVLURVWULV
&ROXEULGDH /LRSKLVWDHQLXUXV
&ROXEULGDH 0DVWLJRGU\DVKHDWKLL
&ROXEULGDH 2[\EHOLVDHQHXV
&ROXEULGDH 2[\UKRSXVILW]LQJHUL
&ROXEULGDH 6WHQRUUKLQDGHJHQKDUGWLL
&ROXEULGDH 7DQWLOODFDSLVWUDWD
(ODSLGDH 0LFUXUXVWVFKXGLL
(ODSLGDH 0LFUXUXVPHUWHQVL
/HSWRW\SKORSLGDH /HSWRW\SKORSVVXEFURWLOXV
9LSHULGDH %RWKURSVEDUQHWWL


$QILELRV
)$0,/,$ (63(&,(
%XIRQLGDH 5KLQHOODPDULQD
'HQGUREDWLGDH +\OR[DOXVHODFK\KLVWXV
+HPLSKUDFWLGDH *DVWURWKHFDPRQWLFROD
/HLXSHULGDH (QJ\VWRPRSVSXVWXODWXV
/HSWRGDFW\OLGDH /HSWRGDFW\OXVODEURVXV
6WUDERPDQWLGDH 3ULVWLPDQWLVFKLPX
6WUDERPDQWLGDH 3ULVWLPDQWLVFHXWKRVSLOXV
6WUDERPDQWLGDH 3ULVWLPDQWLVO\PDQL
6WUDERPDQWLGDH 3ULVWLPDQWLVSKR[RFHSKDOXV

$QH[R/LVWDGHHVSHFLHVPDULQRFRVWHUDVUHJLVWUDGDVHQWUHHQ
/DPED\HTXH

7DEOD/LVWDWD[RQyPLFDGHPDFURDOJDV
1 120%5(&,(17,),&2 120%5(&20Ô1 )$0,/,$
$KQIHOWLRSVLVGXUYLOOHL $OJDURMD 3+<//23+25$&($(
$KQIHOWLRSVLVIXUFHOODWD $OJDURMD 3+<//23+25$&($(
$PSKLURDGLPRUSKD $OJDURMD &25$//,1$&($(
$XVWURIROLXPKDVVOHUL $OJDURMD '(/(66(5,$&($(
%U\RSVLVUL]RSKRUD $OJDYHUGH %5<236,'$&($(
%U\RSVLVSHUXYLDQD $OJDYHUGH %5<236,'$&($(
&DXOHUSDIUDJLOLIRUPLV &DXOHUSD &$8/(53$&($(
&KRQGUDFDQWKXVFKDPLVVRL <X\RFRFKD\X\R *,*$57,1$&($(
&KRQGUDFDQWKXVJORPHUDWXV *,*$57,1$&($(
&RGLXPSHUXYLDQXP $OJDYHUGH &2',$&($(
&ROSRPHQLDVLQXRVD $OJDSDUGD 381&7$5,$&($(
&RUDOLQDRIILFLQDOLV &RUDOLQD &25$//,1$&($(
&U\SWRSOHXUDFU\SWRQHXURQ $OJDURMD '(/(66(5,$&($(
(LVHQLDFRNHUL $OJDSDUGD /(6621,$&($(
*HOLGLXPKRZHL $OJDURMD *(/,',$&($(
*HOLGLXPVS $OJDURMD *(/,',$&($(
*ORVVRSKRUDNXQWKLL $OJDYHUGH ',&7<27$&($(
*UDFLODULDVS $OJDURMD *5$&,/$5,$&($(
*UDFLODULRSVLVOHPDQDHIRUPLV 3HOLOOR *5$&,/$5,$&($(
*UDWHORXSLDGRU\SKRUD $OJDURMD &5<3721(0,$
*\PQRJRQJUXVGLVFLSOLQDOLV $OJDURMD 3+<//23+25$&($(
*\PQRJRQJUXVIXUFHOODWXV $OJDURMD 3+<//23+25$&($(
/HVVRQLDWUDEHFXODWD $OJDSDUGD /(6621,$&($(
0DFURF\VWLVS\ULIHUD $OJDSDUGD /$0,1$5,$&($(
3RO\VLSKRQLDVS $OJDURMD 5+2'20(/$&($(


3ULRQLWLVGHFLSLHQV $OJDURMD +$/<0(1,$&($(

3ULRQLWLVVS $OJDURMD +$/<0(1,$&($(
3WHURFODGLDVS $OJDURMD *(/,',$&($(
3WHURVLSKRQLDGHQGURLGHD $OJDURMD 5+2'20(/$&($(
3WHURVLSKRQLDSHQQDWD $OJDURMD 5+2'20(/$&($(
5KRG\PHQLDFRUDOOLQD $OJDURMD 5+2'<0(1,$&($(
5KRG\PHQLDVS $OJDURMD 5+2'<0(1,$&($(
6DUJDVVXPSDFLILFXP $OJDSDUGD 6$5*$66$&($(
8OYDHQWHURPRUSKD /HFKXJDGHPDU 8/9$&($(
8OYDODFWXFD /HFKXJDGHPDU 8/9$&($(
8OYDQHPDWRLGHD /HFKXJDGHPDU 8/9$&($(
)XHQWH,0$53(6DQWD5RVD

7DEOD/LVWDWD[RQyPLFDGHPROXVFRV
1 120%5(&,(17,),&2 120%5(&20Ô1 )$0,/,$
32/<3/$&23+25$
$FDQWKRSOHXUDHFKLQDWD 4XLWyQEDUTXLOOR &+,721,'$(
&KLWRQFXPLQJVLL 4XLWyQEDUTXLOOR &+,721,'$(
&KLWRQJUDQRVXV 4XLWyQEDUTXLOOR &+,721,'$(
(QRSORFKLWRQQLJHU 4XLWyQEDUTXLOOR &+,721,'$(
7RQLFLDHOHJDQV 4XLWyQEDUTXLOOR &+,721,'$(
*$675232'$
$FDQWKLQDEUHYLGHQWDWD &DUDFRO 085,&,'$(
$QDFKLVQLJULFDQV &DUDFROLWR &2/80%(//,'$(
$SO\VLDQLJUD /LHEUHGHPDU $3/<6,,'$(
$SO\VLDZLOORR[L /LHEUHGHPDU $3/<6,,'$(
$UFKLWHFWRQLFDQRELOLV $5&+,7(&721,&,'
$(
%XOODSXQFWXWDWD &DUDFROEXUEXMD %8//,'$(
%XUVDQDQD &DUDFRO %856,'$(
%XUVDYHQWULFRVD &DUDFROURVDGR %856,'$(
&DQFHOODULDFUK\VRVWRPD &DUDFRO &$1&(/$5,,'$(
&DQFHOODULDODWLFRVWDWD &DUDFRO &$1&(/$5,,'$(
&DQFHOODULDGHFXVVDWD &DUDFRO &$1&(/$5,,'$(
&DVVLVFRDUFWDWD &DUDFRO &$66,6,'$(
&DVVLVWHQXLV &DUDFRO &$66,6,'$(
&ROOLVHOODFHFLOLDQD 3DWHOD /277,'$(
&ROOLVHOODRUELJQ\L 3DWHOD $&0$(,'$(
&ROXPEHOODSDLWHQVLV &DUDFRO &2/80%(//,'$(
&RQFKROHSDVFRQFKROHSDV &KDQTXH 7+$,','$(
&RQXVIHUJXVRQL &RQR &21,)250,6
&RQXVSDWULFLXV &RQR &21,)250,6
&UHSLGXODDFXOHDWD 3LTXH &$/<375$(,'$(


&UHSLGXODRQ\[ 3LTXH &5(3,'8/,'$(

&UHSLGXODVS 3LTXH &$/<375$(,'$(
&UHSLGXODVWULRODWD 3LTXH &$/<375$(,'$(
&UXFLEXOXPPRQWLFXOXV 3LTXH &5(3,'8/,'$(
&UXFLEXOXPOLJQDULXP 3LTXH &5(3,'8/,'$(
&UXFLEXOXPVFXWHODWXP 3LTXH &5(3,'8/,'$(
&UXFLEXOXPVSLQRVXP 3LTXH &5(3,'8/,'$(
&\PDWLXPSLOHDUH &DUDFROSHOXGR 5$1(//,'$(
&\PDWLXPZHLJPDQQL &DUDFROSHOXGR 5$1(//,'$(
&\SUDHDDUDELFXOD &LSUHD &<35$(,'$(
&\SUDHDFHUYLQHWWD &LSUHD &<35$(,'$(
'RQD[VSS 3DODEULWD '21$&,'$(
)LFXVYHQWULFRVD &DUDFROSHUD ),&,'$(
)LVVXUHOODDVSHUHOOD /DSD ),6685(//,'$(
)LVVXUHOODFUDVVD /DSD ),6685(//,'$(
)LVVXUHOODOLPEDWD /DSD ),6685(//,'$(
)LVVXUHOODPi[LPD /DSD ),6685(//,'$(
)LVVXUHOODSHUXYLDQD /DSD ),6685(//,'$(
)LVVXUHOODYLUHQFHQV /DSD ),6685(//,'$(
)XVLQXVGXSHWWLWKXDUVLL &DUDFROGRVSXQWDV )$6&,2/$5,,'$(
)XVLQXVSDQDPHQVLV &DUDFROGRVSXQWDV )$6&,2/$5,,'$(
+DUSLGDH +$53,'$(
+H[DSOH[EUDVVLFD &DUDFROUHSROORSLxD 085,&,'$(
+H[DSOH[UHJLXV &DUDFROSROOXGR 085,&,'$(
+LSSRQL[SLORVXV +,3321,&,'$(
/LWWRULQDDUDXFDQD &DUDFROLWR /,7725,1,'$(
/LWWRULQDSHUXYLDQD &DUDFROLWR /,7725,1,'$(
/LWWRULQDVS &DUDFROLWR /,7725,1,'$(
/RWWLDRUELJQ\L 3DWHOD /277,'$(
0DOHDULQJHQV &DUDFROEROD 7211,'$(
0DULQXODSHSLWD &DUDFROLWR (//2%,,'$(
0D]DWODQLDIXOJXUDWD &2/80%(//,'$(
0LWUDLQFD &DUDFROLWR 0,75,'$(
0LWUDVZDLQVRQLL &DUDFROLWR 0,75,'$(
0LWUHOODXQLIDVFLDWD &DUDFROLWR &2/80%(//,'$(
0XOLQLDFRORUDGRHQVLV $OPHMLWD 0$&75,'$(
0XULFDQWKXVVS &DUDFROSROOXGR 085,&,'$(
1DVVDULXVJD\L &DUDFROLWR 1$66$5,,'$(
1DWLFDFKHPLW]L &DUDFROOXQD 1$7,&,'$(
1HRUDSDQDPXULFDWD &DUDFRO 085,&,'$(
1HULWDIXQLFXODWD &DUDFROOXQD 1(5,7,'$(
2OLYDSHUXYLDQD 2OLYD 2/,9,'$(
2OLYHOODFRXPHOODULV 2/,9,'$(


3KRVFUDVVXV %8&&,1,'$(

3ODQD[LVSODQLFRVWDWXV &DUDFROLWR 3/$1$;,'$(
3OHXURSORFD)DVFLRODULDSULQFHSV &DUDFROWXOLSiQ )$6&,2/$5,,'$(
3ROLQLFHVUDYLGXV &DUDFROOXQD 1$7,&,'$(
3ROLQLFHVXEHU &DUDFROOXQD 1$7,&,'$(
3ULHQHUXGH &DUDFRO &<0$7,,'$(
3ULVRJDVWHUQLJHU &DUDFROLWRSHUODGR 785%,1,'$(
3UXQXPFXUWXP 3RUFHODQLWD 0$5*,1(//,'$(
3WHULDVWHUQD &RQFKDSHUOtIHUD 37(5,,'$(
3XUSXUDSDQVD &DUDFRO 7+$,','$(
6DUQLDIUXPHQWXP &DUDFROLWR (//2%,,'$(
6FXUULDYLULGXOD /277,'$(
6LPPLDVS &DUDFROGHODJRUJRQLD 298/,'$(
6LQXPF\PED $EDOyQ 1$7,&,'$(
6LSKRQDULDOHVVRQL 6,3+21$5,,'$(
6ROHQRVWHLUDIXVLIRUPLV &DUDFRO %8&&,1,'$(
6ROHQRVWHULDJDWHVL &DUDFRO %8&&,1,'$(
6ROHQRVWHULDPHQGR]DQD &DUDFRO %8&&,1,'$(
6WUDPRQLWDFDOODRHQVLV &DUDFRO 085,&,'$(
6WUDPRQLWDFKRFRODWD &DUDFROSORPRQHJUR 085,&,'$(
6WUDPRQLWDGHOHVVHUWLDQD &DUDFROSORPR 085,&,'$(
6WUDPRQLWDKDHPDVWRPD &DUDFROSORPR 085,&,'$(
7HJXODDWUD &DUDFROWXUEDQWH 752&+,'$(
7HJXODFRUYXV &DUDFROWXUEDQWH 752&+,'$(
7HJXODSDWDJRQLFD &DUDFROWXUEDQWH 752&+,'$(
7HJXODVS &DUDFROWXUEDQWH 752&+,'$(
7HJXODSLFWD &DUDFROWXUEDQWH 752&+,'$(
7HJXODWULGHQWDWD &DUDFROWXUEDQWH 752&+,'$(
7KDLVNLRTXLIRUPLV &DUDFRO 085,&,'$(
7ULYLDUDGLDQV 7ULYLD 75,9,,'$(
7XUERIOXFWXRVXV &DUDFROWXUEDQWH 785%,1,'$(
7XUERPDJQLILFXV &DUDFROWXUEDQWH 785%,1,'$(
7XUULWHODEURGHULSLDQD &DUDFROWRUQLOOR 7855,7(//,'$(
7XUULWHOODJRQRVWRPD &DUDFROWRUQLOOR 7855,7(//,'$(
;DQWKRFKRUXVEX[HD &DUDFRO 085,&,'$(
%,9$/9,$
$QDGDUDIRUPRVD $5&,'$(
$QRPLDSHUXYLDQD 3(&7,1,'$(
$UJRSHFWHQFLUFXODULV &RQFKDGHDEDQLFR 3(&7,1,'$(
$UJRSHFWHQSXUSXUDWXV &RQFKDGHDEDQLFR 3(&7,1,'$(
$WULQDPDXUD &RQFKDODPSD 3,11,'$(
$WULQDVS &RQFKDODPSD 3,11,'$(
%DUEDWLDVS 0HMLOOyQ $5&,'$(


&DUGLWDDIILQLV %LYDOYR &$5',7,'$(

&KDPDVS &RQFKDMR\HUR &+$0,'$(
&KLRQHSHUXYLDQD $OPHMD 9(1(5,'$(
'RQD[VSS 3DODEULWDV '21$&,'$(
*DULVROLGD $OPHMD 36$002%,,'$(
*O\FLPHULVGHOHVVHUWLL 0HMLOOyQ */<&<0(5,','$(
*O\FLPHULVRYDWD 0HMLOOyQ */<&<0(5,','$(
,VRJQRPRQUHFRJQLWXV &RQFKDSHUOtIHUD ,62*12021,'$(
/LWKRSKDJDSHUXYLDQD 'iWLOGHPDU 0<7,/,'$(
/\URSHFWHQQXGRVXV &RQFKDGHDEDQLFR 3(&7,1,'$(
0DFWUDYHODWD 0$&75,'$(
0RGLROXVFDSD[ &KRUR 0<7,/,'$(
0XOLQLDFRORUDGRHQVLV $OPHMLWD 0$&75,'$(
0\WLOXVWUDSH]RLGHV 0HMLOOyQ 0<7,/,'$(
2VWUHDILVKHUL 2VWUD 2675(,'$(
2VWUHDPHJRGRQ 2VWUD 2675(,'$(
3HUXP\WLOXVSXUSXUDWXV &KRULWR 0<7,/,1$(
3KRODVFKLORHQVLV $ODVGHiQJHO 3+2/$','$(
3WHULDVWHUQD &RQFKDSHUOHUD 37(5,,'$(
3LWDUVS 3LRMRVD 9(1(5,'$(
3URWRWKDFDWKDFD 0HMLOOyQ 9(1(5,'$(
6HPHOHFRUUXJDWD $OPHMD 6(0(/,'$(
6HPLP\WLOXVDOJRVXV &KRULWR 0<7,/,1$(
6ROHP\DSDQDPHQVLV 62/(0<,'$(
7DJHOXVGRPEHLL 1DYDMD 62/(&857,'$(
7LYHODKLDQV &RQFKDEODQFD 9(1(5,'$(
7UDQVHQQHOODSDQQRVD &RQFKDILQD 9(1(5,'$(
&(3+$/232'$
'RVLGLFXVJLJDV &DODPDUJLJDQWH3RWD 200$675(3+,'$(
/ROLJRJDKL &DODPDU /2/,*,1,'$(
2FWRSXVPLPXV 3XOSR 2&7232','$(


7DEOD/LVWDWD[RQyPLFDGHFUXVWiFHRV
1 120%5(&,(17,),&2 120%5(&20Ô1 )$0,/,$
$FDQWKRQL[SHWLYHUL &DQJUHMRDUDxD 0$-,'$(
$OHSDVVS /HSDV /(3$','$(
$OSKHXVLQFD &DPDUyQSLVWROD $/3+(,'$(
$UHQHXVPH[LFDQXV -DLYD 325781,'$(
$XVWURPHJDEDODQXVSVLWWDFXV 3LFRURFR %$/$1,'$(
%DODQXVODHYLV %DODQXV %$/$1,'$(
%OHSKDULSRGDRFFLGHQWDOLV $/%81(,'$(
&DODSSDFRQYH[D &DQJUHMREROD &$/$33,'$(
&DOOLFKLUXVLVODJUDQGH 0DUXFKD &$//,$1$66,'$(
&DOOLQHFWHVDUFXDWXV -DLYD 325781,'$(
&DQFHUFRNHUL &DMHWD &$1&5,'$(
&DQFHUSRUWHUL &DMHWD &$1&5,'$(
&DQFHUVHWRVXV &DQJUHMRSHOXGR &$1&5,'$(
&DSUHOODVS &$35(//,'$(
&KWKDPDOXVFLUUDWXV 3LFRURFR &+7+$0$/,'$(
&\FORJUDSVXVFLQHUHXV &DQJUHMRDUDxD *5$36,'$(
&\FOR[DQWKRSVVH[GHFLPGHQWDWXV &DQJUHMLWR ;$17+,'$(
'LDVW\OLVVS &80$&($
(PHULWDDQiORJD 0X\PX\ +,33,'$(
(XSK\OD[GRYLL &DQJUHMRLQYDVRU 325781,'$(
(XSK\OD[UREXVWXV &DQJUHMRLQYDVRU 325781,'$(
(XU\SDQRSHXVWUDQVYHUVXV &DQJUHMLWR ;$17+,'$(
([FLURODQDEUD]LOLHQVLV ,VySRGR $32,'($
*DPPDUXVVS $QILSRGR *$00$5,'$(
*UDSVXVJUDSVXV &DQJUHMRDUDxD *5$36,'$(
+HSDWXVFKLOLHQVLV &DQJUHMRGHDUHQD +(3$7,'$(
+HWHURFDUSXVVS &DPDUyQQ\ORQ 3$1'$/,'$(
+\SRFRQFKDSDQDPHQVLV &DQJUHMRIHOSXGR '520,,'$(
-HKOLXVFLUUDWXV 3LFRURFR &+7+$0$/,'$(
/HSDVDQDWtIHUD /HSDV /(3$','$(
/HSLGRSDFKLOHQVLV 0X\PX\FKLQR $/%81(,'$(
/LJLDQRYD]HODQGLDH 3XOJDGHPDU /,*,,'$(
/LWRSHQDHXVYDQQDPHL /DQJRVWLQREODQFR 3(1$(,'$(
0DLRSVLVSDQDPHQVLV &DQJUHMRDUDxD 0$-,'$(
0HLQHUWLDJDXGLFKDXGLL &DPDURQFLOOR &<027+2,'$(
0HLQHUWLDJDXGLFKDXGLL &DPDURQFLOOR &<0272,'$(
0LFURSKU\VSODW\VRPD &DQJUHMRDUDxD (3,$/7,'$(
0XUVLDJDXGXFKDXGLL &DQJUHMRPXUVLD &$/$33,'$(
2F\SRGHJDXGLFKDXGLL &DUUHWHUR 2&<32','$(
3DFKLFKHOHVFULQLPDQXV &DQJUHMREUD]XGR 325&(//$1,'$(
3DJXUXVFDOLIRUQLHQVLV (UPLWDxR 3$*85,'$(
3DJXUXVHGXDUVLL (UPLWDxR 3$*85,'$(


3DJXUXVSHUODWXV (UPLWDxR 3$*85,'$(

3DJXUXVYLOORVXV (UPLWDxR 3$*85,'$(
3DQRSHXVVS 3$123(,'$(
3DQXOLUXVJUDFLOLV /DQJRVWD 3$/,185,'$(
3HQQDHXVVS 3(1$(,'$(
3HWUROLVWKHVVS &DQJUHMLWR 325&(//$1,'$(
3LOXPQRLGHVSHUODWXV &DQJUHMLWR ;$17+,'$(
3LQD[RGHVFKLOHQVLV &DQJUHMLWRFRPHQVDO 3,1127+(5,'$(
3LQQL[DWUDQVYHUVDOLV &DQJUHMLWRFRPHQVDO 3,1127+(5,'$(
3LQQRWKHUHOLDODHYLJDWD &DQJUHMLWR 3,1127+(5,'$(
3LQQRWKHUHVSROLWXV 3,1127+(5,'$(
3LVRLGHVVS 0$-,'$(
3ODW\[DQWKXVFRNHUL &DQJUHMRYLROiFHR ;$17+,'$(
3ODW\[DQWKXVRUELJQ\L &DQJUHMRYLROiFHR ;$17+,'$(
3OHXURQFRGHVPRQRGRQ 0~QLGD *$/$7+(,'$(
3ROOLFLSHVHOHJDQV 3HUFHEHV 6&$/3(//,'$(
3RUWXQXVDVSHU &DQJUHMRQDGDGRU 325781,'$(
3\FQRJRQRQLGD &DQJUHMLWR 3<&12*21,'$(
6F\OODULVDVWRUL &LJDUUDGHPDU 6&<//$5,'$(
6F\RQLDDOOLIILDQLV &DPDUyQFiVFDUDGXUD 3(1$(,'$(
6F\RQLDGLVGRUVDOLV &DPDUyQFiVFDUDGXUD 3(1$(,'$(
6HVDUPDVS 6(6$50,'$(
6TXLOODSDQDPHQVLV %UXMR 648,//,'$(
6WHQRUK\QFKXVGHELOLV &DQJUHMRDUDxD ,1$&+,'$(
6\QDOSKHXVVSLQLIURQV $/3+(,'$(
7DOLHSXVPDUJLQDWXV $SDQFRUD3DQFKRWH 0$-,'$(
7HOHRSKU\VFULVWXOLSHV 0$-,'$(
;LSKRSHQDHXVNUR\HUL /DQJRVWLQRWLWt 3(1$(,'$(
• 'XUDQWH(O1LxR

7DEOD/LVWDWD[RQyPLFDGHHTXLQRGHUPRV
1 120%5(&,(17,),&2 120%5(&20Ô1 )$0,/,$
(&+,12,'($
$UEDFLDLQFLVD (UL]RURMR $5%$&,,'$(
$UEDFLDVSDWXOtJHUD (UL]RURMR $5%$&,,'$(
$VWURS\JDSXOYLQDWD (UL]R ',$'(0$7,'$(
&DHQRFHQWURWKXVJLEERVXV (UL]RURMR (&+,120(75,'$(
(QFRSHVWRNHVVL 'yODUGHPDU 0(//,7,'$(
(XFLGDULVWKRXDUVL (UL]R &,'$5,'$(
/\WHFKLQXVVHPLWXEHUFXODWXV (UL]RYHUGH /8,',,'$(
/\WHFKLQXVVS (UL]RYHUGH /8,',,'$(
6WURQJ\ORFHQWUDWXVVWULDWXV (UL]RFRP~Q (&+,1,'$(
7HWUDSLJXVQLJHU (UL]RQHJUR $5%$&,,'$(
+2/87+852,'($


$WK\RQLGLXPFKLOHQVLV 3HSLQR &8&80$5,'$(

,VRVWLFKRSXVIXVFXV 3HSLQR 67,&+232','$(
1HRWK\RQHJLEEHU 3HSLQR 6&/(52'$&7</,'$(
3DWWDOXVPROOLV $QFRTXHSHSLQRGHPDU &8&80$5,,'$(
&XFXPDULDIODPPD 3HSLQR &8&80$5,,'$(
+RORWKXULDDUHQLFROD 3HSLQR +2/27+85,,'$(
+RORWKXULDLPSDWLQHV 3HSLQR +2/27+85,,'$(
+RORWKXULDWKHHOL 3HSLQR +2/27+85,,'$(
$67(52,'($
$VWURSHFWHQDUPDWXV (VWUHOOD $67523(&7(1,'$(
+HOLVWKHUKHOLDQWKXV (VWUHOODVRO +(/,$67(5,'$(
/XLGLDEHOORQDH (VWUHOOD /8,',,'$(
3HQWDFHUDVWHUFXPLQJL (VWUHOOD 25($67(5,'$(
6WLFKDVWHUVWULDWXV (VWUHOOD $67(5,'$(
23+,852,'($
2SKLDFWLVNUR\HUL (VWUHOODIUiJLO 23+,$&7,'$(
2SKLRWUL[VSLFXODWD (VWUHOODIUiJLO 23+,2'(50$7,'$(
2SKLRGHUPDSDQDPHQVH (VWUHOODIUiJLO 23+,2'(50$7,'$(

7DEOD/LVWDWD[RQyPLFDGHSROLTXHWRV
1 120%5(&,(17,),&2 )$0,/,$
$PSKLFWHLVVS $03+$5(7,'$(
$UDEHOODVS $5$%(//,'$(
$ULFLGHDVS 3$5$21,'$(
&DXOOHULHOODVS &,55$78/,'$(
&KDHWRSWHUXVVS &+$(3727(5,'$(
&KDHWR]RQHVS &,55$78/,'$(
&KORHLDVS $03+,120,'$(
&KRQHVS 6$%(//,'$(
&RVVXUDFKLOHQVLV &26685,'$(
'LQRSKLOXVVS ',123+,/,'$(
'LRSDWUDUKL]RLFROD 2183+,'$(
(XU\WRHFRPSODQDWD $03+,120,'$(
(X]RQHVS &,55$78/,'$(
(XQLFHVS (81,&,'$(
*O\FHUDDPHULFDQD */<&(5,'$(
*RQLDGDVS *21,$','$(
*RQLDGDSHUXDQD *21,$','$(
+DORV\GQDMRKQVRQL 32/<12,'$(
/HLWRVFRORSORVFKLOHQVLV 25%,,1,'$(
/XPEULQHULVWHWUDXUD /80%5,1(5,'$(
0DJHORQDSK\OOLVDH 0$*(/21,'$(
0DOGDQLGDH 0$/'$1,'$(


0HJDORPPDVS 6$%(//,'$(

0DUSK\VDVDQJXLQHD (81,&,'$(
0HGLRPDVWXVEUDQFKLIHUXV &$3,7(//,'$(
1HSKWK\VIHUUXJtQHD 1(3+7<'$(
1HSKWK\VPXOWLFLUUDWKD 1(3+7<'$(
1HUHLVVS 1(5(,','$(
1RWRPDVWXVVS &$3,7(//,'$(
2QXSKLVVS 2083+,'$(
2SKHOLLGDH 23+(/,,'$(
2ZHQLDIXVLIRUPLV 2:(1,,'$(
3VHXGRQHUHLVVS 1(5(,','$(
3DUDQGDOLDIDXYHOL 3,/$5*,'$(
3DUDSULRQRVSLRSLQQDWD 63,21,'$(
3HFWLQDULDVS $03+,&7(1,'$(
3KHUXVDLQIODWD )/$%(//,*(5,'$(
3KUDJPDWRSRPDPRHUFKL 6$%(//$5,,'$(
3K\OORGRFHVS 3+<//2'2&,'$(
3ROLQRLGLGDH 32/,12,','$(
3RO\GRQWLGDH 32/<'217,'$(
3RO\GRUDVS 63,21,'$(
6FROHOHSLVVS 63,21,'$(
6LJDPEUDEDVVL 3,/$5*,'$(
6WKHQROHSLVVS 6,*$/,21,'$(
3VHXGRQHUHLVJDOODSDJHQVLV 1(5(,','$(
6SLRQLGDH 63,21,'$(
6SLRSKDQHVERPE\[ 63,21,'$(
6\OOLVJUDFLOLV 6<//,'$(
6\OOLVFRUQXWD 6<//,'$(
6\OOLVVS 6<//,'$(
7HUHEHOOLGDH 7(5(%(//,'$(
7ULFKREUDQFKLGDH 75,&+2%5$1&+,'$(
7KDU\[VS &,55$78/,'$(

7DEOD/LVWDWD[RQyPLFDGHFQLGDULRV
1 120%5(&,(17,),&2 120%5(&20Ô1 )$0,/,$
$QWKRWKRHFKLOHQVLV $FWLQHD 6$*$57,,'$(
3K\PDFWLVFOHPDWLV $FWLQHD 6$*$57,,'$(
3K\PDQWHDSOXYLD $FWLQHD $&7,,1,'$(
*25*21,,'$( *RUJRQLD *25*21,,'$(


7DEOD/LVWDWD[RQyPLFDGHEUDTXLySRGRVSRUtIHURVQHPHUWLQRVVLSXQFXOLGRVSODWHOPLQWRV\
FHIDORFRUGDGRV
1 120%5(&,(17,),&2 120%5(&20Ô1 )$0,/,$
'LVFLQLVFDODPHOORVD %UDTXLySRGR ',6&,1,'$(
'HPRVSRQJLDH (VSRQMD
%GHOORQHPHUWHD 1HPHUWLQR
6LSXQFXOLIRUPHV 6LSXQFXOLGR
7ULFODGLGD 3ODWHOPLQWR
%UDQFKLRVWRPXVVS $QILR[XV %5$1&+,26720,'$(

7DEOD/LVWDWD[RQyPLFDGHSHFHV
1 120%5(&,(17,),&2 120%5(&20Ô1 )$0,/,$
267(,&+7+<(6
$EXGHIGXIFRQFRORU &DVWDxHWD 320$&(175,'$(
$FDQWKLVWLXVSLFWXV &KHUOR 6(55$1,'$(
$FKLUXVPD]DWODQXV /HQJXDGRUHGRQGR $&+,5,'$(
$OSKHVWHVPXOWLJXWWDWXV 0HUR 6(55$1,'$(
$QFKRDQDVXV $QFKRYHWDEODQFD (1*5$8/,'$(
$QLVRWUHPXVLQWHUUXSWXV &KLWDGRUDGD +$(08/,'$(
$QLVRWUHPXVVFDSXODULV &KLWD +$(08/,'$(
$QWHQQDULXVDYDORQLV =DQDKRULD $17(11$5,,'$(
$SKRVSRURVXV )UDLOH %$75$&+2,','$(
$VWURFRSXV]HSK\UHXV 0LUDGRUGHHVWUHOODV 85$126&23,'$(
$WKHULQHOODQHSHQWKH 3HMHUUH\ $7+(5,1236,'$(
$XFKHQLRQFKXVVS &KDODFR /$%5,620,'$(
$X[LVURFKHL %DUULOHWHQHJUR 6&20%5,'$(
%DOLVWHVSRO\OHSLV &RFKHSHMHFKDQFKR %$/,67,'$(
%RGLDQXVHFODQFKHUL 9LHMD /$%5,'$(
&DODPRVEUDFK\VRPXV 0DURWLOOD 63$5,'$(
&DOORUKLQFKXVFDOORUK\QFKXV 3HMHJDOOR &$//25+<1&+,'$(
&DUDQ[FDEDOOXV &RFLQHUR &$5$1*,'$(
&DUDQ[KLSSRV &RFLQHUR &$5$1*,'$(
&DXORODWLOXVDILQQLV 3HMHEODQFR 0$/$&$17+,'$(
&KDHWRGLSWHUXV]RQDWXV &DPLVHWD (3+,33,'$(
&KDHWRGRQKXPHUDOLV 0DULSRVD &+$(72'217,'$(
&KHLORGDFW\OXVYDULHJDWXV 3LQWDGLOOD &+(,/2'$&7</,'$(
&KORURVFRPEUXVRUTXHWD 3DUER &$5$1*,'$(
&KURPLVFUXVPD &DVFDxHWD 320$&(175,'$(
&LOXVJLOEHUWL &RUYLQD 6&,$(1,'$(
&RQRGRQQRELOLVPDFURSV 2IHQVLYR +$(08/,'$(
&RU\SKDHQDKLSSXUXV 3HULFR &25<3+$(1,'$(
&\FORSVHWWDTXHUQD /HQJXDGRFRQFDQLQRV 3$5$/,&+7+<,'$(
&\QRVFLRQDQDOLV &DFKHPD 6&,$(1,'$(


'HFDSWHUXVPDFURVRPD -XUHOILQR &$5$1*,'$(

'LRGRQK\VWUL[ 3H]HUL]R ',2'217,'$(
'LSOHFWUXPPDFURSRPD &DPRWLOOR 6(55$1,'$(
(ORSVDIILQLV /LVDYRODGRUD (/23,'$(
(QJUDXOLVULQJHQV $QFKRYHWD (1*5$8/,'$(
(SLQHOSKHOXVDFDQWKLVWLXV 0HUR 6(55$1,'$(
(WKPLGLXPPDFXODWXP 0DFKHWHFRP~Q &/83(,'$(
(WURSXVHFWHQHV /HQJXDGRERTXLFKLFR 3$5$/,&+7+<,'$(
([RFRHWXVYROLWDQV /LVDYRODGRUD (;2&2(7,'$(
)LVWXODULDFRUQHWWD 3H]FRUQHWD ),678/$5,,'$(
*DOHLFKWK\VSDQDPHQVLV %DJUH $5,,'$(
*DOHLFKWK\VSHUXYLDQXV %DJUH $5,,'$(
*XHUUHVFLQHUHXV &KDYHOR *(55(,'$(
*\PQRWKRUD[VZLHQHUL 0RUHQDFRORUDGD 1(77$6720,'$(
+DHPXORQVWHLQGDFKQHUL &KLYLOLFR +$(08/,'$(
+DOLFKRHUHVGLVSLOXV 6DQSHGUDQR /$%5,'$(
+HPLOXWMDQXVPDFURSKWKDOPRV 2MRGHXYD 6(55$1,'$(
+HPLUKDPSKXVVDOWDWRU $JXMD%DODR +(0,5$03+,'$(
+LSSRFDPSXVLQJHQV &DEDOOLWRGHPDU 6<1*1$7+,'$(
+LSSRJORVVLQDPDFURSV /HQJXDGRRMyQ 3$5$/,&+7+<,'$(
+RODFDQWKXVSDVVHU 3H]iQJHO 320$&$17+,'$(
,VDFLDFRQFHSWLRQLV &DELQ]D +$(08/,'$(
,VWLRSKRUXVSODW\SWHUXV 3H]YHOD ,67,23+25,'$(
.DWVXZRQXVSHODPLV %DUULOHWH 6&20%5,'$(
/DEULVRPXVSKLOLSSL 7UDPER\R /$%5,620,'$(
/DULPXVHIIXOJHQV %HUHFKH 6&,$(1,'$(
/RERWHVSDFLILFXV %HUUXJDWDYLXGD /2%27,'$(
/XWMDQXVJXWWDWXV 3DUJRFRQPDQFKD /87-$1,'$(
/XWMDQXVMRUGDQL 3DUJRFRORUDGR /87-$1,'$(
0HQWLFLUUKXVRSKLFHSKDOLV 0LVPLVPLVKR 6&,$(1,'$(
0HQWLFLUUKXVSDLWHQVLV &KXOD 6&,$(1,'$(
0HUOXFFLXVJD\LSHUXDQXV 0HUOX]D 0(5/8&&,,'$(
0LFUROHSLGRWXVEUHYLSLQQLV 6HPLWD +$(08/,'$(
0LFURSRJRQLDVDOWLSLQQLV &RUYLQDGRUDGD 6&,$(1,'$(
0RODPROD 3H]VRO 02/,'$(
0XJLOFHSKDOXV /LVD 08*,/,'$(
1HPDWLVWLXVSHFWRUDOLV 3HMHSOXPD 1(0$7,67,,'$(
1LFKROVLQDGHQWLFXODWD 3RFRFKRGHPDU 6&$5,'$(
2GRQWHVWKHVUHJLDUHJLD 3HMHUUH\ $7+(5,1236,'$(
2OLJRSOLWHVUHIXOJHQV &KDTXHWDGHFXHUR &$5$1*,'$(
2SKLFKWKXVSDFLILFL $QJXLOD 23+,&+7+,'$(
2SKLRVFLRQREVFXUXV *DOOLQD]R 6&,$1,'$(
2SKLVWKRQHPDOLEHUWDWH 0DFKHWHGHKHEUD &/83(,'$(
2SOHJQDWKXVLQVLJQLV /RUR 23/(*1$7+,'$(


3DUDODEUD[FDOODHQVLV 3HUHODFDEULOODILQD 6&,$1,'$(

3DUDODEUD[KXPHUDOLV &DEULOOD 6(55$1,'$(
3DUDOLFKWK\VDGVSHUVXV /HQJXDGR 3$5$/,&+7+<,'$(
3DUDORQFKXUXVSHUXDQXV 6XFR 6&,$(1,'$(
3DUDSVHWWXVSDQDPHQVLV &XUDFD (3+,33,'$(
3DUHTXHVODQIHDUL 5RQFDGRUUD\DGR 6&,$(1,'$(
3HSULOXVPHGLXV 3DORPHWD 67520$7(,'$(
3HULVWHGLRQEDUELJHU 3H]FRFRGULOR 75,*/,'$(
3LQJXLODEUXPSXQFWDWXP 0HURQHJUR *,5(//,'$(
3RO\GDFW\OXVDSSUR[LPDQV 3LxDUUR%DUEXGD 32/<1(0,'$(
3RO\GDFW\OXVRSHUFXODULV 3L]DUURDPDULOOR%DUEXGR 32/<1(0,'$(
3RPDFDQWKXV]RQLSHFWXV 3H]PDULSRVD 320$&$17+,'$(
3ULRQRWXVVWHSKDQRSKU\V )DOVRYRODGRU 75,*/,'$(
3ULRQRWXVTXLHVFHQV &DEULOODYRODGRUD 75,*/,'$(
3ULVWLJHQ\VVHUUXOD 6HPiIRUR 35,$&$17+,'$(
3VHXGREDOLVWHVQDXIUDJLXP &RFKHFKXFXUXFXWXOD %$/,67,'$(
3VHXGXSHQHXVJUDQGLVTXDPLV &KLYRVDQSHGURURMR 08//,'$(
5HPRUDUHPRUD 3H]UpPRUD (&+(1(,'$(
6DUGDVDUGDFKLOLHQVLV %RQLWR 6&20%5,'$(
6DUGLQRSVVDJD[VDJD[ 6DUGLQD &/83(,'$(
6FDUWLFKWK\VJLJDV %RUUDFKR %/(11,,'$(
6FLDHQDGHOLFLRVD /RUQD 6&,$(1,'$(
6FLDHQDIDVFLDWD *DOOLQD]D 6&,$(1,'$(
6FLDHQDVWDUNL 5REDOR 6&,$(1,'$(
6FRPEHUMDSRQLFXV &DEDOOD 6&20%5,'$(
6FRPEHURPRUXVPDFXODWXVVLHUUD 6LHUUD 6&20%5,'$(
6FRUSDHQDKLVWULR 'LDEOR5LQFKLQ 6&253$(1,'$(
6HOHQHEUHYRRUWLL (VSHMR &$5$1*,'$(
6HULRODSHUXDQD )RUWXQR &$5$1*,'$(
6HULRODULYROLDQD )RUWXQR &$5$1*,'$(
6HULROHOODYLRODFHD &RMLQRED &(1752/23+,'$(
6LF\DVHVVDQJXLQHXV 3HMHVDSR *2%,(62&,'$(
6SKRHURLGHVDQQXODWXV 7DPERUtQ 7(75$2'217,'$(
6SK\UDHQDHQVLV $JXMDWLSR 63+<5$(1,'$(
6WHOOLIHUPLQRU 0RMDUULOOD 6&,$(1,'$(
6WHOOLIHUSL]DUURHQVLV 0RMDUULOOD 6&,$(1,'$(
6WURPDWHXVVWHOODWXV &KLUL 67520$7(,'$(
6WURQJLOXUDH[LOLV $JXMDWLSR %(/21,'$(
6\PSKXUXVHORQJDWXV (VSLULOR &<12*/266,'$(
6\PSKXUXVPHODQXUXV /HQJXHWD &<12*/266,'$(
6\QJQDWKXVDFLFXODULV $JXMLOODGHPDU 6<1*1$7+,'$(
6\QRGXVVFLWXOLFHSV 3H]ODJDUWR 6<12'217,'$(
7KXQQXVDOEDFDUHV $W~QDOHWDDPDULOOD 6&20%5,'$(
7UDFKLQRWXVNHQQHG\L 3iPSDQRWRUR &$5$1*,'$(


7UDFKLQRWXVSDLWHQVLV 3iPSDQR &$5$1*,'$(

7UDFKLQRWXVUKRGRSXV 3iPSDQRILQR &$5$1*,'$(
7UDFKXUXVSLFWXUDWXVPXUSK\ -XUHO &$5$1*,'$(
7ULFKLXUXVOHSWXUXV 6DEOH3H]FLQWD 75,&+,85,'$(
8PEULQD[DQWL 3ROODUD\DGD 6&,$1,'$(
;HQLFKWK\VUXSHVWULV &KXOLWD +$(08/,'$(
;HQLFKWK\VUXSHVWULV &KXOLWD +$(08/,'$(
&+21'5,&+7+<(6
$FRSLDVYXOSLQXV 7LEXUyQ]RUUR $/23,'$(
&DOORUKLQFKXV&DOORUKLQFKXV 3HMHJDOOR &$//25+,1&+,'$(
&DUFKDUKLQXVIDOFLIRUPLV &D]yQPDQWHTXHUR &$5&+$5+,1,'$(
'DV\DWLVEUHYLV %DWHD '$6<$7,'$(
(FKLQRUKLQXVFRRNHL 7LEXUyQQHJUR (&+,125+,1,'$(
(ORSVDIILQLV 3H]WRUSHGR (/23,'$(
*DOHRFHUGRFXYLHU 7LEXUyQWLJUH &$5&+$5+,1,'$(
*DOHRUKLQXVJDOHXV &D]yQFKLOHQRQDUL]yQ 75,$.,'$(
*HQ\SWHUXVPDFXODWXV &RQJULR 23+,',,'$(
*\PQRWKRUD[ZLHQHUL 0RUHQD 085$(1,'$(
*\PQXUDPDUPRUDWD 0DULSRVD *<0185,'$(
+HWHURGRQWXVTXR\L 7LEXUyQJDWR6XxR +(7(52'217,'$(
,VXUXVR[\ULQFKXV 7LEXUyQGLDPDQWH /$01,'$(
0REXODOXFDVDQD 0DQWD 02%8/,1$(
0XVWHOXVPHQWR 7ROORILQROH\SLUXFKR 75,$.,'$(
0XVWHOXVZKLWQH\L 7ROORFRP~QPDPD 75,$.,'$(
0\OLREDWLVFKLOHQVLV 5D\D 0</,2%$7,'$(
0\OLREDWLVSHUXYLDQXV 5D\D 0</,2%$7,'$(
1RWRU\QFKXVFHSHGLDQXV *DWLWD +(;$1&+,'$(
3ULRQDFHJODXFD 7LEXUyQD]XO &$5&+$5+,1,'$(
3VDPPREDWLVEUHYLFDXGDWXV :LULZLUL 5$-,'$(
3VDPPREDWLVFDXGLVSLQD 5D\DHVSLQRVD 5$-,'$(
5KLQREDWRVSODQLFHSV *XLWDUUD 5+,12%$7,'$(
5KLQRSWHUDVWHLQGDFKQHUL %DVKD 0</,2%$7,'$(
6SK\UQD]\JDHQD 7LEXUyQPDUWLOORFUXFHWD 63+<<51,'$(
6TXDWLQDDUPDWD $QJHORWH 648$7,1,'$(
7RUSHGRWUHPHQV 7RUSHGR 7253(',1,'$(
7ULDNLVPDFXODWD 7ROORUDUD 75,$.,'$(
8URORSKXVWXPEHVHQFLV 5D\DVLFRGpOLFD 852/23+,'$(
8URWU\JRQVS 7DSDGHUD 852/23+,'$(
'XUDQWH(O1LxR


7DEOD/LVWDWD[RQyPLFDGHTXHORQLRV
1 120%5(&,(17,),&2 120%5(&20Ô1 )$0,/,$
/HSLGRFKHOHVROLYDFHD 7RUWXJDROLYD &+(/21,,'$(
(UHWPRFKHO\VLPEULFDWD 7RUWXJDFDUH\ &+(/21,,'$(
&KHORQLDP\GDVDJDVVL]LL 7RUWXJDYHUGH &+(/21,,'$(
'XUDQWH(O1LxR

7DEOD/LVWDWD[RQyPLFDGHPDPtIHURV
1 120%5(&,(17,),&2 120%5(&20Ô1 )$0,/,$
'HOSKLQFDSHQVLV 'HOItQFRP~Q '(/3+,1,'$(
0HJDSWHUDQRYDHDQJOLDH %DOOHQDMRUREDGD %$/$(1237(5,'$(
2WDULDE\URQLD /RERFKXVFR 27$5,,'$(
3KRFRHQDVSLQLSLQQLV &KDQFKRPDULQR 3+2&2(1,'$(

7DEOD/LVWDWD[RQyPLFDGHGLDWRPHDVPLFURDOJDV
1 120%5(&,(17,),&2 )$0,/,$
$FKQDQWKHVORQJLSHV $&+1$17+$&($(
$FWLQRF\FOXVVS +(0,',6&$&($(
$FWLQRSW\FKXVVHQDULXV +(/,23(/7$&($(
$PSKLSURUDVS 1$9,&8/$&($(
$PSKRUDVS &$7(18/$&($(
$VWHULRQHOORSVLVJODFLDOHV )5$*,/$5,$&($(
$VWHURODPSUDVS $67(52/$035$&($(
%DFWHULDVWUXPGHOLFDWXOXP &+$(72&(527$&($(
&HUDWDXOLQDSHODJLFD +(0,$8/$&($(
&HUDWLXPD]RULFXP &(5$7,$&($(
&HUDWLXPGHQV &(5$7,$&($(
&HUDWLXPPDVVLOLHQVH &(5$7,$&($(
&HUDWLXPWULSRVFF &(5$7,$&($(
&HUDWLXPWULSRV &(5$7,$&($(
&HUDWLXPEXFHURV &(5$7,$&($(
&HUDWLXPIXUFD &(5$7,$&($(
&HUDWLXPIXVXVYIXVV &(5$7,$&($(
&HUDWLXPJLEEHUXP &(5$7,$&($(
&HUDWLXPJUDYLGXP &(5$7,$&($(
&KDHWRFHURVDIILQLV &+$(72&(527$&($(
&KDHWRFHURVFRPSUHVXV &+$(72&(527$&($(
&KDHWRFHURVFRQVWULFWXV &+$(72&(527$&($(
&KDHWRFHURVFRVWDWXV &+$(72&(527$&($(


&KDHWRFHURVFXUYLVHWXV &+$(72&(527$&($(

&KDHWRFHURVODXGHUL &+$(72&(527$&($(
&KDHWRFHURVURVWUDWXV &+$(72&(527$&($(
&KDHWRFHURVVS &+$(72&(527$&($(
&KDHWRFHURVORUHQ]LQXV &+$(72&(527$&($(
&KDHWRFHURVGHELOLV &+$(72&(527$&($(
&KDHWRFHURVGLG\PXV &+$(72&(527$&($(
&KDHWRFHURVVRFLDOLV &+$(72&(527$&($(
&RVFLFHQWUDOLV &26&,12',6&$&($(
&RVFLJUDQLL &26&,12',6&$&($(
&RVFLSHUIRUDWXV &26&,12',6&$&($(
&RVFLUDGLDWXV &26&,12',6&$&($(
&RVFLZDLOHVLL &26&,12',6&$&($(
&\OLQGURWKHFDFORVWHULXP %$&,//$5,$&($(
'HWRQXODFRQIHUYDFHD 7+$/$66,26,5$&($(
'HWRQXODSXPLOD 7+$/$66,26,5$&($(
'LQRSK\VLVDFXPLQDWD ',123+<6,$&($(
'LQRSK\VLVFDXGDWD ',123+<6,$&($(
'LQRSK\VLVRYXP ',123+<6,$&($(
'LQRSK\VLVURWXQGDWD ',123+<6,$&($(
'LQRSK\VLVWULSRV ',123+<6,$&($(
'LSORSHOWDVWHLQLL .2/.:,7=,(//$&($(
'LSORSHOWRSVLVPLQRU */(12',1,$&($(
'LVVRGLQLXPHOHJDQV
'LVVRGLXPDV\PPHWULFXP 3(5,',1,$&($(
'LW\OXPEULJKWZHOOL /,7+2'(60,$&($(
(XFDPSLD]RRGLDFXV %,''8/3+,$&($(
)UDJLODULRSVLVGROLROXV %$&,//$5,$&($(
*RQ\DXOD[SRO\JUDPPD *21<$8/$&$&($(
*UDPPDWRSKRUDPDULQD 675,$7(//$&($(
*XLQDUGLDGHOLFDWXOD 5+,=262/(1,$&($(
*XLQDUGLDIODFLGD 5+,=262/(1,$&($(
*\PQRGLQLXPVDQJXLQHXP *<012',1,$&($(
*\URVLJPDVS 3/(8526,*0$7$&($(
/HSWRFLO\QGUXLVGDQLFXV
/HSWRFLO\QGUXLVPHGLWHUUDQHXV
/LFPRSKRUDDEEUHYLDWD /,&023+25$&($(
/LRORPDSDFLILFXP
/LWKRGHVPLXPXQGXODWXP /,7+2'(60,$&($(
1DYLFXODVS 1$9,&8/$&($(
1RFWLOXFDVFLQWLOODQV 12&7,/8&$&($(
2GRQWHOODDXULWD 2'217(//,'$(
2GRQWHOODWULGHQV 2'217(//,'$(
2[LSKLVLVR[\WR[RLGHV
3HQQDWDH


3ODQNWRQLHOODVRO 7+$/$66,26,5$&($(

3OHXURVLJPDVS 3/(8526,*0$7$&($(
3URERVFLDDODWD 5+,=262/(1,$&($(
3URQRFWLOXFDSHODJLFD 12&7,/8&$&($(
3URURFHQWUXPFODXGLFDQV 35252&(175$&($(
3URURFHQWUXPFUDVVLSHV 35252&(175$&($(
3URURFHQWUXPJUDFLOH 35252&(175$&($(
3URURFHQWUXPPHQGLRODH 35252&(175$&($(
3URURFHQWUXPPLFDQV 35252&(175$&($(
3URURFHQWUXPPLQXWXP 35252&(175$&($(
3URURFHQWUXPPXUUD\L 35252&(175$&($(
3URURFHQWUXPRFHDQLFXP 35252&(175$&($(
3URURFHQWUXPSHOOXFLGXP 35252&(175$&($(
3URURFHQWUXPSHQWDJRQXP 35252&(175$&($(
3URURFHQWUXPHOHJDQV 35252&(175$&($(
3URURFHQWUXPREWXVXP 35252&(175$&($(
3URURFHQWUXPVXELPHUPH 35252&(175$&($(
3URURFHQWUXPEUHYLSHV 35252&(175$&($(
3URURFHQWUXPEURFKLL 35252&(175$&($(
3URURFHQWUXPFRQLFRLGHV 35252&(175$&($(
3URURFHQWUXPFRQLFXP 35252&(175$&($(
3URURFHQWUXPGHSUHVVXP 35252&(175$&($(
3URURFHQWUXPGLYHUJHQV 35252&(175$&($(
3URURFHQWUXPH[FHQWULFXP 35252&(175$&($(
3URURFHQWUXPJUDQLL 35252&(175$&($(
3URURFHQWUXPOHRQLV 35252&(175$&($(
3URURFHQWUXPORQJLVSLQXP 35252&(175$&($(
3URWRSHULGLQLXPVSo 352723(5,',1$&($(
3VHXGRQLW]VFKLDOLQHROD
3VHXGRQL]VFKLDSXQJHQV
3VHXGRVROHQLDFDOFDUDYLV
3\URSKDFXVKRURORQJLFXP 3<523+$&$&($(
3\URSKDFXVVWHLQLL 3<523+$&$&($(
5KL]RVROHQLDFKXQLL 5+,=262/(1,$&($(
5KL]RVROHQLDUREXVWD 5+,=262/(1,$&($(
5KL]RVROHQLDVW\OLIRUPLV 5+,=262/(1,$&($(
6FULSSVLHOODWURFKRLGHD &$/&,2',1(//$&($(
6FULSSVLHOODWURFKRLGHD &$/&,2',1(//$&($(
6NHOHWRQHPDFRVWDWXP 6.(/(721(0$&($(
6WULDWHOODXQLSXQFWDWD 675,$7(//$&($(
6XULUHOODIDVWXRVD 685,5(//$&($(
7KDODVLRVLUDPHQGLRODQD 7+$/$66,26,5$&($(
7KDODVVLRQHPDEDFLOODULV 7+$/$66,21(0$7$&($(
7KDODVVLRQHPDIUDXHQIHOGLL 7+$/$66,21(0$7$&($(
7KDODVVLRQHPDQLW]VFKLRLGHV 7+$/$66,21(0$7$&($(


7KDODVVLRVLUDDQJXODWD 7+$/$66,26,5$&($(

7KDODVVLRVLUDDQJXVWHOLQHDWD 7+$/$66,26,5$&($(
7KDODVVLRVLUDURWXOD 7+$/$66,26,5$&($(
7KDODVVLRVLUDVXEWLOLV 7+$/$66,26,5$&($(
7KDODVVLRWUL[ORQJLVVLPD
7ULJRQLXPIRUPRVXP %,''8/3+,$&($(

7DEOD/LVWDWD[RQyPLFDGHGLQRIODJHODGRVPLFURDOJDV
1 120%5(&,(17,),&2 120%5(&20Ô1 )$0,/,$
'LFW\RFKDILEXOD ',&7<2&+$&($(
'\FWLRFKDVSHFXOXP ',&7<2&+$&($(
2FWDWLVRFWRQDULD

7DEOD/LVWDWD[RQyPLFDGHVLOLFRIODJHODGRVPLFURDOJDV
1 120%5(&,(17,),&2 120%5(&20Ô1 )$0,/,$
(XWUHSWLHOODJ\PQDVWLFD

7DEOD/LVWDWD[RQyPLFDGHILWRIODJHODGRVPLFURDOJDV
1 120%5(&,(17,),&2 120%5(&20Ô1 )$0,/,$
6WURPELGLXPVWURELOD

Pe Sbsap Lambayeque Es PDF

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Pe Sbsap Lambayeque Es PDF

Hochgeladen von

Copyright:

Verfügbare Formate

GOB

BIERNO REGIONAL DE LAMBAYEQUE

( O SUHVHQWH GRFXPHQWR SUHWHQGH VLVWHPDWL]DU UHVXPLGDPHQWH HO FRQRFLPLHQWR

II. DIAGNOSTICO SOBRE LA DIVERSIDAD

&RQVHUYDFLyQ 5HJLRQDO /DPED\HTXH

1XHYD$ULFD &RQVHUYDFLyQ IORUD /DPED\HTXH

%RVTXHVHFR0X\5DORGH0RQWDxD %VP 5 0  

6XEWRWDO  

683(5),&,(727$/  

§ 'HFUHWR 6XSUHPR 1 ²3&0 6REUH 2UGHQDPLHQWR

III. ESTRATEGIA Y PLAN DE ACCIÓN SOBRE

3(/(&$1,'$( 3HOHFDQXVRFFLGHQWDOLV 3HOtFDQR3DUGR %URZQ3HOLFDQ

&$7+$57,'$( 9XOWXUJU\SKXV &RQGRU$QGLQR $QGHDQ&RQGRU (1

5$//,'$( 3DUGLUDOOXVVDQJXLQROHQWXV 5DVFyQ3ORPL]R 3OXPEHRXV5DLO

6&2/23$&,'$( &DOLGULVDOED 3OD\HUR$UHQHUR 6DQGHUOLQJ

&2/80%,'$( &ROXPELQDPLQXWD 7RUWROLWD0HQXGD 3ODLQEUHDVWHG*URXQG'RYH

67($7251,7+,'$( 6WHDWRUQLVFDULSHQVLV *XiFKDUR 2LOELUG

752&+,/,'$( 3DWDJRQDJLJDV &ROLEUt*LJDQWH *LDQW+XPPLQJELUG

)851$5,,'$( 3KOHRFU\SWHVPHODQRSV 7RWRUHUR :UHQOLNH5XVKELUG

0(/$123$5(,,'$( 0HODQRSDUHLDHOHJDQV 3HFKRGH/XQD(OHJDQWH (OHJDQW&UHVFHQWFKHVW 7

7<5$11,'$( 2FKWKRHFDIURQWDOLV 3LWDMR&RURQDGR &URZQHG&KDW7\UDQW

+,581',1,'$( 5LSDULDULSDULD *RORQGULQD5LEHUHxD %DQN6ZDOORZ

7+5$83,'$( $QLVRJQDWKXVODFU\PRVXV 7DQJDUDGH0RQWDxD/DFULPRVD /DFULPRVH0RXQWDLQ7DQDJHU

(0%(5,=,'$( 6SRURSKLODOXFWXRVD (VSLJXHUR1HJUR\%ODQFR %ODFNDQGZKLWH6HHGHDWHU

3$58/,'$( %DVLOHXWHUXVWULIDVFLDWXV 5HLQLWD7ULEDQGHDGD 7KUHHEDQGHG:DUEOHU 7

 3ULRQLWLVGHFLSLHQV $OJDURMD +$/<0(1,$&($(

 &UHSLGXODRQ\[ 3LTXH &5(3,'8/,'$(

 3KRVFUDVVXV %8&&,1,'$(

 &DUGLWDDIILQLV %LYDOYR &$5',7,'$(

 3DJXUXVSHUODWXV (UPLWDxR 3$*85,'$(

 $WK\RQLGLXPFKLOHQVLV 3HSLQR &8&80$5,'$(

 0HJDORPPDVS 6$%(//,'$(

 'HFDSWHUXVPDFURVRPD -XUHOILQR &$5$1*,'$(

 3DUDODEUD[FDOODHQVLV 3HUHODFDEULOODILQD 6&,$1,'$(

 7UDFKLQRWXVSDLWHQVLV 3iPSDQR &$5$1*,'$(

 &KDHWRFHURVFXUYLVHWXV &+$(72&(527$&($(

 3ODQNWRQLHOODVRO 7+$/$66,26,5$&($(

 7KDODVVLRVLUDDQJXODWD 7+$/$66,26,5$&($(

Das könnte Ihnen auch gefallen

1XHYD$ULFD &RQVHUYDFLyQ IORUD /DPED\HTXH

%RVTXHVHFR0X\5DORGH0RQWDxD %VP 5 0

6XEWRWDO

683(5),&,(727$/

§ 'HFUHWR 6XSUHPR 1 ²3&0 6REUH 2UGHQDPLHQWR

&2/80%,'$( &ROXPELQDPLQXWD 7RUWROLWD0HQXGD 3ODLQEUHDVWHG*URXQG'RYH

752&+,/,'$( 3DWDJRQDJLJDV &ROLEUtLJDQWH LDQW+XPPLQJELUG

)851$5,,'$( 3KOHRFU\SWHVPHODQRSV 7RWRUHUR :UHQOLNH5XVKELUG

0(/$123$5(,,'$( 0HODQRSDUHLDHOHJDQV 3HFKRGH/XQD(OHJDQWH (OHJDQW&UHVFHQWFKHVW 7

7<5$11,'$( 2FKWKRHFDIURQWDOLV 3LWDMR&RURQDGR &URZQHG&KDW7\UDQW

7+5$83,'$( $QLVRJQDWKXVODFU\PRVXV 7DQJDUDGH0RQWDxD/DFULPRVD /DFULPRVH0RXQWDLQ7DQDJHU

(0%(5,=,'$( 6SRURSKLODOXFWXRVD (VSLJXHUR1HJUR\%ODQFR %ODFNDQGZKLWH6HHGHDWHU

3$58/,'$( %DVLOHXWHUXVWULIDVFLDWXV 5HLQLWD7ULEDQGHDGD 7KUHHEDQGHG:DUEOHU 7

3ULRQLWLVGHFLSLHQV $OJDURMD +$/<0(1,$&($(

&UHSLGXODRQ\[ 3LTXH &5(3,'8/,'$(

3KRVFUDVVXV %8&&,1,'$(

&DUGLWDDIILQLV %LYDOYR &$5',7,'$(

3DJXUXVSHUODWXV (UPLWDxR 3$*85,'$(

$WK\RQLGLXPFKLOHQVLV 3HSLQR &8&80$5,'$(

0HJDORPPDVS 6$%(//,'$(

'HFDSWHUXVPDFURVRPD -XUHOILQR &$5$1*,'$(

3DUDODEUD[FDOODHQVLV 3HUHODFDEULOODILQD 6&,$1,'$(

7UDFKLQRWXVSDLWHQVLV 3iPSDQR &$5$1*,'$(

&KDHWRFHURVFXUYLVHWXV &+$(72&(527$&($(

3ODQNWRQLHOODVRO 7+$/$66,26,5$&($(

7KDODVVLRVLUDDQJXODWD 7+$/$66,26,5$&($(