sr\r do 3urjudpd 1dflrqdo ,qgljhqd hq %rolyld

$sr\r do 3urjudpd 1dflrqdo ,qgljhqd hq %rolyld$
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² 6:(',6+,17(51$7,21$/'(9(/230(17&223(5$7,21$*(1&< $GGUHVV66WRFNKROP6ZHGHQ2IILFH6YHDYlJHQ6WRFNKROP 7HOHSKRQH7HOHID[ 7HOHJUDPVLGDVWRFNKROP3RVWJLUR² (PDLOLQIR#VLGDVH+RPHSDJHKWWSZZZVLGDVH Ú2(-')()'328)2-(3 3iJ Ú2(-')()7-+0%7 MMM 6)791)2).)'98-:3 MZ -2863(9''-Õ2=%28)')()28)7 '32')483=(-7)Ö3()037463=)'837 +)78-Õ2'336(-2%'-Õ2=132-836)3()0463+6%1% -2(Ú+)2%)279*%7)()).)'9'-Õ2 (O3URJUDPD,QGtJHQD /D(YDOXDFLyQ /LPLWDQWHVGHOD(YDOXDFLyQ ,QWURGXFFLyQ (/3URJUDPD,QGtJHQD 'LVHxRGHOSUR\HFWR%2/ 'LVHxRGHOSUR\HFWR%2/ &RPSDWLELOLGDGFRQHVIHUDVWHPiWLFDVGHO318' ,QWURGXFFLyQ (O(QWRUQRSROtWLFROHJDOHLQVWLWXFLRQDOGHOSURJUDPDLQGtJHQD 318'² (MHFXFLyQGHORVSUR\HFWRVERO\ERO %'8-:-(%()76)7908%(37)-14%'83()0l463+6%1%-2(Ú+)2%z 436'31432)28) ,QWURGXFFLyQ %2/²(O&RPSRQHQWHGH&DSDFLWDFLyQ %2/²(O&RPSRQHQWHGH&RQVROLGDFLyQGHOD,QIRUPDFLyQ%iVLFD &HQVR5XUDO,QGtJHQDGH7LHUUDV%DMDV %2/²(OFRPSRQHQWHGH5DGLRFRPXQLFDFLRQHV %2/²(O&RPSRQHQWHGH3ODQGH0DQHMRGHO7HUULWRULR:HHQKD\HN %2/²2WUDV$FWLYLGDGHV5HDOL]DGDV %2/²$SR\RDO3URJUDPD1DFLRQDOGH'HVDUUROORGHORV3XHEORV ,QGLJHQDVHQ$VSHFWRVGH*pQHUR 5/$*²'HVDUUROOR6RVWHQLEOHGHO3XHEOR7DFDQD 5/$*²$WODVGHORV3XHEORV,QGLJHQDVGHOD$PD]RQLD%ROLYLDQD '32'097-32)7 &RQFHSWR\GLVHxRGHO3URJUDPD,QGtJHQD 'LVHxRGHORVSUR\HFWRV%2/\%2/ 2UJDQL]DFLyQ&RRUGLQDFLyQ*HVWLyQ\$GPLQLVWUDFLyQGHORV3UR\HFWRV (ILFLHQFLD (ILFDFLD ,PSDFWR &RPHQWDULRILQDO %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 M )<4)6-)2'-%7=%46)2(->%.)7 6)'31)2(%'-32)7 5HVFDWH\'HVDUUROORGHO3URJUDPDGH&DSDFLWDFLyQGH53*, ,GHQWLILFDFLyQ\)RUPXODFLyQGHXQ3UR\HFWRSLORWRGH'HVDUUROOR 0XQLFLSDOORFDO,QWHJUDOHQXQD=RQDGH*UDQ3REODFLyQ,QGtJHQD %RI\SW - (SGYQIRXEGMºRGSRWYPXEHE -- 0MWXEHITIVWSREWIRXVIZMWXEHEW --- 4VSKVEQEHIXVEFENSVIZMWEHS]INIGYXEHS -: -RWXVYQIRXSWHIIZEPYEGMºRKY¿EWHIIRXVIZMWXEW : 8ÃVQMRSWHI6IJIVIRGMEHIPE1MWMºRHI)ZEPYEGMºR MM %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 Ú2(-')()7-+0%7 $3* $6', &,'2% &,37$ &,5$%2 &0,% &3(6& &3,% &7 '$1,'$ ),'$ *7= ,*0 ,,% ,15$ /33 /5( 0$ 0$&$ 0'63 0(&' 2,7 318' 53*, 55 6$( 6,*(7 61$(** 61&),7 61( 6133 619 9$,32 9033)0 933'5 $VDPEOHDGHO3XHEOR*XDUDQt $VGL$JHQFLD6XHFLDGH&RRSHUDFLyQ,QWHUQDFLRQDOSDUDHO'HVDUUROOR &RQIHGHUDFLyQGH3XHEORV,QGtJHQDVGH%ROLYLD &RQVHMR,QGtJHQDGHORV3XHEORV7DFDQD &HQWUDO,QGtJHQDGHOD5HJLyQ$PD]yQLFDGH%ROLYLD &HQWUDOGH0XMHUHV,QGtJHQDVGH%HQL &RRUGLQDGRUDGH3XHEORVeWQLFRVGH6DQWD&UX] &HQWURGH3XHEORV,QGtJHQDVGH%HQL &HQWUR7XPLFKXFXD $JHQFLD'DQHVDGH&RRSHUDFLyQ,QWHUQDFLRQDO )RQGR,QWHUQDFLRQDOGH'HVDUUROOR$JUtFROD *HVHOOVFKDIWIU7HFKQLVFKH=XVDPPHQDUEHLWFRRSHUDFLyQDOHPDQD ,QVWLWXWR*HRJUiILFR0LOLWDU ,QVWLWXWR,QGLJHQLVWD%ROLYLDQR ,QVWLWXWR1DFLRQDOGH5HIRUPD$JUDULD /H\GH3DUWLFLSDFLyQ3RSXODU /H\GH5HIRUPD(GXFDWLYD 0HGLR$PELHQWH 0LQLVWHULRGH$VXQWRV&DPSHVLQRV\$JURSHFXDULRV 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ 0LQLVWHULRGH(GXFDFLyQ&XOWXUD\'HSRUWH 2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR 3URJUDPDGH1DFLRQHV8QLGDVSDUDHO'HVDUUROOR 5HVSRQVDEOHVGH3ODQLILFDFLyQ\*HVWLyQ,QGtJHQD 5HVSRQVDEOH5HJLRQDO 6HFUHWDUtDGH$VXQWRVeWQLFRV 6LVWHPDGH,QIRUPDFLyQ*HRJUiILFReWQLFR 6HFUHWDUtD1DFLRQDOGH$VXQWRVeWQLFRVGH*pQHUR\*HQHUDFLRQDOHV 6LVWHPD1DFLRQDOGH&DSDFLWDFLyQ\)RUPDFLyQ,QGtJHQDGH7XPLFKXFXD 6HFUHWDUtD1DFLRQDOGH(GXFDFLyQ 6HFUHWDUtD1DFLRQDOGH3DUWLFLSDFLyQ3RSXODU 6HUYLFLR+RODQGpVGH&RRSHUDFLyQDO'HVDUUROOR 9LFHPLQLVWHULRGH$VXQWRV,QGtJHQDV\3XHEORV2ULJLQDULRV 9LFHPLQLVWHULRGH3DUWLFLSDFLyQ3RSXODU\)RUWDOHFLPLHQWR0XQLFLSDO 9LFHPLQLVWHULRGH3DUWLFLSDFLyQ3RSXODU\'HVDUUROOR5XUDO %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 MMM 6)791)2).)'98-:3 /RVREMHWRVGHHVWHLQIRUPHGHHYDOXDFLyQILQDOH[WHUQDVRQHQSULPHUOXJDUORVSUR\HFWRV ´%2/²$SR\RDO3URJUDPD1DFLRQDOSDUDHO'HVDUUROOR3DUWLFLSDWLYR\$UPyQLFRGHORV 3XHEORV,QGtJHQDVGHO2ULHQWH&KDFR\$PD]RQtDHQ%ROLYLDµ\´%2/²3UR\HFWRGH&RQ VROLGDFLyQGHOD,QIRUPDFLyQ%iVLFD\)RUWDOHFLPLHQWRGHOD&DSDFLGDGGH*HVWLyQGHORV3XHEORV ,QGtJHQDVGHO2ULHQWH&KDFR\$PD]RQtDµ(QVHJXQGROXJDUDXQTXHFRQPHQRUSURIXQGLGDGVH KDHVWXGLDGRWDPELpQORVSUR\HFWRV´%2/²$SR\RDO3URJUDPD1DFLRQDOGH'HVDUUROORGH ORV3XHEORV,QGtJHQDVHQ$VSHFWRVGH*pQHURµ´5/$*²3UR\HFWR$WODVGHORV3XHEORV,Q GtJHQDVGHOD$PD]RQtD\´5/$*²'HVDUUROOR6RVWHQLEOHGHO3XHEOR7DFDQDµ(VWRVSUR \HFWRVFRPSRQHQORTXHVHKDYHQLGRDOODPDUHO´3URJUDPD,QGtJHQDµ (OSURSyVLWRGHODHYDOXDFLyQKDVLGRDQDOL]DUWDQWRHOGLVHxRGHORVSUR\HFWRVFRPRHOJUDGRGH HILFLHQFLDHILFDFLDHLPSDFWRTXHVHKDORJUDGRHQVXHMHFXFLyQWRGRHOORFRQPLUDVDSRGHUHPLWLU DOJXQDVUHFRPHQGDFLRQHVSDUDIXWXURVSUR\HFWRVHQHVWDWHPiWLFD (OSUR\HFWR%2/IXHDSUREDGRDILQHVGHHLQLFLDGRHQ+DVLGRILQDQFLDGRSRU IRQGRVSURSLRVGHO318'VXSURSyVLWRVLHQGRHOGHDSR\DUDO,QVWLWXWR,QGLJHQLVWD%ROLYLDQR\ SRVWHULRUPHQWHOD6HFUHWDUtDGH$VXQWRVeWQLFRV\HO9LFHPLQLVWHULRGH$VXQWRV,QGtJHQDV\3XHEORV 2ULJLQDULRVHQODJHVWLyQHLPSOHPHQWDFLyQGHRWURVSUR\HFWRVGHFRRSHUDFLyQH[WHUQDUHODFLRQDGRV FRQODSREODFLyQLQGtJHQDGHODVWLHUUDVEDMDV(OSUR\HFWRIXHWHUPLQDGRRSHUDWLYDPHQWHHQ (OSUR\HFWR%2/IXHDSUREDGRHLQLFLDGRDSULQFLSLRVGH\WHUPLQyHQKDVLGR WDPELpQXQSUR\HFWRGHO318'SHURILQDQFLDGRHQFDVLXQFRQIRQGRVGHFRVWRFRPSDUWLGR SURYHQLHQWHVGHODFRRSHUDFLyQRILFLDOVXHFD$VGL(VWHSUR\HFWRKDFRPSUHQGLGRYDULRVFRPSR QHQWHVORVPiVJUDQGHVHLPSRUWDQWHVKDQVLGRORVGHFRQVROLGDFLyQGHODLQIRUPDFLyQEiVLFDVREUH ORVSXHEORVLQGtJHQDVGHODVWLHUUDVEDMDV\GHFUHDFLyQGHXQVLVWHPDGHFDSDFLWDFLyQSDUDORVLQGt JHQDV(QDGLFLyQDHVWRHOSUR\HFWRKDLQFRUSRUDGRYDULRVFRPSRQHQWHVPHQRUHVSODQGHPDQHMR GHOWHUULWRULRGHOSXHEORZHHQKD\HNVLVWHPDGHUDGLRFRPXQLFDFLRQHVHVWXGLRMXUtGLFROHJDO 'HELGRDOJUDQQ~PHURGHSUR\HFWRV\FRPSRQHQWHVTXHHOHTXLSRGHHYDOXDFLyQWHQtDTXHDQDOL]DU FRPELQDGRFRQXQDUHODWLYDHVFDVH]GHWLHPSRODHYDOXDFLyQWXYRTXHVHUVHOHFWLYD(OWUDEDMRVH FRQFHQWUyHQORVGRVSUR\HFWRVJUDQGHV%2/\%2/FRQHVSHFLDODWHQFLyQDVX GLVHxR\JHVWLyQ\²HQWpUPLQRVWHPiWLFRV²DOFRPSRQHQWHGHFDSDFLWDFLyQ\DODVSHFWRGHODVSHU FHSFLRQHVGHORVEHQHILFLDULRVVREUHODXWLOLGDGJHQHUDOGHOSURJUDPD(OHTXLSRGHHYDOXDFLyQ² FRPSXHVWRSRUWUHVSHUVRQDV²WUDEDMyGRVVHPDQDVHQ/D3D]\XQDVHPDQDHQHOFDPSR6HSDUDQ GRHOHTXLSR\EXVFDQGRXQDySWLPDRUJDQL]DFLyQGHODVJLUDVVHORJUyYLVLWDU5LEHUDOWD7XPLFKX FXD7ULQLGDG6DQWD&UX]\&DPLULWHQLHQGRDVtSRVLELOLGDGGHKDFHUREVHUYDFLRQHVSURSLDVHQ WRGDVODVWUHVJUDQGHVUHJLRQHVTXHKDQSDUWLFLSDGRHQORVSUR\HFWRV$PD]RQtD2ULHQWH\&KDFR /DHMHFXFLyQGHORVSUR\HFWRV%2/\%2/KDVLGRXQSURFHVROHQWR\GLItFLO(VWRV SUR\HFWRVKDQWRFDGRWUHVJRELHUQRVVXFHVLYRVHQWUH\3D]=DPRUD6iQFKH]GH/R]DGD %DQ]HUFDGDXQRFRQXQDHVWUXFWXUDPLQLVWHULDOGLIHUHQWH\FRQSROtWLFDVGLIHUHQWHVHQORTXHVH UHILHUHDOWHPDLQGtJHQD$GHPiVHOSHUtRGR²IXHXQRGHLQWHQVDUHIRUPDOHJLVODWLYDHQ WHPDVtQWLPDPHQWHOLJDGRVFRQODViUHDVGHWUDEDMRGHORVSUR\HFWRV/H\GH3DUWLFLSDFLyQ3RSXODU /H\GH5HIRUPD(GXFDWLYD\RWUDV(VWDVLWXDFLyQFRPELQDGDFRQXQGLVHxRQRPX\VDWLVIDFWRULR GHOSUR\HFWR%2/²PiVRWUDVUD]RQHV²OOHYyDTXHODHMHFXFLyQGHORVSUR\HFWRVWRPy PXFKRPiVWLHPSRGHORSUHYLVWR(OSUR\HFWR%2/IXHGLVHxDGRFRQXQDGXUDFLyQSUHYLVWD GHDxRVSHURHQUHDOLGDGHVWXYRHQHMHFXFLyQSRUDxRV/DVGLILFXOWDGHVLQWHUQDVHQHOHQWHHMH MZ %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 FXWRUJXEHUQDPHQWDO6$(IXHURQSDUWLFXODUPHQWHQRWDEOHVHQ\FDXVDQGRXQHVWDQFD PLHQWRPX\VHULRHQODHMHFXFLyQGHORVSUR\HFWRVSRUPiVGHXQDxR /DHILFLHQFLDGHORVSUR\HFWRVKDVLGRUHODWLYDPHQWHEDMDWDPELpQGHVGHHOSXQWRGHYLVWDGHODXWLOL ]DFLyQGHORVUHFXUVRVILQDQFLHURV8QDUD]yQGHHOORHVVLPSOHPHQWHODH[WHQVLyQHQHOWLHPSRGHORV SUR\HFWRVTXHDVXYH]WLHQHUHODFLyQFRQORVFDPELRVGHJRELHUQRGHSROtWLFDV\GHPDUFRVOHJDOHV 2WUDUD]yQHVWiHQORVIUHFXHQWHVFDPELRVGHFRRUGLQDGRUHVGHORVSUR\HFWRV\XQDPX\QRWDEOH GHELOLGDGTXHVHKDREVHUYDGRHQHOSODQRGHOPDQHMRSXUDPHQWHDGPLQLVWUDWLYR\GHFRQWDELOLGDG 1RREVWDQWHVXSRFDHILFLHQFLDORVSUR\HFWRVKDQGHPRVWUDGRHILFDFLDHQDOJXQDVOtQHDVGHWUDEDMR /RVREMHWLYRVUHODFLRQDGRVFRQODLQIRUPDFLyQEiVLFD&HQVR5XUDO,QGtJHQD\HWQRJUDItDVKDQVLGR FXPSOLGRVHQXQJUDGRVDWLVIDFWRULR1RVHORJUyFUHDUXQ6LVWHPDGH&DSDFLWDFLyQSDUDORVSXHEORV LQGtJHQDVFRPRHUDHOREMHWLYRSHURVtVHSXGRDOILQDOGLVHxDU\HMHFXWDUXQSURJUDPDGHFDSDFLWD FLyQVREUHWRGRGH5HVSRQVDEOHVGH3ODQLILFDFLyQ\*HVWLyQ,QGtJHQD²53*,(VWHSURJUDPDWXYR ODVXILFLHQWHFREHUWXUD\FDOLGDGFRPRSDUDKDEHUGHMDGRUDVWURVTXHSXHGHQFDOLILFDUVHFRPRHOH PHQWRVGHXQ´LPSDFWRµ(QDOJXQRVFRPSRQHQWHVSRUHMHPSORHOGHUDGLRFRPXQLFDFLRQHVVH SXHGHREVHUYDUFODURVEHQHILFLRVGHODLQWHUYHQFLyQDXQTXHVXSHUVSHFWLYDGHVXSHUYLYHQFLDQRHV PX\VHJXUD(QRWURVFRPSRQHQWHVFRPRHOGHSODQGHPDQHMRGHOWHUULWRULRZHHQKD\HNKD\TXH FRQVWDWDUTXHORTXHVHORJUyIXHDOJXQRVSURGXFWRVVHGHVRFLDOHVWXGLRMXUtGLFRSHURQLQJ~QFXP SOLPLHQWRGHREMHWLYRV (QWpUPLQRVJOREDOHVHOHTXLSRGHHYDOXDFLyQHVWLPDTXHORVSUR\HFWRVFRPHQWDGRVDUULEDRHOSUR JUDPDLQGtJHQDKDQWHQLGRXQLPSDFWRHQHOVHQWLGRGHTXHKDQFRQWULEXLGRDXQDFHUFDPLHQWR HQWUHORVSXHEORVLQGtJHQDVGHWLHUUDVEDMDVRSRUORPHQRVDOJXQRVGHHOORV\HOHVWDGR\ODVRFLHGDG EROLYLDQD+DQFUHDGRXQPD\RUQLYHOGHDXWRFRQILDQ]DFROHFWLYDHQWUHORVLQGtJHQDV\XQDPD\RU FDSDFLGDGGHIRUPXODU\SUHVHQWDUGHPDQGDV(ODSR\RTXHHO318'\$VGLKDEULQGDGRDO,QVWL WXWR,QGLJHQLVWD%ROLYLDQROD6$(\HO9$,32GXUDQWHHVWRVDxRVKDVLJQLILFDGRVLQGXGDXQD FRQWULEXFLyQLPSRUWDQWHSDUDTXHHOWHPDLQGtJHQDOOHJXHDWHQHUHOHVSDFLRTXHWLHQHDKRUDHQODV DJHQGDVSROtWLFDV\ORVWUDEDMRVGHSODQLILFDFLyQGHOHVWDGREROLYLDQR'HHVWDPDQHUDKDQMXVWLILFDGR VXH[LVWHQFLDDPSOLDPHQWH 6HUHFRPLHQGDTXH9$,32WRPHPHGLGDVXUJHQWHVSDUDUHVFDWDUHLQVWLWXFLRQDOL]DUHOSURJUDPDGH FDSDFLWDFLyQGH53*,$VLPLVPRVHUHFRPLHQGDTXH318'$VGL\RWUDVFRRSHUDFLRQHVH[WHUQDV FRQWLQ~HQDSR\DQGRIXWXURVSUR\HFWRV\SURJUDPDVGHGHVDUUROORHQEHQHILFLRGHORVSXHEORVLQGt JHQDVGHODVWLHUUDVEDMDV'HKDFHUORVLQHPEDUJRVHUiLPSRUWDQWHGLVHxDUSUR\HFWRVPHMRUHV WUXFWXUDGRV\GHOLPLWDGRV\EXVFDURWUDVIRUPDVGHJHVWLyQ\JHUHQFLDGHORVPLVPRV(QHVWHVHQWLGR VHUtDLPSRUWDQWHFRORFDUODVUHVSRQVDELOLGDGHVORPiVFHUFDQDPHQWHSRVLEOHDORVSURSLRVSXHEORV LQGtJHQDVVXVUHVSHFWLYRVJRELHUQRVPXQLFLSDOHV\RWURVDFWRUHVORFDOHVLPSRUWDQWHV(ODVSHFWRHFR QyPLFRSURGXFWLYRGHEHUtDUHFLELUPXFKDDWHQFLyQHQIXWXURVSUR\HFWRV %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 Z -2863(9''-Õ2=%28)')()28)7 )P4VSKVEQE-RH¿KIRE (OWpUPLQR´3URJUDPD,QGtJHQDµHVVHJ~QLQGLFDQORV7pUPLQRVGH5HIHUHQFLDGHHVWDHYDOXDFLyQ YHU$QH[R9XQDH[SUHVLyQDEUHYLDGDGHO´3URJUDPD1DFLRQDOSDUDHO'HVDUUROOR3DUWLFLSDWLYR\ $UPyQLFRGHORV3XHEORV,QGtJHQDVGHO2ULHQWH&KDFR\$PD]RQtDHQ%ROLYLDµ(O3URJUDPD,QGt JHQDIXHIRUPXODGRHQWUHILQHVGH\SULQFLSLRVGHSRUHOHQWRQFHV,QVWLWXWR,QGLJHQLVWD %ROLYLDQR,,%(OREMHWLYRGHGHVDUUROORGHO3URJUDPDKDVLGR´HOORJURGHXQDFDSDFLGDGDVHQWDGD HQODVFRPXQLGDGHVLQGtJHQDVSDUDTXHDXWRJHVWLRQDULDPHQWHDVHJXUHQHOGHVDUUROORVRVWHQLEOHGH VXVFRPXQLGDGHV\WHUULWRULRVµ 3DUDSRQHUHQPDUFKDHO3URJUDPD,QGtJHQDHO318'DSUREyHQGLFLHPEUHGH²FRQILQDQ FLDPLHQWRSURSLR²HOSUR\HFWR´%2/²$SR\RDO3URJUDPD1DFLRQDOSDUDHO'HVDUUROOR 3DUWLFLSDWLYR\$UPyQLFRGHORV3XHEORV,QGtJHQDVGHO2ULHQWH&KDFR\$PD]RQtDHQ%ROLYLDµ(O SUR\HFWR%2/WLHQHORVPLVPRVREMHWLYRVTXHHO3URJUDPD,QGtJHQDDXQTXH²SRURWUR ODGR²HOGRFXPHQWRGHSUR\HFWRHVSHFLILFDWUHVUHVXOWDGRVSUHYLVWRVFRQXQJUDGRGHFRQFUHFLyQ DOJRPD\RU8QLGDGGH*HVWLyQ6LVWHPDGH,QIRUPDFLyQ\0RQLWRUHR\´RUJDQL]DFLRQHVLQGtJHQDV IRUWDOHFLGDVµ (QPDU]RGHHO318'DSUREyHOSUR\HFWR´%2/²&RQVROLGDFLyQGHOD,QIRUPDFLyQ %iVLFD\)RUWDOHFLPLHQWRGHOD&DSDFLGDGGH*HVWLyQGHORV3XHEORV,QGtJHQDVGHO2ULHQWH&KDFR\ $PD]RQtDµ(VWHSUR\HFWRKDVLGRILQDQFLDGRHQVXFDVLWRWDOLGDGSRUODFRRSHUDFLyQRILFLDOVXHFD $VGLDWUDYpVGHOPHFDQLVPRGHFRVWRFRPSDUWLGR6XVREMHWLYRVFHQWUDOHVKDQVLGRORVLQGLFDGRVHQ HOSURSLRWtWXORGHOSUR\HFWR 3DUDOHODPHQWHDORVSUR\HFWRV%2/\%2/VHKDHMHFXWDGRRWURVSUR\HFWRVGH PHQRUWDPDxRTXHWDPELpQVRQFRQVLGHUDGRVFRPRFRPSRQHQWHVGHO3URJUDPD,QGtJHQD(VWRV VRQ ♦ ´%2/²$SR\RDO3URJUDPD1DFLRQDOGH'HVDUUROORGHORV3XHEORV,QGtJHQDVHQ$V SHFWRGH*pQHURµSUR\HFWRQDFLRQDOILQDQFLDGRFRQIRQGRVGHO318' ♦ ´5/$*²3UR\HFWR$WODVGHORV3XHEORV,QGtJHQDVGHOD$PD]RQtDSUR\HFWRUHJLRQDO ILQDQFLDGRFRQIRQGRV*() ♦ ´5/$*²'HVDUUROOR6RVWHQLEOHGHO3XHEOR7DFDQDµUHJLRQDO*() 7RGRVORVFLQFRSUR\HFWRVKDQVLGRWHUPLQDGRVGHVGHHOSXQWRGHYLVWDRSHUDWLYRSRUORFXDOQR WHQtDQQLQJXQDDFWLYLGDGHQHMHFXFLyQHQHOPRPHQWRGHODHYDOXDFLyQ/RVGRVSUR\HFWRVJUDQGHV HVWiQHQSURFHVRGHFLHUUHSUHVXSXHVWDULR\IRUPDOHQ 6HJ~QVHGHVSUHQGHGHORV7pUPLQRVGH5HIHUHQFLDGHHVWDHYDOXDFLyQHO318'FRQVLGHUDTXHXQD HYDOXDFLyQGHO3URJUDPD,QGtJHQDGHEHUtDRFXSDUVHWDPELpQHQDOJXQDPHGLGDGHORV´SUR\HFWRV \RSURJUDPDVVLJQLILFDWLYRVILQDQFLDGRVSRURWURVGRQDQWHVHM'$1,'$*7=µ 0E)ZEPYEGMºR &RQUHVSHFWRDOREMHWLYRGHODHYDOXDFLyQORV7pUPLQRVGH5HIHUHQFLDVHxDODQTXH´FRQHOILQGH FXPSOLUFRQORVUHTXHULPLHQWRVGHOILQDQFLDGRUGHOSUR\HFWR%2/HO*RELHUQRGH6XHFLD\ FRQORVSURFHGLPLHQWRVGHO318'VHKDWRPDGRHQFRQVXOWDFRQ9$,32ODGHFLVLyQGHOOHYDUD %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 FDERXQDHYDOXDFLyQILQDOH[WHUQDHLQGHSHQGLHQWHGHORVSUR\HFWRV%2/\%2/µ /DHYDOXDFLyQWHQGUiFRPRREMHWLYRILQDOXQDQiOLVLVSURIXQGRGHORVUHVXOWDGRVHLQGLFLRVGHLP SDFWRVORJUDGRV\ODVOHFFLRQHVDSUHQGLGDVTXHSHUPLWDQODHODERUDFLyQGHUHFRPHQGDFLRQHVSDUD ORJUDUPD\RUHILFLHQFLD\p[LWRHQHOIXWXURGHVDUUROORGHSUR\HFWRV\RSURJUDPDVGHQWURGHOFRQ WH[WRGHODSUREOHPiWLFDLQGtJHQDµ(QRWUDSDUWHGHORV7pUPLQRVGH5HIHUHQFLDVHGLFHTXHHVWRV SUR\HFWRVVHUiQHYDOXDGRVGHQWURGHOFRQWH[WRGHO3URJUDPD,QGtJHQD 6LELHQORV7pUPLQRVGH5HIHUHQFLDHVWDEOHFHQHQHOWH[WRFLWDGRDUULED²\WDPELpQHQVXWtWXOR² TXHVHWUDWDGHXQDHYDOXDFLyQGHORVSUR\HFWRV%2/\%2/HQHOSiUUDIR´ÉP ELWRGHOD(YDOXDFLyQµLQWURGXFHQWDPELpQSUHJXQWDVHVSHFtILFDVUHODFLRQDGDVFRQORVGHPiVSUR \HFWRVGHO318'\GHRWURVGRQDQWHVFLWDGRVHQ,QFOXVRXQDGHODVSUHJXQWDV´HOHPHQWRVµ LQGLFDWLYRVTXHVHSODQWHDQHQOD3DUWH,,,GHORV7pUPLQRVGH5HIHUHQFLDGLFH´¢+DVWDTXpQLYHO KDQVLGRDOFDQ]DGRVORVREMHWLYRVGHO3URJUDPD,QGtJHQD"µ6HSHUFLEHHQWRQFHVXQDFLHUWDDP ELJHGDGUHVSHFWRDVtVHGHEtDHYDOXDUORVUHVXOWDGRV\HOLPSDFWRGH%2/\%2/ GHQWURGHOFRQWH[WRGHO3URJUDPD,QGtJHQDRVLVHGHEtDHYDOXDUORVUHVXOWDGRV\HOLPSDFWRGHO3UR JUDPD,QGtJHQD (QORVSULPHURVGRVGtDVODERUDEOHVGHODPLVLyQVHOOHYDURQDFDERUHXQLRQHVGHÉULHILQJµVHSDUD GDVFRQFDGDXQDGHODVSDUWHVLQWHUHVDGDV9$,32318'\$VGL\XQDUHXQLyQFRQMXQWDFRQWR GDVHOODV(QHVWHPRPHQWRWHPSUDQRGHOWUDEDMRHOHTXLSRGHHYDOXDFLyQWRGDYtDQRKDEtDSRGLGR IRUPDUVHXQDLGHDFODUDUHVSHFWRDODGHILQLFLyQSUiFWLFDGHOFRQFHSWRGH3URJUDPD,QGtJHQDQLGHOD YHUGDGHUDHQYHUJDGXUDGHpVWHWDOFRPRORWHUPLQDQGHILQLHQGR318'\9$,323RUWDQWRQR HVWXYRHQXQDEXHQDSRVLFLyQSDUDSHUVHJXLUXQDGHOLPLWDFLyQD~QPiVHVWULFWDGHODVWDUHDVHVSHFt ILFDVDUHDOL]DU'HVSXpVGHKDEHUDQDOL]DGRHQSURIXQGLGDGWRGDVODVH[SHULHQFLDVGHOHMHUFLFLRGH HYDOXDFLyQDVtFRPRORVFRPHQWDULRVGHODVWUHVSDUWHVVREUHODYHUVLyQSUHOLPLQDUGHOLQIRUPHHO HTXLSROOHJDDODFRQFOXVLyQGHTXHHIHFWLYDPHQWHQRVHKDWUDWDGRGHXQDHYDOXDFLyQGHO3URJUDPD ,QGtJHQDVLQRGHXQDHYDOXDFLyQGHORVSUR\HFWRV%2/\%2/$VtWDPELpQOR LQGLFDHOWtWXORGHOSUHVHQWHLQIRUPHILQDO(QHO&DStWXOR²&RQFOXVLRQHVVHKDFHXQDQiOLVLVPiV GHWDOODGRGHODSUREOHPiWLFDTXHHQRSLQLyQGHORVHYDOXDGRUHVURGHDODGHILQLFLyQGHO3URJUDPD ,QGtJHQD ,QGHSHQGLHQWHPHQWHGHODVFRQVLGHUDFLRQHVTXHVHH[SUHVDQHQHOSiUUDIRDQWHULRUHQODUHXQLyQGH ÉULHILQJµFRQMXQWDVHOOHJyDODFRQFOXVLyQTXHODViUHDVPiVLPSRUWDQWHVDDQDOL]DUVHUtDQLUH VXOWDGRHLPSDFWRGHODVDFWLYLGDGHVGHFDSDFLWDFLyQ\LLSHUFHSFLyQGHORVEHQHILFLDULRVRUJDQL]D FLRQHVHLQGLYLGXRVLQGtJHQDVUHVSHFWRDODXWLOLGDG\ORVHIHFWRVGHO3URJUDPD,QGtJHQD$GHPiV 9$,32KL]RHVSHFLDOpQIDVLVHQTXHODHYDOXDFLyQGHEHUtDYHUPiVKDFLDDGHODQWHHQHOWLHPSRTXH KDFLDDWUiVVXLQWHUpVSDUWLFXODUHQHVWDHYDOXDFLyQWHQtDTXHYHUFRQODE~VTXHGDGHFRQFOXVLRQHV\ HOHPHQWRVTXHSRGUtDQD\XGDUDGLVHxDUSUR\HFWRVIXWXURVHQHVWRVWHPDV\DDWUDHUFRRSHUDFLyQ H[WHUQDDGLFLRQDO 3DUDSRGHUUHDOL]DUODVWDUHDVGHVFULWDVDUULEDHOHTXLSRGHHYDOXDFLyQGHELyWUDEDMDUHQWUHVIUHQWHV LDQDOL]DUODDEXQGDQFLDGHGRFXPHQWDFLyQTXHXQSURJUDPDGHHVWHFDUiFWHUWDPDxR\GXUDFLyQ WHUPLQDSURGXFLHQGRLLHQWUHYLVWDUDOPD\RUQ~PHURSRVLEOHGHSHUVRQDVTXHWLHQHQ\TXHKDQ WHQLGRTXHYHUFRQODJHVWLyQ\RSHUDFLyQGHORVSUR\HFWRVHQGLIHUHQWHVHWDSDVVREUHXQSHUtRGRGH VHLVDxRV\LLLHQWUHYLVWDUHOPD\RUQ~PHURSRVLEOHGHSHUVRQDVDQLYHOGHORVEHQHILFLDULRV (OHTXLSRGHHYDOXDFLyQKDHVWDGRFRPSXHVWRSRUWUHVSHUVRQDV L /DUV(ULNVVRQ-HIHGH(TXLSRFRQWUDWDGRSRU$VGLSRUXQSHUtRGRGHWUHVVHPDQDV LL 0DUtD&ULVWLQD0HMtD&RQVXOWRUDORFDOFRQWUDWDGDSRU318'SRULJXDOWLHPSR %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 LLL 0DUtDGHO3LODU6iQFKH]&RQVXOWRUDORFDOFRQWUDWDGDSRU318'SRUFXDWURVHPDQDV HOWLHPSRDGLFLRQDOHQHVWHFDVRIXHGHGLFDGRDE~VTXHGDGHGRFXPHQWDFLyQ\RWUDVWDUHDVSUH SDUDWRULDV (QYLVWDGHODPDJQLWXG\ODFRPSOHMLGDGGHOWUDEDMRDUHDOL]DU\WHQLHQGRHQFXHQWDORVOtPLWHVGH WLHPSRHOHTXLSRGHHYDOXDFLyQGHFLGLyKDFHUXQDPi[LPDGLVWULEXFLyQGHWDUHDVHQWUHVtVLQSRU HOORSHUGHUHOHQIRTXHGHWUDEDMRHQHTXLSR(QFXDQWRDODVHSDUDFLyQGHWHPDVHO-HIHGH(TXLSR WRPyODUHVSRQVDELOLGDGSULQFLSDOGHDQDOL]DUHOGLVHxR\ODJHVWLyQDGPLQLVWUDFLyQGHORVSUR\HFWRV \GHO3URJUDPD,QGtJHQDHQVXFRQMXQWROD&RQVXOWRUDORFDO6UD0HMtDDVXPLyHOWUDEDMRSULQFLSDO UHVSHFWRDOFRPSRQHQWHFDSDFLWDFLyQ\OD&RQVXOWRUDORFDO6UD6iQFKH]VHRFXSyHQSULPHUOXJDU GHORVWUHVSUR\HFWRVGHSHTXHxDHVFDOD\DOJXQRVFRPSRQHQWHVHVSHFtILFRVGHORVSUR\HFWRVJUDQGHV FRPSRQHQWH´ZHHQKD\HNµUDGLRFRPXQLFDFLRQHVHWF7DPELpQSDUDODUHDOL]DFLyQGHOWUDEDMRGH FDPSRHVGHFLUODVYLVLWDVDODVSURYLQFLDVVHGHFLGLyVHSDUDUHOHTXLSRSDUDORJUDUXQDPD\RUFR EHUWXUD &DEHGHVWDFDUTXHHQODUHXQLyQFRQMXQWDGHÉULHILQJµVHDFRUGyDMXVWDUHOSURJUDPDGHWUDEDMR LQGLFDWLYRTXHIRUPDEDSDUWHGHORV7pUPLQRVGH5HIHUHQFLD/DGHFLVLyQPiVLPSRUWDQWH²\DEVR OXWDPHQWHHVHQFLDOSDUDSRGHUDSURYHFKDUODVWUHVVHPDQDVGHWUDEDMRGHPDQHUDUDFLRQDO²IXHOD GHSRVWHUJDUODHQWUHJDGHOLQIRUPHSUHOLPLQDUSDUDORV~OWLPRVGtDVGHODPLVLyQ\H[WHQGHUHOWLHP SRSDUDUHYLVLyQFRPHQWDULRV\HODERUDFLyQGHODYHUVLyQILQDO(O-HIHGH(TXLSRUHFLELyORVFR PHQWDULRVGH9$,32318'\$VGLKDVWDHOGHDJRVWR\WHUPLQyODHODERUDFLyQGHOLQIRUPHILQDO HOGHVHSWLHPEUH (OSURJUDPDGHWUDEDMRDFRUGDGRHQODUHXQLyQGHÉULHILQJµGHOGHMXOLR²\HIHFWLYDPHQWHUHDOL ]DGR²VHHQFXHQWUDHQHO$QH[R,,,DOSUHVHQWHLQIRUPH /DPD\RUSDUWHGHODVHQWUHYLVWDVHQ/D3D]IXHURQUHDOL]DGDVSRUHOHTXLSRHQVXFRQMXQWR$OJX QDVVLQHPEDUJRIXHURQKHFKDVVRORSRUHO-HIHGH(TXLSRVHJXQGDHQWUHYLVWDFRQHO9LFHPLQLVWUR GH9$,32([²6HFUHWDULDGH6$(SHUVRQDOGHODV(PEDMDGDVGH6XHFLD\'LQDPDUFD(O$QH[R,, GHHVWHLQIRUPHFRQWLHQHXQDOLVWDGHODVSHUVRQDVHQWUHYLVWDGDV/DVHQWUHYLVWDVFRQORVEHQHILFLDULRV WXYLHURQFDUiFWHUVHPLHVWUXFWXUDGRHQORVRWURVFDVRVVHKLFLHURQHQWUHYLVWDVDELHUWDVGLiORJR(O $QH[R,9FRQWLHQHXQUHVXPHQGHODVSULQFLSDOHVSUHJXQWDVTXHIXHURQSODQWHDGDVVLVWHPiWLFD PHQWHVREUHGLIHUHQWHVWHPDV\DGLIHUHQWHVFDWHJRUtDVGHHQWUHYLVWDGRV 6LJXLHQGRLQVWUXFFLRQHVUHFLELGDVHQ/D3D]HOWUDEDMRDOOtIXHUHDOL]DGRSULQFLSDOPHQWHHQODVRILFL QDVGH9$,32DSHVDUGHTXHORV7pUPLQRVGH5HIHUHQFLDVHxDODQODVRILFLQDVGHO318'FRPR OXJDUGHWUDEDMR6LQHPEDUJRKXERTXHKDFHUQXPHURVDVYLVLWDVDODVRILFLQDVGHO318'GHELGRD TXHEXHQDSDUWHGHODGRFXPHQWDFLyQVHHQFRQWUDEDDKt\DGHPiVSRUXQDVHULHGHJHVWLRQHVDG PLQLVWUDWLYDV /DPLVLyQGHHYDOXDFLyQGHVHDH[SUHVDUVXPiVVLQFHURDJUDGHFLPLHQWRDWRGDVODVSHUVRQDVGH 9$,32318'\(PEDMDGDGH6XHFLD6HFFLyQGH&RRSHUDFLyQTXHKLFLHURQWRGRVORVHVIXHU]RV SRVLEOHVSDUDIDFLOLWDULQIRUPDFLyQUHDOL]DUFRQWDFWRVRUJDQL]DUYLVLWDV\D\XGDUHQODORJtVWLFDGHO WUDEDMR'HELGRDODH[FHOHQWHGLVSRVLFLyQ\DPDELOLGDGGHWRGRV\FDGDXQRGHHVWRVIXQFLRQDULRVOD PLVLyQSXGRUHDOL]DUWRGDVODVDFWLYLGDGHVTXHVHSURSXVR$VLPLVPRVHDJUDGHFHDWRGDVODVSHUVR QDVTXHGHGLFDURQWLHPSRDFRQWHVWDUXQVLQQ~PHURGHSUHJXQWDVHQODVHQWUHYLVWDVODPD\RUtDGH HOODVGHYDULDVKRUDVGHGXUDFLyQ(QHVWHVHQWLGRFRUUHVSRQGHGDUXQUHFRQRFLPLHQWRHVSHFLDODODV H[DXWRULGDGHV\H[IXQFLRQDULRVµGHO3URJUDPD,QGtJHQDTXHWHUPLQDURQVXFRQWDFWRFRQHOPLVPR HQGLIHUHQWHVHWDSDVPiVRPHQRVUHPRWDV\TXHHQODDFWXDOLGDGWLHQHQRWUDVRFXSDFLRQHV %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 0MQMXERXIWHIPE)ZEPYEGMºR (OWLHPSRDVLJQDGRDHVWDHYDOXDFLyQUHVXOWyVHUFODUDPHQWHLQVXILFLHQWHHQUHODFLyQFRQHODOWtVLPR QLYHOGHDPELFLRQHV\H[SHFWDWLYDVTXHVHUHIOHMDHQORV7pUPLQRVGH5HIHUHQFLD/DHVFDVH]GHWLHP SRHVXQIHQyPHQRJHQHUDOL]DGRTXHDIHFWDDSUiFWLFDPHQWHWRGDHYDOXDFLyQ²WDQWRORVFOLHQWHV FRPRORVPLVPRVHYDOXDGRUHVWHUPLQDQODPD\RUtDGHODVYHFHVFRQXQDVHQVDFLyQGHTXHXQQ~PH URPHQRURPD\RUGHSUHJXQWDVRLQTXLHWXGHVTXHGDURQVLQUHVSXHVWD6LQHPEDUJRODSUHVHQWH HYDOXDFLyQSXHGHFRQVLGHUDUVHFRPRXQFDVRH[WUHPRHQHVWHVHQWLGR$OILQ\DOFDERHO3URJUDPD ,QGtJHQD²HQVXPiVDPSOLDGHILQLFLyQ²KDHVWDGRFRPSXHVWRSRUFLQFRSUR\HFWRVUHODFLRQDGRVFRQ 1DFLRQHV8QLGDV\FRQOD&RRSHUDFLyQ6XHFD\SRUYDULRVRWURVSUR\HFWRVGHILQDQFLDPLHQWRELODWH UDO(VWRVSUR\HFWRVKDQHVWDGRHQHMHFXFLyQGXUDQWHXQSHUtRGRGHDxRVWRFDQGRWUHVJRELHUQRV EROLYLDQRVVXFHVLYRV\FRQWDQGRFRQXQJUDQQ~PHURGHH[FRRUGLQDGRUHV\H[SHUVRQDOGHGLIH UHQWHWLSR(O3URJUDPDKDUHDOL]DGRDFWLYLGDGHVHQXQiUHDJHRJUiILFDVXPDPHQWHH[WHQVD\IXH LPSRVLEOHSDUDHOHTXLSRGHHYDOXDFLyQYLDMDUDWRGRVORVOXJDUHVTXHGHEHUtDQKDEHUVLGRYLVLWDGRV SDUDSRGHUFXPSOLUHQXQJUDGRD~QPD\RUFRQWRGDVODVH[LJHQFLDVGHORV7pUPLQRVGH5HIHUHQFLD /RVWHUULWRULRVGHORVZHHQKD\HN\ORVWDFDQDVRQORVHMHPSORVPiVUHOHYDQWHVGHHVWHGLOHPD 2EYLDPHQWHXQSURJUDPDGHHVWDPDJQLWXGSURGXFHXQDFDQWLGDGPX\JUDQGHGHGRFXPHQWDFLyQ TXHGHEHVHUHVWXGLDGDSRUORVHYDOXDGRUHV(QHVWHFDVRHOGHVDItRSDUDHOHTXLSRGHHYDOXDFLyQQR UHVLGLyVRODPHQWHHQODFDQWLGDGGHODGRFXPHQWDFLyQVLQRDGHPiVHQVXGLVSHUVLyQItVLFD\RUJDQL ]DWLYD/DPD\RUSDUWHGHODGRFXPHQWDFLyQGHORVSUR\HFWRV%2/\%2/VHHQ FRQWUDEDHQODVRILFLQDVGH9$,32JXDUGDGDVVLQRUGHQHQJUDQGHVFDMDVGHFDUWyQGHELGRDVX UHFLHQWHWUDVODGRGHOD~OWLPDRILFLQDGHORVSUR\HFWRVHQORFDOHVGHO318'2WUDSDUWHLPSRUWDQWH VHHQFRQWUDEDHQORVDUFKLYRVGHO318')LQDOPHQWHIXHQHFHVDULRWDPELpQFRQVXOWDUORVDUFKLYRV GHOD(PEDMDGDGH6XHFLD6HFFLyQGH&RRSHUDFLyQ(QFRQVHFXHQFLDHODQiOLVLVGHGRFXPHQWDFLyQ WHUPLQyVLHQGRXQWUDEDMRPX\FRQVXPLGRUGHWLHPSRQRVRODPHQWHHQODIDVHGHOHFWXUDVLQRDGH PiVHQHOVLPSOHDVSHFWRGHHQFRQWUDUORVGRFXPHQWRVTXHGHEHUtDQH[LVWLU\TXHVHSHUFLEtDQFRPR SRWHQFLDOPHQWHLPSRUWDQWHV(QDXVHQFLDGHXQUHJLVWUR~QLFRGHWRGDODGRFXPHQWDFLyQGHHVWRV SUR\HFWRVUHVXOWyLPSRVLEOHVDEHUDFLHQFLDFLHUWDVLDOILQDOVHORJUyHQFRQWUDUWRGRVORVGRFXPHQ WRVLPSRUWDQWHVRQR )LQDOPHQWHXQIDFWRUOLPLWDQWHGHODHYDOXDFLyQ²HQWpUPLQRVPHWRGROyJLFRV²KDVLGRHOKHFKRGH TXHQLQJXQRGHORVSUR\HFWRVHYDOXDGRVKDWHQLGRXQ´HVWXGLRGHEDVHµTXHSHUPLWLHVHXQDYHUGDGH UDFRPSDUDFLyQHQWUHODVLWXDFLyQ´DQWHVµ\ODVLWXDFLyQ´GHVSXpVµGHORVSUR\HFWRV/RVGRFXPHQWRV GHSUR\HFWRWDPSRFRFRQWLHQHQREMHWLYRVORVXILFLHQWHPHQWHFXDQWLILFDGRVRFRQFUHWL]DGRV LQGL FDGRUHVFRPRSDUDIDFLOLWDUXQDGHWHUPLQDFLyQREMHWLYDGHLPSDFWRV3RUORWDQWRODVFRQFOXVLRQHV DODVTXHVHKDOOHJDGRUHVSHFWRDOLPSDFWRGHORVGLIHUHQWHVFRPSRQHQWHVGHO3URJUDPD,QGtJHQD FRQWLHQHQXQDEXHQDGRVLVGHVXEMHWLYLGDG6HEDVDQHQXQFLHUWRQ~PHURGHREVHUYDFLRQHVGLUHFWDV HQRSLQLRQHVHPLWLGDVSRUDFWRUHVGHORVSUR\HFWRV\SRUXQDVHOHFFLyQFRPSDUDWLYDPHQWHOLPLWDGD GHEHQHILFLDULRV²\HQXQHVIXHU]RGHDQDOL]DUODVFRQYHUJHQFLDV\GLYHUJHQFLDVHQWUHHVWDVIXHQWHV GHLQIRUPDFLyQ (O$QH[R,FRQWLHQHXQDÉLEOLRJUDItDµIXHUWHPHQWHFRQGHQVDGD 1RVHSXGRHQFRQWUDUHQQLQJXQDSDUWHXQDFROHFFLyQLQGXGDEOHPHQWHFRPSOHWDGHLQIRUPHVGHSURJUHVRRGHLQIRUPHVGH UHXQLRQHVWULSDUWLWDV 8QGRFXPHQWRLPSRUWDQWHTXHHOHTXLSRGHHYDOXDFLyQEXVFySHURTXHQXQFDSXGRREWHQHUIXHHOLQIRUPHGH´HYDOXDFLyQ GHO3URJUDPDGHVGHHOSXQWRGHYLVWDGHO3URJUDPPH$SSURDFKµDSHVDUGHTXHHVWHGRFXPHQWRHVPHQFLRQDGRH[SOtFLWD PHQWHHQORV7pUPLQRVGH5HIHUHQFLD %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 '32')483=(-7)Ö3()037463=)'837 -RXVSHYGGMºR (QODHWDSDGHGLVHxRGHFXDOTXLHUSUR\HFWR;GHFRRSHUDFLyQLQWHUQDFLRQDOHOGLVHxDGRURSHUD HQPD\RURPHQRUJUDGRFRQXQDVHULHGHVXSXHVWRVRKLSyWHVLVTXHWLHQHQPD\RURPHQRUSURED ELOLGDGGHOOHJDUDVHUYDOLGDGRVHQHOIXWXUR&XDQGRXQHYDOXDGRUDQDOL]DHOGLVHxRGHOSUR\HFWR; YDULRVDxRVPiVWDUGHHQHOPDUFRGHXQDHYDOXDFLyQH[SRVWHOHYDOXDGRU\DSXHGHYHUVLORVVX SXHVWRVLQLFLDOHVVHFXPSOLHURQRQR(QRWUDVSDODEUDVHOHYDOXDGRUVDEHPXFKRPiVTXHHOGLVHxD GRUVREUHODVFRQGLFLRQHVUHDOHVHQHOHQWRUQRGHOSUR\HFWR\VXGHVDUUROORDORODUJR GHODHMHFXFLyQGHOSUR\HFWR3RUORWDQWRFXDQGRHQORVLJXLHQWHVHKDFHDOJXQDVFUtWLFDVDOGLVHxR GHORVSUR\HFWRV%2/\%2/HVWiVQRGHEHQLQWHUSUHWDUVHFRPRFUtWLFDVDODVSHU VRQDVTXHIRUPXODURQORVSUR\HFWRVVLQRPiVELHQFRPRFUtWLFDVDODV´REUDVµ²KHFKDVSRUSHUVRQDV TXHKDQWHQLGRODYHQWDMDGHVDEHUTXpVXFHGLyHQUHDOLGDGFRQWDORFXDOIDFWRUVREUH HOFXDOHOGLVHxDGRUQRSRGtDPiVTXHKDFHUXQSURQyVWLFRRXQDHVSHFXODFLyQPiVRPHQRVLQWHOL JHQWH2EYLDPHQWHSDUDHOHYDOXDGRUHVPX\GLItFLORLPSRVLEOHGHMDUGHODGRVXVFRQRFLPLHQWRV DGLFLRQDOHVGHODUHDOLGDG\UHWURFHGHUDDOJXQDVXHUWHGHLJXDOGDGGHFRQGLFLRQHVFRQHOGLVHxDGRU 7HQLHQGRHQFXHQWDORDQWHULRUVHSURFHGHUiDFRQWLQXDFLyQDDQDOL]DUORVFRQFHSWRV\ORVGLVHxRV GHO´3URJUDPD,QGtJHQDµ\GHORVSUR\HFWRV%2/\%2/$VLPLVPRVHFRPHQWDUi ODVLQWHUUHODFLRQHVHQWUHHVWRVHOHPHQWRV )04VSKVEQE-RH¿KIRE /DIRUPXODFLyQGHO´3URJUDPD1DFLRQDOSDUDHO'HVDUUROOR3DUWLFLSDWLYR\$UPyQLFRGHORV3XHEORV ,QGtJHQDVGH2ULHQWH&KDFR\$PD]RQtDHQ%ROLYLDµIXHFRPSOHWDGDDSULQFLSLRVGH(Q HOGRFXPHQWRFRUUHVSRQGLHQWHFRQVWDQFRPRDXWRUHVRUHVSRQVDEOHVGHOPLVPRHO0LQLVWHULR GH3ODQHDPLHQWR\&RRUGLQDFLyQHO,QVWLWXWR,QGLJHQLVWD%ROLYLDQR,,%OD&RQIHGHUDFLyQGH,QGt JHQDVGHO2ULHQWH%ROLYLDQR&,'2%\HO3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO'HVDUUROOR 318' 8QRGHORVLQVXPRVLPSRUWDQWHVSDUDHOGLVHxRGHO3URJUDPDIXHHO6HPLQDULR7DOOHUGH&RQVXOWD RUJDQL]DGRSRU318',,%HQ6DQWD&UX]HQIHEUHURGH$XQTXHHO3URJUDPD,QGtJHQDQR KDFHQLQJXQDUHIHUHQFLDH[SOtFLWDDOUHVSHFWRVHSXHGHVXSRQHUTXHSDUDODSUHSDUDFLyQGHHVWH3UR JUDPDVHKDEUtDWDPELpQWHQLGRHQFXHQWDORVKDOOD]JRV\UHFRPHQGDFLRQHVGHXQDPLVLyQGHO)RQ GR,QWHUQDFLRQDOGH'HVDUUROOR$JUtFROD),'$TXHHQGLFLHPEUHGHSUHVHQWyVXLQIRUPH VREUHXQDSURSXHVWDGHSUR\HFWRSDUDORVSXHEORVLQGtJHQDVGH%HQL (O3URJUDPD,QGtJHQDKDFHUHIHUHQFLDDXQ3ODQ1DFLRQDOSDUDOD'HIHQVD\HO'HVDUUROOR,QGtJHQD WDPELpQHODERUDGRSRUHO,,%HQIHFKDQRVHxDODGD3RUVXWtWXORVHSXHGHVXSRQHUTXHHVWH3ODQVH UHILHUHDWRGDODSREODFLyQLQGtJHQDHQ%ROLYLD7DPELpQHO3URJUDPD,QGtJHQDHQVXVFDStWXORV EiVLFRVVHUHILHUHDWRGRVORVSXHEORVLQGtJHQDVXRULJLQDULRVLQFOX\HQGRORVD\PDUiORVTXHFKXD\ GRVHWQLDVGHSREODFLyQSRFRQXPHURVDTXHVHHQFXHQWUDQHQODVWLHUUDVDOWDV/XHJRVLQHPEDUJR SURFHGHDGLVHxDUREMHWLYRV\HVWUDWHJLDVSDUDXQSURJUDPDH[FOXVLYDPHQWHFRQORVSXHEORVLQGtJH QDVHQODVWLHUUDVEDMDV$TXtSDUHFHLPSRUWDQWHDQRWDUTXHHO3URJUDPD,QGtJHQDHVEDVWDQWHHVFXHWR HQVXH[SOLFDFLyQGHOSRUTXpVHGHFLGHGLULJLUODDWHQFLyQHQSULPHUOXJDUDORVLQGtJHQDV %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 GHODVWLHUUDVEDMDV6HOLPLWDDGHFLUTXHÓRVSXHEORVLQGtJHQDVHQODVWLHUUDVEDMDVWLHQHQXQ PD\RUJUDGRGHYXOQHUDELOLGDGµ/DDWHQFLyQDORVLQGtJHQDVGHOD5HJLyQ$QGLQDVHGHMDSDUD XQDVHJXQGDIDVHFRQVLGHUDQGRTXHÓDVHWQLDVTXHKDELWDQHQHVWDUHJLyQSRUODFDQWLGDGGHVXV LQWHJUDQWHV\SRUODVHVWUXFWXUDVRUJDQL]DWLYDVQRVHHQFXHQWUDQHQHOPLVPRQLYHOGHULHVJR\YXO QHUDELOLGDGµ $OFRQYHUVDUVREUHHVWHWHPDFRQDOJXQDVGHODVSHUVRQDVHQWUHYLVWDGDVSRUODPLVLyQVHKDHVFXFKD GRGLYHUVDVRSLQLRQHV8QDHVTXHVLHOSURJUDPDKXELHUDHVWDGRGLULJLGRDFRPEDWLUODSREUH]D\OD H[FOXVLyQHQIRUPDPiVGLUHFWDGHEHUtDKDEHUVHGLULJLGRDORVLQGtJHQDVGHODOWLSODQRGRQGHODSR EUH]DHVPD\RUTXHHQHORULHQWHWDQWRHQLQFLGHQFLDFRPRHQLQWHQVLGDG2WUDHVTXH VLELHQ²HQWLHPSRUHFLHQWH\DFWXDO²ODSREUH]DHQVXVGLVWLQWRVDVSHFWRVHVPHQRVJUDYHHQOD $PD]RQLDHO2ULHQWH\HO&KDFRTXHHQHODOWLSODQR´HOSDtVµVHHVWiPRYLHQGRKDFLDOD]RQD RULHQWDOSRUPLJUDFLyQWDQWRGHSHUVRQDVFRPRGHDFWLYLGDGHVHFRQyPLFDV\HVDOOtGRQGHVHGHEH DFWXDUDKRUDSDUDHQHOPHGLDQR\ODUJRSOD]RSRGHUORJUDUPD\RUJREHUQDELOLGDGHTXLGDGSURWHF FLyQGHHWQLDVDPHQD]DGDVSURWHFFLyQGHOPHGLRDPELHQWHDSURYHFKDPLHQWRUDFLRQDOGHORVUHFXU VRVQDFLRQDOHVHLQFOXVRLQGLUHFWDPHQWHGLVPLQXFLyQGHODSREUH]D7DPELpQVHKDSODQWHDGRTXH ODYXOQHUDELOLGDGGHGLVWLQWDVHWQLDVHVLQYHUVDPHQWHSURSRUFLRQDODOWDPDxRGHVXSREODFLyQHV GHFLUTXHORVJUXSRVQXPHURVRVFRPRORVD\PDUi\ORVTXHFKXDWLHQHQPD\RUIXHU]DGHVXSHUYL YHQFLD\PD\RUFRQWDFWRRLQWHJUDFLyQFRQHOUHVWRGHODVRFLHGDGVLHQGRDGHPiVHQEXHQDPHGLGD ´FDPSHVLQL]DGRVµ /DGHFLVLyQGHGLULJLUHO3URJUDPD,QGtJHQDKDFLDODVHWQLDVGHODVWLHUUDVEDMDVIXH²GHKHFKR² DPSOLDPHQWHMXVWLILFDGDHQRSLQLyQGHORVDXWRUHVGHHVWHLQIRUPH1RREVWDQWHHQHOGRFXPHQWR GHO3URJUDPD,QGtJHQDSRGUtDKDEHUVLGR~WLOSURIXQGL]DUXQSRFRPiVHQHODQiOLVLVGHODFXHVWLyQ WLHUUDVEDMDVYVWLHUUDDOWDVSDUDGHMDUPiVFODURVLVXSURSyVLWRSULQFLSDOHUDVDOYDUDODVHWQLDVGHODV WLHUUDVEDMDVGHODH[WLQFLyQRGHODGHVWUXFFLyQGHVXVFXOWXUDVSUR\HFWRGHGHUHFKRVKXPDQRV\ SURWHFFLyQGHSXHEORVQDWLYRVVLHUDLQFRUSRUDUORVHQODJHVWLyQ\HOGHVDUUROORORFDOFRQMXQWDPHQWH FRQODSREODFLyQQRLQGtJHQDSUR\HFWRGHGHVDUUROORORFDO\GHHTXLGDGVLHUDEXVFDUXQPRGHORGH PDQHMRVRVWHQLEOHGHOPHGLRDPELHQWH\ORVUHFXUVRVQDWXUDOHVVLHUDDOJXQDRWUDFRVDRVLHUDWRGR DODYH]/DPLVLyQKDFDSWDGRDOJXQDVVHxDOHVGHTXHHQWUHORVP~OWLSOHVDFWRUHVTXHKDQHVWDGR LQYROXFUDGRVHQODHMHFXFLyQGHO3URJUDPD,QGtJHQDQRKDKDELGRVLHPSUHXQWRWDODFXHUGRUHV SHFWRDODSULRUL]DFLyQGHORVLQGtJHQDVGHWLHUUDVEDMDV\TXHHVWRSRGUtDKDEHUVLGRXQRGHORVIDF WRUHVTXHFRQWULEX\HURQDOHVWDQFDPLHQWRGHORVSUR\HFWRV%2/\%2/HQ\ (MWI»SHIPTVS]IGXS&30 'HVSXpVGHKDEHUMXJDGRXQUROSURDFWLYRHQORVWUDEDMRVGHIRUPXODFLyQGHXQ´SURJUDPDLQGtJH QDµGHVGHKDFHDOJXQRVDxRVHO318'GHFLGLyHQGDUXQDSR\RSUiFWLFDPHQWHLQFRQGLFLRQDO DODVDXWRULGDGHVJXEHUQDPHQWDOHVGH%ROLYLDSDUDSRQHUHOSURJUDPDHQPDUFKD3DUDHVWHSURSy VLWRVHDSUREyHOGHGLFLHPEUHHOSUR\HFWR´%2/²$SR\RDO3URJUDPD1DFLRQDOSDUD HO'HVDUUROOR3DUWLFLSDWLYR\$UPyQLFRGHORV3XHEORV,QGtJHQDVGHO2ULHQWH&KDFR\$PD]RQLDHQ %ROLYLDµ(OSUR\HFWRFRQWyLQLFLDOPHQWHFRQXQDFRQWULEXFLyQSURSLDGHO318'GHGyOD UHVIRQGRVUHJXODUHV75$&DORFXDOVHDJUHJyODVXPDGHGyODUHVGHRWURVIRQGRVGHO 318'6XSSRUWWR7HFKQLFDO6HUYLFHVSDUDHMHFXFLyQSRUOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UD EDMR2,7&RPRRUJDQLVPRGHDSOLFDFLyQGHOSDtVDQILWULyQRUJDQLVPRGHHMHFXFLyQDSDUHFHHO ,QVWLWXWR,QGLJHQLVWD%ROLYLDQR /DPLVLyQKDWHQLGRGLVSRQLEOHXQDÝHUVLyQSUHOLPLQDUµGHOGRFXPHQWRFRQIHFKDDEULOGHODFXDOIXHSURSRUFLRQDGD SRU9$,32FRPRSDUWHGHVXFROHFFLyQGHGRFXPHQWRVHPSDVWDGRV %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 (OSUR\HFWR%2/´FRSLDµVXVREMHWLYRVGHO3URJUDPD,QGtJHQD\KDFHUHIHUHQFLDDO$QH[R $GHHVWHSURJUDPDSDUDXQDGHVFULSFLyQGHWDOODGDGHVXVDFWLYLGDGHV\UHVXOWDGRV(QWRQFHVHO REMHWLYRFHQWUDOYLHQHDVHU´PHMRUDPLHQWRGHODVFRQGLFLRQHVGHYLGDGHODSREODFLyQEROLYLD QDORJURGHXQDFDSDFLGDGHQODVFRPXQLGDGHVLQGtJHQDVSDUDTXHDXWRJHVWLRQDULDPHQWHDVHJXUHQ HOGHVDUUROORVRVWHQLEOHGHVXVFRPXQLGDGHV\WHUULWRULRVµ&RPRUHVXOWDGRVSUHYLVWRVVHHVWDEOHFH ´HOIRPHQWRGHODSDUWLFLSDFLyQFRPXQLWDULDSDUDHOORJURGHSURFHVRVDXWRVRVWHQLEOHV\HOPHMR UDPLHQWRGHXQDLQIUDHVWUXFWXUDUXUDOµ (QRWUDSDUWHGHOGRFXPHQWRGHSUR\HFWRVHHQFXHQWUDXQLQWHQWRGHHVSHFLILFDFLyQPiVFRQFUHWD GHORVUHVXOWDGRVHVSHUDGRVTXHVRQ 8QD8QLGDGGH*HVWLyQLPSOHPHQWDGD\IXQFLRQDQGR 8QVLVWHPDGHLQIRUPDFLyQ\PRQLWRUHRIXQFLRQDQGR 2UJDQL]DFLRQHVLQGtJHQDVIRUWDOHFLGDV GHOSUHVXSXHVWR 'HHVWDGLVWULEXFLyQVDOWDDODYLVWDTXHORTXHUHDOPHQWHVHHVSHUDREWHQHUFRQHOSUR\HFWR %2/HVXQDEDVHLQVWLWXFLRQDO\DGPLQLVWUDWLYDSDUDHOPDQHMRGHORVSUR\HFWRVTXH HOPLVPR318'\DWLHQHHQFDUWHUD\WDPELpQSUREDEOHPHQWHSDUDHOPDQHMRGH´SUR\HFWRVLQGt JHQDVµFRQRWUDVIXHQWHVGHILQDQFLDPLHQWR(QHOPDUFRGHHVWDLQWHUSUHWDFLyQUHVXOWDVRUSUHQGHQWH TXHVHKD\DLQFRUSRUDGRHODVSHFWRGHIRUWDOHFLPLHQWRGHRUJDQL]DFLRQHVLQGtJHQDVVREUHWRGR FXDQGRDHVWHFRPSRQHQWHVHGHGLFDODLQVLJQLILFDQWHSRUFLyQGHGHOSUHVXSXHVWR 7DPELpQHVLQWHUHVDQWHREVHUYDUTXHHQHOGRFXPHQWRGHSUR\HFWRRULJLQDOSUHVXSXHVWR$VHDVLJQD PiVGHODPLWDGGHORVUHFXUVRVGHO318'DODOtQHDPLVFHOiQHRV3RGHPRVVXSRQHUTXHVHSURFHGLy GHHVWDPDQHUDVLPSOHPHQWHSRUTXHQRHUDSRVLEOHRFRQYHQLHQWHHVSHFLILFDUHOGHVWLQRILQDOGHHVWRV UHFXUVRVDSULRULDXQTXHODLGHDHUDGHHYHQWXDOPHQWHXVDUORVSDUDSHUVRQDOQDFLRQDOWDOFRPR UHVXOWyVHUDOILQDO /DHVWUDWHJLDGHOSUR\HFWRHVWDPELpQDPSOLDPHQWHFRPHQWDGDHQHOGRFXPHQWRGHSUR\HFWRGiQ GRVHDHQWHQGHUTXHHOSUR\HFWRSUHWHQGHSRQHUDGLVSRVLFLyQGHODLQVWLWXFLyQQDFLRQDOHMHFXWRUD XQDLPSRUWDQWHFDQWLGDGGHIRQGRVSDUDFUHDUXQD8QLGDGGH*HVWLyQ\SDUDUHDOL]DUDFWLYLGDGHV HVSHFtILFDV$SHVDUGHWRGRHODQiOLVLVTXHVHKDFHDILQDOGHFXHQWDVQRTXHGDPX\FODURVLHOSUR \HFWRWLHQHFRPRSURSyVLWRSULQFLSDOHOGHSRQHUHQPDUFKDXQD8QLGDGGH*HVWLyQHOGHIRUWDOHFHU DO,,%\VXFHVRUHVRHOGHHMHFXWDUDFWLYLGDGHVFRQFUHWDV6LGHKHFKRVHWUDWDEDGHFUHDUXQD8QLGDG GH*HVWLyQXQRSXHGHSUHJXQWDUVH´¢JHVWLyQGHTXp"µ3RUORTXHODPLVLyQKDSRGLGRYHUHQOD GRFXPHQWDFLyQH[LVWHQWHHQHOPRPHQWRGHDSUREDFLyQGHO%2/HO3URJUDPD,QGtJHQD 1DFLRQDO318'QRHUDQDGDPiVTXHHVWHPLVPRSUR\HFWR(QHVWHVHQWLGRVHSRGUtDKDEHUKHFKR XQHVIXHU]RSDUDWHQHUXQGLVHxRPiVFODUR\SUHFLVRGHO%2/EDVDGRHQXQDQiOLVLVPiV FRQFLHQ]XGRGHORVSUREOHPDVLQPHGLDWRVTXHVHTXHUtDVROXFLRQDU(VWRQRKDEUtDGHSRUVtJDUDQWL ]DGRXQDHMHFXFLyQPiVHILFLHQWH\HIHFWLYDGHOSUR\HFWR\VXVSUR\HFWRVDVRFLDGRVSHURSRGUtDKD EHUGDGRXQLPSRUWDQWHLPSXOVRHQHVDGLUHFFLyQ(QUHVXPHQHOGLVHxRGHO%2/UHIOHMD XQHUURUFRQFHSWXDOTXHHVEDVWDQWHFRP~QSDUDHVWHWLSRGHSUR\HFWRVHOGHFRQIXQGLUORVREMHWLYRV GHOSUR\HFWRFRQORVREMHWLYRVGHODLQVWLWXFLyQTXHHOSUR\HFWRSUHWHQGHFUHDURIRUWDOHFHU 3RURWURODGRHOGRFXPHQWRGHSUR\HFWRKDFHXQDQiOLVLVPX\GHWHQLGRGHOWHPDVXVWHQWDELOLGDGHQ VXVDVSHFWRVLQVWLWXFLRQDODPELHQWDOHFRQyPLFR\FXOWXUDO5HFRQRFHH[SOtFLWDPHQWHODGHELOLGDGGH ODVLQVWLWXFLRQHVQDFLRQDOHV\VXSRFDFDSDFLGDGGHDSRUWDUHFRQyPLFDPHQWHDOSURJUDPDHQHOFRUWR \PHGLDQRSOD]R3RQHVXVHVSHUDQ]DVDQLYHOGHDSRUWHVDGLFLRQDOHVGHODFRRSHUDFLyQLQWHUQDFLR QDO (QUHVXPHQHOGLVHxRGHOSUR\HFWR%2/SDUHFHUHIOHMDUFODUDPHQWHXQDVLWXDFLyQHQTXH HO318'DVLJQDXQDLPSRUWDQFLDPX\JUDQGHDOWHPDLQGtJHQD\XQDIXHUWHGLVSRVLFLyQDFRQWULEXLU %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 DLQLFLDUXQWUDEDMRFRQFUHWRHQHVWHSODQRPLHQWUDVDODYH]WLHQHPXFKDFRQFLHQFLDGHTXHODVFRQ GLFLRQHVHQODVLQVWLWXFLRQHVQDFLRQDOHVFRUUHVSRQGLHQWHVRQPX\GpELOHV\TXHODVSHUVSHFWLYDVGH VXVWHQWDELOLGDGLQVWLWXFLRQDO\HFRQyPLFDGHOSUR\HFWRQRVRQSDUWLFXODUPHQWHKDODJDGRUDV+D ELHQGRFRQVWDWDGRORDQWHULRUHO318'GHFLGHVLQHPEDUJRILQDQFLDUHVWHSUR\HFWRFRQODHVSH UDQ]DGHTXHODVH[SHFWDWLYDVGHRWURVDSRUWHVH[WHUQRVOOHJDUtDQDUHDOL]DUVH\TXHDILQGHFXHQWDV ODLQVWLWXFLRQDOLGDGQDFLRQDOVHPRVWUDUtDFDSD]GHDVXPLUVXSDSHOHQHVWHHPSUHQGLPLHQWR /RVHYHQWRVUHDOHVHQORVDxRVSRVWHULRUHV²KDVWD²KDQGHPRVWUDGRTXHHOGLVHxRGHO %2/UHVXOWyVHUH[FHVLYDPHQWHRSWLPLVWDSHURHVWHQRGHEHVHUYLUGHEDVHSDUDFULWLFDU UHWURVSHFWLYDPHQWHORTXHHO318'GHFLGLyHQHO(QRSLQLyQGHORVDXWRUHVGHHVWHLQIRUPH KD\FDVRVHQTXHXQDFRRSHUDFLyQLQWHUQDFLRQDOGHEHFRPSURPHWHUVHFRQLQLFLDWLYDVDUULHVJDGDV\ DSRUWDUUHFXUVRVDDFFLRQHVTXH²FRPRHQHVWHFDVR²QRVRQUHDOPHQWHSUR\HFWRVTXHFXPSOHQFRQ ORVUHTXLVLWRVGHOHQIRTXHGHOPDUFROyJLFRVLQRPiVELHQFRPLHQ]RVGHSURFHVRVODUJRV\FRPSOHMRV FX\RUXPER\GHVWLQRILQDOQRVHSXHGHSUHYHUSHURTXHGHWRGRVPRGRVWLHQHQTXHVHULQLFLDGRV (MWI»SHIPTVS]IGXS&30 (QVHKDFHUHDOLGDGSRUORPHQRVXQDFRQWULEXFLyQH[WHUQDDGLFLRQDODO3URJUDPD,QGtJHQD ODTXHFRQVLVWHHQXQDSRUWHGHFDVLPLOORQHVGHGyODUHVGHOD$JHQFLD6XHFDGH&RRSHUDFLyQ SDUDHO'HVDUUROOR,QWHUQDFLRQDO$VGL(VWRVIRQGRVVRQSXHVWRVDGLVSRVLFLyQDWUDYpVGHOPHFDQLV PRGHFRVWRFRPSDUWLGRDOSUR\HFWRGHO318'´%2/²3UR\HFWRGH&RQVROLGDFLyQGHOD ,QIRUPDFLyQ%iVLFD\)RUWDOHFLPLHQWRGHOD&DSDFLGDGGH*HVWLyQGHORV3XHEORV,QGtJHQDVGHO 2ULHQWH&KDFR\$PD]RQLDµ (OSUR\HFWRWLHQHXQJUDQQ~PHURGHREMHWLYRVLQPHGLDWRV\UHVXOWDGRVSUHYLVWRV/RVSULQFLSDOHV VRQHQIRUPDUHVXPLGD&HQVR,QGtJHQD6LVWHPDGH&DSDFLWDFLyQ&HQWUR7XPLFKXFXDUDGLRFR PXQLFDFLRQHVHVWXGLRVMXUtGLFROHJDOHVSODQGHPDQHMRGHOWHUULWRULRZHHQKD\HN /DÉUHYHGHVFULSFLyQµGHOSUR\HFWRTXHDSDUHFHHQODSiJLQDGHFXELHUWDGHOGRFXPHQWRGHSUR \HFWRGLFHTXH´HOSUHVHQWHGRFXPHQWRWLHQHSRUREMHWRGHVFULELUODDVLVWHQFLDWpFQLFDTXHEULQGDUi HO3URJUDPD,QGtJHQD%2/µ(VWDH[SUHVLyQGHPXHVWUDTXHLSDUDHO318'HQHVH PRPHQWRHO3URJUDPD,QGtJHQDHUDORPLVPRTXHHOSUR\HFWR%2/SHURDODYH]LLTXH VHPDQWLHQHXQDVHSDUDFLyQFRQFHSWXDOHQWUHHO%2/FRPRSUR\HFWRJHQHUDOGHDSR\RDOD JHVWLyQGHOSURJUDPD\HO%2/TXHVHRFXSDUiGHDFWLYLGDGHVHVSHFtILFDV (OGRFXPHQWRGHSUR\HFWRRULJLQDOSUHVXSXHVWR$WLHQHODVSDUWLFXODULGDGHVGHTXHVHxDODFRPR RUJDQLVPRGHHMHFXFLyQDOD6HFUHWDUtDGH$VXQWRV,QGtJHQDV6$,²0LQLVWHULRGH'HVDUUROOR+X PDQR\TXHSODQWHDFRPRIHFKDGHLQLFLRHOGHQRYLHPEUHGHDSHVDUGHTXHHVWiILUPDGR SRUHO6HFUHWDULR1DFLRQDOGH$VXQWRV(WQLFRVGH*pQHUR\*HQHUDFLRQDOHV61$(**HOGH PDU]RGH(VWRSDUHFHVHUXQUHIOHMRGHORVUiSLGRV\IUHFXHQWHVFDPELRVLQVWLWXFLRQDOHV\OHJD OHVTXHFDUDFWHUL]DQHVWHSHUtRGR\TXHKDQVHJXLGRDIHFWDQGRHOSUR\HFWRWDPELpQHQORVDxRVSRV WHULRUHV $KRUDELHQHOTXHQRVHKD\DFRUUHJLGRGDWRVIXQGDPHQWDOHVHQODSiJLQDGHFXELHUWDHQWUHHOPR PHQWRGHVXSUHSDUDFLyQ\HOPRPHQWRGHVXILUPDQRHVORPiVLPSRUWDQWH0iVGLJQRGHREVHU YDFLyQHVHOKHFKRGHTXHHOGRFXPHQWRGHSUR\HFWRQRFRQWLHQHQLQJXQDUHIHUHQFLDHQDEVROXWRDO WHPDGHODRUJDQL]DFLyQRORVDUUHJORVLQVWLWXFLRQDOHVTXHGHEtDQUHJLUHOSUR\HFWR1RUPDOPHQWH XQGRFXPHQWRGHSUR\HFWRGHO318'\GHRWURVFRRSHUDQWHVFRQWLHQHLQGLFDFLRQHVUHVSHFWRDODV GLIHUHQWHVUHVSRQVDELOLGDGHVGHODVSDUWHVILUPDQWHVGHOSUR\HFWRHLQFOXVRUHJODVGHMXHJRPiVHVSH FtILFDVUHVSHFWRDORVSURFHVRVGHWRPDGHGHFLVLRQHVRSHUDWLYDV6HSRGUtDWDOYH]VRVWHQHUTXHDO WUDWDUVHGHXQSUR\HFWRGHHMHFXFLyQJXEHUQDPHQWDOODGHILQLFLyQGHHVWRVSURFHVRVHUDDVXQWRLQ %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 WHUQRGHOD6HFUHWDUtD1DFLRQDOSHURD~QDVtHVQRWDEOHODWRWDORPLVLyQGHOWHPDRUJDQL]DFLRQDOHQ HOGLVHxRGHHVWHFRPSOHMRSUR\HFWR (QFXDQWRDODHVWUXFWXUDGHREMHWLYRVUHVXOWDGRV\DFWLYLGDGHVHOGLVHxRGHO%2/HVGHVGH HOSXQWRGHYLVWDIRUPDOPiVFODUR\SUHFLVRTXHHQHOFDVRGHO%2/(QDOJXQDPHGLGD HVWRVHGHEHVHJXUDPHQWHDTXHHOSUR\HFWRVHPXHYHHQXQWHUUHQRPiVILUPHWUDWiQGRVHGHDF FLRQHVPXFKRPiV´SUiFWLFDVµ\IiFLOHVGHGHOLPLWDU3HURDGHPiVHOGRFXPHQWRGHSUR\HFWRUHIOHMD XQHVIXHU]RPiVJUDQGHGHDQiOLVLVGHSUREOHPDV\REMHWLYRVHQIRTXHGHPDUFROyJLFR 1RREVWDQWHHQHOGLVHxRGHO%2/WDPELpQVHSHUFLEHDOJXQDVGHELOLGDGHVTXHHQWpUPLQRV UHDOHVVRQPiVJUDYHVTXHHQHOFDVRGHO%2/6LELHQORVGRVJUDQGHVFRPSRQHQWHVHV GHFLUODFRQVROLGDFLyQGHODLQIRUPDFLyQEiVLFDFHQVRLQGtJHQD\HWQRJUDItDV\HOIRUWDOHFLPLHQWRGH ODFDSDFLGDGGHJHVWLyQVLVWHPDGHFDSDFLWDFLyQHVWXGLRVOHJDOHVWLHQHQXQDLQGLVFXWLEOHUHODFLyQ OyJLFDFRQHO3URJUDPD,QGtJHQD\FRPSRQHQXQDHVWUDWHJLDFRKHUHQWHGHSRUVtVHSXHGHFXHVWLR QDUODLQFRUSRUDFLyQHQHVWHSUR\HFWRGHDFFLRQHVDLVODGDVRSXQWXDOHVFRPRSRUHMHPSOR ODUHODFLRQDGDFRQHOWHUULWRULRZHHQKD\HN (QHOGRFXPHQWRGHSUR\HFWRQRVHHQFXHQWUDQLQJXQDH[SOLFDFLyQOyJLFDGHSRUTXpHVWHSUR\HFWR GHEtDGHGLFDUVHDOWHPDGHGHOLPLWDFLyQWHUULWRULDO\FRQVWUXFFLyQGHVHGHVRFLDOSDUDXQDVRODHWQLD HQSDUWLFXODU\DVHDORVZHHQKD\HNRFXDOTXLHURWUD/DMXVWLILFDFLyQTXH9$,32SURSRUFLRQD YDULRVDxRVPiVWDUGHHVTXHHOSXHEORZHHQKD\HNSUHVHQWyVXGHPDQGDGHGHOLPLWDFLyQWHUULWRULDO (OHTXLSRGHHYDOXDFLyQGHVFRQRFHTXpRWUDVGHPDQGDVSXHGHQKDEHUHVWDGRFLUFXODQGRHQHOPR PHQWRGHGLVHxRGHOSUR\HFWRSHURXQRSXHGHDWUHYHUVHDVXSRQHUTXHODGHPDQGDGHORVZHHQKD \HNQRKDEUtDVLGROD~QLFD3RURWURODGRVHVDEHTXHXQDPLVLyQHYDQJpOLFDVXHFDKDWUDEDMDGRFRQ HOSXHEORZHHQKD\HNGHVGHKDFHPXFKRVDxRV\HVWHKHFKRSXHGHKDEHUVLGRRWUDUD]yQSDUDLQFOXLU HQHOSUR\HFWRXQDDFFLyQHVSHFtILFDFRQHVWDHWQLD'HVGHHOSXQWRGHYLVWDGHOGLVHxROyJLFRGHXQ SUR\HFWRQLQJXQDGHODVGRVDUJXPHQWDFLRQHVWLHQHPD\RUYDOLGH] /RVFRPHQWDULRVDQWHULRUHVOOHYDQDODREVHUYDFLyQGHTXHHOSUR\HFWR%2/DGTXLHUHHQ DOJ~QJUDGRHOFDUiFWHUGH´FDMyQGHVDVWUHµ6LELHQVXVFRPSRQHQWHVPiVLPSRUWDQWHVVHGHULYDQ GHXQDQiOLVLVGHSUREOHPDV\REMHWLYRVHQGLUHFFLyQGHORJHQHUDODORSDUWLFXODURGHORPDFURDOR PLFURFRPRFRUUHVSRQGHORVGLVHxDGRUHVGHOSUR\HFWRQRUHVLVWLHURQODWHQWDFLyQRODVSUHVLRQHV SDUDLQWURGXFLUHOHPHQWRV´VXHOWRVµHQHOFXDGUR /DHVWUDWHJLDLQLFLDOGHFDSDFLWDFLyQTXHSUHWHQGtDFUHDUXQFHQWURIXHUWH\GXUDGHURHQ7XPLFKX FXDSDUHFHKDEHUVHIXQGDGRHQXQDQiOLVLVEDVWDQWHGHILFLHQWHGHODVFRQGLFLRQHVUHDOHVSDUDWDOHP SUHQGLPLHQWR²GHKHFKRODLGHDIXHDEDQGRQDGDHQXQDIDVHWHPSUDQDGHHMHFXFLyQGHOSUR\HFWR &XDQGRHOSUR\HFWRIXHGLVHxDGRHQHO&HQWUR7XPLFKXFXDSHUWHQHFtDDO0LQLVWHULRGH(GX FDFLyQ(QMXOLRGHFRQODSURPXOJDFLyQGHOD/H\GH5HIRUPD(GXFDWLYDSDVyDVHUSURSLH GDGGHOPXQLFLSLR1RVHSXHGHH[LJLUTXHORVGLVHxDGRUHVGHOSUR\HFWRGHELHUDQKDEHUSUHYLVWRHVWH FDPELRSHURLQGHSHQGLHQWHPHQWHGHFXiORUJDQLVPRHUDRLEDDVHU´GXHxRµGHO&HQWURGH7XPL FKXFXDHOGRFXPHQWRGHSUR\HFWRQRUHIOHMDQLQJ~QFRPSURPLVRFODURFRQQDGLHUHVSHFWRDODUHV SRQVDELOLGDGHFRQyPLFDSRUHOPDQWHQLPLHQWR\ODRSHUDFLyQGHOPLVPR6RODPHQWHVHVHxDODTXH ´HO&HQWURGH7XPLFKXFXDWHQGUiXQ'LUHFWRU1DFLRQDO\UHFLELUiDSR\RORJtVWLFR\DGPLQLVWUDWLYR GHO3URJUDPDµ\TXH´VHUiOLGHUDOL]DGRVLFSRUXQ&RPLWpFRQIRUPDGRSRUUHSUHVHQWDQWHVGHODV SULQFLSDOHV&HQWUDOHV,QGtJHQDVµ (OGRFXPHQWRGHOSUR\HFWR%2/HYLWDFXDOTXLHUPHQFLyQGHOWHPDGHVXVWHQWDELOLGDGQR VRODPHQWHHQORFRQFHUQLHQWHDO&HQWURGH7XPLFKXFXDVLQRHQWpUPLQRVJHQHUDOHV1RVHSXHGHYHU HQHVWHGRFXPHQWRQLQJXQDVHxDOGHTXHDOJXLHQKD\DSHQVDGRHQFXiOLQVWLWXFLyQLEDDHQFDUJDUVHD ODUJRSOD]RGHO6LVWHPDGH)RUPDFLyQTXHVHSUHWHQGtDFUHDUQLHQEDVHDTXpUHFXUVRV/DHYLGHQWH IDOWDGHSUHRFXSDFLyQSRUODVFRQGLFLRQHVGHp[LWRDFWXDOHV\IXWXUDVGHHVWHSUR\HFWRVHUHIOHMDWDP %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 ELpQHQHO&DStWXOR)GHOGRFXPHQWRGRQGHVHGLFHTXH´QRH[LVWHULHVJRDOJXQRSDUDODHMHFXFLyQ GHOSUHVHQWHSUR\HFWRµ\HQHO&DStWXOR*GRQGHVHHVSHFtILFDHQWUHODV´REOLJDFLRQHVSUHYLDV\ UHTXLVLWRVµTXHVHQHFHVLWDUiGHO´DSR\RGHOD6HFUHWDUtDGH$VXQWRV,QGtJHQDVµ\GHÓDYROXQWDG SROtWLFDGHOJRELHUQRGH%ROLYLDµSDUDGLVWLQWRVSURSyVLWRV(VWRVVRQSODQWHDPLHQWRVH[WUDxRV/D 6HFUHWDUtDGH$VXQWRV,QGtJHQDVHVGHVLJQDGDHQHOPLVPRGRFXPHQWRFRPRRUJDQLVPRHMHFXWRU SRUORFXDOQRHVFXHVWLyQGHTXHOD6$,GpDSR\RVLQRGHTXHWLHQHWRGDODUHVSRQVDELOLGDGGHOSUR \HFWR/DYROXQWDGSROtWLFDGHOJRELHUQRFRRSHUDQWHHVXQVLQHTXDQRQSDUDFXDOTXLHUSUR\HFWR &DEHSUHJXQWDUVHILQDOPHQWHVLIXHXQDGHFLVLyQELHQSHQVDGDODGHKDFHUGHO%2/XQ SUR\HFWRGHHMHFXFLyQJXEHUQDPHQWDO(QHVWHSXQWRODGXGDQRVXUJHGHODVH[SHULHQFLDVUHDOHVTXH VHWXYLHURQHQDxRVSRVWHULRUHVVLQRGHXQDFRQVLGHUDFLyQGHORVPLVPRVIDFWRUHVTXHORVGLVHxDGRUHV \WRPDGRUHVGHGHFLVLyQ\DFRQRFtDQHQ(VFLHUWRTXHHO318'GHVGHKDFHPXFKRVDxRV \FRQEXHQDVUD]RQHVKDIRPHQWDGRODIyUPXODGHHMHFXFLyQJXEHUQDPHQWDOUHFRQRFLHQGRTXHHQ WRGRFDVRODUHVSRQVDELOLGDGIXQGDPHQWDOGHWRGRSUR\HFWRGHFRRSHUDFLyQLQWHUQDFLRQDOHVGHOJR ELHUQRÚHFHSWRUµEDMRFXDOTXLHUIyUPXODGHHMHFXFLyQ6LQHPEDUJRHQHOFDVRSDUWLFXODUGHO3UR JUDPD,QGtJHQDGHEHUtDKDEHUVHWRPDGRHQFXHQWDTXHOD6HFUHWDUtD1DFLRQDOGH$VXQWRVeWQLFRV GH*pQHUR\*HQHUDFLRQDOHVQRHUDXQHQWHJXEHUQDPHQWDOGHODUJDWUD\HFWRULD\FRQXQDEDVHLQV WLWXFLRQDOELHQHVWDEOHFLGDVLQRSRUHOFRQWUDULRXQRUJDQLVPRUHFLpQFUHDGRHQWpUPLQRVOHJLVODWL YRV\TXHHQWpUPLQRVRSHUDWLYRVWHQtDTXHFUHDUVHDVtPLVPRHQORVPLVPRVPRPHQWRVHQTXH FRPHQ]yHOSUR\HFWR%2/3XHVWRTXHGHWRGRVPRGRVOD61$(**KHUHGyHOSUR\HFWR %2/GHHMHFXFLyQJXEHUQDPHQWDOSRGUtDKDEHUVLGRPiVSUXGHQWH\UHDOLVWDEXVFDURWUR DUUHJORGHHMHFXFLyQSDUDHO%2/DILQGHHYLWDUXQDVREUHFDUJDJHUHQFLDO\DGPLQLVWUDWLYD SDUDODUHFLpQQDFLGD6HFUHWDUtD 'SQTEXMFMPMHEHGSRIWJIVEWXIQÉXMGEWHIP429( 3XHVWRTXHORV7pUPLQRVGH5HIHUHQFLDGHODPLVLyQSODQWHDQXQDSUHJXQWDUHVSHFWRDOWHPDGH ODFRPSDWLELOLGDGHQWUHORVSUR\HFWRVGHO3URJUDPD,QGtJHQD\ODVHVIHUDVWHPiWLFDVGHO318' FXPSOLPRVHQFRQWHVWDUODDXQTXHQRVSDUHFHTXHODUHVSXHVWDHVREYLD1RSDUHFHUtDQHFHVDULR KDFHUPD\RUHVHVIXHU]RVGHLQYHVWLJDFLyQSDUDSRGHUVRVWHQHUTXHORVREMHWLYRVGHGHVDUUROORHLQ PHGLDWRVGHDPERVSUR\HFWRVHYDOXDGRVVHHQFXHQWUDQFODUDPHQWHGHQWURODVHVIHUDVWHPiWLFDV\ODV HVWUDWHJLDVGHFRRSHUDFLyQGHO318'\WDPELpQGH$VGL/RVGRVSUR\HFWRVDSXQWDQDOORJUR GHXQDPD\RUHTXLGDGHQWUHORVSXHEORVLQGtJHQDV\HOUHVWRGHODSREODFLyQGHOSDtV\XQPiVDOWR QLYHOGHJREHUQDELOLGDGDWUDYpVGHXQDPD\RU\PHMRUSDUWLFLSDFLyQGHORVSXHEORVLQGtJHQDVHQHO JRELHUQR\HOGHVDUUROORORFDO'HDKtVHGHULYDQWDPELpQ²HQSULQFLSLR²DFFLRQHV\SRVLEOHVHIHFWRV HQODViUHDVGHGLVPLQXFLyQGHODSREUH]DVRVWHQLELOLGDGGHOPHGLRDPELHQWHHLQFRUSRUDFLyQGHO DVSHFWRJpQHURHQODSODQLILFDFLyQ\HMHFXFLyQGHDFWLYLGDGHVGHGHVDUUROOR %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 +)78-Õ2'336(-2%'-Õ2=132-836)3()0 463+6%1%-2(Ú+)2%)279*%7)()).)'9'-Õ2 -2863(9''-Õ2 (VWHFDStWXORVHUHILHUHDO3URJUDPD,QGtJHQDHQXQVHQWLGROLPLWDGRRFXSiQGRVHHVHQFLDOPHQWHGH ORVSUR\HFWRV%2/\%2//DVREVHUYDFLRQHVTXHVHKDFHQDFRQWLQXDFLyQVHIXQ GDPHQWDQHQHOHVWXGLRGHLQIRUPHV\GRFXPHQWRVGHGLVWLQWRWLSR\HQHQWUHYLVWDVFRQGLYHUVDVSHU VRQDVTXHHQGLVWLQWDVHWDSDVKDQWHQLGRSDUWLFLSDFLyQGLUHFWDDGLIHUHQWHVQLYHOHVHQODJHVWLyQ\ HMHFXFLyQGHORVSUR\HFWRV3XHVWRTXHORVSUR\HFWRVHVWXYLHURQRSHUDQGRHQWUH\PX FKDVGHHVWDVSHUVRQDV\DQRWLHQHQQDGDTXHYHUQLFRQORVSUR\HFWRVQLFRQHO9$,32²HQDOJX QRVFDVRVKDQSDVDGRYDULRVDxRVGHVGHTXHVHVHSDUDURQGHHVWHWHPD(QHVWRVFDVRVKD\TXHWHQHU SUHVHQWHTXHODVLQIRUPDFLRQHVTXHKDQGDGRDODPLVLyQSXHGHQVXIULUGHOD´VHOHFWLYLGDGGHOD PHPRULDµTXHVHSURGXFHSRUHOSDVRGHOWLHPSR'HWRGDVPDQHUDVHVRSRUWXQRVHxDODUODPX\ EXHQDGLVSRVLFLyQGHHVWDVSHUVRQDVGHUHXQLUVHFRQHOHTXLSRGHHYDOXDFLyQ\FRPSDUWLUVXVFRQR FLPLHQWRVH[SHULHQFLDV\UHFXHUGRV (ODQiOLVLVWRPDHQFXHQWDWDPELpQFRPHQWDULRVKHFKRVSRUDOJXQRVUHSUHVHQWDQWHVGHORVEHQHILFLD ULRVGHORVSUR\HFWRV )0)283623430Ú8-'30)+%0)-278-89'-32%0()0463+6%1% -2(Ú+)2%429(r $QWHVGHSURFHGHUDFRPHQWDUODLPSOHPHQWDFLyQ\JHVWLyQGHOSURJUDPDHVVXPDPHQWHLPSRUWDQWH KDFHUXQEUHYHUHVXPHQGHORVP~OWLSOHVFDPELRVTXHVHKDQSURGXFLGRHQVXHQWRUQRDORODUJRGH ORVDxRV(VWRVFDPELRVWLHQHQXQDHVWUHFKDUHODFLyQFRQPXFKRVGHORVSUREOHPDV\GLILFXOWDGHVTXH VXUJLHURQHQODHMHFXFLyQGHOSURJUDPD &RQVXVVHLVDxRVGHYLGDODHMHFXFLyQGHO3URJUDPD,QGtJHQDKDWRFDGRWUHV*RELHUQRVVXFHVLYRV &RPHQ]yHQEDMRHO*RELHUQR3D]=DPRUDDWUDYHVyWRGRHO*RELHUQRGH6iQFKH]GH/R]DGD DJRVWRGH²DJRVWRGH\FRQWLQXy\WHUPLQyHQHO*RELHUQR%DQ]HU (OSUR\HFWR%2/FRPHQ]yFRQHO,QVWLWXWR,QGLJHQLVWD%ROLYLDQRFRPRHQWHJXEHUQDPHQWDO GHHMHFXFLyQHOFXDOIXHVXVWLWXLGRHQSRUOD61$(**(QOD61$(**IXHVXVWLWXLGD SRU9$,32$HVWRKD\TXHDJUHJDUTXHODHWDSD61$(**SXHGHGLYLGLUVHHQGRVPLWDGHVFRQ GRV6HFUHWDULRVGLIHUHQWHV(OSUR\HFWRWHUPLQyDSULQFLSLRVGH (OSUR\HFWR%2/WLHQHODPLVPDKLVWRULDGHHQWRUQRLQVWLWXFLRQDOH[FHSWRTXHFRPHQ]y UHFLpQDOSULQFLSLRGHODHWDSD61$(**\WHUPLQyRSHUDWLYDPHQWHHQHO$FXHUGRHQWUHHO *RELHUQRGH6XHFLD\HO318'WHQtDYLJHQFLDKDVWDHOGHRFWXEUHGH $GHPiVGHORVFDPELRVDQLYHOGHJRELHUQR\GHPLQLVWHULRVVHFWRULDOHVORVDxRV²YLHURQOD SURPXOJDFLyQGHXQDLPSUHVLRQDQWHFDQWLGDGGHQXHYDVOH\HVVXPDPHQWHLPSRUWDQWHVHQiUHDVTXH WHQtDQUHODFLyQFRQHOWHPDLQGtJHQD1DWXUDOPHQWHHVWDRODGHUHIRUPDVSXVLHURQDODVLQVWLWXFLRQHV S~EOLFDVEDMRHQRUPHVGHPDQGDVGHUHDFFLyQDFFLyQ\DGDSWDFLyQ ♦ ♦ ♦ $EULOGH -XOLRGH -XOLRGH /H\GH3DUWLFLSDFLyQ3RSXODU 5DWLILFDFLyQGHO&RQYHQLRVREUH'LYHUVLGDG%LROyJLFD /H\GH5HIRUPD(GXFDWLYD %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 ♦ ♦ ♦ ♦ ♦ 6HSWLHPEUHGH )HEUHURGH $EULOGH -XOLRGH 2FWXEUHGH ♦ 'LFLHPEUHGH 5HJODPHQWRGHODV2UJDQL]DFLRQHV7HUULWRULDOHVGH%DVH 1XHYD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR /H\GH+LGURFDUEXURV /H\)RUHVWDO /H\GHO6HUYLFLR1DFLRQDOGH5HIRUPD$JUDULD ´/H\,15$µ 5HJODPHQWDFLyQ&RPSOHPHQWDULDGHODV/H\HVGH 3DUWLFLSDFLyQ3RSXODU\'HVFHQWUDOL]DFLyQ $GPLQLVWUDWLYD ,QFOXVRSRUHOODGRGHORVDFWRUHVLQWHUQDFLRQDOHVKXERQRWDEOHVFDPELRV/D5HSUHVHQWDFLyQORFDO GHO318'WXYRSRUORPHQRVXQDPHGLDGRFHQDGHMHIHVHQWUH\HQWUH5HSUHVHQWDQWHV 5HVLGHQWHVHLQWHULQDWRVGHYDULDGDGXUDFLyQ(QOD6HFFLyQGH&RRSHUDFLyQSDUDHO'HVDUUR OORGHOD(PEDMDGDGH6XHFLDVHFRQYLUWLyGHRILFLQDUHJLRQDOHQRILFLQDUHVSRQVDEOHVRODPHQWHGHOD FRRSHUDFLyQFRQ%ROLYLD )LQDOPHQWHKD\TXHVHxDODUTXHHOQLYHOGH&RRUGLQDFLyQGHO3URJUDPD,QGtJHQDWDPELpQYLRSDVDU VHLVRVLHWH&RRUGLQDGRUHVRHQFDUJDGRVGXUDQWHORVVHLVDxRV6LQHPEDUJRHVWRVFDPELRVQRKD\ TXHYHUORVVRODPHQWHFRPRIDFWRUHVFRQWULEX\HQWHVDODFRPSOHMLGDGGHOSURJUDPDVLQRWDPELpQ FRPRFRQVHFXHQFLDVGHODPLVPD ).)'9'-Õ2()037463=)'837&30]&30 )NIGYGMºRJMRERGMIVE]JSVQEPHIP&30 (OGRFXPHQWRGHSUR\HFWRSUHVXSXHVWR$IXHILUPDGRHOGHGLFLHPEUHGH/RVDUFKLYRV IDFLOLWDGRVSRUHO318'FRQWLHQHQXQDFROHFFLyQFRPSOHWDGHODVQXPHURVDVUHYLVLRQHVGHOSUHVX SXHVWRPiVGHTXHKDQVLGRILUPDGDVDORODUJRGHORVDxRVWHUPLQDQGRFRQODUHYLVLyQ$&GHO GHDEULOGH&DEHGHVWDFDUTXHSRUORJHQHUDOHVWDVUHYLVLRQHVFDUHFHQGHH[SOLFDFLRQHV\ MXVWLILFDFLRQHVGHORVFDPELRVTXHVHLQWURGXFHQ6HOLPLWDQDVHxDODUTXHFLHUWDVOtQHDVGHOSUHVX SXHVWRUHFLEHQIRQGRVDGLFLRQDOHV\TXHRWUDVVHUHGXFHQ (OSUR\HFWRIXHLQLFLDOPHQWHDSUREDGRSDUDXQDGXUDFLyQGHDxRVSHURHQUHDOLGDGOOHJyDWRFDU XQSHUtRGRGHDxRV6HSXHGHKDFHUXQDFRPSDUDFLyQHQWUHHOSUHVXSXHVWRRULJLQDO\ORUHDOPHQWH HMHFXWDGRDQXDOPHQWHFRPRVLJXH 7RWDO 4VIW% 4VIW%' r r r (VWHFXDGURVXJLHUHTXHODHMHFXFLyQGHOSUR\HFWRDYDQ]yHQIRUPDDFHSWDEOH²SHURQREXHQD² GXUDQWHORVSULPHURVWUHVRFXDWURDxRVVLVHFRPSDUDORHMHFXWDGRFRQORSODQLILFDGR\WRPDQGR HQFXHQWDTXHVHWUDWDSULQFLSDOPHQWHGHXQSUR\HFWRGHIRUWDOHFLPLHQWRFUHDFLyQLQVWLWXFLRQDO(Q HQFDPELRVHREVHUYDXQDQRWDEOHUHGXFFLyQGHOULWPRGHLPSOHPHQWDFLyQ(VWRFRLQFLGHFRQ REVHUYDFLRQHVGHRWURWLSRTXHVHKDFHQHQYDULDVSDUWHVGHOLQIRUPH(QKD\XQUHSXQWHSRU UD]RQHVWDPELpQFRPHQWDGDVHQRWURVFRQWH[WRV (QYLVWDGHODUHODWLYDOHQWLWXGGHOSUR\HFWROODPDODDWHQFLyQTXHHOSUHVXSXHVWRWRWDOIXHDXPHQWD GRFRQXQRVGyODUHVGXUDQWHHOSHUtRGRGHHMHFXFLyQ(VWHDXPHQWRQRVHSURGXMRHQXQD %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 VRODUHYLVLyQVLQRHQYDULDVRFDVLRQHV(OPD\RUDXPHQWRIXHDSUREDGRHQQRYLHPEUHGH GyODUHVVLHQGRODMXVWLILFDFLyQGHTXHSRUHOUHFLHQWH\ODUJRHVWDQFDPLHQWRGHOSUR\HFWRHO PLVPRUHTXHUtDDKRUDXQD´SRWHQFLDFLyQµ(VWHDXPHQWRVHUHIOHMyHQODVOtQHDVGHYLDMHVVHFUHWDULD ELOLQJH\DOTXLOHU 7DPELpQHVLQWHUHVDQWHFRPSDUDUODGLVWULEXFLyQSRUFRPSRQHQWHVHQWUHHOSUHVXSXHVWRRULJLQDO \HOILQDOPHQWHHMHFXWDGR 3UHV$7RWDO &RQVXOWRUHVLQWHUQDFLRQDOHV $SR\RDGPLQLVWUDWLYR 9LDMHV 0LVLRQHV 3HUVRQDOQDFLRQDO 6XEFRQWUDWRVVLVWGHWUDGXFF &DSDFLWDFLyQ (TXLSR 0LVFHOiQHRV 7RWDO 3UHV$&7RWDO (QHVWHFXDGURFDEHREVHUYDUTXHHOLPSRUWDQWHPRQWRTXHHQHOSUHVXSXHVWRRULJLQDOIXHDVLJQDGR D´PLVFHOiQHRVµWHUPLQyVLHQGRGHGLFDGRHQXQD´SHUVRQDOQDFLRQDOµ6HSXHGHVXSRQHUTXH VHDVLJQyQDGDPHQRVTXHGyODUHVDPLVFHOiQHRVLQLFLDOPHQWHSRUTXHQRVHSRGtDRQRVH TXHUtDLGHQWLILFDUVXXVRILQDOGHVGHHOFRPLHQ]R(VWRHVGHSRUVtXQSURFHGLPLHQWRSHUIHFWD PHQWHDFHSWDEOH\KDVWDUHDOLVWDSDUDXQSUR\HFWRFRPRpVWHSHUROODPDODDWHQFLyQTXHSUiFWLFD PHQWHQDGDGHHVWRVIRQGRVKD\DQLGRHYHQWXDOPHQWHDIRUWDOHFHURWURVFRPSRQHQWHVHVSHFtILFRV TXHQRVHDSHUVRQDOQDFLRQDO²SRUHMHPSORFDSDFLWDFLyQ(OFRPSRQHQWHVXEFRQWUDWRVQRIXH UHDOPHQWHHMHFXWDGRDSDUHQWHPHQWHSRUTXHQRVHDGTXLULyHOVLVWHPDGHWUDGXFFLyQ6HJDVWyPiV GHORSUHYLVWRHQODOtQHD´HTXLSRVµSHURDTXtKD\TXHREVHUYDUTXHXQRVGyODUHVGHHVWD OtQHDIXHXWLOL]DGRSDUDSDJDUDOTXLOHUGHRILFLQDV(VWRHVWDPELpQEDVWDQWHQRWDEOHQRUPDOPHQWH ODSURYLVLyQGHORFDOHVHQXQSUR\HFWRGHO318'HVXQDUHVSRQVDELOLGDGIXQGDPHQWDOGHODFRQWUD SDUWHQDFLRQDO (QHOGRFXPHQWRGHSUR\HFWRRULJLQDOVHHQFXHQWUDXQDLQGLFDFLyQHQHOVHQWLGRGHTXHODFRQWULEX FLyQGHO318'VHUtDGHGLFDGDDWUHVFRPSRQHQWHV 8QLGDGGH*HVWLyQ 6LVWHPDGHLQIRUPDFLyQPRQLWRUHR 2UJDQL]DFLRQHVLQGtJHQDVIRUWDOHFLGDV 7RWDO GyODUHV 1LHOSURSLRSUHVXSXHVWRLQLFLDOQLODVVXFHVLYDVUHYLVLRQHVSHUPLWHQ²SRUVXIRUPDWRHVWDEOHFLGR² GHWHUPLQDUFRQFHUWH]DVLVHFXPSOLyFRQHVWDGLVWULEXFLyQRQR6LQHPEDUJRVLILQDOPHQWHVHJDVWy GHOSUHVXSXHVWRWRWDOHQFDSDFLWDFLyQFRQWUDXQSUHYLVWRVHSRGUtDGHFLUTXHHOSXQWR IXHDGHFXDGDPHQWHFXELHUWR1RHVSRVLEOHGHFLUQDGDVHJXURUHVSHFWRDODGLVWULEXFLyQILQDOHQWUH FRPSRQHQWHV\VLQKDFHUXQDQiOLVLVPLQXFLRVRGHODVFDUDFWHUtVWLFDVGHOSHUVRQDOQDFLRQDOTXH /DGLIHUHQFLDTXHVHREVHUYDHQWUHHOWRWDOGHO3UHVXSXHVWR$&GHVJORVDGRSRUDxR\GHVJORVDGRSRUFRPSRQHQWHVHGHEHD SDUWLFXODULGDGHVIRUPDOHVGHOPDWHULDOFRQVXOWDGR3RUODSRFDPDJQLWXGGHODGLIHUHQFLDODPLVLyQQRKDLQYHUWLGRWLHPSRHQ ÉXVFDUHOHUURUµHOPLVPRQRDOWHUDODVFRQFOXVLRQHVGHODQiOLVLV(VWHPLVPDVLWXDFLyQVHSUHVHQWDWDPELpQHQHODQiOLVLVGHO %2/ %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 IXHFRQWUDWDGR3HURVHWLHQHXQDIXHUWHVHQVDFLyQGHTXHHOFRPSRQHQWHFRQVXPLySURSRUFLR QDOPHQWHPiVGHORSUHYLVWR (ODQiOLVLVGHODHVWUXFWXUDGHORVSUHVXSXHVWRV\ORVJDVWRVUHDOHVGHHVWHSUR\HFWR²WDQWRHQVHQWLGR WHPSRUDOFRPRVXVWDQWLYR²LQGLFDTXHHO%2/QRKDVLGRQXQFDXQYHUGDGHURSUR\HFWR VLQRPiVELHQXQDDVLJQDFLyQILQDQFLHUDSDUDXQSURFHVRGHGLItFLOSURQyVWLFRSUHYLR(VWHHQIRTXH HVDYHFHVDFHSWDEOHRKDVWDQHFHVDULR\SRGUtD²HQSULQFLSLR²FRQVLGHUDUVHFRPRWDOHQHVWHFDVR 1RREVWDQWHVHGHEHYHUFRPRXQDFODUDGHELOLGDGHOTXHQRVHKD\DKHFKRQXQFDXQDYHUGDGHUD UHYLVLyQRHYDOXDFLyQVXVWDQWLYDGHOSUR\HFWRGXUDQWHVXVPiVGHVHLVDxRVGHHMHFXFLyQQLVLTXLHUD HQFXDQGRVREUDEDQODVUD]RQHVSDUDKDFHUOR )NIGYGMºRJMRERGMIVE]JSVQEPHIP&30 (OGRFXPHQWRGHSUR\HFWRSUHVXSXHVWR%IXHILUPDGRHOGHPDU]RGHDXQTXHLQFRUSRUy JDVWRVKHFKRVHQ/RVDUFKLYRVIDFLOLWDGRVSRUHO318'FRQWLHQHQXQDFROHFFLyQFRPSOHWDGH ODVQXPHURVDVUHYLVLRQHVGHOSUHVXSXHVWRWHUPLQDQGRFRQODUHYLVLyQ8GHOGHDEULOGH (VWDVUHYLVLRQHVWLHQHQODPLVPDGHILFLHQFLDTXHVHKDFRPHQWDGRHQHOFDVRGHO%2/HV GHFLUXQDJUDQDXVHQFLDGHH[SOLFDFLRQHVRMXVWLILFDFLRQHVWpFQLFDVVXVWDQWLYDV (OSUR\HFWRIXHLQLFLDOPHQWHDSUREDGRSDUDXQDGXUDFLyQGHDxRVDIHFWDQGRDxRVSUHVXSXHVWD ULRVSHURHQUHDOLGDGOOHJyDWRFDUXQSHUtRGRGHDxRVHQFXDQWRDFRQWDELOLGDGGHJDVWRV6H SXHGHKDFHUXQDFRPSDUDFLyQHQWUHHOSUHVXSXHVWRRULJLQDO\ORUHDOPHQWHHMHFXWDGRDQXDOPHQWH FRPRVLJXH 7RWDO 4VIW& r r r r 4VIW9 'HOFXDGURVHSXHGHYHUTXHHOSUHVXSXHVWRWRWDOIXHDXPHQWDGRFRQGyODUHV\DOJRPiV GXUDQWHODHMHFXFLyQGHOSUR\HFWR/DVXPDGHIXHDJUHJDGDSDUDILQDQFLDUHOWUDEDMRGH SURGXFFLyQGHHWQRJUDItDV3HURODREVHUYDFLyQPiVLPSRUWDQWHTXHVHSXHGHKDFHUVHUHILHUHDOD HQRUPHGLVFUHSDQFLDTXHKD\HQWUHHOULWPRGHHMHFXFLyQSODQLILFDGR\HOILQDOPHQWHUHDOL]DGR6LQ GXGDHVWDGLIHUHQFLDVXUJHSRUXQODGRGHXQDSODQLILFDFLyQLQLFLDOSRFRUHDOLVWD\SRUHORWURODGR GHODLQHILFLHQFLDHQODJHVWLyQGHOSUR\HFWR$TXtLJXDOTXHHQHOFDVRGHO%2/HOHVWDQ FDPLHQWRHQODVDFWLYLGDGHVTXHFRPHQ]yHQ\TXHFXEULyPiVGHODSULPHUDPLWDGGHVH UHIOHMDWDPELpQHQORVJDVWRVUHSRUWDGRVSDUD6LQHPEDUJRFRPSDUDQGRODUHGXFFLyQGHOULW PRGHJDVWRVFRQORTXHVHKDSHUFLELGRFRPRUHGXFFLyQHQODVDFWLYLGDGHVODGLVPLQXFLyQHQORV JDVWRVUHVXOWDVRUSUHQGHQWHPHQWHSHTXHxD &RPSDUDQGRODGLVWULEXFLyQSRUFRPSRQHQWHVHQWUHHOSUHVXSXHVWRRULJLQDO\HOILQDOPHQWHHMHFXWD GRVHWLHQHHOVLJXLHQWHFXDGUR %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 3UHV%7RWDO $VHVRU7pFQLFR3ULQFLSDO&HQVR ([SHUWRMXUtGLFR ([SHUWRFDSDFLWDFLyQ ² 3HUVRQDODSR\RDGPLQLVWUDWLYR 9LDMHV 0LVLRQHV 3HUVRQDOQDFLRQDO 6XEFRQWUDWRV &DSDFLWDFLyQ (TXLSR 0LVFHOiQHRV 7RWDO 3UHV87RWDO /DYDULDFLyQPiVLPSRUWDQWHTXHVHSUHVHQWDHQODGLVWULEXFLyQGHUHFXUVRVSRUFRPSRQHQWHHQWUH ORSODQLILFDGR\ORILQDOPHQWHHMHFXWDGRHVWiHQODOtQHDGHHTXLSRV(OKHFKRGHTXHVHJDVWySRFR PiVGHODPLWDGGHORSUHYLVWRHQHTXLSRVWHQGUtDTXHYHUFRQODLQWHUUXSFLyQGHORVWUDEDMRVHQ 7XPLFKXFXD\ODUHRULHQWDFLyQGHODHVWUDWHJLDGHFDSDFLWDFLyQ(QHIHFWRORVJDVWRVUHDOHVHQFDSD FLWDFLyQWHUPLQDURQVLHQGRPXFKRPiVJUDQGHVGHORSUHYLVWR(ORWURDKRUURHQHTXLSRVWHUPLQy EiVLFDPHQWHFRILQDQFLDQGRXQDGXSOLFDFLyQHQODOtQHDGHSHUVRQDOQDFLRQDO (QYLVWDGHODVVXFHVLYDVSURORQJDFLRQHVGHOSUR\HFWR\ORVFDPELRVTXHVHLEDQSURGXFLHQGRHQODV HVWUDWHJLDVGHWUDEDMRORVFDPELRVGHGLVWULEXFLyQGHORVUHFXUVRVTXHVRQVHxDODGRVDUULEDQRPH UHFHQPD\RUHVFRPHQWDULRV6RODPHQWHSXHGHSUHJXQWDUVHVLORVUHFXUVRVHIHFWLYDPHQWHJDVWDGRVHQ HO&HQWUR7XPLFKXFXDDQWHVGHTXHVHGHFLGLyWUDEDMDUGHRWUDPDQHUDGHEHQFRQVLGHUDUVHFRPR XQDLQYHUVLyQSHUGLGDRQR8QDUHVSXHVWDGHILQLWLYDDHVWDSUHJXQWDTXHGDSHQGLHQWHGHORTXH SXHGDSDVDUHQHOIXWXURFRQHVWHFHQWUR\FRQFXDOTXLHULQWHQWRGHUHYLYLUHOSURJUDPDQRVLVWHPD GHFDSDFLWDFLyQTXHHO3URJUDPDORJUyFUHDU +IWXMºRGSSVHMREGMºREHQMRMWXVEGMºR]QSRMXSVIS 3RUIDOWDGHWLHPSR\DFFHVRUiSLGRDLQIRUPDFLyQHVFULWD\YHUEDOVREUHORUHDOL]DGRDQWHULRUPHQWH FRQHO,,%FRPRHQWHHMHFXWRUHOVLJXLHQWHDQiOLVLVFRPLHQ]DFRQODHWDSD61$(**6$(TXHVH LQLFLyFRQHOFDPELRGHJRELHUQRHQDJRVWRGH &RPRVHKDVHxDODGRDQWHULRUPHQWHOD61$(**\VX6XEVHFUHWDUtDGH$VXQWRVeWQLFRVQDFLHURQ HQHVWHPRPHQWR6HJ~QWHVWLPRQLRGHOD6XEVHFUHWDULDTXHRFXSyHOFDUJRGXUDQWHORVFXDWURDxRV VLJXLHQWHVOD6$(ÚHFLELyµHO3URJUDPD,QGtJHQDVLQPD\RULQGXFFLyQ\VLQPD\RUFDSDFLGDGSUR SLDSDUDKDFHUVHFDUJRGHOPLVPRUiSLGDPHQWHSDUDDGXHxDUVHGHORVWUDEDMRVTXH\DHVWDEDQHQ PDUFKD\SDUDSODQLILFDUODVDFWLYLGDGHVIXWXUDV&RPRDVSHFWRLPSRUWDQWHGHODFRRSHUDFLyQ6XH FLD318'OD6XEVHFUHWDULDKDVHxDODGRTXHpVWDIXHIXQGDPHQWDOSDUDSRQHUHQPDUFKDOD6$( GHVGHGLIHUHQWHVSXQWRVGHYLVWDLQFOX\HQGRHOHPHQWRVWDQEiVLFRVFRPRHTXLSDPLHQWRGHODVRILFL QDV /D&RRUGLQDGRUDGHO3URJUDPDPiVDQWLJXDTXHODPLVLyQSXGRHQWUHYLVWDUDVXPLyVXIXQFLyQD SULQFLSLRVGH\TXHGyHQHOSXHVWRKDVWDRFWXEUHGH6HJ~QODLQIRUPDFLyQGDGDSRUHOOD PLVPD\TXHQRFRQWUDGLFHRWUDVIXHQWHVGHLQIRUPDFLyQGHGLFyHVIXHU]RVDSRQHURUGHQDGPLQLV WUDWLYRHQHO3URJUDPDDWUDWDUGHDFODUDUORVREMHWLYRV\ODVHVWUDWHJLDVGHOPLVPR\DLQLFLDURFRQ (QODPHPRULDLQVWLWXFLRQDOGHOSURJUDPDQRVHSXGRHQFRQWUDUXQDLQIRUPDFLyQSUHFLVDVREUHORVODVFRRUGLQDGRUHVDV DQWHULRUHVSHURVHHQWLHQGHTXHKXERGRVHQHOSHUtRGRLQFOX\HQGRXQ´FRRUGLQDGRULQWHUQDFLRQDOµGXUDQWHORV SULPHURVPHVHV %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 WLQXDUGLYHUVDVDFWLYLGDGHVFRQFUHWDV(QHVWDHWDSDKXERPXFKDGLVFXVLyQVREUHHOHQIRTXHGHFD SDFLWDFLyQ\DOILQVHORJUyIRUPXODUXQSURJUDPDGHFDSDFLWDFLyQSDUDGLULJHQWHVLQGtJHQDVVREUH OD/H\GH3DUWLFLSDFLyQ3RSXODURWURVWHPDVMXUtGLFRVHWF7DPELpQVHWUDEDMyFRQODGHOLPLWDFLyQ GHWLHUUDVGHORV´ZHHQKD\HNµVHKL]RXQDFRQVXOWRUtDVREUHODXELFDFLyQGHHTXLSRVGHUDGLRFRPX QLFDFLyQ\VHFRQFOX\yHOWUDEDMRGHO&HQVR,QGtJHQD 6HJ~QWHVWLPRQLRVGHPXFKDVSHUVRQDVHQWUHYLVWDGDVLQFOX\HQGRDOJXQRVGHORVPLVPRVDFWRUHV FHQWUDOHVGHO3URJUDPDODHWDSD61$(**6$(IXHXQSHUtRGRGHHQRUPHVGLILFXOWDGHVGHFRODER UDFLyQ\FRRUGLQDFLyQLQWHUQDHQHOHQWHJXEHUQDPHQWDOHMHFXWRUGHOSUR\HFWR1RSDUHFHKDEHU KDELGRFDVLQLQJ~QHQWHQGLPLHQWR\VLQHUJtDHQWUHHOQLYHOGH&RRUGLQDGRUDHOQLYHOGH6XEVHFUH WDULD\HOQLYHOGH6HFUHWDULR1DFLRQDOHVSHFLDOPHQWHGHVSXpVGHTXHHOVHJXQGR6HFUHWDULRDVXPLy IXQFLRQHVHQ(VDTXtGRQGHVHSURGXFHHODPSOLDPHQWHFRPHQWDGRHVWDQFDPLHQWRGHOSUR \HFWRTXHGXUyKDVWDHOFDPELRGHJRELHUQR\ODGHVDSDULFLyQGH61$(**6$(HQDJRVWRGH &XDQGROD&RRUGLQDGRUDVHUHWLUyGHO3URJUDPDQRVHQRPEUyQLQJ~QUHHPSOD]DQWH\HO3URJUDPD IXH´FRRUGLQDGRµSRUHO$GPLQLVWUDGRURILFLDODGPLQLVWUDWLYRKDVWDDJRVWRGHFXDQGRWXYR OXJDUHOVLJXLHQWHFDPELRGHJRELHUQR 6LPXOWiQHDPHQWHFRQHOFDPELRGHJRELHUQR\ODVXVWLWXFLyQGH61$(**6$(SRUHO9$,32VH ORJUyQRPEUDUXQQXHYR&RRUGLQDGRUGHO3URJUDPD\XQQXHYR&RRUGLQDGRUGHO%2/ 6HJ~QWHVWLPRQLRVGHHVWDVPLVPDVSHUVRQDVFRUURERUDGRVHQJUDQGHVUDVJRVSRURWUDVIXHQWHVGH LQIRUPDFLyQHVWHIXHHOPRPHQWRHQTXHSRUHOSRFRWLHPSRTXHTXHGDEDGHO3URJUDPDHQVHQWLGR GHYLJHQFLDGHO$FXHUGRHQWUHHO*RELHUQRGH6XHFLD\HO318'KXERTXHKDFHUXQWUDEDMRÚH OiPSDJRµSDUDUHWRPDUHOWHPDGHODFDSDFLWDFLyQ\HIHFWLYDPHQWHUHDOL]DUDOJXQRVFXUVRV/RV PHQFLRQDGRV&RRUGLQDGRUHVVRVWLHQHQTXHVXVSUHGHFHVRUHVQRKDEtDQGHMDGRQLQJXQDLQIRUPDFLyQ RUGHQDGDTXHOHVIDFLOLWDUDHODUUDQTXHGHO3URJUDPDGHQXHYR$VLPLVPRLJXDOTXHOD&RRUGLQDGR UDPHQFLRQDGDDQWHULRUPHQWHHVWHQXHYR&RRUGLQDGRUWDPELpQWXYRVHJ~QVXVSURSLDVSDODEUDV TXHSRQHURUGHQDGPLQLVWUDWLYRHQHO3URJUDPD\WUDWDUGHVXEVDQDUXQDVHULHGHLUUHJXODULGDGHV DGPLQLVWUDWLYDV\ILQDQFLHUDV (QWUHDJRVWRGH\DEULOGHVHORJUyILQDOPHQWHUHDOL]DUORVSURJUDPDVGHFDSDFLWDFLyQ TXHVRQFRPHQWDGRVHQHO&DStWXORGHOLQIRUPH'HHVWDPDQHUDHO3URJUDPDSXGRDOILQOOHJDUD DOJXQDVXHUWHGHWHUPLQDFLyQGHXQDREUDFRQFUHWD(YLGHQWHPHQWHDQLYHOGLUHFWLYRGHOUHFLpQ FUHDGR9$,32VHKL]RXQHVIXHU]RVHULR\FRQFUHWRSDUDUHDFWLYDUORVSUR\HFWRV\HQHVWRVHWXYR p[LWRGHQWURGHODVVHYHUDVOLPLWDFLRQHVGHWLHPSRTXH\DVHKDFtDQVHQWLU 3RURWURODGRGHVGHHOPLVPRQLYHOGLUHFWLYRGH9$,32VHKDSODQWHDGRDOHTXLSRGHHYDOXDFLyQ TXHODDFWLYLGDGPiVLPSRUWDQWHTXHVHUHDOL]yHQHVWDHWDSD²HOSURJUDPDGHFDSDFLWDFLyQ²QR WRPyHQFXHQWDODQXHYDSROtWLFDQDFLRQDOLQGtJHQD'HVDUUROORFRQ,GHQWLGDGTXHHVWHPLVPR9L FHPLQLVWHULRKDEtDYHQLGRHODERUDQGRGHVGHHOPRPHQWRGHVXLQDXJXUDFLyQ7DPSRFRVHKDEUtD SRGLGRORJUDUXQDFRQWULEXFLyQGHOSURJUDPDLQGtJHQDDODHODERUDFLyQGHODSROtWLFD3XHVWRTXH HVWHPHQVDMHKDVLGRWUDQVPLWLGRFRQXQDQRWDEOHLQVLVWHQFLDHVQHFHVDULRFRPHQWDUOR$OUHVSHFWR ODRSLQLyQGHORVHYDOXDGRUHVHVTXHODQXHYDSROtWLFDQDFLRQDOLQGtJHQDHVSUHFLVDPHQWHHVR²HV GHFLUXQDSROtWLFDRXQDHVWUDWHJLDJUDQGH\QRXQSODQRSHUDWLYR1RYHPRVIiFLOPHQWHTXHVHSR GUtDMX]JDUODDGDSWDFLyQGHHVWHSURJUDPDGHFDSDFLWDFLyQUHODWLYDPHQWHOLPLWDGRVLQDQWHVSDVDU SRUHWDSDVRQLYHOHVLQWHUPHGLRVGHDQiOLVLVGRQGHVHRSHUDFLRQDOLFHODHVWUDWHJLD²DFFLRQHVTXH KDVWDGRQGHVDEHPRVWRGDYtDQRKDQVLGRWRPDGDV3RURWUDSDUWHVLHIHFWLYDPHQWHIXHUDFRUUHFWR GHFLUTXHHOSURJUDPDGHFDSDFLWDFLyQQRKDVLGRDGHFXDGRSDUDODQXHYDSROtWLFDQDFLRQDOLQGtJHQD \TXHHOSURJUDPDLQGtJHQDQRFRODERUyHQODSUHSDUDFLyQGHODPLVPDODUHVSRQVDELOLGDGGHHVWD 6REUHWRGRVHFRQVLGHUDTXHHOFRQWHQLGRGHODFDSDFLWDFLyQWXYRXQVHVJRH[DJHUDGRKDFLDHOHVWXGLRGHODVOH\HVHQGHVPH GURGHWHPDVGHJHVWLyQORFDO\HFRQRPtDSURGXFFLyQ %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 VLWXDFLyQWHQGUtDTXHVHUGHOSURSLR9$,32SXHVWRTXHHVWH9LFHPLQLVWHULRHVHOHQWHHMHFXWRUGHO SUR\HFWR%2/&XDOTXLHURWUDFRQFOXVLyQLPSOLFDUtDTXH9$,32HQFLHUWRVPRPHQWRVR HQFLHUWRVWHPDVHVWXYLHUDYLHQGRHOSUR\HFWRFRPRXQFXHUSRDMHQRIXHUDGHVXFRQWURO /DVODUJDVHQWUHYLVWDVTXHODPLVLyQKDWHQLGRFRQXQEXHQQ~PHURGHDFWRUHVLQWHUQRV\´H[WHUQRVµ GHO3URJUDPDKDQHVWDGROOHQDVGHFRPHQWDULRVPX\SUHFLVRVVREUHODDFWXDFLyQ\DFWLWXGHVGHXQD\ RWUDSHUVRQD\GHXQRXRWURHQWHUHODFLRQDGRFRQHO3URJUDPD&RQVLGHUDPRVTXHVHUtDLUUHOHYDQWH SDUDHOSURSyVLWRGHODHYDOXDFLyQ\KDVWDFRQWUDSURGXFHQWHHQWUDUHQGHWDOOHVHQHVWDiUHD6LQ HPEDUJRVHSXHGHGHFLUTXHEXHQDSDUWHGHORVFRPHQWDULRVHVFXFKDGRVKDQDSXQWDGRHQXQDPLV PDGLUHFFLyQXQRGHORVUDVJRVPiVFRPXQHVGHODVHQWUHYLVWDVFRQH[FRRUGLQDGRUHV\RWUDVSHUVR QDVHVWUHFKDPHQWHOLJDGDVFRQODHMHFXFLyQGHO´SURJUDPDµ\ORVSUR\HFWRVKDVLGRHOJUDGRGHIUXV WUDFLyQTXHKDQH[SUHVDGRVREUHODIDOWDGHFRODERUDFLyQHQWUHDFWRUHVFODYH²HQGLVWLQWDVFRPELQD FLRQHVVHJ~QGLIHUHQWHVpSRFDV²VREUHODIDOWDGHFRQWLQXLGDG\VREUHHO´GHVRUGHQµDGPLQLVWUDWLYR 6LQGXGDVHKDHVFXFKDGRWDPELpQÝHUVLRQHVµVREUHSXQWRVHVSHFtILFRVTXHQRQHFHVDULDPHQWHKDQ FRQWULEXLGRDXQDQiOLVLVREMHWLYRGHODVGLILFXOWDGHVTXHKDKDELGRHQGLIHUHQWHVPRPHQWRV\ODV FRQWURYHUVLDVTXHVHKDQSUHVHQWDGRHQGLIHUHQWHVQLYHOHV\GLUHFFLRQHV²YHUVLRQHVTXHVRQLPSRVL EOHVGHYHULILFDURUHIXWDU7UDWDQGRGHKDFHUXQDVtQWHVLVGHOFXDGURJHQHUDOTXHVHKDSLQWDGR\ VREUHWRGRGHVHQWDUEDVHVSDUDDOJXQDVFRQFOXVLRQHV\UHFRPHQGDFLRQHVTXHVHDQGHLPSRUWDQFLD SDUDHOIXWXURVHSXHGHGHFLUORVLJXLHQWH /D61$(**6$(PRVWUyJUDQGHVGHELOLGDGHVFRPRHQWHHMHFXWRUJXEHUQDPHQWDO\KXERXQDHYL GHQWHIDOWDGHFODULGDGUHVSHFWRDODGLVWULEXFLyQGHFRPSHWHQFLDVHQWUHOD´8QLGDGGH*HVWLyQµGHO 3URJUDPDSRUXQODGR\ODLQVWLWXFLyQSRUHORWURODGR,JXDOPHQWHKXERJUDYHVSUREOHPDVHQWUH GLIHUHQWHVQLYHOHVMHUiUTXLFRVGHQWURGHODLQVWLWXFLyQ(Q9$,32WDPELpQSDUHFHKDEHUH[LVWLGR DOJXQRVSUREOHPDVGHGLVWULEXFLyQGHUROHVRGHFRRUGLQDFLyQHQWUHORVSUR\HFWRV\HOSURSLR9LFH PLQLVWHULR(OFRPHQWDULRKHFKRDQWHULRUPHQWHVREUHODVXSXHVWDLQFRPSDWLELOLGDGHQWUHHOSURJUD PDGHFDSDFLWDFLyQ\ODQXHYDSROtWLFDLQGtJHQDHVXQUHIOHMRGHHVWDVLWXDFLyQ (QODHWDSD61$(**6$(KXERXQJUDQGHVRUGHQDGPLQLVWUDWLYR\ILQDQFLHURHQHO3URJUDPDHO FXDOHVDPSOLD\SURIXQGDPHQWHDQDOL]DGRHQORV,QIRUPHVGH$XGLWRULD([WHUQDGH\ (VSHFLDOPHQWHODDXGLWRUtDFRUUHVSRQGLHQWHDODxRUHYHODXQDJUDQFDQWLGDGGHLQFXP SOLPLHQWRVGHORVSURFHVRVDGPLQLVWUDWLYRV\FRQWDEOHVHVWDEOHFLGRV\XQPDQHMRPX\LQVDWLVIDFWRULR GHODVILQDQ]DVGHO3URJUDPD/RVSURFHGLPLHQWRVGHFRQWUDWDFLyQGHFRQVXOWRUHVHVXQRGHORVDV SHFWRVTXHPiVREVHUYDFLRQHVUHFLEHQ/DVDXGLWRUtDVGH\UHIOHMDQXQFUHFLHQWHPHMRUD PLHQWRHQHVWRVDVSHFWRVSHURD~QTXHGDQDVXQWRVYLHMRVSRUUHJXODUL]DU\VHKDFRPHWLGRDOJXQRV HUURUHVQXHYRVWDPELpQHQHVWRVDxRV /DDFWXDFLyQGHO318'DORODUJRGHODHMHFXFLyQGHO3URJUDPD,QGtJHQDKDVLGRREMHWRGHPXFKRV FRPHQWDULRVGHGLVWLQWDtQGROHDYHFHVDSDUHQWHPHQWHFRQWUDGLFWRULRV/DPD\RUtDGHODVYHFHVVHOH DFXVDDO318'GHQRKDEHUSUHVWDGRVXILFLHQWHDWHQFLyQDO3URJUDPDHVGHFLUGHQRKDEHUFXPSOL GRELHQFRQVXUHVSRQVDELOLGDGGHPRQLWRUHR\VHJXLPLHQWR(VWDPLVLyQFRPSDUWHHVWHFULWHULRHQ DOJXQDPHGLGDFRPRSXHGHYHUVHHQWUHORVFRPHQWDULRVVREUHGLVHxRGHORVSUR\HFWRV\VREUHOD IDOWDGHLQWHUYHQFLRQHVPiVHQpUJLFDV\VHULDVHQORVPRPHQWRVPiVFUtWLFRVGHO3URJUDPDDXVHQFLD GHHYDOXDFLRQHV\UHYLVLRQHVHQSURIXQGLGDG$VLPLVPRSDUHFHUtDFRUUHFWDODREVHUYDFLyQGHTXHHO 318'KDPRVWUDGRDOJXQDOHQWLWXG\GHVSUHRFXSDFLyQHQORTXHVHUHILHUHDOWHPDGHLQIRUPHV3RU HORWURODGRVHKDGLFKRWDPELpQTXHHO318'VHKDDSURSLDGRGHPDVLDGRGHOSUR\HFWRHQDOJXQRV SHUtRGRV\TXHDYHFHVODVRUJDQL]DFLRQHVLQGtJHQDVKDEUtDQWHQLGRODLGHDGHTXHHOSHUVRQDOGHO SUR\HFWRHUDQIXQFLRQDULRVGHO318'\QRGH6$(9$,326REUHHVWH~OWLPRSXQWRODPLVLyQQR GLVSRQHGHHOHPHQWRVGHMXLFLRFRPRSDUDFRQILUPDUORQLUHFKD]DUOR %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 /DFRRSHUDFLyQVXHFDSDUHFHKDEHUMXJDGRELHQHOSDSHOTXHOHKDFRUUHVSRQGLGR(QORTXHVHUHILH UHD$VGLODPLVLyQQRKDHQFRQWUDGRHYLGHQFLDVGHQLQJXQDLQWHUYHQFLyQHQHVSHFLDOGHHVWHRUJD QLVPRDQWHVGH6LHIHFWLYDPHQWHQRKDKDELGRQLQJXQDHVWRVHUtDOyJLFRSXHVWRTXHDOKDFHU VXFRQWULEXFLyQHQIRUPDGHFRVWRFRPSDUWLGRDXQSUR\HFWRGHO318'$VGLKDGHOHJDGRODJHVWLyQ GHOSUR\HFWRDHVWHRUJDQLVPR0LHQWUDVQRVHSUHVHQWDEDQUD]RQHVPX\SDUWLFXODUHVSDUDSUHRFX SDUVHGHOSUR\HFWRHUDVXILFLHQWHSDUD$VGLSDUWLFLSDUHQUHXQLRQHVWULSDUWLWDV\UHYLVDUORVLQIRUPHV GHDYDQFH&XDQGRHOSUR\HFWRHPSH]yDVXIULUGHSUREOHPDVFDGDYH]PiVJUDYHVKDFLDILQHVGH $VGtVtFRPHQ]yDVHJXLUORPiVGHFHUFD+D\GRFXPHQWDFLyQHVFULWDFRPSUREDQGRTXHSRU ORPHQRVDSDUWLUGHPD\RGH$VGLHPSH]yDWRPDUPHGLGDVIXHUWHVSDUDVDFDUHO3URJUDPD GHVXHPSDQWDQDPLHQWR\HVPX\SUREDEOHTXHHVWRIXHXQIDFWRULPSRUWDQWHGHWUiVGHOUHVXUJL PLHQWRGHOPLVPRDSDUWLUGHDJRVWRGHHVHDxR /D~QLFDDFFLyQTXH$VGLWDOYH]SRGUtDKDEHUKHFKRPHMRUGHORTXHKL]RHVODGHKDEHUUHDOL]DGR XQDHYDOXDFLyQPiVFRQFLHQ]XGDGHOGLVHxRGHOSUR\HFWR%2/DQWHVGHDVXPLUHOILQDQ FLDPLHQWRGHOPLVPR %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 %'8-:-(%()76)7908%(37)-14%'83()0 l463+6%1%-2(Ú+)2%z436'31432)28) -RXVSHYGGMºR (QHVWHFDStWXORVHDQDOL]DHQSULPHUOXJDUORVSUR\HFWRV%2/\%2/\HQ VHJXQGROXJDUHQXQJUDGRPiVOLPLWDGRORVSUR\HFWRV%2/5/$*\ 5/$*1RVHKDHVWXGLDGRQLQJXQRGHORVSUR\HFWRVILQDQFLDGRVSRURWURVFRRSHUDQWHV /DVUD]RQHVGHHVWDVHOHFFLyQSULRUL]DFLyQ\H[FOXVLyQVRQFRPHQWDGDVHQHO&DStWXOR,QWURGXF FLyQ\DQWHFHGHQWHV&DEHUHSHWLUTXHODSULQFLSDOGHHVDVUD]RQHVKDVLGRVHQFLOODPHQWH ODVOLPLWDFLRQHVGHWLHPSR 7DPELpQHVLPSRUWDQWHDFODUDUTXHHQHVWHFDStWXORQRVHKDFHGLVWLQFLyQHQWUHORVSUR\HFWRV %2/\%2/SXHVWRTXHSDUDHIHFWRVGHUHDOL]DFLyQGHDFWLYLGDGHVGHGHVDUUROOR ORVGRVKDQFRQIOXLGR/DIXQFLyQGHO%2/KDVLGRODGHSURSRUFLRQDUDSR\RDGPLQLVWUDWLYR \ILQDQFLDPLHQWRDODVDFWLYLGDGHVFRQFUHWDVGHO%2/ &30r)P'SQTSRIRXIHI'ETEGMXEGMºR %RXIGIHIRXIW]IWGIREVMS /RVDQWHFHGHQWHVGHOFRPSRQHQWHGHFDSDFLWDFLyQGHOSUR\HFWR%2/VHHQFXHQWUDQHQHO SUR\HFWR´3XHEORV,QGtJHQDVGHO%HQLµDSR\DGRSRUHO318'\UHDOL]DGRSRU),'$SRUHQFDUJR GHO*RELHUQREROLYLDQRDWUDYpVGHO0LQLVWHULRGH$VXQWRV&DPSHVLQRV\$JURSHFXDULRV0$&$ \HO,QVWLWXWR,QGLJHQLVWD%ROLYLDQR,,% /DFRQFHSFLyQGHOSUR\HFWR*RELHUQR),'$LQIOX\ySHUPDQHQWHPHQWHHQORVOLQHDPLHQWRVGHO3UR JUDPD,QGtJHQDUHVSHFWRDODHGXFDFLyQELOLQJHODDSURSLDFLyQGHO&HQWURGH7XPLFKXFXD&7D IDYRUGHORVSXHEORVLQGtJHQDV\HOPHMRUDPLHQWRGHVXVRSRUWXQLGDGHVGHHGXFDFLyQ6LQGXGDHO KHFKRGHTXHHOPLVPRIXHUDHODERUDGRDQWHVGHODVUHIRUPDVGHOHVWDGRGHVHJXQGD\WHUFHUDJHQH UDFLyQSDUWLFXODUPHQWHODVGHGHVFHQWUDOL]DFLyQKDEUiWHQLGRFRQVHFXHQFLDVHQHOGHVDUUROORXOWH ULRUGHOPLVPR /DVDFWLYLGDGHVGHFDSDFLWDFLyQ\IRUPDFLyQLQGtJHQDGHO%2/VHLQLFLDURQHQHOPDUFRGH ORTXHODDQWHULRUJHVWLyQGHJRELHUQR3D]=DPRUDOODPyHOÍRUWDOHFLPLHQWR\GHVDUUROORGHORV SXHEORVLQGtJHQDVµTXHHUDXQREMHWLYRGHVXSROtWLFDGHIRUWDOHFHUODVFDSDFLGDGHVGHORVSXHEORV LQGtJHQDVHQODJHVWLyQGHVXSURSLRGHVDUUROOR /D6$(SODQWHyXQDHVWUDWHJLDOODPDGD´(VWUDWHJLDQDFLRQDOGHDSR\RDOGHVDUUROORGHORVSXHEORV LQGtJHQDVµGLULJLGDDLQVWLWXFLRQDOL]DUODVSROtWLFDVS~EOLFDV\HOUHFRQRFLPLHQWRDORVGHUHFKRVLQGt JHQDVHOIRUWDOHFLPLHQWRGHVXVFDSDFLGDGHVGHSDUWLFLSDFLyQ\ODLQIRUPDFLyQWHQGLHQWHDHOLPLQDU ODGLVFULPLQDFLyQGHHVWRVJUXSRVSDUDORFXDOSXVRHQPDUFKDWUHVSUR\HFWRVXQRGHORVFXDOHVVH GHQRPLQyHO´6LVWHPD1DFLRQDOGH&DSDFLWDFLyQ\)RUPDFLyQ,QGtJHQDµ0HGLDQWHpVWHVHHVSHUDED ÍRUWDOHFHUODVFDSDFLGDGHVLQGtJHQDVGHSDUWLFLSDFLyQ\HMHUFLFLRGHVXVGHUHFKRV\GHGHILQLUHLP SOHPHQWDUHVWUDWHJLDVGHGHVDUUROORDOWHUQDWLYDVHFRQyPLFDV\VLVWHPDVGHPDQHMRVRVWHQLEOHGHORV UHFXUVRVQDWXUDOHVDSDUWLUGHODVEDVHVFXOWXUDOHV\RUJDQL]DWLYDVGHFDGDSXHEORµ /D6$(PHQFLRQDHQTXHHODSR\RGH$VGLIXHXQDSR\RHIHFWLYL]DGRHQUHODFLyQFRQHOSUR JUDPDSURPRYLGRSRUHO318'\TXHKDEtDFXELHUWRHO&HQVR,QGtJHQDGHODV7LHUUDV%DMDVHO HVWDEOHFLPLHQWRGHO6LVWHPD1DFLRQDOGH&DSDFLWDFLyQ\)RUPDFLyQ,QGtJHQDGH7XPLFKXFXD %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 61&),7\HOGHVDUUROORGHDOJXQDVH[SHULHQFLDVSLORWR/D6$(SUHYHtDHQWRQFHVTXHHODSR\RGH $VGLVHFHQWUDUtDHQHOIXWXURHQFRQWLQXDUHOGHVDUUROORGHO61&),7 $SDUWLUGHDJRVWRGHHODFWXDOJRELHUQRDWUDYpVGHO9$,32UHWRPyHOFRPSRQHQWHGHFDSD FLWDFLyQGHOSUR\HFWRHQVXVDVSHFWRVRSHUDWLYRV\DOPLVPRWLHPSRLQLFLyODSUHSDUDFLyQGHVX´9L VLyQ(VWUDWpJLFDµTXHHVXQDSODQWHDPLHQWRFRPSDWLEOHFRQHO3ODQ1DFLRQDOGH'HVDUUROOR(FR QyPLFR\6RFLDO/DDFWXDOSROtWLFDVHFWRULDOIRUPDSDUWHGHORVSLODUHVGHHTXLGDG\RSRUWXQLGDGGH ODHVWUDWHJLDJXEHUQDPHQWDOORVTXHSDUDDOFDQ]DUORVREMHWLYRVVRFLDOHVSURSXHVWRVVHDSR\DQHQ HVWUDWHJLDVGLYHUVDVHQWUHODVFXDOHVODVGHHGXFDFLyQ\FDSDFLWDFLyQWLHQHQXQUROLPSRUWDQWH /DQXHYDSROtWLFDVHFWRULDOSODQWHDDFFLRQHVFRRUGLQDGDVHQWUHYDULRVQLYHOHVJXEHUQDPHQWDOHV\QR JXEHUQDPHQWDOHVSDUDHOGHVDUUROORVRFLDOFXOWXUDO\HFRQyPLFRGHORVSXHEORVLQGtJHQDVDVtFRPR HQHVWUDWHJLDVGHFRUWR\GHODUJRSOD]R/DSURSXHVWDDFWXDOGHO9$,32LQFRUSRUDHQWUHORV´GHVD ItRVµDVXPLGRVYDULRVFRPSRQHQWHVTXHLPSOLFDQDFFLRQHVHGXFDWLYDVIRUPDWLYDV\GHFDSDFLWDFLyQ (VHOFDVRGHODVDFFLRQHVSUHYLVWDVHQWUHRWUDVGHVWLQDGDVD´VHQVLELOL]DUIRUWDOHFHUFDSDFLGDGHV SHUVRQDOHVFRPXQLWDULDVRUJDQL]DFLRQDOHV\FROHFWLYDVGHODVRFLHGDGLQGtJHQDLQFUHPHQWDUODSDU WLFLSDFLyQLQGtJHQD\RULJLQDULDHQODVGHFLVLRQHVGHGHVDUUROORFRQLGHQWLGDGµ *EWISTIVEXMZEr $OLQLFLRGHODJHVWLyQGHJRELHUQR²ORVSUR\HFWRV318'DSR\DURQODVDFWLYLGDGHVLQL FLDOHVGHOD6$((OFRPSRQHQWHGHFDSDFLWDFLyQVLELHQPDQWXYRODVSULQFLSDOHVOtQHDVGHDFFLyQ GHOSUR\HFWR*RELHUQR),'$PiVDGHODQWHWXYRXQJLUROyJLFRUHVSHFWRDOSUR\HFWRLQLFLDO(QHO DxRVHSURPXOJyOD/H\GH3DUWLFLSDFLyQ3RSXODU\VHIRUPXOyODFRQFHSFLyQGHGHVDUUROORGHO SDtVHQJHQHUDO$KRUDHOFDVRGHORVSXHEORVLQGtJHQDVTXHGyWDPELpQGLUHFWDPHQWHDVRFLDGRDO WHPDGHODSDUWLFLSDFLyQ3RUWDQWRHOSHUVRQDODVLJQDGRDO3URJUDPD,QGtJHQDLQYLUWLyWLHPSRHQ WDUHDVGHFRRUGLQDFLyQFRQOD6HFUHWDUtDGH3DUWLFLSDFLyQ3RSXODU/DFDSDFLWDFLyQGHORV5HVSRQ VDEOHVGH3ODQLILFDFLyQ\*HVWLyQ,QGtJHQD53*,WXYRFRPRSURSyVLWRSUHFLVDPHQWHHOSRWHQFLDUORV SDUDTXHSXGLHUDQMXJDUXQSDSHOSURWDJyQLFRHQHOSURFHVRGHLPSOHPHQWDFLyQGHOD/H\GH3DUWL FLSDFLyQ3RSXODU /DSULPHUDDFWLYLGDGRSHUDWLYDIXHODUHKDELOLWDFLyQGHO&HQWUR7XPLFKXFXD6HFRQFOX\yODVREUDV FLYLOHVSURJUDPDGDVVHHTXLSyDOJXQRVDPELHQWHV\VHFRQWUDWyDXQUHVSRQVDEOH(QHO&HQWUR7X PLFKXFXDVHOOHYyDFDERXQDVHVLyQGHFDSDFLWDFLyQ\VXKDELOLWDFLyQSRVLELOLWyHOGHVDUUROORGHORV FXUVRVGH%DFKLOOHUDWR3HGDJyJLFRDSR\DGRVSRU'$1,'$ (O&HQWUR7XPLFKXFXDHVXQOXJDUGHJUDQEHOOH]DFRQXQODJRQDWXUDO\XQDLVODDOFHQWUR7LHQH XQDYHLQWHQDGHFRQVWUXFFLRQHVUHSDUWLGDVHQXQHQRUPHWHUUHQRDPLQXWRVGHGLVWDQFLDGH5LEH UDOWDFRQXQFDPLQREXHQR$FWXDOPHQWHODPD\RUSDUWHGHODVFRQVWUXFFLRQHVHVWiQGHWHULRUDGDV $OJXQDVKDQVLGRPHMRUDGDVFRQUHFXUVRVGHO3URJUDPDSHURVHDGYLHUWHODIDOWDGHPDQWHQLPLHQWR HQJHQHUDO0XFKDVFRQVWUXFFLRQHVHVWiQLOHJDOPHQWHRFXSDGDVSRUOXJDUHxRVTXHDSURYHFKDQHO GHVFXLGRGHO0XQLFLSLR(OHTXLSDPLHQWRTXHHO3URJUDPDSURSRUFLRQyHVWiHQXVR (OULHVJRGHRFXSDFLyQLOHJDOGHO&HQWUR7XPLFKXFXDDXPHQWDUiHQDJRVWRGHOSUHVHQWHDxRSRU FXDQWRFRQFOX\HHOFXUVRGH%DFKLOOHUDWR3HGDJyJLFR\GHELGRDTXHKDVWDGRQGHVHQRVLQIRUPyQR KD\XQQXHYRFRQWLQJHQWHGHHVWXGLDQWHVTXHORRFXSH (QORTXHVHUHILHUHDO3ODQGH&DSDFLWDFLyQOD6$(DFWXyHQGRVGLUHFFLRQHVHQODSULPHUDHWDSD HQDXVHQFLDGHXQSODQDMXVWDGRDOFRQWH[WRQXHYRTXHSODQWHDEDVXUHFLHQWHFUHDFLyQ 6$( 0'639$,32'HVDUUROORFRQ,GHQWLGDG3ROtWLFD1DFLRQDO,QGtJHQD\2ULJLQDULD %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 ,QWHQWyIRUPXODUXQSODQGHFDSDFLWDFLyQSDUDORFXDOGLROLQHDPLHQWRV\FRQWUDWyGRVFRQVXO WRUtDV/RVUHVXOWDGRVGHHVWDVFRQVXOWRUtDVVRQGLVtPLOHV\QRSDUHFHQKDEHUUHVSRQGLGRDORVOL QHDPLHQWRVGDGRV /DSULPHUDFRQVXOWRUtDSURGXFHXQDIRUPXODFLyQIDFWLEOHHLQWHUHVDQWHGHDFFLRQHVGHFDSDFLWD FLyQDXQTXHPLQLPL]DHOQXHYRFRQWH[WRGHUHIRUPDV(VWDSURSXHVWDQRSDUHFHKDEHUVDWLVIHFKR SRUFXDQWRVHFRQWUDWDXQDVHJXQGDFRQVXOWRUtD /DVHJXQGDFRQVXOWRUtDSURSRQHXQ6LVWHPD1DFLRQDOGH&DSDFLWDFLyQSDUDORV3XHEORV,QGtJH QDVDVHUHVWDEOHFLGRPHGLDQWHXQ'HFUHWR(VFRKHUHQWHFRQOD/H\GH5HIRUPD(GXFDWLYD /5(\HQPDWHULDSUHVXSXHVWDULDSODQWHDDIXWXURODSDUWLFLSDFLyQGH3UHIHFWXUDV\0XQLFL SLRV(QORLQPHGLDWRSURSRQHTXHHODSR\RWpFQLFR\ILQDQFLHURSDUDHOVLVWHPDGHSHQGDGHXQ )RQGRDOLPHQWDGRHQSULQFLSLRSRUODFRRSHUDFLyQLQWHUQDFLRQDO3RURWURODGRDVLJQDDOD 61(ODVFRPSHWHQFLDVTXHOHFRUUHVSRQGHQFRPRODDXWRUL]DFLyQ\VXSHUYLVLyQGHODVDFWLYLGD GHVGHIRUPDFLyQ\RFDSDFLWDFLyQGLULJLGDVDORVLQGtJHQDV\RDGRFHQWHVTXHVHDQSUHSDUDGRV SDUDODPLVPD/DUHYLVLyQGRFXPHQWDOPXHVWUDTXHHVWDFRQVXOWRUtDQRUHFLELyODFRQIRUPLGDG GHOD6$(KDVWDHQHURGHO1RVHKDSRGLGRHVWDEOHFHUVLSRVWHULRUPHQWHODREWXYR /DRWUDGHFLVLyQGHOD6$(IXHSUDJPiWLFD\SHUPLWLyLQLFLDUDFFLRQHVGHFDSDFLWDFLyQHQHODxR /D&RRUGLQDGRUDHQHVWDHWDSDLQIRUPDTXHHQDXVHQFLDGHXQSODQUHDGHFXDGRDOQXHYR FRQWH[WRORTXHVHKL]RIXHÚHDFFLRQDUIUHQWHDODFR\XQWXUDµTXHHQHVHPRPHQWRHVWDEDWHQ VLRQDGDSRUODVSULPHUDVHOHFFLRQHVPXQLFLSDOHVHQPXQLFLSLRVGH%ROLYLD(OFRQWHQLGRGH ODVDFFLRQHVGHFDSDFLWDFLyQGHHVHDxRWLHQGHDLQIRUPDUDORVSXHEORVLQGtJHQDVVREUHODVUHIRU PDVHQFXUVR\DIDFLOLWDUVXSDUWLFLSDFLyQHQXQQXHYRFRQWH[WRGHSRGHUORFDO/RVSDUWLFLSDQWHV IXHURQGLULJHQWHVLQGtJHQDVQRPEUDGRVSRUVXVFRPXQLGDGHV(QFXDQWRDORVFRQWHQLGRVHOSUL PHUFXUVRLQFRUSRUyFXDWURFRPSRQHQWHVMXUtGLFRDGPLQLVWUDFLyQPXQLFLSDOOHJLVODFLyQ\OH\GH WLHUUDV 1RH[LVWHLQIRUPDFLyQGRFXPHQWDOVREUHODFDSDFLWDFLyQLPSDUWLGDHQHVWHSHUtRGRSHURVHSXGR FRQVWDWDUHQODVHQWUHYLVWDVUHDOL]DGDVTXHHOQ~PHURGHHYHQWRVGHFDSDFLWDFLyQDVFHQGLyDWUHV\ TXHDVLVWLHURQDOUHGHGRUGHUHSUHVHQWDQWHVLQGtJHQDVGHO&KDFR\2ULHQWH/DFRRUGLQDFLyQ GHO3URJUDPDHQHVDpSRFDFDSLWDOL]yFRPRUHVXOWDGRGHHVWDFDSDFLWDFLyQHOKHFKRGHTXHFDQ GLGDWRVLQGtJHQDVJDQDURQSXHVWRVHQFLQFR$OFDOGtDV4XL]iVIXHSRUHVWDUD]yQTXHHOSUR\HFWR WUDWySRVWHULRUPHQWHGHD\XGDUDORV0XQLFLSLRVHQVXSURFHVRGHIRUWDOHFLPLHQWR9HUDFiSLWH 3DUDOHODPHQWHDODUHDOL]DFLyQGHHVWDVDFFLRQHVGHFDSDFLWDFLyQQRH[HQWDVGHFRQWUDGLFFLRQHVFRQ FHSWXDOHVSURFHGLPHQWDOHV\GHFRQIOLFWRVGHDXWRULGDGDOLQWHULRUPLVPRGHOD6$(HVWD6HFUHWDUtD KDEtDLGRGHVDUUROODQGRVXSURSLDYLVLyQVREUHORVSXHEORVLQGtJHQDVGHODVWLHUUDVEDMDV (QOD6$(GHILQtDVXYLVLyQHQORVVLJXLHQWHVWpUPLQRVDTXHODVHVWUXFWXUDV\XQLGDGHVRUJDQL ]DWLYDVLQGtJHQDVVHDQUHFRQRFLGDV\DUWLFXODGDVHQHOQLYHOPXQLFLSDO\ETXHODVRUJDQL]DFLRQHV LQGtJHQDVFXHQWHQFRQFDSDFLGDGHVSDUDODJHVWLyQGHVXGHVDUUROOR\SDUWLFLSDFLyQHQHOPDUFRPX QLFLSDO6HxDODEDFRPRRSRUWXQLGDGHVHOFRQWH[WRGHUHIRUPDV\ODUHVSRQVDELOLGDGPXQLFLSDOGHDWHQ GHUODVQHFHVLGDGHVLQGtJHQDVDVtFRPRODVEDVHVOHJDOHVHQWUHODVTXHVHPHQFLRQDEDHO´GHFUHWRGH FUHDFLyQGHO3URJUDPDGH&DSDFLWDFLyQ\)RUPDFLyQ,QGtJHQDGH7XPLFKXFXDµ\ODVH[SHULHQFLDV GHFDSDFLWDFLyQDSR\DGDVSRU$VGLTXHVHUtDQXQLQVXPRSDUDODGHILQLFLyQGHPHWRGRORJtDV\H[SH ULHQFLDVSLORWR &RQVHJXLUODSURPXOJDFLyQGHHVWHGHFUHWRQRVDEHPRVVLHQVXIRUPDRULJLQDOIRUPDD~QSDUWHGHOSODQRSHUDWLYRHQHO DxR %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 &RPRREVWiFXORVVHVHxDODEDIDFWRUHVGHRUGHQLQVWLWXFLRQDOSDUWLFXODUPHQWHODIDOWDGHFRRUGLQDFLyQ \ODVGLILFXOWDGHVGHUHODFLRQDPLHQWRWDQWRDOLQWHULRUGHOD61$(**FRPRFRQRWUDV6HFUHWDUtDV SDUWLFXODUPHQWHODGH3DUWLFLSDFLyQ3RSXODUSHURWDPELpQODGH(GXFDFLyQ7DPELpQVHPHQFLRQD EDIDFWRUHVLQKHUHQWHVDODVRUJDQL]DFLRQHV\SXHEORVLQGtJHQDV/RDQWHULRUKL]RTXHODDWHQFLyQGH OD6$(VHFRQFHQWUHHQHOWHPDGHWHQHQFLDGHODWLHUUDGHVFXLGiQGRVHODGHVFHQWUDOL]DFLyQGHVHUYL FLRVKDFLDSUHIHFWXUDV\PXQLFLSLRV -XVWDPHQWHDUDt]GHORVFRQIOLFWRVGHFRRUGLQDFLyQLQWHUQDGHOD6$(HOFRPSRQHQWHGHFDSDFLWD FLyQDWUDYHVyGXUDQWHODHWDSDFRPSUHQGLGDHQWUHILQHVGH\DJRVWRGHSRUXQDHVSHFLHGH UHFHVLyQHQODFXDOHVWXYRDFpIDORHOFDUJRGHFRRUGLQDGRUGHO3UR\HFWR(QHVWDHWDSDVLQHPEDUJR VHUHDOL]yDFFLRQHVGHFDSDFLWDFLyQSDUDHOIRUWDOHFLPLHQWRPXQLFLSDOSODQLILFDGDVSRUODFRRUGLQD FLyQDQWHULRU *EWISTIVEXMZEr (QFXDQWRDODVDFFLRQHVUHDOL]DGDVHQHOQXHYRSHUtRGRJXEHUQDPHQWDO²pVWDVIXHURQGHFLH UUH\VHGHVDUUROODURQFRQGRVSDUWLFXODULGDGHV(QSULPHUOXJDUODVDFWLYLGDGHVGHFDSDFLWDFLyQ OOHJDURQFRQEDVWDQWHHILFLHQFLDDORVEHQHILFLDULRVHOQ~PHURGHHYHQWRV\GHKRUDVDXODIXHHOPiV LQWHQVLYRHQODYLGDGHO3URJUDPD\VXDOFDQFHJHRJUiILFRIXHHTXLOLEUDGR(QVHJXQGROXJDUHQ FXDQWRDORVFRQWHQLGRVVHVLJXLyODOtQHDLQLFLDOpQIDVLVHQODSDUWLFLSDFLyQLQGtJHQDHQHOiPELWR PXQLFLSDOJHVWLyQ\DOJXQRVRWURVPyGXORVLQVSLUDGRVHQXQGLDJQyVWLFRDQLYHOGHEDVHFRQLQFOX VLyQGHORVWHPDVGHJpQHUR\RUDWRULD (O&RRUGLQDGRUQDFLRQDOGHHVWDpSRFDLQIRUPDTXHWDPELpQH[LVWtDODLQWHQFLyQGHDYDQ]DUHQHO WHPDGHODHGXFDFLyQIRUPDOGHVWLQDGDDODSREODFLyQHVFRODULQGtJHQDSHURTXHQRVHREWXYROD YHQLDGHOVHFWRU(GXFDFLyQ(QFXDQWRDODFDSDFLWDFLyQWDPELpQVHHVSHUDEDTXHGLFKRVHFWRUDXWR UL]DUDODFHUWLILFDFLyQGHORVFXUVRVORFXDOQRIXHSRVLEOH /DVDFWLYLGDGHVGHFDSDFLWDFLyQHQHVWDHWDSDVHGHVDUUROODURQFRQXQDPHWRGRORJtDLQWHUHVDQWH XQDEXHQDFDUJDKRUDULDKRUDVDXODGHWLSRSUHVHQFLDOFRPELQDGDVFRQWUDEDMRGHFDPSR\DSOLFD FLyQGHFRQRFLPLHQWRVDGTXLULGRVDODQiOLVLVGHWHPDVFRPXQLWDULRV/DHYDOXDFLyQGHODFDSDFLWD FLyQIXHEDVWDQWHFRPSOHWDGLDJQyVWLFRLQLFLDO\ILQDO1RVHKDSRGLGRFRQVWDWDUVLKXERXWLOL]DFLyQ GHPHGLRVDXGLRYLVXDOHVSHURODH[LVWHQFLDGHPDWHULDOHVWLSRWUDQVSDUHQFLDKDFHVXSRQHUTXHVH XWLOL]yUHWURSUR\HFWRUD6HGRWyDORVDOXPQRVGHPDWHULDOHVYLiWLFRV\KDVWDDWHQFLyQPpGLFDHQ FDVRQHFHVDULR (QWpUPLQRVFXDQWLWDWLYRVHO&XDGURSURSRUFLRQDXQDLQIRUPDFLyQJOREDOUHVSHFWRDORVHYHQWRV GHFDSDFLWDFLyQTXHIXHURQUHDOL]DGRVDORODUJRGHO3URJUDPD 6$( %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 &XDGUR1U(YHQWRVGHFDSDFLWDFLyQDSR\DGRVSRUHO3UR\HFWRSRUDxRVJHVWLyQGHFRRUGLQDFLyQ Q~PHURGHFXUVRVOXJDUHVGHUHDOL]DFLyQGXUDFLyQ\Q~PHURGHSDUWLFLSDQWHV %»S +IWXMºR 61IVGEHS 2VGYVWSW 0YKEVIW (YVEGMºR 2V(I %TVS\ 4EVXMGMT 3FWIVZEGMSRIW 'LEGS H¿EW %TVS\ SVMIRXI GY 'LEGS H¿EW 3VMIRXI GY %QE^SR¿E 8SXEP 3VMIRXI 4VSQ %QE^SR¿E H¿EW 'SRXIRMHSWGSLIVIRXIW 'LEGS GY )WPSUYIQÉWVIGYIVHERPSW 8SXEP FIRIJMGMEVMSW 2SI\MWXIMRJSVQEGMºRIWGVMXE 8SXEP 1IVGEHS 6SHV¿KYI^ r 'EPPIV )WGEPERXI 'SRXIRMHSWHIWGSRXI\ XYEPMÊHSWTEVEIPETS]SE 1YRMGMTMSW-RH¿KIREW -RJSVQEGMºRWMWXIQEXMÊHE )XHQWH(ODERUDFLyQSURSLDHQEDVHDLQIRUPDFLyQGRFXPHQWDO\HQWUHYLVWDV )WXVEXIKMEGSRXIRMHSW]QIXSHSPSK¿EHIGETEGMXEGMºR (QPDWHULDHGXFDWLYD\GHFDSDFLWDFLyQHOSUR\HFWRLQLFLDO*RELHUQR),'$SODQWHDEDHQWpUPL QRVJHQHUDOHVODQHFHVLGDGGHXQDHGXFDFLyQELOLQJHODDSURSLDFLyQGHO&HQWURGH7XPLFKXFXD SDUDORVSXHEORVLQGtJHQDV\XQPHMRUDPLHQWRGHODVRSRUWXQLGDGHVGHHGXFDFLyQDWUDYpVGHEHFDV REMHWLYRVDVHUDOFDQ]DGRVPHGLDQWHGHILQLFLRQHV\DFFLRQHVGHOSURSLRSUR\HFWR (QHODxRFXDQGRVHLQLFLyODHMHFXFLyQGHHVWHFRPSRQHQWH%ROLYLDDWUDYHVDEDSRUXQSUR IXQGRSURFHVRGHWUDQVIRUPDFLyQDUDt]GHODVUHIRUPDVGHHVRVDxRVVLHQGRSDUWLFXODUPHQWHLP SRUWDQWHVODV/H\HVGH3DUWLFLSDFLyQ3RSXODU\GH5HIRUPD(GXFDWLYD/DSULPHUDHVWDEOHFtDGHUH FKRVHVSHFtILFRVSDUDORVSXHEORVLQGtJHQDVDVtFRPRODWUDQVIHUHQFLDGHODLQIUDHVWUXFWXUDHGXFDWLYD DORV0XQLFLSLRVPLHQWUDVODVHJXQGDRILFLDOL]DEDODHGXFDFLyQELOLQJH\HVWDEOHFtDORVDOFDQFHVGH ODUHIRUPDHGXFDWLYDHQHVWHFDPSR(VWRVLJQLILFyTXHORVSODQWHDPLHQWRVGHOSUR\HFWRRULJLQDO IXHURQDPSOLDPHQWHVXSHUDGRVSRUODVQXHYDVOH\HVODHGXFDFLyQELOLQJHIXHDVXPLGDFRPRUHV SRQVDELOLGDGGHO(VWDGRDWUDYpVGHOD61(HO&HQWUR7XPLFKXFXDHUDDXWRPiWLFDPHQWHWUDQVIHUL GRDO0XQLFLSLR\ODSDUWLFLSDFLyQGHORVSXHEORVLQGtJHQDVTXHGDEDUHFRQRFLGDSRUODOH\(VWRV SURIXQGRVFDPELRVQRIXHURQDVXPLGRVVLQROHQWDPHQWHSHURD~QDVtHOFRQMXQWRGHUHIRUPDVGH HVHPRPHQWROOHJDURQDFRQVWLWXLUODEDVHWHyULFD\FRQFHSWXDOGHODVDFWLYLGDGHVGHFDSDFLWDFLyQ OOHYDGDVDFDERSRUHO3URJUDPD,QGtJHQD $ORODUJRGHFXDWURDxRVGHDFFLRQHVGHFDSDFLWDFLyQHOSUR\HFWRVHHQIUHQWyDXQSHUPDQHQWH FDPELyGHFRRUGLQDGRUHV\GHWpFQLFRVSHURVHPDQWXYRILHODORVREMHWLYRVTXHOHVHxDODEDHO3UR JUDPD,QGtJHQD\HQFRQVHFXHQFLDDVXVREMHWLYRVHVSHFtILFRV7DQWRHQODSULPHUDFRPRHQOD~OWL PDHWDSDODHOHFFLyQGHFRQWHQLGRVSDUDODVDFWLYLGDGHVGHFDSDFLWDFLyQEXVFDURQHQJHQHUDOÍRU WDOHFHUORVSURFHVRVGHJHVWLyQGHORVSXHEORVLQGtJHQDVµREMHWLYRJHQHUDO\VHDSR\DURQHQORVRE MHWLYRVHVSHFtILFRVGHOSUR\HFWR%2/FRPRHOGHÍRUWDOHFHUHQDVSHFWRVOHJDOHV\QRUPDWL YRVTXHDFWXDOPHQWHULJHQHQHOSDtVVHQVLELOL]iQGRORVHQHOFRPSURPLVRGHVXIRUPDFLyQSDUDHO DSR\RWpFQLFRDVXVFRPXQLGDGHVHQWUHRWURV(QFXDQWRDPRGDOLGDGHVRSHUDWLYDVIXHDSDUHQWH PHQWHSRVLEOHKDFHUFDPELRVGHSHQGLHQGRGHDFXHUGRVWRPDGRVHQODVUHXQLRQHVWULSDUWLWDVHQODV FXDOHVOD6$(RHO9$,32VHJ~QHOSHUtRGRSRGtDQSURSRQHUDMXVWHV (VGLItFLOHPLWLUXQMXLFLRJHQHUDOVREUHODFDOLGDGGHODFDSDFLWDFLyQLPSDUWLGDHQODSULPHUDHWDSD SRUFXDQWRQRH[LVWHODGRFXPHQWDFLyQQHFHVDULD3RUHOORVyORVHKDFHUHIHUHQFLDDORVFRQWHQLGRV TXHVRQDFHUWDGRVSDUDHVHWLHPSR\FRQWH[WR (QFXDQWRDORVFXUVRVLPSDUWLGRVSDUDHOIRUWDOHFLPLHQWRPXQLFLSDOGHPXQLFLSLRVGLULJLGRVRFR GLULJLGRVSRUSREODFLyQLQGtJHQDORVFRQWHQLGRVSDUHFHQEXHQRVSDUDQLYHOHVXQLYHUVLWDULRVSHUR %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 FRQDOJXQRVGHVDFLHUWRVSDUDORVVXSXHVWRVEHQHILFLDULRVGHOSUR\HFWR3RURWURODGRXQLQIRUPHGHO GHDEULOGHOLQGLFDTXHQRHVFLHUWRTXHHOQLYHOHGXFDWLYRGHORVMyYHQHVLQGtJHQDVVHDWDQ EDMRFRPRJHQHUDOPHQWHVHVXSRQHSRUTXHGHSDUWLFLSDQWHVHQHVWHFXUVRHOWHQtDQHOJUD GRGHEDFKLOOHURPiV\HOKDEtDFRQFOXLGRDOJ~QFXUVRGHHGXFDFLyQPHGLD3RUORWDQWRHO DSURYHFKDPLHQWRQRSDUHFHKDEHUVLGRQXOR(QHVWDRSRUWXQLGDGDQWHDXWRULGDGHVVXSHULRUHVGHOD 6$(WRGRVORVJUXSRVUHFODPDURQODFHUWLILFDFLyQXQWHPDUHFXUUHQWHHQHVWRVFDVRV /DFDSDFLWDFLyQLPSDUWLGDHQORVDxRV\WLHQHYDULRVDFLHUWRVHOPiVLPSRUWDQWHHVHO WLHPSRGHGXUDFLyQGHORVFXUVRV6HWUDEDMyFRQFLQFRPyGXORVFDGDXQRFRQXQDGXUDFLyQSUR PHGLRGHGtDVORTXHVXPDGtDVSRUDOXPQR(VWRSRUVtVRORSXHGHH[SOLFDUHOp[LWRGHODFD SDFLWDFLyQ3XHGHSUHJXQWDUVHVLHQHOHTXLSRGHO3URJUDPDKDEtDFRQFLHQFLDSUHYLDGHHVWHIDFWRUR VLSURFHGLyGHHVWDPDQHUDSDUDTXHODHMHFXFLyQGHORVUHFXUVRVVHDUiSLGD1RORVDEHPRVSHUROR TXHVtHVVHJXURHVTXHHVWDFDUJDKRUDULDSHUPLWLyXQDEXHQDDVLPLODFLyQ/DFDSDFLWDFLyQHSLVyGL FDGHPHQRVGHGtDVHVJHQHUDOPHQWHLQVXILFLHQWHSDUDHVWHWLSRGHSREODFLyQ /RVFRQWHQLGRVGHORVFXUVRVTXHORVHQWUHYLVWDGRVHQJHQHUDOFRQVLGHUDQUHOHYDQWHVLQFOX\HURQ DGHPiVGHORVPHQFLRQDGRVWHPDVFRPRPDWHPiWLFDVGHVWLQDGRVDUHSDUDUGHVLJXDOGDGHVGHQLYHO GHLQVWUXFFLyQ(VWRKDVLGRXQDFLHUWRVLVHWLHQHHQFXHQWDODKHWHURJHQHLGDGGHORVJUXSRVGH DOXPQRV(QHVWHFDVRQRVHDQRWyHOQLYHOLQGLYLGXDOGHHGXFDFLyQSUHYLDGHORVSDUWLFLSDQWHVXQD IDOODSHURORVWUDEDMRVUHDOL]DGRVSRUHOORVPXHVWUDQTXHVXQLYHOHUDDFHSWDEOH/D~QLFDFRQGLFLyQ TXHVHSXVRSDUDSDUWLFLSDUIXHTXHORVDOXPQRVVXSLHUDQOHHU\HVFULELU /RVUHVXOWDGRVGHODFDSDFLWDFLyQFRPRKDQVLGRSHUFLELGRVSRUHOHTXLSRHYDOXDGRUHQVXWUDEDMR GHFDPSRSXHGHQVHUFDOLILFDGRVFRPREXHQRVHQHOFRQWH[WRTXHSUHGRPLQDEDOXHJRGHODVUHIRU PDVGHORVDxRV\/DFDSDFLWDFLyQUHVSRQGLyDXQDQHFHVLGDGGHOPRPHQWRHQTXHVH GLR\TXHGHDOJXQDPDQHUDVHH[WLHQGHDQXHVWURVGtDVQHFHVLGDGGHODSREODFLyQHQJHQHUDO\GH ODSREODFLyQLQGtJHQDHQSDUWLFXODUGHFRQRFHUODVOH\HVVXVGHUHFKRVVXVREOLJDFLRQHV\VXVIRUPDV GHSDUWLFLSDFLyQ(QODHQVHxDQ]DVHXWLOL]yXQDEDWHUtDGHPDWHULDOHVRULJLQDOHV²OH\HVUHJODPHQ WRVHWF²TXHHVWDEDQGLUHFWDPHQWHUHODFLRQDGRVFRQODSUREOHPiWLFDLQGtJHQD,15$0$/H\ )RUHVWDO/33HWF 0EINIGYGMºRHIPEGETEGMXEGMºR 1RREVWDQWHORVORJURVFRPHQWDGRVDUULEDHVQHFHVDULRVHxDODUTXHHOSURJUDPDGHFDSDFLWDFLyQQR WXYRXQDHMHFXFLyQUHJXODU\TXHHVWXYRFDVLSHUPDQHQWHPHQWHDIHFWDGRSRUGLYHUVDVOLPLWDFLRQHV ♦ /DHMHFXFLyQFDUHFLyGHHVWUDWHJLD\GHFRQWLQXLGDGJHRJUiILFDGHILQLGD/DFDSDFLWDFLyQWXYR LQLFLDOPHQWHXQVHVJRJHRJUiILFRSXHVHVHQ&DPLULGRQGHVHGLRPiVFXUVRViUHDGRQGHVHHMH FXWDEDYDULRVSUR\HFWRV\FX\RGHVDUUROORHVHOPiVDYDQ]DGRGHODVWLHUUDVEDMDV6HKL]RPX\ SRFRLQLFLDOPHQWHHQOD$PD]RQtDGRQGHODVQHFHVLGDGHVHUDQPD\RUHV3RVWHULRUPHQWHODVDFWL YLGDGHVVHH[WHQGLHURQWDQWRDOD$PD]RQtDFRPRDO2ULHQWH(QOD~OWLPDHWDSDVHORJUyXQ HTXLOLEULRJHRJUiILFR ♦ /DFDSDFLWDFLyQVXIULySHUPDQHQWHPHQWHGHXQDFULVLVGHGLUHFFLyQ\GHDXWRULGDGDSDUWLUGHO DxRKXERGLIHUHQWHVLQLFLDWLYDVSHURQRH[LVWLyXQDGLUHFFLyQFRQWLQXDQLHVWDELOLGDGGHO SHUVRQDO3RUHVWHPRWLYR ♦ 1RKXERXQPRQLWRUHRDGHFXDGR\ORVDVSHFWRVPHWRGROyJLFRVGHSHQGLHURQGHODFDOLGDGGHORV FDSDFLWDGRUHVTXHIXHHQJHQHUDOEXHQD6LQHPEDUJRORVFDSDFLWDGRUHVQRUHFLELHURQRULHQWD FLyQQLH[LJHQFLDVUHVSHFWRDUHFXUVRVWpFQLFRVRPpWRGRVDSOLFDEOHVDODSREODFLyQEHQHILFLDULD 1RVHHYDOXyHOGHVHPSHxRGHORVFDSDFLWDGRUHV\HOORVQRSXGLHURQ´PHMRUDUµVXVWpFQLFDVSXHV ODFRPSRVLFLyQGHORVHTXLSRVIXHFDPELDQGR %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 ♦ (QORTXHWRFDDDVSHFWRVGHFRQWHQLGR\GHPpWRGRODFDSDFLWDFLyQVHGHVDUUROOyDSDUHQWH PHQWHVLQXQDDGHFXDGDFRRUGLQDFLyQFRQORVQLYHOHVGHGHFLVLyQSROtWLFD&RPRVHKDVHxDODGR DQWHULRUPHQWHHVWHSUREOHPDKDVLGRREVHUYDGRSDUWLFXODUPHQWHSRUODVDXWRULGDGHVDFWXDOHV GHO9$,32&RQVLGHUDQGRODSUHPXUDGHWLHPSRHQOD~OWLPDHWDSDGHFDSDFLWDFLyQHVLQFLHUWR VLKXELHUDVLGRSRVLEOHUHIRUPDUHOFXUULFXOXP\SUHSDUDUQXHYRVPDWHULDOHV(QWRGRFDVRFXDO TXLHUFDUHQFLDGHFRRUGLQDFLyQHQWUHHOQLYHOSROtWLFR\HOQLYHORSHUDWLYRGHFDSDFLWDFLyQGHEH VHUFRQVLGHUDGRFRPRXQDGHELOLGDG ♦ (QJHQHUDOODUDFLRQDOLGDGGHOJDVWRHQHOFRPSRQHQWHGHFDSDFLWDFLyQQRSDUHFHKDEHUVLGR XQDSUHRFXSDFLyQPD\RUGHO3URJUDPD6HKL]RDOJXQRVJDVWRVLQH[SOLFDEOHVFRPRHQODGRWD FLyQGHELFLFOHWDVEDMRHOUXEURGHWUDQVSRUWH\ODFRQWUDWDFLyQGHVHUYLFLRVGHFDSDFLWDFLyQ GHXQDHPSUHVDSRFRIDPLOLDUL]DGDFRQHOWHPDLQGtJHQDSDUDTXHpVWDGLHUDFXUVRVGHIRUWDOH FLPLHQWRPXQLFLSDO$VLPLVPRVHFRQWUDWyXQDFRQVXOWRUtDSDUDODDGPLQLVWUDFLyQGHO&HQWUR 7XPLFKXFXDTXHHPLWLyUHFRPHQGDFLRQHVLQDSOLFDEOHV/RVFXUVRVGHOD~OWLPDHWDSDLQFOX\H URQWDPELpQDOJXQRVJDVWRVVXSHUIOXRV ♦ 6HWUDEDMyVREUHDOJXQRVVXSXHVWRVTXHQRVHFXPSOLHURQSDUWLFXODUPHQWHHQORTXHFRQFLHUQH DODSDUWLFLSDFLyQGHOVHFWRU(GXFDFLyQDSHVDUGHTXHOD/5(HVFODUDHQODHQXQFLDFLyQGH PHGLGDV\IXQGDPHQWDFLRQHV/DVFRQVHFXHQFLDVGHHVWRVREUHHO&HQWUR7XPLFKXFXDKDQVLGR FRPHQWDGDVDQWHULRUPHQWHDHVWDVDOWXUDVVyORXQDDFFLyQILUPHGHODVDXWRULGDGHVJXEHUQD PHQWDOHVSRGUtDHYLWDUTXHDYDQFHHOGHWHULRUR\ODRFXSDFLyQLOHJDOGHO&7 $OH[WHULRUGHOSURJUDPD\GHVX8QLGDGGH*HVWLyQKXERWDPELpQDOJXQRVIDFWRUHVTXH SHUMXGLFDURQHOFXPSOLPLHQWRGHREMHWLYRV8QRGHHOORVKDVLGRODIDOWDGHSDUWLFLSDFLyQGHO0XQL FLSLRHQHO´SUR\HFWR7XPLFKXFXDµ3XHVWRTXHQRKDVLGRSRVLEOHHQFRQWUDULQIRUPDFLyQVREUHFXiO IXHHQVXpSRFDHOURO\ODDFWXDFLyQGHO5HVSRQVDEOHGHO&HQWURSDJDGRSRUHOSURJUDPDQRVH VDEHVLpOKL]RDOJ~QLQWHQWRGHLQYROXFUDUHO0XQLFLSLRRQR 3RUHOODGRSRVLWLYRVHSXHGHGHFLUTXHHQODJHVWLyQ9$,32VHDGYLHUWHXQDGHFLVLyQSROtWLFDRSRU ORPHQRVXQDFHOHULGDGRSHUDWLYDPiVJUDQGHTXHHQODHWDSDDQWHULRUSDUDORJUDUODFRQFOXVLyQGH ODHMHFXFLyQGHO3UR\HFWR/DHILFLHQFLDFRQTXHDFWXyHOHTXLSRGHFDSDFLWDFLyQSDUHFHLQGLFDUTXH ODSRVWXUDLQVWLWXFLRQDOGH9$,32KDEUtDIDFLOLWDGRODGHOHJDFLyQGHUHVSRQVDELOLGDGHVKDFLDHOQLYHO WpFQLFRDXQTXHHVWDGHOHJDFLyQDODYH]SXHGDKDEHUDIHFWDGRQHJDWLYDPHQWHODDGDSWDFLyQGHOD FDSDFLWDFLyQDORVOLQHDPLHQWRVSROtWLFRV -QTEGXS (OWUDEDMRGHFDPSRUHDOL]DGRSRUHOHTXLSRHYDOXDGRUHQORVGLIHUHQWHVOXJDUHVGHLPSOHPHQWDFLyQ GHODVDFWLYLGDGHVGHFDSDFLWDFLyQKDGDGRHOHPHQWRVGHMXLFLRSDUDVRVWHQHUTXHODVPLVPDVKDQ WHQLGRXQLPSDFWRSRVLWLYRDSHVDUGHTXHIXHURQIUDJPHQWDULDVGLVFRQWLQXDVGHGXUDFLyQYDULDEOH \DFDUJRGHGLIHUHQWHVHTXLSRV /RVEHQHILFLRVGHODFDSDFLWDFLyQOOHJDURQDDOUHGHGRUGHGLULJHQWHV\DPiVGHSHUVRQDV GLUHFWDPHQWH+XERLPSDFWRGHUHSOLFDFLyQSRUFXDQWRXQQ~PHURD~QQRSUHFLVDGRGHEHQHILFLD ULRVWXYLHURQRSRUWXQLGDGGHXWLOL]DUHVWRVFRQRFLPLHQWRVSDUDHMHUFHUFDUJRVHQODVHVWUXFWXUDVLQV WLWXFLRQDOHVGHVXiUHDPLHQWUDVRWURVXWLOL]DURQVXVFRQRFLPLHQWRVSDUDH[SOLFDUODVOH\HVHVWXGLDGDV HQVXVFRPXQLGDGHV /DVDFWLYLGDGHVGHFDSDFLWDFLyQKDQFRQWULEXLGRDXQDDPSOLDFLyQGHOQ~PHURGHFXDGURVGLULJHQFLDOHVLQGt JHQDVSXHVHOWUDEDMRGHFDPSRPRVWUyTXHDOJXQRVH[53*,HVWiQRFXSDQGRFDUJRVHQVXVFRPXQL GDGHV\RUJDQL]DFLRQHV 7DPELpQKXERXQLPSDFWRHQHOJUDGRGHSDUWLFLSDFLyQGH53*,HQFDUJRVPXQLFLSDOHV\GRFHQWHV6HWLHQH QRWLFLDVGHTXHDOPHQRVVLHWHH[53*,KDQDFFHGLGRDGLIHUHQWHVSXHVWRVS~EOLFRVLQFOX\HQGRSDU %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 WLFLSDFLyQHQORV&RPLWpVGH9LJLODQFLD\HQHO9$,327DPELpQKDQWUDEDMDGRFRPRLQVWUXFWRUHV FRQWUDWDGRVHQHOSURFHVRGHUHSOLFDFLyQGHORVPyGXORVGHFDSDFLWDFLyQ /DVDFWLYLGDGHVGHFDSDFLWDFLyQWDPELpQWXYLHURQXQLPSDFWRHQODVRUJDQL]DFLRQHVLQGtJHQDVSRU FXDQWRFRQWULEX\HURQDPHMRUDUODFDOLGDGGHODGHPDQGD(QWRGDVODVRUJDQL]DFLRQHVHQWUHYLVWDGDVVH YHULILFyXQDFODUDLGHQWLILFDFLyQGHVXVQHFHVLGDGHVGHPiVFRQRFLPLHQWRGHODVOH\HV\UHJODPHQWD FLRQHVYLJHQWHV(VWRQRTXLHUHGHFLUTXHODGHPDQGDVHUHVWULQMDDHVWRVFRQWHQLGRVSRUHOFRQWUD ULRDQLYHOGHODVRUJDQL]DFLRQHVLQGtJHQDVSRUHMHPSORHQOD&,'2%VHKDPHQFLRQDGRODQHFHVL GDGGHPiVFDSDFLWDFLyQSDUDODHODERUDFLyQGHSHUILOHVGHSUR\HFWRVGHFDSDFLWDFLyQSURGXFWLYDR HFRQyPLFRSURGXFWLYD )LQDOPHQWHKXERLPSDFWRGHUHSOLFDELOLGDG(QHOGHSDUWDPHQWRGH6DQWD&UX]DOJXQRVPyGXORVIXH URQUHSOLFDGRVJUDFLDVDODVJHVWLRQHVGHOUHSUHVHQWDQWHGHO9$,32SHUPLWLHQGRHOFRQRFLPLHQWRGH ODSUREOHPiWLFDLQGtJHQDHQXQEDUULRSDUWLFLSDQWHV(Q 6DQ0LJXHOGH9HODVFRVHWUDEDMyFRQLQGtJHQDVFKLTXLWDQRVSDUWLFLSDQWHV\HQYDULDVRWUDV FRPXQLGDGHVLQGtJHQDVVHKDUHDOL]DGRWDOOHUHVFRQDOUHGHGRUGHSDUWLFLSDQWHVPXMHUHV(OFRVWR HQHVWRVFDVRVSDUHFHKDEHUVLGRPHQRUSRUFXDQWRVHFRQWDED\DFRQPDWHULDOHV\PpWRGRV (QWRGRVORVFDVRVKDEODPRVGHXQDFRQWULEXFLyQGHO3URJUDPDDOLPSDFWRSRUFXDQWRYDULDV HQWLGDGHV²SDUWLFXODUPHQWHOD633KR\933'5²KDQUHDOL]DGR\UHDOL]DQWDUHDVGHGLIXVLyQGH ODVOH\HVDXQTXHGLULJLGDVSULQFLSDOPHQWHDOIRUWDOHFLPLHQWRPXQLFLSDO\DODSDUWLFLSDFLyQGHOD SREODFLyQHQJHQHUDO %PKYRSWETVIRHMÊNIW]VIGSQIRHEGMSRIWIWTIG¿JMGEQIRXIVIPEGMSREHEWEPXIQE HIGETEGMXEGMºR 1RHVVLHPSUHSRVLEOHFDPELDUORVFRQWHQLGRVGHSURJUDPDVHGXFDWLYRVVLJXLHQGRHOULWPRGHORV FDPELRVGHSROtWLFDHVSHFLDOPHQWHVL\DKD\PDWHULDOHVSXEOLFDGRV\HTXLSRVSUHSDUDGRV/RTXHVt VHSXHGHKDFHUHVDxDGLUDOFXUULFXOXPORVQXHYRVSDUDGLJPDV\SURFHGHUDFDPELRVVXEVWDQFLDOHV IXHUDGHORVWLHPSRVHQTXHRFXUUHQRSHUDWLYRVGHFDPSR 7RGRJUXSRKXPDQRGRQGHSUHYDOHFHQJUDGRVGHSREUH]DYLVXDOL]DODFDSDFLWDFLyQFRPRXQDSRVL ELOLGDGGHPHMRUDUVXVLQJUHVRVORFXDOQRLPSLGHTXHWDPELpQFDSLWDOLFHVXVFRQRFLPLHQWRVDIDYRU GHVXVOXFKDVRUHLYLQGLFDFLRQHVVRFLDOHVpWQLFDVRFRPXQLWDULDV3HURODYLVLyQOHJtWLPDSRUFLHUWR GHPHMRUDUVXVLWXDFLyQLQGLYLGXDOSXHGHGHULYDUHQH[SHFWDWLYDVRH[LJHQFLDVJUXSDOHVTXHHVQHFH VDULRSUHYHU\UHVSRQGHUFRQUDFLRQDOLGDG /DVDFFLRQHVGHFDSDFLWDFLyQSURSXHVWDVQRGHEHUtDQGXSOLFDUHVIXHU]RV$QWHVGHGHILQLUGHWDOOHVGH ORVSURJUDPDVYDOHODSHQDKDFHUDOJ~QJDVWRGHSUHLQYHUVLyQDILQGHHVWDEOHFHUORTXHRWURVDFWRUHV KDFHQRSLHQVDQKDFHUHQFDGDOXJDUORTXHDGHPiVSHUPLWLUtDXQDEXHQDFRRUGLQDFLyQIXWXUD $ILQGHHYLWDUJDVWRVVXSHUIOXRVTXHDYHFHVVRQIUXWRGHSRVLFLRQHVSDWHUQDOLVWDVORVSUR\HFWRVSR GUtDQDVLJQDUXQFLHUWRPRQWRSURPHGLRSURIRUPDSRUSHUVRQD\GtDGHFDSDFLWDFLyQSDUDJDVWRV RSHUDWLYRV (QFXDQWRDODFHUWLILFDFLyQFRUUHVSRQGHDO0(&'DQDOL]DUODSHUWLQHQFLDGHODPLVPD6LHQGROD FDSDFLWDFLyQXQDDFWLYLGDGFRPSOHMDTXHFXEUHXQDDPSOLDJDPDGHWHPDV\PRGDOLGDGHVVHUH TXLHUHWLHPSRSDUDGHILQLUVXVDOFDQFHV %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 &30r)P'SQTSRIRXIHI'SRWSPMHEGMºRHIPE-RJSVQEGMºR &ÉWMGE'IRWS6YVEP-RH¿KIREHI8MIVVEW&ENEW (VWHFRPSRQHQWHIRUPySDUWHLQWHJUDOGHOSUR\HFWR%2/(OFHQVRVHUHDOL]yHQHOSHUtRGR ²FRPHQ]DQGRHQHOSULPHUDxRFRQXQFHQVRSLORWRHQHO7HUULWRULR,QGtJHQD3DUTXH 1DFLRQDO,VLERUR6pFXUH/RVYRO~PHQHVILQDOHVSUHVHQWDQUHVXOWDGRVSRU5HJLyQ'HSDUWDPHQWR 3URYLQFLD6HFFLyQ0XQLFLSDOQLYHOHVGHDJUHJDFLyQTXHWRPDQHQFXHQWDHOFRPSRQHQWHGH3XH EORV,QGtJHQDVUHVSHFWRDODVFDUDFWHUtVWLFDVGHPRJUiILFDV\GLVWULEXFLyQHVSDFLDOHGXFDFLyQVDOXG VHUYLFLRVSURGXFFLyQ\FDUDFWHUtVWLFDVHFRQyPLFDVGHODSREODFLyQ (OSURGXFWRILQDOGHOWUDEDMRGHOFHQVRVHFRPSRQHGHHMHPSODUHVLPSUHVRVYRO~PHQHV\ PDJQpWLFRVGLVTXHWHVDGHPiVGHXQYLGHRDILFKHV\VWLFNHUVGHGLIXVLyQ(QORVGRFXPHQ WRVUHYLVDGRVVHLQGLFDTXHHOFHQVRKDVLGRGLVWULEXLGRWDQWRHQODpSRFDGHOD6$(HQFRP~Q DFXHUGRFRQHO3URJUDPD,QGtJHQDFRPRHQODDFWXDOJHVWLyQ1RVHKDREWHQLGRLQIRUPD FLyQUHVSHFWRDORVGHVWLQDWDULRVGHORVHMHPSODUHVGLVWULEXLGRV/RTXHVtVHKDSRGLGRFRQVWDWDUHV TXHHOFHQVRKDVLGRUHFLELGRSRUODPD\RUtDGHODVRUJDQL]DFLRQHVLQGtJHQDVYLVLWDGDV &RPRLQIRUPDFLyQDGLFLRQDOGHRWUDVIXHQWHVGXUDQWH\VHSUHVHQWyDO3URJUDPD,QGtJH QDHO6LVWHPDGH,QIRUPDFLyQ*HRJUiILFR(WQLFR6,*(7TXHFRQVWDGHDSUR[LPDGDPHQWHYD ULDEOHV\HVXWLOL]DGRFRPRFRQVXOWDDGLFLRQDODOFHQVR$VLPLVPRVHHODERUyHOGRFXPHQWR´3REOD FLyQ,QGtJHQD\6HFFLyQ0XQLFLSDOµUHODFLRQDGRVRODPHQWHD7LHUUDV%DMDV6HSURSXVRSURFHVDUHO &HQVR1DFLRQDOGH3REODFLyQ\9LYLHQGDGHSDUDORVPXQLFLSLRV\DSUR[LPDUFXDQWLWDWL YDPHQWHODSREODFLyQLQGtJHQDFRQWHQLHQGRWDPELpQLQIRUPDFLyQFXDOLWDWLYDHQEDVHDDOJXQRVLQ GLFDGRUHVGHORVPXQLFLSLRV(VWHGRFXPHQWRVHKDGHQRPLQDGR´3REODFLyQ,QGtJHQDHQ0XQLFLSLRV ²%ROLYLDµ /DFDOLGDG\FRQILDELOLGDGGHOFHQVRVRQFXHVWLRQDGDVSRUGLIHUHQWHVLQWHUORFXWRUHVGHTXLHQHVFDEH PHQFLRQDUHVSHFLDOPHQWHHO6U9LFHPLQLVWURGH9$,32'LIHUHQWHVSHUVRQDVVRVWLHQHQTXHORVGDWRV VRQGHGXGRVDYDOLGH]TXHODLQIRUPDFLyQHVVXSHUILFLDO\GLVWRUVLRQDGDTXHODVFLIUDV\YDULDEOHV VRQLQFRUUHFWDVFRQXQGHHUURU\TXHODOHQJXDHVXQDYDULDEOHOLPLWDGDSDUDGHWHUPLQDUOD LGHQWLGDGLQGtJHQD&RPRHVREYLRODPLVLyQGHHYDOXDFLyQQRWLHQHQLQJXQDSRVLELOLGDGGHYHULIL FDURUHIXWDUORVSODQWHDPLHQWRVFLWDGRVSHURWRGRLQGLFDTXHHQHIHFWRODFDOLGDGGHODLQIRUPD FLyQQRHVySWLPD &RPRFDXVDVGHODLQVXILFLHQWHFDOLGDGGHOFHQVRVHKDFLWDGRHOGLItFLODFFHVRDPXFKDVFRPXQLGD GHVGLILFXOWDGHV´DQWURSROyJLFDVµSUREOHPDVGHGHWHUPLQDFLyQGHODLGHQWLGDGLQGtJHQD\ODGHV FRQILDQ]DGHORVSXHEORVLQGtJHQDVKDFLDHO(VWDGRHQJHQHUDO\VXLGHDGHTXHHVWDFODVHGHHQFXHV WDVVLUYHQGHIXQGDPHQWRSDUDODUHFDXGDFLyQGHLPSXHVWRV(VWRTXLHUHGHFLUTXHHQHOPRPHQWR GHOFHQVRDOJXQRVHQFXHVWDGRVSXHGHQKDEHUGHOLEHUDGDPHQWHUHSRUWDGRPHQRUQ~PHURGHKDEL WDQWHVGHORUHDO 3RURWURODGRSDUHFHTXHDOJXQDVGHODVSHUVRQDVTXHFULWLFDQHOFHQVRSRUVXEHVWLPDUHOQ~PHURGH SHUVRQDVTXHFRPSRQHQODVGLVWLQWDVHWQLDVQRWLHQHQSUHVHQWHTXHVHWUDWDGHXQFHQVRUXUDOTXH GHDFXHUGRFRQVXSURSLDGHILQLFLyQGHODWDUHDQRLQFOX\HORVDVHQWDPLHQWRV´XUEDQRVµGHPiVGH KDELWDQWHV ,QGHSHQGLHQWHPHQWHGHODVGHILFLHQFLDVFXDOLWDWLYDVTXHSXHGDQKDEHUHQHO&HQVRpVWHVHGHEHFRQ VLGHUDUFRPRXQUHVXOWDGRLPSRUWDQWHGHO3URJUDPDWHQLHQGRHQFXHQWDTXHHVHOSULPHU&HQVR ,QGtJHQD\TXHSXHGHVHUYLUGHEDVHSDUDXQWUDEDMRPiVSHUIHFWRHQHOIXWXUR/DFDSDFLWDFLyQ\ H[SHULHQFLDTXHODVRUJDQL]DFLRQHVHPSDGURQDGRUHVLQGtJHQDVREWXYLHURQHQHOFRQWH[WRGHOOH YDQWDPLHQWRGHODLQIRUPDFLyQFHQVDOHVXQDQWHFHGHQWHLPSRUWDQWHSDUDTXHpVWDVSXHGDQSDUWLFL SDUPiVDFWLYDPHQWHHQHO&HQVR1DFLRQDOHQORTXHUHVSHFWDDORVSXHEORVLQGtJHQDV)LQDO %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 PHQWHFDEHVHxDODUTXHHQODPD\RUtDGHODVHQWUHYLVWDVUHDOL]DGDVWDQWRDQLYHOLQVWLWXFLRQDOFRPRD QLYHOGHORVGLULJHQWHVGHRUJDQL]DFLRQHVH[LVWHODRSLQLyQJHQHUDOL]DGDGHTXHHO&HQVROHVHV~WLO FRPRLQIRUPDFLyQGHUHIHUHQFLD &30r)PGSQTSRIRXIHI6EHMSGSQYRMGEGMSRIW 6HJ~Q&,'2%VXGHPDQGDLQLFLDOHUDXQDUDGLRGLIXVRUDSHURORTXHRIHUWyHO3URJUDPD,QGtJHQD FRPRSDUWHGHOSUR\HFWR%2/IXHURQHTXLSRVGHUDGLRFRPXQLFDFLyQFRQXQSUHVXSXHVWR LQLFLDOGHGyODUHVSDUDQXHYHHTXLSRV (QUHXQLRQHVFRQODVRUJDQL]DFLRQHVVHGHWHUPLQyTXHODUHGIXHUDFRRUGLQDGDSRUOD&,'2%&( 3,%$3*\HO3URJUDPD,QGtJHQD\TXHVHGHEtDUHDOL]DUODVVLJXLHQWHVDFWLYLGDGHV ♦ ,GHQWLILFDFLyQGHiUHDVGHLQVWDODFLyQ ♦ ,QVWDODFLyQ\PDQWHQLPLHQWRDFDUJRGHORVSURSLRVEHQHILFLDULRVFRQDVLVWHQFLDWpFQLFDGHO 3URJUDPD,QGtJHQD ♦ &DSDFLWDFLyQHQODRSHUDFLyQ\HOPDQWHQLPLHQWR ♦ $SRUWDFLyQGHODVRUJDQL]DFLRQHV\FRPXQLGDGHVGHODLQIUDHVWUXFWXUDQHFHVDULDSDUDGDU VRSRUWHDORVHTXLSRVGHUDGLR\DSR\RDORVRSHUDGRUHV (QRSLQLyQGHORVHQWUHYLVWDGRVHVWDVDFFLRQHVVHOOHYDURQDFDERVDWLVIDFWRULDPHQWH6HHQWUHJy PDWHULDOHVGLGiFWLFRVHQORVWDOOHUHVGHFDSDFLWDFLyQ\VHHVWDEOHFLyXQUHJODPHQWRSDUDVXXVR\IXQ FLRQDPLHQWR(QODVDFFLRQHVUHDOL]DGDVGHVWDFDODSDUWLFLSDFLyQGHMyYHQHVWDQWRKRPEUHFRPR PXMHUHV 9DULDVIXHQWHVLQGLFDQTXHVLELHQVHFRQWUDWyXQDFRQVXOWRUtDSDUDGHWHUPLQDUODySWLPDXELFDFLyQ GHODVUDGLRVODUHFRPHQGDFLyQGHHVWDFRQVXOWRUtDQRIXHWRPDGDHQFXHQWD(YLGHQWHPHQWHDOJX QDVUDGLRVWHUPLQDURQHQOXJDUHVTXHQRVRQSUHFLVDPHQWHGHRUJDQL]DFLRQHVRFRPXQLGDGHVLQGt JHQDV3RURWURODGRHVLPSRUWDQWHPHQFLRQDUTXHVLELHQHO3URJDPD,QGtJHQDKDDVLJQDGRFLHUWR Q~PHURGHUDGLRVODUHGHVPXFKRPiVDPSOLDSXHVRWURVLQVWDQFLDVWDPELpQKDQHQWUHJDGRHTXLSR DODVRUJDQL]DFLRQHV\FRPXQLGDGHVGHWLHUUDVEDMDV(QHVWHVHQWLGRODDSRUWDFLyQGHO3URJUDPD ,QGtJHQDYLHQHDIRUWDOHFHUODUHGGHUDGLRFRPXQLFDFLyQHQODTXHKDQSDUWLFLSDGRRWUDVLQVWDQFLDV SRUHMHPSOR'DQLGD 6HJ~QFRQVWDHQODGRFXPHQWDFLyQUHYLVDGDHOQ~PHURWRWDOGHHTXLSRVGHUDGLRFRPXQLFDFLyQDG TXLULGRVSRUHO3URJUDPD,QGtJHQDIXH&RQUHVSHFWRDODDVLJQDFLyQ\XELFDFLyQGHGHHVWDV UDGLRVHQWUHJDGDVFRQWUDUHFLERVODLQIRUPDFLyQPiVDFWXDOL]DGDVHHQFXHQWUDHQHOLQIRUPHGHO FRQVXOWRU(GZLQ9DUJDVGHOGHPD\RGH'HDFXHUGRDHVWHGRFXPHQWRGHORVHTXLSRV TXHIXHURQHQWUHJDGRVKDVWDILQHVGHVHHQFXHQWUDQHQ¶OXJDUGHVFRQRFLGR·$VLPLVPRLQGLFD TXHGHHVWDVUDGLRVGRVHVWiQHQRILFLQDVORFDOHVGHO9$,327ULQLGDG\9LOODPRQWHV\XQDHQOD 9LFHSUHVLGHQFLDGHOD5HS~EOLFD2WURVFXDWURHTXLSRVGHUDGLRFRPXQLFDFLyQKDQVLGRDGTXLULGRV FRQSUHVXSXHVWRGHOSUR\HFWR5/$*\HQWUHJDGRVSRUHO3URJUDPD,QGtJHQDDFXDWURFRPXQL GDGHVWDFDQD $FWXDOPHQWHVHUHSRUWDODH[LVWHQFLDGHLQWHUIHUHQFLDVHQODFODULGDGGHODVHPLVLRQHVUDGLDOHVGHELGR DODSRFDDVLJQDFLyQGHIUHFXHQFLDVTXHWLHQHQODVRUJDQL]DFLRQHVVXEFHQWUDOHV\FRPXQLGDGHVHQ DOJXQRVFDVRVODVIUHFXHQFLDVVRQSURYLVLRQDOHVRSUHVWDGDV$XQTXHVXVGLULJHQWHVPDQLIHVWDURQ KDEHUUHDOL]DGRDFFLRQHVFRQHOILQGHVROXFLRQDUHVWHSUREOHPDWDPELpQDILUPDURQQRFRQWDUFRQ ODVSRVLELOLGDGHVHFRQyPLFDVQLFRQHODVHVRUDPLHQWRWpFQLFRSDUDODUHJXODUL]DFLyQ\WUDPLWDFLyQ GHORVSHUPLVRVFRUUHVSRQGLHQWHV\SDUDODDVLJQDFLyQGHIUHFXHQFLDVDGLFLRQDOHV %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 ,QGXGDEOHPHQWHORVHTXLSRVGHUDGLRFRPXQLFDFLyQKDQFRQWULEXLGRHQWpUPLQRVJHQHUDOHVDXQD PD\RUDUWLFXODFLyQHQWUHODVRUJDQL]DFLRQHVLQGtJHQDV\DXQDILDQ]DPLHQWRGHODVUHODFLRQHVHQWUH HVWRVSXHEORV&RQUHODFLyQHVSHFtILFDDODHMHFXFLyQGHRWURVFRPSRQHQWHVGHO3URJUDPD,QGtJHQD VHSXHGHPHQFLRQDUTXHODVUDGLRVKDQWHQLGRLPSRUWDQFLDFRPRPHGLRVGHFRPXQLFDFLyQSDUDOD HMHFXFLyQGHHYHQWRVGHFDSDFLWDFLyQFRQYRFDWRULD3RUHORWURODGRHOQ~PHURGHHTXLSRVHQWUH JDGRVHVSHTXHxRHQUHODFLyQFRQODGHPDQGD\QRSDUHFHKDEHUH[LVWLGRQLQJXQDFRRUGLQDFLyQFRQ RWURVGRQDQWHVHQORTXHVHUHILHUHDODXELFDFLyQGHORVHTXLSRV /DLQYHUVLyQKHFKDHQORVHTXLSRVGHUDGLRFRPXQLFDFLyQKDVLGRMXVWLILFDGDSHURHOÚHWRUQRµRHO HIHFWRGHHVWDLQYHUVLyQSRGUtDKDEHUVLGRPiVJUDQGHVLVHKXELHUDKHFKR²\DFDWDGR²XQDQiOLVLV PiVFRQFLHQ]XGRUHVSHFWRDOSURSyVLWRODFRQILJXUDFLyQJHRJUiILFD\ODVXVWHQWDELOLGDGGHOVLVWHPD &30r)P'SQTSRIRXIHI4PERHI1ERINSHIP8IVVMXSVMS ;IIRLE]IO (VWHFRPSRQHQWHWXYRXQDDVLJQDFLyQSUHVXSXHVWDULDGHGyODUHVSDUDUHDOL]DUXQ3ODQGH 0DQHMRGHO7HUULWRULR:HHQKD\HN\GyODUHVSDUDXQ)RQGR5RWDWRULRGH$FWLYLGDGHV3UR GXFWLYDVSDUDORV:HHQKD\HN\ORV7DFDQD 3RUODOLPLWDFLyQGHWLHPSR\SRUODGLVWDQFLDHOHTXLSRGHHYDOXDFLyQQRWXYRSRVLELOLGDGDOJXQDGH YLVLWDUHOWHUULWRULRZHHQKD\HNQLWDPSRFRGHHQWUHYLVWDUDQLQJXQRGHORVVXSXHVWRVEHQHILFLDULRVR SDUWHVGLUHFWDPHQWHLQWHUHVDGDV/DVREVHUYDFLRQHVTXHVHKDFHDFRQWLQXDFLyQVHEDVDQHQHQWUH YLVWDVFRQSHUVRQDOGHOSUR\HFWR\HQHVWXGLRVGHXQDOLPLWDGDGRFXPHQWDFLyQ (Q\HO3URJUDPD,QGtJHQDSXVRHQPDUFKDXQWUDEDMREDVWDQWHLQWHQVRFRQUHODFLyQDO WHPDGHODGHOLPLWDFLyQGHOWHUULWRULRZHHQKD\HN\HIHFWXyXQHVWXGLRMXUtGLFRGHVXVLWXDFLyQ3RU WDQWRVHORJUyKDFHUXQWUDEDMRGHEDVHTXHPDQWLHQHVXXWLOLGDGSDUDHOIXWXUR6LQHPEDUJRHQ FXDQWRHO,QVWLWXWR*HRJUiILFR0LOLWDU\HO,15$LQWHUYLQLHURQHQHODVXQWRDILQGHFRPSOHWDUORV SDVRVTXHOHJDOPHQWHFRUUHVSRQGHQDHVWDVLQVWLWXFLRQHVHOSURFHVRIXHLQWHUUXPSLGR\KDTXHGDGR HVWDQFDGRKDVWDODIHFKD(VWDPLVLyQGHHYDOXDFLyQQRKDWHQLGRWLHPSRSDUDLQGDJDUHQORVSRU PHQRUHVGHHVWDVLWXDFLyQ6RODPHQWHVHKDUHJLVWUDGRXQDLQIRUPDFLyQSURYHQLHQWHGH9$,32HQ HOVHQWLGRGHTXHHQ´HO3URJUDPD,QGtJHQDWRPyDFFLRQHVSDUDLPSXOVDUQXHYDPHQWHHVWH WUDEDMRWUDQVILULHQGRODVDFFLRQHVDOSUR\HFWR7&28*7,V9$,32ILQDQFLDGRSRU'DQLGDµ'HV FRQRFHPRVORVUHVXOWDGRVGHHVWDVDFFLRQHV 3RUORGHPiVGXUDQWHODHWDSD²QRSDUHFHKDEpUVHOHGDGRPXFKRVHJXLPLHQWRDHVWH FRPSRQHQWH/DVDFWLYLGDGHVVHOLPLWDURQDFRQWUDWDUXQDFRQVXOWRUtDSDUDHOVHJXLPLHQWRDODFRQV WUXFFLyQHQ9LOODPRQWHVGHOD6HGHGHOD2UJDQL]DFLyQGHODV&DSLWDQtDV:HHQKD\HN7DSLHWH 25&$:(7$\DODHODERUDFLyQGHPDWHULDOGLGiFWLFRSDUDHOSXHEORZHHQKD\HN-DQcNH$O YDUVVRQ +DVWDGRQGHODPLVLyQGHHYDOXDFLyQKDSRGLGRYHUHO´FRPSRQHQWHZHHQKD\HNµQRKDFXPSOLGR FRQVXVREMHWLYRV1RVHKDUHDOL]DGRQDGDTXHVHSDUH]FDDXQ3ODQGH0DQHMR\HOSURFHVRGHGH OLPLWDFLyQGHOWHUULWRULRKDTXHGDGRLQFRQFOXVR6LELHQVHSURGXMRXQUHVXOWDGRSURGXFWRHQIRUPD GHODFRQVWUXFFLyQItVLFDGHOD6HGH25&$:(7$HVWDLQVWDODFLyQHVWiDEDQGRQDGD\HQGHVXVR VXSXHVWDPHQWHSRUFRQIOLFWRVLQWHUQRVHQWUHODSREODFLyQLQGtJHQD9$,32UHSRUWDTXH²OXHJRGH 7DQWRHQODVHQWUHYLVWDVUHDOL]DGDVFRPRHQODGRFXPHQWDFLyQFRQVXOWDGDDOKDEODUGHOFRPSRQHQWHZHHQKD\HNVLHPSUHVH KDFHUHIHUHQFLDSUHFLVDPHQWHDORV´ZHHQKD\HNµ6RODPHQWHHQHODVXQWRGHOD6HGH25&$:(7$VHLQWURGXFHUHSHQWL QDPHQWHODPHQFLyQGHORV´WDLSHWHµ$OJXQRVHQWUHYLVWDGRVKDQKDEODGRGHXQFRQIOLFWRHQWUHGRVJUXSRVGH´ZHHQKD\HNVµ SHURODPLVLyQTXHGDFRQODGXGDGHVLHVWRVFRQIOLFWRVQRHVWDUtDQWHQLHQGROXJDUHQWUH´ZHHQKD\HNVµ\´WDLSHWHVµ$OUHV SHFWRFDEHQRWDUTXHHQHOOLEUR´3XHEORV,QGtJHQDVGH7LHUUDV%DMDV&DUDFWHUtVWLFDV3ULQFLSDOHVµSXEOLFDGRSRU9$, %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 XQDYLVLWDRILFLDOHQRFWXEUHGHFRQMXQWDPHQWHFRQOD(PEDMDGDGH6XHFLD²KDWRPDGRDF FLRQHVSDUDKDFHUXVRGHHVWHLQPXHEOHSDUDDFWLYLGDGHVGHHGXFDFLyQ\FDSDFLWDFLyQ´HQWDQWRVH GHILQHQORVFRQIOLFWRVLQWHUQRVGHHVWHSXHEORµ (QFXDQWRDOIRQGRURWDWRULRSDUDSHTXHxRVSUR\HFWRVSURGXFWLYRVSDUHFHKDEHUVHLQLFLDGRXQIRQ GRGHHVWDFDUDFWHUtVWLFDSHURSRUIDOWDGHLQVWUXPHQWRV\VLVWHPDGHVHJXLPLHQWRQRVHFRQRFHTXH VHKD\DWUDWDGRGHHODERUDUDOJXQRVHSURFHGLyDODVXVSHQVLyQGHHVWDDFWLYLGDG &RQUHODFLyQDOHVWXGLRMXUtGLFRGHODVLWXDFLyQGHORVZHHQKD\HNSXHGHVHUFRQYHQLHQWHPHQFLRQDU HQHVWHFDStWXORTXHHOFRPSRQHQWH´(VWXGLR-XUtGLFR/HJDOµWDPELpQIRUPySDUWHLQWHJUDOGHOSUR \HFWR%2/WHQLHQGRXQDDVLJQDFLyQSUHVXSXHVWDOGHGyODUHVDVHUFRRUGLQDGRSRU HO3URJUDPD,QGtJHQD\HMHFXWDGRSRUOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR2,76HFRQVL GHUDEDFRPRUHVXOWDGRSUHYLVWRODSXEOLFDFLyQGHXQ(VWXGLR-XUtGLFR/HJDOVREUHODGRWDFLyQGH WHUULWRULRVDSXHEORVLQGtJHQDVTXHSHUPLWLHUDODHODERUDFLyQGHGHFUHWRVSDUDVXSURWHFFLyQHQHO PDUFRGHO&RQYHQLRGHOD2,7\GHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR%ROLYLDQR/D~QLFD LQIRUPDFLyQGRFXPHQWDOTXHDOUHVSHFWRSXGRREWHQHUHVWDPLVLyQLQGLFDTXHVHUHDOL]DURQGRV HVWXGLRVMXUtGLFRVGHODVLWXDFLyQGHODWHQHQFLDGHODWLHUUDHOXQR\DPHQFLRQDGRGHOWHUULWRULR ZHHQKD\HN\HORWURHQOD$PD]RQtD1RUWH$VLPLVPRVHVHxDODTXH²SUHYLRDFXHUGRFRQOD2,7² VHGHVDUUROODURQRWUDVDFWLYLGDGHVFRPRODHODERUDFLyQGHFDUWLOODVSDUDLQVWUXFWRUHVPDQXDOHVGH FDSDFLWDFLyQ\XQYLGHRGHDSR\RHGXFDWLYRWLWXODGR´(OQXHYRPDUFROHJDOGHORVSXHEORVLQGtJH QDVµ$OSDUHFHUWDPELpQVHOOHYyDFDERXQWUDEDMRFRQMXHFHV(OHTXLSRGHHYDOXDFLyQQRKDWH QLGRSRVLELOLGDGGHGHWHUPLQDUVLHVWRVWUDEDMRVKD\DQLQFLGLGRGHDOJXQDPDQHUDHQODOHJLVODFLyQ WHUULWRULDOFRQUHVSHFWRDORVSXHEORVLQGtJHQDV &30r3XVEW%GXMZMHEHIW6IEPMÊHEW (QDGLFLyQDORVFRPSRQHQWHVSUHYLVWRVTXHHVWiQLGHQWLILFDGRVHQORVGRFXPHQWRVGHSUR\HFWRGH %2/\%2/VHKDYHQLGRUHDOL]DQGRDFWLYLGDGHVTXHQRWLHQHQQLQJXQDUHODFLyQ HYLGHQWHFRQORVPLVPRV(VWHHVHOFDVRGHODFRQWUDWDFLyQGHODFRQVXOWRUD,3/DWLQDSDUDEULQGDU DVLVWHQFLDWpFQLFDDORVFLQFRPXQLFLSLRVGH/RPHUtD$VFHQVLyQGH*XDUD\RV8UXELFKi,]R]RJ\ %ROSHGUD1RH[LVWHQLQJXQDGRFXPHQWDFLyQTXHH[SOLTXH\UHVSDOGHODGHFLVLyQGHUHDOL]DUHVWD DFWLYLGDGTXHDGHPiVQRKDGHMDGRQLQJXQDHYLGHQFLDGHORJURVQLPXFKRPHQRVVHxDOHVGHTXH KD\DEHQHILFLDGRDODSREODFLyQLQGtJHQDGHHVWRVPXQLFLSLRV 2WURHMHPSORGHDFFLRQHVGHVFRQH[DV\GHVFRRUGLQDGDVHVHODSR\RTXHHOSUR\HFWR%2/ SURSRUFLRQyDODLPSUHVLyQGHO0DQXDOGH3ODQLILFDFLyQ3DUWLFLSDWLYDHQÉUHDV,QGtJHQDVHOFXDOIXH GHVDUUROODGRFRQMXQWDPHQWHSRU6$(6133&(5(6\&,'2%$TXtVHGLRXQDGXSOLFDFLyQGH HVIXHU]RV\DTXHHO9LFHPLQLVWHULRGH3DUWLFLSDFLyQ3RSXODU\)RUWDOHFLPLHQWR0XQLFLSDO 9033)0SXEOLFyHOPLVPROLEURFRQIRQGRVGHO%DQFR0XQGLDO(OFRQWHQLGRHVH[DFWDPHQWHHO PLVPRHQDPERVFDVRVOD~QLFDGLIHUHQFLDHVWiHQODVFXELHUWDV 32318'\ILQDQFLDGRSRU$VGLVHWUDWDDORV´ZHHQKD\HNµ\ORV´WDLSHWHµFRPRGRVHWQLDVGLIHUHQWHVFDGDXQDFRQVX FDStWXORSURSLR1RREVWDQWHHQHOPLVPROLEURVHGLFHSiJTXHÓDFUHDFLyQGH25&$:(7$HVXQDYDQFHHQODVROL GDULGDLQWHUpWQLFDVLQSUHFHGHQWHVHQWUHORVZHHQKD\HNµ(QWRQFHVSDUDREVHUYDGRUHVGHHVWHWHPDTXHQRVHDQDOWDPHQWH HVSHFLDOL]DGRVHQODDQWURSRORJtDGHOVXGHVWHEROLYLDQRSDUHFHUtDH[LVWLUDOJXQDFRQIXVLyQHQHOPDQHMRGHORVWpUPLQRV ´ZHHQKD\HNµ´WDLSHWHµHLQFOXVR´PDWDFRVµ %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 &30r%TS]SEP4VSKVEQE2EGMSREPHI(IWEVVSPPSHIPSW 4YIFPSW-RHMKIREWIR%WTIGXSWHI+ÃRIVS (OSUR\HFWRWXYRXQSUHVXSXHVWRLQLFLDOGHGyODUHV\HVWXYRHQHMHFXFLyQHQWUH\ DJRVWRGH6HJ~QODLQIRUPDFLyQREWHQLGDVHSXHGHLGHQWLILFDUWUHVHWDSDVGHOSUR\HFWR² ²PDU]RGH\PD\R²MXOLRGH (QODSULPHUDHWDSDHOWUDEDMRGHJpQHURVHHQIRFySULQFLSDOPHQWHHQGRVQLYHOHV ,QVWLWXFLRQDO'LVHxRGHOHVTXHPDWHyULFRPHWRGROyJLFRGHOWUDEDMRFRQPXMHUHVLQGtJHQDVHV GHFLUHQHQIRTXHGHJpQHURFRQSHUVSHFWLYDpWQLFDDVtFRPRODHODERUDFLyQGHHVWUDWHJLDV\SOD QHVGHWUDEDMR &DPSR6HQVLELOL]DFLyQ\FDSDFLWDFLyQDODVRUJDQL]DFLRQHVHQHODERUDFLyQGHSODQHVOLGHUD]JR LGHQWLILFDFLyQGHQHFHVLGDGHVGHJpQHURVRFLRHFRQyPLFDVGHSDUWLFLSDFLyQ\DVSHFWRVGHVDOXG (OSODQLQLFLDOGHWUDEDMRHQHVWRVGRVQLYHOHVVXIUHPRGLILFDFLRQHVSRUTXHOD6$(DPSOtDVXFREHU WXUDGHWUDEDMRFRQPXMHUHVHQIRFiQGRVHDHODERUDUSODQHVGHWUDEDMRFRQPXMHUHVLQGtJHQDVDO DQiOLVLV\UHIOH[LyQDWUDYpVGHODSODQLILFDFLyQSDUWLFLSDWLYDDLGHQWLILFDFLyQGHSUREOHPDVGHODV PXMHUHV\SURSXHVWDVGHVROXFLyQGHDFXHUGRDVXUHDOLGDG\GLVSRQLELOLGDGGHUHFXUVRVDOHVWUHFKD PLHQWR\FRPXQLFDFLyQHQWUHODVFRPXQLGDGHV\ODVSURSLDVPXMHUHV\DODLQWURGXFFLyQHQODVSROt WLFDVLQGtJHQDVGHO*RELHUQRGHODHVSHFLILFLGDGGHODVQHFHVLGDGHV\GHPDQGDVGHODVPXMHUHV (QHVWDHWDSDVHKDPHQFLRQDGRDOJXQDVGLILFXOWDGHVVXERUGLQDFLyQGHOHQIRTXHGHJpQHURGHQWUR GHOD6$(DODYDQFHPiVOHQWRGHOPLVPRGHQWURGHODVRUJDQL]DFLRQHVLQGtJHQDVVLHQGRVXVGHPDQ GDVSULQFLSDOHVODVUHODFLRQDGDVFRQHOWHPDWHUULWRULR\IDOWDGHFRRUGLQDFLyQFRQOD6XEVHFUHWDUtD GH*pQHUR/RVUHVXOWDGRVIXHURQSDUFLDOHVSRUORVFDPELRVHQHOHQIRTXHGHWUDEDMRODIDOWDGHLQ WHJUDFLyQGHOHTXLSRGHOSUR\HFWRDOD6$(\ODIDOWDGHSURSXHVWDVLQQRYDGRUDV 1RREVWDQWHVLFRQVLGHUDPRVHOREMHWLYRLQLFLDOGHOSUR\HFWRGHÍRUWDOHFHUODFDSDFLGDGGHO3URJUD PD,QGtJHQDHQODLQFRUSRUDFLyQGHORVDVSHFWRVGHJpQHURHQODIRUPXODFLyQGHSROtWLFDV\SUR\HF WRV«>\UHDOL]DU@DFFLRQHVGHDVLVWHQFLDGLUHFWD«DORVJUXSRVGHPXMHUHV«SDUDIRUWDOHFHUVXFDSDFL GDGGHJHVWLyQµVHSRGUtDLQGLFDUFRPRUHVXOWDGRVGHHVWDHWDSDODHODERUDFLyQGHDOJXQRVGRFX PHQWRVTXHVXSRQHPRVSXGLHURQVHUYLUGHEDVHSDUDODHYHQWXDOFRQWLQXLGDGGHOSUR\HFWRDVDEHU FRQGLFLRQHV\SRVLFLyQGHODVPXMHUHVLQGtJHQDVGH2ULHQWH&KDFR\$PD]RQLDHVWUDWHJLDSDUD LQWHJUDUHOHQIRTXHGHJpQHURDOD6$(\SODQ\HVWUDWHJLDGHWUDEDMRGHOD8QLGDGGHOD0XMHU,Q GtJHQD80,GHOD6$( (QODVHJXQGDHWDSDHOSUR\HFWRVHFRQFHQWUDHQ&DPLUL&KDFRUHDOL]DQGRDOJXQDVDFFLRQHVDLVODGDV HQ7HQWD\DSLODFUHDFLyQGHXQIRQGRURWDWRULRSDUDDSR\RDODFRPHUFLDOL]DFLyQGHFHUiPLFD\HQ ,]R]RXQDSR\RDODVWHMHGRUDVSDUDVHPEUDU\HVWRFDUDOJRGyQ$VLPLVPRVHLPSDUWLHURQFXUVRVGH FDSDFLWDFLyQFKDUODVVREUHGHUHFKRVGHORVSXHEORVLQGtJHQDV\OHJLVODFLyQ\SDUWLFLSDFLyQSRSXODU \VHUHDOL]ySURJUDPDVUDGLDOHVHQJXDUDQtWUDQVPLWLGRVHQUDGLRGLIXVRUDVGHODUHJLyQ3DUDHO SUR\HFWRGHJpQHURVyORÍXQFLRQDEDµHQ&DPLUL\VHJ~QORVGRFXPHQWRVFRQVXOWDGRVHVWDEDHQIR FDGRSULQLFLSDOPHQWHDIRUWDOHFHUODVRILFLQDVGHOD80,HQOD]RQD\DSURPRYHUODSDUWLFLSiFLyQGH PXMHUJXDUDQtHQVXVFRPXQLGDGHV\PXQLFLSLRVWDOOHUHVVREUH´PXMHU\RUJDQL]DFLyQµ\´QHFHVLGD GHV\GHUHFKRVµ (QODWHUFHUDHWDSDVHGDXQFDPELRDOSUR\HFWRFRQODSHUVSHFWLYDGHFLHUUHGHOPLVPR(OSUR\HFWRVH HPSDOPDDODVUHJLRQHV2ULHQWH\$PD]RQtD\VHGHGLFDDKRUDDGHWHFWDUGHPDQGDVGHFDSDFLWDFLyQ SDUDPXMHUHVLQGtJHQDVHQHOPDUFRGHODHMHFXFLyQGHO%2/$SDUWLUGHSUiFWLFDVGHFDSD FLWDFLyQGHORV53*,VHUHDOL]DQWDOOHUHVWHQGLHQWHVDGHILQLUDOJXQDVOtQHDVPDHVWUDVHQFXDQWRDORV UHTXHULPLHQWRVGHFDSDFLWDFLyQGHODVPXMHUHVGHGLVWLQWRVSXHEORVLQGtJHQDV %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 (QODVWUHVHWDSDVGHOSUR\HFWRVHSHUFLEHODDXVHQFLDGHXQDSODQLILFDFLyQTXHORJUHFRQFUHWDUELHQ ORVREMHWLYRVHVWDEOHFLGRVSRUHOSUR\HFWRDVtFRPRIDOWDGHDFXHUGRVLQWHULQVWLWXFLRQDOHV\FRQIOLFWR HQWUHODVSDUWHV /RVUHVXOWDGRVGHOSUR\HFWRSXHGHQVHUUHVXPLGRVFRPRVLJXH(QODSULPHUD\VHJXQGDHWDSDVH KDEUtDORJUDGRVHQVLELOL]DUDOFRQMXQWRGHOD61$(**HQODWHPiWLFDGHHWQLFLGDG\JpQHUR\HVWD EOHFLGROD]RVGHUHODFLRQDPLHQWRFRQDOJXQDVRUJDQL]DFLRQHVGHPXMHUHVLQGtJHQDVSDUDSURPRYHU \RIRUWDOHFHUVXSDUWLFLSDFLyQRUJDQL]DGD(QODWHUFHUDHWDSDIXHURQPX\DPSOLRVORVREMHWLYRVTXH VHSODQWHDURQGHWHFWDUODVGHPDQGDVGHFDSDFLWDFLyQ\IRUWDOHFHUODFDSDFLGDGGHRUJDQL]DFLyQ\ JHVWLyQGHODVPXMHUHVLQGtJHQDVSDUDODVSRFDVDFFLRQHVUHDOL]DGDVWDOOHUHV\HOFRUWRWLHPSR GLVSRQLEOH0XFKDVGHODVDVLVWHQWHVKDQPDQLIHVWDGRTXHHUDODSULPHUDYH]TXHSDUWLFLSDEDQHQ HVWHWLSRGHHYHQWRVGDGRTXHQRKXERFRQWLQXLGDGHQODFDSDFLWDFLyQHOUHVXOWDGRGHOWUDEDMRGHO %2/GHSRUVtSXHGHVHUPX\UHODWLYR 1RREVWDQWHHQHOWUDEDMRGHFDPSRFRQODVRUJDQL]DFLRQHVGH&,'23VHSXGRGHWHFWDUTXHRWUDV LQVWDQFLDV,%,6'LQDPDUFD)DPLO\&DUH,QWHUQDWLRQDO)&,&$5,7$6\RWURVKDQLQFLGLGRHQ FUHDUXQDVXHUWHGHFRQWLQXLGDGHQHOWHPDJpQHURDWUDYpVGHGLVWLQWDVDFFLRQHVFRQODVRUJDQL]D FLRQHVGHPXMHUHVIRUWDOHFLPLHQWRRUJDQL]DWLYRVDOXGFRPXQLFDFLyQDXGLRYLVXDOHWF 60%+r(IWEVVSPPS7SWXIRMFPIHIP4YIFPS8EGERE (OHTXLSRGHHYDOXDFLyQQRSXGRYLVLWDUHOWHUULWRULRWDFDQD6REUHHVWHSUR\HFWR²HQPDUFDGRHQHO 7UDWDGRGH&RRSHUDFLyQ$PD]yQLFD\FRQXQDDVLJQDFLyQGHGyODUHV²WDPSRFRVHREWXYR PXFKDLQIRUPDFLyQGHODVSHUVRQDVHQWUHYLVWDGDVSHURSRUORTXHVHKDSRGLGROHHU\HVFXFKDUpVWH HPSUHQGLPLHQWRKDGHMDGRSRFDVKXHOODV (QWUHSULQFLSLRVGH\RFWXEUHGHIXHURQUHDOL]DGDVDOJXQDVUHXQLRQHVRUJDQL]DWLYDVFRQ HOSXHEORWDFDQD/DVGHPDQGDVLQLFLDOHVGHORVWDFDQDWHQtDQTXHYHUFRQUDGLRSDUDXQSXHEOR UHFXSHUDFLyQFXOWXUDODUWHVDQtDVVHGHSDUDHO&RQVHMR,QGtJHQDGHO3XHEOR7DFDQD&,37$XVRV GHSODQWDVPHGLFLQDOHVVHFRQWUDWyXQFRQVXOWRU\SHODGRUDGHDUUR] 2ULJLQDOPHQWHpVWHSUR\HFWRIXHSHQVDGRFRPRXQRGHGHVDUUROORLQWHJUDO\VRVWHQLEOHVREUHODEDVH GHXQDVyOLGDRUJDQL]DFLyQGHORVWDFDQDSHURHQODSUiFWLFDQRVHUHDOL]DURQDFFLRQHVVXILFLHQWHVHQ WDOVHQWLGR(QORVKHFKRVVHDSR\yHQ ♦ ♦ ♦ ♦ ♦ 5DGLRV &RQVWUXFFLyQGHVHGHHQ7XPXSDVDFRQDSRUWHFRPXQLWDULRGHPDWHULDOHVORFDOHV (QWUHJDGHPHGLFDPHQWRVERWLTXLQHV &RQVXOWRUtDVREUHODOHQJXDWDFDQD &RQVXOWRUtD\GRFXPHQWR´,PSDFWRGHOD([SORWDFLyQGHOD0DGHUDHQOD(FRQRPtD GHO3XHEOR7DFDQDµ ♦ &RQVXOWRUtD\GRFXPHQWR´0DQHMRGH5HFXUVRV1DWXUDOHVGHO3XHEOR7DFDQDµ (QHOSHULRGRPD\RMXOLRVHOOHYDURQDFDERDOJXQDVDFFLRQHVWHQGLHQWHVDFRQFOXLUODHMHFXFLyQ GHHVWHSUR\HFWR²DOLJXDOTXHHQORVRWURVSUR\HFWRVGHO3URJUDPD,QGtJHQD6HUHDOL]DURQWDOOHUHV GHFDSDFLWDFLRQD53*,HQ7XPXSDVD\WUHVVHPLQDULRVWDOOHUHVSDUDODIRUPDFLyQGHUHFXUVRVKX PDQRVFDSDFHVGHDIURQWDUHOPDQHMRGHVXVUHFXUVRVQDWXUDOHVHTXLSRWpFQLFRGHO&,37$LQLFLD URQSDUWLFLSDQWHV\WHUPLQDURQKRPEUHV\PXMHUHVFRQKRUDVDXOD$VROLFLWXGGHO &,37$\SRUODIXHUWHGHPDQGDWDPELpQVHHIHFWXDURQFXDWURWDOOHUHVGHFDSDFLWDFLyQVREUH´PDUFR OHJDOµSDUDDSR\DUHOSURFHVRGHGHPDQGDGHODV7LHUUDV&RPXQLWDULDV\GH2ULJHQ7&2VGHORV WDFDQD %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 /DHMHFXFLyQGHOSUR\HFWRIXHDIHFWDGRSRUSUREOHPDVLQWHUQRVHQODSURSLDRUJDQL]DFLyQGHORV WDFDQD6HJ~QLQIRUPDFLRQHVUHFLELGDVLQFOXVRODVHGHGH&,37$TXHDOILQDOGHFXHQWDVIXHFRQV WUXLGRSRUHOSUR\HFWRLQFXPSOHFRQVXREMHWLYRV´QRIXQFLRQDµ 6LQHPEDUJRFRUUHVSRQGHDJUHJDUTXH9$,32HVWLPDHQDJRVWRGHTXH´HVWHSUR\HFWRWXYR DSHVDUGHDOJXQDVGLILFXOWDGHVXQEXHQUHVXOWDGRHQORTXHLPSOLFyHOIRUWDOHFLPLHQWRDO&RQVHMR ,QGtJHQDGHORV3XHEORV7DFDQD&,37$ODFDSDFLWDFLyQGHLQGtJHQDVWDFDQDVHQWHPDVSULRULDWLRV SDUDHOORVTXLHQHVKDQPRVWUDGRUpSOLFDVGHODFDSDFLWDFLyQUHFLELGDHQGLIHUHQWHVLQVWDQFLDVµ 60%+r%XPEWHIPSW4YIFPSW-RHMKIREWHIPE%QE^SRME&SPMZMERE /DOLPLWDFLyQGHWLHPSRKDLPSHGLGRFDVLSRUFRPSOHWRTXHODPLVLyQDQDOLFHODVDFWLYLGDGHV\UH VXOWDGRVGHHVWHSUR\HFWR/DSRFDLQIRUPDFLyQTXHVHSXGRFRQVLGHUDULQGLFDTXHWDPELpQHVWHSUR \HFWRVHHQPDUFyGHQWURGHO7UDWDGRGH&RRSHUDFLyQ$PD]yQLFDFRQXQPRQWRDVLJQDGRGH GyODUHV)XHHMHFXWDGRHQWUHMXOLRGH\PDU]RGHPHGLDQWHODFRQWUDWDFLyQGHYDULDVFRQ VXOWRUtDV(O$WODVIXHSXEOLFDGR\GLVWULEXLGRSRUHO)RQGR,QWHUQDFLRQDOGH'HVDUUROOR$JUtFROD ),'$\OD&RRSHUDFLyQ$QGLQDGH)RPHQWR&$)QRREVWDQWHDOJXQRVGHORVHQWUHYLVWDGRVGHO 318'9$,32\GHODVRUJDQL]DFLRQHVYLVLWDGDVPDQLIHVWDURQQRFRQRFHUOR 5HVSHFWRDOFRQWHQLGRGHO$WODVORVHQWUHYLVWDGRVTXHHVWXYLHURQUHODFLRQDGRVFRQGLFKRSUR\HFWR PHQFLRQDURQTXHVXLQIRUPDFLyQHVEiVLFD\TXHSDUDVXHODERUDFLyQQRVHUHWRPyWRGRORKHFKR FRQUHVSHFWRDOD$PD]RQLD3RU~OWLPRHVLPSRUWDQWHVHxDODUTXHVHJ~QVHLQGLFDHQODGRFXPHQ WDFLyQUHYLVDGDHVWHSUR\HFWRQRHVWXYRDOPDUJHQGHORVFDPELRV\OLPLWDFLRQHVLQVWLWXFLRQDOHVTXH DIHFWDURQDORVGHPiVSUR\HFWRV(QWRGRFDVRSRUHOFDUiFWHUPX\HVSHFtILFR\WpFQLFRGHOSUR\HFWR GHO$WODVHVSRFRSUREDEOHTXHXQDQiOLVLVPiVSRPHQRUL]DGRGHOPLVPRKDEUtDGDGRPD\RUHV DSRUWHVDODQiOLVLVJOREDOGHO3URJUDPD,QGtJHQD %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 '32'097-32)7 'SRGITXS]HMWI»SHIP4VSKVEQE-RH¿KIRE (OHTXLSRGHHYDOXDFLyQKDSHUFLELGRGHVGHTXHHPSH]yDHVWXGLDUGRFXPHQWRV\HQWUHYLVWDUSHUVR QDVTXHODGHILQLFLyQGHOFRQFHSWR´3URJUDPD,QGtJHQDµHVGLIXVD/DVFRQYHUVDFLRQHVTXHVHKD WHQLGRDOUHVSHFWRGHPXHVWUDQTXHHVWDLQWHUSUHWDFLyQQRHVFRPSDUWLGDSRU318'\9$,32 6LQHPEDUJRODPLVLyQFRQVLGHUDTXHOHFRUUHVSRQGHDQRWDUVXVSHQVDPLHQWRVVREUHHVWHWHPD (OWpUPLQR´3URJUDPD,QGtJHQDµDSDUHFHSRUSULPHUDYH]FRPRH[SUHVLyQDEUHYLDGDGHO´3URJUDPD 1DFLRQDOSDUDHO'HVDUUROOR3DUWLFLSDWLYR\$UPyQLFRGHORV3XHEORV,QGtJHQDVGHO2ULHQWH&KDFR \$PD]RQtDHQ%ROLYLDµ$TXt´3URJUDPD,QGtJHQDµVHUHILHUHWRGDYtDDXQSURJUDPDRXQSODQ TXHGHVFULEHDFFLRQHVTXHVHSURSRQHWRPDUHQHOIXWXUR(QRWUDVSDODEUDVDHVWDVDOWXUDVHO´3UR JUDPD,QGtJHQDµQRHVPiVTXHXQGRFXPHQWR /XHJRDSDUWLUGHTXHORVSUR\HFWRV%2/\%2/FRPLHQ]DQDVHUHMHFXWDGRVHQ \UHVSHFWLYDPHQWHHOWpUPLQR´3URJUDPD,QGtJHQDµVHDSOLFDDODVDFWLYLGDGHVUHDOHV\ FRQFUHWDVTXHVHOOHYDQDFDERGHQWURGHHVWRVSUR\HFWRV²SULPHURHOXQR\GHVSXpVORVGRV²SHUR DODYH]VHVLJXHXWLOL]DQGRHOPLVPRWpUPLQRFRPRGHQRPLQDFLyQGHO´GRFXPHQWRµLQLFLDO )LQDOPHQWHHQRWURVGRFXPHQWRV\RWURVFRQWH[WRVVHOHGDXQD´GHILQLFLyQµD~QPiVDPSOLDDO ´3URJUDPD,QGtJHQDµLQFOX\HQGRHQpOWDPELpQORVRWURVSUR\HFWRVILQDQFLDGRVSRUIRQGRVGHO 318'HLQFOXVRSUR\HFWRVILQDQFLDGRVSRURWURVGRQDQWHV 'HHVWDPDQHUDKD\XQDFRQIXVLyQHQWUHHO3URJUDPD,QGtJHQDFRPR´SURJUDPDGRFXPHQWRµ\HO 3URJUDPD,QGtJHQDFRPRXQFRQMXQWRGHSUR\HFWRVUHDOHVHQHMHFXFLyQ(QHOVHJXQGRVHQWLGROD GHILQLFLyQSDUHFHWRWDOPHQWHHOiVWLFDSXHVWRTXHFDGDYH]TXHVHLQLFLDXQQXHYRSUR\HFWRFRQORV SXHEORVLQGtJHQDVGHWLHUUDVEDMDVpVWHSDUHFHVHUFDOLILFDGRDXWRPiWLFDPHQWHFRPRSDUWHGHO´3UR JUDPD,QGtJHQDµ/DFRQVLGHUDFLyQPiVLPSRUWDQWHTXHVHGHEHKDFHUVREUHHVWDVLWXDFLyQQRHV TXHKDGLILFXOWDGRODGHOLPLWDFLyQGHOiUHDGHWUDEDMRGHODHYDOXDFLyQILQDOH[WHUQDVLQRTXHGHV YLUW~DODLGHDGHORTXHHVXQSURJUDPD8QSURJUDPDVHFRPSRQHGHSUR\HFWRVSHURSUR\HFWRV GHILQLGRVDELQLFLRHQHOPLVPRSURJUDPD\QRSUR\HFWRVTXHVXUJHQGHVSXpVGHPDQHUDDGKRFRSRU LQLFLDWLYDVTXHQRVHGHULYDQGHODSURJUDPDFLyQLQLFLDO (MWI»SHIPSWTVS]IGXSW&30]&30 (OSUR\HFWR%2/QRIXHGLVHxDGRGHDFXHUGRFRQHOHQIRTXHGHPDUFROyJLFRFRQIXQGHORV REMHWLYRVGHOSURSLRSUR\HFWRFRQORVREMHWLYRVGHODLQVWLWXFLyQTXHSUHWHQGHIRUWDOHFHUFUHDU\FRQ ORVREMHWLYRVGHO3URJUDPD,QGtJHQDGRFXPHQWR(OLQWHQWRTXHVHKDFHHQHVWHGRFXPHQWRGHSUR \HFWRGHGHILQLU\FRQFUHWL]DUORVUHVXOWDGRVSURGXFWRVSUHYLVWRVQROOHJDORVXILFLHQWHPHQWHOHMRV SRUORFXDOUHVXOWDLPSRVLEOHGHWHUPLQDUREMHWLYDPHQWHH[SRVWVLHOSUR\HFWRFXPSOLyFRQVXVRE MHWLYRVRQR$VXPLHQGRXQDSRVWXUDPiVSUDJPiWLFDVHSXHGHGHFLUTXHHOSUR\HFWR%2/ KDEUiFXPSOLGRFRQVXVREMHWLYRVHQODPLVPDPHGLGDHQTXHHOSUR\HFWR%2/KD\DFXP SOLGRFRQORVVX\RV(QVXIDVHGHHMHFXFLyQORVGRVSUR\HFWRVVHHQWUHPH]FODQ\HO%2/ SLHUGHLGHQWLGDGSURSLD &RPRFRPHQWDULRPX\IDYRUDEOHUHVSHFWRDOGLVHxRGHOSUR\HFWR%2/VHGHEHGHVWDFDUTXH KDFHXQDQiOLVLVPX\FRQFLHQ]XGRGHODVSHUVSHFWLYDVGHVXVWHQWDELOLGDGGHORVULHVJRV\ORVIDFWRUHV H[WHUQRV(OKHFKRGHTXHODVVXSRVLFLRQHVKHFKDVUHVXOWDURQVHUGHPDVLDGRRSWLPLVWDVQRGHEH %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 UHVWDUSHVRDHVWDREVHUYDFLyQ(OGLVHxRGHO%2/UHVSRQGLyDGHFXDGDPHQWHDXQDVLWXD FLyQOOHQDGHLQFHUWLGXPEUHVHQTXHQRVHWUDWDEDWDQWRGHGLVHxDUXQSUR\HFWRGHPDQHUDRUWRGR[D VLQRPiVELHQGHGDUDOJ~QWLSRGHHVWUXFWXUDPtQLPDDOSULPHUSDVRGHXQSURFHVRGHFRQFOXVLyQ PX\GLVWDQWH\SRFRSUHYLVLEOH (OSUR\HFWR%2/UHIOHMDXQFRQRFLPLHQWRWHyULFRGHOHQIRTXHGHPDUFROyJLFRSHURHVWH FRQRFLPLHQWRQRKDVLGRELHQDSOLFDGRHQODSUiFWLFD+D\VHxDOHVGHTXHHQHOGLVHxRGHHVWHSUR \HFWRVHKDUHVSRQGLGRGHPDVLDGRD´GHPDQGDVµSXQWXDOHV\DLVODGDVSRUORFXDOHOSUR\HFWRKD OOHJDGRDLQFRUSRUDUXQQ~PHURGHPDVLDGRJUDQGHGHFRPSRQHQWHV\DFWLYLGDGHV2EYLDPHQWHHVWH SUR\HFWR²FRPRFXDOTXLHURWUR²GHEtDUHVSRQGHUDODVQHFHVLGDGHV\GHPDQGDVGHVXVEHQHILFLD ULRVSHURQRVLQDQWHVKDFHUXQEXHQDQiOLVLVGHODVSULRULGDGHV\ODVLQWHUUHODFLRQHVOyJLFDVTXHSX GLHUDQKDEHUHQWUHORVJUDQGHVREMHWLYRVGHOSUR\HFWR\ODVGHPDQGDVSRUXQODGRÓyJLFDYHUWLFDOµ \HQWUHODVPLVPDVGHPDQGDVLQGLYLGXDOHVHQVtSRUHORWURODGRÓyJLFDKRUL]RQWDOµ&XDQGRORV UHFXUVRV\ODV´HQHUJtDVµGHXQSUR\HFWRVHGLVSHUVDQHQWUHGHPDVLDGRVFRPSRQHQWHVODVFRQVHFXHQ FLDVVRQREYLDVORVUHFXUVRVDVLJQDGRVDFDGDFRPSRQHQWHVHUHGXFHQDYHFHVSRUGHEDMRGHOPtQL PRQHFHVDULR\ODVWDUHDVGHFRRUGLQDFLyQ\DGPLQLVWUDFLyQGHOSUR\HFWRVHWRUQDQH[FHVLYDPHQWH FRPSOLFDGDV 2WUDGHELOLGDGHQHOGLVHxRGHOSUR\HFWR%2/HVVXHVFDVDRQXODDWHQFLyQDORVWHPDVGH VXVWHQWDELOLGDGGHHVWUXFWXUDRUJDQL]DFLRQDO\GHGLVWULEXFLyQGHUROHVHQWUHODVGLIHUHQWHVLQVWLWX FLRQHV\QLYHOHVTXHWHQtDQTXHLQWHUYHQLUHQVXHMHFXFLyQ 3VKERMÊGMºR'SSVHMREGMºR+IWXMºR]%HQMRMWXVEGMºRHIPSW4VS]IGXSW (OKHFKRGHTXHHOSURJUDPDLQGtJHQDKDYLYLGRGRVFDPELRVGHJRELHUQRFRQVXVFDPELRVGHHV WUXFWXUDVPLQLVWHULDOHV\GHSROtWLFDV\TXHKDSDVDGRSRUXQDHWDSDGHLQWHQVDUHIRUPDOHJLVODWLYDHQ WHPDVtQWLPDPHQWHOLJDGRVFRQHOiUHDGHWUDEDMRGHORVSURSLRVSUR\HFWRVSXHGHFRQVLGHUDUVHFRPR ODUD]yQIXQGDPHQWDOGHODVGLILFXOWDGHVTXHVHKDQSUHVHQWDGRHQODJHVWLyQGHORVSUR\HFWRV %2/\%2/ 2WUDUD]yQLPSRUWDQWHSDUHFHKDEHUVLGRODLQVXILFLHQWHFODULGDG\HVWDELOLGDGHQODGLVWULEXFLyQ GHSDSHOHV\UHVSRQVDELOLGDGHVHQWUHHO318'SRUXQODGR\6$(\9$,32SRUHORWURODGR$O 318'VHOHDFXVDGHGHVFXLGDUHOVHJXLPLHQWR\PRQLWRUHRGHORVSUR\HFWRVSHURWDPELpQDOWHUQD WLYDPHQWHGHLQPLVFXLUVHGHPDVLDGRHQVXHMHFXFLyQRKDVWDGHDSURSLDUVHGHOSURJUDPD(QOD pSRFD61$(**6$(VHJ~QGLIHUHQWHVWHVWLPRQLRVVHGHVDUUROOyWRGRXQMXHJRGHUHODFLRQHVSHU VRQDOHVHQWUHORVQLYHOHVGH&RRUGLQDGRU6XEVHFUHWDULD6HFUHWDULR\IXQFLRQDULRVGHO318'SDUD YLDELOL]DUFLHUWDVDFWLYLGDGHV\SDUDIUHQDURWUDV(QODpSRFD9$,32VHJ~QVHSXHGHFRQFOXLUGHORV WHVWLPRQLRVGHVXVSURSLRVQLYHOHVGLUHFWLYRVHOSURJUDPD²RVXXQLGDGGHJHVWLyQ²FREUyXQDFRQ VLGHUDEOH²¢HLQGHVHDEOH"²DXWRQRPtD'HKHFKRHQDOJXQRVSXQWRVHOFUtWLFRPiVVHYHURGHOSUR JUDPDHVODGLUHFWLYDGH9$,32DSHVDUGHTXHHVHVWDPLVPDGLUHFWLYDODTXHWLHQHODUHVSRQVDELOL GDGIXQGDPHQWDOGHOSURJUDPDVLHQGR9$,32HOHQWHGHHMHFXFLyQJXEHUQDPHQWDOGHORVGRVSUR \HFWRV /RVPHFDQLVPRVIRUPDOHVGHFRRUGLQDFLyQKDQVLGRGRVUHXQLRQHVWULSDUWLWDVDQXDOHV\SURGXFFLyQ \GLVWULEXFLyQGHLQIRUPHVGHDYDQFH3RUQRKDEHUFRQWDGRFRQXQDFROHFFLyQLQGLVFXWLEOHPHQWH FRPSOHWDGHGRFXPHQWRVORVHYDOXDGRUHVQRKDQSRGLGRYHULILFDUHOFXPSOLPLHQWRGHOSURJUDPDGH UHXQLRQHVWULSDUWLWDVDQXDOHV(QFXDQWRDORVLQIRUPHVGHDYDQFHHVWRVKDQVLGRLUUHJXODUHVSRFR XQLIRUPHV\DYHFHVGHGXGRVDFDOLGDGWpFQLFDFDUDFWHUtVWLFDVTXHLQGXGDEOHPHQWHKDQUHGXFLGRVX XWLOLGDGFRPRLQVWUXPHQWRVGHVHJXLPLHQWR/DGLVWULEXFLyQGHORVLQIRUPHVSDUHFHQRKDEHUVLGR WDQFRPSOHWD\RSRUWXQDFRPRKXELHUDVLGRGHVHDEOH %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 (QUHVXPHQODPLVLyQFRQVLGHUDTXHHO318'²DOLQLFLRGHO3URJUDPD,QGtJHQD\DQWHVGHpO²KD MXJDGRXQSDSHOPX\LPSRUWDQWH\SRVLWLYRSDUDSRQHUHOWHPDLQGtJHQDHQHODJHQGDGHOHVWDGR EROLYLDQRHLQFOXVRSDUDLQLFLDUXQDVHULHGHDFFLRQHVFRQFUHWDV0iVDGHODQWHVLQHPEDUJR\WDOYH] GHELGRHQDOJ~QJUDGRDORVIUHFXHQWHVFDPELRVGHSHUVRQDOHQHO318'HVWHRUJDQLVPRSDUHFH KDEHU´VROWDGRµHO3URJUDPDHQFLHUWRVSHUtRGRVPLHQWUDVHVSRVLEOHWDPELpQTXHHQRWURVPR PHQWRVKD\DKHFKRXQDTXHRWUDLQWHUYHQFLyQQRPX\DFHUWDGD $VGLKDWHQLGRXQDGHFXDGDDFWXDFLyQHQODHMHFXFLyQGHOSUR\HFWR%2/3UREDEOHPHQWHVH KDYLVWRREOLJDGRDLQWHUYHQLUPiVGHORTXHHVXVXDOSDUDXQSURYHHGRUGHFRVWRFRPSDUWLGRGHEL GRDORVSUREOHPDVTXHSHULyGLFDPHQWHVHKDQSUHVHQWDGRHQODLQWHUDFFLyQHQWUHODVSDUWHVPiV GLUHFWDPHQWHUHVSRQVDEOHV+D\LQGLFLRVGHTXHHVWDVLQWHUYHQFLRQHVKDQD\XGDGRDGLVROYHUDOJXQRV QXGRV (Q6$(\9$,32VHKDYLVWRDFWXDFLRQHVHQpUJLFDV\DFHUWDGDVGHSDUWHGHYDULDVSHUVRQDVUHODFLR QDGDVFRQORVSUR\HFWRVSHURODVLQVWLWXFLRQHVFRPRWDOHVKDQVLGRGpELOHV/DIyUPXODGHHMHFXFLyQ JXEHUQDPHQWDOGHHVWRVSUR\HFWRVQRVHKDGHPRVWUDGRFRPRODPiVDGHFXDGD )JMGMIRGME /DHMHFXFLyQGHORVSUR\HFWRV%2/\%2/KDVLGRPX\SRFRHILFLHQWHFRQVLGH UDQGRTXHORVUHVXOWDGRVTXHDOILQVHORJUDURQ²HQPHQRUFDQWLGDGGHORSUHYLVWR²IXHURQREWHQL GRVVREUHSHUtRGRVGHXQRV\DxRVHQYH]GHORV\DxRVRULJLQDOPHQWHSUHYLVWRV3RUORVGLIH UHQWHVIDFWRUHVGHGLVFRQWLQXLGDGTXHKDQDIHFWDGRORVSUR\HFWRV²\SRURWUDVUD]RQHV²WDPELpQVH KDLQFXUULGRHQGXSOLFDFLyQGHHVIXHU]RVUHSHWLFLyQGHDFFLRQHVHMHFXFLyQGHDFWLYLGDGHVGHVFR QHFWDV\QRFRQVLGHUDGDVRULJLQDOPHQWHHWFWRGRORFXDOKDOOHYDGRDXQDXWLOL]DFLyQPHQRVTXH ySWLPDGHORVUHFXUVRVILQDQFLHURV'XUDQWHEXHQDSDUWHGHOWLHPSRHOPDQHMRIRUPDO DGPLQLVWUDWLYRGHORVUHFXUVRVKDVLGRVXPDPHQWHLQVDWLVIDFWRULRDXQTXHVHKDREVHUYDGRXQFRQVL GHUDEOHPHMRUDPLHQWRHQHVWHDVSHFWRDSDUWLUGH )JMGEGME 6LGHILQLPRVHILFDFLDFRPRHOJUDGRGHORJURGHORVREMHWLYRVHVSHFtILFRVGHORVSUR\HFWRVVHSXHGH DQRWDUp[LWRVUHODWLYRVHQDOJXQRV\IUDFDVRVHQRWURV(QORTXHVHUHILHUHDOFRPSRQHQWHGHFRQVROL GDFLyQGHODLQIRUPDFLyQEiVLFDHOHTXLSRGHHYDOXDFLyQRSLQDTXHHOREMHWLYRKDVLGRDOFDQ]DGR FRQVLGHUDQGRODUHDOL]DFLyQGHO&HQVR,QGtJHQD\VXFDOLGDGDVtFRPRODVHWQRJUDItDV(QHOWHPDGH ODFDSDFLWDFLyQKD\TXHFRQVWDWDUTXHQRVHORJUyFUHDUXQ6LVWHPDGHFDSDFLWDFLyQQLHQ7XPL FKXFXDQLHQQLQJXQDRWUDSDUWH/RTXHVtVHKDORJUDGRHVGLVHxDU\HMHFXWDUXQSURJUDPDGHFD SDFLWDFLyQGXUDQWHXQFLHUWRSHUtRGRTXHKDUHVSRQGLGRELHQDODVGHPDQGDVH[LVWHQWHVHQVXPR PHQWR\TXHHVPX\DSUHFLDGRSRUVXVEHQHILFLDULRVGLUHFWRVHLQGLUHFWRVSHURTXHSRUHORWURODGR² KDVWDHOPRPHQWR²QRKDDGTXLULGRVRVWHQLELOLGDG /RVJUDGRVGHHILFDFLDGHORVGHPiVFRPSRQHQWHVVRQGLVFXWLEOHVORVHTXLSRVGHUDGLRFRPXQLFDFLR QHVKDQWUDtGREHQHILFLRVDVXVXVXDULRVSHURVHUtDPX\DWUHYLGRSURQXQFLDUVHUHVSHFWRDVLWDOHV EHQHILFLRVOOHJDQRQRDOQLYHOGHORHVSHUDGRSRUORVGLVHxDGRUHVGHOSUR\HFWR(QRSLQLyQGHO HTXLSRGHHYDOXDFLyQODLQWHUYHQFLyQHQHOWHUULWRULRZHHQKD\HNWLHQHTXHFRQVLGHUDUVHFRPRXQ IUDFDVR²LQGHSHQGLHQWHPHQWHGHFXDOHVKD\DQVLGRORVIDFWRUHVFDXVDQWHV/DFRQVWUXFFLyQItVLFDGH XQDVHGHQRUHSUHVHQWDHQVtPLVPRXQFXPSOLPLHQWRGHQLQJ~QREMHWLYRVLQRVRODPHQWHODWHUPLQD FLyQGHXQSURGXFWR0LHQWUDVHOHGLILFLRQRHVXWLOL]DGRSDUDDOJXQDDFWLYLGDGTXHIRPHQWHHOGHVD UUROORGHHVWDSREODFLyQVXH[LVWHQFLDPDWHULDOHVLUUHOHYDQWH %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 -QTEGXS (YDOXDUHOLPSDFWRGHXQSUR\HFWRRSURJUDPDHVD~QPiVGLItFLOTXHHYDOXDUODHILFDFLD'HILQLHQGR HOFRQFHSWR´LPSDFWRGHXQSUR\HFWRµFRPRXQFDPELRGXUDGHURHQODVLWXDFLyQ\RHOFRPSRUWD PLHQWRGHORVEHQHILFLDULRVR²ORTXHHVORPLVPR²FRPRHOJUDGRGHDYDQFHKDFLDORVREMHWLYRVGH GHVDUUROORVHSXHGHGHFLUTXHHOFRPSRQHQWHFDSDFLWDFLyQVtKDWHQLGRLPSDFWRHQODVIRUPDVTXH VHGHVFULEHQPiVGHWDOODGDPHQWHHQHOFDStWXOR(QORVGHPiVFRPSRQHQWHVQRHVSRVLEOHGH WHUPLQDUFRQXQPtQLPRGHFHUWH]DVLKDKDELGRRQRDOJRTXHVHSRGUtDOODPDULPSDFWR 6LQHPEDUJRVLQRVGHVFRQHFWDPRVSRUXQPRPHQWRGHORVFRPSRQHQWHVHVSHFtILFRVGHO´SURJUDPD LQGtJHQDµ\VLYHPRVHOSURJUDPDHQXQDSHUVSHFWLYDPiVJOREDOSHUFLELPRVXQLPSDFWRSRVLWLYRHQ HOVHQWLGRGHFRQFLHQWL]DFLyQGHORVSXHEORVLQGtJHQDVODVRUJDQL]DFLRQHVLQGtJHQDV\PXFKRVLQGL YLGXRVUHVSHFWRDVXVGHUHFKRV\SRWHQFLDOLGDGHV\UHVSHFWRDVXFDSDFLGDGGHFRQVHJXLUUHVSXHVWDVD DOJXQDVGHVXVGHPDQGDV6HSRGUtDWDOYH]KDEODUGHLPSDFWRHQHOVLJQLILFDGR´DXPHQWRGHOD DXWRFRQILDQ]DFROHFWLYDµ 3DUDSRGHUKDFHUXQDHYDOXDFLyQPiV´GXUDµ\REMHWLYDGHOLPSDFWRGHXQSUR\HFWRHVQHFHVDULR WUDGXFLUORVREMHWLYRVHQLQGLFDGRUHVPHGLEOHV\RGHUHDOL]DUDOJ~QWLSRGHHVWXGLRGHEDVHSUHYLRR VLPXOWiQHRDODLQLFLDFLyQGHOSUR\HFWR1RVHKDFRQWDGRFRQQLQJXQRGHHVWRVHOHPHQWRVHQHOSUH VHQWHFDVR 'SQIRXEVMSJMREP (VSRVLEOH\KDVWDSUREDEOHTXHDOJXQDVGHODVOLPLWDFLRQHVSUHVHQWHVKDVWDODFRQFOXVLyQGHO3UR JUDPD,QGtJHQDKD\DQVLGRHIHFWLYDPHQWHVXSHUDGDVHQODDFWXDOLGDG&RPRXQDRSRUWXQLGDGSXHGH VHxDODUVHHOKHFKRGHTXHHO9$,32FXHQWDFRQOD3ROtWLFD1DFLRQDO,QGtJHQD\2ULJLQDULD'HVD UUROORFRQ,GHQWLGDGSXEOLFDGDHQODFXDOH[SUHVDFODUDPHQWHXQDQXHYDYLVLyQ6LHQEDVH DHVWD3ROtWLFDVHORJUDHODERUDUHVWUDWHJLDV\SURJUDPDVFRQFUHWRVFRQXQDFDOLGDGHTXLSDUDEOH\ GHQWURGHXQSHULyGRQRGHPDVLDGRODUJR\VLODYLGDGHHVWDSROtWLFD\HVWUDWHJLDVHH[WHQGLHUDSRU PiVGHFXDWURDxRVHQWRQFHVH[LVWHQEXHQDVFRQGLFLRQHVSDUDQXHYRVSUR\HFWRVGHFRRSHUDFLyQ H[WHUQD $FWXDOPHQWHHO9$,32WLHQHXQDFRRUGLQDFLyQFRQHO0LQLVWHULRGH(GXFDFLyQ\QRVHGHVFRQRFH ODVSULRULGDGHVGHOD/H\GH5HIRUPD(GXFDWLYD(O0(&'HVWiFXPSOLHQGRDFFLRQHVSUHYLVWDVSRU VXHVWUDWHJLDHQORTXHUHVSHFWDSRUHMHPSORDOFDOHQGDULRUHJLRQDOL]DGRSDUDORVSXHEORVLQGtJHQDV HVHOFDVRGHOFDOHQGDULRSDUDODSREODFLyQZHHQKD\HNRODDPSOLDFLyQGHODHGXFDFLyQLQWHUFXOWX UDOELOLQJHSDUDHOSXHEORJXDUD\R(O9$,32LQIRUPDTXHWLHQHDFXHUGRVFRQORV9LFHPLQLVWHULRV GH(GXFDFLyQ$OWHUQDWLYD&XOWXUD\&LHQFLD\7HFQRORJtD&RQHVWH~OWLPRSRUHMHPSORVHLPSXO VDUiODFLHQWLIL]DFLyQGHORVVDEHUHVLQGtJHQDVWUDGLFLRQDOHV$GHPiVFRQYLVWDVDODDSOLFDFLyQGHODV QXHYDVSROtWLFDVVHFWRULDOHVVHFRRUGLQDFRQORVGLIHUHQWHVVHFWRUHVGHOiUHDHFRQyPLFD(O9$,32 FRQVLGHUDTXHVHKDGDGRXQSDVRPiVDOOiGHORHVWULFWDPHQWHMXUtGLFROHJDO\GHORSXUDPHQWHHVWD WLVWDSDUDOOHJDUDXQHQFXHQWURDGHFXDGRHQWUHOROHJDOSRVLWLYR\HOGHUHFKRFRQVXHWXGLQDULR 6HJ~QVHKDLQIRUPDGR9$,32WLHQHODLQWHQFLyQGHIRUWDOHFHUVXSURSLDGHVFRQFHQWUDFLyQRSUH VHQFLDUHJLRQDOPHGLDQWHXQDLQFRUSRUDFLyQPiVHIHFWLYDHQVXWUDEDMRGHORVIXQFLRQDULRVFRUUHV SRQGLHQWHVHQODV3UHIHFWXUDVHVWUDWHJLDTXHQRVSDUHFHPX\FRUUHFWDHLPSRUWDQWH(OHTXLSRGH HYDOXDFLyQKDHQWHQGLGR²FDVLSRUFDVXDOLGDG\HQXQDHWDSDPX\DYDQ]DGDGHODHYDOXDFLyQ²TXH WDOHVIXQFLRQDULRVVHHQFXHQWUDQHQVXOXJDUSHURTXHKDEUtDQWHQLGRPX\SRFRRQDGDTXHYHUFRQ ODHMHFXFLyQGHO3URJUDPD,QGtJHQD(QODDFWXDOLGDG9$,32FXHQWDFRQRILFLQDVGHSDUWDPHQWD OHVVLQHPEDUJRHOHTXLSRGHHYDOXDFLyQKDREVHUYDGRTXHSRUORPHQRVHQGHHVWDVRILFLQDV² %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 TXHKDQVLGRYLVLWDGDV²HOSHUVRQDOQRHVSHUVRQDOGHSODQWDGH9$,32VLQRSHUVRQDOFRQWUDWDGR SRUSHUtRGRVGHGLYHUVDGXUDFLyQSRUXQSUR\HFWRGH'DQLGDVDQHDPLHQWRGHWHUULWRULRV(QWRQ FHVHOLQYROXFUDPLHQWRGHOSHUVRQDOUHOHYDQWHGHODV3UHIHFWXUDVVHUtDHVHQFLDOSDUDHVWDELOL]DUOD SUHVHQFLDUHJLRQDOGH9$,32HQHOODUJRSOD]R\SDUDERUUDUHQDOJXQDPHGLGDODVIURQWHUDVLQGH VHDEOHVHQWUHODFRRSHUDFLyQLQWHUQDFLRQDO\ODJHVWLyQGHO*RELHUQRQDFLRQDO %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 )<4)6-)2'-%7=%46)2(->%.)7 3RUORTXHHOHTXLSRGHHYDOXDFLyQKDSRGLGRFDSWDUODHMHFXFLyQGHO3URJUDPD,QGtJHQDKDUHFRQ ILUPDGRODYDOLGH]GHDOJXQDVH[SHULHQFLDV\DSUHQGL]DMHVGHDSOLFDELOLGDGJHQHUDOTXH\DVHKDQ KHFKRDQWHULRUPHQWHHQPXFKRVSUR\HFWRVHQGLIHUHQWHVSDtVHV1RSRGHPRVVHxDODUHQHVWHFDVR QLQJXQDH[SHULHQFLDGHHVWHWLSRTXHSRGUtDFRQVLGHUDUVHFRPRHVSHFLDOPHQWHQXHYD (QSULPHUOXJDUVHREVHUYDXQDYH]PiVTXHHVQHFHVDULRGHOLPLWDUORVSUR\HFWRVGHXQPRGRPX FKRPiVHVWULFWRGHORTXHKDVLGRHOFDVRFRQHOSUR\HFWR%2/²VHWUDWDGHGHOLPLWDFLRQHV WDQWRWHPiWLFDVFRPRJHRJUiILFDV\WDPELpQHQRWURVVHQWLGRV1RHVGHHVSHUDUTXHVHSXHGDLQWH UDFWXDUHILFLHQWH\HILFD]PHQWHEDMRXQVRORSUR\HFWRFRQXQDSREODFLyQEHQHILFLDULDTXHFRPRHQ HVWHFDVRDVFLHQGHDXQDVSHUVRQDVGHHWQLDVGLIHUHQWHVRUJDQL]DGDVHQXQJUDQQ~ PHURGHRUJDQL]DFLRQHVGLIHUHQWHV\TXHDGHPiVKDELWDQXQDH[WHQVLyQJHRJUiILFDWDQHQRUPHFR PRHVODGHOD$PD]RQtD2ULHQWH\&KDFREROLYLDQRHQVXFRQMXQWR6LIXHUDXQSUR\HFWRGHLQYHV WLJDFLyQRGHGLVHxRGHJUDQGHVSROtWLFDV²RLQFOXVRGHXQ&HQVR²VHUtDSRVLEOHPDQHMDUELHQXQD SREODFLyQ\XQWHUULWRULRGHHVWHWDPDxRHQXQVRORSUR\HFWRSHURQRFXDQGRVHWUDWDGHUHDOL]DU DFFLRQHVSUiFWLFDVGLUHFWDPHQWHFRQRUJDQL]DFLRQHVHLQGLYLGXRV2EYLDPHQWHODVVLWXDFLRQHVVR FLRHFRQyPLFDVODVQHFHVLGDGHVODVGHPDQGDV\ODVFDSDFLGDGHVGHGHVDUUROORGHHVWDSREODFLyQYD UtDQJUDQGHPHQWHHQWUHFDGDHWQLDFDGDRUJDQL]DFLyQ\FDGDWHUULWRULR (QHVWDGLYHUVLGDGODSULPHUDGLILFXOWDGFRQTXHVHWURSLH]DHVHOGHSRGHUDVHJXUDUXQDDGHFXDGD SDUWLFLSDFLyQGHORVVXSXHVWRVEHQHILFLDULRVXQEXHQLQWHUFDPELRGHLQIRUPDFLyQ\XQGLiORJRVD WLVIDFWRULRFRQHOORV6LELHQPXFKRVGRFXPHQWRVUHYLVDGRV\YDULDVHQWUHYLVWDVFRQSHUVRQDOGHORV SUR\HFWRVVXJLHUHQTXHKDKDELGRXQDDPSOLDSDUWLFLSDFLyQGHORVSXHEORVLQGtJHQDVHQHOGLVHxR \HMHFXFLyQGHOSURJUDPDXQRVFXDQWRVUHSUHVHQWDQWHVGHODVRUJDQL]DFLRQHVLQGtJHQDVSLQWDQXQ FXDGURGLIHUHQWH$OJXLHQLQVLVWHHQTXHODSDUWLFLSDFLyQKDVLGRQRPLQDOSHURQRUHDO\RWURVVH TXHMDQGHTXHQRWLHQHQDFFHVRDODVDXWRULGDGHVQDFLRQDOHVTXHVHRFXSDQGHOWHPDLQGtJHQD1R IDOWDQORVTXHGLFHQTXHHVWHWHPDQRWLHQHPXFKDSULRULGDGSDUDHODFWXDO*RELHUQR\XQRHQFXHQ WUDLQFOXVRUHSUHVHQWDQWHVGHRUJDQL]DFLRQHVLQGtJHQDVTXHHVWiQDEVROXWDPHQWHFRQYHQFLGRVGH TXHVHHVWDUtDJHVWLRQDQGRSRUDFWRUHVQRSUHFLVDGRVXQUHWURFHVROHJLVODWLYRHQORTXHVHUHILHUHD ORVGHUHFKRV\ODSDUWLFLSDFLyQLQGtJHQD,QGHSHQGLHQWHPHQWHGHVLHVWHWLSRGHFUHHQFLDV\SHUFHS FLRQHVWLHQHQRQRDOJ~QIXQGDPHQWRHQODUHDOLGDGHOVLPSOHKHFKRGHTXHH[LVWHQHVXQDVHxDOGH TXHSRGUtDVHUFRQYHQLHQWH\QHFHVDULR´GHVFHQWUDOL]DUµORVSUR\HFWRVGHGHVDUUROORLQGtJHQD\FUHDU SXQWRVGHFRQWDFWRPiVQXPHURVRVPiVHVSHFtILFRV\PiV´FHUFDQRVµHQWUHODSDUWHSURYHHGRUD\OD SDUWHUHFHSWRUDGHODDVLVWHQFLD /DSUREOHPiWLFDGHODFHQWUDOL]DFLyQGHODJHVWLyQGHORVSUR\HFWRVVHYXHOYHD~QPiVGLItFLOFXDQGR XQSUR\HFWRFRPRHO%2/HVHMHFXWDGRSRUXQHQWHGHOJRELHUQRFHQWUDOHQHVWHFDVR6$( \9$,32TXHDOPLVPRWLHPSRHVUHVSRQVDEOHGHODLPSOHPHQWDFLyQGHYDULRVRWURVSUR\HFWRVGHO PLVPRGRQDQWH\GHRWURVFRRSHUDQWHV6LDODYH]HVWHHQWHHVUHODWLYDPHQWHGpELOSRUVX´MXYHQ WXGµ\SRUIDOWDGHH[SHULHQFLD\FRQVROLGDFLyQRUJDQL]DFLRQDO\DGHPiVFXHQWDFRQXQSUHVXSXHVWR SURSLRVXPDPHQWHOLPLWDGRHQWRQFHVVHWLHQHXQSDQRUDPDQRPX\SURPHWHGRU1RHVFXHVWLyQGH IDOWDGHFDSDFLGDGLQGLYLGXDOHQWUHORVIXQFLRQDULRVVLQRGHXQGHVHTXLOLEULRHQWUHODWDUHDTXHVH SUHVHQWD\ODVSRVLELOLGDGHVUHDOHVGHOOHYDUODDFDER (QDOJXQRVSDtVHVODWLQRDPHULFDQRV\RWURVVHSXHGHHQFRQWUDUHMHPSORVGHLQVWLWXFLRQHVJXEHUQD PHQWDOHVTXHVHKDQFRQYHUWLGRFDVLSRUFRPSOHWRHQ´FRQWUDSDUWHVRHMHFXWRUHVGHFRRSHUDFLyQ LQWHUQDFLRQDOµ\TXHSUiFWLFDPHQWHKDQSHUGLGRVXSURSLDLGHQWLGDG\FDSDFLGDGSURDFWLYD²HVWiQ 6HJ~QHO&HQVR5XUDO,QGtJHQDGH7LHUUDV%DMDV %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 HQXQDVLWXDFLyQHQTXHQRSXHGHQKDFHUPXFKRPiVTXHUHDFFLRQDU\DFRPRGDUVHDXQDDYDODQFKD GHSUR\HFWRVGHILQDQFLDPLHQWRH[WHUQR3DUDUHPHGLDUHVWHWLSRGHVLWXDFLyQRSDUDHYLWDUTXHOOH JXHDSURGXFLUVHHVUHFRPHQGDEOHTXHHVWRVHQWHVJXEHUQDPHQWDOHVVHFRQFHQWUHQHQODIRUPXODFLyQ GHSROtWLFDVHVWUDWHJLDV\QRUPDWLYDV\HQHOVHJXLPLHQWR\VXSHUYLVLyQGHODVDFFLRQHVSUiFWLFDVOR TXHGHKHFKRVXHOHVHUVXWDUHDRILFLDO\IRUPDO\TXHGHMHQODHMHFXFLyQGHORVSUR\HFWRVDRWUDV LQVWDQFLDVUHSDUWLHQGRODVLQWHUYHQFLRQHVHQWUHGLIHUHQWHVHMHFXWRUHVHQSRUFLRQHVPDQHMDEOHV/RV DUJXPHQWRVHQFRQWUDGHHVWHHQIRTXHVXHOHQFLUFXODUDOUHGHGRUGHODSUHVXQWDGHELOLGDGRSRFD FRQILDELOLGDGGHJRELHUQRVUHJLRQDOHV\PXQLFLSDOHV21*HPSUHVDVFRQVXOWRUDV\RWURV(QHIHFWR HVWDFODVHGHLQVWLWXFLRQHVSXHGHQWHQHU\DPHQXGRWLHQHQGLYHUVRVGHIHFWRVSHURTXHGDSRUFRP SUREDUTXHVHDQ²HQJHQHUDORHQSULQFLSLR²PHQRVDSWRVTXHXQPLQLVWHULRSDUDHMHFXWDUSUR\HF WRVGHGHVDUUROORVRFLDO %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 6)'31)2(%'-32)7 6IWGEXI](IWEVVSPPSHIP4VSKVEQEHI'ETEGMXEGMºRHI64+- 6HUHFRPLHQGDTXH9$,32WRPHPHGLGDVXUJHQWHVSDUDUHVFDWDUHOPDWHULDO\ODVH[SHULHQFLDVGHO SURJUDPDGHFDSDFLWDFLyQGH53*,DODYH]GHFRPSDWLELOL]DUHOSURJUDPDFRQVXQXHYD3ROtWLFD 1DFLRQDO,QGtJHQD/RV53*,\DFDSDFLWDGRVWLHQHQQHFHVLGDGHV\GHVHRVGHUHFLELUFDSDFLWDFLyQ DGLFLRQDOWDQWRSDUDSURIXQGL]DUHQDOJXQRVWHPDV\DHVWXGLDGRVFRPRSDUDWRFDUQXHYRVWHPDV 7DPELpQKD\GHPDQGDSDUDFDSDFLWDUXQQ~PHURDGLFLRQDOGH53*,(VLPSRUWDQWHVHxDODUXQD YH]PiVTXHORVFXUVRVGHFDSDFLWDFLyQUHDOL]DGRVHQ\IXHURQPX\DSUHFLDGRVSRUORV SDUWLFLSDQWHV\TXHDODYH]GHVSHUWDURQH[SHFWDWLYDVPX\JUDQGHVUHVSHFWRDXQDFRQWLQXDFLyQGHO SURJUDPD6LELHQDOJXQDVGHODVH[SHFWDWLYDVVRQSRFRUHDOLVWDVIXQGDPHQWDGDVHQDOJXQRVFDVRVHQ LQIRUPDFLRQHVDPELJXDVGHSDUWHGHO3URJUDPD,QGtJHQDKD\RWUDVTXHWLHQHQPXFKDUD]yQGHVHU VHUtDXQDSpUGLGD\KDVWDXQHYHQWRFRQWUDSURGXFHQWHVLWRGDVHVWDVH[SHFWDWLYDVTXHGDUDQVLQUHV SXHVWDV 6LIXHUDQHFHVDULR9$,32GHEHUtDEXVFDUFRRSHUDFLyQH[WHUQDSDUDUHDOL]DUHVWHWUDEDMR(QFDVR GHTXH9$,32VROLFLWDUDFRRSHUDFLyQGH$VGLRGH318'HQHVWHWHPDVHUHFRPLHQGDDHVWRVRUJD QLVPRVFRQVLGHUDUODVROLFLWXGSRVLWLYDPHQWH6HWUDWDUtDEiVLFDPHQWHGHDFWXDOL]DUHOSURJUDPD GHFDSDFLWDFLyQ\GHIRUPXODUXQDSURSXHVWDFODUDUHVSHFWRDTXLpQVHKDUtDUHVSRQVDEOHGHODHMHFX FLyQGHIXWXURVFXUVRV\FyPRVHUtDQILQDQFLDGRVLQVWLWXFLRQDOL]DFLyQGHOSURJUDPD -HIRXMJMGEGMºR]*SVQYPEGMºRHIYR4VS]IGXSTMPSXSHI(IWEVVSPPS 1YRMGMTEPPSGEP-RXIKVEPIRYRE>SREHI+VER4SFPEGMºR-RH¿KIRE (QXQDSHUVSHFWLYDPiVDPSOLDODPLVLyQUHFRPLHQGDTXHORVGLVWLQWRVRUJDQLVPRVGHFRRSHUDFLyQ LQWHUQDFLRQDOFRQWLQ~HQFRODERUDQGRFRQHO*RELHUQRGH%ROLYLDHQHOWHPDLQGtJHQD6L$VGLR 318'WXYLHUDLQWHUpVHQXQDFRODERUDFLyQFRQWLQXDGDHQHVWDiUHDODPLVLyQVXJLHUHTXHVHLGHQWL ILTXH\IRUPXOHXQSUR\HFWRGHIRUWDOHFLPLHQWRGHJRELHUQRVPXQLFLSDOHV\GHGHVDUUROORORFDOHQXQ iUHDDGHILQLUHQWLHUUDVEDMDVGRQGHKD\DXQDJUDQSRUFLyQGHSREODFLyQLQGtJHQD7DOSUR\HFWR GHEHUtDWUDEDMDUFRQODVPXQLFLSDOLGDGHVHQVXFRQMXQWRHLQYROXFUDUWDQWRORVVHFWRUHVLQGtJHQDV FRPRORVQRLQGtJHQDV/DVLPSOHFDSDFLWDFLyQGHORVLQGtJHQDVQRHVVXILFLHQWHSDUDTXHHOORVVH LQWHJUHQSOHQDPHQWHHQODJHVWLyQORFDOWDPELpQVHQHFHVLWDLQWHUYHQFLRQHV\DSR\RHQWpUPLQRVGH FRQFLHQWL]DFLyQGHWRGRVORVGHPiVDFWRUHVORFDOHVODFXDOVHORJUDPiVHIHFWLYDPHQWHFRQODUHDOL]D FLyQGHDFFLRQHV\´SUR\HFWRVµTXHLQYROXFUHQDDPEDVSDUWHVVLPXOWiQHDPHQWH/DLQWHUYHQFLyQ SURSXHVWDDTXtGHEHUtDLQFRUSRUDUQRVRODPHQWHDFWLYLGDGHVGHIRUWDOHFLPLHQWRGHODJHVWLyQORFDO VLQRWDPELpQDFFLRQHVFRQFUHWDVDQLYHOHFRQyPLFRSURGXFWLYR(QHVWHVHQWLGRODSURSXHVWDVHHQ PDUFDFODUDPHQWHHQODQXHYD3ROtWLFD1DFLRQDO,QGtJHQD'HVDUUROORFRQ,GHQWLGDG 8QSUR\HFWRGHHVWHWLSRQRGHEHVHUHMHFXWDGRSRU9$,32QLSRUQLQJ~QRWUR0LQLVWHULRR9LFHPL QLVWHULR8QYHUGDGHURGHVDUUROORORFDOSDUDLQGtJHQDVLJXDOTXHSDUDFXDOTXLHURWUDSREODFLyQ WLHQHTXHIXQGDPHQWDUVHHQORVPLVPRVDFWRUHVORFDOHV\DTXHGHORFRQWUDULRVHVHJXLUiPDQWH QLHQGRODVUHODFLRQHVSDWHUQDOLVWDVHQWUHORFHQWUDO\ORORFDOSRUPXFKRTXHODVOH\HVGLJDQRWUD FRVD8QSUR\HFWRGHGHVDUUROORPXQLFLSDOORFDOFRQSREODFLyQLQGtJHQDGHEHUtDVHUGLULJLGRSRU DOJ~QWLSRGH´FRQVRUFLRµGRQGHSXHGDQWHQHUSDUWLFLSDFLyQWRGRWLSRGHDJHQWHHQOD]RQDGHVGH SUHIHFWXUDFRPRPi[LPRQLYHOKDVWDPDQFRPXQLGDGHVPXQLFLSDOHVJRELHUQRVPXQLFLSDOHVLQGLYL GXDOHVRUJDQL]DFLRQHVWHUULWRULDOHVGHEDVHRUJDQL]DFLRQHVLQGtJHQDVRUJDQL]DFLRQHVJUHPLDOHV\GH %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 SURGXFFLyQHWF7DOFRQVRUFLRVHUtDODPi[LPDDXWRULGDGGHOSUR\HFWRODFXDOGHOHJDUtDODWRPDGH GHFLVLRQHVRSHUDWLYDVDXQD8QLGDGGH*HVWLyQDXWyQRPD\ODLPSOHPHQWDFLyQGHODVDFWLYLGDGHVFRQ FUHWDVDXQD21*RDXQDHPSUHVDFRQVXOWRUDGHFRPSUREDGDFDSDFLGDG\H[SHULHQFLD (QHOFRQWH[WRGHXQDHYDOXDFLyQFRPRODSUHVHQWHQRHVSRVLEOHQLFRQYHQLHQWHHQWUDUHQPiVGHWD OOHVVREUHODIRUPDTXHSRGUtDWRPDUHVWDFODVHGHSUR\HFWR6XGLVHxRWHQGUtDTXHFRPHQ]DUFRQ XQDPLVLyQGHLGHQWLILFDFLyQ\IRUPXODFLyQTXHWHQJDHOWLHPSR\RWUDVFRQGLFLRQHVQHFHVDULDVSDUD DQDOL]DUHQSURIXQGLGDGODVFRQGLFLRQHVJHRJUiILFDVGHPRJUiILFDV´SROtWLFDVµHFRQyPLFDVHWFGH XQDRYDULDV]RQDVDOWHUQDWLYDVSDUDGHVSXpVSRGHUVHOHFFLRQDUXQD]RQDDGHFXDGD\IRUPXODUXQD HVWUDWHJLDGHGHVDUUROOR\XQPRGHORGHJHVWLyQGHOSUR\HFWR²DPEDVWDUHDVTXHGHEHQUHDOL]DUVHGH PRGRDOWDPHQWHSDUWLFLSDWLYR %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 %2)<3- (3'91)28%'-Õ2'327908%(% /RVDUFKLYRVGHO9$,326HGH\RILFLQDVUHJLRQDOHVGHO318'\GHOD(PEDMDGDGH6XHFLDHQWRGR ORUHIHUHQWHDORVSUR\HFWRVHYDOXDGRV\DO3URJUDPD,QGtJHQDHQJHQHUDO ½ ½ ½ ½ ½ ½ ½ ½ ½ ½ ½ 'RFXPHQWRGHSURJUDPD 'RFXPHQWRVGHSUR\HFWR 5HYLVLRQHVGHSUR\HFWR ,QIRUPHVGHDYDQFHSURJUHVR ,QIRUPHVGHUHXQLRQHVWULSDUWLWDV ,QIRUPHVWpFQLFRV ,QIRUPHVGHFRQVXOWRUtDV ,QIRUPHVILQDQFLHURV ,QIRUPHVGHDXGLWRUtD 'RFXPHQWRVPLVFHODQHRV &RUUHVSRQGHQFLD 4YFPMGEGMSRIW ´&RPSHQGLRGH'LVSRVLFLRQHV5HODWLYDVD'HUHFKRV,QGtJHQDVHQOD/HJLVODFLyQ1DFLRQDOµ 0'639$,32/D3D] ´'HVDUUROORFRQ,GHQWLGDG²3ROtWLFD1DFLRQDO,QGtJHQD\2ULJLQDULDµ0'639$,32 /D3D] ´3XHEORV,QGtJHQDVGH7LHUUDV%DMDV²&DUDFWHUtVWLFDV3ULQFLSDOHVµ$OYDUR'tH]$VWHWH\'DYLG 0XULOOR0'639$,32318'/D3D] ´(O3XOVRGHOD'HPRFUDFLD²3DUWLFLSDFLyQ&LXGDGDQD\'HVFHQWUDOL]DFLyQHQ%ROLYLDµ 5HS~EOLFDGH%ROLYLD²0LQLVWHULRGH'HVDUUROOR+XPDQR6HFUHWDUtD1DFLRQDOGH3DUWLFLSDFLyQ 3RSXODU(GLWRULDO1XHYD6RFLHGDG&DUDFDV %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 %2)<3-0-78%()4)6732%7)286):-78%(%7 :-')1-2-78)6-3()%792837-2(-+)2%7=49)&03736-+-2%6-37:%-43 :,*%(5725,9(523,172 9LFHPLQLVWUR 3('52$9(-(5$%(7$57( $VHVRU*HQHUDO 0$%(/0,5$1'$ 5HVSRQVDEOHGH$VXQWRVGH&RRSHUDFLyQ ('*$5$*8,55( &RRUGLQDGRU5HJLRQDO5LEHUDOWD 5$)$(/&+$9(=$/%$ &RRUGLQDGRU5HJLRQDO6DQWD&UX] /$=$529$5*$6526$'2 &RRUGLQDGRU5HJLRQDO&DPLUL 58'2/3+$5*$1'2f$ &RRUGLQDGRU5HJLRQDO7ULQLGDG 463+6%1%()0%72%'-32)792-(%74%6%)0()7%663003429( &$5/26)(/,3(0$57,1(= 5HSUHVHQWDQWH5HVLGHQWH ('8$5'2)2512 5HS5HV$X[LOLDUGH3URJUDPDV 0$5,$'(/&$50(1)(558),12 $VLVWHQWHGH3URJUDPDV )1&%.%(%()79)'-%7)''-Õ2()'334)6%'-Õ24%6%)0()7%663003 +(/(1$5(87(56:b5' 3ULPHUD6HFUHWDULD2ILFLDOGH3URJUDPDV ',/0$)/25(6 2ILFLDOGH3URJUDPDV )<%9836-(%()72%'-32%0)7 /8=0$5,$&$/92 6XEVHFUHWDULDGH$VXQWRV(WQLFRV )<*92'-32%6-37=)<4)6732%034)6%8-:3()0463+6%1%-2(-+)2% -26(0$5,$&$//(5 &RRUGLQDGRUGHO3URJUDPD,QGtJHQD -$9,(5(6&$/$17(9,//(*$6 &RRUGLQDGRUGHO3URJUDPD,QGtJHQD\ &RRUGLQDGRUGHO3UR\HFWR%2/ 52;$1$0(5&$'252'$6 &RRUGLQDGRUDGHO3URJUDPD,QGtJHQD 25/$1'23(67$f$6 ,QVWUXFWRU&DSDFLWDFLyQGH5HVSRQVDEOHVGH 3ODQLILFDFLyQ\*HVWLyQ,QGtJHQD53*,&DPLUL )1&%.%(%6)%0()(-2%1%6'% -2+11,(/6(1 &RQVHMHUR\6XEMHIHGHOD0LVLyQ '32*)()6%'-32()49)&037-2(-+)2%7()&30-:-%'-(3&7%28%'69> 0$5&,$/)$%5,&$12 9LFHSUHVLGHQWH &RPXQLGDG6DQ,JQDFLRGH0R[RV (WQLD0RMHxR %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 $1*(/&$0$&21, 6HFUHWDULRGH(GXFDFLyQ&,5$%2 &RP3HxD%HQL(WQLD&DYLQHxR )25781$72*8=0$168$5(= 6HFUHWDULRGH6DOXG&3,7&2 &RP,EDUHFLWR(WQLD<XUDFDUp 0$5*$5,7$6$/$6 6HFUHWDULDGH*pQHUR&,5$%2 &RP3DOHVWLQD(WQLD7DFDQD -$,0(&20$, 6HFUHWDULRGH,QYHVWLJDFLyQ&3(6& &RP3R]D9HUGH(WQLD$\RUHR '336(-2%(36%()49)&037)82-'37()7%28%'69>'4)7' 0$5,62/62/$12 9LFHSUHVLGHQWD &RP0DVDXL3URY&RUGLOOHUD (WQLD*XDUDQt 0$18(/'26$3(, 6HFUHWDULRGH(FRQRPtD &RP5LQFyQGHO7LJXHUH3XHUWR6XiUH] (WQLD$\RUHR *(,6$'85$1 &,'2%6HFUHWDULDGH(FRQRPtD\'HVDUUROOR 53*,GHOD&,5$%2([ 6HJXQGD6HFFLyQ0XQLFLSDO3URYLQFLD,WHQH (WQLD%DXUH $*867,13$5$3$,12 6HFUHWDULRGH)RUWDOHFLPLHQWR2UJDQL]DWLYR &RP0RQWH&ULVWR6DQ-DYLHU (WQLD&KLTXLWDQR 720$63(5(= 53*,6HFUHWDULRGH&RPXQLFDFLyQ &RP<RWD~(WQLD*XDUD\R %7%1&0)%()049)&03+9%6%2-%4+r'%1-6- (15,48(&$0$5*2 3UHVLGHQWH &RP.DLSHSHQGL0XQLFLSRGH*XWLpUUH] +(%(57$<5(<2 ,QVWUXFWRU&DSDFLWDFLyQ53*,·V([\DFWXDO &RRUGLQDGRU,QGtJHQDGH0DSHR 26:$/'2<$(0%$( )DFLOLWDGRU&DSDFLWDFLyQ53*,·V([\DFWXDO &RRUGLQDGRU,QGtJHQD6HUYLFLRGH$VLVWHQFLD -XUtGLFDD3XHEORV,QGtJHQDV\2ULJLQDULRV² 6$-3,2 &(/(67,12+857$'2 )DFLOLWDGRU&DSDFLWDFLyQ53*, V([ ')286%0()49)&037-2(-+)2%7()0&)2-'4-&r86-2-(%( (51(67212(7$02 3UHVLGHQWH &RP%HOOD6HOYD5LEHUDGHO0DPRUp (WQLD0RMHxR %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 0,*8(/*8$6(%(7$02 6HFUHWDULRGH&RPXQLFDFLyQ %R\ER5LEHUDGHO0DPRUp (WQLD0RMHxR 52%(5727$%$%$5< 6HFUHWDULRGH7LHUUD\7HUULWRULR &RP6DQ3HGURGH$SHUH6DQWD$QDGH <XFXPD(WQLD0RYLPD 5(0%(572-867,1,$12&8-8, 3UHVLGHQWH6XEFHQWUDO3XHEOR,QGtJHQD 0RYLPD(WQLD0RYLPD (':,1*8$5$<8&2&$//$'852 3UHVLGHQWH6XEFHQWUDO3XHEOR,QGtJHQD,WRQDPD &RP1XHYD&DODPD0DJGDOHQD (WQLD,WRQDPD -26(7,%86$0$7$5(&2 6HFUHWDULRGH5HFXUVRV1DWXUDOHV\0HGLR $PELHQWH &RP6DQ,JQDFLRGH0R[RV(WQLD0RMHxR ')286%0()19.)6)7-2(-+)2%7()0&)2-'1-&r86-2-(%( /(21$5'$0268$12&2 3UHVLGHQWD &RP&RUD]yQGH-HV~V(WQLD0RMHxR 0$5,$1$*8$6$1,$&$%$2 6HFUHWDULDGH(FRQRPtD 0DJGDOHQD(WQLD,WRQDPD -8/,$0268$3(5(= 6HFUHWDULDGH&RPXQLFDFLyQ &RP6DQ/RUHQ]RGH0R[R (WQLD0RMHxR 7(5(6$$3(5(=&+$9(= 7pFQLFD3UR\HFWR)RUWDOHFLPLHQWR,QVWLWXFLRQDO,%,6 7ULQLGDG ')286%0-2(-+)2%()0%6)+-32%1%>32-'%()&30-:-%'-6%&3r6-&)6%08% (867$48,2$<$/$ 6HFUHWDULRGH(GXFDFLyQ (67(/$58(/$6 6HFUHWDULDGH6DOXG 38637 *$%,12$&+,3$ &RRUGLQDGRU,QGtJHQDGHO9$,32 5LEHUDOWD )$125$0$32 53*,&RPXQLGDG%XHQ'HVWLQR (WQLD&DYLQHxR -$5,$6 53*,5LEHUDOWD $17(12558(/$6 3UHVLGHQWHGHOD&RPXQLGDG6DQWXDULR 587+//$126 6195LEHUDOWD -25*(<$/( 7UDQVSRUWLVWDIOXYLDO5LEHUDOWD 52/$1'928,//21 ,QYHVWLJDGRUHQSXHEORVLQGtJHQDVGHO%HQL '(/,26É1&+(= &RRUGLQDGRUGHO%DFKLOOHUDWR3HGDJyJLFR\ )RUPDFLyQ'RFHQWH7XPLFKXFXD %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 3('52$0$<$5(*8$68$5(= 53*,([ &RP&DPDWLQGL=RQD6DQWD5RVD&DPLUL (WQLD*XDUDQt 1(//<7(5(%$12( 53*,([\$VLVWHQWH7pFQLFD([ &DELOGR,QGtJHQDGH7ULQLGDG (WQLD0RMHxR 9DULRVDOXPQRVGHO%DFKLOOHUDWR3HGDJyJLFR7XPLFKXFXD %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 DWg`[Û`;`Xad_Sf[hS8[`S^7`fdWYSVW;`Xad_W BdW^[_[`Sd(IFVMIJMRK 6IHEGGMºRHIMRJSVQI %RÉPMWMWHIPEMRJSVQEGMºRVIGSTMPEHE 8VEFENSHIGEQTS7ERXE'VY^'EQMVM8VMRMHEH 0EVW)VMOWWSR1EVMEHIP4MPEV7ÉRGLI^ 8VEFENSHIGEQTS7ERXE'VY^ 8SHSIPIUYMTS 8VEFENSHIGEQTS6MFIVEPXE8YQMGLYUYE 'LVMWXMRE1IN¿E < < )RXVIZMWXEWEVITVIWIRXERXIWHIPEWTEVXIW MRZSPYGVEHEW < < < %RÉPMWMWHIHSGYQIRXEGMºRIMRJSVQWIGYRHEVME < 4PERMJMGEGMºRSVKERMÊGMºRVIYRMSRIWMRXVSHYGX < %GXMZMHEHIW )ZEPYEGMºRTVS]IGXSW&30]&30 'VSRSKVEQEHIXVEFENS %2)<3--- < < J < < J < < J < J J .90-3 J J < J < < J < < J < J < < < < < < < %+3783 < < < %2)<3-: ):%09%'-Õ2*-2%0)<8)62%()0463+6%1%-2(Ú+)2%-278691)2837() ):%09%'-Õ2 )RXVIZMWXEWGSRTIVWSREPUYILETEVXMGMTEHSHMVIGXEQIRXIIRPEINIGYGMºR]SGSSVHMRE GMºRHIPTVSKVEQEMRH¿KIREWEIZEMTSGSRWYWTVITVIWIRXERXIWVIKMSREPIWTRYHIQ FENEHEHIWYIGMEI\GSSVHMREHSVIW (VWDVHQWUHYLVWDVKDQVLGRGHWLSRDELHUWRGLiORJR\SRUWDQWRDGDSWDGDVDODVFDUDFWHUtVWLFDV HVSHFtILFDVGHFDGDFDVRLQGLYLGXDO )RXVIZMWXEWGSRFIRIJMGMEVMSW 5(35(6(17$17(6'(25*$1,=$&,21(6<&2081,'$'(6,1'Ì*(1$6 6XSHUFHSFLyQHQJHQHUDOGHO3URJUDPD,QGtJHQD (YHQWXDOSDUWLFLSDFLyQHQHOGLVHxRGHOSURJUDPDRSUR\HFWRVIRUPDGHSDUWLFLSDFLyQ (YHQWXDOSDUWLFLSDFLyQHQODHMHFXFLyQGHOSURJUDPDRSUR\HFWRVIRUPDGHSDUWLFLSDFLyQ ¢+DFRUUHVSRQGLGRHOSURJUDPDDVXVQHFHVLGDGHV\GHVHRVPiVLPSRUWDQWHV" 7LSRFDOLGDG\IUHFXHQFLDGHFRQWDFWRFRQHOSURJUDPDVXVFRRUGLQDGRUHVFRQVXOWRUHV %HQHILFLRVFRQFUHWRVGHOSURJUDPDTXHSXHGDQVHULGHQWLILFDGRV ¢4XpRWUDVFRVDVGHEHUtDKDEHUKHFKRHOSURJUDPD" ¢+L]RDOJRTXHQRGHEHUtDKDEHUKHFKR"¢4Xp" ¢4XpTXLVLHUDQGHXQHYHQWXDOSURJUDPDSUR\HFWRHQHOIXWXURVHJXQGDIDVH" (;3$57,&,3$17(6(1&$3$&,7$&,Ð1 ¢(QTXpFDSDFLWDFLRQHVSDUWLFLSDURQ"¢&XiQGR"¢'yQGH" ¢&yPRIXHURQVHOHFFLRQDGRVSDUDSDUWLFLSDU" &DOLGDGGHODRUJDQL]DFLyQ\ORJtVWLFDGHORVHYHQWRVGHFDSDFLWDFLyQ &DOLGDGGHODHQVHxDQ]D¢4XpPpWRGRVIXHURQXWLOL]DGRV" ¢(TXLOLEULRWHRUtDSUiFWLFD" ¢&DOLGDGGHORVLQVWUXFWRUHV" $GHFXDFLyQGHORVFXUVRVDODVLWXDFLyQUHDO\ODVQHFHVLGDGHVGHORV SDUWLFLSDQWHV ¢(QTXpOHQJXDVVHLPSDUWLHURQORVFXUVRV" ¢$SUHQGLyDOJR~WLO" ¢3DUDTXpOHVKDQVHUYLGRORVFXUVRVDORVSDUWLFLSDQWHV" ¢&yPRKDXWLOL]DGRVXVQXHYRVFRQRFLPLHQWRV" ¢+DWUDQVPLWLGRVXVFRQRFLPLHQWRVDRWURVPLHPEURVGHVXHWQLDRUJDQL]DFLyQ" ¢&yPR" 5HFRPHQGDFLRQHVSDUDIXWXUDFDSDFLWDFLyQ %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 4VIKYRXEWWSFVIGSQTSRIRXIWIWTIG¿JMGSWHIPTVSKVEQE MRH¿KIRE 35,0(5&(162,1'Ì*(1$585$/'(7,(55$6%$-$6 2UJDQL]DFLRQHVHLQVWLWXFLRQHV ¢&RQRFHQHO&HQVR,QGtJHQD" ¢7LHQHQHMHPSODUHV"¢&XDQWRV"¢&XDQGR\FyPRORVREWXYLHURQ" ¢8WLOL]DQHO&HQVR"¢3DUDTXp"¢(QTXpOHVEHQHILFLD" ¢6DEHQFyPRVHKL]RHO&HQVR" ¢3DUWLFLSDURQHQVXHODERUDFLyQ"¢4XLHQHVSDUWLFLSDURQ"¢(QTXpDFWLYLGDGHV" ¢(QTXpOXJDUHV" ¢&yPRIXHURQVHOHFFLRQDGRVSDUDSDUWLFLSDU" ¢4XpSUREOHPDVXREVWiFXORVHQFRQWUDURQHOHOWUDEDMR"¢&yPRORVVXSHUDURQ" ¢&XiOHVVXRSLQLyQVREUHORVGDWRV\ODLQIRUPDFLyQTXHFRQWLHQHHO&HQVR" ¢'HODSREODFLyQFRPXQLGDGSURYLQFLDUHJLyQ" ¢4XpUHFRPHQGDFLRQHVWLHQHSDUDODUHDOL]DFLyQGHXQIXWXUR&HQVR" 5(''(5$',2&2081,&$&,21(6 2UJDQL]DFLRQHV\FRPXQLGDGHV ¢7LHQHQHTXLSRGHUDGLRFRPXQLFDFLyQ"¢'HVGHFXDQGR"¢4XtHQORSURSRUFLRQy" ¢&yPRREWXYLHURQHOHTXLSR"¢&yPRVHRUJDQL]DURQSDUDREWHQHUOR" ¢4XpEHQHILFLRVKDQREWHQLGRGHODUDGLR"¢/DVRUJDQL]DFLRQHV"¢/DVFRPXQLGDGHV"¢3HUVR QDVSDUWLFXODUHV" ¢3DUDTXpOHVVLUYHODUDGLR" ¢4XLHQHVXVDQODUDGLR"¢&RQTXLHQHVVHFRPXQLFDQ"¢4XLHQHVVHFRPXQLFDQFRQ8VWHGHV" ¢(QTXpOHQJXDV"¢4XpWUDQVPLWHQSRUODUDGLR" ¢5HFLELHURQFDSDFLWDFLyQSDUDVXXVR"¢4XpWLSRGHFDSDFLWDFLyQWHyULFDSUiFWLFD"¢&RQ TXpPpWRGR"¢&RQTXpPDWHULDOGLGiFWLFR" ¢4XpRSLQDQGHODFDSDFLWDFLyQ"¢'HORVLQVWUXFWRUHV" ¢4XLHQHVVHFDSDFLWDURQ"¢&yPRIXHURQVHOHFFLRQDGRV" ¢/RVFDSDFLWDGRVKDQFDSDFLWDGRDRWURV"¢$TXLHQHV"¢&yPR" ¢+DQDSOLFDGRODFDSDFLWDFLyQUHSOLFDGD" ¢&yPRVHRUJDQL]DQSDUDXVDUODUDGLR"¢3DUDVXFRQWUROPDQHMR\PDQWHQLPLHQWR" ¢4XLHQHVVRQORVUHVSRQVDEOHVGHFRQWURODUODUDGLR"¢&yPRORVVHOHFFLRQDURQ"¢6RQORV PLVPRVTXHIXHURQFDSDFLWDGRV" ¢([LVWHDOJ~QUHJODPHQWRSDUDHOXVRGHODUDGLR"¢&yPRVHWRPDQODVGHFLVLRQHVVREUH DVXQWRVUHODFLRQDGRVFRQODUDGLR" ¢4XpUHFRPHQGDFLRQHVWLHQHQSDUDPHMRUDUHOIXQFLRQDPLHQWRGHODVUDGLRV\ODUHG" 4VIKYRXEWGSQTPIQIRXEVMEWTEVEIPXVEFENSHIGEQTS 2UJDQL]DFLRQHV ¢'HVGHFXDQGRWLHQHQFRQRFLPLHQWRGHO3URJUDPD,QGtJHQD" ¢&XiQWDVYHFHVKDQUHFLELGRYLVLWDVHQ]X]RQDGHUHSUHVHQWDQWHVRSHUVRQDOGHO 3URJUDPD"¢4XpKLFLHURQHOORVFXDQGRYLQLHURQ" ¢([LVWHDOJ~QDSR\RDVXRUJDQL]DFLyQRFRPXQLGDGGHRWUDVLQVWLWXFLRQHV"¢4XpWLSRGH DSR\R" ¢&XiOHVDFWXDOPHQWHHOPD\RUSUREOHPDGHVXJUXSRpWQLFR" %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 &$3$&,7$&,Ð1 ¢4XpPDWHULDOHVUHFLELHURQ" ¢&XiQWRVGtDVGXUyODFDSDFLWDFLyQ" ¢)XHURQVLJQLILFDWLYRVRLPSRUWDQWHVORVFRQWHQLGRV"¢(QTXpVHQWLGR" 780,&+8&8$ ¢$TXLpQSHUWHQHFH" ¢&RQTXpIUHFXHQFLDKD\HYHQWRVHQHO&HQWUR"¢'HTXpWLSR" ¢4XLpQVHRFXSDGHOPDQWHQLPLHQWRGHO&HQWUR"¢4XLpQORSDJD" ¢4XLHQHVVHEHQHILFLDQDFWXDOPHQWHGHHVWH&HQWUR" ¢4XpSLHQVD8GGHO&HQWUR7XPLFKXFXD" %43=3%0463+6%1%2%'-32%0-2(-+)2%)2&30-:-%r7MHE):%09%8-32 5HFHQW6LGD(YDOXDWLRQV 99/16 Diakonia Program for Democracy and Human Rights, the El Salvador Case. A qualified monitoring. Vegard Bye, Martha Doggett, Peter Hellmers Department for Latin America 99/17 Dollars, Dialogue and Development. An evaluation of Swedish programme aid. Howard White, Geske Dijkstra, Jan Kees van Donge, Anders Danielsson, Maria Nilsson Department for Evaluation and Internal Audit 99/18 Atmospheric Environment Issues in Developing Countries. Gun Lövblad, Per Inge Iverfeldt, Åke Iverfeldt, Stefan Uppenberg, Lars Zetterberg Department for Infrastructure and Economic Cooperation 99/19 Technical Assistance to Central and Eastern Europe. A cooperation between Chambers of Commerce in Sweden and in Central and Eastern Europe. Claes Lindahl, Monica Brodén, Peter Westermark Department for Central and Eastern Europe 99/20 Sida Support to the Energy Sector in Egypt. Rolf Eriksson, Edward Hoyt Department for Infrastructure and Economic Cooperation 99/21 Sida Support to the Energy Sector in Jordan. Rolf Eriksson, Edward Hoyt Department for Infrastructure and Economic Cooperation 99/22 Environmental Aspects in Credit Financed Projects. Gunhild Granath, Stefan Andersson, Karin Seleborg, Göran Stegrin, Hans Norrström Department for Evaluation and Internal Audit 99/23 Sida SAREC Marin Science Programs in East Africa. Stephen B. Olsen, James Tobey, Per Brinck Department for Research Cooperation, SAREC 99/24 Sweden’s Assistance to Bosnia Herzegovina. A study of aid management and related policy issues. Claes Sandgren Department for Central and Eastern Europe 99/25 Psychiatry Reform in Eastern Europe. Nils Öström Department for Central and Eastern Europe 99/26 Sida Projects in the Forestry Sector in Poland. Kristina Flodman Becker, Roland Öquist Department for Central and Eastern Europe 99/27 FARMESA. Farm-level applied research methods in Eastern and Southern Africa. Clive Ligthfoot, William W Wapakala, Bo Tengnäs Department for Natural Resources and the Environment 99/28 The African Association of Universities (AAU) Study Programme on Higher Education Managmenent in Africa. Ad Boeren, Jairam Reddy Department for Research Cooperation, SAREC 6LGD(YDOXDWLRQVPD\EHRUGHUHGIURP Infocenter, Sida S-105 25 Stockholm Phone: (+46) 8 795 23 44 Fax: (+46) 8 760 58 95 [email protected] $FRPSOHWHEDFNOLVWRIHDUOLHU HYDOXDWLRQ UHSRUWVPD\EHRUGHUHG IURP Sida, UTV, S-105 25 Stockholm Phone: (+46) 8 698 5099 Fax: (+46) 8 698 5610 Homepage:http://www.sida.se 7;)(-7,-28)62%8-32%0():)0341)28'334)6%8-32%+)2'= 77XSGOLSPQ7[IHIR 8IP*E\ 8IPIKVEQWMHEWXSGOLSPQ4SWXKMVSr )QEMPMRJS$WMHEWI,SQITEKILXXT[[[WMHEWI

sr\r do 3urjudpd 1dflrqdo ,qgljhqd hq %rolyld

Documentos relacionados

Productos

Apoyo

sr\r do 3urjudpd 1dflrqdo ,qgljhqd hq %rolyld

Documentos relacionados

Añadir este documento a la recogida (s)

Añadir a este documento guardado

Sugiéranos cómo mejorar StudyLib