Manual del Fruity loops 3.5

Anuncio
/D LQIRUPDFLyQ HQ HVWH GRFXPHQWR HVWi VXMHWR DO FDPELR VLQ HO DYLVR \
QR UHSUHVHQWD XQ FRPSURPLVR SRU SDUWH GHO 6RIWZDUH ,PDJH/LQH (O
VRIWZDUHGHVFULWRHQHVWHGRFXPHQWRVHDPXHEODEDMRXQDFXHUGRGHOD
OLFHQFLD R DFXHUGR GHO FLHUUH R FODXVXUD (O VRIWZDUH SXHGH XVDUVH R
VyORSXHGHFRSLDUVHHQHODFXHUGRGHODVFRQGLFLRQHVGHODFXHUGR(VWi
FRQWUD OD OH\ FRSLDU HVWH VRIWZDUH DGHODQWH FXDOTXLHU HOHPHQWR H[FHSWR
FRPR HVSHFtILFDPHQWH SHUPLWLy HQ HO DFXHUGR 1LQJXQD SDUWH GH HVWH
GRFXPHQWRSXHGHUHSURGXFLUVHRSXHGHWUDQVPLWLUVHHQFXDOTXLHUIRUPD
RSRUFXDOTXLHUPHGLRVHOHFWUyQLFRRPHFiQLFRLQFOX\HQGRIRWRFRSLDQGR
\ JUDEDQGR SDUD FXDOTXLHU SURSyVLWR VLQ HO SHUPLVR HVFULWR H[SUHVR GH
6RIWZDUH,PDJH/LQH
&RS\ULJKW‹,PDJH/LQH6RIWZDUH7RGRVORVGHUHFKRVUHVHUYDGRV
)UXLW\/RRSV&RS\ULJKW‹,PDJH/LQH6RIWZDUH7RGRVORV
GHUHFKRVUHVHUYDGRV
)UXLW\ /RRSV HV XQD PDUFD GH IiEULFD UHJLVWUDGR GH 6RIWZDUH ,PDJH
/LQH 2WUD FRPSDxtD \ QRPEUHV GHO SURGXFWR VRQ PDUFDV GH IiEULFD GH
VXVGXHxRVUHVSHFWLYRV
9LVLWD)UXLW\/RRSVHQHOVLWLRZHEZZZIUXLW\ORRSVFRP
0DQXDOWUDGXFLGRSRU5LN\'HSUHGDGRUULN\#DOFR\FRP
&RQWHQLGR
3$5$/26868$5,26)58,7</2236; ,167$/$7((672 ¢48,(5(69(548((6(672" 6HOHFFLRQDQGRORVFRQWURODGRUHV(O0L[LQJ%XIIHUOD3DQWDOOD3ULQFLSDO
(O5HSURGXFWRU(O&RQWUROGH9ROXPHQ
3DUDFRPHQ]DU/DEDUUDGHD\XGD$\XGD2Q/LQH7XWRULDO/RRSV(OVLWLR:HE
+$&,(1'2$/*Ò158,'2 £$<8'$ 9$026$/26/2236'(*(77,1*67$57(' (/6(&8(1&,$'25'(3$626 &DQDOHV1RWDVR3DVRV
/DV2SFLRQHVGHO&DQDO(O1DYHJDGRUGH6DPSOHV
(O(GLWRU*UDILFR(O(GLWRUGH7HFODGR&RUWDGRUGHQRWDV
6HOHFFLRQDQGRHOPRGHOR(O3OD\OLVW
02',),&$1'2(/&$1$/ 02',),&$1'2/263$6262127$6 (/3/$</,67'(/2602'(/26$/$6&$1&,21(6 /26*(1(5$'25(6'(6$03/(6$6,17(7,=$'25(6 6LQWHL]DGRUHV[2VF%HHS0DS%RR%DVV'UHDP6WDWLRQ'UXPV\QWK';)UXLW.LFN
3OXFNHG6LP6\QWK6RXQG)RQWV6SHHFK76:DVS(IHFWRV*UDQXOL]HU/D\HUV6OLFHU
9LEUDWRU:UDSSHUV';L967L$USHJJLDWRU
,1752'8&,(1'2(/76 2SFLRQHVGHO&DQDO/D/LQHDGHO3URORQJDPLHQWR
3LVWDV);3OXJLQVGH(IHFWRV/LVWDGH)UXLW\3OXJLQV$xDGLHQGRPiV3OXJLQV
(O0DLQ$XWRPDWLRQ0RGLILFDQGRHO*UDEDGR&RQVHMRVGH*UDEDGR
()(&726)58,7< *5$%$1'2(19,92 (/(',725'((9(1726 0RGLILFDQGRHO9LYR(O(YHQWR/)2
(O(GLWRUGH3LDQR5ROO/RV&RURV\$UPRQLDV'LDSRVLWLYDQGRODV1RWDV0RGLILFDQGR
1RWDV,PSRUWDQGRPHORGLDV0,',
(/3,$1252// (/%($76/,&(5 5RPSLUQGR*ROSHV,PSRUWDQGRGHQXHYR
&UHDQGRXQ:$903R&RPSULPLHQGRXQ/RRS3XEOLFDQGR7XV&DQFLRQHV
(MHPSORV3KDW%R\'UHK%DQN0&3UHSDUDQGRD7X&RQWURODGRU&RQWURODQGR)UXLW\
/RRSV([WHUQDPHQWH8VDQGRXQ&RQWURODGRU,QWHUQR
&203$57,(1'27875$%$-2 &21752/$'25(6(;7(5126 (;75$,$<8'$ /DSHVWDxDGH2SFLRQHVGH&DQDO0,6&(O3DQHOGHO7LHPSR
&UHDQGRJUXSRV0RGLILFDQGRORV%HDWV2WUDVRSFLRQHVGHO3LDQR5ROO,PSRUWDQGR0,',
([SRUWDQGR0,',
(;75$,,78725,$/(6 /HPRQ%R\HVWDHQFDVD£<RVR\/HPRQ%R\
¢7LHQHVSUREOHPDV"¢7LHQHVPLHGRDFRPHQ]DU"
<RVR\HOVRSRUWHGH)UXLW\7HFKE~VFDPH<R
LQWHQWDUpVROXFLRQDUORVSUREOHPDVPiVFRPXQHV\
DOJXQRGH)UXLW\¢DOJXQDSUHJXQWD"
3$5$ /26 868$5,26 '( )58,7< /2236 [
(VWDJXtDHVSDUDOD9HUVLyQGH)UXLW\/RRSV6LWLHQHVXQDYHUVLyQGHVFDUJDHOQXHYR)UXLW\/RRSV
£4XHHVPXFKRPHMRUVLJXHOH\HQGR\YHUDVTXHQRYHGDGHVKD\HQODYHUVLyQ
1XHYR(VTXHPD6tSDUHFHEDVWDQWHGLIHUHQWHSHURWRGRHOPDWHULDO\KHUUDPLHQWDVTXHUHFXHUGDVQR
KDGHVDSDUHFLGRWRGDYtDHVWiDKt$KRUDHVWDWRGRGHQWURGHXQDYHQWDQDPiVJUDQGH
(O3LDQR5ROO$KRUDSXHGHVFRPSRQHUPHORGtDVSROLIyQLFDVVLQWHQHUTXHXVDUP~OWLSOHVPRGHORV£<
DXQPiVHO3LDQR5ROOFRQWLHQHD\XGDSRUQRWDVHO'REODGRGH'LVWRUVLyQ\DUSHJLRV0LUDHO
IXQFLRQDPLHQWRGHO3LDQRHQODVHFFLyQGHHVWDJXtD\ODD\XGDSDUDPiVLQIR
(OQXHYRVRSRUWHGHORV6\QWK3OXJLQV$KRUDSXHGHVGHVFDUJDUQXHYRVV\QWKHVL]HUSOXJLQV\
XWLOL]DUORVHQWXFDQFLyQ£$GHPiVKD\XQDQXHYDVHULHGHV\QWKV0LUDHQODVHFFLyQGHORV
*HQHUDGRUHVGHHVWDJXtD\ODD\XGDSDUDPiVLQIR
$KRUDORVHYHQWRVVHJXDUGDQHQORV0RGHORV(QODVYHUVLRQHVDQWHULRUHVWHQtDVVyORXQPDUFDGRU
JOREDOGHHYHQWRV$KRUDWLHQHVXQ(GLWRUGH(YHQWRVSRUPRGHORSHURWLHQHTXHHVWDUHQHOSOD\OLVW
SDUDTXHHOHYHQWRIXQFLRQHHQHVHPRGHOR(VWRSRGUtDFDXVDUXQSRFRGHFRQIXVLyQKDVWDTXHWH
DFRVWXPEUHVSHURDODODUJDWHDKRUUDUDPXFKRWLHPSR(VXQDJUDQYHQWDMD\DTXHSXHGHVSUHSDUDUHO
HIHFWRTXHTXLHUDVSDUDOXHJRFDPELDUORRUHSHWLUOR\PRYHUORSRUWRGDODFDQFLyQ0LUDHQODVHFFLyQ
GH*UDEDGRGHHVWDJXtD\ODD\XGDSDUDPiVLQIR
1XHYDV3LVWDV);$KRUDKD\3LVWDV);HQOXJDUGHSHURDGHPiVKD\RWUDVQXHYDVSDUDHQYLDU
SLVWDV);$KRUDSXHGHVSRQHUHOPLVPRUHYHUEHQGRV3LVWDV);GLIHUHQWHVVLQWHQHUTXHXVDUHOSOXJLQ
GHUHYHUEGRVYHFHV0LUDODVHFFLyQGH(IHFWRV)UXLW\GHHVWDJXtD\ODD\XGDSDUDPiVLQIR
£1XHYRHQOD9HUVLyQ(O76KD&DPELDGR$KRUDSXHGHVXVDUHO3LDQR5ROOFRQHO76
SHURQRHVFRPSDWLEOHFRQODYHUVLyQSDUDWHQHUHOPLVPRDVSHFWRGHODQXHYDYHUVLyQ*XDUGDOD
DQWLJXDYHUVLyQGH)UXLW\/RRSVSDUDSRGHUHVFXFKDUWXVDQWLJXDVORRSV
0iV0XFKR0XFKR0iV/HHHOGRFXPHQWR:KDWV1HZGRFHQHOGLUHFWRULRGH)UXLW\/RRSVSDUDYHU
XQEUHYHKLVWRULDOHQODVQRYHGDGHVGHODVGLIHUHQWHVYHUVLRQHV
, 167 $ / $ 7 ( ( 67 2
&XDQGRFRPSUHVWXFRSLDGH)UXLW\/RRSVHQ,QWHUQHWGHEHVGHKDFHUORVLJXLHQWH
(VSHUDUHO(PDLO(OHTXLSRGH)UXLW\WHHQYLDUiXQHPDLOFRQXQDUFKLYRFRPSULPLGRDGMXQWR(O
DUFKLYRWHQGUiXQQRPEUHDOJRFRPR³)/=,3´*XDUGDHVWHDUFKLYRHQWXGLVFRGXURiEUHOR\
HMHFXWDHODUFKLYRJXDUGDGRGHQWUR
,UDO6LWLR:HE8QDYH]HMHFXWDGRHODUFKLYRTXHQRVRWURVWHHQYLDPRVHQHO=,3VHDEULUiXQD
YHQWDQDFRQXQPHQVDMHGHFRQILUPDFLyQ3XOVDVREUHHOOLQNSDUDDFFHGHUDO³SRUWDO´ODSiJLQDGHOVLWLR
:HEGH)UXLW\/RRSVVHUiFRPRODLPDJHQGHGHEDMR
'HVFDUJDUHO3URJUDPDGH,QVWDODFLyQ(QODVHFFLyQGHODSiJLQD0\)UXLW\/RRSVLQGLFDGDSRUOD
PDQRHQODLPDJHQGHODSiJLQDDQWHULRUGHEHVSRGHUYHUWXOLQNSHUVRQDOSDUDGHVFDUJDUHOSURJUDPD
GHLQVWDODFLyQGH)UXLW\/RRSVDVtFRPRFXDOTXLHURWURSURGXFWRGHOTXHHVWpVUHJLVWUDGR'HVFDUJD
WRGRORTXHSXHGDV\JXiUGDORHQWXXQLGDGGHGLVFRGXUR
(MHFXWDHO3URJUDPDGH,QVWDODFLyQ(VEDVWDQWHVLPSOH'REOH&OLF HQHODUFKLYRTXHDFDEDVGH
GHVFDUJDU\FRPHQ]DUi/D~QLFDFRVDTXHWLHQHVTXHKDFHUHVHVFRJHUXQGLUHFWRULRSDUD)UXLW\/RRSV
\HVSHUDUDTXHWRGRVHLQVWDOH6LQRTXLHUHVFDPELDUHOGLUHFWRULRGH)UXLW\/RRSVXVDODFDUSHWDTXH
ODLQVWDODFLyQGHWHUPLQDUDSRUGHIHFWRSHURDQRWDGRQGHORLQVWDODSDUDSRGHUHQFRQWUDUORGHVSXpV
(MHFXWDHO3URJUDPD9DPRVD,QLFLRo 3URJUDPDVo )UXLW\/RRSV \HMHFXWD)UXLW\/RRSV
/RVUHFXUVRVGHO6LWLRZHE(OVLWLRZHEGH)UXLW\/RRSVHVXQDLPSRUWDQWHELEOLRWHFDGHUHFXUVRV
&RPSUXHEDDPHQXGRZZZIUXLW\ORRSVFRPSDUDYHUODVQRYHGDGHV
/HHHVWD*XtD&XDQGRFRPLHQFHVFRQ)UXLW\VHDEULUiXQDH[WUDxDYHQWDQDFRQPHQVDMHV&RQWLQXD
FRQODVLJXLHQWHVHFFLyQGHHVWDJXtDSDUDDYHULJXDUTXpKDFHUOXHJR
3DUD$FWXDOL]DFLRQHV 6LHPSUHJXDUGDWXDQWLJXD
YHUVLyQGH)UXLW\/RRSVFXDQGRLQVWDOHVXQDQXHYD
6LPSOHPHQWHQRLQVWDOHVHQHOPLVPRGLUHFWRULR
1RVRWURVVLHPSUHSURFXUDPRVKDFHUQXHVWUDV
YHUVLRQHVFRPSDWLEOHVSHURDYHFHVWHQHPRVTXH
KDFHUXQFDPELR\HOSURJUDPDSDUHFHGLIHUHQWH(Q
HVHFDVRQHFHVLWDUDVODDQWLJXDYHUVLyQSDUD
HVFXFKDUWXVDQWLJXDV/RRSV
¢48,(5(6 9(5 48( (6 (672"
2.GHVSXpVGHWHUPLQDUFRQODLQVWDODFLyQYDPRVDFRPHQ]DUFRQ)UXLW\/HHHVWDVHFFLyQSDUDHQWHQGHU
TXHHVWiVYLHQGR
/D9HQWDQDGHORV&RQWURODGRUHV&XDQGRHMHFXWDV)UXLW\ORRSVVHDEULUiXQDYHQWDQDFRPRODGH
GHEDMRVLHVWRQRRFXUUHSXOVD)$SHQDVXWLOL]DUDVODVGLIHUHQWHVSHVWDxDVSDUDHVFRJHUWXWDUMHWD
GHDXGLR\FRQWURODGRUHV0,',/DSULPHUDSHVWDxDTXHVHUiODTXHHVWpVYLHQGRHVODSDQWDOODGH
0,',SHURSDUDDKRUDODPiVLPSRUWDQWHHVODSDQWDOOD$XGLRPRVWUDGDGHEDMR
/LVWDGH
3HVWDxD
&RQWURODGRUHV
GH$XGLR
/RQJLWXG
GHO%XIIHU
$XWRFORVH
GHYLFH
6HOHFFLRQDUXQFRQWURODGRU&XDQGRSXOVHVODIOHFKDKDFLDDEDMRHQHODSDUWDGR2XWSXWVHGHVSOHJDUD
XQPHQ~6LQRVDEHVFXiOHVFRJHUVLPSOHPHQWHGHMDHOTXHHVWHSRUGHIHFWR'HVSXpVVLWLHQHV
SUREOHPDVSXHGHVUHJUHVDUDHVWDSDQWDOODSXOVDQGR)\SUREDUFRQODVRWUDVRSFLRQHV/DRSFLyQ
$XWRFORVHGHYLFH VLUYHSDUDTXH)UXLW\/RRSVOLEHUHODVDOLGDGHDXGLRFXDQGRQRODXWLOLFH
(O'LUHFW6RXQG6WUHDPLQJ%XIIHU /DPD\RUtDGHOUHVWRGHODVRSFLRQHVSUiFWLFDPHQWHQRODV
XWLOL]DUDVSHURGHEHVVDEHUSDUDTXHVLUYHOD/RQJLWXGGHO%XIIHU%iVLFDPHQWHHO%XIIHUHVXQ
VXDYL]DGRU6LTXLHUHVFRQVHJXLUXQVRQLGRGLVWRUVLRQDGRFRQPXFKRVFDPELRVRMXJDQGR\SUREDQGR
FRQHIHFWRVVRORFRQVHJXLUiVSHUGHUHOWLHPSR6LORSRQHVHQFRUWRFLUFXLWRVHUiPiVIiFLOTXHFRQVLJDV
XQVRQLGRDJLWDGRSHURORVFDPELRVRFDVLRQDUDQFRUWHV\GHVHQIRTXHVGHSHQGLHQGRGHORUGHQDGRU
SXHGHVQHFHVLWDUUHJUHVDUGHVSXpVDHVWDSDQWDOOD)\FDPELDUHVWR6LWLHQHVXQDFRPELQDFLyQGH
XQRUGHQDGRUUiSLGR\XQDWDUMHWDGHVRQLGREXHQDSXHGHVFRQVHJXLUXQDODWHQFLDGHPVGHEDMD8Q
6RXQG%ODVWHU/LYHSXHGHDOFDQ]DUORVPV(O8VRGH5HJLVWURV\RWUDVRSFLRQHVWDPELpQSXHGHQ
PHMRUDUODVODWHQFLDVSDUDDOJXQRVVLVWHPDVRSHUDWLYRVHQ:LQGRZVRRHQ:LQGRZV
/D3DQWDOOD3ULQFLSDO'HVSXpVGHFHUUDUODYHQWDQDGH&RQWURODGRUHVDSDUHFHUiXQDSDQWDOODFRPRHO
GLEXMRLQIHULRU(Q)UXLW\ORRSVWRGRVRQYHQWDQDVHVWiQSRUWRGDVSDUWHVYHQWDQDVGHQWURGHYHQWDQDV
\PiVYHQWDQDV/D9HQWDQD3ULQFLSDOHVXQPDUFRFRPSOHWDPHQWHYDFLyFRQHVWDQWHVVXSHULRUHVSDUD
ORV3DQHOHV RWDEOHURVGHKHUUDPLHQWDV(QODSDUWHLQIHULRU\SRUGHIHFWRHVWDUiHO1DYHJDGRU
L]TXLHUGD\HO6HFXHQFLDGRU GHUHFKD7RGRSXHGHWHQHURWURRUGHQSHURHVRDKRUDQRLPSRUWD
+$&,(1'2 $/*Ò1 58,'2
3XOVDHOERWyQGH3OD\(VHOERWyQTXHHOGHGRHVWiVHxDODQGRHQHOGLEXMRDQWHULRU2LUiVODFDQFLyQGH
K\SHUDFWLYHXQDGHPRORRSGH)UXLW\/RRSV6LQRODHVFXFKDVSRUQRHVWDUFDUJDGRHOORRSWHQGUiVTXH
UHFDUJDUHOGHPR6HOHFFLRQD2SHQ GHOPHQ~)LOH HQHOSDQHOVXSHULRUL]TXLHUGR\KD]GREOHFOLFVREUHHO
DUFKLYR1HZ6WXIIIOS HQHOGLUHFWRULRGHORRSV
&RQWURODHO9ROXPHQ(VODSULPHUDEDUUDYHUWLFDOGH
ODGHUHFKDHQHOSDQHOGHPHQ~V(VWRVHUiHVHQFLD
VLWRGDYtDYLYHVFRQWXVSDGUHV£&RQVLJXHXQDYLGD
PHMRURFRQVLJXHSRUORPHQRVGHVFDQVDUXQSRFR
£$<8'$
6HVXSRQHTXHHVWHGRFXPHQWRORFRQVHJXLUiUiSLGDPHQWH3HURQRVLJQLILFDTXHXQPDQXDOGHUHIHUHQFLD
SDUD)UXLW\UHVXHOYDWRGRVQXHVWURVSUREOHPDV£1HFHVLWDUtDPRVXQDHQFLFORSHGLDPXOWLYROXPHQ+D\
XQDWRQHODGDGHLQIRDIRUWXQDGDPHQWHVREUH)UXLW\/RRSV0LUDFRPRFRQVHJXLUOD
/D%DUUDGH$\XGD(VWRVHORFDOL]DHQODSDUWHLQIHULRUGHO3DQHOGH0HQ~V0LUDHOGLEXMRGHOD
SiJLQDDQWHULRUGyQGHGLFH6WDUW3DXVH$OSRQHUHOUDWyQVREUHFXDOTXLHUSDUWHRPDQGRGH)UXLW\
/RRSVHVWHFXDGURPRVWUDUiXQDGHVFULSFLyQFRUWDGHORTXHHVHPDQGRRERWyQKDFH/DUD]yQGHTXH
SRQJD6WDUW3DXVHHVSRUTXHHOUDWyQHVWiHQFLPDGHOERWyQGH6WDUW3DXVH¢1RHVOyJLFR"/D%DUUD
GH$\XGDWDPELpQWHPRVWUDUDODVWHFODVGHDFFHVRUiSLGRTXHUHDOL]DODPLVPDIXQFLyQ(VWRORLQGLFD
HQODGHUHFKDGyQGHGLFH6SDFHHQHOGLEXMRDQWHULRU3XOVDQGRHO(VSDFLR WHQGUiHOPLVPRHIHFWR
FRPRDSUHWDUHOERWyQ6WDUW3DXVHFRQHOUDWyQ
/D$\XGD2QOLQH)UXLW\/RRSVWDPELpQYLHQHFRQXQDUHIHUHQFLDGHD\XGDHQOtQHDFUHDGDSRU
6WDQLVODY9DVLOHYGHOPPODEV6LPSOHPHQWHXVDHO0HQ~GH+HOS \VHOHFFLRQDFRQWHQWV7RGROR
HQFRQWUDUDVDKtHVWDHQIRUPDWRGH$\XGDGH:LQGRZV
7XWRULDO/RRSV3XOVD)LOHo2SHQ \EXVFDHQHOGLUHFWRULRGH7XWRULDO(VWDVORRSVFRQWLHQHQQRWDVGH
FyPRKDFHUYDULDVFRVDVFRQ)UXLW\
(O6LWLR:HE)UXLW\/RRSVWLHQHXQDPX\EXHQDSiJLQDHQZZZIUXLW\ORRSVFRP/DSiJLQDWLHQH
XQDVHFFLyQGHD\XGDTXHLQFOX\HXQ)$4 \XQ)RUR&RPSUXHEDHVWRVGRVVLWLRVDQWHVGHIRUPXODU
XQDSUHJXQWDSDUDYHUVL\DHVWDFRQWHVWDGD
9$026 $ /26 /2236 '( *(77,1* 67$57('
3DUDXQXVRHILFD]GHHVWDJXtDGHEHVFDUJDUHO*HWWLQJ6WDUWHGORRSVLQFOXLGDVHQHOSDTXHWHGH)UXLW\
9HVDOPHQ~)LOH VREUHOD%DUUDGH$\XGD\SXOVD2SHQ2SXHGHVSXOVDUHOERWyQFRQHOLFRQRGH$EULU
$UFKLYR GHEDMRGHOD%DUUDGH$\XGD&XDOTXLHUPpWRGRDEULUiXQDYHQWDQDGHDEULUDUFKLYRHQHO
'LUHFWRULRGH/RRSV$KRUDGREOHFOLFHQHOVXEGLUHFWRULRGHO7XWRULDO\GHQXHYRGREOHFOLFHQHO
VXEGLUHFWRULR*HWWLQJ6WDUWHG\YHUDVWRGRVORVORRSVTXHFRQWLHQH*HWWLQJ6WDUWHG£&DUJDHOSULPHUR
OODPDGR*HWWLQJ6WDUWHGIOS3XOVD3OD\\VLJXHFRQODSUy[LPDVHFFLyQ
£(+1RVDOWHVHVWHSDVR(VWDJXtD
VDFDUiPiVUHVXOWDGRVLHVWiVPLUDQGR
ORVORRSVGHHMHPSORPLHQWUDVOHHV
(/ 6(&8(1&,$'25 '( 3$626
9DVKDHPSH]DUHQ)UXLW\SRUSULPHUDYH]\ODSULPHUDYHQWDQDTXHYHUDVHVHO6HFXHQFLDGRUGH3DVRV
0LUDODVHFFLyQ³¢4XLHUHVYHUTXHHVHVWR"´$TXtSRQGUiVORVSDVRVRQRWDVSDUDFUHDUPRGHORV
9HDPRVTXHHVHVWR$TXtHQFRQWUDUDVORV&DQDOHV\ORV3DVRV/RVFDQDOHVHVWiQGLVSXHVWRV
KRUL]RQWDOPHQWHYHUGHEDMR\FDGDXQRFRQWLHQHXQVRORVRQLGR&DGDFDQDOHVWDFRPSXHVWRSRU
SDVRV6LHVXQDVLQWRQtDPXVLFDOHVWRVSDVRVUHSUHVHQWDQQRWDV3LHQVDTXHFDGDJUXSRGHFXDWUR
SDVRVHVXQEHDWSDUDTXHSDVRVVHDQORVFXDWUREHDWVGHXQORRSEiVLFR(OGLEXMRGH GHEDMRHVHO
GH*HWWLQJ6WDUWHGIOS'HEHVWHQHUHVWHORRSFDUJDGRDKRUD
8Q&DQDO
1RPEUH
GHO&DQDO
$OJXQRV
3DVRV
4XpVRQORV3DVRV3XOVDQGRHQXQSDVRORHQFHQGHUiV\)UXLW\VHOHFFLRQDVXFDQDOSDUDOD
PRGLILFDFLyQHVWRORLQGLFDODOX]YHUGHTXHVHHQFLHQGHDFRQWLQXDFLyQGHOQRPEUHGHOFDQDO3XOVD
SOD\SDUDHVFXFKDUFRPRVXHQDHVDFDQFLyQ3RUHMHPSORORVSDVRV\GHOFDQDO&B.LFNHVWiQ
HQFHQGLGRV\)UXLW\WRFDUDFXDWURYHFHVHVWHVRQLGRSRUORRS³YXHOWD´HVWRKDUiTXH)UXLW\/RRSV
WRTXHHOVRQLGRDOFRPLHQ]RGHFDGDEHDW3UXHEDDFDPELDUORVSDVRVHQHOFDQDO&B.LFN6L
QHFHVLWDVDSDJDUXQSDVRSXOVDERWyQGHUHFKRGHOUDWyQVREUHpO8QDYH]TXHKD\DVFDPELDGRORV
SDVRVFRPRHOGLEXMRGHGHEDMRSXOVDSOD\SDUDHVFXFKDUORTXHKDVFUHDGR
9LVRUGH
&DPELRV
VXJHULGRV
$FWLYLGDG
GHFDQDOHV
&RQWUROHV
GHO&DQDO
&DQDO
GHVHOHFFLRQDGR
-XHJDFRQORV&RQWUROHVGHO&DQDO'HVSXpVGHKDEHUSUHSDUDGRHOPRGHORSUXHEDMXJDQGRFRQORV
&RQWUROHVGHO&DQDOHVWiQHQODL]TXLHUGDGHFDGDFDQDO/DVGRVUXHGDVVRQHOYROXPHQGHUHFKD\XQ
EDODQFHGHOFDQDOL]TXLHUGD\ODSHTXHxDOX]YHUGHTXHKD\GHEDMRDFWLYDUDRGHVDFWLYDUDHOFDQDO
3DUDPRYHUXQDUXHGDS~OVDOD\DUUDVWUDKDFLDDUULEDRDEDMR\SDUDUHVWDEOHFHUODSRVLFLyQ
SUHGHILQLGDSXOVDHOERWyQGHUHFKRVREUHODUXHGD\VHOHFFLRQDUHVHW
+D]7X3URSLR%HDW¢1RWHJXVWDQORVEHDWVDQWHULRUHV"£%XHQRKD]ORVWX\RVÒQLFDPHQWHQR
FDPELHVHOFDQDO,QVB5RXQGHVWHFDQDOWRFDXQDPHORGtD\WRGDYtDQHFHVLWDVVDEHUPiVDQWHVGHSRGHU
MXJDUFRQHVR(QODVSUy[LPDVVHFFLRQHVDSUHQGHUiVDFDUJDUQXHYRVVDPSOHVFUHDUPHORGtDV\
FDPELDUHOVRQLGRGHFDGDFDQDOHLQFOXVRFDGDSDVRXVDQGRORV(IHFWRV)UXLW\
£1R*XDUGHV6LKDVKHFKRXQDREUDPDHVWUD\
TXLHUHVJXDUGDUODSRUORPHQRVJXiUGDODFRQXQQXHYR
QRPEUH1RVRWURVQHFHVLWDPRVTXHWHQJDV
*HWWLQJ6WDUWHGIOSSDUDRWURVHMHUFLFLRV
02',),&$1'2 (/ &$1$/
(QHVWDVHFFLyQQRVRWURVWHPRVWUDUHPRVFyPRPRGLILFDUHOVRQLGRGHOORRSTXHKDVFUHDGRPRGLILFDQGRHO
VDPSOHGHFDGDFDQDO(OVRSRUWHTXH)UXLW\/RRSVFRQFHGHDHVWHWLSRGHPRGLILFDFLyQKDFHTXHGRVORRSV
FRQXQPLVPRVDPSOHVXHQHQWRWDOPHQWHGLIHUHQWHV7pFQLFDPHQWHFDGDFDQDOSXHGHFRQWHQHUXQ
*HQHUDGRU TXHSRGUtDVHU\DXQVDPSOHEDVHRSRGUtDVHUXQV\QWKHVL]HUSOXJLQ3HURPiVDGHODQWH
FRPHQWDUHPRVHVWRQRWHQJDPRVWDQWDSULVD
£(VSHUD¢4XpHVXQVDPSOH"8QVDPSOHHVXQSHTXHxRWUR]RGH
VRQLGRJXDUGDGRHQXQDUFKLYR&DGDFDQDOGH)UXLW\/RRSVXVDXQ
VDPSOH\HOVDPSOHVRORWLHQHXQDQRWDFRPRHOVRQLGRGHXQWDPERU
FRQXQVRORJROSHSHURHVWRVWDPELpQSXHGHQFRQWHQHUPHORGtDV/RV
VDPSOHVVXHOHQVHU:$9SHURORVVRSRUWHVGH)UXLW\;,
/DV2SFLRQHVGHO&DQDO2.PRGLILTXHPRVXQVDPSOHFRPRSRUHMHPSORXQ'UXP&DUJDGHQXHYR
ODYHUVLyQRULJLQDOGH*HWWLQJ6WDUWHGIOS\SXOVDHOUDWyQHQHOQRPEUH&B.LFNSDUDDEULUODYHQWDQD
GH2SFLRQHVGH&DQDO SDUDHVHFDQDOFRPRHQHOGLEXMRGHDEDMR
&OLF$TXt
6HOHFWRU
GH&DQDO
1RPEUH
GHO6DPSOH
$EULU
&DUSHWD
&DUJDQGRXQ1XHYRVDPSOH/DSULPHUDFRVDTXHSXHGHVKDFHUSDUDPRGLILFDUXQFDQDOHVFDPELDUVX
VDPSOH(OQRPEUHGHOVDPSOHSXHGHVYHUORHQHOGLEXMRDQWHULRUDVXL]TXLHUGDKD\XQERWyQFRQHO
LFRQRGHXQDFDUSHWDDOSXOVDUORDEULUiVXQDYHQWDQDGHDEULUDUFKLYRHQHO'LUHFWRULRTXHFRQWLHQHHO
DUFKLYR&B.LFNZDYMXQWRFRQRWURVVDPSOHV&XDQGRSXOVHVVREUHHOORV)UXLW\ORVUHSURGXFLUi\
KDFLHQGRGREOHFOLFORVXVWLWXLUiV3XOVD3OD\SDUDHVFXFKDUHOQXHYRORRS
&DPELDQGRFRQHO1DYHJDGRUGHVDPSOHV2WUDIRUPDGHFDUJDUORVVDPSOHVHVXVDQGRHO1DYHJDGRU
GH6DPSOHV HVODRWUDYHQWDQDTXHKDVYLVWRHQODVHFFLyQ³¢4XLHUHVYHUTXHHVHVWR"´eVWHHVXQ
QDYHJDGRUHVSHFLDOSXHGHFDUJDUVDPSOHV\DUFKLYRVORRS9DPRVDHQFRQWUDUHO&B.LFNSXOVDVREUH
3DFNVSXOVDVREUH([WUD \DKtHVWD3XOVDQGRHOERWyQL]TXLHUGR)UXLW\ORUHSURGXFLUi\VLVREUHpO
SXOVDVGHUHFKRWHSUHJXQWDUDVLORHQYtDDOFDQDOVHOHFFLRQDGR RDXQFDQDOQXHYR7DPELpQSXHGHV
DUUDVWUDUOR\GHMDUORFDHUHQHOFDQDOGHOVHFXHQFLDGRUGHSDVRV3DUDVHOHFFLRQDUXQFDQDOSXOVDHO
6HOHFWRUGH&DQDOODOX]YHUGHDODGHUHFKDGHOQRPEUHGHOFDQDO
&OLF$TXt
$KRUD$TXt
$TXt(VWD
¢+DVSHUGLGRHO1DYHJDGRU"1R
SUREOHPR/RVFLQFRERWRQHVJUDQGHVGHO
3DQHOGH9HQWDQDV PRVWUDGRGHEDMR
DEULUiQ\FHUUDUiQODVYHQWDQDVLQFOXVRHO
1DYHJDGRU RHO6HFXHQFLDGRU1RWH
SUHRFXSHVDKRUDSRUORVRWURVERWRQHVGH
YHQWDQDV
-XHJDFRQODV2SFLRQHVGHO6DPSOH$HVWDVDOWXUDVHOPHMRUFRQVHMRHVTXHHVFXFKHVHOORRSPLHQWUDV
ORPRGLILFDVDVtTXHSXOVDSOD\\YHDPRVODSHVWDxDGHORVFRQWUROHV603GHOVDPSOHHQODYHQWDQD
GHODVRSFLRQHVGHFDQDO\HVFXFKDODGLIHUHQFLDHQHOVRQLGR'HEDMRKD\XQDEUHYHGHVFULSFLyQ
3LWFK(VWDUXHGDFDPELDUiOD
YHORFLGDGGHOVDPSOHSHURHVWR
QRPRGLILFDUDODYHORFLGDGGHO
FDQDO(OQ~PHURLQGLFD
FXDQWDVYHFHVPXOWLSOLFD
YHORFLGDGSRUYXHOWD
%DODQFH\9ROXPHQ 6RQ
ODVPLVPDVUXHGDVGHORV
&RQWUROHVGH&DQDOHQHO
6HFXHQFLDGRU6LODV
PXHYHV DTXtWDPELpQOR
KDUiVHQHOFDQDOGHO
VHFXHQFLDGRUGH3DVRV
); &UHDYHORFLGDGHQOD
2QGD\FDPELDVXH[WHQVLyQ
3UXHEDHOVRQLGR³&++´
2QGD); (VXQHIHFWRGH
RQGD/DSULPHUDUXHGD
FRQWURODODFDQWLGDGGHO
HIHFWR\ODVHJXQGDUXHGDOD
IUHFXHQFLDGHODRQGDTXH
LQWHUILHUHHQHOVRQLGR
3UXpEDOR
$WW'HF &RQWURODQHO,QLFLR\
)LQDOGHRQGD6LUXHGDVHO
,QLFLRGLVPLQXLUiHOFRPLHQ]RGH
RQGD6LUXHGDVHO)LQDO
GLVPLQXLUiHOILQDOGHODRQGD\
DFRUWDUDVHOVRQLGR
); $PSOLDOD2QGD
5HYHUE&UHDHIHFWRGHHFR
VLPLODUDOVRQLGRGHXQ
HVSDFLRFHUUDGRPX\DPSOLR
FRPRXQORFDO/DRSFLyQ$
WLHQHXQHIHFWRPD\RUTXH%
)LW (VSHFLILFDODGXUDFLyQ
GHOVDPSOH8QDFDQWLGDG
GHMDUDODGXUDFLyQGHO
VDPSOHSRUGHIHFWRÒWLO
SDUDLQVWUXPHQWRVGH
SHUFXVLyQ
6'HO 5ROODPLHQWR6WHUHR
9HQWDQDGH2QGD $TXt
SXHGHVYHUODRQGDTXH
WLHQHHOVDPSOH6LKDFHV
FOLFDTXtHVFXFKDUDVHO
VRQLGR&RQERWyQGHUHFKR
SXHGHVJXDUGDUXQVDPSOH
\DPRGLILFDGRRFDPELDUHO
QRPEUHGHOFDQDOHQWUH
RWUDVRSFLRQHV
$PS $PSOLILFDGRUGHVDPSOH
&XW5HV /DSULPHUDUXHGD
PRGLILFD ORVH[WUHPRVGHOD
RQGD\ODVHJXQGDPRGLILFDOD
SDUWHFHQWUDO
¢1RSXHGHVRtUODGLIHUHQFLD"6LDOSXOVDUXQERWyQRDOJLUDUXQDUXHGD
QRSXHGHVRtUQLQJXQDGLIHUHQFLDHQHOVRQLGRSUXHEDHOPLVPRFDPELRHQ
RWURFDQDO$YHFHVXQFDPELRTXHQRDIHFWDDXQGUXPUHSUHVHQWDUiXQD
JUDQGLIHUHQFLDDOVRQLGRGHXQVQDUH6LWRGDYtDQRSXHGHVRtUOD
GLIHUHQFLDSXHGHVGHWHQHUHOSOD\\HVFXFKDUORVVRQLGRVVHSDUDGDPHQWH
SXOVDQGRVREUHOD9HQWDQDGH2QGD2GHVDFWLYDUWRGRVORVFDQDOHV
H[FHSWRHVHGHVGHORVFRQWUROHVGHFDQDOGHOVHFXHQFLDGRUGHSDVRV
3XHGHTXHHVFXFKHVHOHIHFWRPHMRUVLQORVRWURVLQVWUXPHQWRV
$xDGDPRVXQSRFRGH(FR9XHOYHD*HWWLQJ6WDUWHGIOSDEUHODVRSFLRQHVGHFDQDOGH&B.LFN\
SXOVDVREUHODSHVWDxD)81&GHEHVWHQHUODYHQWDQDGHDEDMR/RVFRQWUROHVGHODSULPHUDVHFFLyQ
(FKRGHOD\IDWPRGHSXHGHQXVDUVHSDUDSUHSDUDUXQHIHFWRGHHFRSDUDXQVRORLQVWUXPHQWR
(PSLH]DJLUDQGRXQFXDUWRODUXHGD)(('\HVFXFKDORTXHSDVDHQHOVRQLGR«3UXHEDMXJDQGRFRQ
ORVRWURVPDQGRVSDUDFDPELDUHOVRQLGRGHOHFR«7DPELpQSXHGHVSUREDUFRQGLIHUHQWHV(&2V\
³)$7´GHVGHODEDUUDGHWtWXORGHHVWDVHFFLyQHOYDORUSRUGHIHFWRHVHO(FR&OiVLFR(VWRVGLIHUHQWHV
HIHFWRVSXHGHVHQFRQWUDUORVHQOD$\XGD«
)HHG 9ROXPLQRVR
HFRLQWHQVLILFD\
FUHDHFR
3LQJ3RQJ &UHD
HIHFWRGHEDODQFH
DOWHUQDGRFRQHOHFR
HVF~FKDORHQORV
DXULFXODUHV
$USHJJLDWRU (VWR
VHH[SOLFDHQOD
VHFFLyQGH/RV
*HQHUDGRUHV GH
HVWDJXtD
3DQ(VXQEDODQFHGHO(FR
TXHQRDIHFWDDOVDPSOH
&XW\5HV (VWDVUXHGDV
PRGLILFDQODDPSOLWXGGHRQGD
HO&87VLUYHFRPRYROXPHQGH
HFRDXPHQWDQGRR
GLPLQX\HQGRSRUUHSHWLFLyQ
3LWFK&DPELDODYHORFLGDGGHO
HFRVLQTXHDIHFWHDOVDPSOH
(FK1XPHURGHUHSHWLFLRQHV
GHOHFRSRU1RWDRSDVR
7LPH'XUDFLyQ HQSDVRVGHO
(FR&RQXQUHWUDVRPi[LPRGH
SDVRV
&RQVLJXH(FRFRQHO7LHPSR-XVWR (OFRQWUROGHO
7LPHSXHGHVLWXDUWHODVUHSHWLFLRQHVHQHOPRPHQWR
MXVWRHVODUXHGDDODL]TXLHUGDGHO³(FK´3HURVL
TXLHUHVXQHFRFRQXQDVUHSHWLFLRQHVH[DFWDVGHEHV
GHPLUDUODEDUUDGHD\XGDPLHQWUDVJLUDVODUXHGD(M
VLTXLHUHVHOHFRFDGDWUHVSXQWRVVLPSOHPHQWHJLUDOD
UXHGDKDVWDTXHHQODEDUUDGHD\XGDPXHVWUH
-XHJDFRQODV2SFLRQHVGHO,QVWUXPHQWR(FKHPRVXQDPLUDGDUiSLGDDODSHVWDxD,16DQWHVGH
VHJXLU+D\WDPELpQPDWHULDOTXHGHEHVOHHUVREUHODSHVWDxD0,6&ODSXHGHVYHUHQODVHFFLyQ([WUD
,$\XGD3XOVDODSHVWDxD,16\FDPELDODVRSFLRQHVGHO,QVWUXPHQWR$TXtSXHGHVDJUHJDU/)2 R
(QYROYHQWHV DWXVDPSOHFRPR%DODQFH9ROXPHQ5HGXFFLyQ5HVRQDQFLD\RSFLRQHVGHYHORFLGDG
/X],QGLFDGRUD
6HOHFWRUGH(IHFWR
(QYROYHQWH
/)2
)LOWUR (VWRVHH[SOLFDHQ
ODVHFFLyQGH*UDEDQGRHQ
9LYR GHHVWDJXtD
1RWDSULQFLSDO
¢4XHHVXQ(QYROYHQWH"8QHQYROYHQWHFUHDXQSDUWLFXODUSDUiPHWURDVFHQGHQWH\DOFDHUOHGDYLGD
DOVRQLGR/RPiVFOiVLFRHVKDFHUXQ(QYROYHQWHGH9ROXPHQ SDUDDVFHQGHUHOVRQLGROHQWDPHQWH\
HQWRQFHVGHVSORPDUVHUiSLGDPHQWH3HURWDPELpQOHSXHGHVSRQHUXQHQYROYHQWHGH5HGXFFLyQ
5HVRQDQFLD\9HORFLGDG3XHGHVFRQVHJXLUPiVLQIRGHWRGRVORVSDUiPHWURVHQOD$\XGD/DVUXHGDV
VRQ5HWUDVR'(/FXDQWRPiVWLHPSRHQWUHPiVWDUGDUDVHQRtUHOVRQLGR$WDTXH$77SXHGHV
GHELOLWDURIRUWDOHFHUHOSULQFLSLR6RVWHQLPLHQWR+2/'HVWRGHWHUPLQDODGXUDFLyQGHOYROXPHQ
Pi[LPR\'HFDLPLHQWR'(&6RVWHQLPLHQWRGHFDtGD686\5HODMDFLyQ5(/HOVRQLGRVH
GHELOLWDUDOHMRV-XHJDFRQODVUXHGDV\REVHUYDHOFDPELRGHOJUiILFR
¢4XHHV/)2"/DVVLJODV/)2VLJQLILFDQ2VFLODFLyQGH%DMD)UHFXHQFLD+DFHXQHIHFWRRVFLODWRULRGH
DUULEDDEDMRGXUDQWHHOVRQLGR'HQXHYRPiVLQIRGLVSRQLEOHHQOD$\XGD/DVUXHGDVVRQ&DQWLGDG
$07FDQWLGDGGHHIHFWRRVFLODWRULR9HORFLGDG63'ODUDSLGH]GHODVRQGDVRVFLODWRULDV5HWUDVR
'(/WLHPSRHQSDVRVDQWHVGHFRPHQ]DUODRVFLODFLyQ\$WDTXH$77ODIXHU]DFRQODTXHFRPLHQ]D
ODRQGDRVFLODWRULD-XHJDFRQODVUXHGDV\REVHUYDHOFDPELRGHOJUiILFR
¢&yPRORV8WLOL]R"6HOHFFLRQDHO(IHFWR0LUDHOGLEXMRDQWHULRUDKRUDJLUDODVUXHGDVHQHO
(QYROYHQWHRHO/)23DUDDFWLYDUHO(QYROYHQWH\TXHIXQFLRQHQVXVHIHFWRVSXOVDOD/X],QGLFDGRUD
$ODL]TXLHUGDGHODEDUUDGHWLWXORGHODVVHFFLRQHVWLHQHVRWUDVRSFLRQHVHQODVHFFLyQ/)2SXHGHV
HOHJLUHOWLSRGHRQGD7DPELpQSXHGHVPRGLILFDUORVJUiILFRVDUUDVWUDQGRVXVSXQWRVFRQHOUDWyQ
¢3RUTXpODSHVWDxDGHO,QVWUXPHQWRWLHQH0iVFRQWUROHVGH&875HGXFFLyQ\5(6
5HVRQDQFLD"3XHGHSDUHFHUUHGXQGDQWHHOWHQHU5HGXFFLyQ\5HVRQDQFLDHQODSHVWDxD603\
WDPELpQHQODSHVWDxD,16SHURQRORHV6HDxDGHDTXtXQILOWURGH5HGXFFLyQ\5HVRQDQFLDSDUD
SRGHUPRGLILFDUORHQWLHPSRUHDOHQOXJDUGHFRQMXQWDPHQWH\TXHQRGHSHQGDQGHODVSDQWDOODV/)2R
OD(QYROYHQWH$GHPiVWHSHUPLWHFDPELDUHOWLSRGHILOWURTXHXWLOL]DVPiVLQIRVREUHORVSDUiPHWURV
GHHVWDRSFLyQHQOD$\XGD
¢3RUTXpQR3XHGRRtUHO(IHFWR"6LWRGDYtDHVWiVHQHO'UXPGH*HWWLQJ6WDUWHGIOSYDDVHUGLItFLO
HVFXFKDUFXDOTXLHUHIHFWR/)2DXQTXHHO(QYROYHQWHSRGUtDUHSUHVHQWDUXQDGLIHUHQFLD(VWRVHIHFWRV
VRQPiVDXGLEOHVHQVDPSOHVPiVODUJRV3DUDRtUPHMRUORVHIHFWRVSUXHEDODVRSFLRQHVGHO
,QVWUXPHQWRFRQHOVDPSOH,QVB5RXQG
£$KRUDQRVRWURVHVWDPRV
FUHDQGRHOHQWRUQR
02',),&$1'2 /26 3$626 2 ³127$6´
$KRUD\DHVWiVIDPLOLDUL]DGRFRQODLQWHUID]GH)UXLW\\VXIRUPDGHPRGLILFDUORVVRQLGRV(QHVWDVHFFLyQ
QRVRWURVWHPRVWUDUHPRVFyPRDOJXQRVGHHVRVHIHFWRVSXHGHQDSOLFDUVHVHSDUDGDPHQWHDFDGDSDVR
1RVRWURVWDPELpQWHHQVHxDUHPRVDSURJUDPDUODVPHORGtDV
(O(GLWRU*UiILFR/RPiVIiFLOSDUDHQYROYHUDWXPHQWHDOUHGHGRUGHOVRQLGRSUREDEOHPHQWHVHDOD
XWLOLGDGGHO(GLWRU*UiILFR3ULPHURVHOHFFLRQDXQFDQDOVLSXOVDVVXQRPEUHORVHOHFFLRQDUDVSHUR
WDPELpQDEULUiVVXVRSFLRQHVSXOVDQGRHOVHOHFWRUHYLWDUDVFHUUDUOXHJRVXVRSFLRQHV/XHJRSXOVDHO
%RWyQGHOHGLWRUJUiILFRPRVWUDGRGHEDMR$VHJ~UDWHGHKDEHUFDUJDGRSULPHURODYHUVLyQRULJLQDOGH
*HWWLQJ6WDUWHGIOS
6HOHFWRU
GH&DQDO
%RWyQGHO
(GLWRU*UiILFR
(GLWRU*UiILFR
6HOHFWRUGH
(IHFWR
&RPSUXHEDORV(IHFWRV&XDQGRSXOVHVHOERWyQGHO6HOHFWRUGH(IHFWRSRGUiVGHVSOD]DUOR
KRUL]RQWDOPHQWHSDUDYHUTXpRWURVHIHFWRVHVWiQGLVSRQLEOHV'HEHVHQFRQWUDU%DODQFH9HORFLGDG
WDPELpQOODPDGR9ROXPHQ5HGXFWRUGH)LOWUR5HVRQDQFLDGH)LOWUR'LVWRUVLRQDGRGH9HORFLGDG\
&DPELR/DPD\RUtDGHHVWRVHIHFWRVSXHGHVFDPELDUORVHQODVHFFLyQ0RGLILFDQGRHO&DQDO/D
GLIHUHQFLDHVTXHDTXtSXHGHVPRGLILFDUHOYDORUGHHVWRVHIHFWRVSRUFDGDSDVRLQGLYLGXDOPHQWH&DGD
EDUUDHQHOJUiILFROHSRQHXQYDORUGHHIHFWRSRUSDVR*HWWLQJ6WDUWHGIOS\DWLHQHDOJXQRVSDVRV
PRGLILFDGRVHO9ROXPHQHQHO&++\HO5HGXFWRUGH)LOWURHQ,QVB6TXDUH\,QVB5RXQG
(O%DODQFHHQHOGUXP3UXHEDODVRSFLRQHVGHOEDODQFHHQORVSDVRVGH&B.LFNGH
*HWWLQJ6WDUWHGIOS(OJUiILFRGHEDODQFHHVWDUiFHQWUDGR3XHGHVFDPELDUHOYDORUGHOEDODQFH
SXOVDQGRFRQHOUDWyQHQODEDUUDTXHKD\GHEDMRGHFDGDSDVRKDVWDHOQLYHOGHVHDGR'HVSXpVGHKDEHU
VHJXLGRHOGLEXMRPRVWUDGRGHEDMRGHEHVRtUTXHHOGUXPWDPERULOHDDUURMiQGRVHGHXQODGRDRWUR
(VWRWHVHUiPX\~WLOVLORFRPELQDVFRQHOHFRGHSDVRVTXHKDVDJUHJDGRHQODVHFFLyQDQWHULRU«
3UXHEDHO9ROXPHQ3XHGHVFRQVHJXLUTXHORVLQVWUXPHQWRVVHDSDJXHQRFREUHQYLGDHQXQFDQDO
XVDQGRHOJUiILFRGHYHORFLGDGYROXPHQ3UXHEDHVWHHIHFWRHQXQQXHYRFDQDOFRQXQVQDUHFRPRVH
PXHVWUDGHEDMR3XHGHVSXOVDUERWyQGHUHFKRGHOUDWyQVREUHHOVDPSOH\DxDGLUORDXQQXHYRFDQDOR
SXHGHVDxDGLUXQFDQDOGH6DPSOHUGHVGHHOPHQ~&DQDOHV\DUUDVWUDUHOVRQLGRGHOQDYHJDGRUDHO
QXHYRFDQDO(OVQDUHORHQFRQWUDUDVHQ3DFNVo([WUDo&B6QDUH(VWHJUiILFRQRHVWDUiFHQWUDGR
FRPRHOEDODQFHSHURYDGHOFHURDOPi[LPRFRQHOFHURDEDMR3DUDKDFHUXQDOtQHDUHFWDHQHOHGLWRU
JUiILFRSXOVDHOERWyQGHUHFKRHQXQDEDUUD\DUUDVWUDHOUDWyQSDUDDOLQHDUORVYDORUHVGHODVEDUUDV
-XHJDFRQORV2WURV(IHFWRV,QWHQWDFRQVHJXLUXQDGLIHUHQFLDHQWUHORVRWURVHIHFWRV)LOWHU&XW \
)LOWHU5HV SXHGHQXVDUVHSDUDDJUHJDURVXEVWUDHUYDORUHVDODUHGXFFLyQRODUHVRQDQFLDFRPROD
SHVWDxD,16GHOFDQDO0LUDODVHFFLyQ0RGLILFDQGRHO&DQDO(O'LVWRUVLRQDGRGH9HORFLGDG HVHO
HTXLYDOHQWHDO3LWFK HQODVRSFLRQHVGH&DQDO(O&DPELR SXHGHXVDUVHSDUDHPSXMDUXQSDVRPiV\
DFHUFDUORDOSDVRVLJXLHQWHRDQWHULRUKD\WLSRVGHP~VLFDTXHXVDQHVWRSDUDDFDQDODUXQEHDW
&RPSUREDQGROD0HORGtD&XDQGRUHSURGXFHV*HWWLQJ6WDUWHGIOSHVFXFKDVXQDPHORGtDHQHOFDQDO
,QVB5RXQG3DUDYHUODVQRWDVGHODPHORGtDSXOVDHO%RWyQGHO(GLWRUGH7HFODGR FRQHOFDQDOGH
,QVB5RXQGVHOHFFLRQDGRFRPRVHPXHVWUDGHEDMR$KRUDYHVXQWHFODGRGHSLDQRYHUWLFDOSDUDFDGD
SDVRHQODSDQWDOOD(VSHUDPRVTXHVHSDVDOJRGHSLDQR6LQRHVWLHPSRSDUDHPSH]DUDOJXQDV
OHFFLRQHV3XHGHVFDPELDURHQFHQGHUODQRWDSXOVDQGRHOERWyQL]TXLHUGRVREUHXQDWHFOD\ HOERWyQ
GHUHFKRODDSDJDUD&XDQGRHOORRSQRHVWHHQ3OD\FXDQGRSXOVHVVREUHXQDQRWDVHHVFXFKDUD
%RWyQGHO(GLWRU
GHWHFODGR
6HOHFWRU
GH&DQDO
(GLWRUGH
7HFODGR
&DPELDQGROD0HORGtD£&RQWLQXHPRVSDUDFDPELDUODPHORGtD3XHGHVFDPELDUODFyPRTXLHUDVSHUR
GHEDMRKD\XQDVXJHUHQFLDSXHGHVHQFRQWUDUHVWDPHORGtDHQ*HWWLQJ6WDUWHGIOS3XHGHXVDUHOHGLWRU
GHOWHFODGRHQFXDOTXLHUVDPSOHHOV\QWKEDVVEDMRJXLWDUJXLWDUUDLQFOXVRORVGUXPVWDPERUHV
£'LYLpUWHWH
3XQWR,PSRUWDQWH&XDQGRWLHQHVXQVDPSOHODUJR\TXLHUHVH[WHQGHUODPHORGtDQHFHVLWDVTXHFDGD
QRWDFRUWHODDQWHULRUSDUDTXHQRVHPRQWHQXQDVHQFLPDGHRWUDV(OFDPLQRIiFLOSDUDKDFHUHVWRHV
SXOVDQGRHOERWyQGHUHFKRGHOUDWyQVREUHHO1RPEUHGHO&DQDO HQHO6HFXHQFLDGRUGH3DVRV\
VHOHFFLRQDQGR&XW,WVHOI &RUWDQGRGHOPHQ~$9,62HQHOFDQDOGH,QVB5RXQGWLHQHHVWDRSFLyQ
VHOHFFLRQDGD£3UXHEDGHVHOHFFLRQDUODSHURVHDGYLHUWHTXHORVUHVXOWDGRVSXHGHQHVWDUVXFLRV
£*UDQ1RWLFLD (Q
)UXLW\/RRSV
SXHGHVGHVKDFHUHO
XOWLPRFDPELR
'HVGHHO0HQ~
(GLFLyQ RFRQFWUO]
(/ 3/$</,67 GH ORV PRGHORV D ODV FDQFLRQHV
$KRUD\DKDVYLVWRODPD\RUtDGHORTXHSXHGHKDFHUVHFRQORVVRQLGRVSUREDGRVHQXQVRORPRGHOR(QHVWD
VHFFLyQQRVRWURVWHPRVWUDUHPRVFyPRSURJUDPDUPiVGHXQPRGHOR\XQLUORVHQXQORRSSDUDIRUPDUXQD
FDQFLyQ&DUJD*HWWLQJ6WDUWHGIOS\VLJXHOH\HQGR«
(O6HOHFFLRQDGRUGH0RGHOR)UXLW\/RRSVSHUPLWHFUHDUFHQWHQDUHVGHPRGHORVGLIHUHQWHV(QODV
VHFFLRQHVDQWHULRUHVQRVRWURVKHPRVHVWDGRWUDEDMDQGRVLPSOHPHQWHFRQHOPRGHORSHURQRVRWURV
SRGHPRVDFFHGHUDRWURVPRGHORVFDPELDQGRHOQ~PHURGHO3DQHOGHO6HOHFWRUGH0RGHORRSXOVDQGR
VREUHXQRGHORVQ~PHURVGHO4XLFN3DG pVWDHVXQDVHOHFFLyQUiSLGDSDUDORVSULPHURVPRGHORV
(QFRQWUDUDVHVWRVPDQGRVHQORVHVWDQWHVVXSHULRUHVGHODSDQWDOODSULQFLSDOGH)UXLW\/RRSV
4XLFN3DG
6HOHFWRUGH %RWyQ
0RGHOR
6RQJ3DW
,QGLFDGRU
3OD\
9HDPRVHO3OD\OLVW(VWDYHQWDQDSXHGHVDEULUODFRQVXERWyQHQHO3DQHOGH9HQWDQDVSXOVDQGR)R
SXOVDQGRHOERWyQGHUHFKRGHOUDWyQVREUHVRQJSDW GHO3DQHOGH5HSURGXFFLyQ PLUDHOGLEXMR
DQWHULRU6HGHEHGHDEULUXQDYHQWDQDQXHYDFRPRODGHDEDMR(VWDYHQWDQDIXQFLRQDFRQVHFWRUHV
VyORTXHORVSXQWRVUHSUHVHQWDQPRGHORVHQWHURVHQOXJDUGHVRQLGRVGHFDQDO\SXHGHVSURJUDPDU
FLHQWRVGHSXQWRVHQXQPRPHQWR£$YLVR*HWWLQJ6WDUWHGIOS VRORFRQWLHQHPRGHORUHSHWLGR
YHFHV\HOPRGHOR6HOHFFLRQD6RQJ FDQFLyQGHO3DQHOGH5HSURGXFFLyQ\SXOVD3OD\'HEHVGH
YHUTXHHO,QGLFDGRU3OD\ GHOSOD\OLVWVHHPSLH]DDPRYHU\RtUORVPRGHORVTXHHVWiQHQFHQGLGRV
&XDQGRVHWHUPLQHQORVPRGHORVUHJUHVDUiDO/RRS3RLQW \FRQWLQXDUiHOSOD\3DUDPRYHUHVWHSXQWR
SXOVDHOERWyQGHUHFKRVREUHHOOXJDUGHVHDGRGHVXEDUUD6LVHOHFFLRQDVHOERWyQ3DW PRGHORHQHO
3DQHOGH5HSURGXFFLyQVLPSOHPHQWHVHUHSHWLUiHOPRGHORVHOHFFLRQDGRHQHO6HFXHQFLDGRUGH3DVRV
,QGLFDGRU3OD\
%DUUDV
/RRS3RLQW
0RGHORV
SXOVDHOERWyQ
GHUHFKRSDUD
UHQRPEUDU
¢4XH3XQWRVVRQ"$KRUDSXHGHVDJUXSDUYDULRVPRGHORVSDUDFUHDUXQDFDQFLyQ(VWRWHSHUPLWH
DOWHUDUODVPHORGtDVFDPELDUEHDWVDxDGLULQVHUFLRQHV\ERUUDUSDUWHVGHODFDQFLyQ\DWHUPLQDGD
0XFKRVFRPSRVLWRUHVXVDQXQEORTXHGHPRGHORVSDUDORVGUXPVEDVVOHDGHWFSDUDSRGHUWUDEDMDU
VHSDUDGDPHQWHDOSULQFLSLRFRQHOORV\GHVSXpVLQFOXLUPHORGtDVHQODFDQFLyQHQHO3OD\OLVW
$xDGLHQGR0RGHORVD*HWWLQJ6WDUWHGIOS$TXtVHPXHVWUDXQHMHPSORVLPSOH(O0RGHORXWLOL]D
XQFDQDOQXHYRGH&B6QDUHORHQFRQWUDUDVHQ3DFNVo([WUDo&B6QDUH3XOVDHOERWyQ3DWSDUD
HVFXFKDUHOPRGHOR/XHJRLQWURGXFHHO0RGHORTXHXVDRWURFDQDO&UDVK\ORHQFRQWUDUDVHQ
3DFNVo9LQWDJHo&UDVK7HQGUiVTXHDJUHJDUGRVQXHYRVFDQDOHVSDUDHVWRSXOVDHOERWyQ
GHUHFKRRDUUDVWUDGHOQDYHJDGRUGH6DPSOHV\XWLOL]DHOPHQ~&DQDO
0RGHOR
0RGHOR
%LHQ
KHFKR«
&RPSOHWDQGROD&DQFLyQ$KRUDWLHQHVTXHDxDGLUORVPRGHORVDO3OD\OLVWFRPRVHPXHVWUDGHEDMR\
HPSH]DUiVDFRJHUODLGHD1HFHVLWDUiVSXQWRVH[WUDHQHO0RGHOR\WHQGUiVTXHPRYHUHO/RRS3RLQW
DOVHJXQGRHVSDFLRSXOVDHOERWyQGHUHFKRSDUDPRYHUHO/RRS3RLQW(VWH/RRSHVWDWHUPLQDGRHQ
*HWWLQJ6WDUWHGIOS
)DEXORVR
¢4Xp,QILHUQRVHVHO0RGHOR"&RPSUREDUiVTXHHOPRGHOR0DLQDXWRPDWLRQSDUHFHHVWDUYDFtR
3DFLHQFLDFKLTXLWtQ7RGRVHDFODUDUiSHURSUXHEDTXLWDQGRHOPRGHORGHOSOD\OLVWSDUDFRPSUREDUTXp
GLIHUHQFLDUHSUHVHQWD«<DDSUHQGHUiVDXWLOL]DUHOPRGHOR0DLQDXWRPDWLRQHQODVHFFLyQGH
*UDEDQGRHQ9LYR£3HURDKRUDVLPSOHPHQWHGLVIUXWD
/26 *(1(5$'25(6 GH 6DPSOHV D 6LQWHWL]DGRUHV
+DVWDDKRUDKDVHVWDGRMXJDQGRFRQORV&DQDOHVGH6DPSOH3HUR)UXLW\WDPELpQWLHQHFDQDOHVGHDSR\RTXH
FRQWLHQHQVRQLGRVFUHDGRVHQWLHPSRUHDOSRUVLQWHWL]DGRUHVFRPRHO:DVSHO6LP6\QWK/LYH\HO76
3DUDXWLOL]DUODWHUPLQRORJtDDSURSLDGDFDGD&DQDOTXHFRQWLHQHXQ*HQHUDGRU SRGUtDVHUXQVDPSOHRXQ
SOXJLQVLQWHWL]DGRURDOJ~QRWURWLSRGHJHQHUDGRUHQFRPELQDFLyQFRQHIHFWRV\RSFLRQHVGH&DQDO£/D
FRPELQDFLyQGHHVWRV*HQHUDGRUHVFRQORVFDQDOHVGHVDPSOHVHQ)UXLW\/RRSVGDXQHPSXMyQTXHRWRUJD
XQSRGHUGHVRQLGRPD\RU
$xDGLHQGRXQ&DQDOGH6LQWHWL]DGRU3DUDDJUHJDUXQFDQDOTXHFRQWHQJDXQ*HQHUDGRUGH
VLQWHWL]DGRUKD]FOLFHQHO3DQHOGH0HQ~VVREUH&KDQQHOVo$GG2QH \VHOHFFLRQDXQRGH76
[2VF%HHS0DS%RR%DVV%X]]*HQHUDWRU$GDSWHU )UXLW.LFN)UXLW\'UXP6\QWK/LYH)UXLW\';
)UXLW\6RXQG)RQW3OD\HU3OXFNHG6LP6\QWKR:DVS
¢'RQGHHVWD"(OQXHYRFDQDODSDUHFHUiHQHO6HFXHQFLDGRUGH3DVRV\XQD3DQWDOODGH&RQILJXUDFLyQ
GHO*HQHUDGRUVDOYRHO766LOD3DQWDOODGH&RQILJXUDFLyQHVSHTXHxDDSDUHFHUiHQXQDQXHYD
SHVWDxDGH2SFLRQHVGH&DQDO[2VF%HHS0DS)UXLW.LFN)UXLW\6RXQG)RQW3OD\HU3OXFNHG3RU
RWUDSDUWHDSDUHFHUiFRPRXQDYHQWDQDOLEUH%RR%DVV%X]]*HQHUDWRU)UXLW\'UXP6\QWK/LYH
)UXLW\';6LP6\QWK/LYH:DVS
¢&yPRVH8WLOL]D"1RVRWURVUHSDVDUHPRVHO76FRQPiVGHWDOOHHQODSUy[LPDVHFFLyQ\PXFKRGH
ORTXHDSUHQGDVVHUiDSOLFDEOHDRWURVV\QWKV3HURHVLPSRUWDQWHVDEHUTXHODPD\RUtDGHHVWRV
*HQHUDGRUHVWLHQHVXSURSLDD\XGDGLVSRQLEOH6LOD3DQWDOODGH&RQILJXUDFLyQSDUDHO*HQHUDGRUHVWD
LQFOXLGDHQXQDSHVWDxDGH2SFLRQHVGH&DQDOSXOVDHOQRPEUHGHOFDQDO6LHVWiHQXQDYHQWDQDOLEUH
KD]FOLFHQHOERWyQGHODHVTXLQDVXSHULRUL]TXLHUGD
3HVWDxD3OXJLQ
3UHGHILQLU6RQLGRV
$\XGD
3UHGHILQLUORV6RQLGRV0XFKRVGHORVJHQHUDGRUHVGHVLQWHWL]DGRU%HHS0DS%X]]*HQHUDWRU)UXLW
.LFN)UXLW\'UXP6\QWK/LYH)UXLW\';6LP6\QWK/LYH:DVSHVWDEOHFHQVRQLGRVGLVSRQLEOHV(Q
ODPD\RUtDGHORVFDVRVSXHGHVFRQVHJXLU3UHVHQWV 3UHGHILQLUORVHQVXVHFFLyQGHOPHQ~RSXOVDQGR
ODVIOHFKDVSHTXHxDVHQODGHUHFKDGHXQD9HQWDQDOLEUHPLUDODLPDJHQDQWHULRU
/DV2SFLRQHVGH&DQDO7RGRVHVWRVJHQHUDGRUHVWLHQHQXQDSHVWDxDOODPDGD3OXJLQHQODV2SFLRQHV
GH&DQDODOSXOVDUODDSDUHFHQODVRSFLRQHVGHOJHQHUDGRU3HURFRPRFDGDJHQHUDGRUHVGLIHUHQWHQR
WLHQHQODVPLVPDVSHVWDxDVFRPRORV*HQHUDGRUHVGHOD6DPSOHV3RUHMHPSORHO76WLHQHODV
SHVWDxDV6030,6&\)81&PLHQWUDVHO%HHS0DSWLHQH6,10,6&\)81&
¢4XpSXHGHQKDFHUHVWRV*HQHUDGRUHV"2.YDPRVDH[SOLFDUFDGDWLSRGH*HQHUDGRU3DUDPiVLQIR
PLUDHOSUy[LPRFDStWXORHO763DUDPiVLQIRHQWRGRORGHPiVPLUDOD$\XGD
D 76(QODSUy[LPDVHFFLyQYHUHPRVHVWHJHQHUDGRUFRQPiVGHWDOOHSHURHVXQDPiTXLQDSDUD
FUHDUHOV\QWKOLQHVVRQLGRWHFKQRGHJUDYHVOtQHDVVLPLODUDODFOiVLFDPiTXLQDGH7%
E [2VF(VXQJHQHUDGRUGHHIHFWRSODQRTXHSHUPLWHPH]FODUWUHV2VFLODGRUHV FDGDXQRGHORV
FXDOHVJHQHUDXQWRQR(VWHVRQLGRVRORQRHVLQWHUHVDQWHSHURFRPELQDGRFRQODSHVWDxD,16
SXHGHFUHDUHIHFWRVPX\EXHQRV0iVLQIRHQHOSUy[LPRFDStWXOR
F %HHS0DS(VXQHIHFWRUDUR&RJHVXQDUFKLYRGHLPDJHQELWPDS\ORFRQYLHUWHHQXQVRQLGRGH
UHVXOWDGRVH[WUDxRV\PDUDYLOORVRVeVWHHVHOPLVPRWLSRGHV\QWKTXHHO$SKH[7ZLQODLPDJHQ
ODDGDSWDDXQDSLVWDVDPSOHDWUDYpVGHXQDQDOL]DGRUGHHVSHFWUR
G %RR%DVV8QSHTXHxRJHQHUDGRUGHEDVVPX\KiELOGHWLSR6LP6\QWK
H %X]]*HQHUDWRU$GDSWHU&UHDXQ]XPELGRHQHOVRQLGRGHOV\QWKTXHSXHGHVHVFRJHUOD
$QDUTXtDVHPXHVWUDGHEDMR(O³%X]]0DFKLQHV´YLHQHJUDWXLWDPHQWHFRQ)UXLW\SHURSXHGHV
HQFRQWUDUPXFKRVPiVHQVXVLWLRZHEZZZ%X]]0DFKLQHVFRP
I )UXLW.LFN8QJHQHUDGRUGHSHUFXVLyQ
J )UXLW\'UXP6\QWK/LYH8QSOXJLQ6LQWHWL]DGRUGH'UXPTXHSHUPLWHGHILQLUORVJROSHVGHO
WDPERU\ORVFRQWURODSRUWHFODGR
K )UXLW\';8QSOXJLQSROLIyQLFRGHYRFHVHVRVLJQLILFDQRWDVVHJXLGDVFRQ6LQWHWL]DGRUGH
)0(VWRVLUYHSDUDGDUDOWDFDOLGDGVLQFRQVXPLUGHPDVLDGRUHQGLPLHQWRGH&38
L
)UXLW\*UDQXOL]HU(VWHJHQHUDGRUOHD\XGDDVDFDUVRQLGRVDJLWDGRVGHVDPSOHVFRPRFXDQGR
³)XQN6RXO%UXYYD´UHGXFHODYHORFLGDGHQXQVDPSOHFRQHO)DWER\6OLP¶V³5RFNHIHOOHU6NDQN´
M
)UXLW\6OLFHU3HUPLWHVHFFLRQDUXQEHDWSDUDXWLOL]DUORVHQWHFODGRFRPRGUXPVLQGLYLGXDOHV
3XHGHVFUHDUVLOHQFLRVPX\UiSLGDPHQWHFRQHVWDKHUUDPLHQWD3DUDHQWHQGHUHVWRPLUDHOGLEXMR
GH%HDW6OLFHUGHEDMR
N )UXLW\6RXQG)RQW3OD\HU(VXQJHQHUDGRUGHVDPSOHVDYDQ]DGRTXHWUDEDMDFRQFROHFFLRQHVGH
6RXQG)RQWH[WHQVLRQHVVI
O
)UXLW\9LEUDWRU3XHGHVDJUHJDUYLEUDFLRQHVDWXVFDQFLRQHVXWLOL]DQGRDUFKLYRV)RUFH)HHGEDFN
IIH(VWRVDUFKLYRVXVDQ0LFURVRIW)RUFH(GLWRUKHUUDPLHQWDGH'LUHFW;TXH'LVHxD6'.
P 3OXFNHG8QVLQWHWL]DGRUHVSHFLDOLVWDHQLQVWUXPHQWRVGHFXHUGDFRPRJXLWDUUDVDUSDV
PDQGROLQDVHWF
Q 6LP6\QWK/LYH8QVLQWHWL]DGRUGLJLWDOWRWDOPHQWHIXQFLRQDO8WLOL]DHVWRSDUDFUHDUVRQLGRV
DQDOyJLFRVHQWXFDQFLyQFRQSLVWDVGHGDQFH\WUDQFH
R :DVS2WURVLQWHWL]DGRUGLJLWDOFRPSOHWR(VWHHVEXHQRSDUDFUHDUUiSLGDPHQWH]XPELGRV
RULHQWDUVRQLGRVWHFKQR
S /D\HU(VWRUHDOPHQWHQRHVXQ*HQHUDGRUSHURHVQXHYR3HUPLWHFUHDUXQFDQDOGHPDQGRSDUD
FRQWURODURWURVFDQDOHVUiSLGDPHQWH
T 0,',2XW(VWRQRHVXQ*HQHUDGRU7HSHUPLWHHQYLDUXQFRQWURODGRU0,',GHVLJQRH[WHUQRR
LQWHUQRDOGLVSRVLWLYRGH0,',0iVLQIRHQHOWXWRULDOH
£0iV*HQHUDGRUHV&RQHOQXHYR)UXLW\:UDSSHU SXHGHVDJUHJDUFXDOTXLHUSOXJLQVLQWHWL]DGRU967L
R';LTXHGHVFDUJXHVRFRPSUHV'HOPHQ~&KDQQHOV &DQDOHVVHOHFFLRQD$GG2QHo 0RUH(VWR
DEULUiXQDOLVWDGHSOXJLQVGLVSRQLEOHVFRPRODPRVWUDGDGHEDMR3XHGHVVHOHFFLRQDUFXDOTXLHUSOXJLQ\
DJUHJDUORDXQFDQDOSXOVDQGRGREOHFOLFVREUHVXQRPEUH/DPDUFD³)´HQODFDMDGHODL]TXLHUGDGHO
QRPEUHGHOSOXJLQVLJQLILFD³)DYRULWRV´\VLHVWDPDUFDGDDSDUHFHUiGLUHFWDPHQWHHQHOPHQ~
&KDQQHOVo $GG2QH
3OXJLQV967\';L3DUDDJUHJDUXQFDQDOGH)UXLW\:UDSSHU PLUDHOFDSLWXORDQWHULRU(VWHJHQHUDGRU
VyORVLUYHSDUDV\QWKSOXJLQV967\';L3DUDDEULUVXOLVWDSXOVDGREOHFOLFHQ9673OXJLQVRSXOVD
HOVLJQRVLPLODUDOH[SORUDGRUGH:LQGRZV8Q967SOXJLQV\QWKWDPELpQOODPDGRPGD';
HVWiGLVSRQLEOHFRPRIUHHZDUHJUDWXLWR\XQ';LSOXJLQV\QWKQRPEUDGRFRPR'UHDP6WDWLRQ
WDPELpQHVWiGLVSRQLEOHHVWDHQHOPLVPRSDTXHWHHQHOTXHKDVFRPSUDGR)UXLW\3XHGHVUHFLELU
DPERVV\QWKVGHZZZIUXLW\ORRSVFRP
';
'UHDP6WDWLRQ
(O2WUR9673OXJLQV<RVpORTXHHVWDVSHQVDQGR¢4XpSDVDFRQHORWUR9673OXJLQGHODOLVWD"/RV
SOXJLQVGH967VRQVLQWHWL]DGRUHVRHIHFWRV);\ODPD\RUtDWLHQHRQGDV);1RVRWURV
H[SOLFDUHPRVFyPRXVDUHO);HQODVHFFLyQGH(IHFWRV)UXLW\1RKD\RWUDPDQHUDGHVJUDFLDGDPHQWH
SDUDTXH)UXLW\GLIHUHQFLHHQWUH);\SOXJLQVGHOV\QWKSRUORTXHWXGHEHUiVGHUHFRUGDUOR6LLQWHQWDV
DEULUXQ9673OXJLQ\OR~QLFRTXHFRQVLJXHVHVXQPHQVDMHGHHUURU\XQDYHQWDQDYDFtDFRPROD
PRVWUDGDGHEDMRHQWRQFHVSUREDEOHPHQWHHUDXQSOXJLQGH);
¢0HWHQJRTXHUHJLVWUDU"$OJXQRVGHHVWRVSURGXFWRVHVWiQKHFKRVSRURWURVHVSHFLDOLVWDVHQ)UXLW\
SDUDTXHIXQFLRQHQFRUUHFWDPHQWHHQDOJXQRVFDVRVWLHQHVTXHUHJLVWUDUORV6LJXHODLQIRUPDFLyQGH
ZZZIUXLW\ORRSVFRPSDUDVDEHUTXHKDVGHKDFHU
¢'yQGHSXHGR&RQVHJXLU0iV"+D\FLHQWRVGHSOXJLQVGHOV\QWKSDUDGHVFDUJDU$OJXQRVGHHOORV
VRQJUDWXLWRV\RWURVGHSDJR%~VFDORVHQHOVLWLRZHEZZZIUXLW\ORRSVFRP2WURVGRVOXJDUHVTXH
GHEHVYLVLWDUVRQZZZWKHSOXJLQOLVWFRP\ ZZZNYUYVWFRP GRVVLWLRVFRQJUDQGHVFDQWLGDGHVGH
SOXJLQVGH967\SRVLEOHPHQWHDOJXQRWHLQWHUHVH/RVQXHYRV3OXJLQV967GHEHVGHLQVWDODUORVHQHO
GLUHFWRULRGH)UXLW\/RRSVo 3OXJLQVo 967 GHWXGLVFRGXUR
£1RORQLHJXHV 7XQHFHVLWDUDVWRGRV
HVWRVJHQHUDGRUHV3HURQRPDOJDVWHVWX
GLQHURFRQSURGXFWRVTXHQRXWLOL]DUDV
(O$USHJJLDWRU$KRUDTXHQRVRWURVKHPRVLQWURGXFLGRORVJHQHUDGRUHVGH6\QWKQRVRWURVSRGHPRV
GHFLUWHILQDOPHQWHSDUDTXHVLUYHHO$USHJJLDWRU GHODV2SFLRQHVGH&DQDO$EUHXQRGHORVFDQDOHVGHO
V\QWK6LP6\QWK/LYHR3OXFNHGSRUHMHPSORSRQOHYDULDVQRWDV\YHVDODSHVWDxD)81&GHVXV
2SFLRQHVGH&DQDO$KRUDSXOVDODIOHFKDKDFLDDUULED \VHOHFFLRQDXQFKRUG$KRUDYHVDXQQXHYR
PRGHORGHO6LP6\QWK\SRQVRORXQDQRWD(QOXJDUGHXQDVRODQRWDFRQVHJXLUiVXQDUSHJLRUHSHWLGRU
¢%XHQRHK"/HHPiVVREUHHVWRHQODD\XGD
'LUHFFLyQGHO
$USHJJLR
5DQJRGH
2FWDYD
9HORFLGDG
'XUDFLyQHWF
6HOHFFLyQ
GHO&KRUG
PH«PH«PH«
PH«PH«PH«
PHHHH«
6RQLGRVHVWiWLFRVGHO6LQWHWL]DGRU)UXLW\WDPELpQFRQWLHQHVRSRUWHHVWiWLFRHQODYHUVLyQ6LP6\QWK \
XQVLQWHWL]DGRUGHVRQLGRVGUXPOODPDGR'UXP6\QWK6LSRVHHVDPERVSURJUDPDV)UXLW\SXHGHOHHU
VXVDUFKLYRVHQXQ&DQDOGH6DPSOHQRUPDO5HDOPHQWHDOJXQRVVRQLGRVSXHGHTXHQRVDOJDQPX\
ELHQSHURGHHVWDIRUPDSXHGHVFRQVHJXLUVRQLGRVGHOSKDWGH6LP6\QWK\HQWLHPSRUHDO'UXP6\QWK
HVWDJUDWXLWRHQZZZPGDYVWFRP\SXHGHVFRQVHJXLU6LP6\QWKHQZZZIUXLW\ORRSVFRP'HEHVGH
HQFRQWUDUDOJXQRVSUHGHILQLGRV SDUDDPERVV\QWKVHQHO1DYHJDGRUGH6DPSOHV
6LP6\QWK
'UXP6\QWK
£(O'LVFXUVRGH)UXLW\$KRUDSXHGHVWHQHUXQDFRQYHUVDFLyQFRQ)UXLW\/RRSVXWLOL]DQGRHOVRSRUWH
SDUDODVtQWHVLVGHYR]/DPDQHUDPiVIiFLOGHDFFHGHUHVWDRSFLyQHVDOSXOVDUVSHHFK HQHOQDYHJDGRU
GHVDPSOHV\DUUDVWUDQGRXQDUFKLYRDOVHFXHQFLDGRUGHSDVRV&RQVHJXLUiVXQGLiORJRGHEDMRKD\XQ
HMHPSOR7RGRORTXHKDVGHKDFHUHVUHHPSOD]DUHO7H[WRHVFRJHUXQD3HUVRQDOLGDGXQ(VWLORXQ
0RGR5DWH OD9HORFLGDG\3LWFK 'LVWRUVLRQDGR3XOVDHOERWyQ³OLVWHQ´SDUDHVFXFKDUORTXHKDV
FUHDGR&XDQGRORWHUPLQHVSXOVDOD0DUFDGH2. \JXiUGDORHQHOGLUHFWRULRGH)UXLW\/RRSVo
6DPSOHVo 6SHHFK GHWXGLVFRGXURDVtORWHQGUiVGLVSRQLEOHSDUDRWUDVFDQFLRQHV3XHGHVSUREDUD
DxDGLUORDXQFDQDOFRQXQJHQHUDGRUGH*UDQXOL]HU)UXLW\6FUDWFKHUR)UXLW\6OLFHU'LYLpUWHWH
7H[WR
%RWyQSDUD
HVFXFKDU
3HUVRQDOLGDG
(VWLOR\0RGR
9HORFLGDG
'LVWRUVLRQDGR
3RGUtDVWHQHUTXHGHOHWUHDUDOJXQDVSDODEUDVHVFXFKDHOVRQLGR
DQWHVGHSXOVDURN«3XHGHVKDFHUOHFRQWDUSRQLHQGRQ~PHURV\
SXHGHVGLVWRUVLRQDUSDODEUDVDGMXQWiQGROHVXQQ~PHURHQWUH
SDUpQWHVLVSUXHEDHVWR5LFN\HVWLLRPXXJXDSRLKOLVWRHV
HOPHMRU/DVWLPDTXHWRGDVODVYRFHVWHQJDQHODFHQWRLQJOHV
0DUFDGHO2.
,1752'8&,(1'2 (/ 76
(O76HUDRULJLQDOPHQWHXQVLQWHWL]DGRUHVWiQGDUGLVHxDGRSDUDFUHDUHOFOiVLFR7%XQVHFXHQFLDGRU
TXHOHGDDOWHFKQRPRGHUQRXQVRQLGR~QLFR6HSHQVDEDTXHHOHUDXQDUpSOLFDH[DFWDGHODFOiVLFD
PiTXLQDSHURHO~QLFRVRQLGRWHFKQRTXHHVWHSUHVHQWDWLHQHVXVSURSLDVFRPSRVLFLRQHV
$xDGHXQ&DQDOGH76(QSULPHUOXJDUFDUJD*HWWLQJ6WDUWHGIOS'HVSXpVDxDGHXQFDQDOGH
76FRPRKDVDSUHQGLGRHQHOFDSLWXORDQWHULRU
&RSLDQGRODV1RWDVGHO,QVB5RXQG0X\ELHQDKRUDYDPRVDUHHPSOD]DUHOFDQDO,QVB5RXQGSRUHO
763ULPHURXWLOL]DHOHGLWRUGHWHFODGRSDUDSURJUDPDUODVQRWDVGH76\GHVSXpVVLOHQFLDHO
FDQDO ,QVB5RXQGDSDJDQGRODOX]YHUGHGHORVFRQWUROHVGHFDQDO(VFXFKD\FRPSDUDUHVXOWDGRV
LQWHUFDPELDQGRORVFDQDOHVGHO76\HO,QVB5RXQG
&DQDO
6LOHQFLDGR
$XPHQWD
HO76
8PP«0H
JXVWDEDPiV
DQWHV«
$xDGHODV
1RWDV
£1RHV'HPDVLDGR,PSUHVLRQDQWH7RGDYtD2.QRSDUHFHGHPDVLDGREXHQR(VRHVSRUTXHHVWDV
XVDQGRHO76FRQODVRSFLRQHVSUHGHILQLGDV3XOVDHOERWyQFRQHOQRPEUHGHOFDQDOSDUDDEULUODV
RSFLRQHVGHO76HVFRJHODSHVWDxDGHO76 \PRGLILFDORVFRQWUROHVGHEDMRVHPXHVWUDXQ
HMHPSORFRQDOJXQRVGHORVFDPELRVVHxDODGRV1XHVWUDSURSLDYHUVLyQSXHGHVHQFRQWUDUODHQ
*HWWLQJ6WDUWHGIOSUHDOPHQWHSXHGHVWHQHUTXHPRGLILFDUWXSURSLDYHUVLyQXQSRFRPiVGHORTXH
QRVRWURVWHKHPRVPRVWUDGRDTXtSDUDTXHVHSDUH]FDH[DFWDPHQWHFRPR*HWWLQJ6WDUWHGIOS
3HVWDxDGHO
76
<DHVWDDOJR
PHMRU«
+D]TXHODV
1RWDVVH
GHWHULRUHQPiV
/HQWDPHQWH
&DPELDODSLVWD
);7HH[SOLFDUHPRV
HVWRPiVDGHODQWH
&DPELDORV
SDUiPHWURV
GHORVFLODGRU
&DPELDOD
FDOLGDGGHO
VRQLGR
(VWRHVOR~OWLPR
*LUDHVWDVUXHGDV
PLHQWUDVHVFXFKDVOD
FDQFLyQ«
(UHVXQGLRVGHO7HFKQR
(QWHQGLHQGRORV&RQWUROHV&RPRFRQODVRWUDVRSFLRQHVGHFDQDOHVWHPDWHULDOVHH[SOLFDFRQPiV
GHWDOOHHQOD$\XGD2QOLQH3HURSDUDDKRUDDTXtWLHQHVXQDDSUHFLDFLyQEUHYHGHORTXHKDFHQORV
SULQFLSDOHVFRQWUROHV+D\WDPELpQRWURVFRQWUROHVLQWHUHVDQWHVTXHSXHGHVPRGLILFDUHQODVSHVWDxDV
0,6&)81&\603'LYLpUWHWHHLQWHQWDFRQVHJXLUHQWHQGHUOR«
/RVRVFLODGRUHV
3XHGHVWHQHUGRV
VRQLGRVOLJHUDPHQWH
GLIHUHQWHVTXHVXHQHQ
MXQWRV6HOHFFLRQDHO
WLSRGHRQGDGHORV
SHTXHxRVFXDGURV
YHUGHV3RQODRFWDYD
JLUDQGRODUXHGD&56
(O(QYROYHQWH $WDTXH
GHFDLPLHQWRUHODMDFLyQ
VRVWHQLPLHQWRHWF
2EVHUYDHOJUDILFR
/RV)LOWURV 5HGXFFLyQ\
UHVRQDQFLD3UXHEDORV
ERWRQHVVXSHULRUHV
/DGLVWRUVLyQ *LUDODV
UXHGDVSDUDHVWURSHDUHO
VRQLGR
(OPH]FODGRUGH
RVFLODGRUHV *LUDODV
UXHGDVSDUDDXPHQWDUR
GLVPLQXLUHOYROXPHQGHO
RVFLODGRU\
/)2 2VFLODFLyQGH%DMD
)UHFXHQFLD(VWDIXQFLyQ
VHPXHYHOHQWDPHQWHGH
DUULEDDDEDMRFRPRXQ
SDUiPHWURGHUHGXFFLyQ
/DVUXHGDVVRQ&DQWLGDG
$07\YHORFLGDG63'
\ORVERWRQHV3UHFLVLyQ
26&5HVRQDQFLD
5(65HGXFFLyQ&87
\DQFKXUDGHGLVWRUVLyQ
3:3UXHEDWDPELpQ
ODV GLIHUHQWHVRQGDV
RVFLODWRULDV
'LDSRVLWLYDQGRODVQRWDVGHO768QD~OWLPDFRVD3XHGHVHVWLUDURDODUJDUODVQRWDVGHO76
FRQOD/tQHDGHO3URORQJDPLHQWR VREUHHOHGLWRUGHWHFODGR6LKDFHVFOLFVREUHXQDQRWDHQOD/tQHD
GHO3URORQJDPLHQWRHVDQRWDVHUHVEDODUiKDVWDODSUy[LPDQRWDRORRS%HDWVRPRGHORV3HUR
SXHGHFRUWDUVHDQWHVGHODILQDOL]DFLyQGHOORRSVLVHHQFXHQWUDFRQRWURSDVRRQRWDHQHVHFDQDOVH
FRUWDDOHQFRQWUDUXQFDPELRRPRGLILFDFLyQHQVXFDPLQR5HJUHVDD*HWWLQJ6WDUWHGIOS\PRGLILFD
HOWHFODGRFRPRHOTXHVHPXHVWUDGHEDMR(OUHVXOWDGR\DWHUPLQDGRHVWiHQ*HWWLQJ6WDUWHGIOS
5HDOPHQWHDSDUWLUGHODYHUVLyQHVWDFODVHGHPHORGtDVVHKDFHXVDQGRHO3LDQR5ROO3HURHVWR\D
ORYHUHPRVPiVDGHODQWH
/tQHDGHO
3URORQJDPLHQWR
1RWDV
QXHYDV
¢1RSXHGHVKDFHUFOLFHQOD/tQHDGHO
3URORQJDPLHQWR" 4XL]iHVWHVHOHFFLRQDGD
3UXHEDFRQL]TXLHUGRRGHUHFKR
()(&726 )58,7<
$KRUDHQ)UXLW\/RRSVSXHGHVDxDGLUQXHYRVHIHFWRVDWXVFDQDOHV(VPiVIiFLODJUHJDUHIHFWRVSXHGHV
DxDGLUORVHIHFWRVPiVDYDQ]DGRVFRPRVLIXHUDXQVLPSOHFRQWUROGHYROXPHQFRPRFKRUXVUHYHUE
SKDVHUGHOD\IODQJH\(4HQWUHRWURV(QODYHUVLyQSXHGHVDJUHJDUWDPELpQ*HQHUDGRUHV1RWDV
&RQWUROHV0RQLWRUHV\RWURVPDQGRV3XHGHVORJUDUHVWRVHIHFWRVDWUDYpVGHOXVRGH3OXJLQV); \3LVWDV
);¢5HFXHUGDVFXiQGRWHGLMLPRVTXHKDEtDQFDPELDGRODV3LVWDV);HQODV2SFLRQHVGH&DQDOGHO76"
%LHQDKRUDQRVRWURVWHH[SOLFDUHPRVGHTXHWUDWDHVR
$EUHOD9HQWDQDGH0DVWHU(IIHFWV¢(OTXH"7HSUHJXQWDUDV£/RV/RRSVGH*HWWLQJ6WDUWHG HVWDEDQ
XVDQGRORV(IHFWRV)UXLW\GHVGHHOSULQFLSLR3DUDDEULUODYHQWDQDGH0DVWHU(IIHFWV SXOVD) RYHVD
9LHZo(IIHFWV HQHO3DQHOGH0HQ~V7DPELpQSXHGHVDEULUODSXOVDQGRHO~OWLPRERWyQGHO3DQHOGH
9HQWDQDV&RQVHJXLUiVXQDYHQWDQDFRPRODGHGHEDMR«
0DVWHU7UDFN
3LVWDV);
3LVWDVGH(QYLy
3OXJLQV);
4XpHVHVWR+D\XQDODUJDOLVWDGH3OXJLQV);7LHQHVXQ0DVWHU7UDFN3LVWDV);1RUPDOHV\
3LVWDVGH(QYLy(O0DVWHU7UDFNVHVHOHFFLRQDSRUGHIHFWR&DGDSLVWDSXHGHWHQHU3OXJLQV);/RV
/RRSVGH*HWWLQJ6WDUWHGXVDQHOSOXJLQ)UXLW\%DQG(4 HQHO0DVWHU7UDFN\ORVSOXJLQV)UXLW\
'HOD\ \)UXLW\5HYHUE HQOD3LVWD3UXHEDDFDPELDUODSLVWDSDUDHQFRQWUDURWURVSOXJLQV
(QFLHQGH\DSDJDXQ3OXJLQ6LPSOHPHQWHSXOVDHOERWyQL]TXLHUGRSDUDDFWLYDUHOSOXJLQ\RWURFOLF
FRQL]TXLHUGRSDUDGHVDFWLYDUOR3UXHEDHVWRFRQXQ/RRSGH*HWWLQJ6WDUWHGSDUDRtUODGLIHUHQFLD
6HOHFFLRQDQGR3OXJLQV6LTXLHUHVDxDGLUXQQXHYRSOXJLQSXOVDHQODIOHFKDHQHOOXJDUGHODOLVWD
GyQGHTXLHUHVDJUHJDUHOSOXJLQ\HQWRQFHVHVFRJHVXQRGH3UHVHQW &RQILJXUDFLRQHV3UHGHILQLGDVSDUD
HVHSOXJLQRXQSOXJLQQXHYRGHODOLVWD6HOHFW \ORFRQILJXUDVDWXJXVWR
&OLF$TXt
&OLFL]TXLHUGR
SDUDDFWLYDU
RGHVDFWLYDU
0RGLILFDQGRHO3OXJLQ3XOVDHOERWyQGHUHFKRSDUDDEULUVXV2SFLRQHV R(GLWRU\XQVHJXQGRFOLF
FRQGHUHFKRSDUDFHUUDU$OJXQRVSOXJLQVWLHQHQXQDLQWHUIDFHSODQDFRPRHO)UXLW\'HOD\PRVWUDGR
GHEDMR2WURVWLHQHQFRQWUROHVYLVXDOHV/DPD\RUtDGHORVSOXJLQVYLHQHFRQVXSURSLD$\XGDFRPRVH
PXHVWUDGHEDMR1RWHHQVHxDUHPRVDTXtODIXQFLyQGHORVFRQWUROHV¢3HURDKRUDSXHGHVSUREDUORV"
&OLFGHUHFKR
SDUDDEULU
VXV2SFLRQHV
&DPELRGH
(IHFWRV
3UHGHILQLGRV
&OLFDTXtSDUD
GHVSOHJDUPHQ~
FRQ$\XGD
(QYLDQGRHO6RQLGRDO3OXJLQ$KRUDWHSRGHPRVH[SOLFDUSDUDTXHVLUYHHOQ~PHURVXSHULRUGHOD
GHUHFKDHQODV2SFLRQHVGH&DQDO(O0DVWHU7UDFNDSOLFDUiFXDOTXLHUHIHFWRSXHVWRHQHVD3LVWD);D
HOVRQLGRGHWRGDODFDQFLyQ3HURVyORVHDSOLFDUiQHIHFWRVGHODV3LVWDV);1RUPDOHVDORV6DPSOHV\
6\QWKVTXHKDQVHOHFFLRQDGRHVD3LVWD);HQVXV2SFLRQHVGH&DQDO$VtTXHHQ*HWWLQJ6WDUWHGIOS
ORVFDQDOHV,QVB5RXQG\76HVWiQHQYLDQGRVXVRQLGRDOD3LVWD);GyQGHVHDSOLFDUiQ)UXLW\
5HYHUE\'HOD\/RVRWURVFDQDOHVHVWiQHQYLDQGRDOD3LVWD);FRQHOYDORUSRUGHIHFWRTXpQR
FRQWLHQHORVHIHFWRV
(QYLDQGRDOD
SLVWD);
¢3DUDTXHVLUYHQODV3LVWDVGH(QYLy"+D\3LVWDVGH(QYLyHVSHFLDOHV\VXVHQWUDGDVFRUUHVSRQGHQ
DRWUDV3LVWDV);HQOXJDUGH&DQDOHVGHO6HFXHQFLDGRU6XSRQJDPRVTXHTXLHUHVSRQHUHOPLVPR
)UXLW\5HYHUEHQODJXLWDUUD\HQORVWDPERUHVSHURDGHPiVTXLHUHVDxDGLUHO)UXLW\'HOD\DODJXLWDUUD
\(4DORVWDPERUHV)iFLO(QYtDORVWDPERUHVDOD3LVWD);1RUPDO\DxDGHHO(IHFWR(4<OD
JXLWDUUDODHQYtDVDOD3LVWD);1RUPDOGRQGHOHDxDGHVHO)UXLW\'HOD\(QWRQFHVSRQHVHO)UXLW\
5HYHUEHQOD3LVWDGH(QYLy\YXHOYHVDODV3LVWDV);1RUPDOHV\SDUDJLUDUODVHJXQGDUXHGDGH
ODSDUWHLQIHULRUDPRGRGHYROXPHQ\HQYLDUVXVRQLGRDOD3LVWDGH(QYLy$KRUDWLHQHVHOPLVPR
UHYHUEHQODJXLWDUUD\HQORVWDPERUHVSHURVyORKDVXVDGRXQVRORSOXJLQGHUHYHUE
$TXtVROR
GHEHUtDHVWDU
HO3OXJLQ(4
(VWD3LVWD);VH
HQYtDDOD6DOLGDGH
OD3LVWDGH(QYLy
&DPELDQGRHO2UGHQGHORV3OXJLQV(ORUGHQHQTXHHVWiQVLWXDGRVORVSOXJLQVHQODVOLVWDVGHODV
3LVWDVWLHQHXQJUDQLPSDFWRHQHOUHQGLPLHQWRILQDOGHOVRQLGR&DGD3LVWDDSOLFDDOVRQLGRHOSULPHU
3OXJLQGHODOLVWDDOUHVXOWDGROHVXPDHOVHJXQGR3OXJLQGHODOLVWD\DVtVXFHVLYDPHQWH3DUDKDFHU
PiVIiFLOHOH[SHULPHQWDUFRQHORUGHQGHORVHIHFWRV)UXLW\/RRSVWLHQHXQDIXQFLyQPX\VLPSOHSDUD
VXELUREDMDUHORUGHQGHXQSOXJLQ(VWiIXQFLyQVHHQFXHQWUDHQHOPHQ~GHHIHFWRVPRVWUDGRGHEDMR
0RYH8S ´DUULED´\0RYH'RZQ ³DEDMR´
¢4XpKDFHQHVWRV3OXJLQV"&RPRDQWHVVHPHQFLRQRSXHGHVFRQVHJXLUXQDD\XGDHVSHFLILFDGHFDGD
3OXJLQGH)UXLW\SHURDTXtWHPRVWUDPRVXQDOLVWDVREUHODIXQFLyQGHDOJXQRV«
%X]](IIHFW$GDSWHU(VWHDGDSWDGRUWHSHUPLWHFDUJDUHOHIHFWRGH=XPELGRGHXQD0iTXLQD)UXLW\
YLHQHFRQPXFKRVSUHGHILQLGRVSHURSXHGHVFRQVHJXLUPiVHQZZZ%X]]0DFKLQHVFRP
)UXLW\%DQG(4(FXDOL]DGRUGHVRQLGR
)UXLW\%DODQFH7HSHUPLWHPRGLILFDUHOEDODQFH\YROXPHQHQHO*UDEDGRHQ9LYR
)UXLW\%DVV%RRVW+DFHPiVJUDYHVORVVRQLGRV
)UXLW\%LJ&ORFN&UHDXQDYHQWDQDFRQXQFURQyPHWURTXHFXHQWDHOWLHPSRGHODUHSURGXFFLyQ
)UXLW\%ORRG2YHUGULYH8WLOL]DHVWRSDUDGLVWRUVLRQDUORVFDQDOHV
)UXLW\&HQWHU&RPSHQVDODDVFHQVLyQGHWRQRGHO'&HQWLHPSRUHDO
)UXLW\&KRUXV$xDGHHOHIHFWRGHXQFRUR
)UXLW\&RPSUHVVRU 8WLOL]DHVWRSDUDDSODQDUODGLQiPLFDGHOVRQLGR$OJRSDUHFLGRXWLOL]D)DWER\
SDUDFRQVHJXLUXQRVGUXPVGHPHQRULQWHQVLGDG«
)UXLW\'%0HWHU&UHDXQDYHQWDQDFRQXQPDUFDGRUGH'HFLEHOLRV
)UXLW\'HOD\&UHDXQHFRYHUGDGHURQRVyORVDPSOHVUHSHWLGRVFRPRODV2SFLRQHVGH&DQDO
)UXLW\'HOD\(VXQ)UXLW\'HOD\GHVHJXQGDJHQHUDFLyQ$xDGH%DODQFH\RWURVHIHFWRV
)UXLW\)DVW/38WLOL]DHVWRSDUDEDMDUHOUHQGLPLHQWRGHWX&38UHGXFFLyQ\UHVRQDQFLD
)UXLW\)DVW'LVW3URYRFDXQJUDQHIHFWRGHGLVWRUVLyQVLQFDVLFRQVXPLU&38
)UXLW\)LOWHU0iVUHGXFFLyQ\UHVRQDQFLDSHURHVWHHIHFWRVHILOWUDSDUDDFRPSDxDUOD&38
)UXLW\)ODQJHU$XQQRKDVRtGRQDGDGHHVWHHIHFWR(VPX\SRSXODUHQWUHORVJXLWDUULVWDVHVWHHIHFWR
GHWLSR/)2SXHGHDJUHJDUXQDQXHYDSHUFHSFLyQDFXDOTXLHUFDQFLyQ
)UXLW\)RUPXOD&RQWUROOHUeVWHHVXQFRQWURODGRUGHDWUDFWLYRDVSHFWRTXHSXHGHXQLUVHDRWUDV
UXHGDV\EDUUDVGHVOL]DQWHVGH)UXLW\/RRSV(QODVHFFLyQGH&RQWURODGRUHV([WHUQRV PiVLQIR
)UXLW\)UHH)LOWHU2WURILOWURGHGHFLEHOLRVSHURQRHVXQILOWURWDQLQFRQVWDQWHFRPRHO)UXLW\
)LOWHUHVWRVLJQLILFDHOLQILHUQR
)UXLW\+70/1RWHERRN$xDGHQRWDVDWXORRSHQHVWUXFWXUDKWPO£RDJUHJDWXSURSLDSiJLQD:HE )UXLW\/6'3HUPLWHD)UXLW\/RRSVDFFHGHUDO'LUHFW0XVLF6RIWZDUH6LQWHWL]DGRUGH'LUHFW;1RWD
GHEHVWHQHULQVWDODGR'LUHFW;RSRVWHULRU/RVFDQDOHVGH/6'IXQFLRQDQPHMRUFRQXQGLVSRVLWLYR
GH0,',H[WHUQRHOFXDOSXHGDFRQWURODUVHFRQXQ0,',TXHQRSHUWHQH]FDDQLQJ~QFDQDOPLUDHQOD
VHFFLyQGHORV*HQHUDGRUHV
)UXLW\0XWH8WLOL]DHVWRSDUDVLOHQFLDUORVFDQDOHVHQHO*UDEDGRHQ9LYR
)UXLW\1RWHERRN£*XDUGDDSXQWHVHQWXFDQFLyQeVWHHVHOSOXJLQTXH)UXLW\/RRSVXWLOL]DHQVXV
WXWRULDOHV
)UXLW\3DQ20DWLFÒWLOSDUDFUHDUXQEDODQFHGHVRQLGRDOWHUQDGRPX\IiFLO
)UXLW\3DUDPHWULF(48Q(FXDOL]DGRUSDUDPpWULFRKHFKRSDUD)UXLW\/RRSV8QHFXDOL]DGRUQRUPDO
VyORWHSHUPLWHUHJXODUORVQLYHOHVSDUDXQDIUHFXHQFLDSUHGHILQLGDSHURFRQXQHFXDOL]DGRU
SDUDPpWULFRSXHGHVHVFRJHUODIUHFXHQFLDTXHTXLHUHVUHJXODU
)UXLW\3HDN&RQWUROOHUeVWHHVRWURFRQWURODGRULQWHULRU0iVLQIRGHFRQWURODGRUHVHQODVHFFLyQGH
&RQWURODGRUHV([WHUQRV
)UXLW\3KDVH,QYHUWHUÒVDORSDUDLQYHUWLUODIDVHHVWHUHRL]TXLHUGD\GHUHFKD
)UXLW\3KDVHU6LPLODUDO)UXLW\)ODQJHUSHURDXQPiVIULy
)UXLW\5HYHUE8QHFRHQXQDJUDQVDOD0HMRUTXHHOUHYHUEGHODV2SFLRQHVGH&DQDO
)UXLW\6FUDWFKHU&DUJDXQVDPSOH\OLPSLDVXFLHGDGHV(VWHSOXJLQ);HVFRPRXQJHQHUDGRUSXHGH
SURGXFLUVRQLGRHQOXJDUGHPRGLILFDUHOFDQDO
)UXLW\6HQG3RQHVWHSOXJLQHQWUHRWURVGRVSOXJLQVLJXDOHV\SXHGHVHQYLDUHOEDODQFHRYROXPHQTXH
TXLHUDVDXQD3LVWDGH(QYLy
)UXLW\6RIW&OLSSHUeVWHHVXQILOWURTXHVXDYL]D\OLPLWDHOUHQGLPLHQWRGH&387HSHUPLWHHYLWDUHO
UHFRUWH\GLVWRUVLyQDSOLFDQGRXQDFRQGHQVDFLyQVXDYHGHHQWUDGD
)UXLW\6SHFWURPDQ&UHDXQDYHQWDQDFRQXQDQDOL]DGRUGHHVSHFWURSDUDTXHSXHGDVYHUOD
GLVWULEXFLyQHVSHFWUDOGHORVVRQLGRVHQWXSLVWD
)UXLW\6WHUHR(QKDQFHU$xDGHDOJXQRVHIHFWRVPX\EXHQRVHQODVHSDUDFLyQHVWHUHR
)UXLW\;<&RQWUROOHU<RWURFRQWURODGRULQWHULRU0iVLQIRGHFRQWURODGRUHVHQODVHFFLyQGH
&RQWURODGRUHV([WHUQRV
(IHFWRV3UHGHILQLGRV6LTXLHUHVFUHDUXQSOXJLQFRQXQRVSDUiPHWURVSUHGHILQLGRVSXHGHVDFFHGHUD
HOORVD WUDYpVGHODVHFFLyQGHOPHQ~GHHIHFWRVSUHVHWV FRPRKHPRVYLVWRDQWHULRUPHQWHRXVDQGRODV
SHTXHxDVIOHFKDVHQODSDUWHVXSHULRUGHUHFKDGHODVRSFLRQHVGHORVSOXJLQVFRPRHQORV*HQHUDGRUHV
3XHGHVTXHUHUJXDUGDUWXSURSLDSUHGHILQLFLyQSDUDHQFRQWUDUODSRVLFLyQH[DFWDGHORVFRQWUROHV
SRVWHULRUPHQWHKD]HVWRKDFLHQGRFOLFHQODRSFLyQGHOPHQ~VDYHSUHVHWDV <VLJXDUGDVWX
SUHGHILQLFLyQHQHOGLUHFWRULRTXH)UXLW\/RRSVVXJLHUHSRUGHIHFWRHQWRQFHVDSDUHFHUiHQHOPHQ~GH
SUHVHWV GHHVHSOXJLQFDGDYH]TXHOREXVTXHV
&RQVLJXLHQGR1XHYRV3OXJLQV1RVRWURVWHGLPRVXQDJUDQVHOHFFLyQGH3OXJLQV);FRQHO3DTXHWHGH
)UXLW\/RRSV3HURSXHGHVTXHUHUDxDGLUDOJXQRQXHYR\SXHGHVHQFRQWUDUPXFKRVGHHOORVHQODUHG
$OJXQRVVRQJUDWXLWRV\RWURVGHSDJR£3XHGHVQDYHJDUSRUODUHGSDUDEXVFDUORV/DLQVWDODFLyQHV
EDVWDQWHVLPSOH,QVWiODORWRGRHQODFDUSHWD)UXLW\/RRSV3OXJLQV SHURVLHVXQSOXJLQ967GHEHVGH
LQVWDODUORHQVXVXEGLUHFWRULR)UXLW\/RRSV3OXJLQV9675HLQLFLD)UXLW\/RRSVFRQVXVQXHYRV
SOXJLQV\GHEHQDSDUHFHUHQODOLVWD'RVVLWLRVFRQPXOWLWXGGHSOXJLQVVRQZZZ7KH3OXJLQ/LVWFRP
\ ZZZNYUYVWFRP
/DV5HVWULFFLRQHVGHOD&38£(6783(1'2¢<RSXHGRXVDUWRGRVORVSOXJLQVTXHTXLHUD"
5HDOPHQWHQRSXHGHV&DGDSOXJLQTXHXVHVFRQVXPHXQDFLHUWDFDQWLGDGGHSRGHUGHWXRUGHQDGRU
$OJXQRVFRQVXPHQXQUHQGLPLHQWRPD\RUTXHRWURV(OQ~PHURGHSOXJLQVTXHSXHGHVXWLOL]DUHQWX
RUGHQDGRUGHSHQGHGHODYHORFLGDGGHWX&38\DVDEHVORV0HJDKHUFLRV\WDPELpQXQSRFRHQOD
FDQWLGDGGHPHPRULD5$0TXHWHQJD1RKD\QLQJXQDIRUPDGHVDEHUFXiQWRVSOXJLQVSXHGHVXVDU
SHURVLHOVRQLGRHVGHIHFWXRVRGHVSXpVGHKDEHUDxDGLGRXQSOXJLQHVVHxDOGHTXH\DWLHQHV
GHPDVLDGRVSOXJLQV1RWHROYLGHVGHODV3LVWDVGH(QYLyWHSXHGHQD\XGDUDXWLOL]DUPHQRVQ~PHURGH
SOXJLQV7DPSRFRROYLGHVDMXVWDUODORQJLWXGGHO6WUHDPLQJ%XIIHU WHSXHGHUHVROYHUPXFKRVSUREOHPDV
GHUHQGLPLHQWRGH&380LUDHQODVHFFLyQ³¢4XLHUHVYHUTXHHVHVWR"´SDUDPiVLQIR
*5$%$1'2 (1 9,92
&DUJD*HWWLQJ6WDUWHGIOSDEUHODV2SFLRQHVGH&DQDOGH,QVB5RXQG\HVFRJHODSHVWDxD,16$KRUDKD]
FOLFHQ3OD\\YHVODUXHGDTXHSRQH&87HQHODSDUWDGR)LOWHU£3XHVVHJLUDUDPLHQWUDVVHHVWi
UHSURGXFLHQGRODFDQFLyQ$FDPELDUHOVRQLGRHQFXUVRQRVRWURVOHOODPDPRV(O*UDEDGRHQ9LYR«
&OLFHQODSHVWDxD,16
$KRUDPLUD
HVWD5XHGD
(VFRJHUHO0RGHORGHO0DLQ$XWRPDWLRQ2.HVWRHVLPSRUWDQWH)LQDOPHQWHQRVRWURVSRGHPRV
GHFLUWHTXpSDVDFRQHO0RGHOR GH*HWWLQJ6WDUWHGIOS(VGRQGHVHJXDUGDQORVGDWRVGHO*UDEDGRHQ
9LYRGHORVPRYLPLHQWRVGHODVUXHGDV&87GHORVFDQDOHV,QVB5RXQGH,QVB6TXDUH/D~QLFDPDQHUD
GHQRFRQIXQGLUVHQXQFDHVJXDUGDUVLHPSUHORVGDWRVGHO*UDEDGRHQ9LYRHQHOPLVPRPRGHORGH
HVWDIRUPDDGTXLULUiVFRVWXPEUH\QRLUDVSLViQGRWH\ERUUiQGRWHORVGDWRV3DUDHVWDFDQFLyQORV
GDWRVHVWiQHQHOPRGHOR(QWRQFHVVHQHFHVLWDSRQHUXQSXQWRGHHVHPRGHORDOSULQFLSLRGHO3OD\OLVW
SDUDPRGLILFDUODFDQFLyQGHVGHHOFRPLHQ]R3XHGHVFDPELDUODSRVLFLyQGHOSXQWRSHURFRPHQ]DUDHO
FDPELRPiVWDUGH7DPELpQSXHGHVHVFRJHURWURPRGHORSDUDXQJUDEDGRSURSLRSHURKDGHWHQHUXQ
SXQWRHQHO3OD\OLVW1238('((67$59$&,2RQRJUDEDUDVQDGD
£5HFXHUGD6HOHFFLRQDUHO0RGHOR
&RUUHFWR'XUDQWHHO*UDEDGRHQ9LYR
*UDEDDOJXQDV0RGLILFDFLRQHVHQ9LYR&DUJD*HWWLQJ6WDUWHGIOS\DEUHODV2SFLRQHVGH&DQDOGHO
76$KRUDKD]FOLFHQ3OD\SDUDTXHFRPLHQFHODUHSURGXFFLyQ\SUiFWLFDMXJDQGRFRQODVUXHGDV
&87\5(6GHO)LOWHU&XDQGRSLHQVHVTXHKDVHQFRQWUDGRDOJREXHQRDVHJ~UDWHGHTXHKDV
VHOHFFLRQDGRHOPRGHORHOPRGHORGH0DLQ$XWRPDWLRQHQWRQFHVSXOVDHO%RWyQGH*UDEDGRHO
TXHVHPXHVWUDGHEDMR3XHGHVSUHSDUDUWHSDUDHOJUDEDGRVLPDUFDVOD&XHQWDDWUiV %RWyQFRQOD
UHSURGXFFLyQSDUDGDOXHJRSXOVDVHO%RWyQGH*UDEDGRWUDQTXLORTXHDXQQRHPSLH]DODJUDEDFLyQWH
SUHSDUDV\SXOVDVHOHVSDFLRGHWXWHFODGRHVFXFKDUDVXQWLFWDFTXHHVODFXHQWDDWUiV
£$KRUDHPSLH]DHOJUDEDGR\SXHGHVPRGLILFDUODFDQFLyQ8QDYH]WHUPLQDGDODFDQFLyQVHSDUDUDHO
JUDEDGR5HFXHUGDGRVFRVDVLPSRUWDQWHV6HOHFFLRQDHO0RGR6RQJ \HOPRGHORGH0DLQ$XWRPDWLRQ
0RGR6RQJ
%RWyQGH
*UDEDGR
&XHQWDDWUiV
5HJXODODORQJLWXGGHO%XIIHU3XHGHVKDEHUQRWDGRXQUHWUDVRHQWUHWXPRGLILFDFLyQ\ODUHVSXHVWDGH
)UXLW\(VRVHFRQWURODFRQODORQJLWXGGHO%XIIHU SXOVD) \VHOHFFLRQDODSHVWDxD$XGLR&XDQWR
PiVEDMRHVWHHOGHVOL]DGRUDQWHVUHVSRQGHUi)UXLW\¢3HURQRORSRQJDVGHPDVLDGREDMRRHOVRQLGR
VDOGUiGLVWRUVLRQDGR0LUDHQODVHFFLyQ³¢4XLHUHVYHUTXHHVHVWR"´SDUDPiVLQIR
1RWDLPSRUWDQWH&XDQGRHVWHSXOVDGRHO%RWyQGH*UDEDGR \ODFDQFLyQVHHVWHUHSURGXFLHQGR
FXDOTXLHUFDPELRHQXQFDQDOERUUDUiWRGDVODVPRGLILFDFLRQHVJXDUGDGDVSUHYLDPHQWHGHHVHFDQDOWHQ
FXLGDGRHQTXLWDUHOERWyQGH*UDEDGRFXDQGRWHUPLQHVWXJUDEDFLyQ(VWRSXHGHGHVWUR]DUWXWUDEDMR
HVPHMRUKDFHUODJUDEDFLyQGHRWUDIRUPDHQHO(GLWRUGH(YHQWRV GHVFULWRHQODSUy[LPDVHFFLyQ
¢4XpSXHGH*UDEDUVH"/DPD\RUtDGHODVUXHGDV\EDUUDVGHVOL]DQWHVVRQJUDYDEOHVLQFOX\HQGRORV
FRQWUROHVGHORV3OXJLQV3HURDOJXQRVPDQGRVQRVHSXHGHQJUDEDU/DPDQHUDPiVUiSLGDGHGHFLUOR
TXHHVJUDYDEOHHVSRQHUHOUDWyQHQFLPDGHXQPDQGR\PLUDUDODGHUHFKDGHODGHVFULSFLyQGHOD
%DUUDGH$\XGD6LDSDUHFHQXQRV3XQWRV5RMRVHQWRQFHVVHSXHGHJUDEDU
'HVFULSFLyQ
3XQWRV5RMRV
3OXJLQV /DPD\RUtDGHORVFRQWUROHVGH
ORV3OXJLQVVRQJUDYDEOHVSHURQR
WRGRV([SHULPHQWDSDUDDYHULJXDUOR
/RVFRQVHMRVGH/HPRQ%R\SDUDHO*UDEDGRHQ9LYR«
x
x
x
x
x
£££6LHPSUHVLHPSUHVLHPSUHFRPSUXHEDTXHPRGHORHVWD
VHOHFFLRQDGRDQWHVGHHPSH]DUODJUDEDFLyQ
,QWHQWDFRQVHJXLUVLWXDUWXFDQFLyQDQWHVGHOJUDEDGRHQYLYR8QD
YH]TXHWHQJDVORVHYHQWRVJUDEDGRVVHUiGLItFLOGHFDPELDUHO
HVTXHPDGHOSOD\OLVWHQFLHUWRPRGRHVRWRGDYtDSDUHFHEXHQR
6LHPSUHJXDUGD XQDFRSLDGHVHJXULGDGGHWXORRSDQWHVGHTXH
HPSLHFHVFXDOTXLHUJUDEDGRHQYLYR$VtVLGHVRUGHQDVODVFRVDVR
WRGRVHFRQYLHUWHHQXQFDRVSXHGHVUHJUHVDUDWXFRSLDRULJLQDO
*XDUGDWXORRSFRQIUHFXHQFLDGXUDQWHHOJUDEDGRHQYLYR6LFDPELDV
DOJRDFFLGHQWDOPHQWH\ERUUDVDOJXQRVHYHQWRVVLHPSUHSRGUiV
UHJUHVDUDODYHUVLyQDQWHULRU
+D]XQ&RQWUROGH0,',([WHUQRSDUDQRFRPSOLFDUHOWUDEDMR0LUDOD
VHFFLyQGHORV&RQWURODGRUHV([WHUQRV SDUDPiVLQIR
( / ( ' , 7 2 5 ' ( ( 9 ( 17 2 6
$PHQRVTXHVHDVXQDXWHQWLFRSURIHVLRQDO\TXLHUDVTXHODORQJLWXGGHOEXIIHUWHQJDXQDGLIHUHQFLDGHFHUR
PLOLVHJXQGRVHQFRQWUDUiVTXHHO*UDEDGRHQ9LYRQRHVSUHFLVDPHQWHSHUIHFWR$TXtHVGRQGHHQWUDHO
(GLWRUGH(YHQWRV&DGDWLHPSRSXHGHVPRYHUXQDUXHGDGXUDQWHXQDVHVLyQGHJUDEDGRODQXHYDRSFLyQVH
JXDUGDFRPRXQHYHQWRSDUDHVDUXHGD\HQHVHPRPHQWRGHOORRS&RQHO(GLWRUGH(YHQWRVWLHQHVHO
FRQWUROFRPSOHWRGHFyPRVHPRGLILFDHOVRQLGRGXUDQWHWRGDODUHSURGXFFLyQ
3UHSDUDQGRXQ/RRSSDUDORV(YHQWRV&DUJD*HWWLQJ6WDUWHGIOS\VHOHFFLRQDHOPRGHORHO
PRGHORGH0DLQ$XWRPDWLRQGHO3DQHOGHO6HOHFWRUGH0RGHOR$KRUDDEUHODV2SFLRQHVGH&DQDOGH
,QVB5RXQGRGH,QVB6TXDUH\VHOHFFLRQDODSHVWDxD,16
$EUDPRVHO(GLWRUGH(YHQWRV3XOVDHOERWyQGHUHFKRGHOUDWyQVREUHODUXHGD&87GHODSDUWDGR
³)LOWHU´\GHOPHQ~TXHVHIRUPDVHOHFFLRQD(GLW(YHQW$SDUHFHXQDQXHYDYHQWDQDFRQXQ(GLWRU
*UiILFR VLPLODUDOGHOVHFXHQFLDGRUGHSDVRV8QDJUDQGLIHUHQFLDHVTXHHVWHJUiILFRFRQWURODHOQLYHO
GHXQDVRODUXHGDRGHVOL]DGRUHQXQSXQWRSDUWLFXODUHQODFDQFLyQ2.UHDOPHQWHHVXQSRFRPiV
FRPSOLFDGR¢5HFXHUGDVFyPRQRVRWURVWHGLMLPRVTXHKLFLHUDVWRGRVWXV*UDEDGRVHQ9LYRHQXQVROR
PRGHORHOPRGHORGH0DLQ$XWRPDWLRQ\SRQHUORXQDYH]DOSULQFLSLRGHODFDQFLyQ"6LKDVKHFKR
HVWRHQWRQFHVODV%DUUDV1XPHUDGDV GHO(GLWRUGH(YHQWRVHPSDUHMDUiQFRQORVSXQWRVGHO3OD\OLVW/D
RWUDGLIHUHQFLDSULQFLSDOHVTXHHVWHJUiILFRVHXVDSDUDSRQHUORV(YHQWRV OtQHDVYHUWLFDOHVOXPLQRVDV
TXHFRUUHVSRQGHQDOYDORUTXHHVWDVSRQLHQGRD ODUXHGD\HVRSHUVLVWHKDVWDHOSUy[LPRHYHQWR
0HQ~V
%RWRQHV
,QGLFDGRU
0RGRGHO&XUVRU
GH0RGR
3OD\
=RRP
FOLF
DUUDVWUDU
%DUUD
1XPHUDGD
SULPHUD
EDUUDTXH
FRUUHVSRQGH
FRQHOSULPHU
SXQWRGHO
3OD\OLVW
(YHQWRV
&DGDXQRPDQWLHQHHOQLYHO
KDVWDHOSUy[LPRHYHQWR
/RVPRGRVGHO(GLWRUGH(YHQWRV(O(GLWRUGH(YHQWRVWLHQHFXDWURPDQHUDVGHWUDEDMDU
D 0RGR'LEXMR(QHVWHPRGRHOLQGLFDGRUGHOUDWyQVHSDUHFHDXQ OiSL] 3XHGHVDxDGLU
QXHYRVHYHQWRVSXOVDQGRHOERWyQL]TXLHUGRHQODYHQWDQDSULQFLSDO7DPELpQSXHGHVDUUDVWUDUHO
ERWyQGHUHFKRSDUDGLEXMDUXQDOtQHDUHFWDGHHYHQWRV
E 0RGR%RUUDGR3XOVDHQFLPDGHOVtPEROR SDUDFDPELDUDHVWHPRGR3XHGHVDQXODURERUUDU
ORVHYHQWRVSXOVDQGRVREUHHOORVRSXOVDQGR\DUUDVWUDQGRSDUDDQXODUXQDVHULHGHHYHQWRV/RV
HYHQWRVVRQODVOtQHDVYHUWLFDOHVOXPLQRVDVHQODYHQWDQDSULQFLSDO
SDUDFDPELDUDHVWHPRGR&UHDSULPHURXQ
F 0RGR$OLVDU3XOVDHOVtPERORDOLVDPLHQWR
JUDILFRDPDQRDO]DGDFRQHO0RGR'LEXMR DQWHVGHVDFWLYDODRSFLyQ$XWR6PRRWKLQJ GHORV
0HQ~V/XHJRFRQHO0RGR$OLVDUDUUDVWUDSDUDUHVDOWDUXQDUHJLyQ\WRGRTXHGDUDPiVOODQR
£3UXpEDOR$KRUD\DSXHGHVDFWLYDUODRSFLyQ$XWR6PRRWKLQJ SDUDTXHORVHYHQWRVVHDSODQHQ
DXWRPiWLFDPHQWH
G 0RGR6HOHFFLRQDU3XOVDHOVtPERORGHVHOHFFLyQ
SDUDFDPELDUDHVWHPRGR&XDQGRSXOVHV\
DUUDVWUHVYHUiVXQDUHJLyQURMDUHVDOWDGDHQODV%DUUDV1XPHUDGDV3XHGHVFRUWDURFRSLDUSDUD
OXHJRSHJDUHQHVHXRWURHYHQWR\SXHGHVKDFHUXQ=RRP DHVWDVHOHFFLyQGHVGHORV0HQ~V
2WUDV2SFLRQHV$TXtVHPXHVWUDQDOJXQDVGHODVRWUDVRSFLRQHVGHO(GLWRUGH(YHQWRV
D 'HVKDFHU+D\XQDIRUPDGLVSRQLEOHGHGHVKDFHUSDUDHO(GLWRUGH(YHQWRV8VDQGR&75/=
SHURVRORSXHGHVGHVKDFHUOD~OWLPDDFFLyQ
E 3RQLHQGRHO(YHQWR,QLFLDO1RWDUiVTXHGHVSXpVGHO*UDEDGRHQ9LYRODUXHGDTXHKDVJUDEDGR
QRHPSLH]DHQHOOXJDUTXHGHVHDEDVFXDQGRWXFDQFLyQUHJUHVDDO/RRS3RLQWGHO3OD\OLVW(VWR
SXHGHDUUHJODUVHJLUDQGRODUXHGDDODSRVLFLyQGHVDOLGDTXHTXLHUHV\SXOVDQGRGHUHFKRVREUHOD
UXHGDSDUDVHOHFFLRQDU,QLW(YHQWV:LWK7KLV3RVLWLRQ(VWRSRQHODSULPHUDFDQWLGDGGHHYHQWR
SDUDHOSXQWRLQLFLDOGHODUXHGD\VLHPSUHHPSH]DUDGRQGHTXLHUDV1RWD(VWHFDPELRQR
DSDUHFHUiPDUFDGRHQHO(GLWRUGH(YHQWRV
F &RQVLJXLHQGRXQD3HUFHSFLyQ&UpDWHDOJXQDVSUiFWLFDVSDUDGRPLQDUHO(GLWRUGH(YHQWRV\
SDUDSRGHUFRQVHJXLUTXHVXHQHXQDFDQFLyQDOPRGRTXHWXTXLHUDVPHUHFHODSHQDGRPLQDUOR
ELHQ£6LJXHSUDFWLFDQGRKDVWDTXHORFRQWUROHVSHUIHFWDPHQWH
G 0RGLILFDQGRHO*UDEDGRHQ9LYR6LXQDUXHGDWLHQHDOJXQRVHYHQWRV*UDEDGRVHQ9LYRSXHGHV
FDPELDUORVRPHMRUDUHOWUD\HFWRGHVGHHO(GLWRUGH(YHQWRVQRQHFHVLWDVHPSH]DUXQDQXHYD
VHVLyQGH*UDEDGRHQ9LYRSDUDFDPELDUOR
3UHVHQWDQGRHO(YHQWR/)2$QWHVVHH[SOLFyTXHHUDHO/)2/RZ)UHTXHQF\2VFLOODWLRQ
³2VFLODFLyQGH%DMD)UHFXHQFLD´HQODVRSFLRQHVGHFDQDOGHO76WDPELpQHVWiGLVSRQLEOHSDUDHO
UHVWRGHFDQDOHVGHVDPSOHVHQODSHVWDxD,163HURDYHFHVXQFRQWUROH[DFWRGHHVWDRVFLODFLyQYDD
UHVXOWDUWHGLItFLO(VHSUREOHPDVHUHVXHOYHFRQHO(YHQWR/)2TXHSHUPLWHVLPXODUODRVFLODFLyQ
SHUIHFWDGHQWURGHO(GLWRUGH(YHQWRV
8VDQGRHO(YHQWR/)2$EUHHO(GLWRUGH(YHQWRVSDUDDOJ~QFRQWURO(MODUXHGD&87GHODSHVWDxD
,16SDUD,QVB5RXQGHQ*HWWLQJ6WDUWHGIOS$VHJ~UDWHGHTXHHVWiVHQHOPRGHORFRUUHFWRHQHO3DQHO
GHO6HOHFWRUGH0RGHOR PRGHORSDUD*HWWLQJ6WDUWHGIOS$KRUDVHOHFFLRQDXQDiUHDSDUDRVFLODU
XVDQGRHO0RGR6HOHFFLRQDURSXOVDQGRHOERWyQGHUHFKRHQODV%DUUDV1XPHUDGDV \DUUDVWUDQGR
$KRUDSXOVD&WUO/RKD]FOLFVREUH/)2 HQHODSDUWDGR(GLW GHORV0HQ~V(VWRKDUiDSDUHFHUOD
YHQWDQDGHODVRSFLRQHVGHO/)2 HLQPHGLDWDPHQWHDSOLFDUiHO/)2DOiUHDVHOHFFLRQDGD0LUDGHEDMR
-XJDQGRFRQODV2SFLRQHVSULQFLSDOHVGHO/)2(ODSDUWDGRGH6DOLGDR³6WDUW´WLHQHWUHVUXHGDVR
FRQWUROHVSDUDFUHDUWRGRWLSRGHHIHFWRVFRQHOORVVHGHILQHHOWDPDxRGHODRQGD/DVRSFLRQHVSDUD
PRGLILFDUHVWHDSDUWDGRVRQYDOXH$OWXUDUDQJH3URIXQGLGDG\VSHHG/RQJLWXG(ODSDUWDGRGHOD
)RUPDR³6KDSH³SXHGHVPRGLILFDUHOSHUILOGHO/)22QGD'LHQWHR&XDGUDGR\OD3KDVHTXH
PXHYHODRQGDDGHUHFKDHL]TXLHUGD
3HUILO
3RVLFLyQ+RUL]RQWDO
-XJDQGRFRQODV2SFLRQHVILQDOHVGHO/)26LTXLHUHVGDUOHDO/)2SURIXQGLGDGRDPSOLWXG
HQFLHQGHHO%RWyQGH3URJUHVR DODL]TXLHUGDGH(QG&XDQGRHOERWyQHVWDHQFHQGLGRSXHGHV
PRGLILFDUORVSDUiPHWURVSDUDHOSULQFLSLRDSDUWDGRL]TXLHUGR\ILQDODSDUWDGRGHUHFKRGHO/)2
(VWRWHSHUPLWHFUHDUHIHFWRVGH/)2QXHYRV(QODLPDJHQXQDRQGDFXDGUDGDGH/)2TXHHPSLH]DHQ
ODEDUUD\WHUPLQDHQODEDUUD&RPRHVXQHIHFWRGHSURIXQGLGDGODYHORFLGDGDXPHQWD\ODDOWXUD\
ORQJLWXGGLVPLQX\HQ
%RWyQGH
3URJUHVR
¢<HO5HVWRGH2SFLRQHV"'HVGHHO0HQ~(GLWSXHGHVERUUDUWRGRVORVHYHQWRV(GLWo'HOHWH$OOR
VHOHFFLRQDUORVWRGRV(GLWo6HOHFW$OO\GHVGHHO0HQ~2SFLRQHVSXHGHVFDPELDUHOFRORUGHOIRQGR
GHOHGLWRU2SWLRQVo*ULG&RORU7DPELpQSXHGHVXWLOL]DUOD/LVWDGH6QDS8VDVXOLVWDFRQ
RSFLRQHVSDUDDVHJXUDUVHHOUHVDOWDQGR\ODFRORFDFLyQGHOHYHQWR3XHGHVFDPELDUHOiQJXORGHJROSHV
HQVX/LVWD3UXHEDODVGLIHUHQWHVRSFLRQHVSDUDYHUFyPRHIHFW~DUHVDOWDQGRRFRORFDQGRHOHYHQWR(O
JUDGRPiVVXDYHHV7LFN TXHVXDYL]DUDORVEHDWVHQWUHODVQRWDV3HURVLGHMDVVHOHFFLRQDGRHO$XWR
HQWRQFHV)UXLW\GHFLGLUiTXHVLWXDFLyQHVPHMRU
/LVWD6QDS
7HPSR
2WURV7UXFRV
x
x
5HFXHUGDTXHSXHGHVGHVKDFHUXQ/)2FRQ&WUO=
6LJUDEDVTXHHOWHPSR FDPELDHOUHWUDVRUHVWDEOHFHUiOD
OtQHDGHOFDQDO76DXWRPiWLFDPHQWHDFDGDFDPELR(VWH
UHWUDVRQRDSDUHFHHQRWURVFDQDOHVGHVDPSOHVSHUROD
ORQJLWXGGHUHWUDVRFDPELDUiFRQHOWHPSR
( / 3 , $ 12 5 2 / /
7HKDEUiVGDGRFXHQWDTXHKD\DOJXQDVFRVDVTXHHO6HFXHQFLDGRUGH3DVRVQRKDFHPX\ELHQ1RSXHGHV
FRPSRQHUPHORGtDVTXHVRQPiVODUJDVTXHEDUUD2TXHWDPSRFRSXHGHVXVDUXQVDPSOHGHXQDVRODQRWD
SDUDFUHDUXQFRUR<ILQDOPHQWHHVWDELHQSURORQJDUODVQRWDVHQHO76SHURQRVHSXHGHKDFHUHVRFRQ
DOJXQRVWLSRVGHFDQDOHV£(O3LDQR5ROOUHVXHOYHWRGRVHVRVSUREOHPDV
$EUDPRVHO(GLWRUGHO3LDQR5ROO&DUJD*HWWLQJ6WDUWHGIOS\VHOHFFLRQDHOPRGHOR7HQHQFXHQWD
TXHHOVHFXHQFLDGRUSDUHFHUiGLIHUHQWH(VRHVSRUTXHORVFDQDOHV,QVB5RXQGH,QVB6TXDUHFRQWLHQHQ
ORVGDWRVGHO3LDQR5ROOHQOXJDUGHORVSDVRVQRUPDOHV3XHGHVDEULUHO(GLWRUGHO3LDQR5ROO SDUD
FXDOTXLHUFDQDOSXOVDQGRHOERWyQGHUHFKRVREUHHOQRPEUHGHOFDQDO RHOL]TXLHUGRVREUHXQ0LQL
3LDQR5ROO ÈEUHORSDUDHOFDQDO,QVB5RXQG
&OLFGHUHFKRDTXt
1RPEUHGHO&DQDO
&OLFL]TXLHUGRDTXt
0LQL3LDQR5ROO
/DYHQWDQDGHO(GLWRUGHO3LDQR5ROO/DSULPHUDFRVDTXHQRWDUDVHVTXHHVWDYHQWDQDVHSDUHFH
PXFKRDO(GLWRUGH(YHQWRV&RPRODV%DUUDV1XPHUDGDVHO,QGLFDGRU3OD\ORV%RWRQHVGH0RGR \
ORV0HQ~V3HURORVHYHQWRVHQHO3LDQR5ROOVRQQRWDVSDUDVHUUHSURGXFLGDVHQOXJDUGHRSFLRQHV
SDUDQLYHODUFRQWUROHVGH)UXLW\&DGDOtQHDYHUGHKRUL]RQWDOPXHVWUDGyQGHXQDQRWDGHEHHPSH]DU\
GHEHDFDEDU\HO7HFODGRGH3LDQR GHODL]TXLHUGDHVHOYDORUGHFDGDQRWD/DQRWDVHxDODGDGHEDMRHV
XQ%%HQODRFWDYDTXpHPSH]DUiHQHOVHJXQGREHDWGHODSULPHUDEDUUD\WRFDUiSDUDGHEHDW
,QGLFDGRU
%RWRQHV
0RGRGHO
0HQ~V
3OD\
GH0RGR
&XUVRU
=RRP
%DUUD
1XPHUDGD
SULPHUD
EDUUDTXH
FRUUHVSRQGH
FRQHOSULPHU
SXQWRTXH
SRQJDVHQHO
3OD\OLVW
FOLF
DUUDVWUDU
%
&RPSUXHEDHO3OD\OLVW&RPRHO(GLWRUGH(YHQWRVHO3LDQR5ROOSXHGHH[WHQGHUVHPiVGHXQVROR
SXQWR(QHVWHFDVRHOPRGHORFRQORVFDQDOHV,QVB5RXQGH,QVB6TXDUHVHKDQSURJUDPDGRFRQHO
3LDQR5ROO\RFXSDQSXQWRV$VtHQHO3OD\OLVWYHVTXHHOPRGHORHVWDFDGDEDUUDV
&RQVHMRLPSRUWDQWH$QWHVGHTXHYD\DPRVDUHDOL]DUFXDOTXLHUFDQFLyQKD\TXHWHQHUHVWRHQFXHQWD
6LHPSUHDVHJXUDUVHGHJXDUGDUORVPRGHORVGHO3LDQR5ROOVHSDUDGRVGHORVPRGHORVUHJXODUHV
(YLWDUDVPXFKDFRQIXVLyQFRQORVSXQWRVGHO3OD\OLVW1RWLHQHVTXHKDFHUORGHHVWDPDQHUDFODURSHUR
QLVLTXLHUDODFDQFLyQGH*HWWLQJ6WDUWHGIOSKDEUtDVLGRSRVLEOHKDFHUODVLQRVRWURVKXELpUDPRVXQLGR
ORVPRGHORV\£,QWHQWDGHGXFLUSRUTXp
¢4Xp7LSRVGH&DQDOHVSXHGHQWHQHUHO3LDQR5ROO"3XHGHVWHQHUXQ3LDQR5ROOSDUDFXDOTXLHUWLSR
GH*HQHUDGRU H[FHSWRSDUDHO76DXQTXHDSDUWLUGHODYHUVLyQIXQFLRQDPX\ELHQFRQ
FXDOTXLHU6\QWKV7DPELpQSXHGHVXVDUHO3LDQR5ROOHQFXDOTXLHU&DQDOGH6DPSOHSHURDOJXQRV
WLHQHQTXHUHJUHVDUGHHOXOWLPR3XQWR/RRS DOSULPHUR,QVB5RXQGSRUHMHPSORFRQWLHQH3XQWRV/RRS
TXHSHUPLWHQDO6DPSOHUHSURGXFLUXQVRQLGRTXHGXUDXQD\RWUDYH]6LQRWLHQHVXQVDPSOHORRSHG
QRQHFHVLWDUDVPDUFDUODRSFLyQHQODVRSFLRQHVGHFDQDO\SRGUiVXWLOL]DUHO3LDQR5ROOGHIRUPD
QRUPDO
8VDU
3XQWRV
/RRS
£(VWDELHQSHUR
DSHQDVKDV
FRPHQ]DGR
3XQWRV
/RRS
(GLWDQGRXQ3LDQR5ROO%iVLFR$TXtVHGHVFULEHQODVIRUPDVEiVLFDVSDUDFUHDUXQDPHORGtD
D $xDGLHQGR1RWDV(VWRSXHGHVKDFHUORXQSRFRDEROHR3DUDHVFULELUXQDQRWDDVHJ~UDWHGHHVWDU
HQHO0RGR'LEXMR SXOVDQGRVXERWyQGHORV%RWRQHVGH0RGR 0LUDHQODVHFFLyQGHO(GLWRUGH
(YHQWRVSXOVDHOERWyQL]TXLHUGRHQHOIRQGR\DUUDVWUDODQRWDDGyQGHTXLHUDV6LHOORRSQRVH
HVWiUHSURGXFLHQGRRLUiVODQRWDPLHQWUDVHVWDVDUUDVWUiQGROD/DORQJLWXGGHODQRWDVHUiFRPROD
ORQJLWXGGHOD~OWLPDQRWDDxDGLGD\SDUDFDPELDUODORQJLWXGHVWLUDODQRWDGHVXODGRGHUHFKR
E (O6QDSGHOD1RWD3XHGHVHQFRQWUDUXQDQRWDTXHVDFDXQVRQLGRTXHWHFRQIXQGH(QHVHFDVR
FDPELDHO1LYHOGHOD/LVWD6QDS GHODPLVPDPDQHUDTXHKDVKHFKRHQHO(GLWRUGH(YHQWRV0LUD
ODVHFFLyQDQWHULRU$YHFHVQRSXHGHVFRQVHJXLUODORQJLWXGTXHTXLHUHVSDUDXQDQRWD(QHVWH
FDVRVHHQFRJHODQRWDDODL]TXLHUGDKDVWDGRQGHSXHGDV\HQWRQFHVODHVWLUDVGHQXHYRDOD
GHUHFKD(VWRDUUHJODDPHQXGRHOSUREOHPD
F (O&RORUGHODV1RWDV¢9HVODILODGHERWRQHVFRORUHDGRVEDMRGHORV%RWRQHVGH0RGR"eVWRV
WHSHUPLWHQHVFRJHUHOFRORUGHODVQRWDVTXHDxDGDV(VWRSXHGHSDUHFHUXQDWRQWHUtDDKRUDPLVPR
SHURHOFRORUSXHGHD\XGDUWHDWHQHUXQDFXHQWDGHODVQRWDVDxDGLGDV$GHPiVHQHODSDUWDGR(GLW
GHORV0HQ~V SXHGHVVHOHFFLRQDUODVQRWDVSRU&RORUSDUDERUUDURFRSLDU\SHJDUVyORHVDVQRWDV
G %RUUDQGR1RWDV7LHQHVGRVRSFLRQHVFOLFGHUHFKRVREUHODQRWD TXHTXLHUHVERUUDURDQXODUOD
VHOHFFLRQDQGRHO%RWyQGHO0RGR%RUUDGR 0LUDHQODVHFFLyQGHO(GLWRUGH(YHQWRV
H 'HVKDFHU&DPELRV&RPRHQHO(GLWRUGH(YHQWRVKD\XQDIRUPDGHGHVKDFHUVRORHO~OWLPR
FDPELRSXOVDQGR8QGR HQHOPHQ~(GLWHQHO3DQHOGH0HQ~V RDSUHWDQGR&WUO=
I &RUWDQGR&RSLDQGR\3HJDQGR1RWDV&RQHO0RGR6HOHFFLRQDUPLUDODVHFFLyQGHO(GLWRUGH
(YHQWRVSXOVDHOERWyQ\DUUDVWUDSDUDUHVDOWDUDOJXQDVQRWDV(QWRQFHVXVD&XW&RS\ \3DVWH HQ
HODSDUWDGR(GLWGHORV0HQ~VRXWLOL]D&WUO&&WUO;\&WUO9$OSHJDUODVQRWDVVXVVLWXDFLRQHV
VHUiQLGpQWLFDVSHURHVWDUiQHQODSULPHUDEDUUD$VtTXHSDUDSHJDUGHODEDUUDDODEDUUD
WHQGUiVTXHREVWUXLUODEDUUDVHOHFFLRQDODVQRWDVGHODEDUUD\SXOVD&WUO&SDUDFRSLDU\
HQWRQFHVREVWUX\HODEDUUD\SXOVD&WUO96LODVQRWDVQRDSDUHFHQSUREDEOHPHQWHHVWiQHQOD
EDUUD$UUiVWUDODVRSXOVD&WUO=SDUDGHVKDFHUHLQWHQWDUGHQXHYR
/RV&RURV\$UPRQtDV8QDGHODVFDUDFWHUtVWLFDVPiVLPSRUWDQWHVGHO3LDQR5ROOHVTXHSXHGHVWHQHU
ODVQRWDVSDUDFUHDUFRURV\DUPRQtDV$TXtHVWDPRVHQWUDQGRHQPDWHULDOVRILVWLFDGR\QHFHVLWDVDOJ~Q
FRQRFLPLHQWRPXVLFDOSHUR)UXLW\ORKDFHXQSRFRPiVIiFLOGiQGRWHODRSFLyQGH&KRUG HQORV0HQ~V
6HOHFFLRQDHOWLSRGHFRURTXHTXLHUHV\FRQHO0RGR'LEXMRSXHGHVGHMDUFDHUORVFRURVHQWHURVHQHO
IRQGR*HWWLQJ6WDUWHGIOSHVXQHMHPSORGHXQDPHORGtDFRQDUPRQtDV(OGLEXMRGHDEDMRHVHO3LDQR
5ROOGHOFDQDO,QVB5RXQGGHVSXpVGHKDFHUXQ]RRPDO3LDQR5ROOHQWHUR
1RWDV
6RODSDGDV
'LDSRVLWLYDQGRODV1RWDV6LSXOVDVHO%RWyQGH'LDSRVLWLYDSXHGHVLQVHUWDUXQDGLVWRUVLyQHQODV
QRWDVWDPELpQOODPDGD1RWD'LDSRVLWLYD3DUDYHUORTXHHVWRKDFHSRQXQDQRWDODUJDHQHOIRQGR\
HQFLPDRGHEDMRGHHOODXQDQRWDGLDSRVLWLYD$VHJ~UDWHTXHODVGRVQRWDVVHVRODSDQFRLQFLGHQXQD
VREUHODRWUD/DQRWDODUJDVHUHSURGXFLUiKDVWDTXHDOFDQFHODSRVLFLyQGHODQRWDGLDSRVLWLYD
(QWRQFHVVXELUiREDMDUDVXWRQRKDFLDOD1RWD'LDSRVLWLYD \VHTXHGDUDDOOtKDVWDTXHVHWHUPLQHOD
QRWDRULJLQDO(Q*HWWLQJ6WDUWHGIOSVHKDDJUHJDGRRWUR,QVB5RXQGGH3LDQR5ROOHQHOPRGHORTXH
XWLOL]DGLDSRVLWLYDV&RPSUXpEDOR
%RWyQGH
'LDSRVLWLYD
&RPLHQ]R
GH1RWD
'LDSRVLWLYD
DOWD
'LDSRVLWLYD
EDMD
6HOHFWRUGH
(YHQWRV
)LQGHOD
1RWD
3~DGH
9ROXPHQ
0RGLILFDQGRODV1RWDV¢5HFXHUGDVHO(GLWRU*UiILFRGHO6HFXHQFLDGRUGH3DVRV"7HSHUPLWtDFDPELDU
HO9ROXPHQHO%DODQFHOD5HVRQDQFLD\DVtVXFHVLYDPHQWHSDUDFDGDQRWD(QHO3LDQR5ROOWLHQHVXQD
IXQFLyQVLPLODUHQODSDUWHLQIHULRUGHO(GLWRUGH3LDQR5ROO&DGDYH]TXHLQWURGX]FDVXQDQRWDVH
FUHDUDXQDQXHYD3~D HQHOJUiILFRLQIHULRUTXHPXHVWUDHOQLYHOGHOSDUiPHWURVHOHFFLRQDGRSRUODOLVWD
GHODL]TXLHUGDHO6HOHFWRUGH(YHQWRV'HVSXpVGHLQWURGXFLUQRWDVSXHGHVFDPELDUVXVYDORUHVHQ
FXDOTXLHUDGHORVSDUiPHWURVSLQFKDQGRVREUHODVS~DV\DUUDVWUiQGRODV*HWWLQJ6WDUWHGIOSWLHQH
PRGLILFDGRHOYROXPHQGHO3LDQR5ROOSDUDORVPRGHORV\3XHGHVFDPELDU9ROXPHQ%DODQFH
5HGXFFLyQ5HVRQDQFLD\'LVWRUVLyQ7DPELpQSXHGHVXWLOL]DUHVWHJUiILFRFRPRHO(GLWRUGH(YHQWRV
SDUDHOFDQDOGH%DODQFH'LVWRUVLyQR9ROXPHQ
,PSRUWDQGR0HORGtDV0,',(QHODSDUWDGR)LOH GHO0HQ~HQFRQWUDUiVHOPpWRGRGHLPSRUWDU0,',
GLUHFWDPHQWHGHDUFKLYRVFRQH[WHQVLyQ0,'+D\WRQHODGDVGHDUFKLYRVGH0,',GHYDULDVPHORGtDV
SRSXODUHVTXHIORWDQHQ,QWHUQHWOLEUHPHQWH$KRUDSXHGHV³FKXSDUORV´GLUHFWDPHQWHFRQ)UXLW\/RRSV
\SXHGHVXWLOL]DUORVHQWXVFDQFLRQHV0iVLQIRHQ([WUD,,7XWRULDOHV
£(KWDPELpQSXHGHVSXOVDUGRVYHFHV
VREUHXQDQRWDHQHOHGLWRUGHHYHQWRV
SDUDFDPELDUVXVSDUiPHWURV
(O %($76/,&(5
(VWDHVXQDFXDOLGDGLPSRUWDQWHGH)UXLW\SXHGHVLPSRUWDUVRQLGRVHQWHURV\FRQYHUWLUORVHQJROSHVGH
WDPERUVHSDUDGRVXWLOL]DQGRHO%HDW6OLFHU(VWRHVPX\~WLOSDUDURPSHUEHDWV6LQRKDVUHJLVWUDGRHO
%HDW6OLFHUWHQGUiVTXHVREUHYLYLUFRQHOPRGRGHEDMDFDOLGDGGHODYHUVLyQGHOVKDUHZDUH3HURWRGDYtD
SXHGHVXWLOL]DUHVWHSRGHURVRVRIWZDUH$TXtYHUiVXQHMHPSORGHORTXHKDFH«
6HOHFFLRQD,PSRUWo%HDWWR6OLFH GHOPHQ~)LOH HQHO3DQHOGH0HQ~V
6HOHFFLRQDXQ%HDW3ULPHURWHQGUiVTXHHVFRJHUXQDUFKLYR:$9SDUDUHEDQDU$VHJ~UDWHTXHRFXSD
SRUORPHQRVXQDEDUUDPRGHORODUJR6LUYHFXDOTXLHUDSHURRWURVSXHGHTXHQRIXQFLRQHQELHQ
'HFLGHVLTXLHUHVXWLOL]DUHOHGLWRUHVWiQGDU$KRUDVHWHSUHJXQWDUiVLTXLHUHVXVDUODYHUVLyQ
HVWiQGDUGH%HDW6OLFHURQR6yORUHVSRQGHVtVLVDEHVORTXHHVWiVKDFLHQGR3RURWUDSDUWH
VLPSOHPHQWHSDUDUHEDQDUXQDUFKLYRFRQ%HDW6OLFHUORFRUULJHVROR(OHGLWRUWLHQHVXSURSLDD\XGD
'HFLGHGyQGHJXDUGDUHOEHDWUHEDQDGR/XHJRWHSHGLUiHVFRJHUHOGLUHFWRULRSDUDJXDUGDUHOJROSH
UHEDQDGR$TXtVHJXDUGDUDQORVDUFKLYRVVHSDUDGRVFDGDXQRFRQWHQGUiXQWDPERUSHJDGR)UXLW\
WLHQHXQGLUHFWRULRSUHGHILQLGRTXHSXHGHVXVDUOODPDGR³6OLFHG%HDWV´
*XDUGDWXV&DPELRV(VWHSURFHVRDOWHUDHOORRSDFWXDOGUiVWLFDPHQWH\ODSUy[LPDYHQWDQDGH
GLiORJRWHSUHJXQWDVLTXLHUHVVDOYDUORDQWHVGHFRQWLQXDU
'HFLGH&yPRTXLHUHVHO%HDW)LQDOPHQWHFRQVHJXLUiVODVLJXLHQWHFDMDGHGLiORJR/DVRSFLRQHVVRQ
$XVDQGRXQVRORFDQDOGHOFDWDGRUSDUDFDGDURGDMDGHO%HDW³6DPSOHU&KDQQHOV´%XVDQGRXQD
&DSDSDUDDJUXSDUORVFDQDOHV³/D\HUHG6DPSOHU&KDQQHOV´R&SRQLHQGRHOEHDWHQWHURHQXQVROR
FDQDOTXHXVDHO)UXLW\6OLFHU³6OLFHU&KDQQHO´
8QLURQR8QLU/DSUHJXQWDILQDO¢4XLHUHVXQLUHO%HDWFRQHOSUR\HFWRDFWXDO"(QHVHFDVRSXOVDHO
ERWyQGHIXHUDODOX]QDUDQMDGHODYHQWDQDDQWHULRUGRQGHGLFH³6WDUW1HZ3URMHFW´(O%HDWVH
LQVHUWDUiHQHOSULPHUPRGHORGHWXFDQFLyQ'HELGRDHVWRGHEHVLQWURGXFLUXQPRGHORYDFLy
SUREDEOHPHQWHDODVDOLGDGHODFDQFLyQDQWHVGHUHEDQDU3XHGHVKDFHUHVWRFRQFWUOLQVHUW HQHO
3OD\OLVW
(O5HVXOWDGR)LQDO(QODSUy[LPDSiJLQDKD\XQDLPDJHQGHXQEHDWUHEDQDGRXVDQGRODRSFLyQGH
³6DPSOHU&KDQQHOV´HVFRPRXQFDQDOGH)UXLW\7HQHQFXHQWDTXHVLHVFRJHVHPSH]DUXQQXHYR
SUR\HFWRHOWLHPSRVHHPSDUHMDFRQHOEHDWRULJLQDODXWRPiWLFDPHQWH7HQWDPELpQHQFXHQWDTXH
QLQJ~QEHDWHQFDMDH[DFWDPHQWHFRQODVQRWDV)UXLW\KDXVDGRODIXQFLyQGHFDPELRPLUDODSDJLQDGHO
HGLWRUJUiILFRSDUDPiVLQIRSDUDHPSDUHMDUORVEHDWVH[DFWDPHQWH£$KRUDSXHGHVUHHVWUXFWXUDUHOEHDW
SDUDTXHVHDPiVGLYHUWLGR
5HFXHUGDHO3OXJLQ)UXLW\6OLFHUHVHOSOXJLQGHOTXHVHKDEOyHQODVHFFLyQGHORV*HQHUDGRUHV(V
RWUDIRUPDGHXWLOL]DUHO)UXLW\%HDW6OLFHUHQHOHTXLSR\XWLOL]DUFRUWHVGHXQVRQLGRHQWXFDQFLyQVLQ
SDVDUSRUHOSURFHVRGHWDOODGRDTXt
,PSRUWDGRODV&DQFLRQHV5%3XHGHVKDEHUYLVWRHVWD
RSFLyQHQHO0HQ~GH,PSRUWDFLyQ(VWDRSFLyQWHSHUPLWH
DEULUXQDFDQFLyQHOSURJUDPDODFRQILJXUDDOIRUPDWR)UXLW\
\ODHVFXFKDVHQ)UXLW\/RRSV&ODURTXHQRHVXQD
FRQYHUVLyQSHUIHFWDPLUDVXVSURSLHGDGHV(OSOD\OLVW\HO
HVTXHPDGHPRGHORVWDPELpQQHFHVLWDQH[SOLFDFLRQHV/RV
SULPHURVPRGHORVVRQ7%/RVSUy[LPRVVRQ
7%/RVVLJXLHQWHVPRGHORVSDUDHO75\ORV
~OWLPRVSDUDHO75FRQXQWRWDOGHPRGHORV
&ODURTXHODPD\RUtDGHpVWRVSUREDEOHPHQWHQRORVXWLOLFHV
SDUD FXDOTXLHUFDQFLyQGDGDSHURVLDOJXQDYH]ORVQHFHVLWDV
WRGRHVWDDKtSDUDVXXVR
&203$57,(1'2 78 75$%$-2
$KRUD¢4XpKDFHVFRQWXFDQFLyQ"3UREDEOHPHQWHTXLHUDVH[WUDHUODGH)UXLW\SDUDJUDEDUODHQXQ&'
DQXQFLDUODHQHO,QWHUQHWRUHYLVDUODFRQRWURSURJUDPD3DUDHVWHSURSyVLWRHVWDODIXQFLyQGH([SRUW$TXt
VHPXHVWUDFyPRXWLOL]DUOD
([SRUWDD:$9R03(VWDRSFLyQHVWiGLVSRQLEOHHQHOPHQ~)LOH6LHVFRJHV:$9R03WH
SHGLUiQTXHHVSHFLILTXHVHOQRPEUHGHODUFKLYR\HOGHVWLQROXHJRDSDUHFHUiODYHQWDQDTXHKD\
GHEDMR+D\PXFKDVRSFLRQHV\DKRUDQRYDPRVDH[SOLFDUODVWRGDV6LTXLHUHVXQDH[SOLFDFLyQGH
FDGDERWyQPLUDODD\XGDHQOtQHD\EXVFD)LOH)RUPDWV6LVLPSOHPHQWHTXLHUHVFRQVHJXLUH[WUDHUWX
FDQFLyQGHMDODVRSFLRQHVSRUGHIHFWR£ORVYDORUHVSRUGHIHFWRHVWiQSRUXQDUD]yQ
£2\H(VWRSDUHFH
FRPSOLFDGR«
¢4XHGHER8VDU:$9R03":$9HVXQIRUPDWRGHVRQLGRPX\FRP~Q\IiFLOGHPDQHMDUVXV
DUFKLYRVVRQPX\JUDQGHVSHURODFDOLGDGHVH[FHOHQWHXVDDSUR[LPDGDPHQWH0%SRUPLQXWR/RV
DUFKLYRV:$9VRQORVPiVXWLOL]DGRVSDUDJUDEDUHQ&'03HVXQIRUPDWRGHDXGLRFRPSULPLGR
/RVDUFKLYRVVRQPiVSHTXHxRV\VXFDOLGDGGHSHQGHGHODFRPSUHVLyQXVDDOUHGHGRUGH0%SRU
PLQXWRTXHGHSHQGHGHODFRPSUHVLyQ6LTXLHUHVFRPSDUWLUORVDUFKLYRVHQ,QWHUQHW03HVORPHMRU
¢3DUDTXHVLUYHHO%DFNJURXQG5HQGHULQJ´"/DJUDEDFLyQSXHGHGXUDUPXFKRWLHPSRGHSHQGHGH
OD&38VREUHWRGRVLHVFRJHVODRSFLyQGHFDOLGDGVXSHULRUGHODVHFFLyQ4XDOLW\ HQODYHQWDQD3HURVL
SXOVDVHOERWyQ%DFNJURXQG5HQGHULQJ)UXLW\FRQWLQXDUDH[SRUWiQGRWHODFDQFLyQSHURVHRFXOWDUDHQ
ODEDUUDGHWDUHDVSDUDTXHFRQWLQ~HVWUDEDMDQGRHQRWUDFRVDSHURODJUDEDFLyQWDUGDUDPiVWLHPSR
([SRUWDQGRDXQ$UFKLYR=,3FRPSULPLGR(VWDRSFLyQHVPX\~WLOVLTXLHUHVWUDQVPLWLUWXV
DUFKLYRVGHORV/RRSVDODUHG$OKDFHUFOLFHQ=LSSHG/RRS3DFNDJH« WXDUFKLYRORRSPiVWRGRVORV
VDPSOHVXWLOL]DGRVVHDUFKLYDQHQXQ=,3
3URMHFW%RQHV\3URMHFW'DWD)LOHV(VWDVRSFLRQHVWHSHUPLWHQJXDUGDULQIRUPDFLyQVREUHWXSLVWD/D
RSFLyQ3URMHFW%RQHV JXDUGDXQDUFKLYRGHWH[WR1)2FRQWRGRVVXVGDWRVGHLQIRUPDFLyQ\
DXWRPDWL]DFLyQSDUDSRGHUVHUFDUJDGRGHVSXpV3URMHFW'DWD)LOHV JXDUGDWRGRVWXVVDPSOHV\RWURV
GDWRVHQXQDFDUSHWDGHWXGLVFRGXUR
¢'yQGHSXHGR3XEOLFDU0LV&DQFLRQHV"+D\YDULRVOXJDUHVHQ,QWHUQHWGyQGHORVDUWLVWDVSXHGHQ
SXEOLFDUVXP~VLFDHQ03GHIRUPDJUDWXLWDZZZPSFRPHVSUREDEOHPHQWHHOVLWLRPiVFRQRFLGR
DGHPiVHVIiFLOSDUDXQORRSHUDILFLRQDGRHQWUDUDOOt\FRPSDUWLUVXPDWHULDOZZZVHFWLRQ]QHWHVRWUD
RSFLyQSDUDP~VLFRVTXHXWLOL]DQ)UXLW\/RRSV8QVLWLRRSDJLQD:HEHVXQDFRPXQLGDGGHSHUVRQDV
HQHVWHFDVRXQDFRPXQLGDGPXVLFDOSDUDFRPSDUWLUFDQFLRQHV(VXQDJUDQPDQHUDGHFRQVHJXLUXQD
UHJHQHUDFLyQPXVLFDO6LQRWHJXVWDQHVWDVGRVRSFLRQHVSXHGHVFUHDUWXSURSLRVLWLRXWLOL]DQGRXQRGH
ORVPXFKRVVHUYLFLRVRUJDQL]DGRV\JUDWXLWRV£%XHQDVXHUWH
£$KRUDKD\TXH
FRQVHJXLUHOUHJLVWUR
&21752/$'25(6 (;7(5126
8Q&RQWURODGRU([WHUQRGH0,',HVFRPRXQJUDQPDQGRTXHFRQWURODODVUXHGDVHLQWHUUXSWRUHVHQ)UXLW\
/RRSV/DGLIHUHQFLDSULQFLSDOHVTXHWLHQHVTXHGHFLUOHD)UXLW\SRUDGHODQWDGRORTXHTXLHUHVTXHKDJD
FDGDERWyQGHOFRQWURODGRUXQDPROHVWLDPHQRUSDUDHOFDPELRGHUHGXFFLyQ\UHVRQDQFLDDOPLVPR
WLHPSR&DGDERWyQGHOFRQWURODGRUSXHGHXQLUVHDXQDUXHGDGLIHUHQWHRDXQGHVOL]DGRUHQ)UXLW\/RRSV
6LWLHQHVXQFRQWURODGRUHVWDVHFFLyQWHGLUiFyPRKDFHUSDUDTXHWUDEDMHFRQ)UXLW\£6LQRWLHQHVXQR
FRQVtJXHOR3ULPHURQRVRWURVUHVHxDUHPRVORVFRQWURODGRUHVPiVSRSXODUHV
18(92DSDUWLUGHODYHUVLyQGH)UXLW\/RRSVSXHGHVXWLOL]DUWDPELpQORV&RQWURODGRUHV,QWHUQRV
3XHGHVKDEHUOHtGRDQWHULRUPHQWHDOJRGHpVWRVHQODVHFFLyQGH(IHFWRV)UXLW\SHURDOILQDOGHHVWDVHFFLyQ
QRVRWURVH[SOLFDUHPRVPiVGHWDOOHV
8QRV(MHPSORVGH&RQWURODGRUHV0,',
D (O3KDW%R\(O3KDW%R\HVGHORVSRSXODUHVHOPiVHFRQyPLFRGHORV&RQWURODGRUHV0,',
IDEULFDGRSRU.H\)D[HQZZZNH\ID[FRP(VSHTXHxR\FRQVyORERWRQHVSHURSDUDOD
PD\RUtDGHSHUVRQDVHVWRGRORTXHQHFHVLWDUiQDGHPiVVyORWLHQHVGRVPDQRV
¢3RUTXHVH
OODPDUDSKDW"
E (O'UHK%DQN 2WUDRSFLyQSRSXODUHVHO'UHK%DQNGH'RHSIHUHQZZZGRHSIHUGH£(VWH
&RQWURODGRUWLHQHERWRQHVHQOXJDUGH
6yOR\RSXHGRSRVHHU
XQ'UHKEDQN£(OUHVWR
QRWLHQHVXILFLHQWH
GHVWUH]DSDUDHOOR
j (O-HIHj
F (O0& (O0&SRU5RODQGZZZURODQGJURRYHFRPHVPXFKRPiVTXHXQ
&RQWURODGRU0,',(VXQVLQWHWL]DGRUGHKDUGZDUH\HVSHFLDOPHQWHORVVHFXHQFLDGRUHVHVWiQ
FRQVWUXLGRVSDUDUHSURGXFLUHOWHFKQRFOiVLFRFRPRHO7%75\753HURWDPELpQ
WLHQHFRPSOHWDVFDSDFLGDGHVSDUDVHUXQ&RQWURODGRU0,',SDUDTXHSXHGDVXQLUVHFRQDOJXQRVGH
ORVERWRQHVDORVPDQGRVGH)UXLW\
£:KRD £&RQHVWR
SXHGHVFRUWDUHO
DLUH
3UHSDUDQGRD7X&RQWURODGRU
D &RQVLJXHXQ&DEOH0,',\FRQHFWD7X&RQWURODGRU0LUDHQODSDUWHGHDWUiVGHWXRUGHQDGRU
6LWLHQHVFRQHFWRUHVGHSLQVFRQHWLTXHWDRPDUFD0,',HQWRQFHVORWLHQHVSHUIHFWR6LQR
EXVFDXQSXHUWRWUDSH]RLGDOSDUDHOMR\VWLFN\TXHWLHQHSLQV6LWLHQHVORVFRQHFWRUHVUHGRQGRV
QHFHVLWDUDVXQFDEOH0,',2XWSDUDLUDO0,',,QGHWXFRQWURODGRU6LVyORWLHQHVXQD
FRQH[LyQHQHOFRQWURODGRUQHFHVLWDUDVXQFDEOHHVSHFLDOTXHWLHQHGRVFRQHFWRUHV0,',UHGRQGRV
HQXQH[WUHPR\XQFRQHFWRUWUDSH]RLGDODORWUR(VWRVWLSRVGHFDEOHVGHEHQGHHVWDUGLVSRQLEOHV
HQFXDOTXLHUWLHQGDGHP~VLFDHVSHFLDOL]DGDHQWHFODGRV\VLQWHWL]DGRUHVSHURVLORSLGHVHQXQD
WLHQGDGH2UGHQDGRUHVSXHGHTXHQRORWHQJDQRWHORGHQHTXLYRFDGR
E (QFLHQGHHO&RQWURODGRU\SRQHQPDUFKDWX)UXLW\/RRSV6LWLHQHVXQ3KDW%R\DVHJ~UDWH
TXHHOLQWHUUXSWRUGHOSRZHUVHSRQHHQHOPRGR,,,RVLWLHQHVXQ'UHK%DQNHQFLHQGHHOERWyQ
%DQNGHOFDEOHGHOSRZHU3DUDHO0&DVHJ~UDWHTXHHOPRGRGH0,',VHSRQHHQ02'2
6KLIW(GLW7[5[ 0RGH3UXHEDDPRYHUORVERWRQHVGHWX&RQWURODGRU6LWRGRHV
FRUUHFWRYHUDV0,',FRQXQDOX]URMDDOODGRGHOD%DUUDGH$\XGDHQ)UXLW\/RRSVFDGDYH]
TXHPXHYDVXQERWyQ£+DVKHFKRXQEXHQWUDEDMR6LJXHOH\HQGRDPLJR
3HTXHxD
/X]5RMD
F +DELOLWDHOFRQWURO5HPRWRGH0,',0LUDHOPHQ~2SWLRQV SDUDYHUVLKD\XQDPDUFDDOODGRGH
0,',5HPRWH&RQWURO6LQRSXOVDVREUHpO\REVHUYDVLDKRUDVHHQFLHQGHODOX]URMD
6DP &RPSUXpEDOR<RQHFHVLWRXQFDEOH
FRQODVFRQH[LRQHVGH0,',HQXQH[WUHPR\
XQFRQHFWRUWUDSH]RLGDODORWUR
9HQGHGRU¢4XpQHFHVLWDV"
K(5(7,&
G 6HOHFFLRQDHO'LVSRVLWLYRGHHQWUDGD0,',6LWRGDYtDQRYHVODOX]URMDFXDQGRPXHYHVXQ
ERWyQGHWX&RQWURODGRUHQWUDHQODV2SFLRQHV0,',GHOPHQ~2SWLRQV RSXOVDQGR)
&RPSUXHEDODVHFFLyQ5HPRWH&RQWURO,QSXW GHODYHQWDQD6LYHVODSDODEUDQRQHHQWRQFHV
WLHQHVTXHVHOHFFLRQDUXQDHQWUDGD1RUPDOPHQWHQRWHQGUDVPXFKDVRSFLRQHV\DSHQDVWHQGUiV
TXHSUREDUSDUDGHGXFLUFXiOHVODFRUUHFWD
¢(VWDVOLVWR
SDUDHOURFN
DQGUROO"
H /LVWDSDUDDUUHJODUHOFRQWURO6LDXQQRYHVODOX]URMDFXDQGRPXHYHVXQERWyQGHWX
&RQWURODGRUDTXtKD\XQDOLVWDGHFRVDVTXHGHEHVYHULILFDUDQWHVGHUHQGLUWH
x
x
x
x
x
¢+DVVHOHFFLRQDGRHOPRGRFRUUHFWR3KDW%R\R'UHK%DQNHQHOSDVRE"
¢+DVKDELOLWDGR0,',5HPRWH&RQWUROHQHOSDVRF"
¢+DVVHOHFFLRQDGRODHQWUDGD0,',FRUUHFWDGHOSDVRG"
¢/RVFRQHFWRUHV,Q\2XWGHWXFDEOH0,',HVWiQELHQFRQHFWDGRV"
¢+DVFRQHFWDGRWX&RQWURODGRUDXQDWRPDGHFRUULHQWH\HQFHQGLGRHOSRZHU"
6LWX&RQWURODGRU0,',DXQQRIXQFLRQD« 3UXHED
HVWRFRPRXOWLPRUHFXUVRVDOGH)UXLW\\VHOHFFLRQD
3URJUDPDVo)UXLW\/RRSVo$GYDQFHGo5HVHW
VHWWLQJV GHOPHQXGH,QLFLRGH:LQGRZV(QWRQFHV
ERUUDUDVWRGRVORVFDPELRVTXHKDVKHFKR\
FRPHQ]DUDVGHQXHYR«
-DKD
8QLHQGRXQD5XHGDGH)UXLW\DWX&RQWURODGRU2.DEUHFXDOTXLHUORRSTXHXVHXQFDQDOFRQHO
JHQHUDGRU76*HWWLQJ6WDUWHGIOSSRGUtDVHUXQEXHQHMHPSORSDUDHPSH]DU
D 3XOVDHOERWyQGHUHFKRVREUHODUXHGDTXHTXLHUHVXQLUDO&RQWURODGRU0,',(QHVWHFDVR
SUREDUHPRVODUXHGDGHOYROXPHQGHOFDQDOGHO76$KRUDSXOVDVREUH/LQNWR&RQWUROOHU \
DSDUHFHUiODYHQWDQDGH5HPRWH&RQWUROOLQJ6HWWLQJV
E 0XHYHXQERWyQGHWX&RQWURODGRU'HEHVYHUHO&KDQQHO \&RQWUROOHU HQODYHQWDQDGH5HPRWH
&RQWUROOLQJ6HWWLQJV6HOHFFLRQDORVFRUUHFWRV\SXOVDHOERWyQ2.OXHJRPXHYHHOERWyQGHWX
&RQWURODGRU'HEHVGHFRQWURODUHOYROXPHQGHO76£9DPRVSRUEXHQFDPLQR
F 3RQHO%XIIHU/HQJWKWDQEDMRFRPRSXHGDV$QWHV\DH[SOLFDPRVSDUDTXHVHUYLDHOGHVOL]DGRU
EXIIHUOHQJWKHQWUDSXOVDQGR) \VHOHFFLRQDQGRODSHVWDxDGH$XGLR(VWHGHVOL]DGRUGHWHUPLQD
HOWLHPSRGHUHWUDVRHQWUHHOPRYLPLHQWRGHXQERWyQ\HOFDPELRGHVRQLGRHQ)UXLW\$VtTXH
GHEHVGHSRQHUORDOPtQLPR3HURVLORSRQHVGHPDVLDGREDMRVHGLVWRUVLRQDUDHOVRQLGR$VtTXH
LQWHQWDHQFRQWUDUHOSXQWRH[DFWR6LQRSXHGHVFRQVHJXLUOR&2035$7(275225'(1$'25
¢4Xp0DQGRVSXHGR8QLU"0XFKRVGHHOORV3DUDFRPSUREDUORHVLJXDOTXHHO*UDEDGRHQ9LYR'H
QXHYRVLTXLHUHVVDEHUVLXQPDQGRSXHGHXQLUVHUDWyQHQFLPDGHpO\EXVFDORVSXQWRVURMRVHQOD
%DUUDGH$\XGD
¢4XpSDVDFRQORV&RQWURODGRUHV,QWHUQRV"$KRUDSRGHPRVKDEODUOHVREUHORV3OXJLQVGHORV
&RQWURODGRUHV,QWHUQRVYLVWRVHQODVHFFLyQGH(IHFWRV)UXLW\)RUPXOD&RQWUROOHU3HDN&RQWUROOHU\
;<&RQWUROOHU$SDUWLUGH)UXLW\/RRSVSXHGHVWHQHUHOFRQWUROGHXQSOXJLQFRQWUROHGHVGHRWUR
SOXJLQ¢(QWLHQGHVHVR"7RPHPRVDO)UXLW\;<&RQWUROOHUFRPRXQHMHPSOR$EUHODYHQWDQDGHO
0DVWHU(IIHFWV )\SRQDO)UXLW\;<&RQWUROOHUHQOD0DVWHU7UDFN
D (O)UXLW\;<&RQWUROOHUWHSHUPLWHFRQWURODUGRVUXHGDVXQLGDVXQDUXHGDHQVXHMH;KRUL]RQWDO
\ODRWUDUXHGDHQVXHMH<YHUWLFDO(QWRQFHVSXHGHVSLQFKDUVREUHHOFtUFXORFHQWUDOGHOD
YHQWDQD\DUUDVWUDUORFDPELDQGRHOYDORUGHDPERVPDQGRVVHJXLGRV(VSDUWLFXODUPHQWHPX\~WLO
SDUDFRQWURODUUHGXFFLyQ\UHVRQDQFLDDOPLVPRWLHPSR&DUJDGHQXHYR*HWWLQJ6WDUWHGIOS
LQVWDODHO)UXLW\;<&RQWUROOHUFRPRHQHOSDVR\DEUHODSHVWDxD,16GHOFDQDO,QVB5RXQG
$KRUDSXOVDERWyQGHUHFKRVREUHOD5HGXFFLyQ\VHOHFFLRQD/LQNWR&RQWUROOHU
E (QWRQFHVXQHODUXHGDGH5HGXFFLyQDOYDORUGH;GHO,QWHUQDO&RQWUROOHUFRPRVHPXHVWUDHQODV
LPiJHQHV$KRUDXQHODUXHGDGH5HVRQDQFLDDOYDORUGH<(QWRQFHVDEUHODYHQWDQDGHO)UXLW\;
<&RQWUROOHU\TXHHPSLHFHHOORRS$UUDVWUDHOFtUFXORDOUHGHGRU\HVFXFKDFRPRYDULDOD
5HGXFFLyQ\5HVRQDQFLDDOPLVPRWLHPSR¢7HJXVWD"
£$GLYHUWLUVH1RWH
ROYLGHVGHTXHKD\PiV
D\XGDGLVSRQLEOHGHQWURGH
)UXLW\/RRSV\HQHOVLWLR
:HE
ZZZ)UXLW\/RRSVFRP
(;75$ , $<8'$
/DV2SFLRQHVGH&DQDO0LVFHOiQHDV0,6&
$MXVWHGH1LYHOHV
(VWHDSDUWDGRFRQWLHQHFXDWURUXHGDVTXH
FRQWURODQHOEDODQFH3$1YROXPHQ92/
UHGXFFLyQ&87\UHVRQDQFLD5(6SDUD
QLYHODUHOFDQDO(OORVUHSURGXFHQPiVR
PHQRVODIXQFLRQDOLGDGGHRWURVFRQWUROHV
GHODV2SFLRQHVGH&DQDO
&RUWH&RUWH3RU
(VWDRSFLyQSXHGHFRUWDURPRGLILFDUHO
LQLFLR\RILQDOGHXQDQRWDSURORQJDGD
3RO\SKRQ\
&RQHVWDVRSFLRQHVSXHGHVPRGLILFDUODV
SURSLHGDGHVGHODORQJLWXGGHWUDQVLFLyQGHO
VRODSDPLHQWRGHODV1RWDV'LDSRVLWLYDV
9LVWDSUHYLDGHO7HFODGR
3XOVDQGR%RWyQGHUHFKRGHOUDWyQVREUHOD
EDUUDGHOWHFODGRSXHGHVLQGLFDUTXHFODYH
TXLHUHVUHDOL]DUWXFRPSRVLFLyQ<SXOVDQGR
HOL]TXLHUGR\DUUDVWUDQGRSXHGHVGHOLPLWDU
XQD]RQDGRQGHORVHYHQWRVQRWHQGUiQ
HIHFWRVREUHHVDVQRWDV&RQHOERWyQ5HVHW
ERUUDUDVORVFDPELRVGHOWHFODGR
(O3DQHOGHO7LHPSRVROR)UXLW\/RRSV
6WHS%HDW6%
(VWHLQWHUUXSWRUVHOHFFLRQDVLHOWLHPSR
FXHQWDHQSDVRV6RHQ %HDWV%(VWD
RSFLyQGHSHQGHGHODSUy[LPDRSFLyQ
%DU0LQXWH%0
(VWHLQWHUUXSWRUVHOHFFLRQDVLHOWLHPSRVH
FXHQWDHQ6WHS%HDW%RHQIRUPDWRGH
0LQXWRV6HJXQGRV&HQWHVLPDV0
&RQWDGRUGH7LHPSR
0XHVWUDHOWLHPSRGHODFDQFLyQVHJ~QHO
IRUPDWRGHODVRSFLRQHVDQWHULRUHV
(;75$ ,, 78725,$/(6
D&UHDQGR*UXSRV
(VWDRSFLyQHVPX\~WLO\DTXHWHSHUPLWHWHQHUXQSRFRGHRUGHQHQHOWUDEDMR6LWLHQHVPXFKRVFDQDOHVWX
PRGHORSXHGHFRQYHUWLUVHHQXQDJUDQOLVWDTXHWHGLILFXOWDUDPXFKR\WHUHWUDVDUDHQWXWUDEDMR
&UHDQGRXQJUXSRSDUDORV'UXPV3DUDKDFHUHVWRVHOHFFLRQDUHPRVWRGRVORVFDQDOHVGHORV
'UXPVGHQXHVWURPRGHOR3XOVDQGRHOERWyQGHUHFKRGHOUDWyQVREUHHO6HOHFWRUGHFDQDO GHWRGRV
ORVFDQDOHVGHORV'UXPV
£2\H(VWRHVPX\
IiFLO¢1R"
6HOHFWRU
GH&DQDO
,QWURGXFLHQGRXQQRPEUHSDUDHOJUXSR&RQORVFDQDOHVGHORV'UXPVVHOHFFLRQDGRVKD]FOLF
VREUH*URXSVHOHFWHG GHOPHQ~FKDQQHOVGHO3DQHOGHPHQ~V$SDUHFHUiXQDYHQWDQDSDUDTXH
LQWURGX]FDVXQQRPEUHSDUDHOJUXSRHVFUtEHOR\SXOVD,QWUR127$6LH[LVWHRWURJUXSRFRQHVH
QRPEUHORVFDQDOHVVHDxDGLUiQDpO
1RPEUH
GHO*UXSR
$KRUDHVWDPRVYLHQGRHOQXHYRJUXSRFRQORVFDQDOHVGHORV'UXPV/RVRWURVFDQDOHVQRKDQ
GHVDSDUHFLGRVLPSOHPHQWHHVWiQRFXOWRV
/RVPHQ~VGHOJUXSR6LSXOVDVFRQHO%RWyQGHUHFKRGHOUDWyQVREUHHOFXDGURQHJURLQIHULRUTXH
WLHQHHOQRPEUHGHOJUXSRDSDUHFHUiXQPHQ~FRQODVVLJXLHQWHVRSFLRQHV
D $GGILOWHUJURXS&UHDVXQQXHYRJUXSRSHURHVWDUiFRPSOHWDPHQWHYDFLy
E 'HOHWHILOWHUJURXS%RUUDVHOJUXSRDFWXDO127$(VWRQRERUUDUDORVFDQDOHV
F 5HQDPHILOWHUJURXS5HQRPEUDVHOJUXSRDFWXDO
<VLSXOVDVHO%RWyQL]TXLHUGRGHOUDWyQVHGHVSOHJDUDXQPHQ~FRQODVVLJXLHQWHVRSFLRQHV
D $OO0XHVWUDWRGRVORVFDQDOHVGHOSUR\HFWR
E 'HEDMRGHODOtQHD0XHVWUDWRGRVORVJUXSRVGHOPRGHORHQHVHSUR\HFWR
F 8QVRUWHG(VWHJUXSRVHFUHDSRUGHIHFWRHQFDGDSUR\HFWRSDUDVRVWHQHUORVFDQDOHVHQ
ORVGLIHUHQWHVJUXSRVFUHDGRV
%RWyQ
'HUHFKR
%RWyQ
,]TXLHUGR
E0RGLILFDQGRORV%HDWV
8Q/RRSEiVLFRFRQWLHQHQRWDVRSDVRV\HVWDIRUPDGRSRU %HDWVTXHDVXYH]FRQWLHQHQSDVRV3HUR
DXQ/RRS\DVXV%HDWVOHSXHGHVPRGLILFDUHVWRDKRUDVHWHLQGLFDUDFRPR
3DVR
/RRS%iVLFR
QRWDV
$EULHQGRODV2SFLRQHVGHODFDQFLyQ9DPRVDFDPELDUORVSDVRVGHOORRS\GHOEHDW$EUHHO
PHQ~2SWLRQV GHO3DQHOGHPHQ~V\SXOVDVREUH6RQJVHWWLQV(VDHVODYHQWDQDGH2SFLRQHVGHOD
FDQFLyQ(QODSHVWDxD6RQJ HQFRQWUDUHPRVOD/RQJLWXGGHOORRS TXHGHWHUPLQDODFDQWLGDGGH
SDVRVTXHWLHQHXQORRSSRUGHIHFWRWLHQH\SRQGUHPRV<OD/RQJLWXGGHOEHDW TXH
GHWHUPLQDODFDQWLGDGGHSDVRVTXHIRUPDXQEHDWSRUGHIHFWRWLHQH\SRQGUHPRV
/RQJLWXG
GHOORRS
/RQJLWXG
GHOEHDW
(O5HVXOWDGR+HPRVREWHQLGRXQVRQLGRPX\VLPLODUSHURFRQXQORRSPiVFRUWR
3XHVELHQWHKDV
DKRUUDGRSDVRV
F2WUDVRSFLRQHVGHO3LDQR5ROO
9DPRVDH[SOLFDUODVRSFLRQHVLQIHULRUHVGHODSDUWDGR(GLWGHORVPHQ~VGHO3LDQR5ROOTXHFUHRTXHVRQ
PX\LPSRUWDQWHV(O4XDQWL]H \HO&KRS\VXVYHUVLRQHVUiSLGDVR4XLFN
$SDUWDGR(GLW
GHORV0HQ~V
GHO3LDQR5ROO
F(O4XDQWL]H
(O4XDQWL]HWHSHUPLWHYDULDUODORQJLWXGGHODVQRWDV\VXVGHVFDQVRV$GHPiVHOQRUPDOWDPELpQWHSHUPLWH
YDULDUORVSDUiPHWURVEiVLFRVFRPRYROXPHQEDODQFHUHVRQDQFLDUHGXFFLyQRYHORFLGDG
3UHSDUDQGRXQFDQDO8WLOL]DUHPRVXQFDQDOFRQXQGUXPEiVLFR\OHSRQGUHPRVSDVRVSDVRV
SRUEHDW/XHJRSXOVDUHPRVHOERWyQGHUHFKRGHOUDWyQVREUHHO1RPEUHGHO&DQDO \
VHOHFFLRQDUHPRV6HQGWR3LDQR5ROO
1RPEUH
GHO&DQDO
6HOHFFLRQDQGRODVQRWDV$KRUDVHOHFFLRQDUHPRVODVQRWDVILQDOHVGHO3LDQR5ROO3DUDKDFHUXQ
4XLFN4XDQWL]H VLJXHFRQHOSDVR\SDUDKDFHUXQ4XDQWL]H YHVDOSDVR
6HOHFFLRQDQGRODORQJLWXG&RQODVQRWDVGHO3LDQR5ROOVHOHFFLRQDGDVSDUDKDFHUXQ4XLFN
4XDQWL]H SXOVDUHPRVVREUHOD/LVWD6QDS GHO3DQHOGH*UDEDFLyQ\VHOHFFLRQDUHPRVEHDW
/LVWD6QDS
(VWDRSFLyQGHODOLVWD6QDS
GDUiXQUHVXOWDGRPX\
YLVWRVR2WUDVRSFLRQHV
SXHGHTXHQRYHDVPXFKRV
FDPELRV
(O4XLFN4XDQWL]H3DUDKDFHUXQ4XDQWL]HUiSLGRSRGHPRVSXOVDUDKRUD$OW47DPELpQ
SRGHPRVSXOVDUVREUH4XLFN4XDQWL]H HQHODSDUWDGR(GLWGHORVPHQ~VGHO3LDQR5ROO3XOVDHO
SOD\GHO3DQHOGHUHSURGXFFLyQSDUDHVFXFKDUTXHKDVKHFKR
/DYHQWDQD4XDQWL]HU&RQWLQXDQGRGHVSXpVGHOSDVR\FRQODVQRWDVGHO3LDQR5ROO
VHOHFFLRQDGDVSDUDKDFHUXQ4XDQWL]H SXOVDUHPRV&WUO4 RWDPELpQSRGHPRVSXOVDUVREUH
4XDQWL]H HQHODSDUWDGR(GLWGHORVPHQ~VGHO3LDQR5ROO$KRUDQRVDSDUHFHUiODVLJXLHQWH
YHQWDQD
/D3ODQWLOODGHOD
UHMD 3XOVDHOERWyQ
GHODFDUSHWDSDUD
VHOHFFLRQDUXQD
SODQWLOODGHODUHMD
(O3LDQR5ROO
PXHVWUDODUHMD
LQVWDQWiQHDODV
OtQHDVURMDV
YHUWLFDOHVTXH
JHQHUDODUHMD
SUHILMDGDORV
DUFKLYRV)6&
6HQVLELOLGDG7H
3HUPLWHSRQHUOD
VHQVLELOLGDG
LQVWDQWiQHD
&RPLHQ]R 7H
3HUPLWHPH]FODU
ORVWLHPSRVGH
VDOLGDRULJLQDOHVGH
ODVQRWDV
'XUDFLyQ 7H
3HUPLWHPH]FODUOD
GXUDFLyQRULJLQDO
GHODVQRWDVFRQOD
GXUDFLyQGHO
TXDQWL]HG
/DVUXHGDVGHORV
1LYHOHV &RQHVWDV
UXHGDVSXHGHV
PH]FODUORV
SDUiPHWURVGHODV
QRWDVRULJLQDOHV
+XPDQL]H &XDQGR
HVWHLQWHUUXSWRUHVWD
HQFHQGLGRODVUXHGDV
GHORVQLYHOHVVHXVDQ
SDUDSRQHUODFDQWLGDG
GHUDQGRPL]DFLyQ
DSOLFDGDDODV
SURSLHGDGHVGHODV
QRWDV
(OPRGRGHO
4XDQWL]H(O
WLHPSRGHOD
VDOLGDHVHOPLVPR
HQWRGRVORV
PRGRV
4XDQWL]HGXUDWLRQ
ODORQJLWXGGHODV
QRWDVVHJ~QOD
UHMD4XDQWL]H
(QG7LPHHO
WLHPSRILQDOGHODV
QRWDVVHDSOLFDD
ODUHMD/HDYH
'XUDWLRQUHWLHQH
ODGXUDFLyQGHOD
QRWDRULJLQDO
GHVSXpVGHVDFDU
XQDIRWRGHVX
WLHPSRGHVDOLGD
/HDYH(QG7LPH
5HWLHQHHOWLHPSR
GHOILQDORULJLQDO
GHODVQRWDV
(O4XDQWL]H$KRUDSRQODVPLVPDVFDQWLGDGHVTXHKD\HQHOGLEXMRDQWHULRU\OXHJRSXOVDVREUH
ODPDUFDGHO2.SDUDYDOLGDUWXVFDPELRV2EWHQGUiVXQDYHQWDQDFRPRODVLJXLHQWH3XOVDHOSOD\
GHO3DQHOGHUHSURGXFFLyQSDUDHVFXFKDUTXHKDVKHFKR
F(O&KRS
6LWUDGXFLHUDPRV&KRSVLJQLILFDUtD+DFKD\HVRHVORTXHKDFHQRVFRUWDDWURFLWRVXQDQRWD$OLJXDOTXHHO
4XDQWL]HKD\GRVPRGRVRIRUPDVXQDUiSLGD\ODQRUPDOHQODTXHDSDUHFHXQDYHQWDQDFRQRSFLRQHV
3UHSDUDQGRXQFDQDO&UHDUHPRVXQQXHYRFDQDOFRQXQ'UXP GHOQDYHJDGRUGH6DPSOHV
DUUDVWUiQGRORDXQOXJDUYDFtRGHO6HFXHQFLDGRUGH3DVRV\OHSRQGUHPRVVRORHOSULPHUSDVR
/XHJRSXOVDUHPRVHOERWyQGHUHFKRGHOUDWyQVREUHHO1RPEUHGHO&DQDO \VHOHFFLRQDUHPRV6HQG
WR3LDQR5ROO
$TXtHVWD
QXHVWUR'UXP
1RPEUH
GHO&DQDO
6HOHFFLRQDQGRODVQRWDV1XHVWUDQRWDDOVHUHOSULPHUSDVRGHOSULPHUEHDWQRVRFXSDUDWRGRHO
ORRSDxDGLUHPRVQRWDVPiVFRPRHOGLEXMRGHDEDMR\VHOHFFLRQDUHPRVORVGRVEHDWV\PHGLR
ILQDOHV3DUDKDFHUXQ4XLFN&KRS VLJXHFRQHOSDVR\SDUDKDFHUXQ&KRS YHVDOSDVR
6HOHFFLRQDQGRODORQJLWXG&RQODVQRWDVGHO3LDQR5ROOVHOHFFLRQDGDVSDUDKDFHUXQ4XLFN&KRS
SXOVDUHPRVVREUHOD/LVWD6QDS GHO3DQHOGH*UDEDFLyQ\VHOHFFLRQDUHPRVEHDW
FRUWHVSRUSDVRSRU
EHDW
FRUWHSRUSDVRSRUEHDW
FRUWHVSRUEHDW
FRUWHSRUEHDW
6LQFDPELRV
0i[LPRVFRUWHVSRUSDVR
SURGXFHXQDJUDQGLVWRUVLyQ
FRUWHVSRUSDVRSRUEHDW
FRUWHVSRUEHDW
FRUWHVSRUEHDW
FRUWHSRUORRS
(O4XLFN&KRS3DUDKDFHUXQ&KRSUiSLGRSRGHPRVSXOVDUDKRUD$OW87DPELpQSRGHPRV
SXOVDUVREUH4XLFN&KRS HQHODSDUWDGR(GLWGHORVPHQ~VGHO3LDQR5ROO3XOVDHOSOD\GHO3DQHO
GHUHSURGXFFLyQSDUDHVFXFKDUTXHKDVKHFKR
/DYHQWDQD&KRS&RQWLQXDQGRGHVSXpVGHOSDVR\FRQODVQRWDVGHO3LDQR5ROOVHOHFFLRQDGDV
SDUDKDFHUXQ&KRSSXOVDUHPRV&WUO8 RWDPELpQSRGHPRVSXOVDUVREUH&KRS HQHODSDUWDGR(GLW
GHORVPHQ~VGHO3LDQR5ROO$KRUDQRVDSDUHFHUiODVLJXLHQWHYHQWDQD
/D3ODQWLOODGHOD
UHMD 3XOVDHOERWyQ
GHODFDUSHWDSDUD
VHOHFFLRQDUXQD
SODQWLOODGHODUHMD
(O3LDQR5ROO
PXHVWUDODUHMD
LQVWDQWiQHDODV
OtQHDVURMDV
YHUWLFDOHVTXH
JHQHUDODUHMD
SUHILMDGD8WLOL]D
ORVDUFKLYRVGH
UHMLOODFRQ
H[WHQVLyQ)6&
0XOWLSOLFDGRU &RQ
HVWDRSFLyQSXHGHV
DFHOHUDUR
GHVDFHOHUDUHO
WLHPSRGHOD
SODQWLOOD
,QWHUUXSWRUGH
PRGHORDEVROXWR
&XDQGRHVWD
HQFHQGLGRWRGDV
ODVQRWDVVXIUHQHO
FRUWHSRUODPLVPD
YHUWLFDO0LHQWUDV
TXHFXDQGRHVWD
DSDJDGRFDGD
QRWDVHFRUWDUD
UHVSHFWRDVX
WLHPSRGHOD
VDOLGDYHUOD
LPDJHQGH
HMHPSORGHEDMR
/DVUXHGDVGHORV1LYHOHV &RQHVWDVUXHGDV
SXHGHVPH]FODUORVSDUiPHWURVGHODVQRWDV
RULJLQDOHVDODVFUHDGDVSRUORVFRUWHV(VWRV
SDUiPHWURVVRQ%DODQFH9ROXPHQUHGXFFLyQ
UHVRQDQFLD\9HORFLGDG6LJXLHQGRHORUGHQGH
L]TXLHUGDDGHUHFKD
0DUFDGHO2. $O
SXOVDUHVWDPDUFD
DFHSWDUDVORV
FDPELRV\ORV
DSOLFDUDVDODV
QRWDV
(O&KRS$KRUDSRQODVPLVPDVFDQWLGDGHVTXHKD\HQHOGLEXMRGHODYHQWDQDDQWHULRU\OXHJR
SXOVDVREUHODPDUFDGHO2.SDUDYDOLGDUWXVFDPELRV2EWHQGUiVXQDYHQWDQDFRPRODVLJXLHQWH
3XOVDHOSOD\GHO3DQHOGHUHSURGXFFLyQSDUDHVFXFKDUTXHKDVKHFKR
G,PSRUWDQGR0,',
(Q)UXLW\/RRSVSXHGHVLPSRUWDUDUFKLYRVPLGLGHGRVIRUPDVGLIHUHQWHV'HVGHHOSDQHOGHPHQ~V\GHVGH
HOSLDQRUROO
G,PSRUWDQGR0,',GHVGHHO3DQHOGH0HQ~V
$EULHQGRODYHQWDQDGH³,PSRUWPLGLGDWD´'HVSOHJDPRVHOPHQ~)LOH GHOSDQHOGHPHQ~V\
GHODSDUWDGR,PSRUW VHOHFFLRQDPRV0,',ILOH 6HDEULUiXQDYHQWDQDSDUDH[SORUDUODVXQLGDGHV
GHWXRUGHQDGRUWHQHPRVTXHEXVFDUXQDUFKLYR0LGL\SXOVDUDEULU
/DYHQWDQDGH³,PSRUWPLGLGDWD´$O3XOVDUVREUH$EULU QRVDSDUHFHUiODVLJXLHQWHYHQWDQD
¢4XpSLVWDVKD\
TXHLPSRUWDU"
(VWHPHQ~WH
SHUPLWHVHOHFFLRQDU
VLTXLHUHVLPSRUWDU
WRGDVODVSLVWDVGH
HVH0,',RDOJXQD
HVSHFtILFD
&RPHQ]DUQXHYR
SUR\HFWR(QFLHQGH
HVWDRSFLyQSDUD
QRWRFDUHO
SUR\HFWRDFWXDO
DQWHVGHLPSRUWDU
HODUFKLYR0,',
(YHQWRV5HDOHV
4XLWDHOVLOHQFLR
GHOSULQFLSLRGHXQ
DUFKLYR0,',
¢4XpFDQDOHVKD\
TXHLPSRUWDU"
8VDORVFDPSRV
SDUDSRQHUVLXQ
FDQDOVHLPSRUWDUi
RQRFDQDOHVHQ
URMRVHLPSRUWDUiQ
&DGDFDQDOVH
LPSRUWDUiHQXQ
*HQHUDGRU0,',
2XW(QHO
VLJXLHQWHDSDUWDGR
VHH[SOLFDUDFRPR
IXQFLRQDHVWH
JHQHUDGRU
&UHDUXQFDQDOSRU3LVWD 6LHQFLHQGHVHVWD
RSFLyQFDGDSLVWDGHODUFKLYR0,',VHLPSRUWDUi
HQXQ*HQHUDGRU0,',2XWVLHVWDDSDJDGRODV
SLVWDVTXHXVHQHOPLVPRFDQDOVHVROGDUDQ\
VHLPSRUWDUDQDXQVRORFDQDOGHOVHFXHQFLDGRU\
FRQXQJHQHUDGRU
0DUFDGHO2. $O
SXOVDUHVWDPDUFD
DFHSWDUDVORV
FDPELRV\ORV
DSOLFDUDVDOD
,PSRUWDFLyQ
(O6HFXHQFLDGRUFRQHO0,',LPSRUWDGR&XDQGRLPSRUWHVWXDUFKLYR0LGLDXQQXHYRSUR\HFWR
VHFUHDUDQYDULRVFDQDOHVHQ*HQHUDGRUHV0,',2XW(QHOVLJXLHQWHDSDUWDGRVHH[SOLFDUDFRPR
IXQFLRQDHVWHJHQHUDGRU
3DUHFLGRDHVWR
VHUiORTXH
REWHQJDVDO
LPSRUWDUGHVGHHO
SDQHOGHPHQ~V
G,PSRUWDQGR0,',GHVGHHO3LDQR5ROO
$EULHQGRODYHQWDQDGH³,PSRUWPLGLGDWD´3XOVDUHPRVHOERWyQGHUHFKRGHOUDWyQVREUHHO
ERWyQFRQHOQRPEUHGHXQFDQDOGHOVHFXHQFLDGRU\VHOHFFLRQDUHPRV6HQGWR3LDQRUROO$KRUDHQ
HO3LDQR5ROOGHVSOHJDPRVORVPHQ~V\GHODSDUWDGR)LOH VHOHFFLRQDPRV,PSRUW0,',ILOH 6H
DEULUiXQDYHQWDQDSDUDH[SORUDUODVXQLGDGHVGHWXRUGHQDGRUWHQHPRVTXHEXVFDUXQDUFKLYR
0LGL\SXOVDUDEULU
/DYHQWDQDGH³,PSRUWPLGLGDWD´$O3XOVDUVREUH$EULU QRVDSDUHFHUiODVLJXLHQWHYHQWDQD
¢4XpSLVWDVKD\
TXHLPSRUWDU"
(VWHPHQ~WH
SHUPLWHVHOHFFLRQDU
VLTXLHUHVLPSRUWDU
WRGDVODVSLVWDVGH
HVH0,',RDOJXQD
HVSHFtILFD
0H]FODUFRQORV
'DWRV([LVWHQWHV
&XDQGRHVWD
HQFHQGLGDODV
QRWDVLPSRUWDGDV
VHPH]FODUiQFRQ
ODV\DH[LVWHQWHV
6LQR ODVQRWDVVH
VREUHVFULELUiQSRU
HO0LGLLPSRUWDGR
(YHQWRV5HDOHV4XLWD
HOVLOHQFLRGHOSULQFLSLR
GHXQDUFKLYR0,',
0DUFDGHO2. $O
SXOVDUDFHSWDUDVOD
,PSRUWDFLyQ
¢4XpFDQDOHVKD\
TXHLPSRUWDU"
8VDORVFDPSRV
SDUDSRQHUVLXQ
FDQDOVHLPSRUWDUi
RQRFDQDOHVHQ
URMRVHLPSRUWDUiQ
&DGDFDQDOVH
LPSRUWDUiHQXQ
FRORUGLIHUHQWHGHO
3LDQR5ROO
5HFXHUGDTXH
VRORKD\FXDWUR
FRORUHV\VLKD\
PiVGHFXDWUR
FDQDOHVDOJ~QFRORU
FRQWHQGUiPiVGH
XQFDQDOGHO
DUFKLYR0,',
(O6HFXHQFLDGRUFRQHO0,',LPSRUWDGR&XDQGRLPSRUWHVWXDUFKLYR0LGLGHVGHHO3LDQR5ROO
HOFDQDOGHWXVHFXHQFLDGRUSXHGHVHUXQVDPSOH\QRUHTXLHUHXQJHQHUDGRU0,',2XW
3DUHFLGRDHVWR
REWHQGUiVDO
LPSRUWDUGHVGHHO
SLDQRUROO
H([SRUWDQGR0,',
(Q)UXLW\/RRSVDGHPiVGHSRGHUJXDUGDUWXVFDQFLRQHVHQ:$9R03WDPELpQSXHGHVH[SRUWDUWXV
FDQFLRQHVD0,',FRQODD\XGDGHOSOXJLQ0,',RXW
3DVRVSUHYLRV3DUDH[SRUWDUXQWUDEDMRPLGLGHEHVGHXWLOL]DUORVEDQFRVGHVRQLGRSURSLRVGHWX
WDUMHWDGHDXGLR\DTXHORVVDPSOHVQRVHSXHGHQH[SRUWDUFRPRVLIXHVHQLQVWUXPHQWRVPXVLFDOHV
3ULPHURVLJXHHVWRVSDVRVTXHWHD\XGDUDQHQODFUHDFLyQGHWX0,',
D $FWLYDHOFDQDOGHODWDUMHWDGHVRQLGRGHOSURJUDPD)UXLW\/RRSVHQHOPHQ~RSWLRQV \OD
RSFLyQ(QDEOH0,',RXWSXW
E 9HVDODYHQWDQDGHODV2SFLRQHVJHQHUDOHV0,',GHOSURJUDPDGHVGHHOPHQ~RSWLRQV \
SXOVDQGRVREUH0,',VHWWLQJV\HQHODSDUWDGR0DVWHU6\QF2XWSXW GHODYHQWDQDGH
RSFLRQHV0,',SRQODVDOLGDGHWXWDUMHWDGHVRQLGR
&UHDQGRODFDQFLyQ0,',3DUDFUHDUXQ0,',SXHGHVRLPSRUWDUXQDUFKLYRGHVGHHO3DQHOGH
PHQ~V\PRGLILFDUORDWXJXVWRRFUHDUORGHVGHFHURHQJHQHUDGRUHV0,',RXWGHORVTXHSXHGHV
DxDGLUQXHYRVFDQDOHVGHVGHHO3DQHOGH0HQ~V&KDQQHOVo $GG2QHo 0,',RXW(VQRUPDO
TXHDXQQRSXHGDVHVFXFKDUQDGDFXDQGRSXOVHVHOSOD\GHO3DQHOGH5HSURGXFFLyQVLJXHOH\HQGR
ORVSDVRV\VHH[SOLFDUDFRPRHVFXFKDUORVVRQLGRV0,',
(VWHHVHOPLVPR
0,',TXHDQWHV
KHPRVLPSRUWDGR
+D]SUXHEDVFRQ
XQPLVPRDUFKLYR
SDUDYHUORV
FDPELRVPHMRU
(O*HQHUDGRU0,',RXW$EUHODV2SFLRQHVGHXQFDQDO0,',RXWSXOVDQGRVREUHHOQRPEUHGHO
FDQDOHVWDVVRQVXVIXQFLRQHV
(O%DQFRGHO3DUWH
QXPpULFR1RWHQGUiV
TXHWRFDUHVWRFDVL
QXQFDSHURVRQODV
YDULDQWHV06%\
/6%
&DQDO (OFDQDOGHOD
SLVWDGHHQYtR0,',
IXQFLRQDMXQWRFRQHO
3XHUWR
3DUWHQXPpULFR
1XPHUDORV
LQVWUXPHQWRV
5XHGDVGHFRQWURO
&RQWURODQGLIHUHQWHV
HIHFWRVGHVRQLGRHQ
ODVQRWDV0,',
5HVHW 5HVWDEOHFHORV
FDPELRVHIHFWXDGRV
/DOLVWD0,', $O
SXOVDUVHGHVSOLHJD
HVWHPHQ~
3LDQR5ROO&UHDHO
0,',HQXQHGLWRUGH
3LDQR5ROO
3UHVHQWV7LSRV
SUHGHILQLGRVGH
5XHGDVGHFRQWURO
(GLW(YHQW&UHDXQ
HGLWRUGHHYHQWRV
SDUDHO3DUWH
QXPpULFR\FDGD
5XHGDGHFRQWURO
3XHUWR /DSLVWDGH
HQYtR0,',VLPLODUD
ODVSLVWDV);
/D3DJLQD &DPELD
HQWUHGLIHUHQWHV
PDQGRVGHXQPLVPR
FRQWURO7LHQHV
SDJLQDV\FDGDXQD
SXHGHWHQHU
FRQWURODGRUHV
(OSOXJLQ)UXLW\/6'$EUHOD9HQWDQDGH0DVWHU(IIHFWV)\HQHO0DVWHU7UDFNDxDGHHO
SOXJLQGH)UXLW\/6'(VWHSOXJLQSHUPLWHD)UXLW\/RRSVDFFHGHUDO'LUHFW0XVLF6RIWZDUH
6LQWHWL]DGRUGH'LUHFW;1RWDGHEHVWHQHULQVWDODGR'LUHFW;RSRVWHULRU$KRUDVH
H[SOLFDUDQVXVIXQFLRQHV
3XHUWR 5HFLEHOD
SLVWDGHHQYtR0,',
GHOJHQHUDGRU0,',
RXWVLPLODUDODV
SLVWDV);
&DUSHWD$EUHXQD
YHQWDQDSDUDDEULUXQ
DUFKLYR'/6FRQ
QXHYRVLQVWUXPHQWRV
GH0,',
&DQDOHV (OFDQDOGH
ODSLVWDGHHQYtR0,',
IXQFLRQDMXQWRFRQHO
3XHUWR
9ROXPHQ (VODUXHGD
GHYROXPHQGHO
LQVWUXPHQWRHV
LQGHSHQGLHQWHGHO
YROXPHQGHOFDQDOGHO
VHFXHQ]LDGRU\VH
SXHGHJUDEDUFRQXQ
HGLWRUGHHYHQWRV
5HYHUE $xDGHXQHIHFWRHFRDOLQVWUXPHQWR
&KRUXV $xDGHXQHIHFWRGHFRURDO
LQVWUXPHQWR
1RPEUHGHO
LQVWUXPHQWR $O
SXOVDUVREUHXQ
QRPEUHVHDEULUiXQD
YHQWDQDFRQORV
LQVWUXPHQWRV
GLVSRQLEOHVGHHO
DUFKLYRDFWXDO\DOD
GHUHFKDGHFDGD
LQVWUXPHQWRHVWiQORV
GDWRVGHO3DUWH
QXPpULFR\%DQFR
TXHGHEHVLQWURGXFLU
HQHO0,',RXW
(VFXFKDQGRHQ)UXLW\/RRSVHOFDQDOGHO0,',RXW3DUDSRGHUHVFXFKDUWXVFDQFLRQHVPLGLHQ
HOFDQDOGHO0,',RXWVRORWHQGUiVTXHSRQHUHOPLPRSXHUWRHQHO0,',RXW\HQHO)UXLW\/6'
OXHJRHOHJLUHOFDQDOGHOLQVWUXPHQWRItMDWHHQODLPDJHQGHDEDMR5HFXHUGDTXHHOSOXJLQ)UXLW\
/6'GHEHLUHQHO0DVWHUWUDFNGHODYHQWDQDGH(IHFWRV$KRUDTXH\DVDEHVFRPRIXQFLRQDHO
0,',RXW\SXHGHVHVFXFKDUWXVFRPSRVLFLRQHV\DSXHGHVFUHDUXQDFDQFLyQ
([SRUWDQGRODFDQFLyQ0,',8QDYH]TXH\DKDVFUHDGRWXFDQFLyQHQORVFDQDOHV0,',RXWOD
SXHGHVH[SRUWDUFRPRXQDUFKLYR0,',$EUHHOPHQ~)LOHGHO3DQHOGH0HQ~V\VHOHFFLRQD
([SRUWo 0,',ILOH VHJXLGDPHQWHDSDUHFHUiXQDYHQWDQDSDUDTXHOHSRQJDVXQQRPEUH\XQ
GHVWLQRDODUFKLYRTXHYDVDFUHDUFXDQGRSXOVHVJXDUGDUYHUDVOD9HQWDQDGH([SRUWDFLyQ
QRUPDOPHQWHODFRQILJXUDFLyQTXHYLHQHSRUGHIHFWRHVODFRUUHFWDGHMDUOD\SXOVDUVREUH*2
&XDQGRILQDOLFHODEDUUDGHFDUJD\DWHQGUiVWXFDQFLyQ0,',
(VWDHVOD
YHQWDQD GH
H[SRUWDFLyQHQ
HOODHOHJLUHPRV
H[SRUWDUD0,',\
SXOVDUHPRVVREUH
ODPDUFDGHO2.
Descargar