0,1,67(5,2'(6$/8'38%/,&$ <$6,67(1&,$62&,$/ 'LUHFFLyQ*HQHUDOGH5HJXODFLyQ9LJLODQFLD \&RQWUROGHOD6DOXG '536$ 6XVDOXGHVQXHVWURFRPSURPLVR 'HSDUWDPHQWRGH5HJXODFLyQGHORV 3URJUDPDVGHOD6DOXG\$PELHQWH $Y]RQD&LXGDGGH*XDWHPDOD 7HOHID[7HO GLYVDQ#LQWHOQHWWFRPPVSDPELHQWH#LWHOJXDFRP 5(48,6,7261R'536$352 $FUHGLWDFLyQGH3URIHVLRQDOHVTXHEULQGDUiQDSR\RDORV(QWHV *HQHUDGRUHV\(PSUHVDVGH'LVSRVLFLyQ 352&(',0,(172 2ILFLR GH VROLFLWXG GHO LQWHUHVDGR GLULJLGR D OD MHIDWXUD GHO 'HSDUWDPHQWR GH 5HJXODFLyQGHORV3URJUDPDVGHOD6DOXG\$PELHQWH -XQWRFRQHORILFLRGHVROLFLWXGLQJUHVDHOIRUPDWR)250$'536$0'6+$3 'HSDUWDPHQWR GH 5HJXODFLyQ GH ORV 3URJUDPDV GH OD 6DOXG \ $PELHQWH 0DQHMRGH'HVHFKRV6yOLGRV+RVSLWDODULRV$FUHGLWDFLyQGH3URIHVLRQDOHV /D MHIDWXUD D WUDYpV GH OD VHFUHWDULD LQLFLD HO WUiPLWH GHO H[SHGLHQWH GiQGROH XQ Q~PHUR GH UHIHUHQFLD \ OR UHILHUH D WUDYpV GH XQD SURYLGHQFLD D GRQGH FRUUHVSRQGHHQHVWHFDVRDODVHFUHWDUtDGHO&RPLWpGH(YDOXDFLyQ (O &RPLWp GH (YDOXDFLyQ LQLFLD OD UHYLVLyQ GHO H[SHGLHQWH HQ EDVH DO ³1250$7,92 '( 352&(',0,(172 3$5$ /$ &$/,),&$&,Ï1 $&5(',7$&,21 < 5(*,6752 '( 352)(6,21$/(6 (1(/ 0$1(-2 '( '(6(&+266Ï/,'26+263,7$/$5,26´ 8QD YH] UHYLVDGR HO H[SHGLHQWH HO &RPLWp VROLFLWD DO LQWHUHVDGR DOJ~Q GRFXPHQWR TXH KDJD IDOWD GHQWUR GH VX H[SHGLHQWH D WUDYpV GH OD MHIDWXUD SDUDGDUDYLVRDOLQWHUHVDGR (O LQWHUHVDGR LQJUHVD ORV UHTXLVLWRV VROLFLWDGRV \ OR KDFH QXHYDPHQWH D OD MHIDWXUDGHO'HSDUWDPHQWR /D MHIDWXUD FRQWLQXD HO WUiPLWH HQYLiQGROR QXHYDPHQWH DO &RPLWp GH (YDOXDFLyQVLGHQWURGHOH[SHGLHQWHQRKDFHIDOWDQLQJ~QUHTXLVLWRVHFLWDDO LQWHUHVDGR VHJ~Q VHD HO FDVR SDUD VRPHWHUVH D XQD SUXHED HVFULWD HQWUHYLVWDRSUXHEDRUDO 8QD YH] HYDOXDGR HO LQWHUHVDGR KD OOHQDGR ORV UHTXLVLWRV FRUUHVSRQGLHQWHV SDUDVXUHVSHFWLYDDFUHGLWDFLyQSRUORTXH(O&RPLWpGH(YDOXDFLyQHPLWHXQ 'LFWDPHQDODMHIDWXUD /DMHIDWXUDHYDO~D\GHHQFRQWUDUVHWRGRHOH[SHGLHQWHFRPSOHWRSURVLJXHD GDU DYLVR SRU HVFULWR DO LQWHUHVDGR TXH OD MHIDWXUD GH HVWH 'HSDUWDPHQWR HPLWH 'LFWDPHQ)DYRUDEOHSRUORTXHHOLQWHUHVDGRVHHQFXHQWUDGHQWURGHO PDUFROHJDOSDUDSUHVWDUVXVVHUYLFLRVDHQWHVJHQHUDGRUHV\RHPSUHVDVGH GLVSRVLFLyQVHJ~QVHDHOFDVR /DMHIDWXUDHPLWHXQDUHVROXFLyQIDYRUDEOHDOLQWHUHVDGR (OFRPLWpGH(YDOXDFLyQLQJUHVDORVGDWRVGHOLQWHUHVDGRSDUDDVHQWDUHQXQ OLEURGHDFWDVSURFHGLHQGRDVXUHJLVWUR,GHQWLILFDGRDWUDYpVGHOQ~PHURGH UHJLVWUR /DMHIDWXUDSURFHGHDODILUPD\VHOORGHODFWDGRQGHVHHQFXHQWUDHOUHJLVWUR GHOSURIHVLRQDO 6HHPLWHXQ'LSORPDGH$FUHGLWDFLyQUHQRYDEOHFDGDWUHVDxRV