Z Z Z  \ R X W K [ F K D Q J H  Q H W

\RXWK;
 FKDQJH
-yYHQHVSRUHO&DPELR

/$*8Ë$

0DQXDOGHHGXFDFLyQSDUDXQFRQVXPRVRVWHQLEOH

2UJDQL]DFLyQGH
1DFLRQHV8QLGDV 3URJUDPDGH
SDUDOD 1DFLRQHV8QLGDV
(GXFDFLyQ SDUDHO0HGLR
&LHQFLD\&XOWXUD $PELHQWH
 \ R X W K ; F K D Q J H

5 /D2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD81(6&2
\HO3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO0HGLR$PELHQWH3180$UHFRQRFHQFRQ
H JUDWLWXGHOWLHPSR\HVIXHU]RLQYHUWLGRVSRUODVSHUVRQDVLQYROXFUDGDVHQODSURGXFFLyQ\
FRPHQWDULRVGHHVWD*XtD´-Ï9(1(6325(/&$0%,2´
F
R (VWDSXEOLFDFLyQIXHSUHSDUDGDSRU0e7$$VRFLDFLyQGHORV0HGLRV(FRORJtD\7HFQRORJtD
OD'LYLVLyQGH7HFQRORJtD,QGXVWULD\(FRQRPtD'7,(GHO3180$\OD'LYLVLyQSDUDOD
Q (QVHxDQ]D6HFXQGDULD7pFQLFD\3URIHVLRQDO('67967(GHOD81(6&2HQFRODERUDFLyQ
FRQ&RQVXPHUV,QWHUQDWLRQDO
R
F (OHTXLSRGH0e7$HVWXYRIRUPDGRSRU3DWUL]LD/XJR/RSULHQR\0DGKDYL%KDWW3HWHU

L :LOOLDPV(OWUDEDMRHVWXYRFRRUGLQDGRSRU,VDEHOOD0DUUDVH[SHUWDDVRFLDGDDO3180$'7,(
\-XOLD+HLVV(VSHFLDOLVWDGHO3URJUDPDGH81(6&2('67967(&KULVWLQH.QLJKWV\$OLQD

P 7XJHQGGH&RQVXPHUV,QWHUQDWLRQDOSURSRUFLRQDURQDVHVRUtD\DVLVWHQFLDHQODHGLFLyQ8Q
DJUDGHFLPLHQWRHVSHFLDOD%DVGH/HHXZ-HIHGHOD8QLGDGGH(VWUDWHJLDV\6HUYLFLRVGH
L 3URGXFFLyQ\&RQVXPRGHO3180$'7,(SRUVXDSR\RDOSUR\HFWR

H $JUDGHFHPRVHOHQWXVLDVPR\WUDEDMRGHOHTXLSRGH0p[LFRGH-yYHQHVSRUHO&DPELR
Q IRUPDGRSRUODVVLJXLHQWHVSHUVRQDVHLQVWLWXFLRQHV7LDKRJD5XJH/LJLD+HUQiQGH]\0DUWKD
0HULQRGHO&HQWURGH(GXFDFLyQ\&DSDFLWDFLyQSDUDHO'HVDUUROOR6RVWHQLEOH&(&$'(68
W SRU'DYLG2YLHGR*RQ]iOH]GHO,QVWLWXWR0H[LFDQRGHOD-XYHQWXGSRU&DUORV5DIDHO9DOHQFLD
3DUUDGHOD3URFXUDGXUtD)HGHUDOGHO&RQVXPLGRU352)(&2SRU'LHJR0DVHUD81(3
R 52/$&\$GULDQD=DFDULDV)DUDK81(3'7,(

V /DWUDGXFFLyQDOHVSDxROIXHUHDOL]DGDSRU&(&$'(68\6(50$51$7HQ0p[LFR/D)XQGDFLyQ
(FRORJtD\'HVDUUROOR(&2'(6GH=DUDJR]DKDUHDOL]DGRODUHYLVLyQHGLFLyQ\DGDSWDFLyQ
GHORVFDVRVDOS~EOLFRHVSDxROHLEHURDPHULFDQR/D(VFXHODGH&RQVXPLGRUHVGH&DQWDEULD
DVXPLyODWDUHDGHPDTXHWDU\SURGXFLUODHGLFLyQLPSUHVDGHHVWD*XtD

)LQDOPHQWHDJUDGHFHPRVODD\XGDGDGDSRUOD'LUHFFLyQ*HQHUDOGH&RQVXPRGHO*RELHUQR
GH$UDJyQTXHDSR\yJHQHURVDPHQWH\GHVGHHOSULQFLSLRODHGLFLyQHVSDxRODGHOD*XtD\
VXGLVWULEXFLyQHQHOiPELWRKLVSDQRKDEODQWH$JUDGHFLPLHQWRVTXHGHEHQKDFHUVHWDPELpQ
H[WHQVLYRVDOD&RPXQLGDG)RUDOGH1DYDUUDDO*RELHUQRGH&DQWDEULDDO$\XQWDPLHQWRGH
%DUFHORQDTXHDWUDYpVGHO&HQWURGH5HFXUVRV$PELHQWDOHVGH1DYDUUD&5$1OD(VFXHOD
(XURSHDGH&RQVXPLGRUHV((&\OD&RPLVLyQGH6RVWHQLELOLGDGKDQDSRUWDGRUHFXUVRVSDUD
KDFHUUHDOLGDGHOSUR\HFWR(O&RQVHMRGHOD-XYHQWXGKDVLGRWDPELpQXQDOLDGRHVWUDWpJLFR
SDUDODGLIXVLyQGHHVWHSUR\HFWRHQWUHORVMyYHQHV$ORVUHVSRQVDEOHVSROtWLFRVTXHFUH\HURQ
 HQHOSUR\HFWR\GHFLGLHURQGDUVXDSR\R\DORVWpFQLFRVTXHORJHVWLRQDURQPXFKDVJUDFLDV
 \ R X W K ; F K D Q J H

(OSODQHWD7LHUUDVHHQIUHQWDDXQDVHYHUDFULVLVJOREDO(OGHVDUUROORHFRQyPLFR
\VRFLDOHVWiQLPSRQLHQGRXQDFDUJDLQVRSRUWDEOHDQXHVWURPHGLRDPELHQWH
3
/RVSDWURQHVLQH¿FLHQWHVGHSURGXFFLyQ\FRQVXPRDXQDGRVDXQDGLVWULEXFLyQ U
GHVLJXDOKDQDPSOLDGRODEUHFKDH[LVWHQWHHQWUH1RUWH\6XU
H
6HHVWLPDTXHVLHOUHVWRGHOPXQGRFRQVXPLHUDFRPRHOPXQGRGHVDUUROODGR I
QHFHVLWDUtDPRVHOHTXLYDOHQWHDFXDWURSODQHWDV7LHUUDDGLFLRQDOHV
D
+R\HQGtDORVMyYHQHVFRQVWLWX\HQXQJUXSRLPSRUWDQWHGHQWURGHODVVRFLHGDGHV F
GHFRQVXPR\ORVKiELWRVTXHGHVDUUROOHQDKRUDMXJDUiQXQSDSHOGHFLVLYRHQORV
IXWXURVSDWURQHVGHFRQVXPR6XVGHFLVLRQHVFRPRFRQVXPLGRUHVHMHUFHQXQD
L
LQÀXHQFLDFUHFLHQWHHQORVPHUFDGRV\HVWLORVGHYLGD3RUORWDQWRORVMyYHQHV    R
PHUHFHQHVSHFLDODWHQFLyQHQORVHVIXHU]RVSRUFDPELDUQXHVWURVLQH¿FLHQWHV
SDWURQHVGHFRQVXPRSRURWURVPiVDWRQRFRQHOGHVDUUROORVRVWHQLEOH

(O352*5$0$'(/$61$&,21(681,'$63$5$(/0(',2$0%,(17(3180$
FRPRFRQFLHQFLDDPELHQWDOGHOD218LQVLVWHHQODLPSRUWDQFLD\QHFHVLGDG
XUJHQWHGHFDPELDUORVSDWURQHV\DFWLWXGHVGHFRQVXPR\SURGXFFLyQHQHO
iPELWRJOREDO

3RUVXSDUWHOD25*$1,=$&,Ï1'(/$61$&,21(681,'$63$5$/$('8&$&,Ï1
/$&,(1&,$</$&8/785$81(6&2KDFHKLQFDSLpHQHOSDSHOGHODHGXFDFLyQ
SDUDPROGHDUDFWLWXGHVYDORUHV\FRQGXFWDDOWLHPSRTXHGHVDUUROODODV
FDSDFLGDGHVKDELOLGDGHV\HOFRPSURPLVRQHFHVDULRSDUDFRQVWUXLUXQIXWXUR
VRVWHQLEOH

$WUDYpVGHOSURJUDPDGH-yYHQHVSRUHO&DPELRHO3180$\OD81(6&2WUDWDQ
GHPRVWUDUDORVMyYHQHVTXHHVSRVLEOHSDUDWRGRVQRVRWURVWUDGXFLUQXHVWUDV
DVSLUDFLRQHVSRUXQPXQGRPHMRUHQDFFLRQHVGLDULDV

.ODXV7|SIHU .RLFKLUR0DWVXUD
'LUHFWRU(MHFXWLYR81(3 'LUHFWRU*HQHUDO81(6&2 
 \ R X W K ; F K D Q J H


 \ R X W K ; F K D Q J H

,QWURGXFFLyQDOFRQVXPR 2SWLPL]DHQHUJtDV &RQWHQLGR

 VRVWHQLEOH
&RQFHSWRGHFRQVXPRVRVWHQLEOH
)DFWRU\)DFWRU+HUUDPLHQWDV
SDUDHOFDPELR
(O3UR\HFWRGH-yYHQHV
&RQVXPRKHFKRV\FLIUDV(QHUJtDV
UHQRYDEOHV$KRUURGHHQHUJtD
3URQRVWLFDHOWLHPSR
&DPELRFOLPiWLFR'HWHULRURGHODFDSDGH
R]RQR+HFKRV\FLIUDV
 SRUHO&DPELR-;&
-yYHQHVHQHOPXQGR(OSDSHOGHOD
LQIRUPDFLyQ,QLFLDWLYDGHO3180$
81(6&2SDUD-yYHQHV\FRQVXPR
VRVWHQLEOH
3RUXQHVWLORGHYLGD
 PiVVRVWHQLEOH
&RQVXPRVRVWHQLEOHXQWHPD
PXOWLIDFpWLFR+HFKRV\FLIUDV
'HVJORVHGHWHPDV
&XtGDWH
&ULVLVGHDOLPHQWRV1HFHVLGDGGHPiV
LQIRUPDFLyQ¢&yPRGLVPLQXLU
HOXVRGHVXVWDQFLDVTXtPLFDV"
&RQWDPLQDFLyQGHODLUHXUEDQR
(Q0RYLPLHQWR
0RYLOLGDG(PLVLRQHVGHFDUERQR
'HSHQGHQFLDGHODXWRPyYLO
'HYLDMH
,PSDFWRGHOWXULVPRPDVLYR
9DFDFLRQHVVRVWHQLEOHV
5HGXFHORVUHVLGXRV
3URGXFFLyQKHFKRV\FLIUDV'LVHxR
HFROyJLFR/DVFLQFR³HUUHV´YLUWXRVDV
$KRUUDHODJXD
 DVHJXUDHODJXD
 &RQVXPRKHFKRV\FLIUDV'HVHTXLOLEULR
 HQWUH1RUWH\6XUXQWHPDFUtWLFR
&RPSUDVUHVSRQVDEOHV
7UDEDMRLQIDQWLO(OGHUHFKRDODHGXFDFLyQ
&RQGLFLRQHVGHWUDEDMRGHVLJXDOGDGHV
GHJpQHURGHUHFKRVKXPDQRV
9LYH\GHMDYLYLU
([SHULPHQWRV\FUXHOGDGHQDQLPDOHV
%LRGLYHUVLGDG(VSHFLHVHQSHOLJURGH
H[WLQFLyQ
$FW~D
*OREDOL]DFLyQHOHFFLyQLQIRUPDGDDXPHQWR
GHODYLJLODQFLDGHORVFRQVXPLGRUHV
,QYHUVLRQHVVRFLDOPHQWHUHVSRQVDEOHV
'HVFXEUHODDOGHDJOREDO
1LYHOHGXFDWLYRGHORVPHGLRVGH
FRPXQLFDFLyQ,PSDFWRGHODSXEOLFLGDG
7XVGHUHFKRV\REOLJDFLRQHVËGRORV\
DXGLHQFLDV
/DUHGLQVWUXFFLRQHV
 SDUDXVDUOD
¢3RUTXp,QWHUQHW"(OWUDEDMRHQUHGHV

FRPRXQDKHUUDPLHQWDGHDSUHQGL]DMH
ZZZ\RXWK[FKDQJHQHWQXHVWURVLWLR
 \ R X W K ; F K D Q J H

,QWURGXFFLyQ /DLGHDGH&RQVXPR6RVWHQLEOH&6VHUH¿HUHDOFRQMXQWRGHDFFLRQHVTXHWUDWDQ

GHHQFRQWUDUVROXFLRQHVYLDEOHVDORVGHVHTXLOLEULRV±VRFLDOHV\DPELHQWDOHV±SRU
DOFRQVXPR PHGLRGHXQDFRQGXFWDPiVUHVSRQVDEOHSRUSDUWHGHWRGRV(QSDUWLFXODUHO&6
HVWiUHODFLRQDGRFRQODSURGXFFLyQ\GLVWULEXFLyQXVR\HOLPLQDFLyQGHSURGXFWRV
VRVWHQLEOH \VHUYLFLRV\SURSRUFLRQDORVPHGLRVSDUDUHSHQVDUDFHUFDGHVXVFLFORVGHYLGD
(OREMHWLYRHVDVHJXUDUTXHVHVDWLVIDFHQODVQHFHVLGDGHVEiVLFDVGHODFRPXQLGDG
JOREDOHQVXFRQMXQWRVHUHGXFHQORVH[FHVRV\VHHYLWDHOGDxRDPELHQWDO
$SDUWLUGHDKRUDWDPELpQQRV
UHIHULUHPRVDpOFRQODVLQLFLDOHV&6 (O&6HVXQHOHPHQWRLQWHJUDOGHOGHVDUUROORVRVWHQLEOH\XQWHPDGHYLWDO
LPSRUWDQFLDSDUDODV1DFLRQHV8QLGDV
´'HVDUUROORTXHFXEUHODVQHFHVLGDGHVGHOSUHVHQWHVLQFRPSURPHWHUODSRVLELOLGDGGHODV
(VWDGH¿QLFLyQDPSOLDPHQWH
DFHSWDGDWLHQHVXRULJHQHQHO IXWXUDVJHQHUDFLRQHVSDUDVDWLVIDFHUODVVX\DVµ
,QIRUPH%UXQGWODQG*UR+DUOHP
%UXQGWODQGHWDO1XHVWUR)XWXUR 3URSRUFLRQDUODVKHUUDPLHQWDVSDUDHOFDPELRHVUHVSRQVDELOLGDGGHORVJRELHUQRV
&RP~Q:&('1XHYD<RUN LQVWLWXFLRQHVUHJXODGRUDV21*\HPSUHVDV6LQHPEDUJRHOSDSHOGHOFRQVXPLGRU
2[IRUG2[IRUG8QLYHUVLW\3UHVV
S
81(3'7,(HVWiDQDOL]DQGR
HOVLJQL¿FDGRHLPSOLFDFLRQHV
GHO&6FRQH[SHUWRVGH
 WRGDVODVUHJLRQHVGHO
PXQGR6XUHGHVXQIRUR
GHGHEDWHHLQWHUFDPELRGH
LQIRUPDFLyQTXHHVWiDELHUWR
DUHFLELUFRQWULEXFLRQHVGH
WRGDVODVSHUVRQDV3XHGHV
FRQWDFWDUHQZZZXQHSWLH
RUJVXVWDLQ
FLXGDGDQRJOREDOHVHVHQFLDOSDUDLPSXOVDUDHVWRVJUXSRVDWRPDUDFFLRQHVPiV
UiSLGDV\DFHUWDGDV
eVWHHVHOPRWLYRSRUHOTXHGRVRUJDQLVPRVGHODV1DFLRQHV8QLGDVOD81(6&2\
HO3180$XQHQVXVIXHU]DVSDUDORJUDUTXHORVMyYHQHVWRPHQFRQFLHQFLDGHODV
RSRUWXQLGDGHVTXHRIUHFHQORVHVWLORVGHYLGDPiVVRVWHQLEOHV\SURSRUFLRQDUOHV
KHUUDPLHQWDVTXHOHVSHUPLWDQSHUFLELUODGLIHUHQFLDHPSH]DQGRSRUVXYLGD
FRWLGLDQD
&XDOTXLHUGH¿QLFLyQGH&6KDFHpQIDVLVHQTXHSRUORJHQHUDOFRQVXPLUPHQRVHV
XQDSULRULGDGSHURQRVLHPSUH&RQVXPLUGHPDQHUDGLIHUHQWH\H¿FLHQWHHVHO
SULQFLSDOUHWR(QPXFKRVFDVRVORTXHVHQHFHVLWDHVUHGLVWULEXLUODRSRUWXQLGDG
GHFRQVXPLU
 \ R X W K ; F K D Q J H

0iVGHPLOPLOORQHVGHSHUVRQDVHQHOPXQGRQHFHVLWDQPiV~QLFDPHQWHSDUD
VREUHYLYLU
´8QJUDQQ~PHURGHSHUVRQDVHQHOPXQGRQHFHVLWDQFRQVXPLUPiVWDQVyORSDUD  81(3-yYHQHV\
VREUHYLYLU2WURVPXFKRVGHEHUtDQKDFHUHOHFFLRQHVPiVUHVSRQVDEOHV$OILQDOHVR &RQVXPR6RVWHQLEOH1DLUREL
VLJQLILFDUtDXQPHQRUXVRGHUHFXUVRVXQDGLVPLQXFLyQHQODJHQHUDFLyQGHHPLVLRQHV 3DUtVRFWXEUH
\VHFXEULUtDQODVQHFHVLGDGHVGHODSREODFLyQPXQGLDOµ

8QDPDQHUDGHDSUR[LPDUVHDOWHPDHVSRUPHGLRGHOHQIRTXHGHO)DFWRU\
)DFWRUTXHSODQWHDQTXHGXUDQWHODVSUy[LPDVGpFDGDVGHEHUtDPRVVHU  (UQVWYRQ:HLVlFNHU
FDSDFHVGHSURGXFLUHOGREOHGHELHQHVXWLOL]DQGRODPLWDGGHQXHVWURVYDOLRVRV $PRU\%/RYLQV\/+XQWHU
UHFXUVRV7DPELpQKHPRVGHKDFHUXQHVIXHU]RSDUDORJUDUHQHODxR /RYLQV)DFWRU'XSOLFDUOD
5LTXH]DUHGXFLUSRUPLWDGHO
PXOWLSOLFDUSRUGRVODSURGXFWLYLGDGGHORVUHFXUVRVHQORVSDtVHVLQGXVWULDOL]DGRV JDVWRGHUHFXUVRV(DUWKVFDQ
/RVPRGHORVGHSURGXFFLyQ\FRQVXPRKDQGHOOHJDUDVHUHQWUHGRV\FXDWUR SXEOLFDWLRQV5HLQR8QLGR
YHFHVPiVH¿FLHQWHVVLTXHUHPRVXQDFFHVRDORVUHFXUVRVPiVGXUDGHUR\ ZZZIDFWRULQVWLWXWHRUJ
HTXLWDWLYRSDUDWRGRV

(OFRQFHSWRGH&6HVFRPSOHMR\VXGH¿QLFLyQDYHFHVHVGLItFLOGHHQWHQGHU
3DUDREWHQHUPiVLQIRUPDFLyQDOUHVSHFWR
ZZZXQHSWLHRUJVXVWDLQ )XHQWH7HDFKLQJ
ZZZXQHVFRRUJHGXFDWLRQWOVIWKHPH DQG/HDUQLQJIRUDVXVWDLQDEOH
IXWXUH±DPXOWLPHGLDSURIHVLRQDO
/DPD\RUtDGHODVGH¿QLFLRQHVWLHQHQODVVLJXLHQWHVFDUDFWHUtVWLFDVHQFRP~Q GHYHORSPHQWSURJUDPPH
VDWLVIDFHUODVQHFHVLGDGHVKXPDQDV (QVHxDU\$SUHQGHUSDUDXQ 
IXWXURVRVWHQLEOH±XQSURJUDPD
IDYRUHFHUXQDEXHQDFDOLGDGGHYLGDSRUPHGLRGHHVWiQGDUHVGHYLGDGLJQRV PXOWLPHGLDSDUDGHVDUUROOR
FRPSDUWLUORVUHFXUVRVHQWUHULFRV\SREUHV SURIHVLRQDO81(6&2

DFWXDUWRPDQGRHQFXHQWDDODVJHQHUDFLRQHVIXWXUDV
FRQVLGHUDUHOLPSDFWR³GHVGHODFXQDKDVWDODWXPED´GHORVSURGXFWRVDOFRQVXPLUORV
PLQLPL]DUHOXVRGHORVUHFXUVRVORVUHVLGXRV\ODFRQWDPLQDFLyQ
 \ R X W K ; F K D Q J H

(O3UR\HFWR 6HHVSHUDTXHODSREODFLyQPXQGLDODXPHQWHXQSDUDHODxRFRQORTXH
HOWRWDOGHODSREODFLyQHQHVWHSODQHWDVHHOHYDUiDFHUFDGHPLOPLOORQHV&DVL
GH-yYHQHV WRGRHVWHFUHFLPLHQWRWHQGUiOXJDUHQORVSDtVHVHQGHVDUUROOR

SRUHO (ODXPHQWRGHODSREODFLyQHMHUFHUiXQDSUHVLyQLQPHQVDVREUHQXHVWURVUHFXUVRV
QDWXUDOHVODELRGLYHUVLGDG\HOHTXLOLEULRHFROyJLFRGHOSODQHWDTXHWRGRVFRQVL
&DPELR-[& GHUDPRVQXHVWURKRJDU3RUHOORHVQHFHVDULRFDPELDUODPDQHUDHQTXHYHPRV
QXHVWURVUHFXUVRV\PiVLPSRUWDQWHD~QHOFyPRORVXWLOL]DPRV)RPHQWDUHOFRQ
¢(678<2(/ VXPRVRVWHQLEOHHVPiVXUJHQWHDKRUDTXHQXQFD
)87852"(Q
HODxROD
81(3\OD81(6&2 /DPLWDGGHODSREODFLyQPXQGLDOHVPHQRUGHDxRV\HOGHWRGRVORVMyYH
HQWUHYLVWDURQD
MyYHQHV QHVYLYHHQSDtVHVHQGHVDUUROOR/RVMyYHQHVVRQSURWDJRQLVWDVGHFLVLYRVHQOD
HQWUH\ HFRQRPtDJOREDO\VHUiQHOSULQFLSDODFWRU\PRWRUGHOFDPELRHQHOIXWXURSUy[LPR
DxRV(OREMHWLYR
HUDHQWDEODUXQ /DHQHUJtDODPRWLYDFLyQ\ODFUHDWLYLGDGGHODMXYHQWXGVRQHOHPHQWRVHVHQFLDOHV
GLiORJRFRQHOORV SDUDORJUDUHOFDPELR
DFHUFDGHVX
1LYHOGHFRQFLHQFLDHLQWHUpV
SRUHO&RQVXPR6RVWHQLEOH (VWDJXtD\HOVLWLRGH,QWHUQHWDVRFLDGRVHKDQFRQFHELGRFRPRXQSDTXHWHGH
*UDGRGHFRPSURPLVRFRQOD KHUUDPLHQWDVSDUDD\XGDUDORVIRUPDGRUHVHQVXWUDEDMRGHLQYROXFUDUDORVMyYH
VRVWHQLELOLGDG QHVHQHVWHSUR\HFWR7DPELpQVHKDGLVHxDGRSDUDD\XGDUDJUXSRVGHMyYHQHV
9LVLyQGHOIXWXUR\VXSDSHO
SRWHQFLDOFRPROtGHUHVHQHO
21*\SURIHVRUHVDGHVSHUWDUODFRQFLHQFLDVREUHHO&6\IDFLOLWDUTXHORVMyYHQH
GHVDUUROORGHSDWURQHVPiV SXHGDQSDVDUGHODWHRUtDDODSUiFWLFD
UHVSRQVDEOHVGHFRQVXPR
/DHQFXHVWDUHYHOyTXHORV
MyYHQHVHUDQDPELYDOHQWHVHQ 'HEHPRVSRQHUDWHQFLyQHQTXp\FyPRSURGXFLPRV\FRQVXPLPRV3HURSDUD
VXVSDWURQHVGHFRQVXPR(Q
SDUWLFXODUORVHQWUHYLVWDGRV ORJUDUORVLQWDQWRVFRVWRVQRVRWURV±FRPRFRQVXPLGRUHV±QHFHVLWDPRV
$¿UPDQTXHVXVPD\RUHV
SUHRFXSDFLRQHVUHVSHFWR  ,QIRUPDFLyQFODUD
DOIXWXURVRQHOPHGLR
DPELHQWHORVGHUHFKRV  3URGXFWRV\VHUYLFLRVVRVWHQLEOHVDFFHVLEOHV
KXPDQRV\ODVDOXG
 ,QIUDHVWUXFWXUDDGHFXDGD
&RPSUHQGHQHOLPSDFWR
TXHSXHGHWHQHUVREUHHO
DPELHQWHODIRUPDHQOD 3RUWDOPRWLYR\FRQHO¿QGHKDFHUHO&RQVXPR6RVWHQLEOHPiVDFFHVLEOHDORV
TXHXWLOL]DQ\GLVSRQHQ
GHORVSURGXFWRVSHURQR MyYHQHVHVWHSUR\HFWRXWLOL]DXQHQIRTXHDPSOLRHLQFOXVLYR3RUHMHPSORWHPDV
FRPSUHQGHQHOLPSDFWRGH FRPRODFRPLGDVDOXGDEOHHOQHJRFLRGHOVH[RRHOGRPLQLRGHORVPHGLRVGH
VXVKiELWRVGHFRQVXPR
FRPXQLFDFLyQQRVLHPSUHVHFRQVLGHUDQFRPRDVXQWRVHVWULFWDPHQWHUHODFLRQDGRV
*HQHUDOPHQWHSUH¿HUHQODV
DFFLRQHVLQGLYLGXDOHVVREUH FRQHO&6VLQHPEDUJRHVWDJXtDORVYHFRPRIDFWRUHVVLJQL¿FDWLYRVHQHO
ODVFROHFWLYDVSDUDPHMRUDUHO GHVDUUROORGHODFRQFLHQFLDGHOFRQVXPLGRU8WLOL]DQGRLQIRUPDFLyQDFFHVLEOH
PXQGR
$QWHHVWRVUHVXOWDGRVHO
HMHPSORVFRQFUHWRV\OHQJXDMHFRWLGLDQRODJXtD\VXZHEHQ,QWHUQHWRIUHFHQ
3180$\81(6&2FRQFOX\HURQ FRQFHSWRV\KHFKRVUHODFLRQDGRVFRQHO&RQVXPR6RVWHQLEOH
 TXHH[LVWHXQDQHFHVLGDGGH
LQIRUPDFLyQ¿DEOHFODUD\
DFFHVLEOHDFHUFDGHOVLJQL¿FDGR\ /DJXtDPXHVWUDODFRQH[LyQTXHH[LVWHHQWUHORVIDFWRUHVFXOWXUDOHVJHRJUi¿FRV
UHWRVGHO&6HQWUHORVMyYHQHV HLQWHUJHQHUDFLRQDOHV'HPDQHUDSDUWLFXODU<287+[&+$1*(HQIDWL]DODUHODFLyQ
(QFXHVWDHQODZHEHQZZZ
XQHSWLHRUJ\RXWKBVXUYH\
GLUHFWDTXHH[LVWHHQWUH&6\FDOLGDGGHYLGDHOXVRH¿FLHQWHGHORVUHFXUVRV
ZZZXQHVFRRUJHGXFDWLRQ KXPDQRV\QDWXUDOHVODUHGXFFLyQGHEDVXUDDVSHFWRVpWLFRVFRPRHOWUDEDMR
\RXWKBVXUYH\ LQIDQWLOFUXHOGDGKDFLDORVDQLPDOHVFRPHUFLRMXVWR\ODLJXDOGDGHQJHQHUDO
 \ R X W K ; F K D Q J H

)XHQWH/D-XYHQWXGGHO0XQGR
3238/$7,215()(5(1&(
%85($8ZZZSUERUJ

0iVGHODFXDUWDSDUWH
GHORVPLOORQHVGH
KDELWDQWHVGHOSODQHWD
±PLOORQHV±WLHQH
HQWUH\DxRVORTXH
FRQYLHUWHDHVWHJUXSR
GHHGDGHQHOFRQMXQWR
PiVJUDQGHTXHMDPiV
VHKD\DLQFRUSRUDGRDOD
HGDGDGXOWD(OGH
ODVSHUVRQDVHQWUH\
DxRVYLYHQHQSDtVHVHQ
GHVDUUROOR/DSURSRUFLyQGH
MyYHQHVHQHVWRVSDtVHVHV
VLJQL¿FDWLYDPHQWHPD\RU
TXHODGHORVSDtVHVPiV
GHVDUUROODGRV

3REODFLyQGHDDxRV
PLOORQHVGHOWRWDO

0XQGLDODxR  
0iVGHVDUUROODGRV  
0HQRVGHVDUUROODGRV 
(VWDLQLFLDWLYDHVWiGHVWLQDGDDMyYHQHVGHiUHDVXUEDQDVFRQDFFHVRDORVPHGLRV
GHLQIRUPDFLyQ\SDWURQHVGHFRQVXPRVLPLODUHV3HURFXDOTXLHUSHUVRQDTXH ÈIULFD   
$VLD   
WHQJDDFFHVRD,QWHUQHWSXHGHSDUWLFLSDUHQHVWHSUR\HFWR
1RUWH$PpULFD 
/DWLQRDPpULFD  
ZZZ\RXWK[FKDQJHQHW (XURSD 
2FHDQtD 



 
$ORODUJRGHODJXtDVHHQFXHQWUDQYtQFXORVUHOHYDQWHVFRQSiJLQDVGHOVLWLR<[&
(O~OWLPRFDStWXORSUHVHQWDXQDGHVFULSFLyQVHFFLyQSRUVHFFLyQ\VXEUD\DOD
QDWXUDOH]DLQWHUDFWLYDGHODSiJLQDGH,QWHUQHWDVtFRPRVXSRWHQFLDOHGXFDWLYR

3RUXQ
HVWLORGH
YLGDPiV
VRVWHQLEOH
´/RVFRQVXPLGRUHVFDGDYH]VH
LQWHUHVDQPiVHQORTXHKD\
GHWUiVGHORVSURGXFWRVTXH
FRPSUDQ$GHPiVGHOSUHFLR
\ODFDOLGDGGHVHDQVDEHU
FyPRGyQGH\TXLpQHODERUyHO
SURGXFWRµ
>.ODXV7|SIHU
'LUHFWRU(MHFXWLYRGHO3180$@
3URFHVRVTXHHOLPLQDQGHODWLHUUD
QXWULHQWHVYLWDOHV\ODKDFHQ
HVWpULO
$GHPiVFDGDDxRQHFHVLWDPRV
\ R X W K ; F K D Q J H
¢([DFWDPHQWHTXpVLJQL¿FDODVRVWHQLELOLGDGSDUD12627526FRPRLQGLYLGXRV"
¢4XpSRGHPRVKDFHUSDUDVHUPiVUHVSRQVDEOHV"¢1HFHVLWDPRVKDFHUORPLVPR
WRGRVQRVRWURV"¢4XpGHEHPRVKDFHUSULPHURFRQVHUYDUQXHVWURHQWRUQR
RHOLPLQDUODSREUH]D"¢4XpHVSULPHURQXHVWUDVDOXGRODGHOD7LHUUD"/DV
SUHJXQWDVGLItFLOHVQXQFDWLHQHQUHVSXHVWDVIiFLOHV±£\DORGHFtDQORVDQWLJXRV
(OWHPDGHO&6VHHQFXHQWUDHQFRQWLQXRHVWDGRGHHYROXFLyQ\ODVUHVSXHVWDV
UDUDYH]VRQEODQFRRQHJUR6LQHPEDUJRH[LVWHXQFLHUWRQ~PHURGHHOHPHQWRV
EiVLFRVFRQORVTXHUHDOL]DUXQDDSUR[LPDFLyQGHFRQMXQWR/RTXHVLJXHHVXQD
YLVLyQJHQHUDOGHORVWHPDV\UHWRVDORVTXHQRVHQIUHQWDPRV
6LFRQWLQXDPRVFRQQXHVWURVSDWURQHVDFWXDOHVGHFRQVXPRHOIXWXURQRVHUiPX\
SURPHWHGRU(VWLPDFLRQHVDFWXDOHVPXHVWUDQTXHQXHVWURSODQHWDSLHUGHFDGDDxR
XQDVXSHU¿FLHGHWLHUUDIpUWLOPiVRPHQRVGHOWDPDxRGH,UODQGDFRPRUHVXOWDGR
GHODVREUHH[SORWDFLyQGHOVXHOR\ODGHIRUHVWDFLyQ¢3RUFXiQWRWLHPSRVHSXHGH
FRQWLQXDUDVt"
&XDQWRPiVGDxDPRVQXHVWURHQWRUQRPD\RUHVHOULHVJRDOTXHQRVH[SRQHPRV
WDQWRQRVRWURVFRPRODVIXWXUDVJHQHUDFLRQHV/DVDOXGGHOSODQHWDHVQXHVWUD
VDOXG&DGDGtDVHH[WLQJXHQHVSHFLHVGHSODQWDV¢$FXiQWRHTXLYDOHHVWR
SRUVHPDQDSRUPHVRSRUDxR"/RVFLHQWt¿FRVFUHHQTXHODVSODQWDVVRQOD
FODYHSDUDHQFRQWUDUODFXUDGHXQJUDQQ~PHURGHHQIHUPHGDGHV'HWDOPDQHUD
TXHFDGDHVSHFLHTXHVHSLHUGHQRVyORUHSUHVHQWDXQGDxRLUUHSDUDEOHSDUDHO
HFRVLVWHPDVLQRTXHWDPELpQHVXQDRSRUWXQLGDGSHUGLGDSDUDQXHVWURIXWXUR
GHVDUUROOR
/RVGDWRVGHO)RQGR0XQGLDOSDUDOD9LGD6LOYHVWUH::)SRUVXVVLJODVHQ
XQDKHFWiUHDPiVTXHHODxR LQJOpVPXHVWUDQTXHXQFLXGDGDQRPHGLRHQHOPXQGRUHTXLHUHKHFWiUHDV
DQWHULRU
SDUDSURGXFLUORTXHFRQVXPHFDGDDxR\GHSRVLWDUORVUHVLGXRVTXHJHQHUDXQD
KHFWiUHDHVLJXDODOWDPDxRGHXQFDPSRGHI~WERO(VRVXSRQHXQPiVGH
ORTXHHVVRVWHQLEOH
/D³KXHOODHFROyJLFD´HVXQ
LQGLFDGRUTXHFDOFXODHOiUHDGH
VXHORHFROyJLFDPHQWHSURGXFWLYR
FXOWLYRVERVTXHVSDVWRVTXH
FDGDSHUVRQDFLXGDGUHJLyQR
SDtVQHFHVLWDSDUDREWHQHUWRGRV
ORVUHFXUVRVTXHFRQVXPLPRV
DJXDHQHUJtDPDWHULDOHV
 DOLPHQWRV\HOHVSDFLRTXH
VHQHFHVLWDSDUDDVLPLODUORV
UHVLGXRVTXHVHJHQHUDQEDVXUD
HPLVLRQHVGH&HWF
 \ R X W K ; F K D Q J H

3ULRULGDGHVHQSHUVSHFWLYD
)XHQWH,QIRUPH
) (GXFDFLyQEiVLFDSDUDWRGRVPLOPLOORQHVGHGyODUHVIUHQWHDOJDVWRHQ  VREUH'HVDUUROOR+XPDQR
 FRVPpWLFRVHQORV(VWDGRV8QLGRVGH$PpULFDPLOPLOORQHVGHGyODUHV ³&RQVXPSWLRQIRU+XPDQ
GHYHORSPHQW´KWWSKGUXQGS
) $JXD\VDQHDPLHQWRSDUDWRGRVPLOPLOORQHVGHGyODUHVIUHQWHDOYDORUGHO RUJUHSRUWVJOREDOHQ
 FRQVXPRGHKHODGRVHQ(XURSDPLOPLOORQHVGHGyODUHV ,QIRUPHVREUHHOGHVDUUROOR
KXPDQR&RQVXPRSDUD
) 6DOXGEiVLFD\QXWULFLyQHQHOPXQGRHQGHVDUUROORPLOPLOORQHVGH  HO'HVDUUROORKXPDQR0DGULG
 GyODUHVIUHQWHDORVUHFXUVRVGHVWLQDGRVDFRPSUDUDOLPHQWRVSDUDPDVFRWDVHQ SXEOLFDGRSDUDHO318'SRU
 (XURSD\(VWDGRV8QLGRVPLOPLOORQHVGHGyODUHV (GLFLRQHV0XQGL3UHQVD

) 6DOXGUHSURGXFWLYDSDUDWRGDVODVPXMHUHVPLOPLOORQHVGHGyODUHVIUHQWH
 DOFRQVXPRGHSHUIXPHVHQ(XURSD\(VWDGRV8QLGRVGH$PpULFDPLOPLOORQHV
 GHGyODUHV

¢7RGRVVRPRVLJXDOPHQWHUHVSRQVDEOHV"(YLGHQWHPHQWHQR6LHUHVHXURSHR  3DUDVDEHUPiVVREUHWX
KXHOODHFROyJLFDZZZHDUWKGD\
QHFHVLWDVHOGREOHGHODVXSHU¿FLHPHQFLRQDGDVLHUHVHVWDGRXQLGHQVHYHFHV QHW)RRWSULQWSGIHIBVSDQLVKB
PiV<VLHUHVGH%DQJODGHVKWDQVyORXQDWHUFHUDSDUWH/RTXHQRVLQGLFD FRORUSGI$OJXQDVFLXGDGHVSDtVHV
FODUDPHQWHTXHODGLVWULEXFLyQGHOFRQVXPRHVWiVHULDPHQWHGHVHTXLOLEUDGD RWHUULWRULRVXWLOL]DQODKXHOOD
HFROyJLFDFRPRLQGLFDGRUGHVX
UHODFLyQFRQHOPHGLRDPELHQWH
3RUHMHPSORHQ(VSDxDOD
(OGHODJHQWHPiVULFDGHOPXQGRFRQVXPHFDVLHOGHORVUHFXUVRV &RPXQLGDG)RUDOGH1DYDUUDKD
QDWXUDOHVGHOSODQHWD8QRVGDWRVSDUDODUHÀH[LyQORV(VWDGRV8QLGRVGH$PpULFD UHDOL]DGRODPHGLFLyQGHVXKXHOOD
SRVHHQHOGHODSREODFLyQGHOSODQHWDSHURFRQVXPHQVRUSUHQGHQWHPHQWHHO HFROyJLFD3XHGHVDFFHGHUDORV
UHVXOWDGRVHQZZZFIQDYDUUD
GHVXVUHFXUVRV HVPHGLRDPELHQWHDJHQGD+XHOOD
(FR1DYKWP
6LTXLHUHVPHGLUWXSURSLDKXHOOD
/DIRUWXQDGHORVLQGLYLGXRVPiVDGLQHUDGRVGHOPXQGRHVLJXDODOLQJUHVR HFROyJLFDORSXHGHVKDFHUHQ
DQXDOGHOGHODSREODFLyQPXQGLDOPiVSREUHRVHDPLOORQHVGH ZZZYLGDVRVWHQLEOHFRP
SHUVRQDV

<\DTXHKDEODPRVGHGLVWULEXFLyQXQJUDQQ~PHURGHMyYHQHVSLHQVDTXHHO
SODQHWDQRSURGXFHORVX¿FLHQWHSDUDDOLPHQWDUDVXSREODFLyQ*UDQHUURU/D
GLVWULEXFLyQGHVLJXDOGHORVDOLPHQWRVHVODSULQFLSDOUD]yQSRUODTXHPLOORQHV  6LQFRQVLGHUDUODVFDXVDV
GHSHUVRQDVHVWiQGHVQXWULGDVHQHOPXQGRDFWXDOPHQWH GHHVWHGHVHTXLOLEULR

(QFUXHOFRQWUDVWHXQLQIRUPHEULWiQLFRSXEOLFDGRHQHOUHYHOyTXH ³6FDQGDORIWKH
DSUR[LPDGDPHQWHPLOORQHVGHOLEUDVHVWHUOLQDVXQRVPLOORQHVGH IRRG%ULWDLQWKURZVDZD\´(O
GyODUHVGHDOLPHQWRVWHUPLQDQFDGDDxR£GHVSHUGLFLDGDV±HQORVEDVXUHURVR HVFiQGDORGHORVDOLPHQWRVTXH
*UDQ%UHWDxDGHVSHUGLFLDSRU 
LQFLQHUDGRUDV,JXDOPHQWHXQHVWXGLRUHFLHQWHGHO*RELHUQRGH(VWDGRV8QLGRV -RKQ9LGDO7KH*XDUGLDQGH
UHYHOyTXHPiVGHODFXDUWDSDUWHGHWRGRVORVDOLPHQWRVTXHVHSURGXFHQHQHO DEULOGH<GHEHPRVWRPDU
SDtVQRVHFRQVXPHQ HQFXHQWDHOFRVWRDGLFLRQDOSDUD
GHVKDFHUVHGHHOORVDOUHGHGRUGH
PLOORQHVGHOLEUDVHVWHUOLQDV
(QUHVXPHQORVKHFKRVSRQHQGHPDQL¿HVWRTXHHO&RQVXPR6RVWHQLEOHQRHV XQRVPLOORQHVGHGyODUHVDO
~QLFDPHQWHXQWHPDDPELHQWDOVLQRTXHHVDOJRTXHSURPXHYHXQQLYHOGHYLGD DxR
GLJQRSDUDWRGRVORVVHUHVKXPDQRV

&XtGDWH
´1RKD\FRVDPiVLPSRUWDQWH
TXHHODLUHTXHUHVSLUDPRV
VHDFDOLHQWHRIUtRWUiWHVHGHO
KDOFyQRGHOVHUKXPDQRµ
>-DFN1LFKROVRQ
DFWRU@
(QFHIDORSDWtD(VSRQJLIRUPH%RYLQD
2UJDQLVPRV0RGL¿FDGRV
\ R X W K ; F K D Q J H
6DOXGHVULTXH]DGLFHXQGLFKRDQWLJXR&DGDYH]KD\PiVSHUVRQDVTXHHVWiQ
HOLJLHQGRHVWLORVGHYLGDPiVVDQRV3UHRFXSDUWHSRUWXVDOXGWDPELpQLPSOLFD
SUHRFXSDUVHSRUODVDOXGGHOSODQHWD/RVFDPELRVGHHVWLORGHYLGDGHEHQ
EHQH¿FLDUDOSODQHWDWDQWRFRPRDWL
/RVDOLPHQWRVVRQXQYtQFXORFODYHHQWUHQRVRWURV\HOSODQHWD8QJUDQQ~PHUR
GHSHUVRQDVSUH¿HUH\DSURGXFWRVDOLPHQWLFLRVPiVVDOXGDEOHV\SURGXFLGRVGH
PDQHUDTXHVHRFDVLRQHXQGDxRPtQLPRDOHQWRUQR\VHGpXQWUDWRGLJQRDORV
DQLPDOHV$GHPiVODJHQWHGHVHDTXHORVDOLPHQWRVTXHFRPSUDVHDQVHJXURV\
QRFRQWHQJDQVRUSUHVDVGHVDJUDGDEOHV
8QDVHULHGHFULVLVUHFLHQWHVUHODFLRQDGDVFRQORVDOLPHQWRV±HQIHUPHGDGGH
*HQpWLFDPHQWH20*UHFRJLGRV
EDMRHOQRPEUHGH³WUDQVJpQLFRV´ ODVYDFDVORFDV((%¿HEUHDIWRVDGLR[LQDVHQORVSROORV±KDQFRQGXFLGRD
ODXWLOL]DFLyQGHHVWRVSURGXFWRV ORVFRQVXPLGRUHVDPRVWUDUXQLQWHUpVDFWLYRSRURSFLRQHVFHUWL¿FDGDVPiV
HVWiHQODDFWXDOLGDGHQGHEDWH VRVWHQLEOHVRUJiQLFRVSURGXFLGRVGHPDQHUDWUDGLFLRQDOOLEUHVGHRUJDQLVPRV
/RVFRQVXPLGRUHVFRQVFLHQWHV
GHEHUtDQDSOLFDUHOSULQFLSLR
GHSUHFDXFLyQHVGHFLUQR
SHUPLWLUTXHVH³H[SHULPHQWDVH´
HQVXFXHUSRORVUHVXOWDGRV
GHODXWLOL]DFLyQGHORV20*
3DUDPD\RULQIRUPDFLyQZZZ
IRRGELRWHFKRUJ
1DWXUDOPHQWHGHEHKDFHUVHXQD
LQYHVWLJDFLyQH[KDXVWLYDVREUH
ORVSRVLEOHVHIHFWRVDQWHVGH
SRGHUSURSRUFLRQDULQIRUPDFLyQ
FRQ¿DEOH
PRGL¿FDGRVJHQpWLFDPHQWH>20*@
/RVFRQVXPLGRUHVHVWiQHPSH]DQGRDDSR\DUDORVHVWDEOHFLPLHQWRVFRPHUFLDOHV
TXHHYLWDQHOGHVSHUGLFLRGHDOLPHQWRV7DPELpQHVWiQH[LJLHQGRPiVLQIRUPDFLyQ
DFHUFDGHORTXHVHHQFXHQWUDHQODVHVWDQWHUtDVGHOVXSHUPHUFDGR±¢FRQWLHQH
WUDQVJpQLFRVHVWDODWDGHWRPDWH"¢/DFDUQHTXHTXLHURFRPSUDUKDVLGR
LQ\HFWDGDFRQKRUPRQDV"6HWUDWDGHSRGHUHOHJLU$DOJXQDVSHUVRQDVSXHGH
QRLPSRUWDUOHVVLKD\20*HQVXVDOLPHQWRVSHURORTXHHVLPSRUWDQWHHVTXHVH
SURSRUFLRQHODLQIRUPDFLyQDGHFXDGDTXHSHUPLWDDODJHQWHWRPDUVXVSURSLDV
GHFLVLRQHV

/DSUHVLyQGHORV
FRQVXPLGRUHV/DFDGHQD
EULWiQLFDGHVXSHUPHUFDGRV
&223KDSURKLELGRHOXVR
GHPiVGHSODJXLFLGDV
FRPXQHVTXHVHXWLOL]DQHQ
ODSURGXFFLyQGHDOLPHQWRV
/DFRPSDxtDLQIRUPyTXH
pVWHHVHOUHVXOWDGRGH
ODSUHVLyQHMHUFLGDSRU
ORVFRQVXPLGRUHVDUDt]
GHXQDHQFXHVWDTXHOD
FRPSDxtDOOHYyDFDER(O
GHODVSHUVRQDV
 HQWUHYLVWDGDVD¿UPDURQ
TXHHVWiQSUHRFXSDGDVSRU
HOXVRGHSODJXLFLGDVHQ
SDUWLFXODUSRUHOLPSDFWRGH
ORVUHVLGXRVTXtPLFRVVREUH
ODVDOXG\HODPELHQWH
)XHQWHKWWSQHZVEEF
FRXNKL(QJOLVKKHDOWKQHZVLGB
VWP
 \ R X W K ; F K D Q J H


 6LTXLHUHVFRQRFHUTXp

- 3DVRDSDVR

SURGXFWRVGHFRQVXPRQRSXHGHQ
JDUDQWL]DUTXHHVWiQOLEUHVGH
³WUDQVJpQLFRV´20*SXHGHV
6LHPSUHTXHSXHGDVFRQVXPHEHELGDV\DOLPHQWRVORPiVVDQRVSRVLEOHPiVDOLPHQWRV FRQVXOWDU
IUHVFRV\PHQRVDGLWLYRV\DOLPHQWRVSURFHVDGRV ZZZJUHHQSHDFHRUJHVSDQDBHV
FDPSDLJQVLQWUR"FDPSDLJQB
LG 
) (YLWDDOLPHQWRVPRGL¿FDGRVJHQpWLFDPHQWH20*KDVWDTXHVHFRQR]FDVX 
 LPSDFWR
) 3URFXUDQRFRQVXPLUFDUQHSURGXFLGDFRQPpWRGRVGHFUtDLQWHQVLYD
) (YLWDORVDOLPHQWRVIXHUDGHHVWDFLyQ\TXHVHLPSRUWDQGHSDtVHVOHMDQRV 
6XVWDLQDEOH$JULFXOWXUH
) +D]OHVDEHUDWXVXSHUPHUFDGRTXHTXLHUHVHWLTXHWDVTXHWHLQIRUPHQFRQ  )RRG\(QYLURQPHQW$OOLDQFH
 YHUDFLGDGDFHUFDGHORVDOLPHQWRVTXHFRQVXPHV KDQLQLFLDGRXQDFDPSDxDSDUD
FRQWURODU³ODVPLOODV´GHORV
) 7RPDVXSOHPHQWRVGLHWpWLFRVVyORVLYHUGDGHUDPHQWHORVQHFHVLWDV(OLJHORV  DOLPHQWRV/DVPLOODVGHORV
 TXHHVWpQHODERUDGRVFRQLQJUHGLHQWHVQDWXUDOHVHQOXJDUGHODVLPLWDFLRQHV DOLPHQWRV³IRRGPLOHV´HVXQD
 TXtPLFDV IRUPDGHPHGLUODGLVWDQFLDTXHORV
DOLPHQWRVYLDMDQDQWHVGHOOHJDUDO
) ,QIyUPDWHVREUHORVDGLWLYRVQXWULFLRQDOHVLGHQWL¿FDGRVFRQODOHWUD³(´PiVXQ FRQVXPLGRU¿QDO&XDQWRPD\RUVHD
 Q~PHURTXHGDQFRORU\VDERUDUWL¿FLDODORVDOLPHQWRV ODGLVWDQFLDTXHUHFRUUHQPHQRV
VRVWHQLEOHVUHVXOWDQ
3DUDPiVLQIRUPDFLyQYHUZZZ
&RPHUDOLPHQWRVRUJiQLFRVRVHUYHJHWDULDQRVRQGHFLVLRQHVTXHODVSHUVRQDV VXVWDLQZHERUJIRRGPLOHV
WRPDQDFHUFDGHFyPRTXLHUHQYLYLUDPHQXGRSRUTXHGHVHDQHVWDUPiVVDQRV
6LQHPEDUJRHVWDVGHFLVLRQHVVRQEXHQDVWDPELpQSDUDHOPHGLRDPELHQWH
&RPHUSROORHQOXJDUGHFDUQHGHUHVVLJQL¿FDXQGDxRDPELHQWDOYHFHVPHQRU
8QDSHUVRQDTXHOOHYDXQDGLHWDOLEUHGHFDUQHHYLWDTXHPiVGHPGH 
(QSDUWLFXODUHYLWDORV
iUEROHVVHDQGHVWUXLGRVSRUDxR FRORUDQWHV(DGLy[LGRVGH
D]XIUH(ORVDQWLR[LGDQWHV(
\(\HOJOXWDPDWRPRQRVyGLFR
(3DUDVDEHUPiVDFHUFDGHHVWRV
Q~PHURVYLVLWD
ZZZFRQVXPDVHJXULGDGFRP
ZZZVLQIURQWHUDVRUJQDWXUDOPHQWH


 \ R X W K ; F K D Q J H

6XVWDQFLDV
TXtPLFDVXQD
GRFHQDGHORV
SURGXFWRVPiV
LQGHVHDEOHVDSXQWR
GHGHVDSDUHFHU

(QPD\RGH
UHSUHVHQWDQWHVGHXQRV
JRELHUQRVFRQ¿UPDURQHO
&RQYHQLRGH(VWRFROPRVREUH
³&RQWDPLQDQWHVRUJiQLFRV
SHUVLVWHQWHV´&23HQHOTXH
VHFRQWHPSODODHOLPLQDFLyQGH
HVWHWLSRGHFRQWDPLQDQWHV
SDUDORTXHVHHVWDEOHFLy
XQDOLVWDGHVXVWDQFLDV
SULRULWDULDVODOODPDGD³GRFHQD
VXFLD´TXHLQFOX\HQHO''7
ORVELIHQLORVSROLFORUDGRV3&%
VLJODVHQLQJOpV\GLR[LQDV
VXVWDQFLDVTXHGHEtDQVHU
HOLPLQDGDV/DFRQYHQFLyQ
HQWUDUiHQYLJRUXQDYH]TXH
VHDUDWL¿FDGDSRUSDtVHV

3XHGHVHQFRQWUDUPiVLQIRUPDFLyQ
VREUHORV323\HOSDSHOGHOD
81(3HQODFDPSDxDSRUHVWD
FRQYHQFLyQHQZZZFKHPXQHS
FKSRSVGHIDXOW7DPELpQSXHGHV
EXVFDUODHQZZZSRSVLQW - 3DVRDSDVR


+D\DOJXQRVSHTXHxRVSDVRVTXHSRGHPRVGDUSDUDUHGXFLUHOXVRGHVXVWDQFLDV
TXtPLFDV
3DUDFRQRFHUORVSURGXFWRV
TXtPLFRVWy[LFRV\SHOLJURVRVTXH ) ,QIyUPDWHDFHUFDGHORVSURGXFWRVGHOLPSLH]DSDUDHOKRJDUFRVPpWLFRV\ 
XWLOL]DPRV\VDEHUORVULHVJRVTXH  SURGXFWRVGHKLJLHQHSHUVRQDO$YHULJXDTXpFRQWLHQHQ\TXpLPSDFWRVDPELHQWDOHV
SURGXFHQSRGHPRVFRQVXOWDU  SURGXFHQ
KWWSDUFKLYRJUHHQSHDFH
RUJWR[LFRVKWPOFKHPLFDOKRXVH ) 5HYLVDHODUPDULRHQHOTXHJXDUGHVPHGLFLQDV\OOHYDWRGDVDTXHOODVTXHHVWpQ
KWPO7DPELpQSRGHPRVKDFHUXQ  FDGXFDGDVDODIDUPDFLD/DVTXHWRGDYtDYDOJDQ\QRQHFHVLWHVOOpYDODVDXQD 
UHFRUULGRSRUXQDFDVDYLUWXDO\  IDUPDFLDTXHODVUHFRMDSDUDODJHQWHTXHODVQHFHVLWD
YHUORVLPSDFWRVTXHSURGXFHQORV
SURGXFWRVTXHFRQVXPLPRVZZZ ) 6LHPSUHTXHWHVHDSRVLEOHXVDSURGXFWRVHFROyJLFRVSURGXFWRVQDWXUDOHV\ 
FKHPLFDOFRFNWDLORUJ

6REUHSHVWLFLGDVSXHGHVDPSOLDU
ODLQIRUPDFLyQHQZZZFHLW
HV$VLJQDWXUDV(FRORJLD
+LSHUWH[WR3URG4XL3HVWLF
KWP3DUDVDEHUPiVVREUH
SHVWLFLGDVRUJiQLFRVPLUDHQ
ZZZSODQHWDRUJDQLFRFRPEU
DJURWKLVWKWPZZZLQIRUJDQLF
FRP
 XWLOL]DODFDQWLGDGPtQLPDHQJHQHUDOXQSRFRPHQRVGHODUHFRPHQGDGD
) 5HFKD]DSURGXFWRVWHVWDGRVHQDQLPDOHV(YLWDODFUXHOGDGKDFLDORVDQLPDOHV
) 6LYDVDXWLOL]DUSHVWLFLGDVXVDORVPHQRVQRFLYRV
) 3LHQVDELHQFRQTXpIUHFXHQFLDQHFHVLWDVODYDUWXURSD(YLWDOLPSLDUODURSD 
 HQVHFR\DTXHORVSURGXFWRVTXHVHXWLOL]DQDPHQXGRFRQWLHQHQVXVWDQFLDV 
 TXtPLFDVDOWDPHQWHFRQWDPLQDQWHV
) &XDQGRYD\DVDOPpGLFRSUHJXQWDVLHPSUHVLHOUHPHGLRTXHWHUHFHWDHVHOPiV
 VXDYHHQWUHORVTXHVRQH¿FDFHVSDUDWXGROHQFLD
 \ R X W K ; F K D Q J H

&XLGDUODVDOXGWDPELpQHVWiUHODFLRQDGRFRQORVSURGXFWRVTXHXWLOL]DPRV (OLPSDFWRGHOD
UHJXODUPHQWHSDUDOLPSLDU\PDQWHQHUQXHVWUDVFDVDV\SDUDQXHVWUDKLJLHQH8Q FRQWDPLQDFLyQGHODLUHHQOD
VDOXGGHORVKDELWDQWHVGHODV
JUDQQ~PHURGHHOORVFRQWLHQHVXVWDQFLDVTXtPLFDVTXHDXPHQWDQORV\DHOHYDGRV FLXGDGHVHVLPSUHVLRQDQWH
QLYHOHVGHFRQWDPLQDFLyQ\QRVRQELRGHJUDGDEOHV RFDVLRQDXQRGHFDGD
DWDTXHVDOFRUD]yQHQ/RQGUHV

/DVVXVWDQFLDVTXtPLFDVSHOLJURVDVWDPELpQVHHQFXHQWUDQHQHODLUHTXH (QODVSULQFLSDOHVFLXGDGHVGHOD
,QGLD1XHYD'HOKL\%RPED\
UHVSLUDPRV3DUDHODxRSRUSULPHUDYH]HQODKLVWRULDPiVSHUVRQDVYLYLUiQ UHVSLUDUHODLUHHTXLYDOHDIXPDU
HQSXHEORV\FLXGDGHVTXHHQHOFDPSR'HVDIRUWXQDGDPHQWHODFRQWDPLQDFLyQ GHDFLJDUURVDOGtD\
GHODLUHVHKDFRQYHUWLGRHQXQDGHODVFDUDFWHUtVWLFDVTXHGH¿QHQODYLGDHQOD WDQVyORHQ1XHYD'HOKL
SHUVRQDVPXHUHQFDGDDxRGH
FLXGDG/DPDODFDOLGDGGHODLUHDIHFWDODVDOXGGHODSREODFLyQPXQGLDOGHPDQHUD HQIHUPHGDGHVUHVSLUDWRULDV
DODUPDQWHWDQWRHQORVSDtVHVGHVDUUROODGRVFRPRHQGHVDUUROOR
&LXGDGGH0p[LFRFRQXQD
SREODFLyQFHUFDQDDORV
/DFRQWDPLQDFLyQDWPRVIpULFDKDRFDVLRQDGRXQPDUFDGRDXPHQWRHQHOQ~PHUR PLOORQHVGHKDELWDQWHVKD
H[SHULPHQWDGRXQGHWHULRUR
GHSHUVRQDVHQODVFLXGDGHVTXHVXIUHQGHDVPD\DOHUJLDV(QFDVRVH[WUHPRVORV SURJUHVLYRGHVXDWPyVIHUD(O
HQIHUPRVGHDVPDQRWLHQHQRWUDRSFLyQPiVTXHSHUPDQHFHUHQFDVDFXDQGRORV VPRJGHOiUHDPHWURSROLWDQD
QLYHOHVGHFRQWDPLQDFLyQVRQDOWRV PH]FODGHFRQWDPLQDQWHV
SURGXFLGDSRUPLOORQHVGH
YHKtFXORVDXWRPRWRUHV\

- 3DVRDSDVR

LQGXVWULDVLQFOX\HPRQy[LGRGH
FDUERQRSORPRKLGURFDUEXURV
GLy[LGRGHD]XIUHGLy[LGR
7RGRVSRGHPRVKDFHUXQHVIXHU]RSDUDOLPSLDUHODLUHTXHUHVSLUDPRV GHQLWUyJHQR\SDUWtFXODV
VXVSHQGLGDV(OVPRJQRSXHGH
)3DUDGLVWDQFLDVFRUWDVFDPLQDHQOXJDUGHXVDUHOFRFKH GLVSHUVDUVHGHELGRDTXHOD
FLXGDGHVWiDWUDSDGDHQWUHODV
)'HMDGHIXPDURDOPHQRVGLVPLQX\HHOQ~PHURGHFLJDUULOORV PRQWDxDVFRQGLFLRQDQGRODV
)5HFXHUGDKDFHUHMHUFLFLRFRQUHJXODULGDG/DEXHQDFRQGLFLyQItVLFDQRSXHGH OODPDGDVLQYHUVLRQHVWpUPLFDV
ODVFXDOHVRFXUUHQGLDULDPHQWH
DOPDFHQDUVH
GXUDQWHORVPHVHVGHRFWXEUH
DHQHUR

(Q(VSDxDHO,QIRUPH$QXDO
GHHODERUDGRSDUDOD
&RPLVLyQ(XURSHDVHxDODED
FRQFHQWUDFLRQHVGHGLy[LGR
GHQLWUyJHQRVXSHULRUHVDO
YDORUOtPLWHLQFUHPHQWDGRSRU
HOPDUJHQGHWROHUDQFLDHQ
=DUDJR]DiUHDPHWURSROLWDQD
GH%DUFHORQD\GH0DGULG
/DVFRQFHQWUDFLRQHVGH30
SDUWtFXODVHQVXVSHQVLyQ
PHQRUHVGH—PVXSHUDEDQ
HOYDORUOtPLWHLQFUHPHQWDGRSRU
HOPDUJHQGHWROHUDQFLDHQXQD
VHULHGH]RQDVHQWUHODVTXHVH
LQFOX\H%DUFHORQD

'LUHFWLYD&(GHO&RQVHMR
GHGHDEULOGHUHODWLYDDORV
YDORUHVOtPLWHGHGLy[LGRGHD]XIUH
GLy[LGRGHQLWUyJHQR\y[LGRVGH
QLWUyJHQRSDUWtFXODV\SORPRHQHO
DLUHDPELHQWH
(VWDGLVSRQLEOHHQKWWSHXURSD
HXLQWVFDGSOXVOHJHVOYEOD
KWP
 \ R X W K ; F K D Q J H

0RYLpQGRWH
SRUOD
&LXGDG
´(VHOWUDQVSRUWHORTXHKDUi
RURPSHUiODVRVWHQLELOLGDGGH
XQDFLXGDGµ

>5LFKDUG5RJHUV
DUTXLWHFWR@

([LVWHXQJUDQQ~PHURGH
LQLFLDWLYDV\HQWLGDGHVTXH
LPSXOVDQODXWLOL]DFLyQGHOD
ELFLFOHWDFRPRPHGLRGHWUDQVSRUWH
DOWHUQDWLYRHQQXHVWUDVFLXGDGHV
%XVFDHQODUHGVXVZHESDUD
LQIRUPDUWHSRUHMHPSORZZZ
FRQELFLRUJ

&$7$/81<$&$56+$5,1*
&DU6KDULQJHVXQFRQFHSWR
TXHOOHYDDxRVIXQFLRQDQGR
HQRWURVSDtVHVGH(XURSD\
FRQVLVWHHQTXHXQJUXSRGH
FLXGDGDQRVKDFHXVRGHIRUPD
LQGLYLGXDOGHXQDÀRWDGHFRFKHV %LFLWHNDVHVXQJUXSRGHFLXGDGDQRVPH[LFDQRVTXHLPSXOVDXQDFXOWXUDGHODELFLFOHWDFRPRXQDIRUPDGH
FROHFWLYD/RVFRFKHVTXHQR YLYLU6XLQWHQFLyQHVFUHDUXQPHGLRDPELHQWHSURSLFLRSDUDODYLGD\HOGHVDUUROORLQWHJUDOGHOVHUKXPDQR
WLHQHQXQXVRSURIHVLRQDOSDVDQ $SXHVWDQSRUHOXVR\IRPHQWRGHORVPHGLRVGHWUDQVSRUWHVVRVWHQLEOHV6HRSRQHQDOGHVDUUROORXUEDQR
XQGHVXWLHPSRGHYLGD TXHFRQVLGHUDHODXWRPyYLO\QRDODVSHUVRQDVFRPRHOHOHPHQWRPiVLPSRUWDQWHHQODFLXGDG3URPXHYHQ
DSDUFDGRV&RPSDUWLUHOXVR UHIRUPDVHQHOUHJODPHQWRGHWUiQVLWRHQ0p[LFRSURSRQHQODFUHDFLyQGHFLFORYtDVEULQGDQFRQVHMRVSDUD
GHXQFRFKHLQFUHPHQWDVX FLUFXODUGHPDQHUDVHJXUD\OOHYDQDFDERFDPSDxDVSDUDGLIXQGLUHOGHUHFKRGHWRGDVODVSHUVRQDVDXVDUOD
QLYHOGHXWLOL]DFLyQ\GLVPLQX\H ELFLFOHWDFRQVHJXULGDG\OLEHUWDGSDUDWUDQVLWDU\OOHJDUDFXDOTXLHUSXQWR
ORVFRVWHV¿MRVXQLWDULRV(O 0iVLQIRUPDFLyQVREUHHOJUXSR\VXVDFWLYLGDGHVHQZZZELFLWHNDVRUJ
&DU6KDULQJSHUPLWHFXEULUOD
QHFHVLGDGGHGHVSOD]DUVHHQ
FRFKHSRQLHQGRDGLVSRVLFLyQ /DPRYLOLGDGVLHPSUHKDVLGRXQDVSHFWRFODYHGHODDFWLYLGDGKXPDQD\XQIDFWRU
GHOXVXDULRXQYHKtFXORFXDQGR
OHVHDQHFHVDULRVLQWHQHUTXH TXHHVWiFDPELDQGR\PHMRUDQGRGHPDQHUDFRQVWDQWH$WUDYpVGHORVVLJORV
VHUHOSURSLHWDULR/DHPSUHVD KHPRVYLVWRTXHORVPHGLRVGHWUDQVSRUWHVHKDQPXOWLSOLFDGRFUHFLGRHQWDPDxR
JHVWLRQDHOSDUTXHGHYHKtFXORV
TXHDVLJQDVHJ~QODGHPDQGD \SRWHQFLD\SRUVXSXHVWRHQYHORFLGDG
\PDQWLHQHHQSHUIHFWRHVWDGR
\IDFWXUDDO¿QDOGHPHVDFDGD 'HDFXHUGRFRQFLIUDVGHO%DQFR0XQGLDOHQHODxRKDEUiPLOORQHVGH
XVXDULRORVVHUYLFLRVXWLOL]DGRV DXWRPyYLOHVHQWRGRHOPXQGRFRPSDUDGRVFRQORVPLOORQHVTXHKDEtDHQHO
(VHQFLDOPHQWHH[LVWHQGRV
PRGDOLGDGHVGHXVXDULRVHO
 DERQDGRTXHSDJDXQDFXRWD
PHQVXDOGHXQRVHXURV\HO
VRFLRTXHDSRUWDXQDFDQWLGDG
~QLFDGHHXURV'HVSXpV
VyORVHSDJDHOXVRTXHXQRKD
KHFKRSRUNLOyPHWURUHFRUULGR\
SRUWLHPSRGHXWLOL]DFLyQ
,QIyUPDWHHQZZZODSWSRUJ
FDUVKDULQJ
DxR6LGHODVSUR\HFFLRQHVQRVYDPRVDORVGDWRVUHDOHVHQHODxR
ODSURGXFFLyQJOREDOGHDXWRPyYLOHVDOFDQ]yODFLIUDUpFRUGGHPLOORQHVGH
XQLGDGHVFRQXQLQFUHPHQWRGHOUHVSHFWRDODxRDQWHULRU6LFRQWLQXDPRVOD
SURGXFFLyQFRQHVHULWPRORPiVSUREDEOHHVTXHDOFDQ]DUHPRVODSUR\HFFLyQSDUD
HODxR£XQSRFRDQWHVGHORHVSHUDGR
(OGHORVDXWRPyYLOHVHQHOPXQGRSHUWHQHFHQDOGHODSREODFLyQ
PXQGLDOSULQFLSDOPHQWHHQORVSDtVHVULFRV+D\PiVDXWRPyYLOHVHQXQDVROD
 \ R X W K ; F K D Q J H


iUHDXUEDQDGHORV(VWDGRV8QLGRVGH$PpULFD±HQHOiUHDPHWURSROLWDQDGH/RV &DUROLQH&OD\WRQ'LUW\
3ODQHWWKH)ULHQGVRIWKH(DUWK
ÈQJHOHV±TXHHQOD,QGLD&KLQD,QGRQHVLD3DNLVWiQ\%DQJODGHVKMXQWRV *XLGHWRSROOXWLRQDQGZKDW\RX
3UREOHPDVDGLFLRQDOHVODVHPLVLRQHVGHPRQy[LGRGHFDUERQRHVWiQ FDQGRDERXWLW/LYHZLUH%RRNV
FRQWDPLQDQGRODVFLXGDGHVDQLYHOHVFUtWLFRV\ODVFDOOHVVHHQFXHQWUDQ /RQGRQS
VHYHUDPHQWHFRQJHVWLRQDGDVSRUHOYROXPHQGHOWUiILFR6HFDOFXODTXHORV 
9HUWDPELpQ6HUYLFLR
FRQGXFWRUHVHQ%DQJNRNLQYLHUWHQXQSURPHGLRGHGtDVDODxR³DWDVFDGRV´HQHO (XURSHRGH,QIRUPDFLyQVREUHHO
WUiILFR 7UDQVSRUWH8QDJXtDLQWHUDFWLYD
VREUHODVSROtWLFDVGHWUDQVSRUWH
/DVHPLVLRQHVGH&2SURGXFLGDVSRUORVFRFKHV\FDPLRQHWDVHQORV(VWDGRV TXHVHHVWiQOOHYDQGRDFDER
8QLGRVGH$PpULFDVXPDURQXQWRWDOGHPLOORQHVGHWRQHODGDVHQORTXH ZZZHOWLVRUJ
(O&HQWURGH7UDQVSRUWH
H[FHGLyHOWRWDOGHHPLVLRQHVJHQHUDGDVHQFDVLWRGRVORVSDtVHVGHOPXQGRMXQWRV 6RVWHQLEOHUDGLFDGRHQOD&LXGDG
3RURWURODGRHODEDVWHFLPLHQWRGHORVFRPEXVWLEOHVWUDGLFLRQDOHV±SRUHMHPSOROD GH0p[LFRRIUHFHPDWHULDOHVPX\
YDOLRVRVVREUHHVWDSUREOHPiWLFD
JDVROLQD±QRHVLQDJRWDEOH ZZZFWVFHLEDRUJLQGH[KWP
+D\EDVWDQWHLQIRUPDFLyQUHIHULGD
1XHVWUDGHSHQGHQFLDGHODXWRPyYLOQRVKDKHFKRSHUH]RVRV(QODVJUDQGHV DODVFLXGDGHVDPHULFDQDV\
FLXGDGHVDOUHGHGRUGHGHFDGDYLDMHVGHPHQRVGHNLOyPHWURVVHKDFHHQ XQDEXHQDOLVWDGHYtQFXORVSDUD
DXWRPyYLO3RUVXSXHVWRORVYHKtFXORVPRWRUL]DGRVWDPELpQVRQHVHQFLDOHVHQOD YLVLWDURWURVVLWLRVUHODFLRQDGRV
YLGDPRGHUQD3HURXQXVRPiVUHVSRQVDEOHGHOFRFKHSXHGHPHMRUDUODVFRVDV\

KDFHUODVFLXGDGHVPiVOLPSLDVVDQDV\PiVVHJXUDVSDUDYLYLU/RVYLDMHVFRUWRV 86*HQHUDO$FFRXQWLQJ
2I¿FH:DVKLQJWRQ
DXPHQWDQHOQLYHOGHFRQWDPLQDFLyQXQYLDMHGHNLOyPHWURVHQDXWRPyYLOHPLWH
YHFHVPiVGLy[LGRGHFDUERQRSRUSDVDMHURTXHXQDXWRE~V\YHFHVPiV 
ZZZZULRUJZUL
TXHXQWUHQ FOLPDWHMPBRLOBKWPO


,ELG&OD\WRQRSFLWS
(VWRVVRQSUHFLVDPHQWHORV

- 3DVRDSDVR

WUD\HFWRVHQORVTXHORVDXWRPyYLOHV
SULYDGRVVRQPHQRVH¿FLHQWHV
7Ui¿FRFRQWDPLQDFLyQGHDLUHUXLGR«QXHVWUDVFLXGDGHVVHHVWiQKDFLHQGRFDGDYH]PiV
LQKDELWDEOHV¢4XpSRGHPRVKDFHU"
) &DPLQDXVDODELFLFOHWDRORVSDWLQHV/DVELFLFOHWDVVRQHOPHGLRGHWUDQVSRUWH
 PiVH¿FLHQWHHQHOXVRGHHQHUJtDHOGHODHQHUJtDXWLOL]DGDVHWUDQVIRUPDHQ
 PRYLPLHQWR£(VUiSLGR\WHPDQWHQGUiHQIRUPD
 (QODZHEGHO,QVWLWXWR
) &RPSDUWHHODXWRPyYLOVLHPSUHTXHSXHGDV&RPSDUWLUHODXWRPyYLOFDU  SDUDOD'LYHUVL¿FDFLyQ\$KRUUR
VKDULQJSHUPLWHDYDULDVSHUVRQDVXWLOL]DUXQVRORDXWRPyYLO(QHO&DUSRROLQJ GHOD(QHUJtD,'$(0LQLVWHULR
XQJUXSRGHSHUVRQDVVHRUJDQL]DSDUDFRPSDUWLUXQRRYDULRVFRFKHVHQWUHWRGRV GH,QGXVWULD7XULVPR\&RPHUFLR
) &RPRDOWHUQDWLYDVLVyORQHFHVLWDVHODXWRPyYLOGHYH]HQFXDQGRHVPHMRU  GHO(VWDGRHVSDxROWLHQHVDWX
 DOTXLODUORTXHFRPSUDUXQR GLVSRVLFLyQLQIRUPDFLyQVREUH
ORVFRQVXPRVGHFRPEXVWLEOHV
) 7UDQVSRUWHS~EOLFR(QJHQHUDOORVWUHQHV\DXWREXVHVGHWUDQVSRUWHS~EOLFR GHODVPDUFDV\YHKtFXORV
VRQODVRSFLRQHVPiVVRVWHQLEOHV\DTXHWUDQVSRUWDQDXQPD\RUQ~PHURGH TXHSXHGHVHQFRQWUDUHQHO
SHUVRQDVFRQWDPLQDQPHQRV\XWLOL]DQPHQRVHQHUJtDSRUSDVDMHUR PHUFDGRDVtFRPRVXVHPLVLRQHV
) &RPSUDYHKtFXORVPiVH¿FLHQWHV\GDOHVHOPDQWHQLPLHQWRDGHFXDGR FRQWDPLQDQWHVZZZLGDHHV

$QWHVGHFRPSUDUDYHULJXDFXiOHVODH¿FLHQFLDHQHUJpWLFDFRQWDPLQDFLyQ
JHQHUDGDFDSDFLGDGSDUDIXQFLRQDUFRQJDVROLQDVLQSORPR\YLGDPHGLDHVSHUDGD
GHODXWRPyYLORPRWRFLFOHWD
) &RQGXFHUHVSRQVDEOHPHQWH(YLWDDFHOHUDURIUHQDUFRQEUXVTXHGDG/D
FRQGXFFLyQDJUHVLYDGHPDQGDXQFRQVXPRGHFRPEXVWLEOHFRQVLGHUDEOHPHQWH
PD\RU\JHQHUDPiVFRQWDPLQDFLyQ$SDJDHOPRWRUVLWLHQHVTXHHVSHUDUPiVGH
VHJXQGRV<QRHVSHUHVGHPDVLDGRSDUDFDPELDUGHYHORFLGDG
 \ R X W K ; F K D Q J H

'HYLDMH
´1RKD\SDVDMHURVHQODQDYH
HVSDFLDO7LHUUD7RGRVVRPRV
WULSXODQWHVµ

>0DUVKDOO0F/XKDQ
VRFLyORJR@

0iVLQIRUPDFLyQVREUHHVWHWHPD
HQZZZHFRWRXULVPHRUJ
ZZZVXVWUDYHORUJ
ZZZJUHHQJOREHFRP
ZZZJUHHQWUDYHORUJ
ZZZUHVSRQVLEOHWUDYHOFRP
3iJLQDVVLPLODUHVHQHVSDxRO 0RYLOL]DUVHQRVHOLPLWDDORVGHVSOD]DPLHQWRVFRUWRV7DPELpQLQFOX\HORV
ZZZUHGWXUVQHWPDLQDVS
ZZZWXULVRVQHWLQGH[ GHVSOD]DPLHQWRVODUJRVORVYLDMHV\DVHDQGHHVWXGLRVWUDEDMRRSODFHU3HUR
KWPOZZZKXPEROGWRUJFR VHJ~QFRPRVHKDJDQQRWRGRVVRQLJXDOPHQWHVRVWHQLEOHV$OJXQDVLGHDVSDUD
ELRFRPHUFLRWXULVPRVRVWHQLEOH UHÀH[LRQDU
TXLHQHVKWP
(OWXULVPRHMHUFHXQJUDQLPSDFWRHQQXHVWURSODQHWD\HVODLQGXVWULDPiV
JUDQGHGHOPXQGR'HDFXHUGRFRQOD2UJDQL]DFLyQ0XQGLDOGH7XULVPRORVYLDMHV
LQWHUQDFLRQDOHVJOREDOHVOOHJDUiQDORVPLOPLOORQHVHQHODxRPLOORQHV
6XSRQHQPiVGHOGHOD
DFWLYLGDGHFRQyPLFDPXQGLDO\
SURSRUFLRQDQWUDEDMRGLUHFWRR
LQGLUHFWRDPiVGHPLOORQHV
GHSHUVRQDV3DUDPiVGHWDOOHV
 FRQVXOWDZZZXQHSWLHRUJSF
WRXULVPVXVWWRXULVP7DPELpQ
HQKWWSZRUOGWRXULVPRUJ\HQ
ZZZZWWFRUJ
HQ
(OWXULVPRPDVLYRRFDVLRQDVHULRVGDxRVDPELHQWDOHV/RVFLHQWt¿FRVSUHGLFHQ
TXHSDUDHODxRODPLWDGGHODGHVWUXFFLyQDQXDOGHODFDSDGHR]RQRVHUi
RFDVLRQDGDSRUORVYLDMHVDpUHRV1RWRGRVORVYLDMHVDpUHRVSXHGHQDWULEXLUVHDORV
WXULVWDVSRUVXSXHVWRSHURHVWRVFRQWULEX\HQGHPDQHUDVXVWDQFLDODOSUREOHPD
/DFRQWDPLQDFLyQGHODLUH\ODGHJUDGDFLyQGHOVXHOR\HODJXDVRQSUREOHPDV
SDUWLFXODUPHQWHVHULRVHQODVUHJLRQHVFRVWHUDVDPHQXGRVREUHH[SORWDGDV<DOJR
PiVYLVLEOH¢TXpSHQVDUGHORVWXULVWDVLUUHVSRQVDEOHVTXHWUDQVIRUPDQOXJDUHV
SDUDGLVtDFRVHQEDVXUHURV"
 \ R X W K ; F K D Q J H

¢([LVWHQDOWHUQDWLYDV"6t$FWXDOPHQWHFDGDYH]HVPiVIiFLOHQFRQWUDUXQ
,QLFLDWLYDGHORV7RXU
PD\RUQ~PHURGHRSFLRQHVGHYLDMHV\YDFDFLRQHVVRVWHQLEOHVSUR\HFWRVGH 2SHUDWRUVGHOD81(3
FRQVHUYDFLyQ\UHVWDXUDFLyQSUR\HFWRVGHD\XGDYROXQWDULDLPSDUWLUFODVHVHQ 72,
HOH[WUDQMHURHWF%XVFDHQ,QWHUQHWHQFRQWUDUiVFLHQWRVGHLGHDV\RSFLRQHV $SOLFDUXQDSROtWLFDGH
WUDQVSRUWHPiVVRVWHQLEOH
SHUR£WHQFXLGDGRFRQORVVLWLRVTXHSURPXHYHQSDTXHWHVQRWDQVRVWHQLEOHVFRPR HVXQRGHORVHOHPHQWRV
SUHWHQGHQ FHQWUDOHVGHORVSUR\HFWRV
GH678',2686SRUXQ
¢%XVFDVDOJRPiVUHODMDQWH"1RKD\SUREOHPD/DVRVWHQLELOLGDGWDPELpQVH GHVDUUROORVRVWHQLEOH
$OHPDQLD/DVPHGLGDV
HQFXHQWUDHQRSFLRQHVGHYDFDFLRQHVPiVFRQYHQFLRQDOHV(VSUREDEOHTXHORV DGRSWDGDVLQFOX\HQ
KRWHOHVORFDOHVSRVDGDVFDVDVUXUDOHV\FDPSLQJDGPLQLVWUDGRVSRUJHQWHORFDO LQFHQWLYRVSDUDRIUHFHU
WUDQVSRUWHSRUWUHQRHQ
DWHQGLGRVFRQHVPHURUHVSHWHQHLPSXOVHQODHFRQRPtDHOPHGLRDPELHQWH\OD DXWRE~VHQOXJDUGHYLDMHV
FXOWXUDORFDOPiVTXHDOJXQRVKRWHOHVGHFDGHQDVLQWHUQDFLRQDOHV SRUDYLyQRHQDXWRPyYLO
¢(VSRVLEOHFRPELQDU
8QDVHxDOSRVLWLYDHVTXHHOWXULVPRVRVWHQLEOHRpWLFRHVWiJDQDQGRSRSXODULGDG HOSODFHUGHYLDMDU\OD
(QHOFXDGURGHDEDMRVHPHQFLRQDQDOJXQDVVXJHUHQFLDVSDUDODVYDFDFLRQHV/D VRVWHQLELOLGDG"(Q3ULPHU
7RXUVÈIULFDGHO6XUGLFHQ
OLVWDSXHGHSDUHFHUODUJDSHURFXDQGRYLDMDPRVQXHVWURVHVIXHU]RV\DWHQFLyQ TXHVt/DDJHQFLDGLVHxDORV
QHFHVLWDQUHGREODUVH1RVyORYDPRVDXQOXJDUGRQGHODFXOWXUDDPHQXGRHV YLDMHVLQFOX\HQGRVLWLRVGH
LQWHUpV\DORMDPLHQWRVTXH
GHVFRQRFLGDVLQRTXHYDPRVDOOXJDUGHRWUDVSHUVRQDV\WRGRHOPXQGRDSUHFLDD FRQWULEX\HQDFWLYDPHQWH
XQKXpVSHGELHQHGXFDGR\UHVSHWXRVR DODSUHVHUYDFLyQGHORV
GHVWLQRVRIUHFLGRV

ZZZWRLQLWLDWLYHRUJJRRGBSUDF

- 3DVRDSDVR

+D\YDULDVFRVDVTXHSRGHPRVKDFHUSDUDUHGXFLUQXHVWURLPSDFWRFRPRWXULVWDVSRU
WLFHV

HMHPSOR  )XHQWHV7RXULVP
) (OLJHRSFLRQHVGHYLDMHTXHJHQHUHQHOPD\RUEHQH¿FLRSDUDODSREODFLyQORFDO  &RQFHUQ¶V*UDQ%UHWDxD
6XUYLYDO,QWHUQDWLRQDO¶V&RGH7KH
 5HJDWHDUSDUDREWHQHUSUHFLRVPiVEDMRVDOFRPSUDUELOOHWHV\³VRXYHQLUV´SXHGH +LPDOD\DQ7RXULVW&RGH1HSDO
 IRPHQWDUODH[SORWDFLyQ (FXPHQLFDO&RDOLWLRQRIWKH
) $KRUUDORVUHFXUVRVQDWXUDOHVYDOLRVRV1RGHVSHUGLFLHVDJXDQLHQHUJtD(YLWD  7LUDG:RUOG7RXULVP%DQJNRN
 XWLOL]DUVXVWDQFLDVFRQWDPLQDQWHVFRPRGHWHUJHQWHVHQDUUR\RVRPDQDQWLDOHV 7RXULVPZLWKLQVLJKW$OHPDQLD
) 1RWLUHVEDVXUDVLODHQFXHQWUDVHQHOFDPLQRUHFyJHOD\GHSRVtWDODHQOXJDUHV  ZZZVLHUUDFOXERUJ
 DGHFXDGRV
) 6HSDUDORVUHVLGXRVQRELRGHJUDGDEOHV\SDUWLFLSDGHODVUHFRJLGDVVHOHFWLYDV 
 ORFDOHV
) 'HEHPRVGHMDUTXHODVSODQWDVÀRUH]FDQHQVXDPELHQWHQDWXUDO&RUWDUUDPDVR
 UDtFHV\UHPRYHUVHPLOODVHVLOHJDOHQPXFKDVSDUWHVGHOPXQGR ¢3URWHJHURDFDEDUFRQ
) $SR\DDORVDUWHVDQRV\FRPHUFLDQWHVORFDOHV&RPSUD³VRXYHQLUV´HODERUDGRVHQ HOFRUDO"8QDHOHFFLyQ
 ODORFDOLGDGVLHPSUHTXHVHDSRVLEOH SHUVRQDO
) 5HVSHWDORVGHUHFKRVGHSURSLHGDGGHODWLHUUD(QODVORFDOLGDGHVSHUWHQHFLHQWHV /RVDUUHFLIHVGHFRUDO
 DFRPXQLGDGHVLQGtJHQDVORVWXULVWDVGHEHQFRPSRUWDUVHFRPRORKDUtDQHQ  VRQXQDGHODVPD\RUHV 
 SURSLHGDGSULYDGD DWUDFFLRQHVGHPXFKDV
]RQDVFRVWHUDV/D81(3
) 7UDWDGHOHHUDFHUFDGHOSDtVTXHYLVLWDWHD\XGDUiDUHVSHWDUODFXOWXUDORFDO\WH SURSRUFLRQDLQIRUPDFLyQ
DEULUiSXHUWDV(QPXFKRVSDtVHVODURSDÀRMD\OLJHUDHVPiVDFHSWDEOH VREUHODPDQHUDPiV
TXHODPiVHQWDOODGD'HPDQHUDVLPLODUEHVDUVHHQS~EOLFRHVDPHQXGR DGHFXDGDGHYLVLWDUHVWDV
FXOWXUDOPHQWHLQDSURSLDGR PDUDYLOORVDViUHDV\
UHVSHWDUVXPHGLRDPELHQWH
$VtTXHFRPRHO$PHULFDQ6LHUUD&OXEUHFRPLHQGD£WRPDVyORIRWRJUDItDVGHMDVyORWXV HQZZZXQHSWLHRUJ
SLVDGDV WRXULVP

5HGXFH
ORV
UHVLGXRV
´&DGDSURGXFWRTXHFRQVXPLPRV
WLHQHXQDKLVWRULDRFXOWDPX\
SDUHFLGDXQLQYHQWDULRQR
HVFULWRGHVXVPDWHULDOHV
UHFXUVRVHLPSDFWRVDORVTXH
VHGHEHQDxDGLUORVUHVLGXRV
JHQHUDGRVSRUVXXVR\
WUDWDPLHQWRµ
>3DXO+DZNHQ
H[SHUWRDPELHQWDO@
KWWSHXURSDHXLQWFRPP
HQYLURQPHQWZDVWHIDFWVBHQ/D
&RPLVLyQ(XURSHDKDFUHDGR
 XQDSiJLQDZHEGLULJLGDDORV
MyYHQHVHQODTXHVHSUHVHQWDQ
\ R X W K ; F K D Q J H
(QDxRVUHFLHQWHVKDKDELGRXQDXPHQWRHVSHFWDFXODUHQODJHQHUDFLyQGH
UHVLGXRV'HSURPHGLRFDGDLQGLYLGXRTXHYLYHHQXQSDtVGHVDUUROODGRSURGXFH
XQNLORJUDPRGHEDVXUDSRUGtD
3HURHVWHSURPHGLRQRVLJQL¿FDTXHKD\DXQDGLVWULEXFLyQSDUHMDHQODSURGXFFLyQ
\WUDWDPLHQWRGHORVUHVLGXRV/RVHXURSHRVSRUHMHPSORFDGDDxRJHQHUDQ
DOUHGHGRUGHXQRVPLOORQHVGHWRQHODGDVGHUHVLGXRV0iVGHPLOORQHVGH
WRQHODGDVVRQFODVL¿FDGDVFRPRSHOLJURVDV(QORV~OWLPRVVHLVDxRVODFDQWLGDGGH
UHVLGXRVJHQHUDGRVKDFUHFLGRHQXQDQXDO
(VWiFODURTXHGHEHPRVGHWHQHU\UHYHUWLUHVWDWHQGHQFLDVLTXHUHPRVHYLWDUVHU
VHSXOWDGRVHQEDVXUD'HEHPRVHQFRQWUDUIRUPDVGHGHWHQHUODJHQHUDFLyQGH
UHVLGXRVDODUJRSOD]RSRUGRVUD]RQHVEiVLFDV\DKRUDFUXFLDOHV
 $PD\RUFDQWLGDGGHUHVLGXRVPD\RUSRWHQFLDOGHFRQWDPLQDFLyQ
 /DEDVXUDHVWiFRPSXHVWDGHPDWHULDOHVTXHSXHGHQUHXWLOL]DUVH\ 
 UHFLFODUVH£PHQRVGHVSHUGLFLRVPiVGLQHUR
&HUFDGHPLOPLOORQHVGHWD]DVPLOPLOORQHVGHFXELHUWRV\PLOPLOORQHV
GHSODWRVVHXWLOL]DQ\GHVHFKDQHQORV(VWDGRV8QLGRVGH$PpULFDFDGDDxR\OD
PLWDGHVWiQKHFKRVGHSOiVWLFR/D,QGLDJHQHUDXQWRWDOGHPLOORQHVGHWRQHOD
GDVGHUHVLGXRVGHSOiVWLFR(OPDWHULDOPiVSUREOHPiWLFRHVHOSROLHWLOHQRGHOTXH
DEXQGDQWHVGDWRVHLQIRUPDFLRQHV HVWiQKHFKDVODVEROVDVGHSOiVWLFRTXHWDUGDKDVWDDxRVHQGHVFRPSRQHUVH
VREUHHODLUHHODJXDORVUHVLGXRV
\HOHVWDGRGHODQDWXUDOH]D ,QFOXVRORVRUGHQDGRUHVJHQHUDOPHQWHFRQVLGHUDGRVFRPRKHUUDPLHQWDVTXH
HQ(XURSD3XHGHYHUVHHQ
KWWSHXURSDHXLQWFRPP SXHGHQFRQWULEXLUDO&RQVXPR6RVWHQLEOHHVWiQJHQHUDQGRUHVLGXRVSHOLJURVRV
HQYLURQPHQW\RXWKZDVWHLQGH[B 'DGRTXHODSRWHQFLDGHORVPLVPRVVHGXSOLFDFDGDPHVHVSDUDHODxR
HVKWPO
 \ R X W K ; F K D Q J H

'HVKDFLpQGRVHGHOSOiVWLFR/RVFLXGDGDQRVGH1XHYD'HOKLUHJLVWUDQXQRGHORV
FRQVXPRVPiVDOWRVGHEROVDVGHSOiVWLFRGHOPXQGR&RQHODSR\RGHOHMpUFLWRLQGLRHO
0RYLPLHQWR9HUGH3DQFKDYDWLKDLQLFLDGRXQDFDPSDxD±³7KH4XLW,QGLD3RO\EDJ´SDUD
UHGXFLUODXWLOL]DFLyQGHEROVDVGHSOiVWLFR/RVHVWXGLDQWHVGLDORJDQFRQORVYHQGHGRUHV
\FRPHUFLDQWHVHQVXVORFDOLGDGHV\OHVLQIRUPDQGHOLPSDFWRTXHWLHQHQODVEROVDVGH
SOiVWLFRHQHODPELHQWH6HIRPHQWDHQWUHODVIDPLOLDVODUHXWLOL]DFLyQGHODVEROVDVGH
SOiVWLFRRPHMRUD~QHOFDPELRDEROVDVGHWHOD  ZZZXQHSRUJFKLOGUHQB
\RXWKKRPHSDJHB¿OHV\RXWKLQG
*UDFLDVDORVHVIXHU]RVGH3DQFKDYDWLWRGDVODVFDIHWHUtDVGHOHMpUFLWRHQ1XHYD'HOKL KWP
KDQGHMDGRGHXWLOL]DUEROVDVGHSOiVWLFR3RURWUDSDUWHODLQGXVWULDKRWHOHUDHQ1XHYD
'HOKLWDPELpQKDSURKLELGRHOXVRGHEROVDVGHSOiVWLFRHQVXVHVWDEOHFLPLHQWRV/D
&RUSRUDFLyQ0XQLFLSDOGH1XHYD'HOKLVHKDXQLGRD3DQFKDYDWL\VHKDGDGRDODWDUHD
GHFRQYHUWLU1XHYD'HOKLHQXQD]RQDOLEUHGHEROVDVGHSOiVWLFR

KDEUiPLOORQHVGHRUGHQDGRUHVREVROHWRVHQHOPXQGR'HDFXHUGRDOD
HVWDGRXQLGHQVH6LOLFRQ9DOOH\7R[LF&RDOLWLRQHVWRHTXLYDOHDPLOORQHVGH
NLORJUDPRVGHSORPRXQPLOOyQGHNLORJUDPRVGHFDGPLR\NLORJUDPRV  ZZZVYWFRUJ
GHPHUFXULRWRGRVPHWDOHVWy[LFRV

¢&yPRSRGHPRVUHSHQVDUORVGHVHFKRV"3ULPHUR£XVDPHQRV6HJXQGRWRPDHQ  ZZZRRUJZZZ
FXHQWDHOGLVHxRGHOSURGXFWR(OUHGLVHxDUSURGXFWRVSDUDPLQLPL]DURHYLWDUOD VPDUWDUFKQOZZZFIGUPLWHGX

DXGIHFIGBBZZZMXQUHVHV
JHQHUDFLyQGHUHVLGXRVSXHGHVHUSDUWHGHODVROXFLyQ3DUDH[SORUDUPiVDIRQGR
FFUUHFLFODWJHGLVVHQ\
HOWHPDWDQFRPSOHMRGHOHFRGLVHxRYLVLWDpVWRV\RWURVVLWLRVHQODZHE
 \ R X W K ; F K D Q J H

3DUDPiVLQIRUPDFLyQSXHGHV
FRQVXOWDUODSiJLQDVREUH
HFRGLVHxRGHO3180$ZZZ
XQHSWLHRUJSFVXVWDLQGHVLJQ
GHVLJQVXESDJHKWP7DPELpQ
SXHGHVHQFRQWUDUHMHPSORVGH
¢4XpHVHOHFRGLVHxR"
(VHOGLVHxRTXHWLHQHXQ³HQIRTXHFLUFXODU´GHOSURGXFWRTXHVHFRQRFHFRPR³GHODFXQD
DODWXPED´GRQGHVHWLHQHHQFXHQWDHOFLFORGHYLGDGHXQREMHWRGHVGHVXFUHDFLyQ
VXXVR\VXSRVWHULRUWUDWDPLHQWRFRPRUHVLGXRUHXWLOL]DFLyQUHFLFODMHGHSyVLWRHQ
HFRGLVHxRHQODSXEOLFDFLyQ
³(FRSURGXFWHVDODOODU´*XLHV
G¶(GXFDFLy$PELHQWDOQž
%DUFHORQD$MXQWDPHQWGH
%DUFHORQD
YHUWHGHUR6XVREMHWLYRVVRQ
 8WLOL]DUORVPDWHULDOHVODHQHUJtD\RWURVUHFXUVRVGHODPDQHUDPiVH¿FLHQWH
 (OHJLUPDWHULDOHVTXHQRSURYHQJDQGHHFRVLVWHPDVHQSHOLJUR
 'LVHxDUSDUDHYLWDUODFRQWDPLQDFLyQ\ODJHQHUDFLyQGHUHVLGXRV
 6HOHFFLRQDUPDWHULDOHVUHFLFODGRV\RUHFLFODEOHV\WHFQRORJtDVTXHDKRUUHQ 
  HQHUJtD
 2SWLPL]DUODYLGDGHXQSURGXFWRKDFHUORIiFLOGHXVDUPDQWHQHUDFWXDOL]DU 
 UHXWLOL]DUUHFLFODURUHPDQXIDFWXUDU
 £+DFHUORVHQFLOOR±8WLOL]DUXQPHQRUQ~PHURGHPDWHULDOHV\RFRPSRQHQWHV 
 HQGLVHxRVTXHVHGHVDUPHQ\UHFLFOHQFRQIDFLOLGDG
 0HMRUDUODORJtVWLFDGHOWUDQVSRUWH
 (YLWDUORVULHVJRVSRWHQFLDOHVVREUHODVDOXGXWLOL]DQGRPDWHULDOHVVHJXURVQR 
 Wy[LFRV
 5HVSHWDUORVGHUHFKRVKXPDQRVHYLWDQGRODH[SORWDFLyQODERUDO\HOWUDEDMR 
  LQIDQWLO
3RUORJHQHUDOHOHFRGLVHxRQRWUDWDGHUHLQYHQWDUORVREMHWRV6HUHFRQRFHTXHODJHQWH
QRVLHPSUHGHVHDXQSURGXFWRVLQRTXHTXLHUHVROXFLRQHV3RUHMHPSORELHQGLVHxDGD
XQDODYDQGHUtDSRGUtDFRQIDFLOLGDGVXVWLWXLUODVPiTXLQDVODYDGRUDVLQGLYLGXDOHV
(OHFRGLVHxREXVFDPRGRVDOWHUQDWLYRVGHHMHFXWDUXQDWDUHDFRQXQPHQRULPSDFWR
HFROyJLFRHLJXDORPD\RUH¿FLHQFLD/RVHFRGLVHxDGRUHVFRQVLGHUDQTXHODpWLFD\OD
HVWpWLFDQRVRQFRQFHSWRVRSXHVWRVVLQRFRPSOHPHQWDULRV


 \ R X W K ; F K D Q J H

8QRGHORVUHWRVPiVLPSRUWDQWHVDOTXHHOPXQGRVHHQIUHQWDHVODUHGXFFLyQ /D5HVHUYD0DULQDGH
GHOFRQVXPRGHUHFXUVRV(QRWUDVSDODEUDVGHEHPRVGHMDUGHSHQVDUTXHORV .LXQJDHQHOQRUWHGH
UHFXUVRVQDWXUDOHVGHOD7LHUUDVHDQFRPEXVWLEOHVIyVLOHVDJXDJDVHVQDWXUDOHV .HQ\DQRFXHQWDFRQ
RiUEROHVSURYLHQHQGHIXHQWHVLQDJRWDEOHV$TXtHVGRQGHHOUHFLFODMHMXHJDXQ SURWHFFLyQGHORVDUUHFLIHV
/DEDVXUDDUUDVWUDGDD
SDSHOFUXFLDO ODSOD\DFRQWDPLQD\DOD
YH]HVXQDDPHQD]DSDUD
6LQRTXHUHPRVDJRWDUQXHVWURDEDVWHFLPLHQWRGHUHFXUVRVQDWXUDOHVQHFHVLWDPRV ODDQLGDFLyQGHWRUWXJD
TXHODUHFXSHUDFLyQUHXWLOL]DFLyQ\HOUHFLFODMHVHFRQYLHUWDQHQQXHVWUDVHJXQGD .,81*$(&2)5,(1'/<
QDWXUDOH]DHQODYLGDFRPHUFLDO\FRWLGLDQD(VWRD\XGDUiD +$1',&5$)76UHFROHFWD
ODEDVXUD\ODFRQYLHUWHHQ
MXJXHWHV/DVFKDQFOHWDV
YLHMDVVRQWUDQVIRUPDGDVHQ
 0LQLPL]DU\HYLWDUPD\RUHVGDxRVDPELHQWDOHV WHOpIRQRVPyYLOHV\FRFKHV
 (YLWDUHOXVRLQQHFHVDULRGHQXHVWURVUHFXUVRVQDWXUDOHV GHMXJXHWH
 &RQVHUYDUODHQHUJtD\UHGXFLUORVQLYHOHVGHFRQWDPLQDFLyQ
 &RPRODGHIRUHVWDFLyQ\
ODH[WUDFFLyQGHPDWHULDVSULPDV
(OUHFLFODMHWDPELpQSXHGHMXJDUXQSDSHOLPSRUWDQWHHQODUHGXFFLyQGHORV YtUJHQHV
UHVLGXRVVyOLGRVDOUHXWLOL]DUORVHQODPDQXIDFWXUDGHQXHYRVSURGXFWRV3RUFDGD
WRQHODGDGHSDSHOTXHVHUHFLFODVHVDOYDQiUEROHVHTXLYDOHQWHVDPGH
PDGHUD\VHDKRUUDQOLWURVGHDJXD$VLPLVPRODFRQWDPLQDFLyQGHODLUHVH
UHGXFHHQNLORJUDPRV\VHHYLWDQPGHUHVLGXRV
 6LTXLHUHVVDEHU
/DUHGXFFLyQ\UHXWLOL]DFLyQGHHQYDVHV\HPEDODMHVVRQFODYHVSDUDHYLWDUHO PiVDFHUFDGHODVYHQWDMDV
DPELHQWDOHVGHOSDSHOUHFLFODGR
GHVSHUGLFLR(QORV(VWDGRV8QLGRVGH$PpULFDSRUHMHPSORFDGDDxRVHGHVHFKDQ \GHODVEXHQDVSUiFWLFDVHQ
PLOORQHVGHWRQHODGDVGHHPEDODMHV3HURDOJXQDVFRPSDxtDVHVWiQFDPELDQGR UHODFLyQFRQHOXVRGHOSDSHO
VXHQIRTXHUHVSHFWRDHVWRVHQYDVHVFRQWDPLQDQWHV SXHGHVPLUDUZZZUHFLFODSDSHO
RUJZZZZDVWHZDWFKRUJXN
ZZZUHF\FOHQHW3DUDFRQVXOWDU
XQJORVDULRVREUHPDWHULDOHV
UHFLFODGRV\UHFLFODEOHVZZZ
JUQFRPJUQOLEUDU\JORVV
ZZZUHF\FOHGSURGXFWVRUJ

- 3DVRDSDVR

XNEX\UHF\FOHGJORVVDU\KWP
(QHVSDxROVHSXHGHFRQVXOWDU
KWWSUHGFLFODFRPZZZ
eVWDVVRQDOJXQDVIRUPDVVHQFLOODVGHUHGXFLUODFDQWLGDGGHUHVLGXRVTXHSURGXFLPRVHQ UHFLFODSDSHORUJKWWSZDVWH
QXHVWUDYLGDGLDULD5HFXHUGDODV³HUUHV´5¶V LGHDOHVSULPHUDUHFLFODMHKWP

)5HFKD]DORVHPEDODMHVLQQHFHVDULRV\IRPHQWDHOXVRGHORVSURGXFWRVQR 
 VREUHHQYDVDGRV
)5HWRUQDODVERWHOODV\HQYDVHVUHOOHQDEOHVVLHPSUHTXHSXHGDVFRPSUDERWHOODV  3+,/,36'(6,*1SRU
 UHWRUQDEOHVVLHPSUHTXHVHDSRVLEOH
HMHPSORFUHyXQSURJUDPDJOREDO
)5HXWLOL]D\UHOOHQDWDQWRFRPRSXHGDV$UWtFXORVFRPRVREUHVERWHOODV\EROVDV GHGLVHxRSDUDPiVGH
GHSOiVWLFRSXHGHQUHXWLOL]DUVH/OHYDODURSDTXH\DQRXVHVDXQFHQWURGH SURGXFWRVTXHFRQVWLWX\HURQOD 
EHQH¿FHQFLDQRVRORHVWDUiVUHFLFODQGRVLQRTXHDOJXLHQPiVDSUHFLDUi\VH FDUWHUDGH3+,/,36&21680(5
EHQH¿FLDUiFRQWXVSUHQGDV (/&7521,&6ZZZGHVLJQSKLOLSV
FRPSRUWIROLRFDVHVWXGLHVSDFPDQ
)5HSDUDODVFRVDVHQOXJDUGHGHVHFKDUODV
)5HFLFODHOSDSHO\HOFDUWyQORVUHVLGXRVGHHQYDVHVODWDVSOiVWLFRV\HQYDVHV
WLSREULN\ODVERWHOODVFRODERUDQGRFRQHOPRGHORGHUHFRJLGDVHOHFWLYDORFDO
(ODERUDFRPSRVWFRQORVUHVLGXRVRUJiQLFRVGRPpVWLFRV

7HQHQFXHQWD
/RVSURGXFWRVTXHVH
SUHVHQWDQFRPRUHFLFODEOHV
QRVLHPSUHVRQSURGXFLGRV
FRQPDWHULDOHVUHFLFODGRV
/DUHVSRQVDELOLGDGGH
VHSDUDUVHOHFWLYDPHQWH
\XWLOL]DUORVVLVWHPDVGH
UHFRJLGDVHOHFWLYDGHORV
UHVLGXRVUHFDHGLUHFWDPHQWH
HQHOFRQVXPLGRUSRU
ORTXHVHUiWXRSFLyQ
SHUVRQDOODTXHGHWHUPLQH
ODUHFLFODELOLGDGGHPXFKRV
SURGXFWRV
3RUHVWHPRWLYR
\ R X W K ; F K D Q J H
3OiVWLFRHWLTXHWDVGHUHFLFODMH
&RQXQSRFRGHFXLGDGRODPD\RUSDUWHGHOSOiVWLFRSXHGHUHFLFODUVH$GHPiVOD
UHFROHFFLyQGHSOiVWLFRVSDUDVXUHFLFODMHHVWiDXPHQWDQGRFRQUDSLGH]6LQHPEDUJRHO
UHFLFODMHGHSOiVWLFRVWLHQHXQVHULRSUREOHPDSDUDTXHSXHGDUHDOL]DUVHORVGLIHUHQWHV
WLSRVGHSOiVWLFRQRVHGHEHQPH]FODUSHURHVFDVLLPSRVLEOHGLIHUHQFLDUORVDVLPSOHYLVWDR
SRUHOWDFWR,QFOXVRXQDSHTXHxDFDQWLGDGGHXQSOiVWLFRHUUyQHRSXHGHDUUXLQDUHOIXQGLGR
/DLQGXVWULDGHOSOiVWLFRKDUHVSRQGLGRDHVWHSUREOHPDGHVDUUROODQGRXQDVHULHGHFyGLJRV
GHFRORUHVTXHSRUORUHJXODUVHSXHGHQYHUHQODEDVHGHORVUHFLSLHQWHVGHSOiVWLFR
/RVWLSRV\JHQHUDOPHQWHVHUHFLFODQ(OWLSRVHUHFLFODPHQRV/RVRWURVWLSRV
QRUPDOPHQWHQRVHUHFLFODQWDOYH]FRQODH[FHSFLyQGHSHTXHxRVSURJUDPDVGHSUXHED
(Q(VSDxDHVWDVLWXDFLyQHVDOJRGLIHUHQWHSXHVHQODDFWXDOLGDGQRH[LVWHQFyGLJRVGH
FRORUHVSRUORWDQWRODVLWXDFLyQGHOUHFLFODMHGHUHVLGXRVSOiVWLFRVHVODVLJXLHQWH
UHFXHUGD 3ROLHWLOHQWHUHIWDODWR3(76HSXHGHUHFLFODUHQIRUPDGH¿EUDSDUDODIDEULFDFLyQGHVDFRV
GHGRUPLU\URSDGHDEULJRSDUDWDEODVDLVODQWHVPRTXHWDVSLH]DVGHDXWRPyYLOHVHWF
/DOHJLVODFLyQHVSDxROD
3ROLFORUXURGHYLQLOR39&6HSXHGHUHFLFODUSDUDIDEULFDUFRUWLQDVGHGXFKDDOIRPEUDV
QRREOLJDDLQWURGXFLUORV
SDYLPHQWRVHWF
VtPERORVGHUHFLFODMHHQORV
SOiVWLFRV(OTXHQROOHYH 3ROLHWLOHQRGHDOWDGHQVLGDG3($'6HVXHOHUHFLFODUHQIRUPDGHJUDQ]DFRQODTXHVH
SXHGHQIDEULFDUWXEHUtDVEROVDV\MXJXHWHV
HVWDHWLTXHWDQRTXLHUH
GHFLUTXHQRVHSXHGD 3OiVWLFRVPH]FODGRV3DUDIDEULFDUPRELOLDULRGHMDUGtQFRPREDQFRVYDOODVHWF3DUD
UHFLFODU
(OSXQWRYHUGHQRVXSRQH
TXHHOSURGXFWRTXHOOHYD
HVWDHWLTXHWDWLHQHXQDV
FDUDFWHUtVWLFDVDPELHQWDOHV
IDEULFDUPDWHULDODLVODQWH\DEVRUEHQWHGHYLEUDFLRQHVPDWHULDOHV\DLVODPLHQWRVVtVPLFRV
DVtFRPRPDWHULDOGHHPEDODMH\SURWHFFLyQ
%XVFDHOORJRWLSRGHUHFLFODMH&RPRFRPSUDGRUSXHGHVXVDUWXSRGHUGHFRPSUD
SDUDKDFHUTXHODVFRVDVVHDQGLIHUHQWHV7HQFXLGDGRODVHWLTXHWDVGHDOJXQRV
GHWHUPLQDGDVQRWLHQH SURGXFWRVVyORLQGLFDQTXHXQDSDUWHGHVXFRQWHQLGRItMDWHHQHOSRUFHQWDMH
SRUTXpVHUXQSURGXFWR HVUHFLFODGR\RWURVWHLQIRUPDQGHTXHORVFRPSRQHQWHVGHOSURGXFWRSXHGHQ
UHFLFODGRVLQRTXHHO
IDEULFDQWHSDJDODFXRWD
UHFLFODUVHFRQIDFLOLGDG
DOVLVWHPDLQWHJUDGRGH
JHVWLyQGHORVUHVLGXRV /DVSRVLELOLGDGHVGHOUHFLFODMH
GHHQYDVHVTXHRSHUDHQ
(VSDxD(FRHPEDODMHV (OUHFLFODMHGHUHVLGXRVHVXQDGHODVDFWLYLGDGHVTXHUHDOL]DHO*UXSR$OWHUQDWLYR
$ODQGDOX]HQ(FXDGRU/RVGHVHFKRVRUJiQLFRVVRQWUDQVIRUPDGRVHQDERQRSDUDHOXVR
(VSDxD6$
(OWULiQJXORGHPRHELXVVH
UHODFLRQDFRQHOUHFLFODMH
 HQDOJXQRVFDVRVVLQ
QLQJ~QWLSRGHFRQWURO
([LVWHQHWLTXHWDV\
FHUWL¿FDGRVDPELHQWDOHV
TXHGHWHUPLQDQFRQPD\RU
SUHFLVLyQODVFDUDFWHUtVWLFDV
DPELHQWDOHVGHORV
SURGXFWRVGHFRQVXPR
GHORVKXHUWRVELROyJLFRV/RVLQRUJiQLFRVVRQFODVL¿FDGRV\SDUWHGHHOORVVHYHQGHQD
HPSUHVDVUHFLFODGRUDVGH*XD\DTXLO6HGHVDUUROOyWDPELpQXQVLVWHPDLQWHJUDOGHPDQHMR
GHGHVHFKRVFRQODLQVWDODFLyQGHXQSDWLRGHUHFLFODMH,QVSLUDGDVHQHVWDLQLFLDWLYD
PiVGHFRPXQLGDGHVGHOQRUWHGH*XD\DV\GHOVXUGH0DQDEt(FXDGRUFXHQWDQ
FRQSURJUDPDVGHVHSDUDFLyQGHGHVHFKRV\FODVL¿FDFLyQSDUDVXSRVWHULRUYHQWD0iV
LQIRUPDFLyQKWWSZZZDODQGDOX]FRP
(OSUR\HFWR7UDJDPRYLOVXUJHHQHODxRGHODLQLFLDWLYDGHOD$VRFLDFLyQ0XOWLVHFWRULDO
GH(PSUHVDV(VSDxRODVGH(OHFWUyQLFD\&RPXQLFDFLRQHVFRQHOREMHWRGHLPSODQWDUOD
UHFRJLGDVHOHFWLYDGHORVWHOpIRQRVPyYLOHVSDUDVXSRVWHULRUUHFLFODGRHQHOFRQMXQWRGHO
(VWDGRHVSDxRO6HHVWLPDTXHHVHDxRGHORVPLOORQHVGHPyYLOHVKDEtDDOUHGHGRUGH
PLOORQHVTXHQRHVWDEDQHQXVR\VHGHVFRQRFtDVXGHVWLQR
0iVLQIRUPDFLyQZZZWUDJDPRYLOFRP
 \ R X W K ; F K D Q J H

2SWLPL]D
HQHUJtDV
´(VUHVSRQVDELOLGDGGHFDGD
XQRGHQRVRWURVKDFHUORTXH
SRGDPRVVLQLPSRUWDUFXiQ
SHTXHxRVHD1RSRUTXHHODSDJDU
ODOX]DOVDOLUGHXQDKDELWDFLyQ
SDUHFHQRWHQHUFRQVHFXHQFLDV
VLJQLÀFDTXHQRGHEDPRV
KDFHUORµ

>(O;,9'DODL/DPD
OtGHUUHOLJLRVR@

3DUDHOFRQVXPLGRUSUHRFXSDGRSRUHODPELHQWHEXVFDUSURGXFWRVHODERUDGRV
FRQPDWHULDOHVUHFLFODGRVVHKDFRQYHUWLGRHQSDUWHLQWHJUDOGHVXVFRPSUDV3RU
HMHPSORSXHGHVHQFRQWUDUXQDDPSOLDJDPDGHSURGXFWRVTXHLQFOX\HQURSD
PXHEOHV\MXJXHWHVWRGRVHODERUDGRVFRQSDSHOUHFLFODGR

'XUDQWHVLJORVODKXPDQLGDGKDXWLOL]DGRORVUHFXUVRVGHOD7LHUUDFRPRVLIXHUDQ
LQDJRWDEOHV(OXVRJOREDOGHHQHUJtDVHKDLQFUHPHQWDGRFDVLHQXQGXUDQWH
ORV~OWLPRVDxRV<SHRUD~QVHSURQRVWLFDTXHHVWHFRQVXPRDXPHQWDUiHQXQ
FDGDDxRGXUDQWHORVSUy[LPRVDxRV  :25/'5(6285&(6,167,787(
ZZZZULRUJZULWUHQGVLQGH[

/DFDQWLGDGGHSHWUyOHRTXHVHFRQVXPHHQHOPXQGRHQXQVRORDxROHOOHYyDOD  ,ELG&OD\WRQRSFLWS
QDWXUDOH]DXQPLOOyQGHDxRVHOSURGXFLUOR6HFDOFXODTXHODVUHVHUYDVGHSHWUyOHR  ZZZIXHOFHOOSDUNFRP
SRGUtDQDJRWDUVHGHQWURGHDxRV1XHVWUDVIXHQWHVGHHQHUJtDWUDGLFLRQDOHV
±FDUEyQ\SHWUyOHR±VRQFRPEXVWLEOHVIyVLOHV5HFLEHQHVHQRPEUHGHELGRD
TXHVHIRUPDURQDWUDYpVGHPLOORQHVGHDxRVDSDUWLUGHORVUHVWRVIRVLOL]DGRVGH
DQLPDOHV\SODQWDVPXHUWRV

(Q0p[LFROD&RPLVLyQ1DFLRQDOSDUDHO$KRUURGH(QHUJtD&21$(RIUHFHDVLVWHQFLDWpFQLFDHQ

PDWHULDGHDKRUUR\XVRH¿FLHQWHGHODHQHUJtD\GHDSURYHFKDPLHQWRGHHQHUJtDVUHQRYDEOHV
DOD$GPLQLVWUDFLyQ3~EOLFD)HGHUDODORVJRELHUQRVGHODVHQWLGDGHVIHGHUDWLYDVPXQLFLSLRV\
SDUWLFXODUHV
0p[LFRHVWi¿UPHPHQWHFRPSURPHWLGRFRQHODKRUUR\XVRH¿FLHQWHGHODHQHUJtD/DVDXWRULGDGHV 
TXHJHVWLRQDQODHQHUJtDKDQHVWDEOHFLGRFRPRPHWDORJUDUHQHOSHULRGRXQDKRUUR
HTXLYDOHQWHDOGHOFRQVXPRWRWDO¿QDO
/RVUHVXOWDGRVREWHQLGRVKDVWDODIHFKDVRQHVSHUDQ]DGRUHV(O3URJUDPDGH$KRUURGH(QHUJtD
HQ,QPXHEOHVGHOD$GPLQLVWUDFLyQ3~EOLFD)HGHUDOKDFRQVHJXLGRDKRUUDUGXUDQWHORVWUHVDxRV
GHDSOLFDFLyQPLOORQHVGHNZKXQRVPLOORQHVGHGyODUHV
/DSiJLQDZHEGHOD&21$(RIUHFHDOS~EOLFRUHFRPHQGDFLRQHV\FRQVHMRVSDUDDKRUUDUHQHUJtD
\FXLGDUHOPHGLRDPELHQWH7DPELpQLQIRUPDGHORVUHVXOWDGRVTXHHQPDWHULDGHDKRUUR
HQHUJpWLFRVHFRQVLJXHQHQHOSDtVZZZFRQDHJREP[ZEGLVWULEXLGRUMVS"VHFFLRQ 
 \ R X W K ; F K D Q J H

*UHHQ/LJKWHV
XQSURJUDPD
YROXQWDULR
TXHHPSH]y
HQIHEUHURGH
HQHO
FXDO
RUJDQL]DFLRQHV
S~EOLFDV\SULYDGDVVH
FRPSURPHWHQFRQOD&RPLVLyQ
(XURSHDSDUDPHMRUDUVX
VLVWHPDGHLOXPLQDFLyQ\
GLVHxDUQXHYDVLQVWDODFLRQHV
/RVREMHWLYRVGH*UHHQ/LJKW
VRQ
 5HGXFLUHQWRGD(XURSD
ODHQHUJtDTXHVHFRQVXPH
SDUDLOXPLQDFLyQ
 0LQLPL]DUOD (OXVRH[FHVLYRGHHVWRVFRPEXVWLEOHVKDJHQHUDGRHOHYDGRVQLYHOHVGH
FRQWDPLQDFLyQ\HO
FDOHQWDPLHQWRJOREDO
FRQWDPLQDFLyQODTXHPDGHFRPEXVWLEOHVIyVLOHVOLEHUD&2DODDWPyVIHUDORFXDO
 0HMRUDUODFDOLGDGGHODV FUHDODVFRQGLFLRQHVSDUDHOFDOHQWDPLHQWRJOREDO±YHUHOVLJXLHQWHFDStWXOR±\OD
FRQGLFLRQHVGHWUDEDMR\
DOPLVPRWLHPSR£DKRUUDU
GLQHUR
0iVLQIRUPDFLyQHQZZZ
HXJUHHQOLJKWRUJ
3XHGHVHQFRQWUDUPiV
LQIRUPDFLyQHQKWWSUUHGF
QUHOJRYWLGELWVZZZVRODUGRPH
FRPZZZVRODUQRZRUJ
JORVVDU\KWWSVROVWLFHFUHVW
RUJVXVWDLQDEOHLQGH[ZZZ
HUHQGRHJRYZZZJUHHQSHDFH
RUJHVSDQDBHVFDPSDLJQV
LQWUR"FDPSDLJQBLG 
ZZZZZIHVFDPELRBHQHUJLDSKS

OOXYLDiFLGD'HEHPRVUHGXFLUQXHVWUDGHSHQGHQFLDGHORVUHFXUVRVQDWXUDOHVQR
UHQRYDEOHV1HFHVLWDPRVIXHQWHVGHHQHUJtDDOWHUQDWLYDV\UHQRYDEOHVDKRUD
'HVDIRUWXQDGDPHQWHODVHQHUJtDVHyOLFDVRODUJHRWpUPLFDGHELRPDVD
KLGURHOpFWULFDD~QQRVRQDPSOLDPHQWHXWLOL]DGDV¢3RUTXp"/DVSROtWLFDV
HQHUJpWLFDVGHORVJRELHUQRVIDYRUHFHQODVIXHQWHVWUDGLFLRQDOHVGHHQHUJtD([LVWH
XQDIDOWDGHLQYHUVLyQGHFDSLWDOGHIRQGRVSDUDLQYHVWLJDFLyQ\FDPSDxDVGH
FRQFLHQFLDFLyQVREUHODVIXHQWHVDOWHUQDWLYDV1RREVWDQWHHVSHUDPRVTXHHVWR
FDPELHHQHOIXWXURSUy[LPRDPHGLGDTXHHVWDVWHFQRORJtDVGHSURGXFFLyQGH
HQHUJtDVPiVOLPSLDVVHGLIXQGDQ\DXPHQWHQVXH¿FLHQFLD
(OHFWUD1RUWHIXHFRQVWLWXLGDHQHODxRDSDUWLUGH(OHFWUDGH&DUED\tQXQJUXSR
HPSUHVDULDODVWXULDQRGHSURSLHGDGIDPLOLDUTXHHVWRWDOPHQWHLQGHSHQGLHQWHGHODV
JUDQGHVFRPSDxtDVHOpFWULFDV(VWDHPSUHVDKDVLGRODSULPHUDTXHSURGXFH\FRPHUFLDOL]D
H[FOXVLYDPHQWHHQHUJtDVUHQRYDEOHVHQHO(VWDGRHVSDxRO
)XHODSULPHUDHPSUHVDTXHFRQHFWyDODUHGGHGLVWULEXFLyQXQDSODQWDIRWRYROWDLFDHQ$VWXULDV
7DPELpQKDQSXHVWRHQPDUFKDXQSURJUDPDSLRQHURGH¿QDQFLDFLyQGHFHQWUDOHVIRWRYROWDLFDVD
WUDYpVGHODIyUPXODGH³FXHQWDVHQSDUWLFLSDFLyQ´\DSR\DQODLQVWDODFLyQGHSDUTXHV\SUR\HFWRV
HyOLFRVDWUDYpVGHVRFLHGDGHVSDUWLFLSDGDV
ZZZHOHFWUDQRUWHHVFDVWHOODQRLQGH[SKS

(QODV,VODV*DOiSDJRV5HS~EOLFDGHO(FXDGRUHOVHUYLFLRHOpFWULFRVHEDVDHQJUXSRVHOHFWUyJHQRV

TXHIXQFLRQDQFRQPiVGHPLOORQHVGHOLWURVGHFRPEXVWLEOHVIyVLOHV)ORUHDQDODLVODKDELWDGDPiV
SHTXHxDGHODUFKLSLpODJRKDVROXFLRQDGRHVWDQHFHVLGDGSRQLHQGRHQPDUFKDODSULPHUDPLFURUUHG
HOpFWULFDFRQJHQHUDFLyQVRODUGH/DWLQRDPpULFD(OSUR\HFWRKDSHUPLWLGRGRWDUDODLVODGHOVHUYLFLR
FRQWLQXDGRGHHQHUJtDHOpFWULFDSURYHQLHQWHGHIXHQWHVUHQRYDEOHV0iVLQIRUPDFLyQZZZVHEDHV
KWWSZZZPHQHUJLDJRYHFSKSSUR\BJDODSDJRVB(/(&7SKS
 \ R X W K ; F K D Q J H

(QHUJ\
6WDU
LQWURGXFLGR
SRUOD
$JHQFLD
GH3URWHFFLyQ$PELHQWDO
GH(VWDGRV8QLGRVGH
$PpULFD(3$HQHV
/DHQHUJtDHVHVHQFLDOHQFDVLWRGDVQXHVWUDVDFWLYLGDGHVLQFOX\HQGRFRFLQDU XQSURJUDPDGHHWLTXHWDGR
QXHVWURVDOLPHQWRVFDOHQWDUQXHVWUDVFDVDVRSURSRUFLRQDUIXHU]DPRWUL]SDUDODV YROXQWDULRGLVHxDGRSDUD
LGHQWL¿FDU\SURPRYHUORV
LQGXVWULDV6LQHPEDUJRODXWLOL]DFLyQODJHQHUDFLyQ\HOGHVSHUGLFLRGHODHQHUJtD SURGXFWRVGHXVRH¿FLHQWH
GHOSODQHWDWLHQHVXVFRQVHFXHQFLDV'HVSXpVGHORVDXWRPyYLOHVODSURGXFFLyQGH GHHQHUJtDFRQHO¿QGH
HQHUJtDHOpFWULFDHVODPD\RUIXHQWHGHFRQWDPLQDFLyQHQOD7LHUUD UHGXFLUODVHPLVLRQHVGH&2
(QHUJ\6WDUVHKDH[WHQGLGR
SDUDDSOLFDUVHDQXHYDV
(ODKRUURGHHQHUJtDHVXQWHPDTXHGHPDQGDVROXFLRQHVLQGLYLGXDOHV\JOREDOHV HGL¿FDFLRQHVDODPD\RU
SDUWHGHORVVHFWRUHVGHOD
+D\XQJUDQQ~PHURGHDFFLRQHVTXHSRGHPRVUHDOL]DUFDGDGtDSDUDGLVPLQXLUHO FRQVWUXFFLyQHTXLSDPLHQWRV
XVRGHHQHUJtD5HFXHUGDTXHHODKRUURGHHQHUJtD£HVDKRUURGHGLQHUR GHFDOHIDFFLyQ\DLUH
DFRQGLFLRQDGRUHVLGHQFLDO
ORVSULQFLSDOHVDSDUDWRV
/DFDOHIDFFLyQGHODPELHQWH\HODJXDVXPDQHOGHOUHFLERGRPpVWLFRGH HOHFWURGRPpVWLFRVHTXLSRV
FRPEXVWLEOH(ODXPHQWRHQHOSUHFLRGHODHOHFWULFLGDGQRVGHEHUtDKDFHUPiV GHR¿FLQDLOXPLQDFLyQ
DSDUDWRVHOHFWUyQLFRVHWF
FRQVFLHQWHVGHODFRQYHQLHQFLDGHODKRUUR (QHUJ\6WDUKDVLGR
DGRSWDGDUHFLHQWHPHQWH
SRUOD&RPLVLyQ(XURSHD

- 3DVRDSDVR
FRQYLUWLpQGRODHQXQD
HWLTXHWDGHH¿FLHQFLD

HQHUJpWLFDJOREDO
$OJXQRVHMHPSORVGHFyPRDKRUUDUHQHUJtDHQHOKRJDU 0iVLQIRUPDFLyQHQZZZ
) £$SiJDOR8QWHOHYLVRUHQ³SXQWRPXHUWR´VWDQGE\JDVWDXQDFXDUWDSDUWHGHOD HQHUJ\VWDUJRY
HQHUJtDTXHXWLOL]DDOHVWDUHQFHQGLGR3XHGHVKDFHUORPLVPRFRQRWURVPXFKRVSHTXHxRV
HOHFWURGRPpVWLFRV
)  &RPSUDERPELOODVHILFLHQWHVHQHUJpWLFDPHQWH\FRPSDFWRVIOXRUHVFHQWHV$SDJDODVOXFHVHQ
ODVKDELWDFLRQHVYDFtDV
)  %DMDODFDOHIDFFLyQDOJXQRVJUDGRV6LWLHQHVIUtRSRQWHPiVURSDHQOXJDUGHVXELUOD 
FDOHIDFFLyQFHQWUDO
)  1RXWLOLFHVPiVDJXDFDOLHQWHGHODTXHQHFHVLWDV\XVDODGXFKDPHMRUTXHODEDxHUD
) 8WLOL]DDSDUDWRVHOpFWULFRVTXHVHFRQHFWHQDODUHGGHHOHFWULFLGDG/DVEDWHUtDV\SLODV
FRQVXPLGDVVRQDOWDPHQWHFRQWDPLQDQWHV6LQHFHVLWDVXVDUSLODVDVHJ~UDWHGHTXHVHDQ
UHFDUJDEOHV
)  3URFXUDTXHSXHUWDV\YHQWDQDVQRGHMHQSDVDUFRUULHQWHVGHDLUH\FLHUUHQKHUPpWLFDPHQWH
)  6XVWLWX\HORVDSDUDWRVHOHFWURGRPpVWLFRVYLHMRVSRURWURVTXHKDJDQXQXVRPiVHILFLHQWHGH
ODHQHUJtD
 \ R X W K ; F K D Q J H

3URQRVWLFD
HOWLHPSR
´$TXpOORVTXHD~QDÀUPDQ
TXHHOFDOHQWDPLHQWRJOREDO
QRVHRFDVLRQDSRUHOHIHFWR
LQYHUQDGHURUHVXOWDGRGHOD
DFWLYLGDGKXPDQDHVWiQXQSRFR
FRPRODJHQWHTXHD~QSLHQVD
TXHOD7LHUUDHVSODQDµ

>*HUKDUG%HU]
FLHQWtÀFR@

/RVJDVHVGHHIHFWRLQYHUQDGHUR
VHGHQRPLQDQDVtGHELGRD
TXHIRUPDQXQDFDSDDLVODQWH
DOUHGHGRUGHOD7LHUUDFRPRHO
YLGULRHQXQLQYHUQDGHURTXH
DWUDSDHOFDORUGHORVUD\RV
VRODUHV,QYHVWLJDPiVHQHO
3DQHO,QWHUJXEHUQDPHQWDOVREUH
HO&DPELR&OLPiWLFR,3&&
2UJDQL]DFLyQ0HWHRUROyJLFD
0XQGLDO\81(3ZZZLSFFFK
KWWSXQIFFFLQWHVLQGH[KWPO
ZZZJULGDQRFOLPDWHZZZ
JOREDOFKDQJHRUJZZZFRRO
FRPSDQLHVRUJ
(QHVSDxROSXHGHVFRQVXOWDU
ZZZHFRWURSLDFRPWHPDVKWP
ZZZJUHHQSHDFHRUJHVSDQDBHV
FDPSDLJQVLQWUR"FDPSDLJQB
LG HQODSiJLQDHQ
HVSDxROGHOD6HFUHWDUtDSDUD
HO&DPELR&OLPiWLFRSXHGHV
FRQVXOWDUXQGRFXPHQWRTXH
UHVXPHGHPDQHUDVHQFLOOD
\FRPSOHWDORVDVSHFWRVPiV
LPSRUWDQWHVGHOFDPELRFOLPiWLFR
\GHO3URWRFRORGH.\RWRKWWS
XQIFFFLQWUHVRXUFHEHJLQQHUBB
VSSGI
(OGDxRDODDWPyVIHUDGHOD7LHUUD\DOFOLPDQRVSDUHFHXQSUREOHPDWDQHQRUPH
TXHQXHVWUDUHDFFLyQLQLFLDOHVSUHJXQWDU¢TXpSXHGHKDFHUXQDSHUVRQD"3HURD
SHVDUGHWRGRVHQHFHVLWDXQFDPELRFRQXUJHQFLD(OFDOHQWDPLHQWRJOREDO\OD
UHGXFFLyQGHODFDSDGHR]RQRVRQGRVSUREOHPDVGLIHUHQWHV(VWiQYLQFXODGRV
HQWUHVtSRUTXHORVGRVVHUHODFLRQDQFRQODFDOLGDGGHQXHVWUDDWPyVIHUD\WLHQHQ
XQLPSDFWRGLUHFWRHQQXHVWUDVDOXG\HQODVDOXGGHWRGRHOSODQHWD6LQRVHKDFH
QDGDODVFRQVHFXHQFLDVSDUDOD7LHUUDVHUiQGHVDVWURVDV
&DOHQWDPLHQWRJOREDO'XUDQWHORV~OWLPRVDxRVODVWHPSHUDWXUDVJOREDOHV
SURPHGLRKDQDXPHQWDGRDOUHGHGRUGHPHGLRJUDGRFHQWtJUDGR/RVFLHQWt¿FRV
VRVWLHQHQTXHHOSODQHWDVHHVWiFDOHQWDQGRGHELGRDTXHORVVHUHVKXPDQRVFRQ
VXVPLOORQHVGHIiEULFDV\DXWRPyYLOHVHVWiQDUURMDQGRDODDWPyVIHUD³JDVHVGH
HIHFWRLQYHUQDGHUR´±GLy[LGRGHFDUERQRPHWDQRy[LGRQLWURVR\JDVHVÀXRUDGRV±
FRPRQXQFDDQWHVVHKDEtDKHFKR
/$&20,6,Ï1,17(5*8%(51$0(17$/62%5((/&$0%,2&/,0È7,&2,3&&SRU
VXVVLJODVHQLQJOpVKDHVWLPDGRTXHODVWHPSHUDWXUDVJOREDOHVSURPHGLRGHOD
VXSHU¿FLHGHOD7LHUUDVHLQFUHPHQWDUiQKDVWDƒ&KDFLD¿QDOHVGHHVWHVLJOR
VLQRVHSRQHHQPDUFKDDOJXQDDFFLyQ(VWHDXPHQWRGHWHPSHUDWXUDSRGUtD
 DFDUUHDUVHULDVFRQVHFXHQFLDVSDUDODKXPDQLGDG\RWUDVIRUPDVGHYLGD3RU
HMHPSORXQDHOHYDFLyQHQHOQLYHOGHORVPDUHVGHDSUR[LPDGDPHQWHFPTXH
LQXQGDUtD]RQDVFRVWHUDV\SHTXHxDVLVODVRXQDPD\RUIUHFXHQFLD\VHYHULGDGGH
IHQyPHQRVPHWHRUROyJLFRVH[WUHPRV(O3URWRFRORGH.\RWRHVXQFRPSURPLVRTXH
DGTXLULHURQORVSDtVHVLQGXVWULDOL]DGRVFRQH[FHSFLyQGHORV(VWDGRV8QLGRVGH
,QIRUPDFLyQPiVDPSOLDVREUH $PpULFDSDUDUHGXFLUHQHODxRODVHPLVLRQHVGH&2HQXQUHVSHFWRGHO
HO3URWRFRORGH.\RWRHQZZZ
XQIFFFLQWUHVRXUFHLXFNLWIDFW QLYHOGHODVTXHKDEtDHQ
 \ R X W K ; F K D Q J H

6LQHPEDUJRHVWDUHGXFFLyQHVVyORHOSULPHUSDVR3RGUtDPRVUHYHUWLUHOGDxR
RFDVLRQDGRSRUHOFDPELRFOLPiWLFRVLHPSUH\FXDQGRKDJDPRVHOHVIXHU]R
QHFHVDULRSDUDPRGL¿FDUODIRUPDDFWXDOGHFRQVXPLU\SURGXFLU/RVH[SHUWRV
RSLQDQTXHVHUiQHFHVDULDXQDGLVPLQXFLyQJOREDOGHHQODVHPLVLRQHVGH&2
DQWHVGHOSDUDSRGHUHYLWDUXQFDPELRFDWDVWUy¿FRHQHOFOLPD  'HDFXHUGRFRQHO,3&&
KDFHUHVWDFODVHGHUHGXFFLyQ
(ODJXMHURHQODFDSDGHR]RQR(OR]RQRHVXQJDVYHQHQRVRDQLYHOGHOVXHOR LQPHGLDWDHQODVHPLVLRQHVGH
3HURDXQDDOWXUDGHNLOyPHWURVXQD¿QDFDSDGHR]RQRURGHDHOSODQHWD\QRV &2HVLPSRVLEOHSHURLQGLFDHO
SURWHJHGHORVUD\RVVRODUHV(VWDFDSDHVFUXFLDOSDUDODYLGDHQOD7LHUUD$EVRUEH WLSRGHPHGLGDVGUiVWLFDVTXH
VHUHTXLHUHQSDUDSRQHUIUHQRDO
FDVLWRGDODOX]XOWUDYLROHWD89SURYHQLHQWHGHO6ROTXHRFDVLRQDFiQFHUHVHQ FDOHQWDPLHQWRJOREDO
ODSLHO\HQIHUPHGDGHVGHORVRMRV\SURYRFDGDxRVDSODQWDV\DQLPDOHV/RV
JDVHVTXHGHVWUX\HQODFDSDGHR]RQRSHUPDQHFHQDFWLYRV\KDFLHQGRGDxRHQOD
HVWUDWRVIHUDKDVWDDxRV
(QORVFLHQWt¿FRVHQFRQWUDURQXQDJXMHURHQODFDSDGHR]RQR(VWHDJXMHUR
VHHQFXHQWUDVREUHOD$QWiUWLGD\FUHFHFRQWLQXDPHQWH+DVWDDKRUDXQGH
ODFDSDGHR]RQRSURWHFWRUDVHKDGHVWUXLGR/RVFORURÀXRURFDUERQRV&)&VRQ  (VWDVVXVWDQFLDVVH
UHVSRQVDEOHVHQJUDQPHGLGDGHODGHVWUXFFLyQGHSDUWHGHODFDSDGHR]RQRTXH XWLOL]DURQSULPHURFRPROtTXLGR
³\DQRHVWi´ UHIULJHUDQWHHQORVIULJRUt¿FRV
\PiVWDUGHHQORVDSDUDWRV
/RVSDtVHVLQGXVWULDOL]DGRVKDQWRPDGRHODFXHUGRGHSRQHUIUHQRDOXVRGH GHDLUHDFRQGLFLRQDGR2WUR
VXVWDQFLDVTXtPLFDVTXHGHVWUX\HQODFDSDGHR]RQR\DVHDDWUDYpVGHVX XVRLPSRUWDQWHGHORV&)&HV
HQORVDHURVROHVFRPRDJHQWH
SURKLELFLyQRVXHOLPLQDFLyQJUDGXDO(QORVSDtVHVHQGHVDUUROORVLQHPEDUJRVH
SXOYHUL]DGRU0D\RULQIRUPDFLyQ
SHUPLWLUiVXXVRKDVWDHODxR HQ81(3',7((QHUJ\DQG
2]RQDFWLRQ8QLW
)UHQDQGRHOFDPELRFOLPiWLFR(OFDOHQWDPLHQWRJOREDOQRVHYDD (PDLOR]RQDFWLRQ#XQHSIU
GHWHQHUSRUVtVROR+DFHUFDGDYH]XQPHMRUXVRGHORVUHFXUVRVHQ ZZZXQHSWLHRUJR]RQDFWLRQ
ORVSURFHVRVGHSURGXFFLyQ\IDEULFDUSURGXFWRVPiVH¿FLHQWHVTXH
GHPDQGHQXQDPHQRUFDQWLGDGGHHQHUJtDWLHQHTXHFRQYHUWLUVHHQ
SDUWHGHODSUiFWLFDLQGXVWULDOKDELWXDO/DVHPSUHVDVMXHJDQXQSDSHO
IXQGDPHQWDODODKRUDGHFRPHUFLDOL]DU\SURPRYHUWHFQRORJtDVTXH
UHGX]FDQODVHPLVLRQHVGH&2
$OJXQRVHMHPSORVGHORTXHSXHGHQKDFHUODVHPSUHVDVHQHVWHFDPSR

/DHPSUHVDD]XFDUHUDFRORPELDQD,1&$8&$6$
EXVFDDXPHQWDUVXFDSDFLGDGGHJHQHUDFLyQGHHQHUJtDHOpFWULFD\VXVWLWXLUSDUFLDOPHQWHHOFDUEyQ
XWLOL]DGRHQVXVFDOGHUDVSRUUHVLGXRVGHODFRVHFKDGHFDxDGHD]~FDU&RQMXQWDPHQWHODVGRV
DFWLYLGDGHVSHUPLWLUiQUHGXFLUDQXDOPHQWHWRQHODGDVGHHPLVLRQHVGH&20iVLQIRUPDFLyQHQ
KWWSZZZFHFRGHVRUJFRFDPELRBFOLPDWLFROHJLVODFLRQ%ROHWLQ2&0&&1RPD\RSGI

&HPHQWRVGH(O6DOYDGRUKRUQRVERVTXHV\FDPELRFOLPiWLFR
0RGL¿FDQGRVXWHFQRORJtDGHSURGXFFLyQLQVWDODGDHQ&(66$KDGLVPLQXLGRHOFRQVXPRGH
HOHFWULFLGDGKDUHGXFLGRODVHPLVLRQHVGH&2\GHSDUWtFXODVGHy[LGRQLWURVR&RPRXQDSURORQJDFLyQ
GHODPLVPDLGHD&(66$WDPELpQHVWiUHIRUHVWDQGRXQSURPHGLRGHFXDWURKHFWiUHDVSRUDxR&DGD
KHFWiUHDGHERVTXHDEVRUEHFXDWURWRQHODGDVGHHPLVLRQHVGH&2 
&HUR&2LQLFLDWLYDSRUHOFXLGDGRGHOFOLPDHVXQSUR\HFWRTXHSUHWHQGHSURPRYHUODDFFLyQIUHQWH
DOFDPELRFOLPiWLFRGHVGHODVHPSUHVDVDGPLQLVWUDFLRQHVRUJDQL]DFLRQHVQROXFUDWLYDV\FLXGDGDQRV
HQ(VSDxD\$PpULFD/DWLQD6XHVWUDWHJLDHQJOREDWUHVDFFLRQHVFRQFUHWDVODFRQWDELOL]DFLyQGH
ODVHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHURDODDWPyVIHUDODUHGXFFLyQGHHPLVLRQHVDWUDYpVGH
PHMRUDVHQODH¿FLHQFLDHQHUJpWLFD\XWLOL]DFLyQGHHQHUJtDVUHQRYDEOHV\ODFRPSHQVDFLyQGHODV
HPLVLRQHVUHVWDQWHVDWUDYpVGHRWURVSUR\HFWRVGHUHGXFFLyQ\DEVRUFLyQGHHPLVLRQHVHQ$PpULFD
/DWLQD6LTXLHUHVVDEHUFXiQWRFRQWULEX\HVDOFDPELRFOLPiWLFR\FyPRSXHGHVDFWXDUYLVLWDZZZ
FHURFRRUJ

6LGHVHDVVDEHUPiVVREUHHVWRV
FRPSOHMRVWHPDVHPSLH]DSRU
QDYHJDUHQ
ZZZVDIHFOLPDWHQHWZZZ
FOLPDWHYRLFHRUJZZZLLVGRUJ
\RXWKLQWHUQHWFDIH
(QHVSDxROSXHGHVFRQVXOWDU
ZZZPPDHVRHFFFFHVSDQD
KWPKWWSXQIFFFLQWHVLQGH[
KWPOZZZJUHHQIDFWVRUJHV
LQGH[KWP
3RUHMHPSORODPXOWLQDFLRQDOGHO
FDO]DGRGHSRUWLYR1,.(HVXQDGH
FXDWURFRPSDxtDVTXHVHKDQXQLGR
DO::)¶6&/,0$7(6$9(56352
*5$0XQDLQLFLDWLYDYROXQWDULDSDUD
UHGXFLUODVHPLVLRQHVGHJDVHVGH
HIHFWRLQYHUQDGHURZZZQLNHEL]
FRPZZZSDQGDRUJFOLPDWH
VDYHUV
(O&RQVHMR0XQGLDOGH
 (PSUHVDVSDUDHO'HVDUUROOR
6RVWHQLEOHDQDOL]DORVYtQFXORV
HQWUHHOFDPELRFOLPiWLFRODV
HPSUHVDV\RWURVDJHQWHV
\ R X W K ; F K D Q J H
1XQFDHVGHPDVLDGRWDUGHSDUDDFWXDU/DFDSDGHR]RQRVHUHFXSHUDUiVLWRGRV
XWLOL]DPRVPHQRVVXVWDQFLDVTXHODGHVWUX\HQ$~QDVtDXQTXHWRGDVHVWDV
VXVWDQFLDVVHSURKLELHUDQPDxDQDWRGDYtDVHQHFHVLWDUtDQDxRVSDUDTXHOD
FDSDGHR]RQRVHUHJHQHUDUD
'XUDQWHPXFKRWLHPSRODDSDUHQWHGLVSRQLELOLGDGGHFRPEXVWLEOHVIyVLOHVKL]R
TXHQRVHFRQVLGHUDUDQRSFLRQHVDOWHUQDWLYDVPiVOLPSLDV(OUHVXOWDGRHVTXHD~Q
GHSHQGHPRVHQJUDQPHGLGDGHODVIXHQWHVWUDGLFLRQDOHVGHHQHUJtD\HVWDPRV
VXIULHQGRODVFRQVHFXHQFLDVHQQXHVWUDVDOXG\ODGHOSODQHWD'HEHPRVLQYHUWLU
PiVWLHPSRGLQHUR\³HQHUJtDKXPDQD´SDUDKDFHUGHODVIXHQWHVUHQRYDEOHV
GHHQHUJtDXQDDOWHUQDWLYDYLDEOHDORVFRPEXVWLEOHVIyVLOHV/RVFRQVXPLGRUHV
UHVSRQVDEOHVMXJDPRVXQSDSHOFODYHDWUDYpVGHQXHVWUDVDFFLRQHVSRVLWLYDV£HO
³FOXEGHVHJXLGRUHVGHODVRVWHQLELOLGDG´FUHFHUi/DVSRGHURVDVPXOWLQDFLRQDOHV
VHYHUiQHQGL¿FXOWDGHVSDUDFRQWLQXDUWHQLHQGRp[LWRVLLJQRUDQQXHVWUDV
SUHRFXSDFLRQHV
- 3DVRDSDVR

3RQWXJUDQLWRGHDUHQDSDUDFRQWURODUHOFDPELRFOLPiWLFR\HOGHWHULRURGHODFDSDGH
R]RQR
)1RXWLOLFHVDHURVROHV$XQTXH\DQRFRQWLHQHQ&)&VtFRQWLHQHQRWUDVVXVWDQFLDV
TXtPLFDVFRQWDPLQDQWHVTXHQRVHSXHGHQUHFLFODU
)$VHJ~UDWHGHTXHWXQXHYRIULJRUt¿FRFRQWHQJDQLYHOHVUHGXFLGRVGH&)&RPHMRU
D~QQDGD(QOD8QLyQ(XURSHDORV&)&HVWiQSURKLELGRVGHVGH1RWLUHV
VWDNHKROGHUV WXIULJRUt¿FRYLHMR/ODPDDOIDEULFDQWH\SLGHTXHOHUHWLUHQORV&)&£(VWRVJDVHV
ZZZZEFVGFKZZZPPD SXHGHQ\GHEHQUHFLFODUVH
HVRHFFFFHVSDQDKWPKWWS )5HGXFHHOXVRGHWXFRFKHRYHKtFXORPRWRUL]DGR/RVDXWRPyYLOHVVRQODIXHQWH
XQIFFFLQWHVLQGH[KWPOZZZ LQGLYLGXDOPiVJUDQGHGHHPLVLRQHVGH&2\SURGXFHQRWURVJDVHVHIHFWRGHLQYHUQDGHUR
JUHHQIDFWVRUJHVLQGH[KWP
 \ R X W K ; F K D Q J H

/DEHEHPRVFRQHOODODYDPRVQXHVWURVFXHUSRVORVSODWRVQXHVWUDURSDQXHVWUDV
FDVDV\QXHVWURVFRFKHV(OFXHUSRKXPDQRHVWiFRQVWLWXLGRSULQFLSDOPHQWHGH $KRUUD
DJXD/RVFXOWLYRVGHDOLPHQWRVQRFUHFHUtDQVLQHOODGHKHFKRHVYLWDOSDUDOD
VXSHUYLYHQFLDGHWRGRVORVRUJDQLVPRVYLYRV6HSXHGHSDVDUVLQDOLPHQWRFDVL HODJXD
PHVSHURVyORGHDGtDVVLQDJXD
DVHJXUD
(OGHODJXDGHOD7LHUUDHVDJXDGHORVRFpDQRVQRXWLOL]DEOHSRUHOVHU
KXPDQR0HQRVGHOGHODJXDGHOPXQGRHVWiGLVSRQLEOHSDUDEHEHUOD\RWURV HODJXD
XVRVFRPRODDJULFXOWXUD\ODLQGXVWULD(VWHDEDVWHFLPLHQWRSURYLHQHGHORVUtRV
SUHVDVDFXtIHURV\IXHQWHVVXEWHUUiQHDV ´8QDJUDQFDQWLGDGGHJXHUUDV
HQHVWHVLJORVHRULJLQDURQSRU
(QWRGRHOPXQGRHOFRQVXPRGHDJXDHVWiDXPHQWDQGR/DGLVSRQLELOLGDGGHDOJR HOSHWUyOHRSHURODVGHOSUy[LPR
WDQEiVLFR\IXQGDPHQWDOFRPRHODJXDSXHGHFRQYHUWLUVHHQXQRGHORVSUREOHPDV VLJORVHUiQSRUHODJXDµ
PiVXUJHQWHV\GHVHVWDELOL]DGRUHVHQORVSUy[LPRVDxRV >,VPDLO6HUDJHOJLQ
%DQFR0XQGLDO@
'HDFXHUGRFRQHODFWXDODXPHQWRGHODGHPDQGDHODJXDH[SORWDEOH
HFRQyPLFDPHQWHVHDJRWDUiHQDOJXQDV]RQDVFUtWLFDVSDUDHODxR<SDUDHO
DxRGRVWHUFHUDVSDUWHVGHODSREODFLyQPXQGLDOSXHGHQHQIUHQWDUVHDXQD
VHULDHVFDVH]GHDJXD
8QDJUDQSURSRUFLyQGHODSREODFLyQPXQGLDO±PLOPLOORQHVGHSHUVRQDV±QR
WLHQHDFFHVRDODJXDSRWDEOH0iVGHPLOPLOORQHVGHSHUVRQDVHQHOPXQGR
QRWLHQHQDJXDFRUULHQWHHQFDVD(QDOJXQDVSDUWHVGHÈIULFDODVPXMHUHV\ORV 
QLxRVFDUJDQKDVWDOLWURVGHDJXDDPHQXGRGXUDQWHPiVGHKRUDVGHVGHOD
IXHQWHGHDEDVWHFLPLHQWRPiVFHUFDQD(QFDPELRHQORVSDtVHVLQGXVWULDOL]DGRV
HOKRJDUXUEDQRPHGLRGHSHUVRQDVXWLOL]DOLWURVGHDJXDSRUGtD  ZZZWKHZDWHUSDJHFRP

ZZZSDQGDRUJOLYLQJZDWHUVLQL
WLDWLYHVZHWODQGV
(QORVDxRVVHVHQWDHOÀXMRGH
DJXDKDFLDHOPDUHPSH]yD
GLVPLQXLUGHPDQHUDDODUPDQWH
/RVVLVWHPDVGHLUULJDFLyQTXHVH
UHDOL]DURQSDUDHOFXOWLYRGHDUUR]\
DOJRGyQFRQVXPLHURQPiVGHO
GHODVFRUULHQWHVTXHGHPDQHUD
QDWXUDOEDMDEDQGHODVPRQWDxDVGH
7LDQ6KDQGH$VLD&HQWUDO&RPR
UHVXOWDGRGHHOORHOiUHDVXSHU¿FLDO
GHO0DUGLVPLQX\y0DVLQIRUPDFLyQ
HQKWWSQDLODRNGDPFRPDUDO
¢7LHQHVVHGGH
FRQRFLPLHQWRVVREUHHO
DJXD"
9LVLWDHO3257$/'(/$*8$
GHOD81(6&2HQZZZ
XQHVFRRUJZDWHU
2WURVVLWLRVUHOHYDQWHV )8VDODGXFKDHQYH]GHEDxDUWH'HSURPHGLRODEDxHUDXWLOL]DHOGREOHGHDJXD
ZZZDJXDGXOFHRUJ
ZZZKRXVHRUJ
\ R X W K ; F K D Q J H
(VWDVHVWDGtVWLFDVVRQHVFDQGDORVDV\HVPX\SUREDEOHTXHHQHOIXWXURWHQJDPRV
XQGHVDVWUHVLQSUHFHGHQWHVDPHQRVTXHQRVWRPHPRVODFRQVHUYDFLyQ\ODJHVWLyQ
GHODJXDFRQODVHULHGDGTXHPHUHFH
(VWXGLRVUHFLHQWHVUHVDOWDQHOYDORUHFRQyPLFRGHORVHFRVLVWHPDVGHDJXDGXOFH
WDOHVFRPRORVSDQWDQRVODJRV\UtRV$SHVDUGHVXLPSRUWDQFLDORVHFRVLVWHPDV
GHDJXDGXOFHHVWiQDPHQD]DGRVSRUWRGRHOPXQGR(QPHQRVGHDxRVHO0DU
GH$UDO±DQWLJXDPHQWHHOFXDUWRODJRPiVJUDQGHGHOPXQGR±VHKDUHGXFLGRDQR
PiVGHODPLWDGGHVXWDPDxRRULJLQDO\VHKDKHFKRWDQVDODGRFRPRHORFpDQR
(OPXQGRLQGXVWULDOL]DGRFRQWDPLQDGHPDQHUDFRQVWDQWHORVVXPLQLVWURVGHDJXD
ORVUtRV\ORVPDUHVSRQLHQGRHQSHOLJURHOHTXLOLEULRHFROyJLFR7RGRVORVGtDVOD
SREODFLyQDSRUWDFRQWDPLQDQWHVHQODVGLVWLQWDVHWDSDVGHOFLFORGHODJXDGHVGH
HOYHUWLGRGHDJXDVUHVLGXDOHVDOPDUKDVWDHOGHSyVLWRGHVXVWDQFLDVTXtPLFDVy
SHOLJURVDVHQQXHVWURVUtRV
/DFDOLGDGGHODJXDHVWDQLPSRUWDQWHFRPRVXFDQWLGDG5HFLHQWHPHQWHVH
GHVFXEULyTXHPiVGHSHVWLFLGDVHVWDEDQSUHVHQWHVHQQLYHOHVVXSHULRUHV
DORVOHJDOPHQWHSHUPLWLGRVHQHODJXDSRWDEOHGHO5HLQR8QLGR/DOLVWDGHORV
FRQWDPLQDQWHVGHODJXDHVODUJDKHUELFLGDVQLWUDWRVIRVIDWRVSORPRDFHLWHV\
GLYHUVDVVXVWDQFLDVTXtPLFDVLQGXVWULDOHV
- 3DVRDSDVR

6LKDFHPRVXQHVIXHU]RSRUFDPELDUQXHVWURVXVRVGHODJXDSRGHPRVPDUFDUODGLIHUHQFLD
$PHQRUFDQWLGDGGHDJXDHQORVUtRVPD\RUHVODFRQFHQWUDFLyQGHODFRQWDPLQDFLyQ¢4Xp
SRGHPRVKDFHUSDUDDKRUUDUDJXD"
TXHODGXFKD
)$OVXVWLWXLUORVLQRGRURVGHOEDxR\ORVHOHFWURGRPpVWLFRVTXHFRQVXPHQDJXD
ZZZJSDXQHSRUJ ODYDGRUDV\ODYDYDMLOODVSRUHMHPSORRSWDSRUPRGHORVGHEDMRFRQVXPR
ZZZXQL]DUHVIQFD 3XHGHQXWLOL]DUKDVWDXQPHQRVGHDJXD
KWWSKLVSDJXDFHGH[HV )/DYDWXURSDFRQPHQRUIUHFXHQFLD$OJXQDVYHFHVQRHVWiUHDOPHQWHVXFLDVLQR
ZZZDJXDFDPFRP TXHVyORQHFHVLWDDLUHDUVH\UHIUHVFDUVH7DPELpQWHGXUDUiPiV
ZZZDJXDVGHVHYLOODFRP

)1RWLUHVDOUHWUHWHORVWDPSRQHVWRDOODVVDQLWDULDVSDxDOHV\FRQGRQHV
HVSHFLDOPHQWHVLYLYHVHQXQD]RQDGRQGHODVDJXDVUHVLGXDOHVVHDUURMDQDOPDUVLQ
3DUDFRQRFHUFRQGHWDOOHORV
SULQFLSLRVGHOD[HURMDUGLQHUtD WUDWDPLHQWR3LHQVDHQHVRODSUy[LPDYH]TXHYD\DVDQDGDU
SXHGHVYLVLWDUZZZ[HULVFDSHRUJ
ZZZFDETJRYZDWHUFRQVHUYDWLRQ
)1XQFDWLUHVSRUHOGHVDJHVXVWDQFLDVTXtPLFDVGHXVRGRPpVWLFRFRPRDFHLWH
[HULFKWPO(QHVSDxROSXHGHV DJXDUUiV\GLVROYHQWHVGHSLQWXUD
HQFRQWUDULQIRUPDFLyQHQZZZ
DJXDGXOFHRUJ
)3ODQL¿FDHOXVRGHODJXDHQHOMDUGtQWHQLHQGRHQFXHQWDODVWpFQLFDVGHOD
[HURMDUGLQHUtDHVGHFLUFRQXQFRQVXPRUHVSRQVDEOHGHDJXD
 \ R X W K ; F K D Q J H

$JXDHPERWHOODGDHOFRVWHUHDO 8VRH¿FLHQWHGHODJXD
HQHGL¿FLRVIHGHUDOHVHQ
$UDt]GHXQHVWXGLRLQGHSHQGLHQWHHO)RQGR0XQGLDOSDUDOD9LGD
0p[LFR
6LOYHVWUH::)SRUVXVVLJODVHQLQJOpVDFRQVHMDDODSREODFLyQ
HOFRQVXPRGHDJXDGHOJULIRTXHFRQIUHFXHQFLDHVWDQEXHQD (QHODxRVHSXEOLFy
FRPRODHPERWHOODGD(VWRVHUtDEHQH¿FLRVRSDUDHODPELHQWH\ HQ0p[LFRHO³3URJUDPDGH
SDUDORVEROVLOORVGHORVFRQVXPLGRUHV $XVWHULGDG3UHVXSXHVWDULD
HQOD$GPLQLVWUDFLyQ
'HDFXHUGRFRQHOHVWXGLRHODJXDHPERWHOODGDQRHV
3~EOLFD)HGHUDOSDUDHO
QHFHVDULDPHQWHPiVVHJXUDRVDOXGDEOHTXHHODJXDGHOJULIRHQ
DxR´HQHOFXDOVH
XQJUDQQ~PHURGHSDtVHVDXQTXHVHYHQGDKDVWDYHFHV
HVWDEOHFtDQPHGLGDVGH
SRUHQFLPDGHVXYDORU$FWXDOPHQWHHVODLQGXVWULDGHEHELGDV
UDFLRQDOL]DFLyQGHOJDVWR
FRQPD\RUFUHFLPLHQWRHQHOPXQGRFRQXQYROXPHQGHQHJRFLR
LQWHUQRHQGLIHUHQWHV
HVWLPDGRHQPLOORQHVGHGyODUHVSRUDxR
FDPSRVHQWUHORVTXHVH
(OHVWXGLRWDPELpQUHYHODTXHFDGDDxRVHXWLOL]DQPLOORQHVGHWRQHODGDVGHSOiVWLFR HQFRQWUDEDHOFRQVXPRGH
SDUDHPERWHOODUHODJXD'XUDQWHORVSURFHVRVGHIDEULFDFLyQ\HOLPLQDFLyQGHODVERWHOODV DJXD$UDt]GHpOVHFUHy
VHSXHGHQOLEHUDUVXVWDQFLDVTXtPLFDVWy[LFDVDOPHGLRDPELHQWHGXUDQWH$~QPiVOD HOSURJUDPDGHQRPLQDGR
FXDUWDSDUWHGHORVPLOORQHVGHOLWURVGHDJXDTXHDQXDOPHQWHVHHPERWHOODQ ³8VRH¿FLHQWHGHODJXD
HQHOPXQGRVHFRQVXPHIXHUDGHOSDtVGHRULJHQ/DVHPLVLRQHVGHJDVHVGHHIHFWR HQORVHGL¿FLRVIHGHUDOHV´
LQYHUQDGHURVREUHWRGR&2RFDVLRQDGDVSRUHOWUDQVSRUWHGHDJXDHPERWHOODGDWDQWRHQ FX\RREMHWLYRSULQFLSDOHVOD
HOLQWHULRUFRPRHQHOH[WHULRUGHORVSDtVHVFRQWULEX\HQWDPELpQDOSUREOHPDJOREDOGHO UHGXFFLyQGHFRQVXPRGH
FDPELRFOLPiWLFRGHPD\RGH DJXDHQWRGDVODVR¿FLQDV
3DUDREWHQHUPiVLQIRUPDFLyQ::)/LYLQJ:DWHUV&DPSDLJQ(PDLOOKDGHHG#ZZ¿QWRUJ IHGHUDOHVH[LVWHQWHVHQ
0p[LFR'LFKRSURJUDPD
SURPRYLGRSRUHO,QVWLWXWR
=DUDJR]DFLXGDGDKRUUDGRUDGHDJXD 0H[LFDQRGHODJXD,07$
'HVGHOD)XQGDFLyQ(FRORJtD\'HVDUUROORVHTXLHUH VHEDVDHQXQDODERUGH
GHPRVWUDUTXHHVSRVLEOHUHVROYHUORVSUREOHPDVGHOD WXWRUtDUHDOL]DGDGHVGHHO
HVFDVH]GHDJXDFRQXQHQIRTXHGLIHUHQWHPiVEDUDWR &RPLWp7pFQLFRGH0DQHMR
PiVHFROyJLFRPiVUiSLGR\VLQHQIUHQWDPLHQWRV $PELHQWDO&27(60$
VRFLDOHVDXPHQWDQGRODH¿FLHQFLDHQVXXVR(OSULPHU DWUDYpVGH,QWHUQHW\
REMHWLYRGHOSUR\HFWRVHFRQFUHWDDWUDYpVGHODKRUUR FRUUHRHOHFWUyQLFR/RV
GHPLOORQHVGHOLWURVGHDJXDHQXVRVGRPpVWLFRV UHVXOWDGRVREWHQLGRVSRU
SDUDODFLXGDGGH=DUDJR]DHQHOSOD]RGHXQDxR3DUD FDGDGHSHQGHQFLDIHGHUDO
FRQVHJXLUORVHSODQWHyIRPHQWDUHQWUHORVFRQVXPLGRUHV GHEHQVHUUHPLWLGRV
ODGHPDQGDGHWHFQRORJtDDKRUUDGRUDGHDJXDHVWLPXODU WULPHVWUDOPHQWHDO,07$
HOPHUFDGRGHWHFQRORJtDDKRUUDGRUD\IRUPDUH TXHSURFHVDODLQIRUPDFLyQ
LQIRUPDUDORVSURIHVLRQDOHVGHOVHFWRU(OSUR\HFWR UHFLELGD\SXEOLFDODV
LPSOLFDEDDWRGDODVRFLHGDG]DUDJR]DQD/RVGDWRVGH FRQFOXVLRQHVSHUWLQHQWHV
FRQVXPRHQ=DUDJR]DGHVFHQGLHURQGHVGHOLWURVSRU 0iVLQIRUPDFLyQZZZ
SHUVRQD\GtDHQKDVWDOLWURVHQ LPWDP[
(OQXHYRREMHWLYRHUDODFUHDFLyQGHEXHQDVSUiFWLFDV
HQHOXVRH¿FLHQWHGHODJXDHQHGL¿FLRVGHXVRS~EOLFR
LQGXVWULDV\SDUTXHV\MDUGLQHVSDUDHVWLPXODUOD 
LPLWDFLyQGHVXVKRPyORJRV3RVWHULRUPHQWHHOSURFHVR
GHLQIRUPDFLyQVHKL]RH[WHQVLYRFRQODWRWDOLGDGGHORV
SURIHVLRQDOHVHQWLGDGHVHPSUHVDVLQVWLWXFLRQHVGHODV
WLSRORJtDVVHOHFFLRQDGDV
0iVLQIRUPDFLyQHQZZZHFRGHVRUJ
 \ R X W K ; F K D Q J H

&RPSUDV
UHVSRQVDEOHV
´/DLQMXVWLFLDHQFXDOTXLHUSDUWH
HVXQDDPHQD]DSDUDODMXVWLFLD
HQWRGDVSDUWHVµ
 HQORVSDtVHVHQGHVDUUROORGHELGRDTXHODVFRPSDxtDVPXOWLQDFLRQDOHVHQFXHQWUDQ
>0DUWLQ/XWKHU.LQJ
OtGHUHQGHUHFKRVFLYLOHV@
1RFRPSUDUQDGDQRHVUHDOLVWDSHURGHMDUGHFRPSUDUHQH[FHVRHVHVHQFLDO(O
&RQVXPR6RVWHQLEOHQRVHUH¿HUH~QLFDPHQWHDOFRVWHDPELHQWDOTXHRFDVLRQDOD
IRUPDFRPRSURGXFLPRV\FRQVXPLPRVORVFRVWHVKXPDQRV\ORVFRVWHVVRFLDOHV
WDPELpQGHEHQWHQHUVHHQFXHQWD
8QJUDQQ~PHURGHDUWtFXORVTXHYDDODVWLHQGDV\DQXHVWUDVFDVDVVHSURGXFH
TXHODPDQRGHREUDFDVLVLHPSUHHVPiVEDUDWDDOOt3HURHOWUDWRGHEHVHUMXVWR
SDUDWRGRVORVLQYROXFUDGRV(O&RQVXPR6RVWHQLEOHGHEHGHIHQGHUODMXVWLFLDVRFLDO

0DUFiQGROHJROHV &2175$/$(6&/$9,78',1)$17,/
DOWUDEDMRLQIDQWLO
(OGHDEULOGHODPD¿DWDSLFHUDGH3DNLVWiQDVHVLQDEDD,TEDO0DVLKQLxRGH
(852&23$
DxRVHVFODYRGHOWUDEDMRWDSLFHUR$ORVGLH]DxRVVHHVFDSDGHVXWUDEDMR\DVLVWHD
(OKHFKRGHTXHORVEDORQHV XQPLWLQGHO)UHQWHGH/LEHUDFLyQGHO7UDEDMR)RU]DGR)/7)XQD21*TXHWUDEDMDHQ
GHI~WEROVHFRVLHUDQ 3DNLVWiQSDUDSUHVLRQDUSRUODDEROLFLyQGHOWUDEDMRHVFODYRLQIDQWLO(OGHVFXEULPLHQWRGH
XVDQGRWUDEDMRLQIDQWLOHQ VXVGHUHFKRVHQ3DNLVWiQKD\XQDOH\TXHSURKtEHORVWUDEDMRVIRU]DGRVSHURFDVLQDGLHOD
3DNLVWiQVDOWyDORVWLWXODUHV
GHODSUHQVDDQWHVGHTXH
HPSH]DUDOD(XURFRSD
(VWRFRQGXMRDOD),)$
)HGHUDFLyQ,QWHUQDFLRQDO
UHVSHWDOHOOHYyDDVLVWLUDXQDHVFXHODGHO)/7)\DLQLFLDUXQSUHFR]DFWLYLVPRVLQGLFDOTXH
SURQWROODPyODDWHQFLyQLQWHUQDFLRQDO3DUWLFLSyHQDFFLRQHVUHLYLQGLFDWLYDVTXHOOHYDURQ
DTXHYDULDVHPSUHVDVHQODVTXHWRGRVORVWUDEDMDGRUHVHUDQQLxRVHVFODYRVFHUUDUDQ(Q
HVWDVIiEULFDV\WDOOHUHVORVQLxRVOOHJDQDWUDEDMDUPiVGHKRUDVGLDULDV
(OHMHPSORGHVXOXFKDWUDQVFHQGLyLQWHUQDFLRQDOPHQWH\IXHSUHPLDGRHQ(VWRFROPR\
 GH$VRFLDFLRQHVGH)~WERO %RVWRQ
DHPLWLUXQFyGLJRGH
$OSRFRGHVXUHJUHVRD3DNLVWiQIXHDFULELOODGRDEDOD]RV6XYLGDGHHQWUHJDSRUXQ
FRQGXFWDHVWLSXODQGRTXp
PXQGRPDVMXVWR\VXPXHUWHSRUGHQXQFLDUODVLWXDFLyQGHPLOHVGHQLxRVHVFODYRV
EDORQHVSRGUtDQXVDUVH
KDOOHYDGRDTXHVHSURFODPHHOGtDGHVXPXHUWHHOGHDEULOGtDPXQGLDOFRQWUDOD
HQODFRPSHWLFLyQ&RPR
HVFODYLWXGLQIDQWLO
UHVXOWDGRGHODFDPSDxDHO
PpWRGRGHSURGXFFLyQGH ZZZVROLGDULGDGQHWLTEDOHVSDQDDVSZZZFKLOGUHQVZRUOGRUJHQJLTEDOLQGH[DVS
EDORQHVHQ3DNLVWiQFDPELy KWWSZHEDPQHVW\RUJOLEUDU\,QGH[(6/$6$"RSHQ RI (6/3$.
 \ R X W K ; F K D Q J H

\UHVSHWDUORVGHUHFKRVKXPDQRVVRFLDOHV\HFRQyPLFRVEiVLFRVTXHGHEHQVHU
SDUDWRGRVVLQH[FOXLUDQDGLH

(OWUDEDMRLQIDQWLOHVXQHMHPSORFODURGHSRUTXpHQHO&RQVXPR6RVWHQLEOH
HVQHFHVDULRTXHVHFRQVLGHUHQODVFRQGLFLRQHV\ORVGHUHFKRVEiVLFRVGHODV
SHUVRQDVLQYROXFUDGDVHQODSURGXFFLyQ\PDQXIDFWXUDGHELHQHV'HDFXHUGRFRQ
HVWLPDFLRQHVGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR2,7DOUHGHGRUGH  ZZZLORRUJSXEOLF
PLOORQHVGHQLxRVGHDDxRVGHHGDGWUDEDMDQ/DVHVWDGtVWLFDVGHOD2,7 VSDQLVKLQGH[KWP
LQGLFDQTXHHQHVWDVFRQGLFLRQHVVHHQFXHQWUDQGHFDGDQLxRVHQÈIULFD
GHOWRWDOPXQGLDOGHORVQLxRVWUDEDMDGRUHVGHFDGDQLxRVHQ$VLDGHO
WRWDOPXQGLDOGHFDGDHQ$PpULFD/DWLQDGHOWRWDOPXQGLDO\GHFDGD
HQ2FHDQtD7DQVyORHQÈIULFDODVFLIUDVHVWiQDXPHQWDQGRDUD]yQGHXQPLOOyQ
SRUDxR\DSXQWDQDORVPLOORQHVKDFLDHODxR
 ³,QYHVWLJDFLyQVREUH
(QOD,QGLDPLOHVGHQLxRVWUDEDMDQSDUDSURGXFLUFHULOODV\IXHJRVDUWL¿FLDOHV 1LxDV7HMHGRUDVHQOD,QGXVWULDGH
ODV$OIRPEUDV´58*0$5.6RFLHW\
5HFLEHQXQSDJRHTXLYDOHQWHDFHQWDYRVGHGyODUSRUGtD\WUDEDMDQ 3DNLVWiQZZZUXJPDUN
DOUHGHGRUGHKRUDVGLDULDVVLHWHGtDVSRUVHPDQD(Q3DNLVWiQHOGH RUJQHZVBIDFWV
ODVWHMHGRUDVGHDOIRPEUDVVRQQLxDVPHQRUHVGHDxRV

6LQHPEDUJRHVWRQRHV~QLFDPHQWHXQSUREOHPDGHOPXQGRHQGHVDUUROOR(Q 
HO'HSDUWDPHQWRGH7UDEDMRGHORV(VWDGRV8QLGRVGH$PpULFDHVWLPyTXH  9pDQVHORVVLWLRVGHOD
KDEtDDSUR[LPDGDPHQWHPLOORQHVGHQLxRVWUDEDMDGRUHV³OHJDOHV´HQORV(VWDGRV 5HGGHO'HSDUWDPHQWRGH7UDEDMR
GHORV(VWDGRV8QLGRVGH$PpULFD
8QLGRVDGHPiVGHPLOORQHVGHLOHJDOHV(QHO5HLQR8QLGRXQHVWXGLR ZZZGROJRY\OD2¿FLQDGH
UHFLHQWHHQFRQWUyTXHXQRVQLxRVHQWUHODVHGDGHVGH\DxRV (VWDGtVWLFDVGH7UDEDMRZZZEOV
WUDEDMDQGHPDQHUDUHJXODU\TXHDOJXQRVORKDFHQKDVWDKRUDVDODVHPDQD JRY
 \ R X W K ; F K D Q J H

8VXDOPHQWHDORVQLxRVVHOHVLQYROXFUDHQWUDEDMRVLQWHQVLYRVTXHQRUHTXLHUHQ
(OWUDEDMRLQIDQWLO KDELOLGDGHVHVSHFt¿FDVSHURGRQGHODVPDQRVSHTXHxDVVRQYDOLRVDVWHMLGR
WDPELpQDIHFWDD(VSDxD
6HJ~QXQLQIRUPHUHDOL]DGR
HQWUHHODxR\HODxR
SRU81,&()DSHWLFLyQ
GHO0LQLVWHULRGH7UDEDMR\
$VXQWRV6RFLDOHVHQ(VSDxD
WUDEDMDEDQDOUHGHGRUGH
QLxRVLQFOX\HQGR
VyORORVTXHWUDEDMDEDQ
yPiVKRUDVDOGtDGXUDQWH
GHDOIRPEUDVFRVWXUDHODERUDFLyQGHFHULOODV&RQIUHFXHQFLDHVWiQH[SXHVWRV
DFRQGLFLRQHVGHWUDEDMRSHOLJURVDV\SRUVHUPiVYXOQHUDEOHVItVLFDPHQWHD
PHQXGRVHHQIHUPDQ7UDEDMDQODUJDVKRUDVFDVLQRUHFLEHQHGXFDFLyQHVFRODU\
VHOHVSDJDXQDPLVHULD
8QKHFKRWULVWHHVTXHXQJUDQQ~PHURGHIDPLOLDVHQWRGRHOPXQGRGHSHQGHGH
ORVLQJUHVRVGHVXVQLxRV$OJXQRVSROtWLFRVFUHHQTXHHOWUDEDMRMXHJDXQSDSHO
LPSRUWDQWH\SRVLWLYRHQODYLGDGHORVQLxRVDVtFRPRHQVXUHODFLyQFRQVXV
GtDVDODVHPDQD(O
UHVXOWDGRHVTXHHQWUHORV
QLxRVHVFRODUL]DGRVKD\
DOUHGHGRUGHTXH
VHGHGLFDQDODVWDUHDV
GRPpVWLFDVTXH
WUDEDMDQHQQHJRFLRV
IDPLOLDUHVXQRVTXH
WUDEDMDQHQODDJULFXOWXUD\
JDQDGHUtDHQWDOOHUHV
RIiEULFDV\HQOD
YHQWDDPEXODQWH
)XHQWH³(OWUDEDMRLQIDQWLO
HQ(VSDxD´81,&()
0DWHULDOHVGH7UDEDMR
0LQLVWHULRGH7UDEDMR\
$VXQWRV6RFLDOHV
0DGULG

IDPLOLDVGHWDOPRGRTXHWUDWDQGHKDFHUUHIRUPDVSHURQRSRQHU¿QDOWUDEDMR
LQIDQWLO(OSUREOHPDHVFRPSOHMR\FXDOTXLHUVROXFLyQTXHIXQFLRQHGHEHLQFOXLUGH
PDQHUDDFWLYDDODVIDPLOLDVGHORVQLxRVHQFXHVWLyQ1RREVWDQWHHOQLxRGHEH
SRQHUVHHQSULPHUOXJDU'HVSXpVGHWRGR£WDQVyORVHHVQLxRXQDYH]HQODYLGD
81$2325781,'$'3(5','$
(OWUDEDMRQRVyORFRPSURPHWHODVDOXGItVLFD\VHJXULGDGGHXQQLxRVLQRTXHVXV
GHUHFKRVVHLJQRUDQ\ORTXHHVFUXFLDOVHOHVSULYDGHODRSRUWXQLGDGGHUHFLELU
XQDHGXFDFLyQHVFRODUPLOORQHVGHQLxRVDEDQGRQDQODHVFXHODSULPDULDDQWHV
GHKDEHUFRPSOHWDGRFXDWURDxRVGHHGXFDFLyQ8QRGHFDGDFXDWURQLxRVHQOD
,QGLDQXQFDLUiDODHVFXHOD
eVWHHVHOLQLFLRGHXQFtUFXORYLFLRVRVLQHGXFDFLyQODVSUREDELOLGDGHVGHHVFDSDU
GHORVWUDEDMRVPDOSDJDGRV\GHODSREUH]DVHUHGXFHGHPDQHUDGUiVWLFD
 \ R X W K ; F K D Q J H

$OPLVPRWLHPSRHQORVSDtVHVHQGHVDUUROORODVFRQVHFXHQFLDVDODUJRSOD]RGHO
WUDEDMRLQIDQWLOQRVRQDOHQWDGRUDV/RVQLxRVUHSUHVHQWDQODHVSHUDQ]D\SRWHQFLDO
IXWXURGHFXDOTXLHUSDtV1HJDUODHGXFDFLyQDXQQLxRHVQHJDUDOSDtVHO³FDSLWDO
KXPDQR´RORVWUDEDMDGRUHVFXDOL¿FDGRV\FRQHGXFDFLyQTXHORVSDtVHVHQ
GHVDUUROORWDQWRQHFHVLWDQ

PLOORQHVGHSHUVRQDVGHFDGDDGXOWRVGHOPXQGRHQGHVDUUROORQRSXHGH
OHHURHVFULELU'RVWHUFLRVGHHOORVVRQPXMHUHV3URSRUFLRQDUDFDGDXQRGHORV  ([LVWHQYDULDVLQLFLDWLYDV
HQODUHGSDUDGHWHQHUHOWUDEDMR
QLxRVGHOPXQGRXQDHGXFDFLyQSULPDULDFRVWDUtDPLOORQHVGHGyODUHVOR LQIDQWLOZZZLFIWXRUJ
PLVPRTXHGtDVGHOJDVWRPLOLWDUPXQGLDO (QHVSDxROYLVLWDU
ZZZLORRUJSXEOLFVSDQLVK
ZZZLORRUJSXEOLFVSDQLVK
/DFRQFLHQFLDGHOFRQVXPLGRUFXHVWLRQDUODVSROtWLFDVGHORVJRELHUQRV\FRPSDxtDV\ VWDQGDUGVLSHF
QRFRPSUDUQLQJ~QSURGXFWRDPHQRVTXHHVWHPRVFRQYHQFLGRVGHTXHVHSURGXMRVLQ
FRPSURPHWHUODpWLFDSXHGHSURGXFLUHOFDPELR/RVFRQVXPLGRUHVWDPELpQSRGHPRV  318',QIRUPHVREUH
GLULJLUQRVDODVRUJDQL]DFLRQHVGHFRPHUFLRMXVWRFX\DSUHVHQFLDHVWiDXPHQWDQGR 'HVDUUROOR+XPDQR
³&RQVXPRSDUDHO'HVDUUROOR
HQHOPHUFDGRTXHJDUDQWL]DQTXHVXVSURGXFWRVVRQUHVSHWXRVRVFRQHOPHGLR +XPDQR´FRQVXOWDUORHQZZZ
DPELHQWH\KDQVLGRKHFKRVVLQH[SORWDFLyQ XQGSRUJKGUR

(OWUDEDMRLQIDQWLOHVVyORXQDVSHFWRSDUWLFXODUPHQWHLOXVWUDWLYRGHXQWHPDPXFKR
PiVDPSOLRTXHVHUH¿HUHDODVFRQGLFLRQHVGHWUDEDMRGHUHFKRVKXPDQRV
GHVLJXDOGDGGHJpQHUR\DODQHFHVLGDGGHUHVSHWDUHOGHUHFKRGHORVSDtVHVHQ
GHVDUUROORDXQDH[LVWHQFLDGLJQD\VRVWHQLEOH  3DUDHQFRQWUDUPiV
LQIRUPDFLyQVREUHGHUHFKRV
KXPDQRVVXVDOFDQFHV\ORTXH
RFXUUH\GyQGHYLVLWDORVVLWLRV
VLJXLHQWHVKWWSZHEDPQHVW\
RUJ\ZZZKUZRUJZZZKUZRUJ
'LVPLQXFLyQGHOWUDEDMRLQIDQWLO/DHGXFDFLyQREOLJDWRULDKDUHGXFLGRHOWUDEDMR
LQIDQWLO(QODVGpFDGDVGHDHOJRELHUQRGH6UL/DQNDGHFLGLySRQHUHQYLJRUOD
HGXFDFLyQREOLJDWRULD/DWDVDGHDOIDEHWL]DFLyQDXPHQWyGHHQDHQ
81(6&2(VWRKDVXSXHVWRFRPRUHVXOWDGRTXHODWDVDGHHPSOHRGHQLxRVHQWUH
\DxRVKDPRVWUDGRXQDGLVPLQXFLyQVXVWDQFLDOGHOHQDOHQ
\DFWXDOPHQWHHVGHHQORVKRPEUHV\HQODVPXMHUHV2,7  )XHQWHZZZJHRFLWLHV
(OFRQVXPRVROLGDULRWLHQHVXH[SUHVLyQSUiFWLFDHQODFRPHUFLDOL]DFLyQGHSURGXFWRV FRP&ROOHJH3DUN/LEUDU\
SURYHQLHQWHVGHOFRPHUFLRMXVWR/RVSURGXFWRVGHFRPHUFLRMXVWRVHHODERUDQVLJXLHQGRORV LQTXLU\
VLJXLHQWHVSULQFLSLRV
/DVHPSUHVDVSURGXFWRUDVGHEHQWHQHUXQDHVWUXFWXUDGHPRFUiWLFD\SDUWLFLSDWLYD
/DVFRQGLFLRQHVODERUDOHVGHEHQVHUGLJQDVFRQVDODULRVMXVWRVLJXDOGDGHQWUHKRPEUHV
\PXMHUHV\FRQGLFLRQHVODERUDOHVTXHQRSRQJDQHQULHVJRODVDOXGGHODVSHUVRQDV
(QODVUHODFLRQHVFRPHUFLDOHVVHHVWDEOHFHQSUHFLRVMXVWRVFRQODVHQWLGDGHV 
GLVWULEXLGRUDVSUH¿QDQFLDQGRORVSURGXFWRV\HVWDEOHFLHQGRUHODFLRQHVDODUJRSOD]RSDUD
TXHODFRPXQLGDGSURGXFWRUDSXHGDSODQL¿FDUVXGHVDUUROOR
8QDSDUWHGHORVEHQH¿FLRVVHGHEHUHLQYHUWLUHQODVQHFHVLGDGHVEiVLFDVGHODFRPXQLGDG
6HWLHQHTXHJDUDQWL]DUHOUHVSHWRDOPHGLRDPELHQWH
6HSURKtEHH[SUHVDPHQWHHOWUDEDMRLQIDQWLO
0iVLQIRUPDFLyQVREUHHOFRPHUFLRMXVWRHQ(VSDxDZZZHFRPHUFLRMXVWRRUJ
 \ R X W K ; F K D Q J H

([LVWHXQDIXHUWHFRQH[LyQHQWUHHO&RQVXPR6RVWHQLEOHODQHFHVLGDGGH
DVHJXUDUTXHVHUHVSHWHQORVGHUHFKRVKXPDQRVEiVLFRV\SURPRYHUHO
GHVDUUROOR/DSREUH]D\HOGHWHULRURDPELHQWDOSRUPHGLRGHODGHIRUHVWDFLyQ
\HOVREUHSDVWRUHRSRUHMHPSORVHDOLPHQWDQPXWXDPHQWH\WLHQHQXQHIHFWR
GRPLQyVREUHORVGHUHFKRVKXPDQRV\HOGHVDUUROORGHODJHQHUDFLyQSUHVHQWH\
ODVYHQLGHUDV

/RVJRELHUQRVWLHQHQHOGHEHUGHSURWHJHUWRGRVORVGHUHFKRVGHVXVFLXGDGDQRV
7ULVWHPHQWHH[LVWHXQHQRUPHQ~PHURGHRFDVLRQHVHQODVTXHORVGHUHFKRV
KXPDQRVVHLJQRUDQ\VHDWURSHOODQ7HQHUXQDPD\RUFRQFLHQFLDVLJQL¿FDTXHOD
JHQWHHVWiHPSH]DQGRDFXHVWLRQDUODVSUiFWLFDVGHWUDEDMRH[SORWDGRUDV

(OERLFRWHVWiJDQDQGRSRSXODULGDGDWUDYpVGH,QWHUQHWFRPRKHUUDPLHQWDSDUD
KDFHUFDPSDxDV$QWHVGHERLFRWHDUHVLPSRUWDQWHTXHWHLQIRUPHVDFHUFDGHORV
UHVXOWDGRVSRVLEOHV\DQDOLFHVDTXLpQDIHFWDUiPiVODDFFLyQHPSUHQGLGD¢DOD
FRPSDxtDRDORVWUDEDMDGRUHVTXHWUDWDVGHSURWHJHU"([LJLUWUDQVSDUHQFLDWRWDO
DODVHPSUHVDVHVIXQGDPHQWDOSDUDDVHJXUDUTXHQRVyORFDPELHQGHXELFDFLyQ\
FRQWLQ~HQFRQVXVSUiFWLFDVLQMXVWDVHQRWUROXJDU(VWDH[LJHQFLDGHWUDQVSDUHQFLD
SXHGHFDQDOL]DUODDFFLyQGHORVFRQVXPLGRUHVHLPSXOVDUORVDFRPSDUWLU
UHVSRQVDELOLGDGHV\REMHWLYRVFRPXQHVGHQWURGHXQDFRPXQLGDGPiVDPSOLD

([DPLQDORVLQIRUPHVGH$PQLVWtD
,QWHUQDFLRQDORYLVLWDVXVLWLRHQ
ODZHEVREUHWRUWXUDHMHFXFLRQHV
- 3DVRDSDVR


/DVVLJXLHQWHVVXJHUHQFLDVSXHGHQD\XGDUWHDFRPSUDUpWLFDPHQWH
H[WUDMXGLFLDOHVSULVLRQHURV
GHFRQFLHQFLDYLROHQFLDR¿FLDO
IUHFXHQWHFRQWUDORVFLXGDGDQRV
WROHUDQFLDKDFLDODHVFODYLWXG
ZZZDPQLVWLDLQWHUQDFLRQDORUJ
DFWXD
,QIyUPDWHHQODVSXEOLFDFLRQHV
GHRUJDQL]DFLRQHVFRQWUDOD
HVFODYLWXG\VLWLRVHQ,QWHUQHW
FRPRZZZDQWLVODYHU\RUJ
VHOHFWLRQ
$OJXQDVHWLTXHWDVIUHFXHQWHV
DSDUHFHQHQORVUHFXDGURVGH
HVWDVSiJLQDV

)(OLJHDUWtFXORVHODERUDGRV\GLVWULEXLGRVSRUIDEULFDQWHV\FRPHUFLDQWHVFRQXQD
pWLFD\FyGLJRVGHFRQGXFWDFODURV
)0DQWpQWXVPDUFDVIDYRULWDVEDMRFRQWLQXRHVFUXWLQLRSRQWHHQFRQWDFWRFRQ
DOJXQDDVRFLDFLyQORFDOGHFRQVXPLGRUHVSDUDDPSOLDUODLQIRUPDFLyQVREUHHOODV
3DUWLFLSDHQODVFDPSDxDVS~EOLFDVSDUDPHMRUDUODVFRQGLFLRQHVODERUDOHVGHORV
WUDEDMDGRUHV
)(YLWDORVSURGXFWRV\VHUYLFLRVRIUHFLGRVSRUODVHPSUHVDVTXHDSR\DQDORV
UHJtPHQHVTXHQRUHVSHWDQORVGHUHFKRVKXPDQRV
)%RLFRWHDDORVSURGXFWRUHVTXHSDJDQVDODULRVPX\EDMRVDVXVWUDEDMDGRUHVRTXH
ORVHVFODYL]DQRFX\RVSURYHHGRUHVDSR\DQODHVFODYLWXG
)6LHPSUHTXHVHDSRVLEOHHOLJHSURGXFWRV\VHUYLFLRVFX\DHWLTXHWDHVSHFL¿TXH³6LQ

9pDVHHOVLJXLHQWHFDStWXOR
&RQWUDODGLJQLGDGKXPDQD\OD
GHORVDQLPDOHVSRUHMHPSORTXH
SURPXHYDQODYLROHQFLDSHGR¿OLD
H[SORWDFLyQVH[XDOHVFODYLWXG
WUDEDMRLQIDQWLO´1RFKLOGODERXU
)6LHVSRVLEOHHOLJHSURGXFWRVRVHUYLFLRVFRQHWLTXHWDTXHHVSHFL¿TXH³12
H[SHULPHQWDGRHQDQLPDOHV´
)%RLFRWHDSURGXFWRV\VHUYLFLRVTXHKDJDQD¿UPDFLRQHVHQJDxRVDVXRIHQVLYDV
),QWHUFDPELDFRQRWURVFRQVXPLGRUHVLQIRUPDFLyQ\H[SHULHQFLDVUHODFLRQDGDVFRQ
HWF ODpWLFD\ORVSURGXFWRVGHFRQVXPR
 \ R X W K ; F K D Q J H

9LYH\
GHMDYLYLU
´/DFUXHOEHVWLDVDOYDMHQRHVWi
WUDVODVEDUUDVGHODMDXOD6H
HQFXHQWUDIUHQWHDHOODµ

>$[HO0XQWKH
PpGLFRSVLTXLDWUD\HVFULWRU@

(OGHUHFKRDXQDH[LVWHQFLDGLJQDQRHVH[FOXVLYRGHORVVHUHVKXPDQRV/D
FRQFLHQFLDDFHUFDGHQXHVWUDLQWHUUHODFLyQFRQODQDWXUDOH]D\ODVFRQVHFXHQFLDVGH
ODDFWLYLGDGKXPDQDHQORVHFRVLVWHPDVHVXQHOHPHQWRFODYHSDUDFRPSUHQGHUHO
GHVDUUROORVRVWHQLEOH

(OWUDWRTXHGDPRVDORVDQLPDOHVFULDGRVSDUDHOFRQVXPR\HQFDXWLYLGDG\

HOWHPDGHODELRGLYHUVLGDG\SUHVHUYDFLyQGHOHTXLOLEULRHFROyJLFRVRQWHPDV
VHSDUDGRVSHURUHODFLRQDGRVHQWUHVt(QHVWDVHFFLyQHQFRQWUDUiVLQIRUPDFLyQ
VREUHHVWRVWHPDV&RUUHVSRQGHDFDGDFXDOWRPDUVXVGHFLVLRQHVGHDFXHUGRFRQ
HOHVWLORGHYLGD\SULRULGDGHVTXHHOLMDQGHQWURGHOFRQWH[WRGHODVRVWHQLELOLGDG

*5$1-$6'($1,0$/(6

/DJHQWHHVWiFDGDYH]PiVSUHRFXSDGDSRUVDEHUTXpWUDWRUHFLEHQORVDQLPDOHV

GXUDQWHHOSURFHVRGHHODERUDFLyQGHORVSURGXFWRVJUDQMDVLQWHQVLYDVSUXHEDV
GHFRVPpWLFRVHQDQLPDOHVHWF/DFUXHOGDGSXHGHHYLWDUVHVLJXLHQGRDOJXQRV
SULQFLSLRVIXQGDPHQWDOHV7UDWDDORVDQLPDOHVFRQUHVSHWRSURSRUFLyQDOHV
DOLPHQWR\WHFKRDGHFXDGRVDVHJ~UDWHGHTXHUHFLEDQORVFXLGDGRVYHWHULQDULRV
EiVLFRVFRQGLFLRQHVVDQLWDULDVHKLJLpQLFDVSDUDYLYLU\GHTXHQXQFDVHOHV
JROSHHRDOLPHQWHDODIXHU]D
 \ R X W K ; F K D Q J H

&UXHOGDGHVLQQHFHVDULDV
/DSURGXFFLyQGHKXHYRVGHJUDQMDHVWDQFUXHOTXHVHHVWiHOLPLQDQGRHQORVSDtVHV
HXURSHRVSHURD~QVHSUDFWLFDHQRWUDVUHJLRQHVGHOPXQGR(QODVJUDQMDVLQWHQVLYDV
SRUORUHJXODUVHDPRQWRQDQFXDWURJDOOLQDVHQXQDMDXODGHDODPEUHPX\SHTXHxDGH
QRPiVGHFHQWtPHWURVSXOJDGDV/DVMDXODVVHDSLODQHQYDULRVQLYHOHV\VH
DFRPRGDQHQ¿ODVHQHQRUPHVQDYHVRJDOSRQHV$WRGDVODVJDOOLQDVSRQHGRUDVVHOHV
FRUWDHOSLFRFRQHO¿QGHUHGXFLUODVOHVLRQHVTXHUHVXOWHQDOSLFRWHDUVHHQWUHHOODVFXDQGR
ODVDYHVFRQ¿QDGDVVHYXHOYHQFODXVWURIyELFDVDEXUULGDV\DJUHVLYDV3RQHQPiVGH
KXHYRVDODxR'HVSXpVGHXQDxRGHSURGXFFLyQGHKXHYRVODVDYHVVRQVRPHWLGDV
DXQQXHYRFLFORGHSRVWXUDGHKXHYRVRVDFUL¿FDGDV/DVJDOOLQDVGHJUDQMDLQWHQVLYD
XVXDOPHQWHDFDEDQIRUPDQGRSDUWHGHSURGXFWRVFiUQLFRVGHEDMDFDOLGDGGRQGHODFDUQH
DPRUDWDGDSXHGHRFXOWDUVHDORVFRQVXPLGRUHV

&DPSDxDLWDOLDQDUHDOL]DGDSRU
&$5(&RRSHUDFLyQSRUORV'HUHFKRV /DSURGXFFLyQGHDOLPHQWRVQRVDIHFWDDWRGRV3RGHPRVUHFKD]DUORVSURGXFWRV
GHORV$QLPDOHVHQ(XURSDVXV
VLJODVHQLQJOpVZZZLQIRODYRUJ TXHQRKDQVLGRHODERUDGRVGHXQDPDQHUDKXPDQD

(OHJLUKXHYRV\FDUQHFULDGRVHQOLEHUWDGHQHOFDPSRRUDQFKRVEXVFDSURGXFWRV
8QDDOWHUQDWLYDTXHJDUDQWL]DTXH FHUWL¿FDGRVHVPHMRUSDUDHODQLPDOSHURWDPELpQSDUDHOFRQVXPLGRUODKLJLHQH
ORVDQLPDOHVKDQVLGRWUDWDGRV
FRUUHFWDPHQWHTXHQRVHKDQ
\FDOLGDGGHODFDUQH\RWURVSURGXFWRVSURYHQLHQWHVGHJUDQMDVLQGXVWULDOHVSXHGH
XWLOL]DGRSLHQVRVGHRULJHQDQLPDO DYHFHVVHUEDMD/RVHVFiQGDORVUHODFLRQDGRVFRQDOLPHQWRVFRPRHOGHOD
QLSURGXFWRVGHHQJRUGHXRWURV HQIHUPHGDGGHODVYDFDVORFDVQRVKDQKHFKRPiVFRQVFLHQWHVGHODFRQH[LyQ
FRPSXHVWRVDUWL¿FLDOHVVRQORV
SURGXFWRVGHRULJHQDQLPDOFRQ
HQWUHODVFRQGLFLRQHVVDQLWDULDV\GHDOLPHQWDFLyQGHORVDQLPDOHVFRQQXHVWUD
HOFHUWL¿FDGRHFROyJLFRGHORV SURSLDVDOXG
GLIHUHQWHVFRQVHMRVUHJXODGRUHVGH
ODDJULFXOWXUDHFROyJLFD9HUZZZ
DJURHFRORJLFDQHW /DVHPSUHVDVVHKDQGDGRFXHQWDGHTXHORVFRQVXPLGRUHVTXLHUHQHYLWDUOD
FUXHOGDGLQQHFHVDULDVHJ~QHO)252'(,19(56,Ï162&,$/HQORV(VWDGRV
)XHQWHKWWSKRPHWRZQDRO
FRPF¿QHZVLQGH[KWP 8QLGRVGH$PpULFDVHLQYLHUWHQPLOPLOORQHVGHGyODUHVHQFRPSDxtDV\
RUJDQL]DFLRQHVOLEUHVGHFUXHOGDG\PLOHVGHPLOORQHVPiVHQ(XURSD\RWURV
3DUDREWHQHUXQDOLVWDGH OXJDUHV
HVWDVFRPSDxtDVYLVLWDZZZ
DOOIRUDQLPDOVFRPFUXHOIUHHKWP
RSDUDPiVLQIRUPDFLyQVREUH (Q5(9/21IXHXQDGHODVSULPHUDVJUDQGHVFRPSDxtDVTXH¿QDQFLyOD
SURGXFWRVOLEUHVGHFUXHOGDGHQ
ORVDQLPDOHVZZZQDWXUHZDWFK LQYHVWLJDFLyQSDUDHQFRQWUDUDOWHUQDWLYDVDODH[SHULPHQWDFLyQHQDQLPDOHV
RUJ7DPELpQSXHGHVYLVLWDUZZZ FRQXQDFRQWULEXFLyQGHGyODUHVSDUDOD8QLYHUVLGDG5RFNHIHOOHU
DQLPDOIUHHGRPRUJHVSDJQROLQGH[
KWPXQSRUWDOOOHQRGHVXJHUHQFLDV 2WUDVRUJDQL]DFLRQHVFRPRHO&HQWUR-RKQV+RSNLQVSDUD$OWHUQDWLYDVDOD
\PDWHULDOHVVREUHORVGHUHFKRVGH ([SHULPHQWDFLyQHQ$QLPDOHV&$$7KDQLQLFLDGRVXVSURSLRVSURJUDPDVSDUD
ORVDQLPDOHV
LQYHVWLJDUDOWHUQDWLYDV/DH[SHULPHQWDFLyQHQDQLPDOHVD~QSUHYDOHFHHQODV
JUDQGHVFRUSRUDFLRQHVSHURKD\\DYDULRVFLHQWRVGHFRPSDxtDVTXHHODERUDQ
SURGXFWRVVLQFUXHOGDG

/DH[SHULPHQWDFLyQHQDQLPDOHVHVXQWHPDFRQWURYHUWLGR/DVRSLQLRQHVGH
ODVSHUVRQDVDFHUFDGHSUXHEDVHQDQLPDOHVQRVLHPSUHVRQFODUDV\DPHQXGR
GHSHQGHQGHSHUFHSFLRQHVLQGLYLGXDOHV\H[SHULHQFLDVSHUVRQDOHV

%ROVDGHSDSHOSDUDODFDPSDxDGH
7+(%2'<6+23HQFRQWUDGHOD
H[SHULPHQWDFLyQHQDQLPDOHV
 \ R X W K ; F K D Q J H

)257$/(=$(1/$',9(56,'$'
/RVVHUHVKXPDQRVFRPSDUWLPRVHVWHSODQHWDFRQDOPHQRVPLOORQHVGHRWUDV
HVSHFLHV7RGDVODVHVSHFLHVMXHJDQXQSDSHOHQODFRQVWUXFFLyQ\PDQWHQLPLHQWR
GHORVFRPSOHMRVHFRVLVWHPDVTXHVRVWLHQHQWRGDVODVIRUPDVGHYLGD/DVHVSHFLHV
HVWiQGHVDSDUHFLHQGRDXQDYHORFLGDGDODUPDQWHODWDVDGHH[WLQFLyQDFWXDOQRVH
VDEHFRQFHUWH]DSHURORVFLHQWt¿FRVFDOFXODQTXHHVGHDYHFHVPiV
GHORTXHVHUtDVLQXQGHVDUUROORLQGXVWULDOGHVFRQWURODGR  9pDVHZZZLXFQ
RUJLQIRDQGQHZVVSHFLHV
\ZZZLXFQRUJLQIRDQGQHZV
/DDPHQD]DGHH[WLQFLyQDSDUHFHGHELGRDXQDYDULHGDGGHUD]RQHV ELRGLYHUVLW\
LQWHUFRQHFWDGDV/DVREUHH[SORWDFLyQGHSODQWDV\DQLPDOHV\GHVXKiELWDW
ODLQWURGXFFLyQGHHVSHFLHVDMHQDVDORVHFRVLVWHPDVDVtFRPRHOFDPELRFOLPiWLFR
ODFRQWDPLQDFLyQ\ODVHQIHUPHGDGHVWRGRVHOORVVRQIDFWRUHVTXHDPHQD]DQHO
HTXLOLEULRHFROyJLFRHQWUHODVHVSHFLHV

&XDQGRODVHVSHFLHVVH
HVWDEOHFHQIXHUDGHVXKiELWDW
/DGLYHUVLGDGHVXQUHFXUVRSUHFLDGRODLQWHUFRQH[LyQHLQWHUGHSHQGHQFLDGH QDWXUDOFRPRFRQVHFXHQFLDGHVX
LQWURGXFFLyQGHOLEHUDGDRDFFLGHQWDO
GLIHUHQWHVHVSHFLHVUHTXLHUHGHXQFXLGDGRVRPDQHMR$OUHGHGRUGHOGH SRUVHUHVKXPDQRV
WRGDVODVPHGLFLQDVTXHVHHQFXHQWUDQHQODVIDUPDFLDVVHKDQGHVDUUROODGR
DSDUWLUGHSODQWDVVLOYHVWUHV\DQLPDOHV8QJUDQQ~PHURGHHVWRVVHDOEHUJD
HQHFRVLVWHPDV~QLFRV\GHVDIRUWXQDGDPHQWHDPHQD]DGRV0DQWHQHUOD
ELRGLYHUVLGDGHVSHUWLQHQWHHQPXFKRVQLYHOHVSDUDGyMLFDPHQWHODVUHJLRQHVGHO
PXQGRPiVULFDVHQELRGLYHUVLGDGFRQIUHFXHQFLDWDPELpQWLHQHQODJHQWHPiV 
3DUDHQFRQWUDUPiV
LQIRUPDFLyQYLVLWDZZZELRGLY
SREUH(OUHWRGHHVWHVLJORHVSUHVHUYDUODELRGLYHUVLGDGDOWLHPSRTXHVHHOLPLQD RUJGHIDXOWDVS["OJ 
ODSREUH]D

8QSDVRHQODEXHQDGLUHFFLyQKDVLGRHOGHVDUUROORSRUDOJXQRVGHORVPHMRUHV
FLHQWt¿FRVGHOPXQGRGHOD&219(1&,Ï13$5$/$',9(56,'$'%,2/Ï*,&$&%'
VXVVLJODVHQLQJOpVTXHHVWiDIDYRUGHXQHQIRTXHJOREDO\KDVLGRUDWL¿FDGD
$SUHQGLHQGRDFRPSUDUFRQ
SRUSDtVHV/DFRQYHQFLyQKDFHXQOODPDPLHQWRDODFRRSHUDFLyQLQWHUQDFLRQDO pWLFD
SDUDFRQVHUYDUODGLYHUVLGDGELROyJLFDXWLOL]DUORVUHFXUVRVELROyJLFRVGHPDQHUD 3DUDD\XGDUWHHQWXVGHFLVLRQHV
DOKDFHUFRPSUDV\DVHDHQ
FDVDRHQHOH[WUDQMHUR::)
'HUDWRQHV\PRQRV(QODUHYLVWD1(:6&,(17,670$*$=,1(UHDOL]yXQD KDRUJDQL]DGRXQDWLHQGD\
HQFXHVWDHQWUHODSREODFLyQGH*UDQ%UHWDxDDFHUFDGHODH[SHULPHQWDFLyQHQDQLPDOHV IDUPDFLDYLUWXDOSDUDWXULVWDV
/DVRSLQLRQHVPiVRSXHVWDVSURYLQLHURQGHDTXHOODVSHUVRQDVTXH\DKDEtDQ¿UPDGR 9LVtWDOD\KD]FOLFHQORV
SHWLFLRQHVFRPSUDGRSURGXFWRVHODERUDGRVVLQFUXHOGDGRHUDQYHJHWDULDQRV0iVPXMHUHV GLIHUHQWHVDUWtFXORVDODYHQWD
TXHKRPEUHVHVWXYLHURQHQFRQWUDGHODH[SHULPHQWDFLyQHQDQLPDOHV 6LORVHQFXHQWUDVHQHOPXQGR
UHDOHVWRGHEHGHVSHUWDUWXV
/DVSHUVRQDVFRQDOJXQDH[SHULHQFLDSHUVRQDOGHKDEHUWRPDGRPHGLFLQDVSUREDGDV
VRVSHFKDVZZZZRUOGOLIHRUJ
HQDQLPDOHVSDUDDOJXQDHQIHUPHGDGVHULDPRVWUDURQXQDPD\RUWROHUDQFLDKDFLDOD EX\HUEHZDUH
H[SHULPHQWDFLyQHQDQLPDOHVDXQTXHHOD~QVHRSXVRDHOOD 
/DPD\RUtDDFHSWyTXHORVUDWRQHVVXIULHUDQVLHVRD\XGDEDDFRPEDWLUHQIHUPHGDGHV
TXHDPHQD]DUDQODYLGD/RVH[SHULPHQWRVHQPRQRVIXHURQPXFKRPHQRVWROHUDGRV
\VyORORVH[SHULPHQWRVSDUDSUREDU\GHVDUUROODUGURJDVSDUDFRPEDWLUODOHXFHPLDHQ
QLxRVVHFRQVLGHUDURQMXVWL¿FDEOHV/DPD\RUtDGHORVEULWiQLFRVVHGHFODUDURQHQFRQWUD
GHH[SHULPHQWDUHQPRQRVSDUDGHVDUUROODUXQDYDFXQDFRQWUDHO6,'$HQORVTXHHV
SUREDEOHTXHVHOHVRFDVLRQHODHQIHUPHGDG\VXIULPLHQWRVDVRFLDGRV3DUDYHUHODUWtFXOR
FRPSOHWRYHDZZZQHZVFLHQWLVWFRPKRWWRSLFVDQLPDOH[SHULPHQWVOHWWKHMVS
 \ R X W K ; F K D Q J H

3DUDHQFRQWUDUPiVLQIRUPDFLyQ VRVWHQLEOH\DVHJXUDUVHGHTXHORVEHQH¿FLRVTXHVHJHQHUHQGHVXXVRVH
YLVLWDZZZFLWHVRUJHVSLQGH[
VKWPO GLVWULEX\DQFRQMXVWLFLD

7LPH(XURSHGHDEULO
/DJHVWLyQHIHFWLYDGHORVUHFXUVRVVLJQL¿FDUHSHQVDUYDULRVVHFWRUHVGHOD
9RO1R DFWLYLGDGKXPDQDWDOHVFRPRODDJULFXOWXUDODSHVFDHOWXULVPRODHGXFDFLyQ
\HOFXLGDGRGHODVDOXG/DSURWHFFLyQGHODELRGLYHUVLGDGHQHIHFWRSURPXHYH
0DGHUD VRFLHGDGHVVRVWHQLEOHVGHPDQHUDSDUWLFXODUHQWUHORVLQGtJHQDVTXHVRQTXLHQHV
FHUWL¿FDGD)6&
PHMRUFRQRFHQORVHFRVLVWHPDVPiVFHUFDQRVDHOORV
/DFHUWL¿FDFLyQ
IRUHVWDOGHOD
PDGHUDHV /LPLWDUHOFRPHUFLRFRQODYLGDVLOYHVWUHHVXQDIRUPDGHSURWHJHUODVHVSHFLHV
DFWXDOPHQWHOD (/&219(1,262%5(&20(5&,2,17(51$&,21$/'((63(&,(6$0(1$=$'$6
LQLFLDWLYDPiVLPSRUWDQWHTXHVH
HVWiOOHYDQGRDFDERSDUDPHMRUDU
ODJHVWLyQIRUHVWDOHQORVERVTXHV
GHOSODQHWD\IUHQDUHOSURFHVR
LQFRQWURODGRGHGHIRUHVWDFLyQ
(QWUHORVSURFHVRVGHFHUWL¿FDFLyQ
GHVWDFDODFHUWL¿FDFLyQGHO)RUHVW
2(13(/,*52'((;7,1&,Ï1&,7(6SRUVXVVLJODVHQLQJOpVWLHQHFRPR
¿QDOLGDGDVHJXUDUVHGHTXHHOFRPHUFLRFRQODVSODQWDV\DQLPDOHVVLOYHVWUHVQR
UHSUHVHQWHXQDDPHQD]DSDUDVXVXSHUYLYHQFLDÒQLFDPHQWHHOWUi¿FRGHGURJDV
\DUPDVH[FHGHDOWUi¿FRLOHJDOGHDQLPDOHV\SODQWDVHQHOPXQGR/DGHPDQGD
GHPDVFRWDVDOLPHQWRVPHGLFLQDVH[yWLFDVFRPRHOKXHVRGHWLJUH\FXHUQR
6WHZDUGVKLS&RXQFLOR&RQVHMR GHULQRFHURQWH\RWUDVFXULRVLGDGHVDOLPHQWDHVWHQHJRFLR\DUUDVDFRQODV
GH0DQHMR)RUHVWDO)6&
RUJDQL]DFLyQLQWHUQDFLRQDOVLQ
iQLPRGHOXFURTXHVHIXQGyHQ
\TXHHVWiFRPSXHVWDSRU
UHSUHVHQWDQWHVGHJUXSRVVRFLDOHV
\DPELHQWDOHVGHFRPHUFLDQWHV
GHODPDGHUD\IRUHVWDOHV
RUJDQL]DFLRQHVGHSXHEORV
LQGtJHQDVJUXSRVFRPXQLWDULRV
GHIRUHVWDOHV\RUJDQL]DFLRQHV
FHUWL¿FDGRUDVGHSURGXFWRV
IRUHVWDOHVGHWRGRHOPXQGR0iV
LQIRUPDFLyQZZZIVFRUJ
(O)6&HQ(VSDxDHVWiSURPRYLGD
SRU::)\*UHHQSHDFHZZZ
IVFVSDLQRUJ
3DUDREWHQHULQIRUPDFLyQVREUH
pVWDV\RWUDVHVSHFLHVSXHGHV
YLVLWDUORVVLJXLHQWHVVLWLRVZZZ
HLDLQWHUQDWLRQDORUJ&DPSDLJQV
7LJHUV5HSRUWVWKDLODQGLQGH[
ZZZHFRFULPHVRUJFHWDFHDQB
UHSRUWKWPOLQWURZZZHLD
LQWHUQDWLRQDORUJ&DPSDLJQV
(OHSKDQWV8SGDWHVW
ZZZVDYHGROSKLQVRUJ(QHVSDxRO
KWWSIDXQDLEHULFDRUJZZZ

ZZIHVHVSHFLHVSKSZZZLXFQ
RUJUHGOLVWVSDQLVKVSHFLHV
KWPOZZZSHUXFRPPXQGRD]XO
SURWHMDPRVBGHO¿QHVLQGH[DVS
3DUDPiVLQIRUPDFLyQZZZ
FRQVXPHUHVZHEHVQRWLFLDV
PHGLRBDPELHQWH
SKS
SREODFLRQHVGHHVSHFLHV
+D\DOJXQDVKLVWRULDVH[LWRVDVDFHUFDGHFDVRVHQORVTXHODH[WLQFLyQR
GLVPLQXFLyQGHHVSHFLHVVHKDHYLWDGRHOULQRFHURQWHQHJUR\HOHOHIDQWHDIULFDQR
VRQGRVHMHPSORVPX\FRQRFLGRV(QWUH\ORVFD]DGRUHVIXUWLYRV
UHGXMHURQODSREODFLyQGHOHOHIDQWHDIULFDQRGHPLOORQHVDHMHPSODUHV
SHURFRPRUHVXOWDGRGHODDFFLyQFRQMXQWDHQWUHJRELHUQRV\XQJUXSRGHDFFLyQ
SDUDODSURWHFFLyQGHODIDXQDVLOYHVWUHHOQ~PHURGHHOHIDQWHVHVWiGHQXHYR
HQDXPHQWR6LQHPEDUJRXQJUDQQ~PHURGHHVSHFLHVD~QSHUPDQHFHEDMR
DPHQD]D
/DVHVSHFLHVLQYDVRUDV
&RWRUUDVHQORVSDUTXHVOXFLRVHQHOUtR7DMR\UDQDVWRURHQORVHVWDQTXHVVRQVyOR
DOJXQRVHMHPSORVGHHVSHFLHVH[yWLFDVTXHDFWXDOPHQWHSRGHPRVHQFRQWUDUHQ(VSDxD
\TXHHQORV~OWLPRVDxRVVHKDQFRQYHUWLGRHQODVHJXQGDFDXVDGHGHVDSDULFLyQGHOD
ELRGLYHUVLGDGPXQGLDOSRUGHWUiV~QLFDPHQWHGHODSpUGLGDGHORVKiELWDWQDWXUDOHV'H
KHFKRKDQVLGRODFDXVDGLUHFWDGHOGHODVH[WLQFLRQHVFRQRFLGDV6HFDOFXODTXH
HQ(VSDxDVRQPiVGHPHGLRPLOODUODVHVSHFLHVLQWURGXFLGDVSRUHOKRPEUHKDVWDHO
PRPHQWR
/DVLQGXVWULDVGHGLFDGDVDODFRPHUFLDOL]DFLyQGHDQLPDOHVH[yWLFRVRGHVXVSURGXFWRV
GHULYDGRVWDPELpQKDQFRQWULEXLGRDVXH[SDQVLyQ'HHVWDPDQHUDHOYLVyQDPHULFDQR
OOHJyDODVIiEULFDVGHSHOHWHUtDGH(VSDxDHQODGpFDGDGHORV\DKRUDVHKDLQVWDODGR
HQORVERVTXHVFRPRXQDHVSHFLHDXWyFWRQD/DSUHVHQFLDGHHVWRVHMHPSODUHVGHPD\RU
WDPDxR\PiVDJUHVLYRVTXHHOYLVyQHXURSHRVLJXHQSRQLHQGRHQSHOLJURODVXSHUYLYHQFLD
GHODHVSHFLHQDWLYD
(QORV~OWLPRVDxRVWDPELpQKDQHPSH]DGRDLQVWDODUVHHQ(VSDxDJUDQMDVGHGLFDGDVDOD
UDQLFXOWXUDTXHKDQSURYRFDGRODDSDULFLyQGHYDULDVFRORQLDVGHUDQDVWRURXQDQ¿ELR
RULJLQDULRGHOHVWHGH1RUWHDPpULFDTXHSUHVHQWDXQDJUDQYRUDFLGDG\TXHSXHGHOOHJDUD
PHGLUFHQWtPHWURVIUHQWHDORVQXHYHTXHDOFDQ]DODUDQDYHUGHHVSDxROD
 \ R X W K ; F K D Q J H

$FW~D
´<RHWLTXHWDUtDDOFRQVXPLGRU
GHODxRGHWUHVPDQHUDV
PiVH[LJHQWHPiVVDELR\PiV
SUHRFXSDGRµ

>0LNH&ODVSHU
3URFWHUDQG*DPEOH(XURSD@

7RGRHOPXQGRFRPSUDODVFRPSUDVVRQXQJUDQQHJRFLR/DJOREDOL]DFLyQOD
 'HDFXHUGRFRQODV
GLIXVLyQGHQXHYRVPHGLRVGHFRPXQLFDFLyQ\HOFDGDYH]PD\RUDFFHVRDOD HVWDGtVWLFDVKD\PGH
LQIRUPDFLyQKDQFRQWULEXLGRDGHVSHUWDUODFRQFLHQFLDGHOHIHFWRDPELHQWDOVRFLDO HVSDFLRGHFHQWURFRPHUFLDOSRU
FDGDHVWDGRXQLGHQVH(OFHQWUR
\HFRQyPLFRTXHQXHVWUDVGHFLVLRQHVGHFRPSUDWLHQHQVREUHHOSODQHWD FRPHUFLDOPiVJUDQGH2QWDULR
0LOOVFHUFDGH/RVÈQJHOHVWLHQH
1RVRWURVFRPRFRQVXPLGRUHVHVWDPRVHPSH]DQGRDYHUTXHWDOHVFXHVWLRQHVHQ HOWDPDxRGHFDPSRVGH
YHUGDGWLHQHQXQLPSDFWRGLUHFWRVREUHQRVRWURVPLVPRV\HVWDPRVVROLFLWDQGR I~WERO
PD\RULQIRUPDFLyQ(VLPSRUWDQWHTXHWRGRVORVFRQVXPLGRUHVWHQJDQOD
SRVLELOLGDGGHWRPDUGHFLVLRQHVLQIRUPDGDV 
£3RQWHHQDFFLyQÒQHWH
DOIRURGHGLVFXVLyQHQ,QWHUQHW
(QOD8QLyQ(XURSHD8(\RWURVSDtVHVORVJRELHUQRVHVWiQKDFLHQGRJUDQGHV VREUH&RQVXPR6RVWHQLEOH
HVIXHU]RVSDUDUHVSRQGHUDODVGHPDQGDVGHORVFRQVXPLGRUHVTXHH[LJHQ TXHPDQWLHQHOD81(3(QYtD
PD\RULQIRUPDFLyQVREUHORVDVSHFWRVDPELHQWDOHV\GHVDOXGGHORVSURGXFWRV\ WXVSUHJXQWDVFRPSDUWHWXV 
H[SHULHQFLDVHLGHDVDWUDYpVGHO
VHUYLFLRV (PDLOVF#XQHSIU
(OXVRGHHWLTXHWDVHVXQDGHODVKHUUDPLHQWDVPiVFRPXQHVTXHORVJRELHUQRV
WLHQHQSDUDSURSRUFLRQDUDORVFRQVXPLGRUHVLQIRUPDFLyQFODUD\VHJXUDVREUH
ODVFDUDFWHUtVWLFDVDPELHQWDOHV\pWLFDVGHORVSURGXFWRV3HUR£WHQFXLGDGRÒQL
FDPHQWHXQDVSRFDVHWLTXHWDVHVWiQUHFRQRFLGDVR¿FLDOPHQWH\UHVSRQGHQDFUL
 \ R X W K ; F K D Q J H

(FRHWLTXHWDVHQWUH
ODVUHFRQRFLGDVSRUORV
JRELHUQRV
 ÈQJHO$]XO$OHPDQLD
 (WLTXHWD(FROyJLFDGHOD
 8QLyQ(XURSHD
 6HOORYHUGH(VWDGRV 
 8QLGRVGH$PpULFD
 7HUUD&KRLFH&DQDGi
 (WLTXHWD$PELHQWDOGH 
 &KLQD
 -DSyQ
 &LVQH%ODQFR1yUGLFR
 $XVWULD
 7DLZiQ
,QGLD
,VUDHO
0LOLMHXNHXU+RODQGD
$PELHQWH 
 =LPEDEZH
&RUHDGHO6XU
$HQRU(VSDxD
(WLTXHWDYHUGHGH 
 7DLODQGLD
(WLTXHWDYHUGH+RQJ 
 .RQJ

0HMRUHVSOiWDQRV
(QHODxRDOD
PDUFD&+,48,7$%5$1'6
,17(51$7,21$/VHOHRWRUJy
ODFHUWL¿FDFLyQGH0HMRUHV
%DQDQDVSDUDVXV¿QFDV
DJUtFRODVHQ$PpULFD/DWLQD(Q
WLHPSRVHQTXHODVFRPSDxtDV
- 3DVRDSDVR


EDQDQHUDVVHHQFXHQWUDQ
EDMRHOHVFUXWLQLRS~EOLFR
GHELGRDDVXQWRVGHHTXLGDG
pVWDHVOD~QLFDFRPSDxtD
GHOVHFWRUTXHFXPSOHORV
ULJXURVRVHVWiQGDUHVVRFLDOHV\
DPELHQWDOHVGHO5$,1)25(67
$//,$1&(¶6%(77(5%$1$1$
352-(&7/RVSOiWDQRV&KLTXLWD
FHUWL¿FDGRVFRUUHVSRQGHQDO
GHOWRWDOGHSOiWDQRV
TXHVHH[SRUWDQGH$PpULFD
/DWLQD+R\GtDORVSOiWDQRV
 FRQFHUWL¿FDFLyQVXPDQPiV
GHOGHOYROXPHQWRWDOGH
SOiWDQRV&KLTXLWDH[SRUWDGRV
D(XURSD\DOUHGHGRUGH
GHOYROXPHQTXHVHH[SRUWDD
1RUWHDPpULFD
ZZZJUHHQPRQH\MRXUQDOFRP
DUWLFOHPSO"QHZVOHWWHULG  D
UWLFOHLG 
7~GHFLGHVFyPRJDVWDVWXGLQHUR(OLJHPDUFDVHFROyJLFDV\VRVWHQLEOHV\HQYtDPHQ
VDMHV¿UPHVDORVVXSHUPHUFDGRV\GLVWULEXLGRUHV$OJXQDVVXJHUHQFLDV
)3LHQVDDQWHVGHFRPSUDU3LHQVDTXpQHFHVLWDVQRTXpTXLHUHV
)/HHODVHWLTXHWDVVLQRWHSURSRUFLRQDQLQIRUPDFLyQFODUD\VX¿FLHQWHQRWHPDV
 SUHJXQWDU
)(OLJHORVSURGXFWRV\VHUYLFLRVHWLTXHWDGRVFRPRHFROyJLFRV\pWLFRV
)6LHPSUHTXHWHVHDSRVLEOHFRPSUDSURGXFWRVHODERUDGRVORFDOPHQWH\GHOD
 HVWDFLyQRWHPSRUDGD
)(VFRJHSURGXFWRVTXHFRQWHQJDQSRUFHQWDMHVVLJQL¿FDWLYRVGHPDWHULDOHV 
 UHFLFODGRVRFRPSRQHQWHVUHPDQXIDFWXUDGRVRGHIiFLOHOLPLQDFLyQ\R 
 UHFLFODEOHV
)&RPSUDGLUHFWDPHQWH6LWLHQHVDFFHVRD,QWHUQHWFRPSUDGHPDQHUD³YLUWXDO´ 
 VLHPSUHTXHVHDSRVLEOH\GLVPLQX\HDVtHOXVRGHWUDQVSRUWH\ODFRQWDPLQDFLyQ
 UHODFLRQDGDFRQHOSURGXFWR6L,QWHUQHWVHXWLOL]DGHPDQHUDLQWHOLJHQWHSXHGH 
 FRQWULEXLUDXQFRQVXPRPiVVRVWHQLEOH
 \ R X W K ; F K D Q J H

WHULRVHVWULFWRV\DSUXHEDGHDXGLWRUtDV(QWUHODVPiVFRQRFLGDVHVWiQ(WLTXHWD
(FROyJLFDGHOD8(ÈQJHO$]XOGH$OHPDQLD1RUGLF/DEHO6ZDQGH1RUXHJD\$% 
0iVLQIRUPDFLyQVREUH
DJULFXOWXUDHFROyJLFDGH)UDQFLD HOWHPDHQODZHEGHOD&RPLVLyQ
(XURSHDKWWSHXURSDHXLQW
(Q(VWDGRV8QLGRVVHXWLOL]DHOVLVWHPD(QHUJ\6WDUSDUDLQIRUPDUDORVFRQVXPL FRPPHQYLURQPHQWHFRODEHO
LQGH[KWP
GRUHVVREUHODH¿FLHQFLDHQHUJpWLFDGHODV7,&$FWXDOPHQWHHVWHVLVWHPDHVWi
VLHQGRDGRSWDGRSRUOD8QLyQ(XURSHD

7HFQRORJtDVGHOD
/DVFRUSRUDFLRQHV\ORVJRELHUQRVHVWiQH[SHULPHQWDQGRXQDPD\RUYLJLODQFLDSRU ,QIRUPDFLyQ\&RPXQLFDFLyQ
SDUWHGHOS~EOLFRHQJHQHUDO&XDQWDVPiVSHUVRQDVVROLFLWHQDODVHPSUHVDVTXH
FDPELHQKDFLDSDWURQHVVRVWHQLEOHVGHSURGXFFLyQ\GHFRPHUFLDOL]DFLyQPD\RUHV
VHUiQODVSRVLELOLGDGHVGHTXHFDPELHQ6LORVSURGXFWRUHVGHVHDQFRQVHUYDUOD
FRQ¿DQ]DGHORVFRQVXPLGRUHVWLHQHQTXHGHPRVWUDUTXHWRPDQHQFXHQWDVXV
QHFHVLGDGHV\SUHRFXSDFLRQHV

,19(56,21(6&21&203520,62

$OSODQL¿FDUHOIXWXURSRGHPRVWRPDUPHGLGDVSDUDDVHJXUDUTXHQXHVWUDV
GHFLVLRQHVGHLQYHUVLyQRDKRUURSURPXHYDQHVWLORVGHYLGDPiVUHVSRQVDEOHV6L
XQQ~PHURVX¿FLHQWHGHSHUVRQDVORKDFHHVWDUiQHQYLDQGRPHQVDMHVFODURVDODV
HPSUHVDVHLQVWLWXFLRQHV\SURPRYLHQGRDVtODUHVSRQVDELOLGDGVRFLDOFRUSRUDWLYD 
0iVLQIRUPDFLyQVREUH
PiVDFWLYD UHVSRQVDELOLGDGVRFLDOFRUSRUDWLYD
/DVHPSUHVDVFRQSROtWLFDVUHVSRQVDEOHVSXHGHQJXLDUFRQVXHMHPSORRWUDVODV ZZZFRROFRPSDQLHVRUJZZZ
RQHZRUOGRUJJXLGHVHWKFRQV
VHJXLUiQKDELHQGRYLVWRTXHHVSRVLEOHKDFHUGLQHUR\WUDEDMDUSRUHOFDPELR HWKBLQYHVWBOLQNVZZZFR
RSHUDWLYHEDQNFRXNHWKLFV
KWPOZZZHWKLFDOFRPVXPHURUJ
8QVHJPHQWRFRQVLGHUDEOH\FDGDYH]PD\RUGHODSREODFLyQWDQWRLQGLYLGXDO (FQHZVLWHSDJHVFRUSBFULWLF
FRPRLQVWLWXFLRQDO\FROHFWLYDPHQWHHVWiLQYLUWLHQGRpWLFDPHQWH(VWDV (QHVSDxROSXHGHQYHUVHODV
SHUVRQDVH[LJHQTXHODVLQYHUVLRQHVSURGX]FDQPiVTXHJDQDQFLDVPRQHWDULDV VLJXLHQWHVZZZHFRGHVRUJZZZ
HVDGHHVLQVWLWXWLRQLQVWLWXWRV
\GHVHDQTXHODVHPSUHVDVVHFRQGX]FDQFRQUHVSRQVDELOLGDG([LVWHQYDULDV LSHVZZZIXQGDFLRQHQWRUQR
IRUPDVGHLQYHUVLyQVRVWHQLEOHXQDGHHOODVHVFRPSUDUDFFLRQHVGHFRPSDxtDV RUJZZZHPSUHVD\VRFLHGDG
FRPSURPHWLGDVpWLFDPHQWHRWUDVLQFOX\HQODVLQYHUVLRQHVHQIRQGRVGHSHQVLRQHV RUJGHIDXOWFIP"WLSR0HQX 
KWWSHVRQHZRUOGQHWDUWLFOH
\YDORUHVpWLFRVRHQLQLFLDWLYDVFRPXQLWDULDV DUFKLYH


$VLPLVPRORVIRQGRVpWLFRVWDPELpQRIUHFHQODRSRUWXQLGDGGHDWHQGHUWDQWR /RVSURJUDPDVGH
PLFURFUpGLWRVRWRUJDQSHTXHxRV
ODVQHFHVLGDGHVJOREDOHVFRPRODVORFDOHV/DFDQDOL]DFLyQGHFDSLWDOEiVLFRHQ SUpVWDPRVDJHQWHPX\SREUH
HOiPELWRORFDOFUHDRSRUWXQLGDGHVGHPLFURFUpGLWRV\GHHVWDEOHFLPLHQWRGH SDUDSUR\HFWRVGHDXWRHPSOHR
SHTXHxRVQHJRFLRVSDUDHPSUHVDULRVDOUHGHGRUGHOPXQGR(VWRVHVTXHPDV TXHJHQHUDQLQJUHVRVORTXHOHV 
SHUPLWHPDQWHQHUVHDVtPLVPRV\
EULQGDQDSR\RDSHUVRQDVTXHVHHQFXHQWUDQHQGL¿FXOWDGHVHFRQyPLFDV\ DVXVIDPLOLDV
VRFLDOHV )XHQWH0,&52&5(',76800,7
ZZZJGUFRUJLFP7DPELpQ
/RVJRELHUQRVWDPELpQSXHGHQWRPDUODGHODQWHUDHQLQYHUVLRQHVpWLFDVDWUDYpV SXHGHVFRQWDFWDUFRQOD5HGGH
GHVXVGHFLVLRQHVGH¿QDQFLDPLHQWRHLQYHUVLyQPXOWLODWHUDOHLQWHUQDFLRQDO (FRQRPtD$OWHUQDWLYD\6ROLGDULD
5($6HQ(VSDxDZZZUHDVQHW
FRP
 \ R X W K ; F K D Q J H

/DV,167,78&,21(6),1$1&,(5$6 (QODDFWXDOLGDGVHUHDOL]DQHVIXHU]RVLQWHUQDFLRQDOPHQWHSRUHMHPSORSDUD
,17(51$&,21$/(6,),\ODV
$*(1&,$6'(&5e',723$5$
SURPRYHUODHQHUJtDUHQRYDEOHSRUPHGLRGHXQPD\RU¿QDQFLDPLHQWRDWUDYpV
(;3257$&,Ï1(&$VLJODVHQ GHODUHIRUPDGHODV,QVWLWXFLRQHV,QWHUQDFLRQDOHVGH)LQDQFLDPLHQWR,),\ODV
LQJOpVVRQLQVWUXPHQWRVGHORV $JHQFLDVGH&UpGLWRSDUD([SRUWDFLyQ(&$(O*UXSRGH7UDEDMRSRUOD(QHUJtD
JRELHUQRVQDFLRQDOHVTXHXWLOL]DQ
UHFXUVRV¿QDQFLHURVS~EOLFRV 5HQRYDEOH**5(1(:$%/((1(5*<7$6.)25&(IRUPDGRHQOD&XPEUH*
SDUDSURSRUFLRQDU¿QDQFLDPLHQWR
JDUDQWtDV\VHJXURVSDUDHOVHFWRU
SULYDGR(VWDVLQVWLWXFLRQHV
IDFLOLWDQODVLQYHUVLRQHVGHODV
FRPSDxtDVHQORVPHUFDGRV
H[WHULRUHVGHPD\RUULHVJRDO
DEVRUEHUJUDQSDUWHGHOULHVJR
DVRFLDGRFRQWDOHVLQYHUVLRQHV
/DV(&$HVWiQGLVHxDGDVSDUD
SURPRYHUODVH[SRUWDFLRQHV
HQ2NLQDZDMXOLRGHIRUPXOyDOJXQDVDFFLRQHVFODYHHQHVWHDSDUWDGR
¢4XpGHEHWRPDUHQFRQVLGHUDFLyQHOLQYHUVRUpWLFRDOGHFLGLUHQGyQGHLQYHUWLUVX
GLQHUR"$OJXQDVVXJHUHQFLDV
 ¢4XpKDFHODHPSUHVD"
 ¢&XiOHVHOKLVWRULDOGHODHPSUHVDHQPDWHULDGHSROtWLFDVRFLDO\DPELHQWDO"
¢8WLOL]DHQHUJtDDOWHUQDWLYD"
 ¢2IUHFHLQIRUPDFLyQDFHUFDGHOLPSDFWRDPELHQWDOGHVXVSURGXFWRV
(QODDFWXDOLGDG&DQDGi\ DQDOL]DQGRHOFLFORGHYLGDGHORVPLVPRV³GHODFXQDDODWXPED´"
(VWDGRV8QLGRVGH$PpULFD
VHRSRQHQDDOJXQDVGHHVWDV  ¢&XiOHVODKLVWRULDGHODVUHODFLRQHVODERUDOHVHQODHPSUHVD"PXMHUHV
UHFRPHQGDFLRQHV PLQRUtDVKRUDULRÀH[LEOHWUDEDMRDWLHPSRSDUFLDOHWF
 ¢/DFRPSDxtDHVWDLQYROXFUDGDHQSUR\HFWRVHLQLFLDWLYDVFRPXQLWDULDV
ORFDOHV"

1HFHVLGDGGHFRQVLVWHQFLD/DV$JHQFLDVGH&UpGLWRSDUD([SRUWDFLyQ(&$VRQ

XQHMHPSORFRQWUDGLFWRULRHQHOXVRGHOGLQHURS~EOLFR&DGDDxRGRV(&$GH(VWDGRV
8QLGRVGH$PpULFD(;3257,03257%$1.(;,0\29(56($635,9$7(,19(670(17
3DUDOHHUXQLQIRUPHUHFLHQWH
VREUHOD23,&\HO(;,0
UHDOL]DGRFRQODFRODERUDFLyQ
GH)ULHQGVRIWKH(DUWK$PLJRV
&25325$7,2123,&VXEYHQFLRQDQSUR\HFWRVGHFRPEXVWLEOHVIyVLOHVHQSDtVHVHQ
GHVDUUROOR\HFRQRPtDVHQWUDQVLFLyQ
(VWDVLQYHUVLRQHVVRQUHVSRQVDEOHVGHDOUHGHGRUGHGRVWHUFLRVGHOWRWDOGHHPLVLRQHV
SURYHQLHQWHVGHORV(VWDGRV8QLGRVFDGDDxR$OPLVPRWLHPSRRWURVSUR\HFWRVPiV
GHOD7LHUUDYLVLWDZZZVHHQ
RUJUHSRUWVRHRUGRQO

VRVWHQLEOHVTXHFXHQWDQFRQXQPHQRU¿QDQFLDPLHQWRUHFLEHQXQDDPSOLDSXEOLFLGDGSDUD
PRVWUDUHOFRPSURPLVRDPELHQWDOGH(VWDGRV8QLGRV$SDUWLUGHOD&XPEUHGHOD7LHUUDHQ
ODVGRV(&$KDQLQYHUWLGRYHFHVPiVGLQHURHQSUR\HFWRVGHFRPEXVWLEOHVIyVLOHV
TXHHQHQHUJtDVUHQRYDEOHV
(VWXGLRUHDOL]DGRSRUHO,QVWLWXWRGH(VWXGLRVGH3ROtWLFDVZZZVHHQRUJH[LPLQGH[
7ULRGRV%DQN
(VHOSULPHUEDQFR³pWLFR´TXHRSHUDHQ(VSDxD\WLHQHFRPRREMHWLYRFRQWULEXLUDOGHVDUUROOR
GHXQDVRFLHGDGGLJQDTXHUHVSHWHDOVHUKXPDQRODQDWXUDOH]D\ODFXOWXUD¿QDQFLDQGR
HPSUHVDVRUJDQL]DFLRQHV\SUR\HFWRVFRQYDORUDxDGLGRHQHOiPELWRVRFLDOPHGLRDPELHQWDO
\FXOWXUDO'HHVWDPDQHUD7ULRGRV%DQNQRVyORWLHQHHQFXHQWDORVDVSHFWRVHFRQyPLFR
¿QDQFLHURVHQVXSUiFWLFDEDQFDULDVLQRWDPELpQORVVRFLDOHV\pWLFRV
&RPRHQWLGDG¿QDQFLHUDLQWHUQDFLRQDOHLQGHSHQGLHQWH7ULRGRV%DQNSUHWHQGHSURPRYHU
\DOHQWDUXQDUHQRYDFLyQVRFLDOSRVLWLYD\VRVWHQLEOH5HVSHWDQGRVLHPSUHVXVREMHWLYRV
VRFLDOHV7ULRGRV%DQNEXVFDWDPELpQREWHQHUXQySWLPRUHQGLPLHQWRHFRQyPLFR
0iVLQIRUPDFLyQZZZWULRGRVHV
 \ R X W K ; F K D Q J H

'HVFXEUH
ODDOGHD
JOREDO
´3HUPLWDPRVTXHODVDOGHDV
GHOIXWXURYLYDQHQQXHVWUD
LPDJLQDFLyQSDUDTXHXQGtD
QRVRWURVOOHJXHPRVDYLYLUHQ
HOODVµ

>0DKDWPD*DQGKL@


)XHQWH861$7,21$/
$662&,$7,21)25('8&$&7,21
2)<281*&+,/'5(1
/¶(VSUHVVRGHVHSWLHPEUH
+R\HQGtDORVMyYHQHVHQXQDPELHQWHHQHOTXHORVPHGLRVGHFRPXQLFDFLyQVRQ S
PX\DEXQGDQWHVH[SHULPHQWDQXQDVDWXUDFLyQVLQSUHFHGHQWHVGHLPiJHQHVH
(QORV(VWDGRV8QLGRVGH
LQIRUPDFLRQHVSURYHQLHQWHVGHXQDJUDQYDULHGDGGHIXHQWHV(VWiQLQXQGDGRVGH $PpULFDVyORHOGHO
LQIRUPDFLyQVREUHSROtWLFD\DVXQWRVGHDFWXDOLGDGP~VLFDFLHQFLDORVIDPRVRVGHO WLHPSRTXHORVQLxRVYHQ
PRPHQWRHQERJDPRGD\PLOHVGHRWURVWySLFRV\DVXQWRV/RVQLxRVFUHFHQHQXQD ODWHOHYLVLyQORGHGLFDQD
YHUSURJUDPDVLQIDQWLOHV
FXOWXUDGRQGHODPD\RUSDUWHGHODLQIRUPDFLyQ\HOHQWUHWHQLPLHQWRSURYLHQHGHORV (ORWURORGHGLFDQD
PHGLRVGHFRPXQLFDFLyQSHULyGLFRVUDGLRUHYLVWDVSHOtFXODV,QWHUQHWRODWHOHYLVLyQ YHUSURJUDPDVGLVHxDGRV
SDUDDGXOWRV(OGHORV
DGROHVFHQWHVWLHQHQXQD
¢&yPRIXQFLRQDQHVWRVPHGLRV"¢&yPRHVWiQRUJDQL]DGRV\FyPRFRQVWUX\HQ WHOHYLVLyQHQVXKDELWDFLyQ\
ODUHDOLGDG"(OVDEHUOHHUORVPHGLRVGHFRPXQLFDFLyQD\XGDDODSREODFLyQD WRPDQVXVDOLPHQWRVVRORV
IUHQWHDODSDQWDOOD
GHVDUUROODUXQHQWHQGLPLHQWRFUtWLFRGHORVPHGLRVPDVLYRVGHFRPXQLFDFLyQ (Q(VSDxDHQXQ
ODVWpFQLFDVXWLOL]DGDVSRUORVSURIHVLRQDOHVGHORVPHGLRV\VXLPSDFWR(QRWUDV GHORVKRJDUHVORVQLxRV
SDODEUDVSURSRUFLRQDKHUUDPLHQWDVDORVMyYHQHVSDUDTXHWRPHQVXVSURSLDV WLHQHQXQWHOHYLVRUHQVX
GHFLVLRQHVPHMRUIXQGDPHQWDGDV KDELWDFLyQ(VWRVODYHQ
KRUDV\PLQXWRV
VHPDQDOHVPiVTXHORVTXH
0iVD~QSXHGHD\XGDUDTXHORVMyYHQHVUHDFFLRQHQFRQWUDODSHQHWUDQWHLQÀXHQFLD QRORWLHQHQ
GHORVPHGLRVGHFRPXQLFDFLyQVREUHVXVKiELWRVGHFRQVXPR\VXVGHVHRV$VXYH]

OHVHQVHxDUiD³XWLOL]DU´ORVPHGLRVSDUD³KDFHUUXLGR´\SURPRYHUQXHYRVYDORUHV\ )XHQWH6RVDÈYLOD
/RVQLxRV\ODWHOHYLVLyQ
XQHVWLORGHYLGDPiVVRVWHQLEOH(QRWUDVSDODEUDVKDFHUYDOHUVXVGHUHFKRVFRPR HQ3HGLDWUtD9ROQžMXQLR
FLXGDGDQRV\FRQVXPLGRUHV 


/$38%/,&,'$'

/D81(3WUDEDMDFRQHO
VHFWRUSXEOLFLWDULRSDUDFDQDOL]DU
$OJXQRVDQXQFLRVSXEOLFLWDULRVHVWiQHVSHFt¿FDPHQWHGLULJLGRVDORVMyYHQHV8WLOL]DQ VXVKDELOLGDGHVKDFLDODSURPRFLyQ
GHHVWLORVGHYLGDPiVVRVWHQLEOHV
XQOHQJXDMHXQDVLPiJHQHV\PHQVDMHVTXHOOHJDQDORVDGROHVFHQWHVSHURTXH ,QIRUPDFLyQPiVDPSOLDHQZZZ
TXL]iQRWHQGUtDQODPLVPDDFHSWDFLyQSRUSDUWHGHVXVSDGUHVSRUHMHPSORORV XQHSWLHRUJVXVWDLQDGYHUWLVLQJ
DGYHUWLVLQJ
DQXQFLRVGHYLGHRMXHJRVFRPLGDUiSLGDRP~VLFD

)XHQWHZZZZHWDRUJ
\$0(5,&$10(',&$/
$662&,$7,21
6RVDÈYLODRSFLW
'HVHDQTXHODJHQWHHPSLHFHD
XWLOL]DUVXVSURGXFWRVFXDQGRHVWi
MRYHQ\TXHFRQWLQ~HXViQGRORV
HOUHVWRGHVXYLGD
\ R X W K ; F K D Q J H
(ODGROHVFHQWHSURPHGLRHQ(VWDGRV8QLGRVYHODWHOHYLVLyQDOUHGHGRUGHKRUDVDOD
VHPDQD(QOD,QGLDYHQDSUR[LPDGDPHQWHKRUDVDODVHPDQD\HQ(VSDxDKRUDV\
PLQXWRV/RVQLxRVLQYLHUWHQPiVWLHPSRHQIUHQWHGHODSDQWDOODGHWHOHYLVLyQTXHHQOD
HVFXHOD&XDQGROOHJDQDODHGDGGHDxRV\DKDQSUHVHQFLDGRPiVGHDFWRV
YLROHQWRV\DQXQFLRVFRPHUFLDOHV/RVMyYHQHVGHGLFDQHOGREOHGHWLHPSRDORV
PHGLRVGHFRPXQLFDFLyQTXHDVXVSDGUHV\PDHVWURVHQFRQMXQWR
/RVDGROHVFHQWHVGHKHFKRFRQVWLWX\HQXQEODQFRLPSRUWDQWHSDUDORVSXEOLFLVWDV
GHELGRDTXHODVFRPSDxtDVQHFHVLWDQFUHDUXQD¿GHOLGDGDVXVPDUFDV
$PHQXGRORVDQXQFLRVWUDQVPLWHQPHQVDMHVVLPSOL¿FDGRVSRUPHGLRGH
HVWHUHRWLSRV'HWDOIRUPDTXHSRUHMHPSORORVSXEOLFLVWDVGLVHxDQFDPSDxDV
GLULJLGDVDODVPXFKDFKDVGLIHUHQWHVGHODVFDPSDxDVGLULJLGDVDORVPXFKDFKRV
&RQIUHFXHQFLDXQDQXQFLRWHGLFHVLXQSURGXFWRHV³PDVFXOLQR´R³IHPHQLQR´D~Q
FXDQGRHOSURGXFWRSRGUtDXVDUVHLQGLVWLQWDPHQWHSRUFXDOTXLHUJpQHUR
8QHVWHUHRWLSRFRQ¿UPDGHPDQHUDUtJLGDODFUHHQFLDGHTXHVLHUHVKRPEUHRPXMHU
(QVHUHWLUDURQ
DQXQFLRVGH&DOYLQ
.OHLQGHELGRDTXHORV
FRQVXPLGRUHVVHTXHMDURQ
EODQFRRQHJURKHWHURVH[XDOXKRPRVH[XDOGHEHVFRPSRUWDUWHGHDFXHUGRD
SDWURQHVRUROHVHVSHFt¿FRV(VWDFUHHQFLDHOLPLQDQXHVWURVJXVWRVSHUVRQDOHVSDUD
GH¿QLUQXHVWURVSURSLRVLQWHUHVHV\KDELOLGDGHV
1RWHQHPRVSRUTXpDFHSWDUGHPDQHUDSDVLYDWRGRVORVPHQVDMHVTXHORVPHGLRV
GHTXHVH[XDOL]DEDQDORV
QLxRV
/DPDUFDGHFLJDUURV
&DPHOWXYRTXHGHMDU
GHXVDUHOSHUVRQDMH
³-RH&DPHO´HQVXV
DQXQFLRVGHELGRDTXHORV
FRQVXPLGRUHVVHTXHMDURQ
GHTXHHVWDEDQGLULJLGRVD
ORVQLxRV
ZZZPHGLDDZDUHQHVVFD
)XQGDGDHQOD)XQGDFLyQ
HVWDGRXQLGHQVH-8677+,1.
LPSDUWHSURJUDPDVGHHGXFDFLyQ
SDUDXWLOL]DUORVPHGLRVGH
FRPXQLFDFLyQDMyYHQHVGHWRGR
 HOPXQGR-8677+,1.ODQ]y
XQDQXHYDLQLFLDWLYDSDUDWUDWDU
HVSHFt¿FDPHQWHHOWHPDGHOD
LPDJHQFRUSRUDOHQWUHODVPXMHUHV
VREUHWRGRORVDQXQFLRVQRVHQYtDQ3RGHPRV³FRQWHVWDU´\H[SUHVDUQXHVWUDV
RSLQLRQHV
/RVHVWHUHRWLSRVFXOWXUDOHV\GHFODVHWDPELpQSUHGRPLQDQHQODWHOHYLVLyQ&RQ
IUHFXHQFLDODVPLQRUtDVVHUHSUHVHQWDQDWUDYpVGHHVWHUHRWLSRV\PX\UDUDYH]
VHOHVDWULEX\HHOSRGHURODULTXH]DTXHJR]DODPD\RUtD$GHPiVORVSURJUDPDV
QRUPDOPHQWHVRQYLVWRVSRUXQDDXGLHQFLDTXHVREUHSDVDFRQPXFKRDOJUXSRDOTXH
SUHWHQGHGLULJLUVH
/RVPX\MyYHQHVYHQSURJUDPDVTXHFRQWLHQHQ³LQJUHGLHQWHV´EiVLFRVFRPR
YLROHQFLDVH[RFRQÀLFWRVVRFLDOHVHWFSDUDFX\DFRPSUHQVLyQQRSRVHHQQL
VX¿FLHQWHPDGXUH]HPRFLRQDOQLFDSDFLGDGFUtWLFD8QDGXOWRSXHGHDQDOL]DUSHURORV
(QODEDODQ]D,QXQGDGDVSRUODVLPiJHQHVTXHDSDUHFHQHQORVPHGLRVGHFRPXQLFDFLyQ
GHPRGHORVGHOJDGDVODVFKLFDVHVWiQFRQYHQFLpQGRVHGHTXHVHUGHOJDGDHVODFODYHSDUD
VHUTXHULGDV\DFHSWDGDV/DVQLxDVDODWHPSUDQDHGDGGHRFKRDxRVHPSLH]DQDPRVWUDU
SUHRFXSDFLyQSRUVXSHVRHOGHODVQLxDVGHQXHYHDxRVHVWiDGLHWD
/RVGHVyUGHQHVHQODDOLPHQWDFLyQVHKDQLQFUHPHQWDGRHQXQGHVGHHO
GHODVMyYHQHVXQLYHUVLWDULDVWLHQHDQRUH[LD\ODFRQGXFWDDXWRGHVWUXFWLYDHQWUHODVFKLFDVGH
VHFXQGDULDKDDOFDQ]DGRSURSRUFLRQHVHSLGpPLFDV
(Q(VSDxDODVDXWRULGDGHVVDQLWDULDVKDQFUHDGRSURJUDPDVHVSHFt¿FRVSDUDDWHQGHUORV
FUHFLHQWHVGHVyUGHQHVDOLPHQWLFLRVHQWUHORVMyYHQHV7DPELpQKDQVXUJLGRDVRFLDFLRQHV
SULYDGDVDSDUWLUGHSHUVRQDVTXHKDQVXIULGRSHUVRQDOPHQWHRHQVXHQWRUQRHVWHWLSR
MyYHQHVZZZMXVWWKLQNRUJ GHWUDVWRUQRV3RUHMHPSOR$&$%$VRFLDFLyQ&RQWUDOD$QRUH[LD\OD%XOLPLDTXHRIUHFH
VZHHWZDWHUELS DWHQFLyQHLQIRUPDFLyQWHOHIyQLFDYLVLWDVDODVSHUVRQDVHQVLWXDFLyQGHULHVJRJUXSRVGH
D\XGDPXWXDFRQIHUHQFLDVFKDUODV\GLIXVLyQDORVPHGLRVGHFRPXQLFDFLyQ&RQWDFWDHQ
ZZZDFDERUJVSDZHOFRPHKWP
 \ R X W K ; F K D Q J H

QLxRVWLHQGHQDDEVRUEHU/RVQLxRVTXHYHQXQDJUDQFDQWLGDGGHSURJUDPDVYLROHQWRVWLHQGHQ
'LYHUVLyQHQVHULR
DIDYRUHFHUHOXVRGHODYLROHQFLDSDUDUHVROYHUORVFRQÀLFWRV
$'%867(56³&$=$
$181&,26´HVXQD
/DYLROHQFLDHQODSDQWDOODSXHGHLPSUHVLRQDUQRVSHURRWURVPHQVDMHVPiVVXWLOHV RUJDQL]DFLyQVLQ¿QHV
SXHGHQLQÀXLUGHSRUYLGDHQORVMyYHQHV5HSHWLGRVVLQFHVDUWHUPLQDQSRUFDPELDU OXFUDWLYRVFRQVHGHHQ
ORVHVWLORVGHYLGDIRPHQWDQGRSRUHMHPSORHOFRQVXPLVPRRORVGHVyUGHQHV &DQDGiTXHSURGXFHXQD
UHYLVWD\XQDZHEGHGLFDGRVD
DOLPHQWLFLRV H[DPLQDUODUHODFLyQHQWUH³ORV
VHUHVKXPDQRV\VXDPELHQWH
Ë'2/26<$8',(1&,$6 ItVLFR\PHQWDO´(VWRV
³DJLWDGRUHVFXOWXUDOHV´GH
HVWLORSURSLRWUDWDQGHDSRUWDU
6LQHPEDUJRORVDFWRUHVODVPRGHORV\ORVGHSRUWLVWDVSURSRUFLRQDQDYHFHV RWUDSHUVSHFWLYDDFHUFDGH
SDWURQHVSRVLWLYRVGHFRQGXFWD/RVPHGLRVGHFRPXQLFDFLyQDFW~DQFRPR ODYLGD\QXHVWURVKiELWRV
FRWLGLDQRV$QLPDQDODJHQWH
FDWDOL]DGRUHVTXHGHVSLHUWDQODFRQFLHQFLD\FDSWDQODDWHQFLyQGHXQDLQPHQVD DFXHVWLRQDUORVPHGLRVGH
DXGLHQFLDMXYHQLO FRPXQLFDFLyQVHxDODQORV
PHQVDMHVTXHVHWUDQVPLWHQ
REYLRVDOJXQRV\PiVRFXOWRV
/DP~VLFDXQOHQJXDMHXQLYHUVDOSRUGH¿QLFLyQHVSUREDEOHPHQWHHOPHGLRTXH RWURVTXHDPHQXGRVH
WUDQVPLWHGHIRUPDPiVFRQVLVWHQWHPHQVDMHVVRFLDOHVLPSRUWDQWHV¢(MHPSORV" DVXPHQFRPRYHUGDGHVVLQ
(YHQWRVFRPR/,9($,')$50$,'/$*,5$'($01,67,$,17(51$&,21$/ FXHVWLRQDPLHQWRDOJXQR
18(6752)87852&2081HO$/%80'(*5((13($&(HWF(VWRVHYHQWRVWDPELpQ 3RUPHGLRGHVXVSDURGLDVGH
DQXQFLRVIDPRVRVDVtFRPR
GDQVHQWLGRDODSDUWLFLSDFLyQGHODDXGLHQFLD'LVIUXWDUGHXQDDFWXDFLyQVHFRQYLHUWH
GHVXVFDPSDxDVDQXDOHV
HQXQJHVWRGHVROLGDULGDGSROtWLFDRKXPDQLWDULD WDOHVFRPRHO³'tDGHQR
&RPSUDU1DGD´\OD³6HPDQD
GH$SDJDUOD7HOH´LQFLWDQD
+R\GtDORVMyYHQHVVHVLHQWHQFyPRGRVFRQORVPHGLRVGHFRPXQLFDFLyQ([LVWHQ ODJHQWHSDUDTXHUHÀH[LRQH
PLOHVGHVLWLRVZHEGLULJLGRVSDUD\SRUDGROHVFHQWHV6XFRPSURPLVRHQOD DFHUFDGHVXVSULRULGDGHV
SURPRFLyQGHFDXVDVDOJXQDVYHFHVFRPSOHMDVSRUHMHPSORGHUHFKRVKXPDQRV \HVWLORVGHYLGD\FUHDQ
PHGLRDPELHQWHHVSUXHEDGHVXKDELOLGDGQRVyORSDUDVDFDUSDUWLGRGHORVPHGLRV FRQFLHQFLDVREUHXQDYDULHGDG
GHWySLFRVGHVLJXDOGDGVREUH
GHFRPXQLFDFLyQVLQRWDPELpQGHVXVWDOHQWRVSDUDSUR\HFWRVVRVWHQLEOHV FRQVXPRPDQLSXODFLyQSRUORV
PHGLRVHWF6LELHQDOJXQDV
SHUVRQDVSXHGHQHVWDUHQ
GHVDFXHUGRFRQVXVWiFWLFDV
$GEXVWHUVHVXQDRUJDQL]DFLyQ
FRQYLYDFLGDG\FUHDWLYLGDG
TXHSRVHHXQWDOHQWRHVSHFLDO
XWLOL]DODVPLVPDVWpFQLFDVGH
ORVPHGLRVSXEOLFLWDULRVSDUD
FXHVWLRQDUHOSDSHOHLQÀXHQFLD
GHORVPLVPRVeVWHHVXQ
HMHPSORFODURGHOSRGHUGH
XQJUXSRDFWLYRTXHWUDEDMD
DWUDYpVGHODUHGZZZ
DGEXVWHUVRUJ 
(QFDVWHOODQRODSiJLQDZHEGH
(FRORJLVWDVHQ$FFLyQFULWLFD
HOFRQVXPLVPRFRQHOREMHWLYR
GHLQGXFLUDXQFRQVXPRPiV
UHVSRQVDEOH\VRVWHQLEOH6H
SXHGHYHUHQZZZOHWUDRUJ
FRQVXPHKDVWDPRULU
 \ R X W K ; F K D Q J H

/DUHG ,QWHUQHWHVWiDGTXLULHQGRFDGDGtDPD\RULPSRUWDQFLDFRPRKHUUDPLHQWDSDUDODV
,QVWUXFFLRQHV FRPXQLFDFLRQHV\FRPRXQSRUWDOGHDFFHVRDODLQIRUPDFLyQ$XQTXHHOIHQyPHQR
SDUDXVDUOD JOREDOGHODUHGD~QVHHQFXHQWUDOLPLWDGRHVHOPHGLRGHOIXWXURTXHPHMRU
VHDGDSWDDODVFDSDFLGDGHV\WDOHQWRGHORVMyYHQHV,QWHUQHWHVDVLPLVPRXQ
³OHQJXDMH´TXHXQJUDQQ~PHURGHMyYHQHVHQFRQVWDQWHDXPHQWRXWLOL]D
´(OVHUYLFLRDORVGHPiVHVOD (VWD*XtDVHKDGLVHxDGRWHQLHQGRHQPHQWHDORVIRUPDGRUHV\DORVHVWXGLDQWHV
UHQWDTXHSDJDVSRUWX DODYH]$TXtKHPRVH[SXHVWRXQUHVXPHQUiSLGRGHORVWHPDV\UHWRVGHO
KDELWDFLyQDTXtHQOD7LHUUDµ
&RQVXPR6RVWHQLEOH(QODSiJLQDGH,QWHUQHWGH<287+;&+$1*(-yYHQHVSRUHO
>0RKDPHG$OL
FDPSHyQPXQGLDOGHER[HR@
(QHODxRHOGHOWUi¿FR
WRWDOGH,QWHUQHWWXYROXJDUHQWUH
SDtVHV7RPRUURZ6HSW2FW
&DPELR<[&VHH[DPLQDQORVWHPDVFRQPD\RUSURIXQGLGDG
¢3RUTXp,QWHUQHW"/DVQXHYDVWHFQRORJtDVFRPSOHPHQWDQSHURQRVXVWLWX\HQODV
KHUUDPLHQWDVGHHQVHxDQ]DWUDGLFLRQDOHV&XDQGRVHDSOLFDQDODHGXFDFLyQ\
VHXWLOL]DQFRPRPHGLRV\QRFRPR¿QHVSXHGHQFUHDUJUDQGHVRSRUWXQLGDGHV
,QWHUQHWSRGUtDSURGXFLUXQHIHFWRGHERODGHQLHYHPXOWLSOLFDQGRORVUHVXOWDGRV
SRVLWLYRVGHODSUHQGL]DMHHQWUHWRGRVORVLQYROXFUDGRVPDHVWURVMyYHQHV
LQVWLWXFLRQHVHPSUHVDV\21*
 &RPSDUWLUH[SHULHQFLDV±DOQDYHJDUSRUODUHGSURGXFLUiHOUHVXOWDGRDGLFLRQDOGH
SURPRYHUODSDUWLFLSDFLyQGLUHFWD\DFWLYDHQODSURPRFLyQGHORVHVWLORVGHYLGD
VRVWHQLEOHV(OVLWLRGH<[&DWUDSDUi\PDQWHQGUiODDWHQFLyQGHORVXVXDULRVDO
HVWLPXODUVXFUHDWLYLGDGSHUPLWLpQGROHVHOHJLUFyPR\TXpDSUHQGHU/RVHMHPSORV
UHDOHVVRQHOSXQWRGHLQLFLRDOGHVWDFDUXQDYDULHGDGGHSURGXFWRV\VHUYLFLRV
LQLFLDWLYDVKHFKRVGDWRV\HVWXGLRVGHFDVRVUHDOHV
 1XHVWURVLWLRHQODUHGZZZ\RXWK[FKDQJHQHWHVWiHVWUXFWXUDGRGHODVLJXLHQWH
PDQHUD
 $XODGHIRUPDGRUHVVHH[SOLFDHOFRQWHQLGRGHOVLWLRVDODSRUVDOD
6HGHVWDFDHOSRWHQFLDOHGXFDWLYRGHFDGDXQRGHHOORV(OLQVWUXFWRUUHFLELUi
VXJHUHQFLDVSUiFWLFDVDFHUFDGHFyPRGHVDUUROODU\H[SORUDUFRQPD\RUGHWDOOHORV
WHPDV\DPHQFLRQDGRVHQODSUHVHQWHJXtD
 \ R X W K ; F K D Q J H

 ERWRQHVEiVLFRVXQDKHUUDPLHQWDGHQDYHJDFLyQKRUL]RQWDOSDUD
GLULJLUDOLQVWUXFWRU\DOXVXDULRDORVWHPDVDWUDYpVGHODSHUVSHFWLYDGHORV
5(48(5,0,(1726<1(&(6,'$'(6GHORVMyYHQHVDGXOWRV7DPELpQWHJXLDUiHQ
HOUHFRUULGRKDFLDXQD³FRPXQLGDGVRVWHQLEOH´
 $WODVGHKHFKRV\FLIUDVXQDWODVDOWDPHQWHYLVXDOLQWHUDFWLYRH
LPDJLQDWLYRFRQGDWRVFODYHVREUHSDWURQHVGHFRQVXPRGHOSDVDGRSUHVHQWH\
IXWXUR\TXHSRUWDQWRVLW~DODGLVWULEXFLyQGHOFRQVXPRHQXQFRQWH[WRJOREDO
 %XHQDVSUiFWLFDV¢4XpSROtWLFDVLQLFLDWLYDVSURGXFWRV\VHUYLFLRVHVWiQ
GLVSRQLEOHV"¢(VIiFLO"¢4XpHVWiQKDFLHQGRRWURVDJHQWHVJRELHUQRVORFDOHV
\QDFLRQDOHV21*RUJDQL]DFLRQHVLQWHUQDFLRQDOHVHWF"$OYLVLWDUOD7,(1'$
6267(1,%/(6867$,1$%/('(3$57$0(176725(HOXVXDULRGHVFXEULUiFyPR
WUDGXFLUODVLGHDVHLQWHQFLRQHVHQDFFLyQ
 3UXHEDV\MXHJRVSDUDUHWDUORVFUHFLHQWHVFRQRFLPLHQWRV\FRQFLHQFLDGHO
XVXDULRVREUH&RQVXPR6RVWHQLEOH7HPDVFRPSOHMRV\PiVKRUL]RQWDOHVWDOHV
FRPRHODKRUURGHHQHUJtDDJXD\QXWULFLyQVHH[SORUDUiQGHPDQHUDGLYHUWLGD
 2SRUWXQLGDGHVGHWUDEDMRRUJDQL]DGRFRPRXQDDJHQFLDYLUWXDOGH
HPSOHRFRQYDULHGDGGHWHVWLPRQLRVGHMyYHQHVHOXVXDULRHQFRQWUDUiFyPROD
DFFLyQSXHGHFRQVHJXLUHOFDPELR/DVDODPRVWUDUiDORVXVXDULRVTXHHVSRVLEOH
WHQHUp[LWRSURIHVLRQDOYLQFXODQGRHPSOHRYLDMHV\WUDEDMRYROXQWDULRFRQORV
SULQFLSLRVGHO&RQVXPR6RVWHQLEOH
 3UHJXQWDVPiVIUHFXHQWHVUHVSXHVWDVDODVSUHJXQWDVXVXDOHVGHORV
XVXDULRV&yPRIXQFLRQDHOSUR\HFWRGH<[&FRQVXOWDUWpUPLQRV\FRQFHSWRV
HQFRQWUDULQIRUPDFLyQDGLFLRQDOVREUHHVWHSUR\HFWR(VWDVDODSURPRYHUiHOYDORU
GHKDFHUSUHJXQWDV 
 (QODFHVXQDOLVWDGHVLWLRVLQWHUHVDQWHVHQ,QWHUQHWRUJDQL]DGRVSRUWHPDV
GHDFXHUGRFRQODVVHFFLRQHVGHOD*8Ë$3DUDKDFHUODQDYHJDFLyQHQODZHE
GLYHUWLGD\SURGXFWLYDVHGHVFULEH\HYDO~DFDGDVLWLRGHPDQHUDEUHYH
 \ R X W K ; F K D Q J H

)XHQWHV ‡ZZZHDUWKGD\QHW)RRWSULQW ‡ZZZUHVSRQVLEOHWUDYHOFRP ‡&DURO\QH&OD\WRQ'LUW\

3iJLQDVZHEOLEURVHWF SGIHIBVSDQLVKBFRORUSGI ‡KWWSZZZUHGWXUVQHW 3ODQHW7KHIULHQGVRGWKH(DUWK
PHQFLRQDGRVHQOD*XtD ‡ZZZFIQDYDUUDHV PDLQDVS *XLGHWRSROOXWLRQDQGZKDW\RX
DFWXDOL]DGRVDGH PHGLRDPELHQWHDJHQGD+XHOOD ‡ZZZWXULVRVQHWLQGH[KWPO FDQGRDERXWLW/LYHZLUH%RRNV
QRYLHPEUHGH (FR1DYKWP
,QWURGXFFLyQDOFRQVXPR
VRVWHQLEOH
‡ZZZXQHSWLHRUJVXVWDLQ
‡ZZZXQHVFRRUJHGXFDWLRQ
‡81(3-yYHQHV\&RQVXPR
6RVWHQLEOH1DLUREL3DUtVRFWXEUH

‡(UQVWYRQ:HLVlFNHU$PRU\%
/RYLQV\/+XQWHU/RYLQV)DFWRU
'XSOLFDUOD5LTXH]DUHGXFLU
SRUPLWDGHOJDVWRGHUHFXUVRV
(DUWKVFDQSXEOLFDWLRQV5HLQR
8QLGRZZZIDFWRU
LQVWLWXWHRUJ
‡7HDFKLQJDQG/HDUQLQJIRUD
VXVWDLQDEOHIXWXUH±DPXOWLPHGLD
SURIHVLRQDOGHYHORSPHQW
SURJUDPPH(QVHxDU\$SUHQGHU
SDUDXQIXWXURVRVWHQLEOH
±XQSURJUDPDPXOWLPHGLDSDUD
‡ZZZYLGDVRVWHQLEOHFRP
&XtGDWH
‡ZZZIRRGELRWHFKRUJ
‡KWWSQHZVEEFFRXNKL
(QJOLVKKHDOWK
‡ZZZJUHHQSHDFHRUJ
HVSDQDBHVFDPSDLJQVLQWUR"
FDPSDLJQBLG 
‡ZZZVXVWDLQZHERUJ&KDLQBIPB
LQGH[DVS
‡ZZZFRQVXPDVHJXULGDGFRP
‡ZZZVLQIURQWHUDVRUJ
QDWXUDOPHQWH
‡ZZZDJURHFRORJLFDQHW
‡ZZZYLGDVDQDRUJ
‡ZZZSRSVLQW
‡KWWSDUFKLYRJUHHQSHDFH
RUJWR[LFRVKWPOFKHPLFDOKRXVH
KWPO
‡ZZZFKHPLFDOFRFNWDLORUJ
‡ZZZFHLWHV
‡ZZZKXPEROGWRUJFR
ELRFRPHUFLRWXULVPRVRVWHQLEOH
TXLHQHVKWP
‡ZZZXQHSWLHRUJSFWRXULVP
VXVWWRXULVP
‡KWWSZRUOGWRXULVPRUJ
‡ZZZZWWFRUJ
‡ZZZWRLQLWLDWLYHRUJJRRGB
SUDFWLFHVLQWURGXFWLRQKWP
‡ZZZXQHSWLHRUJWRXULVP
‡ZZZVLHUUDFOXERUJ
5HGXFHORVUHVLGXRV
‡KWWSHXURSDHXLQWFRPP
HQYLURQPHQW
‡KWWSHXURSDHXLQWFRPP
HQYLURQPHQW\RXWKZDVWHLQGH[B
HVKWPO
‡ZZZVYWFRUJ
‡ZZZXQHSRUJFKLOGUHQB\RXWK
KRPHSDJHBOHV\RXWKLQGKWP
‡ZZZRRUJ
‡ZZZVPDUWDUFKQO
/RQGRQS
‡ZZZIXHOFHOOSDUNFRP
‡ZZZFRQDHJREP[ZE
GLVWULEXLGRUMVS"VHFFLRQ 
‡ZZZHOHFWUDQRUWHHVFDVWHOODQR
LQGH[SKS
‡KWWSUUHGFQUHOJRY
WLGELWVKWPO
‡ZZZVRODUQRZRUJJORVVDU\KWP
‡KWWSVROVWLFHFUHVWRUJ
VXVWDLQDEOHLQGH[KWPO
‡ZZZHUHQGRHJRY
‡ZZZJUHHQSHDFHRUJHVSDQDB
HVFDPSDLJQVLQWUR"FDPSDLJQB
LG 
‡ZZZZZIHVFDPELRBHQHUJLD
SKS
‡ZZZVHEDHV
‡ZZZPHQHUJLDJRYHFSKS
SUR\BJDODSDJRVB(/(&SKS
‡ZZZHQHUJLDVRVWHQLEOHRUJ
HFRVHUYHLVHDGH
‡ZZZEHVHOHVHDGH
GHVDUUROORSURIHVLRQDO81(6&2 ‡ZZZSODQHWDRUJDQLFRFRP ‡ZZZFIGUPLWHGXDXGIH ‡ZZZHXJUHHQOLJKWRUJ
 EUDJURWKLVWKWP FIGBB ‡ZZZHQHUJ\VWDUJRY
‡ZZZLQIRUJDQLFFRP ‡ZZZXQHSWLHRUJSFVXVWDLQ ‡ZZZLSFFFK
(O3UR\HFWRGH-yYHQHVSRUHO ‡KWWSHXURSDHXLQWVFDGSOXV GHVLJQGHVLJQVXESDJHKWP ‡ZZZJULGDQRFOLPDWH
&DPELR<[& OHJHVOYEODKWP ‡³(FRSURGXFWHVDODOODU´*XLHV ‡ZZZJOREDOFKDQJHRUJ
‡3238/$7,215()(5(1&( G¶(GXFDFLy$PELHQWDOQž ‡ZZZFRROFRPSDQLHVRUJ
%85($8/D-XYHQWXGGHO
0XQGRZZZSUERUJ
‡ZZZ\RXWK[FKDQJHQHW
‡ZZZXQHSWLHRUJ\RXWKBVXUYH\
0RYLpQGRWHSRUODFLXGDG
‡ZZZELFLWHNDVRUJ
‡ZZZFRQELFLRUJ
%DUFHORQD$MXQWDPHQWGH
%DUFHORQD
‡ZZZGHVLJQSKLOLSVFRP
‡ZZZUHFLFODSDSHORUJ
‡ZZZHFRWURSLDFRPWHPDVKWP
‡ZZZJUHHQSHDFHRUJHVSDQDB
HVFDPSDLJQVLQWUR"FDPSDLJQB
LG 
‡ZZZXQHVFRRUJHGXFDWLRQ
3RUXQHVWLORGHYLGDPiV
VRVWHQLEOH
‡&DURO\QH&OD\WRQ'LUW\
3ODQHW7KHIULHQGVRGWKH(DUWK
*XLGHWRSROOXWLRQDQGZKDW\RX
FDQGRDERXWLW/LYHZLUH%RRNV
/RQGRQS
‡ZZZZDVWHZDWFKRUJXN
‡ZZZUHF\FOHQHW
‡ZZZJUQFRPJUQOLEUDU\JORVV
KWP
‡KWWSXQIFFFLQWUHVRXUFH
EHJLQQHUBBVSSGI
3URQRVWLFDHOWLHPSR
‡318',QIRUPHVREUH
'HVDUUROOR+XPDQR
³&RQVXPSWLRQIRU+XPDQ
GHYHORSPHQW´KWWSKGUXQGS
 RUJUHSRUWVJOREDOHQ
‡6FDQGDORIWKHIRRG%ULWDLQ
WKURZVDZD\´(OHVFiQGDORGH
ORVDOLPHQWRVTXH*UDQ%UHWDxD
‡ZZZHOWLVRUJ ‡ZZZUHF\FOHGSURGXFWVRUJ
‡ZZZFWVFHLEDRUJLQGH[KWP XNEX\UHF\FOHGJORVVDU\DVS
‡86*HQHUDO$FFRXQWLQJ2IFH ‡KWWSUHGFLFODFRP
:DVKLQJWRQ ‡ZZZUHFLFODSDSHORUJ
‡ZZZZULRUJ ‡KWWSZDVWHLGHDOHV
‡ZZZLGDHHV SULPHUDUHFLFODMHKWP
‡ZZZODSWSRUJFDUVKDULQJ ‡ZZZDODQGDOX]FRP
‡ZZZWUDJDPRYLOFRP
‡KWWSXQIFFFLQWHVLQGH[KWPO
‡ZZZLSFFFK
‡ZZZJULGDQRFOLPDWH
‡ZZZJOREDOFKDQJHJRY
‡ZZZHFRWURSLDFRPWHPDVKWP
‡ZZZJUHHQSHDFHRUJHVSDQDB
HVFDPSDLJQVLQWUR"FDPSDLJQB
LG 
GHVSHUGLFLDSRU-RKQ9LGDO7KH 'HYLDMH ‡KWWSXQIFFFLQWUHVRXUFH
*XDUGLDQGHDEULOGH ‡ZZZHFRWRXULVPHRUJ 2SWLPL]DHQHUJtDV EHJLQQHUBBVSSGI
‡KWWSKGUXQGSRUJUHSRUWV ‡ZZZJUHHQJOREHFRP ‡ZZZZULRUJ ‡ZZZXQIFFFLQWUHVRXUFH
JOREDOHQ ‡ZZZJUHHQWUDYHORUJ ‡ZZZXQHSWLHRUJR]RQDFWLRQ
 \ R X W K ; F K D Q J H

‡ZZZFHFRGHVRUJFR ‡81,&()³(OWUDEDMR ‡ZZZVDYHGROSKLQVRUJ ‡ZZZDFDERUJVSDZHOFRPH

FDPELRBFOLPDWLFROHJLVODFLRQ LQIDQWLOHQ(VSDxD´0DWHULDOHVGH ‡ZZZZRUOGZLOGOLIHRUJ KWP
%ROHWLQ2&0&&1RPD\RSGI 7UDEDMR0LQLVWHULRGH7UDEDMR\ EX\HUEHZDUH ‡ZZZDGEXVWHUVRUJ
‡ZZZZEFVGFKSOXJLQV $VXQWRV6RFLDOHV0DGULG ‡ZZZIVFRUJ ‡ZZZOHWUDRUJ
'RF6HDUFKGHWDLOVDVS"0HQX,G
2'< &OLFN0HQX GR2SHQ  W\
SH 'RF'HW 'RF,G 0M,Z
‡ZZZFHURFRFRP
‡ZZZQLNHEL]FRP
‡ZZZSDQGDRUJFOLPDWHVDYHUV
‡ZZZVDIHFOLPDWHQHW
‡ZZZLLVGRUJ\RXWKLQWHUQHWFDIH
‡ZZZPPDHVRHFFFFHVSDQD
KWP
‡ZZZJUHHQIDFWVRUJHVLQGH[
KWP
‡ZZZZEFVGFK
$KRUUDHODJXDDVHJXUDHO
DJXD
‡ZZZWKHZDWHUSDJHFRP
‡ZZZSDQGDRUJOLYLQJZDWHUV
LQGH[FIP
‡KWWSQDLODRNGDPFRP
DUDOKWPO
‡ZZZXQHVFRRUJZDWHU
‡ZZZ[HULVFDSHRUJ
‡ZZZFDETJRY
ZDWHUFRQVHUYDWLRQ[HULFKWPO
‡ZZZDJXDGXOFHRUJ
‡ZZZLPWDP[
‡ZZZHFRGHVRUJ
‡ZZZXQL]DUHVIQFD
‡ZZZKRXVHRUJ
‡ZZZJSDXQHSRUJ
‡ZZZDJXDFDPFRP
‡ZZZDJXDVGHVHYLOODFRP
‡KWWSKLVSDJXDFHGH[HV
‡318',QIRUPHVREUH
'HVDUUROOR+XPDQR
³&RQVXPRSDUDHO'HVDUUROOR
+XPDQR´FRQVXOWDUORHQZZZ
XQGSRUJKGUR
‡KWWSZHEDPQHVW\RUJ
‡ZZZKUZRUJ
‡ZZZJHRFLWLHVFRP&ROOHJH3DUN
/LEUDU\LQTXLU\
‡ZZZLFIWXRUJ
‡ZZZLORRUJSXEOLFVSDQLVK
LQGH[KWP
‡ZZZLORRUJSXEOLFVSDQLVK
VWDQGDUGVLSHFDERXWIDFWVKHHW
H[SOVH[DPSOKWP
‡ZZZDPQLVWLDLQWHUQDFLRQDO
RUJDFWXD
‡ZZZDQWLVODYHU\RUJ
9LYH\GHMDYLYLU
‡KWWSKRPHWRZQDROFRP
FQHZVLQGH[KWP
‡ZZZDQLPDOIUHHGRPRUJ
HVSDJQROLQGH[KWP
‡ZZZLXFQRUJUHGOLVW
VSDQLVKVSHFLHVKWPO
‡ZZZSHUXFRPPXQGRD]XO
SURWHMDPRVBGHOQHVLQGH[DVS
‡ZZZZZIHVHVSHFLHVSKS
‡7LPH(XURSHGHDEULO
9RO1R
‡ZZZDOOIRUDQLPDOVFRP
FUXHOIUHHKWP
‡ZZZHFRFULPHVRUJFHWDFHDQB
UHSRUWKWPOLQWUR
‡ZZZIVFVSDLQRUJ
‡ZZZELRGLYRUJGHIDXOW
DVS["OJ 
‡ZZZFLWHVRUJHVSLQGH[VKWPO
‡KWWSIDXQDLEHULFDRUJ
‡ZZZFRQVXPHUHVZHEHV
QRWLFLDVPHGLRBDPELHQWH
SKS
$FW~D
‡KWWSHXURSDHXLQWFRPP
HQYLURQPHQWHFRODEHOLQGH[KWP
‡ZZZJUHHQPRQH\MRXUQDOFRP
DUWLFOHPSO"QHZVOHWWHULG  DUW
LFOHLG 
‡ZZZFRROFRPSDQLHVRUJ
‡ZZZRQHZRUOGQHWJXLGHV
HWKFRQVHWKBLQYHVWBOLQNV
‡ZZZFRRSHUDWLYHEDQNFRXN
‡ZZZHWKLFDOFRQVXPHURUJ
‡ZZZHFRGHVRUJ
‡ZZZHVDGHHVLQVWLWXWLRQ
LQVWLWXWRVLSHV
‡ZZZIXQGDFLRQHQWRUQRRUJ
‡ZZZHPSUHVD\VRFLHGDGRUJ
GHIDXOWFIP"WLSR0HQX 
‡KWWSHVRQHZRUOGQHWDUWLFOH
DUFKLYH
‡ZZZWULRGRVHV
‡ZZZUHDVQHWFRP
‡ZZZJGUFRUJLFP
‡ZZZVHHQRUJ
‡ZZZPLFURFUHGLWVXPPLW
RUJVSDQLVKQHZVOHWWHU
QHZVOHWWHUVSKWP
FRQVXPHKDVWDPRULU
‡ZZZMXVWWKLQNRUJ
‡/¶([SUHVVRGH6HSWLHPEUH

/DUHGLQVWUXFFLRQHVSDUD
XVDUOD
ZZZ\RXWK[FKDQJHQHW
&UpGLWRV
0XFKDVGHODVIRWRJUDItDV
SHUWHQHFHQDO%DQFRGH
,PiJHQHVGHOD81(6&2
>KWWSXSR81(6&2RUJ
SKRWREDQNDVS@2WUDVIRWRJUDItDV
GHSURGXFWRVGHFRQVXPR
ORJRWLSRVPDUFDVHWF3URFHGHQ
GHSXEOLFDFLRQHV\SiJLQDV
ZHELQVWLWXFLRQDOHVGH21*\
FRPSDxtDV
2WUDVFRQWULEXFLRQHV
3DWULFLD/XJR/RSULHQR
7RPRUURZ0DJD]LQ(VWRFROPR
/D1XRYD(FRORJLD5RPD
&RORUV0DJD]LQH3RQ]DQR
9HQHWR,WDOLD
%UDQG1HZ/RQGUHV
)XWXUH3UHVHQW
&RPSUDVUHVSRQVDEOHV
‡ZZZLORRUJ
‡ZZZVROLGDULGDGQHWLTEDO
HVSDQDDVS
‡ZZZFKLOGUHQVZRUOGRUJ
‡ZZZHLDLQWHUQDWLRQDORUJ ‡1DRPL.OHLQ1R/RJR
&DPSDLJQVEVKWPO )ODPLQJR/RQGRQ
‡ZZZHLDLQWHUQDWLRQDORUJ
&DPSDLJQVDVKWPO 'HVFXEUHODDOGHDJOREDO
‡ZZZLQIRODYRUJ
‡ZZZLXFQRUJUHGOLVW
HQJLTEDOLQGH[DVS
‡KWWSZHEDPQHVW\RUJOLEUDU\ VSDQLVKVSHFLHVKWP
‡ZZZLXFQRUJQHZVLQGH[KWP
,QGH[(6/$6$"RSHQ $0(5,&$10(',&$/
RI (6/3$. ‡ZZZPH[LFRGHVFRQRFLGR
FRPP[
‡ZZZUXJPDUNRUJQHZVBIDFWV
‡ZZZGROJRY ‡ZZZQDWXUHZDWFKRUJ
‡ZZZQHZVFLHQWLVWFRP
‡ZZZEOVJRY
KRWWRSLFVDQLPDOH[SHULPHQWV
OHWWKHMVS
‡6RVDÈYLOD³/RVQLxRV\
ODWHOHYLVLyQ´HQ3HGLDWUtD9RO

QžMXQLR
$662&,$7,21ZZZZHWD
RUJ
‡ZZZXQHSWLHRUJVXVWDLQ
DGYHUWLVLQJDGYHUWLVLQJKWP
‡ZZZPHGLDDZDUHQHVVFD
 \ R X W K ; F K D Q J H

$%$JULFXOWXUDELROyJLFD
$EUHYLDWXUDV $&$%$VRFLDFLyQFRQWUDOD$QRUH[LD\OD%XOLPLD
%6(6LJODVHQLQJOpVGH(QFHIDORSDWtD(VSRQJLIRUPH%RYLQD
&$$7&HQWUR-RKQV+RSNLQVSDUD$OWHUQDWLYDVDODH[SHULPHQWDFLyQHQDQLPDOHV
&$5(&RRSHUDFLyQSDUDORVGHUHFKRVGHORVDQLPDOHVHQ(XURSD
&%'&RQYHQFLyQSDUDOD'LYHUVLGDG%LROyJLFD
&)&&ORURÀXRURFDUERQR
&,7(6&RQYHQLRVREUH&RPHUFLR,QWHUQDFLRQDOGHHVSHFLHVDPHQD]DGDVRHQSHOLJUR
GHH[WLQFLyQ
&21$(&RPLVLyQ1DFLRQDOSDUDHODKRUURGH(QHUJtDGH0p[LFR
&23&RQWDPLQDQWHRUJiQLFRSHUVLVWHQWH
&27(60$&RPLWpGHVLVWHPDVGH0DQHMR$PELHQWDO
&6&RQVXPR6RVWHQLEOH
''7'LFORURGLIHQLOWULFORURHWDQRSURGXFWRXVDGRFRPRLQVHFWLFLGD
2,72¿FLQD,QWHUQDFLRQDOGHO7UDEDMR
($'(3UR\HFWRGHOD8QLyQ(XURSHDGH(¿FLHQFLDHQHUJpWLFDHQFDVD
(&$$JHQFLDGHFUpGLWRSDUDODH[SRUWDFLyQ
(3$$JHQFLDGH3URWHFFLyQ$PELHQWDOGH(VWDGRV8QLGRVSRUVXVVLJODVHQLQJOpV
,3(&,QWHUQDWLRQDO3URJUDPPHRQWKH(OLPLQDWLRQRIFKLOGODERXU3URJUDPD
LQWHUQDFLRQDOSDUDODHOLPLQDFLyQGHOWUDEDMRLQIDQWLO
(;,0([SRUWLPSRUWEDQN%DQFRGHH[SRUWDFLyQHLPSRUWDFLyQ
)$22UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD$JULFXOWXUD\OD$OLPHQWDFLyQ
),)$)HGHUDWLRQ,QWHUQDWLRQDOHGH)RRWEDOO$VVRFLDWLRQ)HGHUDFLyQLQWHUQDFLRQDO
GHI~WERO
)/7))UHQWHGH/LEHUDFLyQGHO7UDEDMR)RU]DGR
)6&)RUHVW6WHZDUGVKLS&RXQFLO&RQVHMRGH$GPLQLVWUDFLyQ)RUHVWDO
**UXSRGHWUDEDMRSRUODHQHUJtDUHQRYDEOH
,'($$QXDULRHOHFWUyQLFRGHODV,QVWLWXFLRQHVHXURSHDVGHVXVVLJODVHQLQJOpV
,),,QVWLWXFLyQ)LQDQFLHUD,QWHUQDFLRQDO
,/2,QWHUQDWLRQDO/DERXU2I¿FHHQFDVWHOODQR2,7
,0(&$,QGLFH0HWURSROLWDQRGH&DOLGDGGHO$LUH
,07$,QVWLWXWRPH[LFDQRGHWHFQRORJtDGHODJXD
 ,3&&3DQHO,QWHUJXEHUQDPHQWDOVREUHHOFDPELRFOLPiWLFR
 \ R X W K ; F K D Q J H

,3(&,QWHUQDWLRQDO3URJUDPPHRQWKH(OLPLQDWLRQRIFKLOGODERXU3URJUDPD

LQWHUQDFLRQDOSDUDODHOLPLQDFLyQGHOWUDEDMRLQIDQWLO
.:+.LORZDWLRKRUD
1201RUPDV2¿FLDOHV0H[LFDQDV
2,72¿FLQD,QWHUQDFLRQDOGHO7UDEDMR
20*2UJDQLVPRPRGL¿FDGRJHQpWLFDPHQWH
21*2UJDQL]DFLyQQRJXEHUQDPHQWDO
23,&3RUVXVVLJODVHQLQJOpV2YHUVHDVSULYDWHLQYHVWPHQWFRUSRUDWLRQ
3&%6LJODVHQLQJOpVGH%LIHQLORVSROLFORUDGRV
3180$3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO0HGLR$PELHQWH
3236LJODVHQLQJOpVGHFRQWDPLQDQWHVRUJiQLFRVSHUVLVWHQWHV
5($65HGGHUHGHVGHHFRQRPtDDOWHUQDWLYD\VROLGDULD
6$9(3UR\HFWRGHOD8QLyQ(XURSHDSDUDODUHGXFFLyQGHOGLy[LGRGHFDUERQR
7,&7HFQRORJtDVGHOD,QIRUPDFLyQ\&RPXQLFDFLyQ
72,7RXU2SHUDWRUVLQLWLDWLYH,QLFLDWLYDGHRSHUDGRUHVGHYLDMH
8(8QLyQ(XURSHD
8,&18QLyQ,QWHUQDFLRQDOSDUDODFRQVHUYDFLyQGHODQDWXUDOH]D
81(33URJUDPD$PELHQWDOGHODV1DFLRQHV8QLGDV
81(3'7,(3URJUDPD$PELHQWDOGHODV1DFLRQHV8QLGDV'LYLVLyQGH7HFQRORJtD
,QGXVWULD\(FRQRPtD
81(6&22UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD
&XOWXUD
81,&())RQGR,QWHUQDFLRQDOGHODV1DFLRQHV8QLGDVSDUDODD\XGDDODLQIDQFLD
868QLWHG6WDWHV(VWDGRV8QLGRV
86$,'$JHQFLD,QWHUQDFLRQDOGH(VWDGRV8QLGRVSDUDHOGHVDUUROORSRUVXV
VLJODVHQLQJOpV
:%&6'&RQVHMR0XQGLDOGH(PSUHVDVSDUDHOGHVDUUROORVRVWHQLEOHSRUVXV
VLJODVHQLQJOpV
:&(':RUOG&RPPLVVLRQRQ(QYLURQPHQWDQG'HYHORSPHQW&RPLVLyQ0XQGLDO
VREUHPHGLRDPELHQWH\GHVDUUROOR
::):RUOGZLOGOLIH)XQG)RQGRPXQGLDOSDUDODYLGDVLOYHVWUH
<[&<RXWK[&KDQJH-yYHQHVSRUHOFDPELR

 \ R X W K ; F K D Q J H

81(6&2 3180$±',7( 0(7$0(',$(&2/2*<7(&+12/2*<

/D81(6&22UJDQL]DFLyQGHODV1DFLRQHV 352*5$0$'(/$61$&,21(681,'$6 $662&,$7,21
8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\ 3$5$(/0(',2$0%,(17(',9,6,Ï1'( 0HGLD(FRORJ\7HFKQRORJ\$VVRFLDWLRQ
OD&XOWXUDVHIXQGDHO(OREMHWLYR 7(&12/2*Ë$,1'8675,$<(&2120Ë$ 0(7$HVXQD21*LQWHUQDFLRQDOTXHDJUXSD
SULQFLSDOGHOD81(6&2HVFRQWULEXLU /DPLVLyQGHGHO3URJUDPDGHODV1DFLRQHV HVSHFLDOLVWDVHQPHGLRDPELHQWHGHVDUUROOR
DODSD]\DODVHJXULGDGHQHOPXQGR 8QLGDVSDUDHO0HGLR$PELHQWH'LYLVLyQGH VRVWHQLEOH\FRPXQLFDFLyQTXHVHGHGLFDDOD
SURPRYLHQGRODFRODERUDFLyQHQWUHODV WHFQRORJtDLQGXVWULD\HFRQRPtD3180$ SURPRFLyQGHOGHVDUUROORVRVWHQLEOHDWUDYpV
QDFLRQHVDWUDYpVGHODHGXFDFLyQOD
FLHQFLDODFXOWXUD\ODFRPXQLFDFLyQ
SDUDH[WHQGHUHOUHVSHWRDODMXVWLFLDD
ODOH\DORVGHUHFKRVKXPDQRV\DODV
OLEHUWDGHVIXQGDPHQWDOHVTXHOD&DUWDGH
ODV1DFLRQHV8QLGDVUHFRQRFHQDWRGDVODV
SHUVRQDVGHOPXQGRVLQGLVWLQFLyQGHUD]D
VH[ROHQJXDMHRUHOLJLyQ
'HVGHVXVHGHHQ3DULVOD81(6&2
OOHYDDFDERFLQFRIXQFLRQHVSULQFLSDOHV
HVWXGLRVGHSURVSHFWLYDHVGHFLU
UHVSRQGHUDODSUHJXQWDDFHUFDGHFyPR
VHUiODHGXFDFLyQODFLHQFLDODFXOWXUD
\ODFRPXQLFDFLyQHQHOPXQGRGH
'7,(HVD\XGDUDORVyUJDQRVGHGHFLVLyQ
GHORVJRELHUQRVDXWRULGDGHVORFDOHV\GH
ODLQGXVWULDDGHVDUUROODU\DGRSWDUSROtWLFDV
\SUiFWLFDVTXH LQFOX\HQODLQYHVWLJDFLyQODRUJDQL]DFLyQGH
‡6HDQOLPSLDV\VHJXUDV
‡8WLOLFHQH¿FLHQWHPHQWHORVUHFXUVRV
QDWXUDOHV
‡$VHJXUHQXQDJHVWLyQDGHFXDGDGHORV
SURGXFWRVTXtPLFRV
‡,QFRUSRUHQORVFRVWHVDPELHQWDOHV
‡5HGX]FDQODFRQWDPLQDFLyQ\ORVULHVJRV
SDUDODJHQWH\HOPHGLRDPELHQWH
3180$'7,(WLHQHVXVHGHHQ3DULVHVWi
GHORVQXHYRVPHGLRVGHFRPXQLFDFLyQ\VXV
WHFQRORJtDVDVRFLDGDV
/DVSULQFLSDOHVDFWLYLGDGHVGHODDVRFLDFLyQ
DFWRVHGLFLyQGHSXEOLFDFLRQHVRUJDQL]DFLyQ
GHFDPSDxDVGHFRPXQLFDFLyQ\RIUHFHU
DVLVWHQFLDWpFQLFD\FLHQWt¿FDDRUJDQL]DFLRQHV
S~EOLFDV\SULYDGDV&RQDQWHULRULGDG0(7$
KDWUDEDMDGRFRQOD81(3'7,(HQXQD
FDPSDxD³3XEOLFLGDGSDUDXQPXQGRPHMRU´
XQDLQLFLDWLYDSDUDDQLPDUDORVPHGLRVGH
FRPXQLFDFLyQDLPSOLFDUVHHQODSURPRFLyQGHO
&RQVXPR6RVWHQLEOH0(7$KDGHVDUUROODGR
HOFRQFHSWRJHQHUDOGRFXPHQWDGR\SXHVWRD
PDxDQDODWUDQVIHUHQFLDHOLQWHUFDPELR IRUPDGDSRUXQDXQLGDGFHQWUDO\FXDWUR SXQWRHOFRQMXQWRGHKHUUDPLHQWDVHGXFDWLYDV
GHFRQRFLPLHQWRV\VXSURJUHVRDFFLyQ GHSDUWDPHQWRVHVSHFLDOL]DGRVHOFHQWUR GH<287+[&+$1*(
QRUPDWLYDHLQVWLWXFLRQDOSUHSDUDFLyQ\ ,QWHUQDFLRQDOGH7HFQRORJtD0HGLRDPELHQWDO 3DUDLQIRUPDFLyQDGLFLRQDOFRQWDFWDUFRQ
DGRSFLyQLQWHUQDFLRQDOGHLQVWUXPHQWRV 2VDND3URGXFFLyQ\&RQVXPR3DULV
0(7$
QRUPDWLYRV\UHFRPHQGDFLRQHVOHJDOHV 3URGXFWRVTXtPLFRV*LQHEUD(QHUJtD\
0HGLD(FRORJ\7HFKQRORJ\$VVRFLDWLRQ
DVLVWHQFLDWpFQLFDRIUHFLGDDORV(VWDGRV 2]RQR$FFLyQ3DUtV(FRQRPLD\&RPHUFLR
UXH)DLGHU
PLHPEURVSDUDGHVDUUROODUVXVSROtWLFDV *LQHEUD
\SUR\HFWRVHQIRUPDGH³FRRSHUDFLyQ
WpFQLFD´HLQWHUFDPELRVGHLQIRUPDFLyQ
HVSHFLDOL]DGD
/D81(6&2WUDEDMDGHIRUPD
LQWHUGLVFLSOLQDUUHODFLRQDQGRODFLHQFLD
%UXVVHOV%HOJLXP
/DVDFWLYLGDGHVGHO3180$'7,(VH 7HO
FHQWUDQHQHOIRPHQWRGHODFRQFLHQFLDFLyQ )D[
PHMRUDUODWUDQVIHUHQFLDGHLQIRUPDFLyQ (PDLOLQIR#HPHWDQHW
FDSDFLWDUSURPRFLRQDUODFRRSHUDFLyQODV :HEVLWHZZZHPHWDQHW
DVRFLDFLRQHV\WUDQVIHUHQFLDVGHWHFQRORJtD
ODWHFQRORJtD\HOGHVDUUROORVRVWHQLEOH
3ULQFLSDOPHQWHHVWDWDUHDODGHVDUUROODHO
iUHDGH(GXFDFLyQ\&LHQFLD6XREMHWLYR
HVSURPRYHUHQORVGLVWLQWRViPELWRV
HGXFDWLYRVYDORUHV\XQDpWLFDFDSDFHV
GHLQÀXLUHQHOHVWLORGHYLGD\HQHO
FRPSRUWDPLHQWRGHODJHQWHSDUDD\XGDUD
FRQVWUXLUXQIXWXURVRVWHQLEOH
3DUDPD\RULQIRUPDFLyQFRQWDFWDUFRQ
81(6&2
'LYLVLyQSDUDODHQVHxDQ]D6HFXQGDULD
7pFQLFD\YRFDFLRQDO
3ODFHGH)RQWHQR\
PHMRUDUODFRPSUHQVLyQGHORVLPSDFWRV
PHGLRDPELHQWDOHVGHOFRPHUFLRLQWHJUDU
ODVFRQVLGHUDFLRQHVPHGLRDPELHQWDOHV
HQODVSROtWLFDVHFRQyPLFDV\FDWDOL]DUOD
VHJXULGDGTXtPLFDPXQGLDO
(/3180$'7,(IXQFLRQDFRPRXQ
FDWDOL]DGRUSDUDXQLULQGXVWULDVJRELHUQRV
\RUJDQL]DFLRQHVQRJXEHUQDPHQWDOHV
SDUDORJUDUIRUPDVGHGHVDUUROORLQGXVWULDO
TXHQRSHUMXGLTXHQHOPHGLRDPELHQWH\
SURPXHYDQHOGHVDUUROORVRVWHQLEOH
3DUDPD\RULQIRUPDFLyQFRQWDFWDUFRQ VHLQWURGX]FDQKR\KDFLDXQFRQVXPRPiV
81(3'7,(
&,&21680(56,17(51$7,21$/
&RQVXPHUV,QWHUQDFLRQDOIXQGDGDHQ
HVXQDRUJDQL]DFLyQQROXFUDWLYD
LQGHSHQGLHQWHTXHD\XGDHVWDEOHFHYtQFXORV
\UHSUHVHQWDDDVRFLDFLRQHVDJHQFLDV\
JUXSRVGHFRQVXPLGRUHVGHWRGRHOPXQGR
TXHSURPXHYHXQDVRFLHGDGPiVMXVWD
GHIHQGLHQGRORVGHUHFKRVGHWRGRVORV
FRQVXPLGRUHVLQFOX\HQGRDORVSREUHV\
PDUJLQDGRV5HFRQRFLHQGRTXHODVDWLVIDFFLyQ
GHODVQHFHVLGDGHVGHORVFRQVXPLGRUHV
GHOPDxDQDGHSHQGHUiGHORVFDPELRVTXH
VRVWHQLEOH&RQVXPHUV,QWHUQDWLRQDOKD
3DULV&HGHV)UDQFH 'LYLVLyQGH7HFQRORJtD,QGXVWULD FRODERUDGRFRQHOSUR\HFWR<287+[&+$1*(
7HO \(FRQRPtD D\XGDQGRDUHFRJHUGDWRV\RULHQWDQGRHQVX
)D[ 4XDL$QGUp&LWURsQ UHDOL]DFLyQ
(PDLOMKHLVV#XQHVFRRUJ 3DULV&HGH[)UDQFLD
:HEVLWHZZZXQHVFRRUJ 3DUDPiVLQIRUPDFLyQFRQWDFWDUFRQ
 7HO
&21680(56,17(51$7,21$/
)D[
+LJKEXU\&UHVFHQW
(PDLOVF#XQHSIU
/RQGRQ15;8.
:HEVLWHZZZXQHSWLHRUJ
7HO
)D[
(PDLO+HDG2I¿FHFRQVLQW#FRQVLQWRUJ
:HEVLWHZZZFRQVXPHUVLQWHUQDWLRQDORUJ
7HO
)D[
(PDLO+HDG2I¿FHFRQVLQW#FRQVLQWRUJ
:HEVLWHZZZFRQVXPHUVLQWHUQDWLRQDORUJ
 \ R X W K ; F K D Q J H

*2%,(512'($5$*Ï1'(3$57$0(172'(6$/8'<&216802
6DOXGRGHOD&RQVHMHUDGH6DOXG\&RQVXPRGHO*RELHUQRGH$UDJyQ

(O IRPHQWR GH LQLFLDWLYDV GHVWLQDGDV D IRPHQWDU HO FRQVXPR UHVSRQVDEOH \ HO
GHVDUUROORVRVWHQLEOHHVXQDGHODVOtQHDVHVWUDWpJLFDVGHO'HSDUWDPHQWRGH6DOXG\
&RQVXPRGHO*RELHUQRGH$UDJyQ
3RUHVRGHEHPRVSRQGHUDUODUHVSRQVDELOLGDGGHOFDSLWDO\GHODVHPSUHVDVFRPR
DOJR TXH GHEHUtD HVWDU OLJDGR DO FRQFHSWR GH SURFHVRV GH SURGXFFLyQ TXH QR
FRPSURPHWDQODVIRUPDVGHYLGDGHODVJHQHUDFLRQHVIXWXUDV\TXHUHVSHWHQORV
FULWHULRVGHMXVWLFLDVRFLDOWDPELpQHQHOiPELWRGHOFRQVXPR
(VWHLPSXOVRGHEHLQLFLDUVHHQODVHWDSDVPiVMyYHQHVGHQXHVWUDYLGDFRQREMHWR
GHIRUPDUSHUVRQDVFRQVFLHQWHVFUtWLFDVUHÀH[LYDV\VROLGDULDVFRQXQDSURIXQGD
FRQYLFFLyQHQORVYDORUHVFtYLFRV\PRUDOHV
'H DKt TXH GHSRVLWHPRV QXHVWUD FRQ¿DQ]D HQ OD HGXFDFLyQ GHO FRQVXPLGRU TXH
HQ UHDOLGDG QR HV PiV TXH XQ LQWHQWR GH DFHUFDU D ORV QLxRV \ D ORV MyYHQHV DO
FRQRFLPLHQWR GHO HQWRUQR GHVFXEULU VXV FyGLJRV \ D\XGDUOHV D LQWHUSUHWDUORV
DGTXLULHQGRORVUHFXUVRVTXHSHUPLWHQODVROXFLyQGHSUREOHPDV6HWUDWDGHDSUHQGHU
DOHHUORVPHQVDMHVTXHODVRFLHGDGGHFRQVXPRQRVODQ]D
6DOXGDPRVSRUWDQWRHVWDLQLFLDWLYDGHOD81(381(6&2DODTXHKHPRVEULQGDGR
QXHVWURDSR\RSDUDPDWHULDOL]DUVXHGLFLyQ/D*XtDGHMyYHQHVSRUHOFDPELRIUXWR
GH XQ FRQYHQLR ¿UPDGR HQWUH HO *RELHUQR GH $UDJyQ \ OD )XQGDFLyQ (FRORJtD \
'HVDUUROORDOTXHVHKDQVXPDGRRWURVDSR\RVLQVWLWXFLRQDOHVVHUiXQLPSRUWDQWH
LQVWUXPHQWRHGXFDWLYR\XQUHFXUVRFRQHOTXHORVHGXFDGRUHVSRGUiQFRQWDUHQVX
WDUHD&RQHOODGHVHDPRVFRQWULEXLUGHXQDIRUPDVHQFLOOD\SUiFWLFDDODSURPRFLyQ
GHXQDVSDXWDVGHFRQGXFWDUHVSRQVDEOHHQHOFRQWH[WRGHXQDVRFLHGDGTXHRIUHFH
P~OWLSOHVSRVLELOLGDGHVSDUDGLVIUXWDUGHIRUPDLQWHQVD
&RQVXPLU HQ HVDV FRQGLFLRQHV PHMRUDUi VLQ GXGD OD FDOLGDG GH QXHVWUD YLGD HQ
WpUPLQRVGHVDOXGELHQHVWDUDXWRQRPtDSHUVRQDO\VHJXULGDG
/XLVD0DUtD1RHQR&HDPDQRV
&RQVHMHUDGH6DOXG\&RQVXPR

3DUDPiVLQIRUPDFLyQSRGpLVSRQHURVHQFRQWDFWRFRQ

',5(&&,Ï1*(1(5$/'(&216802'(/*2%,(512'($5$*Ï1
3DEOR*DUJDOOR
=DUDJR]D
(63$f$ 
7IQR
)D[
(PDLOFRQVXPRGRF#DUDJRQHV
:HEZZZDUDJRQHVFRQVXPR
 \ R X W K ; F K D Q J H

)81'$&,Ï1(&2/2*Ë$<'(6$552//2

/D)XQGDFLyQ(FRORJtD\'HVDUUROORHVWiIRUPDGDSRUXQJUXSRGHSURIHVLRQDOHVTXH
GHVGH  WUDEDMD SDUD FRQWULEXLU D OD FRQVWUXFFLyQ GH XQ GHVDUUROOR VRVWHQLEOH
PHGLDQWH OD JHQHUDFLyQ \ SXHVWD HQ PDUFKD GH DOWHUQDWLYDV HFROyJLFDPHQWH
VRVWHQLEOHVVRFLDOPHQWHMXVWDV\HFRQyPLFDPHQWHYLDEOHV
/DPLVLyQGHOD)XQGDFLyQ(FRORJtD\'HVDUUROORVHDSR\DHQWUHVFRQYLFFLRQHVTXH
RULHQWDQQXHVWURWUDEDMR\DFWXDFLRQHV
‡&UHDUDOWHUQDWLYDVYLDEOHVQRYHGRVDV\ULJXURVDV
‡7UDEDMDUFRQHQIRTXHVJOREDOHVFRQMXJDQGRDODYH]ORVYDORUHV\REMHWLYRVTXH
GH¿HQGHQODHFRORJtD\HOGHVDUUROOR
‡3URPRYHUODFRQMXQFLyQGHHVIXHU]RVHQWUHVVHFWRUHVFODYHDGPLQLVWUDFLRQHV
S~EOLFDV HPSUHVDV \ HQWLGDGHV VRFLDOHV 7HQHPRV HO FRQYHQFLPLHQWR GH TXH
SDUDORJUDUFDPELRVVLJQL¿FDWLYRVHQQXHVWURPRGHORGHFRQVXPR\SURGXFFLyQ
KD\ TXH FRQWDU FRQ ORV HVIXHU]RV FRPSOHPHQWDULRV GH HVWRV WUHV VHFWRUHV
FDSDFHVGHPRYLOL]DUHQODPLVPDGLUHFFLyQHOPHUFDGRGHODVRVWHQLELOLGDG
7UDEDMDPRVHQSURJUDPDVSUR\HFWRV\GHSDUWDPHQWRVRUJDQL]DGRVDSDUWLUGHWUHV
REMHWLYRVHVWUDWpJLFRV
‡3URPRFLyQGHOPHUFDGRGHODVRVWHQLELOLGDG
‡3URPRFLyQGHSURFHVRVGHSDUWLFLSDFLyQ\PHGLDFLyQHQFRQÀLFWRVVRFLRDPELHQWDOHV
‡&RPSURPLVRFRQHOGHVDUUROORVRVWHQLEOHHQ$UDJyQ
(OGHVDUUROORGHHVWHSUR\HFWRVHHQJOREDHQHOFRQYHQFLPLHQWRGHTXHHOPHUFDGR
HV XQD KHUUDPLHQWD ~WLO SDUD OD SURPRFLyQ GHO GHVDUUROOR VRVWHQLEOH (O GHVDItR
HVWULED HQ TXH ORV PHUFDGRV RIUH]FDQ LQFHQWLYRV DO FDPELR VRFLDO \ DPELHQWDO GH
ODVHPSUHVDVHVWRHVTXHFRQVXPLGRUHVHLQYHUVRUHVWHQJDQHQFXHQWDFULWHULRV
VRFLDOHV\PHGLRDPELHQWDOHVDOWRPDUGHFLVLRQHVUHVSHFWRGHVXFRQVXPRRLQYHUVLyQ
6H WUDWDUtD HQ GH¿QLWLYD GH FRQYHQFHUORV SDUD TXH DSUHQGDQ D ³SUHPLDU´ D ODV
PHMRUHVHPSUHVDV
<SDUDHOORHVIXQGDPHQWDOODLQIRUPDFLyQ

)81'$&,Ï1(&2/2*Ë$<'(6$552//2
3OD]D6DQ%UXQRžR¿FLQD
=DUDJR]D(VSDxD
7HO
)D[
HFRGHV#HFRGHVRUJ
ZZZHFRGHVRUJ

 \ R X W K ; F K D Q J H

*2%,(512'(&$17$%5,$',5(&&,Ï1*(1(5$/'(&20(5&,2<&216802
&216(-(5Ë$'((&2120Ë$<+$&,(1'$
(6&8(/$(8523($'(&21680,'25(6
/D(VFXHOD(XURSHDGH&RQVXPLGRUHV((&HVXQDLQVWLWXFLyQS~EOLFDGHO*RELHUQR
GH &DQWDEULD GHSHQGLHQWH GH OD 'LUHFFLyQ *HQHUDO GH &RPHUFLR \ &RQVXPR
&RQVHMHUtDGH(FRQRPtD\+DFLHQGD'HVDUUROODSODQHV\SUR\HFWRVUHODFLRQDGRVFRQ
OD,QIRUPDFLyQ)RUPDFLyQ\(GXFDFLyQGHORV&RQVXPLGRUHVHQ&DQWDEULDDGHPiV
FRRUGLQDOD5('(VSDxRODGH(GXFDFLyQGHO&RQVXPLGRUOD5('GH3DtVHVGHO6XU
GH(XURSD\OD5('(&216GLULJLGDDSDtVHVHXURSHRV5HGWHPiWLFD&RPHQLXV
 GHO SURJUDPD 6yFUDWHV GH OD &RPLVLyQ (XURSHD SRU RWUD SDUWH FRODERUD H
LPSXOVDDFWLYLGDGHVHQOD5('GH(GXFDFLyQGHO&RQVXPLGRUSDUD$PpULFD/DWLQD\
HO&DULEHMXQWRD&RQVXPHUV,QWHUQDFLRQDO81(6&2\HQVXFDVRORVJRELHUQRV
PXQLFLSDOLGDGHVXQLYHUVLGDGHV\RWUDVHQWLGDGHVVLQ¿QHVGHOXFUR+DELWXDOPHQWH
YLHQHFRRUGLQDQGRSUR\HFWRV¿QDQFLDGRVSRUOD&RPLVLyQ(XURSHD
/D((&GHGLFDVXVPD\RUHVHVIXHU]RVDOGHVDUUROORGHWDOOHUHVSUiFWLFRV\PDWHULDOHV
GLGiFWLFRV~WLOHVSDUDOD(GXFDFLyQGHO&RQVXPLGRU7RGRVORVGLVHxRVWLHQHQFRPR
WHOyQ GH IRQGR SUiFWLFDV \ HVFHQDULRV TXH LPSXOVDQ HO FRQVXPR UHVSRQVDEOH \
DSXHVWDQSRUXQGHVDUUROORVRVWHQLEOH6HLPSXOVDQSODQWHDPLHQWRV\HVWUDWHJLDV
SDUD GRWDU D ORV FLXGDGDQRV FRQVXPLGRUHV GH FRQFHSWRV FODURV SURFHGLPLHQWRV
H¿FDFHV \ DFWLWXGHV UHVSRQVDEOHV SDUD TXH VH VLHQWDQ FRQFHUQLGRV FUtWLFRV
VROLGDULRV\FRPSURPHWLGRVFRQVXHQWRUQR
(Q HO FDPSR GHO FRQVXPR VRVWHQLEOH GHVWDFDQ HQWUH RWURV ORV SUR\HFWRV GH
GHVDUUROOR FXUULFXODU HFRFRQVXPR ODV VDOLGDV GH FDPSR ORV JUXSRV GH MyYHQHV
LQYHVWLJDGRUHV \ ORV WDOOHUHV SUiFWLFRV (Q HVWH ~OWLPR DSDUWDGR VH LQFOX\HQ ORV
VLJXLHQWHV ³/DV FXDWUR HUUHV´ ³/D VHOHFFLyQ GH EDVXUDV´ ³/D EDVXUD FXDGUDGD´
³3XQWRVQHJURV´³5HFLFODMHGHSDSHO\FDUWyQ´³(QYDVHVHPEDODMHV\DUWHIDFWRV´ 2WUDVGLUHFFLRQHVGHLQWHUpV
³5HXWLOL]DFLyQ \ UHFLFODMH´ ³6SUD\V GHWHUJHQWHV \ RWURV SURGXFWRV GHO KRJDU´ KWWSZZZLQIRFRQVXPRHV
³,QYHVWLJDPRV ORV SOiVWLFRV´ ³-XJDU OLPSLR´ ³6RQLGRV \ UXLGRV´ ³/D EDWDOOD GHO HHFUHG
KWWSZZZHFRQVQHW
DJXD´³/RVTXLWDPDQFKDV´³(OUtR´³&RPSUDHFROyJLFD´HWFHWF
KWWSZZZLQIRFRQVXPRHV
3DUDPiVLQIRUPDFLyQSRGpLVSRQHURVHQFRQWDFWRFRQ GLDQDVHJXULGDG
KWWSZZZLQIRFRQVXPRHV
MXQWRVVRPRVPDV
(6&8(/$(8523($'(&21680,'25(6
KWWSZZZLQIRFRQVXPRHV
&1LFROiV6DOPHUyQ DJHQGDHXURSD
6DQWDQGHU&DQWDEULD(63$f$
7I
)D[
(PDLOHVFXHOD#LQIRFRQVXPRHV
:(%ZZZLQIRFRQVXPRHVHVFXHOD


 \ R X W K ; F K D Q J H

&2081,'$')25$/'(1$9$55$
&(1752'(5(&85626$0%,(17$/(6&5$1
(O &HQWUR GH 5HFXUVRV $PELHQWDOHV GH 1DYDUUD HV XQD IXQGDFLyQ SURPRYLGD SRU HO
'HSDUWDPHQWRGH0HGLR$PELHQWH2UGHQDFLyQGHO7HUULWRULR\9LYLHQGDGHO*RELHUQR
GH1DYDUUD\VXVHPSUHVDVS~EOLFDV³*HVWLyQ$PELHQWDO9LYHURV\5HSREODFLRQHVGH
1DYDUUD6$´\³1DYDUUDGH0HGLR$PELHQWH,QGXVWULDO6$´
6XREMHWLYRHVDFHUFDUHOFRQRFLPLHQWRGHO0HGLR$PELHQWHDODVRFLHGDGQDYDUUD\WUDWDU
GHTXHpVWDVHYD\DFRUUHVSRQVDELOL]DQGRHQVXFRQVHUYDFLyQ\PHMRUDFRQVWDQWHV
FRODERUDQGRGHHVWDPDQHUDHQODFRQVWUXFFLyQGHXQDVRFLHGDGPiVVRVWHQLEOHGHVGH
HOSXQWRGHYLVWDHFRQyPLFRVRFLDO\DPELHQWDO
(O &HQWUR GH 5HFXUVRV $PELHQWDOHV GH 1DYDUUD VH KD FRQFHELGR FRPR XQ SXQWR GH
HQFXHQWUR GH SURPRFLyQ GH LQLFLDWLYDV VRFLRDPELHQWDOHV \ OXJDU GH LQWHUFDPELR \
FRRUGLQDFLyQSDUDWRGDVODVSHUVRQDV\HQWLGDGHVTXHTXLHUDQFRQRFHU\WUDEDMDUSRU
HOPHGLRDPELHQWH
(OWHPDSULQFLSDOVREUHHOTXHJLUDODFRQFHSFLyQ\HOIXQFLRQDPLHQWRGHO&HQWURGH
5HFXUVRV$PELHQWDOHVGH1DYDUUDHVHOFRQFHSWRGH6267(1,%,/,'$'(O&HQWURGH
5HFXUVRV$PELHQWDOHVGH1DYDUUDTXLHUHVHUYLUGHHVSDFLRSDUDTXHHVDVH[SHULHQFLDV
QXHYDVORPLVPRTXHODVVROXFLRQHVWHFQROyJLFDVPiVH¿FLHQWHV\UHVSHWXRVDVFRQHO
PHGLRVHDQFRQRFLGDVSRUORVFLXGDGDQRV\FLXGDGDQDVFRQHO¿QGHTXHVHGLYXOJXH
VXYLDELOLGDG\VHYD\DQLQFRUSRUDQGRDVXVKiELWRVGHYLGDFRWLGLDQD
(QWUHORVVHUYLFLRV\DFWLYLGDGHVTXHRIUHFHHOFHQWURGHUHFXUVRVDPELHQWDOHVGHVWDFDQ
ODSRVLELOLGDGGHFRQVXOWDUORVIRQGRVGHVX&HQWURGH'RFXPHQWDFLyQ\VX%LEOLRWHFD
HVSHFLDOL]DGDHQPHGLRDPELHQWH\HGXFDFLyQDPELHQWDO$WUDYpVGHGHPRVWUDFLRQHV\
SUHVHQWDFLRQHVWHFQROyJLFDVHO&HQWURHQFRODERUDFLyQFRQODVHPSUHVDVSURGXFWRUDV
\RFRPHUFLDOL]DGRUDVPXHVWUDSHULyGLFDPHQWHORVDYDQFHV\SURSXHVWDVPiVDFWXDOHV
HQWHFQRORJtDVOLPSLDVDSOLFDGDVDORVGLIHUHQWHViPELWRVSURGXFWLYRV\GHVHUYLFLRV
0HGLDQWHHOiUHDGH)RUPDFLyQ\ SDUDSURPRYHU ODLQWHJUDFLyQDPELHQWDOHQWRGRV
ORV iPELWRV VH UHDOL]DQ SODQHV GH IRUPDFLyQ SDUD ORV GLVWLQWRV VHFWRUHV VRFLDOHV
SURIHVLRQDOHV\GHWHPiWLFDVVRFLRDPELHQWDOHVDVtFRPRXQDVHVRUDPLHQWRFRQWLQXR
DOVHFWRU\VHJXLPLHQWRGHODVLQLFLDWLYDV
(OiUHDGH3DUWLFLSDFLyQHVODHQFDUJDGDGHLPSXOVDUODSDUWLFLSDFLyQGHODVLQVWLWXFLRQHV
VRFLDOHV HQ OD HGXFDFLyQ DPELHQWDO \ HQ OD JHVWLyQ GH ORV WHPDV DPELHQWDOHV TXH
DIHFWDQ D 1DYDUUD $GHPiV HO &HQWUR GH 5HFXUVRV $PELHQWDOHV GH 1DYDUUD RIUHFH
VXV LQVWDODFLRQHV SDUD GHEDWHV HQFXHQWURV DFFLRQHV IRUPDWLYDV SURPRYLGDV SRU
WHUFHURV\RWUDVDFWLYLGDGHVGHDTXHOODVHQWLGDGHVTXHORVGHPDQGHQ$VLPLVPRHVXQ
OXJDUDELHUWRDRWUDVDSRUWDFLRQHVVXJHUHQFLDV\SURSXHVWDVGHWRGDVODVSHUVRQDV\
HQWLGDGHVTXHVHLQWHUHVDQSRUHOPHGLRDPELHQWH\ODVRVWHQLELOLGDG
&(1752'(5(&85626$0%,(17$/(6'(1$9$55$
&3DGUH$GRDtQEDMR
 3DPSORQD1DYDUUD
7IQR
)D[
:HEZZZFUDQDRUJ
HPDLOFUDQD#FUDQDRUJ