Upload
others
View
4
Download
0
Embed Size (px)
Citation preview
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�3URJUDPDV�(VWUDWpJLFRV
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$FFLRQHV�GH�$SR\R�D�OD�&XUUtFXOD�GH�(GXFDFLyQ�%iVLFD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR(QFXHQWUR�(VWDWDO�GH�'HVDItRV�0DWHPiWLFRV�SDUD�DOXPQRV�GH�(GXFDFLyQ�%iVLFD�UHDOL]DGR�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�DOXPQRV�GH�HGXFDFLyQ�EiVLFD�TXH�SDUWLFLSDQ�HQ�HO�HQFXHQWUR�GH�GHVDItRV�PDWHPiWLFRV
)RUPXOD1~PHUR�GH�DOXPQRV�GH�HGXFDFLyQ�EiVLFD�TXH�SDUWLFLSDQ�HQ�HO�HQFXHQWUR�GH�GHVDItRV�PDWHPiWLFRV
8QLGDG�GH�PHGLGD $OXPQR
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
�� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ������
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 5HJLVWUR�GH�DVLVWHQFLD�\�SDUWLFLSDFLyQ���/LVWDGR�GH�HTXLSRV�VREUHVDOLHQWHV��
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 6H�FXHQWD�FRQ�XQD�UHVSXHVWD�SRVLWLYD�D�OD�FRQYRFDWRULD�UHDOL]DGD�SRU�ORV�GLVWLQWRV�QLYHOHV�D�ORV�6HFWRUHV�\�6XSHUYLVLRQHV�(VFRODUHV�
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6H�UHILHUH�D�ORV�DOXPQRV�GH�HGXFDFLyQ�EiVLFD�TXH�SDUWLFLSDQ�HQ�HO�HQFXHQWUR�
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�3URJUDPDV�(VWUDWpJLFRV
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$FFLRQHV�GH�$SR\R�D�OD�&XUUtFXOD�GH�(GXFDFLyQ�%iVLFD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR$SR\RV�GHO�3URJUDPD�GH�7XULVPR�(VFRODU�SDUD�DOXPQRV�GH�(GXFDFLyQ�%iVLFD�RIUHFLGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�DOXPQRV�EHQHILFLDGRV�PHGLDQWH�H[FXUVLRQHV�GLGiFWLFDV�
)RUPXOD1~PHUR�GH�DOXPQRV�EHQHILFLDGRV�PHGLDQWH�H[FXUVLRQHV�GLGiFWLFDV
8QLGDG�GH�PHGLGD $OXPQRV
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 7ULPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
�� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ /LVWDGR�GH�DOXPQRV�TXH�UHDOL]DURQ�H[FXUVLRQHV�HVFRODUHV���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV ([LVWH�DSR\R�GH�ORV�QLYHOHV�HGXFDWLYRV�HQ�ODV�DFFLRQHV�TXH�UHDOL]D�HO�SURJUDPD��$FHSWDQ�ODV�HVFXHODV�SDUWLFLSDU�HQ�pO�\�UHVSRQGHQ�SRVLWLYDPHQWH�HQ�ORV�WUiPLWHV��
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6H�UHILHUH�D�ORV�DOXPQRV�TXH�SDUWLFLSDQ�HQ�H[FXUVLRQHV�GH�DSUHQGL]DMH�
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�3URJUDPDV�(VWUDWpJLFRV
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$FFLRQHV�GH�$SR\R�D�OD�&XUUtFXOD�GH�(GXFDFLyQ�%iVLFD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR3UHVHQWDFLRQHV�GLGiFWLFDV��DUWtVWLFDV�\�FXOWXUDOHV�HQ�HVFXHODV�GH�HGXFDFLyQ�EiVLFD�UHDOL]DGDV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�SUHVHQWDFLRQHV�DUWtVWLFDV�UHDOL]DGDV
)RUPXOD1~PHUR�GH�SUHVHQWDFLRQHV�DUWtVWLFDV�UHDOL]DGDV
8QLGDG�GH�PHGLGD 3UHVHQWDFLyQ
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 7ULPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
�� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ���
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 5HSRUWH�JHQHUDGRV�SRU�ORV�UHVSRQVDEOHV�GH�ODV�DFWLYLGDGHV�TXH�RIUHFH�HO�SURJUDPD�GH�DSR\R�D�OD�HGXFDFLyQ�DUWtVWLFD�\�WHFQROyJLFD����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV /DV�HVFXHODV�FXHQWDQ�FRQ�ODV�FRQGLFLRQHV�QHFHVDULDV�SDUD�UHDOL]DU�ODV�SUHVHQWDFLRQHV�DUWtVWLFR�GLGiFWLFDV��
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6H�UHILHUH�D�ODV�SUHVHQWDFLRQHV�DUWtVWLFDV�UHDOL]DGDV�HQ�HVFXHODV�
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�3URJUDPDV�(VWUDWpJLFRV
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$FFLRQHV�GH�$SR\R�D�OD�&XUUtFXOD�GH�(GXFDFLyQ�%iVLFD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR2ULHQWDFLyQ�D�SDGUHV�GH�IDPLOLD��GH�ORV�DOXPQRV�GH�HGXFDFLyQ�EiVLFD�VREUH�OD�FRUUHVSRQVDELOLGDG�HQ�OD�IRUPDFLyQ�GH�VXV�KLMRV�RIUHFLGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�SDGUHV�GH�IDPLOLD�RULHQWDGRV�SRU�HO�3URJUDPD�(VFXHOD�SDUD�3DGUHV
)RUPXOD1~PHUR�GH�SDGUHV�GH�IDPLOLD�RULHQWDGRV�SRU�HO�3URJUDPD�(VFXHOD�SDUD�3DGUHV
8QLGDG�GH�PHGLGD 3DGUH�GH�IDPLOLD
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 7ULPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
�� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ )LFKD�GH�DOWD�H[SHGLGD�SRU�OD�HVFXHOD�DGVFULWD�DO�SURJUDPD��5HODFLyQ�GH�SDGUHV�GH�IDPLOLD�LQFRUSRUDGRV�DO�SURJUDPD��
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV ([LVWH�DSR\R�GH�ORV�1LYHOHV�(GXFDWLYRV�HQ�ODV�DFFLRQHV�TXH�UHDOL]D�HO�SURJUDPD��$FHSWDQ�ODV�HVFXHODV�SDUWLFLSDU�HQ�pO�\�UHVSRQGHQ�SRVLWLYDPHQWH�D�OD�LQYLWDFLyQ�ORV�SDGUHV�GH�IDPLOLD��
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6H�UHILHUH�D�ORV�SDGUHV�GH�IDPLOLD�SDUWLFLSDQWHV�HQ�HO�SURJUDPD�
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�3URJUDPDV�(VWUDWpJLFRV
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$FFLRQHV�GH�$SR\R�D�OD�&XUUtFXOD�GH�(GXFDFLyQ�%iVLFD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO)LQ
5HVXPHQ�1DUUDWLYR&RQWULEXLU�DO�IRUWDOHFLPLHQWR�GH�OD�SUiFWLFD�GRFHQWH�HQ�HO�SURFHVR�GH�HQVHxDQ]D�\�DSUHQGL]DMH�HQ�ODV�HVFXHODV�GH�HGXFDFLyQ�EiVLFD�TXH�SDUWLFLSDQ�HQ�SURJUDPDV�HVWUDWpJLFRV��PHGLDQWH�SURJUDPDV�GH�DFRPSDxDPLHQWR�SHGDJyJLFR�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�SURJUDPDV�GH�DFRPSDxDPLHQWR�HMHFXWDGRV
)RUPXOD1~PHUR�GH�SURJUDPDV�GH�DFRPSDxDPLHQWR�HMHFXWDGRV
8QLGDG�GH�PHGLGD 3URJUDPD
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
�� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ &DUSHWD�GH�SURJUDPDV�\�PRGHORV�GH�DFRPSDxDPLHQWR�SHGDJyJLFR�
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 6H�FXHQWD�FRQ�OD�LQIRUPDFLyQ�GH�ORV�GLIHUHQWHV�QLYHOHV�HGXFDWLYRV��\�FRRUGLQDFLRQHV�GH�SURJUDPDV�HVWUDWpJLFRV�VREUH�ORV�LQGLFDGRUHV�GH�QHFHVLGDGHV�HQ�ODV�HVFXHODV��VXSHUYLVLRQHV�\�VHFWRUHV�HGXFDWLYRV��
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6H�UHILHUH�D�ORV�SURJUDPDV�GH�DFRPSDxDPLHQWR�DSOLFDGRV�
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�3URJUDPDV�(VWUDWpJLFRV
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$FFLRQHV�GH�$SR\R�D�OD�&XUUtFXOD�GH�(GXFDFLyQ�%iVLFD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO3URSyVLWR
5HVXPHQ�1DUUDWLYR(VFXHODV�GH�HGXFDFLyQ�EiVLFD�SDUWLFLSDQ�HQ�SURJUDPDV�HVWUDWpJLFRV�H�LPSOHPHQWDQ�DFFLRQHV�TXH�IRUWDOHFHQ�OD�SUiFWLFD�GRFHQWH�PHGLDQWH�SURJUDPDV�GH�DFRPSDxDPLHQWR�SHGDJyJLFR�TXH�SURSLFLDQ�HVSDFLRV�GH�UHIOH[LyQ��HYDOXDFLyQ�\�PHMRUD�FRQWLQXD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�HVFXHODV�TXH�SDUWLFLSDQ�HQ�DFFLRQHV�GH�DFRPSDxDPLHQWR�TXH�IRUWDOHFHQ�OD�SUiFWLFD�GRFHQWH
)RUPXOD1~PHUR�GH�HVFXHODV�TXH�SDUWLFLSDQ�HQ�DFFLRQHV�GH�DFRPSDxDPLHQWR�TXH�IRUWDOHFHQ�OD�SUiFWLFD�GRFHQWH
8QLGDG�GH�PHGLGD (VFXHOD
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
�� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ %DVHV�GH�GDWRV�GH�ODV�HVFXHODV�DSR\DGDV����5XWD�GH�PHMRUD�GH�ODV�HVFXHODV�SDUWLFLSDQWHV��
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 6H�FXHQWD�FRQ�OD�LQIRUPDFLyQ�GH�ORV�GLIHUHQWHV�QLYHOHV�HGXFDWLYRV��\�FRRUGLQDFLRQHV�GH�SURJUDPDV�HVWUDWpJLFRV�VREUH�ORV�LQGLFDGRUHV�GH�QHFHVLGDGHV�HQ�ODV�HVFXHODV��VXSHUYLVLRQHV�\�VHFWRUHV�HGXFDWLYRV��
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6H�UHILHUH�D�ODV�HVFXHODV�TXH�SDUWLFLSDQ�HQ�DFFLRQHV�DFRPSDxDPLHQWR�SHGDJyJLFR�
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�)RUPDFLyQ�&RQWLQXD�SDUD�3URIHVLRQDOHV�GH�OD�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$FWXDOL]DFLyQ�\�&DSDFLWDFLyQ�&RQWLQXD�D�'RFHQWHV�GH�(GXFDFLyQ�%iVLFD�HQ�6HUYLFLR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR&DSDFLWDFLyQ�D�GRFHQWHV�GH�QLYHO�EiVLFR�HQ�WHPDV�HVSHFLDOL]DGRV�HQ�YDORUHV�HIHFWXDGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�GRFHQWHV�GH�QLYHO�EiVLFR�FDSDFLWDGRV�HQ�WHPDV�HVSHFLDOL]DGRV�HQ�YDORUHV
)RUPXOD1~PHUR�GH�GRFHQWHV�FDSDFLWDGRV�HQ�YDORUHV
8QLGDG�GH�PHGLGD 'RFHQWH
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 5HJLVWUR�GH�SDUWLFLSDQWHV��PHPRULDV�GH�OD�FDSDFLWDFLyQ���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 3HUVRQDO�GHO�6HUYLFLR�3URIHVLRQDO�'RFHQWH�FRQYRFDGR�DVLVWH�DO�HYHQWR�����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU'RFHQWHV�GH�QLYHO�EiVLFR�FDSDFLWDGRV�HQ�WHPDV�HVSHFLDOL]DGRV�HQ�YDORUHV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�)RUPDFLyQ�&RQWLQXD�SDUD�3URIHVLRQDOHV�GH�OD�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$FWXDOL]DFLyQ�\�&DSDFLWDFLyQ�&RQWLQXD�D�'RFHQWHV�GH�(GXFDFLyQ�%iVLFD�HQ�6HUYLFLR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR,QYHVWLJDFLyQ�VREUH�FRQYLYHQFLD�HVFRODU�SXEOLFDGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�LQYHVWLJDFLyQ�GH�FRQYLYHQFLD�HVFRODU�SXEOLFDGD
)RUPXOD1~PHUR�LQYHVWLJDFLRQHV�SXEOLFDGDV�
8QLGDG�GH�PHGLGD LQYHVWLJDFLyQ
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 6HPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 3XEOLFDFLyQ�GH�OD�LQYHVWLJDFLyQ���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 6H�FXHQWD�FRQ�ORV�UHFXUVRV�HQ�WLHPSR�\�IRUPD��SDUD�OOHYDU�D�FDER�OD�LQYHVWLJDFLyQ�VREUH�HO�FRQYLYHQFLD�HVFRODU���
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU,QYHVWLJDFLyQ�GH�FRQYLYHQFLD�HVFRODU�SXEOLFDGD
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�)RUPDFLyQ�&RQWLQXD�SDUD�3URIHVLRQDOHV�GH�OD�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$FWXDOL]DFLyQ�\�&DSDFLWDFLyQ�&RQWLQXD�D�'RFHQWHV�GH�(GXFDFLyQ�%iVLFD�HQ�6HUYLFLR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR&DSDFLWDFLyQ�D�SHUVRQDO�HQ�IXQFLyQ�GH�'LUHFFLyQ�\��6XSHUYLVLyQ�HQ�(GXFDFLyQ�%iVLFD�HIHFWXDGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�SHUVRQDO�FRQ�IXQFLRQHV�GH�GLUHFFLyQ�\�VXSHUYLVLyQ�\�DXWRULGDGHV�HGXFDWLYDV�IRUPDGR
)RUPXOD1~PHUR�GH�SHUVRQDO�FRQ�IXQFLRQHV�GH�GLUHFFLyQ�\�VXSHUYLVLyQ�GH�HGXFDFLyQ�EiVLFD�TXH�DFFHGH�D�XQ�SURFHVR�GH�IRUPDFLyQ�HQ�HO��DxR
8QLGDG�GH�PHGLGD SHUVRQDO
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 6LVWHPD�GH�,QVFULSFLyQ��5HJLVWUR��$FUHGLWDFLyQ�\�&HUWLILFDFLyQ�GH�)RUPDFLyQ�&RQWLQXD��6,5$&)&���ZZZ�HVWXGLDHQ-DOLVFR�IRUPDFLyQFRQWLQXD�6,5$)���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV (O�SHUVRQDO�FRQ�IXQFLRQHV�GH�GLUHFFLyQ�\�VXSHUYLVLyQ�SDUWLFLSD�DFWLYDPHQWH�SDUWLFLSDQ�DFWLYDPHQWH�SDUD�DFUHGLWDU�ORV�FXUVRV�\�R�SURFHVRV�IRUPDWLYRV�HQ�ODV�TXH�VH�UHJLVWUD�HQ�HO�6,5$&)&����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU3HUVRQDO�FRQ�IXQFLRQHV�GH�GLUHFFLyQ�\�VXSHUYLVLyQ�\�DXWRULGDGHV�HGXFDWLYDV�IRUPDGR
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�)RUPDFLyQ�&RQWLQXD�SDUD�3URIHVLRQDOHV�GH�OD�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$FWXDOL]DFLyQ�\�&DSDFLWDFLyQ�&RQWLQXD�D�'RFHQWHV�GH�(GXFDFLyQ�%iVLFD�HQ�6HUYLFLR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR$FWXDOL]DFLyQ�HQ�ORV�HVWiQGDUHV�GHO�VHUYLFLR�SURIHVLRQDO�D�GRFHQWHV��GLUHFWRV�\�SHUVRQDO�GH�DSR\R�UHDOL]DGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�GRFHQWHV��GLUHFWRV�\�SHUVRQDO�GH�DSR\R�GH�HGXFDFLyQ�EiVLFD�IRUPDGR
)RUPXOD1~PHUR�GH�SHUVRQDO�GHO�VHUYLFLR�SURIHVLRQDO�GRFHQWHV�GH�HGXFDFLyQ�EiVLFD�TXH�DFFHGH�D�XQ�SURFHVR�GH�IRUPDFLyQ�HQ�HO��DxR�
8QLGDG�GH�PHGLGD SHUVRQDO
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 6LVWHPD�GH�,QVFULSFLyQ��5HJLVWUR��$FUHGLWDFLyQ�\�&HUWLILFDFLyQ�GH�)RUPDFLyQ�&RQWLQXD��6,5$&)&���ZZZ�HVWXGLDHQ-DOLVFR�IRUPDFLyQFRQWLQXD�6,5$)���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV (O�SHUVRQDO�'RFHQWH��WpFQLFRV�GRFHQWHV��GLUHFWRUHV��VXSHUYLVRUHV��DVHVRUHV�WpFQLFRV�SHGDJyJLFRV��WXWRUHV��&XHUSRV�$FDGpPLFRV�\�$XWRULGDGHV�(GXFDWLYDV��SDUWLFLSDQ�DFWLYDPHQWH�SDUD�DFUHGLWDU�ORV�FXUVRV�\�R�SURFHVRV�IRUPDWLYRV�HQ�ODV�TXH�VH�UHJLVWUD�HQ�HO�6,
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU'RFHQWHV��GLUHFWRV�\�SHUVRQDO�GH�DSR\R�GH�HGXFDFLyQ�EiVLFD�IRUPDGR
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�)RUPDFLyQ�&RQWLQXD�SDUD�3URIHVLRQDOHV�GH�OD�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$FWXDOL]DFLyQ�\�&DSDFLWDFLyQ�&RQWLQXD�D�'RFHQWHV�GH�(GXFDFLyQ�%iVLFD�HQ�6HUYLFLR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR&DSDFLWDFLyQ�DO�SHUVRQDO�GHO�VHUYLFLR�SURIHVLRQDO�GRFHQWH�GH�(GXFDFLyQ�%iVLFD�HIHFWXDGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�SHUVRQDO�GHO�VHUYLFLR�SURIHVLRQDO�GRFHQWH�GH�(GXFDFLyQ�%iVLFD�GH�HGXFDFLyQ�EiVLFD�IRUPDGRV�
)RUPXOD1~PHUR�GH�SHUVRQDO�FRQ�IXQFLRQHV�GH�DVHVRUtD�WpFQLFR�SHGDJyJLFD�TXH�DFFHGH�D�XQ�SURFHVR�GH�IRUPDFLyQ�HQ�HO��DxR
8QLGDG�GH�PHGLGD SHUVRQDO
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 6LVWHPD�GH�,QVFULSFLyQ��5HJLVWUR��$FUHGLWDFLyQ�\�&HUWLILFDFLyQ�GH�)RUPDFLyQ�&RQWLQXD��6,5$&)&���ZZZ�HVWXGLDHQ-DOLVFR�IRUPDFLyQFRQWLQXD�6,5$)���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV (O�SHUVRQDO�DO�VHUYLFLR�SURIHVLRQDO�GRFHQWH�SDUWLFLSD�DFWLYDPHQWH�SDUD�DFUHGLWDU�ORV�FXUVRV�\�R�SURFHVRV�IRUPDWLYRV�HQ�ODV�TXH�VH�UHJLVWUD�HQ�HO�6,5$&)&����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU3HUVRQDO�GHO�VHUYLFLR�SURIHVLRQDO�GRFHQWH�GH�(GXFDFLyQ�%iVLFD�GH�HGXFDFLyQ�EiVLFD�IRUPDGRV�
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�)RUPDFLyQ�&RQWLQXD�SDUD�3URIHVLRQDOHV�GH�OD�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$FWXDOL]DFLyQ�\�&DSDFLWDFLyQ�&RQWLQXD�D�'RFHQWHV�GH�(GXFDFLyQ�%iVLFD�HQ�6HUYLFLR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO)LQ
5HVXPHQ�1DUUDWLYR&RQWULEXLU�D�PHMRUD�OD�FDOLGDG�HQ�OD�IRUPDFLyQ�GH�ORV�GRFHQWHV��PHGLDQWH�OD�RIHUWD�GH�SURFHVRV��IRUPDWLYRV�SHUWLQHQWHV�DO�SHUVRQDO�FRQ�IXQFLRQHV�GH�VXSHUYLVLyQ���GLUHFFLyQ��DVHVRUtD�WpFQLFD�SHGDJyJLFD�\�GH�WXWRUtD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�HVFXHODV�GH�HGXFDFLyQ�EiVLFD�TXH�PHMRUDQ�HO�QLYHO�GH�ORJUR�HGXFDWLYR
)RUPXOD1~PHUR�GH�HVFXHODV�GH�HGXFDFLyQ�EiVLFD�TXH�PHMRUDQ�HO�QLYHO�GH�ORJUR�HGXFDWLYR��HQ�HO�DxR�W
8QLGDG�GH�PHGLGD (VFXHOD
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ (YDOXDFLRQHV�QDFLRQDOHV�\�HVWDWDOHV�D�GRFHQWHV�\�HVFXHODV��\�SURFHVRV�GH�IRUPDFLyQ�DFUHGLWDGRV�
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 6H�FXHQWD�FRQ�ORV�DSR\RV�DGPLQLVWUDWLYRV�\�ORJtVWLFRV�SDUD�IDFLOLWDU�OD�IRUPDFLyQ�GRFHQWH�`�
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU(VFXHODV�GH�HGXFDFLyQ�EiVLFD�TXH�PHMRUDQ�HO�QLYHO�GH�ORJUR�HGXFDWLYR
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�)RUPDFLyQ�&RQWLQXD�SDUD�3URIHVLRQDOHV�GH�OD�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$FWXDOL]DFLyQ�\�&DSDFLWDFLyQ�&RQWLQXD�D�'RFHQWHV�GH�(GXFDFLyQ�%iVLFD�HQ�6HUYLFLR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO3URSyVLWR
5HVXPHQ�1DUUDWLYR3HUVRQDO�GRFHQWH��WpFQLFRV�GRFHQWHV��GLUHFWRUHV��VXSHUYLVRUHV��DVHVRUHV�WpFQLFRV�SHGDJyJLFRV��WXWRUHV��FXHUSRV�DFDGpPLFRV�\�DXWRULGDGHV�HGXFDWLYDV�FXHQWDQ�FRQ�FDSDFLWDFLyQ��DFWXDOL]DFLyQ��DVHVRUtD��DFRPSDxDPLHQWR�\�DVLVWHQFLD�WpFQLFD�SHGDJyJLFD
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GHO�SHUVRQDO�'RFHQWH��WpFQLFRV�GRFHQWHV��GLUHFWRUHV��VXSHUYLVRUHV��DVHVRUHV�WpFQLFRV�SHGDJyJLFRV��WXWRUHV��$XWRULGDGHV�(GXFDWLYDV��FDSDFLWDGR�
)RUPXOD1~PHUR�GH�SHUVRQDO�HGXFDWLYR�GH�HGXFDFLyQ�EiVLFD�TXH�DFFHGH�D�SURFHVRV�GH�DFRPSDxDPLHQWR��DVHVRUtD��FDSDFLWDFLyQ��IRUPDFLyQ�FRQWLQXD��DFWXDOL]DFLyQ�\�R�GHVDUUROOR�SURIHVLRQDO�HQ�HO�DxR
8QLGDG�GH�PHGLGD SHUVRQDO
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 6LVWHPD�GH�,QVFULSFLyQ��5HJLVWUR��$FUHGLWDFLyQ�\�&HUWLILFDFLyQ�GH�)RUPDFLyQ�&RQWLQXD��6,5$&)&���ZZZ�HVWXGLDHQ-DOLVFR�IRUPDFLyQFRQWLQXD�6,5$)�
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV (O�SHUVRQDO�'RFHQWH��WpFQLFRV�GRFHQWHV��GLUHFWRUHV��VXSHUYLVRUHV��DVHVRUHV�WpFQLFRV�SHGDJyJLFRV��WXWRUHV��&XHUSRV�$FDGpPLFRV�\�$XWRULGDGHV�(GXFDWLYDV��SDUWLFLSDQ�DFWLYDPHQWH�SDUD�DFUHGLWDU�ORV�FXUVRV�\�R�SURSXHVWDV�IRUPDWLYDV�HQ�ODV�TXH�VH�UHJLVWUD�HQ�HO�
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU3HUVRQDO�'RFHQWH��WpFQLFRV�GRFHQWHV��GLUHFWRUHV��VXSHUYLVRUHV��DVHVRUHV�WpFQLFRV�SHGDJyJLFRV��WXWRUHV��$XWRULGDGHV�(GXFDWLYDV��FDSDFLWDGR�
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RRUGLQDFLyQ�GH�'HOHJDFLRQHV�5HJLRQDOHV
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$GPLQLVWUDFLyQ�(GXFDWLYD�5HJLRQDO'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR6XSHUYLVLRQHV�HVFRODUHV�FRQ�SURJUDPDV�GH�DSR\R�D�OD�HGXFDFLyQ�DFWXDOL]DGDV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�6XSHUYLVLRQHV�LQIRUPDGDV�
)RUPXOD1~PHUR�GH�VXSHUYLVLRQHV�LQIRUPDGDV�
8QLGDG�GH�PHGLGD 6XSHUYLVLRQHV�
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 7ULPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ���
/tQHD�EDVH ������
0HGLRV�GH�YHULILFDFLyQ )RUPDWR�ILUPDGR�SRU�HO�VXSHUYLVRU�����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV 6H�FXHQWD�FRQ�OD�LQIRUPDFLyQ�GH�FDGD�SURJUDPD��6H�HQFXHQWUDQ�RSHUDQGR�ORV�&RQVHMRV�0XQLFLSDO�\�(VFRODU�GH�3DUWLFLSDFLyQ�6RFLDO�����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6XSHUYLVLRQHV�LQIRUPDGDV�
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RRUGLQDFLyQ�GH�'HOHJDFLRQHV�5HJLRQDOHV
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$GPLQLVWUDFLyQ�(GXFDWLYD�5HJLRQDO'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR&XUVRV�VREUH�FRPSHWHQFLDV�DO�SHUVRQDO�GH�OD�'HOHJDFLyQ�LPSDUWLGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�FXUVRV�LPSDUWLGRV
)RUPXOD1~PHUR�GH�FXUVRV�LPSDUWLGRV
8QLGDG�GH�PHGLGD &XUVR
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 5HJLVWUR�GH�DVLVWHQFLD�DO�FXUVR�
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV ([LVWH�GLVSRVLFLyQ�GHO�SHUVRQDO�D�FDSDFLWDUVH��
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRUGH�FXUVRV�LPSDUWLGRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RRUGLQDFLyQ�GH�'HOHJDFLRQHV�5HJLRQDOHV
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$GPLQLVWUDFLyQ�(GXFDWLYD�5HJLRQDO'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR/LEURV�GH�WH[WR�\�PDWHULDO�HGXFDWLYR�SDUD�HGXFDFLyQ�EiVLFD�GLVWULEXLGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�OLEURV�\�PDWHULDO�HGXFDWLYR�GLVWULEXLGR
)RUPXOD1~PHUR�GH�OLEURV�\�PDWHULDO�HGXFDWLYR�GLVWULEXLGR
8QLGDG�GH�PHGLGD /LEUR�GH�WH[WR�\�PDWHULDO�HGXFDWLYR
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH �����
0HGLRV�GH�YHULILFDFLyQ 5HFLERV�GH�UHFHSFLyQ�GHO�PDWHULDO�����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV 6H�FXHQWD�FRQ�OD�PDWUL]�GH�GLVWULEXFLyQ�\�FRQ�ORV�UHFXUVRV�ILQDQFLHURV�\�KXPDQRV�SDUD�VX�HQWUHJD������
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRUOLEURV�\�PDWHULDO�HGXFDWLYR�GLVWULEXLGR
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RRUGLQDFLyQ�GH�'HOHJDFLRQHV�5HJLRQDOHV
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$GPLQLVWUDFLyQ�(GXFDWLYD�5HJLRQDO'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR6HUYLFLRV�GH�JHVWLyQ�HGXFDWLYD�HQ�ODV�'(56(�RWRUJDGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�6HUYLFLRV�RWRUJDGRV�HQ�ODV�'56(
)RUPXOD1~PHUR�GH�VHUYLFLRV�RWRUJDGRV�HQ�ODV�'56(
8QLGDG�GH�PHGLGD 6HUYLFLR
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 7ULPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 5HJLVWURV�GH�ODV�'56(���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV 6H�FXHQWD�FRQ�HVWDELOLGDG�HQ�OD�HVWUXFWXUD�GH�-HIHV�GH�'HSDUWDPHQWR�GH�ODV�'56(���
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6HUYLFLRV�RWRUJDGRV�HQ�ODV�'56(
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RRUGLQDFLyQ�GH�'HOHJDFLRQHV�5HJLRQDOHV
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$GPLQLVWUDFLyQ�(GXFDWLYD�5HJLRQDO'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO)LQ
5HVXPHQ�1DUUDWLYR&RQWULEXLU�D�OD�PHMRUD�GH�OD�FDOLGDG�GH��ORV�VHUYLFLRV�DGPLQLVWUDWLYRV�TXH�SUHVWD�OD�6HFUHWDUtD�GH�(GXFDFLyQ��PHGLDQWH�OD�RSHUDFLyQ�GH�ODV�'HOHJDFLRQHV�5HJLRQDOHV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�HQFXHVWDGRV�VDWLVIHFKRV
)RUPXOD1~PHUR�GH�HQFXHVWDGRV�VDWLVIHFKRV
8QLGDG�GH�PHGLGD (QFXHVWDGR
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU &DOLGDG
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH �����
0HGLRV�GH�YHULILFDFLyQ (QFXHVWD�VREUH�PHGLFLyQ�GH�FDOLGDG�HQ�HO�VHUYLFLR��
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV ([LVWH�SUHVHQFLD�GH�OD�6HFUHWDUtD�GH�(GXFDFLyQ�HQ�HO�HVWDGR�D�WUDYpV�GH�ODV����6XEGHOHJDFLRQHV�\����'HOHJDFLRQHV�5HJLRQDOHV�
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRUHQFXHVWDGRV�VDWLVIHFKRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RRUGLQDFLyQ�GH�'HOHJDFLRQHV�5HJLRQDOHV
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$GPLQLVWUDFLyQ�(GXFDWLYD�5HJLRQDO'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO3URSyVLWR
5HVXPHQ�1DUUDWLYR/D�FRPXQLGDG�HGXFDWLYD�FXHQWD�FRQ�XQ�VHUYLFLR�HGXFDWLYR�FHUFDQR�\�GH�FDOLGDG�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�WUiPLWHV�DWHQGLGRV�HQ�FDGD�'HOHJDFLyQ�5HJLRQDO
)RUPXOD1~PHUR�GH�WUiPLWHV�DWHQGLGRV�HQ�FDGD�'HOHJDFLyQ�5HJLRQDO
8QLGDG�GH�PHGLGD 7UiPLWHV
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 7ULPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH �����
0HGLRV�GH�YHULILFDFLyQ &RQFHQWUDGR�GH�FDGD�iUHD�GH�OD�'HOHJDFLyQ�
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV /RV�VLVWHPDV�GH�LQIRUPDFLyQ�PDQWLHQHQ�HVWiQGDUHV�QRUPDOHV�GH�IXQFLRQDPLHQWR�
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRUWUiPLWHV�DWHQGLGRV�HQ�FDGD�'HOHJDFLyQ�5HJLRQDO
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RQVHMR�1DFLRQDO�GH�)RPHQWR�(GXFDWLYR��&21$)(�
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�%iVLFD
$SR\R�D�OD�(GXFDFLyQ�&RPXQLWDULD�HQ�HO�0HGLR�5XUDO'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR$WHQFLyQ�HQ�VHGHV�UHJLRQDOHV�FRQ�LQVWDODFLRQHV�\�HTXLSR�DGHFXDGRV�RWRUJDGD���
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU(VSDFLR�GH�DWHQFLyQ�DGHFXDGR
)RUPXOD(VSDFLR�GH�DWHQFLyQ�DGHFXDGR
8QLGDG�GH�PHGLGD (VSDFLR
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ ,QIRUPH�PHQVXDO�GH�ORV�WpFQLFRV�HQ�REUD����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR �������������
6XSXHVWRV 6H�FXHQWD�FRQ�HO��SUHVXSXHVWR�HQ�WLHPSR�SDUD�OD�HMHFXFLyQ�GH�ODV�REUDV����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU(VSDFLR�GH�DWHQFLyQ�DGHFXDGR
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RQVHMR�1DFLRQDO�GH�)RPHQWR�(GXFDWLYR��&21$)(�
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�%iVLFD
$SR\R�D�OD�(GXFDFLyQ�&RPXQLWDULD�HQ�HO�0HGLR�5XUDO'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR$SR\R�HFRQyPLFR�SDUD�HO�VHJXLPLHQWR�GH�ODV�DFFLRQHV�GH�HGXFDFLyQ�FRPXQLWDULD�HMHFXWDGR�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�SHUVRQDO�HQ�DFFLRQHV�GH�VHJXLPLHQWR�TXH�UHFLEH�DSR\R�HFRQyPLFR�\�1~PHUR�GH�VHUYLFLRV�VROLFLWDGRV
)RUPXOD1~PHUR�GH�SHUVRQDO�HQ�DFFLRQHV�GH�VHJXLPLHQWR�TXH�UHFLEH�DSR\R�HFRQyPLFR
8QLGDG�GH�PHGLGD 3HUVRQD
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 6HPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ���
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 5HODFLRQHV�ILUPDGDV�GHO�SHUVRQDO�GH�OD�GHOHJDFLyQ�\�GH�ORV�VHUYLFLRV�UHFLELGRV���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR �������������
6XSXHVWRV 6H�FXHQWD�FRQ�DSR\RV�DGLFLRQDOHV�GH�RWUDV�LQVWDQFLDV����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU3HUVRQDO�HQ�DFFLRQHV�GH�VHJXLPLHQWR�TXH�UHFLEH�DSR\R�HFRQyPLFR�\�QXPHUR�GH�VHUYLFLRV�VROLFLWDGRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RQVHMR�1DFLRQDO�GH�)RPHQWR�(GXFDWLYR��&21$)(�
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�%iVLFD
$SR\R�D�OD�(GXFDFLyQ�&RPXQLWDULD�HQ�HO�0HGLR�5XUDO'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR$SR\R�HFRQyPLFR�D�ILJXUDV�HGXFDWLYDV�RWRUJDGR�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�ILJXUDV�HGXFDWLYDV�\�SDGUHV�GH�IDPLOLD�TXH�UHFLEHQ�DSR\R�HFRQyPLFR�
)RUPXOD1~PHUR�GH�ILJXUDV�HGXFDWLYDV�\�SDGUHV�GH�IDPLOLD�TXH�UHFLEH�DSR\R�HFRQyPLFR
8QLGDG�GH�PHGLGD 3HUVRQD
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 7ULPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 5HODFLRQHV�ILUPDGDV�GH�ORV�MyYHQHV�\�SDGUHV�GH�IDPLOLD�TXH�UHFLEHQ�HO�DSR\R�HFRQyPLFR�������
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR �������������
6XSXHVWRV 6H�FXHQWD�RSRUWXQDPHQWH�FRQ�UHFXUVRV�IHGHUDOHV�R�SRU�SDUWH�GH�RWUDV�LQVWDQFLDV�����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU)LJXUDV�HGXFDWLYDV�\�SDGUHV�GH�IDPLOLD�TXH�UHFLEHQ�DSR\R�HFRQyPLFR�
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RQVHMR�1DFLRQDO�GH�)RPHQWR�(GXFDWLYR��&21$)(�
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�%iVLFD
$SR\R�D�OD�(GXFDFLyQ�&RPXQLWDULD�HQ�HO�0HGLR�5XUDO'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO)LQ
5HVXPHQ�1DUUDWLYR&RQWULEXLU�DO�GHVDUUROOR�GH�ODV�ORFDOLGDGHV�GH�DOWD�PDUJLQDFLyQ�PHGLDQWH�VHUYLFLRV�GH�HGXFDFLyQ�FRPXQLWDULD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�ORFDOLGDGHV�GH�DOWD�PDUJLQDFLyQ�FRQ�VHUYLFLRV�GH�HGXFDFLyQ�FRPXQLWDULD�
)RUPXOD1~PHUR�GH�ORFDOLGDGHV�GH�DOWD�PDUJLQDFLyQ�FRQ�VHUYLFLRV�GH�HGXFDFLyQ�FRPXQLWDULD
8QLGDG�GH�PHGLGD /RFDOLGDG
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ &HQVR�GH�ORFDOLGDGHV�
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR �������������
6XSXHVWRV 6H�FXHQWD�FRQ�ORV�UHFXUVRV�KXPDQRV�\�ILQDQFLHURV�HQ�WLHPSR�
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU/RFDOLGDGHV�GH�DOWD�PDUJLQDFLyQ�FRQ�VHUYLFLRV�GH�HGXFDFLyQ�FRPXQLWDULD�
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RQVHMR�1DFLRQDO�GH�)RPHQWR�(GXFDWLYR��&21$)(�
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�%iVLFD
$SR\R�D�OD�(GXFDFLyQ�&RPXQLWDULD�HQ�HO�0HGLR�5XUDO'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO3URSyVLWR
5HVXPHQ�1DUUDWLYR1LxRV�HQ�HGDG�HVFRODU�TXH�YLYHQ�HQ�FRPXQLGDGHV�UXUDOHV�GLVSHUVDV�DVHJXUDQ�VX�FRQWLQXLGDG�HGXFDWLYD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�DOXPQRV�DWHQGLGRV�SRU�ORV�SURJUDPDV�HGXFDWLYRV�FRPXQLWDULRV
)RUPXOD1~PHUR�GH�DOXPQRV�DWHQGLGRV�SRU�ORV�SURJUDPDV�HGXFDWLYRV�FRPXQLWDULRV
8QLGDG�GH�PHGLGD $OXPQR
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ (VWDGtVWLFDV�
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR �������������
6XSXHVWRV 6H�PDQWLHQHQ�HQ�VX�FDXFH�HQ�WHPSRUDO�GH�OOXYLDV�ORV�QLYHOHV�GH�ORV�UtRV�\�DUUR\RV��
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU$OXPQRV�DWHQGLGRV�SRU�ORV�SURJUDPDV�HGXFDWLYRV�FRPXQLWDULRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RRUGLQDFLyQ�GH�$GPLQLVWUDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$SR\RV�0DWHULDOHV�SDUD�OD�(GXFDFLyQ�%iVLFD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR,QVXPRV�D�RILFLQDV�DGPLQLVWUDWLYDV�\�FHQWURV�HVFRODUHV�HQWUHJDGRV���
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�VROLFLWXGHV�GH�LQVXPR�DWHQGLGDV
)RUPXOD1~PHUR�GH�VROLFLWXGHV�GH�LQVXPR�DWHQGLGDV�
8QLGDG�GH�PHGLGD 6ROLFLWXG
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 9DOH�GH�VDOLGD�GHO�DOPDFpQ�JHQHUDO�����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV 6H�FXHQWD�FRQ�HO�UHFXUVR�HQ�WLHPSR�\�IRUPD�SDUD�JDUDQWL]DU�ORV��LQVXPRV�TXH�GHPDQGD�OD�6(-������
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6ROLFLWXGHV�GH�LQVXPR�DWHQGLGDV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RRUGLQDFLyQ�GH�$GPLQLVWUDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$SR\RV�0DWHULDOHV�SDUD�OD�(GXFDFLyQ�%iVLFD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR6HUYLFLRV�GH�PDQWHQLPLHQWR�\�UHPRGHODFLyQ�D�LQPXHEOHV�UHDOL]DGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�LQPXHEOHV�FRQ�VHUYLFLRV�GH�PDQWHQLPLHQWR�\�UHPRGHODGRV�UHDOL]DGRV
)RUPXOD1~PHUR�GH�LQPXHEOHV�FRQ�VHUYLFLRV�GH�PDQWHQLPLHQWR�\�UHPRGHODGRV�UHDOL]DGRV
8QLGDG�GH�PHGLGD ,QPXHEOH
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ��
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ ,QIRUPH�PHQVXDO�GH�OD�'LUHFFLyQ�GH�6HUYLFLRV�*HQHUDOHV�����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV 6H�FXHQWD�FRQ�ORV�UHFXUVRV�HFRQyPLFRV�HQ�WLHPSR�\�IRUPD�SDUD�JDUDQWL]DU�OD�SUHVWDFLyQ�GH�ORV�VHUYLFLRV�����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU,QPXHEOHV�FRQ�VHUYLFLRV�GH�PDQWHQLPLHQWR�\�UHPRGHODGRV�UHDOL]DGRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RRUGLQDFLyQ�GH�$GPLQLVWUDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$SR\RV�0DWHULDOHV�SDUD�OD�(GXFDFLyQ�%iVLFD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO)LQ
5HVXPHQ�1DUUDWLYR&RQWULEXLU�D�PHMRUDU�OD�FDOLGDG�HGXFDWLYD�HQ�OD�HGXFDFLyQ�EiVLFD�D�WUDYpV�GHO�RWRUJDPLHQWR�GH�UHFXUVRV�PDWHULDOHV�\�VHUYLFLRV�JHQHUDOHV�D�iUHDV�DGPLQLVWUDWLYDV�\�FHQWURV�HVFRODUHV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�VHUYLFLRV�RWRUJDGRV
)RUPXOD1~PHUR�GH�VHUYLFLRV�RWRUJDGRV
8QLGDG�GH�PHGLGD 6HUYLFLR
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ ,QIRUPH�0HQVXDO�SRU�SDUWH�GH�OD�'LU��*UDO��GH�5HFXUVRV�0DWHULDOHV�\�6HUY��*UDOHV�
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV 6H�FXHQWD�FRQ�ORV�UHFXUVRV�HQ�WLHPSR�\�IRUPD��
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6HUYLFLRV�RWRUJDGRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
&RRUGLQDFLyQ�GH�$GPLQLVWUDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$SR\RV�0DWHULDOHV�SDUD�OD�(GXFDFLyQ�%iVLFD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO3URSyVLWR
5HVXPHQ�1DUUDWLYR&HQWURV�HVFRODUHV�\�iUHDV�DGPLQLVWUDWLYDV�FXHQWDQ�FRQ�LQVXPRV�\�SUHVWDFLyQ�GH�VHUYLFLRV�HQ�WLHPSR�\�IRUPD�SDUD�OD�UHDOL]DFLyQ�GH�VXV�DFWLYLGDGHV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�VROLFLWXGHV�GH�SUHVWDFLyQ�GH�VHUYLFLRV�GH�LQVXPRV�DWHQGLGDV
)RUPXOD1~PHUR�GH�VROLFLWXGHV�GH�SUHVWDFLyQ�GH�VHUYLFLRV�GH�LQVXPRV�DWHQGLGDV
8QLGDG�GH�PHGLGD 6ROLFLWXG
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 6ROLFLWXGHV�DWHQGLGDV�SRU�OD�'*50\6*�\�',&$3�����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV 6H�FXHQWD�FRQ�ORV�UHFXUVRV�HFRQyPLFRV�VXILFLHQWHV�HQ�WLHPSR�\�IRUPD�SDUD�JDUDQWL]DU�OD�SUHVWDFLyQ�GH�ORV�VHUYLFLRV�����
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6ROLFLWXGHV�GH�SUHVWDFLyQ�GH�VHUYLFLRV�GH�LQVXPRV�DWHQGLGDV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�GH�3URJUDPDV�SDUD�HO�'HVDUUROOR�\�%LHQHVWDU�(VFRODU
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$SR\RV�SDUD�$OXPQRV�FRQ�3UREOHPDV�GH�6DOXG�TXH�DIHFWDQ�VX�7UD\HFWR�(VFRODU'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR$QWHRMRV�SDUD��DOXPQRV�GH�HGXFDFLyQ�EiVLFD�FRQ�SUREOHPDV�GH�YLVLyQ�HQWUHJDGRV�FRQ�HO�SURJUDPD�9HU�%LHQ�SDUD�$SUHQGHU�0HMRU�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�DOXPQRV�EHQHILFLDGRV�FRQ�OD�HQWUHJD�GH�DQWHRMRV
)RUPXOD1~PHUR�GH�DOXPQRV�EHQHILFLDGRV�FRQ�OD�HQWUHJD�GH�DQWHRMRV
8QLGDG�GH�PHGLGD $OXPQRV
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 7ULPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ %DVHV�GH�'DWRV�GH�ORV�DOXPQRV�EHQHILFLDGRV���/LVWDGR�GH�DQWHRMRV�UHFLELGRV�FRQ�OD�ILUPD�GHO�SDGUH�R�WXWRU�GHO�DOXPQR�EHQHILFLDGR��
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR �������������
6XSXHVWRV 6H�FXHQWD�FRQ�OD�SDUWLFLSDFLyQ�GH�OD�HVWUXFWXUD�HGXFDWLYD�SDUD�OD�GHWHFFLyQ�GH�DOXPQRV�VXVFHSWLEOHV�D�DWHQGHU�SRU�HO�SURJUDPD����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU$OXPQRV�EHQHILFLDGRV�FRQ�OD�HQWUHJD�GH�DQWHRMRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�GH�3URJUDPDV�SDUD�HO�'HVDUUROOR�\�%LHQHVWDU�(VFRODU
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$SR\RV�SDUD�$OXPQRV�FRQ�3UREOHPDV�GH�6DOXG�TXH�DIHFWDQ�VX�7UD\HFWR�(VFRODU'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR$QWHRMRV�SDUD��DOXPQRV�GH�HGXFDFLyQ�EiVLFD�FRQ�SUREOHPDV�GH�YLVLyQ��HQWUHJDGRV�FRQ�HO�SURJUDPD�<R�9HR�SRU�-DOLVFR�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�DOXPQRV�EHQHILFLDGRV�FRQ�OD�HQWUHJD�GH�DQWHRMRV
)RUPXOD1~PHUR�GH�DOXPQRV�EHQHILFLDGRV�FRQ�OD�HQWUHJD�GH�DQWHRMRV
8QLGDG�GH�PHGLGD $OXPQRV
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 7ULPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ %DVHV�GH�'DWRV�GH�ORV�DOXPQRV�EHQHILFLDGRV���/LVWDGR�GH�DQWHRMRV�UHFLELGRV�FRQ�OD�ILUPD�GHO�SDGUH�R�WXWRU�GHO�DOXPQR�EHQHILFLDGR��
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR �������������
6XSXHVWRV 6H�FXHQWD�FRQ�OD�SDUWLFLSDFLyQ�GH�OD�HVWUXFWXUD�HGXFDWLYD�SDUD�OD�GHWHFFLyQ�GH�DOXPQRV�VXVFHSWLEOHV�D�DWHQGHU�SRU�HO�SURJUDPD����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU$OXPQRV�EHQHILFLDGRV�FRQ�OD�HQWUHJD�GH�DQWHRMRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�GH�3URJUDPDV�SDUD�HO�'HVDUUROOR�\�%LHQHVWDU�(VFRODU
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$SR\RV�SDUD�$OXPQRV�FRQ�3UREOHPDV�GH�6DOXG�TXH�DIHFWDQ�VX�7UD\HFWR�(VFRODU'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR&LUXJtDV�D�DOXPQRV�FX\D�SUREOHPiWLFD�YLVXDO�QR�VH�FRUULJH�FRQ�DQWHRMRV�JHVWLRQDGDV�FRQ�SURJUDPD�<R�9HR�SRU�-DOLVFR�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�FLUXJtDV�UHDOL]DGDV
)RUPXOD1~PHUR�GH�FLUXJtDV�UHDOL]DGDV
8QLGDG�GH�PHGLGD &LUXJtDV
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 7ULPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ��
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ ([SHGLHQWHV�GH�DOXPQRV�LQWHUYHQLGRV�TXLU~UJLFDPHQWH�
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR �������������
6XSXHVWRV 6H�FXHQWD�FRQ�UHFXUVRV�SDUD�HO�ILQDQFLDPLHQWR�GH�FLUXJtDV�\�DFXHUGRV�FRQ�KRVSLWDOHV�\�RIWDOPyORJRV����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU&LUXJtDV�UHDOL]DGDV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�GH�3URJUDPDV�SDUD�HO�'HVDUUROOR�\�%LHQHVWDU�(VFRODU
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$SR\RV�SDUD�$OXPQRV�FRQ�3UREOHPDV�GH�6DOXG�TXH�DIHFWDQ�VX�7UD\HFWR�(VFRODU'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR$WHQFLyQ�HGXFDWLYD�D�QLxRV��QLxDV�\�MyYHQHV�GHQWUR�GH�ODV�DXODV�KRVSLWDODULDV�R�HQ�FDPD�RWRUJDGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�DOXPQRV�FRQ�OD�DWHQFLyQ�HGXFDWLYD�GHO�SURJUDPD�6LJDPRV�$SUHQGLHQGR�HQ�HO�+RVSLWDO
)RUPXOD1~PHUR�GH�DOXPQRV�FRQ�OD�DWHQFLyQ�HGXFDWLYD�GHO�SURJUDPD�6LJDPRV�$SUHQGLHQGR�HQ�HO�+RVSLWDO
8QLGDG�GH�PHGLGD $OXPQRV
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 7ULPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ ,QIRUPHV�PHQVXDOHV�GH�LQJUHVR�GH�DOXPQRV�DO�SURJUDPD��HODERUDGRV�SRU�ODV�PDHVWUDV�KRVSLWDODULDV��
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR �������������
6XSXHVWRV /RV�DOXPQRV�HVWiQ�HQ�FRQGLFLRQHV�HVWDEOHV�SDUD�UHFLELU�VXV�FODVHV��6H�FXHQWD�FRQ�HO�DSR\R�GH�ORV�SDGUHV�GH�IDPLOLD�\�GHO�SHUVRQDO�GHO�KRVSLWDO��
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU$OXPQRV�FRQ�OD�DWHQFLyQ�HGXFDWLYD�GHO�SURJUDPD�6LJDPRV�$SUHQGLHQGR�HQ�HO�+RVSLWDO
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�GH�3URJUDPDV�SDUD�HO�'HVDUUROOR�\�%LHQHVWDU�(VFRODU
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$SR\RV�SDUD�$OXPQRV�FRQ�3UREOHPDV�GH�6DOXG�TXH�DIHFWDQ�VX�7UD\HFWR�(VFRODU'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO)LQ
5HVXPHQ�1DUUDWLYR&RQWULEXLU��D�OD�FRQWLQXLGDG�HGXFDWLYD�GH�ORV�DOXPQRV�GHO�QLYHO�EiVLFR�TXH�HQIUHQWDQ�SUREOHPDV�GH�VDOXG�PHGLDQWH�DFFLRQHV�HVSHFtILFDV�TXH�SHUPLWDQ�UHDOL]DU�ODV�DFWLYLGDGHV�HVFRODUHV�VLQ�SUHVFLQGLU�GH�OD�DWHQFLyQ�PpGLFD�TXH�HVWpQ�UHFLELHQGR�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�DFFLRQHV�SDUD�SURSLFLDU�OD�FRQWLQXLGDG�HGXFDWLYD�GH�DOXPQRV�FRQ�SUREOHPDV�GH�VDOXG
)RUPXOD1~PHUR�GH�DFFLRQHV�SDUD�SURSLFLDU�OD�FRQWLQXLGDG�HGXFDWLYD�GH�DOXPQRV�FRQ�SUREOHPDV�GH�VDOXG
8QLGDG�GH�PHGLGD $FFLRQHV
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ %DVHV�GH�'DWRV�GH�ORV�DOXPQRV�EHQHILFLDGRV���/LVWDGR�GH�DQWHRMRV�UHFLELGRV�FRQ�OD�ILUPD�GHO�SDGUH�R�WXWRU�GHO�DOXPQR�EHQHILFLDGR��
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR �������������
6XSXHVWRV 6H�FXHQWD�FRQ�OD�SDUWLFLSDFLyQ�GH�OD�HVWUXFWXUD�HGXFDWLYD�SDUD�OD�GHWHFFLyQ�GH�DOXPQRV�VXVFHSWLEOHV�D�DWHQGHU�SRU�HO�SURJUDPD��
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU$FFLRQHV�SDUD�SURSLFLDU�OD�FRQWLQXLGDG�HGXFDWLYD�GH�DOXPQRV�FRQ�SUREOHPDV�GH�VDOXG
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�GH�3URJUDPDV�SDUD�HO�'HVDUUROOR�\�%LHQHVWDU�(VFRODU
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
$SR\RV�SDUD�$OXPQRV�FRQ�3UREOHPDV�GH�6DOXG�TXH�DIHFWDQ�VX�7UD\HFWR�(VFRODU'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO3URSyVLWR
5HVXPHQ�1DUUDWLYR/RV�DOXPQRV�TXH�SUHVHQWDQ�SUREOHPDV�GH�OD�YLVWD�PHMRUDQ�ODV�FRQGLFLRQHV�GH��HVWXGLR�\�GH�YLGD��\�VH�VLWXDQ�HQ��FRQGLFLRQHV�GH�HTXLGDG�HQ�HO�SURFHVR�HGXFDWLYR�FRQ�ORV�3URJUDPDV�9HU�%LHQ�\�<R�9HR�SRU�-DOLVFR���
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�DOXPQRV�TXH�PHMRUDQ�VXV�FRQGLFLRQHV�GH�HVWXGLR�DO�UHFLELU�XQ�SDU�GH�DQWHRMRV
)RUPXOD1~PHUR�GH�DOXPQRV�TXH�PHMRUDQ�VXV�FRQGLFLRQHV�GH�HVWXGLR�DO�UHFLELU�XQ�SDU�GH�DQWHRMRV
8QLGDG�GH�PHGLGD $OXPQRV
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 7ULPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ %DVHV�GH�'DWRV�GH�ORV�DOXPQRV�EHQHILFLDGRV���/LVWDGR�GH�DQWHRMRV�UHFLELGRV�FRQ�OD�ILUPD�GHO�SDGUH�R�WXWRU�GHO�DOXPQR�EHQHILFLDGR��
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR �������������
6XSXHVWRV 6H�FXHQWD�FRQ�OD�SDUWLFLSDFLyQ�GH�OD�HVWUXFWXUD�HGXFDWLYD�SDUD�OD�GHWHFFLyQ�GH�DOXPQRV�VXVFHSWLEOHV�D�DWHQGHU�SRU�HO�SURJUDPD���
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU$OXPQRV�TXH�PHMRUDQ�VXV�FRQGLFLRQHV�GH�HVWXGLR�DO�UHFLELU�XQ�SDU�GH�DQWHRMRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�(GXFDFLyQ�3HUPDQHQWH
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�SDUD�$GXOWRV
$WHQFLyQ�D�OD�(GXFDFLyQ�GH�-yYHQHV�\�$GXOWRV�HQ�6LWXDFLyQ�GH�5H]DJR�(GXFDWLYR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR&HUWLILFDGRV�GH�HGXFDFLyQ�VHFXQGDULD�D�MyYHQHV�\�DGXOWRV�HQWUHJDGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�MyYHQHV�\�DGXOWRV�FHUWLILFDGRV�HQ�(GXFDFLyQ�6HFXQGDULD
)RUPXOD1~PHUR�GH�MyYHQHV�\�DGXOWRV�FHUWLILFDGRV�HQ�(GXFDFLyQ�6HFXQGDULD
8QLGDG�GH�PHGLGD (VWXGLDQWH
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 6HPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 5HJLVWURV�GH�,QVFULSFLyQ�GH�DOXPQRV�\�FHUWLILFDGRV�HPLWLGRV����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV /RV�-yYHQHV�\�$GXOWRV�FXPSOHQ�FRQ�ORV�OLQHDPLHQWRV�GHO�3URJUDPD���
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU-yYHQHV�\�DGXOWRV�FHUWLILFDGRV�HQ�(GXFDFLyQ�6HFXQGDULD
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�(GXFDFLyQ�3HUPDQHQWH
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�SDUD�$GXOWRV
$WHQFLyQ�D�OD�(GXFDFLyQ�GH�-yYHQHV�\�$GXOWRV�HQ�6LWXDFLyQ�GH�5H]DJR�(GXFDWLYR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR&HUWLILFDGRV�GH�HGXFDFLyQ�SULPDULD�D�MyYHQHV�\�DGXOWRV�HQWUHJDGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�MyYHQHV�\�DGXOWRV�FHUWLILFDGRV�HQ�(GXFDFLyQ�3ULPDULD
)RUPXOD1~PHUR�GH�MyYHQHV�\�DGXOWRV�FHUWLILFDGRV�HQ�(GXFDFLyQ�3ULPDULD
8QLGDG�GH�PHGLGD (VWXGLDQWH
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 6HPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 5HJLVWURV�GH�,QVFULSFLyQ�GH�DOXPQRV�\�FHUWLILFDGRV�HPLWLGRV����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV /RV�-yYHQHV�\�$GXOWRV�FXPSOHQ�FRQ�ORV�OLQHDPLHQWRV�GHO�3URJUDPD���
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU-yYHQHV�\�DGXOWRV�FHUWLILFDGRV�HQ�(GXFDFLyQ�3ULPDULD
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�(GXFDFLyQ�3HUPDQHQWH
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�SDUD�$GXOWRV
$WHQFLyQ�D�OD�(GXFDFLyQ�GH�-yYHQHV�\�$GXOWRV�HQ�6LWXDFLyQ�GH�5H]DJR�(GXFDWLYR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR&DSDFLWDFLyQ�SDUD�HO�HPSOHR�\�DXWRHPSOHR�D�MyYHQHV�\�DGXOWRV�HIHFWXDGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�MyYHQHV�\�DGXOWRV�FDSDFLWDGRV�SDUD�OD�YLGD�\�HO�WUDEDMR
)RUPXOD1~PHUR�GH�MyYHQHV�\�DGXOWRV�FDSDFLWDGRV�SDUD�OD�YLGD�\�HO�WUDEDMR
8QLGDG�GH�PHGLGD (VWXGLDQWH
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 6HPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 5HSRUWH�GH�(VWDGtVWLFD�\�FRQWURO�HVFRODU���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 6H�FXHQWD�FRQ�DVLVWHQFLD�GH�MyYHQHV�\�DGXOWRV�D�ORV�&HQWURV�GH�&DSDFLWDFLyQ����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU-yYHQHV�\�DGXOWRV�FDSDFLWDGRV�SDUD�OD�YLGD�\�HO�WUDEDMR
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�(GXFDFLyQ�3HUPDQHQWH
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�SDUD�$GXOWRV
$WHQFLyQ�D�OD�(GXFDFLyQ�GH�-yYHQHV�\�$GXOWRV�HQ�6LWXDFLyQ�GH�5H]DJR�(GXFDWLYR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR$OIDEHWL]DFLyQ�GH�MyYHQHV�\�DGXOWRV�FRQFOXLGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�MyYHQHV�\�DGXOWRV�DOIDEHWL]DGRV
)RUPXOD1~PHUR�GH�MyYHQHV�\�DGXOWRV�DOIDEHWL]DGRV�
8QLGDG�GH�PHGLGD (VWXGLDQWH
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 6HPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ���
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ (VWDGtVWLFD�������
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 5HJLVWURV�GH�,QVFULSFLyQ�GH�DOXPQRV����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU-yYHQHV�\�DGXOWRV�DOIDEHWL]DGRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�(GXFDFLyQ�3HUPDQHQWH
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�SDUD�$GXOWRV
$WHQFLyQ�D�OD�(GXFDFLyQ�GH�-yYHQHV�\�$GXOWRV�HQ�6LWXDFLyQ�GH�5H]DJR�(GXFDWLYR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR6XSHUYLVLyQ�D�&HQWURV�GH�(GXFDFLyQ�%iVLFD�SDUD�$GXOWRV��0LVLRQHV�&XOWXUDOHV��&HQWURV�GH�(GXFDFLyQ�([WUDHVFRODU�\�&HQWURV�GH�&DSDFLWDFLyQ�SDUD�HO�7UDEDMR�UHDOL]DGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�DFWDV�GH�VXSHUYLVLyQ�HPLWLGDV
)RUPXOD1~PHUR�GH�DFWDV�GH�VXSHUYLVLyQ�HPLWLGDV
8QLGDG�GH�PHGLGD $FWD
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 6HPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ���
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ $FWDV�GH�YLVLWD�GH�VXSHUYLVLyQ���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV /RV��&HQWURV�GH�(GXFDFLyQ�%iVLFD�SDUD�$GXOWRV��0LVLRQHV�&XOWXUDOHV��&HQWURV�GH�(GXFDFLyQ�([WUDHVFRODU�\�&HQWURV�GH�&DSDFLWDFLyQ�SDUD�HO�7UDEDMR�RILFLDOHV��SRU�FRQYHQLR�\�SDUWLFXODUHV�FXPSOHQ�HQ�WLHPSR�\�IRUPD�FRQ�OD�QRUPDWLYLGDG�TXH�OHV�DSOLFD����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU$FWDV�GH�VXSHUYLVLyQ�HPLWLGDV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�(GXFDFLyQ�3HUPDQHQWH
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�SDUD�$GXOWRV
$WHQFLyQ�D�OD�(GXFDFLyQ�GH�-yYHQHV�\�$GXOWRV�HQ�6LWXDFLyQ�GH�5H]DJR�(GXFDWLYR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO)LQ
5HVXPHQ�1DUUDWLYR&RQWULEXLU�HQ�OD�UHGXFFLyQ�GHO�UH]DJR�HGXFDWLYR�\�SURPRYHU�OD�HTXLGDG�GH�RSRUWXQLGDGHV�HGXFDWLYDV�PHGLDQWH�OD�DOIDEHWL]DFLyQ��FHUWLILFDFLyQ��HQ�HGXFDFLyQ�SULPDULD�\�VHFXQGDULD�\�FDSDFLWDFLyQ��SDUD�OD�YLGD�\�HO�WUDEDMR�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�MyYHQHV�\�DGXOWRV�TXH�VH�LQVFULEHQ��HQ��ODV�GLYHUVDV�PRGDOLGDGHV�HGXFDWLYDV
)RUPXOD1~PHUR�GH�MyYHQHV�\�DGXOWRV�TXH�VH�LQVFULEHQ��HQ��ODV�GLYHUVDV�PRGDOLGDGHV�HGXFDWLYDV
8QLGDG�GH�PHGLGD (VWXGLDQWH
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 5HJLVWURV�GH�&RQWURO�(VFRODU�����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV ([LVWH�LQWHUpV�HQ�OD�SREODFLyQ�SDUD�DVLVWLU�D�ORV�FHQWURV�GH�FDSDFLWDFLyQ�\�FHQWURV�GH�HGXFDFLyQ�EiVLFD���
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU-yYHQHV�\�DGXOWRV�TXH�VH�LQVFULEHQ��HQ��ODV�GLYHUVDV�PRGDOLGDGHV�HGXFDWLYDV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�(GXFDFLyQ�3HUPDQHQWH
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�SDUD�$GXOWRV
$WHQFLyQ�D�OD�(GXFDFLyQ�GH�-yYHQHV�\�$GXOWRV�HQ�6LWXDFLyQ�GH�5H]DJR�(GXFDWLYR'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO3URSyVLWR
5HVXPHQ�1DUUDWLYR-yYHQHV�\�DGXOWRV�DOIDEHWL]DGRV��FHUWLILFDGRV�\�FDSDFLWDGRV�SDUD�PD\RU�DFFHVR�DO�FDPSR�ODERUDO�PHMRUDQGR�VX�QLYHO�GH�YLGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH��MyYHQHV�\�DGXOWRV�FHUWLILFDGRV�HQ�XQ�QLYHO�HGXFDWLYR�R�SDUD�HO�WUDEDMR�GH�EDMD�HVSHFLDOL]DFLyQ
)RUPXOD1~PHUR�GH��MyYHQHV�\�DGXOWRV�FHUWLILFDGRV�HQ�XQ�QLYHO�HGXFDWLYR�R�SDUD�HO�WUDEDMR�GH�EDMD�HVSHFLDOL]DFLyQ
8QLGDG�GH�PHGLGD (VWXGLDQWH
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 6HPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ %DVH�GH�GDWRV�GH�FHUWLILFDGRV�HPLWLGRV��5(/���EDVH�GH�GDWRV�GH�ORV�DOXPQRV��UHSRUWH�GH�HVWDGtVWLFDV��
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV /RV�DOXPQRV�FXPSOHQ�FRQ��ORV�UHTXHULPLHQWRV�GH�ODV�PRGDOLGDGHV�GH�FHUWLILFDFLyQ��
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU-yYHQHV�\�DGXOWRV�FHUWLILFDGRV�HQ�XQ�QLYHO�HGXFDWLYR�R�SDUD�HO�WUDEDMR�GH�EDMD�HVSHFLDOL]DFLyQ
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�GH�(GXFDFLyQ�(VSHFLDO
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�%iVLFD
$WHQFLyQ�D�OD�(GXFDFLyQ�GH�1LxRV�\�-yYHQHV�FRQ�1HFHVLGDGHV�(GXFDWLYDV�(VSHFLDOHV'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR0DWHULDO�GLGiFWLFR�HVSHFtILFR�SDUD�DWHQGHU�D�ORV�DOXPQRV�FRQ�QHFHVLGDGHV�HGXFDWLYDV�HVSHFLDOHV�FRQ�R�VLQ�GLVFDSDFLGDG�D�ODV�HVFXHODV�GH�HGXFDFLyQ�EiVLFD�RWRUJDGR�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�HVFXHODV�TXH�UHFLEHQ�PDWHULDO�GLGiFWLFR�HVSHFLDOL]DGR
)RUPXOD1~PHUR�GH�HVFXHODV�TXH�UHFLEHQ�PDWHULDO�GLGiFWLFR�HVSHFLDOL]DGR
8QLGDG�GH�PHGLGD (VFXHOD
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ���
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 5HSRUWH�HVWDGtVWLFRV�GH�FHQWURV�\�]RQDV��UHJLVWUR�LQLFLDO�\�ILQDO�5$�GH�ORV�FHQWURV��SDGURQHV�GH�HVFXHODV�DSR\DGDV��3RUWDO�GH�OD�'LUHFFLyQ�GH�(GXFDFLyQ�(VSHFLDO�����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV /DV�HVFXHODV�HODERUDQ�RSRUWXQDPHQWH�ORV�SDGURQHV����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU(VFXHODV�TXH�UHFLEHQ�PDWHULDO�GLGiFWLFR�HVSHFLDOL]DGR
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�GH�(GXFDFLyQ�(VSHFLDO
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�%iVLFD
$WHQFLyQ�D�OD�(GXFDFLyQ�GH�1LxRV�\�-yYHQHV�FRQ�1HFHVLGDGHV�(GXFDWLYDV�(VSHFLDOHV'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR$WHQFLyQ�HGXFDWLYD�FRQ�HTXLGDG�\�FDOLGDG�D�ORV���DOXPQRV�FRQ�GLVFDSDFLGDG�HQ�ORV�&$0�\�ODV�86$(5�RIUHFLGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�DOXPQRV�FRQ�GLVFDSDFLGDG�LQWHJUDGRV�D�OD�HVFXHOD�UHJXODU�\�R�DO�PHGLR�ODERUDO
)RUPXOD1~PHUR�GH�DOXPQRV�FRQ�GLVFDSDFLGDG�LQWHJUDGRV�D�OD�HVFXHOD�UHJXODU�\�R�DO�PHGLR�ODERUDO
8QLGDG�GH�PHGLGD $OXPQR
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ���
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 5HSRUWH�HVWDGtVWLFRV�GH�ORV�FHQWURV�\�GH�ODV�]RQDV��5HSRUWH�5$�GH�ORV�FHQWURV��SRUWDO�ZHE�GH�IRUPDFLyQ�SDUD�HO�WUDEDMR����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV /DV�HVFXHODV�LQFOX\HQWHV�SDUWLFLSDQ�DFWLYDPHQWH�HQ�HO�SURFHVR�GH�OD�PHMRUD�GH�ORV�DSUHQGL]DMHV��'H�ORV�DOXPQRV�FRQ�GLVFDSDFLGDG����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU$OXPQRV�FRQ�GLVFDSDFLGDG�LQWHJUDGRV�D�OD�HVFXHOD�UHJXODU�\�R�DO�PHGLR�ODERUDO
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�GH�(GXFDFLyQ�(VSHFLDO
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�%iVLFD
$WHQFLyQ�D�OD�(GXFDFLyQ�GH�1LxRV�\�-yYHQHV�FRQ�1HFHVLGDGHV�(GXFDWLYDV�(VSHFLDOHV'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR2ULHQWDFLyQ��D�3DGUHV�GH�IDPLOLD�FRQ�KLMRV�FRQ�GLVFDSDFLGDG�HQ�VLWXDFLyQ�GH�QXHYR�LQJUHVR�PHGLDQWH�UHXQLRQHV�HVSHFtILFDV�RIUHFLGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�SDGUHV�GH�IDPLOLD�RULHQWDGRV�VREUH�ODV�QHFHVLGDGHV�HGXFDWLYDV�GH�ORV�DOXPQRV�FRQ�GLVFDSDFLGDG
)RUPXOD1~PHUR�GH�SDGUHV�GH�IDPLOLD�RULHQWDGRV�VREUH�ODV�QHFHVLGDGHV�HGXFDWLYDV�GH�ORV�DOXPQRV�FRQ�GLVFDSDFLGDG
8QLGDG�GH�PHGLGD 3DGUH�GH�IDPLOLD
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 7ULPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 3DGUyQ�GH�DOXPQRV��LQIRUPHV�GH�ODV�]RQDV�HVFRODUHV�GH�HGXFDFLyQ�HVSHFLDO��LQIRUPH�GH�UHXQLRQHV�GH�SDGUHV�GH�IDPLOLD��
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV /RV�SDGUHV�GH�IDPLOLD�VROLFLWDQ�RULHQWDFLyQ�R�ELHQ�UHVSRQGHQ�D�FRQYRFDWRULDV�SDUD�RULHQWDFLyQ�\�VHQVLELOL]DFLyQ�
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU3DGUHV�GH�IDPLOLD�RULHQWDGRV�VREUH�ODV�QHFHVLGDGHV�HGXFDWLYDV�GH�ORV�DOXPQRV�FRQ�GLVFDSDFLGDG
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�GH�(GXFDFLyQ�(VSHFLDO
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�%iVLFD
$WHQFLyQ�D�OD�(GXFDFLyQ�GH�1LxRV�\�-yYHQHV�FRQ�1HFHVLGDGHV�(GXFDWLYDV�(VSHFLDOHV'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR&DSDFLWDFLyQ�D�GRFHQWHV�HQ�OD�PHWRGRORJtD�GH�ORV�VLVWHPDV�DOWHUQDWLYRV�GH�FRPXQLFDFLyQ��DGTXLVLFLyQ�\�FRQVROLGDFLyQ�GH�OD�OHFWXUD��HVFULWXUD�\�ODV�PDWHPiWLFDV�HIHFWXDGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�GRFHQWHV�FDSDFLWDGRV�HQ�HO�PDQHMR�GH�VLVWHPDV�DOWHUQDWLYRV�GH�FRPXQLFDFLyQ��SURFHVRV�GH�DGTXLVLFLyQ�\�FRQVROLGDFLyQ�GH�OHFWXUD��HVFULWXUD�\�PDWHPiWLFDV
)RUPXOD1~PHUR�GH�GRFHQWHV�FDSDFLWDGRV�HQ�HO�PDQHMR�GH�VLVWHPDV�DOWHUQDWLYRV�GH�FRPXQLFDFLyQ��SURFHVRV�GH�DGTXLVLFLyQ�\�FRQVROLGDFLyQ�GH�OHFWXUD��HVFULWXUD�\�PDWHPiWLFDV
8QLGDG�GH�PHGLGD 'RFHQWHV
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 3DGUyQ�GH�SURIHVRUHV�FDSDFLWDGRV��UHSRUWHV�GH�FDSDFLWDFLRQHV��OLVWD�GH�DVLVWHQFLD��LQIRUPHV����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV /RV�GRFHQWHV�SDUWLFLSDQ�DFWLYDPHQWH�HQ�OD�FDSDFLWDFLyQ����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU'RFHQWHV�FDSDFLWDGRV�HQ�HO�PDQHMR�GH�VLVWHPDV�DOWHUQDWLYRV�GH�FRPXQLFDFLyQ��SURFHVRV�GH�DGTXLVLFLyQ�\�FRQVROLGDFLyQ�GH�OHFWXUD��HVFULWXUD�\�PDWHPiWLFDV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�GH�(GXFDFLyQ�(VSHFLDO
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�%iVLFD
$WHQFLyQ�D�OD�(GXFDFLyQ�GH�1LxRV�\�-yYHQHV�FRQ�1HFHVLGDGHV�(GXFDWLYDV�(VSHFLDOHV'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO)LQ
5HVXPHQ�1DUUDWLYR&RQWULEXLU�D�OD�HTXLGDG�HQ�FXDQWR�RSRUWXQLGDGHV�HGXFDWLYDV�SDUD�ORV�QLxRV�\�MyYHQHV�FRQ�GLVFDSDFLGDG�PHGLDQWH�HO�IRUWDOHFLPLHQWR�GHO�VHUYLFLR�HVFRODUL]DGR�GH�HGXFDFLyQ�HVSHFLDO�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�VHUYLFLRV�GH�HGXFDFLyQ�HVSHFLDO�HQ�RSHUDFLyQ
)RUPXOD1~PHUR�GH�VHUYLFLRV�GH�HGXFDFLyQ�HVSHFLDO�HQ�RSHUDFLyQ
8QLGDG�GH�PHGLGD (VFXHOD
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ���
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ (VWDGtVWLFD�%iVLFD���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV 6H�GLVSRQH�GH�OD�LQIUDHVWUXFWXUD�HVSHFLDOL]DGD�SDUD�OD�SUHVWDFLyQ�GHO�VHUYLFLR���
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6HUYLFLRV�GH�HGXFDFLyQ�HVSHFLDO�HQ�RSHUDFLyQ
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�GH�(GXFDFLyQ�(VSHFLDO
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
(GXFDFLyQ�%iVLFD
$WHQFLyQ�D�OD�(GXFDFLyQ�GH�1LxRV�\�-yYHQHV�FRQ�1HFHVLGDGHV�(GXFDWLYDV�(VSHFLDOHV'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO3URSyVLWR
5HVXPHQ�1DUUDWLYR/RV�QLxRV�\�MyYHQHV�FRQ�QHFHVLGDGHV�HGXFDWLYDV�HVSHFLDOHV�DVHJXUDQ�VX�WUD\HFWR�HGXFDWLYR�HQ�HO�QLYHO�EiVLFR�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�DOXPQRV�FRQ�QHFHVLGDGHV�HGXFDWLYDV�HVSHFLDOHV�FRQ�DWHQFLyQ�HGXFDWLYD
)RUPXOD1~PHUR�GH�DOXPQRV�FRQ�QHFHVLGDGHV�HGXFDWLYDV�HVSHFLDOHV�FRQ�DWHQFLyQ�HGXFDWLYD
8QLGDG�GH�PHGLGD $OXPQRV
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ (VWDGtVWLFD�%iVLFD���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ���������������
6XSXHVWRV 6H�FXHQWD�FRQ�HO�DSR\R�GH�ORV�SDGUHV�GH�IDPLOLD�TXH�WLHQHQ�KLMRV�FRQ�QHFHVLGDGHV�HGXFDWLYDV�HVSHFLDOHV�FRQ�R�VLQ�GLVFDSDFLGDG�SDUD�TXH�ORV�LQVFULEDQ�HQ�OD�HVFXHOD�LQFOX\HQWH���
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU$OXPQRV�FRQ�QHFHVLGDGHV�HGXFDWLYDV�HVSHFLDOHV�FRQ�DWHQFLyQ�HGXFDWLYD
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�$FUHGLWDFLyQ��,QFRUSRUDFLyQ�\�5HYDOLGDFLyQ�(GXFDWLYD
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
&HUWLILFDFLyQ�GH�(VWXGLRV�\�6HUYLFLRV�(GXFDWLYRV�HQ�%iVLFD�\�0HGLD�6XSHULRU'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR3UHLQVFULSFLyQ�D�(GXFDFLyQ�%iVLFD�DWHQGLGD�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�VROLFLWXGHV�GH�SUHLQVFULSFLyQ�DWHQGLGDV
)RUPXOD1~PHUR�GH�VROLFLWXGHV�GH�SUHLQVFULSFLyQ�DWHQGLGDV
8QLGDG�GH�PHGLGD VROLFLWXG
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 6HPHVWUDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ������
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 3iJLQD�6&(-$/�HQ��GJDLUH�-DOLVFR�JRE�P[���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 3DGUHV�GH�IDPLOLD�\�WXWRUHV�UHVSRQGHQ�D�OD�FRQYRFDWRULD�GH�SUHLQVFULSFLyQ�����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6ROLFLWXGHV�GH�SUHLQVFULSFLyQ�DWHQGLGDV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�$FUHGLWDFLyQ��,QFRUSRUDFLyQ�\�5HYDOLGDFLyQ�(GXFDWLYD
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
&HUWLILFDFLyQ�GH�(VWXGLRV�\�6HUYLFLRV�(GXFDWLYRV�HQ�%iVLFD�\�0HGLD�6XSHULRU'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR,QFRUSRUDFLyQ��UHYDOLGDFLyQ�\�HTXLYDOHQFLDV�GH�HVWXGLRV�RWRUJDGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�GRFXPHQWRV�RILFLDOHV�GH�LQFRUSRUDFLyQ��UHYDOLGDFLyQ�\�HTXLYDOHQFLDV�H[SHGLGR
)RUPXOD1~PHUR�GH�GRFXPHQWRV�RILFLDOHV�H[SHGLGRV
8QLGDG�GH�PHGLGD 'RFXPHQWR
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 'RFXPHQWRV�GH�DFXHUGRV�GH�LQFRUSRUDFLyQ�\�UHVROXFLRQHV�GH�UHYDOLGDFLyQ�\�HTXLYDOHQFLDV�EDMR�UHVJXDUGR�GH�OD�'LUHFFLyQ�GH�,QFRUSRUDFLyQ��5HYDOLGDFLyQ�\�(TXLYDOHQFLD���
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV /RV�SDUWLFXODUHV�GRFXPHQWDQ�VDWLVIDFWRULDPHQWH�VXV�VROLFLWXGHV��6H�GHILQHQ�QRUPDV�GH�DOFDQFH�HVWDWDO�SDUD�FXEULU�YDFtRV�TXH�SUHVHQWDQ�ORV�$FXHUGR�6HFUHWDULDOHV�GH�6HFUHWDUtD�GH�(GXFDFLyQ�3~EOLFD����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU'RFXPHQWRV�RILFLDOHV�GH�LQFRUSRUDFLyQ��UHYDOLGDFLyQ�\�HTXLYDOHQFLDV�H[SHGLGR
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�$FUHGLWDFLyQ��,QFRUSRUDFLyQ�\�5HYDOLGDFLyQ�(GXFDWLYD
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
&HUWLILFDFLyQ�GH�(VWXGLRV�\�6HUYLFLRV�(GXFDWLYRV�HQ�%iVLFD�\�0HGLD�6XSHULRU'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR$FUHGLWDFLyQ�\�FHUWLILFDFLyQ�GH�HVWXGLRV�GH�(GXFDFLyQ�0HGLD�6XSHULRU��1RUPDO�\�&DSDFLWDFLyQ�SDUD�HO�WUDEDMR�HQWUHJDGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�GRFXPHQWRV�GH�DFUHGLWDFLyQ�\�FHUWLILFDFLyQ�GH�HVWXGLRV�GH�HGXFDFLyQ�PHGLD�VXSHULRU��QRUPDO��\�FDSDFLWDFLyQ�SDUD�HO�WUDEDMR�H[SHGLGRV
)RUPXOD1~PHUR�GH�GRFXPHQWRV�GH�DFUHGLWDFLyQ�GH�HVWXGLRV�H[SHGLGRV
8QLGDG�GH�PHGLGD 'RFXPHQWR
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ����
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 3iJLQD�KWWS���SRUWDOVHM�-DOLVFR�JRE�P[�HVWDGLVWLFD�HGXFDWLYD����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV /DV�LQVWLWXFLRQHV�HGXFDWLYDV�FRODERUDQ�FRQ�OD�'LUHFFLyQ�*HQHUDO�GH�$FUHGLWDFLyQ��,QFRUSRUDFLyQ�\�5HYDOLGDFLyQ�GH�(VWXGLRV�HQ�OD�VLVWHPDWL]DFLyQ�GH�SURFHVRV�\�HQ�OD�HPLVLyQ�GH�LQIRUPDFLyQ�GH�FRQWURO�HVFRODU����
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU'RFXPHQWRV�GH�DFUHGLWDFLyQ�\�FHUWLILFDFLyQ�GH�HVWXGLRV�GH�HGXFDFLyQ�PHGLD�VXSHULRU��QRUPDO��\�FDSDFLWDFLyQ�SDUD�HO�WUDEDMR�H[SHGLGRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�$FUHGLWDFLyQ��,QFRUSRUDFLyQ�\�5HYDOLGDFLyQ�(GXFDWLYD
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
&HUWLILFDFLyQ�GH�(VWXGLRV�\�6HUYLFLRV�(GXFDWLYRV�HQ�%iVLFD�\�0HGLD�6XSHULRU'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR$FUHGLWDFLyQ�\�FHUWLILFDFLyQ�GH�HVWXGLRV�GH�HGXFDFLyQ�EiVLFD�HQWUHJDGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�GRFXPHQWRV�GH�DFUHGLWDFLyQ�\�FHUWLILFDFLyQ�H[SHGLGRV
)RUPXOD1~PHUR�GH�GRFXPHQWRV�GH�DFUHGLWDFLyQ�\�FHUWLILFDFLyQ�GH�HVWXGLRV�GH�HGXFDFLyQ�EiVLFD�H[SHGLGRV
8QLGDG�GH�PHGLGD 'RFXPHQWR
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �������
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 3iJLQD�KWWS���SRUWDOVHM�-DOLVFR�JRE�P[�HVWDGLVWLFD�HGXFDWLYD��KWWS��GJDLUH�-DOLVFR�JRE�P[�
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 6H�IRUWDOHFH�OD�FXOWXUD�GH�XVR�GH�OD�WHFQRORJtD�HQ�ODV�HVFXHODV��ODV�TXH��FDSWXUDQ�RSRUWXQDPHQWH��
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU'RFXPHQWRV�GH�DFUHGLWDFLyQ�\�FHUWLILFDFLyQ�H[SHGLGRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�$FUHGLWDFLyQ��,QFRUSRUDFLyQ�\�5HYDOLGDFLyQ�(GXFDWLYD
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
&HUWLILFDFLyQ�GH�(VWXGLRV�\�6HUYLFLRV�(GXFDWLYRV�HQ�%iVLFD�\�0HGLD�6XSHULRU'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO)LQ
5HVXPHQ�1DUUDWLYR&RQWULEXLU�D�OD�FRQVROLGDFLyQ�GHO�SURFHVR�HGXFDWLYR�HQ�OD�(GXFDFLyQ�%iVLFD��0HGLD�6XSHULRU�\�1RUPDO�GH�ORV�QLxRV��MyYHQHV�\�DGXOWRV�UHVLGHQWHV�HQ�HO�HVWDGR�GH�-DOLVFR��PHGLDQWH�OD�RSHUDFLyQ�GH�ORV�VHUYLFLRV�GH�DFUHGLWDFLyQ��LQFRUSRUDFLyQ��UHYDOLGDFLyQ�\�H
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�VHUYLFLRV�GH�$FUHGLWDFLyQ��,QFRUSRUDFLyQ��5HYDOLGDFLyQ�\�(TXLYDOHQFLDV�RSHUDQGR
)RUPXOD1~PHUR�GH�VHUYLFLRV�D�OD�FLXGDGDQtD�HQ�RSHUDFLyQ
8QLGDG�GH�PHGLGD VHUYLFLR
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 3iJLQD�6&(-$/�HQ��GJDLUH�-DOLVFR�JRE�P[�
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 6H�HVWDEOHFHQ�SURFHGLPLHQWRV�\�VH�DVHJXUD�OD�LQIUDHVWUXFWXUD�QHFHVDULD�SDUD�OD�SUHVWDFLyQ�GH�VHUYLFLRV�D�OD�FLXGDGDQtD��ORV�TXH�VH�GLIXQGHQ�DPSOLDPHQWH��
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU6HUYLFLRV�GH�$FUHGLWDFLyQ��,QFRUSRUDFLyQ��5HYDOLGDFLyQ�\�(TXLYDOHQFLDV�RSHUDQGR
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'LUHFFLyQ�*HQHUDO�GH�$FUHGLWDFLyQ��,QFRUSRUDFLyQ�\�5HYDOLGDFLyQ�(GXFDWLYD
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
&HUWLILFDFLyQ�GH�(VWXGLRV�\�6HUYLFLRV�(GXFDWLYRV�HQ�%iVLFD�\�0HGLD�6XSHULRU'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO3URSyVLWR
5HVXPHQ�1DUUDWLYR/RV�HVWXGLRV�UHDOL]DGRV�HQ�OD�(GXFDFLyQ�%iVLFD��0HGLD�6XSHULRU�\�1RUPDO�SRU�ORV�HGXFDQGRV�FXHQWDQ�FRQ�FHUWH]D�OHJDO�SDUD�IDFLOLWDU�VX�WUiQVLWR�HQWUH�ORV�GLVWLQWRV�QLYHOHV�HGXFDWLYRV��DVt�FRPR�HO�WUiQVLWR�QDFLRQDO�H�LQWHUQDFLRQDO�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�GRFXPHQWRV�GH�DFUHGLWDFLyQ��LQFRUSRUDFLyQ��UHYDOLGDFLyQ�\�HTXLYDOHQFLDV�HQWUHJDGRV
)RUPXOD1~PHUR�GH�GRFXPHQWRV�GH��HPLWLGRV�
8QLGDG�GH�PHGLGD 'RFXPHQWR
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �������
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 3iJLQD�6&(-$/�HQ��GJDLUH�-DOLVFR�JRE�P[�
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV ([LVWH�FDSDFLGDG�GHO�6LVWHPD�(GXFDWLYR�(VWDWDO�SDUD�DWHQGHU�OD�GHPDQGD�GH�DFUHGLWDFLyQ�GH�HVWXGLRV��
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRU'RFXPHQWRV�GH�DFUHGLWDFLyQ��LQFRUSRUDFLyQ��UHYDOLGDFLyQ�\�HTXLYDOHQFLDV�HQWUHJDGRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'HVSDFKR�GHO�6HFUHWDULR�GH�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
&RQGXFFLyQ�GH�OD�3ROtWLFD�(GXFDWLYD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR3UR\HFWRV�GH�LQQRYDFLyQ�LPSXOVDGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�SUR\HFWRV�GH�LQQRYDFLyQ�LPSXOVDGRV
)RUPXOD1~PHUR�GH�SUR\HFWRV�GH�LQQRYDFLyQ�LPSXOVDGRV
8QLGDG�GH�PHGLGD 3UR\HFWR
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ ,QIRUPHV�GH�HYDOXDFLyQ�GH�OD�&RRUGLQDFLyQ�GH�$VHVRUHV�����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 6H�LPSXOVDQ�ORV�3UR\HFWRV�GH�LQQRYDFLyQ���
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRUSUR\HFWRV�GH�LQQRYDFLyQ�LPSXOVDGRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'HVSDFKR�GHO�6HFUHWDULR�GH�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
&RQGXFFLyQ�GH�OD�3ROtWLFD�(GXFDWLYD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR3UR\HFWRV�HGXFDWLYRV�DVHVRUDGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�LQIRUPHV�UHDOL]DGRV
)RUPXOD1~PHUR�GH�LQIRUPHV�UHDOL]DGRV�
8QLGDG�GH�PHGLGD ,QIRUPH
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ $UFKLYR�GH�OD�&RRUGLQDFLyQ�GH�$VHVRUHV�����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 6H�UHDOL]DQ�ORV�LQIRUPHV�GH�SUR\HFWRV�GH�LQQRYDFLyQ���
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRULQIRUPHV�UHDOL]DGRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'HVSDFKR�GHO�6HFUHWDULR�GH�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
&RQGXFFLyQ�GH�OD�3ROtWLFD�(GXFDWLYD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR'HQXQFLDV�GH�FDVRV�GH�YLROHQFLD�HQ�ODV�HVFXHODV�GH�HGXFDFLyQ�EiVLFD�DWHQGLGDV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�GHQXQFLDV�DWHQGLGDV
)RUPXOD1~PHUR�GH�GHQXQFLDV�DWHQGLGDV�
8QLGDG�GH�PHGLGD 'HQXQFLD
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ���
/tQHD�EDVH ������
0HGLRV�GH�YHULILFDFLyQ $UFKLYR�GH�OD�8QLGDG�GH�0HGLDFLyQ�����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV /D�FXOWXUD�GH�OD�GHQXQFLD�IDYRUHFH�OD�DWHQFLyQ�RSRUWXQD������
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRUGHQXQFLDV�DWHQGLGDV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'HVSDFKR�GHO�6HFUHWDULR�GH�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
&RQGXFFLyQ�GH�OD�3ROtWLFD�(GXFDWLYD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR$FXHUGRV�SDUD�OD�PHMRUD�GHO�VHUYLFLR�HGXFDWLYR�HVWDEOHFLGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�DFXHUGRV�HVWDEOHFLGRV
)RUPXOD1~PHUR�GH�DFXHUGRV�HVWDEOHFLGRV�
8QLGDG�GH�PHGLGD $FXHUGR
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� ��
/tQHD�EDVH �����
0HGLRV�GH�YHULILFDFLyQ $UFKLYRV�GH�OD�&RRUGLQDFLyQ�*HQHUDO�����
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV /D�SDUWLFLSDFLyQ�GH�ODV�LQVWDQFLDV�JXEHUQDPHQWDOHV�\�QR�JXEHUQDPHQWDOHV�YLQFXODGDV�FRQ�HO�VHUYLFLR�HGXFDWLYR��FRDG\XYD�DO�HVWDEOHFLPLHQWR�GH�DFXHUGRV������
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRUDFXHUGRV�HVWDEOHFLGRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'HVSDFKR�GHO�6HFUHWDULR�GH�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
&RQGXFFLyQ�GH�OD�3ROtWLFD�(GXFDWLYD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO&RPSRQHQWH
5HVXPHQ�1DUUDWLYR(YHQWRV�GH�EHQHILFLR�HGXFDWLYR�\�VRFLDO�UHDOL]DGRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�HYHQWRV�UHDOL]DGRV
)RUPXOD1~PHUR�GH�HYHQWRV�UHDOL]DGRV
8QLGDG�GH�PHGLGD (YHQWRV
7LSR�GH�,QGLFDGRU *HVWLyQ
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ )RUPDWRV�GH�5HJLVWUR�GHO�HYHQWR���0HPRULDV�GH�HYHQWRV�GH�OD�'LUHFFLyQ��GH�&RPXQLFDFLyQ�6RFLDO��(GLFLRQHV�\�3XEOLFDFLRQHV���$UFKLYRV�GLJLWDOL]DGRV�GHO�PDWHULDO�TXH�VH�PDQGD�D�UHSURGXFLU�SDUD�HO�HYHQWR�,QYLWDFLRQHV�\�'LSORPDV������
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 6H�FXHQWD�FRQ�ORV��5HFXUVRV�)LQDQFLHURV�SDUD�OOHYDU�D�FDER�HO�SUR\HFWR���([LVWH�XQD�HVWUHFKD�YLQFXODFLyQ�\�FRPXQLFDFLyQ�FRQ�OD�iUHDV�LQYROXFUDGDV�HQ�ORV�(YHQWRV��6H�WLHQHQ�FRQGLFLRQHV�VDQLWDULDV�DGHFXDGDV�TXH�QRV�SHUPLWHQ�OD�UHDOL]DFLyQ�GH�HYHQWRV�PXOWLWX
&ODYHB&RP �� �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRUHYHQWRV�UHDOL]DGRV
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'HVSDFKR�GHO�6HFUHWDULR�GH�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
&RQGXFFLyQ�GH�OD�3ROtWLFD�(GXFDWLYD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO)LQ
5HVXPHQ�1DUUDWLYR&RQWULEXLU�D�OD�PHMRUD�GH�OD�FDOLGDG�HGXFDWLYD�HQ�ODV�HVFXHODV�GHO�HVWDGR�GH�-DOLVFR��PHGLDQWH�HO�GHVDUUROOR�GHO�SRWHQFLDO�KXPDQR�GH�ORV�PH[LFDQRV�FRQ�HGXFDFLyQ�GH�FDOLGDG�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�SURFHVRV�GH�PHMRUD�GH�OD�FDOLGDG�GH�OD�HGXFDFLyQ�DOFDQ]DGR
)RUPXOD1~PHUR�GH�SURFHVRV�GH�PHMRUD�GH�OD�FDOLGDG�GH�OD�HGXFDFLyQ�DOFDQ]DGR
8QLGDG�GH�PHGLGD 3URFHVRV
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ $QXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ 6LVWHPD�1DFLRQDO�GH�,QIRUPDFLyQ�(VWDGtVWLFD�(GXFDWLYD�������
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 6H�FXHQWD�FRQ�XQ�VHUYLFLR�HGXFDWLYR�GH�FDOLGDG�TXH�DERQD�D�OD�PHMRUD�GHO�DSURYHFKDPLHQWR�HVFRODU��
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRUSURFHVRV�GH�PHMRUD�GH�OD�FDOLGDG�GH�OD�HGXFDFLyQ�DOFDQ]DGR
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����
���
6 i E D G R � � � � G H � G L F L H P E U H � G H � � � � � � � 1 ~ P H U R � � � � � 6 H F F L y Q � / ; � � 9 R O X P H Q � , 9
)LFKD�WpFQLFD�GH�,QGLFDGRUHV����*RELHUQR�GHO�
(VWDGR�GH�-DOLVFR6HFUHWDUtD�GH�3ODQHDFLyQ��
$GPLQLVWUDFLyQ�\�)LQDQ]DV
6LVWHPD�GH�(YDOXDFLyQ�GHO�'HVHPSHxR��6('�
¢4XLpQ�JDVWD"�8QLGDG�3UHVXSXHVWDO
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�5HVSRQVDEOH
6HFUHWDUtD�GH�(GXFDFLyQ8QLGDG�(MHFXWRUD�GHO�*DVWR
'HVSDFKR�GHO�6HFUHWDULR�GH�(GXFDFLyQ
¢3DUD�TXp�VH�JDVWD"�)LQDOLGDG
'HVDUUROOR�6RFLDO)XQFLyQ
(GXFDFLyQ6XEIXQFLyQ
2WURV�6HUYLFLRV�(GXFDWLYRV�\�$FWLYLGDGHV�,QKHUHQWHV
&RQGXFFLyQ�GH�OD�3ROtWLFD�(GXFDWLYD'DWRV�GHO�3URJUDPD
'LPHQVLyQ (TXLGDG�GH�RSRUWXQLGDGHV 7HPiWLFD�6HFWRULDO (GXFDFLyQ
2EMHWLYRV1LYHO3URSyVLWR
5HVXPHQ�1DUUDWLYR(O�VLVWHPD�HGXFDWLYR�GHO�(VWDGR�GH�-DOLVFR�FXHQWD�FRQ�XQ�SURFHVR�GH�HVWUDWHJLDV�GH�DSR\R�SDUD�ORJUDU�HO�PHMRU�DSURYHFKDPLHQWR�GH�ORV�DOXPQRV�
&REHUWXUD (VWDWDO
'DWRV�GH�,GHQWLILFDFLyQ�GHO�,QGLFDGRU'HQRPLQDFLyQ�GHO�,QGLFDGRU1~PHUR�GH�SURFHVRV�GH�HVWUDWHJLDV�GH�DSR\R�DOFDQ]DGR
)RUPXOD1~PHUR�GH�SURFHVRV�GH�HVWUDWHJLDV�GH�DSR\R�DOFDQ]DGR
8QLGDG�GH�PHGLGD 3URFHVRV
7LSR�GH�,QGLFDGRU (VWUDWpJLFR
'LPHQVLyQ�GHO�,QGLFDGRU (ILFDFLD
)UHFXHQFLD�GH�PHGLFLyQ 0HQVXDO6HQWLGR�GHO�,QGLFDGRU $VFHQGHQWH
����� ����� ���3DUiPHWURV�GH�VHPDIRUL]DFLyQ
0HWD�������$QXDO� �
/tQHD�EDVH ����
0HGLRV�GH�YHULILFDFLyQ ,QIRUPHV�HVWDGtVWLFRV�GH�ODV�iUHDV�GH�OD�6(-��
�� ��� �����
�
�6H�PXHVWUD�HO�Q~PHUR�GHO�&RPSRQHQWH�UHODFLRQDGR�FRQ�HO�LQGLFDGRU�
3UHVXSXHVWR�DVLJQDGR�GHO�3URJUDPD�3UHVXSXHVWDULR0RQWR ��������������
6XSXHVWRV 6H�WLHQHQ�ORV�SURFHVRV�SDUD�OD�PHMRUD�GH�OD�FDOLGDG�HGXFDWLYD�
&ODYHB&RP �
�
(O�SUHVHQWH�GRFXPHQWR�GHVSOLHJD�OD�LQIRUPDFLyQ�SHUWHQHFLHQWH�D�ORV�LQGLFDGRUHV�HVWUDWpJLFRV�\�JHVWLyQ�GH�DTXHOORV�3URJUDPDV�SUHVXSXHVWDULRV�TXH�SURYHHQ�GH�ELHQHV�\�VHUYLFLRV�TXH�JHQHUDQ�YDORU�S~EOLFR�D�OD�FLXGDGDQLD�MDOLVFLHQVH�
�
� 6H�PXHVWUDQ�ORV�OtPLWHV�VXSHULRUHV�GH�FDGD�XQR�GH�ORV�UDQJRV�GH�VHPDIRUL]DFLyQ�
'HVFULSFLRQ�GHO�,QGLFDGRUSURFHVRV�GH�HVWUDWHJLDV�GH�DSR\R�DOFDQ]DGR
2EVHUYDFLRQHV�
3iJLQD�����GH�����'LUHFFLyQ�*HQHUDO�GH�3URJUDPDFLyQ�\�3UHVXSXHVWRLGBPLU ����