&DQGRFKHFN 0DUXJRWR/HQJXD\FXOWXUDMDSRQHVD3UHLQWHUPHGLR$%

&RPSUREDFLyQGHODVKDELOLGDGHVDGTXLULGDV

3RGUtDKDFHUORPHMRU
3RGUtDKDFHUORP %LHQ0X\ELHQ %LHQ 0X\ELHQ

,QYLWDDXQDPLJRDTXHGDU$FHSWDXQDLQYLWDFLyQ

([SUHVDODUD]yQSDUDUHFKD]DUXQDLQYLWDFLyQ

(1&8(17526 ([SUHVDODUD]yQSDUDFDQFHODUXQDFLWD
'(3257,926
$QLPDDOHTXLSRTXHWHJXVWDHQXQHQFXHQWUR
GHSRUWLYR

+DEODVREUHXQSDUWLGRGHSRUWLYRTXHKD\DVYLVWR

&RPSUHQGH OD UHDOLGDG \ ORV VHQWLPLHQWRV GH

ORV DXWRUHV OH\HQGR HPDLOV GH GLVFXOSD \ ODV
UHVSXHVWDV

/HHXQLQIRUPHVREUHXQDH[FXUVLyQ\
FRPSUHQGHODVLWXDFLyQ\ORVVHQWLPLHQWRVGH
ORVDXWRUHV

&RPHQWDTXpHVORLPSRUWDQWHDODKRUDGH
EXVFDUXQDYLYLHQGD

+DEODVREUHHOOXJDUGyQGHYLYHV
%86&$1'2
81$9,9,(1'$
&RPSUHQGHFyPRHVHOOXJDUGRQGHYLYHXQD
SHUVRQD\SRUTXpYLYHDKtWUDVOHHUXQDUWtFXORHQ
,QWHUQHW

&RPSUHQGHTXpSLHQVDXQDSHUVRQDVREUHHO
OXJDUGRQGHYLYH\VREUHVXWUDEDMRWUDVOHHUXQ
DUWtFXORHQ,QWHUQHW

([SUHVDWXRSLQLyQVREUHODFRPLGDGHRWURVSDtVHV

+DEODVREUHWXVKiELWRVDOLPHQWLFLRV 
 

81$&20,'$ &RPSUHQGHORTXHGLFHHODXWRUGHXQDUWtFXORHQ
5(&21)257$17( ,QWHUQHWVREUHXQDOLPHQWRVLQHOFXDOQRSRGUtD
YLYLU
&RPSUHQGHORTXHSLHQVDHODXWRUGHXQ
DUWtFXORHQ,QWHUQHWVREUHORVKiELWRV
DOLPHQWLFLRV

0XHVWUDWXFDVDDXQLQYLWDGR

3UHVHQWDWXIDPLOLDDXQLQYLWDGR
9,6,7$6
+DEODVREUHWXVH[SHULHQFLDV\UHFXHUGRVGH
WXYLGDHQHOH[WUDQMHUR

&RPSUHQGHTXpSLHQVDXQDSHUVRQDVREUHVX
YLVLWDDFDVDGHXQDPLJROH\HQGRXQDUWtFXOR
HQ,QWHUQHW

&RPSUHQGHORVVHQWLPLHQWRVGHXQanfitrión
OH\HQGRVXHPDLOGHDJUDGHFLPLHQWR

+DEODVREUHODIRUPDGHHVWXGLDUXQLGLRPD

+DEODVREUHORGLYHUWLGRGHDSUHQGHULGLRPDV
HQFODVH

/$',9(56,Ï1
'($35(1'(5
&RPSUHQGHODIRUPDGHDSUHQGHUMDSRQpVIXHUD
,',20$6
GH-DSyQOH\HQGRXQDUWtFXORHQ,QWHUQHW

&RPSUHQGH ORV VHQWLPLHQWRV \ OD H[SHULHQFLD GH

HVWXGLDUXQLGLRPDOH\HQGRHOHPDLOGHXQDPLJR


 3RGUtDKDFHUORPHMRU %LHQ 0X\ELHQ

+DEODFRQXQDPLJRDFHUFDGHODV~OWLPDV
QRWLFLDVGHRWURDPLJR

0$75,021,26 &RQILUPDFRQXQDPLJRODLQIRUPDFLyQTXHKHPRV
<%2'$6 UHFLELGRVREUHpO

+D]XQSHTXHxRGLVFXUVRHQODERGDGHXQ
DPLJRXWLOL]DQGRQRWDVRDSXQWHV

/HHXQDUWtFXORHQ,QWHUQHWHLQWX\HTXpWLSR
GHERGDYDQDFHOHEUDUGRVSHUVRQDV

/HHORVUHVXOWDGRVGHXQHVWXGLRVREUHHO
PDWULPRQLR\FRPSUHQGHORVSXQWRVPiV
LPSRUWDQWHV

+DEODVREUHDOJXLHQTXHSDUHFHSUHRFXSDGR

+DEODDDOJXLHQTXHSDUHFHGHFDtGR
+$%/$5
62%5( ,QYHVWLJDVREUHTXpFRVDVSUHRFXSDQDODVRWUDV
352%/(0$6 SHUVRQDV \ FRPHQWD ORV UHVXOWDGRV \ WXV
3(5621$/(6 LPSUHVLRQHV

/HH\FRPSUHQGHORVVHQWLPLHQWRVGHODV
SHUVRQDV\HOFRQWHQLGRGHXQDSiJLQDGH
,QWHUQHWVREUHFRQVXOWDVGHSUREOHPDVSHUVRQDOHV

&RPSUHQGHORVSXQWRVPiVLPSRUWDQWHVGHXQD
FRQVXOWDVREUHSUREOHPDVSHUVRQDOHV

3UHJXQWDFRQWHVWDDRWUDVSHUVRQDVFXDQGR
QRFRPSUHQGHPRVORVDQXQFLRVGH
PHJDIRQtDHQXQDHURSXHUWR

5HFXHUGD\H[SOLFDGyQGH\TXpHVWDEDV
KDFLHQGRHQXQDVLWXDFLyQ
&2175$7,(0326
(1(/9,$-( $\XGDDXQDPLJRTXHVHKDGHMDGRROYLGDGRDOJR
HQDOJ~QOXJDU

3LGHD\XGDDDOJXLHQ

&RPSUHQGHORVVHQWLPLHQWRVGHXQDSHUVRQDTXH
KDH[SHULPHQWDGRDOJ~QFRQWUDWLHPSRGXUDQWHXQ
YLDMHOH\HQGRXQDUWtFXORHQ,QWHUQHW

&RPSUHQGHORTXHSLHQVDDKRUDODSHUVRQDTXH
WXYRDOJ~QFRQWUDWLHPSRGXUDQWHXQYLDMH
OH\HQGRXQDUWtFXORHQ,QWHUQHW

3LGHHQODUHFHSFLyQGHXQDHPSUHVDTXHOODPHQ
DODSHUVRQDTXHTXLHUHVYHU

+DEOD VREUH WX WUDEDMR \ OD HPSUHVD HQ OD TXH

%86&$1'2 WUDEDMDV
75$%$-2
&RPSUHQGHORVVHQWLPLHQWRVGHODXWRUGHXQH
PDLOHQHOTXHSLGHFRQVHMRVREUHODE~VTXHGDGH
WUDEDMR\VXUHVSXHVWD

&RPSUHQGHORVVHQWLPLHQWRV\ODPDQHUDGH
SHQVDUGHODXWRUGHXQHPDLOHQHOTXHH[SUHVD
VXRSLQLyQVREUHODE~VTXHGDGHWUDEDMR