%(&$6 < $<8'$6 GH VHSWLHPEUH GH
%(&$6 '( $32<2 &$0386 '( +8(6&$ &RQYRFDWRULDV GH GRV EHFDV GH DSR\R GHO &DPSXV GH +XHVFD SDUD $FWLYLGDGHV FXOWXUDOHV \ RWUDV GRV EHFDV SDUD OD 6DOD GH 0XVFXODFLyQ GHO 3ROLGHSRUWLYR 5tR ,VXHOD 9LFHUUHFWRUDGR SDUD HO &DPSXV GH +XHVFD 5RQGD GH 0LVHULFRUGLD 3UHVHQWDFLyQ GH VROLFLWXGHV +DVWD HO GH VHSWLHPEUH GH 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ KWWSV FDPSXVKXHVFD XQL]DU HV EHFDV GH DSR\R HQ WDUHDV GH JHVWLRQ \ VHUYLFLRV GHO FDPSXV GH KXHVFD
%(&$ )81'$&,Ð1 7$/*2 /D )XQGDFLyQ 7$/*2 \ 3DWHQWHV 7$/*2 HQ FRODERUDFLyQ FRQ OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9LODQRYD L OD *HOWU~ FRQYRFD HVWD EHFD SDUD HVWXGLDQWHV GHO 0iVWHU HQ 6LVWHPDV )HUURYLDULRV \ 7UDFFLyQ (OpFWULFD (O REMHWLYR GH HVWD EHFD HV HO GH FRPSOHPHQWDU GHVGH XQD SHUVSHFWLYD SUiFWLFD \ DSOLFDGD ORV FRQWHQLGRV LPSDUWLGRV GXUDQWH HO 0iVWHU $VLPLVPR GXUDQWH OD UHDOL]DFLyQ GHO 0iVWHU VH UHDOL]DUiQ SUiFWLFDV HQ DOJXQR GH ORV FHQWURV GH 7$/*2 $ OD ILQDOL]DFLyQ SRGUi LQFRUSRUDUVH HQ (VSDxD R HQ DOJXQD GH ODV ILOLDOHV HQ HO H[WUDQMHUR SDUD FRPSOHWDU VX IRUPDFLyQ
3XHGHQ SDUWLFLSDU HQ OD FRQYRFDWRULD SHUVRQDV WLWXODGDV HQ ,QJHQLHUtD 0HFiQLFD (OpFWULFD 7HFQRORJtDV ,QGXVWULDOHV X 2UJDQL]DFLyQ R ,QJHQLHUtD 6XSHULRU R 7pFQLFD ,QGXVWULDO $GHPiV VH KD GH WHQHU XQ QLYHO GH LQJOpV DYDQ]DGR /D %HFD 5DLOZD\ 6\VWHPV LQFOX\HQ HO FRVWH WRWDO GHO 0iVWHU \ OD UHDOL]DFLyQ GH XQD 3UiFWLFD 3URIHVLRQDO UHPXQHUDGD HQ 7DOJR GXUDQWH HO FXUVR DFDGpPLFR 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ ZZZ WDOJR FRP
$&203$f$ ,7,1(5$5,2 *8,$'2 3$5$ 352)(6,21$/(6 &8/785$/(6 /D FRQYRFDWRULD VH GHVWLQD D SRUWDGRUHV DV SURPRWRUHV DV GH XQ SUR\HFWR FXOWXUDO HQ IDVH HPEULRQDULD R LQLFLDO VXVFHSWLEOH GH YLDELOLGDG D FRUWR SOD]R \ GH VRVWHQLELOLGDG D PHGLR ODUJR SOD]R VLHPSUH HQ WpUPLQRV SURIHVLRQDOHV SXHVWR TXH OD ILQDOLGDG GH OD FRQYRFDWRULD HV OD JHQHUDFLyQ GH HPSOHR \ DXWRHPSOHR 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ
(67$1&,$6 '( ,19(67,*$&,Ð1 6H FRQYRFDQ WUHV HVWDQFLDV GH ,QYHVWLJDFLyQ HQ HO &HQWUR GH $UWH 5HLQD 6RItD GH 0DGULG GXUDQWH HO SHUtRGR GH RFWXEUH GH D GH GH RFWXEUH GH 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ KWWS ZZZ PXVHRUHLQDVRILD HV VLWHV GHIDXOW ILOHV FRQYRFDWRULDBUHVLGHQFLDVB SGI
%(&$6 < $<8'$6 GH VHSWLHPEUH GH
352*5$0$ &20,6$57 2%5$ 62&,$/ /$ &$,;$ &RPLVDUW VH FRQFUHWD HQ XQ SURJUDPD ELHQDO HQ HO TXH VH GHVDUUROODUiQ WUHV SUR\HFWRV H[SRVLWLYRV D SDUWLU GH ODV REUDV GH OD &ROHFFLyQ OD &DL[D GH $UWH &RQWHPSRUiQHR \ ODV FROHFFLRQHV GHO 0$&%$ $SXHVWDQ VLHPSUH SRU SUR\HFWRV LQQRYDGRUHV WDQWR HQ OR UHIHUHQWH D OHFWXUDV \ UHIOH[LRQHV FRPR HQ FXDQWR D IRUPDV TXH DSRUWHQ SODQWHDPLHQWRV FUHDWLYRV (O GHVDUUROOR GH FDGD SUR\HFWR WHQGUi XQD GXUDFLyQ WRWDO GH FXDWUR PHVHV 'XUDQWH HO SULPHU PHV ORV FRPLVDULRV WHQGUiQ DFFHVR D OD &ROHFFLyQ \ DO HTXLSR GH OD 2EUD 6RFLDO OD &DL[D \ GHO 0$&%$ SDUD OD GHILQLFLyQ GHO SUR\HFWR PLHQWUDV TXH HQ ORV WUHV PHVHV UHVWDQWHV VH GHGLFDUiQ D UHDOL]DU WRGDV ODV WDUHDV GH SUHSDUDFLyQ GH OD H[SRVLFLyQ (VWD FRQYRFDWRULD HVWi GHVWLQDGD D FRPLVDULRV GH DUWH PHQRUHV GH DxRV FRQ QDFLRQDOLGDG R UHVLGHQFLD HVSDxROD TXH SUHYLDPHQWH KD\DQ FRPLVDULDGR XQ PtQLPR GH WUHV H[SRVLFLRQHV 4XHGDUiQ GHVFDUWDGRV ORV FRPLVDULRV TXH FXHQWHQ FRQ XQD WUD\HFWRULD SURIHVLRQDO FRQVROLGDGD /RV WUHV VHOHFFLRQDGRV UHFLELUiQ XQD D\XGD GH HXURV \ FRQWDUiQ FRQ ORV UHFXUVRV \ HO DVHVRUDPLHQWR GHO HTXLSR GH H[SRVLFLRQHV GH OD 2EUD 6RFLDO OD &DL[D 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ KWWSV REUDVRFLDOODFDL[D RUJ
352*5$0$ )$52 (O 3URJUDPD )$52 WLHQH FRPR ILQDOLGDG OD UHDOL]DFLyQ GH SUiFWLFDV IRUPDWLYDV HQ HPSUHVDV GHO H[WUDQMHUR SDUD HVWXGLDQWHV XQLYHUVLWDULRV /DV SUiFWLFDV IRUPDWLYDV WHQGUiQ SRU REMHWLYR PHMRUDU OD FXDOLILFDFLyQ SURIHVLRQDO GH ORV HVWXGLDQWHV XQLYHUVLWDULRV HOHYDU HO QLYHO GH FRPSHWHQFLD HQ LGLRPDV H[WUDQMHURV \ IDFLOLWDU OD LQWHUQDFLRQDOL]DFLyQ H LQVHUFLyQ ODERUDO SRVWHULRU (O Q~PHUR GH D\XGDV D FRQFHGHU VHUi GH SDUD HVWDQFLDV GH HQWUH FLQFR \ VHLV PHVHV /DV HPSUHVDV R HQWLGDGHV GH DFRJLGD GHEHUiQ WHQHU VX VHGH HQ SDtVHV GH (XURSD (VWDGRV 8QLGRV \ &DQDGi ,JXDOPHQWH SRGUiQ UHDOL]DUVH GLFKDV SUiFWLFDV HQ HQWLGDGHV \ HPSUHVDV HVSDxRODV R PXOWLQDFLRQDOHV FRQ VHGH HQ $VLD \ 2FHDQtD 3RGUiQ SDUWLFLSDU HVWXGLDQWHV PHQRUHV GH DxRV FRQ UHVLGHQFLD OHJDO HQ (VSDxD \ HVWDU FXUVDQGR HVWXGLRV HQ XQD XQLYHUVLGDG HVSDxROD TXH KD\DQ VXSHUDGR XQ PtQLPR GHO SRU FLHQWR GH ORV FUpGLWRV QHFHVDULRV SDUD OD REWHQFLyQ GHO WtWXOR 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ EHFDVIDUR HV
,, %(&$ '( ,19(67,*$&,Ð1 $57Ì67,&$ )81'$&,Ð1 %$1&2 6$%$'(// ² +$1*$5 'LULJLGR D LQYHVWLJDGRUHV DV SUHGRFWRUDOHV GH FXDOTXLHU HGDG QDFLRQDOLGDG \ OXJDU GH UHVLGHQFLD TXH HVWpQ HQ SURFHVR GH UHDOL]DFLyQ GH OD WHVLV GRFWRUDO HQ XQD XQLYHUVLGDG HVSDxROD /D FRQYRFDWRULD FRQVLGHUDUi SUR\HFWRV GH LQYHVWLJDFLyQ DUWtVWLFD TXH SUHFLVHQ GH XQD IDVH GH SURWRWLSDGR IRUPDOL]DFLyQ R SURGXFFLyQ /D GXUDFLyQ GH OD EHFD HV GH FXDWUR PHVHV FRQVHFXWLYRV D OR ODUJR GHO FXUVR DFDGpPLFR /DV IHFKDV FRQFUHWDV VH HVWDEOHFHUiQ GH PXWXR DFXHUGR HQWUH +DQJDU \ HO SUR\HFWR VHOHFFLRQDGR /D VROLFLWXG GHEH VHU SUHVHQWDGD PHGLDQWH HO IRUPXODULR RQOLQH &DGD FDQGLGDWR D SXHGH SUHVHQWDUVH D OD FRQYRFDWRULD FRQ XQ VROR SUR\HFWR (O OD FDQGLGDWR D GHEH HVWDU HQ SURFHVR GH UHDOL]DFLyQ GH VX WHVLV GRFWRUDO HQ FXDOTXLHU XQLYHUVLGDG HVSDxROD /RV FRQYRFDQWHV SRQGUiQ D GLVSRVLFLyQ GHO OD EHQHILFLDULR D ² +RQRUDULRV ½ EUXWRV ² 8QD EROVD GH SURGXFFLyQ GH KDVWD ½ EUXWRV ² 8Q GHVSOD]DPLHQWR GH LGD \ YXHOWD GHO EHFDGR D %DUFHORQD KDVWD ½ ² $ORMDPLHQWR \ HVSDFLRV GH WUDEDMR HQ +DQJDU ² $SR\R WpFQLFR SDUD HO GHVDUUROOR \ SURGXFFLyQ GHO SUR\HFWR ² /D UHG GH FRODERUDGRUHV GH +DQJDU 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ 0DUWD *UDFLD PDUWD#KDQJDU RUJ 7HO H[W KWWSV KDQJDU RUJ HV QHZV LL EHFD GH UHFHUFD DUWLVWLFD IXQGDFLR EDQF VDEDGHOO KDQJDU
%(&$6 < $<8'$6 GH VHSWLHPEUH GH
%(&$6 (1 (678',26 $57Ì67,&26 < &8/785$/(6 3$5$ 3(5621$6 &21 ',6&$3$&,'$' 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ KWWS ZZZ IXQGDFLRQXQLYHUVLD QHW LQDHP \ IXQGDFLRQ XQLYHUVLD FRQYRFDQ EHFDV HQ HVWXGLRV DUWLVWLFRV \ FXOWXUDOHV SDUD SHUVRQDV FRQ GLVFDSDFLGDG
352*5$0$ &2175$7$&,21(6 3$5$ -Ð9(1(6 '( (85(&$7 (XUHFDW &HQWUR 7HFQROyJLFR GH &DWDOXxD LQLFLD HO SURJUDPD ´0iV TXH XQ HPSOHR 3DVLyQ SRU OD WHFQRORJtDµ SDUD OD FRQWUDWDFLyQ GH MyYHQHV WLWXODGRV XQLYHUVLWDULRV \ GH &LFORV )RUPDWLYRV GH *UDGR 6XSHULRU \ SDUD HVWXGLDQWHV (O SURJUDPD HVWi GHVWLQDGR D RIUHFHU D ORV MyYHQHV XQD SULPHUD H[SHULHQFLD HQ HO PXQGR SURIHVLRQDO PHGLDQWH HO GHVDUUROOR SUiFWLFR GH VXV FRQRFLPLHQWRV HQ HO FHQWUR 3RGUiQ SDUWLFLSDU SHUVRQDV FRQ QDFLRQDOLGDG HVSDxROD R SHUPLVR GH WUDEDMR HQ UHJOD TXH UHVLGDQ HQ &DWDOXxD GXUDQWH HO SHULRGR GH ODV SUiFWLFDV /RV FDQGLGDWRV DV GHEHUiQ HVWDU FXUVDQGR R KDEHU ILQDOL]DGR FRPR Pi[LPR HQ ORV ~OWLPRV DxRV VL HO WUDEDMDGRU HV PHQRU GH DxRV QR VH WHQGUi HQ FXHQWD OD IHFKD GH ILQDOL]DFLyQ GH ORV HVWXGLRV 6HUi LQGLVSHQVDEOH WHQHU DSUREDGRV FRPR PtQLPR XQ GH ORV FUpGLWRV GH OD FRUUHVSRQGLHQWH WLWXODFLyQ (Q WRGRV ORV FDVRV HV LPSUHVFLQGLEOH QR WHQHU H[SHULHQFLD ODERUDO FRQVROLGDGD HQ HO iPELWR HQ HO TXH VH SUHWHQGH GHVDUUROODU ODV SUiFWLFDV /RV FRQWUDWRV WHQGUiQ XQD UHWULEXFLyQ VDODULDO DQXDO EUXWD TXH RVFLODUi HQWUH ORV \ ½ \ XQD GXUDFLyQ GH HQWUH PHVHV \ DxRV 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ
; %(&$6 )81'$&,Ð1 81,9(56,$ &$3$&,7$6 )XQGDFLyQ 8QLYHUVLD ODQ]D OD FRQYRFDWRULD GH %HFDV )XQGDFLyQ 8QLYHUVLD &DSDFLWDV SDUD LPSXOVDU HO DFFHVR HO SURJUHVR \ OD PRYLOLGDG LQWHUQDFLRQDO XQLYHUVLWDULD GH HVWXGLDQWHV FRQ GLVFDSDFLGDG 3RGUiQ VROLFLWDU ODV EHFDV DTXHOORV DV HVWXGLDQWHV HVSDxROHV DV R H[WUDQMHURV DV UHVLGHQWHV OHJDOPHQWH HQ (VSDxD TXH VH HQFXHQWUHQ PDWULFXODGRV DV R HVWpQ HQ FRQGLFLRQHV GH PDWULFXODUVH SRU SULPHUD YH] HQ HQVHxDQ]DV RILFLDOHV GH JUDGR \ GH SRVJUDGR LPSDUWLGDV SRU FXDOTXLHU XQLYHUVLGDG GHO PXQGR \ TXH DFUHGLWHQ OHJDOPHQWH XQD GLVFDSDFLGDG LJXDO R VXSHULRU DO )XQGDFLyQ 8QLYHUVLD DGMXGLFDUi KDVWD DJRWDU HO SUHVXSXHVWR WRWDO HVWDEOHFLGR SDUD OD PLVPD TXH HV GH ½ $FFHVR GLULJLGDV D HVWXGLDQWHV TXH VH PDWULFXODQ SRU SULPHUD YH] HQ HVWXGLRV XQLYHUVLWDULRV GH JUDGR 3URJUHVR GLULJLGDV D HVWXGLDQWHV TXH KD\DQ DFFHGLGR D OD XQLYHUVLGDG 0RYLOLGDG LQWHUQDFLRQDO GLULJLGDV D HVWXGLDQWHV TXH GHVHHQ UHDOL]DU XQ SHUtRGR GH IRUPDFLyQ FRPR PtQLPR GH XQ WULPHVWUH HQ XQD XQLYHUVLGDG GLVWLQWD D OD VX\D GH RULJHQ 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ ZZZ IXQGDFLRQXQLYHUVLD QHW EHFDV IXQGDFLRQ XQLYHUVLD FDSDFLWDV
&21&85626
GH VHSWLHPEUH GH
$57(6 3/É67,&$6 &20,& < 0$1*$ $8725(6 129(/(6 /D &RQFHMDOtD GH -XYHQWXG GHO $\XQWDPLHQWR GH $OLFDQWH FRQ OD ILQDOLGDG GH SURPRFLRQDU ORV QXHYRV YDORUHV HQ HO PXQGR GHO &yPLF \ 0DQJD \ FRQ HO SURSyVLWR GH FXPSOLU ORV SULQFLSLRV GH REMHWLYLGDG SXEOLFLGDG \ OLEUH FRQFXUUHQFLD FRQYRFD HVWH FRQFXUVR &DGD DXWRU R DXWRUHV SRGUiQ SUHVHQWDU XQ Pi[LPR GH WUDEDMRV /D WpFQLFD \ HO WHPD VHUiQ OLEUHV VLHQGR KLVWRULDV FRPSOHWDV RULJLQDOHV H LQpGLWDV QR SUHPLDGDV HQ QLQJ~Q RWUR FRQFXUVR \ UHDOL]DGDV D GRV SiJLQDV HQ EODQFR \ QHJUR R FRORU \ D XQD VROD FDUD \ FX\RV JXLRQHV LQGLVWLQWDPHQWH VHDQ HQ FDVWHOODQR R YDOHQFLDQR 6H YDORUDUiQ HVSHFLDOPHQWH DTXHOORV WUDEDMRV TXH IRPHQWHQ HQ OD SREODFLyQ HQ JHQHUDO \ HQ ORV MyYHQHV HQ SDUWLFXODU HO FRQRFLPLHQWR \ OD UHIOH[LyQ FUtWLFD D SUREOHPiWLFDV VRFLDOHV DFWXDOHV FRPR OD LJXDOGDG GH JpQHUR HO UHVSHWR OD QR YLROHQFLD HO UDFLVPR OD [HQRIRELD R OD /*7%IRELD 3RGUiQ SDUWLFLSDU MyYHQHV QDFLGRV UHVLGHQWHV R TXH UHDOLFHQ HVWXGLRV HQ DOJ~Q FHQWUR S~EOLFR SULYDGR GH OD SURYLQFLD GH $OLFDQWH /RV SUHPLRV VHUiQ FDWHJRUtD VHQLRU HXURV \ GLSORPD DFUHGLWDWLYR \ FDWHJRUtD MXQLRU HXURV \ GLSORPD DFUHGLWDWLYR 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
ZZZ DOLFDQWH HV
$57 1$/Ð1 'LULJLGR D -yYHQHV QDFLGRV DV R UHVLGHQWHV HQ (VSDxD TXH QR KD\DQ FXPSOLGR DxRV D GH HQHUR GH \ TXH QR KD\DQ UHVXOWDGR SUHPLDGRV HQ DQWHULRUHV FRQYRFDWRULDV PRGDOLGDGHV 3LQWXUD (VFXOWXUD *UDEDGRV 8Q SUHPLR GH ½ \ H[SRVLFLyQ HO DUWLVWD FHGHUi DO $\XQWDPLHQWR GH /DQJUHR XQD GH ODV REUDV H[SXHVWDV
8Q DFFpVLW GH ½ \ H[SRVLFLyQ HO DUWLVWD FHGHUi DO $\XQWDPLHQWR GH /DQJUHR XQD GH ODV REUDV H[SXHVWDV
3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
ÉUHD GH -XYHQWXG $\XQWDPLHQWR GH /DQJUHR &HOHVWLQR &DEH]D /DQJUHR $VWXULDV
7HO MXYHQWXG#D\WR ODQJUHR HV
&21&85626
GH VHSWLHPEUH GH
$8',29,68$/(6 &21&8562 '( &25726 $%$5&$ ),/0 )(67,9$/ /D HPSUHVD ´$EDUFD 6KRHVµ FRQYRFD HVWH FRQFXUVR GHPRVWUDQGR VX LQWHUpV SRU OD FXOWXUD 3DUD SDUWLFLSDU VH GHEH HQYLDU XQ FRUWR GH WHPiWLFD OLEUH TXH GHEH VHU RULJLQDO SHUR QR QHFHVDULDPHQWH LQpGLWR 3XHGH KDEHUVH YLVWR SUHYLDPHQWH HQ FXDOTXLHU PHGLR S~EOLFR IHVWLYDO R FHUWDPHQ D FRQGLFLyQ GH QR KDEHU VLGR SUHPLDGR QXQFD eVWH GHEHUi KDEHU VLGR UHDOL]DGR D SDUWLU GHO GH HQHUR GH (O FRUWR GHEH LQFOXLU ODV GRV FRUWLQLOODV TXH SXHGHQ GHVFDUJDUVH GHVGH OD ZHE GHO FRQFXUVR 'HEHQ UHVSHWDUVH WDQWR VX GXUDFLyQ FRPR VXV PHGLGDV /D FRUWLQLOOD GH LQLFLR VHUi DQLPDGD \ OD FRUWLQLOOD ILQDO VHUi HVWiWLFD /D SHOtFXOD GHEH GXUDU XQ Pi[LPR GH VHJXQGRV FRQ FRUWLQLOODV LQFOXLGDV 3DUD TXH OD SHOtFXOD OOHJXH DO PD\RU DXGLWRULR SRVLEOH GHEH HQYLDUVH VXEWLWXODGD WDO \ FRPR VH GHWDOOD HQ ODV EDVHV GHO FRQFXUVR 3XHGH SDUWLFLSDU FXDOTXLHU SHUVRQD ItVLFD R MXUtGLFD GH FXDOTXLHU QDFLRQDOLGDG D FRQGLFLyQ GH KDEHU FXPSOLGR ORV DxRV FRQ DQWHULRULGDG DO PRPHQWR GH OD LQVFULSFLyQ HQ HO FRQFXUVR +DEUi WUHV SUHPLRV GH ½ ½ ½ 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
KWWS ELW O\ 6 $2Z
6, 9$026 '( ),(67$" (O &RQFXUVR 6L 9DPRV GH ILHVWD" WLHQH SRU REMHWR SURPRYHU OD SUHYHQFLyQ GH GURJRGHSHQGHQFLDV HQWUH OD SREODFLyQ MXYHQLO GH $UDJyQ PHGLDQWH VX LPSOLFDFLyQ HQ OD HODERUDFLyQ GH YtGHRV \ IRWRJUDItDV FX\D WHPiWLFD HVWp UHODFLRQDGD FRQ OD SUHYHQFLyQ GH ODV FRQGXFWDV DGLFWLYDV +DEUi GRV FDWHJRUtDV LPiJHQHV \ DXGLRYLVXDOHV /DV LPiJHQHV \ DXGLRYLVXDOHV SUHVHQWDGRV GHEHUiQ VHU LQpGLWRV \ RULJLQDOHV &DGD SDUWLFLSDQWH SRGUi SUHVHQWDU XQ Pi[LPR GH REUDV XQD GH FDGD WLSR LPDJHQ \ DXGLRYLVXDO R ODV GRV REUDV GHO PLVPR WLSR 3RGUiQ SDUWLFLSDU SHUVRQDV QDFLGDV HQWUH \ QDFLGDV R UHVLGHQWHV HQ $UDJyQ 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
KWWS ELW O\ 8]7OG
&21&85626
GH VHSWLHPEUH GH
&5($&,Ð1 &21&8562 '( $57( 35238(67$6 /D &RQFHMDOtD GH -XYHQWXG GHO $\XQWDPLHQWR GH $OLFDQWH FRQ OD ILQDOLGDG GH IRPHQWDU OD FUHDFLyQ DUWtVWLFR SOiVWLFD GH ORV ODV MyYHQHV SURJUDPD \ RUJDQL]D PXHVWUDV H[SRVLWLYDV GH FUHDFLyQ GH MyYHQHV DUWLVWDV 3RU HOOR \ FRQ HO SURSyVLWR GH TXH VH FXPSODQ ORV SULQFLSLRV GH REMHWLYLGDG SXEOLFLGDG \ OLEUH FRQFXUUHQFLD HQ OD 3URJUDPDFLyQ GH ([SRVLFLRQHV RUJDQL]DGDV SRU HO 'HSDUWDPHQWR GH -XYHQWXG GXUDQWH HO DxR VH FRQYRFD HVWH FRQFXUVR 3RGUiQ FRQFXUULU D HVWH FRQFXUVR WRGRV ORV MyYHQHV DUWLVWDV QDFLGRV R UHVLGHQWHV HQ HO WHUULWRULR QDFLRQDO \ TXH D IHFKD GH GLFLHPEUH GHO WHQJDQ HQWUH \ DxRV GH HGDG 6H SRGUi FRQFXUULU GH PDQHUD LQGLYLGXDO R FROHFWLYD (Q HVWH ~OWLPR FDVR VyOR VH DFHSWDUiQ REUDV GH UHDOL]DFLyQ \ ILUPD FRQMXQWD R SUR\HFWRV GH H[SRVLFLRQHV FROHFWLYDV GH REUDV LQGLYLGXDOHV 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
ZZZ DOLFDQWH HV
&21&85626
GH VHSWLHPEUH GH
',6(f2 ',6(f2 (/ &2%5( < /$ &$6$ (O ,VWLWXWR ,WDOLDQR GHO 5DPH ,QVWLWXWR ,WDOLDQR GHO &REUH HQ FRODERUDFLyQ FRQ HO ,QVWLWXWR (XURSHR GHO &REUH PHGLDQWH HO FXDO VH LQYLWD D UHLQYHQWDU REMHWRV FRWLGLDQRV FRQ HO FREUH FHOHEUDQGR \ DSURYHFKDQGR ODV FXDOLGDGHV HVWpWLFDV \ WpFQLFDV GHO PHWDO URMR \ VXV DOHDFLRQHV /RV REMHWRV GLVHxDGRV GHEHQ HVWDU RULHQWDGRV D VX XVR HQ HO KRJDU X RILFLQDV WLHQGDV HVFXHODV KRVSLWDOHV \ RWURV HGLILFLRV S~EOLFRV \ HQJOREDUVH HQ DOJXQD GH HVWDV FDWHJRUtDV PRELOLDULR SULQFLSDO PRELOLDULR FRPSOHPHQWDULR XWHQVLOLRV GH FRFLQD \ YDMLOOD HQYROWRULRV \ GHFRUDFLyQ HOHPHQWRV IXQFLRQDOHV \ HOHPHQWRV WpFQLFRV 3RGUiQ SDUWLFLSDU HVWXGLDQWHV \ SURIHVRUDGR TXH KD\DQ QDFLGR GHVSXpV GHO GH VHSWLHPEUH GH 6H HVWDEOHFHQ GRV FDWHJRUtDV GLVHxDGRUHV \ DUTXLWHFWRV \ HVWXGLDQWHV HQ DPEDV FDWHJRUtDV VH SRGUi SDUWLFLSDU GH IRUPD LQGLYLGXDO R HQ JUXSR 'LVHxDGRUHV \ DUTXLWHFWRV SRGUiQ UHFLELU XQ SULPHU SUHPLR GH ½ \ XQ VHJXQGR SUHPLR GH ½ HQ OD FDWHJRUtD GH HVWXGLDQWHV SRGUiQ UHFLELU XQ SUHPLR GH ½ 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
KWWS ELW O\ 3) W;
&21&85626
GH VHSWLHPEUH GH
(035(6$ ,1,&,$7,9$6 '( (035(6$ (1 $5$*Ð1 ,'($ /D )XQGDFLyQ ´(PSUHQGHU HQ $UDJyQµ LQWHJUDGD SRU ODV HQWLGDGHV \ RUJDQL]DFLRQHV PiV UHSUHVHQWDWLYDV TXH SUHVWDQ VHUYLFLRV GH DSR\R DO HPSUHQGHGRU HQ $UDJyQ D WUDYpV GH &((, $5$*21 FRQYRFD XQD QXHYD HGLFLyQ GH HVWH FRQFXUVR 6H HVWDEOHFHQ GRV FDWHJRUtDV SUHPLR LGHD HPSUHVD \ SUHPLR LGHD SURGXFWR 3XHGHQ SDUWLFLSDU HPSUHVDV \ HPSUHQGHGRUHV FRQ GRPLFLOLR VRFLDO \ ILVFDO HQ $UDJyQ TXH FRQ XQD WUD\HFWRULD GH HQWUH XQ DxR \ FXDWUR DxRV GH YLGD GHVGH OD IHFKD GH FRQVWLWXFLyQ R DOWD HQ DFWLYLGDG HFRQyPLFD SRVWHULRU D GH MXQLR GH GHVWDTXHQ HQ ORV DVSHFWRV GH LQQRYDFLyQ WHFQROyJLFD SRWHQFLDO FUHFLPLHQWR FRRSHUDFLyQ HPSUHVDULDO LQWHUQDFLRQDOL]DFLyQ (O SUHPLR FRQVLVWLUi HQ XQD HVWDQFLD SDUD GHVDUUROODU XQ PyGXOR IRUPDWLYR GH DFHOHUDFLyQ HQ SURGXFWR R HQ SUR\HFWR HPSUHVDULDO HQ HO 0,7 0DVVDFKXVHWWV ,QVWLWXWH RI 7HFKQRORJ\ 8QD EROVD GH YLDMH SDUD OD DVLVWHQFLD D OD XQLYHUVLGDG LQWHUQDFLRQDO \ SUHIHUHQFLD HQ HO DFFHVR D ODV LQVWDODFLRQHV GH &((,$5$*21 (Q DPEDV FDWHJRUtDV KDEUi XQ DFFpVLW TXH UHFLELUi XQ SUHPLR GH ½ HQ PHWiOLFR SDUD HO VHJXQGR FODVLILFDGR DVt FRPR RWUR FRQ XQ SUHPLR GH ½ SDUD HO WHUFHU FODVLILFDGR 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
ZZZ FHHLDUDJRQ HV
&21&85626
GH VHSWLHPEUH GH
)272*5$)Ã&#x152;$ 35(0,2 )272*5Ã&#x2030;),&2 &,8'$' '( +8(6&$ /D $VRFLDFLyQ )RWRJUiILFD 2VFHQVH FX\R REMHWR HV SURPRFLRQDU HO DUWH IRWRJUiILFR HQ OD FLXGDG RIUHFH YDULRV FXUVRV \ SURPXHYH YDULRV FRQFXUVRV FRPR HO GH OD &LXGDG GH +XHVFD (O WHPD GH ODV REUDV HV OLEUH \ )272 &5($7,9$ 3XHGHQ SDUWLFLSDU WRGDV ODV SHUVRQDV GH QDFLRQDOLGDG HVSDxROD R H[WUDQMHUD TXH UHVLGDQ HQ (VSDxD 6H SRGUiQ SUHVHQWDU KDVWD REUDV FRXQFXVDQWH (O SUHPLR GH WHPiWLFD OLEUH HVWi GRWDGR FRQ PLO HXURV \ HO GH OD )272 &5($7,9$ FRQ HXURV (O FRQFXUVR VH IDOODUi HO GH QRYLHPEUH GH 'HO DO GH QRYLHPEUH VH SRGUi YLVLWDU OD H[SRVLFLyQ GH ODV REHUDV SUHVHQWDGDV HQ OD VDOD $)272 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
$VRFLDFLyQ )RWRJUiILFD 2VFHQVH $)272 /DQX]D +XHVFD
&(57$0(1 )272*5Ã&#x2030;),&2 /8&,(1 %5,(7 (O WHPD HVWH DxR HV &2/25(6 '( 62%5$5%( )RWRJUDItDV WRPDGDV HQ OD FRPDUFD GH 6REUDUEH GRQGH HO FRORU VHD SURWDJRQLVWD \ R VXMHWR DFWLYR /RV FRQFXUVDQWHV SRGUiQ SUHVHQWDU KDVWD XQ Pi[LPR GH VLHWH IRWRJUDItDV (O -XUDGR RWRUJDUi XQ SULPHU SUHPLR FRQ XQD GRWDFLyQ HFRQyPLFD GH ½ XQ VHJXQGR SUHPLR FRQ XQD GRWDFLyQ HFRQyPLFD GH ½ XQ SUHPLR HVSHFLDO D OD PHMRU IRWRJUDItD FRPDUFDO UHDOL]DGD SRU XQ IRWyJUDIR QDWXUDO R DILQFDGR HQ 6REUDUEH GRWDGR FRQ ½ \ XQ SUHPLR D OD IRWRJUDItD PiV YRWDGD SRU HO S~EOLFR HO GtD GH OD LQDXJXUDFLyQ FRQ XQD GRWDFLyQ HFRQyPLFD GH ½ 1LQJ~Q IRWyJUDIR SRGUi UHFLELU PiV GH XQ SUHPLR VDOYR TXH XQR GH HOORV VHD HO SUHPLR RWRUJDGR SRU HO S~EOLFR 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
ZZZ VREUDUEH FRP
&21&85626
GH VHSWLHPEUH GH
*pQHUR ;,; 35(0,2 6,(0 '( ,19(67,*$&,Ð1 )(0,1,67$ &21&(3&,Ð1 *,0(12 '( )/$48(5 3DUD HVWXGLDQWHV GH ODV GLVWLQWDV WLWXODFLRQHV XQLYHUVLWDULDV TXH QR SRVHDQ HO JUDGR GH 'RFWRU 2UJDQL]D 6HPLQDULR ,QWHUGLVFLSOLQDU GH (VWXGLRV GH OD 0XMHU GH OD 8QLYHUVLGDG GH =DUDJR]D 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
KWWSV FXOWXUD XQL]DU HV DFWLYLGDGHV [L[ SUHPLR VLHP GH LQYHVWLJDFLRQ IHPLQLVWDFRQFHSFLRQ JLPHQR GH IODTXHU
&21&85626
GH VHSWLHPEUH GH
/,7(5$5,$6 &21&8562 3$6$3257( (Q OD %LEOLRWHFD 5DPyQ - 6HQGHU D ODV K 'H 5RDOG 'DOK 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
&21&85626
GH VHSWLHPEUH GH
/,7(5$785$ ,19(67,*$&,Ð1 /,7(5$5,$ $1*(/ *21=É/(= (O 9LFHUUHFWRUDGR GH ([WHQVLyQ 8QLYHUVLWDULD \ &RPXQLFDFLyQ GH OD 8QLYHUVLGDG GH 2YLHGR FRQYRFDQ HVWH SUHPLR FRQ HO ILQ GH LQFHQWLYDU HO FRQRFLPLHQWR OD GLIXVLyQ OD IRUPDFLyQ H LQYHVWLJDFLyQ VREUH ORV DVSHFWRV UHODFLRQDGRV FRQ OD REUD GH ÉQJHO *RQ]iOH] OD FUHDFLyQ OLWHUDULD \ DUWtVWLFD \ ORV HVWXGLRV KXPDQtVWLFRV /RV OLEURV SUHVHQWDGRV GHEHUiQ VHU RULJLQDOHV \ ULJXURVDPHQWH LQpGLWRV QR SXEOLFDGRV WRWDO R SDUFLDOPHQWH SRU FXDOTXLHU SURFHGLPLHQWR LPSUHVR R HOHFWUyQLFR QL KDEHU VLGR SUHPLDGRV HQ RWUR FHUWDPHQ 3RGUiQ FRQFXUULU DO SUHPLR WRGRV DTXHOORV DXWRUHV DV TXH OR GHVHHQ FRQ LQGHSHQGHQFLD GH VX QDFLRQDOLGDG FRQ XQ WUDEDMR HQ OHQJXD HVSDxROD GH FDUiFWHU WHyULFR R FUtWLFR TXH GHEHUi YHUVDU VREUH XQ WHPD FRQFHUQLHQWH D OD SRHVtD KLVSiQLFD GH ORV VLJORV ;; \ ;;, (O SUHPLR WHQGUi XQD GRWDFLyQ GH ½ H LPSOLFD DVLPLVPR OD SXEOLFDFLyQ GH OD REUD JDODUGRQDGD $GHPiV HO JDQDGRU UHFLELUi HMHPSODUHV GH OD REUD HQ FRQFHSWR GH GHUHFKRV GH DXWRU GH OD SULPHUD HGLFLyQ 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
KWWS ELW O\ =3*/*<
&21&85626
GH VHSWLHPEUH GH
9$5,26 &21&8562 'Ì$ 081',$/ '( /$ $/,0(17$&,Ð1 )$2 OD 2UJDQL]DFLyQ GH ODV 1DFLRQHV 8QLGDV SDUD OD $OLPHQWDFLyQ \ OD $JULFXOWXUD LQYLWD D QLxRV \ MyYHQHV GH WRGR HO PXQGR D SDUWLFLSDU HQ ORV FRQFXUVRV TXH FRQYRFD FRQ PRWLYR GHO 'tD 0XQGLDO GH OD $OLPHQWDFLyQ 6HUiQ GRV FRQFXUVRV XQR GH FDUWHOHV \ RWUR GH YtGHRV /DV SDUWLFLSDFLRQHV SUHVHQWDGDV D DPERV FRQFXUVRV GHEHQ WHQHU UHODFLyQ FRQ HO WHPD GHO 'tD 0XQGLDO GH OD $OLPHQWDFLyQ SDUD HO ´(O FOLPD HVWi FDPELDQGR /D DOLPHQWDFLyQ \ OD DJULFXOWXUD WDPELpQµ 3XHGHQ SDUWLFLSDU QLx[V \ MyYHQHV GH WRGR HO PXQGR (O SUHPLR VHUi XQ &HUWLILFDGR GH UHFRQRFLPLHQWR GLIXVLyQ \ XQD EROVD FRQ UHJDORV VRUSUHVD 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
KWWS ELW O\ 5'M[
&85626
GH 6HSWLHPEUH GH
$UWHV (VFpQLFDV 7$//(5(6 081,&,3$/(6 '( '$1=$ &217(0325Ã&#x2030;1($ 'H RFWXEUH D MXQLR 1LYHO ,QLFLDFLyQ \ 1LYHO $YDQ]DGR (Q HO (VSDFLR GH $UWH -RYHQ ($- HQ OD FDOOH &DODWD\XG /DV LQVFULSFLRQHV VH DEUHQ HO GH VHSWLHPEUH 3UHFLR HXURV WRGR HO FXUVR
3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ WDOOHUHVGHWHDWUR#KRWPDLO FRP ZZZ IDFHERRN FRP ,7+(&
7$//(5(6 081,&,3$/(6 '( 7($752 'H RFWXEUH D MXQLR 'LYHUVRV KRUDULRV \ QLYHOHV (Q HO (VSDFLR GH $UWH -RYHQ ($- HQ OD FDOOH &DODWD\XG /DV LQVFULSFLRQHV VH DEUHQ HO GH VHSWLHPEUH 3UHFLR HXURV WRGR HO FXUVR
3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ WDOOHUHVGHWHDWUR#KRWPDLO FRP ZZZ IDFHERRN FRP ,7+(&
,',20$6 &85626 '( (63$f2/ 3$5$ (;75$1-(526 'HO GH VHSWLHPEUH DO RFWXEUH HQ HO 9LFHUUHFWRUDGR GHO &DPSXV GH +XHVFD 5RQGD GH 0LVHULFRUGLD +RUDULR GH D KRUDV KRUDV OHFWLYDV 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ KWWSV FXUVRVGHHVSDQRO XQL]DU HV HV SUHVHQWDFL & % Q KXHVFD
(6&8(/$ 2),&,$/ '( ,',20$6 ,QJOpV )UDQFpV $OHPiQ HQ ,WDOLDQR 6ROLFLWXGHV GH DGPLVLyQ GHO DO GH VHSWLHPEUH ½ QXHYRV DOXPQRV DV ½ DOXPQRV DV TXH KDQ HVWDGR PDWULFXODGRV DV DOJXQD YH] HQ XQD (2, GH $UDJyQ 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ KWWS HRLKXHVFD RUJ
&85626 *(1(5$/(6 '( ,1*/e6 (Q HO &HQWUR GH /HQJXDV 0RGHUQDV 9LFHUUHFWRUDGR GHO &DPSXV GH +XHVFD 5RQGD GH 0LVHULFRUGLD ,QIRUPDFLyQ \ GH VHSWLHPEUH 3UXHEDV GH QLYHO HVFULWDV DO GH VHSWLHPEUH 3UXHEDV GH QLYHO RUDOHV \ GH VHSWLHPEUH 0DWUtFXOD \ GH VHSWLHPEUH 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ KWWSV FDPSXVKXHVFD XQL]DU HV OHQJXDV PRGHUQDV KXHVFD
21 /,1(
&85626
GH 6HSWLHPEUH GH
&20081,7< 0$1$*(0(17 (O p[LWR GH ODV SDVDGDV HGLFLRQHV QRV DQLPD HQ OD )XQGDFLyQ 81(' D VHJXLU DSRVWDQGR SRU XQ PRGHOR GH FXUVR TXH EXVFD GHPRFUDWL]DU OD IRUPDFLyQ GH FDOLGDG HQ &RPPXQLW\ 0DQDJHPHQW D WUDYpV GH FXDWUR SUHPLVDV IXQGDPHQWDOHV 0HWRGRORJtD RQOLQH FRQ FODVHV HQ GLUHFWR 3UHFLR ½ HVWH FXUVR SRVHH GHVFXHQWRV \ ERQLILFDFLRQHV 'XUDFLyQ PHVHV GH RFWXEUH GH GH IHEUHUR GH KRUDV GH IRUPDFLyQ FHUWLILFDGDV *DUDQWtD /D )XQGDFLyQ 81(' HV XQ RUJDQLVPR GH JUDQ SUHVWLJLR HQ (VSDxD \ $PpULFD /DWLQD JUDFLDV D VX EXHQD ODERU \ WUDGLFLyQ HQ OD IRUPDFLyQ RQOLQH \ D GLVWDQFLD 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ KWWS ZZZ FXUVRFRPPXQLW\IXQHG FRP
5('(6 62&,$/(6 1$9(*$ 6(*852 (/ 3(/,*52 '( /$6 5('(6 62&,$/(6 3DUD MyYHQHV HQWUH \ DxRV ORV GtDV \ GH VHSWLHPEUH GH K D K HQ HO &HQWUR &XOWXUDO GHO 0DWDGHUR (O REMHWLYR GH HVWH FXUVR HV GDU D FRQRFHU HQ SURIXQGLGDG ORV SHOLJURV TXH FRQOOHYD ,QWHUQHW \ ODV KHUUDPLHQWDV SDUD QDYHJDU FRQ PiV VHJXULGDG DVt FRPR DOHUWDU GH OD LPSRUWDQFLD GHO EXHQ XVR GH ODV UHGHV VRFLDOHV HQ ODV UHODFLRQHV SUHVHQWHV \ IXWXUDV WDQWR D QLYHO SHUVRQDO FRPR SURIHVLRQDO (O FXUVR GH FDUiFWHU JUDWXLWR \ FRQ XQD GXUDFLyQ WRWDO GH KRUDV WHQGUi HO VLJXLHQWH FRQWHQLGR (O EXHQ XVR GH ODV UHGHV VRFLDOHV D QLYHO SHUVRQDO SURIHVLRQDO 5HFXUVRV TXH FRQRFHU SDUD QDYHJDU FRQ VHJXULGDG 5HGHV VRFLDOHV \ E~VTXHGD GH HPSOHR ¢4Xp YHQ ODV HPSUHVDV HQ ,QWHUQHW" $ OD ILQDOL]DFLyQ GHO FXUVR VH H[SHGLUi XQ GLSORPD DFUHGLWDWLYR GH OD DVLVWHQFLD D ORV DV SDUWLFLSDQWHV /DV LQVFULSFLRQHV SXHGHQ KDFHUVH SUHVHQFLDO WHOHIyQLFDPHQWH R YLD PDLO HQ HO ,QVWLWXWR $UDJRQpV GH OD -XYHQWXG GH +XHVFD GDWRV DEDMR LQGLFDQGR QRPEUH \ DSHOOLGRV HGDG 1,) \ WHOpIRQR GH FRQWDFWR /DV SOD]DV SDUD SDUWLFLSDU VRQ OLPLWDGDV \ VH FXEUHQ SRU RUGHQ GH LQVFULSFLyQ 2UJDQL]D ,QVWLWXWR $UDJRQpV GH OD -XYHQWXG HQ FRODERUDFLyQ FRQ HO 3ODQ 0XQLFLSDO GH -XYHQWXG GH +XHVFD 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ ,QVWLWXWR $UDJRQpV GH OD -XYHQWXG & 6DQ -RUJH +XHVFD 7HO LDMKXHVFD#DUDJRQ HV
9DULRV ,*8$/'$' '( *e1(52 < ('8&$&,Ð1 )Ì6,&$ /DV ;,; -RUQDGDV 3URYLQFLDOHV GH (GXFDFLyQ )tVLFD VH FHOHEUDUiQ ORV GtDV \ GH VHSWLHPEUH HQ OD )DFXOWDG GH (PSUHVD \ *HVWLyQ 3~EOLFD \ 3ROLGHSRUWLYR 8QLYHUVLWDULR 5tR ,VXHOD GHO &DPSXV GH +XHVFD SOD]D GH OD &RQVWLWXFLyQ 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ KWWS FSUKXHVF HGXFD DUDJRQ HV ZS FRQWHQW XSORDGV GLSWLFR MRUQDGDV HI KXHVFD MXQLRE SGI
9$5,26 GH VHSWLHPEUH GH
+8(6&20,& -RUQDGD GH &yPLF HQ +XHVFD (Q OD VDOD *HQLXV %HQGLWD 5XLQD HO GtD GH VHSWLHPEUH GHVGH ODV K KDVWD ODV K GLYHUVLGDG GH DFWLYLGDGHV HQWRUQR DO FyPLF 0iV LQIRUPDFLyQ
35(6(17$&,Ð1 '(/ &/8% '( &Ð0,& $ ODV K HQ %HQGLWD 5XLQD SUHVHQWDFLyQ GHO FOXE GH FyPLF (QWUH YLxHWDV \ ERFDGLOORV HQ HO IHVWLYDO +XHVFyPLF 0iV LQIRUPDFLyQ
0,&521(6,$ &2192&$725,$ (O )HVWLYDO GH 0LFUR $UWHV (VFpQLFDV GH +XHVFD 0LFURQHVLD DEUH OD FRQYRFDWRULD SDUD SDUWLFLSDU HQ VX QRYHQD HGLFLyQ 0LFURQHVLD VH FHOHEUDUi HQ HO PDUFR GH OD GHFLPRVpSWLPD HGLFLyQ GHO )HVWLYDO 3HULIHULDV FRQ OD WHPiWLFD ´(VWDGRV $OWHUDGRVµ (VWH DxR 0LFURQHVLD VH FHOHEUDUi GHO DO GH RFWXEUH HQ XQ HPSOD]DPLHQWR VLQJXODU GHO FDVFR DQWLJXR /D FRQYRFDWRULD VH GLULJH D FRPSDxtDV GH DUWHV HVFpQLFDV TXH SXHGHQ SUHVHQWDUVH HQ GRV PRGDOLGDGHV $PDWHXUV ORV HVSHFWiFXORV SURSXHVWRV VH SURJUDPDUiQ HQ GLVWLQWRV ORFDOHV GH OD FLXGDG TXH FRODERUDQ FRQ HO )HVWLYDO GHQWUR GH OD UXWD LQDXJXUDO 3URIHVLRQDOHV ODV REUDV VH SURJUDPDUiQ HQ VHVLyQ FRQWLQXD \ GH PDQHUD VLPXOWiQHD FRQ XQ Pi[LPR GH SDVHV SRU GtD \ XQ Pi[LPR GH HVSHFWDGRUHV SRU SDVH /DV SURSXHVWDV GHEHQ FRQWHQHU XQ GHVDUUROOR GUDPiWLFR \ HVWDU UHODFLRQDGDV FRQ HO FRQFHSWR ´(VWDGRV DOWHUDGRVµ DGHFXDUVH D XQ HVSDFLR HVFpQLFR GH XQRV P ù P GXUDU HQWUH \ PLQXWRV IDYRUHFHU UHSDUWRV P~OWLSOHV y LQWpUSUHWHV IUHQWH D ORV PRQyORJRV FDUDFWHUL]DUVH SRU VX VHQFLOOH] WpFQLFD /DV SURSXHVWDV GHEHQ HQYLDUVH DO FRUUHR HOHFWUyQLFR 0iV LQIRUPDFLyQ
PLFURQHVLD#HVHQFLDSURGXFFLRQHV FRP
,,, )(67,9$/ +8(6&$ /(<(1'$ 9,9$ 'HO DO GH VHSWLHPEUH HQ GLYHUVRV HPSOD]DPLHQWRV GH OD FLXGDG +XHVFD VH WUDQVIRUPD \ WH WUDQVSRUWD DO PHGLHYR 8Q JUDQ HVFHQDULR GRQGH ORV YHFLQRV DV \ YLVLWDQWHV SXHGHQ GLVIUXWDU GH XQ H[WHQVR SURJUDPD WXUtVWLFR \ FXOWXUDO TXH JLUD HQ WRUQR D OD OH\HQGD GH OD &DPSDQD GH +XHVFD \ D VX KLVWRULD 0iV LQIRUPDFLyQ
(7,02*5$)Ì$6 3UHVHQWDFLyQ GHO OLEUR H LQDXJXUDFLyQ GH OD H[SRVLFLyQ GH WH[WRV \ FROODJHV GHO OLEUR (WLPRJUDItDV GH -XDQ -RVp 3DUFHUR $]QDU \ &KHPD $JXVWtQ $ ODV HQ OD %LEOLRWHFD 0XQLFLSDO $QWRQLR 'XUiQ *XGLRO 0iV LQIRUPDFLyQ
9$5,26 GH VHSWLHPEUH GH
-251$'$ 62%5( 75$7$ '( 3(5621$6 &21 ),1(6 '( (;3/27$&,Ð1 6(;8$/ -RUQDGD GH VHQVLELOL]DFLyQ \ IRUPDFLyQ HQ HO &HQWUR &XOWXUDO ,EHUFDMD $ ODV K SUHVHQWDFLyQ D FDUJR GH 1DWDOLD 6DOYR &DVDXV GLUHFWRUD GHO ,QVWLWXWR $UDJRQpV GH OD 0XMHU $ ODV K $PDOLD 7LJDQXV VXSHUYLYLHQWH GH SURVWLWXFLyQ \ WUDWD $FWLYLVWD GH ILPLQLFLGLR QHW $ ODV K 92&(6 'RFXPHQWDO GH 0DEHO /R]DQR (QWUDGD JUDWXLWD 0iV LQIRUPDFLyQ
0(5&$'2 0(',(9$/ '( $6$30( /RV GtDV \ GH 6HSWLHPEUH HQ OD SOD]D /XLV /ySH] $OOXp 0iV LQIRUPDFLyQ
&+$5/$ &21&,(572 ¶&É17,*$6 '( $/)2162 ; (/ 6$%,2 $ /$ 9,5*(1 '( 6$/$6 (O ViEDGR GH VHSWLHPEUH D ODV KRUDV HQ OD (UPLWD GH 1XHVWUD 6HxRUD GH 6DODV GH +XHVFD ,QWHUYLHQHQ 0DXULFLR 0ROLQD PXVLFyORJR \ P~VLFR HVSHFLDOL]DGR HQ UHSHUWRULR PHGLHYDO \ &DUORV *DUFpV KLVWRULDGRU 0iV LQIRUPDFLyQ
81 'Ì$ (1 /$ )(5,$ ,QVFUtEHWH JUDWXLWDPHQWH D HVWD DFWLYLGDG TXH VH FHOHEUDUi HO SUy[LPR GH VHSWLHPEUH HQ HO 3DODFLR GH &RQJUHVRV GH +XHVFD GDQGR LQLFLR D ODV K GH OD PDxDQD (VWD LQLFLDWLYD VXUJH HQ HO PDUFR GH OD )HULD ,QWHUQDFLRQDO GH 7HDWUR \ 'DQ]D \ FRQVLVWH HQ XQD YLVLWD JXLDGD SRU GLIHUHQWHV HVSDFLRV GH OD IHULD ]RQD GH PHUFDGR SUHVHQWDFLRQHV HVSDFLRV GH H[KLELFLyQ \ PRQWDMH HWF \ HO DFFHVR JUDWXLWR D ERQLILFDFLRQHV SDUD ORV HVSHFWiFXORV GH OD WDUGH /DV LQVFULSFLRQHV VH KDUiQ WHOHPiWLFDPHQWH KDVWD HO GH VHSWLHPEUH HQ HVWH HQODFH KWWS ELW O\ FU0-JD 8Q GtD HQ OD )HULD IRUPD SDUWH GHO SURJUDPD $FHUFDU ODV DUWHV HVFpQLFDV RUJDQL]DGR SRU OD )HULD ,QWHUQDFLRQDO GH 7HDWUR \ 'DQ]D GH +XHVFD FRQ OD FRODERUDFLyQ GH ODV ÉUHDV GH &XOWXUD -XYHQWXG \ (PSOHR GHO $\XQWDPLHQWR GH +XHVFD 0XOWLODWHUDO $VRFLDFLyQ $UDJRQHVD SDUD OD &RRSHUDFLyQ &XOWXUDO \ HO ,1$(0 ,QVWLWXWR $UDJRQpV (PSOHR 0iV LQIRUPDFLyQ
KWWS ELW O\ FU0-JD
(/ )81(5$/ 28$ 803/(7( $ ODV K HQ HO 7HDWUR 2OLPSLD /D FRPSDxtD DUDJRQHVD 7($752 &+( < 02&+( SUHVHQWD XQD FRPHGLD GH -RDTXtQ 0XULOOR FRQ P~VLFD HQ GLUHFWR H LQYLWDGRV HVSHFLDOHV (QWUDGD ½ 0iV LQIRUPDFLyQ
)(5,$ ,17(51$&,21$/ '( 7($752 < '$1=$ '( +8(6&$ 'HO DO GH VHSWLHPEUH HQ GLYHUVRV HVSDFLRV GH OD FLXGDG PXOWLWXG GH HVSHFWiFXORV FRQ SURSXHVWDV HVFpQLFDV GH WHDWUR GDQ]D FLUFR HWF 7RGD OD LQIRUPDFLyQ SURJUDPDFLyQ DFWXDOL]DGD HQ OD ZHE GH OD IHULD 0iV LQIRUPDFLyQ
KWWS ZZZ IHULDGHWHDWUR\GDQ]D FRP
9$5,26 GH VHSWLHPEUH GH
%,%/,292/817$5,$'2 (O SURJUDPD GH ELEOLRYROXQWDULDGR SUHWHQGH IRPHQWDU OD SDUWLFLSDFLyQ FLXGDGDQD UHIRU]DQGR \ GDQGR DSR\R D GLIHUHQWHV DFWLYLGDGHV UHODFLRQDGDV WDQWR FRQ OD GLQDPL]DFLyQ IRUPDFLyQ \ RUJDQL]DFLyQ ELEOLRWHFDULD FRPR FRQ OD ,QIRUPiWLFD H ,QWHUQHW GLULJLGDV D SHUVRQDV TXH QHFHVLWDQ DGTXLULU FRQRFLPLHQWRV UHODFLRQDGRV FRQ HVWDV iUHDV (O ELEOLRYROXQWDULDGR HVWi GLULJLGR D SHUVRQDV PD\RUHV GH HGDG R D SDUWLU GH DxRV FRQ DXWRUL]DFLyQ SDWHUQD PDWHUQD D ODV TXH OHV JXVWH UHDOL]DU DFWLYLGDGHV UHODFLRQDGDV FRQ OD FXOWXUD \ HGXFDFLyQ \ WHQJDQ XQRV PtQLPRV FRQRFLPLHQWRV GH LQIRUPiWLFD \ QDYHJDFLyQ SRU ,QWHUQHW (O OD ELEOLRYROXQWDULR D GHEH LPSOLFDUVH \ FRPSURPHWHUVH FRQ OD DFWLYLGDG SHUR WHQLHQGR HQ FXHQWD TXH VX ODERU FRPSOHPHQWD OD GH ORV DV SURIHVLRQDOHV GH OD DFFLyQ QXQFD OD VXVWLWX\H /D SDUWLFLSDFLyQ FRPR ELEOLRYROXQWDULR D WH SXHGH SURSRUFLRQDU XQD SULPHUD WRPD GH FRQWDFWR HQ HO FDPSR GH OD IRUPDFLyQ XQ LQWHUFDPELR GH FRQRFLPLHQWRV \ OD VDWLVIDFFLyQ SHUVRQDO GH D\XGDU D RWUDV SHUVRQDV $GHPiV VL FRODERUDV XQ PtQLPR GH K FRPR YROXQWDULR D SXHGHV REWHQHU ERQRV FXOWXUDOHV JUDWLV SDUD ORV HVSHFWiFXORV GH WHDWUR P~VLFD FLQH \ GDQ]D RUJDQL]DGRV SRU HO $\XQWDPLHQWR GH +XHVFD $FFLRQHV GH GLQDPL]DFLyQ FRQFXUVRV DQLYHUVDULRV IHVWLYDOHV UDVWULOORV MRUQDGDV GHO 'tD GH ,QWHUQHW $FFLRQHV GH RUJDQL]DFyQ \ RUGHQDFLyQ GH GRFXPHQWRV \ HWLTXHWDGR $FFLRQHV GH IRUPDFLyQ WDOOHUHV GH PyYLOHV WDEOHWV H %LEOLR $FFLRQHV GH DSR\R HQ OD E~VTXHGD GH LQIRUPDFLyQ HQ OD ELEOLRWHFD 0iV LQIRUPDFLyQ
%LEOLRWHFDV 0XQLFLSDOHV GH +XHVFD LQIRELEOLRWHFDV#KXHVFD HV
&/8% '( /(&785$ .'' %,%/,2-29(1 'H D DxRV (O WHUFHU PDUWHV GH FDGD PHV D ODV K HQ OD %LEOLRWHFD 5DPyQ - 6HQGHU FRPLHQ]R GH RFWXEUH 7DOOHUHV \ MXHJRV VREUH WXV SHOLV FyPLFV OLEURV \ P~VLFD IDYRULWRV &DGD PHV XQD DFWLYLGDG QXHYD FRQ OD TXH SDVDU XQD WDUGH GLIHUHQWH 3RU $ELJDLO $OLQV (O WHUFHU PDUWHV GH FDGD PHV D ODV K HQ OD %LEOLRWHFD 5DPyQ - 6HQGHU &RPLHQ]R GH RFWXEUH 0iV LQIRUPDFLyQ
(175( 9,f(7$6 < %2&$',//26 $ ODV K HQ OD %LEOLRWHFD 5DPyQ - 6HQGHU 3RU ÐVFDU 6HQDU 3HUVRQDMHV DXWRUHV DV H KLVWRULDV GH FyPLF WH HVSHUDQ HQ QXHVWUR FOXE GH FyPLF 0iV LQIRUPDFLyQ
&/8% /(&785$ 6(1'(5 ÔOWLPR PDUWHV GHO PHV HQ OD %LEOLRWHFD 5DPyQ - 6HQGHU D ODV K 3RU ÐVFDU 6LSiQ &RPLHQ]R PDUWHV GH RFWXEUH /HFWXUD GH XQ OLEUR SDUD DQDOL]DU HO DXWRU FRQWH[WR KLVWyULFR JpQHUR OLWHUDULR SHUVRQDMHV HWF 0iV LQIRUPDFLyQ
&/8% /(&785$ (1 ,1*/e6 /HFWXUDV GH OLEURV HQ LQJOpV GH DXWRUHV DV GH OD OLWHUDWXUD DQJOR DPHULFDQD 3RU 3LODU 0DUWtQH] 6DSLxD ÔOWLPR MXHYHV GHO PHV D ODV K HQ OD %LEOLRWHFD 5DPyQ - 6HQGHU &RPLHQ]R MXHYHV GH RFWXEUH 0iV LQIRUPDFLyQ
9$5,26 GH VHSWLHPEUH GH
+202/2*$*,21 '( 78 7Ã&#x152;78/2 81,9(56,7$5,2 (1 (8523$ (O &HQWUR 1DULF 1DWLRQDO $FDGHPLF 5HFRJQLWLRQ ,QIRUPDWLRQ &HQWUHV HV XQD UHG TXH LQIRUPD VREUH HO UHFRQRFLPLHQWR GH FXDOLILFDFLRQHV DFDGpPLFDV \ SURIHVLRQDOHV $ WUDYpV GH OD UHG 1$5,& SXHGHV LQIRUPDUWH VREUH FyPR KRPRORJDU WX WtWXOR XQLYHUVLWDULR SDUD TXH VHD UHFRQRFLGR HQ RWUR SDtV 7DPELpQ SXHGHV VROLFLWDU XQ UHFRQRFLPLHQWR SURIHVLRQDO \ QR DFDGpPLFR (Q (VSDxD SXHGHV DFXGLU DO &HQWUR 1DULF TXH VH HQFXHQWUD HQ HO 0LQLVWHULR GH (GXFDFLyQ &XOWXUD \ 'HSRUWH 0iV LQIRUPDFLyQ
KWWS ELW O\ M T6*W
¢48( (6 (8323$66 < (8523$660$.(5" (XURSDVV HV XQ H[SHGLHQWH SHUVRQDO SDUD SUHVHQWDU GH PDQHUD FODUD \ VHQFLOOD ODV DSWLWXGHV ODV WLWXODFLRQHV \ FHUWLILFDFLRQHV DGTXLULGDV D OR ODUJR GH OD YLGD HQ WRGD (XURSD 8QLyQ (XURSHD Ã&#x2030;UHD (FRQyPLFD GH /LEUH &RPHUFLR (VSDFLR (FRQyPLFR (XURSHR \ ORV 3DtVHV &DQGLGDWRV VLHPSUH TXH VH GHVHH EXVFDU WUDEDMR R VROLFLWDU OD DGPLVLyQ HQ DOJ~Q SURJUDPD HGXFDWLYR R IRUPDWLYR 3DUD ORV TXH QHFHVLWDQ HODERUDU VX FXUUtFXOXP HQ IRUPDWR (XURSDVV VH SXVR HQ PDUFKD HO SUR\HFWR (XURSDVVPDNHU TXH HV XQD ZHEDSS JUDWXLWD (XURSDVVPDNHU SHUPLWH DO XVXDULR FUHDU HO &9 HQ IRUPDWR (XURSDVV \ D ODV HPSUHVDV UHJLVWUDGDV EXVFDU D ORV SURIHVLRQDOHV TXH QHFHVLWDQ 0iV LQIRUPDFLyQ
KWWS ELW O\ %Y5 R&
*8Ã&#x152;$ '(/ 92/817$5,$'2 9,578$/ (O ´YROXQWDULDGR YLUWXDOµ KDFH UHIHUHQFLD D ODV WDUHDV YROXQWDULDV UHDOL]DGDV D WUDYpV GH ,QWHUQHW \ GH XQ RUGHQDGRU SHUVRQDO \D VHD GHVGH FDVD R GHVGH HO WUDEDMR /DV SHUVRQDV TXH FRODERUDQ GH PDQHUD RQ OLQH FRQ 21* SXHGHQ SDUWLFLSDU HQ DFWLYLGDGHV GH DVHVRUDPLHQWR GH LQIRUPiWLFD GH GLVHxR HQ FLEHUDFFLRQHV \ HQ RWUDV WDUHDV FRPR OD GLIXVLyQ GH HYHQWRV OD UHGDFFLyQ HQ ZHEV HWF 6L EXVFDV YROXQWDULRV DV YLUWXDOHV SDUD WX 21* OHH OD ´*XtD GHO 9ROXQWDULDGR 9LUWXDOµ XQ PDQXDO VREUH OD JHVWLyQ GH YROXQWDULRV RQOLQH SXEOLFDGR SRU 6XVDQ (OOLV \ -D\QH &UDYHQV 0iV LQIRUPDFLyQ
KWWS ELW O\ D82 [
&$)e /,7(5$5,2 (O VHJXQGR PDUWHV GH FDGD PHV D ODV K HQ OD %LEOLRWHFD 5DPyQ - 6HQGHU 7HUWXOLD OLWHUDULD HQ WRUQR D XQ FDIp /RV DV DVLVWHQWHV DV FRPHQWDQ \ DQDOL]DQ GLIHUHQWHV REUDV OLWHUDULDV 3RU $PEURVLR /DFRVWD 0iV LQIRUPDFLyQ