$&7,9,'$'(6 '(/ $/ '( 129,(0%5(
&21)(5(1&,$6 683(59,9(1&,$6 )(0(1,1$6 (1 /$ 326*8(55$
$ ODV KRUDV HQ HO (VSDFLR ,EHUFDMD &DVWLOOR 0RQWHDUDJyQ $ FDUJR GH ,UHQH $EDG GRFWRUD HQ +LVWRULD &RQWHPSRUiQHD 0iV LQIRUPDFLyQ
0(6$ 5('21'$ 9,2/(1&,$ &2175$ /$ 08-(5 (1 /$6 08-(5(6 &21 ',6&$3$&,'$'
$ ODV K HQ 5LFDUGR GHO $UFR 6 Q 2UJDQL]DQ &$',6 \ HO ,$0 0iV LQIRUPDFLyQ
35(6(17$&,Ð1 '(/ &(1752 '( '2&80(17$&,Ð1 '(/ $*8$ < 0(',2 $0%,(17(
$ ODV K HQ OD (VFXHOD 3ROLWpFQLFD 6XSHULRU 0iV LQIRUPDFLyQ
$/)2162 5(9,//$ /((5 (175( /Ì1($6
(Q OD )DFXOWDG GH &LHQFLDV +XPDQDV \ GH OD (GXFDFLyQ D ODV K $OIRQVR 5HYLOOD H[SRQGUi VXV FODYHV SDUD OD OHFWXUD GH /RV FtQLFRV QR VLUYHQ SDUD HVWH RILFLR REUD GHO SHULRGLVWD SRODFR 5\V]DUG .DSXVFLQVNL 0iV LQIRUPDFLyQ
-8(9(6 &5Ì7,&26
$ ODV ODV KRUDV HQ HO 6DOyQ GH $FWRV GH OD )DFXOWDG GH (PSUHVDULDOHV ORV PHGLRV GH FRPXQLFDFLyQ FHQWUDUiQ XQD FRQIHUHQFLD (O SHULRGLVWD -RVp /XLV 7UDVREDUHV KDEODUi GH ´0HGLRV GH FRPXQLFDFLyQ /D FULVLV WHUJLYHUVDGDµ 0iV LQIRUPDFLyQ
+8025 %272
$ ODV K \ D ODV K HQ HO &HQWUR &XOWXUDO GHO 0DWDGHUR $FWXDFLyQ HQ HO PDUFR GHO FLFOR GH PRQyORJRV +8(6&$ +8025 (QWUDGD ½ WDTXLOOD \ ½ DQWLFLSDGD 0iV LQIRUPDFLyQ
,',20$6 7(578/,$6 (1 ,1*/e6 $ ODV HQ HO &DIp %RWiQLFD 2UJDQL]D $FDGHPLD <RX 7DON 0iV LQIRUPDFLyQ
-251$'$6
$&7,9,'$'(6 '(/ $/ '( 129,(0%5(
)252 081,&,3$/ '( 08-(5(6 (1&8(1752 35(3$5$725,2 < &21&(175$&,Ð1 &,8'$'$1$
D ODV K HQ HO 6DOyQ $]XO GHO &DVLQR 2VFHQVH HO )RUR 0XQLFLSDO GH 0XMHUHV RUJDQL]D XQ HQFXHQWUR SUHSDUDWRULR GH OD &RQFHQWUDFLyQ FLXGDGDQD TXH FRQWDUi FRQ OD SDUWLFLSDFLyQ GH ´0DODEDUHVµ XQ JUXSR GH FKLFDV MyYHQHV TXH SUHVHQWDUi XQD DFFLyQ GUDPiWLFD FRQ HO WtWXOR GH ´(O ILQDO GH XQ FXHQWR GH KDGDVµ $ VHJXLU D ODV K &21&(175$&,Ð1 &,8'$'$1$ 3]D 1DYDUUD 0iV LQIRUPDFLyQ
, -251$'$6 3$5$ /$ &2167,78&,Ð1 '(/ *5832 '( 75$%$-2 '( 08-(5(6 *,7$1$6 '( +8(6&$
´+DFLD OD LJXDOGDG D WUDYpV GHO HPSRGHUDPLHQWRµ $ ODV K HQ HO $XOD GHO *RELHUQR GH $UDJyQ & 5LFDUGR GHO $UFR Q SODQWD VyWDQR (V GH FDUiFWHU JUDWXLWR \ HO SOD]R GH LQVFULSFLyQ ILQDOL]D HO GH QRYLHPEUH QVFULSFLRQHV HQ ,QVWLWXWR $UDJRQpV GH OD 0XMHU HQ +XHVFD 7HOpIRQR &RUUHR H LDPKX#DUDJRQ HV )XQGDFLyQ 6HFUHWDULDGR *LWDQR HQ +XHVFD 7HOpIRQR &RUUHR H IVJKXHVFD#JLWDQRV RUJ 0iV LQIRUPDFLyQ
/,7(5$5,$6 6215,6$6 < /É*5,0$6 (1 /$ (6&8(/$ '( $1721,2 $5$0$<21$
$ ODV K HQ OD /LEUHUtD $QRQLPD SUHVHQWDFLyQ GH 6RQULVDV \ OiJULPDV HQ OD HVFXHOD GH $QWRQLR $UDPD\RQD (O SURIHVRUÉQJHO 5DPtUH] DFRPSDxDUi DO DXWRU $O ILQDOL]DU VH WRPDUi XQ (QDWH 0iV LQIRUPDFLyQ
ZZZ OLEUHULDDQRQLPD HV QRWLFLDV
&/8% '( /(&785$ (1 )5$1&e6
$ ODV K HQ OD %LEOLRWHFD 0XQLFLSDO $QWRQLR 'XUDO *XGLRO 0iV LQIRUPDFLyQ
&8(17$/(1*8$6 (1 É5$%(
$ ODV K HQ OD %LEOLRWHFD 0XQLFLSDO 5DPyQ - 6HQGHU 0iV LQIRUPDFLyQ
&8(17$/(1*8$6 (1 É5$%(
(O ~OWLPR MXHYHV GHO PHV D ODV K HQ OD %LEOLRWHFD 5DPyQ - 6HQGHU &XHQWDFXHQWRV HQ iUDEH SDUD WRGDV ODV HGDGHV 0iV LQIRUPDFLyQ
&/8% /(&785$ (1 )5$1&e6
(O ~OWLPR MXHYHV GHO PHV D ODV K HQ OD %LEOLRWHFD 5DPyQ - 6HQGHU 1HFHVDULD LQVFULSFLyQ SUHYLD /HFWXUDV GH OLEURV HQ IUDQFpV GH DXWRUHV DV GH OD OLWHUDWXUD IUDQFHVD DFWXDOHV \ FOiVLFRV 0iV LQIRUPDFLyQ
$&7,9,'$'(6 '(/ $/ '( 129,(0%5(
&/8% /(&785$ 6(1'(5
(O ~OWLPR YLHUQHV GH FDGD PHV D ODV K HQ OD %LEOLRWHFD 5DPyQ - 6HQGHU 5HXQLRQHV PHQVXDOHV GRQGH VH FRPHQWDQ GLIHUHQWHV WHPDV GHULYDGRV GH OD OHFWXUD GH XQ OLEUR HO DXWRU FRQWH[WR KLVWyULFR JpQHUR OLWHUDULR SHUVRQDOHV HWF 1HFHVDULD LQVFULSFLyQ SUHYLD 0iV LQIRUPDFLyQ
&8(17$/(1*8$6 (1 ,1*/e6
$ ODV K HQ OD %LEOLRWHFD 0XQLFLSDO $QWRQLR 'XUiQ *XGLRO 0iV LQIRUPDFLyQ
7(578/,$ (1 $5$*21e6
$ ODV K HQ HO &DIp GHO $UWH 2UJDQL]D &RQVHOOR G D )DEOD 0iV LQIRUPDFLyQ
0Ô6,&$ 81$ ',9$ (1 (/ ',9É1
/DXUD *DUFtD 2ODOOD \ 0RGHVWR /DL $ ODV K HQ OD 'LSXWDFLyQ 3URYLQFLDO GH +XHVFD &RQFLHUWR HVFHQLILFDGR 0iV LQIRUPDFLyQ
('8 %,*+$1'6
%OXHV 0DGULG (Q 6DOD (GpQ D ODV K 0iV LQIRUPDFLyQ
2548(67$ '( &É0$5$ '( 728/286(
$ ODV K HQ HO 3DODFLR GH &RQJUHVRV 7LVWRX ySHUD SDUD WRGD OD IDPLDOLD 0iV LQIRUPDFLyQ
5,., /Ð3(=
&DQWDXWRU FLFOR $ &iQWDURV (Q HO &HQWUR &XOWXUDO 0DWDGHUR D ODV K 0iV LQIRUPDFLyQ
35$*$ &$0(5$7$ 0Ô6,&$ &/É6,&$
$ ODV K HQ OD 'LSXWDFLyQ 3URYLQFLDO GH +XHVFD 0iV LQIRUPDFLyQ
7+( 5$1'< 0$1'<6
$ ODV K HQ OD 6DOD (GpQ 7KH UDQG\ PDQG\V LQGLH URFN 3DX 0iV LQIRUPDFLyQ
%,(19(1,'26 (/ 086,&$/ $ ODV K HQ HO 3DODFLR GH &RQJUHVRV 0XVLFDO 0iV LQIRUPDFLyQ
$&7,9,'$'(6 '(/ $/ '( 129,(0%5(
&$5/26 &+$28(1
$ ODV K HQ HO &HQWUR &XOWXUDO 0DWDGHUR &LFOR $ &iQWDURV 0iV LQIRUPDFLyQ
352<(&&,21(6 É*25$
$ ODV K HQ OD 'LSXWDFLyQ 3URYLQFLDO GH +XHVFD SUR\HFFLyQ GH OD SHOtFXOD ÉJRUD (Q HO PDUFR GH DFWRV GH VHQVLELOL]DFLyQ FRQWUD OD YLROHQFLD KDFLD ODV PXMHUHV 0iV LQIRUPDFLyQ
(/ '(67,12 6( ',6&8/3$ '( -26e /8,6 6É(1 '( +(5(',$
&LFOR 5LVDV GH D\HU &RPHGLD HVSDxROD GH ORV DxRV (Q OD )DFXOWDG GH (PSUHVD \ *HVWLyQ 3~EOLFD D ODV K 0iV LQIRUPDFLyQ
&$<2 /$5*2 '( -2+1 +86721
(Q HO (VSDFLR ,EHUFDMD &DVWLOOR GH 0RQWHDUDJyQ D ODV K 0iV LQIRUPDFLyQ
&,&/2 '( &,1( '( /,7(5$785$ < 08-(5(6
$YHOHWUD \ HO ,QVWLWXWR $UDJRQpV GH OD 0XMHU RUJDQL]DQ HO ,, &LFOR GH &LQH GH /LWHUDWXUD \ 0XMHUHV FX\D WHPiWLFD HVWH DxR HV *yWLFR $QJORVDMyQ 8Q SDVHR SRU ODV WLQLHEODV GH FXDWUR HVFULWRUDV 0DUWHV GH QRYLHPEUH &KDUORWWH %U|QWH \ -DQH (\UH 0DUWHV GH QRYLHPEUH )ODQQHU\ 2 &RQQRU \ 6DQJUH 6DELD 0DUWHV GH QRYLHPEUH &DUVRQ 0F &XOOHUV \ /D %DODGD GHO 6DG &DIp 0DUWHV GH QRYLHPEUH $QQLH 3URXO[ \ $WDQGR &DERV 7RGDV ODV VHVLRQHV WHQGUiQ OXJDU D ODV KRUDV HQ HO 6DOyQ 0XOWLXVRV GHO *RELHUQR GH $UDJyQ *HQDUR 3R]D VLWR HQ & %DUEDVWUR Q +XHVFD /D HQWUDGD HV JUDWXLWD 0iV LQIRUPDFLyQ
*5$7$/ 1257( 685 (67( < 2(67(
$ ODV K HQ HO VDOyQ GH DFWRV GHO (VSDFLR ,EHUFDMD &DVWLOOR 0RQWHDUDJyQ $XGLRYLVXDO GH &DUORV (VWDJH IRWyJUDIR 0iV LQIRUPDFLyQ
5(72512 $ %5,'(6+($'
$ ODV K HQ HO 7HDWUR 2OLPSLD 5HWRUQR D %ULGHVKHDG GH - -RUUROG -XHYHV GH &LQH 0iV LQIRUPDFLyQ
/$ /(*,Ð1 '(/ É*8,/$
$ ODV K HQ HO &HQWUR &XOWXUDO ,EHUFDMD 3DODFLR 9LOODKHUPRVD /D OHJLyQ GHO iJXLOD GH .HYLQ 0DF'RQDOG FLFOR +XHVFD \ HO $OWRDUDJyQ QRYHGDGHV UHFLHQWHV HQ KLVWRULD \ DUTXHRORJtD
0iV LQIRUPDFLyQ
$&7,9,'$'(6 '(/ $/ '( 129,(0%5(
/$ 9,'$ (1 81 +,/2
$ ODV K HQ OD )DFXOWDG GH (PSUHVD \ *HVWLyQ 3~EOLFD /D YLGD HQ XQ KLOR GH (GJDU 1HYLOOH &LFOR 5LVDV GH D\HU &RPHGLD HVSDxROD GH ORV DxRV 0iV LQIRUPDFLyQ
7($752 <2 92627526 (//$
D ODV K HQ HO &HQWUR &XOWXUDO 0DWDGHUR HO &ROHFWLYR 72 GH 7HDWUR HVWUHQD ´<R YRVRWURV HOODµ HQ FODYH GH 7HDWUR )RUR 0iV LQIRUPDFLyQ
3(3,1,//26 (16(0%/(
$ ODV K HQ HO &HQWUR &XOWXUDO 0DWDGHUR %DODV VREUH %URDGZD\ 0iV LQIRUPDFLyQ
9$5,26 &20(5&,2 -8672
'H D KRUDV HQ HO (VSDFLR ,EHUFDMD &DVWLOOR 0RQWHDUDJyQ ([SRVLFLyQ \ YHQWD GH SURGXFWRV 0iV LQIRUPDFLyQ
9,6,7$6 *8,$'$6 6$/,'$ 1$785$/,67$ 272f2
(FRORJLVWDV HQ $FFLyQ GH +XHVFD WH LQYLWD D SDUWLFLSDU HQ OD H[FXUVLyQ SRU OD 6LHUUD \ &DxRQHV GH *XDUD HO SUy[LPR ViEDGR GH 1RYLHPEUH 6DOGUHPRV GH OD 3OD]D GH 1DYDUUD D ODV KRUDV VH UXHJD SXQWXDOLGDG LQJOHVD 6HUi QHFHVDULR OOHYDU DOPXHU]R FRPLGD DJXD FKXEDVTXHUR URSD GH DEULJR \ FDO]DGR DGHFXDGR SDUD FDPLQDU (O UHFRUULGR FRQVLVWLUi HQ UHDOL]DU XQD UXWD FLUFXODU HQWUH 5RGHOODU 'yOPHQ GH OD /RVD 0RUD \ 2WtQ SDUD YROYHU GH QXHYR D 5RGHOODU +DVWD HVH SXQWR QRV GHVSOD]DUHPRV GHVGH +XHVFD HQ QXHVWURV FRFKHV RUJDQL]iQGRQRV HQWUH ORV YHKtFXORV GLVSRQLEOHV 0iV LQIRUPDFLyQ
7HO KXHVFD#HFRORJLVWDVHQDFFLRQ RUJ
(;326,&,21(6 '(/ $/ '( 129,(0%5(
7+( $5*21$876 'HO GH RFWXEUH DO GH QRYLHPEUH (Q OD 'LSXWDFLyQ GH +XHVFD ([SRVLFLyQ IRWRJUiILFD GH -RUJH )XHPEXHQD 0iV LQIRUPDFLyQ
&2/(&&,Ð1 1$(0, 'HO GH RFWXEUH DO GH QRYLHPEUH (Q OD 'LSXWDFLyQ GH +XHVFD ([SRVLFLyQ FROHFWLYD 0LDPL ((88 0iV LQIRUPDFLyQ
3$/(7$6 < 3,1&(/(6 (Q HO (VSDFLR ,EHUFDMD &DVWLOOR 0RQWHDUDJyQ 0XHVWUD UHWURVSHFWLYD GH OD REUD GH yOHRV \ SDVWHO GH -RDTXtQ 9LOODFDPSD ,QDXJXUDFLyQ HO GH QRYLHPEUH D ODV · KRUDV 0iV LQIRUPDFLyQ
;,9 35(0,2 )272*5É),&2 &,8'$' '( +8(6&$ 'HO DO GH QRYLHPEUH GH HQ OD 6DOD GH ([SRVLFLRQHV &HQWUR &XOWXUDO GHO 0DWDGHUR 0iV LQIRUPDFLyQ
//8Ì6 +257$/ 'HO GH RFWXEUH DO GH HQHUR (Q HO &HQWUR 'H $UWH \ 1DWXUDOH]D &'$1 0iV LQIRUPDFLyQ
&85626 '(/ $/ '( 129,(0%5(
$6752120Ì$ &8562 7$//(5 '( &216758&&,Ð1 '( 7(/(6&23,26 (O FXUVR WDOOHU WHQGUi OXJDU HQ OD VHGH GH OD $JUXSDFLyQ $VWURQyPLFD HQ +XHVFD GXUDQWH WRGRV ORV ViEDGRV GHVGH HO GH VHSWLHPEUH DO GH GLFLHPEUH GH KRUDV D KRUDV (O Q~PHUR Pi[LPR GH DOXPQRV VyOR GH SHUVRQDV GHELGR D OD FRPSOHMLGDG GH RUJDQL]DFLyQ \ GHVDUUROOR GH HVWH WLSR GH FXUVRV WDOOHU 1R HV QHFHVDULR WHQHU IRUPDFLyQ SUHYLD DOJXQD SHUR VL PiV GH DxRV (O FXUVR VHUi LPSDUWLGR SRU ÉQJHO %LDUJH %LWULD 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ $JUXSDFLyQ $VWURQyPLFD GH +XHVFD 7UDYHVtD %DOOHVWHURV EDMR 7HO LQIR#DDKX HV
$8',29,68$/(6 &,1( ',*,7$/ (1 $/7$ '(),1,&,Ð1 &É0$5$6 '6/5 < +' &21 6(1625 683(5 (Q HO &HQWUR &XOWXUDO ,EHUFDMD GH +XHVFD ORV GtDV YLHUQHV GH QRYLHPEUH HQ KRUDULR GH D K \ ViEDGR GH QRYLHPEUH GH D K \ GH D K (VWH WDOOHU VH HQPUDFD HQ OD SURJUDPDFLyQ GHO ; 6HPLQDULR GH 3URGXFFLyQ $XGLRYLVXDO 6H SRQGUiQ D SUXHED OD &DQRQ ' XWLOL]DGD FRPR PHGLR GH DGTXLVLFLyQ +' \ OD 6RQ\ )6 DPEDV DFWXDOPHQWH FRPSHWLGRUDV HQ HO VHJPHQWR GH FiPDUDV GH ySWLFDV LQWHUFDPELDEOHV \ VHQVRU GH PLOtPHWURV 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ ZZZ UHDOL]DGRUHVRVFHQVHV FRP
18(926 )250$726 '( 352'8&&,Ð1 $8',29,68$/ < &,1( ',*,7$/ 'HO DO GH QRYLHPEUH D ODV K HQ HO 6DOyQ GH $FWRV GHO &HQWUR &XOWXUDO ,EHUFDMD GH +XHVFD WHQGUi OXJDU HO ; 6HPLQDULR GH 3URGXFFLyQ $XGLRYLVXDO RUJDQL]DGR SRU OD DVRFLDFLyQ GH YLGHRUUHDOL]DGRUHV RVFHQVHV (QWUDGD OLEUH D ODV SRQHQFLDV 3DUD SDUWLFLSDU HQ HO WDOOHU &LQH GLJLWDO HQ DOWD GHILQLFLyQ &iPDUDV '6/5 \ +' FRQ VHQVRU VXSHU TXH WHQGUi OXJDU HO ILQ GH VHPDQD VHUi QHFHVDULD LQVFULSFLyQ SUHYLD 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ ZZZ UHDOL]DGRUHVRVFHQVHV FRP
'(6$552//2 3(5621$/ &8562 '( $8723527(&&,Ð1 3$5$ &+,&$6 D ODV K HQ OD 6DOD GH 'LQiPLFD GHO 0DWDGHUR FRPLHQ]D HO FXUVR GH WUHV GtDV O P \ [ HQWUH \ K GH $XWRSURWHFFLyQ SDUD FKLFDV ²HQWUH \ DxRV TXH RUJDQL]D HO $\XQWDPLHQWR GH +XHVFD FRPR FRODERUDFLyQ HQWUH iUHDV GH 6HJXULGDG &LXGDGDQD \ 6HUYLFLRV 6RFLDOHV ,JXDOGDG H ,QWHJUDFLyQ 3DUD LQIRUPDUWH H LQVFULELUWH LQVFULELUVH GLUtJLWH D ÉUHD GH ,JXDOGDG PXQLFLSDO 7HO 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ 7HO &RQFHMDOtD GH ,JXDOGDG H ,QWHJUDFLyQ 3]D 6 %HUQDUGR
)/$0(1&2 )/$0(1&2 &ODVHV UHJXODUHV GH EDLOH IODPHQFR VHPDQDOHV YDULRV QLYHOHV GLIHUHQWHV KRUDULRV $ FDUJR GH /D 7DWH /DV LQVFULSFLRQHV SDUD ORV FXUVRV GH EDLOH IODPHQFR HVWDQ DELHUWDV 6H UHDOL]DQ HQ HO &HQWUR 'HSRUWLYR - GH OD FLXGDG GH +XHVFD 3OD]R GH LQVFULSFLyQ 0iV LQIRUPDFLyQ /$ 7$7( - 7HO LQIR#ODWDWH\FR FRP ZZZ ODWDWH\FR FRP
&85626 '(/ $/ '( 129,(0%5(
,',20$6 &/$6(6 '( É5$%( ÉUDEH SDUD DGXOWRV /RV PDUWHV PLpUFROHV \ MXHYHV GH D K 'HVGH HO GH RFWXEUH (O SUHFLR ½ DO PHV 2UJDQL]D $VRFLDFLyQ GH 0XMHUHV ,QPLJUDQWHV ÉUDEHV \ $IULFDQDV $VF 0XMHUHV ,QPLJUDQWHV ÉUDEHV \ $IULFDQDV 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ $VRFLDFLyQ GH 0XMHUHV ,QPLJUDQWHV ÉUDEHV \ $IULFDQDV F 7HQHUtDV EDMRV 7HO
,1)250É7,&$ ,17(51(7 1,9(/ ,17(50(',2 3HUIHFFLRQD WX GHVWUH]D QDYHJDQGR SRU ,QWHUQHW \ JHVWLRQDQGR WX FRUUHR HOHFWUyQLFR 'LULJLGR D 0D\RUHV GH DxRV 'XUDFLyQ KRUDV )HFKDV 'HO DO GH GLFLHPEUH +RUDULR 'H OXQHV D YLHUQHV 7XUQR PDxDQDV GH D K 6HUYLFLR GH JXDUGHUtD
7XUQR WDUGHV GH D K 3OD]R LQVFULSFLyQ GHO DO GH QRYLHPEUH $8/$ ,1)2&(1752 &HQWUR &tYLFR 6DQWLDJR (VFDUWtQ 2WtQ & 6DQ 9LFHQWH GH 3D~O +XHVFD 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ 7HOpIRQR LQIRFHQWUR#KXHVFD HV
21 /,1( ',1$0,=$'25 62&,$/ &2081,7$5,2 &XUVR LPSDUWLGR GHQWUR GH OD RIHUWD GH FXUVRV GHO FDPSXV RQ OLQH 2FpDQR $WOiQWLFR 'HVWLQDWDULRV HVWH FXUVR YD GLULJLGR D FXDOTXLHU SHUVRQD LQWHUHVDGD ,QVFULSFLyQ DELHUWD WRGR HO DxR /D GXUDFLyQ WRWDO GHO FXUVR HV GH KRUDV (O SUHFLR GHO FXUVR HV GH HXURV 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ 2FpDQR $WOiQWLFR & 9DOOH GH =XUL]D =DUDJR]D 7HO FDPSXVRQOLQH#RFHDQRDWODQWLFR RUJ ZZZ RFHDQRDWODQWLFR RUJ
*(67,Ð1 < $7(1&,Ð1 '( /$ '(3(1'(1&,$ &XUVR LPSDUWLGR GHQWUR GH OD RIHUWD GH FXUVRV GHO FDPSXV RQ OLQH 2FpDQR $WOiQWLFR 'HVWLQDWDULRV HVWH FXUVR YD GLULJLGR D FXDOTXLHU SHUVRQD LQWHUHVDGD ,QVFULSFLyQ DELHUWD WRGR HO DxR /D GXUDFLyQ WRWDO GHO FXUVR HV GH KRUDV (O SUHFLR GHO FXUVR HV GH HXURV 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ 2FpDQR $WOiQWLFR & 9DOOH GH =XUL]D =DUDJR]D 7HO FDPSXVRQOLQH#RFHDQRDWODQWLFR RUJ ZZZ RFHDQRDWODQWLFR RUJ
75$6725126 *(1(5$/,=$'26 '(/ '(6$552//2 &XUVR LPSDUWLGR GHQWUR GH OD RIHUWD GH FXUVRV GHO FDPSXV RQ OLQH 2FpDQR $WOiQWLFR 'HVWLQDWDULRV HVWH FXUVR YD GLULJLGR D FXDOTXLHU SHUVRQD LQWHUHVDGD ,QVFULSFLyQ DELHUWD WRGR HO DxR /D GXUDFLyQ WRWDO GHO FXUVR HV GH KRUDV (O SUHFLR GHO FXUVR HV GH HXURV 3OD]R GH LQVFULSFLyQ 0iV LQIRUPDFLyQ 2FpDQR $WOiQWLFR & 9DOOH GH =XUL]D =DUDJR]D 7HO FDPSXVRQOLQH#RFHDQRDWODQWLFR RUJ ZZZ RFHDQRDWODQWLFR RUJ
&85626 '(/ $/ '( 129,(0%5(
7$//(5(6 &$5/26 *5$66$ 7252 7$//(5 '( 1$55$7,9$ (Q HO &HQWUR &XOWXUDO 0DWDGHUR D ODV K 2UJDQL]D $YHOHWUD 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ
7$//(5(6 '( 3(5&86,Ð1 $)5,&$1$ (Q OD (VFXHOD GH $UWH D ODV K WDOOHU LQWHQVLYR GH SHUFXVLyQ DIULFDQD ,QLFLDFLyQ \ DYDQ]DGR 5LWPRV EDODNXODQGMD \ GLDQVD 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ NXQDUDEDPEDUD#JPDLO FRP 7HO &RNH
(1&8(1752 < 7$//(5(6 '( '$1=$ $)52%5$6,/(f$ < 3$6$&$//(6 (Q HO FDPSLQJ GH $Q]iQLJR HQFXHQWUR \ WDOOHUHV GH GDQ]D DIUREUDVLOHxD KRUDV ½ \ SDVDFDOOHV KRUDV \ PHGLD ½ FRQ HO SURIHVRU ;DQGL /LEHUDWR (VWDQFLD HQ DOEHUJXH SHQVLyQ FRPSOHWD ½
,QIR H LQVFULSFLRQHV 7HO HVFXHOD#GLGDEL RUJ 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ 7HO
7$//(5 '( $35(1',=$-( '(/ (63$f2/ $ 75$9e6 '(/ 25'(1$'25 /RV MXHYHV GH K D K HQ HO &HQWUR &tYLFR 6DQWLDJR (VFDUWtQ $ SDUWLU GH DxRV 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ
(03/(# 7$//(5 '( %Ô648('$ '( (03/(2 (1 ,17(51(7 /RV MXHYHV GH D K HQ HO &HQWUR &tYLFR 6DQWLDJR (VFDUWtQ 'LULJLGR D GHVHPSOHDGRV PD\RUHV GH DxRV 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ
9$5,26 7Ô 0,602 +$%,/,'$'(6 '20e67,&$6 3$5$ +20%5(6 &2&,1$ < $/,0(17$&,Ð1 'H D K HQ OD VHGH GH &RQIHUHQFLDV GH 6DQ 9LFHQWH GH 3D~O F 3DGUH +XHVFD (V XQ FXUVR RUJDQL]DGR HQWUH ORV &HQWURV & 'H &XOWXUD 3RSXODU \ 6HUYLFLRV 6RFLDOHV ,JXDOGDG,1WHJUDFLyQ 3DUD LQIRUPDUVH H LQVFULELUVH HQ HO FXUVR TXH GXUDUi KDVWD HO GH GLFLHPEUH KD\ TXH FRQWDFWDU HO ÉUHD GH ,JXDOGDG PXQLFLSDO 3OD]R GH LQVFULSFLyQ
0iV LQIRUPDFLyQ ZZZ KXHVFD HV
&21&85626 '(/ $/ '( 129,(0%5(
$57(6 3/É67,&$6 &21&8562 &$57(/ $81&,$'25 (63,(//2 ; 3HUVRQDV \ FROHFWLYRV GH FXDOTXLHU HGDG \ QDFLRQDOLGDG FRQ XQ Pi[LPR GH WUHV WUDEDMRV LPSUHVRV HQ SDSHO )RUPDWR \ WDPDxR GHO FDUWHO \ GHO SURJUDPD OLEUH GLPHQVLRQHV Pi[LPDV GHO FDUWHO $ 7HPiWLFD HO FLQH HO GRFXPHQWDO OD HWQRJUDItD ODV FRVWXPEUHV HO 6REUDUEH (Q HO FDUWHO \ HQ OD SRUWDGD GHO SURJUDPD GHEHUi ILJXUDU HO ORJRWLSR GH (63,(//2 \ HO WH[WR ; )HVWLYDO ,QWHUQDFLRQDO GH 'RFXPHQWDO (WQRJUiILFR GH 6REUDUEH %ROWDxD GHO DO GH DEULO GH 'HEHUiQ DSDUHFHU ORV ORJRWLSRV RILFLDOHV GH OD &RPDUFD GH 6REUDUEH \ HO &HQWUR GH (VWXGLRV GH 6REUDUEH FRPR RUJDQL]DGRUHV \ VH UHVHUYDUi XQ HVSDFLR SDUD ORV FRODERUDGRUHV VH IDFLOLWDUiQ ORV ORJRV D TXLHQHV OR VROLFLWHQ R FXOWXUD#VREUDUEH FRP 3UHPLR GH HXURV (O IDOOR GHO MXUDGR VH KDUi S~EOLFR DQWHV GHO GH HQHUR GH 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
ZZZ HVSLHOOR FRP
$8',29,68$/(6 &21&8562 '( &/,30(75$-(6 78 38172 '( 9,67$ 38('( &$0%,$5 (/ 081'2 /D 21* 0DQRV 8QLGDV KD SXHVWR HQ PDUFKD OD WHUFHUD HGLFLyQ GHO FRQFXUVR GH FOLSPHWUDMHV 7X SXQWR GH YLVWD SXHGH FDPELDU HO PXQGR UHVHUYDGR D SLH]DV TXH KDQ GH JLUDU HQ WRUQR D WHPDV UHODFLRQDGRV FRQ OD UHDOLGDG DIULFDQD 9tGHRV GH PLQXWR GH GXUDFLyQ TXH GHEHUiQ HQYLDUVH DQWHV GHO GH QRYLHPEUH (O FRQFXUVR WDPELpQ FXHQWD FRQ XQD FDWHJRUtD SDUD DOXPQRV GH VHFXQGDULD EDFKLOOHUDWR R )3 R DVRFLDFLRQHV MXYHQLOHV GH $QGDOXFtD $UDJyQ &DVWLOOD /D 0DQFKD &DVWLOOD \ /HyQ &DWDOXxD R 0DGULG FRQ VXV EDVHV \ SUHPLRV HVSHFtILFRV 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
ZZZ FOLSPHWUDMHVPDQRVXQLGDV RUJ
3,7&+,1* )2580 '(/ )(67,9$/ ,17(51$&,21$/ '( &,1( '2&80(17$/ '2&6%$5&(/21$ +DVWD HO GH GLFLHPEUH HVWi DELHUWR HO SOD]R GH SUHVHQWDFLyQ GH SUR\HFWRV GH GRFXPHQWDOHV SDUD HO 3LWFKLQJ )RUXP GHO )HVWLYDO ,QWHUQDFLRQDO GH &LQH 'RFXPHQWDO 'RFV%DUFHORQD TXH VH FHOHEUDUi GHO GH HQHUR DO GH IHEUHUR GH 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
ZZZ GRFVEDUFHORQD FRP
48,17$ (',&,Ð1 '( /$ 3(&&$ (O GH GLFLHPEUH VH FLHUUD HO SOD]R SDUD SUHVHQWDU REUDV D OD TXLQWD HGLFLyQ GH /D 3HFFD XQ FHUWDPHQ GH FRUWRPHWUDMHV GH WHPiWLFD /*%7 /pVELFD *D\ %LVH[XDO 7UDQVH[XDO RUJDQL]DGR SRU OD $VRFLDFLyQ 'H)UHQWH /*%7 GH 6HYLOOD 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
ZZZ GHIUHQWH RUJ
&(57$0(1 1$&,21$/ '( &25720(75$-(6 326,9Ì'(2 +DVWD HO GH GLFLHPEUH HVWi DELHUWD OD FRQYRFDWRULD SDUD SDUWLFLSDU HQ HO &HUWDPHQ 1DFLRQDO GH &RUWRPHWUDMHV 3RVLYtGHR SDUD FRUWRV GH PHQRV GH PLQXWRV GH GXUDFLyQ TXH KD\DQ VLGR UHDOL]DGRV D SDUWLU GH 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
-89(178'
ZZZ SRVLYLGHR FRP
&21&85626 '(/ $/ '( 129,(0%5(
35(0,26 8(0 -Ð9(1(6 (035(1'('25(6 62&,$/(6 3RGUiQ LQVFULELUVH WRGRV ORV MyYHQHV GH D DxRV TXH OLGHUHQ XQ SUR\HFWR FRQ UHSHUFXVLyQ VRFLDO GHQWUR GHO WHUULWRULR HVSDxRO \D VHD GHVGH VX SURSLD RUJDQL]DFLyQ GHVGH XQD 21/ R XQD HPSUHVD 6H HQWUHJDUiQ XQ WRWDO GH SUHPLRV D SUR\HFWRV \ MyYHQHV GLIHUHQWHV ORV FXDOHV VH EHQHILFLDUiQ GH D\XGD HFRQyPLFD IRUPDFLyQ LPSDUWLGD SRU SURIHVLRQDOHV GLIXVLyQ GH ORV SUR\HFWRV HQ PHGLRV GH FRPXQLFDFLyQ \ OD LQFOXVLyQ HQ XQD UHG \D FUHDGD GH MyYHQHV HPSUHQGHGRUHV HQ OD TXH VLQ GXGD UHVLGH OD JUDQ ULTXH]D GH HVWD LQLFLDWLYD %DVHV &RPSOHWDV GH ORV 3UHPLRV H LQVFULSFLRQHV HQ OD ZHE LQGLFDGD DEDMR 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
ZZZ \RXWKDFWLRQQHW RUJ LQGH[ SKS"IXVH QDWLRQDODSSO\ VFRSH QDWLRQDO QDPH 6SDLQ
/,7(5$785$ /Ì1($6 $f26 /D /LEUHUtD &HQWUDO GH =DUDJR]D FRQYRFD HVWH FRQFXUVR HQ HO TXH SRGUi SDUWLFLSDU WRGD SHUVRQD MXUtGLFD UHVLGHQWH HQ $UDJyQ FRQ XQD REUD LQpGLWD \ RULJLQDO \ TXH QR KD\D FRQFXUVDGR R SDUWLFLSH HQ RWUR 3UHPLR DQiORJR R SDUHFLGR DGHPiV SRGUi SDUWLFLSDU HO DOXPQDGR GH WRGRV ORV FHQWURV HGXFDWLYRV GH $UDJyQ GH (GXFDFLyQ 3ULPDULD 6HFXQGDULD %DFKLOOHUDWR R )RUPDFLyQ 3URIHVLRQDO /DV REUDV VH SUHVHQWDUDQ HQ HVSDxRO \ HO WHPD VHUi OLEUH /D H[WHQVLyQ Pi[LPD VHUi GH OtQHDV GH XQ ',1$ \ FRQ FXHUSR GH OHWUD HQ 7LPHV 1HZ 5RPDQ (O SOD]R GH DGPLVLyQ GH RULJLQDOHV WHUPLQDUi HO PLpUFROHV GH QRYLHPEUH D ODV K 3OD]R SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
/LEUHUtD &HQWUDO 7HO 'LUHFFLyQ &RURQD GH $UDJyQ =DUDJR]D
%(&$6 '(/ $/ '( 129,(0%5(
%(&$6 '( )250$&,Ð1 ( ,19(67,*$&,Ð1 '(/ 0,1,67(5,2 '( ('8&$&,Ð1 6H FRQYRFDQ EHFDV GH IRUPDFLyQ H LQYHVWLJDFLyQ HQ UpJLPHQ GH FRQFXUUHQFLD FRPSHWLWLYD HQ HO 0LQLVWHULR GH (GXFDFLyQ GH ODV FXDOHV VHUiQ GH IRUPDFLyQ HQ REVHUYDFLyQ \ GLVHxR GH FXDOLILFDFLRQHV SURIHVLRQDOHV HQ GRFXPHQWDFLyQ \ OHJLVODFLyQ HGXFDWLYD HQ LQYHVWLJDFLyQ H LQQRYDFLyQ HGXFDWLYD HQ WHFQRORJtDV GH OD LQIRUPDFLyQ \ OD FRPXQLFDFLyQ DSOLFDGDV D OD HGXFDFLyQ HQ iUHD GH GRFXPHQWDFLyQ ELEOLRWHFD \ DUFKLYR \ HQ HYDOXDFLyQ \ HVWDGtVWLFDV HGXFDWLYDV 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ KWWS ZZZ ERH HV ERH GLDV SGIV %2( $ SGI
%(&$6 '( 35É&7,&$6 3$5$ /,&(1&,$'26 $6 (1 (/ ,167,7872 (8523(2 '(/ 0(',7(55É12 ,QVWLWXWR (XURSHR GHO 0HGLWHUUiQHR GH %DUFHORQD FRQYRFD EHFDV SDUD /LFHQFLDGRV DV PHQRUHV GH DxRV 7HQHU OD QDFLRQDOLGDG GH DOJXQR GH HVWRV SDtVHV $OEDQLD $OHPDQLD $UJHOLD $XVWULD %pOJLFD %RVQLD +HU]HJRYLQD %XOJDULD &URDFLD &KLSUH 'LQDPDUFD (JLSWR (VORYDTXLD (VORYHQLD (VSDxD (VWRQLD )LQODQGLD )UDQFLD *UHFLD +XQJUtD ,UODQGD ,VUDHO ,WDOLD -RUGDQLD /HWRQLD /tEDQR /LWXDQLD /X[HPEXUJR 0DOWD 0DUUXHFRV 0DXULWDQLD 0yQDFR 0RQWHQHJUR 3DtVHV %DMRV 3DOHVWLQD 3RORQLD 3RUWXJDO 5HLQR 8QLGR 5HS~EOLFD &KHFD 5XPDQtD 6LULD 6XHFLD 7~QH] \ 7XUTXtD ,GLRPDV (VSDxRO ,QJOpV R IUDQFpV )(&+$6 /Ì0,7( 0É6 ,1)250$&,Ð1 'XUDFLyQ PHVHV 'RWDFLyQ ½ /XJDU ,QVWLWXWR (XURSHR GHO 0HGLWHUUiQHR %DUFHORQD 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ KWWS ZZZ LHPHG RUJ SUHVHQWDFLR HV OLHPHG EHTXHV HVS JXLDEHTXHVHVS SGI
)(//2:6+,36 )25 ,17(51$7,21$/ 678'(176 )25 7+( (8523($1 '2&725 ,1 ,1'8675,$/ 0$1$*(0(17 352*5$0 (UDVPXV 0XQGRV &RQYRFD EHFDV SDUD PiVWHUV HQ LQJHQLHUtD (XURSHDQ 'RFWRU LQ ,QGXVWULDO 0DQDJHPHQW 3URJUDP (',0 HV XQ SURJUDPD GH LQYHVWLJDFLyQ GH GRFWRUDGR SDUD OD IRUPDFLyQ GRFWRUDO HQ DERUGDU ODV FXHVWLRQHV DGPLQLVWUDWLYDV GH LPSRUWDQFLD SDUD OD IXWXUD FRPSHWLWLYLGDG \ OD VRVWHQLELOLGDG GH ODV HPSUHVDV LQGXVWULDOHV GH (XURSD /D PLVLyQ GHO SURJUDPD HV JHQHUDU FRQRFLPLHQWRV GH YDQJXDUGLD HQ OD LQWHUVHFFLyQ GH OD LQJHQLHUtD \ GH JHVWLyQ 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ KWWS HF HXURSD HX HGXFDWLRQ H[WHUQDO UHODWLRQ SURJUDPPHV GRF BHQ KWP ($&($ (UDVPXV 0XQGXV#HF HXURSD HX
%(&$6 ,17(51$&,21$/(6 3$5$ /$ 3527(&&,Ð1 '(/ &/,0$ /DV %HFDV ,QWHUQDFLRQDOHV GH 3URWHFFLyQ GHO &OLPD SHUPLWHQ TXH ORV EHFDULRV SXHGDQ OOHYDU D FDER XQ SUR\HFWR GH LQYHVWLJDFLyQ UHODFLRQDGRV FRQ HO GH VX HOHFFLyQ GXUDQWH XQD HVWDQFLD GH XQ DxR HQ $OHPDQLD 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ )XQGDFLyQ $OH[DQGHU YRQ +XPEORW -HDQ 3DXO 6WUD H ' %RQQ 7HO ZZZ KXPEROGW IRXQGDWLRQ GH LQIR#DYK GH
%(&$6 '(/ $/ '( 129,(0%5(
%(&$6 3$5$ 7,78/$'26 $6 683(5,25(6 (1 /$ ',5(&&,Ð1 *5$/ '( &20(5&,2 ,17(5,25 (O 0LQLVWHULR GH ,QGXVWULD 7XULVPR \ &RPHUFLR FRQYRFD EHFDV SDUD WLWXODGRV DV VXSHULRUHV HQ OD 'LUHFFLyQ *UDO GH &RPHUFLR ,QWHULRU SDUD PHQRUHV GH DxRV OLFHQFLDGRV DV LQJHQLHURV DV R DUTXLWHFWRV DV )HFKD OtPLWH 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ KWWS ZZZ ERH HV ERH GLDV SGIV %2( $ SGI
7e&1,&2 '( /$%25$725,2 (1 0,f$12 &RQYRFDWRULD GH 3UiFWLFDV 3URIHVLRQDOHV GH 7pFQLFR GH /DERUDWRULR 5HTXLVLWRV 0HQRUHV GH DxRV (Q VLWXDFLyQ GH GHVHPSOHR $QiOLVLV \ FRQWURO 6H UHFRJHUiQ VROLFLWXGHV KDVWD FXEULU SOD]D LQGHWUHPLQDGR 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ )XQGDFLyQ 1RYLD 6DOFHGR ,SDUUDJLUUH HVTXLQD -XDQ GH $MXULDJXHUUD %LOEDR 7HO ZZZ QRYLDVDOFHGR HV MRYHQHV
%(&$6 %$1&$-$ $'(,7 %DQFDMD \ OD )XQGDFLyQ 8QLYHUVLGDG (PSUHVD GH 9DOHQFLD $GHLW FRQYRFDQ EHFDV SDUD SUiFWLFDV HQ HPSUHVDV HXURSHDV GLULJLGDV D WLWXODGRV XQLYHUVLWDULRV GH WRGR HO iPELWR QDFLRQDO \ GH FXDOTXLHU WLWXODFLyQ 3DUD EHQHILFLDUVH GH HVWDV EHFDV HO VROLFLWDQWH GHEH FXPSOLU ORV VLJXLHQWHV UHTXLVLWRV VHU WLWXODGR XQLYHUVLWDULR GH FXDOTXLHU XQLYHUVLGDG HVSDxROD S~EOLFD R SULYDGD FXDOTXLHUD TXH VHD VX iUHD GH HVWXGLRV OD WLWXODFLyQ GHEH HQFRQWUDUVH HQ HO FDWiORJR RILFLDO GH ODV LPSDUWLGDV HQ XQLYHUVLGDGHV HVSDxRODV KDEHU ILQDOL]DGR ORV HVWXGLRV XQLYHUVLWDULRV HQ ORV ~OWLPRV DxRV VLQ H[SHULHQFLD SUHYLD HQ HO iPELWR SURIHVLRQDO GH VX WLWXODFLyQ QLYHO GH LGLRPDV DGHFXDGR SDUD OD UHDOL]DFLyQ GH ODV SUiFWLFDV \ QR KDEHU GLVIUXWDGR GH RWUD EHFD GH SUiFWLFDV HQ HO H[WUDQMHUR $UJR ,QWHJUDQWV /HRQDUGR GD 9LQFL (UDVPXV SUiFWLFDV )DUR X RWURV SURJUDPDV VLPLODUHV ([LVWH OD SRVLELOLGDG GH DFFHGHU D XQD EHFD /HRQDUGR GD 9LQFL SDUD UHDOL]DU XQD SUiFWLFD HQ XQD HPSUHVD FRQ OD TXH HO FDQGLGDWR KD\D FRQWDFWDGR GLUHFWDPHQWH VLHPSUH \ FXDQGR HO FDQGLGDWR \ OD HPSUHVD FXPSODQ FRQ ORV UHTXLVLWRV TXH H[LJH HO SUR\HFWR (O SOD]R GH SUHVHQWDFLyQ GH VROLFLWXGHV SHUPDQHFHUi DELHUWR GXUDQWH WRGR HO DxR HV GHFLU TXH HQ FXDOTXLHU PRPHQWR SXHGH SUHVHQWDU OD VROLFLWXG WHQLHQGR HQ FXHQWD TXH KD\ TXH VHU WLWXODGR XQLYHUVLWDULR HQ HO PRPHQWR GH LQLFLDU OD SUiFWLFD /D HVWDQFLD WLHQH XQD GXUDFLyQ GH VHPDQDV ,QLFLDOPHQWH VH GHEH UHDOL]DU XQD LQVFULSFLyQ HOHFWUyQLFD HQ OD TXH VH LQFOXLUi HO &9 \ OD FDUWD GH SUHVHQWDFLyQ HQ HO LGLRPD GHO SDtV GRQGH VH GHVHH UHDOL]DU OD SUiFWLFD $ SDUWLU GH HVH PRPHQWR SDUWLFLSDUi HQ DTXHOORV SURFHVRV GH VHOHFFLyQ HQ ORV TXH ODV HPSUHVDV GHPDQGHQ XQ SHUILO TXH VH FRUUHVSRQGD FRQ VXV FDUDFWHUtVWLFDV SHUVRQDOHV \ SURIHVLRQDOHV 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ ZZZ DGHLW XY HV EHFDULRV/G9
*(25* )2567(5 %(&$6 '( ,19(67,*$&,Ð1 3$5$ ,19(67,*$'25(6 3267'2&725$/(6 /D EHFD GH LQYHVWLJDFLyQ *HRUJ )RUVWHU SDUD LQYHVWLJDGRUHV SRVWGRFWRUDOHV SHUPLWH OOHYDU D FDER XQ SUR\HFWR GH LQYHVWLJDFLyQ D ODUJR SOD]R PHVHV HQ FRODERUDFLyQ FRQ XQ DQILWULyQ DFDGpPLFR TXH XVWHG PLVPR KD\D VHOHFFLRQDGR GH XQD LQVWLWXFLyQ GH LQYHVWLJDFLyQ HQ $OHPDQLD /D SURSXHVWD GH LQYHVWLJDFLyQ GHEH DERUGDU FXHVWLRQHV GH LPSRUWDQFLD VLJQLILFDWLYD SDUD HO GHVDUUROOR IXWXUR GH VX SDtV GH RULJHQ \ HQ HVWH FRQWH[WR VH FRPSURPHWHQ D IDFLOLWDU OD WUDQVIHUHQFLD GH FRQRFLPLHQWRV \ PpWRGRV SDUD HO GHVDUUROOR \ ORV SDtVHV HPHUJHQWHV 'LULJLGDV D LQYHVWLJDGRUHV FRQ FDOLILFDFLRQHV SRU HQFLPD GH SURPHGLR DO FRPLHQ]R GH VX FDUUHUD DFDGpPLFD \ TXH KD\DQ FRPSOHWDGR VX GRFWRUDGR HQ ORV ~OWLPRV FXDWUR DxRV /RV FLHQWtILFRV \ DFDGpPLFRV GH WRGDV ODV GLVFLSOLQDV GH GHVDUUROOR \ ORV SDtVHV HPHUJHQWHV FRQ H[FOXVLyQ GH OD 5HS~EOLFD 3RSXODU GH &KLQD \ OD ,QGLD SXHGHQ VROLFLWDU OD EHFD D OD )XQGDFLyQ $OH[DQGHU YRQ +XPEROGW GLUHFWDPHQWH HQ FXDOTXLHU PRPHQWR 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ )XQGDFLyQ $OH[DQGHU YRQ +XPEORW -HDQ 3DXO 6WUD H ' %RQQ 7HO ZZZ KXPEROGW IRXQGDWLRQ GH LQIR#DYK GH
%(&$6 '(/ $/ '( 129,(0%5(
,; &2192&$725,$ %(&$6 &$0 $57(6 3/Ã&#x2030;67,&$6 8Q MXUDGR FXDOLILFDGR VHOHFFLRQDUi KDVWD VHLV EHFDV HQ FXDOTXLHUD GH ODV VLJXLHQWHV GLVFLSOLQDV GH $UWHV 3OiVWLFDV SLQWXUD HVFXOWXUD GLEXMR IRWRJUDItD YtGHR \ WpFQLFDV GLJLWDOHV (O GLVIUXWH GH HVWD D\XGD HV LQFRPSDWLEOH FRQ FXDOTXLHU RWUD D\XGD LQVWLWXFLRQDO VDOYR DXWRUL]DFLyQ H[SUHVD GH &$0 &DVR GH TXH HO DUWLVWD SUHPLDGR HVWp GLVIUXWDQGR GH FXDOTXLHU RWUD EHFD R D\XGD GHEHUi FRPXQLFDUOR D &$0 /D EHFD HV H[FOXVLYDPHQWH SDUD OD UHDOL]DFLyQ GH XQ SUR\HFWR DUWtVWLFR (Q QLQJ~Q FDVR SDUD OD UHDOL]DFLyQ GH HVWXGLRV UHODFLRQDGRV FRQ OD PDWHULD 'HVWLQDULRV 7HQHU HQWUH \ DxRV HQ OD IHFKD GH HQYtR GH OD VROLFLWXG \ FXPSOLU DOJXQR GH HVWRV UHTXLVLWRV (VSDxROHV TXH VHDQ UHVLGHQWHV HQ WHUULWRULR HVSDxRO R TXH WXYLHUDQ VX UHVLGHQFLD IXHUD GH (VSDxD DFUHGLWDQGR HVWD FLUFXQVWDQFLD 1DFLRQDOHV GH FXDOTXLHU HVWDGR PLHPEUR GH OD 8QLyQ (XURSHD FRQ UHVLGHQFLD HQ (VSDxD DFUHGLWDQGR HVWD FLUFXQVWDQFLD 1DFLRQDOHV H[WUDFRPXQLWDULRV FRQ UHVLGHQFLD HQ (VSDxD DFUHGLWDQGR HVWD FLUFXQVWDQFLD (QWLGDG RUJDQL]DGRUD &DMD 0HGLWHUUiQHR &$0 3OD]R GH VROLFLWXG 0iV LQIRUPDFLyQ &$0 KWWS REUDVRFLDO FDP HV HV 3DJLQDV +RPH DVS["FS
9$5,26 '(/ $/ '( 129,(0%5(
3/$=$6 (1 (/ ,167,7872 1$&,21$/ '( /$6 $57(6 (6&e1,&$6 < '( /$ 0Ô6,&$ SOD]DV HQ HO ,1$(0 FDQWDQWHV SLDQLVWD \ WpFQLFR D GH DUFKLYR IRWRJUiILFR )HFKD OtPLWH 0iV LQIRUPDFLyQ
KWWS ZZZLQDHP PFX HV &2192&$725,$6 &RQYRFDWRULDV %$6(6 SGI
352&(62 '( 6(/(&&,Ð1 ,1*(1,(526 3$5$ 68(&,$ 92/92 &RQYRFD (XUHV 5HTXLVLWRV ,QJHQLHURV GH WHOHFRPXQLFDFLRQHV HOHFWUyQLFD HOHFWULFLGDG H LQIRUPiWLFD ([SHULHQFLD PtQLPD GH GRV DxRV 1LYHO IOXLGR GH LQJOpV 0iV LQIRUPDFLyQ
ZZZ VHSH HV FRQWHQLGR HPSOHRBIRUPDFLRQ HXUHV SGI 2IHU6XHB6HOHFB9ROYR SGI ZZZ VHSH HV FRQWHQLGR HPSOHRBIRUPDFLRQ HXUHV SGI 2IHU6XHB6HOHFB9ROYR SGI
&21)(5(1&,$ -Ð9(1(6 < 62&,('$' (1 (8523$ < (1 (/ 0(',7(55É1(2 /D VH[WD HGLFLyQ GH OD FRQIHUHQFLD WHQGUi OXJDU HQ %DUFHORQD HQ MXQLR GH FRQ HO OHPD -yYHQHV \ 6RFLHGDGHV HQ (XURSD \ HQ HO 0HGLWHUUiQHR ,WLQHUDULRV H LGHQWLGDGHV HQ XQ FRQWH[WR GH LQWHUQDFLRQDOL]DFLyQ RUJDQL]DGD SRU HO *UXSR GH ,QYHVWLJDFLyQ HQ (GXFDFLyQ \ 7UDEDMR *5(7 GH OD )DFXOWDG GH &LHQFLDV 3ROtWLFDV \ 6RFLRORJtD GH OD 8QLYHUVLGDG $XWyQRPD GH %DUFHORQD 8$% /DV SURSXHVWDV GH FRPXQLFDFLyQ GHEHQ HQYLDUVH DQWHV GHO GH RFWXEUH GH D WUDYpV GH OD ZHE KWWS MRUQDGHV XDE FDW MVHP 0iV LQIRUPDFLyQ
KWWS MRUQDGHV XDE FDW MVHP
(03/(2 (1 ',61(</$1' 3$5,6 '(6'( (63$f$ &RQYRFD 'LVQH\ODQG 3DULV 6yOR SRGUiQ SDUWLFLSDU ORV DV FDQGLGDWRV DV TXH WHQJDQ XQ QLYHO DOWR WDQWR GH IUDQFpV FRPR LQJOpV \ TXH VHDQ PD\RUHV GH HGDG +DFH IDOWD WUDHU HO FXUUtFXOXP YLWDH \ XQD FRSLD GHO '1, R 1,( (O WLHPSR GH FRQWUDWDFLyQ VHUi GH XQ PtQLPR GH RFKR PHVHV )(&+$6 /Ì0,7( 2FWXEUH HQ 0DGULG 1RYLHPEUH HQ 0DGULG 'LFLHPEUH HQ $OLFDQWH (QHUR HQ 0DGULG 0iV LQIRUPDFLyQ
KWWS GLVQH\ODQGSDULV FDVWLQJ FRP
9$5,26 '(/ $/ '( 129,(0%5(
2)(57$ '( (03/(2 $*(17(6 '( 5(6(59$6 3$5$ (/ 0(5&$'2 (63$f2/ 'HVWLQDWDULR )RUPDFLyQ PtQLPD %DFKLOOHUDWR R HTXLYDOHQWH QDFLRQDOLGDG GHO ((( (VSDFLR (FRQyPLFR (XURSHR $/48,/(5 '( 9(+Ì&8/26 +(57= '8%/,1
FDSDFLGDG SDUD OD VROXFLyQ GH SUREOHPDV \ WRPD GH GHFLVLRQHV ,QJOpV $OWR (VSDxRO DOWR 6H YDORUDUiQ ORV FRQRFLPLHQWRV GH ,WDOLDQR DSWLWXGHV FRPHUFLDOHV FRQRFLPLHQWR GH KHUUDPLHQWDV LQIRUPiWLFDV EiVLFDV 1R KD\ SOD]R &XDQGR VH KD\DQ UHFLELGR ORV VXILFLHQWHV &9V SDUD OD HPSUHVD VH FLHUUD 6$/$5,2 ½ %UXWRV DxR 3RVLELOLGDG GH SOXV GH UHQGLPLHQWR GH ½ DxR ,PSRUWDQWHV YHQWDMDV H[WUD VDODULDOHV SODQ GH SHQVLRQHV DWHQFLyQ PpGLFD LQVWDODFLRQHV GH RFLR FRPHGRU GH HPSUHVD HWF -251$'$ < +25$5,26 K 6HPDQDOHV /DV HQWUHYLVWDV VH UHDOL]DUiQ HQ 9DOODGROLG ORV GtDV \ (QYLDU &9 (1 ,1*/e6 ´RQ OLQHµ D WUDYpV GHO VLJXLHQWH HQODFH KWWSV LHMREV KHUW] LFLPV FRP MREV MRE"PRGH YLHZ (QYLDU FRSLD GHO &9 D SHUJDUUI#MF\O HV (85(6 9DOODGROLG /D DSOLFDFLyQ ´RQ OLQHµ HV LPSUHVFLQGLEOH DVt FRPR HO HQYtR GH FRSLD 0iV LQIRUPDFLyQ
KWWSV LHMREV KHUW] LFLPV FRP MREV MRE"PRGH YLHZ
(1)(50(5$6 < ),6,27(5$3(87$6 )5$1&,$ &RQYRFD 6(/(&&,21 (03/2, (8523( 6 / 'HVWLQDWDULRV DV (QIHUPHU#V WLWXODGRV \ )LVLRWHUDSHXWDV WLWXODGRV &HUWLILFDGR '(/) R 7&) QLYHO E GH IUDQFpV 0iV LQIRUPDFLyQ
6(/(&&,21 (03/2, (8523( 2OLYR 8UE $WDOD\D 5HDO 3('5(=8(/$ 7HO LQIR#VHOHXURSD FRP ZZZ VHOHXURSD FRP
35$&7,&$6 (1 / $*(1&( 3285 / ('8&$7,21 3$5 /( 63257 528%$,; )5$1&,$ /D $JHQFH SRXU O (GXFDWLRQ SDU OH 6SRUW VH RFXSD GH IRPHQWDU OD LQVHUFLyQ VRFLDO GH ORV MyYHQHV D WUDYpV GHO GHSRUWH X HVWi EXVFDQGR XQ D EHFDULR D SDUD XQD SUiFWLFD GH PHVHV FRQ HO REMHWLYR GH OOHYDU D FDER WDUHDV TXH IRPHQWHQ HO GHVDUUROOR GH XQD UHG HXURSHD 'HVWLQDWDULRV DV -yYHQHV FRQ EXHQDV FDSDFLGDGHV GH FRPXQLFDFLyQ FRQRFLPLHQWR GH ODV LQVWLWXFLRQHV HXURSHDV FRQRFLPLHQWRV GH PDUNHWLQJ FDSDFLGDGHV SDUD JHVWLRQDU \ OOHYDU D FDER XQ SUR\HFWR PXFKD LQLFLDWLYD VHU GLQiPLFR \ SDFLHQWH /LFHQFLDWXUD \ PDVWHU HQ HFRQyPLFDV 1LYHO DOWR GH LQJOpV (Q SDUWLFXODU HO D EHFDULR D VH RFXSDUi GH 7DUHDV GH LQYHVWLJDFLyQ \ UHJLVWUR E~VTXHGD GH VRFLRV HXURSHRV \ VXEYHQFLRQHV SUR\HFWRV SDUD OD UHFDXGDFLyQ GH IRQGRV SDUD ILQDQFLDU ODV DFWLYLGDGHV GH OD RUJDQL]DFLyQ /D SUiFWLFD VH GHVDUUROODUi HQ OD VHGH GH OD HQWLGDG HQ 5RXEDL[ 'XUDFLyQ GH OD SUiFWLFD PHVHV 5HPXQHUDFLyQ VHJ~Q FRQWUDWR GH SUiFWLFDV HQ YLJRU HQ )UDQFLD ,QWHUHVDGRV DV HQYLDU XQ PDLO FRQ &9 \ FDUWD PRWLYDFLRQDO $ $ 1DHO -XPD D OD GLUHFFLyQ GH FRUUHR VLJXLHQWH OEDUD#DSHOV RUJ \ SRQLHQGR HQ HO FRQFHSWR VWDJH $JHQFH SRXU O·(GXFDWLRQ SDU OH 6SRUW 1R KD\ XQ SOD]R FHUUDGR KDVWD FRQVHJXLU HO D FDQGDGDWR D LGHDO 0iV LQIRUPDFLyQ
$JHQFH SRXU O pGXFDWLRQ SDU OH VSRUW UXH 0DU[ 'RUPR\ )5 3DULV 7HO ZZZ DSHOV RUJ ZZZ DSHOV RUJ
9$5,26 '(/ $/ '( 129,(0%5(
&2192&$725,$ (;3(5,0(17$&,21 62&,$/ /D &RPLVLyQ (XURSHD KD SXEOLFDGR XQD FRQYRFDWRULD TXH WLHQH FRPR REMHWLYR PHMRUDU OD FDOLGDG \ HIHFWLYLGDG GH ODV SROtWLFDV VRFLDOHV SDUD IDFLOLWDU VX DGDSWDFLyQ D ODV QXHYDV QHFHVLGDGHV \ GHVDItRV VRFLDOHV /RV SUR\HFWRV TXH WLHQHQ FDELGD HQ HVWD FRQYRFDWRULD KDEUiQ GH GHVWLQDUVH D GLVHxDU JHVWLRQDU \ GHVDUUROODU PpWRGRV SDUD HYDOXDU ODV H[SHULPHQWDFLRQHV VRFLDOHV GHVDUUROODU HVWUDWHJLDV SDUD DPSOLDU OD H[SHULPHQWDFLyQ VRFLDO \ H[WUDSRODU VXV UHVXOWDGRV D PHGLGDV SROtWLFDV FRRSHUDU \ HVWDEOHFHU UHGHV GH FRQWDFWR 3XHGHQ SDUWLFLSDU WRGDV ODV SDUWHV LQYROXFUDGDV GH ORV (VWDGRV TXH SDUWLFLSDQ HO SURJUDPD 352*5(66 DVt FRPR ORV SDtVHV GH OD $(/& ORV SDtVHV FDQGLGDWRV \ SUHFDQGLGDWRV /RV FDQGLGDWRV SXHGHQ VHU RUJDQLVPRV S~EOLFRV DJHQFLDV HVWDWDOHV R VHPL HVWDWDOHV D QLYHO QDFLRQDO ORFDO R UHJLRQDO /DV SURSXHVWDV GHEHQ SUHVHQWDUVH SRU XQ SDUWHQDULDGR FRQVWLWXLGR SRU GRV WLSRV GH VRFLRV DXWRULGDG S~EOLFD R DJHQFLD S~EOLFD R VHPLS~EOLFD D QLYHO FHQWUDO UHJLRQDO \ ORFDO \ DO PHQRV XQD RUJDQL]DFLyQ GH OD VRFLHGDG FLYLO 21* HPSUHVD VRFLDO LQWHUORFXWRU VRFLDO HWF 6H DFRQVHMD LQYROXFUDU D RWURV DFWRUHV FRPR HPSUHVDV XQLYHUVLGDGHV«HWF (O SUHVXSXHVWR GH HVWD FRQYRFDWRULD HV GH PLOORQHV GH HXURV 6H SUHYp VHOHFFLRQDU HQWUH \ SUR\HFWRV /D D\XGD ILQDQFLHUD GH OD 8QLyQ QR H[FHGHUi HO GHO WRWDO GH ORV FRVWHV DGPLVLEOHV GH FDGD SUR\HFWR (O FDQGLGDWR GHEH JDUDQWL]DU OD FRILQDQFLDFLyQ HQ HIHFWLYR GHO UHVWDQWH /DV FRQWULEXFLRQHV HQ HVSHFLH QR VRQ DFHSWDGDV 6H UHFKD]DUiQ DXWRPiWLFDPHQWH ODV VROLFLWXGHV GH VXEYHQFLyQ VXSHULRUHV DO /DV DFWLYLGDGHV GHEHUiQ FRPHQ]DU HQWUH HO \ HO SRU XQD GXUDFLyQ Pi[LPD GH PHVHV \ XQ SHUtRGR GH WLHPSR PtQLPR GH PHVHV /DV SURSXHVWDV GHEHQ KDFHUVH D WUDYpV GH LQWHUQHW \ GHEHQ HQYLDUVH SRU FRUUHR HQ GRV HMHPSODUHV HQ SDSHO D OD &RPLVLyQ 0iV LQIRUPDFLyQ
KWWS HF HXURSD HX VRFLDO PDLQ MVS"FDW,G ODQJ,G HQ FDOO,G IXUWKHU&DOOV \HV
3/$=$ '( ('8&$'25 (1 (/ 086(2 7+<66(1 %251(0,6=$ &RQYRFD 0XVHR 7K\VVHQ %RUQHPLV]D 5HTXLVLWRV /LFHQFLDGRV HQ +XPDQLGDGHV 6H YDORUDUiQ HVWXGLRV GH SRVWJUDGR UHODFLRQDGRV FRQ OD KLVWRULD GHO DUWH \ R OD HGXFDFLyQ HQ PXVHRV 6H UHTXLHUH ([SHULHQFLD SURIHVLRQDO HQ OD UHDOL]DFLyQ GH DFWLYLGDGHV HGXFDWLYDV GH PXVHRV ([SHULHQFLD GHPRVWUDEOH HQ GLVHxR GH SURJUDPDV HGXFDWLYRV $ELHUWR SOD]R GH SUHVHQWDFLyQ 0iV LQIRUPDFLyQ
ZZZ PXVHRWK\VVHQ RUJ WK\VVHQ RIHUWDBGHWDOOH
(8523($1 &,7,=(16+,3 ,1 <287+ :25. 'HVGH HO KDVWD HO GH 0DU]R HQ ,WDOLD WHQGUi OXJDU XQ FXUVR GH IRUPDFLyQ LQWHUQDFLRQDO VREUH SUR\HFWRV GH IRPHQWR GH OD LQFOXVLyQ GH OD &LXGDGDQtD (XURSHD HQ ORV SUR\HFWRV GH -H$ -RYHQWXG HQ $FFLyQ /HQJXD GH WUDEDMR ,QJOpV 3HUILO GH ORV SDUWLFLSDQWHV SHUVRQDV GH HQWLGDGHV TXH TXLHUDQ PHMRUDU OD FDOLGDG GH VXV SUR\HFWRV GH -H$ DVt FRPR VXV FRPSHWHQFLDV HQ OD FLXGDGDQtD HQ JHQHUDO \ HXURSHD HQ SDUWLFXODU ,QVFULSFLyQ RQOLQH KWWS ZZZ VDOWR \RXWK QHW WRROV HXURSHDQ WUDLQLQJ FDOHQGDU WUDLQLQJ HXURSHDQ FLWL]HQVKLS LQ \RXWK ZRUN WUDLQLQJ FRXUVH LQ LWDO\ 0iV LQIRUPDFLyQ