Issuu on Google+

%(&$6 $JHQGD-RYHQGHPDU]R

$<8'$63$5$&85626'(,10(56,Ð1(1/(1*8$,1*/(6$ 6HFRQYRFDQKDVWDD\XGDVGHHXURVFDGDXQDSDUDVHJXLUXQFXUVRGHLQPHUVLyQOLQJtVWLFDHQLQJOpV RUJDQL]DGRSRUOD8QLYHUVLGDG,QWHUQDFLRQDO0HQpQGH]3HOD\R 8,03 /RVFXUVRVWDQWRHQODPRGDOLGDGGH$JLOLGDG 2UDOFRPRGH,QJOpVHVSHFLDOL]DGRWHQGUiQXQDGXUDFLyQGHFLQFRGtDV\VHGHVDUUROODUiQHQUpJLPHQGHLQWHUQDGR GHGRPLQJRSRUODWDUGHDViEDGRDPHGLRGtD 3RGUiQVROLFLWDUHVWDVD\XGDVORVMyYHQHVTXHQRKD\DQFXPSOLGRDxRVDGHGLFLHPEUHGH\TXHKD\DQ REWHQLGRODFRQGLFLyQGHEHFDULRSDUD(QVHxDQ]DV8QLYHUVLWDULDV(QVHxDQ]DV$UWtVWLFDV6XSHULRUHVRWURV(VWXGLRV 6XSHULRUHVR)RUPDFLyQ3URIHVLRQDOGH*UDGR6XSHULRU 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSZZZLQMXYHHVFRQYRFDWRULDVFXUVRVD\XGDVSDUDFXUVRVGHLQPHUVLRQHQOHQJXDLQJOHVD

)Ð50$7(&2027(67(5/,1*hÌ67,&2'(9,'(2-8(*26 6LWLHQHVPiVGHDxRVHO%DFKLOOHUDWRFRQFOXLGRXQEXHQQLYHOGHLQJOpV\WHDSDVLRQDQORVYLGHRMXHJRVSXHGHV VROLFLWDUXQDEHFDSDUDIRUPDUWHFRPRWHVWHUOLQJtVWLFRGHYLGHRMXHJRV/RVWHVWHUVRQORVUHVSRQVDEOHVTXHWRGRV ORVWH[WRVTXHDSDUHFHQHQXQYLGHRMXHJRHVWpQFRUUHFWRV /DIRUPDFLyQGHORVHOHJLGRVDVVHGHVDUUROODUiHQODVHGHPDGULOHxDGH($GHOGHDEULODOGHPD\R HQHO VLJXLHQWHKRUDULRGHPDxDQD DKRUDV RWDUGH DKRUDV

\HQFRQWUDUiVWRGDODLQIRUPDFLyQ HQODZHEIXHHVHDFDPSXVROODPDQGRDO 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSZZZIXHHVHDFDPSXVLQGH[DVS

'2&725$1'26(,19(67,*$'25(6(1$/(0$1,$ %HFDVSDUDGRFWRUDGRVHLQYHVWLJDGRUHVH[WUDQMHURVTXHGHVHHQGHVDUUROODUXQSUR\HFWRGHLQYHVWLJDFLyQHQ $OHPDQLDHQXQFHQWURS~EOLFRGHHGXFDFLyQVXSHULRURXQDHQWLGDGGHLQYHVWLJDFLyQQRXQLYHUVLWDULDGH$OHPDQLD 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ ZZZGDDGHV

$<8'$63$5$&85626'(,1*/e625*$1,=$'26325/$81,9(56,'$'0(1e1'(= 3(/$<2 1~PHURGHD\XGDV 'RWDFLyQHXURVFDGDXQD %HQHILFLDULRVMyYHQHVTXHQRKD\DQFXPSOLGRDxRVDGHGLFLHPEUHGH\TXHKD\DQREWHQLGRODFRQGLFLyQ GHEHFDULRDSDUD(QVHxDQ]DV8QLYHUVLWDULDV(QVHxDQ]DV$UWtVWLFDV6XSHULRUHV)RUPDFLyQ3URIHVLRQDOGH*UDGR 6XSHULRUXRWURV(VWXGLRV6XSHULRUHV 'XUDFLyQGtDV6HGHVDUUROODUiQHQUpJLPHQGHLQWHUQDGRGHGRPLQJRSRUODWDUGHDViEDGRDPHGLRGtD (VSHFLDOLGDGHV&LHQFLDVGHOD6DOXG\GHOD9LGD\&LHQFLDV6RFLDOHV\+XPDQDV 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ ZZZPHFGJRE


%(&$6 $JHQGD-RYHQGHPDU]R

%(&$63$5$81352*5$0$'(,1*/e6(678',$17(6'(%$&+,//(5$72 1~PHURGHEHFDV 'XUDFLyQXQDVHPDQD %HQHILFLDULRVMyYHQHVQDFLGRVHQWUHHOGHHQHURGH\HOGHGLFLHPEUHGHTXHHVWpQPDWULFXODGRVHQ HOFXUVRHQFXDOTXLHUDGHODVVLJXLHQWHVHQVHxDQ]DV%DFKLOOHUDWR(QVHxDQ]DVGH0~VLFD\'DQ]D*UDGR 0HGLRGH)RUPDFLyQ3URIHVLRQDO*UDGR0HGLRGH$UWHV3OiVWLFDV\'LVHxR*UDGR0HGLRHQ(QVHxDQ]DV'HSRUWLYDV\ *UDGR,QWHUPHGLRR$YDQ]DGRHQ(QVHxDQ]DVGH,GLRPDV 'HEHUiQDFUHGLWDUWHQHUWRWDOPHQWHDSUREDGRHOFXUVRDQWHULRUFRQXQDQRWDPHGLDPtQLPDGHSXQWRVHQOD DVLJQDWXUDGHLQJOpV 'RWDFLyQHXURV 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ ZZZPHFGJRE

(/352*5$0$)8/%5,*+7(63$f$&2192&$%(&$6'((678',2(1(67$'26 81,'26 (OSURJUDPD)XOEULJKWTXHIRPHQWDHOLQWHUFDPELRHGXFDWLYRHQWUH(VWDGRV8QLGRV\RWURVSDtVHVFRQYRFDEHFDV SDUDFXUVDUHVWXGLRVGHSRVWJUDGRHQXQLYHUVLGDGHVGH(VWDGRV8QLGRVHQFXDOTXLHUGLVFLSOLQDSDUDHOFXUVR  5HTXLVLWRVGHODVSHUVRQDVVROLFLWDQWHV1DFLRQDOLGDGHVSDxRODRGHRWURSDtVGHOD8QLyQ(XURSHD7tWXORVXSHULRU REWHQLGRHQWUHHQHURGH\MXQLRGH([FHOHQWHFRQRFLPLHQWRGHOLGLRPDLQJOpVKDEODGR\HVFULWR\6HJ~Q HOWLSRGHHVWXGLRTXHVHGHVHHUHDOL]DUSXHGHVHUQHFHVDULDH[SHULHQFLDSURIHVLRQDO\RODSUHVHQWDFLyQGHORV UHVXOWDGRVGHO*UDGXDWH0DQDJHPHQW$GPLVLyQ7HVW *0$7  'HDPHVHVUHQRYDEOHSRUXQVHJXQGRSHULRGRGHPHVHVFRPRPi[LPR 3HULRGRGHGLVIUXWHGHODEHFDHQWUHHOYHUDQRXRWRxRGH\HOYHUDQRGH /DGRWDFLyQLQFOX\HORVJDVWRVGHYLDMHODFRPSUDGHOLEURV\PDWHULDOHVDORMDPLHQWRPDQXWHQFLyQ\JDVWRV DGLFLRQDOHVPDWUtFXODVHJXURPpGLFR\GHDFFLGHQWHV 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSIXOEULJKWHVFRQYRFDWRULDVYHUDPSOLDFLRQGHHVWXGLRV

%(&$65$0Ð1$5(&(6 2EMHWR9HLQWLGyVEHFDVSDUDODUHDOL]DFLyQGHHVWXGLRVHQXQLYHUVLGDGHV\FHQWURVGHLQYHVWLJDFLyQHQHO H[WUDQMHURGXUDQWHHOFXUVRDFDGpPLFRVREUHWHPDVUHODFLRQDGRVFRQODVFLHQFLDVGHODYLGD\GHOD PDWHULD/DFRQYRFDWRULDGHOSUHVHQWHDxRHVWiRULHQWDGDKDFLDORVFDPSRVGH %LRPHGLFLQD 4XtPLFD )tVLFD\PDWHPiWLFDV &DPELRFOLPiWLFR &LHQFLDVGHOPDU 5HTXLVLWRV+DOODUVHHQSRVHVLyQGHOWtWXORGHGRFWRUSRUXQDXQLYHUVLGDGHVSDxRODRH[WUDQMHUDHQHOPRPHQWRGH SUHVHQWDFLyQGHVROLFLWXG6HGDUiSUHIHUHQFLDDORVFDQGLGDWRVTXHKD\DQREWHQLGRHOJUDGRGHGRFWRUHQWUH\ (VWDUDGPLWLGRHQXQDXQLYHUVLGDGRFHQWURGHLQYHVWLJDFLyQHQHOH[WUDQMHURSDUDHOFXUVR 'RWDFLyQHXURVDOPHV (GDGHVGHGHVWLQDWDULRVGHVGHKDVWD 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ ZZZIXQGDFLRQDUHFHVHV


%(&$6 $JHQGD-RYHQGHPDU]R

352*5$0$'(%(&$65(362/3$5$72'$6/$67,78/$&,21(6 3DUDODUHDOL]DFLyQGHSUiFWLFDVHQHO*UXSR5HSVROGHEHUiVFXPSOLU 6LHUHV(VWXGLDQWH+DEHUFXUVDGRDOPHQRVHOGHORVFUpGLWRVGHODFDUUHUD(VWDULQVFULWRHQHO&2,(RHQWLGDG GHOD8QLYHUVLGDGTXHJHVWLRQHODVSUiFWLFDVGHHVWXGLDQWHV 6L\DKDVDFDEDGRODFDUUHUD(VWDUFXUVDQGRDOJXQDIRUPDFLyQGH3RVJUDGR7HQHUILQDOL]DGDODWLWXODFLyQHQORV ~OWLPRVFXDWURDxRV 2WURVUHTXLVLWRV,QJOpVDOWR'LVSRQLELOLGDGKRUDULRPDxDQDRWLHPSRFRPSOHWRSDUDUHDOL]DUODVSUiFWLFDV 7HRIUHFHPRVODSRVLELOLGDGGHGHVDUUROODUWHHQODVGLIHUHQWHViUHDVTXHFRPSRQHQQXHVWUDFRPSDxtD 3DUDHVWXGLDQWHVGHWLWXODFLyQVXSHULRURIUHFHPRV %HFDV3UDFWLFDV6HSXHGHGLVIUXWDUWDQWRHQHOSHQ~OWLPRFRPR~OWLPRDxRGHFDUUHUD(VWDEHFDVHSXHGH GLVWULEXLUGHPDQHUDIOH[LEOHDORODUJRGHOFXUVRDFDGpPLFRRVHSXHGHWDPELpQFRQFHQWUDUHQORVPHVHVGH YHUDQRHVSHFLDOPHQWHLQGLFDGDSDUDUHDOL]DUSUiFWLFDVHQORVFRPSOHMRVLQGXVWULDOHV 3UR\HFWRILQGHFDUUHUD'LULJLGRDO~OWLPRDxRGHODVFDUUHUDVWpFQLFDV 3DUDTXLHQHVKD\DQILQDOL]DGRVXWLWXODFLyQXQLYHUVLWDULDRIUHFHPRV%HFDVGH3RVWJUDGR6HFRQWHPSODDORV HVWXGLDQWHVGHSURJUDPDVFRPR&LWLXV2SWLPXV%HFDV(2,HQWUHRWUDV(VWDVEHFDVHVWiGHVWLQDGDVDWLWXODGRV TXHDFRJLGRVDHVWRVSURJUDPDVSXHGHFRQWLQXDUGHVDUUROOiQGRVHSURIHVLRQDOPHQWHGHQWURGHXQDFRPSDxtD PXOWLQDFLRQDO\HQXQDMRUQDGDGHWUDEDMRDWLHPSRFRPSOHWR &XUVR*DYLRWD6HYDORUDUiODSRVLELOLGDGGHEHFDUDDTXHOORVHVWXGLDQWHVRULHQWDGRVDiUHDVWpFQLFDV 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSZZZLQIRUPDMRYHQRUJFRQYRFDWRULDVILFKD$QXQFLRVDVS"&RGLJR)LFKD  XWPBPHGLXP IDFHERRN XWPBVRXUFH WZLWWHUIHHG

%(&$6($'6,1*(1,(526 -yYHQHVLQJHQLHURVWLWXODGRV\HVWXGLDQWHVGH~OWLPRVFXUVRVHQ,QJHQLHUtD$HURQiXWLFDH,QJHQLHUtD,QGXVWULDOFRQ DOWRQLYHOGHLQJOpVVHYDORUDUiQWDPELpQRWURVLGLRPDV /RVSURJUDPDVGHEHFDVGH($'6HVWiQGHVWLQDGRVDIRUPDU,QJHQLHURVTXHHQHOIXWXURSXHGDQFXEULUODV QHFHVLGDGHVGHODFRPSDxtD$UHDVIXQFLRQDOHVGHODVEHFDV,QJHQLHUtD 6WUHVV 6WUXFWXUDO$QDO\VLV6WUXFWXUDO 'HVLJQ6\VWHPV(QJLQHHULQJ$UFKLWHFWXUH$YLRQLFV(OHFWURQLF (OHFWULFDO6\VWHPV(0&/HDQ([SHUWV 6XSSO\ &KDLQ4XDOLW\)LHOG(QJLQHHUV6XSSO\0DQDJHPHQW3URMHFW0DQDJHPHQW$LUZRUWKLQHVV&HUWLILFDWLRQ)OXLG 0HFKDQLFV $FRXVWLFV0DWHULDOV 3URFHVVHV7HVW(QJLQHHULQJ3URSXOVLRQ 3RZHUSODQW5$06+XPDQ)DFWRUV 2SHUDELOLW\

3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ ZZZHDGVFRPHDGVLQWHQZRUNIRUHDGVKWPO

%(&$(1(6&2&,$ 'LULJLGDDHVWXGLDQWHVXQLYHUVLWDULRVFRQH[FHOHQWHVFDOLILFDFLRQHV&XEUHWRGRVORVJDVWRVYLDMHPDWUtFXOD PDQXWHQFLyQ\DORMDPLHQWR 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ ZZZVWDQGUHZVDFXN


%(&$6 $JHQGD-RYHQGHPDU]R

%(&$6'(/$&$,;$3$5$(678',26'(326*5$'2(1$0e5,&$'(/1257( /D)XQGDFLyQOD&DL[DFRQYRFDEHFDVSDUDFXUVDUHVWXGLRVGHSRVJUDGRHQXQLYHUVLGDGHVGH(VWDGRV8QLGRVR &DQDGiGXUDQWHHOFXUVR /RVHVWXGLRVVRQGHPiVWHURGRFWRUDGR7DPELpQVHDGPLWHQHQIXQFLyQGHOLQWHUpVGHOWHPD\GHODYDOtDGHO FDQGLGDWRORVSUR\HFWRVSUHGRFWRUDOHVGHLQYHVWLJDFLyQFLHQWtILFD\WpFQLFD /RVEHFDULRVGHEHQLQFRUSRUDUVHDODVUHVSHFWLYDVXQLYHUVLGDGHVHQHO)DOO7HUPGHOFXUVR /DEHFDFXEUH%LOOHWHGHLGD\YXHOWDHQDYLyQGHVGHHODHURSXHUWRPiVFHUFDQRDOGRPLFLOLRKDELWXDOGHOEHFDULR KDVWDHODHURSXHUWRGHGHVWLQRHQ(VWDGRV8QLGRVR&DQDGi0DWUtFXODHQODXQLYHUVLGDGRFHQWURGHHQVHxDQ]D VXSHULRUGH(VWDGRV8QLGRVR&DQDGiHQTXHKD\DVLGRDGPLWLGRVLQOtPLWHGHLPSRUWH 'RWDFLyQPHQVXDOGHGyODUHV86$SDUDHVWXGLRVHQ(VWDGRV8QLGRVRGHGyODUHVFDQDGLHQVHVSDUD HVWXGLRVHQ&DQDGi /RVVROLFLWDQWHVGHEHQWHQHUODQDFLRQDOLGDGHVSDxROD/RVJUDGXDGRVXQLYHUVLWDULRVOLFHQFLDGRV\WLWXODGRV VXSHULRUHVTXHKD\DQFXUVDGRORVHVWXGLRVHQIDFXOWDGHVRFHQWURVGHHQVHxDQ]DVXSHULRUGHODVXQLYHUVLGDGHV HVSDxRODV 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSREUDVRFLDOODFDL[DHVDPELWRVEHFDVSGIDPHULFDBHVSGI

%(&$6'(µ/$&$,;$µ3$5$(678',26'('2&725$'2(181,9(56,'$'(6 (63$f2/$6 /D)XQGDFLyQµOD&DL[DµFRQYRFDEHFDVSDUDFXUVDUHVWXGLRVRILFLDOHVGHGRFWRUDGRTXHFXOPLQHQFRQODOHFWXUD GHXQDWHVLVGRFWRUDOHQXQDXQLYHUVLGDGHVSDxROD /RVHVWXGLRVWLHQHQTXHHPSH]DUHOFXUVR\HQFRQFUHWRDQWHVGHOPHVGHIHEUHURGHODxR /DFRQYRFDWRULDFRQWHPSODWRGDVODViUHDVGHOFRQRFLPLHQWR\HVWiGLULJLGDDWRGDVDTXHOODVSHUVRQDVTXHFXPSODQ ORVUHTXLVLWRVSDUDDFFHGHUDOGRFWRUDGR\TXHVHPDWULFXOHQSRUSULPHUDYH]HQHVWXGLRVGHHVWHQLYHO /DVEHFDVWLHQHQXQDGXUDFLyQLQLFLDOGHXQDxR\VHSRGUiQSURUURJDUSRUSHULRGRVLJXDOHVKDVWDXQDGXUDFLyQ Pi[LPDGHFXDWURDxRV /RVFDQGLGDWRVTXHUHFLEDQXQDEHFDGHEHUiQKDFHUHVWDQFLDVHQHOH[WUDQMHURSRUXQWLHPSRWRWDOPtQLPRGH PHVHVGXUDQWHORVWUHVSULPHURVDxRVGHOGRFWRUDGR 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSREUDVRFLDOODFDL[DHVDPELWRVEHFDVGRFWRUDGRHQHVSDQDBHVKWPO

%(&$63$5$(678',26(1(1(5*Ì$62/$5 EHFDVSDUDFXUVDUGHVGHJUDWXLWDPHQWH\HQODPRGDOLGDGDGLVWDQFLDHVWXGLRVFRQGXFHQWHVDODREWHQFLyQ GHO'LSORPDGH3UR\HFWLVWD,QVWDODGRUGH(QHUJtD6RODU 5HTXLVLWRVUHVLGLUHQOD8QLyQ(XURSHD\SRVHHUFRQRFLPLHQWRVWpFQLFRVSUHYLRVGHJUDGRPHGLRYDORUiQGRVHRWURV QLYHOHV 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ ZZZFHQVRODUHGX

%(&$63$5$75$%$-26'(,19(67,*$&,Ð1(1(/(;75$1-(52 EHFDVSDUDWUDEDMRVGHLQYHVWLJDFLyQHQ8QLYHUVLGDGHVH[WUDQMHUDVRFHQWURVGHLQYHVWLJDFLyQH[WUDQMHURV ÉUHDVDJULFXOWXUD\JDQDGHUtD&LHQFLDVGHOPDU&LHQFLDVGHODVDOXG7HFQRORJtDGHDOLPHQWRV %HQHILFLDULRVHVSDxROHVDGPLWLGRVHQXQD8QLYHUVLGDGRFHQWURGHLQYHVWLJDFLyQHQHOH[WUDQMHURSDUDHOSHUtRGR VROLFLWDGRTXHWHQJDQWtWXORGHGRFWRUHQFXDOTXLHU8QLYHUVLGDGHVSDxRODRGHHVSHFLDOLGDGHQ0HGLFLQD%LRORJtD )DUPDFLDR4XtPLFD (VQHFHVDULRSRVHHUXQEXHQFRQRFLPLHQWRGHOLGLRPDGHOSDtVGHGHVWLQRRELHQGHFXDOTXLHURWURLGLRPDTXH SHUPLWDXQDFRPXQLFDFLyQIOXLGDHQHOFHQWURGHLQYHVWLJDFLyQRXQLYHUVLGDGGHGHVWLQR 'XUDFLyQPtQLPRPHVHV\Pi[LPR 'RWDFLyQD\XGDSDUDWUDVODGRVHLQVWDODFLyQSRULPSRUWHGHHXURV 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ ZZZIXQGDPHRUJ"SDJHBLG 


%(&$6 $JHQGD-RYHQGHPDU]R

%(&$6'(3267*5$'2)81'$&,Ð1('8$5'$-8672 /DV%HFDV(GXDUGD-XVWRILQDQFLDQODUHDOL]DFLyQGHSURJUDPDVGHSRVWJUDGRSUHIHUHQWHPHQWH0iVWHUHQ'LUHFFLyQ GH(PSUHVDV 0%$ HQODVPHMRUHVXQLYHUVLGDGHV\HVFXHODVGHQHJRFLRGHOPXQGR/DGXUDFLyQHVGHXQDxR DFDGpPLFRVLELHQHO3DWURQDWRSXHGHH[WHQGHUODVDXQVHJXQGRDxRSDUDSURJUDPDVPiVWHUGHGLFKDGXUDFLyQ/RV FDQGLGDWRVGHEHQUHXQLUHQWUHRWURVORVVLJXLHQWHVUHTXLVLWRVWLWXODFLyQVXSHULRUQDFLRQDOLGDGHVSDxROD\KDEHU VROLFLWDGRODDGPLVLyQHQXQSURJUDPDPiVWHULQWHUQDFLRQDOGHUHFRQRFLGRSUHVWLJLR/D)XQGDFLyQRIUHFHGRV URQGDVGHSUHVHQWDFLyQGHVROLFLWXGHVODSULPHUDILQDOL]DHOGHPDU]RGHFDGDDxRODVHJXQGDHOGHPD\R 'HVWLQDWDULRV 7LWXODFLyQVXSHULRUQDFLRQDOLGDGHVSDxROD\KDEHUVROLFLWDGRODDGPLVLyQHQXQSURJUDPDPiVWHULQWHUQDFLRQDOGH UHFRQRFLGRSUHVWLJLR 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSZZZIXQGDFLRQHGXDUGDMXVWRHV

%(&$6'(3267*5$'2)81'$&,Ð1('8$5'$-8672 5HDOL]DUSURJUDPDVGHSRVWJUDGRSUHIHUHQWHPHQWH0iVWHUHQ'LUHFFLyQGH(PSUHVDV 'XUDFLyQXQDxRDFDGpPLFR 5HTXLVLWRVOLFHQFLDWXUDXQLYHUVLWDULDQDFLRQDOLGDGHVSDxROD\KDEHUVROLFLWDGRPDWUtFXODHQXQPiVWHU 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ ZZZIXQGDFLRQHGXDUGDMXVWRHV

%(&$63$5$(678',$17(6&2132&265(&856263$5$(/&8562 /D)XQGDFLyQ5RPDQLOORVGHGLFDGDDFRQWULEXLUDKDFHUUHDOLGDGHOSULQFLSLRGHLJXDOGDGGHRSRUWXQLGDGHVHQWUH MyYHQHVFRQSRFRVUHFXUVRVHFRQyPLFRVDODKRUDGHTXHSXHGDQFRQWLQXDUVXVHVWXGLRVODQ]DXQDQXHYD FRQYRFDWRULDGHEHFDVSDUDHOSUy[LPRFXUVR /RVUHTXLVLWRVODUHQWDIDPLOLDUDQXDOQRH[FHGDORVVLJXLHQWHVSDUiPHWURVHFRQyPLFRV )DPLOLDGHPLHPEUR½)DPLOLDGHPLHPEURV½)DPLOLDGHPLHPEURV½)DPLOLDGH PLHPEURV½)DPLOLDGHPLHPEURV½)DPLOLDGHPLHPEURV½)DPLOLDGHPLHPEURV ½\)DPLOLDGHPLHPEURV½ <VHYDORUDUiHOH[SHGLHQWHDFDGpPLFR\TXHHOODHVWXGLDQWHFRPSDWLELOLFHVXIRUPDFLyQFRQHOWUDEDMR (VWDVEHFDVH[FOX\HQHQSULQFLSLRDHVWXGLDQWHVGHSRVWJUDGRDXQTXHVHYDORUDUiFDGDFDVR 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSZZZIXQGDFLRQURPDQLOORVHVEHFDVKWPO

/$2%5$62&,$//$&$,;$&2192&$%(&$6'(326*5$'2(1(/(;75$1-(52 (VWDVEHFDVHVWiQGLULJLGDVDJUDGXDGRVDVXQLYHUVLWDULRVOLFHQFLDGRVDV\WLWXODGRVDVVXSHULRUHVGHQDFLRQDOLGDG HVSDxROD\WLHQHQFRPRGHVWLQRLQVWLWXFLRQHVVXSHULRUHVGHIRUPDFLyQHLQYHVWLJDFLyQ$PpULFDGHO1RUWH  \$VLD  /RVHVWXGLRVTXHVHGHEHQFXUVDUVRQGHPiVWHURGRFWRUDGRHQXQLYHUVLGDGHV\RWURVFHQWURVGHIRUPDFLyQH LQYHVWLJDFLyQDGVFULWRVDOSURJUDPD7DPELpQVRQDGPLWLGRVHQIXQFLyQGHOLQWHUpVGHOWHPD\GHODYDOtDGHO FDQGLGDWRORVSUR\HFWRVSUHGRFWRUDOHVGHLQYHVWLJDFLyQFLHQWtILFD\WpFQLFD /RVSOD]RVSDUDODSUHVHQWDFLyQGHVROLFLWXGHVVRQODVVLJXLHQWHV$PpULFDGHO1RUWHHOGHDEULOGH$VLDHO GHMXQLRGH 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSZZZLQIRFXOWXUHLQIRXQLGDGHVBLQIRUPDWLYDVQRWLFLDDVS[",'8, 


%(&$6 $JHQGD-RYHQGHPDU]R

%(&$6'(&2/$%25$&,Ð1 

'HVFULSFLyQ$\XGDVSDUDLQLFLDUWDUHDVGHLQYHVWLJDFLyQUHODFLRQDGDVFRQORVHVWXGLRVFXUVDGRV 'LULJLGRD(VWXGLDQWHVPDWULFXODGRVHQVHJXQGRFLFORGHHVWXGLRVXQLYHUVLWDULRV~OWLPRFXUVRGHJUDGRRSULPHU FXUVRGH0iVWHUHVRILFLDOHV 'RWDFLyQ½ 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSZZZHGXFDFLRQJREHVKRUL]RQWDOHVVHUYLFLRVEHFDVD\XGDVVXEYHQFLRQHVSDUD HVWXGLDUJUDGREHFDFRODERUDFLRQKWPO


&21&85626 $JHQGD-RYHQGHPDU]R

$UWHV /$2%5$62&,$/'(´/$&$,;$µ/$1=$/$35,0(5$&2192&$725,$'(´&20,6$57µ /DHQWLGDGODQ]DXQSURJUDPDGHDSR\RDQXHYRVFRPLVDULRVGHDUWHSRUHOTXHVHGHVDUUROODUiQWUHVSUR\HFWRV H[SRVLWLYRVTXHVHUiQLQFOXLGRVHQODSURJUDPDFLyQDQXDOGHO&DL[D)RUXPGH%DUFHORQDDSDUWLUGHRFWXEUHGH /DFRQYRFDWRULDGHMDODSXHUWDDELHUWDDTXHORVSUR\HFWRVVHOHFFLRQDGRVSXHGDQLWLQHUDUWDPELpQHQRWUDV LQVWLWXFLRQHV /D)XQGDFLyQ´/D&DL[DµLQLFLDXQDQXHYDHWDSDGHDSR\RDOVHFWRUDUWtVWLFRHQ(VSDxDFRQODILQDOLGDGGHFRQHFWDU DORVDJHQWHVTXHHVWiQFRPHQ]DQGRVXDFWLYLGDGSURIHVLRQDOHQHOiPELWRGHOFRPLVDULDGRFRQODVSRVLELOLGDGHVTXH SXHGHEULQGDUOHVODFROHFFLyQGHDUWHFRQWHPSRUiQHRGHODSURSLDHQWLGDG'HHVWDIRUPDVHRIUHFHQ RSRUWXQLGDGHVSDUDODSURIHVLRQDOL]DFLyQGHXQDSDUWHGHOVHFWRUGHOFRPLVDULDGRHVSDxRO /DFRQYRFDWRULDHVWiGHVWLQDGDDFRPLVDULRVGHDUWHFRQWHPSRUiQHRHPHUJHQWHVFRQQDFLRQDOLGDGRUHVLGHQFLD HVSDxROD /DHQWLGDGVHOHFFLRQDUiWUHVSUR\HFWRVTXHUHFLELUiQXQDDWULEXFLyQGHHXURVFDGDXQRHQFRQFHSWRGH KRQRUDULRVGHFRPLVDULDGR$GHPiVOD)XQGDFLyQ´/D&DL[Dµ (ODFFHVRDODVREUDVGHODFROHFFLyQ /DSRVLELOLGDGGHXWLOL]DUORVUHFXUVRVGLVSRQLEOHVHQHOGHSDUWDPHQWRGHH[SRVLFLRQHVGHOD)XQGDFLyQ\VX DVHVRUDPLHQWRFRQWLQXR /DSRVLELOLGDGGHDFFHGHUDUHFXUVRVH[WHUQRV $VLPLVPRORVSUR\HFWRVSRGUiQVHUH[SXHVWRVHQHO&DL[D)RUXPGH%DUFHORQD\VHHGLWDUiXQFDWiORJR\GLIHUHQWHV PDWHULDOHVGHGLIXVLyQ %DVHVGHODFRQYRFDWRULD KWWSZZZLQIRFXOWXUHLQIRILOHVGRFXPHQWVEFIFFEHFFIHIFSGI 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSREUDVRFLDOODFDL[DHVDPELWRVFRQYRFDWRULDVFRPLVDUWBHVKWPO


&21&85626 $JHQGD-RYHQGHPDU]R

$<8'$6$/$'$1=$/$/Ì5,&$</$0Ô6,&$ (O,QVWLWXWR1DFLRQDOGHODV$UWHV(VFpQLFDV\GHOD0~VLFDKDSXEOLFDGRODFRQYRFDWRULDGHD\XGDVDODGDQ]DOD OtULFD\ODP~VLFDFRUUHVSRQGLHQWHVDODxR\TXHFXHQWDQFRQGLYHUVDVPRGDOLGDGHV\DODVTXHVHGHVWLQDQ PLOORQHVGHHXURVHQVXFRQMXQWR /RVEHQHILFLDULRVGHHVWDVD\XGDVVHUiQODVSHUVRQDVRHQWLGDGHVS~EOLFDVRSULYDGDV /DVD\XGDVVHVXEGLYLGHQHQORVSURJUDPDVVLJXLHQWHV 'DQ]D $3URJUDPDVGHDSR\RSDUDJLUDVSRU(VSDxD $3URJUDPDVGHDSR\RDFRPSDxtDVGHGDQ]DSDUDJLUDVSRUHOH[WUDQMHUR $3URJUDPDVGHDSR\RDHQWLGDGHVVLQiQLPRGHOXFURGHiPELWRHVWDWDOSDUDODUHDOL]DFLyQGHDFWLYLGDGHVGH GDQ]D $3URJUDPDVGHDSR\RDIHVWLYDOHVPXHVWUDVFHUWiPHQHV\FRQJUHVRVGHGDQ]D $3URJUDPDVGHDSR\RDHVSDFLRVHVFpQLFRV\PXVLFDOHVFRQSURJUDPDFLRQHVFRUHRJUiILFDVHVWDEOHV $3URJUDPDVGHDSR\RDFLUFXLWRVGHGDQ]DRUJDQL]DGRVSRUUHGHVGHHVSDFLRVHVFpQLFRV\PXVLFDOHVIHVWLYDOHV\ FHUWiPHQHV $3URJUDPDVGHD\XGDVFRPSOHPHQWDULDVDODFRPXQLFDFLyQFRUHRJUiILFDFRQODV&RPXQLGDGHV$XWyQRPDV LQVXODUHV\ODV&LXGDGHVFRQ(VWDWXWRGH$XWRQRPtDGH&HXWD\0HOLOOD /tULFD\0~VLFD %3URJUDPDVGHDSR\RSDUDJLUDVSRU(VSDxD %3URJUDPDVGHDSR\RDLQWpUSUHWHV\DJUXSDFLRQHVGHOtULFD\P~VLFDSDUDJLUDVSRUHOH[WUDQMHUR %3URJUDPDVGHDSR\RDHQWLGDGHVVLQiQLPRGHOXFURGHiPELWRHVWDWDOSDUDODUHDOL]DFLyQGHDFWLYLGDGHVGH OtULFD\P~VLFD %3URJUDPDVGHDSR\RDIHVWLYDOHVPXHVWUDVFHUWiPHQHV\FRQJUHVRVGHOtULFD\P~VLFD %3URJUDPDVGHDSR\RDHVSDFLRVHVFpQLFRV\PXVLFDOHV\DHQWLGDGHVRUJDQL]DGRUDVGHWHPSRUDGDVOtULFDV %3URJUDPDVGHD\XGDVDHQFDUJRVGHFRPSRVLFLyQYLQFXODGRVDHVWUHQR %3URJUDPDVGHD\XGDVFRPSOHPHQWDULDVDODFRPXQLFDFLyQOtULFD\PXVLFDOFRQODV&RPXQLGDGHV$XWyQRPDV LQVXODUHV\ODV&LXGDGHVFRQ(VWDWXWRGH$XWRQRPtDGH&HXWD\0HOLOOD 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZPFXHVDUWHV(VFHQLFDV6&EHFDV$\XGDV6XEYHQFLRQHV0XVLFD'DQ]DKWPO

,,,08(675$'($57(6(6&e1,&$6 0RGDOLGDGHVWHDWURFORZQPRQyORJRVFXHQWDFXHQWRVPDJLDGHFHUFDH[SUHVLyQFRUSRUDO 'HVWLQDWDULRVJUXSRVHVFRODUHV (GDGHVGHGHVWLQDWDULRVGHVGHKDVWD 0iVLQIRUPDFLyQ &RQFHMDOtDGH-XYHQWXG$\XQWDPLHQWRGH*UDQDGD &9HUyQLFDGHOD0DJGDOHQDž*UDQDGD 7HO   3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 &RQFHMDOtDGH-XYHQWXG$\XQWDPLHQWRGH*UDQDGD

&2192&$725,$3$5$(/)(67,9$/12&7( (OÉUHDGH&XOWXUDGHO$\XQWDPLHQWRGH*UDXVDFDEDGHSXEOLFDUGRVFRQYRFDWRULDVGHUHVLGHQFLDVSDUDDUWHV HVFpQLFDV(VWDVFRQYRFDWRULDVVHHQPDUFDQGHQWURGHOSURJUDPDGHKRVSLWDOLGDGDUWtVWLFD$/*25,1(6TXHWLHQH FRPRILQDOLGDGDSR\DUDDUWLVWDVRFROHFWLYRVDUWtVWLFRVTXHGHVHHQGHVDUUROODUXQSUR\HFWRGHLQYHVWLJDFLyQ IRUPDFLyQ\RFUHDFLyQHQDUWHVHVFpQLFDVHQ*UDXV (VWHSURJUDPDRIUHFHDORVDUWLVWDVXQDUHVLGHQFLDGHKDVWDGLH]GtDVHQUpJLPHQGHSHQVLyQFRPSOHWDHQOD 5HVLGHQFLD0XQLFLSDOGH*UDXVDVtFRPRXQRGHORVHTXLSDPLHQWRVHVFpQLFRVGHORVTXHGLVSRQHODORFDOLGDG 7HDWUR 6DODPHUR(VSDFLR3LULQHRV&HQWUR5HFUHDWLYR*UDGHQVH&DVDGHOD&XOWXUD\R(VFHQDULR%RPEROyQ SDUDHO GHVDUUROORGHHVHSUR\HFWRGHLQYHVWLJDFLyQIRUPDFLyQ\RFUHDFLyQHQDUWHVHVFpQLFDV 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZQRFWHJUDXVHV


&21&85626 $JHQGD-RYHQGHPDU]R

$<8'$6'(/&(1752'((678',26'(/-,/2&$3$5$(/$f2 (O&HQWURGH(VWXGLRVGHO-LORFDHQFRODERUDFLyQFRQHOD\XQWDPLHQWRGH0RQUHDOGHO&DPSRFRQYRFDODVD\XGDV SDUDHOIRPHQWRGHODLQYHVWLJDFLyQODFUHDFLyQDUWtVWLFD\OLWHUDULDSDUDHODxR ;9,,$\XGD;LORFDDODLQYHVWLJDFLyQ &RQYRFDWRULDGHXQDEHFDGHLQYHVWLJDFLyQSDUDXQSUR\HFWRTXHWUDWHVREUHFXDOTXLHUDVSHFWRGHOYDOOHGHO-LORFD RGHVXVVHUUDQtDVDG\DFHQWHV(VWDGRWDGDGHHXURV\HOSOD]RGHSUHVHQWDFLyQGHVROLFLWXGHVILQDOL]DHOGH PD\RGH ;9&HUWDPHQGH$UWHV3OiVWLFDV´-RVp/DSD\HVH%UXQDµ 3RGUiQSDUWLFLSDUWRGRVORVDUWLVWDVQDFLRQDOHV\H[WUDQMHURVFRQXQDVRODREUDLQpGLWD\UHFLHQWHGHSLQWXUDR HVFXOWXUDGHWHPiWLFD\PHGLGDVOLEUHV(VWHFHUWDPHQDVXYH]FRQWHPSODGRVSUHPLRVHOSUHPLR-RVp/DSD\HVH GRWDGRFRQHXURVDODREUDJDQDGRUDTXHHVWLPHHOMXUDGR\HOSUHPLR$UVGRWDGRFRQHXURVDXQDGH ODVREUDVILQDOLVWDVTXHHVWLPHHOMXUDGR(OSOD]RGHUHFHSFLyQGHREUDVVHUiGHODOGHMXQLRGH ;,,,&HUWDPHQGH/LWHUDWXUD´0LJXHO$UWLJDVµ 'RVD\XGDVGLULJLGDVDOIRPHQWRGHORVFXHQWRV\QDUUDFLRQHVGHiPELWRUXUDO3XHGHQSDUWLFLSDUWRGRVORVHVFULWRUHV QDFLRQDOHV\H[WUDQMHURVTXHGDQGROLEUHODFRQFUHFLyQJHRJUiILFDHQGRQGHVHDPELHQWDHOUHODWR6HHVWDEOHFHXQ SULPHUSUHPLRGRWDGRFRQHXURV\XQVHJXQGRSUHPLRGHHXURV(OSOD]RGHDGPLVLyQGHORVRULJLQDOHVVH FLHUUDHOGHDEULOGH 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZLQIRFXOWXUHLQIRXQLGDGHVBLQIRUPDWLYDVQRWLFLDDVS[",'8, 

&LHQFLDV ,1129$&,(1&,$ (O&RQVHMR6XSHULRUGH,QYHVWLJDFLRQHV&LHQWtILFDV &6,& \OD)XQGDFLyQ(VSDxRODSDUDOD&LHQFLD\OD7HFQRORJtD )(&<7 FRQYRFDQ,1129$&,(1&,$FHUWDPHQGHLGHDV\SUR\HFWRVLQQRYDGRUHVGLULJLGRDMyYHQHVGHD DxRV6HSXHGHQSUHVHQWDUORVSUR\HFWRVGHPDQHUDLQGLYLGXDORHQJUXSRHQDOJXQDGHHVWDVPRGDOLGDGHV (VWXGLDQWHVGH%DFKLOOHUDWRR*UDGR0HGLRGH)RUPDFLyQ3URIHVLRQDO\(VWXGLDQWHVGH*UDGRXQLYHUVLWDULR /LFHQFLDWXUD,QJHQLHUtD$UTXLWHFWXUDR*UDGR6XSHULRUGH)RUPDFLyQ3URIHVLRQDO/DVLGHDVRSUR\HFWRVSXHGHQ WHQHUUHODFLyQFRQFXDOTXLHUiUHDFLHQWtILFRWpFQLFDGHVGHODSHUVSHFWLYDRDSOLFDFLyQTXHORVSDUWLFLSDQWHV FRQVLGHUHQPiVLQWHUHVDQWHV SRVLEOHVQXHYRVQHJRFLRVDSOLFDFLRQHVLQQRYDGRUDV  3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 ZZZLQWUDQHWFVLFHVZHELQQRYDFLHQFLDEDVHV

&LQHPD )(67,9$/'(&,1(0$'(3$03/21$ (OSOD]RGHLQVFULSFLyQDO;,9)HVWLYDOGH&LQHPDGH3DPSORQD,UXxHNR;,9=LQHPDOGLDTXHWHQGUiOXJDUGHODO GHRFWXEUHGH'RVRSFLRQHVGLIHUHQWHVSDUDLQVFULELUVHDWUDYpVGHOVHUYLFLRRQOLQHGH0RYLEHWD ZZZPRYLEHWDFRPRUHOOHQDQGRHOIRUPXODULRTXHSRGpLVGHVFDUJDUHQHOEORJZZZIHVWLYDOFLQHSDPSORQDFRP\ HQYLDQGRYXHVWUDSHOtFXODSRUFRUUHRSRVWDO 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

&XOWXUD

 ZZZIHVWLYDOFLQHSDPSORQDFRP


&21&85626 $JHQGD-RYHQGHPDU]R

&2192&$725,$'(/$7(5&(5$(',&,Ð1'(/35(0,2,17(51$&,21$/5$021 52&$%21&2037( /D)LUD7jUUHJD\ODHPSUHVD5RV5RFD*URXSFRQYRFDQODWHUFHUDHGLFLyQGHO3UHPLR,QWHUQDFLRQDO5DPRQ5RFD %RQFRPSWHGH(VWXGLRVGH*HVWLyQ&XOWXUDOFRQHOREMHWLYRGHFRQWULEXLUDODGLIXVLyQGHODLQYHVWLJDFLyQHQHO FDPSRGHODJHVWLyQFXOWXUDOHQHOiPELWRHXURSHR /RVHVWXGLRVGHEHQHVWDUFHQWUDGRVHQHODQiOLVLVRODLQYHVWLJDFLyQHQHOFDPSRGHODJHVWLyQGHODFXOWXUDFRPR WUDEDMRVVREUHHOLPSDFWRGHODDFFLyQFXOWXUDOHQHOWHUULWRULRPRGHORVGHFRRSHUDFLyQFXOWXUDOSROtWLFDV FXOWXUDOHVJHVWLyQGHRUJDQL]DFLRQHVSHUILOHVGHSURIHVLRQDOHV\GHS~EOLFRVHVWUDWHJLDVLQQRYDGRUDVPRGHORVGH ILQDQFLDFLyQHVWUDWHJLDVGHFRPXQLFDFLyQHWF (OSUHPLRWLHQHXQDGRWDFLyQHFRQyPLFDGH½(OSOD]RGHHQWUHJDGHWUDEDMRVILQDOL]DUiHOGHDEULOGH  3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZILUDWDUUHJDFDWHVDFWLYLWDWVSUHPLV

'LVHxR ',6(f$(//2*2'(/'Ì$,17(51$&,21$/&2175$/$&25583&,Ð1 &UHDUXQOHPD\XQORJRWLSR(OOHPDFRQWHQGUiPHQRVGHSDODEUDV\KDUiUHIHUHQFLDDODVUHVSRQVDELOLGDGHVGHOD VRFLHGDGIUHQWHDODFRUUXSFLyQ(OPHQVDMHGHEHUiVHUWUDGXFLEOH\DGDSWDEOHDRWURVLGLRPDVRILFLDOHVGHOD218 VHUFODURVHQFLOOR\HQFRORUHVSULPDULRV 'RWDFLyQLUD1XHYD<RUNDUHFLELUHOSUHPLR 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 ZZZDFWDJDLQVWFRUUXSWLRQRUJDFWDJDLQVWFRUUXSWLRQHQFRPSHWLWLRQBWRUKWPO

&$57(/(6(&2=,1( &DUWHOHVRULJLQDOHVHLQpGLWRVFX\RWHPDSULQFLSDOVHDHOFLQHRDXGLRYLVXDO\HOPHGLRDPELHQWH\R=DUDJR]DFRPR FLXGDGTXHDSXHVWDSRUHOFLQHFRPRYHKtFXORWUDQVPLVRUGHYDORUHVSRVLWLYRVHQVXHQWRUQR0i[LPRGHWUDEDMRV SRUDXWRUD 'RWDFLyQHXURV 3OD]RSUHVHQWDFLyQ



0iVLQIRUPDFLyQ

&21&8562'(',6(f2'(&$0,6(7$6 &RQPRWLYRGHODQLYHUVDULRGHOT)HGHUDFLyQGH&HQWURV;XYHQLV'RQ%RVFRGH*DOLFLDVHSURSRQHXQ&RQFXUVRGH GHVHxRGHFDPLVHWDVSDUDIHVWH[DOR$QLPDPRVWHDTXHSDUWLFLSHVFRDW~DFUHDWLYLGDGH 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSIHGERVFRJDORUJLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG 

&21&8562&$57(/$181&,$'25%,/%$2%%./,9( $SHVDUGHTXHD~QQRKDWHQLGROXJDUVXRFWDYDHGLFLyQ GHODOGHMXOLRSUy[LPRVHQ.REHWDPHQGL HO%LOEDR %%./LYHWDPELpQSLHQVDHQVXIXWXUR(QFRQFUHWRHQVXQRYHQDHGLFLyQ\HQODLPDJHQTXHODUHSUHVHQWDUi3RU SULPHUDYH]HQODKLVWRULDGHOIHVWLYDOHOGLVHxRGHOFDUWHORILFLDOFRUUHUiDFDUJRGHXQDSHUVRQDH[WHUQDDOD HPSUHVDRUJDQL]DGRUD/DVW7RXU,QWHUQDWLRQDO3RGUiQSUHVHQWDUVHKDVWDXQPi[LPRGHGRVREUDVSRUDXWRUD &DGDREUDFRQVLVWLUiHQYHUVLRQHVGHOFDUWHO FP[FPHQYHUWLFDO /DFRQODLPDJHQGHOIHVWLYDO\OD VLPXODQGRHOFDUWHOFRQEDQGDVUHSDUWLGDVHQGtDVDEDQGDVSRUGtD&RORU\WpFQLFDOLEUH/DVREUDV GHEHUiQVHURULJLQDOHV(OWH[WRFRUUHVSRQGLHQWHDOFDUWHOVHUi/RJRWLSR%,/%$2%%./,9(-XOLR.REHWDPHQGL %LOEDR 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

(XURSD

 KWWSZZZELOEDREENOLYHFRPHVFDUWHOFRQFXUVRFDUWHO


&21&85626 $JHQGD-RYHQGHPDU]R

(/3$5/$0(172(8523(2¢32548e'(%(5Ì$,03257$50(" (O&HQWUR(XURSHRGH$VXQWRV3ROtWLFRV (3& ODQ]DHVWDFRQYRFDWRULDPHGLDQWHODTXHVHVHOHFFLRQDUiQODVLGHDV GHMyYHQHVGHHQWUH\DxRVVREUHODLPSRUWDQFLDGHO3DUODPHQWR(XURSHR\ODVUD]RQHVSRUODVTXH SDUWLFLSDUiQHQODVSUy[LPDVHOHFFLRQHVHQHVWDLQVWLWXFLyQTXHWHQGUiQOXJDUHQWUHORVGtDV\GHMXQLRGH 6HWHQGUiQTXHH[SUHVDUGHPDQHUDLQQRYDGRUD\FUHDWLYDSXGLHQGRUHDOL]DUVHXQDDSRUWDFLyQHQIRUPDGH FDQFLyQSLQWXUDEDLOHSHOtFXODHWF/DIHFKDOtPLWHSDUDSDUWLFLSDUHQHVWHFRQFXUVRHVHOGtDGHPDU]R\ORV YHLQWHVHOHFFLRQDGRVVHUiQSUHPLDGRVFRQXQYLDMHD%UXVHODVGXUDQWHHOFXDOVHOHVHQVHxDUiFyPRIXQFLRQDQODV LQVWLWXFLRQHVHXURSHDV\WHQGUiQODRSRUWXQLGDGGHLQWHUFDPELDULGHDVFRQRWURVMyYHQHV\GHFLVRUHVHQ(XURSD ,QIRUPDFLyQVREUHFyPRSDUWLFLSDUVHHQYtDQHQDGMXQWRXQGRFXPHQWRH[SOLFDWLYR\ODLQVFULSFLyQQHFHVDULDDOD KRUDGHHQYLDUODSURSXHVWD7DPELpQVHSXHGHHQFRQWUDUPiVLQIRUPDFLyQHQODSiJLQDGH)DFH%RRNLQGLFDGD DEDMR 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 ZZZIDFHERRNFRPHSFRPSHWLWLRQ

)RWRJUDItD ,,35(0,2,17(51$&,21$/'()272*5$)Ì$$/267,78/$5(6'('(5(&+26 62&,$/(6 2EMHWLYRGRWDUHFRQRPLFDPHQWHSUR\HFWRVGHLQWHUYHQFLyQVRFLDOVHOHFFLRQDGRVDSDUWLUGHUHSRUWDMHV IRWRJUiILFRV3XHGHQSDUWLFLSDUIRWyJUDIRVSURIHVLRQDOHVRDILFLRQDGRVH[FHSWRWUDEDMDGRUHVFRODERUDGRUHV SHUVRQDOGRFHQWHUHVLGHQWHV\IDPLOLDUHVGH7$6&HQWLGDGJHVWRUDGHOSUHPLR 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 SUHPLRUHYHODFRPEDVHV

&21&8562'()272*5$)Ì$&$51$9$/'($/+$0$721<5$<$ (OWHPDVHUiHOFDUQDYDOGH$OKDPDGH*UDQDGDODVIRWRJUDItDVGHEHUiQVHUREOLJDWRULDPHQWHWRPDGDVHQHO &DUQDYDOGH$OKDPD<SRUHOMXUDGRVHYDORUDUiQSUHIHUHQWHPHQWHDTXHOODVIRWRJUDItDVTXHUHIOHMHQOD LGLRVLQFUDVLDGHOFDUQDYDODOKDPHxRDWUDYpVGHVXVPiVFDUDVPXUJDV\FRPSDUVDV /DWpFQLFDVHUiOLEUHHOIRUPDWRGHODVIRWRJUDItDVGHEHUiVHU[FPy$\GHEHUiQLUPRQWDGDVHQSDVSDUW~ GH[FP'RVPRGDOLGDGHVPHMRUIRWRJUDItDFRORU\PHMRUIRWyJUDIRRIRWyJUDIDORFDO 'RWDFLyQ(QDPEDVPRGDOLGDGHV3ULPHUSUHPLRHXURV\GLSORPD6HJXQGRSUHPLRHXURV\GLSORPD 7HUFHUSUHPLRHXURV\GLSORPD 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZD\XQWDPLHQWRGHDOKDPDFRP

&21&8562´¢48e6,*1,),&$3$5$7,/$&,(1&,$"µ (OFRQFXUVR´¢4XpVLJQLILFDSDUDWLODFLHQFLD"µHVXQFRQFXUVRIRWRJUiILFRGHOD&RPLVLyQ(XURSHDHQHOTXHFDGD HTXLSRKDGHHQYLDUXQDIRWRJUDItDTXHGpUHVSXHVWDDODSUHJXQWD/DVIRWRJUDItDVTXHHVWDUiQGLVSRQLEOHVHQOD ZHE£/DFLHQFLDHVFRVDGHFKLFDVGRQGHVHUiQYRWDGDV\HOHJLGDODLPDJHQJDQDGRUDGHFDGDPHV/DVVHLVIRWRV JDQDGRUDVPHQVXDOHVSDUWLFLSDUiQHQODYRWDFLyQILQDOGHMXQLRGHGRQGHVDOGUiQODVWUHVJDQDGRUDVILQDOHV (OSULPHUSUHPLRFRQVLVWHHQXQYLDMHD3UDJD 5HS~EOLFD&KHFD>0DUNHU@ SDUDDVLVWLUDO&RQFXUVRGHOD8QLyQ (XURSHDSDUD-yYHQHV&LHQWtILFRVTXHVHFHOHEUDUiHQVHSWLHPEUHGH(OVHJXQGRSUHPLRFRQVLVWHHQXQYLDMH GHXQPi[LPRGHGRVGtDVD,VSUD ,WDOLD SDUDYLVLWDUHO&HQWUR&RP~QGH,QYHVWLJDFLyQ(OWHUFHUSUHPLRFRQVLVWH HQXQUHORM,FH:DWFKFRQODLPDJHQGHODFDPSDxD£/DFLHQFLDHVFRVDGHFKLFDV 'HVWLQDWDULRV-yYHQHVHQWUH\DxRVGHHGDGHQHTXLSRVGHWUHVSHUVRQDVGRVGHODVFXDOHVKDQGHVHUFKLFDV )HFKDOtPLWH(OGtDGHFDGDPHVKDVWDHOGHPD\RGH 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

+LVWRULD

 KWWSVFLHQFHJLUOWKLQJHXHVFRQWHVW


&21&85626 $JHQGD-RYHQGHPDU]R

&21&8562'(+,6725,$3$5$-Ð9(1(6 7HPD0LIDPLOLDHQOD+LVWRULD/RVMyYHQHVGHEHUiQYLQFXODUDDOJ~QPLHPEURGHVXIDPLOLDDXQDFRQWHFLPLHQWR KLVWyULFRTXHGHDOJ~QPRGRWXYLHUDUHSHUFXVLyQHQHOiPELWRIDPLOLDU 3DUWLFLSDQWHVDOXPQRVGHžGH(62ž\žGH%DFKLOOHUDWR)3UHJODGD\(63$PHQRUHVGHDxRV/RVWUDEDMRV VHSXHGHQUHDOL]DUGHPDQHUDLQGLYLGXDORHQJUXSRSHURVyORVHSHUPLWHXQWUDEDMRSRUSHUVRQDRJUXSR)RUPDWR OLEUH HVFULWRVIRUPDWRPXOWLPHGLD&'IRUPDWRYtGHRRDXGLRLPDJHQIRWRJUDItDSLQWXUDYLxHWDV  3UHPLRVHQWUH\HXURV\SDUWLFLSDFLyQHQODV$FDGHPLDV(XVWRU\MXQWRDMyYHQHVHXURSHRVGHPiVGH SDtVHV 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 ZZZHXVWRU\HV

/LWHUDWXUD &21&85623$5$(678',$17(6'((16(f$1=$60(',$6(6'(/,%52 &('52 $VRFLDFLyQSDUDODGHIHQVDGHORVGHUHFKRVGHDXWRU FRQYRFDHOFRQFXUVR(VGH/LEURSDUDHVWXGLDQWHV\ GRFHQWHVGH(62EDFKLOOHUDWR\FLFORVIRUPDWLYRVGH*UDGR0HGLR (OFRQFXUVRFRQVLVWHHQTXHHVWXGLDQWHV DJUXSDGRVHQJUXSRVGHHQWUHGRV\FXDWURFRPSRQHQWHV SXEOLTXHQXQ WUDEDMRGHLQYHVWLJDFLyQVREUHFXDOTXLHUWHPDTXHOHVLQWHUHVH GHVGHKLVWRULDDGHSRUWHVSDVDQGRSRU PDWHPiWLFDVGHSRUWHVRFLQH HQIRUPDWREORJ 6HHVWDEOHFHUiQWUHVSUHPLRV\FDGDXQRGHHOORVJDQDUiXQDWDEOHW\XQFKHTXHSRUYDORUGH½SDUODFRPSUDGH OLEURV/DVFDWHJRUtDVVRQODVVLJXLHQWHV0HMRUWUDEDMRGHSULPHUFLFORGH(620HMRUWUDEDMRGHVHJXQGRFLFORGH (62\0HMRUWUDEDMRGHEDFKLOOHUDWR\FLFORVIRUPDWLYRVGH*UDGR0HGLR (OSOD]RSDUDLQVFULELUVHFRQFOX\HHOGHPDU]R\SDUDSUHVHQWDUHOEORJHOGHDEULO 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZHVGHOLEURHVLQGH[SKS

9,,&(57$0(1'(&5($&,Ð1/,7(5$5,$32(7$*$5&Ì$*87,(55(= 7UDEDMRVGHWHPDOLEUHFRQXQDH[WHQVLyQHQWUH\YHUVRVHQHOFDVRGHODSRHVtD\Pi[LPDGHSiJLQDVHQHO FDVRGHODSURVD3UHVHQWDUHQKRMDV',1$OHWUD7LPHV1HZ5RPDQR$ULDOWDPDxRPtQLPRSXQWRV3RU WULSOLFDGRKDFLHQGRFRQVWDUWtWXORGHODREUD\VHXGyQLPRGHODXWRU 3ULPHU3UHPLRHXURV6HJXQGR3UHPLRHXURV7HUFHU3UHPLRHXURV 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 MXYHQWXG#FKLFODQDHV

;&21&8562'(&8(1726e5$6(81$9(= 5HTXLVLWRVFXHQWRVGHWHPDOLEUHHQFDVWHOODQRRULJLQDOHVLQpGLWRVQRVXMHWRVDFRPSURPLVRGHSXEOLFDFLyQ (VFULWRVHQFDVWHOODQRRDVWXULDQR6HSUHVHQWDUiQSRUWULSOLFDGRPHFDQRJUDItDGRVDGREOHHVSDFLRSRUXQDVROD FDUD7LSRGHOHWUD$ULDOR7LPHV1HZ5RPDQWDPDxR 6HYDORUDUiQORVWHPDVUHODFLRQDGRVFRQORVLQWHUHVHVHLQTXLHWXGHVGHORVMyYHQHV 'RWDFLyQMyYHQHVGHDDxRVPDWHULDOHVFRODU-yYHQHVGHDDxRVHXURV 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 RLM#D\WRODYLDQDHV

35(0,2/8,6$$'$52'(5(/$72&2572 &DGDDXWRUSRGUiSUHVHQWDUXQVRORUHODWRRULJLQDOHLQpGLWRFRQXQDH[WHQVLyQPtQLPDGHSiJLQDV\Pi[LPDGH )RUPDWR',1$PHFDQRJUDItDGRVDGREOHHVSDFLRWLSRGHOHWUD7LPHV1HZ5RPDQWDPDxRSXQWRV3RGUiQ SDUWLFLSDUORVDXWRUHVTXHORGHVHHQHVSDxROHVRH[WUDQMHURVVLHPSUHTXHORVWUDEDMRVVHSUHVHQWHQHVFULWRVHQ OHQJXDFDVWHOODQD 'RWDFLyQHXURV 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZDVRFLDFLRQHVFULWRUHVQRYHOHVHV


&21&85626 $JHQGD-RYHQGHPDU]R

35(0,2'(/,%52'(&8(1726 7UDEDMRVOLEUHVHLQpGLWRVFRQH[WHQVLyQPtQLPDGHSiJLQDV',1$ 'RWDFLyQHXURV 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZIXQGDFLRQPRQWHOHRQHVGHVFDUJDVFDWHJRULDSGI

;;,,,&(57$0(1&$/$0217(-29(1 0RGDOLGDGHVQRYHODFRUWDFXHQWRLQIDQWLOSRHVtDWH[WRWHDWUDOSLQWXUDIRWRJUDItDFRUWRVFyPLFSLQWXUD IRWRJUDItDGLVHxRJUiILFRGDQ]DFOiVLFD\JUDIILWL 'RWDFLyQHQWUH\HXURVGHSHQGLHQGRGHODPRGDOLGDG 6HHQYLDUiQD8QLYHUVLGDG3RSXODU3HOD\R0RUHQR&'RFWRU0DUDxyQ&DODPRQWH %DGDMR]

3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 ZZZFDODPRQWHRUJ

&(57$0(1/,7(5$5,2$1$0$5Ì$1$9$/(6 0RGDOLGDGHVUHODWREUHYH\SRHVtD5HTXLVLWRVXQSRHPDRFROHFFLyQGHSRHPDVGHQRPiVGHYHUVRVRXQ UHODWRGHQRPiVGHIROLRVDPERVGHWHPDOLEUH\HVFULWRVHQFDVWHOODQR 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 ZZZKHUDOGRHVRFLRDJHQGDLLFHUWDPHQOLWHUDULRDQDPDULDQDYDOHVKWPO

&21&8562'(+,6725,$3$5$-Ð9(1(6 HPD0LIDPLOLDHQOD+LVWRULD/RVMyYHQHVGHEHUiQYLQFXODUDDOJ~QPLHPEURGHVXIDPLOLDDXQDFRQWHFLPLHQWR KLVWyULFRTXHGHDOJ~QPRGRWXYLHUDUHSHUFXVLyQHQHOiPELWRIDPLOLDU 3DUWLFLSDQWHVDOXPQRVGHžGH(62ž\žGH%DFKLOOHUDWR)3UHJODGD\(63$PHQRUHVGHDxRV/RVWUDEDMRV VHSXHGHQUHDOL]DUGHPDQHUDLQGLYLGXDORHQJUXSRSHURVyORVHSHUPLWHXQWUDEDMRSRUSHUVRQDRJUXSR)RUPDWR OLEUH HVFULWRVIRUPDWRPXOWLPHGLD&'IRUPDWRYtGHRRDXGLRLPDJHQIRWRJUDItDSLQWXUDYLxHWDV

3UHPLRVHQWUH\HXURV\SDUWLFLSDFLyQHQODV$FDGHPLDV(XVWRU\MXQWRDMyYHQHVHXURSHRVGHPiVGH SDtVHV 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 ZZZHXVWRU\HV

&21&8562'(+,6725,$3$5$-Ð9(1(6 7HPD0LIDPLOLDHQOD+LVWRULD/RVMyYHQHVGHEHUiQYLQFXODUDDOJ~QPLHPEURGHVXIDPLOLDDXQDFRQWHFLPLHQWR KLVWyULFRTXHGHDOJ~QPRGRWXYLHUDUHSHUFXVLyQHQHOiPELWRIDPLOLDU 3DUWLFLSDQWHVDOXPQRVGHžGH(62ž\žGH%DFKLOOHUDWR)3UHJODGD\(63$PHQRUHVGHDxRV /RVWUDEDMRVVHSXHGHQUHDOL]DUGHPDQHUDLQGLYLGXDORHQJUXSRSHURVyORVHSHUPLWHXQWUDEDMRSRUSHUVRQDR JUXSR)RUPDWROLEUH HVFULWRVIRUPDWRPXOWLPHGLD&'IRUPDWRYtGHRRDXGLRLPDJHQIRWRJUDItDSLQWXUD YLxHWDV  3UHPLRVHQWUH\HXURV\SDUWLFLSDFLyQHQODV$FDGHPLDV(XVWRU\MXQWRDMyYHQHVHXURSHRVGHPiVGH SDtVHV (GDGHVGHGHVWLQDWDULRVGHVGHKDVWD 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

0~VLFD

 ZZZHXVWRU\HV


&21&85626 $JHQGD-RYHQGHPDU]R

;,,,&21&8562'(32352&./(+,$.(7$ 3DUWLFLSDQWHVEDQGDVTXHQRSRVHDQPiVGHXQGLVFRHGLWDGR\TXHQRKD\DQVLGRSUHPLDGRVHQDQWHULRUHVHGLFLRQHV 0RGDOLGDGHV $ 3RSURFNURFNDQGUROOSRSJDUDJHSVLFRGHOLDURFNVNDUHJJDHSXQNURFNSRVWURFNQRLVHSRZHUSRS U\WKPQ%OXHVWHFKQRSRSKDUGURFN\RWUDVFRPELQDFLRQHV % 0RGDOLGDG0HWDOURFNGXRKHDY\PHWDOWKUDVKVSHHGGHDWKGRRPPHWDOJyWLFRLQGXVWULDO$25 KDUGFRUHUDSPHWiOLFR\RWUDVFRPELQDFLRQHV 3UHPLRVHVWLORPHWDOHXURV(VWLORSRSURFNHXURV 

3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

JDWH#OHLRDQHW

3UHPLRV 35(0,26257(*$<*$66(7'(3(5,2',602 3XHGHSDUWLFLSDUHQORV3UHPLRVFXDOTXLHUSHUVRQDItVLFDRMXUtGLFDPD\RUGHDxRVTXHUHVLGDHQFXDOTXLHUOXJDU GHOPXQGRYLQFXODGDDOPXQGRGHOSHULRGLVPR/DSDUWLFLSDFLyQVHUiJUDWXLWD\SRGUiUHDOL]DUVHPHGLDQWHHOHQYtR GHODGRFXPHQWDFLyQUHTXHULGD5HTXLVLWRVWUDEDMRVSHULRGtVWLFRVHQHVSDxROSXEOLFDGRVHQFXDOTXLHUSDtV 0RGDOLGDGHVSHULRGLVPRLPSUHVRSHULRGLVPRJUiILFR\SHULRGLVPRGLJLWDO 'RWDFLyQHXURVSRUPRGDOLGDG 

3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

KWWSZZZSUHPLRVRUWHJD\JDVVHWFRP

7(72&$ 3DUWLFLSDQWHVHVFRODUHVUHVLGHQWHVHQ(VSDxD 5HTXLVLWRVSUHVHQWDUXQDVLGHDVTXHFRQWULEX\DQDPHMRUDUHODPELHQWHHVFRODU 0RGDOLGDGHV3URSXHVWDGHDFFLyQSHUVRQDO¢4XpKDUtDVW~SDUDPHMRUDUHODPELHQWHHVFRODU"\3HWLFLyQSDUDHO PXQGRDGXOWR¢4XpGHEHUtDQKDFHUORVDGXOWRVSDUDPHMRUDUHODPELHQWHHVFRODU" 6HSXHGHSDUWLFLSDULQGLYLGXDOPHQWHRHQJUXSRVGHSHUVRQDV XQDGHHOODVDFWXDUiFRPRSRUWDYR]

'RWDFLyQWDEOHWV\PS 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 ZZZDQWHQDWHWRFDFRQFXUVRFRQFXUVRWRFDBKWPO

&21&8562(8526&2/$;,;(',&,Ð1 /D2ILFLQDGH,QIRUPDFLyQGHO3DUODPHQWR(XURSHRHQ(VSDxDHQFRODERUDFLyQFRQOD5HSUHVHQWDFLyQHQ(VSDxDGH OD&RPLVLyQ(XURSHDFRQYRFDOD;,;HGLFLyQGHO&RQFXUVR(XURVFROD(OWHPDFHQWUDOVHUiHO$xR(XURSHR'H/RV &LXGDGDQRV(QHVWDHGLFLyQVHWUDEDMDUiVREUHORVGHUHFKRV\EHQHILFLRVTXHWHQHPRVORVFLXGDGDQRVHXURSHRV \ORTXHVLJQLILFDODFLXGDGDQtDDFWLYDFRPRSRVLELOLGDGUHDOGHSDUWLFLSDFLyQHQODFRQVWUXFFLyQHXURSHDHQODTXH ORVMyYHQHVWLHQHQXQSDSHOIXQGDPHQWDO3DUDMyYHQHVHQWUH\DxRVTXHHVWXGLDQ(QVHxDQ]D6HFXQGDULD 2EOLJDWRULD (62 %DFKLOOHUDWRR&LFORVGH)RUPDFLyQ3URIHVLRQDOGH*UDGR0HGLRHQFHQWURVHGXFDWLYRVHVSDxROHV 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZLQIRUPDMRYHQRUJFRQYRFDWRULDVILFKD$QXQFLRVDVS"&RGLJR)LFKD  XWPBPHGLXP IDFHERRN XWPBVRXUFH WZLWWHUIHHG

,19(17$5(6',9(57,'2 (OSULPHU&RQFXUVR(VFRODUGH,QYHQWRVGRQGHHOREMHWLYRHVTXHYXHVWUDLGHDQRVKDJDVRQUHLU3HQVDGXQLQYHQWR GLYHUWLGR\FRQVWUXLGXQSURWRWLSR1RKDFHIDOWDTXHIXQFLRQHSHURVtTXHGHPXHVWUHTXHSRGUtDOOHJDUD IXQFLRQDU(OLQYHQWRJDQDGRUMXQWRFRQHOQRPEUHGHODHVFXHODJDQDGRUDVHUiH[SXHVWRGXUDQWHXQDxRHQXQ OXJDUSUHIHUHQWHGHQXHVWURPXVHR 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZLQYHQWDUHVGLYHUWLGRFRP


&21&85626 $JHQGD-RYHQGHPDU]R

35(0,26)5217(5$6'(/&212&,0,(172 /RV3UHPLRV)XQGDFLyQ%%9$)URQWHUDVGHO&RQRFLPLHQWRVRQH[SUHVLyQGHOFRPSURPLVRGHUHVSRQVDELOLGDGVRFLDO GHO*UXSR%%9$FRQHOUHFRQRFLPLHQWRGHODLQYHVWLJDFLyQFLHQWtILFD\WHFQROyJLFDGHH[FHOHQFLDHQGLYHUVDViUHDV GHOFRQRFLPLHQWRFRQHOUHFRQRFLPLHQWRGHODDFWLYLGDGFUHDWLYDGHREUDVGLUHFFLyQHVWLORVDUWtVWLFRVH LQWHUSUHWDWLYRVGHODP~VLFDFRQWHPSRUiQHD\FRQHOUHFRQRFLPLHQWRGHODLQYHVWLJDFLyQFLHQWtILFD\GH DFWXDFLRQHVVREUHVDOLHQWHVOOHYDGDVDFDERHQUHODFLyQFRQODVFXHVWLRQHVGHOFDPELRFOLPiWLFR\GHODFRRSHUDFLyQ DOGHVDUUROOR /RV3UHPLRV)XQGDFLyQ%%9$)URQWHUDVGHO&RQRFLPLHQWR\OD&XOWXUDFRQVWDQGHODVVLJXLHQWHVFDWHJRUtDV&LHQFLDV EiVLFDV )tVLFD4XtPLFD0DWHPiWLFDV %LRPHGLFLQD(FRORJtD\%LRORJtDGHOD&RQVHUYDFLyQ7HFQRORJtDVGHOD LQIRUPDFLyQ\OD&RPXQLFDFLyQ(FRQRPtD)LQDQ]DV\*HVWLyQGH(PSUHVDV0~VLFDFRQWHPSRUiQHD&DPELR FOLPiWLFR\&RRSHUDFLyQDOGHVDUUROOR 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZLQIRUPDMRYHQRUJFRQYRFDWRULDVILFKD$QXQFLRVDVS"&RGLJR)LFKD  XWPBPHGLXP IDFHERRN XWPBVRXUFH WZLWWHUIHHG

6XEYHQFLRQHV 68%9(1&,213$5$$&7,9,'$'(6'(3257,9$6$<817$0,(172'(+8(6&$ (O$\XQWDPLHQWRGH+XHVFDSURSRQHVXEYHQFLyQSDUDODVDFWLYLGDGHVGHSRUWLYDVDGHVDUUROODUHQHODxRSRU $VRFLDFLRQHV&OXEHVGHOPXQLFLSLRGH+XHVFDLQVFULWDVHQHOUHJLVWURGHDVRFLDFLRQHVFLXGDGDQDVGHO$\XQWDPLHQWR GH+XHVFD 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSEHQDVTXHDUDJREHVFJLELQ&219%56&*,"&0' 9(52%- 0/.2% 

$<8'$6<68%9(1&,21(6'(/*2%,(512'($5$*21 $\XGDVSDUDODDVLVWHQFLDGHSHTXHxDV\PHGLDQDVHPSUHVDVDUDJRQHVDVDPLVLRQHVFRPHUFLDOHVGLUHFWDVIHULDV FHOHEUDGDVHQHOH[WUDQMHUR\YLDMHVGHSURVSHFFLyQFRPHUFLDO 6XEYHQFLRQHVSDUDGLVWLQWRVSURJUDPDVFXOWXUDOHVDGHVDUUROODUHQHODxR 3DUDPiVLQIRUPDFLRQHV%ROHWtQ2ILFLDOGHOD3URYLQFLDGH+XHVFDGHO 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZDUDJRQHV

7HDWUR ,,)(67,9$/'(7($752$),&,21$'2$/(-$1'52&$621$ 6HVHOHFFLRQDUiQFXDWURFRPSDxtDVSDUDSDUWLFLSDUHQHVWH)HVWLYDOTXHWHQGUiOXJDUHQHO7HDWUR5LHUDGH 9LOODYLFLRVDHQORVPHVHVGHPDU]R\DEULOGH&DGDJUXSRVHOHFFLRQDGRUHFLELUiXQDDVLJQDFLyQHFRQyPLFDGH HXURVSDUDJDVWRVGHULYDGRVGHVXDFWXDFLyQ (GDGHVGHGHVWLQDWDULRVGHVGHKDVWD 0iVLQIRUPDFLyQ &RQFHMDOtDGHFXOWXUDGHO$\XQWDPLHQWRGH9LOODYLFLRVD &HQWUR&XOWXUDO&DSLVWUDQR$VWXULDV9LOODYLFLRVD $VWXULDV

7HO  (PDLOFFFDSLVWUDQR#JPDLOFRP 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

9LGHR

 ZZZYLOODYLFLRVDHV


&21&85626 $JHQGD-RYHQGHPDU]R

&25720(75$-(6)(67,9$/&,1('(+8(6&$ 0RGDOLGDGHV&RQFXUVRLEHURDPHULFDQRGHFRUWRPHWUDMHVFRQFXUVRLQWHUQDFLRQDOGHFRUWRPHWUDMHV\FRQFXUVRGH FRUWRPHWUDMHGRFXPHQWDO 5HTXLVLWRV&RUWRPHWUDMHVGHWHPDOLEUHVLQFDUiFWHUWXUtVWLFRQLSXEOLFLWDULRUHDOL]DGRVHQ 'XUDFLyQ1RVXSHULRUDPLQXWRV1RVXSHULRUDHQHOFDVRGHORVGRFXPHQWDOHV ,QVFULSFLyQ$WUDYpVGHZZZIHVWKRPHFRP 'RWDFLyQYDULRVSUHPLRVGHHQWUH\HXURV 0iVLQIRUPDFLyQ )XQGDFLyQ)HVWLYDO&LQHGH+XHVFD 7HO  (PDLOSHOLFXODV#KXHVFDILOPIHVWLYDOFRP 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZKXHVFDILOPIHVWLYDOFRP

&/,30(75$-(67838172'(9,67$38('(&$0%,$5(/081'2 5HTXLVLWRVYtGHRVGHXQPLQXWRGHGXUDFLyQTXHLQYLWHQDUHIOH[LRQDUDFHUFDGHODVGHVLJXDOGDGHVTXHVHSURGXFHQ HQHOPXQGR\VREUHODSREUH]D\VXVFDXVDV &DWHJRUtDVJHQHUDOFXDOTXLHUSHUVRQDItVLFD\HVFXHODVGLULJLGDDFHQWURVHVFRODUHVTXHLPSDUWDQHQVHxDQ]DVGH 3ULPDULD(62)3\%DFKLOOHUDWR,QVFULELUVHHQODZHEZZZFOLSPHWUDMHVPDQRVXQLGDVRUJ 6HUYLFLRV&HQWUDOHVGH0DQRV8QLGDV&%DUTXLOOR0DGULG7HO  (PDLOWHFHSG GHOHJDFLRQHV#PDQRVXQLGDVRUJ 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 ZZZFOLSPHWUDMHVPDQRVXQLGDVRUJ

,,&21&8562,17(51$&,21$/'(9Ì'(23$5$(678',$17(6'(/*5832 &203267(/$'(81,9(56,'$'(6 7HPD3URPRFLyQGHODLQVWLWXFLyQGRQGHHVWXGLDHOSDUWLFLSDQWH 7LHPSRPi[LPRPLQXWR (QHOFDVRTXHHOYtGHRQRVHDHQLQJOpVSRQHUVXEWtWXORVHQLQJOpV 3UHPLR(OJDQDGRUGHOFRQFXUVRVHUiQLQYLWDGRVDDVLVWLUDOD$VDPEOHD*HQHUDOGHO*UXSRTXHVHFHOHEUDWRGRVORV DxRVHQXQDLQVWLWXFLyQGLIHUHQWHGHOD8*((OJDQDGRUUHFLELUiXQDFRQWULEXFLyQGHKDVWDHXURVSDUDYLDMDUD ODVHGHGHOHYHQWRHQHOTXHVHUHSURGXFHHOYLGHR\pOHOODVHUiQSUHPLDGRVFRQXQFHUWLILFDGR$GHPiVVX YLGHRVHUiGLIXQGLGRDWUDYpVGHODVGLIHUHQWHVSODWDIRUPDVGLJLWDOHVGHODXQLGDGJHQHUDGRUDGHHIHFWLYR 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZ]DUXQL]DUHVVHUYLFLRVLQWHUIRUPXODULRVFRQFXUVRYLGHREDVHVSGI

;,,&(57$0(1,17(51$&,21$/9,'(20,1872 3DUWLFLSDQWHVSHUVRQDVGHFXDOTXLHUQDFLRQDOLGDGLQGLYLGXDOPHQWHRHQJUXSR 2EUDVSUHVHQWDUREUDVGHGXUDFLyQPi[LPDGHPLQXWRLQFOX\HQGRORVWtWXORVGHFUpGLWRWHPDOLEUH 3UHPLRVHUSUHPLRGHHXURVƒGHHXURV\HOHUGHHXURV 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSPRQFD\RXQL]DUHVXQL]DUDDFWLYLGDGHVFXOWXUDOHVQVI&LQH"2SHQ)UDPH6HW

35(0,2´(/3$5/$0(172(8523(2¢32548e'(%(5Ì$,03257$50("µ (O&HQWUR(XURSHRGH$VXQWRV3ROtWLFRV (3& ODQ]DHVWDFRQYRFDWRULDPHGLDQWHODTXHVHVHOHFFLRQDUiQODVLGHDV GHMyYHQHVGHHQWUH\DxRVVREUHODLPSRUWDQFLDGHO3DUODPHQWR(XURSHR\ODVUD]RQHVSRUODVTXH SDUWLFLSDUiQHQODVSUy[LPDVHOHFFLRQHVHQHVWDLQVWLWXFLyQTXHWHQGUiQOXJDUHQWUHORVGtDV\GHMXQLRGH 6HWHQGUiQTXHH[SUHVDUGHPDQHUDLQQRYDGRUD\FUHDWLYDSXGLHQGRUHDOL]DUVHXQDDSRUWDFLyQHQIRUPDGH FDQFLyQSLQWXUDEDLOHSHOtFXODHWF/RVYHLQWHVHOHFFLRQDGRVVHUiQSUHPLDGRVFRQXQYLDMHD%UXVHODVGXUDQWHHO FXDOVHOHVHQVHxDUiFyPRIXQFLRQDQODVLQVWLWXFLRQHVHXURSHDV\WHQGUiQODRSRUWXQLGDGGHLQWHUFDPELDULGHDVFRQ RWURVMyYHQHV\GHFLVRUHVHQ(XURSD 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSVZZZIDFHERRNFRPHSFRPSHWLWLRQ


&21&85626 $JHQGD-RYHQGHPDU]R

&21&8562081',$/'(/$-89(178'2&'( FUHDUXQEUHYHYLGHRVREUHHOWHPDHGXFDFLyQ\IRUPDFLyQ¢FXDOHVVRQORVJUDQGHVWHPDVGHDFWXDOLGDG"6LHOYtGHR VHUHDOL]DHQXQLGLRPDTXHQRVHDHOIUDQFpVQLHOLQJOpVGHEHUiOOHYDUVXEWtWXORVHQDOJXQRGHHVWRVLGLRPDV 'RWDFLyQXQMXUDGRVHOHFFLRQDUiYtGHRV\ORVJDQDGRUHVVHUiQLQYLWDGRVDSDUWLFLSDUHQHO)RURGHOD2&'(HQ 3DUtVGHODOGHPD\RGH 

3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

2UJDQL]DFLyQ3DUD/D&RRSHUDFLyQ\(O'HVDUUROOR(FRQyPLFR

,9(',&,Ð1'(/)(67,9$/,17(51$&,21$/Ð3(5$35,0$(1&2572 ÐSHUD3ULPDHQ&RUWRHVXQIHVWLYDOLQWHUQDFLRQDOGHFLQHGHGLFDGRDH[KLELUFRUWRPHWUDMHVUHDOL]DGRVSRU HVWXGLDQWHVGHHVFXHODVDXGLRYLVXDOHV\FLQHPDWRJUiILFDVTXHDGHPiVSUHWHQGHVHUXQSXQWRGHHQFXHQWURHQWUH MyYHQHVFUHDGRUHVSURIHVLRQDOHVUHSUHVHQWDQWHVGHODLQGXVWULD\HOS~EOLFR (VWDFXDUWDHGLFLyQVHFHOHEUDUiHQ*UDQDGDGHODOGHMXQLRVLHQGRHOGHDEULOHO~OWLPRGtDGHSOD]RSDUD SUHVHQWDUVHJ~QUHJXODQODVEDVHVORVFRUWRV (QWUHRWURVORVUHTXLVLWRVSDUDSRGHUSDUWLFLSDUVRQTXHODREUDQRH[FHGDORVPLQXWRV\TXHORVDVUHDOL]DGRUHV ORKD\DQUHDOL]DGRGXUDQWHVXSHULRGRIRUPDWLYRHQXQDHVFXHODGHFLQH QRVHSXHGHQSUHVHQWDUPiVGHWUHVFRUWRV SRUFHQWUR  3DUDOHODPHQWHDOIHVWLYDOVHUHDOL]DUiQWDOOHUHV\FLFORVGHFLQHXQRGHGLFDGRDOFLQHLQIDQWLO\RWURDORVGLUHFWRUHV GHORVDxRV /RVSUHPLRVD~QSRUGHILQLUVHUiQEHFDVFXUVRVRD\XGDVDODSURGXFFLyQ 

3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

KWWSZZZRSHUDSULPDJUDQDGDFRP

9LGHRMXHJRV ($&$03867(67(56/,1*hÌ67,&26'(9,'(2-8(*26 ($&DPSXVIRUPDUiDMyYHQHVPD\RUHVGHDxRVFRPRIXWXURVWHVWHUVOLQJtVWLFRV8QWHVWHUOLQJtVWLFR HVODSHUVRQDHQFDUJDGDGHDVHJXUDUODFDOLGDGGHWRGRWH[WRWDQWRRUDOFRPRHVFULWRTXHDSDUHFHHQXQ YLGHRMXHJR/DVHJXQGDHGLFLyQGH($&DPSXVVHGHVDUUROODUiHQODVHGHPDGULOHxDGHODHPSUHVD(OHFWURQLF$UWV ($ GHOGHDEULODOGHPD\RGH (QHOSURFHVRGHVHOHFFLyQVHYDORUDUiQWDPELpQDVSHFWRVWDOHVFRPRKDELOLGDGHV\FRQRFLPLHQWRVOLQJtVWLFRV H[SHULHQFLDSUHYLDHQHQWRUQRVLQWHUQDFLRQDOHV HVWXGLRVSUiFWLFDVWUDEDMR« FDSDFLGDGGHDQiOLVLV\GH UHVROXFLyQGHSUREOHPDVKDELOLGDGHVGHFRPXQLFDFLyQDWHQFLyQDOGHWDOOHPDQHMRGHVRIWZDUHKDUGZDUH FRP~QWUDEDMRHQHTXLSR /RVFDQGLGDWRVVHOHFFLRQDGRVTXHUHFLELUiQXQDEROVDGHD\XGDDOHVWXGLRVHJXLUiQXQSURJUDPDGHIRUPDFLyQ FHQWUDGRHQSURGXFWRV\OtQHDVGHQHJRFLR($\XQDIRUPDFLyQHVSHFtILFDHQKDELOLGDGHVSURIHVLRQDOHV$OWpUPLQR GHOSURJUDPDLPSDUWLGRHQLQJOpVORVSDUWLFLSDQWHVUHFLELUiQXQFHUWLILFDGRGHIRUPDFLyQFRQWLQXDH[SHGLGRSRUOD 8QLYHUVLGDG)UDQFLVFRGH9LWRULD$TXHOORVTXHKD\DQGHPRVWUDGRXQPD\RUDSURYHFKDPLHQWRWHQGUiQOD RSRUWXQLGDGGHLQFRUSRUDUVHODERUDOPHQWHD(OHFWURQLF$UWV 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZLQMXYHHVFRQYRFDWRULDVEHFDVHDFDPSXVWHVWHUVOLQJXHLVWLFRVGHYLGHRMXHJRV


&85626 $JHQGD-RYHQGHPDU]R

$UWH &8562+$%/$1'2'(&,1( (VWHFXUVRGHDQiOLVLVGHODLPDJHQFLQHPDWRJUiILFDSUHWHQGHTXHORVDVLVWHQWHVDGTXLHUDQXQDLGHDJOREDOGHOD PLVPDDVtFRPRGHVXHYROXFLyQDWUDYpVGHORVGLIHUHQWHVKLWRVHQIRUPDGHJpQHURVILOPV\GLUHFWRUHVTXHODKDQ LGRYHUWHEUDQGRDORODUJRGHVXKLVWRULD(OSUHVHQWHWHPDULRWUDWDUiGHLQGLFDUHOFDPLQRDORVDOXPQRVSDUDTXH VHSDQ´YHUµLQWHOLJHQWHPHQWH\DGTXLULUODFDSDFLGDGGHDQiOLVLVGHHVWHOHQJXDMHHVSHFtILFR HOGHODLPDJHQ \OD SRVLELOLGDGGHFDOLILFDU\RSLQDUFRQVHQWLGRVREUHVXVFRQWHQLGRVLQWHQFLRQHV\UHVXOWDGRV'LULJLGRSRU9LFN\ &DODYLD*HVWRUDFXOWXUDOHQHOFHQWUR,EHUFDMDGH+XHVFD \GHPDU]R\GHDEULOGHPD\RGHDK&ODVHVWHyULFDV<\GHPDU]R \GHDEULOGHPD\RGHDK9LVLRQDGRILOP HXURV SDUDFOLHQWHVGH,EHUFDMD½

3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSREUDVRFLDOLEHUFDMDHVYBILFKDBDFWLYLGDGSKS"LG DHHEIIFEDGHDDDI GGD

&,&/20,5$53$5$9(508-(5(6'(81$57(18(92 3RU9LUJLQLD%DLJ/LFHQFLDGDHQ+LVWRULDGHO$UWH 'HOGHPDU]RDOGHPD\RORV/XQHVGHDKHQHO&HQWUR&XOWXUDO,EHUFDMDGH+XHVFD 3UHYLDLQVFULSFLyQFFKXHVFD#LEHUFDMDREUDVRFLDORUJ 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ FFKXHVFD#LEHUFDMDREUDVRFLDORUJ

6(0,1$5,2&Ð026((;+,%((/$57(+,67Ð5,&2'Ð1'(6(&5($(/$57( &217(0325É1(2 6DOyQGHDFWRVGHO,($ &'HO3DUTXH \GHPDU]RGHDK &RRUGLQDGRU0DQXHO*DUFtD*XDWDVVXEGLUHFWRUGHO0iVWHUHQ0XVHRVGHOD8QLYHUVLGDGGH=DUDJR]D KRUDV´(O,$$&&´3DEOR6HUUDQRµ1XHYDVLGHDVQXHYRVUHWRVµ3RU0DULVD&DQFHODGLUHFWRUDGHO ,QVWLWXWR$UDJRQpVGH$UWH\&XOWXUD&RQWHPSRUiQHDV´3DEOR6HUUDQRµ KRUDV´,QQRYDFLyQGLJLWDOHQORVPXVHRVGHDUWHµ3RU(OHQD9LOODHVSHVDDQDOLVWD\SURGXFWRUDZHEHQOD7DWHGH /RQGUHV KRUDV´/DV'RFXPHQWDGH.DVVHO\VXLQIOXHQFLDHQHODUWHFRQWHPSRUiQHRµ3RU$QD$UD)HUQiQGH] 0LHPEURGHOGHSDUWDPHQWR&XUDWRULDOGHODHGLFLyQGHOD'RFXPHQWDGH.DVVHO KRUDV´/RVPXVHRVKLVWyULFRVGH/RQGUHVJUDQGHVGLQDPL]DGRUHVSDUDODLQWHJUDFLyQVRFLDOµ 3RU$QD$JXGR%XHQR([HGXFDGRUDHQHO%ULWLVK0XVHXPGH/RQGUHV KRUDV´¢4XpHVOD&DVD(QFHQGLGD"µ3RU-RVp*XLUDR'LUHFWRUGHO&HQWUR&XOWXUDO/D&DVD(QFHQGLGD GH0DGULG KRUDV´/DVFROHFFLRQHVGHO3DODFLR5HDOVXFRQRFLPLHQWR\GLIXVLyQµ3RU&ULVWLQD0XUGH9LX&RQVHUYDGRUDGHO 3DWULPRQLR1DFLRQDOGHO3DODFLR5HDOGH0DGULG2UJDQL]D0DVWHUHQ0XVHRV8QL]DUHQFRODERUDFLyQFRQHO,($ 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSKXHVFDXQL]DUHV


&85626 $JHQGD-RYHQGHPDU]R

&8562'(,/8675$&,Ð1 ([SHULPHQWDUGLIHUHQWHVWpFQLFDVGHGLEXMR\SLQWXUDHQFRQWUDUXQPpWRGRSHUVRQDOGHWUDEDMR\EXVFDUODIRUPD GHFyPRHGXFDUODPLUDGD,PSDUWLGRSRU6DUD&KXHFD (OSOD]RGHLQVFULFLyQHVWiDELHUWRKDVWDHOOXQHVGHDEULO+D\XQOtPLWHGHSOD]DVSRUORTXHVLHVWiLV LQWHUHVDG#VRVUHFRPHQGDPRVTXHQRORGHMpLVSDUDHO~OWLPRPRPHQWR (OFRVWHGHOPLVPRHVGHHXURVHLQFOX\HHOPDWHULDOHVSHFtILFRGHOFXUVRDORMDPLHQWR\ODFRPLGD\FHQDGHO ViEDGR\GHVD\XQR\FRPLGDGHOGRPLQJR(QFDVRGHQRQHFHVLWDUHVWRVVHUYLFLRVHOSUHFLRVHUtDGHHXURV /XJDU/$OPDUDE~$OWD9LVWDEHOOD=DUDJR]D 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ ODOPDUDEX#JP[HV

0$67(5&/$66$872352'8&&,Ð1<(',&,Ð1'(0Ô6,&$(1/$(5$',*,7$/'(/ $57/$%'(+8(6&$ (O$UW/DEGH+XHVFDRUJDQL]DORV\GHDEULOGHXQDPDVWHUFODVVGHGLFDGDDOD$XWRSURGXFFLyQ\HGLFLyQGH P~VLFDHQODHUDGLJLWDO\TXHVHUiLPSDUWLGDSRU3HGUR9L]FDtQRIXQGDGRUGHOVHOOR*UDEDFLRQHVHQHO0DU/D SDUWLFLSDFLyQHQODPDVWHUFODVVWLHQHXQFRVWHGH½\HVWiOLPLWDGDDSHUVRQDV 3URJUDPDGHDEULODKRUDV$XWRSURGXFFLyQSDVRVDVHJXLUSDUDHGLWDUWHWXSURSLRGLVFR&UHDFLyQGH GLVFRJUiILFD(QWLGDGHVGHJHVWLyQGHGHUHFKRVSDUDDXWRUHVLQWpUSUHWHV\SURGXFWRUHV6*$(&RS\OHIW$,(\ $*(','LVWULEXFLyQItVLFD\GLJLWDO6SRWLI\,7XQHV<RXWXEH7LHQGDVRQOLQH GHDEULODKRUDV3URPRFLyQ3ODWDIRUPDV%DQGFDPS\6RXQGFORXG3UHQVD\PHGLRVGHFRPXQLFDFLyQ 9LGHR YLUDOHVWHDVHUYLGHRFOLSV 5HGHVVRFLDOHV )DFHERRN7ZLWWHU  3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSDUWODEKXHVFDRUJDXWRSURGXFFLRQ\HGLFLRQGHPXVLFDHQODHUDGLJLWDO

&RPXQLFDFLyQ &8562&2081,&$56(%,(13$5$5(/$&,21$56(0(-25 &RQWHQLGRGHOFXUVR(VFXFKDDFWLYD(VWDSULPHUDSDUWHFRQVLVWLUiHQDSUHQGHUDHVFXFKDUGHWDOPRGRTXHQXHVWUD HVFXFKDVHFRQYLHUWDHQXQDRSRUWXQLGDGGHFUHFLPLHQWRSDUDHORWUR0HQVDMHHQSULPHUDSHUVRQD/DVHJXQGD SDUWHWUDWDGHFyPRWUDVPLWLUOHDORWURHOSUREOHPDTXHVLHQWR ,PSDUWLGRSRUHO3VLFyORJRFOtQLFR$QWRQLR*XLMDUUR0RUDOHV (OFXUVRVHLPSDUWLUiHQODV6HGHGHOD$VRFLDFLyQ´(O*DODFKRXQHVSDFLRSDUD6HU\&UHFHUµ(QHO%XUJRGH(EUR D PLQXWRVGHO3ULQFLSH)HOLSH GXUDQWHORVGtDV\GH0DU]R 6iEDGR\\GRPLQJR 3UHFLR½ 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSZZZWDOOHUGHH[SUHVLRQ]J]FRP

)RUPDFLyQ3URIHVLRQDO


&85626 $JHQGD-RYHQGHPDU]R

&85626'()250$&,Ð13$5$0(-25$5/$(03/($%,/,'$''(/26-Ð9(1(6 (O,QVWLWXWR$UDJRQpVGHOD-XYHQWXG\HO3ODQ0XQLFLSDOGH-XYHQWXGGHO$\XQWDPLHQWRGH+XHVFDRUJDQL]DQYDULRV FXUVRVGHIRUPDFLyQSDUDMyYHQHV/RVFXUVRVWLHQHQSRUREMHWLYRIRUPDUDMyYHQHVRVFHQVHVGHDDxRVHQ GLYHUVDViUHDVTXHPHMRUHQVXIRUPDFLyQ\VXVKDELOLGDGHVSDUDODE~VTXHGDGHHPSOHR6HSUHWHQGHIRPHQWDU\ IDFLOLWDUKHUUDPLHQWDVSDUDTXHORVMyYHQHVPHMRUHQVXHPSOHDELOLGDGIDYRUHFLHQGRVXLQVHUFLyQODERUDO\SRU RWURODGRWUDEDMDUFRQHOORVHOGHVDUUROORGHVXVFRPSHWHQFLDVSHUVRQDOHVVRFLDOHV\SURIHVLRQDOHVDWUDYpVGHXQD RIHUWDIRUPDWLYDLQQRYDGRUD\GHFDOLGDGDIURQWDQGRORVQXHYRVUHWRVTXHH[LJHHODFWXDOPHUFDGRODERUDO/DV DFFLRQHVIRUPDWLYDVVHGHVDUUROODUiQHQODVHGHGHO3ODQ0XQLFLSDOGH-XYHQWXGHQHO&HQWUR&XOWXUDOGHO 0DWDGHURF0DUWtQH]GH9HODVFRGH+XHVFDGXUDQWHHOPHVGHPDU]RGHHQKRUDULRGHD/RV FXUVRVDGHVDUUROODUVHUiQ &ODYHVSDUDREWHQHUXQDHQWUHYLVWDGHp[LWR 5HGHVVRFLDOHV\HPSOHDELOLGDG ¢(VWR\SUHSDUDGRSDUDGHVDSUHQGHU" (OSOD]RSDUDLQVFULELUVH\DHVWiDELHUWR\FRQWLQXDUiKDVWDHOGtDDQWHULRUDOLQLFLRGHOFXUVRSRUULJXURVRRUGHQGH OOHJDGDKDVWDDJRWDUODVSOD]DVELHQHQHO3ODQ0XQLFLSDOGH-XYHQWXGRELHQHQODVHGHGHO,QVWLWXWR$UDJRQpVGH OD-XYHQWXGGH+XHVFDF6DQ-RUJHGHOXQHVDYLHUQHVHQKRUDULRGHDKRUDV 3DUDPiVLQIRUPDFLyQVHSXHGHFRQWDFWDUFRQHO3ODQ0XQLFLSDOGH-XYHQWXGHQVXiUHDGH(PSOHRHQHO \FRQHO,$-HQHORHQODZHEKWWSMXYHQWXGDUDJRQHV 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSMXYHQWXGDUDJRQHV

)250$&,Ð1352)(6,21$/3$5$75$%$-$'25(6(1(/&8562 /D&RQVHMHUtDGH(GXFDFLyQ&XOWXUD\'HSRUWHGHO*RELHUQRGH$UDJyQKDKHFKRS~EOLFDODFRQYRFDWRULDGHRIHUWD SDUFLDOGHPyGXORVSURIHVLRQDOHVGHPHQRUGXUDFLyQSDUDWUDEDMDGRUHV(OQ~PHURGHSOD]DVRIHUWDGDVHVGHHQ FDGDXQRGHORVPyGXORVSURIHVLRQDOHVTXHVHGHWDOODQHQHODQH[RGHODFRQYRFDWRULDDODVTXHSXHGHQRSWDU WUDEDMDGRUHVFRQXQDH[SHULHQFLDODERUDOGHDOPHQRVXQDxRDMRUQDGDFRPSOHWD(OSOD]RGHVROLFLWXGGHDGPLVLyQ HVGHODOGHVHSWLHPEUH\ODVPDWUtFXODVVHUHDOL]DUiQGHODOGHVHSWLHPEUH /DVVROLFLWXGHVVHKDUiQHQORVSURSLRVLQVWLWXWRVTXHRIHUWDQHVWRVPyGXORVGHGLIHUHQWHV)DPLOLDV3URIHVLRQDOHV TXHHQ=DUDJR]DVRQORVVLJXLHQWHV&3,)3&RURQDGH$UDJyQ /DERUDWRULRGHDQiOLVLV\GHFRQWUROGHFDOLGDG ,(6 5tR*DOOHJR (PHUJHQFLDVVDQLWDULDV H,(60LUDOEXHQR &RFLQD\JDVWURQRPtD /DVEDVHVFRPSOHWDVVDOLHURQ SXEOLFDGDVHQHO%2$QGHOGHDJRVWRGH 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ ZZZHGXFDUDJRQRUJZZZERDDUDJRQHVFJLELQ(%2$%56&*,"&0' 9(52%- 0/.2% 

,GLRPDV &/$6('($5$%( /D$VRFLDFLyQGH0XMHUHV,QPLJUDQWHVÉUDEHV\$IULFDQDVRUJDQL]DFODVHVGHiUDEHHVWiQGDU $/)86+$ LPSDUWLGR SRUSURIHVRUDQDWLYD'LULJLGRSDUDQLxRVFRPROHQJXDGHRULJHQSDUDDGXOWRV\MyYHQHVFRPROHQJXDH[WUDQMHUD /XJDUFHQWURFtYLFR +XHVFD  'XUDFLyQWRGRHOFXUVRHVFRODU +RUDULRPDUWHV\MXHYHVGHDSDUDHOSULPHUJUXSRSDUDHOVLJXLHQWHJUXSRKRUDULR\GtDVGHSHQGHGH ODPD\RUtDGHDOXPQRV 3DUDODVLQVFULSFLRQHV\LQIRUPDFLyQQRGXGHQHQFRQWDFWDUQRVDVRFLDFLRQGHPXMHUHVLDD#JPDLOFRP 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ DVRFLDFLRQGHPXMHUHVLDD#JPDLOFRP

,QIRUPiWLFD


&85626 $JHQGD-RYHQGHPDU]R

,17(51(72%7(1(5<&203$57,5&217(1,'26,17(51(72%7(1(5<&203$57,5 &217(1,'26 3RU'DYLG/DFKpQ7pFQLFRLQIRUPiWLFR KRUDV

'HODOGHPDU]RDOGHDEULO'HDyGHDK0DUWHV\MXHYHVHQHO&HQWUR&XOWXUDO ,EHUFDMDGH+XHVFD 3UHYLDLQVFULSFLyQFFKXHVFD#LEHUFDMDREUDVRFLDORUJ 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ FFKXHVFD#LEHUFDMDREUDVRFLDORUJ

&20081,7<0$1$*(5 3RU5HEHFD/DEDUD%ORJXHUD´$7UHQG\OLIH´\&RPPXQLW\0DQDJHU 'HODOGHPDU]RGHORV0DUWHV\-XHYHV'HDKHQHO&HQWUR&XOWXUDO,EHUFDMDGH+XHVFD 3UHYLDLQVFULSFLyQFFKXHVFD#LEHUFDMDREUDVRFLDORUJ 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ FFKXHVFD#LEHUFDMDREUDVRFLDORUJ

0,e5&2/(6,1)250É7,&26'(-$48(780Ð9,/7()$&,/,7(/$9,'$ $3/,&$&,21(6%É6,&$6(178'Ì$$'Ì$ 3RU-DYLHU%UXQ7pFQLFRGH&XOWXUDGHO$\XQWDPLHQWRGH+XHVFD (OGHPDU]RDODVKHQHO&HQWUR&tYLFR6DQWLDJR(VFDUWtQ2WtQ 9LYLPRVHQXQPXQGRFDGDYH]PiVFRPSOHMR1XQFDFRPRDKRUDHOWLHPSRKDVLGRXQELHQWDQHVFDVR/R PDOJDVWDPRVHQWDUHDVUXWLQDULDVTXHSRGUtDKDFHUXQWHOpIRQRPyYLO'LVIUXWDGHWXWLHPSRFRQDSOLFDFLRQHV TXHYHUHPRV£/DYLGDHVFRUWDDSURYpFKDOD 6LQLQVFULSFLyQSUHYLD 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ ZZZKXHVFDHVDUHDVELEOLRWHFDVDFWLYLGDGHV

0,e5&2/(6,1)250É7,&26(678',$5,',20$6(1/$5(' 3RU%HOpQ/ySH]7pFQLFD,QIRUPiWLFD\UHVSRQVDEOHGHOD$FDGHPLDGHLGLRPDVHOHEHDW (OGHPDU]RDODVKHQHO&HQWUR&tYLFR6DQWLDJR(VFDUWtQ2WtQ (ODSUHQGL]DMHGHXQDOHQJXDGHIRUPDWUDGLFLRQDOQRHVOD~QLFDRSFLyQ$FWXDOPHQWHH[LVWHQHQODUHG KHUUDPLHQWDVPX\~WLOHVSDUDDYDQ]DUHQHOHVWXGLRGHXQLGLRPDH[WUDQMHURGHIRUPDPX\HFRQyPLFD\ORPiV LPSRUWDQWHOOHYDQGRWXSURSLRULWPR 6LTXLHUHVSXHGHVWUDHUWXRUGHQDGRUSRUWiWLO\SUDFWLFDU6LQLQVFULSFLyQSUHYLD 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ ZZZKXHVFDHVDUHDVELEOLRWHFDVDFWLYLGDGHV

-XYHQWXG


&85626 $JHQGD-RYHQGHPDU]R

&85626(*85,'$'<*(67,Ð1'(/5,(6*2(1$&$03$'$6-89(1,/(6 2EMHWLYRGHOFXUVR &RQRFHUORVSHOLJURVLQKHUHQWHVDODVDFWLYLGDGHVMXYHQLOHV FDPSDPHQWRV\FRORQLDV TXHVHOOHYDQDFDERHQHO PHGLRQDWXUDO *HVWLRQDUODVDFWLYLGDGHVFRQHOPD\RUJUDGRGHVHJXULGDG ,PSOHPHQWDUODVKHUUDPLHQWDVPiVDGHFXDGDVSDUDJHVWLRQDUHOULHVJRFRUUHFWDPHQWH &RQRFHUODQRUPDWLYDEiVLFDDSOLFDEOHDODV$FWLYLGDGHVGH1DWXUDOH]D\HQHVSHFLDOODVUHDOL]DGDVFRQPHQRUHV 'HVWLQDWDULRV 'LUHFWRUHVGH7LHPSR/LEUH 5HVSRQVDEOHVGH(QWLGDGHVTXHRUJDQL]DQFDPSDPHQWRV\FRORQLDVHQ$UDJyQ )HFKDV\GHPDU]R 3DUWLFLSDQWHV /XJDU6HGHGHO,QVWLWXWR$UDJRQpVGHOD-XYHQWXG&)UDQFR\/ySH] 7HO\ ,16&5,3&,Ð1*UDWXLWDGLVSRQLEOHHQODZHEGHO,$KWSSMXYHQWXGDUDJRQHV)DFHERRNGHO,$3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ IRUPDFLRQLDM#DUDJRQHV

6(&(/(%5$(1&(87$(/6(0,1$5,2:25.)25,1&/86,21 'HQWURGHOFRQWH[WRGHOSURJUDPDHXURSHR-XYHQWXGHQ$FFLyQVHFHOHEUDUiHQ&HXWDHQWUHHO\HOGHMXQLRHO 6HPLQDULR:RUNIRULQFOXVLyQHQHOTXHDJHQWHVGHLQFOXVLyQ DQLPDGRUHVWpFQLFRVGHMXYHQWXGHGXFDGRUHV TXHKD\DQVLGRSURPRWRUHVGHSUR\HFWRVGHLQFOXVLyQRTXHWHQJDQSRWHQFLDOSDUDUHDOL]DUORV VHLQWHUFDPELDUiQ H[SHULHQFLDVEXVFDUiQVRFLRV\VHGHILQLUiQODVFDUDFWHUtVWLFDVGHODVEXHQDVSUiFWLFDVSDUDSUR\HFWRVFX\D ILQDOLGDGVHDPHMRUDUODHPSOHDELOLGDG\IRPHQWDUODLQFOXVLyQGHMyYHQHVFRQPHQRVRSRUWXQLGDGHV (VLPSRUWDQWHTXHORVVROLFLWDQWHVWHQJDQXQEXHQQLYHOGHLQJOpV\DTXHVHUiHOLGLRPDRILFLDOGHOVHPLQDULRTXH WHQGUiXQDPHWRGRORJtDHPLQHQWHPHQWHSDUWLFLSDWLYDDEDVHGHJHQHUDFLyQGHFRQRFLPLHQWRVDSDUWLUGHOWUDEDMR HQJUXSR7DPELpQVHFRQWHPSODXQFRPSOHWRSURJUDPDGHDFWLYLGDGHVFXOWXUDOHV\O~GLFDV %DVHVGHOVHPLQDULR KWWSZZZFHXWDHVFHXWDLPDJHVVHUYLFLRVMXYHQWXGGRFXPHQWRVQRWLFLDV6HPLQDULR,QWHUQDFLRQDO&HXWDSGI 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSZZZFHXWDHVFHXWDSRUFRQVHMHULDVMXYHQWXGGHSRUWHVWXULVPR\IHVWHMRV


&85626 $JHQGD-RYHQGHPDU]R

&2$&+&2$&+ (QWLGDGRUJDQL]DGRUD$JHQFLD1DFLRQDO%ULWiQLFD (OFXUVRVHEDVDHQORVSULQFLSLRV\SUiFWLFDVGHODHGXFDFLyQQRIRUPDOWHQLHQGRHQFXHQWDODVQHFHVLGDGHVGHORV SDUWLFLSDQWHVPRWLYDFLRQHV\H[SHULHQFLDV 3DUDHOGHVDUUROORGHOFXUVRVHXWLOL]DUDQXQDGLYHUVLGDGGHPpWRGRVGHWUDEDMRFRQHOILQGHUHVDOWDUHOSDSHOGHO FRDFK\ORVHQIRTXHVGHDSR\RDSUR\HFWRVGHJUXSRVMXYHQLOHVFRQHOILQGHJDUDQWL]DUXQHTXLOLEULRHQWUHOD WHRUtD\ODSUiFWLFDVHOOHYDUDQDFDERXQDVHULHGHWDOOHUHVHMHUFLFLRVGHVLPXODFLyQSUHVHQWDFLRQHVGLVFXVLRQHV\ GHEDWHV /HQJXDGHWUDEDMR,QJOpV 3HUILOGHORVSDUWLFLSDQWHV3HUVRQDVTXHWUDEDMHQHQHOiPELWRGHODMXYHQWXGH[SHULHQFLDFRPRFRDFKFRQJUXSRV GHMyYHQHV /XJDU(VFRFLD*UDQ%UHWDxD )HFKD'HODOGHMXQLRGH 3OD]DVSDUD(VSDxD 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSZZZVDOWR\RXWKQHWWRROVHXURSHDQWUDLQLQJFDOHQGDUWUDLQLQJFRDFKFRDFK

2Q/LQH &85626*5$78,726'(/*5832)(0;$3$5$-Ð9(1(6'(6(03/($'26&21 35É&7,&$6(1(035(6$6 (O*UXSR)HP[DKDSURJUDPDGRXQWRWDOGHWUHFHFXUVRVGHQWURGHOSURJUDPDGHIRUPDFLyQSDUDMyYHQHV GHVHPSOHDGRVFRQPHQRVGHDxRVGHHGDGFRQODLQWHQFLyQGHHVSHFLDOL]DUORVHQSURIHVLRQHVFRQJUDQGHV SHUVSHFWLYDVGHIXWXUR'HHOORVKD\XQDSDUWHLPSRUWDQWHDWUDYpVGHODPRGDOLGDGGH(OHDUQLQJ\RWURVWUHVHQ PRGDOLGDGSUHVHQFLDO/RVUHTXLVLWRVJHQHUDOHVSDUDDFFHGHUDHOORVVRQHVWDULQVFULWRFRPRGHPDQGDQWHGH HPSOHRWHQHUPHQRVGHDxRV\SDUWLFLSDUGHIRUPDREOLJDWRULDHQODVSUiFWLFDVQRODERUDOHVHQODHPSUHVD DVLJQDGD$GHPiVGHEHUiVWHQHUHQFXHQWDORVUHTXLVLWRVHVSHFtILFRVGHFDGDDFFLyQSDUDFDGDSURYLQFLD 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSZZZFXUVRVIHP[DHVMRYHQHV"XWPBVRXUFH 3RUWDO3DUDGRV XWPBPHGLXP $GV XWPBFDPSDLJQ IHE B3RUWDO3DUDGRVB$GV

6DOXG &21*5(62,17(51$&,21$/'(,17(/,*(1&,$(02&,21$/<%,(1(67$5 5($/,=$&,21 (O,&RQJUHVR,QWHUQDFLRQDOGH,QWHOLJHQFLD(PRFLRQDO\%LHQHVWDUSUHWHQGHVHUXQDYHQWDQDDODUHIOH[LyQVREUHHO ELHQHVWDUSHUVRQDOODLQWHOLJHQFLDHPRFLRQDO\VXVGLVWLQWRVDVSHFWRV\iPELWRVSURIHVLRQDOHV /XJDU3DWLRGHOD,QIDQWD,EHUFDMD=DUDJR]D DDSV#SVLFRSHGDJRJLDDUDJRQRUJ 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSZZZFRQJUHVRLQWHOLJHQFLDHPRFLRQDOFRP


&85626 $JHQGD-RYHQGHPDU]R

7DOOHUHV &8562'((1&8$'(51$&,Ð1 3RU3LODU*DUULGR([SHUWDHQ(QFXDGHUQDFLyQ 'HOGHPDU]RDOGHPD\RORV9LHUQHVGHDyGHDHQHO&HQWUR&XOWXUDO,EHUFDMDGH +XHVFD 3UHYLDLQVFULSFLyQFFKXHVFD#LEHUFDMDREUDVRFLDORUJ 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ FFKXHVFD#LEHUFDMDREUDVRFLDORUJ

(/352&(62)272*5É),&2$/&203/(72 3RU'DYLG/DFKpQ7pFQLFRLQIRUPiWLFR KRUDV

'HODOGHPDU]RDOGHDEULO'HDyGHDK/XQHVPLpUFROHV\YLHUQHVHQHO&HQWUR&XOWXUDO ,EHUFDMDGH+XHVFD 3UHYLDLQVFULSFLyQFFKXHVFD#LEHUFDMDREUDVRFLDORUJ 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ FFKXHVFD#LEHUFDMDREUDVRFLDORUJ

(675$7(*,$63$5$0(-25$5/$&2081,&$&,Ð1(138%/,&2 3RU$tGD*DUFtD2PHOOD7LWXODGDSRUOD5HDO(VFXHOD6XSHULRUGH$UWH'UDPiWLFR0DGULG KRUDV

/RVGHPDU]RGHDKHQHO&HQWUR&XOWXUDO,EHUFDMDGH+XHVFD 3UHYLDLQVFULSFLyQFFKXHVFD#LEHUFDMDREUDVRFLDORUJ 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ FFKXHVFD#LEHUFDMDREUDVRFLDORUJ

'(6$552//$71,9(/ 'LULJLGRDHPSUHQGHGRUHVGHODSURYLQFLDGH+XHVFDFX\RSUR\HFWRWLHQHHQWUH\DxRV+D\SOD]DV(O1LYHO LQFOX\HKRUDVGHIRUPDFLyQ VHVLRQHVGHKRUDV HQODVTXHVHDERUGDUiQFRQPD\RUQLYHOGHSURIXQGLGDGODV iUHDVFODYHVGHGHVDUUROORHPSUHVDULDO(VWUDWHJLD,QQRYDFLyQ\0RGHORGHQHJRFLR0DUNHWLQJ\9HQWDV,QWHUQHW \5HGHV6RFLDOHV*HVWLyQ)LQDQFLHUD\5HODFLRQHVLQWHUSHUVRQDOHV\+DELOLGDGHV'LUHFWLYDV 'HODOGHPDU]RGHDKRUDVHQHO&HQWUR&XOWXUDO,EHUFDMDGH+XHVFD SOD]DV 3UHYLDLQVFULSFLyQFFKXHVFD#LEHUFDMDREUDVRFLDORUJ 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ FFKXHVFD#LEHUFDMDREUDVRFLDORUJ

7$//(5'($32<2$/$%Ô648('$$&7,9$'((03/(23$5$08-(5(6 (OGHPDU]RGHKDODVKHQHOVDOyQGH$FWRVGHO(GLILFLR D]XO GH6DOXG\FRQVXPR FDOOH6DQ-RUJH +XHVFD  2EMHWLYRV0HMRUDUODVWpFQLFDVGHE~VTXHGDGHHPSOHRDODVXVXDULDVTXHVHHQFXHQWUDQHQLWLQHUDULRVGHLQVHUFLyQ VRFLDO\ODERUDOWUDQVPLWLHQGRLQIRUPDFLyQ\KHUUDPLHQWDVUHIHULGDVDODHODERUDFLyQGHO&9ODFDUWDGH PRWLYDFLyQODDJHQGD\ORVUHFXUVRVSDUDHOHPSOHR 'RVPyGXORV3RUGyQGHHPSLH]R\$FWLYLGDGHVTXHGHERUHDOL]DU 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ ,QVWLWXWR$UDJRQpVGHOD0XMHU


&85626 $JHQGD-RYHQGHPDU]R

,1,&,$&,Ð1$/$35É&7,&$'(/$&223(5$&,Ð1 )DFXOWDGGH&LHQFLDV+XPDQDV\GHOD(GXFDFLyQ &9DOHQWtQ&DUGHUHUD $XOD DOGHPDU]RKRUDVH[FHSWRHOGtDTXHKD\RWUDFRQIHUHQFLDDODVKRUDV /DSUHSDUDFLyQSDUDODFRRSHUDFLyQKRUDV3RU0DUtD5XELR /DH[SHULHQFLDSHUVRQDOKRUDV3RU)HOLSH6RUHW 6DOXGH,QWHUFXOWXUDOLGDGKRUDV3RU&DUORV3DEOR (OUHJUHVRGHORVSUR\HFWRVGH&RRSHUDFLyQ/DVROLGDULGDGGtDDGtDKRUDV3RU-RVp0DUtD/H]D (GXFDFLyQSDUDHO'HVDUUROORKRUDV3RU(QULTXH&DEH]XGR 2UJDQL]D&iWHGUDGH&RRSHUDFLyQDO'HVDUUROOR8QL]DUFRQODFRODERUDFLyQGHOD)DFXOWDGGH&LHQFLDV+XPDQDV\ GHOD(GXFDFLyQOD)DFXOWDGGH&LHQFLDVGHOD6DOXG\GHO'HSRUWH\OD)HGHUDFLyQ$UDJRQHVDGH6ROLGDULGDG 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSKXHVFDXQL]DUHV

¢32548e/$75$&&,Ð1$1,0$/" $FWXDOPHQWHODXWLOL]DFLyQGHODWUDFFLyQDQLPDOHQGLYHUVRViPELWRVDJUtFRODV\IRUHVWDOHVHVWiFREUDQGRXQJUDQ LQWHUpV\SUiFWLFDVREUHWRGRGHODPDQRGHODDJULFXOWXUDHFROyJLFD\ELRGLQiPLFDSHURQRVyORGHHOODV(QSDtVHV FRPR)UDQFLD,QJODWHUUD,WDOLD%pOJLFD(VWDGRV8QLGRV«VHYXHOYHDFRQVLGHUDUODWUDFFLyQDQLPDOFRPR DOWHUQDWLYDDJURQyPLFDHFROyJLFDHFRQyPLFD\VRFLDO /DUHDOL]DFLyQGHXQFXUVRWHyULFRSUiFWLFRGHGRVGH,QLFLDFLyQDODXWLOL]DFLyQPRGHUQDGHODWUDFFLyQDQLPDOHQOD DJULFXOWXUD(OFXUVRVHUtDLPSDUWLGRSRU$OIUHG)HUUtV*DUFtDFRQODD\XGDGHDOJXQDGHVXV\HJXDVEUHWRQDVGHWLUR 2EMHWLYRV(OFRQRFLPLHQWRGHHQTXpFRQVLVWHODXWLOL]DFLyQPRGHUQDGHODWUDFFLyQDQLPDOHQODDJULFXOWXUD\HO HVWDGRDFWXDOGHOPLVPRHQHOPXQGR3HUVSHFWLYDVGHIXWXUR(OFRQRFLPLHQWRGHODVDSOLFDFLRQHVSUiFWLFDVODV KHUUDPLHQWDV\ODVWpFQLFDVQHFHVDULDV(ODFHUFDPLHQWRDWHPDVGHFUtDHGXFDFLyQ\UD]DVDQLPDOHV 'LULJLGRDDTXHOODVSHUVRQDVSURIHVLRQDOHVRQRTXHVHKDQSODQWHDGRODXWLOL]DFLyQPRGHUQDGHODWUDFFLyQDQLPDO FRPRDOWHUQDWLYDSRVLEOH\YiOLGDHQWUDEDMRVDJUtFRODV\TXHGHVHHQLQLFLDUVHHQODVDSOLFDFLRQHVKHUUDPLHQWDV\ WpFQLFDVEiVLFDVDVtFRPRHQHOFRQRFLPLHQWRGHODUHDOLGDGDFWXDOGHHVWHWHPDHQHOPXQGR 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ DFKRUGLJD#JPDLOFRP

&8562'(&5,67$/27(5$3,$ &XUVRVREUHODVSURSLHGDGHVYLEUDFLRQDOHVGHORVPLQHUDOHVPDVHPEOHPiWLFRVXWLOL]DGRVHQVDQDFLyQKROtVWLFD $SUHQGHUHPRVDHOHJLUORVOLPSLDUORVPHGLWDUKDFHUHOL[LUHVHLPSRVLFLRQHV5HODFLRQDUHPRVHOXVRGHORV PLQHUDOHVFRQORVFKDNUDVRFHQWURVGHHQHUJtD 'XUDFLyQ\KRUDULR8QViEDGRDOPHVGXUDQWHPHVHV0DxDQDVGHKDK\WDUGHVGHKDK'tDV6iEDGRV GHPDU]RGHDEULOGHPD\RGHMXQLRGHMXOLRGHDJRVWR\GHVHSWLHPEUH 3UHFLRV½FDGDWDOOHU6HHQWUHJDUiQDSXQWHV /XJDU\RUJDQL]DGRU(VSDFLRHGXFDWLYR´/D&DxDEODµ 3DUDPDVLQIRUPDFLyQ(YHO\QH²HYHO\QHPDULQ#KRWPDLOFRPODFDQDEOD#JPDLOFRP 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSODFDQDEODEORJVSRWFRPHV

5(&(7$66$/8'$%/(65$3,'$6<&5($7,9$6&2152%27'(&2&,1$ 3RU0DUWD*UDFLD([SHUWDHQQXWULFLyQ (OGH0DU]RGHODVDODVKRUDVHQHO&HQWUR&XOWXUDO,EHUFDMDGH+XHVFD 3UHYLDLQVFULSFLyQFFKXHVFD#LEHUFDMDREUDVRFLDORUJ 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ FFKXHVFD#LEHUFDMDREUDVRFLDORUJ


&85626 $JHQGD-RYHQGHPDU]R

35,0$9(5$32(7,&$ 7$//(5(6'(32(6Ì$,1)$17,/ 0DUWHVGHPDU]RHQOD%LEOLRWHFD5DPyQ-6HQGHUDODVKDFDUJRGH(GXDUGR0DUWtQH]\-RVp*DEDUUH 0DUWHVGHPDU]RHQOD%LEOLRWHFD'XUiQ*XGLRODODVKDFDUJRGH-RVp/XLV0DUWtQ5HWRUWLOORH,UPD7RUULMRV 7DOOHUHVRUJDQL]DGRVSRU$YHOHWUD\ODV%LEOLRWHFDV0XQLFLSDOHVGH+XHVFD &8562'(32(6Ì$3RHVtD\FUHDFLyQ &XUVRGHSRHVtDRUJDQL]DGRSRUOD8QLYHUVLGDG&LXGDGDQDHLPSDUWLGRSRU0LJXHO(VFDUWtQ)HFKDV\GH PDU]R/XJDU6DODGHDGXOWRVGHOD%LEOLRWHFD5DPyQ-6HQGHU &HQWUR&tYLFR6DQWLDJR(VFDUWtQ2WtQ +RUDULRGH KDK 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ

7$//(5(03/(# 7DOOHUGHKHUUDPLHQWDVGHE~VTXHGDGHHPSOHRHQ,QWHUQHW 7RGRVORVMXHYHVGHKDK ,QVFULSFLRQHVHQHO&HQWUR&tYLFR6DQWLDJR(VFDUWtQ2WtQSRUWHOpIRQRHQHORDWUDYpVGHOFRUUHR HOHFWUyQLFRLQIRFHQWUR#KXHVFDHV 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ LQIRFHQWUR#KXHVFDHV

-251$'$'(,038/62$/(035(1',0,(172 6HVLyQGLYXOJDWLYDVREUHODVKHUUDPLHQWDVGHILQDQFLDFLyQQREDQFDULDSDUDHPSUHQGHGRUHV 5HSUHVHQWDQWHVGHGLIHUHQWHVHQWLGDGHVFRPR6RGLDU$YDOLD,QDHP\)XQGDFLyQ$UDJyQ,QYLHUWHH[SOLFDUiQFXiOHV VRQODVIyUPXODVGHILQDQFLDFLyQGLVSRQLEOHVSDUDSRQHUHQPDUFKDSUR\HFWRVGHHPSUHQGLPLHQWR/HVDFRPSDxDUiQ DOJXQRVHPSUHQGHGRUHVDUDJRQHVHVTXH\DKDQVLGREHQHILFLDULRVGHHVWDVKHUUDPLHQWDV\TXHSRQGUiQ GHPDQLILHVWRVXH[SHULHQFLD 7DOOHUSUiFWLFR´(QKRUDVFyPRPRQWDUWXHPSUHVDµ 6HWUDWDGHXQDVHVLyQSUiFWLFDGHSUHVHQWDFLyQGHORVSDVRVEiVLFRVTXHFXDOTXLHUHPSUHQGHGRUGHEHVHJXLUSDUDOD SXHVWDHQPDUFKDGHXQQHJRFLRGHVGHHOPRPHQWRHQTXHVXUJHODLGHD 3DODFLRGH&RQJUHVRVGH+XHVFD 2UJDQL]DQ*RELHUQRGH$UDJyQ$\XQWDPLHQWRGH+XHVFD\$-($UDJyQ 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ ZZZSDODFLRFRQJUHVRVKXHVFDHV

&85626'()250$&,Ð1'(&É5,7$6 'HVFULSFLyQ$FRJLGD\DFRPSDxDPLHQWRFODYHVGHLQWHUYHQFLyQ'HODOGHPDU]RGH,QLFLDFLyQSDUD YROXQWDULRVGH&iULWDV'HOGHPD\RDOGHMXQLRGH$SUR[LPDFLyQDODUHDOLGDGGHODSREUH]DHQODPXMHU 'HODOGHPDU]RGH$FRPSDxDQGRDODVSHUVRQDVHQVLWXDFLyQGHH[FOXVLyQ\GHSHQGHQFLDKDFLDOD DXWRQRPtD'HODOGHDEULOGH'LVHxRGHXQSUR\HFWRGHLQWHUYHQFLyQVRFLDOGHPD\RGH7DOOHU ODPDJLDGHOFXHQWRGHPDU]RGH7DOOHUGHWDOOHUHVGHDEULOGH 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ ZZZFDULWDV]DUDJR]DRUJ7HO


&85626 $JHQGD-RYHQGHPDU]R

3$57,&,3$&,Ð1&,8'$'$1$<&223(5$&,Ð1/$&216758&&,Ð1'(81$ &,8'$'$1Ì$$&7,9$$75$9e6'(/92/817$5,$'2 2EMHWLYRV&RQRFHUHOVLJQLILFDGRGHFLXGDGDQtDDFWXDO(QWHQGHUODVRFLDOL]DFLyQSROtWLFDFRPRXQQXHYRHOHPHQWR GHODFLXGDGDQtDDFWLYD 6DEHUFyPRVHSRQHHQSUiFWLFD\TXpOHJLVODFLyQUHJXODODFLXGDGDQtDDFWLYDDQLYHODXWRQyPLFRQDFLRQDO\ HXURSHR)RPHQWDUHOSDSHOGHODVQXHYDVWHFQRORJtDV&RQRFHUHOVLJQLILFDGRGHOYROXQWDULDGRKLVWRULDREMHWLYRV\ SDSHOHQODDFWXDOLGDG&RQWULEXLUDOFRQRFLPLHQWRGHOSDSHOGHODVDGPLQLVWUDFLRQHVS~EOLFDVHQHOYROXQWDULDGR &RQRFHUHVWXGLRVTXHVHKD\DQUHDOL]DGRHQ(XURSD(VSDxD$UDJyQVREUHODSDUWLFLSDFLyQFLXGDGDQDUHODFLRQDGRV FRQHOYROXQWDULDGR'LVWLQJXLUHOYROXQWDULDGRTXHVHUHDOL]DHQORVGLIHUHQWHVSDtVHVGHOD8()RPHQWDUHO 9ROXQWDULDGR(XURSHRVXRUJDQL]DFLyQILQDQFLDFLyQREMHWLYRV3UHVHQWDUH[SHULHQFLDVGHYROXQWDULDGRHQ(VSDxD HQ$UDJyQ 'HODOGHMXOLRGHKDK3OD]DVOLPLWDGDV 

½ ½HVWXGLDQWHV\GHVHPSOHDGRV

&DPSXV8QLYHUVLWDULRGH7HUUXHO 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSXYWXQL]DUHVJXYWBFXUVRMVS"FXUVR 

7LHPSR/LEUH &8562'(021,725(6'(7,(032/,%5( 1XHYR&XUVRGH0RQLWRUHVGH7LHPSR/LEUHRUJDQL]DGRSRUHO&RQVHMRGHOD-XYHQWXGGH%DUEDVWUR(OFXUVRHVWi SUHYLVWRTXHVHUHDOLFHHQILQHVGHVHPDQDDOWHUQRVViEDGRVPDxDQD\WDUGH\GRPLQJRVSRUODPDxDQD6HUi LPSDUWLGRSRUOD(VFXHODGH$QLPDFLyQ6RFLRFXOWXUDO$UDJyQ\ORVTXHILQDOLFHQHOFXUVRREWHQGUiQHO7tWXORRILFLDO H[SHGLGRSRUHO*RELHUQRGH$UDJyQ (OFXUVRFRQVWDGHKRUDVGHODVFXDOHVVRQWHyULFDV\ODVRWUDVGHSUiFWLFDV(OSUHFLRGHOFXUVRHVGH ½,QFOX\HPDWHULDOGRFXPHQWDFLyQDFWLYLGDGHV\ODH[SHGLFLyQGHO7tWXOR /DVSOD]DVFRQYRFDGDVVRQ6HDGMXGLFDUiQSRURUGHQGHLQVFULSFLyQ6HUiQHFHVDULRXQPtQLPRGHDOXPQRV SDUDSRGHULQLFLDUHOFXUVR(QFXDQWRFRPSOHWHPRVHVWHQ~PHURPtQLPRGHDOXPQRVGDUHPRVODIHFKDGHLQLFLR (OFXUVRVHUHDOL]DUiHHO(VSDFLR-RYHQGH%DUEDVWURHVWiSWUHYLVWRTXHHPSLHFHHQODVHJXQGDTXLQFHQDGHPDU]R (QHVHFDVRWHUPLQDUtDDILQDOGHPD\R 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ &RQVHMRGHOD-XYHQWXGGH%DUEDVWUR

&8562'(021,725(6'($&7,9,'$'(6-89(1,/(6 &XUVRRILFLDOKRPRORJDGRGH0RQLWRUHVGH$FWLYLGDGHV-XYHQLOHV /XJDU5LEDJRUGD&8(1&$(GDGDxRVFXPSOLGRV)HFKD\OXJDUGHLQVFULSFLyQ+DVWDHOGHMXQLRGH ,QVFULSFLyQDGLVWDQFLDRHQODSURSLD(VFXHOD 'DWRVGHODHQWLGDGRUJDQL]DGRUD$EDQFD\(VFXHODGH$QLPDFLyQ-XYHQLO 'LUHFFLyQFRPSOHWDFRQFyGLJRSRVWDO 6HGH,VODV&tHVEDMR&0$'5,' 6HGH&HUYDQWHV&DVDVGH%HQtWH]&8(1&$ 7HOpIRQR :HEZZZDEDQFD\HV )HFKDV\+RUDULR  'HODOGHMXOLRGH'HKDK  'HODOGHMXOLRGH'HKDK 3UHFLRSURPRFLRQDOHXURV'HVGHHOGHIHEUHURSUHFLRVLQSURPRFLyQH 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ HVFXHOD#DEDQFD\HV


9$5,26 $JHQGD-RYHQGHPDU]R

2)(57$6'((03/(2352)(625(6$6'(35,0$5,$6(&81'$5,$ 9DULRVFHQWURVFRQFHUWDGRVGH$UDJyQPDQWLHQHQDELHUWDVFRQYRFDWRULDVHQODVTXHVHVROLFLWDDOJ~QWLSRGH WLWXODFLyQUHODFLRQDGDFRQHQVHxDQ]DVDUWtVWLFDVRGHKXPDQLGDGHV 3URIHVRUDGH(GXFDFLyQ6HFXQGDULD /LF+XPDQLGDGHV*UDGXDGRD$UWHV\+XPDQLGDGHV&LHQFLDV6RFLDOHVR -XUtGLFDV 3OD]RGHPDU]RGH3URIHVRUDGH(GXFDFLyQ3ULPDULD 0DHVWURD(GXFDFLyQ0XVLFDO 3OD]R GHPDU]RGH 3URIHVRUDGH(GXFDFLyQ3ULPDULD 0DHVWURD(GXFDFLyQ0XVLFDO 3OD]RGHPDU]RGH 0iVLQIRUPDFLyQ

KWWSZZZLQIRFXOWXUHLQIRXQLGDGHVBLQIRUPDWLYDVHPSOHRBOLVWDGRDVS[",'8, 

(03/(2&2192&$725,$'(75$%$-2(1/$81,Ð1(8523($3$5$36,&Ð/2*26 /D&RPLVLyQ(XURSHDKDSXEOLFDGRXQDFRQYRFDWRULDSDUDLQFRUSRUDUDSVLFyORJRVHGXFDWLYRVRSVLFRSHGDJyJRV ('8&$7,926

DOWDPHQWHFXDOLILFDGRV\PRWLYDGRVFRQHOILQGHSUHVWDUVXVHUYLFLRHQORVFHQWURVLQIDQWLOHVGH%UXVHODV,VSUDR /X[HPEXUJRFRQXQFRQWUDWRGHGXUDFLyQGHWHUPLQDGD(OSOD]RSDUDSUHVHQWDUFDQGLGDWXUDVWHUPLQDHOSUy[LPR GHPDU]RGHEHQWHQHUXQWtWXORXQLYHUVLWDULRHQSVLFRORJtDFLHQFLDVGHODHGXFDFLyQRWHQHUXQWtWXORSURIHVLRQDO HTXLYDOHQWH7DPELpQGHEHWHQHUXQDH[SHULHQFLDSURIHVLRQDOGHDOPHQRVXQDxRHQHVWHFDPSR&XDOLILFDFLyQR H[SHULHQFLDDGLFLRQDO\HOFRQRFLPLHQWRGHOIUDQFpVRLWDOLDQRVHYDORUDUiQHVSHFLDOPHQWH

0iVLQIRUPDFLyQ

KWWSZZZSRUWDOSDUDGRVHVHPSOHRSXEOLFR&RQYRFDWRULDGHWUDEDMRHQOD8QLRQ(XURSHDSDUD SVLFRORJRVHGXFDWLYRV

352<(&&,21(6&,&/2'(&,1((1,',20$6 (O&HQWUR&XOWXUDO,EHUFDMDGH+XHVFD\OD(VFXHOD2ILFLDOGH,GLRPDVRUJDQL]DQ (OGHPDU]RDODVK'(5*$1=*52‰(75$80/DUJRPHWUDMH'LUHFWRU6HEDVWLiQ*UREOHU$OHPDQLD 92$OHPiQ6XEWLWXODGDHQDOHPiQ (OGHPDU]RDODVK,/35$1=2'(//$'20(1,&$/DUJRPHWUDMH'LUHFWRU&DUOR9DQ]LQD,WDOLD92 LWDOLDQR6XEWLWXODGDHQLWDOLDQR (OGHPDU]RDODVK/(6)(00(6'8Ë0(e7$*(/DUJRPHWUDMH3KLOLSSH/H*XD\)UDQFLD92 IUDQFpV6XEWLWXODGDHQIUDQFpV (OGHPDU]RDODVK7+(7,0(75$9(/(56:,)(/DUJRPHWUDMH'LUHFWRU5REHUW6FKZHQWNH((88 92LQJOpV6XEWLWXODGDHQLQJOpV 0iVLQIRUPDFLyQ

FFKXHVFD#LEHUFDMDREUDVRFLDORUJ


9$5,26 $JHQGD-RYHQGHPDU]R

;,9&21*5(62'(3(5,2',602',*,7$/ (O3DODFLRGH&RQJUHVRVGH+XHVFDVHYXHOYHDFRQYHUWLUHQHOHSLFHQWURQDFLRQDOHLQWHUQDFLRQDOGHODLQIRUPDFLyQ GLJLWDOODVWHQGHQFLDVSHULRGtVWLFDV\HOIXWXUR\SHUVSHFWLYDHQHOPHUFDGRGHORVPHGLRVGHFRPXQLFDFLyQ/RV SUy[LPRVGtDV\GHPDU]RODFDSLWDODOWRDUDJRQpVDFRJHSRUGHFLPRFXDUWRDxRFRQVHFXWLYRHO&RQJUHVRGH 3HULRGLVPR'LJLWDORUJDQL]DGRSRUOD$VRFLDFLyQGH3HULRGLVWDVGH$UDJyQ\HO$\XQWDPLHQWRGH+XHVFDXQDGHODV DFWLYLGDGHVGHFDQDVHQODDJHQGDRVFHQVH 8QDFLWDFRQVDJUDGDTXHHVWHDxRUH~QHGHQXHYRDSURIHVLRQDOHVGHORVPHGLRVGRFHQWHVHGLWRUHVHVWXGLDQWHV\ SHUVRQDVUHODFLRQDGDVFRQHOSHULRGLVPRHQJHQHUDOSDUDDERUGDUGHVGHGLIHUHQWHVSHUVSHFWLYDVWHPDVFRPROD VLWXDFLyQDFWXDOGHOVHFWRUHOSURSLRFRPSURPLVRGHODLQIRUPDFLyQSHULRGtVWLFDRHOSDSHOGHORVSURIHVLRQDOHVHQ HOQHJRFLR(O&RQJUHVRGH3HULRGLVPR'LJLWDOVLUYHWDPELpQSDUDFRQRFHUORV~OWLPRVSUR\HFWRVHPSUHQGHGRUHVTXH GHODPDQRGHSURIHVLRQDOHVGHJUDQWUD\HFWRULDHQ(VSDxDHQFXHQWUDQHQHODXWRHPSOHRXQDVDOLGDGHIXWXURDQWH ODVLWXDFLyQGHOSHULRGLVPR $XGLWRULRGHO3DODFLRGH&RQJUHVRVGH+XHVFD 2UJDQL]DQ$VRFLDFLyQGH3HULRGLVWDVGH$UDJyQ\$\XQWDPLHQWRGH+XHVFD 0iVLQIRUPDFLyQ

ZZZFRQJUHVRSHULRGLVPRFRP

(03/(275$%$-23$5$$1,0$'25(6785Ì67,&26 /DFDGHQDKRWHOHUD3DOLDRIUHFHWUDEDMRSDUDYHUDQRDDQLPDGRUHVWXUtVWLFRVHQVXVHVWDEOHFLPLHQWRVGH0iODJD 7HQHULIH\0DOORUFD %XVFDQSHUVRQDVFDSDFHVGHGHVDUUROODUDFWLYLGDGHVGHDQLPDFLyQGHGtDTXHGRPLQHQLQJOpVDOHPiQSRODFR IUDQFpVLWDOLDQRRHVSDxRO /DHPSUHVDRIUHFHXQFRQWUDWRGHVHLVPHVHVFRQXQVDODULREUXWRTXHRVFLODHQWUHORV\ORVHXURVD ORVTXHVHVXPDDORMDPLHQWR\FRPLGD 7DPELpQVHSDJDUiQHXURVHQFRQFHSWRGHJDVWRVGHGHVSOD]DPLHQWRDOILQDOGHOFRQWUDWR 3XHGHVHQYLDUHOFXUUtFXOXPDDQLPDFLRQ#SDOLDHVDODDWHQFLyQGHO6U+XWLQDQWHVGHGHPDU]R 0iVLQIRUPDFLyQ

KWWSZZZVHSHHVFRQWHQLGRHPSOHRBIRUPDFLRQHXUHVSGI2IHU(VSDGLFB3$/,$BPDUSGI

(03/(26(1(&(6,7$1352)(625(6'(*8$5'(5Ì$,1)$17,/(1/$=21$'( 6RQJXDUGHUtDVSULYDGDVVXEYHQFLRQDGDVSRUHOHVWDGRDOHPiQ(Q$OHPDQLDHOFROHJLRFRPLHQ]DFRQORTXHHQ 081,&+ (VSDxDFRQVLGHUDPRV(GXFDFLyQ3ULPDULD(OSHULRGRDQWHULRUHVDWHQGLGRSRUSURIHVRUHVFXLGDGRUHVGHFDUUHUDV VRFLDOHVYDULDVFRPR )RUPDFLyQ3URIHVLRQDOHQ(GXFDFLyQ7UDEDMDGRU6RFLDO0DHVWUR« 7LSRGHFRQWUDWR(YHQWXDOXQDxR\SRVWHULRUFRQYHUVLyQDLQGHILQLGR +RUDULRVHPDQDOKRUDV 6DODULR$SDUWLUGHHXURVEUXWRVDQXDOHVHOGHOFRQYHQLRGH(GXFDFLyQDOHPiQ /RVFHQWURVHGXFDWLYRVVRQSULYDGRV\VXEYHQFRQDGRVSRUHO*RELHUQRDOHPiQ 6HQHFHVLWDQLYHOGHDOHPiQ%

0iVLQIRUPDFLyQ

ZZZZRUOGZLGHZRUNLQJQHW


9$5,26 $JHQGD-RYHQGHPDU]R

(/,$-2)5(&(81$18(9$(',&,Ð1'(/352*5$0$&+(48(-29(1 (VWDLQLFLDWLYDYDDGLULJLGDDHQWLGDGHVVLQiQLPRGHOXFURTXHVHDGKLHUDQDOSURJUDPDSDUDRIUHFHUHQVXV FDPSDPHQWRV\FRORQLDVSOD]DVSDUDMyYHQHVDUDJRQHVHVHQWUH\RKDVWDDxRVSDUDMyYHQHVFRQQHFHVLGDGHV HVSHFLDOHV(OREMHWLYRIXQGDPHQWDOGHHVWHSURJUDPDHVSURPRYHUODSDUWLFLSDFLyQGHWRGRVORVQLxRV\MyYHQHVGH $UDJyQHQODRIHUWDHVWLYDOGHFDPSDPHQWRV\FRORQLDVFRQODFRQFHVLyQGHFKHTXHVSDUDVXSDUWLFLSDFLyQHQORV PLVPRVHQIXQFLyQGHOQLYHOGHUHQWDGHVXXQLGDGIDPLOLDU /DVHQWLGDGHVSXHGHQDGKHULUVHDOSURJUDPDGHODOGHPDU]R /D7pFQLFRGH$FWLYLGDGHVGHO,$-SRGUiDWHQGHUHQHOWHOpIRQRRPHGLDQWHHPDLOVYDO#DUDJRQHV 0iVLQIRUPDFLyQ

VYDO#DUDJRQHV

'(6$<812&2108-(5(6(035(6$5,$6 /D$VRFLDFLyQGH0XMHUHV(PSUHVDULDVGHOD3URYLQFLDGH+XHVFD\HO,QVWLWXWR$UDJRQpVGHOD0XMHURUJDQL]RXQ GHVD\XQRFRORTXLRHQHO+RWHO3HGUR,HOMXHYHVGHPDU]RDODVK&RQODSUHVHQFLDGHOD3UHVLGHQWHGHO *RELHUQRGH$UDJyQ'/XLVD)HUQDQGD5XGL 0iVLQIRUPDFLyQ

LDPKX#DUDJRQHV

2)(57$'((03/(2(1+8(6&$ 6HEXVFDDXWyQRPRRSHUVRQDGLVSXHVWDDGDUVHGHDOWDSDUDODERUFRPHUFLDO (GDGFRPSUHQGLGDHQWUHDxRV 9DORUDEOHH[SHULHQFLDFRPHUFLDOSUHYLD ,QWHUHVDGRVHQYLDU&9DFRPHUFLDOHQKXHVFD#JPDLOFRP 0iVLQIRUPDFLyQ

FRPHUFLDOHQKXHVFD#JPDLOFRP

3$548('(,19,(512'(0$5=2 (O3DUTXHGH,QYLHUQRHVXQSUR\HFWRGHHVSDFLRDOWHUQDWLYRGHRFLRSDUDODMXYHQWXGRVFHQVH6HWUDWDGHXQD FRODERUDFLyQWUDQVYHUVDOHQWUHGLIHUHQWHViUHDVPXQLFLSDOHVTXHSUHWHQGHDWHQGHUODGHPDQGDFUHFLHQWHGHRFLR SRUSDUWHGHODMXYHQWXGFUHDQGRXQHVSDFLRGLQiPLFRTXHSHUPLWDDWHQGHUVXJHUHQFLDV /DRIHUWDFXHQWDFRQ]RQDGHP~VLFDYLGHRMXHJRV\]RQDGHEDUUDVLQDOFRKROFRQPHVDVSDUDFHQDU 6HUHTXLHUHSUHVHQWDUHO'1,SDUDHODFFHVR 6DOD3ROLYDOHQWHGHO3DODFLRGH&RQJUHVRVGH+XHVFD 2UJDQL]D3DODFLRGH&RQJUHVRVGH+XHVFD6$ 0iVLQIRUPDFLyQ

ZZZSDODFLRFRQJUHVRVKXHVFDHV


9$5,26 $JHQGD-RYHQGHPDU]R

&$0386'(+8(6&$(/&,&/2'(',&$'2$/&,1($67$.$1(726,1'2 (QODIDFXOWDG(PSUHVD\*HVWLyQ3~EOLFD 3OD]DGHOD&RQVLWXFLyQ DODVK +XPDQ 1LQJHQ .DQHWR6KLQG{PLQ-DSyQ 0RWKHU +DKD GH.DQHWR6KLQG{PLQ-DSyQ .XURQHNR <DEXQRQDNDQRNXURQHNR .DQHWR6KLQG{PLQ-DSyQ (GR3RUQ +RNXVDLPDQJD .DQHWR6KLQG{PLQ-DSyQ 7UHH:LWKRXW/HDYHV 5DNX\{MX .DQHWR6KLQG{PLQ-DSyQ ,NLWDL.DQHWR6KLQG{PLQ-DSyQ 3RVWFDUG ,FKLPDLQRKDJDNL .DQHWR6KLQG{PLQ-DSyQ 6LHPSUHTXHVHDSRVLEOHODVSHOtFXODVVHYLVLRQDUiQHQ926( 0iVLQIRUPDFLyQ

&XOWXUD&RPXQLFDFLRQ+XHVFD#XQL]DUHV

&20(5(1,1*/e6 &DIHWHUtDGHOD)DFXOWDGGHHPSUHVD\*HVWLyQ3~EOLFDGH+XHVFD 3]D&RQVWLWXFLyQ /RV0LpUFROHV\ GHDKRUDV2UJDQL]D&DPSXVGH+XHVFD8QL]DU 0iVLQIRUPDFLyQ

KWWSKXHVFDXQL]DUHV

0,e5&2/(6,1)250É7,&26 /DQXHYDSURJUDPDFLyQGHORVPLpUFROHVLQIRUPiWLFRVSDUDORVPHVHVGHIHEUHURPDU]R /RV0LpUFROHV,QIRUPiWLFRVVRQFKDUODVPRQRJUiILFDVVREUHQRYHGDGHVLQIRUPiWLFDVUHFXUVRVGH,QWHUQHWUHGHV VRFLDOHVHWFHQODVTXHVLTXLHUHVSXHGHVWUDHUWXRUGHQDGRUSRUWiWLO\SUDFWLFDU 6RQJUDWXLWDV\QRQHFHVLWDVLQVFULSFLyQSUHYLD 7LHQHOXJDUORVPLpUFROHVDODVKRUDVHQHO&HQWUR&tYLFR6DQWLDJR(VFDUWtQ2WtQ 0iVLQIRUPDFLyQ

LQIRFHQWUR#KXHVFDHV

5$,'-89(1,/(1(63$f$ (O5DLG-DYDODPEUHQDFHGHXQSUR\HFWRHXURSHRGHPXOWLDYHQWXUDMXYHQLOHQWUHYDULRVSDtVHVGH(XURSD(VSDxDKD TXHULGRRUJDQL]DUXQUDLGMXYHQLOHQHO\GHPDU]R(O5DLGHVODSULPHUDPXOWLDYHQWXUDTXHVHRUJDQL]D HQ(VSDxDSDUDMyYHQHVHQWUH\DxRV HQGRVFDWHJRUtDVGHD\GHDDxRV \VHKDHVFRJLGR FRPRHQWRUQRQDWXUDO\GHSRUWLYRODVLHUUDGH-DYDODPEUH 7HUXHO \HQFRQFUHWRHOPXQLFLSLRGH&DPDUHQDGHOD 6LHUUDDORVSLHVGHODHVWDFLyQGHHVTXtGH$5$021\GHODFXPEUHGHPHWURVGHDOWLWXG/DPXOWLDYHQWXUD FRQVLVWHHQFXDWURSUXHEDVFDUUHUDSRUPRQWDxDDODFXPEUHGH-DYDODPEUHGHVGHHOUHIXJLR5DEDGj\1DYDUURGH OD)$0UXWDHQ%77SRUSLVWDVIRUHVWDOHVHVFDODGDHQURFyGURPR\XQDSUXHEDGHRULHQWDFLyQFRQSUXHEDVGH GHVWUH]D 1RWHORSLHQVHVPiV£6LWLHQHVHQWUH\DxRV\WHJXVWDQORVGHSRUWHVHQODQDWXUDOH]DDS~QWDWHDO5DLG MDYDODPEUHMXQLRUDYHQWXUD )(&+$/Ì0,7(+DVWDHOPDU]R 0iVLQIRUPDFLyQ

KWWSZZZUDLGMXQLRUMDYDODPEUHFRP


9$5,26 $JHQGD-RYHQGHPDU]R

(03/(2)217$1(526$6(1$/(0$1,$ 5HTXLVLWRV)RUPDFLyQ3URIHVLRQDO7HQHUH[SHULHQFLDODERUDO&RQRFLPLHQWRVEiVLFRVGHDOHPiQ\3HUPLVRGH FRQGXFLU &RQWHQLGR(QYLDUFXUULFXOXP LQJOpVRDOHPiQ \IRWRDODVLJXLHQWHGLUHFFLyQLQIR#PEVVHUYLFHGHKDVWDHOGH HQHUR 5HIHUHQFLD6 &RQWDFWR0%60DLHU%HUHLWVWHOOXQJVVHUYLFHIU7URFNQXQJVJHUlWH&DUO%HQ]6WU,QQLQJD$PPHUVHH :HVW0XQLFK

%D\HUQ $OHPDQLD

7HOpIRQRLQIR#PEVVHUYLFHGH 0iVLQIRUPDFLyQ

LQIR#PEVVHUYLFHGH

352*5$0$´/(21$5'2'$9,1&,µ(1$/(0$1,$&2192&$725,$'( 3DUDODFRQYRFDWRULDGH,VHRIUHFHQSUiFWLFDVSDUDDOXPQRVGHODVVLJXLHQWHVHVSHFLDOLGDGHV(OHFWUyQLFDTXH (035(6$97$/,6

FRQVLVWHQHQODIDEULFDFLyQGHGLIHUHQWHVFLUFXLWRVVLPSOHV\FRPSOHMRVWDOHVFRPRFLUFXLWRVLQWHUPLWHQWHVWpFQLFD /('LQWHUUXSWRUHVHOHFWUyQLFRVVHQVRUHVWpFQLFDGHXOWUDVRQLGRV\DSDUDWRVGHPHGLGDFDUJDGRUHVGHEDWHUtD IXHQWHVGHDOLPHQWDFLyQWHFQRORJtDGHOVRQLGRDPSOLILFDGRUHVGHSRWHQFLDWHFQRORJtDGHFRQWUROGH3&\WpFQLFDV SDUDHOKRJDU 'LVSRQHPRVWDPELpQGHSUiFWLFDVHQHOVHFWRUGHODFRQVWUXFFLyQHQHOTXHVHWUDEDMDQRUPDOPHQWHHQOD UHKDELOLWDFLyQGHHGLILFLRV6HUHDOL]DQWUDEDMRVGHOHYDQWDPLHQWRGHWDELTXHUtDWUDEDMRFRQODGULOORYLVWR FRORFDFLyQGHDLVODPLHQWRVLQVWDODFLRQHVHOpFWULFDVVDQLWDULDVHWFGXUDQWHORVWUDEDMRVWLHQHQODSRVLELOLGDGGH FRQRFHUGLIHUHQWHVPDWHULDOHVWpFQLFDV\SURFHVRVGHFRQVWUXFFLyQDORVXVDGRVQRUPDOPHQWHHQ(VSDxD 7DPELpQGLVSRQHPRVGHSUiFWLFDVSDUDWUDEDMDGRUHVGHODPDGHUD 5HVSHFWRDODUDPDUHODFLRQDGDFRQHODXWRPyYLOHQODDFWXDOLGDGUHDOL]DPRVXQSUR\HFWRGHHEXJJ\ (QpOVHWUDEDMDDQLYHOPHFiQLFRHQVXPD\RUtDFRPRHOpFWULFR6HFRPLHQ]DFRQODVFRQVWUXFFLyQGHOFKDVLV PHGLDQWHHVWUXFWXUDWXEXODUPHWiOLFDLQVWDODFLyQGHGLUHFFLyQIUHQRVVXVSHQVLyQ\GHOPRWRUHOpFWULFR 0iVLQIRUPDFLyQ

KWWSZZZJXWZHKOLW]GH

&$0326'(75$%$-2(1,6/$1',$325,1*$/,&,$ ¢4XLHUHVYHUXQDDXURUDERUHDOPLHQWUDVFUHFHWX&9\SUDFWLFDVLGLRPDV"1RVRWURVWHSURSRQHPRVTXHWHDSXQWHVD XQFDPSRGHWUDEDMR\GHHVWDPDQHUDKDJDVFXUUtFXOXPSUDFWLTXHVLGLRPDVFDPELHVGHDLUHV\FRQR]FDVJHQWH QXHYDGHYDULRVSDtVHVGH(XURSD(OGHVWLQRTXHRVUHFRPHQGDPRVHV,VODQGLDGRQGHSXHGHVHOHJLUHQWUHYDULRV FDPSRVGHWHPiWLFD\IHFKDGLIHUHQWH&DGDXQRGHHOORVEXVFDYDULDVSHUVRQDVLQWHUHVDGDVPRWLYDGDV\FRQXQ QLYHOPHGLRGHLQJOpV1RVRWURVWHSURSRQHPRVORVVLJXLHQWHV (QYLURQPHQWDODZDUHLQ5H\NMDYLN DEULO WHPiWLFDPHGLRDPELHQWDO 3KRWR0DUDWKRQLQ5H\NMDYLN DEULO DUWH\FXOWXUDFRPRWHPiWLFD %RWDQLF*DUGHQLQ5H\NMDYtN DEULOPD\R WHPiWLFDPHGLRDPELHQWDO ìLQJYHOOLU²:RUOG+HULWDJH6LWH PD\R WHPiWLFDVPHGLDPELHQWDO\FRQVWUXFFLyQ 5H\NMDYLN6KRUWV 'RFV)LOP)HVWLYDO PD\R DUWH\WpFQLFDVDXGLRYLVXDOHV 0iVLQIRUPDFLyQ

KWWSZZZLQJDOLFLDRUJQXHYRVFDPSRVGHWUDEDMRHQLVODQGLDSRULQJDOLFLD


9$5,26 $JHQGD-RYHQGHPDU]R

(03/(2352)(625(6'(*8$5'(5,$,1)$17,/(1/$=21$'(081,&+ 'HVFULSFLyQ(Q$OHPDQLDHOFROHJLRFRPLHQ]DFRQORTXHHQ(VSDxDFRQVLGHUDPRV(GXFDFLyQ3ULPDULD(OSHULRGR DQWHULRUHVDWHQGLGRSRUSURIHVRUHVFXLGDGRUHVGHFDUUHUDVVRFLDOHVYDULDVFRPR (VSHFLDOLVWD,QIDQWLOR 3UHHVFRODU 'LSORPDWXUDR*UDGRHQ7UDEDMR6RFLDO)3,,HQ(GXFDFLyQ,QIDQWLO 7LSRGHFRQWUDWR(YHQWXDOXQDxR\SRVWHULRUFRQYHUVLyQDLQGHILQLGR +RUDULRVHPDQDOKRUDV 6DODULR$SDUWLUGHHXURVEUXWRVDQXDOHVHOGHOFRQYHQLRGH(GXFDFLyQDOHPiQ /RVFHQWURVHGXFDWLYRVVRQSULYDGRV\VXEYHQFLRQDGRVSRUHO*RELHUQRDOHPiQ 6HQHFHVLWDQLYHOGHDOHPiQ% )HFKDGHILQDOL]DFLyQ 0iVLQIRUPDFLyQ

ZZZZRUOGZLGHZRUNLQJQHW

(03/(2)$&(%22.38%/,&$2)(57$6'(75$%$-23$5$686('('('8%/Ì1 )DFHERRNKDGHFLGLGRDPSOLDUVXSODQWLOODHXURSHDFRQODFRQWUDWDFLyQGHSHUVRQDVPiV/DFRPSDxtDKD SXEOLFDGRDQXQFLRVGHWUDEDMRSDUDVXVRILFLQDVGH'XEOtQ,UODQGDGHVGHGRQGHRSHUDSDUDWRGRHOFRQWLQHQWH HXURSHR/RVSXHVWRVVROLFLWDGRVYDQGHVGHSHUVRQDOSDUDODUHODFLyQFRQGHVDUUROODGRUHVDWUDEDMDGRUHVSDUDHO iUHDGHYHQWDV 0iVLQIRUPDFLyQ

KWWSZZZSRUWDOSDUDGRVHVDFWXDOLGDG)DFHERRNSXEOLFDRIHUWDVGHWUDEDMRSDUDVXVHGHGH 'XEOLQ

(03/(2(1)5$1&,$3$5$$7(1&,Ð1$/&/,(17(%22.,1* %RRNLQJFRPHVOtGHUHQHOPHUFDGRGHVHUYLFLRGHUHVHUYDVGHKRWHOHVHQHOPXQGRVHOHFFLRQDXQHMHFXWLY#GH $WHQFLyQDO&OLHQWH &XVWRPHU6HUYLFH([FHXWLYH SDUDVXVHGHHQ)UDQFLD /LOOH SDUDXQLUVHDVXHTXLSR LQWHUQDFLRQDOTXHHQODDFWXDOLGDGVHFRPSRQHGHPiVGHSURIHVLRQDOHVFRQVHGHHQPiVGHSDtVHVGHWRGR HOPXQGR 7DUHDVJHVWLRQDU\FRRUGLQDUUHVHUYDVWHOHIyQLFDVYtDPDLORSRUID[0RGLILFDUFDPELDURFDQFHODUUHVHUYDV H[LVWHQWHV&RRUGLQDU\JHVWLRQDUSHWLFLRQHVHVSHFtILFDVGHORVFOLHQWHVFRQORVKRWHOHV5HODFLyQ\HQODFHHQWUHHO FOLHQWH\HOKRWHO&RRUGLQDUUHODFLRQHVFRQORVGLIHUHQWHVKRWHOHV 3HUILO6HUHTXLHUHH[SHULHQFLDHQVHFWRUKRWHOHURHLQWHUQHW(VQHFHVDULRKDEODULQJOpV\HVSDxRO([FHOHQWHV FDSDFLGDGHVGHFRPXQLFDFLyQ2ULHQWDGRDODVUHVROXFLyQGHSUREOHPDV 0iVLQIRUPDFLyQ

KWWSZZZERRNLQJFRPMREVHQ JEKWPO"VLG EHDGDDDEIDEGHFFDEIGFLG VW GHWDLOVMREBLG 

(03/(2*8Ì$&Ð02%86&$575$%$-2(1(/(;75$1-(52 /D&iPDUDGH=DUDJR]DHGLWDXQDJXtDFRQPiVGHUHFXUVRVSDUDWUDEDMDUHQHOH[WUDQMHUR ,QFOX\HFRQVHMRV\RULHQWDFLyQVREUHWUiPLWHV:HEFRQRIHUWDVSRUWDOHVGHHPSOHRUHGHVSURIHVLRQDOHV\HQODFHV SDUDDSUHQGHULGLRPDV 3XHGHVGHVFDUJiUWHODJUDWXLWDPHQWHRFRQVXOWDURQOLQHHQ KWWSGRFXPHQWRVFDPDUD]DUDJR]DFRPHPSOHRLQVHUFLRQ ODERUDO&&%PREXVFDUWUDEDMRHQHOH[WUDQMHURSGI 0iVLQIRUPDFLyQ

KWWSZZZFDPDUD]DUDJR]DFRP


9$5,26 $JHQGD-RYHQGHPDU]R

(03/(2,%(52&58&(52635(&,6$(03/($'26 &RVWD&URFLHUHJUXSRWXUtVWLFRGH,WDOLDDODTXHSHUWHQHFHQ$,'$&UXLVHV,EHURFUXFHURV\&RVWD&URFLHUHQHFHVLWD LQFRUSRUDUPiVGHGHHPSOHDGRV&RFLQHURVFDPDUHURVSHUVRQDOGHPDQWHQLPLHQWRDQLPDGRUHVHWFVRQ DOJXQDVGHODVYDFDQWHVGLVSRQLEOHV 3DUDDFFHGHUDHVWRVSXHVWRVHVQHFHVDULRGRPLQDUHOLGLRPDLQJOpV\YDORUDEOHHOFRQRFLPLHQWRGHRWURVLGLRPDV 0iVLQIRUPDFLyQ

KWWSZZZFRVWDFUXFHURVHV%&(&RUSRUDWHKXPDQ-RE2SSRUWXQLWLHV3RVL]LRQLDSHUWH%RUGR3RVL]LRQ LDSHUWH%RUGRKWP

(03/(2+(55$0,(17$',&&,21$5,2'((03/(2 *XtDSUiFWLFDHODERUDGDSRU8*7SDUDIDFLOLWDUODE~VTXHGDGHHPSOHR\SDUDHQWHQGHUHOPXQGRODERUDO\ORTXH VLJQLILFDQPXFKRVGHORVFRQFHSWRVTXHVHXVDQDGLDULRHQODVUHODFLRQHVODERUDOHV\DTXHQRVLHPSUHVHWLHQHOD LQIRUPDFLyQQHFHVDULDSDUDHQIUHQWDUVHDXQDQXHYDVLWXDFLyQODERUDO 0HGLDQWHXQ'LFFLRQDULRGH(PSOHR8*7-XYHQWXGUHFRJHORVWpUPLQRV\GHILQLFLRQHVHVSHFtILFDVGHOPHUFDGRGH WUDEDMRTXHVHXWLOL]DQPiVFRUULHQWHPHQWHFRQHOILQGHTXHORVMyYHQHVGHVHPSOHDGRVGHQXHVWURSDtVDFXGDQD pOSDUDUHVROYHUVXVGXGDVDFHUFDGHODUHJXODFLyQODERUDO 0iVLQIRUPDFLyQ 6HFUHWDULD)RUPDFLRQ\(PSOHR8*7=DUDJR]DIRUPDFLRQ#DUDJRQXJWRUJ 0iVLQIRUPDFLyQ

KWWSZZZXJWHVDFWXDOLGDGQRYLHPEUH'LFFLRQDULR'H(PSOHRB8*7B-XYHQWXGSGI

(03/(2+(55$0,(17$7285'((03/(29,578$/ (O7RXUGHO(PSOHR9LUWXDOHVXQDUHGGHIHULDVYLUWXDOHVGHHPSOHRHQODVFXDOHVORVFDQGLGDWRVSXHGHQHQWUDUHQ FRQWDFWRGLUHFWRFRQODVHPSUHVDVRIHUWDQWHVGHHPSOHRFRPRHQXQDIHULDGHHPSOHRSUHVHQFLDO 9LVLWDHOFDOHQGDULRGHIHULDVSDUDVDEHUFXDQGRVRQODVSUy[LPDV\UHJtVWUDWH\DSDUDTXHWHPDQWHQJDPRV LQIRUPDGRVHJ~QVHYD\DQDFHUFDQGRODVIHULDV (O7RXUGHO(PSOHR9LUWXDODWUDYpVGHODVIHULDVGHHPSOHRXQHDODVPHMRUHVHPSUHVDV\FDQGLGDWRVHQXQPLVPR HVSDFLRHQHOTXHLQWHUDFWXDUHLQWHUFDPELDULQIRUPDFLyQ 'HHVWDPDQHUDHOFDQGLGDWRDFFHGHUiDODVRIHUWDVGHHPSOHRPiVLQWHUHVDQWHVSDUDpO\ODHPSUHVDHQFRQWUDUi SHUILOHVPiVDGHFXDGRVSDUDODLQFRUSRUDFLyQDVXSODQWLOOD 0iVLQIRUPDFLyQ

KWWSZZZIHULDYLUWXDOGHHPSOHRFRP

(03/(2%86&$75$%$-2$75$9e6'(7:,77(5&2178,(03/(2 7XLHPSOHRHVXQDDSOLFDFLyQSDUDODE~VTXHGDGHHPSOHRPHGLDQWH7ZLWWHUGHVDUUROODGDSRUHOSRUWDOHVSDxRO ,QIRHPSOHRFRP 6HWUDWDGHXQRULJLQDOHQWUDPDGRGHFXHQWDVGH7ZLWWHUTXHSXEOLFDQRIHUWDVGHWUDEDMRHVSHFtILFDVGHXQiUHD\ ORFDOL]DFLyQFRQFUHWDFRQORTXHVLJXLHQGRDODVFXHQWDVDGHFXDGDVVyORUHFLELUiVRIHUWDVGHHPSOHRTXHFXPSODQ WXVUHTXLVLWRV (OVLVWHPDHVVHQFLOORVHOHFFLRQDVXQDSURYLQFLDHOLJHVHOWLSRGHWUDEDMR\VLJXHVODFXHQWDTXHSXEOLFDODVRIHUWDV 0iVLQIRUPDFLyQ

KWWSZZZWXLHPSOHRFRP


9$5,26 $JHQGD-RYHQGHPDU]R

(03/(2¢48(5(675$%$-$5(1$/(0$1,$" :RUNLQ*HUPDQ\HVXQDDVHVRULDODERUDOTXHWUDEDMDFRQQXPHURVDVHPSUHVDVDOHPDQDVHQWRGRVORVVHFWRUHV DFWXDQGRFRPRDJHQWHLQWHUPHGLDULRHQWUHFDQGLGDWR\HPSUHVD 2IUHFHQXQVHUYLFLRGHDVHVRUDPLHQWRWRWDOPHQWHJUDWXLWRDOFDQGLGDWR\XQVHUYLFLRGHUHFOXWDPLHQWRDODV HPSUHVDVFRQODVTXHWUDEDMDQ 6HRIUHFHQYDULDVRIHUWDVHQWUHHOODV 5HVSRQVDEOHGHFDOLGDGHQ%HUOtQ )LQDQ]DV&RQWUROOLQJHQ(EHUVZDOGH ,76\VWHP(QJLQHHUHQ%HUOtQ ,QJHQLHUR-HIHGH2EUDHQ%UDQGHUEXUJ &'HYHORSHUHQ%HUOtQ ,QJHQLHURGHFDPLQRVHQ6WXWWJDUW ,QJHQLHURLQIRUPiWLFRHQ%HUOtQ (QIHUPHURVDVHQWRGD$OHPDQLD &XUULFXOXPVDMRE#ZRUNLQJHUPDQ\LQIR 0iVLQIRUPDFLyQ

KWWSZZZZRUNLQJHUPDQ\LQIR

(03/(275$%$-2(1(8523$ 0\)RUHLJQ-REHVXQDZHEGHGLFDGDDODGLIXVLyQGHFRQWHQLGRVUHODFLRQDGRVFRQODVH[LJHQFLDVOHJDOHVUHTXHULGDV SDUDSRGHUWUDEDMDUHQRWURVSDtVHVRSDUDHVWDEOHFHUHPSUHVDVHQHOORVDVtFRPRXQOXJDUHQHOTXHOHHU\ FRPSDUWLUH[SHULHQFLDVGHSHUVRQDV\HPSUHVDVTXHFRPRW~KDQGHFLGLGRGHVDUUROODUVXVQHJRFLRV\FDUUHUDV SURIHVLRQDOHVHQRWURVSDtVHV 0\IRUHLJQMREVHDUWLFXODHQXQOLVWDGRGHSDtVHVRUJDQL]DGRVSRUFRQWLQHQWHVHQORVFXDOHVVHSXHGHHQFRQWUDU LQIRUPDFLyQVREUH 5HTXLVLWRV\UHFRPHQGDFLRQHVSDUDSRGHUWUDEDMDUHQRWURVSDtVHV 5HTXLVLWRV\UHFRPHQGDFLRQHVSDUDODFUHDFLyQGHQHJRFLRVHQRWURVSDtVHV 2SLQLRQHV\H[SHULHQFLDVGHXVXDULRVTXHKDQWUDEDMDGRRFUHDGRQHJRFLRHQRWURVSDtVHV (QODFHVGHLQWHUpV 'LUHFWRULRGHSURIHVLRQDOHV\HQWLGDGHVFRODERUDGRUDV 0iVLQIRUPDFLyQ

KWWSZZZP\IRUHLJQMREFRPHV


9$5,26 $JHQGD-RYHQGHPDU]R

35É&7,&$6'(9(5$12(1,7$/,$&202&$0$5(526<3(5621$/'(&2&,1$ (O&KLULQJXLWRULVWRUDQWHpVXQDHPSUHVDPX\FRQRFLGDHQOD]RQDGH6LOOD &DODEULD FRPRUHIHUHQFLDSDUDJUDQGHV HYHQWRV\ERGDV (QHVWRVPRPHQWRVHVWDEXVFDQGRFDPDUHURVDV\MyYHQHVSDUDODFRFLQDSDUDXQDLQFRUSRUDFLyQDSDUWLUGH -XQLR\SRUXQDGXUDFLyQGHPHVHV /DHPSUHVDFXEUHORVJDVWRVGHDORMDPLHQWR\FRPLGD\SXHGHTXHRIUH]FDXQDUHPXQHUDFLyQHFRQyPLFDSHTXHxD /RVKRUDULRVVHUiQIOH[LEOHVSRUWXUQRVDVtTXHORVSDUWLFLSDQWHVSRGUiQGLVIUXWDUGHOVRO\ODSOD\DGHODFRQRFLGD ORFDOLGDGGH6LFLOODHQ&DODEULD 'HVWLQDWDULRV-yYHQHVFRQRVLQH[SHULHQFLDGHWUDEDMRDXQTXHVHULDUHFRPHQGDEOHSRUORPHQRVWHQHUHVWXGLRV GHKRVWHOHULD /DHPSUHVD\DWLHQHH[SHULHQFLDHQSURJUDPDVGHSUiFWLFDVFRQMyYHQHVGHRWURVSDtVHV\GHELGRDOp[LWRGHODV DQWHULRUHVHGLFLRQHVTXLHUHUHSHWLU\DEUHDMyYHQHVHVSDxROHV )HFKDGHILQDOL]DFLyQ 0iVLQIRUPDFLyQ

ZZZLQJDOLFLDRUJ

.0(1%,&,3$5$//(9$5/8=$6(1(*$/3,5,1(261216723²'(6$)Ì2 (OGHVDItRSURSXHVWRSRUGRVFLFOLVWDVGH+XHVFDWHQGUiOXJDUHQWUHORVSUy[LPRV\GHPD\R\UHFRUUHUiGHVGH 62/,'$5,2

ODFRVWDPHGLWHUUiQHDKDVWDODFDQWiEULFDHQKRUDV (OFLFOLVWDGLVFDSDFLWDGR'LHJR%DOOHVWHURVSHGDOHDUiSRUODFDXVDFRQVX¶KDQGELNH· 6HSUHWHQGHQUHFDXGDUDOPHQRVHXURVFRQPXFKDVSHTXHxDVDSRUWDFLRQHV 'RVMyYHQHVRVFHQVHV0LJXHO%HUJXD*URV\ÐVFDU3X\XHOR%DJHVWHDWUDYHVDUiQSHGDOHDQGRHQWUHORVSUy[LPRV \GHPD\RORVSULQFLSDOHVSXHUWRVWUDQVIURQWHUL]RVGH(VSDxD$QGRUUD\)UDQFLDSDUDUHFDXGDUIRQGRVTXH SHUPLWDQOOHYDUOX]D1GRNKXQSHTXHxRSXHEORGH6HQHJDO(QWRWDOVHUiQNLOyPHWURVGHORQJLWXG\PiVGH PHWURVGHGHVQLYHODFXPXODGRHQPHQRVGHKRUDV 6HWUDWDGHXQDJUDQWUDYHVtDHQELFLFOHWDGHFDUUHWHUDTXHORVGRVSDUWLFLSDQWHVFRPSOHWDUiQVLQSDUDGDVHQXQ IRUPDWR¶QRQVWRS·GiQGRVHUHOHYRVFDGDFLQFRKRUDV&RQWDUiQFRQODD\XGDGHOFLFOLVWDGLVFDSDFLWDGR'LHJR %DOOHVWHURVTXHVHVXPDUiFRPRUHOHYLVWDFRQVX¶KDQGELNH·GHPRVWUDQGRTXH´TXHUHUHVSRGHUµ(OEDUEDVWUHQVH HMHPSORGHWHQDFLGDG\VXSHUDFLyQSHGDOHDFRQORVEUD]RVGHVGHFXDQGRXQDWURSHOOROHGHMyHQVLOODGH UXHGDV ¢&yPRFRODERUDU" +DFLHQGRWXGRQDWLYRGLUHFWDPHQWHDOSUR\HFWR$WUDYpVGHOFURZGIXQGLQJDORMDGRHQHOVLWLR KWWSZZZGHSRUWLVWDVVROLGDULRVRUJUHWRVSLULQHRVBQRQBVWRS 0iVLQIRUPDFLyQ

ZZZSLULQHRVQRQVWRSFRP

&2192&$725,$'(&$03$0(172,17(51$&,21$/(1&+,1$ -yYHQHVGHDDxRVDXQ&DPSDPHQWRLQWHUQDFLRQDOHQ&KLQDSDUDORVGtDVGHODOGHMXOLR /DIRUPDGHSDUWLFLSDFLyQVHUiHQXQDGHOHJDFLyQGHXQPi[LPRGHMyYHQHVDFRPSDxDGRVGHGRVDGXOWRV/RV SDUWLFLSDQWHVGHEHUiQFRVWHDUVHHOYLDMHGHLGD\YXHOWDDGHPiVGHXQDLQVFULSFLyQGHGyODUHV/RV SDUWLFLSDQWHVGHEHUiQWHQHUXQQLYHOGHLQJOpVIOXLGR /DVLQVFULSFLRQHVVHUHPLWLUiQDODGLUHFFLyQMLDROLX\LQJ#FRPRHQORVQ~PHURVGHID[\GH WHOpIRQRDODPD\RUEUHYHGDGSRVLEOHSRUKDEHUUHFLELGRHVWDLQYLWDFLyQHQIHFKDPX\DYDQ]DGD 0iVLQIRUPDFLyQ

MLDROLX\LQJ#FRP


9$5,26 $JHQGD-RYHQGHPDU]R

(03/(2%/2*'(%2/6$6'(&2175$7$&,Ð1(1/$$'0,1,675$&,Ð13Ô%/,&$ $'$06KDFUHDGRXQEORJFRQLQIRUPDFLyQUHODFLRQDGDFRQODVHOHFFLyQGHHPSOHRWHPSRUDORLQWHULQRTXHRIUHFHQ ODVGLIHUHQWHV$GPLQLVWUDFLRQHV3~EOLFDVHQ(VSDxD 3XHGHVUHDOL]DUWXE~VTXHGDHQHOiPELWRWHUULWRULDOTXHWHLQWHUHVH 0iVLQIRUPDFLyQ

KWWSZZZDGDPVHVEORJVEROVDV

(03/(275$%$-$(67(9(5$12(1',61(<&$/,)251,$ (OIDPRVRSDUTXHWHPiWLFRGH:DOW'LVQH\:RUOG5HVRUWGH&DOLIRUQLDFRQYRFDDQXDOPHQWHSURJUDPDVSDUDTXH MyYHQHVXQLYHUVLWDULRVGHWRGRHOPXQGRSXHGDQLUDOOtDWUDEDMDUORVPHVHVGHYHUDQR6XSRQHXQDRSRUWXQLGDG ~QLFDSDUDFRQRFHUHOIXQFLRQDPLHQWR\ILORVRItDGHODFRPSDxtDHQULTXHFHUHOFXUUtFXOXPGLVIUXWDUGHOSDUTXHH LQWHUFDPELDUH[SHULHQFLDVFRQMyYHQHVGHWRGRHOPXQGR &RQHOSURJUDPD-&XOWXUDO([FKDQJH3URJUDP SURJUDPDXQLYHUVLWDULRLQWHUQDFLRQDO HVWXGLDQWHVGXUDQWH GtDVWUDEDMDQHQGLIHUHQWHVSXHVWRVGHQWURGHODViUHDVGH2SHUDFLRQHV0HUFDQFtDV6HUYLFLRV5iSLGRVGH%HELGDV \&RPLGDVRFRUULVWD\(QWUHWHQLPLHQWR /RVUHTXLVLWRVSDUDSDUWLFLSDUVRQKDEODULQJOpVFRQIOXLGH]WHQHUDOPHQRVDxRVGHHGDGDOPRPHQWRGHOD HQWUHYLVWDHVWDUPDWULFXODGRVHQXQDFDUUHUDXQLYHUVLWDULDRKDEHUODWHUPLQDGRMXVWRDQWHVGHOYHUDQR\FRQWDUFRQ ODDSUREDFLyQGHODIDFXOWDG 3RURWURODGRXQLYHUVLGDGHVHVSDxRODVFRPROD5H\-XDQ&DUORV,RUJDQL]DQSURJUDPDVPiVHVSHFtILFRV\GHPiV GXUDFLyQSDUDHVWXGLDQWHVGH7XULVPR(FRQRPtD(PSUHVD0DUNHWLQJ\&LHQFLDVGHOD&RPXQLFDFLyQ )HFKDGHILQDOL]DFLyQ 0iVLQIRUPDFLyQ

KWWSVZZZGLVQH\LQWHUQDWLRQDOSURJUDPVFRPVXPPHUKWPO

35$&7,&$6352*5$0$&,7,86 'RWDFLyQHFRQyPLFD0tQLPR½EUXWRVPHQVXDOHV 'XUDFLyQ/DGXUDFLyQGHO3URJUDPDHVGHXQDxRFRQXQPHVGHYDFDFLRQHVTXHFRLQFLGHFRQHOSHUtRGR YDFDFLRQDOGHFDGDHPSUHVD +RUDULR-RUQDGDFRPSOHWDVHJ~QKRUDULRGHODHPSUHVD3ODQGH)RUPDFLyQ0tQLPRGHKRUDVGHIRUPDFLyQGH SRVWJUDGRLPSDUWLGDSRUOD8QLYHUVLGDG$XWyQRPDGH0DGULG DGLVWDQFLDHQHOFDVRGHTXHODVSUiFWLFDVVHUHDOLFHQ IXHUDGHOD&RPXQLGDGGH0DGULG  7tWXOR3URSLRFRQMXQWRSRUOD8QLYHUVLGDG$XWyQRPDGH0DGULG\OD8QLYHUVLGDG$XWyQRPDGH%DUFHORQD &HUWLILFDFLyQGHODHPSUHVDUHFHSWRUD6HJXURV 'HVWLQDWDULRV6HUFLXGDGDQRHVSDxRORH[WUDQMHURFRQSHUPLVRGHUHVLGHQFLD3RVHHUXQWtWXORXQLYHUVLWDULRRILFLDO KRPRORJDGRXKRPRORJDEOHGHGLSORPDGROLFHQFLDGRDUTXLWHFWRWpFQLFRLQJHQLHURLQJHQLHURWpFQLFR+DEHU REWHQLGRHOWtWXORXQLYHUVLWDULRRILFLDOKRPRORJDGRXKRPRORJDEOHHQORV~OWLPRVDxRV1RWHQHUPiVGHDxRV 1RWHQHUPiVGHPHVHVGHH[SHULHQFLDSURIHVLRQDOUHODFLRQDGDFRQODWLWXODFLyQGHVSXpVGHKDEHUILQDOL]DGRORV HVWXGLRV1RKDEHUWHQLGRYtQFXORSURIHVLRQDOFRQODHPSUHVDUHFHSWRUDGHVSXpVGHKDEHUILQDOL]DGRORVHVWXGLRV 1RKDEHUGLVIUXWDGRFRQDQWHULRULGDGGHXQDEHFDGHSUiFWLFDVGHVLPLODUHVFDUDFWHUtVWLFDV +DVWDHO 0iVLQIRUPDFLyQ

KWWSZZZFLWLXVXDPRUJ


9$5,26 $JHQGD-RYHQGHPDU]R

5(&856263$5$-Ð9(1(6 5HFXUVRVSDUDMyYHQHV $VRFLDFLRQLVPR\SDUWLFLSDFLyQEHFDVSUiFWLFDVHPSOHRYROXQWDULDGR KWWSZZZHFDUWDJHQDHVSRUWDOBUHFXUVRVBMXYHQLOHVUHFXUVRVDVS"LGFDWHJRULD  RUGHQ )(&+$B$&78$/,=$&,21 '(6& 0iVLQIRUPDFLyQ

92/817$5,26$67,& 3URJUDPDGHYROXQWDULDGRHQQXHYDVWHFQRORJtDVTXHSHUPLWHDODVSHUVRQDVPD\RUHVGHHGDG RDSDUWLUGHDxRV FRQDXWRUL]DFLyQSDWHUQDPDWHUQD FRODERUDUHQDFFLRQHVUHODFLRQDGDVFRQODGLIXVLyQ\IRUPDFLyQHQLQIRUPiWLFDH ,QWHUQHW $FFLRQHVGHGLQDPL]DFLyQ'tDGH,QWHUQHW DSR\RHQODVDFFLRQHVIRUPDWLYDV  $OIDEHWL]DFLyQGLJLWDODSR\RHQWDOOHUHVGHLQLFLDFLyQ 6HUYLFLRGHRILPiWLFDHQODELEOLRWHFDLQIDQWLO\DGXOWRV5DPyQ-6HQGHUDSR\R\RULHQWDFLyQHQHOXVRGH DSOLFDFLRQHVRILPiWLFDVH,QWHUQHWDORVXVXDULRVPiVQHFHVLWDGRV ,QVFULSFLRQHV(QODV%LEOLRWHFDV0XQLFLSDOHV$QWRQLR'XUiQ*XGLROR5DPyQ-6HQGHU(QODLQVFULSFLyQVHGHEHUi DQRWDUODVSUHIHUHQFLDVGHSDUWLFLSDFLyQHQORVGLIHUHQWHVSURJUDPDVDVtFRPRODELEOLRWHFDGHUHIHUHQFLDHVGHFLU HQODTXHGHVHDUtDSULQFLSDOPHQWHOOHYDUDFDERVXYROXQWDULDGR/RVGDWRVSDVDUiQDIRUPDUSDUWHGHXQDEDVHGH GDWRVDFWLYDGHYROXQWDULRVKDVWDTXHHOLQWHUHVDGRDQRVPDQLILHVWHODEDMDGHOSURJUDPDSRUHVFULWRRSRUFRUUHR HOHFWUyQLFRD LQIRELEOLRWHFDV#KXHVFDHV 0iVLQIRUPDFLyQ

LQIRELEOLRWHFDV#KXHVFDHV

632.(1(1*/,6+&$)( 7HUWXOLDHQ,QJOpV 7RGRVORVPDUWHVK &DIHWHUtDGHOD(VFXHOD3ROLWpFQLFD6XSHULRUGH+XHVFD &DUUHWHUDGH&XDUWHVQ  2UJDQL]D(VFXHOD3ROLWpFQLFD6XSHULRUGH+XHVFD 0iVLQIRUPDFLyQ

KWWSKXHVFDXQL]DUHVGRFXPHQWV$JHQGDBDOBHQHB&DPSXV+XSGI


Agenda Joven 8 de marzo