Issuu on Google+

%(&$6 $JHQGD-RYHQGHIHEUHURGH

/$2%5$62&,$//$&$,;$&2192&$%(&$6'(326*5$'2(1(/(;75$1-(52 (VWDVEHFDVHVWiQGLULJLGDVDJUDGXDGRVDVXQLYHUVLWDULRVOLFHQFLDGRVDV\WLWXODGRVDVVXSHULRUHVGHQDFLRQDOLGDG HVSDxROD\WLHQHQFRPRGHVWLQRLQVWLWXFLRQHVVXSHULRUHVGHIRUPDFLyQHLQYHVWLJDFLyQGH(XURSD EHFDV  $PpULFDGHO1RUWH  \$VLD  /RVHVWXGLRVTXHVHGHEHQFXUVDUVRQGHPiVWHURGRFWRUDGR YHUFRQYRFDWRULDV HVSHFtILFDVSRUiUHDVJHRJUiILFDV HQXQLYHUVLGDGHV\RWURVFHQWURVGHIRUPDFLyQHLQYHVWLJDFLyQDGVFULWRVDO SURJUDPD7DPELpQVRQDGPLWLGRVHQIXQFLyQGHOLQWHUpVGHOWHPD\GHODYDOtDGHOFDQGLGDWRORVSUR\HFWRV SUHGRFWRUDOHVGHLQYHVWLJDFLyQFLHQWtILFD\WpFQLFD /RVSOD]RVSDUDODSUHVHQWDFLyQGHVROLFLWXGHVVRQODVVLJXLHQWHV(XURSDHOGHIHEUHURGH$PpULFDGHO 1RUWHHOGHDEULOGH\$VLDHOGHMXQLRGH 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSZZZLQIRFXOWXUHLQIRXQLGDGHVBLQIRUPDWLYDVQRWLFLDDVS[",'8, 

%(&$6'(/$2%5$62&,$//$&$,;$ /D2EUD6RFLDOOD&DL[DFRQYRFDEHFDVSDUDHVWXGLDUHQ(VSDxD(XURSD$PpULFDGHO1RUWH\$VLD/RV VROLFLWDQWHVGHEHQWHQHUODQDFLRQDOLGDGHVSDxROD3XHGHQVROLFLWDUXQDEHFD/RVJUDGXDGRVXQLYHUVLWDULRV OLFHQFLDGRV\WLWXODGRVVXSHULRUHVTXHKD\DQFXUVDGRORVHVWXGLRVHQIDFXOWDGHVRFHQWURVGHHQVHxDQ]DVXSHULRUGH ODVXQLYHUVLGDGHVHVSDxRODV1RVHDGPLWLUiQVROLFLWXGHVHQTXHVHDFUHGLWHQHVWXGLRVGHGLSORPDWXUDLQJHQLHUtD WpFQLFDRDUTXLWHFWXUDWpFQLFDQLHVWXGLRVVXSHULRUHVFRQXQDFDUJDOHFWLYDLQIHULRUDFUpGLWRV(&76VDOYRTXH DGHPiVVHDFUHGLWHQ (VWXGLRVGHFLFORVXSHULRUTXHFRPSOHPHQWHQDOJXQDGHODVWLWXODFLRQHVPHQFLRQDGDVRELHQ 8QPiVWHURILFLDOGH(&76LPSDUWLGRHQDOJXQDXQLYHUVLGDGGHO(VSDFLR(XURSHRGH(GXFDFLyQ6XSHULRU ÉUHDGH%HFDV\(VWXGLRV6RFLDOHV2EUD6RFLDOOD&DL[D $Y'LDJRQDOWRUUHSODQWD%DUFHORQD 7HOpIRQR+RUDULRGHDKGHOXQHVDYLHUQHV 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSREUDVRFLDOODFDL[DHVDPELWRVKRPHEHFDVBHVKWPO

%(&$6'(3267*5$'2(1(1(5*Ì$<0(',2$0%,(17((1((88 /D)XQGDFLyQ,%(5'52/$FRQYRFDQXHYDVEHFDVSDUDUHDOL]DUHVWXGLRVGHSRVWJUDGRHQXQLYHUVLGDGHVGH(VWDGRV 8QLGRVSDUDLQFRUSRUDUVHHQHO)DOO7HUPGHOFXUVRDFDGpPLFRHQODVVLJXLHQWHViUHDVGHFRQRFLPLHQWR (QHUJtDVUHQRYDEOHV6LVWHPDVHQHUJpWLFRVRVWHQLEOH0HGLRDPELHQWH\ELRGLYHUVLGDG7HFQRORJtDVOLPSLDVGH FDUEyQ\JHVWLyQGHHPLVLRQHV(ILFLHQFLD(QHUJpWLFD$OPDFHQDPLHQWRGHHQHUJtD9HKtFXORHOpFWULFR\5HGHVGH GLVWULEXFLyQLQWHOLJHQWHV /DVEHFDVHVWiQGLULJLGDVDODVXQLYHUVLGDGHV8QLYHUVLW\RI5RFKHVWHU\8QLYHUVLW\RI0DLQH 5HTXLVLWRV(VWXGLDQWHVGHQDFLRQDOLGDGHVSDxRODEULWiQLFDRHVWDGRXQLGHQVHTXHHVWpQHQSRVHVLyQGHXQWtWXOR XQLYHUVLWDULRUHFRQRFLGRGHJUDGRROLFHQFLDWXUD(VWXGLDQWHVTXHVHHQFXHQWUHQFXUVDQGRHO~OWLPRDxRGHFDUUHUD HQHOFXUVRDFDGpPLFR&RQRFLPLHQWRVGHLQJOpV\HVSDxRO 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSZZZIXQGDFLRQLEHUGURODRUJZHEIXQGFRUSRUDWLYDLEHUGUROD",'3$* (6)81$5(626$%86$

&2192&$725,$'(%(&$6'()250$&,Ð1$9$1=$'$(136,48,$75Ì$< 36,&2/2*Ì$'(/$,1)$1&,$<$'2/(6&(1&,$ /D)XQGDFLyQ$OLFLD.RSORZLW]DQXQFLDODFRQYRFDWRULDGH%HFDVSDUDUHDOL]DUHVWXGLRVGH3RVWJUDGRHQ3VLTXLDWUtD \3VLFRORJtDGHOD,QIDQFLD\$GROHVFHQFLDFRQHVSHFLDOGHGLFDFLyQDODLQYHVWLJDFLyQFOtQLFDHQ'HSDUWDPHQWRVGH 3VLTXLDWUtDGH+RVSLWDOHVGH(VWDGRV8QLGRV\HO5HLQR8QLGR/DVEHFDVWHQGUiQXQDGXUDFLyQGHGRVDxRV 5HTXLVLWRV1DFLRQDOLGDGHVSDxROD7tWXORGH(VSHFLDOLVWDHQ3VLTXLDWUtD 0,5 R3VLFRORJtD&OtQLFD 3,5 REWHQLGRHQ HODxRGHODFRQYRFDWRULDRFRQSRVWHULRULGDGDODxR7tWXORGH'RFWRUHQ3VLFRORJtDHQFDVRGHHVWDQFLDVHQ (VWDGRV8QLGRV'RPLQLRGHOLGLRPDLQJOpVKDEODGR\HVFULWRSUHIHULEOHPHQWHHQDPELHQWHFOtQLFR 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSZZZIXQGDFLRQDOLFLDNRSORZLW]RUJLQGH[SKS"RSWLRQ FRPBFRQWHQW YLHZ DUWLFOH LG  ,WHPLG 


%(&$6 $JHQGD-RYHQGHIHEUHURGH

%(&$6(8523$'(/$81,9(56,'$')5$1&,6&2'(9,725,$ &RQYRFDGDVSRUOD8QLYHUVLGDG)UDQFLVFRGH9LWRULD\ODFRODERUDFLyQGHOD)XQGDFLyQ%RWtQEHFDVTXH FRQVLVWLUiQHQXQYLDMHSRUODVPiVLPSRUWDQWHVXQLYHUVLGDGHVHXURSHDVGRQGHVHSRGUiSDUWLFLSDUHQGLYHUVDV DFWLYLGDGHVGHLQGROHFXOWXUDO%HFDV(XURSDHVXQDLQLFLDWLYD~QLFDGHQWURGHOSDQRUDPDSUHXQLYHUVLWDULRHXURSHR (OREMHWLYRGHOSURJUDPDHVSURPRYHUHQORVDOXPQRVSUHXQLYHUVLWDULRVPiVWDOHQWRVRVGH(VSDxDXQFRQRFLPLHQWR SURIXQGR\FRPSURPHWLGRGHORTXHVLJQLILFDVHUXQLYHUVLWDULRHQOD(XURSDDFWXDO8QYLDMHSRUODVPiVDQWLJXDV\ SUHVWLJLRVDVXQLYHUVLGDGHVHXURSHDV\SDUWLFLSDUiQHQXQLQWHQVRSURJUDPDGHFRQIHUHQFLDVJUXSRVGHGLVFXVLyQ WDOOHUHVSUiFWLFRVPRPHQWRVGHRFLR\HQFXHQWURVFRQSHUVRQDOLGDGHVGHSULPHUtVLPRQLYHOSURFHGHQWHVGHO PXQGRXQLYHUVLWDULRFXOWXUDOSROtWLFRHPSUHVDULDO\PHGLiWLFR $ELHUWRDWRGRVORVLQVWLWXWRV\FROHJLRVGH(VSDxD $OXPQRVGHž\žGHEDFKLOOHUDWR 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSZZZEHFDVHXURSDHV

%(&$6)81'$&,Ð1,&2&+,1$ &RQHVWDVEHFDVVHSUHWHQGHIDFLOLWDUXQDFHUFDPLHQWRD&KLQDSDUDORVSURIHVLRQDOHVUHVLGHQWHVHQ(VSDxD&RQVLVWH HQXQFXUVRDFDGpPLFRHQXQDXQLYHUVLGDGFKLQDSDUDHVWXGLDUFKLQRPDQGDUtQ\FXOWXUDFKLQD 5HTXLVLWRVOLFHQFLDWXUDXQLYHUVLWDULD\H[SHULHQFLDSURIHVLRQDOGHDOPHQRVGRVDxRVGRPLQLRGHOLQJOpV\GHO FKLQREiVLFR 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ ZZZIXQGDFLRQLFRHV

%(&$6,%(52$0e5,&$-Ð9(1(6352)(625(6,19(67,*$'25(6 'HVFULSFLyQ3URJUDPDGLULJLGRDLPSXOVDUHO(VSDFLR,EHURDPHULFDQRGHO&RQRFLPLHQWR 1~PHURGHEHFDV 'LULJLGDVDMyYHQHVSURIHVRUHVHLQYHVWLJDGRUHVHQLQVWLWXFLRQHVGHHGXFDFLyQVXSHULRU\FHQWURVGHO&6,&\ SURSRUFLRQDQDSR\RSDUDUHDOL]DUXQDHVWDQFLDHQXQD8QLYHUVLGDGR&HQWURGH,QYHVWLJDFLyQGH,EHURDPpULFD 3OD]RGHVROLFLWXG  0iVLQIRUPDFLyQ KWWSVZZZEHFDVVDQWDQGHUFRPQRJR

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


%(&$6 $JHQGD-RYHQGHIHEUHURGH

(/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

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

%(&$6'(/$&$,;$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 $JHQGD-RYHQGHIHEUHURGH

%(&$6'(µ/$&$,;$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

%(&$6'(3267*5$'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

%(&$6'(&2/$%25$&,Ð1 

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


&21&85626 $JHQGD-RYHQGHIHEUHURGH

$UWHV &2192&$725,$3$5$(/)(67,9$/12&7( (OÃ&#x2030;UHDGH&XOWXUDGHO$\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

$<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, 

$XGLRYLVXDOHV


&21&85626 $JHQGD-RYHQGHIHEUHURGH

&2192&$725,$$%,(57$3$5$/$6(&&,Ð12),&,$/'(/)(67,9$/(&2=,1( (FR]LQH)HVWLYDO,QWHUQDFLRQDOGH&LQH\0HGLR$PELHQWH&LXGDGGH=DUDJR]DKDDELHUWRVXFRQYRFDWRULDSDUDOD VHFFLyQRILFLDOGHVXHGLFLyQTXHVHFHOHEUDUiHQPD\R (OIHVWLYDOWLHQHSRUILQDOLGDGGLYXOJDUH[KLELU\SUHPLDUREUDVDXGLRYLVXDOHVGHILFFLyQDQLPDFLyQ\GRFXPHQWDOHV HQFXDOTXLHUIRUPDWRFLQHPDWRJUiILFRRYLGHRJUiILFRFRQWHPiWLFDDPELHQWDOSURGXFLGDHQFXDOTXLHUSDUWHGHO PXQGRDGHPiVGHSURPRYHUDFFLRQHV\DFWLYLGDGHVSDUDOHODVUHODFLRQDGDVFRQORVDXGLRYLVXDOHV\HO0HGLR $PELHQWH /DVREUDVSUHVHQWDGDVDODVHFFLyQFRPSHWLWLYDSRGUiQVHUGRFXPHQWDOHVILFFLyQDQLPDFLyQ\FXDOTXLHURWUR JpQHURFLQHPDWRJUiILFRTXHWUDWHVREUHHO0HGLR$PELHQWH FLQHH[SHULPHQWDOFLQHDUWHHWF  /DFRQYRFDWRULDSUHVHQWDGRVFDWHJRUtDV &RUWRPHWUDMHVKDVWDPLQXWRVGHGXUDFLyQ /DUJRPHWUDMHVPiVGHPLQXWRVGHGXUDFLyQ 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZIHVWLYDOHFR]LQHHV

&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

&RQYRFDWRULDV 358(%$66(/(&&,Ð19,*,/$17(6'(6(*85,'$' &RQYRFD0LQLVWHULRGHO,QWHULRU6HFUHWDUtDGH(VWDGRGH6HJXULGDG 6HDSUXHEDSDUDHODxRHOFDOHQGDULRGHFRQYRFDWRULDVGHSUXHEDVGHVHOHFFLyQSDUD9LJLODQWHVGH6HJXULGDG \VXVHVSHFLDOLGDGHVFX\DVXSHUDFLyQKDELOLWDUiSDUDHOHMHUFLFLRGHODVFRUUHVSRQGLHQWHVSURIHVLRQHVSUHYLD H[SHGLFLyQGHODWDUMHWDGHLGHQWLGDGSURIHVLRQDOFRQDUUHJORDODEDVHVGHFRQYRFDWRULDTXHHQ$QH[RDOD SUHVHQWH5HVROXFLyQVHDSUXHEDQ\SXEOLFDQ\TXHVHUiQFRPXQHV\~QLFDVSDUDFDGDXQDGHODVFRQYRFDWRULDVVLQ SHUMXLFLRGHODVSRVLEOHVPRGLILFDFLRQHVTXHSXGLHUDVXIULUODOHJLVODFLyQYLJHQWHHQFX\RFDVRVHHVWDUtDDOR GLVSXHVWRHQHOODV 5HTXLVLWRV6HUPD\RUGHHGDG\QRKDEHUFXPSOLGRDxRV7HQHUODQDFLRQDOLGDGGHDOJXQRGHORV(VWDGRV PLHPEURVGHOD8QLyQ(XURSHDRGHXQ(VWDGRSDUWHHQHO$FXHUGRVREUHHO(VSDFLR(FRQyPLFR(XURSHRRELHQTXH OHVHDDSOLFDEOHORGLVSXHVWRHQODOHJLVODFLyQVREUHUpJLPHQFRPXQLWDULRFRQIRUPHDO5HDO'HFUHWRGH GHIHEUHUR(VWDUHQSRVHVLyQRHQFRQGLFLRQHVGHREWHQHUHOWtWXORGH*UDGXDGRHQ(GXFDFLyQ6HFXQGDULD 2EOLJDWRULDGH7pFQLFRXRWURVHTXLYDOHQWHVDHIHFWRVSURIHVLRQDOHVRVXSHULRUHV 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

&XOWXUD

 KWWSZZZERHHVERHGLDVSGIV%2($SGI


&21&85626 $JHQGD-RYHQGHIHEUHURGH

&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

(XURSD 35(0,2(8523(2&$5/20$*12'(/$-89(178' (O©3UHPLR(XURSHR&DUORPDJQRGHOD-XYHQWXGªHVXQFRQFXUVRVREUHHOGHVDUUROORGHOD8(ODLQWHJUDFLyQ\ODV FXHVWLRQHVUHODFLRQDGDVFRQODLGHQWLGDGHXURSHDTXHVHRWRUJDDSUR\HFWRVTXHSURPXHYDQHOHQWHQGLPLHQWRD HVFDODHXURSHDHLQWHUQDFLRQDOHVWLPXOHQHOGHVDUUROORGHXQDLGHQWLGDGHXURSHDFRPSDUWLGD\GHODLQWHJUDFLyQ HXURSHDVLUYDQGHPRGHORSDUDORVMyYHQHVTXHYLYHQHQ(XURSD\RIUH]FDQHMHPSORVSUiFWLFRVGHHXURSHRVTXH YLYHQHQHOVHQRGHXQDPLVPDFRPXQLGDG/RVSUR\HFWRVSXHGHQFHQWUDUVHHQODRUJDQL]DFLyQGHGLYHUVRVDFWRV GHVWLQDGRVDORVMyYHQHVLQWHUFDPELRVGHMyYHQHVRSUR\HFWRVGH,QWHUQHWTXHSUHVHQWHQXQDGLPHQVLyQHXURSHD (OSOD]RGHSUHVHQWDFLyQVHKDSURUURJDGRKDVWDHOGHIHEUHURGH /RVVROLFLWDQWHVGHEHUiQWHQHUHQWUH\DxRVGHHGDG\VHUFLXGDGDQRVGHXQRGHORV(VWDGRVPLHPEURVGH OD8QLyQ(XURSHDRUHVLGLUHQXQRGHHVWRVSDtVHV6HSRGUiQSUHVHQWDUVROLFLWXGHVLQGLYLGXDOHVRHQJUXSRHQHO FDVRGHSUR\HFWRVHQJUXSR\PXOWLQDFLRQDOHVHOSUR\HFWRSRGUiSUHVHQWDUVH~QLFDPHQWHHQXQSDtV6HDFHSWDUiQ VROLFLWXGHVHQWRGDVODVOHQJXDVRILFLDOHVGHOD8QLyQ(XURSHD/RVSUR\HFWRVSUHVHQWDGRVDOFRQFXUVRGHEHUiQHVWDU HQPDUFKD\ ILQDOL]DUHQHODxRFLYLO PHVHV SUHFHGHQWHDODFWXDOSOD]RGHVROLFLWXGR VHJXLUDFWLYRV /RVIRUPXODULRVGHLQVFULSFLyQHVWiQGLVSRQLEOHVHQORVVLWLRV,QWHUQHWGHO&RQFXUVR©3UHPLR(XURSHR&DUORPDJQRGH OD-XYHQWXGª\GHODVRILFLQDVGHLQIRUPDFLyQQDFLRQDOHVGHO3DUODPHQWR(XURSHR 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 ZZZFKDUOHPDJQH\RXWKSUL]HHX

(/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

)RWRJUDItD

 ZZZIDFHERRNFRPHSFRPSHWLWLRQ


&21&85626 $JHQGD-RYHQGHIHEUHURGH

;9,,,&21&8562)272*5É),&2´&$0386'(+8(6&$µ (O9LFHUUHFWRUDGRSDUDHO&DPSXVGH+XHVFDFRQYRFDHO;9,,,&RQFXUVR)RWRJUiILFR ´&DPSXVGH+XHVFDµ 3RGUiQSDUWLFLSDUHQHOFRQFXUVRWRGRVORVDXWRUHVTXHIRUPHQSDUWHGHOD&RPXQLGDG8QLYHUVLWDULDGHO&DPSXVGH +XHVFDHQHODxR1RSRGUiQSDUWLFLSDUORVDXWRUHVJDQDGRUHVGHOSULPHUSUHPLRGHODDQWHULRUHGLFLyQHQODV PRGDOLGDGHVGH%ODQFR\1HJURR&RORU ([LVWLUiQGRVPRGDOLGDGHVGHFRQFXUVRFX\RWHPDVHUiOLEUH%/$1&2<1(*52\&2/25 &DGDFRQFXUVDQWHSXHGHSUHVHQWDUXQDIRWRJUDItDRXQDVHULHWHPiWLFDLQpGLWDVHQFDGDXQDGHODVGRVPRGDOLGDGHV /DSUHVHQWDFLyQGHIRWRJUDItDVDOFRQFXUVRVHHIHFWXDUiHQGtDVODERUDEOHVGHDKRUDV H[FHSWRViEDGRV HQHO 9LFHUUHFWRUDGRGHO&DPSXVGH+XHVFD5RQGD0LVHULFRUGLD+XHVFD7DPELpQSRGUiQVHUUHPLWLGDVSRU FRUUHRFHUWLILFDGRDSRUWHVSDJDGRVDODPLVPDGLUHFFLyQVLHPSUHTXHODVIRWRJUDItDVVHUHFLEDQDQWHVGHILQDOL]DU HOSOD]RVHxDODGRHQODEDVHVH[WDLQGLFDQGRHQHOVREUH´3DUDHO&RQFXUVR)RWRJUiILFR&DPSXVGH+XHVFDµ (/&21&8562(67$5É'27$'2&21/266,*8,(17(635(0,26 0RGDOLGDGHQEODQFR\QHJUR 3ULPHUSUHPLRHXURV 6HJXQGRSUHPLR&ROHFFLyQGHOLEURVGHIRWRJUDItDGH3UHQVDV8QLYHUVLWDULDV YDORUDGRHQHXURV  0RGDOLGDGHQFRORU 3ULPHUSUHPLRHXURV 6HJXQGRSUHPLR&ROHFFLyQGHOLEURVGHIRWRJUDItDGH3UHQVDV8QLYHUVLWDULDV YDORUDGRHQHXURV  3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSKXHVFDXQL]DUHVGRFXPHQWVEDVHVBFRQFXUVRBSGI

&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

 KWWSVFLHQFHJLUOWKLQJHXHVFRQWHVW

/LWHUDWXUD 129(/$&257$0217(/(Ð1 2EUDVGHWHPDOLEUHRULJLQDOHVLQpGLWDVQRSUHPLDGDVQLSXEOLFDGDVDQWHULRUPHQWHGHWHPDOLEUHFRQXQD H[WHQVLyQPtQLPDGHIROLRV\Pi[LPDGHHQIRUPDWR',1$PHFDQRJUDItDGDVSRUXQDVRODFDUDDGREOH HVSDFLRWDPDxRSXQWRVHQWLSRGHOHWUD7LPHV1HZ5RPDQ6HSUHVHQWDUiQSRUWULSOLFDGRPHFDQRJUDILDGRV\ JUDSDGRVSRUVXPDUJHQL]TXLHUGR 'RWDFLyQHXURV 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 ZZZIXQGDFLRQPRQWHOHRQHV

9&(57$0(1,17(51$&,21$/'(32(6Ì$)$17É67,&$ 7HPDOLWHUDWXUDIDQWiVWLFDFLHQFLDILFFLyQ\WHUURU/RVWUDEDMRVGHEHQSUHVHQWDUVHHQFDVWHOODQR(OWHPDGHO SRHPDWHQGUiTXHVHUDItQDODOLWHUDWXUDIDQWiVWLFDODFLHQFLDILFFLyQ\HOWHUURU6HDFHSWDUiXQ~QLFRSRHPDSRU SDUWLFLSDQWH'RWDFLyQS~EOLFDFLyQGHOSRHPDJDQDGRU 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 UHYLVWDGLJLWDOPLQLDWXUDFHUWDPHQHVOLWHUDULRV#EORJJHUFRP


&21&85626 $JHQGD-RYHQGHIHEUHURGH

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

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

 KWWSZZZDVRFLDFLRQHVFULWRUHVQRYHOHVHV

0~VLFD &2192&$725,$3$5$,16&5,%,5%$1'$6(1(/)(67 *,521$

'HVGHHOHO(VSDFLR0DUIjOD6HFFLyQGH-XYHQWXGGHO$\XQWDPLHQWRGH*LURQD\OD&DVDGHOD0~VLFD6DOW *LURQD RUJDQL]DQHO)HVW(QHVWHIHVWLYDOGHP~VLFDHOUHTXLVLWREiVLFRHVTXHODVEDQGDVSDUWLFLSDQWHVWHQJDQ DOPHQRVXQFRPSRQHQWHHVWXGLDQGRHQXQFHQWURGHVHFXQGDULDGH*LURQD6HDFHSWDFXDOTXLHUHVWLORPXVLFDO\ HVWHDxRVHFHOHEUDUiHOGHDEULOIHVWLYLGDGGH6DQ-RUJH 6HFRQYLHUWHSRUWDQWRHQXQLPSRUWDQWHHVFDSDUDWH\DSR\RSDUDORVFUHDGRUHVDVPiVMyYHQHVGHOD]RQD 6LTXLHUHVSDUWLFLSDUXREWHQHUPiVLQIRUPDFLyQGHEHVHVFULELUXQFRUUHRHOHFWUyQLFRDODGLUHFFLyQ PDUIDMRYH#DMJLURQDFDWDQWHVGHOGHIHEUHURFRQORVVLJXLHQWHVGDWRV 1RPEUHGHOJUXSR 3HUVRQDGHFRQWDFWR WHOpIRQRPyYLO  ,QVWLWXWRGyQGHHVWXGLD 8QDYH]UHFLELGDODVROLFLWXGGHLQVFULSFLyQRGHLQIRUPDFLyQVHSRQGUiQHQFRQWDFWRFRQODEDQGD 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSPHQRVGHLQIREORJVSRWFRPHV\DSXHGHVLQVFULELUWXEDQGDHQHOKWPO

3UHPLRV 935(0,2'(&5($&,Ð1/,7(5$5,$%8%2. &RPRHQHVWRV~OWLPRVDxRVSUHVHQWDPRVHO&HUWDPHQGH&UHDFLyQ/LWHUDULDGH%XERNSDUDODE~VTXHGD\ UHFRQRFLPLHQWRGHOWDOHQWRHQWUHORVHVFULWRUHVTXHHVWiQFRPHQ]DQGR(QHVWDTXLQWDHGLFLyQFXDOTXLHUJpQHUR FDEHQRYHODVHQVD\RVREUDVGHWHDWURWRGRHVDFHSWDGRHQQXHVWURFHUWDPHQ3UHVHQWDGQRVYXHVWURWDOHQWR &XDOTXLHUWHPiWLFDFXDOTXLHUJpQHURORLPSRUWDQWHHVOOHJDUDORPiVKRQGRGHORVOHFWRUHV\KDFHUOHVVHQWLU YXHVWUDKLVWRULD3RGUiQRSWDUDO3UHPLRGH&UHDFLyQ/LWHUDULD%XERNODVFUHDFLRQHVOLWHUDULDVLQpGLWDV/DVREUDV GHEHUiQWHQHUXQDH[WHQVLyQPtQLPDGHSiJLQDV FXDOTXLHUIRUPDWRWDPDxRGHIXHQWHHLQWHUOLQHDGRQRUPDO  3UHPLRVHXURVGDUiXQSULPHUHPSXMyQDHVRVDXWRUHVTXHSUHWHQGHQKDFHUVHXQKXHFRHQHOPXQGRGHOD OLWHUDWXUD$GHPiV%XERNUHDOL]DUiODSURPRFLyQ\GLIXVLyQGHODREUDJDQDGRUDHQORVFtUFXORVPiVVHOHFWRVGHQWUR GHVXJpQHUR<ORVILQDOLVWDVWDPELpQWHQGUiQXQDPHQFLyQHVSHFLDOHQ%XERNDQLYHOQDFLRQDOHLQWHUQDFLRQDO 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 ZZZEXERNHVDXWRUHVTXLQWRBFRQFXUVRBOLWHUDULR


&21&85626 $JHQGD-RYHQGHIHEUHURGH

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

 KWWSZZZSUHPLRVRUWHJD\JDVVHWFRP

9LGHR &25726-$0(6211272'2),/0)(67 7XSHOtFXODSXHGHGXUDUXQPi[LPRGHPLQXWRV\PHGLRRVHD FRQODVFRUWLQLOODVLQLFLDO\ILQDOLQFOXLGDV  3XHGHQSDUWLFLSDUSHUVRQDVItVLFDVRMXUtGLFDVGHFXDOTXLHUQDFLRQDOLGDGVLHPSUHTXHKD\DQFXPSOLGRORVDxRV(O Q~PHURGHFRUWRPHWUDMHVTXHSXHGHVSUHVHQWDUDFRQFXUVRHVLOLPLWDGR7XFRUWRGHEHVHURULJLQDOHLQpGLWRHV GHFLUQRSXHGHKDEHUVHYLVWRDQWHVHQQLQJ~QPHGLR LQWHUQHWWHOHYLVLyQVDODVGHFLQH 7XSHOtFXODQRSXHGH VHUXQDYHUVLyQUHGXFLGDRH[WHQGLGDGHRWURFRUWRPHWUDMHKHFKRFRQDQWHULRULGDGDHVWHIHVWLYDO ¢&yPRSDUWLFLSDU"5HJLVWUDUWHFRPRSDUWLFLSDQWHDWUDYpVGHOIRUPXODULRTXHHQFRQWUDUiVHQODVHFFLyQ3DUWLFLSDGH ODSiJLQDZHEZZZMDPHVRQQRWRGRILOPIHVWFRP 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 KWWSZZZMDPHVRQQRWRGRILOPIHVWFRPEDVHVKWPO

&21&8562,17(51$&,21$/'(9Ì'(281081'2'(6,(7(0,/0,//21(6'( 3(5621$6 'HVFULSFLyQFUHDUXQDQXQFLRGHYtGHRGHDVHJXQGRVSDUDHO6HUYLFLR3~EOLFRGH$QXQFLRV(OYtGHRGHEH LOXVWUDUODUHODFLyQHQWUHODSREODFLyQPXQGLDOGHVLHWHPLOPLOORQHVGHSHUVRQDV\XQRGHORVWUHVWHPDVVLJXLHQWHV VHJXULGDGDOLPHQWDUtDODFXHVWLyQJOREDOGHODVPXMHUHV\ODVQLxDVRHOKiELWDWGHODQDWXUDOH]D 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 ZZZZRUOGRIELOOLRQRUJVWXGHQWBYLGHRBFRQWHVW

&21&8562'(9,'(20,18726,17(5('$5$*Ð1 3DUWLFLSDQWHVUHVLGHQWHVHQ$UDJyQ0HQRUHVGHHGDG\PD\RUHVGHHGDG 9tGHRVGHGXUDFLyQPi[LPDGHPLQXWR 7HPDUHODFLRQDGDFRQHOOHPDDFW~DFRQFXLGDGRVWUDQVIRUPDODUHDOLGDG 0i[LPRGHREUDVSRUDXWRUDSUHVHQWDGDVFDGDXQDFRQVXFRUUHVSRQGLHQWHILFKDGHLQVFULSFLyQ 3OD]RSUHVHQWDFLyQ 0iVLQIRUPDFLyQ

 DUDJRQ#LQWHUHGRUJ

&/,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&85626 $JHQGD-RYHQGHIHEUHURGH

;,,&(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


&85626 $JHQGD-RYHQGHIHEUHURGH

$FFLyQVRFLDO ;96(0,1$5,262%5(',6&$3$&,'$' 'LULJLGRDSURIHVLRQDOHVGHODDFFLyQVRFLDO3URIHVLRQDOHVTXHDFWXHQGHFDUDDOS~EOLFR(VWXGLDQWHVXQLYHUVLWDULRV ,QWHUHVDGRVHQODGLVFDSDFLGDG /XJDUHVGHFHOHEUDFLyQ&DPSXV5tR(EUR&HQWUR-RDTXtQ5RQFDO )HFKDVGHOGHIHEUHURDOGHPD\R 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ RFLR\GLVFDSDFLGDG#JPDLOFRP

$UWH &8562´&212&(5$%8f8(/µ ,PSDUWLGRSRU9LFN\&DODYLDJHVWRUDFXOWXUDOGRFXPHQWDOLVWDSURGXFWRUD\UHDOL]DGRUDGHIHEUHUR \GHPDU]RGH (OFXUVR &RQRFHUD%XxXHO RUJDQL]DGRGHVGHOD%LEOLRWHFDGHOD81('HQ%DUEDVWURDEDUFDXQDVHULHGH DFWLYLGDGHVIRUPDWLYDVXQFXUVRGHFRQWHQLGRVWHyULFRVDFRPSDxDGRGHXQDVHULHGHSUR\HFFLRQHV\XQWDOOHU SUiFWLFR/DVIHFKDVVRQWRGRVORVOXQHVGHOGHIHEUHURDOGHPDU]RHQKRUDULRGHDK 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSZZZXQHGEDUEDVWURHV'HIDXOWDVS["LGBVHUYLFLR 

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

(FRORJtD (&2/2*Ì$<3$= ,PSDUWLGRSRU-DLPH7DWD\ )DFGH&LHQFLDV+XPDQDV\GHOD(GXFDFLyQ 9DOHQWtQ&DUGHUHUD  \GHIHEUHURGHDKRUDV ,QVFULSFLyQ9LFHUUHFWRUDGRGHO&DPSXVGH+XHVFD KRUDULRGHPDxDQDV  2UJDQL]D)XQGDFLyQ6HPLQDULRGH,QYHVWLJDFLyQSDUDOD3D] &RODERUD&DPSXVGH+XHVFD8QL]DU 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSKXHVFDXQL]DUHVGRFXPHQWV$JHQGDBDOBHQHB&DPSXV+XSGI


&85626 $JHQGD-RYHQGHIHEUHURGH

)RUPDFLyQ3URIHVLRQDO )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% 

,',20$6 &8562'(É5$%( /RVPDUWHVPLpUFROHV\MXHYHVGHDKD\FODVHVGHiUDEHVHQHOFHQWURFtYLFR6DQWLDJR(VFDUWLQ2WtQ WRGRHODxRFRQSURIHVRUHVQDWLYRV\GLIHUHQWHVQLYHOHV /DVLQVFULSFLRQHVDELHUWDVGXUDQWHWRGRHODxR $VF0XMHUHV,QPLJUDQWHVÉUDEHV\$IULFDQDV DVRFLDFLRQGHPXMHUHVLDD#JPDLOFRP 0yYLO 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ DVRFLDFLRQGHPXMHUHVLDD#JPDLOFRP

-XYHQWXG 75$,1,1*&2856(21<287+(03/2<0(17,67$1%8/78548Ì$'($%5,/'(  (QWLGDGRUJDQL]DGRUD$JHQFLD1DFLRQDO7XUFDGHOSURJUDPD-XYHQWXGHQ$FFLyQ &XUVRGHIRUPDFLyQEDVDGRHQODVH[SHULHQFLDVGHOFXUVR´<RXWK#:RUNµTXHWXYROXJDUHQODSULPDYHUDGH HQ7XUTXtD6HHQIRFDDUHVDOWDUHOSRWHQFLDOGHOWUDEDMRHQHOFDPSRGHODMXYHQWXG\DPHMRUDUODVRSRUWXQLGDGHV GHODJHQWHMRYHQHQVXYLGDSURIHVLRQDO\DFRPSUHQGHUPHMRUHOSDSHOGHOWUDEDMRHQODMXYHQWXGHQODVLWXDFLyQ GHHPSOHRGHVHPSOHRDSRUWDQGRH[SHULHQFLDVTXHPHMRUHQODVFRQGLFLRQHVGHDFFHVRDOPHUFDGRGHWUDEDMR\HQ VXYLGDSURIHVLRQDO 'HVWLQDWDULRV(OFXUVRHVWiGLULJLGRDWUDEDMDGRUHVHQHOFDPSRGHODMXYHQWXGGLULJHQWHVMXYHQLOHVWUDEDMDGRUHV VRFLDOHVTXHWUDEDMDQFRQJHQWHGHVHPSOHDGDMyYHQHVTXHOHVJXVWDUtDWUDEDMDUSDUDPHMRUDUODVFRQGLFLRQHVGHORV MyYHQHVGHDFFHVRDOPHUFDGRGHWUDEDMRRTXHWLHQHHOGHVHRGHSRWHQFLDUHOWUDEDMRHQHOFDPSRGHODMXYHQWXG FRPRDOWHUQDWLYDDOGHVHPSOHRGHORVMyYHQHV 3OD]DVSDUD(VSDxD 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSZZZVDOWR\RXWKQHWWRROVHXURSHDQWUDLQLQJFDOHQGDUWUDLQLQJ\RXWKZRUNLLWUDLQLQJFRXUVHRQ \RXWKHPSOR\PHQW


&85626 $JHQGD-RYHQGHIHEUHURGH

*,9($1'7$.(3$57,&,3$7,212)<281*3(23/(:,7+)(:(523325781,7,(6 ,17(51$7,21$/6(0,1$5 (QWLGDGRUJDQL]DGRUD$JHQFLD1DFLRQDO(VSDxROD (VWHFXUVRSUHWHQGHSURPRYHU\SUHSDUDUORVLQWHUFDPELRVIXWXURVHQHOPDUFRGHOD$FFLyQFHQWUDGDHQOD SDUWLFLSDFLyQGHORVMyYHQHVFRQPHQRVRSRUWXQLGDGHVDWUDYpVGHXQDPHWRGRORJtDEDVDGDHQODPRWLYDFLyQ\HO WUDEDMRSUiFWLFRHQSHTXHxRVJUXSRVPXOWLQDFLRQDOHV$VtHOREMHWLYRSULQFLSDOGHHVWHFXUVRHVSURPRYHUORV LQWHUFDPELRVHQWUHMyYHQHVHQORVTXHSDUWLFLSHQMyYHQHVFRQPHQRVRSRUWXQLGDGHVHQHOPDUFRGHO3URJUDPD -XYHQWXGHQ$FFLyQ7DPELpQSUHWHQGHIRPHQWDUODSDUWLFLSDFLyQDFWLYDGHORVMyYHQHVHQORVLQWHUFDPELRVHQ VRFLHGDG\SRWHQFLDUVXFLXGDGDQtDHXURSHDGRVGHODVSULRULGDGHVGHOSURJUDPD /XJDU%HQLFjVVLP&DVWHOOyQ (VSDxD )HFKD'HODOGHDEULOGH/HQJXDGHWUDEDMR,QJOpV 3HUILOGHORVSDUWLFLSDQWHV(VSHFLDOPHQWHGLULJLGRDWUDEDMDGRUHVHQHOiPELWRGHODMXYHQWXGIRUPDGRUHV\OtGHUHV MXYHQLOHV7DPELpQVHGLULJHDDTXHOORVPLHPEURVGHRUJDQL]DFLRQHVTXHWUDEDMHQFRQMyYHQHVFRQPHQRV RSRUWXQLGDGHV 3OD]DVSDUD(VSDxD 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSZZZVDOWR\RXWKQHWWRROVHXURSHDQWUDLQLQJFDOHQGDUWUDLQLQJJLYHDQGWDNHSDUWLFLSDWLRQRI \RXQJSHRSOHZLWKIHZHURSSRUWXQLWLHV

(960(17256,17(51$7,21$/6(0,1$5 (VWHVHPLQDULRHVIRURSDUDWXWRUHV69(6XREMHWLYRHVHOLQWHUFDPELRGHEXHQDVSUiFWLFDV\H[SHULHQFLDV UHODFLRQDGDVFRQORVGLIHUHQWHVDVSHFWRVGHVXDFWLYLGDGGLDULDFRPRWXWRUHV69( GDQGRDSR\RSHUVRQDODORV YROXQWDULRVDSR\iQGRORVHQODLQWHJUDFLyQHQODFRPXQLGDGORFDOSURSRUFLRQiQGROHVDSR\RSDUDHOVXDSUHQGL]DMH GXUDQWHHOSURFHVRGHO<RXWKSDVVODLQFOXVLyQGHMyYHQHVFRQPHQRVRSRUWXQLGDGHVSUHYHQFLyQGHFRQIOLFWRV\ JHVWLyQ  (OREMHWLYRSULQFLSDOGHHVWHVHPLQDULRHVDSR\DUDORVWXWRUHVGH69(HQHOGHVDUUROORGHXQDEXHQDFDOLGDGGH WXWRUHVYROXQWDULRVHXURSHRV /XJDU3DOPDGH0DOORUFD (VSDxD )HFKD'HODOGHDEULOGH/HQJXDGHWUDEDMR,QJOpV 3HUILOGHORVSDUWLFLSDQWHV69(WXWRUHVFRQH[SHULHQFLD/RVSDUWLFLSDQWHVGHEHQSURFHGHUGHXQDRUJDQL]DFLyQGH DFRJLGDDFUHGLWDGDGHXQSDtVGHOSURJUDPD\\DGHEHWHQHUDOJRGHH[SHULHQFLDHQHODVHVRUDPLHQWRYROXQWDULRV HXURSHRV 3OD]DVSDUD(VSDxD 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSZZZVDOWR\RXWKQHWWRROVHXURSHDQWUDLQLQJFDOHQGDUWUDLQLQJHYVPHQWRUVLQWHUQDWLRQDO VHPLQDU


&85626 $JHQGD-RYHQGHIHEUHURGH

&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

6DOXG ('8&$&,Ð13$5$/$6$/8'´&2168/7$'((1)(50(5Ì$(15(80$72/2*Ì$µ 0/XLVD1RJXpV\*ORULD9LOODFDPSDHQIHUPHUDVGHOVHUYLFLRGH5HXPDWRORJtDGHO+RVSLWDOGHO6DOXG6-RUJHGH +XHVFDQRVRIUHFHQXQDLQWHUHVDQWHFKDUODGHHGXFDFLyQSDUDODVDOXGTXHOOHYDSRUWtWXOR´&RQVXOWDGH (QIHUPHUtDHQ5HXPDWRORJtDµ 6HUiHOPDUWHVGHIHEUHURHQHOVDOyQGHDFWRVGH,EHU&DMD&DVWLOOR0RQWHDUDJyQDODVKRUDV (VWDFKDUODODRUJDQL]DOD$VRFLDFLyQ$52 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ HFPRQWHDUDJRQ#LEHUFDMDREUDVRFLDORUJ

7DOOHUHV -251$'$'(&21)(5(1&,$635É&7,&$6(;7(51$6<5(&85626 ,1)250$&,21$/(63$5$(/75$%$-2),1'(*5$'2 GHIHEUHURDODVKRUDV(VFXHOD3ROLWpFQLFD6XSHULRU &DUUHWHUDGH&XDUWHVQ

K&KDUOD3UiFWLFDV([WHUQDV1DFLRQDOHV\(XURSHDV3RU1LHYHV*UHJRULR7pFQLFRGH8QLYHUVD8QL]DU\ /ROD7RUUHV7pFQLFRGH)(8= K&KDUOD5HFXUVRV,QIRUPDFLRQDOHVSDUDHO7UDEDMR)LQGH *UDGR3RU(OHQD(VFDU'LUHFWRUDGHOD%LEOLRWHFDGHOD(36 2UJDQL]D(VFXHOD3ROLWpFQLFD6XSHULRUGH+XHVFD 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSKXHVFDXQL]DUHV


&85626 $JHQGD-RYHQGHIHEUHURGH

35É&7,&$6'(/(&785$<$1É/,6,6)Ì/0,&2 &DOHQGDULRGHIHEUHURGHPDU]R +RUDULRGHDK /XJDU&HQWUR3LJQDWHOOL3DVHR&RQVWLWXFLyQ=DUDJR]D 3UHFLRHVWXGLDQWHVHXURV2WURVHXURV 3HOtFXODV6HQGHURVGHJORULD/DGREOHYLGDGH9HUyQLFD(OWHUFHUKRPEUH/DYHQWDQDLQGLVFUHWD\$PDUFRUG 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ ZZZFHQWURSLJQDWHOOLRUJ

7$//(5'($872'()(16$3$5$08-(5(6 &XUVRLQWHQVLYRGHILQGHVHPDQD(OFXUVRHVHOViEDGRGHIHEUHURGHDHQ&6//D3DQWHUD5RVVDHQ OD&6DQ9LFHQWHGH3D~O1ž=DUDJR]D(OFRVWHHVGH½3DUDLQVFULELURVPDQGDUXQFRUUHRD DXWRGHIHQVDSDUDPXMHUHV#KRWPDLOFRPROODPDQGRDOWHOpIRQR 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSDXWRGHIHQVDPXMHUHVEORJVSRWFRPHV

&85627$//(5'(0$*,$3$5$-Ð9(1(6 /DFRPSDQtDDUWtVWLFD1RVRQYLVLRQHVFRQHOPDJR+HOtFRPRLQVWUXFWRUGHODDFWLYLGDGYDDFRPHQ]DUGHPDQHUD LQPLQHQWHXQQXHYRFXUVRWDOOHUGHPDJLDSDUDMyYHQHVHQ+XHVFD (OOXJDUGRQGHVHGHVDUUROODODDFWLYLGDGHVHQ$VRFLDFLyQGH9HFLQRVGHOEDUULR6DQWLDJRWRGRVORVViEDGRVGHKD K(OLQLFLRHVHOViEDGRGHIHEUHUR (OQ~PHURGHVHVLRQHVHVGH\HOSUHFLR½ /DVLQVFULSFLRQHVVHSXHGHQIRUPDOL]DUGHPDQHUDWHOHIyQLFDHQHOQ~PHURRHQHOFRUUHRHOHFWUyQLFR KHOL#QRVRQYLVLRQHVFRP (OFXUVRLQFOX\HODVHVSHFLDOLGDGHVGHPDJLDGHFHUFDFDUWRPDJLDPLFURPDJLDPHQWDOLVPRPDJLDGHVDOyQPDJLD LQIDQWLOPDQLSXODFLyQHVFDSLVPR\PDJLDFyPLFD 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ PD\FP\N#PVQHV

%86&$575$%$-2(1(/(;75$1-(52 )DFXOWDGGH(PSUHVD\*HVWLyQ3~EOLFD 3]D&RQVWLWXFLyQ  /RVOXQHVGHIHEUHUR\GHPDU]RGHDKRUDV ,QVFULSFLyQJUDWXLWDFXOWXUDFRPXQLFDFLRQKXHVFD#XQL]DUHV 2UJDQL]DQ&DPSXVGH+XHVFD8QL]DU\3ODQ0XQLFLSDOGH-XYHQWXG $VHVRUtDV-XYHQLOHV  3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSKXHVFDXQL]DUHVGRFXPHQWV$JHQGDBDOBHQHB&DPSXV+XSGI

(6&8(/$'(&,1( &RQWLQXDQGRFRQHOSURSyVLWRGHD\XGDUDLQWHUSUHWDU\FRPSUHQGHUORVHQWUHVLMRVGHOVpSWLPRDUWHÉQJHO6*DUFpV &RQVWDQWH(['LUHFWRUGHO)HVWLYDO,QWHUQDFLRQDOGH&LQH&LXGDGGH+XHVFDUHDOL]DUiODSUHVHQWDFLyQ\FRPHQWDULRV SUHYLRVGHODSHOtFXODTXHSRGUiQYHUDFRQWLQXDFLyQ /DSUR\HFFLyQDSR\DUiHODSUHQGL]DMHGHODPDQRGHXQPDHVWURH[FHSFLRQDO 6HUiHOOXQHVGHIHEUHURDODVKRUDV 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ (VSDFLR,EHU&DMD&DVWLOOR0RQWHDUDJyQ


&85626 $JHQGD-RYHQGHIHEUHURGH

6(0,1$5,27$//(5(/('8&$'25'(086(2$17((/5(72'(/$(035(6$<(/ $872(03/(2 3RU0yQLFD*LO6DQYLFHQWHHGXFDGRUDGHPXVHR )DFXOWDGGH&LHQFLDV+XPDQDV\GHOD(GXFDFLyQ &9DOHQWtQ&DUGHUHUD  GHIHEUHURK 2UJDQL]D0DVWHUHQ0XVHRV8QL]DU 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSKXHVFDXQL]DUHV

6(0,1$5,27$//(5$57(&217(0325É1(2<('8&$&,Ð1(63(&,$/ 3RU(OHQDGHO'LHJR\$UDQFKD*UDFLDHGXFDGRUDVGHPXVHRV )DFXOWDGGH&LHQFLDV+XPDQDV\GHOD(GXFDFLyQ &9DOHQWtQ&DUGHUHUD  GHIHEUHURK 2UJDQL]D0DVWHUHQ0XVHRV8QL]DU 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KWWSKXHVFDXQL]DUHV

7LHPSR/LEUH &,&/2)250$7,92(1(52$%5,/ 2UJDQL]D(VFXHODGHWLHPSROLEUH2V=DJDOHV+HUUDPLHQWDV\5HFXUVRVSDUDWUDEDMDUHQOD(GXFDFLyQ2FLR\ 7LHPSR/LEUH (OSOD]RGHLQVFULSFLyQDFDGDXQRGHORVPyGXORVWHUPLQDUiGtDVDQWHVGHOFRPLHQ]RGHFDGDXQR6LHOLJHVOD RSFLyQGHLQVFULSFLyQFRPSOHWDDWRGRHOFLFORODLQVFULSFLyQILQDOL]DUiGtDVDQWHVGHOFRPLHQ]RGHOSULPHU PyGXOR /DLQVFULSFLyQODSXHGHVUHDOL]DUHQ &-RVp/XLV%RUDXORFDO=DUDJR]D 7HOpIRQR 2SRUYtDFRUUHRHOHFWUyQLFRHWO#RV]DJDOHVFRP 3DUDODUHVHUYDGHODSOD]DHVLPSUHVFLQGLEOHUHDOL]DUHOSDJRGHOLPSRUWHGHOFXUVR\HQYLDUHOMXVWLILFDQWHGH LQJUHVRHQHOQ~PHURGHFXHQWDTXHIDFLOLWDUiODHVFXHOD (QFDVRGHLQVFULSFLyQFRPSOHWDDOFLFORVHSRGUiIUDFFLRQDUHOSDJRHQGRVSDUWHV 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ HWO#RV]DJDOHVFRP

&8562'(021,725'(7,(032/,%5(<0&$ &XUVRGHPRQLWRUGHWLHPSROLEUH²WtWXORRILFLDOGH'*$'LULJLGRDSHUVRQDVPD\RUHVGHDxRV )HFKDV\GHPDU]R\GHDEULO\GHPD\R\GHMXQLR +RUDULRPDxDQDVGHKDK\WDUGHVGHKDK 3UHFLR½WDUMHWDGHLQVFULSFLyQHQHO,1$(0FRPRGHPDQGDQWHGHHPSOHR\HVWDQGRGHVHPSOHDGRREWLHQHV XQSUHFLRPiVDMXVWDGRGH½SRUODIRUPDFLyQ 3OD]RGHLQVFULSFLyQ



0iVLQIRUPDFLyQ KXHVFD#\PFDHV


&85626 $JHQGD-RYHQGHIHEUHURGH

&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-RYHQGHIHEUHURGH

(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 ODDSUREDFLyQGHODIDFXOWDGVDOLUGHORV(VWDGRV8QLGRV\UHJUHVDUDVXVSDtVHVGHRULJHQDOILQDOL]DUHOSURJUDPD 3RURWURODGRXQLYHUVLGDGHVHVSDxRODVFRPROD5H\-XDQ&DUORV,RUJDQL]DQSURJUDPDVPiVHVSHFtILFRV\GHPiV GXUDFLyQSDUDHVWXGLDQWHVGH7XULVPR(FRQRPtD(PSUHVD0DUNHWLQJ\&LHQFLDVGHOD&RPXQLFDFLyQ 0iVLQIRUPDFLyQ

KWWSVZZZGLVQH\LQWHUQDWLRQDOSURJUDPVFRPVXPPHUKWPO

(03/(2&2192&$725,$3$5$(03/(2'(/%2/(7Ì12),&,$/'(/$3529,1&,$'( %ROHWtQ2ILFLDOGHOD3URYLQFLDGH+XHVFDGH +8(6&$ $X[LOLDUHVGHOVHUYLFLRGHD\XGDDGRPLFLOLR 0iVLQIRUPDFLyQ

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

35$&7,&$6352*5$0$&,7,86 (QWLGDGRUJDQL]DGRUD8QLYHUVLGDG$XWyQRPDGH0DGULG\GHOD8QLYHUVLGDG$XWyQRPDGH%DUFHORQD 'RWDFLyQHFRQyPLFD0tQLPR½EUXWRVPHQVXDOHV'XUDFLyQ/DGXUDFLyQGHO3URJUDPDHVGHXQDxRFRQXQPHV GHYDFDFLRQHVTXHFRLQFLGHFRQHOSHUtRGRYDFDFLRQDOGHFDGDHPSUHVD +RUDULR-RUQDGDFRPSOHWDVHJ~QKRUDULRGHODHPSUHVD3ODQGH)RUPDFLyQ0tQLPRGHKRUDVGHIRUPDFLyQGH SRVWJUDGRLPSDUWLGDSRUOD8QLYHUVLGDG$XWyQRPDGH0DGULG DGLVWDQFLDHQHOFDVRGHTXHODVSUiFWLFDVVHUHDOLFHQ IXHUDGHOD&RPXQLGDGGH0DGULG  7tWXOR3URSLRFRQMXQWRSRUOD8QLYHUVLGDG$XWyQRPDGH0DGULG\OD8QLYHUVLGDG$XWyQRPDGH%DUFHORQD &HUWLILFDFLyQGHODHPSUHVDUHFHSWRUD6HJXURV/RVDOXPQRVTXHGDUiQFXELHUWRVSRUXQ6HJXURGH$FFLGHQWHV\ RWURGH$VLVWHQFLD0pGLFD 'HVWLQDWDULRV6HUFLXGDGDQRHVSDxRORH[WUDQMHURFRQSHUPLVRGHUHVLGHQFLD3RVHHUXQWtWXORXQLYHUVLWDULRRILFLDO KRPRORJDGRXKRPRORJDEOHGHGLSORPDGROLFHQFLDGRDUTXLWHFWRDUTXLWHFWRWpFQLFRLQJHQLHURLQJHQLHUR WpFQLFRTXHVHDGHFXHDODVSOD]DVRIUHFLGDVHQFDGDFRQYRFDWRULD+DEHUREWHQLGRHOWtWXORXQLYHUVLWDULRRILFLDO KRPRORJDGRXKRPRORJDEOHHQORV~OWLPRVDxRV1RWHQHUPiVGHDxRV1RWHQHUPiVGHPHVHVGH H[SHULHQFLDSURIHVLRQDOUHODFLRQDGDFRQODWLWXODFLyQGHVSXpVGHKDEHUILQDOL]DGRORVHVWXGLRV1RKDEHUWHQLGR YtQFXORSURIHVLRQDOFRQODHPSUHVDUHFHSWRUDGHVSXpVGHKDEHUILQDOL]DGRORVHVWXGLRV1RKDEHUGLVIUXWDGRFRQ DQWHULRULGDGGHXQDEHFDGHSUiFWLFDVGHVLPLODUHVFDUDFWHUtVWLFDV 0iVLQIRUPDFLyQ

KWWSZZZFLWLXVXDPRUJ


9$5,26 $JHQGD-RYHQGHIHEUHURGH

35Ã&#x2030;&7,&$6'(9(5$12(1,7$/,$&202&$0$5(526<3(5621$/'(&2&,1$ (O&KLULQJXLWRULVWRUDQWHpXQDHPSUHVDPX\FRQRFLGDHQOD]RQDGH6LOOD &DODEULD FRPRUHIHUHQFLDSDUDJUDQGHV HYHQWRV\ERGDV (QHVWRVPRPHQWRVHVWDEXVFDQGRFDPDUHURVDV\MyYHQHVSDUDODFRFLQDSDUDXQDLQFRUSRUDFLyQDSDUWLUGH -XQLR\SRUXQDGXUDFLRQGHPHVHV /DHPSUHVDFXEUHORVJDVWRVGHDORMDPLHQWR\FRPLGD\SXHGHTXHRIUH]FDXQDUHPXQHUDFLyQHFRQRPLFDSHTXHxD /RVKRUDULRVVHUiQIOH[LEOHVSRUWXUQRVDVLTXHORVSDUWLFLSDQWHVSRGUiQGLVIUXWDUGHOVRO\ODSOD\DGHODFRQRFLGD ORFDOLGDGGH6&LOODHQ&DODEULD 'HVWLQDWDULRV-yYHQHVFRQRVLQH[SHULHQFLDGHWUDEDMRDXQTXHVHULDUHFRPHQGDEOHSRUORPHQRVWHQHUHVWXGLRV GHKRVWHOHULD /DHPSUHVD\DWLHQHH[SHULHQFLDHQSURJUDPDVGHSUiFWLFDVFRQMyYHQHVGHRWURVSDLVHV\GHELGRDOH[LWRGHODV DQWHULRUHVHGLFLRQHVTXLHUHUHSHWLU\DEULDMyYHQHVHVSDxROHV ZZZLQJDOLFLDRUJ 0iVLQIRUPDFLyQ

LQJDOLFLD#LQJDOLFLDRUJ

(03/(2352*5$0$´/(21$5'2'$9,1&,µ(1$/(0$1,$&2192&$725,$'( 3DUDODFRQYRFDWRULDGHVHRIUHFHQSUiFWLFDVSDUDDOXPQRVGHODVVLJXLHQWHVHVSHFLDOLGDGHV (035(6$9,7$/,6 (OHFWUyQLFDTXHFRQVLVWHQHQODIDEULFDFLyQGHGLIHUHQWHVFLUFXLWRVVLPSOHV\FRPSOHMRVWDOHVFRPRFLUFXLWRV LQWHUPLWHQWHVWpFQLFD/('LQWHUUXSWRUHVHOHFWUyQLFRVVHQVRUHVWpFQLFDGHXOWUDVRQLGRV\DSDUDWRVGHPHGLGD FDUJDGRUHVGHEDWHUtDIXHQWHVGHDOLPHQWDFLyQWHFQRORJtDGHOVRQLGRDPSOLILFDGRUHVGHSRWHQFLDWHFQRORJtDGH FRQWUROGH3&\WpFQLFDVSDUDHOKRJDU 'LVSRQHPRVWDPELpQGHSUiFWLFDVHQHOVHFWRUGHODFRQVWUXFFLyQHQHOTXHVHWUDEDMDQRUPDOPHQWHHQOD UHKDELOLWDFLyQGHHGLILFLRV6HUHDOL]DQWUDEDMRVGHOHYDQWDPLHQWRGHWDELTXHUtDWUDEDMRFRQODGULOORYLVWR FRORFDFLyQGHDLVODPLHQWRVLQVWDODFLRQHVHOpFWULFDVVDQLWDULDVHWFGXUDQWHORVWUDEDMRVWLHQHQODSRVLELOLGDGGH FRQRFHUGLIHUHQWHVPDWHULDOHVWpFQLFDV\SURFHVRVGHFRQVWUXFFLyQDORVXVDGRVQRUPDOPHQWHHQ(VSDxD7DPELpQ GLVSRQHPRVGHSUiFWLFDVSDUDWUDEDMDGRUHVGHODPDGHUD 5HVSHFWRDODUDPDUHODFLRQDGDFRQHODXWRPyYLOHQODDFWXDOLGDGUHDOL]DPRVXQSUR\HFWRGHHEXJJ\(QpOVH WUDEDMDDQLYHOPHFiQLFRHQVXPD\RUtDFRPRHOpFWULFR6HFRPLHQ]DFRQODVFRQVWUXFFLyQGHOFKDVLVPHGLDQWH HVWUXFWXUDWXEXODUPHWiOLFDLQVWDODFLyQGHGLUHFFLyQIUHQRVVXVSHQVLyQ\GHOPRWRUHOpFWULFR 0iVLQIRUPDFLyQ

KWWSZZZJXWZHKOLW]GH

(03/(275$%$-$5(1%5$6,/'85$17((/081',$/</$62/,03,$'$6 (O*RELHUQRGH%UDVLODJLOL]DUiHODFFHVRDVX3DtVDFLXGDGDQ#VH[WUDQMHURVTXHTXLVLHUDQWUDEDMDUGXUDQWHORV 0XQGLDOHVGH \OD&RQIHGHUDWLRQ&XSGH \ODV2OLPSLDGDVGH(O*RELHUQRFRQFHGHUiXQRVYLVDGRV WHPSRUDOHVTXHVHUiQEDVWDQWHUiSLGRVGHFRQVHJXLU VHKDEODGHGtDVKiELOHVSDUDVXFRQFHVLyQGHVGHTXHOR SLGDVHQFXDOTXLHUFRQVXODGREUDVLOHxR  0iVLQIRUPDFLyQ

KWWSXUOFRUWDHVGU


9$5,26 $JHQGD-RYHQGHIHEUHURGH

3$548('(,19,(512 (O3DUTXHGH,QYLHUQRHVXQSUR\HFWRGHHVSDFLRDOWHUQDWLYRGHRFLRSDUDODMXYHQWXGRVFHQVH6HWUDWDGHXQD FRODERUDFLyQWUDQVYHUVDOHQWUHGLIHUHQWHViUHDVPXQLFLSDOHVTXHSUHWHQGHDWHQGHUODGHPDQGDFUHFLHQWHGHRFLR SRUSDUWHGHODMXYHQWXGFUHDQGRXQHVSDFLRGLQiPLFRTXHSHUPLWDDWHQGHUVXJHUHQFLDV/DRIHUWDFXHQWDFRQ ]RQDGHP~VLFDYLGHRMXHJRV\]RQDGHEDUUDVLQDOFRKROFRQPHVDVSDUDFHQDU (OViEDGRGHIHEUHURGHKDK 6DOD3ROLYDOHQWH2UJDQL]D3DODFLRGH&RQJUHVRVGH+XHVFD6$ 0iVLQIRUPDFLyQ

ZZZSDODFLRFRQJUHVRVKXHVFDHV

(03/(2(03/(2(198(/,1* 9XHOLQJLQLFLDUiXQSURFHVRGHVHOHFFLyQSDUDFRQWUDWDUDSHUVRQDVHQ(VSDxDSDUDODWHPSRUDGDGHYHUDQRGH  %XVFDSLORWRVWULSXODQWHVGHFDELQD\SHUVRQDOGHDSR\RHQGLIHUHQWHVFDWHJRUtDV\HVSHFLDOLGDGHV\OD FRQYRFDWRULDVHSXEOLFDUiDQWHVGHILQGHPHVHQOD:HEZZZYXHOLQJFRPHVVRPRVYXHOLQJHPSOHR &RQYRFDWRUtDDELHUWD 0iVLQIRUPDFLyQ

KWWSZZZYXHOLQJFRPHVVRPRVYXHOLQJHPSOHR

(03/(2,1*(1,(5265(&,e17,78/$'263$5$6($7 6($7DEUHODFRQYRFDWRULDGHOSURJUDPDLQWHUQDFLRQDOSDUDMyYHQHVLQJHQLHURVXQSURJUDPDSDUDUHFLpQWLWXODGRV HQHOiPELWRGHOD,QJHQLHUtD(O3URJUDPDHVWiSHQVDGRSDUDMyYHQHV,QJHQLHURV6XSHULRUHVGHGLYHUVDV HVSHFLDOLGDGHVFRQFRQRFLPLHQWRVDYDQ]DGRVGHDOHPiQ 7LHQHGRVIDVHVGXUDQWHODSULPHUDIDVHUHDOL]DUiVXQDHVWDQFLDGHHQWUH\PHVHVHQ6($7 (VSDxD SDUD SRVWHULRUPHQWHGHVDUUROODUXQDVHJXQGDIDVHSRUXQSHULRGRHQWUH\PHVHVHQXQDGHODVHPSUHVDVGHO*UXSR 9:HQ$OHPDQLD 2IUHFHQ&RQWUDWRODERUDOHQSUiFWLFDVGHPHVHVPiVSRVLEOHLQFRUSRUDFLyQODERUDOHQ$8',9: $OHPDQLD FRQ FRQWUDWRLQGHILQLGRHQIXQFLyQGHOGHVHPSHxR\ODVYDFDQWHVGLVSRQLEOHVDOILQDOL]DUHOSURJUDPD 0iVLQIRUPDFLyQ

KWWSZZZVHDWHVFRQWHQWHVEUDQGHVUUKKHPSOHRWHFQLFRVWLWXODGRVKWPO

9(50876(66,216$57/$% (QFXHQWURVDODVGHOPHGLRGtDGRVGRPLQJRVFDGDPHVHQHOHGLILFLR$UW/DE($- (VSDFLR$UWH-RYHQF &DODWD\XG  $ELHUWRVDWRGRHOS~EOLFRORVDVLVWHQWHVSRGUiQGLVIUXWDUGHXQULFRYHUPXWFRQRFHUVHHLQWHUFDPELDU LPSUHVLRQHVGLVIUXWDQGRGHXQDDFWXDFLyQHQGLUHFWR 'RPLQJRGHIHEUHURKRUDV $/),/2'(/$%,602(VWHQXHYRJUXSRSHUWHQHFHDODULFDHVFHQDGHOKLSKRSRVFHQVH\KDFRQWDGRFRQODWXWRUtD GH$UW/DE+XHVFDSDUDGDUIRUPDDVXVSULPHUDVFDQFLRQHV6HJ~QVXVSURSLDVSDODEUDV+DFHXQSDUGHDxRVTXH HPSH]DPRVDHVFULELU\DFDQWDU\QRKHPRVSDUDGRGHVGHHQWRQFHV1RVHQFDQWDHVWDP~VLFD\ODYLYLPRVDO Pi[LPR(VXQSODFHUDFWXDUSRUJXVWRSDUDODJHQWH\SRGHUH[SUHVDUQRV 'RPLQJRGHIHEUHURKRUDV 'U.2:$/6.,'XRIRUPDGRHQHODxRSRU5RVD-LPpQH]\$QWRQLR6DQMXiQ3RSHQIDPLOLDSDUDWRGRVFRQ FDQFLRQHVHPRWLYDV\GLUHFWDV&RPRHOORVPLVPRVGLFHQ&RQWLJR\ODP~VLFDSRUFRPSDxtD¢TXpSXHGHVDOLUPDO" 0iVLQIRUPDFLyQ

KWWSZZZKXHVFDDUWODERUJ


9$5,26 $JHQGD-RYHQGHIHEUHURGH

(03/(2(1)(50(5#6$/(0$1,$5(*,Ð1'$5067$'7 3OD]DVSDUDGLSORPDGRVDVHQ(QIHUPHUtD&RQRFLPLHQWRVGHDOHPiQ $ \TXHGHVHHQYLYLU\WUDEDMDUHQ $OHPDQLD,QWHUHVDGRVDVHQYLDUODVROLFLWXGGHHPSOHR &9 HQDOHPiQFLWDQGR´'LSORPDGRVDVHQ(QIHUPHUtD 5HJLyQ'DUPVWDGWµ²1ƒ5HI'$ =$9 µD =HQWUDOH$XVODQGVXQG)DFKYHUPLWWOXQJ =$9 ,QWHUQDWLRQDOHU3HUVRQDOVHUYLFH,QFRPLQJ9LOOHPRPEOHU6WU %RQQ*HUPDQ\ 2ELHQD,QFRPLQJ#DUEHLWVDJHQWXUGH 0iVLQIRUPDFLyQ

,QFRPLQJ#DUEHLWVDJHQWXUGH

(03/(27e&1,&2$(10(&$75Ð1,&$(1$/(0$1,$ &RQRFLPLHQWRVHVSHFtILFRV(OHFWURPHFiQLFDPHFDWUyQLFDPDQWHQLPLHQWRUHSDUDFLyQSXHVWDDSXQWR 'LVSRVLFLyQDYLDMDU\DWUDEDMDUHQFRPLVLyQGHVHUYLFLRVGHPRQWDMHVLQOtPLWHV 3HUPLVRGHFRQGXFLUDEVROXWDPHQWHQHFHVDULR3HUPLVRGHFRQGXFLU%SDUDDXWRPyYLOHV\IXUJRQHWDV YLHMR)6  ,GLRPDVDEVROXWDPHQWHQHFHVDULRHOHVSDxRODPSOLRVFRQRFLPLHQWRVGHLQJOpV\FRQRFLPLHQWRVEiVLFRVGHDOHPiQ &RQWUDWRLQGHILQLGR+RUDULRGHWUDEDMRDMRUQDGDFRPSOHWDKRUDVVHPDQDOHV 6ROLFLWXGFRPSOHWD &9FDUWDGHSUHVHQWDFLyQFRSLDGHFHUWLILFDGRVGHFXDOTXLHUPpULWRDOHJDGR HQDOHPiQR HQLQJOpVHVSHFLILFDQGRHOQžGHUHIHUHQFLD6DLQFRPLQJ#DUEHLWVDJHQWXUGHDODDWHQFLyQGH 6WHIDQ6SULFN LQFRPLQJ#DUEHLWVDJHQWXUGH 0iVLQIRUPDFLyQ

,QFRPLQJ#DUEHLWVDJHQWXUGH

(03/(2&$0$5(5#6'(3,626+27(/(6<(675(//$6(1$/(0$1,$ ([SHULHQFLDPtQLPRPHVHVHQSXHVWRVLPLODULQJOpVQLYHOPHGLRDOHPiQYDORUDEOHLQWHUpVSRUXQSXHVWRGH WUDEDMRHVWDEOHGLVSRQLELOLGDGHQWUDVODGDUVXUHVLGHQFLDD0XQLFKSRVLELOLGDGGHUHDOL]DUXQDFRPLGDHQHOKRWHO FRQGHVFXHQWR /DVWDUHDVDUHDOL]DUVRQOLPSLH]D\SUHSDUDFLyQGHODVKDELWDFLRQHVOLPSLH]D\PDQWHQLPLHQWRGH]RQDVFRPXQHV 6XHOGRKRUDEUXWRV +RUDULRGHWUDEDMRGHDFRQPHGLDKRUDSDUDFRPHU 5HJLyQ%$<(51 0iVLQIRUPDFLyQ

JOLVERQD#OLVH[WHUQDOL]DFLRQFRP

(03/(20$1*22)5(&((03/(2(16818(9$7,(1'$'($/(0$1,$3$5$ /DFDGHQDGHPRGDHVSDxROD0DQJRKDSXEOLFDGRHQSRUWDOHVGHHPSOHRHVSDxROHVXQDRIHUWDGHWUDEDMRSDUD (63$f2/(6 SHUVRQDVTXHVyORQHFHVLWDUiQWHQHUQRFLRQHVEiVLFDVGHDOHPiQSDUDRSWDUDHOOD ([LVWHXQDJUDQYDULHGDGGHSXHVWRVTXHYDQGHVGHYHQGHGRUHVDVLVWHQWHVGHDOPDFpQFDMHURVYLVXDO PHUFKDQGLVHUV\GLUHFWRUHV 5HTXLVLWRV(GXFDFLyQ6HFXQGDULD2EOLJDWRULD1LYHO0HGLRGHDOHPiQ'LVSRQLELOLGDGSDUDLUVHDYLYLUD$OHPDQLD 6DODULR½½%UXWRPHV 0iVLQIRUPDFLyQ

LQWHUQDWLRQDOUHFUXLWPHQW#PDQJRFRP


9$5,26 $JHQGD-RYHQGHIHEUHURGH

(03/(238(6726'((/(&75,&,67$6<0(&Ã&#x2030;1,&26(1$/(0$1,$ 1LYHOHGXFDWLYR)RUPDFLyQSURIHVLRQDO ([SHULHQFLD+DVWDDxRV ,QJOpV(VSDxRO3HUPLVRGHFRQGXFLU &RQWUDWR7HPSRUDGD\-RUQDGDFRPSOHWD 6HRIUHFHDORMDPLHQWRWUDVODGRFRPLGDV\JDVWRVGHYLDMH &DUWD\FXUUtFXORDOHPSUHVDULR*/2%$/(1(5*<6(59,&(66,(06$6$'DQLHO%HQLWH] GEHQLWH]K#VHUYLFHVJHVHV

0iVLQIRUPDFLyQ

GEHQLWH]K#VHUYLFHVJHVHV

(03/(2$1,0$'25(63$5$+27(/(6(1%$/($5(6&$1$5,$6<&267$ (GDGHQWUH\DxRV (163$f2/$ /HQJXDVH[LJLGDVHVSDxROPX\EXHQRIUDQFpVPX\EXHQRLQJOpVPX\EXHQRDOHPiQPX\EXHQRLWDOLDQR PX\EXHQRRWURVPX\EXHQR )HFKDGHLQLFLR)HFKDGHILQ 6DODULRPtQLPRHXURV\VDODULRPi[LPRHXURVKRUDVVHPDQD 0iVLQIRUPDFLyQ

RIHUWDVFRPSURPLVRFDVSH#DUDJRQHV

(03/(2(1)(50(526$6(18. 6HEXVFDQHQIHUPHURVDV :DUG1XUVHV \HQIHUPHURVDV 7KHDWUH1XUVHV SDUDSXHVWRVGHWUDEDMR SHUPDQHQWHVDWLHPSRFRPSOHWRFRQDxRGHFRQWUDWRLQLFLDO 5HTXLVLWRV'LSORPDWXUDHQHQIHUPHUtD\FRQDOWRQLYHOGHLQJOpV %  6HWUDWDGHSXHVWRVGHWUDEDMRSHUPDQHQWHVDWLHPSRFRPSOHWRFRQDxRGHFRQWUDWRLQLFLDO (OVXHOGRHVGHHQWUHÂ&#x2026;\OLEUDVDODxRSDUDODVKRUDVGHWUDEDMRQRH[FHGHUiGHKRUDVDOD VHPDQD*XDUGLDVSDJDH[WUD (O+RVSLWDOHVWiHQHOQRUWHGH,QJODWHUUDFHUFDDODHURSXHUWRGH0DQFKHVWHUTXHHVXQH[FHOHQWHOXJDUSDUDHO UHJUHVRHQ(VSDxDSDUDHOILQGHVHPDQDLQLFLDUiYXHORVGLUHFWRVGHEDMRFRVWHDORVSULQFLSDOHVDHURSXHUWRV HVSDxROHV &RQWDFWR(PPD.HHOHU+HDGRI,QWHUQDWLRQDO5HVRXUFLQJ²*OREDO0HGL5HFHPPDNHHOHU#JOREDOPHGLUHFFRP  0iVLQIRUPDFLyQ

HPPDNHHOHU#JOREDOPHGLUHFFRP

(03/(2(852',61(<%86&$*5$'8$'2681,9(56,7$5,26 'LVQH\/DQGRIHUWDGHHPSOHRVGH*HUHQWHGH5HFXUVRV+XPDQRV,QWHUQRSDUD5HODFLRQHVFRQOD3UHQVD-HIHGH (YHQWRV$QDOLVWDGH3UHFLRV &RQHOVDODULRPtQLPRHQ)UDQFLDHVGH½ 0iVLQIRUPDFLyQ

KWWSZZZWUDEDMDUHQHXURSDHVHXURGLVQH\EXVFDJUDGXDGRVKWPO


9$5,26 $JHQGD-RYHQGHIHEUHURGH

(03/(2(63$f2/3$5$$7(1&,Ð1$/&/,(17(5(,1281,'2125:,&+ 5HTXLVLWRV+DEODUFRQIOXLGH],QJOpV\HVSDxRO5HVSRQGHUDODVFRQVXOWDVHQWUDQWHVOODPDGDVGHVHUYLFLRDOFOLHQWH \FXDOTXLHUDGPLQLVWUDFLyQDVRFLDGD+DFHUIUHQWHDFXDOTXLHUFRQVXOWDSHGLGRV\HQWUHJDVDOPHMRUFRVWHSDUDOD HPSUHVDPDQWHQLHQGRDOFOLHQWHLQIRUPDGR (QGHILQLWLYDWHQGUiTXHUHDOL]DUWRGRHOVHUYLFLRGHDWHQFLyQDOFOLHQWHHQHOPHUFDGRHVSDxRO\KDFHUEDODQFHGH ODVLWXDFLyQ\SUREOHPDVPiVFRPXQHVHQLQJOpVDWXVVXSHULRUHV (OVDODULRHVWiHQWUHOLEUDVSRUDxR &9HQLQJOpVDYLFN\I#VWDIIFDOOFRXN 0iVLQIRUPDFLyQ

KWWSHVMREVHVHVMREVUHLQRXQLGRDWHQFLRQDFOLHQWHVHVSDQROSDUDDWHQFLRQDOFOLHQWHB

(03/(2&+2)(5'(&$0,21(63$5$$8675,$ -yYHQHVFRQ&DUQHWGHFRQGXFLU&(&RQRFLPLHQWRVGHDOHPiQ&DSDFLGDGGHRUJDQL]DFLyQ\SUHFLVLyQ\%XHQD RULHQWDFLyQDOFOLHQWH 6DODULRHQWUH\HXURQHWRV$ORMDPLHQWRHPSUHVDHXURVPHV&RQWUDWRLQGHILQLGR)RUPDFLyQ SURIXQGD\$OWDVHJXULGDGVRFLDO 6ROLFLWXGHQHVSDxRODMREV#PRQGLDOUHFUXLWLQJFRP 0iVLQIRUPDFLyQ

MREV#PRQGLDOUHFUXLWLQJFRP

&,1(&$0386'(+8(6&$&,&/2¶*8,21,67$6%(1+(7&+· &,&/2¶*8,21,67$6%(1+(7&+·)DFXOWDGGH(PSUHVD\*HVWLyQ3~EOLFD 3]D&RQVWLWXFLyQ /XQHV\PLpUFROHV K &XPEUHVERUUDVFRVDV :XWKHULQJ+HLJKWV :LOOLDP:\OHUPLQ((88 (OFLVQHQHJUR 7KH%ODFN6ZDQ +HQU\.LQJPLQ((88 (OEHVRGHODPXHUWH .LVVRI'HDWK +HQU\+DWKDZD\PLQ((88 3HUVHFXFLyQHQODQRFKH 5LGHWKH3LQN+RUVH 5REHUW0RQWJRPHU\PLQ((88 $OERUGHGHOSHOLJUR :KHUHWKH6LGHZDON(QGV 2WWR3UHPLQJHUPLQ((88 6LHPSUHTXHVHDSRVLEOHODVSHOtFXODVVHYLVLRQDUiQHQ926( 2UJDQL]D&DPSXVGH+XHVFD8QL]DU\9LFHUUHFWRUDGRGH3UR\HFFLyQ6RFLDO 0iVLQIRUPDFLyQ

KWWSKXHVFDXQL]DUHV%HQ+HFKWKWPO

&20(5(1,1*/e6 3UDFWLFDULQJOpVHQXQDVLWXDFLyQUHDO 0LpUFROHV\GHIHEUHURGHKDK &DIHWHUtDGHOD)DFXOWDGGHHPSUHVD\*HVWLyQ3~EOLFDGH+XHVFD 3]D&RQVWLWXFLyQ  2UJDQL]D&DPSXVGH+XHVFD8QL]DUFRQODFRODERUDFLyQGHO3ODQ0XQLFLSDOGH-XYHQWXG 0iVLQIRUPDFLyQ

KWWSKXHVFDXQL]DUHVGRFXPHQWV$JHQGDBDOBHQHB&DPSXV+XSGI


9$5,26 $JHQGD-RYHQGHIHEUHURGH

%86&$575$%$-2(18. /D(PEDMDGDGH(VSDxDHQ5HLQR8QLGRKDHVWUHQDGRXQSRUWDOGHHPSOHRGHVWLQDGRDLQIRUPDUGHODVRIHUWDVGH WUDEDMRTXHORVHVSDxROHVSXHGHQHQFRQWUDUHQHVWHSDtV /DZHE7UDEDMR8. KWWSZZZHPSOHRJREHVHVPXQGRFRQVHMHULDVUHLQR8QLGRSRUWDOHPSOHRLQGH[KWP SUHWHQGHDVHVRUDUDTXLHQHV\DUHVLGHQHQ5HLQR8QLGRHLQIRUPDUGHORTXHSXHGHQHQFRQWUDUHQHVWHSDtVD DTXHOORVTXHVHSODQWHDQEXVFDUWUDEDMRHQHOH[WUDQMHUR 6HSXHGHQFRQVXOWDURIHUWDVGHHPSOHRWDQWRGHFRPSDxtDVHVSDxRODVHQ5HLQR8QLGRFRPRGHHPSUHVDVEULWiQLFDV RH[WUDQMHUDVDVtFRPRHOWLSRGHSHUILOHVSURIHVLRQDOHVPiVGHPDQGDGRVHQHVWHSDtV (VWiSUHYLVWRTXHODSiJLQDSHUPLWDHQXQIXWXURTXHORVGHPDQGDQWHVGHHPSOHRSXHGDQSXEOLFDUVXVFXUUtFXORV GHPDQHUDTXHVHSXHGDQFUX]DUGDWRVHQWUHHPSUHVDV\FDQGLGDWRV/DSiJLQDWDPELpQDVHVRUDVREUHFyPR SUHSDUDUHOFXUUtFXOXP\ODHQWUHYLVWD\GyQGHEXVFDURIHUWDVGHWUDEDMR KWWSZZZLQMXYHHVHPSOHRQRWLFLDZHEWUDEDMRXN 0iVLQIRUPDFLyQ

KWWSZZZHPSOHRJREHVHVPXQGRFRQVHMHULDVUHLQR8QLGRSRUWDOHPSOHRLQGH[KWP

&,1('(,19,(512 /DVSUR\HFFLRQHVVRQDODVKHQHO&HQWURFtYLFR6DQWLDJR(VFDUWtQ2WtQ\KDEUiXQGHEDWHSRVWHULRU )HEUHUR/DYLGDHPSLH]DKR\GH/DXUD0Dxi )HEUHUR6LFNRGH0LFKDHO0RRUH )HEUHUR+R\HPSLH]DWRGRGH%HUWUDQG7DYHUQLHU )HEUHUR&KDUOLH\ODIiEULFDGHFKRFRODWHGH7LP%XUWRQ HQFRODERUDFLyQFRQHODQLYHUVDULRGHODELEOLRWHFD 5DPyQ-6HQGHU  0DU]R/ORYLHQGRSLHGUDVGH.HQ/RDFK 0iVLQIRUPDFLyQ

&HQWURFtYLFR6DQWLDJR(VFDUWtQ2WtQ

,19,(512'(&,1( /D$VRFLDFLyQ,OXVLRQHVFRQSUHVHQWDXQDQXHYDHGLFLyQGH,19,(512'(&,1(\FRQHVWHDxR\DVRQWUHVODV HGLFLRQHVUHDOL]DGDV/DDVRFLDFLyQSURSRQHHQHVWHPRPHQWRDODFLXGDGDQtDUHIOH[LRQDUKDEODUGHEDWLU\FUHDU RSLQLyQVREUHHVWRVGHUHFKRVEiVLFRVGHODVSHUVRQDVTXHVRQSLODUHVIXQGDPHQWDOHVGHQXHVWURLQFLSLHQWH(VWDGR GH%LHQHVWDUHOFXLGDGRGHODVSHUVRQDVGHSHQGLHQWHVDFFHVRDODVDOXGXQLYHUVDOGHUHFKRDODHGXFDFLyQ\ DFFHVRDOWUDEDMR/DVSHOtFXODVVHSUR\HFWDUiQHQHOVDOyQGHDFWRVGHO&HQWUR&tYLFR´6DQWLDJR(VFDUWtQ2WtQµD ODVKRUDV(QWUDGDJUDWXLWD 6LFNRGH0LFKDHO0RRUH +R\HPSLH]DWRGRGH%HUQDUG7DYHUQLHU &KDUOLH\ODIiEULFDGHFKRFRODWHGH7LP%UXWRQ&LQH,QIDQWLO /ORYLHQGRSLHGUDVGH.HQ/RDFK 0iVLQIRUPDFLyQ

DVRFLDFLRQGHPXMHUHVLDD#JPDLOFRP


9$5,26 $JHQGD-RYHQGHIHEUHURGH

&,&/2'(&,1(*5$1'(608-(5(6 (O,QVWLWXWR$UDJRQpVGHOD0XMHUSHUWHQHFLHQWHDOGHSDUWDPHQWRGH6DQLGDG%LHQHVWDU6RFLDO\)DPLOLDGHO *RELHUQRGH$UDJyQHQFRODERUDFLyQFRQOD'LSXWDFLyQ3URYLQFLDOGH+XHVFD\OD)XQGDFLyQ6HFUHWDULDGR*LWDQR KDQRUJDQL]DGRXQ&,&/2'(&,1(*5$1'(608-(5(6TXHUHODWDODELRJUDItDGH0XMHUHVTXHKDQKHFKRKLVWRULD GLULJLGRDOS~EOLFRHQJHQHUDO 'tDGH)HEUHUR7(5(6$'(&$/&87$ 'tDGH)HEUHUR&$//$6)25(9(53HOtFXODELRJUiILFDGH0DUxtD&DOODV 'tDGH0DU]R/$9,'$75$6/$6/8&(63HOtFXODELRJUiILFDGH/RXUGHVPXMHUIHULDQWH 6HSUR\HFWDUiHQHO6DOyQGH$FWRVGHOD'LSXWDFLyQ3URYLQFLDOGH+XHVFDDODVKRUDV/DHQWUDGDHVJUDWXLWD 0iVLQIRUPDFLyQ

LDPKX#DUDJRQHV

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

LQIRFHQWUR#KXHVFDHV

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

KWWSKXHVFDXQL]DUHVGRFXPHQWV$JHQGDBDOBHQHB&DPSXV+XSGI

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


9$5,26 $JHQGD-RYHQGHIHEUHURGH

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


AGENDA JOVEN 8 DE FEBRERO