$57('27$'2&21(8526 -RUGL7HL[LGRU3UHPLR1DFLRQDOGH$UWHV 3OiVWLFDV $%&(6$%&B&8/785$0$'5,' 'tDK (OMXUDGRGHOJDODUGyQFRQFHGLGRSRUHO0LQLVWHULRGH&XOWXUDKDYDORUDGR©VXVREUDV GLVWLQWLYDVGHXQFDPLQR~QLFR\GLItFLOHQHODUWHHOHJLGRDFRQFLHQFLD\FRQ LQGHSHQGHQFLDª $%& -RUGL7HL[LGRUHQXQDLPDJHQGHDUFKLYR -RUGL7HL[LGRUGH2WWR9DOHQFLDKDVLGRJDODUGRQDGRFRQHO3UHPLR1DFLRQDOGH$UWHV 3OiVWLFDV(OMXUDGROHKDFRQFHGLGRHVWHSUHPLR©SRUVXVREUDVGLVWLQWLYDVGHXQFDPLQR~QLFR\ GLItFLOHQHODUWHHOHJLGRDFRQFLHQFLD\FRQLQGHSHQGHQFLD8QFDPLQRVRVWHQLGRHQHOWLHPSRKDVWD FRQILJXUDUXQFRQMXQWRTXHFRQILHUHDODUWHHVSDxROFRQWHPSRUiQHRODHQWLGDGTXHKR\WLHQHª (OJDODUGyQFRQFHGLGRSRUHO0LQLVWHULRGH(GXFDFLyQ&XOWXUD\'HSRUWHHVWiGRWDGRFRQ HXURV6HJ~QHOMXUDGR7HL[LGRUKDUHLYLQGLFDGRVLHPSUHODSLQWXUD\HO©UDVJRGHFLVLYRGHVXREUDHVOD GLVWLQFLyQHQVXTXHKDFHUUHVSHFWRDQXHVWURFRQWH[WRDUWtVWLFRFRQXQDSUiFWLFD\DGHVGHPHGLDGRVGH ORVVHVHQWDSUy[LPDDODUWHFRQFHSWXDORDODVHQVLELOLGDGPLQLPDOLVWDª ©$UWLVWDVLOHQFLRVRDPDQWHGHODSRHVtD\ODILORVRItDHORJLDGRUGHODGXGDHQHODUWHª-RUGL7HL[LGRU SHUWHQHFLyDOJUXSR1XHYD*HQHUDFLyQDYDQ]DQGRODVFRUULHQWHVDUWtVWLFDVTXHOOHJDUtDQGXUDQWHOD 7UDQVLFLyQ(QGHILQLWLYD©XQFUHDGRUFRQVWDQWHHQVXHPSHxRªFRPRUH]DODQRWDGHSUHQVD HQYLDGDSRUHO0LQLVWHULR )RUPDGRDUWtVWLFDPHQWHHQWUH\HQOD(VFXHOD6XSHULRUGH%HOODV$UWHVGH6DQ&DUORVGH 9DOHQFLDHVQRPEUDGRHQMXQWRFRQ-RVp0DUtD<WXUUDOGHFRQVHUYDGRUGHO0XVHRGH$UWH$EVWUDFWR GH&XHQFDGRQGHFRQRFHDODJHQHUDFLyQGHOOODPDGR©JUXSRGH&XHQFDª(QHVHPLVPRDxRIRUPDSDUWH GHOJUXSR1XHYD*HQHUDFLyQSURPRYLGRSRUHOFUtWLFR-XDQ$QWRQLR$JXLUUH(VODpSRFDHQTXHXVD ODPDGHUDFRPRVRSRUWH\HQODTXHODVIRUPDVUHFRUWDGDVTXHKDFHUHODFLRQDQVXWUDEDMRFRQORV SODQWHDPLHQWRVGHODSLQWXUD©KDUGHGJHª3RUHVWRVDxRVFRQRFHDOJUXSR6XSSRUWVVXUIDFHV SURPRYLGRSRUWHyULFRV\SLQWRUHVIUDQFHVHV (QYLDMDD1XHYD<RUNGRQGHFRQRFHGLUHFWDPHQWHODSLQWXUDQRUWHDPHULFDQDGHORVDxRV FLQFXHQWDFHQWUDQGRVXLQWHUpVVREUHWRGRHQ0DUN5RWKNR%DUQHWW1HZPDQ\$G5HLQKDUGW'H 1HZPDQDVLPLODHOHPSOHRGHEDQGDVODWHUDOHVTXHLQFRUSRUDGHIRUPDFRQVFLHQWHHQVXREUD(Q SDUWLFLSDHQOD%LHQDOGH9HQHFLDHQODPXHVWUD©(VSDxD9DQJXDUGLDDUWtVWLFD\UHDOLGDGVRFLDO ª(QHVEHFDGRSRUOD)XQGDFLyQ-XDQ0DUFKLQVWDOiQGRVHHQ1XHYD<RUNKDVWD (QHVHWLHPSRHVVHOHFFLRQDGRSRU0DUJLW5RZHOOSDUDSDUWLFLSDUHQODH[SRVLFLyQ©1HZ,PDJHVIURP 6SDLQªHQHO*XJJHQKHLPGH1XHYD<RUN (QVHLQVWDODHQ0DGULG\HQFRPLHQ]DODVVHULHVFX\RVWtWXORVDOXGHQDOOtPLWH©/RVOtPLWHV GHODPHPRULDª©/RVOtPLWHVGHOHQJDxRª©/RVOtPLWHVGHODUD]yQªHWF\SURJUHVLYDPHQWHYD DEDQGRQDQGRHOFRORUKDVWDOOHJDUDOQHJURDXQTXHLQFRUSRUDFRORUHVGHRUR(VHOPRPHQWRGHORV ©3DLVDMHVQyUGLFRVª\GHODWULORJtDFRPSXHVWDSRU©(OILQDOGHODEDWDOODª©/DPXHUWHGH9LUJLOLRª\©/D GHUURWDª (QHODxRHVQRPEUDGRDFDGpPLFRGHOD5HDO$FDGHPLDGH%HOODV$UWHVGH6DQ)HUQDQGRGH 0DGULG £$KRUUDFRQ'LUHFW 9LQRVDOPHMRUSUHFLR &RQVLJXHXQGHVFXHQWRGHKDVWDHO HQHOVHJXURGHWXFRFKH 'HVFXEUHODVYHQWDVSULYDGDVGH %2'(%2&$¼GHGWRHQWX SULPHUSHGLGR ZZZGLUHFWVHJXURVHV ZZZERGHERFDFRP 3XEOLFLGDG 7XSXEOLFLGDG$48Ë &RQ0\$GV3\PHV£HVSRVLEOH $Q~QFLDWHHQORVPHMRUHVGLDULRV \UHYLVWDVRQOLQHGHOSDtV ZZZP\DGVS\PHVFRP