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SPECIAL REPORT The July 1st election battle

Mexico City, June 2018

Barcelona • Bogota • Buenos Aires • Havana • Lima • Lisbon • Madrid • City • Miami • New York City • Panama City • Quito • Rio de Janeiro • Sao Paulo Santiago • Santo Domingo • Washington, DC THE JULY 1ST ELECTION BATTLE

1. INTRODUCTION

July 1, Mexico’s election day, is predicted to be complex and historic. 1. INTRODUCTION Derived from the political reform of 2014, we will witness the 2. CANDIDATES implementation of unprecedented figures in the political system, 3. POLLS such as the re-election of legislators, the coalition government and 4. SCENARIO 1: AMLO WINS THE independent candidates. This is in addition to the fact that more than ELECTION 3,000 positions of popular election are at stake, including the President 5. SCENARIO 2: TACTICAL VOTE of the Republic, 128 senators, 500 deputies and nine governors. 6. THE ROLE OF THE YOUNG AND THE UNDECIDED On the other hand, 89 million people form the nominal list—the 7. WHAT MAY HAPPEN WITH THE highest number of citizens eligible to vote in Mexico’s history. Within CONGRESS? this, we must highlight the participation of young people, since they 8. THE GOVERNORS are a very important variable for the future of the country. In fact, 12 million millennials will vote for the first time. 9. THE NEXT DAYS AUTHORS A large majority of are tired of corruption, insecurity, inequality and decades of poor growth, which is why Mexicans are torn between the continuity of a model implemented by the governments emanating from the Institutional Revolution Party (PRI), currently in power, and by the National Action Party (PAN), and another, led by a man with a leftist ideology that seeks to change the direction of the country.

After having contended for the presidency on two previous occasions (2006 and 2012), Andres Manuel Lopez Obrador (AMLO), the former head of Government of , is running for the third time, and on this occasion, his supporters believe he is the only candidate that can face the problem of and address the country's historical social problems, while the rest of Mexicans see in AMLO a politician that could harm the country’s fragile economic development.

It should be noted: although AMLO is considered a leftist politician, his alliance has left room for the Social Encounter Party (PES), a socially conservative political group that seeks to overturn progressive policies in the name of "family values." Meanwhile, AMLO's former party, the PRD, has joined forces with the center-right PAN coalition.

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2. CANDIDATES

ANDRÉS MANUEL LÓPEZ OBRADOR richest men in Latin America, to Juntos Haremos Historia (Together We’ll transform the city’s center. Make History): Movimiento de Regeneración Nacional (), Partido del Trabajo (PT), It is important to highlight that Partido Encuentro Social (PES) December 2017, Lopez Obrador introduced his potential cabinet in an effort to ease fears he Past Position In other words, voters vote for would wreck the economy. In President of MORENA. him and not for the party that this context, AMLO named nominates him. This is the reason several political actors that Resumé he commanded an important have served previous PRI Former presidential candidate exodus of politicians (and governments, such as Esteban of the PRD, PT and MC (2 times); supporters) from other left-wing Moctezuma for the secretary Mayor of Mexico City; President parties, like the PRD, into the of education, or Olga Sanchez of the PRD party; Former PRD candidate for the governorship of MORENA party in 2014—his own Cordero, a former Supreme Court Tabasco (2 times); president of the political party. judge whom Lopez Obrador PRI in the state of Tabasco. wants to be Mexico’s first female Between 2000 and 2005, AMLO interior minister. Education was the head of government of Bachelor’s degree in political Mexico City. He proved to be a For strategic positions such as science from the UNAM. good administrator of one of Finance, AMLO is thinking of the largest metropolises in the Carlos Urzua, a professor at the world. He launched cost-cutting Monterrey Institute of Technology His unique ability to set the measures, improved security and Higher Education, who was political agenda, since his time and stabilized the city’s debts. finance minister of Mexico City as Head of government of To have incidence in the city’s from 2000 to 2003, when AMLO Mexico City, has afforded him more vulnerable groups, AMLO was mayor. great visibility and an important created social programs for follower base. children and the elderly. Also, AMLO has been working closely with , Over the past 17 years, he has He professionalized the police former Mexico City mayor, who campaigned to become the department and brought played a role as a successor president of the Republic using former New York City Mayor of AMLO’s work in the city. a rhetoric based on honesty and Rudolph Giuliani to help him Nowadays, Ebrard works as a promoting policies aimed at reduce crime in the capital. He political operator for AMLO and helping the poor, thus becoming also promoted public-private some people loyal to him, like the only politician in Mexico who partnerships to revitalize parts former Senator Mario Delgado, has a personal voter base and not a of the city. In fact, he partnered who is running for Federal party-based vote. with Carlos Slim Helu, one of the Deputy of MORENA.

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SOME OF THE KEY ACTORS Marcos Fastlicht, Advisor on BEHIND AMLO human rights issues

Alfonso Romo, Project He is a real estate entrepreneur, Coordinator construction worker and philanthropist. He is the father- His business history began in in-law of Emilio Azcarraga Jean, the early ‘80s in a restaurant president of Grupo Televisa. If business—then he collaborated AMLO wins, he might be the link with the first Coca-Cola bottler. between AMLO’s government and Years later, he took control of civil society for security issues. . Modern Cigarette. His relationship with Carlos Slim took him into Yeidckol Polevnsky Gurwitz, the financial world, as he bought President of MORENA Seguros Comercial America from him, which he then sold to In 2005, she was a PRD candidate ING. He also created the Vector for governor of the State of brokerage house, which continues Mexico. She was the first to operate under his leadership. woman to chair the National Chamber of the Transformation Miguel Torruco Marques, Industry (CANACINTRA). He has Proposed Secretary of Tourism experience as a member of the board of directors of Nacional He is a tourist entrepreneur and Financiera (NAFIN), Banco de former Secretary of Tourism of Comercio Exterior (BANCOMEXT) CDMX. His daughter, Maria Elena and the Consejo Coordinador Torruco, is married to Carlos Slim Empresarial (CCE). Domit, son of Carlos Slim Helu.

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RICARDO ANAYA CORTÉS the highly populated Veracruz for Por México al Frente (For Mexico to the Front): the first time, took the party to its Partido Acción Nacional (PAN), Partido de la highest total of states governed in Revolución Democrática (PRD), Movimiento history (12 out of 32 states). Ciudadano (MC) According to political analysts, Past Position one of the reasons for Anaya's rise in politics are his pragmatic President of the PAN. The once called “boy wonder,” Ricardo Anaya’s meteoric rise decisions. And one example in Mexican politics occurred is his presidential run, which Resumé thanks to former PAN President showed that even if his decision Secretary General of the PAN; Gustavo Madero’s support. The created frictions within the Federal Deputy (President of young politician occupied various party, he stood by his decision, the Chamber of Deputies 2013 – 2014); Undersecretary of Tourism leadership positions within the thereby triggering the resignation Planning; Local Deputy of the PAN before becoming president of traditional member party state of Queretaro legislature (PAN of the party, when Gustavo Margarita Zavala. caucus leader 2009 – 2012). Madero decided to run for a seat in Congress. Education Ph.D. in Political Science from the From the party’s presidency, National Autonomous University Anaya has made a name for of Mexico (UNAM); Master’s himself due to the successes Degree in Fiscal Law from the the party has had under his Valley of Mexico University guidance. The party’s impressive (UVM); Bachelor’s Degree in Law from the Autonomous University 2016 run, when they snatched of Queretaro. six governorships previously governed by the PRI—including

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JOSÉ ANTONIO MEADE KURIBREÑA essentially the most powerful Todos por México (All for Mexico): Partido department in the Mexican de la Revolución Institucional (PRI), Partido government. Verde Ecologista de México (PVEM), Partido Nueva Alianza Thanks to his past performance, Meade increased his visibility Past Position Jose Antonio Meade is the over the last year, particularly as the PRI struggled to find a Secretary of Finance and ultimate Mexican technocrat. Public Credit. Proficient in multiple candidate who could beat the departments under two different popular Andres Manuel Lopez administrations, “Pepe” Meade Obrador from a pool of potential Resumé has become a political figure that candidates that have to carry the Secretary of Social Development, lays in the intersection between weight of the decisions of the Secretary of Foreign Relations (under President Pena Nieto); right-wing PRI supporters incumbent administration. Secretary of Energy, Deputy and PAN supporters. The only Secretary of Finance, Deputy secretary that remained from the Secretary of Revenues, General Calderon (PAN) administration, Director of Banrural and Financiera Meade is the son of a former Rural (as it was later known) (under PRI Federal Deputy and Deputy President Calderon). Secretary of the Interior under President Fox (PAN), Dionisio Education Meade. His experience within Ph.D. in economics from Yale the finance sector has led two University; bachelor’s degree in presidents to make him Secretary economics from the Mexican Technological Autonomous of Finance in moments when the Institute (ITAM); bachelor’s degree incumbent administration had in law from the UNAM. to send strong signals of stability to the markets from what is

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3. POLLS Green Ecologist Party of Mexico and New Alliance), with 19.9% The Oraculus survey aggregator, (17.9%-21.9%), is in third place. which monitors citizens’ intention of vote regarding the The polls reflect a trend election of the President of the that reinforces the growth Republic, indicates the candidate phenomenon of the National of the coalition Together We’ll Regeneration Movement Make History (Juntos Haremos (MORENA), a party that in just Historia) (Movimiento de three years of formal registration Regeneración Nacional, Partido before the National Electoral Encuentro Social and Partido de Institute (INE) became an Trabajo), Andres Manuel Lopez important electoral force, turning Obrador is ranked first with Mexico City into one of its 49.5% (46.4%-52.3%), followed by electoral bastions. Ricardo Anaya Cortes, from For Mexico in Front (Por México al In contrast, the Institutional Frente) (National Action Party, Revolutionary Party (PRI) has Democratic Revolution Party, lost around three million votes Movimiento Ciudadano), with in recent years. As we saw, in the 27.8% (25.4%-30.4%). elections of the , the once political bastion that Jose Antonio Meade, All Together was PRI, and in spite of having for Mexico (Todos Por México) obtained victory with Alfredo (Institutional Revolutionary Party, del Mazo, has lost 30.2% of the Vote intention effective votes cast.

60 Other polls, such as Consulta 49.5 Mitosky, shows AMLO leads with 40 37.2%, followed by Ricardo Anaya 27.8 with 20.3%. In third place, Jose 19.9 20 Antonio Meade with a 17.1 %. The Mitofsky poll classifies 22.2% of 0 the people as undecided. López Obrador Ricardo Anaya José Antonio Meade According to a survey published May 27 by SDPNoticias and México Elige, through Facebook, the Together We’ll Make History candidate may be the winner, with 43.2% of voter intent.

On the other hand, candidates Ricardo Anaya (24.1%) and Jose Antonio Meade (24.2%) continue in the dispute for the second place.

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With Margarita Zavala out According to the newspaper of the electoral contest, the Reforma, in April 2005, AMLO independent option headed by reached the historic approval Jaime Rodriguez Calderon, "El figure of 84%. During his tenure, Bronco" obtains 4.1 percent of the the presidential candidate also preferences. collaborated with business executives such as Carlos Slim. It is important to note there is a confidence level of 95% and a AMLO has a charismatic margin of error of +/-0.8% in this leadership and is a nationalist survey, while the percentage of and messianic leader. This undecided is 2.2%. means he has a religious vision of his political leadership as 4. SCENARIO 1: AMLO WINS he considers himself a social THE ELECTION redeemer.

Until now, Lopez Obrador has Since 2001, other leftist leaderships maintained or increased his lead like Cuauhtemoc Cardenas in opinion polls every month started to decline; therefore, Lopez since December. Lopez Obrador’s Obrador started positioning advantage has led to a focus on himself in the space of a left that how his MORENA party will fare was beginning to fracture. in national congressional and gubernatorial elections also held Behind AMLO, there are key July 1. characters such as Alfonso Romo, an entrepreneur who, if Andres Also, we need to consider that Manuel wins, would be Chief of a MORENA victory of any kind Staff. will likely trigger defections from PRD, a partner in Anaya’s electoral Tatiana Clouthier, is a former PAN alliance. member considered a woman with convictions who fights for human Likewise, when he was the head of rights and legal culture. government of Mexico City, Lopez Obrador had the highest acceptance We should also highlight the role of any head of government in the of Gerardo Esquivel, who has history of the capital. served as an economic adviser to AMLO and collaborated with Its pension program for the international organizations such as elderly, community kitchens, the International Monetary Fund, scholarships for students, the World Bank, the IDB, ECLAC, support for single mothers, the the OECD, the United Nations construction of the second level, Program for Development (UNDP) the creation of public universities, and the United Nations Program as well as the rescue of the for the Environment (UNEP). Historic Center and public areas, among other programs, made Marcelo Ebrard, former head of AMLO the most popular ruler. government of Mexico City, is a

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man with a progressive vision changes in trends. There is still that, during his administration, the possibility that, after the approved same-sex marriage and resignation of Margarita Zavala to abortion in the first 12 weeks of the presidential race, there could pregnancy. Likewise, he expanded be a rapprochement with Ricardo social programs and expropriated Anaya. properties that were used for criminal activities. According to a LLORENTE & CUENCA advisor, 5. SCENARIO 2: TACTICAL there are approximately 15 VOTE million votes in dispute because between April and June, voters Based on 2006 polls, we can say will be deciding how they are the Mexican elections are not yet going to vote. Besides, July 2, the “Mexico might see a decided. In 2006, Felipe Calderon candidates’ teams will also have started the presidential run in to fight for a remaining 10 percent different winner come second place with 24.9% of the of undecided voters. election day because preferences and AMLO had 30.6%; Mexicans could decide by the end of the electoral process, 6. THE ROLE OF THE YOUNG Calderon won with 35.91% and AND THE UNDECIDED the country’s fate with a AMLO obtained 35.29%. tactical vote” Of the more than 89 million In the 2018 electoral process, Mexico people who will be able to vote might see a different winner come July 1, a little more than 4 million election day because Mexicans are between 18 and 19 years old, could decide the country’s fate almost 12 million are between with a tactical vote. In this 20 and 24 years old, and almost context, Ricardo Anaya argues 11 million are between 25 and 29 the presidential election on July 1 years old. That means slightly is now a two-horse race between more than half of the voters are himself and AMLO, adding that 39 years old or younger. Mexicans should ask themselves what kind of change they want. According to a study on citizen participation in the federal Anaya says AMLO proposes elections of 2012, young people change with ideas that are very old who voted for the first time and trapped in the past, while his reached levels of participation own ideal is a modern democracy higher than 62%. This percentage open to the world and to new can be explained by the hyper technology. So, according to The connectivity to which young Economist, Anaya offers the best people are exposed. hope of defeating AMLO. He is only 39, yet he is a formidable debater Nowadays, young people are not and political operator. indifferent to the electoral process in the country, rather, many of Therefore, the Mexican elections them feel a disconnect and a are not yet decided, and there disengagement with politicians are still almost two weeks to see and the way they do politics.

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In this regard, a character Several specialists place the who has stood out during the undecided in Anaya’s or Meade’s electoral process, and who is a side. Many of them believe the representative of Mexican youth, undecided voters are anti-AMLO is the independent candidate for voters, who will vote for second the Senate from Jalisco, Pedro place, whoever it may be, so July Kumamoto, who, like many 1, we will be able to see how they young Mexicans, wants us to behaved. rethink the political model as a society. 7. WHAT MAY HAPPEN WITH THE CONGRESS? Therefore, the candidate who manages to connect and The battle for the legislature comes “Young people are understand young people down to two coalitions: one of not indifferent to the could become the wheel of which has frontrunner Andres electoral process in the change committed to a more Manuel Lopez Obrador (AMLO) participatory society and who as its presidential candidate and country, rather, many of will be the one who capitalizes MORENA as the main party, them feel a disconnect these votes. and the other with Anaya as its and a disengagement presidential candidate and the On the other hand, there are PAN as it biggest force. Moreover, with politicians and the the undecided voters. Alejandro AMLO’s Together We’ll Make way they do politics” Moreno, director of surveys of History coalition is expected to win El Financiero, indicates that, the largest portion of seats in both demographically, the undecided houses. The PRI party polls far voters have a lower level of behind and, in the case of the lower schooling than the average voter, house, Consulta Mitofsky gives the are older and are mainly women, party’s coalition as few as 71 out of who outnumber men by almost 500 seats. two to one. Slightly more than half of the undecided voters AMLO’s ability to control Congress are nonpartisan. In this sense, will be key for his proposals, Alejandro Moreno says it is likely including a review of major energy- 7% of these will not vote, so their sector reforms enacted in recent impact on the result of July 1 years. A majority would also allow could be minimal. Lopez Obrador to get his budgets through the legislature without On the contrary, people like obstructions. Jorge Castaneda, current advisor to Ricardo Anaya, state what It is highly improbable Lopez happened in the year 2000 might Obrador will gain the two-thirds happen again, when at the end majority needed to reverse laws of 's campaign, those like the landmark energy opening undecided voters chose Fox in a of 2014. But even with a simple much higher proportion than the majority, he can certainly slow "determined ones," earning him down some agenda issues like the victory. energy reform.

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Debemos destacar que es While Veracruz and Puebla, are altamente improbable que López being disputed by MORENA and Obrador obtenga la mayoría de the PAN. In Yucatan, the vote is dos tercios necesaria para revertir close between the PRI and PAN. leyes como la histórica apertura Jalisco shows a favorable trend energética de 2014. Pero incluso towards Citizens’ Movement. con una mayoría simple, puede, sin duda, ralentizar algunos temas 9. THE NEXT DAYS de la agenda como la reforma energética. We have to place current elections in a complicated economic and According to COPARMEX social context. Also, since Donald and the Foundation Este País, Trump became the U.S. president, the Mexican Senate could be relations between Mexico and the The Mexican Senate could be integrated in the following way: United States are strained and integrated in the following way: NAFTA is under great pressure, ALL FOR MEXICO For the House of Representatives, so analysts expect an important PRI 22 it may be formed by: change in the way politics is done New Alliance 1 25 in Mexico. PVEM 2 8. THE GOVERNORS TOGETHER WE’LL MAKE HISTORY At LLORENTE & CUENCA we MORENA 60 PES 0 61 As mentioned above, in addition believe, based on the trends PT 1 to electing the President of the and surveys, AMLO might win FOR MEXICO TO THE FRONT Republic and legislators of the the elections by a wide margin, PAN 39 , eight but the tactical vote can lead to PRD 1 41 entities and Mexico City will adjusted results between AMLO Citizens’ Movement 1 go to the polls to renew their and Ricardo Anaya. Independiente 1 1 governments. Regardless of who wins, all The states that will have elections Mexicans are aware that the way The House of Representatives, it are: Tabasco, Mexico City, Chiapas, of doing politics and driving the may be formed by: Veracruz, Morelos, Puebla, country must be transformed , Yucatan and Jalisco. into an exercise committed to ALL FOR MEXICO PRI 94 Mexico City, Jalisco and Veracruz transparency, accountability, New Alliance 5 115 have three of the largest electoral combating insecurity with respect PVEM 16 registers in the country, only to human rights, as well as other TOGETHER WE’LL MAKE HISTORY below the State of Mexico, which key areas, for the good of Mexico's MORENA 203 occupies first place. development and progress.. PES 4 229 PT 22 According to surveys, four Today, Mexico could be on the FOR MEXICO TO THE FRONT of these entities show a very verge of a rethinking of its political PAN 125 favorable trend for Morena: map, political alliances and PRD 24 156 Chiapas, Tabasco, Morelos and national priorities, with a changing Citizens’ Movement 7 Mexico City. international environment.

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Authors

Rogelio Blanco is Managing Director in Mexico of LLORENTE & CUENCA. Rogelio Blanco has over 16 years’ experience in the field of strategic communication and public relations. He has worked in countries such as Argentina, Colombia and the Netherlands. In Mexico, he has worked with important companies in the world of communication, holding positions of senior responsibility for several years. Rogelio is an expert in corporate communication, reputational management and crisis management. He is a frequent guest of various university academic institutions as a speaker and has been a visiting professor at the Universidad Panamericana. [email protected]

Juan Arteaga is Managing Director in Mexico of LLORENTE & CUENCA. Juan has more than 18 years of professional experience, both in Spain, as well as in Mexico and LatAm. He is a specialist in reputation management and communication, focused on areas of corporate, financial and marketing communication, always based on his digital expertise, helping clients adapt to new environments. Juan has experience in projects undertaken for Coca-Cola, Walmart, Kellogg's, General Electric or Lenovo. In addition, he combines his professional work with innovation and teaching. He is a lecturer on issues of reputation, new trends in communication and digital transformation. [email protected]

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María Gutiérrez is Public Affairs Consultant in Mexico of LLORENTE & CUENCA. She has more than five years’ experience in public affairs, strategic communication and electoral campaigns. Before joining LLORENTE & CUENCA, she supported the generation of political intelligence products for the 2012 presidential campaign of the then candidate of the New Alliance Party. She has also collaborated on writing opinion articles for various national media such as La Jornada, the news portal Eje Central and 24 Horas. In 2014, she joined the public affairs team of LLORENTE & CUENCA, where she was responsible for supporting the design and implementation of relationship and advocacy strategies in the public agenda. One of the key projects she took part in the consultancy field was the drawing of the Government Relations Manual of Tec de Monterrey. In addition, María has worked in accounts that operate in highly regulated sectors such as food, pharmaceuticals and energy. [email protected]

13 CORPORATE MANAGEMENT SPAIN AND PORTUGAL UNITED STATES ANDES’ REGION

José Antonio Llorente Arturo Pinedo Erich de la Fuente Bogota Founding Partner and Chairman Partner and Managing Director Partner and CEO [email protected] [email protected] [email protected] María Esteve Partner and Managing Director Enrique González Goyo Panadero Miami [email protected] Partner and CFO Partner and Managing Director [email protected] [email protected] Erich de la Fuente Av. Calle 82 # 9-65 Piso 4 [email protected] Bogotá D.C. – Colombia Adolfo Corujo Barcelona Tel: +57 1 7438000 Partner and Chief Talent and 600 Brickell Ave. Innovation Officer María Cura Suite 2020 Lima [email protected] Partner and Managing Director Miami, FL 33131 [email protected] T el . +1 786 590 1000 Luis Miguel Peña Carmen Gómez Menor Partner and Senior Director [email protected] Corporate Director Muntaner, 240-242, 1º-1ª New York City [email protected] 08021 Barcelona Av. Andrés Reyes 420, piso 7 Tel. +34 93 217 22 17 Gerard Guiu Director of International Business San Isidro Tel. +51 1 2229491 Madrid Development [email protected] Quito Alejandro Romero Joan Navarro Partner and CEO Americas Abernathy MacGregor Partner and Vice-president Carlos Llanos [email protected] of Public Affairs 277 Park Avenue, 39th Floor New York, NY 10172 Managing Director [email protected] [email protected] Luisa García T el . +1 212 371 5999 (ext. 374) Partner and COO Latin America Amalio Moratalla Washington, DC Alejandra Rivas [email protected] Partner and Senior Director of Sport Chairwoman and Business Strategy [email protected] José Luis Di Girolamo [email protected] Ana Gamonal Director Partner and CFO Latin America Avda. 12 de Octubre N24-528 y [email protected] Iván Pino [email protected] Partner and Senior Director Center – Torre B - piso 11 10705 Rosehaven Street Antonieta Mendoza de López of Digital Tel. +593 2 2565820 Vice President of Advocacy LatAm [email protected] Fairfax, VA 22030 [email protected] Washington, DC Santiago de Chile Jordi Sevilla Tel. +1 703 505 4211 Vice-president of Economic Context Constanza Téllez TALENT MANAGEMENT [email protected] MEXICO, CENTRAL AMERICA AND Managing Director CARIBBEAN [email protected] Daniel Moreno Claudio Vallejo Ch ief Talent Officer Senior Director Latam Desk Javier Rosado Francisco Aylwin [email protected] [email protected] Partner and Managing Director Chairman North Region [email protected] Karla Rogel Lagasca, 88 - planta 3 [email protected] Chief Talent Officer for Northern 28001 Madrid Region Tel. +34 91 563 77 22 Mexico City Las Condes. [email protected] Tel. +56 22 207 32 00 Impossible Tellers Juan Arteaga Marjorie Barrientos Managing Director Chief Talent Officer for Andean Ana Folgueira [email protected] SOUTH AMERICA Region Managing Director [email protected] [email protected] Rogelio Blanco Buenos Aires Managing Director Laureana Navarro Lagasca, 88 - planta 3 [email protected] Mariano Vila Chief Talent Officer for Southern 28001 Madrid Managing Director Bernardo Quintana Kawage [email protected] Region Tel. +34 91 438 42 95 [email protected] Non-Executive Chairman [email protected] Av. Corrientes 222, piso 8. C1043AAP Cink Tel. +54 11 5556 0700 Av. Paseo de la Reforma 412, Piso 14, Sergio Cortés Col. Juárez, Del. Cuauhtémoc Rio de Janeiro Partner. Founder and Chairman CP 06600, Mexico City [email protected] Tel. +52 55 5257 1084 Cleber Martins [email protected] Muntaner, 240, 1º-1ª Havana 08021 Barcelona Ladeira da Glória, 26 Tel. +34 93 348 84 28 Pau Solanilla Estúdio 244 e 246 - Glória [email protected] Rio de Janeiro - RJ Lisbon Tel. +55 21 3797 6400 Sortis Business Tower, piso 9 Tiago Vidal Calle 57, Obarrio - Panamá Sao Paulo Partner and Managing Director Tel. +507 206 5200 [email protected] Cleber Martins Panama City Managing Director Avenida da Liberdade nº225, 5º Esq. [email protected] 1250-142 Lisbon Pau Solanilla Tel. + 351 21 923 97 00 Managing Director Juan Carlos Gozzer [email protected] Regional Innovation Officer [email protected] Sortis Business Tower, piso 9 Calle 57, Obarrio - Panamá Rua Oscar Freire, 379, Cj 111, Tel. +507 206 5200 Cerqueira César SP - 01426-001 Tel. +55 11 3060 3390 Santo Domingo

Iban Campo Managing Director [email protected]

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