Notas de orientación relativas a la enseñanza y el

Inter-Agency Network for Education in Emergencies Réseau Inter-Agences pour l´Éducation en Situations dÚrgence La Red Interagencial para la Educación en Situaciones de Emergencia Rede Inter-Institucional para a Educação em Situação de Emergência Inter-Agency Network for Education in Emergencies Réseau Inter-Agences pour l´Éducation en Situations dÚrgence La Red Interagencial para la Educación en Situaciones de Emergencia Rede Inter-Institucional para a Educação em Situação de Emergência !!"#$%&'()(&*+,!"#$%&'()&')*$+%'(,'-'(.#/(01%#&23#1,+24()2&2(42(5/",2,+*1(#1(6+%"2,+'1#$(/#(5-#&3#1,+2(70!558(#$($#&9+&(,'-'("12(&#/( -"1/+24(2:+#&%2(/#(-+#-:&'$(;"#(%&2:2<21(<"1%'$=(/#1%&'(/#("1(-2&,'(>"-21+%2&+'(?(/#(/#$2&&'44'=()2&2(2$#3"&2&(2(%'/2$(42$( )#&$'12$(#4(/#&#,>'(2(#/",2,+*1($#3"&2(?(/#(,24+/2/(/"&21%#(42$(#-#&3#1,+2$(?(42(&#,")#&2,+*1()'$%@,&+$+$A B2$(!'%2$(/#('&+#1%2,+*1(&#42%+92$(2(42(#1$#C21D2(?(#4(2)&#1/+D2<#(/#(42(0!55(E"#&'1(#42:'&2/2$(#1(1'-:&#(/#(42(&#/()'&(42( ,'1$"4%'&2(4F/#&(.2,>#4(G,H+11#?(,'1(2)'&%#$(/#4(I&")'(J$#$'&(#1(51$#C21D2(?(J)&#1/+D2<#(/#(42(0!55(?(#K)#&%'$(%L,1+,'$A( M2&2(-N$(+1E'&-2,+*1(2,#&,2(/#(42(0!55(?(42(+1+,+2%+92(/#(#1$#C21D2(?(2)&#1/+D2<#=(9+$+%#(OOOA+1##$+%#A'&3P%#2,>+134#2&1+13A B2(0!55(/#$#2(23&2/#,#&(2(4'$($+3"+#1%#$(-+#-:&'$(/#4(I&")'(J$#$'&(;"#(>+,+#&'1(2)'&%#$($"$%21%+9'$=('&+#1%2,+*1(?(2)'?'( 2(42(&#/2,,+*1(/#(42(3"F2Q(0132@G2<(R2&4$$'1(7629#(%>#(R>+4/&#18=(S2T-2&2(I#'&3#$,"(7U!56RV(0W58=(M2%&+,+2(X2&%2$21,>#D( 7Y'&4/(Z+$+'18=(J112@G2&+2(X'EE-211(7U!0R5[8=(\'12%>21(G+44#&(7RJ.58=(\"4+2(M2"4$'1(7R5.I8(?(G2&32&#%(6+1,42+&(7,'1$"4%'&2( #1(#/",2,+*18(?(J44+$'1(J1/#&$'1=(G2&+21(X'/3T+1(?(54+D2:#%>(6O##%(7)"1%'$(E',24#$(/#(42(6#,&#%2&F2(/#(42(0!558A B2()&#$#1%#()":4+,2,+*1(E"#(#42:'&2/2()'&(-#/+'(/#("1()&',#$'(,'1$"4%+9'(;"#(+19'4",&*(2(-N$(/#(%&#$,+#1%2$()#&$'12$( ;"#()2&%+,+)2&'1(#1(42(#42:'&2,+*1(/#(42$(!'%2$(/#('&+#1%2,+*1(?(/#4(M2;"#%#(/#(.#,"&$'$(/#(42(0!55()'&(-#/+'(/#( ,'1$"4%2$(9+&%"24#$(?(/',#(%244#&#$(,#4#:&2/'$(24&#/#/'&(/#4(-"1/'A(B2(0!55(/#$#2(#K)&#$2&($"(3&2%+%"/()'&(4'$(2)'&%#$( /#(#$%'$()2&%+,+)21%#$(#1(%244#&#$(?(#K)#&%'$(%L,1+,'$A(M2&2("12(4+$%2(,'-)4#%2(/#(,'42:'&2/'&#$=(9+$+%#(OOOA+1##$+%#A'&3P %#2,>+134#2&1+13A 3H05,,KLZLHHNYHKLJLYH<UIV\UK7OPSHU[OYVWPLZ`HS.Y\WVKL,K\JHJP}UKLS0(:*Z\ZHWVY[LZÄUHUJPLYVZWHYHSH #42:'&2,+*1(/#(#$%#(/',"-#1%'A(GN$(2"1=(42(0!55(23&2/#,#(2(-N$(/#(]^(23#1,+2$=(E"1/2,+'1#$(#(+1$%+%",+'1#$($"(2)'?'( 2(42(&#/(/#$/#($"(+1+,+'A(M2&2("12(4+$%2(,'-)4#%2(/#()2%&',+12/'&#$=(9+$+%#(#4($+%+'(Y#:(/#(42(0!55Q(OOOA+1##$+%#A'&3P 2,T1'O4#/3#-#1%$A M":4+,2/'()'&(42(.#/(01%#&23#1,+24()2&2(42(5/",2,+*1(#1(6+%"2,+'1#$(/#(5-#&3#1,+2A _(]à`=(.#/(01%#&23#1,+24()2&2(42(5/",2,+*1(#1(6+%"2,+'1#$(/#(5-#&3#1,+2(70!558A(6#(&#$#&921(%'/'$(4'$(/#&#,>'$A(5$%#( TH[LYPHS[PLULSVZKLYLJOVZYLNPZ[YHKVZWLYVW\LKLZLYYLWYVK\JPKVWVYJ\HSX\PLYTt[VKVWHYHÄULZLK\JH[P]VZ7HYH ,')+2&4'(#1('%&2$(,+&,"1$%21,+2$('()2&2($"(&#"%+4+D2,+*1(#1('%&2$()":4+,2,+'1#$=('()2&2($"(%&2/",,+*1('(2/2)%2,+*1=($#(/#:#( ':%#1#&()#&-+$'()'&(#$,&+%'(/#4()&')+#%2&+'(/#(4'$(/#&#,>'$Q(%#2,>+134#2&1+13b+1##$+%#A'&3A +PZL|VNYmÄJVWVY4HYJ,UNSL¶^^^THYJLUNSLJVT5\L]H@VYR5@,,<< S+$#C'(9#&$+*1(#$)2C'4Q(\'2;"F1(G#12(."+D 5/+,+*1(9#&$+*1(#$)2C'4Q(6"$212(ZND;"#D c&2/",,+*1(24(#$)2C'4Q(G2&F2(B2"&2(G2DD2 ['%'3&2EF2(/#(42(,2&N%"42Q((R'&%#$F2(/#(U!0R5[(P(M#&de(/#&#,>'$(&#$#&92/'$ 0!55(R''&/+12%'&('E(!#%O'&T(M&'<#,%$(21/(R'--"1+,2%+'1$( 01%#&12%+'124(.#$,"#(R'--+%%##( ,HZ[UK:[YLL[[O-SVVY5L^@VYR*P[`5L^@VYR( ;LS!*VYYLVLSLJ[Y}UPJV![LHJOPUNSLHYUPUN'PULLZP[LVYN R'1%#1+/' !"#$%&(AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA (++ '()*+,-.."/((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA (+++ fg"L($'1(42$(!'%2$(/#('&+#1%2,+*1(&#42%+92$(2(42(#1$#C21D2(?(#4(2)&#1/+D2<#(/#(42(0!55h(((AAAAAAAAAAAAAAAAAAAAAAAAAAA (+9 R*-'("%+4+D2&(42$(!'%2$(/#('&+#1%2,+*1(((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(9 fg"+L1#$(/#:#1("%+4+D2&(42$(!'%2$(/#('&+#1%2,+*1h(((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA (9+ 012 3$%(4&2,424&)-,"+2((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(a aAa( 5$%"/+'(?(21N4+$+$(/#(4'$()421#$(/#(#$%"/+'(((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(i aA](( J/2)%2,+*1(?(,&#2,+*1(/#()421#$(/#(#$%"/+'((((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(a` aAj(( 0-)4#-#1%2,+*1((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(a^ aAi(( G'1+%'&#'(?(#924"2,+*1(/#(4'$()421#$(/#(#$%"/+'((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA aA^( .#,"&$'$((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(ak 512 6%7%.")%."/(82,4&%**+$$+27*+94&"+(%$2:2%7+:+2AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(]` ]Aa(( J1N4+$+$A(((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(]a ]A](( R'1%#1+/'(?(-#%'/'4'3F2(((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(]j ]Aj(( 6")#&9+$*1((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(]l ]Ai(( G'1+%'&#'(?(#924"2,+*1(/#(42(,2)2,+%2,+*1=(#4(/#$2&&'44'()&'E#$+'124(?(#4(2)'?'(AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(]k ]A^( .#,"&$'$(((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(]m ;12 3*+.4&+&2,42"(&)*-.."/(2:2%7*4(,"<%=42((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(j` jAa(( J1N4+$+$((((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(j` jA](( R'1%#1+/'(?(-L%'/'(/#(#1$#C21D2(((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(ji jAj(( R&#2,+*1(/#(#1%'&1'$(/#(2)&#1/+D2<#(2)'?2/'&#$(#(+1,4"$+9'$((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA jAi(( G'1+%'&#'(?(#924"2,+*1(/#()&',#$'$(/#(+1$%&",,+*1(?(2)&#1/+D2<#(((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(jm jA^( .#,"&$'$((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(ia >12 ?(@$"&"&2,42$+&2*4&-$)%,+&2,4$2%7*4(,"<%=42((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(ij iAa(( J1N4+$+$((((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(ii iA](( 6+$%#-2$(?(>#&&2-+#1%2$(/#(21N4+$+$((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA iAj( B2(2,&#/+%2,+*1(/#(4'$(4'3&'$(/#(4'$(#/",21/'$(((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(ik iAi(( G'1+%'&#'(?(21N4+$+$(/#(42(#924"2,+*1(/#(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(im iA^( .#,"&$'$(AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(^` ?7A(,".420B2 W+:4+'3&2EF2!((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(â ?7A(,".425B2 c#&-+1'4'3F22((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(^j ?7A(,".42;B2 .#$#C2($':&#(42$(!'&-2$(-F1+-2$(/#(42(0!55()2&2(42(#/",2,+*1((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(l` ?7A(,".42>B2 .#$#C2($':&#(42(51$#C21D2(?(#4(J)&#1/+D2<#(/#(42(0!552((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(la ?7A(,".42CB2 M421%+442(/#(E'&%24#D2$=(')'&%"1+/2/#$=(/#:+4+/2/#$(?(2-#12D2$(7[VSJ82((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(lj ?7A(,".42DB2 .#$"4%2/'$(/#4(2)&#1/+D2<#2((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(li ( ( JA((!+9#4#$(/#(#/",2,+*1(7R0!58=(#1E';"#$(?(&#$"4%2/'$(/#4(2)&#1/+D2<#(#$)#&2/'$(((AAAAAAAAAAA(li ( ( WA((.#$"4%2/'$(/#4(2)&#1/+D2<#(-#1$"&2:4#$(((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(ll ?7A(,".42EB2 542:'&2,+*1(/#(+1/+,2/'&#$()2&2(#4(-'1+%'&#'(?(42(#924"2,+*1(((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA ?7A(,".42FB2 I"F2()2&2(#4(-2#$%&'P2(/#(42$(!'%2$(/#('&+#1%2,+*1(&#42%+92$(2(42(#1$#C21D2(?(#4 2)&#1/+D2<#(/#(42(0!55((((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(lm ?7A(,".42GB2 ['&-"42&+'()2&2(,'-#1%2&+'$2((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA !'#.*(),"#$! M&'3&2-2(/#(2)&#1/+D2<#(2,#4#&2/' %&'!!! R'19#1,+*1(/#(4'$(S#&#,>'$(/#4(!+C' %(')! *SHZPÄJHJP}UPU[LYUHJPVUHSUVYTHSPaHKHKLSHLK\JHJP}U )%*+! 5/",2,+*1(?(,2)2,+%2,+*1(%L,1+,2(?(9',2,+'124 )',! 5/",2,+*1(1'(E'&-24 ,-&"! ['&%24#D2$=(')'&%"1+/2/#$=(/#:+4+/2/#$(?(2-#12D2$ (".%! R'-+%L(M#&-21#1%#(01%#&23#1,+24 ('))! .#/(01%#&23#1,+24()2&2(42(5/",2,+*1(#1(6+%"2,+'1#$(/#(5-#&3#1,+2$ /01)2! G+1+$%#&+'(/#(5/",2,+*1 -'3! V&321+D2,+*1(1'(3":#&12-#1%24 -'4! V&321+D2,+*1(/#(42$(!2,+'1#$(U1+/2$ $(."! M&'3&2-2()2&2(42(5924"2,+*1(01%#&12,+'124(/#(J4"-1'$ 55&!! .#/",,+*1(/#(.+#$3'$(/#(S#$2$%&#$ .(&"! :xUKYVTLKLPUT\UVKLÄJPLUJPHHKX\PYPKH *(//.! 5$%"/+'(+1%#&12,+'124(/#(%#1/#1,+2$(#1(-2%#-N%+,2$(?(,+#1,+2$ 46-! J&%#E2,%'$(#K)4'$+9'$(1'(/#%'12/'$ +(7! =PY\ZKLPUT\UVKLÄJPLUJPHO\THUH ii /*+#,%0''(.* 1&-%&2&324,#,250*%($32%&23$26%0'$'(.*2#&$3(7$%,2&*21$8$#2&*2&32$9,2:;;;<2-&2=$2>#&-+$%,2)$?,#2$+&*'(.*2$23$-2*&'&-(%$%&-2&%0'$+(@$-2 KLSHZWVISHJPVULZHMLJ[HKHZWVYLSJVUÅPJ[V`SVZKLZHZ[YLZ:PULTIHYNVZPIPLUOHOHIPKVWYVNYLZVLUH|VZYLJPLU[LZWHYHHZLN\YHY A0&2+,%,-23,-2*(9,-<2*(9$-2?2$%,3&-'&*+&-2$B&'+$%,-2>,#23$-2'#(-(-2+&*"$*2$''&-,2$2,>,#+0*(%$%&-2&%0'$+(@$-<2',*2%&)$-($%$2B#&'0&*'($2 &32',*+&*(%,2%&23,2A0&2-&2&*-&9$<23$2'$>$'(+$'(.*2%&2)$&-+#,-2?23$-2)&+,%,3,"C$-2%&2&*-&9$*7$2?23$2&@$30$'(.*2%&23,-2#&-03+$%,-2%&32 HWYLUKPaHQLZL[YH[HUKLTHULYHKLÄJPLU[L4H[YPJ\SHYLK\JHUKVZLU\UWYVNYHTHLZKLWVJH\[PSPKHK`W\LKL[LULYPTWSPJHJPVULZ ZLYPHZHSHYNVWSHaVZPHSWYVNYHTHSLMHS[HZ\Z[HUJPHWLY[PULUJPH`VLUZL|HUaHKLJHSPKHK3HH[LUJP}UHSVZWSHULZKLLZ[\KPVLZ JY\JPHSWHYHL]P[HYYLWYVK\JPYJVU[LUPKVX\LW\LKLOHILYJVU[YPI\PKVHKP]PZPVULZ`JVUÅPJ[VLULSWHZHKV¦*\mSLZLSILULÄJPVKL A0&23,-2",D(&#*,-2?23$-2$"&*'($-2(*+&#*$'(,*$3&-2"$-+&*2%(*&#,2?2#&'0#-,-2&*2',*-+#0(#2&-'0&3$-2*0&@$-2-(23,-2>3$*&-2%&2&-+0%(,2-.3,2 B,)&*+$*2,%(,-2=(-+.#(',-2,2'#&$*2*0&@$-2+&*-(,*&-<2',*@(#+(&*%,2$23$-2&-'0&3$-2&*2'$)>,-2%&2D$+$33$2'#0'($3&-2&*20*$230'=$2'(@(3E 3HLK\JHJP}UKLJHSPKHKJVU[YPI\`LKPYLJ[HTLU[LHSHJHWHJPKHKKL\UHWLYZVUHKLWHY[PJPWHYLUSHZVJPLKHKHZxJVTVKLJVU[YPI\PY KPYLJ[HTLU[LHSHLZ[HIPSPKHKZVJPHSLJVU}TPJH`WVSx[PJHKLSHZVJPLKHKLUX\LLSSH]P]L,SJVUZLUZVLK\JH[P]VHÄYTHX\LSHLK\JHJP}U KLJHSPKHKLZLK\JHJP}UWLY[PULU[LLMLJ[P]HLÄJPLU[LJVTWYLUZP]HLUZ\HSJHUJL`WHY[PJPWH[P]HLUZ\LU[YLNHF7\LKLKLZLTWL|HY \UWHWLSPTWVY[HU[LLUSHYLK\JJP}UKLSYPLZNVKLJVUÅPJ[V]PVSLU[VHSOHIPSP[HYSHJVOLZP}UZVJPHSHSWYVTV]LY]HSVYLZ`[YHKPJPVULZ JVTWHY[PKVZHWV`HYOHIPSPKHKLZKLYLZVS\JP}UKLJVUÅPJ[V`JVUZ[Y\JJP}UKLWHa`KLZHÄHYSHZPULX\PKHKLZ<ULUMVX\LKL WSHUPÄJHJP}UKLSHLK\JHJP}UIHZHKVLUSVZKLYLJOVZO\THUVZH`\KHHSVNYHYSHLK\JHJP}UKLJHSPKHKHSWYVTV]LYSHJVTWYLUZP}U` KHY]PKHHSVZWYPUJPWPVZKLWHY[PJPWHJP}UYLUKPJP}UKLJ\LU[HZUVKPZJYPTPUHJP}ULTWVKLYHTPLU[V`WYV[LJJP}USLNHS 3HZJYPZPZW\LKLUIYPUKHY\UHVWVY[\UPKHKWHYHX\LSVZNVIPLYUVZSHZJVT\UPKHKLZ`HSPHKVZ[HSLZJVTV65.`HNLUJPHZKLSH 65<YLJVUZ[Y\`HUSVZJPTPLU[VZKLSHZLN\YPKHKO\THUHLUZL|HUKVH[VKVZSVZTPLTIYVZKL\UHJVT\UPKHKU\L]HZOHIPSPKHKLZ `]HSVYLZ[HSLZJVTVSHPTWVY[HUJPHKLSHLK\JHJP}UPUJS\ZP]H`SHWHY[PJPWHJP}ULUSVZWYVJLZVZZVJPHSLZ`WVSx[PJVZ,ZPTWLYH[P]V X\LSHLK\JHJP}UK\YHU[LSHZLTLYNLUJPHZÒHZ[HSHYLJ\WLYHJP}UZLHHWYVWPHKH`WLY[PULU[L4mZHSSmKLSHLZJYP[\YHSLJ[\YH` HYP[Tt[PJHSHZLZJ\LSHZKLLZ[HZZVJPLKHKLZMYHNTLU[HKHZJVSVJHUSVZJPTPLU[VZKLSHWHaSH[VSLYHUJPHSHYLZVS\JP}UKLJVUÅPJ[V 3,-2%&#&'=,-2=0)$*,-<23$2',*-&#@$'(.*2$)D(&*+$32?23$2>#&@&*'(.*2%&2%&-$-+#&-<2$?0%$*%,2$-C2$2>#&@&*(#<2)(+("$#2?2#&->,*%&#2$23$-2 JYPZPZM\[\YHZ,SHJJLZVHSHLK\JHJP}UKLJHSPKHKHZLN\YHX\LSHZJVT\UPKHKLZ`SVZPUKP]PK\VZ[LUNHULSHWV`VYLX\LYPKVWHYH THU[LULYZ\IPLULZ[HYWZPJVS}NPJV`YLJVUZ[Y\PYZ\ZJVT\UPKHKLZ+PJOVKLTHULYHZLUJPSSHSHLK\JHJP}UKLJHSPKHKM\UJPVUH3VZ &-+0%(,-2)0&-+#$*2A0&2)$?,#&-2*(@&3&-2%&2&%0'$'(.*2>#()$#($2?2-&'0*%$#($2%&2$3+$2'$3(%$%2#&%0'&*23$-2"0&##$-:<2)(&*+#$-2'$%$2 H|VHKPJPVUHSKLLK\JHJP}UMVYTHSWHYHSVZ]HYVULZYLK\JLZ\YPLZNVKLPU]VS\JYHYZLLULSJVUÅPJ[VLUG ,Z[VKHVYPNLUH]HYPVZPU[LYYVNHU[LZZPNUPÄJH[P]VZWHYHSVZWYVMLZPVUHSLZ`SVZYLZWVUZHISLZKLMVYT\SHYWVSx[PJHZJVUYLZWLJ[V $23$2*$+0#$3&7$2%&23$2&*-&9$*7$2?2&32$>#&*%(7$H&2%&2'$3(%$%2?2'.),2$-&"0#$#3$2%0#$*+&23$-2&)&#"&*'($-<23$-2'#(-(-2'#.*('$-2?23$2 #&'0>&#$'(.*2+&)>#$*$I Ê( fR*-'()"#/#(42(#/",2,+*1(:&+1/2&()&'%#,,+*1=()&#)2&2,+*1()2&2(4'$(/#$2$%&#$(?(2)&#1/+D2<#(/#(,24+/2/(/"&21%#("12( #-#&3#1,+2(-+#1%&2$(24(-+$-'(%+#-)'(2?"/2(2(42$(,'-"1+/2/#$(2(n&#,'1$%&"+&o($',+#/2/#$(-N$(#;"+%2%+92$(,'1("12( -2?'&()'$+:+4+/2/(/#(,'>#$+*1($',+24(?()2D($'$%#1+:4#$h Ê( ¦8\tULJLZP[HUZHILYSVZUP|VZUP|HZ`JVT\UPKHKLZHMLJ[HKVZWVYJVUÅPJ[VVKLZHZ[YLZUH[\YHSLZ&¦*}TVWVKLTVZ 2$#3"&2&(;"#(#4()&',#$'(/#(#1$#C21D2(?(2)&#1/+D2<#()#&-+%2(2(4'$(#/",21/'$(?(#/",21/2$(4'3&2&(42$(2,%+%"/#$=(4'$( ,'-)'&%2-+#1%'$(?(#4(/#$2&&'44'(EF$+,'(/#$#2/'$h(( Ê( fR*-'()"#/#1(4'$()&'E#$+'124#$(?(4'$(&#$)'1$2:4#$(/#(E'&-"42&()'4F%+,2$(2$#3"&2&(;"#(4'$(1+C'$(?(1+C2$=(4'$( <*9#1#$=(4'$(-2#$%&'$(?(-2#$%&2$J((?($"$(,'-"1+/2/#$($#21(,2)2,#$(/#()2&%+,+)2&(#1(4'$()&'3&2-2$(#/",2%+9'$(-N$( )#&%+1#1%#$(?(/#(-N$(,24+/2/(/"&21%#()#&F'/'$(/#(,&+$+$(?(&#,")#&2,+*1h Ê( fB'$()&'E#$+'124#$(?(4'$(&#$)'1$2:4#$(/#(E'&-"42&()'4F%+,2$=(,*-'(%'-21(/#,+$+'1#$(/+EF,+4#$()2&2(2$+312&()&+'&+/2/#$(2( 42$(2,%+9+/2/#$('(+1%#&9#1,+'1#$=('()2&2(%&21$+3+&(#1(,+&,"1$%21,+2$(/+EF,+4#$h 3HZI\LUHZWYmJ[PJHZJVU[LUPKHZLULZ[HZ!"#$%&'(&")*(+#$,*-+LZ[mUKPZL|HKHZWHYHH`\KHYHSVZNVIPLYUVZSHZ65.`V[YVZ PU[LYLZHKVZLUSHLK\JHJP}UHWSHUPÄJHYLPTWSLTLU[HYWYVNYHTHZLK\JH[P]VZKLHS[HJHSPKHK*VUKLTHZPHKHMYLJ\LUJPHS\LNV KLSH]PVSLUJPHTHZP]HSVZJVUÅPJ[VZLU[YLNY\WVZVSVZKLZHZ[YLZUH[\YHSLZSHLK\JHJP}U¶`LUWHY[PJ\SHYSHLK\JHJP}UWLY[PULU[L KLJHSPKHK¶ZLKLZJ\PKHÙVZLPU[LNYHLU\UHYLZW\LZ[HO\THUP[HYPHOVSxZ[PJH9LJVUVJLYX\LSHLK\JHJP}UKLJHSPKHKW\LKL JVU[YPI\PYKLTHULYHWVZP[P]HHSHZLN\YPKHK`HSKLZHYYVSSVO\THUVH[YH]tZKL[VKHZSHZL[HWHZKLSTHULQVKLYPLZNV¶KLZKLSH YLZW\LZ[HHSHJYPZPZOHZ[HSHYLJ\WLYHJP}UKLZKLLSKLZHYYVSSVOHZ[HSHWYL]LUJP}U`WYLWHYHJP}U¶LZLZLUJPHS 1 2 3 4 La lista de terminología en el Apéndice 2 ofrece una definición completa de educación de calidad. Save the Children Norway. (2008) Education for Peace: Building Peace and Transforming Armed Conflict through Education Systems, pág. 13. Save the Children. (2008) Where Peace Begins: Education’s Role in Conflict Prevention and Peacebuilding. El término ‘maestro’ se emplea en todo lugar de las Notas de orientación para indicar maestros y maestras calificados formalmente educados así como aquellos que no están capacitados o son voluntarios. iii ¦8\tZVUSHZ5V[HZKLVYPLU[HJP}UYLSH[P]HZHSHLUZL|HUaH`LS HWYLUKPaHQLKLSH05,,& 3VZVYxNLULZKLLZ[HOLYYHTPLU[HZLW\LKLUOHSSHYLUSHZ!").$%&./+*.$%&0$)$&1$&('2,$,*-+3&,)*%*%&,)-+*,$%&4&)(,"+%#)2,,*-+& #(.0)$+$KLSH05,,3HZ5VYTHZTxUPTHZKLSH05,,ZVU\UHOLYYHTPLU[HNSVIHSJY\JPHSX\LIYPUKHI\LUHZWYmJ[PJHZ` VYPLU[HJP}UJVUJYL[HHSVZNVIPLYUVZ`[YHIHQHKVYLZO\THUP[HYPVZWHYHSHHJJP}UJVVYKPUHKHHÄUKLTLQVYHYSHJHSPKHKKLSH WYLWHYHJP}U`YLZW\LZ[HYLSHJPVUHKHZJVUSHLK\JHJP}U ion - Analy at Access & Learning Environment Teachers & Other Education Personnel Coord in ssi ity Partici p un 632>#,'&-,2',*-03+(@,K2>$#$2&3$D,#$#23$-2!"#$%&'(&")*(+#$,*-+&)(1$#*5$%&$&1$&(+%(6$+7$&4&(1&$0)(+'*7$8(!KLSH05,,JVTLUa} J\HUKVTPLTIYVZKLSH05,,LX\LOHIxHU\ZHKVSHZ5VYTHZTxUPTHZKLSH05,,THUPMLZ[HYVUSHULJLZPKHKKL\UHVYPLU[HJP}U TmZWYmJ[PJH`LUWYVM\UKPKHKHJLYJHKLSmYLHKLSHLUZL|HUaH`LSHWYLUKPaHQLiZ[HLZZ}SV\UVKLSVZJVTWVULU[LZKLSTHYJV JVUJLW[\HSJVTWYLUZP]VKLSHZ5VYTHZTxUPTHZKLSH05,,"SVZ]xUJ\SVZ`SHPU[LYKLWLUKLUJPHJVUSHZmYLHZYLZ[HU[LZ[YH[HKHZ &*23$-2!").$%&./+*.$%!KLSH05,,ZVU\UHWHY[LPU[LNYHSKLJ\HSX\PLYPU[LY]LUJP}U3HZUVYTHZM\UKHTLU[HSLZKLHUmSPZPZ >$#+('(>$'(.*2%&23$2',)0*(%$%2?2',,#%(*$'(.*2%&D&*2-&#2$>3('$%$-2>$#$2$-&"0#$#20*2&*B,A0&2=,3C-+(',2?2&B&'+(@,<2$-C2',),2>$#$2 JYLHY`MVY[HSLJLYSVZ]xUJ\SVZJVUSHZmYLHZKLHJJLZV`LU[VYUVKLHWYLUKPaHQLTHLZ[YVZ`V[YVWLYZVUHSLK\JH[P]V`WVSx[PJHZ LK\JH[P]HZ Curricula Teaching & Learning Instruction and Learning Processes Education Policy Assessment of Learning Outcomes Training, Professional Development and Support - Com m ion at !"#$%#&#'()'"#$!%&'#$!('!)#$!*+&,#$!,-./,#$!('!)#!0*11!2#!)#!/345/'&(#6!7!')!8&+9'$+!('!'.$':#.3#!7!#8&'.(/3#;'!#,8)/#(+!2#! )#!('&'9<#6!!!&&& *VTVZLT\LZ[YHLULSKPHNYHTHHYYPIHLSWYVJLZVKLLUZL|HUaH`HWYLUKPaHQLLZJxJSPJV"JHKHUVYTHHMLJ[HÒHIPSP[HLSt_P[V KLSHZV[YHZ5VZLW\LKLJVUZPKLYHY\UHUVYTHZPU[LULYLUJ\LU[HSHZMVY[HSLaHZVWVY[\UPKHKLZKLIPSPKHKLZ`HTLUHaHZKLU[YV KLSHZV[YHZ 3VZ&01$+(%&'(&(%#2'*"2$#+('03$*23,-2',*,'()(&*+,-<2$'+(+0%&-<2=$D(3(%$%&-2?2#&-03+$%,-2%&32$>#&*%(7$H&2>&#+(*&*+&-2A0&2-&2&->&#$2 X\LSVZLK\JHUKVZ`LK\JHUKHZHKX\PLYHU3H,$0$,*#$,*-+3&(1&'(%$))"11"&0)"9(%*"+$1&4&(1&$0"4"2>$#$2)$&-+#,-M$-2?2&%0'$%,#&-M $-2-&2D$-$*2&*23,-2#&-03+$%,-2%&32$>#&*%(7$H&2'0##('03$#2&->&#$%,2?2-02&@$30$'(.*<2$-C2',),23$-2*&'&-(%$%&-2>$#+('03$#&-2%&2 SVZLK\JHUKVZHZ3VZWYVJLZVZKL*+%#)2,,*-+&4&$0)(+'*7$8(2(*@,30'#$*23$2(*+&#$''(.*2&*+#&23,-2&%0'$*%,-M$-2?23,-2)$&-+#,-M HZ"ZLWSHUPÄJHUZLNUSVZ01$+(%&'(&(%#2'*"`ZLOHJLUWVZPISLZWVYTLKPVKLSHJHWHJP[HJP}U,SHUmSPZPZKLSVZYLZ\S[HKVZ KLSHWYLUKPaHQLLZKLÄUPKH`WSHUPÄJHKHQ\U[VJVUSVZWSHULZKLLZ[\KPVWHYHHZLN\YHYX\LSVZYLZ\S[HKVZKLSHWYLUKPaHQLZLHU WLY[PULU[LZ`TLUZ\YHISLZ`X\LPKLU[PÄX\LUSHZULJLZPKHKLZJHTIPHU[LZ;VKHZLZ[HZUVYTHZJVU]LYNLULUSHUVYTHKL( 0)",(%"%&'(&*+%#)2,,*-+&4&$0)(+'*7$8(3(SHJ\HSLZJLU[YHSH[VKVLSWYVJLZVKLPUZ[Y\JJP}U`HWYLUKPaHQL(X\xLZKVUKLZLSVNYHU SVZVIQL[P]VZKLSHWYLUKPaHQL *VUZ[Y\`LUKVZVIYLSHZI\LUHZWYmJ[PJHZLUSHZ!").$%&./+*.$%KLSH05,,SHZ&!"#$%&'(&")*(+#$,*-+&)(1$#*5$%&$&1$&(+%(6$+7$& 4&(1&$0)(+'*7$8(KLSH05,,(%:"7$+&02+#"%&,1$5(%&$&,"+%*'()$)HSPKLU[PÄJHY`[YH[HYWYVISLTHZÙLJLZPKHKLZJYx[PJHZKLSHZ JVT\UPKHKLZHMLJ[HKHZKLU[YVKLJHKH\UHKLLZ[HZUVYTHZKLLUZL|HUaH`HWYLUKPaHQL3HZ!"#$%&'(&")*(+#$,*-+2#&(+&#$*23$2 ()>,#+$*'($2%&2&*B,'$#-&2&*23,-2&%0'$*%,-2?2&%0'$*%$-<23,-2#&-03+$%,-2%&32$>#&*%(7$H&2?23,-2>#,D3&)$-2%&2$''&-,2?2D#(*%$*2 ,#(&*+$'(.*2>$#$2$?0%$#2$23,"#$#23$-2)&+$-2%&2'$3(%$%2%&&;'2,$,*-+&0$)$&#"'"%22$32>#,),@&#2&%0'$'(.*2%&2'$3(%$%2A0&2(*%(A0&2 SVNYVZKLSHWYLUKPaHQLTLUZ\YHISLZWHYHLK\JHUKVZKL[VKHZSHZLKHKLZWLYVLZWLJxÄJHTLU[LWHYHSVZUP|VZUP|HZ`HKVSLZJLU[LZ 5 6 7 Más de 300 personas participaron en estudios virtuales, así como en consultas en persona para elaborar las Notas de orientación en Dar es Salaam (Tanzania), Kampala y Koboko (Uganda), la Universidad de Harvard, Washington DC y Nueva York (EE.UU.), Ginebra (Suiza), Bogotá (Colombia) y Sulaimaniya (Irak). Luego se realizaron talleres piloto en asociación con el Grupo de Educación y otros aliados de la INEE en los territorios palestinos ocupados y Zimbabwe. A enero de 2010, la red de la INEE contaba con más de 4.000 miembros que trabajaban en 138 países para asegurar que todas las personas tuvieran derecho a la educación segura y de calidad durante las emergencias y hasta la recuperación. Las seis metas de Educación para todos se enuncian en línea en: www.unescobkk.org/education/efa/efa-goals iv *}TV\[PSPaHYSHZ5V[HZKLVYPLU[HJP}U 3HZ!"#$%&'(&")*(+#$,*-+LZ[mUKP]PKPKHZLUJ\H[YVZLJJPVULZZLNUSHZJ\H[YVUVYTHZKLLUZL|HUaH`HWYLUKPaHQL! 3VZWSHULZKLLZ[\KPV2 3HJHWHJP[HJP}ULSKLZHYYVSSVWYVMLZPVUHS`LSHWV`V2 3HPUZ[Y\JJP}U`LSWYVJLZVKLHWYLUKPaHQL2 ,SHUmSPZPZKLSVZYLZ\S[HKVZKLSHWYLUKPaHQL 6%,%2&4.."/(2.+()"4(42$+2&"#-"4()4B Ê( B2((+*H%2HI("H%(?(42$(,'&&#$)'1/+#1%#$(%.."+(4&2.$%J4k((/#(42$(!'&-2$(-F1+-2$(/#(42(0!55(72,%"24+D2/2$(2(]à`8A( Ê2 K"&"/(2#$+L%$12U12(9+$+*1(34':24(/#(42(1'&-2=(&#$#C21/'($"()#&%+1#1,+2()2&2(#4()&',#$'(/#(#1$#C21D2(?(2)&#1/+D2<#A Ê2 !-L&4.."+(4&12B2$($":$#,,+'1#$(2&%+,"421(#4()&',#$'(&#;"#&+/'()2&2(,"-)4+&(42(1'&-2(?(42$(2,,+'1#$(,429#=( +1,4"?#1/'(21N4+$+$(?(,'-)&#1$+*1(/#(42$(1#,#$+/2/#$=(E'&-"42,+*1(/#()421#$()2&2(2%#1/#&(/+,>2$(1#,#$+/2/#$(#( +-)4#-#1%2,+*1(/#(4'$()421#$A(R2/2($":$#,,+*1(+1,4"?#Q y2 M%L$%&2,427-()+&2.$%J42%2.+(&",4*%*125$%2$(%2:42$()421%#21(2$"1%'$()&+'&+%2&+'$(2(,'1$+/#&2&(%21%'(#1(42(E2$#(/#( #-#&3#1,+2(7,'4"-12(a8(,'-'(#1(42(E2$#(/#(&#,")#&2,+*1(%#-)&212(?()&#)2&2%+9'$(7,'4"-12(]8A(5$%2$(%2:42$()"#/#1( ZLY\[PSPaHKHZJVTVSPZ[HZKL]LYPÄJHJP}UWHYHH`\KHYHVYPLU[HYWSHULZ`WVSx[PJHZKLYLZW\LZ[HLK\JH[P]HHWYVWPHKVZ `LZWLJxÄJVZHSJVU[L_[VLULU[VYUVZKLJYPZPZ3HJVS\TUHKLLTLYNLUJPHPUKPJHW\U[VZHJVUZPKLYHYKLPUTLKPH[V -+#1%&2$(;"#(42(,'4"-12(/#(&#,")#&2,+*1(%#-)&212(?()&#)2&2%+9'$(+1/+,2(4'$()"1%'$(2(,'1$+/#&2&()2&2(42()&'3&2-2,+*1( 2(-#/+21'(?(42&3'()42D'A(R'-'(#4()#&F'/'(#1%&#(#-#&3#1,+2(23"/2=(,&+$+$(,&*1+,2(?(&#,")#&2,+*1(%#-)&212(#$(2(-#1"/'( HTIPN\V`Å\PKVZLYLJVTPLUKHSLLY[VKHZSHZWYLN\U[HZKLHTIHZJVS\TUHZ`KLJPKPYJ\mSLZZVUTmZWLY[PULU[LZWHYH JVUZPKLYHYLU\UJVU[L_[VVWYVISLTHLZWLJxÄJVWHY[PJ\SHYTLU[LLUZP[\HJPVULZKLJYPZPZJY}UPJHZ`WYVSVUNHKHZ y2 N+)%&2.+(2J"O4)%125$%2$(1'%2$($+3"#1(2(42$(%2:42$(/#()"1%'$(,429#(2(,'1$+/#&2&=(:&+1/21/'('&+#1%2,+*1(?(/+$,"$+*1( -N$()&'E"1/+D2/2$(2,#&,2(/#(,"#$%+'1#$()421%#2/2$(#1(42$(%2:42$A(R"21/'($#2()#&%+1#1%#=(#$%"/+'$(/#(,2$'(?( #<#-)4'$(/#(:"#12$()&N,%+,2$(?(4#,,+'1#$(2)&#1/+/2$($#(+1%#&,2421(#1(42$(1'%2$A(( Ê2 P+(")+*4+2:24J%$-%."/(12R2/2($#,,+*1(,'1,4"?#(,'1('&+#1%2,+*1(2,#&,2(/#4($#3"+-+#1%'(?(#924"2,+*1=(+1,4"?#1/'( +1/+,2/'&#$(/#()&',#$'(?(,'1%#1+/'($"3#&+/'$()2&2($")#&9+$2&(42$(N&#2$(,#1%&24#$(#1"1,+2/2$(#1(42($#,,+*1A( Ê2 Q4.-*&+&2:23%R-4)42,42Q4.-*&+&2,42S(&4O%(<%2:2?7*4(,"<%=42,42$%2'NSS12(SÄUHSKLJHKHZLJJP}UZLOHJLYLMLYLUJPH 2(-2%#&+24#$()#&%+1#1%#$(#1(#4(M2;"#%#(/#(.#,"&$'$(/#(51$#C21D2(?(J)&#1/+D2<#(/#(42(0!55A(5$%2(>#&&2-+#1%2(2,'-)2C21%#( Z\TPUPZ[YH\UHJVTWPSHJP}UKLYLJ\YZVZ]LYPÄJHKVZ¶PUJS\`LUKVOLYYHTPLU[HZKLT\LZ[YHTH[LYPHSLZKLLUZL|HUaH` LZ[\KPVZKLJHZV¶X\LW\LKLUZLYLTWSLHKVZWHYHHKHW[HYSHZI\LUHZWYmJ[PJHZKLSHZ5V[HZKLVYPLU[HJP}UHJVU[L_[VZ LZWLJxÄJVZ7HYHHJJLKLYHS7HX\L[LKL9LJ\YZVZ]PZP[LPULLZP[LVYNYLZV\YJLWHJRVJVT\UxX\LZLJVUSH:LJYL[HYxHKLSH 0!55(#1(%#2,>+134#2&1+13b+1##$+%#A'&3()2&2($'4+,+%2&("1(H+%(/#(X#&&2-+#1%2$(0!55((#1([email protected]=(/+$)'1+:4#(2()2&%+&(/#4('%'C'( /#(]àÀ Ê2 ?&-()+&2)4H@)".+&2.$%J412J4(4##&(42$(!'%2$(/#('&+#1%2,+*1=(#$(#$#1,+24(,'1$+/#&2&(4'$($+3"+#1%#$(2$"1%'$(%#-N%+,'$( ,429#N((#1(%'/2$(42$(1'&-2$()2&2()'/#&(-#<'&2&(42(,2)2,+/2/(/#(&#$+4+#1,+2(?(2/2)%2,+*1(?(&#/",+&(42(9"41#&2:+4+/2/(/#( 4'$(#/",21/'$(?($"$(,'-"1+/2/#$Q( y( 4P[PNHJP}UKLJVUÅPJ[V y( .#/",,+*1(/#4(&+#$3'(/#(/#$2$%&# y( S#$2&&'44'(/#(42()&+-#&2(+1E21,+2( y( IL1#&' y( Z0XP60SJ y( S#&#,>'$(>"-21'$( y( 5/",2,+*1(+1,4"$+92 y( ZF1,"4'$(#1%&#($#,%'&#$(79F1,"4'$(,'1($24"/e(23"2=($21#2-+#1%'(?( )&'-',+*1(/#(42(>+3+#1#e(24'<2-+#1%'e(24+-#1%'$(?(1"%&+,+*18 y( M&'%#,,+*1( y( J)'?'()$+,'$',+24( y( \"9#1%"/ 5$(+-)'&%21%#(%#1#&()&#$#1%#$(#$%'$(2$"1%'$(%#-N%+,'$(,429#(24(#924"2&(42$(1#,#$+/2/#$=(+-)4#-#1%2&(4'$()&'3&2-2$=(#924"2&( #4(+-)2,%'(/#(4'$()&'3&2-2$=(2:'32&()'&(4'$(/#&#,>'$(#(+1E'&-2&(42$()'4F%+,2$A(R2/2("1'(/#(4'$(2$"1%'$(%#-N%+,'$(,429#(>2( ZPKV[LUPKVLUJ\LU[HHSVSHYNVKL[VKHZSHZ5V[HZKLVYPLU[HJP}U`T\JOVZLZ[mUKLÄUPKVZLUSHZLJJP}UKL[LYTPUVSVNxH #1(#4(2)L1/+,#(]A(01E'&-2,+*1(2/+,+'124(2,#&,2(/#(#$%'$(2$"1%'$(%#-N%+,'$(,429#=(#1(,"21%'($#(&#42,+'121(,'1(#4()&',#$'(/#( #1$#C21D2(?(2)&#1/+D2<#=()"#/#($#&(>2442/2(#1(#4(M2;"#%#(/#(.#,"&$'$(2,'-)2C21%#A 8 9 Las acciones clave son maneras sugeridas de cumplir la norma. Algunas acciones pueden no ser aplicables en todos los contextos; deben ser adaptadas al contexto específico. Es responsabilidad del profesional formular acciones alternas que den como resultado el cumplimiento de la norma. (INEE Minimum Standards, 2010) Los asuntos clave enumerados fueron identificados a través del proceso consultivo de la actualización de las Normas mínimas. Algunos de los asuntos clave hacen referencia a etapas de desarrollo o de programación (por ej., el desarrollo de la primera infancia y la juventud) mientras otros se refieren a valores y derechos enunciados en la Convención sobre los derechos del niño y en declaraciones de derechos humanos (por ej., la protección del niño y el apoyo psicosocial, la educación inclusiva, la igualdad de género) o a habilidades requeridas para nuestro mundo cambiante (por ej., el VIH/SIDA, la mitigación de conflictos y la reducción del riesgo de desastre). Estos asuntos clave han sido integrados en todas las Notas de orientación para asegurar que sean considerados de manera significativa en todas las etapas pertinentes del diseño programático,a saber, análisis, planificación, implementación, monitoreo y evaluación. Esto permitirá una programación más comprensiva y rigorosa. v ¦8\PtULZKLILU\[PSPaHYSHZ5V[HZKLVYPLU[HJP}U& 3VZ\Z\HYPVZWYPTHYPVZKLSHZ!"#$%&'(&")*(+#$,*-+!WYVIHISLTLU[LZLYmUSVZTPUPZ[LYPVZKLSVZNVIPLYUVZUHJPVUHSLZTPUPZ[LYPVZ %&2&%0'$'(.*<2H0@&*+0%2?2D(&*&-+$#2-,'($3O<23,-2#&->,*-$D3&-2%&2B,#)03$#2>,3C+('$-2?2&32>&#-,*$32%&23$-2,#"$*(7$'(,*&-2 PTWSLTLU[HKVYHZPUJS\`LUKVSHZHNLUJPHZKLSH65<`65.PU[LYUHJPVUHSLZUHJPVUHSLZ`SVJHSLZ3HZ5V[HZ[HTIPtUJVUZ[P[\`LU 0*2#&'0#-,2>$#$2%,*$*+&-<2#&->,*-$D3&-2%&2B,#)03$#23,-2>3$*&-2%&2&-+0%(,<2(*-+(+0'(,*&-2%&2'$>$'(+$'(.*2&*23$2(*@&-+("$'(.*<2 ZPUKPJH[VZ`HZVJPHJPVULZKLTHLZ[YVZ`JVT\UPKHKLZ 3HZ5V[HZKLVYPLU[HJP}UUVLZ[mUKPYPNPKHZHSVZTHLZ[YVZ`THLZ[YHZTPZTVZZPUVTmZIPLUHSWLYZVUHSX\LHWV`HHSVZ THLZ[YVZHZ`HSHZPUPJPH[P]HZKLLUZL|HUaH`HWYLUKPaHQL:PULTIHYNVYLJVUVJPLUKVSHPTWVY[HUJPHKLIYPUKHYHSVZTHLZ[YVZ $-20*$2'3$#$2,#(&*+$'(.*2?2)$+&#($3&-2%&2#&B&#&*'($2>$#$2&32%&-$##,33,2>#,B&-(,*$32',*+(*0,<2&->&'($3)&*+&2&*2>&#C,%,-2%&2'#(-(-2?2 YLJ\WLYHJP}U[LTWYHUHZLOHJYLHKV\UH.\xHKLS\Z\HYPVWHYHLSTHLZ[YVHX\LHJVTWH|HHSHZ5V[HZ3H.\xHKLS\Z\HYPVWHYH LSTHLZ[YVHIYPUKHVYPLU[HJP}UWYmJ[PJHYLSH[P]HHHZ\U[VZX\LT\JOVZTHLZ[YVZ`THLZ[YHZLUMYLU[HUK\YHU[LLTLYNLUJPHZ"SH .\xHZLLUJ\LU[YHLULS(WtUKPJL ,ZPTWVY[HU[LHUV[HYX\LLZ[HZ5V[HZKLVYPLU[HJP}UUVLZ[mUKPZL|HKHZJVTV\UHZVS\JP}UWYLJLW[P]HVYLZW\LZ[HWYLKLÄUPKH HSVZKLZHMxVZKLSHLUZL|HUaH`LSHWYLUKPaHQL4mZIPLULZ[HOLYYHTPLU[HKH\UTHYJVWHYHX\LSVZPU[LYLZHKVZWSHUPÄX\LU LUMVX\LZWLKHNVNxH`LZ[YH[LNPHZHWYVWPHKVZKPYPNPKVZHYLHU\KHYSHLK\JHJP}UKLTHULYHLMLJ[P]HLUJVU[L_[VZKLLTLYNLUJPH` YLJ\WLYHJP}UJYLHUKVI\LUHWYmJ[PJH`YLK\JPLUKVSVZLMLJ[VZUVKLZLHKVZ :LHLUSHMHZLKLJYPZPZJY}UPJHLTLYNLUJPHHN\KHYLJ\WLYHJP}U[LTWYHUHVWYLWHYH[P]VZYLSHJPVUHKVZJVU\UJVUÅPJ[VV KLZHZ[YLUH[\YHSSVZPU[LYLZHKVZLUSHLK\JHJP}UW\LKLULTWSLHYSHZI\LUHZWYmJ[PJHZKLSHZ5V[HZKLVYPLU[HJP}UWHYHH`\KHYH +,)$#2%&'(-(,*&-2()>,#+$*+&-2$'&#'$2%&23$2*$+0#$3&7$2%&23,-2-&#@('(,-2&%0'$+(@,-2B,#)$3&-2,2*,2B,#)$3&-2,B#&'(%,-<23,-2>3$*&-2%&2 LZ[\KPVHZLYZLN\PKVZPUJS\`LUKVSHZWYPVYPKHKLZKLHWYLUKPaHQL`SHZTL[VKVSVNxHZKLHWYLUKPaHQL`LUZL|HUaHPUJS\`LUKVLS HWV`VWZPJVZVJPHSWHYHSVZLK\JHUKVZ`LSWLYZVUHS -V[VNYHMxHJVY[LZxHKL<50*,-"KLYLJOVZYLZLY]HKVZ vi 5VYTHTxUPTH`HJJPVULZJSH]LWHYHSVZWSHULZKLLZ[\KPV2 ,Z[\KPV`HUmSPZPZKLSVZWSHULZKLLZ[\KPV !%$>+$'(.*2?2%&-$##,33,2%&2>3$*&-2%&2&-+0%(, /)>3&)&*+$'(.* 5,*(+,#&,2?2&@$30$'(.* 9LJ\YZVZ N+*H%2HI("H%2,42$%2'NSS27%*%2$+&27$%(4&2,424&)-,"+B:L\ZHUWSHULZKLLZ[\KPVJ\S[\YHSZVJPHS`SPUNxZ[PJHTLU[L WLY[PULU[LZWHYHIYPUKHYLK\JHJP}UMVYTHSÙVMVYTHSHWYVWPHKHWHYHLSJVU[L_[V`SHZULJLZPKHKLZWHY[PJ\SHYLZKLSVZ LK\JHUKVZ ?.."+(4&2.$%J42,42$%&2N+*H%&2HI("H%&2,42$%2'NSSBT2 Ê( B2$(2"%'&+/2/#$(#/",2%+92$(4+/#&21(#4(#$%"/+'=(42(E'&-"42,+*1('(42(2/2)%2,+*1(/#4()421(/#(#$%"/+'(E'&-24=( +19'4",&21/'(2(%'/'$(4'$(+1%#&#$2/'$()#&%+1#1%#$A Ê( B'$()421#$(/#(#$%"/+'=(4+:&'$(/#(%#K%'(?(-2%#&+24#$($")4#-#1%2&+'$($'1(2)&')+2/'$()2&2(42(#/2/=(#4(1+9#4(/#( /#$2&&'44'=(42(4#13"2=(42(,"4%"&2=(42$(,2)2,+/2/#$(?(42$(1#,#$+/2/#$(/#(4'$(#/",21/'$(?(#/",21/2$A Ê( B'$()421#$(/#(#$%"/+'(E'&-24#$(?(#KN-#1#$("$2/'$(#1(42(#/",2,+*1(/#(&#E"3+2/'$(?()#&$'12$(+1%#&12-#1%#( KLZWSHaHKHZZVUYLJVUVJPKVZWVYSVZNVIPLYUVZKLVYPNLU`HUÄ[YP}U Ê( B'$()421#$(/#(#$%"/+'(E'&-24#$('(1'(E'&-24#$(#1$#C21(&#/",,+*1(/#4(&+#$3'(/#(/#$2$%&#=(#/",2,+*1(2-:+#1%24(?( WYL]LUJP}UKLSJVUÅPJ[V Ê( B'$()421#$(/#(#$%"/+'=(4+:&'$(/#(%#K%'(?(-2%#&+24#$($")4#-#1%2&+'$(2:2&,21(42$(,'-)#%#1,+2$(E"1/2-#1%24#$(/#(42( #/",2,+*1(:N$+,2=(+1,4"?#1/'(4#,%"&2P#$,&+%"&2=(,'1',+-+#1%'(/#(42(2&+%-L%+,2=(2)&#1/+D2<#(%#-)&21'=(>2:+4+/2/#$( )2&2(42(9+/2=($24"/(?()&N,%+,2$(/#(>+3+#1#A Ê( B'$()421#$(/#(#$%"/+'(%&2%21(#4(:+#1#$%2&()$+,'$',+24(?(42$(1#,#$+/2/#$(/#()&'%#,,+*1(/#(4'$(#/",21/'$(?( #/",21/2$A Ê( 54(,'1%#1+/'(/#(2)&#1/+D2<#=(4'$(-2%#&+24#$(?(42(+1$%&",,+*1($#()&#$#1%21(#1(427$8(4#13"27$8(/#(4'$(#/",21/'$(?( #/",21/2$A Ê( B'$()421#$(/#(#$%"/+'=(4+:&'$(/#(%#K%'(?(-2%#&+24#$($")4#-#1%2&+'$($'1($#1$+:4#$(24(3L1#&'=()&#9+#1#1(42( /+$,&+-+12,+*1(?()&'-"#9#1(#4(&#$)#%'()'&(%'/'$(4'$(#/",21/'$(?(#/",21/2$A Ê( :\ÄJPLU[LZTH[LYPHSLZKLLUZL|HUaH`HWYLUKPaHQLHKX\PYPKVZHUP]LSSVJHSZVUZ\TPUPZ[YHKVZKLTHULYHVWVY[\UH ;HSJVTVZLLZIVaHULUSHZ5VYTHZTxUPTHZKLSH05,, º7SHUKLLZ[\KPV»LZ\U[tYTPUVHTWSPVLTWSLHKVLULZ[HOLYYHTPLU[HWHYHYLMLYPYZL[HU[VHSVZWSHULZKLLZ[\KPVMVYTHSLZX\L &-D,7$*23,-2,DH&+(@,-2?2&32',*+&*(%,2%&32$>#&*%(7$H&2',),2$23,-2)$+&#($3&-2'#&$%,-2>$#$2$-&"0#$#2A0&2&32',*+&*(%,2-&2+#$*-)(+$2$32 LK\JHUKVH[YH]tZKLSVZWYVJLZVZKLPUZ[Y\JJP}U`HWYLUKPaHQL,SLZ[\KPV`KLZHYYVSSVKLSVZWSHULZKLLZ[\KPVKLSHLK\JHJP}U MVYTHSZVUYLZWVUZHIPSPKHKKLSNVIPLYUVUHJPVUHS3VZTPUPZ[LYPVZKLLK\JHJP}UOHIYmUKLÄUPKVTL[HZLK\JH[P]HZQ\U[VJVUV[YVZ TPUPZ[LYPVZLPU[LYLZHKVZWLY[PULU[LZ"SVZWSHULZKLLZ[\KPV`SVZTH[LYPHSLZKLHWYLUKPaHQLHJVTWH|HU[LZZVUKLZHYYVSSHKVZWHYH SVNYHYKPJOHZTL[HZ(\UX\L\UHJYPZPZW\LKLYLK\JPYNYH]LTLU[LSHJHWHJPKHKKLSTPUPZ[LYPVKLLK\JHJP}USHZJHWHJPKHKLZKL SVZL_WLY[VZUHJPVUHSLZLUWSHULZKLLZ[\KPVW\LKLUZLYMVY[HSLJPKHZWVYTLKPVKLSWYVJLZVKLHUmSPZPZ`LZ[\KPV+LILOHILY JVUZPKLYHJP}UKLWSHULZKLLZ[\KPVSPIYVZKL[L_[V`V[YVZTH[LYPHSLZLK\JH[P]VZHZxJVTVKLHJ[P]PKHKLZVYNHUPaHKHZJVTVWHY[L KLSHZHJ[P]PKHKLZL_[YHJ\YYPJ\SHYLZWVYLQLTWSVJVUZLQVZ`JS\ILZLZJVSHYLZQ\LNVLZ[Y\J[\YHKVÙVLZ[Y\J[\YHKVWHYHSVZUP|VZ ÙP|HZWLX\L|VZKLWVY[LZVHJ[P]PKHKLZJ\S[\YHSLZ 3HLUZL|HUaH`LSHWYLUKPaHQLK\YHU[LSHZLTLYNLUJPHZU\UJH[PLULUS\NHYLULS]HJxV+LWLUKPLUKVKLSHZZP[\HJPVULZLZWLJxÄJHZ VZLHJVUÅPJ[VWVZ[JVUÅPJ[VKLZHZ[YLVHTIVZZLWVKYmU[VTHYKLJPZPVULZWHYH! Ê( ZLN\PYLSWSHUKLLZ[\KPVX\LLZ[HIHLU\ZVHU[LZKLSPUPJPVKLSJVUÅPJ[VVKLZHZ[YL Ê( 44#92&(2(,2:'("1(#$%"/+'(2(,'&%'()42D'(/#("1()421(/#(#$%"/+'(#K+$%#1%#()2&2(#4+-+12&(,'1%#1+/'(;"#(,&#2(/+9+$+*1 Ê( HKVW[HY\UWSHUKLLZ[\KPVKLSWHxZHUÄ[YP}UWHYHLZJ\LSHZWHYHYLM\NPHKVZ 1 73(5,:+,,:;<+06 7SHULZKLLZ[\KPV 73(5,:+,,:;<+06 Ê( #1E',2&$#(d1+,2-#1%#(#1(E'&%24#,#&(243"12$(N&#2$(/#()&+'&+/2/(7)'&(#<#-)4'=(>2:+4+/2/#$()2&2(42(9+/2=(&#/",,+*1(/#4( YPLZNVKLKLZHZ[YLVLK\JHJP}UWHYHSHWHaZLHLUSVZWSHULZKLLZ[\KPV`HL_PZ[LU[LZWHYHTH[LYPHZLZWLJxÄJHZVZLH ,'-'(2,%+9+/2/#$(+1/#)#1/+#1%#$(7)'&(#<#-)4'=(+1%&'/",+#1/'(1"#92$(N&#2$('(-2%#&+2$(,"&&+,"42&#$=(-2%#&+2$(#4#,%+92$( '(2,%+9+/2/#$(#K%&2,"&&+,"42&#$8 Ê( %&2:2<2&(,'1(#4(3':+#&1'()2&2(&#24+D2&("1(#$%"/+'(,"&&+,"42&(,'-)&#1$+9'=(#-)4#21/'(42($+%"2,+*1(/#(,&+$+$(,'-'("12( ')'&%"1+/2/()2&2(-#<'&2&(42(,24+/2/=(#4(2,,#$'(?(42(#;"+/2/(/#(42(#/",2,+*1(7)'&(#<#-)4'=(2"-#1%21/'(4'$($#&9+,+'$( 2(3&")'$(21%#&+'&-#1%#(#K,4"+/'$('(2/2)%21/'(#4()421(/#(#$%"/+'(?(4'$(-2%#&+24#$(/#(#1$#C21D2(?(2)&#1/+D2<#()2&2( YLÅLQHY`WYVTV]LY\UVYKLUZVJPHSTmZWHJxÄJV`Q\Z[V 3HYL]PZP}UKLSVZWSHULZKLLZ[\KPVZLYLHSPaHWHYHHUHSPaHYZPLSJVU[LUPKVKLHWYLUKPaHQLSVZTt[VKVZKLLUZL|HUaH`SH &-+#0'+0#$2,2&@,30'(.*2-$+(-B$'&*23$-2*&'&-(%$%&-2%&23,-2&%0'$*%,-2?2&%0'$*%$-2?2$-&"0#$*2-02%&-$##,33,2"&*&#$32?2>#,+&''(.*2 WZPJVZVJPHS(KLTmZKLSJVU[LUPKV[YHKPJPVUHSPUJS\`LUKVSHSLJ[\YHLZJYP[\YHLSJVUVJPTPLU[VKLSHHYP[Tt[PJH`LSJVU[LUPKV LZ[mUKHYWHYHLSWHxZSHYL]PZP}UKLSVZWSHULZKLLZ[\KPV`Z\WVZ[LYPVYHKHW[HJP}U`VJYLHJP}UKLIL[YH[HYSHZULJLZPKHKLZ`SVZ KLYLJOVZKL[VKVZSVZLK\JHUKVZ`Z\ZLU[VYUVZJHTIPHU[LZ,QLTWSVZKLULJLZPKHKLZPUTLKPH[HZPUJS\`LULSPTPUHYWYLQ\PJPVZ TH[LYPHSLZX\LPUJP[HUHSJVUÅPJ[V`JVU[LUPKVJVUJHYNHPKLVS}NPJHVPU[LNYHYHZ\U[VZ[LTm[PJVZJSH]L[HSLZJVTVSHZOHIPSPKHKLZ WHYHSH]PKHWVYLQLTWSVWYVTVJP}UKLSHZHS\KHWV`VWZPJVZVJPHSYLZVS\JP}UKLSJVUÅPJ[VJVUJPLUJPHHTIPLU[HS`YLK\JJP}UKLS YPLZNVKLKLZHZ[YL 632>#,'&-,2%&2&-+0%(,2%&23,-2>3$*&-2%&D&2#&->,*%&#2$23$-2*&'&-(%$%&-2(*)&%($+$-2%&23,-2&%0'$*%,-2?2&%0'$*%$-<2%&2),%,2%&2 >&#'(D(#-&2',),20*$2,>,#+0*(%$%2%&2#&@(-(.*2$23$#",2>3$7,2%&23,-2>3$*&-2%&2&-+0%(,2$32-&#@('(,2%&23$2#&',*-+#0''(.*2?2&32%&-$##,33,2 LUNLULYHS`KLSTLQVYHTPLU[VKLSH]PKHKLSHZWLYZVUHZHOVYH`LULSM\[\YV,SLZ[\KPVHKHW[HJP}U`VJYLHJP}UKLTH[LYPHSLZUV ZLKLILYLK\JPYHJHTIPVZZ\WLYÄJPHSLZ(SJVU[YHYPVZLKLILUPKLU[PÄJHYKLÄJPLUJPHZH\[tU[PJHZ`Z\ZJH\ZHZM\UKHTLU[HSLZWHYH X\LW\LKHUZLY[YH[HKHZJ\HUKVLS[PLTWV`SVZYLJ\YZVZSVWLYTP[HU,ZPTWVY[HU[LHUV[HYX\LH\UX\LW\LKLL_PZ[PYLSKLZLV KLHZLN\YHYX\L[VKVZSVZUP|VZUP|HZ`HKVSLZJLU[LZ[LUNHUHJJLZVHSHLK\JHJP}UMVYTHSSHZHJ[P]PKHKLZL_[YHJ\YYPJ\SHYLZ`SH &%0'$'(.*2*,2B,#)$3a`22%&-&)>&9$*2>$>&3&-2)0?2()>,#+$*+&-2$*+&-<2%0#$*+&2?2%&->0P-2%&20*$2'#(-(-2?2*,2-&2%&D&*2-0D@$3,#$#2*(2 WHZHYWVYHS[VK\YHU[LLSWYVJLZVKLLZ[\KPVKLSVZWSHULZKLLZ[\KPV !"#$%#&#'()&;1&0)",(%"&'(&(%#2'*"3&$'$0#$,*-+&4&'(%$))"11"&(&*.01(.(+#$,*-+&'(&01$+(%&'(&(%#2'*"& Curriculum S&)-,"+2:2%(@$"&"&2 Review and ,4$27$%(2,424&)-,"+2 Analysis Curriculum ?,%7)%."/(2:2 ,4&%**+$$+2,4$27$%(2 Adaptation and ,424&)-,"+ Development Implementation 'H7$4H4()%."/( !0*A0&23$-2*&'&-(%$%&-2'0##('03$#&-2%&2 LTLYNLUJPHYLX\LYPYmUSHHKHW[HJP}UV JYLHJP}UPUTLKPH[HKLJVU[LUPKVLZWLJxÄJV LSLZ[\KPV`HUmSPZPZJVTWSL[VKLSVZWSHULZ KLLZ[\KPVL_PZ[LU[LZ`LSKLZHYYVSSVKL >3$*&-2%&2&-+0%(,2*0&@,-2,2#&@(-$%,-<2 KLWLUKLYmKLKPmSVNVZ`TL[HZUHJPVUHSLZ TmZHTWSPVZ:LYLX\LYPYmHWV`V ZPNUPÄJH[P]VHSHJHWHJP[HJP}UKLTHLZ[YVZ $-2?2$32B,#+$3&'()(&*+,2%&2-(-+&)$-2%0#$*+&2 3$2()>3&)&*+$'(.*2%&2>3$*&-2%&2&-+0%(,2 $%$>+$%,-2,2*0&@,-2$*+&-2%&2>&#'(D(#-&2 )&H,#$-2()>,#+$*+&-2&*23,-2#&-03+$%,-2%&2 HWYLUKPaHQL,STVUP[VYLV`L]HS\HJP}U ',*+(*0,2&-20*2',)>,*&*+&2(*+&"#$32 %&32'('3,2?2%&D&2(*B,#)$#2'$%$2>$#+&2%&32 WYVJLZV 10 En las Notas de orientación, educación no formal se refiere a la educación que tiene lugar por fuera del sistema formal. Nótese que ECTV, ALP, Catch-Up y Consolidated Syllabus pueden ser intervenciones requeridas en la educación tanto formal como no formal. 2 73(5,:+,,:;<+06 -V[VNYHMxHJVY[LZxHKL<50*,-"KLYLJOVZYLZLY]HKVZ 3 73(5,:+,,:;<+06 !"!# $%&'()*#+#,-./)%)%#($#/*%#0/,-$%#($#$%&'()*1# 3HYLZW\LZ[HHWYVWPHKHHSHZULJLZPKHKLZJ\YYPJ\SHYLZLZWVZPISLHSYLHSPaHY\UHL]HS\HJP}UJVTWSL[HKLSHZULJLZPKHKLZKL SVZLK\JHUKVZ`LK\JHUKHZ`\UHUmSPZPZKLSWSHUKLLZ[\KPVL_PZ[LU[L 3-()+&2.$%J42%2.+(&",4*%*B2 Q4.-4*,4B3HZWYLN\U[HZWSHU[LHKHZLUSHZ[HISHZHJVU[PU\HJP}UYLÅLQHUHZ\U[VZWLY[PULU[LZLULSWLYxVKVKLZKLSH LTLYNLUJPHHN\KH`JYPZPZJY}UPJHOHZ[HSHYLJ\WLYHJP}U[LTWYHUH`WYLWHYHJP}U:LYLJVTPLUKHSLLY[VKHZSHZWYLN\U[HZHU[LZ KLKL[LYTPUHYJ\mSLZWYLN\U[HZZVUSHZTmZWLY[PULU[LZWHYHLSJVU[L_[VKLSSLJ[VY"T\JOVZJVU[L_[VZLPUPJPH[P]HZLK\JH[P]HZ ZLILULÄJPHYmUKL[YH[HYWYLN\U[HZKLHTIHZJVS\TUHZ3HZWYLN\U[HZWSHU[LHKHZLUSHWYPTLYHJVS\TUHKLILUZLYYLWHZHKHZ `ZLKLILJVUZ[Y\PYZVIYLLSSHZLUJ\HU[VZLKLZHYYVSSHUSVZWYVNYHTHZ`LZ[YH[LNPHZ SPSQUSN6'? QS6V3SQ?6'WN2MSP3Q?N?2X23QS3?Q?M'KY! 6Q'!'!26QWN'6?! '()4*4&%,+& ¦8\PtULZULJLZP[HULZ[HYPU]VS\JYHKVZLULSHUmSPZPZ`LZ[\KPV KLSWSHUKLLZ[\KPV&=tHUZLSHZUV[HZ(`)WmNZ ¦,ZWVZPISLVKLZLHISL\UHUmSPZPZTmZWYVM\UKV`WHY[PJPWH[P]V KLSHZULJLZPKHKLZJ\YYPJ\SHYLZ&=tHUZLSHZUV[HZ(`) WmNZ y( fg"+L1(%+#1#(4'$(&#,"&$'$()2&2(,''&/+12&(#4(21N4+$+$(?(#$%"/+'h( y( fR"24#$($'1(42$(,2)2,+/2/#$(/#(4'$(#K)#&%'$(12,+'124#$(#1( )421#$(/#(#$%"/+'=(%21%'(+1%#&1'$(7/#4(G+15/('(/#(42(,'-"1+/2/8( ,'-'(#K%#&1'$(7V!U=(V!I=(+1$%+%"%'$(%L,1+,'$8h( y( fg"+L1(%+#1#(42(2"%'&+/2/()2&2(2)&':2&("1(21N4+$+$(/#(4'$()421#$( /#(#$%"/+'(/#(42(#/",2,+*1(E'&-24(?(1'(E'&-24h(( y( ¦8\PtUH\[VYPaHSHZTVKPÄJHJPVULZVLSKLZHYYVSSVKLSVZWSHULZ /#(#$%"/+'h(( y( f6#(&#;"#&+&N(2)'?'(?(,&#2,+*1(/#(,2)2,+/2/(2/+,+'124h y( fg"L(2"%'&+/2/#$(2/+,+'124#$('(+1%#&#$2/'$(#$%N1(/+$)'1+:4#$(?( /#:#1()2&%+,+)2&h( y( ¦:LOHUKLÄUPKV`J\TWSPKVWYV[VJVSVZWHYHLSJHTIPVKL )'4F%+,2$('(&#E'&-2(,"&&+,"42&(#1(#4(G+15/h y( fg"L('%&'$(+1%#&#$2/'$(/#:#1(#$%2&(+19'4",&2/'$()2&2(#4(21N4+$+$( ?(#$%"/+'(/#4()421(/#(#$%"/+'(/#(42(5![h(( y( f54()2F$()2&%+,+)2(#1("1($+$%#-2(/#(#924"2,+*1(+1%#&12,+'124(7)'&( LQ;044:V70:(&¦,Z[VPUÅ\`LLUVPUMVYTHSHZKLJPZPVULZ 2,#&,2(/#4(#$%"/+'(?(&#E'&-2(/#(4'$()421#$(/#(#$%"/+'h y( fR'-'($#()"#/#(,'-)&'-#%#&((2(42$(,'-"1+/2/#$(24(/+N4'3'( 2,#&,2(/#(42(&#9+$+*1((/#4()421(/#(#$%"/+'h( y( fX2(2"-#1%2/'(42()2&%+,+)2,+*1(,'1(#4(%&21$,"&$'(/#4(%+#-)'h(( y( f51(#4()&',#$'(E24%2(243d1(+1%#&#$2/'h ¦*}TVZLKLILYLHSPaHYLSLZ[\KPV`HUmSPZPZKLWSHULZKL LZ[\KPV&=tHZLSHUV[H)WmN y( f54(,'1%#K%'()#&-+%#(42()2&%+,+)2,+*1(/#("12(32-2(-N$(2-)4+2( /#(+1%#&#$2/'$=(+1,4"?#1/'(4'$(#/",21/'$(?($"$(E2-+4+2$h N4.4&",%,4&2.-**".-$%*4& ¦,UX\tZLKLILLUMVJHYLSHUmSPZPZKLSWSHUKLLZ[\KPV& =tHZLSHUV[H*WmN ¦*}TVZLKLILUKL[LYTPUHYSHZULJLZPKHKLZKLSVZ LK\JHUKVZ&=tHZLSHUV[H+WmN ¦3HZULJLZPKHKLZKLSVZLK\JHUKVZOHUJHTIPHKV&=tHZLSH UV[H+WmN2 y( f54(,'1%#1+/'(1#,#$+%2($#&(2-)4+2/'()2&2(+1,4"+&(>2:+4+/2/#$(/#( 2E&'1%2-+#1%'(?(&#$+$%#1,+2=($24"/(#(>+3+#1#=(4#13"2<#=(>+$%'&+2=( ,'1#K+'1#$(,'1(#4(-#&,2/'("(')'&%"1+/2/#$(/#(#-)4#'(?( 3L1#&'h(( y( fR"N4#$($'1(4'$(-L%'/'$(-N$(2)&')+2/'$(?(#E#,%+9'$()2&2( &#,')+42&(?(#1%#1/#&(42(+1E'&-2,+*1(2,#&,2(/#(42$(1#,#$+/2/#$( /#(4'$(#/",21/'$h y( (X\LSSVZX\LLZ[mULUmYLHZHMLJ[HKHZWVYLSJVUÅPJ[VV /#$2$%&#$=(+1,4"?#1/'(3&")'$(/#$)42D2/'$(?(&#E"3+2/'$(f%+#1#1( 1#,#$+/2/#$()2&%+,"42&#$(/#(2)&#1/+D2<#()2&2(2$#3"&2&($"( $")#&9+9#1,+2=(/#$2&&'44'=()&'%#,,+*1(?()2&%+,+)2,+*1h(( y( fR"N4#$($'1($"$(1#,#$+/2/#$(+1-#/+2%2$(,'1(&#$)#,%'(2( 4#,%"&2P#$,&+%"&2=(,'1',+-+#1%'(/#(42(2&+%-L%+,2=(>2:+4+/2/#$( WHYHSH]PKHPN\HSKHKKLNtULYVJVUÅPJ[V`KLZHZ[YL &#,&#2,+*1=(:+#1#$%2&()$+,'$',+24=()&'-',+*1(/#(42($24"/=( &#/",,+*1(/#4(&+#$3'(/#(/#$2$%&#=(UpV(P(,'1',+-+#1%'(/#(-+12$( %#&&#$%&#$=(>2:+4+/2/#$(/#(4#13"2<#(?(,'-"1+,2,+*1=(#/",2,+*1( #1(4'$(/#&#,>'$(>"-21'$=(#/",2,+*1(#1(#4(/#&#,>'(>"-21+%2&+'=( ,+"/2/21F2(?(,'1',+-+#1%'(&#4+3+'$'h y( f5K+$%#1(-#,21+$-'$()2&2(-#/+&(#4(2)&#1/+D2<#(,'1(&#$)#,%'( 2(42$(1#,#$+/2/#$(/#(#-#&3#1,+2(7)'&A#<A=(21N4+$+$(/#4(:+#1#$%2&( EF$+,'=(#-',+'124(?($',+248h y( fR"N4#$($'1(42$(,2%#3'&F2$(/#(/+E#&#1%#$(%+)'$(/#(#/",21/'$h(( y( f6#(#1E',2()&+1,+)24-#1%#(#1(#4(/#$2&&'44'(,'31+%+9'=('(+1,4"?#( '%&2$(>2:+4+/2/#$(?(,'-)#%#1,+2$h y( f6#(>21(,'1$+/#&2/'(4'$()421#$(/#(#$%"/+'(%21%'(/#(42( #/",2,+*1(E'&-24(,'-'(/#(42(1'(E'&-24h 4 QS6V3SQ?6'WN2MSP3Q?N?2X23QS3?Q?M'KY! 6Q'!'!26QWN'6?! P%)4*"%$4&2,424(&4O%(<%2:2%7*4(,"<%=424Z"&)4()4& ¦*\mSLZTH[LYPHSLZKLLUZL|HUaH`HWYLUKPaHQLLZ[mU KPZWVUPISLZWHYH\ZVPUTLKPH[V&=tHZLSHUV[H,WmN ¦*\mSLZLSWSHUKLLZ[\KPVL_PZ[LU[L&=tHZLSHUV[H,WmN y( f54()421(/#(#$%"/+'(&#)&#$#1%2(42(-#<'&()&N,%+,2(2,2/L-+,2( 2,#)%2/2h y( f62%+$E2,#1(42$(1#,#$+/2/#$(/#(4'$(#/",21/'$h( y( f6#(/+$)'1#(/#(,')+2$(EF$+,2$(/#(4'$()421#$(/#(#$%"/+'(?( %#-2&+'$(/#(42$(-2%#&+2$h(( y( f5K+$%#1(#1(4#13"2$()#&%+1#1%#$h y( fR"N4#$(4+:&'$(/#(%#K%'(?(-2%#&+24#$(/#(&#E#&#1,+2(#$%N1( /+$)'1+:4#$(?(#1("$'h y( B'$(-2%#&+24#$($")4#-#1%2&+'$(,&#2/'$()'&(V!I('(42(V!U( f$2%+$E2,#1(42$(1#,#$+/2/#$(2,%"24#$(/#(4'$(#/",21/'$h((( y( fB'$(-2#$%&'$P2$(#-)4#21("1()421(/#(#$%"/+'(#$%N1/2&h y( fB'$(-2%#&+24#$(#K+$%#1%#$=('(&#,+#1%#-#1%#(,&#2/'$(f$'1( ,'>#&#1%#$(?($#(&#E"#&D21(-"%"2-#1%#(#1%&#(1+9#4#$(?(-2%#&+2$h y( 51(#4()421(/#(#$%"/+'('(4'$(-2%#&+24#$(f>2?(-#1$2<#$=(,'1%#1+/'( '(4#13"2<#(/+$,&+-+12%'&+'$('(;"#(,&#21(/+9+$+'1#$h y( fS*1/#(#K+$%#1(:&#,>2$(2d1h y( 5$(E2,%+:4#(#4+-+12&(-2%#&+24#$(%#1/#1,+'$'$(?(,&#2&(?(421D2&( -2%#&+24#$(1"#9'$(/"&21%#(42$(E2$#$(/#(#-#&3#1,+2(?( &#,")#&2,+*1(%#-)&212h( y( fX21($+/'(,'1$+/#&2/'$(#(+1,4"F/'$(%'/'$(4'$(2$"1%'$(%#-N%+,'$( ,429#=(#/2/#$(?(#%2)2$(/#(/#$2&&'44'()#&%+1#1%#$h(S#(1'($#&(2$F=( f)'&(;"Lh ¦*\mSLZLSWSHUKLLZ[\KPVL_PZ[LU[L&=tHZLSHUV[H,WmN y( B'$(-2%#&+24#$(/#(2)&#1/+D2<#(,&#2/'$(,'-'("12(&#$)"#$%2( &N)+/2(f>21($+/'()"#$%'$(2-)4+2-#1%#(2((/+$)'$+,+*1(/#(4'$( #/",21/'$(#1(4#13"2$(2)&')+2/2$h y( G#1$2<#$(?(-2%#&+24#$(/#(#-#&3#1,+2(f>21($+/'(+1,4"+/'$(,'-'( )2&%#()&+1,+)24(#1(#4()421(/#(#$%"/+'(E'&-24()2&2()&'-'9#&(42( )&#)2&2,+*1h(( y( fB'$(-2%#&+24#$(>21($+/'(2/2)%2/'$($#3d1(/+E#&#1%#$(#$%+4'$(/#( 2)&#1/+D2<#h y( f5K+$%#("1(,'1$#1$'(/#("12(2-)4+2(32-2(/#(+1%#&#$2/'$(,'1( &#$)#,%'(2(42(924+/#D(?()#&%+1#1,+2(/#(4'$(-2%#&+24#$(,&#2/'$(#1( 42(E2$#(/#(#-#&3#1,+2h(( y( f5K+$%#1()&',#$'$(/#(#924"2,+*1(,'&&#$)'1/+#1%#$()2&2(-#/+&(#4( +-)2,%'(/#4()421(/#(#$%"/+'(#1(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#(?( 42()&#$%2,+*1(/#(#/",2,+*1(/#(,24+/2/h S,-.%."/(2(+29+*H%$ ¦8\PtULZZVUSVZWYV]LLKVYLZKL,5-`KLX\tYLJ\YZVZ O\THUVZ`TH[LYPHSLZKPZWVULUK\YHU[LSHZJYPZPZ&=tHUZLSHZ UV[HZ+`,WmNZ ¦3HZPU[LY]LUJPVULZKL,5-OHUZH[PZMLJOVSHZULJLZPKHKLZ KLSVZLK\JHUKVZKVUKLUVL_PZ[xHUVWVY[\UPKHKLZMVYTHSLZ PUJS\PKHSHVWVY[\UPKHKKLTH[YPJ\SHYZLKLU\L]VLUSHLK\JHJP}U B,#)$3O<2,23,2=$*2=&'=,2$2+#$@P-2%&23$2&*-&9$*7$2%&2=$D(3(%$%&-2 ZHS]HKVYHZKLSH]PKH&=tHUZLSHZUV[HZ+`,WmNZ y( fR"N4#$($'1(4'$()&'3&2-2$(/#(5![(2)'?2/'$(2(%&29L$(/#4( G+15/h y( f6#(>21(/+$#C2/'(-2%#&+24#$(?()&'3&2-2$(/#(5![(2)&')+2/'$( ;"#()"#/#1($#&("$2/'$(?(2/2)%2/'$()2&2(42()&#)2&2,+*1()2&2( #-#&3#1,+2$h y( fX2?()&'3&2-2$(#K+$%#1%#$(;"#()"#/#1($#&(2-)4+2/'$('( E'&%24#,+/'$()2&2($2%+$E2,#&(42$(1#,#$+/2/#$(-2?'&#$('( ,2-:+21%#$(/#(4'$(#/",21/'$h y( fg"L(>2?(;"#(>2,#&()2&2(4#3+%+-2&(4'$()&'3&2-2$(/#(5![h y( f54(,'1%#K%'(,&#2(42(1#,#$+/2/(/#(5![(,'-'("12(+1%#&9#1,+*1( ,'-)4#-#1%2&+2()2&2(#/",21/'$(/#1%&'(/#4($+$%#-2(/#( #/",2,+*1(E'&-24h y( ¦8\tWYVTVJP}UZLKLILYxHYLHSPaHYWHYHPUÅ\PYLUSHZWVSx[PJHZ 2(#$%#(&#$)#,%'h y( fS#(;"L(,2)2,+%2,+*1(?(2)'?'(,'1%+1"2/'(/+$)'1#1(4'$( -2#$%&'$(/#(42(5![h y( f5K+$%#(42(1#,#$+/2/(/#()&'3&2-2,+*1(12,+'124('(&#3+'124=('( :2$%2&N(42()&'3&2-2,+*1(4',24h y( fR"N4#$($'1(42$(>2:+4+/2/#$($2492/'&2$(/#(42(9+/2(+1-#/+2%2$( &#;"#&+/2$(#1(42(5![()2&2()&'%#3#&(2(4'$(#/",21/'$h y( fS#(;"L(,2)2,+%2,+*1(E'&-24(?(2)'?'(,'1%+1"2/'(/+$)'1#1(4'$( -2#$%&'$(/#(42(5![h( y( J,%+9+/2/#$(/#(2&%#=(-d$+,2=(/#)'&%#=(&#,&#2,+*1(?(2)'?'( )$+,'$',+24(f#$%N1(/+$)'1+:4#$($#3d1(4'$(/+E#&#1%#$(1+9#4#$(/#( #/2/(?(/#$2&&'44'h ¦3VZWSHULZKLLZ[\KPVMVYTHS`KLSH,5-[PLULUZPULYNPHZX\L WYVT\L]LUW\LU[LZ`[YHUZPJP}ULU[YLSVZKVZ&=tHZLSHUV[H ¦8\PtULZZVUSVZWHY[PJPWHU[LZWV[LUJPHSLZLUSVZWYVNYHTHZKL (WmN ,5-`J\mSLZZVUZ\ZULJLZPKHKLZ&=tHZLSHUV[H+WmN y( f5K+$%#1()'4F%+,2$(?(-#,21+$-'$(E"1,+'124#$()2&2(2)'?2&(#4( -'9+-+#1%'(/#(#/",21/'$(#1%&#(42(5![(?(42(#/",2,+*1(E'&-24h y( fg"+L1#$($'1(4'$(3&")'$(':<#%+9'(/#(42(5![h(fg"+L1#$(/#:#1( LZ[HYPU]VS\JYHKVZLUSHPKLU[PÄJHJP}UKLSVZNY\WVZVIQL[P]V& y( fR"N4#$($'1(4'$(2,%"24#$()"1%'$(/#(#1,"#1%&'(,'1(/+9#&$'$( )&'9##/'&#$(/#=('(+1%#&#$2/'$(#1=(42(5![h(( y( J(4'$(3&")'$(':<#%+9'(f$#(4#$(#$%N(2%#1/+#1/'('($":$+$%#1( :2&&#&2$h(( y( f6#(&#;"+#&#("1()421(/#(#$%"/+'(-N$(E'&-24+D2/'h y( fR"N4#$($'1(42$(1#,#$+/2/#$(+1-#/+2%2$=(,'1%+1"2/2$(?( )&'?#,%2/2$(/#(4'$(#/",21/'$=($"$(,'-"1+/2/#$(?(#4()2F$h( y( 3HZULJLZPKHKLZKLSVZLK\JHUKVZ¦J}TVKPÄLYLUKLHX\LSSHZ /#(;"+#1#$(#$%N1(-2%&+,"42/'$(#1(42(#/",2,+*1(E'&-24h( y( fR"N4#$(9F1,"4'$(#K+$%#1(#1%&#(4'$()&'3&2-2$(/#(5![(?(#4( -#&,2/'(/#(%&2:2<'=(4'$(#-)&#$2&+'$(4',24#$(?(4'$(,'1%&2%+$%2$h(( 5 73(5,:+,,:;<+06 SPSQUSN6'? 73(5,:+,,:;<+06 N+)%2?B22¦8\PtUJVVYKPUH`YLHSPaHLSLZ[\KPV`HUmSPZPZKLSVZWSHULZKLLZ[\KPV& Ê2 ?&4#-*42-(27*+.4&+2.++*,"(%,+2:2$4#I)"H+2L%=+2$%2%-)+*",%,2,424()4&24,-.%)"J+&2 74*)"(4()4&1(g"+#1#$(&#24+D21(42(&#9+$+*1(/#(4'$()421#$(/#(#$%"/+'(/#:#1(%#1#&( 4#3+%+-+/2/=(2"%'&+/2/(?(&#,"&$'$(2)&')+2/'$(?(3'D2&(/#4(2)'?'()d:4+,'=(?2(;"#(#4( ,2-:+'($'$%#1+:4#($#(4'3&2(-#<'&(24(%&2:2<2&(,'1(42$(2"%'&+/2/#$(2)&')+2/2$A(54(-+1+$%#&+'( /#(#/",2,+*1aa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`LÄJPLU[L`WYVT\L]HSH &#$)'1$2:+4+/2/(#1%&#(4'$(2,%'&#$(,429#A(5$%#()&',#$'(#K+3#(2-)4+'(/+N4'3'(12,+'124(?(1'( /#:#($#&(2)"&2/'()'&(4'$(2,%'&#$(#K%#&1'$A( Ê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Ê2 ?&4#-*42R-42"()4*4&%,+&274*)"(4()4&24&)A(2"(J+$-.*%,+&24(24$27*+.4&+2,424&)-,"+2:2 ,4&%**+$$+2,427$%(4&2,424&)-,"+123HZTVKPÄJHJPVULZKLSHZWVSx[PJHZKLWSHUKLLZ[\KPV ?(/#(42$()&N,%+,2$(#1(#4(2"42(&#;"+#&#1(#4(,'-)&'-+$'(?(42(,'42:'&2,+*1(/#(/+9#&$'$( +1%#&#$2/'$=(+1,4"?#1/'(,#1%&'$(/#(,2)2,+%2,+*1(/#(-2#$%&'$P2$=(+1$%+%",+'1#$(2,2/L-+,2$( ?(42$(2"%'&+/2/#$(#/",2%+92$(/#(4'$()2F$#$(9#,+1'$A(5$%'(#$(/#()2&%+,"42&(+-)'&%21,+2( ,"21/'(4'$(#/",21/'$P2$(?(-2#$%&'$P2$(#$%N1(,&"D21/'(E&'1%#&2$(+1%#&12,+'124#$( E'&-24#$=(#$)#,+24-#1%#(,"21/'($#(%&2%2(/#(2,&#/+%2,+*1(/#(-2#$%&'$P2$(?(#/",21/'$P 2$A(c24#$(#$E"#&D'$(&#3+'124#$()"#/#1(%#1#&(-2?'&(+-)2,%'(;"#(#4(,2-:+'(2(1+9#4(12,+'124A( 7R'1$"4%#(42($#,,+*1(/#(J1N4+$+$(/#(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#=(-N$(2/#421%#=()2&2( 42(2,&#/+%2,+*1(/#(#/",21/'$(?(#/",21/2$(?(#4(N&#2(/#(-2#$%&'$P2$(?('%&'()#&$'124( #/",2%+9'(/#(42$(!'&-2$(-F1+-2$(/#(42(0!55()2&2(42(2,&#/+%2,+*1(/#(-2#$%&'$(?(-2#$%&2$A8 Ê2 *VUZ\S[LH\UHHTWSPHNHTHKLPU[LYLZHKVZWHYHPKLU[PÄ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d1(/#4()421(/#(#$%"/+'(12,+'124=($#(/#:#(+19'4",&2&(2(42(,'-"1+/2/( &#4+3+'$2()2&2(2$#3"&2&(;"#(#4(1"#9'()421(/#(#$%"/+'(+1,4"?2(,'1%#1+/'()#&%+1#1%#(?( 2)'?#(#4(,&#,+-+#1%'()#&$'124(?(,'-"1+%2&+'A( Ê2 6*442.%7%.",%,24()*424$274*&+(%$2)A.(".+12(M"#/#($#&(1#,#$2&+'(#4(/#$2&&'44'( KLSHJHWHJPKHKKLSWLYZVUHSLK\JH[P]VWLY[PULU[LWHYHLSWYVW}ZP[VLZWLJxÄJVKL MVY[HSLJLYSVZWSHULZKLLZ[\KPVÍYLHZLZWLJxÄJHZW\LKLUPUJS\PYSHWLKHNVNxHSHZ -'/24+/2/#$(#/",2%+92$(?(#4(,'1%#1+/'A(54(/#$2&&'44'(+1-#/+2%'(/#(>2:+4+/2/#$()"#/#( $#&(2)'?2/'()'&(-#/+'(/#(%244#&#$=(E'&'$(#1(4F1#2('(24%#&12%+92$=('(9+$+%2$(/#(#$%"/+'A( 54(/#$2&&'44'(/#(,2)2,+/2/()2&2(42(&#,")#&2,+*1('(42(&#E'&-2(#/",2%+92(2(-N$(42&3'( WSHaVLZYLZWVUZHIPSPKHKKLSNVIPLYUV`ZLKLILYLÅLQHYLUSHLK\JHJP}UZ\WLYPVY`SHZ ')'&%"1+/2/#$(/#(/#$2&&'44'()&'E#$+'124(1'&-24#$A( Ê2 6+(4.)42%2$+&2*4&7+(&%L$4&2,4$2,4&%**+$$+2,42$+&27$%(4&2,424&)-,"+2:2*4,%.)+*4&2 )A.(".+&2.+(2$%2.+H-(",%,2H@&2%H7$"%126+(:+#1($#(&#;"+#&#1(3&")'$(%L,1+,'$()2&2( %&2%2&(42(&#/2,,+*1(/#()421#$(/#(#$%"/+'(?(&#9+$+*1(/#(4+:&'$(/#(%#K%'=(#$%'$(3&")'$( /#:#1(%&2:2<2&(/#(,#&,2(,'1("1(3&")'(-N$(2-)4+'(/#(+1%#&#$2/'$=(%24#$(,'-'(#1%#$( 2$#$'&#$=(,'1$#<'$(#$%"/+21%+4#$(?(/#()421#$(/#(#$%"/+'=($+1/+,2%'$(/#(-2#$%&'$=( 2$',+2,+'1#$()&'E#$+'124#$=(&#)&#$#1%21%#$(/#(4'$()2&%+/'$()'4F%+,'$=(#-)&#$2$=( 11 MinEd / ministerio de educación: término genérico empleado en todo el texto de las Notas de orientación, aunque los ministerios reales pueden incluir los de cultura, ciencia, juventud, etc. 6 )89:20;!2<!=>8;?!)2:=>=0@1!2<! 9A>180=0@1!B>A>!10C;8D!10C>8!E! >2;F<8=<19<8!1;!<8=;F>A0G>2;8D! %;F;HI0> 3*+L$4H%B!R'-'(&#$)"#$%2(2(42( ,&+$+$(12,+'124(/#(/#$)42D2-+#1%'( /#(R'4'-:+2=(#1(]`à(42(["1/2,+*1( 5$,"#42(!"#92(,&#*("12(#$%&2%#3+2( )2&2(%&2%2&(42$(1#,#$+/2/#$(?( &#24+/2/#$()2&%+,"42&#$(/#(4'$( 1+C'$(?(1+C2$(/#$)42D2/'$=( 3#1#&24-#1%#(/#$,"+/2/'$( )'&(#4($+$%#-2(,'19#1,+'124(/#( #$,"#42$(?(#/",2,+*1A(M'&(-#/+'( KLLZ[YH[LNPHZÅ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ÄJPHS:P :+#1(4'$(RF&,"4'$(/#(J)&#1/+D2<#( E"1,+'121()'&(E"#&2(/#(42$( q#$,"#42$(-2/&#r(1'&-24#$=(#$%N1( ]PUJ\SHKVZVÄJPHSTLU[LH[YH]tZKL ,24#1/2&+'$(2,2/L-+,'$=($+$%#-2$( KLJHSPÄJHJP}U`WYVNYHTHZ #K%&2,"&&+,"42&#$(,'-)2&%+/'$A(B'$( 1+C'$(?(1+C2$(#$%N1(-2%&+,"42/'$( VÄJPHSTLU[LLUSHºLZJ\LSHTHKYL» )#&'(%&2:2<21(<"1%'$(#1(3&")'$( /#(a](2(a^(#$%"/+21%#$(#1(4"32&#$( /#(2)&#1/+D2<#(":+,2/'$(#1(42$( ,'-"1+/2/#$(4',24#$(:2<'(42( $")#&9+$+*1(/#("1(q%"%'&(<"9#1+4r( >2$%2(;"#(#$%L1()&#)2&2/'$( )2&2(>2,#&(42(%&21$E#&#1,+2A(5$%#( )&'3&2-2(1'(#$("1($+$%#-2( )2&24#4'($+1'(;"#(#$%N(+1%#3&2/'( ?(&#,'1',+/'()'&(#4(G+15/()2&2( E2,+4+%2&(42(%&21$+,+*1(/#(42(,244#(2(42( #$,"#42A(54()&'3&2-2(>2(-'$%&2/'( -#<'&2$(?(2)'&%#$(24(-21#<'( KLSJVUÅPJ[VSHJVL_PZ[LUJPH WHJxÄJHSHH\[VLZ[PTH`SVZ ,'-)'&%2-+#1%'$(/#-',&N%+,'$A( 51($"(E2$#()+4'%'=(4'$(#$%"/+21%#$( -'$%&2&'1(-#<'&#$(4'3&'$(/#( 2)&#1/+D2<#(#1(-2%#-N%+,2$( ?(4#13"2<#(,'-)2&2/'$(,'1( #$%"/+21%#$(#1(#$,"#42$( ,'19#1,+'124#$A(M'&(4'(%21%'=(#4( )&'3&2-2($#(,'19+&%+*(#1("12( )'4F%+,2(#/",2%+92(12,+'124()2&2( 42(+1%#3&2,+*1(/#(1+C'$(?(1+C2$( -+3&21%#$(/#$)42D2/'$(?(>2($+/'( 2)'?2/'()'&('&321+D2,+'1#$(%24#$( ,'-'(#4(!R.=(JR!U.(?(U6J0SA( ["#1%#Q(["1/2,+*1(5$,"#42(!"#92( Z'4,2-'$(2(42(I#1%# Ê2 [%."$")42.*4%*2:2.+H7%*)"*2H%)4*"%$4&24&)@(,%*27%*%2$%2SN[12(6+(:+#1(#4(-+1+$%#&+'(/#(#/",2,+*1()"#/#($#&(&#$)'1$2:4#(/#(42( #/",2,+*1(1'(E'&-24(#$%N1/2&(?(#4()421(/#(#$%"/+'(/#(42(-+$-2=(+1+,+2%+92$(/#(#/",2,+*1(1'(E'&-24(-N$()#;"#C2$()"#/#1($#&( 2)'?2/2$(2(1+9#4($":12,+'124()'&(42(V!U=(V!I("('&321+D2,+'1#$(,'-"1+%2&+2$A(R"21/'($#2()'$+:4#=(4'$()421#$(/#(#$%"/+'($#( /#:#1(&#9+$2&(?(,'-)2&%+&(,'1<"1%2-#1%#(,'1(4'$(+1%#&#$2/'$(&#$)'1$2:4#$()2&2(#9+%2&("1(2:'&/2<#(E&23-#1%2/'('(+1,'1$+$%#1%#A(( Ê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Ê2 6++*,"(42$+&2.%HL"+&24(2$+&27$%(4&2,424&)-,"+2.+(2$+&27$%(4&2,424,-.%."/(2,42H%4&)*+&\%&12B'$(,2-:+'$(#1(4'$()421#$( /#(#$%"/+'(/#:#1(#$%2&(9+1,"42/'$(,'1(42(#/",2,+*1(?(#4(2)'?'(,'1%+1"2/'(/#(4'$(-2#$%&'$(?(-2#$%&2$()2&2(2$#3"&2&(;"#(4'$( ,2-:+'$(,"&&+,"42&#$($#21(&#$)24/2/'$(2(1+9#4(/#4(2"42A N+)%2]B¦*}TVZLKLILYLHSPaHYLSLZ[\KPV`HUmSPZPZKLSVZWSHULZKLLZ[\KPV& Ê2 V&42HA)+,+&2,"J4*&+&27%*%2*4%$"<%*2-(%24J%$-%."/(2.+H7*4(&"J%1(51("1(,'1%#K%'(/#(#-#&3#1,+2=(#924"2,+'1#$(&N)+/2$( )"#/#1($#&(&#24+D2/2$(,'1()#&$'12$('(,'-"1+/2/#$(#-)4#21/'(/+9#&$'$(-L%'/'$A(B2(/+$)'1+:+4+/2/(/#(%+#-)'(?(&#,"&$'$( /#%#&-+12&N(#4(#1E';"#(?(#4(24,21,#(/#4(21N4+$+$e()'&(#<#-)4'Q( y( &#9+$+*1(/#(4'$(/',"-#1%'$(;"#(+1%#3&21(4'$()421#$(/#(#$%"/+'( y( 21N4+$+$(/#(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#=(42$(,'-)#%#1,+2$(/#(4'$(#/",21/'$(?(4'$(#$%N1/2&#$(/#(21N4+$+$ y( 21N4+$+$(-"4%+$#,%'&+24 y( &#24+D2,+*1(/#(#1%&#9+$%2$(,'1(#/",21/'$P2$(?(-2#$%&'$P2$( y( B2(&#24+D2,+*1(/#(#$%"/+'$(/#(&#E#&#1,+2(/#("12(-"#$%&2(&#)&#$#1%2%+92(/#(4'$(3&")'$(/#$%+12%2&+'$(?("1(21N4+$+$(/#(42(,2)2,+/2/( %L,1+,2(/#(#K)#&%'$(#1()421#$(/#(#$%"/+'A Ê2 0KLU[PÄX\L[HU[VSVZMHJ[VYLZPU[LYUVZJVTVSVZMHJ[VYLZL_[LYUVZX\LHMLJ[HUHSVZWSHULZKLLZ[\KPV(B2(&#24+D2,+*1(/#("1( 21N4+$+$(/#(E'&%24#D2$=(')'&%"1+/2/#$=(/#:+4+/2/#$(?(2-#12D2$(7[VSJ8(#$("1(-L%'/'(d%+4()2&2(3#1#&2&("12(9+$+*1(&N)+/2(/#4()421(/#( #$%"/+'(?(/#4(,'1%#K%'(-N$(2-)4+'A(U1(21N4+$+$([VSJ()"#/#(44#92&(2("12(-#<'&(,'-)&#1$+*1(/#(42$(4+-+%2,+'1#$(?(')'&%"1+/2/#$( 24(2921D2&(#1(4'$()421#$(/#(#/",2,+*1(?(#1(42(+-)4#-#1%2,+*1A(6#()"#/#("%+4+D2&(,'-'("12(>#&&2-+#1%2(#1(/+$,"$+'1#$(/#(3&")'( MVJHSVJVTV\UHOLYYHTPLU[HKLWSHUPÄJHJP}UH[YH]tZKLZLJ[VYLZVKLU[YVKLVYNHUPaHJPVULZVKLWHY[HTLU[VZKLSTPUPZ[LYPV /#(#/",2,+*1A(c2-:+L1(#$("12(>#&&2-+#1%2(d%+4()2&2(42(,2)2,+%2,+*1=(#4(/#$2&&'44'()&'E#$+'124(?(2)'?'=(4'$()&',#$'$(/#(+1$%&",,+*1( ?(2)&#1/+D2<#(?(42(#924"2,+*1(/#(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#A(ZL2$#(42(%2:42(a=(2(,'1%+1"2,+*1=()2&2("1(#<#-)4'(/#("1(21N4+$+$( [VSJ(/#()421(/#(#$%"/+'e("12()421%+442(/#(21N4+$+$([VSJ(#1(:421,'($#(+1,4"?#(#1(#4(2)L1/+,#(Â( M%L$%20B,QLTWSVKL\UHUmSPZPZ-6+(KLSWSHUKLLZ[\KPVLUZVJPLKHKLZHMLJ[HKHZWVYLSJVUÅPJ[V [+*)%$4<%&2^"()4*(%&2%2$%2+*#%("<%."/(2+24$2&4.)+*_ `4L"$",%,4&2^'()4*(%&2%2$%2+*#%("<%."/(2+24$2&4.)+*_ y( J)'?'()d:4+,'()2&2(4'$(#$%"/+'$(?(42(#/",2,+*1A y( SL:+4(,2)2,+/2/(/#(4'$(,&#2/'&#$(/#()421#$(/#(#$%"/+'(?(4+:&'$( /#(%#K%'$A y( ["#&%#(%&2/+,+*1(/#()421#$(/#(#$%"/+'(?(4+:&'$(/#(%#K%'(#1(4'$( 2C'$($#$#1%2(?($#%#1%2A y( [24%2(/#("1(-2&,'(,"&&+,"42&(?(/#(%#-2&+'$(/#(-2%#&+2$(7)421#$( KLLZ[\KPVKLTH[LYPHZLZWLJxÄJHZ y( M&'3&2-2$(#/",2%+9'$(2)'?2/'$()'&(V!I(#1(/+9#&$2$( )&'9+1,+2$A y( M421#$(/#(#$%"/+'(E&23-#1%2/'$=(21%+,"2/'$(?(&#,2&32/'$A( y( (SN\UHZmYLHZJ\YYPJ\SHYLZX\LZLILULÄJPHUKL]PZPVULZ` -2%#&+24#$(-#<'&(#42:'&2/'$(7)'&(#<A=(-2%#-N%+,2$8A y( SL:+4(,2)2,+/2/(/#(4'$(-2#$%&'$(/#(2)4+,2&(#4(,'1%#1+/'( &#9+$2/'(?(42$(-#%'/'4'3F2$(,#1%&2/2$(#1(#4(#$%"/+21%#A y( U1(/#)2&%2-#1%'(/#()421#$(/#(#$%"/+'(&#,+L1(,&#2/'(#1(#4( G+15/A y( J-)4+'(/'-+1+'(/#4(2)&#1/+D2<#(/#(-#-'&+2A y( 6#()&'-"#9#1(#$%#&#'%+)'$(1#32%+9'$(/#(42(-"<#&(?(/#(243"1'$( 3&")'$(L%1+,'$A Y7+*)-(",%,4&2^4Z)4*(%&2%2$%2+*#%("<%."/(2+2&4.)+*_ ?H4(%<%&2^4Z)4*(%&2%2$%2+*#%("<%."/(2+2&4.)+*_ y( J)'?'(12,+'124(#(+1%#&12,+'124(2(42(&#9+$+*1(/#(4'$()421#$(/#( #$%"/+'A y( [24%2(/#(#$%2:+4+/2/()'4F%+,2(?()'$+:+4+/2/(/#()&#/+,,+*1A( y( c#1$+'1#$(#1%&#(924'&#$=()&+1,+)+'$(?()&N,%+,2$(n"1+9#&$24#$o(?( n%&2/+,+'124#$P4',24#$oA y( V)'&%"1+/2/#$(/#(/#$2&&'44'(/#(,2)2,+/2/(7+1/+9+/"24(#( +1$%+%",+'1248A y( [24%2(/#(+1$%242,+'1#$(#/",2%+92$(?(-2%#&+24#$(/#(2)&#1/+D2<#( 2)&')+2/'$A y( !"#92(9+$+*1(?(4#3+$42,+*1(#/",2%+92$A y( M':&#D2(?(2124E2:#%+$-'(2-)4+2-#1%#(#K%#1/+/'$(%21%'(#1( -"<#&#$(,'-'(#1(>'-:&#$A [-4()4B<5,:*60),0UMVYTLKLS[HSSLYLU;LOLYmU 7 73(5,:+,,:;<+06 &#)&#$#1%21%#$(?(4F/#&#$(,'-"1+%2&+'$=()2/&#$(?(-2/&#$(?(-#/+'$(/#(,'-"1+,2,+*1()2&2(,&#2&(,'1$#1$'(2,#&,2(/#(4'$(,2-:+'$( )&')"#$%'$(#1(4'$()421#$(/#(#$%"/+'A(6#(/#:#()&#$%2&(2%#1,+*1(#$)#,+24(2(42(+1,4"$+*1(/#(-"<#&#$(?(/#(3&")'$(9"41#&2:4#$(?( -2&3+12/'$A(V&321+D2,+'1#$(#K%#&12$=(%24#$(,'-'(42(V!U=(V!I('(23#1,+2$(/'121%#$=()"#/#1(%#1#&(E'&%24#D2(%L,1+,2=(2,,#$'( 2(&#,"&$'$(2/+,+'124#$('(#K)#&+#1,+2(21%#&+'&(;"#()"#/#1($#&(d%+4#$A(c24#$(&#,"&$'$($#(/#:#1('E&#,#&(,'-'(&#E#&#1,+2$(?($#&( 2/2)%2/'$(24(,'1%#K%'(?(1#,#$+/2/#$()2&%+,"42&#$(/#(4'$(#/",21/'$(?(#/",21/2$A(( 73(5,:+,,:;<+06 N+)%26B¦,UX\tZLKLILLUMVJHYLSHUmSPZPZKLWSHULZKLLZ[\KPV& Ê2 ?&4#-*42.*")4*"+&2.$%*+&27%*%24$2%(@$"&"&12(54(21N4+$+$(/#()421#$(/#(#$%"/+'(/#:#(+1,4"+&Q( y( YLÅLQHYSHZTL[HZ`VIQL[P]VZLK\JH[P]VZUHJPVUHSLZLUSVZWSHULZKLLZ[\KPV`LUSVZTH[LYPHSLZKLLUZL|HUaH`HWYLUKPaHQL y( /#$2&&'44'(2)&')+2/'(/#(42$(,'-)#%#1,+2$(E"1/2-#1%24#$a]()2&2(%'/'$(4'$(#/",21/'$(?(#/",21/2$=(+1,4"?#1/'(1"#92$( ,'-)#%#1,+2$(&#;"#&+/2$(#1(#4(,'1%#K%'(,2-:+21%# y( +1%#3&2,+*1(/#(2$"1%'$(,429#(?()&'-',+*1(/#(924'&#$("1+9#&$24#$(%24#$(,'-'(4'$(/#&#,>'$(/#4(1+C'=(4'$(/#&#,>'$(>"-21'$=(42( Q\Z[PJPHZVJPHSSHPUJS\ZP}U`LUWLYxVKVZKLJVUÅPJ[VYLZWL[VWVYLSKLYLJOVPU[LYUHJPVUHSO\THUP[HYPV y( #-)4#'(/#(42$(4#13"2$(/#(+1$%&",,+*1(-N$(E2-+4+2&#$()2&2(4'$(#/",21/'$=($"$(E2-+4+2$(?($"$(,'-"1+/2/#$=(#$)#,+24-#1%#(#1(4'$( )&+-#&'$(3&2/'$ y( /+$)'1+:+4+/2/(/#(&#,"&$'$(/#(2)&#1/+D2<#(2$#;"+:4#$=()#&%+1#1%#$(?(2/#,"2/'$ Ê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`B¦8\tULJLZP[HUSVZLK\JHUKVZ& Ê2 `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Ê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l()2&2(42$(,'&&#$)'1/+#1%#$(#%2)2$(/#(42( *SHZPÄJHJP}UPU[LYUHJPVUHSUVYTHSPaHKHKLSHLK\JHJP}U(sR0!5t(?(/#%#&-+12/'$(&#$"4%2/'$(#$)#&2/'$(/#4(2)&#1/+D2<#8(( Ê2 3VZWSHULZKLLZ[\KPVKLILUYLÅLQHYSHZKPMLYLUJPHZKLU[YVKLSHZJVT\UPKHKLZB'$()421#$(/#(#$%"/+'(/#:#1( [LULYLUJ\LU[HSHZKPMLYLUJPHZNLVNYmÄJHZKPMLYLUJPHZSPUNxZ[PJHZ`KPMLYLUJPHZKLHJJLZV Ê2 6+(&",4*%*2$%2(4.4&",%,2:24$27+)4(."%$27%*%2$$4#%*2%2$+&2%$-H(+&2(+24&.+$%*"<%,+&1251(-",>'$()2F$#$(>2?(3&21/#$( ,21%+/2/#$(/#(1+C'$=(1+C2$=(2/'4#$,#1%#$(?(2/"4%'$(,"?2(#/",2,+*1(>2($+/'(+1%#&&"-)+/2=(?2($#2()'&(42(#-#&3#1,+2('( WVYV[YVZMHJ[VYLZ,ZPTWVY[HU[LPU]VS\JYHYHLZ[VZLK\JHUKVZ`Z\ZJVT\UPKHKLZLUSHPKLU[PÄJHJP}UKLWYVNYHTHZ /#(#/",2,+*1(1'(E'&-24(2)&')+2/'$A( Ê2 ]*"(,42+7+*)-(",%,4&2J"%L$4&27%*%2$+&2=/J4(4&12B2(#/",2,+*1(&#42,+'12/2(,'1(4'$(-#/+'$(/#($"$%#1%'(?(#4(#-)4#'( ¶[HSJVTVLK\JHJP}ULUKLZHYYVSSVKLLTWYLZHZWLX\L|HZLK\JHJP}ULUJVUVJPTPLU[VZÄUHUJPLYVZ`SHLK\JHJP}U` JHWHJP[HJP}U[tJUPJH`]VJHJPVUHS,*;=¶ZLKLILIYPUKHYHQ}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aj ( !"#$%#&#'*)&;8(.01"&'(&,-."&(1&,"+#(+*'"&'(&1"%&01$+(%&'(&(%#2'*"&02('(&,$.:*$)&(+&(1&#)$+%,2)%"&'(1&0()/"'"&<2(&5$&'(%'(&1$& )(%02(%#$&$&1$&)(,20()$,*-+& R'1%#1+/'(/#(n#-#&3#1,+2o R'1%#1+/'(/#(n&#,")#&2,+*1(%#-)&212(?()&#)2&2%+9'$o B#,%"&2P#$,&+%"&2=(,'1',+-+#1%'(/#(42( 2&+%-L%+,2=()&#9#1,+*1(/#(#1E#&-#/2/#$=( 2)'?'()$+,'$',+24(Z0XP60SJ=(-+%+32,+*1(/#4( JVUÅPJ[VYLK\JJP}UKLSYPLZNVKLKLZHZ[YL 2$"1%'$(/#()&'%#,,+*1 51E';"#(,2/2(9#D(-N$(E'&-24+D2/2(?(>'4+$%+,2=(,'1%+1"2,+*1( /#(4#,%"&2P#$,&+%"&2(?(,'1',+-+#1%'(/#(42(2&+%-L%+,2=(,&#,+#1%#( #1E',2-+#1%'(#1(,'-)#%#1,+2$(E"1/2-#1%24#$=()&'-',+*1( /#(42($24"/=(#/",2,+*1()2&2(42()2D=(>2:+4+/2/#$()2&2(42(9+/2=( #/",2,+*1(2-:+#1%24(?(,'>#$+*1($',+24A 12 Las competencias fundamentales son los bloques de construcción de la educación y conjuntos esenciales de conocimientos y habilidades que se espera tengan los estudiantes. La identificación y articulación de las competencias fundamentales es importante en la formulación de normas mínimas sobre las cuales construir programas educativos más complejos. Términos similares incluyen ‘competencias clave’ y ‘competencias genéricas’. 13 Normas mínimas de la INEE. 8 Ê2 0KLU[PÄX\LJ\mSLZTH[LYPHSLZKLHWYLUKPaHQLLZ[mUKPZWVUPISLZKLTHULYHPUTLKPH[H(S"&21%#(42$(#-#&3#1,+2$=( /#:#(%#1#&$#(#1(,"#1%2(42(/+$)'1+:+4+/2/(+1-#/+2%2(/#(-2%#&+24#$(,429#()2&2(2)'?2&(#4()&',#$'(/#(2)&#1/+D2<#A(B'$( -2%#&+24#$()"#/#1(+1,4"+&(4+:&'$(/#(%#K%'=(4+:&'$($")4#-#1%2&+'$=(2?"/2$(/#(#1$#C21D2=(4+:&'$(2-)4+2-#1%#(4#F/'$(?( KPZWVUPISLZLUSHJVT\UPKHKSPIYVZKLIPISPV[LJHVKPHYPVZVYL]PZ[HZ0KLU[PÄX\LJ}TVZLW\LKLUHKX\PYPYVPTWYPTPY #$%'$(-2%#&+24#$A( Ê2 *VUZPKLYLZPLZ[VZTH[LYPHSLZZH[PZMHJLUSHZULJLZPKHKLZJ\YYPJ\SHYLZPKLU[PÄJHKHZ5$(1#,#$2&+'(2$#3"&2&( X\LSVZTH[LYPHSLZ[YH[LUSHZULJLZPKHKLZLZWLJxÄJHZKLSVZLK\JHUKVZ`LK\JHUKHZPKLU[PÄJHKHZWVYTLKPVKLS 21N4+$+$(/#(4'$(+1%#&#$2/'$(7,'1$"4%#(42(1'%2(J(#1(42()N3+12(l8A(B'$(-2%#&+24#$()"#/#1(%#1#&(;"#(%&2%2&(4'$(#/",21/'$( ,'1(1#,#$+/2/#$(#$)#,+24#$=(#4(2,,#$'(?()2&%+,+)2,+*1(/#(42(1+C2=(4'$(#/",21/'$(;"#(9"#49#1(2(42(#$,"#42(4"#3'(/#( +1%#&&"),+'1#$()&'4'132/2$('(,'-#1D21/'(2("12(#/2/(-2?'&=(4'$(/+E#&#1%#$(#$%+4'$(/#(2)&#1/+D2<#(/#(42$()#&$'12$=(?( #4(,'1%#K%'(,'-"1+%2&+'(?(12,+'124(,2-:+21%#=(#1%&#('%&2$(,'$2$A((( Ê2 `4)4*H"(42&"2$+&2H%)4*"%$4&2&+(2%7*+7"%,+&1(5$(+-)'&%21%#(,'1$+/#&2&($+(4'$(-2%#&+24#$(/+$)'1+:4#$($'1(2)&')+2/'$( )2&2(4'$(#/",21/'$(?(42$(#$,"#42$A(B'$(-2%#&+24#$(/#:#1()&'-'9#&(#4("$'(/#(42(4#13"2(4',24=($#&(2)&')+2/'$()2&2(4'$( 1+9#4#$(?(-2%#&+2$()2&%+,"42&#$(/#(4'$(3&2/'$(?(/#$24#1%2&(42(+1E'&-2,+*1(;"#(3#1#&2(/+9+$+'1#$(7,'1$"4%#(42(1'%2(R(#1(42( )N3+12(k8A((( -V[VNYHMxHJVY[LZxHKL<50*,-7HYHN\H`3\PZ=LYH"KLYLJOVZYLZLY]HKVZ 9 73(5,:+,,:;<+06 N+)%2SB2¦*\mSLZWSHULZKLLZ[\KPV`TH[LYPHSLZKLLUZL|HUaH`HWYLUKPaHQLL_PZ[LU[LZLZ[mUKPZWVUPISLZ& 73(5,:+,,:;<+06 !"2"#,(,0&,3)4-#+#($%,55*//*#($#0/,-$%#($#$%&'()*1# ,SKLZHYYVSSVKLTHYJVZJ\YYPJ\SHYLZJSHYVZ`KLTH[LYPHSLZKLLUZL|HUaH`HWYLUKPaHQLZLKLILIHZHYLULSHUmSPZPZ`LZ[\KPV KLSVZWSHULZKLLZ[\KPVWHYHHZLN\YHYX\LZLZH[PZMHNHUSHZULJLZPKHKLZKLSVZLK\JHUKVZ`LK\JHUKHZ 3-()+&2.$%J42%2.+(&",4*%*B2 SPSQUSN6'? QS6V3SQ?6'WN2MSP3Q?N?2X23QS3?Q?M'KY! 6Q'!'!26QWN'6?! '()4*4&%,+& ¦8\PtULZLZ[mUPU]VS\JYHKVZLUHKHW[HYVYL]PZHYSVZWSHULZ KLLZ[\KPV`SVZTH[LYPHSLZKLHWYLUKPaHQL&¦*}TVLZ[HYmU PU]VS\JYHKVZSVZKP]LYZVZPU[LYLZHKVZ&=tHZLSHUV[H-WmN ¦8\PtULZZPN\LUPU]VS\JYHKVZLUSHHKHW[HJP}UVYL]PZP}UKL TH[LYPHSLZ&=tHZLSHUV[H-WmN y( fg"+L1(%+#1#(42(2"%'&+/2/()2&2(2)&':2&(4'$()&'3&2-2$(?( -2%#&+24#$h(fR*-'($#(9+1,"42(#4()&',#$'(,'1(42(2,&#/+%2,+*1(/#( 4'$(#/",21/'$h(7ZL2$#(42($#,,+*1(J1N4+$+$(/#(4'$(&#$"4%2/'$(/#4( 2)&#1/+D2<#A8 y( ¦3VZPU[LYLZHKVZPKLU[PÄJHKVZLULSºHUmSPZPZ»ZVUSHZWLYZVUHZ TmZHWYVWPHKHZ`JHSPÄJHKHZWHYHHWV`HYLSJHTIPVKLSVZ )421#$(/#(#$%"/+'(?(-2%#&+24#$(/#(2)&#1/+D2<#h(fM'&(;"L=('()'&( ;"L(1'h(fg"+L1(%+#1#(2"%'&+/2/(4#3F%+-2(?(2,#)%2/2h y( fS*1/#(>2?(E"#1%#$(2/+,+'124#$(/#(2)'?'(%L,1+,'(,'1(&#$)#,%'( 24(,'1%#1+/'(/#(42$(-2%#&+2$h(( 6+()4(",+2 ¦*}TVZLMVYT\SHUVHKHW[HUSHZULJLZPKHKLZJ\YYPJ\SHYLZ& =tHUZLSHZUV[HZ-`.WmN` ¦*}TVZLYLÅLQHUSHZTL[HZLK\JH[P]HZPUTLKPH[HZLUSVZ >3$*&-2%&2&-+0%(,2?2'.),2-&2>0&%&*2$%$>+$#2P-+,-2&*2 %(B&#&*+&-2&+$>$-2>$#$2=$'&#23$2+#$*-('(.*2$2)&+$-2&%0'$+(@$-2$2 TmZSHYNVWSHaV&=tHUZLSHZUV[HZ.`/WmNZ y( ¦,Z[mUKPZWVUPISLZSVZYLJ\YZVZO\THUVZTH[LYPHSLZ`ÄUHUJPLYVZ )2&2(,&#2&(-2%#&+24#$(/#(2)&#1/+D2<#(?(#924"2,+*1(/#(#-#&3#1,+2h(( y( f6#(/#:#(,&#2&("1()421(/#(#$%"/+'(/#(#-#&3#1,+2()2&2( 2"-#1%2&(4'$()&#)2&2%+9'$()2&2(,&+$+$(E"%"&2$h(f5$(-N$( 2)&')+2/'(,'4',2&(#1(#4()421(3#1#&24=(,'1%#1+/'(;"#(2"-#1%#(( 42$(,2)2,+/2/#$(/#4($+$%#-2(?(/#4(#/",21/'()2&2(2E&'1%2&(,&+$+$( E"%"&2$h( y( f5$%N1(/+$)'1+:4#$(-2%#&+24#$(/#('%&'$()2F$#$("('%&'$( ,'1%#K%'$h(fM"#/#1($#&(2/2)%2/'$(&N)+/2-#1%#()2&2($2%+$E2,#&( 42$(1#,#$+/2/#$(/#(4'$(#/",21/'$h(( ¦*}TVZLYLÅLQHUSHZTL[HZLK\JH[P]HZPUTLKPH[HZLUSVZ WSHULZKLLZ[\KPV&=tHUZLSHZUV[HZ.`/WmNZ ¦*\mSLZHZ\U[VZJSH]LKLILUZLY[VTHKVZLUJVUZPKLYHJP}U J\HUKVZLJYLH\UWSHUKLLZ[\KPV&=tHZLSHUV[H/WmN ¦*}TVZLYmUVYPLU[HKVZSVZTHLZ[YVZ`V[YHZWLYZVUHZHSVZ JHTIPVZOLJOVZLUSVZTH[LYPHSLZ&=tHZLSHUV[H0WmN( ¦/HU[LUPKVt_P[VSVZLZM\LYaVZWVYJYLHY]xUJ\SVZJVUSH VYPLU[HJP}U`JHWHJP[HJP}UKLTHLZ[YVZ&¦7VYX\tVWVYX\t UV&=tHZLSHUV[H0WmN y( fg"L()'4F%+,2$('(2,"#&/'$(+1%#&+1'$($#(&#;"+#&#1h y( fB'$(-L%'/'$(/#(21N4+$+$(-N$(2)&')+2/'$()2&2(/#%#&-+12&( 4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#(#$%N1(+1/+,2/'$(#1(42$(3"F2$(/#4( -2#$%&'(?(4'$(4+:&'$(/#(%#K%'h 6++*,"(%."/( ¦8\PtULZHWV`HULSWYVJLZVKLHKHW[HY`KLZHYYVSSHYWSHULZ KLLZ[\KPV&¦*}TVLUJHQHLSWYVJLZVLUSHZLZ[Y\J[\YHZKL JVVYKPUHJP}U`WVSx[PJHZL_PZ[LU[LZPUJS\PKHSHLZ[Y\J[\YHKLS 4PU,K&=tHZLSHUV[H-WmN ¦*}TVZL]PUJ\SHLSWYVJLZVKLHKHW[HY`KLZHYYVSSHYWSHULZ KLLZ[\KPVJVUSHZmYLHZKLJHWHJP[HJP}UKLTHLZ[YVZHZ PUZ[Y\JJP}U`HUmSPZPZ&=tHZLSHUV[H0WmN ¦8\PtULZ[PLULUH\[VYPKHKWHYHZLN\PYHWV`HUKVLSWYVJLZV OHZ[HSHYLJ\WLYHJP}U[LTWYHUH&=tHUZLSHZUV[HZ-L0WmNZ y( fg"+L1#$(%+#1#1(42(,2)2,+/2/(/#(,''&/+12&(42(2/2)%2,+*1(?P'( /#$2&&'44'(/#()421#$(/#(#$%"/+'h(f6#(&#;"+#&#(-N$(/#("12( 23#1,+2('(/#)2&%2-#1%'()2&2(2$#3"&2&(42(%&21$)2&#1,+2(?(42( ,'42:'&2,+*1(,'1('%&'$(+1%#&#$2/'$h y( fB2(,''&/+12,+*1(/#(42(2/2)%2,+*1(?P'(/#$2&&'44'(/#()421#$(/#( #$%"/+'(E'&-2()2&%#(/#4($+$%#-2(-N$(2-)4+'()2&2(42(,''&/+12,+*1( #/",2%+92(/"&21%#(42$(#-#&3#1,+2$(?(42(&#,")#&2,+*1(%#-)&212h(( y( fg"+L1#$(#$%N1($")#&9+$21/'(4'$(9F1,"4'$(?()"1%'$(/#( #1,"#1%&'h(( y( fB'$(':<#%+9'$(/#4(2)&#1/+D2<#(>21($+/'(2&%+,"42/'$(,42&2-#1%#(2( 4'$(#/",21/'$=(-2#$%&'$(?(,'-"1+/2/#$h N+)%2[B¦8\PtULZLZ[mUPU]VS\JYHKVZLUSHHKHW[HJP}U`KLZHYYVSSVKLSVZWSHULZKLLZ[\KPV& Ê2 ?&4#-*42R-424&)A(2"(J+$-.*%,+&2$+&2"()4*4&%,+&2%7*+7"%,+&1(B2()2&%+,+)2,+*1(/#(+1%#&#$2/'$(,429#(#1(42( 2/2)%2,+*1(?(/#$2&&'44'(/#()421#$(/#(#$%"/+'(#$("12()2&%#(+1%#3&24(/#(2$#3"&2&(#4(LK+%'(,'1%+1"2/'(#1(42()&'3&2-2,+*1( #/",2%+92(?(#4(,"-)4+-+#1%'(/#(4'$(/#&#,>'$(/#(4'$(#/",21/'$(?($"$(,'-"1+/2/#$A(B'$(+1%#&#$2/'$(%+#1#1("1()2)#4( PTWVY[HU[LLUKLÄUPYSVZUP]LSLZKLLKHK`KLZHYYVSSVKLZLHKVZSVZLZ[mUKHYLZKLJVTWHYHJP}UKLSHWYLUKPaHQL`SHZ #$%&2%#3+2$(,'-)4#-#1%2&+2$(/#(21N4+$+$A( N+)%2UB¦*}TVZLYLÅLQHUSHZTL[HZLK\JH[P]HZPUTLKPH[HZLUSVZWSHULZKLLZ[\KPV&¦*}TVZLW\LKLUHKHW[HYLUKPMLYLU[LZ L[HWHZWHYHOHJLYSH[YHUZPJP}UHTL[HZLK\JH[P]HZHTmZSHYNVWSHaV& 10 3*+L$4H%B2(SÄUHSKLSHN\LYYH #1(W'$1+2(?(X#&D#3'9+12(7WX8(#1( amm^=(4'$(%&#$()&+1,+)24#$(3&")'$( LULSJVUÅPJ[VIVZUPVZZLYIPVZ ?(,&'2%2$8(%"9+#&'1(42()&#&&'32%+92( /#(#4#3+&('(,&#2&($"$()&')+'$( )421#$(/#(#/",2,+*1=(4'(;"#( 44#9*(2(42()&#',")2,+*1(/#(;"#( SVZWSHULZKLLZ[\KPVYLÅLQHYHU )&#<"+,+'$(L%1+,'$('(&#4+3+'$'$(?( 2"-#1%2&21(42$(/+9+$+'1#$(#1(WXA '()4*J4(."/(B2(Z2&+'$()&'3&2-2$( $#(#-)&#1/+#&'1()2&2($")#&2&( 42$(/+9+$+'1#$(L%1+,2$(?( $#1%2&(42(:2$#()2&2("1(-2&,'( ,"&&+,"42&(,'-d1A(51()2&%+,"42&=( /#(]``j(2(]`ì(U!56RV( 0W5=(#1(,'42:'&2,+*1(,'1(42$( 2"%'&+/2/#$(#/",2%+92$(/#(WX=( JHWHJP[HYVU`JLY[PÄJHYVUTmZ /#($#$#1%2(#$)#,+24+$%2$(#1( )421#$(/#(#$%"/+'(?(&#$)'1$2:4#$(( /#(2/')%2&(/#,+$+'1#$(;"#( &#)&#$#1%2:21(2(4'$(%&#$(3&")'$A( B2(E'&-"42,+*1(/#("1(-2&,'( ,"&&+,"42&(,'-d1(E"#()#&,+:+/2( ,'-'("12($'4",+*1()2&2( -#<'&2&(42(,24+/2/(#(+3"24/2/( /#(42(#/",2,+*1(#1(WXA(6#( )&#%#1/F2(;"#(#$%#(1"#9'( -2&,'($#(#1E',2&2(#1(#924"2&( /#(-21#&2(#E#,%+92(&#$"4%2/'$( /#4(2)&#1/+D2<#(,'-d1-#1%#( KLÄUPKVZLU]LaKLWYP]PSLNPHY 42(#924"2,+*1(/#(,'1',+-+#1%'( )&#E2:&+,2/'(-#-'&+D2/'(;"#(2( -#1"/'()&'-'9F2(,'1%#1+/'(,'1( %#1/#1,+2$(L%1+,2$=(&#4+3+'$2$( ?P'(/#(3L1#&'A(U1(-'/#4'(/#("1( -2&,'(,"&&+,"42&(,'-d1(/#(#$%#( %+)'(E"#(E'&-"42/'(#1(]`ì@]``^( #1(#4()&'?#,%'(/#(#/",2,+*1(/#( 42(U1+*1(5"&')#2()2&2(WXA(6+1( #-:2&3'=(#4(-2&,'(-'/#4'(1'(E"#( HKVW[HKVVÄJPHSTLU[LH\UX\L -",>'$(/#($"$()&+1,+)+'$(E"#&'1( %&2%2/'$(/"&21%#()&',#$'$(/#( &#9+$+*1(,"&&+,"42&()'$%#&+'&#$A( U12(4#,,+*1(2)&#1/+/2(,429#(/#4( WYVJLZVYLZHS[HSVZILULÄJPVZ /#(%&2:2<2&(,'1(3&")'$( -"4%+L%1+,'$(#1(243"12$(-#%2$( ?()&',#/+-+#1%'$(,'-d1-#1%#( 2,#)%2/'$e(#$%'(#$(/#()2&%+,"42&( +-)'&%21,+2(#1(,'1%#K%'$()'$%@ JVUÅPJ[VJ\HUKVSHZKP]PZPVULZ L%1+,2$()"#/#1($#&(':$%N,"4'$( ,'1$+/#&2:4#$()2&2(9+9+&(?(%&2:2<2&( <"1%'$A [-4()4B2(U!56RV(0W5 Ê2 ?&4#-*42-(24(9+R-42a+$I&)".+2,42$%2*4J"&"/(2,42$+&27$%(4&2,424&)-,"+12(B'$( )421#$(/#(#$%"/+'(&#9+$2/'$(/#:#1(%&2%2&(4'$($+3"+#1%#$(2$"1%'$Q y( LSJVU[L_[VSHQ\Z[PÄJHJP}U`SVZWYPUJPWPVZWHYHLSJHTIPVJ\YYPJ\SHYWVYLQLTWSV\U #1E';"#(:2$2/'(#1(/#&#,>'$=('(42(<"$%+,+2($',+248 y( 4'$(,'1,#)%'$(/#(2)&#1/+D2<#(/#(,24+/2/=(4'$(-'/#4'7$8(,"&&+,"42&7#$8(?(42(+1,4"$+*1(/#( 42$(1#,#$+/2/#$(/#(4'$(#/",21/'$(?(#/",21/2$ y( J}TVZLYLÅLQHUSVZWYPUJPWPVZWYPTLYW\U[VHU[LYPVY`SVZJVUJLW[VZZLN\UKV )"1%'(21%#&+'&8(#1(4'$()421#$(/#(#$%"/+'(2(%&29L$(/#(-#/+'$(,'-'(4'$(#1E';"#$( :2$2/'$(#1(,'-)#%#1,+2$=(42(+1%#3&2,+*1(/#(2$"1%'$(%#-N%+,'$(,429#=('(42$(1"#92$( #$%&2%#3+2$(/#(#1$#C21D2(?(2)&#1/+D2<# y( 42$()&+1,+)24#$(-#%2$=(&#$"4%2/'$(/#4(2)&#1/+D2<#(?(,&+%#&+'$(/#(#924"2,+*1()2&2(,2/2( #%2)2(#/",2%+92 y( 42$(+-)4+,2,+'1#$()2&2('%&2$(N&#2$(%24#$(,'-'(42(#/",2,+*1(?(,2)2,+%2,+*1(/#( -2#$%&'$=(42(#/",2,+*1(1'(E'&-24=(42(#924"2,+*1=(42(+1$)#,,+*1(/#(1+9#4(/#(42(#$,"#42=( 42(2/-+1+$%&2,+*1(/#(42(#$,"#42(?(/#4(2"42(?(4'$(&#,"&$'$(?(-2%#&+24#$(/#(2)&#1/+D2<# Ê2 0KLU[PÄX\LLZ[YH[LNPHZHWYVWPHKHZWHYHJVTWHY[PYTLUZHQLZKLLTLYNLUJPH .+(2$%2.+H-(",%,1:LKLILUPKLU[PÄJHYLZ[YH[LNPHZWHYH[YHUZTP[PYTLUZHQLZ /#(#-#&3#1,+2(2(4'$(#/",21/'$(?(#/",21/2$(%21%'(#1(42$(#$,"#42$(,'-'(#1(4'$( #1%'&1'$(#/",2%+9'$(1'(E'&-24#$A(6#(/#:#(,'1$"4%2&(2(4'$(-2#$%&'$(?(-2#$%&2$( ,'1(&#$)#,%'(2(,"N1/'(%+#1#1($#$+'1#$(/+$)'1+:4#$(?()#&%+1#1%#$('(%+#-)'(#1( $"$()421#$(/#(4#,,+'1#$()2&2(%&21$-+%+&(#$%'$(-#1$2<#$A(X2?(;"#(&#E'&D2&(4'$( -#1$2<#$()'&(E"#&2(/#4(2"42()2&2(2$#3"&2&("12(,'-)&#1$+*1(-N$()&'E"1/2(?( -2?'&(,'1',+-+#1%'(/#()2&%#(/#(42(,'-"1+/2/A Ê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q"1+9#&$24#$r(?(4'$(924'&#$( '(1'&-2$(4',24-#1%#(2,#)%2/'$A(R"21/'($#2()'$+:4#=(2$#3"&#(42(#4+-+12,+*1( /#(-2%#&+24#$('(%#K%'$(%#1/#1,+'$'$('()'4L-+,'$A(5$%'()"#/#(92&+2&(/#$/#(42( #4+-+12,+*1(/#("1(4+:&'(/#(%#K%'('(2?"/2(/#(#1$#C21D2(24()&',#$'(-#1'$(/&N$%+,'( )#&'(-N$(/+EF,+4=(;"#(#$(#4+-+12&("12($#4#,,+*1(/#("1(%#K%'(/#1%&'(/#("1(4+:&'A(( =%2+#"%&,2))*,21$)(%&$&,"+%*'()$)&'2)$+#(&2+$&)(%02(%#$&'(&(.()>(+,*$?& Ê2 `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q,'-)#1$2%'&+2$r=('()&'3&2-2$(-N$(#K%#1$'$(,'-'(4'$()&'3&2-2$(/#( 2)&#1/+D2<#(2,#4#&2/'(7JBM8Aai( Ê2 6+H7%*)%2"(9+*H%."/(2%.4*.%2,42$+&2.%HL"+&2.+(2)+,+&2$+&2"()4*4&%,+&12( S"&21%#(42$(#-#&3#1,+2$=(42$(2"%'&+/2/#$(#/",2%+92$=(#1(,'')#&2,+*1(,'1(4'$( +1%#&#$2/'$=()"#/#1(#42:'&2&(243"1'$(/',"-#1%'$(7:&#9#$8(/#()'4F%+,2=(%24#$( JVTVTHUPÄLZ[VZLK\JH[P]VZVJ\YYPJ\SHYLZJHY[HZJPYJ\SHYLZMVSSL[VZVHÄJOLZ ;"#()&#$#1%21(?(#K)4+,21(4'$(,2-:+'$()&+1,+)24#$A 14 Los ALP combinan varios años de educación en un marco temporal más corto enfocándose en las competencias fundamentales requeridas para avanzar y desempeñarse con éxito en los siguientes niveles, así como para volver al nivel apropiado para su edad en la escuela formal. Los ALP y otros programas compensatorios pueden ser de particular importancia para niños combatientes que retornan o “generaciones perdidas” que han perdido períodos mayores de educación y recargarían la estructura escolar “normal”. 11 73(5,:+,,:;<+06 5$%"/+'(/#(,2$'Q(['&-"42,+*1( /#("1(-2&,'(,"&&+,"42&( ,'-d1=(W'$1+2(?(X#&D#3'9+12 73(5,:+,,:;<+06 &=%2+#"%&,2))*,21$)(%&$&,"+%*'()$)&(+&(1&0()/"'"&<2(&5$&'(%'(&1$&(.()>(+,*$&@$%#$&1$& )(,20()$,*-+&&#(.0)$+$&4&0)(0$)$#*5"%? Ê2 6+(&",4*42$%&2.+H74)4(."%&24,-.%)"J%&29-(,%H4()%$4&2:2&-27%74$2 9-(,%."+(%$1251(%L&-+1'$(/#(,'-)#%#1,+2$(E"1/2-#1%24#$=(#$(+-)'&%21%#(;"#( 4'$(#/",21/'$(?(#/",21/2$(/#$2&&'44#1(,'-)#%#1,+2$()$+,'$',+24#$(3#1L&+,2$( WHYHWLUZHYYLÅL_PVUHYKLJPKPYJVT\UPJHYPU[LYHJ[\HY`HJ[\HY Ê2 M%HL"A(2&42a%(2,42.+(&",4*%*2.+H74)4(."%&2$"#%,%&2%$2.+()4Z)+1(u$%2$( +1,4"?#1(,'-)#%#1,+2$(2$',+2/2$(,'1(4'$(,'1%#K%'$($',+24=(#,'1*-+,'(?( 2-:+#1%24=('(,'1(42()#&,#),+*1(/#(&+#$3'(?(42$(/#,+$+'1#$(?(1#3',+2,+'1#$( LZWLJxÄJHZHSHZHS\K Ê2 Q4.+(+<.%2$%&2(4.4&",%,4&2"(,"J",-%$4&1(B'$(+1%#&#$2/'$(#1(42(#/",2,+*1( /#:#1(&#,'1',#&(4'$(/+E#&#1%#$(#$%+4'$(/#(2)&#1/+D2<#(?(42$(/+E#&#1%#$(1#,#$+/2/#$( /#(2)&#1/+D2<#(?(/#$2&&'44'=(%'-21/'(#1(,'1$+/#&2,+*1(#4(+-)2,%'(/#(42(,&+$+$A Ê2 3*+H-4J%2J%$+*4&27+*2H4,"+2,42$%24,-.%."/(1(c2-:+L1(#$(+-)'&%21%#( #1E',2&$#(#1(42(#/",2,+*1(#1(924'&#$(7#/",2,+*1()2&2(42()2D=(#/",2,+*1(#1( SVZKLYLJOVZO\THUVZJP\KHKHUxHWHYHWYVTV]LYSHJVL_PZ[LUJPHWHJxÄJH 42(&#+9+1/+,2,+*1(/#(/#&#,>'$(?(42(,'-)&#1$+*1(/#(42$(&#$)'1$2:+4+/2/#$(#1( &#42,+*1(,'1(4'$(/#&#,>'$(>"-21'$(?(42(,+"/2/21F2A(( Ê2 ?&4#-*42R-42$+&2H%)4*"%$4&2&4%(2%H"#%L$4&2.+(24$2-&-%*"+12B'$(-2%#&+24#$($#( /#:#1(%&2/",+&(#1(/',"-#1%'$(,42&'$(?(2-+32:4#$(24("$"2&+'A(u$%'$()"#/#1(+1,4"+&( -2&,'$(,"&&+,"42&#$=(%#-2&+'$(/#(-2%#&+2=(3"F2$(,"&&+,"42&#$(?(3"F2$()2&2(#4(-2#$%&'A Ê2 ]*"(,42+*"4()%."/(2.$%*%27%*%2$+&2H%)4*"%$4&2(-4J+&12v&#2$(,"&&+,"42&#$(71"#92$8( /+E#&#1%#$=(%24#$(,'-'(>2:+4+/2/#$()2&2(42(9+/2=()"#/#1($#&(2)'?2/2$(,'1()2"%2$(/#( #1$#C21D2(?(2)&#1/+D2<#(/#%2442/2$A(6#()"#/#1(#-)4#2&(/+E#&#1%#$(E'&-2%'$=(%24#$( JVTVHÄJOLZSPIYVZKLHJ[P]PKHKLZVKL[YHIHQVVQ\LNVZLK\JH[P]VZ Ê2 K"(.-$42$%&24Z74.)%)"J%&2,42$%24,-.%."/(29+*H%$2:2(+29+*H%$1(5K+$%#(42(1#,#$+/2/( KLHIVNHYWVYYLJVUVJPTPLU[V`JLY[PÄJHJP}UKLWHY[LKLSZPZ[LTHMVYTHSKLSHZ ,'-)#%#1,+2$(E"1/2-#1%24#$(2/;"+&+/2$(#1(42(#/",2,+*1(1'(E'&-24A(5$%'(#$( )2&%+,"42&-#1%#(+-)'&%21%#(#1(#1%'&1'$(/#(#-#&3#1,+2('(,&+$+$(,&*1+,2(,"21/'( >2:+4+/2/#$()2&2(42(9+/2(#$#1,+24#$(?(5RcZ(2(-#1"/'($#(#1$#C21(#1()&'3&2-2$(/#( #/",2,+*1(1'(E'&-24A(c2-:+L1(#$(,&F%+,'(2$#3"&2&(,'1$+$%#1,+2(#1%&#(4'$()&'3&2-2$( 2,#4#&2/'$('(,'1$'4+/2/'$(?(4'$()&'3&2-2$(%&2/+,+'124#$(/#(#/",2,+*1(E'&-24()2&2( 2$#3"&2&(-2?'&(-'9+-+#1%'('(&#%'&1'(2(42(#/",2,+*1(E'&-24A Ê2 Q4.+7"$42+2.*442H%)4*"%$4&27%*%2$%27*47%*%."/(27%*%24H4*#4(."%&12( R'1$+/#&#(,'-)+42&()2;"#%#$(/#(-#1$2<#$(/#(#-#&3#1,+2(3#1L&+,'$(7)'&( #<#-)4'=($24"/=()&'%#,,+*1('(2,,#$'(2(42(#/",2,+*18(?(":+,2&4'$(,'1(21%+,+)2,+*1( #1(%'/'(#4()2F$A(G2%#&+24#$(,"&&+,"42&#$(2/2)%2/'$(7)'&(#<#-)4'=(%#-2&+'$(/#( -2%#&+2$(,'1$'4+/2/'$('(-2%#&+24#$(JBM8()"#/#1($#&(,'-)+42/'$(,'1()2;"#%#$( /#('&+#1%2,+*1(&#42%+9'$(2($"("$'(2)&')+2/'()2&2(4'$(2/-+1+$%&2/'&#$(?(-2#$%&'$A(( N+)%2bB¦*\mSLZHZ\U[VZ[LTm[PJVZJSH]LKLILUZLY[VTHKVZLUJVUZPKLYHJP}UJ\HUKVZL $%$>+&*2,2%&-$##,33&*2>3$*&-2%&2&-+0%(,E Ê2 ?7+:42$%2"(.$-&"/(2,42%&-()+&2)4H@)".+&2.$%J424(2$%2%,%7)%."/(2:2,4&%**+$$+2,42 7$%(4&2,424&)-,"+12B'$(2$"1%'$(,429#(#K)4'&2/'$(2(,'1%+1"2,+*1(?(#1(%'/2$(42$(5V[HZ KLVYPLU[HJP}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y! 3HLK\JHJP}U)2&2(42()2D()&#%#1/#(/#$2&&'442&(42(>2:+4+/2/(/#(4'$(#/",21/'$(?(#/",21/2$(/#( WYL]LUPYYLZVS]LY`WYVJLZHYSVZJVUÅPJ[VZ`SH]PVSLUJPHKLTHULYHJVUZ[Y\J[P]H"ZLPU[LYLZH )'&(,*-'(-21#<2&(42(/+9#&$+/2/()&'/",%+92-#1%#()'&(-#/+'(/#(42(%'4#&21,+2(?(#4(&#$)#%'( )2&2("1'(-+$-'(?()2&2(#4('%&'A(B2(#/",2,+*1()2&2(42()2D()"#/#(,'-)2&%+&(,'1%#1+/'(,'1( 42(#/",2,+*1(#1(>2:+4+/2/#$()2&2(42(9+/2('(+1,4"+&(%#-2$(/#(/#&#,>'$(>"-21'$=()&+1,+)+'$( O\THUP[HYPVZTP[PNHJP}UKLSJVUÅPJ[VOPZ[VYPHKLSJVUÅPJ[V`JP\KHKHUxH y! 3HLK\JHJP}ULUOHIPSPKHKLZWHYHSH]PKHZLLUMVJHLUPUÅ\PYLULSJVTWVY[HTPLU[VHS H`\KHYHSVZLK\JHUKVZ`LK\JHUKHZH[VTHYKLJPZPVULZPUMVYTHKHZLUILULÄJPVKLZx 12 5$%"/+'(/#(,2$'Q(M&#$%2,+*1(/#( #/",2,+*1(2()2$%'&#$P1*-2/2$=( U321/2 3*+L$4H%(M&#$%2&(#/",2,+*1( 2(,'-"1+/2/#$(1*-2/2$(#1( U321/2(#$%N(44#1'(/#()&':4#-2$( &#42%+9'$(24(&#,4"%2-+#1%'( KLTHLZ[YVZ`JHSPÄJHKVZ 42(,&#2,+*1(/#(-2%#&+24#$( /#(2)&#1/+D2<#(2)&')+2/'$( ?(42(2/2)%2,+*1(/#4(#1%'&1'( /#(2)&#1/+D2<#(2($#&(-*9+4(?( )#&%+1#1%#()2&2(42(,"4%"&2(/#( SHJVT\UPKHK3VZJVUÅ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l(2(a^(2C'$(/#(#/2/(2)&#1/#1( >2:+4+/2/#$(:N$+,2$(/#(4#,%"&2P #$,&+%"&2(?(,'1',+-+#1%'(/#(42( 2&+%-L%+,2(?(%&2%21('%&'$(%#-2$( -"?()#&%+1#1%#$(%24#$(,'-'( $24"/=(Z0XP60SJ=()&'/",,+*1( /#(,"4%+9'$(?()2D(?($#3"&+/2/=( %'/'$(,'1(:2$#(#1(#4(#1%'&1'=( ,'1',+-+#1%'(?(,"4%"&2(4',24A(6+1( #-:2&3'=(,'1("1(-NK+-'(/#( %&#$(>'&2$(24(/F2(/#(#/",2,+*1=(#4( 2)&#1/+D2<#(#$(1#,#$2&+2-#1%#( 4#1%'(?()"#/#(%#1#&(;"#($#&( +1,'&)'&2/'(2d1(-N$(#1(#4( #$%+4'(/#(9+/2(/#(4'$()2$%'&#$( #1(-21#&2$(-N$(+11'92/'&2$( ?(,'1%+1"2/2$A(J"1;"#(,'-'( &#$)"#$%2=(#$%'$()&'3&2-2$( $'1(1'(E'&-24#$=(+1,4"+/'$($"$( -2#$%&'$(?(E2,+4+%2/'&#$=(#$%N1( %&2:2<21/'()'&($#&(&#,'1',+/'$( #(+1,'&)'&2/'$(#1(#4($+$%#-2(/#( #/",2,+*1(E'&-24A [-4()4B(629#(%>#(R>+4/&#1=(U321/2 3*+L$4H%B(S"&21%#(4'$(d4%+-'$( H|VZKLSJVUÅPJ[VX\LK\Y} /L,2/2$(#1%&#(#4(3':+#&1'(/#( 6&+(B21T2(?(4'$($#)2&2%+$%2$( %2-+4(7Bcc58(,+#1%'$(/#(-+4#$(/#( )#&$'12$(E"#&'1(/#$)42D2/2$A( ,SJVU[xU\VJVUÅPJ[VHYTHKV #1(-",>2$(N&#2$=(<"1%'(,'1(#4( /#$)42D2-+#1%'(2(3&21(#$,242=( +-)+/+*(2(-",>'$(#/",21/'$( 2$+$%+&(2(42(#$,"#42()'&(-#$#$( ?(2C'$A(51(42()&'9+1,+2('&+#1%24( /#(W2%%+,24'2=(42$(#$,"#42$(?(#4( )#&$'124(#/",2%+9'(+1%#1%2&'1( 2,'3#&(2(4'$(#/",21/'$( /#$)42D2/'$(#1($"$()&')+2$(,42$#$=( /21/'(,'-'(&#$"4%2/'(#$,"#42$( >2,+12/2$(?(3&")'$(-#D,42/'$( /#(#/",21/'$A(51(243"12$(N&#2$( HMLJ[HKHZWVYLSJVUÅPJ[VZL ,24,"42(;"#(#4(a`w(/#4(3&")'(/#( #/2/()#&%+1#1%#(2()&+-#&(3&2/'(1'( $#(-2%&+,"4*e(2/+,+'124-#1%#=(4'$( #$%+-2%+9'$(/#(2:21/'1'(/#(4'$( 3&2/'$(a@m(92&+2:21(#1%&#(^w(?( ]]w(#1(42$()&'9+1,+2$(1'&%#C2(?( '&+#1%24(/#(6&+(B21T2A(( '()4*J4(."/(2B(U!0R5[(2)'?*(#4( )&',#$'(/#(,'1$'4+/2&(#4()421(/#( LZ[\KPVVÄJPHSWHYHHZLN\YHYX\L 4'$(#$%"/+21%#$(/#$)42D2/'$(?( HMLJ[HKVZWVYLSJVUÅPJ[VW\KPLZLU ,'-)4#%2&(4'$(#KN-#1#$(#$%N1/2&( ?(2921D2&(24(1+9#4(/#(3&2/'( 2)&')+2/'(2($"(#/2/A(5$%#()&',#$'( 2(1+9#4(/#()&'9+1,+2(+19'4",&*(2( "1(3&")'($#4#,%'(/#(#$)#,+24+$%2$( #1(-2%#&+2$(;"#(&#)2$2&'1( ,2/2(-2%#&+2(2(1+9#4()&+-2&+'=( #$,'3+#&'1(,'-)#%#1,+2$( E"1/2-#1%24#$=(&#$24%2&'1(%#K%'( ,429#(?(,'1$'4+/2&'1(#4()421(/#( #$%"/+'(#$%N1/2&(#1("1(3&")'(/#( %#K%'$(-N$(,'&%'$A(5$%'()#&-+%+*( 2(4'$(#/",21/'$(/#(#$,"#42( %21%'()&+-2&+2(,'-'($#,"1/2&+2( 73&2/'$(a@aj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u$%2$()"#/#1(+1,4"+&Q(2)&#1/+D2<#($',+24(?(#-',+'124(?(2)'?'( )$+,'$',+24e(&#/",,+*1(/#4(&+#$3'(?()&'-',+*1(/#(42($24"/e(/#&#,>'$(>"-21'$=(,+"/2/21F2( ?(,'>#$+*1($',+24e(&#/",,+*1(/#4(&+#$3'(/#(/#$2$%&#=(-+%+32,+*1(/#4(,2-:+'(,4+-N%+,'(?( 2/2)%2,+*1e(4'$(/#)'&%#$=(42$(2&%#$(?(42(&#,&#2,+*1e(?(#1(243"1'$(,'1%#K%'$=(-#/+'$(/#( Z\Z[LU[V`JVUVJPTPLU[VZÄUHUJPLYVZ y! 3HYLK\JJP}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y! 3HLK\JHJP}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y! 3HLK\JHJP}UPU[LYJ\S[\YHS+19'4",&2(2,%+9+/2/#$('(#1E';"#$(;"#(/#$2&&'4421(42(,'1,+#1,+2(/#( $F(-+$-'(?(#4(&#$)#%'()'&(4'$()"#:4'$(/+E#&#1%#$A(c&2%2(42(1#,#$+/2/(/#(-21#<2&(42(/+9#&$+/2/( /#(-21#&2(,'1$%&",%+92(?(,&#2&(/+N4'3'(?(#1%#1/+-+#1%'(+1%#&,"4%"&24A(5$%'(2(-#1"/'(#$%N( ]PUJ\SHKVJVUSHLK\JHJP}UWHYHSHWHaSHTP[PNHJP}UKLJVUÅPJ[V`SHLK\JHJP}ULUSVZ /#&#,>'$(>"-21'$A((( y! 3HLK\JHJP}ULUZHS\KLOPNPLUL($#(#1E',2(#1(,'-)&#1/#&(?(924'&2&(4'$(#$%+4'$(/#(9+/2($21'$=( ,*-'(2E&'1%2&(&+#$3'$(2(42($24"/(?(#4(:+#1#$%2&=(,*-'(%'-2&(/#,+$+'1#$(+1E'&-2/2$(?(,*-'( 2,,#/#&(2(2?"/2(#E#,%+92(%21%'(/#1%&'(,'-'(E"#&2(/#(42(#$,"#42=($#3d1($#2(1#,#$2&+'A(B2( #/",2,+*1(#1($24"/(+1,4"?#(42(1"%&+,+*1($212(?(42(,'-)&#1$+*1(/#($"(+-)2,%'(#1(#4(/#$2&&'44'( ,'31+%+9'(?(42$(>2:+4+/2/#$(,'31+%+92$=(?(/#:#(%&2%2&(#4(:+#1#$%2&(EF$+,'=()$+,'4*3+,'(?(#$)+&+%"24A y! 3HPN\HSKHKKLNtULYV,'1$+$%#(#1(2,%+9+/2/#$=(#1E';"#$(?(-2%#&+24#$(;"#()&'-"#9#1(42( +3"24/2/(/#(3L1#&'(?(#4+-+121('(#9+%21()&#<"+,+'$(/#(3L1#&'(#1(42(9+/2()&+92/2=()&'E#$+'124=( ?()d:4+,2(/#(4'$(#/",21/'$(?(/#($"(,'-"1+/2/A(B2(+3"24/2/(/#(3L1#&'(+19'4",&2(2$#3"&2&( ')'&%"1+/2/#$(#;"+%2%+92$()2&2(2-:'$($#K'$(?(2$F()'/#&()2&%+,+)2&()4#12-#1%#(?( /#$#-)#C2&$#(#1()&',#$'$(/#(2)&#1/+D2<#(?(/#$2&&'44'(/"&21%#(%'/2(42(9+/2A(c&2%2(%#-2$( /#(&#$)"#$%2(?()&#9#1,+*1(/#(42(9+'4#1,+2(:2$2/2(#1(#4(3L1#&'=(+1,4"?#1/'(42(#K)4'%2,+*1(?( 2:"$'($#K"24(/#1%&'(?(E"#&2(/#4(#1%'&1'(/#(2)&#1/+D2<#A(( y! 3VZWYVNYHTHZKLLK\JHJP}UWHYHLST\UKVKLS[YHIHQVVLK\JHJP}ULUTLKPVZKLZ\Z[LU[V 7;"#(+1%#3&21(#/",2,+*1(42:'&24=(#/",2,+*1(#-)&#$2&+24=(#/",2,+*1(/#4(,'1$"-+/'&(?(24+9+'( ÄUHUJPLYVKLSHWVIYLaHJVUZ[Y\`LU\UHJVTWYLUZP}UKLST\UKVKLS[YHIHQVPUJS\`LUKV L%+,2(42:'&24=(,'1,+#1,+2(/#(,'1$"-+/'&=(#$%+4'$(/#(9+/2($21'$(?(,'1,+#1,+2(2-:+#1%24A(B'$( )&'3&2-2$(%2-:+L1(/#$2&&'4421(>2:+4+/2/#$(42:'&24#$(?(#-)&#$2&+24#$=(%24#$(,'-'($'4",+*1( /#()&':4#-2$=(>2:+4+/2/#$(2124F%+,2$(?(/#()#1$2-+#1%'(,&F%+,'=(%&2:2<'(#1(#;"+)'=(4+/#&2D3'( ?(,&#2%+9+/2/=(/#-'$%&2,+*1(/#(+1+,+2%+92(?(42(,2)2,+/2/(/#(2)4+,2&()&',#/+-+#1%'$(?( >#&&2-+#1%2$(/#(-21#&2(#E#,%+92(?(&#$)'1$2:4#A( N+)%2'B¦,SWYVJLZVJ\YYPJ\SHYJ}TVZLJVVYKPUHJVUV[YHZPUPJPH[P]HZ`ZLJ[VYLZ& Ê2 ?7+:42$%2.+$%L+*%."/(24()*42"("."%)"J%&24,-.%)"J%&12,ZPTWVY[HU[LPKLU[PÄJHYHSVZ +1%#&#$2/'$()#&%+1#1%#$(#1('%&2$(+1+,+2%+92$(#/",2%+92$(#1(,2/2(#%2)2(/#4()&',#$'(/#( HUmSPZPZHKHW[HJP}ULPTWSLTLU[HJP}U,UWHY[PJ\SHYPKLU[PÄX\LW\U[VZKLLUJ\LU[YV` ,'1$+/#&#(-21#&2$(/#(,'-:+12&(#$E"#&D'$()2&2(#9+%2&(42(/")4+,2,+*1(7'($#2=(#4(21N4+$+$( /#4()421(/#(#$%"/+'($#(,'-"1+,2&F2(,'1(4'$(21N4+$+$(%21%'(/#(4'$()&',#$'$(/#(+1$%&",,+*1( `HWYLUKPaHQLJVTVJVUSHL]HS\HJP}UKLSVZYLZ\S[HKVZKLSHWYLUKPaHQL¶¦ZLWVKYxHU ,'-:+12&(4'$(#1E';"#$=(4'$(-L%'/'$(/#(&#,')+42,+*1(/#(/2%'$(?(#4(,'-)2&%+&(+1E'&-2,+*1h8A Ê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Ê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Ê2 M*%)42$%2*4&"&)4(."%27+)4(."%$2%$2.%HL"+2,4$27$%(2,424&)-,"+1(B2(&#$+$%#1,+2(2(42$( YL]PZPVULZKLSVZWSHULZKLLZ[\KPVW\LKLWYV]LUPYKLJPLY[VZNY\WVZVWLYZVUHZPUÅ\`LU[LZ /#1%&'(/#4($+$%#-2(#/",2%+9'('(/#('%&'$($#,%'&#$(/#4(3':+#&1'(?($',+#/2/A(J"1;"#()"#/#( $#&(+-)'$+:4#(#4+-+12&(42(&#$+$%#1,+2=(#$%&2%#3+2$()2&2(&#/",+&(42(&#$+$%#1,+2()"#/#1(2"-#1%2&( 42(,'-)&#1$+*1(?(42($#1$2,+*1(/#()&')+#/2/(/#4()&',#$'A(5$%2$(#$%&2%#3+2$()"#/#1(+1,4"+&( &#"1+'1#$(,'-"1+%2&+2$('($#$+'1#$()d:4+,2$(/#()&#3"1%2$(?(&#$)"#$%2$=(42()&#)2&2,+*1(?( /+$%&+:",+*1(/#()2;"#%#$(/#('&+#1%2,+*1(2(4F/#&#$(3":#&12-#1%24#$(?(,'-"1+%2&+'$(,429#=('( %244#&#$(/+&+3+/'$()2&2(,'-)2&%+&(4'$(,2-:+'$($"3#&+/'$A 14 3*+L$4H%B2J1%#$(/#(42( 3"#&&2(/#(]`à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``j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ÄUHSPaHKV`SHUaHKV ?(&#)&#$#1%*("1(#$%&#1'(#1(#4( $+$%#-2(4"#3'(/#(-N$(/#(,"2%&'( /L,2/2$A !"6#)70/$7$-&,3)4-1# 3HKP]\SNHJP}U`\[PSPaHJP}UKLTH[LYPHSLZJ\YYPJ\SHYLZHKHW[HKVZVYL]PZHKVZ %&D&2$-&"0#$#2A0&23,-2&%0'$*%,-2?2&%0'$*%$-2+&*"$*2$''&-,2$2)$+&#($3&-2%&2 HWYLUKPaHQLHWYVWPHKVZWHYHZ\UP]LSKLLKHK`KLZHYYVSSV 3-()+&2.$%J42%2.+(&",4*%*B2 QS6V3SQ?6'WN2MSP3Q?N?2X2 3QS3?Q?M'KY! SPSQUSN6'? 6Q'!'!26QWN'6?! '()4*4&%,+& 3VZPU[LYLZHKVZTmZHWYVWPHKVZ¦LZ[mU (*@,30'#$%,-2&*2()>3&)&*+$#2,2$>,?$#23$2 KP]\SNHJP}UKLSVZWSHULZKLLZ[\KPV`LSHUmSPZPZ JVU[xU\VKLSHWLY[PULUJPHKLSJVU[LUPKV&=tHZL SHUV[H1WmN y( fg"+L1#$(%+#1#1(42$(>2:+4+/2/#$(?(4'$( YLJ\YZVZWHYHSHTVKPÄJHJP}U`WYVK\JJP}U +1-#/+2%2(/#(-2%#&+24#$(4',24#$h(( y( fR*-'($#&N1(,2)2,+%2/'$("('&+#1%2/'$h ¦8\PtULZZVUYLZWVUZHISLZKLSHWV`VHTmZ 3$#",2>3$7,2%&23$2%(@03"$'(.*2%&23,-2>3$*&-2%&2 &-+0%(,2?23$2',,#%(*$'(.*2',*2,+#$-2-&''(,*&-E2 =tHZLSHUV[H1WmN y( fR"N4#$($'1(42$(+-)4+,2,+'1#$()2&2(42( )&'/",,+*1(-2$+92(/#(4'$(-2%#&+24#$( &#9+$2/'$h(fg"+L1#$(%#1/&N1(4'$(&#,"&$'$( ?(42(,2)2,+/2/(/#(,''&/+12&(?(2)'?2&(42( ,2)2,+%2,+*1=('&+#1%2,+*1('(&#'&+#1%2,+*1( 1#,#$2&+2(/#(4'$(-2#$%&'$(,2)2,+%2/'$h y( fB'$(,2-:+'$(#1(4'$()421#$(/#(#$%"/+'($#( YLÅLQHULU[VKVZSVZJLU[YVZKLLK\JHJP}U /#(-2#$%&'$(?("1+9#&$+/2/#$h `"J-$#%."/(2,42$+&27$%(4&2,424&)-,"+2:2H%)4*"%$4&2,424(&4O%(<%2:2%7*4(,"<%=4 ¦8\t[PWVZKLTH[LYPHSLZKLHWYLUKPaHQLZVU TmZHWYVWPHKVZWHYHLSJVU[L_[V&=tHZLSH UV[H2WmN ¦*}TVOHUZPKVKPZ[YPI\PKVZSVZ TH[LYPHSLZ&=tHZLSHUV[H2WmN y( fB'$(-2%#&+24#$(/#(#1$#C21D2(?( 2)&#1/+D2<#(?($"$(1'&-2$(/#(21N4+$+$( ,'&&#$)'1/+#1%#$=(f>21($+/'(/+$%&+:"+/'$(2( 1+9#4(/#(#$,"#42('()&'3&2-2h(( ¦3VZTH[LYPHSLZOHUZPKVHWV`HKVZJVU '$>$'(+$'(,*&-202,#(&*+$'(,*&-2>$#$2 $-&"0#$#2-02',)>#&*-(.*2?23$2'$>$'(%$%2 KL\ZHYSVZ&=tHZLSHUV[H0WmN ¦*\mSOHZPKVLSPTWHJ[VYLHSKLSVZWYVNYHTHZ WPSV[VZKL(37ZV7YVNYHTH*VUZVSPKHKV& =tHZLSHUV[H3WmN y( fB'$(-2%#&+24#$($2%+$E2,#1(42$(1#,#$+/2/#$( /#(4'$(#/",21/'$h( y( fX21(,2-:+2/'(4'$(':<#%+9'$(/#4( 2)&#1/+D2<#h(f5K+$%#("1($+$%#-2()2&2( 2124+D2&(,'1%+1"2-#1%#($+(#4()421(/#( #$%"/+'($2%+$E2,#(42$(1#,#$+/2/#$(/#(4'$( #/",21/'$h y( f5K+$%#("1($+$%#-2(/#(21N4+$+$('( 2,&#/+%2,+*1()2&2(2$#3"&2&("1(,42&'( )&'3&#$'(?(42(')'&%"1+/2/(/#(9'49#&(2( ,42$#$(/#(42(#/",2,+*1(E'&-24(#1(#4(E"%"&'h y( f54()421(/#(#$%"/+'(+1,4"?#(42(#/",2,+*1( #1(924'&#$h((( ¦:LOHKLÄUPKV\UJHSLUKHYPVKLL]HS\HJP}U` YL]PZP}UKLSWSHUKLLZ[\KPV&=tHZLSHUV[H2 WmN y( fg"L(%+)'$(/#(-2%#&+24#$(/#(2)&#1/+D2<#( $'1(4'$(-N$(2)&')+2/'$()2&2(#4(,'1%#K%'h y( ¦,SJVU[L_[VJHTIP}ZPNUPÄJH[P]HTLU[L` &#;"+#&#(-2%#&+24#$(2/+,+'124#$h(((( [-4()4B(U!56RV(0W5 ¦3VZTH[LYPHSLZOHU[LUPKV\UHWY\LIHWPSV[V& =tHZLSHUV[H3WmN N+)%2cB¦8\PtULZKLILULZ[HYPU]VS\JYHKVZLUSHTVKPÄJHJP}UVJYLHJP}U[HU[VMVYTHS ',),2+&)>,#$3<2%&23,-2)$+&#($3&-2%&2$>#&*%(7$H&E22 Ê2 '(J+$-.*42%2$%2.+H-(",%,2H@&2%H7$"%1+P]LYZVZPU[LYLZHKVZ¶PUJS\`LUKV -2#$%&'$(?(-2#$%&2$=(,"+/2/'&#$=(<*9#1#$=(#-)&#$2&+'$=()#&$'124(/#4(-+1+$%#&+'( KLLK\JHJP}USxKLYLZJVT\UP[HYPVZPUZ[P[\JPVULZYLSPNPVZHZ`65.¶[VKVZW\LKLU [LULY\UWHWLSLUSHTVKPÄJHJP}UVJYLHJP}UKLTH[LYPHSLZKLHWYLUKPaHQL+L $#&()'$+:4#=(4'$(-2%#&+24#$()#&$'124+D2/'$($#(/#:#1(,'-)2&%+&(,'1(42(,'-"1+/2/( -N$(2-)4+2(2(%&29L$(/#(,#1%&'$(/#(&#,"&$'$()2&2(#4(2)&#1/+D2<#=(,#1%&'$(/#( /',"-#1%2,+*1(?(,#1%&'$(/#(,2)2,+%2,+*1()2&2(2$#3"&2&(-2?'&(2,,#$'(2( -2%#&+24#$(/#(,24+/2/(2$F(,'-'(,'1$+$%#1,+2(/#(#1E';"#(?(,'1%#1+/'A 15 73(5,:+,,:;<+06 5$%"/+'(/#(,2$'Q(S#$2&&'44'( /#(>2:+4+/2/#$()2&2(42(9+/2=( JE321+$%N1 73(5,:+,,:;<+06 N+)%2dB¦8\t[PWVZKLTH[LYPHSLZKLHWYLUKPaHQLZVUTmZHWYVWPHKVZWHYHLSJVU[L_[V& Ê2 `4)4*H"(42$%2,"&7+("L"$",%,2,42H%)4*"%$4&12R"21/'($#2()'$+:4#($#3"+&("$21/'(4'$(-2%#&+24#$(#K+$%#1%#$=('($#()"#/21( \ZHYJVUZ}SV\UVZHQ\Z[LZLZWLJxÄJVZLZPTWVY[HU[LLUJVU[YHYZVS\JPVULZX\LWLYTP[HUH[VKVZSVZLK\JHUKVZ `LK\JHUKHZ[LULYHJJLZVLX\P[H[P]VH[HSLZTH[LYPHSLZ7VYLQLTWSVW\LKLZLYULJLZHYPVYLPTWYPTPYZ\ÄJPLU[LZ #<#-)42&#$(/#(-2%#&+24#$(/#(2)&#1/+D2<#(4+3#&2-#1%#(&#9+$2/'$A Ê2 ?7+:42$%2%,%7)%."/(2$+.%$2,42H%)4*"%$4&24Z"&)4()4&1(R"21/'(4'$(&#,"&$'$(/#(2)&#1/+D2<#(#K+$%#1%#$($'1(,42&2-#1%#( 21%+,"2/'$('(+12)&')+2/'$(7'($#2=(,"21/'(#$%N1(,2&32/'$(/#()&#<"+,+'$(#(+/#'4'3F2=(1'($'1()#&%+1#1%#$()2&2(4'$( 21%#,#/#1%#$(/#(4'$(#/",21/'$(?(#/",21/2$('(1'(%&2%21(1#,#$+/2/#$(#-#&3#1%#$(1"#92$(%24#$(,'-'(>2:+4+/2/#$()2&2( 42(9+/2('(2)&#1/+D2<#(,#1%&2/'(#1(#4(#$%"/+21%#8=(#$(+-)'&%21%#(;"#($#()&#9#21($'4",+'1#$(&#24+$%2$(?(#E#,%+92$(#1(&#42,+*1( ,'1(#4(,'$%'A(5$%'()"#/#(+1,4"+&(42(2/2)%2,+*1(4',24(/#(-2%#&+24#$(/#('%&'$()2F$#$=(42(,&#2,+*1(/#(3"F2$()2&2(#4(-2#$%&'(?( 24#1%2&(?(2)'?2&(2(4'$(-2#$%&'$(?(-2#$%&2$(,'1(&#,"&$'$()2&2(,&#2&(?("$2&(&#,"&$'$()2&2(#4(2)&#1/+D2<#()&'/",+/'$()'&( LSSVZTPZTVZWVYLQLTWSVWVY[HMVSPVZ[LTm[PJVZNSVZHYPVZHÄJOLZOVQHZKLHJ[P]PKHKLZÒVQHZKLL]HS\HJP}U Ê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aHYTH[LYPHSLZKPZWVUPISLZ[HSLZJVTVJ\HKLYUVZLZJVSHYLZRP[ZKLHWYLUKPaHQLRP[ZJPLU[xÄJVZV #K)#&+-#1%24#$=(2%42$=(<"3"#%#$(?(-2%#&+24#$(/#(<"#3'e(%24#$(-2%#&+24#$(2/+,+'124#$($'1(2(9#,#$(-N$(EN,+4#$(/#(2,%"24+D2&( ?()#&$'124+D2&()2&2(4'$(,'1%#K%'$=(1#,#$+/2/#$(?(&#,"&$'$(4',24#$A Ê2 ?&4#-*42R-42&42.*44(2H%)4*"%$4&27%*%2)+,+&2$+&24,-.%(,+&1(B'$(-2%#&+24#$(/#(2)&#1/+D2<#("%+4+D2/'$(/"&21%#( LTLYNLUJPHZKLILULZ[HYJLU[YHKVZLULSUP|VLZ[HYVYPLU[HKVZHSHJVT\UPKHK`ZLYWLY[PULU[LZ(SZLYTVKPÄJHKVZ )"#/#1($#&("$2/'$(%2-:+L1(#1()&'3&2-2$(/#(24E2:#%+D2,+*1(?(#/",2,+*1(/#(2/"4%'$A( N+)%2eB¦8\tZPZ[LTHZL_PZ[LUWHYHYLJPIPYSVZJVTLU[HYPVZ`L]HS\HJP}UKLSVZWSHULZKLLZ[\KPVYL]PZHKVZ& Ê2 b%#%24(&%:+&27"$+)+&2,42$+&2H%)4*"%$4&2.+(2,"94*4()4&2#*-7+&2,42H%4&)*+&2:24,-.%(,+&1(S#($#&()'$+:4#=(4'$( -2%#&+24#$($#(/#:#1($'-#%#&(2(#1$2?'$()+4'%'()&#9+'(2($"(421D2-+#1%'(2(1+9#4(&#3+'124(?(12,+'124A(J(4'$(-2#$%&'$( ?(-2#$%&2$(?('%&'()#&$'124(#/",2%+9'(+19'4",&2/'$(#1(4'$(#1$2?'$()+4'%'(/#(4'$(-2%#&+24#$($#(4#$(/#:#(/2&("12( '&+#1%2,+*1('(,2)2,+%2,+*1(2/#,"2/2(/#(4'$(-2%#&+24#$(21%#$(/#($"(/+$%&+:",+*1(#1(#4(2"42A(B'$(#1$2?'$()+4'%'($#(/#:#1( YLHSPaHYLUKPMLYLU[LZJVU[L_[VZLUKPMLYLU[LZ[PWVZKLLZJ\LSHZVJVUKPMLYLU[LZNY\WVZKLLK\JHUKVZWHYHPKLU[PÄJHY -#<'&($"$(E'&%24#D2$=($"$(/#:+4+/2/#$=(#4(+-)2,%'(#1(4'$(-2#$%&'$(?(#/",21/'$(?(42$()&#',")2,+'1#$()'%#1,+24#$A(M'&( LQLTWSVLSWSHUKLLZ[\KPVYL]PZHKVW\LKLZLYPU[LYLZHU[LHJ[\HSPaHKV`ZPNUPÄJH[P]VWLYVSVZTHLZ[YVZW\LKLUUV #$%2&(,2)2,+%2/'$('()&#)2&2/'$()2&2(+-)4#-#1%2&4'e('(#4()421(/#(#$%"/+'(?(4'$(-2%#&+24#$(/#(2)&#1/+D2<#(&#9+$2/'$( )"#/#1($#&(':$%2,"4+D2/'$()'&(E24%2(/#(+1$%242,+'1#$(#$,'42&#$(?(2"42$(2%+:'&&2/2$A Ê2 '(.+*7+*%*2.+H4()%*"+&2,42$%27*-4L%27"$+)+2%()4&2,42$%2,"9-&"/(2,4$22(-4J+27$%(2,424&)-,"+1(5$(+-)'&%21%#(23&#32&( ,'-#1%2&+'$(/#(4'$(-2#$%&'$(?(#/",21/'$()2&%+,+)21%#$(/#(42()&"#:2()+4'%'=(,'1(21%#&+'&+/2/(2(42(/+E"$+*1(2(3&21( #$,242(/#4(1"#9'()421(/#(#$%"/+'(?(4'$(-2%#&+24#$(/#(2)&#1/+D2<#A(( Ê2 Q4.+7"$42$+&2.+H4()%*"+&2,42$+&2H%4&)*+&2:24,-.%(,+&2R-42-)"$"<%(2$+&2H%)4*"%$4&1254()&',#$'(/#(#1$2?'( )+4'%'(/#(-2%#&+24#$(/#:#(+1,4"+&("12(#924"2,+*1(E'&-24(/#(42()#&%+1#1,+2(#(+/'1#+/2/(/#(%'/'$(4'$(-2%#&+24#$(;"#( ZLPU[YVK\JLU*VUZPKLYLLTWSLHY\UH]HYPLKHKKLTt[VKVZWHYHWLYTP[PYHSVZPU[LYLZHKVZLZWLJxÄJHTLU[LSVZ #/",21/'$(?(-2#$%&'$=(2&%+,"42&($"$(')+1+'1#$(2,#&,2(/#(42(,24+/2/=("%+4+/2/(#(+-)2,%'(34':24#$(/#(4'$()421#$(/#( #$%"/+'(?(4+:&'$(/#(%#K%'(&#9+$2/'$A Ê2 6+H7%*)%2$+&2*4&-$)%,+&2,42$%24J%$-%."/(1(B'$(&#$"4%2/'$(/#(42(#924"2,+*1($#(/#:#1(,'-)2&%+&(,'1(;"+#1#$($'1( &#$)'1$2:4#$(/#(&#9+$2&=(E'&-"42&(#(+-)4#-#1%2&(4'$(,2-:+'$(2(4'$()421#$(/#(#$%"/+'()2&2(2$#3"&2&(;"#(,"24;"+#&( 2/2)%2,+*1(&#$)'1/2(2("12(1#,#$+/2/(&#24A Ê2 6+()"(f424$2&4#-"H"4()+2,4$2-&+2:24J%$f42$%274*)"(4(."%2,42$+&2H%)4*"%$4&126+(1'(#$()'$+:4#(&#24+D2&(#1$2?'$()+4'%'=( $#(/#:#(&#24+D2&($#3"+-+#1%'(?(#924"2,+*1(,'1("1(,42&'(#1E';"#(#1(':%#1#&(+1E'&-2,+*1()&#,+$2(?(')'&%"12(2,#&,2(/#4( "$'(#(+-)2,%'(/#(4'$(1"#9'$()421#$(/#(#$%"/+'(?(-2%#&+24#$(/#(2)&#1/+D2<#A(R'1(:2$#(#1(%24#$(/2%'$=($#()'/&N1(%'-2&( KLJPZPVULZWHYHTLQVYHYSVZWSHULZKLLZ[\KPV`TH[LYPHSLZ[YH[HUKVSHZKLÄJPLUJPHZPKLU[PÄJHKHZK\YHU[LLSWYVJLZV 16 /HJLY\UTVUP[VYLVKLSH]HUJLKLJHKHL[HWHLULSHUmSPZPZHKHW[HJP}UYL]PZP}ULPTWSLTLU[HJP}UKLSVZWSHULZKL LZ[\KPVWLYTP[LSHVWVY[\UPKHKKLL]HS\HYZ\WLY[PULUJPH`JHSPKHK,STVUP[VYLV`SHL]HS\HJP}UQ\U[VZOHJLUWVZPISLSH HKHW[HJP}UJVU[PU\HKLTH[LYPHSLZWHYHZH[PZMHJLYSHZULJLZPKHKLZKLSVZLK\JHUKVZ`LK\JHUKHZ 3%*%2H+(")+*4%*2:24J%$-%*2$+&27$%(4&2,424&)-,"+B2 22222=\LS]HHJVUZ\S[HYJHKH\UHKLSHZ[HISHZKLW\U[VZJSH]LHJVUZPKLYHYKLSHWYLZLU[LZLJJP}U¶PUJS\`LUKV,Z[\KPV `HUmSPZPZ(KHW[HJP}U`KLZHYYVSSV`PTWSLTLU[HJP}U¶YLÅL_PVUHUKVHJLYJHKLSHZWYLN\U[HZWLY[PULU[LZLUMVJHKHZ LULSTVUP[VYLV`L]HS\HJP}ULU[tYTPUVZKLWYVJLZV`KLJVU[LUPKV2 9LÅL_PVULHJLYJHKLSHZHJJPVULZJSH]LWHYHSVZWSHULZKLLZ[\KPVKLSHZ5VYTHZ4xUPTHZLUSHWmNPUH2 (UV[LSVX\LLZ[mM\UJPVUHUKVIPLUHKLTmZKLSHZmYLHZLUSHZJ\HSLZSHZTL[HZUVZLOHUSVNYHKVWSLUHTLU[L`X\L W\LKLUYLX\LYPY]VS]LYHTPYHYSHZWVSx[PJHZ`SVZWYVNYHTHZ (JVU[PU\HJP}UHWHYLJLULQLTWSVZKLJ}TVHWYV_PTHYZLHSTVUP[VYLV`L]HS\HJP}U[HU[VKLSWYVJLZVJVTVKLSJVU[LUPKVKLS KLZHYYVSSVKLSHJHWHJP[HJP}U2 P+(")+*4+2:24J%$-%."/(2g24$27*+.4&+B2 ,SWYVJLZVKLKLZHYYVSSHY\UWSHUKLLZ[\KPVZLZPTWVY[HU[L`KLILZLYVIQL[VKLTVUP[VYLV`L]HS\HJP}UHKLTmZKLSVZ JVU[LUPKVZ`HX\LSVZZPZ[LTHZKL]HSVYLZJ\S[\YHZ`L_WLJ[H[P]HZKLSVZPU]VS\JYHKVZLUSHYL]PZP}U`KLZHYYVSSVKLSJ\YYxJ\SVZL YLÅLQHYmULULSWSHUKLLZ[\KPVZ`SVZTH[LYPHSLZKLHWYLUKPaHQL !3"0*,-2&H&)>3,-2%&2>#&"0*+$-2%&2),*(+,#&,2?2&@$30$'(.*2&*B,'$%$-2&*2&32>#,'&-,2>#,@&*(&*+&-2%&23$-2+$D3$-2%&2>0*+,-2'3$@&2$2 ',*-(%&#$#2(*'30?&*I2 Ê( fX21(#$%2/'(+19'4",&2/'$(4'$(+1%#&#$2/'$(2)&')+2/'$h(fg"+L1#$(>21(#$%2/'(+19'4",&2/'$(?(>21(%#1+/'(%21%'(42( 4#3+%+-+/2/(,'-'(42(2"%'&+/2/()2&2(%#1#&("1(+-)2,%'(*)%+-'h(( Ê( ¦/HUZPKVPKLU[PÄJHKHZSHZULJLZPKHKLZYLHSLZKLSVZLK\JHUKVZ`LK\JHUKHZ`LSWSHUKLLZ[\KPV`SVZTH[LYPHSLZKL #1$#C21D2(?(2)&#1/+D2<#(>21($+/'(&#9+$2/'$('(/#$2&&'442/'$()2&2($2%+$E2,#&(#$2$(1#,#$+/2/#$h Ê( f5K+$%#("1()&',#$'()2&2($#3"+&(#924"21/'(42$(1#,#$+/2/#$(/#(4'$(#/",21/'$(?(#/",21/2$h Ê( 54()&',#$'(/#(&#9+$+*1(?(/#$2&&'44'(/#4()421(/#(#$%"/+'(f>2($+/'(9+1,"42/'(2)&')+2/2-#1%#(,'1(4'$()&',#$'$(/#( ,2)2,+%2,+*1=(+1$%&",,+*1(?(#924"2,+*1h Ê( B2$(2,,+'1#$(,429#(/#(42$(!'&-2$(GF1+-2$(#1(42()N3+12(a(#1E',2/2$(#1(#4()&',#$'(/#(#$%"/+'=(&#9+$+*1(?(/#$2&&'44'(/#( )421#$(/#(#$%"/+'(?(-2%#&+24#$(/#(2)&#1/+D2<#(f>21($+/'(,'1$+/#&2/2$()2&2(#4(E'&%24#,+-+#1%'(%21%'(+1-#/+2%'(,'-'(2( -N$(42&3'()42D'(/#(4'$()421#$(/#(#$%"/+'h( P+(")+*4+2:24J%$-%."/(2g24$2.+()4(",+B ,STVUP[VYLV`L]HS\HJP}UKLS\ZVKLSWSHUKLLZ[\KPV`KLSVZTH[LYPHSLZKLHWYLUKPaHQLZ\TPUPZ[YHYmPUMVYTHJP}UYLX\LYPKHWHYH KL[LYTPUHYZPSHLZ[Y\J[\YHKLSWSHUKLLZ[\KPVLSJVU[LUPKV`SVZTH[LYPHSLZJYLHKVZZVUHWYVWPHKVZLPUJS\ZP]VZ(SN\UVZLQLTWSVZKL >#&"0*+$-2%&2),*(+,#&,2?2&@$30$'(.*2&*B,'$%$-2&*2&32',*+&*(%,2>#,'&%&*+&-2%&23$-2+$D3$-2%&2>0*+,-2'3$@&2$2',*-(%&#$#2(*'30?&*I Ê( B2$(+1%#&9#1,+'1#$(/#(#/",2,+*1(1'(E'&-24(f>21($2%+$E#,>'(42$(1#,#$+/2/#$(/#(4'$(#/",21/'$(?(#/",21/2$(/'1/#(1'( #K+$%F21(')'&%"1+/2/#$(E'&-24#$(7+1,4"+/2(42(')'&%"1+/2/(/#(-2%&+,"42&$#(/#(1"#9'(#1(42(#/",2,+*1(E'&-248=('(4'(>21( >#,>'(2(%&29L$(/#(42(#1$#C21D2(/#(>2:+4+/2/#$(;"#($24921(9+/2h Ê( fX21(%#1+/'(LK+%'(4'$(#$E"#&D'$()'&(,&#2&(9F1,"4'$(,'1(42('&+#1%2,+*1(?(,2)2,+%2,+*1(/#(-2#$%&'$P2$h Ê( fB2$(2,,+'1#$(,429#()2&2(4'$()421#$(/#(#$%"/+'(/#(42$(!'&-2$(GF1+-2$(79L2$#(42()N3+12(a8(#1E',2/2$(#1(#4(+-)2,%'( /#4(#$%"/+'=(&#9+$+*1(?(/#$2&&'44'(/#()421#$(/#(#$%"/+'(?(-2%#&+24#$(/#(2)&#1/+D2<#(>21($+/'(,'1$+/#&2/2$()2&2(#4( E'&%24#,+-+#1%'(%21%'(+1-#/+2%'(,'-'(2(-N$(42&3'()42D'(/#(4'$()421#$(/#(#$%"/+'h(( *** Orientación acerca de la formulación de indicadores de monitoreo apropiados y ejemplos de indicadores de monitoreo se incluyen en el apéndice 7 en la página . 17 73(5,:+,,:;<+06 !"8#7*-)&*5$*#+#$9,/',3)4-#($#/*%#0/,-$%#($#$%&'()*1 73(5,:+,,:;<+06 !":#5$3'5%*% ( B'$($+3"+#1%#$(&#,"&$'$()&')'&,+'121(+1E'&-2,+*1(2/+,+'124($':&#(4'$()421#$(/#(#$%"/+'=(+1,4"+/'$(4'$()2$'$( 1#,#$2&+'$()2&2(#924"2&(?(#$%2:4#,#&("12()&'3&2-2,+*1(2/#,"2/2=(2$F(,'-'(%2-:+L1(-2%#&+24#$(/#(&#E#&#1,+2(3#1#&24(?( )&'-',+*1A(c'/'$(#$%N1(/+$)'1+:4#$()2&2(/#$,2&32(#1(#4(M2;"#%#(/#(.#,"&$'$(/#(51$#C21D2(?(J)&#1/+D2<#(/#(42(0!55=( #4(,"24('E&#,#("12(/#$,&+),+*1(:&#9#(/#(,2/2(&#,"&$'(2/#-N$(/#(%&2/",,+'1#$(,"21/'($#(/+$)'132(/#(#442$A(6#()"#/#( 2,,#/#&(24(M2;"#%#(/#(.#,"&$'$(?2($#2(#1(4F1#2(#1(OOOA+1##$+%#A'&3P+1/#KA)>)P)'$%P&#$'"&,#x)2,TAt(?2($#2(#1(#4(0!55( c''4T+%(#1([email protected]=(#4(,"24(#$%2&N(/+$)'1+:4#(2()2&%+&(/#4('%'C'(/#(]àÀ(M2&2($'4+,+%2&("1(#<#-)42&(/#4(0!55(c''4T+%(#1( [email protected]=(#19F#("1(-#1$2<#(/#(,'&&#'(#4#,%&*1+,'(2(%#2,>+134#2&1+13b+1##$+%#A'&3A( )\ZO2+`:HS[HYLSSP+;OL;^V-HJLZVM,K\JH[PVUPU,[OUPJ*VUÅPJ[!;V^HYKZH7LHJLI\PSKPUN,K\JH[PVUMVY ></)(&'.-SVYLUJPH!<50*,--VUKVKLSHZ5HJPVULZ<UPKHZWHYHSH0UMHUJPH0UUVJLU[P9LZLHYJO*LU[YL *VSL,`4\YWO`2 /PZ[VY`,K\JH[PVU9LMVYT;YHUZP[PVUHS1\Z[PJLHUK[OL;YHUZMVYTH[PVUVM0KLU[P[PLZ5\L]H@VYR 5@!0U[LYUH[PVUHS*LU[LYMVY;YHUZP[PVUHS1\Z[PJL *VTTVU^LHS[OVM3LHYUPUN`5H[PVUHS6WLU:JOVVSVM;YPUPKHK;VIHNV4PUPZ[Y`VM,K\JH[PVU9LW\ISPJVM;YPUPKHK;VIHNV /HUKIVVRVU0UOV\ZL:[`SLMVY*V\YZL+L]LSVWTLU[=HUJV\]LY!*VTTVU^LHS[OVM3LHYUPUN +Y`KLU7L[LYZVU:;OL7YLZLU[PZ3VJHS[OL-\[\YLPZ.SVIHS&9LJVUJPSPUN*\YYLU[HUK-\[\YL3P]LSPOVVK:[YH[LNPLZPU [OL,K\JH[PVUVM*VUNVSLZL9LM\NLLZPU<NHUKH9LM\NLL:\Y]L`8\HY[LYS` -YLLKTHU:>LPUZ[LPU/44\YWO`2`3VUNTHU;;LHJOPUN/PZ[VY`HM[LY0KLU[P[`)HZLK*VUÅPJ[Z!;OL9^HUKH 1?8'&/'.9'=*VTWHYH[P]L,K\JH[PVU9L]PL^ .HJO\RPH,`*O\UN-;OL;L_[IVVR>YP[LY»Z4HU\HS4*YV\JO,K(KKPZ(ILIH!<5,:*6,[PVWxH .LVYNLZJ\+`)LYUHYK1;OPURPUNHUK)\PSKPUN7LHJL[OYV\NO0UUV]H[P]L;L_[IVVR+LZPNU!9LWVY[VM[OL0U[LY YLNPVUHS,_WLY[Z»4LL[PUNVU+L]LSVWPUN.\PKLSPULZMVY7YVTV[PUN7LHJLHUK0U[LYJ\S[\YHS<UKLYZ[HUKPUN[OYV\NO*\YYPJ\SH ;L_[IVVRZHUK3LHYUPUN4H[LYPHSZ*7L[LYZVU,K7HYxZ!<5,:*6 036`<5,:*6;LJOUPJHSHUK=VJH[PVUHS,K\JH[PVUHUK;YHPUPUNMVY[OL;^LU[`ÄYZ[*LU[\Y`!<5,:*6HUK036 9LJVTTLUKH[PVUZ7HYxZ!<5,:*660; 0UNSPZ*7SHUUPUNMVY*\S[\YHS+P]LYZP[`:LYPL-\UKHTLU[HSZVM,K\JH[PVU7SHUUPUN5V7HYxZ<5,:*600,7 4HJSLHU9`>PSZVU+ 0U[LYUH[PVUHS/HUKIVVRVM,K\JH[PVUMVY[OL*OHUNPUN>VYSKVM>VYR!)YPKNPUN(JHKLTPJHUK =VJH[PVUHS3LHYUPUN(SLTHUPH!:WYPUNLY 4\YWO`2`.HSSHNOLY; 9LJVUZ[Y\J[PVUHM[LY=PVSLUJL!/V^;LHJOLYZHUK:JOVVSZ*HU+LHS^P[O[OL3LNHJ`VM[OL 7HZ[7LYZWLJ[P]LZPU,K\JH[PVU 4\[HTIHSH+(3»LK\JH[PVUJP]PX\LL[TVYHSLH\ZLPUKLSHQL\ULZZLLUZP[\H[PVUK»\YNLUJL(Y[PZ[LZWV\YS»/\THUP[tL 0*11= 5PJOVSZVU:(JJLSLYH[LK3LHYUPUNPU7VZ[*VUÅPJ[:L[[PUNZ!(+PZJ\ZZPVU7HWLY>HZOPUN[VU+*!:H]L[OL*OPSKYLU 59*`<5,:*67,,9;LHJOLY.\PKL¶)HZPJ3P[LYHJ`5\TLYHJ`HUK;OLTLZMVY,]LY`KH`3P]PUN6ZSV!59*` <5,:*67,,9 6NLSZI`,,K\JH[PUN*P[PaLUZPU7VZ[^HY.\H[LTHSH!/PZ[VYPJHS4LTVY`.LUVJPKLHUK[OL*\S[\YLVM7LHJL9HKPJHS /PZ[VY`9L]PL^ 6/*/9()*!;LHJOPUN/\THU9PNO[Z¶7YHJ[PJHS(J[P]P[PLZMVY7YPTHY`HUK:LJVUKHY`:JOVVSZ5\L]H@VYR5@! 5HJPVULZ<UPKHZ 18 7LHYJL* -YVT*SVZLK)VVRZ[V6WLUKVVYZ!>LZ[(MYPJH»Z3P[LYHJ`*OHSSLUNL3VUKYLZ!(5*,-(7HTVQH>LZ[(MYPJH (MYPJHU7SH[MVYTMVY(K\S[,K\JH[PVU6_MHT0U[LYUH[PVUHS`(J[PVU(PK 7LUZVU1`;VTSPUZVU2 9HWPK9LZWVUZL!7YVNYHTTPUNMVY,K\JH[PVU5LLKZPU,TLYNLUJPLZ7HYxZ!<5,:*6 7PUUVJR/ 3HUN\HNLHUK,K\JH[PVU!;OL4PZZPUN3PUR3VUKYLZ!*M);`:H]L[OL*OPSKYLU(SSPHUJL :H]L[OL*OPSKYLU7SHUUPUN>VYRPUN*OPSKYLU»Z,K\JH[PVU!(.\PKLMVY,K\JH[PVU:LJ[VY7SHUULYZ3VUKYLZ!:H]L[OL *OPSKYLU <5,:*6 (S[LYUH[P]L,K\JH[PVU!-PSSPUN[OL.HWPU,TLYNLUJ`7VZ[*VUÅPJ[:P[\H[PVUZ7HYxZ!<5,:*6 <5,:*6(UV[OLY>H`[V3LHYU¯!*HZL:[\KPLZ7HYxZ!<5,:*6 <5,:*64V[OLY;VUN\LIHZLK3P[LYHJ`7YVNYHTTLZ!*HZL:[\KPLZVM.VVK7YHJ[PJLPU(ZPH)HUNRVR!<5,:*6 <5,:*6*\YYPJ\S\T*VU[LU[HUK9L]PL^7YVJLZZLZ,U!.\PKLIVVRMVY7SHUUPUN,K\JH[PVUPU,TLYNLUJPLZHUK 9LJVUZ[Y\J[PVU7HYxZ!<5,:*600,7 <5,:*6,U]PYVUTLU[HS,K\JH[PVU,U!.\PKLIVVRMVY7SHUUPUN,K\JH[PVUPU,TLYNLUJPLZHUK9LJVUZ[Y\J[PVU7HYxZ! <5,:*600,7 <5,:*6/HUKIVVRMVY3P[LYHJ`HUK5VU-VYTHS,K\JH[VYZPU(MYPJH7HYxZ!<5,:*6 <5,:*6/LHS[OHUK/`NPLUL,K\JH[PVU,U!.\PKLIVVRMVY7SHUUPUN,K\JH[PVUPU,TLYNLUJPLZHUK9LJVUZ[Y\J[PVU 7HYxZ!<5,:*600,7 <5,:*6:[HY[PUN4`6Û:THSS)\ZPULZZ!(;YHPUPUN4VK\SLVU,U[YLWYLUL\YZOPWMVY:[\KLU[ZVM;LJOUPJHSHUK =VJH[PVUHS,K\JH[PVUHUK;YHPUPUNH[:LJVUKHY`3L]LS¶-HJPSP[H[VY»Z.\PKL7HYxZ!<5,:*6 <5,:*6;L_[IVVRZ,K\JH[PVUHS4H[LYPHSZ;LHJOPUN(PKZ,U!.\PKLIVVRMVY7SHUUPUN,K\JH[PVUPU,TLYNLUJPLZHUK 9LJVUZ[Y\J[PVU7HYxZ!<5,:*600,7 <5,:*6,_HTWSLZVM,K\JH[PVUHS:[YH[LNPLZ[V7YVTV[L,U]PYVUTLU[HS/LHS[O7HYxZ!<5,:*6 <5,:*6 ;VSLYHUJL!;OL;OYLZOVSKVM7LHJL¶(;LHJOPUN3LHYUPUN.\PKLMVY,K\JH[PVUMVY7LHJL/\THU9PNO[ZHUK +LTVJYHJ`=LYZP}UWYLSPTPUHY7HYxZ!<5,:*6 =LYKPHUP(6]LY]PL^VM[OL7YVNYHTTL!0U[LY(NLUJ`7LHJL,K\JH[PVU7YVNYHTTL¶:RPSSZMVY*VUZ[Y\J[P]L3P]PUN 7HYxZ!<5,:*6 >HY*OPSK/VSSHUK 0+,(33PMLZRPSSZ;YHPUPUN4VK\SLZ 19 73(5,:+,,:;<+06 6_LUOHT1,MMLJ[P]L3P[LYHJ`7YVNYHTTLZ!6W[PVUZMVY7VSPJ`THRLYZ7HYxZ!<5,:*6 *(7(*0;(*0Ô5+,:(996336796-,:065(3@(76@6 *HWHJP[HJP}UKLZHYYVSSVWYVMLZPVUHS`HWV`V 5VYTHTxUPTH`HJJPVULZJSH]LWHYHJHWHJP[HJP}UKLZHYYVSSVWYVMLZPVUHS`HWV`V2 (UmSPZPZ *VU[LUPKV`TL[VSVNxH :\WLY]PZP}U 5,*(+,#&,2?2&@$30$'(.* 9LJ\YZVZ N+*H%2HI("H%2,42$%2'NSS27%*%2.%7%.")%."/(82,4&%**+$$+27*+94&"+(%$2:2%7+:+BT2B'$(-2#$%&'$(?('%&'()#&$'124(#/",2%+9'( &#,+:#1("12(,2)2,+%2,+*1()#&+*/+,2=()#&%+1#1%#(?(#$%&",%"&2/2(/#(2,"#&/'(2(42$(1#,#$+/2/#$(?(42$(,+&,"1$%21,+2$( ?.."+(4&2.$%J42,42$%&2N+*H%&2HI("H%&2,42$%2'NSSBT2 Ê( B'$(-2#$%&'$(?(-2#$%&2$(?('%&'()#&$'124(#/",2%+9'(/+$)'1#1(/#(')'&%"1+/2/#$(/#(,2)2,+%2,+*1($#3d1(42$( 1#,#$+/2/#$A Ê( 3HJHWHJP[HJP}ULZHWYVWPHKHWHYHLSJVU[L_[V`YLÅLQHSVZVIQL[P]VZKLHWYLUKPaHQL`LSJVU[LUPKV Ê( B2(,2)2,+%2,+*1(#$(&#,'1',+/2(?(2)&':2/2()'&(42$(2"%'&+/2/#$(#/",2%+92$()#&%+1#1%#$A Ê( *HWHJP[HKVYLZJHSPÄJHKVZYLHSPaHUJ\YZVZKLJHWHJP[HJP}UX\LJVTWSLTLU[HUSHMVYTHJP}ULULSZLY]PJPVLSHWV`V 42('&+#1%2,+*1=(#4(-'1+%'&#'(?(42($")#&9+$+*1(#1(#4(2"42A Ê( M'&(-#/+'(/#(42(,2)2,+%2,+*1(?(#4(2)'?'(,'1%+1"2/'=(4'$(-2#$%&'$(?(-2#$%&2$($#(,'19+#&%#1(#1(E2,+4+%2/'&#$(#E#,%+9'$( #1(#4(#1%'&1'(/#(2)&#1/+D2<#=(#-)4#21/'(-L%'/'$(/#(#1$#C21D2()2&%+,+)2%+9'$(?(2?"/2$(/#(#1$#C21D2A Ê( B2(,2)2,+%2,+*1(+1,4"?#(,'1',+-+#1%'$(?(>2:+4+/2/#$()2&2(4'$()421#$(/#(#$%"/+'(E'&-24#$(?(1'(E'&-24#$=(+1,4"?#1/'( JVUJPLUJPHKLWLSPNYVZYLK\JJP}UKLSYPLZNVKLKLZHZ[YL`WYL]LUJP}UKLSJVUÅPJ[V( ;HSJVTVZLLZIVaHULUSHZ5VYTHZTxUPTHZKLSH05,, 3VZTHLZ[YVZ`Z\ZMHTPSPHZZVUHMLJ[HKVZWVYSHZJYPZPZKLSHTPZTHTHULYHX\LV[YVZTPLTIYVZKLSHJVT\UPKHK*VTWHY[PYmU ULJLZPKHKLZZPTPSHYLZKLZLY]PJPVZImZPJVZ`SVZTPZTVZKLZLVZÙLJLZPKHKKLLZ[HIPSPKHK`HWV`V+LIPKVHX\LSVZTHLZ[YVZ ?2)$&-+#$-2$2)&*0%,2-&2>&#'(D&*2',),23C%&#&-2',)0*(+$#(,-2*$+0#$3&-<2&-2>,-(D3&2A0&2-&23&-2>(%$2$-0)(#2#&->,*-$D(3(%$%&-2 HKPJPVUHSLZJ\HUKVSHZMHTPSPHZ`JVT\UPKHKLZZLHUHMLJ[HKHZWVYLSJVUÅPJ[VVLSKLZHZ[YL,ZPTWLYH[P]VX\LSVZNVIPLYUVZ` WYVMLZPVUHSLZYLJVUVaJHUX\LSVZTHLZ[YVZ`THLZ[YHZ[LUKYmUULJLZPKHKLZ[HU[VWLYZVUHSLZJVTVWYVMLZPVUHSLZLUSVZWLYxVKVZ KLJYPZPZ`YLJ\WLYHJP}U[LTWYHUH,Z[HZULJLZPKHKLZKLILUZLYL]HS\HKHZ`[YH[HKHZKLTHULYHOVSxZ[PJHWHYHHZLN\YHYX\LSVZ THLZ[YVZLZ[tULUJHWHJPKHKKLJ\TWSPYZ\ZWHWLSLZJVTVSxKLYLZJVT\UP[HYPVZLPUZ[Y\J[VYLZKLSHZNLULYHJPVULZM\[\YHZ,S THLZ[YVLZLSLSLTLU[VJLU[YHSKLSHLK\JHJP}U`JVTV[HSYLX\PLYL\UHPU]LYZP}UYLHS22 6*2>&#C,%,-2%&2'#(-(-2?2#&'0>&#$'(.*<2&32%(-&9,2?23$2()>3&)&*+$'(.*2%&2>#,"#$)$-2%&2%&-$##,33,2%&32)$&-+#,2-&2%&D&*2D$-$#2%&2 THULYHZ}SPKHLUSHZULJLZPKHKLZYLHSLZ`LUSHL]VS\JP}U[HU[VKLSVZTHLZ[YVZJVTVKLSVZLK\JHUKVZ+LILOHILY\U]xUJ\SV '3$#,2&*+#&2&32>3$*2%&2&-+0%(,<23,-2%&#&'=,-2$23$2&%0'$'(.*<23$-2*&'&-(%$%&-2%&23,-2&-+0%($*+&-2?2-0-2B$)(3($-2?23$2'$>$'(+$'(.*2 KLTHLZ[YVZ`LSHWV`VJVU[PU\V,UT\JOVZWHxZLZSVZUP]LSLZKLLK\JHJP}U`SHYLT\ULYHJP}UKLSVZTHLZ[YVZ`THLZ[YHZ -,*2)C*(),-2?23$-2',*%('(,*&-2%&2+#$D$H,2-,*2(*$%&'0$%$-<2-(*2&)D$#",<2',*2%&)$-($%$2B#&'0&*'($2-&2&->&#$2A0&2)$&-+#,-2 KLÄJPLU[LTLU[LHWV`HKVZOHNHUJHTIPVZK\YHKLYVZLUSHZH\SHZLTWSLHUKVTH[LYPHSLZ`LUMVX\LZPUUV]HKVYLZ(\UX\L[VKVZ SVZZLY]PJPVZLK\JH[P]VZLZ[mULUYPLZNVK\YHU[LSHZLTLYNLUJPHZSHZLZJ\LSHZLUmYLHZY\YHSLZ`LUSHWLYPMLYPH\YIHUHZVU Z\THTLU[L]\SULYHISLZHHS[LYHJP}ULPTWHJ[VWVYSVZKLZHZ[YLZUH[\YHSLZ`LSJVUÅPJ[V:PIPLUSVZTHLZ[YVZ`THLZ[YHZHTLU\KV ZVUºSVZS[PTVZKLSHÄSH»WHYHYLJ\YZVZ`HWV`VSVZTHLZ[YVZY\YHSLZLUWHY[PJ\SHYZVUMYLJ\LU[LTLU[LSVZS[PTVZLUYLJPIPYHWV`V TH[LYPHS`JHWHJP[HJP}UKLIPKVHSHNLVNYHMxH`LSHTLU\KVIHQVUTLYVKLLK\JHUKVZ,SIPLULZ[HYKLSVZTHLZ[YVZ`THLZ[YHZ %&D&2-&#20*2',)>,*&*+&2'&*+#$32%&23,-2&-B0&#7,-2%&2'$>$'(+$'(.*2?2%&-$##,33,2>#,B&-(,*$32>$#$2$-&"0#$#2)$?,#2&B&'+(@(%$%2&*2+$3&-2 ZP[\HJPVULZ 3HJHSPKHKKLSVZTHLZ[YVZ`KLSHLUZL|HUaHLZJSHYHTLU[LJY\JPHSLUSHYLJ\WLYHJP}U(ZLN\YHY\UHLK\JHJP}UHTPNHKLSUP|V %&->0P-2%&23$-2&)&#"&*'($-2>0&%&2()>3('$#2>#,B0*%,-2'$)D(,-2&*23,-2&*B,A0&-2%&2&*-&9$*7$<2'$)D(,-2A0&2-,*2%(BC'(3&-2%&2 SVNYHYHJVY[VWSHaVLUSVZTVKLSVZKLJHWHJP[HJP}ULUJHZJHKH,SMVY[HSLJPTPLU[VKLSVZZPZ[LTHZKLHWV`V`[\[VYxHW\LKL Z\WLYHYLSYL[VHUP]LSSVJHS:PULTIHYNVHSHYNVWSHaV[PLULUX\LL_PZ[PYTLJHUPZTVZWHYHHZLN\YHYX\LSVZWYVNYHTHZUHJPVUHSLZ KLJHWHJP[HJP}UKLTHLZ[YVZ[HU[VWYL]PVHSZLY]PJPVJVTVK\YHU[LLSZLY]PJPVZPNHUZPLUKVHKHW[HKVZWHYHZH[PZMHJLYSHZ ULJLZPKHKLZJHTIPHU[LZKLSVZTHLZ[YVZSHZLZJ\LSHZ`SVZLZ[\KPHU[LZ 20 2"!"#,-./)%)%1# 3HYLHSPaHJP}UKLL]HS\HJPVULZJVTWYLUZP]HZKLSHZULJLZPKHKLZWHY[PJ\SHYLZOHIPSPKHKLZL_WLYPLUJPH`KPZWVUPIPSPKHKKL HWV`VWHYHSVZTHLZ[YVZLZLSWYPTLYWHZVLUSHJYLHJP}UKLWYVNYHTHZKLJHWHJP[HJP}U`ZVWVY[LHWYVWPHKVZ 3-()+&2.$%J42%2.+(&",4*%*B2 Q4.-4*,4B23HZWYLN\U[HZWSHU[LHKHZLUSHZ[HISHZHJVU[PU\HJP}UYLÅLQHUHZ\U[VZWLY[PULU[LZLULSWLYxVKVX\L]HKLZKLSHLTLYNLUJPH 23"/2(?(,&+$+$(,&*1+,2(>2$%2(42(&#,")#&2,+*1(%#-)&212(?()&#)2&2,+*1A(6#(&#,'-+#1/2(4##&(%'/2$(42$()&#3"1%2$(21%#$(/#(/#%#&-+12&( J\mSLZWYLN\U[HZZVUSHZTmZWLY[PULU[LZWHYHLSJVU[L_[VKLSSLJ[VY"T\JOVZJVU[L_[VZLPUPJPH[P]HZLK\JH[P]HZZLILULÄJPHYmUKL[YH[HY )&#3"1%2$(/#(2-:2$(,'4"-12$A(B2$()&#3"1%2$()421%#2/2$(#1(42()&+-#&2(,'4"-12(/#:#1($#&(&#)2$2/2$(?($#(/#:#(,'1$%&"+&($':&#(#442$(#1( ,"21%'($#(/#$2&&'4421(4'$()&'3&2-2$(?(#$%&2%#3+2$A SPSQUSN6'? QS6V3SQ?6'WN2MSP3Q?N?2X23QS3?Q?M'KY! 6Q'!'!26QWN'6?! '()4*4&%,+&2 ¦8\PtULZKLILULZ[HYPU]VS\JYHKVZLUL]HS\HYSHZULJLZPKHKLZ`SH JHWHJPKHKKLSVZTHLZ[YVZJVUIHZLLULSJVU[L_[V`SHZULJLZPKHKLZ WVSx[PJHZLK\JH[P]HZJHTIPHU[LZ&=tHZLSHUV[H(WmN ¦3VZTHLZ[YVZ`THLZ[YHZKPZWVUPISLZOHUJHTIPHKV&=tHZLSHUV[H )WmN2 y( f54(,"#&)'(/#(-2#$%&'$('(#4(#;"+4+:&+'(/#4(,"#&)'(/#(-2#$%&'$( >2(,2-:+2/'h((( ¦8\PtULZZVUSVZTHLZ[YVZ`THLZ[YHZ&=tHZLSHUV[H)WmN y( ¦*}TVZLW\LKLPKLU[PÄJHY`YLJVUVJLYHSJ\LYWVKLTHLZ[YVZ E'&-24-#1%#(#1(%L&-+1'$()&'E#$+'124#$(?(%L,1+,'$h y( ¦3HKPZ[YPI\JP}Ut[UPJH`YLSPNPVZHKLSVZTHLZ[YVZYLÅLQHSH /#-'3&2EF2(/#(4'$(#$%"/+21%#$h( y( fX2?("12(3&21(,21%+/2/(/#()#&$'12$(;"#(%+#1#1(#4(1+9#4( 1#,#$2&+'(/#(#/",2,+*1=(,'-)#%#1,+2$(?(>2:+4+/2/#$(/#( 4#13"2<#()2&2(#1$#C2&h( y( fR"N4#$($'1(42$(1#,#$+/2/#$(?(#K)#&+#1,+2$(/#(4'$(1"#9'$( -2#$%&'$h y( fg"+L1#$(%+#1#1(42(2"%'&+/2/()2&2(&#,4"%2&(-2#$%&'$h y( fX2?(243"12(-21#&2(/#(2%&2#&(2(-N$(-2#$%&'$h y( fg"+L1#$($'1(4'$(,2)2,+%2/'&#$(/#(-2#$%&'$h y( f5K+$%#("12(,42&2(,2/#12(/#(-21/'(,'1(&#$)#,%'(24(2)'?'(?( $")#&9+$+*1(/#(4'$(-2#$%&'$h(( y( fg"+L1#$($")#&9+$21(2(4'$(-2#$%&'$(?(;"L(%+)'(/#(,2)2,+%2,+*1( ?(2)'?'(&#,+:#1h y( fR*-'($#(,'-)2&%#(42(+1E'&-2,+*1(#1%&#(4'$(-2#$%&'$(?(#4( )#&$'124(/#(2)'?'h(( y( fB'$(-2#$%&'$(%+#1#1(9'D(?("12(-21#&2(/#(24+-#1%2&( &#3"42&-#1%#(#4()421(/#(,2)2,+%2,+*1('(#4()&',#$'(/#(&#9+$+*1(/#( 4'$()421#$(/#(#$%"/+'h 6%7%.")%."/(22 ¦*\mSLZLZ[Y\J[\YHZKLJHWHJP[HJP}ULZ[mUKPZWVUPISLZ`LUVWLYHJP}U WHYHSVZTHLZ[YVZJHSPÄJHKVZÙVJHSPÄJHKVZ&=tHZLSHUV[H*WmN y( fR"N4#$($'1(42$()&+'&+/2/#$()2&2(42(,2)2,+%2,+*1(/#(-2#$%&'$( )&#9+'(24($#&9+,+'(?(#1(#4($#&9+,+'h ¦*\mSLZZVUSHZULJLZPKHKLZ`WYPVYPKHKLZPU[LYPUHZ`HTmZSHYNV WSHaVKLJHWHJP[HJP}UWHYHSVZTHLZ[YVZ&=tHUZLSHZUV[HZ)`* WmNZ y( ¦*\mSLZYLJ\YZVZO\THUVZ`ÄUHUJPLYVZZLYLX\PLYLUWHYH 2)'?2&(2(4'$(+1$%+%"%'$(?(,#1%&'$(/#(,2)2,+%2,+*1(/#(-2#$%&'$h( y( fB'$()&'3&2-2$(/#(,2)2,+%2,+*1()&#9+'(24($#&9+,+'(?(#1(#4( $#&9+,+'(+1,4"?#1(,'1%#1+/'(1"#9'(?(-L%'/'$(/#(#1$#C21D2( +1%#&2,%+9'$(,#1%&2/'$(#1(4'$(#/",21/'$h y( f54(2)'?'()$+,'$',+24()2&2(-2#$%&'$(E'&-2()2&%#(/#(4'$( )&'3&2-2$(/#(,2)2,+%2,+*1()&#9+'(24($#&9+,+'(?(#1(#4($#&9+,+'h y( ¦/HUZPKVPKLU[PÄJHKHZLZ[YH[LNPHZWHYHTPUPTPaHYSH +1%#&&"),+*1(/#4(,&'1'3&2-2(/#(#1$#C21D2()2&2(42(,2)2,+%2,+*1( #1(#4($#&9+,+'h y( f5K+$%#("1()421(/#(,2)2,+%2,+*1(/#(-2#$%&'$()2&2(42(E2$#(/#( #-#&3#1,+2(?(/#$)"L$(/#(#442h(( 21 *(7(*0;(*0Ô5+,:(996336796-,:065(3@(76@6 7\LKLZLYULJLZHYPVLSYLJS\[HTPLU[VKLWLYZVUHSKLLUZL|HUaHHKPJPVUHSK\YHU[LSHZLTLYNLUJPHZ`SHYLJ\WLYHJP}U &->&'($3)&*+&2-(2"#$*%&-2'$*+(%$%&-2%&2>&#-,*$32'$>$'(+$%,2=$*2>$-$%,2$2,+#,-2+#$D$H,-<2=$*2-(%,2%&->3$7$%,-2,2=$-+$2=$?$*2 ZPKVTH[HKVZ,SYLJS\[HTPLU[VKLTHLZ[YVZ`THLZ[YHZKLIL[LULYS\NHY[HUYmWPKHTLU[LJVTVZLHWVZPISL`KLILZLY\UWYVJLZV HIPLY[V[YHUZWHYLU[L`ZPZ[LTm[PJVIHZHKVLUSHZULJLZPKHKLZYLHSLZKLSHZJVT\UPKHKLZHMLJ[HKHZJYP[LYPVZKLJVTWL[LUJPHZ YLX\LYPKHZWYL]PHTLU[LKLÄUPKVZ`SHZJHSPÄJHJPVULZWYVIHISLZKLSVZJHUKPKH[VZKPZWVUPISLZ:LYmULJLZHYPVPU[YVK\JPYWYVNYHTHZ KLJHWHJP[HJP}UWHYHHZLN\YHYX\LSVZU\L]VZTHLZ[YVZ[LUNHUOHIPSPKHKLZImZPJHZ`HWV`V"LZ[VZWYVNYHTHZZLKLILUH\TLU[HY H[YH]tZKLS[PLTWVWHYHZLN\PYKLZHYYVSSHUKVLSJVUVJPTPLU[VKLJVU[LUPKV`SHTL[VKVSVNxHYLX\LYPKVZ,SYLJS\[HTPLU[VZL L_WSVYHLUTmZKL[HSSLLULSmYLHKLSHZ5VYTHZTxUPTHZKLSH05,,YLMLYLU[LHSVZTHLZ[YVZ`V[YVWLYZVUHSLK\JH[P]V`ZLPUJS\`L HX\xJVTVYLJVYKH[VYPVKLSVZ]xUJ\SVZLU[YLLSYLJS\[HTPLU[VSHJHWHJP[HJP}U`SHHJYLKP[HJP}UKLSWLYZVUHSKLLUZL|HUaH *(7(*0;(*0Ô5+,:(996336796-,:065(3@(76@6 N+)%2?B¦8\PtULZKLILULZ[HYPU]VS\JYHKVZLUL]HS\HYSHZULJLZPKHKLZ`JHWHJPKHKLZKL SVZTHLZ[YVZ`THLZ[YHZJVUIHZLLULSJVU[L_[V`SHZULJLZPKHKLZLK\JH[P]HZJHTIPHU[LZ& Ê2 SJ%$f42$%&2(4.4&",%,4&2,42$+&2H%4&)*+&2:2,42R-"4(4&2$+&2%7+:%(125924"2&(42$( 1#,#$+/2/#$(/#(4'$(-2#$%&'$(?(-2#$%&2$(?(/#('%&'$(;"#(2$+$%#1(#1(#4()&',#$'(/#( #1$#C21D2=(#$(+-)#&2%+9'A(R"21/'($#2()'$+:4#=(42(#924"2,+*1(/#:#($#&(4+/#&2/2( )'&("1(#1%#(,''&/+12/'&Q(#4(-+1+$%#&+'(/#(#/",2,+*1('(#4(#1%#(/#(,''&/+12,+*1( #/",2%+92=(%24(,'-'(#4(I&")'(/#(5/",2,+*1(/#4(0J6RA(B2$(#924"2,+'1#$(/#:#1($#&( /+$#C2/2$()'&(;"+#1#$(#$%L1(E2-+4+2&+D2/'$(,'1(#4($+$%#-2(#/",2%+9'=(+1,4"?#1/'( 42(#/",2,+*1(1'(E'&-24(?(%#1321("12(,'-)&#1$+*1(/#(4'$(2$"1%'$(,&#2/'$( )&'/",%'(/#(42(#-#&3#1,+2A(5$(/#(2?"/2($+(#$%N1(2:+#&%'$(2($'4",+'1#$(,&#2%+92$A(( Ê2 ?&4#-*42R-42$+&2"()4*4&%,+&274*)"(4()4&24&)A(2"(J+$-.*%,+&12R'1$+/#&#( PU]VS\JYHYHSTPUPZ[LYPVKLLK\JHJP}UPUJS\`LUKVSHVÄJPUHKLPUZWLJJP}U +1$%+%",+'1#$(2,2/L-+,2$(12,+'124#$(#(+1%#&12,+'124#$=(+1$%+%",+'1#$(/#( ,2)2,+%2,+*1(/#(-2#$%&'$=($+1/+,2%'$(/#(-2#$%&'$=(23#1,+2$(/#(42(V!U=(V!I=( /'121%#$=(-2#$%&'$(?(-2#$%&2$=(/+&#,%'&#$(/#(#$,"#42=(4F/#&#$(,'-"1+%2&+'$=( ,'-+%L$(2/-+1+$%&2%+9'$(/#(#$,"#42$(?(&#)&#$#1%21%#$(,'-"1+%2&+'$=(+1,4"?#1/'( 1+C'$(?(1+C2$A( N+)%2]B¦8\PtULZZVUSVZTHLZ[YVZ`THLZ[YHZ& Ê2 7SHUPÄX\LZPZ[LTHZKLL]HS\HJP}UHWYVWPHKVZWHYHLSJVU[L_[VHJ[\HS M"#/#($#&(1#,#$2&+'()'$%"42&($")"#$%'$(2-)4+'$(,'1(&#$)#,%'(2(4'$(-2#$%&'$( ?($"$(,2)2,+/2/#$(/"&21%#(42(E2$#(+1+,+24(/#(#-#&3#1,+2(21%#$(/#(;"#($#( )"#/21(&#24+D2&(?(2124+D2&(#924"2,+'1#$(-N$(/#%2442/2$(+1/+9+/"24#$('(:2$2/2$( #1(42$(#$,"#42$A(5$%'()"#/#($#&()2&%+,"42&-#1%#(,+#&%'(,"21/'($#(&#,4"%2("1( 3&21(1d-#&'(/#(-2#$%&'$(?(-2#$%&2$(/"&21%#(#-#&3#1,+2$A(R'1(E&#,"#1,+2=( 42$(2"%'&+/2/#$(#/",2%+92$(?($"$(24+2/'$(+-)4#-#1%2/'&#$()"#/#1(&#24+D2&( #924"2,+'1#$(/+&+3+/2$(/"&21%#(42(,&+$+$(,&*1+,2(?(42(&#,")#&2,+*1(%#-)&212A( 6#(/#:#(+1%#1%2&(,&#2&($+$%#-2$()2&2("12(#924"2,+*1(,'-)&#1$+92(/#(42$( 1#,#$+/2/#$(/#(,2)2,+%2,+*1(/#(-2#$%&'$(#1(,&+$+$(,&*1+,2$(;"#()"#/#1($#&9+&( JVTVIHZLKLWSHUPÄJHJP}UHTmZSHYNVWSHaVLUSHYLJ\WLYHJP}U[LTWYHUH Ê2 ?(%$".42$%2.%7%.",%,2,4$2.-4*7+2,42H%4&)*+&1254(21N4+$+$(/#(4'$(-2#$%&'$(?( THLZ[YHZKLILPUJS\PY\UIHSHUJLKLSVZTHLZ[YVZL_PZ[LU[LZ`Z\ZJHSPÄJHJPVULZ ,2)2,+%2,+*1(?(#K)#&+#1,+2=(2$+(,'-'(/#(4'$(#$%"/+21%#$(;"#(2,%"24-#1%#($#( #1,"#1%&21(#1()&'3&2-2$(/#(,2)2,+%2,+*1(/#(-2#$%&'$()&#9+'(24($#&9+,+'(?(/#(4'$( 9'4"1%2&+'$(-'%+92/'$(?(2)&')+2/'$(;"#($#()'/&F21(+1,'&)'&2&(,'-'(-2#$%&'$( 1'(,2)2,+%2/'$A Ê2 7SHUPÄX\LPU[LY]LUJPVULZKLJHWHJP[HJP}UIHZHKHZLU\UHL]HS\HJP}UKL (4.4&",%,4&1(B2$(#924"2,+'1#$(&N)+/2$a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Ê2 ?&4#-*42R-42$+&2,%)+&2,42$%24J%$-%."/(2&4%(2,"&.*"H"(%,+&12R"21/'($#2( )'$+:4#=(42(#924"2,+*1(/#(4'$(-2#$%&'$=(+1,4"?#1/'(#4(1d-#&'(/+$)'1+:4#=($"( NtULYV`Z\ZJHSPÄJHJPVULZVL_WLYPLUJPHKLILYxHUIHZHYZLLUSVZKH[VZ`H L_PZ[LU[LZKPZJYPTPUHKVZWVYZL_V"ÌHZHYZLLUSHZULJLZPKHKLZPKLU[PÄJHKHZ /#(4'$(#/",21/'$(?(4'$(&#;"#&+-+#1%'$(,2-:+21%#$(/#4()421(/#(#$%"/+'('(/#(4'$( TH[LYPHSLZKLLUZL|HUaH,ZPTWVY[HU[LPKLU[PÄJHYSHZIHYYLYHZHSHWHY[PJPWHJP}U ?(24(&#,4"%2-+#1%'(/#(-2#$%&'$('(-2#$%&2$(?(%&2:2<2&(,'1(4'$(+1%#&#$2/'$()2&2( 2$#3"&2&(42()2&+/2/(/#(3L1#&'A 15 El Grupo de Educación ha creado varias herramientas útiles, incluyendo el Tolkit para la Evaluación de las Necesidades Educativas, que se pueden adaptar a contextos específicos. Véase el INEE Toolkit, área de análisis de la sección de Normas mínimas de la INEE, para ejemplos de herramientas de evaluación rápida. 22 5$%"/+'(/#(,2$'Q(S#$,'1#K+*1( #1%&#(42(&#9+$+*1(/#4()421(/#( #$%"/+'=(42(,2)2,+%2,+*1(/#( -2#$%&'$(?(#4(21N4+$+$(/#(4'$( &#$"4%2/'$(/#4(2)&#1/+D2<#=(0&2T 3*+L$4H%B(B"#3'(/#(42( +192$+*1(/#(0&2T(?(#4()'$%#&+'&( /#$-21%#42-+#1%'(/#4(3':+#&1'( /#4()2&%+/'(W2r2%>(#1(]``j=(92&+'$( +1%#&#$2/'$(%&2:2<2&'1(,'1(#4( 3':+#&1'(+1%#&+1'()2&2(E'&-"42&( 1"#9'$()421#$(/#(#$%"/+'=()'4F%+,2$( #(+1%#&9#1,+'1#$(,'-)4#-#1%2&+2$( )2&2(2$#3"&2&("1(,2-:+'()'$+%+9'( #1(#4($+$%#-2(#/",2%+9'A(J"1;"#( $#(>21(/2/'(3&21/#$(2921,#$=( $#(>21()#&/+/'(')'&%"1+/2/#$(2( ,2"$2(/#("12(/#$,'1#K+*1(#1%&#( #4()421(/#(#$%"/+'=(#4(21N4+$+$(/#( 4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#(?(42( ,2)2,+%2,+*1(/#(-2#$%&'$P2$A(( '()4*J4("/(B(54(1"#9'()421(/#( #$%"/+'($#(:2$2(#1(q1'&-2$( /#4(:2,>+44#&2%'(+1%#&12,+'124r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d2A [-4()4B(01%#&12%+'124(.#$,"#( R'--+%%## J()2&%+&(/#4(,'-+#1D'(/#(42( ,&+$+$(#1(S2&E"&(#1(]``j=(-N$(/#( ]^À```(&#E"3+2/'$($"/21#$#$( 44#32&'1(2(R>2/('&+#1%24A( M&+,#O2%#&>'"$#R'')#&$(7MOR8( /'1*(,"2%&'(-+44'1#$(/#(/*42&#$( HTLYPJHUVZLZWLJxÄJHTLU[L )2&2(#/",2,+*1(2(1+C'$(?(1+C2$( &#E"3+2/'$(#1(4'$(,2-)2-#1%'$A(54( )&'?#,%'(%+#1#(%&#$(,'-)'1#1%#$=( $+#1/'("1'(/#(#44'$(#4( -#<'&2-+#1%'(/#(42(,24+/2/(/#(42( #/",2,+*1A( M2&2($"-+1+$%&2&("12(4F1#2(/#( E'1/'=(%'/'$(4'$(-2#$%&'$(?( -2#$%&2$(#1($#&9+,+'(E"#&'1( 3&2:2/'$(#1(9+/#'(-+#1%&2$( #1$#C2:21(?(#924"2/'$()'&("1( #K)#&%'=(2$+(,'-'(%2-:+L1(E"#( 2)4+,2/2("12(q)&"#:2(&#4N-)23'r(( 24(k`w(/#(4'$(1+C'$(?(1+C2$( )2&2(%#1#&("12(+1$%21%N1#2(/#( $"(,2)2,+/2/(#1(42$(-2%#&+2$( )&+1,+)24#$A(B2(#924"2,+*1(#1(9+/#'( &#9#4*()&':4#-2$(&#42,+'12/'$( ,'1(#4(:2<'(1+9#4(/#(#/",2,+*1(/#( 4'$(-+$-'$(-2#$%&'$(?(#4(>#,>'( /#(;"#(#44'$(-+$-'$(1'(>2:F21( &#,+:+/'("12(#/",2,+*1(/#(,24+/2/=( 4'(,"24($#(,'19+&%+*(#1("1(':$%N,"4'( )2&2($"(#-)4#'(/#(-L%'/'$(;"#( 44#92&F21(2("12(+1%#&2,,+*1(E&",%FE#&2( ,'1(?(#1%&#(4'$(#$%"/+21%#$A( B2()&+'&+/2/(/#4()&'?#,%'( >2(,'1$+$%+/'(#1(>2,#&(;"#( ;"+#1#$(#$%N1()&#)2&2/'$()2&2( LUZL|HY[LUNHUJVUÄHUaH` $#21(,'-)#%#1%#$=("%+4+D21/'( #4(:+#1(/#$2&&'442/'(-L%'/'(/#( ,2)2,+%2,+*1(/#4(-2#$%&'(#1(#4( $#&9+,+'(/',#1%#Q(q6#&("1(-#<'&( -2#$%&'(P(B#(W'1(51$#+3121%rA(6#( #924d2(2(4'$(-2#$%&'$(,'1(&#$)#,%'( 2(4'$(,&+%#&+'$($+3"+#1%#$Q y( #924"2,+*1(/#4(9+/#'(/+231*$%+,' Ê2 '(J+$-.*42%2)+,%&2$%&2%-)+*",%,4&2(%."+(%$4&274*)"(4()4&1251(#4(,2$'(/#4( -'9+-+#1%'(2(%&29L$(/#(42$(E&'1%#&2$=(%2-:+L1($#(/#:#1(+19'4",&2&(#1(42(-#/+/2( )'$+:4#(2(42$(2"%'&+/2/#$(#/",2%+92$(/#4()2F$(9#,+1'=(2$F(,'-'(42$(2"%'&+/2/#$( /#('%&2(F1/'4#()#&%+1#1%#$=(#1(#4(21N4+$+$(?(42()&'3&2-2,+*1()'$%#&+'&()2&2( 2$#3"&2&(;"#(%'/'$(4'$(-2#$%&'$(?(-2#$%&2$($#21(&#,'1',+/'$(?(2)'?2/'$A(B2$( WVSx[PJHZKLYLJS\[HTPLU[VKLILUYLJVUVJLYSHZJHSPÄJHJPVULZ`SHL_WLYPLUJPH ;"#(4'$(-2#$%&'$(&#%'&121%#$(>21(2/;"+&+/'(#1('%&'$(4"32&#$A Ê2 ?&4#-*42R-42$+&27$%(4&2:27+$I)".%&2,42*4.$-)%H"4()+2&4%(2&+&)4("L$4&12 B2$(2"%'&+/2/#$(#/",2%+92$(?(23#1,+2$(+-)4#-#1%2/'&2$(1#,#$+%21(':%#1#&( ÄUHUJPHJP}UWHYHLSYLJS\[HTPLU[VKLLTLYNLUJPHWYL]PZ[VJVUIHZLLULSUTLYV )&'?#,%2/'(/#(-2#$%&'$(?(-2#$%&2$(&#;"#&+/'$()2&2(/'%2&(2(42$(#$,"#42$(?( ,#1%&'$(/#(2)&#1/+D2<#(/#()#&$'124()2&2("1(2C'(2,2/L-+,'()'&(4'(-#1'$A(B'$( YLX\LYPTPLU[VZHKPJPVUHSLZKLÄUHUJPHJP}UWHYHYLT\ULYHJP}UJVU[PU\HKHKL 4'$(-2#$%&'$(?(-2#$%&2$(&#,4"%2/'$(/"&21%#(42(E2$#(/#(#-#&3#1,+2=(/#:#1($#&( #924"2/'$(?($#(/#:#1(>2,#&()&#9+$+'1#$($#3d1($#2(1#,#$2&+'A Ê2 ?&4#-*42R-424$27*+.4&+2,42*4.$-)%H"4()+2&4%2)*%(&7%*4()412U1()&'%','4'( ,42&'(/#(&#,4"%2-+#1%'(/#:#($#&(,&#2/'(%21()&'1%'($#2()'$+:4#()'&(42$( H\[VYPKHKLZYLZWVUZHISLZKLSYLJS\[HTPLU[VLZWLJxÄJVKLTHLZ[YVZ`THLZ[YHZ K\YHU[LLTLYNLUJPHZ":LKLILUKLÄUPYJVTWL[LUJPHZTxUPTHZJVUIHZLLU\UH ,'-)&#1$+*1(&#24+$%2(/#(42()':42,+*1(&#,4"%2:4#()'%#1,+24(?(42$(')'&%"1+/2/#$(/#( ,2)2,+%2,+*1(E"%"&2$()'$%"42/2$A(54(&#,4"%2-+#1%'(/#(-2#$%&'$(q/#(#-#&3#1,+2r( /#:#($#&("1()&',#$'(%&21$)2&#1%#(?(:+#1()#1$2/'A(S#:#(#$%2&(,42&'(/#$/#( #4(-+$-'(,'-+#1D'($+($#(#$)#&2(;"#(4'$(-2#$%&'$(q$#(#1%&#1#1r()2&2(#$%#( %&2:2<'A(54()&'%','4'(/#(&#,4"%2-+#1%'(?(4'$(&#,4"%2/'&#$(/#:#1($#&(,'1,+#1%#$( ?(,'1$+/#&2&(,'1(,"+/2/'(42$(%#1$+'1#$()&##K+$%#1%#$(#1(42$(,'-"1+/2/#$(;"#( )"#/21(3#1#&2&()&':4#-2$(/"&21%#(#4(&#,4"%2-+#1%'(?(,'4',2,+*1(/#(-2#$%&'$=( PUJS\`LUKVSHÄSPHJP}UWVSx[PJHVSHZ[LUZPVULZt[UPJHZ3HLTLYNLUJPHW\LKL $#&("12(')'&%"1+/2/()2&2(&#)#1$2&(42$()&N,%+,2$(/#(&#,4"%2-+#1%'(21%#&+'&#$( ?($#(/#:#1(>2,#&(#$E"#&D'$()'&("12(,'42:'&2,+*1(&#24(?($'$%#1+/2(,'1(42$( 2"%'&+/2/#$(?('%&'$(+1%#&#$2/'$(+19'4",&2/'$(#1(2)'?2&(2(4'$(-2#$%&'$(?('%&'( )#&$'124(#/",2%+9'A(7R'1$"4%#(#4(N&#2(/#(-2#$%&'$(?('%&'()#&$'124(#/",2%+9'(/#( 42$(!'&-2$(-F1+-2$(/#(42(0!55A8( 2"2"#3*-&$-)(*#+#7$&*(*/*;<,1# 6-2()>&#$+(@,2A0&2&32',*+&*(%,2?23$2)&+,%,3,"C$2%&23,-2>#,"#$)$-2%&2'$>$'(+$'(.*2 YLÅLQLUSHZULJLZPKHKLZKLSVZLK\JHUKVZ`LK\JHUKHZ`WYLWHYLUHSVZTHLZ[YVZ` THLZ[YHZWHYHYLÅL_PVUHY`YLZWVUKLYHSHZULJLZPKHKLZJHTIPHU[LZKLSJVU[L_[V 3-()+&2.$%J42%2.+(&",4*%*B2 SPSQUSN6'? y( ,2)2,+%2,+*1(?(#K)#&+#1,+2( 21%#&+'&(#1(#4(6"/N1 y( ,2)2,+%2,+*1(#1(4'$( ,2-)2-#1%'$=(+1,4"?#1/'( "12()&"#:2(#$,&+%2(&#42%+92(24( ,'1%#1+/'(/#(42$(-2%#&+2$( y( ,21%+/2/(/#($")#&9+$+*1(?( $#3"+-+#1%' 5$%2(&#,')+42,+*1(/#(/2%'$(>2( 44#92/'(2(42(,&#2,+*1(/#("12( :2$#(/#(/2%'$(/#(-2#$%&'$(;"#( )#&-+%#(,2)2,+%2,+*1(?(2)'?'( TmZLZWLJxÄJVZTLQVYHUKVHZx SHLÄJPLUJPHKLSHLUZL|HUaHLU 4'$(,2-)2-#1%'$(/#(&#E"3+2/'$( )'&(,"21%'(4'$(-2#$%&'$($+#1%#1( ;"#($'1()2&%#(/#("1($+$%#-2( '&321+D2/'(;"#()&#%#1/#(-#<'&2&( 42(#/",2,+*1A(R'-'(#4(,"&$'( $#(:2$2(#1(1'&-2$(12,+'124#$=( %2-:+L1(2?"/2&N(2(;"+#1#$(/#$##1( ,'19#&%+&$#(#1(-2#$%&'$("12(9#D( %#&-+1#(42(,&+$+$A( [-4()4B(*5<9 QS6V3SQ?6'WN2MSP3Q?N?2X2 3QS3?Q?M'KY! 6Q'!'!26QWN'6?! 6+()4(",+2:2H4)+,+$+#I% ¦*}TVZLKL[LYTPUHLSJVU[LUPKVKLSVZ >#,"#$)$-2%&2'$>$'(+$'(.*2%&2)$&-+#,-E2 =tHZLSHUV[H*WmN2 3VZWYVNYHTHZKLJHWHJP[HJP}UKL THLZ[YVZHJ[\HSLZ¦WYVT\L]LULU[VYUVZ %&2$>#&*%(7$H&2(*'30-(@,-2?2$>,?$%,#&-E2 =tHUZLSHZUV[HZ*`+WmNZ y( B'$()&'3&2-2$(/#(,2)2,+%2,+*1(/#( -2#$%&'$(2,%"24#$(f%&2%21(%21%'(42$( 1#,#$+/2/#$(#$:'D2/2$(#1(4'$()421#$( /#(#$%"/+'(,'-'(42$(;"#(&#$"4%21(/#( 42(E2$#(2,%"24(/#(42(#-#&3#1,+2h( ¦*}TVZLLUZL|HU`WYVT\L]LUSHZ %(B&#&*+&-2)&+,%,3,"C$-2&*23,-2>#,"#$)$-2 KLJHWHJP[HJP}UKLTHLZ[YVZ&=tHZLSH UV[H+WmN 23 ¦,SJVU[LUPKV`SHTL[VKVSVNxHKLSVZ >#,"#$)$-2%&2'$>$'(+$'(.*2%&2)$&-+#,-2 HWV`HUSHZTL[HZLK\JH[P]HZHTmZSHYNV WSHaV&=tHUZLSHZUV[HZ*`+WmNZ y( fB'$(-2#$%&'$(?(#4()#&$'124(/#(2)'?'( #1%+#1/#1(4'$(,2-:+'$(>#,>'$(24()421( /#(#$%"/+'h(( y( f5K+$%#1($+$%#-2$()2&2(,'-)2&%+&( 4'$(/#%244#$(/#(4'$(,2-:+'$(,'1(42( ,'-"1+/2/(-N$(2-)4+2h( *(7(*0;(*0Ô5+,:(996336796-,:065(3@(76@6 5$%"/+'(/#(,2$'Q(R2)2,+%2,+*1(/#( -2#$%&'$=(R>2/('&+#1%24 *(7(*0;(*0Ô5+,:(996336796-,:065(3@(76@6 N+)%26B¦*}TVZLKL[LYTPUHLSJVU[LUPKVKLSVZWYVNYHTHZKLJHWHJP[HJP}UKL )$&-+#,-E22 Ê2 V&42$%2"(9+*H%."/(2,4$2%(@$"&"&27%*%2,4)4*H"(%*2$%&2(4.4&",%,4&12B2( 1#,#$+/2/(/#("12(&#9+$+*1(,'-)&#1$+92(/#(42(,2)2,+%2,+*1(/#(-2#$%&'$($#(/#:#( #;"+4+:&2&(,'1(42(1#,#$+/2/(/#(,2)2,+%2&(2(4'$(-2#$%&'$(?(-2#$%&2$(#1(,'1%#1+/'( ?(-L%'/'$(/#(#1$#C21D2(#$#1,+24#$(/"&21%#("12(,&+$+$A(U1(#;"+)'(/#(#K)#&%'$( LUSHJHWHJP[HJP}UKLTHLZ[YVZKLILPKLU[PÄJHYSHZJVTWL[LUJPHZM\UKHTLU[HSLZ 2($#&(,&#2/2$(#1(#4(q,"&$'(/#(,2)2,+%2,+*1(/#(#-#&3#1,+2r()2&2(-2#$%&'$(1"#9'$( '(-2#$%&'$(2E#,%2/'$(,'1(:2$#(#1("12(#924"2,+*1(,'-)4#%2(/#(4'$(92,F'$( #K+$%#1%#$(?(42$(1#,#$+/2/#$(,&#2/2$()'&(42(#-#&3#1,+2(79L2$#(42(1'%2(W(#1( 42()N3+12(]]8A(B'$()&'3&2-2$(/#(,2)2,+%2,+*1(/#:#1(#;"+)2&(2(4'$(-2#$%&'$(?( -2#$%&2$(,'1(4'$(,'1',+-+#1%'$(?(>2:+4+/2/#$(2)&')+2/'$(&#;"#&+/'$(%21%'(/#( +1-#/+2%'(,'-'(#1(,&+$+$(E"%"&2$()2&2(2"-#1%2&(42()&#)2&2,+*1(?(42(,2)2,+/2/(/#( 2E&'1%2-+#1%'A Ê2 0U[YVK\aJHSHYLÅL_P}U`SHH\[VL]HS\HJP}UHKLTmZKLJVU[LUPKV` HA)+,+&12B'$()&'3&2-2$(/#(,2)2,+%2,+*1(/#(-2#$%&'$(/#:#1(#$%2&(/+$#C2/'$( )2&2($#&(4*3+,'$(?(2,"-"42%+9'$=()2&2(2)'?2&(#4(&#E"#&D'(?(42(+1%#&+'&+D2,+*1(/#( ,'1',+-+#1%'$=(2,%+%"/#$=(,'-)'&%2-+#1%'$(?(>2:+4+/2/#$()#&%+1#1%#$(/#(-21#&2( $#,"#1,+2/2A(B'$()421#$(/#(#$%"/+'(/#(42(,2)2,+%2,+*1(21%#&+'&(24($#&9+,+'(?( #1(#4($#&9+,+'(/#:#1(+1%&'/",+&(?(&#E'&D2&(-#1$2<#$(?(>2:+4+/2/#$($+-+42&#$A(B'$( )&'3&2-2$(/#(,2)2,+%2,+*1(/#(-2#$%&'$(/#:#1(+1,4"+&(')'&%"1+/2/#$()2&2(;"#( SVZTHLZ[YVZ`THLZ[YHZYLÅL_PVULUHJLYJHKLZ\WYVWPHWYmJ[PJHKLLUZL|HUaH 2?"/N1/'4#$(2(,&#2&(>2:+4+/2/#$(?(,'-)#%#1,+2$(/#(2"%'#924"2,+*1A(( Ê2 6*4427*+#*%H%&2,42.%7%.")%."/(2L%&%,+&24(29+*)%$4<%&2:2,4L"$",%,4&2 LZWLJxÄJHZB'$()&'3&2-2$(/#(,2)2,+%2,+*1(/#(-2#$%&'$($#(/#:#1(/+$#C2&( 24&#/#/'&(/#(42$(>2:+4+/2/#$=(4'$(,'1',+-+#1%'$(?(42(#K)#&+#1,+2(/#(4'$( ,2)2,+%2/'$A(51(4'$(,2$'$(#1(;"#(4'$(1+9#4#$(/#(#/",2,+*1(/#(4'$(1"#9'$( -2#$%&'$($#21(:2<'$=()"#/#($#&(1#,#$2&+'(/'%2&(2(4'$(-2#$%&'$(?(-2#$%&2$(/#( E"1/2-#1%'$($*4+/'$(#1(#4()421(/#(#$%"/+'(:N$+,'(#1(9#D(/#(#1(%#'&F2(#/",2%+92( ?(1"#92$(-#%'/'4'3F2$A(X2?(;"#($"-+1+$%&2&(2(4'$(-2#$%&'$(>#&&2-+#1%2$( ZLUJPSSHZ[HSLZJVTVWYV[VJVSVZKLWSHUPÄJHJP}UKLSLJJPVULZX\LZLW\LKHU 2)4+,2&(#1(42(#1$#C21D2(,'%+/+212A( Ê2 '(.+*7+*42.+()4(",+2*4$%)"J+2%2$+&2,4*4.a+&2a-H%(+&29-(,%H4()%$4&2:2 %&-()+&2)4H@)".+&2.$%J41254(,'1%#1+/'($#(/#:#(:2$2&(#1()421#$(/#(#$%"/+'( HJLW[HKVZHZxJVTVYLÅLQHYHZ\U[VZJSH]LWLY[PULU[LZHSJVU[L_[V`]HSVYLZKL 4'$(/#&#,>'$(>"-21'$A(B'$(-2%#&+24#$(/#(,2)2,+%2,+*1(/#:#1(,&#2&('(E'&%24#,#&( #4(,'1',+-+#1%'(/#4(-2#$%&'(/#(4'(;"#(#$("1(#1%'&1'(/#(2)&#1/+D2<#(+1,4"$+9'(?( 2)'?2/'&=(2$F(,'-'($"(,2)2,+/2/(/#(,&#2&4'(?(-21%#1#&4'A Ê2 ]*"(,42+*"4()%."/(27%*%24J")%*27*@.)".%&2,"&.*"H"(%)+*"%&2+2R-42#4(4*4(2 ,"J"&"/(12B'$(-2#$%&'$(?(-2#$%&2$(&#;"#&+&N1('&+#1%2,+*1(?(,2)2,+%2,+*1()2&2( #9+%2&()&')232&(+/#'4'3F2$(%#1/#1,+'$2$('(;"#(3#1#&#1(/+9+$+*1A(( N+)%2`B¦*}TVZLLUZL|HU`WYVT\L]LUSHZKPMLYLU[LZTL[VKVSVNxHZLUSVZ >#,"#$)$-2%&2'$>$'(+$'(.*2%&2)$&-+#,-E2 Ê2 ]*"(,42+7+*)-(",%,4&27%*%2R-42$+&2H%4&)*+&27*%.)"R-4(2a%L"$",%,4&2(-4J%&2 `YLÅL_PVULUHJLYJHKLSWYVJLZVLPTWHJ[VS"&21%#(4'$()&'3&2-2$(/#( ,2)2,+%2,+*1(/#(-2#$%&'$=(#$(+-)'&%21%#(;"#(2(4'$(-2#$%&'$(?(-2#$%&2$($#(4#$( Kt[PLTWVZ\ÄJPLU[LWHYHWYHJ[PJHYSVZTt[VKVZX\LZLLZWLYHLTWSLLULULS H\SH+LILWYVTVJPVUHYZLSHYLÅL_P}UHJLYJHKLZ\WYVWPHWYmJ[PJH`SHKLV[YVZ ?(4'$(,2)2,+%2/'&#$(/#:#1(/+$,"%+&(42$(+-)4+,2,+'1#$(?()'%#1,+24#$(4+-+%2,+'1#$( /#4(#-)4#'(/#(4'$(1"#9'$(#1E';"#$(?(>2:+4+/2/#$A(B'$(-2#$%&'$($#(/#:#1( ,2)2,+%2&()2&2(#924"2&(42()2&%+,+)2,+*1(/#(4'$(1+C'$(?(1+C2$(#1($"$(4#,,+'1#$(?($#( 4#$(/#:#(#;"+)2&(,'1(#$%&2%#3+2$()2&2(+1,4"+&(2(4'$(?(42$(#$%"/+21%#$(;"#(1'(#$%L1( )2&%+,+)21/'A( Ê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c2+421/+2 3*+L$4H%B(54()&'3&2-2(/#( #/",2,+*1(/#(&#E"3+2/'$( :+&-21'$(#1(c2+421/+2( #K)#&+-#1%2("12(&'%2,+*1( ZPNUPÄJH[P]HKLTHLZ[YVZ 21"24-#1%#A(J43"1'$(2C'$(>21( 9+$%'()2$2&(2)&'K+-2/2-#1%#( k``(-2#$%&'$(?(-2#$%&2$()'&(#4( $+$%#-2A(B2()2&%+/2(/#(-2#$%&'$( ZPNUPÄJHX\LTHLZ[YVZU\L]VZ %+#1#1(;"#($#&(,2)2,+%2/'$( &N)+/2-#1%#()2&2(&#/",+&(42( +1%#&&"),+*1(/#(42(#/",2,+*1A '()4*J4(."/(B2(yVJ(.#E"3##( R2&#(7c>2+421/8(?(H2&#1(.#E"3##( R'--+%%##Q(5/",2%+'1(51%+%?( ,&#2&'1("1(1"#9'(#1E';"#(/#(42( ,2)2,+%2,+*1(/#(-2#$%&'$(1"#9'$( /"&21%#(#-#&3#1,+2$()2&2($"( )&'3&2-2()&#9+'(24($#&9+,+'A(51( 9#D(/#(#1E',2&$#(#1(q#4(,'1%#1+/'( /#(42(-2%#&+2r=(#4(1"#9'()421(/#( #$%"/+'(,2)2,+%2(2(4'$(-2#$%&'$( #1(q-#%'/'4'3F2(/#(42(#1$#C21D2r( ,'1(L1E2$+$(#1(q,*-'(2)&#1/#1( 4'$(1+C'$r(?(#4(/#$2&&'44'(+1E21%+4A( 51(&#$)"#$%2(2(42(,24+/2/(-"?( %&21$+%'&+2(/#(42()':42,+*1( /#4(,2-)2-#1%'=(#4(,"&$'( )&#9+'(24($#&9+,+'(/#("1(-#$(/#( /"&2,+*1(+1,4"?#("1(-21"24(/#( ,2)2,+%2,+*1(#$%&",%"&2/2()2&2( 4'$(,2)2,+%2/'&#$(/#(-2#$%&'$( /#(&#E"3+2/'$(,'1("1(-21"24(/#4( )2&%+,+)21%#(?("1()&'3&2-2(/#( $#3"+-+#1%'()'$%#&+'&(;"#(,'1$%2( /#("1(-#$(/#(%"%'&F2(?(2)'?'( #1(#4(2"42A(B2($+3"+#1%#(#%2)2( +1,4"?#("1()#&F'/'(/#()&"#:2( #1(#4(,"24(4'$(-2#$%&'$(1"#9'$( $'1(2)'?2/'$()'&(-#/+'(/#(42( #1$#C21D2(#1(#;"+)'(?(/#()2&#$( ?(42('E#&%2(/#(')'&%"1+/2/#$( /#(2)&#1/+D2<#(2/+,+'124#$( )2&2(2"-#1%2&(42$(>2:+4+/2/#$( ?(4'$(1+9#4#$(/#(,'1',+-+#1%'A( 5$%2$(')'&%"1+/2/#$(+1,4"?#1( 3&")'$(/#(2)'?'(/#4(2)&#1/+D2<#( )&')+'(-21#<2/'$()'&(#44'$( -+$-'$(,'1(&#,"&$'$(/#(4#,%"&2( ?(2"/+'9+$"24#$(2/+,+'124#$A(54( )&'3&2-2(%&2:2<2(#1()2&24#4'( ,'1(#4()&'3&2-2(/#(,2)2,+%2,+*1( #1(#4($#&9+,+'()'$%#&+'&=(#4(,"24( +1,4"?#(#1E';"#$()&N,%+,'$( )2&2(#4(2)&#1/+D2<#(2,%+9'(?(42( $'4",+*1(/#()&':4#-2$=(#1(9#D(/#( 2)&#1/+D2<#(/#(-#-'&+2A [-4()4B(yVJ(.#E"3##(R2&#(7c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xÄJHTLU[LLUSHZmYLHZ &"&24#$A(54()421(/#(#$%"/+'(/#( 42(,2)2,+%2,+*1($#(:2$*(#1(#4( -2&,'(#$%N1/2&()&'E#$+'124( ;"#(&#$#C2(4'$(,'1',+-+#1%'$=( >2:+4+/2/#$(?(2,%+%"/#$(;"#( /#:#1(3"+2&(42(E'&-2,+*1(/#( -2#$%&'$=(-+#1%&2$(;"#(#4( ,'1%#1+/'(/#(42(,2)2,+%2,+*1( ZLLUMVJ}LUSHWSHUPÄJHJP}U /#(4#,,+'1#$=()&"#:2$(?( #924"2,+*1=()$+,'4'3F2(+1E21%+4=( -#%'/'4'3F2(/#(42(#1$#C21D2=( #4()421(/#(#$%"/+'=(#$%"/+'$( E"1/2-#1%24#$=(42(#1$#C21D2( /#(2&+%-L%+,2=(,+#1,+2$=(4#13"2<#( ?(#$%"/+'$($',+24#$=(?(#4("$'( #E#,%+9'(?(,&#2,+*1(/#(2?"/2$(/#( #1$#C21D2(#-)4#21/'(-2%#&+24#$( /+$)'1+:4#$(2(1+9#4(4',24A +1#$%2:4#(?(,2-:+21%#(?(42(E24%2(/#(-2%#&+24#$(?(2)'?'(E'&-24A(B'$()&'3&2-2$(/#( JHWHJP[HJP}UKLTHZPHKVHTIPJPVZVZW\LKLUTPUHYSHJVUÄHUaHKLSVZTHLZ[YVZ ?(-2#$%&2$A Ê2 6+(&)*-:%2$%&2L%&4&27%*%2$%2#4&)"/(2,42-(2%-$%29-4*)412B'$()&'3&2-2$(/#( ,2)2,+%2,+*1()"#/#1(+1,4"+&("1(,'-)'1#1%#(&#42%+9'(2(42(3#$%+*1(/#(2"42(;"#($#( #1E';"#(#1(42(+-)'&%21,+2(/#($#&()"1%"24()2&2(%'/2$(42$(,42$#$=(/2&(+1$%&",,+'1#$( JSHYHZHSVZLK\JHUKVZWVZPIPSP[HYSHWHY[PJPWHJP}UKLSVZLK\JHUKVZJHSPÄJHY #4(%&2:2<'(#1(,42$#(?(#1(,2$2=('E&#,#&(,'-#1%2&+'$=(-21%#1#&(#4(&#3+$%&'(/#4( 2)&#1/+D2<#(?(#1(42(%#'&F2(?()&N,%+,2(/#(42$(-#%'/'4'3F2$(,#1%&2/2$(#1(#4( #/",21/'A(B'$()&'3&2-2$(%2-:+L1()"#/#1()&'-'9#&(42(,&#2%+9+/2/(#1(#4("$'(?( ,&#2,+*1(/#(-2%#&+24#$(/#(#1$#C21D2(?(2)&#1/+D2<#A(c2-:+L1()"#/#1(%&2%2&(#4( -21#<'(/#4(,'-)'&%2-+#1%'(?(42(/+$,+)4+12()'$+%+92()2&2(E2,+4+%2&("1(#1%'&1'(/#( 2)&#1/+D2<#($#3"&'(?()&'%#,%'&A(B2(,2)2,+%2,+*1(2,#&,2(/#(42(2/-+1+$%&2,+*1(/#( 2"42(%2-:+L1(/#:#(%&2%2&(4'$(&#%'$(/#(4'$(,"&$'$(/#(3&21(%2-2C'('(,"&$'$(,'1( 1+9#4#$(?P'(4#13"2$(-+K%'$A Ê2 Q49-4*.42$+&2.+(.47)+&2,427%*)"."7%."/(2*4%$2,42$+&24,-.%(,+&12B2( ,2)2,+%2,+*1(?(#924"2,+*1(/#(4'$(-2#$%&'$(?(-2#$%&2$(#1(#1%&#12-+#1%'( /#:#(#9+%2&(#1E',2&$#(/#(-21#&2(/#-2$+2/'(#K,4"$+92(#1(4'$(#4#-#1%'$( TmZZ\WLYÄJPHSLZKLSHLUZL|HUaHWHY[PJPWH[P]H[YHIHQVLUNY\WVH`\KHZKL #1$#C21D28A(6#(/#:#(#1E',2&(#1($2:#&($+(4'$(1+C'$(?(1+C2$(#$%N1(+19'4",&2/'$( 2,%+92-#1%#(#1(#4(2)&#1/+D2<#A(B2$(>2:+4+/2/#$(#1(%L,1+,2$(/#(+1%#&&'32,+*1($'1( ,#1%&24#$(#1(#$%'A Ê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Ê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km(-2#$%&'$( ?(-2#$%&2$(#1(#$,"#42$($#4#,%2$( #1(4'$(,'1/2/'$(/#(G'1%$#&&2/'( ?(B'E2()'&("1()#&F'/'(,'&%'A(5$%'( 2?"/*(2(24#1%2&(?(&#%#1#&(2(4'$( -2#$%&'$(9'4"1%2&+'$(;"#(/#('%&'( -'/'()'/&F21(>2:#&(2:21/'12/'( $"$(,42$#$=(2E#,%21/'( 1#32%+92-#1%#(42(,24+/2/( /#4()&',#$'(/#(#1$#C21D2(?( 2)&#1/+D2<#A [-4()4B(M421(B+:#&+2 25 *(7(*0;(*0Ô5+,:(996336796-,:065(3@(76@6 5$%"/+'(/#(,2$'Q(c&2:2<'(,'1( -2#$%&'$(1'(,2)2,+%2/'$(?( 9'4"1%2&+'$=(B+:#&+2 *(7(*0;(*0Ô5+,:(996336796-,:065(3@(76@6 2"6#%'0$59)%)4-1# 632$>,?,2',*+(*0,2$23,-2)$&-+#,-2&-20*$2>$#+&2(*+&"#$32>$#$2"$#$*+(7$#20*2)$?,#2 PTWHJ[VHUP]LSKLSH\SH"SVZZ\WLY]PZVYLZZVUJSH]LWHYHHZLN\YHYLS\ZVJVU[PU\V` HKLJ\HKVKLSHZJVTWL[LUJPHZKLSVZTHLZ[YVZLULSH\SH 3-()+&2.$%J42%2.+(&",4*%*B SPSQUSN6'? QS6V3SQ?6'WN2MSP3Q?N?2X2 3QS3?Q?M'KY! 6Q'!'!26QWN'6?! !-74*J"&"/(2:2%7+:+2.+()"(-+ ¦8\PtULZLZ[mUKPZWVUPISLZ`[PLULUSH '$>$'(%$%2%&2>#&-+$#2$>,?,2$2*(@&32%&32$03$2?2%&2 SHLZJ\LSH&=tHZLSHUV[H,WmN ¦8\tZPZ[LTHZ`WLYZVUHSL_PZ[LUWHYHHZLN\YHY $>,?,2',*+(*0,2$23,-2)$&-+#,-2$2*(@&32%&32$03$2?2 KLSHLZJ\LSH&=tHZLSHUV[H,WmN y( fR"N4#$($'1(4'$(/+E#&#1%#$()2)#4#$( ?(&#$)'1$2:+4+/2/#$(/#4()#&$'124(/#( $")#&9+$+*1(%L,1+,2=(%24#$(,'-'(#4()#&$'124( /#4(G+15/(?(4'$(-+#-:&'$("$"2&+'$(/#(42( ,'-"1+/2/h( y( ¦8\tHWV`V[tJUPJVÄUHUJPLYVVSVNxZ[PJV $#(&#;"+#&#()2&2($#&(E"1,+'124h(((( y( fg"L(2)'?'(#$%N(/+$)'1+:4#()2&2(4'$( THLZ[YVZ[HU[VJHSPÄJHKVZJVTVUV JHSPÄJHKVZ& y( fg"L()2)#4()"#/#1(/#$#-)#C2&(4'$( $+1/+,2%'$(/#(-2#$%&'$h y( fg"L(&#,"&$'$(#$%N1(/+$)'1+:4#$()2&2( )&#$%2&(2(4'$(-2#$%&'$(2)'?'(%L,1+,'( $'$%#1+/'(?(2)&')+2/'(,'1(&#$)#,%'(2(42( #/",2,+*1(E'&-24(?(1'(E'&-24h y( fB'$()2)#4#$(/#(4'$(-+#-:&'$( /#(42(,'-"1+/2/(?(4'$(,'-+%L$(/#( 2/-+1+$%&2,+*1(#$,'42&(>21($+/'( 2&%+,"42/'$(2(%&29L$(/#(,2)2,+%2,+*1h y( f5K+$%#("1(,*/+3'(/#(,'1/",%2(/#4( THLZ[YVX\LKLÄUHJSHYHTLU[LLSWHWLS` 42(&#1/+,+*1(/#(,"#1%2$(/#(4'$(-2#$%&'$h( y( fB'$($")#&9+$'&#$(>21($+/'(,2)2,+%2/'$( #1(#4()421(/#(#$%"/+'(&#9+$2/'(?(4'$( -L%'/'$(/#(#924"2,+*1h y( fR*-'($#($")#&9+$2(2(4'$(-2#$%&'$(?( ,'-'($#(#1%&#321(4'$(,'-#1%2&+'$h(( y( fR*-'(>21(,2-:+2/'(42(&#42,+*1(?(42$( #$%&",%"&2$(/#(2)'?'(#1%&#(4'$(-2#$%&'$=( 4'$(/+&#,%'&#$(/#(#$,"#42(?(4'$(1+9#4#$( $":12,+'124#$(/#4(G+15/(?(,*-'($#( )"#/#1(E'&%24#,#&h( N+)%2SB¦8\tLZ[Y\J[\YHZKLJHWHJP[HJP}U`HWV`VHSTHLZ[YVLZ[mUKPZWVUPISLZ`ZVU VWLYHJPVUHSLZWHYHSVZTHLZ[YVZJHSPÄJHKVZÙVJHSPÄJHKVZ& Ê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Ê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`VHS[LYUVZZPHZxZLYLX\PLYL*\HUKVZLHWVZPISLZLKLILUPKLU[PÄ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ÅPJ[VLU[YL0ZYHLS`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}UNSVYPÄX\LU 42(9+'4#1,+2(?(24+#1%#1(2(42$( 3#1#&2,+'1#$(-N$(<*9#1#$(2( #-)4#2&(42(9+'4#1,+2(,'-'(#4( -#/+'()&+-2&+'(/#(&#$'4",+*1(/#4( JVUÅPJ[V '()4*J4(."/(B(54()&'3&2-2(/#( ,2)2,+%2,+*1(/#(-2#$%&'$(/#4( c#2,>#&(R&#2%+9+%?(R#1%#&(7cRR8( #1(R+$<'&/21+2(?(I2D2(,'-:+1*( 42(#/",2,+*1(,F9+,2(?(#4(2)'?'( )$+,'$',+24=(#K)'1+#1/'(2(4'$( -2#$%&'$(?(-2#$%&2$(2(-2%#&+24#$( ?(-L%'/'$()2&2(2)'?2&(2(4'$( #$%"/+21%#$(#1(2)&#1/#&(2,#&,2( /#(42(<"$%+,+2=(42(&#$)'1$2:+4+/2/=( 42(,+"/2/21F2=(42(L%+,2(?(E'&-2$( )'$+%+92$(/#(&#$'4",+*1(/#4( JVUÅPJ[V,STHU\HSKLSTHLZ[YV /#4()&'3&2-2(&#E'&D*(42(+/#2(/#( ;"#(42(&#$)"#$%2(2(42(9+'4#1,+2=(#4( /#$2&&'44'(/#(924'&#$(,F9+,'$(?(42( ,2)2,+/2/(/#(2)'?2&(#4(:+#1#$%2&( )$+,'$',+24(#$%N1(+1%#&,'1#,%2/'$( ?($#(&#E"#&D21(-"%"2-#1%#A(54( -21"24(E"#(&#9+$2/'(?(E'&%24#,+/'(2( %&29L$(/#("1()&',#$'(,'42:'&2%+9'( ;"#(+19'4",&*(2(&#)&#$#1%21%#$( /#4(cRR=(#K)#&%'$(#1(4'$(,2-)'$( ?(/#)2&%2-#1%'$()#&%+1#1%#$=( 42($#,,+*1(/#(,'1$#<#&F2(/#(42( U!.YJ(?(-2#$%&'$(?(-2#$%&2$( ;"#("%+4+D2:21(4'$(-2%#&+24#$A(( 6#3d1(#4(c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ÅPJ[V`LK\JHJP}U ,F9+,2A [-4()4B(c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xULH¶`\UIVSL[x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Ä[YPVUHZ` /'121%#$A( [-4()4B(.#4+#E(01%#&12%+'124 Ê2 0KLU[PÄX\LYLJ\YZVZ[YHKPJPVUHSLZ`HS[LYUVZWHYHSVZTHLZ[YVZM"#/#( ZLY[PSPKLU[PÄJHY`JVUZ[Y\PYZVIYLSVZZPZ[LTHZKLHWV`VJVT\UP[HYPVZWHYH )&'-'9#&(#4(-21#<'(/#4(#$%&L$()#&$'124(?()&'E#$+'124(?(#4(:+#1#$%2&(#1%&#(4'$( -2#$%&'$(?(-2#$%&2$A(S#(-21#&2($+-+42&=(42$(#$%&",%"&2$(/#(2)'?'(E'&-24#$( #K+$%#1%#$()"#/#1()&#$%2&(2)'?'(%L,1+,'(1#,#$2&+'A(( Ê2 [+*)%$4<.%24$2%7+:+24()*427%*4&27%*%2$+&2H%4&)*+&12B'$()&'3&2-2$(/#( ,2)2,+%2,+*1(/#:#1()&'-'9#&(#$%&",%"&2$(/#(2)'?'(/#()2&#$()&'E#$+'124#$( #1%&#(4'$(-2#$%&'$(?(-2#$%&2$()2&2(2"-#1%2&($"$(>2:+4+/2/#$(/#(2E&'1%2-+#1%'( ?(&#/",+&(#4(#$%&L$()$+,'$',+24A(5$%'(+1,4"?#(:&+1/2&(')'&%"1+/2/#$()2&2(;"#( 4'$(-2#$%&'$(&#,')+4#1(?(,'-)2&%21(:"#12()&N,%+,2()'&(E"#&2(/#(42(#$,"#42=('( 24#1%2&(42(%"%'&F2(/'1/#(q-2#$%&'$($")#&+'&#$r(2)'?21(2(4'$(-2#$%&'$(1"#9'$A(54( ;"#(4'$(-2#$%&'$(?(-2#$%&2$()2$#1(%+#-)'(?(2)&#1/21(/#($"$()2&#$()"#/#(%#1#&( \UPTWHJ[VZPNUPÄJH[P]VLUSHJHSPKHKKLSHLUZL|HUaH`LSJVTWVY[HTPLU[V` :+#1#$%2&(/#(4'$(-2#$%&'$A Ê2 Q4.+(+<.%2$%27+&"."/(2f(".%2:2*4&7+(&%L"$",%,2,4$2,"*4.)+*1254()2)#4(/#4( /+&#,%'&(1'($#(/#:#($":#$%+-2&A(5$(42()&+-#&2(4F1#2(/#(2)'?'()2&2(42(-2?'&F2( /#(4'$(-2#$%&'$(?(-2#$%&2$(?(&#;"#&+&N(/#(,2)2,+%2,+*1=(2)'?'(%L,1+,'(?( 2/-+1+$%&2%+9'(,'1%+1"'(()2&2(2$#3"&2&($"(#E#,%+9+/2/A( Ê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ÄJHJP}U`WHYHSVZTHLZ[YVZ JHSPÄJHKVZ`HX\LLZ[VW\LKLNLULYHY\UHKLZHJYLKP[HJP}UHLZ[VZS[PTVZ Ê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Ê2 [+H4()%*2-(2&4()",+2,427*+94&"+(%$"&H+2:2*4(,"."/(2,42.-4()%&24(2$+&2 H%4&)*+&123HZL]HS\HJPVULZKLILUPKLU[PÄJHYZPOH`\UJ}KPNVKLJVUK\J[H #K+$%#1%#(?($+(4'$(-2#$%&'$(?(-2#$%&2$(4'(#1%+#1/#1=(2$F(,'-'($+(>2?("1($+$%#-2( /#(+1E'&-#(?(/+$,+)4+12(E"1,+'121/'()2&2(4'$(,2$'$(/#(+1,"-)4+-+#1%'A(( Ê2 `4)4*H"(42&"2$+&2H%4&)*+&24&)@(27*47%*%,+&27%*%24(&4O%*2,42H%(4*%2494.)"J%12 B2$(#924"2,+'1#$(/#:#1(#$%"/+2&(42(E2-+4+2&+/2/(/#(4'$(-2#$%&'$(?(-2#$%&2$(,'1(#4( )421(/#(#$%"/+'(?(2?"/2$(/#(#1$#C21D2(#K+$%#1%#$=(2$F(,'-'($"(,2)2,+/2/(/#(,&#2&( 2?"/2$(2/+,+'124#$(?(,'-)4#-#1%2&(#4()421(/#(#$%"/+'(,'1(4#,,+'1#$(2C2/+/2$A( c2-:+L1(/#:#($#&(#924"2/2($"(,2)2,+/2/(/#(#-)4#2&(/+9#&$2$(-#%'/'4'3F2$(/#( #1$#C21D2()2&2(%&2%2&(42$(1#,#$+/2/#$(/#(#/",21/'$(?(#/",21/2$(/+E#&#1%#$A(( Ê2 !4#-"*2-(%2.%7%.")%."/(2.+(2,4&%**+$$+27*+94&"+(%$2:2%7+:+2.+()"(-+12 (WV`VJVU[PU\HKVHSVZTHLZ[YVZ`THLZ[YHZWVYTLKPVKLSKPZL|VLZWLJxÄJV /#()&'3&2-2$=(2$F(,'-'()421#$(#/",2%+9'$(12,+'124#$=(#$()&+-'&/+24()2&2( 2$#3"&2&(42(2)4+,2,+*1(#E#,%+92(/#(>2:+4+/2/#$(?(,'1',+-+#1%'$A(S#:#(,&#2&$#( "12(#$%&2%#3+2(/#($#3"+-+#1%'($"$%21%+92()2&2(#4(/#$2&&'44'()&'E#$+'124(,'1%+1"'A( u$%2()'/&F2(+1,4"+&(#4(#-)4#'(/#(%#,1'4'3F2(1"#92(?(2)&#1/+D2<#(2(/+$%21,+2=( 2$#$'&#$(#/",2%+9'$(#1(#4(%#&&#1'=(,'42:'&2,+*1(,#&,212(,'1(2$#$'&#$(#1()421#$( /#(#$%"/+'(?(42(,&#2,+*1(/#("12(&#/(/#(%"%'&#$A(B2$(2,%+9+/2/#$(24%#&12$(/#( /#$2&&'44'()&'E#$+'124(/#:#1($#&(&#,'1',+/2$(?(924+/2/2$()'&(42$(2"%'&+/2/#$( )#&%+1#1%#$A( 27 *(7(*0;(*0Ô5+,:(996336796-,:065(3@(76@6 5$%"/+'(/#(,2$'Q(J)'?'(%L,1+,'( ,'1%+1"'()2&2(-2#$%&'$(1"#9'$( ?($+1(,2)2,+%2,+*1=(\'&/21+2( 7)2&2(42(#/",2,+*1(/#(&#E"3+2/'$( +&2;"F#$8 *(7(*0;(*0Ô5+,:(996336796-,:065(3@(76@6 Ê2 (ZLN\YLX\LSHWSHUPÄJHJP}UZH[PZMHNHSHZULJLZPKHKLZPUTLKPH[HZ`HTmZSHYNVWSHaV6#(/#:#(E'&-"42&("1( )421(;"#(&#$#C#(42$(1#,#$+/2/#$(/#(,2)2,+%2,+*1(/#(-2#$%&'$=(+1,4"?#1/'(#4(1d-#&'(/#(-2#$%&'$(?(-2#$%&2$(2($#&( LU[YLUHKVZZ\NtULYVZ\\IPJHJP}UNLVNYmÄJHZ\SLUN\HKLPUZ[Y\JJP}U`V[YVZ[LTHZWLY[PULU[LZX\LH`\KHYmUH )&'-'9#&(42(#/",2,+*1(#;"+%2%+92(+1,4"$+92A(5$%#()421(>2:&N(/#($#&(2/2)%2/'(#1(,"21%'(92?2(,2-:+21/'(#4(,'1%#K%'A( Ê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`LSLK\JHUKV"SHL]HS\HJP}UKLSWYVNYLZVWLYTP[LSHHKHW[HJP}UZLNUZLULJLZP[L 3%*%2H+(")+*4%*2:24J%$-%*2$+&27*+.4&+&2,42"(&)*-.."/(2:2%7*4(,"<%=4B =\LS]HHJVUZ\S[HYJHKH\UHKLSHZ[HISHZKLW\U[VZJSH]LHJVUZPKLYHYKLSHWYLZLU[LZLJJP}U¶PUJS\`LUKV(UmSPZPZ *VU[LUPKV`TL[VKVSVNxH`:\WLY]PZP}U¶YLÅL_PVUHUKVHJLYJHKLSHZWYLN\U[HZWLY[PULU[LZLUMVJHKHZLULSTVUP[VYLV` L]HS\HJP}ULU[tYTPUVZ[HU[VKLWYVJLZVJVTVKLJVU[LUPKV 9LÅL_PVULHJLYJHKLSHZHJJPVULZJSH]LWHYHSHJHWHJP[HJP}ULSKLZHYYVSSVWYVMLZPVUHS`LSHWV`VKLSHZ!").$%&A/+*.$%2&*23$2 WmNPUH (UV[LSVX\LLZ[mM\UJPVUHUKVIPLUHKLTmZKLSHZmYLHZLUSHZJ\HSLZSHZTL[HZUVZLOHUSVNYHKVWSLUHTLU[L`X\LW\LKLU YLX\LYPY]VS]LYHTPYHYSHZWVSx[PJHZ`SVZWYVNYHTHZ2 !2',*+(*0$'(.*2$>$#&'&*2&H&)>3,-2%&2'.),2$D,#%$#2&32),*(+,#&,2?2&@$30$'(.*2+$*+,2%&32>#,'&-,2',),2%&32',*+&*(%,2%&32%&-$##,33,2 %&23$2'$>$'(+$'(.*I2 P+(")+*4+2:24J%$-%."/(2g24$27*+.4&+B 632>#,'&-,2%&2'#&$#20*2-(-+&)$2B0&#+&2?2$>#,>($%,2%&2'$>$'(+$'(.*2?2$>,?,2>$#$23,-2)$&-+#,-2?2)$&-+#$-2&-2()>,#+$*+&2?2%&D&2-&#2 Z\WLY]PZHKV`L]HS\HKVHKPJPVUHSTLU[LHSTVUP[VYLV`L]HS\HJP}UKLSJVU[LUPKVKLSHJHWHJP[HJP}U(SN\UVZLQLTWSVZKLWYLN\U[HZ %&2),*(+,#&,2?2&@$30$'(.*2&*B,'$%$-2&*2&32>#,'&-,2>#,@&*(&*+&-2%&23$-2+$D3$-2%&2>0*+,-2'3$@&2$2',*-(%&#$#2(*'30?&*I2 Ê( fX21(#$%2/'(+19'4",&2/'$(4'$(+1%#&#$2/'$(2)&')+2/'$h(fg"+L1#$(>21(#$%2/'(+19'4",&2/'$(?(>21(%#1+/'(%21%'(42( 4#3+%+-+/2/(,'-'(42(2"%'&+/2/()2&2(%#1#&("1(+-)2,%'(*)%+-'h( Ê( ¦3HZULJLZPKHKLZYLHSLZKLJHWHJP[HJP}U`HWV`VKLSVZTHLZ[YVZ`THLZ[YHZOHUZPKVPKLU[PÄJHKHZ&¦3VZTH[LYPHSLZ >21($+/'(&#9+$2/'$('(,&#2/'$()2&2($2%+$E2,#&(%24#$(1#,#$+/2/#$h Ê( f5K+$%#("1()&',#$'()2&2(,'1%+1"2&(#924"21/'(42$(1#,#$+/2/#$(/#(4'$(-2#$%&'$(?(-2#$%&2$(;"#(?2(#$%N1()&#$%21/'( $#&9+,+'('(#1(42(#%2)2()&#9+2(24($#&9+,+'h( Ê( f5K+$%#("1()&',#$'()2&2(2)'?2&(#4(/#$2&&'44'(1#,#$2&+'(/#(,2)2,+/2/=(/#(4'$(,2)2,+%2/'&#$P2$h Ê( f54()&',#$'(/#(E'&%24#,#&('(,&#2&(2,%+9+/2/#$(?()&'3&2-2$(/#(,2)2,+%2,+*1($#(>2(9+1,"42/'(2)&')+2/2-#1%#(,'1(4'$( )421#$(/#(#$%"/+'(?(4'$()&',#$'$(/#(+1$%&",,+*1(?(#924"2,+*1h Ê( B2$(2,,+'1#$(,429#()2&2(42(E'&-2,+*1()&'E#$+'124(/#(42$(!'&-2$(GF1+-2$(#1(42()N3+12((;"#($#(,#1%&21(#1(#4()&',#$'( /#(E'&%24#,+-+#1%'(/#(4'$()&'3&2-2$(/#(,2)2,+%2,+*1(#K+$%#1%#$=(,&#2,+*1(/#(1"#9'$(-2%#&+24#$(?()&#$%2,+*1(/#(2)'?'( ,'1%+1"'()2&2(4'$(-2#$%&'$=(f>21($+/'(,'1$+/#&2/2$()2&2(42(,2)2,+%2,+*1(%21%'(2(,'&%'(,'-'(2(42&3'()42D'h(( P+(")+*4+2:24J%$-%."/(2g24$2.+()4(",+B 632),*(+,#&,2?2&@$30$'(.*2%&320-,2%&23,-2)$+&#($3&-2%&2'$>$'(+$'(.*2?2%&23$2$>3('$'(.*2%&23,-2*0&@,-2',*,'()(&*+,-2?2=$D(3(%$%&-2 LULSH\SHZ\TPUPZ[YHYmPUMVYTHJP}UYLX\LYPKHWHYHKL[LYTPUHYZPSVZTH[LYPHSLZJYLHKVZ`SHTL[VKVSVNxHKLJHWHJP[HJP}ULTWSLHKH ZVUHWYVWPHKVZLMLJ[P]VZLPUJS\ZP]VZ(SN\UVZLQLTWSVZKLWYLN\U[HZKLTVUP[VYLV`L]HS\HJP}ULUMVJHKHZLULSJVU[LUPKV >#,'&%&*+&-2%&23$-2+$D3$-2%&2>0*+,-2'3$@&2$2',*-(%&#$#2(*'30?&*I2 Ê( fB'$(-2%#&+24#$(/#(,2)2,+%2,+*1(2:'321()'&(#1E';"#$()#/23*3+,'$(,"4%"&24-#1%#(2,#)%2:4#$(79F1,"4'(,'1(M&',#$'$( /#(+1$%&",,+*1(?(2)&#1/+D2<#8(?($2%+$E2,#1(42$((1#,#$+/2/#$(/#(4'$(-2#$%&'$(?(-2#$%&2$h(fB'$(-2%#&+24#$(?(#1E';"#$( 4#$()#&-+%#1(#1$#C2&(2(4'$(#/",21/'$(?(#/",21/2$(/#(-21#&2(#E#,%+92(#1(#4()421(/#(#$%"/+'(#$%2:4#,+/'(?(,&#21("1( #1%'&1'(/#(2)&#1/+D2<#(+1,4"$+9'h 28 *** Orientación acerca de la formulación de indicadores de monitoreo apropiados y ejemplos de indicadores de monitoreo se incluyen en el apéndice 7 2":#5$3'5%*% 3VZYLJ\YZVZX\LHWHYLJLUHJVU[PU\HJP}UVMYLJLUPUMVYTHJP}UHKPJPVUHSHJLYJHKLSHJHWHJP[HJP}ULSKLZHYYVSSVWYVMLZPVUHS ?2&32$>,?,<2(*'30?&*%,23,-2>$-,-2#&A0&#(%,-2>$#$2&@$30$#2?2'#&$#2>#,"#$)$'(.*2$>#,>($%$<2$-C2',),2+$)D(P*2)$+&#($3&-2 KLYLMLYLUJPHNLULYHS`WYVTVJP}U;VKVZLZ[mUKPZWVUPISLZWHYHKLZJHYNHLULS7HX\L[LKL9LJ\YZVZKL,UZL|HUaH` (WYLUKPaHQLKLSH05,,LSJ\HSVMYLJL\UHKLZJYPWJP}UIYL]LKLJHKHYLJ\YZVHKLTmZKL[YHK\JJPVULZJ\HUKVZLKPZWVUNH KLLSSHZ:LW\LKLHJJLKLYHS7HX\L[LKL9LJ\YZVZ`HZLHLUSxULHLU^^^PULLZP[LVYNYLZV\YJLWHJRVLZWLJxÄJHTLU[L LU^^^PULLZP[LVYNPUKL_WOWWVZ[YLZV\YJLFWHJR`HZLHLULS05,,;VVSRP[LU*+964LSJ\HSLZ[HYmKPZWVUPISLH WHY[PYKLSV[V|VKL7HYHZVSPJP[HY\ULQLTWSHYKLS05,,;VVSRP[LU*+964LU]xL\UTLUZHQLKLJVYYLVLSLJ[Y}UPJVH [LHJOPUNSLHYUPUN'PULLZP[LVYN (UUHU1*HZ[LSSP3+L]YL\_(`3VJH[LSSP,/HUKIVVRMVY;LHJOLYZ2HTWHSH!(=:0 (UUHU1*HZ[LSSP3+L]YL\_(`3VJH[LSSP,@YHPUPUN4HU\HSMVY;LHJOLYZ2HTWHSH!(=:0 )H_[LY77LHJL,K\JH[PVU7YVNYHT!)HJRNYV\UK5V[LZ;LHJOLY;YHPUPUN4HU\HS7HY[.PULIYH!<5,:*6 )H_[LY77LHJL,K\JH[PVU7YVNYHT!;LHJOLY(J[P]P[`)VVR.PULIYH!<5,:*6 )YVWO`1 ,K\JH[PVUHS7YHJ[PJLZ:LYPLZ;LHJOPUN7HYxZ!0U[LYUH[PVUHS(JHKLT`VM,K\JH[PVU0U[LYUH[PVUHS)\YLH\VM ,K\JH[PVU<5,:*6 /VMMTHU( 4VK\SLPU3PMLZRPSSZ3LHYUPUNHUK;LHJOPUNMVY;LHJOPUN/0=HUK,K\JH[PVUPU,TLYNLUJ`5\L]H@VYR5@! <50*,- 05,,05,,.VVK7YHJ[PJL.\PKL!,K\JH[PVU:[Y\J[\YLZ4HUHNLTLU[¶:JOVVS(KTPUPZ[YH[PVU5\L]H@VYR5@!05,, 05,,05,,.VVK7YHJ[PJL.\PKL!;LHJOLY6IZLY]H[PVU3LZZVU7SHUUPUN5\L]H@VYR5@!05,, 05,,05,,.VVK7YHJ[PJL.\PKL!;YHPUPUN*HWHJP[`)\PSKPUN0U7YL:LY]PJL0U:LY]PJLHUKPU[OL:JOVVS5\L]H@VYR5@! 05,, 05,,05,,.VVK7YHJ[PJL.\PKL!;YHPUPUNHUK*HWHJP[`)\PSKPUN*LY[PÄJH[PVUHUK(JJYLKP[H[PVU5\L]H@VYR5@!05,, 4VVU)9LZLHYJO(UHS`ZPZ!([[YHJ[PUN+L]LSVWPUNHUK9L[HPUPUN,MMLJ[P]L;LHJOLYZ!(.SVIHS6]LY]PL^VM*\YYLU[ 7VSPJPLZHUK7YHJ[PJLZ7HYxZ!<5,:*6 :JO^PSSL1+LTItSt4`:JO\ILY[1..SVIHSWLYZWLJ[P]LZVU[LHJOLYSLHYUPUN!PTWYV]PUNWVSPJ`HUKWYHJ[PJL7HYxZ! <5,:*600,7 <5,:*6;LHJOLY;YHPUPUN!;LHJOPUN3LHYUPUN4L[OVKZPU.\PKLIVVRMVYWSHUUPUNLK\JH[PVUPULTLYNLUJPLZHUK YLJVUZ[Y\J[PVU7HYxZ!<5,:*600,7 2 29 *(7(*0;(*0Ô5+,:(996336796-,:065(3@(76@6 Ê( fB2$(2,,+'1#$(,429#()2&2(42(,2)2,+%2,+*1(/#(42$(!'&-2$(-F1+-2$(#1(42()N3+12((#1E',2/2$(#1(#4(+-)2,%'(/#$#2/'(/#( 42(,2)2,+%2,+*1(/#(-2#$%&'$P2$(?(42()&#$%2,+*1(/#(2)'?'(,'1%+1"'(>21($+/'(,'1$+/#&2/2$()2&2(#4(E'&%24#,+-+#1%'(%21%'( +1-#/+2%'(,'-'(2(-N$(42&3'()42D'(/#(42(,2)2,+%2,+*1(/#(-2#$%&'$P2$=(#4(/#$2&&'44'()&'E#$+'124(?(#4(2)'?'h((( 796*,:6:+,05:;9<**0Ô5@(79,5+0A(1, 7YVJLZVZKLPUZ[Y\JJP}U`HWYLUKPaHQL N+*H%2HI("H%2:2%.."+(4&2.$%J427%*%2$+&27*+.4&+&2,42"(&)*-.."/(2:2%7*4(,"<%=4 (UmSPZPZ 7YVJLZV`Tt[VKVKLSHLUZL|HUaH`KLSHWYLUKPaHQL *YLHJP}UKLLU[VYUVZKLHWYLUKPaHQLHWV`HKVYLZJVUK\JLU[LZLPUJS\ZP]VZ 5,*(+,#&,2?2&@$30$'(.* 9LJ\YZVZ N+*H%2HI("H%2,42$%2'NSS27%*%2$+&27*+.4&+&2,42"(&)*-.."/(2:2%7*4(,"<%=4BT(B'$()&',#$'$(/#(+1$%&",,+*1(?(2)&#1/+D2<#( $#(,#1%&21(#1(#4(#/",21/'(?($'1()2&%+,+)2%+9'$(#(+1,4"$+9'$A ?.."+(4&2.$%J42,42$%&2N+*H%&2HI("H%&2,42$%2'NSSBT 2 Ê( B'$(-L%'/'$(/#(#1$#C21D2($'1(2)&')+2/'$()2&2(42(#/2/=(#4(1+9#4(/#(/#$2&&'44'=(#4(4#13"2<#=(42(,"4%"&2=(42$( ,2)2,+/2/#$(?(42$(1#,#$+/2/#$(/#(4'$(#/",21/'$(?(#/",21/2$A Ê( B'$(-2#$%&'$(?(-2#$%&2$(/#-"#$%&21(42(,'-)&#1$+*1(/#4(,'1%#1+/'(/#(42$(4#,,+'1#$(?(42$(>2:+4+/2/#$(/#(#1$#C21D2( #1($"(+1%#&2,,+*1(,'1(4'$(#/",21/'$(?(#/",21/2$A Ê( B'$()&',#$'$(/#(+1$%&",,+*1(?(2)&#1/+D2<#(%&2%21(42$(1#,#$+/2/#$(/#(%'/'$(4'$(#/",21/'$=(+1,4"?#1/'(2;"#44'$(,'1( /+$,2)2,+/2/#$=()&'-'9+#1/'(42(+1,4"$+*1(?(&#/",+#1/'(42$(:2&&#&2$(24(2)&#1/+D2<#A Ê( B'$()2/&#$(?(-2/&#$(?(4'$(4F/#&#$(,'-"1+%2&+'$(#1%+#1/#1(?(2,#)%21(#4(,'1%#1+/'(/#(2)&#1/+D2<#(?(4'$(-L%'/'$(/#( #1$#C21D2("$2/'$A( ;HSJVTVZLLZIVaHULUSHZ5VYTHZTxUPTHZKLSH05,, 3HPU[LYHJJP}ULU[YLLSLK\JHUKV`LSTHLZ[YVLZSHWHY[LTmZ]P[HSKLSWYVJLZVKLLK\JHJP}U+\YHU[LSHZLTLYNLUJPHZSHZ ULJLZPKHKLZKLSVZLK\JHUKVZ`LK\JHUKHZSVZTHLZ[YVZ`THLZ[YHZV[YVWLYZVUHSLK\JH[P]V`SHJVT\UPKHKTmZHTWSPHW\LKLU JHTIPHYKYHTm[PJHTLU[L,ZPTWLYH[P]VX\LSHZL]HS\HJPVULZJVTWYLUZP]HZPUJS\`HU\UtUMHZPZLUSHPU[LYHJJP}ULU[YLLSTHLZ[YV`LS LK\JHUKVHZxJVTVSHZULJLZPKHKLZLZWLJxÄJHZKLSVZLK\JHUKVZK\YHU[LSHZLTLYNLUJPHZOHZ[HSHYLJ\WLYHJP}U`WYLWHYHJP}U *YLHYLZWHJPVZZLN\YVZ`WYV[LJ[VYLZLPU]VS\JYHYHSVZLK\JHUKVZ`LK\JHUKHZLUVWVY[\UPKHKLZLK\JH[P]HZWLY[PULU[LZK\YHU[L SHZLTLYNLUJPHZLZ\UWHZVULJLZHYPVOHJPHSHYLJ\WLYHJP}U[HU[VWHYHLSPUKP]PK\VJVTVWHYHSHJVT\UPKHKTmZHTWSPH,S LU[VYUVKLHWYLUKPaHQLW\LKLZLYT\ÌmZPJVHSHZVTIYHKL\UmYIVSLU\UHJHYWHLULSOVNHYKLHSN\PLUVIPLULZ[HISLJPKV :PUPTWVY[HYLSJVU[L_[VSVZLZWHJPVZHTPNVZKLSLK\JHUKVVKLSUP|VW\LKLUH`\KHYHYLK\JPY\UH]HYPLKHKKLLMLJ[VZ HUN\Z[PHU[LZKL\UHJYPZPZLUSVZLK\JHUKVZ`Z\ZMHTPSPHZIYPUKHUKV\ULU[VYUVWYV[LJ[VYLULSJ\HSJVU[PUHUZ\KLZHYYVSSV NLULYHS`ZVUJHWHJLZKLHWYV]LJOHYVWVY[\UPKHKLZKLHWYLUKLY`L_WYLZHYZL3HJVSHIVYHJP}UPU[LYZLJ[VYPHSKLZLTWL|H\UWHWLS PTWVY[HU[LLUHZLN\YHY[HSLZLU[VYUVZZLN\YVZ`ZHUVZ ,UT\JOVZJVU[L_[VZW\LKLZLYULJLZHYPVPUPJPHYVWVY[\UPKHKLZKLLK\JHJP}UUVMVYTHSKLTHULYHPU[LYPUHOHZ[HJ\HUKVSH LK\JHJP}UW\LKHYLPUPJPHY`[LULYS\NHYLU\ULU[VYUVZLN\YV,UV[YVZJVU[L_[VZW\LKLUZLYJYLHKVZWYVNYHTHZKLLK\JHJP}U UVMVYTHSKVUKLOH`WVJVHJJLZVHLZJ\LSHZMVYTHSLZ`W\LKLUJVU[PU\HYKLTHULYHPUKLÄUPKHWHYHWYLZ[HYHWV`VJVU[PU\VHSVZ UP|VZÙP|HZHMLJ[HKVZWVYSHLTLYNLUJPH22 6"!#,-./)%)%1# ,ZLZLUJPHSYLHSPaHY\UHUmSPZPZJVTWYLUZP]VKLSHZULJLZPKHKLZWHY[PJ\SHYLZKLSVZLK\JHUKVZSVZTHLZ[YVZ`SHZ JVT\UPKHKLZWHYHJYLHYWYVJLZVZKLPUZ[Y\JJP}U`HWYLUKPaHQLHWYVWPHKVZ`LMLJ[P]VZ2 3-()+&2.$%J42%2.+(&",4*%*B2 Q4.-4*,4B3HZWYLN\U[HZWSHU[LHKHZLUSHZ[HISHZHJVU[PU\HJP}UYLÅLQHUHZ\U[VZWLY[PULU[LZLULSWLYxVKVX\L]HKLZKLSHLTLYNLUJPHHN\KH `JYPZPZJY}UPJHOHZ[HSHYLJ\WLYHJP}U[LTWYHUH`WYLWHYHJP}U:LYLJVTPLUKHSLLY[VKHZSHZWYLN\U[HZHU[LZKLKL[LYTPUHYJ\mSLZWYLN\U[HZ ZVUSHZTmZWLY[PULU[LZWHYHLSJVU[L_[VKLSSLJ[VY"T\JOVZJVU[L_[VZLPUPJPH[P]HZLK\JH[P]HZZLILULÄJPHYmUKL[YH[HYWYLN\U[HZKLHTIHZ JVS\TUHZ3HZWYLN\U[HZWSHU[LHKHZLUSHWYPTLYHJVS\TUHKLILUZLYYLWHZHKHZ`ZLKLILJVUZ[Y\PYZVIYLLSSHZLUJ\HU[VZLKLZHYYVSSHUSVZ WYVNYHTHZ`LZ[YH[LNPHZ 30 QS6V3SQ?6'WN2MSP3Q?N?2X2X23QS3?Q?M'KY! 6Q'!'!26QWN'6?! '()4*4&%,+&2 ¦8\PtULZLZ[mUPU]VS\JYHKVZKPYLJ[HTLU[LLULSWYVJLZVKLLUZL|HUaH` HWYLUKPaHQL&=tHZLSHUV[H(WmN ¦8\PtULZZVUSVZLK\JHUKVZ&=tHZLSHUV[H(WmN2 y( ¦/HUOHIPKVJHTIPVZZPNUPÄJH[P]VZLUSHJVTWVZPJP}UKLSVZJ\YZVZ '(42(,'-"1+/2/(#$%"/+21%+4h(f5$%'(,'-'(2E#,%2(24()&',#$'(/#( +1$%&",,+*1h( y( fg"+L1#$(2)'?21(2(4'$(-2#$%&'$(?(#/",21/'$h(( y( ¦8\PtULZLZ[mUPU]VS\JYHKVZLUPKLU[PÄJHYHSVZLK\JHUKVZ`HSVZ 1+C'$=(1+C2$(?(2/'4#$,#1%#$(1'(#$,'42&+D2/'$(#1(42$(,'-"1+/2/#$h y( B2$(2"%'&+/2/#$(?(,'-"1+/2/#$(f,*-'()&'-"#9#1(42(#/",2,+*1( +1,4"$+92(#1(&#42,+*1(,'1(42(#/2/(?(4'$(1+9#4#$(/#(/#$2&&'44'=(#4(2,,#$'( HU[LYPVY`SVNYVLUSHLK\JHJP}ULSNtULYVSHKPZ[YPI\JP}UNLVNYmÄJH SHZKPZJHWHJPKHKLZSHZULJLZPKHKLZSPUNxZ[PJHZSHZULJLZPKHKLZ J\YYPJ\SHYLZVLSPU]VS\JYHTPLU[VLUJVUÅPJ[VZVKLZHZ[YLZ&( ¦8\PtULZZVUSVZTHLZ[YVZ&=tHZLSHUV[H(WmN y( ¦/H`JHTIPVZZPNUPÄJH[P]VZLUSHZWVISHJPVULZKLTHLZ[YVZ& y( ¦;PLULUJHSPÄJHJPVULZMVYTHSLZ&¦8\tUP]LSKLLK\JHJP}UOHU 24,21D2/'h y( fc+#1#1(#K)#&+#1,+2(21%#&+'&(#1(#4(2"42('(#1('%&'$(#1%'&1'$( )#&%+1#1%#$h( ¦3HZULJLZPKHKLZKLSVZLK\JHUKVZVSHJVTWVZPJP}UKLSHJVT\UPKHK LZ[\KPHU[PSOHUJHTIPHKVK\YHU[LSHLTLYNLUJPH&+LZLYHZx¦J}TV& =tHZLSHUV[H(WmN y( f5$%N1(&#,+:+#1/'(2)'?'(/#4(G+15/('(243"12(23#1,+2h( y( fg"+L1#$(1'(#$%N1(2$+$%+#1/'(2(42(#$,"#42(?()'&(;"Lh y( ¦:LOHUILULÄJPHKVKLJHWHJP[HJP}ULULSZLY]PJPVKLS4PU,KVKL 243"12(23#1,+2h y( fg"+L1#$(1'(#$%N1(%#&-+121/'(42(#/",2,+*1(#$,'42&(?()'&(;"Lh y( f5$%N1(&#,+:+#1/'(&#-"1#&2,+*1h(S#($#&(2$F=(f/#(/*1/#h y( ¦/H`[LUZPVULZPU[LUZPÄJHKHZLUSHJVT\UPKHKX\LYLZ\S[HULU\UH 9"41#&2:+4+/2/(2"-#1%2/2(/#(3&")'$(-2&3+12/'$h y( f54(%+#-)'(/+$)'1+:4#()2&2(42(+1$%&",,+*1($#(>2(&#/",+/'h( ¦8\PtULZZVUSVZTHLZ[YVZ&=tHZLSHUV[H(WmN y( f6#(/+$)'1#(%21%'(/#(-2#$%&'$(,'-'(/#(-2#$%&2$h( y( fB'$(-2#$%&'$(#K+$%#1%#$(&#)&#$#1%21(%'/'$(4'$(3&")'$(L%1+,'$=( ZVJPHSLZYLSPNPVZVZVSPUNxZ[PJVZ& y( fX2?(-+#-:&'$(2/+,+'124#$(/#(42(,'-"1+/2/(;"#(>2?21($+/'( '()"#/#1($#&(-'9+4+D2/'$()2&2(2)'?2&(42(+1$%&",,+*1h(fc+#1#1( ULJLZPKHKLZLZWLJxÄJHZYLSHJPVUHKHZJVUSHLTLYNLUJPH&¦*\mS #&2($"(&#42,+*1(21%#&+'&(,'1(42(,'-"1+/2/=(?(,*-'(>2(,2-:+2/'h 6%7%.",%,4& ¦*\mSLZOHIPSPKHKLZ`JVUVJPTPLU[VZZVUYLX\LYPKVZWHYHPUZ[Y\JJP}U LMLJ[P]HLULSJVU[L_[VJHTIPHU[L&=tHUZLSHZUV[HZ(`)WmNZ2" *.+&-&23,-2@C*'03,-2',*2&32'$>C+03,2%&2'$>$'(+$'(.*<2%&-$##,33,2>#,B&-(,*$32 `HWV`V ¦/HJHTIPHKVSHJHWHJPKHKKLSVZTHLZ[YVZ&=tHZLSHUV[H)WmN y( ¦:LLZ[mUPKLU[PÄJHUKV`JVUZPKLYHUKVWYPVYPKHKLZHKPJPVUHSLZ VJHTIPHU[LZK\YHU[LSHWSHUPÄJHJP}ULPTWSLTLU[HJP}UKLSHZ +1+,+2%+92$(/#(,2)2,+%2,+*1=($")#&9+$+*1(?(2)'?'h(fR"N4#$($'1(4'$( 9F1,"4'$(,'1(42$(+1+,+2%+92$(/#(,2)2,+%2,+*1(/#(-2#$%&'$h y( fg"L(,2)2,+%2,+*1(>21(&#,+:+/'(4'$(-2#$%&'$h( y( fB'$(-2#$%&'$(#1%+#1/#1(?(2,'3#1(4'$(,2-:+'$h y( fB'$(-2#$%&'$(>21(&#,+:+/'(,2)2,+%2,+*1(#1E',2/2(#1(#4()&',#$'( /#(+1$%&",,+*1h(fX21(&#,+:+/'(42(,2)2,+%2,+*1(?(2)'?'(&#;"#&+/'$( )2&2(%&2%2&(,'1(4'$(#/",21/'$(/#(42(-21#&2(-N$(#E#,%+92(?( 2)&')+2/2h y( fB'$(-2#$%&'$(>2:421(42(-+$-2(4#13"2(;"#(4'$(#/",21/'$h( y( fg"+L1#$()"#/#1()&#$%2&(2)'?'(2/+,+'124(2(4'$(-2#$%&'$h( y( fB'$(-2#$%&'$(#$%N1(2:21/'121/'(#4(,"#&)'(/#(#/",2/'&#$h(fM'&( ;"Lh ¦3HZJHWHJPKHKLZKLSHLZJ\LSHJVT\UPKHKOHUJHTIPHKV&=tHZLSHUV[H )WmN y( fX2?(,2-:+'$(':9+'$(#1(42(/+$)'$+,+*1(?(,2)2,+/2/(/#(42(,'-"1+/2/( /#(+19'4",&2&$#(#1(42(+1$%&",,+*1h ¦*\mSLZSHJHWHJPKHKKLS4PU,KKLHWV`HYHSHPUZ[Y\JJP}UHUP]LS UHJPVUHS`Z\IUHJPVUHS&=tHZLSHUV[H)WmN y( f5K+$%#("1(,'-+%L(/#(2/-+1+$%&2,+*1(#$,'42&=(2$',+2,+*1(/#()2/&#$(?( -2#$%&'$('(#;"+924#1%#h( y( f5K+$%#1($+$%#-2$(/#(&#,'4#,,+*1($+$%#-N%+,2(&#3"42&(/#(/2%'$h( f6'1(%&21$)2&#1%#$(?()2&%+,+)2%+9'$h( y( f6#(&#,')+421(/2%'$(%21%'(,"21%+%2%+9'$(7-2%&+,"42/'$=(2$+$%#1,+28( ,'-'(,"24+%2%+9'$(7)2&%+,+)2,+*1=(+1,4"$+9+/2/=(2/-+1+$%&2,+*1(/#4( 2"428h( ¦*\mSLZSHJHWHJPKHKKLSHJVT\UPKHKKLHWV`HYHSWYVJLZVKL LUZL|HUaH`HWYLUKPaHQL&=tHUZLSHZUV[HZ(`)WmNZ y( fg"L(&#,"&$'$(,'-"1+%2&+'$(#$%N1(/+$)'1+:4#$()2&2(2)'?2&(24( )&',#$'(/#(+1$%&",,+*1h y( fJ/"4%'$('(<*9#1#$(2/+,+'124#$()"#/#1(2?"/2&(#1(#4(2"42=(+1,4"?#1/'( -2#$%&'$(2$',+2/'$(7,'@%#2,>#&$8=(-2#$%&'$(2$+$%#1%#$=()2/&#$P -2/&#$(9'4"1%2&+'$=('(1+C'$(-2?'&#$(;"#(2?"/21(2(1+C'$(-#1'&#$h( 31 796*,:6:+,05:;9<**0Ô5@(79,5+0A(1, SPSQUSN6'? 796*,:6:+,05:;9<**0Ô5@(79,5+0A(1, N+)%2?B¦8\PtULZZVUSVZLK\JHUKVZ`THLZ[YVZ`J\mSLZZVUZ\ZULJLZPKHKLZ& Ê2 Q4.+(+<.%2R-424Z"&)4(24,-.%(,+&2,42)+,%&2$%&24,%,4&2:2)+,+&2$+&2("J4$4&2 ,42,4&%**+$$+12J"1;"#(2(-#1"/'($#(,'4',2(#4(L1E2$+$(#1(42(#/",2,+*1(/#(1+9#4( )&+-2&+'=(4'$(+1%#&#$2/'$(/#:#1(:"$,2&(%&2%2&(42$(1#,#$+/2/#$(/#(%'/2$(42$( #/2/#$(?2(;"#(#4(2)&#1/+D2<#(%+#1#(4"32&(/"&21%#("1()#&F'/'=(/#$/#(#4(/#$2&&'44'( /#(42()&+-#&2(+1E21,+2(>2$%2(42(#/",2,+*1($")#&+'&(?(#/",2,+*1(/#(2/"4%'$A(c21%'( 42$(#/2/#$(/#(4'$(#/",21/'$(?(#/",21/2$(,'-'($"$(1+9#4#$(/#(/#$2&&'44'( KLILUZLYJVUZPKLYHKVZHSWSHUPÄJHYVWVY[\UPKHKLZLK\JH[P]HZ[LTWVYHSLZ`H -N$(42&3'()42D'=(&#,'&/21/'(;"#(/#:+/'(2(+1%#&&"),+'1#$(/#4()&',#$'(#/",2%+9'( '(,&+$+$(#,'1*-+,2$(243"1'$(#$%"/+21%#$(#$%2&N1()'&(#1,+-2(/#(42(#/2/(1'&-24( )2&2($"(1+9#4(/#(#$%"/+'('(#/",2,+*1A Ê2 S 2 ()"4(,%2R-42$+&24,-.%(,+&27-4,4(2)4(4*24Z74*"4(."%&2:2(4.4&",%,4&2 H-:2,"94*4()4&1251("12(#-#&3#1,+2=()"#/#(#K+$%+&(42(1#,#$+/2/(/#(+1,'&)'&2&( #/",21/'$(?(#/",21/2$(/#(/+E#&#1%#$(#/2/#$('(1+9#4#$(#1("12(-+$-2(2"42=('( /#(+1%#3&2&(#/",21/'$(,'1(/+E#&#1%#(#K)#&+#1,+2(/#(9+/2=(%24#$(,'-'(21%+3"'$( 1+C'$(,'-:2%+#1%#$('(#/",21/'$(;"#(>21(%#1+/'()',2('(1+13"12(#K)'$+,+*1( 2(-2%#&+24#$(/#(2)&#1/+D2<#($")4#-#1%2&+'$('(-2%#&+24#$(&#,&#2%+9'$A(5$=()'&( 4'(%21%'=(+-)#&2%+9'(,'-)&#1/#&(;"+L1#$($'1(4'$(#/",21/'$=(,"N4#$($'1($"$( JHWHJPKHKLZÙLJLZPKHKLZLZWLJxÄJHZ`J}TVYLZWVUKLUHZ\ZWHYLZ`HSHZ /+9#&$2$(2,%+9+/2/#$(?(-2%#&+24#$(#1(#4(2"42A(( Ê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e(4'$(#/",21/'$(/#:#1(#$%2&( ,'-)&'-#%+/'$(2,%+92-#1%#(,'1($"(2)&#1/+D2<#(#(+19'4",&2/'$(#1(42$(/#,+$+'1#$( ,429#(;"#(4#$(2E#,%21A Ê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Ê2 ;LUNHLUJ\LU[HSHZJHSPÄJHJPVULZ`HU[LJLKLU[LZKLSVZTHLZ[YVZB'$( -2#$%&'$(?(-2#$%&2$()"#/#1(%#1#&(21%#,#/#1%#$(#/",2%+9'$(?(,"4%"&24#$(92&+2/'$( `L_WLYPLUJPHKLLUZL|HUaHKPMLYLU[L3VZWLYÄSLZSHL_WLYPLUJPH`SHJLY[PÄJHJP}U /#4()#&$'124(/#(#1$#C21D2(/#%#&-+12&N1(42(,2)2,+/2/(/#(4'$(-2#$%&'$( +1/+9+/"24#$(?(3&")'$(/#(-2#$%&'$(/#(&#$)'1/#&(2(42$(1#,#$+/2/#$()2&%+,"42&#$( /#(4'$(#/",21/'$(?(#/",21/2$(2(1+9#4(/#4(2"42A(7R'1$"4%#(42(21%#&+'&($#,,+*1( /#(,2)2,+%2,+*1=(/#$2&&'44'()&'E#$+'124(?(2)'?'(?(#4(N&#2(/#(-2#$%&'$("('%&'( )#&$'124(#/",2%+9'(/#(42$(!'&-2$(-F1+-2$(/#(42(0!55()2&2('&+#1%2,+*1(2/+,+'124(?( /+$,"$+*1(/#(4'$()2)#4#$(?(&#$)'1$2:+4+/2/#$(/#(4'$(-2#$%&'$(?(-2#$%&2$A8( Ê2 ?7+:42%2$+&2H"4HL*+&2,42$%2.+H-(",%,12G+#-:&'$(2)&')+2/'$(/#(42( ,'-"1+/2/()"#/#1($#&(-'9+4+D2/'$()2&2(2)'?2&(#4()&',#$'(/#(+1$%&",,+*1( '(&#E'&D2&(42$(:"#12$()&N,%+,2$(#/",2%+92$A(B'$()&'3&2-2$(/#(2)&#1/+D2<#( [LTWYHUVVKLZHYYVSSVKLSHWYPTLYHPUMHUJPHW\LKLUILULÄJPHYZLKLSHWV`VKL SVZWHKYLZVJ\PKHKVYLZSVZWYVNYHTHZKLWYPTHYPHPUMLYPVYW\LKLUILULÄJPHYZL /#4(2)'?'(/#(<*9#1#$('()2/&#$(?(4'$(<*9#1#$=()2/&#$(?(-2/&#$(?(-+#-:&'$( ,429#(/#(42(,'-"1+/2/()"#/#1()&#$%2&(2)'?'(2(42()&+-2&+2($")#&+'&=(-+#1%&2$( 4'$()2/&#$(?(-2/&#$(?()&'E#$+'124#$()#&%+1#1%#$()"#/#1()&#$%2&(2)'?'(2(4'$( #/",21/'$(?(#/",21/2$(#1(')'&%"1+/2/#$(#/",2%+92$($#,"1/2&+2$1 ( 32 5$%"/+'(/#(,2$'Q(5/",2,+*1(#1(42( )&+-#&2(+1E21,+2=(I#'&3+2 3*+L$4H%B(51(I#'&3+2=(4'$( -L%'/'$(/#(+1$%&",,+*1( #-)4#2/'$()'&(42$(#$,"#42$(?( 4'$()&'3&2-2$(/#(/#$2&&'44'( /#(42()&+-#&2(+1E21,+2(#&21( #1(3&21(-#/+/2()2$+9'$(?( #1E',2/'$(#1(#4(-2#$%&'A(B'$( -2#$%&'$(?(-2#$%&2$($#3"F21( "12()&'3&2-2,+*1(#1(#4(%+#-)'( #$%+)"42/'("$21/'()&N,%+,2$( )#/23*3+,2$(/#(42(#&2($'9+L%+,2A( '()4*J4(."/(B(U!0R5[(+1+,+*("1( 1"#9'(#1E';"#(/#(42(#/",2,+*1( )&#9+2(2(42()&+-2&+2(;"#(/+'( ,'-'(&#$"4%2/'(#4(,2-:+'( /#("1(#1E';"#(/#(#1$#C21D2( -N$()2$+9'(?(,'4#,%+9'(2("1( #1E';"#(-N$(2,%+9'(,#1%&2/'( #1(#4(1+C'(?(#1E',2/'(#1( 42$(1#,#$+/2/#$(?(/#$#'$( +1/+9+/"24#$(/#(4'$(1+C'$(?(1+C2$( -N$(<*9#1#$A(51(,'42:'&2,+*1( ,'1(4'$(&#$)'1$2:4#$(/#( E'&-"42&()'4F%+,2$(12,+'124#$(?( 2/-+1+$%&2/'&#$(4',24#$(/#(1+9#4( ,'-"1+%2&+'=(U!0R5[(2:'&/*(#4( ,2-:+'(#1("1()&',#$'(/':4#Q( ,2)2,+%2,+*1(/#(-2#$%&'$( )2&2(42()&+-#&2(+1E21,+2(?( ,2-:+'$(#1(42()&'-',+*1(?( 42$()'4F%+,2$()2&2("12(&#E'&-2( $'$%#1+:4#A(54()&'3&2-2(>+D'( 3&21/#$(#$E"#&D'$()'&(+1%&'/",+&( #/",2,+*1()&##$,'42&(+1,4"$+92( /#$2&&'4421/'(42$(,2)2,+/2/#$( /#(4'$(-2#$%&'$()&##$,'42&#$=( 2/-+1+$%&2/'&#$($#,%'&+24#$(?( )2/&#$(?(-2/&#$()2&2()&#$%2&( #$%+-"42,+*1(%#-)&212(:2$2/2( #1(1#,#$+/2/#$(?(2)&')+2/2( 2(42(#/2/=()&#)2&2,+*1()2&2( 42(#$,"#42(?(')'&%"1+/2/#$( /#(+1%#3&2,+*1($',+24()2&2( 1+C'$(?(1+C2$(,'1(1#,#$+/2/#$( #$)#,+24#$(?(/+$,2)2,+/2/#$A( 54(,2-:+'(>2,+2(-#%'/'4'3F2$( ,#1%&2/2$(#1(#4(1+C'(/+'(,'-'( &#$"4%2/'(1+C'$(-#<'&()&#)2&2/'$( )2&2(42(#$,"#42(?(,2)2,#$(/#( #K)&#$2&$#(-N$()4#12-#1%#( ,'-'(+1/+9+/"'$A [-4()4B(U!0R5[(I#'&3+2 3*+L$4H%B254()&'4'132/'( JVUÅPJ[VLULSUVY[LKL<NHUKH >2(2E#,%2/'(%'/'$(4'$(2$)#,%'$( /#4($+$%#-2(#/",2%+9'e(4'$( #/",21/'$(?(-2#$%&'$(>21($+/'( )2&%+,"42&-#1%#(2E#,%2/'$(?( >21($"E&+/'()'&(42(#K)'$+,+*1( )&'4'132/2(2(9+'4#1,+2(?(%#-'&A '()4*J4(."/(B20(S5JB(#$("12( +1%#&9#1,+*1(/#(>2:+4+/2/#$( )2&2(42(9+/2(/+&+3+/2(2(E'&%24#,#&( #4(:+#1#$%2&()$+,'$',+24(/#( #/",21/'$(?(#/",21/2$(/#(1+9#4( )&+-2&+'(?($#,"1/2&+'(#1(N&#2$( ;"#($#(#1,"#1%&21(#1()#&F'/'( WVZ[JVUÅPJ[V7VYTLKPVKLS\ZV /#(2,%+9+/2/#$(,&#2%+92$=(%24#$( ,'-'(%#2%&'=(/+:"<'=(<"#3'$(?( /+$,"$+*1(#1(3&")'=(#4()&'3&2-2( )&#%#1/#(%&2#&(/+9#&$+*1(?(24+9+'( 2(4'$(#/",21/'$(?(2)'?2&4'$( #1(#4(E'&%24#,+-+#1%'(/#($"$( >2:+4+/2/#$(/#(2E&'1%2-+#1%'=( KLZHYYVSSHUKVJVUÄHUaHLUZx -+$-'$=(>2:+4+/2/#$($',+24#$=( ,'')#&2,+*1=(,'1,#1%&2,+*1(?( JVUÄHUaHLUV[YVZ B'$(2?"/21%#$($'1(,2)2,+%2/'$( #1(/#$2&&'44'(+1E21%+4=(4'$(#E#,%'$( )'$+%+9'$(/#4(<"#3'(?(>2:+4+/2/#$( /#(E2,+4+%2,+*1A(B'$(-2%#&+24#$( /#(,2)2,+%2,+*1(,'1$%21(/#( $#+$(-*/"4'$(:2$2/'$(#1("1( ,'1<"1%'(/#(%#-2$()$+,'$',+24#$( "1+9#&$24#$Q(aA(0/#1%+/2/(?( #924"2,+*1=(]A(G21#<21/'(42$( #-',+'1#$=(jA(.#42,+'1#$(#1%&#( )2&#$=(iA(.#42,+'1#$(,'1(2/"4%'$=( *VUÅPJ[V`WHa`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¦8\tJHWHJPKHKJVT\UP[HYPHL_PZ[LWHYHHWV`HYHSVZWYVJLZVZKLPUZ[Y\JJP}U` $>#&*%(7$H&E Ê2 ?7*+J4.a42$+&2*4.-*&+&2a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Ê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Ê2 V&42$+&2,%)+&24&.+$%*4&2+2,424,-.%."/(2(+29+*H%$27%*%2-(%2*4&7-4&)%2$+.%$1( B2(&#,')+42,+*1(&#3"42&(/#(/2%'$(/#(2$+$%#1,+2(?()2&%+,+)2,+*1(/#(4'$(#/",21/'$( /#:#($#&(#-)4#2/2(,'-'("12(>#&&2-+#1%2()2&2(/#%#&-+12&(42$(1#,#$+/2/#$( JVSLJ[P]HZKLSVZLK\JHUKVZHZxJVTVWHYHPKLU[PÄJHYSHZULJLZPKHKLZ LZWLJxÄJHZKLLK\JHUKVZ`LK\JHUKHZPUKP]PK\HSLZ:PIPLUSVZZPZ[LTHZ #/",2%+9'$(2(-#1"/'(%+#1#1($+$%#-2$(,#1%&24+D2/'$(/#(2/-+1+$%&2,+*1(/#(/2%'$=( 42(3&21(-2?'&F2(/#(4'$(/2%'$()"#/#1($#&(&#,')+42/'$(2(1+9#4(/#(42(#$,"#42A( R'1$+/#&#(#4(%+)'(/#(+1E'&-2,+*1(EN,+4-#1%#(/+$)'1+:4#(2(%&29L$(/#4()&',#$'(/#( #1$#C21D2(?(2)&#1/+D2<#(?(,*-'(L$%2()'/&F2($#&("%+4+D2/2()'&(4'$(+1%#&#$2/'$( 4',24#$()2&2(E'&%24#,#&(4'$()&',#$'$(/#(+1$%&",,+*1(?(2)&#1/+D2<#A( -V[VNYHMxHJVY[LZxHKL<50*,-)VSP]PH-LYUHUKV*\LSSHY"KLYLJOVZYLZLY]HKVZ [-4()4B(Y2&(R>+4/(X'4421/ 33 796*,:6:+,05:;9<**0Ô5@(79,5+0A(1, 5$%"/+'(/#(,2$'Q(01%#&9#1,+*1( /#(>2:+4+/2/#$()2&2(42(9+/2( )$+,'$',+24=(1'&%#(/#(U321/2 796*,:6:+,05:;9<**0Ô5@(79,5+0A(1, 6"2#3*-&$-)(*#+#7?&*(*#($#$-%$@,-A,1# 3VZWYVJLZVZKLPUZ[Y\JJP}U`HWYLUKPaHQLKLJHSPKHKZLIHZHULUSHPU[LYHJJP}ULU[YLLSWSHUKLLZ[\KPVLSTHLZ[YV`SVZ LK\JHUKVZ 3-()+&2.$%J42%2.+(&",4*%*B2 SPSQUSN6'? QS6V3SQ?6'WN2MSP3Q?N?2X2X23QS3?Q?M'KY! 6Q'!'!26QWN'6?! 6+()4(",+2,42$%2"(&)*-.."/( ¦,SJVU[LUPKVLZHWYVWPHKVWHYHLSJVU[L_[VJHTIPHU[L&=tHZLSH UV[H*WmN ¦*\mSLZZVUSHZVWVY[\UPKHKLZWHYHH\TLU[HYLSUP]LS`SHJHSPKHKKLSH PUZ[Y\JJP}U&=tHZLSHZUV[HZ*`+WmN y( fB'$(-2%#&+24#$()2&2(2)'?2&(#4()&',#$'(/#(+1$%&",,+*1(#$%N1( EN,+4-#1%#(/+$)'1+:4#$h y( fB'$(-2#$%&'$(#1%+#1/#1(42$(1#,#$+/2/#$(?(#K)#&+#1,+2$(/#(4'$( #/",21/'$h( y( ¦3VZTH[LYPHSLZYLÅLQHULSWSHUKLLZ[\KPV`SHZULJLZPKHKLZ /#(#-#&3#1,+2(/#(4'$(#/",21/'$h y( fB'$(-2#$%&'$($'1(,2)2,#$(/#(-#/+&(&#$"4%2/'$(/#(2)&#1/+D2<#( -N$(244N(/#4(,'1',+-+#1%'(7)'&(#<A=(,'-)'&%2-+#1%'(?(2,%+%"/#$8h y( fB'$(-2%#&+24#$(+1,4"?#1(-L%'/'$(?(1'&-2$()2&2(-#/+&(4'$( &#$"4%2/'$(/#4(2)&#1/+D2<#h y( ¦3VZTH[LYPHSLZYLÅLQHUSVZ]HSVYLZJVT\UP[HYPVZ`HWV`HUHS )421(/#(#$%"/+'h(7ZL2$#(42(1'%2(H(#1(#4(,2)F%"4'(/#()421#$(/#( #$%"/+'=()N3A(alA8 PA)+,+2,42"(&)*-.."/( ¦3VZTt[VKVZKLPUZ[Y\JJP}UZVUHWYVWPHKVZWHYHLSJVU[L_[V JHTIPHU[L&=tHZLSHUV[H+WmN2 ¦8\tHWV`VZLYLX\PLYLWHYHHZLN\YHYLS\ZVLMLJ[P]VKLSVZWSHULZKL LZ[\KPV`SVZTH[LYPHSLZKLLUZL|HUaH&=tHZLSHUV[H+WmN y( ¦3VZTHLZ[YVZ[PLULUSHZOHIPSPKHKLZ`SHÅL_PIPSPKHKWHYH 2/2)%2&(#4()421(/#(#$%"/+'(?(4'$(#$%+4'$()#/23*3+,'$(2(42$( 1#,#$+/2/#$(,2-:+21%#$(/#(4'$(#/",21/'$h y( fg"+L1(#$%N(#1(-#<'&()'$+,+*1()2&2(2)'?2&(2(4'$(-2#$%&'$(;"#( [PLULUKPÄJ\S[HKLUPU[YVK\JPYVTHU[LULYTt[VKVZKLLUZL|HUaH 1"#9'$(#1(#4(2"42h(7R'1$"4%#(42($#,,+*1(/#(,2)2,+%2,+*1=( /#$2&&'44'()&'E#$+'124(?(2)'?'A8 y( fB'$(-2#$%&'$(#-)4#21(-L%'/'$(;"#(2?"/21(2(4'$(#/",21/'$( HTHULQHYSVZLMLJ[VZKLWYLZLUJPHYVL_WLYPTLU[HYJVUÅPJ[VV /#$2$%&#$(12%"&24#$h y( fB'$(9F1,"4'$(,'1(42(#924"2,+*1(/#(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#( $'1(#9+/#1%#$(#1(%'/'(#4()&',#$'(/#(+1$%&",,+*1(?(2)&#1/+D2<#h(( y( fB'$(-2#$%&'$(#$%N1(#1$#C21/'(,'1(:2$#(#1(4'$()421#$(/#( #$%"/+'=(+1,4"?#1/'(,"24;"+#&(2/2)%2,+*1(?(#1&+;"#,+-+#1%'( &#42,+'12/'(,'1(42(,&+$+$h y( ¦3VZTt[VKVZKLL]HS\HJP}UZVUKP]LYZPÄJHKVZ& y( fB'$(-2#$%&'$(#$%N1(,":&+#1/'(%'/'(#4()421(/#(#$%"/+'(/#( -21#&2(,'-)&#1$+92(?(#E#,%+92h y( fR"N4#$($'1(4'$(9F1,"4'$(,'1(42(#924"2,+*1(/#(4'$(&#$"4%2/'$( /#4(2)&#1/+D2<#h( ¦*\HSLZWYmJ[PJHZWLKHN}NPJHZZVUHWYVWPHKHZKHKHZSHZ *&'&-(%$%&-2%&23,-2&%0'$*%,-2?2-0-2#&-03+$%,-2%&2$>#&*%(7$H&2 %&-&$%,-2$23$23072%&2-02&%$%2?2"P*&#,<2-02&%0'$'(.*2B,#)$32,2*,2 MVYTHSKLHWYLUKPaHQLHJLSLYHKHWYPTHYPHVZLJ\UKHYPH&*VUZ\S[LSH ZLJJP}UKLWSHULZKLLZ[\KPVHKLTmZKLSHZHU[LYPVYLZWYLN\U[HZ N+)26B¦,SJVU[LUPKVKLSHPUZ[Y\JJP}ULZHWYVWPHKVWHYHLSJVU[L_[VJHTIPHU[L& Ê2 Q4.+(+<.%24$27%74$2,4&4H74O%,+27+*2$+&24Z@H4(4&24(2$+&27*+.4&+&2,42"(&)*-.."/(2:2%7*4(,"<%=412B2(+1$%&",,+*1( /#:#(:&+1/2&(2)'?'(+1-#/+2%'()2&2(4'$(#/",21/'$(?(#/",21/2$(2(;"+#1#$($#(4#$(#K+3+&N()&#$#1%2&(#KN-#1#$()2&2(2921D2&(24( $+3"+#1%#(1+9#4('(#%2)2(/#($"(#/",2,+*1A Ê2 ?&4#-*42R-42$%24,-.%."/(2&4%274*)"(4()427%*%2)+,+&2$+&24,-.%(,+&12S"&21%#(42$(#-#&3#1,+2$=(42(+1$%&",,+*1( /#:#(%&2%2&(42$(1#,#$+/2/#$(,2-:+21%#$(/#(%'/'$(4'$(#/",21/'$(?(#/",21/2$(;"#()2&%+,+)21(#1(,42$#=(+1,4"?#1/'(4'$( #/",21/'$(;"#()"#/#1(#$%2&(-24(":+,2/'$(#1(,"21%'(2($"(1+9#4A(B'$(#/",21/'$=(+1,4"?#1/'(4'$(<*9#1#$=(/#:#1(#$%2&( +19'4",&2/'$(2,%+92-#1%#(#1(#4()&',#$'(/#(2)&#1/+D2<#=(,'-)&#1/#&($"()#&%+1#1,+2(?($#&()&'%#3+/'$(#1($"(#1%'&1'(/#( 2)&#1/+D2<#A( Ê2 0KLU[PÄX\LTL[HZYLHSPZ[HZ`WSHUPÄ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d:4+,2$A( 6+1(#-:2&3'=(-",>'$(+&2;"F#$( ;"#(>2:F21(9+9+/'(#1(\'&/21+2()'&( 2C'$(>2:F21()#&/+/'(92&+'$(2C'$( /#(#/",2,+*1(?(#1,'1%&2:21( /+EF,+4(+1%#3&2&$#(#1(42$(#$,"#42$( <'&/212$(?()'1#&$#(24(/F2(,'1( &#$)#,%'(2(42(#/",2,+*1(;"#(4#$( >2:F2(E24%2/'A '()4*J4(."/(B((Z2&+2$(#$%&2%#3+2$( /+E#&#1%#$(E"#&'1(,&#2/2$()2&2( 2?"/2&(2(4'$(#$%"/+21%#$(+&2;"F#$( 2(9'49#&(2(#1%&2&(2(42(#$,"#42A(U12( #$%&2%#3+2(#1()2&%+,"42&(E"#("1( )&'3&2-2(/#(#/",2,+*1(#1(,2$2( ;"#()#&-+%F2(2(4'$(#$%"/+21%#$( )'1#&$#(24(/F2(,'1(&#$)#,%'( 2(42(#/",2,+*1(;"#(4#$(>2:F2( E24%2/'(#$%"/+21/'(#1(,2$2('(#1( ,#1%&'$(/#(#/",2,+*1(1'(E'&-24=( &#+1%#3&N1/'$#(#9#1%"24-#1%#(#1( 42(#/",2,+*1(E'&-24A( 6+1(#-:2&3'=(/#:+/'(2()&':4#-2$( /#()&',#/+-+#1%'=(#4()&'3&2-2( 1'($#("$*(%21(2-)4+2-#1%#(,'-'( )'/&F2(>2:#&$#("$2/'A(Z2&+2$( 4#,,+'1#$($"&3+#&'1(/#(#$%2( +1+,+2%+92Q(51()&+-#&(4"32&=(#$( +-)'&%21%#(;"#(42(,'-"1+,2,+*1( 2,#&,2(/#(1"#92$(+1+,+2%+92$(/#( #/",2,+*1($#2(,42&2(?(2$#;"+:4#( 2(/+E#&#1%#$(+1%#&#$2/'$=( +1,4"?#1/'(/'121%#$=(23#1,+2$( +-)4#-#1%2/'&2$=(2"%'&+/2/#$( #/",2%+92$=(#$,"#42$=(-2#$%&'$( ?(-2#$%&2$=()2/&#$(?(-2/&#$(?( LZ[\KPHU[LZ,Z[VW\LKLZPNUPÄJHY ;"#(>2?(;"#(,&#2&(-N$(/#("12( #$%&2%#3+2(/#(,'-"1+,2,+*1A( 6#3"1/'=(,'-'()2&2(42$( )#&$'12$(?(E2-+4+2$(/#$)42D2/2$( )"#/#($#&(/+EF,+4(>2,#&()421#$( ?(2$"-+&(,'-)&'-+$'$(2(42&3'( )42D'=(42$('),+'1#$(#/",2%+92$( /#:#1(%#1#&(#1(,"#1%2(42( 12%"&24#D2()2$2<#&2(/#(243"12$( ,'-"1+/2/#$(/#$)42D2/2$A(5$%'( )"#/#(+-)4+,2&(/+$#C2&(,"&$'$( ÅL_PISLZKLKPMLYLU[LK\YHJP}U ?()#&-+%+&(42(+1$,&+),+*1(#1(4'$( )&'3&2-2$(#/",2%+9'$(/"&21%#( %'/'(#4(2C'($#3d1($#2(1#,#$2&+'A [-4()4B(.#4+#E(01%#&12%+'124( N+)%2`B¦3VZTt[VKVZKLPUZ[Y\JJP}UZVUHWYVWPHKVZ`LMLJ[P]VZHZxJVTVPUJS\ZP]VZ` >&#+(*&*+&-2>$#$2+,%,-E Ê2 ?&"#(427*"+*",%,4&2%2$%&2%.)"J",%,4&2,42%7*4(,"<%=42.+(2L%&424(24$2 .+()4Z)+12B2$(2,%+9+/2/#$(/#(2)&#1/+D2<#()2&2(42$(E2$#$(/#(#-#&3#1,+2(?( YLJ\WLYHJP}U[LTWYHUHKLILUZLYKLÄUPKHZJVUIHZLLUWSHULZKLLZ[\KPV ?(4+:&'$(/#(%#K%'(/+$)'1+:4#$('(E2-+4+2&#$A(R"21/'(-#1'$=(4'$(-2#$%&'$(?( -2#$%&2$(/#:#1(:&+1/2&(2,%+9+/2/#$(#$%&",%"&2/2$(/#(&#,&#2,+*1(?(<"#3'(?(/#( 4#,%"&2P#$,&+%"&2(?(,'1',+-+#1%'(/#(42(2&+%-L%+,2(>2$%2(;"#($#21('&+#1%2/'$( ,'1(&#$)#,%'(24(1"#9'()421(/#(#$%"/+'=(4'$(4+:&'$(/#(%#K%'(?(4'$(&#$"4%2/'$(/#4( 2)&#1/+D2<#(#$)#&2/'$A Ê2 6+(&)*-:%2&+L*42$%&2L%&4&29-(,%H4()%$4&2,42$%2"(&)*-.."/(27*"H4*+125$( PTWLYH[P]VX\LSVZTHLZ[YVZ`THLZ[YHZZPLU[HUJVUÄHUaH`JVTWL[LUJPHLU $"()2)#4(?(,'1(#4(,'1%#1+/'(/#4()421(/#(#$%"/+'A(J$#3"&#(;"#(4'$(-2#$%&'$( ?(-2#$%&2$($#21(,'-)#%#1%#$(#1(#4(,'1%#1+/'(:N$+,'(74#,%"&2P#$,&+%"&2=( ,'1',+-+#1%'(/#(42(2&+%-L%+,2=(-2%#&+2$(E"1/2-#1%24#$(?(>2:+4+/2/#$()2&2(42(9+/2( ,&",+24#$8(21%#$(/#(23&#32&(#K)#,%2%+92$(/#(#1$#C21D2(,#1%&2/2(#1(#4(#/",21/'( '(+1%&'/",+&(,'1%#1+/'(2/+,+'124A(B'$(+1%#&#$2/'$(/#:#1(&#,'1',#&(;"#(42( JVUZ[Y\JJP}UKLJPTPLU[VZW\LKL[VTHY\U[PLTWVZPNUPÄJH[P]V+LWLUKLKL 4'(;"#(4'$(-2#$%&'$(?(-2#$%&2$(?2($2:#1(?(,'1(4'(,"24(?2(#$%N1(E2-+4+2&+D2/'$=( $#(,'1$+/#&2&N(#$%'(,'-'(#4(,+-+#1%'($':&#(#4(,"24(23&#32&(-N$(>2:+4+/2/#$(?( &#,"&$'$A(54(2)&#1/+D2<#(/#(-#-'&+2(#$(2)&')+2/'(24(,'-+#1D'($+(#$(42(d1+,2( -#%'/'4'3F2(;"#("1(-2#$%&'(,'1',#e($+1(#-:2&3'=(4'$(-2#$%&'$(/#:#1(#$%2&( ,'1,+#1%#$(/#()'&(;"L(?(,"N1/'(/#:#1(#-)4#2&(/+E#&#1%#$(-#%'/'4'3F2$A( 7R'1$"4%#(42($#,,+*1(/#(,2)2,+%2,+*1=(/#$2&&'44'()&'E#$+'124(?(2)'?'A8 Ê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Ê2 SZ7$+*42HA)+,+&2:24(9+R-4&27%*%2%&4#-*%*2$%27$4(%27%*)"."7%."/(2,42)+,+&2 $+&24,-.%(,+&12M"#/#1($#&(1#,#$2&+'$()&'3&2-2$(24%#&1'$()2&2(2$#3"&2&( 42()2&%+,+)2,+*1(/#(4'$(#/",21/'$(?(#/",21/2$(?()#&-+%+&4#$(2921D2&()'&(42$( #%2)2$(/#(/#$2&&'44'(?(#/",2,+*1A(5$%'()"#/#(+1,4"+&(+1%#&9#1,+'1#$(%24#$(,'-'( )&'3&2-2$(/#(2)&#1/+D2<#(2,#4#&2/'()2&2(2;"#44'$(1+C'$(?(1+C2$(;"#()#&/+#&'1( WLYxVKVZZPNUPÄJH[P]VZKLLK\JHJP}UTPLU[YHZT}K\SVZKLLK\JHJP}ULUJHZHV #/",2,+*1(2(/+$%21,+2()'&(-#/+'(/#(42(&2/+'()"#/#1($#&(24%#&12%+92$()2&2(1+C'$( ÙP|HZX\LUVW\LKLUHZPZ[PYHSHLZJ\LSHJVUYLN\SHYPKHKKLIPKVHJVUÅPJ[V ,'1%+1"2/'A(( Ê2 3*+H-4J%2-(24()+*(+2%.)"J+2:2.*I)".+125K+$%#("1(2-)4+'(,'1$#1$'(&#42%+9'(2( ;"#(42$(-#%'/'4'3F2$(,#1%&2/2$(#1(#4(#/",21/'(?(:2$2/2$(#1(#4(/#$,":&+-+#1%'( )&'-"#9#1(#4()#1$2-+#1%'(,&F%+,'(#1(4'$(1+C'$(?(1+C2$=(2?"/21/'(2(E'-#1%2&("12( 2,%+%"/(,"#$%+'12/'&2()#&'(&#$)#%"'$2A(R"21/'($#2()'$+:4#=($#(/#:#()&'%#3#&( 2(4'$(1+C'$(?(1+C2$(/#4()#1$2-+#1%'(/"24+$%2($+-)4+$%2(7'($#2=(q#$%2(')+1+*1(#$( ,'&&#,%2=(#$2(')+1+*1(#$(+1,'&&#,%2r8A(B'$(-2%#&+24#$(/#(#1$#C21D2(?(2)&#1/+D2<#( /#:#1(:&+1/2&(')'&%"1+/2/#$(/#(+1%#&2,,+*1=(/#:2%#(?(/+N4'3'=(-+#1%&2$( -L%'/'$(;"#()&'-"#9#1(42()2&%+,+)2,+*1(2,%+92(/#(%'/'$(4'$(#/",21/'$(?( #/",21/2$=(2<"$%2/'$(2(4'$(/+E#&#1%#$(#$%+4'$(/#(2)&#1/+D2<#(/#(4'$(1+C'$(?( 1+C2$=(/#:#1($#&("1(,'-)'1#1%#(,#1%&24(/#(4'$()&'3&2-2$(/#(,2)2,+%2,+*1(/#( -2#$%&'$(?(/#(4'$()421#$(/#(#$%"/+'A(( Ê2 ?7+:42$%2%,H"("&)*%."/(2,42.$%&4&2494.)"J%2:2.4()*%,%24(24$24,-.%(,+12B2( 2/-+1+$%&2,+*1(/#4(2"42(#$("12()2&%#(+1%#3&24(/#(42(#1$#C21D2(#E#,%+92(?2(;"#( 2?"/2(2(-2K+-+D2&(42()2&%+,+)2,+*1(?(,'')#&2,+*1(/#(4'$(?(42$(#$%"/+21%#$(#1( #4(2)&#1/+D2<#(?(2()&#9#1+&(4'$()&':4#-2$(/#(,'-)'&%2-+#1%'()'&(-#/+'(/#( TLQVYWSHUPÄJHJP}UVYNHUPaHJP}U`HKTPUPZ[YHJP}UKLSHZHJ[P]PKHKLZLULSH\SH -#<'&()&#$#1%2,+*1(/#(-2%#&+24(+1$%&",%+9'(?(-#<'&(+1%#&2,,+*1(#1%&#(-2#$%&'$( ?(#$%"/+21%#$A(7R'1$"4%#(#4(5-:&2,+13(S+9#&$+%?(c''4T+%(/#(42(U!56RV(#1(#4( M2;"#%#(/#(.#,"&$'$(?(42(I"+2(/#4("$"2&+'()2&2(#4(-2#$%&'(#1(#4(2)L1/+,#(kA8(( 35 796*,:6:+,05:;9<**0Ô5@(79,5+0A(1, 5$%"/+'(/#(,2$'Q(5/",2,+*1( 24%#&12()2&2(&#E"3+2/'$(+&2;"F#$=( \'&/21+2 796*,:6:+,05:;9<**0Ô5@(79,5+0A(1, Ê2 ?,%7)424$24()+*(+2,42%7*4(,"<%=427%*%2%.47)%*24$2)%H%O+2.%HL"%()42,42$%&2.$%&4&1(S"&21%#(42$(#-#&3#1,+2$=(#4( %2-2C'(?(42(,'-)'$+,+*1(/#(42$(,42$#$(E&#,"#1%#-#1%#(,2-:+21(?(4'$(-2#$%&'$(?(-2#$%&2$(/#:#1(2/2)%2&$#(>2,+#1/'( ,2-:+'$(%21%'(#1(#4(#1%'&1'(EF$+,'(,'-'(#1(#4(#$%+4'('(#1E';"#(/#(42(#1$#C21D2A(7R'1$"4%#(42(I"+2(/#4("$"2&+'()2&2(#4( -2#$%&'(#1(#4(2)L1/+,#(kA8 Ê2 +LÄUHL_WLJ[H[P]HZ`\UZLU[PKVKLYLZWVUZHIPSPKHKLUSHJSHZL(R&##("1(q,*/+3'(/#(,'1/",%2r('(q&#342-#1%'(/#( ,42$#r(,'1(4'$(#/",21/'$(?(#/",21/2$=(?(#K>F:24'(#1(#4(2"42($+(#$()'$+:4#A(5$%'()"#/#($#&("12(-21#&2(#E#,%+92(/#( 2$#3"&2&(;"#(4'$(#/",21/'$(#1%+#1/21(?($#21(/"#C'$(/#(42$(#K)#,%2%+92$(/#4(#1%'&1'(/#(2)&#1/+D2<#A Ê2 6*44829+*)%$4<.%2:2.+()"(f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jAa=(J1N4+$+$=(#1(#4(,2)F%"4'(/#(M&',#$'$(/#(+1$%&",,+*1(?(2)&#1/+D2<#=(#1(42()N3+12(j`8=(4'$( -2#$%&'$(?(-2#$%&2$(#$%2&N1(#1(,2)2,+/2/(/#(/#%#&-+12&($+(4'$(#/",21/'$(#$%N1()&'3&#$21/'(,'1(:2$#(#1(42(#/2/( '(4'$(1+9#4#$(/#(/#$2&&'44'A(5$%2(+1E'&-2,+*1($#&N(/#(2?"/2(,"21/'($#(23&")#1(2(4'$(#/",21/'$()'&(3&2/'('(1+9#4(/#( >2:+4+/2/#$A(( 36 3VZLK\JHUKVZ`THLZ[YVZULJLZP[HUZLU[PYZLZLN\YVZ`YLZWL[HKVZJVTVTPLTIYVZKLSHJVT\UPKHKKLSHWYLUKPaHQL 3-()+&2.$%J42%2.+(&",4*%*B SPSQUSN6'? QS6V3SQ?6'WN2MSP3Q?N?2X23QS3?Q?M'KY! 6Q'!'!26QWN'6?! '()4*4&%,+& ¦8\PtULZZVUYLZWVUZHISLZKLSLU[VYUVKLHWYLUKPaHQL&=tHZLSHZ UV[HZ,.WmNZ ,STPUPZ[LYPVKLLK\JHJP}UVSHZJVT\UPKHKLZ¦[PLULUSHZOHIPSPKHKLZ ?23,-2#&'0#-,-2*&'&-$#(,-2>$#$2',*+(*0$#23,-2&->$'(,-2%&2$>#&*%(7$H&2 ZLNUZLHULJLZHYPV&=tHZLSHZUV[HZ,.WmNZ y( fR"N4#$($'1($"$()2)#4#$(?(&#$)'1$2:+4+/2/#$h y( ¦*\mSLZZVUSHZJHWHJPKHKLZ`SHZYLZWVUZHIPSPKHKLZKLÄUPKHZ /#4(G+15/()2&2(2$#3"&2&(#4(#$)2,+'(?(42()&'%#,,+*1h y( 6+(4'$(#$)2,+'$(/#(2)&#1/+D2<#(E"#&'1(,&#2/'$()'&( '&321+D2,+'1#$=(f#K+$%#1($+$%#-2$()2&2(2$#3"&2&(#4(%&2$)2$'(/#( 4'$(#$)2,+'$(/#(2)&#1/+D2<#(2('%&'$(+1%#&#$2/'$(7#4(G+15/=(42$( ,'-"1+/2/#$8h( y( fg"L('%&'$(+1%#&#$2/'$($'1()#&%+1#1%#$()2&2(,&#2&(?(-21%#1#&( #$)2,+'$($#3"&'$(2/#-N$(/#()&'%#3#&(2(4'$(#/",21/'$(?( -2#$%&'$h( y( fg"L()2$'$(>2?(;"#(/2&()2&2(2$#3"&2&(;"#(4'$(+1%#&#$2/'$( 2)&')+2/'$(%#1321(42(,2)2,+/2/()2&2(#4(2)'?'(?(-21%#1+-+#1%'( /#(4'$(#1%'&1'$(/#(2)&#1/+D2<#(2(-N$(42&3'()42D'h y( fR"N4(#$(#4()2)#4(?(42(&#$)'1$2:+4+/2/(/#4(-2#$%&'P2h((( ¦*}TVLZ[mWHY[PJPWHUKVSHJVT\UPKHK&=tHZLSHUV[H/WmN S&7%."+2:24()+*(+ ¦*\mSLZZVUSVZYLX\PZP[VZWHYHLZWHJPVZKLHWYLUKPaHQLWYV[LJ[VYLZ& ¦8\tZPZ[LTHZL_PZ[LUWHYHOHJLYSH[YHUZPJP}UKLSVZLZWHJPVZ [LTWVYHSLZZLNUZLULJLZP[L&¦8\tZPZ[LTHZL_PZ[LUWHYHHZLN\YHY A0&2+,%,-23,-2&->$'(,-2%&2$>#&*%(7$H&2-&$*2-&"0#,-2?2$>,?$%,#&-E2 =tHUZLSHZUV[HZ,`-WmN ¦*\mSLZZVUSVZLZWHJPVZKLHWYLUKPaHQLKPZWVUPISLZ&=tHZLSHUV[H, WmN y( 54(#$)2,+'(EF$+,'(f,*-'(2E#,%2(42(,2)2,+/2/(/#(4'$(-2#$%&'$(?( #/",21/'$(/#(&#24+D2&(#4()&',#$'(/#(+1$%&",,+*1h(( y( fB'$(#$)2,+'$(>21(,2-:+2/'h y( f54(#$)2,+'(>2:+4+%2(2(%'/'$(4'$(#/",21/'$()2&2()2&%+,+)2&(/#( THULYHZPNUPÄJH[P]H& y( fX2?(1'&-2$(12,+'124#$=(,&#2/2$()'&(#4(G+15/=(&#42%+92$(2(4'$( #$)2,+'$(#/",2%+9'$h(( y( fS*1/#(#$%N1(":+,2/'$(4'$(#$)2,+'$h( y( fB'$(#$)2,+'$($'1(&#342-#1%2/'$()'&(#4(G+15/h(S#(1'($#&( 2$F=(f;"+L1#$($'1(&#$)'1$2:4#$(/#(2$#3"&2&(1'&-2$(-F1+-2$( /#(/+$#C'(?(,&+%#&+'$()2&2(#$)2,+'$(2-+3'$(/#(4'$(1+C'$(#1(#4( ,'1%#K%'(4',24h(( y( f5$%'$(#$)2,+'$($'1(2)&')+2/'$(?($#3"&'$h( y( fR"N4#$(/#$2EF'$(#1E&#1%21(4'$(1+C'$(?(1+C2$()2&2(2,,#/#&(2( #$)2,+'$(#$,'42&#$('($#3"&'$h(( y( fX2?()&',#/+-+#1%'$(,42&'$()2&2(,'19#&%+&(#$)2,+'$(/#( 2)&#1/+D2<#(%#-)'&24#$()&'%#,%'&#$(#1(#$)2,+'$(/#(2)&#1/+D2<#( '(2"42$(-N$()#&-21#1%#$h y( fR"N4#$(&#,"&$'$(#$%N1(/+$)'1+:4#$(/#(+1-#/+2%'()2&2(,&#2&=( 2)'?2&('(E'&%24#,#&(#$)2,+'$(/#(2)&#1/+D2<#()&'%#,%'&#$h( y( fB'$()&':4#-2$(/#(2,,#$'(>21(,2-:+2/'h(f5K+$%#1( -#,21+$-'$()2&2()&'-'9#&(#4(2,,#$'(2(42(#/",2,+*1(/#( ,24+/2/()2&2(%'/'$(4'$(#/",21/'$($+1(/+$,&+-+12,+*1h ¦3VZLU[VYUVZKLHWYLUKPaHQLZVUWYV[LJ[VYLZ&=tHZLSHUV[H-WmN ¦,ZWVZPISLJYLHYLU[VYUVZKLHWYLUKPaHQLWYV[LJ[VYLZZPSHZLZJ\LSHZUV W\LKLUM\UJPVUHY&=tHZLSHUV[H-WmN ¦3VZLU[VYUVZKLHWYLUKPaHQLZVUPUJS\ZP]VZ&=tHZLSHUV[H.WmN y( ¦8\tZPNUPÄJHLK\JHJP}UPUJS\ZP]HLU[tYTPUVZKLSWYVJLZVKL +1$%&",,+*1h( y( fR"N4#$($'1(42$(,2&2,%#&F$%+,2$(/#(42(+1$%&",,+*1(;"#()#&-+%+&F21( "1(#1%'&1'(/#(2)&#1/+D2<#(+1,4"$+9'h 3*+)4.."/(2:2,"&."7$"(% ¦*\mSLZZVUSHWYmJ[PJHZHJ[\HSLZKLWYV[LJJP}U`KPZJPWSPUH&=tHUZL SHZUV[HZ,`-WmN ¦,_PZ[LHSN\UHWVSx[PJHYLSH[P]HHSHKPZJPWSPUHWVZP[P]HKLLK\JHUKVZ` THLZ[YVZ&=tHZLSHUV[H,WmN y( J(4'$(#/",21/'$(?(-2#$%&'$(f$#(4#$(:&+1/2()&'%#,,+*1(,'1%&2(#4( 2:"$'(?(42(9+'4#1,+2h(( y( f5K+$%#1()2"%2$(&#42%+92$(24(-21#<'(/#4(2"42(?(/#4( ,'-)'&%2-+#1%'h(( y( fg"L(-#/+/2$(#K+$%#1()2&2()&'-'9#&(#4(,'-)'&%2-+#1%'( )'$+%+9'(/#(4'$(#/",21/'$(?(-2#$%&'$h( y( fg"L($+$%#-2$(#K+$%#1()2&2(&#$)'1/#&(24(,'-)'&%2-+#1%'( 1#32%+9'('(2:"$+9'h y( f5$%N(#1("$'(243"12()&N,%+,2(/+$,+)4+12&+2(1#32%+92('(2:"$+92h y( fR"N4#$()&N,%+,2$('($+%"2,+'1#$()421%#21(2-#12D2$(+1-#/+2%2$( )2&2(#4(:+#1#$%2&(?(42($#3"&+/2/(/#(4'$(#/",21/'$(?(-2#$%&'$h(( 16 Consulte el área de acceso y entorno de aprendizaje de las Normas mínimas de la INEE, las Notas de Orientación para la Construcción de Escuelas más Seguras de la INEE, y los materiales de protección del IASC. 37 # 796*,:6:+,05:;9<**0Ô5@(79,5+0A(1, 6"6#35$,3)4-#($#$-&*5-*%#($#,05$-()A,B$#,0*+,(*5$%#$## # # )-3/'%)9*%1FL## 796*,:6:+,05:;9<**0Ô5@(79,5+0A(1, N+)%2SB¦*\mSLZZVUSHZJHYHJ[LYxZ[PJHZKL\ULZWHJPVKLHWYLUKPaHQLZLN\YV`WYV[LJ[VY& Ê2 (ZLN\YLX\LSVZLK\JHUKVZKL[VKHZSHZLKHKLZZLILULÄJPLUKLLZWHJPVZ 7*+)4.)+*4&242"(.$-&"J+&12B'$(#$)2,+'$($#3"&'$(#(+1,4"$+9'$()"#/#1(2"-#1%2&(42( ,'-)&#1$+*1(?(#4(2)'?'()2&2(#4(/#$2&&'44'(+1E21%+4($21'=(#$%+-"42&(42(,'')#&2,+*1( ?(42(%'4#&21,+2=(2"-#1%2&(#4(&#,'1',+-+#1%'(/#($#1%+-+#1%'$(/#()L&/+/2(?( /#$#$)#&21D2(?(:&+1/2&("1(#1%'&1'($',+24($#3"&'()2&2(&#,42-2&(42(q1'&-24+/2/r( ?("12()#&$)#,%+92($212(?()'$+%+92()2&2(#4(E"%"&'A(M'&(4'(%21%'=(#$(,&",+24(,&#2&("1( #1%'&1'(#1(#4(,"24(4'$(#/",21/'$(?(#/",21/2$(/#(%'/2$(42$(#/2/#$($#21(,2)2,#$( /#(2)&#1/#&(?(#$%L1(>2:+4+%2/'$()2&2(#44'A(B'$(#1%'&1'$(/#(2)&#1/+D2<#()"#/#1( :&+1/2&(2)'?'()$+,'$',+24(?()&'%#,,+*1(/"&21%#(42$(#-#&3#1,+2$Q( y( 24(,&#2&(&"%+12$(/+2&+2$(?("12()#&,#),+*1(-N$(#$%2:4#(/#4(E"%"&'( y( HSYLK\JPYSH]\SULYHIPSPKHKHSH]PVSLUJPHZL_\HSLS[YmÄJVSHL_WSV[HJP}U`LS[YHIHQV +1E21%+4 y( 24(+19'4",&2&(2(4'$(1+C'$=(1+C2$(?(2/'4#$,#1%#$(#1(24%#&12%+92$()'$+%+92$(E&#1%#(24( &#,4"%2-+#1%'(-+4+%2&=(42$()21/+442$(?(42$(/&'32$ y( HSIYPUKHY\UTLKPVWHYHPKLU[PÄJHYSHZULJLZPKHKLZHKPJPVUHSLZKLSVZUP|VZÙP|HZ %24#$(,'-'(#4(Z0X(?(#4(60SJ y( 24(E2,+4+%2&(42(+1%#3&2,+*1($',+24(/#(4'$(1+C'$=(1+C2$(?(2/'4#$,#1%#$(9"41#&2:4#$ Ê2 ?&4#-*42R-424$24&7%."+29I&".+2&4%2%.+#4,+*2:2./H+,+27%*%24$27*+.4&+2,42 %7*4(,"<%=41254(-21#<'(/#(42$(,42$#$(#$(#$#1,+24()2&2(#4()&',#$'(/#(2)&#1/+D2<#A( B'$(#1%'&1'$(,2-:+21%#$()"#/#1(,2"$2&("1(%&2$%'&1'(,'1$+/#&2:4#(#1(42$( &#42,+'1#$(/#4(#/",21/'(?($"(,2)2,+/2/(/#(2921D2&(>2,+2(4'$(':<#%+9'$(/#( 2)&#1/+D2<#A(M'&(#<#-)4'=(4'$(,2-:+'$(#1(#4(1d-#&'(/#(1+C'$(?(1+C2$(2E#,%21( #4(%2-2C'(/#4(,"&$'=(4'(,"24()"#/#(&#$"4%2&(#1(42(1#,#$+/2/(/#(-2?'&(/+9+$+*1( /#(4'$(1+C'$(?(1+C2$()'&(#/2/=(3&2/'('(1+9#4(/#(>2:+4+/2/#$=('(#1(#1$#C21D2( -"4%+3&2/'A(J/+,+'124-#1%#=(4'$(,2-:+'$(#1(#4(#1%'&1'(EF$+,'(/#4(2"42(2E#,%21(#4( -21#<'(/#(42(,42$#=(#4(#$)2,+'()2&2(%&2:2<'(#1(3&")'$()#;"#C'$('()2&2(<"#3'(24( 2+&#(4+:&#(?(#4(#$)2,+'(?((,2)2,+/2/(/#(,'432&(%&2:2<'$(#1(42$()2&#/#$('(#K>+:+&( HÄJOLZPUMVYTH[P]VZ`H`\KHZKLLUZL|HUaH*VUZ\S[LSVZKVJ\TLU[VZKL 2/-+1+$%&2,+*1(/#4(2"42(/#(42(U!56RV(#1(#4(M2;"#%#(/#(.#,"&$'$8( N+)%2[B¦3VZLU[VYUVZKLHWYLUKPaHQLZVUWYV[LJ[VYLZ& Ê2 ?&4#-*42$%24R-",%,2,42#A(4*+24(2)+,+&2$+&2%&74.)+&2,4$24()+*(+2,42 %7*4(,"<%=412U1(#1%'&1'(/#(2)&#1/+D2<#()&'%#,%'&(#$(2;"#4(#1(;"#(4'$(-2#$%&'$( ?(-2#$%&2$(?('%&'()#&$'124(#/",2%+9'(#$%N1(/+$)'1+:4#$()2&2()&'-'9#&( 42(#;"+/2/(/#(3L1#&'(?(,'1%&+:"+&(2(42(,&#2,+*1(/#("1(#1%'&1'()&'%#,%'&(?( ,'1/",#1%#(;"#(E2,+4+%#(42()2&%+,+)2,+*1(2,%+92(/#(%'/'$(4'$(#/",21/'$(?( #/",21/2$A( Ê2 3*47%*42:2%7+:42-(24()+*(+2,42%7*4(,"<%=42.+(&."4()42,42$%2&4#-*",%,12 6+(42$(#$,"#42$(?2(#$%2:4#,+/2$(1'(#$%N1(EN,+4-#1%#(/+$)'1+:4#$('(1'($'1( SVZ\Ä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Ê2 ?7+:424$2L"4(4&)%*27&".+&+."%$2)%()+2,4$24,-.%(,+\%2.+H+2,4$2H%4&)*+\%12 54(#1%'&1'(/#4(2"42(?(42(+1$%&",,+*1(/#:#1()&#$%2&(2)'?'()$+,'$',+24(?(2"-#1%2&( 42(,'1,+#1,+2(/#(4'$(#E#,%'$(/#4(#$%&L$(#1(42$($+%"2,+'1#$(/#(#-#&3#1,+2('(,&+$+$( ,&*1+,2A(54(:+#1#$%2&(%21%'(/#(4'$(#/",21/'$(?(#/",21/2$(,'-'(/#(4'$(-2#$%&'$( ?(-2#$%&2$(/#:#($#&(%#1+/'(#1(,"#1%2(#1(%'/'$(4'$()&'3&2-2$(#/",2%+9'$A Ê2 6+$%L+*42.+(2+)*+&2&4.)+*4&27%*%2%&4#-*%*24$2%7+:+2.+H7*4(&"J+126#( )"#/#(,'1%2,%2&(2('%&'$($#,%'&#$()2&2(2)'?'(%21%'(#1(#4(/+$#C'(,'-'(#1( 42(,&#2,+*1(/#(#$)2,+'$()&'%#,%'&#$(?(42()&#$%2,+*1(/#($#&9+,+'$(+1%#3&2/'$( ,#1%&2/'$(#1(#4(1+C'A(B'$(9F1,"4'$(+1%#&$#,%'&+24#$(,'1(,'4#32$(#1(4'$(,2-)'$( /#(23"2(?($21#2-+#1%'=($24"/=()&'%#,,+*1(/#4(1+C'(?(1"%&+,+*1($'1(,429#()2&2( 38 5$%"/+'(/#(,2$'Q(01%#&9#1,+*1( )$+,'$',+24(#1(#$)2,+'$(/#( 2)&#1/+D2<#(/#4(%$"12-+=(J,#>=( 01/'1#$+2 3*+L$4H%B251(]`ì=("1(3&21( %#&&#-'%'(#1(01/'1#$+2(44#9*( 2(42(/#$%&",,+*1(2(3&21(#$,242( /#(42(+1E&2#$%&",%"&2(EF$+,2(/#(42( )&'9+1,+2(/#(J,#>(?(3#1#&*("1( %$"12-+(;"#(44#9*("12(,21%+/2/( ,24,"42/2(/#(a`À```@a^À```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xÄ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`;\YX\xHZLPKLU[PÄJ} &#)#%+/2-#1%#(;"#(42(#/",2,+*1( +1%#&,"4%"&24(#1(42$(&#3+'1#$(#&2( PUZ\ÄJPLU[L.YHUWHY[LKLLZ[H ,&F%+,2()&'9+1'(/#(#/",2/'&#$( ;"#(&#,'1',F21(;"#(243d1(1+9#4( /#($#3&#32,+*1(#K+$%F2(#1%&#( 4'$(#$%"/+21%#$(/#(/+E#&#1%#$( 21%#,#/#1%#$(L%1+,'$A(6+(:+#1( 4'$()2/&#$(?(-2/&#$(E"#&'1(24( )&+1,+)+'(&#1"#1%#$(2(&#,'1',#&( '(,'-#1%2&(2,#&,2(/#(%24#$(%+)'$( /#(2)&#1/+D2<#=(42(12%"&24#D2( /#(4'$(,'-#1%2&+'$(/#(4'$( )2/&#$(+1/+,*(;"#(#44'$(-+$-'$( )"#/#1($#&(42()&+-#&2(:2&&#&2( )2&2(2:'&/2&(#4(#1%#1/+-+#1%'( %&21$,"4%"&24A '()4*J4(."/(B25$%#()&'3&2-2=( LUMVJHKVLUPKLU[PÄJHYSH )&#$#1,+2(/#(#/",2,+*1( +1%#&,"4%"&24(#1(M'4'1+2(?( c"&;"F2=(/+'(,'-'(&#$"4%2/'( 92&+2$(4#,,+'1#$(2)&#1/+/2$A( 51()&+-#&(4"32&=(#$%N(,42&'( ;"#(#1(N&#2$(/'1/#(E24%2(42( #/",2,+*1(-"4%+,"4%"&24('(L$%2( &#;"+#&#(243'(/#(&#E'&-2=(4'$( )2/&#$(?(-2/&#$($'1("12( ,'1$+/#&2,+*1(,&",+24=()#&'($"( )2&%+,+)2,+*1(?(2)&':2,+*1(1'( #$(32&21%+D2/2A(!'($#()"#/#( 2$"-+&(;"#($+-)4#-#1%#( #1$#C2&(2(4'$(#$%"/+21%#$(#1( 42$(#$,"#42$(2,#&,2(/#('%&'$( 3&")'$($#(%&2/",+&N(#1(%'4#&21,+2=( ,'-)&#1$+*1(#(+1-#&$+*1($+1(;"#( LSJVTWVY[HTPLU[VZLYLÅLQLLULS >'32&A(R'-'(%&2%2&(42(+/#1%+/2/(?( 4'$(924'&#$(2(#$%'$(1+9#4#$()"#/#( $#&(-"?()'4L-+,'=(4'$()&'3&2-2$( /+&+3+/'$(2(&#E'&-2&(')+1+'1#$( ,"4%"&24#$(1'($#(/#:#1(+1%&'/",+&( /+&#,%2-#1%#(#1(42$(#$,"#42$( $+1(%&2%2&()&+-#&'(42(&#$+$%#1,+2( )'%#1,+24A(( [-4()4B26%A(B'"+$(U1+9#&$+%?(@(R?)&"$e( 5[M6J 2$#3"&2&(;"#(4'$(#/",21/'$(?(-2#$%&'$(%#1321(2,,#$'(2(42$(+1$%242,+'1#$(?( $#&9+,+'$(-N$(2)&')+2/'$()'$+:4#$A(( Ê2 ?L+#-427+*24$2H4=+*24&7%."+27+&"L$42,"&7+("L$412B'$(#$)2,+'$(/#(2)&#1/+D2<#( HTLU\KVZVUTLUVZX\LPKLHSLZ¶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¦3VZLU[VYUVZKLHWYLUKPaHQLZVUPUJS\ZP]VZ&*VUZ\S[LSVZKVJ\TLU[VZKL LK\JHJP}UPUJS\ZP]H`LX\PKHKKLNtULYVKLS7HX\L[LKL9LJ\YZVZ Ê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Ê2 0KLU[PÄX\L`[YH[LSHZULJLZPKHKLZLZWLJxÄJHZKLSVZLK\JHUKVZU1( #1%'&1'(/#(2)&#1/+D2<#(+1,4"$+9'(:&+1/2(2)'?'(2(4'$(#/",21/'$(?(#/",21/2$( $#3d1($#(1#,#$+%#A(5$%'()"#/#(+1,4"+&()&'3&2-2,+*1()2&2(%&2%2&(42$(1#,#$+/2/#$( /#(1+C'$=(1+C2$(?(<*9#1#$($#)2&2/'$(/#($"(E2-+4+2(7-#1'&#$(1'(2,'-)2C2/'$8=( >"L&E21'$=()#&$'12$(/#$)42D2/2$('(&#E"3+2/2$=(21%+3"'$(1+C'$(,'-:2%+#1%#$=( 1+C'$(?(1+C2$(/#(3&")'$(L%1+,'$('(/#(3&")'$($',+'#,'1*-+,'$(9"41#&2:4#$( VKLZMH]VYLJPKVZUP|HZX\PLULZOH`HUWLYKPKVJHU[PKHKLZZPNUPÄJH[P]HZKL #/",2,+*1('(#$%L1(,'-#1D21/'(42(#$,"#42(2(#/2/(-2?'&=(1+C'$=(1+C2$(?(<*9#1#$( ,'1(/+$,2)2,+/2/#$(EF$+,2$('(-#1%24#$(?(;"+#1#$(>2?21($+/'(3&29#-#1%#( 2E#,%2/'$(#-',+'124-#1%#()'&(42(#-#&3#1,+2(?(,&+$+$(,'1%+1"2/2A( Ê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bB¦*VTVZLW\LKLPU]VS\JYHYSHJVT\UPKHKLUSHJYLHJP}UKLLU[VYUVZKL $>#&*%(7$H&2$>,?$%,#&-2?2>#,+&'+,#&-E2 Ê2 ?&4#-*42$%2&+&)4("L"$",%,2.+(2$%27%*)"."7%."/(2,42$%2.+H-(",%,12!'($#()"#/#( Z\ILZ[PTHYLSWHWLSKLSHJVT\UPKHKLUPUÅ\PYLULSLU[VYUVKLHWYLUKPaHQLTmZ 2-)4+'(/#(4'$(1+C'$(?(1+C2$A(54(,2-:+'($'$%#1+/'(&#24($*4'(#$()'$+:4#(,'1(#4( +-)"4$'(?(,'-)&'-+$'(/#(42(,'-"1+/2/A( Ê2 ?7+:42-(2,"@$+#+2%L"4*)+24()*42)+,+&2$+&2"()4*4&%,+&125$(,&",+24(24#1%2&(#4( KPmSVNVLU[YLSHJVT\UPKHK¶PUJS\`LUKVSVZUP|VZÙP|HZTHLZ[YVZ`THLZ[YHZ WHKYLZ`THKYLZ¶`LSTPUPZ[LYPVKLLK\JHJP}UWHYHPUZ[H\YHY\UTVKLSV 2)&')+2/'()2&2($2%+$E2,#&(42$(1#,#$+/2/#$(/#(2)&#1/+D2<#(?(,"-)4+&(4'$(&#$"4%2/'$( /#4(2)&#1/+D2<#A(54(/+N4'3'(/#:#(%#1#&(#1(,"#1%2(#4(,'1%#K%'(?(42(,"4%"&2(24(#K)4+,2&( SVZILULÄJPVZKLSHWYLUKPaHQLPUJS\ZP]VWHY[PJPWH[P]V`JLU[YHKVLULSLK\JHUKV Ê2 6*4427$%(4&2,42%.."/(2%2("J4$2,42$%24&.-4$%82"(,".%(,+2$+&27%74$4&2:2$%&2 *4&7+(&%L"$",%,4&2,42$%2.+H-(",%,12B'$()421#$(/#(2,,+*1(2(1+9#4(/#(42(#$,"#42( W\LKLUPKLU[PÄJHYTHULYHZLUX\LSHZJVT\UPKHKLZLZ[mUPU]VS\JYHKHZWHYH IYPUKHYLK\JHJP}U;HTIPtUW\LKLUPKLU[PÄJHYSHZULJLZPKHKLZKLUP|VZÙP|HZ '(2/'4#$,#1%#$(+1/+9+/"24#$(;"#(%+#1#1(2,,#$'(4+-+%2/'=('(1+13d1(2,,#$'=(2( 42(#/",2,+*1A(B'$()421#$($#(/#:#1(#42:'&2&(#1(,'42:'&2,+*1(,'1(4'$(4F/#&#$( ,'-"1+%2&+'$=(4'$()2/&#$(?(-2/&#$=(4'$(1+C'$(?(1+C2$=(4'$(?(42$(<*9#1#$=(4'$( 39 796*,:6:+,05:;9<**0Ô5@(79,5+0A(1, 5$%"/+'(/#(,2$'Q(51$#C21/'( %'4#&21,+2=(M'4'1+2(?(c"&;"F2 796*,:6:+,05:;9<**0Ô5@(79,5+0A(1, -2#$%&'$(?(-2#$%&2$(?(#4()#&$'124(/#(42(#$,"#42A(S#:#1(+1,4"+&(-#/+/2$(,42&2$()2&2(2$#3"&2&(;"#(4'$(#/",21/'$(?( #/",21/2$(2$+$%21(2(,42$#(?(%#1321(#4(2)'?'(&#;"#&+/'()2&2($#&()2&%+,+)21%#$(2,%+9'$(?(#K+%'$'$(#1($"()&')+'()&',#$'( /#(2)&#1/+D2<#A(R"21/'($#2()'$+:4#=(/#:#(>2:#&(,'42:'&2,+*1(,'1(2,%'&#$(+19'4",&2/'$(#1(2,%+9+/2/#$($+-+42&#$(#1( N&#2$(9#,+12$()2&2(2$#3"&2&("1(#1E';"#(,'1$+$%#1%#A( 6"8#7*-)&*5$*#+#$9,/',3)4-#($#05*3$%*%#($#)-%&5'33)4-#+## # ######,05$-()A,B$1# # # 5,*(+,#&$#23,-2'$)D(,-2&*23$2&*-&9$*7$2?2&32$)D(&*+&2%&2$>#&*%(7$H&<23$-2=$D(3(%$%&-2%&23,-2%,'&*+&-2>$#$2+#$*-)(+(#2 (*B,#)$'(.*2%&2)$*&#$2&B&'+(@$2?2&32*(@&32?2'$3(%$%2%&23$2>$#+('(>$'(.*2%&23,-2$30)*,-2H0*+,2',*23$2(*+&#$''(.*2',*23,-2 TH[LYPHSLZJVTWH|LYVZ`THLZ[YVZHZLN\YHX\LLSKPZL|VKLSWYVNYHTHLZPUÅ\LUJPHKVWVYSHZLUZL|HUaHZJSH]L 3%*%2H+(")+*4%*2:24J%$-%*2$+&27*+.4&+&2,42"(&)*-.."/(2:2%7*4(,"<%=4B2 =\LS]HHJVUZ\S[HYJHKH\UHKLSHZ[HISHZKLW\U[VZJSH]LHJVUZPKLYHYKLSHWYLZLU[LZLJJP}U¶PUJS\`LUKV(UmSPZPZ `LZ[\KPV*VU[LUPKV`Tt[VKVZKLPUZ[Y\JJP}U`*YLHJP}UKL\ULU[VYUVKLHWYLUKPaHQLHWV`HKVYLPUJS\ZP]V¶ YLÅL_PVUHUKVHJLYJHKLSHZWYLN\U[HZWLY[PULU[LZLUMVJHKHZLULSTVUP[VYLV`L]HS\HJP}ULU[tYTPUVZ[HU[VKL WYVJLZVJVTVKLJVU[LUPKV2 9LÅL_PVULHJLYJHKLSHZHJJPVULZJSH]LWHYHWYVJLZVZKLPUZ[Y\JJP}U`HWYLUKPaHQLKLSHZ!").$%&A/+*.$%LUSHWmNPUH (UV[LSVX\LLZ[mM\UJPVUHUKVIPLUHKLTmZKLSHZmYLHZLUSHZJ\HSLZSHZTL[HZUVZLOHUSVNYHKVWSLUHTLU[L`X\L W\LKLUYLX\LYPY]VS]LYHTPYHYSHZWVSx[PJHZ`SVZWYVNYHTHZ !2',*+(*0$'(.*2$>$#&'&*2&H&)>3,-2%&2'.),2$D,#%$#2&32),*(+,#&,2?2&@$30$'(.*2+$*+,2%&32>#,'&-,2',),2%&32',*+&*(%,2%&23$2 (*-+#0''(.*2?2&32>#,'&-,2%&2$>#&*%(7$H&I2 P+(")+*4+2:24J%$-%."/(2g24$27*+.4&+B 632>#,'&%()(&*+,2%&2'#&$#20*2>#,'&-,2%&2&*-&9$*7$2?2$>#&*%(7$H&2$>,?$%,#2?2#,D0-+,2&*23$2(*-+#0''(.*2&-2()>,#+$*+&2?2%&D&2-&#2 TVUP[VYLHKV`L]HS\HKVHKPJPVUHSTLU[LHSTVUP[VYLV`L]HS\HJP}UKLSJVU[LUPKVLUZL|HKV(SN\UVZLQLTWSVZKLWYLN\U[HZKL ),*(+,#&,2?2&@$30$'(.*2&*B,'$%$-2&*2&32>#,'&-,2>#,'&%&*+&2%&23$-2+$D3$-2%&2>0*+,-2'3$@&2$2',*-(%&#$#2(*'30?&*I Ê( fX21(#$%2/'(+19'4",&2/'$(4'$(+1%#&#$2/'$(2)&')+2/'$h(fg"+L1#$(>21(#$%2/'(+19'4",&2/'$(?(>21(%#1+/'(%21%'(42( 4#3+%+-+/2/(,'-'(42(2"%'&+/2/()2&2(%#1#&("1(+-)2,%'(*)%+-'h(( Ê( f5K+$%#("1()&',#$'()2&2(,'1%+1"2&(#924"21/'(42$(1#,#$+/2/#$(/#(4'$(#/",21/'$(?(#/",21/2$(?(/+&+3+#1/'(+1E'&-2,+*1( 2(%&29L$(/#(4'$(,2124#$(2)&')+2/'$(#1(#4($+$%#-2(#/",2%+9'h( Ê( f5K+$%#("1()&',#$'()2&2(2)'?2&(#4(/#$2&&'44'(/#(,2)2,+/2/(/#4()#&$'124(;"#(#$(1#,#$2&+'h Ê( f54()&',#$'(/#(E'&%24#,+-+#1%'('(,&#2,+*1(/#(2,%+9+/2/#$(/#(2)'?'(#1(#4(2"42(>2($+/'(9+1,"42/'(2)&')+2/2-#1%#(,'1( 4'$()&',#$'$(/#()421#$(/#(#$%"/+'=(,2)2,+%2,+*1(?(#924"2,+*1h Ê( fB2$(2,,+'1#$(,429#()2&2(42(+1$%&",,+*1(/#(42$(5VYTHZ4xUPTHZ(#1(42()N3+12(j`(#1E',2/2$(#1(#4()&',#/+-+#1%'(/#( E'&%24#,#&(#4()&',#$'(/#(+1$%&",,+*1=(>21($+/'(,'1$+/#&2/2$()2&2(42$(1#,#$+/2/#$(/#(,2)2,+/2/(%21%'(+1-#/+2%2$(,'-'( 2(-N$(42&3'()42D'h( P+(")+*4+2:24J%$-%."/(2g24$2.+()4(",+B ,STVUP[VYLV`L]HS\HJP}UKLSJHTIPVLULSLU[VYUVKLHWYLUKPaHQLZ\TPUPZ[YHYmPUMVYTHJP}UYLX\LYPKHWHYHKL[LYTPUHYZPSVZ TH[LYPHSLZJYLHKVZ`SHTL[VKVSVNxHKLJHWHJP[HJP}ULTWSLHKHZVUHWYVWPHKVZLPUJS\ZP]VZ(SN\UVZLQLTWSVZKLWYLN\U[HZKL ),*(+,#&,2?2&@$30$'(.*2&*B,'$%$-2&*2&32',*+&*(%,2>#,'&%&*+&-2%&23$-2+$D3$-2%&2>0*+,-2'3$@&2$2',*-(%&#$#2(*'30?&*I Ê( fB'$(-L%'/'$(/#(+1$%&",,+*1(#$%N1($2%+$E2,+#1/'(42$(1#,#$+/2/#$(/#(4'$(#/",21/'$(?(#/",21/2$h(f6'1(+1,4"$+9'$( ?(2)&')+2/'$()2&2(#4(,'1%#K%'(?()2&2(42(1#,#$+/2/(,2-:+21%#(/#(4'$(#/",21/'$P2$h(f6#(>21(-'9+4+D2/'(&#,"&$'$( Z\ÄJPLU[LZWHYHHZLN\YHY\UWYVJLZVKLLUZL|HUaH`HWYLUKPaHQLKLJHSPKHK&¦;VKVZSVZLK\JHUKVZ`LK\JHUKHZ LZ[mULUJVUKPJPVULZKLWHY[PJPWHYLU\UWYVJLZVKLHWYLUKPaHQLJVUZPNUPÄJHKV&¦3VZTH[LYPHSLZLZ[mUZH[PZMHJPLUKV 42$(1#,#$+/2/#$(/#(4'$(-2#$%&'$(?(-2#$%&2$h(( Ê( ¦3VZLU[VYUVZKLHWYLUKPaHQLZVUZLN\YVZ`WYV[LJ[VYLZ`WLYTP[LUSHWHY[PJPWHJP}UZPNUPÄJH[P]HKL[VKVZSVZ #/",21/'$(?(#/",21/2$h(( Ê( fB2$(2,,+'1#$(,429#()2&2(42(+1$%&",,+*1(/#(42$(!'&-2$(GF1+-2$(#1(42()N3+12(j`(#1E',2/2$(#1(#4(+-)2,%'(/#$#2/'(/#( 42(+1$%&",,+*1(>21($+/'(,'1$+/#&2/2$()2&2(#4(E'&%24#,+-+#1%'(%21%'(+1-#/+2%'(,'-'(2(-N$(42&3'()42D'(/#4()&',#$'(/#( #1$#C21D2(?(2)&#1/+D2<#h *** Orientación acerca de la formulación de indicadores de monitoreo apropiados y ejemplos de indicadores de monitoreo se incluyen en el apéndice 7. 40 3VZYLJ\YZVZX\LHWHYLJLUHJVU[PU\HJP}UVMYLJLUPUMVYTHJP}UHKPJPVUHSHJLYJHKLSVZWYVJLZVZKLPUZ[Y\JJP}U` $>#&*%(7$H&<2(*'30?&*%,23,-2>$-,-2#&A0&#(%,-2>$#$2&@$30$#2?2'#&$#2>#,"#$)$'(.*2$>#,>($%$<2$-C2',),2+$)D(P*2)$+&#($3&-2 KLYLMLYLUJPHNLULYHS`WYVTVJP}U;VKVZLZ[mUKPZWVUPISLZWHYHKLZJHYNHLULS7HX\L[LKL9LJ\YZVZKL,UZL|HUaH` (WYLUKPaHQLKLSH05,,LSJ\HSVMYLJL\UHKLZJYPWJP}UIYL]LKLJHKHYLJ\YZVHKLTmZKL[YHK\JJPVULZJ\HUKVZLKPZWVUNH KLLSSHZ:LW\LKLHJJLKLYHS7HX\L[LKL9LJ\YZVZ`HZLHLUSxULHLU^^^PULLZP[LVYNYLZV\YJLWHJRLZWLJxÄJHTLU[L LU!^^^PULLZP[LVYNPUKL_WOWWVZ[YLZV\YJLFWHJRVIPLULULS05,,;VVSRP[LU*+964LSJ\HSLZ[HYmKPZWVUPISLH WHY[PYKLSV[V|VKL7HYHZVSPJP[HY\ULQLTWSHYKLS05,,;VVSRP[LU*+964LU]xL\UTLUZHQLKLJVYYLVLSLJ[Y}UPJVH [LHJOPUNSLHYUPUN'PULLZP[LVYN )YHUULSS`3`:\SSP]HU6^VTV`LSH1 7YVTV[PUNWHY[PJPWH[PVU!*VTT\UP[`JVU[YPI\[PVUZ[VLK\JH[PVUPUJVUÅPJ[ ZP[\H[PVUZ7HYxZ!<5,:*600,7 *OPSK-\UK0U[LYUH[PVUHS:[HY[PUN<W*OPSK*LU[LYLK:WHJLZPU,TLYNLUJPLZ!(-PLSK4HU\HS9PJOTVUK=(!*OPSK-\UK 0U[LYUH[PVUHS .PIIZ:4HUU.`4H[OLYZ5*OPSK[V*OPSK!(7YHJ[PJHS.\PKL,TWV^LYPUN*OPSKYLUHZ(J[P]L*P[PaLUZ3VUKYLZ! *VTT\UP[`/LHS[O:V\[O3VUKVU5/:;Y\Z[ /LPQPLU4HH[O\PZ,,MMLJ[P]L;LHJOPUNHUK*SHZZYVVT4HUHNLTLU[0ZHIV\[>OVSL*OPSK¶HUK>OVSL:JOVVS+L]LSVWTLU[ MVY2UV^SLKNL:RPSSZHUK/\THU=HS\LZ:H]L[OL*OPSKYLU:^LKLU 0U[LYUH[PVUHS9LZJ\L*VTTP[[LL*YLH[PUN/LHSPUN*SHZZYVVTZ!.\PKLMVY;LHJOLYZHUK;LHJOLY,K\JH[VYZ5\L]H@VYR 5@!0U[LYUH[PVUHS9LZJ\L*VTTP[[LL 0U[LYUH[PVUHS9LZJ\L*VTTP[[LL*YLH[PUN/LHSPUN*SHZZYVVTZ!;VVSZMVY;LHJOLYZHUK;LHJOLY,K\JH[VYZ5\L]H@VYR 5@!0U[LYUH[PVUHS9LZJ\L*VTTP[[LL 4HJRZV\K4/LSWPUN*OPSKYLU*VWL^P[O[OL:[YLZZLZVM>HY!(4HU\HSMVY7HYLU[ZHUK;LHJOLYZ5\L]H@VYR5@! <50*,- 7HZPNUH(0TWYV]PUN,K\JH[PVUHS8\HSP[`7YVQLJ[!;PWZVU/V^[V4HUHNLH3HYNL*SHZZ5\L]H@VYR5@!0UZ[P[\[LMVY 0U[LYUH[PVUHS9LZLHYJO 7SLZZPZ1/HIPI4:L`/.HYKULY))HYHUPJR(`9\NO(0U4`*SHZZYVVT!(.\PKL[V9LÅLJ[P]L7YHJ[PJL >HZOPUN[VU+*!<:(0+`(09 7VZZPVU4 .\PKLSPULZMVY[OL+LZPNUHUK,MMLJ[P]L<ZLVM;LHJOLY*VKLZVM*VUK\J[7HYxZ!00,7<5,:*6 9PNO[[V7SH`*VUZ\S[HKVLUYPNO[[VWSH`JVTLU>OH[PZ:WVY[MVY+L]LSVWTLU[HUK7LHJL&;VYVU[V!9PNO[[V7SH` :H]L[OL*OPSKYLU>VYRZOVWZVU7O`ZPJHS,U]PYVUTLU[Z(TWHYH:YP3HURH!:H]L[OL*OPSKYLU:YP3HURH ;OL2LLWPUN*OPSKYLU:HML*VHSP[PVUZM2LLWPUN*OPSKYLU:HML!(;VVSRP[MVY*OPSK7YV[LJ[PVU2LLWPUN*OPSKYLU:HML*VHSP[PVU >VYRZWHJL ;OL6WLU<UP]LYZP[`;LHJOLY,K\JH[PVUPU:\I:HOHYHU(MYPJH;,::(3VUKYLZ!;OL6WLU<UP]LYZP[` <5,:*6 7VZP[P]L+PZJPWSPULPU[OL0UJS\ZP]L3LHYUPUN-YPLUKS`*SHZZYVVT!(.\PKLMVY;LHJOLYZHUK;LHJOLY ,K\JH[VYZ)HUNRVR!<5,:*6)HUNRVR <5,:*6 7YHJ[PJHS;PWZMVY;LHJOPUN3HYNL*SHZZLZ)HUNRVR!<5,:*6)HUNRVR 41 796*,:6:+,05:;9<**0Ô5@(79,5+0A(1, 6":#5$3'5%*% 796*,:6:+,05:;9<**0Ô5@(79,5+0A(1, <5,:*6 ;LHJOPUN*OPSKYLU^P[O+PZHIPSP[PLZPU0UJS\ZP]L:L[[PUNZ)HUNRVR!<5,:*6)HUNRVR <5,:*6,TIYHJPUN+P]LYZP[`!;VVSRP[MVY*YLH[PUN0UJS\ZP]L3LHUPUN-YPLUKS`,U]PYVUTLU[Z)HUNRVR!<5,:*6 <50*,- *OPSK-YPLUKS`:JOVVSZ4HU\HS5\L]H@VYR5@!<50*,- <50*,- ;OL7Z`JOVZVJPHS*HYLHUK7YV[LJ[PVUVM*OPSKYLUPU,TLYNLUJPLZ¶;LHJOLY;YHPUPUN4HU\HS5\L]H@VYR5@! <50*,- <50*,-(KVSLZJLUJL!(;PTL;OH[4H[[LYZ5\L]H@VYR5@!<50*,- 2 42 5VYTHTxUPTH`HJJPVULZJSH]LWHYHLSHUmSPZPZKLSVZYLZ\S[HKVZKLSHWYLUKPaHQL2 (UmSPZPZ :PZ[LTHZÒLYYHTPLU[HZKLHUmSPZPZ 3HHJYLKP[HJP}UKLSVZSVNYVZKLSVZLK\JHUKVZ 5,*(+,#&,2?2&@$30$'(.* 9LJ\YZVZ N+*H%2HI("H%2,42$%2'NSS27%*%24$2%(@$"&"&2,42$+&2*4&-$)%,+&2,4$2%7*4(,"<%=4BT226#("$21(-L%'/'$(2)&')+2/'$()2&2( #924"2&(?(924+/2&(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#A( ?.."+(4&2.$%J42,42$%&2N+*H%&2HI("H%&2,42$%2'NSSBT2 Ê( ,SHUmSPZPZJVU[PU\VKLSH]HUJLKLSVZLK\JHUKVZ`LK\JHUKHZOHJPHVIQL[P]VZKLÄUPKVZPUMVYTHZVIYLSVZTt[VKVZ /#(#1$#C21D2A Ê( 54(4'3&'(/#(4'$(#/",21/'$(?(#/",21/2$(#$(&#,'1',+/'(?($#('%'&321(4'$(,&L/+%'$(2,2/L-+,'$('(/',"-#1%'$(/#(,"&$'( %#&-+12/'(,'&&#$)'1/+#1%#$A Ê( B'$(3&2/"2/'$(/#()&'3&2-2$(%L,1+,'$(?(9',2,+'124#$($'1(2124+D2/'$()2&2(<"D32&(42(,24+/2/(?()#&%+1#1,+2(/#(4'$( )&'3&2-2$(E&#1%#(24(#1%'&1'(,2-:+21%#A Ê( 3VZTt[VKVZKLHUmSPZPZZVUJVUZPKLYHKVZQ\Z[VZJVUÄHISLZÙVHTLUHaHU[LZWHYHSVZLK\JHUKVZ`LK\JHUKHZ Ê( B'$(21N4+$+$($'1()#&%+1#1%#$()2&2(42$(1#,#$+/2/#$(#/",2%+92$(?(#,'1*-+,2$(/#(4'$(#/",21/'$(?(#/",21/2$A( ;HSJVTVZLLZIVaHULUSHZ5VYTHZTxUPTHZKLSH05,, ,SHUmSPZPZKLSVZYLZ\S[HKVZKLSHWYLUKPaHQLPTWSPJHSHTLKPJP}UKLSH]HUJLKLSLK\JHUKVJVUVIQL[P]VZKLHWYLUKPaHQLPKLU[PÄJHKVZ 7YVT\L]LSHYLZWVUZHIPSPKHKLU[YLSVZTHLZ[YVZ`THLZ[YHZJVT\UPKHKLZH\[VYPKHKLZLK\JH[P]HZVYNHUPaHJPVULZ`KVUHU[LZ `LZ\UHOLYYHTPLU[HM\UKHTLU[HSWHYHMVTLU[HYSHLK\JHJP}UKLJHSPKHK,SHUmSPZPZLZ[Y\J[\YHKV`JVU[PU\VKLSH]HUJL`KLSHZ ULJLZPKHKLZJHTIPHU[LZWV[LUJPHSLZKLSVZLK\JHUKVZ`LK\JHUKHZLZWYPTVYKPHSWHYHLSt_P[VKLSVZWYVNYHTHZLK\JH[P]VZ,S HUmSPZPZKLSHWYLUKPaHQLPUKP]PK\HSZ\TPUPZ[YHPUMVYTHJP}UJY\JPHSHSVZWYPUJPWHSLZPU[LYLZHKVZLULSWYVJLZVLK\JH[P]VHZHILYSVZ THLZ[YVZ`THLZ[YHZLK\JHUKVZ`LK\JHUKHZ`WHKYLZ`THKYLZV[\[VYLZSLNHSLZ3HYLJVWPSHJP}UHUmSPZPZ`\ZVKLSVZKH[VZKLS HUmSPZPZX\LKL[LYTPUHULSH]HUJLPUKP]PK\HS`JVSLJ[P]VPUKPJHYmUX\t[HUIPLUZH[PZMHJL\UZPZ[LTHLK\JH[P]VSHZULJLZPKHKLZKL SVZLK\JHUKVZ,Z[HPUMVYTHJP}UKLILMVYTHYWHY[LPU[LNYHSKLSWYVJLZVKL[VTHKLKLJPZPVULZWHYHSVZKPYLJ[VYLZX\LHWV`HUH 3,-2)$&-+#,-2?2)$&-+#$-2&*23$-2$03$-<2&32>&#-,*$32%&2*(@&32-0D*$'(,*$32?2*$'(,*$32%&32)(*(-+&#(,2%&2&%0'$'(.*2&*23,-2%&>$#+$)&*+,-2 KLWSHULZKLLZ[\KPVKLZHYYVSSVKLSHJHWHJP[HJP}ULPUZWLJJP}UKLTHLZ[YVZ`SHZHNLUJPHZKVUHU[LZVKLHWV`V[tJUPJV ,_PZ[LUKPMLYLU[LZ[PWVZKLHUmSPZPZ,SHUmSPZPZJVU[PU\VPTWSPJHTLKPYLSH]HUJLLUJ\YZVPKLU[PÄJHUKVSHZMVY[HSLaHZ`KLIPSPKHKLZ KLSLK\JHUKV,Z[HMVYTHKLHUmSPZPZW\LKLSSL]HYHTH`VYSVNYVKLWHY[LKLSLK\JHUKVZP[HU[VSVZTHLZ[YVZHZJVTVSVZ LK\JHUKVZHZZVUJHWHJLZKLYLÅL_PVUHY`\ZHYHJ[P]HTLU[LSHPUMVYTHJP}UYLJVWPSHKH(KPJPVUHSTLU[LZPLZYL\UPKH`HUHSPaHKH JVYYLJ[HTLU[LSHPUMVYTHJP}UKLSHUmSPZPZ[HTIPtUW\LKLZLY]PYJVTVPTW\SZHKVYJSH]LKLSTLQVYHTPLU[VKLSWYVJLZVKL LUZL|HUaH`HWYLUKPaHQL`KLSHZUVYTHZKLJHSPKHK,SHUmSPZPZZ\TH[P]VVHUmSPZPZWVYL_HTLUVWY\LIHLZ\UHL]HS\HJP}UMVYTHS KLSHZJVTWL[LUJPHZKLSLK\JHUKVJVUVIQL[P]VZKLSHWYLUKPaHQLUHJPVUHSLZVPU[LYUHJPVUHSLZLZ[HISLJPKVZZLNUZLPKLU[PÄJHULU SVZWSHULZKLLZ[\KPVVTHYJVZKLLK\JHJP}UUVMVYTHS3VZTHLZ[YVZHZ`LK\JHUKVZHZUH[\YHSTLU[LWYLZ[HUTH`VYH[LUJP}UH SVX\LZLYmTLKPKVLUSHZWY\LIHZVL_mTLULZ`SVZYLZ\S[HKVZW\LKLUPUZWPYHYHHTIHZWHY[LZHKPYPNPYSHZTLQVYHZOHJPHK}UKL ZLULJLZP[HU:PULTIHYNVL_PZ[LUU\TLYVZVZLUMVX\LZÒLYYHTPLU[HZKLHUmSPZPZX\LJ\HUKVZLLTWSLHUKLTHULYHLMLJ[P]H W\LKLUIYPUKHY\UHJSHYHPUKPJHJP}UKLSH]HUJL 3VZVIQL[P]VZKLSHWYLUKPaHQLPKLU[PÄJHKVZLULSWSHUKLLZ[\KPV`LSJHTIPVWYL]PZ[VKLJVTWVY[HTPLU[VVKLHJ[P[\KLZTLKPHU[L SHPU[YVK\JJP}UKLTH[LYPHSLZKLHWYLUKPaHQL`WYmJ[PJHZKLLUZL|HUaHKLILU[VKVZ[LULYHUmSPZPZUVYTHZWYVNYHTHJP}ULULS [PLTWVÒLYYHTPLU[HZ,ZPTWVY[HU[LLTWSLHY\UH]HYPLKHKKLTt[VKVZWHYHHUHSPaHYSVZYLZ\S[HKVZKLSHWYLUKPaHQL`HX\LLZ[V HZLN\YHX\LSVZWYVK\J[VZYLÅLQLUSVZSVNYVZKLSHL_WLYPLUJPHJVUTH`VYWYLJPZP}U 43 (5Í30:0:+,36:9,:<3;(+6:+,3(79,5+0A(1, (UmSPZPZKLSVZYLZ\S[HKVZKLSHWYLUKPaHQL (5Í30:0:+,36:9,:<3;(+6:+,3(79,5+0A(1, 8"!#,-./)%)%1 <UHUmSPZPZJVTWYLUZP]VKLSVZZPZ[LTHZOLYYHTPLU[HZ`WYmJ[PJHZKLHUmSPZPZKLSHWYLUKPaHQLL_PZ[LU[LZPUKPJHYmSH]PHIPSPKHK `WVZPIPSPKHKKLHUHSPaHYLSH]HUJLOHJPHSVZVIQL[P]VZKLSHWYLUKPaHQL 3-()+&2.$%J42%2.+(&",4*%*B Q4.-4*,4B3HZWYLN\U[HZWSHU[LHKHZLUSHZ[HISHZHJVU[PU\HJP}UYLÅLQHUHZ\U[VZWLY[PULU[LZLULSWLYxVKVX\L]HKLZKLSHLTLYNLUJPHHN\KH` JYPZPZJY}UPJHOHZ[HSHYLJ\WLYHJP}U[LTWYHUH`WYLWHYHJP}U:LYLJVTPLUKHSLLY[VKHZSHZWYLN\U[HZHU[LZKLKL[LYTPUHYJ\mSLZKLLSSHZZVUSHZ TmZWLY[PULU[LZWHYHLSJVU[L_[VKLSSLJ[VY"T\JOVZJVU[L_[VZLPUPJPH[P]HZLK\JH[P]HZZLILULÄJPHYmUKL[YH[HYWYLN\U[HZKLHTIHZJVS\TUHZ 3HZWSHU[LHKHZLUSHWYPTLYHJVS\TUHKLILUZLYYLWHZHKHZ`ZLKLILJVUZ[Y\PYZVIYLLSSHZLUJ\HU[VZLKLZHYYVSSHUSVZWYVNYHTHZ`LZ[YH[LNPHZ SPSQUSN6'? QS6V3SQ?6'WN2MSP3Q?N?2X23QS3?Q?6'WN 6Q'!'!26QWN'6?! '()4*4&%,+& ¦8\PtULZZVUSVZPU[LYLZHKVZJSH]LKLSWYVJLZVKLHUmSPZPZ&=tHZLSH ¦8\PtULZZVUSVZPU[LYLZHKVZJSH]LWHYHLSMVY[HSLJPTPLU[VKLSWYVJLZV UV[H(WmN KLHUmSPZPZHTmZSHYNVWSHaV&=tHZLSHUV[H(WmN y( fg"+L1#$(#$%N1(+19'4",&2/'$(#1(42(,&#2,+*1(/#(>#&&2-+#1%2$(/#( 21N4+$+$h(f5$%N1(+19'4",&2/'$('(%+#1#1(9F1,"4'$(E"#&%#$(,'1(42( E'&-"42,+*1(/#(4'$()421#$(/#(#$%"/+'h y( f5K+$%#(42(')'&%"1+/2/(/#(+1,4"+&(2(#/",21/'$(?(-+#-:&'$(/#(42( ,'-"1+/2/(,'-'(+1%#&#$2/'$h( y( f01%#&#$2/'$(2/+,+'124#$()'&(E"#&2(/#4($+$%#-2(#/",2%+9'( [YHKPJPVUHSOHUZPKVPKLU[PÄJHKVZ&+LZLYHZx¦J}TV\ZHYmU 42(+1E'&-2,+*1(/#(21N4+$+$(&#,')+42/2(/"&21%#(#4()&',#$'(/#( +1$%&",,+*1(?(2)&#1/+D2<#h y( fR"N4#$($'1($"$(,2)2,+/2/#$(?($"(,'-)&#1$+*1(/#4(924'&(/#4( 21N4+$+$h y( fg"+L1#$(&#,')+421(+1E'&-2,+*1(/#(21N4+$+$h y( (fg"+L1#$("$21(+1E'&-2,+*1(/#(21N4+$+$h y( fg"+L1#$(%+#1#1(42(2"%'&+/2/()2&2(/#,+/+&(,"N4#$(,2-:+'$($#( >21(/#(>2,#&(#1(#4($+$%#-2(/#(#/",2,+*1(,'1(:2$#(#1(4'$( &#$"4%2/'$(/#4(21N4+$+$h 44 (5Í30:0:+,36:9,:<3;(+6:+,3(79,5+0A(1, !"&)4H%&2:2a4**%H"4()%& ¦*\mSLZVLYHLSZPZ[LTHUHJPVUHSKLHUmSPZPZL_PZ[LU[L& =tHZLSHUV[H)WmN ¦8\tZPZ[LTHZKL]HSVYHJP}UL_PZ[LU&¦iZ[VZJ}TVW\LKLU ZLYMVY[HSLJPKVZJVU[PU\HTLU[L&=tHZLSHUV[H)WmN y( f5K+$%#1($+$%#-2$()2&2(/#%#&-+12&(#4(1+9#4(/#("1(#/",21/'(?( $"(,'4',2,+*1(2)&')+2/2h y( fB'$(-L%'/'$(?(>#&&2-+#1%2$(/#(924'&2,+*1(>21($+/'(&#9+$2/'$(2( 42(4"D(/#(4'$(,2-:+'$(#1(4'$()421#$(/#(#$%"/+'h( y( fR"N4(E"#(#4(d4%+-'(21N4+$+$($"-2%+9'(E'&-24('(#K2-#1(12,+'124( 2)4+,2/'(2(4'$(#/",21/'$(21%#$(/#(42(#-#&3#1,+2h( y( fg"L(#1%+/2/(%+#1#(42(2"%'&+/2/()2&2(&#9+$2&(#4($+$%#-2(12,+'124( /#(924'&2,+*1h y( fB2(<"1%2(/#(#KN-#1#$(12,+'124#$(>2(#$%2/'(+19'4",&2/2(#1(#4( )&',#$'(/#(2/2)%2&('(&#9+$2&(4'$()421#$(/#(#$%"/+'(?(4'$(4+:&'$( /#(%#K%'h ¦*\mSLZOLYYHTPLU[HZKLHUmSPZPZMVYTHSZVU\ZHKHZWVYSVZ THLZ[YVZHZ&=tHZLSHUV[H)WmN y( f5K+$%#(42(')'&%"1+/2/(/#(+19'4",&2&(2(-2#$%&'$P2$=(#/",21/'$P 2$(?()2/&#$(?(-2/&#$(#1(2/2)%2&(#4($+$%#-2(?(&#9+$2&(42$( >#&&2-+#1%2$()2&2(2$#3"&2&(42()#&%+1#1,+2(#(+/'1#+/2/(/#(4'$( LZ[mUKHYLZKLJVTWHYHJP}UÙVYTHZKLÄUPKVZ& y( fR"N4#$($'1(42$(E'&%24#D2$(?(/#:+4+/2/#$(/#(#$%2$(>#&&2-+#1%2$( /#(21N4+$+$(E'&-24(#1(&#42,+*1(,'1($"('&321+D2,+*1(?( 421D2-+#1%'=(&+3'&(2,2/L-+,'=()#&%+1#1,+2=(4#13"2<#(?()'%#1,+24( )2&2(%&2-)2=(E&2"/#(2,2/L-+,'('(-21+)"42,+*1(/#(4'$(/2%'$h y( fB'$(-2#$%&'$P2$($2:#1(,*-'("$2&(4'$(-L%'/'$(?(>#&&2-+#1%2$( /#(21N4+$+$(&#9+$2/'$(?(4'$(2)&"#:21h( y( fB2$(>#&&2-+#1%2$(#$%N1(24+1#2/2$(,'1(#4()421(/#(#$%"/+'( 12,+'124(?($'1(2)&')+2/2$()2&2(#4(,'1%#K%'h(( y( (fg"+L1#$(%+#1#1(42(,2)2,+/2/(?(#4(-21/2%'(/#(,2)2,+%2&(2(4'$( -2#$%&'$P2$(#1(#4("$'(/#(42$(>#&&2-+#1%2$(/#(21N4+$+$h y( f(51(,2$'(/#(1#,#$+/2/(f$#(/+$)'1#(/#(>#&&2-+#1%2$(?( -L%'/'$(/#(21N4+$+$()2&2(2"42$(,'1(-d4%+)4#$(#/2/#$=(,'1( -d4%+)4#$(3&2/'$(?(>2,+12/2$h(( y( f6#(/+$)'1#(/#("12(92&+#/2/(/#(>#&&2-+#1%2$(?(-L%'/'$h y( fR"N4#$(,'-)#%#1,+2$($#(#$%N1(2124+D21/'(2,%"24-#1%#h( fJ43"12($#(>2(/#<2/'()'&(E"#&2h((( y( fR*-'($#()'/&F21(-#<'&2&(42$(>#&&2-+#1%2$()2&2(;"#($"("$'( E"#&2(-N$(#E#,%+9'h y( f6#(/+$)'1#(/#(>#&&2-+#1%2$(?(-L%'/'$(/#(21N4+$+$(()2&2( ,'1',+-+#1%'$=(2,%+%"/#$=(>2:+4+/2/#$(#(+1%#1,+*1(/#( ,'-)'&%2-+#1%'h y( fB'$(-2#$%&'$P2$(%+#1#1(42(,2)2,+/2/(?(2"%'&+/2/()2&2(,&#2&($"$( )&')+2$(>#&&2-+#1%2$(/#(21N4+$+$(2/2)%2/2$(2(1+9#4(/#4(2"42h( y( f6#(#$%N1(#-)4#21/'(-L%'/'$(/#(21N4+$+$(%21%'(,'1%+1"'(,'-'( $"-2%+9'()2&2(2$#3"&2&("1(#1E';"#(-N$(+1,4"$+9'(/#(4'$(#$%+4'$( /+E#&#1%#$(/#(4'$(#/",21/'$P2$h(( y( fR'-)#%#1,+2$(2/+,+'124#$(&#42,+'12/2$(,'1(42(,&+$+$=(%24#$( ,'-'(-#1$2<#$(/#($24"/('(,'1',+-+#1%'(/#(UpV(P(-+12$( %#&&#$%&#$=(#$%N1(+1,4"+/2$(#1(42$(>#&&2-+#1%2$(/#(21N4+$+$( E'&-24h y( f6#(>21(>#,>'()&#9+$+'1#$=(%21%'(#1(#4(,'1%#1+/'(,'-'(#1(#4( -L%'/'(/#4(21N4+$+$=()2&2(1+C'$(?(1+C2$(,'1(/+$,2)2,+/2/#$(?( 1#,#$+/2/#$(#$)#,+24#$h y( f6#(/+$)'1#(/#(>#&&2-+#1%2$(?(-L%'/'$()2&2(2124+D2&((42( )2&%+,+)2,+*1(/#(4'$(1+C'$(?(1+C2$h y( f5K+$%#1(>#&&2-+#1%2$()2&2(21N4+$+$((%21%'(,'1%+1"'(,'-'( $"-2%+9'h(( y( fB'$(-2#$%&'$P2$(%+#1#1(42(,2)2,+/2/(?(42$(2,%+%"/#$( 2)&')+2/2$()2&2(2124+D2&(2(#/",21/'$P2$(,'1(/+$,2)2,+/2/#$( /#("12(-21#&2(2)&')+2/2h(( y( fB'$(#$%N1/2&#$(/#(,'-)2&2,+*1(/#4(2)&#1/+D2<#($'1( 6GJ.czh y( f6#(>2(,'1$+/#&2/'(#4(21N4+$+$(-"4%+/+$,+)4+12&+'(:2$2/'(#1(#4( <"#3'(?(#4(21N4+$+$(/#(42()&+-#&2(+1E21,+2(:2$2/'(#1(N&#2$h y( (6+(4'$(#$%N1/2&#$(/#(,'-)2&2,+*1("(':<#%+9'$(/#4(2)&#1/+D2<#( >21(,2-:+2/'=(f4'$(-2#$%&'$P2$(?(#/",21/'$P2$(,'1',#1(#4( JHTIPV`LZ[VLZ[mYLÅLQHKVLUSHZOLYYHTPLU[HZKLHUmSPZPZ& y( fB'$(9F1,"4'$(,'1(4'$()421#$(/#(#$%"/+'(?(,'1(42(,2)2,+%2,+*1( OHUZPKVMVY[HSLJPKVZZ\ÄJPLU[LTLU[L& y( fg"L(-#/+/2$(/#(,'1%&'4(/#(,24+/2/(#K+$%#1()2&2(2$#3"&2&(42( +1/#)#1/#1,+2(?(':<#%+9+/2/(/#(4'$(-L%'/'$(/#(21N4+$+$(E'&-24h y( fR'1(;"L(E&#,"#1,+2(>2?(;"#(2124+D2&(4'$(':<#%+9'$(/#4( 2)&#1/+D2<#h( y( fB'$(/2%'$(/#(21N4+$+$($#(#$%N1(&#3+$%&21/'(/#(-21#&2( $+$%#-N%+,2(?($#3"&2(2(1+9#4(/#4(2"42(?(/#(42(#$,"#42h(( :WLJPÄJ4LHZ\YHISL([[HPUHISL9LHSPZ[PJ9LSL]HU[;PTLS`;PTLIV\UK!LZWLJxÄJVZTLUZ\YHISLZSVNYHISLZ (((((((((((&#24+$%2$P)#&%+1#1%#$=(')'&%"1'$P4+-+%2/'$(#1(#4(%+#-)' N+)%2?B¦8\PtULZZVUSVZPU[LYLZHKVZPU]VS\JYHKVZ& Ê2 ?7+:42$%2.+$%L+*%."/(24()*424$274*&+(%$2,427$%(4&2,424&)-,"+2:24$2,424Z@H4(4&125$(+-)'&%21%#(2)'?2&(42( ,'42:'&2,+*1(#1%&#(#4()#&$'124(%L,1+,'(+19'4",&2/'(#1()&#)2&2&(42$(>#&&2-+#1%2$(/#(21N4+$+$(?(#4()#&$'124(/#(E'&-"42,+*1( KLWSHULZKLLZ[\KPVWLY[PULU[L,UT\JOVZZPZ[LTHZLK\JH[P]VZSVZ]xUJ\SVZLZ[mUKLÄUPKVZMVYTHSTLU[LWLYVW\LKLU YLX\LYPYZLYMVY[HSLJPKVZH[YH]tZKLKPZJ\ZPVULZKPYPNPKHZJYLHJP}UKLJHWHJPKHKLZV[HSSLYLZKLWSHUPÄJHJP}UJVUQ\U[HWHYH ;"#(4'$()&',#$'$(/#(21N4+$+$(?(#K2-#1(2)'?#1(#1(9#D(/#(':$%2,"4+D2&(42(+-)4#-#1%2,+*1(#E#,%+92(/#(42$(-#%2$(/#4()421(/#( #$%"/+'A(5$(,&",+24(4'3&2&(42(2,#)%2,+*1(/#4()#&$'124(/#(4'$(#KN-#1#$(12,+'124#$(#1(42(#%2)2(/#(&#9+$+*1(/#4()421(/#(#$%"/+'( ?(/#(4+:&'$(/#(%#K%'()2&2(2$#3"&2&(;"#($#(9+1,"4#1(?()&'-"#921(,"24;"+#&(#1E';"#('(-2%#&+24(1"#9'A( Ê2 6+H7%*)%2"(9+*H%."/(274*)"(4()42.+(2$+&2"()4*4&%,+&12R"21/'($#2()'$+:4#=(,'1$+/#&#()&#$%2&(2)'?'(24($+$%#-2( )2&2(&#,')+42&(?(,'-)2&%+&(+1E'&-2,+*1(/#(21N4+$+$A(5$%'(+1,4"?#(2$#3"&2&(;"#(42(+1E'&-2,+*1($#(24+-#1%#(/#$/#(42( #$,"#42(2(42$(2"%'&+/2/#$(#/",2%+92$(?(%'-2/'&#$(/#(/#,+$+'1#$(2(1+9#4(,#1%&24(?(;"#(42(+1E'&-2,+*1(?(21N4+$+$(/#(4'$( /2%'$($#(,'-)2&%2(/#4(1+9#4(,#1%&24(>2,+2(#4(1+9#4(/#(42(#$,"#42A( 45 (5Í30:0:+,36:9,:<3;(+6:+,3(79,5+0A(1, N+)%2]B¦*\mSLZVLYHLSZPZ[LTHUHJPVUHSKLHUmSPZPZL_PZ[LU[L`J\mSLZOLYYHTPLU[HZLZ[mUZPLUKV\ZHKHZWVYSVZTHLZ[YVZ` )$&-+#$-E Ê2 ?(%$".42)%()+2$+&2&"&)4H%&27*44Z"&)4()4&2.+H+2$+&2f$)"H+&2,%)+&2,"&7+("L$4&2*4.+7"$%,+&12R'1$+/#&#(":+,2&(#4( $+$%#-2(12,+'124(/#(21N4+$+$(#K+$%#1%#(21%#$(/#(42(,&+$+$(?(&#,')+42&(/2%'$(2,#&,2(/#(4'$(d4%+-'$(#KN-#1#$(E'&-24#$( 2(4'$(#/",21/'$(?(#/",21/2$A(6+($#(,&#21(1"#92$(>#&&2-+#1%2$(/#(21N4+$+$(,'1%+1"'(?($"-2%+9'(?(#KN-#1#$(/#4( -+1+$%#&+'(/#(#/",2,+*1(7'(2;"#44'$("$2/'$()'&(V!I8=()"#/#($#&(1#,#$2&+'(2)'?2&($"(421D2-+#1%'(2(42$(#$,"#42$()'&( -#/+'(/#(,2)2,+%2,+*1('&+#1%2/'&2()2&2(-2#$%&'$P2$(?($")#&9+$'&#$(/#(-'/'(/#(%&2%2&(42$(1#,#$+/2/#$(/#(21N4+$+$( PUTLKPH[HZWHY[PJ\SHYTLU[LZPLZ[mWVYÄUHSPaHYLSH|VHJHKtTPJV Ê2 Q4.+(+<.%2$%2"H7+*)%(."%2,42$+&24Z@H4(4&2)*%,"."+(%$4&12R"21/'(#$(,&",+24(;"#(4'$(#/",21/'$(?(#/",21/2$( HWY\LILUL_mTLULZ[YHKPJPVUHSLZWHYHVI[LULYJLY[PÄJHKVZVJHSPÄJHJPVULZVWHYHZLYWYVTV]PKVZHSZPN\PLU[LJPJSV /#(#/",2,+*1=(4'$(#1E';"#$(,#1%&2/'$(#1(#4(#/",21/'P2(/#:#1(>2,#&(L1E2$+$(#1(#4(,'1',+-+#1%'(/#(42$(-2%#&+2$()'&( -#/+'(/#(42(-#%'/'4'3F2(,'1(;"#(#$%L1(-N$(E2-+4+2&+D2/'$(%21%'(4'$(-2#$%&'$P2$(,'-'(4'$(#/",21/'$P2$(72(-#1"/'(42( -#-'&+D2,+*18A(B2$(-#%2$(2(-N$(42&3'()42D'(/#(4'$(#1E';"#$(,#1%&2/'$(#1(#4(#/",21/'P2($#(/#:#1(,'1$+/#&2&(/"&21%#( SHWSHUPÄJHJP}ULZ[YH[tNPJH`ZLKLILU[VTHYTLKPKHZWHYHPU[YVK\JPYNYHK\HSTLU[LSVZLUMVX\LZPUUV]HKVYLZV &#%2/'&#$A(5$%'()"#/#(,'-#1D2&(/"&21%#(42$(#-#&3#1,+2$(?(,'1%+1"2&(/"&21%#(42(%&21$+,+*1(2(42(&#,")#&2,+*1(%#-)&212( ?()&#)2&2,+*1A Ê2 ?&4#-*42)*%(&7%*4(."%24(24$2&"&)4H%2,42%(@$"&"&1254($+$%#-2(/#(21N4+$+$(/#:#(&#$#C2&(,42&2-#1%#(4'$(#$%N1/2&#$(/#( ,'-)2&2,+*1(/#(&#$"4%2/'$(/#4(2)&#1/+D2<#(,'1(4'$(,"24#$(#4(2921,#(/#(4'$(?(42$(#$%"/+21%#$(#$($#3"+/'(?(2124+D2/'( )2&2(2$#3"&2&(42(%&21$)2&#1,+2(?(&#1/+,+*1(/#(,"#1%2$(#1(#4()&',#$'(/#(#1$#C21D2(?(2)&#1/+D2<#A(( Ê2 6+(&",4*42$%2%,%7)%."/(2$+.%$2,42a4**%H"4()%&2:24(9+R-4&12R'1$+/#&#($+(4'$(#/",21/'$P2$((?($"(,'-"1+/2/( PUTLKPH[HW\LKLUZLYPU]VS\JYHKVZLUJYLHYOLYYHTPLU[HZKLHUmSPZPZLZWLJxÄJHZHSJVU[L_[VVWYLZ[HYHWV`VHS )&',#$'(/#(21N4+$+$(2(1+9#4(/#4(2"42(?(,*-'($#()"#/#(>2,#&A Ê2 V)"$".42-(%2J%*"4,%,2,42a4**%H"4()%&2:2HA)+,+&2,42%(@$"&"&2,42H%(4*%2*4#-$%*12B'$(-L%'/'$(?(>#&&2-+#1%2$( KLHUmSPZPZSVZJ\HSLZYLÅLQHUSVZYLZ\S[HKVZKLSHWYLUKPaHQLHJVYKHKVZ`Z\ZPUKPJHKVYLZKLILUZLYLTWSLHKVZH +1%#&924'$(&#3"42&#$()2&2(/#%#&-+12&(#4(2921,#(+1/+9+/"24A(U12(4+$%2(1'(#K>2"$%+92(/#(>#&&2-+#1%2$(/#(21N4+$+$()2&2( /+9#&$'$(&#$"4%2/'$(/#4(2)&#1/+D2<#(+1,4"?#Q( y( R'1',+-+#1%'Q()&#3"1%2$(,#&&2/2$(7)'&(#<#-)4'=(,"#$%+'12&+'$(9#&/2/#&'PE24$'('(/#(&#$)"#$%2(-d4%+)4#8=()&#3"1%2$(2:+#&%2$(7)'&( LQLTWSVLUZH`VZJVTWSL[HYVYHJPVULZHUmSPZPZKL\ULZ[\KPVKLJHZVVLZJLUHYPVÄJ[PJPVSxULHZKL[PLTWVVYKLUHTPLU[VKL +-N3#1#$=(<"#3'$(/#(&'4(?($+-"42,+'1#$8A y( (J[P[\KLZ!WYLN\U[HZJLYYHKHZWYLN\U[HZHIPLY[HZHUmSPZPZKL\ULZ[\KPVKLJHZVVLZJLUHYPVÄJ[PJPVQ\LNVZKLYVS` $+-"42,+'1#$(?(#$,242$(7)'&(#<#-)4'=(#$,242$(B+T#&%=(#$,242$(/+E#&#1,+24#$($#-N1%+,2$(?(#$,242$(/#(/+$%21,+2($',+248A y( /HIPSPKHKLZ!WYLN\U[HZJLYYHKHZHUmSPZPZKL\ULZ[\KPVKLJHZVVLZJLUHYPVÄJ[PJPVQ\LNVZKLYVS`ZPT\SHJPVULZSPZ[HZKL ]LYPÄJHJP}U`KPHYPVZ y( 0U[LUJP}UKLSJVTWVY[HTPLU[V!WYLN\U[HZJLYYHKHZHUmSPZPZKL\ULZ[\KPVKLJHZVVLZJLUHYPVÄJ[PJPVQ\LNVZKLYVS` ZPT\SHJPVULZSPZ[HZKL]LYPÄJHJP}UKPHYPVZ`KLJSHYHJPVULZKLºPU[LUJP}UKLJVTWVY[HYZLIPLU» Ê2 ?&4#-*42R-42$+&2H%4&)*+&2)4(#%(2$%2.%7%.",%,2,424H7$4%*2$%&2a4**%H"4()%&2,42%(@$"&"&12B'$(-2#$%&'$(?(-2#$%&2$( /#:#1(&#,+:+&(,2)2,+%2,+*1(&#42%+92(2(42$(>#&&2-+#1%2$(/#(21N4+$+$=()2&%+,"42&-#1%#(,"21/'(L$%2$(>21(,2-:+2/'(2(42( 4"D(/#(&#9+$+'1#$(2(4'$()421#$(/#(#$%"/+'A(B2(,2)2,+%2,+*1(/#:#(%#1#&(#1(,"#1%2(42$(4+-+%2,+'1#$(#1E&#1%2/2$()'&(4'$( -2#$%&'$(?(-2#$%&2$(#1(&#42,+*1(,'1(%2-2C'$(/#(,"&$'(3&21/#$=(,"&$'$(,'1(-d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Ê2 P%()4(4*2-(2*4#"&)*+2,"%*"+12B'$(-2#$%&'$(?(-2#$%&2$(/#:#1($#&(2)'?2/'$()2&2(;"#("$#1(4+:&'$(/#(&#3+$%&'( #$%"/+21%+4#$(,'1(1'%2$(/+2&+2$=(+1,4"?#1/'("12(-2%&+D(,'1(42(4+$%2(/#(4'$(#$%"/+21%#$(?($"$(&#$"4%2/'$(#1(4'$(21N4+$+$( ,'1%+1"'$(?($"-2%+9'$A Ê2 ?,%7)42$%&2a4**%H"4()%&2:2$+&24(9+R-4&2%2$+&2,"94*4()4&2#*-7+&2,424,%,12R"21/'($#2(2)&')+2/'=(,&##(#$,242$( /#(,'-)#%#1,+2$(E"1/2-#1%24#$()2&2(42()&+-#&2(+1E21,+2(#(+1,'&)'&#(21N4+$+$(:2$2/'$(#1(#4(<"#3'A(R2-)2C2$('( 2,%+9+/2/#$(/#($#1$+:+4+D2,+*1()"#/#1($#&(&#24+D2/2$(,'1(4'$(-+#-:&'$(/#(42(,'-"1+/2/()2&2(2$#3"&2&("12(-2?'&( ,'-)&#1$+*1(?(&#$)"#$%2(/#4(/#$2&&'44'(/#(42()&+-#&2(+1E21,+2A Ê2 ?&4#-*42R-424$2%(@$"&"&2&4%2"(.$-&"J+125$(+-)'&%21%#(,'1$+/#&2&(-21#&2$()&N,%+,2$(/#(2)'?2&(2(4'$(-2#$%&'$(?( -2#$%&2$()2&2(>2,#&(;"#(42(2)4+,2,+*1(?(#4(,'1%#1+/'(/#(4'$(21N4+$+$($#21(2)&')+2/'$()2&2(4'$(1+C'$(?(1+C2$(,'1( 1#,#$+/2/#$(#$)#,+24#$('(/+$,2)2,+/2/#$A (( 46 3*+L$4H%B254(#1E';"#(/#(4'$( &#E"3+2/'$(#1(4'$(#KN-#1#$( `SHJLY[PÄJHJP}UYLÅLQHSH PTWVY[HUJPHKLSJLY[PÄJHKVH /+E#&#1,+2(/#4(,'1',+-+#1%'( ':%#1+/'('(4'$(2C'$()2$2/'$(#1( #4(2"428(#1(#4(6"/N1A(B'$(1+C'$( ?(1+C2$(&#E"3+2/'$($"/21#$#$( X\LSSLNHUHSVZNYHKVZ`KL 42()&+-2&+2(#$%N1()&#',")2/'$( WVYLSJLY[PÄJHKVX\LYLJPIPYmU ?()'&($+()'/&N1(2921D2&(2(42( #$,"#42($#,"1/2&+2=(?2(;"#(#4( JLY[PÄJHKVSVJHSYLJPIPKVWVYSVZ YLM\NPHKVZZ\KHULZLZHSÄUHSKL ',>'(2C'$(/#(#$,"#42()&+-2&+2( 1'(#$(&#,'1',+/'(2,%"24-#1%#( 1+(#1(R>2/(1+(#1(#4(6"/N1A(5$%2( MHS[HKLJLY[PÄJHJP}ULZ\UV /#(4'$(E2,%'&#$(;"#(44#921(24( 2:21/'1'e('%&'(#$(42(E24%2(/#("1( E"%"&'(,42&'=(4'(,"24(/#$24+#1%2( 2(4'$(#/",21/'$(-2?'&#$=( #$)#,+24-#1%#(4'$(92&'1#$=(/#( )#&-21#,#&(#1(42(#$,"#42A(!'( 9+#1/'(1+13d1(E"%"&'(:2$2/'(#1( 42(#/",2,+*1=($'1(%#1%2/'$(2( "1+&$#(2(42$(-+4+,+2$A '()4*J4(."/(B26+(:+#1(>2?("1( #$E"#&D'(&#1'92/'()'&(>2,#&( ;"#(42$(2"%'&+/2/#$($"/21#$2$( JLY[PÄX\LUSHLK\JHJP}UKLSVZ #/",21/'$P2$=(2,%"24-#1%#(1'( #K+$%#(1+13d1(-L%'/'(2)&')+2/'( #-)4#2/'()2&2(#924"2&(?(924+/2&( 4'$(4'3&'$(/#4(2)&#1/+D2<#A(B2( /+E#&#1,+2(/#(4#13"2(?(/#()421( /#(#$%"/+'(?(>2$%2(42(/"&2,+*1( /#4(,+,4'(/#(#$,"#42()&+-2&+2( 7$#+$(2C'$(#1(R>2/=(',>'(#1( #4(6"/N18(>2,#(42(+1%#3&2,+*1( /#(&#E"3+2/'$($"/21#$#$(#1(#4( $+$%#-2(#/",2%+9'(/#(R>2/("1( WYVJLZVSLU[V`KLZHÄHU[LLULS ,"24(42(+1%#3&2,+*1()2&#,#($#&(/#( TLUVZILULÄJPVX\LLSWV[LUJPHS /#(&#)2%&+2,+*1(#9#1%"24A(J4( -+$-'(%+#-)'=(4'$(/+9#&$'$( JLY[PÄJHKVZKLJ\YZVJVY[VKHKVZ 2(4'$(-2#$%&'$(?(-2#$%&2$($'1( +3"24-#1%#(/#$,'1',+/'$(#1( HTIVZWHxZLZ`SHJLY[PÄJHJP}U /#(-2#$%&'$P2$($+3"#($+#1/'("1( &#%'(2/+,+'124A [-4()4B(U!XR. 8"2# %)%&$7,%#+#C$55,7)$-&,%#($#,-./)%)%1 3VZZPZ[LTHZÒLYYHTPLU[HZKLHUmSPZPZKLILUZLY\UHL_[LUZP}UUH[\YHSKLSWSHUKL LZ[\KPV`KLSWYVJLZVKLLUZL|HUaH`HWYLUKPaHQL 3-()+&2.$%J42%2.+(&",4*%*B SPSQUSN6'? QS6V3SQ?6'WN2MSP3Q?N?2X2 3QS3?Q?6'WN 6Q'!'!26QWN'6?! V)"$"<%."/(2,42$%2"(9+*H%."/(2,42%(@$"&"& 3VZTHLZ[YVZHZ¦J}TVYLJVWPSHU`\ZHUSVZ KH[VZKLHUmSPZPZZPLZX\LSVOHJLU&=tHZLSH UV[H*WmN y( fR*-'($#(#$%N1("$21/'(4'$(/2%'$(/#( 21N4+$+$()2&2(-2%&+,"42&(2(4'$(#/",21/'$P 2$(#1(#4(,"&$'(2)&')+2/'()2&2($"(1+9#4(/#( #/",2,+*1('(/#$2&&'44'=(2$#3"&21/'(24( -+$-'(%+#-)'("1(#1E';"#(+1,4"$+9'h( y( fB'$(-2#$%&'$P2$(?(#4()#&$'124(/#4(G+15/( #1%+#1/#1(42(+-)'&%21,+2(/#4(21N4+$+$h( y( B'$(-2#$%&'$P2$(f,*-'(,'-#1%21(4'$( &#$"4%2/'$(/#4(21N4+$+$(2(4'$(#/",21/'$P2$( ?()2/&#$P%"%'&#$=($+(#$(;"#(4'(>2,#1h( y( fR*-'(/+,#1(4'$(#/",21/'$P2$=()2/&#$P %"%'&#$(?(-+#-:&'$(/#(42(,'-"1+/2/(;"#( $#()'/&F2(-#<'&2&(#4(,'-#1%2&+'(/#(4'$( &#$"4%2/'$(/#4(21N4+$+$h(( y( f54()#&$'124(/#(+1$)#,,+*1(/#4(G+15/( &#,')+42(/2%'$(/#(21N4+$+$h(( y( f6#(/+$)'1#(/#(+1E'&-2,+*1(/#(21N4+$+$( `VJLY[PÄJHKVZKLL_HTLUKLSS[PTV #K2-#1(%'-2/'()'&(4'$(#/",21/'$P2$h( fB'$(-2#$%&'$P2$(+1E'&-21(2(42$(E2-+4+2$( 2,#&,2(/#4(2921,#(/#("1(#/",21/'P2(/#( "12(-21#&2(;"#()#&-+%2(2(42$(E2-+4+2$( &#$)'1/#&(/#(-21#&2(,'1$%&",%+92h y( fR*-'($#()"#/#(24#1%2&(2(42$(E2-+4+2$(2( $#3"+&(#4(%&2:2<'(/#4(#/",21/'P2(#1(,2$2h ¦3VZTHLZ[YVZHZLZ[mUYLNPZ[YHUKVKH[VZKL HUmSPZPZJVU[PU\VZ`Z\TH[P]VZWHYHYHZ[YLHYLS H]HUJLKLSVZLK\JHUKVZHZ&=tHZLSHUV[H* WmN y( fB'$(-2#$%&'$P2$("$21(/2%'$(/#(21N4+$+$( WHYHYLÅL_PVUHY`TLQVYHYZ\ZWYVWPHZ )&N,%+,2$(/#(#1$#C21D2h( y( fR'-'(/+,#1(4'$(1+C'$(?(1+C2$(;"#($#( /#:#(-#<'&2&(#4($+$%#-2(/#(21N4+$+$(?(4'$( /2%'$(/#(21N4+$+$h( y( fB'$(,2-:+'$(,*-'($#()"#/#1(2)'?2&h(( y( fB'$(/2%'$(/#(21N4+$+$($'1("$2/'$()'&(4'$( )2/&#$(?(#/",21/'$P2$()2&2()&'-'9#&(42( &#$)'1$2:+4+/2/(#1%&#(4'$(-2#$%&'$P2$h(( y( f54(G+15/(%+#1#(42(,2)2,+/2/(/#(&#,')+42&=( ,'-)+42&(?(2124+D2&(4'$(/2%'$(/#(21N4+$+$( /#(42(#/",2,+*1(E'&-24(?(1'(E'&-24()2&2( LZ[\KPHYSHZ]HYPHJPVULZNLVNYmÄJHZLULS /#$#-)#C'=(2$F(,'-'(42$(N&#2$(%#-N%+,2$( ;"#(&#;"+#&#1($#&(-#<'&2/2$h( y( f5$%'$(/2%'$(/#(21N4+$+$(12,+'124(#K+$%#1( )2&2(#4()#&F'/'(21%#&+'&(2(42(,&+$+$h(( y( fg"L(2)'?'(%L,1+,'(?(4'3F$%+,'(&#;"+#&#( #4()#&$'124(#/",2%+9'()2&2(2$#3"&2&(;"#( SVZKH[VZKLHUmSPZPZLZ[tUPUÅ\`LUKVLU 42()'4F%+,2(?()&N,%+,2(/#(42(#1$#C21D2(?(/#4( 2)&#1/+D2<#(2(1+9#4(12,+'124(?($":12,+'124h(( y( f5K+$%#("1($+$%#-2(E"1,+'124()2&2()#&-+%+&( Å\QVZKLPUMVYTHJP}UYLSH[P]VZHSVZKH[VZ /#(924'&2,+*1(>2$%2(#4(1+9#4(,#1%&24(/#4( G+15/=(2$F(,'-'(/#(L$%#(2(42$(#$,"#42$(?( ,'-"1+/2/#$h(( y( fR*-'($#()"#/#(24#1%2&(2(42$(E2-+4+2$( 2(,'-)2&%+&(4'$(&#$"4%2/'$(/#($"()&')+2( #K)#&+#1,+2(#1(%&2%2&(,'1(#4(#/",21/'P2h( fR*-'(,'1%&+:"?#(#$%'(24()&',#$'(/#( 21N4+$+$h N+)%26B¦3VZTHLZ[YVZJ}TV\[PSPaHUSVZKH[VZKLHUmSPZPZ& Ê2 ?&4#-*42H%:+*2.+H7*4(&"/(2,4$2J%$+*2,42$+&2,%)+&2,42%(@$"&"&2:2&-2 4&)-,"+12B2(#/",2,+*1(/#(,24+/2/(/#)#1/#(/#(&#,')+42&=(,'-)2&%+&(?("$2&( 42(+1E'&-2,+*1(/#(-21#&2()&#,+$2(?(')'&%"12A(B'$(-2#$%&'$(?(-2#$%&2$=(#4( )#&$'124(/#4(-+1+$%#&+'(/#(#/",2,+*1(?(4'$(-+#-:&'$(/#(42(,'-"1+/2/(/#:#1($#&( $#1$+:+4+D2/'$(,'1(&#$)#,%'(2(42(+-)'&%21,+2(/#(4'$($+$%#-2$(/#(21N4+$+$(#1(%'/'( #4()&',#$'(/#(#1$#C21D2(?(2)&#1/+D2<#A(( Ê2 (WV`LSHÅL_PIPSPKHK`SHHKHW[HJP}UKLSHZOLYYHTPLU[HZR"21/'(#K+$%2( "12(E24%2(/#(/2%'$(/#(21N4+$+$(2(1+9#4(4',24('(+1/+9+/"24()2&2(/#%#&-+12&(#4(1+9#4( 2)&')+2/'()2&2(4'$(#/",21/'$(?(#/",21/2$=($#()"#/#(,&#2&("12(>#&&2-+#1%2(/#( 21N4+$+$(#$%"/+21%+4($#1,+442(?(#K)4+,2%+92(/#($F(-+$-2(%21%'()2&2(4'$(-2#$%&'$P2$( ,2)2,+%2/'$(,'-'()2&2(4'$(1'(,2)2,+%2/'$=(:2$2/2(#1(-2%#&+24#$(#(+1/+,2/'&#$( )#&%+1#1%#$A(M"#/#($#&(1#,#$2&+'(>2,#&(#$%'(&#)#%+/2-#1%#(#1($+%"2,+'1#$(,'1( 24%'$(1+9#4#$(/#(/#$)42D2-+#1%'A(( 47 (5Í30:0:+,36:9,:<3;(+6:+,3(79,5+0A(1, 5$%"/+'(/#(,2$'Q(.#%'$(/#(42( JLY[PÄJHJP}UKLLZ[\KPHU[LZ` -2#$%&'$=(R>2/('&+#1%24 (5Í30:0:+,36:9,:<3;(+6:+,3(79,5+0A(1, Ê2 (ZLN\YLX\LSHPUMVYTHJP}UYLJVWPSHKHPUMVYTLLPUÅ\`HLULSWYVJLZVKLLUZL|HUaH`HWYLUKPaHQLR"21/'( ZL\ZHKLTHULYHLMLJ[P]HSHPUMVYTHJP}UYLJVWPSHKHH[YH]tZKLSVZHUmSPZPZKLILPUÅ\PYLUSHWYmJ[PJH`WVSx[PJHKL 42(#1$#C21D2(?(/#4(2)&#1/+D2<#(2(1+9#4(4',24(?(12,+'124=(+1,4"?#1/'(#4(/+$#C'(/#()421#$(/#(#$%"/+'(?(42(,2)2,+%2,+*1( /#(-2#$%&'$P2$A(J4()'1#&4'$(2(/+$)'$+,+*1(/#4()d:4+,'=(4'$(&#$"4%2/'$(/#4(21N4+$+$(%2-:+L1(/#:#1()&'-'9#&(42( &#$)'1$2:+4+/2/(2(4'$(,+"/2/21'$(/#()2&%#(/#4(-+1+$%#&+'(/#(#/",2,+*1(,'1(&#$)#,%'(24(/#$#-)#C'(/#4($+$%#-2( #/",2%+9'A(J(1+9#4(/#(42(#$,"#42=(4'$(-2#$%&'$(?(-2#$%&2$(/#:#1($#&(,2)2,+%2/'$(#1(#4(#$%"/+'(?("%+4+D2,+*1(/#(4'$( YLZ\S[HKVZKLSHUmSPZPZWHYHTVKPÄJHYLSJVU[LUPKV`SHTL[VKVSVNxHKLZ\WYmJ[PJHKLLUZL|HUaH3HJHWHJP[HJP}U %2-:+L1(/#:#(+1,'&)'&2&(-21#&2$(2)&')+2/2$(/#(:&+1/2&(,'-#1%2&+'$(2(4'$(1+C'$(?(1+C2$=()2/&#$(?(-2/&#$(?(-+#-:&'$( /#(42(,'-"1+/2/=(24(/#)2&%2-#1%'(/#(+1$)#,,+*1(/#4(-+1+$%#&+'(/#(#/",2,+*1=('(2(42$(V!I(;"#(2)'?21(2(42(#$,"#42A 8"6#/,#,35$()&,3)4-#($#/*%#/*;5*%#($#/*%#$('3,-(*%D,%1# 3VZLK\JHUKVZ`LK\JHUKHZ[PLULUKLYLJOVHSYLJVUVJPTPLU[VKLZ\ZSVNYVZLK\JH[P]VZ 3-()+&2.$%J42%2.+(&",4*%*B2 SPSQUSN6'? QS6V3SQ?6'WN2MSP3Q?N?2X23QS3?Q?6'WN 6Q'!'!26QWN'6?! ?.*4,")%."/(2,42$+&2$+#*+&2,4$2%7*4(,"<%=4 ¦8\tKLILZLYJVUZPKLYHKVHSHZLN\YHYSHHJYLKP[HJP}UWHYHSVZ LK\JHUKVZHZ&=tHZLSHUV[H+WmN ¦8\tZPZ[LTHZZLYLX\PLYLUWHYHHZLN\YHYSHHJYLKP[HJP}UJVU[PU\HKHKL SVZLK\JHUKVZHZ&=tHZLSHUV[H+WmN y( ¦3VZJLY[PÄJHKVZKLSVZLK\JHUKVZHZZVUYLJVUVJPKVZWVYSHZ 2"%'&+/2/#$()#&%+1#1%#$(2(1+9#4(/#(42(#$,"#42(?(/#4(/+$%&+%'h(( y( fR"N4#$($'1(4'$()421#$(2(-N$(42&3'()42D'()2&2(#4(&#,'1',+-+#1%'( /#(4'$()&'3&2-2$(/#(#/",2,+*1(1'(E'&-24(?(42(%&21$E#&#1,+2(/#( 2,&#/+%2,+*1(2(%&29L$(/#(42$(E&'1%#&2$h y( f54($+$%#-2(/#(2,&#/+%2,+*1(#$%N(4+:&#(/#(,'&&"),+*1(?( ,'2,,+*1h( y( fR*-'($#()"#/#1(,&#2&(,'1#K+'1#$(#1%&#(42$(+1$%+%",+'1#$P #$,"#42$(?(2(%&29L$(/#(42$(E&'1%#&2$h N+)%2`B¦8\tKLILZLYJVUZPKLYHKVHSHZLN\YHYSHHJYLKP[HJP}UWHYHSVZLK\JHUKVZHZ& Ê2 (ZLN\YLSHJLY[PÄJHJP}U`]HSPKHJP}UKLSVZSVNYVZKLSHWYLUKPaHQL54(/#$)42D2-+#1%'=(42$(,&+$+$(?(42(+1%#&&"),+*1( ,'1%+1"2/2(/#(42$(')'&%"1+/2/#$(#/",2%+92$(#$%2:4#,+/2$()"#/#1(,&#2&('(44#92&(2(3&29#$(/+$)2&+/2/#$(#1(2,,#$'(%21%'( JVTVLULSYLJVUVJPTPLU[VKLSHLK\JHJP}UJVU[PU\HKH3HJLY[PÄJHJP}U`]HSPKHJP}UKLSVZSVNYVZKLSHWYLUKPaHQL KLWHY[LKLSHZH\[VYPKHKLZHWYVWPHKHZLZ\UHZ\U[VJY\JPHSWHYHSHJHSPKHKWYVNYHTm[PJHSHLÄJPLUJPHLK\JH[P]HLS +-)2,%'(?(42($'$%#1+:+4+/2/A(7R'1$"4%#(4'$(/',"-#1%'$(/#(2,&#/+%2,+*1(#1(#4(M2;"#%#(/#(.#,"&$'$8 Ê2 (ZLN\YLSHHJYLKP[HJP}U`JLY[PÄJHJP}UH[YH]tZKLSHZMYVU[LYHZLUZP[\HJPVULZKLYLM\NPHKVZB'$(#/",21/'$( ?(#/",21/2$(;"#(,&"D21(42$(E&'1%#&2$(+1%#&12,+'124#$(?($#(-2%&+,"421(#1()&'3&2-2$(/#(#/",2,+*1(E'&-24('(1'(E'&-24( -+#1%&2$(#$)#&21(9'49#&(2($"()2F$(/#('&+3#1(#1E&#1%21(1"-#&'$'$(&#%'$A(B'$($+$%#-2$()"#/#1(1'()#&-+%+&("12($+-)4#( %&21$E#&#1,+2(/#(2,&#/+%2,+*1($+(4'$(#/",21/'$(9"#49#1A(B2(-2%&+,"42,+*1(#1('%&2$(#$,"#42$()"#/#(&#$"4%2&(/+EF,+4(,"21/'( UVL_PZ[LUYLNPZ[YVZVÄJPHSLZWHYHLK\JHUKVZUVPUZJYP[VZVÄJPHSTLU[LLULZJ\LSHZK\YHU[LLSKLZWSHaHTPLU[V+HKV #$%'=(42$(23#1,+2$(?(3':+#&1'$()#&%+1#1%#$(/#:#1(,'42:'&2&(?(44#32&(2("1(,'1$#1$'(,'1(&#$)#,%'(24(&#,'1',+-+#1%'('( HJYLKP[HJP}ULZWLJPHSTLU[LLULSJHZVKLJVUÅPJ[VKLSHYNHK\YHJP}UJYPZPZJY}UPJHZ`KLZWSHaHTPLU[V:LKLILUJYLHY $+$%#-2$(;"#(2$#3"&#1(;"#(4'$(/+)4'-2$('(,&#/#1,+24#$(&#,+:+/'$()'&(4'$(&#E"3+2/'$($#21(2,#)%2/'$(#1(4'$()2F$#$(/#( VYPNLUVWHxZLZHUÄ[YPVULZ Ê2 ?&4#-*42R-42$+&24,-.%(,+&\%&2:2H%4&)*+&\%&2)4(#%(2%..4&+2%2$%2"(9+*H%."/(2,42%(@$"&"&2%()4*"+*4&12B'$( $+$%#-2$(/#(&#,')+42,+*1(?(2/-+1+$%&2,+*1(/#(21N4+$+$(/#:#1($#&(,&#2/'$(?(-21%#1+/'$(/#(%24(-21#&2(;"#($#( W\LKHJVTWHY[PYPUMVYTHJP}ULU[YLSVZKPMLYLU[LZUP]LSLZ`YLNPVULZNLVNYmÄ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}U¶PUJS\`LUKV(UmSPZPZ (WSPJHJP}UKLOLYYHTPLU[HZ`ZPZ[LTHZKLHUmSPZPZ`3HHJYLKP[HJP}UKLSVZSVNYVZKLSVZLK\JHUKVZHZ¶YLÅL_PVUHUKVHJLYJH KLSHZWYLN\U[HZWLY[PULU[LZLUMVJHKHZLULSTVUP[VYLV`L]HS\HJP}ULU[tYTPUVZ[HU[VKLWYVJLZVJVTVKLJVU[LUPKV2 9LÅL_PVULHJLYJHKLSHZHJJPVULZJSH]LWHYHLSHUmSPZPZKLSVZYLZ\S[HKVZKLSHWYLUKPaHQLKLSHZ!").$%&A/+*.$%2&*23$22 2 WmNPUH2 (UV[LSVX\LLZ[mM\UJPVUHUKVIPLUHKLTmZKLSHZmYLHZLUSHZJ\HSLZSHZTL[HZUVZLOHUSVNYHKVWSLUHTLU[L`X\L W\LKLUYLX\LYPY]VS]LYHTPYHYSHZWVSx[PJHZ`SVZWYVNYHTHZ (JVU[PU\HJP}UHWHYLJLULQLTWSVZKLJ}TVHIVYKHYLSTVUP[VYLV`L]HS\HJP}U[HU[VKLSWYVJLZVJVTVKLSJVU[LUPKVKLSHUmSPZPZ %&23,-2#&-03+$%,-2%&32$>#&*%(7$H&I2 P+(")+*4+2:24J%$-%."/(2g24$27*+.4&+B2 ,SWYVJLZVKLHUHSPaHYSHZULJLZPKHKLZKLHWYLUKPaHQL`KLPUJVYWVYHYSVZYLZ\S[HKVZKLLZLHUmSPZPZLUSHZL]HS\HJPVULZ`SVZ WYVJLZVZKL[VTHKLKLJPZPVULZLULSZPZ[LTHLK\JH[P]VLZWHY[LPU[LNYHSWHYHHZLN\YHYSHLK\JHJP}UKLJHSPKHK(SN\UVZLQLTWSVZ %&2>#&"0*+$-2%&2),*(+,#&,2?2&@$30$'(.*2&*B,'$%$-2&*2&32>#,'&-,2>#,@&*(&*+&-2%&23$-2+$D3$-2%&2>0*+,-2'3$@&2$2',*-(%&#$#2(*'30?&*I22 Ê( fX21(#$%2/'(+19'4",&2/'$(4'$(+1%#&#$2/'$(2)&')+2/'$h(fg"+L1#$(>21(#$%2/'(+19'4",&2/'$(?(>21(%#1+/'(%21%'(42( 4#3+%+-+/2/(,'-'(42(2"%'&+/2/()2&2(%#1#&("1(+-)2,%'(*)%+-'h(( Ê( f54()&',#$'(/#(#$%2:4#,#&('(E'&%24#,#&(#4(21N4+$+$(/#(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#=(42$(>#&&2-+#1%2$(?(4'$(#1E';"#$(>2( )#&-+%+/'("1()&',#$'(/#(#1$#C21D2(?(2)&#1/+D2<#(-N$(&':"$%'(?(2)&')+2/'h( Ê( f5K+$%#("1()&',#$'()2&2(&#,')+42&=(-21%#1#&(?("%+4+D2&(42(+1E'&-2,+*1(/#4(21N4+$+$(/#(&#$"4%2/'$(/#4(2)&#1/+D2<#(/#("12( -21#&2(;"#()#&-+%2(?(24+#1%#(2("12(&#$)"#$%2(/#4($+$%#-2(/#(#/",2,+*1h Ê( f5K+$%#("1()&',#$'()2&2(2)'?2&(42(,&#2,+*1(1#,#$2&+2(/#(,2)2,+/2/(/#()#&$'124(#/",2%+9'()#&%+1#1%#h Ê( f54()&',#$'(/#(E'&%24#,#&('(,&#2&(>#&&2-+#1%2$(?($+$%#-2$(/#(21N4+$+$($#(>2(9+1,"42/'(/#(-21#&2(2)&')+2/2(,'1(4'$( )&',#$'$(/#()421#$(/#(#$%"/+'=(,2)2,+%2,+*1=(#(+1$%&",,+*1h Ê( f5K+$%#1($+$%#-2$()2&2(&#,'1',#&(4'$(4'3&'$(/#(4'$(#/",21/'$(?(#/",21/2$h Ê( B2$(2,,+'1#$(,429#()2&2(#4(21N4+$+$(/#(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#(/#(42$(5VYTHZ4xUPTHZ(#1E',2/2$(#1(#4()&',#$'( /#(2124+D2&(42$(1#,#$+/2/#$(?(4'$(4'3&'$(#/",2%+9'$(:2<'(42(1'&-2(/#(21N4+$+$(/#(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#(>21($+/'( ,'1$+/#&2/2$()2&2(42$(1#,#$+/2/#$(/#(,2)2,+/2/(%21%'(+1-#/+2%2$(,'-'(2(-N$(42&3'()42D'h(( P+(")+*4+2:24J%$-%."/(2g24$2.+()4(",+B2 ,STVUP[VYLV`L]HS\HJP}UKLSVZSVNYVZKLSVZLK\JHUKVZ`LK\JHUKHZZ\TPUPZ[YHYmPUMVYTHJP}UYLX\LYPKHWHYHKL[LYTPUHYZPLS >#,'&-,2%&2&*-&9$*7$2?2$>#&*%(7$H&2-$+(-B$'&23$-2*&'&-(%$%&-2+$*+,2%&23,-2&%0'$*%,-M$-2(*%(@(%0$3&-2',),2%&23,-2"#0>,-2%&2 LK\JHUKVZHZ(SN\UVZLQLTWSVZKLWYLN\U[HZKLTVUP[VYLV`L]HS\HJP}ULUMVJHKHZLULSJVU[LUPKVWYVJLKLU[LZKLSHZ[HISHZKL >0*+,-2'3$@&2$2',*-(%&#$#2(*'30?&*I Ê( fB'$(#/",21/'$(?(#/",21/2$($'1(,2)2,#$(/#(2921D2&(%24(,'-'($#(#$)#&2(,'1(&#$)#,%'(2(4'$(':<#%+9'$(/#4(2)&#1/+D2<#( KLÄUPKVZHY[PJ\SHKVZLULSWSHUKLLZ[\KPV&¦3VZSVNYVZKLSHWYLUKPaHQLPUKPJHUMHJ[VYLZLULSWYVJLZVKLLUZL|HUaH ?(2)&#1/+D2<#(;"#(%+#1#1(#E#,%'$(/+&#,%'$('(+1/+&#,%'$(#1(42(,2)2,+/2/(/#(4'$(#/",21/'$P2$(/#(2921D2&h(f6#()"#/#1( PKLU[PÄJHY[LUKLUJPHZLULSHWYLUKPaHQL`SHJHWHJPKHKKLSVZLK\JHUKVZHZKL\[PSPaHYSVZJVUVJPTPLU[VZÒHIPSPKHKLZ 2/;"+&+/'$=()2&2(E'&%24#,#&()&',#$'$(/#(%'-2(/#(/#,+$+'1#$(,'1(&#$)#,%'(2(42(&#9+$+*1(?(,&#2,+*1(/#()421#$(/#(#$%"/+'('( ,'1(&#$)#,%'(2(42(,2)2,+%2,+*1(/#(-2#$%&'$P2$h(( Ê( f6#(&#,'1',#(2(4'$(#/",21/'$(?(#/",21/2$()'&($"$(4'3&'$(/#(2)&#1/+D2<#h(fB2(2,&#/+%2,+*1()#&-+%#(2(4'$(?(42$( #$%"/+21%#$(2921D2&()'&(#4($+$%#-2(#/",2%+9'('()2$2&(24($#,%'&(#,'1*-+,'($#3d1($#(&#;"+#&2h Ê( B2$(2,,+'1#$(,429#()2&2(#4(21N4+$+$(/#(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#(/#(42$(!'&-2$(GF1+-2$(#1(42()N3+12(ij(#1E',2/2$( #1(#4(+-)2,%'(/#4(21N4+$+$(/#(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#(>21($+/'(,'1$+/#&2/2$()2&2(#4(E'&%24#,+-+#1%'(%21%'( +1-#/+2%'(,'-'(2(-N$(42&3'()42D'(/#4()&',#$'(/#(#1$#C21D2(?(2)&#1/+D2<#h(( *** Se incluye orientación acerca de la formulación de indicadores de monitoreo apropiados y ejemplos de indicadores de monitoreo en el apéndice 7. 49 (5Í30:0:+,36:9,:<3;(+6:+,3(79,5+0A(1, 8"8#7*-)&*5$*#+#,-./)%)%#($#/,#$9,/',3)4-#($#/*%#5$%'/&,(*%#($/# ,05$-()A,B$ 1# (5Í30:0:+,36:9,:<3;(+6:+,3(79,5+0A(1, 8":#5$3'5%*%# ( B'$(&#,"&$'$(;"#(2)2&#,#1(2(,'1%+1"2,+*1('E&#,#1(+1E'&-2,+*1(2/+,+'124(2,#&,2(/#4(21N4+$+$(/#(4'$(&#$"4%2/'$(/#4( 2)&#1/+D2<#=(+1,4"?#1/'(4'$()2$'$(&#;"#&+/'$()2&2(2124+D2&(?(,&#2&()&'3&2-2,+*1(2)&')+2/2=(2$F(,'-'(%2-:+L1( -2%#&+24#$(/#(&#E#&#1,+2(3#1#&24(?()&'-',+*1A(c'/'$(#$%N1(/+$)'1+:4#$()2&2(/#$,2&32(#1(#4(M2;"#%#(/#(.#,"&$'$(/#( 51$#C21D2(?(J)&#1/+D2<#(/#(42(0!55=(#4(,"24('E&#,#("12(/#$,&+),+*1(:&#9#(/#(,2/2(&#,"&$'(2/#-N$(/#(%&2/",,+'1#$( ,"21/'($#(/+$)'132(/#(#442$A(6#()"#/#(2,,#/#&(24(M2;"#%#(/#(.#,"&$'$(?2($#2(#1(4F1#2(#1(^^^PULLZP[LVYN YLZV\YJLWHJR('(#1Q(#$(^^^PULLZP[LVYNPUKL_WOWWVZ[YLZV\YJLFWHJR('(:+#1(#1(#4(0!55(c''4T+%(#1([email protected]=(#4(,"24( #$%2&N(/+$)'1+:4#(2()2&%+&(/#4('%'C'(/#(]àÀ(M2&2($'4+,+%2&("1(#<#-)42&(/#4(0!55(c''4T+%(#1([email protected]=(#19F#("1(-#1$2<#( /#(,'&&#'(#4#,%&*1+,'(2(%#2,>+134#2&1+13b+1##$+%#A'&3A( (ZZLZZTLU[PZMVY3LHYUPUN(PM3,HYS`@LHYZ:LSMHZZLZZTLU[;VVSRP[.SHZNV^!3LHYUPUNHUK;LHJOPUN :JV[SHUK (ZZLZZTLU[9LMVYT.YV\W9LZLHYJO)HZLK7YHJ[PJLZMVY(ZZLZZTLU[MVY3LHYUPUN[V.\PKL*SHZZYVVT 7YHJ[PJL,U(ZZLZZTLU[MVY3LHYUPUN!7YPUJPWSLZ.SHZNV^!3LHYUPUNHUK;LHJOPUN:JV[SHUK *HPU,8\HSP[`*V\U[Z¶+L]LSVWPUN0UKPJH[VYZPU*OPSKYLU»Z,K\JH[PVU9LPUV<UPKV!:H]L[OL*OPSKYLU *OLSWPKLU/HTLY4,K\JH[PVUHS([[HPUTLU[ZVM3PILYPHU9LM\NLLZPU*V[LK»0]VPYL !9LÅLJ[PVUZVU *LY[PÄJH[PVU,X\P]HSLUJLHUK[OL9LSL]HUJLVM0UMVYTHS:JOVVSPUNPUH9LM\NLL:P[\H[PVU*HWx[\SVKL2PYR1 2'(=6=!7]``m8*LY[PÄJH[PVU*V\U[Z!9LJVNUPaPUN[OL3LHYUPUN([[HPUTLU[ZVM+PZWSHJLKHUK9LM\NLL*OPSKYLU7HYxZ! <5,:*600,7 *VUUHS*L[HS5-,40:/HUKIVVR!+L]LSVWPUNH:\IUH[PVUHS5VUMVYTHS,K\JH[PVU4HUHNLTLU[ 0UMVYTH[PVU:`Z[LT7HYxZ!<5,:*6 *YLH[P]L(ZZVJPH[LZ0U[LYUH[PVUHS;VVSRP[MVY(ZZLZZPUNHUK7YVTV[PUN,X\P[`PU[OL*SHZZYVVT7YVK\J[PVUVM,X\P[` PU[OL*SHZZYVVT,0*7YVQLJ[>HZOPUN[VU+*!*YLH[P]L(ZZVJPH[LZ0U[LYUH[PVUHS0UJ 1VULZ+,K\JH[PVUPU*VTWSL_,TLYNLUJPLZ!(*HZL:[\K`VM[OL09*.\PULH,K\JH[PVU7YVNYHT;OL -SL[JOLY:JOVVS;\M[Z<UP]LYZP[` 2HSSHNOHU;`.YLHUL`=4VUP[VYPUN7LYMVYTHUJL!(ZZLZZTLU[HUK,_HTPUH[PVUPU(MYPJH7YLZLU[HKHLU SH(+,()PLUULHS4LL[PUNKLKLSH(ZZVJPH[PVUMVY[OL+L]LSVWTLU[VM,K\JH[PVUPU(MYPJH(+,(.YHUK )HPL4H\YPJPV 2PYR1,K *LY[PÄJH[PVU*V\U[Z!9LJVNUPaPUN[OL3LHYUPUN([[HPUTLU[ZVM+PZWSHJLKHUK9LM\NLL*OPSKYLU2 7HYxZ!<5,:*600,7 <:(0+,HYS`.YHKL9LHKPUN(ZZLZZTLU[,.9(*VUZ\S[HKVLUSH>LIKLQ\UPV<:(0+ 50 *HPU,8\HSP[`*V\U[Z¶+L]LSVWPUN0UKPJH[VYZPU*OPSKYLU»Z,K\JH[PVU3VUKYLZ!:H]L[OL*OPSKYLU *(9,>VYRPUN[OYV\NO*VTT\UP[PLZ[V0TWHJ[[OL8\HSP[`VM)HZPJ,K\JH[PVU!()VVRVM,_WLYPLUJLZ*(9,<:( *OPSK-\UK0U[LYUH[PVUHS:[HY[PUN<W*OPSK*LU[LYLK:WHJLZPU,TLYNLUJPLZ!(-PLSK4HU\HS9PJOTVUK=(!*OPSK-\UK 0U[LYUH[PVUHS -YLLKTHU:> *VTWSL_P[PLZVM*VUÅPJ[!0U[LYHJ[PVUZIL[^LLU7VSP[PJZHUK;LHJOPUN/PZ[VY`PU9^HUKH*VUMLYLUJPH WYLZLU[HKHLUSHYL\UP}UHU\HSKLSH(TLYPJHU,K\JH[PVUHS9LZLHYJO(ZZVJPH[PVU:HU+PLNV*( .H[JO\RPH,`*OHUN-;OL;L_[IVVR>YP[LY»Z4HU\HS(KKPZ(ILIH!,JVUVTPJ*VTTPZZPVUMVY(MYPJH`<5,:*600*)( /HTLY4 >O`*LY[PÄJH[PVU4H[[LYZ!(9L]PL^VM:[H[LHUK5VUZ[H[L(J[PVUZPU*[LK0]VPYLMVY7YVTV[PUN:JOVVSPUN MVY[OL+PZWSHJLK*VUMLYLUJPHWYLZLU[HKHLUSH[O<2-0,;0U[LYUH[PVUHS*VUMLYLUJLVU,K\JH[PVUHUK+L]LSVWTLU[6_MVYK 9LPUV<UPKV /HTLY4/V^[V*LY[PM`3LHYUPUNPUH*V\U[Y`:WSP[PU;^VI`H*P]PS>HY!.V]LYUTLU[HUK5VUNV]LYUTLU[0UP[PH[P]LZPU *V[LK0]VPYL9LZLHYJOPU*VTWHYH[P]LHUK0U[LYUH[PVUHS,K\JH[PVU=VSWmNZ /LPQULU4HH[O\PZ,,K\JH[PVUMVY+LTVJYH[PJ*P[PaLUZOPW5L[OLYSHUKZ+L]LSVWTLU[6YNHUPaH[PVU:5= /LPQULU4HH[O\PZ,0Z@V\Y*SHZZYVVT0UJS\ZP]LHUK*OPSK-YPLUKS`&-YVT7HYP[`[V,X\HSP[`PU.PYSZ»,K\JH[PVU!/V^(YL >L+VPUNPU:V\[O(ZPH2H[THUK!<50*,-<5.,09LNPVUHS6MÄJLMVY:V\[O(ZPH 0(:* -YHTL^VYRMVY+\YHISL:VS\[PVUZMVY0U[LYUHSS`+PZWSHJLK7LYZVUZ5\L]H@VYR!0(:* 0(:*>VTLU.PYSZ)V`ZHUK4LU!+PMMLYLU[5LLKZ¶,X\HS6WWVY[\UP[PLZ0(:*.LUKLY/HUKIVVRPU/\THUP[HYPHU (J[PVU5\L]H@VYR!0(:* 05,, ,K\JH[PVUPU,TLYNLUJPLZ!0UJS\KPUN,]LY`VUL05,,7VJRL[.\PKL[V0UJS\ZP]L,K\JH[PVU.PULIYH!05,,JV <5/*9 05,, .\PKHUJL5V[LZVU:HMLY:JOVVS*VUZ[Y\J[PVU*YLHKVJVTV\UHJVSHIVYHJP}ULU[YL05,,.-+99`LS)HUJV 4\UKPHS 05,, 05,,.\PKHUJL5V[LZVU;LHJOLY*VTWLUZH[PVUPU-YHNPSL:[H[LZ:P[\H[PVUZVM+PZWSHJLTLU[HUK7VZ[*VUÅPJ[ 9LJV]LY` 05,,4PUPT\T:[HUKHYKZMVY,K\JH[PVUPU,TLYNLUJPLZ*OYVUPJ*YPZLZHUK,HYS`9LJVUZ[Y\J[PVU3VUKYLZ!05,, 2LLWPUN*OPSKYLU:HML*VHSP[PVU2*:2LLWPUN*OPSKYLU:HML!(;VVSRP[MVY*OPSK7YV[LJ[PVU9LPUV<UPKV!:H]L[OL ></)(&'.= 2PYR1,K\JH[PVUPU,TLYNLUJPLZ!;OL.LUKLY0TWSPJH[PVUZ(K]VJHJÌYPLM)HUNRVR!<5,:*6(79), 4WVRVZH*`5KHY\O\[ZL:4HUHNPUN;LHJOLYZ!;OL*LU[YHSP[`VM;LHJOLY4HUHNLTLU[[V8\HSP[`,K\JH[PVU 3LZZVUZMYVT+L]LSVWPUN*V\U[YPLZ*M);`=:6 5PJOVSZVU:(JJLSLYH[LK3LHYUPUNPU7VZ[JVUÅPJ[:L[[PUNZ!(+PZJ\ZZPVU7HWLY:H]L[OL*OPSKYLU 51 (7i5+0*, (WtUKPJL!)PISPVNYHMxH (7i5+0*, 9LNPVUHS*VUZ\S[H[P]L*VTTP[[LLVU+PZHZ[LY4HUHNLTLU[9**7YVNYHTVU4HPUZ[YLHTPUN+PZHZ[LY9PZR9LK\J[PVUPU +L]LSVWTLU[4+9+0U[LNYH[PUN+99PU[V:JOVVS*\YYPJ\S\T!4HPUZ[YLHTPUN+PZHZ[LY9PZR9LK\J[PVUPU[V,K\JH[PVU 9**.\PKL)HUNRVR!(+7* :H]L[OL*OPSKYLU,K\JH[PVUPU,TLYNLUJPLZ!(;VVSRP[MVY:[HY[PUN4HUHNPUN,K\JH[PVUPU,TLYNLUJPLZ9LPUV<UPKV! :H]L[OL*OPSKYLU :H]L[OL*OPSKYLU.L[[PUN0[9PNO[MVY*OPSKYLU!(7YHJ[P[PVULYZ».\PKL[V*OPSK9PNO[Z7YVNYHTTPUN.\PKL,K65LPSS 23VUKYLZ!:H]L[OL*OPSKYLU :H]L[OL*OPSKYLU*OPSK9PNO[Z7YVNYHTTPUN!/V^[V(WWS`9PNO[ZIHZLK(WWYVHJOLZ[V7YVNYHTTPUN:H]L[OL *OPSKYLU:^LKLU :H]L[OL*OPSKYLU*OPSK9PNO[Z7YVNYHTTPUN!/V^[V(WWS`9PNO[ZIHZLK(WWYVHJOLZ[V7YVNYHTTPUN=VSUK ,KP[PVU)Y\ZLSHZ!:H]L[OL*OPSKYLU :PUJSHPY47SHUUPUN,K\JH[PVUPUHUKHM[LY,TLYNLUJPLZ7HYxZ!<5,:*60U[LYUH[PVUHS0UZ[P[\[LMVY,K\JH[PVUHS 7SHUUPUN :PUJSHPY4+H]PLZ36I\YH(`;PIIP[[Z-3LHYUPUN[V3P]L;VNL[OLY+LZPNU4VUP[VYPUNHUK,]HS\H[PVU VM,LK\JH[PVUMVY3PML:RPSSZ*P[PaLUZOPW7LHJLHUK/\THU9PNO[Z,ZJOIVYU!+L\[ZJOL.LZLSSZJOHM[M\Y;LJOUPZJOL A\ZHTTLUHYILP[.;A ;H^PS:`/HYSL`(,KZ,K\JH[PVU*VUÅPJ[HUK:VJPHS*VOLZPVU.PULIYH!<5,:*60U[LYUH[PVUHS)\YLH\VM ,K\JH[PVU ;PIIP[[Z- /\THU9PNO[Z,K\JH[PVU*VYL*VTWL[LUJPLZ <5,:*6,K\JH[PVUMVY(SS.SVIHS4VUP[VYPUN9LWVY[!9LHJOPUN[OL4HYNPUHSPaLK7HYxZ!<5,:*6 <5,:*6,K\JH[PVU\UKLY([[HJR7HYxZ!<5,:*6 <5,:*67YHJ[PJHS;PWZMVY;LHJOPUN3HYNL*SHZZLZ!(;LHJOLY»Z.\PKL)HUNRVR!<5,:*6 <5/*9,K\JH[PVU:[YH[LN` !7VSPJ`*OHSSLUNLZHUK6IQLJ[P]LZ.PULIYH!<5/*9 <50*,- ,HYS`3LHYUPUN7YVNYHTZ!.\PKLSPULZMVY+LZPNUPUN8\HSP[`7YVNYHTZMVY*OPSKYLUMYVT5\L]H@VYR! <50*,- <50*,-*OPSK-YPLUKS`:JOVVSZ4HU\HS5\L]H@VYR!<50*,- >LKNL1>OLYL7LHJL)LNPUZ!,K\JH[PVU»Z9VSLPU*VUÅPJ[7YL]LU[PVUHUK7LHJLI\PSKPUN3VUKYLZ!0U[LYUH[PVUHS:H]L [OL*OPSKYLU(SSPHUJL ;OL8\HSP[`0TWYV]LTLU[(NLUJ`MVY3PMLSVUN3LHYUPUN:RPSSZMVY3PML0TWYV]LTLU[7YVNYHTTL9LHKPUN9LPUV<UPKV! 80( 2 52 3VZZPN\PLU[LZ[tYTPUVZOHUZPKVZLSLJJPVUHKVZWHYHZLYKLH`\KHHS[YHIHQHYJVUSHZ5VYTHZTxUPTHZKLSH05,,PUJS\`LUKVSHZ UVYTHZYLSH[P]HZHSHLUZL|HUaH`LSHWYLUKPaHQLLULZ[HZ5V[HZKLVYPLU[HJP}U;HTIPtUZVU[PSLZJVUV[YVZTH[LYPHSLZKLSH05,,3H JVTWYLUZP}U`\ZVLUJVTUKL[tYTPUVZLZPKLHS"ZPULTIHYNVSVZNVIPLYUVZSHZVYNHUPaHJPVULZ`SHZJVT\UPKHKLZW\LKLU\ZHY [tYTPUVZKLTHULYHZKPMLYLU[LZ,Z[HSPZ[HLZWHYHVYPLU[HJP}UÙ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}UYLHSPaHKHHU[LZKLWSHUPÄJHYHJ[P]PKHKLZLK\JH[P]HZLPU[LY]LUPYLU\UHLTLYNLUJPHWHYH /#%#&-+12&(42$(1#,#$+/2/#$=(4'$(92,F'$(#1(42(&#$)"#$%2(?(4'$(&#,"&$'$(/+$)'1+:4#$A( ?(@$"&"&2,42$+&2*4&-$)%,+&2,4$2%7*4(,"<%=4B2U1(21N4+$+$(/#4(2921,#(?(4'3&'(/#(4'$(#/",21/'$(?(#/",21/2$A(U1(q21N4+$+$(/#( 4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#r(#$(/#%#&-+12/2((?(:2$2/2(#1(#4()421(/#(#$%"/+'(/#("1()&'3&2-2(#/",2%+9'A(B2$(!'%2$(/#( '&+#1%2,+*1($#(#1E',21(#1(/'$(E'&-2$(/#(21N4+$+$(/#(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#(#1()2&%+,"42&Q(42(E'&-2%+92(?(42($"-2%+92A( J-:2$(E'&-21()2&%#(+1%#3&24(/#4(E'&%24#,+-+#1%'(/#4()&',#$'(/#(#1$#C21D2(?(2)&#1/+D2<#A(J/+,+'124-#1%#=($#()"#/#(&#24+D2&( "1(21N4+$+$(+1+,+24()2&2(/#%#&-+12&(42(,'4',2,+*1('(1+9#4(#/",2%+9'(/#4(#/",21/'A ( ( Ê(UmSPZPZMVYTH[P]V!(J1N4+$+$(,'1%+1"'(/#(4'$(#/",21/'$(?(/#4(2)&#1/+D2<#e(42(+1E'&-2,+*1(&#,')+42/2($#("%+4+D2()2&2(( ( -#<'&2&(#4()&',#$'(/#(#1$#C21D2(?(2)&#1/+D2<#A(B'$(-2#$%&'$(?(-2#$%&2$(?('%&'()#&$'124(#/",2%+9'("$21(42((( ( PUMVYTHJP}UWHYHTVKPÄJHYSVZLUMVX\LZ`SVZTH[LYPHSLZWHYHTLQVYHYSVZYLZ\S[HKVZ,QLTWSVZPUJS\`LUSVZ %&2:2<'$(#1(,2$2=(4'$(+1E'&-#$('&24#$(?(4'$(#1$2?'$A ( ( ( Ê((UmSPZPZZ\TH[P]V!(J1N4+$+$(/#4(2)&#1/+D2<#(21%#&+'&()2&2(/#%#&-+12&(#4(4'3&'A(5KN-#1#$(?('%&'$(-L%'/'$($'1(( ( #-)4#2/'$()2&2(/#%#&-+12&(#4(4'3&'(/#()2&%#(/#4(#/",21/'P2(?($"(#$%2/'(/#()&#)2&2,+*1()2&2(2921D2&(2(4'$(( ( $+3"+#1%#$(1+9#4#$(/#(#/",2,+*1A(Z2&+2$(>#&&2-+#1%2$(/#(21N4+$+$()"#/#1($#&(#1,'1%&2/2$(%21%'(#1(( ( ( ( 42$(!'&-2$(-F1+-2$(/#(42(0!55(,'-'(#1(#4(c''4T+%(/#(42$(!'&-2$(GF1+-2$A(6+1(#-:2&3'=(42$(>#&&2-+#1%2$(/#(21N4+$+$(( ZPLTWYLZLKLILUHKHW[HYWHYHYLÅLQHYSHPUMVYTHJP}UYLX\LYPKHLU\UJVU[L_[V`LU[VYUVLZWLJxÄ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e()'&(#<#-)4'=(2)&#1/+D2<#(2,#4#&2/'=(2)'?'(2(-#/+'$(/#($"$%#1%'(#(+1%#3&2,+*1($',+24()2&2(1+C'$(?(1+C2$( 21%#&+'&-#1%#(2$',+2/'$(,'1(42$(E"#&D2$(2&-2/2$('(3&")'$(2&-2/'$A(51(#1%'&1'$(/#(,&+$+$=(%21%'(4'$(-2#$%&'$(?(-2#$%&2$( ,'-'(4'$(#/",21/'$(?(#/",21/2$()&':2:4#-#1%#(&#;"+#&21(2)'?'()$+,'$',+24A2 ?7*4(,"<%=427%*)"."7%)"J+B2U1(2:'&/2<#(/#(42(#1$#C21D2(?(2)&#1/+D2<#(;"#($#(#1E',2(#1(#4(#/",21/'A(J4+#1%2(2(2)&#1/#&( >2,+#1/'(,'$2$=("$21/'(3&")'$()#;"#C'$=(-2%#&+24#$(,'1,&#%'$=()&#3"1%2$(2:+#&%2$(?(#1$#C21D2(#1%&#()2&#$A(M'&(#<#-)4'=(4'$( #/",21/'$(?(#/",21/2$(#-)4#21(2,%+9+/2/#$()&N,%+,2$()2&2(#1%#1/#&(,'1,#)%'$(-2%#-N%+,'$('(%&2:2<21(<"1%'$()2&2(&#$'49#&( )&':4#-2$(?()2&2(E'&-"42&(?(,'1%#$%2&()&#3"1%2$A(54(2)&#1/+D2<#()2&%+,+)2%+9'($#(,'1%&2$%2(,'1(42$(-#%'/'4'3F2$(#1E',2/2$(#1( #4(-2#$%&'=(;"#($'1(,2&2,%#&+D2/2$()'&(#4(;"#(4'$(#/",21/'$($#($+#1%21()2$+92-#1%#(#1($"$()")+%&#$=(,'1%#$%21/'()&#3"1%2$( ,#&&2/2$(?(,')+21/'(/#4(%2:4#&'A(54(2)&#1/+D2<#()2&%+,+)2%+9'(%2-:+L1($#()"#/#("$2&(,'1(4'$(#/",21/'$(?(42$(2"%'&+/2/#$( LK\JH[P]HZWHYHHWV`HYSVZLULSHUmSPZPZKLZ\ZULJLZPKHKLZSHPKLU[PÄJHJP}UKLZVS\JPVULZ`SHJYLHJP}ULPTWSLTLU[HJP}UKL "1()421(/#(2,,+*1A(51(#$%'$(,'1%#K%'$=()"#/#(+1,4"+&(42()2&%+,+)2,+*1=(,''&/+12,+*1(?(21N4+$+$(,'-"1+%2&+'A ?7*4(,"<%=42:24(&4O%(<%2.4()*%,+24(24$2("O+2^+2.4()*%,+24(24$24,-.%(,+_B254(2)&#1/+D2<#(?(#1$#C21D2(,#1%&2/'(#1(#4(1+C'( PUJS\`LYLZ\S[HKVZKLSHWYLUKPaHQLWLY[PULU[LZLZWLJxÄJVZ`TLUZ\YHISLZIHZHKVZLUSHZULJLZPKHKLZ`HJ[P]VZKLSVZ`SHZ #$%"/+21%#$(?(#4(#-)4#'(/#(-L%'/'$(/#(2)&#1/+D2<#(?(#924"2,+*1(2,%+9'$(?()2&%+,+)2%+9'$(;"#(+-+%21($+%"2,+'1#$(;"#(4'$(#$%"/+21%#$( 53 (7i5+0*, (WtUKPJL!;LYTPUVSVNxH (7i5+0*, WVKYxHULUMYLU[HYLUSH]PKHYLHS,USHZLZJ\LSHZZLKLUVTPUHHWYLUKPaHQLJLU[YHKVLULSUP|V`ZLYLÄLYLHWYVJLZVZKLPUZ[Y\JJP}U ?(2)&#1/+D2<#(;"#(#$%N1(/+$#C2/'$(24&#/#/'&(/#(42$(#K)#&+#1,+2$=(>2:+4+/2/#$=(,'1',+-+#1%'$(#(+1%#&#$#$(/#(4'$(1+C'$A ]"4(4&)%*27&".+&+."%$B254(%L&-+1'(q)$+,'$',+24r($":&2?2(42(#$%&#,>2(,'1#K+*1(#1%&#(2$)#,%'$()$+,'4*3+,'$(/#(1"#$%&2( #K)#&+#1,+2(7)'&(#<#-)4'=(1"#$%&'$()#1$2-+#1%'$=(#-',+'1#$(?(,'-)'&%2-+#1%'$8(?(1"#$%&2(#K)#&+#1,+2($',+24(-N$(2-)4+2(7)'&( #<#-)4'=(1"#$%&2$(&#42,+'1#$=(%&2/+,+'1#$(?(,"4%"&28A(54(:+#1#$%2&(#$("12(,'1/+,+*1(/#($24"/(>'4F$%+,2(#1(%'/2$($"$(/+-#1$+'1#$Q( EF$+,2=(#-',+'124=($',+24=(,'31+%+92(?(#$)+&+%"24A(6+#1/'(%2-:+L1("1()&',#$'=(#4(:+#1#$%2&(,'1$%2(/#(42(32-2(,'-)4#%2(/#(4'(;"#( LZI\LUVWHYH\UHWLYZVUHPUJS\`LUKVSHWHY[PJPWHJP}ULU\UWHWLSZVJPHSJVUZPNUPÄJHKVZLU[PYZLMLSPa`LZWLYHUaHKH]P]PY ZLNU]HSVYLZI\LUVZ[HSJVTVLZ[VZLKLÄULHUP]LSSVJHS[LULYYLSHJPVULZZVJPHSLZWVZP[P]HZ`\ULU[VYUVKLHWV`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d1(42$(1#,#$+/2/#$(?(,+&,"1$%21,+2$A( Ê! *HWHJP[HJP}UWYL]PVHSZLY]PJPVZLYLÄLYLHSHJHWHJP[HJP}UX\LSVZTHLZ[YVZ`THLZ[YHZYLJPILUHU[LZKLLU[YHYHSH\SH` ,'-#1D2&(2(#1$#C2&A Ê! *HWHJP[HJP}ULULSZLY]PJPVZLYLÄLYLHSHZVWVY[\UPKHKLZKLJHWHJP[HJP}UJVU[PU\HIYPUKHKHZHSVZTHLZ[YVZ`THLZ[YHZ 4"#3'(/#(;"#(>2?21(,'-#1D2/'(2(#1$#C2&(#1(#4(2"42A 6+#(")"J+B2:LYLÄLYLHWYVJLZVZTLU[HSLZ[HSLZJVTVWLUZHTPLU[VPTHNPUHJP}UWLYJLWJP}UTLTVYPH[VTHKLKLJPZPVULZ &2D'12-+#1%'(?($'4",+*1(/#()&':4#-2$A 6+H74)4(."%&29-(,%H4()%$4&B2B'$(:4';"#$(/#(,'1$%&",,+*1(#/",2%+9'$(?(,'1<"1%'$(#$#1,+24#$(/#(,'1',+-+#1%'$(?( >2:+4+/2/#$(#$)#&2/'$(/#(4'$(#/",21/'$(?(#/",21/2$(7)'&(#<#-)4'=(2,%+9+/2/#$('&24#$=(#$,&+%2$(?(/#(/+:"<'()"#/#1( ZLYLTWSLHKHZWHYHKL[LYTPUHYJVTWL[LUJPHZM\UKHTLU[HSLZKLSHJVT\UPJHJP}U3HPKLU[PÄJHJP}U`HY[PJ\SHJP}UKL ,'-)#%#1,+2$(E"1/2-#1%24#$(#$(+-)'&%21%#()2&2(E'&-"42&(1'&-2$(-F1+-2$($':&#(42$(,"24#$(,'1$%&"+&()&'3&2-2$(#/",2%+9'$( -N$(,'-)4#<'$A(cL&-+1'$($+-+42&#$(+1,4"?#1(,'-)#%#1,+2$(,429#(?(,'-)#%#1,+2$(3#1L&+,2$A `%)+&2,"&.*"H"(%,+&B:LYLÄLYLHKH[VZJSHZPÄJHKVZWVYKPMLYLU[LZYHZNVZKLTVNYmÄJVZ[HSLZJVTVZL_VLKHK`NY\WV t[UPJV3VZKH[VZKPZJYPTPUHKVZWVYZL_VYLÅLQHUSVZWHWLSLZ`SHZJVUKPJPVULZKLSHZT\QLYLZ`SVZOVTIYLZLU[VKVHZWLJ[V /#(42($',+#/2/(+1,4"?#1/'=()'&(#<#-)4'=(%2$2$(/#(24E2:#%+$-'=(1+9#4#$(/#(#/",2,+*1=(#-)4#'=(/+E#&#1,+2$($242&+24#$=()#&$'12$( /#)#1/+#1%#$=()&')+#/2/(/#(9+9+#1/2(?(%+#&&2=(?(2,,#$'(2($#&9+,+'$(/#($24"/A(6'1(#$#1,+24#$(4'$(/2%'$(/+$,&+-+12/'$()2&2( /#%#&-+12&($+($#(#$%N($#3&#321/'((243"1'$(3&")'$($',+24#$A22 `4&%**+$$+2,42$%27*"H4*%2"(9%(."%B2B'$()&',#$'$(2(%&29L$(/#(4'$(,"24#$(4'$(1+C'$(?(1+C2$()#;"#C'$=(/#(`@k(2C'$(/#(#/2/=( KLZHYYVSSHUZHS\KMxZPJHJVUJPLUJPHTLU[HSJVUÄHUaHLTVJPVUHSJVTWL[LUJPHZVJPHS`WYLWHYHJP}U}W[PTHWHYHHWYLUKLY S#:#1(,'#K+$%+&(,'1/+,+'1#$()&#9+2$(,&",+24#$()2&2(2$#3"&2&(;"#(4'$(1+C'$(?(1+C2$()#;"#C'$(#$%L1(#1(,2)2,+/2/(/#( /#$2&&'442&($"()4#1'()'%#1,+24A(S+,>2$(,'1/+,+'1#$()&#9+2$(+1,4"?#1(,"+/2/'(#E#,%+9'(?(&#$)'1$2:+4+/2/(/#4(1+C'()#;"#C'( )'&(42(E2-+4+2(?(,'-"1+/2/=(2,,#$'(?("$'(/#($#&9+,+'$($',+24#$(/#(,24+/2/()2&2(4'$(1+C'$(?(1+C2$()#;"#C'$=(42$(-"<#&#$( #-:2&2D2/2$(?(42$(-2/&#$(42,%21%#$(?("1(#1%'&1'(/#()'4F%+,2$(2)'?2/'&A(B2()&'3&2-2,+*1(>'4F$%+,2()2&2(#4(/#$2&&'44'(#1(42( )&+-#&2(+1E21,+2(+1%#3&2($#&9+,+'$(/#($24"/=(1"%&+,+*1=(23"2=($21#2-+#1%'=(>+3+#1#=(#/",2,+*1(?()&'%#,,+*1(/#4(1+C'A(c'/'$(4'$( UP|VZ`MHTPSPHZZLILULÄJPHUKLWYVNYHTHZKLHS[HJHSPKHKWLYVSVZNY\WVZKLZMH]VYLJPKVZZVUX\PLULZTmZZLILULÄJPHU22 `4&%&)*4B2U12($#&+2(+1%#&&"),+*1(#1(#4(E"1,+'12-+#1%'(/#("12(,'-"1+/2/('($',+#/2/(;"#(',2$+'12("12(3&21(,21%+/2/(/#( -"#&%#$(24(+3"24(;"#()L&/+/2$(#(+-)2,%'$(-2%#&+24#$=(#,'1*-+,'$(?(2-:+#1%24#$(;"#(#K,#/#1(42(,2)2,+/2/(/#(42(,'-"1+/2/( '(42($',+#/2/(2E#,%2/2()2&2(>2,#&(E&#1%#(2(42($+%"2,+*1(-#/+21%#(#4("$'(/#($"$()&')+'$(&#,"&$'$A(7U!P06S.8A( 54 `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q,+"/2/21F2(-"1/+24r(,'1(,'1%#1+/'(2/+,+'124()2&2(,&#2&( ,'1,+#1,+2(/#(42(,'-"1+/2/(-"1/+24(+1%#&,'1#,%2/2(?(4'$(#E#,%'$(;"#(%+#1#1(42()&N,%+,2(/#()'4F%+,2$(/#(4'$()2F$#$(#1(4'$( ,+"/2/21'$(/#('%&'$()2F$#$(7)'&(#<#-)4'=(#4(,2-:+'(,4+-N%+,'('(42$()'4F%+,2$(/#(&#E"3+2/'$('(/#(+1-+3&2,+*18A((( S,-.%."/(2,42.%$",%,B2B2(#/",2,+*1(/#(,24+/2/(#$(2$#;"+:4#(?($#1$+:4#(24(3L1#&'(?(&#$)'1/#(2(42(/+9#&$+/2/A(01,4"?#(7a8("1( #1%'&1'($#3"&'(#(+1,4"$+9'()2&2(4'$(#/",21/'$(?(#/",21/2$=(7]8(-2#$%&'$(?(-2#$%&2$(,'-)#%#1%#$(?(:+#1(,2)2,+%2/'$(;"#($'1( JVUVJLKVYLZKLSHZTH[LYPHZ`KLSHWLKHNVNxH\UWSHUKLLZ[\KPVHWYVWPHKVLZWLJxÄJVHSJVU[L_[VX\LZLHJVTWYLUZPISL `J\S[\YHSSPUNxZ[PJH`ZVJPHSTLU[LWLY[PULU[LWHYHSVZLK\JHUKVZTH[LYPHSLZHWYVWPHKVZ`WLY[PULU[LZWHYHSHLUZL|HUaH` #4(2)&#1/+D2<#=(7^8(-L%'/'$(/#(+1$%&",,+*1()2&%+,+)2%+9'$(;"#(&#$)#%21(42(/+31+/2/(/#4(#/",21/'=(7l8(%2-2C'$(/#(,"&$'(?(&2D'1#$( THLZ[YVZLZ[\KPHU[LZHWYVWPHKVZ`tUMHZPZLUHJ[P]PKHKLZYLJYLH[P]HZKLQ\LNVKLWVY[P]HZ`JYLH[P]HZHKLTmZKLmYLHZ %24#$(,'-'(42(4#,%"&2P#$,&+%"&2=(#4(,'1',+-+#1%'(/#(42(2&+%-L%+,2(?(42$(>2:+4+/2/#$()2&2(42(9+/2()2&2(;"#(4'$(#/",21/'$($#21( ,2)2,#$(/#(-#<'&2&(1'($*4'($"$(>2:+4+/2/#$(,'31+%+92$($+1'(%2-:+L1()2&2()&#9#1+&("1(,+,4'(/#(+&2(?(/#$%&",%+9+/2/(>"-212(2( 1+9#4($',+24(?(3#1#&2,+'124A S,-.%."/(2,-*%()424H4*#4(."%&B2:LYLÄLYLHVWVY[\UPKHKLZKLHWYLUKPaHQLKLJHSPKHKWHYH[VKHZSHZLKHKLZLUZP[\HJPVULZKL ,&+$+$=(+1,4"?#1/'(#4(/#$2&&'44'(/#(42()&+-#&2(+1E21,+2(?(42(#/",2,+*1()&+-2&+2=($#,"1/2&+2=(1'(E'&-24=(%L,1+,2=(9',2,+'124=(%#&,+2&+2(?( /#(2/"4%'$A(B2(#/",2,+*1(/"&21%#(#-#&3#1,+2$()&#$%2()&'%#,,+*1(EF$+,2=()$+,'$',+24(?(,'31+%+92(;"#()"#/#($'$%#1#&(?($2492&(9+/2$A( S,-.%."/(24(2$+&2,4*4.a+&2a-H%(+&B2:LYLÄLYLHLK\JHJP}UJHWHJP[HJP}UJYLHJP}UKLJVUJPLUJPHPUMVYTHJP}UWYm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`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i5+0*, `4&%&)*4&2(%)-*%$4&B2u$%'$(+1,4"?#1=(#1%&#('%&'$=(>"&2,21#$P%+E'1#$=(%#&&#-'%'$=($#;"F2$(#(+1"1/2,+'1#$A(J43"1'$(/#$2$%&#$( 12%"&24#$=(%24#$(,'-'(4'$(%#&&#-'%'$=()"#/#1(%#1#&(4"32&($+1(29+$'(?(%+#1#1("1(3&21(+-)2,%'(#1(;"+#1#$(9+9#1(#1($"(9#,+1/2/A( V%&'$=(%24#$(,'-'(42($#;"F2=()"#/#1(2)2&#,#&(/#(-21#&2(-N$(4#1%2()#&'(%+#1#1("1(+-)2,%'(+3"24-#1%#(/#92$%2/'&A(B'$( )#4+3&'$(12%"&24#$()"#/#1(1'($+#-)&#(44#92&(2(/#$2$%&#$A(6"$(#E#,%'$(#$%N1(4+32/'$(2(42(9"41#&2:+4+/2/(?(,2)2,+/2/(/#(42$( JVT\UPKHKLZ,SJHTIPVJSPTm[PJVZLLZ[mJVU]PY[PLUKVLU\UWYVISLTHJHKH]LaTmZZPNUPÄJH[P]V`W\LKLSSL]HYH\U H\TLU[V[HU[VKLSVZKLZHZ[YLZUH[\YHSLZJVTVKLSVZJVUÅPJ[VZWVYYLJ\YZVZUH[\YHSLZ (7i5+0*, WHYHLSPTPUHYIHYYLYHZVLS\ZVKLSLUN\HZJVU[LUPKVVTt[VKVZKLLUZL|HUaHX\LUVILULÄJPHUH[VKVZSVZLK\JHUKVZ3HZ )#&$'12$(,'1(/+$,2)2,+/2/#$(EF$+,2$=($#1$'&+24#$('(-#1%24#$(#(+1%#4#,%"24#$(E&#,"#1%#-#1%#(#$%N1(#1%&#(4'$(-N$(#K,4"+/'$(/#( 42(#/",2,+*1A(B2$(#-#&3#1,+2$(%+#1#1("1(+-)2,%'(#1(42(#K,4"$+*1A(J43"1'$(#/",21/'$(;"#(21%#$(#&21(,2)2,#$(/#(2,,#/#&( 2(42(#/",2,+*1()"#/#1($#&(#K,4"+/'$(/#:+/'(2(E2,%'&#$(,+&,"1$%21,+24#$=($',+24#$=(,"4%"&24#$=(EF$+,2${('(+1E&2#$%&",%"&24#$A( ,K\JHJP}UPUJS\ZP]HZPNUPÄJHHZLN\YHYX\LLZ[HZIHYYLYHZHSHWHY[PJPWHJP}U`HSHWYLUKPaHQLZLHULSPTPUHKHZ`X\LSHZ -#%'/'4'3F2$(/#(#1$#C21D2(?(4'$()421#$(/#(#$%"/+'($#21(2,,#$+:4#$(?(2)&')+2/'$()2&2(4'$(#$%"/+21%#$(/+$,2)2,+%2/'$A(c'/'$( 4'$(#/",21/'$(?(#/",21/2$($'1(2,'3+/'$(?(2)'?2/'$()2&2(2921D2&(?($#(2%+#1/#1($"$(1#,#$+/2/#$(+1/+9+/"24#$A2 S,-.%."/(2(+29+*H%$2^SN[_B23HZHJ[P]PKHKLZLK\JH[P]HZX\LUVJVYYLZWVUKLUHSHKLÄUPJP}UKLLK\JHJP}UMVYTHS]tHZL 42(#1%&2/2(&#$)#,%+928A(B2(#/",2,+*1(1'(E'&-24(%+#1#(4"32&(%21%'(/#1%&'(,'-'(E"#&2(/#(42$(+1$%+%",+'1#$(#/",2%+92$(?(2%+#1/#( HWLYZVUHZKL[VKHZSHZLKHKLZ5VZPLTWYLSSL]HHSHJLY[PÄJHJP}U3VZWYVNYHTHZKLLK\JHJP}UUVMVYTHSZLJHYHJ[LYPaHU WVYZ\]HYPLKHKÅL_PIPSPKHK`JHWHJPKHKKLYLZWVUKLYYmWPKHTLU[LHU\L]HZULJLZPKHKLZLK\JH[P]HZKLSVZUP|VZVHK\S[VZ (TLU\KVLZ[mUKPZL|HKVZWHYHNY\WVZLZWLJxÄJVZKLLK\JHUKVZ`LK\JHUKHZ[HSLZJVTVSVZX\LZVUKLTHZPHKV]PLQVZ )2&2($"(1+9#4(/#(3&2/'=(4'$(;"#(1'(2$+$%#1(2(42(#$,"#42(E'&-24('(4'$(2/"4%'$A(B'$()421#$(/#(#$%"/+'()"#/#1(#$%2&(:2$2/'$(#1( 42(#/",2,+*1(E'&-24('(#1(#1E';"#$(1"#9'$A(5<#-)4'$(+1,4"?#1(#/",2,+*1(2,#4#&2/2()2&2(1+9#42&$#=()&'3&2-2$(/#$)"L$(/#(42( <'&12/2(#$,'42&=(4#,%"&2P#$,&+%"&2(?(,'1',+-+#1%'(/#(42(2&+%-L%+,2A(B2(#/",2,+*1(1'(E'&-24()"#/#(44#92&(2(42(#1%&2/2(%2&/F2(#1( 4'$()&'3&2-2$(/#(#/",2,+*1(E'&-24A(5$%'(2(9#,#$($#(/#1'-+12(q#/",2,+*1(/#($#3"1/2(')'&%"1+/2/rA(B'$()421#$(/#(#$%"/+'( /#(42(#/",2,+*1(1'(E'&-24()"#/#1($#&(/#&+92/'$(/#(4'$()421#$(/#(#$%"/+'(-+1+$%#&+24#$('(:2$2&$#(#1(#1E';"#$(1"#9'$A(2 S,-.%."/(27%*%2$%27%<B2J,%+9+/2/#$(?(-2%#&+24#$(#/",2%+9'$(/+&+3+/'$(2(#1$#C2&(42$(>2:+4+/2/#$(?(4'$(924'&#$(2$',+2/'$(,'1( JVTWVY[HTPLU[VZWHJxÄJVZ`HH`\KHYHSVZLK\JHUKVZ`LK\JHUKHZHJYLHYJHWHJPKHKLZWHYHWYL]LUPYYLZVS]LY`WYVJLZHY JVUÅPJ[VZ`]PVSLUJPHKLTHULYHJVUZ[Y\J[P]H,Z\UHLK\JHJP}UX\L[YH[HKLJ}TVTHULQHYSHKP]LYZPKHKKLTHULYHWYVK\J[P]H -#/+21%#(42(-21+E#$%2,+*1(/#(%'4#&21,+2(?(&#$)#%'(>2,+2("1'(-+$-'(?(>2,+2(4'$('%&'$(?(#4(2)&#1/+D2<#(/#(>2:+4+/2/#$(/#( &#,'1,+4+2,+*1A(B2(#/",2,+*1()2&2(42()2D()"#/#(,'-)2&%+&(,'1%#1+/'(,'1(42(#/",2,+*1(#1(>2:+4+/2/#$()2&2(42(9+/2(#(+1,4"+&( %#-2$(/#(/#&#,>'$(>"-21'$=()&+1,+)+'$(>"-21+%2&+'$(?(,+"/2/21F2A(J(-#1"/'($#(:2$2(#1(2,%+9+/2/#$(/#1%&'(/#("1()&'3&2-2( #$%&",%"&2/'(?($'$%#1+/'A(54(%L&-+1'(q#/",2,+*1()2&2(42()2Dr()"#/#(2:2&,2&(-",>2$(N&#2$=(/#$/#(42()&'-',+*1(2(42(&#E'&-2( 4#324(?(/#$/#(42(#/",2,+*1(:N$+,2(>2$%2(42(<"$%+,+2($',+24A(B2(#/",2,+*1()2&2(42()2D($#(/#:#(/+$#C2&()2&2(/#$2&&'442&(4'$( JVTWVY[HTPLU[VZ]HSVYLZÒHIPSPKHKLZJVUZ[Y\J[P]VZ`WHJxÄJVZKLSHZWLYZVUHZ,U[tYTPUVZPKLHSLZLZ[VJVTWSLTLU[H ?($")4#-#1%2(#4()&',#$'(/#(,'1$%&",,+*1(/#(42()2D=()'&(-#/+'(/#4(,"24(42$(,'-"1+/2/#$(?(12,+'1#$(2)&#1/#1(2(2,#)%2&(42( KP]LYZPKHK]HSVYHYSHZZVS\JPVULZILULÄJPVZHZWHYH[VKVZ[YHIHQHYWHYHYLK\JPYSH]PVSLUJPHLZ[Y\J[\YHSTLKPHU[LSHYLK\JJP}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}UWLY[PULU[LLZ\ULSLTLU[VKLSHJHSPKHKLK\JH[P]H`ZLYLÄLYLHSVX\LZLHWYLUKLJ}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`LSJVUÅPJ[VHYTHKV B2$(#-#&3#1,+2$(+1,4"?#1($+%"2,+'1#$(#1(;"#("12(,'-"1+/2/(>2($+/'(%&2$%'&12/2(?(1'(>2(9"#4%'(2d1(2(42(#$%2:+4+/2/A( S(9+R-42L%&%,+24(2,4*4.a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e( SVZUP|VZÙP|HZ[PLULUKLYLJOVHPUÅ\PYLUSH[VTHKLKLJPZPVULZ`SVNYHYLSJHTIPV3VZTHLZ[YVZ`THLZ[YHZZVUHNLU[LZ ,429#()2&2(%&21$-+%+&(#$%#(,'1',+-+#1%'(2($"$(#$%"/+21%#$A(7Z+$+%#(OOOA>&#2A'&3()2&2(-N$(+1E'&-2,+*1A8 56 SR-"$"L*"+2,42#A(4*+B2U1(1d-#&'(2)&'K+-2/2-#1%#(+3"24(/#(>'-:&#$(?(-"<#&#$(?(1+C'$(?(1+C2$A(6#()"#/#(&#E#&+&(2(42( )2&%+,+)2,+*1(?(#4(2)'&%#(2(2,%+9+/2/#$(?(2(42(%'-2(/#(/#,+$+'1#$()2&2(2$#3"&2&(;"#($#(,'1$+/#&#1(?()&'%#<21(4'$(+1%#&#$#$( %21%'(-2$,"4+1'$(,'-'(E#-#1+1'$A(6#()"#/#(&#E#&+&(24(1d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xÄJVKLUP|VZÙP|HZV\UH]HYPLKHKKLNHTHZKLLKHK3VZ #$)2,+'$(?(#$,"#42$(2-+32$(/#(4'$(1+C'$($'1(+-)'&%21%#$(/#$/#(42(#-#&3#1,+2(>2$%2(42(&#,")#&2,+*1A UA(4*+B2:LYLÄLYLHSVZWHWLSLZSHZYLZWVUZHIPSPKHKLZ`SHZPKLU[PKHKLZKLSHZT\QLYLZ`SVZOVTIYLZ`J}TVZVU]HSVYHKVZ LUSHZVJPLKHKiZ[VZZVULZWLJxÄJVZHKPMLYLU[LZJ\S[\YHZ`JHTIPHUH[YH]tZKLS[PLTWV3HZPKLU[PKHKLZKLNtULYVKLÄULU ,*-'(42($',+#/2/(#$)#&2(;"#()+#1$#1(?(2,%d#1(42$(-"<#&#$(?(4'$(>'-:&#$A(5$%'$(,'-)'&%2-+#1%'$($#(2)&#1/#1(#1(42(E2-+4+2( ?(#1(42(#$,"#42(?(2(%&29L$(/#(42(#1$#C21D2(&#4+3+'$2(?(4'$(-#/+'$(/#(,'-"1+,2,+*1A(B'$()2)#4#$=(42$(&#$)'1$2:+4+/2/#$(?(42$( +/#1%+/2/#$(/#(3L1#&'()"#/#1($#&(,2-:+2/'$()'&;"#($'1($',+24-#1%#(2)&#1/+/'$A U*-7+2,42S,-.%."/(B2U1(-#,21+$-'(/#(,''&/+12,+*1(+1%#&23#1,+24()2&2(23#1,+2$(?('&321+D2,+'1#$(,'1(#K)#&+#1,+2(?("1( THUKH[VKLYLZW\LZ[HO\THUP[HYPHLULSZLJ[VYLK\JH[P]VLUZP[\HJPVULZKLKLZWSHa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b%L"$",%,4&27%*%2$%2J",%B2X2:+4+/2/#$(?(,2)2,+/2/#$()2&2(#4(,'-)'&%2-+#1%'()'$+%+9'(;"#(>2:+4+%21(2(42$()#&$'12$()2&2( 2/2)%2&$#(?(-21#<2&(/#(-21#&2(#E#,%+92=(42$(/#-21/2$(?(4'$(&#%'$(/#(42(9+/2(,'%+/+212A(B2$(>2:+4+/2/#$()2&2(42(9+/2($#( JSHZPÄJHULU[YLZJH[LNVYxHZPU[LYYLSHJPVUHKHZ!JVNUP[P]HZWLYZVUHSLZVLTVJPVUHSLZLPU[LYWLYZVUHSLZVZVJPHSLZ3HZ >2:+4+/2/#$()2&2(42(9+/2()"#/#1($#&(3#1#&24#$e()'&(#<#-)4'=(2124+D2&(?("$2&(+1E'&-2,+*1=(-21#<2&$#(2($F(-+$-'=(,'-"1+,2&$#( LPU[LYHJ[\HYLMLJ[P]HTLU[LJVUV[YVZ7\LKLU[YH[HYKLmYLHZKLJVU[LUPKVLZWLJxÄJHZ[HSLZJVTVYLK\JJP}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`LUYLJ\YZVZÄUHUJPLYVZUH[\YHSLZMxZPJVZZVJPHSLZÒ\THUVZ,QLTWSVZPUJS\`LUHSTHJLULZ[PLYYHZ`HJJLZVH -#&,2/'$('($+$%#-2$(/#(%&21$)'&%#A(U1(-#/+'(/#($"$%#1%'(#$($'$%#1+:4#(,"21/'()"#/#(2E&'1%2&(?(&#,")#&2&$#(/#(%#1$+'1#$( ?(3'4)#$=(-21%#1#&('(-#<'&2&($"$(,2)2,+/2/#$('(2,%+9'$=(?(:&+1/2&(')'&%"1+/2/#$(/#(-#/+'$(/#($"$%#1%'($'$%#1+:4#$()2&2(42( $+3"+#1%#(3#1#&2,+*1A 4P[PNHJP}UKLSJVUÅPJ[V!(JJPVULZ`WYVJLZVZX\LZVUZLUZPISLZHSJVUÅPJ[VÙVH\TLU[HUSHZ[LUZPVULZVM\LU[LZKL ]PVSLUJPH`ZLKPYPNLUH[YH[HYSHZJH\ZHZKLSJVUÅPJ[V`HJHTIPHYSHTHULYHLUX\LX\PLULZLZ[tUPU]VS\JYHKVZHJ[HU` )#&,+:#1(4'$(2$"1%'$A(B2$(2,%+9+/2/#$(>"-21+%2&+2$=(/#(&#,")#&2,+*1(?(/#(/#$2&&'44'($'1(#$%"/+2/'$()2&2(9#&($"(#E#,%'(#1(#4( JVU[L_[VKLJVUÅPJ[VLUX\L[PLULUS\NHY`Z\JVU[YPI\JP}UHWHa`LZ[HIPSPKHKHTmZSHYNVWSHaV,UMVX\LZKLTP[PNHJP}UKL JVUÅPJ[VW\LKLUZLYLTWSLHKVZWHYHSHWYL]LUJP}UKLSJVUÅPJ[V`WHYHPU[LY]LUJPVULZLUZP[\HJPVULZKLJVUÅPJ[V`WVZ[JVUÅ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i5+0*, S()+*(+2,42%7*4(,"<%=42:24&7%."+&2,42%7*4(,"<%=4B2B"32&#$(/'1/#(%+#1#1(4"32&(42(#1$#C21D2(?(#4(2)&#1/+D2<#A(5<#-)4'$( +1,4"?#1(>'32&#$=(3"2&/#&F2$=(,#1%&'$()&##$,'42&#$=(#$%&",%"&2$(%#-)'&24#$(?(#$,"#42$A( (7i5+0*, ZPLUKVYLHSPaHKHUVYTHSTLU[LHSHTP[HKVHSÄUHSKL\UJPJSVKLWYVNYHTHVWYV`LJ[V`ZPLUKVLQLJ\[HKHWVYHJ[VYLZL_[LYUVZV +1/#)#1/+#1%#$A(G+/#(4'$(&#$"4%2/'$(?(#924d2($+(>21($+/'(4'3&2/'$(4'$(&#$"4%2/'$(#$)#&2/'$A(B2$(#924"2,+'1#$(%2-:+L1()"#/#1( )&#3"1%2&($+(42$(2,%+9+/2/#$(E"#&'1()#&%+1#1%#$()2&2(42$()&+'&+/2/#$=()'4F%+,2$(#(+1$%&"-#1%'$(4#324#$(/#,42&2/'$(?($+(4'$()&'3&2-2$( M\LYVUPTWSLTLU[HKVZKLTHULYHLÄJPLU[L3HL]HS\HJP}UKLSVZYLZ\S[HKVZKLSHWYLUKPaHQLMVYT\SHKLJSHYHJPVULZKL]HSVYVQ\PJPVZ IHZHKVZLUJYP[LYPVZLZWLJxÄJVZJVUYLZWLJ[VHSHWYLUKPaHQLKLSVZ`SHZLZ[\KPHU[LZLSWYVJLZVKLHWYLUKPaHQL`LSPTWHJ[VKLS #1%'&1'(7'($#2=(#4(#1%'&1'(/#(2)&#1/+D2<#=(#4(#1%'&1'(E2-+4+2&=(#4(#1%'&1'($',+24(?(#4(#1%'&1'(EF$+,'8(#1(#4()&',#$'(/#(2)&#1/+D2<#A2 YL=4)"J+&2,4$2%7*4(,"<%=4B2B'$(':<#%+9'$(/#4(2)&#1/+D2<#(2&%+,"421(#4(4'3&'(#$)#&2/'(/#(4'$(#/",21/'$(?(#/",21/2$(24( %#&-+12&("1(,"&$'('()&'3&2-2(?()"#/#1(+1,4"+&(,'1',+-+#1%'$=(2,%+%"/#$(?(>2:+4+/2/#$A(( 3%*)"."7%."/(B2,Z[HYPU]VS\JYHKVLPUÅ\PYLUWYVJLZVZKLJPZPVULZ`HJ[P]PKHKLZ3HWHY[PJPWHJP}ULZ\UKLYLJOVKL[VKVZ`LZ 42(:2$#()2&2(%&2:2<2&(,'1(42$(,'-"1+/2/#$(?(,&#2&()&'3&2-2$A(B2()2&%+,+)2,+*1(92&F2($#3d1(42(#9'4",+*1(/#(42$(,2)2,+/2/#$A( ;VKVZSVZNY\WVZ¶PUJS\`LUKVHK\S[VZUP|VZÙP|HZQ}]LULZWLYZVUHZKPZJHWHJP[HKHZ`TPLTIYVZKLNY\WVZ]\SULYHISLZ ¶W\LKLUWHY[PJPWHYKLTHULYHZKPMLYLU[LZKLZKLSHLKHKTm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`WSHUPÄJHJP}ULPTWSLTLU[HYHJ[P]PKHKLZLK\JH[P]HZ22 34,%#+#I%B25$%&2%#3+2$('(#$%+4'$(/#()&',#$'$(/#(+1$%&",,+*1(?(2)&#1/+D2<#e(#4(#$%"/+'(/#(,*-'($#&(-2#$%&'A(M#/23'3F2(#$(#4( HJ[VVIZLY]HISLKLLUZL|HY`TVKLSHY]HSVYLZ`HJ[P[\KLZX\LLUJHYUH[LVYxHZ]HSVYLZL]PKLUJPH`Q\Z[PÄ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ÄLYLHSHZLSLJJP}U`VYNHUPaHJP}UKLL_WLYPLUJPHZKLHWYLUKPaHQLWHYHSVZ`SHZLZ[\KPHU[LZX\LZL ,'1$+/#&21(+-)'&%21%#$()2&2($"(/#$2&&'44'()#&$'124(?(,'-"1+%2&+'A(J:2&,2(,'1',+-+#1%'$=(924'&#$=(2,%+%"/#$(?(>2:+4+/2/#$(;"#( /#:#1(#$%2&(:+#1($#4#,,+'12/'$(?(2)&')+2/2-#1%#('&/#12/'$(#1(#4(%+#-)'(#1($2%+$E2,,+*1(/#(42$(1#,#$+/2/#$(/#(2)&#1/+D2<#(?( /#$2&&'44'(2(/+E#&#1%#$(#/2/#$(?(#1(/+E#&#1%#$(#%2)2$(#/",2%+92$A(6#(/#:#(/+$%+13"+&(#1%&#(#4()421(/#(#$%"/+'()&#9+$%'(71'&-24-#1%#( LZJYP[V`VÄJPHSLSWSHUKLLZ[\KPVHWSPJHKVLULSJVU[L_[VKLSHPU[LYHJJP}ULULSH\SHLSWSHUKLLZ[\KPVYLHSPaHKVLMLJ[P]VZLNU 4'$(&#$"4%2/'$(#924"2/'$P,'-)&':2/'$(/#4(2)&#1/+D2<#(?(#4()421(/#(#$%"/+'(#1,":+#&%'(7'($#2=(4'$(924'&#$=(,&##1,+2$=(2,%+%"/#$( ÒHIPSPKHKLZX\LSHZWLYZVUHZWVZLLUJVUIHZLLUZ\L_WLYPLUJPHWLYZVUHS7VYSVNLULYHS\UWSHUKLLZ[\KPVLZKLÄUPKVWVY TLKPVKLKVJ\TLU[VZLZWLJxÄJVZWVYLQLTWSVTHYJVZJ\YYPJ\SHYLZ[LTHYPVZKLTH[LYPHSPIYVZKL[L_[V`V[YVZYLJ\YZVZKL 2)&#1/+D2<#8(;"#(,'-)&#1/#1(42$(-#%2$(#/",2%+92$=(4'$(':<#%+9'$(/#4(2)&#1/+D2<#(?(4'$(&#$"4%2/'$(#$)#&2/'$(7,'-)#%#1,+2$(/#(4'$( #$%"/+21%#$8=(,'1%#1+/'(?(-L%'/'$(/#(2)&#1/+D2<#(7+1,4"?#1/'(2,%+9+/2/#$(#$%"/+21%+4#$8(?(#$%&2%#3+2$(/#(#924"2,+*1A 3$%(2,424&)-,"+2+.-$)+B2B2(-21#&2(#1(;"#(4'$(&#$)'1$2:4#$(/#(E'&-"42&()'4F%+,2$=(2/-+1+$%&2/'&#$(#$,'42&#$=(-2#$%&'$(?( #/",21/'$(+1%#&2,%d21(#1%&#($F(7?(,'1(42(,'-"1+/2/8(4#$(n#1$#C2o(4'$(924'&#$(?(42(#K+$%#1,+2(/#(#$%&",%"&2$(?(&#42,+'1#$(/#( )'/#&A(54()421(/#(#$%"/+'(',"4%'(#$%N(#$%&#,>2-#1%#(9+1,"42/'(,'1(42$(1'&-2$($',+24#$(?(#4(,'-)'&%2-+#1%'(,'4#,%+9'(?($#( KLIL[LULYLUJ\LU[HLUJ\HSX\PLYLZM\LYaVKLHWYLUKPaHQL`LUZL|HUaHX\LPU[LU[LPUÅ\PYLUHJ[P[\KLZ`JVTWVY[HTPLU[VZ ,SWSHUKLLZ[\KPVVJ\S[VLZSVX\LZLLUZL|HWVYM\LYHKLSWSHUKLLZ[\KPVVÄJPHSTLU[LKLÄUPKV"]HTmZHSSmKLSJVU[LUPKV LZWLJxÄJVKLSHTH[LYPH`ZLW\LKLL_WYLZHYLULSLU[VYUVLZJVSHYLULSJSPTHKLSH\SH`SHVYNHUPaHJP}UKLZ\TVIPSPHYPVLU 4'$(-L%'/'$()#/23*3+,'$=(#1(42$(+1%#&2,,+'1#$(-2#$%&'@#$%"/+21%#=(#1(42$(+1%#&2,,+'1#$(#$%"/+21%#@#$%"/+21%#(?(#1(-",>2$( V[YHZKPUmTPJHZ¸PU]PZPISLZ¹(]LJLZLSWSHUKLLZ[\KPVVJ\S[VYLM\LYaHLSWSHUKLLZ[\KPVVÄJPHSH]LJLZSVJVU[YHKPJL7VY LQLTWSVLSWSHUKLLZ[\KPVVÄJPHSW\LKLWYVTV]LY\UHTLQVYJVTWYLUZP}U`]HSVYHJP}UKLSHKLTVJYHJPHWLYVZPLSTHLZ[YV '(-2#$%&2(7'(#4(,4+-2(/#(42(#$,"#428(#$(-"?(2"%'&+%2&+'=(42(4#,,+*1(/#-',&N%+,2($#(/+$%'&$+'12A 3*+.4&+&2,42"(&)*-.."/(2:2%7*4(,"<%=4B2:LYLÄLYLHSHZPU[LYHJJPVULZLU[YLSVZLK\JHUKVZ`SVZTHLZ[YVZ3HPUZ[Y\JJP}UZL WSHUPÄJHKLHJ\LYKVJVUSVZWSHULZKLLZ[\KPVJVUIHZLLUSHZULJLZPKHKLZPKLU[PÄJHKHZWVYTLKPVKLSHL]HS\HJP}U`ZLOHJL )'$+:4#()'&(-#/+'(/#(42(,2)2,+%2,+*1(/#(4'$(-2#$%&'$(?(-2#$%&2$A(B'$()&',#$'$(/#(+1$%&",,+*1(?(2)&#1/+D2<#()2&%+,+)2%+9'$=( +1,4"$+9'$(?(,#1%&2/'$(#1(#4(#/",21/'(+19'4",&21(2(42(,'-"1+/2/(-N$(2-)4+2(#1()&#$%2&(?(2)'?2&(2(42(#/",2,+*1A 17 Rosenthal y Jacobson; Schugurensky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}UZPNUPÄJHYLZPZ[PYVJHTIPHYWHYHSSLNHY`THU[LULY\UUP]LSHJLW[HISLKLM\UJPVUHTPLU[V`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Ê! ]PVSLUJPHZL_\HS[HSJVTVL_WSV[HJP}U`HI\ZVZL_\HSWYVZ[P[\JP}UMVYaHKH`TH[YPTVUPVMVYaHKVLPUMHU[PS"]PVSLUJPH KVTtZ[PJH`MHTPSPHYPUJS\`LUKVHI\ZVMxZPJVLTVJPVUHS`WZPJVS}NPJV Ê! WYmJ[PJHZJ\S[\YHSLZV[YHKPJPVUHSLZKH|PUHZ[HSLZJVTVSHT\[PSHJP}UNLUP[HSMLTLUPUHSVZHZLZPUH[VZWVYOVUVY`SH OLYLUJPHKL]P\KHZNLULYHSTLU[LWVYTPLTIYVZTHZJ\SPUVZKLSHMHTPSPHKLSLZWVZVT\LY[V -V[VNYHMxHJVY[LZxHKL<50*,-"KLYLJOVZYLZLY]HKVZ 59 (7i5+0*, 3*+#*%H%2,42%7*4(,"<%=42%.4$4*%,+2^?e3_B(U1()&'3&2-2(;"#()&'-"#9#(#4(2,,#$'(2(42(#/",2,+*1()&+-2&+2(?($#,"1/2&+2( )2&2(#/",21/'$(?(#/",21/2$(;"#(>2?21()#&/+/'()#&F'/'$()&'4'132/'$(/#(#/",2,+*1=(3&")'$(/#$E29'&#,+/'$(?('%&'$( #/",21/'$(1'(#$,'42&+D2/'$A(B'$()&'3&2-2$()#&-+%#1(2(4'$(#/",21/'$(,'-)4#%2&(#4()421(/#(#$%"/+'(:N$+,'(#1("1()#&F'/'( -N$(,'&%'(/#(%+#-)'(24(,'1/#1$2&(92&+'$(1+9#4#$A( (7i5+0*, (WtUKPJL!9LZL|HZVIYLSHZ5VYTHZTxUPTHZKLSH05,,WHYH 3$2&%0'$'(.*<2>#&>$#$'(.*2?2#&'0>&#$'(.*2 N+*H%&29-(,%H4()%$4&B 3%*)"."7%."/(2,42$%2.+H-(",%,82.++*,"(%."/(82%(@$"&"& S(&4O%(<%2:2%7*4(,"<%=4 N+*H%20 3$%(4&2,424&)-,"+ N+*H%25 6%7%.")%."/(82 ,4&%**+$$+27*+94&"+(%$2 :2%7+:+ 6#("$21()421#$(/#( #$%"/+'(,"4%"&24=($',+24( `SPUNxZ[PJHTLU[L )#&%+1#1%#$()2&2(:&+1/2&( #/",2,+*1(E'&-24(?( 1'(E'&-24(2)&')+2/2( )2&2(#4(,'1%#K%'(?(42$( 1#,#$+/2/#$()2&%+,"42&#$( /#(4'$(#/",21/'$A B'$(-2#$%&'$(?('%&'( )#&$'124(#/",2%+9'( &#,+:#1(,2)2,+%2,+*1( )#&+*/+,2=()#&%+1#1%#( ?(#$%&",%"&2/2($#3d1( 42$(1#,#$+/2/#$(?(42$( ,+&,"1$%21,+2$A N+*H%2; 3+.4&+&2,42 "(&)*-.."/(2:2 %7*4(,"<%=4 2 B'$()&',#$'$( /#(+1$%&",,+*1(?( 2)&#1/+D2<#($#(,#1%&21( #1(#4(#/",21/'(?( $'1()2&%+,+)2%+9'$(#( +1,4"$+9'$A N+*H%2>2 Q4&-$)%,+&2,4$2 %7*4(,"<%=4 6#("$21(-L%'/'$( 2)&')+2/'$()2&2(#924"2&( ?(924+/2&(4'$(&#$"4%2/'$( /#4(2)&#1/+D2<#A (Z\U[VZ[LTm[PJVZJSH]L! TP[PNHJP}UKLSJVUÅPJ[VYLK\JJP}UKLSYPLZNVKLKLZHZ[YLKLZHYYVSSVLUSHWYPTLYHPUMHUJPHNtULYV=0/`:0+( %&#&'=,-2=0)$*,-<2&%0'$'(.*2(*'30-(@$<2@C*'03,-2(*+&#-&'+,#($3&-<2>#,+&''(.*<2$>,?,2>-(',-,'($32?2H0@&*+0% -V[VNYHMxHJVY[LZxH6YN7HJOHTHTLYPJHKLYLJOVZYLZLY]HKVZ 60 ,Z[HYLZL|HLZ[mKPZL|HKHWHYHZLY\ZHKHWHYHÄULZKLWYVTVJP}U`KP]\SNHJP}UHSWYLZLU[HYSHZ5V[HZKLVYPLU[HJP}UYLSH[P]HZHSH (+%(6$+7$&4&(1&$0)(+'*7$8(&4&(1&B$<2(#(&'(&C(,2)%"%&'(&1$&D!;;&$&+2(5"%&0E:1*,"%F&& )8=:<F>8!<89>IF<8D!8;=0<2>2<8!<89>IF<8?!#>8!';9>8!2<!;A0<19>=0@1!A<F>90J>8!>!F>!<18<C>1G>!E!<F!>BA<120G>K<!2<!F>!(')) 1&-%&2&324,#,250*%($32%&23$26%0'$'(.*2&*21$8$#2&*2:;;;2-&2=$2>#&-+$%,2)$?,#2$+&*'(.*2$23$-2*&'&-(%$%&-2&%0'$+(@$-2%&23$-2 WVISHJPVULZHMLJ[HKHZWVYLSJVUÅPJ[V`SVZKLZHZ[YLZ:PULTIHYNVZPIPLUOHOHIPKVWYVNYLZVLUH|VZYLJPLU[LZWHYHHZLN\YHY A0&2+,%,-23,-2*(9,-<2*(9$-2?2$%,3&-'&*+&-2$B&'+$%,-2>,#23$-2'#(-(-2+&*"$*2$''&-,2$2,>,#+0*(%$%&-2&%0'$+(@$-<2',*2%&)$-($%$2 B#&'0&*'($2&32',*+&*(%,2%&23,2A0&2-&2&*-&9$<23$2'$>$'(+$'(.*2%&2)$&-+#,-2?23$-2)&+,%,3,"C$-2%&2&*-&9$*7$2?23$2&@$30$'(.*2%&2 SVZYLZ\S[HKVZKLSHWYLUKPaHQLZL[YH[HUKLTHULYHKLÄJPLU[L4H[YPJ\SHYLK\JHUKVZLU\UWYVNYHTHLZKLWVJH\[PSPKHK`W\LKL [LULYPTWSPJHJPVULZZLYPHZHSHYNVWSHaVZPHSWYVNYHTHSLMHS[HZ\Z[HUJPHWLY[PULUJPH`VLUZL|HUaHKLJHSPKHK7YLZ[HYH[LUJP}U HSVZWSHULZKLLZ[\KPVLZJY\JPHSWHYHL]P[HYYLWYVK\JPYJVU[LUPKVX\LW\LKLOHILYJVU[YPI\PKVHKP]PZPVULZ`JVUÅPJ[VLULS WHZHKV¦*\mSLZLSILULÄJPVKLX\LSVZNVIPLYUVZ`SHZHNLUJPHZPU[LYUHJPVUHSLZNHZ[LUKPULYV`YLJ\YZVZLUJVUZ[Y\PYLZJ\LSHZ *0&@$-2-(23,-2>3$*&-2%&2&-+0%(,2-.3,2B,)&*+$*2,%(,-2=(-+.#(',-2,2'#&$*2*0&@$-2+&*-(,*&-<2',*@(#+(&*%,2$23$-2&-'0&3$-2&*2'$)>,-2 %&2D$+$33$2'#0'($3&-2&*20*$230'=$2'(@(3E 3HZJYPZPZW\LKLUIYPUKHY\UHVWVY[\UPKHKWHYHX\LSVZNVIPLYUVZSHZJVT\UPKHKLZ`HSPHKVZ[HSLZJVTV65.`HNLUJPHZKLSH 65<YLJVUZ[Y\`HUSHZIHZLZKLSHZLN\YPKHKO\THUHPUJS\ZVTLKPHU[LSHLUZL|HUaHH[VKVZSVZTPLTIYVZKL\UHJVT\UPKHK %&2*0&@$-2=$D(3(%$%&-2?2@$3,#&-<2+$3&-2',),23$2()>,#+$*'($2%&23$2&%0'$'(.*2(*'30-(@$2?23$2>$#+('(>$'(.*2&*23,-2>#,'&-,-2-,'($3&-2?2 WVSx[PJVZ,ZPTWLYH[P]VX\LSHLK\JHJP}UK\YHU[LSHZLTLYNLUJPHZÒHZ[HSHYLJ\WLYHJP}UZLHHWYVWPHKH`WLY[PULU[L4mZHSSmKLSH &-'#(+0#$<23&'+0#$2?2$#(+)P+('$<23$-2&-'0&3$-2%&2&-+$-2-,'(&%$%&-2B#$")&*+$%$-2',3,'$*23$-2D$-&-2%&23$2>$7<23$2+,3&#$*'($<23$2#&-,30'(.*2 KLJVUÅPJ[VSVZKLYLJOVZO\THUVZSHJVUZLY]HJP}UHTIPLU[HS`SHWYL]LUJP}UKLKLZHZ[YLZKLTVKVX\LH`\KHUHWYL]LUPYTP[PNHY `YLZWVUKLYHSHZJYPZPZM\[\YHZ,SHJJLZVHSHLK\JHJP}UKLJHSPKHKHZLN\YHX\LSHZJVT\UPKHKLZ`SVZPUKP]PK\VZ[LUNHULSHWV`V YLX\LYPKVWHYHTHU[LULYZ\IPLULZ[HYWZPJVS}NPJV`YLJVUZ[Y\PYZ\ZJVT\UPKHKLZ+PJOVKLTHULYHZLUJPSSHSHLK\JHJP}UKLJHSPKHK M\UJPVUH3VZLZ[\KPVZT\LZ[YHUX\LTH`VYLZUP]LSLZKLLK\JHJP}UWYPTHYPH`ZLJ\UKHYPHKLHS[HJHSPKHKYLK\JLUSHZN\LYYHZ22 TPLU[YHZJHKHH|VHKPJPVUHSKLLK\JHJP}UMVYTHSWHYHSVZ]HYVULZYLK\JLZ\YPLZNVKLPU]VS\JYHYZLLULSJVUÅPJ[VLUFN 9LJVUVJLYX\LSHLK\JHJP}UKLJHSPKHKW\LKLJVU[YPI\PYKLTHULYHWVZP[P]HHSHZLN\YPKHKO\THUHH[YH]tZKL[VKHZSHZL[HWHZ KLSTHULQVKLSYPLZNV¶KLZKLSHYLZW\LZ[HHSHJYPZPZOHZ[HSHYLJ\WLYHJP}UKLZKLLSKLZHYYVSSVOHZ[HSHWYL]LUJP}U`WYLWHYHJP}U ¶LZLZLUJPHS7VYSV[HU[VSVZNVIPLYUVZ`SHJVT\UPKHKPU[LYUHJPVUHSKLILUHZLN\YHYX\LSHZYLZW\LZ[HZLK\JH[P]HZZLIHZLU LUI\LUHZWYmJ[PJHZ[HSLZJVTVHX\LSSHZJVU[LUPKHZLUSHZ5V[HZKLVYPLU[HJP}UYLSH[P]HZHSHLUZL|HUaH`LSHWYLUKPaHQL`LULS 7HX\L[LKL9LJ\YZVZKLSH05,, +,-.'/01'2#/'304#/'56'0%"614#7"81'%62#4"9#/'#'2#'61/6:#1;#'<'62'#=%615";#>6',42$%2'NSSh -\LYVUJYLHKHZKL\UHTHULYHHTWSPHTLU[LJVUZ\S[P]HWVY\UHYLKJVTW\LZ[HKLTmZKLTPLTIYVZX\L[YHIHQHULU WHxZLZHLULYVKLWHYHHZLN\YHYH[VKHZSHZWLYZVUHZLSKLYLJOVHSHLK\JHJP}UZLN\YH`KLJHSPKHKLUSHZLTLYNLUJPHZ OHZ[HSHYLJ\WLYHJP}U3HZ5V[HZKLVYPLU[HJP}UYLSH[P]HZHSHLUZL|HUaH`LSHWYLUKPaHQLKLSH05,,IYPUKHU\UTHYJVWHYH PKLU[PÄJHY`[YH[HYHZ\U[VZJY\JPHSLZKLSHLUZL|HUaH`LSHWYLUKPaHQLLUJVT\UPKHKLZHMLJ[HKHZWVYJYPZPZ*VUZ[Y\`LUKVZVIYL SHZ5VYTHZTxUPTHZKLSH05,,SHZ5V[HZKLVYPLU[HJP}UYLSH[P]HZHSHLUZL|HUaH`LSHWYLUKPaHQLHY[PJ\SHUI\LUHWYmJ[PJH D$-$%$2&*2&@(%&*'($2#&3$+(@$2$23$2$%$>+$'(.*2?2'#&$'(.*2%&2>3$*&-2%&2&-+0%(,<23$2'$>$'(+$'(.*2%&2)$&-+#,-<2&32%&-$##,33,2?2$>,?,2 WYVMLZPVUHSSVZWYVJLZVZKLPUZ[Y\JJP}U`HWYLUKPaHQL`SHL]HS\HJP}UKLSVZYLZ\S[HKVZKLSHWYLUKPaHQL3HZ5V[HZKLVYPLU[HJP}U ZLHJVTWH|HUJVU\U7HX\L[LKL9LJ\YZVZKLWYVJLKPTPLU[VZ]LYPÄJHKVZ¶PUJS\`LUKVOLYYHTPLU[HZKLT\LZ[YHTH[LYPHSLZ KLLUZL|HUaH`LZ[\KPVZKLJHZV¶X\LW\LKLUZLYLTWSLHKVZWHYHHKHW[HYSHZI\LUHZWYmJ[PJHZKLSHZ5V[HZKLVYPLU[HJP}UHS JVU[L_[VLZWLJxÄJVKLX\PLUSHZ\ZH ij-"A(2,4L42-&%*2$%&2304#/'56'0%"614#7"81'%62#4"9#/'#'2#'61/6:#1;#'<'62'#=%615";#>62:2./H+2,4L42a%.4*$+h :LHLUSHMHZLLTLYNLUJPHHN\KHYLJ\WLYHJP}U[LTWYHUHVWYLWHYHJP}UWHYH\UJVUÅPJ[VVKLZHZ[YLUH[\YHSSVZPU[LYLZHKVZLU SHLK\JHJP}UW\LKLULTWSLHYSHZI\LUHZWYmJ[PJHZPS\Z[YHKHZLUSHZ5V[HZKLVYPLU[HJP}UYLSH[P]HZHSHLUZL|HUaH`LSHWYLUKPaHQL KLSH05,,iZ[HZH`\KHYmUH[VTHYKLJPZPVULZPTWVY[HU[LZYLSH[P]HZHSHUH[\YHSLaHKLSVZZLY]PJPVZLK\JH[P]VZVMYLJPKVZ[HU[V MVYTHSLZJVTVUVMVYTHSLZSVZWSHULZKLLZ[\KPVHZLYZLN\PKVZPUJS\`LUKVSHZWYPVYPKHKLZKLHWYLUKPaHQLLZ[tULUMVJHKHZ &*23&'+0#$M&-'#(+0#$<2',*,'()(&*+,2%&23$2$#(+)P+('$<2=$D(3(%$%&-2>$#$23$2@(%$<2-0>&#@(@&*'($<2=$D(3(%$%&-2@,'$'(,*$3&-2,2&-+0%(,2 HJHKtTPJV`SHZTL[VKVSVNxHZKLHWYLUKPaHQL`LUZL|HUaHPUJS\`LUKVLSHWV`VWZPJVZVJPHSWHYHSVZLK\JHUKVZ`LSWLYZVUHS 2 18 Save the Children Norway. (2008) Education for Peace: Building Peace and Transforming Armed Conflict through Education Systems. 19 Save the Children. (2008) Where Peace Begins: Education’s Role in Conflict Prevention and Peacebuilding. 61 (7i5+0*, (WtUKPJL!9LZL|HZVIYLSH,UZL|HUaH`LS(WYLUKPaHQLKLSH05,, (7i5+0*, 3VZ\Z\HYPVZWYPTHYPVZZVUSVZTPUPZ[LYPVZKLSVZNVIPLYUVZUHJPVUHSLZTPUPZ[LYPVZKLLK\JHJP}UQ\]LU[\KÌPLULZ[HYZVJPHS`LS WLYZVUHSKLSHZVYNHUPaHJPVULZPTWSLTLU[HKVYHZPUJS\`LUKV65.PU[LYUHJPVUHSLZÙHJPVUHSLZ,Z[HOLYYHTPLU[H[HTIPtULZ[PS >$#$23,-2%,*$*+&-<23$-2(*-+(+0'(,*&-2A0&2'$>$'(+$*2$32>&#-,*$32&%0'$+(@,2,2#&$3(7$*2(*@&-+("$'(.*<23$2',)0*(%$%2%&2)$&-+#,-<23,-2 ZPUKPJH[VZKLTHLZ[YVZ`SHZJVT\UPKHKLZHMLJ[HKHZ B$)$&.G%&*+9").$,*-+3&,".2+/<2(%(&,"+&#($,@*+>1($)+*+>H*+((%*#(F")>&"&5*%*#(&*+((%*#(F")>I#($,@*+>1($)+*+>F 62 J"+%21#(&1$&#$:1$&K&'(&1$&%(,,*-+&B1$+(%&'(&(%#2'*"&(+&1$&0G>*+$&L&0$)$&2+&(8(.01"&'(&2+$&01$+#*11$&'(&$+G1*%*%&MNO=&,".01(#$'$& '(&$,2()'"&$1&01$+&'(&(%#2'*"F& :P[\HJP}UHUHSPaHKH! FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF (SPHKVZPU]VS\JYHKVZLULSHUmSPZPZ!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF ,Z[HWSHU[PSSH-6+(LZWHYH\UHUmSPZPZLK\JH[P]V4\JOVZJYP[LYPVZW\LKLUZLYHWSPJHISLZHTmZKL\UJ\HKYHU[L0KLU[PÄX\L JYP[LYPVZHWYVWPHKVZWHYHZ\WYVWPHZP[\HJP}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ÀH[LRQDUVREUHORVUHVXOWDGRVGHODQiOLVLV)2'$\GHFLGLUTXpKDFHUFRQHOORVWHQLHQGRHQFXHQWDORVSDSHOHV\ODVUHVSRQVDELOLGDGHVGHORVGLYHUVRV ,"+&5&(/%#(@$EF60'&($(#"$'/($8&%,%/($5&;6&5,%/($:/5/$8,",8,=/5$'/($%&),',%/%&($<$.#"+5/55&(+/5$'/($/8&"/=/(G$EF60'&($7#5+/'&=/($<$#:#5+6",%/%&($ ?/.&"$:#(,)'&$6"/$5&(:6&(+/G$EF98#$(&$:6&%&"$6+,',=/5$'#($5&(6'+/%#($%&'$/"0',(,($1234$:/5/$.5&/5$:'/"&($(&.+#5,/'&($#$%&$#5A/",=/.,#"&(G 4,#+$3&7$-2 1&D(3(%$%&-2 6WVY[\UPKHKLZ !)&*$7$-2 2 7SHU[PSSH-6+(NLUtYPJHTVKPÄJHKHWHYHSHZ5V[HZKLVYPLU[HJP}UYLSH[P]HZHSHLUZL|HUaH`LSHWYLUKPaHQLKLSH05,, 63 (7i5+0*, (WtUKPJL!7SHU[PSSHKLHUmSPZPZKLMVY[HSLaHZVWVY[\UPKHKLZ KLIPSPKHKLZ`HTLUHaHZ-6+( (7i5+0*, (WtUKPJL!9LZ\S[HKVZKLSHWYLUKPaHQL! ?12N"J4$4&2,424,-.%."/(2^6'NS_5k824(9+R-4&2:2*4&-$)%,+&2,4$2%7*4(,"<%=424&74*%,+&2^%2&4*2$4I,+2.+(=-()%H4()42.+(2 3$%(4&2,424&)-,"+_ SM?3?2S`V6?M'K?B2S`V6?6'WN2SN2e?23Q'PSQ?2'N[?N6'? N'KSe26'NSB2k 6YP3YNSNMS!26e?KS2^ScSP3eY!2!SeS6MY!_ QS!VeM?`Y!2`S2?3QSN`'l?cS2S!3SQ?`Y!2 ^ScSP3eY!2!SeS6MY!_ y( J(-#1"/'(1'(#$(':4+32%'&+'A y( R2)2,+/2/#$(/#(&#24+D2&(2,%+9+/2/#$(-N$(#$%&",%"&2/2$A y( 51E',2/'(#1(2,%+9+/2/#$(&#,&#2%+92$=(+1/#)#1/#1,+2=( ,'-"1+,2,+*1=(+1%#&2,,+*1($',+24(?(#4(/#$2&&'44'(/#(92&+'$( 2$)#,%'$(/#(4'$(1+C'$(?(1+C2$(7$#1$'&+24@-'%'&=(4#13"2<#(?( ,'-"1+,2,+*1=($',+24=(#-',+'124(?(,'31+%+9'8A y( S#$#-)#C2("1()2)#4(+-)'&%21%#(#1(4'$()&',#$'$(/#( $',+24+D2,+*1(?(#1(42()&#)2&2,+*1(/#(4'$(1+C'$(?(1+C2$()2&2( )&'3&2-2$(/#(2)&#1/+D2<#($+$%#-N%+,'A y( R2)2,+/2/(/#(<"32&(?(%&2:2<2&(,'1('%&'$=(/#$2&&'4421/'( >2:+4+/2/#$($',+24#$A y( 7\LKLYLMVYaHYJVTWL[LUJPHZSPUNxZ[PJHZLUSHSLUN\HTH[LYUH y( M"#/#(:&+1/2&(243"12$(,'-)#%#1,+2$(2,2/L-+,2$(:N$+,2$=( +1,4"?#1/'(#1(%L&-+1'$(/#(4#,%"&2=(#$,&+%"&2(?(,'1',+-+#1%'(/#( 42(2&+%-L%+,2A y( R2)2,+/2/(/#(/#$2&&'442&("12(,'-)&#1$+*1(:N$+,2(/#(/#&#,>'$(?( &#$)'1$2:+4+/2/#$A y( X2:+4+/2/#$(-'%'&2$(7'($#2=("$2&()&',#/+-+#1%'$(?(>#&&2-+#1%2$( $#1,+44'$8A y( V)'&%"1+/2/#$()2&2(;"#(42$(-2/&#$(2)&#1/21(2,#&,2(/#4( /#$2&&'44'(#1(42()&+-#&2(+1E21,+2(?(,&##1("12(&#/(/#(2)'?'A y( S#$2&&'44'(/#(243"12$(>2:+4+/2/#$(:N$+,2$=(%24#$(,'-'( ,'-"1+,2,+*1('&24=(4#,%"&2=(#$,&+%"&2(?(,'1',+-+#1%'(/#(42( 2&+%-L%+,2(2$',+2/2$(,'1(#4(#1%'&1'(,'1(;"#(#$%N1(E2-+4+2&+D2/'$( 4'$(1+C'$(?(1+C2$A y( M"#/#(:2$2&$#(#1(#4(>'32&('(42(,'-"1+/2/(#1(9#D(/#( +1$%+%",+'1#$A( y( S#$2&&'44'(/#(243"1'$(,'1',+-+#1%'$(?(&"%+12$(:N$+,2$(#1($24"/( #(>+3+#1#A SM?3?2S`V6?M'K?B2S`V6?6'WN23Q'P?Q'? N'KSe26'NSB20 6YP3YNSNMS!26e?KS2^ScSP3eY!2!SeS6MY!_ QS!VeM?`Y!2`S2?3QSN`'l?cS2S!3SQ?`Y!2 ^ScSP3eY!2!SeS6MY!_ y( R2)2,+/2/(/#("$2&(/+E#&#1%#$(,*/+3'$()2&2(42(2"%'#K)&#$+*1(?(42( ZVS\JP}UKLWYVISLTHZWVYLQSPUNxZ[PJVHY[xZ[PJVZPTI}SPJV ,'&)'&24(P(1'(9#&:248A( y( R'1(-2?'&(E&#,"#1,+2(#$(':4+32%'&+2A y( S#$2&&'44'(/#(,'-)#%#1,+2$(:N$+,2$(74#,%"&2=(#$,&+%"&2=( ,'1',+-+#1%'(/#(42(2&+%-L%+,2=(,'-"1+,2,+*18A y( R2)2,+/2/(/#(&#42,+'12&(42$(/#,+$+'1#$(,'1(42$(2,,+'1#$(?( ,'1$#,"#1,+2$A y( B'$(#/",21/'$($'1(#K)"#$%'$(,2/2(9#D(-N$(2(1"#92$(N&#2$( %#-N%+,2$=(#$)#,+24-#1%#(#1(,+#1,+2$(12%"&24#$=(,+#1,+2$( $',+24#$=(42$(2&%#$=(>2:+4+/2/#$()2&2(42(9+/2(?(#$%"/+'$( &#4+3+'$'$A y( R2)2,+/2/(/#(&2D'12&(,'&&#,%2-#1%#(?(-21#<2&(,2/2(9#D(-N$( 42$(2:$%&2,,+'1#$A y( R'1(-2?'&(E&#,"#1,+2($*4'("1(-2#$%&'('(-2#$%&2(#1$#C2(%'/2$=( '(42(-2?'&F2(/#(42$(-2%#&+2$A y( R2)2,+/2/(/#(/#-'$%&2&(42(,'-)&#1$+*1(/#(&#342$P1'&-2$(?($"( &#42,+*1(,'1(4'$(/#&#,>'$(/#4(1+C'A y( 6#()&'-"#9#1(4'$(#1E';"#$(,#1%&2/'$(#1(#4(#/",21/'A y( 01%#&L$(:N$+,'(?(/'-+1+'(/#4(2)&#1/+D2<#(:2$2/'(#1(42(+1/232,+*1( ?(42($'4",+*1(/#()&':4#-2$(#-)4#21/'(-L%'/'$(#K)4'&2%'&+'$(/#( HWYLUKPaHQLYLÄYPtUKVZLHUVYTHZJPLU[xÄJHZLZ[HISLJPKHZ`JVU "1()&',#$'(/#()#1$2-+#1%'(,&F%+,'A y( 6#()&'-"#9#1(#4(2)&#1/+D2<#(?(4'$()421#$(/#(#$%"/+'(+1%#3&2/'$( 7)'&(#<A=(42(&#42,+*1(#1%&#(4'$($#&#$(>"-21'$(?($"(#1%'&1'=(42( &#42,+*1(#1%&#(4'$(+1/+9+/"'$=($"(,"4%"&2(?(42$($',+#/2/#$=(42( &#42,+*1(#1%&#(4'$(,'-)'&%2-+#1%'$P,&##1,+2$(/#4(+1/+9+/"'(?(42( #/",2,+*1(,F9+,28A y( S#$2&&'44'(/#(,2)2,+/2/#$(-'%'&2$(?(')#&2%+92$=(%24#$(,'-'( 42(,''&/+12,+*1(/#(-'9+-+#1%'$(?(#4("$'(/#(>#&&2-+#1%2$(?( )&',#/+-+#1%'$($#1,+44'$A y( B'$(-2#$%&'$(/#(2"42(%+#1#1("1()2)#4(+-)'&%21%#(#1(&#24+D2&( #924"2,+*1(E'&-2%+92(?($"-2%+92(,'1%+1"2A y( S#$2&&'44'(/#(>2:+4+/2/#$()2&2(42(9+/2=(%24#$(,'-'(,'1',+-+#1%'( /#()#4+3&'$(?(,'-)'&%2-+#1%'$(2)&')+2/'$()2&2(#9+%2&4'$=( :"#12$()&N,%+,2$(/#($24"/=(/+N4'3'(,'&%L$=(,'1,+#1,+2(2-:+#1%24( ?(>2:+4+/2/#$(/#(,'-"1+,2,+*1A y( 51(42()&+-2&+2($")#&+'&()"#/#($#&(+1%&'/",+/2("12()&+-#&2( 4#13"2(#K%&21<#&2A y( 51(243"1'$()2F$#$=(%2-:+L1($#(>2,#(-2?'&(L1E2$+$(#1( /#$2&&'442&(,'-)#%#1,+2$(&#42,+'12/2$(,'1(42(%#,1'4'3F2(/#(42( +1E'&-2,+*1(?(,'-"1+,2,+*1A y( S'-+1+'(:N$+,'(/#(42(%#,1'4'3F2(/#(42(+1E'&-2,+*1(?( ,'-"1+,2,+*1A 20 Clasificación Internacional Normalizada de la Educación (ISCED: International Standard Classification of Education). 64 6YP3YNSNMS!26e?KS2^ScSP3eY!2!SeS6MY!_ QS!VeM?`Y!2`S2?3QSN`'l?cS2S!3SQ?`Y!2 ^ScSP3eY!2!SeS6MY!_ y( B'$(#$%"/+21%#$(%&2%21(-N$(-2%#&+2$(7+1/#)#1/+#1%#$8=(2"1;"#( 42$(,+#1,+2$(12%"&24#$(?(,+#1,+2$($',+24#$()"#/#1($#&(#1$#C2/2$( /#(-21#&2(+1%#3&2/2A y( X2:+4+/2/#$(+1%#4#,%"24#$(/#('&/#1($")#&+'&=(%24#$(,'-'( ,2)2,+/2/(/#(2124+D2&=($+1%#%+D2&=(&#$'49#&()&':4#-2$(/#(-21#&2( +1/#)#1/+#1%#(?(,&#2%+92=(#924"2&(?(2"%'#924"2&$#A y( B2$(-2%#&+2$(+1/#)#1/+#1%#$(2(-#1"/'($'1(#1$#C2/2$()'&( -2#$%&'$(/+E#&#1%#$=(2"1;"#(%2-:+L1($#()"#/#(#-)4#2&(42( #1$#C21D2(#1(#;"+)'A y( G2?'&(,2)2,+/2/(/#(#-)4#2&(/+E#&#1%#$(-#/+'$(/#(,'-"1+,2,+*1( `L_WYLZP}UWVYLQJ}KPNVZSPUNxZ[PJVZHY[xZ[PJVZZPTI}SPJVZ ,'&)'&24#$(P(1'(9#&:24#$8A y( 6#(+1%&'/",#1(#4#-#1%'$(/#(42(5RcZ=(2$F(,'-'('&+#1%2,+*1( )#&$'124(?(',")2,+'124A y( R'1,+#1,+2(/#($F(-+$-'=(-21#<'(/#($F(-+$-'(?(2"%'#$%+-2A y( c'4#&21,+2(?(&#$)#%'(>2,+2("1'(-+$-'(?(>2,+2(4'$('%&'$A y( 51(-",>'$()2F$#$=($#(+1%&'/",#("12($#3"1/2(4#13"2(#K%&21<#&2A y( R'1,+#1,+2(,"4%"&24(?(-21#<'(,'1$%&",%+9'(/#(42(/+9#&$+/2/A y( 54()421(/#(#$%"/+'()"#/#(:&+1/2&(%2-:+L1(-N$()'$+:+4+/2/#$(/#( /+E#&#1,+2,+*1A y( R'1,+#1,+2(?(,'-)'&%2-+#1%'(-'&24(?(,F9+,'(7)'&(#<A=(#924"2&(;"L( HJJPVULZZVUYLX\LYPKHZWVYZP[\HJPVULZLZWLJxÄJHZ"WHY[PJPWHY #1(42(%'-2(/#(/#,+$+'1#$=(4+/#&2D3'(?(%&2:2<'(#1(#;"+)'e( -21+E#$%2&(%'4#&21,+2=(&#$)#%'(?($'4+/2&+/2/e()2&%+,+)2&(#1(42(9+/2( #$,'42&(?(,'-"1+%2&+2e(/#-'$%&2&(+1+,+2%+928A y( B'$(#1E';"#$(,#1%&2/'$(#1(#4(#/",21/'(3#1#&24-#1%#($+3"#1( #1(2-)4+'("$'A y( J43"12$(E'&-2$(/#(#924"2,+*1=(%24#$(,'-'()&"#:2$(?( #KN-#1#$=($'1(+1%&'/",+/2$()2&2(/#%#&-+12&(42(,"4-+12,+*1(/#( 1+9#4#$(#/",2%+9'$A y( R2)2,+/2/(/#(2)4+,2&(#1E';"#$(/#(2)&#1/+D2<#(#(+19#$%+32,+*1( :2$2/'$(#1(42(+1/232,+*1(7%24#$(,'-'(E'&-"42,+*1(/#(>+)*%#$+$=( :d$;"#/2(/#(#9+/#1,+2P/2%'$=()&',#$2-+#1%'(#(+1%#&)&#%2,+*1( /#(/2%'$=(E'&-"42,+*1(/#(,'1,4"$+'1#$=(,'-)2&%+&(&#$"4%2/'$(,'1( '%&'$8A y( 51E';"#$(24%#&1'$=(%24#$(,'-'(#/",2,+*1(2(/+$%21,+2=()"#/#1( ZLY\ZHKVZLUJPYJ\UZ[HUJPHZLZWLJxÄJHZ y( B'$(#$%"/+21%#$(;"#(1'(,'1%+1"2&N1(#1(42(#/",2,+*1($#,"1/2&+2( $")#&+'&()"#/#1(>2,#&(42(%&21$+,+*1(24(#-)4#'('(24(2)&#1/+D2<#( 9',2,+'124A y( X2:+4+/2/#$()2&2(42(9+/2(?(#4(%&2:2<'(7)'&(#<A=(-2?'&(,2)2,+/2/(/#( 2)4+,2&(42(%#'&F2(2(42()&N,%+,2("$2&(>#&&2-+#1%2$(?()&',#/+-+#1%'$( -N$(,'-)4#<'$(/#(-21#&2($#3"&2(?(&#$)'1$2:4#=(#924"2&( &+#$3'$(?(%'-2&(/#,+$+'1#$(+1E'&-2/2$=(/#-'$%&2&(+1+,+2%+92=( #9+%2&()#4+3&'$(?()&'-'9#&(#$%+4'$(/#(9+/2($24"/2:4#$=()&'%#3#&(#4( 2-:+#1%#=($#&($#1$+:4#(24(3L1#&'=(%&2:2<2&(#1(#;"+)'=()2&%+,+)2&(#1( SHJVTWL[LUJPHQ\Z[HYLZVS]LYJVUÅPJ[VZKLTHULYHJVUZ[Y\J[P]H y( R2)2,+/2/(/#(-21#<2&(42(%#,1'4'3F2(/#(42(+1E'&-2,+*1(?( ,'-"1+,2,+*1(/#(-21#&2(,'-)#%#1%#(?(&#$)'1$2:4#A y( R'1',+-+#1%'(/#(4'$(-#/+'$(/#(,'-"1+,2,+*1(?(-#1%24+/2/( 2:+#&%2A SM?3?2S`V6?M'K?B2S`V6?6'WN2!S6VN`?Q'?2!V3SQ'YQ2^'N6eVXSN`Y2e?2S6MK_ N'KSe26'NSB2; 6YP3YNSNMS!26e?KS2^ScSP3eY!2!SeS6MY!_ QS!VeM?`Y!2`S2?3QSN`'l?cS2S!3SQ?`Y!2 ^ScSP3eY!2!SeS6MY!_ y( J43"12$(E'&-2$(/#(,'&&+#1%#$(3#1#&24#$(?(/#(5RcZ(:&+1/21( 2,,#$'(2(42(#/",2,+*1(%#&,+2&+2(,'1(:2$#(#1(#KN-#1#$(?( JLY[PÄJHJPVULZLZWLJxÄJVZYLHSPaHKVZHSHJ\STPUHJP}UKLSUP]LS #/",2%+9'e(4'$(#/",21/'$(,'-+#1D21(2(+1%#3&2&$#(24(-"1/'(/#4( %&2:2<'A y( G2?'&(,2)2,+/2/(/#(,'-"1+,2&$#(?(#K)&#$2&$#(#-)4#21/'( /+E#&#1%#$(,*/+3'$(/#("12(-21#&2()#&$'124(?(2&%+,"42/2(7)'&(#<A=( SPUNxZ[PJVHY[xZ[PJVZPTI}SPJVJVYWVYHSUV]LYIHS y( X2:+4+/2/#$(+1%#4#,%"24#$(/#('&/#1($")#&+'&=(%24#$(,'-'( )#1$2-+#1%'(,&F%+,'=(,&#2%+9+/2/=($'4",+*1(/#()&':4#-2$A y( 54()421(/#(#$%"/+'()"#/#(:&+1/2&(-2?'&#$(')'&%"1+/2/#$(/#( /+E#&#1,+2,+*1(?(#$)#,+24+D2,+*1A y( R2)2,+/2/(/#(2,,#/#&=()&',#$2&(?(,'-)2&%+&(+1E'&-2,+*1(/#( -21#&2(+1/#)#1/+#1%#=(2)&')+2/2(?(&#$)'1$2:4#A y( 51(92&+2$(-2%#&+2$(71'&-24-#1%#8(+1/#)#1/+#1%#$=(42(#1$#C21D2( ?(#4(2)&#1/+D2<#(2>'&2(#$%N1(,2/2(9#D(-N$(#1E',2/'$(#1( 2$)#,%'$(2,2/L-+,'$A y( R2)2,+/2/(/#(#-)4#2&(-L%'/'$=()&',#/+-+#1%'$(?(>#&&2-+#1%2$( LZWLJxÄJVZHSHPU]LZ[PNHJP}UJPLU[xÄJH y( G2?'&(,'1,+#1,+2(/#($F(-+$-'(?(-21#<'(/#($F(-+$-'A y( 54(/#$2&&'44'()#&$'124(?(42('&+#1%2,+*1(',")2,+'124(,'1%+1d21A y( R'-)#%#1,+2$(-'&24#$(?(,F9+,2$(/#-'$%&2/2$(7,'1',+-+#1%'$=( 924'&#$=(>2:+4+/2/#$=(2,%+%"/#$8(#1(#4(,'1%#K%'(/#($#&9+,+'(?( $'4",+*1(/#()&':4#-2$('&+#1%2/'$(>2,+2(42(,'-"1+/2/A y( 51(-",>'$()2F$#$($#(>2,#(-N$(>+1,2)+L(#1(#/",2,+*1(#1(42( %#,1'4'3F2(/#(42(+1E'&-2,+*1(?(,'-"1+,2,+*1=(#/",2,+*1(#1( ,+#1,+2$(?(-2%#-N%+,2$=(#/",2,+*1(,+"/2/212(?(#/",2,+*1( 42:'&24(?(#-)&#$2&+24A y( G2?'&(,2)2,+/2/(/#(-21#<2&(42(%#,1'4'3F2(/#(42(+1E'&-2,+*1(?( 4'$(-#/+'$(/#(,'-"1+,2,+*1(/#(-21#&2(+1/#)#1/+#1%#=(,&F%+,2(?( &#$)'1$2:4#A y( G2?'&#$(>2:+4+/2/#$()2&2(42(9+/2(?(#4(%&2:2<'=(%24#$(,'-'(%'-2( KLKLJPZPVULZPUMVYTHKHYLZVS\JP}UWHJxÄJH`JVUZ[Y\J[P]H KLJVUÅPJ[V[YHIHQVLULX\PWVTHULQVJVUZ[Y\J[P]VKLSH /+9#&$+/2/=($#1$+:+4+/2/(24(3L1#&'=(,'1,+#1,+2(?($#1$+:+4+/2/( HTIPLU[HSOHIPSPKHKLZLTWYLZHYPHSLZJVTWL[LUJPHZÄUHUJPLYHZ ?(/#4(,'1$"-+/'&A y( M&#)2&2,+*1()2&2(+1%#3&2&(2,%+92=(,'-)#%#1%#(?( &#$)'1$2:4#-#1%#()2)#4#$(/+9#&$'$(#1(42(9+/2()&+92/2=()d:4+,2(?( )&'E#$+'124A 65 (7i5+0*, SM?3?2S`V6?M'K?B2S`V6?6'WN2!S6VN`?Q'?2'N[SQ'YQ N'KSe26'NSB25 (7i5+0*, ]1222Q4&-$)%,+&2,4$2%7*4(,"<%=42H4(&-*%L$4& *HKHJVU[L_[VLZKPMLYLU[L`YLX\LYPYmX\LSVZPU[LYLZHKVZHQ\Z[LUSVZVIQL[P]VZKLSHWYLUKPaHQLWHYHKPMLYLU[LZWYVNYHTHZ LK\JH[P]VZ`L[HWHZKLKLZHYYVSSV3H[HISHHJVU[PU\HJP}UVMYLJLLQLTWSVZKLYLZ\S[HKVZKLSHWYLUKPaHQLTLUZ\YHISLZ QS!VeM?`Y!2`Se2 ?3QSN`'l?cS2 PSN!VQ?]eS! *VUVJPTPLU[VZ S`V6?6'WN2SN2QS`V66'WN2`Se2Q'S!UY2`S2`S!?!MQS y( (B'$(#/",21/'$()"#/#1(#K)4+,2&(,*-'(42$()&N,%+,2$(/#("$'(/#(42(%+#&&2(2"-#1%21(#4()'%#1,+24( /#$%&",%+9'(/#(42$(+1"1/2,+'1#$(/#(%#-)'&2/2 y( B'$(#/",21/'$($2:#1(;"L(>2,#&(,"21/'('?#1('(9#1(/+9#&$2$($#C24#$(/#(24#&%2A !'+(+0%&- y( B'$(#/",21/'$(924'&21(?(/#$#21()&'%#3#&(4'$(#1%'&1'$(12%"&24#$A y( B'$(#/",21/'$(,&##1(;"#(%+#1#1(42(&#$)'1$2:+4+/2/(/#(2?"/2&(2(-+%+32&(4'$(#E#,%'$(/#(4'$( /#$2$%&#$(12%"&24#$A /HIPSPKHKLZ y( B'$(#/",21/'$(/#-"#$%&21($"(,2)2,+/2/(/#(#-)&#1/#&(2,,+*1()2&2()&#$#&92&(?()&'%#3#&(#4( #1%'&1'(12%"&24A y( B'$(#/",21/'$()"#/#1(":+,2&(?(,'-"1+,2&(42(#K+$%#1,+2(/#()&'9##/'&#$(/#($#&9+,+'$(/#( #-#&3#1,+2(#1($"(,'-"1+/2/(4',24A /*+&*'(.*2%&32',)>,#+$)(&*+, y( B'$(#/",21/'$(#K)&#$21(#4(/#$#'(/#(#42:'&2&()421#$(,'1($"$()2/&#$(?('%&'$()2&+#1%#$(2,#&,2( /#(/*1/#(&#"1+&$#(#1(,2$'(/#("12(#-#&3#1,+2A y( B'$(#/",21/'$(#K)&#$21(42(+1%#1,+*1(/#(#-)4#2&(%L,1+,2$(/#(#$%#&+4+D2,+*1(2)&')+2/2$()2&2(#4( 23"2()'%2:4#(+1$#3"&2A $ -V[VNYHMxHJVY[LZxHKL<50*,-"KLYLJOVZYLZLY]HKVZ 66 3VZPUKPJHKVYLZZVUOLYYHTPLU[HZ[PSLZWHYHSHTLKPJP}UKLSPTWHJ[VKL\UWYVNYHTHV\UHHJ[P]PKHK4\JOVZWYVNYHTHZ LK\JH[P]VZZLLUMVJHULUYLJVWPSHYL]PKLUJPHKLSJHTIPV\ZHUKVPUKPJHKVYLZJ\HU[P[H[P]VZTPKPLUKVUTLYVZ3VZPUKPJHKVYLZ J\HSP[H[P]VZPU[LU[HUPYTmZHSSmKLSVZUTLYVZ`TLKPYSHL]PKLUJPHTmZTH[PaHKHKLLSLTLU[VZTmZZ\IQL[P]VZKLSKLZHYYVSSV PUKP]PK\HS`ZVJPHS *HKH\UHKLSHZZLJJPVULZWYPUJPWHSLZKLSHZ5V[HZKLVYPLU[HJP}U¶B1$+(%&'(&(%#2'*"P&J$0$,*#$,*-+3&'(%$))"11"&0)"9(%*"+$1& 4&$0"4"P&D+%#)2,,*-+&4&)(%21#$'"%&'(1&$0)(+'*7$8(P&=+G1*%*%&'(&1"%&)(%21#$'"%&'(1&$0)(+'*7$8(&¶WSHU[L}WYLN\U[HZLUZ\Z[HISHZ #&->&'+(@$-2#&3$+(@$-2$23$2>$#+('(>$'(.*2%&23,-2(*+&#&-$%,-<23$2(%,*&(%$%2?2>&#+(*&*'($2%&23,-2)$+&#($3&-2,2>#,"#$)$-2%&2'$>$'(+$'(.*2 L_PZ[LU[LZ`LSPTWHJ[VVIZLY]HKVLULSWYVJLZVKLLUZL|HUaH`HWYLUKPaHQLJ\HUKVZVU\ZHKVZJHWHJP[HJP}UTH[LYPHSLZV Tt[VKVZKLLUZL|HUaHWHY[PJ\SHYLZ:LW\LKLUJYLHYPUKPJHKVYLZWHYHJHKH\UHKLSHZWYLN\U[HZWSHU[LHKHZLUSHZ[HISHZ 7HYHOHJLYLZ[VLZULJLZHYPVKLJPKPYJ\mSHJ[P]PKHKPUZ\TVVPU[LYHJJP}UJYLHYmJHTIPV`JVU]LY[PYSVLU\UHJ[VVIZLY]HISL 6YPLU[HJP}UTmZJVTWYLUZP]HLZ[mKPZWVUPISLLULSKVJ\TLU[VQ2$1*#4&J"2+#%?&O(5(1"0*+>&D+'*,$#")%&*+&J@*1')(+R%&;'2,$#*"+2%&2 :H]L[OL*OPSKYLULSJ\HSZLLUJ\LU[YHLULS7HX\L[LKL9LJ\YZVZKL,UZL|HUaH`(WYLUKPaHQLKLSH05,, S=4H7$+&2,42"(,".%,+*4&2)+H%,+&2,42.%,%2&4.."/(B 3$%(4&2,424&)-,"+ Ê( !d-#&'(?(21%#,#/#1%#$(/#(4'$(+1%#&#$2/'$(+19'4",&2/'$(#1(#4(21N4+$+$(?(#$%"/+'(/#4()421(/#(#$%"/+' Ê( 5K+$%#1,+2(/#()421#$(/#(#$%"/+'()#&$'124+D2/'$(;"#(+1,4"?#1(,'1%#1+/'(2)&')+2/'()2&2(42(E2$#(/#(42(#-#&3#1,+2 Ê( 5K+$%#1,+2(/#()421#$(/#(#$%"/+'()2&2(%'/2$(42$(#/2/#$(?(1+9#4#$(/#(/#$2&&'44' Ê( !d-#&'(/#(-2#$%&'$=(-2#$%&2$(?()#&$'124(#/",2%+9'(,2)2,+%2/'$(,'1(&#$)#,%'(2(4'$()421#$(/#(#$%"/+'(&#9+$2/'$ Ê( (J$"1%'$(%#-N%+,'$(,429#(#$%N1(+1,4"+/'$(#1(4'$()421#$(/#(#$%"/+' Ê( !d-#&'(/#(1+C'$(?(1+C2$('(<*9#1#$(;"#($'1(-N$(,2)2,#$(/#()&'%#3#&$#(2($F(-+$-'$(?(2($"$(,'-"1+/2/#$(7)'&( LQLTWSVKPYPNPtUKVZLHOHIPSPKHKLZLZWLJxÄJHZJVUVJPTPLU[V`JVTWVY[HTPLU[VJVUYLZWLJ[VHSHWYL]LUJP}UKLS=0/ ,'1',+-+#1%'(/#(UpV(P(-+12$(%#&&#$%&#$8( 6%7%.")%."/(82,4&%**+$$+27*+94&"+(%$2:2%7+:+ Ê( !d-#&'=(21%#,#/#1%#$(?(/+9#&$+/2/(/#(4'$(+1%#&#$2/'$(+19'4",&2/'$(#1(2)'?2&(4'$()&',#$'$(/#(#1$#C21D2(?( 2)&#1/+D2<# Ê( X21($+/'(+19'4",&2/'$(+1%#&#$2/'$(2)&')+2/'$(;"#(#1%+#1/#1(4'$(-L%'/'$(?(':<#%+9'$(/#(42(#924"2,+*1 Ê( 54(-+1+$%#&+'(/#(#/",2,+*1('(42$('&321+D2,+'1#$(+-)4#-#1%2/'&2$(>21(,&#2/'()&'3&2-2$(/#(,2)2,+%2,+*1(,'-)&#1$+9'$( :2$2/'$(#1(&#$"4%2/'$(/#(#924"2,+*1 Ê( B'$(&#$"4%2/'$(#$)#&2/'$($#(>21(4'3&2/'()'&(-#/+'(/#(42$(2,%+9+/2/#$(/#(,2)2,+%2,+*1 Ê( B2$(1#,#$+/2/#$(/#(,2)2,+/2/(>21($+/'(2$+312/2$(?($#(>2(24,21D2/'(2(,'-)4#%2&(4'$(92,F'$('(/#:+4+/2/#$ Ê( J1N4+$+$(,'1%+1"'(/#(42(#1$#C21D2()2&2(2$#3"&2&(,24+/2/($'$%#1+/2(?(2"-#1%2/2(?(-'1+%'&#'(/#(4'$()&',#$'$( )#/23*3+,'$( '(&)*-.."/(2:2*4&-$)%,+&2,4$2%7*4(,"<%=4 Ê( !d-#&'(?(21%#,#/#1%#$(/#(4'$(+1%#&#$2/'$(;"#(2)'?21(#4()&',#$'(/#(+1$%&",,+*1(?(2)&#1/+D2<#(2(1+9#4(/#(#$,"#42 Ê( !d-#&'(/#(-2#$%&'$(?(-2#$%&2$(;"#()&2,%+,21(-#%'/'4'3F2$(,#1%&2/2$(#1(#4(1+C' Ê( !d-#&'(/#(-2#$%&'$(?(-2#$%&2$(;"#(#1$#C21(,'1%#1+/'(;"#(#$()#&%+1#1%#(?(2)&')+2/'()2&2(42$(1#,#$+/2/#$(/#(4'$( #/",21/'$(?(#/",21/2$ Ê( !d-#&'(/#(2"42$(,'1(#1%'&1'$=(/+$%&+:",+*1(?(-2%#&+24#$(2-+3'$(/#(4'$(1+C'$P2$(;"#()&'-"#9#1(42(+1%#&2,,+*1(2,%+92( #1%&#(4'$(#/",21/'$P2$(?(-2#$%&'$P2$ Ê( !d-#&'(/#(#/",21/'$(?(#/",21/2$(;"#()2&%+,+)21(2,%+92-#1%#(#1(#4()&',#$'(/#(2)&#1/+D2<#(#1(#$)2,+'$(2-+3'$(/#( 4'$(1+C'$P2$( 67 (7i5+0*, (WtUKPJL!,SHIVYHJP}UKLPUKPJHKVYLZWHYHLSTVUP[VYLV`SH &@$30$'(.* (7i5+0*, ?(@$"&"&2,42$+&2*4&-$)%,+&2,4$2%7*4(,"<%=4 Ê( 9LHSPaHJP}UKL\UHUmSPZPZKLSHWYLUKPaHQLKLIHZLWHYHPKLU[PÄJHYSHJVSVJHJP}UHWYVWPHKHKLSVZLK\JHUKVZ` #/",21/2$ Ê( 01,4"+&(#$,"#42$()'&(E"#&2(/#4()&'3&2-2(P(/#(,'1%&'4(7$+(#K+$%#18(#1(#4(21N4+$+$()2&2(-#/+&(#4(+-)2,%'(/#4()&'3&2-2(34':24 Ê( :VULZ[\KPHKHZTLKPKHZKLHUmSPZPZJVUZVSPKHKHZJHSPÄJHJPVULZPUKP]PK\HSLZ`V[YHZTLKPKHZKLLMLJ[VZ )&'3&2-N%+,'$8()2&2(/#%#&-+12&(>2$%2(/*1/#(#4()&'3&2-2(#$%N(2?"/21/'(2(-+1+-+D2&(#4(&+#$3'(?(-2K+-+D2&(42( )&'%#,,+*1(#1(42(9+/2(/#(4'$(#/",21/'$(?(#/",21/2$ 68 3VZTHLZ[YVZ`THLZ[YHZKLZLTWL|HU\UWHWLSJY\JPHSK\YHU[L`KLZW\tZKLSVZKLZHZ[YLZ`JVUÅPJ[VZ3VZWYVNYHTHZ LK\JH[P]VZZ\TPUPZ[YHUHSVZLZ[\KPHU[LZ`Z\ZMHTPSPHZPUMVYTHJP}U`HWV`VX\LZVZ[PLULU`ZHS]HUSH]PKH;HTIPtUIYPUKHUSH ,>,#+0*(%$%2%&2',*+(*0(%$%2&*23$2&-'0&3$<23$2'0$32>0&%&233&@$#2$20*$2)$?,#2-&*-$'(.*2%&2&->&#$*7$2?2&-+$D(3(%$%2&),'(,*$32 K\YHU[L\UWLYxVKVWVYKLTmZ[\T\S[\VZV 1&-$B,#+0*$%$)&*+&<23,-2#&'0#-,-2%&2&*-&9$*7$2?23$-2&-+#0'+0#$-2&%0'$+(@$-2B#&'0&*+&)&*+&2-,*2$B&'+$%,-2>,#23,-2%&-$-+#&-2 `JVUÅPJ[VZOHJPLUKVX\LWHYHSVZTHLZ[YVZ`THLZ[YHZZLHH\UTmZKPMxJPSIYPUKHY\UHLK\JHJP}UKLJHSPKHKLULU[VYUVZKL LTLYNLUJPH3VZZPZ[LTHZLK\JH[P]VZW\LKLUUVZLYJHWHJLZKLIYPUKHYLSHWV`V[tJUPJVHKTPUPZ[YH[P]V`KLJHWHJP[HJP}U HWYVWPHKV"WHYHSVZTHLZ[YVZ`THLZ[YHZW\LKLZLYULJLZHYPVLUJVU[YHYV[YHZVWJPVULZWHYHMVY[HSLJLYZ\ZOHIPSPKHKLZ`JYLHYZ\ >#,>(,2-(-+&)$2%&2$>,?,<2+$32',),2)&%($*+&23$2,#"$*(7$'(.*2%&2"#0>,-2%&2$>,?,2%&2)$&-+#,-2%,*%&2>0&%$*2#&0*(#-&2?2#&-,3@&#2 WYVISLTHZQ\U[VZ:PULTIHYNVSVZTHLZ[YVZ`THLZ[YHZHUW\LKLUIYPUKHYHZ\ZLZ[\KPHU[LZ\UHL_WLYPLUJPHKLHWYLUKPaHQL WVZP[P]H`WLY[PULU[LZPLZ[mUWYLWHYHKVZZVUÅL_PISLZ`YLJ\YZP]VZ`LU[PLUKLUZ\ZWYVWPHZSPTP[HJPVULZLU[PLTWVZKLJYPZPZ 3HWYLZLU[LN\xHKLS\Z\HYPVWHYHLSTHLZ[YVLZ[mKPZL|HKHWHYHZLY\ZHKVWVYTHLZ[YVZ`JHWHJP[HKVYLZKLTHLZ[YVZ6MYLJL Z\NLYLUJPHZWYmJ[PJHZX\LSVZTHLZ[YVZ`THLZ[YHZW\LKLU[LULYLUJ\LU[HHSWSHUPÄJHY`HWV`HYJSHZLZLUWLYxVKVZKLJYPZPZVKL YLJ\WLYHJP}U[LTWYHUH;VTHKVKLSHZ5V[HZKLVYPLU[HJP}UYLSH[P]HZHSHLUZL|HUaH`LSHWYLUKPaHQLKLSH05,,WHYHWYLZLU[HY $-0*+,-2'3$@&2$2-&#2',*-(%&#$%,-2>,#23,-2)$&-+#,-2#&3$+(@,-2$I Ê( M421#$(/#(#$%"/+' Ê( R2)2,+%2,+*1=(/#$2&&'44'()&'E#$+'124(?(2)'?' Ê( M&',#$'$(/#(+1$%&",,+*1(?(2)&#1/+D2<# Ê( J1N4+$+$((/#(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#( 3VZ\Z\HYPVZW\LKLUKLZLHYJVUZ\S[HYLSKVJ\TLU[VTH`VYWHYH\UH]PZP}UNSVIHSJVTWYLUZP]HKLSWYVJLZVKLLUZL|HUaH` HWYLUKPaHQLYLMLYLUJPHZHKVJ\TLU[VZ`THU\HSLZKLJHWHJP[HJP}U`\UHSPZ[HKL[LYTPUVSVNxHJSH]L 6+()4Z)-%$"<%."/( +PMLYLU[LZWHxZLZ`JVT\UPKHKLZULJLZP[HYmUKPMLYLU[LZLUMVX\LZKLSHLK\JHJP}UK\YHU[LSHZLTLYNLUJPHZ`SHYLJ\WLYHJP}U [LTWYHUH;HTIPtUOHIYmKPMLYLUJPHZLU[YLSVZKLZHZ[YLZUH[\YHSLZ`LSJVUÅPJ[VHYTHKV:LHSPLU[HHSVZTHLZ[YVZ`THLZ[YHZH KPZJ\[PYSHZULJLZPKHKLZLZWLJxÄJHZKLSVZLZ[\KPHU[LZJVUV[YVZTHLZ[YVZZ\ZZ\WLY]PZVYLZSVZWHKYLZ`THKYLZ`TPLTIYVZKL SHJVT\UPKHK9LJ\LYKLX\LUVLZ[mZVSV(SN\UHZKPMLYLUJPHZJSH]LLU[YLLSKLZHZ[YLUH[\YHS`LSJVUÅPJ[VHYTHKVZLYLZ\TLUH JVU[PU\HJP}ULUSH[HISH ;HISH!+PMLYLUJPHZJSH]LLU[YLLSKLZHZ[YLUH[\YHS`LSJVUÅPJ[VHYTHKV `S!?!MQS2N?MVQ?e 6YN[e'6MY2?QP?`Y 3Y!']eS!2S[S6MY! 3Y!']eS!2S[S6MY! y( B'$(#$%"/+21%#$(%#-#1(;"#(#4(#9#1%'($#(&#)+%2A y( B'$(#$%"/+21%#$(%+#1#1(-+#/'(?(,'1',#1(2()#&$'12$(;"#(>21( $+/'(4#$+'12/'$('(>21(-"#&%'A( y( S2C'(2(3&21(#$,242(2(9+9+#1/2$(?(#$,"#42$A y( B'$(#$%"/+21%#$(2)&#1/#1(,'-)'&%2-+#1%'(23&#$+9'(?(,&##1,+2$( %#1/#1,+'$2$$(,'1(&#$)#,%'(2('%&'$A y( [24%2(/#(23"2(4+-)+2(#(+1$%242,+'1#$(/#($21#2-+#1%'($#3"&2$A y( J"-#1%'(/#(#1E#&-#/2/#$(,'-'(#4(,*4#&2(?(#4()24"/+$-'A y( B'$(-2#$%&'$()"#/#1(1'($#&(,2)2,#$(/#(9+2<2&()2&2(,2)2,+%2,+*1 y( (S2C'(2(9+9+#1/2$(?(#$,"#42$(/"&21%#(42&3'$()#&F'/'$(/#(%+#-)' 3Y!']eS!2QS!3VS!M?!2SN2Se2?Ve?2X2SN2e?2 'N!MQV66'WN 3Y!']eS!2QS!3VS!M?!2SN2Se2?Ve?2X2SN2e?2 'N!MQV66'WN y( S+,%2&(4#,,+'1#$()2&2(#K)4+,2&(,*-'(%"9'(4"32&(#4(/#$2$%&#( 12%"&24(?(,*-'(4'$(#$%"/+21%#$()"#/#1()&'%#3#&$#(#1(#4(E"%"&'A y( R&#2&(2,%+9+/2/#$(;"#()#&-+%21(2(4'$(#$%"/+21%#$($#1%+&$#( $#3"&'$(?(924'&2/'$A y( B+-)+2&(#$,'-:&'$(/#(42$(2"42$(?(42(#$,"#42A y( 01,'&)'&2,+*1(/#(2,%+9+/2/#$(?(-#1$2<#$(/#(#/",2,+*1()2&2(42( )2D(#1(4'$()421#$(/#(4#,,+'1#$(/+2&+2$A y( R&#2&(%21;"#$(/#(23"2(?(4#%&+12$($#3"&2$(%#-)'&24#$A y( 51$#C2&(2(4'$(#$%"/+21%#$(,*-'()&'%#3#&$#(429N1/'$#(42$( -21'$=(&#,'3+#1/'(?("$21/'(d1+,2-#1%#(23"2($#3"&2(?("$21/'( -'$;"+%#&'$A 69 y( R&#2&(,F&,"4'$(/#(2)'?'(/#(-2#$%&'$(#1("12(#$,"#42(?(,'-)2&%+&( $"3#&#1,+2$A (7i5+0*, (WtUKPJL!.\xHKLS\Z\HYPVKLSHZ5V[HZKLVYPLU[HJP}UYLSH[P]HZH SHLUZL|HUaH`LSHWYLUKPaHQLKLSH05,,WHYHLSTHLZ[YV (7i5+0*, ?&-()+&2)4H@)".+&2.$%J4 ,U[VKVJVU[L_[VOHIYmUHZ\U[VZPTWVY[HU[LZX\LSVZTHLZ[YVZ`THLZ[YHZX\LYYmU[LULYLUJ\LU[HHSJYLHY`WSHUPÄJHY $'+(@(%$%&-<2+$*+,2(*)&%($+$-2',),2$23$#",2>3$7,<2#&3$+(@$-2$23,-2>3$*&-2%&2&-+0%(,<23$2'$>$'(+$'(.*2%&2)$&-+#,-<23,-2>#,'&-,-2%&2 PUZ[Y\JJP}U`HWYLUKPaHQL`SHL]HS\HJP}UKLSVZYLZ\S[HKVZKLSHWYLUKPaHQL,Z[VZHZ\U[VZZLOHU[LUPKVLUJ\LU[HHSMVYT\SHYSVZ W\U[VZJSH]LZHZLYJVUZPKLYHKVZWVYSVZTHLZ[YVZX\LHWHYLJLUTmZHKLSHU[L7HYH\UHSPZ[HKLSVZHZ\U[VZ[LTm[PJVZJSH]LZ JVUZ\S[LSHUV[H/LUSHWmNPUHF:KLSHZ5V[HZKLVYPLU[HJP}U 0123$%(4&2,424&)-,"+ <UWSHUKLLZ[\KPVPU]VS\JYH\UJVUQ\U[VKLVIQL[P]VZKLSHWYLUKPaHQLHJVYKHKVZ`\UWSHULZ[Y\J[\YHKVKLHJ[P]PKHKLZV L_WLYPLUJPHZKPZL|HKHZWHYHSVNYHYKPJOVZVIQL[P]VZ`HWV`HYLSWYVJLZVKLHWYLUKPaHQL0UJS\`LLSTHYJV`SVZKVJ\TLU[VZ LZJYP[VZ\ZHKVZLUSHPUZ[Y\JJP}ULULSH\SH[HSLZJVTVSPIYVZKL[L_[VH`\KHZKLLUZL|HUaH`HWYLUKPaHQL`SVZ[LTHYPVZKL TH[LYPHX\LH`\KHUHSVZTHLZ[YVZ`THLZ[YHZHWSHUPÄJHYSHZHJ[P]PKHKLZLULSH\SH,USVZZPZ[LTHZKLLK\JHJP}UMVYTHSSVZ >3$*&-2%&2&-+0%(,2"&*&#$3)&*+&2-&2B,#)03$*2$2*(@&32*$'(,*$3<2)(&*+#$-23,-2>3$*&-2%&2&-+0%(,2%&23$2&%0'$'(.*2*,2B,#)$32>0&%&*2-&#2 MVYT\SHKVZWVYV[YVZNY\WVZ :PUPTWVY[HYSHJHU[PKHKKLTH[LYPHSLZX\LLZ[tKPZWVUPISLZLLZWLYHX\LSVZTHLZ[YVZ`THLZ[YHZZPNHU\UTHYJVÄQV`HZLN\YLU X\LSVZ`SHZLZ[\KPHU[LZSVNYLUJPLY[VZVIQL[P]VZKLSHWYLUKPaHQL:PIPLUW\LKLU[LULYWVJVJVU[YVSZVIYLLSWSHUKLLZ[\KPVWHYH 3,-2)$&-+#,-2>0&%&2-&#2>,-(D3&2(*',#>,#$#2)&*-$H&-2?2',*+&*(%,-2()>,#+$*+&-2%&2=$D(3(%$%&-2>$#$23$2@(%$2?2&%0'$'(.*2>$#$23$2 WHaK\YHU[LWLYxVKVZKLLTLYNLUJPH`YLJ\WLYHJP}U[LTWYHUH,Z[VZTLUZHQLZ`JVU[LUPKVZU\L]VZW\LKLUH`\KHYHZHS]HYSH @(%$2%&32&-+0%($*+&2,2D#(*%$#2>#,+&''(.*<2$)>3($#2>$#$23,-2&%0'$*%,-2?2&%0'$*%$-2-02',*,'()(&*+,2?2',)>#&*-(.*2%&32)0*%,2?2 KLJ}TVW\LKLUSSL]HY\UH]PKHWYVK\J[P]H`WHJxÄJH`H`\KHYSLZHKLZHYYVSSHYOHIPSPKHKLZYLX\LYPKHZWHYHLUJVU[YHYLTWSLV3VZ )$&-+#,-2?2)$&-+#$-<2H0*+,2',*2-0-2-0>&#@(-,#&-2?23$2',)0*(%$%<2>0&%&*2&-+$#2&*2'$>$'(%$%2%&2>#,),@&#2)&*-$H&-2()>,#+$*+&-2 LTWSLHUKVTt[VKVZKLLUZL|HUaHPUUV]HKVYLZ[HSLZJVTVSVZLUMVX\LZJLU[YHKVZLULSLZ[\KPHU[L 3-()+&2.$%J42%2&4*2.+(&",4*%,+&27+*2$+&2H%4&)*+&2.+(2*4&74.)+2%2$+&27$%(4&2,424&)-,"+B Ê2 iS$27$%(2,424&)-,"+2"(.$-:42H%)4*"%$4&2)4(,4(."+&+&h y( 3VZTHLZ[YVZ`THLZ[YHZW\LKLU[YHIHQHYJVUZ\ZZ\WLY]PZVYLZ`SHJVT\UPKHKWHYHPKLU[PÄJHYTH[LYPHSLZ %#1/#1,+'$'$(#1(4'$()421#$(/#(#$%"/+'(;"#(+1,4"?#1(#$%#&#'%+)'$('(&#)&#$#1%2,+'1#$(1#32%+92$(/#(3&")'$(/#( WLYZVUHZWVYNtULYVYHaHNY\WVt[UPJVYLSPNP}UJYLLUJPHZWVSx[PJHZ\IPJHJP}UNLVNYmÄJHVOHIPSPKHK y( 6#2(#4+-+12/'('(1'(#$%#(-2%#&+24(/#(+1-#/+2%'=(#$()'$+:4#(;"#(4'$(-2#$%&'$(?(-2#$%&2$()"#/21(23&#32&(,'1%#1+/'( 2/+,+'124('(2,%+9+/2/#$(#1(#4(2"42()2&2(/+$,"%+&(%#1/#1,+2$(?(2?"/2&(2(2$#3"&2&("1(#1%'&1'(/#(2"42(-N$(+1,4"$+9']aA(( 54(3L1#&'(?(42(#/",2,+*1(+1,4"$+92($'1(/'$(2$"1%'$(%#-N%+,'$(,429#(2($#&(,'1$+/#&2/'$()'&(4'$(-2#$%&'$A( Ê2 ie%2&")-%."/(2*4R-"4*42-(2.%HL"+24(24$27$%(2,424&)-,"+h2 y( fR"N4(#$(42(12%"&24#D2(/#(42(#-#&3#1,+2(?(;"L(+-)2,%'(>2(%#1+/'(#1(4'$(?(42$(#$%"/+21%#$h y( fB'$(#$%"/+21%#$(%+#1#1(4'$(,'1',+-+#1%'$(?(>2:+4+/2/#$()2&2(2/2)%2&$#(2($"(#1%'&1'(,2-:+2/'(?()&'%#3#&$#(#1(#4( E"%"&'h(( y( fg"L(+1E'&-2,+*1(2/+,+'124(1#,#$+%21(%#1#&(4'$(#$%"/+21%#$h(( y( 6+("12(+1"1/2,+*1=()'&(#<#-)4'=(>2(,'1%2-+12/'(#4(23"2()'%2:4#=(f;"L(1#,#$+%21($2:#&(4'$(?(42$(#$%"/+21%#$( WHYHWYV[LNLYZLHZxTPZTVZ`HZ\ZMHTPSPHZJVU[YHLUMLYTLKHKLZ[YHUZTP[PKHZWVYLSHN\H&:POH`\UJVUÅPJ[V 2&-2/'(,'1%+1"2/'(#1(#4(N&#2(?()'&(#<#-)4'=(>21($+/'(,'4',2/2$(-+12$(#1(4'$(,2-)'$(?(:'$;"#$=(f;"L(1#,#$+%21( $2:#&(4'$(?(42$(#$%"/+21%#$()2&2()&'%#3#&$#(2($F(-+$-'$(?(2($"$(E2-+4+2$(/#(4'$(/2C'$h(( y( B2()&'%#,,+*1(/#4(1+C'=(#4(2)'?'()$+,'$',+24(?(4'$(9F1,"4'$(,'1('%&'$($#,%'&#$(7%24#$(,'-'($24"/=(23"2(?( $21#2-+#1%'(?(1"%&+,+*18($'1()'$+:4#$(2$"1%'$(%#-N%+,'$(,429#(2($#&(,'1$+/#&2/'$()'&(4'$(-2#$%&'$(?(-2#$%&2$A( 5$%'()"#/#($#&()2&%+,"42&-#1%#(d%+4(24(#K)4'&2&(4'$(-#1$2<#$(/#(>2:+4+/2/#$()2&2(42(9+/2(;"#()"#/#1(:&+1/2&( )&'%#,,+*1(EF$+,2=(-#1%24(?(#-',+'124A( Ê2 i6/H+2&427-4,4(2"(.+*7+*%*2H4(&%=4&27+&")"J+&2*4$%)"J+&2%2$+&2,4*4.a+&2a-H%(+&82$%24,-.%."/(27%*%2$%27%<2:2 SHTP[PNHJP}UKLSJVUÅPJ[VLUSVZWSHULZKLLZ[\KPV& y( 6+(L$%'$(1'(#$%N1(+1,'&)'&2/'$(?2(#1(4'$()421#$(/#(#$%"/+'=(f>2?()"1%'$(/#(#1%&2/2(12%"&24#$(#1(4'$()421#$(/#( #$%"/+'()2&2(+1%&'/",+&(,'1,#)%'$(,429#h(( y( f5$()'$+:4#=()'&(#<#-)4'=(+1%&'/",+&(4'$(/#&#,>'$(>"-21'$('(4'$(/#&#,>'$(/#4(1+C'(#1("12(,42$#(/#(>+$%'&+2('(/#( ,+#1,+2h(f5$()'$+:4#(+1,4"+&(2,%+9+/2/#$(/#(#/",2,+*1()2&2(42()2D(#1("12(,42$#(/#(4#13"2<#h y( f54(,"&$'(#$%N(4+$%'()2&2(#/",2,+*1()2&2(42()2D=('(#$(-N$(2)&')+2/'("1(#1E';"#(,'-:+12/'(,'1(-+%+32,+*1(/#4( JVUÅPJ[VVZLHH`\KHYHSVZ`SHZLZ[\KPHU[LZHKLZHYYVSSHYOHIPSPKHKLZWHYHYLK\JPYLSPTWHJ[VULNH[P]VKLS JVUÅPJ[V`KLSH]PVSLUJPH& 21 Educación inclusiva: asegura el acceso y asistencia, la participación y el logro de todos los educandos y educandas en la educación, sin importar el género, las capacidades físicas y mentales, la raza, el grupo étnico, la religión, etc. 70 e4.)-*%&2&-#4*",%&2%2$+&2H%4&)*+&2*4$%)"J%&2%2$+&27$%(4&2,424&)-,"+B(7c2-:+L1(/+$)'1+:4#$()2&2(/#$,2&32(#1(PULLZP[L VYNYLZV\YJLWHJR(('(,"*4.)%H4()42%$23%R-4)42,42Q4.-*&+&24(2mmm1"(44&")41+*#\"(,4Z17a7\7+&)\*4&+-*.4n7%.o1('( $'4+,+%21/'("1(0!55(c''4T+%(#1([email protected](2[LHJOPUNSLHYUPUN'PULLZP[LVYNA8A 59*`<5,:*67,,9;LHJOLY.\PKL)HZPJ3P[LYHJ`5\TLYHJ`HUK;OLTLZMVY,]LY`KH`3P]PUN6ZSV!59*` <5,:*67,,9 6/*/9()*!;LHJOPUN/\THU9PNO[Z7YHJ[PJHS(J[P]P[PLZMVY7YPTHY`HUK:LJVUKHY`:JOVVSZ5\L]H@VYR5@! 5HJPVULZ<UPKHZ ;PIIP[[Z- /\THU9PNO[Z,K\JH[PVU*VYL*VTWL[LUJPLZ <5,:*6/HUKIVVRMVY3P[LYHJ`HUK5VU-VYTHS,K\JH[VYZPU(MYPJH7HYxZ!<5,:*6 >HY*OPSK/VSSHUK 0+,(33PMLZRPSSZ;YHPUPUN4VK\SLZ 5126%7%.")%."/(2,4$2H%4&)*+82,4&%**+$$+27*+94&"+(%$2:2%7+:+ 632$''&-,2',*+(*0$%,2$23$2'$>$'(+$'(.*<2&32%&-$##,33,2>#,B&-(,*$32?2&32$>,?,2>$#$2)$&-+#,-2?2)$&-+#$-2&-20*$2>$#+&2&-&*'($32%&2 SHLK\JHJP}UKLJHSPKHK,SJVUVJPTPLU[VKL\UTHLZ[YVKLSHZTH[LYPHZ`Z\JHWHJPKHKKLLTWSLHYSVZTt[VKVZKLLUZL|HUaH TmZLMLJ[P]VZLZ\UJVTWVULU[LLZLUJPHSKLHZLN\YHY\UHLK\JHJP}UKLJHSPKHK:PIPLULSKLZHYYVSSVWYVMLZPVUHSLZHTLU\KV PU[LYY\TWPKVK\YHU[LSVZKLZHZ[YLZ`SVZJVUÅPJ[VZHYTHKVZSHZLTLYNLUJPHZW\LKLUHIYPYSHVWVY[\UPKHKKLWYLZ[HYJHWHJP[HJP}U `HWV`VLZWLJPHSVZ\WSLTLU[HYPVHSVZTHLZ[YVZ`THLZ[YHZX\L[YHIHQHULUSHZJVT\UPKHKLZHMLJ[HKHZ,ZPTWVY[HU[LYLJVUVJLY X\LSVZTHLZ[YVZ[PLULUSPTP[HJPVULZ`[HTIPtUZVUHMLJ[HKVZWVYSHZLTLYNLUJPHZ"SVZTHLZ[YVZ`THLZ[YHZULJLZP[HU[LULYZ\Z >#,>($-2&-+#0'+0#$-2%&2$>,?,2>-(',-,'($32?2-&#2%,+$%,-2%&23$-2=$D(3(%$%&-2#&A0&#(%$-2>$#$2>#&-+$#2$>,?,2>-(',-,'($32-()(3$#2$2 SVZLZ[\KPHU[LZ(KPJPVUHSTLU[LZLNUSHUH[\YHSLaHKLSHLTLYNLUJPHW\LKLZLYULJLZHYPHSHJYLHJP}UKPYPNPKHKLJHWHJPKHKLU LUMVX\LZKLLK\JHJP}UPUJS\ZP]HZLUZPIPSPKHKKLNtULYVYLK\JJP}UKLSYPLZNVKLKLZHZ[YLTP[PNHJP}UKLSJVUÅPJ[VVOHIPSPKHKLZ KLYLZVS\JP}UKLSJVUÅPJ[VLK\JHJP}UWHYHSHWHa`JVTWYLUZP}UKL]xUJ\SVZPU[LYZLJ[VYPHSLZJSH]LVZLHZHS\KÙ\[YPJP}UHN\H `ZHULHTPLU[V`WYV[LJJP}UKLSUP|V,UVJHZPVULZLSTPUPZ[LYPVKLLK\JHJP}U`SVZPUZ[P[\[VZKLJHWHJP[HJP}UKLTHLZ[YVZVLS LX\P]HSLU[LJVSHIVYHYmUJVUV[YHZHNLUJPHZ`VYNHUPaHJPVULZWHYHVMYLJLYWYVNYHTHZKLJHWHJP[HJP}UYmWPKHLU[LTHZLZWLJxÄJVZ VKPYPNPKVZHmYLHZNLVNYmÄJHZWHY[PJ\SHYLZ*VTVLZ[VZWYVNYHTHZKLJHWHJP[HJP}UW\LKLUUVWYLZ[HYLSHWV`VYLX\LYPKVWVY [VKVZSVZTHLZ[YVZ`THLZ[YHZW\LKLYLZ\S[HYULJLZHYPVPKLU[PÄJHYSVZ]HJxVZYLZ[HU[LZ`WSHUPÄJHYWHYHZH[PZMHJLYLZHZULJLZPKHKLZ KLJHWHJP[HJP}U,U[VKVZSVZJHZVZLSTLQVYHWV`VSVYLJPILUSVZTHLZ[YVZ`THLZ[YHZKLZ\ZJVSLNHZ 3-()+&2.$%J42%2&4*2.+(&",4*%,+&27+*2$+&2H%4&)*+&2.+(2*4&74.)+2%2.%7%.")%."/(82,4&%**+$$+27*+94&"+(%$2:2%7+:+B2 Ê2 ij-A2+7+*)-(",%,4&24Z"&)4(27%*%2$%2.%7%.")%."/(2.+()"(-%,%24(24$2&4*J"."+h y( f54(-+1+$%#&+'(/#(#/",2,+*1('(4'$(+1$%+%"%'$(/#(,2)2,+%2,+*1(/#(-2#$%&'$(#$%N1(/21/'(,2)2,+%2,+*1(q#$%N1/2&r('( ,2)2,+%2,+*1(-N$(/+&+3+/2(,'1(,'1%#1+/'('(-L%'/'$(1"#9'$()2&2(42(#-#&3#1,+2h(S#($#&(2$F=(f"$%#/#$()"#/#1( )2&%+,+)2&h( y( fX2?('&321+D2,+'1#$(7+1,4"?#1/'(42(V!U=(V!I("('&321+D2,+'1#$(,'-"1+%2&+2$8(;"#(#$%N1('E&#,+#1/'()&'3&2-2$(/#( ,2)2,+%2,+*1()2&2(4'$(-2#$%&'$(?(-2#$%&2$h(S#($#&(2$F=(f"$%#/#$()"#/#1()2&%+,+)2&h( y( M'&(%"&1'$=(':$#&9#1(42$(,42$#$(/#('%&'$(-2#$%&'$(?(-2#$%&2$(?('E&#D,21(&#%&'24+-#1%2,+*1(#1%&#()2&#$A y( 6+(%+#1#1(42(')'&%"1+/2/(/#()2&%+,+)2&(#1("1(,"&$'(/#(,2)2,+%2,+*1=(#$()&#E#&+:4#(;"#()'&(4'(-#1'$(/'$(-2#$%&'$( ?(-2#$%&2$(/#(42(-+$-2(#$,"#42(2$+$%21()2&2(2)'?2&$#(#1%&#($FA(R"21/'(4'$(-2#$%&'$(?(-2#$%&2$(9"#4921(2(42( #$,"#42(/#(42(,2)2,+%2,+*1=(#$(&#,'-#1/2:4#(;"#(2)2&%#(%+#-)'()2&2(,'-)2&%+&('(&#24+D2&("12(-+1+@,2)2,+%2,+*1( JVUV[YVZTHLZ[YVZ`THLZ[YHZ,ZPTWVY[HU[LKPZJ\[PYSVZILULÄJPVZKLSHJHWHJP[HJP}USVZJHTIPVZLZWLYHKVZLU #4(2"42(?(#4(2)'?'(&#;"#&+/'()2&2(3#1#&2&("1(,2-:+'()'$+%+9'(?(/"&2/#&'A(( Ê2 ij-A2+7+*)-(",%,4&24Z"&)4(27%*%2.*4%*2&"&)4H%&2,42%7+:+2%2("J4$2,42$%24&.-4$%2+2.+H-(",%,h2 (\UX\LSVZTHLZ[YVZ`THLZ[YHZZLILULÄJPLU`YLJPIHUYLJVUVJPTPLU[VWVYSVZJ\YZVZKLJHWHJP[HJP}UVÄJPHSLZ 'E&#,+/'$()'&(#4(-+1+$%#&+'(/#(#/",2,+*1=(42$(23#1,+2$(/#(42(V!U("(V!I=(%2-:+L1(/#:#1(:"$,2&('%&2$(')'&%"1+/2/#$( )2&2(2)&#1/#&A(6#21(,&#2%+9'$(#1($"$(')'&%"1+/2/#$(/#(,2)2,+%2,+*1(?(,'1$+/#&#1(E"#1%#$(24%#&12$(/#(,2)2,+%2,+*1(?( 2)'?'A(u$%2$()"#/#1(+1,4"+&Q 71 (7i5+0*, N+)%B7HYHHX\LSSVZTHLZ[YVZ`THLZ[YHZX\LUV[PLULUHJJLZVHTH[LYPHSLZKLLUZL|HUaHVHWYLUKPaHQLLZJYP[VZZLYm PUJYLxISLTLU[LKPMxJPSZLN\PY\UWSHUKLLZ[\KPVVJ\TWSPYVIQL[P]VZKLSHWYLUKPaHQLLZWLYHKVZ,UJHZVZL_[YLTVZW\LKLZLY ULJLZHYPVYLJYLHYTH[LYPHSLZ\ZHUKVSHL_WLYPLUJPH`SVZJVUVJPTPLU[VZKLSWLYZVUHSLK\JH[P]VKPZWVUPISL`SVZTPLTIYVZKLSH JVT\UPKHK (7i5+0*, y( ,&#2&(,2/2($#-212('(-#$=(%+#-)'(?(#$)2,+'(,'1(4'$(-2#$%&'$(?(-2#$%&2$(/#($"(#$,"#42('(/#(#$,"#42$(/#4(N&#2( )2&2(,'-)2&%+&(#K)#&+#1,+2(?(,'1',+-+#1%' y( #-)2&#<2&(-2#$%&'$(?(-2#$%&2$(-#1'$(#K)#&+-#1%2/'$(,'1(-2#$%&'$(?(-2#$%&2$(-N$(#K)#&+-#1%2/'$(;"#( )"#/#1($#&9+&(,'-'(%"%'&#$A y( HZPNUHYº[YHIHQVLUJHZH»WHYHX\LJHKHTHLZ[YVVTHLZ[YHPU]LZ[PN\L\U[LTHLZWLJxÄJVWVYTLKPVKLSPIYVZ 42(&2/+'=(42(%#4#9+$+*1=('(>2:421/'(,'1(-+#-:&'$(/#(42(,'-"1+/2/(?()#&$'124(#/",2%+9'8(?(9'49#&(,'-'(3&")'(2( #1$#C2&$#(#1%&#($F y( )#/+&(2(42(#$,"#42('(,'-"1+/2/(,&#2&("1(q,#1%&'(/#(2)&#1/+D2<#r()2&2(4'$(-2#$%&'$(?(-2#$%&2$e(L$%#()"#/#($#&("1( LZWHJPVWLX\L|VKVUKLSVZTHLZ[YVZ[PLULU[PLTWV[YHUX\PSVWHYHYLÅL_PVUHY`WYLWHYHYZLWHYHSHZSLJJPVULZ #1,'1%&2&$#(,'1($"$()2&#$(?(24-2,#12&(-2%#&+24#$(/#(#1$#C21D2(?(2)&#1/+D2<# y( &#d121$#(/#(-21#&2(&#3"42&()2&2(,&#2&(-2%#&+24#$(/#(#1$#C21D2(?(2)&#1/+D2<#(/#(:2<'(,'$%'('($+1(,'$%'(,'1( -+#-:&'$(/#(42(,'-"1+/2/=()2/&#$(?(-2/&#$=('%&'$(-2#$%&'$(?(-2#$%&2$=('(3&")'$()#;"#C'$(/#(#/",21/'$(?( #/",21/2$ e4.)-*%&2&-#4*",%&2%2$+&2H%4&)*+&2*4$%)"J%&2%2.%7%.")%."/(82,4&%**+$$+27*+94&"+(%$2:2%7+:+B2;HTIPtUKPZWVUPISLZWHYH KLZJHYNHLUPULLZP[LVYNYLZV\YJLWHJRLZWLJxÄJHTLU[LLS7HX\L[LKL9LJ\YZVZ!^^^PULLZP[LVYNPUKL_WOWWVZ[YLZV\YJLF WHJRDVIPLUZVSPJP[HUKV\U05,,;VVSRP[LU*+964H[LHJOPUNSLHYUPUN'PULLZP[LVYN (UUHU1*HZ[LSSP3+L]YL\_(`3VJH[LSSP,/HUKIVVRMVY;LHJOLYZ2HTWHSH!(=:0 /VMMTHU( 4VK\SLPU3PMLZRPSSZ3LHYUPUNHUK;LHJOPUNMVY;LHJOPUN/0=HUK,K\JH[PVUPU,TLYNLUJ`5\L]H@VYR5@! <50*,- ;123*+.4&+&2,42"(&)*-.."/(2:2%7*4(,"<%=4 ,SWYVJLZVKLPUZ[Y\JJP}UZLKLÄULHX\xJVTVSHPU[LYHJJP}ULU[YLSVZLZ[\KPHU[LZSVZTHLZ[YVZ`LSWSHUKLLZ[\KPV,ZLSJLU[YV KLSWYVJLZVKLHWYLUKPaHQL`ZPN\LLSWSHUKLLZ[\KPVLZ[HISLJPKV+\YHU[LSHZLTLYNLUJPHZSHZULJLZPKHKLZKLSVZLK\JHUKVZ `KLZ\ZJVT\UPKHKLZPUJS\PKVZSVZTHLZ[YVZ`THLZ[YHZ`V[YVWLYZVUHSLK\JH[P]VW\LKLUJHTIPHYKYHTm[PJHTLU[L*YLHY &->$'(,-2-&"0#,-2?2>#,+&'+,#&-2%0#$*+&23$-2&)&#"&*'($-2&-20*2>$-,2*&'&-$#(,2=$'($23$2#&'0>&#$'(.*2+$*+,2>$#$2&32&-+0%($*+&2 (*%(@(%0$32',),2>$#$2-02',)0*(%$%2?$2A0&2#&&-+$D3&'&2#0+(*$-2?20*$2-&*-$'(.*2%&2*,#)$3(%$%<2$-C2',),2D#(*%$2>#,+&''(.*<2 OHIPSPKHKLZ`SHLZWLYHUaHKL\UM\[\YVTLQVY,SWYVJLZVKLPUZ[Y\JJP}UKLILHZLN\YHYSHPUJS\ZP}UKL[VKVZSVZ`SHZLZ[\KPHU[LZ [HU[VLULSHJJLZVHSHLK\JHJP}UJVTVLUSHWHY[PJPWHJP}UHJ[P]HLUSHZHJ[P]PKHKLZKLSH\SH=HYPVZHZ\U[VZ[LTm[PJVZJSH]LZVU >$#+('03$#)&*+&2>&#+(*&*+&-2&2()>,#+$*+&-2&*2&32>#,'&-,2%&2(*-+#0''(.*<2(*'30?&*%,23$2>#,+&''(.*2%&32*(9,<2&32$>,?,2>-(',-,'($3<23$2 LK\JHJP}UPUJS\ZP]HLSNtULYV`LSYLJVUVJPTPLU[VKLSVZKLYLJOVZO\THUVZ222 3-()+&2.$%J42%2&4*2.+(&",4*%,+&27+*2$+&2H%4&)*+&2.+(2*4&74.)+2%2$+&27*+.4&+&2,42"(&)*-.."/(2:2%7*4(,"<%=4B Ê2 '(J+$-.*%*2%2$+&27%,*4&2:2H%,*4&2:2%2H"4HL*+&2,42$%2.+H-(",%,24(2$+&27*+.4&+&2,42"(&)*-.."/(2:2%7*4(,"<%=4 y( G21%#132("12(,'-"1+,2,+*1(E"#&%#(,'1(4'$()2/&#$(?(-2/&#$(?(,'1(42$(,'-"1+/2/#$=(/+$,"%+#1/'(,"N1/'(?(,*-'( )"#/#1(2?"/2&=($"3+&+#1/'()&'?#,%'$(?(2,%+9+/2/#$(#$,'42&#$(#1(4'$(,"24#$()"#/#1()2&%+,+)2&(2,%+92-#1%#(,'1(4'$( #/",21/'$(?(#/",21/2$A(5$%'$()"#/#1(+1,4"+&(12&&2,+*1(/#(,"#1%'$=(2&%#$(?(-d$+,2=(/#)'&%#$=('(#K)#&+-#1%'$( JPLU[xÄJVZWHYHLU\TLYHY\UVZWVJVZ:PULJLZP[HZ\H`\KH[VTLTLKPKHZ`LU]xLYLJVYKH[VYPVZWVYHU[PJPWHKV` -"#$%&#(23&2/#,+-+#1%'(&#,'1',+L1/'4'$(#1(4'$(#9#1%'$(#$,'42&#$('(&#"1+'1#$(/#()2/&#$(?(-2#$%&'$A( Ê2 i6/H+27-4,4(2$+&2H%4&)*+&2:2H%4&)*%&2:2%&"&)4()4&2,424(&4O%(<%2%:-,%*2%2$+&24&)-,"%()4&2%2.+H7*4(,4*2:2 *4$%."+(%*&42.+(24$27$%(2,424&)-,"+h y( J)2&%2(%+#-)'()2&2(4#,,+'1#$(+1%#&2,%+92$=(?2(;"#(4'$(#$%"/+21%#$(2)&#1/#1(-#<'&(,"21/'()"#/#1(&#42,+'12&$#(,'1( 42$(4#,,+'1#$('($'$%#1#&(?("$2&(-2%#&+24#$A(B2$(4#,,+'1#$(+1%#&2,%+92$($'1()'$+:4#$(2"1(,"21/'(42(<'&12/2(#$,'42&( #$(,'&%2(?(4'$(#$%"/+21%#$($#()"#/#1(+19'4",&2&(#1(#1,'1%&2&('(,&#2&(4'$(-2%#&+24#$(/#(+1$%&",,+*1A(5<#-)4'$Q(,&#2&( q/+1#&'(+-23+12&+'r(,'1()+#/&2$(?()2)#4(?(>2,#&(;"#(4'$(#$%"/+21%#$(,'-)&#1(?(9#1/21(':<#%'$(+-23+12&+'$(#1%&#( $F=("$2&(-2%#&+24#$(12%"&24#$(7)'&(#<#-)4'=(>'<2$=()+#/&2$()#;"#C2$8()2&2(#1$#C2&(2(4'$(#$%"/+21%#$(-N$()#;"#C'$( 2(,'1%2&('("$2&(#,"2,+'1#$=('(+4"$%&2&(>+$%'&+2$('(>2,#&(/+:"<'$(/#(':<#%'$(;"#()"#/#1($#&(#-)4#2/'$(,'1(4'$( #$%"/+21%#$(-N$()#;"#C'$()2&2(2)&#1/#&(4'$(1'-:&#$(/#(4'$(':<#%'$(?($"('&%'3&2EF2A( y( 4\LZ[YLSVZSVNYVZKLSVZ`SHZLZ[\KPHU[LZJVSVJHUKVLS[YHIHQVLUSHZWHYLKLZVPKLU[PÄX\L\ULZWHJPVWISPJV /'1/#($"(%&2:2<'($#()"#/2(#K>+:+&=(,&#21/'(%21%'("12($#1$2,+*1(/#('&3"44'()2&2(4'$(#$%"/+21%#$(,'-'("12(E"#1%#( /#(-2%#&+24#$(/#(2)&#1/+D2<#()2&2('%&'$(#$%"/+21%#$A y( *VTWYLUKHZ\ZSPTP[HJPVULZLPU[LU[LPKLU[PÄJHYWLYZVUHZX\LSLW\LKHUHWV`HYLUTH[LYPHZX\LUVZVUZ\ )"1%'(E"#&%#A(R'1$+/#&#(%2-:+L1(2(;"+L1#$()"#/#($'4+,+%2&(;"#($#21(%"%'&#$()2&2(4'$(#$%"/+21%#$(7)'&(#<#-)4'=( #$%"/+21%#$(-2?'&#$()"#/#1(#1$#C2&(2(#$%"/+21%#$(-#1'&#$(?()2/&#$(?(-2/&#$()"#/#1(#1$#C2&(2(243"1'$( #$%"/+21%#$8A( 72 y( B'$()421#$(/#(4#,,+*1(/#$#-)#C21("1()2)#4(#$#1,+24(#1(2$#3"&2&(;"#($#(,"-)42(#4()421(/#(#$%"/+'(?(;"#(L$%#( $2%+$E232(42$(1#,#$+/2/#$(/#("12(,42$#('(3&")'(/#(#$%"/+21%#$()2&%+,"42&A(c'-2&(%+#-)'()2&2(#42:'&2&()421#$( ,'-)&#1$+9'$(/#:#(2"-#1%2&(42(#E#,%+9+/2/(/#(42(#1$#C21D2(?(2$#3"&2&(;"#(%'/'$(4'$(?(42$(#$%"/+21%#$(#$%L1( +19'4",&2/'$(-N$(2,%+92-#1%#(#1(#4()&',#$'(/#(2)&#1/+D2<#A(((( y( M"#/#($#&(1#,#$2&+'("$2&("12(92&+#/2/(/#(-L%'/'$(/#(#1$#C21D2()2&2(2$#3"&2&(;"#(%'/'$(4'$(#/",21/'$( `LK\JHUKHZZLILULÄJPLUKLSHZSLJJPVULZSVJ\HSW\LKLYLX\LYPYTmZ[PLTWVWHYHWSHUPÄJHY`VYNHUPaHYSH PUZ[Y\JJP}U0KLU[PÄX\LSVZTHLZ[YVZ`THLZ[YHZX\LLZ[mULUJPYJ\UZ[HUJPHZZPTPSHYLZLUZ\LZJ\LSHVLULZJ\LSHZ ]LJPUHZHWYV]LJOHUKVSHVWVY[\UPKHKWHYHHWYLUKLYÌLULÄJPHYZL\UVZKLV[YVZ*VUZPKLYLWHZHYKVZKxHZ #42:'&21/'(<"1%'$(4'$()421#$(/#(4#,,+*1(?(2,%+9+/2/#$(/+2&+2$(/#("1()421(-#1$"24A Ê2 i26/H+27-4,4(2%$4()%*2%$2%7*4(,"<%=42%.)"J+2$+&2H%4&)*+&2:2H%4&)*%&h y( B'$(#$%"/+21%#$(2)&#1/#1(-#<'&(,"21/'()"#/#1(2$',+2&(42$(2,%+9+/2/#$(/#(2)&#1/+D2<#(,'1($"()&')+2(9+/2(?( #K)#&+#1,+2(?($#($+#1%#1(+19'4",&2/'$(#1(#4()&',#$'(/#(2)&#1/+D2<#A(54(2)&#1/+D2<#(2,%+9'(E&#,"#1%#-#1%#(#-)4#2( "12(/+9#&$+/2/(/#(-L%'/'$(/#(#1$#C21D2(?(#$()'$+:4#(#1(,42$#$(%21%'(3&21/#$(,'-'()#;"#C2$A((( y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d%+4()2&2(#44'$=(#1$#C21D2(#1%&#()2&#$=( $+-"42,+'1#$(?(<"#3'$=('()&#$#1%2&()"1%'$(,429#(,'1(#$,&+%'$(,'&%'$=(%&2:2<'(2&%F$%+,'('(<"#3'$(/#(&'4A y( S+9+/2(,42$#$(3&21/#$(#1(3&")'$(-N$()#;"#C'$A(R'1$+/#&#(,*-'(#$%"/+21%#$(+1/+9+/"24#$(/#("1(3&")'()"#/#1( 2)'?2&(2(#$%"/+21%#$(-N$(/L:+4#$('(-N$(<*9#1#$A Ê2 6/H+27-4,4(2$+&2H%4&)*+&2:2H%4&)*%&2H%(4=%*2.-*&+&2#*%(,4&h y( c'-#(%+#-)'()2&2(,'1',#&(2($"$(#$%"/+21%#$(?(,'-)&#1/#&($"$(21%#,#/#1%#$(#/",2%+9'$(?()#&$'124#$()2&2( 2$#3"&2&(;"#("%+4+,#(2,%+9+/2/#$(?(>2:4#(/#("12(-21#&2(;"#(#44'$(#1%#1/#&N1A(51(,"&$'$(3&21/#$(#$%'(#$("12(%2&#2( /+EF,+4(?()"#/#(%'-2&(243d1(%+#-)'A(R'1$+/#&#(-21#&2$(,&#2%+92$(/#(2)&#1/#&(2,#&,2(/#(4'$(#$%"/+21%#$()'&(-#/+'( /#(%&2:2<'(2$+312/'()2&2(42(,2$2('(<"321/'(<"#3'$()2&2(/+$%&+:"+&4'$(#1(+1%#&#$#$($+-+42&#$A( y( G2K+-+,#(#4(#$)2,+'(/#4(2"42(#4+-+121/'(%'/'(':<#%'('(-2%#&+24(+11#,#$2&+'('()&':21/'(/+E#&#1%#$(/+$%&+:",+'1#$( /#(#$,&+%'&+'$(?($+442$=()#&-+%+#1/'(2(4'$(#$%"/+21%#$(-'9#&$#(?()2&%+,+)2&(#1(%&2:2<'(#1(3&")'(/#(-21#&2(-N$( 4+:&#A(M+/2(2(4'$(#$%"/+21%#$(2?"/2&(2(&#24+D2&(44"9+2$(/#(+/#2$(2,#&,2(/#(,*-'($#()"#/#("$2&(#4(#$)2,+'(/#(-21#&2( TmZLÄJPLU[L:POH`LZWHJPVZTmZWLX\L|VZVHIPLY[VZKPZWVUPISLZWVYM\LYHKLSH\SHX\LZPN\LUIYPUKHUKV WYV[LJJP}UJVUZPKLYLWLKPYHNY\WVZWLX\L|VZ[YHIHQHYHM\LYHWHYHHJ[P]PKHKLZLZWLJxÄJHZ,Z[VW\LKLZLY\UH ')'&%"1+/2/()2&2()#/+&(2(4'$()2/&#$(?(-2/&#$=('%&'$(-2#$%&'$(?(-2#$%&2$=('(<*9#1#$=(4+/#&2&=(-'1+%'&#2&('(2?"/2&( #1(2,%+9+/2/#$(/#(+1$%&",,+*1A(( y( R'1$+/#&#(42$(-",>2$(/+E#&#1%#$(-21#&2$(#1(;"#($#()"#/#(2)'?2&(2(#$%"/+21%#$(,'1(/+$,2)2,+/2/#$()2&2( ;"#()2&%+,+)#1(2,%+92-#1%#e(/#:#($#&()'$+:4#()&'-'9#&(#4(2)'?'(#1%&#()2&#$($+1(/+$,&+-+12&=(1+(>"-+442&(2(4'$( #$%"/+21%#$(/+$,2)2,+%2/'$A(M"#/#(>2:#&(#$%"/+21%#$(,'1(1#,#$+/2/#$(#$)#,+24#$=(+1,4"?#1/'(/+$,2)2,+/2/#$( EF$+,2$(%24#$(,'-'(42(+1,2)2,+/2/(/#(,2-+12&=(/#)#1/#1,+2(/#(-"4#%2$('(:2$%'1#$=($'&/#&2(,'-)4#%2('()2&,+24=( VJLN\LYHV]PZP}UKLÄJPLU[L*VUZPKLYLLUX\t\IPJHJP}UZLYmUTmZJHWHJLZKLWHY[PJPWHYHJ[P]HTLU[LLUSHZ 2,%+9+/2/#$(#1(#4(2"42A y( [2,+4+%#(#4(-'9+-+#1%'(/#(42(,42$#A(B'$(,"&$'$(3&21/#$()"#/#1($#&(&"+/'$'$(?(,2*%+,'$=()#&'(,'1(&#342$(?( /+&#,,+'1#$(,42&2$(%2-:+L1()"#/#1($#&(-21#<2/'$(,'1(-2?'&(E2,+4+/2/A(R'1$+/#&#(>2,#&(;"#(4'$(#$%"/+21%#$($#( '&321+,#1()'&(E"#&2(/#4(2"42(?()#/+&(;"#(#1%&#1(/#(-21#&2('&/#12/2A( y( <Z[LKW\LKLKLJPKPYKP]PKPYLSJ\YZVKLLZ[\KPHU[LZLUNY\WVZKLLKHKVNYHKVWVYLZJYP[VYPVÄSHVYPUJ}UKLSH\SH R'4',2/'$(#1(3&")'$(-N$()#;"#C'$=(4'$(#$%"/+21%#$(#1(,"&$'$(3&21/#$(?(/#(-d4%+)4#$(3&2/'$()"#/#1($#&(-N$( 2"%'/+&+3+/'$(?(&#$)'1$2:4#$()'&($"(%&2:2<'(?(/#(-N$(2?"/2(2($"$()2&#$A y( (R"21/'($#2()'$+:4#=(/+9+/2(,"&$'$(3&21/#$(#1(3&")'$()#;"#C'$()2&2(2,%+9+/2/#$('()&'?#,%'$()#;"#C'$A(M'&( #<#-)4'=(3&")'$()#;"#C'$()"#/#1(&#24+D2&("12()&#$#1%2,+*1(2,#&,2(/#(4'$(-#1$2<#$(-N$(+-)'&%21%#$(/#("12( 4#,,+*1(;"#(#4(-2#$%&'('(-2#$%&2(>2(/+,%2/'=(,'-)4#%2&("1(,'1<"1%'(/#(#<#&,+,+'$(-2%#-N%+,'$(<"1%'$=('(#$,&+:+&( "12(>+$%'&+2(<"1%'$()2&2("12(,42$#(/#(4#13"2<#A(R2-:+#(4'$(#$%"/+21%#$(/#(4'$(3&")'$()#;"#C'$(&#3"42&-#1%#()2&2( X\LZLW\LKHUILULÄJPHYKLPU[LYHJ[\HY`HWYLUKLYKLKPMLYLU[LZWHYLZ y( R'1$+/#&#(E'&-"42&("1(q,*/+3'(/#(,'1/",%2(/#4(,"&$'rA(5$%'($#(/#:#(&#24+D2&(,'1<"1%2-#1%#(,'1(4'$(#$%"/+21%#$( )2&2(;"#($#($+#1%21(/"#C'$(/#(L4(?($#21(24#1%2/'$(2(,'2/-+1+$%&2&(42(,42$#A(54(,*/+3'()"#/#(+1,4"+&()2"%2$(%24#$( ,'-'(4#921%2&(42(-21'(21%#$(/#(>2:42&=($#&(&#$)#%"'$'(?(#$,",>2&(2('%&'$(,"21/'(>2:421(?(,'-)2&%+&(&#,"&$'$( ,'-'(4+:&'$(/#(%#K%'(?(-2%#&+24#$(/#(#$,&+%"&2=(#1%&#('%&2$A(( Ê2 i6/H+27-4,4(2$+&2H%4&)*+&2:2H%4&)*%&27*+H+J4*2$%2,"&."7$"(%27+&")"J%h]] y( B2(/+$,+)4+12()'$+%+92(1'(,2$%+32(24(#$%"/+21%#($+1'(-N$(:+#1(/#$2&&'442(#4(:"#1(,'-)'&%2-+#1%'(/#4(#$%"/+21%#A( 0-)4+,2(242:2&(2(4'$(?(42$(#$%"/+21%#$()'&($#&(:"#1'$(?($#(#1E',2(#1()&'-'9#&(,'-)'&%2-+#1%'$()'$+%+9'$(#1( 22 Tomado principalmente de Practical Tips for Teaching Large Classes, Embracing Diversity Toolkit, Specialised Booklet 2, A Teacher’s Guide. UNESCO, 2006. 73 (7i5+0*, Ê2 i6/H+2&427-4,4(2.*4%*2%.)"J",%,4&2:27$%(4&2,42$4.."/(27%*%2%7+:%*24$2%7*4(,"<%=4h( (7i5+0*, 9#D(/#(,2$%+32&(#4(,'-)'&%2-+#1%'(1#32%+9'('(23&#$+9'=(2"1;"#()"#/#($#&(/+EF,+4(,"21/'(4'$(#$%"/+21%#$(#$%L1( &#$)'1/+#1/'(2(#9#1%'$()#&%"&:2/'&#$(#1(#1%'&1'$(/#(#-#&3#1,+2AA(( y( S#<#(#1(,42&'($"$(#K)#,%2%+92$(?(&#,"L&/#42$(2(4'$(#$%"/+21%#$(,"21/'($#(,'-)'&%21(-24(#1(,42$#A(( y( G'/#4#(#4(:"#1(,'-)'&%2-+#1%'A(B'$(#$%"/+21%#$(':$#&921(%'/'(?('?#1(%'/'(?(2)&#1/#1(,*-'(,'-)'&%2&$#( ':$#&921/'(-'/#4'$(/#(&'4A(M&'-"#92(42(,'-)&#1$+*1(/#4(,'-)'&%2-+#1%'()'$+%+9'(/#4(#$%"/+21%#(%&2%21/'(2( %'/'$(4'$(?(42$(#$%"/+21%#$(,'1(&#$)#%'(?()2,+#1,+2A 3HWSHU[PSSHKLWSHUPÄJHJP}UKLSLJJPVULZX\LZLWYLZLU[HHJVU[PU\HJP}UYLULLSLTLU[VZPTWVY[HU[LZHJVUZPKLYHYLUSH WSHUPÄJHJP}ULSTVUP[VYLV`SHL]HS\HJP}UKLSVZWYVJLZVZKLPUZ[Y\JJP}U`HWYLUKPaHQL:LW\LKLLTWSLHYWHYHPKLU[PÄJHYVIQL[P]VZ KLHWYLUKPaHQLNLULYHSLZ]xUJ\SVZJVULSWSHUKLLZ[\KPV`YLZ\S[HKVZJSHYVZLZWLYHKVZKLJHKHHJ[P]PKHK7VYLQLTWSVZP\UH SLJJP}UKLOPZ[VYPHLZ[mYLZL|HUKVSHZPU[LYHJJPVULZLU[YLKVZNY\WVZYHJPHSLZLUSHOPZ[VYPHKLSWHxZLSTHLZ[YVW\LKLKL[HSSHYSVZ JHTIPVZHU[PJPWHKVZLUSHZJVTWL[LUJPHZJVNUP[P]HZZVJPHSLZ`WYmJ[PJHZKLSVZLZ[\KPHU[LZHZxJVTVLSPTWHJ[VLUZ\KLZHYYVSSV WLYZVUHSVZLU[PKVKLPKLU[PKHK,STHLZ[YVVTHLZ[YHS\LNVW\LKLPKLU[PÄJHYSVZTt[VKVZKLLUZL|HUaHHZLY\[PSPaHKVZLUSH SLJJP}ULSTt[VKVX\LLTWSLHYmWHYHL]HS\HYLSH]HUJLKLSVZLZ[\KPHU[LZ`SVZTH[LYPHSLZYLX\LYPKVZWHYHWYLZLU[HYSHSLJJP}U (KPJPVUHSTLU[LLSTHLZ[YVVTHLZ[YHW\LKLYLZL|HYJ}TVLZ[HSLJJP}ULUJHQHJVUV[YHZSLJJPVULZKLOPZ[VYPHVKLV[YHZmYLHZ [LTm[PJHZ4HU[LULYYLNPZ[YVZZPTPSHYLZHLZ[VWLYTP[PYmHSVZTHLZ[YVZ`THLZ[YHZJYLHYWSHULZ`ZLN\PYLSH]HUJLKLSJ\YZVHS L]HS\HYSVZYLZ\S[HKVZKLSHWYLUKPaHQLKLSVZ`SHZLZ[\KPHU[LZ ;HISH!7SHU[PSSHKLT\LZ[YHWHYHSHWSHUPÄJHJP}UKLSLJJPVULZ 5VTIYLKLSHSLJJP}U! .YHKV! 5$+&#($I 7YLWHYHKVWVY! 6IQL[P]VZKLSHSLJJP}U! *VU[LUPKVHKPJPVUHSVTLUZHQLZH[YHUZTP[PYLUSHSLJJP}UTmZHSSmKLSWSHUKLLZ[\KPVLZ[mUKHY!WVYLQLTWSV!HZ\U[VZ[LTm[PJVZ JSH]LLZWLJxÄJVZ[HSLZJVTVKLYLJOVZO\THUVZLK\JHJP}UWHYHSHWHaJVUVJPTPLU[VKLS=0/:0+(L[J"HWYLUKLYHJVSHIVYHY WVYTLKPVKLS[YHIHQVLUWYV`LJ[VZ"SHPTWVY[HUJPH`LS]HSVYKLSZLY]PJPVHSHJVT\UPKHK"L[J 9LZL|HNLULYHSKLSJVU[LUPKVVSLJJP}U! 0KLU[PÄX\LSVZYLZ\S[HKVZKLSHWYLUKPaHQLLZWLYHKVZLUSHZZPN\PLU[LZmYLHZHJVU[PU\HJP}UZLNUZLHWLY[PULU[L! *VUVJPTPLU[VZHJ[P[\KLZV =$D(3(%$%&-2',"*(+(@$- *VUVJPTPLU[VZHJ[P[\KLZV *VUVJPTPLU[VZHJ[P[\KLZV =$D(3(%$%&-2>&#-,*$3&=$D(3(%$%&-2-,'($3&- *VUVJPTPLU[VZHJ[P[\KLZV OHIPSPKHKLZWYmJ[PJHZ ¦8\tTt[VKVZKLLUZL|HUaHLZ[mUWYL]PZ[VZ&[YHIHQVLUNY\WVZWLX\L|VZWYLN\U[HZ`YLZW\LZ[HZQ\LNVZHJ[P]PKHKLZ PU[LYHJ[P]HZJVUMLYLUJPHZL[J (UmSPZPZKLSVZYLZ\S[HKVZKLSHWYLUKPaHQLJ}TVZLTLKPYmU`YLNPZ[YHYmUSVZJHTIPVZLUSVZJVUVJPTPLU[VZHJ[P[\KLZ` =$D(3(%$%&-2%&23,-2&-+0%($*+&-OI 9LJ\YZVZYLX\LYPKVZYLJ\YZVZKLYLMLYLUJPHVTH[LYPHSLZ! e4.)-*%&2&-#4*",%&2%2$+&2H%4&)*+&2*4$%)"J%&2%2$+&27*+.4&+&2,42"(&)*-.."/(2:2%7*4(,"<%=4B27c2-:+L1(/+$)'1+:4#$()2&2( /#$,2&32(#1(+1##$+%#A'&3P&#$'"&,#)2,T('(/+&#,%2-#1%#(#4(M2;"#%#(/#(.#,"&$'$Q(OOOA+1##$+%#A'&3P+1/#KA)>)P)'$%P&#$'"&,#x )2,TAt('(:+#1($'4+,+%21/'("1(0!55(c''4T+%(#1([email protected](2(%#2,>+134#2&1+13b+1##$+%#A'&3A8 0U[LYUH[PVUHS9LZJ\L*VTTP[[LL*YLH[PUN/LHSPUN*SHZZYVVTZ!.\PKLMVY;LHJOLYZHUK;LHJOLY,K\JH[VYZ5\L]H@VYR 5@!0U[LYUH[PVUHS9LZJ\L*VTTP[[LL 0U[LYUH[PVUHS9LZJ\L*VTTP[[LL*YLH[PUN/LHSPUN*SHZZYVVTZ!;VVSZMVY;LHJOLYZHUK;LHJOLY,K\JH[VYZ5\L]H@VYR 5@!0U[LYUH[PVUHS9LZJ\L*VTTP[[LL 74 <5,:*6 7YHJ[PJHS;PWZMVY;LHJOPUN3HYNL*SHZZLZ)HUNRVR!<5,:*6)HUNRVR <5,:*6 ;LHJOPUN*OPSKYLU^P[O+PZHIPSP[PLZPU0UJS\ZP]L:L[[PUNZ)HUNRVR!<5,:*6)HUNRVR >12S$2%(@$"&"&2,42$+&2*4&-$)%,+&2,4$2%7*4(,"<%=4 ,SHUmSPZPZKLSVZYLZ\S[HKVZKLSHWYLUKPaHQLPU]VS\JYHTLKPYLSH]HUJLKLSLZ[\KPHU[LJVUSVZVIQL[P]VZKLHWYLUKPaHQLKLÄUPKVZ X\LKLILULZ[HYYLZL|HKVZLUSVZWSHULZKLLZ[\KPV*VTWYLUKLYLSH]HUJLKL\ULZ[\KPHU[LVJ\YZVWLYTP[LHSVZTHLZ[YVZ` THLZ[YHZPKLU[PÄJHYTLQVYSHZULJLZPKHKLZKLSVZLK\JHUKVZ`LK\JHUKHZ`YLHSPaHYSHZHKHW[HJPVULZULJLZHYPHZHSVZWSHULZKL SLJJP}UVWYLZ[HYHWV`VKPYPNPKVHSVZ`SHZLZ[\KPHU[LZ,_PZ[LUKVZ[PWVZKLL]HS\HJP}U! Ê! (UmSPZPZMVYTH[P]VJVU[PU\V#$(#4(21N4+$+$(/+2&+'('(&#3"42&(/#4(2921,#(/#("1(#$%"/+21%#A(5$%2(+1E'&-2,+*1($#()"#/#( \ZHYWHYHTLQVYHYLSWYVJLZVKLLUZL|HUaH`HWYLUKPaHQLKLPUTLKPH[VTVKPÄJHUKVSVZLUMVX\LZ`TH[LYPHSLZKL #1$#121D2A(5<#-)4'$(/#(#$%'($'1Q(42(':$#&92,+*1(/#(,*-'($#(+19'4",&2(#4(#$%"/+21%#(#1(42(,42$#(?(,'1($"$()2&#$=(2$F( ,'-'($"(/#$#-)#C'(#1(#4(%&2:2<'(2$+312/'()2&2(42(,2$2=(4'$(+1E'&-#$('&24#$(?(#1$2?'$(#$,&+%'$=(#1%&#('%&'$A( Ê( J1N4+$+$Z\TH[P]VJVU[PU\V#$(42(#924"2,+*1(/#4(2)&#1/+D2<#(21%#&+'&()2&2(/#%#&-+12&(#4(4'3&'(/#("1(#$%"/+21%#=( L_WYLZHKVJVUTH`VYMYLJ\LUJPHLUJHSPÄJHJPVULZ,Z[VZL\ZHHTLU\KVWHYHKL[LYTPUHYZP\ULZ[\KPHU[LLZ[mSPZ[V WHYHWHZHYHSZPN\PLU[LNYHKVVUP]LS,SLQLTWSVTmZUV[HISLKLLZ[VLZLS\ZVKLL_mTLULZHSÄUHSKLSH|VHJHKtTPJV VHSÄUHSKLSHLZJ\LSHWYPTHYPHPU[LYTLKPHVZLJ\UKHYPH M"1%'$(,429#(2($#&(,'1$+/#&2/'$()'&(4'$(-2#$%&'$(,'1(&#$)#,%'(24(21N4+$+$(/#(4'$(&#$"4%2/'$(/#4(2)&#1/+D2<#Q Ê2 i6-@$4&2&+(2$+&2HA)+,+&2,42%(@$"&"&2H@&2494.)"J+&2:2%7*+7"%,+&h y( B'$(#KN-#1#$(12,+'124#$($'1("12(E'&-2(/#(2124+D2&(#4(4'3&'(/#(4'$(#$%"/+21%#$A(5$(+-)'&%21%#(2$#3"&2&(;"#(4'$(?(42$( LZ[\KPHU[LZLZ[tULUJHWHJPKHKKLLU[YHYHSVZL_mTLULZJVUJVUÄHUaHLUZ\JHWHJPKHKKLKLZLTWL|HYZLIPLU y( B'$(#KN-#1#$()"#/#1(1'($#&(42(-21#&2(-N$(#E#,%+92(/#(-'$%&2&(#4(2921,#e(2/+,+'124-#1%#=(4'$(#$%"/+21%#$( )"#/#1(#1,'1%&2&(4'$(#KN-#1#$(?('%&2$(E'&-2$(%&2/+,+'124#$(/#(21N4+$+$(-"?(#$%&#$21%#$A(R'1$+/#&#($+('),+'1#$( 24%#&12$($'1()'$+:4#$(#1(,+#&%'$()"1%'$(/#4(,24#1/2&+'(2,2/L-+,'=(2124+D21/'(#4(/#$#-)#C'(/#(4'$(?(42$( #$%"/+21%#$(#1(2,%+9+/2/#$(/#(3&")'()#;"#C'("('%&'$(#<#&,+,+'$(/#(2)&#1/+D2<#(2,%+9'A y( ['&-"42&()&#3"1%2$(2:+#&%2$(#1(9#D(/#()&#3"1%2$(q$+P1'r('(/#($#4#,,+*1(-d4%+)4#(:&+1/2(2(4'$(#$%"/+21%#$("12( ')'&%"1+/2/(/#(-'$%&2&(;"L(%21(:+#1(>21(#1%#1/+/'(42(4#,,+*1('(-2%#&+2A( Ê2 i6/H+2&427-4,42-&%*24$2%(@$"&"&27%*%2H4=+*%*24$27*+.4&+2,424(&4O%(<%2:2%7*4(,"<%=4h y( 7\LKLUL_PZ[PYZPZ[LTHZWHYHYLJVWPSHYKH[VZVÄJPHSLZWHYHZ\Z\WLY]PZVYWLYV\Z[LKW\LKL[HTIPtUKLZLHY -21%#1#&($"()&')+'($+$%#-2(/#(&#,')+42,+*1(?(&#3+$%&'(/#(+1E'&-2,+*1(/#(21N4+$+$(;"#(4#()#&-+%2(&2$%&#2&(#4( )&'3&#$'(/#(4'$(#$%"/+21%#$(2(%&29L$(/#4(%+#-)'A(5$%'()"#/#(+1,4"+&(&#3+$%&'$(/+2&+'$(/#(2$+$%#1,+2=(2$"1%'$( KPZJPWSPUHYPVZYLHSPaHJP}UKL[YHIHQVLZJVSHYLUJHZHJHSPÄJHJPVULZKL[YHIHQVHZPNUHKV`JHSPÄJHJPVULZKLWY\LIHZ '(#KN-#1#$A(c2-:+L1()"#/#(/#$#2&(&#3+$%&2&(#4(1+9#4(/#()2&%+,+)2,+*1(/#4(#$%"/+21%#('($"(+1%#&L$(#1(42$(,42$#$=($"( ,2)2,+/2/(/#(%&2:2<2&(,'1('%&'$(#1(%&2:2<'$(2$+312/'$=($"(/#$2&&'44'(/#(>2:+4+/2/#$($',+24#$(?(/#(,'-"1+,2,+*1=("( '%&'$(%+)'$(/#(+1E'&-2,+*1(;"#(,'1$+/#&#(2)&')+2/'(,'1(:2$#(#1(#4()421(/#(#$%"/+'=(4'$(':<#%+9'$(/#(2)&#1/+D2<#(?( 42$(2,%+9+/2/#$(/#(,42$#A( y( B'$(#$%"/+21%#$()"#/#1(#$%2&(#1%&21/'(2(42(,42$#(,'1(#K)#&+#1,+2(?(>2:+4+/2/#$(-"?(/+E#&#1%#$A(B2$()&"#:2$( +1+,+24#$(/#(q1+9#42,+*1r()"#/#1($#&(d%+4#$()2&2(/#%#&-+12&(#4(1+9#4(/#(2)'?'(;"#()"#/#(1#,#$+%2&("1(#$%"/+21%#( LZWLJxÄJV,Z[HZWY\LIHZKLUP]LSHJP}UW\LKLUZLYVYHSLZVLZJYP[HZZLNUSHZLKHKLZLSUP]LSLK\JH[P]V`SH /+$)'1+:+4+/2/(/#(&#,"&$'$(?(%+#-)'A(51(,"&$'$(-"?(3&21/#$=()2&%+,"42&-#1%#(,'1(#$%"/+21%#$(&#,+L1(/#$)42D2/'$( '(&#E"3+2/'$=()"#/#($#&(d%+4()#/+&(2('%&'$(-2#$%&'$=(#$%"/+21%#$(-2?'&#$('()2/&#$(?(-2/&#$(2?"/2&(,'1(#$%2( )&"#:2(/#(1+9#42,+*1(+1+,+24A( y( *VUZPKLYLSHWVZPIPSPKHKKLJYLHYWLYÄSLZKLLZ[\KPHU[LWHYHYHZ[YLHYLSWYVNYLZVKLSVZLZ[\KPHU[LZPUKP]PK\HSLZ 3VZWLYÄSLZZVUJVTWPSHJPVULZKLPUMVYTHJP}UWLY[PULU[LHJLYJHKLSVZ`SHZLZ[\KPHU[LZ`W\LKLUPUJS\PY +1E'&-2,+*1(/#(21%#,#/#1%#$(7#/2/=(1+9#4P#K)#&+#1,+2(#/",2%+9'=(+1E'&-2,+*1(#$)#,+24(&#42%+92(2(42($+%"2,+*1( MHTPSPHYL[JHZxJVTVSVNYVZKLHWYLUKPaHQLWYVNYLZVZLTHUHSVTLUZ\HSJHSPÄJHJPVULZKL[VKVZSVZ[YHIHQVZ LZJVSHYLZ`L_mTLULZL[J3HJYLHJP}UKLWLYÄSLZHZLN\YHX\L\UHHTWSPHNHTHKLPUMVYTHJP}UZLYLJVWPSHLU "1($*4'(E'&-2%'A(J"1;"#(#$%'(,'1$"-#(%+#-)'(?()"#/#(1'($#&()'$+:4#(,'1(,"&$'$(3&21/#$=(#$("12(>#&&2-+#1%2( [PSWHYHTVUP[VYLHYKLIPSPKHKLZLPKLU[PÄJHYZVS\JPVULZ`\UHTHULYHHTHISLJVULS\Z\HYPVWHYHJVTWHY[PY +1E'&-2,+*1(,'1(%21%'()2/&#$(?(-2/&#$(,'-'(-2#$%&'$(,"21/'(4'$(#$%"/+21%#$(2921,#1(24($+3"+#1%#(3&2/'('(1+9#4A(( y( 6'1(#$#1,+24#$(4'$(+1E'&-#$(/#(2,%"24+D2,+*1(&#3"42&#$(2(4'$()2/&#$(?(,"+/2/'&#$A(B'$()2/&#$(?(,"+/2/'&#$()"#/#1( $#&(-N$(,2)2,#$(/#()&#$%2&(2)'?'(#1(,2$2($+(#1%+#1/#1(42$(1#,#$+/2/#$(/#4(#$%"/+21%#A(( 75 (7i5+0*, 4HJRZV\K4/LSWPUN*OPSKYLU*VWL^P[O[OL:[YLZZLZVM>HY!(4HU\HSMVY7HYLU[ZHUK;LHJOLYZ5\L]H@VYR5@! <50*,- (7i5+0*, y( X2,#&(,'-#1%2&+'$('&24#$(2(4'$(?(42$(#$%"/+21%#$(#$(+-)'&%21%#(/#(>2,#&()2&2(;"#($#($+#1%21(+19'4",&2/'$(#1( $"(#/",2,+*1A(5$(/#(2?"/2($+(4'$(-2#$%&'$(?(-2#$%&2$(:&+1/21(,'-#1%2&+'$(,'1$%&",%+9'$(&#42%+9'$(2(4'$(4'3&'$( 2/#-N$(/#(+1/+,2&(4'$(%#-2$(#1(4'$(,"24#$(#4(#$%"/+21%#(1#,#$+%2(#1E',2&(-N$(#1#&3F2A( y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e4.)-*%&2&-#4*",%&2%2$+&2H%4&)*+&2*4$%)"J%&2%$2%(@$"&"&2,42$+&2*4&-$)%,+&2,4$2%7*4(,"<%=4B(7c2-:+L1(/+$)'1+:4#$()2&2( KLZJHYNHLUPULLZP[LVYNYLZV\YJLWHJRLZWLJxÄJHTLU[L7HX\L[LKL9LJ\YZVZ!^^^PULLZP[LVYNPUKL_WOWWVZ[YLZV\YJLF WHJR'(:+#1($'4+,+%21/'("1(0!55(c''4T+%(#1([email protected](2([LHJOPUNSLHYUPUN'PULLZP[LVYNA8 (ZZLZZTLU[PZMVY3LHYUPUN(P-3,HYS`@LHYZ:LSM(ZZLZZTLU[;VVSRP[.SHZNV^!3LHYUPUNHUK;LHJOPUN:JV[SHUK *YLH[P]L(ZZVJPH[LZ0U[LYUH[PVUHS;VVSRP[MVY(ZZLZZPUNHUK7YVTV[PUN,X\P[`PU[OL*SHZZYVVT7YVK\J[PVUVM,X\P[`PU[OL *SHZZYVVT,0*7YVQLJ[>HZOPUN[VU+*!*YLH[P]L(ZZVJPH[LZ0U[LYUH[PVUHS0UJ <:(0+,HYS`.YHKL9LHKPUN(ZZLZZTLU[,.9(*VUZ\S[HKVLUSH>LIKLQ\UPV 76 .YHJPHZWVYJVTWHY[PYZ\L_WLYPLUJPHJVULS\ZVKLSHZ5V[HZKLVYPLU[HJP}UYLSH[P]HZHSHLUZL|HUaH`LSHWYLUKPaHQL2?2&32 7HX\L[LKL9LJ\YZVZKLSH05,,,Z[VZJVTLU[HYPVZPUMVYTHYmU\UHHJ[\HSPaHJP}U`\UHLZ[YH[LNPHWHYHSHWYVTVJP}UKLLZ[HZ OLYYHTPLU[HZ 3+*29%J+*2*4&7+(,%2)%()%&27*4#-()%&2.+H+2&4%27+&"L$42:2,4J-A$J%$+2%2$%2!4.*4)%*I%2,42$%2'NSS2%2)4%.a"(#$4%*("(#p "(44&")41+*#12M%HL"A(27-4,42*4#"&)*%*2.+H4()%*"+&24(2$I(4%24(2"(44&")41+*#\944,L%.o12 4&'=$I 5VTIYL! 6YNHUPaHJP}U`JHYNV! 1(#&''(.*I ;LStMVUVMH_! *VYYLVLSLJ[Y}UPJV!2 ¦,UX\tTVTLU[VKLSHYLZW\LZ[HLK\JH[P]HLTLYNLUJPHHN\KHJYPZPZJY}UPJHYLJ\WLYHJP}U[LTWYHUHLTWSL}SHZ5V[HZKL VYPLU[HJP}UYLSH[P]HZHSHLUZL|HUaH`LSHWYLUKPaHQL&¦,Z[mLTWSLHUKVLSKVJ\TLU[V`LS7HX\L[LKL9LJ\YZVZQ\U[VZ&+L ZLYHZx¦KLX\tTHULYH& ,U\TLYLSHZTHULYHZLUX\L\Z[LKVZ\VYNHUPaHJP}UOH\ZHKVSHZ5V[HZKLVYPLU[HJP}UYLSH[P]HZHSHLUZL|HUaH`LS #8&'.(/3#;':LH[HULZWLJxÄJVJVTVZLHWVZPISLLPUJS\`HSHZTHULYHZKLOHILYHSN\UHLUX\LHKHW[}SHZ5V[HZKL VYPLU[HJP}UHZ\JVU[L_[V`HS[YHIHQVKLZ\WYV`LJ[VVYNHUPaHJP}UJVVYKPUHJP}ULZ[Y\J[\YHL[J ¦*\mSLZZLJJPVULZKLSHZ5V[HZKLVYPLU[HJP}UVKLS7HX\L[LKL9LJ\YZVZLUJVU[Y}KLTH`VY\[PSPKHKLUZ\[YHIHQV&,_WSPX\L WVYX\tM\LYVU[PSLZ ¦*\mSLZZLJJPVULZUVM\LYVU[PSLZVPUTLKPH[HTLU[LWLY[PULU[LZWHYH\Z[LKZ\VYNHUPaHJP}UVLSJVU[L_[VLUX\L[YHIHQH& ,_WSPX\L ¦7\LKL\Z[LKJVTWHY[PYHSN\UHSLJJP}UHWYLUKPKH`VLQLTWSVKLI\LUHWYmJ[PJHKLZ\L_WLYPLUJPHJVULS\ZVKLSHZ5V[HZKL VYPLU[HJP}U>$#$2+#$+$#2$-0*+,-2%&2>3$*2%&2&-+0%(,<2(*-+#0''(.*<2'$>$'(+$'(.*2%&2)$&-+#,-2?M,2&@$30$'(.*2%&23,-2#&-03+$%,-2%&32 HWYLUKPaHQLLUZ\JVU[L_[V& *VUIHZLLUZ\L_WLYPLUJPH¦X\tPUMVYTHJP}U`VOLYYHTPLU[HZHKPJPVUHSLZWVKYxHUZLYHNYLNHKHZHSHZ5V[HZKLVYPLU[HJP}U YLSH[P]HZHSHLUZL|HUaH`LSHWYLUKPaHQL`HS7HX\L[LKL9LJ\YZVZWHYHMHJPSP[HYSHWSHUPÄJHJP}UKLWYVNYHTHZKLLUZL|HUaH` $>#&*%(7$H&E (WVY[LJ\HSX\PLYJVTLU[HYPVVYL[YVHSPTLU[HJP}UHKPJPVUHSHJLYJHKLSHZ5V[HZKLVYPLU[HJP}UYLSH[P]HZHSHLUZL|HUaH`LS #8&'.(/3#;'`LS7HX\L[LKL9LJ\YZVZ 77 (7i5+0*, !>P*%('&2NI24,#)03$#(,2>$#$2',)&*+$#(,- S&)42H%)4*"%$2a%2&",+2)*%,-.",+2:2*47*+,-.",+2#*%."%&2%$2%7+:+2#4(4*+&+2,42 VN'6S[2:2,4$2U+L"4*(+2,42$+&23%I&4&2]%=+& Inter-Agency Network for Education in Emergencies Réseau Inter-Agences pour l´Éducation en Situations dÚrgence La Red Interagencial para la Educación en Situaciones de Emergencia Rede Inter-Institucional para a Educação em Situação de Emergência

Notas de orientación relativas a la enseñanza y el

Documentos relacionados

Productos

Apoyo

Notas de orientación relativas a la enseñanza y el

Documentos relacionados

Añadir este documento a la recogida (s)

Añadir a este documento guardado

Sugiéranos cómo mejorar StudyLib