BOLETIN DE NUEVAS ADQUISICIONES DE LA BIBLIOTECA – “P. FLORENTINO IDOATE, S.J.” Universidad Centroamericana – “José Simeón Cañas” San Salvador, El Salvador América Central Número XXVI Junio 2006 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Catálogo en Línea: www.uca.edu.sv Correo Electrónico: [email protected] Teléfono: (503) 2210-6600, Ext. 277 (Correo de Voz) ó (503) 2210-6657 (teléfono y fax) Dra. Katherine Miller, Directora, Biblioteca “P. Florentino Idoate, S.J.” Universidad Centroamericana - “José Simeón Cañas” Boulevard Los Próceres, San Salvador, El Salvador, América Central Dirección para correspondencia internacional: Katherine Miller, Biblioteca UCA Universidad Centroamericana Vip-Sal 568 P.O. Box 025364, Miami, Florida 33102-5364, USA/EE.UU ,1',&( $&7,9,'$'(6&8/785$/(6'(%,%/,27(&$«««««««««««««««««««««««««««««LYLL $'0,1,675$&,21'((035(6$6$/*81$618(9$6$'48,6,&,21(6 ........................................................................... 1 $175232/2*,$$/*81$618(9$6$'48,6,&,21(6 ......................................................................................................... 2 $548,7(&785$$/*81$618(9$6$'48,6,&,21(6 .......................................................................................................... 2 $57($/*81$618(9$6$'48,6,&,21(6 .............................................................................................................................. 2 $8',2%22.$/*81$618(9$6$'48,6,&,21(6 ............................................................................................................... 3 %,%/,27(&2/2*Ì$$/*81$618(9$6$'48,6,&,21(6 ..................................................................................................... 4 %,2*5$),$6$/*81$618(9$6$'48,6,&,21(6 ................................................................................................................. 4 &,(1&,$6'(/$&20387$&,21$/*81$618(9$6$'48,6,&,21(6 ........................................................................... 5 &,(1&,$6(&2120,&$6$/*81$618(9$6$'48,6,&,21(6 ........................................................................................... 6 &,(1&,$6'(/$('8&$&,21$/*81$618(9$6$'48,6,&,21(6 ................................................................................. 7 &,(1&,$6),6,&$6$/*81$618(9$6$'48,6,&,21(6 ....................................................................................................... 8 &,(1&,$6-85,',&$6$/*81$618(9$6$'48,6,&,21(6.................................................................................................. 8 &,(1&,$61$785$/(6$/*81$618(9$6$'48,6,&,21(6 ............................................................................................ 10 &,(1&,$632/,7,&$6$/*81$618(9$6$'48,6,&,21(6 ............................................................................................... 10 &,1($/*81$618(9$6$'48,6,&,21(6............................................................................................................................. 12 &2/(&&,21-89(178'$/*81$618(9$6$'48,6,&,21(6 .......................................................................................... 13 &2/(&&,Ð16$/9$'25(f$$/*81$618(9$6$'48,6,&,21(6 &2081,&$&,Ð162&,$/$/*81$618(9$6$'48,6,&,21(6 ................................................................................. 13 ....................................................................................... 13 &217$'85,$$/*81$618(9$6$'48,6,&,21(6 ............................................................................................................ 14 '(5(&+26+80$126$/*81$618(9$6$'48,6,&,21(6 ............................................................................................ 14 '2&80(1726*8%(51$0(17$/(6$/*81$618(9$6$'48,6,&,21(6 ................................................................... 14 '5$0$$/*81$618(9$6$'48,6,&,21(6 ....................................................................................................................... 15 (67e7,&$$/*81$618(9$6$'48,6,&,21(6.................................................................................................................... 15 ),/262),$$/*81$618(9$6$'48,6,&,21(6 .................................................................................................................. 16 *(1(52$/*81$618(9$6$'48,6,&,21(6 ...................................................................................................................... 17 *(2/2*,$$/*81$618(9$6$'48,6,&,21(6 .................................................................................................................. 18 +,6725,$$/*81$618(9$6$'48,6,&,21(6.................................................................................................................... 18 ,',20$6$/*81$618(9$6$'48,6,&,21(6 ..................................................................................................................... 21 ,1*(1,(5,$$/*81$618(9$6$'48,6,&,21(6 ................................................................................................................ 21 /(75$6$/*81$618(9$6$'48,6,&,21(6........................................................................................................................ 24 0$7(0$7,&$6$/*81$618(9$6$'48,6,&,21(6.......................................................................................................... 29 086,&$$/*81$618(9$6$'48,6,&,21(6...................................................................................................................... 29 23(5$$/*81$618(9$6$'48,6,&,21(6 ......................................................................................................................... 32 36,&2/2*,$$/*81$618(9$6$'48,6,&,21(6............................................................................................................... 32 5()(5(1&,$$/*81$618(9$6$'48,6,&,21(6............................................................................................................... 33 6$/8'38%/,&$$/*81$618(9$6$'48,6,&,21(6 ........................................................................................................ 34 62&,2/2*,$$/*81$618(9$6$'48,6,&,21(6.............................................................................................................. 34 7($752$/*81$618(9$6$'48,6,&,21(6 ...................................................................................................................... 34 7(2/2*,$$/*81$618(9$6$'48,6,&,21(6 .................................................................................................................. 35 85%$1,602$/*81$618(9$6$'48,6,&,21(6 ............................................................................................................... 36 '21$&,Ð1'('56$/9$'25)216(&$6- ..................................................................................................................... 36 '21$&,Ð1'('50$85,&,2*$%25,76- ....................................................................................................................... 36 '21$&,Ð1'('5+8*2*8',(/6- .................................................................................................................................. 37 '21$&,Ð1'('55,&$5'25248(%$/'29,126 .......................................................................................................... 37 '21$&,Ð1'(-26e+(51É1'(=&$67(//Ð1 .................................................................................................................... 37 '21$&,Ð1'(/,&0$5,$)(51$1'(= ................................................................................................................................ 37 '21$&,Ð1'(/,&'$1,(/('8$5'26$17269$648(=............................................................................................... 38 '21$&,Ð1'(/,&&/$8',$0$5,$+(51$1'(= ............................................................................................................. 38 '21$&,21'('5$/9$52$57,*$*21=$/(= ................................................................................................................ 38 '21$&,Ð1'(/,&1(/621*21=$/(= ............................................................................................................................... 38 '21$&,Ð1'('50$18(/0217(&,12 ............................................................................................................................ 38 '21$&,Ð1'('5$1'5(:.,56&+0$1 ............................................................................................................................ 38 '21$&,Ð1'(/,&5(1e=(/$<$ ........................................................................................................................................... 38 '21$&,Ð1'(/,&26&$55(1e6É1&+(= ......................................................................................................................... 39 '21$&,Ð1'(/,&/(7,&,$&$/'(521'(25(//$1$ .................................................................................................... 39 '21$&,Ð1'('5-$9,(50216(55$7 ............................................................................................................................... 39 '21$&,Ð1'(/,&-26e52%(572%85*269,$/( ............................................................................................................ 39 '21$&,Ð1'('(3$57$0(172'(),/262),$81,9(56,'$'$872120$0(75232/,7$1$,=7$3$/$3$ . 40 '21$&,Ð1'(81,9(56,'$'(&$72/,&$'(3(51$0%8&2 .......................................................................................... 40 '21$&,Ð1'('(3$57$0(172'((&2120Ì$'(/$8&$ ........................................................................................... 40 '21$&,Ð1'(%$1&2&(175$/'(5(6(59$'((/6$/9$'25 .................................................................................. 40 '21$&,Ð1'((6&8(/$',3/20É7,&$ ................................................................................................................................ 41 '21$&,Ð1'(/$25*$1,=$&,Ð1'(/$61$&,21(681,'$6 ..................................................................................... 41 '21$&,21'(/0,1,67(5,2'(('8&$&,Ð1'((/6$/9$'25 .................................................................................... 41 '21$&,Ð1'(/0,1,67(5,2'(0(',2$0%,(17('((/6$/9$'25 .......................................................................... 41 '21$&,Ð1'(/$&257(6835(0$'(-867,&,$ ............................................................................................................... 41 '21$&,Ð1'(/$(0%$-$'$'(/$5(38%/,&$'(&+,1$7$,:$1(1(/6$/9$'25 ........................................ 42 '21$&,21'(/$(0%$-$'$'(0(;,&2(1(/6$/9$'25 .......................................................................................... 42 '21$&,Ð1'(/$(0%$-$'$'(/$5(38%/,&$)('(5$/'($/(0$1,$(1(/6$/9$'25 .................................. 42 '21$&,Ð1'(/$(0%$-$'$'()5$1&,$(1(/6$/9$'25 ......................................................................................... 42 '21$&,Ð1'(3238/$7,215()(5(1&(%85($8:$6+,1*721'& ...................................................................... 42 '21$&,Ð1'(/$-817$'(9,*,/$1&,$(/(&725$/'((/6$/9$'25 .................................................................... 42 '21$&,Ð1'(/'(372'(&,(1&,$6(1(5*(7,&$6<)/8,'$68&$ ......................................................................... 42 '21$&,Ð1'(&281&,/21/,%5$5<$1',1)250$7,215(6285&(6 ...................................................................... 43 '21$&,Ð1'(81,9(56,'$''(&267$5,&$ .................................................................................................................... 43 '21$&,Ð1'(-$3$1(6(/,7(5$785(38%/,6+,1*352-(&772.,2 ........................................................................... 43 '21$&,Ð1'(683(5,17(1'(1&,$'(/6,67(0$),1$1&,(52(/6$/9$'25 ........................................................ 43 '21$&,Ð1'(683(5,17(1'(1&,$'(3(16,21(6(/6$/9$'25 .............................................................................. 43 '21$&,Ð1'(6$9(7+(&+,/'5(168(&,$ ...................................................................................................................... 43 '21$&,Ð1'($62&,$&,Ð1'(81,9(56,'$'(6-(68,7$6'($0e5,&$/$7,1$ ..................................................... 43 '21$&,Ð1'(/,167,787281,9(56,7$5,2'(23,1,Ð13Ó%/,&$,8'23'(/$8&$ ......................................... 43 '21$&,Ð1'(65$50$1'2&$55$1=$<65$*/25,$&$6752'(&$55$1=$................................................. 44 ACTIVIDADES CULTURALES DE LA BIBLIOTECA – “P. FLORENTINO IDOATE, S.J.” CURSO: “EL VIEJO CONTINENTE: SIGLOS X-XX¨ APRECIACIÓN DE MÚSICA, LITERATURA, FILOSOFÍA Y CINE NOTA: LAS CLASES ESTÁN ABIERTAS AL PÚBLICO CON CARNET VIGENTE TODAS LAS ACTIVIDADES SE REALIZARÁN EN EL SALÓN MULTI-USOS DE ESTA BIBLIOTECA (Presentaciones y discusiones en español) Los días lunes, martes y jueves el horario de clase es de 5:15 – 7:15 P.M. Los días sábado: 9:00 – 11:30 A.M. Mayor información: [email protected] Teléfono: 2210-6600, Ext. 277 y 278 PROGRAMACIÓN: JULIO HASTA DICIEMBRE 2006 Lunes, 03 julio: NOCHE DE CINE: Mary Shelley. “FRANKENSTEIN” Director: Sir Kenneth Branagh. Martes, 04 julio: Presentación y discusión de la novela de Mary Shelley: FRANKENSTEIN Miércoles, 05 julio: Continuación de la discusión de FRANKENSTEIN Jueves, 06 julio: Presentación sobre les philosophes y CANDIDE de Voltaire Sábado, 08 julio: NOCHE DE CINE: William Makepeace Thackeray “VANITY FAIR”, Parte I Director Marc Munden Lunes, 10 julio: NOCHE DE CINE: “VANITY FAIR”, Parte II Martes, 11 julio: Presentación sobre Polonia, Rusia y Europa del Este en los siglos XVII y XVIII Miércoles, 12 julio: Continuación de la presentación sobre Polonia, Rusia y Europa del Este, siglos XVII y XVIII Jueves, 13 julio: Presentación y discusión sobre MARY WOLLSTONECRFT: LA VINDICACIÓN DE LOS DERECHOS DE LA MUJER y la Revolución Francesa Sábado, 15 julio: CINE Y DISCUSIÓN: Peter Weiss. “MARAT – SADE” Director Peter Brooke, 1967. Con Patrick Magee y Ian Richardson. LL Lunes, 17 julio: NOCHE DE CINE: Jane Austen “PRIDE AND PREJUDICE” (nueva versión) Director: Joe Wright, 2005 Con Keira Knightley y Matthew MacFayden Martes, 18 julio: Presentación y discusión sobre JONATHAN SWIFT y la cuestión irlandés: “A MODEST PROPOSAL” (UNA PROPUESTA HUMILDE) Miércoles, 19 julio: NOCHE DE CINE: ¨Jonathan Swift: “GULLIVER´S TRAVELS” (LOS VIAJES DE GULLIVER) Director: Charles Sturridge, 1995 Con Mary Steenburguen, James Fox, Geraldine Chaplin. Jueves, 20 julio: Continuación de la discusión de la sátira del siglo XVIII en Inglaterra: JONATHAN SWIFT, ALEXANDER POPE, ADDISON y STEELE (TATLER AND SPECTATOR) Sábado 22 julio: NOCHE DE CINE: “DANTON” Director: Andrzej Wajda, 1983 Con Gerard Despardieu. 26 JULIO HASTA 07 AGOSTO: NO HAY ACTIVIDADES. FIESTAS AGOSTINAS Martes, 08 agosto: NOCHE DE CINE: Lev Tolstoi “WAR AND PEACE”, Director: Sergei Bondarchuk, 1965 Parte I Con Liudmila Savalieva, Sergei Bondarchuk. Miércoles, 09 agosto: NOCHE DE CINE: Lev Tolstoi Jueves, 10 agosto: NOCHE DE CINE: Charles Dickens. “BLEAK HOUSE”, (CASA DESOLADA) Director: Justin Hardwick para el BBC de Londres. Parte I Sábado, 12 agosto: CINE: “BLEAK HOUSE”, Parte II Lunes, 14 agosto: CINE: “BLEAK HOUSE”, Parte III “WAR AND PEACE”, Parte II Martes, 15 agosto: CINE: Henry Fielding. “THE HISTORY OF TOM JONES, A FOUNDLING” Director: Metin Hüseyin para BBC de Londres, Parte I Miércoles, 16 agosto: CINE: “THE HISTORY OF TOM JONES, A FOUNDLING” , Parte II Jueves, 17 agosto: Presentación y discusión sobre la novela y drama del siglo XVIII y la Restauración inglesa y la drama francesa del siglo XVIII Sábado, 18 agosto: CINE: William Makepeace Thackeray: “THE LUCK OF BARRY LYNDON” Director: Stanley Kubrick, 1975 Lunes, 21 agosto: NOCHE DE CINE: Daniel Defoe. “MOLL FLANDERS” Director: Pen Densham, 1996 Martes, 22 agosto: Presentación y discusión sobre la novela de Ivan Turgueniev FATHERS AND SONS (PADRES E HIJOS) Miércoles, 23 agosto: NOCHE DE CINE: Anton Chekov “THE CHERRY ORCHARD” Director: Michael Cacoyannis, 1999 Con Charlotte Rampling y Alan Bates. LLL Jueves, 24 agosto: Continuación de la discusión sobre Ivan Turgueniev FATHERS AND SONS (PADRES E HIJOS) Sábado, 26 agosto: CINE Y DISCUSIÓN: Opera de Georges Bizet: “CARMEN” (nueva versión) Director Musical: Giorgio Croci, 1998 Lunes, 28 agosto: NOCHE DE CINE: “SENSO” Director: Lucchino Visconti, 1998 Martes, 29 agosto: Presentación y discusión sobre Il Risorgimiento, Cavour, Garibaldi como trasfondo histórico para la novela de Guiseppe di Lampedusa: EL GATOPARDO Miércoles, 30 agosto: NOCHE DE CINE: “THE LEOPARD”(IL GATOPARDO) Director: Luchino Visconti, 1965 Con Alain Delon, Claudia Cardenale y Burt Lancaster Jueves, 31 agosto: Presentación y discusión sobre la novela de Lampedusa: EL GATOPARDO Sábado, 02 septiembre: CINE Y DISCUSIÓN: “THE LEOPARD”, Parte II Lunes, 04 septiembre: NOCHE DE CINE: “NAPOLEON” parte I Director: David Grubin, 2000 Martes, 05 septiembre: NOCHE DE CINE: “NAPOLEÓN” parte II Miércoles, 06 septiembre: NOCHE DE CINE: “CASO DE HONOR: DREYFUSS” Director: Ken Russell, 1991 con Richard Dreyfuss Jueves, 07 septiembre: Presentación y discusión sobre el Caso Dreyfuss, les impressionistes, De Stijl, Die Blaue Ritter, Die Brücke, Bauhaus, Dada y les surrealistes Sábado, 09 septiembre: CINE: “THE IMPRESSIONISTS: THE OTHER FRENCH REVOLUTION” Director: Bruce Alfred, 2001 Lunes, 12 septiembre: NOCHE DE CINE: “WORLD WAR I IN COLOR” (LA PRIMERA GUERRA MUNDIAL A COLOR” Martes, 13 septiembre: NOCHE DE CINE “CINEMA EUROPA: EL OTRO HOLLYWOOD” parte I Miércoles, 14 septiembre: NOCHE DE CINE “CINEMA EUROPA: EL OTRO HOLLYWOOD”, parte II Jueves, 15 septiembre: NO HAY CLASE Sábado, 16 septiembre: NO HAY CLASE Lunes, 18 septiembre: NOCHE DE CINE: “THE GOOD SOLDIER SCHWEIK” EL BUEN SOLDADO SCHWEIK) Martes, 19 septiembre: Presentación y discusión de Franz Kafka EL CASTILLO Miércoles, 20 septiembre: NOCHE DE CINE Franz Kafka. “THE TRIAL” (EL PROCESO) Director: Orson Welles, 1963 Con Anthony Perkins, Jeanne Moreau Jueves, 21 septiembre: LY Continuación de la discusión de EL CASTILLO Sábado, 23 septiembre: CINE Y DISCUSIÓN: “KAFKA” Director: Steven Soderbergh, 1992 Con Jeremy Irons Lunes, 25 septiembre: NOCHE DE CINE: “ROCCO AND HIS BROTHERS” (ROCCO Y SUS HERMANOS) Director: Luchino Visconti, 1960 Con Alain Delon, Claudia Cardinale Martes, 26 septiembre: Presentación y discusión sobre el ensayo de Walter Benjamín: “LA OBRA DE ARTE EN LA EPOCA DE LA REPRODUCCIÓN MECÁNICA” Miércoles, 27septiembre: NOCHE DE CINE: Obchod Na Korze “THE SHOP ON MAIN STREET” Director: Jan Kadar, 1965 Jueves, 28 septiembre: Continuación de la discusión del ensayo de Walter Benjamín. Sábado, 30 septiembre: CINE Y DISCUSIÓN: Günter Grass. “THE TIN DRUM” Director: Volker Schlondorff, 1979 (EL TAMBOR DE HOJALATA) Lunes, 02 octubre: NOCHE DE CINE: “LA LENGUA DE LA MARIPOSA” Director: Manuel Rivas, 1998 Martes, 03 octubre: Presentación y discusión sobre la novela de Thomas Mann MARIO Y EL MAGO (audiolibro) Miércoles, 04 octubre: NOCHE DE CINE: “THE RUSSIAN FRONT” Ericsson, Parte I Jueves, 05 octubre: Continuación de la discusión de MARIO Y EL MAGO Sábado, 07 octubre: CINE Y DISCUSIÓN: Lunes, 09 octubre: NOCHE DE CINE: “LA BELLE EPOQUE” Director: Fernando Trueba, 1994 Con Penelope Cruz Martes, 10 octubre: NOCHE DE CINE: “LANDSCAPE AFTER WAR” Director: Andrej Wajda. Miércoles, 11 octubre: NOCHE DE CINE: “LACOMBE, LUCIEN” Director: Louis Malle, 1972 Jueves, 12 octubre: Presentación y discusión del vídeo: “LACOMBE, LUCIEN” “THE RUSSIAN FRONT” Parte II Sábado, 14 octubre: CINE YDISCUSIÓN: “STALINGRADO” Director: Joseph Vilsmaeier, 1993 Lunes, 16 octubre: NOCHE DE CINE: “THE MARRIAGE OF MARIA BRAUN” (EL MATRIMONIO DE MARIA BRAUN) Director: Rainer Werner Fassbinder, 1979 Martes, 17 octobre: Presentación sobre la ocupación de Paris por Alemania (Albert Camus, Jean-Paul Sartre, Aimé Cesaire, Leopold Senghor, Frantz Fanon) Miércoles, 18 octubre: NOCHE DE CINE: “THE SORROW AND THE PITY”, Parte I (LE CHAGRIN ET LA PITIÉ) Director: Marcel Ophuls, 1969 Jueves, 19 octubre: NOCHE DE CINE: “THE SORROW AND THE PITY”, Parte II Y Sábado, 21 octubre: CINE Y DISCUSIÓN: “CHRIST STOPPED AT EBOLI” (CRISTO SE DETUVO ANTES DE EBOLI) Director: Francesco Rosi, 1979 Lunes, 23 octubre: NOCHE DE CINE: “AU REVOIR LES ENFANTS” Director: Louis Malle, 1987 Martes, 24 octubre: Presentación y discusión de la novela de ALBERT CAMUS EL EXTRANJERO Miércoles, 25 octubre: NOCHE DE CINE: “ALPHAVILLE” Director: Jean Luc Godard, 1965 Jueves, 26 octubre: Continuación de la discusión de EL EXTRANJERO Sábado, 28 octubre: CINE Y DISCUSIÓN: “ASHES AND DIAMONDS” Director Andrej Wajda, 1958 Lunes, 30 octubre: NOCHE DE CINE: “OPEN CITY” (CITTÀ APERTA) (CIUDAD ABIERTA) Director: Roberto Rossellini, 1945 Martes, 31 octubre: Presentación sobre Europa en la Post-Guerra, el Plan Marshall y la nouvelle vague Miércoles, 01 noviembre: NOCHE DE CINE: “JULES ET JIM” Director Francois Truffaut, 1962 Jueves, 02 noviembre: NO HAY CLASE Sábado, 04 noviembre: CINE Y DISCUSIÓN: “LA GUERRE EST FINIE” Director : Alain Resnais, 1966 Lunes, 06 noviembre: NOCHE DE CINE: “THE BATTLE OF ALGIERS” (LA BATALLA DE ARGELIA) Director: Gillo Pontecorvo, 1965 Martes, 07 noviembre: Presentación y discusión sobre el ensayo de Frantz Fanon “THE PITFALLS OF NARROW NATIONALIST CONSCIOUSNESS” (LA CONCIENCIA NACIONAL) Miércoles, 08 noviembre: NOCHE DE CINE: “PATRICE LUMUMBA” Director: Raoul Peck, 2002 Jueves, 09noviembre: Continuación de la discusión de Frantz Fanon Sábado, 10 noviembre: CINE Y DISCUSIÓN: “ROSTOV-LUANDA” Director: Abderrahmane Sissako, 1997 14-18 noviembre: NO HAY CLASE Lunes, 20 noviembre: NOCHE DE CINE: “Z” Director Costa-Gavras, 1963 Martes, 21 noviembre: Presentación y discusión del Vigésimo Congreso del PCUS y el Proceso Slansky Miércoles, 22 noviembre: NOCHE DE CINE: “L´AVEU” (LA CONFESIÓN) Director Andrez Wajda, 1970 Jueves, 23 noviembre: Discusión del vìdeos “Z” y “L´AVEU” (LA CONFESIÓN) Sábado, 25 noviembre: CINE Y DISCUSIÓN: Jiri Menzel “CLOSELY WATCHED TRAINS” (TRENES CUIDADOSAMENTE VIGILADOS) Director: Jiri Menzel, 1966 YL Lunes, 27 noviembre: NO HAY CLASE Martes, 28 noviembre: Presentación y discusión de la poesia post-guerra de T.S. Eliot y Ezra Pound Miércoles, 29 noviembre: NOCHE DE CINE: “THE STEAM-ROLLER AND THE VIOLIN” Director: Tarkovsky, 2002 Jueves, 30 noviembre: Presentación y discussion del poema de T.S. Eliot: “THE WASTELAND” (LA TIERRA BALDÍA) Sábado, 02 diciembre: CINE Y DISCUSIÓN: “THE YOUNG DR. FREUD” (EL JOVEN DR. FREUD) Director: Axel Corti, 1976 Lunes, 04 diciembre: NOCHE DE CINE: Luis Buñuel: “THE EXTERMINATING ANGEL” (EL ANGEL DE LA MUERTE) Director: Luis Buñuel, 1962 Martes, 05 diciembre: Continuación de la discusión de LA TIERRA BALDÍA (THE WASTELAND) Miércoles, 06 diciembre: NOCHE DE CINE: Jean Cocteau. “ORPHEE” Director: Jean Cocteau, 1979. Con Jean Marais, Maria Casares Jueves, 07diciembre: Una consideración de la poesia rusa de la post-guerra: Blok y Mayakovsky Sábado, 08 diciembre: CINE Y DISCUSIÓN: “PERSONA” Director: Ingmar Bergman, 1966 Con Bibi Andersson Lunes, 11 diciembre: NOCHE DE CINE: “THE UNBEARABLE LIGHTNESS OF BEING” Director: Philip Kaufman, 1999 Martes, 12 diciembre: Presentación y discusión de la poesía polaca de la post-guerra: CZESLAW MILOSZ y ZBIGNIEW HERBERT Miércoles, 13 diciembre: NOCHE DE CINE: Henrik Ibsen. “THE DOLL´S HOUSE” (LA CASA DE MUÑECAS) Director: Patrick Garland, 1973. Con Claire Bloom y Anthony Hopkins Jueves, 14 diciembre: Continuación de la discusión de Czeslaw Milosz y Zbigniew Herbert Sábado, 15 diciembre: CINE Y DISCUSIÓN: “I AM DINA” (YO SOY DINA) Director: Ole Bornedal, 2002 Con María Bonnevie y Gerard Depardieu YLL $'0,1,675$&,21'((035(6$6$/*81$618(9$6$'48,6,&,21(6 $/'$*5DPyQ-'LVHxRGH7DUHDV\0RWLYDFLyQGH3HUVRQDO0p[LFR')7ULOODV %$//285RQDOG+/RJtVWLFD$GPLQLVWUDFLyQGHOD&DGHQDGH6XPLQLVWUR0p[LFR')3HDUVRQ>&'520@ %/2&.$OEHUWR'HVDUUROORGH&DSDFLGDGHV$GPLQLVWUDWLYDVFRQ(MHPSORV\(MHUFLFLRV$SOLFDEOHVDOD(GXFDFLyQ 0p[LFR')7ULOODV %5(1(6$UQROGR(G6ROGDGRVFRPR(PSUHVDULRVORV1HJRFLRVGHORV0LOLWDUHVHQ&HQWURDPpULFD6DQ-RVp )XQGDFLyQ$ULDVSDUDOD3D]\HO3URJUHVR+XPDQR &$67,//2(QULTXHGHO6WDWLVWLFDO3URFHVV$GMXVWPHQWIRU4XDOLW\&RQWURO1HZ<RUN-RKQ:LOH\6RQV &(&6$0iV$OOiGHOD5HLQJHQLHUtD7iFWLFDVGH6XSHUYLYHQFLDSDUDHO6LJOR;;,0p[LFR')&(&6$ &+$6(5LFKDUG%$GPLQLVWUDFLyQGHOD3URGXFFLyQ\2SHUDFLRQHVSDUDXQD9HQWDMD&RPSHWLWLYD0p[LFR') 0F*UDZ+LOO &+,$9(1$72,GDOEHUWR,QWURGXFFLyQDOD7HRUtD*HQHUDOGHOD$GPLQLVWUDFLyQ0p[LFR')0F*UDZ+LOO '$9,'621:LOOLDP+$OWD7HFQRORJtDHQ0HUFDGRWHFQLD0p[LFR')&(&6$ '20,1*8(=&DEUHUD0DUtDGHO3LQR(O5HJLVWURGH%XTXHV(PEDUFDFLRQHV\$UWHIDFWRV1DYDOHV0DGULG'LOH[ '211(//<-DPHV+)XQGDPHQWDORI0DQDJHPHQW3ODQR%XVLQHVV3XEOLFDWLRQV )('(5$&,21,17(51$&,21$/'($'0,1,675$'25$6'()21'26'(3(16,21(6/D5HIRUPDGH3HQVLRQHVHQ (XURSDGHO(VWH([SHULHQFLDV\3HUVSHFWLYDV6DQWLDJRGH&KLOH)HGHUDFLyQ,QWHUQDFLRQDOGH $GPLQLVWUDGRUDVGH)RQGRVGH3HQVLRQHV BBBBBBBB,QYHUVLyQGHORV)RQGRVGH3HQVLRQHV6DQWLDJRGH&KLOH)HGHUDFLyQ,QWHUQDFLRQDOGH$GPLQLVWUDGRUDV GH)RQGRVGH3HQVLRQHV )(51$1'(=0ROLQD-RVp$QWRQLR0HUFDGR(PSUHVDULRV\7UDEDMR/D6LGHUXUJLDHQHO5HLQRGH*XDWHPDOD 6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH,PSUHVRV 3257(50LFKDHO(9HQWDMD&RPSHWLWLYD&UHDFLyQ\6RVWHQLPLHQWRGHXQ'HVHPSHxR6XSHULRU0p[LFR') &(&6$ 5+,6$86,-RVp/XLV,,)RUR,WDOR/DWLQRDPHULFDQR$OLDQ]DVSDUDHO'HVDUUROORGHODV3\0(V*XDGDODMDUD &XDGHUQRV,,/$ 52%%,166WHSKHQ3&RPSRUWDPLHQWR2UJDQL]DFLRQDO6O3HDUVRQ>&'520@ BBBBBBBB&RPSRUWDPLHQWR2UJDQL]DFLRQDO1DXFDOSDQGH-XiUH]3HDUVRQ 52'5,*8(=9DOHQFLD-RDTXtQ&yPR(ODERUDU\8VDUORV0DQXDOHV$GPLQLVWUDWLYRV0p[LFR'),QWHUQDWLRQDO 7KRPVRQ 6$17(60$6(60HVWUH0LJXHO'<$1(9HUVLyQ'LVHxR\$QiOLVLVGH(QFXHVWDVGH,QYHVWLJDFLyQ6RFLDO\GH 0HUFDGRV0DGULG3LUiPLGH BBBBBBB'<$1(9HUVLyQ'LVHxR\$QiOLVLVGH(QFXHVWDV0DGULG3LUiPLGH>&'520@ 6&+52('(55RJHU$GPLQLVWUDFLyQGH2SHUDFLRQHV&RQFHSWR\&DVRV&RQWHPSRUiQHRV0p[LFR')0F*UDZ +LOO 683(5,17(1'(1&,$'(3(16,21(6'((/6$/9$'250RGHORVGH6XSHUYLVLyQ%DVDGRVHQ5LHVJRVSDUDORV )RQGRVGH3HQVLRQHV6DQ6DOYDGRU6XSHULQWHQGHQFLDGH3HQVLRQHVGH(O6DOYDGRU 72'2/,&HUYHUD)HUUDQ&UHDFLyQGH(PSUHVDV3DVRD3DVR%LOEDR&,66 :+(77(1'DYLG$'HVDUUROORGH+DELOLGDGHV'LUHFWLYDV6O3HDUVRQ>&'520@ :,1(55XVVHOO60DUNHWLQJ0DQDJHPHQW1HZ<RUN1HZ<RUN8QLYHUVLW\ $175232/2*,$$/*81$618(9$6$'48,6,&,21(6 %526,860DULD7KH3HUVLDQDQ,QWURGXFWLRQ1HZ<RUN5RXWOHGJH (6&$/$17($UFH3HGUR$QWRQLR/RV7OD[FDOWHFDVHQ&HQWUR$PpULFD6DQ6DOYDGRU'LUHFFLy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´3DUDGLVH/RVWµ1HZ<RUN'RYHU3XEOLFDWLRQV BBBBBBBB7KH'RUp%LEOH,OOXVWUDWLRQV3ODWHVE\*XVWDYH'RUp1HZ<RUN'RYHU3XEOLFDWLRQV (&28PEHUWR/D'HILQLFLyQGHO$UWH%DUFHORQD'HVWLQR )/25(6GH(VFDODQWH$tGD-RVp0HMtD9LGHV3LQWRUGH&X]FDWOiQ6DQ6DOYDGRU5+'(GLWRULDO )5$1&+HOHQ0$Q,QYLWDWLRQWR6HH:RUNVIURPWKH0XVHXPRI0RGHUQ$UW1HZ<RUN0XVHXPRI0RGHUQ $UW +(,'(5,&+8UVXOD$XJXVW0DFNH$TXDUHOOH:HUNYHU]HLFKQLV2VWILOGHUQ5XLW+DWMH +23.,16'DYLG$IWHU0RGHUQ$UW2[IRUG2[IRUG8QLYHUVLW\3UHVV 085$.$0,7DNDVKL(G/LWWOH%R\WKH$UWVRI-DSDQ·V([SORULQJ6XEFXOWXUH>(GLFLyQ%LOLQJH,QJOpV-DSRQpV@ 1HZ<RUN-DSDQ6RFLHW\ 086(2)250$3LQWXUD6DOYDGRUHxDGHO3UHVHQWH6LJOR6DQ6DOYDGRU0XVHR)RUPD 21,$16-RKQ$WODV0XQGLDOGHO$UWH%DUFHORQD%OXPH 3(5(=6iQFKH]$OIRQVR0XVHRGHO3UDGR%DUFHORQD2FHDQR 3,275296.,%RULV%0XVHRGHO(UPLWDJH%DUFHORQD2FHDQR 3,6$552-RDFKLP3LRQHHULQJ0RGHUQ3DLQWLQJ&p]DQQH3LVDUUR1HZ<RUN7KH0XVHXPRI0RGHUQ $UW 52:(//0DUJLW7KH5XVVLDQ$YDQWJDUGH%RRN1HZ<RUN7KH0XVHXPRI0RGHUQ$UW 6$/$=$55HWDQD/XLV&ROHFFLyQGH3LQWXUD&RQWHPSRUiQHD(O6DOYDGRU6DQ6DOYDGRU3DWURQDWR3UR3DWULPRQLR &XOWXUDO 67(,10LFKDHO70XVHRVGH1XHYD<RUN%DUFHORQD2FHDQR 7(67,&ULVWLDQL0DULD/DXUD%RWWLFHOOL0DGULG$QD\D 75,1,'$'0XxR]$QWRQLR+LVWRULDGHOD3LQWXUD3RUWXJXHVD&iFHUHV8QLYHUVLGDGGH([WUHPDGXUD 758-,//20XxR]*DEULHO/DV5XWDVGHOD/X]HO3DLVDMHGH%DMD&DOLIRUQLD0H[LFDOL6LTXLVLUt $8',2%22.$/*81$618(9$6$'48,6,&,21(6 $867(1-DQH3HUVXDVLRQ6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ BBBBBBBB1RUWKDQJHU$EEH\6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ BBBBBBBB(PPD6XUUH\$XGLR%RRNV>$XGLR&'@ BBBBBBBB6HQVHDQG6HQVLELOLW\6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ BBBBBBBB0DQVILHOG3DUN6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ BBBBBBBB3ULGHDQG3UHMXGLFH5HGKLOO1D[RV$XGLR%RRNV>$XGLR&'@ %,=(7*HRUJHV$Q,QWURGXFWLRQWR%L]HW&DUPHQ6O+1+,QWHUQDWLRQDO>$XGLR&'@ &215$'-RVHSK<RXWKDQG+HDUWRI'DUNQHVV6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ '(%866<&ODXGH$Q,QWURGXFWLRQWR'HEXVV\3HOOpDVHW0pOLVDQGH6O1D[RV5LJKWV,QWHUQDWLRQDO >$XGLR&'@ ',&.(16&KDUOHV1LFKRODV1LFNOHE\6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ BBBBBBB7KH3LFNZLFN3DSHUV6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ *UHDW([SORUHUV0DUFR3ROR,EQ%DWWXWD%DUWRORPHX'LD]9DVFRGD*DPD&KULVWRSKHU&ROXPEXV)HUGLQDQG 0DJHOODQ&DSLWDQ&RRN/HZLVDQG&ODUN/LYLQJVWRQHDQG6WDQOH\WKH$SROOR0LVVLRQ6XUUH\1D[RV $XGLR%RRNV>$XGLR&'@ +(52'27867KH3HUVLDQ:DUIURPWKH+LVWRULHV6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ -2<&(-DPHV8O\VVHV6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ 0$/25<7KRPDV7KH'HDWKRI$UWKXU6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ 0$83$66$17*X\GH1RUPDQG\6WRULHV6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ 0,/721-RKQ3DUDGLVH/RVW6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ 02=$57:ROIJDQJ$PDGHXV$Q,QWURGXFWLRQWR0R]DUW&RVLIDQ7XWWH6O+1+,QWHUQDWLRQDO >$XGLR&'@ 1,(7=6&+()ULHGULFK7KXV6SRNH=DUDWKXVWUD6XUUH\1D[RV$XGLR%RRNV 3OXWDUFKWKH*UHHNV/\FXUJXV7KHPLVWRFOHV3HULFOHV$OFLELDGHV/\VDQGHU$OH[DQGHU'HPRVWKHQHV3\UUKXV 6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ 52$':$<1RUPDQHWDO*UHDW6SHHFKHVLQ+LVWRU\6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ 5266,1,*LRDFKLQR$Q,QWURGXFWLRQWR5RVVLQL7DQFUHGL6O1D[RV5LJKWV,QWHUQDWLRQDO>$XGLR&'@ BBBBBBBB$Q,QWURGXFWLRQWR5RVVLQLWKH%DUEHURI6HYLOOH6O+1+,QWHUQDWLRQDO>$XGLR&'@ 38&&,1,*LDFRPR$Q,QWURGXFWLRQWR3XFFLQLOD%RKq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Ì$$/*81$618(9$6$'48,6,&,21(6 ,$6$5HJODVGH&DWDORJDFLyQGH,$6$0DQXDOGH'HVFULSFLyQGH5HJLVWURV6RQRURV\'RFXPHQWRV $XGLRYLVXDOHV5HODFLRQDGRV0DGULG$1$%$' ',(=&DUUHUD&DUPHQ/D&DWDORJDFLyQGHORV0DWHULDOHV(VSHFLDOHV$VWXULDV75($ 0,7&+(//$QQH0&DWDORJLQJDQG2UJDQL]LQJ'LJLWDO5HVRXUFHVD+RZWRGRLW0DQXDOIRU/LEUDULDQV/RQGRQ )DFHW3XEOLVKLQJ 5,$f2$ORQVR-XDQ-RVp3RHWDV)LOyVRIRV*UDPiWLFRV\%LEOLRWHFDULRV2ULJHQ\1DWXUDOH]DGHOD$QWLJXD %LEOLRWHFDGH$OHMDQGUtD$VWXULDV7UHD %,2*5$),$6$/*81$618(9$6$'48,6,&,21(6 $'/$5'-RKQ(G-RKQ:LOPRW(DUORI5RFKHVWHUWKH'HEWWR3OHDVXUHLQWKH(\HVRIKLV&RQWHPSRUDULHVDQG LQKLV2ZQ3RHWU\DQG3URVH1HZ<RUN5RXWOHGJH $6628/,1(3LHUUH*DVWRQ*DOOLPDUG0HGLR6LJORGH(GLFLyQHQ)UDQFLD%DUFHORQD3HQtQVXOD %(//25,*LRYDQ3LHWUR9LGDVGH3LQWRUHV0DGULG$NDO &$03,1,1,*LRUJLR$OGR0RUROD9LGDGHXQ0iUWLUGHO7HUURULVPR\HO7HVWLPRQLRGH&DUOR0DULD0DUWLQL $U]RELVSRGH0LOiQ%DUFHORQD*HGLVD &(//,1,%HQYHQXWR9LGDGH%HQYHQXWR&HOOLQL)ORUHQWLQR(VFULWDSRUHO0LVPR6HJXLGDGHODV5LPDV3XHVWDV HQ9HUVRV&DVWHOODQRV0DGULG/LEUHUtDGHOD9LXGDGH+HUQDQGR\&RPSDxtD &,/,%(5720LFKHOH*LRUGDQR%UXQR5RPD/DWHU]D &528=(7'HQLV/H+DXW&RHXUGH&DWKHULQHGH0pGLFLVXQH5DLVRQ3ROLWLTXHDX[7HPSVGHOD6DLQW%DUWKpOHP\ 3DULV$OELQ0LFKHO *$5&,$2UR-RVp&LVQHURVXQ&DUGHQDO5HIRUPLVWDHQHO7URQRGH(VSDxD0DGULG/D(VIHUDGHORV /LEURV *(0(//,*LXOLDQD)HUQDQG%UDXGHO9DOHQFLD8QLYHUVLWDWGH9DOqQFLD *HQJKLV.KDQ7HUURUDQG&RQTXHVW1HZ<RUN$(7HOHYLVLRQ1HWZRUNV>'9'@ *XVWDY0DKOHUD/LIHLQ&ULVLV1HZ+DYHQ<DOH8QLYHUVLW\3UHVV +$55,6)UDQN(O+RPEUH6KDNHVSHDUH\VX9LGD7UiJLFD%DUFHORQD9LWDH .$'5$+DRXDULD-XJXUWKDXQ%HUEqUHFRQWUH5RPH3DULV$UOpD 0$5,(-2/-HDQ+&DWKHULQHGH0pGLFLV3DULV7DOODQGLHU 0$502/0LJXHO$QWRQLR0DFHR*UDMDOHVHO7LWiQGH%URQFH0LDPL8QLYHUVDO 0(/(1'(=&KDYHUUL&DUORV-RVp0DWtDV'HOJDGR3UyFHU&HQWURDPHULFDQR6DQ6DOYDGRU'LUHFFLyQGH 3XEOLFDFLRQHVH,PSUHVRV 1(:0$1-RKQ+HQU\$SRORJLD3URYLWDVXD/RQGRQ3HQJXLQ%RRNV 3OXWDUFKWKH*UHHNV/\FXUJXV7KHPLVWRFOHV3HULFOHV$OFLELDGHV/\VDQGHU$OH[DQGHU'HPRVWKHQHV3\UUKXV 6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ 62'(5%(5*+6WHYHQ'LU.DIND&DOLIRUQLD0LUDPD[>9LGHRFLQWD@ 75$148,//86&DLXV6XHWRQLXV/LYHVRIWKH7ZHOYH&DHVDUV6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ 9$648(=-XDQ*DEULHO-RVHSK&RQUDGHO+RPEUHGH1LQJXQD3DUWH%RJRWi3DQDPHULFDQD :,77(%HUQG:DOWHU%HQMDPLQXQD%LRJUDItD%DUFHORQD*HGLVD =:(,*6WHIDQ%DO]DFOD1RYHODGHXQD9LGD%DUFHORQD3DLGyV &,(1&,$6'(/$&20387$&,21$/*81$618(9$6$'48,6,&,21(6 '5(<)866WXDUW(7KH$UWDQG7KHRU\RI'\QDPLF3URJUDPPLQJ)ORULGD$FDGHPLF3UHVV (&+(1,48(*DUFtD-RVp$QWRQLR$XGLWRUtDHQ,QIRUPiWLFD0p[LFR')0F*UDZ+LOO,QWHUDPHULFDQD +$<.,16LPRQ6HxDOHV\6LVWHPDV0p[LFR')/LPXVD BBBBBBBB6LVWHPDVGH&RPXQLFDFLyQ0p[LFR')/LPXVD:LOH\ .(1'$//.HQQHWK($QiOLVLV\'LVHxRGH6LVWHPDV1DXFDOSDQGH-XiUH]3HDUVRQ 0$+08'$UVKDG6KLGKXODL6ZDUQLYDU6DQJVWKD%ULQJLQJ,QIRUPDWLRQ7HFKQRORJ\WR5XUDO%DQJODGHVKE\%RDW :DVKLQJWRQ'&&/,5 08f2=5D]R&DUORV$XGLWRUtDHQ6LVWHPDV&RPSXWDFLRQDOHV0p[LFR')3HDUVRQ(GXFDFLyQ &,(1&,$6(&2120,&$6$/*81$618(9$6$'48,6,&,21(6 $&(9('2&DUORV(FRQRPtD'HVDVWUH\'HVDUUROOR6RVWHQLEOH6DQ6DOYDGRU)/$&62 $/2162-RVp$0DTXLOD'RPLFLOLDULD\6XEFRQWUDWDFLyQHQ0p[LFRHQOD(UDGHOD*OREDOL]DFLyQ1HROLEHUDO 0p[LFR')3OD]D\9DOGpV %$/$66$%HOD7HRUtDGHOD,QWHJUDFLyQ(FRQyPLFD0p[LFR')87(+$ %5(1(6$UQROGR(G6ROGDGRVFRPR(PSUHVDULRVORV1HJRFLRVGHORV0LOLWDUHVHQ&HQWURDPpULFD6DQ-RVp )XQGDFLyQ$ULDVSDUDOD3D]\HO3URJUHVR+XPDQR &$%5(5$0HOJDU2VFDU2YLGLR&RPSHWLWLYLGDG3UHFLRVH,QIODFLyQ'XDOHQ(O6DOYDGRU6DQ6DOYDGRU%DQFR &HQWUDOGH5HVHUYDGH(O6DOYDGRU &$67(-210RQWLMDQR5DIDHO3UiFWLFDVGH(FRQRPtD0DGULG8QLYHUVLGDG1DFLRQDOGH(GXFDFLyQD'LVWDQFLD &(63('(69tFWRU+XJR$SHUWXUD&RPHUFLDO\0HUFDGR/DERUDOHQ&RVWD5LFD6DQ-RVp$FDGHPLDGH &HQWURDPpULFD &20,6,210(;,&$1$3$5$/$&223(5$&,21&21&(1752$0(5,&$<(/&$5,%(/D&RRSHUDFLyQ 0H[LFDQDFRQ&HQWURDPpULFD\HO&DULEH0p[LFR')&RPLVLyQ0H[LFDQDSDUDOD&RRSHUDFLyQ FRQ&HQWURDPpULFD\HO&DULEH BBBBBBBB,QIRUPH'RFXPHQWR%iVLFRV0p[LFR')&RPLVLyQ0H[LFDQDSDUDOD&RRSHUDFLyQFRQ&HQWURDPpULFD \HO&DULEH>&'520@ '(/(215DPtUH]&DUORV5REHUWR,QGLFHGH7pUPLQRVGH,QWHUFDPELRHQ(O6DOYDGRU6DQ6DOYDGRU %DQFR&HQWUDOGH5HVHUYDGH(O6DOYDGRU '8%<*HRUJHV7KH(DUO\*URZWKRIWKH(XURSHDQ(FRQRP\:DUULRUVDQG3HDVDQWVIURPWKH6HYHQWKWRWKH 7ZHOIWK&HQWXU\1HZ<RUN&RUQHOO8QLYHUVLW\3UHVV BBBBBBBB5XUDO(FRQRP\DQG&RXQWU\/LIHLQWKH0HGLHYDO:HVW3KLODGHOSKLD8QLYHUVLW\RI3HQQV\OYDQLD 3UHVV (63,7,$$YLOH]*RQ]DORHWDO'HVFHQWUDOL]DFLyQ)LVFDOHQ&HQWURDPpULFD(VWXGLR&RPSDUDWLYR6DQ6DOYDGRU )81'( )(5*8621&(7HRUtD0LFURHFRQyPLFD0p[LFR'))RQGRGH&XOWXUD(FRQyPLFD )(51$1'(=0ROLQD-RVp$QWRQLR3LQWDQGRHO0XQGRGH$]XOHO$XJH$xLOHUR\HO0HUFDGR&HQWURDPHULFDQR 6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH,PSUHVRV )/(:$QWRQ\(G$Q(VVD\RQWKH3ULQFLSOHRI3RSXODWLRQDQGD6XPPDU\9LHZRI3ULQFLSDORI3RSXODWLRQ /RQGRQ3HQJXLQ%RRNV )5$1.5REHUW+0LFURHFRQRPtD\&RQGXFWD0DGULG0F*UDZ+LOO *21=$/(=9HJD&ODXGLR(G(O5HWRGHODV0LFURILQDQ]DVHQ$PpULFD/DWLQDOD9LVLyQ$FWXDO&DUDFDV &RUSRUDFLyQ$QGLQDGH)RPHQWR +(1'(5621-DPHV07HRUtD0LFURHFRQyPLFDXQD$SUR[LPDFLyQ0DWHPiWLFD%DUFHORQD$ULHO +,56+/(,)(5-DFN0LFURHFRQRPtD7HRUtD\$SOLFDFLRQHV0p[LFR')3UHQWLFH+DOO .(<1(6-RKQ0D\QDUG(VVD\VLQ3HUVXDVLRQ1HZ<RUN::1RUWRQDQG&RPSDQ\ BBBBBBBB$7UHDWLVHRQ3UREDELOLW\1HZ<RUN'RYHU BBBBBBBB7KH(QGRI/DLVVH]IDLUHWKH(FRQRPLF&RQVHTXHQFHVRIWKH3HDFH1HZ<RUN3URPHWKHXV%RRNV /,1'2)XHQWHV+pFWRU/D(FRQRPtDGH(O6DOYDGRUHQHO6LJOR;,;6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH ,PSUHVRV /,77/(/HVWHU.5HOLJLRXV3RYHUW\DQGWKH3URILW(FRQRP\LQ0HGLHYDO(XURSH,WKDFD&RUQHOO8QLYHUVLW\3UHVV /23(=1HKHPtDV2EHG(G'5&$)7$,PSDFWRVREUH6HFWRUHV6RFLDOHV0HQRV)DYRUHFLGRVHQ$PpULFD&HQWUDO 0DQDJXD)XQGDFLyQ)ULHGULFK(EHUW /23(=3DVFXDO-RDTXtQ*HVWLyQ%DQFDULDORV1XHYRV5HWRVHQXQ(QWRUQR*OREDO0DGULG0F*UDZ+LOOF 021*(*RQ]iOH]5LFDUGR(FRQRPtD3ROtWLFD3URWHFFLRQLVPR\$SHUWXUDHQ&RVWD5LFD6DQ-RVp$FDGHPLDGH &HQWURDPpULFD 1(/621-RDQ0&ULVLV(FRQyPLFD\3ROtWLFDVGH$MXVWH%DUFHORQD1RUPD 5,&$5'2'DYLG3ULQFLSOHVRI3ROLWLFDO(FRQRP\DQG7D[DWLRQ1HZ<RUN3URPHWKHXV%RRNV 5,92/,3LHWUD7KH7UDYHOVRIDWVKLUWLQWKH*OREDO(FRQRP\DQ(FRQRPLVW([DPLQHVWKH0DUNHWV3RZHUDQG 3ROLWLFVRI:RUOG7UDGH1HZ-HUVH\-RKQ:LOH\6RQV 58('$5DPtUH]3HGUR-1HJRFLRH,QWHUFDPELR&XOWXUDOHO&RPHUFLRGH/LEURVFRQ$PpULFDHQOD&DUUHUDGH ,QGLDV6LJOR;9,,0DGULG&RQVHMR6XSHULRUGH,QYHVWLJDFLRQHV&LHQWtILFDV 6$08(/6213DXO$(FRQRPtD0p[LFR')0F*UDZ+LOO,QWHUDPHULFDQD 6(51$+LGDOJR%UDXOLR&RRUG'HVDItR\2SRUWXQLGDGHVGHO'HVDUUROOR$JURSHFXDULR6XVWHQWDEOH &HQWURDPHULFDQR0p[LFR')&(3$/ 60,7+$GDP:HDOWKRI1DWLRQV1HZ<RUN3URPHWKHXV%RRNV 7$0$5(65DPyQ9LDMHDO&HQWURGHOD(FRQRPtD0DGULG&LHQFLDVGHOD'LUHFFLyQ 75(-260DUtD(XJHQLD5HIRUPDV/DERUDOHV\$FFLyQ6LQGLFDOHQ&HQWURDPpULFD%RJRWi)ULHGLFK 9(5+/67$GULDQ7KH&DUROLJLDQ(FRQRP\&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV 9,//$/2%26&pVSHGHV'DQLHO8QD7HRUtDGHOD'LQiPLFD(FRQyPLFDGHO0RGRGH3URGXFFLyQ&DSLWDOLVWD&RVWD 5LFD8QLYHUVLGDG1DFLRQDOGH&RVWD5LFD &,(1&,$6'(/$('8&$&,21$/*81$618(9$6$'48,6,&,21(6 $&7,6%HDWUL]&yPR(ODERUDU3UR\HFWRV,QVWLWXFLRQDOHVGH/HFWXUD([SHULHQFLDV5HIOH[LRQHV3URSXHVWDV %RJRWi+RPR6DSLHQV $*8(5$(VSHMR6DDYHGUD,VDEHO$QLPDFLyQDOD/HFWXUDFRQ$GROHVFHQWHV0DWHULDOHVSDUDXQD([SHULHQFLD 'LUHFWD0DGULG&&6 %/$;7(5/RUDLQH&yPRVH+DFHXQD,QYHVWLJDFLyQ%DUFHORQD*HGLVD &$50$1/XF\0DQWHQJDPRVOD3URPHVDXQ5HFXUVR'LGiFWLFRVREUHOD'HIHQVDGH&DXVDV\HO9,+\HO6,'$ *LQHEUD$OLDQ]D(FXPpQLFDGH$FFLyQ0XQGLDO '$5,120DUWD6XVDQD5HVROXFLyQGH&RQIOLFWRVHQODV(VFXHODV3UR\HFWRV\(MHUFLWDFLyQ%XHQRV$LUHV(VSDFLR '811'DQD6HWDO0HDVXULQJXS(GXFDWLRQDO$VVHVVPHQW&KDOOHQJHVDQG3UDFWLFHVIRU3V\FKRORJ\ :DVKLQJWRQ'&$PHULFDQ3V\FKRORJLFDO$VVRFLDWLRQ (&28PEHUWR&yPRVH+DFHXQD7HVLV7pFQLFDV\3URFHGLPLHQWRVGH(VWXGLR,QYHVWLJDFLyQ\(VFULWXUD %DUFHORQD*HGLVD ('(/0HQGLFRD*ORULD6REUH7HVLV\7HVLVWDV/HFFLRQHVGH(QVHxDQ]D²$SUHQGL]DMH%XHQRV$LUHV(VSDFLR (1*(/0$115HLQHU.LQGHU2KQH.LQGKHLWHLQ/HVHEXFKhEHU.LQGHUUHFKWH'VVHOGRUI3DWPRV9HUODJ*PE+ &R /,18(6$0DUtD&OHPHQWH/D(QVHxDQ]DGHOD/HFWXUD(QIRTXH3VLFROLQJtVWLFR\6RFLRFXOWXUDO0DGULG3LUiPLGH /23(=<HSHV-RVp/DV7HVLV'RFWRUDOHV3URGXFFLyQ(YDOXDFLyQ\'HIHQVD0DGULG)UDJXD 0,5$1'$0DUtD-0DHVWURV$OXPQRV\&RQRFLPLHQWRHQ&RQWH[WRVGH3REUH]D%RJRWi+RPR6DSLHQV 0,5$1'$&DVDV$QD(YDOXDFLyQH,QWHUYHQFLyQ3VLFRHGXFDWLYDHQ'LILFXOWDGHVGH$SUHQGL]DMH0DGULG3LUiPLGH 1(:0$1-RKQ+HQU\7KH,GHDRID8QLYHUVLW\'HILQHGDQG,OOXVWUDWHGLQ1LQH'LVFRXUVHV'HOLYHUHG WRWKH&DWKROLFVRI'XEOLQLQ2FFDVLRQDO/HFWXUHVDQG(VVD\V$GGUHVVHGWRWKH0HPEHUVRIWKH&DWKROLF 8QLYHUVLW\,QGLDQD8QLYHUVLW\RI1RWUH'DPH 3(//,&(5)UDQFpV/OXP(G~FDPHFRQ(TXLGDGXQ0RGHORGH(GXFDFLyQQR6H[LVWDHQ(O6DOYDGRU6DQ6DOYDGRU /DV'LJQDV 3(5(=/ySH]-XOLR&RRUG0DQXDOGH$WHQFLyQ7HPSUDQD0DGULG3LUiPLGH 5,9$67RUUHV5RVD0DUtD'LVOH[LD'LVRUWRJUDItD\'LVJUDItD0DGULG3LUiPLGH 526%$&2,QpV&ULVWLQD(O'HVQXWULGR(VFRODU'LILFXOWDGHVGH$SUHQGL]DMHHQORV1LxRVGH&RQWH[WRVGH3REUH]D 8UEDQD6DQWD)H+RPR6DSLHQV 52866($8-HDQ-DFTXHV7KH)LUVWDQG6HFRQG'LVFRXUVHV%RVWRQ6W0DUWLQ 6$1&+(=3DORPLQR$QWRQLR&RRUG(GXFDFLyQ(VSHFLDO0DGULG3LUiPLGH :(%%-R7HDFKLQJ,QIRUPDWLRQ6NLOOV7KHRU\DQG3UDFWLFH/RQGRQ)DFHW3XEOLVKLQJ &,(1&,$6),6,&$6$/*81$618(9$6$'48,6,&,21(6 '25$1&KULV*HRPHWULF$OJHEUDIRU3K\VLFLVWV&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV &,(1&,$6-85,',&$6$/*81$618(9$6$'48,6,&,21(6 $/2162)HUQDQGR00DUFDV\'HVLJQDFLRQHV6LJQRV5HJLVWUDOHV,QWHUpV/HJtWLPR7UDQVIHUHQFLD2SRVLFLyQ 5HQRYDFLyQ5HLQVFULSFLyQ'HQHJDWRULD1XOLGDG5HLYLQGLFDFLyQ&DGXFLGDG&HVHGH8VR0HGLGDV &DXWHODUHV0DUFD1RWRULD1RPEUHVGH'RPLQLR3XEOLFLGDG&RPSDUDWLYD%XHQRV$LUHV/D5RFFD $1721)UDQFLVFRGH$QiOLVLVGH7H[WRV0DQXVFULWRV)LUPDV\$OWHUDFLRQHV'RFXPHQWDOHV9DOHQFLD7LUDQWOR %ODQFK $5%8(79LJQDOL+HEHU/DV&ODYHV-XUtGLFDVGHOD,QWHJUDFLyQHQORV6LVWHPDVGH0HUFRVXU\OD8QLyQ(XURSHD %XHQRV$LUHV5XELQ]DO&XO]RQLVI $5(9$/2$OYDUH]/XLV(UQHVWR(O&RQFHSWR-XUtGLFR\OD*pQHVLVGHORV'HUHFKRV+XPDQRV6DQ6DOYDGRU&RUWH 6XSUHPDGH-XVWLFLD $<$/$-RVp0DUtDHWDO/D3URWHFFLyQGH'DWRV3HUVRQDOHVHQ(O6DOYDGRU6DQ6DOYDGRU8&$(GLWRUHV %$7$//(5*UDX-XDQHWDO&XUVR3UiFWLFRGH'HUHFKRGHOD(PSUHVD0DGULG0DUFLDO3RQV %8(12$U~V)UDQFLVFRHWDO/H\*HQHUDO3HQLWHQFLDULD&RPHQWDULRV-XULVSUXGHQFLD&RQFRUGDQFLDV'RFWULQD 0DGULG&2/(; &2%2GHO5RVDO0DQXHO%ODQTXHRGH&DSLWDOHV$ERJDGRV3URFXUDGRUHV\1RWDULRV,QYHUVRUHV%DQFDULRV\ (PSUHVDULRV5HSHUFXVLyQHQODV/H\HV(VSDxRODVGHODV1XHYDV'LUHFWLYDVGHOD&RPXQLGDG(XURSHD (VWXGLR'RFWULQDO/HJLVODWLYR\-XULVSUXGHQFLDGHODV,QIUDFFLRQHV\GHORV'HOLWRVGH%ODQTXHRGH &DSLWDOHV0DGULG&(6(- &257(6835(0$'(-867,&,$/HJLVODFLyQ-XGLFLDO6DQ6DOYDGRU&RUWH6XSUHPDGH-XVWLFLD '20,1*25DIDHO&RRUG&yGLJR&LYLO)UDQFpV &RGH&LYLO>(GLFLyQ%LOLQJH(VSDxRO)UDQFpV@0DGULG0DUFLDO 3RQV '20,1*8(=&DEUHUD0DUtDGHO3LQR(O5HJLVWURGH%XTXHV(PEDUFDFLRQHV\$UWHIDFWRV1DYDOHV0DGULG'LOH[ '8%<*HRUJHV/RV3URFHVRVGH-XDQDGH$UFR*UDQDGD8QLYHUVLGDGGH*UDQDGD (VWXGLRVVREUH3URSLHGDG,QGXVWULDOH,QWHOHFWXDO\'HUHFKRGHOD&RPSHWHQFLD%DUFHORQD*UXSR(VSDxROGHOD $,33, *8=0$1*DUFtD-DLUR-RVp$SXQWHVGH'HUHFKR&LYLO'HUHFKRGH2EOLJDFLRQHV0DQDJXD+HOLRV +$/(&KULVHWDO&ULPLQRORJ\2[IRUG2[IRUG8QLYHUVLW\3UHVV ,f,*8(=0DUFHOR'DQLHO&RQWUDWRVGH3UHVWDFLRQHVGH6DOXG\'HUHFKRV+XPDQRV%RJRWi5XELQ]DO&XO]RQL ,167,7872,17(5$0(5,&$12'('(5(&+26+80$126(O(VWDGRGHOD/LEHUWDGGH([SUHVLyQHQ&HQWURDPpULFD 0p[LFR\5HS~EOLFD'RPLQLFDQD6DQ-RVp&5,,'+ .(/6(1+DQV7HRUtD3XUDGHO'HUHFKR%XHQRV$LUHV(XGHED /H\GHO0HGLR$PELHQWH\VXV5HJODPHQWRV/H\HV$QH[DV6DQ6DOYDGRU0LQLVWHULRGH0HGLR$PELHQWH\ 5HFXUVRV1DWXUDOHV 0$1(5$$OEHUWR()DOVHGDGHV'RFXPHQWDOHVSRU&RPSXWDGRUD$OWHUDFLRQHV)UDXGXOHQWDVGH)LUPDV7H[WRV\ 'RFXPHQWRV)LUPDSRU&RPSXWDGRUD/HYDQWDPLHQWRGH)LUPD6XSHUSXHVWDD7H[WRVGH,JXDOR 'LVWLQWR9DORU&URPiWLFR0RGLILFDFLRQHVGH*UDItDSRU&RPSXWDGRUD'HPRVWUDFLRQHV3HULFLDOHV 6HOORV&RPSRVLFLyQ,PSUHFLVLRQHV5HFRQVWUXFFLyQ%XHQRV$LUHV/D5RFFD 0(775$8;*XpQDsO,QWHUQDWLRQDO&ULPHVDQGWKHDGKRF7ULEXQDOV2[IRUG2[IRUG8QLYHUVLW\3UHVV 0217(&,12*LUDOW0DQXHO$UWXUR(O$PSDURHQ(O6DOYDGRU6DQ6DOYDGRU&RUWH6XSUHPDGH-XVWLFLD 025(12&DVWLOOR0DUtD$VXQFLyQHWDO(O7UDWDPLHQWRGHOD1RWLFLDHQORV0HGLRVGH&RPXQLFDFLyQ 1LFDUDJHQVHXQD9LVLyQGHOD1RWLFLDGHVGHOD3HUVSHFWLYDGHORV'HUHFKRV+XPDQRV0DQDJXD +HOLRV 0266(7,WXUUDVSD-RUJHHWDO5HVSRQVDELOLGDGGHO(VWDGR\GHORV)XQFLRQDULRV3~EOLFRV%XHQRV$LUHV 5XELQ]DO&XO]LQL 3$5$'$*iPH]*XLOOHUPR$OH[DQGHU&RPHQWDULRV-XUtGLFRV$WtSLFRV6DQ0LJXHO8QLYHUVLGDG&DSLWiQ*HQHUDO ´*HUDUGR%DUULRVµ 3(5(=5XD0DUtD3D]/D$FXVDFLyQ\'HQXQFLD)DOVDV1DYDUUD7KRPVRQ 352<(&72(67$'2'(/$1$&,21(1'(6$552//2+80$126267(1,%/(,QIRUPHGHOD$XGLWRUtD&LXGDGDQD VREUHOD&DOLGDGGHOD'HPRFUDFLDHQ&RVWD5LFD6DQ-RVp3UR\HFWR(VWDGRGHOD1DFLyQ 52%/(72$UDQD&ULVWLDQ$OEHUWR'HUHFKRGH6RFLHGDGHV0HUFDQWLOHV0DQDJXD+HOLRV 52'5,*8(=5RQQ\(G([SHULHQFLDVGH0RGHUQL]DFLyQ/HJLVODWLYDHQ$PpULFD&HQWUDO\5HS~EOLFD'RPLQLFDQD 6DQ-RVp,QVWLWXWR,QWHUDPHULFDQRGH'HUHFKRV+XPDQRV 683(5,17(1'(1&,$'(3(16,21(6'((/6$/9$'250RGHORVGH6XSHUYLVLyQ%DVDGRVHQ5LHVJRVSDUDORV )RQGRVGH3HQVLRQHV6DQ6DOYDGRU6XSHULQWHQGHQFLDGH3HQVLRQHVGH(O6DOYDGRU 7,1(77,-RVp$OELQR,JXDOGDG-XUtGLFD6DQ6DOYDGRU&RQVHMR1DFLRQDOGHOD-XGLFDWXUD 9,//$5($/0ROLQD5LFDUGR'LFFLRQDULRGH7pUPLQRV-XUtGLFRV*UDQDGD&RPDUHV &,(1&,$61$785$/(6$/*81$618(9$6$'48,6,&,21(6 %/<7+)*+*HRORJtDSDUD,QJHQLHURV0p[LFR')3DWULD&XOWXUDO %85165DOSK$)XQGDPHQWRVGH4XtPLFD1DXFDOSDQGH-XiUH]3HDUVRQ &267$1=2/LQGD63K\VLRORJ\3KLODGHOSKLD/LSSLQFRWW:LOOLDPV:LONLQV (0$6$OWHUQDWLYDV7HFQROyJLFDVGH$FFHVRDO$JXD\6DQHDPLHQWR/D3D](0$6VI *20(=&DUORV:DWHUVKHG0DQDJHPHQW0DQXDO6DQ6DOYDGRU0LQLVWHULRGH0HGLR$PELHQWH\5HFXUVRV 1DWXUDOHV *28',($QGUHZ*HRPRUIRORJtD'HVpUWLFD 'HVHUW*HRPRUSKRORJ\/D/DJXQD8QLYHUVLGDGGH/D/DJXQD /((:LOOLDP+.(G,QWHUQDWLRQDO+DQGERRNRI(DUWKTXDNH(QJLQHHULQJ6HLVPRORJ\6O,QWHUQDWLRQDO $VVRFLDWLRQRI6HLVPRORJ\DQG3K\VLFVRIWKH(DUWK·V,QWHULRU>&'520@ 0,//21(6)LJXHURD/XLV(G(O6DEHUGHORV-HVXLWDV+LVWRULDV1DWXUDOHV\HO1XHYR0XQGR0DGULG ,EHURDPHULFDQD 0,1,67(5,2'(0(',2$0%,(17(<5(&856261$785$/(60DQXDOGH0DQHMRGH&XHQFDV6DQ6DOYDGRU:RUOG 9LVLRQ 6$)(567(,15LFKDUG'1$(YLGHQFH%HJLQQLQJ/HYHO0RGXOH0DU\ODQG1DWLRQDO&ULPLQDO-XVWLFH5HIHUHQFH 6HUYLFH>&'520@ &,(1&,$632/,7,&$6$/*81$618(9$6$'48,6,&,21(6 $1'(56217KRPDV5(O6DOYDGRUORV6XFHVRV3ROtWLFRV6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH ,PSUHVRV %$&623HWHU'LU6WDOLQ·V%ULGH6O%XQ\LN(QWHUWDLQPHQW>'9'@ &$03,1,1,*LRUJLR$OGR0RUROD9LGDGHXQ0iUWLUGHO7HUURULVPR\HO7HVWLPRQLRGH&DUOR0DULD0DUWLQL $U]RELVSRGH0LOiQ%DUFHORQD*HGLVD &,',&5,'HVDUUROOR/RFDO'HVGHOD6RFLHGDG&LYLO,QWHUFDPELRGH([SHULHQFLDVHQ$PpULFD/DWLQD\HO&DULEH6DQ 6DOYDGRU&,',&5, &+$':,&.2ZHQ7KH&KULVWLDQ&KXUFKLQWKH&ROG:DU/RQGRQ3HQJXLQ &20,6,210(;,&$1$&21&(1752$0(5,&$<(/&$5,%(/D&RRSHUDFLyQ0H[LFDQDFRQ&HQWURDPpULFD\HO &DULEH0p[LFR')&RPLVLyQ0H[LFDQDSDUDOD&RRSHUDFLyQ\HO&DULEH /D&RQVWLWXFLRQDOL]DFLyQGHO3URFHVRGH,QWHJUDFLyQ(XURSHD0DGULG(VFXHOD'LSORPiWLFD &RQWURO3ROtWLFRGHOD2SRVLFLyQVREUHHO*RELHUQRHQ(O6DOYDGRU6DQ6DOYDGRUVQ>&'520@ /D&RUUXSFLyQHQ1LFDUDJXD««GH$OJXQRV([SHGLHQWHV+HFKRV\3HUVRQDMHV0DQDJXD352'(1, &528=(7'HQLV/H+DXW&RHXUGH&DWKHULQHGH0pGLFLVXQH5DLVRQ3ROLWLTXHDX[7HPSVGHOD6DLQW%DUWKpOHP\ 3DULV$OELQ0LFKHO '$9,6$QJHOD<,IWKH\&RPHLQWKH0RUQLQJ9RLFHVRI5HVLVWDQFH1HZ<RUN7KLUG3UHVV3XEOLVKHUV )(8/1(5(GZLQ-*HWWLQJ$PHULFD5LJKWWKH7UXH&RQVHUYDWLYH9DOXHV2XU1DWLRQ1HHGV7RGD\1HZ<RUN &URZQ)RUXP )8(57(60HUFHGHV5HGHV,QDOiPEULFDV0XQLFLSDOHV1XHYR6HUYLFLR3~EOLFR0DGULG0DUFLDO3RQV *$5&,$*LO)-DYLHU%DVHGH'DWRVGHO&RQWHQFLRVR0XQLFLSDO3DPSORQD'$333XEOLFDFLRQHV-XUtGLFDV >&'520@ +$5%,0RKDPPHG/D*XHUUHG·$OJpULH3DULV+DFKHWWH/LWWpUDWXUHV ,167,7872,17(5$0(5,&$12'('(5(&+26+80$126'HPRFUDWL]DFLyQGHORV3DUWLGRV3ROtWLFRVHQ%ROLYLD &KLOH\5HS~EOLFD'RPLQLFDQD6DQ-RVp,,'+>&'520@ BBBBBBBB$JHQGDSDUDHO)RUWDOHFLPLHQWRGHORV3DUWLGRV3ROtWLFRVHQ$PpULFD/DWLQD6DQ-RVp,,'+ ,=5$(/(:,&=(ULN4XDQGOD&KLQH&KDQJHOH0RQGH3DULV*UDVVHWDQG)DVTXHOOH -$0(6&/5/RV-DFRELQRV1HJURV7RXVVDLQW/2XYHUWXUH\OD5HYROXFLyQGH+DLWt0DGULG7XUQHU)RQGRGH &XOWXUD(FRQyPLFD -817$'(9,*,/$1&,$(/(&725$/(VWDGtVWLFDVGH(OHFFLRQHV6O-XQWDGH9LJLODQFLD(OHFWRUDO .$876.<.DUO/D&XHVWLyQ$JUDULD(VWXGLRGHODV7HQGHQFLDVGHOD$JULFXOWXUD0RGHUQD\GHOD3ROtWLFD$JUDULD GHOD6RFLDOGHPRFUDFLD0p[LFR')&XOWXUD3RSXODU .2(+1%DUEDUD/D5HVLVWHQFLD$OHPDQD&RQWUD+LWOHU0DGULG$OLDQ]D /$/28(77(-DFTXHOLQH/D6pSDUDWLRQGHVeJOLVHVHWGH/·eWDW*HQqVHHW'pYHORSSHPHQWG·XQH,GpH 3DULV'X6HXLO /$85,$6DQWLDJR$OGR$QWRQLR8QD5HS~EOLFD$JUDULDORV&DPSHVLQRVHQOD(FRQRPtD\OD3ROtWLFDGH(O6DOYDGRU HQHO6LJOR;,;6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH,PSUHVRV /23(=1HKHPtDV2EHG(G'5&$)7$,PSDFWRVREUH6HFWRUHV6RFLDOHV0HQRV)DYRUHFLGRVHQ$PpULFD&HQWUDO 0DQDJXD)XQGDFLyQ)ULHGULFK(EHUW /23(=6DOD$QD0DUtD,QPLJUDQWHV\(VWDGRVOD5HVSXHVWDDQWHOD&XHVWLyQ0LJUDWRULD%DUFHORQD$QWKURSRV /8.$&6-RKQ&LQFR'tDVHQ/RQGUHV0D\RGH&KXUFKLOO6ROR)UHQWHD+LWOHU0DGULG7XUQHU 3XEOLFDFLRQHV /848()ULDV0DUtD(O3HQVDPLHQWR3ROtWLFRGH&LFHUyQ\6DOXVWLRVX/HJDGR+LVWyULFRHQOD&XOWXUD2FFLGHQWDO *UDQDGD&RPDUHV 0$57,1%DUEHUR-HV~V&RQWHPSRUDQHLGDG/DWLQRDPHULFDQD\$QiOLVLV&XOWXUDO&RQYHUVDFLRQHVDO(QFXHQWURGH :DOWHU%HQMDPLQ0DGULG,EHURDPHULFDQD 021*(*RQ]iOH]5LFDUGR(FRQRPtD3ROtWLFD3URWHFFLRQLVPR\$SHUWXUDHQ&RVWD5LFD6DQ-RVp$FDGHPLDGH &HQWURDPpULFD 0216(55$7-DYLHU+DFLDXQ1XHYR0XQGR)LORVRItD3ROtWLFDGHO3URWDJRQLVPR+LVWyULFR(PHUJHQWHGHOD 6RFLHGDG&LYLO0DGULG8QLYHUVLGDG3RQWLILFLD&RPLOODV 0266(7,WXUUDVSD-RUJHHWDO5HVSRQVDELOLGDGGHO(VWDGR\GHORV)XQFLRQDULRV3~EOLFRV%XHQRV$LUHV 5XELQ]DO&XO]LQL 3$5(//$5XELR6RQLD0XMHU,QPLJUDQWH\7UDEDMDGRUDOD7ULSOH'LVFULPLQDFLyQ%DUFHORQD$QWKURSRV 3$5.(5*HRIIUH\6RYHUHLJQ&LW\WKH&LW\6WDWH7KURXJK+LVWRU\/RQGRQ5HDNWLRQ 3$5.0$13DWULFLD,QVXUUHFFLyQQR9LROHQWDHQ(O6DOYDGRUOD&DtGDGH0D[LPLOLDQR+HUQiQGH]0DUWtQH]6DQ 6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH,PSUHVRV 3$67215REHUW2$QDWRPtDGHO)DVFLVPR%DUFHORQD3HQtQVXOD 5$%$'(2EUDGR0DUtDGHO3LODU/D'LQiPLFD3ROtWLFD0DGULG,VWPR 52$':$<1RUPDQHWDO*UHDW6SHHFKHVLQ+LVWRU\6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ 52'5,*8(=5RQQ\(G3DUODPHQWRV'HVFHQWUDOL]DFLyQ\'HVDUUROOR/RFDO6DQ-RVp)235(/ 52'5,*8(=2WWR%RULV&RPSRUWDPLHQWRGHORV'HSyVLWRVHQ3HUtRGRV(OHFWRUDOHV6DQ6DOYDGRU%DQFR&HQWUDO GH5HVHUYDGH(O6DOYDGRU 520(52)ORUHV%HDWUL]3DUWLGRV3ROtWLFRV\5HVSRQVDELOLGDG3HQDOOD)LQDQFLDFLyQ(OHFWRUDO,UUHJXODU%DUFHORQD $WHOLHU 60,7++LOGD/(G:RPHQ·V3ROLWLFDODQG6RFLDO7KRXJKWDQ$QWKRORJ\%ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVV 7+203621-RVp0HPRULDGHO6HPLQDULR,QWHUQDFLRQDOVREUHOD0RGHUQL]DFLyQGH3URFHVRV(OHFWRUDOHV´OD ([SHULHQFLD5HFLHQWHGH$PpULFD/DWLQD\VX$SOLFDELOLGDGDXQ3DtVFRPR&RORPELDµ6DQ-RVp,QVWLWXWR ,QWHUDPHULFDQRGH'HUHFKRV+XPDQRV 785&,265REHUWR$XWRULWDULVPR\0RGHUQL]DFLyQ(O6DOYDGRU6DQ6DOYDGRU'LUHFFLyQGH 3XEOLFDFLRQHVH,PSUHVRV 9,6:$1$7+$1*DXUL(G3RZHU3ROLWLFVDQG&XOWXUH/RQGRQ0DUFLDO3RQV :,/621(YHUHWW$ODQ/D&ULVLVGHOD,QWHJUDFLyQ1DFLRQDOHQ(O6DOYDGRU6DQ6DOYDGRU'LUHFFLyQGH 3XEOLFDFLRQHVH,PSUHVRV :2/)&KULVWD3DUWLQJIURP3KDQWRPV6HOHFWHG:ULWLQJV&KLFDJR7KH8QLYHUVLW\RI&KLFDJR3UHVV &,1($/*81$618(9$6$'48,6,&,21(6 $1721,21,0LFKHODQJHOR'LU/·(FOLVVH6O7KH&ULWHULRQ&ROOHFWLRQ>'9'@ %$&623HWHU'LU6WDOLQ·V%ULGH6O%XQ\LN(QWHUWDLQPHQW>'9'@ '(16+$03HQ'LU0ROO)ODQGHUV(VWDGRV8QLGRV0HWUR*ROGZ\Q0D\HU>9LGHRFLQWD@ '251+(/05REHUW'LU6SDUWDFXV&DOLIRUQLD8QLYHUVDO6WXGLRV>'9'@ )(//,1,)HGHULFR'LU-XOLHWRIWKH6SLULWV6O7KH&ULWHULRQ&ROOHFWLRQ>'9'@ *HQJKLV.KDQ7HUURUDQG&RQTXHVW1HZ<RUN$(7HOHYLVLRQ1HWZRUNV>'9'@ *2'$5'-HDQ/XF'LU0DVFXOLQ)p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x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yQ3HUVRQDO0p[LFR')/LEUD %(16213HWHUHWDO:KDW7HHQV1HHGWR6XFFHHG3URYHQ3UDFWLFDO:D\VWR6KDSH\RXU2ZQ)XWXUH 0LQQHDSROLV)UHH6SLULW '28*/$6.$QJ\H/RV&KLVWHV)DYRULWRVGHORV1LxRV0p[LFR')/HR 48,12-RDTXtQ6DOYDGRU/DYDGR7RGR0DIDOGD%XHQRV$LUHV/D)ORU 875,//$-RVp0LJXHO0XMHUGH+R\HO5HVFDWHGHWt0LVPD0p[LFR')6HOHFWRU &2/(&&,Ð16$/9$'25(f$$/*81$618(9$6$'48,6,&,21(6 (6&2%$5)UDQFLVFR$QGUpV(O3DtVGH'RQGH9HQJR6DQ6DOYDGRU8&$(GLWRUHV *$9,',$)UDQFLVFR2EUD'UDPiWLFD6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH,PSUHVRV 02/,1$(GXDUGR/DV0HMRUFLWDVGH*XDQDTXLDQGR&ROXPQDV(VFRJLGLWDV$FHUFDGHOD(VHQFLDGH6HU 6DOYDGRUHxR6DQ6DOYDGRUVQVI &2081,&$&,Ð162&,$/$/*81$618(9$6$'48,6,&,21(6 &<75<1%/80$OLFLD3HULRGLVPR6RFLDOXQD1XHYD'LVFLSOLQD%XHQRV$LUHV/D&UXMtD²3HULRGLVPR6RFLDO (6&$/$17(%HDWUL]&XUVRGH5HGDFFLyQSDUD(VFULWRUHV\3HULRGLVWDV7HRUtD\(MHUFLFLRV0p[LFR')3RUU~D -$(10HULQR5HQDWR,VPDHO$QiOLVLV7pFQLFRSHULRGtVWLFRGHOD3URGXFFLyQ$XGLRYLVXDOHQ7RUQRDOD)LJXUDGH 0RQVHxRU2VFDU$UQXOIR5RPHUR6DQ6DOYDGRUVQ 0$57,1(=3DQGLDQL*XVWDYR&RPS3HULRGLVPRGH,QYHVWLJDFLyQ)XHQWHV7pFQLFDVH,QIRUPHV%XHQRV$LUHV 8JHUPDQ 21,(9$0RUDOHV-XDQ/XLV&XUVR6XSHULRUGH5HGDFFLyQ0DGULG9HUEXP &217$'85,$$/*81$618(9$6$'48,6,&,21(6 0$17,//$%6DPXHO$OEHUWR$XGLWRUtD%RJRWi(&2( '(5(&+26+80$126$/*81$618(9$6$'48,6,&,21(6 $8',29,68$/(68&$$xRVGH,PSXQLGDG6DQ6DOYDGRU$XGLRYLVXDOHV8&$>'9'@ BBBBBBBB1LxRV&XULOHURV6DQ6DOYDGRU$XGLRYLVXDOHV8&$>'9'@ BBBBBBBB/D&REHUWXUD\$FFHVR(GXFDWLYR6DQ6DOYDGRU$XGLRYLVXDOHV8&$>'9'@ BBBBBBBB/RV1LxRV7UDEDMDGRUHV6DQ6DOYDGRU$XGLRYLVXDOHV8&$>'9'@ BBBBBBBB3HxD&DUPRQDOD5HDOLGDGGHXQ)UDXGH3URFHVDO6DQ6DOYDGRU$XGLRYLVXDOHV8&$>'9'@ BBBBBBBB¢$YDQFHVHQHO$UHD/DERUDO"6DQ6DOYDGRU$XGLRYLVXDOHV8&$>'9'@ BBBBBBBB1LxH](GXFDFLyQ\6,'$6DQ6DOYDGRU$XGLRYLVXDOHV8&$VI>'9'@ &232/832(QULTXH5RGROIR7HVLV'RFWRUDOVREUH´/D([SORWDFLyQ6H[XDO&RPHUFLDOGHORV1LxRVµ$EXVR 3HGRILOLD&ULPLQDOLGDGGHORV&XHOORV9HUGHV8UXJXD\&DOOHGH&DPSRPDQHV &$6$/-HV~V0DUtDHWDO'HUHFKRV+XPDQRV(TXLGDG\$FFHVRDOD-XVWLFLD&DUDFDV,QVWLWXWR/DWLQRDPHULFDQR GH,QYHVWLJDFLRQHV6RFLDOHV *20(=,VD)HOLSH'LU(O'HUHFKRDOD0HPRULD%LOEDR'HSDUWDPHQWRSDUDORV'HUHFKRV+XPDQRVHO(PSOHR\ OD,QVHUFLyQ6RFLDOGHOD'LSXWDFLyQ)RUDOGH*LSX]NRD ,167,7872,17(5$0(5,&$12'('(5(&+26+80$126(O(VWDGRGHOD/LEHUWDGGH([SUHVLyQHQ&HQWURDPpULFD 0p[LFR\5HS~EOLFD'RPLQLFDQD6DQ-RVp&5,,'+ ,167,78720(;,&$12'('2&75,1$62&,$/&5,67,$1$'HUHFKRV+XPDQRV&XUVR0RGXODUD'LVWDQFLD 0p[LFR')$VRFLDFLyQ0H[LFDQDGH3URPRFLyQ\&XOWXUD6RFLDOVI>9LGHRFLQWD@ BBBBBBBB'HUHFKRV+XPDQRV&XDGHUQRGH7UDEDMR0p[LFR')$VRFLDFLyQ0H[LFDQDGH3URPRFLyQ\&XOWXUD 6RFLDO 0(775$8;*XpQDsO,QWHUQDWLRQDO&ULPHVDQGWKHDGKRF7ULEXQDOV2[IRUG2[IRUG8QLYHUVLW\3UHVV 25*$1,=$&,Ð1'(/$61$&,21(681,'$6/D(QVHxDQ]DGHORV'HUHFKRV+XPDQRV$FWLYLGDGHV3UiFWLFDVSDUD (VFXHODV3ULPDULDV\6HFXQGDULDV1HZ<RUN218 '2&80(1726*8%(51$0(17$/(6$/*81$618(9$6$'48,6,&,21(6 $55,$*$'$,UPD$SUHQGHUGHOD([SHULHQFLDHO&DSLWDO6RFLDOHQOD6XSHUDFLyQGHOD3REUH]D6DQWLDJRGH&KLOH &(3$/ '(3$57$0(172'((67$'2'(/26(67$'2681,'266HPEODQ]DGHO6LVWHPD-XUtGLFRGH((886O 'HSDUWDPHQWRGH(VWDGRGHORV(VWDGRV8QLGRV +$0(/*UHHQ0LFKDHO5HJLRQDO,QLWLDWLYHVRQ1XFOHDU²DQG:0'IUHH=RQHV&RRSHUDWLYH$SSURDFKHVWR$UPV &RQWURODQG1RQSUROLIHUDWLRQ6ZLW]HUODQG81,',5 *+<0(56&KULVWLDQ)RPHQWDUOD&RRUGLQDFLyQGHODV3ROtWLFDV(FRQyPLFDVHQ$PpULFD/DWLQDHO0pWRGR5(',0$ SDUD6DOLUGHO'LOHPDGHO3ULVLRQHUR6DQWLDJRGH&KLOH&(3$/ *20(=&DUORV:DWHUVKHG0DQDJHPHQW0DQXDO6DQ6DOYDGRU0LQLVWHULRGH0HGLR$PELHQWH\5HFXUVRV 1DWXUDOHV /H\GHO0HGLR$PELHQWH\VXV5HJODPHQWRV/H\HV$QH[DV6DQ6DOYDGRU0LQLVWHULRGH0HGLR$PELHQWH\ 5HFXUVRV1DWXUDOHV 0,1,67(5,2'(('8&$&,21(&$32ULHQWDFLRQHVSDUDORV(VWXGLDQWHVGH)RUPDFLyQ'RFHQWH6DQ6DOYDGRU 0LQLVWHULRGH(GXFDFLyQ BBBBBBBB(&$32ULHQWDFLRQHVSDUDORV(VWXGLDQWHVGH)RUPDFLyQ'RFHQWH6DQ6DOYDGRU0LQLVWHULRGH (GXFDFLyQ BBBBBBBB(&$32UGLQDULD(YDOXDFLyQGHODV&RPSHWHQFLDV$FDGpPLFDV\3HGDJyJLFDVGHORV(VWXGLDQWHV TXH)LQDOL]DQHO3ODQGH(VWXGLRVGHOD&DUUHUDGH3URIHVRUDGR,QIRUPHGH5HVXOWDGRV6DQ6DOYDGRU 0LQLVWHULRGH(GXFDFLyQ BBBBBBBB¢&yPRVH$SUHQGHD/HHU\D(VFULELUHQOD(VFXHOD6DOYDGRUHxD"ODV3UiFWLFDV(GXFDWLYDVSDUDHO $SUHQGL]DMHGHOD/HFWRHVFULWXUDHQHO3ULPHU&LFORGH(GXFDFLyQ%iVLFD6DQ6DOYDGRU0LQLVWHULRGH (GXFDFLyQ 0,1,67(5,2'(/0(',2$0%,(17(<5(&856261$785$/(60DQXDOGH0DQHMRGH&XHQFDV6DQ6DOYDGRU:RUOG 9LVLRQ 0217(&,12*LUDOW0DQXHO$UWXUR(O$PSDURHQ(O6DOYDGRU6DQ6DOYDGRU&RUWH6XSUHPDGH-XVWLFLD 218/RV'HUHFKRV+XPDQRV\ODV3ULVLRQHV0DQXDOSDUD&DSDFLWDFLyQHQ'HUHFKRV+XPDQRVSDUD)XQFLRQDULRV GH3ULVLRQHV1XHYD<RUN2UJDQL]DFLyQGHODV1DFLRQHV8QLGDV BBBBBBBB/D([FHSFLyQ25,(HQHO$PELWRGHODV&OiXVXODVGH7UDWR10)1XHYD<RUN218 BBBBBBBB81&7$'+DQGERRNRI6WDWLVWLFV 0DQXHOGH6WDWLVWLTXHVGHOD&18&('>(GLFLyQ%LOLQJH,QJOpV )UDQFpV@1HZ<RUN218 BBBBBBBB5DSSRUWVXUOH&RPPHUFHHWOH'pYHORSSHPHQW$SHUoX*pQpUDOHW'HX[LqPH3DUWLH1HZ <RUN1DWLRQV8QLHV 6(51$+LGDOJR%UDXOLR&RRUG'HVDItRV\2SRUWXQLGDGHVGHO'HVDUUROOR$JURSHFXDULR6XVWHQWDEOH &HQWURDPHULFDQR0p[LFR')&(3$/ 6,1*+6XVKHHODHWDO6DOXG6H[XDO\3URGXFWLYDXQD,QYHUVLyQTXH9DOHOD3HQD1HZ<RUN7KH$ODQ*XWWPDFKHU ,QVWLWXWH81)3$VI 7,1(77,-RVp$OELQR,JXDOGDG-XUtGLFD6DQ6DOYDGRU&RQVHMR1DFLRQDOGHOD-XGLFDWXUD 81,7('1$7,216,QIRUPDWLRQ(FRQRP\5HSRUW2YHUYLHZ*HQHYD8QLWHG1DWLRQV 9,//$/2%26&pVSHGHV'DQLHO8QD7HRUtDGHOD'LQiPLFD(FRQyPLFDGHO0RGRGH3URGXFFLyQ&DSLWDOLVWD&RVWD 5LFD8QLYHUVLGDG1DFLRQDOGH&RVWD5LFD '5$0$$/*81$618(9$6$'48,6,&,21(6 (/,27760XUGHULQWKH&DWKHGUDO)ORULGD+DUFRXUW%UDFH (67e7,&$$/*81$618(9$6$'48,6,&,21(6 %85.(*HRIIUH\7KH,WDOLDQ5HQDLVVDQFH&XOWXUHDQG6RFLHW\LQ,WDO\1HZ-HUVH\3ULQFHWRQ8QLYHUVLW\3UHVV (&28PEHUWR/D'HILQLFLyQGHO$UWH%DUFHORQD'HVWLQR *52&(%HQHGHWWR$HVWKHWLFDV6FLHQFHRI([SUHVVLRQDQG*HQHUDO/LQJXLVWLF1HZ-HUVH\7UDQVDFWLRQ3XEOLVKHU 2·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tD&LQFR(QVD\RVVREUHOD)LORVRItDGH ;DYLHU=XELUL6DQ6DOYDGRU8QLYHUVLGDG)UDQFLVFR*DYLGLD %$5$&&+,&ODXGLD2I0\WK/LIHDQG:DULQ3ODWR·V5HSXEOLF%ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVV %(50(-2'LHJR3RVWPRGHUQLGDG3OXUDOLGDG\7UDQVYHUVDOLGDG%DUFHORQD$QWKURSRV %52*$1:DOWHU(G$PHULFDQ&RQWLQHQWDO3KLORVRSK\D5HDGHU%ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVV %58**(5:DOWHU'LFFLRQDULRGH)LORVRItD%DUFHORQD+HUGHU %8&3KLOLSSH7KH'DQJHUVRI5LWXDO%HWZHHQ(DUO\0HGLHYDO7H[WVDQG6RFLDO6FLHQWLILF7KHRU\1HZ-HUVH\ 3ULQFHWRQ8QLYHUVLW\3UHVV &$1726SHUEHU0RQLTXH'LFFLRQDULRGH(WLFD\GH)LORVRItD0RUDO0p[LFR'))RQGRGH&XOWXUD(FRQyPLFD &$32==,5RFFR(G5HDGLQJ(FRDQ$QWKRORJ\%ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVV &+$':,&.2ZHQ)URP%RVVXHWWR1HZPDQ&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV &,/,%(5720LFKHOH*LRUGDQR%UXQR5RPD/DWHU]D *8',(/*DUFtD+XJR&DtQ/D)H6HJ~Q;DYLHU=XELULXQD$SUR[LPDFLyQDO7HPDGHVGHOD3HUVSHFWLYDGHO 3UREOHPD7HRORJDOGHO+RPEUH5RPD3RQWLILFLD8QLYHUVLWj*UHJRULDQD +$$.2166(1.QXG(G7KH&DPEULGJH+LVWRU\RI(LJKWHHQWK&HQWXU\3KLORVRSK\1HZ<RUN&DPEULGJH 8QLYHUVLW\3UHVV +(,'(**(50DUWLQ3KHQRPHQRORJLFDO,QWHUSUHWDWLRQVRI$ULVWRWOH,QLWLDWLRQLQWR3KHQRPHQRORJLFDO5HVHDUFK %ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVV +,&.0$1/DUU\$-RKQ'HZH\·V3UDJPDWLF7HFKQRORJ\%ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVV +80('DYLG,QYHVWLJDFLyQ6REUHHO&RQRFLPLHQWR+XPDQR3UHFHGLGDGHOD$XWRELRJUDItD7LWXODGDPL9LGD 0DGULG%LEOLRWHFD1XHYD BBBBBBBB'HORV3UHMXLFLRV0RUDOHV\2WURV(QVD\RV0DGULG7HFQRV .$53,YDQ(G$IULFDQ3KLORVRSK\DV&XOWXUDO,QTXLU\%ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVV .(/6(1+DQV7HRUtD3XUDGHO'HUHFKR%XHQRV$LUHV(XGHED /$:/25/HRQDUG7KLQNLQJ7KURXJK)UHQFK3KLORVRSK\WKH%HLQJRIWKH4XHVWLRQ%ORRPLQJWRQ,QGLDQD 8QLYHUVLW\3UHVV //(:(/<1-RKQ$SSRVLWLRQVRI-DFTXHV'HUULGDDQG(PPDQXHO/HYLQDV%ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVV /23(=6DVWUH*HUDUGR&RRUG'DYLG+XPH1XHYDV3HUVSHFWLYDVVREUHVX2EUD&XHQFD8QLYHUVLGDGGH&DVWLOOD /D0DQFKD /8&5(7,862QWKH1DWXUHRIWKH8QLYHUVH/RQGRQ3HQJXLQ%RRNV 0$1*$6-XOLR(O0LOHQDULVPROD3HUFHSFLyQGHO7LHPSRHQODV&XOWXUDV$QWLJXDV0DGULG&RPSOXWHQVH 0$5,$6-XOLiQ+LVWRULDGHOD)LORVRItD0DGULG5HYLVWDGH2FFLGHQWH 0$57,1%DUEHUR-HV~V&RQWHPSRUDQHLGDG/DWLQRDPHULFDQD\$QiOLVLV&XOWXUDO&RQYHUVDFLRQHVDO(QFXHQWURGH :DOWHU%HQMDPLQ0DGULG,EHURDPHULFDQD 0F*5$'($6(G7KH&DPEULGJH&RPSDQLRQWR0HGLHYDO3KLORVRSK\&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV 0216(55$7-DYLHU+DFLDXQ1XHYR0XQGR)LORVRItD3ROtWLFDGHO3URWDJRQLVPR+LVWyULFR(PHUJHQWHGHOD 6RFLHGDG&LYLO0DGULG8QLYHUVLGDG3RQWLILFLD&RPLOODV 08f2=7:'LDOpWLFD1HJDWLYD/D-HUJDGHOD$XWHQWLFLGDG0DGULG$NDO 1,(7=6&+()ULHGULFK7KXV6SRNH=DUDWKXVWUD6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ BBBBBBBB6REUHOD8WLOLGDG\ORV3UHMXLFLRVGHOD+LVWRULDSDUDOD9LGD0p[LFR')('$) 18/$1'6KHUZLQ%0DLPRQLGHV1HZ<RUN6FKRNHQ 3$67215REHUW2$QDWRPtDGHO)DVFLVPR%DUFHORQD3HQtQVXOD 3,&$5'2-RDR2VFDU$SUR[LPDFLyQ(SLVWHPROyJLFD$SUR[LPDFLyQDOD+LVWRULDGHOD)LORVRItD6DQ6DOYDGRU 8QLYHUVLGDG)UDQFLVFR*DYLGLD 3/$72)LYH'LDORJXHV(XWK\SKUR$SRORJ\&ULWR0HQR3KDHGR,QGLDQD+DFNHWW 35$776FRWW/1DWLYH3UDJPDWLVP5HWKLQNLQJWKH5RRWVRI$PHULFDQ3KLORVRSK\%ORRPLQJWRQ,QGLDQD 8QLYHUVLW\3UHVV 5(('.OLQH1DRPL0DSVRI0HGLHYDO7KRXJKWWKH+HUHIRUG3DUDGLJP:RRGEULGJH7KH%R\GHOO3UHVV 52866($8-HDQ-DFTXHV7KH)LUVWDQG6HFRQG'LVFRXUVHV%RVWRQ6W0DUWLQ 6&277&KDUOHVHWDO&RPSDQLRQWR+HLGHJJHU·V&RQWULEXWLRQVWR3KLORVRSK\%ORRPLQJWRQ,QGLDQD8QLYHUVLW\ 3UHVV 60,7+$GDP7KH7KHRU\RI0RUDO6HQWLPHQWV1HZ<RUN3URPHWKHXV%RRNV 720(-RVp/RUHQ]R/DV,GHQWLGDGHVODV,GHQWLGDGHV0RUDOHV\3ROtWLFDVHQOD2EUDGH-UJHQ+DEHUPDV0DGULG %LEOLRWHFD1XHYD 9$//(*$1HX'DQLHOD+HLGHJJHU·V&RQWULEXWLRQVWR3KLORVRSK\DQ,QWURGXFWLRQ%ORRPLQJWRQ,QGLDQD 8QLYHUVLW\3UHVV 9(/'(5XGL$HW3DUWLFLSDWLRQDQG6XEVWDQWLDOLW\LQ7KRPDV$TXLQDV/HLGHQ(-%ULOO 92/7$,5(&iQGLGRRHO2SWLPLVPR0DGULG-RUJH0HVWDV :(675$+DLMR-DQ(G)URP$WKHQVWR&KDUWUHV1HRSODWRQLVPDQG0HGLHYDO7RXJKW6WXGLHVLQ+RQRXURI (GRXDUG-HDXQHDX/HLGHQ(-%ULOO :,//,$06%HUQDUG3KLORVRSK\DVD+XPDQLVWLF'LVFLSOLQH3ULQFHWRQ3ULQFHWRQ8QLYHUVLW\3UHVV *(1(52$/*81$618(9$6$'48,6,&,21(6 3$5(//$5XELR6RQLD0XMHU,QPLJUDQWH\7UDEDMDGRUDOD7ULSOH'LVFULPLQDFLyQ%DUFHORQD$QWKURSRV 3(//,&(5)UDQFpV/OXP(G~FDPHFRQ(TXLGDGXQ0RGHORGH(GXFDFLyQQR6H[LVWDHQ(O6DOYDGRU6DQ6DOYDGRU /DV'LJQDV 60,7++LOGD/(G:RPHQ·V3ROLWLFDODQG6RFLDO7KRXJKWDQ$QWKRORJ\%ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVV 875,//$-RVp0LJXHO0XMHUGH+R\HO5HVFDWHGHWt0LVPD0p[LFR')6HOHFWRU *(2/2*,$$/*81$618(9$6$'48,6,&,21(6 :,&$1'(55HHG)XQGDPHQWRVGH*HRORJtD0p[LFR')7KRPVRQ +,6725,$$/*81$618(9$6$'48,6,&,21(6 $/9$5$'23HGURGH&DUWDVGH5HODFLyQ\2WURV'RFXPHQWRV6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH ,PSUHVRV $1'(56217KRPDV5(O6DOYDGRUORV6XFHVRV3ROtWLFRV6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH ,PSUHVRV %$&.0$1&OLIIRUG57KH:RUOGVRI0HGLHYDO(XURSH1HZ<RUN2[IRUG8QLYHUVLW\3UHVV %$*1$//1LJHO7KH3XQLF:DUV5RPH&DUWKDJHDQGWKH6WUXJJOHIRUWKH0HGLWHUUDQHDQ1HZ<RUN6W0DUWLQ·V 3UHVV %DOWLF6WDWHV/LWKXDQLD/DWYLD(VWRQLD/RQGRQ,QWHUQDWLRQDO9LGHR1HWZRUN>9LGHRFLQWD@ %$5$77$0DUtDGH&X]FDWOiQ7tSLFR(QVD\RVREUH(WQRIRQtDGH(O6DOYDGRU)RONORUH)RONZLVD\)RONZD\6DQ 6DOYDGRU0LQLVWHULRGH&XOWXUD %$5%(50DOFRP7KH7ZR&LWLHV0HGLHYDO(XURSH/RQGRQ5RXWOHGJH %526,860DULD7KH3HUVLDQDQ,QWURGXFWLRQ1HZ<RUN5RXWOHGJH %85.(*HRIIUH\7KH,WDOLDQ5HQDLVVDQFH&XOWXUHDQG6RFLHW\LQ,WDO\1HZ-HUVH\3ULQFHWRQ8QLYHUVLW\3UHVV &$',/+21)UDQoRLV/D+RQJULH0RGHUQH6O3UHVVHV8QLYHUVLWDLUHVGH%RUGHDX[ &$0(521$YHULO7KH0HGLWHUUDQHDQ:RUOGLQ/DWH$QWLTXLW\$'/RQGRQ5RXWOHGJH &$5$7,1,5RJHU/HV&DWKDUHVGHOD*ORLUHjOD7UDJHGLH3DULV/·$UFKLSHO &2/20*RQ]iOH])UDQFLVFR(G5HODWRVGH1DFLyQ/D&RQVWUXFFLyQGHODV,GHQWLGDGHV1DFLRQDOHVHQHO0XQGR +LVSiQLFR0DGULG,EHURDPHULFDQD9HUYXHW &257(6\/DUUD]3HGUR'HVFULSFLyQ*HRJUiILFRPRUDOGHOD'LyFHVLVGH*RDWKHPDOD3DUURTXLDV &RUUHVSRQGLHQWHVDO$FWXDO7HUULWRULR6DOYDGRUHxR6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH ,PSUHVRV &52:/(<5RJHUWKH+RO\:DUIRU&RQVWDQWLQRSOHDQGWKH&ODVKRI,VODPDQGWKH:HVW1HZ<RUN +\SHULRQ &]HFKRVORYDNLD7ULXPSKDQG7UDGLWLRQ/RQGRQ,91(QWHUWDLQPHQW>9LGHRFLQWD@ '8%<*HRUJHV/RV3URFHVRVGH-XDQDGH$UFR*UDQDGD8QLYHUVLGDGGH*UDQDGD (6&$/$17($UFH3HGUR$QWRQLR/RV7OD[FDOWHFDVHQ&HQWUR$PpULFD6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH ,PSUHVRV )(51$1'(=0ROLQD-RVp$QWRQLR3LQWDQGRHO0XQGRGH$]XOHO$XJH$xLOHUR\HO0HUFDGR&HQWURDPHULFDQR 6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH,PSUHVRV )XQGDFLyQGHOD$FDGHPLD6DOYDGRUHxDGHOD/HQJXD&RUUHVSRQGLHQWHGHOD5HDO$FDGHPLD(VSDxROD 'RFXPHQWRV+LVWyULFRV9LGD$FDGpPLFD6DQ6DOYDGRU0LQLVWHULRGHO,QWHULRU *$/,16.<.DUO(G7KH&DPEULGJH&RPSDQLRQWRWKH$JHRI$XJXVWXV1HZ<RUN&DPEULGJH8QLYHUVLW\3UHVV *(0(//,*LXOLDQD)HUQDQG%UDXGHO9DOHQFLD8QLYHUVLWDWGH9DOqQFLD *,29$11,3(&&+(1,125HQ]R$QWRQLR/XNDV9DOSDUDtVR+LVWyULFR9DOSDUDtVR3RQWLILFLD8QLYHUVLGDG&DWyOLFD GH9DOSDUDtVR *UHDW([SORUHUV0DUFR3ROR,EQ%DWWXWD%DUWRORPHX'LD]9DVFRGD*DPD&KULVWRSKHU&ROXPEXV)HUGLQDQG 0DJHOODQ&DSLWDQ&RRN/HZLVDQG&ODUN/LYLQJVWRQHDQG6WDQOH\WKH$SROOR0LVVLRQ6XUUH\1D[RV $XGLR%RRNV>$XGLR&'@ *866$OLVRQ-RVHSK6WDOLQ5HG7HUURU1HZ<RUN$(7HOHYLVLRQ1HWZRUNV>9LGHRFLQWD@ +$5%,0RKDPPHG/D*XHUUHG·$OJpULH3DULV+DFKHWWH/LWWpUDWXUHV +($7+(53HWHU7KH)DOORIWKH5RPDQ(PSLUHD1HZ+LVWRU\RI5RPHDQGWKH%DUEDULDQV1HZ<RUN2[IRUG 8QLYHUVLW\3UHVV +(52'27867KH3HUVLDQ:DUIURPWKH+LVWRULHV6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ +(51$1'(=3DORPR-RVp-HV~V/D0LVLyQ\ORV-HVXLWDVHQOD$PpULFD(VSDxROD&DPELRV\ 3HUPDQHQFLDV0DGULG&RQVHMR6XSHULRUGH,QYHVWLJDFLRQHV&LHQWtILFDV +LVWRU\RI863UHVLGHQWV)ORULGD$=&'6>'9'@ +2)6&+52(53HWHU:DWHUORR%DUFHORQD$ULHO +8'621%HQMDPLQ9LNLQJ3LUDWHVDQG&KULVWLDQ3ULQFHV'LQDVW\5HOLJLRQDQG(PSLUHLQWKH1RUWK$WODQWLF1HZ <RUN2[IRUG8QLYHUVLW\3UHVV ,=5$(/(:,&=(ULN4XDQGOD&KLQH&KDQJHOH0RQGH3DULV*UDVVHWDQG)DVTXHOOH -$0(6&/5/RV-DFRELQRV1HJURV7RXVVDLQW/2XYHUWXUH\OD5HYROXFLyQGH+DLWt0DGULG7XUQHU)RQGRGH &XOWXUD(FRQyPLFD -81&2/DYtQ$OHMDQGUD&RQVWUX\H+LVWRULDGHOD$QWLJHGDG&OiVLFDDODV,QGHSHQGHQFLDV0p[LFR')(GHUH -867,&(6WHYHQ9LFWRU:ULWLQJDQG5HEHOOLRQ(QJODQGLQ&DOLIRUQLD8QLYHUVLW\RI&DOLIRUQLD3UHVV .$'5$+DRXDULD-XJXUWKDXQ%HUEqUHFRQWUH5RPH3DULV$UOpD .2(+1%DUEDUD/D5HVLVWHQFLD$OHPDQD&RQWUD+LWOHU0DGULG$OLDQ]D /$/28(77(-DFTXHOLQH/D6pSDUDWLRQGHVeJOLVHVHWGH/·eWDW*HQqVHHW'pYHORSSHPHQWG·XQH,GpH 3DULV'X6HXLO /$5'(\/DUtQ-RUJH(O6DOYDGRU,QXQGDFLRQHVH,QFHQGLRV(UXSFLRQHV\7HUUHPRWRV6DQ6DOYDGRU'LUHFFLyQGH 3XEOLFDFLRQHVH,PSUHVRV /$85,$6DQWLDJR$OGR$QWRQLR8QD5HS~EOLFD$JUDULDORV&DPSHVLQRVHQOD(FRQRPtD\OD3ROtWLFDGH(O6DOYDGRU HQHO6LJOR;,;6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH,PSUHVRV /(*2))-DFTXHV7LPH:RUNDQG&XOWXUHLQWKH0LGGOH$JHV&KLFDJR7KH8QLYHUVLW\RI&KLFDJR3UHVV BBBBBBBB8QD+LVWRULDGHO&XHUSRHQOD(GDG0HGLD%DUFHORQD3DLGyV BBBBBBBB3HQVDUOD+LVWRULD0RGHUQLGDG3UHVHQWH3URJUHVR%DUFHORQD3DLGyV /(9,10LFKDHO-$JHQWVRI(PSLUH6SDQLVK$PEDVVDGRUVLQ6L[WHHQWKFHQWXU\,WDO\,WKDFD&RUQHOO8QLYHUVLW\ 3UHVV /,1'2)XHQWHV+pFWRU/D(FRQRPtDGH(O6DOYDGRUHQHO6LJOR;,;6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH ,PSUHVRV /,77/(/HVWHU.5HOLJLRXV3RYHUW\DQGWKH3URILW(FRQRP\LQ0HGLHYDO(XURSH,WKDFD&RUQHOO8QLYHUVLW\3UHVV /8-$10XxR]/XLV-RVpGH3LQHGD,EDUUD\OD3ULPHUD,PSUHQWDGH*XDWHPDOD*XDWHPDOD-RVpGH3LQHGD,EDUUD /8.$&6-RKQ&LQFR'tDVHQ/RQGUHV0D\RGH&KXUFKLOO6ROR)UHQWHD+LWOHU0DGULG7XUQHU 3XEOLFDFLRQHV 0$$60LFKDHO5HDGLQJVLQ/DWH$QWLTXLW\D6RXUFHERRN/RQGRQ5RXWOHGJH 0$1*$6-XOLR(O0LOHQDULVPROD3HUFHSFLyQGHO7LHPSRHQODV&XOWXUDV$QWLJXDV0DGULG&RPSOXWHQVH 0$5,(-2/-HDQ+&DWKHULQHGH0pGLFLV3DULV7DOODQGLHU 0(,6(/$66XVDQ'LU3LFWXUHVIURPD5HYROXWLRQD0HPRLURIWKH1LFDUDJXDQ&RQIOLFW1HZ<RUN.LQR ,QWHUQDWLRQDO&RUSRUDWLRQ>9LGHRFLQWD@ 0(/(1'(=&KDYHUUL&DUORV-RVp0DWtDV'HOJDGR3UyFHU&HQWURDPHULFDQR6DQ6DOYDGRU'LUHFFLyQGH 3XEOLFDFLRQHVH,PSUHVRV 0(1-,9$52FKRD5DIDHO7LHPSRVGH/RFXUD(O6DOYDGRU6DQ6DOYDGRU)/$&62 0(<(56210DUN'$-HZLVK5HQDLVVDQFHLQ)LIWHHQWK&HQWXU\6SDLQ1HZ-HUVH\3ULQFHWRQ8QLYHUVLW\3UHVV 0,//21(6)LJXHURD/XLV(G(O6DEHUGHORV-HVXLWDV+LVWRULDV1DWXUDOHV\HO1XHYR0XQGR0DGULG ,EHURDPHULFDQD 0217(66HJXQGR(O$JUR6DOYDGRUHxR6DQ6DOYDGRU8QLYHUVLGDG&HQWURDPHULFDQD-RVp6LPHyQ &DxDV 0RVFRZDQG/HQLQJUDGWKH&URZQ-HZHOVRI5XVVLD/RQGRQ,QWHUQDWLRQDO9LGHR1HWZRUN>9LGHRFLQWD@ 081&.7KRPDV6HYHQWHHQWKFHQWXU\(XURSH6WDWH&RQIOLFWDQGWKH6RFLDO2UGHULQ(XURSH+DPVSKLUH 3DOJUDYH0DFPLOODQ 2·&$//$*+$1-RVHSK)5HFRQTXHVWDQG&UXVDGHLQ0HGLHYDO6SDLQ3KLODGHOSKLD8QLYHUVLW\RI3HQQV\OYDQLD 3UHVV 2),&,1$'(32/,7,&$6<(675$7(*,$60,1,67(5,2'($*5,&8/785$<*$1$'(5,$(O6DOYDGRU)RPHQWRGHOD &RPSHWLWLYLGDGHQHO6HFWRU5XUDO,QIRUPH)LQDOGH&RQVXOWRUtD6DQWD7HFOD0LQLVWHULRGH$JULFXOWXUD\ *DQDGHUtD 3$5.0$13DWULFLD,QVXUUHFFLyQQR9LROHQWDHQ(O6DOYDGRUOD&DtGDGH0D[LPLOLDQR+HUQiQGH]0DUWtQH]6DQ 6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH,PSUHVRV 3($5/.HQQHWK&UDFNLQJWKH$3(XURSHDQ+LVWRU\([DP1HZ<RUN5DQGRP+RXVH 5$026=LQRQ'LU0DFHGRQLDWKH/DQGRID*RG1HZ-HUVH\.XOWXUVI>'9'@ 5(('.OLQH1DRPL0DSVRI0HGLHYDO7KRXJKWWKH+HUHIRUG3DUDGLJP:RRGEULGJH7KH%R\GHOO3UHVV 5(6($5&+('8&$7,21$662&,$7,217KH%HVW7HVW3UHSDUDWLRQIRUWKH$GYDQFHG3ODFHPHQW([DPLQDWLRQ (XURSHDQ+LVWRU\1HZ-HUVH\5($ 5,$f2$ORQVR-XDQ-RVp3RHWDV)LOyVRIRV*UDPiWLFRV\%LEOLRWHFDULRV2ULJHQ\1DWXUDOH]DGHOD$QWLJXD %LEOLRWHFDGH$OHMDQGUtD$VWXULDV7UHD 5,'$2-RVp0DUtD:HLPDUHQWUH1RVRWURV%DUFHORQD&tUFXORGH/HFWRUHV 5XVVLD'LVFRYHULQJ5XVVLD/RQGRQ,QWHUQDWLRQDO9LGHR1HWZRUN>9LGHRFLQWD@ 60,7+-XOLD0+(XURSHDIWHU5RPHD1HZ&XOWXUDO+LVWRU\2[IRUG2[IRUG8QLYHUVLW\3UHVV 67(1721)UDQN0$QJOR6D[RQ(QJODQG2[IRUG2[IRUG8QLYHUVLW\3UHVV 7+2036210ROO\'LU0XVVROLQL,WDO\·V1LJKWPDUH1HZ<RUN$(7HOHYLVLRQ1HWZRUNV>9LGHRFLQWD@ 785&,265REHUWR$XWRULWDULVPR\0RGHUQL]DFLyQ(O6DOYDGRU6DQ6DOYDGRU'LUHFFLyQGH 3XEOLFDFLRQHVH,PSUHVRV 8NUDQLH$QFLHQW&URVVURDGV0RGHUQ'UHDPV/RQGRQ,QWHUQDWLRQDO9LGHR1HWZRUN>9LGHRFLQWD@ 9(/$6&20DQXHO%UHYH+LVWRULDGHORV9LNLQJRV0DGULG1RZWLOXV 9ODGLPLU/HQLQ9RLFHRI5HYROXWLRQ1HZ<RUN$(7HOHYLVLRQ1HWZRUNV>9LGHRFLQWD@ :,&.$0&KULV)UDPLQJWKH(DUO\0LGGOH$JHV(XURSHDQGWKH0HGLWHUUDQHDQ1HZ<RUN2[IRUG 8QLYHUVLW\3UHVV :5,*+7$'7KH&RXQWHU5HIRUPDWLRQ&DWKROLF(XURSHDQGWKH1RQ&KULVWLDQ:RUOG/RQGRQ$VKJDWH ,',20$6$/*81$618(9$6$'48,6,&,21(6 &251($83DXO7:RUNERRNIRU:KHHORFN·V/DWLQ1HZ<RUN&ROOLQV 'LFFLRQDULR(VSDxRO,QJOpV0HUULDP:HEVWHU>(GLFLyQ%LOLQJH(VSDxRO,QJOpV@0DVVDFKXVHWWV0HUULDP:HEVWHU *$/9(=-RVp$+DUUDS·V&RQFLVH'LFFLRQDULR 'LFWLRQDU\(VSDxRO,QJOpV (QJOLVK6SDQLVK>(GLFLyQ%LOLQJH (VSDxRO,QJOpV@6O+DUUDS *527('DOH$$&RPSUHKHQVLYH*XLGHWR:KHHORFN·V/DWLQ1HZO\5HYLVHGIRU:KHHORFN·V,OOLQRLV%ROFKD]\ &DUGXFFL3XEOLFDWLRQV 0HUULDP:HEVWHU·V)UHQFK(QJOLVK'LFWLRQDU\>(GLFLyQ%LOLQJH)UDQFpV,QJOpV@6SULQJILHOG0HUULDP:HEVWHU 2[IRUG(6/'LFWLRQDU\2[IRUG2[IRUG8QLYHUVLW\3UHVV 52-$6$OYDUH]/RXUGHV*UDPiWLFD*ULHJD0p[LFR')8QLYHUVLGDG1DFLRQDO$XWyQRPDGH0p[LFR 6&+2(17K/DQJHQVFKHLGW'LFFLRQDULR0DQXDOGHODV/HQJXDV(VSDxROD\$OHPDQD /DQJHQVFKHLGWV 7DVFKHQZRUWHUEXFKGHU6SDQLVFKHQXQG'HXWVFKHQ6SUDFKH>(GLFLyQ%LOLQJH(VSDxRO$OHPiQ@%HUOLQ /DQJHQVFKHLGW :HEVWHU·V6HYHQWK1HZ&ROOHJLDWH'LFWLRQDU\%DVHGRQ:HEVWHU·V7KULG1HZ,QWHUQDWLRQDO'LFWLRQDU\ 0DVVDFKXVHWWV0HUULDP&RPSDQ\ :+((/2&.)UHGHULF0:KHHORFN·V/DWLQ5HDGHU6HOHFWLRQVIURP/DWLQ/LWHUDWXUH1HZ<RUN+DUSHU :+((/2&.·6/DWLQ7KLUW\HLJKW/DWLQ6WRULHV,OOLQRLV%ROFKD]\&DUGXFFL3XEOLVKHUV ,1*(1,(5,$$/*81$618(9$6$'48,6,&,21(6 %$,/(<-DPHV(%LRFKHPLFDO(QJLQHHULQJ)XQGDPHQWDOV1HZ<RUN0F*UDZ+LOO %$//285RQDOG+/RJtVWLFD$GPLQLVWUDFLyQGHOD&DGHQDGH6XPLQLVWUR0p[LFR')3HDUVRQ>&'520@ BBBBBBBB/RJtVWLFD$GPLQLVWUDFLyQGHOD&DGHQDGH6XPLQLVWUR0p[LFR')3HDUVRQ &$67,//2(QULTXHHWDO)XQFWLRQDO1HWZRUNVZLWK$SSOLFDWLRQVD1HXUDO%DVHG3DUDGLJP0DVVDFKXVHWWV .OXZHU$FDGHPLF3XEOLVKHUV &+$30$16WHSKHQ-(OHFWULF0DFKLQHU\DQG3RZHU6\VWHP)XQGDPHQWDOV1HZ<RUN0F*UDZ+LOO &+$6(5LFKDUG2SHUDWLRQV0DQDJHPHQWIRU&RPSHWLWLYH$GYDQWDJH6O0F*UDZ+LOO>&'520@ &+(1*$/856RPDGHHSWL1.RGDN·V(UJRQRPLF'HVLJQIRU3HRSOHDW:RUN1HZ-HUVH\-RKQ:LOH\6RQV &+235$$QLO.'\QDPLFVRI6WUXFWXUHV7KHRU\DQG$SSOLFDWLRQVWR(DUWKTXDNH(QJLQHHULQJ1HZ-HUVH\ 3UHQWLFH+DOO &/28*+5D\:'\QDPLFVRI6WUXFWXUHV1HZ<RUNVQ &2'872'RQDOG3)RXQGDWLRQ'HVLJQ3ULQFLSOHVDQG3UDFWLFHV1HZ-HUVH\3UHQWLFH+DOO '$6%UDMD03ULQFLSOHVRI*HRWHFKQLFDO(QJLQHHULQJ3DFLILF*URYH7KRPVRQ/HDUQLQJ '251,(53KLOOLSH3LHUUH*OREDO2SHUDWLRQVDQG/RJLVWLF7H[WDQG&DVHV1HZ-HUVH\-RKQ:LOH\6RQV '5(<)866WXDUW(7KH$UWDQG7KHRU\RI'\QDPLF3URJUDPPLQJ)ORULGD$FDGHPLF3UHVV (/:$.,/003RZHUSODQW7HFKQRORJ\1HZ<RUN0F*UDZ+LOO (0$6$OWHUQDWLYDV7HFQROyJLFDVGH$FFHVRDO$JXD\6DQHDPLHQWR/D3D](0$6VI )8(57(60HUFHGHV5HGHV,QDOiPEULFDV0XQLFLSDOHV1XHYR6HUYLFLR3~EOLFR0DGULG0DUFLDO3RQV *$5&,$3DVFXDO$QWRQL,QVWDODFLRQHV(OpFWULFDV%DUFHORQD(GLWRULDO82&>&'520@ *+26+6.6HLVPLFDQG:LQG'HVLJQRI&RQFUHWH%XLOGLQJV,%&$6&($&,,OOLQRLV ,QWHUQDWLRQDO&RGH&RXQFLO *20(=&DUORV&RRUG0DQXDOGH0DQHMRGH&XHQFDV6DQ6DOYDGRU9LVLyQ0XQGLDO>&'520@ BBBBBBBB:DWHUVKHG0DQDJHPHQW0DQXDO6DQ6DOYDGRU0LQLVWHULRGH0HGLR$PELHQWH\5HFXUVRV 1DWXUDOHV *28',($QGUHZ*HRPRUIRORJtD'HVpUWLFD 'HVHUW*HRPRUSKRORJ\/D/DJXQD8QLYHUVLGDGGH/D/DJXQD *5$,1*(5-RKQ-3RZHU6\VWHP$QDO\VLV1HZ<RUN0F*UDZ+LOO +$<.,16LPRQ6HxDOHV\6LVWHPDV0p[LFR')/LPXVD BBBBBBBB6LVWHPDVGH&RPXQLFDFLyQ0p[LFR')/LPXVD:LOH\ +2/7=5REHUW'$Q,QWURGXFWLRQWR*HRWHFKQLFDO(QJLQHHULQJ1HZ-HUVH\3UHQWLFH+DOO +8'621-RKQ$(QJLQHHULQJ5RFN0HFKDQLFVDQ,QWURGXFWLRQWRWKH3ULQFLSOHV$PVWHUGDP3HJDPRQ ,8&1:DWHU3XEOLFDWLRQV6O,8&1>&'520@ BBBBBBBB(VWXGLRVGH5HFXUVRV+tGULFRV$QiOLVLVGH$FWRUHV9DORUDFLyQ(FRQyPLFDGHO$JXD&DPELRGHO8VRGHO 6XHORHQ&DIpFRQ6RPEUD6DQ6DOYDGRU0LQLVWHULRGHO0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV >&'520@ .$1,*DVSDU$QDO\VLVRI0XOWLVWRU\)UDPHV1HZ<RUN)UHGHULFN8QJDU3XEOLVKLQJ&R .$66,0$/,$VODP$QiOLVLV(VWUXFWXUDO0p[LFR')7KRPVRQ .(1'$//.HQQHWK($QiOLVLV\'LVHxRGH6LVWHPDV1DXFDOSDQGH-XiUH]3HDUVRQ .,0%$//5DOSK7KH'DWD:DUHKRXVH7RRONLWWKH&RPSOHWH*XLGHWR'LPHQVLRQDO0RGHOLQJ1HZ<RUN:LOH\ &RPSXWHU3XEOLVKLQJ /$7+,%30RGHUQ'LJLWDODQG$QDORJ&RPPXQLFDWLRQ6\VWHPV1HZ<RUN2[IRUG8QLYHUVLW\3UHVV /$85($123LHWUR$WODVGH$JXDORV&RQRFLPLHQWRV7UDGLFLRQDOHVSDUD&RPEDWLUOD'HVHUWLILFDFLyQ%DUFHORQD /$,$/LEURV /((:LOOLDP+.(G,QWHUQDWLRQDO+DQGERRNRI(DUWKTXDNH(QJLQHHULQJ6HLVPRORJ\8QLWHG6WDWHV ,QWHUQDWLRQDO$VVRFLDWLRQRI6HLVPRORJ\DQG3K\VLFVRIWKH(DUWK·V,QWHULRU>&'520@ BBBBBBB,QWHUQDWLRQDO+DQGERRNRI(DUWKTXDNH(QJLQHHULQJ6HLVPRORJ\6O,QWHUQDWLRQDO$VVRFLDWLRQRI 6HLVPRORJ\DQG3K\VLFVRIWKH(DUWK·V,QWHULRU 0$57,-RDQ(G9ROFDQRHVDQGWKH(QYLURQPHQW&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV 0,1,67(5,2'(0(',2$0%,(17(<5(&856261$785$/(60DQXDOGH0DQHMRGH&XHQFDV6DQ6DOYDGRU:RUOG 9LVLRQ 1$(,0)DU]DG(G7KH6HLVPLF'HVLJQ+DQGERRN%RVWRQ.OXZHU$FDGHPLF3XEOLVKHUV 1$=$52)):LOOLDP:(QYLURQPHQWDO(QJLQHHULQJ6FLHQFH1HZ<RUN-RKQ:LOH\DQG6RQV 233(1+(,0$ODQ96HxDOHV\6LVWHPDV0p[LFR')3UHQWLFH+DOO+LVSDQRDPHULFDQD 3(1(/,6*HRUJH*(DUWKTXDNHUHVLVWDQW&RQFUHWH6WUXFWXUHV/RQGRQ()16SRQ 32/<$1,1$'HWDO+\GURG\QDPLFV0DVVDQG+HDW7UDQVIHULQ&KHPLFDO(QJLQHHULQJ/RQGRQ&5&3UHVV 3257(50LFKDHO((VWUDWHJLD&RPSHWLWLYD7pFQLFDVSDUDHO$QiOLVLVGHORV6HFWRUHV,QGXVWULDOHV\GHOD &RPSHWHQFLD0p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iQLFDGH)OXLGRVXQD,QWURGXFFLyQ)tVLFD0p[LFR')$OIDRPHJD 672//+DUU\*/HDVWFRVW(OHFWULF8WLOLW\3ODQQLQJ1HZ<RUN-RKQ:LOH\6RQV 7&+2%$12*/86*HRUJH,QWHJUDWHG6ROLG:DVWH0DQDJHPHQW(QJLQHHULQJ3ULQFLSOHVDQG0DQDJHPHQW,VVXHV 1HZ<RUN0F*UDZ+LOO BBBBBBBB,QWHJUDWHG6ROLG:DVWH0DQDJHPHQW(QJLQHHULQJ3ULQFLSOHVDQG0DQDJHPHQW,VVXHV1HZ<RUN 0F*UDZ+LOO 7203.,16-DPHV$HWDO)DFLOLWLHV3ODQQLQJ1HZ-HUVH\-RKQ:LOH\6RQV 7255(175RVDOtD+LVWRULDGHO'LVHxR,QGXVWULDO0DGULG&iWHGUD 9$1&876(07KLHUU\9ROWDJH6WDELOLW\RI(OHFWULF3RZHU6\VWHPV%RVWRQ.OXZHU$FDGHPLF :+((/(5'RQDOG-6KRUWUXQ63&7HQQHVVHH63&3UHVV :+,7()UDQN00HFiQLFDGH)OXLGRV0DGULG0F*UDZ+LOO /(75$6$/*81$618(9$6$'48,6,&,21(6 $%$'3LODU&RRUG(VWXGLRVGH/LWHUDWXUDGHOD/HQJXD,QJOHVDGHO6LJOR;;9DOODGROLG8QLYHUVLGDGGH 9DOODGROLG $%%$7()ORUHQFLD/LWHUDWXUD/DWLQRDPHULFDQDSDUD3ULQFLSLDQWHV%XHQRV$LUHV(UD1DFLHQWH $'/$5'-RKQ(G-RKQ:LOPRW(DUORI5RFKHVWHUWKH'HEWWR3OHDVXUHLQWKH(\HVRIKLV&RQWHPSRUDULHVDQG LQKLV2ZQ3RHWU\DQG3URVH1HZ<RUN5RXWOHGJH $/%28.5(.$DUyQ'LFFLRQDULRGH(VFULWRUHV+LVSDQRDPHULFDQRVGHO6LJOR;9,DO6LJOR;;0p[LFR') /DURXVVH $1'5(66XiUH],UHQH0LJUDFLyQ\/LWHUDWXUDHQHO0XQGR+LVSiQLFR0DGULG9HUEXP BBBBBBBB0HVWL]DMH\'LVROXFLyQGH*pQHURVHQOD/LWHUDWXUD+LVSiQLFD&RQWHPSRUiQHD0DGULG9HUEXP $16*$5.HOO\+HQU\,GHDVDQG)RUPVRI7UDJHG\IURP$ULVWRWOHWRWKH0LGGOH$JHV1HZ<RUN&DPEULGJH 8QLYHUVLW\3UHVV BBBBBBB&KDXFHULDQ7UDJHG\:RRGEULGJH'6%UHZHU $12///LGLD7H[WRVSDUDHO(VWXGLRGHOD/LWHUDWXUD)UDQFHVD6LJORV;9,;;%DUFHORQD338 $QWKRORJ\RI$GYDQFHG3ODFHPHQW)UHQFK/LWHUDWXUH3OD\1RYHOVDQG3RHWU\IRUWKH([DP0DVVDFKXVHWWV :D\VLGH $5(//$12-RUJH(GXDUGR/LWHUDWXUD&HQWURDPHULFDQD'LFFLRQDULRGH$XWRUHV&RQWHPSRUiQHRV)XHQWHVSDUD VX(VWXGLR0DQDJXD)XQGDFLyQ9LGD $6(16,2(XJHQLR'H)UD\/XLVGH/HyQD4XHYHGR\2WURV(VWXGLRVVREUH5HWyULFD3RpWLFD\+XPDQLVPR 6DODPDQFD8QLYHUVLGDGGH6DODPDQFD $6,6*DUURWH0DUtD'RORUHVGH/LWHUDWXUD8QLYHUVDOGHO6LJOR;;0DGULG)UDJXD $6628/,1(3LHUUH*DVWRQ*DOOLPDUG0HGLR6LJORGH(GLFLyQHQ)UDQFLD%DUFHORQD3HQtQVXOD $867(1-DQH1RUWKDQJHU$EEH\6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ BBBBBBBB(PPD6XUUH\$XGLR%RRNV>$XGLR&'@ BBBBBBBB6HQVHDQG6HQVLELOLW\6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ BBBBBBBB0DQVILHOG3DUN6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ BBBBBBBB3ULGHDQG3UHMXGLFH5HGKLOO1D[RV$XGLR%RRNV>$XGLR&'@ %$55(5$3DUULOOD%HDWUL]/DV/HFWXUDVGHO3RHWD0DGULG&RQVHMR6XSHULRGH,QYHVWLJDFLRQHV&LHQWtILFDV %$55,2-RVp0D&RRUG(VWXGLRVGH/LWHUDWXUDHQ/HQJXD,QJOHVDGHORV6LJORV;;\;;,9DOODGROLG8QLYHUVLGDG GH9DOODGROLG %$8'(/$,5(&KDUOHV2EUDV6HOHFWDV0DGULG(',0$7 %(1('(,79LDMHGH6DQ%RURQGyQ0DGULG*UHGRV %HRZXOI1HZ<RUN1RUWRQ %2&&$&&,2*LRYDQQL7KH'HFDPHURQ1HZ<RUN6LJQHW&ODVVLF %28//26$&DUPHQ/D2WUD0DQRGH/HSDQWR0p[LFR'))RQGRGH&XOWXUD(FRQyPLFD %8&+$10DUN7KH/LPLWVRI+HURLVP+RPHUDQGWKH(WKLFVRI5HDGLQJ0LFKLJDQ7KH8QLYHUVLW\RI0LFKLJDQ 3UHVV %87250LFKHO'HVFULSWLRQGH6DQ0DUFR6O*DOOLPDUG &$//(-$9LDMHVSRU$VLD1DUUDFLRQHV$PHQDVH,QVWUXFWLYDV0DGULG6DWXUQLQR&DOOHMD &$0,1(52-XYHQWLQR/LWHUDWXUD(XURSHDGHO6LJOR;;&RUULHQWHV7HRUtD6LVWHPD\*ORVD%LOEDR8QLYHUVLGDGGH 'HXVWR &$0860DULR'LU7KH+RXVHRI%HUQDUGD$OED6O&LQHPDWHFD>'9'@ (O&DQWDUGHORV1LEHOXQJRV0p[LFR')3RUU~D (O&DQWDUGH5ROGiQ0p[LFR')3RUU~D &$f$6'LQDUWH&DUORV'LFFLRQDULRGH$XWRUDV\$XWRUHVGH(O6DOYDGRU6DQ6DOYDGRU&RQFXOWXUD &(/$&DPLOR-RVp3DEHOOyQGH5HSRVR%DUFHORQD5%$(GLWRUHV &(//,1,%HQYHQXWR9LGDGH%HQYHQXWR&HOOLQL)ORUHQWLQR(VFULWDSRUHO0LVPR6HJXLGDGHODV5LPDV3XHVWDV HQ9HUVRV&DVWHOODQRV0DGULG/LEUHUtDGHOD9LXGDGH+HUQDQGR\&RPSDxtD &+$8&(5*HRIIUH\/RYH9LVLRQV0LGGOHVH[3HQJXLQ%RRNV &/$5$0DXULFLR$OIUHGR£9LYR3RHPDULR6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVGHOD&RUWH6XSUHPDGH -XVWLFLD &223(5+HOHQ7KH&DQWHUEXU\7DOHV1HZ<RUN2[IRUG8QLYHUVLW\3UHVV &257(67RYDU5RVDULR/D6iWLUD3HUVLR>'H'RPLQLR3~EOLFR,QWHUQHW@%DUFHORQD8QLYHUVLGDGGH%DUFHORQD BBBBBBBB/D6iWLUD-XYHQDO>'H'RPLQLR3~EOLFR,QWHUQHW@%DUFHORQD8QLYHUVLGDGGH%DUFHORQD '·$118=,2*DEULHO2EUDV&RPSOHWDV0DGULG$JXLODU ',$=9HUD-DYLHU(6DJDGHORV9ROVXQJRV0DGULG*UHGRV 'LFFLRQDULRGH6LQyQLPRV\$QWyQLPRV0DGULG(VSDVD&DOSH ',&.(16&KDUOHV7KH3LFNZLFN3DSHUV6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ (%(5(1=5ROI(G'LiORJR\2UDOLGDGHQOD1DUUDWLYD+LVSiQLFD0RGHUQD3HUVSHFWLYDV/LWHUDULDV\/LQJtVWLFDV 0DGULG9HUEXP (/,27760XUGHULQWKH&DWKHGUDO)ORULGD+DUFRXUW%UDFH (5$=26DOYDGRU3DUQDVR6DOYDGRUHxR%XHQRV$LUHV0DXFFL )$521$5REHUWR3RHPDV0HWiOLFRV=DIUD&DVWUR BBBBBBBB&DQFLRQHVGHO%DUULR=DIUD.</,; BBBBBBBB(O6RO6DOHSDUD7RGRV=DIUD0DUGH7DQLVVI )(51$1'(=GH$YHOODQHGD$ORQVR(O,QJHQLRVR+LGDOJRGRQ4XLMRWHGHOD0DQFKDTXH&RQWLHQHVX7HUFHUD 6DOLGD\TXHHVOD4XLQWD3DUWHGHVXV$YHQWXUDV&HUYDQWHV$SyFULID0p[LFR')3RUU~D )/$8%(57*XVWDYH6DODPPER0LGGHOHVH[3HQJXLQ%RRNV )8&+60DUMRULH*UDPPDU([SUHVV1HZ<RUN$GGLVRQ:HVOH\/RQJPDQ BBBBBBB*UDPPDU([SUHVV1HZ<RUN$GGLVRQ:HVOH\/RQJPDQ^&'520@ )8-,6$:$6KXKHL7KH%DPERR6ZRUGDQG2WKHU6DPXUDL7DOHV7RN\R.RGDQVKD,QWHUQDWLRQDO )5$1&($QDWROH/RV'HVHRVGH-XDQ6HUYLHQ1RYHOD>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@ 0DGULGVHVI *$/0(6GH)XHQWHV$OYDURWU$XFDVVLQ\1LFROHWWH0DGULG*UHGRV *2/'(1$UWKXU0HPRULDVGHXQD*HLVKD0p[LFR')6XPDGH/HWUDV *2(7+(-RKDQQ:/RV6XIULPLHQWRVGHO-RYHQ:HUWKHU%XHQRV$LUHV/RVDGD *2/'-DQHW1&RPS9ROYHUD,PDJLQDUODV5HWUDWRVGH(VFULWRUDV&HQWURDPHULFDQDV7HJXFLJDOSD*XD\PXUDV *2<7,62/2-XDQ2EUDV&RPSOHWDV6O*DOD[LD*XWHPEHUJ *5$66*QWHU&RQYHUVDFLRQHVFRQ1LFROH&DVDQRYDHO7DOOHUGHODV0HWDPRUIRVLV%DUFHORQD*HGLVD ,6+,+$5$6KLQWDUR8QGHUFXUUHQWV(SLVRGHVIURPD/LIHRQWKH(GJH7RN\R.RGDQVKD,QWHUQDWLRQDO .$).$)UDQ]7KH&DVWOH1HZ<RUN6FKRFNHQ%RRNV .(+(:5REHUW(G/DUNLQWKH0RUQLQJWKH9HUVHRIWKH7URXEDGRXUV>(GLFLyQ%LOLQJH,QJOpV)UDQFpV@ &KLFDJR7KH8QLYHUVLW\RI&KLFDJR3UHVV .,1*.DUHQ/(O(YDQJHOLRGH0DUtDGH0DJGDOD-HV~V\OD3ULPHUD$SyVWRO%DUFHORQD(PSUHVD .2-,0$1REXR(PEUDFLQJ)DPLO\/RQGRQ'DONH\$UFKLYH3UHVV .81'(5$0LODQ6ORZQHVV1HZ<RUN3HUHQQLDO BBBBBBBB7KH8QEHDUDEOH/LJKWQHVVRI%HLQJ6O3HUHQQLDO&ODVVLF BBBBBBBB-DFTXHVDQGKLV0DVWHU1HZ<RUN+DUSHUDQG5RZ BBBBBBBB/DXJKDEOH/RYHV1HZ<RUN+DUSHU3HUHQQLDO BBBBBBBB/LIHLV(OVHZKHUH1HZ<RUN3HUHQQLDO /$%(/RXLVH&RPSOHWH3RHWU\DQG3URVH>(GLFLyQ%LOLQJH)UDQFpV,QJOpV@&KLFDJR7KH8QLYHUVLW\RI&KLFDJR 3UHVV /$*(5/2)6HOPD(O&DUUHWHURGHOD0XHUWH1RYHOD>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@ 0DGULG$PpULFDVI BBBBBBBB-HUXVDOpQHQ'DOHFDUOLD>'H'RPLQLR3~EOLFR,QWHUQHW@%DUFHORQD&HUYDQWHV BBBBBBBB/H\HQGDVGH&ULVWR>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@6DQWLDJRGH&KLOH8ODP /$1*$QGUHZ$XFDVVLQDQG1LFROHWWH+DZDL8QLYHUVLW\3UHVVRIWKH3DFLILF /$5$2VYDOGR9LVLyQ3ROtWLFDGH4XHYHGR>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@0DGULGVH /(&$55(-RKQ(O-DUGLQHUR)LHO%DUFHORQD5DQGRP+RXVH0RQGDGRUL /(,*+6D\HUV'RURWK\WU7KH6RQJRI5RODQG1HZ<RUN3HQJXLQ%RRNV /(21/XLVGH/D3HUIHFWD&DVDGD&DQWDUGHORV&DQWDUHV3RHVtV2ULJLQDOHV0p[LFR')3RUU~D /23(=9LJLO0DUtD3LH]DVSDUDXQ7HDWUR6DQ6DOYDGRU8&$(GLWRUHV /25(1=20RGLD0D-HV~V/LWHUDWXUD)HPHQLQD,QJOHVDGHO6LJOR;9,,,&RUXxD8QLYHUVLGDGHGD&RUXxD 0$'$5,$*$6DOYDGRUGH(O&RUD]yQGH3LHGUD9HUGH0p[LFR')'LDQD 0$(7(5/,1&.0DXULFLR/D9LGDGHODV$EHMDV>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@ 0RQWHYLGHR/D%ROVDGHORV/LEURV 0$/25<7KRPDV7KH'HDWKRI$UWKXU6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ 0$1*8(/$OEHUWR8QD+LVWRULDGHOD/HFWXUD%DUFHORQD/XPHQ 0$117KRPDV'RFWRU)DXVWXVWKH/LIHRIWKH*HUPDQ&RPSRVHU$GULDQ/HYHUNKQDV7ROGE\D)ULHQG1HZ <RUN9LQWDJH%RRNV BBBBBBBB/D0RQWDxD0iJLFD%DUFHORQD(GKDVD 0$83$66$17*X\GH1RUPDQG\6WRULHV6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ 0$<.DUO1RYHODV(VFRJLGDV0DGULG$JXLODU 0(17216H\PRXU&DPLQDWDSRUOD1DUUDWLYD/DWLQRDPHULFDQD0p[LFR'))RQGRGH&XOWXUD(FRQyPLFD 0(5,0((3UyVSHUR&RORPED\2WURV&XHQWRV\1RYHODV>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV (VSHFLDOHV@0DGULGVH 0F&2//28*+&ROOHHQ/D&RURQDGH+LHUED%DUFHORQD3ODQHWD BBBBBBBB(O3ULPHU+RPEUHGH5RPD%DUFHORQD3ODQHWD 0,/721-RKQ3DUDGLVH/RVW6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ 0,<$02727HUX.LQVKX$XWXPQ%URFDGH1HZ<RUN.RGDQVND,QWHUQDWLRQDO 02(//(5&KDUOHV/LWHUDWXUDGHO6LJOR;;\&ULVWLDQLVPR0DGULG*UHGRV 02/,1$-XDQ5DPyQ-XDQ5DPyQ0ROLQDVXV0HMRUHV3iJLQDV7HJXFLJDOSD*XD\PXUDV 028521)LJXHURD&ULVWLQD(O&LFORGH<RUN6RFLHGDG\&XOWXUDHQOD,QJODWHUUD%DMRPHGLHYDO6DQWLDJRGH &RPSRVWHOD8QLYHUVLGDGGH6DQWLDJRGH&RPSRVWHOD 0866(7$GH&RQIHVLyQGHXQ+LMRGHO6LJOR1RYHOD>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@ 0DGULG&DOSH 1$6213XEOLR2YLGLR2EUDV&RPSOHWDV0DGULG(VSDVD 1(592$PDGR-XDQDGH$VEDMH&RQWULEXFLyQDO&HQWHQDULRGHOD,QGHSHQGHQFLDGH0p[LFR>)DFVtPLOGHO 2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@0DGULG%LEOLRWHFD1XHYDVI 18('$/XLV0LO/LEURV0DGULG$JXLODU 2EUDV*DODQWHVGHORV&XHQWLVWDV,WDOLDQRV6LJORV;,,,;,9;9;9,>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV (VSHFLDOHV@9DOHQFLD)6HPSHUHVI 21,(9$0RUDOHV-XDQ/XLV&XUVR6XSHULRUGH5HGDFFLyQ0DGULG9HUEXP 25'2f(=$UJHOOR$OEHUWR3RHPDVSDUD$PDUD$PpULFD*XDWHPDOD0LQLVWHULRGH(GXFDFLyQ3~EOLFD 3$/(2/2*8(0DXULFH$OIUHGRGH9LJQ\>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@6DQWLDJRGH &KLOH0XQGR1XHYR 3$3$',$0$1',6$Op[DQGURV/D$VHVLQD0DGULG&ODwUHO 3$3,1,866WDWLXV3XEOLXV7KH7KHEDLG6HYHQ$JDLQVW7KHEHV0DU\ODQG7KH-RKQV+RSNLQV8QLYHUVLW\3UHVV 3$77(5621-DPHVQG&KDQFH1HZ<RUN:DUQHU%RRNV 3$=2FWDYLR0LVFHOiQHD,,,0p[LFR'))RQGRGH&XOWXUD(FRQyPLFD BBBBBBBB,GHDV\&RVWXPEUHV0p[LFR'))RQGRGH&XOWXUD(FRQyPLFD 3(/,.$1-DURVODY7KH9LQGLFDWLRQRI7UDGLWLRQ1HZ+DYHQ<DOH8QLYHUVLW\3UHVV 3,1&.1(<6WHWNHY\FK6X]DQQH(G5HRULHQWDWLRQV$UDELFDQG3HUVLDQ3RHWU\%ORRPLQJWRQ,QGLDQD8QLYHUVLW\ 3UHVV 3,2&+(GHOD9HUJQH0DULH0DGHOHLQH/D3ULQFHVDGH&OqYHV>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV (VSHFLDOHV@0DGULG&DOSH 322/(:LOOLDP0LOWRQDQGWKH,GHDRIWKH)DOO&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV 3217,),&,$81,9(56,'$'&$72/,&$'(9$/3$5$,621HUXGD9LYHD$xRVGHVX0XHUWH9DOSDUDtVR 3RQWLILFLD8QLYHUVLGDG&DWyOLFDGH9DOSDUDtVR>$XGLR&'@ 32=8(/2<9$1&26-RVp0DUtD'HOD$XWRELRJUDItD7HRUtD\(VWLORV%DUFHORQD&UtWLFD 35$'2-DYLHUGHO3DUD/HHUD0DUFHO3URXVW0DGULG3DODV$WHQHD 38-$/6(VWHEDQ+LVWRULDGHOD/LWHUDWXUD,QJOHVD0DGULG*UHGRV 48(9('2)UDQFLVFRGH3RHVtD2ULJLQDO&RPSOHWD%DUFHORQD3ODQHWD 5$0%/$)RUWHV0D3DORPD,QWURG6LU*DZDLQ\HO&DEDOOHUR9HUGH$QyQLPR,QJOpVGHO6LJOR;,90iODJD 8QLYHUVLGDGGH0iODJD 5,/.(5DLQHU0DULD3RHVLDV>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@%DUFHORQD)DPD 5,9(527DUDYLOOR$QWRQLRWU$QWLJXRV3RHPDV,UODQGHVHV0DGULG*UHGRV 52%(57621':$3UHIDFHWR&KDXFHU6WXGLHVLQ0HGLHYDO3HUVSHFWLYHV1HZ-HUVH\3ULQFHWRQ8QLYHUVLW\3UHVV 52'5,*8(=3RUWLOOR$UPDQGR(O5XLVHxRU2ULHQWDO6DQ6DOYDGRU,PSUHQWD1DFLRQDO 520$,16-XOHV/HV+RPPHVGH%RQQH9RORQWp3DULV)ODPPDULRQ 6$,17(%HXYH05HIOH[LRQHV6HQWHQFLDV\0i[LPDV0RUDOHVGHOD5RFKHIRXFDXOG>)DFVtPLOGHO2ULJLQDO8ELFDGR HQ&ROHFFLRQHV(VSHFLDOHV@3DULV*DUQLHU+HUPDQRVVI 6$1'*HRUJH'LDULRGHXQD9LDMHUD'XUDQWHOD*XHUUD0iODJD8QLYHUVLGDGGH0iODJD 6&+5$03)(5$]DU%HWW\%DVLF(QJOLVK*UDPPDU6O3HDUVRQ>$XGLR&'@ 6&+:$57=/tD'H)UD\/XLVD4XHYHGR/HFWXUDVGHORV&OiVLFRV$QWLJXRV0iODJD8QLYHUVLGDGGH0iODJD 6(*$55$0DUWD/D/LWHUDWXUD)UDQFyIRQDGHO0DJUHE>'H'RPLQLR3~EOLFR,QWHUQHW@%DUFHORQD8QLYHUVLGDGGH %DUFHORQD 63(16(5(GPXQG7KH)DHULH4XHHQH6XUUH\1D[RV$XGLR%RRNV>$XGLR&'@ 67(1'+$/5HGDQG%ODFN1HZ<RUN::1RUWRQ BBBBBBBB$UPDQFLD>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@%DUFHORQD/D9LGD/LWHUDULDVI 67(,1%(5*7KHRGRUH/5HDGLQJWKH0LGGOH$JHVDQ,QWURGXFWLRQWR0HGLHYDO/LWHUDWXUH1RUWK&DUROLQD 0F)DUODQGDQG&RPSDQ\ 6785/86216QRUUL(GGD/RQGUHV-0'HQW 6:,)7-RQDWDQ9LDMHVGH*XOOLYHU9LDMHD/LOLSXW²9LDMHD%UREGLQJQDJ>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ &ROHFFLRQHV(VSHFLDOHV0DGULG&DOSH 7$1$%(7RKUX+RNXVDL0DGULG$QD\D 7(11<621$OIUHGR3RHPDV(QRFK$UGHQ*DUHWK\/\QHWWH0HUOLQ\%LELDQD/D5HLQD*LQHEUD'RUD/D 0D\D>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@%DUFHORQD%LEOLRWHFD9HUGDJXHU 78&+0$1%DUEDUD:$'LVWDQW0LUURU6O%ODFNVWRQH$XGLR%RRNV>$XGLR&'@ 7:$,10DUN¢+D0XHUWR6KDNHVSHDUH">)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@0DGULG %LEOLRWHFD1XHYD BBBBBBBB«<OD%XUUDGHODV&ROHV>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@0DGULG9DULRUXP 9$648(=-XDQ*DEULHO-RVHSK&RQUDGHO+RPEUHGH1LQJXQD3DUWH%RJRWi3DQDPHULFDQD 9$=GH&DP}HV/XLV7KH/XVLDGV1HZ<RUN2[IRUG8QLYHUVLW\3UHVV 9,*1<$GH&KDWWHUWRQ'UDPD>)DFVtPLOGHO2ULJLQDO8ELFDGRHQ&ROHFFLRQHV(VSHFLDOHV@0DGULG&DOSH 9,5*,/7KH*HRUJLFV/RQGRQ3HQJXLQ%RRNV 92/7$,5(&iQGLGRRHO2SWLPLVPR0DGULG-RUJH0HVWDV :$//$&('DYLG(G7KH&DPEULGJH+LVWRU\RI0HGLHYDO(QJOLVK/LWHUDWXUH&DPEULGJH&DPEULGJH8QLYHUVLW\ 3UHVV :$/7$5,0LND0DUFRHO5RPDQR%DUFHORQD('+$6$ :,//,$06$QQZ\O&OHPHQW0DURW)LJXUH7H[WDQG,QWHUWH[W1HZ<RUN7KH(GZLQ0HOOHQ3UHVV :2/)&KULVWD3DUWLQJIURP3KDQWRPV6HOHFWHG:ULWLQJV&KLFDJR7KH8QLYHUVLW\RI&KLFDJR3UHVV :5,*+7-RH'LU3ULGHDQG3UHMXGLFH&DOLIRUQLD8QLYHUVDO6WXGLRV>'9'@ =25$&+5HEHFFD%ORRG0LON,QN*ROG$EXQGDQFHDQG([FHVVLQWKH)UHQFK5HQDLVVDQFH&KLFDJR7KH 8QLYHUVLW\RI&KLFDJR3UHVV =:(,*6WHIDQ%DO]DFOD1RYHODGHXQD9LGD%DUFHORQD3DLGyV 0$7(0$7,&$6$/*81$618(9$6$'48,6,&,21(6 '25$1&KULV*HRPHWULF$OJHEUDIRU3K\VLFLVWV&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV (6&$3,1,3HxDWH(GXDUGR1~PHURV&RPSOHMRV\0DWULFHV6DQ6DOYDGRU7DOOHUHV*UiILFRV8&$ *$/2GH1DYDUUR*ORULD0DWHPiWLFD$SOLFDGD6DQ6DOYDGRU8&$(GLWRUHV 0$1.,(:,&=5LFKDUG+LVWRULDGHODV0DWHPiWLFDVGHO&iOFXORDO&DRV%DUFHORQD3DLGy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~V*XULGL6LQIRQtD3LUHQDLFD6O1D[RV>$XGLR&'@ %,57:,67/(+DUULVRQ7KH$[H0DQXDO&RPSOHWH3LDQR:RUNV/RQGRQ0HWURQRPH5HFRUGLQJV >$XGLR&'@ 7+(%/$&.(<('3($60RQNH\%XVLQHVV&DOLIRUQLD,QWHUVFRSH5HFRUGV>$XGLR&'@ %28/(=3LHUUH'LU5LWXHOLQ0HPRULDP%UXQR0DGHUQD(FODW0XOWLSOHV6O6RQ\0XVLF(QWHUWDLQPHQW >$XGLR&'@ BBBBBBBB([SORVDQWHIL[H+DPEXUJ'HXWVFKH*UDPPRSKRQ>$XGLR&'@ BBBBBBBB%RXOH]OH0DUWHDX6DQV0DvWUH'pULYHDQG+DPEXUJ'HXWVFKH*UDPPRSKRQ>$XGLR&'@ %UDKPV6\PSKRQ\QRLQ'0DMRURS7RURQWR1D[RV5LJKWV,QWHUQDWLRQDO>$XGLR&'@ %ULDQ)HUQH\KRXJK/RQGRQ(WFHWHUD>$XGLR&'@ ,&,$5/$7$1,,FK5KPGLFK+HLGHOEHUJ0XVLNGHU5HQDLVVDQFHDP.XUSIlO]LVFKHQKRI WKH&RXUWLQ+HLOGHOEHUJ 5HQDLVVDQFH0XVLFDW 0XVLTXHGHOD5HQDLVVDQFDjOD&RXUGH+HOGHOEHUJ+HLGHOEHUJ &KULVWRSKRUXV>$XGLR&'@ &2/'3/$<&ROGSOD\[\&DOLIRUQLD(0,5HFRUGV>$XGLR&'@ &=,))5$*HRUJHV*HRUJHV&]LIIUD&KRSLQ/LV]W)UDQFN/RQGRQ,0*$UWLVWV>'9'@ BBBBBBBB/HV,QWURXYDEOHVGH&]LIIUD)UDQFH(0,>$XGLR&'@ '$9,'296.<0DULR7KH0XVLFRI0DULR'DYLGRYVN\1HZ<RUN%ULGJH5HFRUGV>$XGLR&'@ 'PLWUL6KRVWDNRYLFK6RQDWDIRU9LROD6O,GpDOH$XGLHQFH,QWHUQDWLRQDO>'9'@ '8167$%/(-RKQ6ZHHW+DUPRQ\0DVVHVDQG0RWHWV6O1D[RV5LJKWV,QWHUQDWLRQDO>$XGLR&'@ '86$3,13DVFDO3HUHOj8RPRGL)XPR%RVWRQ1DwYH>$XGLR&'@ (,1$8',/XGRYLFR/D6FDOD&RQFHUW&DOLIRUQLD%0*&RPSDQ\>$XGLR&'@ BBBBBBBB8QD0DWWLQD6O'HFFD0XVLF*URXS>$XGLR&'@ BBBBBBBB/H2QGH6O%0*&RPSDQ\>$XGLR&'@ (16(0%/(5(1$,66$1&(5RRWVRIWKH%DONDQ'DQFHVDQG6RQJVIURP2OG6HUELD/RQGRQ&ODVVLF3URGXNWLRQ 2VQDEUFN>$XGLR&'@ )(51(<+28*+%ULDQ6WUDGLYDULXV6O0LODQR'LVFKL>$XGLR&'@ )22),*+7(56,Q<RXU+RQRU1HZ<RUN5RVZHOO5HFRUGV>$XGLR&'@ )UDQFLV3RXOHQFDQG)ULHQGV%DFTXLHU'XYDO)pYULHU*HQGURQ*UXQHQZDOG,YDOGL3UrWUH5DPSDO7DFFKLQR 9H\URQ/DFURL[6O(0,5HFRUGV>'9'@ *$%5,(/,*LRYDQQL9HQHWLDQ&KXUFK0XVLF6O(0,5HFRUGV>$XGLR&'@ *$%5,(/,*LRYDQQL7KH&DQ]RQDVDQG6RQDWDVIURP6DFUDH6\PSKRQLDH/RQGRQ+\SHULRQ5HFRUGV >$XGLR&'@ *pUDUG*ULVH\OHV(VSDFHV$FRXVWLTXHV/RQGRQ.DLURV>$XGLR&'@ *(68$/'2GL9HQRVD&DUOR0DGULJDOL/LEUL,,,,6O&ODVVLF3URGXNWLRQ2VQDEUFN>$XGLR&'@ BBBBBBBB&RPSOHWH6DFUHG0XVLFIRU)LYH9RLFHV0XQLFK+1+,QWHUQDWLRQDO>$XGLR&'@ *25,//$='HPRQ'D\V1HZ<RUN(0,5HFRUGV>'9'@ *XVWDY0DKOHUD/LIHLQ&ULVLV1HZ+DYHQ<DOH8QLYHUVLW\3UHVV +,//,(53DXO'LU0RQDVWLF&KDQWWKH$JHRI&DWKHGUDOV3DULV+DUPRQLD0XQGL>$XGLR&'@ .277,&.(GZDUG/(DUO\.H\ERDUG,QVWUXPHQWVLQ(XURSHDQ0XVHXPV%ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVV .2=(1É0DJGDOHQD3DULGHHG(OHQD+DPEXUJ$UFKLY3URGXNWLRQ>$XGLR&'@ .857$**\|UJ\0XVLNIU6WUHLFKLQVWUXPHQWH0QFKHQ(&05HFRUGV>$XGLR&'@ WK /(21,10DJLVWHU/HRQLQXV6DFUHG0XVLFIURP &HQWXU\3DULV/RQGRQ+\SHULRQ>$XGLR&'@ 0$+/(5*XVWDY6\PSKRQLHQR1HZ<RUN3RO\JUDP&ODVVLFV-D]]>$XGLR&'@ BBBBBBBB6\PSKRQ\QR+DPEXUJ'HXWVFKH*UDPPRSKRQ>$XGLR&'@ 0$/(772*LXVHSSH'LU&DQWLFD6\PSKRQLD6O*ORVVD0XVLF>$XGLR&'@ 0$56+$//.LPEHUO\6LHQHVH6SOHQGRU0XVLFRIWKH,WDOLDQ5HQDLVVDQFH5RPH/RIW5HFRUGLQJV >$XGLR&'@ 0$6621'LHJR'LU$XVGHQ6LHEHQ7DJHQ/RQGRQ+DUPRQLD0XQGL>$XGLR&'@ 0$7$)pOL[&DQFLRQHVSDUD9R]\3LDQR6DQ-RVp8QLYHUVLGDGGH&RVWD5LFD>3DUWLWXUD@ 0$;:(//'DYLHV3HWHU4XDUWHWVQRVDQG6O1D[RV5LJKWV,QWHUQDWLRQDO>$XGLR&'@ 0R]DUW6O1RQHVXFK5HFRUGV>$XGLR&'@ 1LQHLQFK1DLOVZLWK7HHWK&DOLIRUQLD,QWHUVFRSH>$XGLR&'@ 1212/XLJL$UGLWWL6WULQJ4XDUWHW3DULV1DYH>$XGLR&'@ 1XRYD&RPSDJQLDGL&DQWR3RSRODUH$QWRORJLD6O(0,0XVLF>$XGLR&'@ 2&.(*+(0-RKDQQHV0LVVDPLPL6O$69>$XGLR&'@ 2K)ODQGHUV)UHH0XVLFRIWKH)OHPLVK5HQDLVVDQFH&DSLOOD)ODPHQFD6O+1+,QWHUQDWLRQDO 2OJD1HXZLUWK6O.DLURV>$XGLR&'@ 352.2),(96HUJHL&RPSRVLWRU7KH/RYHIRU7KUHH2UDQJHV /·$PRXUGHV7URLV2UDQJHV6O,PDJH (QWHUWDLQPHQW>'9'@ 5$77/(6LPRQ'LU'Yy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iJHQHVGHOD0~VLFD3RSXODU&RVWDUULFHQVH6DQ-RVp8QLYHUVLGDGGH&RVWD5LFD 23(5$$/*81$618(9$6$'48,6,&,21(6 %,=(7*HRUJHV$Q,QWURGXFWLRQWR%L]HW&DUPHQ6O+1+,QWHUQDWLRQDO>$XGLR&'@ '(%866<&ODXGH$Q,QWURGXFWLRQWR'HEXVV\3HOOpDVHW0pOLVDQGH6O1D[RV5LJKWV,QWHUQDWLRQDO >$XGLR&'@ .2=(1É0DJGDOHQD3DULGHHG(OHQD+DPEXUJ$UFKLY3URGXNWLRQ>$XGLR&'@ 02=$57:ROIJDQJ$PDGHXV$Q,QWURGXFWLRQWR0R]DUW&RVLIDQ7XWWH6O+1+,QWHUQDWLRQDO >$XGLR&'@ 352.2),(96HUJHL&RPSRVLWRU7KH/RYHIRU7KUHH2UDQJHV /·$PRXUGHV7URLV2UDQJHV6O,PDJH (QWHUWDLQPHQW>'9'@ 38&&,1,*LDFRPR$Q,QWURGXFWLRQWR3XFFLQLOD%RKqPH6O+1+,QWHUQDWLRQDO>$XGLR&'@ BBBBBBBB$Q,QWURGXFWLRQWR3XFFLQL7XUDQGRW6O1D[RV5LJKWV,QWHUQDWLRQDO>$XGLR&'@ BBBBBBBB$Q,QWURGXFWLRQWR3XFFLQL7RVFD6O+1+,QWHUQDWLRQDO>$XGLR&'@ 5266,1,*LRDFKLQR$Q,QWURGXFWLRQWR5RVVLQL7DQFUHGL6O1D[RV5LJKWV,QWHUQDWLRQDO>$XGLR&'@ BBBBBBBB$Q,QWURGXFWLRQWR5RVVLQLWKH%DUEHURI6HYLOOH6O+1+,QWHUQDWLRQDO>$XGLR&'@ 9(5',*LXVHSSH$Q,QWURGXFWLRQWR9HUGLOD7UDYLDWD6O+1+,QWHUQDWLRQDO>$XGLR&'@ BBBBBBBB$Q,QWURGXFWLRQWR9HUGL5LJROHWWR6O+1+,QWHUQDWLRQDO>$XGLR&'@ BBBBBBBB$Q,QWURGXFWLRQWR9HUGL$LGD6O+1+,QWHUQDWLRQDO>$XGLR&'@ 36,&2/2*,$$/*81$618(9$6$'48,6,&,21(6 $521$UWKXU6WDWLVWLFVIRUWKH%HKDYLRUDODQG6RFLDO6FLHQFHVD%ULHI&RXUVH1HZ-HUVH\3HDUVRQ %(16213HWHUHWDO:KDW7HHQV1HHGWR6XFFHHG3URYHQ3UDFWLFDO:D\VWR6KDSH\RXU2ZQ)XWXUH 0LQQHDSROLV)UHH6SLULW %/80(1)(/'+DO1HXURDQDWRP\7KURXJK&OLQLFDO&DVHV0DVVDFKXVHWWV6LQDXHU$VVRFLDWHV &$/'(521GH2UHOODQD/HWLFLD+LVWRULDGHOD3VLFRORJtDHQ(O6DOYDGRU6DQ6DOYDGRUVQ &$/9,%HWWLQD$EXVR6H[XDOHQOD,QIDQFLD(IHFWRV3VtTXLFRV%XHQRV$LUHV/XJDU &232/832(QULTXH5RGROIR7HVLV'RFWRUDOVREUH´/D([SORWDFLyQ6H[XDO&RPHUFLDOGHORV1LxRVµ$EXVR 3HGRILOLD&ULPLQDOLGDGGHORV&XHOORV9HUGHV8UXJXD\&DOOHGH&DPSRPDQHV &267$1=2/LQGD63K\VLRORJ\3KLODGHOSKLD/LSSLQFRWW:LOOLDPV:LONLQV *2/'%(5*6WHSKHQ&OLQLFDO1HXURDQDWRP\0DGH5LGLFXORXVO\6LPSOH)ORULGD0HG0DVWHU BBBBBBBB1HXURORJLF/RFDOL]DWLRQ)ORULGD0HG0DVWHU>&'520@ +(1'(/0$1:DOWHU-$WODVRI)XQFWLRQDO1HXURDQDWRP\)ORULGD&5&3UHVV BBBBBBBB$WODVRI)XQFWLRQDO1HXURDQDWRP\)ORULGD&5&3UHVV>&'520@ +(66(1-XDQ7HRUtDGHO&RQRFLPLHQWR6DQ6DOYDGRU-XUtGLFD6DOYDGRUHxD .$1'(/(ULF5(G3ULQFLSOHVRI1HXUDO6FLHQFH1HZ<RUN0F*UDZ+LOO BBBBBBB(VVHQWLDOVRI1HXUDO6FLHQFHDQG%HKDYLRU&RQQHFWLFXW$SSOHWRQ/DQJH /(=$.0XULHO'HWDO1HXURSV\FKRORJLFDO$VVHVVPHQW1HZ<RUN2[IRUG8QLYHUVLW\3UHVV 0$*526HUYHW9LFHQWH&RRUG*XtD3UiFWLFDGHO0HQRU\GHOD9LROHQFLDGH*pQHUR\'RPpVWLFD0DGULG/D/H\ $FWXDOLGDG 0$57,1%DUy,JQDFLR,QWURG3VLFRORJtD&LHQFLD\&RQVFLHQFLD6DQ6DOYDGRU8&$(GLWRUHV 022'<+DUU\5$JLQJ&RQFHSWVDQG&RQWURYHUVLHV/RQGRQ3LQH)RUJH3UHVV 21(772)HUQDQGR&OLPDV(GXFDWLYRV\3URQyVWLFRVGH9LROHQFLD&RQGLFLRQHV,QVWLWXFLRQDOHVGHOD&RQYLYHQFLD (VFRODU%XHQRV$LUHV1RYHGDGHV(GXFDWLYDV 526(1=:(,*0DUN5%LRORJLFDO3V\FKRORJ\DQ,QWURGXFWLRQWR%HKDYLRUDODQG&RJQLWLYH1HXURVFLHQFH 0DVVDFKXVHWWV6LQDXHU$VVRFLDWHV BBBBBBBB/HDUQLQJ%LRORJLFDO3V\FKRORJ\0DVVDFKXVHWWV6LQDXHU$VVRFLDWHV>&'520@ 9LROHQFLD'RPpVWLFD*XtD3UiFWLFD0DGULG6(3,1 :$/7216WXDUW+XPDQLGDGXQD+LVWRULDGHODV(PRFLRQHV%XHQRV$LUHV7DXUXV :(;/(5%UXFH(%UDLQDQG&XOWXUH1HXURELRORJ\,GHRORJ\DQG6RFLDO&KDQJH0DVVDFKXVHWWV0DVVDFKXVHWWV ,QVWLWXWHRI7HFKQRORJ\ :,//,$0660DUN6\OYLXVIRU1HXURVFLHQFHD9LVXDO*ORVVDU\RI+XPDQ1HXURDQDWRP\6O3\UDPLV 6WXGLRV>&'520@ 5()(5(1&,$$/*81$618(9$6$'48,6,&,21(6 $/%28.5(.$DUyQ'LFFLRQDULRGH(VFULWRUHV+LVSDQRDPHULFDQRVGHO6LJOR;9,DO6LJOR;;0p[LFR') /DURXVVH &$f$6'LQDUWH&DUORV'LFFLRQDULRGH$XWRUDV\$XWRUHVGH(O6DOYDGRU6DQ6DOYDGRU&RQFXOWXUD &$1726SHUEHU0RQLTXH'LFFLRQDULRGH(WLFD\GH)LORVRItD0RUDO0p[LFR'))RQGRGH&XOWXUD(FRQyPLFD &$9(65RJHU:(G(QF\FORSHGLDRIWKH&LW\/RQGRQ7D\ORU)UDQFLV &-$9&RUS7DLZDQ0RUH7KDQDQ,VODQG7DLSHL7DLZDQ3DQRUDPD0DJD]LQH>&'520@ 'LFFLRQDULR,OXVWUDGR/DWtQ/DWLQR(VSDxRO(VSDxRO/DWLQR%DUFHORQD9R[ 'LFFLRQDULR(VSDxRO,QJOpV0HUULDP:HEVWHU>(GLFLyQ%LOLQJH(VSDxRO,QJOpV@0DVVDFKXVHWWV0HUULDP:HEVWHU )/$&62&HQWURDPpULFDHQ&LIUDV6DQ-RVp)/$&62 *$/9(=-RVp$+DUUDS·V&RQFLVH'LFFLRQDULR (VSDxRO,QJOpV@6O+DUUDS 'LFWLRQDU\(VSDxRO,QJOpV (QJOLVK6SDQLVK>(GLFLyQ%LOLQJH .:$1*+ZD0DVV&RPPXQLFDWLRQV7DLZDQD&DWDORJRI$XGLRYLVXDO0DWHULDOV>(GLFLyQ7ULOLQJH&KLQR ,QJOpV([email protected]+ZD0DVV&RPPXQLFDWLRQV 0(55,$0:HEVWHU0HUULDP:HEVWHU·V,QWHUPHGLDWH7KHVDXUXV6SULQJILHOG0HUULDP:HEVWHU 0HUULDP:HEVWHU·V)UHQFK(QJOLVK'LFWLRQDU\>(GLFLyQ%LOLQJH)UDQFpV,QJOpV@6SULQJILHOG0HUULDP:HEVWHU 0(55,$0:HEVWHU0HUULDP:HEVWHUV'LFWLRQDU\RI6\QRQ\PVD'LFWLRQDU\RI'LVFULPLQDWHG6\QRQ\PVZLWK $QWRQ\PVDQG$QDORJRXVDQG&RQWUDVWHG:RUGV6SULQJILHOG0HUULDP:HEVWHU 2),&,1$'(,1)250$&,21'(/*2%,(5127$,:$1(VER]RGH7DLZDQ7DLSHL2ILFLQDGH,QIRUPDFLyQ GHO*RELHUQR7DLZDQ 2[IRUG(6/'LFWLRQDU\2[IRUG2[IRUG8QLYHUVLW\3UHVV 3,&$5'2-RDR2VFDU&RRUG'LFFLRQDULR(QFLFORSpGLFRGH&LHQFLDVGHOD(GXFDFLyQ6DQ6DOYDGRU&HQWURGH ,QYHVWLJDFLyQ(GXFDWLYD 5266$123'LU1XHYR'LFFLRQDULRGH7HRORJtD%tEOLFD0DGULG6DQ3DEOR 6$/8'38%/,&$$/*81$618(9$6$'48,6,&,21(6 &$50$1/XF\0DQWHQJDPRVOD3URPHVDXQ5HFXUVR'LGiFWLFRVREUHOD'HIHQVDGH&DXVDV\HO9,+\HO6,'$ *LQHEUD$OLDQ]D(FXPpQLFDGH$FFLyQ0XQGLDO ,f,*8(=0DUFHOR'DQLHO&RQWUDWRVGH3UHVWDFLRQHVGH6DOXG\'HUHFKRV+XPDQRV%RJRWi5XELQ]DO&XO]RQL 62&,2/2*,$$/*81$618(9$6$'48,6,&,21(6 $*8,/(5$0DQ]DQR-RVp0DUtD/D)RUPDFLyQGHOD,GHQWLGDG&XEDQDHO'HEDWH6DFR/D6DJUD6HYLOOD 8QLYHUVLGDGGH6HYLOOD %$521&DVWUR5RGROIR/D3REODFLyQGH(O6DOYDGRU6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH,PSUHVRV %52:13HWHU7KH%RG\DQG6RFLHW\0HQ:RPHQDQG6H[XDO5HQXQFLDWLRQLQ(DUO\&KULVWLDQLW\1HZ<RUN &ROXPELD8QLYHUVLW\3UHVV &$+,$1$GROIR/DV21*V²2UJDQL]DFLRQHVQR*XEHUQDPHQWDOHVOD3DUWLFLSDFLyQ&LXGDGDQDHO/LGHUD]JR &RPXQLWDULR%XHQRV$LUHV/D5RFFD &2/20*RQ]iOH])UDQFLVFR(G5HODWRVGH1DFLyQ/D&RQVWUXFFLyQGHODV,GHQWLGDGHV1DFLRQDOHVHQHO0XQGR +LVSiQLFR0DGULG,EHURDPHULFDQD9HUYXHW 0$55248,1$OHMDQGUR'DJREHUWR$SUHFLDFLyQ6RFLROyJLFDGHOD,QGHSHQGHQFLD6DOYDGRUHxD6DQ6DOYDGRU 'LUHFFLyQGH3XEOLFDFLRQHVH,PSUHVRV 5(<7ULVWiQ(GXDUGR/D,]TXLHUGD5HYROXFLRQDULD8UXJXD\D6HYLOOD8QLYHUVLGDGGH6HYLOOD 6$1&+(=5RPiQ-RVp$QWRQLR/D'XOFH&ULVLV(VWDGR(PSUHVDULRVH,QGXVWULD$]XFDUHUDHQ7DFXPiQ $UJHQWLQD6HYLOOD8QLYHUVLGDGGH6HYLOOD 7(55(1(GXDUGR(G5D]DVHQ&RQIOLFWRV3HUVSHFWLYDV6RFLROy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yQ0DGULG*UHGRV %52:13HWHU$XWKRULW\DQGWKH6DFUHG$VSHFWVRIWKH&KULVWLDQLVDWLRQRIWKH5RPDQ:RUOG1HZ<RUN &DPEULGJH8QLYHUVLW\3UHVV %52:13HWHU7KH%RG\DQG6RFLHW\0HQ:RPHQDQG6H[XDO5HQXQFLDWLRQLQ(DUO\&KULVWLDQLW\1HZ<RUN &ROXPELD8QLYHUVLW\3UHVV &$5$7,1,5RJHU/HV&DWKDUHVGHOD*ORLUHjOD7UDJpGLH3DULV/·$UFKLSHO &$5'(1$/5RGROIR(O3RGHU(FOHVLiVWLFRHQ(O6DOYDGRU6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVH ,PSUHVRV &+$':,&.2ZHQ7KH&KULVWLDQ&KXUFKLQWKH&ROG:DU/RQGRQ3HQJXLQ BBBBBBBB)URP%RVVXHWWR1HZPDQ&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV &2//,16-RKQ-,QWURGXFWLRQWRWKH+HEUHZ%LEOH6O$XJVEXUJ)RUWUHVV>&'520@ &RPSHQGLXP&DWKHFLVPRIWKH&DWKROLF&KXUFK:DVKLQJWRQ'&/LEUHULD(GLWULFH9DWLFDQD &RPSHQGLXPRIWKH6RFLDO'RFWULQHRIWKH&KXUFK:DVKLQJWRQ'&/LEUHULD(GLWULFH9DWLFDQD &855$1&KDUOHV(7KH0RUDO7KHRORJ\RI3RSH3DXO,,:DVKLQJWRQ'&*HRUJHWRZQ8QLYHUVLW\3UHVV &86+,1*.DWKOHHQ*5HIRUPDQG3DSDF\LQWKH(OHYHQWK&HQWXU\6SLULWXDOLW\DQG6RFLDO&KDQJH0DQFKHVWHU 0DQFKHVWHU8QLYHUVLW\3UHVV (6&8'(52-RVp$QWRQLR(VWXGLRVVREUHOD,QTXLVLFLyQ0DGULG&ROHJLR8QLYHUVLWDULRGH6HJRYLD *$5&,$2UR-RVp&LVQHURVXQ&DUGHQDO5HIRUPLVWDHQHO7URQRGH(VSDxD0DGULG/D(VIHUDGHORV /LEURV *8',(/*DUFtD+XJR&DtQ/D)H6HJ~Q;DYLHU=XELULXQD$SUR[LPDFLyQDO7HPDGHVGHOD3HUVSHFWLYDGHO 3UREOHPD7HRORJDOGHO+RPEUH5RPD3RQWLILFLD8QLYHUVLWj*UHJRULDQD +(51$1'(=3DORPR-RVp-HV~V/D0LVLyQ\ORV-HVXLWDVHQOD$PpULFD(VSDxROD&DPELRV\ 3HUPDQHQFLDV0DGULG&RQVHMR6XSHULRUGH,QYHVWLJDFLRQHV&LHQWtILFDV -$(10HULQR5HQDWR,VPDHO$QiOLVLV7pFQLFRSHULRGtVWLFRGHOD3URGXFFLyQ$XGLRYLVXDOHQ7RUQRDOD)LJXUDGH 0RQVHxRU2VFDU$UQXOIR5RPHUR6DQ6DOYDGRUVQ /(*2))-DFTXHV7KH%LUWKRI3XUJDWRU\&KLFDJR7KH8QLYHUVLW\RI&KLFDJR3UHVV BBBBBBBB(O'LRVGHOD(GDG0HGLD&RQYHUVDFLRQHVFRQ-HDQ/XF3RXWKLHU0DGULG7URWWD /266.<9ODGLPLU7KH0\VWLFDO7KHRORJ\RIWKH(DVWHU&KXUFK1HZ<RUN6W9ODGLPLU·V6HPLQDU\3UHVV 0$548(=2FKRD$UPDQGR0DUWLURORJLRGH0RQV5RPHUR7HVWLPRQLR\&DWHTXHVLV0DUWLULDOGHOD,JOHVLD 6DOYDGRUHxD6DQ6DOYDGRU&RPXQLGDGHV(FOHVLDOHVGH%DVHVI 0$<(6.,0DULH$QQH:RPHQDWWKH7DEOH7KUHH0HGLHYDO7KHRORJLDQV0LQQHVRWD/LWXUJLFDO3UHVV 0(<(56210DUN'$-HZLVK5HQDLVVDQFHLQ)LIWHHQWK&HQWXU\6SDLQ1HZ-HUVH\3ULQFHWRQ8QLYHUVLW\3UHVV 1(:0$1-RKQ+HQU\$SRORJLDSUR9LWD6XD/RQGRQ3HQJXLQ%RRNV BBBBBBBB)LIWHHQ6HUPRQV3UHDFKHG%HIRUHWKH8QLYHUVLW\RI2[IRUG%HWZHHQDGDQG,QGLDQD 8QLYHUVLW\RI1RWUH'DPH 1,&+2/6$LGDQ7KH7KRXJKWRI%HQHGLFW;9,DQ,QWURGXFWLRQWRWKH7KHRORJ\RI-RVHSK5DW]LQJHU1HZ<RUN %XUQV2DWHV 2·&211(//5REHUW-$UWDQGWKH&KULVWLDQ,QWHOOLJHQFHLQ6W$XJXVWLQH2[IRUG%DVLO%ODFNZHOO 3(/,.$1-DURVODY7KH&KULVWLDQ7UDGLWLRQD+LVWRU\RIWKH'HYHORSPHQWRI'RFWULQH&KLFDJR7KH8QLYHUVLW\RI &KLFDJR3UHVV 322/(:LOOLDP0LOWRQDQGWKH,GHDRIWKH)DOO&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV 5$+1(5.DUO(SLVFRSDGR\3ULPDGR%DUFHORQD+HUGHU 5,265RGROIR&&RPS6DQ-XGDV7DGHR%XHQRV$LUHV/D*UXOOD 5266$123'LU1XHYR'LFFLRQDULRGH7HRORJtD%tEOLFD0DGULG6DQ3DEOR 6287+(515::HVWHUQ6RFLHW\DQGWKH&KXUFKLQWKH0LGGOH$JHV/RQGRQ3HQJXLQ%RRNV 9(/'(5XGL$HW3DUWLFLSDWLRQDQG6XEVWDQWLDOLW\LQ7KRPDV$TXLQDV/HLGHQ(-%ULOO :5,*+7$'7KH&RXQWHUUHIRUPDWLRQ&DWKROLF(XURSHDQGWKH1RQFKULVWLDQ:RUOG/RQGRQ$VKJDWH 85%$1,602$/*81$618(9$6$'48,6,&,21(6 %$5%(50DOFRP7KH7ZR&LWLHV0HGLHYDO(XURSH/RQGRQ5RXWOHGJH &$9(65RJHU:(G(QF\FORSHGLDRIWKH&LW\/RQGRQ7D\ORU)UDQFLV )(51$1'(=7RPiV5DPyQ0DQXDOGH'HUHFKR8UEDQtVWLFR0DGULG(O&RQVXOWRU /81*20DULR&RPS5LHVJRV8UEDQRV6DQ6DOYDGRU,VWPR 3$5.(5*HRIIUH\6RYHUHLJQ&LW\WKH&LW\6WDWH7KURXJK+LVWRU\/RQGRQ5HDNWLRQ 3UDKDWKH0RWKHUVRI&LWLHV)ORULGD7UDYHO9LGHR,QWHUQDWLRQDOVI>'9'@ '21$&,Ð1'('56$/9$'25)216(&$6- &$6$/-HV~V0DUtDHWDO'HUHFKRV+XPDQRV(TXLGDG\$FFHVRDOD-XVWLFLD&DUDFDV,QVWLWXWR/DWLQRDPHULFDQR GH,QYHVWLJDFLRQHV6RFLDOHV *8=0$1*DUFtD-DLUR-RVp$SXQWHVGH'HUHFKR&LYLO'HUHFKRGH2EOLJDFLRQHV0DQDJXD+HOLRV 025(12&DVWLOOR0DUtD$VXQFLyQHWDO(O7UDWDPLHQWRGHOD1RWLFLDHQORV0HGLRVGH&RPXQLFDFLyQ 1LFDUDJHQVHXQD9LVLyQGHOD1RWLFLDGHVGHOD3HUVSHFWLYDGHORV'HUHFKRV+XPDQRV0DQDJXD +HOLRV 52%/(72$UDQD&ULVWLDQ$OEHUWR'HUHFKRGH6RFLHGDGHV0HUFDQWLOHV0DQDJXD+HOLRV '21$&,Ð1'('50$85,&,2*$%25,76- /23(=9LJLO0DUtD3LH]DVSDUDXQ7HDWUR6DQ6DOYDGRU8&$(GLWRUHV )(8/1(5(GZLQ-*HWWLQJ$PHULFD5LJKWWKH7UXH&RQVHUYDWLYH9DOXHV2XU1DWLRQ1HHGV7RGD\1HZ<RUN &URZQ)RUXP *20(=,VD)HOLSH'LU(O'HUHFKRDOD0HPRULD%LOEDR'HSDUWDPHQWRSDUDORV'HUHFKRV+XPDQRVHO(PSOHR\ OD,QVHUFLyQ6RFLDOGHOD'LSXWDFLyQ)RUDOGH*LSX]NRD /81*20DULR&RPS5LHVJRV8UEDQRV6DQ6DOYDGRU,VWPR 02/,1$-XDQ5DPyQ-XDQ5DPyQ0ROLQDVXV0HMRUHV3iJLQDV7HJXFLJDOSD*XD\PXUDV 3(//,&(5)UDQFpV/OXP(G~FDPHFRQ(TXLGDGXQ0RGHORGH(GXFDFLyQQR6H[LVWDHQ(O6DOYDGRU6DQ6DOYDGRU /DV'LJQDV 5,92/,3LHWUD7KH7UDYHOVRIDWVKLUWLQWKH*OREDO(FRQRP\DQ(FRQRPLVW([DPLQHVWKH0DUNHWV3RZHUDQG 3ROLWLFVRI:RUOG7UDGH1HZ-HUVH\-RKQ:LOH\6RQV '21$&,Ð1'('5+8*2*8',(/6- *8',(/*DUFtD+XJR&DtQ/D)H6HJ~Q;DYLHU=XELULXQD$SUR[LPDFLyQDO7HPDGHVGHOD3HUVSHFWLYDGHO 3UREOHPD7HRORJDOGHO+RPEUH5RPD3RQWLILFLD8QLYHUVLWj*UHJRULDQD '21$&,Ð1'('55,&$5'25248(%$/'29,126 48,-$'$8ULDV$OIRQVR(VWDGRV6REUHQDWXUDOHV\2WURV3RHPDV6DQ6DOYDGRU8QLYHUVLWDULD '21$&,Ð1'(-26e+(51É1'(=&$67(//Ð1 $/'$*5DPyQ-'LVHxRGH7DUHDV\0RWLYDFLyQGH3HUVRQDO0p[LFR')7ULOODV %$',$6HUUD(GXDUGR(O&RQFHSWRGHO+RPEUHHQOD+LVWRULDGHOD)LORVRItD&LQFR(QVD\RVVREUHOD)LORVRItDGH ;DYLHU=XELUL6DQ6DOYDGRU8QLYHUVLGDG)UDQFLVFR*DYLGLD %$/$66$%HOD7HRUtDGHOD,QWHJUDFLyQ(FRQyPLFD0p[LFR')87(+$ %/2&.$OEHUWR'HVDUUROORGH&DSDFLGDGHV$GPLQLVWUDWLYDVFRQ(MHPSORV\(MHUFLFLRV$SOLFDEOHVDOD(GXFDFLyQ 0p[LFR')7ULOODV &$67(-210RQWLMDQR5DIDHO3UiFWLFDVGH(FRQRPtD0DGULG8QLYHUVLGDG1DFLRQDOGH(GXFDFLyQD'LVWDQFLD &(&6$0iV$OOiGHOD5HLQJHQLHUtD7iFWLFDVGH6XSHUYLYHQFLDSDUDHO6LJOR;;,0p[LFR')&(&6$ '$9,'621:LOOLDP+$OWD7HFQRORJtDHQ0HUFDGRWHFQLD0p[LFR')&(&6$ '211(//<-DPHV+)XQGDPHQWDORI0DQDJHPHQW3ODQR%XVLQHVV3XEOLFDWLRQV +,56+/(,)(5-DFN0LFURHFRQRPtD7HRUtD\$SOLFDFLRQHV0p[LFR')3UHQWLFH+DOO +80('DYLG,QYHVWLJDFLyQ6REUHHO&RQRFLPLHQWR+XPDQR3UHFHGLGDGHOD$XWRELRJUDItD7LWXODGDPL9LGD 0DGULG%LEOLRWHFD1XHYD BBBBBBBB'HORV3UHMXLFLRV0RUDOHV\2WURV(QVD\RV0DGULG7HFQRV .$876.<.DUO/D&XHVWLyQ$JUDULD(VWXGLRGHODV7HQGHQFLDVGHOD$JULFXOWXUD0RGHUQD\GHOD3ROtWLFD$JUDULD GHOD6RFLDOGHPRFUDFLD0p[LFR')&XOWXUD3RSXODU 0$57,1%DUy,JQDFLR,QWURG3VLFRORJtD&LHQFLD\&RQVFLHQFLD6DQ6DOYDGRU8&$(GLWRUHV 0(55,$0:HEVWHU0HUULDP:HEVWHUV'LFWLRQDU\RI6\QRQ\PVD'LFWLRQDU\RI'LVFULPLQDWHG6\QRQ\PVZLWK $QWRQ\PVDQG$QDORJRXVDQG&RQWUDVWHG:RUGV6SULQJILHOG0HUULDP:HEVWHU 0217(66HJXQGR(O$JUR6DOYDGRUHxR6DQ6DOYDGRU8QLYHUVLGDG&HQWURDPHULFDQD-RVp6LPHyQ &DxDV 3,&$5'2-RDR2VFDU$SUR[LPDFLyQ(SLVWHPROyJLFD$SUR[LPDFLyQDOD+LVWRULDGHOD)LORVRItD6DQ6DOYDGRU 8QLYHUVLGDG)UDQFLVFR*DYLGLD 3257(50LFKDHO(9HQWDMD&RPSHWLWLYD&UHDFLyQ\6RVWHQLPLHQWRGHXQ'HVHPSHxR6XSHULRU0p[LFR') &(&6$ BBBBBBBB(VWUDWHJLD&RPSHWLWLYD7pFQLFDVSDUDHO$QiOLVLVGHORV6HFWRUHV,QGXVWULDOHV\GHOD&RPSHWHQFLD 0p[LFR')&(&6$ 7$0$5(65DPyQ9LDMHDO&HQWURGHOD(FRQRPtD0DGULG&LHQFLDVGHOD'LUHFFLyQ '21$&,Ð1'(/,&0$5,$)(51$1'(= 3$77(5621-DPHVQG&KDQFH1HZ<RUN:DUQHU%RRNV '21$&,Ð1'(/,&'$1,(/('8$5'26$17269$648(= -$(10HULQR5HQDWR,VPDHO$QiOLVLV7pFQLFRSHULRGtVWLFRGHOD3URGXFFLyQ$XGLRYLVXDOHQ7RUQRDOD)LJXUDGH 0RQVHxRU2VFDU$UQXOIR5RPHUR6DQ6DOYDGRUVQ '21$&,Ð1'(/,&&/$8',$0$5,$+(51$1'(= &RQWURO3ROtWLFRGHOD2SRVLFLyQVREUHHO*RELHUQRHQ(O6DOYDGRU6DQ6DOYDGRUVQ>&'520@ '21$&,21'('5$/9$52$57,*$*21=$/(= %5(1(6$UQROGR(G6ROGDGRVFRPR(PSUHVDULRVORV1HJRFLRVGHORV0LOLWDUHVHQ&HQWURDPpULFD6DQ-RVp )XQGDFLyQ$ULDVSDUDOD3D]\HO3URJUHVR+XPDQR (63,7,$$YLOH]*RQ]DORHWDO'HVFHQWUDOL]DFLyQ)LVFDOHQ&HQWURDPpULFD(VWXGLR&RPSDUDWLYR6DQ6DOYDGRU )81'( ,167,7872,17(5$0(5,&$12'('(5(&+26+80$126'HPRFUDWL]DFLyQGHORV3DUWLGRV3ROtWLFRVHQ%ROLYLD &KLOH\5HS~EOLFD'RPLQLFDQD6DQ-RVp,,'+>&'520@ BBBBBBBB$JHQGDSDUDHO)RUWDOHFLPLHQWRGHORV3DUWLGRV3ROtWLFRVHQ$PpULFD/DWLQD6DQ-RVp,,'+ BBBBBBBB(O(VWDGRGHOD/LEHUWDGGH([SUHVLyQHQ&HQWURDPpULFD0p[LFR\5HS~EOLFD'RPLQLFDQD6DQ-RVp&5 ,,'+ 3$5$'$*iPH]*XLOOHUPR$OH[DQGHU&RPHQWDULRV-XUtGLFRV$WtSLFRV6DQ0LJXHO8QLYHUVLGDG&DSLWiQ*HQHUDO ´*HUDUGR%DUULRVµ (63,7,$$YLOH]*RQ]DORHWDO'HVFHQWUDOL]DFLyQ)LVFDOHQ&HQWURDPpULFD(VWXGLR&RPSDUDWLYR6DQ6DOYDGRU )81'( 0$1*$6-XOLR(O0LOHQDULVPROD3HUFHSFLyQGHO7LHPSRHQODV&XOWXUDV$QWLJXDV0DGULG&RPSOXWHQVH 0216(55$7-DYLHU+DFLDXQ1XHYR0XQGR)LORVRItD3ROtWLFDGHO3URWDJRQLVPR+LVWyULFR(PHUJHQWHGHOD 6RFLHGDG&LYLO0DGULG8QLYHUVLGDG3RQWLILFLD&RPLOODV 3$5$'$*iPH]*XLOOHUPR$OH[DQGHU&RPHQWDULRV-XUtGLFRV$WtSLFRV6DQ0LJXHO8QLYHUVLGDG&DSLWiQ*HQHUDO ´*HUDUGR%DUULRVµ 352<(&72(67$'2'(/$1$&,21(1'(6$552//2+80$126267(1,%/(,QIRUPHGHOD$XGLWRUtD&LXGDGDQD VREUHOD&DOLGDGGHOD'HPRFUDFLDHQ&RVWD5LFD6DQ-RVp3UR\HFWR(VWDGRGHOD1DFLyQ 52'5,*8(=5RQQ\(G([SHULHQFLDVGH0RGHUQL]DFLyQ/HJLVODWLYDHQ$PpULFD&HQWUDO\5HS~EOLFD'RPLQLFDQD 6DQ-RVp,QVWLWXWR,QWHUDPHULFDQRGH'HUHFKRV+XPDQRV BBBBBBBB3DUODPHQWRV'HVFHQWUDOL]DFLyQ\'HVDUUROOR/RFDO6DQ-RVp)235(/ 720(-RVp/RUHQ]R/DV,GHQWLGDGHVODV,GHQWLGDGHV0RUDOHV\3ROtWLFDVHQOD2EUDGH-UJHQ+DEHUPDV0DGULG %LEOLRWHFD1XHYD 7+203621-RVp0HPRULDGHO6HPLQDULR,QWHUQDFLRQDOVREUHOD0RGHUQL]DFLyQGH3URFHVRV(OHFWRUDOHV´OD ([SHULHQFLD5HFLHQWHGH$PpULFD/DWLQD\VX$SOLFDELOLGDGDXQ3DtVFRPR&RORPELDµ6DQ-RVp,QVWLWXWR ,QWHUDPHULFDQRGH'HUHFKRV+XPDQRV '21$&,Ð1'(/,&1(/621*21=$/(= 0,1,67(5,2'(75$%$-2<35(9,6,2162&,$/5HFRSLODFLyQGH/H\HV/DERUDOHV6DQ6DOYDGRU0,175$% '21$&,Ð1'('50$18(/0217(&,12 0217(&,12*LUDOW0DQXHO$UWXUR(O$PSDURHQ(O6DOYDGRU6DQ6DOYDGRU&RUWH6XSUHPDGH-XVWLFLD '21$&,Ð1'('5$1'5(:.,56&+0$1 '(3$57$0(172'((67$'2'(/26(67$'2681,'266HPEODQ]DGHO6LVWHPD-XUtGLFRGH((886O 'HSDUWDPHQWRGH(VWDGRGHORV(VWDGRV8QLGRV '21$&,Ð1'(/,&5(1e=(/$<$ 3,&$5'2-RDR2VFDU&RRUG'LFFLRQDULR(QFLFORSpGLFRGH&LHQFLDVGHOD(GXFDFLyQ6DQ6DOYDGRU&HQWURGH ,QYHVWLJDFLyQ(GXFDWLYD '21$&,Ð1'(/,&26&$55(1e6É1&+(= 02/,1$(GXDUGR/DV0HMRUFLWDVGH*XDQDTXLDQGR&ROXPQDV(VFRJLGLWDV$FHUFDGHOD(VHQFLDGH6HU 6DOYDGRUHxR6DQ6DOYDGRUVQVI '21$&,Ð1'(/,&/(7,&,$&$/'(521'(25(//$1$ &$/'(521GH2UHOODQD/HWLFLD+LVWRULDGHOD3VLFRORJtDHQ(O6DOYDGRU6DQ6DOYDGRUVQ '21$&,Ð1'('5-$9,(50216(55$7 0216(55$7-DYLHU+DFLDXQ1XHYR0XQGR)LORVRItD3ROtWLFDGHO3URWDJRQLVPR+LVWyULFR(PHUJHQWHGHOD 6RFLHGDG&LYLO0DGULG8QLYHUVLGDG3RQWLILFLD&RPLOODV '21$&,Ð1'(/,&-26e52%(572%85*269,$/( %$5$77$0DUtDGH&X]FDWOiQ7tSLFR(QVD\RVREUH(WQRIRQtDGH(O6DOYDGRU)RONORUH)RONZLVD\)RONZD\6DQ 6DOYDGRU0LQLVWHULRGH&XOWXUD %$8'(/$,5(&KDUOHV2EUDV6HOHFWDV0DGULG(',0$7 %2&.(08+/0LFKDHO-0:7XUQHUHO0XQGRGHOD/X]\GHO&RORU/RQGRQ7DVFKHQ &$//(-$9LDMHVSRU$VLD1DUUDFLRQHV$PHQDVH,QVWUXFWLYDV0DGULG6DWXUQLQR&DOOHMD (O&DQWDUGHORV1LEHOXQJRV0p[LFR')3RUU~D (O&DQWDUGH5ROGiQ0p[LFR')3RUU~D &(/$&DPLOR-RVp3DEHOOyQGH5HSRVR%DUFHORQD5%$(GLWRUHV &(//,1,%HQYHQXWR9LGDGH%HQYHQXWR&HOOLQL)ORUHQWLQR(VFULWDSRUHO0LVPR6HJXLGDGHODV5LPDV3XHVWDV HQ9HUVRV&DVWHOODQRV0DGULG/LEUHUtDGHOD9LXGDGH+HUQDQGR\&RPSDxtD '·$118=,2*DEULHO2EUDV&RPSOHWDV0DGULG$JXLODU (5$=26DOYDGRU3DUQDVR6DOYDGRUHxR%XHQRV$LUHV0DXFFL )(51$1'(=GH$YHOODQHGD$ORQVR(O,QJHQLRVR+LGDOJRGRQ4XLMRWHGHOD0DQFKDTXH&RQWLHQHVX7HUFHUD 6DOLGD\TXHHVOD4XLQWD3DUWHGHVXV$YHQWXUDV&HUYDQWHV$SyFULID0p[LFR')3RUU~D )/25(6GH(VFDODQWH$tGD-RVp0HMtD9LGHV3LQWRUGH&X]FDWOiQ6DQ6DOYDGRU5+'(GLWRULDO )5$1&+HOHQ0$Q,QYLWDWLRQWR6HH:RUNVIURPWKH0XVHXPRI0RGHUQ$UW1HZ<RUN0XVHXPRI0RGHUQ $UW )XQGDFLyQGHOD$FDGHPLD6DOYDGRUHxDGHOD/HQJXD&RUUHVSRQGLHQWHGHOD5HDO$FDGHPLD(VSDxROD 'RFXPHQWRV+LVWyULFRV9LGD$FDGpPLFD6DQ6DOYDGRU0LQLVWHULRGHO,QWHULRU /(,9$&HD&DUORV/D&DVDGHORV%DUULHQWRV6DQ6DOYDGRU$KRUD /(21/XLVGH/D3HUIHFWD&DVDGD&DQWDUGHORV&DQWDUHV3RHVtV2ULJLQDOHV0p[LFR')3RUU~D /8-$10XxR]/XLV-RVpGH3LQHGD,EDUUD\OD3ULPHUD,PSUHQWDGH*XDWHPDOD*XDWHPDOD-RVpGH3LQHGD,EDUUD 0$'$5,$*$6DOYDGRUGH(O&RUD]yQGH3LHGUD9HUGH0p[LFR')'LDQD 0$5,$6-XOLiQ+LVWRULDGHOD)LORVRItD0DGULG5HYLVWDGH2FFLGHQWH 0$<.DUO1RYHODV(VFRJLGDV0DGULG$JXLODU 086(2)250$3LQWXUD6DOYDGRUHxDGHO3UHVHQWH6LJOR6DQ6DOYDGRU0XVHR)RUPD 18('$/XLV0LO/LEURV0DGULG$JXLODU 25'2f(=$UJHOOR$OEHUWR3RHPDVSDUD$PDUD$PpULFD*XDWHPDOD0LQLVWHULRGH(GXFDFLyQ3~EOLFD 3(5(=6iQFKH]$OIRQVR0XVHRGHO3UDGR%DUFHORQD2FHDQR 3,275296.,%RULV%0XVHRGHO(UPLWDJH%DUFHORQD2FHDQR 52'5,*8(=3RUWLOOR$UPDQGR(O5XLVHxRU2ULHQWDO6DQ6DOYDGRU,PSUHQWD1DFLRQDO 6$/$=$55HWDQD/XLV&ROHFFLyQGH3LQWXUD&RQWHPSRUiQHD(O6DOYDGRU6DQ6DOYDGRU3DWURQDWR3UR3DWULPRQLR &XOWXUDO 67(,10LFKDHO70XVHRVGH1XHYD<RUN%DUFHORQD2FHDQR 7$1$%(7RKUX+RNXVDL0DGULG$QD\D 7(67,&ULVWLDQL0DULD/DXUD%RWWLFHOOL0DGULG$QD\D 758-,//20XxR]*DEULHO/DV5XWDVGHOD/X]HO3DLVDMHGH%DMD&DOLIRUQLD0H[LFDOL6LTXLVLUt '21$&,Ð1'('(3$57$0(172'(),/262),$81,9(56,'$'$872120$ 0(75232/,7$1$,=7$3$/$3$ 6LJQRV/LWHUDULRV0p[LFR 1R (QH-XQ 6LJQRV/LQJtVWLFRV0p[LFR 1R (QH-XQ '21$&,Ð1'(81,9(56,'$'(&$72/,&$'(3(51$0%8&2 6\PSRVLXP&LrQFLDV+XPDQLGDGHH/HWUDV%UDVLO $xR 1R -DQHLUR-XQKR -XOKR'H]HPEUR 6\PSRVLXP&LrQFLDV+XPDQLGDGHH/HWUDV%UDVLO $xR 1R 5HYLVWD4XtPLFD7HFQRORJtD $xR -DQHLUR'H]HPEUR 1R %UDVLO 5HYLVWDGH7HRORJtDH&LrQFLDVGD5HOLJLmRGD81,&$3%UDVLO $xR 1R '21$&,Ð1'('(3$57$0(172'((&2120Ì$'(/$8&$ $&(9('2&DUORV(FRQRPtD'HVDVWUH\'HVDUUROOR6RVWHQLEOH6DQ6DOYDGRU)/$&62 $/2162-RVp$0DTXLOD'RPLFLOLDULD\6XEFRQWUDWDFLyQHQ0p[LFRHQOD(UDGHOD*OREDOL]DFLyQ1HROLEHUDO 0p[LFR')3OD]D\9DOGpV &(63('(69tFWRU+XJR$SHUWXUD&RPHUFLDO\0HUFDGR/DERUDOHQ&RVWD5LFD6DQ-RVp$FDGHPLDGH &HQWURDPpULFD &,',&5,'HVDUUROOR/RFDO'HVGHOD6RFLHGDG&LYLO,QWHUFDPELRGH([SHULHQFLDVHQ$PpULFD/DWLQD\HO&DULEH6DQ 6DOYDGRU&,',&5, )('(5$&,21,17(51$&,21$/'($'0,1,675$'25$6'()21'26'(3(16,21(6/D5HIRUPDGH3HQVLRQHVHQ (XURSDGHO(VWH([SHULHQFLDV\3HUVSHFWLYDV6DQWLDJRGH&KLOH)HGHUDFLyQ,QWHUQDFLRQDOGH $GPLQLVWUDGRUDVGH)RQGRVGH3HQVLRQHV BBBBBBBB,QYHUVLyQGHORV)RQGRVGH3HQVLRQHV6DQWLDJRGH&KLOH)HGHUDFLyQ,QWHUQDFLRQDOGH$GPLQLVWUDGRUDV GH)RQGRVGH3HQVLRQHV )(5*8621&(7HRUtD0LFURHFRQyPLFD0p[LFR'))RQGRGH&XOWXUD(FRQyPLFD )/$&62&HQWURDPpULFDHQ&LIUDV6DQ-RVp)/$&62 )81'$&,216$/9$'25(f$3$5$(/'(6$552//2(&2120,&2<62&,$/%ROHWtQ(FRQyPLFR\6RFLDO (O6DOYDGRU 1R *21=$/(=9HJD&ODXGLR(G(O5HWRGHODV0LFURILQDQ]DVHQ$PpULFD/DWLQDOD9LVLyQ$FWXDO&DUDFDV &RUSRUDFLyQ$QGLQDGH)RPHQWR +(1'(5621-DPHV07HRUtD0LFURHFRQyPLFDXQD$SUR[LPDFLyQ0DWHPiWLFD%DUFHORQD$ULHO /(&$55(-RKQ(O-DUGLQHUR)LHO%DUFHORQD5DQGRP+RXVH0RQGDGRUL /23(=3DVFXDO-RDTXtQ*HVWLyQ%DQFDULDORV1XHYRV5HWRVHQXQ(QWRUQR*OREDO0DGULG0F*UDZ+LOOF 021*(*RQ]iOH]5LFDUGR(FRQRPtD3ROtWLFR3URWHFFLRQLVPR\$SHUWXUDHQ&RVWD5LFD6DQ-RVp$FDGHPLDGH &HQWURDPpULFD 1(/621-RDQ0&ULVLV(FRQyPLFD\3ROtWLFDVGH$MXVWH%DUFHORQD1RUPD 2),&,1$'(32/,7,&$6<(675$7(*,$60,1,67(5,2'($*5,&8/785$<*$1$'(5,$(O6DOYDGRU)RPHQWRGHOD &RPSHWLWLYLGDGHQHO6HFWRU5XUDO,QIRUPH)LQDOGH&RQVXOWRUtD6DQWD7HFOD0LQLVWHULRGH$JULFXOWXUD\ *DQDGHUtD 5+,6$86,-RVp/XLV,,)RUR,WDOR/DWLQRDPHULFDQR$OLDQ]DVSDUDHO'HVDUUROORGHODV3\0(V*XDGDODMDUD &XDGHUQRV,,/$ 6(51$+LGDOJR%UDXOLR&RRUG'HVDItRV\2SRUWXQLGDGHVGHO'HVDUUROOR$JURSHFXDULR6XVWHQWDEOH &HQWURDPHULFDQR0p[LFR')&(3$/ 75(-260DUtD(XJHQLD5HIRUPDV/DERUDOHV\$FFLyQ6LQGLFDOHQ&HQWURDPpULFD%RJRWi)ULHGLFK '21$&,Ð1'(%$1&2&(175$/'(5(6(59$'((/6$/9$'25 &$%5(5$0HOJDU2VFDU2YLGLR&RPSHWLWLYLGDG3UHFLRVH,QIODFLyQ'XDOHQ(O6DOYDGRU6DQ6DOYDGRU%DQFR &HQWUDOGH5HVHUYDGH(O6DOYDGRU '(/(215DPtUH]&DUORV5REHUWR,QGLFHGH7pUPLQRVGH,QWHUFDPELRHQ(O6DOYDGRU6DQ6DOYDGRU %DQFR&HQWUDOGH5HVHUYDGH(O6DOYDGRU 52'5,*8(=2WWR%RULV&RPSRUWDPLHQWRGHORV'HSyVLWRVHQ3HUtRGRV(OHFWRUDOHV6DQ6DOYDGRU%DQFR&HQWUDO GH5HVHUYDGH(O6DOYDGRU '21$&,Ð1'((6&8(/$',3/20É7,&$ /D&RQVWLWXFLRQDOL]DFLyQGHO3URFHVRGH,QWHJUDFLyQ(XURSHD0DGULG(VFXHOD'LSORPiWLFD '21$&,Ð1'(/$25*$1,=$&,Ð1'(/$61$&,21(681,'$6 $55,$*$'$,UPD$SUHQGHUGHOD([SHULHQFLDHO&DSLWDO6RFLDOHQOD6XSHUDFLyQGHOD3REUH]D6DQWLDJRGH&KLOH &(3$/ *+<0(56&KULVWLDQ)RPHQWDUOD&RRUGLQDFLyQGHODV3ROtWLFDV(FRQyPLFDVHQ$PpULFD/DWLQDHO0pWRGR5(',0$ SDUD6DOLUGHO'LOHPDGHO3ULVLRQHUR6DQWLDJRGH&KLOH&(3$/ +$0(/*UHHQ0LFKDHO5HJLRQDO,QLWLDWLYHVRQ1XFOHDU²DQG:0'IUHH=RQHV&RRSHUDWLYH$SSURDFKHVWR$UPV &RQWURODQG1RQSUROLIHUDWLRQ6ZLW]HUODQG81,',5 6,1*+6XVKHHODHWDO6DOXG6H[XDO\3URGXFWLYDXQD,QYHUVLyQTXH9DOHOD3HQD1HZ<RUN7KH$ODQ*XWWPDFKHU ,QVWLWXWH81)3$VI 218/RV'HUHFKRV+XPDQRV\ODV3ULVLRQHV0DQXDOSDUD&DSDFLWDFLyQHQ'HUHFKRV+XPDQRVSDUD)XQFLRQDULRV GH3ULVLRQHV1XHYD<RUN2UJDQL]DFLyQGHODV1DFLRQHV8QLGDV BBBBBBBB/D(QVHxDQ]DGHORV'HUHFKRV+XPDQRV$FWLYLGDGHV3UiFWLFDVSDUD(VFXHODV3ULPDULDV\6HFXQGDULDV 1HZ<RUN218 BBBBBBBB81&7$'+DQGERRNRI6WDWLVWLFV 0DQXHOGH6WDWLVWLTXHVGHOD&18&('>(GLFLyQ%LOLQJH,QJOpV )UDQFpV@1HZ<RUN218 BBBBBBBB/D([FHSFLyQ25,(HQHO$PELWRGHODV&OiXVXODVGH7UDWR10)1XHYD<RUN218 BBBBBBBB5DSSRUWVXUOH&RPPHUFHHWOH'pYHORSSHPHQW$SHUoX*pQpUDOHW'HX[LqPH3DUWLH1HZ <RUN1DWLRQV8QLHV BBBBBBBB,QIRUPDWLRQ(FRQRP\5HSRUW2YHUYLHZ*HQHYD8QLWHG1DWLRQV '21$&,21'(/0,1,67(5,2'(('8&$&,Ð1'((/6$/9$'25 0,1,67(5,2'(('8&$&,21(&$32ULHQWDFLRQHVSDUDORV(VWXGLDQWHVGH)RUPDFLyQ'RFHQWH6DQ6DOYDGRU 0LQLVWHULRGH(GXFDFLyQ BBBBBBBB(&$32ULHQWDFLRQHVSDUDORV(VWXGLDQWHVGH)RUPDFLyQ'RFHQWH6DQ6DOYDGRU0LQLVWHULRGH (GXFDFLyQ BBBBBBBB(&$32UGLQDULD(YDOXDFLyQGHODV&RPSHWHQFLDV$FDGpPLFDV\3HGDJyJLFDVGHORV(VWXGLDQWHV TXH)LQDOL]DQHO3ODQGH(VWXGLRVGHOD&DUUHUDGH3URIHVRUDGR,QIRUPHGH5HVXOWDGRV6DQ6DOYDGRU 0LQLVWHULRGH(GXFDFLyQ BBBBBBBB¢&yPRVH$SUHQGHD/HHU\D(VFULELUHQOD(VFXHOD6DOYDGRUHxD"ODV3UiFWLFDV(GXFDWLYDVSDUDHO $SUHQGL]DMHGHOD/HFWRHVFULWXUDHQHO3ULPHU&LFORGH(GXFDFLyQ%iVLFD6DQ6DOYDGRU0LQLVWHULRGH (GXFDFLyQ '21$&,Ð1'(/0,1,67(5,2'(0(',2$0%,(17('((/6$/9$'25 (0$6$OWHUQDWLYDV7HFQROyJLFDVGH$FFHVRDO$JXD\6DQHDPLHQWR/D3D](0$6VI *20(=&DUORV&RRUG0DQXDOGH0DQHMRGH&XHQFDV6DQ6DOYDGRU9LVLyQ0XQGLDO>&'520@ BBBBBBBB:DWHUVKHG0DQDJHPHQW0DQXDO6DQ6DOYDGRU0LQLVWHULRGH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV /H\GHO0HGLR$PELHQWH\VXV5HJODPHQWRV/H\HV$QH[DV6DQ6DOYDGRU0LQLVWHULRGH0HGLR$PELHQWH\ 5HFXUVRV1DWXUDOHV 0,1,67(5,2'(/0(',2$0%,(17(<5(&856261$785$/(60DQXDOGH0DQHMRGH&XHQFDV6DQ6DOYDGRU:RUOG 9LVLRQ '21$&,Ð1'(/$&257(6835(0$'(-867,&,$ &/$5$0DXULFLR$OIUHGR£9LYR3RHPDULR6DQ6DOYDGRU'LUHFFLyQGH3XEOLFDFLRQHVGHOD&RUWH6XSUHPDGH -XVWLFLD 7,1(77,-RVp$OELQR,JXDOGDG-XUtGLFD6DQ6DOYDGRU&RQVHMR1DFLRQDOGHOD-XGLFDWXUD '21$&,Ð1'(/$(0%$-$'$'(/$5(38%/,&$'(&+,1$7$,:$1(1(/6$/9$'25 &-$9&RUS7DLZDQ0RUH7KDQDQ,VODQG7DLSHL7DLZDQ3DQRUDPD0DJD]LQH>&'520@ .:$1*+ZD0DVV&RPPXQLFDWLRQV7DLZDQD&DWDORJRI$XGLRYLVXDO0DWHULDOV>(GLFLyQ7ULOLQJH&KLQR ,QJOpV([email protected]+ZD0DVV&RPPXQLFDWLRQV 1RWLFLDV%ROHWtQ,QIRUPDWLYRVREUH7DLZDQ&KLQD 9RO 1R (MHPSODUHV 9RO 1R (MHPSODUHV 2),&,1$'(,1)250$&,21'(/*2%,(5127$,:$1(VER]RGH7DLZDQ7DLSHL2ILFLQDGH,QIRUPDFLyQ GHO*RELHUQR7DLZDQ '21$&,21'(/$(0%$-$'$'(0(;,&2(1(/6$/9$'25 &20,6,210(;,&$1$3$5$/$&223(5$&,21&21&(1752$0(5,&$<(/&$5,%(/D&RRSHUDFLyQ 0H[LFDQDFRQ&HQWURDPpULFD\HO&DULEH0p[LFR')&RPLVLyQ0H[LFDQDSDUDOD&RRSHUDFLyQ FRQ&HQWURDPpULFD\HO&DULEH BBBBBBBB,QIRUPH'RFXPHQWR%iVLFRV0p[LFR')&RPLVLyQ0H[LFDQDSDUDOD&RRSHUDFLyQFRQ&HQWURDPpULFD \HO&DULEH>&'520@ '21$&,Ð1'(/$(0%$-$'$'(/$5(38%/,&$)('(5$/'($/(0$1,$(1(/ 6$/9$'25 'HXWVFKODQG$OHPDQLD 1R $EULO0D\R .XOWXUMRXUQDO*RHWKH,QVWLWXW$OHPDQLD 1R '21$&,Ð1'(/$(0%$-$'$'()5$1&,$(1(/6$/9$'25 /DEHO)UDQFH)UDQFLD 1R (MHPSODUHVHQHVSDxRO (MHPSODUHVHQLQJOpV (MHPSODUHQIUDQFpV '21$&,Ð1'(3238/$7,215()(5(1&(%85($8:$6+,1*721'& %ROHWtQGH6DOXG 1R 5HVXPHQGH3ROtWLFDV '21$&,Ð1'(/$-817$'(9,*,/$1&,$(/(&725$/'((/6$/9$'25 -817$'(9,*,/$1&,$(/(&725$/(VWDGtVWLFDVGH(OHFFLRQHV6O-XQWDGH9LJLODQFLD(OHFWRUDO '21$&,Ð1'(/'(372'(&,(1&,$6(1(5*(7,&$6<)/8,'$68&$ ,8&1:DWHU3XEOLFDWLRQV6O,8&1>&'520@ 8,&1(VWXGLRVGH5HFXUVRV+tGULFRV$QiOLVLVGH$FWRUHV9DORUDFLyQ(FRQyPLFDGHO$JXD&DPELRGHO8VRGHO 6XHORHQ&DIpFRQ6RPEUD6DQ6DOYDGRU0LQLVWHULRGHO0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV '21$&,Ð1'(&281&,/21/,%5$5<$1',1)250$7,215(6285&(6 0$+08'$UVKDG6KLGKXODL6ZDUQLYDU6DQJVWKD%ULQJLQJ,QIRUPDWLRQ7HFKQRORJ\WR5XUDO%DQJODGHVKE\%RDW :DVKLQJWRQ'&&RXQFLORQ/LEUDU\DQG,QIRUPDWLRQ5HVRXUFHV '21$&,Ð1'(81,9(56,'$''(&267$5,&$ 0$7$)pOL[&DQFLRQHVSDUD9R]\3LDQR6DQ-RVp8QLYHUVLGDGGH&RVWD5LFD>3DUWLWXUD@ =$/',9$50DULR,PiJHQHVGHOD0~VLFD3RSXODU&RVWDUULFHQVH6DQ-RVp8QLYHUVLGDGGH&RVWD5LFD '21$&,Ð1'(-$3$1(6(/,7(5$785(38%/,6+,1*352-(&772.,2 )8-,6$:$6KXKHL7KH%DPERR6ZRUGDQG2WKHU6DPXUDL7DOHV7RN\R.RGDQVKD,QWHUQDWLRQDO ,6+,+$5$6KLQWDUR8QGHUFXUUHQWV(SLVRGHVIURPD/LIHRQWKH(GJH7RN\R.RGDQVKD,QWHUQDWLRQDO .2-,0$1REXR(PEUDFLQJ)DPLO\/RQGRQ'DONH\$UFKLYH3UHVV 0,<$02727HUX.LQVKX$XWXP%URFDGH1HZ<RUN.RGDQVND,QWHUQDWLRQDO '21$&,Ð1'(683(5,17(1'(1&,$'(/6,67(0$),1$1&,(52(/6$/9$'25 %ROHWtQ(VWDGtVWLFRGH%DQFRV6HJXURVH,QWHUPHGLDULRV)LQDQFLHURV1R%DQFDULRV(O6DOYDGRU -XOLR6HSWLHPEUH %ROHWtQ(VWDGtVWLFRGH%DQFRV6HJXURVH,QWHUPHGLDULRV)LQDQFLHURV1R%DQFDULRV(O6DOYDGRU 2FWXEUH'LFLHPEUH 6XSHUYLVRU)LQDQFLHUR(O6DOYDGRU 1R (QHUR)HEUHUR '21$&,Ð1'(683(5,17(1'(1&,$'(3(16,21(6(/6$/9$'25 0HPRULDGH/DERUHVGHOD6XSHULQWHQGHQFLDGH3HQVLRQHV6DQ6DOYDGRU6XSHULQWHQGHQFLDGH3HQVLRQHV '21$&,Ð1'(6$9(7+(&+,/'5(168(&,$ 6$9(7+(&+,/'5(1&RQVWUX\HQGRORV'HUHFKRVGHO1LxRHQODV$PpULFDV%XHQRV$LUHV&(-,/ '21$&,Ð1'($62&,$&,Ð1'(81,9(56,'$'(6-(68,7$6'($0e5,&$/$7,1$ &DUWDGH$86-$/6DQWD)HGH%RJRWi&RORPELD 1R '21$&,Ð1'(/,167,787281,9(56,7$5,2'(23,1,Ð13Ó%/,&$,8'23'(/$8&$ 'HPRFUDFLD\6HJXULGDGHQ&HQWURDPpULFD&LXGDGGH*XDWHPDOD2($ (QFXHVWDGH(YDOXDFLyQ3RVWHOHFWRUDO(O6DOYDGRU -XQLR (QFXHVWDGH(YDOXDFLyQGHORVGRV$xRVGH*HVWLyQ0XQLFLSDO(O6DOYDGRU $JRVWR (QFXHVWDGH$FWLWXGHV3ROtWLFDV\9DORUHV,QWHUQDFLRQDOHV(O6DOYDGRU -XOLR (QFXHVWDVREUH&ODVHV0HGLDV\&RPSRUWDPLHQWR3ROtWLFRHQ(O6DOYDGRU(O6DOYDGRU $JRVWR (QFXHVWDGH(YDOXDFLyQGHO$xR(O6DOYDGRU 'LFLHPEUH (QFXHVWDGHO3ULPHU$xRGH*RELHUQRGH(OtDV$QWRQLR6DFD$VDPEOHD/HJLVODWLYD\$OFDOGtDV(O6DOYDGRU -XQLR (QFXHVWDGH(YDOXDFLyQGHO$xR(O6DOYDGRU 'LFLHPEUH (QFXHVWDVREUHHO3URFHVR(OHFWRUDOGH(O6DOYDGRU 0DU]R '21$&,Ð1'(65$50$1'2&$55$1=$<65$*/25,$&$6752'(&$55$1=$ ;V$QG2II²5RDG9HKLFOHV(VWDGRV8QLGRV 9RO 1R -XOLR 6HSWLHPEUH 'LFLHPEUH ²:KHHO2II5RDG(VWDGRV8QLGRV 9RO 1R &XVWRP5RG,GHDV(VWDGRV8QLGRV 9RO 1R $LU3URJUHVV$YLDWLRQ5HYLHZ(VWDGRV8QLGRV 9RO 1R )DOO $xR&HUR(VSDxD 9RO 1R 60HV 6$xR 9RO 1R 60HV 6$xR $XWR*XLD²(O6DOYDGRU(GLWDGRSRU(O0XQGR6$ 9RO 1R $JRVWR 9RO 1R 1RYLHPEUH $XWRPyYLO&OXE²6DQ6DOYDGRU(GLWDGRSRU$XWRPyYLO&OXEGH(O6DOYDGRU 69RO 1R (QHUR %HWWHU+RPHV$QG*DUGHQV3DtV 86$ 9RO 1R -XOLR %XVLQHVV:HHN²1HZ<RUN(GLWDGRSRU0F*UDZ²+LOO&RPSDQLHV,QF3DtV86$ 69RO 1R 0DU]R 69RO 1R 0DU]R &DU&UDIW²/RV$QJHOHV&$(GLWDGRSRU3HWHUVHQ3XEOLVKLQJ&RPSDQ\3DtV 86$ 9RO 1R (QHUR 9RO 1R $JRVWR 9RO 1R -XOLR 9RO 1R 'LFLHPEUH &DUDQG'ULYHU²1HZ<RUN&DUDQG'ULYHU&RPSDQ\3DtV86$ 9RO 1R -XOLR 9RO 1R $JRVWR 9RO 1R -XQLR 9RO 1R 6HSWLHPEUH 9RO 1R )HEUHUR 9RO 1R 0D\R 9RO 1R -XOLR 9RO 1R )HEUHUR 9RO 1R -XQLR 9RO 1R (QHUR 9RO 1R 0D\R &DUDQG'ULYHU%X\HUV*XLGH²1HZ<RUN&DUDQG'ULYHU&RPSDQ\3DtV 9RO 1R -XQLR &DUV0DJD]LQH²1HZ<RUN(GLWDGRSRU3RSXODU3XEOLFDWLRQV,QF3DtV 9RO 1R $EULO &RQVXPHU*XLGH²3XEOLFDWLRQ,QWHUQDWLRQDO/WG3DtV 86$ 9RO 61R 6HSWLHPEUH 86$ 69RO 61R 0DU]R 69RO 61R -XOLR 69RO 61R -XOLR &RQVWUXFWLRQ&RQWUDFWLQJ²/RV$QJHOHV0F*UDZ²+LOOV3DtV 86$ 9RO 1R )HEUHUR 86$ &OLSSHU²/RV$QJHOHV3XEOLVKLQJ(GLWRULDO+HDGTXDUWHUV3DtV 86$ &RQVWUXFWLRQHHU²1RUFURVV*$&DKQHUV%XVLQHVV,QIRUPDWLRQ3DtV 9RO 1R -XQLR 86$ &RUGLDOLGDG²0LDPL5&6(QWHUSULVHVIRU7UDYHO1HWZRUN,QWHUQDWLRQDO3DtV 86$ 9RO 1R 60HV 6$xR 'HVDUUROOR1DFLRQDO²&RQQHFWLFXW,QWHUFRQWLQHQWDO3XEOLFDWLRQV,QF3DtV 86$ 9RO 1R -XQLR 9RO 1R 0D\R 9RO 1R -XQLR-XOLR 9RO 1R $JRVWR 9RO 1R 6HSWLHPEUH 9RO 1R 2FWXEUH 9RO 1R (QHUR)HEUHUR 9RO 1R 0D\R 9RO 1R $EULO 9RO 1R 0D\R 9RO 1R $JRVWR 9RO 1R 6HSWLHPEUH 9RO 1R 2FWXEUH 9RO 1R 1RY²'LF 9RO 1R 0DU]R 9RO 1R $EULO 'HVDUUROOR1DFLRQDO$PpULFD/DWLQD²&RQQHFWLFXW,QWHUFRQWLQHQWDO3XEOLFDWLRQV,QF3DtV 69RO 61R 86$ 2FWXEUH (QFLFORSHGLDGHOD9LGD+XPDQD(QFLFORSHGLDVHPDQDO²6DR3DXOR$EULO6$&XOWXUDH,QGXVWULD3DtV%UDVLO 69RO 1R 6) (QFLFORSHGLDGHODYLGDQRHVVHULDGR(VXQDHQFLFORSHGLDGHIDVFtFXORHVWHHVVRORHO1R (QJLQHHULQJ1HZV²5HFRUG²1HZ<RUN0F*UDZ²+LOO,QF3DtV 86$ 9RO 1R 6HSWLHPEUH 9RO 1R 6HSWLHPEUH 9RO 1R 6HSWLHPEUH (VTXLUH²1HZ<RUN(VTXLUH,QF 3DtV 86$ 9RO 1R 0DU]R 9RO 1R $EULO ([SRUWDGRU²1HZ<RUN-RKQVWRQ,QWHUQDFLRQDO3XEOLVKLQJ&R3DtV86$ 9RO 1R 0DU]R$EULO 9RO 1R -XOLR$JRVWR )O\LQJ²%URDGZD\1HZ<RUN3XEOLFDGRSRU'LDPDQGLV&RPPXQLFDWLRQV,QF3DtV 9RO 1R -XOLR 9RO 1R -XOLR 9RO 1R -XQLR 9RO 1R 0D\R 9RO 1R -XQLR 9RO 1R (QHUR 9RO 1R )HEUHUR 9RO 1R 0D\R 9RO 1R -XQLR 9RO 1R -XOLR 9RO 1R 6HSWLHPEUH 9RO 1R 2FWXEUH 9RO 1R 1RYLHPEUH 9RO 1R 'LFLHPEUH 9RO 1R 0DU]R 9RO 1R $EULO $EULO (O*UiILFR²%XHQRV$LUHV 69RO 1R *HQWH²6DQ6DOYDGRU 9RO 'LFLHPEUH +RW&DUV²1HZ<RUN 3DtV 86$ 69RO 61R 0D\R 3DtV 86$ 9RO 1R $JRVWR 9RO 1R 0DU]R 9RO 1R $EULO 9RO 1R 6HSWLHPEUH 9RO 1R 'LFLHPEUH 9RO 1R 0DU]R 9RO 1R $JRVWR 1R +RW5RG/RV$QJHOHV&DOLIRUQLD 86$ 9RO 1R (QHUR 9RO 1R )HEUHUR 9RO 1R 0DU]R 9RO 1R -XQLR 9RO 1R 'LFLHPEUH HMHPSODUHV ,PSRUWHG&DU3HUIRUPDQFH1HZ<RUN 9RO 1R 2FWXEUH 1R $EULO /RRN&DQDGi 9RO 0HFiQLFD3RSXODU(GLFLyQHQHVSDxROGHO3RSXODU0HFKDQLFV0DJD]LQH²&KLFDJR,OOLQRLV 9RO 1R $EULO 9RO 1R (QHUR 0HFiQLFD3RSXODU(GLFLyQHQHVSDxROGHO3RSXODU0HFKDQLFV0DJD]LQH²1HZ<RUN 9RO 1R 0D\R 1R (QHUR 0HFiQLFD3RSXODU²0LDPL 9RO 0HFiQLFD3RSXODU&yPR&XLGDUVX$XWRPyYLO²5HS~EOLFDGH3DQDPi 3DtV 3DQDPi 69RO 61R 60HV 69RO 61R 60HV 0DU]R $EULO 0RGHUQ3KRWRJUDSK\²1HZ<RUN 9RO 1R 0RQH\²&KLFDJR 9RO 1R 0RWRU7UHQG²/RV$QJHOHV&DOLIRUQLD 9RO 1R )HEUHUR 9RO 1R -XQLR 9RO 1R $JRVWR 9RO 1R $JRVWR 9RO 1R 'LFLHPEUH 9RO 1R 0D\R 9RO 1R 'LFLHPEUH 9RO 1R )HEUHUR 9RO 1R 0D\R 9RO 1R 6HSWLHPEUH 9RO 1R 2FWXEUH 9RO 1R 0D\R 1DWLRQDO*HRJUDSKLF²:DVKLQJWRQ'&1DWLRQDO*HRJUDSKLF6RFLHW\3DtV86$ 9RO 1R 1HZVZHHN²1HZ<RUN1<1HZVZHHN3DtV86$ 9RO 2II²5RDG²/RV$QJHOHV&DOLIRUQLD 9RO $JRVWR 1R 3HRSOH:HHNO\²1HZ<RUN 9RO 1R -XQLR 9RO 1R 0DU]R 9RO 1R 2FWXEUH 9RO 1R 0DU]R 7KH3ODLQ7UXWKD0DJD]LQHRIXQGHUVWDQGLQJ²&DOLIRUQLD 9RO 1R -XOLR²$JRVWR 9RO 1R 1RY²'LF 9RO 1R (QHUR 3RSXODU+RW5RGGLQJ²/RV$QJHOHV&DOLIRUQLD 9RO 1R $JRVWR 9RO 1R 2FWXEUH 9RO 1R 'LFLHPEUH 3RSXODU0HFKDQLFV²1HZ<RUN 9RO 1R 0DU]R 9RO 1R 0DU]R 9RO 1R )HEUHUR 9RO 1R -XOLR 9RO 1R $EULO 3RSXODU3KRWRJUDSK\²1HZ<RUN 9RO 1R -XOLR 9RO 1R 1RYLHPEUH 9RO 1R 'LFLHPEUH )HEUHUR 3RSXODU6FLHQFH²1HZ<RUN 9RO 1R 5HQW6PDUW²$ODEDPD 9RO 1R -XOLR$JRVWR 1RYLHPEUH 1RYLHPEUH 5HSRUWDMHV²,ORSDQJR6DQ6DOYDGRU 9RO 1R 7KH5LQJ²1HZ<RUN 9RO 1R 5RDG7UDFN1HZSRUW%HDFK&DOLIRUQLD 9RO 1R )HEUHUR 9RO 1R 2FWXEUH 9RO 1R 0D\R 9RO 1R $JRVWR 9RO 1R 'LFLHPEUH 9RO 1R (QHUR 9RO 1R 0DU]R 9RO 1R 0D\R 9RO 1R )HEUHUR 9RO 1R 2FWXEUH 9RO 1R 'LFLHPEUH 9RO 1R (QHUR 9RO 1R 'LFLHPEUH 9RO 1R (QHUR 5RDG7UDFN%X\HUV*XLGH1HZSRUW%HDFK&DOLIRUQLD 69RO 61R 60 69RO 61R 60 -XQLR 6DWXUGD\5HYLHZ²1HZ<RUN 69RO 61R 6FLHQFH0HFKDQLFV²1HZ<RUN 69RO 'LFLHPEUH 61R 6NDWH%RDUGHU²&DOLIRUQLD 9RO )HEUHUR 2FWXEUH 1R 6SRUW²1HZ<RUN 9RO 1R 6SRUWV,OOXVWUDWHG²1HZ<RUN 9RO 1R 0DU]R 9RO 1R 2FWXEUH 7HQQLV0DJD]LQHRIWKH5DFTXHW6SRUWV²1HZ<RUN7KH1HZ<RUN7LPHV&RPSDQ\3DtV86$ 9RO 7LPH²1HZ<RUN 9RO 1R $EULO 7UXFNLQ²&DOLIRUQLD 9RO 861HZV:RUOG5HSRUW²:DVKLQJWRQ'& 9RO 9DQ:RUOG²/RV$QJHOHV&DOLIRUQLD 9RO $JRVWR $JRVWR 1R 9DQV3LFNXSV²/RV$QJHOHV 9RO 1R 9LVLyQ/D5HYLVWD,QWHUDPHULFDQD²3DQDPi 9RO 1R (QHUR 9RO 1R 0DU]R 9RO 1R 'LF 9LVLyQ/D5HYLVWD/DWLQRDPHULFDQD²0p[LFR') 9RO 1R (QHUR 60HV 9LVWD]R(GLFLyQ,QWHUQDFLRQDO²3DQDPi 9RO 1R