!"#"$%! &'()* '(*+,-,./*0 * 1-1 2 3 4 ! +5607772217 - & 8 9:"#"$;8 !++++'(+++'$ < $ 9 9 =5( $>!& 9?/> ! % 5/=(> &@ 8!"! 88A.1- 117+ AB!C&&@ '(+!!! A&!%!& CC 8!C 8& (! "(!&'( "! ! # # # # # # # # # # # # # # # # # # $ 0 # # # # # # # # # # # # # # # # # # # 12 &RQWH[WRGHODSURSXHVWDSDUDODFUHDFLyQGHO iUHDPDULQDGHSHVFDUHVSRQVDEOHGH7iUFROHV =RQLILFDFLyQ 0DSD =RQLILFDFLyQSDUWLFLSDWLYD =RQLILFDFLyQGHOiUHDPDULQDGHSHVFDUHVSRQVDEOH GHILQLFLyQGH]RQDVSDUDHORUGHQDPLHQWRSHVTXHUR (OPDUFROHJDOQDFLRQDOSDUDODSHVFDDUWHVDQDO !80 -! -@& -- !! +, ' # # # # # # # # # # # # *) -( - %C& - 3 ' *2 % %!& - &RQVLGHUDFLRQHVJHQHUDOHV \SULQFLSLRVRULHQWDGRUHV 0DWUL]GHDFFLRQHVJHQHUDOHV 3ODQGHRUGHQDPLHQWRSHVTXHUR %!&! !' !!! !(# # # # # # # # # # # # # # # # # )* A@-0+8( 0 "! ! +(! ! &$!@" 2 A@ 0+8!/ &RRSH7iUFROHV5/UHVHxDGHVXFRQVWLWXFLyQ !0&$!@" 7 =8&@ - A@0!84808 /$@$ -: !8! :- !,-! + ! ( !+!.! # # # # # # # # # # # # # # # # # # # # # # # # # # )/ A@:0!8480 ! >8 : A@;0!8 &DUDFWHUL]DFLyQELROyJLFD\DPELHQWDO 480>/! :; $ -: A@20 :2 $ /! -; A@0!>8 : 8$&8!& A@0!8!! >8&!!(! 8 : & - &DUDFWHUL]DFLyQVRFLRFXOWXUDOFRQWH[WXDOL]DFLyQ GHODFRPXQLGDGGH7iUFROHV\VXFRRSHUDWLYD GHSHVFDGRUHVDUWHVDQDOHV &DUDFWHUL]DFLyQHFRQyPLFDFRQWH[WXDOL]DFLyQ SHVTXHUD\HFRQyPLFDGH&RRSH7iUFROHV5/ /tQHDEDVHGHODFRQGLFLyQVRFLRHFRQyPLFDGH ORVPLHPEURVGH&RRSH7iUFROHV5/ &yGLJRGH3HVFD5HVSRQVDEOH GH&RRSH7iUFROHV5/ =RQLILFDFLyQSDUWLFLSDWLYD &RQVRUFLR3RU/D0DU5/IXHQWH\PRWRU GHGHVDUUROORORFDO %DVHGHGDWRVSHVTXHURVGH&RRSH7iUFROHV5/ A@70!! 80 ! ;- 0 + # 21 A! ; !8! ; ,4, # # # # # # # # # # # # # # # # # # # # # # 2/ 5,&# # # # # # # # # # # # # # # # # # # # # # # # # # # # 26 "4############################### 61 2 5HVXPHQ(MHFXWLYR 8QSURFHVRKDFLDHOUHFRQRFLPLHQWRGHOÉUHD GH3HVFD5HVSRQVDEOHGH7iUFROHV 0C* 8** '( * * . + - D+ E ! ! > & " * A@ +* 8 !8 ! +* 9 !&* A$ '! D9E* *'(*B6? ! 8 !* &@ & * " &&8'(* !( ! > " ! * . + ! % 9 & '! !8 '&@* " @ & %9! & + &> / * F & 8' *$! &@!8 &!! 8'&@*&@! " (!& ! ( 8&@!&> !*C!$ >C &>!( * $8>! &!! A &8 !@3*&8 !"+ A* ( * ! "C " $*" 84F !&! %9&* &8. + : & 11 A ! C &@* 8 !&8!"& !!* (! ! % 9 & '( A ! 8 '( * &@ &88! 8">&( *@!*&8 &8/*" ! 8( ! &*'( &8!"> 8%9 &"&!0GHV XQ iUHD FRQ FDUDFWHUtVWLFDV ELROyJLFDV SHVTXHUDV R VRFLRFXOWXUDOHVLPSRUWDQWHVHQODVTXHVHUHJXODOD DFWLYLGDGSHVTXHUDGHPRGRSDUWLFXODUSDUDDVHJX UDUHODSURYHFKDPLHQWRGHORVUHFXUVRVSHVTXHURVD ODUJRSOD]R\HQODVTXHSDUDVXFRQVHUYDFLyQXVR\ . +88!"&* A@ - PDQHMR HO ,QFRSHVFD SRGUi FRQWDU FRQ HO DSR\R GH FRPXQLGDGHVFRVWHUDV\RGHRWUDVLQVWLWXFLRQHVµ #*'(@ !!&!8!&+* &@8 ! "# "$A!!C& 8+ /. A !!"C! ! >8 > * @! * !8 C8 " ! !&8*"* !& " 8 C *!!83$& 88!!!& >83!# (> + ?( 63 >8 D+ 8>8E( ( 3&D!* *$*E**F! * !!&8* ! " !8 & " !4** C4 *@ "((! "!!&>8 * ! " * !/ @ B!"!" ( "! ! A * & ( ! &!& 11:>C&$ CC(& + C , ! &@ ,* 4$*!&*!! " ! & 8!!( $ *C&$!&/ /*"4$ &8!" "@!@& "!" & &!(! & A4*F;! 11 @ !8 '(*8 . + & !(!&'( A * A@ + !8 - 1178A.1- 117D4 E*F 8 ! &@ &*!" 8 !* !""&$ $ ( !&'( /* '(8 11. + ( ! & '( 88!8& @ & 8 ! (!& . +A $'(* !&/"! >"! &!*!8 8. +>8 ! " &! (!& "! + &@ 8* &@ 8 " !8. &8 A 8 ! " " & ( ! '(! > 8*8* C ! & 8 &8C &8 &RQWH[WRGHODSURSXHVWDSDUDODFUHDFLyQGHO iUHDPDULQDGHSHVFDUHVSRQVDEOHGH7iUFROHV !8" !"*!*!&/ @ "$ A !!! !& " ! !3 * !( ( * !&/ 8!*& ' > !> ! A&! % ! & D4 -E* & . + F . +- 11:& 11 !!*&8& -1 ! * A 4*!8(! &!! 8 C! !"! 8! 8 &> ( & !0 D 3DUWLFLSDFLy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tVLFDVFRQXVRGHHPEDUFD FLyQ HQ ODV DJXDV FRQWLQHQWDOHV R HQ OD ]RQD FRVWHUD\FRQXQDDXWRQRPtDSDUDIDHQDUKDVWD XQPi[LPRGHFLQFRPLOODVQiXWLFDVGHOOLWRUDO TXHVHUHDOL]DFRQSURSy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yQ XVR \ PDQHMR HO ,QFR SHVFDSRGUiFRQWDUFRQHODSR\RGHFRPXQL GDGHVFRVWHUDV\RGHRWUDVLQVWLWXFLRQHVRST Q Q /8! A!@$* ! ! A&! %!&* 8$*8 F& !@$* $" !0 ÉUHDVSURKLELGDVSDUDODSHVFD Q !&$* -I!&D$* -:*E Q A"*!! &8D$7*-:* E Q #8C5* : &>* > !*CCD 8.);-7;* -011 & -77;*+E - A$;18$*" C!&8 !"& A$;28$*" C&@ 8 $ & 9!& * " !@ ! !& 8 "A =B 8 ! " !"* C " : 8+ D L :E* " @F&8 ! C! " ! ! 8! ! 8 !$ ; A8& DA@ L 7-79?E*" $ 2 ! &8 ""# 8 !* ! ÉUHDVUHVWULQJLGDVSDUDODSHVFD Q C! *8!@ ÉUHDVPDULQDVSDUDODSHVFDUHVSRQVDEOH A!@ L 7-7 9?*. +8 !A&!%! &D8.+- 11EA !*(! &! RSTiUHDVFRQFDUDFWHUtVWLFDVELROyJLFDVSHV TXHUDV R VRFLRFXOWXUDOHV LPSRUWDQWHV ODV FXDOHV HVWDUiQ GHOLPLWDGDV SRU FRRUGHQDGDV JHRJUiILFDV\RWURVPHFDQLVPRVTXHSHUPLWDQ LGHQWLILFDU VXV OtPLWHV \ HQ ODV TXH VH UHJX OD OD DFWLYLGDG SHVTXHUD GH PRGR SDUWLFXODU SDUDDVHJXUDUHODSURYHFKDPLHQWRGHORVUH FXUVRV SHVTXHURV D ODUJR SOD]R \ HQ ODV TXH - &DUDFWHUtVWLFDVGHOJUXSRGHWUDEDMRLQWHULQVWL WXFLRQDOSDUDODHODERUDFLyQGHOSODQGHRUGHQD PLHQWRSHVTXHUR $QWHFHGHQWHVGHODRUJDQL]DFLyQORFDOTXHVROLFL WDHOUHFRQRFLPLHQWRGHOiUHD &RRSH7iUFROHV5/UHVHxDGHVXFRQVWLWXFLyQ A 8 ! * '( 8 ! " &! ( ! & '( >*A@ +8! &!&8 &@&8 !"D8A. 1- 117E A &@ ( !!&+D? '/*"3.B 8 +3 . ! 3 . ! 8 +E*!9 9 '( )XQGDFLy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pGXOD\SHUVRQHUtDMXUtGLFDV ( F& &@ !8 '(*/@$F! 11:1;7 ; C 1- " !& " D* *+! $ +E &DUDFWHUtVWLFDVIXQFLRQDOHV 5HJLVWURVHLQIRUPDFLyQKLVWyULFDGHOD]RQDGH 7iUFROHV\VXDFWLYLGDGSHVTXHUDFDUDFWHUL]D FLRQHVDPELHQWDOHVVRFLRFXOWXUDOHV\HFRQyPLFDV A$ *C! 4 8 ! > @ " ( ! & 5 . !& $'!"?'(D5* 11-E!(* F > B A* D 11:E* 8 ! !!C!&/ 3*@C ! ( & C4!(&@ &DUDFWHUL]DFLyQELROyJLFD\DPELHQWDO !'(&8 ?& *? 6* $ A '( (-;I! * ;;(! !! "8!&/"> !*@$ C$*4&* A4:'(>&" D5$9&* 11;E : -; >8 4* "1! 1! 48 " !& $ '!" C $! ! $3 4** 1! 11!48"& $! C $!&5. &XDGUR, &DUDFWHUtVWLFDVIXQFLRQDOHVGHO*ROIRGH1LFR\D ! % W&8 -1K6;KJ % -;1I! *!(!/ !! ;;I!*&$'!" DE ;!DE 11!D4E (!$"$! <8! = * =0=* 11 &DUDFWHUtVWLFDVGHYDULHGDGHFRVLVWpPLFD " ? 6 C C8 ! > ! G ! "> " $H D'(* 1120-E* C!8 "(! !8&* &!8 $!'!" '(A>8" ! > 8>&& " 8 $ 4@* "!(#C >$! 8 ' "> /! !&/ CC " 4 > > ! *! 9CC$ !"#3 ! "* !* ! ">/!> * >* 8 4 !( ?6 A ? 6* !( !!8 &8!C(& *! (!8!$ !(*!"!(C! !C&$"#*>8 ! !(!"> -2 "C&A &!F & /!>D++E &@>>$! ! !8D4;2E &XDGUR,, 9DULHGDGHFRVLVWp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yQGHODVFDUDFWHUtVWLFDVELROyJLFDV\ DPELHQWDOHVGHOD]RQDHQIXQFLyQGHVXHVWDEOH FLPLHQWRFRPRi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yQ VRFLRFXOWXUDO FRQWH[WXDOL]DFLyQ GHODFRPXQLGDGGH7i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yQ7HFQROyJLFD* !8!!& DE !!8 8 !& !(*8 !&/ " @ 9 ?& '(!> &D9?&* 112E &DUDFWHUL]DFLyQHFRQyPLFDFRQWH[WXDOL]DFLyQ SHVTXHUD\HFRQyPLFDGH&RRSH7i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tQHDEDVHGHODFRQGLFLyQVRFLRHFRQyPLFDGHORV PLHPEURVGH&RRSH7iUFROHV5/ W!&!"& 8'(& & $ (! 8*"*!&*&@ C! ! !/\"&8!( &!8* !!!* >8 & &" 8 '(C! 8& "&& & > * * 8 &* >8 * 9&" '( 8 '(& $&# 11:"> # 1-1A!8 >4--: A ! 8* !&@!(&* * !! >!*!'( ;1Z&88!! * &yGLJRGH3HVFD5HVSRQVDEOHGH&RRSH7iUFROHV5/ !! - 9( ! ! >8 / '( &@8 8 D4 E* & ! !82 !& 11: !* & 11;* 8 9!&A$D9) C 9E + D+E 5HFXDGUR 9 ! ,4 ! A8* ! '(*! &@ & 0 GS ! &F"!8 &HD6 8&*7@ 11:E A / & ! &C !8! D4E /RFDOL]DFLyQ 8*"( !&& !! !&$.F9$' * ** %HQHILFLDULRV A(!&" '(" @C '(* " " !!>& !CC" C 8 &* " ! $8&" !!8 ( ! & A " " C"& C3 C" > 8 & " !3 C*!(*! 2EMHWLYRV A(!&& &@ &! 0 Q ! &! 8! 8!* !8 &>& =RQLILFDFLyQSDUWLFLSDWLYD Q !> ! * '( $! ( !&'(" " > $! 8 Q "& '( 8& ! : 5HFXDGUR7 9LVLyQDXQDxRSOD]R Q >& Q B&!(! Q 9(!& Q +!!(!(8 Q 8 & Q C8 Q + !(@@*" C&(!(!(&@! Q B!(!(&@ Q !'( !!(8 9LVLyQDWUHVDxRVSOD]R Q B&!'( Q !CD&E Q B!(&@@8 Q !(! Q ! !(! Q !8C&/ Q " !( 9 Q 8!/!@ ! Q ! ! &RQVRUFLR3RU/D0DU5/IXHQWH\PRWRUGHGHVDUUROORORFDO A 9 8 ! 11 ! 8 4 ! 8 '(!&* 11: !! !!! Evolución de Visitantes en 5 años 300 248 250 198 200 160 172 150 100 90 50 0 visitantes 2006 visitantes 2007 visitantes 2008 visitantes 2009 visitantes 2010 Total de visitantes !& 1-1 ; %DVHGHGDWRVSHVTXHURVGH&RRSH7iUFROHV5/ A!!! !!!!8G *"! &*! ! "& 8 &8! ! & !H D+! 9 11E ! 11; '( C > > !8 $ > A ,! & >8$, 8!8 * "!!! &$&@3@! *!C@ * 8& D4- E!(*! !&/ 8 ! !*@ 8 &D4--E !'(* @ !"&! C!&!@ * ! * &@ ! !& * " &&& ! *&@ * @! " @ $ "! !&/& !8 "> $!(! &'4 >!&(8 0DSDGHOiUHDPDULQDGHSHVFDUHVSRQVDEOHGH7iUFROHV A(!&'(&0 % ; < :;:-1 1; :;722 1; :2-7-7111 :2:2 -7111 :;2;7: -2111 :2 -;1 -2111 :;-1 -:1;1 :2 22 -:1;1 % , 7! ! 7!! ! :K::N;7H 7K;-N;;H :K:-N;H 7K;-N;;H :K:1N:7H 7K:;N-H :KN:H 7K:;N-H :K:N:H 7K:-N ;H :K:1N:-H 7K:-N ;H :K:N 1H 7K:1N H :K:1N-H 7K:1N H M@('!&*?*'(5*-0;11118!&6&!/( G?5H*-01111189 7 !!8*'(D 11 117E*@D 117E+D 117EA !" 8(& 2 =, =) =2 % % , ; < 7! ! 7!! ! :2:2 -7-;:1 :K7N- H 7K::N 2H :22-7 -7-;:1 :KN--H 7K::N 2H :21 7 -2111 :K:-N: H 7K:-N ;H :2 -;1 -2111 :K:1N:-H 7K:-N ;H :2-1-: -:1;1 :K:-N-H 7K:1N H :2 22 -:1;1 :K:1N-H 7K:1N H % % , ; < 7! ! 7!! ! :;7- -72;2:K: N-H 7K:N7H :2:-7 -72;2:K7N;H 7K:N7H :2-7-7111 :K:1N:7H 7K:;N-H :2;2-2 -7111 :KN:H 7K:;N-H :;2;7: -2111 :K:N:H 7K:-N ;H :21 7 -2111 :K:-N: H 7K:-N ;H :;-1 -:1;1 :K:N 1H 7K:1N H :2-1-: -:1;1 :K:-N-H 7K:1N H =1 % % , ; < 7! ! 7!! ! :2:-7 -7-;2:K7N;H 7K:N7H :221-7-;2:KN:H 7K:N7H :2;2-2 -7111 :KN:H 7K:;N-H :2:2 -7111 :KN:H 7K:;N-H :2:2 -7-;:1 :K7N- H 7K::N 2H :22-7 -7-;:1 :KN--H 7K::N 2H =6 % ; < :;:-1 1; :;1-: 1; :;7- -72;2:2:-7 -72;2- % , 7! ! 7!! ! :K::N;7H 7K;-N;:H :K: N;H 7K;-N;:H :K: N-H 7K:N7H :K7N;H 7K:N7H =* ! % % , ; < 7! ! 7!! ! :217; 1-71 :K:-N7H 7K;1N;H :2 : 1-71 :K:1N7H 7K;1N;H :2:-7 -72;2:K7N;H 7K:N-1H :221-72;2:KN:H 7K:N-1H % % , ; < 7! ! 7!! ! :;:-1 1; :L::N;7H 7L;-N;;H :;722 1; :L:-N;H 7L;-N;;H :2-7-7111 :L:1N;1H 7L:;N-H :2:2 -7111 :LN:H 7L:;N-H =/ % % , ; < 7! ! 7!! ! :;1-: 1; :K: N;H 7K;-N;;H :;722 1; :K:-N;H 7K;-N;;H :;; 1 1: :K:N-:H 7K;-NH :;7 1: :K: N-H 7K;-NH :;71 121: :K: N-;H 7K;1N;H :2--;7 121: :K:-N-:H 7K;1N;H :217; 1-71 :K:-N7H 7K;1N;H :2 : 1-71 :K:1N7H 7K;1N;H M@('!&*?*'(5 * -0;1111 8 !& 6 &!/ ( G ? 5H* -011111 89 0DSDSDUWLFLSDWLYRGHOiUHDPDULQDGHSHVFDUHVSRQVDEOHGH7iUFROHV !8 ( >8 @ '(*8 8&8 C 3ULPHUDFXHUGRGHQHJRFLDFLyQSDUDHODSURYHFKDPLHQWRGHOFDPDUyQ HQWUHODVIORWDVVHPLLQGXVWULDO\DUWHVDQDO1RYLHPEUH # 1-1* A@ +* ! , '(8 !& *C> 8 ( C!!8 8 8&!$+ (!!8 !# +> (/! !@&C!!8 (!+ !!#*"!(8 ! & C! !& 1-1C! C " $#&>D-; !E * C!!8 !&A+>(! ! AB !"(& '(!FC 7 A!!>8 !8 (!" &@ !! !* 8 !! 8& ! (!(*8"! ! $(3 !& ! "!&/> > A >8 '(&8 >8 ( ! & A ! &@ * * &!8&8" * 8$!( 8 >>>8 $ !8 8 >8 ( @ ! 8 !@ ! Y- * &@. C*@ ?* 9 Y 8** 9* '(* >*C !& $? '( Y 4! Y: Y; Y2 D D !( !( E E '* =$ M8* M* '(* * !& .8* >* @&@ ?* $? # B* '(* 5@!* .C* D' E* M!* * ?* ( C A* #* &* C * !& ! c ?* !& >'( $.F 9$ $.F " >* 9$ 5@! ' ? - 3URSXHVWDWpFQLFDGH]RQLILFDFLyQ\PHGLGDVGHPDQHMRGHOiUHDPDULQDGHSHVFDUHVSRQVDEOHGH7i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i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d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iUHDPDULQDGHSHVFDUHVSRQ VDEOHGH7iUFROHV &8 > '( * 9 ?'2@ !4!+!! >'! >'! &A -A& &8 > &V & ( ! &* @! B6?* &! A& > 8 ! > "! ! & ! " -! B6? \C &V!!8! & "(!&'( (! & + '( 21! >!83*! &8! B6? $@! '(!&!! !B6? + '( :2 D'6@ ! >'! >'! &A - "! 8 & ( +V " (! &3 * > V * > !! 8 -B> & !& ( &+!! !@ & C 8 !" C A8 &@ * !&/( !8 !@ & C 8 ! &@ &- !!8& !8C8C!* ! ! 9@ !@ C! " !& 8 ! 8 # ! ! " ( ! ! & ! " &!"9 &&( & ! 8#*#*@8 *!@ C!& !@& C8 &>>! V8 C!C&! ! &:B>@8 !@"/ ! C8 ! &;A&C ! 6 +* '( 9 V 21! ! '( C ! C 8 * > " ! 8 !& 21! ! * ! + '( -11Z 21! &2"d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ropuesta de Modelo de Gobernanza Área Marina de Pesca Responsable de Tárcoles Junta Directiva de Incopesca y Presidente Ejecutivo Equidad Sector Turismo, Sector Privado, otras alianzas Estructura Local de Toma de Decisiones Comisión de Seguimiento CoopeTárcoles R.L. Representantes independientes semi-industriales usuarios de otras comunidades: Pógeres, Pita, Playa Azul. Otros interesados: Lujadoras, Molusqueras, Asoc. Desarrollo, Representantes Esc, Colegio, Otros Defensoría Habitantes Concejo Municipal Garabito, Alcaldía Garabito Consejo Regional de Área de Conservación de Acopac/Sinac/Minaet Facilitador CoopeSoliDar R.L. Rendición de Cuentas 1 Rep. 2 Rep. 3 Rep. Incopesa (Coordinación) 4 representantes del sector pesquero y local Minaet - Programa Marino Municipalidad de Garabito Servicio Nacional de Guardacostas 4 Rep. Transformación alternativa de conflictos Proceso integral, adaptativo, enfoque ecosistémico Generación de Conocimiento 0RGHORGHJREHUQDQ]DGHOiUHDPDULQDGHSHVFD UHVSRQVDEOHGH7iUFROHV >,*@* !"*8!* * ! (!&'( &8!&>F ! C ! ! * " /!* !8 !8 "8! !(* & ! 8 0 * & ?& % 8 $ * ! 6% 89 A$*9'!\*8 * !!8 !!&A@ + 3**8 * ( ! (VWUXFWXUDORFDOSDUDODWRPDGHGHFLVLRQHV A!*& !A& !>8!* !'(* !#,!8* ; Q W 6? *9F& &RPLVLy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tD $FXxD-*DUFtD9\0RQGUDJyQ.-77! 8$"$! * 5HYLVWD%LRORJtD7URSLFDO*:2*2*--1 %UHQHV & / /HyQ&RWR 6 \ &KDYHV - 11- 'C!CCX!C ?6*C 5HYLVWDGH%LRORJtD7URSLFDO*:7* *-:;-; $OIDUR0RQWR\D - 11- &RQWUROOHG UHSURGXFWLRQ RI SHQDHLG VKULPS D FRQWULEXWLRQ WR LWV LPSURYH PHQW C 'C 6C0 J W 5$ 9 & 11; 5$ * L - 9 11; $OIDUR0RQWR\D - -77 5HSURGXFFLyQ GHO FDPDUyQ 0 HQHO*ROIRGH1LFR\D&RVWD5LFD %XGGH.\3HWVFKO.DE(OWXULVPR\VXLPSDF WRHQHOPDQJODUGH*XDFDOLOORUtR*UDQGHGH7iUFR OHV $PMRXQ % -77 (VWLPDWLRQ RI JHDU VHOHFWLYLW\ JURZWK DQG PRUWDOLW\ SDUDPHWHUV DQG DOWHUQDWLYH KDUYHVWLQJVWUDWHJLHVDPXOWLSOHJLOOQHWILVKHU\IRU FRUYLQDUHLQD&SRSXODWLRQ JC0W JC &DPSRV0RQWHUR - $ -7 > CCC!&C& C!!>5HYLVWDGH%LRORJtD 7URSLFDO*-D E* 17 - &DPSRV0RQWHUR-$-72A C! "%LRFHQRVLV*D-E* 7 $UD\D+-7:/D E? 6*5HYLVWDGH%LRORJtD7URSLFDO* D E*-7-72 &DPSRV0RQWHUR - $ -72& = ! #!!8$ 5HYLVWDGH%LRORJtD7URSLFDO*:*-;-7 %DOW]'\&DPSRV--772MC C>&\QRVFLRQVTXDPLSLQQLV D!0EXC? 6*5HYLVWDGH%LRORJtD7URSLFDO* ::*:;- &DPSRV0RQWHUR-$-77 A!8 !!>4&\QRVFLRQ D0E?6* 5HYLVWDGH%LRORJtD7URSLFDO*:1D E* 7 : %DUWHOV & 3ULFH . /ySH] 0 \ %XVVLQJ : -7B*& C C?6*5HYLVWDGH%LRORJtD 7URSLFDO*-*;-1- &DPSRV0RQWHUR-$%XUJRV=DPRUD%\*DP ERD&-7:AC!XC! ! CC C ? 6* 5HYLVWD GH %LRORJtD 7URSLFDO* D E* 1 1 %DUWHOV & 3ULFH . /ySH] 0 \ %XVVLQJ : -7: A ! C C&C?6*+\GUR ELRORJ\*-- DE*-7 1 ; &DPSRV0RQWHUR - $ \ &RUUDOHV $ -72 !CC!C? 6*+9! W 694*-* 7: &RRSH6ROL'DU 5 / \ &RRSH7iUFROHV 5 / 112 7iUFROHVXQDFRPXQLGDGGHSHVFDGRUHVDUWHVDQDOHV HQ&RVWD5LFD$SRUWHVDODFRQVHUYDFLyQGHORVUH FXUVRVPDULQRVFRVWHURVGHO*ROIRGH1LFR\DD-fE ./0 &KDYHV - \ %LUNLFKW 0 -772 A" & XC& C?6*5HYLVWDGH%LRORJtD 7URSLFDO*::**:-: &RRSH6ROL'DU5/DE,QIRUPHGHDXGLWRUtDGHO ,QIRFRRS&RRSHUDWLYLVPRFRVWDUULFHQVHHLQLFLDWLYDV DPELHQWDOHV '(./0 &RRSH6ROL'DU 5 / \ &RRSH7iUFROHV 5 / 11 ?8 0 8 !@&!D :2EA ! A 68* 'HFLPRFXDUWR ,QIRUPH (VWDGRGHOD1DFLyQHQ'HVDUUROOR+XPDQR6RVWHQL EOH* 11*./*!A68* ; &RRSH6ROL'DU 5 / 11 &RQVLGHUDFLRQHV VRFLD OHVGHOVHFWRUSHVTXHURDUWHVDQDOVREUHHOFRUUHGRU PDULQR GH FRQVHUYDFLyQ GHO 3DFtILFR (VWH 7URSLFDO SULPHUDV LGHDV SDUD OD LQFLGHQFLD VRFLDO ./0 &RRSH6ROL'DU5/ &RRSH7iUFROHV5/DE,QIRUPHGHDYDQFH$Qi OLVLVGHODEDVHGHGDWRVSHVTXHURVGH&RRSH7iUFROHV 5/($&@9 #>/< $. 6@./0/ &RRSH6ROL'DU 5 / 11& 6REUH iUHDV GH FRQVHU YDFLyQFRPXQLWDULDVDOJXQDVLGHDVSDUDODGLVFXVLyQ FRQRFDVLyQGHO,,&RQJUHVR/DWLQRDPHULFDQRGHÉUHDV 3URWHJLGDV%DULORFKH$UJHQWLQD++ !%5 C0?'Y &RRSH7iUFROHV5/ 112 11($ &@9#>/ < $.6@./0 / &RRSH7iUFROHV5/ 11,QIRUPHILQDO$QiOLVLVGH OD EDVH GH GDWRV SHVTXHURVGH &RRSH7iUFROHV5 / ($&@ 9#>/< $ .6@./0/ &RRSH6ROL'DU 5 / 11 *HQWH GHO PDU \ XVR VRVWHQLEOH GH ORV UHFXUVRV GH XQ UHIXJLR PDULQR HQ HO 3DFtILFR 1RUWH GH &RVWD 5LFD 'LDJQyVWLFR GH ODV FRPXQLGDGHV DOHGDxDV DO UHIXJLR QDFLRQDO GH YLGD VLOYHVWUH &DOHWDV$UtR 3HQtQVXOD GH 1LFR\D &RVWD 5LFD UHVXOWDGRV SDUD OD DFFLyQ \ VXV DSRUWHV D OD FRQVHUYDFLyQ< $ *9 = 5(D-fE./0 &RRSH7iUFROHV5/ 117,QIRUPHILQDO$QiOLVLVGH ODEDVHGHGDWRVSHVTXHURVGHDFWLYLGDGHVSHVTXHUDV GH &RRSH7iUFROHV 5 / SDUD HO DxR 5HODFLyQ DVRFLDWLYDHQWUH&RRSH6ROL'DU5/\&RRSH7iUFROHV 5/./0/ &RRSH6ROL'DU5/ 11&0XMHUHV\KRPEUHVOXMD GRUHV XQD DFWLYLGDG DVRFLDGD D OD SHVFD DUWHVDQDO UHVSRQVDEOH HQ HO 3DFtILFR &HQWUDO GH &RVWD 5LFD ,YDQQLD$\DOHVHG./0 ; &RUUDOHV/HQtQ 117!8'C 6 D'6E *yPH]/-77 'LVHxRGHXQDHQFXHVWDVREUHFRV WRVGHRSHUDFLyQGHODIORWDSHVTXHUDDUWHVDQDOGHO *ROIRGH1LFR\D&RVWD5LFD' 5$./0A5$*W &RUWpV1~xH] - -77 !8 + 9! $*W *X]PiQ(,QIDQWH&\9DUJDV2 111$VSHF WRVJHQHUDOHVVREUHHOFXOWLYRGHMXYHQLOHVGHSDUJR PDQFKDGR @ XWLOL]DQGR DOLPHQ WR JUDQXODGR HQ FRQGLFLRQHV QDWXUDOHV ./ (OL]RQGR/\2YDUHV/-77! @> ?65HYLVWDGH&LHQFLDV 6RFLDOHV*:*-1--1 (SLIDQLR&(0DXUHU'\'LWWHO$,-7 C 4 C?6*C !+\GURELRORJ\*-1-DE* - *X]PiQ+&DPSRV-\*DPERD&-7 0C$Q ,VQW &LHQF 1DU /LPQRO* -; D-E* :7 ;: W 68!9/4 +HGJHSHWK-*DOOXFFL-&DPSRV-\0XJ0 111 M ! C &! C ? 6* 5HYLVWD GH %LRORJtD 7URSLFDO*:D E*- )DUOH\--7: &$8QL FLHQFLD*-D-E*- )RUR0XQGLDOGH3HVFDGRUHV\7UDEDMDGRUHVGHOD 3HVFD 112 ,QFRSHVFD 117(VWDGRGHOUHFXUVR´FDPDUyQEODQ FRµ HQ HO *ROIR GH 1LFR\D( & M&C./0 / )XOOHU&'DYLV'&DLQ'/DPRWKH3)ULHV 7 )HUQiQGH] * 9DUJDV - \ 0XULOOR 0 -771 & ! C $ ? '(* D !E :DWHU5HVRXUFHV* :DE*1;- ,QIRUPH$QXDOGHO&RQVRUFLR3RU/D0DU 117 !8@! 8 )XQGHV 117&RQVRUFLR3RU/D0DU5/GLDJQyVWL FRGHQHJRFLRVLQFOXVLYRV./ .LWDQL + -77 & > " 3HQDHXV RFFLGHQWDOLV C ? 6*5HYLVWDGH%LRORJtD7URSLFDO*:; D-5E*:::1 *RFNH . &RUWpV1~xH] - \ 0XULOOR&DVWUR 0 0 11-'C! 0CC? 6*5HYLVWDGH%LRORJtD7URSLFDO*:7* * 712 ;7 /HyQ$]RIHLID 3 -71 (FRORJtD GH OD LFWLRIDXQD GHO*ROIRGH1LFR\D&RVWD5LFDFRQGDWRVVREUHOD ELRORJtDGHDOJXQDVHVSHFLHVGH' 5$./0A5 $*W 0XQLFLSDOLGDGGH*DUDELWR 11284 @!L'(*?& * 0XULOOR%RODxRV/0-78! !?67HFQR ORJtDHQ0DUFKD*;D:E* - /HYHQWKDO.-7 +iELWRVDOLPHQWLFLRVGHDOJXQRV SHFHVFRPHUFLDOHVHQHO*ROIRGH1LFR\D&RVWD5LFD 5$+! W 6*2* :M0W 6 0XULOOR 1 -7 3UHVHQFLD GH <& C! HQSHVFDGRUHVGHO*ROIRGH1LFR\D' 5$./0A5 $*W /L]DQR5RGUtJXH] 2 * \$OIDUR0DUWtQH] ( - 11: ! C C ?6*5HYLVWDGH%LRORJtD7URSL FDO*; * *7: 3DODFLRV9LOOHJDV - $ 5RGUtJXH]0XULOOR - $ \$QJXOR 5$ -77 ! C3HQDHXVVW\OLURVWULVD 0 E ? 6* 5HYLVWDGH%LRORJtD7URSLFDO*:-DE*;7; 0DGULJDO&RUGHUR3\6ROtV5LYHUD9 115HFR QRFLPLHQWR\SURWHFFLyQGHORVGHUHFKRVKXPDQRVGH ORVSHVFDGRUHVDUWHVDQDOHV/DViUHDVPDULQRFRPX QLWDULDV ¢XQD DOWHUQDWLYD" A +W6 !! A !*A!g3ROLF\0DW WHUV M!C9X *-71 3DODFLRV9LOOHJDV-$5RGUtJXH]0XULOOR-$\ $QJXOR 5$ -77& A ! !> 3HQDHXVVWU\OLURV WULV D0 E ? 6* 5HYLVWDGH%LRORJtD7URSLFDO*:-DE* ;7; ,QVWLWXWR *HRJUiILFR 1DFLRQDO 9 ?8 -77 0HQD/-7&XOWLYRGHFDPDUyQPDULQRDSURYH FKDQGRODVVDOLQDVHQODHVWDFLyQOOXYLRVD*ROIRGH 1LFR\D&RVWD5LFD'5$ ./*A5$*W 3DODFLRV9LOOHJDV-$5RGUtJXH]0XULOOR-$\ $QJXOR 5$ -77 A & 3H QDHXVVW\OLURVWULVD0E? 6*5HYLVWDGH%LRORJtD7URSLFDO*:- D E* 0XJ9LOODQXHYD 0 *DOOXFFL 9 ) \ /DL + / -77:! D&\QRVFLRQ DOEXVE C ? 6* * & 4!C>*!C ! C -RXUQDO RI )LVK %LRORJ\*:;D E*--7- 3DODFLRV9LOOHJDV-$5RGUtJXH]0XULOOR-$\ $QJXOR5$-772'CC3HQDHXVVW\OLUR VWULV D0 E C ? 6* 5HYLVWDGH%LRORJtD7URSLFDO*::D-E* ; - 3KLOOLSV3&-7:$ 9*? 68QLFLHQFLD*-D-E* - : 21 3KLOOLSV 3 & -7 +! C! C CC &XOWXUHDQG$JULFXOWXUH*:*-- 6LQDF0LQDHW 11 3ODQ GH LPSOHPHQWDFLyQ *U~DV iPELWR PDULQR )DVH , IRUWDOH FLHQGRODVFDSDFLGDGHVSDUDODJHVWLyQ./0 !6% 8*9 !&*A$'! 3UHWRPD 11$QiOLVLVGHODGHVFDUJDDQXDOGHWL EXURQHV \ UD\DV HQ OD SHVTXHUtD SHOiJLFD \ FRVWHUD GHODFRVWD3DFtILFDGH&RVWD5LFD3OD\DVGHO&RFR 7iUFROHV\*ROILWR./ !A68 11:'pFLPR,QIRUPH (VWDGRGHOD1DFLyQHQ'HVDUUROOR+XPDQR6RVWHQL EOH./0!A68 6LQDF0LQDHW 11& 3URSXHVWD GH RUGHQDPLHQWR WHUULWRULDOSDUDODFRQVHUYDFLyQGHODELRGLYHUVLGDG GH &RVWD 5LFD* 0 ( $ & ! ./0 ! 6 % 8*9!&*A$' ! 5RMDV0RUDOHV-53L]DUUR)\&DVWUR0-77: &$(! ? 6* 5HYLVWD GH %LRORJtD7URSLFDO*: DE*222 6ROtV5LYHUD9\0DGULJDO&RUGHUR3 11,QIRU PHV VREUH DVSHFWRV OHJDOHV GH ODV iUHDV GH FRQVHU YDFLyQFRPXQLWDULDVHQ&RVWD5LFDA0X + !! D+E +-: 5RMDV0RUDOHV-5-77= 8!C/XWMDQXVJXWWDWXVD0 @E?6*5HYLVWD GH%LRORJtD7URSLFDO*:;D-5E*:: 6SRQJEHUJ$/ 11:5 !!C?6* 5HYLVWDGH%LRORJtD7URSLFDO*; * *-- 5RMDV0RUDOHV-5-77&M(&! !C/XWMDQXVJXWWDWXVD0@E ?6*5HYLVWDGH%LROR JtD7URSLFDO*::D-E:;D-E*:-:2 5RMDV0RUDOHV - 5 &DVWUR9LOODORERV 0 \ 3L ]DUUR%XVWRV - ) -77: >!?6* 8QLFLHQFLD*--D- E*772 6WHYHQVRQ ' . -7 9! C C ? 6* 0 !C !5HYLVWDGH%LRORJtD7URSLFDO* 2*-*-1- 7DEDVK%ODQFR ) $ \ 3DODFLRV9LOOHJDV - $ -772B!" ! * 3HQDHXV RFFLGHQWDOLV \ 3HQDHXV VW\OLURVWULV D0 E* ? 6* 5HYLVWD GH %LRORJtD7URSLFDO*::D E*;7;21 5RMDV 5D~O 117 $QiOLVLV VHPLFXDQWLWDWLYR GH OD UHODFLyQGHEHQHILFLRDFRVWRHQODSHVFDDUWHVDQDO GH OD FRPXQLGDG GH SHVFDGRUHV GH 7iUFROHV VHJ~QGDWRVFRQWDEOHVSURSRUFLRQDGRVSRU&R RSH7iUFROHV5/(& ./0/ 9DUJDV=DPRUD-$-77;'C?6 *0* C +HOJRODQGHU 0HHUHVXQWHUVXFKXQJHQ* :7 D-):E* - 2- 9LOODORERV/-77(VWXGLRGHOGHVDUUROORSHVTXHUR HQHO*ROIRGH1LFR\D&RVWD5LFDXQHQIRTXHVLVWp PLFR'9$5$M0A 5$*W 6 9RRUKLV$ ' (SLIDQLR & ( 0XUHU ' 'LWWHO $,\9DUJDV=DPRUD-$-7&'C C C ? 6* !&! C!+\GURELRORJ\* 77* ; 9LWROD 0 -7; &DPDURQHV SHQGLGRV 0 6 GHO *ROIR GH 1LFR\D XQ DQiOLVLV GH VX GLVWULEXFLyQ\GHQVLGDG'9$5 $ ./0 A 5$* W :ROII0.RFK9&KDYDUUtD&KDYHV-%\9DU JDV=DPRUD-$-77W!@8 ?6*5HYLVWDGH%LRORJtD 7URSLFDO*:2*2*27 <RRUKLV $ ' (SLIDQLR & ( 0XUHU ' 'LW WHO$ , \ 9DUJDV=DPRUD -$ -7 C 4C? 6*C !+\GURELRORJ\*-1-* - 2 $QH[RV $QH[R 5HJODPHQWRSDUDHO(VWDEOHFLPLHQWRGHÉUHDV0DUL QDVGH3HVFD5HVSRQVDEOH$-',3 $QH[R 5HODFLyQHQWUHDFWLYLGDGSHVTXHUD\JDQDQFLD $QH[R (YDOXDFLyQVHPLFXDQWLWDWLYDGHODSHVTXHUtDDUWH VDQDODVRFLDGDFRQODFRPXQLGDGGHSHVFDGRUHVGH 7iUFROHVFRQHVWLPDFLyQGHOtPLWHVDODH[WUDFFLyQ VHJ~QHVWDGtVWLFDVGHFRQWDEOHV\GHFDSWXUDGHO SHUtRGR $QH[R 5HVROXFLyQ3(6- $QH[R /HJLVODFLyQLQWHUQDFLRQDOUHIHUHQWHDOD SHVFDDUWHVDQDO $QH[R $QiOLVLVGHODEDVHGHGDWRVGHMXYHQLOHV\DGXOWRV $QH[R /LVWDGRGHDVRFLDGRVGH&RRSH7iUFROHV5/\0DU $ELHUWR,QIUDHVWUXFWXUDSHVTXHUD%ROHWtQHVSHFLDO Q~PHURPD\RGH $QH[R /tQHDGHEDVHHLQGLFDGRUHVSDUDORVDYDQFHVHQOD UHODFLyQGHDVRFLDWLYLGDGHQWUH&RRSH7iUFROHV5/ \&RRSH6ROL'DU5/ $QH[R ,QYHVWLJDFLRQHVHQUHFXUVRVSHVTXHURVUHDOL]DGDV HQHO*ROIRGH1LFR\D&RVWD5LFD $QH[R /tQHDGHEDVHHLQGLFDGRUHVSDUDORVDYDQFHVHQOD UHODFLyQGHDVRFLDWLYLGDGHQWUH&RRSH7iUFROHV5/ \&RRSH6ROL'DU5/ $QH[R%DVHGHGDWRVVREUHWHPDVPDULQRFRVWH URVGHUHOHYDQFLDSDUD&RRSH6ROL'DU5/\ &RRSH7iUFROHV5/ $QH[R !! '(* $QH[R 0DSDRILFLDOGHOiUHD $QH[R 'RFXPHQWRMXVWLILFDFLyQYHGDGHFDPDUyQGHQWUR GHOiUHDGHSHVFDUHVSRQVDEOH3UHSDUDGRSRUOD &RPLVLyQ,QWHULQVWLWXFLRQDOQRPEUDGDSRU HO,QFRSHVFD $QH[R &yGLJRGH3HVFD$UWHVDQDO5HVSRQVDEOH &RRSH7iUFROHV5/ $QH[R $QiOLVLVGHODEDVHGHGDWRVGHDFWLYLGDGHVSHVTXH UDVGH&RRSH7iUFROHV5/SDUDORVDxRV 2 %D#7#* ! !*&*"!&/ !*!!*"&@ !$ 6!8( " ">&8&!@! &8*@"*!!#! !* * * :;7 1;1 * 'D=4E0D;12E ;17;7'D;12E - 71 80h XXX 7%! .%#78-72A !>$ "C>8& &!&W&@ G! &F"!!@& H '(** 'D4E0D;12E 21 -1 XXX! 9 A84 !' !8!4 & '!&84@"&@ &@C& '** 'D4E0D;12E 2-1; XXX!! 2: