Materiales para el aula de español

8/14/2019 Materiales para el aula de español

http://slidepdf.com/reader/full/materiales-para-el-aula-de-espanol 1/56

Elena García TorresElena García Torres



MATERIALES PARA EL AULA DE ESPAÑOL

DirecciónRafael Martínez BernardoConsejero de Educación

AutoraElena García Torres

Asesora Técnica en Auckland

Diseño PortadaElena García Torres

MINISTERIO DE EDUCACIÓN Y CIENCIASubdirección General de Cooperación Internacional

Edita© Secretaría General Técnica

Subdirección General de Información y Publicaciones

Embajada de España en Australia y Nueva ZelandaConsejería de Educación

Depósitos legalesNIPO: 176-04-159-4 ISBN: 0 9580649 3 8

DistribuciónConsejería de Educación

Embajada de España en Australia y Nueva Zelanda

15 Arkana Street. YARRALUMLA 2600 ACT. AustraliaTeléfono: 02 6273 4291 / Fax: 02 6273 4588

e-mail: [email protected]

Impresión y encuadernaciónELECT PRINTING, LTD.

112 Wollongong St. Canberra 2609

Publicación gratuita de apoyo y difusión de la lengua y culturas de los paíseshispanohablantes en Australia y Nueva Zelanda

MATERIAL FOTOCOPIABLE



127$35(/,0,1$5(VWH FRQMXQWR GH DFWLYLGDGHV HVWiQ HVWUXFWXUDGDV HQ WRUQR D FXDWURHMHV³(OHVSDxROHQHOPXQGR´³0LVDPLJRVORVDQLPDOHV´³3DUDWRGRVORV JXVWRV´ \ ³¢&yPR VRPRV"´ D SDUWLU GH ORV FXDOHV KHPRVSURSXHVWR DPRGRGH ILFKDV LQGLYLGXDOHV GLIHUHQWHVDFWLYLGDGHVTXHHVWLPXOHQODFRPXQLFDFLyQHQHVSDxRO\VLUYDQDOSURIHVRUDGH(/(FRPR PDWHULDO FRPSOHPHQWDULR SDUD VXV FODVHV &DGD XQR GH HVWRV

HMHV SURSRQHQ XQD WDUHD ILQDO HQ OD TXH D WUDYpV GH PLQLWDUHDVIDFLOLWDGRUDV VH KD GHVDUUROODGR \ SRWHQFLDGR HO XVR GH ODV GLYHUVDVGHVWUH]DV\HVWUDWHJLDVFRPXQLFDWLYDVIRPHQWDQGRODFRODERUDFLyQHOLQWHUFDPELRGHSXQWRVGHYLVWD\ODFUHDWLYLGDG1RVKHPRVDSR\DGRHQ XQD PHWRGRORJtD PRWLYDGRUD \ YDULDGD FRQ XQ HQIRTXHHPLQHQWHPHQWH SUiFWLFR FRQ HO ILQ GH SRWHQFLDU HO HMHUFLFLR GH ODFRPXQLFDFLyQHQHODXOD+HPRV WUDWDGR GH DEDUFDU XQ JUXSR DPSOLR \ KHWHURJpQHR GHHVWXGLDQWHVVLELHQHVWiGLULJLGRSULQFLSDOPHQWHDHVWXGLDQWHVFRQXQQLYHOHOHPHQWDOHLQWHUPHGLR(VSRUHOORTXHODVGLYHUVDVDFWLYLGDGHV\WDUHDV SURSXHVWDV LPSOLFDQ IXQFLRQHV FRPXQLFDWLYDV FRQWHQLGRVJUDPDWLFDOHV \ Op[LFRV FRUUHVSRQGLHQWHV D GLIHUHQWHV QLYHOHV (OGRFHQWH VHOHFFLRQDUi DTXHOODV TXH SXHGDQ UHVXOWDU DSURSLDGDV SDUDVDWLVIDFHUODVQHFHVLGDGHV\DGHFXDUVHDODVFDUDFWHUtVWLFDVGHOJUXSRDOTXHYD\DDGLULJLUODV/RVSURIHVRUHVSXHGHQ IRWRFRSLDU OLEUHPHQWHHVWRVPDWHULDOHV\DTXHHVQXHVWUDLQWHQFLyQTXHVHSXHGDKDFHUXQXVRGHHOORVORPiVH[WHQVLYR\SURGXFWLYRSRVLEOH+HPRVLQFOXLGRDOILQDOXQHVTXHPDSDUDSRWHQFLDUODDXWRHYDOXDFLyQ\OD UHIOH[LyQ HQ UHODFLyQ FRQ OD H[SHULHQFLD GH DSUHQGL]DMH TXH FDGD

HVWXGLDQWH KD\D H[SHULPHQWDGR DO OOHYDU D FDER ODV DFWLYLGDGHVSURSXHVWDVWUDWDQGRGHUHIRU]DUODDXWRQRPtDGHFDGDHVWXGLDQWHFRQUHVSHFWRDVXSURFHVRGHDSUHQGL]DMH



0DWHULDOHVSDUDHODXODGHHVSDxRO

&RQVHMHUtDGH(GXFDFLyQHQ$XVWUDOLD\1XHYD=HODQGD

(OHVSDxROHQHO

PXQGR

f ´/DxHVODQFRQELJRWHµ5DPyQ*yPH]GHOD6HUQD

),&+$

(/(63$f2/48(126$%(648(<$6$%(6

¢4XpSDODEUDVFRQRFHVHQHVSDxRO"3RQXQDFUX]HQDTXHOODVSDODEUDVTXHFUHDVTXHVRQHVSDxRODV*HRJUDItD

)ORULGD9LHQD3DUtV/RVÈQJHOHV5RPD6DQ)UDQFLVFR9DOHQFLD

1RPEUHV

:HQG\(QULTXH1RUPDQ$QWRQLR&DUPHQ&DWKHULQH-XDQ&DUORV

&RPLGD

7DSDV0XVDND3DHOOD+DPEXUJHU*D]SDFKR

/DVDJQD(QFKLODGD

0~VLFD\EDLOH

6DOVD6DPED0HUHQJXH7DQJR:DOW])ODPHQFR)DGR





),&+$&XHVWLRQDULRFXOWXUDO¢&8È1726$%(6'(/263$Ë6(6<&8/785$6'(+$%/$(63$f2/$"

(Q(VSDxDOD~QLFDOHQJXDRILFLDOHVHOHVSDxRO,Q6SDLQWKHRQO\RIILFLDOODQJXDJHLV6SDQLVK

• 9HUGDGHUR• )DOVR

0RFKH&KLPX\&KDYLQVRQFLYLOL]DFLRQHVGHO3HU~DQWHULRUHVDOD,QFD0RFKH&KLPXDQG&KDYLQDUH3HUXYLDQFLYLOL]DWLRQVWKDWH[LVWHGEHIRUHWKH

,QFDV


/DSDHOODHVXQDFRPLGDHVSDxRODWtSLFDGH$QGDOXFtD3DHOODLVDW\SLFDO6SDQLVKGLVKIURP$QGDOXVLD


(O7LWLFDFDHVHOODJRQDYHJDEOHPiVDOWRGHOPXQGR7LWLFDFDLVWKHKLJKHVWQDYLJDEOHODNHLQWKHZRUOG


'RQ4XLMRWHHVXQIDPRVRGHWHFWLYHHVSDxRO

'RQ4XL[RWHLVDIDPRXV6SDQLVKGHWHFWLYH• 9HUGDGHUR• )DOVR

(OEDORQFHVWRHVHOGHSRUWHPiVIDPRVRGHORVSDtVHVGHKDEODHVSDxROD%DVHNHWEDOOLVWKHPRVWSRSXODUVSRUWLQ6SDQLVKVSHDNLQJFRXQWULHV






/RVFRUULGDVGHWRURVVRQXQHVSHFWiFXORJUDWXLWRHQ(VSDxD%XOOILJKWLQJLVIUHHLQ6SDLQ


(Q0DGULGKD\XQDLJOHVLDPX\IDPRVDOODPDGD³/D6DJUDGD)DPLOLD´REUDGHO

DUTXLWHFWR$QWRQLR*DXGt,Q0DGULGWKHUHLVDIDPRXVFKXUFKFDOOHG³/D6DJUDGD)DPLOLD´GHVLJQHGE\

$QWRQLR*DXGt

•

9HUGDGHUR• )DOVR

+DVWDHOPRPHQWRVRQRQFHORVHVFULWRUHVFRQVXREUDHVFULWDHQHVSDxROTXH

KDQJDQDGRHO3UHPLR1REHOGHOLWHUDWXUD6RIDUWKHUHKDYHEHHQ6SDQLVKVSHDNLQJZULWHUVZKRKDYHZRQWKH1REHO

3UL]H•

9HUGDGHUR• )DOVR

/RVDUPDGLOORVVRQXQRVDQLPDOHVTXHYLYHQHQ(VSDxD $UPDGLOORVDUHDQLPDOVWKDWOLYHLQ6SDLQ


3DEOR3LFDVVRHVXQP~VLFRHVSDxROPX\LPSRUWDQWH3DEOR3LFDVVRLVDYHU\LPSRUWDQW6SDQLVKPXVLFLDQ






/RV$]WHFDVIXHURQHOSXHEORLQGtJHQDGH$PpULFDTXHGRPLQDEDHQHOQRUWHGH 0pMLFR FXDQGR WXYR OXJDU OD FRQTXLVWD HVSDxROD SRU +HUQiQ &RUWpV DSULQFLSLRVGHOVLJOR;9, $]WHFVZHUHWKHQDWLYH$PHULFDQSHRSOHLQQRUWKHUQ0H[LFRDWWKHWLPHRIWKH

6SDQLVKFRQTXHVWOHGE\+HUQiQ&RUWpVLQWKHHDUO\WKFHQWXU\


(O=RUURHVXQKpURHGHILFFLyQGH3DQDPi(O=RUURLVDILFWLRQKHURIURP3DQDPD


&DGDPLQXWRVVHFHOHEUDXQDILHVWDHQDOJ~QOXJDUGH(VSDxD(YHU\PLQXWHVWKHUHLVD)HVWLYDOVRPHZKHUHLQ6SDLQ


(OHVSDxROHVOD~QLFDOHQJXDRILFLDOGH3DUDJXD\6SDQLVKLVWKHRQO\RIILFLDOODQJXDJHRI3DUDJXD\


),&+$+,63$126)$02626

$FWLYLGDG 6H IRUPDUiQ JUXSRV \ ORV HVWXGLDQWHV GH FDGD JUXSRFRQMXQWDPHQWH GHEHUiQ UHOOHQDU HO VLJXLHQWH HVTXHPD HQ XQ WLHPSR OLPLWDGRFRQ HO QRPEUH GH SHUVRQDMHV KLVSDQRV IDPRVRV TXH FRQR]FDQ (O JUXSR TXHWHUPLQHSULPHURJDQD





+LVSDQRVIDPRVRV

'HO

PXQGRGHODV

DUWHV

'HO

PXQGRGHOD

SROtWLFD

'HO

PXQGRGHODV

OHWUDV

'HO

PXQGRGHOFLQH

'HO

PXQGRGHO

GHSRUWH

$FWLYLGDG(QHOFXDGURDGMXQWRDSDUHFHQORVQRPEUHVGHKLVSDQRVIDPRVRV6H IRUPDUiQ JUXSRV \ ORV HVWXGLDQWHV GH FDGD JUXSR OR FRPSOHWDUiQFRQMXQWDPHQWHFRQODLQIRUPDFLyQTXHVHSURSRUFLRQD1DFLRQDOLGDGHV $UJHQWLQRD FKLOHQRD FRORPELDQRD GRPLQLFDQRD HVSDxRODPHMLFDQRD PH[LFDQRD QLFDUDJHQVH SHUXDQRD SXHUWRUULTXHxRDSRUWRUULTXHxRDJXDWHPDOWHFRDYHQH]RODQRDIUDQFpVD3URIHVLRQHV IXWEROLVWDFDQWDQWHRP~VLFRHVFULWRUDDFWRUDFWUL]FLQHDVWDSRHWDSRHWLVDFLHQWtILFRDSLQWRUDGHOPXQGRGHODSROtWLFD3XHGHVYLVLWDUODVVLJXLHQWHVSiJLQDVZHEVREUHKLVSDQRVIDPRVRV

KWWSFRORTXLRFRPIDPRVRVDOSKDKWPKWWSZZZJHRFLWLHVFRP$WKHQV)RUXPKLVSDQRVKWPOKWWSZZZVSDHGXSVWDUNH\VLWLRVGHLQWHUHVKWP

120%5(

1$&,21$/,'$'

352)(6,Ï1

5D~O





5LFN\0DUWLQ

0DULR 9DUJDV/ORVD

3HQpORSH&UX]

*DEULHO*DUFtD0iUTXH]

5LJREHUWD0HQFK~

&KH*XHYDUD

6KDNLUD

/XLV%XxXHO





6DOPD+D\HN

)HGHULFR*DUFtD/RUFD

)ULGD.DKOR

3DEOR1HUXGD

(YLWD3HUyQ

6LPyQ%ROtYDU

6RU-XDQD,QpVGHOD&UX]

&DUORV*DUGHO





5XEpQ'DUtR

3HGUR$OPRGyYDU

,VDEHO$OOHQGH

-RVp0DUWt

6HYHUR2FKRD

&DUORV6DQWDQD

'LHJR$UPDQGR0DUDGRQD





-XDQ/XLV*XHUUD

$QWRQLR%DQGHUDV

$FWLYLGDG DGLFLRQDO Î 3UHVHQWDFLRQHV VREUH +LVSDQRV IDPRVRV &DGDHVWXGLDQWH HVFRJHUi XQD SHUVRQD IDPRVD GHO PXQGR KLVSDQR \ KDUi XQDSUHVHQWDFLyQ HQ 3RZHUSRLQW VREUH HVH SHUVRQDMH TXH FRQVWDUi GH FLQFRGLDSRVLWLYDVFRPRPtQLPR

),&+$

8QSRFRGHJHRJUDItD3$Ë6(6'21'(6(+$%/$(63$f2/

(QJUXSRV YDLV DHVFULELU WRGRV ORV SDtVHV TXH FRQRFpLV TXH WHQJDQ HOHVSDxROFRPRLGLRPDRILFLDO(OJUXSRTXHPiVSDtVHVHVFULEDJDQD3RVWHULRUPHQWH WUDWDUpLV GH VLWXDU ORV SDtVHV HQ ORV PDSDV PXGRV TXH VH

SURSRUFLRQDQ D FRQWLQXDFLyQ /RV SDtVHV GH KDEOD KLVSDQD SHUWHQHFLHQWHV DOFRQWLQHQWHDPHULFDQRVHVLWXDUiQHQHOPDSDFRUUHVSRQGLHQWH\HOUHVWRGHSDtVHVVHVLWXDUiQHQHOPDSDGHOPXQGR¢&RQRFpLV ODV FDSLWDOHV \RWUDVFLXGDGHV GH WRGRVHVWRVSDtVHV" ¢&RQRFpLVRWURVSDtVHVGRQGHVHKDEOHHVSDxRODXQTXHQRVHDLGLRPDRILFLDO"





),&+$

78120%5((1(63$f2/

(QORVSDtVHVGHKDEODKLVSDQDORVQRPEUHVGHODVSHUVRQDVVXHOHQVHUFRPSXHVWRV(VGHFLUHOQRPEUHGHODSHUVRQDVHIRUPDFRQGRVQRPEUHVRPiV$GHPiVFDGDSHUVRQDWLHQHGRVDSHOOLGRVXQRTXHFRUUHVSRQGHDODSHOOLGRGHOSDGUH\RWURTXHFRUUHVSRQGHDODSHOOLGRGHODPDGUH3RUHMHPSOR$QWRQLR-RVp*DUFtD)HUQiQGH]

(OLJHWXQRPEUHHQHVSDxRO7LHQHVYDULDVRSFLRQHV 3XHGHVWUDGXFLUWXQRPEUHRQRPEUHVDOHVSDxRO\PDQWHQHUWXSULPHUDSHOOLGR

DxDGLpQGROHHODSHOOLGRGHVROWHUDGHWXPDGUH

3XHGHV LQYHQWDUWH XQ QXHYRQRPEUHR QRPEUHVHVSDxROHV \SDUDORV DSHOOLGRVKDFHUORTXHHQODRSFLyQXQR 3XHGHVWUDGXFLUWXQRPEUHDOHVSDxROHLQYHQWDUWHXQRVDSHOOLGRVQXHYRV 3XHGHVLQYHQWDUWHXQQXHYRQRPEUH\DSHOOLGRVHQHVSDxRO5HFXHUGD TXH SXHGHV WHQHU XQ QRPEUH VLPSOH )HUQDQGR R FRPSXHVWR )HUQDQGR-XOLiQSHURVLHPSUHKDVGHWHQHUGRVDSHOOLGRV5HOOHQDODVLJXLHQWHWDUMHWDGHLGHQWLGDGFRQWXQRPEUHHVSDxRO\QRSHJXHVWXIRWRWDPDxRSDVDSRUWHWRGDYtD

120%5(6

HU$3(//,'2

$3(//,'2

(OSURIHVRUUHFRJHUiWRGDVODVWDUMHWDVGHLGHQWLGDG\ODVFRORFDUiHQHOWDEOyQGHODFODVH $ FRQWLQXDFLyQ FDGD HVWXGLDQWH LUi HOLJLHQGR SRU WXUQRV XQD WDUMHWD \ GLUi ODSHUVRQDDTXLHQFUHHTXHSHUWHQHFH6LHVWiHQORFLHUWRHOGXHxRGHODWDUMHWDVDOGUiDUHFRJHUOD6LVHKDHTXLYRFDGRHOHVWXGLDQWHVLJXLHQWHWUDWDUiGHDGLYLQDUGHQXHYRDTXLpQSHUWHQHFHODWDUMHWD\DVtVXFHVLYDPHQWH8QDYH]DFDEDGRHOMXHJRORVHVWXGLDQWHVSRQGUiQVXIRWRDODWDUMHWD\ODJXDUGDUiQHQVXFXDGHUQRGHHVSDxRO





),&+$(/(63$f2/(1&,)5$6

¢6$%Ë$648("(QJUXSRVGHWUHVHVWXGLDQWHVUHODFLRQDGFDGDXQDGHODVIUDVHVPHQFLRQDGDVDEDMRFRQXQRGHORVGDWRVQXPpULFRVTXHDSDUHFHQDFRQWLQXDFLyQ

• BBBBBBBBBBBBBBBB (O Q~PHUR GH SHUVRQDV FX\D OHQJXD

PDWHUQDHVHOHVSDxRO• BBBBBBBBBBBBBBBB (OQ~PHURGHSDtVHVGRQGHHOHVSDxROHVHO

LGLRPDRILFLDO• BBBBBBBBBBBBBBBB (O Q~PHUR GH KLVSDQRV HQ ORV (VWDGRV

8QLGRV• BBBBBBBBBBBBBBBB(OQ~PHURGHHVWXGLDQWHVGHHVSDxROFRPR

OHQJXDH[WUDQMHUDHQHOPXQGR• BBBBBBBBBBBBBBBB/DSURSRUFLyQGHHVWXGLDQWHVGHLGLRPDVTXH

HOLJHHOHVSDxROHQ(VWDGRV8QLGRV

• BBBBBBBBBBBBBBBB(OSRUFHQWDMHHVWLPDGRTXHDOFDQ]DUiQORV

KDEODQWHVGHHVSDxROFRPROHQJXDPDWHUQDHQORV(VWDGRV8QLGRVGHQWURGHFLQFXHQWDDxRV

• BBBBBBBBBBBBBBBB (OQ~PHURGH WXULVWDVEULWiQLFRVTXH YLVLWD

(VSDxDFDGDDxR• BBBBBBBBBBBBBBBB(OQ~PHURGHSXEOLFDFLRQHVGHPHGLRVGH

FRPXQLFDFLyQHQHVSDxROHQORV(VWDGRV8QLGRV• BBBBBBBBBBBBBBBB(OQ~PHURGHHVWXGLDQWHVGHHVSDxROFRPR

OHQJXDH[WUDQMHUDHQOD8QLyQ(XURSHD• BBBBBBBBBBBBBBBB(OSRUFHQWDMHGHFHQWURVGHVHFXQGDULDHQ

ORV(VWDGRV8QLGRVTXHRIUHFHHOHVSDxROFRPRDVLJQDWXUD• BBBBBBBBBBBBBBBB (O SRUFHQWDMH GH HVWXGLDQWHV GH HVSDxRO

FRPROHQJXDH[WUDQMHUDHQ)UDQFLD

• BBBBBBBBBBBBBBBB (O SRUFHQWDMH GH KLVSDQRV HQ ORV (VWDGRV8QLGRV





),&+$¢32548e(678',2(63$f2/"

5HVSRQGH DO FXHVWLRQDULR TXH WH SURSRQHPRV D FRQWLQXDFLyQ VREUH ODVUD]RQHVSRUODVTXHKDVGHFLGLGRHVWXGLDUHVSDxRO6LVRQPiVGHXQDSRQODVHQRUGHQGHSUHIHUHQFLD 23(QJUXSRVGHFXDWURFRPSDUDGYXHVWURVUHVXOWDGRV\HQXQDSXHVWDHQFRP~QFRPHQWDGORVFRQHOUHVWRGHODFODVH

5$=21(6325/$648((678',2(63$f2/

3RUTXHPHJXVWDODOHQJXD6t 1R 23

3RUTXHFUHRTXHPHVHUtDRVHUi~WLOHQPLWUDEDMR6t 1R 23

3RUTXHPHDWUDHVXFXOWXUD6t 1R 23

3RUTXHYLDMRRYR\DYLDMDUDXQSDtVGHKDEODHVSDxROD

6t 1R 23

3RUTXHPHSDUHFHPiVIiFLOTXHRWUDVOHQJXDV6t 1R 23

3RUTXHWHQJRDVFHQGHQFLDHVSDxRODRKLVSDQD6t 1R 23

3RUTXHPLVDPLJRVKDQHOHJLGRVXHVWXGLR6t 1R 23

3RUTXHPLIDPLOLDPHORKDUHFRPHQGDGR6t 1R 23

2WUDV3RUIDYRUHVSHFLILFDU23

1RORVp6t 1R 23





7DUHD)LQDO

/DUHYLVWDGHHVSDxRO1LYHO(VWDWDUHDHVWiSHQVDGDSDUDHVWXGLDQWHVFRQXQQLYHOLQWHUPHGLRDYDQ]DGRRVXSHULRUGHHVSDxRO7UDEDMRHQJUXSRVLGHDOPHQWHGHFXDWURDFLQFRHVWXGLDQWHVSRUJUXSR 9DLVDSXEOLFDUXQDUHYLVWDHQHVSDxROVREUHODOHQJXD\FXOWXUDVHQHVSDxRO3DUD HOOR GLYLGLUHPRV OD FODVH HQ JUXSRV \ UHSDUWLUHPRV ODV GLIHUHQWHV WDUHDV 1RREVWDQWHODSULPHUDEXVFDUXQWtWXOR\XQtQGLFHGHFRQWHQLGRVODOOHYDUiQDFDERWRGRVORVJUXSRV2WUDVWDUHDVIDFLOLWDGRUDVVRQ

'HVDUUROODU ODV GLYHUVDV VHFFLRQHV HVFULELU HO WH[WR \ ODV LOXVWUDFLRQHV TXH VHTXLHUDQLQFOXLU

+DFHUODSRUWDGD (GLWDUODUHYLVWD

(QHVWDWDUHDVHSURSRQHXQDFHUFDPLHQWRDODOHQJXD\FXOWXUDVKLVSDQDVGHVDUUROODQGR\SRWHQFLDQGRHOXVRGHODVGHVWUH]DVIRPHQWDQGRODFRODERUDFLyQ\HOLQWHUFDPELRGHSXQWRVGHYLVWD\WUDWDQGRGHUHIRU]DUODFUHDWLYLGDG\DXWRQRPtDGHORVHVWXGLDQWHV%XVFDUXQWtWXOR\XQtQGLFHGHFRQWHQLGRV/DSULPHUDWDUHDIDFLOLWDGRUDODOOHYDUiQDFDERWRGRVORVJUXSRV2EMHWLYRV&RPXQLFDWLYRV +DFHUSURSXHVWDV\DUJXPHQWDURSLQLRQHV

([SUHVDUSUHIHUHQFLDV,GHQWLILFDU\RUGHQDUODVSURSXHVWDV6HKDUiQSURSXHVWDVSRUSDUWHGHORVHVWXGLDQWHVGLYLGLGRVHQJUXSRVVREUHHOWtWXORTXH VH KD HOHJLGR \ VH GLUi SRU TXp 3RVWHULRUPHQWH VH HODERUDUi XQ tQGLFH GHFRQWHQLGRV3DUDOOHYDUDFDERODHODERUDFLyQGHOtQGLFHGHFRQWHQLGRVVHSXHGHUHFRPHQGDUDORVHVWXGLDQWHV TXH HFKHQ XQ YLVWD]R D UHYLVWDV VLPLODUHV D OD TXH WLHQHQ SUR\HFWDGRHODERUDU(QLQWHUQHWSXHGHQHQFRQWUDULQIRUPDFLyQVREUHUHYLVWDVFRPR





$XWKHQWLN&RPHWD&ODURKWWSZZZDXWKHQWLNFRPVSDQLVKKWP(O6RO$KRUD4XpWDOKWWSZZZPDU\JODVJRZPDJD]LQHVFRPVSDQLVKBPDJVKWPO

3XHUWDGHO6ROKWWSZZZFKDPSVHO\VHHVFRPSURGXFWVVSDQLVKGHIDXOWDVS[ $TXtWLHQHVXQDSURSXHVWDGHDVSHFWRVTXHVHSXHGHQLQFOXLUHQYXHVWURtQGLFH1RWLFLDVGHOPXQGRKLVSDQR&HOHEULGDGHVGHOPXQGRKLVSDQR&DUWDVGHOHFWRUHV&XOWXUDGHOPXQGRKLVSDQRSXHGHLQFOXLUDOJRVREUH WHPDVWDQ YDULDGRV FRPR

ILHVWDV GHSRUWHV JDVWURQRPtD JHRJUDItD DUWH OLWHUDWXUD FLQH FRVWXPEUHV

IDXQD8QHVSHFLDOVREUHDOJXQDFLXGDGRSDtVKLVSDQR1RWLFLDV\FXULRVLGDGHVGHODOHQJXDHVSDxROD -XHJRV\SDVDWLHPSRVHQHVSDxRO /RVMyYHQHVKLVSDQRVVXVJXVWRVPRGDVHLQWHUHVHV ,QYHQWDUXQFyPLF

6HSUHVHQWDUiQODVGLIHUHQWHVSURSXHVWDV\VHHOHJLUiODTXHPiVYRWRVWHQJD8QD YH] HOHJLGRHO tQGLFH GH FRQWHQLGRVVHQHJRFLDUi ODDGMXGLFDFLyQ GHFRQWHQLGRVDFDGD JUXSR SRU VRUWHR SRU RUGHQ GH HOHFFLyQ HWF 2WUR JUXSR VH HQFDUJDUi GH ODUHDOL]DFLyQGHODSRUWDGD\RWURGHODHGLFLyQGHODUHYLVWD2WUDV WDUHDV IDFLOLWDGRUDV GHVDUUROOR GH ODV VHFFLRQHV

UHDOL]DFLyQGHODSRUWDGD\HGLFLyQGHODUHYLVWD3DUDOOHYDUDFDERODVHFFLyQDGMXGLFDGDHQSULPHUOXJDUFDGDJUXSRQHJRFLDUi\GHFLGLUiTXpYDDWUDWDUHQGLFKDVHFFLyQ(OVLJXLHQWHSDVRVHUiGHFLGLUFyPRYDDWUDWDUHVHDVSHFWR$FRQWLQXDFLyQKDEUiTXHGRFXPHQWDUVHVREUHHOWHPD\ILQDOPHQWHSRQHUVHPDQRVDODREUD'RFXPHQWDUVHELHQHVPX\LPSRUWDQWH\VHXWLOL]DUiQWRGRVORVPHGLRVGLVSRQLEOHVSDUDHOOROLEURVLQWHUQHWHQFLFORSHGLDVUHYLVWDV(OJUXSRTXHVHHQFDUJXHGHODUHDOL]DFLyQGHODSRUWDGD\ODFRQWUDSRUWDGDKDGHFRQVXOWDUSUHYLDPHQWHDOUHVWRGHJUXSRVDFHUFDGHTXpYDQDWUDWDUHQVXVVHFFLRQHV(O JUXSR TXH VH GHGLTXH GH OD HGLFLyQ GH OD UHYLVWD UHFRJHUi WRGDV ODV VHFFLRQHV \DGHVDUUROODGDV\WUDWDUiGHGDUXQLGDGDOIRUPDWRFXLGDQGRDVSHFWRVWDOHVFRPRODIRUPD\WDPDxRGH ODVOHWUDVORVPiUJHQHVUHYLVLyQGH ODVIDOWDVWLSRJUiILFDV\GHRUWRJUDItDLOXVWUDFLRQHVGLVHxRJUiILFRHWF8QDYH]ILQDOL]DGDODHGLFLyQVyORTXHGDVXLPSUHVLyQ\GLVWULEXFLyQ¢$TXLpQSHQViLVGLVWULEXLUOD"





0LVDPLJRVORV

DQLPDOHV

),&+$

7UDEDMRHQJUXSRV¢4XpDQLPDOHVUHFRQRFHV"

D E F

GHI

JKL

MNO

PQx





DBBBBBBBBBBBBBBBBBEBBBBBBBBBBBBBBBBBFBBBBBBBBBBBBBBBBBGBBBBBBBBBBBBBBBBBHBBBBBBBBBBBBBBBBBIBBBBBBBBBBBBBBBBBJBBBBBBBBBBBBBBBBBKBBBBBBBBBBBBBBBBBLBBBBBBBBBBBBBBBBB MBBBBBBBBBBBBBBBBBNBBBBBBBBBBBBBBBBBOBBBBBBBBBBBBBBBBBPBBBBBBBBBBBBBBBBBQBBBBBBBBBBBBBBBBBxBBBBBBBBBBBBBBBBB$FWLYLGDGHVGHSURIXQGL]DFLyQ

(OSURIHVRUKDUiSUHJXQWDVGHOWLSR

¢4XpDQLPDOHPSLH]DFRQODOHWUD³²´"¢4XpDQLPDOHVWLHQHQFXDWURSDWDV"¢4XpDQLPDOHVSXHGHQYRODUQDGDUHWF"¢+D\DOJ~QDQLPDOHQSHOLJURGHH[WLQFLyQ"¢+D\DOJ~QDQLPDOEODQFR\QHJUR"

-XHJR(ODUFDGH1Rp

2UJDQL]DFLyQ HQ SDUHMDV (Q HVWH MXHJR ORV HVWXGLDQWHV LQWHQWDUiQ DGLYLQDU TXpDQLPDOUHSUHVHQWDPHGLDQWHPtPLFDXQRGHORVFRPSRQHQWHVGHODSDUHMD3URFHGLPLHQWR 6HOHFFLRQDUDGRVMXJDGRUHV8QRGHHOORVVHUiHOVHxRU1Rp\HORWURODVHxRUD

1Rp6HGLFHDDPERVTXHYD\DQDODSXHUWDGHODUFD 'LYLGLUODFODVHHQGRVHTXLSRV8QRGHHOORVYDDVHUXQDQLPDO 'DUOHV D FDGD PLHPEUR GH HVWH HTXLSR XQD ³HVSRVD ́ GHO RWUR HTXLSR 1R

LPSRUWDTXHVHDQQLxRVRQLxDV 8QDDXQDFDGDSDUHMDYDDODUFD$OOtHO6U\OD6UD1RpOHSUHJXQWDQDOD

³HVSRVD´¢4XLpQHUHV" $O ³HVSRVR ́ VH OHGDHQHVHPRPHQWRXQD IRWRGHXQDQLPDO± VLQTXHQDGLH

YHD ODIRWRH[FHSWRpO TXHKDGH UHSUHVHQWDUPtPLFDPHQWH6L ODHVSRVDORDGLYLQD DPERV HQWUDQ GHQWUR GHO DUFD 6L QR GHVJUDFLDGDPHQWH VHUiQLQXQGDGRVSRUHOGLOXYLRXQLYHUVDO





),&+$2UJDQL]DFLyQHQJUXSRV&DGDJUXSRGHEHUiUHOOHQDUXQDILFKDSDUDFDGDDQLPDOTXH

DSDUHFtD HQ OD ILFKD 3DUD HOOR HVFULELUi HO QRPEUH GHO DQLPDO HQ OD FDVLOODFRUUHVSRQGLHQWH\DFRQWLQXDFLyQGHEDMRGHFDGDFDVLOODVHSRQGUi6ËR12VHJ~QVHDRQRDSOLFDEOHDODQLPDOHQFXHVWLyQODSDODEUDTXHDSDUHFHHQODFDVLOOD6HSXHGHQDxDGLUPiVFDVLOODV3DUDUHDOL]DUHVWDDFWLYLGDGVHEXVFDUiLQIRUPDFLyQDFHUFDGH

¢'yQGHYLYHHODQLPDO"¢4XpFRPH"¢&yPRVHPXHYH"¢$TXpIDPLOLDGHDQLPDOHVSHUWHQHFH"

3RUJUXSRVORVHVWXGLDQWHVYDQOH\HQGRODVILFKDVHQDOWR

120%5('(/$1,0$/

(6*5$1'( (63(48(f2 (6'(7$0$f2

0(',2

7,(1(3(/$-( 7,(1(3/80$6

7,(1((6&$0$6

9,9((1(8523$

9,9((1 È)5,&$

9,9((1 $8675$/$6,$

9,9((1 $0e5,&$

9,9((1(/ $*8$

9,9((1(/ $,5(

9,9((17,(55$

9,9((1/$6(/9$

&20( $1,0$/(6

&20(3/$17$6

&20(,16(&726

&20(3/$&721





(681$1,0$/'20e67,&2

(681 $1,0$/'(*5$1-$

(681$1,0$/6$/9$-(

(681$1,0$/(13(/,*52'(

(;7,1&,Ï1

7,(1(3,&2

7,(1( $/$6

7,(1(3$7$6

7,(1(&2/$

7,(1( $/(7$6

7,(1(&8(5126

7,(1(*$55$6

7,(1(75203$

(681$9( (6810$0Ë)(52

(6815(37,/ (6813(=

98(/$ &255( 1$'$ 6$/7$

-XHJR$QLPDODGDV

2UJDQL]DFLyQHQSDUHMDV&RQVLVWHHQDGLYLQDUGHTXpDQLPDOVHWUDWDDWUDYpVGHODGHVFULSFLyQ3URFHGLPLHQWR6HHQWUHJDDFDGDHVWXGLDQWHXQDILFKDFRQRFKRFDVLOODVQXPHUDGDVGHODO6HSLGHDFDGDXQRGHORVFRPSRQHQWHVGHODVSDUHMDVTXHGLEXMHQGLIHUHQWHVDQLPDOHVXQR OR KDUi HQ ODV FDVLOODV SDUHV \ HO RWUR HQ ODV FDVLOODV LPSDUHV &XDQGR KD\DQWHUPLQDGRFDGDXQRGHORVFRPSRQHQWHVGHODSDUHMDGHVFULELUiDORWURHODQLPDOTXHKDGLEXMDGRHQFDGDXQRGHORVUHFXDGURV

(M(OQ~PHURHVXQDQLPDOSHTXHxR(VPDUUyQRJULV7LHQHXQDFRODODUJD/HJXVWDHOTXHVR(OJDWRHVVXHQHPLJR ¢(VXQUDWyQ" 6t'LEXMDXQUDWyQHQODFDVLOODQ~PHUR

0LDQLPDOIDYRULWR &DGDHVWXGLDQWHUHOOHQDUiLQGLYLGXDOPHQWHXQDILFKDVREUHVXDQLPDOIDYRULWRHQODTXHFRQVWH ORVLJXLHQWHQRPEUH IDPLOLDKiELWDWDOLPHQWDFLyQFDUDFWHUtVWLFDV\XQGLEXMRRIRWRGHODQLPDO





),&+$

$1,0$/(6'(/081'2+,63$12

Î(OSHUH]RVR

Î/DOODPD

Î(OORER

Î(ODUPDGLOOR





Î(OSDSDJD\R

Î(OOLQFH

6HGLYLGHODFODVHHQJUXSRV\FDGDJUXSRHOHJLUiXQRGHHVWRVDQLPDOHV$FRQWLQXDFLyQUHOOHQDUiLQGLYLGXDOPHQWHXQDILFKDVREUHHODQLPDOHOHJLGRHQODTXHFRQVWHORVLJXLHQWHQRPEUHIDPLOLDKiELWDWDOLPHQWDFLyQFDUDFWHUtVWLFDV\XQGLEXMRRIRWRGHODQLPDO8QDYH]FRPSOHWDGDVODVILFKDVVHFRORFDUiQHQHOWDEOyQGHODFODVH6HSUHSDUDUiWDPELpQXQDSUHVHQWDFLyQVREUHHODQLPDOHQ3RZHUSRLQWTXHFRQVWDUiGHXQPtQLPRGHFXDWURGLDSRVLWLYDV3RVWHULRUPHQWH FDGD JUXSR PRVWUDUi DO UHVWR GH OD FODVH VX SUHVHQWDFLyQ HQ3RZHUSRLQW

-XHJR'HIUHQWH

3URFHGLPLHQWR6H WUDEDMD HQ JUXSRV GH y SHUVRQDV &DGD JUXSR GH HVWXGLDQWHV VH VLHQWDIRUPDQGRXQFtUFXORHQHOVXHOR&DGDXQRGHHOORVUHFLEHXQSDSHO ³3RVWLW´HQHOTXHHVFULELUiVLQTXHQDGLHOHYHDHOQRPEUHGHXQDQLPDO\ORGHMDUiHQHOVXHORERFDDEDMRGHIRUPDTXHQRVHSXHGDOHHUORHVFULWR8QDYH]TXHWRGRVORVSDSHOHVHVWiQ ERFD DEDMR HQ HO VXHOR VH FXHQWD ³XQ GRV WUHV ́ \ D OD GH WUHV FDGDHVWXGLDQWHYDDFRJHUHOSDSHOTXHKDHVFULWRHOFRPSDxHURTXHWLHQHDODL]TXLHUGD\VLQOHHUHOSDSHOVHORYDDSHJDUHQODIUHQWH6HWUDWDGHDGLYLQDUHODQLPDOTXHFDGDXQROOHYDHVFULWRHQHOSDSHOSHJDGRHQOD

IUHQWH KDFLHQGR SUHJXQWDV GH UHVSXHVWD VtQR 3DUD HOOR XQR GH ORV HVWXGLDQWHV





HPSLH]D D SUHJXQWDU DO HVWXGLDQWH TXH WLHQH D OD GHUHFKD XQD SUHJXQWD FX\DUHVSXHVWD VHD Vt R QR 6L OD UHVSXHVWD HV ³Vt ́ SXHGH VHJXLU SUHJXQWDQGR DOFRPSDxHURVLWXDGRDODGHUHFKDGHOTXHDFDEDGHSUHJXQWDU6LODUHVSXHVWDHV³QR´SDVDHOWXUQRGHSUHJXQWDVDOHVWXGLDQWHTXHWLHQHDODGHUHFKD$VtVHFRQWLQ~D

VXFHVLYDPHQWHKDVWDTXHORVHVWXGLDQWHVYDQDGLYLQDQGRVXVGLIHUHQWHVDQLPDOHV

),&+$'(&/$5$&,Ð1'(/26'(5(&+26'(/26$1,0$/(6

6HLQFOX\HDFRQWLQXDFLyQOD'HFODUDFLyQGHORVGHUHFKRVGHORVDQLPDOHVDSUREDGDSRUOD81(6&2\OD218

$UW7RGRVORVDQLPDOHVQDFHQLJXDOHVDQWHODYLGD\WLHQHQORVPLVPRVGHUHFKRVDODH[LVWHQFLD$UW7RGRDQLPDOWLHQHGHUHFKRDOUHVSHWR$UW1LQJ~QDQLPDOVHUiVRPHWLGRDPDORVWUDWRVQLDDFWRVGHFUXHOGDG$UW7RGRDQLPDOSHUWHQHFLHQWHDXQDHVSHFLHVDOYDMHWLHQHGHUHFKRDYLYLUOLEUHPHQWHHQVXSURSLRDPELHQWHQDWXUDOWHUUHVWUHDpUHRRDFXiWLFR\DUHSURGXFLUVH$UW 7RGR DQLPDO SHUWHQHFLHQWH D XQD HVSHFLH TXH YLYH WUDGLFLRQDOPHQWH HQ HODPELHQWHGHOKXPDQRWLHQHGHUHFKRDFUHFHU\DYLYLUDOULWPR\HQODVFRQGLFLRQHVGHYLGD\OLEHUWDGTXHVHDQSURSLDVDVXHVSHFLH$UW7RGRDQLPDOTXHHOKRPEUHKD\DHOHJLGRFRPRFRPSDxHURWLHQHGHUHFKRDTXHODGXUDFLyQGHVXYLGDVHDFRQIRUPHDVXORQJHYLGDGQDWXUDO$UW 7RGRDQLPDO GH WUDEDMR WLHQHGHUHFKR D XQD OLPLWDFLyQ UD]RQDEOHGH WLHPSR HLQWHQVLGDGGHOWUDEDMRDXQDDOLPHQWDFLyQUHSDUDGRUD\DOUHSRVR$UW/DH[SHULPHQWDFLyQDQLPDOTXHLPSOLTXHXQVXIULPLHQWRItVLFRRSVLFROyJLFRHVLQFRPSDWLEOHFRQORVGHUHFKRVGHODQLPDOWDQWRVLVHWUDWDGHH[SHULPHQWRVPpGLFRVFLHQWtILFRVFRPHUFLDOHVRGHFXDOTXLHURWUDIRUPDGHH[SHULPHQWDFLyQ

$UW&XDQGRXQDQLPDOHVFULDGRSDUDODDOLPHQWDFLyQGHEHVHUQXWULGRLQVWDODGR\WUDQVSRUWDGR DVt FRPR VDFULILFDGR VLQ TXH HOOR UHVXOWH SDUD pO PRWLYR GH DQVLHGDG RGRORU$UW1LQJ~QDQLPDOGHEHVHUH[SORWDGRSDUDHVSDUFLPLHQWRGHOKXPDQR$UW7RGRDFWRTXHLPSOLTXHODPXHUWHGHXQDQLPDOVLQQHFHVLGDGHVXQELRFLGLRHVGHFLUXQFULPHQFRQWUDODYLGD$UW7RGRDFWRTXHLPSOLTXHODPXHUWHGHXQJUDQQ~PHURGHDQLPDOHVVDOYDMHVHVXQJHQRFLGLRHVGHFLUXQFULPHQFRQWUDODHVSHFLH





$UW8QDQLPDOPXHUWRGHEHVHUWUDWDGRFRQUHVSHWR$UW /RV RUJDQLVPRV GH SURWHFFLyQ \ VDOYDJXDUGD GH ORV DQLPDOHV GHEHQ HVWDUUHSUHVHQWDGRVDQLYHOJXEHUQDPHQWDO(QJUXSRVVHVXJLHUHHQQ~PHURGHWUHVVHGLVWULEXLUiODOHFWXUDGHORVDUWtFXORV&DGDJUXSROHHUiXQQ~PHURGHDUWtFXORVHQIXQFLyQGHOQ~PHURGHJUXSRVH[LVWHQWHV7UDVODOHFWXUDGHORVDUWtFXORVDVLJQDGRVVHSHQVDUiHQSUiFWLFDVFRQFUHWDVTXHVHGHEHQRQRVHGHEHQKDFHUDORVDQLPDOHV

%XHQDVSUiFWLFDV

0DODVSUiFWLFDV

),&+$

$',9,1$$',9,1$1=$

=XPED\UHYRORWHD

FXDQGRYDGHIORUHQIORU

\FRQORTXHHOODIDEULFDDYHFHVPHULHQGR\R

(VOD

'XHUPRHQLQYLHUQR\PHGHVSLHUWRHQ

SULPDYHUD

6R\HO

0LVSDWDVVRQODUJDV

\PLSLFRODUJR

\KDJRPLFDVDHQHOFDPSDQDULR

6R\OD

6R\SODWHDGD

YLYRHQHOPDU

FXDQGRPHSHVFDQPHVXHOHQDVDU

6R\OD





%XVFDHQWUHHVWRVDQLPDOHVODVROXFLyQSDUDODVDGLYLQDQ]DV

),&+$

0DULSRVDGHODLUH

TXpKHUPRVDHUHV

PDULSRVDGHODLUH

GRUDGD\YHUGH

/X]GHFDQGLO

PDULSRVDGHODLUH£TXpGDWHDKtDKtDKt

1RWHTXLHUHVSDUDU

SDUDUWHQRTXLHUHV

0DULSRVDGHODLUH

GRUDGD\YHUGH

/X]GHFDQGLO

PDULSRVDGHODLUH

£TXpGDWHDKtDKtDKt

£4XpGDWHDKt

0DULSRVD¢HVWiVDKt"

)HGHULFR*DUFtD/RUFD (OLJHODUHVSXHVWDDGHFXDGDHQUHODFLyQFRQHOSRHPD

$/DPDULSRVDHVYHUGH\URMD%/DPDULSRVDHVDPDULOOD\YHUGH

$/DPDULSRVDHVEHOOD%/DPDULSRVDHVIHD





$(OSRHWDOHSLGHDODPDULSRVDTXHVHSDUHHQXQVLWLR\QRVHPXHYD%(OSRHWDOHSLGHDODPDULSRVDTXHQRGHMHGHYRODU

$$ODPDULSRVDOHJXVWDHVWDUVHTXLHWD%$ODPDULSRVDOHJXVWDUHYRORWHDUFRQVWDQWHPHQWH

5HOOHQDORVKXHFRVGHOVLJXLHQWHSRHPDFRQHOQRPEUHGHODQLPDO

DOTXHFUHDVTXHVHHVWiKDFLHQGRUHIHUHQFLD0LVDPLJRVORVDQLPDOHV0DUFRVHVXQ BBBBBBBPX\VLPSiWLFRTXHHQWLHUUDORVKXHVRVHQHOMDUGtQGHDOODGR/DUDHVXQDBBBBBBBPX\JUDFLRVD

TXHFURD\FURD\VDOWDORVFKDUFRVVLQERWDV $UPDQGRHVXQBBBBBBBPX\KXPLOGHTXHUHLQDHQODVHOYDVLQPLQLVWURVVHUYLOHV/RUHQ]RHVXQBBBBBBBPX\PRGHUQR6XVSDWDVVHUiQMDPRQHVFRQHOSUHFLRHQHXURV)LItHVXQBBBBBBBPX\PLPRVRTXHURQURQHD\MXHJDWRGRHOGtDFRQODPDGHMD

6HUJLRHVXQBBBBBBBPX\VDELR4XHUHSLWHORTXHGLJRFRQPXFKRGHVSDUSDMR $WRGRVORVTXLHURDWRGRVDGRUR $OBBBBBBBDODBBBBBBBDOBBBBBBB $OBBBBBBBDOBBBBBBB\DOBBBBBBB

$FDQWDU

/DFXFDUDFKD

/D&XFDUDFKDOD&XFDUDFKD

<DQRTXLHUHFDPLQDU

3RUTXHQRWLHQHSRUTXHOHIDOWD

/LPRQDGDTXHWRPDU





<DPXULyODFXFDUDFKD

<DODOOHYHQDHQWHUUDU

(QWUHFXDWUR]RSLORWHV

<XQUDWyQGHVDFULVWiQ

6HSXHGHHQFRQWUDUODP~VLFDGHHVWDFDQFLyQWUDGLFLRQDOPHMLFDQDHQODVLJXLHQWHSiJLQDZHEKWWSZZZVHQGIXQFRPFXFKDUDFKDKWP

),&+$

/$('$''(/26$1,0$/(6

• $TXtWLHQHVODVLPiJHQHVGHGLIHUHQWHVDQLPDOHV(VFULEHVXQRPEUHDOODGRGHO

Q~PHURFRQHOTXHVHFRUUHVSRQGHQ

• ¢6DEHVFXiOHVODPHGLDGHYLGDGHHVWRVDQLPDOHV"5HODFLRQDORVDQLPDOHV

FRQVXPHGLDGHYLGD\FRQVWUX\HXQDIUDVHSDUDFDGDDQLPDOVLJXLHQGRHOPRGHORGHOHMHPSOR(M(OHVFDUDEDMRVXHOHYLYLUXQDxR

VHPDQDVDxRVDxRVDxRDxRV8QPHV

VHPDQDVDxRVDxRVDxRVDxRVDxRV





7DUHD)LQDO

(OFDUQDYDOGHORVDQLPDOHV

1LYHO(VWDWDUHDHVWiSHQVDGDSDUDHVWXGLDQWHVFRQXQQLYHOLQLFLDOGHHVSDxRO 9DLV DRUJDQL]DU XQD ILHVWD GH GLVIUDFHVHQ OD TXH WRGR YD DJLUDU HQ WRUQRD ORVDQLPDOHV(OPRWLYRSRUHOTXHVHYDDFHOHEUDUODILHVWDHVTXHTXHUpLVUHFDXGDU

IRQGRV SDUDPDQGDUORV D DOJXQD GH ODV RUJDQL]DFLRQHVGHSURWHFFLyQ GH DQLPDOHVDEDQGRQDGRV3DUDDVLVWLUDODILHVWDKD\TXHGLVIUD]DUVHGHXQDQLPDO6HVXJLHUHTXHHQODUHDOL]DFLyQGHHVWDWDUHDVHEXVTXHODFRODERUDFLyQFRQODFODVHGHDUWHHVSHFLDOPHQWHHQUHODFLyQFRQHOGLVIUD]FUHDFLyQGHFDUHWDV\FRQODGHFRUDFLyQ3DUDRUJDQL]DUODILHVWDVHYDQDOOHYDUDFDERODVVLJXLHQWHVWDUHDVIDFLOLWDGRUDV

3RQHUVHGHDFXHUGRVREUHDTXpRUJDQL]DFLyQVHYDQDPDQGDUORVIRQGRVUHFDXGDGRV

3RQHUVHGHDFXHUGRVREUHFXiQGR\GyQGHFHOHEUDUODILHVWD 3RQHUVHGHDFXHUGRVREUHHOSUHFLRGHODHQWUDGD

3RQHUVHGHDFXHUGRVREUHTXpFRPLGD\EHELGDSUHSDUDUSDUDUHFDXGDUPiVIRQGRV 6HSUHSDUDUiQLQYLWDFLRQHVSDUDPDQGDUODVDDPLJRV\FRQRFLGRVDVtFRPR

FDUWHOHVDQXQFLDQGRODILHVWD 6HEXVFDUiQFDQFLRQHVTXHWUDWHQGHDQLPDOHV\VHLQYHQWDUiXQDSHTXHxD

FRUHRJUDItDSDUDXQDGHODVFDQFLRQHV 6HEXVFDUi\FUHDUiGHFRUDFLyQSDUDHOOXJDUGLEXMRVLPiJHQHV\IRWRVGH

DQLPDOHV\PHQVDMHVHQUHODFLyQFRQHOPXQGRDQLPDO6yORTXHGDUiODFHOHEUDFLyQGHODILHVWD£$',6)587$5

Î7DUHDVIDFLOLWDGRUDV3RQHUVHGHDFXHUGRVREUHDTXpRUJDQL]DFLyQVHYDQDPDQGDUORV

IRQGRVUHFDXGDGRV2EMHWLYRV&RPXQLFDWLYRV 3UHVHQWDULQIRUPDFLyQ\DUJXPHQWDURSLQLRQHV6H UHDOL]DUi XQD E~VTXHGD HQ LQWHUQHW VREUH RUJDQL]DFLRQHV R DVRFLDFLRQHVSURWHFWRUDVGHDQLPDOHVGHOSDtVRFLXGDGGHORVHVWXGLDQWHV3RUHMHPSORVLVHHVWiHQ(VSDxDHQODVVLJXLHQWHVSiJLQDVZHEVHHQFXHQWUDXQEXVFDGRUGHVRFLHGDGHVSURWHFWRUDVHVSDxRODV\21*VUHODFLRQDGDVFRQORVDQLPDOHVGHFRPSDxtD





KWWSZZZSURWHFWRUDVRUJKWWSZZZZHEPDVFRWDVFRPSURWHFWRKWP(QJUXSRVVHUHOOHQDUiODWDEODVLJXLHQWHVREUHODRUJDQL]DFLyQTXHFDGDJUXSRGHFLGDDSR\DU3RVWHULRUPHQWH VHSRQHQ ODV ILFKDVHQHO WDEOyQGH ODFODVH \VHYRWDUiOD

RUJDQL]DFLyQTXHVHFRQVLGHUHPHMRU

3RQHUVH GH DFXHUGR VREUH FXiQGR \ GyQGH FHOHEUDU OD

ILHVWD2EMHWLYRV &RPXQLFDWLYRV 3UHVHQWDU LQIRUPDFLyQ \ DUJXPHQWDURSLQLRQHV6H KDUiQ SURSXHVWDV SRU SDUWH GH ORV HVWXGLDQWHV GLYLGLGRV HQ JUXSRV VREUH ODPHMRUIHFKDSDUDUHDOL]DUODILHVWD\VHGLUiSRUTXp3DUDHOORFDGDJUXSRUHOOHQDUiODWDEODVLJXLHQWH

6HSUHVHQWDUiQODVGLIHUHQWHVSURSXHVWDV\VHHOHJLUiODTXHPiVYRWRVWHQJD

120%5( '( /$ 25*$1,=$&,Ï1

&$86$48($32<$

'tD 0HV $xR 3RUTXp





3RQHUVH GH DFXHUGR VREUH HO SUHFLR GH OD

HQWUDGD

2EMHWLYRV&RPXQLFDWLYRV 3UHVHQWDULQIRUPDFLyQ\DUJXPHQWDURSLQLRQHV/RVHVWXGLDQWHVGLYLGLGRVHQJUXSRVKDUiQSURSXHVWDVVREUHHOSUHFLRGHODHQWUDGD6HSUHVHQWDUiQODVGLIHUHQWHVSURSXHVWDV\VHHOHJLUiODTXHPiVYRWRVWHQJD 3RQHUVH GH DFXHUGR VREUH TXp FRPLGD \ EHELGD SUHSDUDU SDUD

UHFDXGDUPiVIRQGRV

2EMHWLYRV &RPXQLFDWLYRV 3UHVHQWDU LQIRUPDFLyQ \DUJXPHQWDURSLQLRQHV6H SHQVDUi HQ RIUHFHU DO PHQRV XQD FRPLGD \ XQD EHELGD GH DOJ~Q SDtVKLVSDQRKDEODQWH/RVHVWXGLDQWHVGLYLGLGRVHQJUXSRVKDUiQSURSXHVWDVVREUHFXiOSXHGHVHUODPHMRUFRPLGD\EHELGDSDUDYHQGHUHQODILHVWD\GLUiQSRUTXp3DUDHOORFDGDJUXSRUHOOHQDUiODWDEODVLJXLHQWH

6HSUHVHQWDUiQODVGLIHUHQWHVSURSXHVWDV\VHHOHJLUiODTXHPiVYRWRVWHQJD3UHSDUDULQYLWDFLRQHV\FDUWHOHVDQXQFLDQGRODILHVWD2EMHWLYRV&RPXQLFDWLYRV ,QIRUPDUVREUHXQHYHQWRH[SUHVDQGRGyQGH\FXiQGRWHQGUiOXJDU+DFHUXQDLQYLWDFLyQ&DGDJUXSRSHQVDUiHQHOGLVHxRGHODLQYLWDFLyQ\GHOFDUWHO6HVXJLHUHTXHHQODUHDOL]DFLyQGHHVWDWDUHDVHEXVTXHODFRODERUDFLyQFRQODFODVHGHDUWH6HOHVGDUiQGLIHUHQWHVSRVLELOLGDGHVSDUDVXUHDOL]DFLyQSHURSXHGHQKDFHUODGHRWURPRGR

&RPLGD %HELGD 3RUTXp





(VTXHPDGHODLQYLWDFLyQ3DUD >1RPEUH GHO

GHVWLQDWDULR@>GLEXMRRIRWR@>0HQVDMH@

>9XHVWURQRPEUH@

0HQVDMHVSRVLEOHVSDUDODVLQYLWDFLRQHV\ORVFDUWHOHV

2WUDVFRVDVTXHVHSXHGHQLQFOXLUVRQ9HQGLVIUD]DGRDGH/DILHVWDWHQGUiOXJDUHOGtDGHDODVK

8QD YH] UHDOL]DGRVHOPRGHORGH ODV LQYLWDFLRQHV\ ORV FDUWHOHV VHSUHVHQWDUiQ ODV

GLIHUHQWHVSURSXHVWDV\VHHOHJLUiODTXHPiVYRWRVWHQJD

6yORXQDQRWDSDUDGHFLUWHTXH

HVWiVLQYLWDGRD£7HORSDVDUiVIHQRPHQDO

9HQDQXHVWUDILHVWD£VHUi

PX\GLYHUWLGD

£3UHSiUDWHSDUDXQDILHVWD

£1RIDOWHV

7HHVSHUDPRVHQ´(OFDUQDYDOGHORV

DQLPDOHVµ£1RSXHGHVIDOWDU

£*UDQ)LHVWDGHGLVIUDFHV£(OFDUQDYDOGHORVDQLPDOHV





%XVFDU FDQFLRQHV TXH WUDWHQ GH DQLPDOHV H LQYHQWDU XQD

SHTXHxDFRUHRJUDItDSDUDXQDGHODVFDQFLRQHV

2EMHWLYRV &RPXQLFDWLYRV 'DU LQVWUXFFLRQHV SDUD SURYRFDU PRYLPLHQWRPHGLDQWHHOWUDEDMRGHODFRPSUHQVLyQDXGLWLYD\ODH[SUHVLyQRUDO6HUHFRUGDUiQFDQFLRQHVFRQFRUHRJUDItDFRPROD<HQNDOD0DFDUHQDOD%RPED $FRQWLQXDFLyQ VH LQFOX\HXQDSHTXHxDUHODFLyQ GHWpUPLQRVSDUD UHYLVDU HQFODVHVREUHQRFLRQHVHVSDFLDOHV3DUWtFXODV$GYHUELRV\SUHSRVLFLRQHV

(QFLPD'HEDMR $UULED$EDMR $IXHUD$GHQWUR'HODQWH'HWUiV

9HUERV6DOWDU

&UX]DU $JDFKDUVH'DUODYXHOWD

6XVWDQWLYRV,]TXLHUGDGHUHFKD

/DVSDUWHVGHOFXHUSR/RVQ~PHURV

(O SURIHVRUD H[SOLFD D ORV HVWXGLDQWHV GLYLGLGRV HQ JUXSRV TXH YDQ D EXVFDUFDQFLRQHVHQHVSDxROTXHWUDWHQGHDQLPDOHVSDUDSRQHUODVHQODILHVWD0HGLDQWHHOXVRGHOLQWHUQHWVHSXHGHQUHDOL]DUEXHQRVKDOOD]JRV3RVWHULRUPHQWH FDGD JUXSR HOHJLUi XQD GH ODV FDQFLRQHV \ FUHDUi XQD FRUHRJUDItDSDUDHOOD'LFKDFRUHRJUDItDODHMHFXWDUiFDGDJUXSRGHODQWHGHOUHVWRGHODFODVH

6HSXHGHVXJHULUTXHHOLMDQWDPELpQXQDWXHQGRSDUDODUHSUHVHQWDFLyQ(OGtDGHODILHVWDVHHMHFXWDUiQODVGLIHUHQWHVFRUHRJUDItDV2SFLRQDOPHQWH

6H SXHGH FUHDU XQ SyVWHU FRQ XQ WtWXOR SDUD HO EDLOH \ XQ GLEXMR \ VXH[SUHVLyQHVFULWDSDUDFDGDLQVWUXFFLyQGHODFRUHRJUDItD

6HSXHGHQJUDEDUHQYtGHR\HOHJLUODPHMRU

%XVFDU\FUHDUGHFRUDFLyQSDUDHOOXJDUGLEXMRVLPiJHQHV\IRWRVGHDQLPDOHV\PHQVDMHVHQUHODFLyQFRQHOPXQGRDQLPDO

2EMHWLYRV &RPXQLFDWLYRV (OHJLU \ MXVWLILFDU OD HOHFFLyQ GH ODGHFRUDFLyQ

&DGD JUXSR SHQVDUi HQ TXp HOHPHQWRV VH SXHGHQ LQFOXLU HQ ODGHFRUDFLyQSyVWHUVPHQVDMHVREMHWRV6HVXJLHUHTXHVHEXVTXHODFRODERUDFLyQFRQODFODVHGHDUWH $ODKRUDGHEXVFDUGLEXMRVLPiJHQHV\IRWRVHODFFHVRDXQDEXHQDELEOLRWHFDHOLQWHUQHW\HOHVFiQHUJDUDQWL]DUiQVXp[LWR





3DUDWRGRV

ORV*8672V

),&+$

&RPSOHWDODWDEODVREUHWXVSUHIHUHQFLDV

0LVIDYRULWRV

&RPLGD

%HELGD 'HSRUWH 3HOtFXOD &DQFLyQ

&RFKH

3DtV &RORU )ORU /LEUR

),&+$

¢$TXLpQJXVWD"

&RPSOHWDHOVLJXLHQWHGLiORJR

$ Pt BBBBBBBBBBB JXVWD HO DUWH PRGHUQR $ PL DPLJD 3DORPD WDPELpQ BBBBBBBBBBB JXVWD 6LHPSUH YDPRV MXQWDV D YHU H[SRVLFLRQHV SRUTXH BBBBBBBBBBBJXVWDFRQWHPSODUODVREUDVGHORVDUWLVWDVPRGHUQRV¢<DWL BBBBBBBBBBBJXVWDHODUWHPRGHUQR"

$BBBBBBBBBBBQRBBBBBBBBBBBJXVWDQDGD$BBBBBBBBBBBBBBBBBBBBBBJXVWDHODUWHPHGLHYDO

<HOMD]]¢BBBBBBBBBBBJXVWD" )UDQFDPHQWHQR0LP~VLFDIDYRULWDVRQORVFRQFLHUWRVGHP~VLFDFOiVLFD3RU

FLHUWR WHQJR WUHV ELOOHWHV SDUD XQ FRQFLHUWR HVWD QRFKH ¢ BBBBBBBBBBBJXVWDUtDYHQLUD3DORPD\DWL"

*UDFLDV SHURQRSRGHPRV 7HQHPRVHQWUDGDV SDUD XQD DFWXDFLyQ GH MD]]

3HUR D PLV KHUPDQDV -XOLD \ &ULVWLQD BBBBBBBBBBB JXVWD PXFKtVLPR ODP~VLFDFOiVLFD





),&+$

3DUDJXVWRVFRORUHV

(OLJHODRSFLyQTXHSUHILHUDV\MXVWLItFDOD• 0HJXVWDYLYLUHQ

HOFDPSR ODFLXGDGSRUTXH

•

3UHILHURYLYLUHQ XQSLVR XQDFDVD

SRUTXH• 0HJXVWD

YHUODWHOHYLVLyQ QDYHJDUSRULQWHUQHW MXJDUFRQODYLGHRFRQVROD OHHUXQOLEUR

SRUTXH• 3UHILHUR

EDxDUPH GXFKDUPHSRUTXH

• 0HJXVWDUtDVHU PpGLFR SHULRGLVWD DVLVWHQWHDVRFLDO WpFQLFRDHQLQIRUPiWLFD DERJDGRD

SLORWR H[SHUWRDHQGLHWpWLFD LQJHQLHURDGHFDPLQRV DUTXLWHFWRDPRQLWRUDGHGHSRUWHVGHDYHQWXUDRWUDV

SRUTXH

Î¢<HQODFODVHGHHVSDxRO"(OLJHWUHVGHHVWDVRSFLRQHV\H[SOLFDSRUTXpODV

KDVHVFRJLGR3RVWHULRUPHQWHVHGHEDWLUiHQFODVHFXiOHVKDQVLGRODVRSFLRQHVTXHVHKDQHOHJLGRPD\RULWDULDPHQWH





• (QODFODVHGHHVSDxROPHJXVWD

YHUYtGHRV DSUHQGHUFDQFLRQHV KDFHUHMHUFLFLRVGHKXHFRV KDFHUHMHUFLFLRVGHSURQXQFLDFLyQ KDFHUHMHUFLFLRVGHYRFDEXODULR KDFHUMXHJRVGHURO KDFHUWDUHDVFRQHMHUFLFLRVGHWRGRWLSR SUDFWLFDUODJUDPiWLFD KDFHUGHEDWHV KDFHUMXHJRV SUDFWLFDUODOHFWXUD SUDFWLFDUODHVFULWXUD RWUDVHVSHFLILFDU

),&+$

/DFDPSDxDHOHFWRUDO,PDJLQDTXHWHYDVDSUHVHQWDUDODVSUy[LPDVHOHFFLRQHVDSUHVLGHQWH7XVYRWDQWHVVRQPX\GLIHUHQWHV$FDGDXQRGHHOORVOHYDVDLQIRUPDUGHXQRGHWXVSUR\HFWRVDFRPRGiQGRORDVXSHUVRQDOLGDG\WUDWDQGRGHFDSWDUVXYRWR(MHPSOR$OHFRORJLVWD3UR\HFWR9R\DSURWHJHUHOPHGLRDPELHQWH

$OSDFLILVWD3UR\HFWR$OLQWROHUDQWH3UR\HFWR$OVROLGDULR3UR\HFWR

$OLGHDOLVWD3UR\HFWR

$OFRQVHUYDGRU3UR\HFWR$OQDFLRQDOLVWD3UR\HFWR





$OREVHVLRQDGRSRUODVHJXULGDG3UR\HFWR

$OHVFpSWLFR3UR\HFWR

$OUHYROXFLRQDULR3UR\HFWR

$OREVHVLRQDGRSRUHOI~WERO3UR\HFWR

),&+$

62%5(*86726

¢&RPRVHUtD"(OLJHWUHVRSFLRQHV

7XSDUHMDLGHDO

,QWHOLJHQWH*HQHURVD(GXFDGD/LPSLD7UDEDMDGRUD

'LYHUWLGD*XDSD

/DFLXGDGGHWXVVXHxRV

6HJXUD&RQPXFKRVSDUTXHV0XOWLFXOWXUDO&RQUDVFDFLHORV&RQPDU

6LQFRQWDPLQDFLyQ&RQPXFKDVDFWLYLGDGHVFXOWXUDOHV

7XYLYLHQGDSHUIHFWD

*UDQGH&RQERQLWDVYLVWDV&RQMDUGtQ&pQWULFD $QWLJXD

0RGHUQD6LQUXLGRV





),&+$

([SUHVLRQHVSDUDWRGRVORVJXVWRV

&RPHQWDUHQFODVHHVWDVH[SUHVLRQHV(VFRJHDOJXQDGHHOODVSDUDH[SUHVDUORTXHWHLQVSLUDQODVVLJXLHQWHVLPiJHQHV

0H

UHVXOWDSDUHFHLQWHUHVDQWH

1RHVWiPDO

2GLR

1LIXQLID

0HHQFDQWD

0HPRODPRJROOyQ

1RPHJXVWDQDGD

0HJXVWDPXFKtVLPR

XQPRQWyQXQDEDUEDULGDG

'HWHVWR 0HDSDVLRQD

£4XpKRUURU

$WRSH

(VJXDLV~SHU

0HJXVWD

1RPHJXVWDGHPDVLDGR





),&+$

(/081'2'(/5(9 e6

¢7HLPDJLQDVXQPXQGRGHOUHYpV"

• (QXQPXQGRGHOUHYpVORVFRORUHVGHODVFRVDVVRQGLIHUHQWHV(OLJHVXFRORU

• (QXQPXQGR GHO UHYpV WRGR HVWi FDPELDGR QDGLHKDFH ORTXH WLHQH TXH

KDFHU

/HHODVRUDFLRQHVVLJXLHQWHV\RUJDQt]DODVHQSDUHV(MHPSOR/DVSLQWRUDVHVFULEHQOLEURV/DVHVFULWRUDVSLQWDQFXDGURV

/DVSLQWRUDVHVFULEHQOLEURV/RVJDWRVHVFDSDQGHORVUDWRQHV/RVMXHFHVVHVLHQWDQHQHOEDQTXLOOR/DVPDHVWUDVHVWXGLDQODOHFFLyQ/RVDUTXLWHFWRVSRQHQODGULOORV/RVGHOLQFXHQWHVGHWLHQHQDORVDJHQWHVGHSROLFtD/RVSLORWRVFRQGXFHQFDPLRQHV/RVHVWXGLDQWHVHQVHxDQODOHFFLyQ/DVHVFULWRUDVSLQWDQFXDGURV/RVDOEDxLOHVGLVHxDQFDVDV/RVDJHQWHVGHSROLFtDFRPHWHQGHOLWRV/RVDFXVDGRVSUHVLGHQORVMXLFLRV/RVFDPLRQHURVSLORWDQDYLRQHV

/RVUDWRQHVFD]DQDORVJDWRV

&DPELD ODV RUDFLRQHV SDUD TXH UHIOHMHQ OR TXH RFXUUH QRUPDOPHQWH HQ HOPXQGRHQTXHYLYLPRV

• ¢&RQRFHVHOSRHPDGHODDXWRUDDUJHQWLQD0DUtD(OHQD:DOVK³(O5HLQRGHO5HYpV´"

(OFLHOR(OPDU/DQLHYH/RVHVFDUDEDMRV/DVOHFKXJDV/RVHOHIDQWHV

(OFpVSHG(OVRO/RVOLPRQHV/RVWRPDWHV

HVVRQ





(/5(,12'(/5(9e60HGLMHURQTXHHQHOUHLQRGHOUHYpVQDGDHOSiMDUR\YXHODHOSH]4XHORVJDWRVQRKDFHQPLDX\GLFHQ\HVSRUTXHHVWXGLDQPXFKRLQJOpV

9DPRVDYHUFyPRHVHOUHLQRGHOUHYpV%,60HGLMHURQTXHHQHOUHLQRGHOUHYpVQDGLHEDLODFRQORVSLHV4XHXQODGUyQHVYLJLODQWH\RWURHVMXH]\TXHGRV\GRVVRQWUHV 9DPRVDYHUFyPRHVHOUHLQRGHOUHYpV%,60HGLMHURQTXHHQHOUHLQRGHOUHYpVFDEHXQRVRHQXQDQXH]4XHXVDQEDUEDV\ELJRWHVORVEHEpV\TXHXQDxRGXUDXQPHV 9DPRVDYHUFyPRHVHOUHLQRGHOUHYpV%,60HGLMHURQTXHHQHOUHLQRGHOUHYpVKD\XQSHUURSHTXLQpV

TXHVHFDHSDUDDUULED\XQDYH]QRSXGREDMDUGHVSXpV 9DPRVDYHUFyPRHVHOUHLQRGHOUHYpV%,60HGLMHURQTXHHQHOUHLQRGHOUHYpVXQVHxRUOODPDGR$QGUpVWLHQHFKLPSDQFpVTXHVLPLUDVQRORVYHV 9DPRVDYHUFyPRHVHOUHLQRGHOUHYpV%,60HGLMHURQTXHHQHOUHLQRGHOUHYpVXQDDUDxD\XQFLHPSLpVYDQPRQWDGRVDOSDODFLRGHOPDUTXpVHQFDEDOORVGHDMHGUH] 9DPRVDYHUFyPRHVHOUHLQRGHOUHYpV%,6

$ HVWH SRHPD VH OH KD SXHVWR P~VLFD 3XHGHV HQFRQWUDU OD P~VLFD HQKWWSXVXDULRVO\FRVHVPLUWDOXLVHOUHLQRKWP

• (QJUXSRVYDLVDFUHDUYXHVWURSDUWLFXODUUHLQRGHOUHYpV(VFULELGXQDOLVWDGHDOPHQRVFLQFRFRVDVTXHSDVDQHQpO

• )RUPD WDQWDV IUDVHV FRPR VH WH RFXUUDQ XQLHQGR SDODEUDV GH ODV WUHVFROXPQDVVLJXLHQWHVVREUHFRVDVTXHSRGUtDQRFXUULUHQXQPXQGRDOUHYpV'HVSXpVFDPELDODVRUDFLRQHVSDUDTXHUHIOHMHQORTXHRFXUUHQRUPDOPHQWH

HQHOPXQGRHQTXHYLYLPRV/RVOLEURV/RVSHUURV/RVPDHVWURV/DVUDQDV/RVSROLFtDV/DVURVDV/DVQDUDQMDV/DVYDFDV/RVSiMDURV/DVHVWUHOODV

KXHOHQKDFHQGDQQDGDQFDQWDQVRQHVWiQEULOODQWLHQHQVHVLHQWDQ

HQODPHVDORVGHEHUHVySHUDHQODVFiUFHOHVDYLQDJUHD]XOHVOLPRQDGDHQHOPDUSRUHOGtDYR]





),&+$

'HVHRV• ¢4XpFDPELDUtDHQWXYLGDVL"

6DFDUDVXQDVQRWDVEXHQtVLPDV 6XIULHUDVXQDFFLGHQWHTXHWHGHMDUDLQYLGHQWH+HUHGDUDVXQDIRUWXQDFRQVLGHUDEOH8QWHUUHPRWRGHYDVWDUDWXFLXGDG 7XYLHUDVHOFXHUSRGHXQDPRGHOR 6HGHFODUDUDODJXHUUDHQWXSDtV 3XGLHUDVDGLYLQDUHOIXWXUR+XELHUDVQDFLGRHQ%DQJODGHVK )XHUDVIDPRVRD 7HGLDJQRVWLFDUDQXQDHQIHUPHGDGPRUWDO\WHTXHGDUDQWUHVPHVHV

GHYLGD

• ¢&RQRFHVHOFXHQWRGH$ODGLQR"

,PDJLQDGTXHRVHQFRQWUiLVFRQODOiPSDUDPiJLFD\DOIURWDUODVHRVDSDUHFHHOJHQLR5HFRUGDGTXHVyOROHSRGpLVSHGLUWUHVGHVHRV¢&XiOHVVHUtDQ"(Q JUXSRV GH WUHV RV SRQGUpLV GH DFXHUGR HQ ORV GHVHRV TXH YDLV D SHGLU /RVHVFULELUpLV\FROJDUpLVYXHVWURVGHVHRVHQHOWDEOyQGHODFODVH'HVSXpVVHYRWDUiODOLVWDGHGHVHRVSUHIHULGDSRUODFODVHVLQTXHVHSXHGDYRWDUDODSURSLDOLVWDTXHVHKD\DKHFKR

• 3URSyVLWRVSDUDHODxRQXHYR

$QWHVGHHPSH]DUXQQXHYRDxRVROHPRVSHQVDUTXHHVXQEXHQPRPHQWRSDUDWUDWDUGHFDPELDUDOJRHQQXHVWUDVYLGDV6RQORVEXHQRVSURSyVLWRVSDUD HO DxRQXHYR ¢&XiO YD VHUHO WX\R SDUD HODxRTXHYLHQH"&RPSiUWHORFRQHOUHVWRGHODFODVH





7DUHD)LQDO

/RVJXVWRVVRQPtRV1LYHO(VWDWDUHDHVWiSHQVDGDSDUDHVWXGLDQWHVFRQXQQLYHOLQLFLDORLQWHUPHGLRGHHVSDxRO

9DVDSUHSDUDUXQDSUHVHQWDFLyQHQ3RZHUSRLQWVREUHWXVJXVWRV\GHVHRV/DSUHVHQWDFLyQFRQVWDUiGHXQPtQLPRGHVLHWHGLDSRVLWLYDVHOPi[LPRORSRQHVW~PLVPR&RQVLGpUDODFRPRWXWDUMHWDGHSUHVHQWDFLyQDVtTXHLQWHQWDGDUWRGDODLQIRUPDFLyQSRVLEOH1RVyORTXpWHJXVWDVLQRWDPELpQHOSRUTXp,QFOX\HWDPELpQTXpGHWHVWDV\FXiOHVVRQWXVGHVHRVIXWXURV $WUDYpVGHODVILFKDVDQWHULRUHVKDEUiVHQFRQWUDGRLQVSLUDFLyQSDUDUHDOL]DUODWDUHD

$TXtWLHQHVXQDOLVWDGHFRVDVTXHSXHGHVWUDWDU

• 4XpWHJXVWDKDFHUHQWXWLHPSROLEUH

• 7XVJXVWRVJDVWURQyPLFRV

• 7XVJXVWRVDUWtVWLFRV

• 7XVSHUVRQDMHVIDYRULWRVKLVWyULFRVDFWXDOHVFDQWDQWHVGHSRUWLVWDVDFWRUHV

SROtWLFRVLQWHOHFWXDOHVDUWLVWDV

• 7XVJXVWRVHQFXDQWRDODPRGD

• $FWLWXGHVGHYLGDTXHWHDWUDHQ• 'yQGHWHJXVWDUtDYLDMDUYLYLU

• 3UHIHUHQFLDVSROtWLFDV

• 7XV GHVHRV HO PXQGR HQ HO TXH WH JXVWDUtD YLYLU TXp FDPELDUtDV GH WX

SHUVRQDOLGDGTXHWHJXVWDUtDFRQVHJXLUHQHOIXWXUR

£7XLPDJLQDFLyQHVHOOtPLWH





¢&Ð0262026"

),&+$'HVFULSFLyQItVLFD(OSHOR

&RORU(V UXELRD

FDVWDxRD

PRUHQRD

SHOLUURMRD

/RQJLWXG

7LHQHOOHYD HOSHORODUJR

HOSHORFRUWR

7LSR

7LHQHOOHYD HOSHOROLVR

HOSHORUL]DGR

/RVRMRV7DPDxR

7LHQHORVRMRV SHTXHxRV

*UDQGHV

&RORU 7LHQHORVRMRVD]XOHVYHUGHVPDUURQHVQHJURV

3DUWLFXODULGDGHV

7LHQH/OHYD ELJRWH

EDUED

JDIDV

-XHJR(QJUXSRV/RVHVWXGLDQWHVWLHQHQVREUHODPHVDXQJUXSRGHIRWRJUDItDV

GHGLYHUVDVSHUVRQDV\FDGDXQRGHORVHVWXGLDQWHVSRUWXUQRHOLJHPHQWDOPHQWHDXQDGHODVSHUVRQDVGHODVIRWRV\GDXQDGHVFULSFLyQItVLFDGHpVWD(OUHVWRGHOJUXSRWUDWDUiGHDGLYLQDUGHTXLpQVHWUDWD\HQFXDQWRXQRFUHDVDEHUORDJDUUDUi

VXIRWR6LKDDFHUWDGRVHODTXHGD\VLQRQRSRGUiYROYHUDWUDWDUGHDGLYLQDUHQHVHWXUQR*DQDUiHOHVWXGLDQWHTXHPiVIRWRVDWUDSH





),&+$'HVFULSFLyQGHODSHUVRQDOLGDG3RQHQXQFtUFXORXQRGH ORV WpUPLQRVGHORVTXHDSDUHFHQHQFDGDSDUVHJ~QHO UDVJRGHSHUVRQDOLGDGTXHVHH[SUHVDHQFDGDIUDVH

2OJDJXDUGDVLHPSUHODFDOPD1HUYLRVD±7UDQTXLOD )HUQDQGRQRFRPSUHQGHODVFRVDVFRQIDFLOLGDG,QWHOLJHQWH±7RQWR 0DUWDQRFDOODQXQFD

+DEODGRUD±&DOODGD 0DUFRVVRQUtHFRQVWDQWHPHQWH6HULR±5LVXHxR &HOLDQRWLHQHVHQWLGRGHOKXPRU6HULD±%URPLVWD 3DEORHVPX\UHVSHWXRVR(GXFDGR±0DOHGXFDGR

$-DLPHOHJXVWDHOVLOHQFLR+DEODGRU±&DOODGR 6RQLDDSUHQGHWRGRHQVHJXLGD,QWHOLJHQWH±7RQWD &RQ/XLVVLHPSUHPHORSDVRPX\ELHQ'LYHUWLGR±$EXUULGR -XDQHVLQFDSD]GHHVWDUVHTXLHWR1HUYLRVR±7UDQTXLOR

%HOpQQXQFDKDFHQLFXHQWDQDGDLQWHUHVDQWH'LYHUWLGD±$EXUULGD $/RODQROHJXVWDWUDEDMDU7UDEDMDGRUD±9DJD 6LOYLDFRPHFRQODERFDDELHUWD\VHPHWHORVGHGRVHQODERFD(GXFDGD±0DOHGXFDGD 0LJXHOVLHPSUHSDUHFHHQIDGDGR

6LPSiWLFR±$QWLSiWLFR





7HUHVDHVXQDSHUVRQDGHWUDWRDJUDGDEOH6LPSiWLFD±$QWLSiWLFD

1XULDORH[SUHVDWRGRDELHUWDPHQWH([WURYHUWLGD$ELHUWD±,QWURYHUWLGD5HVHUYDGD (VWHEDQWUDEDMDGXUDQWHORVILQHVGHVHPDQD7UDEDMDGRU±9DJR 9LFHQWHQRGLFHQXQFDORTXHSLHQVD([WURYHUWLGR$ELHUWR±,QWURYHUWLGR5HVHUYDGR

-XHJR6HPHWHQHQXQDEROVDSDSHOHVGREODGRVFRQFDGDXQDGHHVWDVFXDOLGDGHV

HVFULWDV HQ HOORV 3RU WXUQRV ORV HVWXGLDQWHV LUiQ FRJLHQGR FDGD XQR XQ SDSHO \WHQGUiQTXHGHFLUVLQPHQFLRQDUODFXDOLGDGDOJXQDFRVDTXHQRVHVXHOHKDFHUVLVHSRVHHHVDFXDOLGDG(OUHVWRGHORVHVWXGLDQWHVWUDWDUiGHDGLYLQDUOD

(M(QHOSDSHOVHOHHODSDODEUD³PDOHGXFDGRD´(OHVWXGLDQWHSXHGHGHFLU ³(VWDSHUVRQDQXQFDGLFHQLSRUIDYRUQLJUDFLDVDOSHGLUDOJR´

8Q SRFR GH LPDJLQDFLyQ (Q SDUHMDV ORV HVWXGLDQWHV HOHJLUiQ VLHWH GH HVWDV

FXDOLGDGHVSDUDFDGDXQRGHORVVLJXLHQWHVSHUVRQDMHV&ULVWyEDO&ROyQ0DWD+DUL\(LQVWHLQ6HKDUiXQDSXHVWDHQFRP~QVREUHODVFXDOLGDGHVDWULEXLGDVSRUFDGDJUXSR

),&+$&DUDFWHUtVWLFDVODERUDOHV&RQGXFWDSURIHVLRQDOHMHPSODU%XHQDIRUPDFLyQ3UHFLVLyQ3XQWXDOLGDG

9LVLyQGHIXWXUR%XHQDGLVWULEXFLyQGHOWLHPSR\GHOWUDEDMR6DEHUGHOHJDU7UDEDMDUELHQHQHTXLSR*UDQFDSDFLGDGGHWUDEDMR,QVWLQWR6DEHUHVFXFKDU%XHQDVFDSDFLGDGHVFRPXQLFDWLYDV/LGHUDUELHQORVHTXLSRV&UHDWLYLGDG $FDWDUELHQODVGLUHFWULFHV





/RVHVWXGLDQWHVVHOHFFLRQDUiQGHODVFDUDFWHUtVWLFDVH[SXHVWDVODVTXHFRQVLGHUHQTXHFRQYLHQHQHQFDGDXQDGHODVFDVLOODVGHOVLJXLHQWHFXDGURUHIHULGRDGLIHUHQWHVWUDEDMRV(QODVFDVLOODVGH³RWUDVFXDOLGDGHVDFRQVHMDEOHV´SRGUiQLQFOXLUFXDOLGDGHVGLIHUHQWHVDODVTXHDSDUHFHQHQHOOLVWDGRDQWHULRU

&XDOLGDGHV,PSUHVFLQGLEOHV

&XDOLGDGHV,QQHFHVDULDV

2WUDVFXDOLGDGHVDFRQVHMDEOHV

%LEOLRWHFDULRD

(QIHUPHURD

$UTXLWHFWRD

-HIHDGHYHQWDV

$ERJDGRD

(O/DMHIHDLGHDO(QJUXSRVORVHVWXGLDQWHVKDUiQXQDOLVWDGH

ODV GLH] FXDOLGDGHV TXH FRQVLGHUDQ TXH KDGH WHQHUHOOD MHIHDLGHDO 6H H[SRQGUiQ ODV OLVWDV GH ORV GLIHUHQWHV JUXSRV \ VHSUHVWDUiDWHQFLyQDDTXHOODVFXDOLGDGHVHQODVTXHWRGRVKD\DQFRLQFLGLGR





7DUHD)LQDO

/DEROVDGHWUDEDMR7UDEDMRHQJUXSRVLGHDOPHQWHGHFXDWURDFLQFRHVWXGLDQWHVSRUJUXSR1LYHO/DWDUHDTXHSUHVHQWDPRVDFRQWLQXDFLyQFRQVWDGHYDULDVWDUHDVDVXYH]WDUHDV IDFLOLWDGRUDV TXH FRPR VH LQGLFDUi LPSOLFDQ QLYHOHV IXQFLRQHV FRPXQLFDWLYDVFRQWHQLGRVJUDPDWLFDOHV\Op[LFRVGLIHUHQWHV(OGRFHQWHDFRPRGDUiODWDUHDDODVQHFHVLGDGHV\FDUDFWHUtVWLFDVGHOJUXSRDOTXHYD\DGLULJLGD6RLVXQDHPSUHVDGHFRQWUDWDFLyQ\UHFXUVRVKXPDQRV\WHQpLVYDULDVVROLFLWXGHVFRQGLYHUVDVYDFDQWHVTXHFXEULU

8QDHPSUHVDGHDOLPHQWDFLyQQHFHVLWDXQDGLUHFWRUDGHSHUVRQDO 8QDHPSUHVDDpUHDQHFHVLWDXQDDX[LOLDUGHYXHOR 8QFROHJLRSULYDGRGHVHFXQGDULDQHFHVLWDXQDSURIHVRUDGHPDWHPiWLFDV 8QDHPSUHVDGLVFRJUiILFDQHFHVLWDXQDUHODFLRQHVS~EOLFDV

/RVPLHPEURVGHOJUXSRVHGLYLGHQHQGRVWLSRVFRQGRVIXQFLRQHVGLIHUHQWHV$\% $,GHDOPHQWHVHUiQGRVRPi[LPRWUHVSHUVRQDV\SUHVHQWDUiQDORVFDQGLGDWRVDVSLUDQWHVDORVSXHVWRV%,GHDOPHQWHVHUiQGRVSHUVRQDV\HOHJLUiQODPHMRUFDQGLGDWXUD/RVGHODIXQFLyQ$KDEUiQGHHOHJLUFDGDXQRGHHOORVDXQDSHUVRQDGHODVTXHDSDUHFHQHQODVIRWRV\OHLQYHQWDUiQXQFXUUtFXOXPYLWD HTXHOHFRQYHUWLUiHQXQDFDQGLGDWRDLGyQHRD

SDUD XQR GH ORV SXHVWRV D FXEULU GH IRUPD TXH WRGDV ODV YDFDQWHV WHQJDQ DO PHQRV GRVFDQGLGDWRVLGHDOHV/RVGHODIXQFLyQ%KDEUiQGHSRQHUVHGHDFXHUGRRWRUJDUORVSXHVWRV\UD]RQDUVXDGMXGLFDFLyQ3DUD HOOR SULPHUR OHHUiQ ORV FXUUtFXOD GH ORV FDQGLGDWRV 3RVWHULRUPHQWH HODERUDUiQ XQFXHVWLRQDULR SDUD IRUPXOiUVHOR D ORV SRVLEOHV FDQGLGDWRV SDUD FDGD SXHVWR D ORV TXH OHVUHDOL]DUiQ XQD HQWUHYLVWD (Q OD HQWUHYLVWD ORV GH OD IXQFLyQ $ DGRSWDUiQ ORV UROHV GH ORVFDQGLGDWRVDORVTXHOHVKDQLQYHQWDGRHOFXUUtFXOXP /RVGHODIXQFLyQ%OOHYDUiQDFDERODHQWUHYLVWDQHJRFLDUiQDTXLpQHVVHOHFFLRQDQSDUDFDGDSXHVWRGHWUDEDMR\ILQDOPHQWHORFRPXQLFDUiQSRUHVFULWRÎ7DUHDVIDFLOLWDGRUDV

• (VFRJHUORVFDQGLGDWRV

2EMHWLYRV&RPXQLFDWLYRV,QWHUFDPELDULQIRUPDFLyQVREUHODLGHQWLGDG\ODVFDUDFWHUtVWLFDVItVLFDV\GHFDUiFWHU1LYHO(OHPHQWDO/RVTXHUHDOL]DQODIXQFLyQ$VHUHXQLUiQ\FRQODWDEODGHODVIRWRVLQFOXLGDPiVDEDMRGHODQWHLQGLFDUiQPHGLDQWHXQDGHVFULSFLyQItVLFDTXpSHUVRQDGHODVTXHDSDUHFHQHQODVIRWRVHOLJHQSDUDFDGDXQDGHODVYDFDQWHVDFXEULU(MHPSOR9DFDQWHQ~PHURXQR0DUtDGLFH³(OLMRDODPXMHUGHSHORPRUHQRODUJR\OLVR7LHQHORVRMRVSHTXHxRV´

$FRQWLQXDFLyQ ORV GHPiVPLHPEURVGHOJUXSRVHxDODQD ODSHUVRQDD ODTXHFUHHQTXHVHUHILHUH'LUiQ³¢(VpVWD"´6LQRHVpVWDODSHUVRQDGHVFULWD0DUtDWHQGUiTXHGDUPiVGHWDOOHV





KDVWD TXH HO UHVWR DGLYLQH GH TXLpQ VH WUDWD 8QD YH] LGHQWLILFDGD OD SHUVRQD GHVFULWDFRQWLQXDUiRWUDSHUVRQDHOLJLHQGRDVXFDQGLGDWRSHUR\DQRSRGUiHOHJLUDODSHUVRQDHOHJLGDSRU0DUtD6HFRQWLQXDUiDVtVXFHVLYDPHQWHKDVWDTXHFDGDXQRKD\DHOHJLGRDVXFDQGLGDWRDLGyQHRDSDUDHOSXHVWR

)2726'(/26&$1','$726





• (ODERUDUXQ&XUUtFXOXPYLWDH

2EMHWLYRV&RPXQLFDWLYRV (ODERUDUXQFXUUtFXOXPYLWDH 1LYHO(OHPHQWDOHLQWHUPHGLR

8QDYH]WLHQHQDVXVFDQGLGDWRVHOHJLGRVOHVLQYHQWDUiQXQ FXUUtFXOXPYLWDH LGyQHRSDUDHOSXHVWR3DUDHOORVHJXLUiQHOPRGHORGHFXUUtFXOXP TXHVHSURSRUFLRQDDFRQWLQXDFLyQ02'(/2'(&855Ë&8/809,7$( 35,0(5$3(//,'26(*81'2$3(//,'2120%5()(&+$</8*$5'(1$&,0,(172',5(&&,Ï17(/e)2126

(0$,/&$51(7'(&21'8&,5)250$&,Ï1$&$'e0,&$(QVHxDQ]DVUHFLELGDVXQLYHUVLWDULDRGHRWURWLSR7Ë78/26$&$'e0,&26FHQWUR\IHFKDGHH[SHGLFLyQ2WURV(VWXGLRV7Ë78/2',3/20$&8562FHQWURGXUDFLyQ\IHFKDGHH[SHGLFLyQ

,GLRPDV,',20$QLYHOGHFRQRFLPLHQWRWtWXORFHQWUR\IHFKDGHH[SHGLFLyQ7UDEDMRVGH,QYHVWLJDFLyQSXEOLFDFLRQHVEHFDV\RWUDVDFWLYLGDGHVUHODWLYDVDODIRUPDFLyQ(;3(5,(1&,$/$%25$/(035(6$$&7,9,'$'38(6722&83$'23(5,2'2'(7,(032

27526'$726'(,17(5e6DGHGH«

ILUPD





• &XHVWLRQDULRSDUDODHQWUHYLVWDGHWUDEDMR

2EMHWLYRV&RPXQLFDWLYRV(OHJLUHQWUHXQDVHULHGHSUHJXQWDVWtSLFDVGHXQDHQWUHYLVWDGHWUDEDMRODVTXHSUHILHUDQ

1LYHO,QWHUPHGLR $FRQWLQXDFLyQVHVXJLHUHQXQDVHULHGHSUHJXQWDVSDUDTXHVHHOLMDQGHHOODVSDUDHODERUDUHOFXHVWLRQDULR $GHPiVGH ODV SUHJXQWDV VXJHULGDV ORV HVWXGLDQWHV LQFOXLUiQ SUHJXQWDVPiV

35(*817$63$5$/$(175(9,67$'(75$%$-2

3UHJXQWDVGHIRUPDFLyQDFDGpPLFD• ¢&XiOHV KDQ VLGR ODV DVLJQDWXUDV HQ ODV TXH KDV REWHQLGR PHMRUHV UHVXOWDGRV"¢)XHURQODVTXHPiVWHJXVWDURQ"• ¢4XpWHPRWLYyDHOHJLUORVHVWXGLRVTXHKDVUHDOL]DGR"• ¢&XiOHVKDQVLGRORVSULQFLSDOHVORJURV\GLILFXOWDGHVGHWXIRUPDFLyQ"• ¢3LHQVDVVHJXLUHVWXGLDQGR"¢(QTXHiUHDV"

([SHULHQFLDSURIHVLRQDO

• ¢&yPRFRQVHJXLVWHWXVWUDEDMRVDQWHULRUHV"• ¢3RUTXpORVGHMDVWH"• ¢4XpUHFXHUGDVGHWXSULPHUSXHVWRGHWUDEDMR"•

&XpQWDQRV DOJ~QSUREOHPD TXH WXYLHUDV HQ DOJXQR GH WXV DQWHULRUHVHPSOHRV\FyPRORVROXFLRQDVWH• 'HVFULEHDWXMHIHFRPSDxHURVXERUGLQDGRLGHDO

0RWLYDFLyQ

• ¢4XpWHDSRUWDHVWHHPSOHRTXHQRWHDSRUWHHODQWHULRUDFWXDO"• ¢4XpPHWDVLQPHGLDWDV\DODUJRSOD]RWHKDVILMDGR"• ¢&XiOHVVRQWXVSUHWHQVLRQHVHFRQyPLFDV"

$FWLYLGDGHVHLQWHUHVHVSHUVRQDOHV

• ¢4XpOHHVGHORVSHULyGLFRV"• ¢4XpGHVHDVTXHQRKD\DVORJUDGRWRGDYtD"• ¢4XpWHJXVWDKDFHUHQWXWLHPSROLEUH"

3HUVRQDOLGDG

• ¢3RUTXpWHLQWHUHVDHVWHWUDEDMR"• 'HVFULEHORVSXQWRVIXHUWHV\ORVGpELOHVGHWXSHUVRQDOLGDG• ¢4XpDSRUWDUtDVDODHPSUHVDVLWHFRQWUDWiUDPRV"• ¢&yPRUHDFFLRQDUtDVDQWHXQDVLWXDFLyQGHSUHVLyQ"





• /DHQWUHYLVWDGHWUDEDMR

2EMHWLYRV&RPXQLFDWLYRV3UHJXQWDU\UHVSRQGHUDFHUFDGHXQDFRQWHFLPLHQWRGHOSDVDGR

([SUHVDURSLQLRQHV\JXVWRV+DEODUVREUHXQRPLVPRGHVFULELHQGRVXSHUVRQDOLGDG1LYHO,QWHUPHGLRDYDQ]DGR\VXSHULRU/RVGHODIXQFLyQ$DGRSWDUiQORVUROHVGHORVFDQGLGDWRVDORVTXHOHVKDQLQYHQWDGRORVFXUUtFXOD /RV GH OD IXQFLyQ % OOHYDUiQ D FDER OD HQWUHYLVWD GH ORV FDQGLGDWRV SDUD FDGD SXHVWR GHWUDEDMR\WRPDUiQQRWDGHORVDVSHFWRVUHOHYDQWHVGHFDGDFDQGLGDWR6HVXJLHUHTXHVHJUDEHQHQYtGHRODVHQWUHYLVWDVSDUDTXHORVHVWXGLDQWHVSXHGDQOOHYDUDFDERXQDHYDOXDFLyQGHODDFWLYLGDG

$GMXGLFDFLyQGHORVSXHVWRVGHWUDEDMR 2EMHWLYRV &RPXQLFDWLYRV ([SUHVDU FRQFOXVLRQHV \ UHGDFWDU PHQVDMHV IRUPDOHV GHHQKRUDEXHQDSRUHODQXQFLRGHXQDQRWLFLD\PHQVDMHVIRUPDOHVHQORVTXHVHUHFKD]DXQDFDQGLGDWXUD1LYHO,QWHUPHGLRDYDQ]DGR\VXSHULRU/RVGHODIXQFLyQ%QHJRFLDUiQDTXLpQHVVHOHFFLRQDQSDUDFDGDSXHVWRGHWUDEDMR\GHFRP~QDFXHUGROHVDGMXGLFDUiQORVSXHVWRV

$FRQWLQXDFLyQHVFULELUiQXQFRUUHRHOHFWUyQLFRDWRGRVORVFDQGLGDWRV $ ORV FDQGLGDWRV VHOHFFLRQDGRV FRPXQLFiQGROHV ODDGMXGLFDFLyQ GHO SXHVWR \ GiQGROHV ODHQKRUDEXHQD

$ORVFDQGLGDWRVQRVHOHFFLRQDGRVGiQGROHVODQRWLFLDGHTXHQRKDQVLGRDFHSWDGRV





$872(9$/8$&,Ï1 0DUFD HQ ODV FDVLOODV OR TXH SXHGHV KDFHU HQ HVSDxRO WUDV OD UHDOL]DFLyQ GH ODV DFWLYLGDGHV

SURSXHVWDV5HIOH[LRQDUVREUHODVSDODEUDVHVSDxRODVTXHH[LVWHQHQPLOHQJXD

5HIOH[LRQDUVREUHDVSHFWRVFXOWXUDOHVGHORVSDtVHVGHKDEODKLVSDQD5HIOH[LRQDUVREUHKLVSDQRVIDPRVRV

5HIOH[LRQDUVREUHHQTXpSDtVHVVHKDEODHVSDxROFRPROHQJXDRILFLDO

5HIOH[LRQDUVREUHORVQRPEUHVSURSLRVGHSHUVRQDVHQORVSDtVHVGHKDEODKLVSDQD

5HIOH[LRQDUVREUHODLPSRUWDQFLDGHODOHQJXD\ODFXOWXUDKLVSDQD

5HIOH[LRQDUVREUHODVUD]RQHVSRUODVTXHTXLHURDSUHQGHUHVSDxRO

$SUHQGHUQRPEUHVGHDQLPDOHV

'HVFULELUDQLPDOHV\DSRUWDULQIRUPDFLyQVREUHHOORV

$SUHQGHUDFHUFDGHDQLPDOHVGHOPXQGRKLVSDQR3UHVHQWDULQIRUPDFLyQ\DUJXPHQWDURSLQLRQHV

,QIRUPDUVREUHXQHYHQWRVLWXDFLyQHVSDFLDO\WHPSRUDO

+DFHUXQDLQYLWDFLyQ

'DULQVWUXFFLRQHVGHPRYLPLHQWR

3UHJXQWDU\H[SUHVDUJXVWRV\SUHIHUHQFLDVFRQYDULHGDGGHH[SUHVLRQHV\UHJLVWURV

-XVWLILFDU\DUJXPHQWDUORVJXVWRVSURSLRV

,QIRUPDU\KDEODUGHDFFLRQHVIXWXUDV

([SUHVDUGHVHRV

'HVFULELUSHUVRQDVItVLFDPHQWH

'HVFULELUHOFDUiFWHUGHODVSHUVRQDV

'HVFULELUFXDOLGDGHVODERUDOHV

(ODERUDUXQFXUUtFXOXPYLWDH

(ODERUDUSUHJXQWDVSDUDXQDHQWUHYLVWDGHWUDEDMR

3UHJXQWDU\UHVSRQGHUHQXQDHQWUHYLVWDGHWUDEDMR

([SUHVDUFRQFOXVLRQHV

5HGDFWDUPHQVDMHVIRUPDOHVGHHQKRUDEXHQDSRUHODQXQFLRGHXQDQRWLFLD

5HGDFWDUPHQVDMHVIRUPDOHVHQORVTXHVHUHFKD]DXQDVROLFLWXGSDUDXQSXHVWRGHWUDEDMR

(VFULEHWRGDVODVSDODEUDVTXHKD\DVDSUHQGLGRHQFDGDXQDGHODVFXDWURVHFFLRQHVGHDFWLYLGDGHVD (OHVSDxROHQHOPXQGRE 0LVDPLJRVORVDQLPDOHV

F 3DUDWRGRV JXVWRVG ¢&yPRVRPRV"

¢6HUtDV FDSD] GH UHODFLRQDUODV \ DVRFLDUODV GH PDQHUD HIHFWLYD DJUXSDU EXVFDU DVRFLDFLRQHVFRQWH[WXDOL]DUXWLOL]DULPiJHQHVUHSDVDUHWF"

(VFULEHSDODEUDVTXHKD\DVDSUHQGLGR\TXHVHDQVLPLODUHVHQWXOHQJXD,QGLFDODVFLQFRILFKDV\ODWDUHDTXHWHKD\DQJXVWDGRPiV¢3RUTXp",QGLFDODVFLQFRILFKDV\ODWDUHDTXHWHKD\DQJXVWDGRPHQRV¢3RUTXp"

+D] XQD OLVWD FRQ ORV HUURUHV FRPHWLGRV HQ ODV ILFKDV \ WDUHDV ¢5HSLWHV HO PLVPR HUURU FRQIUHFXHQFLD"¢4XpKDFHVRYDVDKDFHUSDUDVXSHUDUWXVHUURUHV"

ORV





62/8&,21(6(/(63$f2/(1(/081'2Î)LFKD(OHVSDxROTXHQRVDEHVTXH\DVDEHV*HRJUDItD)ORULGD/RVÈQJHOHV6DQ)UDQFLVFR9DOHQFLD1RPEUHV(QULTXH$QWRQLR&DUPHQ-XDQ&DUORV

&RPLGDWDSDVSDHOODJD]SDFKRHQFKLODGD0~VLFD\EDLOHWDQJRIODPHQFRVDOVDPHUHQJXH

Î)LFKD&XHVWLRQDULRFXOWXUDO¢&XiQWRVDEHVGHORVSDtVHV\FXOWXUDGHKDEODHVSDxROD" )DOVR 9HUGDGHUR )DOVR 9HUGDGHUR

)DOVR )DOVR )DOVR )DOVR

)DOVR )DOVR )DOVR 9HUGDGHUR

)DOVR 9HUGDGHUR )DOVR

+D KDELGR 3UHPLRV 1REHOGH ODV /HWUDV FRQ VXREUDHVFULWDHQ HVSDxRO-RVp(FKHJDUD\-DFLQWR%HQDYHQWH0LJXHO ÈQJHO $VWXULDV -XDQ 5DPyQ -LPpQH] 9LFHQWH $OHL[DQGUH *DEULHOD0LVWUDO 3DEOR 1HUXGD *DEULHO *DUFtD0iUTXH]&DPLOR-RVp&HOD2FWDYLR3D]Î)LFKD+LVSDQRVIDPRVRV5D~OHVSDxROIXWEROLVWD5LFN\0DUWLQSXHUWRUULTXHxRFDQWDQWH0DULR9DUJDV/ORVDSHUXDQRHVFULWRU3HQpORSH&UX]HVSDxRODDFWUL]*DEULHO*DUFtD0iUTXH]FRORPELDQRHVFULWRU

5LJREHUWD0HQFK~JXDWHPDOWHFDDFWLYLVWDSROtWLFD&KH*XHYDUDDUJHQWLQRUHYROXFLRQDULR6KDNLUDFRORPELDQDFDQWDQWH/XLV%XxXHOHVSDxROGLUHFWRUGHFLQH6DOPD+D\HNPHMLFDQDDFWUL])HGHULFR*DUFtD/RUFDHVSDxROSRHWD)ULGD.DKORPHMLFDQDSLQWRUD3DEOR1HUXGDFKLOHQRSRHWD

(YLWD3HUyQDUJHQWLQDSROtWLFD6LPyQ%ROtYDUYHQH]RODQRSROtWLFR6RU-XDQD,QpVGHOD&UX]PHMLFDQDHVFULWRUD&DUORV*DUGHOIUDQFpVFDQWDQWH5XEpQ'DUtRQLFDUDJHQVHSRHWD

3HGUR$OPRGyYDUHVSDxROGLUHFWRUGHFLQH,VDEHO$OOHQGHSHUXDQDHVFULWRUD-RVp0DUWtFXEDQRSRHWD6HYHUR2FKRDHVSDxROFLHQWtILFR&DUORV6DQWDQDPHMLFDQRP~VLFR'LHJR$UPDQGR0DUDGRQDDUJHQWLQRIXWEROLVWD-XDQ/XLV*XHUUDGRPLQLFDQRP~VLFR $QWRQLR%DQGHUDVHVSDxRODFWRU

Î)LFKD3DtVHVGRQGHVHKDEODHVSDxRO $UJHQWLQD %ROLYLD &KLOH &RORPELD &RVWD 5LFD &XED (FXDGRU (O 6DOYDGRU (VSDxD *XDWHPDOD *XLQHD (FXDWRULDO+RQGXUDV0p[LFR0pMLFR1LFDUDJXD3DQDPi3DUDJXD\3HU~3XHUWR5LFR5HS~EOLFD'RPLQLFDQD8UXJXD\9HQH]XHODÎ)LFKD(OHVSDxROHQFLIUDV• PLOORQHV(OQ~PHURGHSHUVRQDVFX\DOHQJXDPDWHUQDHVHOHVSDxRO• (OQ~PHURGHSDtVHVGRQGHHOHVSDxROHVHOLGLRPDRILFLDO• PLOORQHV(OQ~PHURGHKLVSDQRVHQORV(VWDGRV8QLGRV• PLOORQHV(OQ~PHURGHHVWXGLDQWHVGHHVSDxROFRPROHQJXDH[WUDQMHUDHQHOPXQGR• /DSURSRUFLyQGHHVWXGLDQWHVGHLGLRPDVTXHHOLJHHOHVSDxROHQ(VWDGRV8QLGRV• (OSRUFHQWDMHTXH VHHVWLPD TXH DOFDQ]DUiQ ORV KDEODQWHV GHHVSDxRO FRPR OHQJXD PDWHUQD HQORV (VWDGRV

8QLGRVGHQWURGHFLQFXHQWDDxRV• PLOORQHV\PHGLR(OQ~PHURGHWXULVWDVEULWiQLFRVTXHYLVLWD(VSDxDFDGDDxR• (OQ~PHURGHSXEOLFDFLRQHVGHPHGLRVGHFRPXQLFDFLyQHQHVSDxROHQORV(VWDGRV8QLGRV• PLOORQHV(OQ~PHURGHHVWXGLDQWHVGHHVSDxROFRPROHQJXDH[WUDQMHUDHQOD8QLyQ(XURSHD• (OSRUFHQWDMHGHFHQWURVGHVHFXQGDULDHQORV(VWDGRV8QLGRVTXHRIUHFHHOHVSDxROFRPRDVLJQDWXUD• (OSRUFHQWDMHGHHVWXGLDQWHVGHHVSDxROFRPROHQJXDH[WUDQMHUDHQ)UDQFLD• (OSRUFHQWDMHGHKLVSDQRVHQORV(VWDGRV8QLGRV0,6$0,*26/26$1,0$/(6Î)LFKDDSDWREUDQDFNLZLGJDWRHGHOItQIFRFRGULOR

JOHyQKiJXLODLFRQHMRMSHUURNHOHIDQWHOMLUDIDPKLSRSyWDPRQRVRxDEHMDÎ)LFKD$GLYLQD$GLYLQDQ]DDEHMDFLJHxDRVRVDUGLQDÎ)LFKD%$$%SHUURUDQDOHyQFHUGRJDWRORURÎ)LFKD/DHGDGGHORVDQLPDOHVPXUFLpODJRDxRVSHUURDxRVPRVTXLWRXQPHVSH]WURSLFDODxRVHVFDUDEDMRDxRFDEDOORDxRVKRUPLJDVHPDQDVOHyQDxRVJDOOLQDDxRVPDULSRVDVHPDQDVUDWyQDxRVWDUiQWXODDxRV3$5$72'26/26*86726Î)LFKD¢$TXLpQJXVWD"PHOHQRVWHPtPHPtPHWHRVOHV¢&Ï0262026"Î)LFKD'HVFULSFLyQGHODSHUVRQDOLGDGWUDQTXLODWRQWRKDEODGRUDULVXHxRVHULD HGXFDGR FDOODGR LQWHOLJHQWH GLYHUWLGR QHUYLRVR DEXUULGD YDJD PDOHGXFDGD DQWLSiWLFR VLPSiWLFD H[WURYHUWLGDDELHUWD WUDEDMDGRU LQWURYHUWLGRUHVHUYDGR



CONSEJERÍA DE EDUCACIÓN EN AUSTRALIA Y NUEVA ZELANDA

15 Arkana St. – Yarralumla. ACT 2600. CANBERRA AUSTRALIATel: 02 - 6273 4291 Fax: 02 - 6273 4588

[email protected] www.sgci.mec.es/au

Centro de RecursosSuite 18, Manuka Court

Bougainville St - Manuka. ACT 2603Tel./ Fax: 02-6239-7153

[email protected] www.sgci.mec.es/au/centro.htm

Australia

Asesoría Técnica en CanberraCentro de Recursos

Po Box 3811Manuka. ACT 2603

Tel./ Fax: 02-6239 7153

Asesoría Técnica en MelbourneLanguages Strategy Team

Department of Education & Training33 St. Andrews PlaceMelbourne VIC 3001Tel: 03-9637 2064

Nueva Zelanda

Asesoría Técnica en AucklandSELL, Spanish DepartmentThe University of Auckland

Private Bag 92019. AucklandTel: 09 - 3737 599 ext 87134

Asesoría Técnica en WellingtonACENZ. Po Box 10-298Level 15, Equinox House

111 The Terrace

WellingtonTel: 04 – 9136 488

Agrupación de Lengua y Cultura españolas

Spanish Club. 7th floor, 88 Liverpool St.Sydney NSW 2000. Australia

Tel. [email protected]

Materiales para el aula de español

Documents

Transcript of Materiales para el aula de español