04 INCAE Identity

06 Message from the President

08 Change Agents INDEX

20 Our Faculty

24 Academic Alliances

28 Corporate Partners

38 INCAE’s Global Reach

42 50th Anniversary

52 Our Impact

56 Far-Reaching Initiatives

Accounts 70 Governance Structure INCAE IDENTITY INCAE INCAE IDENTITY IDENTITY 4 5 50 years making history

INCAE Business School, Today, INCAE focuses on three key ac- • Research, teaching, and the use of founded in 1964, was an tivities modern management concepts and te- chniques. initiative launched by the • Masters programs in areas key to La- • Strengthening analytical skills, and governments and business tin American development. mastery of complex economic, political community of Central America. • Executive Education programs and and social phenomena. seminars. The initiative received support • Facilitating dialogue, understanding, from the President of the • Research projects that foster compe- and collaboration between individuals, titiveness in the region, whose applied United States, John F. Kennedy, different sectors and nations. focus combines best practices and and advisors from the Harvard global knowledge with the reality of the Business School, in a process Latin American context. led by Harvard Business School VISION

professor George Cabot Lodge Our goal for the next 50 years is to con- and Central American MISSION tinue to be recognised as a world-class businessman Francisco de Sola. business school, and the best in Latin For 50 years, INCAE Business School America: a leader in business adminis- has actively promoted the comprehen- tration, applied economics, and sustai- sive development of the countries it ser- nable development processes. ves, educating leaders from key sectors and expanding their skill base, attitudes and values through: MESSAGE FROM MESSAGE FROM THE PRESIDENT MESSAGE FROM THE PRESIDENT THE PRESIDENT This year’s Annual Report is presented in the context of INCAE’s fi ftieth anniversary, during which 6 7 Arturo Condo we have celebrated this institution’s great sense of belonging, and a role that goes well beyond education. INCAE transforms professionals and leaders, so that they can transform Latin America.

Dozens of our regions’ leaders have dedicated an important part of their lives to creating this ins- titution and helping it grow, and each day continue to contribute to its development.

Through a series of events organized in seven countries during this year, we have been able to pu- blicly recognize many of these leaders, who believed in an idea, took part in creating this project, and have helped make it grow into the magnifi cent institution right in the heart of Central America, that it is today. INCAE’s impact extends throughout Latin America, and it has achieved recognition around the globe.

Many of our programs made important progress this year. A new 14-month MBA was launched in Nicaragua, which utilizes an innovative study plan. In addition, new alliances have been develo- ped in the area of Executive Education, drawing in increased corporate collaboration, and partner- ships with important institutions and schools such as Georgetown University. The fi rst Online Exe- cutive Education program in Latin America was created, demonstrating this institution’s ongoing effort to innovate and provide regional leaders with modern tools that enable them to improve their decision-making processes.

After fi fty years, INCAE’s mission remains well-founded and formidable, and I am certain that it will continue providing the foundation for our future. Together, we must continue creating a history that will serve as an inspiration for future generations of Incaistas.

I invite you all to be part of this mission, and this future

Arturo Condo President INTERNATIONAL RANKING

INCAE heads the rankings CHANGE AGENTS for Best Business Schools CHANGE AGENTS CHANGE in Latin America created by the respected publication, AmericaEconomia. Unlike any other school, INCAE has AGENTS maintained this leadership 8 OUR STUDENTS position for more than a 9 Educating leaders for the decade. As INCAE grows, we remain faithful to our mission: developing leaders who transform Latin development of Latin America America.

The experience of obtaining a masters degree from INCAE provides our students with the ma- nagerial tools they need to successfully lead businesses in a range of industries. Moreover, the academic rigor of our programs and continuous interaction with our world-class faculty # 4 allows our students to develop their talents and skills as much as possible. for International Location Today, INCAE’s MBA is recognized around the world as the best in Latin America, and this is why more and more young people apply for our different Master’s programs, seeking not only academic excellence but also the practical skills required for leadership positions in any sec- tor of the economy, and allowing them to have a positive impact in their societies. # 7 for International Clients

PROGRAMS INTAKES 2014 # 10 Program Location # of students for Growth 2015 MBA Nicaragua 88 2016 MBA Costa Rica 136 2015 Global EMBA Nicaragua 83 Photos MBA Oath Club Management Consulting Practice (MCP) MBA OATH CLUB CHANGE AGENTS 400 CHANGE AGENTS members as of 2014

10 MBA STARTING IN 2014 11 295 NEW 14-MONTH MBA PROGRAM IN NICARAGUA students On March 12th, 2014 a new MBA 14-month program began at the Francisco de Sola Campus in Managua, Nicaragua. A revised version of the MBA, its goal is to train INCAE BUSINESS ETHICS CLUB government projects through awarding MANAGEMENT CONSULTING PRACTICE people who are capable of creating communities, learning through experience, maxi- CONTINUES ITS WORK student internships. 16 mizing impact, and getting results. As in previous years, INCAE’s second Students coordinated many initiatives to year MBA students took part in their Ma- nacionalities The INCAE MBA Oath Club, founded in This is the fi rst year this program is being offered. It is a 12-month program, plus 2011, is a student organization that pro- achieve the Oath Club’s goals: the inau- nagement Consulting Practice (MCP) two months of Management Consulting Practice (MCP). Some ninety students are motes the MBA Oath and raises aware- guration of a campaign called “Ethics prior to graduation. 38% enroled from 12 different countries (Guatemala, Nicaragua, Costa Rica, Ecuador, ness about business ethics. This is still is Awareness”; the organization of fi lm- Honduras, Peru, Panama, El Salvador, Venezuela, Cuba, Colombia and Paraguay). the only club of its type in Latin America, forums to discuss ethical dilemmas, and The MCP is a core requirement for the are women and one of the fi rst in the world. It cu- converse with special guests like Arturo MBA. Its purpose is to enabling students This program has been developed to maximize learning, immediately putting rrently has 431 members, 127 of whom Condo and Diego de Sola; the organiza- to put the tools they have acquired du- knowledge acquired during the master’s program into practice through tools that are lifetime members, demonstrating the tion of the fi rst INCAE inter-club activity, ring the program into practice. Working 89% make it possible to live the experience. institutional legacy created through invol- “Ethical Awareness for Lunch,” whose in groups of 5 students, they collabora- objective was to discuss the experiences of the MBA’s brightest candidates ving new generations of students. te to fi nd solutions to specifi c strategic Its innovative silibus is focused on the student learning experience and not around of student members who have previously and managerial problems, which help to received support from INCAE, through what the professor teaches. Through a sequence of strategically designed modules, Some of the activities organized in 2014 faced ethical dilemmas, and which culmi- improve the overall performance of the scholarships and fi nancial aid entrepreneurial skills focusing on creating a successful business and sustainably (at INCAE and other locations), included nated with a campfi re that helped motiva- company or organization. managing its resources are progressively developed. the unterdatking of a study on best te discussion. In addition, the Club star- practices related to legislation aimed at ted redesigning their webpage in the third This experience has been a distingui- It includes a series of modules called “Camps,” focused on learning by doing. curtailing the bribery of public offi cials, quarter of 2014, with the goal of reaching shing feature of the INCAE MBA for more Examples of these are the Entrepreneurship Camp and the Leadership and for the Ministry of Justice of Costa Rica; a larger public through an attractive and than 20 years, contributing to the edu- Interpersonal Skills Camp. In addition, it is one of the only programs in the world and the signing of a partnership between user-friendly platform. cation of our students while at the same that implements a transversal component of co-curricular subjects that help prepare the Offi ce of the Vice President of Costa time creating value for the companies students for success in the business world. Rica and INCAE’s (MBA Unit and career and organisations. Working with compa- services department), to collaborate on nies of different sizes, in various sectors Photo Career Fair CHANGE AGENTS CHANGE AGENTS

12 accross Latin America, teams evaluate des support, particularly on methodolo- dings to the organisation’s management Development Bank, Banesco S.A., BASF job offers. Exchange students came from 12 13 specifi c opportunities, needs and issues gical and academic aspects. This year, team. On the basis of these reports, they of Costa Rica S.A., Calox - Gold Mills, schools in Europe and the United States, relating to strategy, fi nance, operations, the team of MCP professors from the are given evaluations of High Pass, Pass Capital Financial Advisors, Casa Pellas, 2014 JOINT DEGREE AND EXCHANGE while 29 INCAE students traveled to 13 human resources, marketing, sustaina- Francisco de Sola Campus included or Low Pass. A First Prize is awarded to Cervecería Nacional /SAB Miller, Citi, Co- PROGRAMS partner schools, including Bocconi, Ke- bility, technology and innovation. Arnoldo Rodríguez, Roberto Mendoza, the most outstanding work from those re- ca-Cola FEMSA, Cofersa, Compañía de llogg, Duke and the University of Texas at Felipe Pérez and Luis Noel Alfaro. Pro- ceiving a High Pass, along with recogni- Galletas Pozuelo DCR, S.A., Conectivi- In 2014, INCAE and the University of St. Austin. Finally, INCAE and ESCP-Europe In 2014, MCPs were carried out in: fessors from the Walter Kissling Gam tion of the runner-up team. dad Laboral, Contratación Selectiva, De- Gallen exchanged their fi rst joint degree signed a cooperation agreement that will Campus providing guidance included loitte, Disagro, Distribuidora Maravilla, candidates; one Costa Rican student begin in 2015, which will include stu- • Volaris, Mexico Juan Carlos Barahona, Michael Metzger, DO Gestión de Talento, ECADE, Gildan, from INCAE headed to St. Gallen and two dent exchanges and joint research pro- Bernard Killian, Francisco Leguizamón, • Grupo MTM-Italian Motors, CBC, Im- Grainger, Grupo Alucom, Grupo LAFISE, students from St. Gallen—one Austrian grams, especially on SMEs. Arnoldo Rodríguez, Felipe Pérez and Ar- CAREER FAIR perial Textile, Guatemala Grupo Melo, Grupo Monge, Grupo Ro- and one German—joined INCAE’s 2015 noldo Camacho. Tutors help students to • Saram, El Salvador ble, Grupo SER, GTM, H. Solís, Henkel MBA program. Also, through the Partner- come up with and specify their propo- The Career Services Department orga- • Grupo LAFISE, Honduras, Nicaragua Costa Rica, Human Capital - HR Consul- ship in International Management (PIM) sals, and also supervise the development nizes the Career Fair, providing com- and Costa Rica tants, Janssen, Kimberly-Clark, L’Oréal network, INCAE sent and received stu- of the project through two fi eld visits. The panies with suitable spaces for meeting • MEDITEC, Habitat for Humanity, Central America, Maersk Costa Rica S.A, dents from prestigious member schools fi rst takes place in the third week of the and interviewing students who are due BAC Credomatic, Holcim, Cenecoop, Manpower, Medcom, Microsoft, MRI Ne- for the fi rst time, specifi cally the Norwe- consultancy, to verify that students have to graduate from the MBA program a ew Purdy Motors, the Stock Market and twork Caricam, Multivex, Nestlé, Platino gian School of Economics (NHH) and completed the diagnostic process and months later. In 2014, more than 50 bu- Cathay Bank, Costa Rica Executive Search/AYDESA, PMI, Procter have identifi ed alternatives; the second the Catholic University of Louvain (UCL) sinesses took part in the fair. & Gamble, Pronaca, PwC, Quala Cen- • Ingenio Grupo SER y Banesco, Pa- visit is made in the seventh week, to in- in Belgium. In addition, as members of tral America, Roche Servicios S.A., Sco- nama sure that the alternatives have been eva- the Global Network of Advanced Mana- Participating companies made presen- tiabank, Search, St. Georges Bank, Tec • PROMESA, RIPCONCIV, INDURAMA luated and that preliminary draft propo- gement, 20 INCAE students participated tations, conducted personal interviews, Talent S.A., Tecoloco, Telefónica Costa y Metrokia, Ecuador sals have been developed. in courses of the Global Network Weeks, evaluated candidates and exhibited their Rica, TIMS International, Top Manage- • MARCIMEX, Ecuador and Peru traveling for one week to schools around products. ment of Central America, S.A, Unilever, At the end of the process, the teams of the world, including the Yale SOM, IE, • Metrokia, Minera Cerrajón and SU- UNO, Volio y Trejos and Western Union. PPLA, Colombia. student consultants hand in written re- Companies included: Action COACH, EGADE, PUC and others, taking courses ports with specifi c recommendations alongside students from other network Amazon, BAC Credomatic Network, Ban- INCAE also organized a Virtual Fair in and a detailed implementation plan to universities, including HEC, Hitotsubas- During the MCP process, each group co Davivienda, Banco de América Cen- the second semester of 2014 in which each company, and present their fi n- hi, HKUST, FGV, Renmin, AIM. works with a professor/tutor who provi- tral, Banco Industrial, Inter-American 25 companies took part, leading to 105 14.800 OUR CLASSES OF 2014 professionals are part of the INCAE CHANGE AGENTS graduate network located in 56 CHANGE AGENTS countries around the world EMBA X PERU 2014 MBA COSTA RICA 2014 MBA NICARAGUA 2014 GLOBAL EMBA February 28, 2014 May 23, 2014 May 30, 2014 November 7, 2014 Costa Rica Costa Rica Nicaragua Nicaragua

43 students 107 students 69 students 86 students 14 7000 15 are MBA graduates 3 nationalities 16 nationalities 9 nationalities 15 nationalities 23% women 43% women 39% women 23% women

KEYNOTE SPEAKER KEYNOTE SPEAKER KEYNOTE SPEAKER KEYNOTE SPEAKER 85% Dr. Arturo Condo Tamayo Mr. Marcos Andrés Antil Mr. Oscar Montealegre Mr. Francisco R. R. De Sola OUR GRADUATES of graduates maintain direct

More than 14,800 professionals are part of the INCAE graduate network, located in contact with INCAE 56 countries around the world and stregthening INCAE’s mission. MAGNA CUM LAUDE GRADUATES MAGNA CUM LAUDE GRADUATES MAGNA CUM LAUDE GRADUATES MAGNA CUM LAUDE GRADUATES Carlos Jose Mujica Nuñez María Alejandra Hernández Marlene López Bonilla Miguel Alfonso Castillo Devoto INCAE maintains direct contact with 85% of its graduates—the managers, directors 81 events Giuliana Gina Guazzotti Couto Paula Robert Kissling Marcelo Fernando Ticona Gonzales Josef Sauter Atmetlla and presidents of important companies in the region—who are leaders in the develo- with a record attendance of more Pablo Roberto Paniagua Soto Julio Alberto Espinoza Obregón Antonio José Yglesias Fischel pment of their countries. More than 2,000 of them support their alma mater through than 4,500 Incaistas CUM LAUDE GRADUATES Juan Manuel Rogel Muñoz Danilo José Soto González generous donations. In 2014, the fi rst “Incaista” network campaign supporting MBA Jorge Eliécer Casas Delgado Marita Caillaux Araujo candidates was launched, called “I believe in them,” generating fi nancial support Zumi Susan Kelly Salinas Santiago Oller Franco CUM LAUDE GRADUATES CUM LAUDE GRADUATES that allowed two talented young people to enroll in the MBA program that began in Luis Ronny Ramirez Tafur Ruslan Leonid Herrera Firayner Renzo Alberto Didier Jeremias Quin- February 2014 at the Francisco de Sola Campus. This new initiative received dona- 8 class Rosanyela Vanessa Linares Alva CUM LAUDE GRADUATES Nicolás Angel Havai Neira tanilla tions from 72 INCAE graduates. Guillermo Alfonso Berastain Mateo Federico Carvajal Montero Isidro Fernández Calderón Sabina Isabel Rios Reyes reunions Américo Bugner Luna Valdeiglesias Mark Anthony Molina Sauma Claudia Esther Padilla Laínez Marco Antonio Platero Saravia 81 events were organized with a record attendance of more than 4,500 Incaistas. Ei- were held on our campuses, bringing Darwin Eliseo Alvarez Asturias Erich Kurt Plate García Malena Monique Donas De Beausset ght class reunions were held on our campuses, bringing alumni together to celebrate alumni together to celebrate this Sofía Vargas Solís Tomás Artiñano García this important anniversary year. Update sessions were organized where they had a important anniversary year Jackeline Tapia Castillo Juan Francisco de Sola Criado chance to share information, make new connections and meet up with classmates. Alejandro Roblero Bogantes Eduardo Sorí González Manuel Antonio Samayoa De León Jorge Gutiérrez Gurdián María Fernanda Pérez Fernández 305 Juan Fernando Torres Alvarez completed the MBA program in 2014 OUR CLASSES OF 2014 Photos Photos 1. EMBA X Peru 3. Nicaragua MBA 2. Costa Rica MBA 4. Global EMBA CHANGE AGENTS CHANGE AGENTS

16 17 Photos Beltrán Macchi, Distinguished Graduate 2014 Yara Argueta, Distinguished Graduate Award of 2013 8th International Incaista Reunion CHANGE AGENTS CHANGE AGENTS

18 19

DISTINGUISHED GRADUATE During the 50th anniversary inaugural 8TH INTERNATIONAL INCAISTA REUNION “It is important to have a future vision of event in March, the Distinguished Gra- duate Award of 2013 was delivered to Since 2009, this award has recognized graduates for their professional and per- the world, so one of our key challenges The Incaista network reunion, organized by the Alumni Offi ce, was given a different Yara Argueta, CEO of the Grupo Solid sonal contributions, for maintaining a strong commitment to the INCAE values of is determining how we will integrate and design in 2014, being organized as a Forum of Presidents and Deans, coinciding of Guatemala, and MAEX XVII graduate leadership, ethics and social responsibility, and for actively promoting the deve- with the closing night of INCAE’s 50th Anniversary celebration at the Walter Kiss- collaborate in the face of new challenges (Class of 2005). lopment of their countries. and opportunities, and how we will work ling Gam Campus in Costa Rica. Incaistas met over two days, and fi ve MBA classes together to solve problems” Yara had the highest grade point avera- celebrated the anniversaries of their graduations, together with former presidents Beltran Macchi, MAE XX, Distinguished Graduate, 2014 ge of her class, which made her the va- and deans. Alumni took advantage of the latest information on economics, strategy, Beltrán Macchi ledictorian. She has also been a mem- fi nance, and health care initiatives offered by INCAE in collaboration with NYU and Beltran Macchi Salin, the president of Visión Banco SAECA in Paraguay, and MAE ber of the Central American Leadership Stanford. In addition, participants had the opportunity to talk with INCAE’s Rector XX graduate (Class of 1988) / PAG LI graduate (Class of 2001), was selected as Initiative (CALI) since 2009, and a mem- and learn about INCAE’s vision for the next 50 years. this year’s recipient of the Distinguished Graduate, 2014. ber of INCAE’s National Committee in Guatemala.

Visión Finanzas S.A. was created in 1992, and was the fi rst Paraguayan fi nancial In 1999, she began to work as the institution to include an institutional shareholder, Acción Investments. After 15 assistant to the president of Grupo years as a leader in the microfi nance market, it began to operate as a bank, Solid, a company that owns 82 La Paleta becoming Visión Banco S.A.E.C.A. “The First Microfi nance Bank of Paraguay.” stores in Honduras, El Salvador and Currently, with 20 years in the market, it has 90 branch offi ces distributed Guatemala, and is producer of various throughout Paraguay, some 400,000 clients and 2,000 employees. paint brands. Little by little, due to her exceptional work, commitment and leadership, she rose through the ranks and was named executive president of Grupo Solid in 2005, at the age of 28. OUR FACULTY OUR OUR FACULTY FACULTY Througout 2014, in the midst of INCAE’s 50th anniversary celebrations, our faculty proved 20 Enrique Ogliastri 21 International Excellence its world-class quality with important international achievements. Some of the most outs- tanding are highlighted below:

Professor Enrique Ogliastri was honored with the “Lifetime Works Award” at the annual meeting of the Colombian Association of Business Schools (ASCOLFA, for its Spanish acronym), for his work as a professor in the Colombian doctoral training process. This recognition is awarded by the Doctorate in Business Administration and Management Network (REDAC, for its Spanish acronym), which brings together doctoral programs from the universities of Los Andes, Eafi t, Ex- ternado, Nacional, Del Norte, Rosario and Del Valle.

Professor Luciano Ciravegna’s new book, “Operating in Emerging Markets: A Guide to Mana- Luciano Ciravegna gement and Strategy in the New International Economy”, was published by the Financial Times Press, Pearson. The book explores strategic tools suitable for emerging markets. These are not developed on the basis of models conceptualized in Europe or the United States, but rather the practices of businesspeople and managers who are overcoming diffi culties every day, and achie- ving success in emerging markets.

In October, Professor German Fernando Retana took part in the “Conference on Digital Expe- rimentation” organized by the Massachusetts Institute of Technology (CODE@MIT) and in the “Conference on Information Systems and Technology” (CIST 2014) in November in San Francis- co, organized by the Information Systems Society of INFORMS, linked with the Journal on Infor- mation Systems Research. At both conferences, he presented his research on “Proactive Cus- Germán Fernando Retana tomer Education, Customer Retention, and Demand for Technology Support: Evidence from a Field Experiment”, a fi eld experiment that demonstrates how to invest in educating clients when they begin to use technological services, and how cloud infrastructure can signifi cantly improve client retention. Felipe Pérez Pineda OUR FACULTY OUR FACULTY

Professor Felipe Pérez Pineda and Carlos Martínez, research 22 Mayid, Sauma; Raventos Vorst, Pedro Montoya Camacho, Daniel; Insead; Steve Aronson Chair on Strate- 23. Proyecto País: Looking Toward the Future 23 assistant at INCAE, won special mention for their case, “Heal- gy and Agribusiness; Brenes, Esteban R; Chattopadhyay, Amitava Sauma Ruiz, Mayid Antonio; Social and Philanthropic Invest-

thy City: Fostering Entrepreneurship at the Base of the Pyramid. 6. Centro de Salud Integral Zoe ment Program; Sanz, Luis J. Research Center; Martinez Romero, Carlos Roberto; Sorto, Mar- 14. Hospital Metropolitano Vivian Pellas, 2014 A Peruvian Experience” at the 2014 NextBillion Case Writing tha Celeste; Selva Tapia, Guillermo; Ketelhohn, Niels Research Center; Martinez Romero, Carlos Roberto; Ketelhohn, Competition that took place in April. This is the fourth edition of 24. Quetsol: Energy and Development Niels Blanco, Juan Pablo; Perez Pineda, Felipe; Majano Guerrero, the NextBillion Case Writing Competition, which recognizes and 7. Centrolac: Transforming Nicaragua’s Milk Industry Ana Maria publishes the best written case studies on business strategies Research Center; Martinez Romero, Carlos Roberto; Pichardo 15. Hospital San Juan de Dios aimed at poverty reduction. Aguilar, Caleb Andres; Brenes, Esteban R. Research Center; Martinez Romero, Carlos Roberto; Ketelhohn, 25. Sistema Ser: Expanding a private health system at the

Niels base of the pyramid 8. GC Corporation Research Center; Prado Barboza, Andrea; Jager, Urs; Bucher, Brenes, Esteban R; Steve Aronson Chair on Strategy and Agri- 16. The Costa Rican Health Services Network in 2014 business; Segura Diaz, Melina; Pichardo Aguilar, Caleb Andres Silke; Center for Knowledge Exchange, a Project of Viva Trust Research Center; Rincan, Evelin; Ketelhohn, Niels NEW CASES 26. Sonidos de la Tierra (Sdt): Challenges to Replicating a 9. Edesa 17. Malogistics Y Molinosa Research Center; Alfaro, Ana Lucia; Rincan, Evelin; Alfaro Gra- Social Business Model Our faculty published 29 new cases in 2014: Lopez Grazioso, Luis Eduardo majo, Luis Noel Research Center; Cardoza, Guillermo; Jager, Urs; Rincan, Eve- 1. Agropecuaria Montelibano in 2010 18. Negociacion Green-Aid-Remagen (A) lin; Cardoza, Guillermo; Jager, Urs 10. Edifi ca Molina-Navarro, German E; Steve Aronson Chair on Strategy Perez Pineda, Felipe and Agribusiness; Segura Diaz, Melina; Brenes, Esteban R. Research Center; Rincan, Evelin; Alfaro Gramajo, Luis Noel 27. Sumaq Machu Picchu Hotel 19. Negociacion Green-Aid-Remagen (B) Sequeira, Carlos Guillermo; Garcia-Rada, Ximena 11. Financiera Mikrocredit (A): Key Variables and Valuation 2. Banco Avancemos Perez Pineda, Felipe Research Center; Martinez Romero, Carlos Roberto; Alfaro Gra- Multiples 28. Tactical Asset Allocation: Using the Fed Model Research Center; Martinez Romero, Carlos Roberto; Alfaro Gra- majo, Luis Noel 20. Paul W. Smith Company Mayid, Sauma; Raventos Vorst, Pedro majo, Luis Noel Martinez Romero, Carlos Roberto; Marin Ximenez, Jose Nicolas 3. Banco de Desarrollo Integral 29. The British Connection: A Ransom Negotiation 12. Financiera Mikrocredit (B): Discounted Cash Flow Valua- Research Center; Martinez Romero, Carlos Roberto; Alfaro Gra- 21. Capacity planning in the Hospital Metropolitano Vivian Ogliastri Uribe, Enrique tion majo, Luis Noel Pellas, 2013 Research Center; Martinez Romero, Carlos Roberto; Alfaro Gra- Research Center; Martinez Romero, Carlos Roberto; Perez Pine- 4. Best Brands majo, Luis Noel da, Felipe; Ketelhohn, Niels Exprua, Jose A; Lesizza, Mateo

13. Grupo Britt N.V.: Should it seek to expand business in 22. Tierra Fertil: Global Direct Supply Program 5. Capital Market Assumptions at Arpm the US? Leguizamon Rodriguez, Francisco A; Santos, Manuel ACADEMIC ALLIANCES ACADEMIC ACADEMIC ALLIANCES ALLIANCES INCAE COLLABORATES WITH GEORGETOWN UNIVERSITY In 2014, the INCAE’s Executive Education Center ran a joint programme with Georgetown Univer- 24 25 Our main allies in a global sity; the Hospital and Health Care Management Program. In addition, the two schools started the Staff Exchange Program, an initiative for the sharing of best practices. The objective is for both context schools to learn from each other’s strengths, and to work together to expand opportunities to co- llaborate on Executive Education programs.

ESCP EUROPE, LONDON CAMPUS INCAE ESTABLISHES PARTNERSHIP WITH ESCP EUROPE

ESCP Europe and INCAE signed a memorandum of understanding in December, which formalizes this partnership that will include student exchanges and joint research with CERALE, ESCP Euro- pe’s research center on Latin American studies. One main focus is research on the internationa- lization of SMEs, a project that will involve INCAE students and businesses from the region. The schools intend to sign an agreement to launch a joint degree program in 2015.

STERN SCHOOL OF BUSINESS OF NEW YORK UNIVERSITY (NYU)

Eighteen students from NYU school took part in the program, “Doing Business in Costa Rica: Sus- tainable Business in Latin America”. The objective of the program was to familiarize the students with good sustainable business practices in Latin America’s emerging markets. Michael Metzger was the program’s academic director, and courses were taught by professors Francisco de Paula Gutiérrez, Lawrence Pratt, María Elena Carballo and Ana María Majano. Photos The University of Michigan’s Ross School of Business The University of Minnesota’s Carlson School of Management ACADEMIC ALLIANCES THE UNIVERSITY OF MICHIGAN’S ROSS SCHOOL GLOBAL NETWORK OF ADVANCED MANAGEMENT ACADEMIC ALLIANCES OF BUSINESS Nineteen students from the 2014 MBA program at both campu- Twenty-nine students from Ross School of Buisness participated ses participated in one-week courses at member schools of the 26 27 in a program on Sustainable Development in Latin America. For Global Network of Advanced Management. INCAE students visi- the eighth year, this institution chose INCAE for its undergraduate ted schools such as Yale, EGADE, the Instituto de Empresa, and training. The program’s academic director was Professor Michael the Getulio Vargas Foundation and the Pontifi cate Catholic Uni- Metzger and courses were taught by professors María Elena Car- versity of Chile, where they took classes and shared experiences ballo, Ana María Majano, Alberto Trejos, Lawrence Pratt, Bernard with students from other member schools, including HEC, the Kilian and Esteban Brenes. Students also explored the role of ci- Asian Institute of Management, HKUST, the University of Cape vil society in integrating marginalized communities, through com- Town, Hitotsubashi and Koc University. INCAE also received stu- munity work in the La Carpio neighborhood, through the Costa dents from some of these schools, who took part in the cour- Rican Humanitarian Foundation. se, “Doing Business in Latin America: The Competitiveness and Sustainability Challenge”. As students at a member school of THE UNIVERSITY OF MINNESOTA’S CARLSON the Global Network of Advanced Management, INCAE students now have the option of studying Yale’s Master of Advanced Ma- SCHOOL OF MANAGEMENT nagement (MAM) during the second year of their MBA program (joint degree), or within fi ve years of graduating. Twenty Carlson students joined the English section of the MBA calss of 2015 ro take part in an INCAE seminar on sustainability, in which they analyzed ways to confront the world’s environmental challenges and opportunities from a business perspective. Stu- dents also learned about the complexities of creating businesses based on sustainable models. The seminar is aimed at exploring current trends in the areas of environmental policies and business strategies. STATISTICS #4 in the world for Internatio- CORPORATE PARTNERS CORPORATE CORPORATE PARTNERS CORPORATE nal Participants, 2014 PARTNERS EXECUTIVE EDUCATION Financial Times ranking 28 The Executive Education unit aims to help Latin American executives and leaders take a global 29 Involved in the same effort perspective and keep up-to-date on the region’s needs. Such commitment requires a constant #7 and commitment evaluation of the needs of the market and the design and creation of programs that meet these in the world for Internatio- needs. The Executive Education unity works closely with faculty and clients at all stages of pro- nal Clients, 2014 gram development, execution and follow up. Financial Times ranking DIVERSITY 5.318 executives from 27 More than 5,000 executives from 27 countries took part in our programs in 2014, and over 40% of the participants in open programs were women. countries took part in our programs in 2014 ORGANIZATIONAL CHANGE AND INNOVATION IN CONTENT AND 40% METHODOLOGIES of the participants in open programs were Since INCAE impacts the whole of Latin America, ee have set up a new Business Strategy and Intelligence unit to determine priority markets, taking into consideration the performance and women needs of each country.

In addition, the Pedagogical Development and Innovation Committee, the only one of its kind 175.000 made up of faculty members, has been instrumental in supervising the pedagogical innovation executives trained and the academic quality of Executive Education programs, applying innovative adult learning methodologies. Photos President’s Club Senior Executive Program - SEP CORPORATE PARTNERS CORPORATE CORPORATE PARTNERS CORPORATE

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OUR PORTFOLIO a turnover of more than US$5 million annually. Vice-presidents Senior Executive Program-SEP and general managers of multinational companies that oversee This is one of the newest and innovative additions to the portfolio The program is designed for high-ranking executives who hold budgets larger US$10 million may also be considered for mem- of executive programs. This program focuses on business grow- positions of responsibility within their organizations. Participants OPEN PROGRAMS bership. th through entering new markets and introducing high value ad- typically include company presidents, CEOs, entrepreneurs and INCAE is included among the Top 45 Executive Education Bu- ded products and services. board members from companies seeking new investment and siness schools according to the prestigious Financial Times ran- growth opportunities. Other program candidates include vi- king. Some of the things that make INCAE’s Open Executive The SEP is divided into two modules, one held in Costa Rica ce-presidents, general managers, directors of operations, and Education Programs different are the highly experienced and in July, and the other in Boston in September. These meetings potential succesors of family businesses. diverse faculty, and the way the programmes tackle key Latin “On a professional level, I’ve expanded my network in Central Ame- allow interaction with some of the world’s leading experts in in- American issues from a global perspective. rica to include very valuable contacts, people with lots of responsibi- novation, competitiveness and diversifi cation of investment por- tfolios. lity in their companies who, above all, are committed to working and Presidents’ Club improving Central America’s competitiveness and differentiation. The The fi rst eddition of the Presidents’ Club was held in 2014 at the During the Boston module, participants exchange ideas about experience raised a lot of questions for me that I need to organize Mukul Resort in Nicaragua. The next editions will take place in innovation and business growth with world renowned experts “The experience of interacting with people from different countries— and work on, in order to present proposals within my company. It also in this case 10 nationalities here in the program—has been exceptio- each of INCAE’s six member countries. such as Ken Morse, founding director of the MIT Entrepreneurs- reinforced my commitment to leading my colleagues in transformation nal, and has provided very interesting feedback. The issues aren’t just hip Center, and Alex “Sandy” Pentland, one of the world’s seven dealt with on a regional level, but we begin to understand them in a processes that are within our reach as businesspeople”. This is a high-profi le annual meeting in which business leaders most important data analysts. Participants visit the MIT Media more global way. In today’s borderless world, this is very important”. from the region seek solutions to the most signifi cant develop- Lab and the Harvard Faculty Club, receiving classes from ex- Alberto Hoyos Lopera ment problems facing Latin America, along side with world-class Francisco Maldonado President, Negocio Galletas perts affi liated with these two universities. experts. Mexico Vice-President, Strategic Northern Region General Director and Shareholder Grupo Nutresa As part of the program, sessions are held at Route 128, the Financiera Uno Members of the Presidents’ Club include entrepreneurs, com- Participant in the Presidents Club prestigious high-tech think tank, where they exchange ideas Participant in the Senior Executive Program pany presidents, CEOs, and board members who lead compa- with exceptional business leaders and identify new expansion nies, in Latin America, the United States and Spain, that have opportunities for their businesses. Photos Women’s Executive Leadership Program Advanced Management of High-Performance Teams Women’s Executive Leadership Program-WELP Advanced Management of High Performance Teams Women Executive Leadership Programme prepares partici- This eminently practical program helps participants to deve- pants to understand key aspects of high performance team lea- lop leadership skills and increase team performance, through CORPORATE PARTNERS CORPORATE CORPORATE PARTNERS CORPORATE dership, offering great networking opportunities and teaching creating a culture of achievement in their organizations. women to use their feminine strengths such as persuasion and empathy to the maximum. Participants include company directors, executives and mana- gers who are in a position to have an impact on their entire or- 32 The WELP is designed for women who have the potential to oc- 33 ganization. The participation of teams and individuals from the cupy senior management positions in an organization. The par- same organization is encouraged, to maximize the businesses’ ticipants include vice-presidents, general managers, business benefi t from the program. unit directors, regional directors, entrepreneurs and directors of non-profi t organizations, as well as potential succesors of fami- ly businesses. Women who are currently company presidents, CEOs and board members can benefi t from this program and enrich their experience through networking opportunities and knowledge on personal branding, infl uence and persuasion. “Knowing and identifying my own strengths and ways of thinking is the fi rst step in being able to play a key role in the working groups I The second edition of this program was held in 2014 in Miami, am a part of. Also, the knowledge I’ve acquired helps me to identify along with an exclusive professional training session for partici- my colleagues’ ways of thinking, allowing me to adapt my communica- pants of the 2013 program. tion style to each one of them, making it more natural and fl uid”.

Evangelina Avendaño Costa Rica CFO Ernest Young, Central America and the Dominican Republic Participant in Advanced Management of High-Performance Teams “This program helped me to reduce the business challenges to its escencial points, to make executive decisions, and more importantly, to accept the fact that these decisions can or cannot be the correct ones. This is something that needs to be understood and that I have present every day in my job and in my personal life”.

Diana Faraj-Larach Honduras President Diunsa Foundation and CSR DIUNSA Women’s Executive Leadership Program Participant CORPORATE PARTNERS CORPORATE CORPORATE PARTNERS CORPORATE

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GLOBAL EMBA CUSTOM PROGRAMS FIRST ONLINE EXECUTIVE EDUCATION PORTAL “I had set up my own business two years IN LATIN AMERICA This is a program for entrepreneurs and executives who have at least 5 years experien- INCAE works hard to develop solutions to the training needs of ago. After running it and learning as I went, ce in positions of responsibility, who aim to get results for their companies and grow the region’s businesses. Through investing in training leaders, On its 50th anniversary, INCAE Business School presented I realized that I did not have the technical professionally. The main focus of the program is strategic growth and innovation. organistations are better able to addres future opportunities the fi rst Online Executive Education portal in Latin America. knowledge I needed to be able to do my and challenges. In 2014, INCAE ran more than 40 customized This institution continues to innovate, providing regional programs for Latin American and Multi-Latino companies. The This is the only Executive MBA program that efocuses in depth on the Americas, wi- work, specifi cally in the areas of fi nance, ac- leaders with the modern tools they need to improve deci- school’s focus on being a training partner of companies in the thout losing sight of the latest management and business trends around the world. sion-making without having to leave their homes or offi ces. counting and operations. When I started the region has helped develop long-term professional training plans INCAE program, I thought it would give me with important Multi-Latino companies. The structure of the program is also very distinctive. Participants in the Global EMBA strong training in these areas. However, the INCAE ExEd Online will allow participants to keep themsel- attend intensive one-week classes every month, over a period of 14 months. The rest ves up-to-date with training from the best professors in La- INCAE experience goes way beyond technical Key areas of impact include: of the time, they put their knowledge to work in their organizations, allowing them to tin America who hold doctorates from the most prestigious knowledge. It has been an experience about get results almost immediately. More than half of the Global EMBA sessions take place » Competitiveness, Strategy and Innovation universities in the United States and Europe, including Har- in off-campus locations, enabling participants to become familiar with the models and life. INCAE’s infl uence goes much further vard, Wharton, Oxford and the Sorbonne. Areas covered re- » Development of Leadership and Management Skills in line dynamics of emerging markets and developed nations. than Master’s degrees and teaching. Here, late to management, leadership, sustainable development, with client companies’ strategy and leadership they are creating the next generation of Latin strategy, innovation and creativity, sales and marketing, hu- » Organizational Alignment and Strategy Implementation American leaders”. man resources, etc. INCAE has redesigned its Global Executive MBA to include models in Europe and Asia, » Management of Service Companies as well as in North, South and Central America. Our Dean of Executive Education, Dr. » Management of Consulting Firms “This new initiative refl ects the transformation that INCAE’s Camelia Ilie, decribes it as “the best of both worlds: a strong focus on Latin American Harold Maduro » Management of Public Administration executive programs are undergoing, as well as 50 years of growth, with a global vision.” experience of an institution focused on ongoing excellen- Panama » Women in Leadership Businessman ce, innovation and improvement”, affi rmed Arturo Condo, Graduate of the Global Executive MBA Rector of INCAE. 2014 OPEN PROGRAMS 2014 CUSTOM PROGRAMS CORPORATE PARTNERS CORPORATE CORPORATE PARTNERS CORPORATE

36 37 60 PROGRAMS AND PARTICIPANTS NATIONALITIES COUNTRY NUMBER OF PROGRAMS DAYS PARTICIPANTES programs were organized PER COUNTRY 48 custom programs for local businesses and in 11 countries in 2014 COUNTRY PROGRAMS PARTICIPANTS NACIONALITY PARTICIPANTS COSTA RICA 26 83.25 775 multinationals were held in 2014. BOLIVIA 2 100 COSTA RICA 415 NICARAGUA 3 7 75 COLOMBIA 2 23 PERU 300 ECUADOR 2 7 63 2.200 COSTA RICA 19 1,042 EL SALVADOR 254 Among them are Adidas, executives trained ECUADOR 3 108 ECUADOR 220 BOLIVIA 3 11 168 Copa, P&G, Astrazeneca, in open programs EL SALVADOR 4 207 PANAMA 173 BRASIL 1 1 39 Novartis, and others. UNITED STATES 4 82 BOLIVIA 167 EL SALVADOR 2 4.75 1,867 GUATEMALA 3 66 GUATEMALA 151 They all found in INCAEa PERU 1 2 27 HONDURAS 3 70 NICARAGUA 142 strategic partner to stren- 30 NICARAGUA 9 185 HONDURAS 140 UNITED STATES 2 9.5 159 ghthen their executives’ participating PANAMA 8 231 COLOMBIA 93 PANAMA 5 33 298 managing skills. PERU 3 161 VENEZUELA 46 nationalities GUATEMALA 2 8 109 CHILE 39 Total 60 2,275 MEXICO 36 DOMINICAN REP. 1 0.5 300 DOMINICAN REP. 24 OTHERS 75 Total 48 167 3,880

Total 2,275

INCAE’S GLOBAL REACH INCAE’S INCAE’S GLOBAL REACH GLOBAL REACH 38 39 Business perspective with a global openness CENTRAL AMERICAN MULTI-SECTOR SEMINAR ON CITIZEN SECURITY

INCAE, together with its partner, the Woodrow Wilson International Center for Scholars, and with support from the United States Embassy in Costa Rica, USAID’s CARSI Program, and the World Bank, organized a Central American Multi-Sector Seminar on Citizen Security: “How can we Re- duce the Percentage of ‘neither-nors’ (young people neither have the opportunity to study nor work) in the Central American region?”

This meeting’s objective was to analyze, discuss and refelect on specifi c alternatives for solving the problem of the “neither-nors”, something which is directly and indirectly related to the violence and insecurity in the region. These meetings are intended to lead to the formulation of local-level proposals and strategies to improve regional security.

CATIE AND INCAE STUDY PROMOTES REAL AND INCLUSIVE AGRICULTURAL GROWTH

In May, the study “Evaluation of the Political, Socio-Economic and Environmental Climate for Developing a Inclusive, Green Growth Program in Productive Landscapes in Costa Rica,” was jointly implemented by teams from the Center for Agricultural and Tropical Research and Teaching (CATIE, for its Spanish acronym) and INCAE’s Latin American Center on Competitiveness and Sustainable Development (CLACDS, for its Spanish acronym), in collaboration with the World Bank.

The study was presented as part of a workshop organized by the World Bank in which representatives from Costa Rica’s governmental and non-governmental organizations took part. Raffaele Vignola, Director of CATIE’s Chair on Latin American Environmental Decisions for Global Change (CLADA), and Ana María Majano, Assistant Director of CLACDS (INCAE), presented the study. Photos Third Regional LEDS LAC Workshop in Chile Nespresso Sustainable MBA Challenge 2014 Leadership of a Great Woman: Elizabeth Odio Benito forum INCAE’S GLOBAL REACH INCAE’S GLOBAL REACH

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WORKSHOP FOR SOCIAL INCAE AMONG LEADING ORGANIZATIONS event included plenary sessions, group NESPRESSO SUSTAINABLE INCAE SHARES ITS EDUCATIONAL AND GENDER EQUITY ENTREPRENEURS AT THE THIRD REGIONAL LEDS LAC discussions, and in-depth meetings to ex- MBA CHALLENGE 2014 EMPLOYMENT EXPERIENCES WORKSHOP IN CHILE plore fundamental issues associated with At the forum “Leadership of a Great Wo- The Center for Knowledge Exchange (CIC, assisting countries in the region in the In October, the “Nespresso Sustainable The Youth Action Foundation organized man: Elizabeth Odio Benito, the legacy for its Spanish acronym) and INCAE’s La- More than 100 government offi cials, re- formulation and implementation of plans MBA Challenge 2014” was held in Lau- a forum entitled “Education and Employ- of her life,” the main topics discussed in- sanne, Switzerland. Nespresso organi- ment: generating inclusive economic de- tin American Center on Competitiveness presentatives of international organiza- and strategies that incorporate to clima- cluded the search for common ground in zed the event jointly with the Sustainable velopment,” in which the Vice President and Sustainable Development (CLACDS) tions and experts from non-governmen- the struggle for equality, the promotion te change considerations into their eco- Market Intelligence Center (CIMS, for its organized the “2014 Workshop for Social of Costa Rica, Ana Helena Chacón, took of female leadership, and the challenges tal organizations in the region met at the nomic and social development objectives. Spanish acronym) and INCAE. This year’s Entrepreneurs” at the Walter Kissling Gam part. Other participants included Yoriko women face when dealing overcoming headquarters of the Economic Commis- MBA student challenge was to come up Campus. The aim was to at help partici- Yasukawa, Resident Coordinator of the socital limits. sion for Latin America and the Caribbean with strategies to reduce greenhouse ga- pants to fi nalise their business strategies, UN in Costa Rica, Álvaro Carballo, Pre- (CEPAL, for its Spanish acronym) in San- ses in Nespresso’s value chain. sident of the El Coyol Free Trade Zone, and create a collaborative community with This conversation was part of a series tiago, Chile, to take part in the Third Wor- Jorge Vargas Cullell, Assistant Director of key milestones to support the implementa- of talks organized by INCAE Business This challenge was put out to more than the State of the Nation report, and Arturo tion of business plans following the event. kshop of the Regional Platform for Low School and the Unidas para Crecer 70 universities around the world, who’s Condo, Rector of INCAE. Emissions Development Strategies in La- students were invited to propose new ways Foundation, whose goal is to promo- A total of 69 people took part in the works- tin America and the Caribbean (LEDS to create value throughout the value chain, te women’s leadership, empowerment, Condo congratulated the organization for hop, including coaches and entrepreneu- LAC). The workshop’s central theme was from producers to end clients. The winning and equal opportunities. Elizabeth Odio the quality of its work, and emphasized “LEDS in Latin America and the Carib- team came from the Ross School of Busi- rs from 19 countries: Colombia, Argenti- society’s mission to seek equal opportu- was the main speaker, and the conversa- ness at the University of Michigan, United na, Costa Rica, Mexico, Chile, Paraguay, bean: From planning to implementation.” nities for our youth. He also stressed the tion was moderated by Alexandra Kiss- States, with their proposal “1 for 1 Cam- Guatemala, El Salvador, Brazil, Nicaragua, importance of decentralized specializa- ling, president of the Unidas para Crecer paign”. This campaign includes a series of Ecuador, Peru, Honduras, France, the Phi- Ana María Majano, Assistant Director of tion and of adding value to the productive Foundation, and Arturo Condo, Rector of creative ideas aimed at reducing carbon lippines, the United States, Spain and Bo- INCAE. CLACDS/INCAE and coordinator of the emissions and compensating these reduc- model; in other words, supporting com- livia. LEDS LAC secretariat attended. The tions panies that utilize talent that seeks to im- prove both businesses and their workers.

50TH ANNIVERSARY 50th 50TH ANNIVERSARY ANIVERSARY CELEBRATORY EVENTS 42 1964-2014 43 50 years of success This past year was a very special one for INCAE, having reached its fi rst 50 years. It is no longer a project, but rather a solid institution that has impacted the region’s development, with its knowledge, experiences, and above all, its graduates.

The school organized a yearlong celebration, recognizing the work of its graduates and the support of different partners who have contributed to the school’s development and have left their mark on “We hope that all our guests at the region. this Latin American celebration

The celebration activities brought together thousands of graduates, founders, entrepreneurs, part- in each of their countries share ners, government authorities, embassy representatives, cooperation agencies, collaborators and a sense of belonging to an others from the INCAE family. A total of ten events were organized in seven countries in Latin Ame- institution that more than rica and the United States. training professionals, transforms them into leaders NICARAGUA who question the status quo, The celebrations began on March 6th in Nicaragua, with an inaugural event that brought toge- ther more than 600 guests from Nicaragua and the region, who gathered at the Francisco de Sola and are willing to change it. Campus to celebrate and recognize INCAE’s role during these fi rst 50 years, and the role of lea- INCAE transforms people to ders who have made great contributions to this institution over 5 decades. The founders recogni- transform Latin America” zed during this celebration included Francisco de Sola, John Ickis, Roger Quant Palaviccinni and Francisco Leguizamón. Those who were recognized for generating a revolution in thinking and in Arturo Condo connecting INCAE with the world included: the late Marc Lindenberg, Walter Kissling Gam and Brizio Biondi-Morra. In addition, Carlos Pellas was recognized for his unparalleled role in stren- gthening INCAE for the next 50 years, along with Juan Bautista Sacasa, the current president of the National Committee in Nicaragua, who has contributed to INCAE for more than 3 decades. Finally, INCAE Rector Arturo Condo, and the President of the Board of Directors and former IN- CAE Rector, Roberto Artavia, awarded the Doctorate Honoris Causa and Masters Honoris Causa in Business Administration to Danilo Lacayo Rappaccioli. CELEBRATORY EVENTS 50TH ANNIVERSARY PERU more than a decade. A forum titled “Challenges to competing in in the history of INCAE, since its inception. It was an extremely in attendance. During the evening, various individuals conside- 50TH ANNIVERSARY a globalized world” was also organized, moderated by President emotional event, fi lled with history and inspiration for all of those red stalwarts in this institution’s history were honored, including The second celebration took place on April 24th in Lima, Peru. of the Board of Directors and former INCAE Rector, Roberto Ar- present, those honored, their families, and the Harvard-INCAE three of INCAE’s founders: Francisco de Sola, Rodolfo Jiménez This celebration included the launch of the new version of the tavia, with fi ve panelists from the region: Diego Pulido, María relationship. and Walter Kissling Gam; two former presidents of the Costa Ri- Global Executive MBA, which includes 4 modules in Lima. Du- Eugenia Brizuela de Ávila, Camilo Atala, Ernesto Castegnaro and 44 ring the celebration, various founders and graduates of the fi rst can National Committee: Otto Castro and Armando González; 45 Alberto Alemán. INCAE Master’s degrees were honored: Miguel Caillaux Zazzali, ECUADOR two members of the Board of Directors: Danilo Siekavizza and Xavier Argüello; four presidents: Harry Strachan, the late Marc MAE VII of 1975; Vitaliano Manrique Sipan, MAE VI of 1974; EL SALVADOR More than 400 guests witnessed the seventh celebration of IN- Guillermo Arturo Meza Vélez, MAE III of 1971; and Jorge Villa- Lindenberg, Brizio Biondi-Morra and Roberto Artavia; three key CAE’s 50th anniversary in the city of Guayaquil, Ecuador. During ran Rodrigo, MAE VII of 1975. On September 25th, the fi fth celebration was held, this time in allies: Stephan Schmidheiny, Carlos Pellas and Stanley Mo- the ceremony, special recognition was given to the late Marcel the city of San Salvador, El Salvador, with more than 300 guests. tta; and one faculty member, Professor Nicolás Marín. A clip Laniado, who had the vision of connecting INCAE with young PANAMA The event commemorated the unconditional support of a group from the documentary “The INCAE Challenge” which identifi es Ecuadorian leaders, providing scholarships and fi nancial aid. of Salvadoran leaders to INCAE’s development: the De Sola and a number of Incaistas who exemplify INCAE’s impact in Latin The third 50th Anniversary celebration was held on June 10th Poma families, Ricardo Castaneda, Edwin Sagrera, Moisés Cas- Through his efforts, Ecuador became the only INCAE member in Panama City, Panama. Many outstanding Panamanians were American society, was also presented. tro Maceda, Roberto Murray, Rafael Castellanos, Mabel Orellana country outside of Central America. A special recognition was honored at this activity, such as Joaquín José Vallarino Jr., gra- de Serarols, and Maria Eugenia Brizuela de Ávila. INCAE Rector, also offered by Francisco Arosemena, exiting President of the duate of PAG I and the fi rst president of the National Committee, The last event was a celebration with INCAE faculty members Arturo Condo, awarded special recognition to Alejandro Poma, Ecuadorian National Committee, to President Arturo Condo, for the late Vicente Pascual Barquero, Alberto Alemán, the Motta and executives, the grand fi nale of the 50th anniversary. A din- President of INCAE’s National Committee in El Salvador, for his his leadership role in attaining worldwide prestige for INCAE. Family—the late Alberto and Roberto Motta Cardoze and the ner was held at the campus in Costa Rica on December 12th, leadership in organizing this celebratory event in his country. family’s next generation, represented by Roberto Motta Jr. and where INCAE’s academic bastions—those who have made this Three more activities were organized to conclude the celebra- Stanley Motta—and Diego Herrera, the current president of the institution what it is—were duly recognized. Special thanks were UNITED STATES tion. National Committee. given to Carlos Sequeira, Enrique Ogliastri, Francisco Leguiza- The sixth celebration was a small ceremony at Harvard Business món, Guillermo Selva, John Ickis, Julio Sergio Ramirez, Roberto A gala dinner was held at the Hotel Real Intercontinental in Ma- GUATEMALA School in Boston, USA, on October 29th. Rector Condo deli- Mendoza, Thomas Bloch and Nicolás Marín. vered awards to three individuals who played a key role in the nagua, Nicaragua on November 13th, where INCAE’s major be- The fourth celebration, and unquestionably the grandest event institution’s history: Harry Strachan, George C. Lodge and Ray nefactors celebrated INCAE’s 50th anniversary. after the inaugural celebration, was held on August 7th in Anti-

gua, Guatemala, commemorating the exact place and date whe- Goldberg. In addition, Harvard Business School received special recognition (delivered to Dean Nitin Nohria) for its historical le- re INCAE’s founding act was signed 50 years earlier. The Natio- COSTA RICA nal Committee of Guatemala did an excellent job drawing more gacy in founding the school and providing its support during the than 700 guests to this magnifi cent ceremony in which Juan past 50 years. Roberto Artavia, President of the Board of Direc- Then, on November 20th, the 50th anniversary celebration rea- Maegli, Rodolfo Paiz, and Richard Aitkenhead were honored, tors, also awarded the special distinction of Doctor Honoris Cau- ched new levels at an emotional event organized in Costa Rica and special recognition was given to Danilo Siekavizza for his sa to professor Wickham Skinner, for his unparalleled infl uence at the Walter Kissling Gam Campus, with more than 900 guests many contributions as president of the National Committee for Photos Photos CELEBRATORY EVENTS Special recognition to Alejandro Poma, President of INCAE’s National Committee in El Salvador CELEBRATORY EVENTS 50th Anniversary in Harvard Business School, United States 50th Anniversary in Ecuador Recognition to Harry Strachan Recognition to Walter Kissling Gam (deceased) in Costa Rica Recognition to George C. Lodge 50th Anniversary in Guatemala Recognition to Ray Goldberg 50TH ANNIVERSARY 50TH ANNIVERSARY

46 47 Photo Photos CELEBRATORY EVENTS Gala dinner. 50th Anniversary in Nicaragua Gala dinner. 50th Anniversary in Nicaragua Bellow-left: Special recognition to Carlos Pellas 50TH ANNIVERSARY 50TH ANNIVERSARY

48 49 50TH ANNIVERSARY 50TH ANNIVERSARY

50 51 Olivett Stephenson - Nicaragua Paula Robert Kissling - Costa Rica Dreamer Brave

50TH ANNIVERSARY WEB PAGE “THE INCAE CHALLENGE” ched a social network campaign in which the Incaista communi- ty nominated different people with links to the institution, based At the beginning of this year of celibrations, a webpage focu- Under the leadership of Rector Arturo Condo, INCAE produced on the description of each profi le. After weeks of deliberations, sed on the 50th Anniversary (www.50anniversary.incae.edu) the documentary “The INCAE Challenge,” as part of the 50th Olivett Stephenson of Nicaragua was selected as the Dreamer, was created, paying homage to the history of INCAE since its anniversary celebration. This project was undertaken to de- Paula Robert Kissling of Costa Rica as the Warrior, María Pa- birth. monstrate the impact that INCAE has had on people, and their checo of Guatemala as the Alchemist, Ricardo Sagrera of El Sal- corresponding impact in society, and to explore with them the vador and Beltrán Macchi of Paraguay as the Adventurers, and The page’s many sections tell the story of the institution, pro- challenges the school will face in the coming decades. Stanley Motta of Panama as the Ally.

viding users with a rich and visual experience. Sections inclu- María Pacheco - Guatemala Ricardo Sagrera - El Salvador de information about all of the Boards of Directors and Na- The documentary tells the stories of six extraordinary people who An excerpt from this documentary was presented at the 50th Alchemist Adventurer tional Committees that have existed over the years, a list and represent 5 different profi les: the Dreamer—a Master’s student Anniversary event in Costa Rica. The main profi les were all in photographs of all INCAE graduates, a timeline that presents whose path to reaching INCAE represents a story of ambition attendance, to receive special recognition for their participa- the most important events and leaders of each decade, the and the ability to overcome all obstacles; the Brave—a recent tion and support. The premiere of the complete documentary is school’s infrastructure over time, fundraising campaigns, fa- graduate who made a valuable contribution to INCAE, and who- planned for 2015, as part of the Presidential Succession events culty members, rectors and deans, and others. The site is a se life plan refl ects a the school’s mission; the Alchemist—an that will be organized in the region in April and May. perfect place for the Incaista community to learn more about Incaista who, thanks to INCAE, has been successful as a social how INCAE became a leading school in Latin America. entrepreneur; the Adventurer—a graduate who has built com- panies or successful institutions that contribute to society; and the Ally—an Incaista at heart, who believes in the tremendous role INCAE plays in developing the region. Beltrán Macchi - Paraguay Stanley Motta - Panama To select the people to represent these profi les, INCAE laun- Adventurer Ally INCAE BELIEVES THAT RESEARCH SHOULD OUR IMPACT OUR IMPACT BE TRANSLATED INTO OUR SPECIFIC ACTIONS THAT LEAD TO REGIONAL DEVELOPMENT. IMPACT RESEARCH & IMPACT 52 53 Dealing successfully Center for Women’s Leadership with regional challenges The Center for Women’s Leadership (CWL) aims to lead the attainment of equal opportunities for men and women in Latin America, and contribute to women reaching leadership positions in their organizations and society.

The Center works with women and men from Latin American organizations, focusing on the following fandamental issues:

» The benefi ts of greater gender diversity in leadership. » The barriers that impede women from seeking and attaining leadership positions. » The creation of an equal leadership opportunity environment.

As part of a strategic partnership with the Costa Rican chapter of Vital Voices, the CWL organized bimonthly executive meetings. More than 150 executives attended these events, where speakers in- cluded international experts with experience in promoting diversity in leadership. The most important event was the Euro-American Forum on Women’s Leadership, held in November 2014. Speakers and panelists discussed diversity as the key to success.

The Latin American Center on Competitiveness and Sustainable Development (CLACDS) The CLACDS, in collaboration with the Peruvian company Libélula, and with sponsorship from the Inter-American Development Bank, heads the LEDS LAC Secretariat and the LEDS GP Regional Pla- tform for Latin America and the Caribbean, a network of institutions promoting low emissions deve- lopment and strategies for resisting climate change throughout the world. As part of the Secretariat’s activities, more than 10 webinars were organized in 2014, as well as the Third Regional Workshop at CEPAL’s headquarters in Santiago, Chile.

A conference entitled “Leveraging innovative learning for poverty reduction between countries: Clim- bing the economic ladder — Examples from and for Nicaragua”, was co-organized by CLACDS and the United Nation’s PRME Anti-Poverty Working Group. Forty professors and students from univer- sities in North America, Europe, and Latin America took part, to- institutions in the region and stimulate fi nancing for this type of Photos Photos gether with representatives from private business and non-gover- project; c) the participation of 233 people in the ARAS course, Euro-American Forum on Women’s Leadership LEDS LAC Secretariat nmental organizations in Nicaragua. offered in three different languages; d) the redesign of the pro- Ecobanking Project INCAE-CAHI Innovative Leaders Program ject’s website, which is an important vehicle for exchanging envi- OUR IMPACT OUR IMPACT INCAE, through CLACDS, is part of the consortium that produced ronmental best practices; and e) the project’s presence in social the “Best Practice Analysis of LEDS, NAMAS and MRV” as part networks (FaceBook and Twitter). of a contract with the German agency GIZ, representing the In- ternational Partnership on MRV. The consortium, coordinated by Central American Healthcare Initiative (CAHI) the Ecofys Company, documented and analyzed 21 cases of best The Central American Healthcare Initiative (CAHI) is a non-profi t practices related to climate change policies. The CLACDS team private organization that promotes access to better healthcare for was responsible for cases from Chile, Colombia, Costa Rica, Mexi- the most disadvantaged Central Americans. Its work includes the 54 co, and the Dominican Republic. study and publication of best practices, promotion of innovative 55 projects, the use of technology, and the promotion of more effi - In addition, 27 professionals from Brazil, Chile, Colombia, Cos- cient management of services and resources. ta Rica, the Dominican Republic, Ecuador, Honduras, Mexico, Peru, El Salvador and the United States concluded the fi rst on- In 2014, the initiative inaugurated the Innovative Leaders Pro- line course on Private Social Investment for Economic Inclusion, gram in conjunction with INCAE, training 16 social leaders from organized jointly with RedAmérica, a network of more than 70 Central America. Participants acquired leadership and social ac- business organizations in 11 Latin American countries that are tion tools to speed up the implementation of innovative healthcare investing in communities to help reduce poverty. projects, through training, consulting, the creation of professional networks, and the study and publication of practices. Central American Private Sector Initiative (CAPSI) In conjunction with the Central American Private Sector Initiative In August, a research project on “Health technologies for rural (CAPSI), CLACDS promoted a regional discussion on ways the communities in low-income countries: Empathizing with the con- private sector can contribute to improving citizen security, through text and needs of service users”, led by the program’s academic a) supporting the incorporation of socially disadvantaged young director, Dr. Andrea Prado, received the 2014 Emerald/CLADEA people in the education system and labor market, and b) suppor- Latin American Management Research Fund Award for “Highly ting public management when governments require such assis- Recommended Research.” This award strengthens the work be- tance. Another area considered was the formulation of a vision ing carried out by CAHI to improve healthcare systems in Central and action plan for regional economic integration, that will help America through innovative ideas. CAHI also participated in the create new development opportunities for Central Americans. Third Latin American and Caribbean Congress on Global Health, held in Costa Rica, in which guest professor Nathan Bertelsen, Ecobanking Project M.D., of NYU, gave the conference, “The Role of Universities in 2014 began with the re-launching of the Ecobanking Project, now Global Healthcare South-North.” in its second phase. The project receives technical and fi nancial backing from BAC/Credomatic, Philips and FMO, all leaders in Finally, CAHI launched its new program on Healthcare Manage- sustainability in their respective fi elds of work. Some of the year’s ment in December, aiming to promote better and more effi cient most interesting activities included: a) organization of the event, management of Central America’s public hospitals. The program “Financing Green Energy,” sponsored by the BCIE, which with will train public hospital managers from Central America, and will 115 people atended; b) the design of a new online course on “Fi- start in 2015 in partnership with INCAE. nancing Green Residences,” to strengthen the ability of fi nancial BY 2014 WE HAVE REACHED US$17 MILLION thanks to the voluntary FAR-REACHING support and the generous FAR-REACHING INITIATIVES FAR-REACHING contribution of business INITIATIVES FAR-REACHING INITIATIVES leaders that trust us. 56 57 Building the future of INCAE and its students PRESIDENTIAL ADVISORY COUNCIL

In the future, INCAE will have to be able to respond quickly to changes the world faces that affect it directly and indirectly. For this reason, INCAE needs the guidance, advice and strategic feed- back of recoginsed leaders in the region and beyond, who can help the institution confront new challenges.

With this in mind, the Presidential Advisory Council (PAC) was created 6 years ago, comprised of leaders from around the world. Its main objective is to discuss issues that are top priority for the future of INCAE, including supporting and getting directly involved in the Illuminate Campaign. The Council’s sixth session was held in November 2014 at the Mukul Resort, Nicaragua, with the participation of Carlos Pellas (Chairman of the PAC) and Rector Arturo Condo, who presided the session. These leaders were accompanied by members Stanley Motta, Brizio Biondi-Morra, Jaime Montealegre, Xavier Argüello, Jennifer Fearon, Diane Finnerty and Robert Jeffe. Special guests Donald Fox, Federico Sacasa and Larry Coben were also in attendance.

In addition to presenting an institutional report about the past eight years, this session also dealt specifi cally with the Illuminate Campaign, generating signifi ant feedback from members about the future strategy. INCAE was founded on the belief that knowledge can promote action and inspire change. For 50 years, INCAE has not wavered in its mission. During the next 50 years, this mission will be more important than ever, as the school works to make this region competitive, sustainable, and safe for its citizens and the world. Photos “It’s an honor to have received a scholarship to study at INCAE, especially when it is awarded Presidential Advisory Council by an exceptional organization like Grupo Cuestamoras. Their generosity allowed me to attend classes and learn from the brightest minds in Latin America. Their special attention and respon- siveness have made me feel like part of their family, and this is nothing less than a great privile- ge. Their decision has brought me closer to my personal and professional dreams, and clarifi ed the road I need to travel to make them come true” David López. 2016 MBA Costa Rica student FAR-REACHING INITIATIVES FAR-REACHING FAR-REACHING INITIATIVES FAR-REACHING

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To achieve these goals, the Illuminate Campaign plays a key role in four main areas: providing SUPPORTING THE BRIGHTEST STUDENTS Enrique Uribe Pagés Business Scholarship mark in their country and the Central American region. It is awarded to Central Americans who have demons- scholarships to the best students, nurturing and developing its world-class faculty, strengthening Carlos F. Pellas Ch. Scholarship One way to promote development in Latin America is trated fi nancial need, along with academic merit and the impact of regional centers such as the Entrepreneurship Center, the Center for Women’s Lea- through supporting new entrepreneurs, giving them the leadership potential. dership, and CLACDS, and developing the cutting edge infrastructure our institution will need in INCAE aims to educate future leaders who will infl uen- tools they need to be able to “multiply” their success, the future. ce development in the region, which is why resources contributing not only to our countries’ economies but The Foundation renewed its contribution for a full scho- are needed to offer fi nancial aid to enable some of the also to their social improvement. larship in 2014, which benefi tted Costa Rican Karen brightest young people to receive world-class training Melissa Alvarado, and to the Honor Fund, which was At the close of 2014, US$17 million had been raised, 91% of which came from INCAE’s friends, at INCAE. The Enrique Uribe Pagés Business Scholarship, created awarded to Panamanian José Leonardo Castillo, both of allies and graduates in the region. INCAE has become a model for philanthropy and social invest- in 2012 by the Costa Rican Grupo Cuestamoras—hea- whom are studying in the 2016 MBA program in Costa In an unprecedented initiative in the history of INCAE, ment in the region. In addition, a culture of giving is emerging in the region, and INCAE provides a ded by Rodrigo Uribe (MAE VIII, 1975)—is an initiative Rica. Carlos Pellas (a man who is deeply committed to IN- that promotes the development of Latin America’s futu- great opportunity in this respect. The goal is to raise US$50 million by 2020, and INCAE now has CAE’s mission and supporting young people to beco- re entrepreneurs, providing a complete scholarship for By the end of 2014, thanks to the generosity of the Patri- a solid team and strategy in place for doing so. me tomorrow’s leaders) created the Carlos F. Pellas Ch. the INCAE MBA. cia Price Peterson Foundation, 5 Central Americans had Scholarship in 2006. With an initial donation of US$2.5 benefi tted from full academic scholarships, providing million, this scholarship provides fi nancing so that In 2014, this scholarship was awarded to Peruvian Da- these young people with a unique opportunity to fulfi ll Central American students can study the MBA program vid López, who competed for this scholarship with his their dreams of studying at INCAE and becoming agents at the Francisco de Sola Campus. He made a commit- business idea called GARBO, aimed at developing sus- of change in their society. Eleven young people have ment to fund an additional US$1 million in 2012. tainable homes. He is the third young Latin American also benefi tted from the Patricia Price Peterson Founda- who has benefi ted from this exceptional scholarship. tion Honor Fund, which has provided fi nancial support Thanks to his generous support and vision, almost 200 to their MBA studies at INCAE. Incaistas are currently professionals, representing IN- CAE and this great benefactor. His assistance and lea- Patricia Price Peterson Foundation Scholarship dership, together with the support of other entrepre- and Honor Fund La Costeña Honor Fund neurs who have funded different scholarships, have provided fi nancial aid to more than 80% of the class This scholarship and honor fund were created to promo- The La Costeña Honor Fund is a reimbursable fi nancial of 2014. te the development of new leaders who will leave their aid program designed to assist young Nicaraguans with “INCAE has been a truly transforming experience, from the inside out, allowing me to explore my “It is an honor to receive this scholarship, and also a great responsibility to carry the name of own strengths and weaknesses, to see what I am capable of achieving and also my limits. Part such an outstanding professor and friend. I would like to mention the great contribution Profes- of this is the emotional vibration that, as Professor Ketelhöhn used to say, is the contagiousness sor Alfaro has made to the development of our region—as the name of the scholarship indica- of excellence and doing one’s best, not settling for mediocre things. Today I received the great tes—from academics, to consulting, to entrepreneurship, to sports. What a great incentive for news about this prize. I would like to thank all of the donors, and INCAE (…) because it is an me and for future graduates, to reward academic growth and discipline in the INCAE MBA! I am institution that really transforms lives, not just those of the students but of all of the people who certain that this incentive will evolve into an impact that benefi ts our community” Marcelo Tico- have impact through different enterprises and the companies they lead” Marlene López. 2014 na. 2014 MBA Nicaragua student FAR-REACHING INITIATIVES FAR-REACHING MBA Nicaragua student INITIATIVES FAR-REACHING

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leadership potential from the Atlantic coast region to This scholarship not only demonstrates Farach’s great The Alejandro and Eduardo Montiel Argüello Endow- with the highest grade point average from both cam- Guillermo Edelberg Scholarship Fund Luis Noel Alfaro Scholarship for Development participate in the MBA Program at the Francisco de Sola affection toward Nicaragua, but also a desire to con- ment for Academic Excellence and Integrity puses, at the end of the fi rst year of the MBA program. Campus. tribute to its social and economic development, provi- Guillermo Edelberg, INCAE emeritus professor, contribu- The Luis Noel Alfaro Scholarship for Development was ding more young Nicaraguans with the opportunity to This scholarship was created to help young Nicaraguans The principal donor to this scholarship fund is Professor ted to the Illuminate Campaign in 2013 in the form of a created by Dr. Luis Noel Alfaro, an INCAE professor in ac- Created by the national airline La Costeña in 2012, the fulfi ll their dream of studying at INCAE. with academic excellence, integrity and leadership, to Niels Ketelhöhn, who has continued promoting his fa- generous donation of royalties from his book, “Refl exio- counting, microfi nance, and other subjects. The partial fund’s goal is to promote the development of new lea- become agents of change,willing to help develop their ther’s dream. Other INCAE faculty members have joined nes para Gerentes”. The book will be distributed physi- scholarship is awarded every year to the student with ders from Nicaragua’s South Atlantic region. This signi- country upon graduation. this effort as well. cally and on line through the network of INCAE gradua- the second highest grade point average in the Francisco fi cant support clearly demonstrates La Costeña’s busi- FACULTY COMMITMENT tes and friends. de Sola Campus’ residential Master’s program. ness leadership, and a commitment to higher education The scholarship was created by INCAE professor, Dr. In 2014, the scholarship was awarded to Guatemalan as the means of achieving our nations’ social develo- Eduardo Montiel, and is named in honor of his late student Marlene López, who obtained the highest grade The book contains a selection of articles written by Edel- This year, the scholarship was awarded to Bolivian Mar- For 50 years, our faculty has been the seal of excellence pment. uncle, Alejandro Montiel Argüello, and his late father, point average at the end of her fi rst year at the Francis- berg, which have been published in numerous newspa- celo Ticona, 2014 MBA. of this institution, since they are the heart and soul of Eduardo Montiel Argü ello, who faithfully represented the co de Sola Campus. pers and magazines in Latin America. Funds obtained The fi rst scholarship recipient, Olivett Stephenson, gra- the transformational power of an INCAE education. values of excellence and integrity during their lives. from sales of the book will be allocated to the Guillermo duated from the MBA program in 2014. She was selec- Lindenberg-Quant Scholarship Edelberg Scholarship Fund. INVOLVEMENT OF OUR GRADUATES ted as one of the profi les in “The INCAE Challenge,” a Faculty support throughout this year has been, once The fi rst scholarship recipient, Nicaraguan Martín Ri- documentary produced as part of the 50th anniversary again, unconditional. Faculty involvement in respon- vas Kauffmann, graduated from the MBA program in The Lindenberg-Quant Scholarship was created in 2005 The Oscar Montealegre Endowment celebration that tells the inspiring stories of six Incais- ding to the institution’s strategic needs was essential, 2014, joining other young leaders with world-class trai- to benefi t Master’s students who are committed to sol- Julio César Prado Scholarship for Effort and Dedication tas. and their support—through generous contributions to ning who will positively infl uence their communities and ving social, environmental, and poverty-related pro- Oscar Montealegre, graduate of the MBA XVII (Class of the Illuminate campaign—provided support to some of countries. blems in Latin America. It is awarded to at least one This year, one of INCAE’s youngest faculty members, 1985), became the fi rst INCAE graduate to make a six-fi - The New Elena Farach Scholarship the brightest students and the conclusion of a number student per Master’s program, who is recognized for Andrea Prado, followed the legacy of INCAE colleagues, gure donation to his alma mater. Nicaraguan by birth, of important research projects. playing a leadership role in the sustainable develop- creating the Julio César Prado Scholarship for Effort and with notable academic, professional and entrepre- This year, businessman Alejandro Farach—who was Werner Ketelhöhn Excellence Scholarship ment of his or her country, and in the region. The scho- and Dedication. This partial need-based scholarship is neurial success, he is a great example for future gene- born in Nicaragua and resides in the Dominican Repu- larship honors the distinguished careers of the late rations of Incaistas. He graduated magna cum laude in Thanks to the faculty, INCAE has been able to insure awarded each year to students in the MBA program who blic—demonstrated his great commitment and gene- This scholarship was created in 2007 in memory of the Marc Lindenberg, former INCAE Rector, and Dr. Roger the class of 1985, has held senior leadership positions in the success of many graduates, who will continue to be demonstrate effort and dedication. rosity when he created the Elena Farach Scholarship, late professor Werner Ketelhöhn, with the goal of rewar- Quant, who was INCAE’s director of external relations Banco Uno, Credomatic, Avalcard, and has undertaken a driving force for development in their countries and which will provide fi nancial aid to young Nicaraguans ding academic excellence, regardless of gender, religion for several decades. In 2014, this scholarship was awarded to Alfredo San- successful business ventures in Honduras. Thanks to the region. who have shown leadership potential but lack the eco- or social status, thereby complying with Professor Ketel- tos of the 2015 MBA at the Francisco de Sola Campus his generosity, the Oscar Montealegre Annual Scholar- nomic resources to attend INCAE’s MBA. höhn’s principles. It is awarded annually to the student in Nicaragua. ship was created in 2005, which to date has benefi tted “Although it’s true that I quit my job, left my family and Guatemala behind for 21 months, and Photo travelled more than 1,200 km to study in the MBA Program, it is also true that I didn’t leave all Legacy of the 2014 MBA of that just to study anywhere, but at INCAE. But why this MBA? Why INCAE? Because I knew 2.209 that it was where I would learn about sustainable economic growth in Latin America, and who to Incaístas were donors when the 2014 turn to within the region to seek support, and how to create value in society with our work, and doing all of this ethically. To my surprise, I have learned all that I had hoped for, and even more. Amiga Incaísta Campaign closed I made myself rich at INCAE.” Extract from the essay: “Riches in the Time of INCAE” Ana Lucía FAR-REACHING INITIATIVES FAR-REACHING Orellana, 2014 Costa Rica MBA INITIATIVES FAR-REACHING

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three young Hondurans who have demonstrated leaders- a competition targeting second year MBA students from largest Honor Fund by one graduating class in INCAE’s Legacy of the 2014 Global Executive MBA: Improving Legacy of the 2011 Global Executive MBA – Progress The INCAE Friends Campaign hip and academic excellence. both campuses, and consists of writing an essay about history. By early 2014, they had reached their goal of the INCAE Experience and its Spaces of the Entrepreneurial Networking Program the INCAE experience, the role the institution plays in US$40,000 as the foundation for this fund, which will In the 50th anniversary year, this campaign took on an A new contribution in 2008 has endowed the scholarship, the region, the benefi ts INCAE has offered, and how IN- support young people throughout Central America who Students from the 2014 Global Executive MBA demons- The Entrepreneurial Networking Program, the legacy of even greater signifi cance when graduates maintained making it sustainable over time to benefi t many genera- CAE has changed the person’s life. It was created in May show leadership potential and need fi nancial aid to be trated outstanding leadership through making a ge- the 2011 Global Executive MBA, was created through their commitment to their alma mater. Thanks to this tions of future Honduran leaders. 2011, thanks to the generosity and initiative of busi- able to study at INCAE. nerous contribution to the institution, in order to carry the generosity of this class. Important progress was campaign, it has been possible to increase scholarships nessman and member of INCAE’s Founders Circle, Joa- out their legacy project: adapting different areas of the made in 2014, bringing the initiative even closer to that attract creative, innovative and enterprising young Vicente Pascual Barquero Endowment quín José Vallarino (PAG I). AGI Panama via the Simón Vega Berbey Scholarship Francisco de Sola campus to insure disabled accessi- its goal of contributing to the development of Latin adults who not only have outstanding intellectual for Academic Excellence bility. American entrepreneurs. abilities, but also show unusual initiative, both in Vicente Pascual Landa, graduate of the MBA XXV (Class The fourth edition of this competition was organized creating a sort of contagious or “viral” effect among of 1993), created this endowed scholarship in memory of in 2014, and after receiving participating essays, the This scholarship was created to honor an illustrious and This class collected funds and implemented the project Progress included innovations in entrepreneurship mo- fellow students, and in representing INCAE during their his father, the late Vicente Pascual Barquero, in 2011. selection committee awarded fi rst prize to Guatemalan pioneering Panamanian, who graduated with honors before the end of 2014, allowing them to inaugurate dules, noth generating content and digitalizing the ins- entire professional lives. Vicente Pascual Barquero was an exemplary man, invol- Ana Lucía Orellana García, 2014 MBA who studies at the from the fi rst INCAE Masters Program (MAE I). Crea- the project prior to their graduation in November. This tructional design that will aid both students and men- ved in the founding of INCAE, and an active member of Costa Rica Campus. Her essay was entitled, “Riches in ted with support and contributions from more than 130 initiative responds to a signifi cant need to improve the tors. The network is expected to begin operating in May, Thank you INCAE colleagues and leaders! the Association of Business Executives (APEDE, for its the Time of INCAE.” members of the INCAE Alumni Association (AGI) in Pa- space and experience available to future generations of 2015, benefi ting dozens of Latin American entrepreneu- Spanish acronym), the Rotary Club of Panama, the Pa- nama, this scholarship covers 50% of the total cost of Incaistas. rs who will be able to be mentored by INCAE graduates namanian Society of Engineers and Architects, the Pana- INCAE’s residential MBA degree, and housing, food and with a range of experiences. manian Industrial Union, and the Latin American Institu- ALUMNI ASSOCIATION AND CLASS other living expenses on campus. At the end of 2014, Contributing to Institutional Communication te of Higher Education. DONATIONS this important initiative awarded two scholarships, to Legacy of the 2014 MBA – Costa Rica: Screens the Xavier Vizuette of the 2013 MBA and María Eugenia Ca- Eduardo Sorí, a graduate of the 2014 Global Executive Walter Kissling Gam Campus This endowment enables INCAE to attract some of the The commitment of alumni associations and class do- ballero, 2014 MBA. MBA, took the initiative to provide his alma mater with best talent in the region, who are able to model their IN- nations is felt through a range of initiatives that su- a simultaneous transmission service for both campu- The 2014 MBA class of Costa Rica made an important CAE experience on the life of Vicente Pascual Barquero, pport the brightest students who show promise for the ses. His generous personal contribution, and that of the donation to INCAE, which will allow the installation of not only in business but also in their professional, civic future. These include: MAE 35 MEE - Sandra Zelaya Honor Fund MediaChannel company, will help improve institutional screens in the 14 study centers at the Walter Kissling and personal lives. The Class of 1999 created this fund to honor the late San- communication through allowing simultaneous trans- Gam Campus. This will provide access to an important MAE XIII Honor Fund dra Zelaya, a graduate of this class. Its purpose is to pro- mission of information about INCAE activities, for stu- technological tool that will support group work among JJ Vallarino Prize for the Best INCAE Experience vide needed fi nancial support to Central American can- dents, executive program participants, and administra- future generations of INCAE students. ABy the end of 2014, 7 young Central Americans didates of the master’s programs. The fund continued to tive personnel. EThe JJ Vallarino Prize for the Best INCAE Experience is had benefi tted from this fund. In 2013, this highly grow in 2014, in order to insure that need-based fi nancial committed group took on the challenge of creating the aid can be awarded in the medium-range. FAR-REACHING INITIATIVES FAR-REACHING FAR-REACHING INITIATIVES FAR-REACHING

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Dr. Brenes represented the Chair at nu- January 8-9, 2015 global economy.” Carneiro, Jorge, and PROMOTING RESEARCH THAT IMPACTS THE REGION merous international forums where he INCAE, Costa Rica Esteban R. Brenes. Journal of Business presented the following academic work: Research, 67.5 (2014): 831-836. THE STEVE ARONSON CHAIR ON STRATEGY AND AGRIBUSINESS AIB-LAT. “Explaining the performance The Business Association for of Latin American businesses using cau- “Differentiation strategies in emerging sal confi gurations” The Steve Aronson Chair on Strategy and Agribusiness is the fi rst endowed chair in the INCAE Latin American Studies (BALAS) markets: The case of Latin American Business School’s 50-year history. It was established in 2010 thanks to a generous donation from April 9-12, 2014 January 22-24, 2015 agribusinesses” Brenes, Esteban R., Steve Aronson, founder of the Britt Group, and its main goal is generating useful knowledge and Port of Spain, Trinidad and Tobago Santiago, Chile Daniel Montoya, and Luciano Ciraveg- tools that will enable businesses from the agriculture, fi shing and forestry sectors of Latin Ameri- na. Journal of Business Research, 67.5 1. Case “Grupo GEM” Strategic Management Society ca’s tropical zones to increase their competitiveness by moving up the value added ladder, thereby (2014): 847-855. replicating Steve Aronson’s own business success. 2. Case “Agropecuaria Montelíbano” March 19-21, 2015 3. Case “Pollo Campero in the USA” Santiago, Chile “Pollo Campero in the USA” Esteban R. The basic principle of this Chair is development, but it was created with the belief that current de- Brenes, Amitava Chattopadyay, Luciano velopment conceptions are ignoring the “land factor,” which means that unequal development is Strategic Management Society (SMS) BALAS. Entrepreneurship in a Diverse Ciravegna, Daniel Montoya, and John C being promoted. The hope is that new companies will come into being in the medium and long- September 20-23, 2014 World of “Glocal” Initiatives Ickis. Management Decision, 2014 52:9. term, and that others will be transformed from commodities exporters to companies with added Madrid, Spain March 19-21, 2015 value for local and international markets. These will be companies that develop their own brands, San Juan, Puerto Rico “Super Selectos: Winning the war generate better paying jobs, provide economic profi ts to entrepreneurs, and develop the tropical • “Learning to become a High Reliability against multinational retail chains” agriculture sector in the corresponding regions. In this way, companies will be able to directly be- Organization in the Food Retail Busines” IFAMA. 25th Annual World Forum and Brenes, Esteban R., Luciano Ciravegna, nefi t from the value created after products pass through the gates of their farms. Symposium. • “Examining the strategy-performance and Daniel Montoya. Journal of Business June 14-18, 2015 Dr. Esteban R. Brenes currently holds the chair and has extensive experience in the agribusiness link of Latin American businesses – a Research (2014). Minneapolis-Saint Paul, United States sector as an entrepreneur, teacher and international consultant. Dr. Brenes, together with Luciano confi gurational approach” Ciravegna, Felipe Pérez, researcher Caleb Pichardo and other colleagues, have generated knowle- Finally, numerous case studies written by dge and tools that will help achieve the Chair’s goals. The Chair has also published different In addition, the Chair will participate in case studies in highly prestigious acade- Dr. Brenes have been published, and he other events in 2015, with material deve- mic journals, including: has been working on producing chapters The year 2014 was a period par excellence, both in terms of the Chair’s representation in interna- loped in 2014. These include: to be published in upcoming books. tional forums, as well as the production of academic material. Strategic Management in Latin America “Latin American fi rms competing in the PROMOTING RESEARCH THAT IMPACTS THE REGION FAR-REACHING INITIATIVES FAR-REACHING FAR-REACHING INITIATIVES FAR-REACHING

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SOCIAL INVESTMENT AND PHILANTHROPY PROGRAM rector of Supérate (NGO), and Founder of Proyecto País (NGO); The initiative’s future activities will focus on developing and tea- SUPPORT TO IMPACT CENTERS Dania Baltodano, former Director of CISA Exportadora and Foun- ching the materials of the module described above, together der of the “Operation Smile” program; and Sabrina Bacal, pro- with programming live cases when appropriate. Training pro- In January 2013, as part of the Illuminate Campaign and the Charles Haimoff Endowment contributes to the Center for ducer of the program “Héroes por Panamá” and a CALI (Central grams are also being planned for graduates and philanthropists, celebration of INCAE’s 50th anniversary, a group of donors led Entrepreneurship by Harry Strachan created an endowment fund to fi nance a pro- America Leadership Initiative) Fellow. to help them increase the effectiveness of their philanthropy and gram focused on social investment and philanthropy in Latin debunk the idea that their work is simply charity. The goal is to For the second year, the Charles Haimoff Endowment in the America. The two main objectives of this initiative are: The program’s activities have focused on analyzing international promote an increase of social investments in Central America, United States made a generous contribution, supporting the best practices, including Harvard Business School’s Social En- and help make them more benefi cial. activities of the Center for Entrepreneurship and demonstra- Developing teaching modules (cases, technical notes, etc.) for the 1. terprise Initiative, and understanding the current state of Cen- ting the importance they place on developing young entrepre- Master’s in Business Administration, for the Senior Management Pro- tral American philanthropy. To obtain this information, renowned neurs as essential to progress in the region. gram, and for inclusion in special workshops. philanthropists in the region as well as INCAE graduates have Inspiring leaders and infl uential family groups in the region to become 2. been interviewed, and foundations and NGOs will be surveyed In 2014, these funds were used again to support the “Entre- involved in social investment activities, as a way of fostering a culture in the fi rst months of 2015 to gain more in-depth understanding preneur Network’s” activities, created through the generosity that promotes philanthropy. of the challenges being faced. On the basis of the results of re- of participants in the 2011 Global Executive MBA. search conducted to date, the fi rst Module on Philanthropy and An advisory committee has been created for the initiative, whose Social Investment has been designed, which will be included in task is not only supporting research with their practical knowled- the MBA program at the Francisco de Sola Campus in February ge, but also evaluating the quality of work carried out by faculty 2015. Finally, two live cases were conducted, one in the PAG members. This committee’s members include Harry Strachan, (Senior Management Program) in January 2014 (“School Spon- Emeritus Managing Partner of Mesoamérica; Arturo Sagrera, Vi- sorship” with Dania Baltodano) and the other in the PAG in July ce-president of Operations of the Grupo Hilasal, President of the 2014 (“Improve Yourself!” with Ricardo and Arturo Sagrera). Board of directors of ADOC, Director of FUNDEMAS (NGO), Di- CREATING STATE-OF-THE-ART SPACES REFURBISHMENT OF THE REFURBISHMENT AT THE CONSTRUCTION OF THE NEW GLORIA FAR-REACHING INITIATIVES FAR-REACHING WALTER KISSLING GAM CAMPUS FRANCISCO DE SOLA CAMPUS DE KRIETE FOUNDATION RECREATIONAL INITIATIVES FAR-REACHING

INCAE’s Executive Center CENTER 68 World-class facilities are an essential aspect of attrac- This important project made great progress in 2014, with the fi rst 69 ting the next generations of executive leaders in the stage (remodeling the housing facilities of the Global Executive Thanks to the generosity of the Gloria de Kriete Foundation, this Americas. The institution needs to provide the right en- MBA program) completed at the end of the year. The second stage project will become a reality when construction begins in 2015. vironment in order to insure the growth of Executive will begin in 2015, which will include the construction of a new Re- The new center will be called the Gloria de Kriete Foundation Re- Education and Master’s degrees, increase the impact creational Center and fundraising to complete the third and fourth creational Center. of its mission, and guarantee its long-term fi nancial stages, which will remodel MBA student housing and build the exe- sustainability. cutive center, respectively. This project will be a positive addition, providing a well-roun- ded experience for future leaders receiving an INCAE education, Signifi cant progress was made in the Executive Center This is a vital project for improving the impact of the INCAE expe- through giving them access to spaces outside of the classroom project at the Walter Kissling Gam campus in 2014. rience, since the current conditions fall a little short of the require- where they can improve their performance and share time with With the fi nal design and location in place, construc- ments of today’s executives and MBA students. This investment colleagues and fellow students. tion can begin in early 2015. will not only increase recruitment for INCAE’s Master’s programs, such as the MBA and Global Executive MBA, but will also make the The project includes construction of a gymnasium, pool, The Center, which will include an academic area and Francisco de Sola Campus more attractive. bathrooms and changing area, all in one complex that will join executive residences, is mostly being fi nanced with the existing football fi eld to create a complete recreational facility contributions from the Central American private sector. for students. Refurbishment of Housing Facilities In 2009, Florida Ice & Farm and Ernesto Castegna- By the end of 2013, this project had received an important do- ro made generous contributions to fi nance construc- nation from Carlos F. Pellas Ch. (who also led the fundraising tion of the academic area. More recently, upon learning campaign), as well as funding commitments from Francis Dur- about the academic project and recognizing the im- portance of better facilities, Stanley Motta, member of man of Durman Esquivel, S.A., the Alberto & Berta Chamorro the Presidential Advisory Council, took over leadership Foundation, the Gómez César brothers, the Alberto Motta Foun- of fundraising of the project to construct a residential dation, Banco Industrial, Banco de Finanzas, Numar and Cargill building for the Executive Center. To date, 8 business- Centroamérica. people from the region have added their names to this project: Ricardo Poma, Ricardo Sagrera, Harry Stra- In 2014, new contributors to this project included Jaime Mon- chan, Jorge Vallarino, Rodrigo Uribe, Julio Herrera, Fer- tealegre, the Manzanarez Ortiz Family, Alberto Vallarino, Banco nando Paiz, and Stanley Motta, and INCAE is seeking 6 Ficohsa and Compañía Cervecera de Nicaragua. more. Construction is planned to begin in April 2015. FRANCISCO DE SOLA SOCIETY INCAE awarded a lifetime membership to the Francisco de Sola Society to the following individuals 2014 ACCOUNTS and companies. This is the highest distinction awarded to those who, like our founder, have shown un- 2014 ACCOUNTS 2014 conditional support to the institution and its mission, forming leaders and promoting the sustainable development of the nations of this region.

ACCOUNTS LIFETIME MEMBERSHIP 2014 Harry Strachan LIFETIME MEMBERSHIP 2006 70 » Fundación Gloria de Kriete » George W. Logan » Familia Jiménez Borbón 71 Recognizing the support » Alberto Vallarino » Jorge Vallarino Strunz* Manuel (q.e.p.d.) / Rodolfo * » Jaime Montealegre » Julio R. Herrera y Flora Jiménez / and collaboration given » Poler Family Charitable Gift Fund » Juan Bautista Sacasa ** » Danilo Lacayo Rappaccioli* ** Dwight Poler » Rafael F. Castellanos** » George W. Logan » Susana de Sola » Joshua y Anita Bekenstein » Ricardo Sagrera Bogle* » Harry Strachan » Banco Ficohsa » Grupo Cuestamoras » Grupo Sur Enrico Giordano* LIFETIME MEMBERSHIP 2013 LIFETIME MEMBERSHIP 2010 » Familia Garnier / » Familia Gómez César: » Vicente Pascual Landa* ** André Garnier Miguel / Alejandro / Joaquín » Xavier Argüello Carazo** » Pagliuca JSJN Children’s LIFETIME MEMBERSHIP 2009 Charitable Foundation » Steve Aronson** LIFETIME MEMBERSHIP 2005 » Banco Industrial » Ernesto Castegnaro */** » BAC | Credomatic » Grupo Agroindustrial Numar S.A » Patricia Price Peterson Foundation » Berta y Gilberto Perezalonso* » Cargill Centroamérica Erik Peterson » British American Tobacco Central » Banco de Finanzas America & Caribbean LIFETIME MEMBERSHIP 2008 » Carlos F. Pellas Ch.** » Duilio Baltodano C.*/** LIFETIME MEMBERSHIP 2012 » Familia Baltodano Cabrera: » Familia Kissling Jiménez Duilio Baltodano Pallais (q.e.p.d) » Durman Esquivel, S.A Cecilia Jiménez de Kissling » Fundación Alberto & Berta Chamorro Olga Cabrera de Baltodano (q.e.p.d) » Familia Motta Cardoze / » Eduardo Luis Montiel ** Sus hijos: Duilio Baltodano* ** Roberto Motta Jr.*/** » Hershey Family Foundation José Antonio Baltodano / Dania Baltodano Alberto Motta (q.e.p.d) / Stanley Barry Hershey y Alejandro Baltodano y Alberto Motta Jr. » Robert Jeffe » Oscar Montealegre*/** » Familia Solórzano Pellas » Familia Artavia Cuadra Rosita Pellas de Solórzano (q.e.p.d) Roberto Artavia*/** LIFETIME MEMBERSHIP 2007 y Silvio Solórzano* » Grupo Coen - Piero Coen » Francisco R.R. de Sola*/** MEMBRESÍA VITALICIA 2011 » Grupo Tecun - Juan U. Maegli » Fundación Poma - Ricardo Poma* » Grupo CALSA » Fernando Paiz Andrade » Florida Ice & Farm Carlos Reynaldo Lacayo** » Fundación Alberto Motta César Augusto Lacayo Fundación Strachan » » Stephan Schmidheiny**

*GRADUATE / ** NATIONAL COMMITTEE AND/OR BOARD OF DIRECTORS 2014 ACCOUNTS 2014 ACCOUNTS

SCHOLARSHIP FUNDS » Rafael Meza Ayau Foundation » Strachan Foundation CAE SCREENS - WALTER KISSLING GAM CAMPUS INCAE FUND » Grupo Baltodano: 72 73 Thanks to the contributions from individuals, » Gildan Honduras » Jorge Vallarino* » 2014 MBA, Costa Rica The INCAE Fund has special importance to the ins- Café Soluble. Cisa Exportadora. corporations and other private institutions, INCAE » Global Bank » Julio Herrera titution. Businesses and individuals who contribute Cisa Agro. Duilio Baltodano * is able to award the following Scholarship Funds: » Grupo Alcon » Ricardo Sagrera Bogle* INTERACTIVE SERVICES AND PROJECTION to this fund are deeply committed to INCAE and its » Jiménez Borbón S.A » HSBC Costa Rica » Grupo Cuestamoras* EQUIPMENT – FRANCISCO DE SOLA AND WALTER impact in the region, and trust its capacity to make » JOR, S.A.* » HSBC Panamá KISSLING GAM CAMPUSES » Carlos F. Pellas Ch. Scholarship ** the best use of these resources. Their contributions » MEDCOM* » Huber Garnier O. Executive Center Academic Buildings » Eduardo Sorí / MediaChannel » Alejandro and Eduardo Montiel Argüello demonstrate the loyalty of the private sector in » Mesoamerica Partners » Ing. Enrique M. González » Ernesto Castegnaro Scholarship for Academic Excellence and both this region and the United States. » Moisés Castro Maceda* Integrity** » Juan Atala, Banco Ficohsa » Florida Ice & Farm RESEARCH » Motores Hino » Patricia Price Peterson Foundation The following institutions have supported INCAE » Werner Kethelhöhn Excellence Scholarship * GREAT BENEFACTORS » Pricesmart » Ramiro Castillo Love RENOVATION OF HOUSING FACILITIES » Lindenberg Quant Scholarship for Sustainable through creating research funds: » Zona Franca Coyol* » Roberto Motta Cardoze FRANCISCO DE SOLA CAMPUS » Bac Credomatic Network Development Guatemala, El Salvador, Honduras, Nicaragua, / » Sergio Paiz » Carlos F. Pellas Ch.** SOCIAL INVESTMENT » Oscar Montealegre Scholarship* ** Costa Rica, Panama and Florida SPECIAL COLLABORATORS Vicente Pascual Barquero Scholarship*/** » MAE XIII, Class of 1981 » Fundación Alberto & Berta Chamorro AND PHILANTHROPY PROGRAM » » CLARO » Aerolibre » JJ Vallarino Prize for the Best INCAE Experience » MAE XIV, Class of 1982 » Cargill Centroamérica » Strachan Foundation Ecuador, Guatemala and Nicaragua » Amzak Capital Management Essay* » MAE XXVIII, Class of 1996 » Durman Esquivel, S.A. » Pagliuca JSJN Children’s Charitable Foundation » MAE XXXV Sandra Zelaya, Class of 1999 » Fundación Alberto Motta » Grupo Pellas: » Astrazeneca » Patricia Price Peterson Foundation Scholarship » Connaughton Charitable Gift Fund » MAE XXXIX, Class of 2002 » Jaime Montealegre Compañia Licorera de Nicaragua. » Azucarera El Viejo* » Simón Vega Berbey Scholarship* » Anne C. Kubik and Michael A. » MAE XLVII, Class of 2006 » Familia Gómez César Nicaragua Sugar. GBM. Casa Pellas » Banco General » Oscar Montealegre Endowment Scholarship*/** Krupka Charitable Gift Fund » 2013 MBA » Banco Industrial Seguros América. » C.F.Roe Slade Foundation » Luis Noel Alfaro Scholarship for Development* » Poler Family Charitable Gift Fund » Agroindustrial Numar S.A » Government of Panama » Compañía Azucarera Salvadoreña, S.A de C.V » Julio César Prado Scholarship Dwight Poler INFRASTRUCTURE » Alberto Vallarino » Sur Química, S.A.* » Compañía Cervecera de Nicaragua* » Beca Elena Farach Scholarship » Arrocera Venllano S.A Thanks to generous contributions from » Banco de Finanzas » Compañía Constructora Van der Laat y Jiménez » Amex Credomatic Scholarships » Albright Family Charitable Fund individuals and leading businesses in the region, » Hermanos Manzanares Ortiz BENEFACTORS » Corporación Azucarera Ecuatoriana S.A. » Campaña Yo Creo Scholarships » Robert A. Jeffe, Central American INCAE was able to make signifi cant improvements » Ficohsa » Automercado » Credicorp Bank Healthcare Initiative (CAHI) to its infrastructure: » Compañía Cervecera de Nicaragua » Banco Agrícola* » Desarrollo Turístico Buenaventura HONOR FUNDS » George W. Logan. Faculty Development Chair » Banco Citibank de Costa Rica » Edesa S.A Thanks to contributions from graduates, indivi- » Steve Aronson**. Steve Aronson Chair EXECUTIVE CENTER GLORIA DE KRIETE FOUNDATION RECREATIONAL » Banco del Pacífi co » Edwin Sagrera* duals, corporations and other private institutions, on Strategy and Agribusiness WALTER KISSLING GAM CAMPUS CENTER - FRANCISCO DE SOLA CAMPUS » Banco Lafi se Bancentro » Empaques Santa Ana INCAE is able to award the following Honor Funds: » Gloria de Kriete Foundation » British American Tobacco. Corporate Social » Cecilia Jiménez de Kissling » Eseico S.A. Responsibility Chair Executive Center Residences » Devies Corp S.A. » Farmacias Arrocha » La Costeña RENOVATIONS FOR DISABLED ACCESSIBILITY » Poma Foundation. Poverty Reduction Chair » Banco Mercantil (BAMER) » Alberto Motta Foundation » Diego Herrera* » Ferretería EPA S.A. » 2014 Global Executive MBA » 2011 Global Executive MBA*: Entrepreneurial » Carlos M. Perezalonso » Fernando Paiz » Ernst & Young S.A » Fundación Sahlman Support Network Project » Credomatic de Honduras » Poma Foundation » Florida Ice & Farm » Global Bank* INCAE FUND/ FRIENDS 2014 ACCOUNTS 2014 ACCOUNTS

» GMG Comercial Nicaragua » Franquicias Panameñas » Eduardo Lizano* » Ricardo Molina » Roberto Agüero Naranjo » Daniel Alpízar Vargas » Oscar Ricardo Amaya Osorio » Mario Hernán Argeñal Espinal 74 » GMG Servicios Costa Rica » García & Bodán » Eduardo Toriello* » Robert Ackerman » José Manuel Agüero Quirós » Junior Altamirano Carvajal » Ligia Deyanira Amezquita Urizar » Pedro José Arguedas Brolo 75 » Grupo Corporativo Pérez Honduras, El Salvador, Guatemala » Emmanuel Seidner and Siang » Roberto Motta Jr.* » Alejandro José Aguilar Caballero » José Orlando Altamirano Castro » Alberto Anciano Granadillo » Esteban Arguedas Campos » Grupo Cuestamoras » Grupo Invercasa Aguado de Seidner » Roberto Salvo* » Álvaro Aguilar González » Valeria Margarita Altamirano Ortega » Mauricio Anderson Salazar » Gustavo Adolfo Arguello (deceased) » Grupo Pelón » Ingenio El Angel » Formunica » Roberto Way » Carlos Emilio Aguilar Mazariegos » Jaime Altamirano Ramírez » Karin Ivette Andrade Juárez » Gustavo Argüello Agüero » Grupo Roble » La Central de Seguros y Fianzas » Frigorífi cos de Guatemala » Roberto Zauner* » René Arnaldo Aguilar Núñez » Oscar Armando Alvarado » Regina Andreu Bonilla » Jose Antonio Argüello Alonso » Harry Strunz* » MAE VI » Germán Bravo » Rodolfo Dörn* » Jorge German Aguilar Palma » Carlos Antonio Alvarado Arreaga » José Daniel Añez Manrique » Xavier Argüello Barillas » Indurama - Marcimex » María Eugenia Brizuela » Harry Shlaudeman » Rodrigo Calvo » José Miguel Aguilera Morillo » José Pablo Alvarado Arreaga » Giuseppe Angelucci Silva » Gabriel Argüello Chavarría » Inmobiliaria Paseo Colón, S. A. » Mark Elliott » Hector Cotes* » Sigma S.A » Carlos Aguirre Paguaga » José Rolando Alvarado Avellán » Oscar Anglarill Serrate » Luis Román Argüello Peña » Joseph Fidanque, Jr. » Monte Rosa, S.A.* » Hugo Abello » Telconet S.A. » Daniel Ángel Alarcón Escamilla » Tatiana Alvarado Barahona » Jose Eduardo Angulo Aguilar » Gabriela Eugenia Argüello Pérez » Liga Agrícola Industrial » Nuevo Carnic » Index S.A » Vicente Pascual* » Juan Carlos Alarcón Moreira » Julio Roberto Alvarado García » María Teresa Angulo Cader » Lucila María Argueta Alfaro » Nuestro Diario » Pricewaterhouse Coopers » Inversiones Munprisa » Vilma de Calderón » María Inés Alarcón Scura » Angel Fernando Alvarado Girón » Carlos Alberto Antúnez Obando » Yara E. Argueta Castañeda » Producargo S.A. » Servicios Catedral Ltda. » Irma Quelquejeu » Walter Bravo » Verónica Albarracín Barragán » Pavel Alvarado León » Israel Antonio Aragón Matamoros » Vany Margoth Argueta Herrera » Purdy Motor S.A » Soporte de Servicios Administrativos » James Hirsh » Xavier Arguello » Gilberto Antonio Alcocer López » Carlos René Alvarado Ortíz » Catalina Aragón Rojas » David Argumedo Carvajal » Tribu » Unicomer » Jorge Zablah » Carlos Miguel Alemán Cardenal » Ana Guisela Alvarado Rodas » Juan Carlos Arana » Jorge Manuel Arias Arias » Unilever El Salvador » José Corcione* INCAE FRIENDS » Mónica Paulina Alencastro Serrano » Angie Alvarado Salas » Fernando Alonso Arana García » María Andrea Arias Grillo » Universidad Tecnológica de El Salvador FRIENDS » José Jorge Simán* » Anonymous (3) » Querube Alexandropulos Amat » Vivianne Alvarado Salas » Mario José Arana Sevilla » Herold Antonio Arias Henríquez » Aeromundo » José Lisac » Carlos Luis Abarca Rivera » Adolfo Marcelo Alfaro Abaunza » Carlos E. Alvarado Zirión » Alexandra Araujo Augspurg » José Manuel Arias Porras COLLABORATORS » Agencia Motta » Juan B. Sacasa » Ricardo Enrique Abedrabbo Bueso » Róger Rafael Alfaro Araujo » Julio Ernesto Alvarenga Alfaro » Alejandro Araujo Oviedo » Eduardo Antonio Arias Rivera » Aceitera Real » Aguas Cristalinas » Julio Cárdenas* » Mariel Abellán Bonilla » María del Carmen Alfaro Arosemena » Lester Martín Álvarez » Daniel Antonio Araujo Sosa » Johanna Elizabeth Arias Villavicencio » AFP Crecer » Albino Román* » Lácteos del Corral » Mauricio Abras Bernal » Arturo Alfaro Arrieta » Darwin Eliseo Alvarez Asturias » María Alejandra Arauz » Samuel Amílcar Arias Zamora » Agroindustrial Grupo Tecun » Álvaro Castillo Monge » Luis Prado » Claudia Aracely Abrego Díaz » Luis Noel Alfaro Gramajo » Nomar Odin Alvarez Cerrato » Manuel Reinerio Arauz Jaime » José Javier Armijo Arce » Anibal Galindo » Ana del Rosario Benítez » MAE XLIII » Luis Antonio Abrego Díaz » Ana Lucía Alfaro Murillo » Gisela Álvarez de Porras » Bernardo Eliseo Arauz Palacios » Acela Armuelles » Arco Ingenieros » Angela Carranza » Molinos de Costa Rica, S.A in honor » Emin Abufele » César Augusto Alfaro Ordoñez » Juan Marco Álvarez Gallardo » Carlos Enrique Araya Lizano » Vasko Harmodio Arosemena Ríos » Banco de Finanzas » Antonio Lacayo* of Luis Ruenes Cortina » José Luis Aburto Saravia » Mitzi Alfaro Saint » Roberto Enrique Álvarez Guerrero » Lindberg Alberto Araya Miller » Sofía Lastenia Aróstegui Martínez » Bolivar, S.A » Carlos Boza* » Mónica y Felipe Chapman* » Fady Elias Abuyaghi Castillo » Jorge Luis Alfaro Velarde » Ana Álvarez Imolesi » Alberto Araya Murillo » María Gabriela Aróstegui Ruíz » Centrolac* » Carlos Troetsch Saval* » Morgan Stanley » Jorge Iván Acevedo » Gabriela Guadalupe Alfaro Villegas » Andrés Felipe Álvarez Londoño » Stefanie Marcela Araya Salazar » Eduardo Arrea Anderson » COMASA* » Carmelo Torrebiarte » Motta Internacional » Cynthia Leticia Acosta Bogado » Julissa María Almanzar Royer » Adriana Álvarez Meza » Guido Arturo Arce Artavia » Arnoldo Arriaza Castañeda » Compañía Nestlé de Costa Rica, S.A. » Carmen de Broce » Paula Robert Kissling » Emilio Acosta Egea » Andrés Alonso Díaz » Diógenes Alfonso Álvarez Ortiz » Mauricio Archila Castillo » Javier Arriaza Esquivel » Componentes Intel de Costa Rica, S.A. » Casa Mc Gregor » Productos Kiener » Verónica Acosta Gandara » Guillermo Alonso Guzmán » Pablo Mauricio Alvergue Rivera » Efraín Humberto Ardón López » Lilliana Arrieta Quesada » Copa Airlines » César Terán » Promoagro, S.A. » Luis Miguel Acuña Vila » Ana Lucía Alonzo Meléndez » Marcelo Gerardo Alzamora Paucar » Amed Alexis Arenas Espinosa » Giovanni Artavia Arce » El Moral S.A » Desarrollos Inmobiliarios y Comerciales » Puma Energy Guatemala » Andrea Karell Adarve Girón » Félix Ángel Alpízar Lobo » Karla Amador Salas » Samuel Amílcar Arévalo Martínez » Roberto Jose Artavia Cuadra » Eskimo, S.A.* » Edgar Antonio Heinemann » Ramiro Ortiz » Silke Agüero Lohrengel » Danny Gerardo Alpízar Rodríguez » Carlos Alfredo Amarilla Cabrera » Jhoanna Paola Arévalo Proaño » Roberto Artavia Loria INCAE FRIENDS 2014 ACCOUNTS 2014 ACCOUNTS

» Herson Mario Arteaga Méndez » Duilio José Baltodano Cabrera » Ricardo Barrios Velázquez » Pedro Pablo Boburg De La Cruz » Johana Elizabeth Bravo Larrea » Jaime Rodrigo Cajilema Vinueza » Shirley Varinia Canedo Rivas » Rafael Federico Castellanos Calderón 76 » Tomás Artiñano García » Gabriel Antonio Baltodano Solórzano » Amalia Barrios Velázquez » Carlos Alberto Bocaletti Herrarte » Jorge Manuel Brenes » Anabell Cajina Moncada » Héctor Alfredo Canjura Medina » Fernando Castellón Ponce 77 » Manuel Armando Artoni de la Puente » Christian Omar Banegas Escobar » Julio Santiago Barroso Estévez » Silvana María Bocaletti Herrarte » Eugenio José Brenes Barquero » Vittorio Enrico Calcagno Burillo » José Manuel Cantor Bonilla » Luis Sebastián Castellón García » Armando Andrea Artoni Pallanca » Sheila Rosario Banegas Escobar » Leonardo Barth Zider » Pablo Fernando Bogantes Morales » Esteban Brenes Castro » Dayton Caldera » Carlos Roberto Caputi León » Ileana Castellón Mairena » Thibaut Antoine Aschieri » Celina Varinia Barahona Carrillo » Alejandro Basterrechea Díaz » Allan Fernando Bogantes Varela » Carlos Enrique Brenes Jiménez » Milton J Caldera Cardenal » Cecilia Caraccioli Elvir » Luis Miguel Castillo » Jorge Ernesto Asensio Aguirre » Alejandra Barahona Castro » Efraín Bastidas Zelaya » Enrique Bolaños Abaunza » Laura Isabel Brenes Retana » Myriam Margarita Caldera Gurdian » Fernando Carazo Sáenz » Mauricio Ignacio Castillo Boniche » Lionel Eduardo Asensio Molina » Karen Arlene Barahona Guerra » Lerzy Batista Pinzón » Andrés Bolaños Amerling » Paul Francesco Brenner Román » Daniel Calderon Hernandez » Jorge Carballo Aubert » José Reynier Castillo Castillo » Vivian Assaf Abuallis » César Augusto Barahona Marroquín » Luis Fernando Beeche Pozuelo » Juan Carlos Bolaños Galdos » Eric Ralph Brenner Silva » Rodrigo Eduardo Call Mena » Roberto Alonso Carballo Corrales » Miguel Alfonso Castillo Devoto » Manuel de Jesús Avelar Lizama » Juan Carlos Barahona Martínez » Gabriela Bejarano Aronne » Jorge Walter Bolaños Rojas » Xiomara del Carmen Briceño Rojas » Freddy Patricio Calle Jiménez » Jorge Elias Cárcamo García » Karelia Sofía Castillo González » Evangelina Avendaño Arce » Adiak Raúl Barahona Pérez » James Franklin Bell » Jose Rafael Bolaños Sequeira » María Eugenia Brizuela de Ávila » Jaime Oswaldo Calles López » Julio Cárdenas Robleto » Carlos Luis Castillo González » Melissa Avendaño Vásquez » Minor Barahona Rojas » María Teresa Bellassai Escobar » Juan Carlos Bolaños Soa » Luis Alberto Broce Escudero » Carlos Alberto Calvo Aguilar » Silvia Lorena Cardona Figueroa » Mario Castillo Lara » José Edgardo Ávila da Silva » Augusta Gabriela Barandiarán Asparrín » Juan Carlos Benalcazar Carpio » Luis Diego Bolaños Vásquez » Claudio César Broce Quirós » Marcelino José Calvo Álvarez » Ciro Eduardo Caro Muñoz » Mario Alejandro Castillo Ortega » Ramón Ávila Magaña » Jorge Mario Barascout Guzmán » Zeidy Benavides Barrantes » Jose Antonio Boluarte Baca » Christian Dante Broders Odiaga » Rodrigo Calvo González » Javier Carranza Echeverría » José Pablo Castillo Quesada » Marvin Emilio Ávila Vicente » María Fernanda Barba Romero » Alexander Benavides Jiménez » Fanuel Antonio Bonilla Álvarez » Eric Broide Wohlstein » Alcides Calvo Jiménez » Carlos Mauricio Carranza Gómez » Luis Javier Castro » Byron Raúl Avilés Rodríguez » Juan José Barberena Balladares » Ana del Rosario Benítez Cisnado de » Mariano Alberto Bonilla Arias » Simon Ernst Brugger » Rafael Rolando Calvo Pineda » Claudia María Carranza Gómez » Alejandro Castro Alfaro » Carlos Alberto Ayala Pacheco » Heleno Barbosa Taves De Gouvea Melara » Randall Bonilla Cruz » Jaime E. Bucheli Alban » José Roberto Calvo Retana » Carlos Alberto Carranza Valladares » Marco Castro Garnier » Yessica Ayala Romero » Zulema Barboza Jiménez » Celina Alcira Benítez Corleto » Martha Lilliana Bonilla Romero » Agustín Matías Büchert » Santiago Javier Calvopiña Jácome » Henry Gerardo Carranza Vindas » Sergio Danilo Castro Guerra » Jose Javier Ayala Sastre » Moisés Salomón Bardayán Morales » Richard M. Bennett Alfaro » José Bonilla Villeda » Juan Pablo Büchert Sainato » Rossana Camacho Bevacqua » Ricardo Salvador Carrasco Dueñas » Mauricio Adolfo Castro Hernández » Marco Ayarza Squires » Georgette Barguil Peña » Andrés Alberto Berman Fernández » Maria Esther Boquin Ordóñez » José Ramón Bueso Boesch » Manuel Camacho Rodríguez » Alejandra Lucia Carrasquilla Villareal » Pablo Amancio Castro Hernández » Manfred Aymerich Salas » Sergio Alejandro Barillas Pazos » José Roberto Bermúdez Pérez » Sylvia Melissa Borge González » Carlos Bueso Sandoval » Neil Vinicio Camacho Sancho » Hernán Fabricio Carrera Cabrera » Carlos Castro Horvilleur » Víctor Aymerich Uhlenhaut » José Luis Barón Jiménez » Óscar Antenor Berrios Gutiérrez » Francisco Borge Medina » Adriana Isabel Buhezo Gómez » Jaime Camhi Cappon » Lennor Carrillo Retana » Miguel Ángel Castro Lachner » Mónica Aymerich Verdesia » Erwin Ignacio Barquero Narváez » Néstor Brigido Berrocal Torrero » Carlos Borgonovo Pinto » Zoraida María Buitrago Gutiérrez » Brian Campbell Jiménez » Jorge Luis Carrión Saavedra » Moisés Castro Maceda » Letzea Alexandra Baca Barahona » Alfonso Enrique Barquero Narváez » Giacomo Bertaina » José Eider Adolfo Bosch Almanza » José María Buitrago Sequeira » Ana Laura Campos Alfaro » Rosa Marilena Cartagena Cruz de » Emilia Castro Meza » Fabián Baca Cobo » Carlos Barquero Quirós » Elda Lucía Beteta Cabrera » Paul Bosche » Rafael Buonafi na Colón » Álvaro Campos Brenes Jokisch » Ricardo Castro Pinto » José Rodrigo Baccaro Díaz » Senia María Barrantes Jiménez » Aldo Luigi Bettoni Jiménez » Raúl Santiago Botero Jaramillo » Martín Burbano Franco » Mauricio Campos Huezo » Zarati Yahel Cartín Horta » Sergio Miguel Castro Rivera » Karen Geanina Badilla Marín » Rafael Barraza » Andy Eladio Bezara Higle » Renzo Roberto Bottazzi Chinchilla » Rafael Santiago Bustillos Ardaya » Anthony Campos Leitón » Luis Eduardo Cartín Videche » Mario Castro Tablas (deceased) » Cesar Estuardo Báez López » Marta Ofelia Barrera Ávila » Salvador Biguria » Carlos Ernesto Boza Delgado » Carla Patricia Cabalceta Rubio » Concepción Campos Medal » Marcelo Carvajal Monge » Verónica María Castro Torres de » Jean Paul Baharet O´Dowd » Iris Belén Barrera González » Salvador Biguria Ortega » José Luis Bran Guzmán » Dina Caballero Guillén » Christian Campos Monge » Federico Carvajal Montero Portillo » Fernando Baldizón » Luis Antenor Barreto Flores » Juan Pablo Bimos Ochoa » Ulises Antonio Bravo » María Eugenia Caballero Neira » Vladimir Campos Ortega » Cristina Casado Carazo » Sylvia Castro Zuñiga » Eduardo Manuel Balladares Alvarado » Hugo Barrientos Clara » María Alejandra Binda Contreras » Aurora María Bravo Brenes » Wilder Marcial Caballero Silva » Adrián Eugenio Campoverde Espinoza » Julia Casafont Villalobos » Juan Carlos Ceballos Porres » Pablo Emilio Ballen Gómez » Daniel Wilfredo Barrientos Sorto » Fiorella Blanco Torres » Greg Tyrone Bravo Centeno » Pedro Jacobo Cabassa Rodríguez » José Modesto Canales Martínez » Marco Antonio Casco Pineda » José Vicente Cedeño Murillo » José Mauricio Ballivián Araúz » José Carlos Barrios Calderón » Alfredo Alejandro Blandón Moreno » Paulo Bravo Elizondo » Marta Cabrera Cohler » Mario Roberto Cañas Miguel » Ernesto Castegnaro Odio » Tirso José Celedón Lacayo » Daniel Balma Tanco » Niger Barrios Saballos » Herbert Blandón Tévez » Walter Bravo Flores » Marita Caillaux Araujo » Jan Enrique Candanedo Lee » Humberto Castellanos Menéndez » Patricia Lucía Centeno Jiménez INCAE FRIENDS 2014 ACCOUNTS 2014 ACCOUNTS

» Christian David Centeno Liger » Edgar Chaves Navarro » Miguel Contreras De León » José Alejadro Coyoy Toc » Juan Francisco De Sola Criado » Frank Martín Dolande Álvarez » Harkmuth Elizondo Gutiérrez » Gunter Josué Estacuy Tamayac 78 » Víctor René Julián Centurion Bedoya » Rafael Andrés Chaves Rivera » Luis Mario Contreras Flores » David Crespo Godoy » Enrique Del Barco Silva » Braulio Gabriel Domínguez Pozo » Rodrigo Elliot Sule » Jorge Antonio Estrada Centeno 79 » Nubia Alejandra Cerda Moraga » Roy Diego Chaves Rodríguez » María José Contreras Reyes » Cindy Marilyn Cristobal Marcelino » Eduardo Del Carmen Teets » Álvaro Domínguez Ramos » Paula Panamá Ellis Torrijos » Raúl Estrada Ulloa » Randall Cerdas Corella » Federico José Chaves Sáenz » Carlos David Contreras Ventura » José Omar Cruz Bodán » Alfredo Valdemar del Pino Caicedo » Xiomara Isabel Domínguez Vargas » Gianfranco Elorreaga Meléndez » Mercedes Ivonne Estribí Pereira » Wilfredo Rafael Cerrato Rodríguez » Ana Gabriela Chaves Sandí » Modesta Fidelina Corado Rugamas » Myriam Cristina Cruz Dada de Cortez » Laura Isabel Del Pino Caicedo » Víctor Donaire Rivera » Mirei Endara Heras » José Exprúa Hernández » Guillermo Antonio Cerrud Labram » Altair Chávez Aguilar de Rodríguez » Jorge Eduardo Cruz De León » Luis Enrique Del Solar Huaco » Malena Monique Donas De Beausset » Fernando Alberto Enderica Corsiglia » Ricardo Alberto Fabrega Guardia » Juan José Céspedes Durán » Verónica Susana Chávez Vásquez » José Carlos Corcione Pérez » Carlos Alberto Cruz Espinoza » Julio Eduardo Delgadillo Cardenal » Rodolfo Francisco Dorn Holmann » Ernesto Enríquez Torres » Andrés Fachler Piszk » César Hilario Céspedes Reyes » Manuel José Chérrez Molina » Sergio Cordero Jurado » Iran Asael Cruz Mejía » Roy Alberto Delgado Alpízar » Rodolfo Salvador Dorn Rodríguez » Alfredo Errazuriz Rosa » Deborah Fachler Piszk » María Rita Cetrangolo del Río » Humberto José Chevez Serrano » Jorge Eduardo Cordero Ortiz » Rafael de Jesús Cruz Robles » Brenda Sofía Delgado Avellán » Alberto Carlos Downing Cano » José Leonel Escalante Quintanilla » Marco Vinicio Fallas Fonseca » Galo Fernando Cevallos Durán » Sandra Patricia Chinchilla Inestroza » Rafael Cordero Sibaja » Marco Antonio Cuadra Leiva » Luis Arcenio Delgado Fábrega » Edward Drew Espinal » Vanessa Carolina Escalante Sifontes » Julio Roberto Fanjul Bianchi » Ramiro Cevallos Vacas de Ayala » Norman Eliecer Cordero Vega » José Antonio Cuadra Morales » Ana Guissella Delgado Fernández » Maximiliano Dreyfus Valdivieso » Roberto Escalante Soto » Luis Fasano Salazar » Maikel Chacón Álvarez » Lucía Chiu De la Fuente » Jorge Andrés Cordero Vidal » Mercedes Cuadra Schultz » William Delgado Pacheco » José Napoleón Duarte Benítez » Marco Escamilla » María Verónica Félix Sánchez » Iván Chacón Chavarría » Mario Chiu Oliva » Santiago Felipe Cordero Zamora » Gonzalo Alberto Cubero Soto » Gerardo José Delgado Talavera » Joanna Duarte Chang » Alberto Escamilla Rodríguez » Salomón Felman Bitterman » Javier Chacón Rivera » Sebastián Choussy Palomo » César Antonio Cordón Castillo » Hernán Alberto Cubero Vargas » Carlos Delgado Villacís » Roger Duarte Rodríguez » Óscar Antonio Escobar Castillo » Andrés Fernández Aguilar » Blasco Germán Chacón Sánchez » Mauricio Choussy Rusconi » José Augusto Cordón Orellana » René Cuellar Marenco » Jorge Manuel Dengo Garrón » Josué Dubón Peraza » Jorge Luis Escobar Jaramillo » Jaely Rosalina Fernández Almonte » Mario Manrique Chacón Vargas » Maria Cristina Choy Arauz » Gerson Cordón Salvatierra » Omar Martin Cueva Arenas » James Antonio Denham Spirito » Marcos Gustavo Dueñas Andrade » Rodrigo Escobar Pérez » Carlos Habencio Fernández Alvarado » Edgar Chacón Vega » José Guillermo Cisneros Carranza » Fausto Esteban Córdova Orellana » José Roberto Cuevas Guzmán » Javier Antonio Denys Vanegas » Claudia Dueñas Olsen » Álvaro Escobar Picasso » Javier Alonso Fernández Anchía » Pablo Rubén Chajón Vargas » Jorge Cisneros Toledo » Hugo Javier Corea Doña » Edison Cusi Sacancela » Carlos M. Deras Barillas » Fernando Federico Duque Maldonado » Martín Escobar Rocha » Luis Esteban Fernández Bolaños » Juan Sebastián Chamorro » Javier Clausen Gutiérrez » Zurama Tatyana Corea López » Héctor M. Dada Sánchez » Frank Díaz » Juan Adolfo Duque March » Claudia María Escobar Sequeira » Edgardo Fernández Boyle » Ricardo Alejandro Chamorro Bolaños » Leonardo Andrés Clavijo Hidalgo » Gustavo Adolfo Cornejo Párraga » Verónica Dahik Ayoub » Juan Ángel Díaz Cotero » David Duque Terneus » Ingrid Carolina Escobedo Romero » Marco Antonio Fernández Calderón » Luis Alberto Chamorro Cuadra » Jorge Cob Saborío » José Gerardo Corrales Brenes » Sebastián Dapena Henao » José Rogelio Díaz Cucalón » Pablo Joaquín Durán Fernández de » César Aníbal Espín Martínez » María Fernanda Fernández Gracias » Roberto Ricardo Chamorro Elizondo » David Humberto Cobo Barcia » Esteban Corrales Chavarría » Santiago Dapena Rivera » Karla Desiree Díaz Da´Costa Gómez Córdova » Dionicio Geovanny Espinel Puga » Roger Horacio Fernández Hernández » Tatiana Chamorro Estrada » Michelle Loraine Coffey Haase » Juan Pablo Corrales Cordero » Michèle Marie Davenport » Antonio Díaz del Pinal » Telmo Alejandro Durán Suárez » Adriana Espino Ramos » Juliana Fernández Porras » Chantal Chamorro Flores » Jaime Coghi Arias » Ruth Corrales Lucero Schönenberg de Nuila » Carlos E. Díaz del Pinal » George Durman Esquivel » Julián David Espinosa Bautista » David Daniel Fernández Ramírez » Blanca Auxiliadora Chamorro Romero » Juan Carlos Cogorno Koury » Mario Alexis Correa Vásquez » Álvaro Dávila Padilla » Marcela Díaz Fernández » Francis Durman Esquivel » Darío Antonio Espinosa Rojas » Zaida Eunice Fernández Solórzano » Guillermo José Chan Flores » Ricardo Cohen » Franco Marcel Cortés Beer » Luis Gerardo De Jesús Carbajal » Pedro Esteban Díaz Heredia » Fernando Guillermo Durón Andino » José Luis Espinoza Abad » Luis Rafael Fernández Torres » Randall Chang » Arturo Leónidas Condo Tamayo » Mayela Cortés Bolaños » Hugo Eduardo De la Fuente Sánchez » Ángel Arturo Díaz Marroquín » Sol Adriana Echeverría Hine » Oscar Alberto Espinoza Cardona » Natalia María Fernández Trujillo » Felipe Eduardo Chapman Arias » Karen Imara Conrado » Fernando Antonio Cortés García » Aquilino De la Guardia (q.e.p.d) » Josué Díaz Molina » María del Mar Echeverría Segnini » Raúl Espinoza Guido » Luis Alejandro Fernandez Zang » Dora Lorena Chavarría Ramírez » Manrique Constenla Umaña » Carlos Rodolfo Cortés Tormo » Wilfrido Arister De León Echeverría » Frank Martín Díaz Ocampo » Juan Alfonso Eguiguren Valdivieso » Juan José Espinoza Mora » Amílcar Ferreira Acosta » Melania María Chaverri Coto » Carlos Salvador Contreras Alvarado » Diether Cortez Pastrán » Carlos Gustavo De Obaldia Villarreal » Natalia Díaz Quintana » Gian Paolo Einaudi » Seoane Ramón Espinoza Pacheco » Manuel Ferrer de la Guardia » Rodrigo Chaverri Ortega » Mónica Beatriz Contreras Antúnez » Héctor Cotes Mock » Carlos Alberto De Paco Alvarado » Susan Verónica Dluzniewski » Maria Del Carmen Elias Herrera » Roberto Antonio Espinoza Zapata » Elmer Elías Ferrera Mejía » Adriana Chaverri Vásquez » Álvaro José Contreras Cándido » Walter Coto Camacho » Francis De Peña Socias Mastromarco » Adrián Elizondo Álvarez » Henry Esquivel Lara » Héctor Ferrera Meza » Federico Chaves Calderón » Geibel Contreras Castro » Marlene Coto Vargas » Diego De Sola » Pedro Joaquin Dobles Robert » Alejandro Elizondo Castillo » José Pablo Esquivel Zúñiga » Enrique Javier Ferrufi no Morori INCAE FRIENDS 2014 ACCOUNTS 2014 ACCOUNTS

» Miguel Ángel Fiatt Jiménez » David Fuentes Montero » Eduardo García Torrazza » Giovany Gómez Molina » Ana Marina Grajeda Contreras » Darío Alejandro Gutiérrez Euribe » Paola Mercedes Hernández Garcés » Melissa Eugenia Houed Arroyo 80 » Luis Rafael Figueroa Morón » Emilio Fumero Iracheta » Ximena García-Rada » Fabrisio Gómez Monge » Mauricio Alberto Granados Sancho » Leonor Gutiérrez Fernández » César Andrés Hernández González » Clara Magaly Huaman Quispe 81 » Sigfredo Armando Figueroa Salinas » Guillermo Enrique Funes Cartagena » Alberto Garita González » William Enrique Gómez Mora » Juan Antonio Grande Grande » Ernesto Gutiérrez Font » Miguel Ángel Hernández Méndez » Elmer Rubén Huamán Romero » Juan Carlos Flamenco Cáceres » José Luis Antonio Gadala-María » José Fabio Garnier Chaves » Katherine Fernanda Gómez Valarezo » Mario Fernando Granizo Granja » Jorge Gutiérrez Gurdián » Gilberto Hernández Mora » Ramiro Fernando Huete Romero » Juan Carlos Flamenco Romero Monge » Steve Garnier Fernández » Juan Luis Gómez Werner » Sandra Granizo Granja » Miguel Ángel Gutiérrez Jiménez » Nora Isabel Hernández Ramos » Carlos Alejandro Huezo Huezo » Marlon Obdulio Flores » María José Galera García » Aurelia Garrido Quesada » Juan Pablo Alejandro Gómez Zamora » Oscar Alejandro Granja Castro » Alma Rosa Gutiérrez Linares de » María Alejandra Hernández Ramos » William Fernando Huper Gross » Andres Alcibiades Flores Aguilar » Diego Alfonso Inocencio Galindo Lara » Marco Vinicio Garro Mora » Alex Joel Gonzáles Villanueva » Frank Greene (deceased) Pineda » German Eduardo Hernández Ruano » América Hurtado Alvarado » Francisco Raúl Flores Duarte » Manrique Gallegos Gurdián » Daniel Garro Ruiz » Alejandro González Arellano » Nicholas James Grew Metcalfe » Jaime Alberto Gutiérrez Matamoros » Kenneth Fabricio Hernández Sánchez » Lucía Dolores Hurtado Cabrera » David Salomón Flores Girón » Francisco Javier Galo Montenegro » John Gaultney Robinson » Fabián Martín González Carvajal » Rosa Alexandra Grijalva Vallejos » Rosa María Gutiérrez Mejía » Ricardo Hernández Suárez » José Vicente Hurtado Matamoros » Ricardo Myrko Flores Hencke » Sergio Alejandro Gálvez Minera » Carlos Fernando Genie Fuentes » Marco Tulio González Castrillo » Edgar Rodolfo Grisolia Rodas » Andrés Guzmán Fernández » Sandra Hernández Vallecillo » Denissa Yadira Hurtado Osorio » Luis Alberto Flores Jeréz » Carlos Gamboa Chaves » Arturo Giacomin Zúñiga » José Pablo González Coghi » Simón Gronda » Andrea Guzmán Lacayo » Eduardo León Roberto Herodier » Andrés Gonzalo Hurtado Wedler » Dennis Antonio Flores Parrales » Mauricio Gamboa Hidalgo » Fernando José Gil Escalante » Carmen Lubianka González Corea » Jessica Barbra Grundy Castaños » Carlos José Guzmán Reyes Cañas » Roberto Alcides Hylton Kam » Aline Flores Pavón » Mario Gamboa Mata » Ana Beatriz Gillet Jiménez » Othon Enrique González Curiel » Luigi Silvestre Guanella Iriarte » José Fernando Haeussler López » Ana María Herrarte Figueroa » Bruno Renzo Ignacio Calderón » Carlos Fernando Flores Reyes » José Antonio Gamboa Retana » Enrico Giordano Sesia » Marco Antonio González Duche » Andrés Guarderas Rojas » Hans Herman Hammerschlag Icaza » Fernando Javier Herrera Arce » Jorge Ezequiel Igualada Rodríguez » María Luisa Flores Villagrán » José Dennis Gamero Lechuga » Catalina Giraldo Orozco » Ginette González Espinoza » Rolando Tomás Guardia Carazo » Erika María Hanon Zavala » Randall Herrera Briones » María Fernanda Illánez Ron » Laura Alicia Flores Villalobos » Bernal Gámez Bianchini » Ernesto José Gochez Monge » Pablo Alberto González Fernández » Carlos Alberto Guardia Gutiérrez » Tomas Humberto Harbar Gordon » Carmen Luisa Herrera Chang » María del Carmen Intriago Dueñas » Rydder Mercedes Fong Castillo » Giannina Evelyn Garavito Martell » Romy Carlota Godínez Morales » Claudia Mabel Gonzalez Flores » Víctor Manuel Guerra Araya (deceased) » Guillermo Herrera Corrales » Marco Aurelio Irusta Dalenz » José Miguel Fonseca González » Ernesto Garay Carrión » Iván Goicochea Piana » Armando Enrique González García » Reyes Margarita Guerra Mena de » Karen Mariel Haro Guzmán » Marco Antonio Herrera Corrales » Bernardo Antonio Izaguirre Pereira » Juan Reyes Fonseca González » José Alejandro Garcete Barrett » Jorge Luis Goicochea Reyes » José Manuel González Guerrero Castro » Alejandra Hassan Martínez » Diego Herrera Dutari » Jorge Eduardo Jaar Lizarralde » Otto Francisco Fonseca Melchor » Pablo de Jesús García Méndez » Paulo Duarte Gomes Lopes » Ramiro Antonio González Icaza » Helder Francisco Guerrero Incer » Erick Diego Henríquez Armenta » Francisco Herrera Hernández » Jennifer Birmania Jacho Yunga » María José Fonseca Quesada » Fiorella Patricia García Abarca » Diana Leonor Gómez Agüero » Dilia Carolina González López » Daniel Patricio Guerrero López » Carlos Ricardo Henríquez López » Daniel Herrera Jiménez » José Eduardo Jácome Villamar » Miguel Evenor Fonseca Taboada » Luis Felipe García Alvarenga » José Alberto Gómez Aguirreurreta » Sebastián González Méndez » Juan Manuel Guerrero Sánchez » Viktoria Hentzschel » Ricardo Herrera Masís » María Eugenia Jaime Bermúdez de » Luis Carlos Fournier Granados » Juan Mario García Cerrutti » Félix Antonio Gómez Arauz » Luis Alfonso González Morales » Leo Miguel Guevara » Stanley Eugenio Hernández Aguirre » Beatriz Herrera Montemayor de Sagrera Rubio » José Luis Francés Argueta » Carlos García de Paredes » Walter Antonio Gómez Borge » Reynaldo González Pantaleón » Manuel Antonio Guevara Huete » Mario Alexander Hernández Alcantar » Raúl Herrera Ortiz » Edgar Andrés Jara Villavicencio » Vilma Gladys Frances de Flamenco » Rafaela Etelvina García Gómez » Francisco Javier Gómez Cadavid » Andrés González Rodríguez » Erlan Antonio Guillén Alvarado » Eddys Manuel Hernández Baltodano » Donald José Herrera Pérez » Juan Pablo Jaramillo Asmar » Diana Elizabeth Franco Cortázar » Mauricio García Hernández » Agusto José Gómez Castillo » Eduardo José González Sánchez » Luis Alfredo Guillén García » Harold Manrique Hernández Baltodano » Elena Herrera Rojas » Francisco Antonio Jarrin Rivadeneira » Freddie Frech Hasbun » Luis Rodrigo García Kihn » Miguel Ángel Gómez Corea » Alfredo José González Solorzano » Juan Carlos Guillén Peña » Adonis Ulises Hernández Batista » Jelle Hettinga » Lía Tatiana Jaspe Lescure » Jaime Arnoldo Freer Rohrmoser » Javier García Martínez » Mario Gómez Fernández » Olga Mercedes González Soto » Verona Gurdian de Somarriba » Arnulfo Hernández Bogantes » Oscar Hidalgo Araya » Juan Carlos Javier Medina » Santiago Germán Fretes Argüello » Martha Kenya García Mejía » Héctor Iván Gómez Fonseca » Juan Carlos González Vintimilla » Rodolfo Gurdian Montealegre » Juan David Hernández Bustamante » María Gabriela Hidalgo Drexler » Yon Iñaki Jayo Rovira » Alejandro Francisco Frixione Miranda » Roberto José Armando García Melgar » Sonia Guadalupe Gómez Fuentes » Pitia Joan Good Arambú » Ricardo Gurdian Ortiz » Vilma Isabel Hernández Cedillos » Francisco Hidalgo Salguero » Pablo Jenkins » Alexis Manuel Frutos Ruíz » Abel Jacobo García Muñoz » Manfred Gómez Hoffmaister » Francisco José Gordillo Coronel » Francisco Gurdian Vargas » María Mónica Hernández D. Phillips » James Hirsch Keibel » Carlos Enrique Jenkins Castillo » Francisco Roberto Fuentes Bonifasi » Jorge García Muñoz » Santos Antonio Gómez López » Francisco Javier Gordillo Tobar » Manuel Salvador Gutiérrez Cedeño » Vilma Hernández de Calderón » Mauricio Gabriel Horvilleur Caso » Mauricio Jenkins Coronas » Rodrigo Fuentes Martinolli » Fernando García Rozo » Ovidio Gómez Marín » Daniel Gracian Mariño » José Ciriaco Gutiérrez Contreras » Ricardo Antonio Hernández Flores » Fernando Javier Horvilleur Castellón » José Álvaro Jenkins Rodríguez INCAE FRIENDS 2014 ACCOUNTS 2014 ACCOUNTS

» Renzo Alberto Didier Jeremias » Roberto Kenton Johnson » Armando Stanley Lee Barrera » Moisés Aquiles López Jiménez » Mauricio Alejandro Magaña Salinas » Estrella Merari Martínez Alvarado » Leandro Medrano Rincón » Gia Melissa Miranda Castro 82 Quintanilla » Niels Werner Ketelhöhn Gron » Clifford Manuel Lee Goti » Melissa López Lacayo » Fernando Maggiori Toledano » Octavio José Martínez Argüello » Heidi del Socorro Medrano Sarria » Alfredo Mirón Aguilar 83 » Rayda Ruth Jerónimo Zacarias » Robert Khaybullin » Francisco Alberto Leguizamón Rodríguez » Álvaro Daniel López Lafuente » Gerardo Alberto Mainieri Camacho » Alberto Martínez Bobadilla » Sheyla Socorro Mejía Barrena » Erika Mitre Remón » Andrés Jervis González » Juan Francisco Kiener Trost » Siria Alejandra Leiva Yánez » Felipe Orlando López Larios » Rafael Antonio Majano Rivera » Javier Orlando Martínez Botacio » Maribel Josefi na Mejía Blanco-Uribe » Laura Elena Mogollón Munich » Alejandro Jiménez Malavassi » Alexandra Kissling Jiménez » Nadia Lissethe Lemus Pleitez » Jorge Alberto López Mora » Santiago Daniel Maldonado Cabrera » Roberto Antonio Martínez Cedeño » Luis Roberto Mejía Castellón » Mónica Guisela Molina Arteaga » Sofía Victoria Jiménez Abarca » Manfred Kissling Jiménez » Jorge Javier León Longhi » Leonel López Morel » Juan Fernando Maldonado Escobar » Ivette Martínez Cervantes » Gloria Karina Mejía Pérez » Sergio Molina Bonilla » Gilberto Jiménez Arias » Randolf Kissling Jiménez » Grace Emmanuel León Molina » César A. López Nicolini » Iván Felipe Maldonado Lazo » Augusto Rodolfo Martínez Escobar » Rolando Mejía Quesada » Jaime Molina Carranza » José Roberto Jiménez Barletta » Walter Kissling Jiménez » Gerardo Jesús León-York Blandón » Roberto Antonio López Pizarro » Zoila Asunción Maldonado Valdivieso » Héctor Augusto Martínez González » Juan Andrés Mejicano Soto » Santiago Fernando Molina Salazar » Rodolfo Jiménez Borbón » Romelia Koo Castillo » Jorge Alejandro Lépiz Chaves » Mario Guillermo López Rosa » Antonio Gerardo Maldonado Zeas » Ana Elisa Martínez Jarquín » Marco Antonio Melara Cruz » Mark Anthony Molina Sauma » Fernando Jiménez Campos » Otto Wilhem Kopper Castro » Siulem María Li Fallas » Alejandra María López Rosales » Luis Fabricio Malo Andrade » Fernando Martínez Lazo » Juan Manuel Meléndez Córdoba » Roberto Antonio Mollison Jiménez » Emilia Nora Jiménez de Guerrero » Alejandro Kuhn Delgadillo » Rafael Ernesto Liebes Larin » Jadia Yaoska López Saavedra » Gustavo Malo Malo » Tethey Martinez Mejia » Víctor Manuel Meléndez Lazo » León Enrique Moncada Cuellar » Esteban Jiménez Jiménez » Antonio Ignacio Lacayo » Laura Carolina Lima Castro » Napoleón Benito López Saravia » Sebastián Mancheno Mariño » Natalia Maria Martinez Paulino » Herbert Ariel Meléndez Márquez » Jorge Carlos Mondal Contreras » Arquímedes Jiménez Martínez » Katia Alexandra Lacayo Abreu » Sebastián Linares Leandro » Mónica López Sett » Deify Mancilla Barahona » José Antonio Martínez Porta » Mauricio Melgar Hernández » Jackeline Mondragón Ruíz » Mario Jiménez Núñez » Héctor Antonio Lacayo Hernández » Clarisa Elizabeth Lira Sánchez » Germán López Véliz » Gustavo Adolfo Mancur Milian » Jorge Humberto Martínez Quijano » Mauricio Mena Gutiérrez » Ana Elena Monestel Vega » Federico Jiménez Rodríguez » Karla Lacayo Ocaña » José Alberto Lisac Vélez » María Alejandra López Yglesias » Daniel Man-Ging Valverde » José Augusto Martínez Ramírez » Elías de Jesús Menacho Olivares » Luis Alberto Monestel Vega » Julieta Gertrudis Jiménez Sáenz » Álvaro Rafael Lacayo Palma » Ricardo Lizano Jiménez » Juan Carlos López Zaldaña » Elaine Alejandra Mañon Jiménez » Carlos Roberto Martínez Romero » Saúl Estuardo Méndez Arriaza » Gastón Monge Chevez » Andrés Jiménez Torres » Danilo Lacayo Rappaccioli » Carlo Rigoberto Llerena Gavilánez » Gustavo Adolfo Lora Alfonso » Miriam Carolina Manrique Salom » Roberto Alfredo Maspons Mosquera » Mariela Leticia Méndez Arriaza » Efraín Monge Quesada » Marco Antonio Jimeno Zavala » Pedro J Lacayo Reyes » Alberto Llobet Matamoros » Joaquín Lovo Suárez » Felipe José Mantica Cuadra » Roberto Francisco Mata » José Luis María Méndez Cardozo » Andrea Monge Quirós » Gabriela Soledad Jirón Hernández » Alfredo Fernando Lacayo Sequeira » Mario Arturo Longan Zeledón » Kristine Emily Low Wong » Elibardo Mantilla Paipa » Manuel Matallana Tafur » Judith Virginia Mendoza de Díaz » Juan Eduardo Montalto Lorenzo » Carolina Jones Ulate » Jaime Javier Ladines Arrieta » Francisco Javier López Andrade » Jose Alfonso Lozano García » Danilo Manzanares Artiñano » Guillermo Enrique Matamoros Arias » José Luis Mendoza De León » María José Montalván Linarte » Juan Carlos Jop Jiménez » Ninive René Lagos De la Cruz » Juan Carlos López Aviles » Lourdes Natalia Ludizaca Sari » María José Manzanarez Gutiérrez » Mario Andrés Matamoros Lanza » Daniel Alejandro Mendoza Garza » Daniel Eduardo Montealegre Echandi » Vicente David Jovel Andino » Salvador Ernesto Laínez Ramírez » José Nelson López Barbón » Harald Luling » Katherine Manzur Conte » Raúl Arnoldo Matheu de Floran » Roberto Mendoza Ruiz » Arturo Montealegre Quirós » Paul William Juárez Ascencio » María E. Lang Valle » Zadik López Bulnes » María José Luongo de Maggiori » Félix Maradiaga » Kenia Mattis » Dora Meneses Rodríguez » Oscar Danilo Montealegre Zepeda » Carlos Rodrigo Jubis Kafati » María Alejandra Lanuza Safi e » Jaime Ricardo López Cálix » Konrad Lutz Cruz » Laurindo Maranhao Vieira R » Jorge Matuk Chijner » José Francisco Merino López » Silvia Pamela Montejo Peralta » Carlos Alberto Justiniani Trejos » Franz Lara Koberg » Francisco Eduardo López Carballo » José Miguel Macías Hernández » Bertha Lizzette Marenco De Dreyfus » María Alicia Mayorga de Pérez » Juan Enrique Merizalde Aguirre » Salvador Ernesto Montenegro Álvarez » Tania Kaimowitz Rodríguez » Edrulfo Antonio Largaespada Leets » Stelina López Conde » Andrea Estefanía Macz Barrientos » Carmen María Marenco Obeso de » Ana del Carmen Mazariegos Aparicio » Jorge Esteban Mesías Hoyos » Arturo Montero Calderón » Parveen Suresh Kaliandasani Fong » Rodrigo Larios Robert » Ana Eugenia López Cordero » Carlos Roberto Madrid Rodríguez Brose » Iris Ivette Mazorra de Romero » Manuel Meza Tinoco » Luis Diego Montero Rosabal » Jorge Salomón Karicas Bardayán » Iván Eduardo Larrea Andrade » Noris Isabel López de Castañeda » Fernando Madrigal Anderson » Osman Marín Rojas » Álvaro Renzo Mazzini Rodríguez » Gabriela Miguel Zabanch » Kattia Montero Vásquez » Jacobo Gabriel Kattan C. » Jorge Mauricio Larrea Arregui » Marlene López Fernández de Estrella » Jorge Augusto Madrigal Azofeifa » Allan Marin Roldan » Adolfo McGregor R. » Marko Mileta » Álvaro José Monteros Ortíz » Daniel Kawer Wigoda » Vernon Oliver Larson Volquardsen » Mauricio López Gaviria » Sebastián Madriz Contreras » Jose Fernando Márquez Figueroa » Fernando José Medina Gómez » Daniel Adalberto Mina Madrid » David Montesinos Delgado » Juan Enrique Keilhauer Persoon » Mayling María Lau Gutiérrez » Luis López Grazzioso » Harold Maduro Pérez » Carlos Rodolfo Marroquín Batres » José Juan Medina Mirones » Hilda María Miño Segura » Daniel Montoya Camacho (deceased) » Harvey Philip Leach » Loida Mariel López Gutiérrez » Rigoberto Magaña Chavarría » Ricardo Martinelli Berrocal » Luis Gabriel Medrano Cordell » Edgardo José Mira Padilla » Carlos Hernán Montoya Garita » Christopher Thomas Keller » Diego Ledesma Solari » Carlos Claudio López Hernández » José Félix Magaña Orellana » Francisco Martinelli Patton » Ernesto Medrano Flores » José Ramón Miralda Martínez » Paul Steven Montoya Haro » Maximiliano Kelly Torres INCAE FRIENDS 2014 ACCOUNTS 2014 ACCOUNTS

» Carlos Eduardo Montoya Murillo » Roberto Motta III » Ernesto David Narváez González » William Oberhelman » Edgar Edmundo Ortiz Díaz » Gabriel Páez Zamora » Gustavo Enrique Paz Guerra » Jesús Alberto Pestana de Abreu 84 » Carlos Guillermo Montoya Peña » Roberto Motta Stanziola Jr. » Gonzalo Eduardo Alberto Narváez » Alejandra Ocampo Chacon » Daniel Ortiz García » Roger David Paiz Castillo » Juan Pablo Peña Baquerizo » Juan Piccini Lizares 85 » Edgar Eduardo Montoya Zambrano » Víctor Mario Moya Azofeifa Narváez » Josefi na Ocaña Chiu » Carlos Mauricio Ortiz Herbener » Andrea Paiz Morales » Rocío del Carmen Pena Marque » Luis Piedra Ortiz » Pablo José Monzón Díaz » Digna María Moya González » Dariush Nassiri Muñoz » Luis Ernesto Ochoa Ávila » Freddy Omar Ortiz Jiménez » Eladio Alexander Paiz Pineda » Hilda Marisol Peña Paredes » Mauricio Pierson Stadthagen » Osvaldo Mora González » Juan José Múa Leytón » Jorge Alberto Nasta Horna » Juan Miguel Ochoa Mulato » Manuel Enrique Ortiz M. » Paul E Palacios » Rafael Penagos Moreno » Camille Marie Pignet » María Alejandra Mora Herrera » Carlos Alberto Muente Reyes » David Eduardo Natarén Oyuela » Pablo Daniel Ochoa Solís » José Hermógenes Osorio López » Noé Rafael Palacios Espinal » Gerardo José Peralta Mayorga » Juan Carlos Piña Jara » Álvaro Mora Kopper » Humberto Mulino » Carlos Julio Natareno Barrios » Margarita Ocon Castellanos de López » Guillermo Rolando Osorio Zaldumbide » Jonathan Alberto Palacios Guardia » Roberto Perdomo Santos » Víctor Salvador Pineda Espinosa » Nancy Mora Mora » Althaf Munawar Sheriff » Thomas Joseph Naughton » Enrique Odio Soto » Diana Osorto Núñez » Pedro Renán Palacios Ullauri » Enrique Pereira Denueda » Sara Natalia Pineda Gadea » Danny José Mora Núñez » Rita Carolina Munguía Acevedo » Gerardo Rubén Navarrete Boquín » Jean Jacques Oguilve Pérez » Alberto Renzo Ostolaza Vidal » Gian Marco Palazio Debayle » Gema Pereira Huezo » Luis Ernesto Pineda García » Carlos Alberto Mora Solano » Manuel Antonio Munguía Gutiérrez » Sonia Margoth Navarro Landázuri » Francisco Javier Olivares Polanco » Alfredo Hernando Osuna » Myriam Elizabeth Palma De La » Leonidas Pereira Rivera » Edgar Pineda López » Hugo Alberto Mora Terán » Maruquel del Carmen Muñoz Barragán » Carlos Eduardo Navarro Montoya » Jorge Oller Alpirez » Eliezer Arsenio Otero Espinoza Lastra » Mauricio Leonel Pereira Tercero » Carlos E. Pineda Soza » Adolfo Ernesto Mora Vargas » Luis Alfredo Muñoz Carrasco » Julio Navarro Quesada » Santiago Oller Franco » Jan Otterstrom Fonnesbeck » David Estuardo Palma Vásquez » Isidro Perera Heinrich » Aldo Augusto Pinto Ahumada » Analía Morales Bueso » Hernando Enrique Muñoz Gabayet » Edwin José Navarro Valvert » Ligia María Olvera Córdoba » Giancarlos Ozuna Gómez » María Silvia Palmieri Di Pollina » Horacio Henry Pérez Aguilar » Juan Carlos Pinto Frese » Francisco José Morales Castañeda » Martha Alcira Muñoz Hernández » Fernando Navia Gallardo » Hernán Neptalí Once Condo » Roberto José Ozuna Serafi ni » Adriana Regina Palmieri Di Pollina » César Pérez Alam » María Eugenia Pinto Paiz » Iván Antonio Morales Cruz » Gustavo Xavier Muñoz Llive » Ignacio Nelson Pinto » Esteban Oreamuno Beeche » Eduardo Pacheco Alfaro » William Palomares Cubias » Guillermo Pérez Cáceres » Tomás Federico Pinto Urbina » Alejandra Valeria Morales Ferrer » Jorge Ulises Muñoz Peralta » Deniece Gitzel Nicholas Holness » Eduardo Alejandro Orellana Cuenca » José Antonio Pacheco Alfaro » Roberto Salvador Panayotti Martin » Catalina María Pérez Calderón » Ramiro Ricardo Pita Rendón » Nelson Morales Gámez » Franco Engelberth Muñoz Rojas » Fernando Nigro Gómez » Mabel Orellana de Serarols » Mario Pacheco Coronado » Lesbia del Carmen Paniagua Chévez » Janis Susjey Pérez Centeno » Natalia Piza Beirute » Mario Ismael Morales Martínez » José Francisco Muñoz Víquez » Elena Nissyn Hanfl ink Goldgewicht » Ana Lucía Orellana García » Rodolfo Pacheco Domínguez » Carlos Rafael Paniagua Gasteazoro » Carlos Alberto Pérez Cortes » Annette Planells » Ibeth Yaneth Morales Miranda » Samuel Manolo Muralles Reyes » Eugenia Guadalupe Nosthas Hernández » Ana G. Orellana López de Toma » Luis Alberto Pacheco López » Pablo Roberto Paniagua Soto » Carlos Andrés Pérez Daza » Marco Antonio Platero Saravia » Claudia Elizabeth Morales Ramos » Rodrigo José Murga Santamaría » Mario Antonio Noubleau Torres » Erasmo A. Orillac Motta » José Ferneli Pacheco Santos » Graco Paredes Herrera » Sergio Iván Pérez Delgado » Roberto Jorge Pol Milas » Mario Morales Rodríguez » Sergio Javier Murillo » Ana Beatriz Novoa Chávez » Ernesto Orlich Dundorf » Francisco Pacheco Sempertegui » Telmo José Paredes Nan » María Fernanda Pérez Fernández » Clara Polanco De León » Juan Carlos Morales Solís » Diana Murillo Carazo » Gabriel Novoa Montenegro » José Luis Orlich Guardia » Yerala Eugenia Padilla Astacio » Allan Albán Paredes Soto » Danilo Omar Pérez Ferrufi no » Iván Vladimir Polanco Hernández » Carlos Alberto Morán Rivera » Manuel Murillo Elizondo » Hilda Mercedes Novoa Pacheco » Miguel Orocu Mojica » María Carolina Padilla García » Andrés Eduardo Pari Pardo » Alberto José Pérez Góngora » Sylvia Poll Ahrens » Jimmy Moreira Alvarado » Eric Murillo Fernández » Maximiliano Guillermo Novoa Yudice » Juan Manuel Ortega Castillo » Claudia Padilla Laínez » Alberto Enrique Parodi Serpa » Óscar Armando Pérez Merino » André Gérard Pollock Echavarría » Sebastian Moreira Hidalgo » Federico Murillo Garita » Luisa María null Noyola Rodríguez » Francisco Alcides Ortega Miranda » Ana María Padilla Palma » Luis Felipe Parra Leal » Elvys Pérez Monclús » Demetrio Polo-Cheva » Julio Marcelo Moreno Montiel » Gema Valeria Murillo Martínez » César Fernando Núñez Duarte » Giancarlo Ortega Orozco » Max José Padilla Reyes » Isaac Parra Yépez » Violeta del Carmen Pérez Orozco » Alejandro Poma » José Luis Moreno Villegas » Virginia Murillo Montes » Rafael Alejandro Núñez Méndez » Ramses Ortega Sotomayor » Julián Padilla Ruíz » Vicente Pascual Landa » Alberto Vicente Pérez Pérez » Luis Poma (q.e.p.d.) » Marcos Luis Moreno Villegas » Jorge Arturo Murillo Munguía » Sergio Leonardo Núñez Van Eyl » Esteban Alejandro Ortiz Astudillo » Roberto Andrés Padilla Taylor » Gabriel Pasos Álvarez » Felipe Pérez Pineda » Alberto Poma Kriete » Jorge Luis Morillo Erazo » Jorge Vinicio Murillo Rojas » Jaime Humberto Nuques Cedeño » Juan Pablo Ortiz Astudillo » Andrés Fernando Padilla Valverde » Sdenka Verónica Patiño Peña » Gilberto Perezalonso Cifuentes » Félix Rene Pomalaya Benites » Sandra Mormels Grob » Carlos Murillo Scott » Isabel Mileyda Obaldía Cornejo » Marco Antonio Ortiz Barrionuevo » Javier Gonzalo Páez Almeida » María Lorena Patiño Villacís » Antonio Pérez-Bennett Martínez » Francis Ponce de Castellón » Jennifer Naomi Moromizato Gavilán » Teresita Murillo Zúñiga » Federico Antonio Obando Mata » Manuel Enrique Ortíz Castro » Paulina Alejandra Páez Almeida » Aldo Iván Paula Reyes » Luis Antonio Perigault Gonzalez » Carlos Augusto Ponce Martínez » Ludim Moscoso Díaz » Luis Muyshondt García-Prieto » José Daniel Obando Mata » Jorge Carlos Ortíz Cuellar » Gerardo Páez Caldera » José Rafael Paz Barahona » Virgilio Periñan Herrera » Manuel Fernando Ponce Morales » Fabián Alejandro Moscoso Rosales » Rafael Narváez Carranza » Ronny Obando Suárez » Fausto L. Ortiz de la Cadena » José Miguel Paez Lucero » Karen Xiomara Paz Borjas » Pablo Leonardo Pesántez » Francisco Javier Ponce Secada INCAE FRIENDS 2014 ACCOUNTS 2014 ACCOUNTS

» Luis Alejandro Pontaza Behrens » Ricardo José Quiñónez Penagos » Santiago Vinicio Ramírez Sáenz de » Renato Paolo Riggione Hernández » Eliana Francesca Roberts Coronado » José Antonio Rodríguez Ortega » Gerardo Alberto Romero León » Álvaro A. Saenz Galo 86 » María de los Ángeles Poou Yat » Ernesto Quiñonez Sol Viteri » Joel Albert Riley » Alejandro Roblero Bogantes » Salomón Robert Rodríguez Ortiz » Shiara Romero Moreno » Álvaro Felipe Sáenz Gammans 87 » Santiago Porcell Endara » Berta Mayela Quintanilla Armijo » Jose Manuel Ramirez Solis » Rubén Estuardo Ríos Morales » Omar Robles Reyna » Randall A. Rodríguez Ortíz » Alexander Romero Solano » Manfred Sáenz Montero » Gerardo Enrique Porras Garita » Reyna Yamileth Quintanilla Dimas » César Ignacio Ramírez Torres » Sabina Isabel Ríos Reyes » Ana María Robles Rodríguez » Delia Adolina Rodríguez Rivas » Samarkanda Estefanía Romero y » Marco Antonio Sáenz Rodríguez » Román Porras Moreno » José Dimas Quintanilla Quintanilla » María Elena Ramos Alvarado » Carlos Andrés Rius García » Ernesto Javier Robleto Falla » Cándido Ulpiano Rodríguez Rivera Cordero Flores » José Francisco Sáenz Ubago » Carlos Francisco Porres Sandoval » Jose Luis Quintero Agüero » Danilo Ramos Aráuz » Harold Rivas Arias » Jorge Roca Arteta » Karina del Carmen Rodríguez Rojas » Carlos Iván Roque Molina » Óscar Enrique Sáenz Wirtz » Flavio Fernando Portilla Remache » Javier Quintero Chavarría » Héctor Ramos Gutiérrez » María Nelly Rivas Blanco » Guillermo Alejandro Rodas Santos » Luis Enrique Rodríguez Sánchez » Marco Antonio Rosales Alvarado » Edwing Roberto Sagastume Cabrera » Luis Ramón Portillo Ayala » Xavier Eduardo Quintero Maldonado » Héctor J. Ramos Hernández » Morena Rivas de García » Karina Rodríguez » Juan Ysaac Rodríguez Sánchez » Adonay Rosales López » Edwin Sagrera Bogle » Nereyda Portillo Suárez » Dolia Quinzada Arosemena » Adriana Ramos Meilicke » Rafael Ángel Rivas Ducca » Luis Carlos Rodríguez Acuña » Fabio Rodríguez Sandi » Jaime Rosales P » Ricardo Sagrera Bogle » Tatiana Portuguez Cordero » Rodrigo Enrique Quirós Batres » Jaime E. Rangél Hernández » David Enrique Rivas España » Carmen María Rodríguez Arroyo » Claudia del Carmen Rodríguez Serrano » Carlos Javier Rosquete Porcar » Francisco Javier Salas Bolaños » Ricardo Enrique Posada Magaña » Luis Enrique Quirós Cerdas » Mario Rappaccioli » Alejandro Enrique Rivas Iribarren » Wendy Tamara Rodríguez Barcos » Tamar Abigail Rodríguez Solano » Julio Ross Anguizola » Álvaro Andrés Salas Castro » Federico Hiram Prado Ortiz » Jesús Quirós Irigaray » Juan Carlos Rappaccioli Navas » Daniel Rivas Mariño » Juan Gabriel Rodríguez Benavides » Guillermo Patricio Rodríguez Tamayo » Marcello Rossi Delgado » José Antonio Salas Esquivel » Luis Fernando Prado Ortiz » Jon Alexander Quirós Shaffer » Ina Marie Raven Sarria » Raúl Rivas Montalvo » Claudia María Reneé Rodríguez » Óscar Rodríguez Ulloa » Errol Alan Rozas Arroyo » Oscar Mario Salas Gutiérrez » Fernando Ignacio Prado Salazar » Hernán Quirós Strunz » Álvaro Daniel Real Rodríguez » Salvador Rivas Rivas Castañeda » Juan Arturo Rodríguez Varela » Ary Sigfrido Rubí García » Carlos Salas Guzmán » Gabriel Cristóbal Prats Rivera » Carlos Alberto Quisigüiña Ramírez » Rafael Recinos López » Dany Rivas Yanes » Bernal Gerardo Rodríguez Castro » José Rodríguez Vásquez » Roberto Enrique Rubio Arrieta » Sebastián Salas Monge » Jose Adan Prego Fernández » Francisco R.R. de Sola » Aileen Rees Villegas » Oscar René Rivas Yanes » Roque Rodríguez Chacón » Cesar Rodríguez Zamora » Oscar Andrés Rubio Ballesteros » Juan Carlos Salas Salas » Anthony Edward Privetera » Alfredo Jesús Raaz Ruiz » Lina María Rendón Vargas » Hugo Rivera Anzoategui » Marvin Andrés Rodríguez Chacón » Juan Manuel Rogel Muñoz » José Enrique Rubio Meléndez » María Eugenia Salaverría Monterrey » Esteban Rafael Proaño Pillajo » Julio Sergio Ramírez Arango » Juan Gonzalo Restrepo Pelaez » Hugo Francisco Rivera Anzoátegui » Roma Alejandrina Rodríguez Contreras » Denis Rojas Acevedo » María Gabriela Rueda Aparicio » Luis Alonso Salazar Fallas » Emilio A. Puente Cortez » Juan Fernando Ramírez Argüello » Eduardo Retana Leitón » Luis Humberto Rivera Blanco » Eduardo Rodríguez del Paso » Paola Lucía Rojas Alpízar » José David Rueda Aparicio » Lorenzo Salazar Gutiérrez » Marlene Puente Najarro » Julio Ramírez Argüello » German Fernando Retana Solano » Ramón Alberto Rivera Mendoza » Susana Elisa Rodríguez Galdámez » Jorge Mario Rojas Fernández » María Belén Ruiz Barrezueta » Jessica Salazar Ocampo » Merzy Yamileth Puertas Rivera » David Ramírez Beirute » German Retana Solís » Indra Rivera Mora » Moisés Rodríguez García » Javier Manuel Rojas Garay » Ligia Isabel Ruíz Chavez » Lissette Salazar Rodríguez » Álvaro Ricardo Puga Sánchez » Javier Ramírez Chavarría » María Amalia Revelo Raventós » Catalina Rivera Moreira » Gilda María Rodríguez Gil » Diego Rojas Gómez » Mario Felipe Ruiz Cubillo » Cora Marina Salazar Valenzuela » Franco Pugliese Carazo » Mariangela Ramírez Díaz » Victoria Eugenia Revelo Unigarro » Tania Patricia Rivera Payan » Ana María Rodríguez Guevara » Roberto Antonio Rojas Jiménez » José Francisco Ruíz Gutiérrez » Saúl Alberto Salcedo Montilla » Carolina Quan » Oscar Edmundo Ramírez Espinoza » Jesús Adolfo Revilla De Taboada » Beatriz Evelisa Rivera Rivera » Ronny Rodríguez Guzmán » Walter Rojas Mora » Jorge Martin Ruiz Ortiz » Mayra de Jesús Salcedo Zea » Roger Quant Pallavicini » Aníbal Ramírez Fajardo » María Antonieta Rey Bolaños » Laura Cristina Rivera Rodríguez » Jorge Arturo Rodríguez Hernández » Ingrid María Rojas Saborío » Nery Estuardo Ruíz Pérez » Tereza Guadalupe Salgado Flores » Wesly Frank Quck Yanguez » Luis Napoleón Ramírez Monterrosa » Johana Isabel Reyes Aragón » Liza Rivera Torres » Flor de María Rodríguez Herrera » Erick Andrés Rojas Salazar » René Francisco Ruíz Quezada » Juan Pablo Salgado Morúa » Irma Cecilia Quelquejeu Fabrega » Rolando Ramírez Mora » Jerónimo Ernesto Reyes Arana » Orlando Rivers Cuadra » Iván Rodríguez Jiménez » Kleiber Gabriel Rojas Varela » María Gabriela Ruiz Rojas » Manuel Eduardo Salinas Núñez » Joaquín Quesada Carboni » Christian Arnoldo Ramírez Mora » Orlando Reyes Chinchilla » Carmen Rizo González » Alvaro Jose Rodriguez Lemus » Ronald Rojas Vargas » Sandro Amadeo Ruju Álvarez » Jaime Wilfredo Salinas Suazo » Carlos Alberto Quesada Román » Miguel Ramírez Morales » Elizabeth Jackeline Reyes Gallo » Alfonso Noel Robelo Navas » José Alfredo Rodríguez López » César Jonathan Rojas Zavala » Carlos Eduardo Saade Hasbun » José Luis Salinas Villareyna » Álvaro Quesada Solano » Javier Antonio Ramírez Penagos » Carlos Gerardo Reyes Ochoa » Daniel Emilio Robert Bonilla » Leonel Rodríguez López » Carmen Román de Benard » Óscar Ramón Saavedra Tórrez » Omar Salineros » José Rodrigo Quezada Cordón » Roberto Ramírez Pérez » Oscar Arnoldo Reyes Sagastume » Paula Robert Kissling » David Emiliano Rodríguez Mazariegos » Asdrúbal Román Murillo » Christian Sabando Adum » Roberto Salvo Horvilleur » Julio César Quezada Gómez » Fausto Andrés Ramírez Prieto » Luis Reyes Verde » Jorge Arturo Robert Lara » Yader Leonel Rodríguez Molina » Albino Román Ortiz » Juan Antonio Saborío Serrano » Enrique Salvo Horvilleur » Guillermo Quijano Barriga » Kenneth Francisco Ramírez Quesada » Antonio Richa Mawad » Esteban Josue Roberts Castro » Pamela Rodriguez Montero » Carlos Alberto Romero Arboleda » Roberto Stalyn Sáenz Flores » Roberto Samaniego Moreno INCAE FRIENDS 2014 ACCOUNTS 2014 ACCOUNTS

» Manuel Antonio Samayoa De León » Claudia Jéssica Saybe Ramos » Marcela Silva González » Carlos Enrique Sousa-Lennox Martínez » César A. Terán Sánchez » Ligia Trejo Hernández » Humberto Jose Urroz Jarquin » Benjamín Vargas Méndez 88 » Francisco José Samayoa González » Kurt Schosinsky Echeverría » Andrea Alexandra Silva-Santisteban » Roberto Spesny Garrón » Ricardo Terán Terán » Silvia Verónica Trejo Monroy » María Soledad Urroz Mantilla » Claudio Ivan Vargas Palma 89 » Johanna Samayoa Orantes » Esteban Schroeder Leiva Ferraro » Carlos Antonio Spiegeler Castañeda » Graham Tercero Portocarrero » Rosalia Trejos Baltodano » Sandra Urrutia de Orellana » Manuel de Jesús Vargas Romero » Fernando Samayoa Quintana » Carmen Sealy de Broce » Miguel Ángel Simán » Max Springer » Nora Alejandra Tercero Rodezno » Randall Gerardo Trejos Gonzalez » Ramón Claudio Usategui Sorondo » Sofía Vargas Solís » Eynar Miguel Samudio Horna » Ricardo Seevers Federspield » José Jorge Simán Jacir » Gerardo Antonio Steiner Morataya » Luis Alberto Tercero Silva » Mario Augusto Trelles Vega » Augusto Ramón Valderrama Barragán » Gloria Elena Vargas Vargas » Julia Janet Sánchez Calles de Fuentes » Ricardo Seevers Huebner » Luis Guillermo Simo Barandiaran » Javier Ernesto Steiner Morataya » Marcelo Ticona Gonzales » Reynaldo José Treminio Torres » Pedro Valdivia Blandón » Jorge Eduardo Vásquez Aguilar » Johnny Gabriel Sánchez Campbell » Ricardo Arturo Segovia Mejía » Roderic Anthony Sir Méndez » Víctor José Steiner Morataya » Marlon Antonio Tijerino Aguilar » Ricardo Tribaldos Hernández » Ramón Hernando Valdivieso Vintimilla » Fernando Vásquez Alcazar » William Celín Sánchez Chacón » Paola Elena Segura Azuara » Marcia Solano Castro » Wilhelm Steinvorth Herrera » José María Tijerino Picado » Gonzalo Trochez Labro » Reynaldo Augusto Valencia Vallecillo » María de los Ángeles Vásquez Ávila » José Ramón Sánchez Chen » Yendry Segura Fonseca » Manuel Antonio Solano Sánchez » José Strongone Tovar » Christian Tinschert Rivera » Carlos Troetsch Saval » Juan Manuel Valenzuela Ártica » Juan Fernando Vásquez Malo » Álvaro Ernesto Sánchez Chinchilla » Orlando Segura Hernández » Ernesto Solera González » Harry Strunz Jiménez » Maike Titz » Rolando M. Troitino Pérez » Paulo César Valerín Villalobos » Isidro Vásquez Ordóñez » Adriana Yaoska Sánchez Contreras » Juan Pablo Segura Retana » Marisol Soley Díaz » María Eugenia Suárez Armayor » Luis Javier Tokumura Tokumura » Rolando Manuel Troitiño Pérez » María Renée Valladares Mejicanos » Samuel Raymundo Vásquez Tzul » Rodrigo Sánchez Fernández » Fabián Segura Salazar » Verónica Solís Cuadra » Jaime Suárez García » Jorge Antonio Toledo Aguilar » Jorge Tzortzatos Coutsoumbos » Max Antonio Valladares Polío » Pablo Guillermo Vazquez Rosales » Ricardo Alberto Sánchez Molina » Emmanuel Seidner Aguado » María Antonieta Solís Mata » Fernando Suárez Urhan » Luis Antonio Toribio Cisneros » Mariamanda Ubilla Paniagua » Jorge Vallarino Strunz » Luis Ignacio Vázquez Sánchez » Jorge E. Sánchez Montero » Claudia Lucía Selva Boehmer » Caridad María Solís Segura » Daniel Suárez Vivado » Luis Eduardo Toriello Castañeda » Mayra Ugalde Herrera » Carlos Roberto Valle Castillo » Carlos Vega Antonini » María Isabel Sánchez Mora » Guillermo Selva Tapia » Mario Patricio Solís Solís » Yanelssy Saray Suli Heredia » Carlos Enrique Tornoe Ardón » María Ernestina Ugarte Morales » Luis Enrique Valls Robles » Alberto Vega Castro » Juan Ramón Sánchez Morales » Carlos Guillermo Sequeira González » Rosario Annabella Solis Tiu » Francisco Suriano Siú Chon Him » José Carmelo Torrebiarte Benford » Ricardo Ulate Duarte » Luis Eduardo Valverde González » Fabián Andrés Vega González » Carlos Roberto Sánchez Sánchez » Carlos Orlando Sequeira Guerrero » Bruno Gabriel Soliz Saucedo » Ángel Ricardo Talavera Garay » José Miguel Torrebiarte Novella » Álvaro Ulloa Echandi » Isidro Antonio Valverde Quesada » Allen Vega Hidalgo » Dario Ernesto Sánchez Sansivirini » Adda Mercedes Serarols Díaz » Rodrigo Armando Solórzano Carreno » Gerardo Javier Talavera Ramírez » Juan Fernando Torres Alvarez » Marvin Umaña Blanco » Luis Francisco Valverde Rimolo » Lilian Inés Vega Juárez » Juan Carlos Sánchez Valda » Marilú Serovic Arellano » Silvio A. Solórzano Pellas » Margarita Talavera Rodríguez » Ruth Josefi na Torres Contreras » Alfredo Enrique Umaña Martínez » Yury Mabel Vanegas Barrios » Francine Vega Montero » Javier Sancho Guevara » Ricardo Isaac Serracin Levy » Gabriel Solórzano Perezalonso » Ana Esmeralda Taleno Espinoza » Daisymaría Torres de Gutiérrez » Oscar José Umaña Moncada » Juan Jose Vanegas Bulnez » David Rodolfo Vega Soto » Fabián Enrique Sandí Fuentes » Luis Eduardo Serrano Alvarez » José Aristides Solórzano Ramírez » Carlos Joaquín Tamariz Pecharich » Santiago Xavier Torres Egas » Mauricio Vladimir Umaña Ramírez » Eyda Isabel Varela de Chinchilla » Eduardo Veintimilla Bueno » Carlos Humberto Sandino C. » Alejandro Serrano Amara » Alfonso José Somarriba Pereira » Javier Antonio Tamariz Pecharich » Elfi d Torres González » Martín Umpierrez García » Ricardo Antonio Vargas Amézquita » Eduardo Veintimilla Lozano » Roberto Manuel Sandino Chamorro » Galo Serrano Batallas » Eduardo Sorí González » Manuel Emilio Tanco Chamberlain » María Isabel Torres Granda » Teodora Isabel Urbina de Hernández » Jorge Antonio Vargas Araya » José Arturo Velarde Mercado » Mario Ernesto Sandoval Salguero » Roberto José Serrano Castillo » Elisa Coralia Sorto Díaz » Jackeline Tapia Castillo » Lloel Isaac Torres Jiménez » Dina Rosa Urbina González » Joaquín Vargas Aubert » Margaliza Velasco Denvers de Vásquez » Erick Samuel Santamaría Stenner » Juan Pablo Serrano Vicuña » Telva Sosa Stanziola » Alvaro Efraín Tarupí Reina » Carlo Julio Torres Lastarria » Adalberto Darío Urbina Hernández » Alfredo Vargas Bolaños » Diana Carolina Velasco Mantilla » Nataly Elizabeth Santivañez Vargas » Allan Eduardo Sevilla Flores » Emilia Cecilia Sotelo Vallejos » Juan Carlos Tassara García » Jill María Torres Paz » Rosa Amanda Urbina Loáisiga » Marcela Vargas Casafont » María Eugenia Velasco Tapia » Albely Alejandra Santos Acosta » Adolfo Sevilla Munguía » Melissa Soto Arce » Jacobo Gustavo Tefel Farrer » Pedro Torres Peña » Henry José Urcuyo Quadra » José Farid Vargas Castaño » Otto Hugo Velásquez Castro » Luis Sanz Campos » Juan Esteban Sibaja Sánchez » Jairo Donely Soto Benites » María del Rosario Tejada Aramayo » José María Torres Rojas » Heidi Ureña Castillo » Oscar Arturo Vargas del Cid » Connie Beatriz Velásquez Cruz » Didier Saplana » Diego Benjamín Sibrián Grande » Óscar Soto Bravo » Haydee Penelope Tejada Garcia » Laura Angélica Torres Ruge » Jose Fabio Ureña Vásquez » Gustavo Adolfo Vargas Fernández » Daniel Velásquez Fleismán » José Carlos Sarmiento Pezzarossi » Alan G. Siero Silva » Carlos Enrique Soto Castillo » Roberto Lionel Tejada Rosal » Gabriela Torrijos Arjona » Maria Eliza Urgiles Paredes » Francisco Javier Vargas García » Carlos Manuel Velásquez Sáenz » Mayid Antonio Sauma Ruiz » Oscar Danilo Sierra Cilleros » Estrella Albalila Soto Gaitán » Norman Fernando Tejeda Velásquez » Roberto A . Trabanino Ramírez » Julián Uribe Arcila » Luis Andrés Vargas Garro » Ángel René Velásquez Verde » Josef Sauter Atmetlla » Luis Alfredo Siliezar Cardona » Gustavo Adolfo Soto García » Wilmer Adolfo Telleria Sequeira » James Joseph Traub » Rodrigo Uribe Sáenz » Yeilyn Vargas Hidalgo » Ricardo Alfredo Velásquez Zepeda » Mark Thomas Savage » Carlos Enrique Silva Coello » Allen Soto Moya » Carlos R. Tenorio Montenegro » Felipe Trejo Abril » Edgar Rolando Urizar Rodas » Mario Federico Vargas Madrigal » Iliana Velázquez Mocada 2014 ACCOUNTS

GOVERNANCE GOVERNANCE STRUCTURE

» Carlos Manuel Velázquez Sáenz » Renata Villers » Manfred Xirinachs Jiménez » Paúl Alejandro Zumárraga Acurio » Banco Agrícola CLACDS STRUCTURE 90 » Juan Carlos Vélez Torres » Fausto René Villota Larrea » Arturo Santiago Yanguas Pol » Oskar Zumbado Flores » Carisam Samuel Meisel The CLACDS projects and initiatives 91 » José Guillermo Vélez Torres » Eduardo Ignacio Viñas de Vivero » Adolfo Raúl Yarhi Lacs » Franco Patricio Zúñiga Cabrera » Copa Airlines received fi nancing from the following BOARD OF DIRECTORS Alexandra Kissling » Luciana Vences Paragulla » Marlin Gricell Viñas Guerrero » Antonio Yglesias Fishel » Gerardo Rafael Zúñiga Girón » Corporación Dinant institutions and agencies in 2014: Director » Luis Esteban Verástegui Chiappe » Elizabeth Vinelli Mejía » José Jaime Yong García » Iván Zúñiga Orban » Diego de Sola Brizio Biondi-Morra » Bac Credomatic » Juan Pablo Verdugo Aguilar » Robert Brent Vinelli Reisman » William Yong Sing » Ana Carolina Zúñiga Rodríguez » Diego Herrera President Emeritus Alberto Alemán » José María Vergara Almeida » Franklin Vicente Vintimilla Zea » Meilyn Edith Yunsán Luque » Johnny Zúñiga Rodríguez » Edifi cio Jiménez » Banco Centroamericano de Director » Alejandro Augusto Vernaza Peña » Diego Fernando Vinueza Vaca » Marlon Steve Yu-Shan Moreno » Luis Andrés Zúñiga Ruilova » Editorial Altamirano Madriz Integración Económica BCIE » Banco Mundial (CAPSI) Roberto Artavia » Víctor Vial » Maikol Horacio Víquez Duarte » Adolfo Antonio Zambrana Castillo » Roy Zúñiga Sáenz » Ernesto Fernández H María Eugenia Brizuela » Corporación RedEAmerica President » Rafael Antonio Viale Salazar » Enrique Víquez Ortega » Joel Estuardo Zambrano Bonilla » María Gabriela Zúñiga Sequeira » Fernando García Rozo » Ecofys Germany GmbH Director » María José Vicente Gallo » Daniel Víquez Rogers » Ángel Zambrano Lorini » Manuel Zúñiga Sibaja » Financiera Fidanque » Embajada Norteamericana (CAPSI) Carlos F. Pellas Ch. » Yansy Lisette Vides Méndez » Ariel Vishnia Baruch » Rodrigo Zamora » Fito and Arabella Paiz » GIZ Vice President Danilo Lacayo » Orlando Vilaplana » Jesper Visoná Andersen » Federico Antonio Zamora Cavallini CALI » América Foundation » Inter American Development Bank Director » Sara María Villacreses Zambrano » Yván Aurelio Vivanco Barreto » Gustavo Adolfo Zamora Córdoba In special recognition of those who have » Crusa Foundation » Nederlandse Financierings Juan Bautista Sacasa » John Clemer Villalba Apaza » Wiston Alexander Vivas Vivas » Cristina María Zamora Molina supported the Central America Leader- » Poma Foundation Maatschappij Voor Director for Nicaragua Francisco R.R. de Sola » Julia Adriana Villalba Moya » Julio Ernesto Vivero Palmer » Manuel Antonio Zamora Pardo ship Initiative, a joint project of the As- » Satélite Internacional Foundation ontwikkelingslanden NV (FMO) Director » PHILIPS Sem S.A » José Pablo Villalobos Araya » Raúl Vizcarra Chirinos » Evelyn Patricia Zamora Serrano pen Institute, Fundemas, TechnoServe » Grupo Cuesta Moras Ernesto Castegnaro » Social Progress Imperative » Álvaro Villalobos Bonilla » María Alejandra Vizcarra Gonzales » Rodrigo Alberto Zamora Terán and INCAE, whose mission is promoting » Grupo Inmobiliario Génesis Director for Costa Rica Siang Aguado de Seidner » UNEP FI » Cecilia Mercedes Villalobos Brizuela » Xavier Alejandro Vizuette » María Gabriela Zapata Mairena the development of a new generation of » Inversiones La Paz Director » VIVA Trust » Francisco Javier Villalobos Chaves » Víctor Watkins » Rodrigo Julio Zapata Monge leaders in the Central American region: » Juan Luis Bosh Danilo Siekavizza » Patricia Villalobos Chaves » Christian Webb Rojas » Gustavo Zapata Talledo » Luis Javier Castro Director for Guatemala Xavier Argüello Carazo » Erika Kristina Villalobos Morsink » Alejandro Weibling Sanvicente » Raúl Alberto Zarak Altamiranda » Mccloskey Family Charitable » Adrián Chinchilla HONORABLE MENTION Director » Alejandro Antonio Villalobos Vargas » Adam Max White Berger » Juan Fernando Zarruk Castillo » AES Panama » Medcom Alejandro Poma In special recognition of their support » Eduardo Villalta Blanco » Richard Wilson White Celis » Roberto Zauner » Alfredo de la Guardia » Molino Harinero Director for El Salvador Stephan Schmidheiny and leadership in our fundraising » Francisco Villalta Guandique » Nelly Judith Wither Delgado » María Cristina Zavala Callejas » Aline Flores » Pablo Jenkins Director Emeritus efforts: » Ulises Villanueva » Alejandro Wong Campos » Miguel Zavala Kruger » Alquileres e Inversiones » Productos Textilies Francisco Alemán » Alfonso Villanueva Piva » Iván A. Wong Chang » Silvia Zelaya Castro » Andrés Botrán » Rolando Guardia Director for Ecuador Arturo Condo » Carlos F. Pellas ** » Víctor Villarreal Garibaldo » Carlos Iván Wong Chang » Lilian Ruth Zelaya Panting » Arrocera Venllano » SAG President » Stanley Motta » Liza Annabella Villarreal Guevara » Regina Wong de Eyl » Jaime Roberto Zelaya Sandoval » Arturo Condo » Sonia Cruz B Diego Herrera » Harry Strachan » Sergio Alejandro Villarroel Rojas » Laura Wright Aguilar » Sandra Elizabeth Zelaya Zometa » Asociación CEPIA » Strachan Foundation Director por Panamá » Juan Bautista Sacasa** » Carlos Gabriel Villavicencio Castillo » Henry Wu Hu » Yamil David Zeledón de la Llana » Aurelio Garrido » Towerbank » George Logan » Javier Villavicencio Mallona » John Albert Wyss Bursey » Gisela Zimmermann Ketelhöhn » Bac Credomatic Camilo Atala » Steve Campbell » José María Villela Guillén » César René Xicará Chávez » René Alejandro Zuleta Arango » Bac Honduras Director for Honduras