El Zoo de Cristal (2)

8/14/2019 El Zoo de Cristal (2)

1/63

(O]RRGHFULVWDO

7(11(66((:,//,$06

7UDGXFFLyQGH/HyQ0LUODV


2/63

3(5621$-(6

$PDQGDZLQJILHOGODPDGUH7RPZLQJILHOGHOKLMR/DXUDZLQJILHOGODKLMD-LPRFRQQRUHOFDQGLGDWR

(VFHQDULR8QDFDOOHMXHODGH6DLQW/RXLV3$57(,3UHSDUDFLyQSDUDXQFDQGLGDWR3$57(,,(OFDQGLGDWRGHYLVLWD

eSRFD$KRUD\HOSDVDGR(O]RRGHFULVWDOIXHHVWUHQDGDSRU(GGLH'RZOLQJ\/RXLV-6LQJHUHQHO3OD\KRXVH7KHDWUHGH1XHYD


3/63

127$6'(/$87253$5$/$5(35(6(17$&,1'((/

=22'(&5,67$/&RPR (O ]RRGH FULVWDOHV XQDFRPHGLDGH UHFXHUGRV VH ODSXHGHUHSUHVHQWDUFRQXQDLQVyOLWDOLEHUDFLyQGHWRGRFRQYHQFLRQDOLVPR'DGRVX PDWHULDOPX\ GHOLFDGRR WHQXH ODV SLQFHODGDV GH DPELHQWH\ ODVVXWLOH]DV GH GLUHFFLyQ GHVHPSHxDQ XQ SDSHO SDUWLFXODUPHQWHLPSRUWDQWH (O H[SUHVLRQLVPR \ WRGDV ODV GHPiV WpFQLFDV QRFRQYHQFLRQDOHVGHOWHDWURWLHQHQXQVRORREMHWRYiOLGR\HVXQPD\RUDFHUFDPLHQWR D OD YHUGDG &XDQGR XQD SLH]D HPSOHD WpFQLFDV QRFRQYHQFLRQDOHVQRWUDWDRFLHUWDPHQWHQRGHELHUDWUDWDUGHHOXGLUVX

UHVSRQVDELOLGDG GH KDEpUVHODV FRQ OD UHDOLGDG R GH LQWHUSUHWDU ODH[SHULHQFLDSUHWHQGHRGHEHSUHWHQGHUDOPHQRVKDOODUXQiQJXORGHHQIRTXHPiVSUy[LPR XQDH[SUHVLyQPiVSHQHWUDQWH\ YtYLGD GH ODVFRVDV WDOHV FRPR VRQ R SRU OR PHQRV LQWHQWDUOR /D FRPHGLDIUDQFDPHQWH UHDOLVWD FRQ VXKHODGHUD DXWpQWLFD \VXV FXERVGHKLHORDXWpQWLFRVFRQVXVSHUVRQDMHVGHOHQJXDMHLGpQWLFRDOGHVXS~EOLFRVHFRUUHVSRQGH FRQ HO SDLVDMH DFDGpPLFR \ WLHQH ODV YLUWXGHV GH XQDVHPHMDQ]DIRWRJUiILFD7RGRVGHEHQFRQRFHUDKRUDODLQWUDQVFHQGHQFLDGHORIRWRJUiILFRHQHODUWH\VDEHUTXHODYHUGDGODYLGDRODUHDOLGDGVRQDOJRRUJiQLFRTXHODLPDJLQDFLyQSRpWLFDVyORSXHGHUHSUHVHQWDURVXJHULU HQ HVHQFLDPHGLDQWH OD WUDQVIRUPDFLyQ OD WUDQVPXWDFLyQ HQRWUDVIRUPDVTXHODVH[LVWHQWHVVLPSOHPHQWHHQVXDSDULHQFLD(VWDV REVHUYDFLRQHV QR GHEHQ FRQVLGHUDUVH VyOR XQ SUHIDFLR D HVWDFRPHGLDHQSDUWLFXODU6HYLQFXODQDXQDFRQFHSFLyQGHXQWHDWURQXHYR\ SOiVWLFR TXH GHEH VXVWLWXLU DO DJRWDGR WHDWUR GH ORVFRQYHQFLRQDOLVPRVUHDOLVWDVVLVHTXLHUHTXHHODUWHGUDPiWLFRUHFREUHVXYLWDOLGDGFRPRSDUWHLQWHJUDQWHGHQXHVWUDFXOWXUD/DP~VLFD2WURUDVJRH[WUDOLWHUDULRGHHVWDFRPHGLDHVHOTXHEULQGDHOXVRGHODP~VLFD8QDVRODPHORGtDTXHUHDSDUHFH(O]RRGHFULVWDOVHXWLOL]D SDUD VXEUD\DU HPRFLRQDOPHQWH ORV SDVDMHV DGHFXDGRV (VWD

PHORGtD HV FRPR OD P~VLFD GHO FLUFR QR FXDQGR XQR HVWi HQ ODVJUDGHUtDV R HQ ODV LQPHGLDFLRQHV GHO HVSHFWiFXOR VLQR FXDQGR VHHQFXHQWUDDFLHUWDGLVWDQFLD\SHQVDQGRSUREDEOHPHQWHHQRWUDFRVD(Q HVDV FLUFXQVWDQFLDV SDUHFH SURVHJXLU FDVL LQWHUPLQDEOHPHQWH \ VHHQWUHWHMHFRQODSUHRFXSDGDFRQFLHQFLDGHOR\HQWHHQWUDQGR\VDOLHQGRGHHOODDGHPiVHVODP~VLFDPiVOHYH\GHOLFDGDGHOPXQGR\TXL]iODPiV WULVWH ([SUHVD OD YLYDFLGDG VXSHUILFLDO GH OD YLGD FRQ OD YHWDVXE\DFHQWHGHOGRORULQPXWDEOHHLQH[SUHVDEOH&XDQGRXQRPLUDXQDSLH]DGHYLGULRGHOLFDGDPHQWHKHFKDSLHQVDHQGRVFRVDVHQVXEHOOH]D\HQVXIUDJLOLGDG$PEDVLGHDVGHEHQHQWUHWHMHUVHHQODPHORGtDTXHUHDSDUHFHTXHHQWUD\VDOHGHODFRPHGLDFRPRDLPSXOVRVGHXQYLHQWR


4/63

YROXEOH6LUYHGHHVODEyQ\DOXVLyQHQWUHHOQDUUDGRUFRQVXXELFDFLyQLQGHSHQGLHQWH HQ HO WLHPSR \ HQ HO HVSDFLR \ HO WHPD GH VX UHODWR(QWUHXQR\RWURHSLVRGLRYXHOYHFRPRXQDDOXVLyQDXQVHQWLPLHQWRODQRVWDOJLDTXHHVODSULPHUDFRQGLFLyQGHODFRPHGLD(VHVHQFLDOPHQWHODP~VLFDGH/DXUD\SRUHVRDSDUHFHFRQPiVFODULGDGFXDQGRODSLH]DVH FRQFHQWUD VREUH HOOD \ OD KHUPRVD IUDJLOLGDG GHO YLGULR TXH HV VXLPDJHQ/DLOXPLQDFLyQ/DLOXPLQDFLyQGHODFRPHGLDQRHVUHDOLVWD$WRQRFRQODDWPyVIHUDGHUHFXHUGRHOHVFHQDULRHVWiHQODVRPEUD6HSUR\HFWDQKDFHVGHOX]VREUH]RQDVRDFWRUHVHVFRJLGRVHQFRQWUDGLFFLyQDYHFHVFRQVXFHQWURDSDUHQWH(QODHVFHQDGHODULxDHQWUH7RP\$PDQGDSRUHMHPSORHQTXH/DXUDQRGHVHPSHxDXQSDSHODFWLYRHOKD]GHOX]

PiVQtWLGRVHSUR\HFWDVREUHODILJXUDGHpVWD/RPLVPRSXHGHGHFLUVHGHODHVFHQDGHODFHQDHQTXHODVLOHQFLRVDILJXUDGH/DXUDHQHOVRIiGHEHVHJXLUVLHQGRHOFHQWURYLVXDO/DOX]TXHLOXPLQDD/DXUDGHEHVHUGLVWLQWDGHODGHORVGHPiVWHQLHQGRXQDFODULGDGSUtVWLQDFDUDFWHUtVWLFDWDOFRPRODOX]XVDGDHQORVSULPLWLYRVUHWUDWRVUHOLJLRVRVGHODVVDQWDVRPDGRQDV (Q WRGD OD SLH]D SRGUtD XVDUVH HILFD]PHQWH FLHUWDFRUUHVSRQGHQFLD FRQ OD OX] GH ORV FXDGURV UHOLJLRVRV FRPR ORV GH(O*UHFR GRQGH ODV ILJXUDV VH SUHVHQWDQ UDGLDQWHV HQ DWPyVIHUDVUHODWLYDPHQWHVRPEUtDV(VRSHUPLWLUiWDPELpQXQXVRPiVHILFD]GHODFRUWLQDGHJDVD8QXVROLEUHH LPDJLQDWLYRGHODOX]SXHGHVHUGHXQYDORU HQRUPHSDUDGDUOHVXQFDUiFWHUPyYLO \SOiVWLFRDFRPHGLDV GH

QDWXUDOH]DPiVRPHQRVHVWiWLFD127$662%5(/263(5621$-(6

$PDQGD:LQJILHOGODPDGUH8QDPXMHUGHJUDQSHURD]RUDGDYLWDOLGDG TXH VH DIHUUD IUHQpWLFDPHQWH D RWUR WLHPSR \ OXJDU 6XFDUDFWHUL]DFLyQGHEHVHUFUHDGDFRQVXPRFXLGDGRQRFRSLDGDGHOWLSR1RHVXQDSDUDQRLFDSHUR VXYLGD HV XQD SDUDQRLD(Q $PDQGD KD\PXFKRGHDGPLUDEOH\WDQWDVFRVDVGLJQDVGHDPRU\SLHGDGFRPRGH

ULVD &LHUWDPHQWH WLHQH FDSDFLGDG SDUD VRSRUWDU VXIULPLHQWRV \ XQDHVSHFLH GH KHURtVPR \ DXQTXH VX HVWXSLGH] VXHOH KDFHUODLQFRQVFLHQWHPHQWHFUXHOHQVXIUiJLOSHUVRQDKD\WHUQXUD

/DXUD:LQJILHOG VX KLMD$PDQGDGHVSXpVGHKDEHU IUDFDVDGRHQ VX LQWHQWR GH HQWUDU HQ FRQWDFWR FRQ OD UHDOLGDG VLJXH YLYLHQGRHVHQFLDOPHQWHHQVXVLOXVLRQHVSHURODVLWXDFLyQGH/DXUDHVPiVJUDYHD~Q8QDHQIHUPHGDGGHODLQIDQFLDODKDGHMDGRWXOOLGD\DTXHXQDGHVXVSLHUQDVHVPiVFRUWDTXHODRWUD\OHD\XGDXQDSDUDWR%DVWDFRQVXJHULUHVWHGHIHFWRHQHVFHQD(OUHWUDLPLHQWRGH/DXUDQDFLGRGHHVWDFLUFXQVWDQFLDVHKDDFUHFHQWDGRKDVWDFRQYHUWLUODHQXQDSLH]DGHVX


5/63

SURSLD FROHFFLyQ GH YLGULR GHPDVLDGR H[TXLVLWDPHQWH IUiJLO SDUDPRYHUODGHOHVWDQWH

7RP:LQJILHOG VX KLMR (O QDUUDGRU GH OD SLH]D8Q SRHWD TXH

WUDEDMDHQXQD ]DSDWHUtD6XWHPSHUDPHQWRFDUHFHGHFUXHOGDGSHURSDUDHVFDSDUGHXQDWUDPSDGHEHREUDUVLQFRPSDVLyQ

-LP2&RQQRUHOFDQGLGDWR8QMRYHQFRQYHQFLRQDOPHQWHJXDSR

7:


6/63

$&7235,0(52


7/63

(6&(1$35,0(5$

(ODSDUWDPHQWRGHORV:LQJILHOGHVWiHQORVIRQGRVGHOHGLILFLR\HVXQRGHHVRVYDVWRVFRQJORPHUDGRVGHXQLGDGHVGHYLGDFHOXODUVHPHMDQWHDXQD FROPHQDTXH IORUHFHQFRPRH[FUHFHQFLDVHQORVFHQWURVXUEDQRVVXSHUSREODGRVGHODFODVHPHGLDLQIHULRU\VRQXQVtQWRPDGHOLPSXOVRTXHHPSXMDDHVHVHFWRUGHODVRFLHGDGQRUWHDPHULFDQDHOPiVJUDQGH\IXQGDPHQWDOPHQWHHVFODYL]DGRDHYLWDUODIOXLGH]\ODGLIHUHQFLDFLyQ\DH[LVWLU\IXQFLRQDUFRPRXQDHQWUHWHMLGDPDVDGHDXWRPDWLVPR(ODSDUWDPHQWRGDVREUHXQDFDOOHMXHOD\SHQHWUDHQpOXQDHVFDOHUDGHHPHUJHQFLDSDUDFDVRVGHLQFHQGLRXQDHVWUXFWXUDFX\RQRPEUHHVXQ

UDVJR GH YHUGDG SRpWLFD DFFLGHQWDO SRUTXH HQ WRGRV HVRV HQRUPHVHGLILFLRV DUGHQ VLHPSUH ORV OHQWRV H LPSODFDEOHV IXHJRV GH ODGHVHVSHUDFLyQKXPDQD /D HVFDOHUDGHHPHUJHQFLDHVWi LQFOXLGDHQHOHVFHQDULRHVGHFLUORHVWiQVXUHOODQR\ORVSHOGDxRVTXHEDMDQGHpO1yWHVHTXHHOFDOOHMyQGHODL]TXLHUGDSXHGHRPLWLUVHWRWDOPHQWH\DTXHVyORVHXVDSDUDODSULPHUDHQWUDGDGH7RPODFXDOSXHGHHIHFWXDUVHSRUODGHUHFKD(O HVFHQDULR HV HO UHFXHUGR\SRU OR WDQWR QRHVUHDOLVWD(O UHFXHUGRSHUPLWH PXFKDV OLFHQFLDV SRpWLFDV 2PLWH DOJXQRV GHWDOOHV RWURV VHH[DJHUDQVHJ~QHOYDORUVHQWLPHQWDOGHORVREMHWRVTXHWRFD\DTXHODPHPRULDUDGLFDSUHIHUHQWHPHQWHHQHOFRUD]yQ3RUHVRHOLQWHULRUHVEDVWDQWHRVFXUR\SRpWLFR$SHQDVVHDSDJDQODVOXFHVGHODVDODOOHJDSRUODGHUHFKDODP~VLFDGHXQ VDOyQ GH EDLOH 9LHMD P~VLFD SRSXODU GHO SHULRGR GLJDPRV eVWD FRQWLQ~D KDVWD TXH 7RP DSDUHFH HQ HO UHOODQR GH ODHVFDOHUDGHHPHUJHQFLDHQFLHQGHXQFLJDUULOOR\HPSLH]DDKDEODU$O OHYDQWDUVHHO WHOyQ (O S~EOLFRVHHQIUHQWD FRQ OD RVFXUD \ FHxXGDSDUHG GH ORV IRQGRV GH OD FDVD GH DORMDPLHQWR GH ORV:LQJILHOG (O

HVFHQDULRSURSLDPHQWHGLFKRHVWiVHSDUDGRGHHOODSRUXQDFRUWLQDGHJDVD TXH VXJLHUH HO IUHQWH GHO HGLILFLR (VWH HGLILFLR SDUDOHOR D ODVFDQGLOHMDVHVWiIODQTXHDGRSRUGRVFDOOHMXHODVVRPEUtDV\DQJRVWDVTXHVHLQWHUQDQHQOyEUHJRVGHVILODGHURVGHPDUDxDVGHURSDFROJDGDODWDVFRQGHVSHUGLFLRV\HOVLQLHVWURHQUHMDGRGHODVHVFDOHUDVGHHPHUJHQFLDYHFLQDV/DVFDOOHMXHODVHVWiQHQUHDOLGDGHQODVWLQLHEODV\ORVREMHWRVTXHDFDEDQGHPHQFLRQDUVHQRVRQYLVLEOHV/DVHQWUDGDVGHODFDOOH\ORV PXWLV VH KDFHQ SRU HVDV FDOOHMXHODV ODWHUDOHV $O DFDEDU HOFRPHQWDULR LQLFLDO GH 7RP HO RVFXURPXURGH OD FDVDGHDORMDPLHQWRPXHVWUD SRFR D SRFR SRU PHGLR GH XQ WUDQVSDUHQWH HO LQWHULRU GHO


8/63

GHSDUWDPHQWRGHORV:LQJILHOGHQODSODQWDEDMD/DFRUWLQDGHJDVDTXHVXJLHUHHOIUHQWHGHOHGLILFLRVHOHYDQWDVREUHHOGHFRUDGRLQWHULRU(QSULPHUWpUPLQRHVWiODVDODTXHOHVLUYHWDPELpQGHGRUPLWRULRD/DXUDDEULpQGRVHXQVRIiFDPDTXHXWLOL]DGHOHFKR0iVDOOiKD\XQWDEXUHWHRPHVDHQGRQGHVHKDOODXQWHOpIRQR$OIRURHQHOFHQWUR\VHSDUDGRSRUXQDQFKRDUFRRXQVHJXQGRSURVFHQLRGHFRUWLQDMHVWUDQVSDUHQWHV\DMDGRVRVHJXQGRFRUWLQDMHHOVHJXQGRFRUWLQDMHHVHQUHDOLGDGHOGHJDVDLQWHULRULQWHUPHGLRHQWUHODVDOD\HOFRPHGRUTXHVHKDOODHQHOIRUR HVWi HO FRPHGRU (Q XQD DQWLFXDGD ULQFRQHUD GH OD VDOD KD\PXFKRVDQLPDOHVGHYLGULRWUDQVSDUHQWH8QDHPSDxDGDIRWRJUDItDGHOSDGUHGHORV:LQJILHOGGHIUHQWHDOS~EOLFRDODL]TXLHUGDGHODUFR(VHOURVWUR GH XQ MRYHQ PX\ JXDSR FRQ HO TXHSLV GH XQ LQIDQWHQRUWHDPHULFDQR GH OD 3ULPHUD *XHUUD0XQGLDO 6RQUtH YDOHURVDPHQWH

FRQ XQD VRQULVLWD LUUHVLVWLEOH FRPR VL GLMHUD 6RQUHLUp VLHPSUH$GYLpUWDVHTXHHQFXDQWRFRQFLHUQHDOVDOyQGHEDLOHVyORHVHVHQFLDOTXHVHYHDODYHQWDQDLOXPLQDQGRODSDUWHOHMDQDGHODFDOOHMXHOD1RHVQHFHVDULRPRVWUDUXQDVHFFLyQFRQVLGHUDEOHGHOVDOyQGHEDLOH(O S~EOLFR R\H \ YH OD HVFHQD LQLFLDO GHO FRPHGRU WDQWR D WUDYpV GHOWUDQVSDUHQWH FXDUWRPXUR pVWH HV OD FRUWLQD GHJDVDTXH VXJLHUH HOIUHQWHGHOHGLILFLR\ORVFRUWLQDMHVWUDQVSDUHQWHVGHJDVDGHODUFRGHOFRPHGRU'XUDQWH HVWD UHYHODGRUD HVFHQD VXEH OHQWDPHQWH HO FXDUWRPXUR KDVWD SHUGHUVH GH YLVWD (VWH PXUR H[WHULRU WUDQVSDUHQWH QRYXHOYHDEDMDUKDVWD HO ILQDOGH OD SLH]D GXUDQWHHO GLVFXUVR ILQDO GH

7RP(OQDUUDGRUHVXQ IUDQFRFRQYHQFLRQDOLVPRGHODSLH]D6HWRPDWRGDVODVOLEHUWDGHVTXHFRQYLHQHQDVXSURSyVLWRFRQORVFRQYHQFLRQDOLVPRVGUDPiWLFRV7RPHQWUDGHODFDOOHMXHODGHODL]TXLHUGDRGHODGHUHFKDVLVHRPLWHODGHODL]TXLHUGD9LVWHLQGXPHQWDULDGHPDULQHURGHODPDULQDPHUFDQWH\YDGHVSDFLRVDPHQWHSRUHOIUHQWHGHOHVFHQDULRKDFLDODHVFDOHUDGHHPHUJHQFLD 7RP SXHGH LQFOLQDUVH FRQWUD HO HQUHMDGR GH OD HVFDOHUD

FXDQGRHQFLHQGHHOFLJDUULOOR$OOtVHGHWLHQH\HQFLHQGHXQFLJDUULOOR/HKDEODDOS~EOLFR7207HQJRWUXFRVHQHOEROVLOOR\FRVDVEDMRODPDQJDSHURVR\WRGR

ORFRQWUDULRGHOSUHVWLGLJLWDGRUFRP~QeVWHOHVEULQGDDXVWHGHVXQDOLQGDLOXVLyQFRQODVDSDULHQFLDVGHODYHUGDG


9/63

HQpUJLFDPHQWH ORV GHGRV VREUH HO IHUR] DOIDEHWR %UDLOOH GH XQDHFRQRPtD HQGHVLQWHJUDFLyQ(Q(VSDxDKDEtD UHYROXFLyQ$TXtVyOR KDEtD JULWRV \ FRQIXVLyQ \ FRQIOLFWRV REUHURV D YHFHVYLROHQWRV HQFLXGDGHV SRU ORGHPiVSDFtILFDVFRPR&OHYHODQG&KLFDJR 'HWURLW eVD HV OD DWPyVIHUD VRFLDO HQ TXH VHGHVDUUROOD OD DFFLyQ GH HVWD FRPHGLD (VWD FRPHGLD VRQ ORVUHFXHUGRV6HR\HP~VLFD&RPRHVXQDFRPHGLDGHUHFXHUGRVKD\SRFDOX]HVVHQWLPHQWDOQRHVUHDOLVWD(QODPHPRULDWRGRSDUHFH DFRQWHFHU FRQ P~VLFD (OOR H[SOLFD HO YLROtQ TXH VHR\HHQWUHEDVWLGRUHV


10/63

HVSDFLR HVWi DOTXLODGR6DEHVTXHHV ODSULPHUDYH]TXH RLJRGHFLUTXH HO 6HxRU DOTXLOD HVSDFLR" /DV FRUWLQDV GH JDVD GHO FRPHGRU VHGHVFRUUHQDXWRPiWLFDPHQWH(VRVHSLVFRSDOHVGHO1RUWH&RPSUHQGRDORVGHO6XUSHURDORVGHO1RUWHQR7RPHQWUDHQHOFRPHGRUSRUODGHUHFKDVHGHVOL]DKDFLDODPHVD\VHVLHQWDDODGHUHFKD 4XHULGRQRHPSXMHV OD FRPLGD FRQ ORV GHGRV 6LHV IRU]RVR TXH OD HPSXMHV FRQDOJR XVD XQD FRUWH]D GH SDQ 'HEHV PDVWLFDU OR TXH FRPHV /RVDQLPDOHVWLHQHQHQHOHVWyPDJRVHFUHFLRQHVTXHOHVSHUPLWHQGLJHULUVXFRPLGD VLQ PDVWLFDUOD SHUR ORV VHUHV KXPDQRV DQWHV GH WUDJDUODGHEHQPDVWLFDUOD\PDVWLFDUOD2KFRPHVLQSULVD&RPHVLQSULVD8QDFRPLGDELHQ SUHSDUDGD WLHQHPXFKRVVDERUHVGHOLFDGRVTXHFRQYLHQHUHWHQHUHQ OD ERFDSDUD DSUHFLDUORV \QR OLPLWDUVH DHQJXOOLUORV2KPDVWLFD PDVWLFD PDVWLFD $ HVWD DOWXUD OD FRUWLQD GH JDVD VL HO

GLUHFWRUGHFLGHXVDUODODTXHVXJLHUHODSDUHGH[WHUQDVHOHYDQWD\QRYXHOYH D EDMDU KDVWD HO ILQ GH OD FRPHGLD 1R TXLHUHV GDUOHVRSRUWXQLGDGGHIXQFLRQDUDWXVJOiQGXODVVDOLYDOHV"

7200DPiQRKHGLVIUXWDGRGHXQVRORERFDGRGHODFHQDDFDXVDGHWXVFRQVWDQWHVLQVWUXFFLRQHVVREUHODPDQHUDGHFRPHUOD(UHVW~TXLHQPHREOLJD D FRPHU SUHFLSLWDGDPHQWH FRQ WX DWHQFLyQ GH JDYLOiQ VREUHWRGRVPLV ERFDGRV 5HVXOWD UHSXOVLYD WRGDHVD GLVHUWDFLyQ VREUH ODVHFUHFLyQGHORVDQLPDOHVODVJOiQGXODVVDOLYDOHVODPDVWLFDFLyQ

9DKDFLDODEXWDFDGHODVDODHQFLHQGHXQFLJDUULOOR

$0$1'$ 7LHQHV WHPSHUDPHQWR FRPRXQGLYR GHO0HWURSROLWDQ1RWH KHSHUPLWLGRTXHWHUHWLUHVGHODPHVD

7209R\DIXPDUXQFLJDUULOOR$0$1'$)XPDVGHPDVLDGR/$85$OHYDQWiQGRVH0DPiWUDHUpHOFDIp$0$1'$1R QR QR 7~ VLpQWDWH+R\ \R VHUp HO QHJULWRTXH VLUYH\ W~

VHUiVODGDPD/$85$


11/63

$0$1'$ HQWUDQGR SRU OD GHUHFKD DO FRPHGRU\SDVDQGR D OD VDOD FRQ ODEDQGHMD \ HO FDIp 5HFXHUGRTXH XQ GRPLQJR SRU OD WDUGH HQ %OXH0RXQWDLQ FXDQGR WX PDGUH HUD XQD QLxD OD YLVLWDURQ GLHFLVLHWHFDQGLGDWRV6HDFHUFDD7RPOHGDFDIp\YDDOFHQWURGHOHVFHQDULR/DXUDVHOHDSUR[LPDWRPDODWDFLWD\YXHOYHDVXVLWLR$PDQGDSRQHODEDQGHMDVREUHODPHVLWDTXHHVWiDODGHUHFKDGHOVRIiFDPD\VHVLHQWDMXQWRDHOOD/DFRUWLQDLQWHULRUVHFRUUHODVOXFHVVHDSDJDQ

$0$1'$/RFLHUWRHVTXHDYHFHVQRKDEtDVLOODVVXILFLHQWHVSDUDWRGRVHOORV\ WHQtDPRV TXHPDQGDUDO QHJULWRDFDVD GHOFXUDHQEXVFD GH VLOODVSOHJDEOHV

720&yPRFRQVHJXLVWHHQWUHWHQHUDWRGRVHVRVFDQGLGDWRV"7RPVHVLHQWDILQDOPHQWHHQODEXWDFDGHODGHUHFKD

$0$1'$'DEDODFDVXDOLGDGGHTXH\RFRQRFtDHODUWHGHODFRQYHUVDFLyQ720$SXHVWRDTXHVDEtDVKDEODU$0$1'$&ODUR TXHVt7RGDV ODVPXFKDFKDV GHPL WLHPSRORVDEtDQWHOR

DVHJXUR720'HYHUDV"$0$1'$6DEtDQHQWUHWHQHUDORVFDQGLGDWRVTXHODVYLVLWDEDQ1REDVWDED

TXH XQD PXFKDFKD WXYLHUD XQD OLQGD FDUD \ XQD ILJXUD JUDFLRVDDXQTXH\RQRHVWDEDPDOGRWDGDHQQLQJXQRGHHVRVVHQWLGRV7DPELpQGHEtD WHQHU XQ LQJHQLRiJLO\ XQD OHQJXDFDSD]GH DIURQWDU WRGDV ODVHPHUJHQFLDV

720'HTXpKDEODEDV"$0$1'$ 'H ODV FRVDV LPSRUWDQWHV TXH VXFHGtDQ HQ HO PXQGR 0LV

FDQGLGDWRVHUDQFDEDOOHURVWRGRVHOORV)LJXUDEDQHQWUHORVKRPEUHVPiVGHVWDFDGRVGHO GHOWDGHO0LVVLVVLSt HUDQ KDFHQGDGRVHKLMRVGHKDFHQGDGRV(VWDED&KDPS/DXJKOLQKLMR 6HR\HP~VLFD0iVWDUGH&KDPS OOHJy D VHU YLFHSUHVLGHQWH GHO %DQFR GH ORV +DFHQGDGRV GHO'HOWD


12/63

$0$1'$1RVHFDVy4XpWHSDVD"+DEODVFRPRVLWRGRVPLVDGPLUDGRUHVGHDQWDxRVHKXELHUDQPXHUWR

7201RHVpVHHOSULPHURGHORVTXHKDVPHQFLRQDGRTXHVREUHYLYLy"$0$1'$*DQyPXFKtVLPRGLQHUR)XHDO1RUWHD:DOO6WUHHW\DPDVyXQD

IRUWXQD7HQtDHOWRTXHGH0LGDVWRGRORTXHWRFDEDVHFRQYHUWtDHQRUR6HOHYDQWD


13/63

(6&(1$6(*81'$

(OHVFHQDULRHVHOPLVPR6HLOXPLQDODVDODVHYHD/DXUDMXQWRDO]RROXVWUDQGRORVDQLPDOHVGHYLGULR9DKDFLDHOIRQyJUDIRSRQHXQGLVFR(Q OD UHSUHVHQWDFLyQ SRU SURIHVLRQDOHV VH XVDED 'DUGDQHOOD SHURSXHGH XWLOL]DUVH FXDOTXLHU GLVFR SRSXODU GH OD GpFDGD GH'HEHVHUXQGLVFRJDVWDGR/DXUDVLQFURQL]DVXVDFWRVSDUDSRQHUODS~DVREUHHOGLVFRHQHOPLVPRPRPHQWRHQTXHFRQFOX\HHOIUDJPHQWRPXVLFDOTXHVHHVWDEDHMHFXWDQGRHQODHVFHQDDQWHULRU(QWUD$PDQGDSRUODFDOOHMXHODGHODGHUHFKD6HR\HUHFKLQDUODOODYHGH

OD FHUUDGXUD /DXUD YD FRQ DLUH FXOSDEOH D OD PiTXLQD GH HVFULELU \WHFOHD/DPHVLWDFRQODPiTXLQDHVWiD~QHQHVFHQDDODL]TXLHUGDGHOD VDOD $PDQGD HQWUD HQ OD KDELWDFLyQ GH OD GHUHFKD FHUUDQGR ODSXHUWD9DKDFLDODEXWDFD\GHMDVREUHHOODHOVRPEUHURHOEROVR\ORVJXDQWHV$$PDQGDOHKDVXFHGLGRDOJR(VHDOJRHVWiJUDEDGRHQVXURVWURXQDPLUDGDFHxXGD\GHVHVSHUDGD\DOJRULGtFXOD9LVWHXQRGHHVRVDEULJRVEDUDWRV GH SDxR TXH VLPXODQ WHUFLRSHOR FRQ XQ FXHOOR GH SLHOHV GHLPLWDFLyQ6XVRPEUHURWLHQH\DFLQFRRVHLVDxRVGHDQWLJHGDGHVXQRGH HVRV KRUULEOHV FORFKH TXH VH XVDURQ HQ PLO QRYHFLHQWRVYHLQWLWDQWRV\ RSULPHXQHQRUPHSRUWDPRQHGDVGH FKDURO QHJURFRQFLHUUH H LQLFLDOHV GH QtTXHO (VH HV VX XQLIRUPH GH JDOD HO TXH XVDKDELWXDOPHQWHFXDQGRYDDODVHGHGHODV'$56XVODELRVVHFRQWUDHQVXVRMRVVHGLODWDQORVSRQHHQEODQFR\PHQHDODFDEH]D$OYHUODH[SUHVLyQILVRQyPLFDGHVXPDGUH/DXUDVHWRFDORVODELRVFRQQHUYLRVRJHVWR

/$85$+RODPDPi3UHFLVDPHQWH\RHVWDED$0$1'$/RVp6yORHVWDEDVSUDFWLFDQGRWXGDFWLORJUDItDVXSRQJR/$85$6t$0$1'$(QJDxRHQJDxRHQJDxR/$85$FRQYR]WUpPXOD&yPRHVWXYRODUHXQLyQGHOD'$5PDPi"$0$1'$DFHUFiQGRVHOH/DUHXQLyQGHOD'$5/$85$1RIXLVWHDODUHXQLyQGHOD'$5PDPi"$0$1'$FRQYR]GpELOFDVLLQDXGLEOH1RQRIXLDQLQJXQDUHXQLyQGHOD

'$5 FRQPiVHQHUJtD1RWXYHIXHU]DV1RWXYHHOYDORUQHFHVDULR6yORTXHUtDKDOODUXQDJXMHURHQHOVXHOR\RFXOWDUPHHQpO\TXHGDUPH


14/63

DOOt GXUDQWH HO UHVWR GH PL YLGD 5DVJD HO FXDGUR XVDGR SDUD ODGDFWLORJUDItDDOWDFWR\DUURMDDOVXHORORVSHGD]RV

/$85$3RUTXpKDVKHFKRHVRPDPi"$0$1'$ VHVLHQWDHQHOH[WUHPRGHUHFKRGHOVRIiFDPD 3RUTXp"3RU

TXp"4XpHGDGWLHQHV/DXUD"/$85$0DPiW~VDEHVPLHGDG$0$1'$ &UHt TXH HUDV WRGD XQDPXMHU SHUR HYLGHQWHPHQWH HVWDEDPX\

HTXLYRFDGD0LUDILMDPHQWHD/DXUD/$85$3RUIDYRUQRPHPLUHVFRQILMH]DPDPi &LHUUDORVRMRV\EDMDOD

FDEH]D3DXVD$0$1'$4XpYDVDKDFHU"4XpVHUiGHQRVRWURV"4XpIXWXURQRVHVSHUD"

3DXVD/$85$+DVXFHGLGRDOJRPDPi"0DPi+DVXFHGLGRDOJR"

$0$1'$6HPHSDVDUiHQVHJXLGD6yORHVWR\GHVFRQFHUWDGDSRUODYLGD/$85$0DPiTXLHURTXHPHGLJDVTXpKDSDVDGR$0$1'$(VWDWDUGHIXLDOD'$5FRPRVDEHVGHEtDQLQLFLDUPHFRPRRILFLDO

0H GHWXYH HQ OD HVFXHOD FRPHUFLDO 5XELFDP SDUD KDEODUOHV GH WXUHVIULDGR\SDUDSUHJXQWDUOHVVREUHWXVSURJUHVRVDOOt

/$85$2K$0$1'$6tRKRKRK)XLGLUHFWDPHQWHHQEXVFDGHWXSURIHVRUDGH

GDFWLORJUDItD\PHSUHVHQWpFRPRPDGUHWX\D1LVLTXLHUDVDEtDTXLpQHUDV:LQJILHOGGLMRXVWHG"1LVLTXLHUDWHQHPRVLQVFULWDHQODHVFXHODDXQDHVWXGLDQWHGHHVHDSHOOLGR/HDVHJXUpTXHVt'LMHTXHPLKLMD/DXUDKDEtDHVWDGRDVLVWLHQGRDODVFODVHVGHVGHORVSULPHURVGtDVGH

HQHUR %XHQR QR Vp GLMR OD SURIHVRUD 6DOYR TXH VH UHILHUDDHVDPXFKDFKLWDWDQWtPLGDTXHGHMyGHYHQLUDOFROHJLRGHVSXpVGHYDULRVGtDVGHDVLVWHQFLD1RGLMH1RPHUHILHURDpVD0HUHILHURDPLKLMD/DXUD TXH KD HVWDGR YLQLHQGR DTXt WRGRV ORV GtDV GXUDQWH ODV VHLV~OWLPDVVHPDQDV([F~VHPHGLMRHOOD


15/63

GDFXHUGDDO IRQyJUDIR 2K QRKDJDVHVR 1RKDJDV IXQFLRQDUHVHIRQyJUDIR

/$85$2K'HWLHQHHODSDUDWRYDKDFLDODPHVLWDGHODPiTXLQDGHHVFULELU\VHVLHQWD

$0$1'$4XpKLFLVWHWRGRVORVGtDVHQTXHILQJLVWHLUDODHVFXHOD5XELFDP"/$85$(VWXYHSDVHDQGR$0$1'$1RHVFLHUWR/$85$6tPDPi3DVHDQGRQDGDPiV$0$1'$ 3DVHDQGR" 3DVHDQGR" (Q LQYLHUQR" &RUWHMDQGR

GHOLEHUDGDPHQWH D XQD SXOPRQtD FRQ HVH DEULJR OLYLDQR" $ GyQGHIXLVWH/DXUD"

/$85$$GLYHUVRVOXJDUHV0iVTXHQDGDDOSDUTXH$0$1'$$XQFXDQGRHPSH]yHVHUHVIULDGR"

/$85$(UD HOPHQRUGH ORVGRVPDOHVPDPi


16/63

FRPR JRORQGULQDV VLQ QLGR FRPLHQGR ODFRUWH]DGHODKXPLOODFLyQGXUDQWHWRGDVXYLGD(VpVHHOIXWXURTXHQRVKHPRVWUD]DGR"-XURTXH QR YHR RWUD DOWHUQDWLYD


17/63

DEXQGDQFLDWXSDGUH(QFDQWR6HVLHQWDHQHOVRIiFDPD/DXUDYDKDFLDODEXWDFD\VHVLHQWD6HDSDJDQODVOXFHVHQHVFHQD


18/63

(6&(1$7(5&(5$

(VFHQDULR (O PLVPR /DV OXFHV YXHOYHQ D HQFHQGHUVH SHUR VyOR HQ ODFDOOHMXHOD GH OD GHUHFKD \ VREUH OD HVFDOHUD GH HPHUJHQFLD HO UHVWR GHOHVFHQDULRVLJXHHQODRVFXULGDG/DPHVDGHODPiTXLQDGHHVFULELU\pVWDKDQVLGRUHWLUDGDV(QWUD7RPRWUDYH]FRQVXDEULJRGHPDULQHUR\VXJRUUDWHMLGDSRUODFDOOHMXHODGHODGHUHFKD6HR\HP~VLFD&XDQGRpVWDFRQFOX\H7RPHPSLH]DDKDEODU720 DSR\DGRFRQWUDHOHQUHMDGRGHODHVFDOHUDGHHPHUJHQFLDIXPDQGR

'HVSXpV GHO IUDFDVR HQ OD (VFXHOD &RPHUFLDO 5XELFDP OD LGHD GH

HQFRQWUDUXQFDQGLGDWRSDUDPLKHUPDQD/DXUDHPSH]yDGHVHPSHxDUXQ SDSHO FDGD YH]PiV LPSRUWDQWH HQ ORV FiOFXORV GH PLPDGUH6HFRQYLUWLy HQ XQD REVHVLyQ &RPR XQ DUTXHWLSR GHO LQFRQVFLHQWHXQLYHUVDOODLPDJHQGHOFDQGLGDWRURQGDEDQXHVWURDSDUWDPHQWR5DUDYH] WUDQVFXUUtD XQDGHQXHVWUDV YHODGDV VLQ DOJXQD DOXVLyQ D DTXHOODLPDJHQDDTXHOHVSHFWURDDTXHOODHVSHUDQ]D


19/63

TXH QDGD TXLVLHUD VDEHU &yPR VLJXH VX VLQXVLWLV" 8VWHG HVVLPSOHPHQWHXQDPiUWLUFULVWLDQD%XHQRDFDERGHKRMHDUPLOLEURURMR\ KH YLVWR TXH VX VXVFULSFLyQ DO &RPSDQLRQ HVWi FDVL YHQFLGD \SUHFLVDPHQWHDKRUDFXDQGRFRPLHQ]DHVHQXHYR\PDUDYLOORVRIROOHWtQGH %HVVLH0DH+DUSHU(VHO SULPHURTXHHVFULEHGHVGH/XQDGHPLHOSDUD WUHV TXH IXH DOJR SRFR FRP~Q YHUGDG" 3XHV pVWH ,GD HVPHMRUD~Q6HUHILHUHDORVFDEDOORVPHFiQLFRVGH/RQJ,VODQG\DXQDPXFKDFKDTXHVHFDHGHOVX\RPLHQWUDVORKDFHVDOWDUHQODVUHJDWDV6XVXFROXPQDYHUWHEUDOTXHGDOHVLRQDGD/DFXOSDHVGHOFDEDOORTXHODSLVD$KRUDELHQHQHOPXQGRHQWHURVyORKD\XQFLUXMDQRTXHSXHGD VDOYDUOD GH OD SDUiOLVLV WRWDO \ HV HO KRPEUH FRQ TXLHQ HVWiFRPSURPHWLGDSDUDFDVDUVH\HVUXELR\JXDSR7DPELpQHVWRHVSRFRXVXDO YHUGDG" 2K VX QRYLR QR HV SHUIHFWR &ODUR TXH WLHQH XQD

GHELOLGDG/DGHELOLGDGPiVWHUULEOHGHOPXQGR%HEHGHPDVLDGR4Xp"2KQRTXHULGD1RGHMHTXHVHTXHPHQ9D\DDHFKDUXQDPLUDGLWDHQHOKRUQR\VHJXLUpKDEODQGR2K(VDPXMHU6DEHVTXpPHKL]R"0HFROJyHOWHOpIRQR6HDSDJDQODVOXFHVGHOFRPHGRU\GHODVDOD$OPLVPRWLHPSRVHHQFLHQGHODOiPSDUDGHOHHU

/$85$2KPDPiPDPi7RPHVWiWUDWDQGRGHHVFULELU6H OHYDQWD GH OD EXWDFD GRQGH VH TXHGy VHQWDGD DO EDMDU HO WHOyQ HQ ODHVFHQD DQWHULRU \ YD KDFLD OD FRUWLQD TXH VHSDUD HO FRPHGRU GH OD VDODGHVFRUULGD\D

$0$1'$ 2K'H YHUDV" 'HMD HO WHOpIRQR YD DO FRPHGRU \ VH DFHUFD D7RP

720MXQWRDODPHVD9DPRV4XpHVWiVWUDPDQGR"$0$1'$7UDWRGHSURWHJHUWHODYLVWD(VWiDWDUHDGDFRQODOiPSDUD6yOR

WLHQHVXQSDUGHRMRV\GHEHVFXLGDUORV2K\DVpTXH0LOWRQHUDFLHJRSHURQRIXHXQJHQLRSRUHVR

7200DPi4XLHUHVKDFHUPHHO IDYRUGHLUWH\GHGHMDUPHWHUPLQDUGHHVFULELU"

$0$1'$ OH HQGHUH]D ORV KRPEURV 3RU TXp HUHV LQFDSD] GH VHQWDUWHGHUHFKRSDUDTXHWXVKRPEURVQRDVRPHQFRPRDODVGHJRUULyQ"

720 0DPi KD] HO IDYRU GH RFXSDUWH GH RWUD FRVD (VWR\ WUDWDQGR GHHVFULELU$0$1'$DWDUHDGDFRQ7RP0LUDKHYLVWRXQFXDGURDQDWyPLFR\VpTXp

HIHFWR FDXVD HVD SRVLFLyQ VREUH WXV YtVFHUDV ,QFRUSyUDWH \ WH ORPRVWUDUp7XHVWyPDJRRSULPHWXVSXOPRQHV\WXVSXOPRQHVRSULPHQWXFRUD]yQ\HVHSREUHFRUD]RQFLWRVHGHVDOLHQWDSRUTXHQROHTXHGDVLWLRSDUDVHJXLUODWLHQGRSRUWL

7204XpGLDEORV/DVFRUWLQDVLQWHUQDVTXHVHSDUDQODVDODGHOFRPHGRUVHFRUUHQ/DVOXFHVGHO FRPHGRU VH DSDJDQ /DXUD VH SDUD MXQWR D ODV FRUWLQDV GH OD VDOD


20/63

HVFXFKDQGRODFRQYHUVDFLyQVLJXLHQWHHQWUH7RP\$PDQGD(VWRVVHTXHGDQHQHOFRPHGRUPLHQWUDVGLVFXWHQ$0$1'$1RPHKDEOHVDVt720FRQFOX\HQGRVXIUDVHDQWHULRUVHVXSRQHTXHGHERKDFHU"$0$1'$4XpWHSDVD"+DVSHUGLGRHOMXLFLR"7206t0HORKDVTXLWDGRW~$0$1'$4XpWHVXFHGHHQHVWRV~OWLPRVWLHPSRVJUDQJUDQHVW~SLGR"720 0LUDPDPi (Q HVWD FDVD QRPH TXHGDXQ VROR REMHWR XQ VROR

REMHWRTXHSXHGDOODPDUPtR$0$1'$%DMDODYR]720$\HUVHFXHVWUDVWHPLVOLEURV7XYLVWHHOGHVFDURGH$0$1'$$VtHV/HGHYROYtDODELEOLRWHFDS~EOLFDHVDKRUULEOHQRYHOD\HO

HVSDQWRVR OLEURGH HVHGHPHQWHTXHHVHO VHxRU/DZUHQFH1RSXHGRILVFDOL]DU OD SURGXFFLyQ GH XQD PHQWH HQIHUPD QL D OD JHQWH TXHSURSRUFLRQD HVH PDWHULDO SHUR QR SHUPLWLUp HQ PL FDVD VHPHMDQWHLQPXQGLFLD1RQRQRQRQR

720 &DVD FDVD 4XLpQSDJDHO DOTXLOHU GH OD FDVD TXLpQYLYH FRPRXQHVFODYRSDUD"

$0$1'$1RWHDWUHYDVDKDEODUPHDVt/DXUDVHDFHUFDDODEXWDFD7201R\RQRGHERGHFLUQDGD6LPSOHPHQWHWHQJRTXHTXHGDUPHFDOODGR

\GHMDUTXHW~WHHQFDUJXHVGHKDEODU$0$1'$(VSHUDWHGLUpDOJR7201RTXLHURRtUPiV

$0$1'$2LUiVPiV/DXUDYDKDFLDHOIRQyJUDIR720IUDQTXHDQGRODVFRUWLQDVTXHVHSDUDQHOFRPHGRUGHODVDOD9DDOIRUR

GRQGH HQ XQ OXJDU RVFXUR VH VXSRQH KD\ XQ DUPDULR %XHQR QRVHJXLUpHVFXFKDQGR0HYR\7RPDVXDEULJR

$0$1'$HQWUDQGRHQODVDODVHGHWLHQHHQHOFHQWUR0HYDVDHVFXFKDU7RP:LQJILHOG(VWR\FDQVDGDGHWXLQVROHQFLD


21/63

LPDJLQRTXpKDFHVDOOt'RUPLWDVWHSDVDVODVKRUDVHQXQFRQVWDQWHVRSRUSRUTXHQRHVWiVHQFRQGLFLRQHVGHWUDEDMDU

720(VFLHUWRHVPX\PX\FLHUWR1RHVWR\HQFRQGLFLRQHVGHWUDEDMDU$0$1'$ &yPR WH DWUHYHV D DUULHVJDU WX HPSOHR" $ DUULHVJDU QXHVWUD

VHJXULGDG" &yPR FUHHV TXH SRGHPRV FRPSRQpUQRVODV SDUD" 6HVLHQWDHQODEXWDFD

7202\HPDPi&UHHVTXHHVWR\ORFRSRUOD]DSDWHUtD"&UHHVTXHHVWR\HQDPRUDGRGHOD&RQWLQHQWDO6KRHPDNHUV"&UHHVTXHTXLHURSDVDUPHFLQFXHQWD\FLQFRDxRVGHPLYLGDDKtHQHVHLQWHULRUGHFHORWH[FRQWXERVIOXRUHVFHQWHV3DODEUDGHKRQRUTXHSUHIHULUtDWRPDUXQDSLVWROD\VDOWDUPH ORV VHVRV DQWHVTXHYROYHUSRU ODVPDxDQDV3HURYR\&ODUR FDGD GtD HQWUDV JULWDQGR HVH PDOGLWR /HYiQWDWH \ O~FHWH/HYiQWDWH\O~FHWH3LHQVRHQFXDQGLFKRVRVVRQORVPXHUWRV3HUR

PH OHYDQWR 6H OHYDQWD GHO VRIiFDPD 9R\ 3RU VHVHQWD \ FLQFRGyODUHV PHQVXDOHV UHQXQFLR D WRGR OR TXH VXHxR FRQ KDFHU \ VHUVLHPSUH


22/63

GHQWUR GH OD PDQJD GHO DEULJR FXDQGR VH HVIXHU]D SRU SRQpUVHOR 3RU XQPRPHQWRTXHGDVXMHWRSRUODKROJDGDSUHQGD&RQXQJULWRGHIXURUYXHOYHD DUUDQFDUVH HO DEULJR UDVJDQGR HO KRPEUR GHO PLVPR \ OR WLUDLPSHWXRVDPHQWH (O DEULJR FKRFD FRQWUD HO HVWDQWH GH OD FROHFFLyQ GHDQLPDOLWRVGH/DXUD\VHR\HHOWLQWLQHRGHOFULVWDOTXHVHKDFHDxLFRV/DXUDJULWDFRPRVLODKXELHVHQKHULGR/$85$0L]RRGHFULVWDO6HWDSDODFDUD\OHVYXHOYHODHVSDOGD$0$1'$ FRQ YR] WHUULEOH 1XQFD WH YROYHUp D KDEODUPLHQWUDV YLYDV D

PHQRVTXHPHSLGDVSHUGyQ6DOH SRU HQWUH ODV FRUWLQDV GH OD VDOD 7RP VH TXHGDFRQ /DXUD /DPLUDDEVRUWR \ FRQ DLUH HVW~SLGR GXUDQWH XQRV LQVWDQWHV /XHJR YD KDFLD HO

HVWDQWH GRQGH HVWi HO ]RR GH FULVWDO 6HGHMD FDHU WRUSHPHQWHGHURGLOODVSDUDUHFRJHUORVIUDJPHQWRVPLUDQGRD/DXUDFRPRVLTXLVLHUDKDEODU\QRSXGLHVHKDFHUOR6HDSDJDQODVOXFHV


23/63

(6&(1$&8$57$

(OLQWHULRUHVWiDRVFXUDV'pELOOX]HQODFDOOHMXHODGHODGHUHFKD8QDFDPSDQDGHJUDYHYR]GDODVFLQFRHQXQDLJOHVLDDOLQLFLDUVHODHVFHQD7RP DSDUHFH HQ OD FDOOHMXHOD GH OD GHUHFKD 'HVSXpV GH FDGD XQD GH ODVVROHPQHV FDPSDQDGDV GH OD WRUUH DJLWD XQD SHTXHxDPDWUDFD GH MXJXHWHFRPR SDUD H[SUHVDU HO GLPLQXWR HVSDVPR GHO KRPEUH HQ FRQWUDVWH FRQ HOVRVWHQLGRSRGHU\GLJQLGDGGHO7RGRSRGHURVR(VWR\ODSRFDILUPH]DGHVXDQGDUUHYHODQLQHTXtYRFDPHQWHTXHKDHVWDGREHELHQGR

&XDQGRVXEHSRUORVSHOGDxRVTXHOOHYDQDOUHOODQRGHODHVFDOHUDODOX]VHLQVLQ~DGHQWUR/DXUDDSDUHFHHQFDPLVyQHQWUDQGRHQODVDOD\FRQWHPSODODFDPDYDFtDHOVRIiFDPDGH7RP7RP KXUJD HQ VXV EROVLOORV EXVFDQGR OD OODYH GH OD SXHUWD \ VDFD XQKHWHURJpQHR FRQMXQWR GH REMHWRV GXUDQWH VX E~VTXHGD LQFOXVLYH XQDYHUGDGHUDOOXYLDGHWDORQHVGHHQWUDGDVGHFLQHPDWyJUDIR\XQDERWHOODYDFtD)LQDOPHQWHHQFXHQWUD OD OODYHSHURFXDQGR VHGLVSRQHD LQWURGXFLUODHQODFHUUDGXUDVHOHHVFXUUHGHHQWUHORVGHGRV(QFLHQGHXQIyVIRUR\VHLQFOLQDMXQWRDODSXHUWDSDUDEXVFDUOD720FRQDPDUJXUD8QDKHQGLGXUD\FDHDORWURODGR/DXUDDEUHODSXHUWDGHODGHUHFKD/RVSiUUDIRVVLJXLHQWHVVHGLFHQVREUHHOUHOODQR/$85$7RP7RPTXpHVWiVKDFLHQGR"720%XVFDQGRXQDOODYH/$85$'yQGHKDVHVWDGRKDVWDDKRUD"720(QHOFLQH

/$85$7DQWRWLHPSR"720 (O SURJUDPD HUDPX\ ODUJR )LJXUDED XQDSHOtFXOD GH OD *DUER \ XQGLEXMR DQLPDGR GHO 5DWyQ0LFNH\ \ XQ GRFXPHQWDO GH XQ YLDMH \ XQQRWLFLDULR\XQDFRODGHSXEOLFLGDGGHIXWXURVILOPHV


24/63

PDUDYLOORVDVVXHUWHVGHSUHVWLGLJLWDFLyQPXFKDVPDUDYLOORVDVVXHUWHVWDO FRPR OD GH WUDVHJDU DJXD LGD\YXHOWDHQWUHFiQWDURV 3ULPHUR ODFRQYHUWtDHQYLQR\OXHJRHQFHUYH]D\ILQDOPHQWHHQZKLVN\6pTXHFRQFOX\y SRU WUDQVIRUPDUOD HQ ZKLVN\ SRUTXH 0DOYROLR QHFHVLWy TXHVXELHUDXQHVSHFWDGRUDD\XGDUOH\VXEt\RHQODVGRVIXQFLRQHV6HWUDWDED GH ZKLVN\ GH FHQWHQR .HQWXFN\ 6WUDLJKW 0DOYROLR HUD PX\JHQHURVRUHJDODEDFRVDVFRPRUHFXHUGRV6DFDGHOEROVLOORWUDVHURGHOSDQWDOyQXQWRUQDVRODGRFKDOFRQORVFRORUHVGHODUFRLULV0HGLRHVWR6XFKDOPiJLFR3XHGHVTXHGDUWHFRQpO/DXUD6LORDJLWDVVREUHXQDMDXOD FRQ FDQDULRV FRQVHJXLUiV XQD SHFHUD FRQ FDUSDV GH XQ URMRGRUDGR$JtWDOR VREUH OD SHFHUD \ VDOGUiQ YRODQGRFDQDULRV3HUR ODPiVPDUDYLOORVD GH ODV VXHUWHV IXHHO WUXFRGHODWD~G(QFHUUDPRVDOPDJRGHQWURGHXQDWD~GFODYDQGRODWDSD\VDOLyVLQVDFDUXQFODYR

(QWUDQ+HDTXtXQWUXFRTXHPHUHVXOWDUtDPX\~WLOSDUDVDOLUGHHVDFXHYDGHGRVSRUFXDWUR6HGHMDFDHUHQHOVRIiFDPD\HPSLH]DDTXLWDUVHORV]DSDWRV

/$85$7RP&iOODWH7203RUTXpPHLPSRQHVVLOHQFLR"/$85$'HVSHUWDUiVDPDPi7209D\D$VtOHSDJDUpSRUWRGRVHVRV/HYiQWDWH\O~FHWH 6HDFXHVWD

JUXxHQGR


25/63

(6&(1$48,17$

(OHVFHQDULRHVHOPLVPR/DDFFLyQSURVLJXHLQPHGLDWDPHQWH/DFDPSDQDGHOD LJOHVLD GD ODV VHLV $ OD VH[WD FDPSDQDGD VXHQD HO GHVSHUWDGRU HQ ODKDELWDFLyQGH$PDQGDD ODGHUHFKDGHOFRPHGRU\D ORVSRFRV LQVWDQWHVODRtPRV OODPDU /HYiQWDWH \ O~FHWH /DXUD YH \ GLOH D WX KHUPDQR TXH VHOHYDQWH\VHOX]FD720 VHQWiQGRVHOHQWDPHQWHHQHOVRIiFDPD0HOHYDQWDUpSHURQRPH

OXFLUp/DOX]VHDFHQW~D$0$1'$ GHWUiVGHODHVFHQD /DXUDGLOHDWXKHUPDQRTXHVXFDIpHVWi

SUHSDUDGR (QWUDHQODVDOD/DXUDYHVWLGDGHSLHVDFDEH]DFRQXQDFDSDVREUHORVKRPEURV7RPHVWiWRGDYtDHQODFDPDFXELHUWRFRQXQDIUD]DGDKDELpQGRVHTXLWDGRVRODPHQWHORV]DSDWRV\ODFKDTXHWD

/$85$7RP6RQFDVLODVVLHWH1RLUULWHVDPDPi 7RPODPLUDDEVRUWRHVW~SLGDPHQWH (OOD SURVLJXH FRQ DLUH VXSOLFDQWH 7RP KiEODOH DPDPiHVWDPDxDQD5HFRQFtOLDWHFRQHOODGLVF~OSDWHKDEOD

720SRQLpQGRVHORV]DSDWRV0DPiQRPHKDEODUiDPt)XHHOODODSULPHUDHQQRKDEODU

/$85$6LWHGLVFXOSDVYROYHUiDKDEODUWH720(VXQDWUDJHGLDWDQJUDQGHHOKHFKRGHTXHQRPHKDEOH"/$85$3RUIDYRUSRUIDYRU$0$1'$ JULWDQGR GHVGH OD FRFLQD /DXUD 9DV D KDFHU OR TXH WH KH

SHGLGRRWHQGUpTXHYHVWLUPHHLU\RPLVPD"/$85$9R\YR\$SHQDVPHSRQJDHODEULJR6HOHYDQWD\YDKDFLDOD

SXHUWDGHODGHUHFKD0DQWHFD\TXpPiV"$$PDQGD$0$1'$VLHPSUHGHVGHODFRFLQD0DQWHFDVRODPHQWH'LOHTXHODFDUJXHQ

HQFXHQWD/$85$0DPi+DFHQXQDVPXHFDVFXDQGROHVGLJRHVR$0$1'$GHVGHODFRFLQD2EUDVVRQDPRUHVSHURODVPXHFDVGHOVHxRU

*DUILQNHOQRQRVFDXVDUiQGDxR'LOHDWXKHUPDQRTXHVHOHHQIUtDHOFDIp

/$85$ MXQWRDODSXHUWD+D]ORTXHWHKHSHGLGR/RKDUiV7RP"/RKDUiV"eOUHKX\HKRVFDPHQWHVXPLUDGD$0$1'$/DXUDYHGHXQDYH]RQRYD\DV\VHDFDEy/$85$ SUHFLSLWiQGRVHDIXHUDSRUODGHUHFKD 9R\YR\ $OFDERGHXQ

VHJXQGRSURILHUHXQDH[FODPDFLyQ6HKDFDtGRGHODHVFDOHUD7RPVHOHYDQWD GH XQ VDOWR \ YD KDFLD OD GHUHFKD $PDQGD DFXGH FRUULHQGRDQVLRVDPHQWHGHOFRPHGRU\GHMDORVSODWRVVREUHODPHVD7RPDEUHODSXHUWDGHODGHUHFKD

720/DXUD


26/63

/$85$ (VWR\ SHUIHFWDPHQWH 0H FDt SHUR HVWR\ ELHQ 6H YD SRU ODFDOOHMXHOD

$0$1'$VREUHODHVFDOHUD7HGLJRTXHVLDOJXLHQVHFDH\VHURPSHXQDSLHUQD VREUH ORV SHOGDxRV GH OD HVFDOHUD GH HPHUJHQFLD KD\ TXHHQWDEODUMXLFLRFRQWUDHOGXHxRGHODFDVDKDVWDSRUHO~OWLPRFHQWDYRTXH9HD7RP4XLpQHVXVWHG" 'HMDHOUHOODQRYDDOFRPHGRU\YXHOYHFRQSODWLWRVXQDWDFLWDGHFDIpFUHPDHWFpWHUD/RVSRQHVREUHODPHVLWDTXHHVWiDODGHUHFKDGHOVRIiFDPD9DKDFLDODEXWDFDVHVLHQWD6HR\HP~VLFD&XDQGR7RPYXHOYHDHQWUDUDSiWLFDPHQWHSDUDWRPDUVXFDIpHOODOHYXHOYHODHVSDOGDHQVXEXWDFD/DOX]TXHVHSUR\HFWD VREUH VX VHPEODQWH FRQ VXV HQYHMHFLGDV SHUR SXHULOHVIDFFLRQHV HV FUXHOPHQWH VHYHUD VDWtULFD FRPR XQD HVWDPSD GH'DXPLHU7RPPLUD WtPLGDPHQWH SHUR FRQ DLUHKRVFR OD ILJXUDGH VX

PDGUH\VHVLHQWDHQHOVRIiFDPDFHUFDGHODFRPLGD(OFDIpHVWiWDQFDOLHQWH TXH TXHPD 7RP OR VRUEH SURILHUH XQD H[FODPDFLyQ \ ORHVFXSHHQODWD]D$ORtUOR$PDQGDVHTXHGDVLQDOLHQWR\VHYXHOYHDPHGLDV(QWRQFHVVHGRPLQD\OHGDODHVSDOGDQXHYDPHQWH7RPVRSODVREUHVXFDIpPLUDQGRGHVRVOD\RDVXPDGUH$PDQGDFDUUDVSHD7RPDO]DODWD]DFRQDPEDVPDQRVSDUDVRSODUVREUHHOFDIp\FRQWHPSODDVX PDGUH SRU VREUH ORV ERUGHV GXUDQWH XQRV LQVWDQWHV /XHJR GHMDOHQWDPHQWHODWD]D\VHOHYDQWDFRQDLUHWRUSH\YDFLODQWH

720 FRQYR]URQFD3HUGyQDPHPDPi /DPHQWR WRGROR TXH WHGLMH1RKDEODEDFRQLQWHQFLyQ7HSUHVHQWRPLVH[FXVDV

$0$1'$VROOR]DQGR0LGHYRFLyQKDKHFKRGHPtXQDEUXMD\PHKDYXHOWR

DERUUHFLEOHSDUDPLVKLMRV7201RQRKD\WDOFRVD$0$1'$0HSUHRFXSRWDQWRQRGXHUPRHVRPHLUULWDORVQHUYLRV720FRQGXO]XUD/RFRPSUHQGR$0$1'$7~VDEHVTXHKHGHELGROLEUDUXQDEDWDOODVROLWDULDHQHVWRVDxRV

3HURW~HUHVPLPDQRGHUHFKDPLSDODGtQ1RPHGHVDPSDUHV1RPHDEDQGRQHV

720FRQGXO]XUD/RLQWHQWDUpPDPi$0$1'$ FRQ JUDQ HQWXVLDVPR (VR HV 'HEHV VHJXLU LQWHQWiQGROR \

WULXQIDUiV3HURVLVLWHVREUDQGRQHVQDWXUDOHV/HVVREUDQDPLVGRV

KLMRV VRQ KLMRV GH PXFKD YDOtD \ WHQJR PXFKtVLPDV UD]RQHV SDUDDJUDGHFpUVHOR D 'LRV 6yOR GHEHV SURPHWHUPH XQD FRVD &HVD ODP~VLFD

720&XiOPDPi"$0$1'$3URPpWHPHTXHQXQFDVHUiVXQERUUDFKR7207HORSURPHWRPDPi1XQFDVHUpXQERUUDFKR$0$1'$(VRHUDORTXHPHDVXVWDEDWDQWRHOTXHHVWXYLHUDVEHELHQGR

&RPHXQSODWRGHSXULQD7206yORWRPDUpFDIpPDPi$0$1'$8QEL]FRFKRGHWULJRLQWHJUDO"7201RQRPDPi6yORFDIp


27/63

$0$1'$1RSXHGHVDERUGDUXQDMRUQDGDGHWUDEDMRFRQHOHVWyPDJRYDFtR7H TXHGDQ GLH] PLQXWRV 1R WUDJXHV HO FDIp GH JROSH %HELHQGROtTXLGRVGHPDVLDGRFDOLHQWHVVHIRUPDXQFiQFHUHQHOHVWyPDJR3RQFUHPD

7201RJUDFLDV$0$1'$3DUDHQIULDUOR7201R1RJUDFLDV/RTXLHURQHJUR$0$1'$/RVpSHURQRWHKDFHELHQ7HQHPRVTXHKDFHUWRGRORSRVLEOHSRU

WRQLILFDUQRV(QHVWRV WLHPSRVGLItFLOHV HQTXHYLYLPRVVyORGHEHPRVSHQVDUHQDIHUUDUQRVORVXQRVDORVRWURV3RUHVRHVWDQLPSRUWDQWHTXH7RP\R\RDOHMpDWXKHUPDQDSDUDSRGHUKDEODUGHXQDVXQWRFRQWLJR 6L QR PH KXELHVHV KDEODGR \R WH KDEUtD KDEODGR D WL 6HVLHQWD

720FRQGXO]XUD'HTXpTXLHUHVKDEODUPHPDPi"$0$1'$'H/DXUD7RPGHMDOHQWDPHQWHODWD]D7202K/DXUD$0$1'$WRFiQGROHODPDQJD


28/63

720 9R\ DO FLQHSRUTXHPH JXVWD OD DYHQWXUD /D DYHQWXUDQRDEXQGDGRQGHWUDEDMRGHPRGRTXHYR\DOFLQH

$0$1'$3HUR7RP9DVGHPDVLDGRDOFLQH7200HJXVWDYHUPXFKDVDYHQWXUDV$PDQGD SDUHFH SHUSOHMD OXHJR KHULGD &XDQGR VH UHDQXGD HO IDPLOLDULQWHUURJDWRULR7RPYXHOYHDPRVWUDUVHGXURHLPSDFLHQWH$PDQGDUHWRUQDDVXDFWLWXGTXHMXPEURVD$0$1'$/DPD\RUtDGHORVMyYHQHVKDOODQDYHQWXUDHQVXVFDUUHUDV7203HURODPD\RUtDGHORVMyYHQHVQRHVWiQHPSOHDGRVHQXQD]DSDWHUtD$0$1'$(OPXQGRHVWiOOHQRGHMyYHQHVHPSOHDGRVHQ]DSDWHUtDV\RILFLQDV

GHIiEULFDV

720(QFXHQWUDQWRGRVHOORVDYHQWXUDHQVXVFDUUHUDV"$0$1'$6t2VDOHQGHOSDVRVLQHOOD1RWRGRVWLHQHQHVDVORFDVDQVLDVGHDYHQWXUD

720 (O KRPEUH HV SRU LQVWLQWR XQ DPDQWH XQ FD]DGRU XQ OXFKDGRU \QLQJXQR GH HVRV LQVWLQWRV HQFXHQWUD PXFKR FDPSR GH DFFLyQ HQ OD]DSDWHUtD

$0$1'$4XHORHVSRULQVWLQWRGLFHV1RPHFLWHVHOLQVWLQWR(OLQVWLQWRHVDOJRTXHOD JHQWHKDDEDQGRQDGR 3HUWHQHFHDORVDQLPDOHV /RVFULVWLDQRVDGXOWRVQRORQHFHVLWDQ

7204XpTXLHUHQSXHVORVFULVWLDQRVDGXOWRVPDPi"$0$1'$ &RVDV VXSHULRUHV &RVDV GH OD PHQWH \ GHO HVStULWX 6yOR ORV

DQLPDOHV QHFHVLWDQ VDWLVIDFHU VXV LQVWLQWRV &RQ WRGD VHJXULGDG WXVREMHWLYRVVRQPiVHOHYDGRVTXHORVVX\RV4XHORVGHORVPRQRVORVFHUGRV

720&UHRTXHQR$0$1'$%URPHDV3HURQRHVGHHVRGHORTXHTXLHURKDEODUWH720OHYDQWiQGRVH1RPHTXHGDPXFKRWLHPSR$0$1'$DSR\iQGROHODVPDQRVVREUHORVKRPEURV6LpQWDWH7204XLHUHVTXHOOHJXHWDUGHDOWUDEDMRPDPi"$0$1'$7HTXHGDQFLQFRPLQXWRV4XLHURKDEODUWHGH/DXUD7203HUIHFWDPHQWH4XpSDVDFRQ/DXUD"

$0$1'$7HQHPRVTXHWUD]DUQRVDOJXQRVSODQHVSDUDVXIXWXUR7HOOHYDGRVDxRV\QRKDSDVDGRQDGD9LYHDODGHULYDVLQKDFHUQDGD0HDVXVWDWHUULEOHPHQWHYHUFyPRYLYHDODGHULYD

720&UHRTXH/DXUDHVXQDGHHVDVPXFKDFKDVTXHODJHQWH OODPDGHVXFDVD

$0$1'$ 1R KD\ WDOHVPXFKDFKDV \ VL ODV KD\ HV XQD OiVWLPD (VR DPHQRVTXHODFDVDVHDVX\DFRQXQPDULGR

7204XpGLFHV"$0$1'$ DFHUFiQGRVH D OD EXWDFD 2K YHR FRQ WDQWD FODULGDG OD

DGYHUWHQFLDGHOGHVWLQR(VWHUURUtILFD0HUHFXHUGDVFDGDYH]PiVDWX SDGUH 9ROYtD D DOWDV KRUDV GH OD QRFKH VLQ GDUPH QLQJXQD


29/63

H[SOLFDFLyQ6HVLHQWDHQODEXWDFD/XHJRVHIXH$GLyV


30/63

MXVWDPHQWH DKRUD TXH HPSLH]D HO PDUDYLOORVR IROOHWtQ GH %HVVLH 0DH+DUSHU(OWHPDVRQHVRVFDEDOORVPHFiQLFRVGH/RQJ,VODQG2K'HYHUDV"/RHVWi OH\HQGR"%XHQR&yPRFUHHTXHWHUPLQDUi"2KQR%HVVLH 0DH +DUSHU QXQFD OD GHIUDXGD D XQD 2K QDWXUDOPHQWH XQDQHFHVLWDFRPSOLFDFLRQHV/DVFRPSOLFDFLRQHVVRQLQGLVSHQVDEOHVRKQRVHFRQFLEHXQDQRYHODVLQHOODVSHUR%HVVLH0DH+DUSHUVLHPSUHGHMDXQDVHQVDFLyQWDOGHH[DOWDFLyQ4XpSDVD(OOD"6XYR]HVWiWDQUDUD$K(VSRUTXHVRQODVVLHWHGHODPDxDQD2K(OOD2OYLGpTXHXVWHGQXQFDVHOHYDQWDDQWHVGHODVQXHYH2OYLGpTXHWRGRHOPXQGRWLHQHGHUHFKR D GRUPLU KDVWD HVD KRUD 6yOR SXHGR GHFLU TXH OR VLHQWRYHUGDG"$K/RKDUi"6HVXVFULELUiGHWRGRVPRGRV"%XHQRTXH'LRV OD EHQGLJD (OOD TXH 'LRV OD EHQGLJD TXH'LRV OD EHQGLJD 6HDSDJDQODVOXFHV


31/63

(6&(1$6(;7$

(VFHQDULR(OPLVPR6yORODFDOOHMXHODGHODGHUHFKDHVWiLOXPLQDGDFRQXQDYDJDOX]720HQWUDSRUODGHUHFKD\VHDSR\DFRPRDQWHVFRQWUDHOHQUHMDGRFRQHO

FLJDUULOORYLVWHVXDEULJRGHPDULQHUR\VXJRUUD'HORWURODGRGHODFDOOHMXHODHVWDEDHO6DOyQGH%DLOH(O3DUDtVR/DVQRFKHVGHSULPDYHUDDEUtDQ WRGDV ODVSXHUWDV\YHQWDQDV\ ODP~VLFDEURWDEDDODFDOOH$YHFHVDSDJDEDQ WRGDV ODV OXFHVVDOYR ODVGHXQJUDQJORERGH YLGULRTXHSHQGtDGHOFLHORUDVReVWHJLUDEDHQWHUDPHQWHHLQVLQXDEDDWUDYpV

GHODRVFXULGDGGHOLFDGRVFRORUHVGHDUFRLULV/XHJRODRUTXHVWDWRFDEDXQYDOVRXQWDQJRDOJRGHULWPROHQWR\VHQVXDO/DVSDUHMDVVDOtDQGHOVDOyQ LEDQ D OD UHODWLYD LQWLPLGDG GH OD FDOOHMXHOD 8QR SRGtD YHUODVEHViQGRVHGHWUiVGHORVWDFKRVGHGHVSHUGLFLRV\ORVSRVWHVWHOHIyQLFRV$TXpOODHUDODFRPSHQVDFLyQSRUXQDVYLGDVTXHWUDQVFXUUtDQFRPRODPtD VLQ FDPELR QL DYHQWXUD 3HUR ORV FDPELRV \ ODV DYHQWXUDV HUDQLQPLQHQWHV HVH DxR (VSHUDEDQ D OD YXHOWD GH OD HVTXLQD D HVRVFKLTXLOLQHV EDLODULQHV 6H FHUQtDQ HQ OD QLHEOD VREUH %HUFKWHVJDGHQTXHGDEDQDWUDSDGRVHQORVSOLHJXHVGHOSDUDJXDVGH&KDPEHUODLQ(Q(VSDxD HVWDED*XHUQLFD $TXt VyOR KDEtD IUHQpWLFDP~VLFD GH MD]]\OLFRU\VDORQHVGHEDLOH\EDUHV\SHOtFXODV\HOVH[RVXVSHQGLGRHQODVRPEUD FRPR XQ FDQGHODEUR \ TXH DQHJDED DO PXQGR FRQ EUHYHV \HQJDxRVRV DUFR LULV 0LHQWUDV WDQWR DTXHOORV FRQILDGRV FKLTXLOORVEDLODEDQ DO FRPSiV GH 4XHULGR HOPXQGR HVSHUDHO DPDQHFHU(QUHDOLGDG HO PXQGR HVSHUDED ORV ERPEDUGHRV 2VFXULGDG HQ HOFRPHGRUOHYHUHVSODQGRU6HYHDOOtD$PDQGD

$0$1'$'yQGHHVWiV7RP"720 HQ OD PLVPD SRVWXUD6DOt D IXPDU (QWUD HQWUH EDVWLGRUHV GRQGH

YXHOYHDFDPELDUGHFKDTXHWD\GHMDVXVRPEUHUR$0$1'$ 7RPHQWUD \VHTXHGDSDUDGRHQHO UHOODQRIXPDQGR/HDEUH OD

SXHUWDDVXPDGUHTXHVHVLHQWDVREUHXQDEDQTXHWDGHOUHOODQR2K

IXPDV GHPDVLDGR 8Q SDTXHWH GLDULR D UD]yQ GH TXLQFH FHQWDYRV HOSDTXHWH&XiQWRUHVXOWDHVRSRUPHV"2VHDWUHLQWDYHFHVTXLQFH"1RVHUiPXFKR'H WRGRVPRGRV EDVWDUtDSDUDD\XGDUWHDVHJXLUXQFXUVRGHFRQWDELOLGDGHQODXQLYHUVLGDGGH:DVKLQJWRQ1RWHSDUHFHTXHHVRVHUtDKHUPRVR"

7203UHILHURIXPDU$0$1'$ /R Vp (VD HV WX WUDJHGLD (VH UHOODQRHV XQ SREUH VXFHVRU GHO

SRUFKHTXHWHQtDPRV4XpPLUDV"720/DOXQD$0$1'$+D\OXQDHVWDQRFKH"


32/63

720(VWiVXELHQGRVREUHHOHGLILFLRGH*DUILQNHOV'HOLNDWHVVHQ$0$1'$$K(VFLHUWR8QDOXQDTXHSDUHFHXQDSHTXHxDFKLQHODGHSODWD

+DVSHGLGRXQGHVHR"720+XP$0$1'$4XpGHVHDVWH"720(VRHVXQVHFUHWR$0$1'$ 3HUIHFWDPHQWH \RWDPSRFRWH UHYHODUpPLGHVHR7DPELpQ\RVp

JXDUGDUXQVHFUHWR3XHGRVHUWDQPLVWHULRVDFRPRW~720$SXHVWRDTXHDGLYLQDUpTXpGHVHDVWH$0$1'$4Xp$FDVRHVWUDQVSDUHQWHPLFDEH]D"7201RHUHVXQDHVILQJH$0$1'$1RQRWHQJRVHFUHWRV7HGLUpORTXHKHGHVHDGRDOPLUDUODOXQD(O

p[LWR\ODIHOLFLGDGSDUDPLVHQFDQWDGRUHVKLMRV/RGHVHRVLHPSUHTXH

KD\OXQD\WDPELpQFXDQGRQRODKD\720&UHtTXHGHVHDEDVXQFDQGLGDWR$0$1'$3RUTXpGLFHVHVR"7201RORUHFXHUGDV"0HSHGLVWHTXHWHWUDMHVHXQR$0$1'$ 5HFXHUGR KDEHUWH LQVLQXDGR TXH WX KHUPDQD VDOGUtD JDQDQGR VL

WUDMHUDVDXQPHULWRULRMRYHQGHOQHJRFLR&UHRTXHWHORLQVLQXpPiVGHXQDYH]

7206tUHSHWLGDVYHFHV$0$1'$


33/63

7204XpTXLHUHVVDEHU"$0$1'$$GLYLQD9DPRVDGLYLQD720 3HUIHFWDPHQWH $GLYLQDUp4XLHUHV VDEHU FXiQGRYHQGUiHOFDQGLGDWR

9HQGUiPDxDQD$0$1'$0DxDQD"2KQR1RSXHGRVDOLUGHOSDVRVLHVPDxDQD1RSXHGR

VDOLUGHOSDVRVLHVPDxDQD7203RUTXp"$0$1'$1RPHGDWLHPSR7207LHPSRSDUDTXp"$0$1'$ 3DUD ORV SUHSDUDWLYRV 2K GHELVWH WHOHIRQHDUPH DSHQDV OR

LQYLWDVWHDSHQDVDFHSWy7201RWLHQHVSRUTXpKDFHUWDQWRDOERURWR$0$1'$&ODURTXHGHERKDFHUOR1RSXHGRUHFLELUDXQKRPEUHHQXQDFDVD

WDQ VXFLD +D\ TXH SRQHUOD HQ FRQGLFLRQHV 7HQJR TXH SHQVDUUiSLGDPHQWHHQODQRFKHGHPDxDQD7201RYHRSRUTXpWLHQHVTXHPROHVWDUWHHQSHQVDU$0$1'$'LFHVHVRSRUTXHQRVDEHV (QWUDHQODVDODYDKDFLDHOFHQWUR6H

DSDJDQ ODV OXFHV GH OD VDOD 1R VDEHV (VR HV WRGR 1R SRGHPRVSHUPLWLU TXH XQFDQGLGDWRPDWULPRQLDO YHQJDDXQD SRFLOJD9HDPRV2K PH KDQ TXHGDGR HVDV WUHV SLH]DV GH SODWD GH PL ERGD /DVOXVWUDUp &yPRHVWDUiHVHYLHMRPDQWHOGHHQFDMHGHVSXpVGHWDQWRVDxRV"4XLpQVDEH1RSRGHPRVOXFLUEXHQDURSD1RODWHQHPRV1RWHQHPRVQDGDTXHSRQHUQRV1DGD9DKDFLDODGHUHFKD

7200DPi(VHMRYHQQRMXVWLILFDWDQWDVDOKDUDFDV

$0$1'$ \HQGR DO FHQWUR 1R Vp FyPR SXHGHV GHFLU HVR FXDQGR HV HOSULPHUFDQGLGDWRGHWXKHUPDQLWD(VPX\SHQRVRTXHHVDPXFKDFKDQXQFDKD\DWHQLGRXQVRORSUHWHQGLHQWH(QWUD(QWUD

7203DUDTXp"$0$1'$4XLHURSUHJXQWDUWHXQDVFXDQWDVFRVDV720 GHVGH HO XPEUDO GH OD SXHUWD GH OD GHUHFKD 6L YDV D KDFHU WDQWR

DOERURWRFDQFHORODLQYLWDFLyQ/HWHOHIRQHDUpDHVHMRYHQTXHQRYHQJD$0$1'$ 1R 1L VXHxHV FRQ KDFHUOR /D JHQWH GHWHVWD ORV FRPSURPLVRV

FDQFHODGRV 1R WLHQH GRQGH LU (QWUD (QWUD (QWUDUiV FXDQGR WH ORSLGR"6LpQWDWH7RPORKDFHHQODEXWDFDGHODGHUHFKD 2\H4Xp

KDUpFRQHVWR"0LUDHOVRIiFDPD9LVWHDOJXQDYH]DOJRGHDVSHFWRWDQ WULVWH"$K \D Vp&RPSUDUp XQ UHWD]R GHFUHWRQD FODUD(VRQRFRVWDUiPXFKR


34/63

$0$1'$3XHVQRVp%HEH"7203RUTXpPHORSUHJXQWDV"$0$1'$3RUTXHWXSDGUHEHEtD7209DPRVQRHPSHFHPRVFRQHVR$0$1'$'HPRGRTXHEHEH7201RTXH\RVHSD$0$1'$7LHQHVTXHDYHULJXDUOR6LKD\DOJRTXHQRTXLHURSDUDPLKLMDHV

XQKRPEUHTXHEHED7201R WHSDUHFH TXH WHDGHODQWDVXQSRFR"'HVSXpVGH WRGR HO VHxRU

2&RQQRUQRKDDSDUHFLGRHQHVFHQDD~Q$0$1'$3HURDSDUHFHUiPDxDQD3DUDFRQRFHUDWXKHUPDQD


35/63

$0$1'$'HODQH\",UODQGpVSRUGRQGHOREXVTXHQ\QREHEH"720 VH OHYDQWD /R OODPR SRU WHOpIRQR \ VH OR SUHJXQWR" 9D KDFLD HO

DSDUDWR$0$1'$\HQGRKDFLDHOWHOpIRQR1R720/ROODPDUp\OHGLUpTXHTXLHUHVVDEHUVLEHEH'HVFXHOJDHODXULFXODU$0$1'$ DUUHEDWiQGROH HO UHFHSWRU1R QR SXHGHVKDFHU HVR'HEHV VHU

GLVFUHWRVREUHHVHWHPD&XDQGR\RHUDPXFKDFKDHQ%OXH0RXQWDLQ7RP VH VLHQWD VREUH HO VRIiFDPD VL VH VRVSHFKDED TXH XQ MRYHQEHEtD \ HVWDED IHVWHMDQGR D XQD PXFKDFKD VL IHVWHMDED D XQDPXFKDFKDpVWDLEDDYHUDOVDFHUGRWHGHVXSDUURTXLD\OHSUHJXQWDEDSRU VX FDUiFWHU R VL VX SDGUH YLYtD D~Q VX GHEHU HUD LU D YHU DOVDFHUGRWH GH OD SDUURTXLD SDUDSUHJXQWDUOHSRU VX FDUiFWHU


36/63

XOWHULRUHV6yOROHGLMH3RUTXpQRWHYLHQHVDFHQDUDFDVDDOJXQDYH]"


37/63

6HDSDJDQODVOXFHVHQHOHVFHQDULR

7(/1


38/63

$&726(*81'2


39/63

(6&(1$35,0(5$

(VFHQDULR(OPLVPR/DV FRUWLQDV LQWHULRUHV TXH VHSDUDQ HO FRPHGRU GH OD VDOD HVWiQ FRUULGDV$PEDV KDELWDFLRQHV VH HQFXHQWUDQ HQ OD RVFXULGDG FRPR DO HPSH]DU ODFRPHGLD7RPOXFHHOPLVPRDEULJR\ODPLVPDJRUUD720 DSDUHFH LQFOLQDGR FRQWUD HO HQUHMDGR GH OD HVFDOHUD FRPR DQWHV \

IXPDQGR


40/63

7RPVDOH SRU OD GHUHFKD/DV OXFHVGH OD VDOD VHHQFLHQGHQ$PDQGD HVWiVHQWDGDVREUHODPHVLWDDODGHUHFKDGHOVRIiFDPDFRVLHQGRHOGREODGLOORGHOYHVWLGRGH/DXUD/DPXFKDFKDHVWiGHSLHIUHQWHDODSXHUWDGHODGHUHFKD$PDQGD KD WUDEDMDGR FRPR XQD QHJUD D ILQ GH SUHSDUDUOR WRGR SDUD HOFDQGLGDWR/RVUHVXOWDGRVVRQVRUSUHQGHQWHV/DQXHYDOiPSDUDGHSLHFRQVXSDQWDOODGHVHGDURVDHVWiHQVXOXJDUDODGHUHFKDGHODVDODFHUFDGHODSDUHG XQD SDQWDOOD GH SDSHO GH FRORU GLVLPXOD HO SRUWDOiPSDUDV URWR TXHSHQGH GHO FLHOR UDVR ODV VLOODV \ HO VRIi OXFHQ IXQGDV GH SHUFDO \ KDQDSDUHFLGRSRUSULPHUDYH]XQSDUGHDOPRKDGRQHVQXHYRV/DXUDHVWiSDUDGDHQ HO FHQWUR GH OD KDELWDFLyQ FRQ ORV EUD]RV OHYDQWDGRVPLHQWUDV$PDQGDHVWiDJDFKDGDDMXVWDQGRHOGREODGLOORGHOQXHYRYHVWLGRGHYRWDULWXDOLVWD(OYHVWLGR HV FRORUHDGR \ GLVHxDGR SRU HO UHFXHUGR (O SHLQDGR GH /DXUD KDFDPELDGRHVPiVVXDYH\OHVLHQWDPHMRU(Q/DXUDKDEURWDGRXQDEHOOH]D

IUiJLO \ TXH QR SDUHFHGH HVWHPXQGRVHGLUtDXQD SLH]D GH WUDQVSDUHQWHFULVWDO WRFDGDSRU OD OX] TXH HPLWHXQDPRPHQWiQHD LUUDGLDFLyQ LUUHDO QRGXUDGHUD$PDQGDVHQWDGDD~QFRVHHOYHVWLGRGH/DXUD/DMRYHQHVWiGHSLHIUHQWHDHOOD$0$1'$3RUTXpWLHPEODVDVt/DXUD"/$85$0HKDVH[FLWDGRWDQWRORVQHUYLRVPDPi$0$1'$3RUTXpWHKHH[FLWDGRORVQHUYLRV"/$85$ &RQ WRGR HVWH DOERURWR /H GDV D HVWR XQD DSDULHQFLD WDQ

LPSRUWDQWH$0$1'$ 1R WHHQWLHQGRPX\ELHQTXHULGD &DGD YH] TXH WUDWRGHKDFHU

DOJRSRU WL DOJR XQ SRFR GLVWLQWRSDUHFHVRSRQHUWH REVWLQDGDPHQWH9DPRVPtUDWH /DXUDVH GLULJH KDFLD OD SXHUWD GH OD GHUHFKD 1RHVSHUD(VSHUDXQPRPHQWRQDGDPiV+HROYLGDGRDOJR 7RPDGHOVRIiFDPDGRVSRVWL]RVSDUDUHOOHQDUHOEXVWR

/$85$4XpHVHVR"$0$1'$ 8Q SDU GH PHMRUDV $WDUHDGD FRQ ORVSRVWL]RV&XDQGR\RHUD

PXFKDFKDWHQtDPRVXQRVREMHWRVUHGRQGRVGHHQFDMHFRPRpVWRV\ORVOODPiEDPRVDOHJUHVHQJDxDGRUHV

/$85$


41/63

VLHQWD VREUH OD PHVLWD D OD GHUHFKD GHO VRIi SRU XQRV LQVWDQWHV \HVFXFKDXQDP~VLFDEDLODEOHOHMDQDKDVWDODHQWUDGDGH$PDQGD

$0$1'$ KDFLD OD HVFHQD (QFRQWUp XQ YHVWLGR YLHMR HQ HO ED~O 3HURVDEHVXQDFRVD"7XYHTXHKDFHUOHPXFKDVUHIRUPDVDXQTXHPHGROLyHOFRUD]yQFXDQGRKXERTXHVROWDUOHODVFRVWXUDV9DPRV/DXUDPLUDDWX PDGUH 2K 9HQ DPLUDUPH DKRUD (QWUD HQ HO FRPHGRU SRU ODL]TXLHUGD\YDDOFHQWURGHODVDOD

/$85$ YXHOYH D HQWUDU YLHQH GHO UHOODQR 6H VLHQWD VREUH HO EUD]R GH ODEXWDFD2KPDPi4XpOLQGR$PDQGDVHKDSXHVWRXQYHVWLGRGHPXFKDFKD7UDHXQUDPLOOHWHGHMXQTXLOORV

$0$1'$PRVWUDQGRODVIORUHV$VtHUDDQWDxRHVWHYHVWLGR$VtHUD/XFtDXQPRQWyQ GH IORUHV SHUR VH DMDURQ PXFKR \ WXYH TXH TXLWiUVHODV


42/63

/$85$&XiOHVVXQRPEUHGHSLOD"$0$1'$YDKDFLDODEXWDFD1RORUHFXHUGR$KVtVtTXHUHFXHUGR6H

OODPD-LP7RPDODVIORUHV/$85$2KPDPi1RVHUi-LP2&RQQRU$0$1'$6tHVRHV6HOODPD-LP1XQFDFRQRFtDXQ-LPTXHIXHVHJHQWLO

9DDSRQHUODVIORUHVHQXQMDUUyQ/$85$(VWiVVHJXUDGHTXHVHOODPD-LP2&RQQRU"$0$1'$&ODURTXHVt3RUTXp"/$85$(VHOTXHFRQRFLy7RPHQHOFROHJLRGHVHFXQGDULD"$0$1'$1RPHORGLMR&UHRTXHVyORORFRQRFLyVHVLHQWDVREUHHOVRIi

FDPDHQOD]DSDWHUtD/$85$+XERXQ-LP2&RQQRUDTXLHQDPERVFRQRFLPRVHQHOFROHJLR6LHV

pVH HO TXH WUDH 7RP D FHQDU 2K PDPi (QWRQFHV WHQGUiV TXH

GLVFXOSDUPH1RYHQGUpDODPHVD$0$1'$4XpVLJQLILFDHVWRDKRUD"4XpWRQWHUtDVPHHVWiVGLFLHQGR"/$85$(QFLHUWDRFDVLyQPHSUHJXQWDVWHVLDOJXQDYH]PHKDEtDJXVWDGRXQ

MRYHQ1RUHFXHUGDVTXHWHPRVWUpODIRWRJUDItDGHHVHMRYHQ"$0$1'$7HUHILHUHVDOGHODQXDULR"/$85$6tDpVH$0$1'$/DXUD/DXUD(VWDEDVHQDPRUDGDGHpO"/$85$YDKDFLDODEXWDFD1RORVpPDPi6yORVpTXHQRSRGUpVHQWDUPH

DODPHVDVLVHWUDWDGHpO$0$1'$VHOHYDQWDYDDODL]TXLHUGD\DUUHJODDOJRMXQWRDOVRIiFDPD1R

GHEHGHVHUpO(VPX\LPSUREDEOH3HUR\DVHDTXHVHWUDWHGHpORQR

YHQGUiVDODPHVD1RSRGUHPRVH[FXVDUWH/$85$7HQGUiQTXHH[FXVDUPHPDPi$0$1'$1RWHQJRLQWHQFLRQHVGHFRQWHPSRUL]DUFRQWXHVWXSLGH]/DXUD


43/63

$0$1'$GHWUiVGHODHVFHQDFRQIXULRVRPXUPXOOR 4XpWHSDVDWRQWD"(QWUD\VHGHWLHQH

/$85$3RUIDYRUiEUHOHVW~$0$1'$3RUTXpKDVHOHJLGRHVWHPRPHQWRSDUDSHUGHUODFDEH]D"9HD

DEULUHVDSXHUWD/$85$1RSXHGR$0$1'$3RUTXpQRSXHGHV"/$85$3RUTXHWHQJRQiXVHDV9DKDFLDHOVRIiFDPD\VHVLHQWD$0$1'$7LHQHVQiXVHDV/DVWHQJR\R"7~\WXKHUPDQRPHGHVFRQFHUWiLV

HVSDQWRVDPHQWH 1XQFD REUiLV FRPR VHUHVQRUPDOHV 0H GDUiV XQDEXHQD UD]yQ SDUD H[SOLFDUPH WX WHPRU DDEULU XQDSXHUWD"9HDHVDSXHUWD/DXUD:LQJILHOGYHGHUHFKLWDDHVDSXHUWD

/$85$YDKDFLDODSXHUWDGHODGHUHFKD6tPDPi

$0$1'$ODGHWLHQH7HQJRTXHLQIXQGLUWHYDORUSDUDODYLGDTXHULGD6HYDDODFRFLQD/DXUDDEUH(QWUDQ7RP\-LP/DXUDVHTXHGDRFXOWDHQHOYHVWtEXORGHWUiVGHODSXHUWD

720/DXUD/DXUDVHDFHUFD7HSUHVHQWRD-LP-LPPLKHUPDQD/DXUD-,0


44/63

720GHVGHHOUHOODQR$ODWHUUD]DDIXPDU-,0VHOHYDQWDGHMDQGRHOSHULyGLFRVREUHODEXWDFD\YDDOIRQyJUDIRSDUD

DSDJDUOR 6DOH DO UHOODQR 6DEHV XQD FRVD 6KDNHVSHDUH" 9R\ DFRQWDUWHXQPRQWyQGHFRVDV

7204XpFRVDV"-,0(VWR\VLJXLHQGRXQFXUVR7204XpFXUVR"-,0 8Q FXUVR GH RUDWRULD 7~ \ \R QR KHPRV QDFLGR SDUD HPSOHDGRV GH

]DSDWHUtDVDEHV"720 *UDFLDV 0H GDV XQD EXHQD QRWLFLD 4Xp WLHQH TXH YHU FRQ HVR OD

RUDWRULD"-,0/RFDSDFLWDDXQRSDUDFDUJRVGLUHFWLYRV720$K

-,07HDVHJXURTXHPHKDKHFKRPXFKRELHQ720(QTXpVHQWLGR"-,0(QWRGRVORVVHQWLGRV3UHJ~QWDWHDWLPLVPRTXpGLIHUHQFLDKD\HQWUH

QRVRWURV\ORVGHPiVPXFKDFKRVGHODRILFLQD"(OFHUHEUR"1R/DFDSDFLGDG" 1R (QWRQFHV TXp" (Q HO IRQGR VyOR VH WUDWD GH XQDFRVD

7204XpFRVDHVpVD"-,08QDFRQGXFWDILUPHHQVRFLHGDG/DFDSDFLGDGGHDMXVWDUFXHQWDVFRQ

FXDOTXLHUD\GHKDFHUVHUHVSHWDUHQFXDOTXLHUSODQRVRFLDO$0$1'$GHWUiVGHODHVFHQD7RP7204XpPDPi"

$0$1'$(VWiVDKtFRQHOVHxRU2&RQQRU"7206tPDPi$0$1'$3yQJDQVHFyPRGRV720$VtORKDUHPRV$0$1'$3UHJ~QWDOHDOVHxRU2&RQQRUVLTXLHUHODYDUVHODVPDQRV-,01RVHxRUD*UDFLDV


45/63

720 6t GH ODV SHOtFXODV 0tUDODV $JLWD ODV PDQRV 0LUD D WRGRV HVRVKpURHVVHGXFWRUHVTXHWLHQHQDYHQWXUDVTXHORHQVXFLDQWRGRTXHORHVWURSHDQWRGRFRQVXYRUDFLGDG6DEHVTXpSDVD"/DJHQWHYDDOFLQH D YHU DFFLyQ SHUR QR DFW~D 6H VXSRQH TXH ORV SHUVRQDMHV GH+ROO\ZRRG YLYHQ ODV DYHQWXUDV TXH OHV FRUUHVSRQGHUtDQ D WRGRV ORVKDELWDQWHV GH ORV (VWDGRV 8QLGRV PLHQWUDV TXH pVWRV VH KDOODQVHQWDGRVHQXQVDOyQRVFXUR\ORVPLUDQHQSOHQDDYHQWXUD6tDPHQRVTXHKD\DJXHUUD(QWRQFHVVtTXHODDYHQWXUDTXHGDDODOFDQFHGHODVPDVDV7RGRVFRPHUiQGHHVWHSODWRQRVyOR&ODUN*DEOH


46/63

-LP\7RPDVtORKDFHQ$PDQGDVHDGHODQWDKDFLDHOORV$7RPOHLPSUHVLRQDHYLGHQWHPHQWHVXDVSHFWR+DVWD-LPSDUSDGHDXQSRFR(QWUDHQFRQWDFWRSRU SULPHUDYH] FRQ OD YLYDFLGDG GH ODVPXFKDFKDV GHO6XU \DSHVDU GHOFXUVR GH RUDWRULD GH OD HVFXHOD QRFWXUQD OR GHVFRQFLHUWD XQ SRFR HVHLPSUHYLVWR GHVSOLHJXH GH VHGXFFLyQ VRFLDO -LP HQVD\D FLHUWDV UHVSXHVWDVSHURODVUHSHOHODDOHJUHULVD\ODFKDUODGH$PDQGD7RPH[SHULPHQWDFLHUWRPDOHVWDUSHURSDVDGDODSULPHUDLPSUHVLyQ-LPUHDFFLRQDPX\FRUGLDOPHQWH6RQUtH\UtHFRPSOHWDPHQWHFRQTXLVWDGR$PERVHQWUDQGHMDQGRDELHUWDODSXHUWD7200DPiHVWiVWDQOLQGD$0$1'$6DEHVTXHHVHOSULPHUFXPSOLGRTXHPHKDVKHFKRHQWRGDPL

YLGD"0HJXVWDUtDYHUWHXQDLUHDJUDGDEOHFXDQGRWHGLVSRQHVDGHFLU

DOJRDJUDGDEOHSDUDSRGHUHVSHUDUOR(OVHxRU2&RQQRU"-,0(OPD\RUJXVWR$0$1'$%XHQREXHQREXHQR'HPRGRTXHXVWHGHVHOVHxRU2&RQQRU"

/DSUHVHQWDFLyQHVWRWDOPHQWHVXSHUIOXD/HKHRtGRKDEODUWDQWRD7RPGHXVWHG)LQDOPHQWHOHGLMH'LRVPtR7RP3RUTXpQRWUDHVDFHQDUGHXQDYH]DHVHGHFKDGRGHYLUWXGHV"0HJXVWDUtDFRQRFHUDHVHVLPSiWLFRMRYHQGHOD]DSDWHUtD9HUORHQYH]GHRtUWHVLPSOHPHQWHFDQWDUVXVDODEDQ]DVWDQDPHQXGR1RVpSRUTXpHVWDQUHWUDtGRPLKLMR(VDFRQGXFWDQRHVSURSLDGHO6XU6HQWpPRQRV7RPFLHUUDODSXHUWDYDDODGHUHFKDGHIRURVHGHWLHQH-LP\$PDQGDVHVLHQWDQHQHOVRIiFDPD6HQWpPRQRV\FUHRTXHQRVFRQYHQGUtDXQSRFRPiVGH

DLUHDTXt7RPGHMDDELHUWDODSXHUWD+DFHXQPRPHQWRVHQWtDTXtXQDIUHVFDEULVD$GRQGHVHKDEUiLGR"+XP+DFHWDQWRFDORU\D


47/63

-,02KVtVHxRUD$0$1'$(VUDURTXHXQDPXFKDFKDWDQGXOFH\OLQGDFRPR/DXUDVHDXQD

PXMHU GH VX FDVD 3HUR /DXUD D 'LRV JUDFLDV QR VyOR HV OLQGD VLQRWDPELpQPX\GHVXFDVD


48/63

720 3RU pVWDV \ WRGDV 7XV 0HUFHGHV HO 6DQWR 1RPEUH GH 'LRV VHD$ODEDGR6HDSDJDQODVOXFHV


49/63

(6&(1$6(*81'$

(VFHQDULR(OPLVPR0HGLDKRUDGHVSXpV(VWiFRQFOX\HQGRODFHQD$PDQGD7RP\-LPHVWiQVHQWDGRVDODPHVDFRPRHQHOILQDOGHOD~OWLPDHVFHQD/DVOXFHVVHHQFLHQGHQHQDPEDVKDELWDFLRQHV$0$1'$ ULHQGRPLHQWUDV -LP UtH WDPELpQ 6DEH VHxRU 2&RQQRU TXH

KDFHPXFKtVLPRWLHPSRTXHQRSDVRXQDYHODGDWDQDJUDGDEOH"-,0VHOHYDQWD%XHQRVHxRUD:LQJILHOG3HUPtWDPHXQEULQGLV%ULQGRSRU

HO6XUGHD\HU$0$1'$3RUHO6XUGHD\HU6HDSDJDQODVOXFHVHQDPEDVKDELWDFLRQHV

-,0(KVHxRUD%RPELOOD(OpFWULFD$0$1'$ 'yQGH HVWDED 0RLVpV FXDQGR VH DSDJDURQ ODV OXFHV" 6DEH ODUHVSXHVWDDHVDSUHJXQWDVHxRU2&RQQRU"

-,01RVHxRUD&XiOHV"$0$1'$3XHV\RRtXQDUHVSXHVWDSHURQRHUDPX\DJUDGDEOH3HQVpTXH

XVWHGSRGtDFRQRFHURWUD-,01RVHxRUD$0$1'$(VXQDVXHUWHTXH\RKD\DSXHVWRHVDVYHODVVREUHODPHVD6yOR

ODVSXVHFRPRDGRUQRSHURHVJUDWRTXHUHVXOWHQ~WLOHVWDPELpQ-,06tVHxRUD$0$1'$6LXQRGHXVWHGHVPHSURSRUFLRQDXQIyVIRURSRGUHPRVLOXPLQDU

XQSRFRHVWR-,0HQFHQGLHQGRODVYHODV


50/63

$0$1'$7RP7204XpPDPi"$0$1'$+DFHXQRVGtDVWHGLDTXHOODIDFWXUDGHODOX]$TXHOODSRUODFXDO

PHPDQGDURQODQRWLILFDFLyQ720$K6t7HUHILHUHVDODGHOPHVSDVDGR"$0$1'$1RODKDEUiVGHMDGRLPSDJDSRUFDVXDOLGDG"7207HGLUp


51/63

HQHOVRIiFDPDDOHQWUDU-LP$OSULQFLSLRKDEODHQYR]EDMDMDGHDQWHGHELGRD OD FDVL LQWROHUDEOH WHQVLyQ TXH OH FDXVD HVWDU D VRODV FRQ XQ H[WUDxR0LHQWUDVKDEODHQHVWDHVFHQDDQWHVGHTXHODFRUGLDOLGDGGH-LPYHQ]DVXSDUDOL]DQWHWLPLGH]ODYR]GH/DXUDHVGpELO\VLQDOLHQWRFRPRVLDFDEDUDGHVXELUFRUULHQGRXQHPSLQDGRWUDPRGHHVFDOHUD-,0HQWUDVRVWHQLHQGRHOFDQGHODEURFRQODVYHODVHQFHQGLGDVHQXQDPDQR\

HOYDVRGHYLQRHQODRWUD\VHGHWLHQH&yPRVHVLHQWHDKRUD"8QSRFRPHMRU" /D DFWLWXG GH -LPHVDPDEOHPHQWH MRYLDO$O LQWHUSUHWDUHVWD HVFHQD FRQYLHQH KDFHU QRWDU TXH DXQTXH HO HSLVRGLR FDUH]FDDSDUHQWHPHQWHGHLPSRUWDQFLDHVSDUD/DXUDODFXOPLQDFLyQGHWRGDVXYLGDVHFUHWD

/$85$6tJUDFLDV

-,0GiQGROHVXYDVRGHYLQR$KWRPH(VWRHVSDUDXVWHG8QSRFRGHYLQRGHDPDUJyQ/$85$*UDFLDV-,0 YD KDFLD HOFHQWUR%XHQREpEDORSHURQRVHHPERUUDFKH 5tHGH

EXHQDJDQD2LJD'yQGHSRQJRODVYHODV"/$85$2KHQFXDOTXLHUSDUWH-,0 4Xp OH SDUHFH VL ODV GHMDUD DTXt PLVPR HQ HO VXHOR" +D\ DOJ~Q

LQFRQYHQLHQWH"/$85$1R-,06LPSOHPHQWHOHSRQGUpGHEDMRXQSHULyGLFRSDUDUHFRJHUHOVHERTXH

JRWHH 7RPD XQ SHULyGLFR GH OD EXWDFD 3RQH ORV FDQGHODEURV HQ HO

VXHOR 0H JXVWD VHQWDUPH HQ HO VXHOR $Vt OR KDFH +D\ DOJ~QLQFRQYHQLHQWH"

/$85$2KQR1LQJXQR-,04XLHUHGDUPHXQDOPRKDGyQ"/$85$4Xp"-,08QDOPRKDGyQ/$85$ $K 'HMD HO YDVR VREUH OD PHVLWD GHO WHOpIRQR OH WLHQGH XQ

DOPRKDGyQVHVLHQWDVREUHHOVRIiFDPD-,0


52/63

/$85$1RJUDFLDV-,0 &UHR TXH PH SHUPLWLUi HVH JXVWR 0HGLWDWLYDPHQWH GHVHQYXHOYH HO

FKLFOH \ ORPXHVWUD 'LRVPtR ,PDJtQHVH OD IRUWXQD TXH DPDVy HOLQYHQWRUGHOFKLFOH(VDOJRVRUSUHQGHQWHHK"6DEHTXHHO(GLILFLR:ULJOH\ HV XQR GH ORV JUDQGHVHVSHFWiFXORVGH &KLFDJR" /R YL HQ HOSHQ~OWLPRYHUDQRHQ(O6LJORGH3URJUHVR9LRHO6LJORGH3URJUHVR"

/$85$1R-,03XHVHUDXQDH[SRVLFLyQPDUDYLOORVDFUpDPH6DEHTXpPHLPSUHVLRQy

PiV" (O 6DOyQ GH OD &LHQFLD 'D XQD LGHD GHO IXWXUR HQ ORV (VWDGRV8QLGRV2KVHUiPiVPDUDYLOORVRTXHODpSRFDDFWXDO$SURSyVLWR6XKHUPDQRPHGLMRTXHXVWHGHVWtPLGD(VYHUGDGHVR/DXUD"

/$85$


53/63

-,0$KVt$KRUDUHFXHUGR8VWHGHUDODTXHVLHPSUHOOHJDEDWDUGH/$85$ 6t PH FRVWDED WUDEDMR VXELU OD HVFDOHUD 7HQtD HQ OD SLHUQD HVH

VRSRUWHHQWRQFHV\KDFtDWDQWRUXLGRDODQGDU-,0


54/63

-,0 $ILUPDEDQ TXH \R GHEtD WULXQIDU HQ FXDOTXLHU HPSUHVD HQ TXHLQWHUYLQLHUD 6DQWR 'LRV /D $QWRUFKD (OOD DEUH HO OLEUR VH ORPXHVWUD\VHVLHQWDDVXODGR

/$85$$TXtHVWiXVWHGHQ/RV3LUDWDVGH3HQ]DQFH-,0/RV3LUDWDV2KPiVYDOHYLYLU\PRULUEDMRODYDOLHQWHEDQGHUDQHJUD

TXH KDJR RQGHDU FDQWDED \R DO HQFDUQDU DO SURWDJRQLVWD GH HVDRSHUHWD

/$85$


55/63

/$85$OHYDQWiQGRVH1RYROYt9DKDFLDHO]RRGHFULVWDO-LPHQFLHQGHXQFLJDUULOORVHQWDGRD~QHQHOVRIiFDPD/DXUDSRQHHODQXDULRGHEDMRGHO]RRGHFULVWDO6HOHYDQWDWRPDHOXQLFRUQLRXQDILJXULWDGHFULVWDOGHHVSDOGDVD-LP&yPRFyPROHYDD(PLO\0HLVHQEDFK"

-,0(VDFDEH]DKXHFD/$85$3RUTXpODOODPDDVt"-,03RUTXHHVRHUD/$85$8VWHGQRVDOH\DDSDVHDUFRQHOOD"-,02KQRODKHYXHOWRDYHUVLTXLHUD/$85$(QOD6HFFLyQ3HUVRQDOGHFtDQTXHXVWHGHVHUDQQRYLRV-,0/RVp3HURQRPHLPSUHVLRQDEDDTXHOODSURSDJDQGD/$85$1RHUDODYHUGDG"-,06RODPHQWHORHUDSDUDODRSWLPLVWDRSLQLyQGH(PLO\

/$85$$K6HYXHOYHKDFLD-LP(VWHHQFLHQGHXQFLJDUULOOR\VHDFRGDFRQLQGROHQFLD VRQULpQGROH D /DXUD FRQ XQD FRUGLDOLGDG \ VLPSDWtD TXHHQFLHQGHQ HQHO DOPD GH ODPXFKDFKDYHODVGHDOWDU/DXUDVHTXHGDMXQWR DO ]RR GH FULVWDO \ MXHJD FRQ XQD GHVXV SLH]DVSDUDGLVLPXODUWXPXOWXRVRVVHQWLPLHQWRV

-,04XpKL]RXVWHGGHVSXpVGHOFROHJLR"(K"/$85$4Xp"-,0'LMH4XpKL]RXVWHGGHVSXpVGHOFROHJLR"/$85$3RFDFRVD-,0+DGHELGRGHKDFHUDOJRHQWRGRHVWHWLHPSR/$85$6t

-,0


56/63

/$85$2K6HUiSRVLEOH"-,01XQFDHVWXGLpFRQUHJXODULGDGHVDPDWHULD6HVLHQWDHQODEXWDFD

)tMHVHXVWHGSHURXQDPLJRPtRGLFHTXHVpDQDOL]DUPHMRUDODJHQWHTXHORVPpGLFRVTXHORKDFHQSURIHVLRQDOPHQWH1RDILUPRTXHHVRVHDSRU IXHU]DFLHUWRSHURSXHGRDGLYLQDU FRQ VHJXULGDG OD SVLFRORJtDGHXQDSHUVRQD'LVF~OSHPH/DXUD6DFDHOFKLFOHGHODERFD6LHPSUHORVDFRFXDQGRKDSHUGLGRHOVDERU/RHQYROYHUpHQXQWURFLWRGHSDSHO$UUDQFD XQ WUR]R GH SDSHO GHO SHULyGLFR TXH HVWi GHEDMR GH ORVFDQGHODEURVHQYXHOYHHQpOVXFKLFOHYDKDFLDHOVRIiFDPDREVHUYDVL/DXUDORPLUD3HURQRKD\WDOFRVD-LPGDODYXHOWDDOVRIiFDPD


57/63

/$85$2KVt-,04XpSRUHMHPSOR"/$85$0HGHGLFRFRPROHGLMHDPLFROHFFLyQGHFULVWDO-,0$K4XpFULVWDOHVpVH"/$85$ WRPD XQD SLH]D GH OD FROHFFLyQ GHO HVWDQWH &RVLWDV GH FULVWDO

DGRUQRVPiVTXH QDGD (Q VXPD\RUtD VRQ DQLPDOLWRV GHFULVWDO ORVDQLPDOLWRVPiVGLPLQXWRVGHOPXQGR0DPiORVOODPDHO]RRGHFULVWDO$TXtWLHQHXQRVLTXLHUHYHUOR(VWHHVXQRGHORVPiVYLHMRVWLHQHFDVLWUHFHDxRV 6HORWLHQGH 2KWHQJDFXLGDGR%DVWDUtDXQVRSORSDUDURPSHUOR

-,00iVYDOHTXHQRORWRPH6R\PX\WRUSH/$85$ 9DPRV OH WHQJR FRQILDQ]D -LP WRPD HO FDEDOOR


58/63

-,0


59/63

L]TXLHUGD VHVLHQWDVREUHODPHVLWD$KRUDHVWDUiPiVDVXVDQFKDVFRQORVGHPiVFDEDOORVORVTXHQRWLHQHQFXHUQRV

-,06HVLHQWDVREUHHOEUD]RGHODEXWDFDIUHQWHD/DXUD0HDOHJUDYHUTXHWLHQHVHQWLGRGHOKXPRU8VWHGVDEHTXHHVGLVWLQWDGHWRGDVODVPXFKDFKDV TXH KH FRQRFLGR" /HPROHVWD TXH VH OR GLJD"+DEOR HQVHULR0HVLHQWRDOJRDVt FRPR1RVpFyPRGHFLUOR *HQHUDOPHQWHH[SUHVREDVWDQWHELHQODVFRVDVSHURHVWRHVDOJRLQH[SOLFDEOH/HGLMR DOJXQD YH] DOJXLHQ TXH HUD OLQGD" 6H OHYDQWD YD KDFLD /DXUD3XHVORHV


60/63

PXFKDFKDGHVX FDVDFRPR XVWHG FDWyOLFDH LUODQGHVD\HQPXFKRVVHQWLGRV QRVRWURV QRV HQWHQGHPRV SHUIHFWDPHQWH /D FRQRFt HOYHUDQRSDVDGRGXUDQWHXQYLDMHHQEDUFRSRUHOUtRDODOX]GHODOXQDKDVWD$OWRQHQHO0DMHVWLF%XHQR3XHVGHVGHHOSULQFLSLRHVRIXHDPRU 2K HVWDUHQDPRUDGRKD KHFKR GHPt XQKRPEUHQXHYR /DIXHU]DGHODPRUHVDOJRWUHPHQGR(ODPRUHVDOJRTXHWUDQVIRUPDHOPXQGRHQWHUR2FXUULyTXHODWtDGH%HWW\VHHQIHUPy\%HWW\UHFLELyXQWHOHJUDPD\WXYRTXHLUD&HQWUDOLD'HPRGRTXHQDWXUDOPHQWHFXDQGR7RPPHLQYLWyDFHQDUQDWXUDOPHQWHDFHSWpODLQYLWDFLyQVLQVDEHUPHUHILHURVLQVDEHU0HJXVWDUtDTXHXVWHGGLMHUDDOJR/DXUDOHGDHOXQLFRUQLR3RUTXpKDFHHVR"4XLHUHTXHPHTXHGHFRQpO"3DUDTXp"

/$85$8QUHFXHUGR9DKDFLDHO]RRGHFULVWDO-LPVHOHYDQWD

$0$1'$GHWUiVGHODHVFHQD9R\KLMRV(QWUDHQHOFRPHGRUYLHQHGHODFRFLQD 3HQVpTXH OHJXVWDUtDXQUHIUHVFR 'HMDODEDQGHMDVREUHODPHVLWD$O]DXQYDVR6HxRU2&RQQRU+DRtGRHVDFDQFLyQVREUHODOLPRQDGD"'LFH

/LPRQDGDOLPRQDGDKHFKDHQODVRPEUD\UHYXHOWDFRQXQDSDOD\OXHJRVLUYHDSHQDVSDUDXQDVROWHURQD

-,01RVHxRUD1XQFDODRt$0$1'$D/DXUD3RUTXpHVWiVWDQVHULDTXHULGD"-,0(VWiEDPRVVRVWHQLHQGRXQDFRQYHUVDFLyQVHULD$0$1'$1RFRPSUHQGRDORVMyYHQHVPRGHUQRV&XDQGR\RHUDPXFKDFKD

WRGRPHDOHJUDED-,08VWHGQRKDFDPELDGRHQORPiVPtQLPRVHxRUD:LQJILHOG$0$1'$ 6XSRQJR TXHPH KDEUi UHMXYHQHFLGR OD DOHJUtD GH HVWD YHODGD

%XHQR SXHV EULQGR SRU OD DOHJUtD GH HVWD YHODGD 'HUUDPD ODOLPRQDGD VREUH VX YHVWLGR 2RRK 0H KH EDXWL]DGR 'HMD HO YDVRVREUH OD PHVLWD (Q OD FRFLQD KH HQFRQWUDGR YDULDV FHUYH]DV \ KHSXHVWRXQDHQFDGDYDVR

-,01RGHELyPROHVWDUVHWDQWRVHxRUD$0$1'$1RIXHXQDPROHVWLD1RQRVR\yDOERURWDUHQODFRFLQD"


61/63

$0$1'$%XHQRORGHMDUHPRVLUWHPSUDQRHVWDYH]SHURVyORDFRQGLFLyQGHTXHVHTXHGHPiVWDUGHODYH]SUy[LPDPXFKRPiVWDUGH&XiOHVODQRFKHLGHDOSDUDXVWHG"(OViEDGR"

-,0$GHFLUYHUGDGWHQJRTXHFXPSOLUGRVKRUDULRVVHxRUD:LQJILHOG8QRGHPDxDQD\RWURGHQRFKH

$0$1'$ 2K 4Xp ELHQ 4Xp DPELFLRVR HV XVWHG 7DPELpQ WUDEDMD GHQRFKH"

-,01RVHxRUD1RVHWUDWDGHOWUDEDMRVLQRGH%HWW\$0$1'$YDKDVWDHOVRIiFDPD%HWW\"4XLpQHV%HWW\"-,02KQDGDPiVTXHXQDPXFKDFKD/DPXFKDFKDFRQTXLHQVDOJR$0$1'$'HPRGRTXHHVDOJRVHULR"-,02KVtVHxRUD1RVFDVDUHPRVHOVHJXQGRGRPLQJRGHMXQLR$0$1'$ VHVLHQWDHQHOVRIiFDPD 7RPQRQRVGLMRTXHXVWHGVHLEDD

FDVDU-,0%XHQRQRORKHUHYHODGRD~QHQOD]DSDWHUtD 7RPDVXVRPEUHURTXHHVWiVREUHODPHVLWDGHOWHOpIRQR8VWHGVDEHFyPRVRQORVPXFKDFKRV/R OODPDQ D XQR 5RPHR \ WRGDV HVDV FRVDV /D YHODGD KD VLGRPDUDYLOORVD VHxRUD :LQJILHOG &UHR TXH HV HVR OR TXH OODPDPRV ODKRVSLWDOLGDGGHO6XU

$0$1'$1RKDVLGRQDGD1DGD-,06XSRQJRTXHQROHVSDUHFHUiGHPDVLDGRSUHFLSLWDGR3HUROHSURPHWtD

%HWW\LUDEXVFDUODDODHVWDFLyQGH:DEDVFK\VXWUHQGHEHOOHJDUGHXQPRPHQWRDRWUR$OJXQDVPXMHUHVVHPXHVWUDQPX\FRQWUDULDGDVVLXQRODVKDFHHVSHUDU

$0$1'$6t\DVpWRGRORUHODWLYRDODWLUDQtDGHODVPXMHUHV%XHQR$GLyVVHxRU 2&RQQRU /H WLHQGH OD PDQR -LP VH OD WRPD /H GHVHRIHOLFLGDGHV \ EXHQD VXHUWH 7DPELpQ W~ VH OR GHVHDV YHUGDG/DXUD"

/$85$6tPDPi-,0 DFHUFiQGRVH D /DXUD $GLyV /DXUD 6LHPSUH FRQVHUYDUp FRQ JUDQ

DSUHFLR HVH UHFXHUGR


62/63

$0$1'$(VORTXHDFDEDGHFRPXQLFDUQRV7204XHPHFRQGHQHQ


63/63

GHVGH HQWRQFHV ORV SDVRV GH PL SDGUH WUDWDQGR GH KDOODU HQ HOPRYLPLHQWRORSHUGLGRHQHVSDFLR9LDMpPXFKRSRUWRGDVSDUWHV/DVFLXGDGHVSDVDEDQUiSLGDPHQWHDQWHPtFRPRKRMDVVHFDVGHEULOODQWHVFRORUHVSHURDUUDQFDGDVGHODUDPD0HKDEUtDGHWHQLGRSHURDOJRPHSHUVHJXtD $TXHOOR DFXGtD VLHPSUH GH LPSURYLVR WRPiQGRPH GHVRUSUHVD 4XL]i IXHVH XQ SDVDMH PXVLFDO IDPLOLDU 4XL]i VyOR XQIUDJPHQWRGHWUDQVSDUHQWHFULVWDO4XL]iPHHVWpSDVHDQGRSRUXQDFDOOHGHQRFKHHQDOJXQDFLXGDGH[WUDxDDQWHVGHKDEHUHQFRQWUDGRFRPSDxHURV\SDVHMXQWRDODYHQWDQDLOXPLQDGDGHXQDSHUIXPHUtD/DYHQWDQD HVWi OOHQD GH SLH]DV GH FULVWDO GH FRORU GH IUDVTXLWRVWUDQVSDUHQWHVGHGHOLFDGRVWRQRVTXHSDUHFHQIUDJPHQWRVGHXQDUFRLULVURWR(QWRQFHVUHSHQWLQDPHQWHPLKHUPDQDPHWRFDHOKRPEUR0HYXHOYR\PLURVXVRMRV2K/DXUD/DXUD7UDWpGHGHMDUWHDWUiV

SHUR VR\PiV ILHO GH OR TXH SHQVDED VHU 7LHQGR OD PDQR KDFLD XQFLJDUULOORFUX]RODFDOOHHQWURFRUULHQGRHQXQFLQHRXQEDU3LGRXQDFRSDKDEORFRQHOGHVFRQRFLGRPiVSUy[LPRFXDOTXLHUFRVDFDSD]GHDSDJDU WXV YHODV SRUTXH KR\ HO PXQGR HVWi LOXPLQDGR SRU HOUHOiPSDJR $SDJD GH XQ VRSOR WXV YHODV /DXUD /DXUD DSDJDVRSODQGRODVYHODVTXHDUGHQD~QHQORVFDQGHODEURV\WRGRHOLQWHULRUTXHGDHQODRVFXULGDG

Documents

El Zoo de Cristal (2)