Manual Autocad Basico 2009 PDF

$872'(6.
$XWR&$'
$XWR&$' ,QLFLDO
2%-(7,92'(/&8562
&RQRFHUODSDQWDOODSULQFLSDOVXVSDUWHV\SHUVRQDOL]DUOR
$ PRGLILFDUODVILJXUDVJHRPpWULFDVEiVLFDVSDUDFRQVHJXLURWUDVHVSHFLDOHV
8WLOL]DUODVKHUUDPLHQWDVGHGLEXMRHQGRVGLPHQVLRQHV
8VDUORVPpWRGRVGHVHOHFFLyQGHREMHWRV
8VDUORVFDSWXUDGRUHVGHSXQWRV
&UHDU\DGPLQLVWUDUFDSDV
&UHDU\PRGLILFDUWH[WRV
$FRWDURGLPHQVLRQDUQXHVWURSUR\HFWR
,PSULPLUDHVFDODFRQYHQLHQWH
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$XWR&$'
,1752'8&&,1
%LHQYHQLGRV DO PXQGR GHO GLVHxR DVLVWLGR

SRU FRPSXWDGRUD X RUGHQDGRU WHFQRORJtD
TXH QRV DKRUUD WLHPSR \ HVSDFLR \ TXH KD
ORJUDGRGDUOH PD\RU YLWDOLGDG D ODV DSOLFDFLRQHV
HQODHODERUDFLyQGHSODQRVHQOD,QJHQLHUtDOD
$UTXLWHFWXUD \ HO GLVHxR ,QGXVWULDO PDV
FRQRFLGR SRU VXV VLJODV HQ ,QJOHV &RPSXWHU
$LGHG 'UDXJWKLQJ DQG 'HVLJQ y
DEUHYLDGDPHQWH&$'
(QHOSUHVHQWHDSDUWDGRKDEODUHPRVGHXQRGH
ORVSURJUDPDVPiVSRSXODUHVSDUDHOGLVHxR
DVLVWLGR SRU RUGHQDGRU FRPR HV $XWR&$'
HQ VX YHUVLyQ ~OWLPD YiOLGR SDUD ODV
YHUVLRQHV $XWR&$' $XWR&$'
$XWR&$' $XWR&$' $XWR&$'
$XWR&$' \ $XWR&$'
H[SOLFDGRGHPDQHUDVHQFLOOD\GLUHFWD
'H ODV YHQWDMDV
FRPSXWDGRUD
GHO
GLVHxR
SRU
'LEXMDU PiV IiFLO \ UiSLGR FRQ PHMRUHV

DFDEDGRV VLQ ODV GHVYHQWDMDV GHO GLEXMR D
PDQR
$GHPiV SHUPLWH FXDOTXLHU WLSR GH
PRGLILFDFLyQLQPHGLDWDVLQWHQHUTXHYROYHU
D GLEXMDU
(VSRVLEOHSUHVHQWDUORHQFRORURDEODQFR\
QHJUR
)DFLOLWD WHQHU VREUH HO PLVPR GLEXMR

RWURV DQiOLVLV GHO SUR\HFWR SHUPLWLHQGR
DOXVXDULRVHSDUDUORV\PRVWUDUVRODPHQWH
ORVQHFHVDULRV
(V SRVLEOH QR VROR GLEXMDU HQ GRV
GLPHQVLRQHV VLQR WUDQVIRUPDUORV HQ XQ
REMHWR WULGLPHQVLRQDO \ YLVXDOL]DUOR GHVGH
FXDOTXLHU iQJXOR $GHPiV HV SRVLEOH
DxDGLUOH XQ HVFHQDULR FRQ WH[WXUDV \ OXFHV
ORTXHORJUDGDUOHPD\RUUHDOLVPR
6XIiFLOFRPXQLFDFLyQFRQRWURVSURJUDPDV
GHGLVHxRORKDFHDXQPiVDPLJDEOH
3HUPLWH HO LQWHUFDPELR UiSLGR GH
LQIRUPDFLyQFRQRWURVGLVHxDGRUHV
(VGHIiFLODOPDFHQDMH\UiSLGDORFDOL]DFLyQ
&UHDU DQLPDFLRQHV GH WUD\HFWRULD GH
PRYLPLHQWR ORV UHFRUULGRV ' DQLPDGRV GH
XQ PRGHOR SHUPLWHQ PRVWUDU XQ PRGHOR D
XQ S~EOLFR WDQWR WpFQLFR FRPR QR WpFQLFR
3XHGH JUDEDU \ UHSURGXFLU XQD QDYHJDFLyQ
SDUDFRPXQLFDUFRQGLQDPLVPRVXVLGHDVGH
GLVHxR
(V LPSRUWDQWH PHQFLRQDU TXH D SHVDU GH ODV
IDFLOLGDGHV TXH $XWR&$' QRV RIUHFH QXHVWUR
WUDEDMRSXHGHWHUPLQDUHQXQDREUDHPStULFDR
GH SpVLPR DFDEDGR R VLPSOHPHQWH LQFRQFOXVR
SRU GHVFRQRFLPLHQWR WpFQLFR 3RU HOOR VH
UHFRPLHQGD WHQHU XQ HVWXGLR SUHYLR GHO 'LEXMR
7pFQLFR \ OD *HRPHWUtD 'HVFULSWLYD
KHUUDPLHQWDV LQGLVSHQVDEOHV TXH QRV DEULUiQ
ODVSXHUWDVDOPXQGRGHOGLVHxRSHURGHPDQHUD
SURIHVLRQDO
$872'(6.$XWR&$'
,
&21&(3726,1,&,$/(6'(6&5,3&,1'(/$0%,(17('(75$%$-2<862'(
',6326,7,926
(QWLGDG X REMHWR 6RQ XQLGDGHV EDVLFDV \D

H[LVWHQWHVTXHVHXWLOL]DQSDUDODFUHDFLyQGH
XQGLEXMR8QDHQWLGDGXREMHWRSXHGHVHU
XQD OtQHD XQD FLUFXQIHUHQFLD XQ DUFR XQ
UHFWiQJXORXQWH[WRHWF
/tQHD
&LUFXQIHUHQFLD
$UFR
5HFWiQJXOR
7H[WR
%ORTXHV6RQXQFRQMXQWRGHHQWLGDGHVTXHYDQ
D WUDEDMDUFRPRVLIXHUDXQDVRODHQWLGDG
&DSDV 6H YDQ XWLOL]DU EiVLFDPHQWH SDUD

DJUXSDU XQ FRQMXQWR GH HQWLGDGHV FRQ
FDUDFWHUtVWLFDV FRPXQHV HQ XQ VROR REMHWR
FRPSXHVWR ODV FDUDFWHUtVWLFDV FRPXQHV SXHGHQ
VHUHOFRORUHOWLSRGHOtQHDJURVRUGHOtQHD\HO
HVWLOR GH WUD]DGR (O FRQWURO GH FDSD SHUPLWH
FRQWURODU HO HVSHVRU GH SOXPD DO PRPHQWR GH
LPSUHVLyQ
$872'(6.$XWR&$'
8QLGDG GH GLEXMR(VDVXPLGDSRUHOXVXDULRGHDFXHUGRDORTXHHVWDSUR\HFWDGR/DVXQLGDGHVGH
GLEXMRSRUGHIHFWRGHOSURJUDPDHVHQPPSXOJDGDV
'LEXMHHOREMHWRDHVFDODHQODVXQLGDGHVTXHHOLMD

XQ PXUR GH PHWURV OR PiV VHQFLOOR HV
(QHOGLEXMRPDQXDOVHGHEH
LQWURGXFLU HO YDORU XQLGDGHV GH GLEXMR VL HO
GHWHUPLQDU OD HVFDOD GH XQD
GLEXMRDUHDOL]DUHVHOGHXQPXHEOHODVPHGLGDV
YLVWD DQWHV GH FRPHQ]DU D
VREUHpOVHWRPDUiQHQFHQWtPHWURVSRUORTXH
GLEXMDU (VWD HVFDOD FRPSDUD
DO GLEXMDU HO VREUH GH XQD PHVD GH FP GH
HOWDPDxRGHOREMHWRUHDOFRQ
JURVRU OR OyJLFR VHUtD LQWURGXFLU HO YDORU
HOWDPDxRGHOPRGHORGLEXMDGRHQHOSDSHO
XQLGDGHVGHGLEXMR(QHOSULPHUFDVRHOYDORU
&RQ $XWR&$' HQ SULPHU OXJDU VH
FRUUHVSRQGHDGRVPHWURV\HQHOVHJXQGRD
GHFLGH TXp XQLGDGHV GH PHGLGD VH
FHQWtPHWURV
XWLOL]DUiQ \ D FRQWLQXDFLyQ VH GLEXMD
3RU WDQWR GRV PHGLGDV WDQ GLVSDUHV FRPR OD
HOPRGHORDHVFDOD
ORQJLWXG GH XQ PXUR \ HO JURVRU GHO VREUH GH
3RU GHIHFWR HO VLVWHPD GH XQLGDGHV HQ HO TXH
XQDPHVDSDUD$XWR&$'VRQLJXDOHVSRUORTXH
WUDEDMD $XWR&$' HV HO GHFLPDO VL ELHQ HV
QR SRGUiQ PH]FODUVH GRV XQLGDGHV GLVWLQWDV HQ
SRVLEOH PRGLILFDUOR \ HPSOHD XQD ~QLFD XQLGDG
XQ PLVPR GLEXMR HVWR HV VL VH LQWURGXFHQ ODV
GHPHGLGDODXQLGDGGHGLEXMR
ORQJLWXGHVGHORVPXURVGHXQDFDVDHQPHWURV
8QDXQLGDGGHGLEXMRSXHGHFRUUHVSRQGHUDXQ
OXHJR QR VH SRGUiQ LQWURGXFLU ORV JURVRUHV GH
PHWURDXQFHQWtPHWURDXQPLOtPHWURHWFHQ
GLFKRVPXURVHQFHQWtPHWURV
IXQFLyQ GHO WLSR GH GLEXMR TXH VH HVWp
8Q SDVR SUHYLR D FRPHQ]DU HO GLEXMR VHUi HO
UHDOL]DQGR
HVWDEOHFHU HQ TXp WLSR GH XQLGDGHV LQWURGXFLU
3RU HMHPSOR FXDQGR VH GLEXMD XQD SLH]D GH
ORVGDWRVQHFHVDULRVSDUDUHDOL]DUHOPLVPR+D\
PRWRU OD ORQJLWXG GH XQD XQLGDG SXHGH
TXH WHQHU HQ FXHQWD TXH VLHPSUH VH KD GH
HTXLYDOHU D XQ PLOtPHWUR R D XQD SXOJDGD
GLEXMDU D HVFDOD UHDO \ VHUi D OD KRUD GH
&XDQGR VH GLEXMD XQ PDSD XQD XQLGDG SXHGH
LPSULPLUHOGLEXMRGRQGHVHHVSHFLILTXHODHVFDOD
HTXLYDOHUDXQNLOyPHWURRDXQDPLOOD
\ HOWDPDxRGHOSDSHOGRQGHVHYDDLPSULPLU
2WURHMHPSORVLVHYDQDGLEXMDUORVSODQRVGH
XQ HGLILFLR OR PiV OyJLFR HV XWLOL]DU HO PHWUR
FRPR XQLGDG GH PHGLGD SRU OR FXDO DO GLEXMDU

)RUPDWR GH KRMD9DVHUHOiUHDGHHOVHFWRU
HQHOFXDOYDPRVDKDFHUHOGLVHxR$$R
SHUVRQDOL]DGR
$872'(6.$872&$'
,1&,$1'2$XWR&$'
(OLQLFLRGHODDSOLFDFLyQSXHGHKDFHUVHGHVGHHOHVFULWRULR DWUDYpVGHODFFHVRGLUHFWRGHOSURJUDPD
7DPELpQSXHGHKDFHUVHGHVGHHO0HQ~,QLFLR
$872'(6.$XWR&$'
2 VLJXLHQGRODUXWDGHO0HQ~,QLFLR!7RGRVORVSURJUDPDV
'5$:,1*7(03/$7(63ODQWLOODVGH'LEXMR
$872'(6.$872&$'
8QDYH]DELHUWDODDSOLFDFLyQHVWDVHSUHVHQWDUiGHODVLJXLHQWHPDQHUD
(O HQWRUQR GH $XWR&$' FRPLHQ]D HQ XQ :RUN 6SDFH (VSDFLRGH 7UDEDMR GHQRPLQDGR '
'UDIWLQJ $QQRWDWLRQVLHQGRHVWDXQiUHDGHWUDEDMRELGLPHQVLRQDOJHQHUDO
(O SURJUDPD HVWDEOHFH HQ SULQFLSLR GH PDQHUD SUHGHWHUPLQDGD XQ 'UDZLQJ 7HPSODWH $UFKLYR
3ODQWLOOD GH 'LEXMR OODPDGR $FDGLVRGZW OD H[WHQVLyQ GZW VLJQLILFD TXH HV XQ DUFKLYR GHO WLSR
3ODQWLOODGH'LEXMRTXHFRQWLHQHFRQILJXUDFLRQHVSUHGHWHUPLQDGDVSDUDHPSH]DUXQGLEXMRWDOHVFRPR
7DPDxRGHOiUHDGHWUDEDMRWLSRVGHWH[WRVHVWLORVGHDFRWDPLHQWRFRQILJXUDFLyQGHOD\HUV WLSRVGH
OtQHDVOLEUHUtDVGHVtPERORVEORFNVIRUPDWRVGHOiPLQDVHWF
$O LQLFLDU HO SURJUDPD HVWH LQJUHVD GLUHFWDPHQWH D OD
3ODQWLOOD',1$ FX\DiUHDGHWUDEDMRHVGH[
XQLGDGHV GH GLEXMR (Q HO FXUVR QR WUDEDMDUHPRV FRQ
HVWD SODQWLOOD GH GLEXMR &HUUDUHPRV HQWRQFHV HVWH
DUFKLYR VLQ VDOYDU QLQJ~Q FDPELR D WUDYpV GHO 0HQ~
%URZVHU
$872'(6.$XWR&$'
$OFHUUDUOD3ODQWLOOD$FDGLVR DSDUHFHODVLJXLHQWHYHQWDQD
(QHO0HQ~%URZVHU)LOH1HZDEULUHPRVXQDQXHYD3ODQWLOODGH'LEXMR
$872'(6.$872&$'
'HODVLJXLHQWHFDMDGHGLiORJRVHOHFFLRQDUHPRVODSODWLOOD$&$'GZW ODFXDOVHXVDUiDORODUJRGHO
FXUVR
,17(5)$=
8QD YH] DELHUWD OD SODQWLOOD $FDGGZW HO HQWRUQR GHO SURJUDPD H[LVWHQ YDULDV ]RQDV TXH VH GHEHQ
GHVWDFDUHVWiVVRQ
$872'(6.$XWR&$'
3$17$//$'($872&$'

$872'(6.$872&$'
([SORUDGRUGHPHQ~V0HQX%URZVHU
%DUUD GH KHUUDPLHQWDV GH DFFHVR UiSLGR

4XLFN$FFHVV7RROEDU
%DUUDGHWLWXOR
&HQWURGHLQIRUPDFLyQ,QIR&HQWHU
%RWRQHVGH7tWXOR
&LQWDGHRSFLRQHV5LEERQ
3DQHOHV HQ OD FLQWD GH RSFLRQHV 3DQHOV LQ

WKH5LEERQ
UHDGHGLEXMR'UDZLQJDUHD
&XUVRU&URVVKDLU
,FRQRGHOVLVWHPDGHFRRUGHQDGDVXQLYHUVDO
%DUUDGHGHVSOD]DPLHQWR6FUROOEDUV
9HQWDQDGHODOtQHDGHFRPDQGR&RPPDQG

ZLQGRZ
/tQHDGHFRPDQGR&RPPDQG/LQH
%DUUDGHHVWDGR6WDWXVEDU
([SORUDGRUGHPHQ~V0HQX%URZVHU
5HYLVDU \ WUDEDMDU FRQ YDULRV DUFKLYRV \D QR HV XQ SURFHVR PRQyWRQR \ SURORQJDGR /D QXHYD
LQWHUID] GH H[SORUDGRU GH PHQ~V OH SHUPLWH H[DPLQDU DUFKLYRV H LPiJHQHV HQ PLQLDWXUD FRQ
LQIRUPDFLyQ GHWDOODGD VREUH HO WDPDxR \ HO DXWRU GHO DUFKLYR /RV DUFKLYRV UHFLHQWHV VH SXHGHQ
RUJDQL]DUSRUQRPEUHIHFKDRWtWXOR
(OQXHYRH[SORUDGRUGHPHQ~VSURSRUFLRQD
XQ DFFHVR IiFLO D XQD YDULHGDG GH
FRQWHQLGRV LQFOXVR ORV FRPDQGRV \
GRFXPHQWRVDSDUWLUGHXQ~QLFRERWyQHQ
ODHVTXLQDL]TXLHUGDVXSHULRUGHODSDQWDOOD
GH$XWR&$'
%RWyQGHOH[SORUDGRUGHPHQ~V
(VWH PHQ~ RIUHFH XQ
FyPRGR DFFHVR D XQD
YDULHGDG GH FRQWHQLGR
LQFOX\HQGR FRPDQGRV \
GRFXPHQWRV GLVSXHVWRV
HQ XQ OLVWDGR YHUWLFDO GH
PHQ~V GH GRQGH VH
DGPLQLVWUDQORVDUFKLYRV\
DFWLYDQORVFRPDQGRV
'HORV0HQ~)LOH\ (GLW
VH
GHVSOLHJDQ
ODV
RSFLRQHV
GH
DGPLQLVWUDFLyQ
GH
DUFKLYRVGHOSURJUDPD

$872'(6.$XWR&$'
(OH[SORUDGRUGHPHQ~VPXHVWUDXQDOLVWDYHUWLFDOGHORVHOHPHQWRVGHORVPHQ~VLPLWDQGRORVPHQ~V
TXH WUDGLFLRQDOPHQWH VH PRVWUDEDQ KRUL]RQWDOPHQWH HQ OD SDUWH VXSHULRU GH OD YHQWDQD GH $XWR&$'
6HOHFFLRQDQGRXQPHQ~GHOH[SORUDGRUGHPHQ~VVHH[SDQGHODOLVWDGHPHQ~TXHOHSHUPLWHLQLFLDUXQ
FRPDQGR
([SORUDGRUGHPHQ~V
'HORV0HQ~)LOH(GLW9LHZ,QVHUW)RUPDW7RROV'UDZ'LPHQVLRQ0RGLI\:LQGRZ+HOS
\ ([SUHVVVHGHVSOLHJDQODVRSFLRQHVGHDGPLQLVWUDFLyQGHFRPDQGRVGHOSURJUDPD

$872'(6.$872&$'
D 6HDUFK 0HQ~ 8QD

KHUUDPLHQWD
GH
E~VTXHGDVHDUFKHQ
OD SDUWH VXSHULRU GHO
H[SORUDGRU GH PHQ~V
OH SHUPLWH EXVFDU HQ
ORV DUFKLYRV GH &8,
GHO SURJUDPD ODV
P~OWLSOHV UHODFLRQHV
GH XQ FRPDQGR
SDUWLFXODU
R
XQ
WHUPLQR FODYH .H\
7HUP 3RU HMHPSOR
FXDQGR FRPLHQ]D D
HVFULELU /,1( HQ HO
FDPSR GH E~VTXHGD
$XWR&$'
GLQiPLFDPHQWH ILOWUD
ODVRSFLRQHVGH
+HUUDPLHQWDGHE~VTXHGDGHOH[SORUDGRUGHPHQ~V

$872'(6.$XWR&$'
E~VTXHGDSDUDPRVWDUWRGDVODVHQWUDGDVGH&8,TXHLQFOX\HQODSDODEUD/,1(/LQHW\SH&RPPDQG
/LQH /LQH 0XOWLOLQH HWF 3RU HMHPSOR FXDQGR FRPLHQ]D D HVFULELU /,1( HQ HO FDPSR GH
E~VTXHGD$XWR&$'GLQiPLFDPHQWHILOWUDODVRSFLRQHVGHE~VTXHGDSDUDPRVWUDUWRGDVODVHQWUDGDV
GH&8,TXHLQFOX\HQODSDODEUD/,1(/LQHW\SH&RPPDQG/LQH/LQH0XOWLOLQHHWF

E 5HFHQW 'RFXPHQWV \ 2SHQ 'RFXPHQWV 3HUPLWHQYHU\DFFHGHUORVGRFXPHQWRVUHFLHQWHPHQWH
XVDGRVRDELHUWRV3XHGHPRVWUDUHOGRFXPHQWRFRQORVQRPEUHVHQIRUPDGHLFRQRRXQDYLVWDGH
LPDJHQSUHOLPLQDUSHTXHxDPHGLDQDRJUDQGHTXHORVKDFHQIiFLOGHLGHQWLILFDU
9LVWDSUHOLPLQDUHQLPiJHQHVGHOGRFXPHQWRHQHOH[SORUDGRUGHPHQ~V
$OYHUORVGRFXPHQWRVUHFLHQWHVHQHOH[SORUDGRUGHPHQ~VSXHGHYLVXDOL]DUORVHQXQDOLVWDRUGHQDGDR
SXHGHDJUXSDUORVSRUIHFKDRHOWLSRGHDUFKLYR0DQWHQLHQGRHOFXUVRUVREUHHOQRPEUHGHOGRFXPHQWR
DXWRPiWLFDPHQWHVHYLVXDOL]DXQDLPDJHQSUHOLPLQDU\RWUDLQIRUPDFLyQGHOGRFXPHQWR

$872'(6.$872&$'
'RFXPHQWRVUHFLHQWHV
5HFHQW $FWLRQV $GHPiVGHORVGRFXPHQWRVUHFLHQWHVHOH[SORUDGRUGHPHQ~VRIUHFHXQDFFHVR

IiFLODODVUHFLHQWHVDFFLRQHV3XHGHYHUXQDOLVWDGHODVDFFLRQHVTXHKDUHDOL]DGRUHFLHQWHPHQWH\
D FRQWLQXDFLyQ VHOHFFLRQH XQD SDUD UHSHWLU OD DFFLyQ +DJD FOLF GHUHFKR HQ HO PHQ~ GHQWUR GHO
H[SORUDGRU GH PHQ~V SDUD TXH OH RIUH]FD FRQWUROHV DGLFLRQDOHV FRPR OD SRVLELOLGDG GH ILMDU XQ
UHFLHQWHGRFXPHQWRRDFFLyQSDUDTXHQRVHERUUHGHODOLVWDDVtFRPRODFDSDFLGDGSDUDERUUDUORV
GRFXPHQWRVUHFLHQWHVRDFFLRQHVUHFLHQWHVGHODVOLVWDV
+DJDFOLFGHUHFKRSDUDYHUODVRSFLRQHVGHOPHQ~

$872'(6.$XWR&$'
G 2SWLRQV $EUH HO FXDGUR GH GLiORJR 2SFLRQHV TXH FRQWUROD HQ ILFKDV DVSHFWRV GLYHUVRV GHO
IXQFLRQDPLHQWRGH$XWR&$'
H ([LW$XWR&$' %RWyQTXHSHUPLWHVDOLUGHOSURJUDPD
%DUUDGHKHUUDPLHQWDVGHDFFHVRUiSLGR
/D EDUUD GH KHUUDPLHQWD GH DFFHVR UiSLGR VH PXHVWUD HQ OD SDUWH VXSHULRU GH OD YHQWDQD GH
$XWR&$'DOODGRGHOH[SORUDGRUGHPHQ~V,QFOX\HODVKHUUDPLHQWDVPiVFRP~QHVWDOHVFRPR

5HGR 5HYLHUWHOD~OWLPDDFFLyQGHO8QGR
8QGR 'HVKDFHOD~OWLPDDFFLyQUHDOL]DGD
3ORW ,PSULPHHQXQDLPSUHVRUDWUD]DGRURDUFKLYR
6DYH 6DOYDHODUFKLYRGHGLEXMRDFWXDO
2SHQ $EUHDUFKLYRVGHGLEXMRH[LVWHQWHV
4QHZ $EUHXQDQXHYDSODQWLOODGHGLEXMR
41HZ1XHYR2SHQ$EULU6DYH*XDUGDU3ORW,PSULPLU8QGR'HVKDFHU \5HGR5HKDFHU
3XHGH DJUHJDU KHUUDPLHQWDV D OD EDUUD GH KHUUDPLHQWDV GH DFFHVR UiSLGR VHOHFFLRQDQGR OD RSFLyQ
&XVWRPL]HTXLFNDFFHVVWRROEDU3HUVRQDOL]DUEDUUDGHKHUUDPLHQWDVGHDFFHVRUiSLGRGHOPHQ~DO
KDFHUFOLFGHUHFKR\DFRQWLQXDFLyQDUUDVWUDUORVFRPDQGRVGHODOLVWDGHFRPDQGRVGHOFXDGURGH

$872'(6.$872&$'
GLiORJR &XVWRPL]H 8VHU

,QWHUIDFH
3HUVRQDOL]DU
LQWHUID] GH XVXDULR HQ OD
EDUUD GH KHUUDPLHQWDV GH
DFFHVR UiSLGR )iFLOPHQWH
HOLPLQH ODV KHUUDPLHQWDV
GH
OD
EDUUD
GH
KHUUDPLHQWDV GH DFFHVR
UiSLGR VHOHFFLRQDQGR HVD
RSFLyQ HQ HO PHQ~ GHO FOLF
GHUHFKR
%DUUDGHKHUUDPLHQWDVGHDFFHVRUiSLGR
$GHPiV GH DJUHJDU \ HOLPLQDU ODV KHUUDPLHQWDV HO PHQ~ GHO FOLF GHUHFKR GH OD EDUUD GH
KHUUDPLHQWDVGHDFFHVRUiSLGROHSHUPLWHFRQWURODUODYLVXDOL]DFLyQGHODEDUUDGHPHQ~V\EDUUDVGH
KHUUDPLHQWDV
%DUUDGHWLWXOR
0XHVWUDODYHUVLyQGH$XWRFDG\HOQRPEUHGHODUFKLYRDFWLYR
&HQWURGHLQIRUPDFLyQ,QIR&HQWHU
3XHGH XWLOL]DU ,QIR&HQWHU VL GHVHD EXVFDU HQ YDULDV IXHQWHV D OD YH] SRU HMHPSOR HQ OD $\XGD HO
7DOOHUGHQRYHGDGHVXELFDFLRQHV:HE\DUFKLYRVHVSHFLILFDGRVRHQXQ~QLFRDUFKLYRRXELFDFLyQ
$O HVFULELU SDODEUDV FODYH R XQD IUDVH HQ HO FXDGUR ,QIR&HQWHU HQ OD SDUWH VXSHULRU GHUHFKD GH OD
DSOLFDFLyQ\DFRQWLQXDFLyQSXOVDU(17(5RHOERWyQ,QIR&HQWHUVHEXVFDHQHOFRQWHQLGRGHYDULRV
UHFXUVRVGHD\XGDDGHPiVGHORVGRFXPHQWRVDGLFLRQDOHV\ODVXELFDFLRQHV:HEHVSHFLILFDGRVHQHO
FXDGURGHGLiORJR3DUiPHWURVGH,QIR&HQWHURPHGLDQWHOD8WLOLGDGGHFRQWUROGH&$'0DQDJHU/RV
UHVXOWDGRVVHPXHVWUDQFRPRYtQFXORVHQHOSDQHO5HVXOWDGRVGHE~VTXHGDGH,QIR&HQWHU(VSRVLEOH
KDFHUFOLFHQFXDOTXLHUDGHHVWRVYtQFXORVSDUDYHUHOGRFXPHQWRDUWtFXORRWHPD'HEHWHQHUDFFHVR
D ,QWHUQHWSDUDPRVWUDUORVUHVXOWDGRVGHE~VTXHGDGHODFDWHJRUtD$XWRGHVN2QOLQH
6HUHFRPLHQGDXWLOL]DUSDODEUDVFODYHSDUDEXVFDULQIRUPDFLyQ\DTXHDPHQXGRSUHVHQWDQ
PHMRUHVUHVXOWDGRV(QFDVRGHTXHXQDSDODEUDHVWpPDOHVFULWDVHPXHVWUDQVXJHUHQFLDV
GHRUWRJUDItD
%RWRQHVGH7tWXOR

6LUYHQSDUD

$872'(6.$XWR&$'

&LQWDGHRSFLRQHV
&ORVH&HUUDUODYHQWDQD
5HVWRUH'RZQ5HVWDXUDUPD[LPL]DUODYHQWDQD
0LQLPL]H0LQLPL]DUODYHQWDQD
/DFLQWDGHRSFLRQHVDSDUHFHHQODSDUWHVXSHULRUGHODYHQWDQDGH$XWR&$'SURSRUFLRQiQGROHHO
DFFHVR IiFLO D ODV KHUUDPLHQWDV GH $XWR&$' D WUDYpV GH XQD FROHFFLyQ GH 7DEV ILFKDV \ 3DQHOV
SDQHOHV &DGD ILFKD FRQWLHQH ORV GLYHUVRV SDQHOHV \ FDGD SDQHO FRQWLHQH GLYHUVDV KHUUDPLHQWDV
$OJXQRVSDQHOHVVHSXHGHQH[SDQGLUSDUDDFFHGHUDODVKHUUDPLHQWDVDGLFLRQDOHV
&LQWDGHRSFLRQHV
/D FLQWDGHRSFLRQHVVHKDDFWXDOL]DGRSDUDSURSRUFLRQDUODPD\RUIOH[LELOLGDGHODFFHVRPiVIiFLOD
ODVKHUUDPLHQWDV\ODFRQVLVWHQFLDDWUDYpVGHODVDSOLFDFLRQHVGH$XWRGHVN3XHGHDUUDVWUDUXQSDQHO
GH OD FLQWD GH RSFLRQHV IXHUD GH OD FLQWD GH RSFLRQHV SDUD PRVWUDUOR FRPR XQ SDQHO IORWDQWH /RV
SDQHOHV IORWDQWHV SHUPDQHFHQ GHVSOHJDGRV LQFOXVR DO VHOHFFLRQDU XQD GLIHUHQWH ILFKD KDVWD TXH
VHOHFFLRQHODRSFLyQ6HQG7R5LEERQ(QYLDUHOSDQHODODFLQWDGHRSFLRQHV
3RUGHIHFWRODFLQWDGHRSFLRQHVHVWDDQFODGDHQODSDUWHVXSHULRUGHODYHQWDQDGH$XWR&$'6LQ
HPEDUJRXQPHQ~GHOFOLFGHUHFKROHSHUPLWHGHVDQFODUODFLQWDGHRSFLRQHVGHVXSRVLFLyQ

$872'(6.$872&$'
KRUL]RQWDO FRORFiQGROR YHUWLFDOPHQWH 3XHGH FHUUDU OD

FLQWDGHRSFLRQHV\YROYHUDDEULUORXWLOL]DQGRHOFRPDQGR
5,%%21 7DPELpQ HVWD SDOHWD VH DFWLYD HQ OD %DUUD GH
PHQ~7RROV!3DOHWWHV!5LEERQ
3XHGHVHUDQFODGRDODL]TXLHUGDRGHUHFKD\VLGHVHDTXH
ODFLQWDGHRSFLRQHVRFXSHPHQRVHVSDFLRHQODSDQWDOOD
SXHGH GHVDFWLYDU OD RSFLyQ SDUD PRVWUDU ORV 7tWXORV GH
3DQHO
3DUD PD[LPL]DU DXQ PDV OD YHQWDQD GH
GLEXMR GH OD SDQWDOOD DFWLYH $XWRKLGH
2FXOWDUDXWRPiWLFDPHQWH
0HQ~GHOFOLFGHUHFKRVREUHODEDUUDGH
7tWXORGHODFLQWDGHRSFLRQHV5LEERQ
$MXVWDQGRDPLQLPL]DUDILFKDVVyORPXHVWUDORVQRPEUHVGHODILFKD
2FXOWDUDXWRPiWLFDPHQWHODILFKDGHODFLQWDGHRSFLRQHV
< DMXVWDQGRDPLQLPL]DUDWtWXORVGHSDQHOPXHVWUDORVQRPEUHVGHILFKD\SDQHO

$872'(6.$XWR&$'
2FXOWDUDXWRPiWLFDPHQWHORVSDQHOHVGHODFLQWDGHRSFLRQHV
,QGHSHQGLHQWHPHQWH GH OD RSFLyQ TXH XVWHG HOLMD SDVDQGR HO FXUVRU SRU HQFLPD GH OD FLQWD GH
RSFLRQHVPXHVWUDDXWRPiWLFDPHQWHFRPSOHWDODFLQWDGHRSFLRQHV
3XHGHFRQWURODUODYLVXDOL]DFLyQGHFRQWHQLGRGHQWURGHODVILFKDV\SDQHOHVGHODFLQWDGHRSFLRQHV
DFWLYDQGR R GHVDFWLYDQGR ODV ILFKDV \ SDQHOHV HQ HO PHQ~ FRQWH[WXDO DO KDFHU FOLF GHUHFKR
)iFLOPHQWHUHRUJDQLFHODVILFKDVGHODFLQWDGHRSFLRQHVRSDQHOHVGHQWURGHODVILFKDVDUUDVWUDQGR\
VROWiQGRORVHQODQXHYDXELFDFLyQ,QFOXVRSXHGHDUUDVWUDUORVSDQHOHVIXHUDGHODFLQWDGHRSFLRQHV
SDUDFUHDUSRUVHSDUDGRSDQHOHVIORWDQWHV
0HQ~FRQWH[WXDOGHOFRQWHQLGRGHODFLQWDGHRSFLRQHVDOKDFHUFOLFGHUHFKR
3DUDXQDPD\RUSHUVRQDOL]DFLyQGHODFLQWDGHRSFLRQHVSXHGHDFFHGHUDOQRGRQHZ5LEERQ3DQHOV
QXHYRV SDQHOHV GH OD FLQWD GH RSFLRQHV HQ HO FXDGUR GH GLiORJR &XVWRPL]H 8VHU ,QWHUIDFH
3HUVRQDOL]DUOD,QWHUID]GHO8VXDULR

$872'(6.$872&$'
3DQHOHVGHODFLQWDGHRSFLRQHVHQHOFXDGURGHGLiORJR&XVWRPL]H8VHU,QWHUIDFH3HUVRQDOL]DUOD
LQWHUID]GHXVXDULR
/D FLQWDGHRSFLRQHV5LEERQHVWiFRPSXHVWRGHODVVLJXLHQWHVILFKDV7DEV
+RPH
%ORFNV 5HIHUHQFHV
$QQRWDWH
7RROV
9LHZ
2XWSXW
+RPH
6HUi OD ILFKD SULQFLSDO TXH

FRQVWDQWHPHQWH HPSOHDUHPRV HQ QXHVWUR FXUVR
(VWDFRQWLHQHORV3DQHOHVGH

'UDZ &RQWLHQHORVFRPDQGRVXVXDOHVGHGLEXMR

$872'(6.$XWR&$'
0RGLI\ &RQWLHQH ORV FRPDQGRV JHQHUDOHV GH

HGLFLyQ
/D\HUV
&RQWLHQH ORV FRPDQGRV
DGPLQLVWUDFLyQGH/D\HUV&DSDV
GH
$QQRWDWLRQ &RQWLHQH ORV FRPDQGRV GH

URWXODFLyQ GH WH[WRV DFRWDGR WDEODV \
GLUHFWULFHV
%ORFN &RQWLHQH ORV FRPDQGRV GH FUHDFLyQ

HGLFLyQLQVHUFLyQ\PDQHMRGHDWULEXWRV
3URSHUWLHV: Contiene las herramientas de

color, grosor de impresin, tipo de lnea,
estilo de impresin y listado de propiedades
de los objetos de dibujo.
8WLOLWLHV &RQWLHQH ODV KHUUDPLHQWDV GH =RRP

FRSLDU SHJDU VHOHFFLyQ UiSLGD VHOHFFLRQDU
WRGRFRUWDU\HQFXDGUH
$OJXQRVGHORV7DEV TXHYLHQHQDFRQWLQXDFLyQ
VHUiQ VROR PHQFLRQDGRV VRPHUDPHQWH SXHVWR
TXH HVWRV FRQWLHQHQ XQD GLYHUVLGDG GH
FRPDQGRVTXHHVFDSDQHODOFDQFHGHOFXUVR

$872'(6.$872&$'
H[WHUQDVDVtFRPRWDPELpQHGLWDUHQVLWLREORTXHV
\ UHIHUHQFLDVH[WHUQDV
,PSRUW SHUPLWHLPSRUWDUYDULRVWLSRVGHDUFKLYR
D $XWR&$' WDOHVFRPRORVIRUPDWRV';% :0)
'6\ $&,6
'DWD SHUPLWH LQVHUWDU )LOHGV FDPSRV HQ XQ

DUFKLYR \ DFWXDOL]DUORV SRGHPRV WDPELpQ LQVHUWDU
REMHWRV 2/( \ DVLJQDU +\SHUOLQNV +LSHU
YtQFXORVDORVREMHWRVGHGLEXMR
%ORFN 5HIHUHQFHV
'H HVWD )LFKD

/LQNLQJ ([WUDFWLRQ DFWLYD HO PDQHMDGRU GH
VRORHPSOHDUHPRVHO3DQHOGH%ORFN
HQODFHGHGDWRVDVtFRPRWDPELpQODDFWXDOL]DFLyQ
GH ORV PLVPRV HO PDQHMDGRU GH H[WUDFFLyQ GH
%ORFN (VWH 3DQHO D GLIHUHQFLD GHO DQWHULRU YLVWR
DWULEXWRV WDPELpQ SXHGH DFWLYDUVH GHVGH HVWH
HQ HO 7DE +RPH VROR VH OLPLWD D OD FUHDFLyQ
3DQHO
LQVHUFLyQ\HGLFLyQGHEORTXHV
$WULEXWHV (V XQ 3DQHO H[SUHVR SDUD OD

GHILQLFLyQ HGLFLyQ PDQHMR GH SURSLHGDGHV \
VLQFURQL]DFLyQGHDWULEXWRV
5HIHUHQFH HVWH 3DQHO SHUPLWH LQVHUWDU

UHIHUHQFLDVH[WHUQDVHQOD]DUDUFKLYRV':) '1*
H ,PiJHQHVDFWLYDUOD3DOHWDGHUHIHUHQFLDV

$872'(6.$XWR&$'
de acotado y comandos especficos de

edicin.
0XOWLOHDGHUV 0DQHMD OD FUHDFLyQ GH HVWLORV GH

GLUHFWULFHV DVt FRPR WDPELpQ ORV FRPDQGRV
SULQFLSDOHVGHLQVHUFLyQ\HGLFLyQGHGLUHFWULFHV
7DEOHV 3HUPLWH OD FUHDFLyQ GH HVWLORV GH WDEODV

LQVHUFLyQ HQODFH D GDWRV HQ KRMDV GH ([FHO
DFWXDOL]DFLyQ GH ORV GDWRV HQOD]DGRV D ODV WDEODV
WDPELpQDEUHHOPDQHMDGRUGHHQODFHV'DWD /LQN
0DQDJHU DVt FRPR WDPELpQ OD H[WUDFFLyQ GH
DWULEXWRV D XQ DUFKLYR H[WHUQR R D XQD WDEOD GH
$QQRWDWH (VWD )LFKD DGPLQLVWUD ODV $XWR&$'
KHUUDPLHQWDV GH URWXODGR DFRWDGR GLUHFWULFHV
WDEODV PDUFDGRUHV \ FRPDQGRV UHODWLYRV D ODV
HVFDODVDQRWDWLYDV
7H[W 0DQHMDODVKHUUDPLHQWDVGHIRUPDWR\HVWLOR
GH WH[WRV JHQHUDFLyQ GH WH[WRV VLPSOHV WH[WRV
P~OWLSOHV DOWXUD GH WH[WRV E~VTXHGD GH WH[WRV
HVFDODGR\MXVWLILFDFLyQGHWH[WRVFRPRWDPELpQOD
0DUNXS &RQWLHQH ORV PDUFDGRUHV TXH GHVWDFDQ
FRUUHFFLyQGHORVPLVPRVDGHPiVVHSXHGHGHVGH
ODV iUHDV GH UHYLVLyQ FRUUHFFLyQ \ GH GHWDOOHV
HVWH3DQHOLQVHUWDU\DFWXDOL]DU)LHOGVFDPSRV
:LSHRXW\ 5HYLVLRQ&ORXG
$QQRWDWLRQ 6FDOLQJ $xDGH \ HOLPLQD OD HVFDOD

DFWLYDDORVREMHWRVDQRWDWLYRVFRQWLHQHHOOLVWDGR
GHHVFDODVGHODUFKLYR6FDOH/LVW
'LPHQVLRQV (VWH 3DQHO PDQHMD OD FUHDFLyQ GH

HVWLORVGHDFRWDPLHQWRORVGLIHUHQWHVcomandos

$872'(6.$872&$'
,QTXLU\ &RQWLHQH ORV FRPDQGRV GH FRQVXOWD GH

GLVWDQFLD iUHD SHUtPHWUR SURSLHGDGHV GH OD
PDVDOLVWDGRGHSURSLHGDGHVFRRUGHQDGDVGHXQ
SXQWRFDOFXODGRUD\ODIHFKD\KRUD
$QLPDWLRQV $GPLQLVWUD ORV FRPDQGRV GH

DQLPDFLyQPHGLDQWHODYLQFXODFLyQGHXQDFiPDUD
D XQD WUD\HFWRULD VLPXODU UHFRUULGRV FDPLQDQGR
YRODQGR \ ILQDOPHQWH VX SRVWHULRU UHJLVWUR HQ XQ
IRUPDWRGHYLGHR
'UDZLQJ 8WLOLWLHV 0DQHMD OD DXGLWRULD GH

DUFKLYRV HO PDQHMDGRU GH DUFKLYRV UHFXSHUDGRV
ODV SURSLHGDGHV GHO DUFKLYR HO FRPDQGR SXUJDU
ODVXQLGDGHVHOFRPDQGRUHQRPEUDUREMHWRV\ODV
HVWDGtVWLFDVGHOGLEXMR
7RROV
(VWD )LFKD FRQWLHQH ODV GLYHUVDV

KHUUDPLHQWDV GH XVR IUHFXHQWH TXH DGPLQLVWUDQ
FRQYHQLHQWHPHQWHORVDUFKLYRVGH$XWR&$'
$FWLRQ 5HFRUGHU 3HUPLWH JUDEDU XQD VHULH GH

SURFHGLPLHQWRV GRQGH VH HPSOHDQ FRPDQGRV GH
XVR PX\ IUHFXHQWH SXGLpQGRVH OXHJR
UHSURGXFLUORV D YROXQWDG HVWR VH FRQRFH FRPR
&XVWRPL]DWLRQ &RQWLHQH OD KHUUDPLHQWD GH
0DFURV
SHUVRQDOL]DFLyQ GH OD LQWHUID] GHO XVXDULR &8, OD
3DOHWD GH +HUUDPLHQWDV LPSRUWDU \ H[SRUWDU
LQWHUIDFHV SHUVRQDOL]DGDV \ GHO HGLWRU GH
SDUiPHWURVGHOSURJUDPD3*3
$SSOLFDWLRQV FDUJD \ GHVFDUJD DSOLFDFLRQHV

FRQWLHQH HO HGLWRU GH 9LVXDO %DVLF HO HGLWRU GH
9LVXDO/LVS HMHFXWDDUFKLYRVVFULSWV PDFURVGH

$872'(6.$XWR&$'
9LVXDO%DVLF
8&6 0DQHMD ORV FRPDQGRV TXH HVWDEOHFHQ ORV

PRGRVGHWUDEDMRGHO6LVWHPDGH&RRUGHQDGDVGHO
8VXDULR8&6
6WDQGDUGV 0DQHMD HO WUDGXFWRU GH QRPEUHV \

SURSLHGDGHVGHFDSDVFKHTXHDORVHVWiQGDUHVGH
ORVDUFKLYRV\FRQILJXUDORVHVWiQGDUHVGHODUFKLYR
DFWXDO
9LHZSRUWV 6HOHFFLRQD OD FRQILJXUDFLyQ GH

9LHZSRUWV DEUH 9LHZSRUWV FRQ QRPEUH FUHD
9LHZSRUWV SROLJRQDOHV \ WLSR REMHWR WDPELpQ
SHUPLWHFRUWDUORV\XQLUORV
3DOHWWHV &RQWURODODVSULQFLSDOHV3DOHWWHV WDOHV

FRPRHO7RRO 3DOHWWHV 3URSHUWLHV 6KHHW 6HW
0DQDJHU DFWLYD \ GHVDFWLYD OD OtQHD GH
FRPDQGRVODFDOFXODGRUDUiSLGDHO0DQHMDGRUGH
0DUFDGRUHV HO 0DQHMDGRU GH 5HIHUHQFLDV
([WHUQDV OD 3DOHWD GH /D\HUV \ HO 'HVLJQ
&HQWHU
:LQGRZ (VWH 3DQHO DEUH DUFKLYRV GHVSOLHJD

PRVDLFRVKRUL]RQWDOYHUWLFDO\FDVFDGD
9LHZ (VWD)LFKDFRQWURODODYLVXDOL]DFLyQRQR
GHP~OWLSOHVKHUUDPLHQWDVGHXVRIUHFXHQWH

$872'(6.$872&$'
:LQGRZV &RQWUROD OD FRQILJXUDFLyQ GH OD %DUUD

3XEOLVK 3XEOLFD GLEXMRV HQ IRUPDWR ':) R HQ
GH(VWDGREORTXHDHO5LEERQ DEUHODYHQWDQDGH
WUD]DGRUHV &UHD SiJLQDV +70/ TXH FRQWLHQHQ
7H[WRGH$XWR&$'
LPiJHQHVGHGLEXMRVVHOHFFLRQDGRV
6HQG FRQWLHQH OD KHUUDPLHQWD GH H7UDQVPLW

TXHSHUPLWHFUHDUFRQMXQWRVGHGLEXMRV\DUFKLYRV
UHODFLRQDGRV SDUD VX WUDQVPLVLyQ YtD HOHFWUyQLFD
7DPELpQSXHGHVDOYDUGLEXMRVSDUDVXH[SRUWDFLyQ
D RWURV IRUPDWRV 3HUPLWH H[SRUWDU WRGRV ORV
REMHWRV YLVLEOHV GHO /D\RXW DFWLYR DO HVSDFLR
0RGHOGHXQQXHYRGLEXMR
2XWSXW
(VWD )LFKD PDQHMD ODV KHUUDPLHQWDV

GHLPSUHVLyQSXEOLFDFLyQ\HQYLyGHDUFKLYRV
3ORW &RQWUROD OD LPSUHVLyQ GH XQ GLEXMR HQ XQ

WUD]DGRUHQXQDLPSUHVRUDRXQDUFKLYR3UHVHQWD
OD LPSUHVLyQ SUHOLPLQDU $EUH OD &RQILJXUDFLyQ GH
OD3iJLQDPXHVWUDLQIRUPDFLyQVREUHODLPSUHVLyQ
R SXEOLFDFLyQ GH GLEXMRV $EUH HO 0DQHMDGRU GH
3ORWWHUV SDUD OD FRQILJXUDFLyQ GH 7UD]DGRUHV \
FUHDFLyQGHHVWLORVGHLPSUHVLyQ
3DQHOHVHQODFLQWDGHRSFLRQHV
8QDIOHFKDHQODHVTXLQDLQIHULRUGHUHFKDGHXQSDQHOLQGLFDTXHVHSXHGHDPSOLDUHOSDQHOSDUDPRVWUDU
KHUUDPLHQWDV \ FRQWUROHV DGLFLRQDOHV 3RU GHIHFWR XQ SDQHO DPSOLDGR VH FLHUUD DXWRPiWLFDPHQWH HQ

$872'(6.$XWR&$'
FXDQWRHOXVXDULRKDFHFOLFHQRWURSDQHO3DUDPDQWHQHUXQSDQHODPSOLDGRKDJDFOLFHQHOLFRQRGH
DOILOHUHQODHVTXLQDLQIHULRUGHUHFKDGHGLFKRSDQHO
UHDGHGLEXMR
8ELFDGRHQOD]RQDFHQWUDOGHODSDQWDOOD
(VGRQGHVHUHDOL]DHOGLEXMR
&XUVRU&URVVKDLU
(VHOFXUVRUHQVLPLHQWUDVVHHVWiGLEXMDQGRRUHDOL]DQGRXQDRSHUDFLyQ
HQHOiUHDGHGLEXMR
,FRQRGHOVLVWHPDGHFRRUGHQDGDVXQLYHUVDO
0XHVWUDODRULHQWDFLyQGHOGLEXMR
6HHQFXHQWUDXELFDGRHQODSDUWHLQIHULRUL]TXLHUGD\VLUYHSDUDPRVWUDUOH
ODGLUHFFLyQSRVLWLYDGHORVHMHV;H<'HPRGRSUHGHWHUPLQDGRVHHVWi
XVDQGRHO6LVWHPDGH&RRUGHQDGDV8QLYHUVDOHV<DTXHWDPELpQSXHGH
XWLOL]DUVHXQ6LVWHPDGH&RRUGHQDGDVGH8VXDULR
%DUUDGHGHVSOD]DPLHQWR
8ELFDGR HQ OD SDUWH LQIHULRU GHUHFKD GH OD

SDQWDOOD
3HUPLWHYHUODV]RQDVGHOGLEXMRTXHVHHQFXHQWUDQIXHUDGHORVOtPLWHVGHODSDQWDOOD
9HQWDQDGHODOtQHDGHFRPDQGR&RPPDQGZLQGRZ
0XHVWUDORVPHQVDMHV\FRPDQGRVTXHHVWiQVLHQGRRIXHURQXWLOL]DGRV

$872'(6.$872&$'
/tQHDGHFRPDQGR&RPPDQG/LQH
8ELFDGRHQODSDUWHLQIHULRUGHODSDQWDOOD
3HUPLWH HMHFXWDU FRPDQGRV GLJLWiQGRORV HQ HVWD OtQHD \ WUDV SUHVLRQDU (17(5 R OD %$55$
(63$&,$'25$pVWDVVHHMHFXWDQGHLQPHGLDWR
%DUUDGHHVWDGR6WDWXVEDU
8ELFDGRHQODSDUWHLQIHULRUGHODSDQWDOOD
/D EDUUDGHHVWDGRGHODDSOLFDFLyQPXHVWUD
/RVYDORUHVGHODFRRUGHQDGDVGHOFXUVRU
/DVKHUUDPLHQWDVGHGLEXMR
/DVKHUUDPLHQWDVGHQDYHJDFLyQ
/DVKHUUDPLHQWDVGHYLVWDUiSLGD\HVFDODGHDQRWDFLyQ
/DEDUUDGHHVWDGRGH$XWR&$'VHKDDFWXDOL]DGRFRQQXHYDVKHUUDPLHQWDVHLFRQRV(OODGRL]TXLHUGR
GHODEDUUDGHHVWDGRLQFOX\HORVERWRQHVSDUDDFWLYDURGHVDFWLYDUSDUDODIXQFLRQDOLGDGIDPLOLDUFRPR
2VQDS5HIHUHQFLDDREMHWRV*ULG5HMLOOD\'\QDPLF,QSXW(QWUDGD'LQiPLFD$OKDFHUFOLFGHUHFKR
XQ PHQ~ FRQWH[WXDO KDELOLWD IiFLOPHQWH FDPELDU OD YLVXDOL]DFLyQ GH OD EDUUD GH HVWDGR HQWUH LFRQRV \
ERWRQHV GH WH[WR WUDGLFLRQDOHV (O ERWyQ GH DFWLYDU R GHVDFWLYDU 4XLFN 3URSHUWLHV 43 3URSLHGDGHV
5iSLGDVHVXQDDGLFLyQQXHYDDODEDUUDGHHVWDGR

$872'(6.$XWR&$'
%RWRQHVGHDFWLYDFLyQRGHVDFWLYDFLyQGHODEDUUDGHHVWDGR
$ FRQWLQXDFLyQVHGHVFULEHQORVSULPHURVLFRQRVGHO6WDWXV%DU
'UDZLQJ &RRUGLQDWHV&RRUGHQDGDVGHGLEXMR/RVYDORUHVQXPpULFRVTXHDSDUHFHQDOLQLFLRGH

OD EDUUD VH GHQRPLQDQ 'UDZLQJ &RRUGLQDWHV HVWRV LQGLFDQ ODV FRPSRQHQWHV [ \ ] GH XQ
GHWHUPLQDGRSXQWRHQHOiUHDJUiILFD
6QDS0RGRIRU]DUFXUVRU(VWDEOHFHORVGHVSOD]DPLHQWRVGHOFXUVRUHQLQFUHPHQWRVHVSHFtILFRVGH

ODGLUHFFLyQ[ \ ODGLUHFFLyQ\
*ULG 9LVXDOL]DU UHMLOOD $FWLYD XQD PDWUL] GH SXQWRV TXH HVWDEOHFHQ ORV OtPLWHV GHO GLEXMR HO
HVSDFLDGRGHHVWRVSXQWRVSXHGHHVWDUVLQFURQL]DGRFRQHOGHO6QDS
2UWKR0RGRRUWR&RQGLFLRQDVRORDGHVSOD]DPLHQWRVRUWRJRQDOHVDOFXUVRU

$872'(6.$872&$'
3RODU5DVWUHRSRODU3HUPLWHHOUDVWUHRSRODUKDFLHQGRXVRGHiQJXORVSRODUHVHVWDEOHFLGRV

2VQDS5HIHUHQFLDDREMHWRV$FWLYDODVUHIHUHQFLDVDREMHWRV
2WUDFN5DVWUHRGHUHIHUHQFLDDREMHWRV$FWLYDHOUDVWUHDGRUGHUHIHUHQFLDVDREMHWRV
'XFV 3HUPLWLU1R SHUPLWLU 8&6 GLQiPLFR 3HUPLWH HO XVR GHO 8&6 GLQiPLFR HQ HO PRGHOR
WULGLPHQVLRQDO
'\Q(QWUDGDGLQiPLFD(VWDEOHFHODHQWUDGDGLQiPLFD
/ZW0RVWUDU2FXOWDUJURVRUGHOtQHD3HUPLWHYHUORVJURVRUHVGHOtQHDHQSDQWDOOD
4S3URSLHGDGHVUiSLGDV$FWLYDHO4XLFN3URSHUWLHV
$O KDFHU FOLF GHUHFKR SDUD DOJXQRV ERWRQHV GH OD EDUUD GH HVWDGR ORV PHQ~V FRQWH[WXDOHV LQFOX\HQ
FRQWUROHVDGLFLRQDOHVTXHVRQSHUWLQHQWHVSDUDHVHERWyQHQSDUWLFXODU(ODFFHVRIiFLODHVWRVFRQWUROHV
PLQLPL]DODQHFHVLGDGSDUDFRQILJXUDUORVHQHOFXDGURGHGLiORJR6HWWLQJV3DUiPHWURV
0HQ~VFRQWH[WXDOHVDOKDFHUFOLFGHUHFKRVREUH6QDS3RODU\2VQDS
/RV ERWRQHV 0RGHO 0RGHOR \ /D\RXW 3UHVHQWDFLyQ VH KDQ PRYLGR DO ODGR GHUHFKR GH OD EDUUD GH
HVWDGRGyQGHYDULDVKHUUDPLHQWDVQXHYDVWDPELpQVHKDQDJUHJDGR/RVLFRQRV/D\RXW3UHVHQWDFLyQ
HVUHHPSOD]DGRSRUHOERWyQ4XLFN9LHZ/D\RXWV9LVWDUiSLGDGHSUHVHQWDFLRQHVHOFXDOHVVHJXLGRSRU
HOERWyQ4XLFN9LHZ'UDZLQJV9LVWDUiSLGDGHGLEXMRV/DEDUUDGHHVWDGRSURSRUFLRQDHODFFHVRIiFLOD
ODVKHUUDPLHQWDVGHQDYHJDFLyQ\YLVXDOL]DFLyQLQFOX\HQGR3DQ(QFXDGUH\=RRP$PSOLDUDVtFRPR
WDPELpQ OD QXHYD IXQFLRQDOLGDG GH OD 6WHHULQJ:KHHO 5XHGD GH QDYHJDFLyQ \ 6KRZ 0RWLRQ 0RVWUDU
DQLPDFLyQ /D $QQRWDWLRQ 6FDOH (VFDOD GH $QRWDFLyQ HV UHHPSOD]DGR SRU XQ ERWyQ
9LHZSRUW$QQRWDWLRQ TXH VH FRQHFWD D OD HVFDOD GH DQRWDFLyQ SDUD OD HVFDOD GH 9LHZSRUW DVHJXUDQGR
TXH HOORV VH VLQFURQLFHQ 8Q QXHYR ERWyQ :RUNVSDFH 6ZLWFKLQJ &DPELR GH HVSDFLR GH WUDEDMR TXH
UHHPSOD]D D OD EDUUD GH KHUUDPLHQWDV :RUNVSDFHV SURSRUFLRQDQGR OD PLVPD IXQFLRQDOLGDG HQ
FRQVLGHUDEOHPHQWHPHQRVHVSDFLR

3UHVLRQDQGRFOLFN GHUHFKRVREUHFXDOTXLHUDGHORVSULPHURVERWRQHVGHO6WDWXV %DU \HOLJLHQGROD
RSFLyQ 'LVSOD\ VH SUHVHQWDQ ODV WHFODV GH IXQFLyQ TXH DFWLYDQ R GHVDFWLYDQ OD PD\RUtD GH HVWRV
ERWRQHV


$872'(6.$XWR&$'
/RVVLJXLHQWHVLFRQRVGHO6WDWXV%DUVHGHVFULEHQDFRQWLQXDFLyQ
0RGHO6SDFH0RGHOR,QGLFDTXHHOHQWRUQRGHWUDEDMRDFWLYRHVHOHVSDFLRPRGHOR
/D\RXW 3UHVHQWDFLyQ ,QGLFD TXH HO HQWRUQR GH WUDEDMR DFWLYR HV HO HVSDFLR SDSHO \ TXH OD
3UHVHQWDFLyQDFWXDOHVODQ~PHUR
4XLFN 9LHZ /D\RXWV 9LVWD UiSLGD GH SUHVHQWDFLRQHV 3HUPLWH YHU UiSLGDPHQWH \ GH PDQHUD
FyPRGDYDULRV/D\RXWVGHOPLVPRDUFKLYR
4XLFN 9LHZ 'UDZLQJV 9LVWD UiSLGD GH GLEXMRV 3HUPLWH YHU GH PDQHUD UiSLGD YDULRV DUFKLYRV
VLPXOWiQHDPHQWH
3DQ(QFXDGUH3HUPLWHKDFHUXVRGHOFRPDQGRHQFXDGUHHQWLHPSRUHDO

=RRP$PSOLDU$FWLYDHOFRPDQGR=RRP
6WHHULQJ:KHHO5XHGDGHQDYHJDFLyQ+HUUDPLHQWDTXHSHUPLWHQDYHJDUDOUHGHGRUGHXQPRGHOR

WULGLPHQVLRQDOLQFOX\HFRPDQGRVFRPRHO=RRP\ HO2UELW
6KRZ0RWLRQ0RVWUDUDQLPDFLyQ3HUPLWHFUHDU\UHSURGXFLUDQLPDFLRQHVGHYLVWDVJXDUGDV
$QQRWDWLRQ6FDOH(VFDODGHDQRWDFLyQ(VWDEOHFHODHVFDODGHORVREMHWRVDQRWDWLYRV
$QQRWDWLRQ 9LVLELOLW\ 9LVLELOLGDG GH DQRWDFLyQ 0XHVWUD ORV REMHWRV DQRWDWLYRV HQ WRGDV ODV
HVFDODV
$QQRWDWLRQ $XWR 6FDOH $xDGLU HVFDOD DXWRPiWLFDPHQWH $xDGH HVFDODV DXWRPiWLFDPHQWH D ORV
REMHWRVDQRWDWLYRVFXDQGRODHVFDODGHOGLEXMRFDPELD
:RUNVSDFH6ZLWFKLQJ&DPELRGHHVSDFLRGHWUDEDMR&DPELDHQWUHHQWRUQRVGHWUDEDMR
7RROEDU:LQGRZV SRVLWLRQV XQORFN 3RVLFLRQHV GH ODV YHQWDQDVEDUUDV GH KHUUDPLHQWDV
GHVEORTXHDGDV %ORTXHD \ GHVEORTXHD OD SRVLFLyQ GH ODV EDUUDV GH KHUUDPLHQWDV \ ODV SDOHWDV GH
KHUUDPLHQWDV
&OHDQ6FUHHQ/LPSLDUSDQWDOOD/LPSLDODSDQWDOODGHEDUUDV\SDOHWDVGHKHUUDPLHQWDV

$872'(6.$872&$'
&XDQGRVHHVWDHQXQDSUHVHQWDFLyQ/D\RXW\VHVHOHFFLRQDXQDYHQWDQDOD$QQRWDWLRQ6FDOH(VFDOD

GH $QRWDFLyQ HV UHHPSOD]DGR SRU XQ ERWyQ 9LHZSRUW$QQRWDWLRQ 9HQWDQD$QRWDFLyQ TXH FRQHFWD OD
HVFDODGHDQRWDFLyQFRQODHVFDODGH9LHZSRUWDVHJXUDQGRTXHHOORVVHVLQFURQLFHQ
0pWRGRV SDUD HMHFXWDU FRPDQGRV
/D FUHDFLyQ \ HGLFLyQ GH ORV GLVWLQWRV REMHWRV TXH IRUPDQ XQ GLEXMR VH UHDOL]D PHGLDQWH FRPDQGRV
LQVWUXFFLRQHV3RUHMHPSORSDUDUHDOL]DUXQDOtQHDUHFWDVHHMHFXWDUiHOFRPDQGR/LQH/tQHD
$ FRQWLQXDFLyQVHH[SOLFDQORVGLIHUHQWHVPpWRGRVSDUDHMHFXWDUHVWRVFRPDQGRV
$ WUDYpVGHOWHFODGR
6HHVFULEHGLUHFWDPHQWHHOQRPEUHGHOFRPDQGRHQODOtQHDGHFRPDQGRVHJXLGRGH(17(5R
%$55$(63$&,$'25$
2SFLRQHV
o
o
o
o
*HQHUDOPHQWH ORV FRPDQGRV UHTXLHUHQ DOJXQD RUGHQ DGLFLRQDO RSFLRQHV \R YDORUHV
QXPpULFRVSDUDHMHFXWDUODLQVWUXFFLyQ
/DVRSFLRQHVDSDUHFHQHQWUHFRUFKHWHV>@VHSDUDGRVSRUXQDEDUUD
/D RSFLyQSRUGHIHFWRDSDUHFHHQWUHFRUFKHWHVDJXGRV!
3DUD VHOHFFLRQDU XQD RSFLyQ GHEH HVFULELU ODV OHWUDV PD\~VFXODV TXH DSDUH]FDQ HQ HO
QRPEUHGHGLFKDRSFLyQ
(MHPSOR3DUDGLEXMDUXQDFLUFXQIHUHQFLDGHGLiPHWURPP
&RPPDQGFLUFOHHQWHU
3UHFLVHSXQWRFHQWUDOSDUDFtUFXORR>337WU@+DFHUFOLFHQXQSXQWRGHODSDQWDOOD
3UHFLVHUDGLRGHFtUFXORR>'LiPHWUR@G HQWHU
3UHFLVHGLiPHWURGHFtUFXOR
5HSHWLFLyQ\FDQFHODFLyQ
o
o
3DUDHMHFXWDUHO~OWLPRFRPDQGRXWLOL]DGRVHSXOVD(17(5R%$55$(63$&,$'25$
3DUD HMHFXWDU RWUR FRPDQGR XWLOL]DGR FRQ DQWHULRULGDG VH SXHGH EXVFDU HPSOHDQGR ORV
FXUVRUHV$55,%$\$%$-2
6yORVHSXHGHQUHFXSHUDUDTXHOORVFRPDQGRVHMHFXWDGRVPHGLDQWHHOWHFODGR
3DUDFDQFHODUXQFRPDQGRHQHMHFXFLyQVHSXOVD(6&
$ WUDYpVGHOH[SORUDGRUGHPHQ~V
6RQORVPHQ~VLQFOXLGRVHQODEDUUDGHPHQ~V)LOH(GLW9LHZ
8QDYH]GHVSOHJDGRSRGHPRVYHUTXHHQDOJXQDVRSFLRQHVDSDUHFH
o
/D FRPELQDFLyQGHOHWUDVHTXLYDOHQWH(MHPSOR&75/2SDUD2SHQ$EULU

$872'(6.$XWR&$'
o
o
o
8QWULiQJXORDODL]TXLHUGDLQGLFDTXHFRQWLHQHRWURPHQ~GHVSOHJDEOH
8QRVSXQWRVVXVSHQVLYRVDODGHUHFKDLQGLFDQTXHVHDFFHGHDXQFXDGURGHGLiORJR
(OWH[WRHQJULVLQGLFDTXHODRSFLyQQRHVWiDFWXDOPHQWHGLVSRQLEOH
$ WUDYpVGHODFLQWDGHRSFLRQHV

+DFLHQGRFOLFHQODVGLIHUHQWHVILFKDV\SDQHOHVSDUDDFFHGHUDODVGLIHUHQWHVKHUUDPLHQWDV
$872'(6.$872&$'
(O7HFODGR
0RXVH
(OUDWyQR0RXVHHVHOGLVSRVLWLYRVHxDODGRUEiVLFRHQ:LQGRZV/DPD\RUtDGHODVSHUVRQDVXWLOL]DQXQ
UDWyQ FRPR GLVSRVLWLYR VHxDODGRU (Q XQ UDWyQ GH GRV ERWRQHV HO ERWyQ L]TXLHUGR HV QRUPDOPHQWH HO
ERWyQVHOHFWRUXWLOL]DGRSDUDGHVLJQDUSXQWRVRVHOHFFLRQDUREMHWRVHQHOiUHDGHGLEXMR&RQHOERWyQ
GHUHFKR VH SXHGH YLVXDOL]DU XQ PHQ~ FRQWH[WXDO TXH FRQWLHQH FRPDQGRV \ RSFLRQHV UHOHYDQWHV /RV
PHQ~VFRQWH[WXDOHVTXHVHPXHVWUDQYDUtDQHQIXQFLyQGHODSRVLFLyQDODTXHVHGHVSOD]DHOFXUVRU
(O ERWyQ ,]TXLHUGRQRUPDOPHQWHVLUYHSDUDVHOHFFLRQDUHQWLGDGHVRLQGLFDUSXQWRVHQODSDQWDOOD

GH GLEXMR DVt FRPR WDPELpQ SDUD VHOHFFLRQDU ORV LFRQRV GH ODV EDUUDV GH KHUUDPLHQWDV \ ODV
RSFLRQHVGHORVGLIHUHQWHVPHQ~VFRQWH[WXDOHV\FXDGURVGHGLiORJR+DFLHQGRGREOHFOLFL]TXLHUGR
SDUD VREUHVFULELU YDORUHV HQ FDVLOODV 0DQWHQLHQGR SXOVDGR HO ERWyQ L]TXLHUGR \ DUUDVWUH SDUD
PRGLILFDUYHQWDQDVGHVSOD]DUEDUUDVGHKHUUDPLHQWDV
(O ERWyQ 'HUHFKR QRUPDOPHQWH VLUYH FRPR OD WHFOD (17(5 DO HMHFXWDU DOJ~Q FRPDQGR GH
PRGLILFDFLyQ$OKDFHUFOLFFRQHOERWyQGHUHFKRGHOUDWyQHQGHWHUPLQDGDV]RQDVGHODSDQWDOODVH
DFFHGHDGLVWLQWRVPHQ~VFRQWH[WXDOHVFRPRSRUHMHPSOR
o 'HQWURGHOiUHDGHGLEXMRFRQXQRRPiVREMHWRVVHOHFFLRQDGRV
o 'HQWURGHOiUHDGHGLEXMRVLQQLQJ~QREMHWRVHOHFFLRQDGR
o 'HQWURGHOiUHDGHGLEXMRGXUDQWHODHMHFXFLyQGHXQFRPDQGR
o 'HQWURGHODVYHQWDQDVGHFRPDQGRV\WH[WR
o 'HQWURGHiUHDVGH'HVLJQ&HQWHU\VREUHVXVLFRQRV
o 'HQWURGHiUHDVGHO(GLWRUGHWH[WRGHOtQHDVP~OWLSOHV\VREUHHOWH[WR
o 6REUHXQDEDUUDRXQDSDOHWDGHKHUUDPLHQWDV
o 6REUHODVILFKDV0RGHOR\3UHVHQWDFLyQ
o 6REUHODEDUUDGHHVWDGRRVREUHORVERWRQHVGHODEDUUDGHHVWDGR

$872'(6.$XWR&$'
3RUORJHQHUDOORVPHQ~VFRQWH[WXDOHVVXHOHQLQFOXLURSFLRQHVSDUD
o 5HSHWLUHO~OWLPRFRPDQGRLQWURGXFLGR
o &DQFHODUHOFRPDQGRDFWXDO
o &RUWDURFRSLDU\SHJDUFRQHO3RUWDSDSHOHV
o 6HOHFFLRQDUXQDRSFLyQGHFRPDQGRGLVWLQWD
o 9LVXDOL]DUXQFXDGURGHGLiORJRFRPR2SFLRQHVR3HUVRQDOL]DU
o 'HVKDFHUHO~OWLPRFRPDQGRLQWURGXFLGR
5XHGDGHO0RXVH
*LUDQGRODUXHGDKDFLDGHODQWHRDWUiVSDUDDPSOLDURUHGXFLU3RUGHIHFWRHOIDFWRUGH]RRP
HVWiGHILQLGRHQXQSRUFDGDPRYLPLHQWRGHJLURGHODUXHGDFDPELDHOQLYHOGH]RRP
HQHVHSRU
0DQWHQLHQGRSXOVDGDODUXHGD\DUUDVWUDQGRSDUDHQFXDGUDU
+DJDGREOHFOLFGHODUXHGDGHOPRXVHSDUDUHDOL]DUXQ]RRP([WHQWV]RRPH[WHGLGR
,, (175$'$'('$726,
D 0RGRH[SOtFLWR,QWURGXFLHQGRODVFRRUGHQDGDVGHXQSXQWRGHVGHHOWHFODGR
6,67(0$6'(&225'(1$'$6

$872'(6.$872&$'
6LQRVHDxDGHODFRRUGHQDGD=SRUGHIHFWRVHUiLJXDOD
(MHPSOR
'HWHUPLQH ODV FRRUGHQDGDV GH FDGD SXQWR HQ
ODVVLJXLHQWHVILJXUDV/DGRGHOFXDGUDGRLJXDOD

/DGRGHOWULiQJXORHTXLOiWHURLJXDOD
&RRUGHQDGDV
&RRUGHQDGDV
UHFWDQJXODUHV
UHFWDQJXODUHV
DEVROXWDV
UHODWLYDV
(MHPSOR
'HWHUPLQH ODV FRRUGHQDGDV SRODUHV UHODWLYDV GH
FDGDSXQWRHQODVVLJXLHQWHVILJXUDV
/DGRGHOWULiQJXORHTXLOiWHURLJXDOD
/DGRGHOFXDGUDGRLJXDOD
/DGRGHOKH[iJRQRUHJXODULJXDOD

$872'(6.$XWR&$'
/DGRGHOKH[iJRQRUHJXODULJXDOD
,,,&21752/'(/$(6&$/$'(,035(6,1'(/263/$126
+DEUi YLVWR TXH FXDQGR FRPLHQ]D D GLEXMDU XQ SODQR GH DUTXLWHFWXUD HO GLEXMR HV PX\ SHTXHxR
FRPSDUDGRFRQODSDQWDOODGHGLEXMRRFXDQGRKDFHXQSODQRGHPHFiQLFDHOGLEXMRHVPDVJUDQGHTXH
OD SDQWDOOD GH GLEXMR 3RU OR TXH DQWHV GH FRPHQ]DU QXHVWUR GLEXMR QHFHVLWDPRV GHILQLU HO iUHD GH
WUDEDMRGHOGLEXMR3RUGHIHFWRORVOtPLWHVGHOGLEXMRHVXQ$GHGLPHQVLRQHVPP\PP3RU
HMHPSORSHQVDQGRKDFHUHOSODQRGHXQDFDVDGHPSRUP\GHMDQGRXQPDUJHQGHPHOiUHDGH
WUDEDMRVHUtDGHPSRUP
3DUDILMDUORVOtPLWHVGHOGLEXMRSRGHPRVKDFHUORGHGRVIRUPDV
$FFHGLHQGRDODRSFLyQ)RUPDW!'UDZLQJ/LPLWV)RUPDWR!/tPLWHVGHOGLEXMR
(VFULELHQGRHQODOtQHDGHFRPDQGRODSDODEUD/LPLWV/LPLWHV
'HFXDOTXLHUDGHORVGRVPpWRGRVTXHXWLOL]DPRVQRVDSDUHFHUiXQPHQVDMHHQODOtQHDGHFRPDQGRV

(VTXLQD LQIHULRU L]TXLHUGD RU >212))@ !3XOVDUHPRV(17(5SDUDDFHSWDUOD
FRRUGHQDGDSRUGHIHFWR
(VTXLQDVXSHULRUGHUHFKD!(VFULELPRV\SXOVDPRV(17(5
0X\ ELHQ HVWR QRV GD XQRV OtPLWHV GH P SRU P $KRUD DSDUHQWHPHQWH QR VH KD SURGXFLGR
QLQJ~Q FDPELR $KRUD OR TXH KDUHPRV VHUi GHILQLU HVD ]RQD ILMDQGR XQD UHMLOOD TXH QRV VHUYLUi GH
UHIHUHQFLDSDUDPRYHUHOUDWyQ\GLEXMDU
$[PP
$[PP
$[PP
$[PP
$[PP

$872'(6.$872&$'
,9 &21752/'(/$(6&$/$'(,035(6,1'(/263/$126
3DVR&RQILJXUDUODVGLVWDQFLDVGHODUHMLOOD
(O *ULG UHMLOOD HV XQD PDOOD R SDWUyQ UHFWDQJXODU GH SXQWRV TXH SRGHPRV PRVWUDU X RFXOWDU HQ OD
SDQWDOOD\TXHQRVD\XGDDYLVXDOL]DUHOWDPDxRGHODVXQLGDGHVHQODSDQWDOODDODPSOLDURUHGXFLUXQ
GLEXMR 3RGHPRV WDPELpQ DOLQHDU REMHWRV \ SHUFLELU OD GLVWDQFLD HQWUH HOORV 6HJXLGDPHQWH YHUHPRV
FyPRDFWLYDUHO*ULGUHMLOOD \FyPRGHILQLUODVHSDUDFLyQHQWUHSXQWRVGHODPLVPD
(O6QDS UHVROXFLyQ OLPLWDHOPRYLPLHQWRGHOFXUVRUDORVSXQWRVGHODUHMLOOD&XDQGRGLEXMDPRV\
GHVSOD]DPRV HO FXUVRU pVWH VH PXHYH OLEUHPHQWH SRU OR TXH SDUD DMXVWDU HO FXUVRU HQ XQ SXQWR
GHWHUPLQDGRWDUGDUtDPRVEDVWDQWHUDWR/DSRVLFLyQGHOFXUVRUHQODSDQWDOODODSRGHPRVREVHUYDUHQOD
SDUWHLQIHULRUL]TXLHUGDGHODSDQWDOODGRQGHYHPRVXQDFDVLOODTXHQRVPXHVWUDODSRVLFLyQGHOFXUVRU
HQODSDQWDOOD
&XDQGRHOPRGRVQDS)RU]FXUVRUHVWiDFWLYDGRSDUHFHTXHHOFXUVRUVHDGKLHUHRVHIXHU]DDXQD
UHMLOODLQYLVLEOH/DUHVROXFLyQUHVXOWD~WLOSDUDGHVLJQDUSXQWRVSUHFLVRVFRQHOFXUVRU

3DUDDFFHGHUDOFXDGURGHGLDORJR'UDIWLQJ 6HWWLQJV 3DUiPHWURVGHGLEXMR HVFULEDHQODOtQHDGH
FRPDQGR GVHWWLQJV y HQ HO H[SORUDGRU GH PHQ~V VHOHFFLRQH 7RROV ! 'UDIWLQJ 6HWWLQJV
+HUUDPLHQWDV!3DUiPHWURVGHGLEXMR \FRORTXHHQODVFDVLOODV; H < GHODVRSFLRQHV6QDSIRU]DGR
GHFXUVRU \*ULGUHMLOOD$FWLYDUODVFDVLOODVGHDPEDVRSFLRQHV

2WUD PDQHUD GH DFFHGHU D HVWH FXDGUR GH GLiORJR HV VLWXDU HO FXUVRU GHO PRXVH VREUH
FXDOTXLHUD GH ORV VLJXLHQWHV ERWRQHV 61$3 *5,' 32/$5 261$3 275$&. '<1
/:7 43 VLWXDGRV HQ OD EDUUD GH HVWDGR KDFHU FOLF GHUHFKR \ HVFRJHU OD RSFLyQ
6HWWLQJV3DUiPHWURV

$872'(6.$XWR&$'
'REOH
FOLF
L]TXLHUGR
\ HVFULED

'REOH
FOLF
L]TXLHUGR
\ HVFULED

$KRUDVLPXHYHVHOFXUVRUREVHUYDUiVTXHpVWHVDOWDD
ODVSRVLFLRQHVGHORVSXQWRVGHODUHMLOOD+HPRVGHILQLGR
ODIUHFXHQFLDGHODUHMLOODGHHQGHIRUPDTXH
VHJ~Q ORV OtPLWHV TXH WHQHPRV DVLJQDGRV XQD OtQHD TXH
YD\DGHSXQWRDSXQWRWHQGUiPRVHDPHGLRPHWUR
6QDS DQG *ULG 5HVROXFLyQ\UHMLOOD

6QDS 5HVROXFLyQ
'HILQLFLyQ &UHD XQD PDOOD GH SXQWRV LQYLVLEOH REOLJDQGR DO FXUVRU D GHVSOD]DUVH ~QLFDPHQWH SRU
HVWRVSXQWRV
6QDS2Q5HVROXFLyQDFWLYDGD

(VWDRSFLyQSHUPLWH$FWLYDU'HVDFWLYDUHOIRU]DGR
7DPELpQSXHGHKDFHUVHPHGLDQWH)RSXOVDQGRHOERWyQ61$3
$872'(6.$872&$'
2SFLRQHVEiVLFDV
6QDS;VSDFLQJ'LVWDQFLDUHVROXFLyQ;'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH

;
6QDS<VSDFLQJ'LVWDQFLDUHVROXFLyQ<'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH
<3RUGHIHFWRWHQGUiHOPLVPRYDORUTXHHOGHOHMH;
*ULG5HMLOOD
'HILQLFLyQ&UHDXQDPDOODGHSXQWRVYLVLEOHHPSOHDGD~QLFDPHQWHFRPRUHIHUHQFLDYLVXDO
*ULG2Q5HMLOODDFWLYDGD
(VWDRSFLyQSHUPLWH$FWLYDU'HVDFWLYDUODUHMLOOD
7DPELpQSXHGHKDFHUVHPHGLDQWH)RSXOVDQGRHOERWyQ*5,'
2SFLRQHV
*ULG ; VSDFLQJ ,QWHUYDOR;GHODUHMLOOD 'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH;

1RWLHQHSRUTXHWHQHUHOPLVPRYDORUTXHOD'LVWDQFLDGHUHVROXFLyQ;
6QDS<VSDFLQJ,QWHUYDOR<GHODUHMLOOD'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH<

3RUGHIHFWRWHQGUiHOPLVPRYDORUTXHHOGHOHMH;
6QDS W\SH 7LSR\HVWLORGHUHVROXFLyQ
6QDSW\SH5HIHUHQFLDDUHMLOOD
3HUPLWHHVFRJHU5HFWDQJXODUVQDS5HVROXFLyQUHFWDQJXODUORKDELWXDO R,VRPHWULFVQDS

5HVROXFLyQLVRPpWULFD
3DVR$PSOLDU\FHQWUDUODUHMLOOD*ULG
(VFULEDHQODOtQHDGHFRPDQGR
(VFULEDHQODOtQHDGHFRPDQGR
&RPPDQG] HQVHJXLGDSXOVHHQWHU SDUDDFWLYDUHOFRPDQGR]RRP
=220
6SHFLI\FRUQHURIZLQGRZHQWHUDVFDOHIDFWRUQ;RUQ;3RU
>$OO&HQWHU'\QDPLF([WHQWV3UHYLRXV6FDOH:LQGRZ2EMHFW@UHDOWLPH!D OXHJRSXOVHHQWHU SDUD

VHOHFFLRQDUODRSFLyQ$OOWRGR
5HJHQHUDWLQJPRGHO
3DVR&RQILJXUDUODVXQLGDGHVGHPHGLGD
(MHFXWH)RUPDW ! 8QLWV)RUPDWR!8QLGDGHV GHOH[SORUDGRUGHPHQ~V$SDUHFHUiXQFXDGUR

GHGLiORJR

$872'(6.$XWR&$'
(Q
OD
SDUWH
L]TXLHUGD SRGHPRV
LQGLFDUODVXQLGDGHV
GH PHGLGD SDUD OD
ORQJLWXG
SRU
GHIHFWRODFDVLOODGH
W\SH WLSR HVWDHQ
'HFLPDO
TXH
VHUiQ ODV XQLGDGHV
FRQ
ODV
TXH
WUDEDMDUHPRV

/DFDVLOOD
3UHFLVLyQQRV
PXHVWUDOD
SUHFLVLyQRJUDGR
GHH[DFWLWXGHQ
GHFLPDOHVGHODV
XQLGDGHV3RU
GHIHFWRHVWDHQ
GHFLPDOHVFDPELH
D GHFLPDOHV
&DPELH D XQLWOHVV
VLQ XQLGDGHV ODV
XQLGDGHV GH HVFDOD
SDUD HO FRQWHQLGR
LQVHUWDGR
3XOVHODRSFLyQ2.$FHSWDU SDUDVDOLUGHHVWHFXDGURGH

GLiORJR
(QODSDUWH
GHUHFKD
SRGHPRV
LQGLFDUHO
VLVWHPDGH
XQLGDGHV
DQJXODUHV
3RUGHIHFWR
HVWDHQ
'HFLPDO
'HJUHHV
*UDGRV
VH[DJHVLPDOHV
GHFLPDOHV
/DFDVLOOD
3UHFLVLyQ
HVWDSRU
GHIHFWRHQ
GHFLPDOHV
9 02'26'(5()(5(1&,$$2%-(726,
&XDQGRVHKDFHXQGLEXMRPDQXDOHQWDEOHURHO~QLFRLQVWUXPHQWRXVDGRDGHPiVGHODHVFXDGUDV\HO
FRPSiV HUD HO RMR SDUD KDOODU HO SXQWR ILQDO GH XQD OtQHD EDVWDED VHxDODUOR \ FRQ XQ EXHQ SXOVR VH
KDOODED HO SXQWR ILQDO HVH PpWRGR GLVWDED PXFKR GH VHU SUHFLVR $XWR&$' FXHQWD FRQ XQD VHULH GH
KHUUDPLHQWDV TXH QR FRQVLVWHQ HQ FRPDQGRV SURSLDPHQWH GLFKRV VLQR TXH VH SXHGHQ XWLOL]DU FRPR
GDWRVH[LVWHQWHVSDUDXQDPHMRUIOXLGH]GHOGLEXMR(VWDVKHUUDPLHQWDVVHOODPDQ2EMHFW 6QDS PRGRV
UHIHUHQFLD D REMHWRV 6yOR SXHGHQ DFFHGHUVH FXDQGR XQ FRPDQGR TXH SLGH SXQWRV R GLVWDQFLDV HVWi
FRUULHQGR VLQR PRVWUDUi XQ PHQVDMH GH HUURU (VWD HV XQD GH ODV RSFLRQHV GH PD\RU XWLOLGDG SDUD HO
WUD]DGR UiSLGR \ H[DFWR GH GLEXMRV 3HUPLWH XWLOL]DU ORV SXQWRV PiV LPSRUWDQWHV GH XQ REMHWR \D
GLEXMDGRSDUDSRGHUJHQHUDURWUR*UDFLDVDHOORGXUDQWHHOGLEXMRGHXQQXHYRREMHWRSRGUiFRORFDUVH
VREUHXQSXQWRGHXQREMHWRDQWHULRUWDOHVFRPRDOILQDOHQODPLWDGHQHOFHQWURHQXQFXDGUDQWHHQ
XQSXQWRHWF
(VWD RSFLyQ SXHGH DFWLYDUVH R GHVDFWLYDUVH SXOVDQGR VREUH HO ERWyQ 261$3 GH OD EDUUD GH HVWDGR y
SXOVDQGRODWHFOD)
7DPELpQSXHGHKDELOLWDUODHVSHFLILFDFLyQGHTXpSXQWRVGHVHDFRQWURODUFRQHO2EMHFW6QDSKDFLHQGR
FOLFGHUHFKRVREUHHOERWyQ261$3GHODEDUUDGHHVWDGR\HOLJLHQGRODRSFLyQ6HWWLQJVILMDUFDPELRV
WUDV OR FXDO VH PRVWUDUi OD YHQWDQD 'UDIWLQJ 6HWWLQJV SDUiPHWURV GHO GLEXMR OD FXDO PRVWUDUi ORV
GLIHUHQWHV0RGRVGH5HIHUHQFLDD2EMHWRV2EMHFW6QDS0RGHV

$872'(6.$872&$'

$872'(6.$XWR&$'
2EMHFW6QDS5HIHUHQFLDDREMHWRV
'HILQLFLyQ 3HUPLWH HPSOHDU FRPR UHIHUHQFLD
ORV SXQWRV PiV VLJQLILFDWLYRV GH HOHPHQWRV \D
GLEXMDGRV
&RPR UHVXOWDGR DSDUHFHUi XQ PHQ~ FRQWH[WXDO

GHWRGDVODVUHIHUHQFLDVSXGLHQGRHOHJLUODTXH
GHVHDPRVXVDU
2EMHFW 6QDS 2Q 5HIHUHQFLD D REMHWRV

DFWLYDGD
(VWD RSFLyQ SHUPLWH $FWLYDU'HVDFWLYDU OD
UHIHUHQFLDDREMHWRV
7DPELpQ SXHGH KDFHUVH PHGLDQWH ) R
SXOVDQGRHOERWyQ261$3
2EMHFW 6QDS PRGHV 0RGRV GH UHIHUHQFLD D

REMHWRV
(VWD RSFLyQ SHUPLWH $FWLYDU'HVDFWLYDU ORV

GLIHUHQWHVSXQWRVVLJQLILFDWLYRV
1R HV UHFRPHQGDEOH WHQHU WRGRV ORV SXQWRV
DFWLYDGRV \D TXH JHQHUDUtD JUDQ FRQIXVLyQ
D ODKRUDGHGLEXMDU
o
3HUVRQDOPHQWH UHFRPLHQGR WHQHU

DFWLYDGRV ~QLFDPHQWH (QGSRLQW
0LGSRLQW &HQWHU 4XDGUDQW H
,QWHUVHFWLRQ\HOUHVWRVyORDFWLYDUORV
HQFDVRGHQHFHVLGDG
/RVSXQWRVHPSOHDGRV\ORVVtPERORVFRQORV
TXHVHUHSUHVHQWDQVRQ
3RGHPRV WDPELpQ GH XQD PDQHUD PiV UiSLGD

DFFHGHU D HVWDV UHIHUHQFLDV PHGLDQWH OD
SXOVDQGR D OD YH] OD WHFOD 6+,)7 %271
'(5(&+2GHOPRXVH

$872'(6.$872&$'
$GHPiV SRGHPRV KDFHU DSDUHFHU WDPELpQ OD

EDUUD GH KHUUDPLHQWDV 2EMHFW 6QDS 5HIHUHQFLD
D REMHWRV 3DUD OR FXDO KDJD FOLF GHUHFKR HQ
FXDOTXLHU LFRQR \ VHOHFFLRQH 2EMHFW 6QDS GHO
PHQ~FRQWH[WXDO
2EMHFW6QDS
,FRQR
(QGSRLQW
3XQWRILQDO
0LGSRLQW
3XQWRPHGLR
&HQWHU
&HQWUR
4XDGUDQW
&XDGUDQWH
/tQHDGH
FRPDQGR
8VRGHODUHIHUHQFLDDREMHWRV
(1'
,QGLFDHOSXQWRH[WUHPRGHXQDOtQHDDUFRRFXUYD
0,'
,QGLFD HO SXQWR PHGLR GH XQD OtQHD DUFR FXUYD

DULVWD
&(1
48$
1RGH
3XQWR
$ FRQWLQXDFLyQVHSUHVHQWDXQDOLVWDFRQORV
SXQWRV2VQDSTXHRIUHFH$XWR&$'
12'
,QGLFDHOFHQWURGHDUFRVFtUFXORV\HOLSVHV
,QGLFDORVFXDGUDQWHVGHDUFRVFtUFXORV\HOLSVHV
,QGLFDXQREMHWR3XQWR
$UFR
/RVSXQWRVTXHVHSXHGHQFDSWXUDUGHODILJXUDV
EiVLFDVVRQ
/tQHD
3XQWR
/RVH[WUHPRV
(OSXQWRPHGLR
5HFWiQJXOR
/RV
FXDWUR
H[WUHPRV
/RVSXQWRVPHGLRV
GHFDGDODGR
(OSXQWR
&LUFXQIHUHQFLD
/RVH[WUHPRV
(OSXQWRVPHGLR
(OFHQWUR
/RV FXDGUDQWDOHV
GH\
(OLSVH
(OFHQWUR
/RVFXDGUDQWDOHVGH
r \r
(OFHQWUR
/RVFXDGUDQWDOHV
GHr \
r

$872'(6.$XWR&$'
9, 'LEXMDQGRHQWLGDGHVVLPSOHVHQ'
/tQHDGHFRPDQGR
(QWLGDGHVRREMHWRVVLPSOHV
$OLDV
,FRQR
/
([SORUDGRUGHPHQ~V
/LQH
/tQHD
'UDZ!/LQH
3RLQW
3XQWR
32
'UDZ!3RLQW!6LQJOH3RLQW
&LUFOH
&tUFXOR
&
'UDZ!&LUFOH
$UF
$UFR
$
'UDZ!$UF
5HFWDQJ
5HFWiQJXOR
5(&
'UDZ!5HFWDQJOH
3RO\JRQ
3ROtJRQR
32/
'UDZ!3RO\JRQ
(OOLSVH
(OLSVH
(/
'UDZ!(OOLSVH
/LQH
/tQHD
'HILQLFLyQ(VWHFRPDQGRSHUPLWHGLEXMDUXQVHJPHQWRGHUHFWDLQGLFDQGRVXVSXQWRVLQLFLDO\ILQDO(O
SXQWR ILQDO GHO SULPHU VHJPHQWR SDVD D VHU HO FRPLHQ]R GHO VLJXLHQWH VHJPHQWR GH OD FDGHQD GH
VHJPHQWRV(VWHFRPDQGRWHUPLQDUiDOSXOVDU(17(5RODEDUUDHVSDFLDGRUD
&RPPDQGOLQH
6SHFLI\ILUVWSRLQW
6SHFLI\QH[WSRLQWRU>8QGR@
6SHFLI\QH[WSRLQWRU>&ORVH8QGR@
&RPDQGR/,1($
3UHFLVHSULPHUSXQWR3UHFLVHXQSXQWRRSXOVH(17(5SDUDFRQWLQXDUGHVGHOD~OWLPDOtQHDRDUFR
GLEXMDGRV
3UHFLVHVLJXLHQWHSXQWRR>GHV+DFHU@
3UHFLVHVLJXLHQWHSXQWRR>GHV+DFHU@
3UHFLVHVLJXLHQWHSXQWRR>&HUUDUGHV+DFHU@
3XOVDU(6&SDUDILQDOL]DUHOFRPDQGR
3URFHGLPLHQWR
7DPELpQVHSXHGHILQDOL]DUFRQ(17(5R
(MHFXWDUHOFRPDQGR
%$55$(63$&,$'25$
(QODOtQHDGHFRPDQGRDSDUHFH
2SFLRQHV
3UHFLVHSULPHUSXQWR
&ORVH&HUUDU
,QWURGXFLU XQ SXQWR KDFLHQGR FOLF
8QH HO SXQWR ILQDO FRQ HO SXQWR LQLFLDO
VREUHHOiUHDJUiILFDRLQWURGXFLHQGR
IRUPDQGRXQDOtQHDSROLJRQDOFHUUDGD
ODVFRRUGHQDGDVGHOSXQWR
3UHFLVH
VLJXLHQWH
SXQWR
R
>&HUUDUGHV+DFHU@
,QWURGXFLU XQ SXQWR KDFLHQGR FOLF
VREUHHOiUHDJUiILFDRLQWURGXFLHQGR
ODVFRRUGHQDGDVGHOSXQWR
3RU GHIHFWR VH HQFDGHQDQ OtQHDV
KDVWDTXHVHILQDOLFHHOFRPDQGR

$QWHVGHVHOHFFLRQDUOD
RSFLyQ&ORVH
'HVSXpV GH VHOHFFLRQDU

ODRSFLyQ&ORVH
$872'(6.$872&$'
8QGR'HVKDFHU
3HUPLWH HOLPLQDU GH IRUPD VXFHVLYD ODV
OtQHDVFUHDGDVVLQILQDOL]DUHOFRPDQGR
$QWHVGHVHOHFFLRQDUODRSFLyQ8QGR
$QWHVGHSXOVDU
'HVSXpVGHSXOVDU(17(5
(17(5
6L HO ~OWLPR REMHWR GLEXMDGR HV XQ DUFR
HVWD RSFLyQ GLEXMDUi XQD OtQHD WDQJHQWH
DODUFRHQVXSXQWRGHFRQH[LyQFRQHOOD
&RQHVWHPpWRGRFDPELDHOIRUPDWRGHO
FRPDQGR TXH VROLFLWD OD ORQJLWXG GH OD
OtQHD HQ OXJDU GH ODV FRRUGHQDGDV GHO
VLJXLHQWHSXQWR(OFRPDQGR$5&2WLHQH
XQDRSFLyQDQiORJD
'HVSXpVGHVHOHFFLRQDUODRSFLyQ8QGR
&RQWLQXH&RQWLQXDU
1R HV XQD RSFLyQ GHO FRPDQGR
SURSLDPHQWH GLFKD 6L FXDQGR VH
HPSLH]D XQD QXHYD OtQHD VH UHVSRQGH D
ODSUHJXQWD3ULFLVH SULPHU SXQWRFRQ
(17(5 pVWD VH GLEXMDUi HQOD]DGD D OD
~OWLPDOtQHD

3UREOHPD
'LEXMDUODVLJXLHQWHILJXUD1RGLPHQVLRQDU
'HVSXpVGHSXOVDU(17(5
$QWHVGHSXOVDU
(17(5
&RQ/,1(SXHGHFUHDUXQDVHULHGHVHJPHQWRV
GHOtQHDFRQWLJXRV&DGDVHJPHQWRHVXQREMHWR
GHOtQHDTXHVHSXHGHHGLWDUSRUVHSDUDGR
3UREOHPD
'LEXMDUODVLJXLHQWHILJXUD1RGLPHQVLRQDU

$872'(6.$XWR&$'
3UREOHPD
'LEXMDUOD9,*$,HQFRRUGHQDGDVUHFWDQJXODUHVDEVROXWDV\HQFRRUGHQDGDVUHFWDQJXODUHVUHODWLYDV
3UREOHPD
'LEXMDUOD&$1$/HQFRRUGHQDGDVUHFWDQJXODUHVDEVROXWDV\HQFRRUGHQDGDVUHFWDQJXODUHVUHODWLYDV

$872'(6.$872&$'
3UREOHPD
'LEXMHHOSROtJRQRLUUHJXODUGHODILJXUDXWLOL]DQGRODVGLPHQVLRQHVGDGDVVREUHXQDKRMD$1R
FRORTXHODVGLPHQVLRQHV'LEXMHHQSXOJDGDV
3UREOHPD
'LEXMDUHOVLJXLHQWHVHOOR

$872'(6.$XWR&$'
3UREOHPD
'LEXMHHOREMHWRPRVWUDGRHQODILJXUDXVDQGRHO
VLVWHPDGHFRRUGHQDGDVUHFWDQJXODUHVDEVROXWDV
R UHODWLYDVRHOVLVWHPDGHFRRUGHQDGDVSRODUHV
UHODWLYDV 'LEXMH VHJ~Q ODV GLPHQVLRQHV
PRVWUDGDV HQ OD ILJXUD SHUR QR GLPHQVLRQH HO
ERFHWR /DV GLPHQVLRQHV VRQ VyOR SDUD VX
UHIHUHQFLD
3RLQW
3XQWR
'HILQLFLyQ(VWHFRPDQGRVHHQFDUJDGHJHQHUDUSXQWRVVHxDOiQGRORVGLUHFWDPHQWHHQHOiUHDJUiILFD
R LQWURGXFLHQGR VXV FRRUGHQDGDV /RV SXQWRV VRQ XVDGRV FRPR QRGRV R SXQWRV GH UHIHUHQFLD HQ XQ
GLEXMR 7UDV KDEHU XWLOL]DGR SXQWRV ORV SRGUi RFXOWDU VL IXHUD QHFHVDULR /RV SXQWRV WDPELpQ VRQ
LQVHUWDEOHVPHGLDQWHHOXVRGHRWURVFRPDQGRVFRPR',9,'(\0($685(
&RPPDQG32,17
&XUUHQWSRLQWPRGHV3'02'( 3'6,=(

6SHFLI\DSRLQW
&RPDQGR38172
0RGRVGHSXQWRDFWXDOHV3'02'( 3'6,=(

3UHFLVHXQSXQWR
3HUPLWHFUHDUYDULRVSXQWRVVLQILQDOL]DUHOFRPDQGR
3URFHGLPLHQWR
o
o
(MHFXWDUHOFRPDQGRGHVGHHOPHQ~'UDZ'LEXMRRKDFLHQGRFOLFHQHOLFRQR

3UHFLVHXQSXQWR
+DFHUXQFOLFVREUHXQSXQWR
(OSXQWRWDPELpQVHSXHGHLQWURGXFLUPHGLDQWHFRRUGHQDGDV
3UHFLVHXQSXQWR
6HLQWURGXFHSXQWRVKDVWDTXHVHILQDOLFHHOFRPDQGR
o 3XOVDU(6&SDUDILQDOL]DUHOFRPDQGR

''37<3(
'HILQLFLyQ9DUtDHOIRUPDWRGHYLVXDOL]DFLyQGHOSXQWR

)250$7!32,1767</(
)250$72!7,32'(38172
$872'(6.$872&$'
'HVFULSFLyQ
$SDUHFHHOFXDGURGHGLiORJR3RLQW6W\OH(VWLORGHSXQWR
/DV YDULDEOHV GH VLVWHPD 3'02'( \ 3'6,=(

FRQWURODQHODVSHFWRGHORVREMHWRVGHSXQWR
3'02'(
&RQWUROD FRPR VH PXHVWUDQ ORV REMHWRV GH

SXQWR /RV YDORUHV \ GH 3'02'(
HVWDEOHFHQ XQD ILJXUD TXH GHEH GLEXMDUVH D
WUDYpV GHO SXQWR 8Q YDORU GH HVSHFLILFD TXH
QRVHPXHVWUDQDGD

6LVHSUHFLVDHOYDORURVHVHOHFFLRQD
HO GLEXMR GH XQD IRUPD DOUHGHGRU GHO SXQWR
DGHPiVGHODILJXUDTXHSDVDDWUDYpVGHpVWH
6H SXHGH FDPELDU HO IRUPDWR GH

YLVXDOL]DFLyQGHOSXQWRKDFLHQGRFOLFVREUHHO
IRUPDWRGHVHDGR
3RLQW6L]H7DPDxRGHSXQWR
o
3HUPLWH LQWURGXFLU HO WDPDxR GHO

SXQWR FRPR SRUFHQWDMH R HQ
XQLGDGHVDEVROXWDV
6HW6L]H5HODWLYHWR6FUHHQ(VWDEOHFHU
WDPDxRUHODWLYHDSDQWDOOD
o
3HUPLWH GHILQLU HO WDPDxR GHO SXQWR

FRPR SRUFHQWDMH UHIHUHQWH DO
WDPDxRGHODSDQWDOOD]RRPDFWXDO
&RQ HVWD RSFLyQ VH FRQVLJXH TXH HO

WDPDxRGHOSXQWRQRVHYHDDIHFWDGR
DOKDFHU]RRP
(Q FDVR GH TXH QR VH PRGLILTXH
DXWRPiWLFDPHQWH HO WDPDxR GH ORV
SXQWRV
+DFHU FOLF HQ 9LHZ ! 5HJHQ

9HU!5HJHQHUDU
6HW 6L]H LQ $EVROXWH 8QLWV (VWDEOHFHU

WDPDxRHQXQLGDGHVDEVROXWDV
o
3'6,=(
&RQWUROD HO WDPDxR GH ODV ILJXUDV GH SXQWR

VDOYRHQORVYDORUHV\GH3'02'(8QYDORU
JHQHUDHOSXQWRDOSRUFLHQWRGHODDOWXUDGHO
iUHD JUiILFD 8Q YDORU SRVLWLYR GH 3'6,=(
HVSHFLILFD XQ WDPDxR DEVROXWR SDUD ODV ILJXUDV
GHSXQWR8QYDORUQHJDWLYRVHLQWHUSUHWDFRPR
XQSRUFHQWDMHGHOWDPDxRGHODYHQWDQDJUiILFD
(O WDPDxR GH WRGRV ORV SXQWRV YXHOYH D
FDOFXODUVHDOUHJHQHUDUHOGLEXMR
'HVSXpV GH FDPELDU 3'02'( \ 3'6,=( OD
SUy[LPDYH]TXHVHUHJHQHUHHOGLEXMRFDPELDUi
HODVSHFWRGHORVSXQWRVH[LVWHQWHV
3HUPLWH GHILQLU HO WDPDxR GHO SXQWR

HQXQLGDGHVDEVROXWDV

$872'(6.$XWR&$'
7UDFH
7UD]R
3DUDGLEXMDUVHJPHQWRVUHFWRVFRQXQJURVRUGHWHUPLQDGR(OREMHWRWUD]RHVWDGHILQLGRSRUXQDOtQHD
TXHDSOLFDKDFLDDPERVODGRVHOJURVRULQGLFDGR\VLHPSUHDFDEDQHQiQJXORUHFWR75$=2FDOFXODORV
ELVHOHVFRUUHFWRVGHIRUPDDXWRPiWLFDSDUDFRQHFWDUORVDORVVHJPHQWRVDG\DFHQWHV&DGDVHJPHQWRVH
GLEXMDGHVSXpVGHSUHFLVDUHOVHJPHQWRVLJXLHQWHRSXOVDU(17(5'HELGRDODIRUPDHQTXHVHJHVWLRQD
HOELVHODGR75$=2QRSHUPLWHODRSFLyQGHGHVKDFHUORVFDPELRV
/RV WUD]RV VH UHOOHQDQ FXDQGR HO PRGR 5HOOHQDU ),// HVWi DFWLYDGR 6L HVWi GHVDFWLYDGR VyOR VH
PXHVWUDHOFRQWRUQRGHXQWUD]R

&RPPDQG75$&(
6SHFLI\WUDFHZLGWK!
6SHFLI\VWDUWSRLQW
6SHFLI\QH[WSRLQW
&RPDQGR75$=2
&RPDQGR75$=2
3UHFLVHJURVRU!
3UHFLVHSXQWRLQLFLDO
3UHFLVHVLJXLHQWHSXQWR
&LUFOH
)LOODFWLYDGR
)LOOGHVDFWLYDGR
&tUFXOR
'HILQLFLyQ (VWH FRPDQGR GLEXMD HO REMHWR FtUFXOR PHGLDQWH FLQFR SURFHGLPLHQWRV GLIHUHQWHV HO
SURFHGLPLHQWRSRUGHIHFWRHVHVSHFLILFDUHOFHQWUR\HOUDGLR/RVFtUFXORVVRQXVDGRVSDUDUHSUHVHQWDU
DJXMHURVGLVFRVFROXPQDVHMHVHWF
&RPPDQG&,5&/(
&RPDQGR&,5&8/2
6SHFLI\FHQWHUSRLQWIRUFLUFOHRU>337WUWDQWDQUDGLXV@

3UHFLVHXQSXQWRFHQWUDOSDUDHOFtUFXORR>337WUWDQJHQWHWDQJHQWHUDGLR@
2SFLRQHV
&HQWHU\5DGLXV2SFLyQSRUGHIHFWR
0pWRGRSDUDGLEXMDUXQFtUFXORPHGLDQWHHOFHQWUR\HOUDGLR

$872'(6.$872&$'
&RPPDQG&,5&/(
6SHFLI\FHQWHUSRLQWIRUFLFOHRU>337WUWDQWDQUDGLXV@3

6SHFLI\UDGLXVRIFLUFOHRU>'LDPHWHU@
&HQWHU\'LDPHWHU2SFLyQSRUGHIHFWR
0pWRGRSDUDGLEXMDUXQFtUFXORPHGLDQWHHOFHQWUR\HOGLiPHWUR
&RPPDQG&,5&/(

6SHFLI\UDGLXVRIFLUFOHRU>'LDPHWHU@'
6SHFLI\GLDPHWHURIFLUFOH
3
0pWRGRSDUDGLEXMDUXQFtUFXORPHGLDQWHSXQWRVGHSDVR
&RPPDQG&,5&/(

6SHFLI\ILUVWSRLQWRQFLUFOH3
6SHFLI\VHFRQGSRLQWRQFLUFOH3
6SHFLI\WKLUGSRLQWRQFLUFOH3
3
0pWRGRSDUDGLEXMDUXQFtUFXORPHGLDQWHSXQWRVTXHVRQORVH[WUHPRVGHXQGLiPHWUR
&RPPDQG&,5&/(

6SHFLI\ILUVWHQGSRLQWRIFLUFOH
VGLDPHWHU3
6SHFLI\VHFRQGHQGSRLQWRIFLUFOH
VGLDPHWHU3
7WU
0pWRGRSDUDGLEXMDUXQFtUFXORWDQJHQWHDGRVREMHWRVFRQXQUDGLRGHWHUPLQDGR
&RPPDQG&,5&/(

6SHFLI\SRLQWRQREMHFWIRUILUVWWDQJHQWRIFLUFOH7
6SHFLI\SRLQWRQREMHFWIRUVHFRQGWDQJHQWRIFLUFOH7
6SHFLI\UDGLXVRIFLUFOH
7WW
0pWRGRSDUDGLEXMDUXQFtUFXORWDQJHQWHDWUHVREMHWRVSUHYLDPHQWHGLEXMDGRV
3HURHVWiRSFLyQQRHVWDHQODVRSFLRQHVGHOFRPDQGRFLUFOH
3DUDDFFHGHUKD\TXHHQWUDUSRUODEDUUDGHPHQ~
'UDZ!&LUFOH!7DQ7DQ7DQ

&RPPDQGBFLUFOH
6SHFLI\FHQWHUSRLQWIRUFLUFOHRU>337WUWDQWDQUDGLXV@BS
6SHFLI\ILUVWSRLQWRQFLUFOHBWDQWR
6SHFLI\VHFRQGSRLQWRQFLUFOHBWDQWR
6SHFLI\WKLUGSRLQWRQFLUFOHBWDQWR

$872'(6.$XWR&$'
3DUDGLEXMDUORVFtUFXORVWDPELpQSRGHPRVXWLOL]DUODEDUUDGHPHQ~VRORVERWRQHVGHODVEDUUDVGH
KHUUDPLHQWDVFRPRVHPXHVWUDDFRQWLQXDFLyQ
&LQWDGHRSFLRQHV
,FRQR
3URFHGLPLHQWR
,QGLFDQGR HO &(1752 \HO 5$',2(VWH HV
HO PpWRGR SRU GHIHFWR EDVWD FRQ
UHVSRQGHU FRQ OD XELFDFLyQ GHO FHQWUR \
OXHJRODPDJQLWXGGHOUDGLR

(MHPSOR
6HSXHGHLQGLFDUHOUDGLRWLSHDQGRHOYDORU
GHO PLVPR R LQGLFDQGR FRQ HO FXUVRU XQ
SXQWRGHODFLUFXQIHUHQFLD
UDGLXV
&LQWDGHRSFLRQHV
,FRQR
3URFHGLPLHQWR
,QGLFDQGRHO&(1752\HO',0(752
/XHJRGHLQGLFDUHOFHQWURVHVHOHFFLRQDOD
RSFLyQGLiPHWUR\VHLQGLFDODPDJQLWXG
GHpVWHWLSHiQGRORRLQGLFiQGRORFRQHO
FXUVRU

(MHPSOR
6HSXHGHHVFULELUXQDGLPHQVLyQRVHxDODU
XQSXQWRFRQHOPRXVH
GLDPHWHU

$872'(6.$872&$'
&LQWDGHRSFLRQHV
,FRQR
3URFHGLPLHQWR
,QGLFDQGR '26 381726 TXH FRLQFLGHQ
FRQ ORV H[WUHPRV GHO GLiPHWUR GH OD
FLUFXQIHUHQFLDTXHVHYDDGLEXMDU

(MHPSOR
3
&LQWDGHRSFLRQHV
,FRQR
3URFHGLPLHQWR
,QGLFDQGR75(6381726SRUORVFXDOHVVH
GHVHDTXHSDVHODFLUFXQIHUHQFLDTXHVH
YDGLEXMDU

(MHPSOR
3

$872'(6.$XWR&$'
&LQWDGHRSFLRQHV
,FRQR
3URFHGLPLHQWR
6HGHEHUiLQGLFDUHOUDGLRGHFtUFXOR
(MHPSOR
775

&LQWDGHRSFLRQHV

,FRQR
3URFHGLPLHQWR
&RQ OD RSFLyQ 777 VH ORJUD GLEXMDU XQD
FLUFXQIHUHQFLD GH UDGLR GHWHUPLQDGR
WDQJHQWHV D WUHV REMHWRV SUHYLDPHQWH
GLEXMDGDV

(MHPSOR
777
$872'(6.$872&$'
3UREOHPD
$EULUODSODQWLOODFLUFOH\FRPSOHWDUSDUDTXHVHYHDVLPLODUDODILJXUDPRVWUDGD

$872'(6.$XWR&$'
3UREOHPD
'LEXMDUHOFRPSiV'RVGHODVOtQHDVLQFOLQDGDV
GHORQJLWXG\ODVGRVOtQHDVYHUWLFDOHVGH
ORQJLWXGLQLFLDQHQORVFXDGUDQWDOHVGH\
GHODFLUFXQIHUHQFLDPD\RU
5DGLR
'LEXMDU OD SDUWH VXSHULRU GH VXMHFLyQ GHO

FRPSiV(OWUD]DGRGHODVOtQHDVHPSLH]DHQXQ
SXQWRGHIRU]DGRGHFXUVRUTXHFRLQFLGHFRQHO
FXDGUDQWHGHOFtUFXORH[WHULRU
/
&RPDQGR/,1($
'HVGHHOSXQWRFXDGUDQWHL]TXLHUGR
$OSXQWR#
$OSXQWR#
$OSXQWR#
$OSXQWR#
$OSXQWR#
$OSXQWR#
$OSXQWR#
$OSXQWR (17(5SDUDWHUPLQDU
'LEXMDUODVSDWDVGHOFRPSiV(OWUD]DGRGHODV
OtQHDVHPSLH]DHQXQSXQWRGHIRU]DGRGH
FXUVRUTXHFRLQFLGHFRQORVFXDGUDQWHVGHUHFKR
R L]TXLHUGRGHOFtUFXORH[WHULRU
'LEXMDUORVFtUFXORVGHJLURGHOFRPSiV
&
3VHVHxDODHOFHQWUR
5DGLR
&
# 3DUDTXHWRPHHOPLVPRFHQWUR

&RPDQGR/,1($
'HVGHHOSXQWRFXDGUDQWHGHUHFKR
$OSXQWR#
$OSXQWR#
$OSXQWR#
$OSXQWR (17(5SDUDWHUPLQDU
$872'(6.$872&$'
&RPDQGR/,1($
'HVGHHOSXQWRFXDGUDQWHL]TXLHUGR
$OSXQWR#
$OSXQWR#
'RQXW
$OSXQWR#
$OSXQWR#
$OSXQWR
(17(5SDUDWHUPLQDU
$UDQGHODV
'HILQLFLyQ/DVDUDQGHODVVRQDQLOORVUHOOHQRVRFtUFXORVUHOOHQRVVyOLGRVTXHHQUHDOLGDGVRQSROLOtQHDV
FHUUDGDVFRQXQFLHUWRJURVRU
3DUDFUHDUXQDDUDQGHODHVSHFLILTXHORVGLiPHWURVLQWHULRU\H[WHULRUDVtFRPRHOFHQWUR6LORGHVHD
SUHFLVHGLIHUHQWHVFHQWURVSDUDFRQWLQXDUFUHDQGRGLIHUHQWHVFRSLDVFRQHOPLVPRGLiPHWUR3DUDFUHDU
XQFtUFXORUHOOHQRVyOLGRDVLJQHDOGLiPHWURLQWHULRUHOYDORU0X\~WLOSDUDSXQWRVGHFRQH[LyQGH
HVTXHPDVHOpFWULFRV

&RPPDQG'2187
6SHFLI\LQVLGHGLDPHWHURIGRQXW!
6SHFLI\RXWVLGHGLDPHWHURIGRQXW!
6SHFLI\FHQWHURIGRQXWRUH[LW!
&RPDQGR$5$1'(/$
3UHFLVHGLiPHWURLQWHULRUGHDUDQGHOD!
3UHFLVHGLiPHWURH[WHULRUGHDUDQGHOD!
3UHFLVHFHQWURGHDUDQGHODR6DOLU!
&RQWUROGHUHOOHQRV
3XHGH FRQWURODU OD YLVXDOL]DFLyQ R
QR GH ORV UHOOHQRV \D VHD GH
GRQDV SROLOtQHDV FRQ JURVRU HWF
SRUPHGLRGHOFRPDQGR),//
5HOOHQDUGRQGHODRSFLyQ21PDQWLHQHDFWLYR
ODYLVXDOL]DFLyQGHORVUHOOHQRV\ODRSFLyQ2))
GHVDFWLYDODYLVXDOL]DFLyQGHUHOOHQRV
)LOODFWLYDGR)LOOGHVDFWLYDGR
7UDVKDEHUDSOLFDGRDOJXQDGHODVPRGDOLGDGHV
GH),//HVQHFHVDULRUHJHQHUDUHOHQWRUQR
PHGLDQWHHOFRPDQGR5(*(1SDUDDFWXDOL]DUORV
FDPELRV
'LEXMDUODVDUDQGHODVGHGLiPHWURLQWHULRU\
GLiPHWURH[WHULRUHQORVSXQWRVVHxDODGRV
3UREOHPD
$EULUODSODQWLOODGRQXW\FRPSOHWDUSDUDTXHVH
YHDVLPLODUDODILJXUDPRVWUDGD

$872'(6.$XWR&$'
'LEXMDUODDUDQGHODGHGLiPHWURLQWHULRU\
GLiPHWURH[WHULRUHQHOSXQWRVHxDODGR
'HVLJQDFLyQSRUVHOHFFLyQP~OWLSOH
$UUDVWUH HO FXUVRU GH GHUHFKD D L]TXLHUGD SDUD
GHVLJQDU ORV REMHWRV TXH LQFOX\H R FUX]D OD
YHQWDQDUHFWDQJXODU
9,,02'26 '( 6(/(&&,21$5

2%-(726
'LUHFWD
&OLFVREUHXQREMHWR
'HVLJQDFLyQSRUYHQWDQD
$UUDVWUH HO FXUVRU GH L]TXLHUGD D GHUHFKD SDUD
GHVLJQDU ~QLFDPHQWH ORV REMHWRV TXH TXHGDQ
WRWDOPHQWHLQFOXLGRVHQHOiUHDUHFWDQJXODU

6HOHFFLyQFtFOLFD
&XDQGR KD\D YDULRV REMHWRV VXSHUSXHVWRV
XELTXH HO FXUVRU VREUH HOORV PDQWHQJD SXOVDGD
OD WHFOD 0$<6 R 6+,)7 \ SXOVH OD %$55$
(63$&,$'25$ UHSHWLGDPHQWH SDUD UHFRUUHU
FtFOLFDPHQWHORVREMHWRVVRODSDGRV&XDQGRHVWH
GH DFXHUGR HQ HO REMHWR D VHOHFFLRQDU SXOVH HO
ERWyQL]TXLHUGRGHOPRXVHSDUDVHOHFFLRQDU
$872'(6.$872&$'
1RWDV
6L VH GHVHD VHOHFFLRQDU PiV REMHWRV GH
ORV \D VHOHFFLRQDGRV VLPSOHPHQWH VLJD
VHOHFFLRQDQGR SRU FXDOTXLHUD GH ORV
PpWRGRVGHVHOHFFLyQ
9,,,
3DUD GHVPDUFDU WRGRV ORV REMHWRV SXOVH

ODWHFOD(6&
3DUD GHVPDUFDU XQ REMHWR PDQWHQHU

SXOVDGR OD WHFOD 6+,)7 \ VHOHFFLRQDU HO
REMHWRDGHVPDUFDU
3DUD HOLPLQDU REMHWRV \D VHOHFFLRQDGRV

SUHVLRQDUODWHFOD'(/(7(R6835
02'26'(5()(5(1&,$$2%-(726,,
2EMHFW6QDS
,QWHUVHFWLRQ
,QWHUVHFFLyQ
,FRQR
/tQHDGH
FRPDQGR
8VRGHODUHIHUHQFLDDREMHWRV
,17
,QGLFDODLQWHUVHFFLyQHQWUHGRVREMHWRV
(;7
,QGLFDODSURORQJDFLyQGHXQREMHWR
$SSDUHQWLQWHUVHFWLRQ
,QWHUVHFFLyQILFWLFLD
$33
,QGLFD HO SXQWR GH LQWHUVHFFLyQ DSDUHQWH HQWUH GRV

REMHWRVTXHQRVHLQWHUVHFDQ
3HUSHQGLFXODU
3HUSHQGLFXODU
3(5
,QGLFDHOSXQWRSHUSHQGLFXODUDXQREMHWR
7$1
,QGLFDHOSXQWRWDQJHQWHDXQREMHWR
1($
,QGLFD HO SXQWR GHO REMHWR PiV SUy[LPR DO SXQWR

VHxDODGR
3$5
6HxDODQGRXQVHJPHQWR\PRYLHQGRHOFXUVRULQGLFD
ODGLUHFFLyQSDUDOHODDGLFKRVHJPHQWR
([WHQVLyQ
([WHQVLyQ
7DQJHQW
7DQJHQWH
1HDUHVW
&HUFDQR
3DUDOOHO
3DUDOHOR
)URP
'HVGH
)520
(VWDEOHFH XQ SXQWR GH UHIHUHQFLD WHPSRUDO FRPR

SXQWREDVHSDUDGHVIDVDUSXQWRVSRVWHULRUHV

$872'(6.$XWR&$'
3UREOHPD
8QLUORVSXQWRVILQDOHV
3UREOHPD
8QLUORVSXQWRVPHGLRV
3UREOHPD
8QLUORVSXQWRVFHQWURV
3UREOHPD
8QLUORVSXQWRVFXDGUDQWDOHV
3UREOHPD
8QLUORVSXQWRVGHLQWHUVHFFLyQ
3UREOHPD
([WHQGHUODOtQHDXQDGLVWDQFLDGH

$872'(6.$872&$'
3UREOHPD
7UD]DUODFXHUGD
3UREOHPD
7UD]DUODVUHFWDVWDQJHQWHVDORVFtUFXORV
3UREOHPD
7UD]DUODVUHFWDVWDQJHQWHVDORVFtUFXORV
3UREOHPD
7UD]DU OD UHFWD GHO SXQWR PHGLR D OD LQWHUVHFFLyQ
ILFWLFLD
3UREOHPD
7UD]DUODVSHUSHQGLFXODUHV
3UREOHPD
7UD]DUODVSHUSHQGLFXODUHV

$872'(6.$XWR&$'
3UREOHPD

8QLU ORV
SXQWRV GHO
DO FRQ
OtQHDV
/XHJRXQLU
ORV SXQWRV
GHO DO

FRQ
OtQHDV
3UREOHPD
3UREOHPD
7UD]DUODPD\RUGLVWDQFLDGHOH[WUHPRL]TXLHUGRGH 7UD]DUODUHFWDSDUDOHODTXHSDVHSRUHOSXQWR\
OD UHFWD KRUL]RQWDO D OD FLUFXQIHUHQFLD GH OD TXHWHQJDXQDORQJLWXGGH
L]TXLHUGD \ WUD]DU OD PHQRU GLVWDQFLD GHO H[WUHPR
GHUHFKR GH OD UHFWD KRUL]RQWDO D OD FLUFXQIHUHQFLD
GHODGHUHFKD
3UREOHPD
'LEXMDU ORV FtUFXORV \ HQ ODV
XELFDFLRQHVPRVWUDGDV

$872'(6.$872&$'
,; &21752/'(9,68$/,=$&,1(1',
=RRP
(VWDRUGHQSHUPLWHDFHUFDURDOHMDUXQGLEXMR
(O SURJUDPD FXHQWD FRQ YDULRV WLSRV GH
]RRPV DXQTXH GH PRPHQWR VyOR XWLOL]DUHPRV
WUHVGHHOORV

=RRPZLQGRZ=RRPYHQWDQD
6LUYH SDUD DPSOLDU XQD ]RQD
GHWHUPLQDGDGHOGLEXMR
9LVWDRULJLQDO
$QWHV
=RRP:LQGRZ

9LVWDDFWXDO
'HVSXpV
=RRP:LQGRZ
=RRPSUHYLRXV=RRPSUHYLR
3HUPLWH YROYHU D OD ~OWLPD
YLVXDOL]DFLyQ HIHFWXDGD $XWR&$'
DOPDFHQD
ODV
GLH]
~OWLPDV
YLVXDOL]DFLRQHV GH PDQHUD TXH VH
SXHGHQ LU REWHQLHQGR ODV GLH] ~OWLPDV
UHSLWLHQGR=RRPSUHYLRXV
'HVSXpV
=RRPSUHYLRXV
=RRPDOO=RRPWRGR
9LVXDOL]D WRGR HO GLEXMR 6L ORV REMHWRV
QRH[FHGHQGHORVOtPLWHVGHOGLEXMROD
YLVXDOL]DFLyQ VH SURGXFH KDVWD HVRV
OtPLWHV6LSRUHOFRQWUDULRORVREMHWRV
VREUHSDVDQ ORV OtPLWHV GHO GLEXMR OD
YLVXDOL]DFLyQ DEDUFD WRGRV ORV REMHWRV
H[LVWHQWHV &RLQFLGLHQGR HQ HVWH FDVR
FRQODRSFLyQ([WHQWV

$872'(6.$XWR&$'
$QWHV
=RRP$OO
; (',&,1%6,&$'((17,'$'(66(1&,//$6
(UDVH
'HILQLFLyQ 3HUPLWH ERUUDU

VHOHFFLRQDGRVGHOGLEXMR
&RPPDQG(5$6(
ORV
REMHWRV
'HVSXpV
=RRP$OO
%RUUD
6HOHFW REMHFWV 8WLOLFH XQ PpWRGR GH VHOHFFLyQ

GH REMHWRV \ SXOVH (17(5 FXDQGR KD\D
DFDEDGR
&RPDQGR%255$
6HOHFFLRQDUREMHWRV
3URFHGLPLHQWR
(MHFXWDUHOFRPDQGR
6HOHFFLRQDU ORV REMHWRV TXH VH

GHVHDQERUUDU
+DJDFOLFHQHOERWyQGHUHFKRGHO0RXVH
o
'HVSXpV(UDVH
3UREOHPD
%RUUDUORVREMHWRVXWLOL]DQGRODRSFLyQ&3RO\JRQ
R SXOVDU
3UREOHPD
%RUUDU ORV REMHWRV XWLOL]DQGR OD RSFLyQ )HQFH
%RUGH
$QWHV(UDVH

$QWHV(UDVH
$872'(6.$872&$'
'HVSXpV(UDVH
3UREOHPD
%RUUDUORVREMHWRVXWLOL]DQGRODRSFLyQ:LQGRZ
'HVSXpV(UDVH
3UREOHPD
%RUUDUORVREMHWRVXWLOL]DQGRODRSFLyQ&URVVLQJ
$QWHV(UDVH
$QWHV(UDVH
'HVSXpV(UDVH
3UREOHPD
%RUUDUODWROYD\ODVGLPHQVLRQHVGHOYHKLFXOR8WLOL]DUGLVWLQWRVPRGRVGHVHOHFFLyQ
$QWHV(UDVH
'HVSXpV(UDVH

$872'(6.$XWR&$'
7ULP
5HFRUWD
75
'HILQLFLyQ 3HUPLWH UHFRUWDU ORV REMHWRV LQGLFDGRV PHGLDQWH XQD DULVWD GH FRUWH GHILQLGD SRU RWURV
REMHWRV
&RPPDQG75,0
&XUUHQWVHWWLQJV3URMHFWLRQ 8&6(GJH 1RQH

6HOHFWFXWWLQJHGJHV
6HOHFWREMHFWVRUVHOHFWDOO!
6HOHFWREMHFWWRWULPRUVKLIWVHOHFWWRH[WHQGRU
>)HQFH&URVVLQJ3URMHFW(GJHH5DVH8QGR@
&RPDQGR5(&257$
3DUiPHWURVDFWXDOHV3UR\HFFLyQ 6&3$ULVWD 1LQJXQD

6HOHFFLRQHDULVWDVGHFRUWH
6HOHFFLRQHREMHWRV
6HOHFFLRQHREMHWRVDUHFRUWDURXVHODWHFOD6+,)7SDUDDODUJDUR
>%RUGH&DSWXUD3UR\HFFLyQ$ULVWD%RUUD'HVKDFHU@
3URFHGLPLHQWRV
0RGR
(MHFXWDUHOFRPDQGR
o
6HOHFFLRQDUORVREMHWRVTXHVHUiQWRPDGRVFRPRDULVWDVGHFRUWH
+DJDFOLFHQHOERWyQGHUHFKRGHOPRXVHRSXOVDU
o 6HOHFWREMHFWWRWULPRUVKLIWVHOHFWWRH[WHQGRU
+DFHUFOLFVREUHHOWUR]RGHOREMHWRTXHVHGHVHDERUUDU
6HSXHGHQERUUDUYDULRVWUR]RVGHGLIHUHQWHVREMHWRVVLHPSUH\FXDQGRDPERVREMHWRV
FRUWHQFRQHOGHUHIHUHQFLD
(MHFXWDUHOFRPDQGR
0RGRPiVUiSLGR
o

+DFHUFOLFHQHOERWyQGHUHFKRGHOUDWyQ
&RQHVWRVHVHOHFFLRQDQWRGRORVREMHWRVGHOGLEXMRFRPRDULVWDVGHFRUWH
o 6HOHFWREMHFWWRWULPRUVKLIWVHOHFWWRH[WHQGRU
+DFHUFOLFVREUHHOWUR]RGHOREMHWRTXHVHGHVHDERUUDU
6HSXHGHQERUUDUYDULRVWUR]RVGHGLIHUHQWHVREMHWRVVLHPSUH\FXDQGRDPERVREMHWRV
FRUWHQFRQHOGHUHIHUHQFLD
2SFLRQHVEiVLFDV
3URMHFW3UR\HFFLyQ~WLOVRORSDUD'

$872'(6.$872&$'
1RQH1LQJXQD
o
o
8FV6&3
o
/DVDULVWDVGHFRUWH\ORVREMHWRVDUHFRUWDUVHSUR\HFWDQVREUHHOSODQR;<GHOVLVWHPDGH
FRRUGHQDGDVDFWXDO
(QHVWHFDVRKD\LQWHUVHFFLyQHQHOSODQR;<SRUORTXHWDPELpQKD\UHFRUWH
9LHZ9LVWD
o
o
1RVHUHDOL]DQSUR\HFFLRQHV
6L ODV DULVWDV GH FRUWH \ ORV REMHWRV D UHFRUWDU HVWiQ HQ GLIHUHQWHV SODQRV QR KD\
LQWHUVHFFLyQSRUORTXHWDPSRFRKD\FRUWH
/DVDULVWDVGHFRUWH\ORVREMHWRVDUHFRUWDUVHSUR\HFWDQVREUHHOSODQRGHOSXQWRGHYLVWD
DFWXDO
(QHVWHFDVRKD\LQWHUVHFFLyQHQHOSODQRGHSUR\HFFLyQSRUORTXHWDPELpQKD\UHFRUWH
(GJH$ULVWD
([WHQG$ODUJDU
(OUHFRUWHWLHQHOXJDUDXQTXHQRKD\DLQWHUVHFFLyQHQWUHHOREMHWRDUHFRUWDU\ODDULVWDGH
FRUWH
o (VWR VH GHEH D TXH OD DULVWD VH DODUJD OR VXILFLHQWH FRPR SDUD TXH VH SURGX]FD OD
LQWHUVHFFLyQ
(VWH DODUJDPLHQWR QR TXHGD UHIOHMDGR HQ HO GLEXMR VyOR VH WLHQH HQ FXHQWD SDUD
UHDOL]DUHOUHFRUWH
1RH[WHQG1RDODUJDU
o
(OUHFRUWHQRVHSURGXFHVLQRKD\LQWHUVHFFLyQHQWUHHOREMHWRDUHFRUWDU\ODDULVWDGHFRUWH
(UDVH%RUUDU
8QGR'HVKDFHU
3HUPLWHHOLPLQDUXQREMHWRFRPSOHWRVLQILQDOL]DUHOFRPDQGR
3HUPLWHHOLPLQDUGHIRUPDVXFHVLYDORVUHFRUWHVUHDOL]DGRVVLQILQDOL]DUHOFRPDQGR
3UREOHPD
3UREOHPD
6HOHFFLRQDUODOtQHD
LQFOLQDGDDODL]TXLHUGD
FRPRILORFRUWDQWH\
OXHJRSXOVH(17(5
6HOHFFLRQDUHOSXQWR
3
6HOHFFLRQDUHOSXQWR
5HVXOWDGR
6HOHFFLRQDUODOtQHD
LQFOLQDGDDODL]TXLHUGD
FRPRILORFRUWDQWH\
OXHJRSXOVH(17(5
6HOHFFLRQDUHOSXQWR3
6HOHFFLRQDUODRSFLyQ
HGJHOXHJRH[WHQG
5HVXOWDGR

$872'(6.$XWR&$'
3UREOHPD
3UHVLRQDUHQWHUSDUD
TXHWRGRVVHDQILORV
FRUWDQWHV
6HOHFFLRQDUORVSXQWRV
LQGLFDGRV
3UREOHPD
5HFRUWDUSDUDTXHODILJXUDVXSHULRUVHYHDLJXDO
TXHODILJXUDLQIHULRU
5HVXOWDGR
3UREOHPD
TXHODILJXUDLQIHULRU
3UREOHPD
TXHODILJXUDLQIHULRU

3UREOHPD
TXHODILJXUDLQIHULRU

$872'(6.$872&$'
3UREOHPD
'LEXMDUODFXFKDUD
3UREOHPD
'LEXMDUODVLJXLHQWHILJXUD

$872'(6.$XWR&$'
([WHQG
$ODUJD
(;
'HILQLFLyQ3HUPLWHDODUJDUORVREMHWRVLQGLFDGRVKDVWDDOFDQ]DUXQOtPLWHGHILQLGRSRURWURVREMHWRV
&RPPDQG(;7(1'
&XUUHQWVHWWLQJV3URMHFWLRQ 8&6(GJH 1RQH

6HOHFWERXQGDU\HGJHV
6HOHFWREMHFWWRH[WHQGRUVKLIWVHOHFWWRWULPRU
>)HQFH&URVVLQJ3URMHFW(GJH8QGR@
&RPDQGR$/$5*$
3DUiPHWURVDFWXDOHV3UR\HFFLyQ 6&3$ULVWD 1LQJXQD
'HVLJQHDULVWDVGHFRQWRUQR
'HVLJQHREMHWRVRVHOHFFLRQDUWRGR!HQFRQWUDGRV
'HVLJQHREMHWRDDODUJDURXVHODWHFOD0D\~VSDUDUHFRUWDUR
>%RUGH&DSWXUD3UR\HFFLyQ$ULVWDGHV+DFHU@
3URFHGLPLHQWRV
/RVSURFHGLPLHQWRVGHHVWHFRPDQGRFRLQFLGHQFRQORVGHOFRPDQGR75,05HFRUWD
/D ~QLFDGLIHUHQFLDHVTXHHQOXJDUGHLQGLFDUORVREMHWRVTXHGHILQHQODVDULVWDVGHFRUWHVH
LQGLFDQORVREMHWRVTXHGHILQHQHOOtPLWHGHDODUJDPLHQWR
2SFLRQHVEiVLFDV
/DVRSFLRQHVGHHVWHFRPDQGRFRLQFLGHQFRQODVGHOFRPDQGR7ULP5HFRUWD
/D ~QLFDGLIHUHQFLDHVTXHDOOtGRQGHVHUHILHUHDODVDULVWDVGHFRUWHGHEHQFRQVLGHUHDUVHORV
OtPLWHVGHDODUJDPLHQWR
3UREOHPD
0RGLILFDUODILJXUDVXSHULRUSDUDTXHVHYHDLJXDOTXHODILJXUDLQIHULRU

$872'(6.$872&$'
&RS\
&2
&RSLD
'HILQLFLyQ3HUPLWHFRSLDUORVREMHWRVVHOHFFLRQDGRV
&RPPDQG&23<
6HOHFWREMHFWV
6SHFLI\EDVHSRLQWRU>'LVSODFHPHQW@'LVSODFHPHQW!
6SHFLI\VHFRQGSRLQWRUXVHILUVWSRLQWDVGLVSODFHPHQW!
&RPDQGR&23,$
6HOHFFLRQHREMHWRV
3UHFLVHSXQWREDVHR>'HVSOD]DPLHQWR@
3UHFLVHVHJXQGRSXQWRGHGHVSOD]DPLHQWRRXVDUSULPHUSXQWRFRPRGHVSOD]DPLHQWR!
3URFHGLPLHQWRV
(MHFXWDUHOFRPDQGR
6HOHFWREMHFWV6HOHFFLRQDUREMHWRV
o
6HOHFFLRQDUORVREMHWRVTXHVHGHVHDQFRSLDU
+DFHUFOLFHQHOERWyQGHUHFKRGHOPRXVHRSXOVDU
o +DFHUFOLFHQXQSXQWRGHUHIHUHQFLDSUHIHULEOHPHQWHSHUWHQHFLHQWHDOREMHWR
$UUDVWUDUHOFXUVRU\KDFHUFOLFHQHOOXJDUGRQGHVHGHVHHLQVHUWDUORVREMHWRVFRSLDGRV
3XOVDU(6&R(17(5SDUDILQDOL]DUHOFRPDQGR
3UREOHPD
'LEXMDUORVDQLOORVHQWUHOD]DGRV

$872'(6.$XWR&$'
3UREOHPD
'LEXMDUORVDQLOORVHQWUHOD]DGRVD PP
;, &216758&&,21(6*(20e75,&$6%$6,&$6
$UF
$UFR
'HILQLFLyQ (VWH FRPDQGR SHUPLWH GLEXMDU DUFRV GH FLUFXQIHUHQFLD $XWR&$' SHUPLWH RQFH
IRUPDVGLIHUHQWHVGHFUHDUXQDUFRHOPpWRGRSRUGHIHFWRHVHVSHFLILFDUWUHVSXQWRV&RQODH[FHSFLyQ
GHOPpWRGRSRUGHIHFWRORVDUFRVVHGLEXMDQHQVHQWLGRDQWLKRUDULRGHVGHHOSXQWRLQLFLDODOSXQWRILQDO
6
&
(
5
$
/
'

6WDUW
&HQWHU
(QG
5DGLXV
$QJOH
/HQJKW
'LUHFWLRQ
,QLFLR
&HQWUR
)LQ
5DGLR
QJXOR
/RQJLWXGGHFXHUGD
'LUHFFLyQ

$872'(6.$872&$'
)RUUPD ,FRQR

0pWRGR
3RLQWV
6WDUW&HQWHU(QG
6WDUW&HQWHU$QJOH
6WDUW&HQWHU/HQJWK
6WDUW(QG$QJOH
6WDUW(QG'LUHFWLRQ
6WDUW(QG5DGLXV
&HQWHU6WDUW(QG
&HQWHU6WDUW$QJOH

&HQWHU6WDUW/HQJWK

&RQWLQXH
3URFHVRDVHJXLU
'LEXMDXQDUFRHVSHFLILFDQGRWUHVSXQWRVGHSDVR
'LEXMD XQ DUFR HVSHFLILFDQGR HO SXQWR LQLFLDO HO

SXQWRFHQWUDO\HOSXQWRILQDO
'LEXMD XQ DUFR HVSHFLILFDQGR XQ SXQWR LQLFLDO XQ
SXQWRFHQWUDO\HOiQJXORLQFOXLGR
SXQWRFHQWUDO\ODORQJLWXGGHODFXHUGD
SXQWRILQDO\HOiQJXORLQFOXLGR
SXQWR ILQDO \ OD GLUHFFLyQ TXH HV HO iQJXOR GH OD
WDQJHQWHHQHOSXQWRLQLFLDOGHODUFR
SXQWRILQDO\HOUDGLRGHODUFR
'LEXMD XQ DUFR HVSHFLILFDQGR XQ SXQWR FHQWUDO XQ
SXQWRLQLFLDO\XQSXQWRILQDO
SXQWRLQLFLDO\HOiQJXORLQFOXLGR
SXQWRLQLFLDO\ODORQJLWXGGHODFXHUGD
'LEXMD XQ DUFR WDQJHQFLDOPHQWH D XQD OtQHD R DUFR
DQWHULRUPHQWH GLEXMDGR 7DPELpQ VH FRQVLJXH OR
PLVPR UHVSRQGLHQGR D OD SULPHUD SUHJXQWD GHO
FRPDQGRFRQ(17(5
&RPPDQG$5&
6SHFLI\VWDUWSRLQWRIDUFRU>&HQWHU@
&RPDQGR$5&2
3UHFLVHXQSXQWRLQLFLDOSDUDHODUFRR>&HQWUR@
3RLQWV
0pWRGR SDUD GLEXMDU XQ DUFR

PHGLDQWHSXQWRVGHSDVR
&RPPDQG$5&
6SHFLI\VWDUWSRLQWRIDUFRU>&HQWHU@3
6SHFLI\VHFRQGSRLQWRIDUFRU>&HQWHU(QG@3
6SHFLI\HQGSRLQWRIDUF3
3UREOHPD
&RPSOHWDU OD ILJXUD SURFHGLHQGR GHO PLVPR
PRGR
6WDUW &HQWHU (QG0pWRGRSDUDGLEXMDU

XQ DUFR DUFR HVSHFLILFDQGR HO SXQWR LQLFLDO HO
SXQWRFHQWUDO\HOSXQWRILQDO
&RPPDQG$5&
6SHFLI\VHFRQGSRLQWRIDUFRU>&HQWHU(QG@&
6SHFLI\FHQWHUSRLQWRIDUF3

$872'(6.$XWR&$'
6SHFLI\ HQG SRLQW RI DUF RU >$QJOHFKRUG

/HQJWK@3
3UREOHPD
PRGR
&RQWLQXH
0pWRGR SDUD GLEXMDU XQ DUFR

WDQJHQFLDOPHQWH D XQD OtQHD R DUFR
DQWHULRUPHQWHGLEXMDGR
3ULPHUFDVR/tQHDDUFR
&RPPDQGOLQH
6SHFLI\ILUVWSRLQW3
6SHFLI\QH[WSRLQWRU>8QGR@3
&RPPDQG$5&
3UREOHPD
PRGR
6HJXQGRFDVR$UFRDUFR
&RPPDQGDUF
&RPPDQG$5&
3UREOHPD
PRGR
3UREOHPD
PRGR

$872'(6.$872&$'
7HUFHUFDVR$UFR/tQHD
&RPPDQGDUF
&RPPDQGOLQH
6SHFLI\ILUVWSRLQW
/HQJWKRIOLQH
3UREOHPD
'LEXMDU HO VLJQR GH LQWHUURJDFLyQ FRQ HO
FRPDQGRDUFR
3UREOHPD
'LEXMDU HO VLJQR GH LQWHUURJDFLyQ FRQ HO
FRPDQGRDUFR
3UREOHPD
'LEXMDUODVLJXLHQWHILJXUD

$872'(6.$XWR&$'
3UREOHPD
'LEXMDU OD VLJXLHQWH
ILJXUD
3UREOHPD
ILJXUD
3UREOHPD
'LEXMDU OD 3/$&$ 3$5$ (6)8(5=2 &257$17( PRVWUDGD HQ DO ILJXUD WHQLHQGR HQ FXHQWD TXH $%
IRUPDFRQODKRUL]RQWDO.$XQiQJXORGHDQWLKRUDULR'HWHUPLQDUODVGLVWDQFLDV-.\.$'LEXMDUHQ
PLOLPHWURV

$872'(6.$872&$'
5HFWDQJOH
5(&
5HFWiQJXOR
'HILQLFLyQ 3HUPLWHGLEXMDUREMHWRVUHFWDQJXODUHVWUD]iQGRORHQEDVHDGRVGHVXVYpUWLFHVRSXHVWRV
ILUVWFRUQHUSRLQWRWKHUFRUQHUSRLQWRHQEDVHDVXVGLPHQVLRQHVGLPHQVLRQVGHORQJLWXGOHQJWK\
DQFKRZLGWK(OUHVXOWDGRHVXQREMHWRSROLQHDOFHUUDGR

&RPPDQG5(&7$1*/(
&RPDQGR5(&71*8/2
6SHFLI\ILUVWFRUQHUSRLQWRU>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@
3UHFLVHSULPHUDHVTXLQDR>&KDIOiQ(OHYDFLyQ(PSDOPH$OWXUDGHREMHWR*URVRU@
3UHFLVHHVTXLQDRSXHVWDR>$UHD'LPHQVLRQHV5RWDFLyQ@
)LUVWFRUQHUSRLQW3ULPHUDHVTXLQD(VSHFLILFDXQDHVTXLQDGHOUHFWiQJXOR
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@3UHFLVHXQSXQWRRLQWURGX]FDXQDRSFLyQ

2WKHU FRUQHU SRLQW (VTXLQD RSXHVWD &UHD XQ UHFWiQJXOR WRPDQGR ORV SXQWRV SUHFLVDGRV
FRPRHVTXLQDVGLDJRQDOPHQWHRSXHVWDV

$872'(6.$XWR&$'
3URFHGLPLHQWRGHGLEXMR
&RPPDQGUHFWDQJOH
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@3
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@#
$UHD UHD &UHD XQ UHFWiQJXOR XWLOL]DQGR HO iUHD \ XQD ORQJLWXG R XQD DQFKXUD 6L ODV RSFLRQHV
&KDIOiQ R (PSDOPH HVWiQ DFWLYDV HO iUHD LQFOX\H HO HIHFWR GH ORV FKDIODQHV R HPSDOPHV GH ODV
HVTXLQDVGHOUHFWiQJXOR
&RPPDQGUHFWDQJOH
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@$
(QWHUDUHDRIUHFWDQJOHLQFXUUHQWXQLWV!
&DOFXODWHUHFWDQJOHGLPHQVLRQVEDVHGRQ>/HQJWK:LGWK@
/HQJWK!
(QWHUUHFWDQJOHOHQJWK!
&RPPDQGUHFWDQJOH
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@$
(QWHUDUHDRIUHFWDQJOHLQFXUUHQWXQLWV!
&DOFXODWHUHFWDQJOHGLPHQVLRQVEDVHGRQ>/HQJWK:LGWK@
/HQJWK!:
(QWHUUHFWDQJOHZLGWK!
'LPHQVLRQV&RWDV &UHDXQUHFWiQJXORXVDQGRYDORUHVGHORQJLWXG\DQFKXUD
&RPPDQGUHFWDQJOH
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@'
6SHFLI\OHQJWKIRUUHFWDQJOHV!
6SHFLI\ZLGWKIRUUHFWDQJOHV!
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@3
0XHYDHOFXUVRUSDUDPRVWUDUXQDGHODVFXDWURSRVLEOHV
XELFDFLRQHVGHOUHFWiQJXOR\KDJDFOLFHQODTXHGHVHH

$872'(6.$872&$'
5RWDWLRQ5RWDFLyQ&UHDXQUHFWiQJXORRULHQWDGRFRQXQiQJXORHVSHFLILFDGR

&RPPDQGUHFWDQJOH
6SHFLI\URWDWLRQDQJOHRU>3LFNSRLQWV@!(VSHFLILTXHXQ
iQJXORLQWURGXFLHQGRXQYDORUSUHFLVDQGRXQSXQWRR
HVFULELHQGRS\SUHFLVDQGRGRVSXQWRV
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@G
0XHYDHOFXUVRUSDUDPRVWUDUXQDGHODVFXDWURSRVLEOHV
(O YDORU VH FRQYHUWLUi HQ HO iQJXOR GH URWDFLyQ DFWXDO SDUD ORV VLJXLHQWHV FDVRV GH HMHFXFLyQ GHO
FRPDQGR5(&7$1*

&KDPIHU&KDIOiQ 'LEXMDXQUHFWiQJXORFRQODVHVTXLQDVELVHODGDV
&RPPDQGUHFWDQJOH
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@&
6SHFLI\ILUVWFKDPIHUGLVWDQFHIRUUHFWDQJOHV!
6SHFLI\VHFRQGFKDPIHUGLVWDQFHIRUUHFWDQJOHV!
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@'
6SHFLI\ RWKHU FRUQHU SRLQW RU >$UHD'LPHQVLRQV5RWDWLRQ@ 3
0XHYD HO FXUVRU SDUD PRVWUDU XQD GH ODV FXDWUR SRVLEOHV
/RVYDORUHVVHFRQYHUWLUiQHQODVGLVWDQFLDVDFWXDOHVGHFKDIOiQSDUDORVVLJXLHQWHVFDVRVGHHMHFXFLyQ
GHOFRPDQGR5(&7$1*
(OHYDWLRQ (OHYDFLyQ 3HUPLWH GLEXMDU XQ UHFWiQJXOR HQ XQ SODQR D XQD DOWXUD GHWHUPLQDGD GHO
SODQR;<

$872'(6.$XWR&$'
&RPPDQGUHFWDQJOH
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@(
6SHFLI\WKHHOHYDWLRQIRUUHFWDQJOHV!
6SHFLI\
RWKHU
FRUQHU
SRLQW
>$UHD'LPHQVLRQV5RWDWLRQ@#
RU
(O YDORU VH FRQYHUWLUi HQ OD HOHYDFLyQ DFWXDO SDUD ORV VLJXLHQWHV FDVRV GH HMHFXFLyQ GHO FRPDQGR
5(&7$1*

)LOOHW(PSDOPH 'LEXMDXQUHFWiQJXORFRQODVHVTXLQDVILOHWHDGDVUHGRQGHDGDV
&RPPDQGUHFWDQJOH
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@)
6SHFLI\ILOOHWUDGLXVIRUUHFWDQJOHV!
6SHFLI\ RWKHU FRUQHU SRLQW RU >$UHD'LPHQVLRQV5RWDWLRQ@
#
(O YDORU VH FRQYHUWLUi HQ HO UDGLR GH HPSDOPH SDUD UHFWiQJXORV DFWXDO SDUD ORV VLJXLHQWHV FDVRV GH
HMHFXFLyQGHOFRPDQGR5(&7$1*

7KLFNQHVV$OWXUDGHREMHWR 'LEXMDXQUHFWiQJXORFRQXQDDOWXUDHVSHFLILFDGD
&RPPDQGUHFWDQJOH
6SHFLI\WKLFNQHVVIRUUHFWDQJOHV!
#
(OYDORUVHFRQYHUWLUiHQODDOWXUDGHREMHWRDFWXDOSDUDORVVLJXLHQWHVFDVRVGHHMHFXFLyQGHOFRPDQGR
5(&7$1*

$872'(6.$872&$'
:LGWK*URVRU 3HUPLWHLQJUHVDUXQDQFKRGHOtQHD

&RPPDQGUHFWDQJOH
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@:
6SHFLI\OLQHZLGWKIRUUHFWDQJOHV!
#
(OYDORUVHFRQYHUWLUiHQHOJURVRUGHOtQHDDFWXDOSDUDORVVLJXLHQWHVFDVRVGHHMHFXFLyQGHOFRPDQGR
5(&7$1*

3UREOHPD
&RPSOHWDUHOSODQR/DVGLPHQVLRQHVGHORVREMHWRVDGLEXMDUVHGDQDFRQWLQXDFLyQ
'LEXMDUODSXHUWDGHP
'LEXMDUHOVRIDFRQHOFRPDQGRUHFWiQJXOR
2SFLyQSRUGHIHFWR
2SFLyQ)LOOHW5DGLR

'LEXMDUHOVLOOyQFRQHOFRPDQGRUHFWiQJXOR
2SFLyQ)LOOHW5DGLR
'LEXMDUODPHVDODWHUDO
2SFLyQ5RWDWLRQ
'LEXMDU OD PHVD GH

FHQWUR FRQ HO FRPDQGR
UHFWiQJXOR
2SFLyQ&KDPIHU[

$872'(6.$XWR&$'
'LEXMRLQLFLDO

'LEXMRILQDO
$872'(6.$872&$'
3UREOHPD
&RPSOHWDUODYLVWDGHSHUILOGHOVyOLGR
2SFLyQZLGWK
0HGLGDVHQSXOJDGDV
3OLQH
3/
3RO
'HILQLFLyQ &UHDOtQHDV\DUFRVHQFDGHQDGRVXQRVDFRQWLQXDFLyQGHRWURVIRUPDQGRXQ~QLFRREMHWR
GHQRPLQDGRSROLOtQHD
3UiFWLFDPHQWH HVWH FRPDQGR FRPELQD ODV FDUDFWHUtVWLFDV GH RWURV HVWXGLDGRV DQWHULRUPHQWH FRPR
/tQHDV$UFRV\7UD]RV3XHGHILMDUHODQFKRGHXQVHJPHQWRLQGLYLGXDOKDFHUVHJPHQWRVLQFOLQDGRV\
FHUUDUXQDSROLOtQHD&XDQGRVHGLEXMDQDUFRVHOSULPHUSXQWRGHODUFRHVHOSXQWRILQDOGHOVHJPHQWR
DQWHULRU

/DPRGDOLGDG/,1($SUHVHQWDODVVLJXLHQWHVRSFLRQHV

&RPPDQG3/,1(
6SHFLI\VWDUWSRLQW
&XUUHQWOLQHZLGWKLV
6SHFLI\QH[WSRLQWRU>$UF+DOIZLGWK/HQJWK8QGR:LGWK@
&RPDQGR32/
3UHFLVHSXQWRLQLFLDO
(OJURVRUGHODOtQHDDFWXDOHV
3UHFLVHSXQWRVLJXLHQWHR>$UFR0LWDGJURVRU/RQJLWXGGHV+DFHU*URVRU@
/DPRGDOLGDG$5&2SUHVHQWDODVVLJXLHQWHVRSFLRQHV


$872'(6.$XWR&$'
&RPPDQG3/,1(
6SHFLI\VWDUWSRLQW
&XUUHQWOLQHZLGWKLV
6SHFLI\QH[WSRLQWRU>$UF+DOIZLGWK/HQJWK8QGR:LGWK@$
6SHFLI\HQGSRLQWRIDUFRU
>$QJOH&(QWHU'LUHFWLRQ+DOIZLGWK/LQH5DGLXV6HFRQGSW8QGR:LGWK@
&RPDQGR32/
3UHFLVHSXQWRLQLFLDO
(OJURVRUGHODOtQHDDFWXDOHV
3UHFLVHSXQWRVLJXLHQWHR>$UFR0LWDGJURVRU/RQJLWXGGHV+DFHU*URVRU@$
3UHFLVHSXQWRILQDOGHODUFRR
>iQJ8ORF(QWUR'LUHFFLyQ0LWDGJURVRUOt1HD5DGLR6HJXQGRSWRGHV+DFHU*URVRU@
&RPDQGRPX\LPSRUWDQWHSDUDHOWUDEDMRHQ'\DTXHSHUPLWHUHDOL]DU5HYROXFLyQ\
([WUXVLyQVyORVLODSROLOtQHDHVFHUUDGD
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\VWDUWSRLQW
+DFHUFOLFVREUHHOSULPHUSXQWRGHODSROLOtQHD
o 6SHFLI\QH[WSRLQWRU>$UF+DOIZLGWK/HQJWK8QGR:LGWK@
+DFHUFOLFVREUHHO6HJXQGRSXQWRGHODSROLOtQHD
o 6SHFLI\QH[WSRLQWRU>$UF+DOIZLGWK/HQJWK8QGR:LGWK@
3RUGHIHFWRVHHQFDGHQDQOtQHDVKDVWDTXHVHILQDOLFHHOFRPDQGR
2SFLRQHV
$UF$UFR
o 3HUPLWHJHQHUDUDUFRVHQOXJDUGHVHJPHQWRVUHFWRV
o $QJOHiQJXOR
3HUPLWHGHILQLUHOiQJXORTXHDEDUFDHODUFR
8QDYH]LQWURGXFLGRHOiQJXORVROLFLWD
6SHFLI\HQGSRLQWRIDUFRU>&(QWHU5DGLXV@
(OSXQWRILQDOGHODUFRHOFHQWURRHOUDGLRGHODUFR
o &HQWHU&HQWUR
3HUPLWHGHILQLUHOFHQWURGHODUFR
8QDYH]LQWURGXFLGRHOFHQWURVROLFLWD
6SHFLI\HQGSRLQWRIDUFRU>$QJOH/HQJWK@
(OSXQWRILQDOGHODUFRHOiQJXORRODORQJLWXG
o &ORVH&HUUDU
3HUPLWHFHUUDUODSROLOtQHDPHGLDQWHXQDUFRWDQJHQWHDOSXQWRILQDOHLQLFLDOGHGLFKD
SROLOtQHD
o 'LUHFWLRQ'LUHFFLyQ
3HUPLWHGHILQLUODGLUHFFLyQGHWDQJHQFLDSDUDHOSXQWRLQLFLDOGHODUFR
8QDYH]LQWURGXFLGDODGLUHFFLyQVROLFLWD
6SHFLI\HQGSRLQWRIWKHDUF
(OSXQWRILQDOGHODUFR
o +DOIZLGWK0LWDGJURVRU

$872'(6.$872&$'
3HUPLWHYDULDUHOJURVRUGHFDGDDUFRLQWURGXFLHQGR
(OYDORUGHODPLWDGGHJURVRULQLFLDO\ILQDO
o /LQH/tQHD
3HUPLWHYROYHUDODJHQHUDFLyQGHOtQHDV
o 5DGLXV5DGLR
3HUPLWHGHILQLUHOUDGLRGHODUFR
8QDYH]LQWURGXFLGRHOUDGLRVROLFLWD
6SHFLI\HQGSRLQWRIDUFRU>$QJOH@
(OSXQWRILQDOGHODUFRRHOiQJXOR
o 6HFRQGSW6HJXQGRSWR
3HUPLWHGHILQLUXQVHJXQGRSXQWRGHODUFR
8QDYH]LQWURGXFLGRHOVHJXQWRSXQWRVROLFLWD
6SHFLI\HQGSRLQWRIDUF
(OSXQWRILQDOGHODUFR
o 8QGR'HVKDFHU
3HUPLWHHOLPLQDUHO~OWLPRDUFRGLEXMDGR
o :LGWK*URVRU
3HUPLWHYDULDUHOJURVRUGHFDGDDUFRLQWURGXFLHQGR
(OYDORUGHOJURVRULQLFLDO\ILQDO
&ORVH&HUUDU
o 3HUPLWHFHUUDUODSROLOtQHDPHGLDQWHXQVHJPHQWRUHFWR
+DOIZLGWK0LWDGJURVRU
o 3HUPLWHYDULDUHOJURVRUGHFDGDVHJPHQWRVUHFWRLQWURGXFLHQGR
(OYDORUGHODPLWDGGHJURVRULQLFLDO\ILQDO
/HQJWK/RQJLWXG
o 6LHOVHJPHQWRDQWHULRUHVUHFWR
&UHD XQ QXHYR VHJPHQWR UHFWR FRQ OD PLVPD GLUHFFLyQ TXH HO DQWHULRU \ FRQ OD
ORQJLWXGHVSHFLILFDGD
o 6LHOVHJPHQWRDQWHULRUHVDUFR
&UHDXQVHJPHQWRUHFWRWDQJHQWHDODUFRDQWHULRU\FRQODORQJLWXGHVSHFLILFDGD
8QGR'HVKDFHU
o 3HUPLWHHOLPLQDUHO~OWLPRVHJPHQWRUHFWRGLEXMDGR
:LGWK*URVRU
o 3HUPLWHYDULDUHOJURVRUGHFDGDVHJPHQWRUHFWRLQWURGXFLHQGR
(OYDORUGHOJURVRULQLFLDO\ILQDO

3UREOHPD
'LEXMDUODVLJXLHQWHILJXUDFRQHOFRPDQGRSOLQH
3UREOHPD

$872'(6.$XWR&$'
3UREOHPD
3UREOHPD
3UREOHPD
3UREOHPD
3UREOHPD

$872'(6.$872&$'
;,,$<8'$63$5$'(6$552//$5)&,/0(17(/26',%8-26
3XHGHQ XWLOL]DUVH XQD JUDQ YDULHGDG GH KHUUDPLHQWDV GH SUHFLVLyQ SDUD UHDOL]DU GLEXMRV UiSLGRV \
SUHFLVRVVLQQHFHVLGDGGHHIHFWXDUFiOFXORVWHGLRVRV
(VWDEOHFLPLHQWRGHORVYDORUHVGH61$35HVROXFLyQ\*5,'5HMLOOD
/DV FDUDFWHUtVWLFDV GH UHVROXFLyQ \ UHMLOOD SHUPLWHQ FRQILJXUDU XQD HVWUXFWXUD TXH VH SXHGH XWLOL]DU
FRPRJXtDSDUDGLEXMDU
/D UHMLOOD *5,' PXHVWUD XQ SDWUyQ UHFWDQJXODU GH SXQWRV TXH VH H[WLHQGH VREUH HO iUHD
GHWHUPLQDGDSRUORVOtPLWHVGHUHMLOODGHOGLEXMR/DUHMLOODD\XGDDDOLQHDUORVREMHWRV\DYLVXDOL]DU
ODVGLVWDQFLDVHQWUHHOORV/DUHMLOODQRDSDUHFHHQORVGLEXMRVWUD]DGRV
/D UHVROXFLyQ61$3OLPLWDHOPRYLPLHQWRGHORVFXUVRUHVHQFUX]DORVLQWHUYDORVTXHVHGHILQDQ
&XDQGRHOPRGR)RU]FXUVRUHVWiDFWLYDGRSDUHFHTXHHOFXUVRUVHDGKLHUHRVHIXHU]DDXQDUHMLOOD
LQYLVLEOH/DUHVROXFLyQUHVXOWD~WLOSDUDGHVLJQDUSXQWRVSUHFLVRVFRQHOFXUVRU
3UREOHPD
'LEXMDU ODV ILJXUDV VREUH UHWtFXODV FXDGUDGDV
GHODGRD PP

3ULPHUR SXOVH FOLF GHUHFKR VREUH *5,' \
VHOHFFLRQDU 6HWWLQJV 3DUiPHWURV \ FRQILJXUDU
VHJ~QHOFDVR
'REOH
FOLF
L]TXLHUGR
\ HVFULED

'REOH
FOLF
L]TXLHUGR
\ HVFULED

0RVDLFR

$872'(6.$XWR&$'
0RVDLFR
7UDPD,QFD
0RVDLFR
0RVDLFR
3UREOHPD
'LEXMDU ODV ILJXUDV VREUH
UHWtFXODV FXDGUDGDV GH ODGR D
PP
3DUD URWDU OD UHMLOOD D XWLOLFH

ODYDULDEOH61$3$1*

$872'(6.$872&$'
3UREOHPD
'LEXMDUODVILJXUDV
5HORMGHSpQGXOR
61$3*5,'
9,67$
61$3*5,'
9,67$
61$3*5,'
9,67$
61$3*5,'
*5(&$
61$3*5,'

$872'(6.$XWR&$'
',$1$
61$3*5,'
61$3*5,'
61$3*5,'
61$3*5,'

$872'(6.$872&$'
$KRUD WUDEDMDUHPRV HQ PRGR LVRPpWULFR 3XOVH FOLF GHUHFKR VREUH *5,' \ VHOHFFLRQDU 6HWWLQJV
3DUiPHWURV\FRQILJXUDUVHJ~QHOFDVR
'REOH
FOLF
L]TXLHUGR
\ HVFULED

'REOH
FOLF
L]TXLHUGR\
HVFULED
'LEXMDUHOFXER
'HO PLVPR PRGR SURFHGD SDUD ODV VLJXLHQWHV ILJXUDV

FRQILJXUDQGRHO61$3\*5,'

$872'(6.$XWR&$'
61$3*5,'
61$3*5,'
61$3*5,'
8VRGHOEORTXHRRUWRJRQDOPRGR2UWR

(VWHFRPDQGRSHUPLWHFRQWURODUODDFWLYDFLyQGHOPRGRRUWRTXHREOLJDDOFXUVRUDGHVSOD]DUVHVyOR
HQ ODV GLUHFFLRQHV FRQVLGHUDGDV KRUL]RQWDO \ YHUWLFDO (Q HO GLEXMR KDELWXDO HVWDV GLUHFFLRQHV
FRLQFLGHQFRQORVHMHV;H<6LQHPEDUJRVLGHVGHHOIRU]DGRGHFXUVRUVHHVWDEOHFHXQiQJXORGH
URWDFLyQ R VH DFWLYD HO HVWLOR LVRPpWULFR ODV GLUHFFLRQHV GHO PRGR 2UWR TXHGDQ DIHFWDGDV 3DUD
DFWLYDUSXOVDU)

3UREOHPD
3UREOHPD
'LEXMDUHOVLJQRPiV
'LEXMDUODILJXUD
8VRGHOUDVWUHRSRODU
(OUDVWUHRSRODUUHVWULQJHHOPRYLPLHQWRGHOFXUVRUDiQJXORVSUHFLVDGRV3DUDDFWLYDUSXOVHODWHFOD
) 3XHGH XWLOL]DU HO UDVWUHR SRODU SDUD UHDOL]DU XQ UDVWUHR D OR ODUJR GH LQFUHPHQWRV GH iQJXORV
SRODUHV GH \ JUDGRVR SXHGHSUHFLVDU RWURV iQJXORV/D ILJXUD
VLJXLHQWH PXHVWUD ODV UXWDV GH DOLQHDFLyQ TXH VH PXHVWUDQ D PHGLGD TXH GHVSOD]D HO FXUVRU
JUDGRVFRQHOLQFUHPHQWRGHiQJXORSRODUGHILQLGRHQJUDGRV

$872'(6.$872&$'
0pWRGRGH2UWKR2VQDS\2WUDFN
3UREOHPD
'LEXMHODVILJXUDVXWLOL]DQGRHOPpWRGRGH
2UWKR2VQDS\2WUDFN
3UREOHPD
'LEXMDUODVVLJXLHQWHVILJXUDV
0pWRGRGH3RODU2VQDS\2WUDFN
3UREOHPD
'LEXMHODVILJXUDVXWLOL]DQGRHOPpWRGRGH
3RODU2VQDS\2WUDFN

$872'(6.$XWR&$'
3UREOHPD
'LEXMH HO SROtJRQR LUUHJXODU GH OD ILJXUD
HPSOHDQGR ODV GLPHQVLRQHV GDGDV 1R
GLPHQVLRQH
'<1$0,&,1387(QWUDGD'LQiPLFD

(VWD KHUUDPLHQWD DO LJXDO TXH OD /tQHD GH &RPDQGRV FRQVWLWX\H XQ PHGLR GH FRPXQLFDFLyQ HQWUH HO
SURJUDPD\HORSHUDGRU/DSDUWLFXODULGDGGHO'\QDPLF ,QSXW HVWiHQODPDQHUDJUiILFD\VLPXOWiQHD
FRQODTXHVHKDFHHOLQJUHVRGHGDWRVODDWHQFLyQGHORSHUDGRUVHHQIRFDDODDOWXUDGHOFXUVRUPiV
TXHHQODSDUWHLQIHULRUGHODSDQWDOODHQGRQGHHVWiOD/tQHDGH&RPDQGRV(VRIDFLOLWDODOHFWXUDGH
LQIRUPDFLyQ ODV VROLFLWXGHV TXH KDFH HO SURJUDPD \ HO LQJUHVR GH GDWRV 3RU HMHPSOR SDUD GLEXMDU XQ
UHFWiQJXORHVWRVVRQORVGDWRVTXHVROLFLWDHOLQJUHVRGHGDWRVGLQiPLFR

$872'(6.$872&$'
(VWDKHUUDPLHQWDVHDFWLYDDWUDYpVGH
%RWyQ'<1HQODEDUUDGHHVWDGR
/DWHFODGHIXQFLyQ)
/DYDULDEOH'<102'(
0HQ~7RROV'UDIWLQJ6HWWLQJV '\QDPLF,QSXW
(Q HVWD FDMD GH GLiORJR HQFRQWUDUHPRV TXH HO

IRUPDWRGHFRRUGHQDGDVSRODUHV\FRRUGHQDGDV
UHODWLYDVVHHQFXHQWUDSUHGHWHUPLQDGR
3XOVH2.

$872'(6.$XWR&$'
6HOHFFLRQDUODRSFLyQPRVWUDGD
HQ OD FDMD GH GLDORJR \ 2.
$FHSWDU

$872'(6.$872&$'
5HWRUQDQGR DO FXDGUR GH GLDORJR 3DUiPHWURV GH 'LEXMR HQ OD ILFKD (QWUDGD 'LQiPLFD VHOHFFLRQDU OD
RSFLyQ'UDIWLQJ7RROWLS$SSHDUDQFH $VSHFWRGHOD,QIRUPDFLyQGH+HUUDPLHQWDV
(OFXDGURGHGLDORJR$VSHFWRGHOD,QIRUPDFLyQGH+HUUDPLHQWDVSHUPLWHFRQWURODUHOFRORUWDPDxR\
WUDQVSDUHQFLDGHODHQWUDGDGLQiPLFD
$OVHOHFFLRQDUHOERWyQ&RORUHVVHLQJUHVDDOFXDGURGHGLDORJR&RORUHVGHOD9HQWDQDGH'LEXMRGRQGH
VHSRGUiFRQILJXUDUHOFRORUGHGLYHUVRVHOHPHQWRVJUiILFRVHQWUHHOORVHO$VSHFWRGHOD,QIRUPDFLyQGH
+HUUDPLHQWDV

$872'(6.$XWR&$'
;,,,
2IIVHW
&20$1'26'((',&,1$',&,21$/(6
'HVIDVH
'HILQLFLyQ3HUPLWHFUHDUREMHWRVHTXLGLVWDQWHVUHVSHFWRDORVHOHPHQWRVVHOHFFLRQDGRV
o /RVREMHWRVGHEHQVHUOtQHDVFtUFXORVDUFRVSROLOtQHDVRVSOLQHV
&RPPDQG2))6(7
&XUUHQWVHWWLQJV(UDVHVRXUFH 1R/D\HU 6RXUFH2))6(7*$37<3(

6SHFLI\RIIVHWGLVWDQFHRU>7KURXJK(UDVH/D\HU@7KURXJK!
6HOHFWREMHFWWRRIIVHWRU>([LW8QGR@([LW!
6SHFLI\SRLQWRQVLGHWRRIIVHWRU>([LW0XOWLSOH8QGR@([LW!
&RPDQGR'(6)$6(
3DUiPHWURVDFWXDOHV%RUUDURULJHQ 1R&DSD 2ULJHQ2))6(7*$37<3(

3UHFLVHGLVWDQFLDGHGHVIDVHR>3XQWRDDWUDYHVDU%RUUDU&DSD@3XQWRDDWUDYHVDU!
'HVLJQHREMHWRDGHVSOD]DUR>6DOLU'HVKDFHU@6DOLU!
3UHFLVHSXQWRHQODGRGHGHVSOD]DPLHQWRR>6DOLU0~OWLSOH'HVKDFHU@6DOLU!
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
o 6SHFLI\RIIVHWGLVWDQFHRU>7KURXJK(UDVH/D\HU@7KURXJK!
,QWURGXFLUODGLVWDQFLDDODTXHVHGHVHDREWHQHUHOREMHWRHTXLGLVWDQWH
o 6HOHFWREMHFWWRRIIVHWRU>([LW8QGR@([LW!
+DFHUFOLFVREUHHOREMHWRRULJHQ
o 6SHFLI\SRLQWRQVLGHWRRIIVHWRU>([LW0XOWLSOH8QGR@([LW!
+DFHUFOLFHQXQSXQWRFXDOTXLHUDGHOODGRHQHOTXHVHGHVHDHOQXHYRREMHWR
x 3XOVDU(6&R(17(5SDUDILQDOL]DUHOFRPDQGR2))6(7'(6)$6(
2SFLRQHV
x
x
x
7KURXJK3XQWRDDWUDYHVDU
o 3HUPLWHLQWURGXFHUXQSXQWRSRUHOTXHSDVDUiHOQXHYRREMHWRHTXLGLVWDQWH
(UDVH%RUUDU
o 3HUPLWHERUUDUHOREMHWRRULJHQGHVSXpVGHHIHFWXDUODHTXLGLVWDQFLD
/D\HU&DSD
o 3HUPLWHLQFOXLUHOQXHYRREMHWRGHQWURGHODPLVPDFDSDTXHHOREMHWRRULJHQRGHQWURGH
ODFDSDDFWXDO

3UREOHPD
'LEXMDUODVLJXLHQWH
ILJXUD

$872'(6.$872&$'
3UREOHPD
'LEXMDU HO JULIR GH
MDUGtQ
3UREOHPD
'LEXMDUHOHVSLUDOGH$UTXtPHGHV
5DGLRGHOFtUFXOR
5DGLRGHOFtUFXOR
VyOLGR
RFXOWR

/D XELFDFLyQ GHO VHJXQGR SXQWR GH FDGD DUFR VH
HQFXHQWUD HQ HO SXQWR GH LQWHUVHFFLyQ GH ODV
OtQHDVRFXOWDV
3UREOHPD
'LEXMDUHOHMH


$872'(6.$XWR&$'
0RYH
'HVSOD]D
'HILQLFLyQ3HUPLWHGHVSOD]DUORVREMHWRVVHOHFFLRQDGRV

$872'(6.$872&$'
&RPPDQG029(
6HOHFWREMHFWV
&RPDQGR'(63/$=$
'HVLJQHREMHWRV
3UHFLVHSXQWREDVHR>'HVSOD]DPLHQWR@'HVSOD]DPLHQWR!
3UHFLVHVHJXQGRSXQWRRXVDUSULPHUSXQWRFRPRGHVSOD]DPLHQWR!
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
o 6HOHFWREMHFWV
6HOHFFLRQDUORVREMHWRVTXHVHGHVHDQGHVSOD]DU
x +DFHUFOLFHQHOERWyQGHUHFKRGHOPRXVHRSXOVDU(17(5
o 6SHFLI\EDVHSRLQWRU>'LVSODFHPHQW@'LVSODFHPHQW!
+DFHUFOLFHQXQSXQWRGHUHIHUHQFLDSUHIHULEOHPHQWHSHUWHQHFLHQWHDOREMHWR
o 6SHFLI\VHFRQGSRLQWRUXVHILUVWSRLQWDVGLVSODFHPHQW!
'HVSOD]DUHOFXUVRU\KDFHUFOLFVREUHHOQXHYRSXQWRGRQGHVHGHVHDVLWXDUHOSXQWR
GHUHIHUHQFLD

3UREOHPD
'LEXMDUSRUVHSDUDGRFDGDXQDGHODVSLH]DVGHO
*ORER7HUUiTXHR\OXHJRHQVDPEODUFRPRVH
PXHVWUDHQODVLJXLHQWHILJXUD
*ORER7HUUiTXHRHQVDPEODGR

$872'(6.$XWR&$'
(OHMHIXHGLEXMDGRHQHOSUREOHPDGHOFRPDQGR2))6(7

'LEXMDUHO3LHGHVRSRUWH
9LVWDKRUL]RQWDO
'LEXMDUODDUDQGHOD
'LEXMDUODWXHUFD
'LEXMDUHOJORER
$OLJQ
$/
$OLQHDU
'HILQLFLyQ$OLQHDORVREMHWRVVHOHFFLRQDGRVFRQRWURVREMHWRVH[LVWHQWHV
(VWH FRPDQGR SXHGH VHU XWLOL]DGR WDQWR SDUD GLEXMRV HQ ' FRPR HQ ' FRQ PXFKR p[LWR \D TXH
SHUPLWH DOLQHDU XQ REMHWR FRQ UHIHUHQFLD GH RWUR H[LVWHQWH HV GHFLU SXHGH DFRPRGDU XQ REMHWR
IiFLOPHQWH(QVXSURFHVRKDFHXVRGHYDULRVFRPDQGRVVLPXOWiQHDPHQWHFRPR527$7(029(\KDVWD
6&$/(VLDVtVHGHVHD
&RPPDQG$/,*1
6HOHFWREMHFWV
6SHFLI\ILUVWVRXUFHSRLQW
6SHFLI\ILUVWGHVWLQDWLRQSRLQW

$872'(6.$872&$'
6SHFLI\VHFRQGVRXUFHSRLQW
6SHFLI\VHFRQGGHVWLQDWLRQSRLQW
6SHFLI\WKLUGVRXUFHSRLQWRUFRQWLQXH!
6FDOHREMHFWVEDVHGRQDOLJQPHQWSRLQWV"><HV1R@1!
&RPDQGR$/,1($5
'HVLJQHREMHWRV
3UHFLVHHOSULPHUSXQWRGHRULJHQ
3UHFLVHHOSULPHUSXQWRGHVWLQR
3UHFLVHHOVHJXQGRSXQWRGHRULJHQ
3UHFLVHHOVHJXQGRSXQWRGHVWLQR
3UHFLVHHOWHUFHUSXQWRGHRULJHQRFRQWLQXDU!
'HVHDDWULEXLUXQDHVFDODDORVREMHWRVVHJ~QORVSXQWRVGHDOLQHDFLyQ">6t1R@1!!
o $OLQHDUPHGLDQWHGRVSDUHVGHSXQWRVQRVSHUPLWHHVFDODUHOREMHWRDDOLQHDUKDFLHQGR
FRLQFLGLUORVGRVSDUHVGHSXQWRV
o $OLQHDUPHGLDQWHXQSDUGHSXQWRVHTXLYDOHDOFRPDQGR029(

3UREOHPD
'LEXMDUHO&DVWLOOR0HGLHYDO

$872'(6.$XWR&$'
9HQWDQDRSXHUWD
7RUUHL]TXLHUGDGHOFDVWLOOR
7RUUHGHUHFKDGHOFDVWLOOR
&XHUSRFHQWUDOGHOFDVWLOOR

$872'(6.$872&$'
(VFXGR
%DQGHULQ

$872'(6.$XWR&$'
5RWDWH
*LUD
52
'HILQLFLyQ3HUPLWHJLUDUORVREMHWRVVHOHFFLRQDGRV
&RPPDQG527$7(
&XUUHQWSRVLWLYHDQJOHLQ8&6$1*',5 FRXQWHUFORFNZLVH$1*%$6(
6HOHFWREMHFWV
6SHFLI\EDVHSRLQW
6SHFLI\URWDWLRQDQJOHRU>&RS\5HIHUHQFH@!
&RPDQGR*,5$
QJXORDFWXDOSRVLWLYRHQ6&3$1*',5 HQVHQWLGRKRUDULRLQYHUVR$1*%$6(
'HVLJQHREMHWRV
3UHFLVHSXQWREDVH
3UHFLVHiQJXORGHURWDFLyQR>&RSLDU5HIHUHQFLD@!
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
o 6HOHFWREMHFWV
6HOHFFLRQDUORVREMHWRVTXHVHGHVHDQJLUDU
o 6SHFLI\EDVHSRLQW
+DFHUFOLFHQHOSXQWRFRUUHVSRQGLHQWHDOFHQWURGHJLUR
o 6SHFLI\URWDWLRQDQJOHRU>&RS\5HIHUHQFH@!
,QWURGXFLUHOYDORUGHiQJXORGHURWDFLyQ\SXOVDU(17(5
2SFLRQHV
x &RS\&RSLDU
o 3HUPLWHFRSLDU\JLUDUORVREMHWRVVHOHFFLRQDGRVPDQWHQLHQGRORVREMHWRVRULJHQ

$872'(6.$872&$'
5HIHUHQFH5HIHUHQFLD
o 3HUPLWHJLUDUORVREMHWRVVHOHFFLRQDGRVLQWURGXFLHQGRXQiQJXORGHUHIHUHQFLD\HOQXHYR
iQJXORILQDOTXHGHEHSDVDUDPHGLU
3UREOHPD
*LUDUODVPDQHFLOODVGHOUHORMSDUDTXHPDUTXHODKRUDH[DFWDHQFDGDFDVR

3UREOHPD
*LUDUORVEUD]RVGHWDOPDQHUDTXHHOEUD]R$IRUPHFRQODKRUL]RQWDOXQiQJXORGH\HOiQJXOR
IRUPDGRSRUORVEUD]RV$\%VHDGH<HOJDQFKR&PDQWHQJDHQWRGRPRPHQWRVXSRVLFLyQLQLFLDO
3UREOHPD
*LUDUODSXHUWDVHJ~QHOiQJXORLQGLFDGRORVFHQWURVGHJLURHVWiQHQORVFtUFXORV
QJXOR
QJXOR
QJXOR

$872'(6.$XWR&$'
0LUURU
QJXOR "
6LPHWUtD
0,
'HILQLFLyQ3HUPLWHREWHQHUODVLPHWUtDUHVSHFWRDXQHMHGHORVREMHWRVVHOHFFLRQDGRV
&RPPDQG0,5525
6HOHFWREMHFWV
6SHFLI\ILUVWSRLQWRIPLUURUOLQH
6SHFLI\VHFRQGSRLQWRIPLUURUOLQH
(UDVHVRXUFHREMHFWV"><HV1R@1!
&RPDQGR6,0(75,$
'HVLJQHREMHWRV
3UHFLVHSULPHUSXQWRGHOtQHDGHVLPHWUtD
3UHFLVHVHJXQGRSXQWRGHOtQHDGHVLPHWUtD
%RUUDUREMHWRVGHRULJHQ">6t1R@1!
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
o 6HOHFWREMHFWV
6HOHFFLRQDUORVREMHWRVGHORVTXHVHGHVHDREWHQHUODVLPHWUtD
+DFHUFOLFHQHOERWyQGHUHFKRGHOPRXVHRSXOVDU(17(5
o 6SHFLI\ILUVWSRLQWRIPLUURUOLQH
+DFHUFOLFHQHOSULPHUSXQWRGHOHMHGHVLPHWUtD
o 6SHFLI\VHFRQGSRLQWRIPLUURUOLQH
+DFHUFOLFHQHOVHJXQGRSXQWRGHOHMHGHVLPHWUtD
o (UDVHVRXUFHREMHFWV"><HV1R@1!
(VWRSHUPLWHERUUDUORVREMHWRVGHSDUWLGD
3UREOHPD
$SOLFDUVLPHWUtDDOGLEXMR/RVSROtJRQRVVRQKH[iJRQRVUHJXODUHV

$872'(6.$872&$'
3UREOHPD
$SOLFDQGRVLPHWUtDFRPSOHWHHOYRODQWH
3UREOHPD
9ROWHDUODIOHFKD
9LWUDOHV
3UREOHPD
'LEXMDUODWD]DIORUHUR

$872'(6.$XWR&$'
3UREOHPD
'LEXMDUHOIORUHUR
3UREOHPD
$SOLFDUVLPHWUtD&DPELHODYDULDEOH0,557(;7GHD
6FDOH
6&
3ROtJRQR
'HILQLFLyQ 3HUPLWH PRGLILFDU HO WDPDxR GH ORV REMHWRV VHOHFFLRQDGRV GH PRGR XQLIRUPH HQ ODV
GLUHFFLRQHV;H<VLQDOWHUDUVXSURSRUFLyQ
&RPPDQG6&$/(
6HOHFWREMHFWV
6SHFLI\EDVHSRLQW
6SHFLI\VFDOHIDFWRURU>&RS\5HIHUHQFH@!
&RPDQGR(6&$/$
'HVLJQHREMHWRV
3UHFLVHSXQWREDVH
3UHFLVHIDFWRUGHHVFDODR>&RSLDU5HIHUHQFLD@!
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
o 6HOHFWREMHFWV
6HOHFFLRQDUORVREMHWRVTXHVHGHVHDQHVFDODU

$872'(6.$872&$'
x
x
o 6SHFLI\EDVHSRLQW
+DFHUFOLFHQXQSXQWRGHUHIHUHQFLD
(VWHSXQWRQRVXIUHGHVSOD]DPLHQWRDOJXQR
o 6SHFLI\VFDOHIDFWRURU>&RS\5HIHUHQFH@!
,QWURGXFLUHOYDORUSDUDHOIDFWRUGHHVFDOD
9DORUHV PD\RUHV TXH DXPHQWDQ HO WDPDxR PXOWLSOLFDQGR HO WDPDxR RULJLQDO
SRUGLFKRIDFWRU
9DORUHVHQWUH\GLVPLQX\HQHOWDPDxR
3XOVDU(17(5
2SFLRQHV
x &RS\&RSLDU
o 3HUPLWHFRSLDU\HVFDODUORVREMHWRVVHOHFFLRQDGRVPDQWHQLHQGRORVREMHWRVRULJHQ
x 5HIHUHQFH5HIHUHQFLD
o 3HUPLWH HVFDODU ORV REMHWRV VHOHFFLRQDGRV LQWURGXFLHQGR XQD ORQJLWXG GH UHIHUHQFLD \ OD
QXHYDORQJLWXGTXHGHEHSDVDUDPHGLU
3UREOHPD
$PSOLDRUHGXFHODVILJXUDVSDUDHQFDMDUODVGRQGHFRUUHVSRQGD
% HVF
$ HVF
& HVF""

$872'(6.$XWR&$'
$UUD\
0DWUL]
$5
'HILQLFLyQ3HUPLWHFUHDUFRSLDVGHORVREMHWRVVHOHFFLRQDGRVVLJXLHQGRXQSDWUyQUHFWDQJXODURSRODU
'HVFULSFLyQ
x $SDUHFHHOFXDGURGHGLiORJR$UUD\0DWUL]
5HFWDQJXODU$UUD\0DWUL]UHFWDQJXODU
o
o
/DVFRSLDVVHRUJDQL]DQSRUILODV\FROXPQDV
3HUPLWHVHOHFFLRQDUORVREMHWRVGHRULJHQ
3HUPLWHLQWURGXFLUHOQ~PHURGHILODV\GHFROXPQDV
3HUPLWHLQWURGXFLUODGLVWDQFLDHQWUHORVREMHWRVGHQWURGHXQDPLVPDILODO
5RZVDQGFROXPQV)LODV\FROXPQDV
5RZRIIVHW'HVSOD]DPLHQWRHQWUHILODV
&ROXPQRIIVHW'HVSOD]DPLHQWRHQWUHFROXPQDV
3HUPLWHLQWURGXFLUODGLVWDQFLDHQWUHORVREMHWRVGHQWURGHXQDPLVPDFROXPQD
(OYDORUSXHGHLQWURGXFLUVHPHGLDQWHXQYDORUQXPpULFRRJUiILFDPHQWHPHGLDQWHOD
GLVWDQFLDHQWUHGRVSXQWRV
$QJOHRIDUUD\QJXORGHPDWUL]
3UHYLHZ9LVWDSUHYLD
o

(OYDORUSXHGHLQWURGXFLUVHPHGLDQWHXQYDORUQXPpULFRRJUiILFDPHQWHPHGLDQWHOD
GLVWDQFLDHQWUHGRVSXQWRV
3HUPLWHYDULDUHOiQJXORGHLQFOLQDFLyQGHODPDWUL]
3HUPLWHFRPSUREDUVLHOUHVXOWDGRGHODFRQILJXUDFLyQHVHOGHVHDGRRQR
$O ODGR GHUHFKR GHO FXDGUR GH GLiORJR SXHGH YHUVH XQ HVTXHPD JHQHUDO GH OD
FRQILJXUDFLyQGHODPDWUL]
$872'(6.$872&$'
3RODU$UUD\0DWUL]SRODU
o
/DVFRSLDVVHRUJDQL]DQDORODUJRGHXQDUFRGHFLUFXQIHUHQFLD
&HQWHUSRLQW&HQWUR
3HUPLWHVHOHFFLRQDUORVREMHWRVGHRULJHQ
3HUPLWHLQWURGXFLUHOFHQWURGHODPDWUL]
(O YDORU SXHGH LQWURGXFLUVH PHGLDQWH ORV YDORUHV QXPpULFRV GH ODV FRRUGHQDGDV R
JUiILFDPHQWHLQGLFDQGRXQSXQWR
0HWKRG0pWRGR
3HUPLWHHVFRJHUHQWUHODVVLJXLHQWHVRSFLRQHV

7RWDOQXPEHURILWHPV $QJOHWRILOO1~PHURWRWDOGHHOHPHQWRV\iQJXORD

UHOOHQDU
7RWDOQXPEHURULWHPV $QJOHEHWZHHQtWHPV1~PHURWRWDOGHHOHPHQWRV
\ iQJXORHQWUHHOHPHQWRV
$QJOH WR ILOO $QJOH EHWZHHQ tWHPV QJXOR D UHOOHQDU \ iQJXOR HQWUH
HOHPHQWRV
7RWDOQXPEHURItWHPV1~PHURGHHOHPHQWRV
$QJOHWRILOO*UDGRVFXELHUWRV
$QJOHEHWZHHQtWHPVQJXORHQWUHHOHPHQWRV
5RWDWHtWHPVDVFRSLHG*LUDUREMHWRVDPHGLGDTXHVHFRSLDQ
3UHYLHZ9LVWDSUHYLD
3HUPLWHLQWURGXFLUHOQ~PHURGHFRSLDVGHVHDGR
QJXORTXHDEDUFDHODUFRGHFLUFXQIHUHQFLDGHODPDWUL]
QJXORTXHDEDUFDHODUFRGHFLUFXQIHUHQFLDHQWUHHOHPHQWRV
(VWDRSFLyQSHUPLWHJLUDUODVFRSLDVDORODUJRGHODPDWUL]
3HUPLWHFRPSUREDUVLHOUHVXOWDGRGHODFRQILJXUDFLyQHVHOGHVHDGRRQR
$O ODGR GHUHFKR GHO FXDGUR GH GLiORJR SXHGH YHUVH XQ HVTXHPD JHQHUDO GH OD
FRQILJXUDFLyQGHODPDWUL]

$872'(6.$XWR&$'
3UREOHPD
'LEXMDUODVLJXLHQWHILJXUD0DWUL]UHFWDQJXODUGH['LVWDQFLDHQWUHILODV'LVWDQFLDHQWUHFROXPQDV

3UREOHPD
'LEXMDUODVLJXLHQWHILJXUDXWLOL]DQGRHOFRPDQGR$UUD\
3UREOHPD
'LEXMDUODVLJXLHQWHILJXUDXWLOL]DQGRHOFRPDQGR$UUD\

$872'(6.$872&$'
3UREOHPD
'LEXMDUHOYHQWLODGRU

$872'(6.$XWR&$'
6WUHWFK
(VWLUD
'HILQLFLyQ3HUPLWHHVWLUDURGHVSOD]DUORVREMHWRVVHOHFFLRQDGRV

&RPPDQG675(7&+
6HOHFWREMHFWVWRVWUHWFKE\FURVVLQJZLQGRZRUFURVVLQJSRO\JRQ
6HOHFWREMHFWV
&RPDQGR(67,5$
'HVLJQHREMHWRVTXHHVWLUDUPHGLDQWHYHQWDQDRSROtJRQR
'HVLJQHREMHWRV
3UHFLVHSXQWREDVHR>'HVSOD]DPLHQWR@'HVSOD]DPLHQWR!
3UHFLVHVHJXQGRSXQWRRXVDUSULPHUSXQWRFRPRGHVSOD]DPLHQWR!
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
o 6HOHFWREMHFWV
6HOHFFLRQDUORVREMHWRVTXHVHGHVHDQHVWLUDURGHVSOD]DU
6L ORV REMHWRV VH HQFXHQWUDQ WRWDOPHQWH GHQWUR GHO UHFWiQJXOR GH GHVLJQDFLyQ
PHGLDQWHUHFWiQJXORD]XOORVREMHWRVVHGHVSOD]DQ
6L ORV REMHWRV VH HQFXHQWUDQ SDUFLDOPHQWH GHQWUR GHO UHFWiQJXOR GH GHVLJQDFLyQ
PHGLDQWHUHFWiQJXORYHUGHORVREMHWRVVHHVWLUDQ
o 6SHFLI\EDVHSRLQWRU>'LVSODFHPHQW@'LVSODFHPHQW!
+DFHUFOLFHQXQSXQWRGHUHIHUHQFLDSUHIHULEOHPHQWHSHUWHQHFLHQWHDOREMHWR
o +DFHUFOLFVREUHHOSXQWRGRQGHVHGHVHDGHVSOD]DUHOSXQWRGHUHIHUHQFLD
3UREOHPD
0RGLILFDUHOSODQRGHODFDVDFRQHOFRPDQGR675(7&+

$QWHVGHDSOLFDU6WUHWFK
$872'(6.$872&$'
'HVSXpVGHDSOLFDU6WUHWFK
&+$
&KDPIHU
&KDIODQ
'HILQLFLyQ 3HUPLWH ELVHODU ODV HVTXLQDV IRUPDGDV SRU ORV REMHWRV VHOHFFLRQDGRV /RV REMHWRV GHEHQ
VHUOtQHDVSROLOtQHDVVHJPHQWRVUHFWRV\VyOLGRV'

&RPPDQG&+$0)(5
75,0PRGH&XUUHQWFKDPIHU'LVW 'LVW

6HOHFWILUVWOLQHRU>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@
6HOHFWVHFRQGOLQHRUVKLIWVHOHFWWRDSSO\FRUQHU
&RPDQGR&+$)/$1
0RGR5HFRUWDU3ULPHUDGLVWDQFLDGHFKDIOiQDFWXDO 6HJXQGDGLVWDQFLD

'HVLJQHODSULPHUDOtQHDR>GHV+DFHU3ROLOtQHD'LVWDQFLDiQJ8OR5HFRUWDU0pWRGRP~/WLSOH@
'HVLJQHVHJXQGDOtQHDRXVHODWHFOD0D\~VSDUDDSOLFDUHVTXLQD
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
o 6HOHFWILUVWOLQHRU>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@
x
x
(VFRJHUODRSFLyQ'LVWDQFH'LVWDQFLDG
o 6SHFLI\ILUVWFKDPIHUGLVWDQFH!
,QWURGXFLUHOYDORUQXPpULFRGHODSULPHUDGLVWDQFLDGHOFKDIOiQ
3XOVDU(17(5
o 6SHFLI\VHFRQGFKDPIHUGLVWDQFH!
,QWURGXFLUHOYDORUQXPpULFRGHODVHJXQGDGLVWDQFLDGHOFKDIOiQ
3XOVDU(17(5

$872'(6.$XWR&$'
(Q ODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWILUVWOLQHRU>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@
+DFHUFOLFVREUHXQDGHODVOtQHDVGHODHVTXLQD
o 6HOHFWVHFRQGOLQHRUVKLIWVHOHFWWRDSSO\FRUQHU
+DFHUFOLFVREUHODRWUDOtQHDGHODHVTXLQD
2SFLRQHV
x
x
x
x
x
x
3RO\OLQH3ROLOtQHD
o 3HUPLWH UHDOL]DU GH IRUPD VLPXOWDQHD ORV FKDIODQHV GH ORV VHJPHQWRV UHFWRV GH XQD
SROLOtQHD
'LVWDQFH'LVWDQFLD
o 3HUPLWHGLPHQVLRQDUHOFKDIOiQPHGLDQWHGRVGLVWDQFLDV
o /DV GLVWDQFLDV VH DSOLFDUiQ HQ HO PLVPR RUGHQ HQ HO TXH VH KD\DQ GHILQLGR ORV REMHWRV
TXHIRUPDQODHVTXLQD
$QJOHQJXOR
o 3HUPLWHGLPHQVLRQDUHOFKDIOiQPHGLDQWHXQDGLVWDQFLD\XQiQJXOR
7ULP5HFRUWDU
o 3HUPLWH FRQWURODU VL DO HIHFWXDU HO FKDIOiQ VH UHFRUWDQ R QR ORV REMHWRV TXH IRUPDQ OD
HVTXLQD
0HWKRG0pWRGR
o 3HUPLWH HVWDEOHFHU HO PpWRGR HPSOHDGR SRU GHIHFWR SDUD UHDOL]DU HO FKDIOiQ GRV
GLVWDQFLDVRGLVWDQFLD\iQJXOR
0XOWLSOH0~OWLSOH
o 3HUPLWHUHDOL]DUYDULRVFKDIODQHVVLQILQDOL]DUHOFRPDQGRSHUPDQHFLHQGRGLVSRQLEOHVODV
GHPiVRSFLRQHV
'LEXMRRULJLQDO
&RQFKDIOiQ
$SOLFDQGRFKDIODQHVFRQWULP\H[WHQGDXWRPiWLFRV
'RVGLVWDQFLDV
&RPPDQGFKDPIHU

6HOHFWILUVWOLQHRU
>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@G
6SHFLI\ILUVWFKDPIHUGLVWDQFH!
6SHFLI\VHFRQGFKDPIHUGLVWDQFH!
6HOHFWILUVWOLQHRU
>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@6HOHFFLRQDU
SULPHUOtQHD
6HOHFWVHFRQGOLQHRUVKLIWVHOHFWWRDSSO\FRUQHU6HOHFFLRQDUVHJXQGD
OtQHD

$872'(6.$872&$'
GHOFRPDQGR&+$0)(5

'LVWDQFLD\iQJXOR
&RPPDQGFKDPIHU

6HOHFWILUVWOLQHRU
>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@D
6SHFLI\FKDPIHUOHQJWKRQWKHILUVWOLQH!
6SHFLI\FKDPIHUDQJOHIURPWKHILUVWOLQH!
6HOHFWILUVWOLQHRU
>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@6HOHFFLRQDU
SULPHUOtQHD
6HOHFWVHFRQGOLQHRUVKLIWVHOHFWWRDSSO\FRUQHU6HOHFFLRQDUVHJXQGD
OtQHD
/RVYDORUHVGHGLVWDQFLD\iQJXORVHFRQYHUWLUiQHQORVYDORUHVDFWXDOHVGHFKDIOiQSDUDORVVLJXLHQWHV
FDVRVGHHMHFXFLyQGHOFRPDQGR&+$0)(5
'LVWDQFLD
&RPPDQGFKDPIHU
75,0PRGH&XUUHQWFKDPIHU/HQJWK $QJOH
6HOHFWILUVWOLQHRU>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@G
6SHFLI\ILUVWFKDPIHUGLVWDQFH!
6SHFLI\VHFRQGFKDPIHUGLVWDQFH!
6HOHFWILUVWOLQHRU>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@
6HOHFFLRQDUSULPHUOtQHD
6HOHFWVHFRQGOLQHRUVKLIWVHOHFWWRDSSO\FRUQHU6HOHFFLRQDUVHJXQGDOtQHD
GHOFRPDQGR&+$0)(5(QHVWHFDVRQRLQWHUHVDHORUGHQHQTXHVHVHOHFFLRQHQODVOtQHDV

)
)LOOHW
(PSDOPH
'HILQLFLyQ 3HUPLWH UHGRQGHDU ODV HVTXLQDV IRUPDGDV SRU ORV REMHWRV VHOHFFLRQDGRV DVt FRPR XQLU
PHGLDQWH XQ DUFR ORV REMHWRV VHOHFFLRQDGRV /RV REMHWRV GHEHQ VHU OtQHDV FtUFXORV DUFRV SROLOtQHDV
VHJPHQWRVUHFWRV\VyOLGRV'
&RPPDQG),//(7
&XUUHQWVHWWLQJV0RGH 75,05DGLXV

6HOHFWILUVWREMHFWRU>8QGR3RO\OLQH5DGLXV7ULP0XOWLSOH@
&RPDQGR(03$/0(
3DUiPHWURVDFWXDOHV0RGR 5HFRUWDU5DGLR

'HVLJQHHOSULPHUREMHWRR>'HVKDFHU3ROLOtQHD5$GLR5HFRUWDUP~/WLSOH@

$872'(6.$XWR&$'
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
o 6HOHFWILUVWREMHFWRU>8QGR3RO\OLQH5DGLXV7ULP0XOWLSOH@
(VFRJHUODRSFLyQ5DGLXV5$GLR5
o 6SHFLI\ILOOHWUDGLXV!
,QWURGXFLUHOYDORUQXPpULFRGHOUDGLR
3XOVDU(17(5
o 6HOHFWILUVWREMHFWRU>8QGR3RO\OLQH5DGLXV7ULP0XOWLSOH@
+DFHUFOLFVREUHXQRGHORVREMHWRVDHPSDOPDU
o 6HOHFWVHFRQGREMHFWRUVKLIWVHOHFWWRDSSO\FRUQHU
+DFHUFOLFVREUHHORWURREMHWRDHPSDOPDU
2SFLRQHVEiVLFDV
x
x
x
x
3RO\OLQH3ROLOtQHD
o 3HUPLWH UHDOL]DU GH IRUPD VLPXOWDQHD ORV HPSDOPHV GH ORV VHJPHQWRV UHFWRV GH XQD
SROLOtQHD
5DGLXV5DGLR
o 3HUPLWHGLPHQVLRQDUHOUDGLRGHOHPSDOPH
7ULP5HFRUWDU
o 3HUPLWHFRQWURODUVLDOHIHFWXDUHOHPSDOPHVHUHFRUWDQRQRORVREMHWRVVHOHFFLRQDGRV
0XOWLSOH0~OWLSOH
o 3HUPLWHUHDOL]DUYDULRVHPSDOPHVVLQILQDOL]DUHOFRPDQGRSHUPDQHFLHQGRGLVSRQLEOHVODV
GHPiVRSFLRQHV
'LEXMRRULJLQDO
&RPPDQGILOOHW
&RQFKDIOiQ
&XUUHQWVHWWLQJV0RGH 75,05DGLXV
6HOHFWILUVWREMHFWRU>8QGR3RO\OLQH5DGLXV7ULP0XOWLSOH@U
6SHFLI\ILOOHWUDGLXV!
6HOHFWILUVWREMHFWRU>8QGR3RO\OLQH5DGLXV7ULP0XOWLSOH@
6HOHFWVHFRQGREMHFWRUVKLIWVHOHFWWRDSSO\FRUQHU
(OUDGLRVHFRQYHUWLUiHQHOUDGLRDFWXDOGHILOOHWSDUDORVVLJXLHQWHVFDVRVGHHMHFXFLyQGHOFRPDQGR
),//(7

3DUDXQUDGLRGHHPSDOPHFHURHOFRPDQGRDODUJDRUHFRUWDORVREMHWRVKDVWDVXLQWHUVHFFLyQHQDULVWD
YLYD

$872'(6.$872&$'
'LEXMRRULJLQDO
([SORGH
&RQFKDIOiQ
'HVFRPSRQHU
'HILQLFLyQ3HUPLWHGHVFRPSRQHUORVREMHWRVVHOHFFLRQDGRVHQVXVHOHPHQWRVEiVLFRV
o /RVREMHWRVGHEHQVHUEORTXHVSROLOtQHDV\FRWDV
&RPPDQG(;3/2'(
6HOHFWREMHFWV
&RPDQGR'(6&203
'HVLJQHREMHWRV
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
o 6HOHFWREMHFWV
+DFHUFOLFVREUHORVREMHWRVDGHVFRPSRQHU

$872'(6.$XWR&$'
;,9
3URSLHGDGHVGHREMHWRV
2EMHWLYRVHVSHFtILFRV
$OILQDOL]DUHOSDUWLFLSDQWHSRGUi
9 0RGLILFDUODVSURSLHGDGHVGHORVREMHWRV
9 8WLOL]DUHOSDQHO\ODSDOHWDGHSURSLHGDGHV
3DQHOGHSURSLHGDGHVGHORVREMHWRV3URSHUWLHV
Se puede usar este panel para ver y cambiar en forma rpida las propiedades de los objetos
tales como:
Color (Color)
Tipo de lnea (Linetype)
Grosor de impresin (Lineweight)

Estilo de impresin (Plot style)
Igualar propiedades (Match Properties)

Listado (List)
Igualar propiedades
Listado
Color
Grosor de impresin
Tipo de lnea
Estilo de impresin
1RSHUPLWHHOFDPELRGHSURSLHGDGHVVLODFDSDHVWDEORTXHDGD
7UDEDMDQGRFRQODSURSLHGDG&2/25
3XHGH DFFHGHU D OD YHQWDQD GH DGPLQLVWUDFLyQ GH FRORU SRU PHGLR GH OD EDUUD GH SURSLHGDGHV \ HO
FRQWUROGHFRORURSFLyQ6HOHFW&RORURPHGLDQWHHOFRPDQGR&2/25
6HOHFFLRQDXQFRORU
([LVWHQWUHVIRUPDVGHDSOLFDUFRORUHVHQHVWDYHQWDQD

$872'(6.$872&$'
,QGH[&RORU&RORUGHtQGLFH
&DGDFRORUHVLGHQWLILFDGRSRUXQQRPEUH
\ SRU XQ Q~PHUR HQ HO $XWR&$' &RORU
,QGH[ $&, (O Q~PHUR$&, HV XQ HQWHUR
HQWUH \ &XDOTXLHU FDQWLGDG GH
FDSDV X REMHWRV SXHGHQ WHQHU HO PLVPR
FRORU

&XDQGR HVSHFLILFD XQ FRORU VH SXHGH
LQJUHVDUHOQRPEUHGHOFRORURVXQ~PHUR
HQHO$&,
7UXH&RORU&RORUYHUGDGHUR
3HUPLWHVHOHFFLRQDUFRORUHVGHELWVFRORUYHUGDGHURHVGHFLUPiVGHPLOORQHVGHWRQDOLGDGHV
3XHGHXWLOL]DUGRVPRGDOLGDGHV+/6WRQRVDWXUDFLyQOXPLQRVLGDG\5*%URMRYHUGHD]XO
&RORU%RRNV/LEURGHFRORUHV
+DFH XVR GH SDOHWDV GH FRORUHV RUJDQL]DGRV FRPR OLEURV XWLOL]DGRV KDELWXDOPHQWH HQ HO DPELHQWH GH
GLVHxR JUiILFR (VWRV OLEURV GH FRORUHV VH JUDEDQ HQ DUFKLYRV $&% \ SXHGHQ LQVWDODUVH PiV VL IXHUD
QHFHVDULR\FXHQWDFRQHOORV


$872'(6.$XWR&$'
7UDEDMDQGRFRQODSURSLHGDG7LSRGH/tQHD
8Q WLSR GH OtQHD HV XQ SDWUyQ UHSHWLGR GH JXLRQHV SXQWRV IRUPDV JUiILFRV \ WH[WRV \ HVSDFLRV HQ
EODQFR(OQRPEUHGHOWLSRGHOtQHDGHVFULEHODVHFXHQFLDSDUWLFXODUODORQJLWXGUHODWLYDHQWUHJXLRQHV\
HVSDFLRVHQEODQFR\ODVFDUDFWHUtVWLFDVGHFXDOTXLHUWH[WRRIRUPDLQFOXLGD

6HOHFFLRQDXQWLSRGHOtQHD
$872'(6.$872&$'
3DUDXVDUXQWLSRGHOtQHDVHGHEHFDUJDUSULPHURVREUHHOGLEXMR/RDG8QWLSRGHOtQHDGHEHH[LVWLU

HQXQDUFKLYRGHOLEUHUtDFRQH[WHQVLyQ/,1DQWHVGHVHUFDUJDGR6HSXHGHDVLJQDUXQWLSRGHOtQHDD
XQDFDSDDORVREMHWRVTXHHPSLH]DDGLEXMDURFDPELDUHOWLSRGHOtQHDDORVREMHWRVH[LVWHQWHV3DUD
XVDU XQ WLSR GH OtQHD SDUD GLEXMDU SULPHUR GHEH KDFHU TXH HO WLSR GH OtQHD GHVHDGR VHD DFWLYDGR
PHGLDQWH HO FRPDQGR /,1(7<3( R SRU PHGLR GHO SDQHO 3URSHUWLHV \ XWLOL]DQGR HO &RQWURO GH 7LSRV GH
OtQHD&RQWURO/LQH7\SHRSFLyQ2WKHU
&DPELDQGRGHQRPEUH\GHVFULSFLyQDORV7LSRVGH/tQHD
$ YHFHVVHTXLHUHFDPELDUGHQRPEUHDXQWLSRGHOtQHDSDUDLGHQWLILFDUPHMRUVXXVR6HSXHGHFDPELDU
GH QRPEUH D XQ WLSR GH OtQHD HQ FXDOTXLHU PRPHQWR GXUDQWH OD VHVLyQ GH GLEXMR &XDQGR FDPELD GH
QRPEUH D XQ WLSR GH OtQHD VRODPHQWH VH YLVXDOL]D HQ VX GLEXMR \ QR VH DFWXDOL]D HQ OD OLEUHUtD GH
DUFKLYRV FRQ H[WHQVLyQ /,1 /RV WLSRV GH OtQHD SXHGHQ VHU RUGHQDGRV SRU QRPEUH \ GHVFULSFLyQ \
PRVWUDGRVGHIRUPDDOIDEpWLFDDVFHQGHQWHRGHVFHQGHQWH
0RVWUDQGRXQWLSRGH/tQHDFDPELDQGR(VFDODGH7LSRGH/tQHD
6H DVRFLDQ ORV WLSRV GH OtQHD FRQ WRGRV ORV REMHWRV SHUR HVWRV QR VRQ PRVWUDGRV HQ WH[WRV SXQWRV
YLHZSRUWOtQHDVGHFRQVWUXFFLyQUD\RVSROLOtQHDV'\EORTXHV6LODVOtQHDVGLEXMDGDVVRQFRUWDVSDUD
PDQWHQHUXQDVHFXHQFLD$XWR&$'GLEXMDXQDOtQHDFRQWLQXD
6HSXHGHFDPELDUODHVFDODSDUDTXHVHSXHGDREVHUYDUODVHFXHQFLDGHOWLSRGHOtQHDSRUPHGLRGHOD
YHQWDQD GHO /LQHW\SH 0DQDJHU DGPLQLVWUDGRU GH WLSRV GH OtQHD R PHGLDQWH HO FRPDQGRYDULDEOH
/76&$/(0LHQWUDVPiVSHTXHxDODHVFDODPiVUHSHWLFLRQHVGHOSDWUyQVHSUHVHQWDUiQHQHOGLEXMR3RU
GHIHFWR$XWR&$'WUDEDMDFRQODHVFDODJOREDOODHVFDODJOREDODIHFWDDWRGRVORVGLEXMRV\DFUHDGRV\
SRUFUHDUTXHKD\DQXWLOL]DGRRXWLOLFHQDOJ~QWLSRGHOtQHD

&RPPDQG/76&$/(
(QWHUQHZOLQHW\SHVFDOHIDFWRU!
&RPDQGR(6&$/$7/
,QGLTXHQXHYRIDFWRUGHHVFDODGHOWLSRGHOtQHD!

$872'(6.$XWR&$'
%RUUDQGR7LSRVGH/tQHD
6H SXHGH ERUUDU XQ WLSR GH OtQHD HQ FXDOTXLHU
PRPHQWR6LQHPEDUJRH[LVWHQWLSRVGHOtQHDTXH
QR SXHGHQ VHU HOLPLQDGRV WDOHV FRPR %\OD\HU
%\EORFN &RQWLQXRV HO WLSR GH OtQHD DFWXDO WLSRV
GHOtQHDVTXHGHSHQGHQGHUHIHUHQFLDVH[WHUQDV\
WLSRV GH OtQHD TXH HVWiQ VLHQGR XVDGRV SRU
REMHWRVHQHOGLEXMR7DPSRFRORVWLSRVGHOtQHDV
TXH KDFHQ UHIHUHQFLD D XQ EORTXH SXHGHQ VHU
ERUUDGRV DXQ FXDQGR QR FRQWHQJDQ REMHWRV
YLVLEOHV&XDQGRXQWLSRGHOtQHDHVERUUDGRHVWH
HV HOLPLQDGR VyOR HQ HO GLEXMR DFWXDO \ QR HQ OD
OLEUHUtDGHDUFKLYRVFRQH[WHQVLyQ/,1
&XDQGRQRSXHGDHOLPLQDUXQWLSRGHOtQHDVHPRVWUDUiODYHQWDQDVLJXLHQWH
)LOWUDQGRWLSRVGHOtQHD
$OJXQDV YHFHV VH GHVHD VyOR OLVWDU FLHUWRV
WLSRVGHOtQHD6HSXHGHKDFHUHVWRXWLOL]DQGR
ODRSFLyQ)LOWHUSDUDOLPLWDUORVWLSRVGHOtQHDV
TXH TXHUHPRV PRVWUDU 6H SXHGHQ ILOWUDU
WLSRV GH OtQHDV EDVDGRV HQ VL HVWRV
SHUWHQHFHQ DO GLEXMR DFWXDO R D XQD
UHIHUHQFLDH[WHUQD
7UDEDMDQGRFRQODSURSLHGDG*URVRUGH/tQHD

6HOHFFLRQDXQJURVRUGHOtQHD
$872'(6.$872&$'
7UDEDMDQGRFRQODSURSLHGDG(VWLORGHLPSUHVLyQ
(VWLORGHLPSUHVLyQ(VWHFRQWUROHVWiDFWLYDGR
VRODPHQWH FXDQGR VH WUDEDMD FRQ WDEODV GH
HVWLORGHSORWHRQRPEUDGDV
0$7&+3523(57,(6,JXDODUSURSLHGDGHV
'HILQLFLyQ&RPDQGRTXHSHUPLWHKHUHGDURWUDVSDVDUODVSURSLHGDGHVGHXQREMHWRDRWURRDYDULRV
/DVSURSLHGDGHVTXHSXHGHQVHUFRSLDGDVVRQ
/DVFDSDV/D\HU
(OFRORU
7LSR\DQFKRGHOtQHD/LQHW\SH/LQHZLJKW
(VWLORGHSORWHR3ORW6W\OH
(VFDODGHOWLSRGHOtQHD/LQHW\SHVFDOH
$OWXUD'GHREMHWR7KLFNQHVV
'LPHQVLRQHV'LPHQVLRQV
(QFDVRVHVSHFLDOHVSHUPLWHFRSLDUODVSURSLHGDGHVGH
7H[WRV7H[W
6RPEUHDGRV+DWFK
3ROLOtQHDV3RO\OLQH
9HQWDQDJUiILFD9LHZSRUW
7DEOD7DEOH
&RPPDQG0$7&+3523
6HOHFWVRXUFHREMHFW
&XUUHQW DFWLYH VHWWLQJV &RORU /D\HU /W\SH /WVFDOH /LQHZHLJKW 7KLFNQHVV 3ORW6W\OH 'LP 7H[W +DWFK
3RO\OLQH9LHZSRUW7DEOH0DWHULDO6KDGRZGLVSOD\0XOWLOHDGHU
6HOHFWGHVWLQDWLRQREMHFWVRU>6HWWLQJV@
&RPDQGR,*8$/$53523
'HVLJQHREMHWRGHRULJHQ
3DUiPHWURV DFWLYRV DFWXDOHV &RORU &DSD 7OtQHD (VFDODWO *URVRU GH OtQHD $OWREMHWR (VWLORWUD] $FRWD
7H[WR6RPEUHDGR3ROLOLQHD9HQWDQD7DEOD0DWHULDO9LVXDOL]DFLyQGHVRPEUDV'LUHFWUL]P~OWLSOH
'HVLJQHREMHWRVGHGHVWLQRR>3$UiPHWURV@

$872'(6.$XWR&$'
3URFHGLPLHQWR
$FWLYDUHOFRPDQGR0$7&+3523
o
6HOHFWVRXUFHREMHFW
6HOHFFLRQDUHOREMHWRGHOTXHVHFRSLDQODVSURSLHGDGHV
o
6HOHFWGHVWLQDWLRQREMHFWVRU>6HWWLQJV@
6HOHFFLRQDUORVREMHWRVDORVTXHVHOHVGHVHDQDSOLFDUODVSURSLHGDGHVGHOREMHWR
DQWHULRU(OSXQWHURVHPXHVWUDFRPR
3XOVDU(6&R(17(5SDUDILQDOL]DUHOFRPDQGR
6HWWLQJV3DUiPHWURV
2SFLRQHV
o
o

3HUPLWHGHWHUPLQDUODVSURSLHGDGHVTXHVHYDQDFRSLDU
$SDUHFHHOFXDGURGHGLiORJR3URSHUW\6HWWLQJV3DUiPHWURVGHSURSLHGDGHV
$872'(6.$872&$'
3DOHWDGHDGPLQLVWUDGRUGH3URSLHGDGHV3523(57,(6
'HILQLFLyQ 3HUPLWHPRGLILFDUDOJXQDVGHODVSURSLHGDGHVGHOREMHWR
(VWD SDOHWD SXHGH HVWDU SHUPDQHQWHPHQWH HQ SDQWDOOD \ GHVSOHJDUVH UiSLGDPHQWH DO VHU VROLFLWDGD
PXHVWUD\HGLWDWRGDVODVSURSLHGDGHVGHORVREMHWRVVHOHFFLRQDGRV
&XDQGRQRKD\QLQJ~QREMHWRVHOHFFLRQDGRPXHVWUDODVSURSLHGDGHVJHQHUDOHVHVWDEOHFLGDVSDUDWRGR
HOGLEXMR
/DSDOHWD3URSHUWLHVVHPXHVWUDWRGDODLQIRUPDFLyQGHOREMHWRVHOHFFLRQDGR&XDQGRYDULRVREMHWRVVRQ
VHOHFFLRQDGRV VXV SURSLHGDGHV FRPXQHV VRQ PRVWUDGDV 'HVGH HVWD YHQWDQD VH SXHGH PRGLILFDU
FXDOTXLHUSURSLHGDGTXHSXHGDVHUFDPELDGD6HSXHGHGHMDUDFWLYDGDODSDOHWD3URSHUWLHVPLHQWUDVVH
FRQWLQ~DWUDEDMDQGR

$872'(6.$XWR&$'
+D\RFKRSURSLHGDGHVJHQHUDOHV FRPXQHVD
WRGRVORVREMHWRV7RGDVODVGHPiVSURSLHGDGHV
GHREMHWRVRQHVSHFtILFDVGHOWLSRGHREMHWR
&RORU
&DSD/D\HU
7LSRGHOtQHD/LQHW\SH
(VFDODGHWLSRGHOtQHD/LQHW\SHVFDOH
(VWLORGHWUD]DGR3ORW6W\OH
*URVRUGHOtQHD/LQHZHLJKW
+LSHUYtQFXOR+\SHUOLQN
$OWXUDGHREMHWR7KLFNQHVV
3URFHGLPLHQWRV
0RGR
6HOHFFLRQDU HO REMHWR X REMHWRV
GHVHDGRV
+DFHU FOLF HQ HO ERWyQ GHUHFKR GHO
PRXVH
o (VFRJHUODRSFLyQ3URSHUWLHV
$SDUHFHODYHQWDQD3URSHUWLHV
o 0RGLILFDU ODV FDUDFWHUtVWLFDV
GHVHDGDV
0RGR
6HOHFFLRQDU HO REMHWR X REMHWRV
GHVHDGRV
+DFHU GREOH FOLF VREUH HO REMHWR
VHOHFFLRQDGR
$SDUHFHODYHQWDQD3URSHUWLHV
o 0RGLILFDU ODV FDUDFWHUtVWLFDV
GHVHDGDV
0RGR
6HOHFFLRQDUHOREMHWRVXREMHWRVGHVHDGRV
(MHFXWDUHOFRPDQGR
o 3XOVDQGRODKHUUDPLHQWD
GHOSDQHO3DOHWWHV3DOHWDVGHODILFKD9LHZ9LVWD

3XHGHHVSHFLILFDUXQQXHYRYDORUSDUDPRGLILFDUFXDOTXLHUSURSLHGDGTXHVHSXHGDFDPELDU+DJDFOLF
HQHOYDORU\XWLOLFHXQRGHORVPpWRGRVVLJXLHQWHV
(VFULEDXQYDORUQXHYR
+DJDFOLFHQODIOHFKDKDFLDDEDMRGHODGHUHFKD\VHOHFFLRQHXQYDORUGHODOLVWD
+DJDFOLFHQHOERWyQ3XQWRGHGHVLJQDFLyQSDUDXWLOL]DUHOGLVSRVLWLYRVHxDODGRUSDUDFDPELDUXQ
YDORUGHFRRUGHQDGD
+DJDFOLFHQHOERWyQGHODFDOFXODGRUDUiSLGDSDUDFDOFXODUHOYDORUQXHYR
+DJDFOLFHQODVIOHFKDVL]TXLHUGDRGHUHFKDSDUDDXPHQWDURGLVPLQXLUHOYDORU
+DJDFOLFHQHOERWyQ^`SDUDFDPELDUHOYDORUGHODSURSLHGDGHQXQFXDGURGHGLiORJR
(VDFRQVHMDEOHPDQWHQHUODVSURSLHGDGHV
o &RORU3RUFDSD
o 7LSRGHOtQHD3RUFDSD
o *URVRUGHOtQHD3RUFDSD
6HUHFRPLHQGDTXHSDUDPRGLILFDUFXDOTXLHUDGHODVSURSLHGDGHVDQWHULRUHVVHUHDOLFH
HPSOHDQGRHOFRPDQGR/D\HUFDSD

$872'(6.$872&$'
7DPELpQSXHGHFDPELDUODHVFDODHVSHFtILFDGHXQ
REMHWR SRU PHGLR GH OD SDOHWD GH SURSLHGDGHV
3523(57,(6
48,&.3523(57,(6
3HUPLWH YHU \ PRGLILFDU ODV SURSLHGDGHV GH ORV

REMHWRVHQVLWLRVLQWHQHUTXHUHFXUULUDODSDOHWD
GH 3URSHUWLHV (VWD KHUUDPLHQWD VH DFWLYD
GHVGHOD%DUUDGH(VWDGRFRQHOERWyQ43 XQD
YH] DFWLYD EDVWD VROR VHOHFFLRQDU HO REMHWR GH
GLEXMR \ ODV SURSLHGDGHV VH PRVWUDUDQ
DXWRPiWLFDPHQWH SDUD VX HGLFLyQ ODV
SURSLHGDGHVDPRVWUDUVHFRQILJXUDQHQHO&8,
(Q OD )LFKD 4XLFN

3URSHUWLHV
GHO
'UDIWLQJ 6HWWLQJV VH
SXHGH FRQWURODU ODV
FDUDFWHUtVWLFDV GH OD
KHUUDPLHQWD

$872'(6.$XWR&$'
;9/D\HUV&DSDV
/DVFDSDVGHEHQVHUFRQVLGHUDGDVFRPRSDSHOHVWUDQVSDUHQWHVVREUHSXHVWRVHQWUHVL$XWR&$'SHUPLWH
WUDEDMDUFRQXQQ~PHURLOLPLWDGRGHFDSDVGRQGHFDGDXQDGHHOODVSRVHHUiXQQRPEUHXQFRORUXQ
WLSRGHOtQHDXQJURVRU\XQHVWLORGHWUD]DGRSRUGHIHFWRHVGHFLUVLQRVHDVLJQDQHVWDVSURSLHGDGHV
ODVHQWLGDGHVTXHVHFUHHQHQXQDFDSDWHQGUiQODVFDUDFWHUtVWLFDVSUHGHILQLGDVSRUODPLVPD
/DYHQWDMDSULQFLSDOGHWUDEDMDUFRQFDSDVHVODSRVLELOLGDGGHYLVXDOL]DUDTXHOODVTXHTXLHUDHOXVXDULR
SXGLHQGRGHHVWDIRUPDQRWHQHUTXHUHSHWLUHOHPHQWRVTXHGHEHUtDQDSDUHFHUHQFDGDXQDGHHOODV
/DRUJDQL]DFLyQGHORVREMHWRVHQFDSDVIDFLOLWDHOPDQHMRGHODLQIRUPDFLyQHQORVGLEXMRV
(QHOSDQHO/D\HUV&DSDVGHODILFKD+RPH,QLFLRVLHPSUHVHOHLQIRUPDUiGHODFDSDHQODFXDOVH
HVWiWUDEDMDQGR

$872'(6.$872&$'
$UTXLWHFWXUD
0HFiQLFD
$XWR&$' DO LQLFLDU XQD VHVLyQ GH GLEXMR SRVHH WDQ VyOR XQD FDSD GHQRPLQDGD OD FXDO GHEHPRV
HQWHQGHU FRPR FDSD PDGUH (V GHFLU VH QRV RIUHFH GH DOJXQD IRUPD SDUD TXH QR WHQJDPRV TXH
LQFRPRGDUQRVFXDQGRHOGLEXMRQRSUHVHQWDFDSDVDGLFLRQDOHV

$QWHV GH FRQILJXUDU ODV FDSDV HQ $XWR&$' KD\ TXH WHQHU XQD LGHD VREUH HO WLSR GH WUDEDMR TXH VH
UHDOL]DUiGHDFXHUGRDHOORVHFUHDUiQORVHVWLORVGHODVFDSDV

'HILQLFLyQ(VWHFRPDQGRSHUPLWHHODFFHVRDWUDYpVGHXQFXDGURGHGLiORJRDODFUHDFLyQGHFDSDV
DVtFRPRODJHVWLyQGHVXVSURSLHGDGHV

$872'(6.$XWR&$'
'HVFULSFLyQ
$SDUHFHHOFXDGURGHGLiORJR/D\HU3URSHUWLHV0DQDJHU$GPLQLVWUDGRUGHSURSLHGDGHVGH
FDSD
/D\HU3URSHUWLHV0DQDJHU

$872'(6.$872&$'
)XQFLRQHVGH&RQWUROGHQWURGHO&XDGURGH'LiORJRGH/D\HUV
1HZ/D\HU
1XHYDFDSD
&UHDXQDFDSDQXHYD3DUDFUHDUXQDQXHYDFDSDHOHJLU
1HZ/D\HU93)UR]HQ
1XHYDYHQWDQDGHFDSD
LQXWLOL]DGDHQWRGDVODVYHQWDQDV
'HOHWH
6XSULPLUFDSD
&XUUHQW
'HILQLUDFWXDO
1HZ3URSHUW\)LOWHU
1XHYRILOWURGHSURSLHGDGHV
2 GLJLWDU(17(5
6H DFWLYDUD XQD ILOD TXH OOHYDUi XQ QRPEUH SRU GHIHFWR
/D\HU FDSDFRQWRGRVVXVDWULEXWRVVLPLODUHVDOD
FDSDPDGUH
/DQXHYDFDSDQRVHFUHDIRU]RVDPHQWHFRQFRORUEODQFR
\ WLSRGH OtQHD FRQWLQXD VLQR TXH DGRSWD HO FRORU \ WLSR
GHOtQHDGHODFDSDDFWXDOPHQWHVHOHFFLRQDGDLOXPLQDGD
HQHOOLVWDGR
6HSXHGHQFUHDUYDULDVFDSDVDODYH]LQWURGXFLHQGRVXV
QRPEUHVVHSDUDGRVSRUFRPD&DGDYH]TXHVHLQWURGXFH
OD FRPD VH DFHSWDUi HO ~OWLPR QRPEUH GH FDSD \ VH
VDOWDUi DO VLJXLHQWH 7DPELpQ VH SXHGH SXOVDU (17(5
GHWUiVGHFDGDQRPEUHSDUDFUHDUFDSDVVXFHVLYDV
&UHD XQD QXHYD FDSD \ OR FRQJHOD HQ WRGRV ORV
9LHZSRUWVH[LVWHQWHV
(OLPLQDODV&DSDVTXHQRVHKD\DQXVDGRHQHOGLEXMR
/DV FDSDV SXHGHQ VHU HOLPLQDGDV HQ FXDOTXLHU PRPHQWR
GXUDQWH OD VHVLyQ GH GLEXMR VLHPSUH \ FXDQGR TXH OD
FDSD TXH VH GHVHH HOLPLQDU QR VHD OD FDSD DFWXDO /D
FDSD\ODVFDSDVGHSHQGLHQWHVGHUHIHUHQFLDVH[WHUQDV
QR SXHGHQ VHU ERUUDGDV DVt FRPR ODV FDSDV TXH
FRQWHQJDQ REMHWRV FXDQGR LQWHQWD ERUUDU XQD GH ODV
FDSDV HQ PHQFLyQ VH PRVWUDUi XQD YHQWDQD DGYLUWLHQGR
TXHGLFKDRSHUDFLyQQRHVSHUPLWLGD
'HILQH FRPR DFWXDO OD FDSD VHxDODGD 7RGRV ORV REMHWRV

TXH VH GLEXMHQ HQ DGHODQWH DGRSWDUiQ GLFKDV
FDUDFWHUtVWLFDV

)LOWUD ODV FDSDV HQ IXQFLyQ GH FLHUWRV FULWHULRV HVWDEOHFLGRV
SUHYLDPHQWH
(MHPSOR (Q XQ GLEXMR KD\ FDSDV \ GH HOODV HVWiQ
GHVDFWLYDGDV
6LVHFUHDXQILOWURGHHVWHWLSR\HOFULWHULRHVFDSDV
GHVDFWLYDGDVHVWHILOWURDJUXSDUi~QLFDPHQWHODVWUHV
FDSDVGHVDFWLYDGDV

$872'(6.$XWR&$'
1HZ*URXS)LOWHU
1XHYRILOWURGHJUXSR
6DYHVWDWHVPDQDJHU
$GPLQLVWUDGRUGHHVWDGRGH
FDSDV
5HIUHVK
$FWXDOL]DU
6HWWLQJV
3DUiPHWURV
)LOWUD ODV FDSDV HQ VXEJUXSRV EDVDGRV HQ FULWHULRV

HVWDEOHFLGRVSUHYLDPHQWH
3HUPLWHJXDUGDUYDULDVFRQILJXUDFLRQHVGH/D\HUV
$FWXDOL]DODVSURSLHGDGHVGHORV/D\HUVHGLWDGRV
0XHVWUDODFDMDGHGLiORJRGHORVSDUiPHWURVGHORV/D\HUV
HQ GRQGH VH HVWDEOHFHQ ODV QRWLILFDFLRQHV GH ORV /D\HUV
QXHYRV\VREUHHVFULWXUDVGHORVPLVPRV
$GPLQLVWUDFLyQ'H,QIRUPDFLyQGHORV/D\HUV
6WDWXV
(VWDGR
1DPH
1RPEUH
2Q2II
$FWLYDGHVDFWLYD
&RQJHODRGHVFRQJHODOD&DSD /DLQIRUPDFLyQQRVH
UHJHQHUDHQSDQWDOOD
&RORU
&RORU
&RORUGHOD&DSDSDUDIDFLOLWDUODLGHQWLILFDFLyQGHORV
REMHWRV HQ SDQWDOOD \ SDUD GHILQLU HVSHVRUHV GH
SOXPLOODVDOLPSULPLU
/LQH7\SH
7LSRGHOtQHD
/LQHZHLJKW
*URVRUGHOtQHD
3ORW'RQWSORW
,PSULPH1RLPSULPH

0XHVWUD HO QRPEUH GH OD FDSD UHVDOWDGD SDUD TXH

SXHGDHGLWDUVHXQQRPEUHGHFDSDSXHGHWHQHUXQD
ORQJLWXG GH KDVWD FDUDFWHUHV /RV QRPEUHV GH
FDSDVSXHGHQFRQWHQHUOHWUDVFLIUDV\ORVFDUDFWHUHV
HVSHFLDOHVGHGyODUJXLyQ\VXEUD\DGRB
$FWLYD\GHVDFWLYDOD&DSD
)UH]]H7KDZ
,QXWLOL]DUHXWLOL]D
/RFN8QORFN
%ORTXHD'HVEORTXHD
0XHVWUDHOHVWDGRGHODFDSD
%ORTXHD \ GHVEORTXHD OD &DSD HVWH VH YH HQ

SDQWDOODSHURQRVHSXHGHQPRGLILFDUORVREMHWRVTXH
FRQWLHQH
(VWDEOHFHHOWLSRGHOtQHDGHOD&DSD
(VSHVRUGHOWUD]R
6LODLQIRUPDFLyQGHXQD&DSDVHLPSULPHRQR
1HZ93)UHH]H
,QXWLOL]DUHQODVYHQWDQDV
QXHYDV
&RQJHOD ODV &DSDV VHOHFFLRQDGRV HQ QXHYRV

YLHZSRUWVHQORV/D\RXWV
93/LQHW\SH
7LSRGHOtQHDGH9*
3HUPLWH FDPELDU HO WLSR GH OtQHD DVRFLDGR D XQD

&DSDVRORHQHO9LHZSRUWDFWLYR6RORGLVSRQLEOHHQ
ORV/D\RXWV
93&RORU
&RORU9*
3HUPLWH FDPELDU HO FRORU DVRFLDGR D XQD &DSD VROR

HQ HO 9LHZSRUW DFWLYR 6ROR GLVSRQLEOH HQ ORV
/D\RXWV
93/LQHZHLJKW
*URVRUGHOtQHDGH9*
3HUPLWH FDPELDU HO JURVRU GH OtQHD DVRFLDGR D XQD

&DSDVRORHQHO9LHZSRUWDFWLYR6RORGLVSRQLEOHHQ
ORV/D\RXWV
933ORW6W\OH
(VWLORGHWUD]DGRGH9*
3HUPLWH FDPELDU HO HVWLOR GH LPSUHVLyQ DVRFLDGR D

XQD &DSD VROR HQ HO 9LHZSRUW DFWLYR 6ROR
GLVSRQLEOHHQORV/D\RXWV
$872'(6.$872&$'
&DPELDQGRGHQRPEUHDODV&DSDV
$ YHFHV HV QHFHVDULR FDPELDU GH
QRPEUHV D ODV FDSDV SDUD GHILQLU
PHMRU FXDO HV HO XVR GH XQD FDSD
GHWHUPLQDGD GHQWUR GH QXHVWUR
GLEXMR6HSXHGHFDPELDUGHQRPEUH
HQ FXDOTXLHU PRPHQWR GXUDQWH OD
VHVLyQ GH GLEXMR /RV QRPEUHV GH OD
FDSD \ OD FDSDV GHSHQGLHQWHV GH
XQ EORTXH R UHIHUHQFLD H[WHUQD QR
SXHGHQVHUFDPELDGRV
3DUDFDPELDUGHQRPEUHDXQDFDSDGHEH
6HOHFFLRQDUODFDSD
+DFHUXQVHJXQGRFOLFVXDYHPHQWHQRXQGREOHFOLFRWDPELpQSXHGHSXOVDUODWHFODGHIXQFLyQ

)
3RGUiQRWDUTXHVHPXHVWUDHOFXUVRU\WRGRHOWH[WRGHOQRPEUHGHODFDSDVHOHFFLRQDGRDILQ
GHTXHSXHGDPRGLILFDUOR
3DUDWHUPLQDUSXHGHSXOVDUODWHFOD(17(5RKDFHUFOLFVREUHRWUDFDSDFXDOTXLHUD
)LOWURGHSURSLHGDGHVGHFDSDV\$GPLQLVWUDGRUGHHVWDGRV
)LOWUDQGRFDSDV
$OJXQDV YHFHV FXDQGR VH WUDEDMD FRQ GLEXMRV TXH WLHQHQ PXFKDV
FDSDV VH GHVHD OLVWDU VyOR ODV TXH VH QHFHVLWDQ HQ HVH PRPHQWR
SDUD TXH HO PDQHMR GH pVWDV VHD PiV UiSLGR \ HILFLHQWH $XWR&$'
SURYHHXQiUEROGHILOWURVRUJDQL]DGRTXHSXHGHVHUXWLOL]DGRDQLYHO
GH 3URSLHGDGHV GH ILOWUR 1HZ 3URSHUW\ )LOWHU FRPR WDPELpQ SRU
PHGLRGH*UXSRVGH)LOWURV1HZ*URXS)LOWHU
$JUHJDUXQQXHYRILOWURGHSURSLHGDGHV1HZ3URSHUW\)LOWHU
'H PDQHUD SUHGHWHUPLQDGD H[LVWH XQ ILOWUR GH SURSLHGDGHV SUHGHWHUPLQDGR GHQRPLQDGR $OO 8VHG
/D\HUV7RGDVODVFDSDVHQXVRTXHHVODTXHPXHVWUDWRGDVODVFDSDVFRQWRGDVODVSURSLHGDGHV\
FRPSRUWDPLHQWRVH[LVWHQWHV
6LGHVHDDJUHJDUXQQXHYRILOWURGHEHUHDOL]DUORVLJXLHQWH
+DFHUFOLFHQHOLFRQR1HZ3URSHUW\)LOWHU
0RVWUDUi OD YHQWDQD /D\HU )LOWHU 3URSHUWLHV HQ OD TXH SRGUi DVLJQDU XQ QRPEUH DO ILOWUR HQ HO
FXDGURGHWH[WR)LOWHU 1DPH \ SRGUiUHDOL]DUODVHVSHFLILFDFLRQHVGHOILOWURSDUDLQGLFDUTXpGHVHD
ILOWUDUHQODVHFFLyQ)LOWHUGHILQLWLRQ

$872'(6.$XWR&$'
6HSXHGHQFUHDUILOWURVEDVDGRVHQ
6WDWXV(VWDGR%DVDGRVHQHOHVWDGRGHODVFDSDVFDSDVFRQFRQWHQLGR\FDSDVVLQFRQWHQLGR
1DPH 1RPEUHV GH FDSDV /RV FXDOHV SXHGHV KDFHU XVR GH FDUDFWHUHV FRPRGLQHV GH :LQGRZV
"3RUHMHPSORSDUDPRVWUDUWRGDVODVFDSDVFX\RQRPEUHHPSLHFHFRQODOHWUD6HVFULELHQGR
6 PLHQWUDVVLGHVHDPRVWUDUWRGDVODVFDSDVFX\RQRPEUHWHQJDFRPRVHJXQGRFDUiFWHUODOHWUD,
HVFULELUtDPRV",
&RPSRUWDPLHQWRVRQRIIIUHH]HWKDZORFNXQORFN
&RORUHVWLSRV\DQFKRGHOtQHDVHVWLORGHSORWHR
(VWDGRGHOSORWHR3ORW'RQW3ORW

$872'(6.$872&$'
1RWDUiTXHHQODSDUWHLQIHULRUHQODYHQWDQDGHO)LOWHUSUHYLHZ9LVWDSUHYLDGHOILOWURVHPXHVWUD

ORTXHILQDOPHQWHILOWUDUiODFRQILJXUDFLyQDFWXDO3UHVLRQH2.SDUDILQDOL]DU
$O YROYHU D OD YHQWDQD /D\HU 3URSHUWLHV 0DQDJHU SRGUi YHULILFDU HO XVR GHO ILOWUR FUHDGR WDQ
VRODPHQWHKDFLHQGRFOLFHQpO,QPHGLDWDPHQWHODOLVWDGHFDSDVGHOODGRGHUHFKRVHDFWXDOL]DUiGH
DFXHUGRDOILOWUR
(OILOWURFUHDGRWDPELpQDIHFWDUiDOOLVWDGRTXHVHPXHVWUDHQHOSDQHO/D\HUV

$872'(6.$XWR&$'
/LVWDGHFDSDVFRQILOWUR
/LVWDGHFDSDVVLQILOWUR
(MHPSOR
(OILOWURGHQRPLQDGR>3&@PXHVWUDODVFDSDVTXHFXPSOHQWRGRVORVFULWHULRVVLJXLHQWHV
(VWiQHQXVR
7LHQHQXQQRPEUHTXHFRQWLHQHODVOHWUDV3&
(VWiQDFWLYDGDV
(MHPSOR
(O ILOWUR GHQRPLQDGR 5RMR $PDULOOR %ODQFR PXHVWUD ODV FDSDV TXH FXPSOHQ WRGRV ORV FULWHULRV
VLJXLHQWHV

(VWiQDFWLYDGDV
(VWiQFRQJHODGDV
6RQURMDVDPDULOODVREODQFDV
$872'(6.$872&$'
$JUHJDUXQQXHYRJUXSRGHILOWURV1HZ*URXS)LOWHU
3HUPLWHFUHDUJUXSRVHQORVTXHVHSXHGHQLQFOXLUDOJXQDVGHODVFDSDVFRQODVTXHTXLHUDWUDEDMDU$O
JUXSRFUHDGRWDPELpQVHOHSXHGHQDVLJQDUILOWURVGHSURSLHGDGHV
3DUDFUHDUXQJUXSRGHILOWURVGHEH
+DFHU FOLF HQ HO tFRQR 1HZ
*URXS)LOWHU
,QPHGLDWDPHQWH OH PRVWUDUi
HQ OD VHFFLyQ LQIHULRU XQ tFRQR
\ XQWH[WRLQGLFDQGRHOQRPEUH
GHO QXHYR JUXSR FUHDGR
LQLFLDOPHQWH *URXS )LOWHU [
SXHGH FDPELDUOR SRU HO
QRPEUHTXHGHVHH
8QDYH]FUHDGRHOJUXSRYXHOYDDODOLVWDGHWRGDVODVFDSDVKDFLHQGRFOLFHQODUDPDSULQFLSDOGHO
DUEROGHILOWURVGHQRPLQDGR$OO $KRUDDUUDVWUHODFDSDRFDSDVTXHGHVHDTXHSHUWHQH]FDQDOJUXSR
TXH8GDFUHDGR


$872'(6.$XWR&$'
$O
JUXSR
HODERUDGR VH OH
SXHGHQ DVLJQDU
)LOWURV
GH
3URSLHGDGHV
KDFLHQGR
FOLF
GHUHFKR HQ HO
QRPEUHGHOJUXSR
FUHDGR
\
HOLJLHQGR
GHO
PHQ~ OD RSFLyQ
1HZ 3URSHUWLHV
)LOWHU WUDV OD
FXDO DO LJXDO TXH
HQ
HO
WHPD
DQWHULRU SRGUi
DVLJQDUOH
ORV
ILOWURV
TXH
UHTXLHUD
TXH
IXQFLRQHQ GHQWUR
GHO JUXSR DFWXDO
7HUPLQHFRQ2.
3RGUiQRWDUTXHVHKDFUHDGRXQILOWURGHSHQGLHQWHGHOJUXSR

$872'(6.$872&$'
(ODGPLQLVWUDGRUGHHVWDGRVGHFDSDV/D\HU6WDWXV0DQDJHU
(O DGPLQLVWUDGRU GH HVWDGRV GH
FDSDVSHUPLWHJXDUGDUWRGDVODV
FDUDFWHUtVWLFDV GH GHILQLFLyQ GH
ODV FDSDV DFWXDOHV HVWDGRV
SDUD
TXH
SXHGDQ
VHU
UHVWDXUDGRV
SRVWHULRUPHQWH
OXHJR TXH VH KD\DQ UHDOL]DGR
FDPELRV\VHTXLHUDYROYHUDODV
GHILQLFLRQHV3DUDDFFHGHUDHVWH
DGPLQLVWUDGRU VROR GHEH SXOVDU
VREUH HO LFRQR /D\HU 6WDWHV
0DQDJHU$/76
&XDQGR GHVHD TXH ODV GHILQLFLRQHV DFWXDOHV GH VXV FDSDV VH JXDUGHQ SXHGH KDFHU XVR GHO ERWyQ
1HZ WUDV OD FXDO OH VROLFLWDUi HO QRPEUH GH VX GHILQLFLyQ \ XQD GHVFULSFLyQ R FRPHQWDULR TXH
UHTXLHUD
7DPELpQSXHGHJXDUGDUODVGHILQLFLRQHVGHHVWDGRHQXQDUFKLYRH[WHULRUGHH[WHQVLyQ/$6OD\HU
VWDWHV HVWR OH SHUPLWLUi SRGHU XWLOL]DU VXV GHILQLFLRQHV LQFOXVR HQ RWURV GLEXMRV TXH WHQJDQ XQD
GHILQLFLyQ VLPLODU GH FDSDV 3DUD HOOR GHEH SXOVDU HO ERWyQ (;3257 WUDV OR FXDO GHEHUi LQGLFDU HO
QRPEUH\XELFDFLyQGHODUFKLYRDFUHDU
&XDQGR QHFHVLWH YROYHU D XWLOL]DU XQD GHILQLFLyQ GH HVWDGRV GH FDSDV JXDUGDGRV HQ XQ DUFKLYR
GHEHUiXWLOL]DUHOERWyQ,03257

$872'(6.$XWR&$'
&DPELDQGR,QIRUPDFLyQGHXQ/D\HUD RWUR
7RGDODLQIRUPDFLyQGHOGLEXMRGHEHHVWDUDVRFLDGDDXQ/D\HU DOJXQDVYHFHVHVQHFHVDULRFDPELDUODV
FDUDFWHUtVWLFDVGHOPLVPRFRORUJURVRU\WLSRGHOtQHDRFDPELDUORGH&DSD
3DUDFDPELDUXQREMHWRGH/D\HUKD\WUHVDOWHUQDWLYDV

$872'(6.$872&$'
3RU3URSHUWLHV
6HOHFFLRQDU HO REMHWR DFWLYDU OD SDOHWD

GH SURSLHGDGHV ERWyQ GHUHFKR GHO
UDWyQ HVFRJHU OD RSFLyQ /D\HU
HVFRJHUHOQXHYR/D\HU
3RU0DWFK3URSHUWLHV
(QFRQWUDPRV HVWH FRPDQGR WDQWR HQ OD %DUUD GH +HUUDPLHQWDV (VWiQGDU FRPR HQ HO 0HQ~ 0RGLI\
0DWFK 3URSHUWLHV 6X IXQFLyQ HV WUDQVIHULU ODV SURSLHGDGHV GH XQ REMHWR D RWUR LQFOX\HQGR ODV
FDUDFWHUtVWLFDVTXHDVLJQDXQDFDSDDXQREMHWR
3RU5LEERQ/D\HUV
6HOHFFLRQDUHOREMHWRDOTXHTXHUHPRVFDPELDUGHOD\HU VHOHFFLRQDUHQHO5LEERQ /D\HUV ODQXHYD

FDSDTXHTXHUHPRVSDUDpO

$872'(6.$XWR&$'
(OSDQHO/D\HUV
3URSLHGDGHVGHFDSD
)LMDUFRPRDFWXDOOD
FDSDGHOREMHWR
6HOHFFLRQDXQ
HVWDGRGHFDSD

$GPLQLVWUDGRUGH'HVDLVODU
HVWDGRGHFDSDV

$LVODU
'HVDFWLYDU
,JXDODU
3UHYLR
$FWLYDUWRGDVODVFDSDV
'LIXPLQDGRGHFDSD
EORTXHDGD
&RQJHODU
6XSULPLU

)XVLRQDU
'HVEORTXHDU$LVODUHQYHQWDQDJUiILFDDFWXDO
5HFRUUHUFDSD
%ORTXHDU&RSLDUREMHWRVHQXQDQXHYDFDSD
&RQJHODUWRGDVODVFDSDV&DPELDUDFDSDDFWXDO

$872'(6.$872&$'
2Q2II/RFN8QORFN
)UHH]HWKDZ
$FWLYDQGR\GHVDFWLYDQGRFDSDV2Q2II
&RQ HVWD RSFLyQ VH SXHGH FRQWURODU OD YLVLELOLGDG HV GHFLU SRGUHPRV HQ WRGR PRPHQWR
LQGLFDUTXHFDSDVTXHUHPRVYHU\FXDOHVQRHQHOiUHDJUiILFD
(QODOLVWDODVFDSDVDFWLYDGDVVHPXHVWUDQHQODFROXPQDGHHVWDGRFRQXQJUiILFRGHXQD
ERPELOOD HQFHQGLGD GH FRORU DPDULOOR PLHQWUDV TXH VL HVWiQ GHVDFWLYDGDV DSDUHFHUi XQD
ERPELOODDSDJDGDGHFRORUJULV
&RQJHODQGR\GHVFRQJHODQGRFDSDV)UHH]HWKDZ
,QXWLOL]DODVFDSDVGHVLJQDGDVHQWRGDVODVYHQWDQDVJUiILFDVHVGHFLUDOFRQJHODUODVFDSDV
TXHGDUiQ LQXWLOL]DGDV \D QR VH SRGUi DFWXDOL]DU \ QR SHUPLWLUi UHDOL]DU FXDOTXLHU WLSR GH
WUD]RHQHOiUHDJUiILFDKDVWDTXHVHGHVFRQJHOHQ1RHVYLVLEOHHQHOiUHDJUiILFD
(QODOLVWDVHSRGUiLGHQWLILFDUXQFRSRGHQLHYHVLHVWiFRQJHODGR\VLVHYXHOYHDDFWLYDU
VHPRVWUDUiXQVRO
%ORTXHDU\GHVEORTXHDUFDSDV/RFN8QORFN
(OSURSyVLWRGHHVWDRSFLyQHVHOGHLPSHGLUTXHVHPRGLILTXHQODVHQWLGDGHVH[LVWHQWHVHQ
OD PLVPD 6HUi SRVLEOHQR REVWDQWH FUHDU QXHYRV REMHWRV PHGLDQWH ORV FRPDQGRVSURSLRV
GHOGLEXMRRELHQFRQODVyUGHQHVGHLPSRUWDFLyQGHILFKHURVDVtFRPRLQVHUWDUEORTXHV
HPSOHDUyUGHQHVGHFRQVXOWDHLQFOXVRPRGLILFDUODVFDUDFWHUtVWLFDVGHODFDSD
8QLFRQRGHFDQGDGRDELHUWRVLJQLILFDTXHODFDSDHVWiGHVEORTXHDGD(OFDQGDGRFHUUDGR
VLJQLILFDTXHHVWiEORTXHDGD
'LIHUHQFLDVHQWUHDSDJDU\FRQJHODUFDSDV
$O SDUHFHU HO UHVXOWDGR GH DSDJDU \ FRQJHODU XQD FDSD HV HO PLVPR SHUR H[LVWH XQD UD]yQ PX\
LPSRUWDQWHSRUODTXH$XWR&$'KDFHGLVSRQLEOHVDPERVPpWRGRV
&XDQGRXQDFDSDHVDSDJDGDDXQTXHORVREMHWRVVHKDJDQLQYLVLEOHV$XWR&$'D~QWRPDHQFXHQWDHQ
HOHQIRTXH]RRP\KDFHORVFiOFXORVGHUHJHQHUDFLyQGHORVREMHWRVLQYLVLEOHV(QFRQWUDVWHFXDQGR
XQDFDSDHVFRQJHODGD$XWR&$'QRLQFOX\HORVREMHWRVGHODVFDSDVFRQJHODGRVHQHOHQIRTXH]RRPQL
HQORVFiOFXORVGHUHJHQHUDFLyQ
&RQODFRQJHODFLyQGHFDSDVVHSXHGHUHGXFLUDPSOLDPHQWHHOWLHPSRGHHQIRTXH\UHJHQHUDFLyQORFXDO
PHMRUDODSURGXFWLYLGDG6HUHFRPLHQGDXWLOL]DUHOFRQJHODGRGHFDSDVFXDQGRVHGHVHDKDFHULQYLVLEOHV
ORVREMHWRVSRUSHULRGRVODUJRV

$872'(6.$XWR&$'
;9,
&iOFXORVHVSHFLDOHVGHQWURGH$XWR&$'
3UREOHPD
'LEXMDUODPDQLYHOD
3UREOHPD
'LEXMDUHOMDUUyQRUQDPHQWDO\XELFDUORVSXQWRVGHWDQJHQFLDFRORFDQGRXQSXQWR

$872'(6.$872&$'
3UREOHPD
'LEXMDU HO PDQJR SDUD
VHUUXFKR
3UREOHPD
'LEXMDU
HO
FDEDOOR

$872'(6.$XWR&$'
3UREOHPD
'LEXMDUODOHYD
3UREOHPD
'LEXMDUODMDUUD

$872'(6.$872&$'
'LYLGH
',9
'LYLGH
'HILQLFLyQ 'LYLGH HO REMHWR VHOHFFLRQDGR HQ VHJPHQWRV GH OD PLVPD ORQJLWXG ILMDQGR HO Q~PHUR GH
VHJPHQWRV
o (OREMHWRVHOHFFLRQDGRQRVHSDUWHVLQRTXHVHLQVHUWDQSXQWRVLQGLFDQGRODVGLYLVLRQHV
&RPPDQG',9,'(
6HOHFWREMHFWWRGLYLGH
(QWHUWKHQXPEHURIVHJPHQWVRU>%ORFN@
&RPDQGR',9,'(
'HVLJQHREMHWRTXHVHYDDGLYLGLU
,QGLTXHHOQ~PHURGHVHJPHQWRR>%ORTXH@
3UREOHPD
&RQVWUXLU OD SDUiEROD SRU HO PpWRGR GHO
SDUDOHORJUDPR
3DVR
6H WUD]D HO
UHFWiQJXOR
$%&'
GH
[ PP
/XHJR FRQ HO
FRPDQGR
(;3/2'( VH
GHVFRPSRQH
3DVR
6H GLYLGH $% HQ SDUWHV LJXDOHV < VH GLYLGH
WDPELpQ D %& HQ HO PLVPR Q~PHUR GH SDUWHV
LJXDOHV TXH $% 6H QXPHUDQ FRPR VH PXHVWUD

HQODILJXUD

$872'(6.$XWR&$'
3DVR
6HXQHQORVSXQWRV\FRQ$6H
WUD]DQSDUDOHODVD%&SRUORVSXQWRV
\ TXHVHFUX]DQFRQODVXQLRQHVDQWHULRUHV
SXQWRGHODSROLOtQHDDFRQWLQXDFLyQVHLQJUHVD
$ \ VH SXOVH (17(5 SDUD JHQHUDU DUFRV /XHJR
VH LQJUHVD ' \ VH SXOVD (17(5 SDUD GHILQLU OD
GLUHFFLyQ GH WDQJHQFLD VHOHFFLRQH HO SXQWR %
3RU~OWLPRVHOHFFLRQHORVSXQWRVGHLQWHUVHFFLyQ
SDUDGHILQLUODSDUiEROD
3DVR
8QLHQGR ORV SXQWRV GH LQWHUVHFFLyQ VH REWLHQH
ODSDUiERODSHGLGD

3DUD XQLU ORV SXQWRV VH KDFH FRQ HO FRPDQGR
3/,1(VHVHOHFFLRQDHOSXQWR$FRPRHOSULPHU
;9,,
&RQWUROGHYLVXDOL]DFLyQHQ',,
=220$FHUFDPLHQWR
(VHOPpWRGRSDUDFRQWURODUODYLVXDOL]DFLyQHQSDQWDOODGHOGLEXMR'HWHUPLQDODXELFDFLyQ\HOJUDGRGH
DFHUFDPLHQWR HQ HO iUHD JUiILFD 1R DIHFWD ODV PHGLGDV GHO GLEXMR VROR GHFLGHQ FXDQ FHUFD R OHMRV
DSUHFLDPRVORVHOHPHQWRVJHRPpWULFRV
/RVHOHPHQWRVJUiILFRVGH$XWR&$'VRQYHFWRUHVSRUORTXHDGPLWHQDFHUFDPLHQWRVLQILQLWRV

$872'(6.$872&$'
=RRP:LQGRZ
=RRPYHQWDQD
=RRP,Q
=RRPDPSOLDU
=RRPRXW
=RRPUHGXFLU
=RRP3UHYLXV
=RRPSUHYLR
=RRP2EMHFW
=RRPREMHWR
=RRP([WHQWV
=RRPH[WHQVLyQ
=RRP$OO
=RRPWRGR
=RRP&HQWHU
=RRPFHQWUR
=RRP5HDOWLPH
=RRPWLHPSRUHDO
=RRP6FDOH
=RRPHVFDOD
=RRP'\QDPLF
=RRPGLQiPLFR
7,326'(=220
$PSOLDFLyQGHOD]RQDGHOGLEXMRVHOHFFLRQDGDSRUXQUHFWiQJXOR
$PSOtDDOGREOHGHODFHUFDPLHQWRDFWXDO
5HGXFHDODPLWDGGHODFHUFDPLHQWRDFWXDO
3HUPLWHUHJUHVDUKDVWD]RRPVSUHYLDPHQWHUHDOL]DGRV
$FHUFDPLHQWRFHQWUDGRHQORVREMHWRVVHOHFFLRQDGRV
9LVXDOL]D WRGRV ORV REMHWRV FRQWHQLGRV
LQGHSHQGLHQWHPHQWHGHORVOtPLWHVGHOPLVPR
HO
GLEXMR
9LVXDOL]DFLyQGHOiUHDGHWHUPLQDGDSRUORVOtPLWHVSUHHVWDEOHFLGRV
GHOGLEXMROLPLWV
UHD GH YLVXDOL]DFLyQ GHWHUPLQDGD SRU VX FHQWUR \ WDPDxR /D
UHSHWLFLyQFRQYDORUPiVDOWRSURYRFDUHGXFFLyQGHODLPDJHQFRQ
XQYDORUPHQRUVXDPSOLDFLyQ
3XOVDU \ DUUDVWUDU FRQ HO ERWyQ L]TXLHUGR GHO PRXVH $UUDVWUDU
YHUWLFDOPHQWHSDUDDFHUFDURDOHMDU
3HUPLWHDFHUFDURDOHMDUHOGLEXMRHPSOHDQGRXQIDFWRUGHHVFDOD
(O]RRPVHDMXVWDDODSDUWHJHQHUDGDGHOGLEXMRFRQXQPDUFRGH
YLVXDOL]DFLyQ
;9,,, &RPDQGRVGHFRQVWUXFFLyQDGLFLRQDOHV
3RO\JRQ
HQ
32/
3ROtJRQR

$872'(6.$XWR&$'
'HILQLFLyQ &UHDXQDSROLOtQHDHTXLOiWHUDFHUUDGD$XWR&$'SHUPLWHGLEXMDUSROtJRQRVTXHFRQVWDGH
KDVWD ODGRV LJXDOHV 3XHGH GLEXMDU SROtJRQRV LQVFULWRV R FLUFXQFULWRV VREUH XQ FtUFXOR LPDJLQDULR
DVLFRPRWDPELpQHVSHFLILFDQGRODORQJLWXGGHORVODGRV

&RPPDQG32/<*21
(QWHUQXPEHURIVLGHV!
6SHFLI\FHQWHURISRO\JRQRU>(GJH@
(QWHUDQRSWLRQ>,QVFULEHGLQFLUFOH&LUFXPVFULEHGDERXWFLUFOH@,!
6SHFLI\UDGLXVRIFLUFOH
&RPDQGR32/,*212
,QGLTXHHOQ~PHURGHODGRV!
3UHFLVHFHQWURGHOSROtJRQRR>/DGR@
,QJUHVHXQDRSFLyQ>,QVFULWRHQHOFtUFXOR&LUFXQVFULWRDOFtUFXOR@,!
3UHFLVHUDGLRGHOFtUFXOR
&HQWHU RI SRO\JRQ &HQWUR GHOSROtJRQR 2SFLyQ SRUGHIHFWR GHILQH HO FHQWUR GH XQ FtUFXORGH
UHIHUHQFLDDOFXDOHOSROtJRQRVHUiLQVFULWRRFLUFXQVFULWR
&RPPDQGSRO
(QWHUQXPEHURIVLGHV!
6SHFLI\FHQWHURISRO\JRQRU>(GJH@3
(QWHU DQ RSWLRQ >,QVFULEHG LQ FLUFOH&LUFXPVFULEHG DERXW FLUFOH@
,!
,QVFULWR
6SHFLI\UDGLXVRIFLUFOH3
&RPPDQGSRO
(QWHUQXPEHURIVLGHV!
6SHFLI\FHQWHURISRO\JRQRU>(GJH@3
(QWHUDQRSWLRQ>,QVFULEHGLQFLUFOH&LUFXPVFULEHGDERXWFLUFOH@,!&
6SHFLI\UDGLXVRIFLUFOH3
&LUFXQVFULWR
(GJH/DGR 'HILQHXQSROtJRQRDSDUWLUGHORVSXQWRVH[WUHPRVGHOSULPHUODGR

&RPPDQGSRO
(QWHUQXPEHURIVLGHV!
6SHFLI\FHQWHURISRO\JRQRU>(GJH@(
6SHFLI\ILUVWHQGSRLQWRIHGJH3
6SHFLI\VHFRQGHQGSRLQWRIHGJH3

$872'(6.$872&$'
3UREOHPD
'LEXMDU ORV FXDGUDGRV LQVFULWRV
HQXQFtUFXORGHUDGLR
3UREOHPD
3UREOHPD
'LEXMDU
ORV
FXDGUDGRV
FLUFXQVFULWR HQ XQ FtUFXOR GH 'LEXMDU HO SHQWiJRQR GH GH
UDGLR
ORQJLWXG
3UREOHPD

'LEXMDUODHVWUHOODGHYpUWLFHV 3DVR'LEXMDUXQFtUFXORGH 3DVR 'LEXMDUXQSROtJRQGH
GHUDGLR
ODGRVLQVFULWR
3DVR 8QLU ORV SXQWRV FRQ HO 3DVR %RUUDU HO FtUFXOR \ HO
FRPPDQGROLQH
SROtJRQR

$872'(6.$XWR&$'
3UREOHPD
'LEXMDUODVLOXHWDGHGDPDV
FKLQDV
3DVR 'LEXMDUXQSROtJRQRGH 3DVR 'LEXMDU WULiQJXORV

ODGRV LQVFULWR HQ XQ FtUFXOR GH HTXLOiWHURV
GHUDGLR
3DVR%RUUDUHOH[iJRQR
3UREOHPD
'LEXMDUODHVWUHOODGHYpUWLFHV 3DVR 'LEXMDU HO SHQWiJRQR 3DVR7UD]DUODVOtQHDV

GHGHODGR
3DVR8QLUORVSXQWRVFRQHO
FRPDQGROLQH
3UREOHPD

3DVR %RUUDU ODV OtQHDV GHO 3DVR8QLUSRUOtQHDVVHJ~QHO

FHQWUR
FDVR
$872'(6.$872&$'
'LEXMDUORVWULiQJXORV
HQWUHOD]DGRV
3DVR 'LEXMDU XQ FtUFXOR GH 3DVR 'LEXMDU WULiQJXORV
UDGLR
HTXLOiWHURV
3DVR'LEXMDUGRVWULiQJXORV
HTXLOiWHURV
3DVR 3UHVLRQDU HQWHU SDUD 3DVR 6HOHFFLRQDU ORV SXQWRV
TXHWRGRVVHDQILORVFRUWDQWHV
LQGLFDGRV\ERUUDUHOFtUFXOR
3UREOHPD
'LEXMDUODVILJXUDVHQWUHOD]DGDV 3DVR 'LEXMDU XQ FtUFXOR GH 3DVR 'LEXMDUXQSROtJRQRGH
UDGLR
ODGRVLQVFULWR
3DVR &RQHOFRPDQGR3/,1( 3DVR +DFHU XQD FRSLD 3DVR 3UHVLRQDU (17(5 SDUD
XQLUORVSXQWRV
GHVIDVDGD GH FRQ HO FRPDQGR TXHWRGRVVHDQILORVFRUWDQWHV
2))6(7
3DVR 6HOHFFLRQDU ORV SXQWRV 3DVR %RUUDU HO SROtJRQR \ OD
'LEXMR

$872'(6.$XWR&$'
LQGLFDGRV
FLUFXQIHUHQFLD
3UREOHPD
ILJXUD XWLOL]DQGR ORV
FRPDQGRV 32/<*21
',9,'( 3/,1( 2))6(7
\ 75,0
3UREOHPD
'LEXMDUODVLJXLHQWHILJXUDXWLOL]DQGRORVFRPDQGRV&,5&/(32/<*213/,1(\$55$<
3UREOHPD

$872'(6.$872&$'
'LEXMDUODVLJXLHQWHILJXUDXWLOL]DQGRORVFRPDQGRV&,5&/(32/<*21/,1(75,0\$55$<
3UREOHPD
'LEXMDUODVLJXLHQWHILJXUDXWLOL]DQGRORVFRPDQGRV3/,1(32/<*212))6(7\75,0

$872'(6.$XWR&$'
(OOLSVH
(OLSVH
(/
'HILQLFLyQ 6H SXHGHQFUHDU HOLSVHV HQWHUDV RDUFRV HOtSWLFRV DPERV VRQ UHSUHVHQWDFLyQ PDWHPiWLFD
GHHOLSVHV(OPpWRGRSRUGHIHFWRSDUDGLEXMDUXQDHOLSVHHVLQGLFDUORVH[WUHPRVRSXQWRVILQDOHVGHO
SULPHU HMH \ OD GLVWDQFLD OD FXDO HV OD PLWDG GH OD ORQJLWXG GHO VHJXQGR HMH (O HMH PiV ODUJR VH
GHQRPLQDHMHPD\RUPLHQWUDVTXHHOPiVFRUWRVHGHQRPLQDHMHPHQRU(ORUGHQFRQHOFXDOVHGHILQH
ORVHMHVQRHVLPSRUWDQWH
&RPPDQG(//,36(
6SHFLI\D[LVHQGSRLQWRIHOOLSVHRU>$UF&HQWHU@
6SHFLI\RWKHUHQGSRLQWRID[LV
6SHFLI\GLVWDQFHWRRWKHUD[LVRU>5RWDWLRQ@
&RPDQGR(/,36(
3UHFLVHSXQWRILQDOGHHMHGHHOLSVHR>$UFR&HQWUR@
3UHFLVHRWURSXQWRILQDOGHHMH
3UHFLVHGLVWDQFLDGHORWURHMHR>5RWDFLyQ@
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
o 6SHFLI\D[LVHQGSRLQWRIHOOLSVHRU>$UF&HQWHU@
+DFHUFOLFVREUHXQSXQWRFRUUHVSRQGLHQWHDXQRGHORVH[WUHPRVGHXQRGHORVHMHV
GHODHOLSVH
o 6SHFLI\RWKHUHQGSRLQWRID[LV
+DFHUFOLFVREUHXQSXQWRFRUUHVSRQGLHQWHDORWURH[WUHPRGHOHMHDQWHULRU
o 6SHFLI\GLVWDQFHWRRWKHUD[LVRU>5RWDWLRQ@
+DFHUFOLFVREUHXQSXQWRLQGLFDQGRODGLVWDQFLDGHVGHHOFHQWURKDVWDHOH[WUHPRGHO
RWURHMHGHODHOLSVH

2SFLRQHVEiVLFDV

$872'(6.$872&$'
&HQWHU&HQWUR
o 3HUPLWHGHILQLUODHOLSVHPHGLDQWHHO
FHQWUR\GRVSXQWRVTXHGHWHUPLQDQ
ORVGRVHMHV
o (VWD RSFLyQ WDPELpQ SXHGH VHU
HMHFXWDGR
GLUHFWDPHQWH
PHGLDQWHODKHUUDPLHQWD
&HQWHU
(OOLSWLFDO$UF$UFR
o 3HUPLWHFUHDUDUFRVHOtSWLFRV
/D HOLSVH VH GHILQH LJXDO TXH
HQ OD RSFLyQ SRU GHIHFWR
SXQWRV
(O DUFR VH GHILQH PHGLDQWH HO
iQJXORLQLFLDO\HOiQJXORILQDO
(VWDRSFLyQWDPELpQSXHGHVHU
HMHFXWDGR
GLUHFWDPHQWH
PHGLDQWHODKHUUDPLHQWD
(OOLSWLFDO$UF
x
x
5RWDWH5RWDFLyQ
o 7UDV KDEHU GHILQLGR XQR GH ORV HMHV GH OD HOLSVH HO VHJXQGR HMH SXHGH VHU HVWDEOHFLGR
PHGLDQWHXQiQJXORGHURWDFLyQGHXQDOtQHDLPDJLQDULDTXHSDUWHGHVGHHOFHQWURGHOD
HOLSVHHQFRQVWUXFFLyQ
,VRFLUFOH,VRFtUFXOR
o 2EWLHQHODUHSUHVHQWDFLyQLVRPpWULFDGHOFtUFXORODHOLSVHLVRPpWULFD3DUDHOORHVSUHFLVR
DFWLYDUHOHVWLORLVRPpWULFRGHOFRPDQGR61$3)25=&85625
$[LV(QG2SFLyQSRUGHIHFWR
0pWRGRSDUDGLEXMDUXQDHOLSVHPHGLDQWHXQRGHVXVHMHV\ODPHGLDORQJLWXGGHORWUR
&RPPDQG(//,36(
6SHFLI\D[LVHQGSRLQWRIHOOLSVHRU>$UF&HQWHU@3
6SHFLI\RWKHUHQGSRLQWRID[LV#
6SHFLI\GLVWDQFHWRRWKHUD[LVRU>5RWDWLRQ@#
&HQWHU&HQWUR
0pWRGRSDUDGLEXMDUXQDHOLSVHPHGLDQWHVXFHQWUR\ODPHGLDORQJLWXGGHORVGRVHMHV

$872'(6.$XWR&$'
&RPPDQG(//,36(
6SHFLI\D[LVHQGSRLQWRIHOOLSVHRU>$UF&HQWHU@&
6SHFLI\FHQWHURIHOOLSVH3
6SHFLI\HQGSRLQWRID[LV#
(OOLSWLFDO$UF$UFRHOLSWLFR
0pWRGRSDUDGLEXMDUXQDUFRHOtSWLFRRSRUFLyQGHHOLSVH
&RPPDQG(//,36(
6SHFLI\D[LVHQGSRLQWRIHOOLSVHRU>$UF&HQWHU@$
6SHFLI\D[LVHQGSRLQWRIHOOLSWLFDODUFRU>&HQWHU@3
6SHFLI\RWKHUHQGSRLQWRID[LV#
6SHFLI\VWDUWDQJOHRU>3DUDPHWHU@
6SHFLI\HQGDQJOHRU>3DUDPHWHU,QFOXGHGDQJOH@
,VRFLUFOH,VRFLUFXOR
0pWRGRSDUDGLEXMDUXQFtUFXORLVRPpWULFR
&RPPDQG(//,36(
6SHFLI\D[LVHQGSRLQWRIHOOLSVHRU>$UF&HQWHU,VRFLUFOH@,
6SHFLI\FHQWHURILVRFLUFOH3
6SHFLI\UDGLXVRILVRFLUFOHRU>'LDPHWHU@

$872'(6.$872&$'
3UREOHPD
$EULUODSODQWLOODHOOLSVH\FRPSOHWDUSDUDTXHVHYHDVLPLODUDODILJXUDPRVWUDGD

$872'(6.$XWR&$'

$872'(6.$872&$'
3UREOHPD
'LEXMDUHO$/),/

$872'(6.$XWR&$'
3UREOHPD
'LEXMDUODSLH]DWDOFRPRVHYHQHQODILJXUD
;,;
'LEXMR\HGLFLyQGHWH[WRVHQ$XWR&$'
6LQJOHOLQHWH[W
'7
/tQHDGHWH[WRLQGHSHQGLHQWH
'HILQLFLyQ&UHDXQREMHWRGHWH[WRGHXQDVROROtQHD
&DGD OtQHD GH WH[WR HV LQGHSHQGLHQWH HO FXUVRU LQGLFD HQ GyQGH VH VLWXDUi FDGD FDUiFWHU HV
SRVLEOHERUUDUKDFLDDWUiVHOWHFODGRIXQFLRQDFRPRXQDPiTXLQDGHHVFULELU
$OHMHFXWDUHVWHFRPDQGROHLUiVROLFLWDQGRDOJXQRVGDWRVFRPR
o
o
o
o
$OLQHDFLyQ-XVWLILFDWLRQ
$OWXUDGHOWH[WR+HLJKW
$QJXORGHURWDFLyQ5RWDWLRQDQJOH
< HOSXQWRGHLQVHUFLyQ
&RPPDQG7(;7
&XUUHQWWH[WVW\OH6WDQGDUG7H[WKHLJKW$QQRWDWLYH1R
6SHFLI\VWDUWSRLQWRIWH[WRU>-XVWLI\6W\OH@
6SHFLI\KHLJKW!
6SHFLI\URWDWLRQDQJOHRIWH[W!
&RPHQ]DUDHVFULELUWH[WRSDUDWHUPLQDUSXOVDUGRVYHFHV(17(5
&RPDQGR7(;72
(VWLORGHWH[WRDFWXDO6WDQGDUG$OWXUDGHWH[WR$QRWDWLYR1R
3UHFLVHSXQWRLQLFLDOGHWH[WRR>M8VWLILFDU(VWLOR@
3UHFLVHDOWXUD!
3UHFLVHiQJXORGHURWDFLyQGHWH[WR!

$872'(6.$872&$'
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
o 6SHFLI\VWDUWSRLQWRIWH[WRU>-XVWLI\6W\OH@
+DFHUFOLFVREUHXQSXQWRFRUUHVSRQGLHQWHDOSXQWRLQLFLDOGHOWH[WR
o 6SHFLI\KHLJKW!
,QWURGXFLUHOYDORUGHODDOWXUDGHOWH[WR
3XOVDU(17(5
o 6SHFLI\URWDWLRQDQJOHRIWH[W!
,QWURGXFLUHOYDORUGHOiQJXORGHURWDFLyQGHWH[WR
3XOVDU(17(5
x (VFULELUHOWH[WRGHVHDGR
o 3DUDVDOWDUGHOtQHDSXOVDU(17(5
o 3DUDILQDOL]DUHOFRPDQGRSXOVDUYHFHV(17(5

3DUDPRGLILFDUHOWH[WR
6HOHFFLRQDUHOREMHWRGHWH[WR
+DFHUGREOHFOLFVREUHHOREMHWRVHOHFFLRQDGR
0RGLILFDUHOWH[WR

$872'(6.$XWR&$'
-XVWLILFDFLyQGH7H[WRVHQ$XWR&$'MXVWLI\
6LDODSUHJXQWD6SHFLI\VWDUWSRLQWRIWH[WRU>-XVWLI\6W\OH@HVFULEH-GH-XVWLILFDUHVWDRSFLyQOH
PRVWUDUiODVVXERSFLRQHVVLJXLHQWHV
$OLQJ$OLQHDU$MXVWDHOWH[WRHQWUHGRVSXQWRVLQGLFDGRVHQSDQWDOODVLQUHVSHWDUODDOWXUDRULJLQDO

GHOWH[WR1RVROLFLWDDOWXUDGHWH[WRQLiQJXORGHURWDFLyQ
)LW $MXVWDU,JXDODODDQWHULRUDMXVWDHOWH[WRHQWUHGRVSXQWRVLQGLFDGRVHQSDQWDOODUHVSHWDQGR

ODDOWXUDRULJLQDOGHOWH[WRPDVQRQHFHVDULDPHQWHHQDQFKXUD
&HQWHU&HQWUDU&HQWUDHOWH[WRGHVGHODEDVHGHODOHWUDDSDUWLUGHXQSXQWRVHOHFFLRQDGRHQ

SDQWDOOD
0LGGOH 0HGLR ,JXDO DO DQWHULRU SHUR D SDUWLU GHO SXQWR GH LQLFLR HO WH[WR VH GLVWULEX\H WDQWR D
L]TXLHUGD\GHUHFKDFRPRDUULED\DEDMR
5LJKW'HUHFKD(OWH[WRILQDOL]DHQHOSXQWRVHOHFFLRQDGR

$872'(6.$872&$'
7RS OHIW 7/ SXQWR VXSHULRU L]TXLHUGR (QJDQFKD HO WH[WR SRU OD SDUWH VXSHULRU L]TXLHUGD DO
SXQWRVHOHFFLRQDGR
7RSFHQWHU7&SXQWRPHGLRVXSHULRU(QJDQFKDHOWH[WRSRUODSDUWHVXSHULRUPHGLDDOSXQWR

VHOHFFLRQDGR
7RS ULJKW 75 SXQWR VXSHULRU GHUHFKR (QJDQFKD HO WH[WR SRU OD SDUWH VXSHULRU GHUHFKD DO
SXQWRVHOHFFLRQDGR
0LGGOH OHIW 0/ SXQWR PHGLR L]TXLHUGR (QJDQFKD HO WH[WR SRU OD SDUWH PHGLD L]TXLHUGD DO
SXQWRVHOHFFLRQDGR
0LGGOH FHQWHU 0& SXQWR PHGLR FHQWUDO (QJDQFKD HO WH[WR SRU OD SDUWH PHGLD DO SXQWR
VHOHFFLRQDGR
0LGGOH ULJKW 05 SXQWR PHGLR GHUHFKR (QJDQFKD HO WH[WR SRU OD SDUWH PHGLD GHUHFKD DO
SXQWRVHOHFFLRQDGR
%RWWRP OHIW %/ SXQWR LQIHULRU L]TXLHUGR (QJDQFKDHOWH[WRSRUODSDUWHLQIHULRUL]TXLHUGDDO

SXQWRVHOHFFLRQDGR
%RWWRP FHQWHU %& SXQWR LQIHULRU FHQWUDO (QJDQFKD HO WH[WR SRU OD SDUWH LQIHULRU PHGLD DO
SXQWRVHOHFFLRQDGR
%RWWRP ULJKW %5 SXQWR LQIHULRU GHUHFKR (QJDQFKDHOWH[WRSRUODSDUWHLQIHULRUGHUHFKDDO

SXQWRVHOHFFLRQDGR
2SFLRQHVEiVLFDV
6W\OH(VWLOR/HSHUPLWHFDUJDUHVWLORVGHWH[WR\DFUHDGRVSDUDVHUXWLOL]DGRVSRUORVWH[WRVGH
OtQHDVLPSOH

$872'(6.$XWR&$'
''(',7(GLFLyQGH7H[WRV
3DUDHGLWDUORVWH[WRVFUHDGRV
6HOHFFLRQDU HO WH[WR HQ SDQWDOOD FRQ HO ERWyQ GHUHFKR GHO 0RXVH VHOHFFLRQH WH[W HGLW GHO PHQ~
FRQWH[WXDO
3DUD FDPELDU DOWXUD GH OD OHWUD HVWLOR GH WH[WR URWDFLyQ \ MXVWLILFDFLyQ KDFHU XVR GH OD SDOHWD
PRGLILFDGRUDGHSURSLHGDGHV
08/7,/,1(7(;7
7H[WRGH/tQHD0~OWLSOH
'HILQLFLyQ Genera textos de prrafos completos mediante un editor propio. $XWR&$'

SURSRUFLRQDQXQHGLWRUGHWH[WRSDUDDxDGLUWH[WRDORVGLEXMRV(OHGLWRUGHWH[WRFRQVWDGHXQDILFKD
HQODFLQWDGHRSFLRQHVFRQXQFRQMXQWRGHSDQHOHV\XQFXDGURGHOLPLWDGRUGHWH[WRFRQXQDUHJODHQ
ODSDUWHVXSHULRU(VWRVGRVFRPSRQHQWHVVHPXHVWUDQDXWRPiWLFDPHQWHDOXVDUHOFRPDQGR7H[WRGH
OtQHDVP~OWLSOHV

$872'(6.$872&$'
&RPPDQG07(;7
&XUUHQWWH[WVW\OH6WDQGDUG7H[WKHLJKW$QQRWDWLYH1R
6SHFLI\ILUVWFRUQHU
6SHFLI\RSSRVLWHFRUQHURU>+HLJKW-XVWLI\/LQHVSDFLQJ5RWDWLRQ6W\OH:LGWK&ROXPQV@
&RPDQGR7(;720
(VWLORGHWH[WRDFWXDO6WDQGDUG$OWXUDGHOWH[WR$QRWDWLYR1R
3UHFLVHODSULPHUDHVTXLQD
,QGLTXHODHVTXLQDRSXHVWDR>$OWXUD-XVWLILFDU,QWHUOLQHDGR5RWDFLyQ(VWLORD1FKXUD&ROXPQDV@
3URFHGLPLHQWR
6HOHFFLRQHODKHUUDPLHQWD0XOWLOLQH7H[WGHOSDQHO7H[WGHODILFKD$QQRWDWH

$872'(6.$XWR&$'
+DJD FOLF HQ GRV HVTXLQDV RSXHVWDV SDUD GHILQLU XQ FRQWRUQR GH WH[WR 1R WLHQH TXH VHU PX\
SUHFLVR VREUH HO OXJDU GRQGH VHOHFFLRQDU ORV SXQWRV GHO FRQWRUQR SRUTXH VH SXHGH DMXVWDU OD
XELFDFLyQ \ HO WDPDxR GHVSXpV (O FRQWRUQR GH HVWH FXDGUR GHWHUPLQD HO HVSDFLR TXH SXHGH
RFXSDUHOWH[WR(OWH[WRTXHVHHVFULEHVHLQVHUWDHQHOFXDGURGHGLiORJRGHQWURGHHVWHOtPLWH\
ODVSDODEUDVTXHQRFDEHQSDVDQDODOtQHDVLJXLHQWH
3ULPHURFOLFDTXtFRQWRUQRGHWH[WR
/XHJRFOLFDTXt
/D FLQWDGHRSFLRQHVFDPELDSDUDPRVWUDUODILFKD0XOWLOLQH7H[W7H[WRGHOtQHDVP~OWLSOHV\XQ

FXDGURGHOLPLWDGRUGHWH[WRFRQXQDUHJODHQODSDUWHVXSHULRUDSDUHFHVREUHODVXSHUILFLHTXH
DFDEDGHVHOHFFLRQDU
(VWLOR)RUPDWR3iUUDIR,QVHUWDU2SFLRQHV&HUUDU

$872'(6.$872&$'
(VWLORGHWH[WR
$QRWDWLYR
$OWXUDGHWH[WR

1HJULWD
&XUVLYD6XEUD\DGR

)XHQWHSDUDHOWH[WR

QJXORGHLQFOLQDFLyQGHODV
OHWUDV
'LVWDQFLDHQWUHOHWUDV

$QFKRGHOHWUDV
&RORUSDUDHOWH[WR
6XSUDUUD\DGR
,QWHUOLQHDGR
,]TXLHUGD&HQWUR'HUHFKD
-XVWLILFDFLyQ
1XPHUDFLyQ

6tPEROR
3iUUDIR-XVWLILFDU'LVWULEXLU
,QVHUWDUFDPSR
&ROXPQDV
2UWRJUDItD'HVKDFHU
5HKDFHU
%XVFDU\UHHPSOD]DU
(VFULEDHOWH[WRGHVHDGR
2SFLRQHV
5HJOD

$872'(6.$XWR&$'
+DJDFOLFIXHUDGHOFRQWRUQRGHWH[WRRSXOVH
SDUDILQDOL]DUHOFRPDQGR
/D
RSFLyQ GH FDPELR HQWUH
PD\~VFXODV \ PLQ~VFXODV VH DFWLYD
FRQ HO ERWyQ GHUHFKR GHO PRXVH
VREUHHOHGLWRUGHWH[WR

$872'(6.$872&$'
/DVMXVWLILFDFLRQHVHVWiQGLVSRQLEOHVFRQ
HO ERWyQ GHUHFKR GHO PRXVH VREUH HO
HGLWRU GH WH[WR (VWDV WHQGUiQ FRPR
SXQWR GH UHIHUHQFLD ORV H[WUHPRV GH OD
FDMDGHOHGLWRUGHWH[WRGHILQLGDDOLQLFLR
GHOFRPDQGR
6tPERORV\FDUDFWHUHVHVSHFLDOHV
3XHGHHVFULELUORVVLJXLHQWHVFDUDFWHUHVHVSHFLDOHV\VtPERORVLQWURGXFLHQGRXQFyGLJRGHFRQWURORXQD
FDGHQD8QLFRGH2ELHQHQHOHGLWRUGHWH[WRLQVLWXGHVSOLHJXHODEDUUDGHKHUUDPLHQWDV\KDJDFOLFHQ
6tPEROR
1RPEUH
'HJUHHV
*UDGRV
3OXV0LQXV
0iV0HQRV
'LDPHWHU
'LiPHWUR
$OPRVW(TXDO
$QJOH
%RXQGDU\/LQH
'HOWD
&HQWHU/LQH
1RPEUH
6tPEROR
&RGLJRGHFRQWURO
G
S
F
&DVLLJXDO
QJXOR
6tPEROR
&RGLJRGHFRQWURO
?8
?8
/tQHDGHFRQWRUQR
?8(
,QFUHPHQWR
?8
/tQHDGHFHQWUR
?8

$872'(6.$XWR&$'
(OHFWULFDO3KDVH
1RPEUH
)DVHHOpFWULFD
6tPEROR
&RGLJRGHFRQWURO
?8
)ORU/LQH
/tQHDGHIOXMR
?8(
,GHQWLW\
,GHQWLGDG
?8
,QLFLDO/HQJWK
0RQXPHQW/LQH
1R(TXDO
2KP
2PHJD
3URSHUW\/LQH
6XEVFULSW
6TXDUHG
&XEHG
1RQEUHDNLQJ6SDFH
/RQJLWXGLQLFLDO
?8(
1RHVLJXDOD
?8
2PHJD
?8$
6XEtQGLFH
?8
/tQHDGHPRQXPHQWR
?8(
2KPLR
?8
/tQHDGHSURSLHGDG
?8$
(OHYDGRDOFXDGUDGR
(OHYDGRDOFXER
(VSDFLRGHQRVHSDUDFLyQ
?8%
?8%
&WUO6KLIW6SDFH
3URSLHGDGHVGHDSLODFLyQDXWRPiWLFD$XWR6WDFN3URSHUWLHV
/DDSLODFLyQFRQVLVWHHQTXHHQGHWHUPLQDGDVFLUFXQVWDQFLDVFXDQGRVHHVFULEDQFLHUWDVFRPELQDFLRQHV
GHWH[WRHOUHVXOWDGRVHUtDODGLVWULEXFLyQDXWRPiWLFDHQIRUPDGHIUDFFLRQHVRHQWRGRFDVRXQYDORU
QXPpULFRRFDUiFWHUHQFLPDGHRWUR

$872'(6.$872&$'
([LVWHQODVVLJXLHQWHVFRPELQDFLRQHV
)UDFFLRQHVKRUL]RQWDOHVKRUL]RQWDOIUDFWLRQ

6LHVFULEHREWHQGUi
)UDFFLRQHVGLDJRQDOHVGLDJRQDOIUDFWLRQ
6LHVFULEHREWHQGUi
7ROHUDQFLDV 8WLOL]DQHOPLVPRPpWRGRGHODVIUDFFLRQHVKRUL]RQWDOHVVRODPHQWHTXHQRWLHQHQ
ODOtQHDHQHOLQWHUPHGLR
6LHVFULEHAREWHQGUi
6LHVFULEHAREWHQGUi
(OLPLQDU HVSDFLRV D OD L]TXLHUGD 5HPRYH OHDGLQJ EODQN (OLPLQD ORV HVSDFLRV HQ EODQFR
H[LVWHQWHVHQWUHHOWH[WRDSLODGR\HOFDUiFWHULQPHGLDWRDQWHULRU
6LHVFULEHREWHQGUi
,PSRUWDFLyQGHWH[WR
$XWR&$'SXHGHVRSRUWDUODLPSRUWDFLyQGHWH[WRSURYHQLHQWHGHRWUDVDSOLFDFLRQHVVLHPSUH\FXDQGR
pVWDVHVWpQJUDEDGDVHQIRUPDWRGHWH[WRSODQR7;7RGHWH[WRHQULTXHFLGR57)
3URFHGLPLHQWR
&UHDUXQiUHDGHWH[WRFRQHOFRPDQGR0/,1(
5HDOL]DUFOLFGHUHFKRGHQWURGHOiUHDGHWH[WR\HQHOPHQ~HPHUJHQWHVHOHFFLRQDUODRSFLyQ,PSRUW
WH[W

$872'(6.$XWR&$'
(QODYHQWDQD6HOHFW)LOHGHEHVHOHFFLRQDUODUXWD\HODUFKLYRTXHVHDGHIRUPDWR7;7R57)OXHJR
GHVHOHFFLRQDUHODUFKLYRKDFHUFOLFHQHOERWyQ23(1
9HUiTXHHOWH[WRGHODUFKLYRLPSRUWDGRDKRUDIRUPDSDUWHGHOWH[WRGH$XWR&$'
;;*HVWLyQGHHVWLORVGHWH[WR
7H[W6W\OH
67
(VWLORGHWH[WR
'HILQLFLyQ Este comando permite la creacin de estilos de texto. Los estilos son definiciones
de fuentes y algunos efectos que podrn ser utilizados por diversos comandos que lo soliciten,
entre ellos los textos de lnea simple TEXT, los de lnea mltiple MTEXT e incluso cuando cree
sus propios tipos de lnea o utilice bloque con atributos, entre otros. La ventaja de crear un
estilo de texto es que ya queda definido para su prxima utilizacin. Este concepto es comn
en los procesadores de texto.

$872'(6.$872&$'
'HVFULSFLyQ
$FFHGHUDODYHQWDQDGHGHILQLFLyQGHHVWLORVSURFHGDSRUFXDOTXLHUDGHORVVLJXLHQWHVPpWRGRV
9 'HODOtQHDGHFRPDQGRHMHFXWDU67</(
9 'HOH[SORUDGRUGHPHQ~V)250$7!7(;767</(
9 0HGLDQWHHOXVRGHODKHUUDPLHQWD
$SDUHFHHOFXDGURGHGLiORJR7H[W6W\OH
GHOSDQHO7(;7GHODILFKD$1127$7(
(O FXDGURGH GLiORJR GH 7H[W 6W\OH SHUPLWH OD FUHDFLyQ GH HVWLORV GHWH[WR FRQYHQFLRQDOHV DVtFRPR
WDPELpQHVWLORVDQRWDWLYRVRSWLPL]DQGRHOSURFHVRGHURWXODFLyQWDQWRHQHOHVSDFLRPRGHORFRPRHQHO
HVSDFLRSDSHO


$872'(6.$XWR&$'
%RWRQHV
9 6HW &XUUHQW 'HILQLU DFWXDO (VWDEOHFH FRPR DFWXDO HO HVWLOR VHOHFFLRQDGRV HQ 6W\OHV
(VWLORV
9 1HZ1XHYR ,QJUHVDHOQRPEUHGHOHVWLORDFUHDU
9 'HOHWH6XSULPLU6XSULPHHVWLORVGHWH[WRTXHQRHVWpQHQXVR
9 $SSO\$SLFDU$SOLFDORVFDPELRVGHHVWLORUHDOL]DGRVHQHOFXDGURGHGLiORJRHQHOHVWLOR

DFWXDO\HQHOWH[WRGHOHVWLORDFWXDOGHOGLEXMR
)RQW7LSRGHOHWUD
9 )RQW1DPH1RPEUHGHOWLSRGHOHWUD ,QGLFDHODUFKLYRIXHQWHGHWLSRGHOHWUD
9 )RQW6W\OH(VWLORGHOWLSRGHOHWUD ,QGLFDHOHVWLORGHOWLSRGHOHWUDVHOHFFLRQDGR1RUPDO

FXUVLYDQHJULWDQHJULWDFXUVLYD
9 8VH%LJ)RQW8VDUWLSRVGHOHWUDJUDQGHV +DELOLWDODXWLOL]DFLyQGHDUFKLYVGHOHWUDJUDQGH

SDUDLGLRPDVFRQDOIDEHWRVQR$6&,,
6L]H7DPDxR &DPELDHOWDPDxRGHOWH[WR
9 $QQRWDWLYH$QRWDWLYR (VSHFLILFDTXHHOWH[WRHVDQRWDWLYR
9 0DWFK 7H[W 2ULHQWDWLRQ WR /D\RXW ,JXDODU RULHQWDFLyQ GHO WH[WR FRQ OD SUHVHQWDFLyQ
(VSHFLILFDTXHODRULHQWDFLyQGHOWH[WRHQODVYHQWDQDVJUiILFDVGHOHVSDFLRSDSHOFRLQFLGHFRQ
OD RULHQWDFLyQ GH OD SUHVHQWDFLyQ (VWD RSFLyQ QR HVWi GLVSRQLEOH VL OD RSFLyQ DQRWDWLYR QR
HVWiDFWLYDGD
9 3DSHU 7H[W +HLJKW$OWXUDGHWH[WRHQSDSHO (VWDEOHFHODDOWXUDGHWH[WRVHJ~QHOYDORU

TXHVHLQGLTXH6LLQGLFDXQDDOWXUDVXSHULRUDHVWDEOHFHUiDXWRPiWLFDPHQWHODDOWXUDGH
WH[WRSDUDHVWHHVWLOR6LLQGLFDVHXWLOL]DSRUGHIHFWROD~OWLPDDOWXUDGHWH[WRXWLOL]DGRR
HOYDORUDOPDFHQDGRHQHODUFKLYRGHSODQWLOODGHOGLEXMR

$872'(6.$872&$'
$OWXUDVGHWH[WRYHUVXVHVFDODGHLPSUHVLyQ
$/785$'(7(;72

(6&$/$'(,035(6,1

(IIHFWV
9 8SVLGH'RZQ&DEH]DDEDMR 0XHVWUDORVFDUDFWHUHVFDEH]DDEDMRFRQVLPHWUtDKRUL]RQWDO
FRPRUHIOHMDGRVHQHOVXHOR
9 %DFNZDUGV5HIOHMDGRDODL]TXLHUGD 0XHVWUDORVFDUDFWHUHVGHGHUHFKDDL]TXLHUGD
9 9HUWLFDO9HUWLFDO 0XHVWUDORVFDUDFWHUHVDOLQHDGRVYHUWLFDOPHQWH
9 :LGWK)DFWRU5HODFLyQDQFKXUDDOWXUD (VWDEOHFHODUHODFLyQDQFKRDOWRGHORVFDUDFWHUHVD

SDUWLU GH VX GHILQLFLyQ HQ DUFKLYR IXHQWH 8Q YDORU LQIHULRU i KDFH TXH HO WH[WR VH
FRPSULPDXQYDORUVXSHULRUiKDFHTXHHOWH[WRVHH[SDQGD9DORUHVUD]RQDEOHVHQWUH
\ FRQVLJXHQFDUDFWHUHVHVEHOWRV
9 2EOLTXH$QJOHQJXORREOLFXR (VWDEOHFHHOiQJXORGHLQFOLQDFLyQGHOWH[WR6LVHLQGLFDXQ

YDORUHQWUH\HOWH[WRDSDUHFHUiHQFXUVLYD&XDQGRHOiQJXORHVSRVLWLYRHOWH[WR
VHLQFOLQDDODGHUHFKD\FXDQGRHOiQJXORHVQHJDWLYRHOWH[WRVHLQFOLQDDODL]TXLHUGD
6DQJUtDV\WDEXODFLRQHV
&XDQGRFUHDWH[WRGHOtQHDV
P~OWLSOH0/,1(HQODYHQWDQD
VHDFWLYDXQDUHJODKRUL]RQWDO
TXHSHUPLWHLQVHUWDU
WDEXODFLRQHV\VDQJUtDV3DUD
HGLWDUODVVDQJUtDV\
WDEXODFLRQHVGHEHKDFHUFOLF
GHUHFKRHQFXDOTXLHUSDUWHGHOD
UHJOD\VHDFWLYDUiXQPHQ~
FRQWH[WXDOHQHOTXHGHEHHOHJLU
ODRSFLyQ3DUDJUDSK3iUUDIR
TXHVLUYHSDUDGLFKRSURSyVLWR

$872'(6.$XWR&$'

$872'(6.$872&$'

$872'(6.$XWR&$'

$872'(6.$872&$'

$872'(6.$XWR&$'
;;,
6RPEUHDGRVHQ$XWR&$'
+$7&+7H[WXUDV
/RV +DWFK VRQ XQ EORTXH TXH UHOOHQD iUHDV GH GLEXMR HVWULFWDPHQWH FHUUDGDV 6H XWLOL]DQ SDUD
UHSUHVHQWDUPDWHULDOHVWH[WXUDVUHOOHQRVDEVROXWRVUHOOHQRVWLSRJUDGLHQWHGHJUDGHGHXQDWRQDOLGDG
HQXQDGLUHFFLyQ
3DUD DFWLYDU OD 3DOHWD GH +DWFK HV QHFHVDULR DEULU OD 3DOHWD GH +HUUDPLHQWDV 7RRO 3DOHWWHV \
VHOHFFLRQDUODILFKD+DWFK

$872'(6.$872&$'
+DWFK&DMDGH'LiORJR
)LFKD+DWFK6RPEUHDGR
'HILQLFLyQ
3HUPLWHUHOOHQDUXQiUHDGHILQLGDPHGLDQWHXQSHUtPHWURFHUUDGRFRQXQSDWUyQGHVRPEUHDGR
GHWHUPLQDGR
7\SHDQGSDWWHUQ7LSR\SDWUyQ
7\SH7LSR
o
3UHGHILQHG3UHGHILQLGR
8VHUGHILQHG'HILQLGRSRUHOXVXDULR
&XVWRP3HUVRQDOL]DGR
3HUPLWHHVFRJHUHQWUHORVSDWURQHVSUHGHILQLGRV
3HUPLWHHVFRJHUHQWUHORVSDWURQHVUD\DGRQRUPDORFUX]DGR
3HUPLWHHVFRJHUHOSDWUyQSHUVRQDOL]DGR
3DWWHUQ3DWUyQ
o
o
3HUPLWHHVFRJHUHQWUHORVSDWURQHVSUHGHILQLGRV
0pWRGRVSDUDVHOHFFLRQDUHOSDWUyQ
(OHJLUXQRGHORVQRPEUHVGHODOLVWD
+DFHUFOLFHQHOERWyQ

$872'(6.$XWR&$'
$SDUHFHHOFXDGURGHGLiORJR+DWFK3DWWHUQ3DOHWWH3DOHWDGHSDWURQHV
GHVRPEUHDGR
6HOHFFLRQDU HO SDWUyQ GHVHDGR HQWUH ORV SDWURQHV $16, ,62 \ 2WKHU
3UHGHILQHG2WURVSUHGHILQLGRV
6ZDWFK0XHVWUD
o
o
3XOVDU2.$FHSWDU
3HUPLWHYLVXDOL]DUXQDPXHVWUDGHOSDWUyQVHOHFFLRQDGR
+DFLHQGRFOLFVREUHODPXHVWUDDSDUHFHHOFXDGURGHGLiORJRDQWHULRU3DOHWDGHSDWURQHV
GHVRPEUHDGR
$QJOHDQGVFDOHQJXOR\HVFDOD
$QJOHQJXOR
o
3HUPLWHYDULDUHOiQJXORGHOVRPEUHDGR
3HUPLWHYDULDUODHVFDODGHOVRPEUHDGR
6FDOH(VFDOD
o
(VWDRSFLyQQRHVWiDFWLYDFXDQGRHO7LSRHV'HILQLGRSRUHOXVXDULR
3HUPLWHUHDOL]DUXQUD\DGRFUX]DGR
'RXEOH'REOH
o
(VWDRSFLyQVyORHVWiDFWLYDFXDQGRHO7LSRHV'HILQLGRSRUHOXVXDULR
3HUPLWHYDULDUODGLVWDQFLDHQWUHODVOtQHDVGHVRPEUHDGR
6SDFLQJ,QWHUYDOR
o

(VWDRSFLyQVyORHVWiDFWLYDFXDQGRHO7LSRHV'HILQLGRSRUXVXDULR
5HODWLYHWRSDSHUVSDFH(QUHODFLyQDHVSDFLRSDSHO
$872'(6.$872&$'
3HUPLWHUHODFLRQDUODHVFDODGHOVRPEUHDGRFRQODGHOHVSDFLRSDSHO
(VWDRSFLyQVyORHVWiDFWLYDFXDQGRHOFRPDQGRVHHMHFXWDGHVGHXQDSUHVHQWDFLyQ
3HUPLWHYDULDUODHVFDODHQIXQFLyQGHOJURVRUGHSOXPLOOD,62
,62SHQZLGWK*URVRUSOXPLOOD,62
o
(VWDRSFLyQVyORHVWiDFWLYDFXDQGRH3DWUyQHV,62
%RXQGDULHV&RQWRUQRV
$GG3LFNSRLQWV$xDGLU'HVLJQDUSXQWRV
o
3HUPLWHVHOHFFLRQDUXQSXQWRLQWHULRUGHOiUHDDVRPEUHDU
3HUPLWHVHOHFFLRQDUORVREMHWRVTXHIRUPDQHOFRQWRUQRGHOiUHDDVRPEUHDU
$GG6HOHFWREMHFWV$xDGLU6HOHFFLRQDUREMHWRV
2SWLRQV2SFLRQHV
$QQRWDWLYH$QRWDWLYR
$VVRFLDWLYH$VRFLDWLYD
o
&UHDWHVHSDUDWHKDWFKHV&UHDUVRPEUHDGRVLQGHSHQGLHQWH
o
3HUPLWHTXHHOVRPEUHDGRVHDFWXDOLFHDOPRGLILFDUHOFRQWRUQRTXHORGHILQH
3HUPLWH FUHDU VRPEUHDGRV LQGHSHQGLHQWHV FXDQGR VH VHOHFFLRQDQ YDULRV FRQWRUQRV
LQGHSHQGLHQWHV
'UDZRUGHU2UGHQDUREMHWRV
o
o
o
o
o
'RQRWDVVLJQ1RDVLJQDU
6HQGWREDFN3RQHUGHWUiV
%ULQJWRIURQW3RQHUGHODQWH
6HQGEHKLQGERXQGDU\3RQHUGHWUiVGHFRQWRUQR
%ULQJLQIURQWRIERXQGDU\3RQHUGHODQWHGHFRQWRUQR
,QKHULW3URSHUWLHV+HUHGDUSURSLHGDGHV
3HUPLWHGHILQLUODVSURSLHGDGHVGHXQVRPEUHDGRDSDUWLUGHRWURVRPEUHDGR\DH[LVWHQWH
3HUPLWHFRQWURODUODSRVLFLyQDSDUWLUGHODFXDOVHJHQHUDHOVRPEUHDGR
+DWFKRULJLQ2ULJHQGHVRPEUHDGR
3RUGHIHFWRHORULJHQGHOVRPEUHDGRFRUUHVSRQGHFRQHORULJHQGHO8&6DFWXDO
3RUGHIHFWRHORULJHQFRUUHVSRQGHFRQHOSXQWR
3HUPLWHYDULDUHORULJHQGHOVRPEUHDGR
3HUPLWHGHILQLUJUiILFDPHQWHHORULJHQGHOVRPEUHDGR
8VHFXUUHQWRULJLQ8VDURULJHQDFWXDO
6SHFLILHGRULJLQ2ULJHQHVSHFLILFDGR
&OLFWRVHWQHZRULJLQ&OLFSDUDGHILQHUHOQXHYRRULJHQ
o
(VWDRSFLyQVyORHVWiDFWLYDFXDQGRODRSFLyQ2ULJHQHVSHFLILFDGRHVWiDFWLYDGD
3HUPLWHFDOFXODHOQXHYRRULJHQEDViQGRVHHQODH[WHQVLyQUHFWDQJXODUGHOVRPEUHDGR
'HIDXOWWRERXQGDU\H[WHQWV'HIHFWRHQH[WHQVLyQFRQWRUQRV
/D RSFLRQHVSHUPLWLGDVVRQODVFXDWURHVTXLQDV\HOFHQWUR
6WRUHDVGHIDXOWRULJLQ$OPDFHQD2ULJHQSRUGHIHFWR

$872'(6.$XWR&$'
3HUPLWHJXDUGDUHOQXHYRRULJHQ
3UHYLHZ3UHYLVXDOL]DU
3HUPLWHSUHYLVXDOL]DUHOUHVXOWDGRGHOVRPEUHDGR
o
o
3XOVDQGR(6&VHYXHOYHDOFXDGURGHGLiORJR
3XOVDQGRHOERWyQGHUHFKRGHOPRXVHVHDFHSWDHOVRPEUHDGR
+DWFK*UDGLHQW&DMDGH'LiORJR
'HILQLFLyQ
&RORU
3HUPLWHUHOOHQDUXQiUHDGHILQLGDPHGLDQWHXQSHUtPHWURFHUUDGRFRQXQIRUPDWRGHGHJUDGDGR
GHWHUPLQDGR
2QH&RORU8QFRORU
o
o
(OGHJUDGDGRVHUHDOL]DHPSOHDQGRXQVRORFRORU
3HUPLWHHVFRJHUHOFRORUHPSOHDGRSDUDHOGHJUDGDGR

6KDGH6RPEUHDGR
(OGHJUDGDGRWLHQGHDOQHJUR
7LQW0DWL]DGR
(OGHJUDGDGRWLHQGHDOEODQFR
$872'(6.$872&$'
7ZR&RORUV'RVFRORUHV
o 'HJUDGpHQWUHGRVFRORUHVDHVFRJHUHQSDOHWDVGHFRORUHVWLSR7UXH&RORU\ 3DQWRQH
*UDGLHQW3DWWHUQV3DWURQHVGHGHJUDGDGR
0XHVWUD QXHYH SDWURQHV ILMRV GH UHOOHQRV GH GHJUDGDGR (Q HVWRV SDWURQHV VH LQFOX\H HO
EDUULGROLQHDOHVIpULFR\SDUDEyOLFR
2ULHQWDWLRQ2ULHQWDFLyQ
&HQWHUHG&HQWUDGR
o 3HUPLWHUHDOL]DUXQGHJUDGDGRVLPpWULFR
$QJOHQJXOR
o 3HUPLWHLQWURGXFLUHOiQJXORLQFOLQDFLyQGHOGHJUDGDGR
%RXQGDULHV&RQWRUQRV
$GG3LFNSRLQWV$xDGLU'HVLJQDUSXQWRV
o
3HUPLWHVHOHFFLRQDUXQSXQWRLQWHULRUGHOiUHDDVRPEUHDU
3HUPLWHVHOHFFLRQDUORVREMHWRVTXHIRUPDQHOFRQWRUQRGHOiUHDDVRPEUHDU
$GG6HOHFWREMHFWV$xDGLU6HOHFFLRQDUREMHWRV
2SWLRQV2SFLRQHV
$QQRWDWLYH
$VVRFLDWLYH$VRFLDWLYD
o
3HUPLWHTXHHOVRPEUHDGRVHDFWXDOLFHDOPRGLILFDUHOFRQWRUQRTXHORGHILQH
&UHDWHVHSDUDWHKDWFKHV&UHDUVRPEUHDGRVLQGHSHQGLHQWH
o
3HUPLWH FUHDU VRPEUHDGRV LQGHSHQGLHQWHV FXDQGR VH VHOHFFLRQDQ YDULRV FRQWRUQRV

LQGHSHQGLHQWHV
,QKHULW3URSHUWLHV+HUHGDUSURSLHGDGHV
3HUPLWHGHILQLUODVSURSLHGDGHVGHXQVRPEUHDGRDSDUWLUGHRWURVRPEUHDGR\DH[LVWHQWH
3HUPLWHSUHYLVXDOL]DUHOUHVXOWDGRGHOGHJUDGDGR
3UHYLHZ3UHYLVXDOL]DU
o
3XOVDQGR(6&VHYXHOYHDOFXDGURGHGLiORJR
3XOVDQGRHOERWyQGHUHFKRGHOPRXVHVHDFHSWDHOGHJUDGDGR
2SFLRQHVDYDQ]DGDV
%RWyQTXHSHUPLWHHODFFHVRDODVRSFLRQHVDYDQ]DGDV
6LWXDGR HQ OD HVTXLQD LQIHULRU GHUHFKD GHO FXDGUR GH GLiORJR +DWFK DQG *UDGLHQW
6RPEUHDGR\GHJUDGDGR
$SDUHFHHOFXDGURGHGLiORJR+DWFKDQG*UDGLHQW
o

$872'(6.$XWR&$'
(QHVWDFDMDGHGLDORJRVHGHILQHHOPpWRGRGHUHOOHQRGHODWH[WXUD
,VODQGV,VODV
,VODQGGHWHFWLRQ'HWHFFLyQGHLVODV
o
3HUPLWHFRQWURODUODGHWHFFLyQGHFRQWRUQRVFHUUDGRVLQWHUQRVLVODV
,VODQGGLVSOD\VW\OH(VWLORGHYLVXDOL]DFLyQGHLVODV
o
1RUPDO 5HOOHQDODSULPHUDiUHDFHUUDGDTXHHQFXHQWUHUHVSHWDODVLJXLHQWH\
UHOOHQDWRGDVODVSRVWHULRUHVDHVWD~OWLPD
2XWHU 5HOOHQD VROR OD SULPHUD iUHD FHUUDGD TXH HQFXHQWUH LJQRUDQGR WRGRV
ORVFHUUDPLHQWRVLQWHUQRV

,JQRUDU&RQpVWHPpWRGRUHOOHQDWRWDOPHQWHHOiUHDVHOHFFLRQDGD
$872'(6.$872&$'
3DUDPRGLILFDUHOVRPEUHDGRRGHJUDGDGR
6HOHFFLRQDUHOREMHWRGHVRPEUHDGRRGHJUDGDGR
+DFHUGREOHFOLFVREUHHOREMHWRVHOHFFLRQDGR
0RGLILFDUHOVRPEUHDGRRGHJUDGDGR
;;,, &RQFHSWRVGHGLPHQVLRQDGR
',0(16,21$FRWDPLHQWR
'HILQLFLyQ
$FRWDUFRQVLVWHHQPRVWUDUHQHOGLEXMRODVGLPHQVLRQHVGHORVREMHWRVTXHVHKDQXWLOL]DGRVLJXLHQGR
QRUPDV \ WLSRV GH FRWDV TXH SXHGHQ VHU DMXVWDGRV GH DFXHUGR D VX SUHIHUHQFLD PHGLDQWH HVWLORV GH
FRWDV
(OHPHQWRVGHXQDFRWD
([WHQVLRQ OLQHV /tQHDV GH UHIHUHQFLD R H[WHQVLyQ 6RQ OtQHDV TXH SDUWHQ GH ORV H[WUHPRV GHO
REMHWRDDFRWDUSHUSHQGLFXODUHVDODOtQHDGHFRWD
'LPHQVLRQOLQHV/tQHDVGHFRWD(VODOtQHDVREUHODTXHGHPDQHUDSUHGHWHUPLQDGDVHDSR\DHO

WH[WRGHODFRWD/RVH[WUHPRVPXHVWUDQIRUPDVGHIOHFKD(QODVGLPHQVLRQHVDQJXODUHVODOtQHDGH
FRWDHVXQDUFR
'LPHQVLRQ WH[W 7H[WR GH FRWD (V XQD FDGHQD GH WH[WR TXH QRUPDOPHQWH LQGLFD HO YDORU GH
PHGLGD UHDO GHO REMHWR DFRWDGR DXQTXH SXHGH LQFOXLU DGHPiV SUHILMRV VXILMRV \ WROHUDQFLDV
,QLFLDOPHQWHXWLOL]DHOHVWLORGHWH[WRDFWXDOPHQWHDFWLYRHQHOGLEXMR
$UURZKHDGV([WUHPRVGHFRWD7DPELpQOODPDGRVVtPERORVGHWHUPLQDFLyQVHPXHVWUDQHQFDGD

H[WUHPRGHODOtQHDGHFRWD(VSRVLEOHSUHFLVDUGLIHUHQWHVWDPDxRV\IRUPDVSDUDORVH[WUHPRVGH
FRWD
&HQWHU PDUN0DUFDGHFHQWUR(VXQDSHTXHxDFUX]TXHLQGLFDHOFHQWURGHXQFtUFXORRGHXQ

DUFR
&HQWHUOLQHV/tQHDVGHFHQWUR6RQOtQHDVGLVFRQWLQXDVTXHLQGLFDQHOFHQWURGHXQFtUFXORRGHXQ

DUFR

$872'(6.$XWR&$'
/HDGHU 'LUHFWUL] (Q $XWR&$' VH SXHGHQ LQWURGXFLU DQRWDFLRQHV UHIHULGDV D XQD SDUWH GHO
GLEXMRSRUPHGLRGHXQFRQMXQWRGHOtQHDVTXHSRUXQH[WUHPRVHxDODGLFKDSDUWH\SRUHORWUR
SHUPLWHHVFULELUODDQRWDFLyQGHVHDGD
8VRGHRSFLRQHVGHDFRWDFLyQ
$GHPiVGHORVWLSRVEiVLFRVGHFRWDVHQHOPHQ~\ODEDUUDGHKHUUDPLHQWDV$FRWDUHVWiQGLVSRQLEOHV
ODVVLJXLHQWHVRSFLRQHV
/DVPDUFDVGHFHQWUR\OtQHDVGHFHQWURORFDOL]DQHOFHQWURH[DFWRGHFtUFXORVRDUFRV

$872'(6.$872&$'
/DVOtQHDVGLUHFWULFHVFRQHFWDQDQRWDFLRQHVFRQFDUDFWHUtVWLFDVGHOGLEXMR
/DV WROHUDQFLDV JHRPpWULFDV PXHVWUDQ GHVYLDFLRQHV GH IRUPD SHUILO RULHQWDFLyQ XELFDFLyQ \
RVFLODFLyQGHFDUDFWHUtVWLFDVGHOGLEXMR
;;,,, (VWLORVGHGLPHQVLRQDGRHVWDQGDUL]DGR
',067</((VWLOR$FRWDPLHQWR
'HILQLFLyQ3HUPLWHHODFFHVRDWUDYpVGHXQFXDGURGHGLiORJRDODJHVWLyQGHORVHVWLORVGHFRWD
3DUD DFRWDU HV QHFHVDULR FRQWDU FRQ XQ HVWLOR GH FRWDV 3DUD FUHDU XQR QXHYR XVDU FRPR SXQWR GH
SDUWLGDHOHVWLOR,62 DSDUWLUGHpVWHHVSRVLEOHFUHDUQXHYRVHVWLORVGHDFRWDPLHQWRSHUVRQDOL]DGRV
(Q HO FXDGUR GH GLDORJR GH (VWLORV GH $FRWDPLHQWR HV SRVLEOH FUHDU PRGLILFDU HOLPLQDU \ FRPSDUDU
HVWLORVGHDFRWDPLHQWR3RUGHIHFWRH[LVWHHOHVWLOR,62

$872'(6.$XWR&$'
6W\OHV(VWLORV
o 9LVXDOL]DXQDOLVWDFRQORVHVWLORGHFRWDH[LVWHQWHV
3UHYLHZRI9LVWDSUHOLPLQDUGH
o 3HUPLWHYLVXDOL]DUHODVSHFWRGHOHVWLORGHFRWD
6HW&XUUHQW'HILQLUDFWXDO
o 3HUPLWHVHOHFFLRQDUFRPRDFWXDOHOHVWLORGHFRWDGHVHDGR
1HZ1XHYR
o 3HUPLWHFUHDUQXHYRVHVWLORVGHFRWD
0RGLI\0RGLILFDU
o 3HUPLWHPRGLILFDUXQHVWLORGHFRWD\DH[LVWHQWH
o $SDUHFHHOFXDGURGHGLiORJR0RGLI\'LPHQVLRQ6W\OH0RGLILFDUHVWLORGHFRWD
2YHUULGH5HHPSOD]DU
o 3HUPLWHHVWDEOHFHUPRGLILFDFLRQHVWHPSRUDOHVHQORVHVWLORVGHFRWD
o $SDUHFHHOFXDGURGHGLiORJR2YHUULGH&XUUHQW6W\OH5HHPSOD]DUHVWLORDFWXDO
&RPSDUH&RPSDUDU
o 3HUPLWHFRPSDUDUGRVHVWLORVRHQXPHUDUWRGDVODVSURSLHGDGHVGHXQHVWLORFRQFUHWR
o $SDUHFHHOFXDGURGHGLiORJR&RPSDUH'LPHQVLRQ6\WOHV&RPSDUDUHVWLORVGHFRWD
&UHDFLyQGHXQQXHYR(VWLORGH$FRWDPLHQWR
3XOVHHOERWyQ1HZ'LPHQVLRQ'LPHQVLRQ6W\OH0DQDJHU1HZ
1HZ6W\OH1DPH 1RPEUHGHOQXHYRHVWLORDFUHDU(VFULED'LPHQVLyQ

$872'(6.$872&$'
6WDUW :LWK &RPHQ]DU SRU 7RPD XQ HVWLOR H[LVWHQWH FRPR SXQWR GH SDUWLGD PRGLILFDU FLHUWRV
SDUiPHWURV
$QQRWDWLYH $QRWDWLYR 3URSLHGDG TXH SHUPLWH HO DFRWDGR HQ HO HVSDFLR PRGHOR \ HQ HO HVSDFLR
SDSHOHVWDEOHFLHQGRXQDUHODFLyQ~QLFDGHHVFDODV
8VH IRU8VDUSDUD (VWLORFUHDGRSDUDDFRWDUHQWLGDGHVHVSHFtILFDVSRUHMHPSORFtUFXORViQJXORV
UHFWDVHWF
&RQWLQXH &RQWLQXDUODFRQILJXUDFLyQ
'LPHQVLRQ6W\OH0DQDJHU/LQHV
'LPHQVLRQOLQH $SDULHQFLDGHODOtQHDGHGLPHQVLyQFRORUJURVRUHWF
o
&RORU
/LQHW\SH7LSRGHOtQHD
/LQHZHLJKW*URVRUGHOtQHD
([WHQGEHQ\RQGWLFNV$PSOLDUWUD]RV
3HUPLWHGHILQLUHOFRORUSDUDODVOtQHDVGHFRWD
3HUPLWHGHILQLUHOWLSRGHOtQHDSDUDODOtQHDVGHFRWD
3HUPLWHGHILQLUHOJURVRUGHOtQHDSDUDODVOtQHDVGHFRWD
(VWD RSFLyQ VROR HVWi DFWLYD FXDQGR VH

HPSOHDQWUD]RVHQOXJDUGHIOHFKDV

$872'(6.$XWR&$'
%DVHOLQHVSDFLQJ,QWHUYDORGHOtQHDEDVH
(VWDRSFLyQVRORDIHFWDDFRWDVGHOtQHDEDVH
3HUPLWHVXSULPLUODOtQHDVGHFRWD
6XSSUHVV6XSUHVLyQ
3HUPLWH GHILQLU OD GLVWDQFLD HQWUH ODV OtQHDVGH

FRWD
([WHQVLRQOLQH &DUDFWHUtVWLFDVGHODVOtQHDVSHUSHQGLFXODUHVDODOtQHDGHGLPHQVLyQ
o
o
o
o
o

&RORU
3HUPLWHGHILQLUHOFRORUSDUDODVOtQHDVGHUHIHUHQFLD
/LQHW\SHH[WOLQH7LSROtQHDUHI
3HUPLWHGHILQLUHOWLSRGHOtQHDSDUDODSULPHUDOtQHDGHUHIHUHQFLD
/LQHW\SHH[WOLQH7LSROtQHDUHI
3HUPLWHGHILQLUHOWLSRGHOtQHDSDUDODVHJXQGDOtQHDGHUHIHUHQFLD
/LQHZHLJKW*URVRUGHOtQHD
3HUPLWHGHILQLUHOJURVRUGHOtQHDSDUDODVOtQHDVGHUHIHUHQFLD
6XSSUHVV6XSUHVLyQ
$872'(6.$872&$'
3HUPLWHVXSULPLUODVOtQHDVGHUHIHUHQFLD
([WHQGEH\RQGGLPOLQH$PSOLDUOtQHDVGHUHIHUHQFLD
2IIVHWIURP2ULJLQ'HVIDVHGHVGHRULJHQ
'LVWDQFLDTXHVREUHVDOHODOtQHDGHUHIHUHQFLD
D SDUWLUGHODOtQHDGHGLPHQVLRQDPLHQWR
3HUPLWHGHILQLUODGLVWDQFLDHQWUHHORULJHQGHOD
FRWD\ODVOtQHDVGHUHIHUHQFLD
)L[HGOHQJWKH[WHQVLyQOLQHV/tQHDVGHUHIHUHQFLDGHORQJLWXGILMD
3HUPLWH GHILQLU XQD ORQJLWXG ILMD SDUD ODV
OtQHDVGHUHIHUHQFLD
'LPHQVLRQ6W\OH0DQDJHU6\PEROVDQG$UURZV

$872'(6.$XWR&$'
$UURKHDGV([WUHPRVGHFRWD FRQWURODODDSDULHQFLDGHODVIOHFKDV

o
o
o
o
6HFRQG6HJXQGR
3HUPLWHGHILQLUHOWLSRGHH[WUHPRSDUDODVHJXQGDOtQHDGHFRWD
/HDGHU'LUHFWUL]
3HUPLWHGHILQLUHOWLSRGHH[WUHPRSDUDODVGLUHFWULFHV
$UUR]6L]H7DPDxRGHIOHFKD
3HUPLWHGHILQLUHOWDPDxRGHIOHFKD
&HQWHU0DUNV0DUFDVGHFHQWUR&RQWURODOD

DSDULHQFLDGHODVPDUFDVGHFHQWURSDUD
FtUFXORV\DUFRV
o
)LUVW3ULPHUR
3HUPLWHGHILQLUHOWLSRGHH[WUHPRSDUDODSULPHUDOtQHDGHFRWD
1RQH1LQJXQD
1RFUHDQLQJXQDPDUFDGH
FHQWUR
0DUN0DUFD
&UHDXQDFUX]FRPRPDUFDGH
FHQWUR
/LQH/tQHDGHFHQWUR
&UHDXQDOtQHDGHFHQWUR&UHD
XQDFUX]\FXDWUROtQHDVTXH
LQGLFDQORVFXDGUDQWHV
6L]H7DPDxR
3HUPLWHGHILQLUHOWDPDxRGHOD
PDUFDGHFHQWUR
'LPHQVLRQ%UHDN&RUWHGHFRWD&RQWURODHOJURVRUGHKXHFRGHOFRUWHGHFRWD
$UFOHQJWKV\PERO6tPERORGHORQJLWXGGHDUFR3HUPLWHGHILQLUODSRVLFLyQGHOVtPERORGH

ORQJLWXGGHDUFR
o 3UHFHGLQJGLPHQVLRQWH[W'HODQWHGHOWH[WRGHFRWD
6LW~DHOVtPERORGHDUFRGHODQWHGHOWH[WRGHFRWD
o $ERYHGLPHQVLRQWH[W6REUHHOWH[WRGHFRWD
6LW~DHOVtPERORGHDUFRVREUHHOWH[WRGHFRWD
o 1RQH1LQJXQR
6XSULPHHOVtPERORGHDUFR
5DGLXV
MRJ
GLPHQVLRQ
5HFRGR GH FRWD GH UDGLR
3HUPLWH GHILQLU HO iQJXOR GHO
UHFRGRGHODFRWDGHUDGLR
o -RJDQJOHQJXORGH
UHFRGR
'HWHUPLQD HO iQJXOR
GHOUHFRGR
o

$872'(6.$872&$'
/LQHDU MRJ GLPHQVLRQ&RWDOLQHDO

FRQ
UHFRGR
&RQWUROD
OD
YLVXDOL]DFLyQ GHO UHFRGR SDUD FRWDV
OLQHDOHV
o -RJ KHLJKW IDFWRU )DFWRU
GHDOWXUDGHUHFRGR
'HWHUPLQD OD DOWXUD
GHO UHFRGR TXH HVWi
GHWHUPLQDGD SRU OD
GLVWDQFLD HQWUH ORV
GRV YpUWLFHV GH ORV
iQJXORV
TXH
FRPSRQHQHOUHFRGR

(OUHFRGRVHFRPSRQHGHGRVOtQHDVSDUDOHODV\XQDOtQHDFUX]DGD
TXH IRUPD GRV iQJXORV GH JUDGRV /D DOWXUD GHO UHFRGR VH
GHWHUPLQDDSDUWLUGHOYDORUGHWDPDxRGHUHFRGROLQHDOGHOHVWLOR
GHFRWD

$872'(6.$XWR&$'
'LPHQVLRQ6W\OH0DQDJHU7H[W
7H[WDSSHDUHQFH$VSHFWRGHOWH[WR
o
o
o
o
7H[WVW\OH(VWLORGHWH[WR
3HUPLWHGHILQLUHOHVWLORGHWH[WR
7H[WFRORU&RORUGHWH[WR
3HUPLWHGHILQLUHOFRORUGHOWH[WRGHFRWD
7H[WKHLJKW$OWXUDGHWH[WR
3HUPLWHGHILQLUODDOWXUDGHOWH[WRGHFRWD
)UDFWLRQKHLJKWVFDOH(VFDODGHDOWXUDGHIUDFFLyQ
(VWDRSFLyQVyORHVWiDFWLYDFXDQGRVHVHOHFFLRQDHQODILFKD8QLGDGHVSULQFLSDOHV\
GHQWURGHO)RUPDWRGHXQLGDGHVODRSFLyQ)UDFFLRQDULDV
3HUPLWHGHILQLUODDOWXUDGHODIUDFFLyQ
$OWXUD (VFDODGHDOWXUDGHIUDFFLyQ[$OWXUDGHWH[WR
'UDZIUDPHDURXQGWH[W'LEXMDUPDUFRDOUHGHGRUGHOWH[WR
3HUPLWHGLEXMDUXQPDUFRDOUHGHGRUGHOWH[WRGHODFRWD
7H[WSODFHPHQW8ELFDFLyQGHOWH[WR
o
9HUWLFDO3HUPLWHGHILQLUODSRVLFLyQGHOWH[WRUHVSHFWRDODOtQHDGHFRWD

&HQWHUHG&HQWUDGR
&HQWUDHOWH[WRUHVSHFWRDODOtQHDGHFRWD
$ERYH$UULED
$872'(6.$872&$'
2XWVLGH([WHULRU
-,6
6LW~DHOWH[WRVHJ~QODQRUPD-,6-DSDQHVH,QGXVWULDO6WDQGDUGV
6LW~D HO WH[WR HQ HO ODGR GH OD OtQHD GH FRWD
PiVDOHMDGRGHOREMHWRDFRWDGR
+RUL]RQWDO3HUPLWHGHILQLUODSRVLFLyQGHOWH[WRUHVSHFWRDODVOtQHDVGHUHIHUHQFLD
6LW~DHOWH[WRVREUHODOtQHDGHFRWD
&HQWHUHG&HQWUDGR
&HQWUDHOWH[WRUHVSHFWRDODVOtQHDVGHUHIHUHQFLD
$W([W/LQH(QOtQHDUHI
6LW~DHOWH[WRMXQWRDODSULPHUDOtQHDGHUHIHUHQFLD
$W([W/LQH(QOtQHDUHI
6LW~DHOWH[WRMXQWRDODVHJXQGDOtQHDGHUHIHUHQFLD
2YHU([W/LQH6REUHOtQHDUHI
6LW~DHOWH[WRVREUHODSULPHUDOtQHDGHUHIHUHQFLD
2YHU([W/LQH6REUHOtQHDUHI
6LW~DHOWH[WRVREUHODVHJXQGDOtQHDGHUHIHUHQFLD
2IIVHWIURPGLPOLQH'HVIDVHGHOtQHDGHFRWD
6HSDUDFLyQGHOWH[WRDODOtQHDGHGLPHQVLyQ
7H[WDOLJQDPHQW$OLQHDFLyQGHWH[WR3HUPLWHDOLQHDUHOWH[WRUHVSHFWRDODOtQHDGHFRWD

$872'(6.$XWR&$'
o
o
o
+RUL]RQWDO
6LW~DHOWH[WRHQSRVLFLyQKRUL]RQWDO
$OLJQHGZLWKGLPHQVLRQOLQH$OLQHDGRFRQOtQHDGHFRWD
$OLQHDHOWH[URFRQODOtQHDGHFRWD
,626WDQGDUG(VWiQGDU,62
6LHOWH[WRVHHQFXHQWUDHQWUHODVOtQHDVGH
UHIHUHQFLDVHDOLQHDFRQODOtQHDGHFRWD
6LHOWH[WRVHHQFXHQWUDIXHUDGHODVOtQHDVGH
UHIHUHQFLDVHVLW~DHQSRVLFLyQKRUL]RQWDO
'LPHQVLRQ6W\OH0DQDJHU)LW
)LW RSWLRQV2SFLRQHVGHDMXVWH 6LQRKD\VXILFLHQWHHVSDFLRSDUDHOWH[WR\ODVIOHFKDVGHQWURGH

ODVOtQHDVGHGLPHQVLRQDPLHQWRGHFLGHFXDOGHORVGRVHOHPHQWRVGHEHVHUHOSULPHURHQVHUOOHYDGR
IXHUDGHODVOtQHDVGHFRWD
o

(LWKHUWH[WDQGDUURZVEHVWILW(OWH[WRRODVIOHFKDVORTXHPHMRUVHDMXVWH

6LQRKD\HVSDFLRVXILFLHQWHSHUPLWHGHVSOD]DUODVIOHFKDV\RHOWH[WRIXHUDGHODVOtQHDV
GHUHIHUHQFLDVHJ~QORTXHPHMRUVHDMXVWH
$872'(6.$872&$'
o
o
o
o
o
$UURZV)OHFKDV
/DVIOHFKDVGHEHQVHUGHVSOD]DGDV
7H[W7H[WR
(OWH[WRGHEHVHUGHVSOD]DGR
%RWKWH[WDQGDUURZV(OWH[WR\ODVIOHFKDV
$PERVGHEHQVHUGHVSOD]DGRV
$OZD\VNHHSWH[WEHWZHHQH[WOLQHV0DQWHQHUWH[WRHQWUHOtQHDVGHUHIHUHQFLD
0DQWHQHUHOWH[WRVLHPSUHVREUHODOtQHDGH'LPHQVLRQDPLHQWR
6XSSUHVV DUURZV LI WKH\ GRQW ILW LQVLGH H[WHQVLRQ OLQHV6XSULPLUIOHFKDVVLQRVHVLW~DQ
GHQWURGHODVOtQHDVGHUHIHUHQFLD
6XSULPLUIOHFKDVVLQRFDEHQHQWUHODVOtQHDVGHH[WHQVLyQ
7H[W SODFHPHQW8ELFDFLyQGHOWH[WR2SFLRQHVSDUDFXDQGRVHDQHFHVDULRPRYHUHOWH[WRGHVX

SRVLFLyQRULJLQDOHVGHFLUODGHWHUPLQDGDSRUHOHVWLORGHGLPHQVLRQDPLHQWR
2SFLRQHV
o
2YHUGLPHQVLRQOLQHZLWKOHDGHU6REUHODOtQHDGHFRWDFRQGLUHFWUL]
3HUPLWH GHVSOD]DU HO WH[WR IXHUD GH ODV OtQHDV GH
UHIHUHQFLD
/D OtQHD GH FRWD QR VH GHVSOD]D FRQ HO WH[WR VLQR TXH
VHFUHDXQDGLUHFWUL]TXHXQHHOWH[WRFRQODFRWD
2YHUGLPHQVLRQOLQHZLWKRXWOHDGHU6REUHODOtQHDGHFRWDVLQGLUHFWUL]
UHIHUHQFLD
/DOtQHDGHFRWDQRVHGHVSOD]DFRQHOWH[WRQLVHFUHD
XQDGLUHFWUL]
6FDOHIRUGLPHQVLRQV(VFDODGHODFRWD
2SFLRQHV
o
o
%HVLGHWKHGLPHQVLRQOLQH-XQWRDOtQHDGHFRWD
UHIHUHQFLDSHURVLHPSUHFRQODOtQHDGHFRWD
$QQRWDWLYH$QRWDWLYD
,QGLFDTXHODFRWDHVDQRWDWLYR
6FDOHGLPHQVLRQVWROD\RXW(VFDODUFRWDVHQHVSDFLRSDSHO
3HUPLWH HVFDODU ODV FRWDV HQ SUHVHQWDFLyQ FRQVLGHUDQGR OD HVFDOD H[LVWHQWH HQWUH OD
YHQWDQDGHOHVSDFLRPRGHOR\HOHVSDFLRSDSHOSUHVHQWDFLyQ
8VHRYHUDOOVFDOHRI8VDUHVFDODJHQHUDO

3HUPLWHGHILQLUXQDHVFDODSDUDWRGRVORVSDUiPHWURVGHODFRWD
)LQGWXUQLQJ$MXVWHSUHFLVR
o
o
3ODFHWH[WPDQXDOO\&RORFDUWH[WRPDQXDOPHQWH
3HUPLWHGHILQLUPDQXDOPHQWHODSRVLFLyQGHOWH[WRGHFRWD
'UDZGLPOLQHEHWZHHQH[WOLQHV'LEXMDUOtQHDGHFRWDHQWUHOtQHDVGHUHIHUHQFLD
3HUPLWH GLEXMDU OD OtQHD GH FRWD HQWUH ODV GH UHIHUHQFLD DXQTXH HO WH[WR HVWH VLWXDGR
IXHUDGHHOODV

$872'(6.$XWR&$'
'LPHQVLRQ6W\OH0DQDJHU3ULPDU\8QLWV
/LQHDU GLPHQVLRQV )RUPDWRGHXQLGDGHVDXWLOL]DUSUHFLVLyQFDQWLGDGGHGHFLPDOHVGLVHxRGH

FRWDVFRQQ~PHURVIUDFFLRQDOHVVtPERORSDUDODVHSDUDFLyQGHGHFLPDOHVDSUR[LPDFLyQGHPHGLGDV
SUHILMRV\VXILMRVSDUDWH[WRV
o
8QLWIRUPDW)RUPDWRGHXQLGDGHV
3HUPLWHGHILQLUHOIRUPDWRGHXQLGDGHVGHODFRWD
/RVIRUPDWRVGLVSRQLEOHVVRQ
6FLHQWLILF&LHQWtILFDV(

'HFLPDO'HFLPDO
(QJLQHHULQJ3LHV\SXOJDGDV,
$UFKLWHFWXUDO3LHV\SXOJDGDV,,

)UDFWLRQDO)UDFFLRQDULDV
:LQGRZV'HVNWRS(VFULWRULR:LQGRZV
o
o

3UHFLVLRQ3UHFLVLyQ
3HUPLWHGHILQLUHOQ~PHURGHGHFLPDOHVGHOWH[WRGHFRWD
)UDFWLRQIRUPDW)RUPDWRGHIUDFFLyQ
3HUPLWHGHILQLUHOIRUPDWRGHODVIUDFFLRQHV
+RUL]RQWDO
$872'(6.$872&$'
'LDJRQDO
6LQDSLODU
(VWD RSFLyQ VyOR HVWi DFWLYD FXDQGR HO )RUPDWR GH XQLGDGHV HV 3LHV \ SXOJDGDV ,, R
)UDFFLRQDULDV
'HFLPDOVHSDUDGRU6HSDUDGRUGHFLPDO
3HUPLWHGHILQLUHOVHSDUDGRUGHFLPDO
/RVVHSDUDGRUHVGLVSRQLEOHVVRQ
3HUtRGR
&RPD
o
o
o
(VSDFLR
(VWDRSFLyQVyORHVWiDFWLYDFXDQGRHO)RUPDWRGHXQLGDGHVHV'HFLPDO
5RXQGRII5HGRQGHR
3HUPLWHGHILQLUODSUHFLVLyQGHOUHGRQGHR
3UHIL[3UHILMR
3HUPLWHGHILQLUXQSUHILMRSDUDHOWH[WRGHFRWD
6XIIL[6XILMR
3HUPLWHGHILQLUXQVXILMRSDUDHOWH[WRGHFRWD

$872'(6.$XWR&$'
0HDVXUHPHQW VFDOH (VFDOD GH PHGLGD 'HWHUPLQD XQ YDORU SRU HO TXH VH PXOWLSOLFDQ ODV
PHGLGDVRULJLQDOHVGHODFRWDPLHQWR&DVLOODGRQGHVHILMDUiHOIDFWRUGHHVFDODSDUDDFRWDUGHVGH
HO3DSHU6SDFH
/HDGLQJ$ODL]TXLHUGD
6XSULPHHOFHURDQWHVGHODFRPD
(MHPSOR
9 VHWUDQVIRUPDHQ
7UDLOLQJ$ODGHUHFKD
6XSULPHHOFHURGHVSXpVGHODFRPD
(MHPSOR
9 VHWUDQVIRUPDHQ
IHHWSLHV

3HUPLWHVXSULPLUGHOWH[WRODH[SUHVLyQ
(MHPSOR
9 VHWUDQVIRUPDHQ
LQFKHVSXOJDGDV

3HUPLWHVXSULPLUGHOWH[WRODH[SUHVLyQ
(MHPSOR
9 VHWUDQVIRUPDHQ
$QJXODU GLPHQVLRQ$FRWDFLRQHVDQJXODUHV )RUPDWRGHXQLGDGHVSDUDDFRWDUiQJXORVSUHFLVLyQ

GHODVXQLGDGHV\HOLPLQDFLyQGHOFHURSDUDODVFRWDVGHiQJXORV
o
$SSO\WROD\RXWGLPHQVLRQVRQO\$SOLFDUVRORDFRWDVGHSUHVHQWDFLyQ
3HUPLWH DSOLFDU OD RSFLyQ DQWHULRU ~QLFDPHQWH D ODV FRWDV FUHDGDV HQ HO HVSDFLR
SDSHOSUHVHQWDFLRQHV
=HURVXSSUHVVLRQ6XSUHVLyQGHFHURV
6FDOHIDFWRU)DFWRUGHHVFDOD
3HUPLWHGHILQLUXQIDFWRUGHHVFDODSDUDODVPHGLGDVTXHDSDUHFHQHQHOWH[WRGH
FRWD
7H[WRGHFRWD )DFWRUGHHVFDOD[0HGLGDUHDO

8QLWVIRUPDW)RUPDWRXQLGDGHV
3HUPLWHGHILQLUHOIRUPDWRGHXQLGDGHVDQJXODUHV
'HFLPDO'HJUHHV*UDGRVIUDFFLyQGHFLPDO
'HJUHHV0LQXWHV6HFRQGV*UDGRV0LQXWRV6HJXQGRV
*UDGLDQV*UDGRVFHQWHVLPDOHVJ
5DGLDQV5DGLDQHVU
3UHFLVLRQ3UHFLVLyQ
=HURVXSUHVLyQ6XSUHVLyQGHFHURV
3HUPLWHGHILQLUHOQ~PHURGHGHFLPDOHVSDUDFRWDVDQJXODUHV
/HDGLQJ$ODL]TXLHUGD
7UDLOLQJ$ODGHUHFKD
3HUPLWHVXSULPLUORVFHURVDQWHVGHODFRPD
(MHPSOR
VHWUDQVIRUPDHQ
3HUPLWHVXSULPLUORVFHURVVLWXDGRVDODGHUHFKDGHOWH[WR
(MHPSOR
VHWUDQVIRUPDHQ
$872'(6.$872&$'
;;,9 7LSRVGHGLPHQVLRQDPLHQWR

$872'(6.$XWR&$'
/LQHDU
/LQHDO
$OLJQHG
$OLQHDGD
$UF/HQJWK
/RQJLWXGGHDUFR
2UGLQDOHV
&RRUGHQDGD
5DGLXV
5DGLR
-RJJHG
&RQUHFRGR
'LDPHWHU
'LiPHWUR
$QJXODU
$QJXODU
4XLFNGLP
&RWDUiSLGD
%DVHOLQH
/tQHDEDVH
&RQWLQXH
&RQWLQXD
'LPHQVLRQ6SDFH
(VSDFLRGHFRWD
-RJJHG/LQHDU
/LQHDOFRQUHFRGR
'LPHQVLRQ%UHDN
&RUWHGHFRWD
7ROHUDQWH
7ROHUDQFLD
,QVSHFWLRQ
,QVSHFFLyQ
'LP(GLW
(GLWDUFRWD
'LP7H[W(GLW
(GLWDUWH[WRGHFRWD
'LP8SGDWH
$FWXDOL]DUFRWD
&UHDFRWDVOLQHDOHVGHWUHVWLSRVKRUL]RQWDOHVYHUWLFDOHV\FRQXQ
iQJXORHVSHFLILFR
&RWDV DOLQHDGDV D OD GLUHFFLyQ GH ORV GRV SXQWRV TXH VH
GHWHUPLQHQHQSDQWDOOD
$FRWDORQJLWXGHVGHDUFR
$FRWDODVFRRUGHQDGDV;<GHXQSXQWRSRUVHSDUDGR
$FRWDUDGLRVGHXQDUFRRFLUFXOR
$FRWD UDGLDOPHQWH SHUPLWLHQGR HVWDEOHFHU HO FHQWUR GHO UDGLR HQ

SXQWRVHVSHFtILFRV
$FRWDGLiPHWURVGHDUFRV\FtUFXORV
$FRWDDWUDYpVGHXQDUFRHOiQJXORGDGRHQWUHGRVUHFWDV
*HQHUDFRWDVPHGLDQWHODVHOHFFLyQGHXQJUXSRGHREMHWRVRXQ
FRQWRUQR LQFOX\H OD SRVLELOLGDG GH DSOLFDU XQ HVWLOR FRWDV
FRQWLQXDV DOLQHDGDV DQJXODUHV HWF D ODV JHRPHWUtDV
VHOHFFLRQDGDV
&UHD QXHYDV FRWDV PDQWHQLHQGR FRPR UHIHUHQFLDOD SULPHUD FRWD
HVWDEOHFLGD VXPDQGR ORV YDORUHV 3XHGH VHU D SDUWLU GH XQD FRWD
OLQHDODQJXODURGHFRRUGHQDGDV
&UHDXQDVHULHGHFRWDVXQDDFRQWLQXDFLyQGHODRWUD
3HUPLWHDMXVWDUHOHVSDFLDGRHQWUHOtQHDVGHFRWDSDUDOHODVGHWDO
PDQHUDTXHQRVHVRODSHQ
,QGLFDXQDUXSWXUDHQHOREMHWRDFRWDGR
&UHDXQKXHFRHQXQDOtQHDGHH[WHQVLyQ
,QVHUWDVtPERORV\YDORUHVGHWROHUDQFLD
,QVHUWD (WLTXHWDV YDORUHVWROHUDQFLDV \ SRUFHQWDMH GH IUHFXHQFLD

GHUHYLVLyQ
(GLWDORVHOHPHQWRVGHODFRWD
(GLWDORVYDORUHVGHODVFRWDV
$FWXDOL]DORVHVWLORVGHFRWD
'/,
',0/,1($5
$&2/,1($/
'HILQLFLyQ (VWH FRPDQGR SRVLELOLWD OD JHQHUDFLyQ GH WUHV WLSRV GH FRWDV OLQHDOHV KRUL]RQWDOHV
YHUWLFDOHV\JLUDGDVGHDFXHUGRFRQXQiQJXORHVSHFLILFDGR
&RPPDQG',0/,1($5
6SHFLI\ILUVWH[WHQVLRQOLQHRULJLQRUVHOHFWREMHFW!
6SHFLI\VHFRQGH[WHQVLRQOLQHRULJLQ
1RQDVVRFLDWLYHGLPHQVLRQFUHDWHG
6SHFLI\GLPHQVLRQOLQHORFDWLRQRU
>0WH[W7H[W$QJOH+RUL]RQWDO9HUWLFDO5RWDWHG@

$872'(6.$872&$'
&RPDQGR$&2/,1($/
'HVLJQHHORULJHQGHODSULPHUDOtQHDGHUHIHUHQFLDRGHVLJQDUREMHWR!
'HVLJQHHORULJHQGHODVHJXQGDOtQHDGHUHIHUHQFLD
6HKDFUHDGRXQDFRWDQRDVRFLDWLYD
'HVLJQHXELFDFLyQGHOtQHDGHFRWDR
>WH[WR07H[WRiQJ8OR+RUL]RQWDO9HUWLFDO*LUDU@
3URFHGLPLHQWR'HVLJQDFLyQPDQXDO
(MHFXWDUHOFRPDQGR
o 6SHFLI\ILUVWH[WHQVLRQOLQHRULJLQRUVHOHFWREMHFW!
6HOHFFLRQDUXQSXQWRFRUUHVSRQGLHQWHDOSULPHU
SXQWRGHODGLVWDFLDDDFRWDU
o 6SHFLI\VHFRQGH[WHQVLRQOLQHRULJLQ
6HOHFFLRQDU RWUR SXQWR FRUUHVSRQGLHQWH DO
VHJXQGRSXQWRGHODGLVWDQFLDDDFRWDU
1RQDVVRFLDWLYHGLPHQVLRQFUHDWHG
o 6SHFLI\
GLPHQVLRQ
OLQH
ORFDWLRQ
RU
'HVSOD]DUODFRWDHQODGLUHFFLyQ\DODGLVWDQFLD
GHVHDGD
+DFHUFOLFSDUDILMDUODFRWD
3URFHGLPLHQWR'HVLJQDFLyQDXWRPiWLFD
(MHFXWDUHOFRPDQGR
3XOVDU(17(5
o 6HOHFWREMHFWWRGLPHQVLRQ
6HOHFFLRQDUHOREMHWRDDFRWDU
o 6SHFLI\
GLPHQVLRQ
OLQH
ORFDWLRQ
RU
'HVSOD]DUODFRWDHQODGLUHFFLyQ\DODGLVWDQFLD
GHVHDGD
2SFLRQHV
0WH[WWH[WR0
o 3HUPLWHPRGLILFDUHOWH[WRGHFRWDPHGLDQWHHOFXDGURGHGLiORJR7H[W)RUPDWWLQJ)RUPDWR
GHWH[WR
7H[W7H[WR
o 3HUPLWHPRGLILFDUGLUHFWDPHQWHHOWH[WRGHFRWD
$QJOHiQJ8OR
o 3HUPLWHJLUDUHOWH[WRGHFRWDLQWURGXFLHQGRHOiQJXORGHVHDGR
+RUL]RQWDO
o 3HUPLWHFUHDUFRWDVOLQHDOHVKRUL]RQWDOHV
9HUWLFDO
o 3HUPLWHFUHDUFRWDVOLQHDOHVYHUWLFDOHV
5RWDWHG*LUDU
o 3HUPLWHFUHDUFRWDVLQFOLQDGDVLQWURGXFLHQGRHOiQJXORGHVHDGR

$872'(6.$XWR&$'
',0$/,*1('
'$/
$&2$/,1($'$
'HILQLFLyQ (VWH FRPDQGR JHQHUD FRWDV DOLQHDGDV HQ OD GLUHFFLyQ GH ORV GRV SXQWRV TXH VH VHxDOHQ
FRPRRUtJHQHVGHODFRWDRGHORVH[WUHPRVGHOREMHWRTXHVHGHVLJQH
&RPPDQG',0$/,*1('
6SHFLI\ILUVWH[WHQVLRQOLQHRULJLQRUVHOHFWREMHFW!
6SHFLI\VHFRQGH[WHQVLRQOLQHRULJLQ
6SHFLI\GLPHQVLRQOLQHORFDWLRQRU>0WH[W7H[W$QJOH@
&RPDQGR$&2$/,1($'$
'HVLJQHHORULJHQGHODSULPHUDOtQHDGHUHIHUHQFLDRGHVLJQDUREMHWR!
'HVLJQHHORULJHQGHODVHJXQGDOtQHDGHUHIHUHQFLD
'HVLJQHXELFDFLyQGHOtQHDGHFRWDR>WH[WR07H[WRiQJ8OR@
3URFHGLPLHQWR
(MHFXWDUHOFRPDQGR
6HOHFFLRQDUXQSXQWRFRUUHVSRQGLHQWHDOSULPHUSXQWRGHODGLVWDQFLDDDFRWDU
o 6SHFLI\VHFRQGH[WHQVLRQOLQHRULJLQ
6HOHFFLRQDURWURSXQWRFRUUHVSRQGLHQWHDOVHJXQGRSXQWRGHODGLVWDQFLDDDFRWDU
o 6SHFLI\GLPHQVLRQOLQHORFDWLRQRU>0WH[W7H[W$QJOH@
'HVSOD]DUODFRWDHQODGLUHFFLyQ\DODGLVWDQFLDGHVHDGD
2SFLRQHV
0WH[WWH[WR0
GHWH[WR
7H[W7H[WR
$QJOHiQJ8OR

$872'(6.$872&$'
',0$1*8/$5
'$1
$&2$1*8/2
'HILQLFLyQ3HUPLWHDFRWDUORViQJXORVGHILQLGRVFRPR
QJXORIRUPDGRSRUGRVOtQHDV
QJXORTXHDEDUFDXQDUFRRXQVHJPHQWRGHDUFRGHSROLOtQHD
QJXORHQWUHGRVSXQWRVGHXQFtUFXOR
QJXORGHILQLGRSRUWUHVSXQWRVYpUWLFH\GRVSXQWRV
&RPPDQG',0$1*8/$5
6HOHFWDUFFLUFOHOLQHRUVSHFLI\YHUWH[!
6HOHFWVHFRQGOLQH
6SHFLI\GLPHQVLRQDUFOLQHORFDWLRQRU>0WH[W7H[W$QJOH4XDGUDQW@
&RPDQGR$&2$1*8/2
'HVLJQHDUFRFtUFXOROtQHDRGHVLJQDUYpUWLFH!
'HVLJQHVHJXQGDOtQHD
'HVLJQHXELFDFLyQGHODUFRGHOtQHDGHFRWDR>WH[WR07H[WRiQJ8OR&XDGUDQWH@
3URFHGLPLHQWRSDUDGRVOtQHDV
(MHFXWDUHOFRPDQGR
o 6HOHFWDUFFLUFOHOLQHRUVSHFLI\YHUWH[!
6HOHFFLRQDUODSULPHUDOtQHD
o 6HOHFWVHFRQGOLQH
6HOHFFLRQDUODVHJXQGDOtQHD
(QODOtQHDGHFRPPDQGRDSDUHFH
o 6SHFLI\GLPHQVLRQDUFOLQHORFDWLRQRU>0WH[W7H[W$QJOH4XDGUDQW@
2SFLRQHV
0WH[WWH[WR0
GHWH[WR
7H[W7H[WR

$872'(6.$XWR&$'
$QJOHiQJ8OR
4XDGUDQW&XDGUDQWH
o (VSHFLILFDHOFXDGUDQWHFRQHOTXHVHGHEHEORTXHDUODFRWD&XDQGRHOFRPSRUWDPLHQWRGH
FXDGUDQWHHVWiDFWLYDGRODOtQHDGHFRWDVHH[WLHQGHPiVDOOiGHODOtQHDGHUHIHUHQFLDVLHO
WH[WRGHFRWDVHVLW~DIXHUDGHODFRWDDQJXODU
',0$5&
'$5
$&2$5&2
'HILQLFLyQ3HUPLWHDFRWDUODORQJLWXGGHXQDUFRRGHXQVHJPHQWRGHDUFRGHSROLOtQHD
&RPPDQG',0$5&
6HOHFWDUFRUSRO\OLQHDUFVHJPHQW
6SHFLI\DUFOHQJWKGLPHQVLRQORFDWLRQRU>0WH[W7H[W$QJOH3DUWLDO/HDGHU@
&RPDQGR$&2$5&2
'HVLJQHDUFRRVHJPHQWRGHDUFRGHSROLOtQHD
(VSHFLILTXHXELFDFLyQGHFRWDGHORQJLWXGGHDUFRR>WH[WR07H[WRiQJ8OR3DUFLDO'LUHFWUL]@
3URFHGLPLHQWR
(MHFXWDUHOFRPDQGR
o 6HOHFWDUFRUSRO\OLQHDUFVHJPHQW
o 6SHFLI\DUFOHQJWKGLPHQVLRQORFDWLRQRU>0WH[W7H[W$QJOH3DUWLDO/HDGHU@
2SFLRQHV
0WH[WWH[WR0
GHWH[WR

$872'(6.$872&$'
7H[W7H[WR
$QJOHiQJ8OR
3DUWLDO3DUFLDO
o 3HUPLWHDFRWDUXQVHJPHQWRGHODUFRLQLFLDO
/HDGHU'LUHFWUL]
o 3HUPLWHDxDGLUXQDGLUHFWUL]DODFRWD
(VWDRSFLyQVyORHVWDGLVSRQLEOHVLHODUFRDEDUFDXQiQJXORVXSHULRUDORV
',0',$0(7(5
'',
$&2',$0(752
'HILQLFLyQ 3HUPLWH DFRWDU HO GLiPHWUR GH XQ FtUFXOR GH XQ DUFR R GH XQ VHJPHQWR GH DUFR GH
SROLOtQHD
&RPPDQG',0',$0(7(5
6HOHFWDUFRUFLUFOH
'LPHQVLRQWH[W
&RPDQGR$&2',$0(752
'HVLJQHXQDUFRRXQFtUFXOR
7H[WRGHFRWD
3URFHGLPLHQWR
(MHFXWDUHOFRPDQGR
o 6HOHFWDUFRUFLUFOH
'LPHQVLRQWH[W
2SFLRQHV
0WH[WWH[WR0
GHWH[WR
7H[W7H[WR
$QJOHiQJ8OR


$872'(6.$XWR&$'
',05$',86
'5$
$&25$',2
'HILQLFLyQ3HUPLWHDFRWDUHOUDGLRGHXQFtUFXORGHXQDUFRRGHXQVHJPHQWRGHDUFRGHSROLOtQHD
&RPPDQG',05$',86
6HOHFWDUFRUFLUFOH
'LPHQVLRQWH[W
&RPDQGR$&25$',2
7H[WRGHFRWD
3URFHGLPLHQWR
(MHFXWDUHOFRPDQGR
o 6HOHFWDUFRUFLUFOH
'LPHQVLRQWH[W
o 6SHFLI\
GLPHQVLRQ
OLQH
ORFDWLRQ
RU
>0WH[W7H[W$QJOH@
'HVSOD]DU OD FRWD HQ OD GLUHFFLyQ \ D OD
GLVWDQFLDGHVHDGD
2SFLRQHV
0WH[WWH[WR0
GHWH[WR
7H[W7H[WR
$QJOHiQJ8OR

$872'(6.$872&$'
'-/
',0-2*/,1(
$&2/,15(&2'
'HILQLFLyQ $xDGHRHOLPLQDXQDOtQHDGHUHFRGRHQXQDFRWDOLQHDORDOLQHDGD/DVOtQHDVFRQUHFRGR
HQXQDFRWDLQGLFDQXQDURWXUDHQORVREMHWRVTXHVHHVWiQDFRWDQGR(OYDORUGHODFRWDUHSUHVHQWDOD
GLVWDQFLDUHDOPiVTXHODGLVWDQFLDPHGLGDHQHOGLEXMR
&RPPDQG',0-2*/,1(
6HOHFWGLPHQVLRQWRDGGMRJRU>5HPRYH@
6SHFLI\MRJORFDWLRQRUSUHVV(17(5
&RPDQGR$&2/,15(&2'
'HVLJQHFRWDSDUDDxDGLUUHFRGRR>(OLPLQDU@
3UHFLVHXELFDFLyQGHUHFRGRRSXOVH(17(5
3URFHGLPLHQWR
(MHFXWDUHOFRPDQGR
o 6HOHFWGLPHQVLRQWRDGGMRJRU>5HPRYH@
6HOHFFLRQHXQDFRWDOLQHDORDOLQHDGDHQTXHVHDxDGLUiXQUHFRGR
o 6SHFLI\MRJORFDWLRQRUSUHVV(17(5
(VSHFLILTXHXQSXQWRSDUDODXELFDFLyQGHOUHFRGRRELHQSXOVH(17(5SDUDVLWXDUHO
UHFRGRHQHOSXQWRPHGLRHQWUHHOWH[WRGHFRWD\ODSULPHUDOtQHDGHUHIHUHQFLDRHO
SXQWRPHGLRGHODOtQHDGHFRWDHQIXQFLyQGHODXELFDFLyQGHOWH[WRGHFRWD
2SFLRQHV
5HPRYH(OLPLQDU
o 3HUPLWHHOLPLQDUXQUHFRGRGHODFRWDOLQHDORDOLQHDGD
',025',1$7(
'25
'HILQLFLyQ3HUPLWHDFRWDUODVFRRUGHQDGDVGHXQSXQWR
$&2&225'(1$'$
&RPPDQG',025',1$7(
6SHFLI\IHDWXUHORFDWLRQ
6SHFLI\OHDGHUHQGSRLQWRU>;GDWXP<GDWXP0WH[W7H[W$QJOH@
&RPDQGR$&2&225'(1$'$
'HVLJQHXELFDFLyQGHOSXQWR
3UHFLVHH[WUHPRGHODGLUHFWUL]R>$EVFLVDV2UGHQDGDVWH[WR07H[WRiQJ8OR@
3URFHGLPLHQWR
(MHFXWDUHOFRPDQGR
o 6SHFLI\IHDWXUHORFDWLRQ
6HOHFFLRQDUHOSXQWRDDFRWDU

$872'(6.$XWR&$'
6SHFLI\OHDGHUHQGSRLQWRU>;GDWXP<GDWXP0WH[W7H[W$QJOH@
6LHOFXUVRUVHGHVSOD]DHQGLUHFFLyQYHUWLFDOHQODFRWDDSDUHFHODFRRUGHQDGD;
6LHOFXUVRUVHGHVSOD]DHQGLUHFFLyQKRUL]RQWDOHQODFRWDDSDUHFHODFRRUGHQDGD<
2SFLRQHV
o
;GDWXP$EVFLVDV
o 3HUPLWH FUHDU XQD FRWD FRQ HO YDORU GH OD
FRRUGHQDGD;
<GDWXP2UGHQDGDV
o 3HUPLWH FUHDU XQD FRWD FRQ HO YDORU GH OD
FRRUGHQDGD<
0WH[WWH[WR0
o 3HUPLWH PRGLILFDU HO WH[WR GH FRWD PHGLDQWH HO
FXDGURGHGLiORJR7H[W)RUPDWWLQJ)RUPDWRGH
WH[WR
7H[W7H[WR
$QJOHiQJ8OR
o 3HUPLWH JLUDU HO WH[WR GH FRWD LQWURGXFLHQGR HO
iQJXORGHVHDGR
',0&217,18(
'&2
$&2&217,18$
'HILQLFLyQ &UHD XQD VHULH GH FRWDV XQD D FRQWLQXDFLyQ GH OD RWUD GH PDQHUD TXH HO RULJHQ GH OD
VHJXQGDOtQHDGHUHIHUHQFLDGHXQDFRWDFRLQFLGDFRQHORULJHQGHODSULPHUDOtQHDGHUHIHUHQFLDGHOD
FRWDVLJXLHQWH
&RPPDQG',0&217,18(
&RPDQGR$&2&217,18$
6SHFLI\DVHFRQGH[WHQVLRQOLQHRULJLQRU>8QGR6HOHFW@6HOHFW!
'LPHQVLRQWH[W
'HVLJQHXQRULJHQGHODVHJXQGDOtQHDGHUHIHUHQFLDR>GHV+DFHU'HVLJQDU@'HVLJQDU!
7H[WRGHFRWD
3URFHGLPLHQWR
(MHFXWDUHOFRPDQGR
o 6SHFLI\DVHFRQGH[WHQVLRQOLQHRULJLQ
RU>8QGR6HOHFW@6HOHFW!
6HOHFFLRQDU
RWUR
SXQWR
FRUUHVSRQGLHQWH DO VHJXQGR
SXQWR GH OD GLVWDQFLD D
DFRWDU
o 6SHFLI\DVHFRQGH[WHQVLRQOLQHRULJLQ
RU>8QGR6HOHFW@6HOHFW!
2SFLRQHV
8QGRGHV+DFHU
o 3HUPLWH HOLPLQDU OD ~OWLPD FRWD
UHDOL]DGD

$872'(6.$872&$'
6HOHFW'HVLJQDU
o 3HUPLWHVHOHFFLRQDUODFRWDGHUHIHUHQFLDREDVH
/D VHOHFFLyQGHODFRWDVHUHDOL]DKDFLHQGRFOLFVREUHODFRWDGHVHDGD
6HWRPDFRPROtQHDGHUHIHUHQFLDODOtQHDPiVSUy[LPDDOSXQWRGRQGHVHKDKHFKR
FOLF
',0%$6(/,1(
'%$
$&2/,1($%$6(
'HILQLFLyQ&UHDXQDQXHYDFRWDPDQWHQLHQGRFRPRRULJHQGHODSULPHUDOtQHDGHUHIHUHQFLDHORULJHQ
GH OD ~OWLPD FRWD OLQHDOR DQJXODU UHDOL]DGD R HOGH XQD FRWD TXH VH GHVLJQH (Q HVWDV FRQGLFLRQHV HO
FRPDQGR~QLFDPHQWHSUHJXQWDSRUODVHJXQGDOtQHDGHUHIHUHQFLD
&RPPDQG',0%$6(/,1(
6SHFLI\DVHFRQGH[WHQVLRQOLQHRULJLQRU[Undo/Select] <Select>
'LPHQVLRQWH[W
&RPDQGR$&2/,1($%$6(
7H[WRGHFRWD
3URFHGLPLHQWR
(MHFXWDUHOFRPDQGR
o 6SHFLI\DVHFRQGH[WHQVLRQOLQHRULJLQRU[Undo/Select] <Select>
6HOHFFLRQDURWURSXQWRFRUUHVSRQGLHQWHDOVHJXQGRSXQWRGHODGLVWDQFLDDDFRWDU
o 6SHFLI\DVHFRQGH[WHQVLRQOLQHRULJLQRU[Undo/Select] <Select>
3XOVDU(6&SDUDILQDOL]DUHOFRPPDQGR
2SFLRQHV
8QGRGHV+DFHU
o 3HUPLWHHOLPLQDUOD~OWLPDFRWDUHDOL]DGD
6HOHFW'HVLJQDU
o 3HUPLWHVHOHFFLRQDUODFRWDGHUHIHUHQFLDREDVH
/D VHOHFFLyQGHODFRWDVHUHDOL]DKDFLHQGRFOLFVREUHODFRWDGHVHDGD

$872'(6.$XWR&$'
6HWRPDFRPROtQHDEDVHODOtQHDPiVSUy[LPDDOSXQWRGRQGHVHKDKHFKRFOLF
4',0
$&27$55
'HILQLFLyQ3HUPLWHODFUHDFLyQGHYDULDVFRWDVDODYH]DSDUWLUGHORVREMHWRVVHOHFFLRQDGRV
&RPPDQG4',0
$VVRFLDWLYHGLPHQVLRQSULRULW\ (QGSRLQW
6HOHFWJHRPHWU\WRGLPHQVLRQ6SHFLI\RSSRVLWHFRUQHUIRXQG
6HOHFWJHRPHWU\WRGLPHQVLRQ
6SHFLI\GLPHQVLRQOLQHSRVLWLRQRU
>&RQWLQXRXV6WDJJHUHG%DVHOLQH2UGLQDWH5DGLXV'LDPHWHUGDWXP3RLQW(GLWVH7WLQJV@&RQWLQXRXV!
&RPDQGR$&27$55
3ULRULGDGGHFRWDDVRFLDWLYD 3XQWRILQDO
6HOHFFLRQHODJHRPHWUtDDDFRWDU'HVLJQHHVTXLQDRSXHVWDHQFRQWUDGRV
6HOHFFLRQHODJHRPHWUtDDDFRWDU
(VSHFLILTXHODSRVLFLyQGHOtQHDGHFRWDR
>FR1WLQXDG(VIDVDGD/tQHDEDVH&RRUGHQDGD5$GLR'LiPHWURSXQWR5HI0RGLILFDU3DUiPHWURV@
FR1WLQXD!
3URFHGLPLHQWR
(MHFXWDUHOFRPDQGR
$VVRFLDWLYHGLPHQVLRQSULRULW\ (QGSRLQW
o 6HOHFWJHRPHWU\WRGLPHQVLRQ
6HOHFFLRQDUORVREMHWRVDDFRWDU
+DJDFOLFHQHOERWyQGHUHFKRGHOPRXVHRSXOVDU(17(5
o 6SHFLI\GLPHQVLRQOLQHSRVLWLRQRU
>&RQWLQXRXV6WDJJHUHG%DVHOLQH2UGLQDWH5DGLXV'LDPHWHUGDWXP3RLQW(GLWVH7WLQJV@
&RQWLQXRXV!

$872'(6.$872&$'
2SFLRQHV
&RQWLQXRXVFR1WLQXD
o 3HUPLWHODFUHDFLyQGHFRWDVFRQWLQXDV
&RWDV FRQWLQXDV &RQMXQWR GH FRWDV
TXH FRQVLGHUDQ FRPR RULJHQ OD VHJXQGD
OtQHD GH UHIHUHQFLD GH XQD FRWD
GHWHUPLQDGD
6WDJJHUHGG(VIDVDGD
o 3HUPLWHODFUHDFLyQGHFRWDVGHVIDVDGDV
%DVHOLQH/tQHDEDVH
o 3HUPLWHODFUHDFLyQGHFRWDVGHOtQHDEDVH
/tQHD EDVH &RQMXQWR GH FRWDV TXH PDQWLHQHQ HO RULJHQ OtQHD EDVH GH XQD FRWD
GHWHUPLQDGD
2UGLQDWH&RRUGHQDGD
o 3HUPLWH OD FUHDFLyQ GH FRWDV FRQ ODV
FRRUGHQDGDVGHXQDVHULHGHSXQWRV
6LHOFXUVRUVHGHVSOD]DHQGLUHFFLyQ
YHUWLFDO HQ OD FRWD DSDUHFH OD
FRRUGHQDGD;
6LHOFXUVRUVHGHVSOD]DHQGLUHFFLyQ
KRUL]RQWDO HQ OD FRWD DSDUHFH OD
FRRUGHQDGD<
5DGLXV5$GLR
o 6LGHQWURGHORVREMHWRVVHOHFFLRQDGRVKD\DOJ~Q
FtUFXOR DUFR R VHJPHQWR GH DUFR GH SROLOtQHD
HVWDRSFLyQSHUPLWHDFRWDUWRGRVVXVUDGLRVDOD
YH]
'LDPHWHU'LiPHWUR
o 6LGHQWURGHORVREMHWRVVHOHFFLRQDGRVKD\DOJ~Q
FtUFXOR DUFR R VHJPHQWR GH DUFR GH SROLOtQHD
HVWDRSFLyQSHUPLWHDFRWDUWRGRVVXVGLiPHWURVD
ODYH]

$872'(6.$XWR&$'
GDWXP3RLQWSXQWR5HI
o 3HUPLWHGHILQLUXQQXHYRSXQWRGHUHIHUHQFLDSDUDFRWDVGHOtQHDEDVH\SRUFRRUGHQDGDV
(GLW0RGLILFDU
o 3HUPLWH DxDGLU R HOLPLQDU FRWDV PHGLDQWH OD DGLFLyQ R HOLPLQDFLyQ GH ORV SXQWRV GH
UHIHUHQFLD GH GLFKDV FRWDV $SDUHFHQ XQDV PDUFDV VREUH ORV H[WUHPRV GH ODV OtQHDV \ ORV
FHQWURV GH ORV DUFRV R FtUFXORV VHOHFFLRQDGRV 'HVDSDUHFHQ SXOVDQGR GLUHFWDPHQWH VREUH
FXDOTXLHUD GH HOODV FRQ OR TXH OD FRWD D SDVDUSRU HVH SXQWR VH HOLPLQD 7DPELpQ SHUPLWH
DxDGLUQXHYRVSXQWRVDORV\DLGHQWLILFDGRVFRQORTXHVHFUHDUiQQXHYDVFRWDV
$QWHVGHHOLPLQDUORVSXQWRV
'HVSXpVGHHOLPLQDUORVSXQWRV
VH7WLQJV3DUiPHWURV
o 3HUPLWH GHILQLU HO PRGRGH UHIHUHQFLD D REMHWRV HPSOHDGR SRUGHIHFWRSDUD GHWHUPLQDU HO
RULJHQGHODOtQHDGHUHIHUHQFLD3XHGHVHUSXQWRILQDORLQWHUVHFFLyQ
',0&(17(5
'&(
'HILQLFLyQ&UHDPDUFDGHFHQWURRODVOtQHDVGHFHQWURGHFtUFXORV\DUFRV
$&2&(1752
&RPPDQG',0&(17(5
6HOHFWDUFRUFLUFOH
&RPDQGR$&2&(1752
3URFHGLPLHQWR
(MHFXWDUHOFRPDQGR
o

6HOHFWDUFRUFLUFOH
6HOHFFLRQDU HO REMHWR GHO TXH VH GHVHD PDUFDU HO

FHQWUR
$872'(6.$872&$'
0DUFDGHFHQWUR
/tQHDVGHFHQWUR
'LPFHQ &RQWUROD HO GLEXMR GH ODV PDUFDV \ OtQHDV

FHQWUDOHV GH XQ FHQWUR GH FtUFXOR R DUFR PHGLDQWH ORV
FRPDQGRV ',0&(17(5 ',0',$0(7(5 \ ',05$',86
3DUD ',0',$0(7(5 \ ',05$',86 OD PDUFD GH FHQWUR
VyOR VH GLEXMDUi VL OD OtQHD GH FRWD VH VLW~D IXHUD GHO
FtUFXORRGHODUFR

1RVHGLEXMDQPDUFDVQLOtQHDVGHFHQWUR

6HGLEXMDQOtQHDVGHFHQWUR
!
6HGLEXMDQPDUFDVGHFHQWUR
(OYDORUDEVROXWRLQGLFDHOWDPDxRGHODPDUFDGHFHQWUR
R OtQHDGHFHQWUR
(/ WDPDxR GH OD OtQHD GH FHQWUR HV OD ORQJLWXG GHO
VHJPHQWRGHODOtQHDGHFHQWURTXHVREUHSDVDHOFtUFXOR
R HO DUFR 7DPELpQ HV HO WDPDxR GHO HVSDFLR HQWUH OD
PDUFDGHFHQWUR\HOFRPLHQ]RGHODOtQHDGHFHQWUR
(OWDPDxRGHODPDUFDGHFHQWURHVODGLVWDQFLDTXHKD\
GHVGHHOFHQWURGHOFtUFXORRHODUFRKDVWDHOILQDOGHOD
PDUFDGHFHQWUR

$872'(6.$XWR&$'
'-2-2*
',0-2**('
$&25(&2'2
'HILQLFLyQ (VWHFRPDQGRRIUHFHXQDDOWHUQDWLYDSDUDDFRWDUUDGLRVFXDQGRHOFHQWURGHODUFRRFtUFXOR
VH HQFXHQWUD OHMRV R IXHUD GH OD SUHVHQWDFLyQ \ QR VH SXHGH YLVXDOL]DU HQ VX YHUGDGHUD SRVLFLyQ (O
SXQWRGHRULJHQGHODFRWDGHUDGLRVHVLW~DHQXQDXELFDFLyQILFWLFLD\ODOtQHDGHFRWDVHJHQHUDFRQXQ
UHFRGR
&RPPDQG',0-2**('
6HOHFWDUFRUFLUFOH
6SHFLI\FHQWHUORFDWLRQRYHUULGH
'LPHQVLRQWH[W
6SHFLI\MRJORFDWLRQ
&RPDQGR$&25(&2'2
(VSHFLILTXHPRGLILFDFLyQGHXELFDFLyQGHFHQWUR
7H[WRGHFRWD
(VSHFLILTXHXELFDFLyQGHUHFRGR
3URFHGLPLHQWR
(MHFXWDUHOFRPDQGR
o 6HOHFWDUFRUFLUFOH
o 6SHFLI\FHQWHUORFDWLRQRYHUULGH
6HOHFFLRQDUXQSXQWRFRUUHVSRQGLHQWHDXQQXHYRFHQWURSDUDODFRWDGHUDGLRFRQ
UHFRGR
'LPHQVLRQWH[W
o 6SHFLI\MRJORFDWLRQ
'HVSOD]DUHOUHFRGR
+DFHUFOLFSDUDILMDUHOUHFRGR
2SFLRQHV
0WH[WWH[WR0
o 3HUPLWH PRGLILFDU HO WH[WR GH FRWD
PHGLDQWH HO FXDGUR GH GLiORJR 7H[W
)RUPDWWLQJ)RUPDWRGHWH[WR
7H[W7H[WR
o 3HUPLWHPRGLILFDUGLUHFWDPHQWHHOWH[WR
GHFRWD
$QJOHiQJ8OR
o 3HUPLWH JLUDU HO WH[WR GH FRWD
LQWURGXFLHQGRHOiQJXORGHVHDGR

$872'(6.$872&$'
;;9 ,PSUHVLyQ\SORWHDGRGHOGLEXMR

$872'(6.$XWR&$'
62/8&,21$5,2
3UREOHPD
$ +DJDFOLFHQXQSXQWRFXDOTXLHUDGHOiUHDJUiILFD
%
# &
# '
# (
# )
# *
# +
# ,
# -
# .
& $
#
3UREOHPD

$872'(6.$872&$'
3+DJDFOLFHQXQSXQWR
FXDOTXLHUDGHOiUHDJUiILFD
3
# 3
# 3
# 3
# 3
#
3UREOHPD
3
# 3
# 3
& $
/
#
3
3
3
3
/
3
3

$872'(6.$XWR&$'
3UREOHPD
3UREOHPD

$872'(6.$872&$'
- +DJDFOLFHQXQSXQWRFXDOTXLHUDGHOiUHDJUiILFD
#
,
# +
# *
# )
# (
# '
# &
# %
# $
& -

$872'(6.$XWR&$'
3UREOHPD
/
$
# %
# &
# '
# (
# )
# *
# +
# ,
# -
.
# /
# 0
# 1
# 2
&
/
#
$
&
3UREOHPD


Manual Autocad Basico 2009 PDF

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Manual Autocad Basico 2009 PDF

Hochgeladen von

Copyright:

Verfügbare Formate

$872'(6.

%LHQYHQLGRV DO PXQGR GHO GLVHxR DVLVWLGR

'LEXMDU PiV IiFLO \ UiSLGR FRQ PHMRUHV

)DFLOLWD WHQHU VREUH HO PLVPR GLEXMR

(QWLGDG X REMHWR 6RQ XQLGDGHV EDVLFDV \D

&DSDV 6H YDQ XWLOL]DU EiVLFDPHQWH SDUD

 %DUUD GH KHUUDPLHQWDV GH DFFHVR UiSLGR

 3DQHOHV HQ OD FLQWD GH RSFLRQHV 3DQHOV LQ

 9HQWDQDGHODOtQHDGHFRPDQGR &RPPDQG

D 6HDUFK 0HQ~ 8QD

5HFHQW $FWLRQV $GHPiVGHORVGRFXPHQWRVUHFLHQWHVHOH[SORUDGRUGHPHQ~VRIUHFHXQDFFHVR

GLiORJR &XVWRPL]H 8VHU

KRUL]RQWDO FRORFiQGROR YHUWLFDOPHQWH 3XHGH FHUUDU OD

6HUi OD ILFKD SULQFLSDO TXH

0RGLI\ &RQWLHQH ORV FRPDQGRV JHQHUDOHV GH

$QQRWDWLRQ &RQWLHQH ORV FRPDQGRV GH

%ORFN &RQWLHQH ORV FRPDQGRV GH FUHDFLyQ

3URSHUWLHV: Contiene las herramientas de

8WLOLWLHV &RQWLHQH ODV KHUUDPLHQWDV GH =RRP

'DWD SHUPLWH LQVHUWDU )LOHGV FDPSRV HQ XQ

'H HVWD )LFKD

$WULEXWHV (V XQ 3DQHO H[SUHVR SDUD OD

5HIHUHQFH HVWH 3DQHO SHUPLWH LQVHUWDU

de acotado y comandos especficos de

0XOWLOHDGHUV 0DQHMD OD FUHDFLyQ GH HVWLORV GH

7DEOHV 3HUPLWH OD FUHDFLyQ GH HVWLORV GH WDEODV

$QQRWDWLRQ 6FDOLQJ $xDGH \ HOLPLQD OD HVFDOD

'LPHQVLRQV (VWH 3DQHO PDQHMD OD FUHDFLyQ GH

,QTXLU\ &RQWLHQH ORV FRPDQGRV GH FRQVXOWD GH

$QLPDWLRQV $GPLQLVWUD ORV FRPDQGRV GH

'UDZLQJ 8WLOLWLHV 0DQHMD OD DXGLWRULD GH

(VWD )LFKD FRQWLHQH ODV GLYHUVDV

$FWLRQ 5HFRUGHU 3HUPLWH JUDEDU XQD VHULH GH

$SSOLFDWLRQV FDUJD \ GHVFDUJD DSOLFDFLRQHV

8&6 0DQHMD ORV FRPDQGRV TXH HVWDEOHFHQ ORV

6WDQGDUGV 0DQHMD HO WUDGXFWRU GH QRPEUHV \

9LHZSRUWV 6HOHFFLRQD OD FRQILJXUDFLyQ GH

3DOHWWHV &RQWURODODVSULQFLSDOHV3DOHWWHV WDOHV

:LQGRZ (VWH 3DQHO DEUH DUFKLYRV GHVSOLHJD

:LQGRZV &RQWUROD OD FRQILJXUDFLyQ GH OD %DUUD

6HQG FRQWLHQH OD KHUUDPLHQWD GH H7UDQVPLW

(VWD )LFKD PDQHMD ODV KHUUDPLHQWDV

3ORW &RQWUROD OD LPSUHVLyQ GH XQ GLEXMR HQ XQ

8ELFDGR HQ OD SDUWH LQIHULRU GHUHFKD GH OD

 'UDZLQJ &RRUGLQDWHV &RRUGHQDGDVGHGLEXMR /RVYDORUHVQXPpULFRVTXHDSDUHFHQDOLQLFLRGH

 6QDS 0RGRIRU]DUFXUVRU (VWDEOHFHORVGHVSOD]DPLHQWRVGHOFXUVRUHQLQFUHPHQWRVHVSHFtILFRVGH

 3RODU 5DVWUHRSRODU 3HUPLWHHOUDVWUHRSRODUKDFLHQGRXVRGHiQJXORVSRODUHVHVWDEOHFLGRV

 2WUDFN 5DVWUHRGHUHIHUHQFLDDREMHWRV $FWLYDHOUDVWUHDGRUGHUHIHUHQFLDVDREMHWRV

 '\Q (QWUDGDGLQiPLFD (VWDEOHFHODHQWUDGDGLQiPLFD

 /ZW 0RVWUDU2FXOWDUJURVRUGHOtQHD 3HUPLWHYHUORVJURVRUHVGHOtQHDHQSDQWDOOD

 4S 3URSLHGDGHVUiSLGDV $FWLYDHO4XLFN3URSHUWLHV

 0RGHO6SDFH 0RGHOR ,QGLFDTXHHOHQWRUQRGHWUDEDMRDFWLYRHVHOHVSDFLRPRGHOR

 3DQ (QFXDGUH 3HUPLWHKDFHUXVRGHOFRPDQGRHQFXDGUHHQWLHPSRUHDO

 6WHHULQJ:KHHO 5XHGDGHQDYHJDFLyQ +HUUDPLHQWDTXHSHUPLWHQDYHJDUDOUHGHGRUGHXQPRGHOR

 :RUNVSDFH6ZLWFKLQJ &DPELRGHHVSDFLRGHWUDEDMR &DPELDHQWUHHQWRUQRVGHWUDEDMR

 &OHDQ6FUHHQ /LPSLDUSDQWDOOD /LPSLDODSDQWDOODGHEDUUDV\SDOHWDVGHKHUUDPLHQWDV

&XDQGRVHHVWDHQXQDSUHVHQWDFLyQ /D\RXW \VHVHOHFFLRQDXQDYHQWDQDOD$QQRWDWLRQ6FDOH (VFDOD

0pWRGRV SDUD HMHFXWDU FRPDQGRV

 (O ERWyQ ,]TXLHUGRQRUPDOPHQWHVLUYHSDUDVHOHFFLRQDUHQWLGDGHVRLQGLFDUSXQWRVHQODSDQWDOOD

6QDS DQG *ULG 5HVROXFLyQ\UHMLOOD

6QDS;VSDFLQJ 'LVWDQFLDUHVROXFLyQ; 'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH

*ULG ; VSDFLQJ ,QWHUYDOR;GHODUHMLOOD 'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH;

6QDS<VSDFLQJ ,QWHUYDOR<GHODUHMLOOD 'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH<

'LEXMDU PiV IiFLO \ UiSLGR FRQ PHMRUHV

(QWLGDG X REMHWR 6RQ XQLGDGHV EDVLFDV \D

&DSDV 6H YDQ XWLOL]DU EiVLFDPHQWH SDUD

%DUUD GH KHUUDPLHQWDV GH DFFHVR UiSLGR

3DQHOHV HQ OD FLQWD GH RSFLRQHV 3DQHOV LQ

9HQWDQDGHODOtQHDGHFRPDQGR&RPPDQG

D 6HDUFK 0HQ~ 8QD

5HFHQW $FWLRQV $GHPiVGHORVGRFXPHQWRVUHFLHQWHVHOH[SORUDGRUGHPHQ~VRIUHFHXQDFFHVR

KRUL]RQWDO FRORFiQGROR YHUWLFDOPHQWH 3XHGH FHUUDU OD

0RGLI\ &RQWLHQH ORV FRPDQGRV JHQHUDOHV GH

$QQRWDWLRQ &RQWLHQH ORV FRPDQGRV GH

%ORFN &RQWLHQH ORV FRPDQGRV GH FUHDFLyQ

8WLOLWLHV &RQWLHQH ODV KHUUDPLHQWDV GH =RRP

'DWD SHUPLWH LQVHUWDU )LOHGV FDPSRV HQ XQ

$WULEXWHV (V XQ 3DQHO H[SUHVR SDUD OD

5HIHUHQFH HVWH 3DQHO SHUPLWH LQVHUWDU

0XOWLOHDGHUV 0DQHMD OD FUHDFLyQ GH HVWLORV GH

7DEOHV 3HUPLWH OD FUHDFLyQ GH HVWLORV GH WDEODV

$QQRWDWLRQ 6FDOLQJ $xDGH \ HOLPLQD OD HVFDOD

'LPHQVLRQV (VWH 3DQHO PDQHMD OD FUHDFLyQ GH

,QTXLU\ &RQWLHQH ORV FRPDQGRV GH FRQVXOWD GH

$QLPDWLRQV $GPLQLVWUD ORV FRPDQGRV GH

'UDZLQJ 8WLOLWLHV 0DQHMD OD DXGLWRULD GH

$FWLRQ 5HFRUGHU 3HUPLWH JUDEDU XQD VHULH GH

$SSOLFDWLRQV FDUJD \ GHVFDUJD DSOLFDFLRQHV

8&6 0DQHMD ORV FRPDQGRV TXH HVWDEOHFHQ ORV

6WDQGDUGV 0DQHMD HO WUDGXFWRU GH QRPEUHV \

9LHZSRUWV 6HOHFFLRQD OD FRQILJXUDFLyQ GH

3DOHWWHV &RQWURODODVSULQFLSDOHV3DOHWWHV WDOHV

:LQGRZ (VWH 3DQHO DEUH DUFKLYRV GHVSOLHJD

:LQGRZV &RQWUROD OD FRQILJXUDFLyQ GH OD %DUUD

6HQG FRQWLHQH OD KHUUDPLHQWD GH H7UDQVPLW

3ORW &RQWUROD OD LPSUHVLyQ GH XQ GLEXMR HQ XQ

'UDZLQJ &RRUGLQDWHV&RRUGHQDGDVGHGLEXMR/RVYDORUHVQXPpULFRVTXHDSDUHFHQDOLQLFLRGH

6QDS0RGRIRU]DUFXUVRU(VWDEOHFHORVGHVSOD]DPLHQWRVGHOFXUVRUHQLQFUHPHQWRVHVSHFtILFRVGH

3RODU5DVWUHRSRODU3HUPLWHHOUDVWUHRSRODUKDFLHQGRXVRGHiQJXORVSRODUHVHVWDEOHFLGRV

2WUDFN5DVWUHRGHUHIHUHQFLDDREMHWRV$FWLYDHOUDVWUHDGRUGHUHIHUHQFLDVDREMHWRV

'\Q(QWUDGDGLQiPLFD(VWDEOHFHODHQWUDGDGLQiPLFD

/ZW0RVWUDU2FXOWDUJURVRUGHOtQHD3HUPLWHYHUORVJURVRUHVGHOtQHDHQSDQWDOOD

4S3URSLHGDGHVUiSLGDV$FWLYDHO4XLFN3URSHUWLHV

0RGHO6SDFH0RGHOR,QGLFDTXHHOHQWRUQRGHWUDEDMRDFWLYRHVHOHVSDFLRPRGHOR

3DQ(QFXDGUH3HUPLWHKDFHUXVRGHOFRPDQGRHQFXDGUHHQWLHPSRUHDO

6WHHULQJ:KHHO5XHGDGHQDYHJDFLyQ+HUUDPLHQWDTXHSHUPLWHQDYHJDUDOUHGHGRUGHXQPRGHOR

:RUNVSDFH6ZLWFKLQJ&DPELRGHHVSDFLRGHWUDEDMR&DPELDHQWUHHQWRUQRVGHWUDEDMR

&OHDQ6FUHHQ/LPSLDUSDQWDOOD/LPSLDODSDQWDOODGHEDUUDV\SDOHWDVGHKHUUDPLHQWDV

&XDQGRVHHVWDHQXQDSUHVHQWDFLyQ/D\RXW\VHVHOHFFLRQDXQDYHQWDQDOD$QQRWDWLRQ6FDOH(VFDOD

0pWRGRV SDUD HMHFXWDU FRPDQGRV

(O ERWyQ ,]TXLHUGRQRUPDOPHQWHVLUYHSDUDVHOHFFLRQDUHQWLGDGHVRLQGLFDUSXQWRVHQODSDQWDOOD

6QDS;VSDFLQJ'LVWDQFLDUHVROXFLyQ;'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH

*ULG ; VSDFLQJ ,QWHUYDOR;GHODUHMLOOD 'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH;

6QDS<VSDFLQJ,QWHUYDOR<GHODUHMLOOD'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH<

3HUPLWHHVFRJHU5HFWDQJXODUVQDS5HVROXFLyQUHFWDQJXODUORKDELWXDO R,VRPHWULFVQDS

(MHFXWH)RUPDW ! 8QLWV)RUPDWR!8QLGDGHV GHOH[SORUDGRUGHPHQ~V$SDUHFHUiXQFXDGUR

3XOVHODRSFLyQ2.$FHSWDU SDUDVDOLUGHHVWHFXDGURGH

(VWD RSFLyQ SHUPLWH $FWLYDU'HVDFWLYDU ORV

,QGLFD HO SXQWR PHGLR GH XQD OtQHD DUFR FXUYD

&XUUHQWSRLQWPRGHV3'02'( 3'6,=(

0RGRVGHSXQWRDFWXDOHV3'02'( 3'6,=(

(MHFXWDUHOFRPDQGRGHVGHHOPHQ~'UDZ'LEXMRRKDFLHQGRFOLFHQHOLFRQR

&RQWUROD HO WDPDxR GH ODV ILJXUDV GH SXQWR

6SHFLI\FHQWHUSRLQWIRUFLUFOHRU>337WUWDQWDQUDGLXV@

6SHFLI\FHQWHUSRLQWIRUFLFOHRU>337WUWDQWDQUDGLXV@3

6SHFLI\FHQWHUSRLQWIRUFLFOHRU>337WUWDQWDQUDGLXV@3

6SHFLI\FHQWHUSRLQWIRUFLFOHRU>337WUWDQWDQUDGLXV@3

6SHFLI\FHQWHUSRLQWIRUFLFOHRU>337WUWDQWDQUDGLXV@3

6SHFLI\FHQWHUSRLQWIRUFLFOHRU>337WUWDQWDQUDGLXV@7

9,,02'26 '( 6(/(&&,21$5

3DUD GHVPDUFDU XQ REMHWR PDQWHQHU

'HILQLFLyQ 3HUPLWH ERUUDU

6HOHFW REMHFWV 8WLOLFH XQ PpWRGR GH VHOHFFLyQ

&XUUHQWVHWWLQJV3URMHFWLRQ 8&6(GJH 1RQH

3DUiPHWURVDFWXDOHV3UR\HFFLyQ 6&3$ULVWD 1LQJXQD

&XUUHQWVHWWLQJV3URMHFWLRQ 8&6(GJH 1RQH

'LEXMD XQ DUFR HVSHFLILFDQGR HO SXQWR LQLFLDO HO

6WDUW &HQWHU (QG0pWRGRSDUDGLEXMDU

6SHFLI\ HQG SRLQW RI DUF RU >$QJOHFKRUG

5RWDWLRQ5RWDFLyQ&UHDXQUHFWiQJXORRULHQWDGRFRQXQiQJXORHVSHFLILFDGR

:LGWK*URVRU 3HUPLWHLQJUHVDUXQDQFKRGHOtQHD

(VWDEOHFLPLHQWRGHORVYDORUHVGH61$35HVROXFLyQ\*5,'5HMLOOD

3DUD URWDU OD UHMLOOD D XWLOLFH